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FGUFÃUKTUFWENKGPV FCPUNGOCTMGVKPIQPGVQQPG

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(1)

FGUFÃUKTUFWENKGPV FCPUNGOCTMGVKPIQPGVQQPG

&QOKPKSWG$QWNNKGT

CRNCEGFWENKGPVFCPUNCEQPEGRVKQPFGURTQFWKVUPOCRCUVQWLQWTUÃVà EQPUKFÃTÃGEQOOGFÃEKUKXGRQWTICIPGTFGUOCTEJÃUWPGRQNKVKSWG FG RTQFWKV WPKSWG UVCPFCTF NKOKVCKV EGVVG RTKUG GP EQORVG FGU CVVGPVGUQWFGUTGVQWTU%OGUVUGWNGOGPVFGRWKUWPGXKPIVCKPGFOCPPÃGUSWG NGFKUEQWTUUWTNGENKGPVCRTKUWPGRNCEGUVTCVÃIKSWGGPITCPFGRCTVKGNKÃG´NC OQPVÃG GP RWKUUCPEG FG EGU RQTVGRCTQNG QHHKEKGNU FGU ENKGPVU SWG UQPV NGU URÃEKCNKUVGUFWOCTMGVKPI=.+0?/CKUEGVVGEQPPCKUUCPEGFWENKGPVFGXCKV UGTXKTUGWNGOGPV´HKNVTGTNCnFGOCPFG€´NC OGVVTG GPHQTOG´ EQPHQTVGT FGU EJQKZ UVTCVÃIKSWGU SWK FGOGWTCKGPV NG FQOCKPG FGU FKTGEVKQPU RTQFWKV 1TNGOQWXGOGPVUGODNGUOCEEÃNÃTGTRQWTXCPVGTWPGCFCRVCVKQPVQVCNGCW ENKGPV%GNCUGHCKV´NCHQKU

LRCT NGU FKUEQWTU QÔ EJCSWG RTQLGV UG XGWV WP ÃEJQ FG VGPFCPEGU TGRÃTÃGUEJG\NGUEQPUQOOCVGWTUCXCPVVQWV

LRCT NGU OÃVJQFGU FG RTKUG GP EQORVG FGU FGOCPFGU IÃTÃGU GP VGORU TÃGN UCPU UVQEMU CXGE OQFWNCTKVÃ GZVTÄOG FW RTQFWKV NC RJKNQUQRJKG CUUGODNGWTFCPUNCOKETQKPHQTOCVKSWG

LRCTNGUVGEJPQNQIKGUSWKUQPVVQWVGUQTKGPVÃGUXGTUNCOKUGGPXCNGWTUQKV FWRCTCOÃVTCIGFGNOQHHTGCWRTQHKNFWENKGPVFOQÔNGUEQQMKGUUWTNOKPVGTPGV NC VTCÁCDKNKVÃ TGEJGTEJÃG FG VQWVGU NGU QRÃTCVKQPU UQKV FG NC OCÉVTKUG FG NC VTCPUCEVKQPRCTNGENKGPVOCTMGVKPIQPGVQQPGKPVGTCEVKHGVE

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(2)

.COWVCVKQPFGUOÃFKCVKQPUSWKRGTOGVVGPVFGEQPUVTWKTGNGENKGPVGVFG TÃCNKUGT EGV CLWUVGOGPV QHHTGFGOCPFG UGODNG TGOGVVTG GP ECWUG NC RNCEG OÄOG FW EQPEGRVGWT 5GWNGU NGU HQTOWNGU FG TGVQWT FKTGEV NGU RNWU nKOOÃFKCVGU€RQUUKDNGUICTCPVKTCKGPVWPGRTKUGGPEQORVGGVWPCLWUVGOGPV HKPCXGENGUFGOCPFGUFGUENKGPVU%GVVGCUUQEKCVKQPFWYGDOCTMGVKPIFCPU UGU HQTOGU NGU RNWU RGTUQPPCNKUÃGU FKVGU QPGVQQPG GV FW EQOOGTEG GP NKIPG RTQFWKV GP HCKV WP PQWXGCW OQFÂNG FW ENKGPV 'NNG NG HQTOCVG RQWT NOKPVÃITGTFGHCÁQPRNWUGHHKECEGGVOQKPUCNÃCVQKTG´NCEJCÉPGFGUÃEJCPIGU UCPURQWTCWVCPVVQWEJGTXTCKOGPV´NCEJCÉPGFGEQPEGRVKQPFGURTQFWKVUQW FGUUGTXKEGU

.COWVCVKQPFGUOÃFKCVKQPU

.GUOÃFKCVKQPUFCPUNGUTGNCVKQPUCXGENGENKGPVSWGPQWUGPVGPFTQPUKEK CW UGPU UVTKEV FG NC FKOGPUKQP OCTEJCPFG FG NOWUCIG QPV VQWLQWTU GZKUVÃ HCWVKNNGTCRRGNGTRQWTHCKTGRKÂEG´EGWZSWKRGPUGTCKGPVSWGNGOCTMGVKPIC VQWVKPXGPVÃ/CKUEGUOÃFKCVKQPUUWDKUUGPVCEVWGNNGOGPVWPGÃXQNWVKQPSWK KPVGTTQIGGVFÃUVCDKNKUGVQWUNGUOQPVCIGURTÃEÃFGPVUEQOOGUQWXGPVCXGE NGU 06+% EOGUV WPG QRRQTVWPKVÃ RQWT TGXGPKT UWT NGU OÃFKCVKQPU RNWU VTCFKVKQPPGNNGUGVUWTNGRTQEGUUWUSWKNGUHCKVHQPEVKQPPGT

.OÃVCVFGURTCVKSWGUVTCFKVKQPPGNNGU

.G VTCXCKN FGU RTQHGUUKQPPGNUFW OCTMGVKPIUOKPUÂTG FCPU WPG EJCÉPG FG EQPEGRVKQP FG RTQFWKVU GV FG FÃHKPKVKQPU FG UVTCVÃIKG FQPV KN POGUV SWOWP ÃNÃOGPV&GEGVVGCTVKEWNCVKQPCXGEFOCWVTGUKPVGTXGPCPVUFÃRGPFGPITCPFG RCTVKGNGURTQRTKÃVÃUFWRTQFWKVGVNCRTKUGGPEQORVGFGUTGEQOOCPFCVKQPU QWCPCN[UGUKUUWGUFWVTCXCKNFWOCTMGVKPI2NWUKGWTURTQRTKÃVÃUFGEGVTCXCKN FOCTVKEWNCVKQP=564?RGWXGPVÄVTGOKUGUGPÃXKFGPEG

.GURJCUGUFOCHHKTOCVKQPGVNGURJCUGUUQWVGTTCKPGU

.CRTÃUGPEGFGUCTIWOGPVUOCTMGVKPIRGWVÄVTGQDUGTXÃGVQWVCWNQPIFW E[ENG FG XKG FOWP RTQLGV XQKTG FOWP RTQFWKV 'NNG GUV KPÃICNGOGPV TÃRCTVKG FCPU NG VGORU GV FG EG HCKV QP RGWV FKTG FOGODNÃG SWG NG ENKGPV POGUV RCU VQWLQWTURTÃUGPVQWVQWVCWOQKPUSWOKNPGRÂUGRCUNGOÄOGRQKFUFCPUNGU FKHHÃTGPVGURJCUGUFGEQPEGRVKQP#KPUKKNGUVFÃUQTOCKUCFOKUOCKUFGRWKU SWKP\G CPU UGWNGOGPV GP (TCPEG SWG NGU EJQKZ UVTCVÃIKSWGU FG FÃXGNQRRGOG(PVFOWPPQWXGCWRTQFWKVFQKXGPVÄVTGCRRW[ÃUUWTFGUÃVWFGU FG OCTEJÃ RTÃCNCDNGU %GVVG HQTOCNKUCVKQP FGU TGRTÃUGPVCVKQPU FGU ENKGPVU UQWUNGUCRRCTGPEGUFGTÃUWNVCVUFOÃVWFGUCXGENGUUWRRQTVUFGRTÃUGPVCVKQP GV FOCTIWOGPVCVKQP SWK EQPXKGPPGPV VCDNGCWZ ITCRJGU OQFÂNGU GZVTCKVU

(3)

FOGPVTGVKGPU UGNQP NGU UVTCVÃIKGU TJÃVQTKSWGU POGUV TKGP FOCWVTG SWOWPG QDLGEVKXCVKQP FG TGRTÃUGPVCVKQPU SWK ÃVCKGPV RTÃUGPVGU FCPU NGU ÃSWKRGU FG FÃXGNQRRGOGPVFGVQWVRTQFWKVFGVQWVVGORU/CKUNCFWTÃGFGXKGFGEGU KPHQTOCVKQPUGUVUQWXGPVDKGPEQWTVGWPGHQKUFÃHKPKUWPGEKDNGWPRTKZGV SWGNSWGU HQPEVKQPPCNKVÃU NGU FÃXGNQRRGWTU UG TGVTQWXGPV GPVTG GWZ &CPU DKGP FGU RTQLGVU PQWU CXQPU RW EQPUVCVGT ´ SWGN RQKPV KN ÃVCKV FKHHKEKNG GP EQWTU FG FÃXGNQRRGOGPV FG UQNNKEKVGT ´ PQWXGCW NG OCTMGVKPI FG TGFGOCPFGTFGURTÃEKUKQPUQWFGXCNKFGTFGUEJQKZSWKFGXCKGPVÄVTGHCKVU#

EGOQOGPVN´KNPOGZKUVCKVRQWTVCPVRCUFGXKFGOCKURNWVÏVWPGRTQNKHÃTCVKQP FGU TGRTÃUGPVCVKQPU FW ENKGPV =#-4? =$17? NGU OÃVJQFGU VTCFKVKQPPGNNGUTGRTÃUGPVCVKQPUQWUVÃTÃQV[RGUUGNQPNGUCPCN[UGUEQPVKPWGPV FOÄVTG QRÃTCVQKTGU FW UGWN HCKV SWG VQWV EQPEGRVGWT GUV WP WVKNKUCVGWT RQVGPVKGNGVRGWVRTÃVGPFTGUGOGVVTG´UCRNCEGCWOÄOGVKVTGSWGNOCWVGWT GUVUQPRTGOKGTNGEVGWT='%1?&CPUEGTVCKPUECUEGUOÃVJQFGUQTFKPCKTGU =5%*?QPVWPRQKFUEQPUKFÃTCDNGUKCWEWPTÃHÃTGPVQDLGEVKXCDNGPGXKGPV EQPVTGFKTG EGU EJQKZ RQWT WP RQUVG VÃNÃRJQPKSWG NG EJQKZ FG OGVVTG FGU HQPEVKQPU CEEGUUKDNGU RCT FGUUYKVEJGU FCPU NG EQTRU OÄOG FG NOCRRCTGKN TGUVCKVRQUUKDNGVCPVSWGPKNGOCTMGVKPIPKNOGTIQPQOGPKNCTÃINGOGPVCVKQP PGUO[QRRQUCKGPVGVSWGNGEQÖV[ICIPCKV=$17?

%OGUVCWOQOGPVQÔNGURTQRTKÃVÃUHKPCNGUFWRTQFWKVEQOOGPEGPV´ÄVTG HKIÃGU PQVCOOGPV ´ VTCXGTU WPG OCSWGVVG FQPV QP RGWV HCKTG FGU RJQVQU SWOKN FGXKGPV RQUUKDNG FOGPICIGT UÃTKGWUGOGPV WPG PQWXGNNG RJCUG FG OQDKNKUCVKQP FW OCTMGVKPI UWT UQP XGTUCPV CXCN +N FQKV GP GHHGV OGVVTG GP HQTOGNGUEQPFKVKQPUFGNCEQOOGTEKCNKUCVKQPFWRCEMCIKPI´NCRTQOQVKQP GP RCUUCPV RCT NC FKUVTKDWVKQP .G V[RG FG ENKGPV CWSWGN QP C CHHCKTG POGUV RNWU NG OÄOG KN UOCIKV DKGP FG NOCEJGVGWT GP EQPFKVKQP FOCEJCV GV VQWV NOCTUGPCN FGUKPEKVCVKQPUFGXTC ÄVTG FÃXGNQRRô EG OQOGPVN´CNQTU SWGNG RTGOKGTENKGPVGPCOQPVÃVCKVGPEQTGOQVKXÃRCTFGUHQPEVKQPPCNKVÃURCTFGU WUCIGU

%GVVG EQWRWTG GPVTG NGU FGWZ RJCUGU RQUG FG UÃTKGWZ RTQDNÂOGU OÃVJQFQNQIKSWGU ECT GNNG FÃEQWRG FGU TÃCNKVÃU XKTVWGNNGU FW ENKGPV SWK RGWXGPV ÄVTG FKHHKEKNGU ´ TÃEQPEKNKGT QP RGWV HKPKT RCT XGPFTG WP CWVTG RTQFWKV´WPCWVTGENKGPVSWGEGNWKRQWTSWKKNCXCKVÃVÃEQPÁWEGSWKRGWV ÄVTGWPGRTGWXGFOCFCRVCVKQPCXKUÃGQW´NOKPXGTUGFGFÃTKXGPQPEQPVTÏNÃG =#-4?

7PENKGPVRTQVÃKHQTOG

.CFKUVKPEVKQPFGURJCUGUCFÃL´KPFKSWÃSWGNGENKGPVOQDKNKUÃPOÃVCKVRCU NGOÄOGGPCOQPVQWGPCXCN+NHCWVRQWUUGTRNWUNQKPEGVVGFÃEQPUVTWEVKQP FW ENKGPV =$17? .G OCTMGVKPI VTCXCKNNG GP GHHGV SWCVTG FKOGPUKQPU

(4)

FKHHÃTGPVGU FW ENKGPV GV HCKV CRRGN RQWT EJCEWPG FOGNNGU ´ FGU OÃVJQFGU FG TGRTÃUGPVCVKQPSWKUQPVURÃEKHKSWGU

.G ENKGPV GUVPCTTCVKH NG ENKGPV RCTNG KN TCEQPVG UGU HCÁQPU FG HCKTG UGU IQÖVUUGUJCDKVWFGU&CPUVQWUNGUECUOÄOGFCPUNGUSWGUVKQPPCKTGUHGTOÃU

´WUCIGSWCPVKVCVKHUVTKEVNGENKGPVFQKVUOGZRTKOGTEGVVGSWCNKVÃGUVNCENÃFG NC ETÃFKDKNKVà FG NC FÃOCTEJG OCTMGVKPI SWK PQVQPUNG ´ NC FKHHÃTGPEG FG NOGTIQPQOKG QW OÄOG FG NOCWFKGPEG PG UWURGEVG RCUC RTKQTKNOGZRTGUUKQP XGTDCNGFGUENKGPVU.OÃPQPEÃGUVUQPOCVÃTKCWFGVTCXCKNFGDCUGSWOKNUQKV nQWXGTV€QWKOOÃFKCVGOGPVTÃFWKV´WPGECUGEQEJÃG.OGHHGVFGXÃTKVÃFG NOÃVWFG FG OCTEJà UWRRQUG FOQTICPKUGT NC ETQ[CPEG FCPU NOCWVJGPVKEKVà FGU GZRTGUUKQPUnGPFKTGEV€NQTUSWOKNUOCIKVFGSWCNKVCVKHnGPKPFKTGEV€NQTUSWOKN UOCIKVFGUVCVKUVKSWGU&CPUNGRTGOKGTECUEGTVCKPUVGTOGUGORNQ[ÃURCTWP ENKGPVUGTXKTQPVOÄOGFGVQVGORQWTVQWVGWPGECVÃIQTKGQWRQWTFÃUKIPGT WP nUQEKQUV[NG€ QW VQWV CWVTG V[RQNQIKG &CPU NG ECU FGU GPSWÄVGU SWCPVKVCVKXGU NC SWCPVKVà XCNKFGTC FGU ÃPQPEÃU FG HCÁQP FÃHKPKVKXG 0QVQPU DKGPSWGNGUEJQKZFGVGTOGUFGPQOURQWTNGRTQFWKVNWKOÄOGUQPVCWUUK GP LGW FCPU EG VTCXCKN UWT NGU ÃPQPEÃU XGTDCWZ RTQFWKVU RCT FG nXTCKU ENKGPVU€GPHCKVXTCKUENKGPVUFGNOGPSWÄVG

.G ENKGPV GUVETÃCVKH UK NG ENKGPV FQKV RCTNGT EG POGUV RCU UGWNGOGPV RQWT FKTGEGSWOKNRGPUGQW EGSWOKN HCKV OCKU EOGUVCWUUK RQWT IÃPÃTGT FGUKFÃGU RQWT nHCKTG NG RTQFWKV€ SWCUKOGPV .GU VGEJPKSWGU FG ETÃCVKXKVà UQPV VQWLQWTU RTKUÃGU CWRTÂU FG RWDNKEU FG ENKGPVU RQVGPVKGNU OÄOG UK NGU RTQHGUUKQPPGNU FG NC ETÃCVKXKVà UQPV RNWU TÃUGTXÃU UWT NOKPVÃTÄV FG NGWT RCTVKEKRCVKQP .GU GPEQWTCIGOGPVU ´ NOKOCIKPCVKQP XQKTG CW FÃNKTG OCKU CWUUK´NCFGUETKRVKQPEQPETÂVGSWKRGWVCNNGTLWUSWOCWFGUUKPUQPVCWEWTFG EGUOÃVJQFGUQÔNOQPXQKVNGENKGPVUQOOÃFGFGXGPKTRTQFWEVGWTFGTÃCNKUGT UQPFÃUKTFGNGOGVVTGGPTÃCNKVÃGZGTEKEGRÃTKNNGWZUOKNGPGUV

.G ENKGPV GUVTGRTÃUGPVCVKH NC SWCNKVà GUUGPVKGNNG FGU RGTUQPPGU TGETWVÃGU RQWT FGU VGUVU QW RQWT FGU UQPFCIGU FCPU NC ECFTG FGU ÃVWFGU OCTMGVKPI FGOGWTGNGWTTGRTÃUGPVCVKXKVÃ.GTGETWVÃFQKVXCNQKTRQWTNGENKGPVRCTGHHGV FOCITÃICVKQP RCT UÃNGEVKQP FG VTCKVU RGTVKPGPVU GVE VQWVGU OÃVJQFGU SWK TGNÂXGPV FW OQPVCIG UVCVKUVKSWG FG NC TÃCNKVà UQEKCNG =&'5? %GVVG TÂING UOCRRNKSWG UVTKEVGOGPV FCPU EGTVCKPU ECU FOÃVWFGU SWCPVKVCVKXGU OCKU GNNG UOCRRNKSWGCWUUK ´ FGU RGVKVUITQWRGU FG ETÃCVKXKVà RCTGZGORNG SWK UGTQPV KOOÃFKCVGOGPV UWURGEVÃU UK EG ETKVÂTG POGUV RCU TGURGEVà EG SWK RQWT FKZ RGTUQPPGU PG XGWV RNWU FKTG ITCPF EJQUG %GVVG QDUGUUKQP FG NC TGRTÃUGPVCVKXKVà VTCKVÃG UWT WP OQFG PCVWTCNKUVG CDUQNW HKIWTG DKGP EG UGPVKOGPVFOQRCEKVÃHCEGCWUQEKCNHCEG´NOKPCEEGUUKDKNKVÃFGUCRRCTVGPCPEGU GVFGUFKHHÃTGPEGUUQEKCNGUQPUCKVCWOQKPUSWGnEOGUVVTÂUFKXGTU€OCKUQP RTÃVGPF CWUUKVÏV VTCKVGT GV TÃFWKTG EGVVG FKXGTUKVà RCT NGU VGEJPKSWGU

(5)

FOQDLGEVKXCVKQP UVCVKUVKSWG CWUUK QRCSWGU UQKGPVGNNGU .OKFÃG FOWPG TGRTÃUGPVCVKXKVÃSWCNKVCVKXGRQWTNOKNNWUVTCVKQPRQWTNCXCNGWTGZGORNCKTGFW ECUGUVOÄOGFKHHKEKNG´HCKTGCFOGVVTGHCEG´NCFKEVCVWTGFWEJKHHTGEGNWKEK CGPGHHGVWPCXCPVCIGEOGUVUCEQPXGTUKQPKOOÃFKCVGFCPUVQWVGUNGUWPKVÃU FGEQORVGURQUUKDNGURCTVUFGOCTEJÃUEQÖVUOCTIGUGVEPÃEGUUCKTGU´NC RTÃXKUKQP

.G ENKGPV GUVÃXCNWCVKH KN UOGZRTKOG EGTVGU OCKU CXCPV VQWV RQWT FKTG nLOCKOG€GVUWTVQWVnLOCKOGOQKPULOCKOGOKGWZ€.GFÃUKTSWKGUVCRRGNô

UOGZRTKOGT GUV CKPUK ECFTà CWVQWT FOWP GPUGODNG FOQDLGVU QW FOKVGOU FÃUKTCDNGU SWOKN HCWV VQWLQWTU ENCUUGT TGNCVKXGOGPV UGNQP FKXGTU ETKVÂTGU TCTGOGPV VQWU GZRNKEKVÃU .G VTCKVGOGPV SWCPVKVCVKH UWRRQUG FG DCNKUGT EGV WPKXGTU RTÃCNCDNGOGPV %GU QDLGVU QW NGU RTQRTKÃVÃU FG EGU QDLGVU OKU GP EQPEWTTGPEGÃXCNWCVKXGUQPVVQWLQWTUXKTVWGNU´XGPKTnUKXQWUÃVKG\W€GUV WP NGKVOQVKX FG EGU GPSWÄVGU OCNITà NOGHHGV FÃTÃCNKUCPV FG NC RQUVWTG FGOCPFÃG´NOGPSWÄVÃ%GPOGUVPKNGENKGPVCEVWGNPKNGENKGPVRQVGPVKGNPKNG ENKGPV ´ XGPKT PK NOGPSWÄVà EOGUV NOGPSWÄVÃLQWCPV´ÄVTGWPÃXGPVWGNENKGPV HWVWT SWK RQUKVKQPPG NGU QDLGVU UWT WPG ÃEJGNNG FG XCNGWT RNWU SWOWP LWIGOGPV+NHCWVCXQKTWPCXKUHCKTGEQOOGUKQPCXCKVWPFÃUKTQWVQWVCW OQKPUÄVTGECRCDNGFGFKTGWPPQPFÃUKTTGNCVKHW

.CVTCÁCDKNKVÃFGEGUFQPPÃGUGVNGEJCÉPCIGFGUOÃFKCVKQPU

.C ECRCEKVà FG EGU FQPPÃGU ´ UWTXKXTG GV ´ FGXGPKT FGU TÃHÃTGPVU FGU VGPCPVUNKGWETÃFKDNGUFCPUNGUFKUEQWTUFGURCTVGPCKTGUFOWPRTQLGVFÃRGPF GPITCPFGRCTVKGFGNGWTOKUGGPHQTOG/KUGGPHQTOGXKUWGNNGWPCHHKEJCIG UQWU HQTOG FG VCDNGCW DTWV XCWFTC OQKPU SWOWP JKUVQITCOOG /KUG GP HQTOGXGTDCNGWPÃPQPEÃCDUVTCKVGVEQORNGZGXCWFTCOQKPUSWOWPÃPQPEà KOCIÃGVUKORNKHKECVGWT.GURTQHKNUNGUV[RGUNGUEKDNGUUQPVCKPUKXÃJKEWNÃU FG HCÁQP RNWU QW OQKPU FWTCDNG FWTCPV VQWV NG RTQEGUUWU FG EQPEGRVKQP .OCVQWV FG EGU TGRTÃUGPVCVKQPU FGXKGPV NGWT ECTCEVÂTG FÃRNCÁCDNG NGWT OQDKNKVà OCKU UWTVQWV NGWT ECRCEKVà ´ UOKORTKOGT FCPU NGU OÃOQKTGU GV ´ UGTXKTFGVQMGPEOGUV´FKTGFGLGVQPHCEKNG´ÃEJCPIGTFGNKGWEQOOWP.GU UQEKQUV[NGU QPV RW QDVGPKT EG UVCVWV &CPU EGTVCKPGU ÃVWFGU NG TGEQWTU CW RQTVTCKV EJKPQKU HCKV RCTVKG FG EGV nKPXGUVKUUGOGPV FG HQTOG€=6*'? SWK HKPKVRCTHCKTGGZKUVGTFGUFCWRJKPUQWFGUQWTUN´QÔKNPO[CXCKVCWRCTCXCPV SWGFGUITQWRGUCWZVTCKVUUQEKCWZEQORNGZGU´CITÃIGT=$17F?

+N GZKUVG FQPE WP GPLGW EGPVTCN FCPU EGVVG EQPUVTWEVKQP FG NC TGRTÃUGPVCVKQPFWENKGPVUCFKOGPUKQPU[PVJÃVKSWGUWTNGRNCPEQIPKVKHSWK FGXKGPVWPGFKOGPUKQPCITÃICVKXGUWTNGRNCPUQEKQRQNKVKSWGQWEQOOGTEKCN .G RTQDNÂOG POGUV IWÂTG ÃNQKIPÃ FG EGNWK FGU RTQITCOOCVGWTU FGUOCUU

(6)

OÃFKCU SWK FQKXGPV CITÃIGT FGU RWDNKEU JÃVÃTQIÂPGU GV PQP UGWNGOGPV NGU CFFKVKQPPGTNGULWZVCRQUGTQWNGUHCKTGUGUWEEÃFGT

.GU EQPPCKUUCPEGU OQDKNKUÃGU FCPU EGVVG EQPUVTWEVKQP PG UQPV RCU UGWNGOGPVFÃENCTCVKXGUUWTNGOQFGFGUÃVWFGUFGOCTEJÃGNNGUUQPVCWUUK RGTHQTOCVKXGU´VTCXGTUFGUKPVGTXGPVKQPUSWKHQPVGZKUVGTNGENKGPVFCPUFGU WPKXGTU XCTKÃU .GU OÃFKCVKQPU GP SWGUVKQP XQPV FG EGU OQFGU FG TGRTÃUGPVCVKQP ´ ECTCEVÂTG UVCVKUVKSWG ´ FGU EJQKZ FG RCEMCIKPI GP RCUUCPV RCTFGUOQFGUFGEQOOGTEKCNKUCVKQPQWEQOOGPQWUCXQPURWNOQDUGTXGT RCTNCEQPEGRVKQPFGUIQPFQNGUSWKRGTOGVVTQPVNCOGKNNGWTGOKUGGPXCNGWT FGURTQFWKVUFCPUNCITCPFGFKUVTKDWVKQP%GUOÃFKCVKQPUUQPVRNWUQWOQKPU CNKIPÃGU=*'0?GVRGWXGPVCKPUKFKURCTCÉVTGEQOOGVGNNGUGVRTQFWKTGWP GHHGVFOÃXKFGPEGGVFGPCVWTCNKVÃSWKGUVKPFKURGPUCDNG´WPGRTKUGnFKTGEVG€

FCPUNGOQPFGFGNOCEVKQP

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.GURTCVKSWGUVTCFKVKQPPGNNGUÃXQSWÃGURTÃEÃFGOOGPVUQPVUÃTKGWUGOGPV OKUGU´OCNFCPUNGECUFGUPQWXGNNGUHQTOGUFGVTCPUCEVKQPOKUGUGPRNCEG UWTNGTÃUGCW

.CEQPHWUKQPFGUE[ENGUFGEQPEGRVKQP

.GTGEWGKNFOKPHQTOCVKQPU´FGUHKPUFGEQPEGRVKQPPOCIWÂTGFGUGPUFCPU NGECUFWYGDVQWVGUVQTICPKUÃCWEQPVTCKTGRQWTGZRNQKVGTFKTGEVGOGPVNGU KPHQTOCVKQPUEQPUVCOOGPVHQWTPKGURCTNGUNKGPURGTOCPGPVUCXGENGUENKGPVU RQWT HCKTG ÃXQNWGT NOQHHTG .OQHHTG ÃXQNWG FCPU UC RTÃUGPVCVKQP FCPU NOCUUQEKCVKQPFGEGTVCKPURTQFWKVURQWTEGTVCKPUV[RGUFGENKGPVUEOGUVCWDQWV FW EQORVG NC IÃPÃTCNKUCVKQP FG EG SWK UG RCUUG FCPU NOKPVGTOÃFKCVKQP =)+.?FCPUNGVTCXCKNFGUnECTVGWTU€FGVQWUNGUENWDUQÔNOQPGZRNQKVGNC EQPPCKUUCPEG HKPG FGU CEJCVU GV CWVTGU FQPPÃGU FG DCUG UWT WP HKEJKGT FG EQPUQOOCVGWTU FGXGPW UQWTEG FG TKEJGUUGU GP NWKOÄOG /CKU FCPU EGTVCKPGU UVTCVÃIKGU OCTMGVKPI NG NKGP ETÃà CXGE NG ENKGPV RTÃVGPF CNNGT RNWU NQKP LWUSWO´ KPHNWGT UWT NC EQPEGRVKQP FW RTQFWKV 2QWTVCPV ´ RCTV NGU FKURQUKVKHU FW V[RG FGU CUUGODNGWTU GP OKETQKPHQTOCVKSWG PQWU POCXQPU IWÂTG VTQWXà FOGZGORNGU FG TGVQWT GHHGEVKH UWT NC EQPEGRVKQP FGU RTQFWKVU QTICPKUà ´ RCTVKT FG EG NKGP CXGE NG ENKGPV .C VTCPUHQTOCVKQP FCPU NC EQPEGRVKQP OÄOG FGU RTQFWKVU KN HCWV NC EJGTEJGT RNWVÏV FCPU NC IÃPÃTCNKUCVKQPFWHTGGYCTGFGUXGTUKQPUDÄVCRQWTNOKPFWUVTKGFWNQIKEKGNGV EGNCXKCNGTÃUGCWRQWTEGUGEVGWTKPFWUVTKGNRTÃEKUOCKUPQPRQWTFOCWVTGU DKGPUEQOOGTEKCNKUCDNGUUWTNGPGVKNGUVRQUUKDNGFOGZRNQKVGTNCFKHHWUKQPUWT NGTÃUGCWEQOOGWPEJCORFGVGUVURGTOCPGPVU%GSWKEQPFWKVFOCKNNGWTU´

PG RNWU VTQR UOQEEWRGT FG UVCDKNKUGT FGU XGTUKQPU CXGE ECORCIPGU FG

(7)

RTQOQVKQP´NOCRRWKRWKUSWGNGTGPQWXGNNGOGPVFWRTQFWKVGUVEQPUVCPVEH 0GVUECRGRCTQRRQUKVKQP´/KETQUQHVRQWTUQP15.OKPFWUVTKGFWNQIKEKGNGV RNWURCTVKEWNKÂTGOGPVEGNNGCFCRVÃGCWTÃUGCWUGTGVTQWXGFCPUWPE[ENGFG XKGFGRTQFWKVUGPEQTGRNWUCEEÃNÃTÃGV HKPKV RCT RTQEÃFGTGPSWGNSWGUQTVG EQOOGVQWVNGUGEVGWTCNKOGPVCKTGOCNITÃNGUVGUVURTÃCNCDNGU´NCOKUGUWT NGOCTEJÃKNHCWVVGPVGTRNWUKGWTUEQWRURQWTGPTÃWUUKTWP%GNCTGNCVKXKUG FÂU NQTU NC FKOGPUKQP nEQPPCKUUCPEG FW ENKGPV€ QW nNKGP€ CXGE NWK EOGUV CXCPV VQWV WPG GZRÃTKOGPVCVKQP RGTOCPGPVG SWOCWVQTKUG NG TÃUGCW CXGE WP U[UVÂOGFGITCVWKVÃFGURTQFWKVUFCPUNGWTRTGOKÂTGRJCUGFGXKG.GETKVÂTG OCTEJCPF SWK EQPUVKVWG NC FKOGPUKQP FW ENKGPV UG VTQWXG OKU ´ OCN GV TGNCVKXKUà RCT TCRRQTV ´ NC FKOGPUKQP WVKNKUCVGWT ´ NC FKOGPUKQP HQPEVKQPPGNNG'VEGVVGUVTCVÃIKGRGWVGPEQTGÄVTGRGPUÃGEQOOGWPGUVTCVÃIKG EQOOGTEKCNGIT¸EGCWZGHHGVUFOCEETQEJGSWOGNNGRGTOGVKNTGUVGSWOGNNGPOGUV RQUUKDNGRQWTEGV[RGFGRTQFWKVUSWGFCPUNCOGUWTGQÔEGUGPVTGRTKUGUPG XKXGPVRCUFGNGWTUTGXGPWUOCKURNWVÏVFGNGWTECRKVCNKUCVKQPDQWTUKÂTGFG NGWTGHHGVFGDWNNGHKPCPEKÂTG

%GEJCPIGOGPV´NCHQKURQWTNG OCTMGVKPICXCN FCPUNGU FKURQUKVKHU FG XGPVG GP NKIPG GV RQWT NG OCTMGVKPI COQPV NKÃ CW UGEVGWT KPFWUVTKGN RCTVKEWNKGT FGU NQIKEKGNU EQPFWKV ´ TGOGVVTG GP ECWUG NG VTCKVGOGPV VTCFKVKQPPGNFGVQWVGUNGUFKOGPUKQPUFWENKGPV

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GP RGTOCPGPEG UWT VQWU NGWTU EQORQTVGOGPVU GV SWK UG XQKGPV QHHTKT GP ÃEJCPIG FGU OCEJKPGU FGU UGTXKEGU ITCVWKVU FGU NQIKEKGNU GVE EGTVGU WP SWGUVKQPPCKTG ÃNÃOGPVCKTG GUV ´ TGORNKT ´ NOQTKIKPG OCKU EOGUV GPUWKVG NGWT RTCVKSWG NC FWTÃG FG XKUWCNKUCVKQP FG VGN QW VGN DCPFGCW RWDNKEKVCKTG SWK FGXKGPFTQPVFGUKPFKECVGWTUGZRNQKVÃUFKTGEVGOGPVRCTNGUU[UVÂOGU

.G ENKGPV POGUV RNWU ETÃCVKH FG NC OÄOG HCÁQP KN UG VTCPUHQTOG GP EQQRÃTCVGWTECTKNTÃCIKVCWZQHHTGUGVEQPVTKDWGUQWXGPVUCPUNGUCXQKT´NGU TGHQTOCVGTGVKNCRRQTVG´VTCXGTUFKXGTUECPCWZFGTGVQWTUQPCXKUUWTNGU XGTUKQPUFGURTQFWKVUSWOKNCGUUC[ÃUNGURNWUEÃNÂDTGUÃVCPVNGUCXKUHQWTPKU RCTNGUCEJGVGWTUFO#OC\QPEQO5CETÃCVKXKVÃPOGUVRNWUIWÂTGUQNNKEKVÃGC

(8)

RTKQTKGVKPCDUVTCEVQOCKURNWVÏVKPUKVW%OGUVEGSWKGUVXCPVÃUQWUNCHQTOG FWOCTMGVKPIKPVGTCEVKH

&G OÄOG NG ENKGPV POC RNWU ´ ÄVTG TGRTÃUGPVCVKH +N FGXKGPV FKTGEVGOGPV HQWTPKUUGWT CEVKH FG FQPPÃGU UWT NWKOÄOG GV UWT UGU FGOCPFGU KN GUV RTGUETKRVGWTGPFKTGEVRQWTTCKVQPFKTG.COCUUGFGUENKGPVUCXGENGUSWGNUNGU GPVTGRTKUGUUGVTQWXGPVGPNKGP´VTCXGTUNGTÃUGCWPOCRNWUTKGP´XQKTCXGENGU ÃEJCPVKNNQPUSWOQPRCTXGPCKVRÃPKDNGOGPV´EQPVCEVGT´GZVTCKTGFGNGWTXKG SWQVKFKGPPGRQWTTÃRQPFTG´SWGNSWGUSWGUVKQPU.GTGETWVGOGPVFGOCUUG UOGUVOKUGPRNCEGUWTNGPGVECTNGUVGEJPKSWGUFGVTCKVGOGPVFGEGV[RGFG FQPPÃGUGPNKIPGUQPVRGTHQTOCPVGUGVUQPVKPFKHHÃTGPVGUCWXQNWOG%GTVGU EJGTEJGT´TÃEWRÃTGTFGUOCUUGUFOKPVGTPCWVGURQWTFKXGTUVGUVUEOGUVGPEQTG CXQKT WPG RTÃVGPVKQP FG TGRTÃUGPVCVKXKVà OCKU KEK VQWVG KPHQTOCVKQP GUV NC DKGPXGPWG%OGUVCWUUKEQORKNGTEGUFQPPÃGUUQWUHQTOGUFGnRTQHKNU€SWK PG UQPV IWÂTG FKHHÃTGPVU FGU FKHHÃTGPVU TGITQWRGOGPVU EQPUVTWKVU FCPU WPG CEVKXKVÃOCTMGVKPIVTCFKVKQPPGNNG.GOCTMGVKPIQPGVQQPG XCRNWUNQKPSWK RTÃVGPF PG RNWU CXQKT ´ IÃTGT PK ´ RTQFWKTG FGU CITÃICVU OCKU VTCKVGT FKTGEVGOGPVCXGEFGUKPFKXKFWUENKGPVUCWRQKPVFGOGVVTGGPHQTOGUQPQHHTG UGNQPEGVVGFGOCPFGRCTVKEWNKÂTGGPTÃCNKVÃKNPGUOCIKVLCOCKUFGOQFKHKGTNC EQPEGRVKQP FOWP RTQFWKV OCKU FOCOÃPCIGT NC EQPHKIWTCVKQP FOWP U[UVÂOG OQFWNCKTG QW FG NKGT RNWUKGWTU V[RGU FG RTQFWKVU QW GPEQTG FG HCKTG FGU QHHTGUEKDNÃGUGPHQPEVKQPFGEGTVCKPGURTQRTKÃVÃUFGUENKGPVUFÃL´KFGPVKHKÃGU

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%OGUVFQPEWPENKGPVHQTVFKHHÃTGPVSWKUGXQKVEQPUVTWKVRCTEGUOÃFKCVKQPU RWKUSWGPQWURCUUQPUFWPCTTCVKHCWECRVGWTFWETÃCVKHCWEQQRÃTCVGWTFW TGRTÃUGPVCVKHCWRTGUETKRVGWTGVFG NOÃXCNWCVKHCW UÃNGEVKQPPGWT 0QWUPQWU KPURKTQPUGPEGNCFWOQFÂNGFGUEQORÃVGPEGUJWOCKPGUFÃXGNQRRÃRCT,GCP )CIPGRCKP=)#)?

(9)

(KIWTGU

%QORÃVGPEGU FWENKGPV

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&CPU NG EQOOGTEG ÃNGEVTQPKSWG EQOOG FCPU VQWVGU NGU CWVTGU CEVKXKVÃU SWKRCUUGPVUWTNGTÃUGCWNOÃETCUGOGPVFGUOÃFKCVKQPUGUV´NCHQKUXCPVÃGV

(10)

OKUGPUEÂPGQPNGUCKVRQWTVCPVEOGUVCWRTKZFOWPKPXGUVKUUGOGPVHQTVFCPU FGUHQTOGUFGVTCKVGOGPVKPHQTOCVKSWGUQRJKUVKSWÃFGUFQPPÃGUSWGRGWVUG ETÃGT EGV GHHGV FOKOOÃFKCVGVà FG RGTUQPPCNKUCVKQP .G RTKPEKRG FG NC HTKEVKQPNGUU VTCPUCEVKQP NCKUUG DKGP GPVGPFTG SWG NGU EQÖVU FG VTCPUCEVKQP FGXGPWUNGHCEVGWTGUUGPVKGNFGNCFÃEKUKQPFGUGPVTGRTKUGUFGnHCKTG€QWFG nHCKTG HCKTG€ UGNQP 9KNNKCOUQP =9+.? FQKXGPV FKURCTCÉVTG 'P HCKV NOÃXCNWCVKQP ÃEQPQOKSWG POGUV RCU GHHGEVWÃG TÃGNNGOGPV ECT NGU KPXGUVKUUGOGPVUEQPUGPVKURQWTFGVGNUEJCPIGOGPVUFGOÃFKCVKQPUPGUQPV IWÂTGEJKHHTÃU%OGUVCXCPVVQWVFGNCFKURCTKVKQPFGNOKPVGTOÃFKCKTGJWOCKP SWOKN UOCIKV GV FG UC UWDUVKVWVKQP RCT FGU VGEJPQNQIKGU CIGPVU &G EG VTCXCKN ÃNÃOGPVCKTG FOKPFWUVTKCNKUCVKQP FWDCEM QHHKEG QP GUV RCUUà CKPUK ´ EGNNG FW HTQPVQHHKEGFGNCTGNCVKQPCXGENGENKGPVRWKURQWTTCKVQPFKTG´EGNNGFWENKGPV NWKOÄOG#IGPVRGTVWTDCVGWTFGEGVVGKPFWUVTKCNKUCVKQPNGENKGPVEQPVKPWCKV FOCRRCTCÉVTGEQOOGKPUVCDNGKPHKFÂNGKTTCVKQPPGNGVEGPNWKUWDUVKVWCPVFGU OQFÂNGU EGTVGU EQORNGZGU EQPVGZVWCNKUÃU GV CRRTGPCPVU QP NG HCKV GPVTGT FCPU NC EJCÉPG FG RTQFWEVKQP UQWU NG OÄOG HQTOCV SWG VQWU NGU CWVTGU CEVGWTU&GPQWXGCWZOÃFKCVGWTU´ECTCEVÂTGVGEJPQNQIKSWGRTÃVGPFGPVUG UWDUVKVWGT´NWKGVNWKHCEKNKVGTCKPUKNCXKG.GVTCXCKNFWOCTMGVKPIUOGPVTQWXG UKPIWNKÂTGOGPV OQFKHKà RWKUSWG UQP TÏNG FG RQTVGRCTQNG FG ENKGPVU CWRCTCXCPVOWGVUQWÃNQKIPÃUGUVRTKUGPEJCTIGRCTWPGUQTVGFOCXCVCTFW ENKGPVNWKOÄOG

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(11)

NG OCTMGVKPI QPGVQQPG POGP EQPUVKVWG SWOWP FGU FÃDQWEJÃU RQUUKDNGU EOGUV WP GPLGW EQPUKFÃTCDNG FG UCXQKT SWK UGTC ECRCDNG FG HQWTPKT WPG QHHTG EQOOGTEKCNG GZRNQKVCPVEGUVGEJPKSWGU

.GWT HQTEG GUUGPVKGNNG VKGPV FCPU NGWT RTÃVGPVKQP ´ UOCFCRVGT ´ RCTVKT FGU TGVQWTU ENKGPVUNGUU[UVÂOGUOWNVKCIGPVUUQPVUWRRQUÃUL´FGUFGITÃUFKXGTULUOCFCRVGT GP VGORU TÃGN ´ FGU FGOCPFGU VQWLQWTU RGTUQPPCNKUÃGU GV UWTVQWV ÄVTG ECRCDNGU FOCRRTGPFTG ´ RCTVKT FG EJCEWPG FGU QRÃTCVKQPU TÃCNKUÃGU RCT NG OCÉVTG RQWT EQPPCÉVTGUGUHCÁQPUFGVTCXCKNNGTUGU RTÃHÃTGPEGUGVEUCPUSWGEGNWKEKCKV´NGU FÃENCTGTKP GZVGPUQ .GU CIGPVU KPVGNNKIGPVU GV CWUUK EG SWG NOQP CRRGNNG NGU KPVGTHCEGUCFCRVCVKXGUCEVWGNNGOGPVCWUVCFGFGRTQVQV[RGUXQPVFCPUNGUGPUFG NC RTKUG GP EJCTIG FG EG VTCXCKN FOCFCRVCVKQP GP OQFÃNKUCPV PQP UGWNGOGPV NGU RTQHKNUFOWVKNKUCVGWTUGPIÃPÃTCNOCKUNGUEQORQTVGOGPVUFGEJCSWGWVKNKUCVGWTGP RCTVKEWNKGT.CVGEJPQNQIKGFGXKGPVCNQTUGZVTÄOGOGPVQWXGTVGECTGNNGRTGPFGNNG OÄOGGPEJCTIGNGVTCXCKNFOCLWUVGOGPVRCTCRRTGPVKUUCIG=$17E?

.G RTQITCOOG FGU CIGPVU QW RNWVÏV NGWT RTQOGUUG ECT KN TGUVG ´ ÃXCNWGT FG XÃTKVCDNGUTÃCNKUCVKQPUEQOOGTEKCNGURGWVEGRGPFCPVÄVTGOKUGPFKHHKEWNVÃUWTVTQKU RNCPUCWOQKPU

LNC OQFÃNKUCVKQP FW EQORQTVGOGPV TGRQUG UWT WP OQVGWT FOKPVGTRTÃVCVKQP FGU EQORQTVGOGPVUSWKFGOCPFGTCGPEQTG´ÄVTGCHHKPÃECTFGPQODTGWZRCTCOÂVTGU EQPVTCFKEVQKTGURGWXGPVOGVVTGGPHQTOGEGURTCVKSWGUFGNOWUCIGTNCRGTVKPGPEGGV NC TCRKFKVÃ RGWXGPV RCT GZGORNG FGXGPKT EQPVTCFKEVQKTGU FCPU NC TGEJGTEJG FOKPHQTOCVKQPUGVKNHCWVRQWXQKTFÃHKPKTNGURTKPEKRGUFGNOCTDKVTCIG

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(12)

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(13)

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(14)

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(15)

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(17)

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