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(1)

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'P RNWU FG UGU OKUUKQPU GP HCXGWT FG NC TGEQPPCKUUCPEG CW PKXGCW NÃIKUNCVKH FW FTQKV FOCWVGWT GV FG NC ETÃCVKQP QW FW FÃXGNQRRGOGPV FGU UQEKÃVÃU FOCWVGWTU FCPU NG OQPFG NG TÏNG RTKPEKRCN FG NC %+5#% GUV FG EQQTFQPPGTNGVTCXCKNFGUUQEKÃVÃUFOCWVGWTUCWPKXGCWKPVGTPCVKQPCN2QWTEG HCKTGNC%+5#%OGV´NGWTFKURQUKVKQPFGWZQWVKNUFOWPGKORQTVCPEGECRKVCNG RQWTTGORNKTFGHCÁQPGHHKECEGNGWTTÏNGFOWPGRCTVNGTÃUGCWFGEQPVTCVFG TGRTÃUGPVCVKQP TÃEKRTQSWG GV FOCWVTG RCTV NG U[UVÂOG FOÃEJCPIG FG NC FQEWOGPVCVKQPUWTNGUTÃRGTVQKTGUTGRTÃUGPVÃU

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(2)

EQOOGWPGQTICPKUCVKQPQTKGPVÃGXGTUNGUGTXKEG´UGUOGODTGU5CRNWUITCPFG GPVTGRTKUGEQPEGTPGNGRNCP%+5%QOOQP+PHQTOCVKQP5[UVGOEOGUV´FKTGNC OKUGGPRNCEGFOWPTÃUGCWKPVGTPCVKQPCNFGDCUGUFGFQPPÃGUGVFG PQTOGU XKUCPV´KFGPVKHKGTNOGPUGODNGFGUWXTGUGVNGURGTUQPPGUKORNKSWÃGUFCPUNG RTQEGUUWUETÃCVKH

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´RQUVGRGGTVQRGGTQPVOQPVTÃSWOKNÃVCKVHCEKNGFGEQRKGTGVFKUVTKDWGTFGU WXTGUOWUKECNGUUCPUSWGNGWTUETÃCVGWTUUQKGPVCFÃSWCVGOGPVTÃOWPÃTÃU 'V NC TÃCNKUCVKQP FG EQRKGU KNNÃICNGU GUV NQKP FOÄVTG NKOKVÃG ´ NC OWUKSWG .G VÃNÃEJCTIGOGPVKNNÃICNFGHKNOUGUVGZVTÄOGOGPVTÃRCPFWGVKNGPXCFGOÄOG RQWTNGUVGZVGU

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&OWPG OCPKÂTG IÃPÃTCNG NC IGUVKQP FGU FTQKVU FOCWVGWT FCPU NOGPXKTQPPGOGPV PWOÃTKSWG PÃEGUUKVG FG TGRGPUGT NG OQFÂNG CEVWGN 'VCPV FQPPÃ SWG NG E[DGTGURCEG POC RCU FG HTQPVKÂTGU QW CNQTU FGU HTQPVKÂTGU nRGTOÃCDNGU QP PG RGWV NKOKVGT RNWU NQPIVGORU NC IGUVKQP FGU FTQKVU FOCWVGWTWPKSWGOGPV´FGUVGTTKVQKTGUPCVKQPCWZ2CTEQPUÃSWGPVNCIGUVKQP FGUFTQKVUPWOÃTKSWGU´PGRCUEQPHQPFTGCXGENGEQPEGRVFG&KIKVCN4KIJVU /CPCIGOGPV QW &4/ WP GPUGODNG FG VGEJPQNQIKGU XKUCPV ´ RTQVÃIGT GV ´ HQWTPKTFGUEQPVGPWUPWOÃTKSWGUFGXTCKVUGHCKTG´NOÃEJGNNGOQPFKCNGRNWVÏV SWO´NOÃEJGNNGPCVKQPCNG

.C SWGUVKQP FW FTQKV FOCWVGWT VTCPUPCVKQPCN C ÃVÃ CDQTFÃG NQTU FW

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.OÂTG PWOÃTKSWG C KPEKVÃ NC %+5#% ´ TGFÃHKPKT EGTVCKPU FG EGU QDLGEVKHU

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%QPHÃFÃTCVKQP C GPFQUUÃ NC TGURQPUCDKNKVÃ FOKPUETKTG CW PQODTG FG UGU RTKQTKVÃUNC OKUG GP RNCEG FOWP PQWXGCW OQFÂNG GP OCVKÂTG FG IGUVKQP FGU FTQKVUFOCWVGWTGPNKIPG

(3)

.G U[UVÂOG FOKPHQTOCVKQP EQOOWP %+5 SWK HQWTPKV CWZ UQEKÃVÃU OGODTGU NGU QWVKNU GV NGU PQTOGU PÃEGUUCKTGU RQWT FGXGPKT FGU CEVGWTU XÃTKVCDNGU FW OQPFG GP NKIPG GUV NOWP FGU ÃNÃOGPVU RTKOQTFKCWZ FG EGVVG PQWXGNNGCRRTQEJGRTQCEVKXG

5CPU RCTNGT FG NOGPLGW VGEJPQNQIKSWG SWG TGRTÃUGPVG NG RNCP %+5 EGVVG UVTCVÃIKGFGOCPFGWPGHHQTVRQNKVKSWGEQPUKFÃTCDNG2QWTÄVTGGHHKECEGNGRNCP FQKVÄVTGCRRTQWXÃGVCRRNKSWÃRCTVQWVGUNGUUQEKÃVÃUOGODTGUFGNC%+5#%

%OGUV EG SWK C OQVKXÃ NGU OQFKHKECVKQPU OKPGWTGU GP CRRCTGPEG OCKU FOGPXGTIWTGGPTÃCNKVÃCRRQTVÃGUCWUVCVWVFGNC%+5#%GPNGUTÂINGU ÃFKEVÃGU RCT NC %+5#% EQPEGTPCPV NOWVKNKUCVKQP FGU PQTOGU GV FGU UQWU U[UVÂOGU FW %+5 QPV ECTCEVÂTG QDNKICVQKTG RQWT VQWVG UQEKÃVÃ FÃUKTGWUG FG RCTVKEKRGT CW RNCP %+5 'P QWVTG WP QTICPG KPFÃRGPFCPV FG RTKUG FG FÃEKUKQPU C ÃVÃ ETÃÃ RQWT IÃTGT NOÃXQNWVKQP FG NC UVTCVÃIKG FG NC %+5#% GP OCVKÂTGFGPWOÃTKSWG

.CSWGUVKQPFWFTQKVFOCWVGWTVTCPUPCVKQPCN .GUCEEQTFUFG5CPVKCIQ

&CPU NG PQWXGN GPXKTQPPGOGPV PWOÃTKSWG NC RNWU ITCPFG EQPHWUKQP TÃIPCKVCWVQWTFGUSWGUVKQPUUWKXCPVGUSWKFGXCKVQEVTQ[GTNGUNKEGPEGURQWT NGUFKHHWUKQPUUWTKPVGTPGVYGDECUVKPI!2QWTSWGNWUCIGGVSWGNRC[U!

'PUGRVGODTGNQTUFW%QPITÂUFGNC%+5#%QTICPKUÃ´5CPVKCIQFW

%JKNKEKPSUQEKÃVÃUFOCWVGWTUOGODTGUFGNC%+5#%QPVUKIPÃEGSWGNOQPC CRRGNÃ NGU nCEEQTFU FG 5CPVKCIQ %GV CXGPCPV CW EQPVTCVV[RG FG TGRTÃUGPVCVKQP TÃEKRTQSWG GPVTG UQEKÃVÃU IÃTCPV NGU FTQKVU FOGZÃEWVKQP FG NC OWUKSWGKPUVCWTGNCTÂINGUWKXCPVGWPGNKEGPEG OQPFKCNGRQWTNOWVKNKUCVKQP FG OWUKSWG UWT KPVGTPGV RGWV ÄVTG FÃNKXTÃG ´ WP FKHHWUGWT KPVGTPGV HQWTPKUUGWT FG EQPVGPW RCT NC UQEKÃVÃ FOCWVGWTU FW RC[U FCPU NGSWGN NG FKHHWUGWTCUQPUKÂIGÃEQPQOKSWG

#KPUK RCT GZGORNG WPG TCFKQ KPVGTPGV FQPV NOCFTGUUG 74. GV NC NCPIWG RTKPEKRCNG UQPV HTCPÁCKUGU GVQW FQPV NG VGTTKVQKTG FOGZRNQKVCVKQP GUV NC (TCPEGGVQWFQPVNCTÃUKFGPEGÃEQPQOKSWGRTKPEKRCNGGUVDCUÃGGP(TCPEG FGXTCRQUUÃFGTWPGNKEGPEGFGNCUQEKÃVÃFOCWVGWTU HTCPÁCKUG NC 5#%'/ GV RQWTTC CNQTU FKHHWUGT NG TÃRGTVQKTG FG NOGPUGODNG FGU RC[U SWG NC 5#%'/

TGRTÃUGPVG OÄOG UK GP VJÃQTKG NG UGTXGWT SWG EGVVG TCFKQ WVKNKUG GUV DCUÃ FCPUWPCWVTGRC[U

%GV CEEQTF FG RQTVÃG KPVGTPCVKQPCNG FOQEVTQK FG NKEGPEGU KPVGTPGV FGXTCKV UGTXKTFGDCUG´WPGHWVWTGPQTOG%+5#%FGNKEGPEGFOWVKNKUCVKQPFOWXTGU

(4)

OWUKECNGU RQWT FGU FKHHWUKQPU UWT NG YGD YGDECUVKPI FW UVTGCOKPI GV VQWV CWVTGV[RGFOWVKNKUCVKQPGPNKIPG

#WZ VGTOGU FG NOCPEKGP U[UVÂOG FOQEVTQK FG NKEGPEGU NGU UQEKÃVÃU RQWXCKGPVWPKSWGOGPVCVVTKDWGTFGUNKEGPEGUFCPUNGUNKOKVGUFGNGWTRTQRTG VGTTKVQKTG PCVKQPCN GPEQWTCIGCPV CKPUK KPXQNQPVCKTGOGPV NC XKQNCVKQP FGU NKEGPEGUGVNGPQPTGURGEV FW FTQKV FOCWVGWT RWKUSWG NOCEEÂU ´ KPVGTPGV POGUV IÃPÃTCNGOGPVRCUNKOKVÃRCTFGUHTQPVKÂTGUVGTTKVQTKCNGU

.OQDLGEVKH RTKPEKRCN FG EGU CEEQTFU GUV FG TÃRQPFTG CW FTQKV SWG NGU EQPUQOOCVGWTU QPV FOGUEQORVGT SWG NG TÃUGCW FGU UQEKÃVÃU FOCWVGWTU QHHTG WPGRTQVGEVKQPGVWPGFKHHWUKQPFGUWXTGUCFÃSWCVG´NOÃEJGNNGOQPFKCNG

#NOQTKIKPGEGVCEEQTFKPPQXCPVGVKORQTVCPVFOQEVTQKFGNKEGPEGUKPVGTPGV CÃVÃUKIPÃRCTUQEKÃVÃUOGODTGUFGNC%+5#%$/+'VCVU7PKU$7/#

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.OWPFGUQDLGEVKHURTKPEKRCWZFGUCEEQTFUGUVFGTÃRQPFTG´NCPÃEGUUKVÃ WTIGPVGFOQEVTQ[GTFGUNKEGPEGUKPVGTPCVKQPCNGUCWZGPVTGRTKUGUGPNKIPG'P CVVGPFCPV NOCEEQTF TGUVG WPG GPVTGRTKUG nXKXCPVG GV F[PCOKSWG .GU

(5)

OÃECPKUOGU EQPETGVU FG VTCKVGOGPV FGU FTQKVU RGTÁWU UQPV OKU CW RQKPV FG OCPKÂTGRTCIOCVKSWGCHKPFGOCZKOKUGTNOGHHKECEKVÃFGNCTÃRCTVKVKQP

.GUCEEQTFUFG$CTEGNQPG

'P UGRVGODTG NQTU FG UQP EQPITÂU ´ $CTEGNQPG NG $+'/ L DWTGCW KPVGTPCVKQPCNTGITQWRCPVUQEKÃVÃUIÃTCPVNGUFTQKVUFOGPTGIKUVTGOGPVGVFG TGRTQFWEVKQP OÃECPKSWG GP XWG FOWPG IGUVKQP GHHKECEG FG EGU FTQKVU L C CFQRVÃWPEQPVTCVUVCPFCTFFWOÄOGV[RGSWGEGNWKFG5CPVKCIQEQPEGTPCPV NGU FTQKVU FG TGRTQFWEVKQP OÃECPKSWG .OCUUQEKCVKQP FGU U[UVÂOGU FG

$CTEGNQPGGVFG5CPVKCIQHQTOGWPECFTGTÃIKUUCPVNOQEVTQKFGNKEGPEGURCTNG TÃUGCW FGU UQEKÃVÃU FG IGUVKQP RQWT VQWU NGU V[RGU FOWVKNKUCVKQP FG NC OWUKSWG[EQORTKUNGUVÃNÃEJCTIGOGPVU

1WVKNUGVPQTOGUFÃXGNQRRÃURCTNC%+5#%

.G%+5NOQWVKNF[PCOKSWGFGNC%+5#%RQWTNOÂTGPWOÃTKSWG

#WLQWTFOJWK CNQTU SWG NGU PQWXGNNGU VGEJPQNQIKGU PQWU RGTOGVVGPV FG HQPEVKQPPGTCWUGKPFOWPTÃUGCWOQPFKCNJQOQIÂPG NGU WXTGU CTVKUVKSWGU EKTEWNGPV´VTCXGTUNGOQPFGRNWUHCEKNGOGPVGVRNWUTCRKFGOGPVSWGLCOCKU

#WEWPGHTQPVKÂTGPOGZKUVGXTCKOGPVUWTKPVGTPGVGVNGVTCPUHGTVFGUWXTGUGUV FGXGPW KPUVCPVCPÃ VQWV EQOOG NOCEEÂU CWZ ÃOKUUKQPU YGD .GU ETÃCVGWTU FKURQUGPV FG RQUUKDKNKVÃU UCPU RTÃEÃFGPV RQWT OGVVTG NGWTU WXTGU ´ NC FKURQUKVKQP FOWP RWDNKE OQPFKCN /CKU SWOGP GUVKN FG NGWTU FTQKVU FG RTQRTKÃVÃKPVGNNGEVWGNNG!

'P CNQTU SWG NC RNWRCTV FGU IGPU POCXCKGPV LCOCKU GPVGPFW RCTNGT FOKPVGTPGVNC%+5#%NCPÁCKVUQPRTQRTGRTQITCOOGFGIGUVKQPGPNKIPGFGU WXTGU GV FGU FTQKVU FG NC RTQRTKÃVÃ KPVGNNGEVWGNNG NG %QOOQP +PHQTOCVKQP 5[UVGO%+5.G%+5TGRTÃUGPVGNCRNWUKORQTVCPVGKPKVKCVKXGFGEQQRÃTCVKQP KPVGTPCVKQPCNGLCOCKURQWTUWKXKGFCPUNOWPKXGTUEWNVWTGN

# NOQTKIKPG NG %+5 CXCKV ÃVÃ EQPÁW RQWT UKORNKHKGT NGU ÃEJCPIGU FOKPHQTOCVKQPUGPVTGNGUUQEKÃVÃUFOCWVGWTUGVRCTN´OÄOGTÃFWKTGNGUEQÖVU GV NGU FÃNCKU UWRRQTVÃU RCT EGU UQEKÃVÃU FCPU NGWT IGUVKQP SWQVKFKGPPG

%GRGPFCPV CW XW FG NOKORCEV GZVTCQTFKPCKTG FOKPVGTPGV UWT NGU OQFÂNGU ÃEQPQOKSWGU OQPFKCWZ NG RNCP %+5 QHHTKTC CWZ RNWU FG UQEKÃVÃU OGODTGUFGNC%+5#%WPGDCUGÃXQNWVKXGRQWT FGXGPKT FGU KPVGTOÃFKCKTGU GHHKECEGUFGNCUQEKÃVÃFGNOKPHQTOCVKQP.G%+5NGWTRTQRQUGNGUQWVKNUGVNGU PQTOGUFQPVGNNGUQPVDGUQKPRQWTTGPFTGNGWTTÃRGTVQKTGFKURQPKDNGGPNKIPG GPVQWVGEQPHKCPEG

(6)

3WOGUVEGSWGNG%+5!

.G %+5 UG EQORQUG FG FGWZ GPUGODNGU FOKPUVTWOGPVU SWK QHHTGPV NGU OCVÃTKCWZ EQPUVKVWVKHU PÃEGUUCKTGU ´ NC IGUVKQP PWOÃTKSWG INQDCNG FW FTQKV FOCWVGWT .C RTGOKÂTG EQORQUCPVG FW %+5 UG TCRRQTVG ´ NOKPVÃITCVKQP FOKFGPVKHKCPVU KPVGTPCVKQPCWZ WPKSWGU EGTVKHKÃU +51 GV UVCPFCTFKUÃU FGU WXTGUGVQW FGU RCTVKGU KORNKSWÃGU FCPU NG RTQEGUUWU ETÃCVKH .C UGEQPFG VQWTPG CWVQWT FOWP TÃUGCW FG PGWH DCUGU FG FQPPÃGU OQPFKCNGU QW UQWU U[UVÂOGU 4GRQUCPV UWT FKXGTUGU CRRTQEJGU VGEJPQNQIKSWGU EGU DCUGU VKGPFTQPV NKGW FOCTEJKXGU FGU KPHQTOCVKQPU HCKUCPV CWVQTKVÃ RQWT VQWVGU NGU UQEKÃVÃU%+5#%RCTVKEKRCPVGU

.GDWVFW%+5GUVFGUVCPFCTFKUGTNGURTQEÃFWTGUFOÃEJCPIGFOKPHQTOCVKQP GPVTG NGU UQEKÃVÃU FG NC %+5#% CHKP SWG NC TÃRCTVKVKQP FGU FTQKVU RWKUUG UOGHHGEVWGTFCPUFGOGKNNGWTUFÃNCKUGVRNWUGHHKECEGOGPV'PRGTOGVVCPVCWZ OGODTGU FG TCVKQPCNKUGT NGWTU QRÃTCVKQPU CFOKPKUVTCVKXGU NG U[UVÂOG KORNKSWG FOKORQTVCPVGU ÃEQPQOKGU FOÃEJGNNG NKÃGU ´ NOCWVQOCVKUCVKQP FGU VTCPUCEVKQPU 'P QWVTG NG RNCP %+5 RGTOGVVTC GP QWVTG FG VKTGT RNGKPGOGPV RTQHKV FGU VGEJPQNQIKGU FG VTCÁCIG VTCEMKPI VGNNGU SWG NG OCTSWCIG PWOÃTKSWG YCVGTOCTMKPI QW NG U[UVÂOG FOGORTGKPVG PWOÃTKSWG HKPIGTRTKPVKPIUVTCVÃIKGGPEQTGRNWURTQOGVVGWUG

.O+59%NCPQTOGOWUKECNGFGNC%+5#%TGEQPPWG´NOÃEJGNNGOQPFKCNG

#W EQWTU FG NOÃVÃ NO1TICPKUCVKQP KPVGTPCVKQPCNG FG PQTOCNKUCVKQP +51CTGEQPPWNO+59%+PVGTPCVKQPCN5VCPFCTF/WUKECN9QTMU%QFGEQOOGNG PWOÃTQFOKFGPVKHKECVKQPPQTOCNKUÃRQWTNGUWXTGUOWUKECNGU%GEQFGC[CPV ÃVÃ OKU CW RQKPV RCT NC %+5#% NO+51 C NWK EQPHKÃ NC IGUVKQP FG NO+59%

FÃUKIPCPVNC%QPHÃFÃTCVKQPEQOOGNOCIGPEGFOCFOKPKUVTCVKQPFGU+59%

.CPEÃ GP NO+59% C CKPUK ÃVÃ TGEQPPW EQOOG NC UGWNG PQTOG CW PKXGCWOQPFKCNRQWTNOKFGPVKHKECVKQPFGUWXTGUOWUKECNGUFÃUKIPÃGUQWUNC TÃHÃTGPEG+51%GVVGTGEQPPCKUUCPEGTGRTÃUGPVGWPGÃVCRGOCLGWTGFW RNCP%QOOQP+PHQTOCVKQP5[UVGO

.O+59%RTKPEKRGGVWUCIGU

.OWPFGURTKPEKRGUSWKUQWUVGPFNCUVTCVÃIKGFGNC%+5#%FCPUNGECFTG FW %+5 GUV NOKFGPVKHKECVKQP .C IGUVKQP FGU FTQKVU FGU CWVGWTU TGSWKGTV WPG KFGPVKHKECVKQPUCPUÃSWKXQSWG´EQOOGPEGTRCTNOKFGPVKHKECVKQPFGUWXTGU CTVKUVKSWGU

.O+59%UGTCRRQTVGCWZWXTGUOWUKECNGU&CPUNGECFTGFGEGU[UVÂOG KNGUVRQUUKDNGFOCVVTKDWGT´EJCSWGWXTGOWUKECNGWPPWOÃTQ+51WPKSWG

(7)

FOKFGPVKHKECVKQP ´ NOKOCIG FG NO+5$0 RQWT NGU NKXTGU GV FG NO+550 RQWT NGU OCIC\KPGU7PPWOÃTQ+59%ICTCPVKVSWOWPGWXTGOWUKECNGGUVTGEQPPWG OQPFKCNGOGPV GV SWG UQP WVKNKUCVKQP FQPPGTC NKGW ´ WPG TÃOWPÃTCVKQP 7P PWOÃTQ +59% GUV EQORQUÃ FG EJKHHTGU GV FOWP nEJKHHTG FG EQPVTÏNG

ECNEWNÃ ´ NOCKFG FOWPG HQTOWNG XKUCPV ´ ÃXKVGT VQWVG GTTGWT RCT GZGORNG 6

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2GTOGVVCPV WPG KFGPVKHKECVKQP RNWU RTÃEKUG GV RCT EQPUÃSWGPV WPG OGKNNGWTG TÃOWPÃTCVKQP NO+59% TGORNKV UQP QDLGEVKH RTKPEKRCN DÃPÃHKEKGT CWZ CWVGWTU FOWXTGU OWUKECNGU # VGTOG ITCXÃ GP VCPV SWG OCTSWG ÃNGEVTQPKSWGFCPUWPGPTGIKUVTGOGPV UQPQTGQWCUUQEKÃ´FOCWVTGUPWOÃTQU PQTOCNKUÃU VGNU SWG NO+54% +PVGTPCVKQPCN 5VCPFCTFU 4GEQTFKPI %QFG NO+59%

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(8)

2GTURGEVKXGU

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(9)

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(10)

#FOKPKUVTCVKQPFW%+5

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