203.32+2-/ /813,+7+832

(1)

GVINQDCNKUCVKQP

5CÊFC$ÃFCT

n.C ITCPFG QDUGUUKQP FW FKZPGWXKÂOG UKÂENG ÃVCKV EQOOG PQWU NG UCXQPU NOJKUVQKTG CXGE UGU VJÂOGU FG FÃXGNQRRGOGPV GV FG UWURGPUKQP FG ETKUG GV E[ENGU NGU VJÂOGU FW RCUUÃ UOCEEWOWNCPV UCPU EGUUG CXGE NC RTÃRQPFÃTCPEG OCLGWTG FGU OQTVU GV NC INCEKCVKQP FW OQPFG SWK OGPCEG .OÃRQSWG RTÃUGPVG UGTC UWTVQWV NOÃRQSWG FG NOGURCEG 0QWU UQOOGU ´ NOÃRQSWG FG NC UKOWNVCPÃKVÃPQWUUQOOGU´NOÃRQSWGFGNCLWZVCRQUKVKQPNOÃRQSWGFWRTÂUGV FWNQKPFWEÏVG´EÏVGFWFKURGTUÃ0QWUUQOOGU´WPOQOGPVLGETQKUQÔ PQVTGGZRÃTKGPEGFWOQPFGGUVOQKPUEGNNGFOWPGNQPIWGNKIPGUGFÃTQWNCPV´

VTCXGTUNGVGORUSWGFOWPTÃUGCWSWKEQPPGEVGFGURQKPVUGVUGETQKUGCXGEUQP RTQRTGÃEJGXGCW

/KEJGN(QWECWNV&GUGURCEGUCWVTGU .OCPCN[UG FW RCTCFKIOG UVTCVÃIKSWG COÃTKECKP FG FQOKPCPEG KPHQTOCVKQPPGNNG QW KPHQFQOKPCPEG PQWU TGPXQKG ´ NOÃXCNWCVKQP FG NC TGNCVKQPGPVTGNCINQDCNKUCVKQPGVNCTÃXQNWVKQPFGNOKPHQTOCVKQPFCPUNCNGEVWTG FGU RTQEÂU VTCPUHQTOCVKQPPGNU FG NOJKUVQKTG TÃEGPVG GV GP EQWTU .G TCRRQTV GPVTGNCVGEJPÃGVNGECRKVCNGUVWPGKPVGTCEVKQPTCVKQPCNKUCPVGNÃIKVKOCPVGSWK KPXGUVKV NG EJCOR UQEKCN L EOGUV NG RTQRTG FG NC UQEKÃVÃ KPFWUVTKGNNG 1T NGU CXCPEÃGU FG NC VGEJPÃ KPHQTOCVKQPPGNNG GV EQOOWPKECVKQPPGNNG TQDQVKSWG PWOÃTKSWG UCVGNNKVCKTG KPVÃITCVKQP KPFWUVTKCNQKPHQTOCVKQPPGNNG FGU OKETQ GV DKQVGEJPQNQIKGU [ EQORTKU FCPU UGU CRRNKECVKQPU OKNKVCKTGU 4/#

URCEGE[DGT RQYGT PG UQPV SWOWP HCEVGWT FG NC INQDCNKUCVKQP +N UOCIKV FÂU NQTUFGFKUEGTPGTNGRJÃPQOÂPGFGNOGZVGPUKQPFWECRKVCNEWONCVGEJPÃ´FG RNWU GP RNWU FOGURCEGU UQEKCWZ XKC NC OCTEJCPFKUCVKQP NC VTCPUPCVKQPCNKUCVKQPNCNKDÃTCNKUCVKQPFWEQOOGTEGGVNGUPQWXGCWZOQFÂNGU

(2)

GPVTGRTGPGWTKCWZ FGU GHHGVU nEKXKNKUCVKQPPGNU L PQWXGCW TCRRQTV ´ NOGURCEGVGORU PQWXGCWZ OQFGU EQIPKVKHU GV EWNVWTGNU CEETQKUUGOGPV FW EQPVGPWKPHQTOCVKQPPGNFGNOÃEQPQOKGGVFWOQPFGFWVTCXCKN&WO[VJGFG nNC RTÃFQOKPCPEG FG NC OCEJKPG UWT NOJQOOG CW PQWXGCW O[VJG FG NOCXÂPGOGPV FG nNC UQEKÃVÃ EQIPKVKXG INQDCNG UK EG POGUV WPKXGTUGNNG NOKFÃQNQIKG RQUKVKXKUVG PÃQNKDÃTCNG VGPF ´ TGRTÃUGPVGT NC UQEKCDKNKVÃ KPFWUVTKCNQKPHQTOCVKQPPGNNGEQOOGWPRTQEÂURQNKVKSWGOGPVFÃUKPECTPÃ.C TGRTÃUGPVCVKQP FW VTKQORJG FW RTQITÂU GV FG NC EQPPCKUUCPEG OCUSWG NGU QTKIKPGU FG NOCEEWOWNCVKQP FW ECRKVCN GV FG NC RWKUUCPEG JÃIÃOQPKSWG .C UVTCVKHKECVKQPUQEKCNGNGEQPVTÏNGUQEKCNRNWUQWOQKPUXKQNGPVNCTGRTQFWEVKQP FGNOÃEJCPIGKPÃICNEGPVTGRÃTKRJÃTKGNOGZRNQKVCVKQPFGNCPCVWTG´QWVTCPEG UQPVGHHCEÃURCTWPOQFÂNGFGNCFKUVTKDWVKQPFGNCEQPPCKUUCPEGGPCOQPVFG NCFKUVTKDWVKQPFGUTKEJGUUGUGVFWTCRRQTVFGHQTEGNKIPGFGHTCEVWTGITGCV FKXKFGPQPRNWUGPVTGNGUJCXGGVNGUJCXGPQVOCKUGPVTGNGUYKPPGTUGVNQUGTUFG NCINQDCNKUCVKQPGVFGNOCEEÂU´NCVGEJPÃ

(CEG ´ EGVVG TGRTÃUGPVCVKQP RQNKVKSWGOGPV FÃUKPECTPÃG FGU PQWXGCWZ GURCEGUVGORU FG NC INQDCNKUCVKQP NC HKP FW VGTTKVQKTG UGTCKV NC HKP FG NC IÃQITCRJKGGVNCHKPFWRQNKVKSWGUGTCKVNCHKPFGNOJKUVQKTGKNHCWVTÃÃXCNWGT NGU OQFGU FG NC OÃFKCVKQP RQNKVKSWG L NC EGPVTCNKUCVKQP PCVKQPCNG XGTUWU TÃUGCW NQECNTÃIKQPCNVTCPUPCVKQPCN &CPU WP U[UVÂOG INQDCNKUÃ KPVGTEQPPGEVÃGVEQORNGZKHKÃNGUHQPEVKQPUTÃIWNCVTKEGUFGNO'VCVLICTCPVKGFW FTQKV´NCRTQRTKÃVÃRTKXÃGQDNKICVKQPUEQPVTCEVWGNNGUUVCDKNKVÃOQPÃVCKTGGV UÃEWTKVCKTG EQPVTÏNG UQEKCN [ EQORTKU FW ECRKVCN nKPUQWOKU L VGPFTCKGPV XGTU NC ICTCPVKG FW NKDTG CEEÂU GV FG NC VTCPURCTGPEG ÃSWKNKDTG GPVTG OQPQRQNGFGNCXKQNGPEGGVFGNOKPHQTOCVKQP

.C INQDCNKUCVKQP EQOOG FÃOQPUVTCVKQP FG NC UWRÃTKQTKVÃ VGEJPQNQIKSWG QTICPKUCVKQPPGNNGRQNKVKSWGGVUVTCVÃIKSWGFWECRKVCNVTQWXGUGUNKOKVGUFCPU NC OWNVKRNKECVKQP FGU CEVGWTU UVTCVÃIKSWGU GV NOCVQOKUCVKQPCWVQPQOKUCVKQP FGU UQWUU[UVÂOGU EWNVWTGNU GV RQNKVKSWGU FKHHÃTGPEKÃU GV NGWTU ECRCEKVÃU CU[OÃVTKSWGUFGnPWKUCPEGGVRQVGPVKGNNGOGPVFOQXGTGZVGPUKQPFWRQWXQKT JÃIÃOQPKSWGOQPFKCN#KPUKNCICTCPVKGEQPVTGNOQXGTGZVGPUKQPPOGUVGNNGPQP RNWU UGWNGOGPV NC RQTVÃG INQDCNG INQDCN TGCEJ OCKU CWUUK NOWDKSWKVÃ RCT NOKPHQFQOKPCPEG

2QWTWPGCPCN[UGFGNOCU[OÃVTKGEH5CÊFC$ÃFCTn.GRCTCFKIOGFGNOCU[OÃVTKGL 8GTUWPGUVTCVÃIKGFWEQPVTÏNGUQEKCNINQDCN!KP5CÊFC$ÃFCTFKT8GTUWPGITCPFG VTCPUHQTOCVKQP UVTCVÃIKSWG COÃTKECKPG! %CJKGT FOÃVWFGU UVTCVÃIKSWGU Pu %+42'5 PQXGODTG

(3)

.CINQDCNKUCVKQPEQOOGnITCPFGVTCPUHQTOCVKQP

.CINQDCNKUCVKQPEQOOGUVTWEVWTGUQEKCNGFQOKPCPVG

.C INQDCNKUCVKQP GUV WP DQWNGXGTUGOGPV UQEKCN WPG ITCPFG VTCPUHQTOCVKQPWPGTGEQPHKIWTCVKQPFW OQFGFGUQEKCNKUCVKQP FQOKPCPV NG ECRKVCNKUOG SWK GPVTCÉPG FGU EJCPIGOGPVU FCPU NOQTICPKUCVKQP FGU GURCEGU UQEKCWZ .C INQDCNKUCVKQP GV NOCWVQPQOKG CEETWG FW U[UVÂOG ÃEQPQOKSWG OQPFKCNGPVTCÉPGPVNGFÃENKPFWU[UVÂOGKPVGTÃVCVKSWGEQOOGNGNKGWEGPVTCN FW RQWXQKT OQPFKCN 5GNQP FGU VGORQTCNKVÃU FKHHÃTGPVGU RQUV$TGVVQP 9QQFURQUV)WGTTG HTQKFG nÃNCTIKUUGOGPVU FG NO1/% FG NO16#0 FG NO7'GVENGU[UVÂOGÃEQPQOKSWGOQPFKCNGVNGU[UVÂOGRQNKVKSWGOQPFKCN ÃXQNWGPV GP RCTCNNÂNG XGTU FG PQWXGNNGU EQPHKIWTCVKQPU UQEKQURCVKCNGU L TÃIKQPUQTICPKUCVKQPUUWRTCÃVCVKSWGUTÃUGCWZVTCPUNQECWZGVE'PVCPVSWG UVTWEVWTGUQEKCNGFQOKPCPVGNCINQDCNKUCVKQPUGFÃHKPKVCWUUKRCTFGUPQTOGU FGU KPUVKVWVKQPU FGU OÃECPKUOGU GV FGU TGRTÃUGPVCVKQPU SWK VGPFGPV ´ NOJÃIÃOQPKUCVKQPWPKXGTUCNKUCVKQPGVJPQEGPVTÃGFOWPGHQTOGFGEKXKNKUCVKQP

´RCTVKTFOWPGRQUKVKQPFGRWKUUCPEG

.C INQDCNKUCVKQPGZRCPUKQP FW U[UVÂOG ECRKVCNKUVG GUV FWG GUUGPVKGNNGOGPV CWZ OWVCVKQPU VGEJPKSWGU NC TÃXQNWVKQP FG NOKPHQTOCVKQP SWK RGTOGVVGPV NG VTCPUHGTV TCRKFG FG ECRKVCWZ GV NC IGUVKQP KPFWUVTKGNNG HNGZKDNG´NOGZVGPUKQPFGUTÃUGCWZFOKPXGUVKUUGOGPVUGVEQOOGTEKCWZÃVCDNKU RCT NGU HKTOGU OWNVKPCVKQPCNGU CW FÃXGNQRRGOGPV FGU DNQEU EQOOGTEKCWZ TÃIKQPCWZCWZCXCPEÃGUFGUPÃIQEKCVKQPUUWTNCNKDÃTCNKUCVKQPFWEQOOGTEG KPVGTPCVKQPCN ´ NC NKDÃTCNKUCVKQP FGU ÃEQPQOKGU FGU RC[U GP XQKG FG FÃXGNQRRGOGPV [ EQORTKU CPEKGP DNQE UQXKÃVKSWG /CKU NC INQDCNKUCVKQP POGUV RCU UGWNGOGPV WPG OQPFKCNKUCVKQP FW U[UVÂOG ECRKVCNKUVG FWG ´ NC VTCPUPCVKQPCNKUCVKQPFWECRKVCNGVNCFÃNQECNKUCVKQPFGNCRTQFWEVKQP%OGUVWP GPXCJKUUGOGPVITCPFKUUCPVFWEJCORUQEKCNRCTNGECRKVCNCXGEFOWPGRCTVNC PQTOCNKUCVKQP FGU TÃUGCWZ ÃEQPQOKSWGU GV RÃTKÃEQPQOKSWGU U[UVÂOGU LWTKFKSWGU GV RQNKVKSWGU UÃEWTKVÃ GPXKTQPPGOGPV ÃVJKSWG GVE NC nOCTEJCPFKUCVKQPETQKUUCPVGFGUUGTXKEGUFGNCUEKGPEGGVFGNCEWNVWTGGV FOCWVTGRCTVNOCRRCTKVKQPFGPQWXGCWZEGPVTGUFGRQWXQKTUQEKQURCVKCWZPQP ÃVCVKSWGU GV PQP VGTTKVQTKCWZ ÃOCPEKRÃU FG NC VWVGNNG FGU LWTKFKEVKQPU RQNKVKSWGU FKHHÃTGPEKÃGU 'NNG VGPF XGTU NC UWRGTRQUKVKQP FG PQTOGU KPUVKVWVKQPPCNKUÃGU KUUWGU FW EQORTQOKU RQNKVKSWG GV PQP FG nNC OCKP KPXKUKDNG FW OCTEJÃ HCXQTCDNGU CWZ CEVGWTUUVTWEVWTGU INQDCNGU GV VTCPUPCVKQPCNGU UWT FGU U[UVÂOGU RNWU QW OQKPU JKÃTCTEJKUÃU GV UGIOGPVÃU TÃVKEWNÃUGVKPVGTEQPPGEVÃU

.C INQDCNKUCVKQP GUV ÃICNGOGPV WPG KFÃQNQIKG TCVKQPCNKUVGRQUKVXKUVG PÃQNKDÃTCNG SWK TGRTQFWKV NG EQPUGPUWU JÃIÃOQPKSWG CWVQWT FGU

(4)

nETQ[CPEGUGPNCOQFGTPKVÃGVCWRTQITÂU2GTOGVVCPVFGEQPEGXQKTNOQTFTG ÃVCVKSWGNGOQKPUEJCTIÃFGXKQNGPEGGVNOÃVCDNKUUGOGPVFGPQTOGUGVTÃIKOGU TCVKQPCNKUCPVNÃIKVKOCPVNGOQFGFGUQEKCNKUCVKQPFQOKPCPVNCINQDCNKUCVKQP CPPQPEGTCKVNCHKPFGNCIWGTTGGPVTGPCVKQPUFÃOQETCVKSWGUPQTOCNKUÃGUGV KPVÃITÃGU CW U[UVÂOGOQPFG .C INQDCNKUCVKQP TÃUQWFTCKV NC EQPVTCFKEVKQP GPVTG NC VTCPUNQECNKUCVKQP PÃEGUUCKTG ´ NOCEEWOWNCVKQP FW ECRKVCN GV NG VGTTKVQTKCNKUOG FG NO'VCV CNQTU SWG NOJÃIÃOÏP CUUWTGTCKV NC HQWTPKVWTG FGU DKGPU RWDNKEU KPVGTPCVKQPCWZ SWG UQPV NC UÃEWTKVÃ GV NG NKDTGÃEJCPIG .C FWCNKVÃ U[UVÂOG COÃTKECKPU[UVÂOGOQPFG TGPF CKPUK NC RQUKVKQP FG RWKUUCPEG JÃIÃOQPKSWG FGU 'VCVU7PKU DÃPKIPG XQKTG DÃPÃHKSWG 2CT UGU ECRCEKVÃU ÃEQPQOKSWGU VGEJPQNQIKSWGU OKNKVCKTGU PQTOCVKXGU GV U[ODQNKSWGU NOJÃIÃOÏP COÃTKECKP QHHTG NC EQPHKCPEG PÃEGUUCKTG RQWT NG OCKPVKGP FGU KPUVKVWVKQPU GV FGU TÃIKOGU NKDÃTCWZ TÃIWNCPV NG U[UVÂOG OQPÃVCKTG GV NGU TGNCVKQPU EQOOGTEKCNGU KPVGTPCVKQPCWZ KN CUUWTG NG NKDTG CEEÂU CWZ OCVKÂTGU RTGOKÂTGU CWZ OCTEJÃU GV CWZ UQWTEGU OCLGWTGU FG ECRKVCWZ &ÃVGTTKVQTKCNKUCPV NGU TGRTÃUGPVCVKQPU UQEKCNGU FG NOKFGPVKVÃ GV FG NOKPVÃTÄV NC INQDCNKUCVKQP UG HQPFG UWT NC U[ODQNKSWG FG NC )GUGNNUJCHV OQPFKCNG

.GUTWRVWTGUUQEKQURCVKCNGUFGNCINQDCNKUCVKQPHKPFGNCUCPEVWCTKUCVKQP GVFWRCPQRVKUOG

.CINQDCNKUCVKQPGPVTCÉPGNCPÃEGUUKVÃFGNCVTCPUHQTOCVKQPUVTCVÃIKSWGFG NOJÃIÃOÏP FG UGU OQ[GPU FG EQPVTÏNG UQEKCN INQDCN L NG OÃVCEQPVTÏNG .GU 'VCVU7PKU HQPFGPV NGWT JÃIÃOQPKG UWT NC UWRÃTKQTKVÃ VGEJPQECRCEKVCKTG ÃEQPQOKSWG VGEJPQNQIKSWG GV OKNKVCKTG GV NC PQTOCNKUCVKQP GVJPQEGPVTÃG UJCRKPI VJG YQTNFEQOOG OQFGU FOKPUGTVKQP FCPU NG U[UVÂOG OQPFKCN ´ OQKPFTG TKUSWG GV ´ OQKPFTG EQÖV TCRRQTV KPVÃTÄVU PCVKQPCWZKPVÃTÄVU INQDCWZ %OGUV NOKPHQFQOKPCPEG SWK FÃUQTOCKU ETKUVCNNKUG EGU OQFGU UGNQP WPG EQPHKIWTCVKQP UQEKQURCVKCNG INQDCNKUÃG GV FÃUGPENCXÃG L KFÃCNGOGPV WDKSWKVCKTGLFGHNWZGVTÃUGCWZSWKPGUQPVRNWUEQPVTÏNCDNGURCTNGUOQ[GPU FOGPFKIWGOGPV UQEKCN VTCFKVKQPPGNU .C HKP FG NC HKZKVÃ JKUVQTKSWG FGU HTQPVKÂTGU FÃENCUUG NC UCPEVWCTKUCVKQP GV NG RCPQRVKUOG EQOOG RCTCFKIOGU EGPVTCWZFGEQPVTÏNGUQEKCNFGNCXKQNGPEGFGNOKNNÃICNKVÃFGNOKPUQWOKUUKQP

#NQTUSWGNCVTCPUPCVKQPCNKUCVKQPFGUCEVGWTUFGUXWNPÃTCDKNKVÃUFGUTKUSWGU GVEQPHNKVUTGPFXCKPGNCUCPEVWCTKUCVKQPNGRCPQRVKUOGLGPVCPVSWOGZGTEKEG FW RQWXQKT URCVKCNGOGPV QTICPKUÃ RQWT CUUWTGT NG EQPVTÏNG UQEKCN RCT NC UWTXGKNNCPEG ´ RCTVKT FOWP RQKPV EGPVTCN QW PQFCN L C RGW FOGORTKUG UWT NC XKTVWCNKVÃ FGU GURCEGU KPHQTOCVKQPPGNU GV EQOOWPKECVKQPPGNU UWT NOKPXKUKDKNKVÃ RGTOKUG RCT NGU OQ[GPU FG FKUUKOWNCVKQP GV ECOQWHNCIG QW GPEQTG HCEG ´ NC FKHHKEKNG FKUETKOKPCVKQP FGU CFXGTUCKTGU FCPU NGU n\QPGU ITKUGU.CUCPEVWCTKUCVKQPGVNGRCPQRVKUOGEQPUVKVWCKGPVWPGEQPHKIWTCVKQP

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UVTCVÃIKSWG KUUWG FG NC ECRCEKVÃ FGU 'VCVU ´ HKZGT NGU UGIOGPVU UQEKCWZ FKHHÃTGPEKÃUFCPUFGUGURCEGUFÃNKOKVÃURCTNCEQGTEKVKQPNCVCZCVKQPNGFTQKV GVNGUKPHTCUVTWEVWTGUIÃQITCRJKSWGUVTCPURQTVWCKTGUEQOOWPKECVKQPPGNNGU KPFWUVTKGNNGU WTDCPKUCPVGU GVE OCKU CWUUK RCT FGU TÃUGCWZ UQEKCWZ PQVCOOGPV RCT WPG KPVGTRÃPÃVTCVKQP FG NO'VCV GV FG NC UQEKÃVÃ EKXKNG RQWT GPFKIWGTNGUTÃUGCWZUQEKCWZKFGPVKVCKTGU EQPEWTTGPVKGNU NQECWZ TÃIKQPCWZ VTCPUPCVKQPCWZTGNKIKGWZGVJPKSWGUGVE

.OKPHQFQOKPCPEGEQORGPUGNCHKPFGNCUCPEVWCTKUCVKQPGVFWRCPQRVKUOG GPQRVKOKUCPVNGUECRCEKVÃUÃEQPQOKSWGUOKNKVCKTGUGVKFÃQNQIKSWGUFGRQTVÃG INQDCNGINQDCNTGCEJFGNO'VCVGVGPRGTOGVVCPVNOWDKSWKVÃGVNGOCKPVKGPFGNC RTQHQPFGWT UVTCVÃIKSWG VGORQTGNNG NG VGORU TÃGN .C UVTCVÃIKG FG NOKPHQFQOKPCPEG RGTOGV NOKPVÃITCVKQP FG VQWU NGU CEVGWTU GV HCEVGWTU FW EQPVTÏNG UQEKCN CWFGN´ FGU OQ[GPU FG OCÉVTKUGOKUG GP HQTOG NQIKUVKSWG FGUGURCEGUFGNO'VCV5GNQPWPGCRRTQEJGnJ[RGTU[UVÃOKUVGNOKPVÃITCVKQP RCT NG nU[UVÂOG FGU U[UVÂOGU NG EQPVTÏNG UQEKCN FGU TÃUGCWZ GV GURCEGU UVTCVÃIKSWGU POGUV RNWU GUUGPVKGNNGOGPV IÃQRQNKVKSWG NO'VCV CUUWTCPV NC ICTCPVKGGZVGPUKQPFWFTQKV´NCRTQRTKÃVÃ´NOGZVÃTKGWTFGUHTQPVKÂTGUOCKU RNWUFKTGEVGOGPVNQIKUVKSWGVQWUC\KOWVURTKXÃQWRWDNKEEKXKNQWOKNKVCKTG PCVKQPCN QW VTCPUPCVKQPCN .GU HCEVGWTU GV CEVGWTU PQP ÃVCVKSWGU FGXKGPPGPV FGU CEVGWTU UVTCVÃIKSWGU SWG NO'VCV RGWV WVKNKUGT EQOOG TGNCKU #KPUK NGU 'VCVU7PKU QPV FÃUQTOCKU TGEQWTV ´ FGU XQKGU GV OQ[GPU FG V[RG n\QPGU ITKUGUSWKEQPVQWTPGPVNGRTKPEKRGFGUQWXGTCKPGVÃPCVKQPCNGGVGHHCEGPVNGU HTQPVKÂTGU VGTTKVQTKCNGU KPVGTPGGZVGTPG GV U[UVÃOKSWGU RWDNKERTKXÃ EKXKNOKNKVCKTG %GNC RGWV TGPXQ[GT CWUUK DKGP ´ NC VTCPUPCVKQPCNKUCVKQP FW ($+ SWOCW TGEQWTU ´ NC FKRNQOCVKG GV NC UÃEWTKVÃ RTKXÃGU ´ NOKPVÃITCVKQP U[UVÃOKSWGFGU10)FCPUNGUQRÃTCVKQPU FG RCKZ QW GPEQTG NOKPVGTXGPVKQP FGUHKTOGUOWNVKPCVKQPCNGUFCPUNCTGEQPUVTWEVKQPFGU n'VCVU HCKNNKU HCKNGF UVCVGU

.OKPHQFQOKPCPEGEQPHQTOG´NOKFÃQNQIKGJÃIÃOQPKSWGCOÃTKECKPG NOWPKNCVÃTCNKUOGGVJPQEGPVTÃRQUVNKDÃTCN

1P RGWV PQOOGT nKFÃQNQIKG JÃIÃOQPKSWG COÃTKECKPG EGNNG SWK FQOKPG GV TÃUWNVG FG NOGZRÃTKGPEG JKUVQTKSWG SWK GUV KUUWG FGU TCRRQTVU FG

.G nU[UVÂOG FGU U[UVÂOGU TGPXQKG ´ NOKPVÃITCVKQP FGU U[UVÂOGU FG %+54 EQOOCPFGOGPVEQPVTÏNGEQOOWPKECVKQPUEQORWVGTGVTGPUGKIPGOGPVUWTXGKNNCPEG TGEQPPCKUUCPEG GV FGU UQWUU[UVÂOGU SWK EQPFKVKQPPGPV NGWT HQPEVKQPPGOGPV CTOGOGPVU L TGEJGTEJG GV FÃXGNQRRGOGPV RTQFWEVKQP CESWKUKVKQP L OCKU CWUUK UVTWEVWTGUFGHQTEGUNQIKUVKSWGKPHTCUVTWEVWTGUGVHCEVGWTUJWOCKPUKGNCFQEVTKPGNC EWNVWTG UVTCVÃIKSWG XQKTG NGU U[UVÂOGU RQNKVKEQLWTKFKSWGU %H 5CÊFC $ÃFCT n.C TÃHQTOGUVTCVÃIKSWGCOÃTKECKPGXGTUWPG4ÃXQNWVKQPOKNKVCKTG!QREKV

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HQTEGUQEKCWZGVFGUKPHNWGPEGUEWNVWTGNNGUFKXGTUKHKÃGUGVUOGUVJÃIÃOQPKUÃG EQPUGPUWU CU[OÃVTKSWG FW nDNQE JKUVQTKSWG GV EQOOWPCWVCTKUOG +PHNWGPEÃG RCT NGU O[VJGU HQPFCVGWTU NO#OÃTKSWG VGTTG RTQOKUG NC nHTQPVKÂTGNCnFGUVKPÃGOCPKHGUVGNOKFÃQNQIKGCOÃTKECKPGGUVEQPHQTOG´

NOKFÃCN EQOOWPCWVCKTG ´ NC FÃOQETCVKG EQOOG OKUG ´ NOÃRTGWXG RWDNKSWG FGUKFÃGUKPFKXKFWGNNGU´NCTÃWUUKVGEQOOGVGUVFGNCXCNGWTFGUKFÃGUGVCW nOGUUKCPKUOG NOKFÃQNQIKG COÃTKECKPG ÃVCPV CRRGNÃG ´ FGXGPKT NOKFÃQNQIKG FWOQPFGFGFGOCKP+PUVTWOGPVUVTCVÃIKSWGOWNVKFKOGPUKQPPGNRTQLGEVKQP FG RWKUUCPEG ÃEQPQOKSWG VGEJPQNQIKSWG OKNKVCKTG GV U[ODQNKSWG NOKPHQFQOKPCPEG GUV WP RTQFWKV FG NOKFÃQNQIKG COÃTKECKPG 'NNG RTQEÂFG GP GHHGV FG NC ECRCEKVÃ FG EQPVTÏNG FW UGPU FGU XCNGWTU FGU PQTOGU GV FG NOGUVJÃVKSWG SWK RGTOGV NC EQPUQNKFCVKQP NC TGRTQFWEVKQP GV NOGZVGPUKQP FW RQWXQKT JÃIÃOQPKSWG 'NNG GUV ´ NC HQKU GP COQPV GV GP CXCN FG NC OÃVCUVTCVÃIKG FW UJCRKPI VJG YQTNF SWK UGNQP WPG CRRTQEJG HQPFCOGPVCNGOGPV CPVJTQRQNQIKSWG VGPF ´ TGHQPFGT NOKPVGTRTÃVCVKQP FW OQPFG PQWXGNNG TCVKQPCNKVÃNÃIKVKOKVÃ UWT WPG DCUG GVJPQEWNVWTGNNG GV PQTOCVKXG

5KNOQPEQPUKFÂTGSWGNCUVTCVÃIKGCRQWTRTÃCNCDNGNCTGUVKVWVKQPFWUGPUL EQORTGPFTGKPVGTRTÃVGTTGRTÃUGPVGTnHCÁQPPGTNGOQPFGRQWTNGFQOKPGT L QP RGWV CRRTÃJGPFGT NOKPHQFQOKPCPEG EQOOG WP RTQEGUUWU FOGZGTEKEG GV FG FKHHWUKQP FGU ECVÃIQTKGU FG RGPUÃG URÃEKHKSWGOGPV COÃTKECKPGU +N UOCIKV GUUGPVKGNNGOGPV

LFG NC EQPEGRVKQP FG NOWPKXGTU NOGPXKTQPPGOGPV GP VGTOG FCTYKPKGP EQOOG WP GPUGODNG QTICPKSWG GP RGTRÃVWGNNG VTCPUHQTOCVKQP GV FW UWLGV EQOOGWPECTTGHQWTFGVTCPUCEVKQPGPEQPVKPWKVÃCXGENOGPXKTQPPGOGPV

LFW TGLGV FG NC TCVKQPCNKVÃ PCVWTGNNG GV VTCPUEWNVWTGNNG CW RTQHKV FOWPG TCVKQPCNKVÃ RTCVKSWG HQPFÃG UWT NOGVJPQEGPVTKUOG OÃFKCVKQP FG NC EQOOWPCWVÃGPVCPVSWGHKPKVWFGJWOCKPGGVUWTNCTGEJGTEJGFGNCXÃTKVÃ GP VCPV SWG TGEQOOCPFCVKQP FGU ETQ[CPEGU LWUVKHKÃGU RQWT NC EQOOWPCWVÃ GUVXTCKEGSWKGUVDQPRQWTNCEQOOWPCWVÃ

LFGNCRTKOCWVÃFGNOCEVKQPNOKFÃGVTQWXGUCXÃTKVÃFCPUNOCEVKQPGVVQWVG RGPUÃGVQWVGEQPPCKUUCPEGGUVRCTPCVWTGRTQXKUQKTG.CRGPUÃGCOÃTKECKPG TGLGVVGNCEQPVGORNCVKQPGVNOCRRTÃJGPUKQPKPVWKVKXGFWTÃGN.OÄVTGPGUGUCKUKV RCURCTNOKPVWKVKQPOCKURCTNOCEVKQPGVNOKPVGTRTÃVCVKQPFGUUKIPGUSWGTGPXQKG NGTÃGN

1RRQUÃ ´ NC VTCFKVKQP EWNVWTGNNG QEEKFGPVCNG RJKNQUQRJKG ITGESWG 4GPCKUUCPEGNGU.WOKÂTGUHQPFÃGUWTNCTGEJGTEJGFGNCXÃTKVÃNOQDLGEVKXKVÃ GVNGVTCPUEWNVWTCNKUOGNGU[UVÂOGFGRGPUÃGCOÃTKECKPUOQTICPKUGCWVQWTFG NOGPICIGOGPVEQOOWPCWVCKTGRTCIOCVKUOGGVGVJPQEGPVTKUOG%GU[UVÂOG FG RGPUÃG RTQFWKV WPG XKUKQP FW OQPFG JQNKUVKSWG GV

(7)

CPVKTGRTÃUGPVCVKQPPCNKUVG NG TÃHÃTGPVKGN EQOOWPCWVCKTG NQECN nPQWU CIKV UWTNOGPXKTQPPGOGPVUGNQPNGURTKPEKRGUFGNCEQPVKPWKVÃRCUFGUÃRCTCVKQP FWCNKUVG GPVTG NOJQOOG GV NC PCVWTG NOKPFKXKFW GV NG UQEKCN NG RTKXÃ GV NG RWDNKE GV FG VTCPUCEVKQP ÃXQNWVKQP RGTOCPGPVG FG NC UWDUVCPEG GV UOCFCRVG CWZ ÃXQNWVKQPU FG NOGPXKTQPPGOGPV ÃXGPVWGNNGOGPV GP NG TGEQPUVTWKUCPV .G TGLGV FG NC VTCFKVKQP RJKNQUQRJKSWG GWTQRÃGPPG ÃSWKXCWV CW TGHWU FG NC RTÃUWRRQUKVKQP FOWP DWV EQOOWP ´ VQWVG NOJWOCPKVÃ RQWT FÃRCUUGTNGUEGRVKEKUOG

.OGVJPQEGPVTKUOG NOCPVKWPKXGTUCNKUOG NOCPVKJWOCPKUOG FG NOKFÃQNQIKG COÃTKECKPG TGXGPFKSWGPV NC UQNKFCTKVÃ EQOOWPCWVCKTG EQOOG WP OQFG FG UQEKCNKUCVKQP JKUVQTKSWG SWK POCWTCKV RCU FG LWUVKHKECVKQP RJKNQUQRJKSWG RCTVKEWNKÂTG 'V EOGUV FCPU NC OGUWTG QÔ GNNG POC CWEWPG RTÃVGPVKQP ´ NOGZEGRVKQP RJKNQUQRJKSWG PK ÃVJKSWG QW UEKGPVKHKSWG SWG NC EKXKNKUCVKQP QEEKFGPVCNG NKDÃTCNG INQDCNKUÃG RGTOGVVTCKV CWZ ÄVTGU FG UG TÃKPXGPVGT UCPU EGUUGFGETÃGTFGPQWXGNNGUKOCIGUFOGWZOÄOGUFGPQWXGCWZNGZKSWGUGV FGPQWXGCWZKPUVTWOGPVU#KPUKNOGVJPQEGPVTKUOGRTCIOCVKUVGCOÃTKECKPUG RTÃUGPVG EQOOG WPG QRVKQP RQUVNKDÃTCNG QW NKDÃTCNG RQUVOQFGTPG! SWK PG UGTCKV RCU NOKORQUKVKQP FG PQTOGU EWNVWTGNNGU GVJPQEGPVTÃGU CW TGUVG FW OQPFG OCKU NC FKHHWUKQP FOWP OQFÂNG COÃTKECKP HQPFÃ UWT NC TCVKQPCNKVÃ KPUVTWOGPVCNGLNCINQDCNKUCVKQPFGOQFÂNGUKPUVKVWVKQPPGNUGHHKEKGPVU

.OKPHQFQOKPCPEGEQOOGKPUVTWOGPVFGOÃVCEQPVTÏNGGVFGRWKUUCPEG JÃIÃOQPKSWG

n%GRGPFCPVWPPQWXGNGURCEGVGPF´UGHQTOGT´NOÃEJGNNGOQPFKCNGGP KPVÃITCPV GV FÃUKPVÃITCPV NG PCVKQPCN NG NQECN 2TQEGUUWU RNGKP FG EQPVTCFKEVKQPU NKÃ CW EQPHNKV GPVTG WPG FKXKUKQP FW VTCXCKN ´ NOÃEJGNNG RNCPÃVCKTGFCPUNGOQFGFGRTQFWEVKQPECRKVCNKUVGLGVNOGHHQTVXGTUWPCWVTG QTFTG OQPFKCN RNWU TCVKQPPGN %GVVG RÃPÃVTCVKQP FG GV FCPU NOGURCEG C GW CWVCPV FOKORQTVCPEG JKUVQTKSWGOGPV SWG NC EQPSWÄVG FG NOJÃIÃOQPKG RCT NC RÃPÃVTCVKQP FCPU NOKPUVKVWVKQPPGN 2QKPV ECRKVCN UKPQP HKPCN FG EGVVG RÃPÃVTCVKQPNCOKNKVCTKUCVKQPFGNOGURCEGSWKRCTCEJÂXGNCFÃOQPUVTCVKQP´

NOÃEJGNNG´NCHQKURNCPÃVCKTGGVEQUOKSWG

*GPTK.GHGDXTG.CRTQFWEVKQPFGNOGURCEG .OKPHQFQOKPCPEG GUV NG RCTCFKIOG SWK EQFKHKG NG PQWXGCW TCRRQTV GURCEGRQWXQKTUCXQKT KORNKSWÃ RCT NC ITCPFG VTCPUHQTOCVKQP SWOGUV NC INQDCNKUCVKQP.OGURCEGQEEKFGPVCNOQFGTPGNGRTQFWKVUQEKCNFGU OQFGUFG RTQFWEVKQPGVFGRGPUÃGFQOKPCPVUGVEQFKHKÃFGRWKUNC4GPCKUUCPEG´RCTVKT FGNOJÃTKVCIGITGEIÃQOÃVTKGGWENKFKGPPGGVNQIKSWGEQOOGWPNKGWCDUVTCKV GV QTFQPPÃ RCT NG RGTURGEVKXKUOG CTV CTEJKVGEVWTG RJKNQUQRJKG GV NG

(8)

VGEJPKEKUOGTÃUGCWZNQIKUVKSWGUGVFGVÃNÃEQOOWPKECVKQPUGUVCWLQWTFOJWK TGOKUGPECWUGRCTNCnEQORTGUUKQP FW VGORU .G VGORU TÃGN OQFKHKG NC TGNCVKQP GURCEGUCXQKTRQWXQKT GV TGOGV GP ECWUG NGU TGRTÃUGPVCVKQPU nCUVTCVÃIKSWGU FG NOGURCEG GV FW VGORU EQOOG FGU RJÃPQOÂPGU nPCVWTGNU GV nEWNVWTGNU KPGTVGU HTCIOGPVCPV QW JQOQIÃPÃKUCPV NGU UGIOGPVUUQEKCWZ.OKPHQFQOKPCPEGGPVCPVSWOGZGTEKEGFGNOJÃIÃOQPKGRCT NC UWRÃTKQTKVÃ XQKTG NG OQPQRQNG FG NOKPHQTOCVKQP ´ FGU HKPU FG EQPVTÏNG UQEKQURCVKCN QRVKOCN RQWT NOGZRNQKVCVKQP FGU TGUUQWTEGU PCVWTGNNGU NOCEEWOWNCVKQP FW ECRKVCN NG EQPVTÏNG UQEKCN TÃXÂNG NG UVCVWV JCWVGOGPV UVTCVÃIKSWG FG NOGURCEGVGORU KN GUV KPUÃTÃ FCPU FGU UVTCVÃIKGU UQEKCNGU PQTOÃRNCPKHKÃRTQFWKV

.OKPHQFQOKPCPEGRGTOGVNCnTÃXQNWVKQPOKNKVCKTGNCRTQHQPFGWT UVTCVÃIKSWGRCTNCEQORTGUUKQPFWVGORU

.GFÃENCUUGOGPVFGNOCRRTQEJGFG NC HKZKVÃ URCVKQVGORQTGNNG FW EQPVTÏNG UQEKCN KPECTPÃG RCT NC UCPEVWCTKUCVKQP GV NG RCPQRVKUOG NCKUUG RNCEG ´ FGU CRRTQEJGUUVTCVÃIKSWGUFGNCHNWKFKVÃGVFGNOWDKSWKVÃURCVKQVGORQTGNNG#WP PKXGCW OKNKVCKTG NOKPHQFQOKPCPEG RGTOGV NC 4/# GV ´ VGTOG NOCEEÂU ´ NOWDKSWKVÃNCEQPPCKUUCPEGUKVWCVKQPPGNNGUKVWCVKQPCNCYCTGPGUUUWTNGEJCOR FGDCVCKNNGNCXKVGUUGNCU[PEJTQPKUCVKQPPÃEGUUCKTGU´NCPGWVTCNKUCVKQPFGU ETKUGU GV EQPHNKVU RCT NC nRTÃENWUKQP UVTCVÃIKSWG .C RTÃENWUKQP TGPFWG RQUUKDNGRCTNCPWOÃTKUCVKQPFGUHQTEGUCTOÃGUGVNOQTICPKUCVKQPFWEQODCV GPTÃUGCWZKPHQTOCVKQPPGNUPGVYQTMEGPVTKEYCTHCTGU[PGTIKSWGUGVKPVÃITÃU UOÃNCDQTG CWVQWT FW RCTCOÂVTG FG NC EQORTGUUKQP FW VGORU SWK RGTOGV NC nUWURGPUKQPFGNOCEVGFGIWGTTGNGHCEVGWTVGORUVGEJPKSWGFGOQFÃTCVKQP GV FOÃXKVGOGPV FG NOGUECNCFG UWTFÃVGTOKPCPV NGU QW UG UWDUVKVWCPV CWZ VGORQTCNKVÃU RQNKVKSWGU .OKPVÃITCVKQP KPHQTOCVKQPPGNNG RGTOGVVTC NC

.C4/#4GXQNWVKQPKP/KNKVCT[#HHCKTUGPINQDGVTQKUPKXGCWZ

NGVGEJPQNQIKSWGKPVÃITCVKQPFGUPQWXGNNGUVGEJPQNQIKGUFGNOKPHQTOCVKQPFCPUNGU U[UVÂOGU FOCTOGU GZKUVCPVU GV KPVÃITCVKQP FW %+54 EQOOCPFGOGPV EQPVTÏNG EQOOWPKECVKQPUEQORWVGTGVTGPUGKIPGOGPVUWTXGKNNCPEGTGEQPPCKUUCPEG

NGFQEVTKPCNGVNOQRÃTCVKQPPGNNCVGEJPQNQIKGFQKVÄVTGGZRÃTKOGPVÃGRQWTFQPPGT NKGW´FGPQWXGNNGUHQTOGUFGEQODCV

NOQTICPKUCVKQPPGN KN PO[ C RCU FG 4/# RQUUKDNG UCPU EJCPIGOGPV KPUVKVWVKQPPGN RTQHQPF KPVÃITCVKQP KPVGTCTOGU TÃXQNWVKQP GPVTGRTGPGWTKCNG FG NC IGUVKQP FW 2GPVCIQPG KPVÃITCVKQP EKXKNQOKNKVCKTG %H 5CÊFC $ÃFCT n.C TÃHQTOG UVTCVÃIKSWG COÃTKECKPG XGTU WPG 4ÃXQNWVKQP OKNKVCKTG! KP 5CÊFC $ÃFCT /CWTKEG 4QPCK &ÃHKU CU[OÃVTKSWGUGVRTQLGEVKQPFGRWKUUCPEG%CJKGTFOÃVWFGUUVTCVÃIKSWGUPu%+42'5 5GNQP%NCWUGYKV\NCEQPVTCFKEVKQPGPVTGNCIWGTTGCDUQNWGUGNQPUQPRWTEQPEGRV GVNCIWGTTGTÃGNNGGUVTÃUQNWGRCTNCPCVWTGRQNKVKSWGFGNCIWGTTGUCUWDQTFKPCVKQP´

NOKPVGNNKIGPEGRQNKVKSWGSWKGORÄEJGNCOQPVÃGCWZGZVTÄOGU.GUHCEVGWTUVGEJPKSWGU

(9)

TÃFWEVKQP FW VGORU FW FÃRNQKGOGPV FG NC OCPWXTG VCEVKSWG FG NC VTCXGTUÃGFGNCMKNNKPI\QPGFWVKTGVFWUQWVKGPNQIKUVKSWG'NNGHCXQTKUGTCNC TCRKFKVÃ FCPU NC RTKUG FG FÃEKUKQP GV NOGZÃEWVKQP FGU QRÃTCVKQPU GV NOKPVÃITCVKQP KPVGTCTOGU KPVGTCIGPEGU KPVGTCNNKÃU NC nEKXKNKCPKUCVKQP NC U[PGTIKG KPFWUVTKCNQOKNKVCKTG GP UQOOG NOKPVÃITCVKQP FW nU[UVÂOG FGU U[UVÂOGU &ÂU NQTU NOQDLGEVKH n\ÃTQOQTV POGUV RCU VCPV NG TÃUWNVCV FOWP RTQEGUUWUFOCEEWNVWTCVKQPIWGTTKÂTGQWFGNCEQWCTFKUGSWGNOQDLGEVKHFGNC EQPENWUKQPTCRKFGFGNCETKUGGVQWFWEQPHNKV[EQORTKURCTNGTGEQWTU´NC HQTEGÃETCUCPVGLQXGTYJGNOKPICPFFGEKUKXGHQTEGUGNQPNCFQEVTKPG2QYGNNLGV J[RGTNÃVCNGRQWTNOCFXGTUCKTG

#VTCXGTUNCPÃEGUUKVÃFGNOCNGTVGCXCPEÃGGVFGNCUWRÃTKQTKVÃFÃEKUKQPPGNNG SWK RGTOGVVGPV NC RTÃGORVKQP GV NC RTÃENWUKQP NOKPHQFQOKPCPEG KORNKSWG NOCU[PEJTQPKG EOGUV´FKTG NOCESWKUKVKQP FG NC RTQHQPFGWT UVTCVÃIKSWG PQP RNWU RCT FG NOGURCEG OCKU RCT FW VGORU VGNNG NC SWCUKUKOWNVCPÃKVÃ FG NC TÃRQPUGPWENÃCKTG+FÃCNGOGPVNOCESWKUKVKQPFGNCRTQHQPFGWTUVTCVÃIKSWGRCT NG VGORU TÃGN HCXQTKUG NG TGRNK NQIKUVKSWG UWT NG EQPVKPGPV COÃTKECKP FÃRNQKGOGPVFGUVTQWRGUVGTTGUVTGUGPJGWTGUU[UVÂOGUFOCTOGU´NQPIWG RQTVÃG HNGZKDNG DCUKPI GVE .G TGRNK UWT NG EQPVKPGPV UOCEEQORCIPG FOWP FÃRNQKGOGPVFCPUNOGURCEGRQWTNCRTQLGEVKQPCÃTQVGTTGUVTGRNWUGHHKECEG.GU 'VCVU7PKU FGXKGPFTCKGPV WPG RWKUUCPEG EQPVKPGPVCNQURCVKCNG OCÉVTGU FOWP PQWXGNGURCEGQTDKVCNGVE[DGTRTQFWKVRCTNGWTUPQTOGUGVNGWTU[UVÂOGFG FGOQFÃTCVKQPKPJÃTGPVU´NCIWGTTGGVNGUEQPVKPIGPEGUFKXGTUGULNGUHTKEVKQPULSWK OÂPGPV ´ NC nUWURGPUKQP FG NOCEVG FG IWGTTG PG RGWXGPV UGNQP %NCWUGYKV\

GZRNKSWGT NC PQPOCPKHGUVCVKQP FG NC IWGTTG CDUQNWG .G nOKNKGW PQP EQPFWEVGWT

SWKGORÄEJGWPGFÃEJCTIGEQORNÂVGFGNCIWGTTGCDUQNWGGUVEQPUVKVWÃRCTFGUHQTEGU GVFGUEKTEQPUVCPEGUFQOKPÃGURCTNGUKFÃGUGVNGUUGPVKOGPVUFWOQOGPV-CTN8QP

%NCWUGYKV\&GNCIWGTTG.GUÃFKVKQPUFGOKPWKV2CTKU

.CFQEVTKPG2QYGNNGUVNCFQEVTKPGFOGORNQKFGNCHQTEGEQFKHKÃGRCT%QNKP2QYGNN SWCPFKNÃVCKVEJGHFOÃVCVOCLQTKPVGTCTOGURGPFCPVNOCFOKPKUVTCVKQP$WUJNG RÂTG .C FKXGTUKVÃ FGU CFXGTUCKTGU RQVGPVKGNU EQPVTCKPV ´ GPXKUCIGT NG EQODCV UGNQP WP OQFWUQRGTCPFKHNGZKDNGGVXGTUCVKNGCRVG´UOCFCRVGTCWZTÃCEVKQPUFGNOCFXGTUCKTGGV´

NOGPXKTQPPGOGPV .OKPVGTCEVKQP FG NOCEVKQP TÃEKRTQSWG POÃVCPV RNWU RTÃXKUKDNG UWT NG EJCORFGDCVCKNNGNGUVCEVKSWGUGVNGUU[UVÂOGUFOCTOGUUQXKÃVKSWGUGZRÃTKOGPVÃUNQTU FGUYCTICOGU NGU HQTEGU 75 GPVTCÉPÃGU RQWT WPG nVTQKUKÂOG IWGTTG OQPFKCNG JKIJ VGEJ GP EGPVTG'WTQRG GV FCPU UGU HKPU RQNKVKSWGU ECFTG KPVGTÃVCVKSWG nPÃQ YGUVRJCNKGPFGNCDKRQNCTKVÃGVFGNCUÃEWTKVÃEQNNGEVKXGNCFQEVTKPGFOGORNQKFGNC HQTEG RTKXKNÃIKG NOCEVKQP FÃEKUKXG GV FKUETKOKPCPVG #NQTU SWG NOKPVGTXGPVKQP GP HQTEG EQODKPG GHHGV FG UWTRTKUG GV GHHGV FG HQTEG FÃEKUKXG QXGTYJGNOKPI HQTEG NGU RJCUGU RTÃGVRQUVEQODCVUKORNKSWGPVNCTGUVTKEVKQPFCPUNGUTÂINGUFOGPICIGOGPVGVNOCEVKQP EKXKNQOKNKVCKTG2CPCOCCÃVÃWPOQOGPVFOGZRÃTKOGPVCVKQPQRÃTCVKQPPGNNGFGEGVVG FQEVTKPG

(10)

TGRTÃUGPVCVKQPUEQFKHKÃEQOOGWPNKGWFGHNWZRGTOCPGPVJQTUFGNCRQTVÃG FGNCHKZKVÃJKUVQTKSWGGVRQNKVKSWGUQWXGTCKPGVÃUFTQKVHTQPVKÂTGU

.OGURCEGEQOOGOGFKWOFGNOKPHQFQOKPCPEG

.G URCEGRQYGT FGXKGPV NOKPUVTWOGPV RTKXKNÃIKÃ FW INQDCN TGCEJ FG NOJÃIÃOQPKG COÃTKECKPG UWT NG U[UVÂOGOQPFG .OGURCEG GUV WPG PQWXGNNG HTQPVKÂTG SWK TGEWNG NGU NKOKVGU FG NOGZRNQKVCVKQP FG NC PCVWTG .GU RTQITCOOGU FOGZRNQTCVKQP FOGZRNQKVCVKQP GV FG EQNQPKUCVKQP FG NOGURCEG XKUGPV GP GHHGV ´ CEETQÉVTG NGU RQUUKDKNKVÃU FOCESWKUKVKQP FGU OQ[GPU FG NC UWRÃTKQTKVÃ KPHQTOCVKQPPGNNG %+54 PCXKICVKQP UWTXGKNNCPEG GPXKTQPPGOGPVCNGOÃVÃQTQNQIKGIÃQFÃUKGGVECTVQITCRJKGGV´VGTOGNOCEEÂU

´ FGU OQ[GPU FG RTQFWEVKQP FOÃPGTIKG GV CWVTGU nKPFWUVTKGU URCVKCNGU

NCDQTCVQKTGU GV VGEJPQRQNGU URCVKCWZ GZRNQKVCVKQPU OKPKÂTGU UWT /CTU GV NC .WPGVQWTKUOG.OGZRNQKVCVKQPFGNOGURCEGFGOGWTGNCTIGOGPVIÃQEGPVTÃG GV FÃVGTOKPÃG RCT NG UQWEK FW TGVQWT UWT KPXGUVKUUGOGPV UEKGPVKHKSWG .OGZVGPUKQP FG NC nIÃQURCVKCNKVÃ JWOCKPG KORNKSWG NOGZVGPUKQP FGU RTQLGEVKQPU FG RWKUUCPEG IÃQRQNKVKSWGU GV IÃQÃEQPQOKSWGU #KPUK NG URCEGRQYGT SWOQP RGWV FÃHKPKT EQOOG NOGZGTEKEG FG NC RWKUUCPEG RCT NOGZRNQKVCVKQPKPFWUVTKGNNGEKXKNGUEKGPVKHKSWGGVEQOOGTEKCNGGVOKNKVCKTGFG NOGURCEGLNCOKNKVCTKUCVKQPÃVCPV´NCHQKUWPGEQPUÃSWGPEGFGNOGZRNQKVCVKQP EQOOGTEKCNG VTCFG HQNNQYU VJG HNCI GV WPG ECWUG GZRCPUKQP URCVKCNG FW EQORNGZG OKNKVCTQKPFWUVTKGN L RGWV ÄVTG EQPUKFÃTÃ EQOOG WPG PQWXGNNG

%+54 EQOOCPFGOGPV EQPVTÏNG EQOOWPKECVKQPU EQORWVGT GV TGPUGKIPGOGPV UWTXGKNNCPEGTGEQPPCKUUCPEG

.GU RTQITCOOGU COÃTKECKPU FG TGEJGTEJGU FOGZRNQKVCVKQP ÃPGTIÃVKSWG URCVKCNG XKUGPVFOWPGRCTV´NOCESWKUKVKQPFOÃPGTIKGURCVKCNGUQNCKTGOKPKTÃCEVGWTUPWENÃCKTGU OKETQQPFGU ET[QIÃPKG GVE CHKP FOCUUWTGT NOCWVQPQOKG GV NC NQPIWG RQTVÃG FG NOGZRNQTCVKQPJWOCKPGGVTQDQVKSWGFGNOGZRNQKVCVKQPGVFGNCEQNQPKUCVKQPGV´VGTOG CHKPFGVTQWXGTFGPQWXGNNGUUQWTEGUFOCRRTQXKUKQPPGOGPVVGTTGUVTG&OQTGUGVFÃL´NG TGEQWTU ´ FGU nDCVVGTKGU CVQOKSWGU RQWT NGU UQPFGU GZRNQTCVTKEGU GUV WPG TÃCNKVÃ

&OKEKNGURTGOKÂTGUGZRÃTKOGPVCVKQPUFGVTCPUOKUUKQPFOÃPGTIKGUQNCKTGFG nNOGURCEG´NOGURCEGGVFCPUWPGOQKPFTGOGUWTGFGNOGURCEG´NCVGTTGCWTQPVNKGW CNQTU SWG NG VTCPUHGTV EQPUÃSWGPV FOÃPÃTIKG FG NOGURCEG ´ NC VGTTG GUV GPXKUCIGCDNG CRTÂU%H,QJP%/CPMKPUn6GEJPQNQI[5VTCVGIKGUVJCV/C['PCDNG#HHQTFCDNG

*WOCP'ZRNQTCVKQPCPF0GY5RCEG+PFWUVTKGUKPVJGUV%GPVWT[KP;QLK-QPFQ

%JCTNGU5JGHHKGNF(TGFGTKEM%$TWJYGKNGTGFU5RCEG#EEGUUCPF7VKNK\CVKQP $G[QPF

#OGTKECP#UVTQPCWVKECN5QEKGV[

'UVEQPUKFÃTÃEQOOGIÃQITCRJKSWGVQWVEGSWKEQPEGTPGNOÃVWFGFGNCVGTTGGVFG UQPGPXKTQPPGOGPVCKPUKNOÃVWFGFWU[UVÂOGUQNCKTGHCKVRCTVKGFGNCIÃQITCRJKGNC IÃQITCRJKGOCVJÃOCVKSWG1PRGWVFKTGÃICNGOGPVSWGVQWVEGSWKUGECTVQITCRJKG GUVIÃQITCRJKSWGFQPE[EQORTKUNGE[DGTGURCEG

(11)

nRTQFWEVKQP FW U[UVÂOG JÃIÃOQPKSWG COÃTKECKP NC nOKUG GP HQTOG

KORÃTKCNGUJCRKPIVJGYQTNFUOÃVGPFCPV´NOGURCEGUJCRKPIURCEG

#WLQWTFOJWK NGU KPFWUVTKGU URCVKCNGU TGNÂXGPV NCTIGOGPV FG NOKPHQFQOKPCPEG EOGUV´FKTG FG NOKPVÃITCVKQP KPHQTOCVKQPPGNNG JCWV FÃDKV EQORTGUUKQP FGU FQPPÃGU TCRKFKVÃ GV RTÃEKUKQP FW VTCKVGOGPV TGRTÃUGPVCVKQPU XKTVWGNNGU GV UKOWNCVKQP FG VQWV U[UVÂOG FG RTQFWEVKQP ´ FGUHKPUFOGZRNQKVCVKQPQRVKOCNGFGUTGUUQWTEGUPCVWTGNNGUGVJWOCKPGUGVFG TCVKQPCNKUCVKQPTÃFWEVKQPFGUEQÖVUCOÃNKQTCVKQPFGURGTHQTOCPEGUGVFGNC RTQFWEVKXKVÃ&CPUWPCXGPKTRTQEJGNGU'VCVU7PKUUGTQPVGPOGUWTGFG FÃRNQ[GT FGU RKEQ UCVGNNKVGU FG SWGNSWGU EGPVKOÂVTGU EWDGU RQWXCPV ÄVTG NCPEÃUFWUQNCWECPQPQWTÃRCTVKUFCPUNOGURCEGRCTOKNNKGTU´RCTVKTFOWPG PCXGVVG # VGTOG NG TGEQWTU CWZ PCPQVGEJPQNQIKGU WNVTCOKPKCVWTKUCVKQP RGTOGVVTCKV NC nXCRQTKUCVKQP FG UCVGNNKVGU ´ RCTVKT FGU XÃJKEWNGU QTDKVCWZ .C OKPKCVWTKUCVKQP RGTOGVVTC NC TGFQPFCPEG GV FQPE NC UÃEWTKUCVKQP FGU UCVGNNKVGUGVNCTÃFWEVKQPFGUEQÖVUFGNCPEGOGPVGVFOCUUWTCPEG

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NOGURCEG .C FQEVTKPG FG NC UWTXKXCDKNKVÃ SWK ÃOGTIG ´ NC HKP FG NC )WGTTG HTQKFGGHHGVIWGTTGFW)QNHGGPXKUCIGNOGORNQKFGUU[UVÂOGUURCVKCWZ´FGU HKPU FG UCPEVWCTKUCVKQP UVTCVÃIKSWG OCKU ÃICNGOGPV ´ FGU HKPU FOWVKNKUCVKQP VCEVKSWGEQOOGUQWVKGPCWZEQODCVUnVGTTKGPUCKTOGTVGTTG'NNGTGOGV GPECWUGNCFQEVTKPGFGNCUCPEVWCTKUCVKQPGPTGEQPPCKUUCPVNGUXWNPÃTCDKNKVÃU FGU U[UVÂOGU URCVKCWZ HCEG CW FÃXGNQRRGOGPV FGU U[UVÂOGU CPVKUCVGNNKVGU

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+N UOCIKV FW FÃXGNQRRGOGPV FGU ITCPFU U[UVÂOGU FG EQOOWPKECVKQPU GP QTDKVG DCUUG DKI .QY'CTVJ 1TDKV U[UVGOU VGNU +TKFKWO GV 6GNGFGUKE SWK XQPV EQPUKFÃTCDNGOGPV CWIOGPVGT NC ECRCEKVÃ OQPFKCNG FG VÃNÃEQOOWPKECVKQPU RCIGTU EGNNWNCKTGUUGTXKEGUKPVGTPGV+TKFKWOWPU[UVÂOGFG/QVQTQNCFGUCVGNNKVGURQWTNC VÃNÃEQOOWPKECVKQPEGNNWNCKTGCÃVÃNGRTGOKGT´ÄVTGQRÃTCVKQPPGNGPUGRVGODTG OCKU C FÃENCTÃ HCKNNKVG GP CQÖV 6GNGFGUKE WPG LQKPVXGPVWTG OKNNKCTFU FG FQNNCTUCXGERQWTRCTVKEKRCPVURTKPEKRCWZ%TCKI/E%CYGV$KNN)CVGUGUVWPU[UVÂOG FGUCVGNNKVGUSWKHQWTPKTCFOKEKFGUUGTXKEGUFGVÃNÃEQOOWPKECVKQPFGSWCNKVÃ HKDTGQRVKSWGOKNNKQPUFGDKVURCTUGEQPFGGVWPCEEÂU´NCTIGDCPFG´KPVGTPGVEH 2GVGT.*C[U,COGU/5OKVJ#NCP48CP6CUUGNCPF)W[/9CNUJn5RCEGRQYGT HQTC0GY/KNNGPPKWOL'ZCOKPKPI%WTTGPV75%CRCDKNKVKGUCPF2QNKEKGUKP2GVGT .*C[U,COGU/5OKVJQREKVR

.G DWFIGV URCVKCN FW IQWXGTPGOGPV COÃTKECKP POGUV RCU GPVKÂTGOGPV TGPFW RWDNKENGUGUVKOCVKQPUUQPVNC0#5#TGÁQKVGPXKTQPOKNNKCTFUFGFQNNCTUNG041 RNWU FG OKNNKCTFU NGU CIGPEGU FW 2GPVCIQPG GPVTG GV OKNNKCTFU .GU CIGPEGU OKNKVCKTGU GV FG TGPUGKIPGOGPV SWK RTGPPGPV RCTV ´ NC RQNKVKSWG URCVKCNG UQPV NG 2GPVCIQPGNC0CX[NO#TO[NC#KT(QTEGNG041GVNGUCIGPEGUFGTGPUGKIPGOGPVNG 755RCEG%QOOCPFETÃÃGPGVNG#KT(QTEG5RCEG%QOOCPF1PGUVKOGSWG FWRGTUQPPGNGVFGUHQPFUCNNQWÃUCWURCVKCNOKNKVCKTGUQPVEQPVTÏNÃURCTNC#KT (QTEG2GVGT.*C[U,COGU/5OKVJQREKVRGVR

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UWT nNC RTQVGEVKQP FGU UCVGNNKVGU FOWPG CVVCSWG GPPGOKG C ÃVÃ OKU GP RNCEG

.CFQOKPCVKQPFWEJCORUVTCVÃIKSWGRCTNGRCTCFKIOGFGNOKPHQTOCVKQP UOGUV VTCFWKVG RCT NC EQNNWUKQP FG NOGURCEG QTDKVCN GV FW E[DGTGURCEG %GVVG EQNNWUKQP FGU FGWZ GURCEGU KPHQTOCVKQPPGNU GUV EGTVGU NG HCKV FOWPG TCVKQPCNKUCVKQPVGEJPKSWGNGHNWZKPHQTOCVKQPPGNWVKNKUCPVNGUFGWZUWRRQTVU OCKU CWUUK NC OCPKHGUVCVKQP FOWPG XQNQPVÃ RQNKVKSWG HQTVG FG UQWVGPKT WP PQWXGCW E[ENG FG NC TGRTQFWEVKQP KPFWUVTKCNQKPHQTOCVKQPPGNNG FG NC RWKUUCPEG COÃTKECKPG #NQTU SWG NG PQWXGCW EQPEGRV QRÃTCVKQPPGN FG NO#KT (QTEG GUV HQPFÃ UWT nNOQRVKOKUCVKQP FG NC U[PGTIKG FGU U[UVÂOGU VGTTKGPU CVOQURJÃTKSWGUURCVKCWZGVE[DGTPÃVKSWGUNG5RCEG%QOOCPFUOGUVXW CVVTKDWGT NC OKUUKQP FG NC FÃHGPUG GV FG NOCVVCSWG FGU TÃUGCWZ KPHQTOCVKSWGU

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PQPFTQKV FCPU NC OGUWTG QÔ NC TCRKFKVÃ FGU RTQITÂU VGEJPQNQIKSWGU PG RGTOGVVTCKV RCU WP CLWUVGOGPV ´ NC VGORQTCNKVÃ LWTKFKEQRQNKVKSWG .G FTQKV KPVGTPCVKQPCN GP RCTVKEWNKGT NOÃVCDNKUUGOGPV FG UQWXGTCKPGVÃU PCVKQPCNGU GV NOKPVGTFKEVKQP FG NC YGCRQPK\CVKQP TKUSWGTCKV FG FGXGPKT WP HTGKP CWZ FÃXGNQRRGOGPVUVGEJPQNQIKSWGUGVWPQDUVCENG´NCRWKUUCPEGCOÃTKECKPG .OKPVÃITCVKQPFGUPCPQGVDKQVGEJPQNQIKGUCWZVGEJPQNQIKGU

KPHQTOCVKQPPGNNGU

.OKPHQFQOKPCPEG KORNKSWG NG FÃXGNQRRGOGPV FG PQWXGCWZ OQFGU FOÃXCNWCVKQPGVFGRGTEGRVKQPFGNOGPXKTQPPGOGPVRCTNCOWNVKRNKECVKQPFGU ECRVGWTUNOCOÃNKQTCVKQPFWVTCKVGOGPVFGUUKIPCWZFGNOCPCN[UGFGUFQPPÃGU FGNCVTCPUOKUUKQP.OQRVKOKUCVKQPFGNCRGTEGRVKQPRGTOGVNOQRVKOKUCVKQPFG NOKPVGTXGPVKQP UWT NOGPXKTQPPGOGPV .G FÃXGNQRRGOGPV FG NC OKETQÃNGEVTQ OÃECPKSWG /'/5 /KETQ'NGEVTQ/GEJCPKECN 5[UVGOU GV UGU CRRNKECVKQPU FKXGTUKHKÃGU CW EQWTU FGU CPPÃGU UQPV ´ NOQTKIKPG FG NC PWOÃTKUCVKQP ETQKUUCPVG FG NOGPXKTQPPGOGPV FGU UQEKÃVÃU FÃXGNQRRÃGU KPHQTOCVKSWG VÃNÃEQOOWPKECVKQPU CWVQOQDKNG CÃTQPCWVKSWG IÃPKG DKQOÃFKECNGVE.CVGEJPQNQIKGFGU/'/5GUVCWLQWTFOJWKNGOQVGWTFGNC TGEJGTEJG GV FÃXGNQRRGOGPV KPFWUVTKCNQKPHQTOCVKQPPGNNG CWZ 'VCVU7PKU CXGE GP RQKPVG NGU UGEVGWTU FG NOKPHQTOCVKSWG GV FG NOCWVQOQDKNG *GYNGVV 2CEMCTF 6GZCU +PUVTWOGPVU #PCNQI &GXKEGU /QVQTQNC &GNEQ (QTF /KETQGNGEVTQPKEUFGOCKPUGUGTQPVNGUDKQVGEJPQNQIKGU#NCTÃXQNWVKQPFG NOKPHQTOCVKQP UWEEÂFG NC nTÃXQNWVKQP FGU OCVÃTKCWZ L NGU /'/5 NGU OCVÃTKCWZ KPVGNNKIGPVU SWK UOCFCRVGPV ´ NOGPXKTQPPGOGPV SWK KFGPVKHKGPV GVENGUPCPQUGOKEQPFWEVGWTUUGPUGWTUWDKSWKVCKTGUOWNVKHQPEVKQPPGNUL RWKU NC nTÃXQNWVKQP FW XKXCPV L NC DKQVGEJPQNQIKG NG IÃPKG IÃPÃVKSWG CRRNKSWÃVGNNGENQPCIGNGEQFCIGIÃPÃVKSWGNCVJÃTCRKGIÃPÃVKSWGNGU1)/

GV NOKPVGTHCÁCIG JQOOGOCEJKPG VGNNG NC DKQOÃVTKG QW NOKORNCPVCVKQP FG RWEGU .GU VGEJPQNQIKGU KUUWGU FG NC EQODKPCKUQP FG EGU VTQKU TÃXQNWVKQPU ETÃGTQPVFGUOQ[GPUFGOWNVKRNKGTNGUHCEVGWTURWKUUCPEGFCPUNOGZRNQKVCVKQP GVNGEQPVTÏNGFGNCPCVWTGGVFGUEQNNGEVKXKVÃUJWOCKPGU

.OCXGPKT FG EGU VGEJPQNQIKGU FÃRGPFTC FGU RQWUUÃGU U[UVÃOKSWGU SWK UOGZGTEGTQPVFCPUWPSWCUKXKFGLWTKFKSWGGVÃVJKSWGUKEGPOGUVNGFTQKV´NC RTQRTKÃVÃ KPVGNNGEVWGNNG GV NG DTGXGVCIG .GU NQIKSWGU CRRNKECVKQPFTKXGP GV OCTMGVFTKXGP UOQRRQUGTQPV CWZ NQIKSWGU VGEJPQNQI[ GV UEKGPEGFTKXGP GV NG FÃXGNQRRGOGPV EQPEWTTGPVKGN ECFTÃ RCT NC UWRTÃOCVKG COÃTKECKPG GV NC VGPFCPEG QNKIQRQNKUVKSWG FCPU EGTVCKPU FQOCKPGU UWTFÃVGTOKPGTQPV NGU CXCPEÃGU UEKGPVKHKSWGU CW RTQHKV FG NC TGPVCDKNKVÃ GV FW TGVQWT UWT KPXGUVKUUGOGPV 7PG RTÃFQOKPCPEG FGU GHHGVU JKÃTCTEJKSWGU UWT NGU GHHGVU EQNNGEVKHU FG NC FKHHWUKQP FG NC VGEJPÃ GPVTCÉPGTC UQP NQV FOKPÃICNKVÃU FG

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FÃUVTWEVWTCVKQPGVFGXKQNGPEG2CTCKNNGWTUNCNQIKSWGFGOCTEJÃCIITCXGTC NGUGHHGVUFOGPXCJKUUGOGPVFGNCXKGRTKXÃGRCTNCVGPFCPEG´NOCEEÂUFKTGEVCW EQPUQOOCVGWTEQQMKGUGURKQPPCPVNGUOQFGUFGEQPUQOOCVKQPFGEJCEWP RTQHKNCIG GVE CNQTU SWG NC EWNVWTG FW TGPUGKIPGOGPV KPVGNNKIGPEG ÃEQPQOKSWG UWTXGKNNCPEG UÃEWTKVCKTG WDKSWKVCKTG UOÃVGPFTC ´ NOGPUGODNG FG NCUQEKÃVÃEKXKNG

.CRÃPÃVTCVKQPKPUVKVWVKQPPGNNGGVUQEKÃVCNGFWTGPUGKIPGOGPV

.CPQWXGNNGnIQWXGTPCPEGKORNKSWÃGRCTNCINQDCNKUCVKQPCGPVTCÉPÃFG PQWXGCWZTCRRQTVUGPVTG'VCVGVUQEKÃVÃEKXKNGGPVTG NG RWDNKE GV NG RTKXÃ GV GPVTG NG EKXKN GV NG OKNKVCKTG GHHCÁCPV FGU HTQPVKÂTGU U[UVÃOKSWGU FCPU NG FQOCKPG FG NC UÃEWTKVÃ .C UÃEWTKVÃ PCVKQPCNG FGXKGPV VGTPCKTG GV TGPXQKG FÃUQTOCKU CWUUK DKGP ´ NC RTQLGEVKQP FG RWKUUCPEG ´ NOGZVÃTKGWT SWO´ NC UÃEWTKVÃ VGTTKVQTKCNG GV ´ NOCEVKQP VTCPUPCVKQPCNG .C VTCPUHQTOCVKQP FGU CRRCTGKNU FG UÃEWTKVÃ FG NO'VCV RCT NOKPVÃITCVKQP KPHQTOCVKQPPGNNG RQWT NC UWRÃTKQTKVÃ FÃEKUKQPPGNNG GV UVTCVÃIKSWG POKORNKSWG RCU WPKSWGOGPV FGU QRVKQPUVGEJPQNQIKSWGU OCKU CXCPV VQWV FGU TÃCLWUVGOGPVU QTICPKUCVKQPPGNU GV KPUVKVWVKQPPGNU .OQRVKQP HCXQTKUÃG RCT NGU 'VCVU7PKU RGWV UG TÃUWOGT ´ nRTKXCVKUCVKQP FG NC UÃEWTKVÃ OKNKVCTKUCVKQP FGU CIGPEGU FG RQNKEG GV IGPFCTOKHKECVKQPFWOKNKVCKTG.GUCIGPVUFW($+UQPVJCDKNKVÃU´OGPGT FGUGPSWÄVGUGV´RTQEÃFGT´FGUCTTGUVCVKQPU´NOÃVTCPIGT.G($+GUVFGXGPW NOKPUVCPEG LWTKFKSWG COÃTKECKPG VTCPUPCVKQPCNG CNQTU SWG NGU CIGPEGU FG TGPUGKIPGOGPV OKNKVCKTGU NC 05# GV NG 041 UQPV KORNKSWÃGU FCPU NGU QRÃTCVKQPUFGRTQVGEVKQPFGUU[UVÂOGUKPHQTOCVKQPPGNUEKXKNU

4QDGTV &CXKF 5VGGNG n6JG #U[OGVTKE 6JTGCV .KUVGPKPI VQ VJG &GDCVG ,QKPV (QTEGU 3WCTVGTN[ #WVWOP9KPVGT .OCWVGWT UWIIÂTG NC TÃRCTVKVKQP RWDNKERTKXÃUWKXCPVGFCPUNGUQRÃTCVKQPUEQPXGPVKQPPGNNGURWDNKERTKXÃ FCPUNGUEQPHNKVUFGDCUUGKPVGPUKVÃNWVVGEQPVTGNGETKOGVTCPUPCVKQPCNFCPU NGUQRÃTCVKQPUJWOCPKVCKTGUFCPUNGUQRÃTCVKQPUKPHQTOCVKQPPGNNGU 2QWTWPGCPCN[UGFWEQPVTÏNGKPHQTOCVKQPPGNINQDCNGZGTEÃRCTNC05#GVNG041 PQVCOOGPV´VTCXGTUNGRTQITCOOG'EJGNQPEH#NGZKU$CWV\OCPPn)NQDCNKUCVKQPGV NGCFGTUJKR E[DGTURCVKCN COÃTKECKP KP 5CÊFC $ÃFCT FKT .C INQDCNKUCVKQP PQWXGNNG HTQPVKÂTGFWNGCFGTUJKRCOÃTKECKP!QREKV

&GRWKUNCHKPFGNC)WGTTGEKXKNGCWZ'VCVU7PKUVQWVGKORNKECVKQPFGUOKNKVCKTGU FCPUNCTÃRTGUUKQPFG NC ETKOKPCNKVÃ NCY GPHQTEGOGPV ´ NOKPVÃTKGWT FGU HTQPVKÂTGU GUV KPVGTFKVG RCT NGU UVCVWVU FW 2QUUG %QOKVCVWU GP ECU FOCVVCSWG PWENÃCKTG NG 2QUUG

%QOKVCVWU GUV NGXÃ GV NGU OKNKVCKTGU GP ECU FG FÃUQTFTG OCLGWT QW FG ECVCUVTQRJG PCVWTGNNGRGWXGPVÄVTGCRRGNÃUFCPUNGTÏNGFGUQWVKGPCWZHQTEGUEKXKNGU2CTCKNNGWTU NOKORÃTCVKH FOGZENWTG VQWVG HQTOG FOGURKQPPCIG FGU EKVQ[GPU COÃTKECKPU GUV KPUETKV FCPU NG 0CVKQPCN 5GEWTKV[ #EV FG SWK KPVGTFKV ´ NC %+# FG RTGPFTG GP EJCTIG SWGNSWG TGURQPUCDKNKVÃ SWG UG UQKV GP OCVKÂTG FG TÃRTGUUKQP FG NC ETKOKPCNKVÃ GV FG

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.OCVVCSWGFWUGRVGODTGCGPVTCÉPÃWPGKPUVKVWVKQPPCNKUCVKQPCEEÃNÃTÃG FG RTCVKSWGU GPVÃTKPÃGU RTQITGUUKXGOGPV RCT NC NWVVG EQPVTG NGU PQWXGNNGU OGPCEGU VGTTQTKUOG ETKOG QTICPKUÃ PCTEQVTCHKE RTQNKHÃTCVKQP SWK QPV ÃVÃ EQFKHKÃGU EQOOG FGU PQWXGCWZ ETKVÂTGU UÃEWTKVCKTGU FCPU NGU FGTPKÂTGU CPPÃGU FG NC )WGTTG HTQKFG UWEEÃFCPV CW ETKVÂTG FG NOCPVKEQOOWPKUOG 'P GHHGV NC FGOCPFG GP OCVKÂTG FG TGPUGKIPGOGPV UOGUV EQPUKFÃTCDNGOGPV CEETWGGPVTGGVCWOQOGPVFGNOCWIOGPVCVKQPUCPURTÃEÃFGPVFG FGUDWFIGVUFGNCFÃHGPUGNGUDWFIGVUFWTGPUGKIPGOGPVQPVCWIOGPVÃ FG.GTGPUGKIPGOGPVUQWOKUCWZKORÃTCVKHUFGNCRTÃXGPVKQPGVFG NOCNGTVGCXCPEÃGFGNCRTQVGEVKQPFGUHQTEGUCOÃTKECKPGU´NOÃVTCPIGTGVFGNC EQPPCKUUCPEGUKVWCVKQPPGNNGUKVWCVKQPPCNCYCTGPGUUUWTNGEJCORFGDCVCKNNG UGXQKVCVVTKDWGTFGUPQWXGNNGUOKUUKQPUnITKUGU.OKPVÃITCVKQPGPVTGNG($+

NC%+#GVNG2GPVCIQPGGUVCWLQWTFOJWKCUUWTÃGRCTWPRTQEGUUWUKPVGTCIGPEGU OKU GP RNCEG RQWT NC NWVVG CPVKVGTTQTKUVG NC NWVVG CPVKOCHKCU GV NG EQPVTG GURKQPPCIG GV KPUVKVWVKQPPCNKUÃ HKP RCT NG RNCP %QWPVGT+PVGNNKIGPEG

%+ %G RNCP FQPPG NGU DCUGU EQPUVKVWVKQPPGNNGU ´ WPG TGHQPVG FW TGPUGKIPGOGPV UGNQP WP CDCKUUGOGPV FGU HTQPVKÂTGU GPVTG NOCRRNKECVKQP FW FTQKV COÃTKECKP COGTKECP NCY GPHQTEGOGPV NC EQNNGEVG FW TGPUGKIPGOGPV ´ NOÃVTCPIGTHQTGKIPKPVGNNKIGPEGICVJGTKPIGVNOÃVCVFGRTÃRCTCVKQPFGNCFÃHGPUG FGHGPUG RTGRCTGFPGUU .G TGPUGKIPGOGPV KPXGUVKV FG RNWU GP RNWU NG EJCOR UVTCVÃIKSWG CW FÃVTKOGPV FG NC EWNVWTG FKRNQOCVKSWG GV FW FÃDCV RQNKVKSWG

#KPUK NG UÃPCVGWT 2CVTKEM /Q[PKJCP OGODTG FG NC EQOOKUUKQP UWT NG TGPUGKIPGOGPVUOKPSWKÃVCKVn.GTGPUGKIPGOGPVCRTKUWPGVGNNGKORQTVCPEGSWOKN GUVGPVTCKPFOÃENKRUGTNG&ÃRCTVGOGPVFO'VCV

.GU KPUVTWOGPVU FG NOKPHQFQOKPCPEG UQPV CWUUK LWTKFKSWGU GV RQNKVKSWGU .CNKOKVCVKQPFGUNKDGTVÃUEKXKSWGUGVFWEQPVTÏNGFÃOQETCVKSWGFGURTCVKSWGU nITKUGU GPVTG TÃRTGUUKQP FG NC ETKOKPCNKVÃ GV TGPUGKIPGOGPV TKUSWG FG FGXGPKT WPG QRVKQP FQOKPCPVG FCPU NOCRTÂU UGRVGODTG 1P RGWV EKVGT SWGNSWGUOGUWTGURTKUGURCTXQKGNÃIKUNCVKXGFW%QPITÂUQWQTFTGUGZÃEWVKHU RTÃUKFGPVKGNU NC ETÃCVKQP FG VTKDWPCWZ OKNKVCKTGU URÃEKCWZ RQWT LWIGT NGU RGTUQPPGUUQWRÁQPPÃGUFGVGTTQTKUOGNCFÃVGPVKQPKNNKOKVÃGGVNCFÃRQTVCVKQP FGU KOOKITÃU ENCPFGUVKPU UQWRÁQPPÃU FG EQNNWUKQP CXGE WPG GPVTGRTKUG VGTTQTKUVG NC TGEGXCDKNKVÃ FGU RTGWXGU TGEWGKNNKGU RCT NC %+# FGXCPV NGU VTKDWPCWZ NOGZVGPUKQP FW FTQKV FW ($+ ´ QDNKIGT WP UGTXGWT FOKPVGTPGV ´ EQOOWPKSWGTNGUKPHQTOCVKQPUEQPVGPWGUFCPUNGUGOCKNUNCRQUUKDKNKVÃFG SWCNKHKGTTÃVTQCEVKXGOGPVVQWVGEQPFCOPCVKQPRQWTVTQWDNGU´NOQTFTGRWDNKE FOCEVGU VGTTQTKUVGU GVE 5K NOCVVCSWG FW UGRVGODTG EQPUVKVWG ´ NC HQKU WP UÃEWTKVÃKPVGTPG.GFÃDCVFGNOÃRQSWGHCKVÃVCVFOWPUQWEKFGNO'ZGEWVKHGVFW%QPITÂU FGPGRCUETÃGTnWPG)GUVCRQCOÃTKECKPG%H4KEJCTF#$GUV,T+PVGNNKIGPEGQREKV ,COGU-KVHKGNFn.QQMKPIHQT6TQWDNG0CVKQPCN,QWTPCN

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ÃEJGEGVWPGn\QPGFOQODTGRQWTNGTGPUGKIPGOGPVCOÃTKECKPNCTÃRQPUG

´ NOCVVCSWG CPPQPEG NOÂTG FW TGPUGKIPGOGPV GV FG NOKPHQFQOKPCPEG VTKQORJCPVG.CnIWGTTGCWVGTTQTKUOGNÃIKVKOGNGUETKVÂTGUINQDCWZFGNC VTCPURCTGPEG GV FW NKDTG CEEÂU PQVCOOGPV RCT NOCDCKUUGOGPV FGU DCTTKÂTGU FW FTQKV GV FG NC UQWXGTCKPGVÃ CWUUK DKGP CW EGPVTG SWO´ NC RÃTKRJÃTKG 2CT CKNNGWTUNOCRTÂUUGRVGODTGCHQTOCNKUÃNGPQWXGCWFTQKV´GVFGNCIWGTTG LWU CF DGNNWO GV LWU KP DGNNQ 'P GHHGV NC IWGTTG RGWV UG LWUVKHKGT GV ÄVTG NÃIKVKOÃGKPVGTPCVKQPCNGOGPVFÃUQTOCKURCTFGUKPHQTOCVKQPUVGPWGUUGETÂVGU GVTGEWGKNNKGURCTNGTGPUGKIPGOGPVSWKGUVRCTGZEGNNGPEGWPFQOCKPGnITKU

GP KPVGTCEVKQP RGTOCPGPVG GPVTG NG NÃICN GV NGU TÃUGCWZ ETKOKPGNU .OKPHQFQOKPCPEG SWK RGTOGV NC OQPQRQNKUCVKQP FW UCXQKT EGNWK SWK UCKV RTQFWKV GV FQOKPG NGU GURCEGU UQEKCWZ GV FW UGPU EGNWK SWK RTQFWKV GV FQOKPG NGU GURCEGU C NG RQWXQKT FG TGUVKVWGT FW UGPU EQPHQTVG NOQTFTG JÃIÃOQPKSWGEQPVTGNGURQUUKDKNKVÃUFGNCURCVKCNKUCVKQPVTCPUHQTOCVKXGPQP RNWURCTNGOCKPVKGPFGNOKNNWUKQPFGNCUVCUKUJKUVQTKSWGGVRQNKVKSWGOCKURCT NC TGRTÃUGPVCVKQP FW TKUSWG VTCPUPCVKQPCN FG NC OGPCEG FG OQTVRGTVWTDCVKQPRGTOCPGPVGUWTNOJCDKVCVGVNOÄVTG

%QPENWUKQP

.OKPHQFQOKPCPEGFGXKGPVNOCTOGUVTCVÃIKSWGRCTGZEGNNGPEGNOKPHQTOCVKQP nÁCUGTVFOCDQTF´HCKTGNCIWGTTGGV´CEEWOWNGTNGECRKVCN.CFKUUWCUKQP PWENÃCKTGQDVGPCKVUQPUVCVWVOÃVCUVTCVÃIKSWGRCTUQPGHHGVnXKVTKHKECVGWTFG NOQTFTG FG NOÃSWKNKDTG FGU RWKUUCPEGU FCPU NC RJCUG WNVKOG FG NOÂTG YGUVRJCNKGPPG .C INQDCNKUCVKQP FÃVTÏPG NG U[UVÂOG KPVGTÃVCVKSWG EQOOG NG EGPVTGFWRQWXQKTOQPFKCNGVUQEKCNKUGFGRNWUGPRNWUFOGURCEGUGZVGPUKQP FW U[UVÂOG ECRKVCNKUVG UVCVGURCEG CPF YCT OCMKPI .OKPHQFQOKPCPEG SWK UOGZGTEG RCT NC PQTOCNKUCVKQPUJCRKPI NC FKUUWCUKQP NC RTÃGORVKQP GV NC EQGTEKVKQP ICTCPVKV NC OCÉVTKUG FW EQPVKPWWO UVTCVÃIKSWG UCXQKT GURCEGRQWXQKT

(QPFGOGPV FW E[ENG FG NC TGRTQFWEVKQP KPFWUVTKCNQKPHQTOCVKQPPGNNG FG NOJÃIÃOQPKGCOÃTKECKPGNOKPHQFQOKPCPEGCNNKÃGCWEQPVTÏNGFGUOCTEJÃUGV FGUHNWZÃPGTIÃVKSWGUGV´VGTOGFGUUQWTEGUFGNCDKQFKXGTUKVÃCUUWTG´NC HQKU WP OQFG FG nFÃXGNQRRGOGPV FWTCDNG GV WP OQFG FG OÃVCEQPVTÏNG UQEKCNINQDCNRNWUQWOQKPUXKQNGPV1TNGUNKOKVGUFGEGE[ENGJÃIÃOQPKSWG

$GP .CFGP CWTCKV ÃVÃ GP EQPVCEV CXGE NC %+# GP LWKNNGV 3WCPV CW TÏNG FGU UGTXKEGUUCQWFKGPUKNGUVRCTVKEWNKÂTGOGPVEQPHWUUK QP GPLWIG RCT NC FÃOKUUKQPFW EJGHFGUUGTXKEGUUCQWFKGPUNGRTKPEG6WTMKGPRNCEGFGRWKUWPSWCTVFGUKÂENG LQWTUCXCPVNGU CVVGPVCVU %H 4KEJCTF .CDGXKÂTG n$GP .CFGPC TGÁW WP CIGPV FG NC

%+#´&WDCÊ4(+#EVWCNKVÃOGTETGFKQEVQDTGYYYTHKHT

(18)

PG TÃUKFGPVKNU RCU FCPU NG FÃXGNQRRGOGPV L GP OCTIG GP nPKEJG QW GP KPVGTCEVKQP EQPEWTTGPVKGNNG L FG OQFGU EQOOWPKECVKQPPGNU GV EQIPKVKHU CWVQPQOGU SWK FQPPGPV CWZ CFXGTUCKTGU U[UVÃOKSWGU FGU ECRCEKVÃU CU[OÃVTKSWGU VGEJPKSWGU FQEVTKPCNGU U[ODQNKSWGU GV ÃVJKEQRQNKVKSWGU FG EQPVQWTPGT XQKTG FOCPPWNGT NGU GHHGVU FG RWKUUCPEG JÃIÃOQPKSWG! 5CPU FQWVGHCWVKNÃXKVGTNCVÃNÃQNQIKGECVCUVTQRJKUVGFGV[RGnNOKPHQFQOKPCPEGGUV UQP RTQRTG HQUUQ[GWT OCKU RNWVÏV EQPUKFÃTGT NGU GHHGVU FG NOCLWUVGOGPV JÃIÃOQPKSWG RGTOCPGPV LWUVGOGPV RGTOKU RCT NGU PQWXGNNGU ECRCEKVÃU NQIKUVKSWGUWDKSWKVCKTGUFGOÃVCEQPVTÏNGUQEKCN