/7239://746+859/7./036+832

(1)

FGHQTOCVKQP

(TCPÁQKU2GEEQWF

QWT RGPUGT CWZ PQWXGNNGU RTCVKSWGU RÃFCIQIKSWGU SWK XQPV UG HCKTG LQWT FCPU NGU CPPÃGU ´ XGPKT KN HCWV PQP UGWNGOGPV QDUGTXGT NGU GZRÃTKGPEGUGPEQWTUHCEKNGOGPVIÃPÃTCNKUCDNGUOCKUCWUUKEGNNGUSWK XQPV FGXGPKT RQUUKDNGU GV UQWJCKVCDNGU EQORVG VGPW FGU ÃXQNWVKQPU SWCUK EGTVCKPGU ´ OQ[GP VGTOG %GVVG CPVKEKRCVKQP GUV TGPFWG PÃEGUUCKTG RCT NG EJQKZFGUKPXGUVKUUGOGPVUVTÂUKORQTVCPVU´EQPUGPVKTFCPUNGUÃVCDNKUUGOGPVU FG HQTOCVKQP CKPUK SWG RCT NGU FÃNCKU PÃEGUUCKTGU RQWT HCKTG ÃXQNWGT NGU OGPVCNKVÃUGVNGURTCVKSWGUFOGPUGKIPGOGPV

'XQNWVKQPUFGUEQPVGZVGUVGEJPKSWGÃEQPQOKSWGGVUQEKQNQIKSWGUKIPKHKECVKHU RQWTNGURTCVKSWGUFOGPUGKIPGOGPV

'XQNWVKQPVGEJPKSWG

.OÃXQNWVKQP FGU VGEJPQNQIKGU FG NOKPHQTOCVKQP GV FG NC EQOOWPKECVKQP UGTC OCTSWÃG FCPU NGU CPPÃGU ´ XGPKT RCT NC EQPXGTIGPEG XGTU NG VQWV PWOÃTKSWG %GVVG EQPXGTIGPEG UKIPKHKG SWG PQP UGWNGOGPV NGU VGZVGU GV NGU KOCIGU HKZGU UGTQPV PWOÃTKSWGU OCKU CWUUK NG UQP GV NC XKFÃQ &GRWKU NOCESWKUKVKQPFGUKOCIGUGVFWUQPNGWTVTCKVGOGPVNGWTOQPVCIGLWUSWO´NGWT FKHHWUKQPGVNGWTTGUVKVWVKQPNCPWOÃTKUCVKQPFGNCXKFÃQUGTCTGPFWGRQUUKDNG RCT FGU VGEJPQNQIKGU RCTHCKVGOGPV OCÉVTKUÃGU SWK UQPV UWT NG RQKPV FOÄVTG TGPFWGUFKURQPKDNGURQWTNGITCPFRWDNKEIT¸EGCWZKPXGUVKUUGOGPVU NCPEÃU RCTNGUQRÃTCVGWTUFGVÃNÃEQOOWPKECVKQPQWFGVÃNÃXKUKQP.GUVGEJPKSWGUFG

2

(2)

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'XQNWVKQPÃEQPQOKSWG

.OCWIOGPVCVKQP EQPVKPWG FG NOGHHQTV OQPFKCN FG TGEJGTEJG VQWV EQOOG NOGZVGPUKQP ´ NOGPUGODNG FG NC RNCPÂVG FG NC EQPEWTTGPEG ÃEQPQOKSWG XQPV CUUWTÃOGPV IÃPÃTGT WPG CEEÃNÃTCVKQP FG NOKPPQXCVKQP UQWU HQTOG FG PQWXGCWZ RTQFWKVU QW UGTXKEGU 'NNG XC GPVTCÉPGT RQWT VQWU NGU VTCXCKNNGWTU WPGTGOKUGGPECWUGRGTOCPGPVGFGNGWTUECRCEKVÃU´UWKXTGEGVVGKPPQXCVKQP .GUEQPUÃSWGPEGUGPUQPVNCFKURCTKVKQPFGUTGPVGUFGUKVWCVKQPCUUKUGUUWTWP DQPFKRNÏOGFGEGHCKVRQWTVQWVGRGTUQPPGWPGPÃEGUUCKTGOKUG´LQWTFG UGUEQPPCKUUCPEGUVQWVCWNQPIFGUCXKGGVFQPEWPGQDNKICVKQPRQWTEJCEWP FGOKGWZOCÉVTKUGTUCECRCEKVÃ´IÃTGTEGVVGOKUG´LQWT

%OGUVFKTGSWOGORNQ[GWTUEQOOGUCNCTKÃUXQPVUGUKVWGTFCPUFGUCEVKXKVÃU FGOQKPUGPOQKPURÃTGPPGUGVXQPVÄVTGQDNKIÃUFOCPVKEKRGTNGUEJCPIGOGPVU FG EQORÃVGPEGU SWK UGTQPV PÃEGUUCKTGU ´ NGWT UWTXKG RTQHGUUKQPPGNNG .G FKCNQIWGUQEKCNUWTNCHQTOCVKQPEQPVKPWÃGVQWVCWNQPIFGNCXKGXCÄVTGRQUÃ FCPU WPG NQIKSWG FG IGUVKQP FGU EQORÃVGPEGU SWK XC GPVTGT GP EQPHNKV FG RNGKP HQWGV CXGE NC NQIKSWG FG FKRNÏOGU OKUG GP WXTG RCT NG U[UVÂOG ÃFWECVKH

.GUFKRNÏOGUUCPEVKQPPGPVGPGHHGVDGCWEQWRRNWUFGUEQPPCKUUCPEGUSWG FGU EQORÃVGPEGU FGU UCXQKTU SWG FGU UCXQKTHCKTG QW FGU UCXQKTÄVTG .C UQEKÃVÃEKXKNGXCHQTOWNGTFGOCPKÂTGFGRNWUGPRNWURTGUUCPVGXKU´XKUFW U[UVÂOGÃFWECVKHFGUFGOCPFGUFGHQTOCVKQPKPKVKCNGEQOOGFGHQTOCVKQP EQPVKPWÃGGZKIGCPVGUUWTNGUSWCNKVÃUUWKXCPVGU

LWPG ÃFWECVKQP KPKVKCNG SWK UG TGEGPVTG XGTU NC OCÉVTKUG FGU ECRCEKVÃU HQPFCOGPVCNGUNKTGÃETKTGECNEWNGTCRRTGPFTG´CRRTGPFTGEQOOWPKSWGT EQQRÃTGT GVE FCPU WP EQPVGZVG IÃPÃTCNKUÃ FOGORNQK FG RQUVGU FG VTCXCKN ÃNGEVTQPKSWGU

LWPG HQTOCVKQP RTQHGUUKQPPGNNG EQPVKPWÃG VQWV CW NQPI FG NC XKG SWK TGEQPPCKUUG ´ EJCSWG KPFKXKFW NGU EQORÃVGPEGU OCÉVTKUÃGU ´ WP EGTVCKP OQOGPV RQWT NWK RTQRQUGT WPG RTQITGUUKQP FCPU NOCESWKUKVKQP FOCWVTGU EQORÃVGPEGUGPHQPEVKQPFGUQPRTQLGVRTQHGUUKQPPGN

(3)

LWPGHQTOCVKQPKPFKXKFWCNKUÃGLWUVG´VGORUFGRNWUGPRNWUHCEKNGOGPV CEEGUUKDNG´RCTVKTFWNKGWFWFQOKEKNGQWFWNKGWFGVTCXCKN

&CPUEGEQPVGZVGNOQHHTGFGHQTOCVKQPUGTCFGRNWUGPRNWURTÃUGPVÃGUQWU HQTOG FOGPUGKIPGOGPV ´ FKUVCPEG KPFKXKFWCNKUÃ %GVVG FGOCPFG HCKV ÃEJQ ´ NOCPCN[UG FW EQÖV FG NC HQTOCVKQP RGTOCPGPVG QDUGTXÃG CWLQWTFOJWK FCPU VQWU NGU ITCPFU ITQWRGU KPFWUVTKGNU +N UG FÃEQORQUG CKPUK RQWT WPG FÃRGPUGVQVCNGKN[C

LEQPUVKVWÃRCTNGUUCNCKTGUGVEJCTIGUFWRGTUQPPGNRGPFCPVUQPVGORU FG HQTOCVKQP %G RQUVG UGTC TÃFWKV GP FGOCPFCPV RTQITGUUKXGOGPV CWZ UCNCTKÃUFGEQPUCETGTWPGRCTVKGFGNGWTVGORUFGNQKUKTURQWTNGWTHQTOCVKQP

LEQPUVKVWÃFGHTCKUFGFÃRNCEGOGPVGVFOJÃDGTIGOGPV%OGUVRCTNC HQTOCVKQP´FKUVCPEGGPVGORUGVNKGWEJQKUKUSWGUGTCTÃFWKVEGRQWTEGPVCIG

LUGWNGOGPVFGFÃRGPUGUFGHQTOCVKQPRTQRTGOGPVFKVG

%GVGPUGKIPGOGPV´FKUVCPEGPOÃOCPGTCRCUUGWNGOGPVFGNCFGOCPFGGP HQTOCVKQP RGTOCPGPVG +N GZKUVGTC CWUUK FG RNWU GP RNWU WPG FGOCPFG FG HQTOCVKQP´FKUVCPEGKPFKXKFWCNKUÃGRQWTNCHQTOCVKQPKPKVKCNGFCPUNCOGUWTG QÔ NGU ÃVWFKCPVU UGTQPV FG RNWU FQVÃU RGTUQPPGNNGOGPV FOWP 2#/ SWOKNU RQWTTQPV WVKNKUGT CWUUK DKGP FGRWKU NGWT FQOKEKNG SWG FGRWKU NGWT NKGW FG UVCIGGPOKNKGWRTQHGUUKQPPGN

+NHCWVTGOCTSWGTSWGNCHQTOCVKQPKPFKXKFWCNKUÃG´FKUVCPEGGUVPGVVGOGPV RNWU EQÖVGWUG GP RGTUQPPGN GPUGKIPCPV SWG NOQTICPKUCVKQP ENCUUKSWG FG NC HQTOCVKQPSWKTGITQWRGFGUENCUUGUFOÃNÂXGU´JGWTGUHKZGUFCPUFGUUCNNGU

2QWTUOGPTGPFTGEQORVGEQORCTQPUFGWZOQFCNKVÃUFGHQTOCVKQPRQWT WPGOÄOGFWTÃGFGVTCXCKNVQVCNPQVÃG&FGNCRCTVFOWPCRRTGPCPV

LOQFCNKVÃENCUUKSWGEQORQUÃGFGEQWTUFGUÃCPEGUFGVTCXCWZRTCVKSWGU 62GVFGVTCXCKNRGTUQPPGN

LOQFCNKVÃFGHQTOCVKQP´FKUVCPEGCXGEVTCXCKNRGTUQPPGNGVVWVQTCV 0QWU EQPUKFÃTQPU SWG PQWU FGXQPU HQTOGT 0 CRRTGPCPVU RCT NOWPG QW NOCWVTGOQFCNKVÃSWGNNGGUVEGNNGSWKGUVNCRNWURTQFWEVKXG!

(QTOCVKQPENCUUKSWG

.G VGORU FG VTCXCKN FG NOCRRTGPCPV UG RCTVCIG GPVTG VTQKU HQTOGU FOCEVKXKVÃ

LNCRCTVKEKRCVKQPCWEQWTURQWTWPGHTCEVKQPEFWVGORUVQVCN&

LNCRCTVKEKRCVKQPCWITQWRGFG62RCTITQWRGFGPCRRTGPCPVURQWTWPG RCTVVFWVGORUVQVCN&

LNGVTCXCKNRGTUQPPGNRQWTNGTGUVGUQKVEVFWVGORUVQVCN&

(4)

.GXQNWOGFOCEVKXKVÃFGNCRCTVFGUGPUGKIPCPVUGUVNGUWKXCPV LRTQPQPEGTNGEQWTURQWTNOGPUGODNGFGU0CRRTGPCPVUUQKVEZ&

LCPKOGTNGU62RQWTVQWUNGUITQWRGU%QOOGKN [ C 0P ITQWRGU EGNC TGRTÃUGPVGWPGEJCTIGFG0PZVZ&.CEJCTIGEQORNÂVGFOGPUGKIPGOGPV GPRTÃUGPEGFGUÃVWFKCPVUGUVFQPEFGEZ&0PZVZ&

LRTÃRCTGT RWKU HCKTG NG DKNCP FGU CEVKXKVÃU HCKVGU GP RTÃUGPEG FGU ÃVWFKCPVUQPUWRRQUGSWGRQWTWPGJGWTGGPRTÃUGPEGFGUCRRTGPCPVUQP EQPUCETG R JGWTG ´ EG VTCXCKN FG RTÃRCTCVKQP GV FOÃXCNWCVKQP .G VTCXCKN FG RTÃRCTCVKQPGUVFQPEFGRZ[EZ&0PZVZ&]

.GVGORUVQVCNFGVTCXCKN6FGUGPUGKIPCPVUGUVFQPEÃICN´

6RZ[EZ&0PZVZ&]RZ[E0PZV]Z&

(QTOCVKQP´FKUVCPEGKPFKXKFWCNKUÃG

.OCRRTGPCPV ÃVWFKG UGWN UWT UQP NKGW FG VTCXCKN GP FÃEQWXTCPV NGU UWRRQTVUFGEQWTUSWOKNCVÃNÃEJCTIÃU2ÃTKQFKSWGOGPVKNGPXQKG´UQPVWVGWT RCT EQWTTKGT ÃNGEVTQPKSWG UQKV NG TÃUWNVCV FOGZGTEKEGU SWG EGNWKEK NWK C FGOCPFÃU FG HCKTG UQKV FGU SWGUVKQPU RQWT CRNCPKT FGU FKHHKEWNVÃU SWOKN TGPEQPVTGFCPUUQPCWVQCRRTGPVKUUCIG

1P ÃXCNWG NC EJCTIG FG UWKXK KPFKXKFWCNKUÃ RCT NG VWVGWT EQOOG WPG HTCEVKQP U FW VGORU FG VTCXCKN FG NOCRRTGPCPV 2QWT EJCSWG CRRTGPCPV SWK EQPUCETG WP VGORU & ´ UC HQTOCVKQP WP VWVGWT FGXTC NWK EQPUCETGT U Z &

JGWTGUFGVWVQTCV

2QWT NGU 0 CRRTGPCPVU GP HQTOCVKQP ´ FKUVCPEG NC EJCTIG INQDCNG FG VTCXCKN6OUQWUHQTOGFGVWVQTCVUGTCFG

6O0ZUZ&

'P IÃPÃTCN NC HQTOCVKQP ´ FKUVCPEG GUV RNWU EQÖVGWUG SWG NC HQTOCVKQP ENCUUKSWGFÂUNQTUSWG6O 6UQKV

0ZUZ& RZ[E0PZV]Z&QW 0ZU RZ[E0PZV] FQPEFÂUSWG0 RE[URVP]

(5)

'ZGORNGPWOÃTKSWGTÃCNKUVG

2CTCOÂVTG 8CNGWT 5KIPKHKECVKQP

& JGWTGU

0

ÃVWFKCPVU

P ÃVWFKCPVU .GUUÃCPEGUFG62UGHQPVRCTITQWRGFG ÃVWFKCPVU

0P +N[CITQWRGUFG62

E .OÃVWFKCPVRCUUGFGUQPVGORUFG

VTCXCKNGPEQWTU

V .OÃVWFKCPVRCUUGFGUQPVGORUFG

VTCXCKNGP62GVFQPECUUWTGFG VTCXCKNRGTUQPPGNGPRNWU

%Z& JGWTGU 7PGPUGKIPCPVCUUWTGJGWTGUFGEQWTU 0PZVZ& JGWTGU &GUGPUGKIPCPVUCUUWTGPVJGWTGUFG62 EZ&0PZVZ& JGWTGU .CEJCTIGVQVCNGFOGPUGKIPGOGPVGP

RTÃUGPEGFGUÃVWFKCPVUGUVFGJGWTGU R JGWTG +NHCWVJGWTGFGRTÃRCTCVKQPRQWTWPG

JGWTGFOGPUGKIPGOGPV

RZ[EZ&0PZVZ&] JGWTGU .OGPUGODNGFGNCRTÃRCTCVKQPFGOCPFG JGWTGU

6RZ[[E0PZV]]Z& JGWTGU .CEJCTIGVQVCNGFGVTCXCKNGUVFG JGWTGUGPHQTOCVKQPENCUUKSWG

U 2QWTJGWTGUFGVTCXCKNFGNOCRRTGPCPV

KNHCWVWPGJGWTGFGVWVQTCVFOWPGPUGKIPCPV UZ& JGWTGU JGWTGUFGVWVQTCVUQPVPÃEGUUCKTGU

RQWTCEEQORCIPGTNGUJGWTGUFG VTCXCKNFGNOCRRTGPCPV

6O0ZUZ&

JGWTGU 'PHQTOCVKQP´FKUVCPEGKNHCWV JGWTGURQWTUWKXTGCRRTGPCPVU 'XQNWVKQPFWEQPVGZVGUQEKQNQIKSWG

.GU PQWXGNNGU RTCVKSWGU FG HQTOCVKQP UOCFTGUUGPV ´ FGU RGTUQPPGU SWK XKXGPV ´ VQWV OQOGPV FG NGWT XKG SWQVKFKGPPG FCPU WP EQPVGZVG FOGORNQK IÃPÃTCNKUÃFW YGD 1TFCPUEGEQPVGZVG QPCUUKUVG´ WPG OWNVKRNKECVKQP FGU ECPCWZ FG VÃNÃXKUKQP EQOOG ´ EGNNG FGU UGTXGWTU UWT NOKPVGTPGV 7PG EQPEWTTGPEG GZCEGTDÃG XC UOKPUVCNNGT GPVTG EGU FKHHÃTGPVU OÃFKCU FQPV NOGPLGW GUV FG ECRVGT NOCVVGPVKQP FW EKVQ[GP VQWT ´ VQWT EQPUQOOCVGWT URGEVCVGWT LQWGWT QW ÃVWFKCPV )CIPGT NOCVVGPVKQP FOWPG RGTUQPPG EOGUV GP HCKV QDVGPKT SWOGNNG CEEGRVG FG EQPUCETGT WPG HTCEVKQP FG UQP VGORU CWZ UGTXKEGU SWK NWK

(6)

UQPVRTQRQUÃUUWTNGTÃUGCW0QWUCNNQPUFQPEGPVTGTFCPUWPGÃEQPQOKGFW VGORUGPEGUGPUSWGNGUVGTOGUFGNOÃEJCPIGPGUGTQPVRNWUWPGOCTEJCPFKUG EQPVTGFGNOCTIGPVOCKUWPUGTXKEGFOKPHQTOCVKQPEQPVTGFWVGORURGTUQPPGN

%JCEWP XC CKPUK RTQITGUUKXGOGPV FGXGPKT nFÃRGPUGWT FG VGORU GV NGU QRÃTCVGWTUÃEQPQOKSWGUXQPVUOGPVTGFÃEJKTGTRQWTQDVGPKTFGEGVGORUSWKVVG

´ EG SWG NG UGTXKEG UQKV ITCVWKV RQWT ÄVTG RNWU UÃFWKUCPV %OGUV UGNQP EGVVG NQIKSWGSWGNGULQWTPCWZFOCPPQPEGURWDNKEKVCKTGUEQOOGNGURQTVCKNUFOCEEÂU´

NOKPVGTPGVUQPVFGXGPWURTQITGUUKXGOGPVITCVWKVU

/CKU KN [ C WPG EQPVTCKPVG FCPU NOnÃEQPQOKG FW VGORU NG RQWXQKT FOCEJCV GP VGORU FG VQWV WP EJCEWP GUV TCFKECNGOGPV PQP GZVGPUKDNG .GU LQWTPÃGU POQPV SWG XKPIVSWCVTG JGWTGU %GVVG KORQUUKDKNKVÃ FOGURÃTGT WPG ETQKUUCPEGFWOCTEJÃFWVGORUXCEQPFWKTGGPEQTGRNWUNGUQRÃTCVGWTUSWK QPVSWGNSWGEJQUG´RTQRQUGT´WUGTFGVQWUNGUUWDVGTHWIGURQWTOQDKNKUGT NGVGORUGVNOCVVGPVKQPFGUEQPUQOOCVGWTU.CRTGUUKQPXCÄVTGVGNNGSWOKNUGTC UCPUFQWVGGUUGPVKGNFGHQTOGTVQWUNGUEKVQ[GPU´WPGIGUVKQPEQPUEKGPVGFG NGWTVGORURQWTSWOKNUGPICTFGPVNCOCÉVTKUG+NHCWFTCSWOKNUVKTGPVVQWVGUNGU EQPUÃSWGPEGUFGSWGNSWGUÃXKFGPEGUNGVGORUEOGUVFGNOCTIGPVVQWVGCEVKQP FGHQTOCVKQPRTGPFFWVGORU

+NHCWVUWTVQWVETCKPFTGSWGNCECRCEKVÃFGULGWPGU´HKZGTNGWTCVVGPVKQPUWT WPUWLGVFGHCÁQPKPKPVGTTQORWGPGUGTÃFWKUGRCUEQPUKFÃTCDNGOGPVUQWUNGU CUUCWVU GP VQWU IGPTGU FGU nQHHTGWTU FG UVKOWNK +N HCWFTC GP VQWU ECU EQPEGXQKT NGU RTQEGUUWU RÃFCIQIKSWGU GP RGPUCPV SWG NOCVVGPVKQP FGU CRRTGPCPVUPOGUVRCUKPPÃGOCKUSWOGNNGFQKVÄVTGUVKOWNÃGGPRGTOCPGPEG´

EQPVTGEQWTCPVFGUQTICPKUCVKQPUUQEKCNGUFQOKPCPVGU

0ÃEGUUKVÃFOWPGRTKUGFGEQPUEKGPEGFGNOKORQTVCPEGFGURTQVJÂUGU EQIPKVKXGUWVKNKUÃGURQWTNOCRRTGPVKUUCIG

%JCEWP XC FQPE CXQKT NC RQUUKDKNKVÃ GV NOQDNKICVKQP FOCESWÃTKT FGU EQPPCKUUCPEGU GV FGU EQORÃVGPEGU VQWV CW NQPI FG UC XKG +N NG HGTC RCT NOKPVGTOÃFKCKTGFOWP2#/SWKUGTCRQWTNWKWPGRTQVJÂUGNWKQHHTCPVNOCEEÂU´

VQWVGU UQTVGU FOKPHQTOCVKQPU GV ´ FGU OQFGU FG EQPPGEVKQPU U[PEJTQPGU GV CU[PEJTQPGUCXGEUGUUGODNCDNGU

2QWT GPXKUCIGT EG SWG RQWTTQPV ÄVTG NGU PQWXGCWZ OQFÂNGU FOGPUGKIPGOGPVKNGUVGUUGPVKGNFGRQWXQKTCPVKEKRGTEGSWGUGTCNOKORCEVFG EG2#/UWTNGUOÃECPKUOGUEQIPKVKHUOKUGPWXTGRCTEGNWKSWKUOGPUGTXKTC RQWTCRRTGPFTG5KEGVVGCPVKEKRCVKQPPGRGWVÄVTGSWOKPEQORNÂVGGNNGPOGPGUV RCU OQKPU HQTV WVKNG SWCPF QP QDUGTXG ´ SWGN RQKPV NGU RTCVKSWGU FG HQTOCVKQP CEVWGNNGU QPV RGW RTKU GP EQPUKFÃTCVKQP NGU KPVGTCEVKQPU FGU

(7)

CRRTGPCPVUCXGENGURTQVJÂUGUEQIPKVKXGUFQPVKNUUGUGTXGPVRQWTÃVWFKGTGV VTCXCKNNGTKPVGNNGEVWGNNGOGPV

'UUC[QPU FG TGXGPKT UWT SWGNSWGUWPGU FG EGU KPVGTCEVKQPU QDUGTXCDNGU CWLQWTFOJWK SWK FÃOQPVTGPV NOKORQTVCPEG FG NC RTKUG GP EQORVG RCT CPVKEKRCVKQPFGUPQWXGNNGURTQVJÂUGUQHHGTVGURCTEGU2#/

4GVQWTGPCTTKÂTGUWTSWGNSWGURTQVJÂUGUEQWTCPVGUCWZKPHNWGPEGUOÃEQPPWGU .G RTGOKGT GZGORNG GUV NG TGORNCEGOGPV FG NC TÂING ´ ECNEWN RCT NC ECNEWNCVTKEG ÃNGEVTQPKSWG KN [ C VTGPVG CPU KN C EQORNÂVGOGPV EJCPIÃ NGU RTCVKSWGU TÃGNNGU FG ECNEWN OGPVCN .GU ÃVWFKCPVU QPV XTCKOGPV CWLQWTFOJWK FGU FKHHKEWNVÃU ´ ÃXCNWGT URQPVCPÃOGPV FGU QTFTGU FG ITCPFGWT OCKU RCT EQPVTG KNU POJÃUKVGPV RCU ´ FQPPGT WP TÃUWNVCV CXGE VQWVGU NGU FÃEKOCNGU RTQFWKVGURCTNGWTCWVQOCVGFGECNEWNOÄOGUKEGUFÃEKOCNGUPOQPVCWEWPG UKIPKHKECVKQP2NWUTÃEGOOGPVNGUECNEWNGVVGURTQITCOOCDNGUQWNGUNQIKEKGNU FG ECNEWN UEKGPVKHKSWG COÂPGPV NGU N[EÃGPU GV NGU ÃVWFKCPVU ´ EJGTEJGT RCT ECNEWNNGPQODTGFGUQNWVKQPUFOWPGÃSWCVKQPFCPUNGECFTGFOWPGRÃFCIQIKG SWK EQPVKPWG ´ KIPQTGT EGU RQUUKDKNKVÃU GP RTQRQUCPV NC TGEJGTEJG FG EGU UQNWVKQPUWPKSWGOGPVRCTWPGOÃVJQFGCPCN[VKSWG

'ZCOKPQPUEQOOGUGEQPFGZGORNGNOCRRCTKVKQPFWVTCKVGOGPVFGVGZVG GNNGCGPVTCÉPÃFGPQODTGWUGUVTCPUHQTOCVKQPUFCPUNCOCPKÂTGFGRTQFWKTG FWVGZVGNOQRÃTCVGWTSWKUGUGTVFOWPVTCKVGOGPVFGVGZVGTGICTFGUGUFQKIVU QWNOÃETCPRGPFCPVNCHTCRRGFGUECTCEVÂTGUUGNQPUCOCÉVTKUGRNWUQWOQKPU ITCPFGFWENCXKGT#KPUKUCXKUKQPFWVGZVGIÃPÃTÃGUVKOOÃFKCVGQWFKHHÃTÃG UGNQPNGECUEGSWKGPVTCÉPGNCOKUGGPWXTGFGRTQEÃFWTGUFGEQTTGEVKQPFW VGZVGVTÂUFKHHÃTGPVGU

.GHCKVSWGNCETÃCVKQPFOWPVGZVGPGUQKVRNWUQDNKICVQKTGOGPVUÃSWGPVKGNNG EQOOG NQTUSWOKN GUV RTQFWKV CXGE WP UV[NQ UWT FW RCRKGT RGTOGV WPG LWZVCRQUKVKQP GP RCTCNNÂNG FGU KFÃGU CW HWT GV ´ OGUWTG SWOGNNGU PCKUUGPV SWKVVG´TGRQWUUGT´RNWUVCTFNGWTGPEJCÉPGOGPVFCPUWPQTFTGNQIKSWGGP NGUFÃRNCÁCPVNGUWPGURCTTCRRQTVCWZCWVTGU

.G EQTTGEVGWT QTVJQITCRJKSWG CWZ HQPEVKQPPCNKVÃU NKOKVÃGU QDNKIG ´ WPG OCÉVTKUG CUUG\ EQORNGZG FGU TÂINGU ITCOOCVKECNGU SWK KPXKVG UQWXGPV ´ NC RCTGUUG GP EQPUKFÃTCPV SWOWP VGZVG EQTTGEV GUV WP VGZVG SWK PG RTQXQSWG CWEWPGTÃCEVKQPFWEQTTGEVGWT

.C HCEKNKVÃ FG NC HQPEVKQP EQRKGTEQNNGT RGTOGV FOCNNGT EJGTEJGT FCPU FOCWVTGUFQEWOGPVUFGURCUUCIGUEQORNGVU SWGNOQPKPUÂTGFCPUNGVGZVGGP EQWTUFGTÃFCEVKQPSWKVVG´PGRCUTGNKTGFCPUNGFÃVCKNNGEQPVGPWFGEGSWK

(8)

GUV KORQTVÃ GV ´ RTQEÃFGT ´ NOKORQTVCVKQP UCPU TGURGEVGT NGU TÂINGU ÃNÃOGPVCKTGUFGEKVCVKQPFGUGORTWPVU

.GUHQPEVKQPPCNKVÃU V[RQITCRJKSWGU ITCU KVCNKSWG NGU EJCPIGOGPVU FCPU NCVCKNNGFGUECTCEVÂTGUEQOOGNCHCEKNKVÃ FOKPFGPVCVKQP FGU VGZVGU CRRQTVGPV FGURQUUKDKNKVÃUFOGZRTGUUKQPUÃOCPVKSWGSWKRTGPPGPVUGPUFCPUNOGURCEG´

FGWZ FKOGPUKQPU FG NC RNCIG VGZVWGNNG %GVVG RQUUKDKNKVÃ FOGZRTGUUKQP GUV FQPEVTÂUFKHHÃTGPVGFGEGNNGRGTOKUGUWTWPGUGWNGFKOGPUKQPRCTNOÃETKVWTG OCPWUETKVGCXGENGUV[NQ

.GOQFGRNCPFWVTCKVGOGPVFGVGZVGVQWVEQOOGNGOQFGFGRTÃUGPVCVKQP RCT FKCRQUKVKXG FOWP RTÃUGPVCVGWT FOKFÃGU EQOOG 2QYGTRQKPV GPIGPFTG RTQITGUUKXGOGPVFCPUNGUQTICPKUCVKQPUFGURTCVKSWGUFGTÃFCEVKQPFGPQVGU SWKUGNKOKVGPV´NCLWZVCRQUKVKQPFOKFÃGUGZRTKOÃGUUQWUHQTOGFGITQWRGU PQOKPCWZ QW FG ITQWRGU XGTDCWZ ´ NOKPHKPKVKH .C NKCKUQP UÃOCPVKSWG GPVTG EGUKFÃGUPOGUVRNWUVGZVWGNNGOCKUITCRJKSWGGVUQPKPVGTRTÃVCVKQPGUVNCKUUÃG

´NOCRRTÃEKCVKQPFWNGEVGWT

2CT EGU FKHHÃTGPVGU GZGORNGU QP OGUWTG ´ SWGN RQKPV NGU OQFCNKVÃU FOÃETKVWTGQWFGNGEVWTGUQPVNCTIGOGPVVTKDWVCKTGUFGNOQWVKNWVKNKUÃ

6GN GUV CWUUK NG ECU CXGE NOÃETKVWTG UQWU HQTOG FOJ[RGTVGZVG KN UOCIKV GP GHHGV FOWPG PQWXGNNG HQTOG FOÃETKVWTG QÔ NC RNWRCTV FGU RQKPVGWTU EQTTGURQPFGPV´FGUNKGPUUÃOCPVKSWGU.CNGEVWTGFOWPJ[RGTVGZVGRQUGGP RCTVKEWNKGT NG RTQDNÂOG FG RQWXQKT NOCPPQVGT RQWT ICTFGT WPG VTCEG FG NC PCXKICVKQP QRÃTÃG RCT NG NGEVGWT %JCEWP C RW QDUGTXGT SWOWPG NGEVWTG CVVGPVKXGFOWPVGZVGUWTFWRCRKGTGZKIGFGRQWXQKTNOCPPQVGT1PRGWVFKTG GP TGRTGPCPV WPG TGOCTSWG FG $GTPCTF 5VKGINGT SWG nNKTG EOGUV ÃETKTG 2CTVCPVFGEGVVGTÃCNKVÃEQIPKVKXGNGUCWVGWTUFGVTCKVGOGPVFGVGZVGEQOOG 9QTF QW #ETQDCV QPV HQWTPK FGU HQPEVKQPU FOCPPQVCVKQPU FG VGZVG ÃNGEVTQPKSWG.OCDUGPEGCEVWGNNGFGHQPEVKQPUEQORCTCDNGUFOCPPQVCVKQPUUWT WP EQPVGPW J[RGTVGZVWGN KNNWUVTG ´ SWGN RQKPV NGU QWVKNU PWOÃTKSWGU FKURQPKDNGUHQPVSWGNSWGHQKUNOKORCUUGUWTFGUDGUQKPUEQIPKVKHUGUUGPVKGNU

1PRQWTTCKVFGOÄOGCPCN[UGTGPFÃVCKN´SWGNRQKPVUGNQPNCPCVWTGFW UWRRQTVFOCHHKEJCIGFOWPG OÄOG KPHQTOCVKQP NG OQFG FG RGTEGRVKQP GV FG NGEVWTGFGEGVVGKPHQTOCVKQPGUVFKHHÃTGPVG2QWTUOGPEQPXCKPETGKNUWHHKVFG TCRRGNGT NGU FKHHÃTGPEGU GZKUVCPVGU RQWT NC NGEVWTG FOWP VGZVG UWT WP ÃETCP FQPV QP RGWV OQFKHKGT ´ XQNQPVÃ NC RQNKEG GV NC VCKNNG FGU ECTCEVÂTGU QW UC NGEVWTG UWT WPG EQRKG RCRKGT QW RQWT NOKPVGTRTÃVCVKQP FOWP VCDNGCW PWOÃTKSWGCHHKEJÃUQWUHQTOGFGEJKHHTGUQWUQWUHQTOGFGECOGODGTVU

$GTPCTF 5VKGINGT n.GU VGORU FG NC NGEVWTG 5EKGPEG FG NOKPHQTOCVKQP GV FG NC EQOOWPKECVKQP.CTQWUUG

(9)

.GUVTCXCWZFGTGEJGTEJGUWTNOKPVGTCEVKQPJQOOGOCEJKPGSWKCDQTFGPV RCT NOGTIQPQOKG GV NC RU[EJQNQIKG EQIPKVKXG EGU OÃECPKUOGU GUUGPVKGNU FG NGEVWTGÃETKVWTGUQPVEGTVCKPGOGPV´KPVÃITGTFCPUNCEQPEGRVKQPFGPQWXGNNGU RTCVKSWGU RÃFCIQIKSWGU /CKU NG TGURQPUCDNG FOWP RTQLGV FOKPIÃPKGTKG RÃFCIQIKSWGPOCRCU´CVVGPFTGEGUTÃUWNVCVURQWTKPVÃITGTEGURJÃPQOÂPGU FOKPVGTCEVKQP FCPU NOCTEJKVGEVWTG FOWP U[UVÂOG SWOKN EQPUVTWKV (CKUCPV WP WUCIG KPVGPUKH FG EGU RTQVJÂUGU KN RGWV GP UOCUVTGKIPCPV ´ WPG CPCN[UG KPVTQURGEVKXGFGUGHHGVURGTUQPPGNUSWOGNNGURTQFWKUGPVUWTNWKOÄOGFCPUUC RTCVKSWGSWQVKFKGPPGQDVGPKTFGUQDUGTXCVKQPUFGDQPUGPUVTÂUWVKNGURQWT IWKFGTNGURTÃEQPKUCVKQPUSWOKNHQTOWNGTC

0QWXGNNGURTQVJÂUGUPQWXGCWZOQFGUFOCRRTGPVKUUCIG

%QPUEKGPVU FG NOKPVGTFÃRGPFCPEG HQTVG QDUGTXÃG GPVTG RTQVJÂUGU FG NGEVWTGÃETKVWTG GV RTQEGUUWU OGPVCWZ FOCRRTGPVKUUCIG GUUC[QPU KEK FOKOCIKPGT EQOOGPV NGU ÃXQNWVKQPU VGEJPQNQIKSWGU XGTU NG VQWVPWOÃTKSWG XQPVKPFWKTGFWHCKVFGEGVVGKPVGTFÃRGPFCPEGFGPQWXGNNGURTQDNÃOCVKSWGU EQPEGTPCPV NOKPXGPVKQP FG PQWXGNNGU RTCVKSWGU RÃFCIQIKSWGU 0QWU CPCN[UGTQPUUWEEGUUKXGOGPVNGURTQVJÂUGUFGNGEVWTGÃETKVWTGNGURTQVJÂUGU FGOÃOQTKUCVKQPNGURTQVJÂUGUFGEQOOWPKECVKQP

.GURTQVJÂUGUFGNGEVWTGÃETKVWTG

#XGE NOCRRCTKVKQP FG EQPVGPWU CWFKQXKUWGNU NGU EQWTU RTQRQUÃU CWZ CRRTGPCPVUXQPVRTQITGUUKXGOGPVRCUUGTFOWPGÃETKVWTGJ[RGTVGZVWGNNG´WPG ÃETKVWTG J[RGTXKFÃQ +N HCWV UQWNKIPGT SWG PQWU XKXQPU CEVWGNNGOGPV FCPU WPG UQEKÃVÃ QÔ EJCEWP POC ÃVÃ HQTOÃ SWO´ NOGZRTGUUKQP FG UGU KFÃGU UQWU HQTOG FG VGZVGU ´ NC NKOKVG FOJ[RGTVGZVGU GV FOKOCIGU QW UEJÃOCU HKZGU .OÃETKVWTG XKFÃQ GUV KIPQTÃG FG NC ITCPFG OCUUG FGU WUCIGTU FG OKETQ QTFKPCVGWTU .C OCLQTKVÃ FGU GPUGKIPCPVU GUV ÃICNGOGPV FCPU EGV ÃVCV FOCPCNRJCDÃVKUOG CWFKQXKUWGN 1P UG UKVWG FQPE FCPU WP EQPVGZVG QÔ NGU CWVGWTUFGEQPPCKUUCPEGUFQKXGPVUQKVRCUUGTRCTNCOÃFKCVKQPnFOÃETKXCKPU RWDNKEU GP XKFÃQ UQKV UG HQTOGT ´ NOÃETKVWTG XKFÃQ GV J[RGTXKFÃQ 3WOGP UGTCVKNFWNCPICIGWVKNKUCDNGRCTNGUÃVWFKCPVURQWTGZRTKOGTNGWTUTÃCEVKQPU RCT TCRRQTV CWZ EQPVGPWU SWK NGWT UGTQPV UQWOKU ! 5CWH ´ NGU CNRJCDÃVKUGT VQWU ´ NOÃETKVWTG J[RGTXKFÃQ KNU POCWTQPV RQWT UOGZRTKOGT SWG NOJ[RGTVGZVG QWNCRCTQNG1PUGVTQWXGTCFQPEFCPUWPGUKVWCVKQPQÔNOJ[RGTXKFÃQUGTCNG NCPICIG WVKNKUÃ RTKPEKRCNGOGPV RQWT HCKTG RCUUGT WPG KFÃG FG NOGPUGKIPCPV XGTU NOCRRTGPCPV OCKU QÔ NC TÃEKRTQSWG PG UGTC RCU XTCKG .OJ[RGTXKFÃQ PG UGTCFQPERCUWPNCPIWGFGEQOOWPKECVKQPDKFKTGEVKQPPGNNG

(10)

.GURTQDNÂOGUFOKPFGZCVKQPFGUEQPVGPWUSWKUQPVCWEWTFGNOGHHKECEKVÃ FGU OQVGWTU FG TGEJGTEJG PQWU TGPXQKGPV CNQTU CW TÏNG RTKXKNÃIKÃ FW VGZVG EQOOG KPUVTWOGPV FG EQOOWPKECVKQP #WUUK RGTHGEVKQPPÃU SWG UQKGPV NGU CNIQTKVJOGUFGTGEJGTEJGOGVVCPVRNWUQWOQKPUGPWXTGFGUOÃVJQFGURCT XQKUKPCIGUÃOCPVKSWGKNUPGPQWURGTOGVVGPVRCUFGHCKTGNOÃEQPQOKGFOWPG EQPVTCKPVGEGNNGFGPGLCOCKURQWXQKTCXQKTFGENCUUGOGPVEQPXGPCDNGFOWP FQEWOGPVUKNGUOQVUEJQKUKURQWTNGECTCEVÃTKUGTPGUQPVRCURGTVKPGPVU&ÂU NQTUWPGÃFWECVKQP´NCRTÃEKUKQPFCPUNOGZRTGUUKQPFGUKFÃGUUQWUHQTOGFG VGZVGUGUVRNWUSWGLCOCKUKPFKURGPUCDNG+NHCWFTCCRRTGPFTGCWZWUCIGTUFG NOJ[RGTXKFÃQ NOKORQTVCPEG FW EJQKZ FGU OQVU EJQKUKU EQOOG OQ[GPU FOKPFGZCVKQP%GEKFGXTCKVGPRCTVKEWNKGTTGPFTGFOCWVCPVRNWUKORQTVCPVUNGU GHHQTVUFGPQTOCNKUCVKQPVGTOKPQNQIKSWG

.GURTQVJÂUGUFGOÃOQTKUCVKQP

6QWVGNOÃXQNWVKQPFGNCEQPXGTIGPEGPWOÃTKSWGGPVTCÉPGWPRJÃPQOÂPG FOWPG ÃXKFGPEG VGNNG SWOGNNG PQWU CXGWING VCPFKU SWG NGU ECRCEKVÃU FG UVQEMCIGGVFGVTCPUOKUUKQPCWIOGPVGPVTÃIWNKÂTGOGPVUGNQPNCNQKFG/QQTG PQUECRCEKVÃUFGNGEVWTGGVFGOÃOQTKUCVKQPUQPVFOWPGUVCDKNKVÃTGOCTSWCDNG

&ÂUNQTUEJCSWGVTCXCKNNGWTKPVGNNGEVWGNGUVFGRNWUGPRNWUEQPHTQPVÃ´WPG UKVWCVKQPFGUCVWTCVKQPEQIPKVKXGSWKGUVRTQXQSWÃGRCTNGFÃECNCIGGPVTGNG XQNWOG TCRKFGOGPV ETQKUUCPV FGU FQPPÃGU SWK NWK UQPV CEEGUUKDNGU RCT TCRRQTV CW XQNWOG VTÂU NKOKVÃ FGU FQPPÃGU SWOKN RGWV NKTG EQORTGPFTG GV OÃOQTKUGTGPNGWTFQPPCPVUGPU&GXCPVWPJ[RGTEJQKZFGFQPPÃGUSWKPG UQPVSWGFWDTWKVVCPV SWGPQWU POCXQPURCUNG VGORU FG NGU KPVGTRTÃVGT KN PQWU HCWV VTQWXGT FGU OÃVJQFQNQIKGU RQWT UÃNGEVKQPPGT KPVGTRTÃVGT GV CTEJKXGTNGURNWUGUUGPVKGNNGU

%GVVG UÃNGEVKQP UWRRQUG NC FKURQPKDKNKVÃ FG TÃHÃTGPVKGNU CWZSWGNU PQWU TCVVCEJQPUNGUPQWXGNNGUKPHQTOCVKQPUSWGPQWUTGEGXQPURQWTNGUOGVVTGGP TGNCVKQPCXGEEGNNGUFÃL´FKURQPKDNGU.OWPFGUTÃHÃTGPVKGNUNGURNWUGUUGPVKGNU GUVNGTÃHÃTGPVKGNECTVQITCRJKSWGQWIÃQITCRJKSWG ECT KN GUV KPVGTPCVKQPCN GV RCTVCIÃRCTVQWUUCPUCODKIWÊVÃU.CECTVQITCRJKGFGNCVGTTGUQWUVQWVGUUGU HQTOGU RJ[UKSWG RQNKVKSWG FÃOQITCRJKSWG OÃVÃQTQNQIKSWG GVE RGTOGV FGTGRÃTGTDQPPQODTGFGFQPPÃGU+NGUVFQPEGUUGPVKGNFGOCKPVGPKTXQKTG FOCOÃNKQTGT NGU EQPPCKUUCPEGU IÃQITCRJKSWGU FG VQWVG NC RQRWNCVKQP 2NWU IÃPÃTCNGOGPV VQWVGU NGU VCZQPQOKGU RTQFWKVGU RCT NC UEKGPEG SWK UQPV WPKXGTUGNNGOGPV CFOKUGU CPCVQOKG JWOCKPG ENCUUKHKECVKQP FGU GURÂEGU TÃRGTVQKTGU CUVTQPQOKSWGU ENCUUKHKECVKQP RÃTKQFKSWG FGU ÃNÃOGPVU GVE FQKXGPVÄVTGCRRTKUGU PQP UGWNGOGPV RQWT EG SWOGNNGU CRRQTVGPV OCKU CWUUK EQOOG FGU GURCEGU FOQTKGPVCVKQP RQWT NC PCXKICVKQP UÃOCPVKSWG FCPU NOJ[RGTEJQKZFGUEQPPCKUUCPEGUFKURQPKDNGU

(11)

.GURTQVJÂUGUFGEQOOWPKECVKQP

.C EQOOWPKECVKQP GUV GUUGPVKGNNG FCPU NGU RTQEGUUWU FOCRRTGPVKUUCIG EQOOWPKECVKQP GPVTG NOGPUGKIPCPV GV NOCRRTGPCPV EQOOWPKECVKQP GPVTG NGU GPUGKIPCPVU RCTVKEKRCPVU ´ WP OÄOG RTQEGUUWU FG HQTOCVKQP GPHKP EQOOWPKECVKQP GPVTG NGU CRRTGPCPVU SWK UWKXGPV NC OÄOG HQTOCVKQP .C EQOOWPKECVKQP GUV NC DCUG FW NKGP UQEKCN GNNG GUV NOGUUGPEG FG NC EQWT FG TÃETÃCVKQPFQPVNOCPKOCVKQPGUVVQWVCWUUKKORQTVCPVGSWGEGNNGFGNCENCUUG

&CPUNOGURCEGFWVQWVPWOÃTKSWGVQWVGUNGURQUUKDKNKVÃUFGEQOOWPKECVKQP UQPVFKURQPKDNGUGVEQODKPGPVNGURCTCOÂVTGUUWKXCPVU

LNGOÃFKCVGZVGFGUUKPRCTQNGOWUKSWGXKFÃQGVNGWTUEQODKPCKUQPU LNGURGTUQPPGUSWKEQOOWPKSWGPVUQPVGPRTÃUGPEGNOWPGFGNOCWVTGQW´

FKUVCPEG

LNGOQFGU[PEJTQPGQWCU[PEJTQPG

LNCTGNCVKQPGPVTGFGURGTUQPPGUFOWPGRGTUQPPG´WPGCWVTG0 GPVTGWPGRGTUQPPGGVWPITQWRG02´NOKPVÃTKGWTFOWPITQWRG

%GVVG OWNVKRNKEKVÃ FGU OQFGU FG EQOOWPKECVKQP GZKIG SWG EGWZ SWK EQOOWPKSWGPV CRRTGPPGPV ´ OCÉVTKUGT NGU CXCPVCIGU GV NGU RGTXGTUKQPU KPJÃTGPVU´ EJCEWP FGU OQFGU CKPUK SWG NGU HQTOGU FOGZRTGUUKQP NGU OKGWZ CFCRVÃGU ´ EJCSWG OQFG %OGUV CWUUK VQWV WP CRRTGPVKUUCIG FGU RTQEGUUWU RQUUKDNGUFGEQQRÃTCVKQPKPFWKVURCTEGUHQTOGUPQWXGNNGUFGEQOOWPKECVKQP SWKGUV´GZRNKEKVGTGV´HCKTGRCTVCIGT7PGZEGNNGPVETKVÂTGFGNCSWCNKVÃFOWP RTQEGUUWU FG EQOOWPKECVKQP GPVTG FGU CEVGWTU GUV NG VGORU SWOKNU [ EQPUCETGPVRQWTNGOGVVTGGPWXTG2NWUNCEQOOWPKECVKQPGUVUWRGTHKEKGNNG RNWU GNNG GUV DTÂXG .GU EQORQTVGOGPVU FG \CRRKPI SWOQP QDUGTXG PQP UGWNGOGPV XKU´XKU FG NC VÃNÃXKUKQP OCKU CWUUK UWT PQODTG FG TGNCVKQPU XKC NOKPVGTPGV UQPV NOGZRTGUUKQP FG EQOOWPKECVKQPU UCPU KORQTVCPEG FCPU FGU TGNCVKQPU RÃFCIQIKSWGU SWK UWRRQUGPV SWOGPUGKIPCPVU GV CRRTGPCPVU UOCEEQTFGPV TÃEKRTQSWGOGPV FG NC EQPHKCPEG GV FW VGORU QP GUUCKGTC FG RTKXKNÃIKGTNGUHQTOGUFGEQOOWPKECVKQPSWKPOKPXKVGPVRCUVTQRCW\CRRKPI

7POQFÂNGFGTGRTÃUGPVCVKQPFOWPRTQEGUUWURÃFCIQIKSWG

+NGUVRQUUKDNGFGTÃUWOGTNGURTQEGUUWURÃFCIQIKSWGUSWKUGTQPVOKUGP WXTGFCPUNGUCPPÃGU´XGPKTEHHKIWTG+NKORNKSWG

LNGUCRRTGPCPVUSWKUWKXGPVNCOÄOGHQTOCVKQP

LNOGPUGKIPCPV SWK C GP EJCTIG NGU CRRTGPCPVU GV NGU CWVTGU GPUGKIPCPVU KORNKSWÃUFCPUNGOÄOGRTQEGUUWU

(12)

LNGU UCXQKTHCKTG GV SWCNKHKECVKQPU HQPFÃU UWT FGU UCXQKTU SWG NOGPUGKIPCPVUGRTQRQUGFGHCKTGCESWÃTKTCXGEFGUUWRRQTVURÃFCIQIKSWGU

LNC TÃCNKVÃ GZRÃTKOGPVCNG UWT NCSWGNNG EJCSWG CRRTGPCPV XC XCNKFGT UGU EQORÃVGPEGUGPÃVCPVEQPUGKNNÃRCTNOGPUGKIPCPV

LNCDKDNKQVJÂSWGPWOÃTKUÃG´NCSWGNNGGPUGKIPCPVUGVCRRTGPCPVUQPVCEEÂU

'URCEG FQEWOGPVCKTG FGN CRRTGPCPV

$KDNKQVJÂSWG

5WRRQTVU

RÃFCIQIKSWGU

'PUGKIPCPV

5CXQKT U

5CXQKTHCKTGGV SWCNKHKECVKQPU

'URCEG FQEWOGPVCKTG FGN GPUGKIPCPV

#RRTGPCPV 4ÃCNKVÃ

GZRÃTKOGPVCNG

(KIWTG5[UVÂOGFGNQIKUVKSWGRÃFCIQIKSWGKPVÃITÃG

+NGZKUVGFGPQODTGWUGUTGNCVKQPUSWKHQPVFWRTQEGUUWURÃFCIQIKSWGWP U[UVÂOGEQORNGZG

.GUUCXQKTUGVUCXQKTHCKTGRTÃUGPVÃUFCPUNGUUWRRQTVUFGHQTOCVKQP .CRTÃUGPVCVKQPFGUEQPVGPWU´NOCRRTGPCPVRCTNOGPUGKIPCPV

.GVWVQTCVFGNOGPUGKIPCPVCWRTÂUFGNOCRRTGPCPVGPECUFGFKHHKEWNVÃU FGEGNWKEKKPEQORTÃJGPUKQPOCPSWGFGOQVKXCVKQPGVE

.GEQPVTÏNGFGUEQPPCKUUCPEGUFGNOCRRTGPCPVRCTNOGPUGKIPCPV

.OWUCIG FGU UWRRQTVU RCT NOCRRTGPCPV GP RCTVKEWNKGT NGU CPPQVCVKQPU SWOKNHCKVUWTEGUWRRQTVRQWTNGRGTUQPPCNKUGT

(13)

.CEQPEGRVKQPGVNOÃETKVWTGFWUWRRQTVRÃFCIQIKSWGURCTNOGPUGKIPCPV .G EJQKZ FG NC TÃCNKVÃ GZRÃTKOGPVCNG FCPU NCSWGNNG NOGPUGKIPCPV XC RTQRQUGT´NOCRRTGPCPVFGXCNKFGTUGUEQORÃVGPEGUGVNCRTÃRCTCVKQPFGEGVVG TÃCNKVÃ

.GU VTCXCWZ RTCVKSWGU SWG NOCRRTGPCPV XC OGPGT FCPU EGVVG TÃCNKVÃ GZRÃTKOGPVCNG

.COCÉVTKUGFOWPEGTVCKPGURCEGFGFQEWOGPVCVKQPRCTNOGPUGKIPCPV .C OKUG ´ LQWT RGTOCPGPVG FG UQP GURCEG FQEWOGPVCKTG RCT NOCRRTGPCPV

.GU EQQRÃTCVKQPU GPVTG GPUGKIPCPVU SWK HQPV RCTVKG KPVÃITCPVG FW RTQEGUUWURÃFCIQIKSWG

.GU EQQRÃTCVKQPU GV UQNKFCTKVÃU GPVTG CRRTGPCPVU SWK RCTVKEKRGPV CW OÄOG RTQEGUUWU RÃFCIQIKSWG ÃEJCPIG FOKFÃGU GZGTEKEGU GP EQOOWP UQWVKGPTÃEKRTQSWGFCPUNOGHHQTVFGHQTOCVKQPGVE

.GUTGNCVKQPUJ[RGTVGZVWGNNGUQWJ[RGTXKFÃQSWKUVTWEVWTGPV´NCHQKU NGU UWRRQTVU RÃFCIQIKSWGU GV NGWTU TGNCVKQPU RCT TCRRQTV ´ NOGURCEG FG NC DKDNKQVJÂSWGPWOÃTKSWG

.C F[PCOKSWG FG EGVVG CTEJKVGEVWTG GUV QTEJGUVTÃG RCT WP U[UVÂOG FG NQIKUVKSWG RÃFCIQIKSWG KPVÃITÃG CUUKUVÃ RCT QTFKPCVGWT 1P RGWV EKVGT FGU RNCVGUHQTOGUEQOOG.GCTPKPI5RCEGQW9GD%6

.C EQORNGZKVÃ FG VGNU U[UVÂOGU FG RTQFWEVKQP GV FOCESWKUKVKQP FG EQPPCKUUCPEGU UWRRQUG RQWT SWOGNNG UQKV OCÉVTKUÃG SWOKNU UQKGPV URÃEKHKÃU RTÃCNCDNGOGPV´NGWTOKUGGPWXTG6QWUNGUEQPUVKVWCPVUGVNGWTUTGNCVKQPU VGNUSWGRTÃEÃFGOOGPVÃPQPEÃUFQKXGPVÄVTGEQORNÂVGOGPVFÃETKVU

+NHCWVTGOCTSWGTGPRCTVKEWNKGTSWGFCPUNCHKIWTGNGUTGNCVKQPU GVUQPVTGRTÃUGPVÃGUCXGEWPOÄOGITCRJKUOGECTGNNGUEQTTGURQPFGPV VQWVGU´FGUCEVKQPUGPVTGFGURGTUQPPGU+NGUVGUUGPVKGNFGPGRCUQWDNKGTFG URÃEKHKGTEGUTGNCVKQPUUKQPXGWVOCÉVTKUGTNGYQTMHNQYFWU[UVÂOG6GNPOGUV RCUNGECUCEVWGNNGOGPVRQWTNCRNWRCTVFGUUKVWCVKQPURÃFCIQIKSWGU+NUWHHKV RQWTUOGPTGPFTGEQORVGFOQDUGTXGTEQODKGPPQODTGWUGUUQPVNGUQHHTGUFG HQTOCVKQP ´ FKUVCPEG SWK NKOKVGPV NG RTQEGUUWU ´ WPG UKORNG OKUG ´ FKURQUKVKQPFGUWRRQTVUFGEQWTU

6GN POGUV RCU NG ECU CEVWGNNGOGPV RQWT NC RNWRCTV FGU UKVWCVKQPU RÃFCIQIKSWGU +N UWHHKV RQWT UOGP TGPFTG EQORVG FOQDUGTXGT EQODKGP PQODTGWUGUUQPVNGUQHHTGUFGHQTOCVKQP´FKUVCPEGSWKNKOKVGPVNGRTQEGUUWU

´WPGUKORNGOKUG´FKURQUKVKQPFGUWRRQTVUFGEQWTU

&GRNWUEGVVGURÃEKHKECVKQPFGXTCGZRNKEKVGTRCTCKNNGWTUFGURCTCOÂVTGUFG NCUKVWCVKQPRÃFCIQIKSWGSWKPGUQPVRCUHKIWTÃUFCPUNGOQFÂNGRTÃEÃFGPV

(14)

ECTKNUUQPVQOPKRTÃUGPVUKNUOCIKVFGUOQVKXCVKQPUFGUGPUGKIPCPVUEQOOG FGUCRRTGPCPVU'NNGUUQPVNOÃPGTIKGGUUGPVKGNNGCWHQPEVKQPPGOGPVGHHGEVKHFW U[UVÂOG+NGUVKPFKURGPUCDNGGPGHHGVFGUCXQKTUKNGUCRRTGPCPVUVTQWXGPVNC XQNQPVÃFOCRRTGPFTGUQWUNCEQPVTCKPVGRGWTFGNOÃEJGE´WPGZCOGPHKPCN RCT EQPXKEVKQP RGTUQPPGNNG FW DGUQKP FOCRRTGPFTG RCT UKORNG IQÖV FOCRRTGPFTG QW RCT GURTKV NWFKSWG +N GUV FG OÄOG GUUGPVKGN SWG UQKGPV GZRNKEKVÃGUNGUOQVKXCVKQPUTÃGNNGUFGUGPUGKIPCPVUNGRTQHKVNOQDNKICVKQPFG UGTXKEGNGIQÖVFGRCTVCIGTFGUUCXQKTUQWNCLQKGUKORNGGVRTQHQPFGFGXQKT FOCWVTGUCESWÃTKTWPGEQPPCKUUCPEGQWEQORÃVGPEGPQWXGNNG

5OKNRGWVÄVTGFÃNKECVFGHQTOWNGTGZRNKEKVGOGPVNGUOQVKXCVKQPUTÃGNNGUSWK CPKOGPV NGU CEVGWTU KN GUV RQUUKDNG FOGP CXQKT WPG CRRTQZKOCVKQP RCT NG U[UVÂOGFOÃXCNWCVKQPFWRTQEGUUWURÃFCIQIKSWGSWKFQKVÄVTGOKUCWRQKPV CW OÄOG OQOGPV SWG UC URÃEKHKECVKQP .C URÃEKHKECVKQP FW RTQEGUUWU RÃFCIQIKSWG GV FG UGU OQFCNKVÃU FOÃXCNWCVKQP FQKXGPV GP HCKV FÃETKTG UGU ECTCEVÃTKUVKSWGUHQPEVKQPPGNNGU%GPOGUVSWOWPGHQKUEGNNGUEKGZRNKEKVÃGUSWOKN UGTC VGORU FG EJQKUKT NGU OQFCNKVÃU QTICPKSWGU FG NGWT OKUG GP WXTG GP VGPCPV EQORVG FGU EQPVTCKPVGU FG EQÖV NKÃGU CW EJQKZ FG VGNNG QW VGNNG VGEJPQNQIKGFKURQPKDNGU

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%%+2GVNO'056RQWTETÃGTWPEGPVTGFGXGKNNGVGEJPQNQIKSWGNG24'#7.G NGEVGWTGUVKPXKVÃ´UGTGRQTVGT´NOCFTGUUGKPVGTPGVFGEGVVGCUUQEKCVKQPQÔKN VTQWXGTCPQODTGFGRQKPVGWTUKPVÃTGUUCPVUYYYRTGCWCUUQHT