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'PVTGCPVKOCTMGVKPI GVE[DGTETKOKPCNKVÃ

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(1)

'PVTGCPVKOCTMGVKPI GVE[DGTETKOKPCNKVÃ

;CPPKEM%JCVGNCKPL.QÊEM4QEJG

PUKVGPOGZKUVGSWGUOKNGUVXKUKVÃCFCRVCVKQPFGNCNQKFG/GVECNHHGL FW PQO FW ETÃCVGWT FO'VJGTPGV RKQPPKGT FG NOKPVGTPGVL SWK XGWV SWGNCXCNGWTFOWPTÃUGCWXCTKGCXGENGECTTÃFGUGUOGODTGU%OGUV N´WPGXÃTKVÃRTQHQPFGFWPGV1THCKTGXGPKTFWOQPFGUWTUQPUKVGEGNCPG UGFÃETÂVGRCUEGNCUGVTCXCKNNG#OQKPUFGFKURQUGTFGUOQ[GPUHKPCPEKGTU FO+$/ /KETQUQHV &GNN QW %QEC%QNC QW FG EQORVGT RCTOK NGU JGWTGWZ RTQRTKÃVCKTGU FOWP FGUFKZ UKVGU NGU RNWU XKUKVÃU EH VCDNGCW SWK RGWXGPV HCKTG FGU CHHCKTGU UWT NC UGWNG PQVQTKÃVÃ CESWKUG QP FQKV VQWV EQPPCÉVTG FGU PQWXGNNGUVGEJPKSWGUSWOKORQUGNGPGV.GURTQHGUUKQPPGNUGVNGURCTVKEWNKGTU FQKXGPV EQPPCÉVTG NOGPUGODNG FGU CEVKQPU GV FGUVTKZL EOGUV´FKTG VQWU NGU VTWEU GV CUVWEGU L SWG FÃXGNQRRGPV NGU YGDOCUVGTU SWK EJCSWG LQWT KPXGPVGPVGVOGVVGPVGPWXTGUWTNGPGVFGPQWXGNNGUVGEJPKSWGU

.GUTKUSWGU´GPEQWTKT

2QWT HCKTG XGPKT FW OQPFG UWT UQP UKVG GV CKPUK TÃWUUKT ´ ÃOGTIGT CW OKNKGW FG RNWUKGWTU OKNNKQPU FG UKVGU GV OKNNKCTFU FG RCIGU YGD NGU

;%*#6'.#+0GV.41%*'+PVGTPGV%QOOGPVCWIOGPVGTNGVTCHKEUWTUQPUKVGGVICIPGT FGNOCTIGPV2CTKU/CZKOC.CWTGPVFW/GUPKNR

7

(2)

nOCPCIGTUYGDOCUVGTU€ XQPV FGXQKT RTGPFTG FGU TKUSWGU GV CRRTGPFTG ´ nUWTHGT€CWZEQPHKPUFGUVGTTGUFWFTQKV'PEGURQKPVUQÔNCNÃIKUNCVKQPFW PGVGUVGPEQTGGPFGXGPKTN´QÔRGTUQPPGPGUCKVGPEQTGFÃVGTOKPGT EGSWK UGTCCWVQTKUÃQWKPVGTFKVEGSWKUGTCUCPEVKQPPÃQWTÃXÃTÃEGSWKUGTCFÃHKPK EQOOG NG nOCTMGVKPI FG NC JQPVG€ QW WPG nPQWXGNNG TÃXQNWVKQP OCTMGVKPI€NGRCTCFQZGXGWVSWGVQWVTGUVG´HCKTGW

4CPI 5KVGYGD 2TQRTKÃVCKTG 6CWZFG RÃPÃVTCVKQP

0QODTG FG XKUKVGWTU WPKSWGURCTOQKUGP OKNNKGTU

;CJQQEQO ;CJQQ

/UPEQO /KETQUQHV

/KETQUQHVEQO /KETQUQHV

61PNKPGFG 61PNKPG

(TGGUGTXGEQO (TGGUGTXG

.[EQUEQO .[EQU6GTTC

#1. #1.

61PNKPG

#RRNKECVKQP 61PNKPG

2CUURQTVEQO /KETQUQHV

#1.EQO #1.

6CDNGCW.GUFKZUKVGUNGURNWUXKUKVÃUGP'WTQRG

.GUnOCPCIGTUYGDOCUVGTU€POQPVHKPCNGOGPVRCU FOCWVTG EJQKZSWG NC nHWKVGGPCXCPV€FOWPGRCTVFCPUNGUKPPQXCVKQPUVQWLQWTURNWUPQODTGWUGU

´OGVVTGGPWXTGFOCWVTGRCTVFCPUNGUCXCPEÃGUVTÂUTCRKFGUFGUPQWXGNNGU VGEJPQNQIKGUFGNOKPHQTOCVKQPGVFGNCEQOOWPKECVKQP06+%+NUXQPVFGXQKT EQORTGPFTGRQWTNGUFÃXGNQRRGTGVNGUCFCRVGTCWOKGWZGVCWRNWURTÂUFG NGWTUDGUQKPUNGUPQWXGNNGUVGEJPKSWGUGVUVTCVÃIKGUOCTMGVKPIFWPGV

%GUQPVEGUPQWXGNNGUVGEJPKSWGUNGRNWUUQWXGPVOKUGUCWRQKPVRCTNGU JCEMGTU NGUSWGNU PG UQPV HKPCNGOGPV GP VGTOGU FG EQORÃVGPEGU SWG FGUnUWRGTYGDOCUVGTU€SWKXQPVFGXQKTUGEQPUVKVWGTFCPUNOKPVGTXCNNGGPVTG NGU FÃTKXGU nCWVQTKUÃGU€ EG SWG PQWU CRRGNQPU NOCPVKOCTMGVKPI GV EGNNGU nRTQJKDÃGU€ EG SWG NOQP CRRGNNG EQOOWPÃOGPV NCE[DGTETKOKPCNKVà %GV

5QWTEG /GFKC /GVTKZ LWKNNGV UWT (TCPEG4Q[CWOG7PK#NNGOCIPG KP.G /QPFGOGTETGFKQEVQDTG

(3)

KPVGTXCNNG EOGUV NG EJCOR FG EG SWG PQWU RQWXQPU CRRGNGT NOJCEMVKPI OCTMGVKPI .OCPVKOCTMGVKPI EOGUV RCT GZGORNG NOWVKNKUCVKQP FG TQDQVU KPVGNNKIGPVU RQWT GPICIGT FGU EQPXGTUCVKQPU CWVQOCVKUÃGU SWK TGPXQKGPV KPXCTKCDNGOGPV UWT WP UKVG CWVQTÃRQPFGWTUW HQPEVKQPU SWK NQTUSWOGNNGU POGZKUVGPV RCU UWT NGU XGTUKQPU QHHKEKGNNGU FGU NQIKEKGNU UQPV TCRKFGOGPV FÃXGNQRRÃGU GV WVKNKUÃGU RCT NGUEJGCVGTU VTKEJGWTU CXCPV FOÄVTG KPVÃITÃGU NQTUSWOGNNGU UQPV CEEGRVCDNGU RCT NGU FÃXGNQRRGWTU GWZOÄOGU .C E[DGTETKOKPCNKVÃEQPUKUVGRCTGZGORNGFCPUNGXQNFGPWOÃTQUFGECTVGUFG ETÃFKVFGUUKVGUFGEQOOGTEGGPNKIPGUGUQPVCKPUKHCKVFÃTQDGTNGUPWOÃTQU FGECTVGFGETÃFKVFGNGWTUENKGPVURQWTVCPVRTQVÃIÃURCTET[RVCIGOCKUEOGUV CWUUKNCEQPVTGHCÁQPNCFKHHWUKQPFGUWXTGURTQVÃIÃGULPQODTGWZUQPVNGU UKVGU ENCPFGUVKPU SWK RGTOGVVGPV GP GHHGV FG VÃNÃEJCTIGT FGU RTQITCOOGU FGUVGZVGUFGUOWUKSWGUGVFGUHKNOU

2CTEG SWG EGU VGEJPKSWGU FÃETKXGPV WP OQPFG PQWXGCW WP OQPFG GP EQPUVCPVGÃDWNNKVKQPRCUGPEQTGTÃIK RCTNG FTQKVGNNGUNCKUUGPV GPVTGXQKT EG SWKUGTCCWVQTKUÃGVEGSWKUGTCKPVGTFKVEGSWKUGTCEQPUKFÃTÃEQOOGWPEQWR DCUQWWPEQWRFGIÃPKGGVCWFGN´EGSWKFÃVGTOKPGTCNGUTÂINGUFWLGWQW EGNNGUFGNOnCPVKLGW€FWEQOOGTEGUWTNGPGV

.GUJCEMGTU

# NC HCXGWT FG SWGNSWGU CHHCKTGU VTÂU OÃFKCVKUÃGU NG ITCPF RWDNKE C FÃEQWXGTV TÃEGOOGPV NOGZKUVGPEG FGUJCEMGTU EGUCXGPVWTKGTU SWK TÏFGPV GP VQWVG NKDGTVÃ UWT NOKPVGTPGV CW OÃRTKUFGU NQKU 2QWTVCPV NG OQWXGOGPV FGU JCEMGTUPÃCWZ'VCVU7PKUFCPUNGUCPPÃGUGUVCWUUKXKGWZSWGNGTÃUGCW GVHCKVCWLQWTFOJWKRCTVKGKPVÃITCPVGFGUQPHQPEVKQPPGOGPV

/ÄOGUOKNGZKUVGCWVCPVFGFÃHKPKVKQPUFWOQVJCEMGTSWOKN[CFGJCEMGTU EHKPHTCYYY\CVC\EQOPQWURQWXQPUFKUVKPIWGTFGWZECVÃIQTKGU&OWPG RCTVEGWZSWKUGNKXTGPV´FGUCEVKXKVÃUHTCPEJGOGPVKNNÃICNGULGURKQPPCIG GUETQSWGTKG XCPFCNKUOG RTQRCICVKQP FG XKTWU DNQECIG FG UKVGUL XKXGPV FCPU NC ENCPFGUVKPKVà GV UQPV NCTIGOGPV TGLGVÃU RCT NOGPUGODNG FG NGWT EQOOWPCWVà QP NGU C UWTPQOOÃU NGUDNCEM JCVU NGU nEJCRGCWZ PQKTU€ +N GZKUVG FOCWVTG RCTV NGUYJKVG JCVU EOGUV´FKTG FGU nEJCRGCWZ DNCPEU€ 7P RGWKFÃCNKUVGUWPRGWOGTEGPCKTGUNGUYJKVGJCVUUGUQPVFQPPÃRQWTOKUUKQP FG FÃHGPFTG NC NKDGTVà FOGZRTGUUKQP GV NG NKDTG RCTVCIG FGU EQPPCKUUCPEGU 0QVQPUSWG NC ITCPFG OCLQTKVà FGUJCEMGTU COÃTKECKPU UG EQPUKFÂTGPV CKPUK 2QWT EGNC KNU UG DCVVGPV UCPU TÃRKV EQPVTG NGU DWTGCWETCVGU GV NGU JQOOGU FOCHHCKTGUSWKQPVNCRTÃVGPVKQPFGUOGORCTGTFGNOKPVGTPGV$KGPUÖTTKGPPOGUV

;%JCVGNCKPGV.4QEJG/CTMGVKPIGVE[DGTETKOKPCNKVÃ2CTKU*GTOÂUR

(4)

LCOCKUCWUUKUKORNGGVUQWXGPVNGUEJCRGCWZDNCPEUXKTGPVWPRGWCWITKU +NUGZKIGPVFGTGUVGTCPQP[OGUOCKUPOJÃUKVGPVRCU´UGOQPVTGTGV´RTGPFTG NCRCTQNGRQWTFÃHGPFTGNGWTUEQPXKEVKQPU

(KIWTG5KVGFG<CVC\EQO

.OÃOGTIGPEGFWJCEMVKPIOCTMGVKPI

&CPUWPOQPFGQÔNCUGWNGNQKRQWTTCKVUGTÃUWOGTCWHCKVSWGVQWVEGSWK POGUV RCU KPVGTFKV GUV RGTOKU EG SWK ÃSWKXCWV RTGUSWG ´ FKTG SWG NC NQK FW RNWU HQTV GUV VQWLQWTUNC OGKNNGWTG NGUJCEMGTU QPV RGTOKU NOÃOGTIGPEG FOWP EGTVCKPPQODTGFGVGEJPKSWGUCWRTGOKGTTCPIFGUSWGNNGUQPRGWVRNCEGTNG OCTMGVKPIXKTCNNGURCOFGCVJNG&Q5NGPWMGNGURQQHKPIGVNGEJGXCNFG6TQKG

.GOCTMGVKPIXKTCN

.G OCTMGVKPI XKTCN UOGUV EQPUVTWKV UWT NGU VGEJPKSWGU ENCUUKSWGU FG RTQRCICVKQPFGXKTWUFGFÃUKPHQTOCVKQPUFGJQCZGUECPWNCTUQWGPEQTGFG RWDNKEKVÃU OGPUQPIÂTGU SWK EJCSWG LQWTGODQNKUGPV FCXCPVCIG PQU DQÉVGU CWZNGVVTGUÃNGEVTQPKSWGU2CTGZGORNGEGVVGNGVVTGCRRCTWGUWTNGTÃUGCWL´

NCHQKUGPHTCPÁCKUGPCPINCKUGVGPGURCIPQNLRWKUFÃOGPVKGUWTNGUKVGFG 'TKEUUQP GUV WPG DQPPG VTCFWEVKQP FG EG SWOGUV nNOGURTKV€ FW OCTMGVKPI

%H;'WFGUn#WDQPJGWTFGURKTCVGU€.G/QPFGLGWFKQEVQDTG

(5)

XKTCN7VKNKUÃGEQOOGECWVKQPFOCWVQTKVÃn#PPC5YGNWPF€NCUKIPCVCKTGPOC LCOCKUGZKUVÃQWFWOQKPUPOCLCOCKUVTCXCKNNÃRQWTNCUQEKÃVÃ'TKEUUQP

%JGTENKGPV

0QVTGEQPEWTTGPVRTKPEKRCN0QMKCRTQRQUGFGUOQDKNGUITCVWKVUUWTUQPUKVG KPVGTPGV#WUUKPQWU'TKEUUQPXQWNQPUPQWUTÃRQPFTG´NGWTQHHTG0QWUXQWU QHHTQPUFQPEPQUVÃNÃRJQPGU9#2GVOKGWZOÄOGNGUVQWVFGTPKGTUOQFÂNGU FQPV PQU ENKGPVU PQWU FKUGPV EJCSWG LQWT EQODKGP KNU UQPV UCVKUHCKVU 'P FQPPCPVFGUVÃNÃRJQPGUITCVWKVUPQWUQDVGPQPUFQPEFGNCRCTVFGPQUENKGPVU FG VTÂU DQPU TGVQWTU GV FGU GHHGVU KORQTVCPVU FG DQWEJG ´ QTGKNNG .C UGWNG EJQUGSWGXQWUC[G\´HCKTGEOGUVGZRÃFKGTEGOGUUCIG´JWKVRGTUQPPGU#RTÂU WPFÃNCKFGFGWZUGOCKPGUXQWUTGEGXTG\WP'TKEUUQP65KXQWUGPXQ[G\EG OGUUCIG ´ XKPIV RGTUQPPGU XQWU TGEGXTG\ NG VQWV FGTPKGT 'TKEUUQP 4 0OQWDNKG\ RCU FOGPXQ[GT WPG EQRKG ´ #PPC5YGNWPF"GTKEUUQPEQO %OGUV RQWTPQWUGPGHHGVNCUGWNGHCÁQPFGXÃTKHKGTSWGXQWUCXG\DKGPGZRÃFKÃEG OGUUCIG´RGTUQPPGU

$QPPGEJCPEG

#PPC5YGNWPF

&KTGEVTKEGOCTMGVKPI

&CPUEGOÄOGOQWXGOGPVFGnNOKNNWUKQP€UWTNGUKVGFGNCUQEKÃVÃ&KGUGN QP C RW UWKXTG KN [ C SWGNSWG VGORU JGWTG RCT JGWTG NGU HTCUSWGU FOWPG UVCTNGVVGEJCPVGWUGRQNQPCKUG,QCPPCYGDECOGPNKIPGRJQVQUGVTGRQTVCIGU UWTUCXKGFGFÃDCWEJG

(KIWTG5KVGFG&KGUGNYYYFKGUGNEQORTGOKÂTGRCIG

(6)

'V RQWTVCPV VQWV GUV HCWZ 5K ,QCPPC GUV DKGP 2QNQPCKUG GNNG POC GP TGXCPEJGTKGPFOWPGTQEMUVCTOQKPUGPEQTGFOWPGFÃRTCXÃG+NUOCIKVGPHCKV FOWPOCPPGSWKPFÖOGPVTÃOWPÃTÃRCTNCUQEKÃVÃ&KGUGNRQWTRCTVKEKRGT´EG SWKPOGUVHKPCNGOGPVSWOWPnEQWRPGVCVKSWG€

.CF[PCOKSWGXKTCNG

5KNGEQPEGRVFGXKTWUGUVCRRCTWFÂUSWCPF,QJPXQP0GWOCPPC RTÃUGPVà NGU HQPFGOGPVU VJÃQTKSWGU FG NOnCWVQEQRKG€ FG NQIKEKGNU NGU RTGOKÂTGUGZRÃTKGPEGUFOKPHGEVKQPKPHQTOCVKSWGPGFCVGPVGNNGUSWGFG .C UGWNG FKHHÃTGPEG GPVTG NC RTQRCICVKQP FOWP XKTWU GV WPG CEVKQP FG OCTMGVKPIXKTCNSWK[RWKUGUQPKPURKTCVKQPTÃUKFGUCWHECUFGVTKEJGFCPUNC PÃEGUUCKTGEQQRÃTCVKQPFWFGUVKPCVCKTG7PXKTWUGUVCWLQWTFOJWKECRCDNGFG UGTGRTQFWKTGFCPUNCOÃOQKTGFGOCUUGRQWTUGRTQRCIGTFOWPGOCEJKPG´

NOCWVTGOCKUWPGKPHQTOCVKQPXKTCNGFGXTCÄVTGnHQTYCTFÃG€TGPXQ[ÃGRCT EJCEWPFGUKPVGTPCWVGUKORNKSWÃUFCPUNCEJCÉPG

+N GZKUVG FG PQODTGWUGU HQTOGU FG OCTMGVKPI XKTCN 2CTOK EGNNGUEK NC XGPVGCWZGPEJÂTGUKPXGTUÃGU2NWUKN[CFGENKGPVURNWUNGRTKZFGURTQFWKVU RTQRQUÃU GP ITCPFG UÃTKG DCKUUG #KPUK EJCEWP C KPVÃTÄV ´ EG SWG NC EQOOWPCWVÃXKTVWGNNGFGENKGPVUUQKVNCRNWUKORQTVCPVGRQUUKDNG

(KIWTG'ZGORNGFGXGPVGUCWZGPEJÂTGUKPXGTUÃGUJVVRYYYOGTECVCEQO

#TVKENGKPVKVWNÃn6JGQT[CPF1TICPKUCVKQPQH%QORNKECVGF&CVC€

(7)

*QVOCKN GUV WP CWVTG GZGORNG EQWTCOOGPV EKVÃ FG RTQRCICVKQP XKTCNG EJCSWG OCKN ÃVCPV UWRRQTV FG EQOOWPKECVKQP RQWT NC UVTWEVWTG UQP FÃXGNQRRGOGPV GP +PFG PQVCOOGPV HWV WP OQFÂNG FOGHHKECEKVÃ *QTU

*QVOCKNRCTOKNGURTGOKÂTGUGVURGEVCEWNCKTGUCRRNKECVKQPUQPRGWVTGRÃTGT NG NCPEGOGPV FG HKNOU EQOOG$NCKT 9KVEJ 2TQLGEV 2QWT %NCWFG .GNQWEJ NG OKTCENGFWOCTMGVKPIXKCNOKPVGTPGVRGWVÄVTGKNNWUVTÃRCTNGUWEEÂUFGEGHKNO SWK nC HTCRRà NOKOCIKPCVKQP FGU IGPU FG NC RTQHGUUKQP =FW EKPÃOC? EQOOG UK FG LGWPGU RCNVQSWGVU CXCKGPV VTQWXà NC TGEGVVG FGU CNEJKOKUVGU RQWT VTCPUHQTOGT NG EGNNWNQÊFGPQT€

.GUJQCZGU

5KNGUJQCZGULSWKRGWXGPVFCPUNGWTOQFGFGFKHHWUKQPÄVTGCRRCTGPVÃU CWZEJCKPNGVVGTULPGUQPVRCUPÃUCXGENOKPVGTPGVKNUQPVVTQWXÃIT¸EGCWPGV WPG PQWXGNNG LGWPGUUG GV WPG RWKUUCPEG FG FKHHWUKQP SWK WVKNKUG NC F[PCOKSWG FW TÃUGCW GV NC ECRCEKVà FQPPÃG ´ EJCSWG WVKNKUCVGWT FG nHCKTG UCXQKT€RCTUKORNGWVKNKUCVKQPFWHQTYCTF8QKEKRCTGZGORNGWPJQCZEQPVTG 6QVCN(KPC

5KEQOOGOQKXQWUEQPUQOOG\NKVTGUFGUWRGTCWMKNQOÂVTGUQWRNWU NKUG\%GWZSWKGPEQPUQOOGPVOQKPUNKUG\CWUUK'PVGPFG\6QVCN(KPCFCPU EGSWKUWKV6QWU´PQUECPQPU.CXCEJG´NCKVUGTGDKHHG=W?

5WKVG CW OQWXGOGPV CEVWGN FG DNQECIG FGU FÃRÏVU FG ECTDWTCPV RCT NGU TQWVKGTUGVCITKEWNVGWTUSWGXCVOKNUGRCUUGT!.GIQWXGTPGOGPVXCN¸EJGTFW NGUVEQOOGKNNOCHCKVRQWTNGURÄEJGWTUOCKUNGUEQORCIPKGURÃVTQNKÂTGUUOGP VKTGTQPV ´ DQP EQORVG GV WPG HQKU FG RNWU EOGUV NOCWVQOQDKNKUVG SWK XC UG TGVTQWXGTNGFKPFQPFGNCHCTEG=?

%QPENWUKQP´RCTVKTFWUGRVGODTGDQ[EQVVFGUUVCVKQPU6QVCN(KPCLWUSWO´

WPGDCKUUGUKIPKHKECVKXGFWRTKZSWGPQWURC[QPUNCJCWUUGFWRTKZFWDCTKNC DQP FQU PQWU UCXQPU VTÂU DKGP SWO´ EJCSWG DCKUUG RGTUQPPG POGP C XW NC EQWNGWT

'PXQ[G\EGOCKN´VQWUXQUEQPVCEVURCTNG\GP´XQUCOKU=?KNHCWVSWGNC UQEKÃVÃEKXKNGTGRTGPPGNGFGUUWUPOQWDNKG\RCUSWGPQVTGHQTEGEOGUVNGPQODTG OGUUKGWTUNGURQNKVKEKGPUNGVGORUFGUXCEJGU´NCKVGUVTÃXQNW

.GOCTMGVKPIXKTCNnRQUKVKH€GVnPÃICVKH€

.GOCTMGVKPIXKTCNRGWVÄVTGnRQUKVKH€QWnPÃICVKH€.GOCTMGVKPIXKTCN nRQUKVKH€ XKUG ´ TGVKTGT WP nDÃPÃHKEG RGTUQPPGN FG NOCEVKQP€ UCPU PWKTG

%.'.17%*GV2%*#64+'4+VKPÃTCKTGFOWPGPHCPVVTÂUI¸VÃ'FKVKQPU4QDGTV.CHHQPV 2CTKUR

2TGOKÂTGUGOCKPGFGUGRVGODTG

(8)

CRTKQTK´CWVTWK.OQDLGVRGWVÄVTGCNQTUFGTÃEWRÃTGTFGUCFTGUUGUGOCKNUFG IÃPÃTGTFWVTCHKEUWTWPUKVGFGHCKTGWPnEQWROÃFKCVKSWG€.GOCTMGVKPI XKTCN nPÃICVKH€ XKUG ´ CVVCSWGT WP EQPEWTTGPV WPG RGTUQPPG QW WPG QTICPKUCVKQP

/CKU RQWT NG OCTMGVKPI XKTCN nRQUKVKH€ EQOOG RQWT NG nPÃICVKH€ NG ECFTG NÃICN TGUVG HCKDNG CWLQWTFOJWK 4GVTQWXGT NOKPKVKCVGWT FOWP OGUUCIG FÃNKEVWGWZ GV UWTVQWV OGVVTG GP ECWUG UC nDQPPG HQK€ UOCXÂTGPV FGU RTQEÃFWTGU CUUG\ EQORNGZGU 3WGNNG FKHHÃTGPEG HCKTG GP GHHGV GPVTG WP nECPWNCT€ GV WPG RWDNKEKVà OGPUQPIÂTG! GPVTG NOWUCIG FG NC NKDGTVà FOGZRTGUUKQPGVNCFKHHCOCVKQP!

(KIWTG.GUKVGFGJQCZDWUVGTYYYJQCZDWUVGTEQO

'PHKP RCTEG SWOKN HCWV RCTHQKU UCXQKT RTGPFTG NOQHHGPUKXG CXCPV FOÄVTG CVVCSWà FG PQODTGWUGU GPVTGRTKUGU QPV KPVÃITà EGVVG PQWXGNNG HQTOG FG EQOOWPKECVKQPXKTCNG%GTVCKPUUKVGUXQPVOÄOGLWUSWO´UOnCWVQJCEMGT€EG SWK GP FGJQTU FGU GHHGVU KPCVVGPFWU PQP OCÉVTKUÃU RCT NGU CWVGWTU CUUWTG PÃCPOQKPUWPRCUUCIGCWLQWTPCNFGJGWTGU

&GOÄOGEGTVCKPGUGPVTGRTKUGUEGHWVTÃEGOOGPVNGECUFG2CTKU/CVEJ FÃTCRGPV GV FQKXGPV HCKTG HCEG ´ WP RTQEÂU FQPV NGU DÃPÃHKEGU UGEQPFCKTGU UQPVVQWVFGOÄOGWPGHQTVGOÃFKCVKUCVKQPFGNGWTUKVG

(9)

.GnURCOFGCVJ€

5K RQWT -CTN #WGTDCEJ EJGTEJGWT EJG\ NG HCDTKECPV FOÃSWKRGOGPVU TÃUGCWZ %KUEQ NOKPVGTPGV PG FQKV ÄVTG PK EQPVTÏNà PK FQOKPà RCT EGWZ SWK POCURKTGPV´TKGPFOCWVTGSWOCWOCTMGVKPIFGOCUUGHQTEGGUVFGEQPUVCVGT SWG NG nURCOOKPI€L GPXQK GP OCUUG FG OGUUCIG PQP UQNNKEKVÃU XGTU NGU WVKNKUCVGWTUFWTÃUGCWSWGEGUQKVXGTUNGUPGYUITQWRUQWXGTUNGUCFTGUUGG OCKNLCGPEQTGFGDGCWZLQWTU´XKXTG;XGU'WFGUFW/QPFGPQWUCNGTVCKV TÃEGOOGPVUWTNOWPFGEGUECUFGURCOOKPI

&GRWKU SWGNSWGU UGOCKPGU FKXGTUGU UQEKÃVÃU KPUVCNNÃGU CWZ 'VCVU7PKU QPV NCPEÃUWTNOKPVGTPGVWPGXCUVGECORCIPGFGRTQOQVKQPRQWTWPCÃTQUQN´DCUG FOJQTOQPG FG ETQKUUCPEG JWOCKPG QW *)* +NU RTCVKSWGPV NG OCTMGVKPI FKTGEVRCTGPXQKGPOCUUGFGOGUUCIGURWDNKEKVCKTGUFCPUNGUDQÉVGUCWZNGVVTGU FOKPVGTPCWVGUFGVQWUNGURC[UFQPVNC(TCPEG+NUXKUGPVNGUURQTVKHUCOCVGWTU GVRNWUNCTIGOGPVVQWUEGWZSWKEQOOGPEGPV´TGUUGPVKTNGUGHHGVUFGNO¸IG 5K FGU UCPEVKQPU UQPV RTÃXWGUL CKPUK FCPU NO'VCV FG 8KTIKPKG NG EQPVTGXGPCPVGUVUCPEVKQPPÃRCTFQNNCTUFOCOGPFGLNGUURCOOGTUQPV CRRTKU ´ OCUSWGT NGWT KFGPVKVà .GU FKHHÃTGPVGU NÃIKUNCVKQPU ÃRTQWXGPV DKGP FGUFKHHKEWNVÃU´UWKXTGNGUÃXQNWVKQPUFWPGVGVNGOGKNNGWTTGORCTVEQPVTGNGU CDWUGVFÃDQTFGOGPVUUGODNGÄVTGGPEQTGEQPUVKVWÃRCTNGUKPVGTPCWVGUGWZ OÄOGU #KPUK FGUDNCEMNKUVU EKTEWNGPV SWK FÃPQPEGPV NGUURCOOGTU QW NGU URQPUQTUnOCWXCKURC[GWTU€2NWURTÃEKUÃOGPVUKWPKPVGTPCWVGGUVRTKU´

VTKEJGT FCPU WPGTCPMKPI NKUV KN GUV FÃPQPEà +N RGWV CNQTU UG VTQWXGT FCPU NOKORQUUKDKNKVÃFGUGTÃKPUETKTG&GOÄOGWPKPVGTPCWVGSWKnURCOOG€WP OQVGWTFGTGEJGTEJGGPOWNVKRNKCPVNGPQODTGFO74.UQWOKUGURGWVXQKTUQP CFTGUUGKPVGTFKVGFGTÃHÃTGPEGOGPV

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(10)

RGWVCNQTUGPXQ[GTFGUOGUUCIGUGPOCUUGRQWTPGRCUÄVTGKFGPVKHKÃKNXCUG OGVVTGFGTTKÂTGWPRTQZ[NCRWDNKEKVÃRCTOCKNSWOKNXCGPXQ[GTEQPVKGPFTC FGUNKGPUSWKPGTGPXGTTQPVRCUXGTUUQPUKVGRTKPEKRCNUQPnEQO€ECTEG UGTCKVRQWTNWKDKGPVTQRFCPIGTGWZKNRQWTTCKVÄVTGKFGPVKHKÃ+NXCFQPEHCKTG FG NC RWDNKEKVà KPFKTGEVG GP ETÃCPV WPG RCIG EJG\ WP JÃDGTIGWT ITCVWKV GZGORNG JVVRYYYCPIGNHKTGEQO#$ZZZJVO GV RNWVÏV SWG FG OGVVTGFKTGEVGOGPVUWTEGVVGFGTPKÂTGWPNKGPXGTUUQPUKVGN´GPEQTGKNUGTCKV KFGPVKHKÃKOOÃFKCVGOGPVKNXCOGVVTGFGUDCPFGCWZFGTCPMKPI NKUVQWFGU DCPFGCWZ FOCHHKNKCVG RTQITCO .GURCOOGT XC UOKPUETKTG UWT FG PQODTGWUGU TCPMKPINKUVUGVRQUGTWPGPUGODNGFGNKGPUKPEKVCVKHUUWTWPUKVGNGWTTG&ÂU NQTUSWOWPKPFKXKFWENKSWGTCUWTWPFGEGUNKGPUUCRNCEGFCPUNCTCPMKPINKUV UOCOÃNKQTGTCQTFCPUNCTCPMKPINKUVEOGUVDKGPWPGRTQOQVKQPRQWTUQPUKVG OCLGWTSWKCRRCTCÉVTC#RRCTCKUUCPVGPDQPPGRNCEGKNDÃPÃHKEKGTCFGHCÁQP KPFKTGEVG FG UQP CEVKQP FGURCO .OJÃDGTIGWT ITCVWKV TGEGXTC DKGP GPVGPFW FGURNCKPVGUNCRCIGUGTCUWRRTKOÃGQPRCTNGFGURCOFGCVJFCPUNCOGUWTG QÔNOCEVKQPFGURCOGPIGPFTGNCOQTVTCRKFGGVEGTVCKPGFGEGV[RGFGUKVG OCKU GNNG UGTC KOOÃFKCVGOGPV TGETÃÃG CKNNGWTUW %JCSWG XKUKVGWT NQTUSWOKN ENKSWGTCUWTWPFGUNKGPUHGTC´UQPKPUWFGNCRWDNKEKVÃRQWTNGUKVGRTKPEKRCN GVHGTCICIPGTFGNOCTIGPV´NOKPFKXKFW

.G&Q5NGPWMGNGURQQHKPI

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(11)

EGNNGU OGPÃGU ´ NOGPEQPVTG FOWPG FK\CKPG FG UKVGU GP HÃXTKGT RCTOK NGUSWGNU;CJQQGV%00

.GPWMGTSWKGPXQKGFGUPWMGUWVKNKUGNGOÄOGRTQEÃFÃSWGNG&Q5OCKU´

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(12)

TQWVGWT #WVQWT FG EGU CVVCSWGU KN GUV DKGP ÃXKFGPV SWG FG PQODTGWUGU UQNWVKQPUQPVÃVÃFÃXGNQRRÃGUGVEQOOGUQWXGPVEQOOGNGnXQNGWTRGWV UGHCKTGIGPFCTOG€EGUQPVNGUJCEMGTUSWKGPUQPV´NOQTKIKPGSWKTGNÂXGPV´

NC HQKU FG NC VGEJPQNQIKG GV FG NC RU[EJQNQIKG 7P KPFKXKFW SWK WVKNKUG WP NQIKEKGN FG OGUUCIGTKG EQOOG +%3 RGWV ÄVTG nPWMÀ CWVTGOGPV FKV FÃEQPPGEVà FW TÃUGCW KN GUV GP OGUWTG ÃICNGOGPV CXGE WP OKPKOWO FG EQORÃVGPEGUFGUGRTQVÃIGT2QWTEGNCKNRGWVWVKNKUGTWPGUQNWVKQPEQOOG PWMGPCDDGTCPVKPWMGTCPVKVTQLCPCPVKHNQQFGTQWCPVKURQQHGT

7PUKVGEQOOG#PVK1PNKPGRTQRQUGWPGPUGODNGFGUQNWVKQPUNQIKEKGNNGU SWK PQP UGWNGOGPV RGTOGVVGPV FG RTÃXQKT WPG CVVCSWG GV FG UOGP RTQVÃIGT OCKU UGPUKDKNKUGPV ÃICNGOGPV NG XKUKVGWT CWJCEM ,QJP 8TCPGUGXKEJ NG HQPFCVGWT FO#PVK1PNKPG KPXKVG CKPUK NGU KPVGTPCWVGU ´ GPVCOGT WPG IWGTTG RU[EJQNQIKSWG EQPVTG NOCITGUUGWT %OGUV N´ FOCKNNGWTU NC TCKUQP FOÄVTG RTKPEKRCNGFWJCEMGTURTQHKNKPILFÃL´WVKNKUÃRQWTKFGPVKHKGTFGUUGTKCNMKNNGTUL GVSWKPGHCKVSWGTÃRQPFTGCWZVGEJPKSWGUWUWGNNGUWVKNKUÃGURCTNGUJCEMGTU NG UQEKCN GV NG TGXGTUG GPIKPGGTKPI GP (TCPEG &COKGP $CPECN L JVVRYYY\CVC\EQOL RQTVÃ RCT FGU KFÃGU RTQEJGU FG EGNNGU FG ,QJP 8TCPGUGXKVEJ CKFG NC EQOOWPCWVÃ KPVGTPGV ´ OKGWZ EQORTGPFTG EG OKNKGW VTÂURCTVKEWNKGT

(KIWTG.GUKVGFG#PVK1PNKPGJVVRYYYCPVKQPNKPGEQO

(13)

.OÃOGTIGPEGFWYGDOCTMGVKPI

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.GRTQHKNKPILFGRTQHKNVQWVCWUUKPCVWTGNNGOGPVLEQPUKUVGGPEGEK

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.GDNKPFOCTMGVKPI

.GDNKPFOCTMGVKPIGUVCWLQWTFOJWKNCTIGOGPVWVKNKUÃFCPUNCEQPUVKVWVKQP FGDCUGUFGFQPPÃGUEHEKFGUUQWUNGUVGEJPKSWGUFGDNKPFCEEGUUOCKUCWUUK FCPU NC EQPUVKVWVKQP FG JCWVU VTCHKEU EH EKFGUUQWU NGUDNKPF NKPMUGVDNKPF DCPPGTU

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n)NQUUCKTG€.G/QPFGOGTETGFKQEVQDTG +FGO

(14)

XKGPV FG NWK ÄVTG EQOOWPKSWÃ 4GOCTSWQPU SWG NG VGTOG FGRGTOKUUKXG OCTMGVKPI UQWXGPVCRRNKSWÃ CW RTQEGUUWU GUV KPCFÃSWCV %GTVGU NOKPFKXKFW CEEGRVG FG TGEGXQKT FGU KPHQTOCVKQPU TGNCVKXGU CW UGTXKEG CWSWGN KN GUV GP VTCKPFGUQWUETKTGOCKUKNPOCSWGRGWFGXKUKDKNKVÃFCPUNGUGTXKEGCWSWGNGP EQPHKCPVUQPCFTGUUGGOCKNKNXCRQWXQKTCEEÃFGT

$NKPFNKPMUGVDNKPFDCPPGTU

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(15)

7UWTRCVKQPEQPVGZVWGNNG

.OWUWTRCVKQP EQPVGZVWGNNG EQPUKUVG ´ RTQRQUGT WPG FGUETKRVKQP GTTQPÃG UCPUTCRRQTVCXGENGXÃTKVCDNGEQPVGPWQW´KPVÃITGTFCPUUGUOQVUENÃUFGU OQVUSWKUOKNUQPVWPTCRRQTVCXGENOCEVWCNKVÃPOQPVRCUFGTCRRQTVCXGENG UGTXGWT#RTÂU-QUQXQ.GYKPUM[QW%QPEQTFGEGUQPVFÃUQTOCKUNGUOQVU 2QMGOQPGV/KETQUQHVFGRWKUNOCVVCSWGFQPVNCHKTOGCÃVÃNOQDLGVLEHKPHTC NCE[DGTETKOKPCNKVÃSWKRCTEGSWOKNUUGVTQWXGPVUQWUNGUHGWZFGNOCEVWCNKVà EQPEGPVTGPVNGUnCVVGPVKQPU€FGUYGDOCUVGTURGWUETWRWNGWZ

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(16)

RQWTUCXQKTFOQÔXKGPVNGWTVTCHKEGVRQWTTGRTQFWKTG´NOKFGPVKSWGNGOQFG FGOCTMGVKPIFWnUGTXGWTICIPCPV€

+NGUVRQUUKDNGFGnHQTEGT€NGVTCEMGTLCWVTGOGPVFKVNOQWVKNUVCVKUVKSWGL FOWPEQPEWTTGPVECTUQWXGPVEGEQPEWTTGPVXCEQPUWNVGTUGUUVCVKUVKSWGUUWT NGUKVGFGUQPRTGUVCVCKTGGPNCOCVKÂTG&GUFQPPÃGUCWUUKUVTCVÃIKSWGUUQPV FQPEUQWXGPVRTQVÃIÃGURCTWPUKORNGOQVFGRCUUGGVWPNQIKP.QTUSWOWP YGDOCUVGTEQPENWVWPCEEQTFFOÃEJCPIGFGDCPPKÂTGUCXGEWPURQPUQTEOGUV UGWNGOGPV ´ NC NGEVWTG FGU FQPPÃGU TGUVKVWÃGU RCT NGVTCEMGT SWOKN GUV GP OGUWTGFGEQPPCÉVTGNOGHHKECEKVÃFGEGFGTPKGTW

.COQFKHKECVKQPFGUFQPPÃGUUGTXGWT

%GVVGVGEJPKSWGEQPUKUVG´RKTCVGTGV´EJCPIGTNCFGUVKPCVKQPFWVTCHKEFGU UKVGUNGUOKGWZRQUKVKQPPÃUUWTNGUTCPMKPINKUVU5CEJCPVSWGNGUUKVGUWVKNKUGPV NG RNWU UQWXGPV EQOOGRCUUYQTF OQV FG RCUUG NGWT RTQRTG PQO FG UKVG VQWVNGOQPFGLQWRTGUSWGL RGWV XKUKVGT NOGPUGODNGFGUURQPUQTU FW UKVG EKDNG

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# NC FKHHÃTGPEG FGU CEVKQPU OCTMGVKPI SWK CWLQWTFOJWK LQWGPVRQWT NC RNWRCTV UWT NOCDUGPEG FOWPG NÃIKUNCVKQP ENCKTG EGTVCKPGU CEVKQPU GNNGU PG NCKUUGPV CWEWP FQWVG SWCPV ´ NGWT ECTCEVÂTG FÃNKEVWGWZ .GU HKTOGU NGU RNWU RWKUUCPVGURGWXGPVÄVTGXKEVKOGUFGEGURTCVKSWGU

/KETQUQHV PWOÃTQ WP OQPFKCN FW NQIKEKGN C ÃVÃ XKEVKOG FW RNWU ITCXG RKTCVCIGFGUQPJKUVQKTGUGNQPNG9CNN5VTGGV,QWTPCN.GUKPVTWUCWTCKGPVCEEÃFÃ CW UCKPV FGU UCKPVU NG EQFGUQWTEG FG RTQITCOOGU CWUUK XKVCWZ RQWT NOGPVTGRTKUGFG$KNN)CVGUSWGNGU[UVÂOGFOGZRNQKVCVKQP9KPFQYU.CHKTOGFG 4GFOQPF'VCVFG9CUJKPIVQPTGEQPPCÉVSWGNOKPVTWUKQPCFWTÃWPOQKU=?

.G ($+ C QWXGTV WPG GPSWÄVG =? 6TQKU J[RQVJÂUGU UQPV GPXKUCIGCDNGU NG EJCPVCIGNGUCDQVCIGQWNOGURKQPPCIGKPFWUVTKGN

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2CTOKNGURTGUVCVCKTGUNGURNWUEQPPWU*KVDQZJVVRYYYJKVDQZEQO

(17)

UG TGRTQFWKTG KPHGEVGT FOCWVTGU QTFKPCVGWTU FW TÃUGCW KPHQTOCVKSWG GV GPXQ[GTFGUOGUUCIGURQWXCPVEQPVGPKTFGUKPHQTOCVKQPUW

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.OJCEMVKXKUOG

#FGUHKPURQNKVKSWGUQWÃEQPQOKSWGUUQWXGPVNGUFGWZNOJCEMVKXKUOGL CRRGNÃÃICNGOGPVnE[DGTCVVCSWG€LUGFÃXGNQRRGUWTNGTÃUGCW

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(18)

(KIWTG.GUKVGFG/CZWUYYYRETCFKQEQOOCZWUJVO

.G VGTOGJCEMVKXKUOG HQTIÃ ´ RCTVKT FGU VGTOGUJCEMGT GVCEVKXKUOG GUV CRRCTWGPFCPUWPVGZVGFW%#'%TKVKECN#TV'PUGODNGSWKRTÏPGNC FÃUQDÃKUUCPEG EKXKNG KPHQTOCVKSWG 'P NGU VJÃQTKGU FÃXGNQRRÃGU RCT NG

%#' UG OCVÃTKCNKUGPV RCT NG RTGOKGT nUKVKP XKTVWGN€ 1DLGEVKH DNQSWGT NGU UKVGU SWK UQWVKGPPGPV NC TÃRTGUUKQP FGU \CRCVKUVGU %G V[RG FOCVVCSWG C ÃICNGOGPVÃVÃTÃCNKUÃEQPVTG1EEKFGPVCN2GVTQNGWO

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(19)

(KIWTG.GUKVGFGUnLWUVKEKGTU€46/CTMJVVRYYYTVOCTMEQO

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#)QP\CIWG,//CPCEJ'2CPUW#2KSWCTF-2QTVTCKVGV&6TQORCTGPV n3WKCRGWTFGUJCEMVKXKUVGU!€6TCPUHGTVPuQEVQDTG

(20)

RCUUGT ´ NOCEVG FOCEJCV &GU UGTXGWTU EQOOG YYYTWGFWEQOOGTEGEQO WVKNKUGPVCKPUKNOKPHQTOCVKQPGVNCRÃFCIQIKGRQWTTCUUWTGTNOCEJGVGWTÃXGPVWGNW

.CFGWZKÂOGITCPFGHQTOGFGFÃHGPUGGUVnNOCHHCKTG€FGRTQHGUUKQPPGNU 2CTOKGWZNG)TQWRG5[OCPVGE

#WUGKPFWITQWRG=NG?RTGOKGTVTCXCKNEQPUKUVG´HCKTGWPCWFKVEQORNGVFWU[UVÂOG FW ENKGPV RWKU ´ TGRGPUGT UQP CTEJKVGEVWTG RQWT NG TGPFTG OQKPU XWNPÃTCDNG GP ICTFCPVWPGXKUKQPUVTCVÃIKSWGGVF[PCOKSWGFGUSWGUVKQPUFGUÃEWTKVÃEQOOG´

NOCTOÃG=?.GUGEQPFVTCXCKNEQPUKUVG´VGUVGTNGUU[UVÂOGUTGEQPUVTWKVUGPNCPÁCPV FGUCVVCSWGUUGODNCDNGU´EGNNGURTCVKSWÃGURCTNGUJCEMGTU=?.C59#66GCOUKING GORTWPVôNCRQNKEGCOÃTKECKPGSWKUKIPKHKG5RGEKCN9GCRQPUCPF6CEVKEUCTOGUGV VCEVKSWGUURÃEKCNGU=TGITQWRGCKPUKFGUGZRGTVU´NCOQTCNKVÃKTTÃRTQEJCDNG?

.CINQKTG´VQWVRTKZ

2QWTGZKUVGTCWOKNKGWFGOKNNKQPUFOKPVGTPCWVGUFCPUEGVVGEQWTUG CWFÃXGNQRRGOGPVFGUKVGUTGPVCDNGUSWKGZKIGFOCNNGTVQWLQWTUFGNOCXCPVFG VQWLQWTUKPPQXGTRQWTnICTFGTNCOCKP€UWTNCEQPEWTTGPEGNGUnOCPCIGTU YGDOCUVGTU€ QPV CRRTKU CWRTÂU FGU JCEMGTU FGWZ KFÃGU HQTVGU SWK EQPFKVKQPPGPV NOÃNCDQTCVKQP FOWP OCTMGVKPI GHHKECEG UWT NG TÃUGCW GV KPFWKUGPV NOCRRNKECVKQP FOWP PQWXGCW V[RG FG OCTMGVKPI UWT NG PGV FKV YGDOCTMGVKPIQWOCTMGVKPIQPNKPGVTÂUNQKPEQOOGPQWUNOCXQPUFKVLEH UWRTC NOÃOGTIGPEG FW YGDOCTMGVKPIL FGU CFCRVCVKQPU PÃEGUUCKTGOGPV XQWÃGU´NOÃEJGEFGUVGEJPKSWGUFWOCTMGVKPIENCUUKSWGCWYGD

&OCDQTFWP VTCHKE WVKNKUCVGWTUWT WP UKVG POGUV LCOCKU PGWVTG %GNC UQWU VGPF NOKFÃG CW OQKPU FCPU WP RTGOKGT VGORU GV CXCPV WP VTCKVGOGPV RNWU URÃEKHKSWG FG EJCSWG XKUKVGWTL EOGUV N´ WPG FKHHÃTGPEG OCLGWTG CXGE NG OCTMGVKPI VTCFKVKQPPGNL SWG VQWV KPVGTPCWVG SWK XKGPV UWT WP UKVG GUV KPVÃTGUUCPVRQWTNGUKVGXKUKVÃECTKNGUVGPOGUWTGFOCRRQTVGTSWGNSWGEJQUG

'PUWKVGKNPGHCWVLCOCKUÄVTGNGnRTQURGEVGWT€OCKUEGNWKSWKFQPPGNCRGNNG GVNGUGCW#WVTGOGPVFKVKNPGUGTV´TKGPFGXQWNQKTVQWVHCKTGVQWVUGWNLEQOOG FÃOCTEJGTRCTGZGORNG+NGUVGPGHHGVDGCWEQWRRNWUTGPVCDNGGVEG´VQWVRQKPV FG XWG FOWVKNKUGT NC OCUUG HQTOKFCDNG SWG TGRTÃUGPVGPV NGU KPVGTPCWVGUL KPVGTPCWVGU SWK UOKNU UQPV DKGP nWVKNKUÃU€ UQPV CWVCPV FG TGNCKU GZVTÄOGOGPV GHHKECEGU

;'7&'5n#WOCNJGWTFGUEJCUUGWTU€.G/QPFGXGPFTGFKQEVQDTG 4KGP SWG RQWT NC (TCPEG QP EQORVG OKNNKQPU FOKPVGTPCWVGU FQPV CWTCKGPV ETÃà FGU UKVGU NG RNWU UQWXGPV FGU nRCIGU RGTUQPPGNNGU€ 5QWTEG

#UUQEKCVKQPFGUHQWTPKUUGWTUFOCEEÂU#(#.G/QPFGOGTETGFKQEVQDTG

(21)

4GETÃGTFGUGPVTGRTKUGU

#RCTVKTFGEGUFGWZTÂINGUQPEQORTGPFOKGWZRQWTSWQKCWLQWTFOJWK FGUUVCTVWRUGHQPFGPVGPnUVCTVFQYP€5OKNPO[CRCUFGHCVCNKVÃKN[

CGPTGXCPEJGFGUÃXKFGPEGU2QWTTGRTGPFTGWPOQVCWLQWTFOJWKEÃNÂDTG n#TTÄVQPU FG ETÃGT FGU UVCTVWR GV TGRGPUQPU ´ HCKTG FGU GPVTGRTKUGU€

%OGUV WPG EJQUG HCEKNG SWG FG FÃRGPUGT FG NOCTIGPV FOKPXGUVKUUGWTU GP EQOOWPKECVKQPVTCFKVKQPPGNNGGVGPUCNCKTGRQWTUQWVGPKTWPVTCHKEOCKUEGNC PG RTQVÂIG RCU FGU NGPFGOCKPU SWK FÃEJCPVGPV NQTUSWGL JQTU NG SWCTV FOJGWTG FG INQKTG ´ NC #PF[ 9CTJQN UWT EGV KOOGPUG TÃUGCW SWOGUV NOKPVGTPGVLNGVGORUGUVXGPWFGUQWVGPKTWPVTCHKEFGSWCNKVÃJQTUNCOCPPG HKPCPEKÂTGnVTCFKVKQPPGNNG€

2CTEG SWG UWT NG TÃUGCW NOCTIGPV FQKV UG ICIPGT CXCPV FOÄVTG FÃRGPUà F[PCOKSWG SWK UOQRRQUG ´ nNOKPUQWEKCPEG FGU HKTUV VWGUFC[U€ GV CWZ GPVTGRTKUGU SWK RCTEG SWOGNNGU UG UQPV HQECNKUÃGU UWT NGU HQPEVKQPPCNKVÃU FW TÃUGCWUGUQPVÃNQKIPÃGUFGNOGUUGPVKGN%GRQWTTCKVFOCKNNGWTUÄVTGN´NCTÂING UOKNPOGPHCNNCKVSWOWPGRQWTCWOQKPUTÃWUUKT´EQTTKIGTNGVKTNGUGPVTGRTKUGU SWKQPVHCKVFGNGWTUGTXGWTWPQWVKNEQPHKÃCWZUGWNUKPHQTOCVKEKGPUFQKXGPV TCRRTQEJGT NG OCTMGVKPI GV NC UVTCVÃIKG FG EGV GZEGRVKQPPGN nQWVKN GPVTGRTKUG€SWKPGRGWVÄVTGGHHKEKGPVSWO´NCEQPFKVKQPGZRTGUUGFGRTGPFTG EGSWKUGHCKVFGOKGWZGPOCVKÂTGFGOCTMGVKPI´EQOOGPEGTRCTCFCRVGT SWCPF KN PG UOCIKV RCU VQWV UKORNGOGPV FG NGU GZRNQKVGT ´ NOCWPG PCVWTGNNGOGPVFWFTQKVNGUVGEJPKSWGUOKUGU´LQWTRCTNGUJCEMGTU

'PHKP GV RCTEG SWOWPG KPPQXCVKQP OCTMGVKPI UWT NG TÃUGCW UG ENQPG GUUCKOG GV FQPE RGTF UQP GHHKEKGPEG FCPU WP VGORU VTÂU EQWTV NGU nOCPCIGTUYGDOCUVGTU€ FQKXGPV UOCUVTGKPFTG ´ WPG XGKNNG GZVTÄOGOGPV UGTTÃGFGUQWVKNUOKUGPWXTGRCTNCEQPEWTTGPEGPCVWTGNNGOGPVOCKUCWUUK GV WPG HQKU GPEQTG FG EGWZ SWK VTCEVGPV NGU KPPQXCVKQPU OCTMGVKPI UWT NG TÃUGCWGVFQPEFGUJCEMGTU

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(22)

%GPOGUVRCUNGOQKPFTGFGURCTCFQZGU=GPGHHGVSWG?RQWTFÃHGPFTGUGUKPVÃTÄVU CW UGKP FG NC VTÂU HGTOÃG+%#00 =+PVGTPGV %QTRQTCVKQP HQT #UUKIPGF 0COGU CPF 0WODGTUFQPV NGU TÃEGPVGU ÃNGEVKQPU XKUCKGPV ´ HCKTG ÃNKTG EKPS FGU FKZPGWH FKTGEVGWTU FG NO+%#00 RCT NGU KPVGTPCWVGU? NO'WTQRG CKV EJQKUK #PF[ /WGNNGT /CIWJP WP OGODTG FW TGOWCPV%JCQU %QORWVGT %NWD%%% FG *CODQWTI

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)1/'<,,n&CPUSWCVTGCPUNGYGDUGTCTÃIWNÀ6TCPUHGTVPuQEVQDTGR )10<#)7'#/#0#%*,/2#057'2+37#4&#21464#+6-GV641/2#4'06&

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n7PJCEMGT RQWT FÃHGPFTG NO'WTQRG€.G /QPFG OGTETGFK QEVQDTG 7PG FGURTQEJCKPGUV¸EJGUFGNO+ECPPUGTCFGETÃGTFGPQWXGCWZPQOUFGFQOCKPGVGNU SWGDK\MKFUUGZYCTUEJQQNOWUGWOGVFGEJQKUKTNGUUQEKÃVÃUEJCTIÃGUFGNGU CFOKPKUVTGTLYYYKECPPQTI

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.G ITQWRYCTG RGTOGV FOCDQTFGT NC SWGUVKQP FG NC IGUVKQP FGU EQPPCKUUCPEGU QTICPKUCVKQPPGNNGU GP KPVTQFWKUCPV WPG

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

%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

HCKTG HCEG +N UOCIKUUCKV FG OGVVTG GP RNCEG FCPU NGU EQOOWPGU TGVGPWGU FGU EGPVTGUOWNVKOÃFKCUNKGWZFOCEEWGKNQWXGTVU´VQWUÃSWKRÃUFGOCVÃTKGNUGV CPKOÃU RCT WPG RGTUQPPG EQORÃVGPVG

0QWU CXQPU RTQRQUÃ FCPU EGV CTVKENG WP OQFÂNG FG NC UKVWCVKQP FG VTCXCKN FOWP CEVGWT %G OQFÂNG C RQWT QDLGEVKH FOCRRQTVGT WPG CKFG RQWT NC EQORTÃJGPUKQP FGU FKHHÃTGPVU OÃECPKUOGU

´ VTCXGTU FGU XWGU TGRTÃUGPVCPV NGU FKHHÃTGPVGU HCEGU FW FÃTQWNGOGPV FW RTQLGV.GU CRRTQEJGU FG VTCÁCDKNKVÃ FG NC NQIKSWG FG EQPEGRVKQP RTÃUGPVGPV FGU NKOKVGU UWTVQWV FCPU