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CHQTOCVKQPFGUKPIÃPKGWTUCRTQHQPFÃOGPVEJCPIÃFGRWKUNGFÃDWV FGU CPPÃGU VCPV FCPU UGU EQPVGPWU SWG FCPU UQP QTICPKUCVKQP QW UGU RÃFCIQIKGU #W EQWTU FGU VTGPVG FGTPKÂTGU CPPÃGU VQWU NGU ÃVCDNKUUGOGPVU HQTOCPV FGU KPIÃPKGWTU ÃEQNGU FOKPIÃPKGWTU WPKXGTUKVÃU UEKGPVKHKSWGUGVVGEJPKSWGUQWKPUVKVWVURQN[VGEJPKSWGUQPVEJGTEJôCFCRVGT NGU HQTOCVKQPU CWZ DGUQKPU FOWPG UQEKÃVà GP EQPUVCPVG OWVCVKQP VGPCPV EQORVGFGPQWXGNNGUEQPVTCKPVGU.GURÃFCIQIKGUFGRTQLGVNGUFÃOCTEJGUFG TÃUQNWVKQP FG RTQDNÂOGU NGU ÃEJCPIGU KPVGTPCVKQPCWZ GWTQRÃGPU PQVCOOGPV QPV ÃVà KPVGPUKHKÃU GV NC EQQRÃTCVKQP CXGE NG OQPFG FG NOGPVTGRTKUG NGU UVCIGU FG NQPIWG FWTÃG RCT GZGORNG C ÃVà TGPHQTEÃG .C HQTOCVKQPRCTNCTGEJGTEJGGVNCHQTOCVKQPEQPVKPWGUQPVFGXGPWGUFGUCZGU OCLGWTUFGFÃXGNQRRGOGPVFGUÃEQNGUFOKPIÃPKGWTU

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ÃNGEVTQPKSWG ´ NGWTU EQWTU RQWT UCVKUHCKTG NC FGOCPFG NÃIKVKOG FG NGWTU RTQRTGU ÃVWFKCPVU RQWT CVVKTGT FG PQWXGCWZ nENKGPVU€ GV EQPSWÃTKT FG PQWXGCWZOCTEJÃUHQTOCVKQP´FKUVCPEGHQTOCVKQPVQWVCWNQPIFGNCXKG QW UKORNGOGPV RQWT EQPVKPWGT ´ GZKUVGT GP VCPV SWOKPUVTWOGPVU FG RTQFWEVKQPGVFGFKHHWUKQPFWUCXQKTKPFKURGPUCDNGXKUKDKNKVÃUWTNOKPVGTPGV

&OKORQTVCPVGURNCVGUHQTOGUFGFKHHWUKQPFOKPHQTOCVKQPGVFGEQPPCKUUCPEGU FG PQWXGNNGU WPKXGTUKVÃU XKTVWGNNGU CRRCTCKUUGPV GV UG OWNVKRNKGPV SWK FÃNKXTGPV FGU EQWTU ´ FKUVCPEG FG HCÁQP VTÂU RGTUQPPCNKUÃG CXGE EQOOG QDLGEVKHFGVQWEJGTFOKORQTVCPVUDCUUKPUFGENKGPVÂNG&CPUNGOÄOGVGORU NGU 6+% RÃPÂVTGPV NGU HQTOCVKQPU NGU RNWU VTCFKVKQPPGNNGU GV FQPPGPV NKGW ´ RTQNKHÃTCVKQP FOGZRÃTKGPEGU RÃFCIQIKSWGU NGU RNWU XCTKÃGU 7P CURGEV KPVÃTGUUCPV FG EGVVG TÃXQNWVKQP TÃUKFG GPHKP FCPU NG DQWUEWNGOGPV FGU DCTTKÂTGUSWKGZKUVGPVGPEQTGGPVTGHQTOCVKQPKPKVKCNGGVHQTOCVKQPEQPVKPWG PQWUPQWUKPVÃTGUUQPUFÃUQTOCKU´NCHQTOCVKQPVQWVCWNQPIFGNCXKGGV´NC OKUG ´ LQWT RGTOCPGPVG FGU EQPPCKUUCPEGU FGU SWCNKHKECVKQPU GV FGU EQORÃVGPEGU NC ECTTKÂTG PG RQWXCPV RNWU UG HQPFGT UWT NC DCUG FG NC UGWNG QDVGPVKQPFOWPFKRNÏOG´NO¸IGFGQWCPUOÄOGCESWKUFCPUNGURNWU RTGUVKIKGWUGUKPUVKVWVKQPU

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.CITCPFGOCLQTKVÃFGUÃVCDNKUUGOGPVUFOGPUGKIPGOGPVUWRÃTKGWTHTCPÁCKU QW ÃVTCPIGTU GV PQVCOOGPV NGU HQTOCVKQPU FOKPIÃPKGWTU QPV TGEQWTU CWZ VGEJPQNQIKGU FG NOKPHQTOCVKQP GV FG NC EQOOWPKECVKQP RQWT NGWTU FKXGTUGU CEVKXKVÃU FOGPUGKIPGOGPV FG TGEJGTEJG FG EQOOWPKECVKQP QW FG FKHHWUKQP FGEQPPCKUUCPEGU

#W EQWTU FGU EKPS FGTPKÂTGU CPPÃGU PQODTG FOÃEQNGU FOKPIÃPKGWTU GV FOWPKXGTUKVÃU UEKGPVKHKSWGU GV VGEJPKSWGU QPV OKU NOCEEGPV UWT NG FÃXGNQRRGOGPVKPVGPUKHGVEQNNGEVKHFGUWUCIGUFGNOKPVGTPGVFGUVGEJPQNQIKGU PWOÃTKSWGU GP TÃUGCW GV FGU HQPEVKQPPCNKVÃU CUUQEKÃGU #KPUK NC IÃPÃTCNKUCVKQP TCRKFG GV XQNQPVCTKUVG FGU 6+% UOGUV VTCFWKVG RCT NG TGEQWTU U[UVÃOCVKSWG ´ NC OGUUCIGTKG ÃNGEVTQPKSWG GV CWZ HQTWOU FOÃEJCPIG GV FG FKUEWUUKQPNGUÃVWFKCPVUUGOQPVTGPVUQWXGPVRNWUFÃVGTOKPÃUGPNCOCVKÂTG SWG NGWTU GPUGKIPCPVU 6QWVGU NGU HQTOCVKQPU FOKPIÃPKGWTU QPV FÃXGNQRRÃ NGWTU UKVGU YGD FG RNWU GP RNWU TKEJGU GP TGUUQWTEGU KPHQTOCVKQPPGNNGU QW RÃFCIQIKSWGU .GU GZRÃTKGPEGU FG TGEQWTU CWZ 6+% FCPU NC HQTOCVKQP FGU KPIÃPKGWTU UGNQP FGU RTKPEKRGU QW FGU UEJÃOCU NGU RNWU XCTKÃU UG UQPV OWNVKRNKÃGUCXGEWPUWEEÂUOKVKIÃFOCDQTFRNWUCUUWTÃFÃUQTOCKUOÄOGUOKN GUV GPEQTG FKHHKEKNG FG VKTGT WP DKNCP UÃTKGWZ FG VQWVGU EGU TÃCNKUCVKQPU QW GZRÃTKOGPVCVKQPU+NGUVCWLQWTFOJWKGPXKUCIÃFGIÃPÃTCNKUGTEGURTCVKSWGUGV

(3)

UWTVQWVFGRQUKVKQPPGTNGUÃVCDNKUUGOGPVUFGHCÁQPPQWXGNNGRCTTCRRQTV´EG SWG RGTOGVVGPV NGU 6+% GP OCVKÂTG FG EQPSWÄVG FG PQWXGCWZ OCTEJÃU FG HQTOCVKQPFGNOGPUGKIPGOGPV´FKUVCPEGUWTEGTVCKPUETÃPGCWZURÃEKHKSWGU´

NCFKHHWUKQPFGNOKPHQEQPPCKUUCPEGXKCNGUXGEVGWTUÃNGEVTQPKSWGUPQWXGCWZQW GPEQTG ´ NC RCTVKEKRCVKQP FGU ÃEQNGU FOKPIÃPKGWTU CWZ RNCVGUHQTOGU ÃFWECVKXGUPCVKQPCNGUQWKPVGTPCVKQPCNGUGPÃOGTIGPEG

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RQWT TGRGPUGT NGWTU FKURQUKVKHU FG HQTOCVKQP RQWT CWVCPV NGU TÃCNKUCVKQPU EQPEGTPÃGU PG UQPV RCU VQWLQWTU NGU RNWU KPVÃTGUUCPVGU FW RQKPV FG XWG RÃFCIQIKSWG NG LGW CXGE NOQWVKN GV NGU UKOWNCVKQPU PWOÃTKSWGU RTGPCPV UQWXGPV NG RCU UWT NC TÃHNGZKQP TGNCVKXG CW UGPU GV CWZ OQFCNKVÃU FG NC HQTOCVKQP2QWTNGUCWVTGUÃVCDNKUUGOGPVUFQPVNCEWNVWTGFGDCUGPOGUVRCU CRTKQTK EGNNG FGU 6+% IÃPKG EKXKN IÃPKG EJKOKSWG GPXKTQPPGOGPV RCT GZGORNGNGU VGEJPQNQIKGU PG RGWXGPV RCU ÄVTG EQPUKFÃTÃGU EQOOG WPG HKP GP UQK NGU GZRÃTKGPEGU COÂPGPV CNQTU ´ UG TGEGPVTGT UWT NOGUUGPVKGN FG NC HQTOCVKQPEOGUV´FKTGUWTNCFÃOCTEJGFOCRRTGPVKUUCIGFGUKPFKXKFWUGVFGU ITQWRGU&CPUNGUFGWZECUVQWVGHQKUNOÃOGTIGPEGFGU6+%FCPUNGSWQVKFKGP FGU KPUVKVWVKQPU HQTOCPV FGU KPIÃPKGWTU FQPPG WPG GZEGNNGPVG QEECUKQP FG UOKPVGTTQIGT´NCHQKUUWTNGUOKUUKQPUNGU UGTXKEGU GV NG HQPEVKQPPGOGPV FGU ÃVCDNKUUGOGPVU GV UWT NC RQUKVKQP FG EGWZEK FCPU NG EQPEGTV FGU ITCPFU TÃUGCWZ PCVKQPCWZ QW KPVGTPCVKQPCWZ SWK FÃXGNQRRGTQPV GV FKHHWUGTQPV NOKPHQTOCVKQP URÃEKCNKUÃG GV NC EQPPCKUUCPEG FCPU NG ECFTG FOWPG UQEKÃVÃ FG NOKPVGNNKIGPEGOQFGTPGQWXGTVGGVOQPFKCNG

+NEQPXKGPVVQWVGHQKUFOKPFKSWGTFÂU´RTÃUGPVSWGNGEJGOKP´RCTEQWTKT RQWT CVVGKPFTG NG PKXGCW FOGZEGNNGPEG GV FG EQORÃVKVKXKVÃ CWSWGN UQPV RCTXGPWGU UWT EG VGTTCKP EGTVCKPU ITCPFGU WPKXGTUKVÃU GWTQRÃGPPGU COÃTKECKPGU QW CWUVTCNKGPPGU QW FGU EQPUQTVKWOU FOÃVCDNKUUGOGPVU UGTC NQPI GV XTCKUGODNCDNGOGPV UKPWGWZ .GU FÃOCTEJGU DWVGPV UWT FG TÃGNNGU

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FKHHKEWNVÃUSWKRQWTNOGUUGPVKGNPGUQPVRCUTÃGNNGOGPVFOQTFTGVGEJPQNQIKSWG GPEQTG SWOGNNGU GZKUVGPV GV SWOKNU PG HCWV RCU NGU OKPKOKUGT OCKU RNWU FG PCVWTG EWNVWTGNNG NGU OGPVCNKVÃU PG UQPV RCU VQWLQWTU RTÄVGU ´ ÃXQNWGT NGU HQTOCVGWTUVTCFKVKQPPGNUOCPSWGPVETWGNNGOGPVFGEQORÃVGPEGUGPOCVKÂTG FGOCÉVTKUGFGU6+%KN[CFGUFKHHKEWNVÃURQWTFÃHKPKTGVOGVVTGGPWXTGFG TÃGNNGUUVTCVÃIKGUFOÃXQNWVKQPTWRVWTGRCTTCRRQTVCWZOQFÂNGUVTCFKVKQPPGNU FG HQTOCVKQP 'PHKP NC SWGUVKQP FGU KPXGUVKUUGOGPVU ÃEQPQOKSWGU ´ EQPUGPVKT GUV RQUÃG CKPUK SWG EGNNG FG NC FÃHKPKVKQP FOWP PQWXGCW OQFÂNG ÃEQPQOKSWGFOQTICPKUCVKQPFGNCHQTOCVKQP

.GUEQPEGRVUGVOQVUENÃUNGU6+%FCPUGVRQWTNCHQTOCVKQP

.OWUCIG FGU VGEJPQNQIKGU FG NOKPHQTOCVKQP FCPU NC HQTOCVKQP FGU KPIÃPKGWTU POGUV RCU PQWXGCW 0QWU RQWTTKQPU OGPVKQPPGT FOÃVQPPCPVGU GZRÃTKGPEGURÃFCIQIKSWGUTÃCNKUÃGU´NO'EQNGFGU2QPVUGV%JCWUUÃGUFCPUNGU CPPÃGU´CXGEWPTGEQWTUKPPQXCPV´NCNKVJQITCRJKGGVRNWUVCTF FCPU NGU CPPÃGU CXGE NOWVKNKUCVKQP FG NC RJQVQITCRJKG RQWT NC HQTOCVKQPFGUKPIÃPKGWTU&GRWKUWPGDQPPGXKPIVCKPGFOCPPÃGUPQODTGWZ QPV ÃVÃ NGU URÃEKCNKUVGU FG NOÃFWECVKQP SWK UG UQPV RGPEJÃU UWT NOCRRQTV FG EGTVCKPGUVGEJPQNQIKGUFOKPHQTOCVKQPGVFGEQOOWPKECVKQPFGNOCWFKQXKUWGN ÃFWECVKH´NOGPUGKIPGOGPVCUUKUVÃRCTQTFKPCVGWTGVNGOKNKGWFGUHQTOCVKQPU FOKPIÃPKGWTUCNCTIGOGPVRTKURCTV´EGVVGTÃHNGZKQPEQNNGEVKXG#WLQWTFOJWK NGFÃXGNQRRGOGPVTCRKFGGVKPVGPUKHFGUWUCIGUFOKPVGTPGVFWOWNVKOÃFKCGV FOCWVTGUQWVKNUFGITQWRYCTGXKGPVTGPQWXGNGTEGVVGTÃHNGZKQPGVEGVVGCEVKQP FOKPPQXCVKQPRÃFCIQIKSWG

.GUEQPHÃTGPEGUKPVGTPCVKQPCNGUEQPUCETÃGUCWZPQWXGNNGUCRRTQEJGUFGNC HQTOCVKQP FGU KPIÃPKGWTU XKC NGU 6+% UG UQPV OWNVKRNKÃGU CW EQWTU FGU FKZ FGTPKÂTGU CPPÃGU %#'' %QORWVGT #KFGF 'PIKPGGTKPI 'FWECVKQP %#.+5%'

%QORWVGT #KFGF .GCTPKPI KP 5EKGPEG CPF 'PIKPGGTKPI 47(+5 4QNG QH 7PKXGTUKVKGUKPVJG(WVWTG+PHQTOCVKQP5QEKGV[06+%(0QWXGNNGUVGEJPQNQIKGU FOKPHQTOCVKQP GV FG EQOOWPKECVKQP RQWT NC HQTOCVKQP GVE %GU FKXGTUGU EQPHÃTGPEGU EQOOG CWUUK NGU OWNVKRNGU TCRRQTVU RTQFWKVU UWT NG UWLGV OQPVTGPVSWGNGUGZRÃTKGPEGUQWTÃCNKUCVKQPUUGFÃXGNQRRGPVFCPUFKHHÃTGPVU EJCORU QW FQOCKPGU ´ RCTVKT FGUSWGNU UG FÃICIGPV WP GPUGODNG FG EQPEGRVUGVFGOQVUENÃUKPVÃTGUUCPVU

LNOGPUGKIPGOGPVGVNOCRRTGPVKUUCIGCUUKUVÃURCTQTFKPCVGWTEQORWVGTCKFGF VGCEJKPI NGCTPKPI QT GFWECVKQP UQPV VTÂU FÃXGNQRRÃU FCPU NG FQOCKPG FGU QWVKNUFGOQFÃNKUCVKQPGVFGNCUKOWNCVKQPFGRWKUNGOKNKGWFGUCPPÃGU EGVVG VJÃOCVKSWG TGXKGPV EQPUVCOOGPV FCPU NGU HQTOCVKQPU FOKPIÃPKGWTU RTÃFKURQUÃGU´TGEQWTKTCWZOQFÂNGUOCVJÃOCVKSWGUGVKPHQTOCVKSWGUGVNGU

(5)

EQPHÃTGPEGU KPVGTPCVKQPCNGU OGPVKQPPÃGU RTÃEÃFGOOGPV UG EQPEGPVTGPV FOCDQTFUWTGNNGFCPUNCFGTPKÂTGFÃEGPPKG

LNGUEQWTUÃNGEVTQPKSWGUGVNGUFKFCEVKEKGNUEQWTUGTYCTGUUGOWNVKRNKGPVFG HCÁQP SWCUKOGPV UCWXCIG CWLQWTFOJWK UWT NG YGD OCKU GZKUVGPV CWUUK UQWU HQTOGFGEÃFÃTQOUEQOOGTEKCNKUÃUQWNKDTGOGPVFKHHWUÃU

LNOCWVQHQTOCVKQP GV NOCWVQCRRTGPVKUUCIG UGNHGFWECVKQP UGNHNGCTPKPI TGFGXKGPPGPV UWDKVGOGPV FOCEVWCNKVÃ FW HCKV FG NC ITCPFG UQWRNGUUG QHHGTVG RCTNGU6+%GVRCTWPTGEGPVTCIGUWTNCFÃOCTEJGFOCRRTGPVKUUCIGCWVQPQOG RGTUQPPCNKUÃGRCTQRRQUKVKQP´FGUCRRTQEJGUVTCFKVKQPPGNNGUGZENWUKXGOGPV CZÃGUUWTNOCEVGFOGPUGKIPGOGPV

LNCHQTOCVKQPQWFGNOGPUGKIPGOGPV´FKUVCPEGFKUVCPEGGFWECVKQPCXGENC OKUGGPRNCEGFGUVTWEVWTGUNQWTFGU%0'&1RGP7PKXGTUKVKGUGVEFQPVNG OCTEJÃPGEGUUGFGETQÉVTGCWLQWTFOJWK

LNC HQTOCVKQP QW NOCRRTGPVKUUCIG QWXGTVG GV HNGZKDNG QRGP CPF HNGZKDNG NGCTPKPIOGVNOCEEGPVUWTNCFKXGTUKVÃFGUnTQWVGUFOCEEÂU€´NCEQPPCKUUCPEG GV´NCEQORÃVGPEGVCPVCWPKXGCWFGUKPFKXKFWUSWO´EGNWKFGUITQWRGUQW EQOOWPCWVÃUCRRTGPCPVGU

LNC HQTOCVKQP CUUKUVÃG RCT NG OWNVKOÃFKC OGFKCVGF GFWECVKQP GUV WPG HQTOGRNWUCXCPEÃGFGNCHQTOCVKQPCUUKUVÃGRCTNOQTFKPCVGWT

LNC HQTOCVKQP GVQW NOCRRTGPVKUUCIG CU[PEJTQPG CU[PEJTQPQWU NGCTPKPI EQPUKFÂTG WPG PQWXGNNG HCÁQP FOGPXKUCIGT NG VGORU FG NC HQTOCVKQP RQWT NOKPFKXKFW EQOOG RQWT NG ITQWRG GP LQWCPV UWT FGU PQWXGNNGU UVTWEVWTCVKQPUVGORQTGNNGUFGUOQFCNKVÃUFGHQTOCVKQPQWFOCRRTGPVKUUCIG

LNC HQTOCVKQP KPVGTCEVKXG KPVGTCEVKXG NGCTPKPI OGV NOCEEGPV UWT NGU RTQEGUUWUEQNNGEVKHUFOCRRTGPVKUUCIGGVFGHQTOCVKQP

LNCHQTOCVKQPEQQRÃTCVKXGEQQRGTCVKXGNGCTPKPIGFWECVKQPGUVDCUÃGUWTNGU KPVGTCEVKQPUGPVTGFKHHÃTGPVUITQWRGUFGRGTUQPPGUCRRTGPCPVUGPUGKIPCPVU VWVGWTUGVENGUQWVKNUFGITQWRYCTGNOKPVTCPGVGVNGUHQTWOUÃNGEVTQPKSWGU EQPFWKUGPV ´ OGVVTG GP RNCEG FG PQWXGNNGU EQOOWPCWVÃU CRRTGPCPVGU ´ IÃQOÃVTKGUXCTKCDNGUEQNNGEVKEKGNUFOCRRTGPVKUUCIG

LNGUXKXKGTUFGEQPPCKUUCPEGUQWDCUGUFGFQPPÃGUÃFWECVKXGUMPQYNGFIG RQQNU UQPV EQPÁWU EQOOG FGU KPUVTWOGPVU FG ECRKVCNKUCVKQP FG OKUG GP EQOOWP GV FOCEEÂU QWXGTV ´ FG OWNVKRNGU TGUUQWTEGU ÃFWECVKXGU RTQFWKVGU RCT FGU EGPVCKPGU FG RTQFWEVGWTU KPUVKVWVKQPPGNU CEEGRVCPV FG TGURGEVGT EGTVCKPU UVCPFCTFU EQOOWPU FG FÃHKPKVKQP FGU n DTKSWGU € RÃFCIQIKSWGU NOCEVKQPKPVGTPCVKQPCNGFÃXGNQRRÃGCWVQWTFWRTQLGV#4+#&0'RCTGZGORNG TGHNÂVG DKGP CWLQWTFOJWK NOKORQTVCPEG FG EG EQWTCPV SWK RTKXKNÃIKG NC TÃWVKNKUCVKQP OCZKOCNG FGU TGUUQWTEGU ÃFWECVKXGU FCPU WP EQPVGZVG FG RCTVGPCTKCVNCTIG

(6)

LNGURNCVGUHQTOGUFOGPUGKIPGOGPVQWÃFWECVKXGUGFWECVKQPCNRNCVHQTOUGV U[UVÂOGUFG FKHHWUKQP FKUVTKDWVGF NGCTPKPI GPXKTQPOGPVU TGPFGPV RQUUKDNG NC FKHHWUKQP NCTIG GV OQPFKCNG FOKPHQTOCVKQPU GV FG EQPPCKUUCPEGU RQWT NGU UEKGPEGUFGNOKPIÃPKGWTNGFKURQUKVKHGWTQRÃGP'WTQRCEGEQOOGÃICNGOGPVNG RTQLGV (CEKNG RGWXGPV ÄVTG EKVÃU EQOOG FGU OQFÂNGU FG FÃXGNQRRGOGPV FG VGNNGU RNCVGUHQTOGU RQWT NGU HQTOCVKQPU KPKVKCNGU QW EQPVKPWGU FGU KPIÃPKGWTU

LGVHKPCNGOGPVNGUWPKXGTUKVÃUXKTVWGNNGUXKTVWCNWPKXGTUKVKGURGWXGPVÄVTG FG FKHHÃTGPVU V[RGU GV RQWT FKHHÃTGPVU QDLGEVKHU GV UGIOGPVU FG OCTEJÃ WPKXGTUKVÃ XKTVWGNNG HTCPEQRJQPG FG NO#WRGNH WPKXGTUKVÃ XKTVWGNNG CHTKECKPG UQWVGPWG RCT NO7PGUEQ GV NC $CPSWG OQPFKCNG 9GUVGTP )QXGTPQTU 7PKXGTUKV[ CWZ 'VCVU7PKU HÃFÃTCPV NGU HQTEGU FG FKHHÃTGPVGU WPKXGTUKVÃU VTCFKVKQPPGNNGU GVE &CPU WP EQPVGZVG ÃICNGOGPV OQPFKCN NC (/1+

(ÃFÃTCVKQP OQPFKCNG FGU QTICPKUCVKQPU FOKPIÃPKGWTU VTCXCKNNG ´ WP RTQLGV UQWVGPW RCT NO7PGUEQ NO7PGR GV NC $CPSWG OQPFKCNG XKUCPV ´ ETÃGT WPG

$KDNKQVJÂSWG XKTVWGNNG RQWT NC HQTOCVKQP FGU KPIÃPKGWTU CW FÃXGNQRRGOGPV FWTCDNG

.GUFKHHÃTGPVUPKXGCWZFOKORNKECVKQPFGUÃVCDNKUUGOGPVU

5K NOQP EJGTEJG ´ EGTPGT NG FGITÃ FOKORNKECVKQP FGU ÃVCDNKUUGOGPVU FCPU NOCRRTQRTKCVKQP F[PCOKSWG GV EQNNGEVKXG FGU 6+% KN GUV RQUUKDNG FOKFGPVKHKGT WPG V[RQNQIKG ITQUUKÂTG FGU FÃXGNQRRGOGPVU CEVWGNU GP OCVKÂTG FG EQWTU ÃNGEVTQPKSWGU GV FOWPKXGTUKVÃU XKTVWGNNGU RQWT NG FQOCKPG FGU HQTOCVKQPU FOKPIÃPKGWTU

6[RGFGUVTWEVWTG 5VTCVÃIKG6+% 4ÃRQPUGU

'VCDNKUUGOGPV

VTCFKVKQPPGN 2CUFGUVTCVÃIKG +PKVKCVKXGUKPFKXKFWGNNGU EQWTUGPNKIPGGVE 'VCDNKUUGOGPV

VTCFKVKQPPGN 'ZRÃTKOGPVCVKQPEQNNGEVKXG 5QWVKGPKPUVKVWVKQPPGN CWZRTQLGVUKPFKXKFWGNU 'VCDNKUUGOGPV

VTCFKVKQPPGNGV UVTWEVWTGCFJQE

+PPQXCVKQPKPUVKVWVKQPPGNNG

PQWXGNNGUHQTOCVKQPU 2NCVGUHQTOGUFGFKHHWUKQP XKXKGTUFGEQPPCKUUCPEGU 0QWXGNNG

QTICPKUCVKQP %QPSWÄVGFWOCTEJÃ

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(7)

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(8)

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(9)

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(10)

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(11)

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(12)

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(13)

FOQDUGTXCVKQPU ´ NGWTU EQNNÂIWGU CNQTU SWG NOGPUGKIPCPV RGWV CUUWTGT GP HKPCN WPG CWVTG HQTOG FG EQPUQNKFCVKQP FG NC EQPPCKUUCPEG ´ RCTVKT FGU ÃEJCPIGU GPVTG ÃVWFKCPVU %G VWVQTCV ÃNGEVTQPKSWG RGTOGV CWUUK FOCUUQEKGT RNWU CKUÃOGPV FGU KPIÃPKGWTU QW RTQHGUUKQPPGNU GP GZGTEKEG FCPU NOGPECFTGOGPVQWNOCEEQORCIPGOGPVFGITQWRGUFOÃVWFKCPVUEGSWKPGRGWV SWG EQPVTKDWGT ´ TGRQWUUGT VTÂU NQKP NGU HTQPVKÂTGU FW VGTTKVQKTG ÃFWECVKH ´ FÃUGPENCXGT NGU FKURQUKVKHU FG HQTOCVKQP GV ´ NWVVGT EQPVTG EGTVCKPU EQTRQTCVKUOGUCECFÃOKSWGUUVÃTKNKUCPVU

.GU 6+% TGPFGPV RQUUKDNGU FG PQWXGNNGU KPVGTCEVKQPU GPVTG FKHHÃTGPVU KPFKXKFWU GV ITQWRGU FG RGTUQPPGU .GU EQNNGEVKEKGNU FOCRRTGPVKUUCIG NGU HQTWOU ÃNGEVTQPKSWGU NC OGUUCIGTKG NG VWVQTCV ÃNGEVTQPKSWG NGU WPKXGTUKVÃU XKTVWGNNGU UQPV NOQEECUKQP FG RGPUGT NC HQTOCVKQP EQOOG WPG EQPUVTWEVKQP RGTOCPGPVGFGUCXQKTURGTUQPPGNUQWEQNNGEVKHU´VTCXGTUNGLGWFGFKHHÃTGPVGU KPVGTCEVKQPU GPVTG FGU ITQWRGU FG RGTUQPPGU FGU CRRTGPCPVU ÃVWFKCPVU ÃEJCPIGPV GPVTG GWZ QW CXGE FGU ITQWRGU FG RGTUQPPGU TGUUQWTEGU GPUGKIPCPVU VWVGWTU GVE %GU GZRÃTKGPEGU QPV NOCXCPVCIG FG PG RCU OQDKNKUGT FG NQWTFGU TGUUQWTEGU VGEJPKSWGU QW FOGPICIGT FOKORQTVCPVU KPXGUVKUUGOGPVU GP EQPEGRVKQP FG RTQITCOOGU ÃFWECVKHU &CPU WPG HQTOCVKQP HTCPÁCKUG FOKPIÃPKGWTU GP CITQPQOKG NOQDLGEVKH CUUKIPÃ CWZ ITQWRGUFOÃVWFKCPVUEQPUKUVG´NGWTHCKTGTÃCNKUGTWPUKVGYGDTGNCVKHCWEQWTU FKURGPUÃEGUKVGEQPUVKVWCPVWPGUQTVGFGLQWTPCNFOCRRTGPVKUUCIGRTQITGUUKH GVEQNNGEVKHCXGEKPVGTCEVKQPUOWNVKRNGUGPVTGITQWRGUFOÃVWFKCPVUGPUGKIPCPVU GVGZRGTVUGZVÃTKGWTU´NOKPUVKVWVKQP

%G FGTPKGT GZGORNG FÃOQPVTG GPEQTG SWG NGU 6+% PG UQPV RCU WPKFKTGEVKQPPGNNGUGVSWOGNNGUEQPFWKUGPV´TGOGVVTGGPECWUGNGVTCFKVKQPPGN UEJÃOC FG EQOOWPKECVKQP RÃFCIQIKSWG OCÉVTG→ÃNÂXG .OKPFKXKFW QW NG ITQWRGTGFGXKGPVNWKOÄOGRTQFWEVGWTFOKPHQTOCVKQPUGVFGEQPPCKUUCPEGU GVRGWVÃEJCPIGTGVXCNKFGTUGURTQRTGURTQFWEVKQPUCXGEFOCWVTGURGTUQPPGU QW ITQWRGU %GVVG KORNKECVKQP FGU CRRTGPCPVU FCPU NC RTQFWEVKQP GV NOÃEJCPIGFGTGUUQWTEGULQWGUÃTKGWUGOGPVUWTNCOQVKXCVKQPFGUKPFKXKFWU

2CT CKNNGWTU NGU 6+% RGTOGVVGPV FOCUUWTGT NC ECRKVCNKUCVKQP FGU EQPPCKUUCPEGU GV FGU CESWKU 0QWU RQWXQPU CKFGT NGU ÃVWFKCPVU GV NGU ITQWRGUFOÃVWFKCPVU´EQPUVKVWGT´UVTWEVWTGTGV´FÃXGNQRRGTNGWTURTQRTGU DCUGU FG FQPPÃGU GV FG EQPPCKUUCPEGU GV EGNC FG HCÁQP RTQITGUUKXG .GU VTCXCWZHCKVUWPGCPPÃGRCTNGUÃVWFKCPVU RGWXGPV ÄVTG CKUÃOGPV EQPUGTXÃU ECRKVCNKUÃUGVRQWTUWKXKUGPTKEJKUNGUCPPÃGUUWKXCPVGU%OGUVCKPUKSWGFCPU WPGWPKXGTUKVÃKVCNKGPPGUG EQPUVKVWG GV UG FÃXGNQRRG CW HKN FGU CPPÃGU WP XÃTKVCDNG EQWTU ÃNGEVTQPKSWG EQNNGEVKH FCPU NG FQOCKPG FG NC OÃECPKSWG CNKOGPVÃGPRGTOCPGPEGRCTNGUCRRQTVUFGUÃVWFKCPVUGPKPVGTCEVKQPCXGENGU GPUGKIPCPVU

(14)

'PHKPPQWURQWXQPUOGPVKQPPGTNGHCKVSWGNGUPQWXGNNGUVGEJPQNQIKGUFG NOKPHQTOCVKQP RGTOGVVGPV FOGPXKUCIGT WPG XÃTKVCDNG EQPVKPWKVÃ FCPU NGU RTQEGUUWU FOCRRTGPVKUUCIG GV FG HQTOCVKQP .GU ÃVWFKCPVU RGWXGPV GP RGTOCPGPEGGPTKEJKTNGWTUDCUGUFGFQPPÃGUGVFGEQPPCKUUCPEGRGTUQPPGNNGU GV EGNC OÄOG CRTÂU NC UQTVKG FG NOWPKXGTUKVÃ #KPUK RGWVQP RNWU HCEKNGOGPV KOCIKPGT WPG CTVKEWNCVKQP LWFKEKGWUG GPVTG HQTOCVKQP KPKVKCNG GV HQTOCVKQP EQPVKPWÃGVQWVCWNQPIFGNCXKG´VTCXGTUWPGEGTVCKPGWPKEKVÃFGIGUVKQPFGU UWRRQTVUFOKPHQTOCVKQPUGVFGEQPPCKUUCPEGUFKURQPKDNGU

.GU6+%GVNCFKOGPUKQPJWOCKPGFGNCHQTOCVKQP

+N GUV UQWXGPV HCKV CNNWUKQP CW TKUSWG PQVCOOGPV FG FÃUJWOCPKUCVKQP SWG RTÃUGPVG NOKPVTQFWEVKQP FGU 6+% FCPU NC HQTOCVKQP FGU KPIÃPKGWTU .GU 6+% XQPV OQFKHKGT NGU TCRRQTVU GPVTG GPUGKIPCPVU GV GPUGKIPÃU GPVTG HQTOCVGWTUGVCRRTGPCPVUOCKURCUPÃEGUUCKTGOGPVFCPUNGUGPUFOWPGRGTVG FOJWOCPKVÃFCPUNOCEVGFGVTCPUHGTVFGUCXQKTGVFGUCXQKTHCKTG

%GSWKCRRCTCÉVENCKTGOGPVWPRGWRCTVQWVQÔUGFÃXGNQRRGPVNGUWUCIGU KPVGPUKHU FGU 6+% EOGUV SWG NOCRRTQEJG VTCFKVKQPPGNNG HQTVGOGPV EGPVTÃG UWT NOGPUGKIPGOGPVVGCEJKPIUOGUVQORGCWRTQHKVFGFÃOCTEJGURNWUPGVVGOGPV QTKGPVÃGU UWT NOCRRTGPCPV GV UC NKDGTVÃ FOCRRTGPVKUUCIG NGCTPKPI %GNC EQPFWKV´RCTNGTFGHQTOCVKQPRGTUQPPCNKUÃGFGHQTOCVKQPQWXGTVGCFCRVÃG GVHNGZKDNG

&CPU EG EQPVGZVG NOÃVWFKCPVCRRTGPCPV CEEÂFG RCT NWKOÄOG ´ FGU UQWTEGU QW TGUUQWTEGU SWK NWK UQPV TGEQOOCPFÃGU QW SWOKN VTQWXG RCT NWK OÄOGEQOOGSWCPFKNHTÃSWGPVGWPGDKDNKQVJÂSWG+NEQPUVTWKVUGURTQRTGU RTQITGUUKQPU GP EQPPCKUUCPEG GV SWCNKHKECVKQP QP RCTNG CWLQWTFOJWK FG RÃFCIQIKGUEQPUVTWEVKXKUVGU.GTÏNGFWHQTOCVGWTFGXKGPVGUUGPVKGNPQPRCU FCPU NC HQWTPKVWTG FOKPHQTOCVKQPU GV FG DTKSWGU FG UCXQKT NOGPUGKIPGOGPV VTCFKVKQPPGN GP UCNNG FG EQWTU OCKU RNWVÏV FCPU NOCEEQORCIPGOGPV FG NOCRRTGPCPVFCPUUGURTQITGUUKQPUGVUGUEQPUQNKFCVKQPUQWUVTWEVWTCVKQPUFG EQPPCKUUCPEGU

&CPU EG EQPVGZVG VQWU NGU GZRGTVU TGEQPPCKUUGPV WPCPKOGOGPV NC RTQHQPFGOWVCVKQPFWTÏNGFGNOGPUGKIPCPVGVNOKPFKURGPUCDNGEQPVTKDWVKQPFW HQTOCVGWTVWVGWT FGXGPWG PÃEGUUCKTG RCT WP CRRQTV ÃXKFGPV FG NOWUCIG FGU 6+%

#WUUKNGU6+%EJCPIGPVRTQHQPFÃOGPVNGUTCRRQTVUCWUGKPFGUITQWRGU FOÃVWFKCPVU QW EQOOWPCWVÃU FOCRRTGPCPVU 'P GHHGV NGU nEQNNGEVKEKGNU FOCRRTGPVKUUCIG€ OKU GP RNCEG CXGE UWEEÂU RCT NOWPKXGTUKVà FW 3WÃDGE VÃOQKIPGPV FOCRRTQEJGU PQWXGNNGU FG EQHQTOCVKQP &G OÄOG NGU

(15)

GZRÃTKGPEGU QTKIKPCNGU GP HQTOCVKQP EQPVKPWG FÃXGNQRRÃGU GP 5WÂFG QW GP (KPNCPFG UWT NC DCUG FG nITQWRGU XKTVWGNU FOCRRTGPVKUUCIG€ OÃTKVGPV TÃHNGZKQP.GVWVQTCVÃNGEVTQPKSWGNOWUCIGKPVGPUKHFWEQWTTKGTGVFGUHQTWOU ÃNGEVTQPKSWGU GP HQTOCVKQP NGU EQOOWPCWVÃU CRRTGPCPVGU XKTVWGNNGU ´ IÃQOÃVTKGU XCTKCDNGU FGXKGPPGPV FGU TÃCNKVÃU SWQVKFKGPPGU FCPU FG PQODTGWZ NKGWZ FG HQTOCVKQP TÃCNKVÃU RQWT NGUSWGNNGU QP FKURQUG CWLQWTFOJWK FOÃXCNWCVKQPU VTÂU KPVÃTGUUCPVGU .C FKOGPUKQP JWOCKPG FW RTQEGUUWUFOCRRTGPVKUUCIGGPUQTVTGPHQTEÃGUCPURQWTCWVCPVUWRRTKOGTVQWV FKURQUKVKHRÃFCIQIKSWGTGEQWTCPVCWnRTÃUGPVKGN€

.GUQDUVCENGUGVNGUFKHHKEWNVÃUTGPEQPVTÃU

.GUGZRÃTKGPEGUGVTÃCNKUCVKQPUHCKVGUFCPUNGUFKXGTUGUÃEQNGUFOKPIÃPKGWTU OQPVTGPVDKGPSWGUKNOQPRTQITGUUGGPIÃPÃTCNCUUG\XKVGXGTUWPWUCIGRNWU U[UVÃOCVKSWGFGU 6+% FCPU NC HQTOCVKQP FG PQODTGWZ GV UÃTKGWZ QDUVCENGU UWDUKUVGPV #KPUK TGNÂXGVQP IÃPÃTCNGOGPV WP OCPSWG FOKPHQTOCVKQP GV FG EQPPCKUUCPEGUWTNGUGZRÃTKGPEGU QW TÃCNKUCVKQPU GZKUVCPVGU GV WP PKXGCW FG VTCPUHGTV GV FG FKHHWUKQP FGU CESWKU TGNCVKXGOGPV HCKDNG NGU CRRTQEJGU EQNNGEVKXGU SWK RGTOGVVTCKGPV FG RTQITGUUGT RNWU XKVG GV RNWU GHHKECEGOGPV TGUVGPVGPEQTGCUUG\TCTGU

&OCWVTGRCTVQPQDUGTXGWPTÃGNUEGRVKEKUOGFWOQPFGGPUGKIPCPVSWCPV CWZDÃPÃHKEGUSWGRGWXGPVRTQEWTGTNGU6+%GVWPGECTGPEGUÃTKGWUGFCPUNC UGPUKDKNKUCVKQP GV NC HQTOCVKQP FGU GPUGKIPCPVU VTCFKVKQPPGNU GP EG SWK EQPEGTPG NOWUCIG FGU 6+% EQWRNÃG CXGE FGU GHHGVU FG FKURCTKVÃ FCPU NC OCÉVTKUGFGUQWVKNUKPHQTOCVKSWGUUGNQPNGUIÃPÃTCVKQPUGVNGUEWNVWTGU

+N[CWPOCPSWGFOÃSWKRGOGPVUCRRTQRTKÃUGPEGSWKEQPEGTPGVCPVNGU OQ[GPU EQNNGEVKHU UGTXGWTU TÃUGCWZ GVE SWG NGU RQUVGU KPFKXKFWGNU FG VTCXCKNQWEQPUWNVCVKQPQWGPEQTGNGURTQFWKVUNQIKEKGNUWVKNGU

.GRTQDNÂOGGUVRNWUITCXGGPEQTGGPEGSWKEQPEGTPGNCOCKPVGPCPEGFG EGU OQ[GPU PQWXGCWZ VTÂU GZKIGCPVU EQPUQOOCVGWTU FG EQORÃVGPEGU VGEJPKSWGU CXCPEÃGU EGTVCKPU RCTNGPV CWLQWTFOJWK FG nETKUG FGU NQIKUVKSWGU€ RQWT NOGPUGKIPGOGPV UWRÃTKGWT HCEG ´ NOGZRNQUKQP FGU FÃXGNQRRGOGPVUFGUWUCIGUFGU6+%

.GU TGURQPUCDNGU FGU ÃVCDNKUUGOGPVU FG HQTOCVKQP QPV WPG HCKDNG XKUKQP UVTCVÃIKSWG XKU´XKU FW FÃXGNQRRGOGPV FG NOWUCIG FGU 6+% KNU UGODNGPV CXQKTFWOCN´KORWNUGT NGU TÃHQTOGU PÃEGUUCKTGU GV UWTVQWV ´ TCKUQPPGT GP VGTOGUFGPQWXGCWZOCTEJÃU´EQPSWÃTKTGP(TCPEGFCPUFGPQODTGWZECU QP GP TGUVG ´ WPG TGNCVKXG DKGPXGKNNCPEG SWK HCEKNKVG NGU GZRÃTKGPEGU KPFKXKFWGNNGU PQWU UQOOGU TCTGOGPV GP RTÃUGPEG FG OCPCIGTU UVTCVÂIGU

(16)

SWKEQORTGPPGPVNGUXÃTKVCDNGUGPLGWZFWTGEQWTUCWZ6+%RQWTNCHQTOCVKQP FGUKPIÃPKGWTU

+N [ C FGU RTQDNÂOGU ÃEQPQOKSWGU GV HKPCPEKGTU KN EQPXKGPV FG RGPUGT CWVTGOGPV NOÃEQPQOKG FG NC HQTOCVKQP CXGE PQVCOOGPV WPG RCTV RNWU KORQTVCPVG FGU OQ[GPU ´ CHHGEVGT FOWPG RCTV CWZ KPXGUVKUUGOGPVU KPKVKCWZ ÃSWKRGOGPVURTQFWEVKQPUFGUEQWTUÃNGEVTQPKSWGUGVEGVFOCWVTGRCTV´NC OCKPVGPCPEG FGU U[UVÂOGU OKU GP RNCEG KN HCWV RQWXQKT TÃOWPÃTGT RQWT EGVVG CEVKXKVà PQWXGNNG FG PCVWTG RÃFCIQIKSWG FGU EQORÃVGPEGU SWK KPVGTXKGPPGPV´WPOQOGPVQW´WPCWVTGFCPUNGRTQEGUUWUFGRTQFWEVKQP FGU EQWTU ÃNGEVTQPKSWGU KPFÃRGPFCOOGPV FW HCKV SWOKNU UGTQPV GPUWKVG GP RTÃUGPEG QW PQP FOÃVWFKCPVU TÃOWPÃTCVKQP FGU RTGUVCVKQPU CUUWTÃGU GP nRTÃUGPVKGN€

+N [ C FGU RTQDNÂOGU SWCPV ´ NC RTQRTKÃVÃ KPVGNNGEVWGNNG FGU PQWXGCWZ UWRRQTVUGVEQWTUEQOOGPVHCKTGTGEQPPCÉVTGGVTGURGEVGTNGFTQKVOQTCNFGU EQPEGRVGWTU! %QOOGPV TÃVTKDWGT LWUVGOGPV NGU ETÃCVGWTU FG EGU UWRRQTVU FTQKVRCVTKOQPKCNGVEGNCUCPUIÃTGTNGUFKURQPKDKNKVÃUFGUÃVCDNKUUGOGPVUGP COGPCPVEGWZEK´RC[GTFGUUQOOGUGZEGUUKXGUOQPQRQNGUFGHCKVGVE!

+N[CÃICNGOGPVFGUFKHHKEWNVÃURQWTEQQRÃTGTUWTEGVGTTCKP´FGUPKXGCWZ PCVKQPCWZQWKPVGTPCVKQPCWZ´ÃVCDNKTFGUEQPUQTVKWOURQWTNCRTQFWEVKQPGV NCFKHHWUKQPFGOQFWNGUFOGPUGKIPGOGPVGPNKIPG´TCUUGODNGTFGUÃSWKRGU FGEQORÃVGPEGUOWNVKFKUEKRNKPCKTGU

'PHKP FGU TÂINGU FW LGW UQPV GP WUCIG RQWT VQWV EG SWK C VTCKV CWZ TGETWVGOGPVUGVCWZFÃOCTEJGUFGUÃNGEVKQPCXGEQWPQPPWOGTWUENCWUWUGV CWZ FKURQUKVKHU FOCEETÃFKVCVKQP GV FG EGTVKHKECVKQP FGU RTQITCOOGU FG HQTOCVKQP EGU TÂINGU FW LGW TGHNÂVGPV DKGP UQWXGPV FGU EQPEGRVKQPU CPVÃTKGWTGU´NOÂTGFGNCUQEKÃVÃFGNOKPHQTOCVKQPSWKGZKIGRNWUFOQWXGTVWTG FG OQFWNCTKVÃ GV FG HNGZKDKNKVÃ CKPUK SWOWP ÃNCTIKUUGOGPV FW ECFTG FG TÃHNGZKQPGVFOCEVKQPCWPKXGCWKPVGTPCVKQPCNGWTQRÃGPQWOQPFKCN

.GUPQWXGNNGUHTQPVKÂTGUFGNOGPUGKIPGTGVFGNOCRRTGPFTG

&G HCÁQP UEJÃOCVKSWG GV XQNQPVCKTGOGPV RTQXQECPVG PQWU RQWTTKQPU CHHKTOGTSWOKNPOGUVRNWUCWLQWTFOJWKPÃEGUUCKTGFGUOCRRW[GTUWTFGUÃEQNGU QWFGUWPKXGTUKVÃURQWTHQTOGTFGUKPIÃPKGWTU%OGUV´FKTGSWOKN POGUVRNWU PÃEGUUCKTGFGEQPEGPVTGTIÃQITCRJKSWGOGPVFGUÃVWFKCPVUGPWPNKGWFQPPÃ RQWT UWKXTG FGU GPUGKIPGOGPVU GV CEEÃFGT ´ FGU EQPPCKUUCPEGU CKUÃOGPV VTCPUHÃTCDNGU0QWURQWXQPUOÄOGPQWUFGOCPFGTUKEGNCCGPEQTGWPUGPU FGNKOKVGTEGVTCPUHGTVHQTOGNFGEQPPCKUUCPEGU´WPOQOGPVFQPPÃFGNCXKG FGUKPFKXKFWUCNQTUSWOGPRGTOCPGPEGKNHCWFTCCEVWCNKUGTUGUEQPPCKUUCPEGU

(17)

GVSWGNGUVGEJPQNQIKGUFGNOKPHQTOCVKQPRGTOGVVGPVFGUOCHHTCPEJKTFGUECFTGU IÃQITCRJKSWGUGVVGORQTGNU

5K NOÃEQNG FOKPIÃPKGWTU SWG PQWU EQPPCKUUQPU C GPEQTG WP UGPU QW WP HWVWTRQWTSWGNNGHQPEVKQPGVRQWTSWGNUGTXKEGNOCVGNNG!5OCIKVKNRQWTGNNG FGUGEQPVGPVGTFGFKURGPUGTGPNQECNEGSWKGUVCKUÃOGPVCEEGUUKDNG´RCTVKT FG POKORQTVG SWGN RQKPV FG NC RNCPÂVG! 0G XCWVKN RCU OKGWZ CWLQWTFOJWK SWOGNNGUGTGEGPVTGUWTSWGNSWGUOKUUKQPUHQPFCOGPVCNGUGVSWOGNNGVTQWXGFGU TÃRQPUGU ´ SWGNSWGU SWGUVKQPUENÃU! %QOOGPV CKFGT NGU KPFKXKFWU GV NGU ITQWRGU ´ ÃVCDNKT FGU NKCKUQPU GPVTG FGU KPHQTOCVKQPU GV EQPPCKUUCPEGU ÃRCTRKNNÃGU GV RCTHQKU EQPVTCFKEVQKTGU! %QOOGPV ETÃGT WPG CPKOCVKQP EWNVWTGNNG GV WP CEEQORCIPGOGPV FOCRRTGPVKUUCIG URÃEKHKSWGU RGTOGVVCPV NOKPVÃITCVKQPFGUKPHQTOCVKQPUGVEQPPCKUUCPEGUFCPUNOCEVKQPRTQHGUUKQPPGNNG!

%QOOGPV EQPVTKDWGT ´ NC UVKOWNCVKQP FG NC RTQFWEVKQP GV FW VTCPUHGTV FGU UCXQKTU!3WGNGUVFQPECWLQWTFOJWKNGTÏNGTÃGNNGOGPVKPFKURGPUCDNGFOWPG ÃEQNG FOKPIÃPKGWTU QW RQWT RCTNGT CXGE NG NCPICIG FW VGORU SWGN GUV UQP FQOCKPGFGUWDUKFKCTKVÃ!#WHQPFPOGUVKNRCUVGORUFGOKGWZFKUVKPIWGTEG SWKTGNÂXGFGNCVTCPUOKUUKQPFGUFQPPÃGUQWKPHQTOCVKQPUEQPUVKVWVKXGUFGU UCXQKTU FG EG SWK C VTCKV ´ NC EQPUQNKFCVKQP FGU EQPPCKUUCPEGU GV ´ NC RTÃRCTCVKQPFGUHWVWTUKPIÃPKGWTU´NCOCÉVTKUGFGUOÃVJQFQNQIKGUFGNOCEVKQP GHHKECEG´VTCXGTUNCOQDKNKUCVKQPFGNOKPHQTOCVKQPWVKNG!

.GU ÃEQNGU FOKPIÃPKGWTU UKVWÃGU FCPU WPG OÄOG TÃIKQP QW EGNNGU SWK HQPEVKQPPGPV GP TÃUGCW NC VGPFCPEG CW TGITQWRGOGPV GV CW RCTVGPCTKCV GUV RCVGPVGFGRWKUSWGNSWGUCPPÃGUUQPVQWUGTQPVCOGPÃGU´KPXGUVKTFCPUFGU ÃSWKRGOGPVU ÃFWECVKHU NQWTFU XÃTKVCDNGU OCEJKPGU ´ FKURGPUGT FG NOKPHQTOCVKQP UVTWEVWTCPVG RQWXCPV ÄVTG EQPUWNVÃU RCT FGU ÃVWFKCPVU FG FKXGTUGU QTKIKPGU UWT RNCEG QW ´ FKUVCPEG 'NNGU FGXTQPV HCKTG EGU KPXGUVKUUGOGPVU GP KPIÃPKGTKG ÃFWECVKXG EQOOG GNNGU QPV ÃVÃ EQPFWKVGU ´ TGPHQTEGT NGWTU ÃSWKRGOGPVU RQWT NC TGEJGTEJG &G XÃTKVCDNGU ECORWU XKTVWGNU UQPV GP VTCKP FG PCÉVTG SWK FQPPGPV PCKUUCPEG ´ WPG PQWXGNNG ÃEQPQOKGFGNCHQTOCVKQPFGNOKPHQTOCVKQPGVFGNCEQPPCKUUCPEG

#W PKXGCW FGU ÃVWFKCPVU FGU GHHQTVU UQPV HCKVU RQWT HCEKNKVGT NOCEEÂU ´ NOKPHQTOCVKQPGV´NCEQPPCKUUCPEG´NGWTVTCKVGOGPV´NGWTECRKVCNKUCVKQPGV´

NGWTFKHHWUKQP#WEQWTUFGNGWTHQTOCVKQPGVCRTÂUNOQDVGPVKQPFWFKRNÏOGNGU ÃVWFKCPVU RQWTTQPV EQPUGTXGT NOGUUGPVKGN FW RCVTKOQKPG FGU TGUUQWTEGU GV FG EQPPCKUUCPEGUCEEWOWNÃGUGVNOCEVWCNKUGTFCPUNGWTXKGRTQHGUUKQPPGNNGIT¸EG´

NCHQTOCVKQPVQWVCWNQPIFGNCXKGGVCWZFKXGTUGUOQFCNKVÃUFOGPVTGVKGPFGU UCXQKTU +N HCWV UÖTGOGPV KPXGPVGT OCKPVGPCPV NGU OÃECPKUOGU HKPCPEKGTU SWK RGTOGVVTQPVNGRCUUCIGFOWPGHQTOCVKQPFGEQPUQOOCVKQPEQWTUFKURGPUÃUCW SWQVKFKGP´WPOQOGPVVTÂUNKOKVÃFGNCXKGFOWP KPFKXKFW´WPGHQTOCVKQP FOKPXGUVKUUGOGPVECRKVCNKUCDNGUWTNCNQPIWGFWTÃG

(18)

.GU GPUGKIPGOGPVU GV EJGTEJGWTU FGU ÃEQNGU GV CWVTGU HQTOCVKQPU FOKPIÃPKGWTUUQPVKPEKVÃU´TÃCNKUGTFGURTQFWKVUFOKPHQTOCVKQPGVFGHQTOCVKQP CKUÃOGPV VTCPUHÃTCDNGU ÃEJCPIGCDNGU NGU FKHHÃTGPVU CRRGNU FOQHHTGU GV RTQITCOOGUFGNO7PKQPGWTQRÃGPPGEQOOGNGTÃEGPV%CORWUXKTVWGNUWKUUG OGVVGPV HQTVGOGPV NOCEEGPV UWT EGVVG PQWXGNNG CRRTQEJG FW VTCPUHGTV FGU EQPPCKUUCPEGU+NHCWVRQWXQKTCNKOGPVGTFGUDCPSWGUFGECUGVFGUDCUGUFG FQPPÃGUFKFCEVKSWGU+NHCWVRQWXQKTETÃGTFGUEQWTUFKHHWUCDNGURCTUCVGNNKVGQW

´ VTCXGTU FGU TÃUGCWZ FOQTFKPCVGWTU KPVGTPGV RCT GZGORNG NG OCTEJÃ FG NC HQTOCVKQPFGUKPIÃPKGWTUUGOQPFKCNKUCPV&CPUEGEQPVGZVGNCTÃOWPÃTCVKQP FOWPHQTOCVGWTFQKVFGRNWUGPRNWURTKXKNÃIKGTNOKPXGUVKUUGOGPVHCKVNQTUFGNC TÃCNKUCVKQPFOQWVKNUFKFCEVKSWGUNCTIGOGPVWVKNKUCDNGUKPVÃITCDNGUVTCPUHÃTCDNGU RNWVÏVSWGUGNKOKVGT´NCUGWNGTÃVTKDWVKQPFGUJGWTGURCUUÃGUFCPUWPGUCNNGFG EQWTU .C HQTOCVKQP FGXKGPV WP KPXGUVKUUGOGPV EWNVWTGN GV ÃEQPQOKSWG GV NOGPUGKIPGOGPVWPGRTGUVCVKQPKPFWUVTKCNKUCDNG

2CT CKNNGWTU NC EQORQUCPVG RTKPEKRCNG FOWPG HQTOCVKQP FOKPIÃPKGWTU C VQWLQWTU ÃVÃ GV TGUVGTC NC HQTOCVKQP OÃVJQFQNQIKSWG %GNNGEK GUV CESWKUG RQWT NOGUUGPVKGN RGPFCPV NGU VQWVGU RTGOKÂTGU CPPÃGU FW EWTUWU OCKU GUV CRRTQHQPFKG GP HKP FG HQTOCVKQP FCPU NGU FQOCKPGU QW EQPVGZVGU RTÃEKU FOKPIÃPKGTKG ÃVWFKÃU .G FÃXGNQRRGOGPV FG PQWXGCWZ RTQEGUUWU FOKPHQTOCVKQP GV FG HQTOCVKQP DCUÃU UWT NG TGEQWTU CWZ 6+% EQPFWKV NGU ÃVWFKCPVU ´ TGEQWTKT CWZ JGWTKUVKSWGU FOCRRTGPVKUUCIG NGU RNWU TKEJGU GV NGU RNWU GHHKECEGU #KPUK EJGTEJGTCVQP ´ UVKOWNGT NC FÃEQWXGTVG FGU OKNKGWZ FKHHÃTGPVU NOGPVTGRTKUG NOÃVTCPIGT NGU CWVTGU FKUEKRNKPGU ´ HCEKNKVGT NC EQORTÃJGPUKQP FG NC VTCPUXGTUCNKVÃ FG VQWVGU NGU CEVKXKVÃU JWOCKPGU .C EQOOWPKECVKQP UQWU VQWVGU UGU HQTOGU QTCNG ÃETKVG CWFKQXKUWGNNG ÃNGEVTQPKSWG NC F[PCOKSWG FGU ITQWRGU OKZVGU NC OCÉVTKUG FGU NCPIWGU NOGZRÃTKGPEG KPVGTPCVKQPCNG GV KPVGTEWNVWTGNNG UQPV CWVCPV FG EQORQUCPVGU FOWPG HQTOCVKQP CWZ OÃVJQFQNQIKGU FG NOKPHQTOCVKQP CEVKXG GV FW VTCXCKN GHHKECEG .C EQOOWPKECVKQP ÃNGEVTQPKSWG DCUÃG UWT NOKPVGTEQPPGZKQP FGU JQOOGUGVFGUTÃUGCWZCWPKXGCWFGNCRNCPÂVGUWTNCNQIKSWGJ[RGTVGZVWGNNG FG PCXKICVKQP GV UWT NOKPVÃITCVKQP OWNVKOÃFKC FG UQWTEGU FOKPHQTOCVKQP XCTKÃGU EQPUVKVWG ´ EGV ÃICTF WP NGXKGT RWKUUCPV RQWT NG FÃXGNQRRGOGPV FG PQWXGNNGUEKXKNKVÃUCECFÃOKSWGUUEKGPVKHKSWGUGVRTQHGUUKQPPGNNGU

%QPENWUKQP

.C HQTOCVKQP FGU KPIÃPKGWTU EQOOG VQWVGU NGU HQTOCVKQPU FG NOGPUGKIPGOGPV UWRÃTKGWT XC EQPPCÉVTG FCPU NGU RTQEJCKPGU CPPÃGU FG RTQHQPFGUOWVCVKQPUFWHCKVFGNOÃOGTIGPEGFGNCUQEKÃVÃFGNOKPHQTOCVKQPFG NCEQPPCKUUCPEGGVFGNOKPVGNNKIGPEG.GUVGEJPQNQIKGUFGNOKPHQTOCVKQPGVFGNC

(19)

EQOOWPKECVKQP EQOOGPEGPV ´ OQFKHKGT GP RTQHQPFGWT CWUUK DKGP NGU OCPKÂTGU FOCEEÃFGT CW UCXQKT GV FG VTCPUOGVVTG NGU EQPPCKUUCPEGU SWG NGU EQPVGPWUFGHQTOCVKQPGWZOÄOGU.GUÃVCDNKUUGOGPVUUQPVFGRNWUGPRNWU EQPHTQPVÃU´NCPÃEGUUKVÃFOKPVÃITGTEGVVGPQWXGNNGFQPPGFCPUNGWTUUEJÃOCU UVTCVÃIKSWGU FG FÃXGNQRRGOGPV .GU RQKPVU FG FÃRCTV GV FOCTTKXÃG FGU FÃXGNQRRGOGPVUGPXKUCIÃUUQPVGVUGTQPVFGURNWUXCTKÃUGVKNUGTCFGRNWUGP RNWU FKHHKEKNG FG FÃHKPKT WP OQFÂNG WPKSWG ECPQPKSWG FG EG SWG RGWV ÄVTG WPG DQPPG HQTOCVKQP FOKPIÃPKGWTU 6QWV GP UG UKVWCPV FCPU WP EQPVGZVG INQDCNOQPFKCNNGU6+%DTQWKNNGPVUÃTKGWUGOGPVNGUECTVGUGVTGFQPPGPVVQWV NGWTUGPUCWZCRRTQEJGUEGPVTÃGUUWTNGUDGUQKPUURÃEKHKSWGURGTUQPPGNUFGU CRRTGPCPVUGVUWTNGUEQPVGZVGUFCPUNGUSWGNUKNUUGUKVWGPV#XGEGNNGUFGWZ UKÂENGUFGTCVKQPCNKUOGFGNCHQTOCVKQPFGUKPIÃPKGWTUUOCEJÂXGPV

$KDNKQITCRJKG

#4+#&0' .CWUCPPG 2NCVGHQTOG FKUVTKDWÃG FG OQFWNGU FG HQTOCVKQP JVVRCTKCFPGWPKNEJ

%#.+5%' %QORWVGT #KFGF .GCTPKPI KP 5EKGPEG CPF 'PIKPGGTKPI %QPHÃTGPEG )ÑVGDQTIJVVRYYYRGFWEJCNOGTUUGECNKUEGJVON

'&7%#6'+PVQ+PHQ FKURQUKVKH OKZVG FOKPHQTOCVKQPHQTOCVKQP RQWT NC HQTOCVKQP FGU KPIÃPKGWTU´NOWUCIGFGNOKPHQTOCVKQPURÃEKCNKUÃGJVVRGFWECVGNKDEJCNOGTUUG '0'5#&%QNNQSWGGWTQRÃGPUWTNOCWVQHQTOCVKQPRTCVKSWGUFOCWVQHQTOCVKQPFCPUNCUQEKÃVÃFG NOKPHQTOCVKQP 'VCDNKUUGOGPV PCVKQPCN FOGPUGKIPGOGPV UWRÃTKGWT CITQPQOKSWG FG

&KLQPGV)TQWRGFGTGEJGTEJGUWTNOCWVQHQTOCVKQP&KLQPFÃEGODTG JVVRYYYGFWECITKHTITCHGVJVVRYYYGFWECITKHTITCHEQOOWPKEJVO '2(. 06+% SWGNU CRRQTVU RQWT NOGPUGKIPGOGPV UWRÃTKGWT GV NC HQTOCVKQP EQPVKPWG!

.CWUCPPG%QNNQSWGJVVRERFGRHNEJERF2CIG%QNNQSWGJVON 'WTQ2CEG2NCVGHQTOGFOGPUGKIPGOGPV´FKUVCPEGJVVRYYYGWTQRCEGDG

/+%*'.,GCPn0QWXGNNGUCRRTQEJGUFGNCHQTOCVKQPRCTNGUPQWXGNNGUVGEJPQNQIKGUGV NGOWNVKOÃFKC.CFÃOCTEJGFGNO'EQNGPCVKQPCNGFGURQPVUGVEJCWUUÃGU€%QNNQSWG QTICPKUÃRCT.G,QWTPCNFW/WNVKOÃFKC2CTKUQEVQDTG

JVVRYYYGPREHT`OKEJGNLRWDNK,/JVON

/+%*'.,GCPn.GUPQWXGNNGUVGEJPQNQIKGUFGNOKPHQTOCVKQPGVFGNCEQOOWPKECVKQP€

KP.C.GVVTGFGNO'02%PuQEVQDTG JVVRYYYGPREHT`OKEJGNLRWDNK,/JVON

/+%*'. ,GCP n'PIKPGGTKPI 'FWECVKQP 6QYCTFU 8KTVWCN 7PKXGTUKVKGU€

%QOOWPKECVKQPU HCKVGU ´ $WFCRGUV GV 2TCIWG EQPVTCVU 7PGUEQ UWT NGU WPKXGTUKVÃU XKTVWGNNGURTKPVGORUJVVRYYYGPREHT`OKEJGNLRWDNK,/JVON

(20)

/+%*'. ,GCP n.OKPHQTOCVKQP CW EWT FG NC VTCPUHQTOCVKQP FGU U[UVÂOGU FG HQTOCVKQP NG ECU FGU ÃEQNGU FOKPIÃPKGWTU€ #EVGU FW EQNNQSWG 6TCPUKPHQ #&$5 2CTKUJVVRYYYGPREHT`OKEJGNLRWDNK,/JVON

0#9GD6JG8KTVWCN%CORWUQEVQDTG0GY$TWPUYKEM%CPCFC JVVRYYYWPDECYYYFGXPCYGD

06%+( 0QWXGNNGU VGEJPQNQIKGU FG NOKPHQTOCVKQP GV FG NC EQOOWPKECVKQP RQWT NC HQTOCVKQP4QWGPPQXGODTGJVVRPVKEHKPUCTQWGPHT

47(+5 4QNG QH 7PKXGTUKVKGU KP VJG (WVWTG +PHQTOCVKQP 5QEKGV[ 2TCIWG JVVRFGNNURXEEXWVE\CUEKKEEKEUE0++

JVVRYYYEXWVE\EREEKEUE0++UEJGFWNGKPFGZJVON

47(+5 4QNG QH 7PKXGTUKVKGU KP VJG (WVWTG +PHQTOCVKQP 5QEKGV[ /GZKEQ JVVRYYYTWHKUWTOZ

JVVRFGNNURXEEXWVE\CUEKKEEKEUE0++

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'P FÃHKPKVKXG EG VTCXCKN CWTC RGTOKU FOCDQWVKT ´ WPG FGUETKRVKQP UKORNG GV RCTVCIÃG FW EQPEGRV +N C CWUUK TÃWPK FÂU NG FÃDWV FW RTQLGV VQWU NGU RCTVGPCKTGU FCPU WP RTQEGUUWU

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