Auktion 102 Künker

Page 1

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#/'4+%#0 07/+5/#6+% 51%+'6; #WEVKQP %CVCNQIWG QH VJG .KDTCT[ QH VJG #OGTKECP 0WOKU OCVKE 5QEKGV[ $QUVQP 5 (QNKQ )CP\NGKPGP GVYCU DGUVQ­GP

#/2#%* % . XQP 0WOQRJ[NCEKK #ORCEJKCPK /Ã’P\ WPF /GFCKNNGPUCOONWPI #DVGKNWPI .GKR\KI 0CWODWTI 8+ 5 5 %QTTKIGPFC 8+ 5 8+ 5 5 %QTTKIGPFC *CNDNGKPGP

$—0—<+6 ' &KEVKQPPCKTG ETKVKSWG GV FQEWOGPVCKTG FGU 2GKPVTGU 5EWNRVGWTU &GUUKPCVGWTU GV )TCXGWTU 6QOG .KDTCKTKG )TÒPF .GKPGP

$.#0%*'6 # /¾OQKTGU GV PQVGU FG PWOKUOCVKSWG &GWZK½OG U¾TKG 2CTKU 5 OKV #DD 6HP 1TKI $TQUEJWT WPCWHIGUEJPKVVGP

$14%*/#00 , ( 0WOQ 2J[NCEKXO /QNCPQ $QGJOGTKCPWO 2CTU %GNNG /C­VCDGNNG 5 1TKI )CP\NGFGTGKPDCPF OKV 4Ã’EMGPXGTIQNFWPI 'KPDCPF DGUVQ­GP WPF 4Ã’EMGP DGUEJ·FKIV

8QTDGUKV\GTXGTOGTM # 9 * %CRRG *KNFGU XGTOWVNKEJ 8CVGT QFGT )TQ­XCVGT FGU DGMCPPVGP 0WOKUOCVKMGTU *GKPTKEJ 2JKNKRR %CRRG 8QP %CRRGU *CPF CWH 8QTUCV\UGKVGP $GTOGTMWPIGP Ã’DGT #PVKMGPUCOONWPI WPF -CVCNQI FGT %QOVGUUG FG $GPVKPEM GKPG 2CTCFGOGFCKNNG (TKGFTKEJ 9KNJGNOU + XQP 2TGWUUGP WPF 5EJ·V\WPI WPF 5EJKEMUCN FGT 5COONWPI /QNCPWU

%.#+0 56'(#0'..+ ' ' 0WOKUOCVKE $KDNKQITCRJ[ /Ã’PEJGP W C ::++ 5 *CND NGFGT

%70< 4 *TUI 9·JTWPIUWPKQPGP $GKVT·IG \WT )GUEJKEJVG Ã’DGTTGIKQPCNGT /Ã’P\ WPF )GNFRQNKVKM 05V 4GIGPUVCWH 5 OKV \CJNTGKEJGP #DD %QPEQTFKC FKVCV ,CJTG 0WOKUOCVKUEJG -QOOKUUKQP FGT .·PFGT KP FGT $WPFGUTGRWDNKM &GWVUEJNCPF 05V 4GIGPUVCWH 5 OKV GKPKIGP #DD -CTVQPKGTV

&+'.+6< , &KG 9CJN WPF &GPMURTÃ’EJG (GNFIGUEJTGKG .QUWPIGP 5EJNCEJV WPF 8QNMUTWHG DGUQP FGTU FGU /KVVGNCNVGTU WPF FGT 0GW\GKV (TCPMHWTV CO /CKP 8+++ 5 *CNDNGKPGP <YGK 5GKVGP GVYCU DGHNGEMV

&+'7&100— # /¾NCPIGU PWOKUOCVKSWGU $·PFG 2CTKU 5 6HP 5 6HP 1TKI $TQUEJWT $CPF QJPG 8QTUCV\ WPF TGRCTKGTV

'+0.'+670) <74 /'&#+..'0 1&'4 /ª0< 9+55'05%*#(6 \WO 7PVGTTKEJV HÃ’T FKGLGPKIG YGNEJG \W GKPGT ITÃ’PFNKEJGP 'TMGPPVPWU UQ YQJN FGT #PVKSWGP CNU /QFGTPGP /Ã’P\GP IGNCPIGP YQNNGP 0Ã’TPDGTI 2GVGT %QPTCF /QPCVJ 5 5 4GIKUVGT -WRHGTUVKEJVH KO (TQPVKURK\ -WRHGTUVKEJVHP *CNDNGFGT OKV 4Ã’EMGPXGTIQNFWPI 'KPDCPF DGUVQ­GP

'Z NKDTKU )GQTI #WI FG *COOGTUVGKP WPF )WUVCX )TWPCW

'4056 % XQP &KG -WPUV FGU /Ã’P\GPU XQP FGP ·NVGUVGP <GKVGP DKU \WT )GIGPYCTV 9KGP 5 1TKI $TQUEJWT GVYCU DGUEJ·FKIV

/KV 9KFOWPI FGU 8GTHCUUGTU CP &KTGMVQT 6 4QJFG

(4'; # 4 &KEVKQPCT[ QH 0WOKUOCVKE 0COGU YKVJ )NQUUCT[ QH 0WOKUOCVKE 6GTOU D[ / / 5#.610 0GY ;QTM : 5 .GKPGP

8GT\GKEJPKU PWOKUOCVKUEJGT (CEJDGITKHHG KP HÃ’PH 5RTCEJGP

(4+'&$'4) # . WPF + 5 )QNF %QKPU QH VJG 9QTNF (TQO #PEKGPV 6KOGU VQ VJG 2TGUGPV #WH NCIG %NKHVQP 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

(4+'&$'4) 4 WPF # . WPF + 5 )QNF %QKPU QH VJG 9QTNF (TQO #PEKGPV 6KOGU VQ VJG 2TGUGPV #WHNCIG %NKHVQP .GKPGP 4Ã’EMGP NGKEJV DGUEJ·FKIV % . -4#75' % /+5*.'4 5VCPFCTF %CVCNQI QH 9QTNF )QNF %QKPU 2NCVKPWO CPF 2CNNCFKWO +UUWGU +PENWFGF #WHNCIG +QNC 1TKI $TQUEJWT , 4 &' /'; .G /Q[GP #IG F QT /CPWUMTKRVFTWEM $TWZGNNGU 1TKI $TQUEJWT GKPG 5GKVG NQUG 9 (7%*5 ;GCTU QH 2NCVKPKWO %QKPCIG 9QTNF %QKPU CPF /GFCNU KP 2NCVKPWO CPF 2CNNCFKWO HTQO VQ $TCWPUEJYGKI Q , .GKPGP

)4'05'4 # #FTGUUDWEJ HÃ’T (TGWPFG FGT /Ã’P\ 5KGIGN WPF 9CRRGPMWPFG OKV DKQITCRJKUEJGP NKVGTCTKUEJGP WPF UVCVKUVKUEJGP 0CEJYGKUGP (TCPMHWTV CO /CKP 8 5 .GKPGP OKV 1TKI 2T· IWPI QDGP DGUEJCDV

11

#..)'/'+0' 07/+5/#6+

*#.. ' 6 /'6%#.( & / /GVJQFU QH %JGOKECN CPF /GVCNNWTIKECN +PXGUVKICVKQP QH #PEKGPV %QKPCIG # U[ORQUKWO JGNF D[ VJG 4Q[CN 0WOKUOCVKE 5QEKGV[ CV $WTNKPIVQP *QWUG 405 5RGEKCN 2WDNK ECVKQP .QPFQP 8+++ 5 6HP .GKPGP

*+.. ) ( $GEMGT VJG %QWPVGTHGKVGT $·PFG .QPFQP (TQPVKURK\ 5 6HP 5 6HP *CNDNGKPGP

*1.6< 9 .GZKMQP FGT /Ã’P\CDMÃ’T\WPIGP /Ã’PEJGP 8++ 5 )CP\NGKPGP

+$'. 6 &KG 9CIG KO #NVGTVWO WPF KO /KVVGNCNVGT +PCWIWTCN &KUUGTVCVKQP \WT 'TNCPIWPI FGT &QMVQT YÃ’TFG FGT JQJGP 2JKNQUQRJKUEJGP (CMWNV·V FGT (TKGFTKEJ #NGZCPFGT 7PKXGTUKV·V 'TNCPIGP 'TNCPIGP 5 6GZVCDD 2CRRDCPF

3021 3020

,1$'46 2 .C UEKGPEG FGU OGFCKNNGU RQWT N KPUVTWEVKQP FG EGWZ SWK U CRRNKSWGPV ¯ NC EQPPQKUUCPEG FGU OGFCKNNGU CPVKSWGU OQFGTPGU #OUVGTFCO )GQTIG )CNNGV (TQPVKURK\ 5 OGJTGTG $N -NGKPHQTOCV .GFGT OKV )QNFXGT\KGTWPIGP GVYCU DGUVQ­GP 4GRT·UGPVCVKXGU 'ZGORNCT

-10)4'55$'4+%*6' .G %QOVG FG %#56'..#0' # $.#0%*'6 *TUI %QPIT½U +PVGTPCVKQ PCN FG 0WOKUOCVKSWG T¾WPK C 2CTKU 2TQE½U XGTDCWZ O¾OQKTGU 2CTKU 5 6HP *CNDNGFGT

$GKVT·IG 'Z NKDTKU )WUVCX )TWPCW &T RJKN $GTP /&%%%%+

#VVK FGN %QPITGUUQ +PVGTPC\KQPCNG FK 5EKGP\G 5VQTKEJG $CPF #VVK FGNNC 5G\KQPG 0WOKUOCVKEC 4QO :+: 5 6HP -NCRRVH *CNDNGFGT

$GKVT·IG

# FG 9+66' 8 61740'74 *TUI 2TQE½U XGTDCWZ GV O¾OQKTG FW %QPIT½U +PVGTPCVKQPCN FG 0W OKUOCVKSWG GV F #TV FG NC /¾FCKNNG %QPVGORQTCKPG $TÃ’UUGN (TQPVKURK\ :%8+++ 5 6HP .GKPGP $GKVT·IG

12

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, #..#0 * /#66+0).; ' 5 ) 41$+0510 *TUI 6TCPUCEVKQPU QH VJG +PVGTPCVKQPCN 0WOKU OCVKE %QPITGUU 1TICPK\GF CPF *GNF KP .QPFQP D[ VJG 4Q[CN 0WOKUOCVKE 5QEKGV[ .QPFQP +: 5 6HP 5 .GKPGP $KPFWPI NQEMGT

$GKVT·IG $GKNKGIGPF -QPITG­WPVGTNCIGP XQP * # %CJP

, $#$'.10 , .#(#74+' *TUI %QPIT½U +PVGTPCVKQPCN FG 0WOKUOCVKSWG 2CTKU ,WKNNGV $·PFG 2CTKU ::+ 5 +: 5 OKV 6GZVCDD .GKPGP

$GKVT·IG

' $1'*4+0)'4 *TUI 9KUUGPUEJCHVNKEJG #DJCPFNWPIGP FGU FGWVUEJGP 0WOKUOCVKMGTVCIGU KP )ÌV VKPIGP )ÌVVKPIGP W C 5 6HP .GKPGP

%QPITGUUQ +PVGTPCVKQPCNG FK 0WOKUOCVKEC $·PFG 4QO 5 :::++ 5 :.8+ 6HP 1TKI $TQUEJWT

$GKVT·IG

%GPVTQ +VCNKCPQ FK 5VWFK UWNN CNVQ OGFKQGXQ *TUI /QPGVC G UECODK PGNN CNVQ OGFKQGXQ 5GVVKOCPG FK 5VWFKQ FGN %GPVTQ +VCNKCPQ FK 5VWFK UWNN CNVQ OGFKQGXQ 5RQNGVQ 5 1TKI $TQUEJWT WPCWHIG UEJPKVVGP 4ÒEMGP DGUEJ·FKIV

$GKVT·IG

# -+0&.'4 *TUI +PVGTPCVKQPCN 0WOKUOCVKE %QPXGPVKQP ,GTWUCNGO &GEGODGT 6JG 2CVVGTPU QH /QPGVCT[ &GXGNQROGPV KP 2JQGPKEKC CPF 2CNGUVKPG KP #PVKSWKV[ 2TQEGGFKPIU 6GN #XKX ,GTWUCNGO (TQPVKURK\ :8+ 5 6HP *CNDNGKPGP

9 *'05'. *TUI +GT %QPIT½U +PVGTPCVKQPCN F #TEJ¾QNQIKG 5NCXG 8CTUQXKG +: 5GEVKQP .C OQPPCKG FCPU NGU RC[U UNCXGU FCPU N CPVKSWKV¾ GV NG OQ[GP ³IG 9TQElCY W C 5 (CNVMCTVGP GKPKIG #DD

$GKVT·IG W C XQP 4 -+'450195-+ ' 01*',.18 24 618 5 57%*1&1.5-+ , 5',$#.

* # %#*0 ) .' 4+&'4 *TUI #EVGU FW ½OG %QPIT½U +PVGTPCVKQPCN FG 0WOKUOCVKSWG 0GY ;QTM 9CUJKPIVQP #+02 2WDNKECVKQP $·PFG 2CTKU $CUGN :+8 5 6HP .GKPGP

$GKVT·IG

8 -10&+I *TUI (TCRRG GV CVGNKGTU OQPGVCKTGU FCPU N CPVKSWKVG GV OQ[GP CIG #EVGU FW U[ORQUKWO T¾WPK FW LCPXKGT CW GT H¾XTKGT FCPU NG /WU¾G 0CVKQPCN FG $GNITCFG $GNITCF 5 GKPKIG 6HP 1TKI $TQUEJWT

+ )'&#+ - $+4¡ 5'; *TUI 2TQEGGFKPIU QH VJG +PVGTPCVKQPCN 0WOKUOCVKE 5[ORQUKWO $WFCRGUV 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

13

#..)'/'+0' 07/+5/#6+

6 *#%-'05 4 9'+..'4 *TUI #EVGU FW ½OG %QPIT½U +PVGTPCVKQPCN FG 0WOKUOCVKSWG $GTPG 5GRVGODTG #+02 2WDNKECVKQP $·PFG .QWXCKP NC 0GWXG .WZGODQWTI ::: 5 6HP 5 6HP .GKPGP

$GKVT·IG

$C[GTKUEJG 0WOKUOCVKUEJG )GUGNNUEJCHV *TUI &GWVUEJGT 0WOKUOCVKMGTVCI /Ã’PEJGP 8QTVT·IG #WIUDWTI 5 6HP 1TKI $TQUEJWT

+ # %#44#&+%' *TUI 2TQEGGFKPIU QH VJG VJ +PVGTPCVKQPCN %QPITGUU QH 0WOKUOCVKEU .QPFQP 5GRVGODGT #+02 .QPFQP :8+ 5 6HP .GKPGP

$GKVT·IG

6 *#%-'05 ) /17%*#46' *TUI 0WOKUOCVKSWG GV JKUVQKTG ¾EQPQOKSWG RJ¾PKEKGPPGU GV RWPK SWGU #EVGU FW %QNNQSWG VGPW ¯ .QWXCKP NC 0GWXG /CK 0WOKUOCVKEC .QXCPKGPUKC .QWXCKP NC 0GWXG :+++ 5 6HP .GKPGP

$GKVT·IG

6 *#%-'05 ) /17%*#46' *TUI #EVGU FW :+G %QPIT½U +PVGTPCVKQPCN FG 0WOKUOCVKSWG QTIC PKU¾ ¯ N QEECUKQP FW G CPPKXGTUCKTG FG NC 5QEK¾V¾ 4Q[CNG FG 0WOKUOCVKSWG FG $GNIKSWG $TWZGNNGU UGRVGODTG $·PFG .QWXCKP NC 0GWXG 8+++ 5 8+++ 5 8+++ 5 +8 5 LGYGKNU OKV \CJNTGKEJGP 6GZVCDD WPF 6HP 1TKI $TQUEJWT

$GKVT·IG

, 01..— $ 18'4$'%- 2 9'+55 *TUI +PVGTPCVKQPCNGU -QNNQSWKWO \WT MCKUGT\GKVNKEJGP /Ã’P\ RT·IWPI -NGKPCUKGPU #RTKN KP FGT 5VCCVNKEJGP /Ã’P\UCOONWPI /Ã’PEJGP 0QOKUOCVC /KNCPQ 5 FCXQP 6HP -CTVQPKGTV

$GKVT·IG

.+25+75 , ) # $KDNKQITCRJ[ QH 0WOKUOCVKE $QQMU 2TKPVGF $GHQTG YKVJ VJG 5WRRNGOGPV VQ D[ , .'+6</#00 0CEJFTWEM %QNEJGUVGT FGT #WUICDGP .GKR\KI WPF 9GK­GPUGG :: 5 +8 5 +P GKPGO $CPF KP .GKPGP IGDWPFGP

.75%*+0 810 '$'0)4'76* # =<WUCOOGPUVGNNWPI \CJNTGKEJGT 5& CWU ? , *1125 *TUI 4GCNNGZKMQP FGT )GTOCPKUEJGP #NVGTVWOUMWPFG 5VTC­DWTI

#NNIGOGKPG /Ã’P\MWPFG WPF )GNFIGUEJKEJVG FGU /KVVGNCNVGTU WPF FGT 0GWGTGP <GKV *CPFDWEJ FGT OKV VGNCNVGTNKEJGP WPF PGWGTGP )GUEJKEJVG #DV *KNHUYKUUGPUEJCHVGP WPF #NVGTVÃ’OGT #WHNCIG /Ã’P EJGP $GTNKP :+: 5 OKV GKPKIGP #DD ( (4+'&'05$74) /Ã’P\MWPFG WPF )GNFIG UEJKEJVG FGT 'KP\GNUVCCVGP FGU /KVVGNCNVGTU WPF FGT PGWGTGP <GKV *CPFDWEJ FGT OKVVGNCNVGTNKEJGP WPF PGWGTGP )GUEJKEJVG #DV *KNHUYKUUGPUEJCHVGP WPF #NVGTVÃ’OGT $GTNKP 8+++ 5 6HP .GKPGP OKV 1TKI 2T·IWPI

/#%&10#.& ) %QKP 6[RGU 6JGKT 1TKIKP CPF &GXGNQROGPV 6JG 4JKPF .GEVWTGU )NCUIQY : 5 6HP .GKPGP 6GKNYGKUG WPCWHIGUEJPKVVGPG 5GKVGP 6H NQUG

/#7— * 8'+6 . /Ã’P\GP KP $TCWEJ WPF #DGTINCWDGP -CVCNQI \WT #WUUVGNNWPI /CKP\ 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD 2 $'4)*#75 &KG QNFGPDWTIKUEJGP 5KNDGTUEJCV\HWPFG XQP -NGKP 4QUEJCTFGP -TGKU %NQRRGPDWTI 5& CWU 1NFGPDWTIGT ,CJTDWEJ 5 OKV #DD 6HP FTGK YGKVGTG #WHU·V\G \W (WPFGP XQP /Ã’P\UEJOWEM 1TKI $TQUEJWT

/ª5'.'4 - $GTIDCWIGRT·IG &CTIGUVGNNV CWH )TWPF FGT 5COONWPI FGT 2TGWUUCI #MVKGPIGUGNNUEJCHV $·PFG *CPPQXGT .GKPGP

$GTIDCWIGRT·IG &CTIGUVGNNV CWH )TWPF FGT 5COONWPI FGT 2TGWUUCI #MVKGPIGUGNNUEJCHV 0CEJVTCI *CP PQXGT Q , .GKPGP

0'.-'0$4'%*'4 , % #NNIGOGKPGU 6CUEJGPDWEJ FGT /Ã’P\ /CC­ WPF )GYKEJVUMWPFG FGT 9GEJUGN )GNF WPF (QPFUEWTUG W U Y $GCTD XQP * 5EJYCDG #WHNCIG $GTNKP 5 *CNDNGFGT 4Ã’EMGP DGUEJ·FKIV

0'7/#00 , $GUEJTGKDWPI FGT DGMCPPVGUVGP -WRHGTOÃ’P\GP $CPF 2TCI 4GIKUVGT DCPF 0GY ;QTM .QPFQP $CPF 8QTUCV\UGKVG NQUG WPF 2CRKGT IGDT·WPV

#NU 1TKIKPCN UGJT UGNVGP

14

4'0'55' $4'+&$#%* %QOVG FG &GUETKRVKQP CDT¾I¾G FW %CDKPGV FG O¾FCKNNGU CPVKSWGU GV OQFGT PGU VCDNGCWZ ITCXWTGU GVE $TWZGNNGU 5 1TKI $TQUEJWT 0QVKEG UWT NG %CDKPGV /QP¾CVCKTG FG 5 # .G 2TKPEG FG .KIPG = ? )CPF (TQPVKURK\ .::: 5 *CNDNGKPGP

#..)'/'+0' 07/+5/#6+

5%*.+%-';5'0 ( 9 # 2#../#00 4 'TMNCGTWPI FGT #DMWGT\WPIGP CWH /WGP\GP FGT PGWG TGP <GKV FGU /KVVGNCNVGTU WPF FGU #NVGTVJWOU UQYKG CWH &GPMOWGP\GP WPF OWGP\CTVKIGP <GKEJGP #WHNCIG $GTNKP 5VWVVICTV 8+++ 5 6HP .GKPGP GVYCU DGUVQ­GP

5%*4¤66'4 ( (TGKJGTT XQP *TUI 9ÌTVGTDWEJ FGT /ÒP\MWPFG $GTNKP .GKR\KI :8+ 5 6HP *CNDNGFGT 'KPDCPF GVYCU DGUVQ­GP

5%*7.6*'55 4'%*$'4) - ) XQP 6JCNGT %CDKPGV $GUEJTGKDWPI CNNGT DGMCPPV IGYQTFGPGP 6JCNGT $CPF #NNGU GTUEJKGPGPG 9KGP /ÒPEJGP *CNDNGFGT 4ÒEMGP GVYCU DGUEJ·FKIV

'Z NKDTKU 'TPGUV .GJT

5748'; 1( 07/+5/#6+% 4'5'#4%* -QORNGVVG 4GKJG UGKV KP $·PFGP KP $·PFGP KP $·PFGP KP $·PFGP 1TKI $TQUEJWT

9'.<. 810 9'..'0*'+/ . 8GT\GKEJPKU FGT /ÒP\ WPF /GFCKNNGP 5COONWPI -CVCNQI FGT ÌHHGPVNKEJGP 8GTUVGKIGTWPI 9KGP $CPF 5 OKV 0TP WPF 8GT\GKEJPKU GKPGT 5COONWPI XQP 1TKIKPCN 5KGIGNUV·ORGNP 5 OKV 0TP $CPF + 5 OKV 0TP )TÌ­GPVCDGNNG 4GIKUVGT WPF 8GT\GKEJPKU PWOKUOCVKUEJGT $ÒEJGT 5 OKV 0TP $CPF ++ 5 OKV 0TP +PJCNVUXGT\GKEJPKU 6GKNYGKUG OKV DGKIGUEJTKGDGPGP 2TGKUGP 2CRRDCPF FGT <GKV 'KP DCPF GVYCU DGUVQ­GP WPF NGKEJV UVQEMHNGEMKI

-1081.76 $+$.+1)4#2*+'0 ' ' %NCKP 5VGHCPGNNK 5GNGEV 0WOKUOCVKE $KDNKQITCRJ[ 0GY ;QTM 2 )4+'4510 %QKPU CPF /GFCNU # 5GNGEV $KDNKQITCRJ[ *GNRU HQT 5VWFGPVU QH *KUVQT[ .QPFQP $KDNKQITCRJKG PWOKUOCVKSWG %GTENG F VWFGU 0WOKUOCVKSWGU 6TCXCWZ #WH NCIG $TWZGNNGU =4ÒEMGP GVYCU DGUEJ·FKIV? + 57'6'05 $KDNKQITCRJKG PWOKUOCVKSWG 5WRRN¾ OGPV 1TFTGU GV F¾EQTCVKQPU %GTENG F VWFGU 0WOKUOCVKSWGU 6TCXCWZ $TWZGNNGU $KDNKQITC RJKG PWOKUOCVKSWG 5WRRN¾OGPV 1TFTGU GV F¾EQTCVKQPU ++ %GTENG F VWFGU 0WOKUOCVKSWGU 6TCXCWZ $TWZGNNGU 6 *¤)$'4) $KDNKQITCHK ÌXGT UXGPUM PWOKUOCVKUM NKVVGTCVWT 5& CWU 6 *¤)$'4) 5XGPUMC PWOKUOCVKMGT WPFGT H[TC UGMNGT , 5%*1.< -CVCNQI FGT $KDNKQVJGM FGT 0WOKUOCVKUEJGP )GUGNNUEJCHV 9KGP ) % -7/2+-'8+%+75 / ' 6116* # $KDNKQITCRJ[ QH %NCUUKECN 0WOKU OCVKEU KP %CPCFC 6QTQPVQ =/KV 5KIPCVWT /CTM ' 6QQVJ 0T XQP 'ZGORNCTGP? .GKPGP Z IGJGHVGV Z UQPUV 1TKI $TQUEJWT

-1081.76 $+1)4#2*+'0 5EJTKHVGP WPF 5QPFGTFTWEMG ÒDGT ' ( /GV\ * 5EJKEMJCTFV # (TGKJGTT XQP $GTUVGVV (COKNKG 5EJWNOCP OKV .KUVG FGT #WMVKQPUMCVCNQIG ' 6 0GYGNN ' )COD[ ( +OJQQH $NWOGT 9 0KIIGNGT * &TGUUGN 0 $QVCEKP % ( )GDGTV . $TWPGVVK # 8QKTQN , *KTUEJ ) /CLGT 0 ) 2CNKP 2 .GFGTGT * /CVVKPIN[ - 2KPM 9 5EJYCDCEJGT / 4QĦ XQP 2TCWP ' ' %.#+0 56'(#0'..+ 0WOKUOCVKEU CP #PEKGPV 5EKGPEG # 5WTXG[ QH KVU *KUVQT[ 9CUJKPIVQP

*QEJKPVGTGUUCPVG <WUCOOGPUVGNNWPI XQP $KQITCRJKGP XQP DGMCPPVGP 0WOKUOCVKMGTP

-1081.76 /ª0<'0 70& #4%* 1.1)+' ( .5%*70)'0 , %#5'; 4 4''%'

*TUI %QKPU CPF VJG #TEJCGQNQIKUV $#4 1ZHQTF 5 OKV #DD 1TKI $TQUEJWT 7OUEJNCI HCUV NQUG WPF 4ÒEMGP GVYCU DGUEJ·FKIV . 4 .#+0) %QKPU CPF #TEJCGQNQI[ 0GY ;QTM :8+ 5 #DD CWH 6HP .GKPGP 6JG (KTUV +PVGTPCVKQPCN %QPITGUU HQT VJG 5VWF[ QH CPF VJG &GHGPEG #ICKPUV %QKP (QTIGT[ 2CTKU #PCN[VKECN 4GRQTV 2WDNKECVKQPU QH VJG +#20 1 1 5 1TKI $TQUEJWT / ,10'5 *TUI (CMG! 6JG #TV QH &GEGRVKQP .QPFQP 5 OKV \CJNTGK EJGP OGKUV HCTDKIGP #DD 1TKI $TQUEJWT ( 4#6*)'0 &KG -QPUGTXKGTWPI XQP #NVGTVJWOUHWPFGP *CPFDÒEJGT FGT -ÌPKINKEJGP /WUGGP \W $GTNKP $GTNKP 8+ 5 OKV #DD .GKPGP =JCPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI .WUEJKP KO 8QTUCV\?

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15

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17

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18

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22

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23

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24

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25

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$744'4 ( /ÒP\RT·IWPI WPF )GUEJKEJVG FGU 6JGUUCNKUEJGP $WPFGU KP FGT 4ÌOKUEJGP -CKUGT\GKV DKU CWH *CFTKCP X %JT P %JT 5CCTDTÒEMGT 5VWFKGP \WT #TEJ·QNQIKG WPF #NVGP )GUEJKEJVG 5CCTDTÒEMGP ::8 5 &KCITCOOG 6HP 1TKI $TQUEJWT

%#%%#/1 %#.6#$+#01 / .C OQPGVC\KQPG FK /GUUCPC %QP NG GOKUUKQPK FK 4JGIKQP FGNN GV¯ FGNNC 6KTCPPKFG #/7)5 $GTNKP 0GY ;QTM :8+++ 5 6HP .GKPGP

%#%%#/1 %#.6#$+#01 / *TUI .C 5KEKNKC VTC N 'IKVVQ G 4QOC .C OQPGVC\KQPG 5KTCEWUCPC FGNN GV¯ FK +GTQPG ++ #VVK FGN 5GOKPCTKQ FK 5VWFK /GUUKPC &KEGODTG #VVK #EECFGOKC 2GNQTKVCPC FGK 2GTKEQNCPVK 5WRRN XQN /GUUKPC 5 $TQUEJWT OKV 5EJWV\WOUEJNCI

$GKVT·IG W C XQP * # %CJP WPF # $WTPGVV

%#%%#/1 %#.6#$+#01 / %#441%%+1 $ 16'4+ ' 5KTCEWUC GNNGPKUVKEC .G OQPGVG TGICNK FK +GTQPG ++ FGNNC UWC HCOKINKC G FGK 5KTCEWUCPK 2GNQTKCU /GUUKPC 5 6HP 1TKI $TQUEJWT

/KV 9KFOWPI XQP / %CEECOQ %CNVCDKCPQ CP * # %CJP

%#*0 * # &KG /ÒP\GP FGT UK\KNKUEJGP 5VCFV 0CZQU 'KP $GKVTCI \WT -WPUVIGUEJKEJVG FGU ITKGEJK UEJGP 9GUVGPU $CUNGT 5VWFKGP \WT -WPUVIGUEJKEJVG $CUGN 5 6HP *CNDNGFGT

/KV 9KFOWPI FGU 8GTHCUUGTU

-PKFQU &KG /ÒP\GP FGU UGEJUVGP WPF FGU HÒPHVGP ,CJTJWPFGTVU X %JT #/7)5 $GTNKP :+++ 5 6HP .GKPGP $GKNKGIGPF 4G\GPUKQP

%#.%+#6+ 4 %QTRWU 0WOOQTWO 5KEWNQTWO .C OQPGVC\KQPG FK DTQP\Q $CPF /QTVCTC :::8+ 5 ::8++ 5 ::8 5 LGYGKNU OKV \CJNTGKEJGP 6GZVCDD .GKPGP $CPF WPF OKV NQUGO WPF DGUEJ·FKIVGO &GEMGN 7PC EQNNG\KQPG FK OQPGVG FK DTQP\Q FGNNC 5KEKNKC CPVKEC

2TKOQ CIIKQTPCOGPVQ ETKVKEQ CN %QTRWU 0WOOQTWO 5KEWNQTWO -QKPQP /KNCPQ 5 6HP 1TKI $TQUEJWT

2GICUK /QTVCTC 5 KP $·PFGP \CJNTGKEJG 6GZVCDD .GKPGP

%#..#6#ĵ ( FG . JKUVQKTG FGU IWGTTGU /KVJTKFCVKSWGU XWG RCT NGU OQPPCKGU 0WOKUOCVKEC .QXCPKGPUKC .QWXCKP NC 0GWXG :+++ 5 -CTVGP 6HP .GKPGP

%#..7 , 2 $#56+'0 2 +PXGPVCKTG FGU VT¾UQTU FG DTQP\G EQPUVCPVKPKGPU .G VT¾UQT OQP¾VCKTG FG (TGUPQ[ N½U 4Q[G ++ 0WOKUOCVKSWG TQOCKPG GV EQQR¾TCVKQP KPVGTPCVKQPCN 0W OKUOCVKSWG 4QOCKPG 9GVVGTGP 5 6HP 1TKI $TQUEJWT

%#.6#$+#01 / 7PC EKVV¯ FGN UWF VTC 4QOC G #PPKDCNG .C OQPGVC\KQPG FK 2GVGNKC 2CNGTOQ 5 FCXQP 6HP 1TKI $TQUEJWT

%#.6#$+#01 / % .C OQPGVC\KQPG DTQP\GC FK 4GIIKQ PGN 8 UGE C % 5& CWU %TQPCEJG FK #TEJGQNQIKC 5 6H 1TKI $TQUEJWT

%#//#4#6# ' &C &KQPKUKQ C 6KOQNGQPVG 2TQDNGOK FK PWOKUOCVKEC FGNNC 5KEKNKC CPVKEC /QFKEC 5 6HP 1TKI $TQUEJWT

%#/2#0# # .C OQPGVC\KQPG FGINK KPUQTVK +VCNKEK FWTCPVG NC )WGTTC 5QEKCNG C % /QFGPC :8 5 6HP 1TKI $TQUEJWT OKV 5EJWV\WOUEJNCI

%#4'..+ ( 0WOOQTWO XGVGTWO +VCNKCG SWQU KRUG EQNNGIKV GV QTFKPG IGQITCRJKEQ FKURQUWKV FGUETKR VKQ 0GCRGN 5 ( / #8'..+0+85 +P (TCPEKUEK %CTGNNK PXOQTXO XGVGTXO +VCNKCG FGUETKR VKQPGO CFPQVCVKQPGU CEEGUUKV FG 0GCRQNKVCPQTXO PXOQ CPGEFQVQ GRKUVQNC CF %N 8 0KGDXJTKXO 0GCRGN 5 6HP )TQ­HQNKQ +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP

&GO 6KVGNDNCVV \W #XGNNKPKWU KUV \W GPVPGJOGP FC­ FCU $WEJ KP 'ZGORNCTGP IGFTWEMV YWTFG

%#44#&+%' + *TUI %QKPCIG CPF #FOKPKUVTCVKQP KP VJG #VJGPKCP CPF 2GTUKCP 'ORKTGU 6JG 0KPVJ 1ZHQTF 5[ORQUKWO QP %QKPCIG CPF /QPGVCT[ *KUVQT[ $#4 +PVGTPCVKQPCN 5GTKGU 1ZHQTF 5 6HP 1TKI $TQUEJWT

$GKVT·IG W C XQP , * -CICP / , 2TKEG * $ /CVVKPIN[ + %CTTCFKEG

26

%#441%%+1 $ .C OQPGVC\KQPG CWTGC G CTIGPVGC FK +GTQPG ++ 6WTKP ::8+++ 5 6HP 1TKI $TQUEJ

)4+'%*'0

3204

%#45510 5 *TUI 'UUC[U KP #GIGCP #TEJCGQNQI[ RTGUGPVGF VQ 5KT #TVJWT 'XCPU KP JQPQWT QH JKU VJ DKTVJFC[ 1ZHQTF (TQPVKURK\ +: 5 6HP .GKPGP

$GKVT·IG W C XQP 8 ) %*+.&' /KPQCP +PHNWGPEG QP VJG &CPWDKCP $TQP\G #IG ) ( *+.. %TGVCP %QKPU HTQO VJG 5GCIGT %QNNGEVKQP

%'5#01 5 . 4KRQUVKINKQ FK CWTGK KORGTKCNK 4KPXGPWVQ C 4QOC 5& CWU $WNN FGNNC %QOO CTEJ EQO 4QO 5 6HP 1TKI $TQUEJWT NQUG KP 2CRRDCPF $KPFWPI NQEMGT 4ÒEMGP FGT $TQUEJWT DGUEJ·FKIV

+N OGFCINKGTG FGN /WUGQ #TEJCGQNQIKEQ FK 5KTCEWUC 5& CWU 5VWFK FK 0WOKUOCVKEC 4QO 5 6HP 1TKI $TQUEJWT 7OUEJNCI GVYCU DGUEJ·FKIV

/KV 9KFOWPI FGU 8GTHCUUGTU

%*#+: ' &GUETKRVKQP FG QP\G EGPVU OQPPCKGU KOR¾TKCNGU )TGESWGU GV EQNQPKCNGU .CVKPU 2CTKU 5 .GKPGP

%*#2176*+'4 ( .GU &KQUEWTGU CW UGTXKEG F WPG F¾GUUG $KDNKQVJ½SWG FGU ¾EQNGU (TCP¼CKUGU F #VJ½PGU GV FG 4QOG 2CTKU 8+++ 5 6HP 1TKI $TQUEJWT

%+%%+1 ) FG )NK CWTGK 5KTCEQUCPK FK %KOQPG G FK 'XGPGVQ 0CRQNK 5 6H *CNDNGKPGP )NK CWTGK 5KTCEQUCPK FK %KOQPG G FK 'XGPGVQ 8GT·PFGTVG WPF GTYGKVGTVG 0GWCWHNCIG %QNNCPC FGK 5VWFK 0WOKUOCVKEK 4QO 5 6HP (QVQ FGT 1TKIKPCNVH GKPIGMNGDV .GKPGP

%+4#/+ ) .C OQPGVC\KQPG )TGEC FGNNC 5KEKNKC CPVKEC $·PFG $QNQIPC 5 6HP 7OUEJNCI DGUEJ·FKIV WPF GKPKIG 5GKVGP NQUG

%.'4- / ) %CVCNQIWG QH VJG %QKPU QH VJG #EJºCP .GCIWG .QPFQP 8+++ 5 6HP .GKPGP

%1.+0 * , &KG /ÒP\GP XQP 2GTIG KP 2CORJ[NKGP CWU JGNNGPKUVKUEJGT <GKV -ÌNP 5 6HP -CTVQPKGTV

%1..#46 2 2JKNKRRGU 8KNNG FG /CE¾FQKPG FGRWKU UGU QTKIKPGU LWUSW ¯ NC HKP FG N ¾RQSWG TQOCKPG 6J½UG RT¾UGPV¾G ¯ NC (CEWNV¾ FGU .GVVTGU FG N 7PKXGTUKV¾ FG )GP½XG 2CTKU :+ 5 1TKI $TQ UEJWT WPCWHIGUEJPKVVGPG 5GKVGP 6HP KO *CNDNGKPGPUEJWDGT

/KV 9KFOWPI FGU 8GTHCUUGTU WPF $GUKV\GKPVTCI * %JCROCP 2CTM 5VTGGV %CODTKFIG 5GRV CWH FGO 6KVGNDNCVV

27

)4+'%*'0

%1.1%16410+5 8 .C /CE¾FQKPG GV N *GNNGPKUOG VWFG JKUVQTKSWG GV GVJPQNQIKSWG 2CTKU ::+++ 5 6HP 1TKI $TQUEJWT 7OUEJNCI NQUG WPF 2CRKGT NGKEJV IGDT·WPV

/KV 9KFOWPI FGU 8GTHCUUGTU CP 'TPGUV $CDGNQP

%1/2#4'66' 6 . # &GUETKRVKXG %CVCNQIWG QH )TGGM %QKPU 5GNGEVGF HTQO VJG %CDKPGV QH %NCTGPEG 5 $GOGPV 'US 0GY ;QTM 5 6HP -CTVQPKGTV

'Z NKDTKU %[TKN .QEMGVV

%1/561%- / 8'4/'7.' % /WUGWO QH (KPG #TVU $QUVQP )TGGM %QKPU VQ $QUVQP 5 FCXQP 6HP .GKPGP

%1051.1 .#0)*'4 5 %QPVTKDWVQ CNNC UVQTKC FGNNC CPVKEC OQPGVC DTQP\GC KP 5KEKNKC /KNCPQ :+ 5 6HP .GKPGP 'ZGORNCT 0T

%74+'. 4 (755/#0 ) .G VT¾UQT OQP¾VCKTG FG 3WPFW\ /¾OQKTGU FG NC &¾N¾ICVKQP #TEJ¾QNQIK SWG (TCP¼CKUG GP #HIJCPKUVCP 2CTKU 5 6HP .GKPGP

%746+5 , 9 6JG 6GVTCFTCEJOU QH 4QOCP 'I[RV 0CEJFTWEM %JKECIQ FGT #WUICDG %JKECIQ ::+8 5 6HP

%746+5 , 9 /+.0' , ) 6GVTCFTCEJOU QH 4QOCP 'I[RV VJG NGCFGP 6QMGP %QKPCIG QH 'I[RV 7PFGT VJG 4QOCPU 6JG %WTTGPE[ QH 'I[RV KP VJG (KHVJ %GPVWT[ 0CEJFTWEM 0GY ;QTM FGT #WU ICDGP -WPUVNGFGT 5 XGTMGJTV JGTWO GKPIGDWPFGP

&#66#4+ ) /QPGVG KORGTKCNK ITGEJG 0WOK CWII #NGZCPFTKPK %CVCNQIQ FGNNC EQNNG\KQPG ) &CVVCTK EQORKNCVQ FCN RTQRTKGVCTKQ $·PFG -CKTQ :++ 5 6HP (QNKQ +P GKPGO $CPF KP .GKPGP IGDWPFGP 4ÒEMGP DGUEJ·FKIV

+ XGPVK OGFCINKQPK F #DWMKT /KNCPQ 5 6HP 1TKI $TQUEJWT NQUG .CIGP

%CVCNQIQ EQORNGVQ FGNNC EQNNG\KQPG &CVVCTK 0WOK CWII #NGZCPFTKPK VCXQNG EQP N CIIKWPVC FK QNVTG OQPGVG TKURGVVQ CN ECVCNQIQ FGN 0QVG KPVTQFWVVKXG G KPFKEG C EWTC FK # 5#8+1 6TKGUVG 5 6HP (QNKQ -WPUVNGFGT

&#7: ) )WKFG FG 6JCUQU 2CTKU : 5 OKV GKPKIGP (CNVMCTVGP WPF #DD 6HP .GKPGP

&'22'46 .+22+6< $ &KG /ÒP\RT·IWPI /KNGVU XQO XKGTVGP DKU GTUVGP ,CJTJWPFGTV X %JT 6[RQU #CTCW W C 5 6HP .GKPGP

&'50'7: , .GU V¾VTCFTCEJOGU F #MCPVJQU 5& CWU 4$0 5 6HP .GKPGP $GKNKG IGPF , &'50'7: 5WT SWGNSWGU TGRT¾UGPVCVKQPU FW NKQP ¯ NC RTQKG GP IN[RVKSWG GV GP PWOKUOCVKSWG CPVKSWGU 5& CWU 4$0 5 6HP =OKV 9KFOWPI CP * # %CJP?

&+ $'..1 ( 'NGC 8GNKC 2QNKU <GEEJC G OQPGVG FK DTQP\Q 0CRQNK :+: 5 FCXQP \CJN TGKEJG 6GZVCDD WPF 6HP 1TKI $TQUEJWT

&+664+%* - #PVKMG /ÒP\GP CWU 1NDKC WPF 2CPVKMCR·WO =5NI , /KEJGTC? 2TCI 5 FCXQP 6HP .GKPGP

&4'55'. * (ÒPH )QNFOGFCKNNQPU CWU FGO (WPFG XQP #DWMKT #WU FGP #DJCPFNWPIGP FGT MÌPKIN RTGWUU #MCFGOKG FGT 9KUUGPUEJCHVGP XQO ,CJTG $GTNKP 5 6HP *CNDNGKPGP $GKIGNGIV 6H CWU FGP $N·VVGTP HÒT /ÒP\HTGWPFG

$GUKV\GTUVGORGN &T RJKN ,CEQD *KTUEJ KO 8QTUCV\

'Z NKDTKU *GPT[ / *CNNGPUVGKP

&7 %*#56'. &' .# *19#4&4+'5 %QOVG # 5[TCEWUG 5GU OQPPCKGU F CTIGPV GV F QT CW RQKPV FG XWG CTVKUVKSWG .C EQKHHWTG CPVKSWG GV UGU F¾XGNQRRGOGPVU UWEEGUUKHU .QPFQP 6HP .GKPGP #POGTMWPIGP KO 6GZV WPF CWH FGP 6HP

&7/'45#0 6 / &GUETKRVKQP FGU O¾FCKNNGU CPVKSWGU FW ECDKPGV FG HGW / #NNKGT FG *CWVGTQEJG 2CTKU :+ 5 6HP *CNDNGKPGP 'VYCU UVQEMHNGEMKI

&70&7# ) ( 0WOKUOCVKSWG CPVKSWG )¾QTIKGPPG 6DKNKUUK 5 6HP -CTVQPKGTV

&72106 51//'4 # 41$'46 . .C F¾GUUG FG *K¾TCRQNKU %CUVCDCNC %KNKEKG $KDNKQVJ½SWG #TEJ¾QNQIKSWG GV *KUVQTKSWG FG N +PUVKVWV (TCP¼CKU F #TEJ¾QNQIKG F +UVCPDWN 2CTKU 5 6HP 1TKI $TQUEJWT GVYCU NQUG 6GKNYGKUG WPCWHIGUEJPKVVGP

&755#7& 4 0WOKUOCVKSWG FGU TQKU FG 0CDCV½PG 5& CWU ,QWTPCN #UKCVKSWG 5 6HP 1TKI $TQUEJWT

'%-*'. , 0WOK XGVGTGU CPGEFQVK GZ OWUGKU ECGUCTGQ 8KPFQDQPGPUK (NQTGPVKPQ OCIPK FWEKU GVTWTKCG )TCPGNNKCPQ PWPE ECGUCTGQ 8KV\CKCPQ (GUVGVKEUKCPQ 5CXQTIPCPQ 8GPGVQ CNKKUSWG 2CTU + %QORNGEVGPU PWOQU KP 'WTQRCG WTDKDWU UKIPCVQU 9KGP /GJTGTG $NN 5 +PFGZ 6HP /QFGTPGU *CND NGKPGP 'KPG 5GKVG TGRCTKGTV UQPUV VCFGNNQU GTJCNVGP

28

6GZV KP TWUUKUEJGT 5RTCEJG

)4+'%*'0

5[NNQIG PWOQTWO XGVGTWO CPGEFQVQTWO 6JGUCWTK %CGUCTGK EWO EQOOGPVCTKKU 6JGUCWTQ ECGUCTGQ PWOQTWO IGOOCTWOSWG XGVGTWO GV TGK CPVKSWCTKCG KP WPKXGTUKVCVG 8KPFQDQPGPUK FQEGPFCG RTCGHGEVK 9KGP /GJTGTG $NN 5 6HP /QFGTPGU *CNDNGKPGP 5GKVGP WPF 6HP TGUVCWTKGTV

'4*#46 - 2 6JG &GXGNQROGPV QH VJG (CEKPI *GCF /QVKH QP )TGGM %QKPU CPF KVU 4GNCVKQP VQ %NCUUK ECN #TV 0GY ;QTM .QPFQP :8 5 #DD CWH 6HP .GKPGP

'8#05 # , 6JG *QTUGOGP QH 6CTGPVWO # %QPVTKDWVKQP 6QYCTFU VJG 0WOKUOCVKE *KUVQT[ QH )TGCV )TGGEG 5& CWU 0% 5 6HP .GKPGP 'KPDCPF GVYCU UEJOWV\KI

('..195 % %QKPU QH #PEKGPV .[EKC DGHQTG VJG 4GKIP QH #NGZCPFGT YKVJ CP 'UUC[ QP VJG 4GNCVKXG &CVGU QH VJG .[EKCP /QPWOGPVU KP VJG $TKVKUJ /WUGWO .QPFQP (CTDMCTVG 6HP 5 .GK PGP 4ÒEMGP DGUEJ·FKIV WPF UVQEMHNGEMKI

'Z NKDTKU $KDNKQVJGEC .KPFGUKCPC

('7#4&'06 ( %QNNGEVKQPU )KQXCPPK FK &GOGVTKQ 0WOKUOCVKSWG I[RVG CPEKGPPG 6GKN /QPPCKGU FGU TQKU 2CTKU Q , = ? ::8+++ 5 6HP 6GKN &QOKPCVKQP TQOCKPG 2CTKU Q , :++ 5 FWTEJUEJQUUGP 'U HGJNGP FKG 6HP *CNDNGKPGP

(+5%*'4 $155'46 9 %JTQPQNQIKG FGT &KFTCEJOGPRT·IWPI XQP 6CTGPV X %JT #/7)5 $GTNKP 0GY ;QTM (TQPVKURK\ :8++ 5 6HP .GKPGP

(.'+5%*'4 4 5VWFKGP \WT UGNGWMKFKUEJGP -WPUV $CPF *GTTUEJGTDKNFPKUUG /CKP\ :+++ 5 6HP -CTVQPKGTV

(.14#0%' # 6CDNGCWZ U[PQRVKSWGU FGU 'VJPKSWGU FGU 8KNNGU GV 2GWRNGU )TGEU 2CTKU 5 1TKI $TQUEJWT

(¤45%*0'4 ) &KG /ÒP\GP FGT TÌOKUEJGP -CKUGT KP #NGZCPFTKGP &KG $GUV·PFG FGU /ÒP\MCDKPGVVU -NGKPG 5EJTKHVGP FGU *KUVQTKUEJGP /WUGWOU (TCPMHWTV CO /CKP /GNUWPIGP Q , 5 \CJNTGKEJG 6GZVCDD &KG /ÒP\GP FGT )TKGEJGP KP +VCNKGP WPF 5K\KNKGP &KG $GUV·PFG FGU /ÒP\MCDKPGVVU -NGKPG 5EJTKHVGP FGU *KUVQTKUEJGP /WUGWOU (TCPMHWTV CO /CKP /GNUWPIGP 5 \CJNTGKEJG 6GZV CDD * % 01'5-' &KG /ÒP\GP FGT 2VQNGO·GT &KG $GUV·PFG FGU /ÒP\MCDKPGVVU 5EJTKHVGP FGU *KUVQTKUEJGP /WUGWOU (TCPMHWTV CO /CKP (TCPMHWTV CO /CKP 5 \CJNTGKEJG 6HP -CTVQ PKGTV Z 1TKI $TQUEJWT Z

(144'4 . 0QVGU UWT NGU UKIPCVWTGU FG ITCXGWTU UWT NGU OQPPCKGU )TGESWGU $TÒUUGN +8 5 6HP .GKPGP 'VYCU DGUVQ­GP WPF 8QTUCV\UGKVG GKPIGTKUUGP

3246

6JG 9GDGT %QNNGEVKQP )TGGM %QKPU $·PFG .QPFQP (TQPVKURK\ :8+ 5 6HP 5 6HP 5 5 6HP RTCEJVXQNNG .GFGTD·PFG OKV )QNFXGT\KGTWPIGP WPF )QNFUEJPKVV OKPKOCN DGUVQ­GP $GKO GTUVGP 6CHGNDCPF &GEMGN HCUV NQUG DGKO \YGKVGP 6CHGNDCPF 4ÒEMGP GVYCU DGUEJ·FKIV 29

)4+'%*'0

(146'.'10+ . .G GOKUUKQPK OQPGVCNK FGNNC 5CTFGIPC RWPKEC 5CUUCTK 5 6GZVCDD 6HP 1TKI $TQUEJWT

(4#0-' 2 4 #NV 'RKTWU WPF FCU -ÌPKIVWO FGT /QNQUUGT -CNNOÒP\ : 5 #PNCIGP 1TKI $TQUEJWT

&KG CPVKMGP /ÒP\GP XQP 'RKTWU $CPF 2QNGKU 5V·OOG WPF GRKTQVKUEJGT $WPF DKU X %JT -CVCNQI WPF (QTUEJWPIGP 9KGUDCFGP :8 5 -CTVG 6HP KO 5EJWDGT

(4#0-' 2 4 W C 5KFG /ÒP\RT·IWPI +PUEJTKHVGP WPF )GUEJKEJVG GKPGT CPVKMGP 5VCFV KP FGT 6ÒTMGK #WHNCIG 5CCTDTÒEMGP 5 OKV \CJNTGKEJGP #DD -CTVGP 1TKI $TQUEJWT

(4#0-' 2 4 *+4/'4 / &KG ITKGEJKUEJG /ÒP\G #WHNCIG /ÒPEJGP (TQPVKURK\ 5 6HP (CTDVHP .GKPGP 'VYCU DGUEJ·FKIV

(4#0-' 2 4 01.. / - &KG *QOQPQKC /ÒP\GP -NGKPCUKGPU WPF FGT VJTCMKUEJGP 4CPFIGDKGVG $CPF -CVCNQI 5CCTDTÒEMGT 5VWFKGP \WT #TEJ·QNQIKG WPF #NVGP )GUEJKEJVG 5CCTDTÒEMGP (CTDKIGU (TQPVKURK\ :+: 5 -CTVG 6HP 2 4 (TCPMG -NGKPCUKGP \WT 4ÌOGT\GKV )TKGEJK UEJGU .GDGP KO 5RKGIGN FGT /ÒP\GP /ÒPEJGP 5 -CTVG #DD CWH 6HP 1TKI $TQUEJWT

(4+'&. 0&'4 , 5#..'6 # XQP &CU MÌPKINKEJG /ÒP\MCDKPGVV )GUEJKEJVG WPF ªDGTUKEJV FGT 5COONWPI PGDUV GTMN·TGPFGT $GUEJTGKDWPI FGT CWH FGP 5EJCWVKUEJGP CWUIGNGIVGP #WUYCJN #WHNCIG $GTNKP 5 6HP .GKPGP -ÌPKINKEJG /WUGGP \W $GTNKP $GUEJTGKDWPI FGT CPVKMGP /ÒP\GP $·PFG $GTNKP 8+++ 5 6HP 8+++ 5 6HP : 5 6HP (CTDVHP .GKPGP 5GRCTCV KP *CNDNGKPGP IGDWPFGP $CPF 5 2CRKGT IGDT·WPV WPF GKPKIG 5GK VGP NQUG

(4+6<' * XQP &KG /ÒP\GP XQP +NKQP 5& CWU &¤42('.& 6TQLC WPF +NKQP #VJGP 5 OKV #DD 6HP .GKPGP GKPKIG -NGDGTGUVG CWH FGT NGV\VGP 5GKVG

5GJT UGNVGPGT 5&

&KG /ÒP\GP XQP 2GTICOQP #WU FGO #PJCPI \W FGP #DJCPFNWPIGP FGT -ÌPKIN 2TGWUU #MCFGOKG FGT 9KUUGPUEJCHVGP XQO ,CJTG $GTNKP 5 6HP *CNDNGKPGP 6HP GVYCU NQEMGT

&KG CPVKMGP /ÒP\GP /[UKGPU #DVGKNWPI #FTCO[VKQP -KUVJGPG =OGJT PKEJV GTUEJKGPGP? $GTNKP 8 5 6HP .GKPGP GVYCU DGUVQ­GP

(41'*0'4 9 %JQKZ FG OQPPCKGU CPEKGPPGU 'ZVTCKV FG N #PPWCKTG FG NC 5QEK¾V¾ (TCP¼CKUG FG 0WOKUOCVKSWG 2CTKU 5 6HP .GKPGP 'KPDCPF GVYCU DGUEJ·FKIV UVQEMHNGEMKI

(41.18# 0 # 6JG %QKPCIG QH VJG -KPIFQO QH $QURQTWU #& $#4 +PVGTPCVKQPCN 5GTKGU 1ZHQTF 5 6HP 1TKI $TQUEJWT GVYCU DGUEJ·FKIV

(7469 0).'4 # ' /QPPCKGU ITGESWGU GP )CWNG .G VT¾UQT F #WTKQN GV NG OQPPC[CIG FG /GUUCNKC CX , % 6[RQU (TKDQWTI 5 6HP .GKPGP

(7ĵ' # FG NC W C #TEJ¾QNQIKG O¾VTQNQIKG GV PWOKUOCVKSWG UWUKGPPGU /¾OQKTGU FG NC OKUUKQP CTEJ¾QNQIKSWG FG 2GTUG 2CTKU 5 OKV GKPKIGP 6HP WPF 6CDGNNGP (QNKQ 1TKI $TQUEJWT WPCWHIGUEJPKVVGP

) $4+%+ ' 6QRQITCHKC G PWOKUOCVKEC FGNN CPVKEC +OGTC G FK 6GTOG 5& CWU #VVK F 4GCNG #EECF FK #TEJCGQNQIKC FK 0CRQNK 5 6HP *CNDNGKPGP

.C OQPGVC\KQPG FGN DTQP\Q PGNNC 5KEKNKC CPVKEC 2CNGTOQ 8+ 5 6HP *CNDNGFGT GVYCU DGUVQ­GP 6H NQUG

)#'$.'4 * (·NUEJWPIGP OCMGFQPKUEJGT /ÒP\GP *GHV 5& CWU 5KV\WPIUDGTKEJVG FGT 2TGW­K UEJGP #MCFGOKG FGT 9KUUGPUEJCHVGP $GTNKP <WUCOOGP 5 6HP *CNDNGKPGP

)#,&7-'8+% 8 ( &CU DQURQTCPKUEJG 4GKEJ $GTNKP 9KGP 5 -CTVGP #DD CWH 6HP .GKPGP

)#..#6+0 # 5[TCEWUCP &GMCFTCEJOU QH VJG 'WCKPGVQU 6[RG %CODTKFIG /CUU (TQPVKURK\ 5 6HP *CNDNGFGT

/KV 9KFOWPI FGU 8GTHCUUGTU CP 4J[U %CTRGPVGT

)#4&0'4 2 5COQU CPF 5COKCP %QKPU 5& CWU 0% 8++ 5 6HP .GKPGP $KPFWPI GVYCU NQEMGT $GUKV\GTXGTOGTMG KO 8QTUCV\

6JG 6[RGU QH )TGGM %QKPU #P #TEJCGQNQIKECN 'UUC[ %CODTKFIG 8+++ 5 6HP (QNKQ .GKPGP &GEMGN WPF 4ÒEMGP UQYKG 6HP NQUG

*CPFUEJTKHVNKEJGT $GUKV\GTPCOG (WTVY·PINGT KO 8QTUCV\

30

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6JG %QKPU QH VJG )TGGM CPF 5E[VJKE -KPIU QH $CEVTKC CPF +PFKC KP VJG $TKVKUJ /WUGWO .QPFQP .::8+ 5 6HP

# *KUVQT[ QH #PEKGPV %QKPCIG $ % 1ZHQTF :8+ 5 6HP .GKPGP VGKNYGKUG WPCWHIGUEJPKVVGP

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)7+..#7/' 1 )TCGEQ $CEVTKCP CPF +PFKCP %QKPU HTQO #HIJCPKUVCP (TGPEJ 5VWFKGU KP 5QWVJ #UKCP %WNVWTG CPF 5QEKGV[ 1ZHQTF 0GY ;QTM :++ 5 6HP .GKPGP

*#*0 7 &KG (TCWGP FGU TÌOKUEJGP -CKUGTJCWUGU WPF KJTG 'JTWPIGP KO ITKGEJKUEJGP 1UVGP CPJCPF GRKITCRJKUEJGT WPF PWOKUOCVKUEJGT <GWIPKUUG XQP .KXKC DKU 5CDKPC 5CCTDTÒEMGT 5VWFKGP \WT #TEJ·Q NQIKG WPF #NVGP )GUEJKEJVG 5CCTDTÒEMGP 5 1TKI $TQUEJWT

*#..'4 ( . %CVCNQIWU PWOKUOCVWO XGVGTWO ITCGEQTWO GV NCVKPQTWO OCZKOG XGTQ KORGTCVQTWO CWIWUVCTWO ECGUCTWOSWG TQOCPQTWO SWCG GZUVCPV KP OWUGQ EKXKVCVKU $GTPGPUKU $GTP (TQPVKURK\ 8+++ 5 *CNDNGFGT

31

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*#44+510 % / %QKPU QH VJG 2GTUKCP 5CVTCRU #PP #TDQT 8++ 5 -NGDGDKPFWPI #WU FTWEM FGT CWH /KMTQHKNO GTUEJKGPGPGP &KUUGTVCVKQP

*'#& $ 8 1P VJG %JTQPQNQIKECN 5GSWGPEG QH VJG %QKPU QH 5[TCEWUG 5& CWU 0% 8+++ 5 6HP .GKPGP 1P VJG %JTQPQNQIKECN 5GSWGPEG QH VJG %QKPU QH 'RJGUWU .QPFQP 2CTKU 8+ 5 6HP .GKPGP 5GKVGP NQUG 5 + +8 HGJNGP 1P VJG %JTQPQNQIKECN 5GSWGPEG QH VJG %QKPU QH $QGQVKC .QPFQP 2CTKU 5 6HP .GKPGP GVYCU DGUEJ·FKIV

6JG +PVGTPCVKQPCN 0WOKUOCVC 1TKGPVCNKC 6JG %QKPCIG QH .[FKC CPF 2GTUKC HTQO VJG GCTNKGUV VKOGU VQ VJG HCNN QH VJG F[PCUV[ QH VJG #EJCGOGPKFCG .QPFQP 8+++ 5 6HP .GKPGP GVYCU DGUVQ­GP

*KUVQTKC 0WOQTWO # /CPWCN QH )TGGM 0WOKUOCVKEU #WHNCIG 1ZHQTF .:::8+++ 5 6HP .GKPGP # )WKFG VQ VJG 2TKPEKRCN %QKPU QH VJG )TGGMU HTQO EKTE $ % VQ # & $CUGF QP VJG 9QTM QH $CTENC[ 8 *GCF .QPFQP Q , = ? 5 6HP .GKPGP

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*'+22 6#/'4 % &KG /ÒP\RT·IWPI FGT N[MKUEJGP 5VCFV 2JCUGNKU KP ITKGEJKUEJGT <GKV 5CCTDTÒEMGT 5VWFKGP \WT #TEJ·QNQIKG WPF #NVGP )GUEJKEJVG 5CCTDTÒEMGP 5 6HP 1TKI $TQUEJWT

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9GKVGTG $GKVT·IG XQP , /'0#&+'4 &KG /ÒP\UV·VVG FGT 1VVQ #FGNJGKF 2HGPPKIG # 57*.' /CWUJGKOGT (WPF - )4155/#00 &KG 9KVVIGPUVGKPGT /ÒP\RT·IWPIGP FGU )TCHGP )WUVCX XQP 5C[P 9KVVIGPUVGKP *QJGPUVGKP KP FGP ,CJTGP # 0155 &KG /ÒP\RT·IWPI FGT #DVGK 5KGIDWTI , /'0#&+'4 &CU ' X 9CUUGTUEJNGDGPUEJG /ÒP\ WPF /GFCKNNGP -CDKPGVV KO -CKUGT (TKGFTKEJ /WUGWO \W )ÌTNKV\

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*+.. ) ( %QKPU QH #PEKGPV 5KEKN[ 9GUVOKPUVGT (TQPVKURK\ :8 5 -CTVG 6HP .GK PGP 6H KO 8QTUCV\ NQUG $KPFWPI NQEMGT

*KUVQTKECN )TGGM %QKPU .QPFQP :+: 5 6HP .GKPGP

. CTV FCPU NGU OQPPCKGU ITGESWGU 2K½EGU EJQKUKGU TGRTQFWKVGU GP CITCPFKUUGOGPV GV F¾ETKVGU 2C TKU $TÒUUGN 5 6HP (QNKQ *CNDNGFGT

$GUKV\GTUVGORGN #TEJ·QNQIKUEJGU +PUVKVWV FGU &GWVUEJGP 4GKEJGU <YGKICPUVCNV KP 4QO KO 8QTUCV\ WPF CWH FGP 6HP

1P VJG %QKPU QH 0CTDQPGPUKU YKVJ +DGTKCP +PUETKRVKQPU 00/ 0GY ;QTM 5 6HP 1TKI $TQUEJWT 0QVGU QP VJG #PEKGPV %QKPCIG QH *KURCPKC %KVGTKQT 00/ 0GY ;QTM 5 6HP .GKPGP

5COOGNDCPF OKV \CJNTGKEJGP 5QPFGTFTWEMGP FCTWPVGT 6TGCUWTG 6TQXG 6JG .CY CPF 2TCEVKEG QH #PVK SWKV[ 5& CWU 2TQEGGFKPIU QH VJG $TKVKUJ #ECFGO[ 6JG 5JGMGNU QH VJG (KTUV 4GXQNV QH VJG ,GYU 5& CWU 6JG 3WCTVGTN[ QH VJG &GRCTVOGPV QH #PVKSWKVKGU KP 2CNGUVKPG # 6TKDWVG VQ 5KT )GQTIG *KNN QP JKU 'KIJVKGVJ $KTVJFC[ 1ZHQTF +P GKPGO $CPF KP .GKPGP IGDWPFGP

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32

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/KV 9KFOWPI FGU 8GTHCUUGTU CP FKG 5VCFVDKDNKQVJGM 9KPVGTVJWT

&KG /ÒP\GP XQP 5GNKPWPV WPF KJTG 6[RGP 9KPVGTVJWT 5 )TQ­HQNKQ )CP\NGKPGP GVYCU DGUVQ ­GP

/KV 9KFOWPI FGU 8GTHCUUGTU CP *GTTP #TVJWT .ÌDDGEMG

1P VJG %JTQPQNQIKECN 5GSWGPEG QH VJG %QKPU QH #ECTPCPKC 5& CWU 0< 9KGP 5 6HP *CNDNGFGT

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/QPPCKGU ITGESWGU #OUVGTFCO +8 5 6HP 2TCEJVXQNNGT *CNDNGFGTGKPDCPF OKV 4QVUEJPKVV OKPKOCN UVQEMHNGEMKI

%JQKZ FG OQPPCKGU ITGESWGU FG NC EQNNGEVKQP FG ( +OJQQH $NWOGT #WHNCIG 2CTKU 6HP )TQ­HQNKQ .GKPGP GVYCU DGUVQ­GP WPF UVQEMHNGEMKI NGGTG 5GKVGP GKPIGDWPFGP

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2QTVT·VMÌRHG CWH CPVKMGP /ÒP\GP JGNNGPKUEJGT WPF JGNNGPKUKGTVGT 8ÌNMGT OKV <GKVVCHGNP FGT &[PCUVKGP FGU #NVGTVWOU PCEJ KJTGP /ÒP\GP .GKR\KI 5 6HP *CNDNGKPGP

)TKGEJKUEJG /ÒP\GP 0GWG $GKVT·IG WPF 7PVGTUWEJWPIGP #WU FGP #DJCPFNWPIGP FGT M DC[GT #MC FGOKG FGT 9KUU %N $CPF /ÒPEJGP 5 6HP *CNDNGFGT GVYCU DGUVQ­GP

-NGKPCUKCVKUEJG /ÒP\GP 5QPFGTUEJTKHVGP FGU ¤UVGTTGKEJKUEJGP #TEJ·QNQIKUEJGP +PUVKVWVGU KP 9KGP $·PFG 9KGP 5 6HP 5 6HP *CNDNGKPGP 6CFGNNQUGT <WUVCPF

33

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0[ORJGP WPF %JCTKVGP CWH ITKGEJKUEJGP /ÒP\GP 5GRCTCVCDFTWEM CWU ,QWTPCN +PVGTPCVKQPCN F #TEJ¾QN 0WOKUOCVKSWG #VJGP 5 6HP .GKPGP

<WT ITKGEJKUEJGP WPF TÌOKUEJGP /ÒP\MWPFG 5& CWU 504 5 6HP *CNDNGKPGP

3320

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'Z NKDTKU ) 9ÒVJTKEJ

5COOGNDCPF OKV \YÌNH 5QPFGTFTWEMGP FCTWPVGT &KG (NÒIGNIGUVCNVGP FGT #VJGPC WPF 0KMG CWH /ÒP\GP 5& CWU 0< <WT /ÒP\MWPFG )TQUUITKGEJGPNCPFU 5KEKNKGPU -TGVCU GVE /KV DGUQPFGTGT $GTÒEMUKEJVKIWPI GKPKIGT /ÒP\ITWRRGP OKV 5VGORGNINGKEJJGKVGP 5& CWU 0< +P GKPGO $CPF KP .GKPGP IGDWPFGP

<WT /ÒP\MWPFG WPF 2CNCGQITCRJKG $QGQVKGPU 9KGP 5 6HP $GKVT·IG \WT /ÒP\MWPFG WPF )GQITCRJKG XQP #NV )TKGEJGPNCPF WPF -NGKPCUKGP 5GRCTCVCDFTWEM CWU <H0 $GTNKP 5 6HP <WT /ÒP\MWPFG $QGQVKGPU WPF FGU RGNQRQPPGUKUEJGP #TIQU 9KGP 5 6HP <WT /ÒP\MWPFG )TQ­ITKGEJGPNCPFU 5KEKNKGPU -TGVCU GVE OKV DGUQPFGTGT $GTÒEMUKEJVKIWPI GKPKIGT /ÒP\ITWRRGP WPF 5VGORGNINGKEJJGKVGP 9KGP 5 6HP &KG /ÒP\GP FGT -KNDKCPGT KP .[FKGP 5 6H &KG /ÒP\UV·VVG $CD[NQP \WT <GKV FGT OCMGFQPKUEJGP 5CVTCRGP WPF FGU 5GNGWMQU 0KMC VQT 9KGP 5 6HP .[FKUEJG 5VCFVOÒP\GP 0GWG 7PVGTUWEJWPIGP )GPH .GKR\KI 5 6HP +P GKPGO $CPF KP )CP\NGKPGP OKV )QNFUEJPKVV IGDWPFGP 5GKVG NQUG DGUVQ­GP WPF 2CRKGT NGKEJV IGDT·WPV

+/*11( $.7/'4 ( )#4&0'4 2 # 0WOKUOCVKE %QOOGPVCT[ QP 2CWUCPKCU 0CEJFTWEM CWU ,QWTPCN QH *GNNGPKE 5VWFKGU 5 6HP *CNDNGFGT 4ÒEMGP NQUG &CUUGNDG CNU 0CEJFTWEM %JKECIQ WPVGT FGO 6KVGN #PEKGPV %QKPU +NNWUVTCVKPI .QUV /CUVGTRKGEGU QH )TGGM #TV # 0WOKUOCVKE %QOOGPVCT[ QP 2CWUCPKCU /KV 'KPNGKVWPI WPF #POGTMWPIGP XQP # 0 1KMQPQOKFGU .::8+++ 5 6HP .GKPGP

+/*11( $.7/'4 ( -'..'4 1 6KGT WPF 2HNCP\GPDKNFGT CWH /ÒP\GP WPF )GOOGP FGU -NCUUK UEJGP #NVGTVWOU .GKR\KI +: 5 6HP .GKPGP 2CRKGT NGKEJV IGDT·WPV

,#/'510 4 %1..'%6+10 6QOG /QPPCKGU )TGESWGU #PVKSWGU $·PFG 2CTKU 8++ 5 5 $KPFWPI GVYCU NQEMGT 6HP 6QOG /QPPCKGU +OR¾TKCNGU 4QOCKPGU 2CTKU 5 6HP 6QOG 5WKVG FGU /QPPCKGU )TGESWGU CPVKSWGU GV KOR¾TKCNGU 4QOCKPGU 2CTKU +: 5 6HP 6QOG 5WKVG FGU OQPPCKGU )TGESWGU CPVKSWGU GV KOR¾TKCNGU 4QOCKPGU 2CTKU 5 6HP $CPF WPF )CP\NGKPGP FGT <GKV $CPF )CP\NGKPGP OKV )QNFUEJPKVV

34

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,'0-+05 ) - 6JG %QKPCIG QH )GNC #/7)5 $·PFG $GTNKP ::+8 5 5 6HP .GKPGP

%QKPU QH 2WPKE 5KEKN[ 0CEJFTWEM CWU 504 <ÒTKEJ 5 6HP 5 6HP 5 6HP 5 6HP -CTVQPKGTV

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,'0-+05 ) - -ª6*/#00 * /ÒP\GP FGT )TKGEJGP &KG 9GNV FGT /ÒP\GP /ÒPEJGP (TKDQWTI 5 #DD CWH VGKNU HCTDKIGP 6HP .GKPGP

,1*05610 # 6JG %QKPCIG QH /GVCRQPVWO 2CTV 00/ 0GY ;QTM +: 5 6HP .GKPGP

,10)-''5 , * 6JG -KOQPKCP &GMCFTCEJOU # %QPVTKDWVKQP VQ 5KEKNKCP 0WOKUOCVKEU 0CEJFTWEM #OUVGTFCO FGT #WUICDG 7VTGEJV 5 6HP .GKPGP

,747-19# , )TKGEJKUEJGU /ÒP\YGTM &KG /ÒP\RT·IWPI XQP &GWNVWO 5EJTKHVGP \WT )GUEJKEJVG WPF -WNVWT FGT #PVKMG $GTNKP 8 5 -CTVG 6HP KO 5EJWDGT *CNDNGKPGP

)TKGEJKUEJGU /ÒP\YGTM &KG /ÒP\RT·IWPI XQP $K\[G 5EJTKHVGP \WT )GUEJKEJVG WPF -WNVWT FGT #PVKMG $GTNKP +++ 5 6HP 6HP KO 5EJWDGT *CNDNGKPGP

.G /QPPC[CIG FGU 8KNNGU GP /¾UKG +PH¾TKGWTG GV GP 6JTCEG RGPFCPV NG ++G +++G U *CFTKCPQRQNKU 5QHKC 5 6HP -WPUVNGFGT

6GZV KP TWUUKUEJ OKV HTCP\ÌUKUEJGT <WUCOOGPHCUUWPI

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-#/2/#00 7 &KG *QOQPQKC 8GTDKPFWPIGP FGT 5VCFV 2GTICOQP 5CCTDTÒEMGT 5VWFKGP \WT #TEJ· QNQIKG WPF #NVGP )GUEJKEJVG 5CCTDTÒEMGP :8+ 5 6HP 1TKI $TQUEJWT

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6GZV KP JGDT·KUEJGT 5RTCEJG

6JG %QKPCIG QH $QUVTC 9CTOKPUVGT 8++ 5 6HP 1TKI $TQUEJWT

-+0&.'4 # 56'+0 # # $KDNKQITCRJ[ QH VJG %KV[ %QKPCIG QH 2CNGUVKPG HTQO VJG PF EGPVWT[ $ % VQ VJG TF EGPVWT[ # & $#4 +PVGTPCVKQPCN 5GTKGU 1ZHQTF 8++ 5 1TKI $TQUEJWT

-+005 2 6JG %CRTCTC (QTIGTKGU 405 5RGEKCN 2WDNKECVKQP +#20 5RGEKCN 2WDNKECVKQP .QP FQP $CUGN 5 6HP .GKPGP

-+66 $ 5GNGWEKF %QKPU %NCUUKECN 0WOKUOCVKE 5VWFKGU .CPECUVGT 2GPPU[NXCPKC : 5 6HP .GKPGP

-.'+0 & 5COONWPI XQP ITKGEJKUEJGP -NGKPUKNDGTOÒP\GP WPF $TQP\GP 0QOKUOCVC /KNCPQ 5 6HP -CTVQPKGTV

-.'+0'4 ( 5 01' 5 2 6JG 'CTN[ %KUVQRJQTKE %QKPCIG 05 0GY ;QTM 5 6HP .GKPGP

-.+/195-; ' 9 1P #PEKGPV 2CNGUVKPKCP CPF 1VJGT %QKPU 6JGKT 5[ODQNKUO CPF /GVTQNQI[ 2WDNKECVKQPU QH VJG +UTCGN 0WOKUOCVKE 5QEKGV[ 0WOKUOCVKE 5VWFKGU CPF 4GUGCTEJGU 6GN #XKX 5 6HP 1TKI $TQUEJWT

-.15' & 1 # &KG /ÒP\RT·IWPI XQP 5O[TPC KP FGT TÌOKUEJGP -CKUGT\GKV #/7)5 $GTNKP ::+8 5 6HP .GKPGP

35

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-4##; % / 6JG CTEJCKE %QKPCIG QH *KOGTC %GPVTQ +PVGTPC\KQPCNG FK 5VWFK 0WOKUOCVKEK $KDNKQVJGEC 0CRQNK 5 6HP 1TKI $TQUEJWT

#TEJCKE CPF %NCUUKECN )TGGM %QKPU .QPFQP ::8+ 5 6HP )TGGM %QKPU CPF *KUVQT[ 5QOG EWTTGPV RTQDNGOU .QPFQP : 5 6HP 0 &#8+5 % / -4##; 6JG *GNNGPKUVKE -KPIFQOU 2QTVTCKV %QKPU CPF *KUVQT[ .QPFQP 5 FCXQP 6HP .GKPGP

-4##; % / *+4/'4 / )TGGM %QKPU .QPFQP 5 FCXQP 6HP (CTDVHP -CTVGP .GKPGP 6H NQUG

-4#(6 - &CU 5[UVGO FGT MCKUGT\GKVNKEJGP /Ã’P\RT·IWPI KP -NGKPCUKGP /CVGTKCNKGP WPF 'PVYÃ’THG +UVCPDWNGT (QTUEJWPIGP $GTNKP 5 6HP KO .GKPGPUEJWDGT GVYCU DGUEJ·FKIV

-4'/;&+ 5+%+.+#017 5 6JG %QKPCIG QH VJG 4QOCP %QNQP[ QH &KQP $KDNKQVGEC QH VJG *GNNGPKE 0WOKUOCVKE 5QEKGV[ #VJGP :8+++ 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

+P ITKGEJKUEJGT 5RTCEJG

-4<;<#0195-# # /QPPCKGU EQNQPKCNGU F #PVKQEJG FG 2KUKFKG 6TCXCWZ FW %GPVTG F #TEJ¾QNQIKG /¾FKVGTTCP¾GPPG FG N #ECFGOKG 2QNQPCKUG FGU 5EKGPEGU 9CTU\CYC 5 6HP 1TKI $TQ UEJWT

-7$+65%*'- , 9 /ª..'4 & * /Ã’P\GP 5& CWU & * /Ã’NNGT *TUI 5Ã’FCTCDKUEJG #NVGT VJÃ’OGT KO -WPUVJKUVQTKUEJGP *QHOWUGWO 9KGP 5 6HP )TQ­HQNKQ )CP\NGKPGP 8QTUCV\DNCVV DGUEJ·FKIV

'Z NKDTKU 'FYCTF 6JGQFQTG 0GYGNN $GUKV\GTRT·IWPI .KDTCT[ QH (GQTK ( 2KRKVQ

-;4+'.'+5 * $KNFPKUUG FGT 2VQNGO·GT #TEJ·QNQIKUEJG (QTUEJWPIGP $GTNKP +: 5 6HP .GKPGP

.#%41+: . .GU TGRTQFWEVKQPU FG UVCVWGU UWT NGU OQPPCKGU )TGESWGU .C UVCVWCKTG CTEJCÃ…SWG GV ENCUUKSWG $KDNKQVJ½SWG FG NC (CEWNV¾ FG 2JKNQUQRJKG GV .GVVTGU FG N 7PKXGTUKV¾ FG .K½IG .K½IG ::++ 5 6HP 1TKI $TQUEJWT 7OUEJNCI NQUG WPF $KPFWPI NQEMGT

/KV 9KFOWPI FGU 8GTHCUUGTU CP * # %CJP 5GJT UGNVGPGU 9GTM

/QPPCKGU GV EQNQPKUCVKQP FCPU N 1EEKFGPV )TGE #ECF¾OKG 4Q[CNG FG $GNIKSWG %NCUUG FGU NGVVTGU GV FGU UEKGPEGU OQTCNGU GV RQNKVKSWGU /¾OQKTGU $TÃ’UUGN 5 6HP 1TKI $TQUEJWT

.#((#+..' / %JQKZ FG OQPPCKGU ITGESWGU GP DTQP\G 4QNNG 5 #DD .GKPGP

.#*+4+ # 0 %QTRWU QH +PFQ )TGGM %QKPU %CNEWVVC :8+++ 5 6HP .GKPGP $KPFWPI NQUG

.#..'/#0& , . CFOKPKUVTCVKQP EKXKNG FG N ¾I[RVG FG N CX½PGOGPV FG &KQEN¾VKGP ¯ NC ET¾CVKQP FW FKQE½UG #4$ %NCUUG FGU NGVVTGU /¾OQKTGU $TÃ’UUGN 5 1TKI $TQUEJWT 7P CWHIGUEJPKVVGP

/KV 9KFOWPI FGT 8GTHCUUGTKP CP * # %CJP KO 8QTUCV\

.#/$415 , 2 $GUEJTGKDWPI FGT /Ã’P\GP ITKGEJKUEJGT 5VCCVGP 2GNQRQPPGU #VJGP 5 6HP .GKPGP 2CRKGT NGKEJV IGDT·WPV 6KVGNUGKVG NQUG

+P ITKGEJKUEJGT 5RTCEJG /KV 9KFOWPI FGU 8GTHCUUGTU CP &T * X (TKV\G

.#0&10 % 2 0WOKUOCVKSWG FW XQ[CIG FW LGWPG #PCEJCTUKU QW O¾FCKNNGU FGU DGCWZ VGORU FG NC )T½EG 2CTKU :+8 5 6HP *CNDNGFGT

.#0).1+5 8 0WOKUOCVKSWG FG N #TO¾PKG FCPU N CPVKSWKV¾ 2CTKU .QPFQP :: 5 6HP *CNDNGFGT

'Z NKDTKU 9KNNKCO 9TKZQP .G[EGUVGT

36

.#4+<<# 2 4JGIKWO %JCNEKFGPUG 4GIIKQ FK %CNCDTKC .C UVQTKC G NC PWOKUOCVKEC &CK VGORK RTGKUVQTKEK HKPQ CNNC EKVVCFKPCP\C TQOCPC 4QO 5 6HP .QETK 'RK\GRJ[TKK 5VQTKC #TEJCGQNQIKC #TVG #WHNCIG 4GIIKQ FK %CNCDTKC 5 6GZVCDD 1TKI $TQUEJWT

.#7(('4 5 *TUI )TKGEJGPNCPF .GZKMQP FGT JKUVQTKUEJGP 5V·VVGP 8QP FGP #PH·PIGP DKU \WT )GIGPYCTV /Ã’PEJGP 5 -CTVGP 1TKI $TQUEJWT

)4+'%*'0

.#88# 5 &KG /ÒP\RT·IWPI XQP 2JCTUCNQU 5CCTDTÒEMGT 5VWFKGP \WT #TEJ·QNQIKG WPF #NVGP )G UEJKEJVG 5CCTDTÒEMGP :+: 5 &KCITCOOG 6HP 1TKI $TQUEJWT

.' 4+&'4 ) 5WUG UQWU NGU 5¾NGWEKFGU GV NGU 2CTVJGU .GU VTQWXCKNNGU OQP¾VCKTGU GV N JKUVQKTG FG NC XKNNG /¾OQKTGU FG NC /KUUKQP #TEJ¾QNQIKSWG GP +TCP 2CTKU 5 6HP (QNKQ *CNDNGKPGP DGUVQ­GP 'KPKIG YGPKIG $NGKUVKHVPQVK\GP KO 6GZV WPF CWH FGP 6HP

/QPPCKGU %T¾VQKUGU FW 8G CW +GT UK½ENG CX , % 2CTKU 5 (CNVMCTVGP 6HP .GKPGP $KP FWPI GVYCU NQEMGT

.G OQPPC[CIG F CTIGPV GV F QT FG 2JKNKRRG ++ HTCRR¾ GP /CE¾FQKPG FG ¯ 2CTKU 5 (CNVMCTVG 6HP .GKPGP

#PVKQEJG FG 5[TKG UQWU NGU 5¾NGWEKFGU %QTRWU FGU OQPPCKGU F QT GV F CTIGPV $CPF &G 5¾NGWEQU + ¯ #PVKQEJQU 8 E /¾OQKTGU FG N #ECF¾OKG FGU +PUETKRVKQPU GV $GNNGU .GVVTGU PQWXGNNG U¾TKG 2CTKU 5 6HP 1TKI $TQUEJWT

.'#-' 9 / 0QVGU QP 5[TCEWUG 4GCF CV VJG 4Q[CN 5QEKGV[ QH .KVGTCVWTG (GDTWCT[ /CTEJ CPF /CTEJ $·PFG 1 1 5 -NCRRVHP 4GNKGHVHP

.'&'4'4 2 &KG 6GVTCFTCEJOGPRT·IWPI XQP 5GIGUVC /ÒPEJGP 5 6H =FKG INGKEJG 6H NKGIV PQEJ GKPOCN KO 1TKIKPCN WPF KP GKPGT (QVQITCHKG DGK? .GKPGP $KPFWPI GVYCU NQEMGT $GKNKGIGPF 5& 0CEJVT·IG \WT 6GVTCFTCEJOGPRT·IWPI XQP 5GIGUVC GKPGT FCXQP OKV 9KFOWPI CP 9 5EJYCDC EJGT

5COOGNDCPF OKV \CJNTGKEJGP 5QPFGTFTWEMGP OGKUV \W /ÒP\GP 5K\KNKGPU FCTWPVGT &10 (+.+221 = 2 .'&'4'4? 0WOKUOCVKUEJGU /·TEJGP *GFYKI *KTUEJHGNFGT WPF &T , *KTUEJ \WT 8GTO·JNWPI IGYKFOGV /ÒPEJGP 5VWVVICTV 5[TCMWUKUEJGU -NGKPIGNF KO ,CJTJWPFGTV XQT %JT #TEJCK UEJG WPF ªDGTICPIU <GKV 5& CWU $GTNKPGT /ÒP\DN·VVGT 'KP )QNFUVCVGT #NGZCPFGTU FGU )TQ­GP 5& CWU <H0 +P GKPGO $CPF KP .GKPGP IGDWPFGP

.'.'9'. , VWFGU 0WOKUOCVKSWGU GV #TEJ¾QNQIKSWGU 8QN 6[RG )CWNQKU QW %GNVKSWG $TÒUUGN 5 *CNDNGKPGP

'Z NKDTKU ' ( 9GDGT *CODWTI

.'014/#06 ( 'UUCK UWT NG ENCUUGOGPV FGU OQPPCKGU F CTIGPV FGU .CIKFGU $NQKU 5 6HP *CNDNGFGT

.'5%**140 9 #PVKMG TGP <GKVTGEJPWPI 2QNKVKM WPF )GUEJKEJVG KO 5EJYCT\OGGTTCWO WPF KP -NGKPCUKGP PÌTFNKEJ FGU 6CWTQU *KUVQTKC 'KP\GNUEJTKHVGP 5VWVVICTV +: 5 6HP 1TKI $TQUEJWT

.+$'41 /#0)+'4+ ) 8GNKC G NC UWC OQPGVC\KQPG .WICPQ 5 6HP .GKPGP

.+').' , 'WCKPGVQU 'KPG 9GTMHQNIG PCEJ 1TKIKPCNGP FGU 5VCCVNKEJGP /ÒP\MCDKPGVVU \W $GTNKP 9KPEMGNOCPPURTQITCOO FGT #TEJ·QNQIKUEJGP )GUGNNUEJCHV \W $GTNKP $GTNKP 5 6HP .GKPGP

.+0&)4'0 * % #PEKGPV )TGGM $TQP\G %QKPU 'WTQRGCP /KPVU HTQO VJG .KPFITGP %QNNGEVKQP 5CP /CVGQ :: 5 6HP .GKPGP

.+0&)4'0 * % -18#%5 ( . #PEKGPV $TQP\G %QKPU QH #UKC /KPQT CPF VJG .GXCPV HTQO VJG .KPFITGP %QNNGEVKQP 5CP /CVGQ :8 5 6HP 1TKI $TQUEJWT 'KPKIG 5GKVGP NQUG

.+0&5#; , # 8KGY QH VJG *KUVQT[ CPF %QKPCIG QH VJG 2CTVJKCPU YKVJ FGUETKRVKXG ECVCNQIWGU CPF VCDNGU %QTM 5 6HP -CTVQPKGTV 'KPDCPFFGEMGN DGUVQ­GP WPF NQUG 6HP WPF GKPKIG 5GKVGP UVQEMHNGEMKI

'Z NKDTKU 5KZ XCP *KNNGIQO

.+5%*+0' % 0 /QPPCKGU ITGESWGU 6JTCEG /CEQP 8+++ 5 6HP /QFGTPGU .GKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU KO 8QTUCV\ 'Z NKDTKU +QUGRJ #XDG[

.14$'4 % % #ORJKRQNKU 6JG %KXKE %QKPCIG KP 5KNXGT CPF )QNF .QU #PIGNGU (TQPVKURK\ +8 5 6HP .GKPGP

37

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3386

.7;0'5 &WE FG &'$#%3 ( , /¾VCRQPVG 2CTKU ++ 5 6HP )TQ­HQNKQ .GFGT 2TCEJVXQNNGU 9GTM OKV )QNFUEJPKVV WPF )QNFXGT\KGTWPIGP 8QTUCV\UGKVGP NGKEJV GKPIGTKUUGP

/#%&10#.& & , %QKPU HTQO #RJTQFKUKCU $#4 5WRRNGOGPVCT[ 5GTKGU 1ZHQTF 5 6HP 1TKI $TQUEJWT

/#%&10#.& ) %CVCNQIWG QH )TGGM %QKPU KP VJG *WPVGTKCP %QNNGEVKQP 7PKXGTUKV[ QH )NCUIQY 8QN )NCUIQY .:8+ 5 6HP 8+ 5 6HP 8+ 5 6HP .GKPGP OKV )QNFUEJPKVV

/#&&'0 ( 9 *KUVQT[ QH ,GYKUJ %QKPCIG CPF QH /QPG[ KP VJG 1NF CPF 0GY 6GUVCOGPV 0CEJFTWEM 5CP &KGIQ FGT #WHNCIG .QPFQP :++ :+ 5 \CJNTGKEJG 6GZVCDD .GFGT ,GYKUJ 0WOKUOCVKEU $GKPI C 5WRRNGOGPV VQ VJG *KUVQT[ QH ,GYKUJ %QKPCIG CPF /QPG[ KP VJG 1NF CPF 0GY 6GUVCOGPVU RWDNKUJGF KP .QPFQP 5 OKV \CJNTGKEJGP 6GZVCDD .GFGT CO 4Ã’EMGP DGUEJ·FKIV 2CRKGT KO 8QTUCV\ IGDT·WPV

/#.6+'. )'456'0('.& , ;GCTU QH #PEKGPV ,GYKUJ %QKPU # %CVCNQIWG 6GN #XKX 5 \CJNTGKEJG 6GZVCDD -WPUVNGFGT /KV 9KFOWPI FGU 8GTHCUUGTU CP * # %CJP WPF FGT $KVVG GKPG -TKVKM \W FGO $WEJ \W UEJTGKDGP 0GY %CVCNQIWG QH #PEKGPV ,GYKUJ %QKPU 6GN #XKX 5 FCXQP OGJTGTG 6HP 1TKI $TQUEJWT 0CEJVTCI NKGIV DGK

/#4%*#06 0 & .GVVTGU FW $CTQP /CTEJCPV UWT NC PWOKUOCVKSWG GV N JKUVQKTG CPPQV¾GU RCT // %J .GPQTOCPV ( FG 5CWNE[ . FG NC 5CWUUC[G , FG 9KVVG /CTSWKU FG .CIQ[ #F FG .QPIR¾TKGT #N /CWT[ 8KEVQT .CPINQKU GV * (QWTPKGT FW .CE 2CTKU 8+++ 5 6HP *CNDNGFGT NGKEJV DGUEJ·FKIV

/#46+0+ 4 /QPGVC\KQPG RTQXKPEKCNG TQOCPC $CPF %QNNG\KQPG 9KPUGOCPP (CNIJGTC )NCWZ $·PFG /KNCPQ 5 6HP 5 6HP 5 6HP 6HP 5 6HP 5

38

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/QPGVC\KQPG RTQXKPEKCNG TQOCPC $CPF $KDNKQITCHKC IGPGTCNG HKPQ CN )NCWZ $·PFG /KNCPQ :::+ 5 5 /QPGVC\KQPG RTQXKPEKCNG TQOCPC $CPF 2TQPVWCTKQ FGNNG \GEEJG RTQXKPEKCNK )NCWZ /KNCPQ :+: 5 -CTVQPKGTV

/#65510 ) 1 6JG )QFU )QFFGUUGU CPF *GTQGU QP VJG #PEKGPV %QKPU QH $KDNG .CPFU 5VQEMJQNO ::8+++ 5 FCXQP 6HP -WPUVNGFGT

/#; , / ( 6JG %QKPCIG QH &COCUVKQP CPF VJG NGUUGT EQKPCIGU QH VJG +NN[TQ 2CGQPKCP 4GIKQP 1ZHQTF W C :+8 5 6HP .GKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU

#KPQU +VU *KUVQT[ CPF %QKPCIG $ % 1ZHQTF W C :8+ 5 6HP .GKPGP $GKIGNGIV GKPKIG 0QVK\GP WPF 4G\GPUKQPGP

/KV 9KFOWPI FGU 8GTHCUUGTU

6JG %QKPCIG QH #DFGTC $ % 405 5RGEKCN 2WDNKECVKQP .QPFQP :+ 5 6HP .GKPGP

/#<#4& , %QTRWU 0WOOQTWO 0WOKFKCG /CWTGVCPKCGSWG 2CTKU 5 FCXQP 6HP .GKPGP

0WOGTKGTVGU 'ZGORNCT 0T

/E&19'.. 4 * %QKPU HTQO 5GNGWEKC QP VJG 6KITKU 7PKXGTUKV[ QH /KEJKICP 5VWFKGU *WOCPKUVKE 5GTKGU #PP #TDQT :+8 +: 5 6HP .GKPGP

/'.8+..' ,10'5 , 4 6GUVKOQPKC 0WOCTKC )TGGM CPF .CVKP 6GZVU EQPEGTPKPI #PEKGPV )TGGM %QKPCIG $CPF 6GZVU CPF 6TCPUNCVKQPU .QPFQP : 5 -CTVQPKGTV

/'5*14'4 ; %KV[ %QKPU QH 'TGV\ +UTCGN CPF VJG &GECRQNKU KP VJG 4QOCP 2GTKQF ,GTWUCNGO 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

9KFOWPI FGU 8GTHCUUGTU CP * # %CJP

,GYKUJ %QKPU QH VJG 5GEQPF 6GORNG 2GTKQF 6GN #XKX 5 6HP .GKPGP

0CDCVCGCP %QKPU 3GFGO ,GTWUCNGO 5 6HP .GKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU CP * # %CJP

#PEKGPV ,GYKUJ %QKPCIG $·PFG 0GY ;QTM 5 6HP 5 6HP .GKPGP Z &C\W 0CEJVTCI $TQUEJWT Z

6JG %QKPCIG QH #GNKC %CRKVQNKPC ,GTWUCNGO 5 OKV \CJNTGKEJGP 6HP WPF #DD -CTVQPKGTV

9KFOWPI FGU #WVQTU CP * # %CJP

/'5*14'4 ; 3'&#4 5 6JG %QKPCIG QH 5COCTKC KP VJG (QWTVJ %GPVWT[ $%' ,GTWUCNGO 5 6HP .GKPGP

/'50+. &7 $7+5510 4 FW 6GUU½TGU GV OQPPCKGU FG 2CNO[TG 2CTKU 5 6HP +P GKPGT (CNVOCRRG GVYCU DGUEJ·FKIV

/';5*#0 , 'UUC[U KP ,GYKUJ 0WOKUOCVKEU 2WDNKECVKQPU QH VJG +UTCGN 0WOKUOCVKE 5QEKGV[ 0WOKU OCVKE 5VWFKGU CPF 4GUGCTEJGU ,GTWUCNGO 5 6HP .GKPGP

9KFOWPI FGU 8GTHCUUGTU CP * # %CJP

/+.&'0$'4) . 6JG %QKPCIG QH VJG $CT -QMJDC 9CT 6[RQU #CTCW W C 5 6HP .GKPGP $GKNKGIGPF $WEJDGURTGEJWPIGP

/+.&'0$'4) . *746'4 5 6JG #TVJWT 5 &GYKPI %QNNGEVKQP QH )TGGM %QKPU #%0#% $·PFG 0GY ;QTM (TQPVKURK\ :++ 5 6HP .GKPGP , 1.'510 )TGGM 0WOKUOCVKE #TV %QKPU QH VJG #TVJWT 5VQPG &GYKPI %QNNGEVKQP %CODTKFIG /CUU 7PRCIKPKGTV /ÒP\CDD 1TKI $TQUEJWT

/+..+0)'0 , 5[NNQIG QH #PEKGPV 7PGFKVGF %QKPU QH )TGGM %KVKGU CPF -KPIU HTQO XCTKQWU EQNNGE VKQPU RTKPEKRCNN[ KP )TGCV $TKVCKP .QPFQP +8 5 6HP *CNDNGFGT 5[NNQIG QH #PEKGPV 7PGFKVGF %QKPU QH )TGGM %KVKGU CPF -KPIU Q 1 Q , 8++ 5 6HP *CNDNGFGT

/+.0' , ) 7PKXGTUKV[ QH 1ZHQTF #UJOQNGCP /WUGWO %CVCNQIWG QH #NGZCPFTKCP %QKPU 1ZHQTF .:8+++ 5 6HP -NCRRVHP .GKPGP

/+0'48+0+ ) 5CIIKQ FK QUUGTXC\KQPK PWOKUOCVKEJG 0CRQNK 5 6HP *CNDRGTICOGPV OKPKOCN DGUEJ·FKIV

/+0 # /QPGVG CPVKEJG FK DTQP\Q FGNNC \GEEC FK 5KTCEWUC 0QXCTC 5 FCXQP \CJNTGKEJG (CTDVHP .GKPGP

39

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/QPGVG FK DTQP\Q FGNNC 5KEKNKC CPVKEC 2CNGTOQ 5 (CTDVHP .GKPGP $KPFWPI GVYCU NQEMGT

/+005 ' * 5E[VJKCPU CPF )TGGMU # 5WTXG[ QH #PEKGPV *KUVQT[ CPF #TEJCGQNQI[ QP VJG 0QTVJ %QCUV QH VJG 'WZKPG HTQO VJG &CPWDG VQ VJG %CWECUWU %CODTKFIG :. 5 6HP .GKPGP

/+100'6 6 ' &GUETKRVKQP FG O¾FCKNNGU CPVKSWGU ITGESWGU GV TQOCKPGU CXGE NGWT FGIT¾ FG TCTGV¾ GV NGWT GUVKOCVKQP $·PFG 5WRRNGOGPVD·PFG 6CHGNDCPF 2CTKU *CNDNGFGT VGKNYGKUG TG UVCWTKGTV FKG CNVGP $WEJTÒEMGP CWHIGMNGDV $WEJDNÌEMG DGK $·PFGP NQUG YGPKIG .CIGP NQEMGT &GT +PJCNV KP VCFGNNQUGO <WUVCPF

/KQPPGV JCV UKEJ KP FKGUGO UGJT UGNVGPGP 9GTM CWH FKG $GUV·PFG FGT $KDNKQVJ½SWG 0CVKQPCNG IGUVÒV\V +OOGT PQEJ YKEJVKI HÒT FKG $GUVKOOWPI XQP ITKGEJKUEJGP $TQP\GP FGT TÌOKUEJGP -CKUGT\GKV 'Z NKDTKU 5KT 6JQOCU 6QDKP

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1TKGPVCN %QKPU CPF 6JGKT 8CNWGU 6JG #PEKGPV %NCUUKECN 9QTNF $ % # & .QPFQP 5 OKV \CJNTGKEJGP 6GZVCDD .GKPGP

/1//5'0 6 &KG PQTFGVTWUMKUEJGP #NRJCDGVG CWH +PUEJTKHVGP WPF /ÒP\GP 5 6HP KP /KVVJGKNWPIGP FGT #PVKSWCTKUEJGP )GUGNNUEJCHV KP <ÒTKEJ 5 OGJTGTG 6HP (CTDVH .GKPGP

9GKVGTG $GKVT·IG . '66/ª..'4 $GUEJTGKDWPI GKPGU CWU FGO ,CJTJWPFGTV UVCOOGPFGP $TCWVUEJOWEMM·UVEJGPU ( 810 9;55 #NCOCPPKUEJG (QTOGNP WPF $TKGHG CWU FGO PGWPVGP ,CJTJWPFGTV ( -'..'4 $KNFGT WPF 5EJTKHV\ÒIG KP FGP KTKUEJGP /CPWUETKRVGP FGT UEJYGK\GTKUEJGP $KDNKQVJGMGP * /';'4 )GUEJKEJVG FGT :+ WPF ::+ .GIKQP ( -'..'4 -GNVKUEJG 8GUVGP CP FGP 7HGTP FGU 4JGKPU WPVGTJCND 5EJCHHJCWUGP $KDNKQVJGMUUVGORGN FGT #OGTKECP )GQITCRJKECN 5QEKGV[

/14)#0 , &' /CPWGN FG PWOKUOCVKSWG QTKGPVCNG FG N CPVKSWKV¾ GV FW OQ[GP ³IG $CPF 2CTKU 5 \CJNTGKEJG 6GZVCDD .GKPGP

/1756#-# # -WNVG WPF /[VJGP CWH VJGUUCNKUEJGP /ÒP\GP $GKVT·IG \WT #TEJ·QNQIKG 9ÒT\DWTI 5 6HP 1TKI $TQUEJWT

/7'*5#/ # %QKP CPF 6GORNG # 5VWF[ QH VJG #TEJKVGEVWTCN 4GRTGUGPVCVKQP QP #PEKGPV ,GYKUJ %QKPU 0GCT 'CUVGTP 4GUGCTEJGU .GKFGP +: 5 6HP 8GTUV·TMVG 1TKI $TQUEJWT

/ª..'4 . 0WOKUOCVKSWG F #NGZCPFTG NG )TCPF UWKXKG F WP CRRGPFKEG EQPVGPCPV NGU OQPPCKGU FG 2JKNKRR ++ GV +++ -QRGPJCIGP :+8 5 ::+: 6HP 6GZVDCPF *CNDNGFGT OKV DGUEJ·FKIVGO 4ÒEMGP 6CHGNDCPF *CNDNGKPGP

&GP VJTCEKUMG -QPIG .[UKOCEJWU U /[PVGT -QRGPJCIGP 5 6HP *CNDNGFGT GVYCU UVQEM HNGEMKI

0WOKUOCVKSWG FG N CPEKGPPG #HTKSWG $·PFG -QRGPJCIGP :++ 5 6CDGNNGP 8+++ 5 8+++ 5 KP GKPGO $CPF IGDWPFGP 6GZVCDD 5WRRN¾OGPV -QRGPJCIGP 8+ 5 6HP *CNDNGFGT RTCEJVXQNN GTJCNVGP

/ª056'4$'4) 4 &KG $GCOVGPPCOGP CWH FGP ITKGEJKUEJGP /ÒP\GP IGQITCRJKUEJ WPF CNRJCDGVKUEJ IGQTFPGV 5& CWU 0< 9KGP 5

/7041 *#; 5 %QKPCIG QH #TCDKC (GNKZ 6JG 2TG +UNCOKE %QKPCIG QH VJG ;GOGP 0QOKUOCVC /KNCPQ 5 6HP -CTVQPKGTV

/7041 *#; 5 ,7'. ,'05'0 $ #MUWOKVG %QKPCIG # TGXKUGF CPF GPNCTIGF GFKVKQP QH 6JG %QKPCIG QH #MUWO .QPFQP 5 6HP -CTVQPKGTV

/75%*')+#0 % # #TOGPKUEJG /ÒP\UEJ·V\G 'TKYCP 5 -CTVG 6HP .GKPGP GVYCU DGUVQ­GP

+P CTOGPKUEJGT 5RTCEJG

40

/75*/18 0 # #PEKGPV %QKPU QH VJG $CNMCP 2GPKPUWNC CPF %QKPU QH VJG $WNICTKCP 6UCTU =KP DWNICTK UEJGT 5RTCEJG? 5QHKC :: 5 6HP )CP\NGKPGP $KPFWPI NQUG 7OUEJNCI DGUEJ·FKIV .GU OQPPCKGU CPVKSWGU FG 2JKNKRRQNKU =KP DWNICTKUEJGT 5RTCEJG? KP #PPWCKTG FG NC $KDNKQVJ½SWG 0CVKQ PCNG ¯ 2NQXFKX 5 6HP (QVQMQRKG KP .GKPGP IGDWPFGP

/¦4-*1./ 1 5VWFKGU KP VJG %QKPCIG QH #PVKQEJWU +8 QH 5[TKC &GV -QPIGNKIG &CPUMG 8KFGPU MCDGTPGU 5GNUMCD *KUVQTKUM HKNQUQHKUMG /GFFGNGNUGT -QRGPJCIGP 5 6HP .GKPGP

)4+'%*'0

<YGK 5COOGND·PFG OKV \CJNTGKEJGP 5QPFGTFTWEMGP FCTWPVGT )TºUMG OÎPVGT HTC (CKNCMC 5& CWU -WON TDQI HQT ,[UM #TMºQNQIKUM 5GNUMCD IGOGKPUCO OKV ) 0'7/#00 &KG N[MKUEJGP /ÒP\NGIGPFGP 0CEJTKEJVGP FGT #&9 )ÌVVKPIGP 2JKN JKUV -N )ÌVVKPIGP IGOGKPUCO OKV , <#*.' 6JG %QKPCIG QH -WRTNNK 0WOKUOCVKE CPF #TEJCGQNQIKECN 5VWF[ 5& CWU #EVC #TEJCGQNQIKEC +P \YGK $·PFGP KP .GKPGP IGDWPFGP

<WOGKUV OKV 9KFOWPI FGU 8GTHCUUGTU CP 9 5EJYCDCEJGT

0#06'7+. * FG %QNNGEVKQP FG /QPPCKGU )TGESWGU 2CTKU :+8 5 6HP .GKPGP

3436

0#56'4 2 $KDNKQVJ½SWG 4Q[CNG FG $GNIKSWG %CDKPGV FGU /¾FCKNNGU %CVCNQIWG FGU /QPPCKGU )TGESWGU .C %QNNGEVKQP .WEKGP FG *KTUEJ $·PFG $TWZGNNGU (TQPVKURK\ 5 6HP .GK PGP

0#7/#00 4 &GT <GWUVGORGN \W #K\CPQK &GPMO·NGT CPVKMGT -WNVWT $GTNKP :++ 5 6HP (QNKQ .GKPGP

&CTKP $GKVTCI XQP * XQP #7.1%- <WT /ÒP\RT·IWPI XQP #K\CPQK 5 6HP

0#8+..' . .GU OQPPCKGU F QT FG NC %[T¾PCÅSWG FG ¯ CXCPV , % %QPVTKDWVKQP ¯ N ¾VWFG FGU OQPPCKGU ITGESWGU CPVKSWGU )GP½XG (TQPVKURK\ 5 6HP .GKPGP $GKNKGIGPF $TKGHYGEJUGN

$TKGHG XQO WPF OKV 9KNN[ 5EJYCDCEJGT 5VQEMJQNO

/KV 9KFOWPI FGU 8GTHCUUGTU

0'9'.. ' 6 6JG 5GNGWEKF /KPV QH #PVKQEJ 0GY ;QTM 5 6HP .GKPGP GVYCU DGUVQ ­GP WPF GKPKIG 5GKVGP TGRCTKGTV

6JG %QKPCIGU QH &GOGVTKWU 2QNKQTEGVGU .QPFQP +: 5 6HP *CNDNGKPGP 'KPDCPF DGUEJ· FKIV

6JG (KTUV 5GNGWEKF %QKPCIG QH 6[TG 00/ 0GY ;QTM 5 6HP 6JG 5GNGWEKF %QKPCIG QH 6[TG # 5WRRNGOGPV 00/ 0GY ;QTM 5 6HP .GKPGP

6JG %QKPCIG QH VJG 'CUVGTP 5GNGWEKF /KPVU HTQO 5GNGWEWU + VQ #PVKQEJWU +++ 05 0GY ;QTM (TQPVKURK\ 5 6HP .GKPGP

41

)4+'%*'0

6JG %QKPCIG QH VJG 9GUVGTP 5GNGWEKF /KPVU HTQO 5GNGWEWU + VQ #PVKQEJWU +++ 05 0GY ;QTM -NCRRMCTVG KO (TQPVKURK\ 5 6HP .GKPGP

4GCVVTKDWVKQP QH %GTVCKP 6GVTCFTCEJOU QH #NGZCPFGT VJG )TGCV 0GY ;QTM 5 6HP 6JG &CVGF #NGZCPFGT %QKPCIG QH 5KFQP CPF #MG ;CNG 1TKGPVCN 5GTKGU 4GUGCTEJGU 0GY *CXGP .QPFQP 5 6HP 6JG #NGZCPFTKPG %QKPCIG QH 5KPQRG 0GY ;QTM 5 6H 6CTUQU WPFGT #NGZCPFGT 0GY ;QTM 5 6HP /[TKCPFTQU #NGZCPFTKC MCV +UUQP 0GY ;QTM 5 6HP 6[TWU 4GFKXKXC 0GY ;QTM 5 6HP +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP GVYCU DGUVQ­GP

/KV 9KFOWPI FGU 8GTHCUUGTU KO 8QTUCV\

6JG 2GTICOGPG /KPV WPFGT 2JKNGVCGTWU 00/ 0GY ;QTM 5 6HP .CVG 5GNGWEKF /KPVU KP #MG 2VQNGOCKU CPF &COCUEWU 00/ 0GY ;QTM 5 6HP .GKPGP

1EVQDQNU QH *KUVKCGC 00/ #NGZCPFGT *QCTFU +PVTQFWEVKQP CPF -[RCTKUUKC *QCTF 00/ #NGZCPFGT *QCTFU $CPF &GOCPJWT 00/ #NGZCPFGT *QCTFU $CPF #PFTKVUCGPC 00/ /KVJTKFCVGU QH 2CTVJKC CPF *[URCQUKPGU QH %JCTCEGPG # 0WOKUOCVKE 2CNKORUGUV 00/ 5QOG 7PRWDNKUJGF %QKPU QH 'CUVGTP &[PCUVU 00/ 6YQ 4GEGPV 'I[RVKCP *QCTFU 00/ #NGZCPFGT *QCTFU $CPF 1N[ORKC 6JG -ÒEJÒM -ÌJPG *QCTF 00/ 6JG (KHVJ &WTC *QCTF 00/ 6YQ *QCTFU HTQO /KPVWTPQ 00/ # *QCTF HTQO 5KRJPQU 00/ (KXG )TGGM $TQP\G %QKP *QCTFU 00/ /KUEGNNCPGC 0WOKUOCVKEC (TQO %[TGPG VQ +PFKC 00/ /KV 9KFOWPI FGU 8GTHCUUGTU 6JG $[\CPVKPG *QCTF QH .CIDG 00/ .GKPGP Z 1TKI $TQUEJWT Z

6JG #NGZCPFGT %QKPCIG QH 5KE[QP 05 0GY ;QTM 5 6HP 1TKI $TQUEJWT 4Q[CN )TGGM 2QTVTCKV %QKPU 0GY ;QTM 5 FCXQP 6HP .GKPGP 5VCPFCTF 2VQNGOCKE 5KNXGT 6JG %QKP %QNNGEVQT 5GTKGU 0GY ;QTM 5 FCXQP 6HP )GJGHVGV

0+%1.#17 + /¦4-*1./ 1 2CRJQU $CPF # 2VQNGOCKE %QKP *QCTF 0KEQUKC (TQPVKURK\ : 5 6HP .GKPGP

01' 5 2 6JG /GPFG -CNKCPFTC *QCTF 00/ 0GY ;QTM 5 6HP .GKPGP

6JG %QKPCIG QH /GVCRQPVWO 00/ $·PFG 0GY ;QTM 5 6HP (TQPVKURK\ 5 6HP .GKPGP

6JG 6JWTKCP &K 5VCVGTU 00/ 0GY ;QTM 5 6HP .GKPGP

6JG %QKPCIG QH %CWNQPKC 05 0GY ;QTM 5 6HP 1TKI $TQUEJWT

6JG %QKPCIG QH /GVCRQPVWO 2CTVU CPF 00/ 0CEJFTWEM 0GY ;QTM FGT #WUICDG 0GY ;QTM +: 5 6HP .GKPGP

%QKP *QCTFU 00/ 0GY ;QTM (TQPVKURK\ 5 GKPKIG 6HP 1TKI $TQUEJWT # $KDNKQ ITCRJ[ QH )TGGM %QKP *QCTFU 00/ 0GY ;QTM 5 .GKPGP # $KDNKQITCRJ[ QH )TGGM %QKP *QCTFU 00/ #WHNCIG 0GY ;QTM 5 .GKPGP

014&$¤ , * 7VO[PVKPIGP R¹ -PKFQU H -T EC G -T /CIKUVGTITCFUCXJCPFNKPI K 0WOKU OCVKMM Q 1 5 6HP -NGDGDKPFWPI

&KG 6HP NKGIGP CNU (QVQITCHKGP NQUG DGK GDGPUQ GKPG ªDGTUGV\WPIUVCDGNNG PQTYGIKUEJGT $GITKHHG CWU FGP /ÒP\DG UEJTGKDWPIGP OKV KJTGP GPINKUEJGP 'PVURTGEJWPIGP

1$'4*7//'4 ' #MCTPCPKGP #ODTCMKC #ORJKNQEJKGP .GWMCU KO #NVGTVWO /ÒPEJGP :8+++ 5 -NCRRMCTVG *CNDNGFGT

1+%101/+&17 / -#4#/'5+0+ ' PQOKUOCVQMQRKC VGU 0KMQRQNGQU =&KG /ÒP\RT·IWPI XQP 0KEQRQNKU? #VJGP 5 6HP 1TKI $TQUEJWT GVYCU DGUEJ·FKIV

1.%#; 0 5';4+) * .G VT¾UQT FG /GMVGRKPK GP 2JT[IKG 6T¾UQTU OQP¾VCKTGU 5¾NGWEKFGU 2CTKU 5 6HP .GKPGP KO 8QTUCV\ GKPIGMNGDV 4G\GPUKQP XQP 9 5%*9#$#%*'4 CWU )PQOQP

2#2#)'14)+#&17 $#0+5 % 6JG %QKPCIG QH -GC /GNGVKOCVC #VJGP 8+++ 5 6HP 1TKI $TQUEJWT

2'40+%' ' )TKGEJKUEJG )GYKEJVG $GTNKP 8+ 5 6H *CNDNGKPGP

'Z NKDTKU 'F ( 9GDGT

42

2'6'4 7 )TKGEJKUEJGU /ÒP\YGTM &KG /ÒP\GP FGT VJTCMKUEJGP &[PCUVGP ,CJTJWPFGTV X %JT *KPVGTITÒPFG KJTGT 2T·IWPI $GTNKP 5 OKV \CJNTGKEJGP #DD -CTVGPDGKNCIG 5 #6#0#518 612#.18 +PHQTOCVKQP CDQWV VJG WPMPQYP V[RGU QH GCTN[ 6JTCEKCP VTKDCN CPF TWNGT U EQKPU OKPVGF KP VJG VJ VJ E $ % MGRV KP RTKXCVG EQNNGEVKQPU CPF VJG UVWFKGU OCFG QP VJGKT DCUKU #RRGPFKZ 5QHKC 5 6HP $TQUEJWT

)4+'%*'0

2'6419+%< # 4KVVGT XQP 5COONWPI 2GVTQYKE\ #TUCEKFGP /ÒP\GP 9KGP 8+ 5 6HP *CNDNGKPGP 6HP GVYCU UEJOWV\KI

2+0&'4 / &KG $GEMGTUEJGP HCNUEJGP /ÒP\GP $GTNKP :+8 5 6HP 2CRRDCPF FGT <GKV GVYCU DGUVQ­GP

$GUKV\GTUVGORGN $KDN 2WDN $CUKNGGPUKU WPF $KDN 2WDN $CUKNGGPUKU XGPFKFKV

ªDGT FKG %KUVQRJQTGP WPF ÒDGT FKG MCKUGTNKEJGP 5KNDGTOGFCKNNQPU FGT TÌOKUEJGP 2TQXKP\ #UKC CWU #DJCPFNWPIGP FGT -ÌPKIN #MCFGOKG FGT 9KUUGPUEJCHVGP \W $GTNKP $GTNKP 5 6HP .GKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU &GO &KTGEVQT FGU -ÌPKIN /ÒP\ECDKPGVVGU GVE EV *GTTP &T 5VTGDGT FGT FCPMDCTG 8GTHCUUGT &T 2KPFGT $GUKV\GTUVGORGN &T ,CEQD *KTUEJ 0WOKUOCVKMGT /ÒPEJGP

21561.#-#5 # 5NI 2 .CODTQU -CVCNQI FGT CPVKMGP /ÒP\GP FGT +PUGNP -GTM[TC .GWMCU +VJCMC -GRJCNQPKC <CM[PVJQU WPF -[VJGTC #VJGP $NN 5 6HP .GKPGP

+P ITKGEJKUEJGT 5RTCEJG

-CVCNQI FGT CPVKMGP /ÒP\GP KO ITKGEJKUEJGP 0CVKQPCNOWUGWO #VJGP $CPF 8QP 5RCPKGP DKU \W FGP OCMGFQPKUEJGP -ÌPKIGP #VJGP 5 6HP 1TKI $TQUEJWT WPCWHIGUEJPKVVGP

/ÒP\GP KO ITKGEJKUEJGP 0CVKQPCNOWUGWO #VJGP #VJGP 5 6HP 5EJÌPGT *CNDNGFGTGKPDCPF OKV )QNFXGT\KGTWPIGP

6GZV KP ITKGEJKUEJGT 5RTCEJG /KV 9KFOWPI FGU 8GTHCUUGTU *GTTP &T #FQNH (WTVY·PINGT &KTGEVQTKCN #UUKUVGPVGP CP FGP -ÌPKIN /WUGGP \W $'4.+0 HTGWPFNKEJUV FGT 8GTHCUUGT *GTT #EJKNNGU 2QUVQNCEEC &KTGEVQT FGU 0CVKQPCN /ÒP\MCDKPGVVU \W #VJGP 4KVVGT OGJTGTGT 1TFGP

21<<+ 5 5CV\ XQP /ÒP\VHP FGT 5COONWPI &T 5 2Q\\K +P GKPGT *CNDNGFGT (CNVOCRRG KO 5EJW DGT 'KPKIG 0QVK\GP CWH FGP 6HP 8QP ITÌ­VGT 5GNVGPJGKV

&KGUGT PWT GKPOCN JGTIGUVGNNVG 5CV\ YCT FKG &TWEMXQTNCIG FGU PKG GTUEJKGPGPGP -CVCNQIU ÒDGT FKG 5NI 2Q\\K &KG 8QTNCIGP YWTFGP &T *KTUEJ ÒDGTIGDGP CNU GT FKG MQORNGVVG 5COONWPI GTYCTD

24 #7: % . ¾EQPQOKG TQ[CNG FGU .CIKFGU $TÒUUGN 5 1TKI $TQUEJWT

24+%' / 9#))10'4 0 #TEJCKE )TGGM %QKPCIG 6JG #U[WV *QCTF .QPFQP 5 6HP (CNVMCTVG -CTVQPKGTV 4ÒEMGP DGUEJ·FKIV

24+%' / , 6JG %QKPCIG KP VJG 0COG QH #NGZCPFGT VJG )TGCV CPF 2JKNKR #TTJKFCGWU # $TKVKUJ /W UGWO %CVCNQIWG $·PFG <ÒTKEJ .QPFQP 5 5 6HP .GKPGP $KPFWPI DGK 6CHGNDCPF GVYCU NQEMGT

24+%' / , 64'.. $ . %QKPU CPF 6JGKT %KVKGU #TEJKVGEVWTG QP VJG #PEKGPV %QKPU QH )TGGEG 4QOG CPF 2CNGUVKPG .QPFQP 5 OKV #DD (CNVMCTVG .GKPGP

24+'74 / WPF - # 6[RG %QTRWU QH VJG 5[TQ 2JQGPKEKCP 6GVTCFTCEJOU CPF VJGKT (TCEVKQPU HTQO $% VQ #& .CPECUVGT .QPFQP ::8+ 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV OKV 5EJWV\ WOUEJNCI

241-'5%* 156'0 %QOVG .GU OQPPCKGU FGU TQKU 2CTVJGU 5& CWU /¾OQKTGU FG NC 5QEK¾V¾ (TCP ¼CKUG FG 0WOKUOCVKSWG GV F #TEJ¾QNQIKG 2CTKU 5 6HP 1TKI $TQUEJWT OKPKOCN UVQEMHNGEMKI

/KV 9KFOWPI FGU 8GTHCUUGTU CP *GTTP 2TQHGUUQT XQP .WUEJKP

37+06+01 ) &+ &GUETK\KQPG FGNNG OGFCINKG KORGTKCNK #NGUUCPFTKPG KPGFKVG FGN TGIKQ /WUGQ 'IK\KCPQ FK 6QTKPQ Q 1 Q , 5 6H 2CRRDCPF &GEMGN NQUG 4ÒEMGP HGJNV 9GPKIG #POGTMWPIGP KO 6GZV 8QTUCV\UGKVG OKV JCPFUEJTKHVNKEJGP 0QVK\GP

4#17. 41%*'66' .GVVTG C / NG FWE FG .W[PGU UWT NGU ITCXGWTU FGU OQPPCKGU ITGESWGU 2CTKU 5 6HP *CNDNGKPGP 2CRKGT NGKEJV IGDT·WPV WPF 7OUEJNCI GVYCU NQEMGT .GVVTG C / 5EJQTP UWRRN¾OGPV CW ECVCNQIWG FGU CTVKUVGU FG N CPVKSWKV¾ ITGESWG GV TQOCKPG 2CTKU :+ 5 *CNDNGKPGP GVYCU UVQEMHNGEMKI

4#8'. 1 ' 6JG %QNVU QH #ODTCEKC 00/ 0GY ;QTM 5 6HP .GKPGP

.GU RQWNCKPU FG %QTKPVJG /QPQITCRJKG FGU UVCV½TGU EQTKPVJKGPU $CPF &G ¯ CX , % $CUGN 5 6HP *CNDNGKPGP 7OUEJNCI NQEMGT WPF DGUEJ·FKIV GKPKIG $NGKUVKHVPQVK\GP CWH FGP 6HP 6H NQUG

.GU RQWNCKPU FG %QTKPVJG /QPQITCRJKG FGU UVCV½TGU EQTKPVJKGPU $CPF &G C CX , % .QPFQP 5 6HP *CNDNGFGT

0WOKUOCVKSWG )TGESWG (CNUKHKECVKQPU OQ[GPU RQWT NGU TGEQPPCKVTG #WHNCIG .QPFQP 5 6HP *CNDNGKPGP 'KPDCPF GVYCU NQEMGT

43

)4+'%*'0

3481

3489

&GUETKRVKXG %CVCNQIWG QH VJG %QNNGEVKQP QH 6CTGPVKPG %QKPU HQTOGF D[ / 2 8NCUVQ .QPFQP (TQPVKURK\ :+ 5 6HP *CNDNGFGT 8QTUCV\DNCVV TGRCTKGTV YGKVGTG 6HP WPF 0QVK\GP DGKIGNGIV

4#;/10& & /CEGFQPKCP 4GICN %QKPCIG VQ $ % 00/ 0GY ;QTM :+ 5 6HP .GKPGP

4').+0) - &KG ITKGEJKUEJGP /Ã’P\GP FGT 5COONWPI 9CTTGP $GTNKP 8+++ 5 6HP *CNDNGFGT OKV )QNFXGT\KGTWPIGP

6GTKPC 2TQITCOO FGT #TEJCGQNQIKUEJGP )GUGNNUEJCHV \W $GTNKP $GTNKP 5 6HP .GK PGP GKPG 5GKVG NQUG

ªDGTDNKEM Ã’DGT FKG /Ã’P\GP XQP 0[UC 5 6HP KP 9 X &+'56 0[UC CF /CGCPFTWO 0CEJ (QTUEJWPIGP WPF #WHPCJOGP KP FGP ,CJTGP WPF ,CJTDWEJ FGU -CKUGTNKEJGP &GWVUEJGP #TEJ·QNQIKUEJGP +PUVKVWVU 'TI·P\WPIUJGHV $GTNKP 5 (CNVMCTVGP 6HP DGKIGNGIV 1TKI $TQUEJWT GKPKIG 5GKVGP NQUG

&KG /Ã’P\GP XQP 2TKGPG $GTNKP : 5 #DD 6HP (QNKQ )CP\NGKPGP GVYCU DGUVQ­GP 8QTUCV\UGKVG NGKEJV GKPIGTKUUGP

4'+('0$'4) # W C 4GEGPV 5VWFKGU CPF &KUEQXGTKGU QP #PEKGPV ,GYKUJ CPF 5[TKCP %QKPU ,GTWUC NGO 5 6HP # -+0&.'4 W C 6JG &CVKPI CPF /GCPKPI QH #PEKGPV ,GYKUJ %QKPU CPF 5[ODQNU 5KZ GUUC[U KP ,GYKUJ 0WOKUOCVKEU ,GTWUCNGO 5 6H *CNDNGFGT

/KV 9KFOWPI FGT 8GTHCUUGT CP * # %CJP

4'+0#%* 6 0WOKUOCVKSWG CPEKGPPG 6TQKU TQ[CWOGU FG N #UKG /KPGWTG %CRRCFQEG $KVJ[PKG 2QPV 2CTKU 8++ 5 6HP *CNDNGKPGP 4Ã’EMGP DGUEJ·FKIV

/KVJTKFCVG 'WRCVQT 4QK FG 2QPV 2CTKU :8+ 5 6HP (CNVMCTVG 2TCEJVXQNNGT *CNDNGFGT GKPDCPF OKV )QNFUEJPKVV

/KV 9KFOWPI WPF \YGK $TKGHGP FGU 8GTHCUUGTU KO 8QTUCV\ $GKIGNGIV 'Z NKDTKU ,WNGU (KSWGPGN

44

)4+'%*'0

4+<<1 ) ' /QPGVG )TGEJG FGNNC 5KEKNKC $·PFG 4QO (TQPVKURK\ 8++ 5 OKV GKPKIGP #DD :+ 5 -CTVG 6HP KP (CNVOCRRG .GKPGP 6GZVDCPF OKV )QNFUEJPKVV

5CIIK RTGNKOKPCTK UW N CTVG FGNNC OQPGVC PGNNC 5KEKNKC )TGEC 4QO 5 6HP 1TKI $TQUEJWT 7OUEJNCI NQUG +PVGTOG\\Q 0WQXK UVWFK CTEJGQNQIKEK UW NG OQPGVG ITGEJG FG NC 5KEKNKC 4QO 5 6HP 1TKI $TQUEJWT GKPKIG 5GKVGP NQUG

41$'46 . —VWFGU FG PWOKUOCVKSWG ITGESWG 2CTKU 5 OKV #DD 6HP 1TKI $TQUEJWT GVYCU DGUEJ·FKIV 6GKNYGKUG WPCWHIGUEJPKVVGP

8KNNGU F #UKG OKPGWTG —VWFGU FG I¾QITCRJKG CPEKGPPG #WHN 2CTKU 5 6HP .GKPGP

/QPPCKGU CPVKSWGU GP 6TQCFG )GP½XG 2CTKU 5 6HP /QPPCKGU ITGESWGU 6[RGU N¾IGPFGU OCIKUVTCVU OQP¾VCKTGU GV I¾QITCRJKG )GP½XG 2CTKU 5 6HP &QEWOGPVU FG N #UKG OKPGWTG OGTKFKQPCNG +PUETKRVKQPU OQPPCKGU GV I¾QITCRJKG )GP½XG 2CTKU 5 6HP 1TKI $TQUEJWT

# VTCXGTU N #UKG OKPGWTG 2Q½VGU GV RTQUCVGWTU OQPPCKGU ITGESWGU XQ[CIGWTU GV I¾QITCRJKG $KDNKQVJ½ SWG FGU ¾EQNGU (TCP¼CKUGU F #VJ¾PGU GV FG 4QOG 2CTKU 8+++ 5 OKV #DD 1TKI $TQ UEJWT

$GKVT·IG KP ,QWTPCN FGU 5CXCPVU WPF (QVQMQRKGP KP \YGK .GKPGPD·PFGP

$GKVT·IG .GU -QTFCMKC FG 0KE¾G NG EQODWUVKNG FG 5[PPCFC GV NGU RQKUUQPU UEKGU 5WT FGU NGVVTGU F WP O¾VTQRQNKVG FG 2JT[IKG CW :G UK½ENG 2JKNQNQIKG GV T¾CNKV¾U 0QOU FG RGTUQPPGU GV EKXKNKUCVKQP ITGESWG .GU EQNQODGU F #PCUVCUG GV CWVTG XQNCVKNGU &G %KNKEKG ¯ /GUUKPG GV ¯ 2N[OQWVJ CXGE FGWZ KPUETKRVKQPU ITGESWGU GTTCPV¾U 0QPPQU GV NGU OQPPCKGU F #MOQPKC FG 2JT[IKG 7PG KPUETKRVKQP ITGESWG FG 6¾QU GP +QPKG . WPKQP FG 6¾QU GV FG -[TDKUUQU .GU EQPSW¿VGU FW F[PCUVG N[EKGP #TDKPCU /QPPCKGU GV VGZVGU ITGEU 7P XQ[CIG F #PVKRJKNQU FG $[\CPEG #PVJQNQIKC 2CNCVKPG : )¾QITCRJKG CPVKSWG GV D[\CPVKPG

41$'46 . WPF , .C %CTKG *KUVQKTG GV I¾QITCRJKG JKUVQTKSWG CXGE NG TGEWGKN FGU KPUETKRVKQPU CPVK SWGU 6QOG .G RNCVGCW FG 6CDCK GV UGU GPXKTQPU 2CTKU 5 OKV -CTVG 6HP 1TKI $TQ UEJWT GVYCU DGUVQ­GP

41$+0510 & / # *QCTF QH 5KNXGT %QKPU HTQO %CT[UVWU 00/ 0GY ;QTM 5 6HP .GKPGP

41$+0510 & / %.'/'06 2 # 'ZECXCVKQPU CV 1N[PVJWU 2CTV 6JG %JCNEKFKE /KPV CPF VJG 'ZECXCVKQP %QKPU (QWPF KP 6JG ,QJPU *QRMKPU 7PKXGTUKV[ 5VWFKGU KP #TEJCGQNQI[ $CNVKOQTG .QPFQP :::+ 5 6HP .GKPGP GVYCU DGUVQ­GP

3500

41$+0510 ' 5 ) %CVCNQIWG QH #PEKGPV )TGGM %QKPU EQNNGEVGF D[ )QFHTG[ .QEMGT .CORUQP .QPFQP (TQPVKURK\ :: 5 6HP 2T·EJVKIGT .GFGTGKPDCPF OKV )QNFXGT\KGTWPIGP VCFGNNQU GTJCNVGP

#PEKGPV )TGGM %QKPU KP VJG 2QUUGUUKQP QH 9KNNKCO *CTTKUQP 9QQFYCTF 1ZHQTF 8+ 5 6HP .GKPGP

/KV 9KFOWPI XQP 9 * 9QQFYCTF CP $WTNKPIVQP (KPG #TVU %NWD $GUKV\GTRT·IWPI $WTNKPIVQP (KPG #TVU %NWD

<YGK 5COOGND·PFG OKV \CJNTGKEJGP 5QPFGTFTWEMGP FCXQP GKP $CPF CWUUEJNKG­NKEJ OKV 5QPFGTFTWEMGP CWU FGO 0WOKUOCVKE %JTQPKENG KO \YGKVGP $CPF W C 6JG #VJGPKCP %WTTGPE[ &GETGG CPF VJG %QKPCIGU QH VJG #NNKGU 5& CWU %QOOGOQTCVKXG 5VWFKGU KP *QPQWT QH 6JGQFQTG .GUNKG 5JGCT *GURGTKC 5WRRN # 5KNXGTUOKVJ U *QCTF HTQO /GUQRQVCOKC 5& CWU +TCS +P \YGK $·PFGP KP .GKPGP IGDWPFGP

45

)4+'%*'0

41$+0510 ' 5 ) %#5641 *+2¡.+61 / # %CVCNQIWG QH VJG %CNQWUVG )WNDGPMKCP %QNNGEVKQP QH )TGGM %QKPU $·PFG .KUDQC 5 6HP KO 5EJWDGT 5 6HP KO 5EJW DGT .GKPGP

41)'45 ' # *CPF[ )WKFG VQ ,GYKUJ %QKPU .QPFQP 5 6HP .GKPGP # 4'+('0$'4) #PEKGPV ,GYKUJ %QKPU #WHNCIG ,GTWUCNGO 5 6HP .GFGT CO 4ÒEMGP DGUEJ·FKIV

6JG %QRRGT %QKPCIG QH 6JGUUCN[ .QPFQP +8 5 OKV \CJNTGKEJGP #DD *CNDNGFGT

415'0$'4)'4 / 6JG 4QUGPDGTIGT +UTCGN %QNNGEVKQP $CPF #GNKC -CRKVQNKPC #MMQ #PVJGFQP #PVKRCVTKU #UECNQP ,GTWUCNGO 5 OKV \CJNTGKEJGP 6GZVCDD $CPF %KV[ %QKPU QH 2CNGUVKPG %CGUCTGC &KQURQNKU &QTC 'NGWVJGTQRQNKU )CDC )C\C ,QRRC ,GTWUCNGO 5 OKV \CJNTGKEJGP 6GZVCDD 6JG %QKPCIG QH 'CUVGTP 2CNGUVKPG CPF .GIKQPCT[ %QWPVGTOCTMU $CT -QEJDC 1XGTUVTWEMU ,GTWUCNGO 8+ 5 OKV \CJNTGKEJGP 6GZVCDD -WPUVNGFGT Z $KPFWPI NQEMGT

4155 *1..19#; 4 6JG 6JKTVGGP /QPVJU %QKPCIG QH *KGTQP[OQU QH 5[TCEWUG #/7)5 $GTNKP ::+++ 5 6HP KP $GKNCIG .GKPGP

4155 *1..19#; 4 ,'0-+05 ) - 6GTKPC $GNNKP\QPC 5 FCXQP 6HP .GKPGP

415619<'9 / 2417 / %CVCNQIWG FGU RNQODU FG N CPVKSWKV¾ FW OQ[GP ³IG GV FGU VGORU OQ FGTPGU EQPUGTX¾U CW &¾RCTVGOGPV FGU /¾FCKNNGU GV #PVKSWGU FG NC $KDNKQVJ½SWG 0CVKQPCNG 2CTKU 5 6HP .GKPGP $WEJDNQEM NQUG

415619<'9 / 6GUUGTCTWO WTDKU 4QOCG GV UWDWTDK RNWODGCTWO 5[NNQIG 5V 2GVGTUDWTI 8+++ 5 6HP /QFGTPGU .GKPGP

6GZV KP TWUUKUEJGT 5RTCEJG

4766'4 0 - %CORCPKCP %QKPCIGU $ % 'FKPDWTIJ 8+++ 5 6HP .GKPGP

47<+%-# . &KG /ÒP\GP XQP 2CWVCNKC 5& CWU $WNNGVKP FG N +PUVKVWV CTEJ¾QNQIKSWG DWNICTG

5 5QHKC 5 6HP .GKPGP

5 4564¤/ / # 5VWF[ KP VJG %QKPCIG QH VJG /COGTVKPGU $CUGN .WPF :8 5 6HP .GKPGP

5#.+0#5 # .G OQPGVG FGNNG CPVKEJG EKVV¯ FK 5KEKNKC FGUETKVVG G KNNWUVTCVG 2CNGTOQ :: 5 6HP (QNKQ *CNDNGFGT OKPKOCN UVQEMHNGEMKI WPF CWH GKPGT 6H #PICDGP \WT 5GNVGPJGKV DGKIGUEJTKG DGP #P 6H 4GRCTCVWTGP NGKEJVGT 'KPTKUUG

5#..7561 ( .G OQPGVG FK DTQP\Q FK 2QUGKFQPKC 2CGUVWO PGNNC EQNNG\KQPG 5CNNWUVQ 0CRQNK 8+++ 5 6HP 1TKI $TQUEJWT

5#/$10 # .GU OQPPCKGU CPVKSWGU FG N +VCNKG 6QOG 'VTWTKG 1ODTKG 2KEGPWO 5COPKWO %CORCPKG 2CTKU 8 5 6HP *CNDNGFGT GVYCU DGUVQ­GP

5#/$10 . 4GEJGTEJGU UWT NGU CPEKGPPGU OQPPCKGU FG N +VCNKG O¾TKFKQPCNG 0GCRGN 5 *CNDNGFGT GVYCU UVQEMHNGEMKI

/KV 9KFOWPI FGU 8GTHCUUGTU CP #DD¾ 8KVQ )CDTKGNNK

5#//.70) 61/ 8+4<+ (QVQITCRJKGP XQP 6HP OKV /ÒP\CDDKNFWPIGP FGT 5COONWPI 6QO 8KT\K XQP $TQP\GOÒP\GP )TQ­ITKGEJGPNCPFU WPF 5K\KNKGP 'KP\GNPG UCWDGTG 6HP OKV GKPKIGP 0WOOGTKG TWPIGP +O -CTVQP

6QO 8KT\K /KVCTDGKVGT XQP ,CEQD *KTUEJ KP /ÒPEJGP JCV ÒDGT UGKPG WOHCPITGKEJG WPF DGFGWVGPFG 5COONWPI GKPG JCPFUEJTKHVNKEJG #WH\GKEJPWPI JKPVGTNCUUGP GDGPUQ GKPGP 6CHGNUCV\ &KG JKGT CPIGDQVGPGP (QVQITCRJKGP UVCOOGP XQP FGO 6CHGNUCV\ CWU FGT 5VCCVNKEJGP /ÒP\UCOONWPI KP /ÒPEJGP 'KP 6GKN FGT 5COONWPI YWTFG DGK .GW <ÒTKEJ #WMVKQP XGTUVGKIGTV

5#46+)'5 8KEQOVG FG %QNNGEVKQP FG 8KEQOVG FG 5CTVKIGU 1 1 Q , 6HP OKV FGP LGYGKNKIGP /ÒP\DGUEJTGKDWPIGP CWH <YKUEJGPDN·VVGTP *CNDNGFGT

$GKIGNGIV 5EJTGKDGP XQP 5CTVKIGU XQO

5#5+#07 # #PEKGPV %QKPCIG KP 9GUVGTP CPF 0QTVJ 9GUVGTP 4QOCPKC 1TCFGC 5 -CT VGP 6HP GKPKIG (CTDVHP 1TKI 2CRRDCPF

5#7.%; ( FG 4GEJGTEJGU UWT N ¾ETKVWTG %GNVKD¾TKGPPG QW 'UUCK FG ENCUUKHKECVKQP FGU OQPPCKGU CWVQ PQOGU FG N 'URCIPG 1 1 Q , 5 6HP (CNVMCTVG -CTVQPKGTV VGKNYGKUG WPCWHIGUEJPKVVGP OKPKOCN UVQEMHNGEMKI

/¾OQKTG UWT NGU OQPPCKGU FCV¾GU FGU 5GNGWEKFGU 2CTKU 5 1TKI $TQUEJWT $KPFWPI NQEMGT VGKNYGKUG WPCWHIGUEJPKVVGP

0WOKUOCVKSWG FG NC 6GTTG 5CKPVG &GUETKRVKQP FGU OQPPCKGU CWVQPQOGU GV KOR¾TKCNGU FG NC 2CNGUVKPG GV FG N #TCDKG R¾VT¾ 2CTKU :8 5 6HP *CNDNGFGT

46

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5%*'(1.& - /GKUVGTYGTMG ITKGEJKUEJGT -WPUV $CUGN 5VWVVICTV (CTDKIGU (TQPVKURK\ :++ 5 OKV #DD .GKPGP

5%*.155'4 , XQP $GUEJTGKDWPI FGT CNVITKGEJKUEJGP /ÒP\GP $CPF 6JGUUCNKGP +NN[TKGP &CNOC VKGP WPF FKG +PUGNP FGU CFTKCVKUEJGP /GGTGU 'RGKTQU =OGJT PKEJV GTUEJKGPGP? 9KGP :+ 5 6HP *CNDNGFGT

5%*.7/$'4)'4 & . CTIGPV ITGE FCPU N GORKTG CEJ¾O¾PKFG 6J½UG EQORN¾OGPVCKTG RQWT NG FQEVQ TCV ½U NGVVTGU 2CTKU 5 6HP 1TKI $TQUEJWT

5%*.7/$'4)'4 ) .G VT¾UQT FG 5CP ³ /QPPCKGU JKO[CTKVKSWGU 2CTKU 5 6HP 1TKI $TQUEJWT

5%*¤0'46 ' )TKGEJKUEJGU /ÒP\YGTM &KG /ÒP\RT·IWPI XQP 2GTKPVJQU &GWVUEJG #MCFGOKG FGT 9KUUGPUEJCHVGP \W $GTNKP 5EJTKHVGP FGT 5GMVKQP HÒT #NVGTVWOUYKUUGPUEJCHV $·PFG $GTNKP +8 5 6HP KP (CNVOCRRG *CNDNGKPGP WPF 1TKI $TQUEJWT $GKNKGIGPF 4G\GPUKQP

5%*¤0'46 )'+55 ' )TKGEJKUEJGU /ÒP\YGTM &KG /ÒP\RT·IWPI XQP $[\CPVKQP 6GKN #WVQPQOG <GKV 5EJTKHVGP \WT )GUEJKEJVG WPF -WNVWT FGT #PVKMG $·PFG $GTNKP #OUVGTFCO 8 5 6HP KP (CNVOCRRG 1TKI $TQUEJWT Z *CNDNGKPGP Z

)TKGEJKUEJGU /ÒP\YGTM &KG /ÒP\RT·IWPI XQP $[\CPVKQP 6GKN -CKUGT\GKV 5EJTKHVGP \WT )GUEJKEJVG WPF -WNVWT FGT #PVKMG $·PFG $GTNKP #OUVGTFCO 8 5 6HP KP (CNVOCRRG 1TKI $TQUEJWT Z *CNDNGKPGP Z

)TKGEJKUEJGU /ÒP\YGTM &KG /ÒP\RT·IWPI XQP $KUCPVJG &KMCKC 5GN[ODTKC 5EJTKHVGP \WT )GUEJKEJVG WPF -WNVWT FGT #PVKMG $GTNKP 8 5 6HP DGKIGNGIV

)TKGEJKUEJGU /ÒP\YGTM &KG /ÒP\RT·IWPI XQP /CTQPGKC 5EJTKHVGP \WT )GUEJKEJVG WPF -WNVWT FGT #PVKMG $·PFG $GTNKP 8 5 OKV -CTVGP 6HP KP (CNVOCRRG *CNDNGKPGP

)TKGEJKUEJGU /ÒP\YGTM &KG /ÒP\RT·IWPI XQP #WIWUVC 6TCKCPC WPF 6TCKPCPQRQNKU 5EJTKHVGP \WT )GUEJKEJVG WPF -WNVWT FGT #PVKMG $GTNKP 5 6HP *CNDNGKPGP $GKNKGIGPF 4G\GPUKQP

5%*7.6< 5 &KG /ÒP\RT·IWPI XQP /CIPGUKC CO /·CPFGT KP FGT TÌOKUEJGP -CKUGT\GKV $GTNKP 5 6HP .GKPGP

5%*9#$#%*'4 9 &KG 6GVTCFTCEJOGPRT·IWPI XQP 5GNKPWPV 5& CWU /$0) 5 6HP DGKIGDWPFGP ( )76/#00 9 5%*9#$#%*'4 &KG 6GVTCFTCEJOGP WPF &KFTCEJOGP RT·IWPI XQP *KOGTC X %JT 5& CWU /$0) 5 6HP .GKPGP

&KG &KUUGTVCVKQP XQP 9KNN[ 5EJYCDCEJGT ÒDGT FKG 6GVTCFTCEJOGP XQP 5GNKPWPV KUV OKV GKPGT JCPFUEJTKHVNKEJGP 9KFOWPI FGU 8GTHCUUGTU CP 'TKEJ 4CRRCRQTV XGTUGJGP 'U NKGIGP \YGK 4G\GPUKQPGP FC\W DGK

)TKGEJKUEJG /ÒP\MWPUV -WT\G -WPUVIGUEJKEJVG CP $GKURKGNGP CWU FGT 5COONWPI 5 / )WUVCH 8+ #FQNH -ÌPKI XQP 5EJYGFGP /CKP\ 5 6HP OKV /ÒP\XGTITÌ­GTWPIGP WPF FGP LGYGKNKIGP /ÒP\CDDKNFWPIGP WPF DGUEJTGKDWPIGP CWH <YKUEJGPDN·VVGTP .GKPGP )TGMKUMC O[PV WT -QPWPI )WUVCH 8+ #FQNHU UCONKPI /CNOÌ 5 6HP OKV $GUEJTGKDWPIUUGKVG -CTVG 1TKI $TQ UEJWT

$GK FGO FGWVUEJURTCEJKIGP 9GTM JCPFGNV GU UKEJ WO GKPG ªDGTUGV\WPI WPF ªDGTCTDGKVWPI FGU UEJYGFKUEJGP 1TKIKPCNU

5'..911& & #P +PVTQFWEVKQP VQ VJG %QKPCIG QH 2CTVJKC #WHNCIG .QPFQP 5 6HP .GKPGP ( $ 5*14' 2CTVJKCP %QKPU *KUVQT[ 6GP &TCIQPU CICKPUV 4QOG 3WCTT[XKNNG 5 OKV \CJNTGKEJGP 6GZVCDD -CTVG .GKPGP

5'.6/#0 % 6 6JG 6GORNG %QKPU QH 1N[ORKC 5& CWU 0QOKUOC $·PFG %CODTKFIG +: 5 6HP $GKNKGIGPF 7OUEJNCI '.+5 5VGORGNXGTDKPFWPIGP PCEJ %CJP 5GOKPCT *GK FGNDGTI 5

#VJGPU +VU *KUVQT[ CPF %QKPCIG $GHQTG VJG 2GTUKCP +PXCUKQP %CODTKFIG :+: 5 6HP .GKPGP

)TGGM %QKPU # *KUVQT[ QH /GVCNNKE %WTTGPE[ CPF %QKPCIG &QYP VQ VJG (CNN QH VJG *GNNGPKUVKE -KPI FQOU .QPFQP :+: 5 6HP .GKPGP OKV )QNFUEJPKVV GVYCU DGUVQ­GP

5'0+14 4 % 6JG %QKPCIG QH *GTOCKQU CPF KVU KOKVCVKQPU UVTWEM D[ VJG 5E[VJKCPU $WVNGKIJ %QWTV %NCUUKECN 0WOKUOCVKE 5VWFKGU ::+++ 5 OKV \CJNTGKEJGP #DD

5'74' ) 0KEQRQNKU CF +UVTWO VWFG JKUVQTKSWG GV ¾RKITCRJKSWG 5& CWU 4GXWG #TEJ¾QNQIKSWG 5 6H 1TKIKPCNDTQUEJWT 7OUEJNCI DGUEJ·FKIV WPF NQUG 6H NQUG #TEJ¾QNQIKG 6JTCEG &Q EWOGPVU KP¾FKVU QW RGW EQPPWU &GWZK½OG U¾TKG 5& CWU 4GXWG #TEJ¾QNQIKSWG 2CTKU 5 1TKI $TQUEJWT $KPFWPI GVYCU NQEMGT

$GKFG $·PFG OKV 9KFOWPI FGU 8GTHCUUGTU KO 8QTUCV\

47

)4+'%*'0

5';4+) * 6T¾UQTU FW .GXCPV CPEKGPU GV PQWXGCWZ 6T¾UQTU OQP¾VCKTGU U¾NGWEKFGU 2CTKU 5 6HP .GKPGP 'KPKIG $NGKUVKHVPQVK\GP CWH 6H WPF

5ETKRVC 0WOKUOCVKEC +PUVKVWV (TCP¼CKU F #TEJ¾QNQIKG FW 2TQEJG 1TKGPV $KDNKQVJ½SWG #TEJ¾QNQIKSWG GV *KUVQTKSWG 2CTKU 5 OKV \CJNTGKEJGP 6HP 1TKI $TQUEJWT

5COOGNDCPF OKV \CJNTGKEJGP 5QPFGTFTWEMGP FCTWPVGT 2QKFU CPVKSWGU FG NC 5[TKG GV FG NC 2J¾PKEKG UQWU NC FQOKPCVKQP )TGESWG GV 4QOCKPG 5& CWU $WNNGVKP FW /WU¾G FG $G[TQWVJ #PVKSWKV¾U 5[TK GPPGU =6GKNG ? 5& CWU 5[TKC +P GKPGO $CPF KP .GKPGP IGDWPFGP

ĥ'.18 & $ &CU /ÒP\YGUGP FGU $QURQTWU KO 8+ ++ ,CJTJWPFGTV X %JT /QUMCW 5 6HP $N 1TKI *CNDNGKPGP

6GZV KP TWUUKUEJGT 5RTCEJG

%QKPCIG QH VJG $QURQTWU 8+ ++ %GPVWTKGU $ % $#4 +PVGTPCVKQPCN 5GTKGU 5WRRNGOGPVCT[ 1ZHQTF 5 6HP 1TKI $TQUEJWT 7OUEJNCI GVYCU NQUG

5+/10'66# $ 6JG %QKPU QH VJG %CRRCFQEKCP -KPIU 6[RQU (TKDQWTI 5 6HP .GKPGP $GKNKGIGPF 4G\GPUKQPGP

5+: , 2 /QPPCKGU )TGESWGU KP¾FKVGU GV KPEGTVCKPGU 5& CWU 0WOKUOCVKE %JTQPKENG 5 6H 5 6H 5 6H 5 6H 5 6H 5 6H +P *CNDNGKPGP \WUCOOGPIGDWPFGP QJPG 8QTUCV\DN·VVGT 'KPKIG 5GKVGP TGRCTKGTV

5-19410'- 5 1P VJG 2TQDNGOU QH VJG #NGZCPFTKCP /KPV 6TCXCWZ FW %GPVTG F #TEJ¾QNQIKG /¾FKVGTTCP¾G FG N #ECFGOKG 2QNQPCKUG FGU 5EKGPEGU 9CTUEJCW 5 6HP 1TKI $TQUEJWT

5/+4018# 1 + ÑÂÎÄÍÛÉ ÊÀÒÀËÎÃ ÑÎÃÄÈÉÑÊÈÕ ÌÎÍÅÒ =-CVCNQI FGT UQIFKUEJGP /ÒP \GP? /QUMCW 5 FCXQP 6HP .GKPGP

52'4$'4 & 4QOCP 2CNGUVKPG /QPG[ CPF 2TKEGU 4COCV )CP 5 6HP .GKPGP

52+,-'4/#0 # *GTQFKQP $CPF %CVCNQIQ FGNNG OQPGVG 2WDDNKEC\KQPK FGNNQ 5VWFKWO $KDNKEWO (TCPEKUECPWO ,GTWUCNGO 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

6JG %QKPU QH VJG &GECRQNKU CPF 2TQXKPEKC #TCDKC ,GTWUCNGO :8 5 6HP .GKPGP

56#4%-; , %#3716 # 4GEWGKN FGU VGUU½TGU FG 2CNO[TG +PUVKVWV (TCP¼CKU F #TEJ¾QNQIKG FG $G[TQWVJ $KDNKQVJ½SWG #TEJ¾QNQIKSWG GV *KUVQTKSWG 2CTKU : 5 6HP 1TKI $TQUEJWT

56#44 % ) #VJGPKCP %QKPCIG $ % 1ZHQTF 8+++ 5 6HP .GKPGP

564#755 2 /QPPCKGU ITGESWGU F +VCNKG %QNNGEVKQP % % -ÌNP <ÒTKEJ 5 \CJNTGKEJG 6GZVCDD .GKPGP

567/2( ) 4 0WOKUOCVKUEJG 5VWFKGP \WT %JTQPQNQIKG FGT TÌOKUEJGP 5VCVVJCNVGT KP -NGKPCUKGP X %JT P %JT 5CCTDTÒEMGT 5VWFKGP \WT #TEJ·QNQIKG WPF #NVGP )GUEJKEJVG 5CCTDTÒEMGP ::+8 5 6HP 1TKI $TQUEJWT

58141015 , 0 0WOKUOCVKSWG FG NC %T½VG CPEKGPPG CEEQORCIP¾G RCT N JKUVQKTG NC I¾QITCRJKG GV NC O[VJQNQIKG FG N ÄNG $·PFG /CEQP +: 5 6HP *CNDNGKPGP 'KPKIG 6HP GVYCU GKPIG TKUUGP CDGT QJPG 5VÌTWPI FGU 6CHGNDKNFGU

6C 0QOKUOCVC VQW -TCVQWU VQP 2VQNGOCKQP $·PFG #VJGP :++ 5 5R (CNVVCDGNNGP 5 6HP .:8+++ 5R (CNVVCDGNNG 6HP (CNVVCDGNNG GKPIGTKUUGP #PJCPI ( *7.65%* &KG )GYKEJVG WPF 9GTVG FGT RVQNGO·KUEJGP /ÒP\GP 5R (QNKQ +P $·PFGP KP *CNDNGFGT IGDWPFGP GKPKIG YGPKIG 6HP QJPG $KNFXGTNWUV NGKEJV GKPIGTKUUGP $KPFWPI DGK $CPF NQEMGT &GEMGN NQUG $GKNKG IGPF 5& XQP 1 /¦4-*1./ CWU 00 OKV 9KFOWPI FGU 8GTHCUUGTU

/ÒP\HWPF XQP /[TQP D -CUCKVUC KP 6JGUUCNKGP 5& CWU #TEJCKQNQIKMQP &GNVKQP #VJGP 5 6HP .GKPGP

6GZV KP ITKGEJKUEJGT 5RTCEJG

. JGNNGPKUOG RTKOKVKH FG NC /CE¾FQKPG RTQWX¾ RCT NC PWOKUOCVKSWG 2CTKU #VJGP :8 5 6HP (CNVMCTVG .GKPGP 2CRKGT GVYCU IGDT·WPV

5[PQRUKU FG OKNNG EQKPU HCWZ FW HCWUUCKTG % %JTKUVQFQWNQU 0CEJFTWEM $CUGN #OUVGTFCO FGT #WUICDG #VJGP 5 6HP 1TKI $TQUEJWT GVYCU DGUEJ·FKIV

48

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3564

.GU OQPPCKGU F #VJ½PGU 6GTOKP¾ CRT½U NC OQTV FG N CWVGWT RCT $ 2+%- /ÒPEJGP :+: 5 6HP )TQ­HQNKQ *CNDNGFGT

2TCEJVXQNNGU 'ZGORNCT FKGUGU UGNVGPGP 9GTMGU

5;&'0*#/ ' # 6JG %QKPCIG QH %CGUCTGC KP %CRRCFQEKC .QPFQP 5 OKV \CJNTGKEJGP #DD .GKPGP $KPFWPI GVYCU NQEMGT

5;..1)' 07//147/ )4#'%147/ & 0'/#4- 6JG 4Q[CN %QNNGEVKQP QH %QKPU CPF /GFCNU &CPKUJ 0CVKQPCN /WUGWO $·PFG WPF 5WRRNGOGPVDCPF -QRGPJCIGP )TQ­HQNKQ $CPF KP $·PFGP KP *CNDNGFGT IGDWPFGP $CPF KP $·PFGP KP *CNDNGKPGP IGDWPFGP $CPF WPF 5WRRNGOGPVDCPF KP 1TKI $TQUEJWT 'KPD·PFG VGKNYGKUG GVYCU DGUVQ­GP GKPG $GUEJTGKDWPIUUGKVG NQUG UQPUV VCFGNNQUG 1TKIKPCNCWUICDG

8QNNUV·PFKIGU 'ZGORNCT FGT UGNVGPGP PWT KP 'ZGORNCTGP IGFTWEMVGP 1TKIKPCNCWUICDG

6JG 4Q[CN %QNNGEVKQP QH %QKPU CPF /GFCNU &CPKUJ 0CVKQPCN /WUGWO $CPF KP $·PFGP 0CEJ FTWEM 9GUV /KNHQTF FGT -QRGPJCIGPGT 1TKIKPCNCWUICDG )TQ­HQNKQ -CTVQPKGTV

#CTJWU 7PKXGTUKV[ &GPOCTM -QRGPJCIGP 6HP 6JG (CDTKEKWU %QNNGEVKQP #CTJWU 7PKXGT UKV[ &GPOCTM CPF VJG 4Q[CN %QNNGEVKQP QH %QKPU CPF /GFCNU &CPKUJ 0CVKQPCN /WUGWO %QRGPJCIGP -QRGPJCIGP 6HP )TQ­HQNKQ 1TKI $TQUEJWT

5;..1)' 07//147/ )4#'%147/ &'765%*.#0& 5COONWPI X #WNQEM 6GKNG 0CEJVT·IG $GTNKP )TQ­HQNKQ -QORNGVV KP $·PFGP KP *CNDNGFGT IGDWPFGP 2 4 (4#0-' 9 .'5%**140 # 7 56;.19 5[NNQIG 0WOOQTWO )TCGEQTWO &GWVUEJNCPF 5COO NWPI X #WNQEM +PFGZ $GTNKP :++ 5 2T·IGVCDGNNGP .GKPGP $GKNKGIGPF 4G\GPUKQP

5VCCVNKEJG /ÒP\UCOONWPI /ÒPEJGP $CPF $GTNKP D\Y /ÒPEJGP )TQ­HQNKQ $CPF KP GKPGO $CPF KP .GKPGP IGDWPFGP CD $CPF KP 1TKI $TQUEJWT

/ÒP\UCOONWPI FGT 7PKXGTUKV·V 6ÒDKPIGP $·PFG $GTNKP D\Y /ÒPEJGP : 5 6HP 6HP 6HP 6HP 6HP 6HP )TQ­HQNKQ 1TKI $TQUEJWT

5COONWPI FGT 7PKXGTUKV·VUDKDNKQVJGM .GKR\KI 6GKN #WVQPQOG ITKGEJKUEJG /ÒP\GP /ÒPEJGP :+++ 5 6HP 2H·N\GT 2TKXCVUCOONWPIGP 6GKN 2CORJ[NKGP /ÒPEJGP 6HP 6GKN 2KUKFKGP WPF .[MCQPKGP /ÒPEJGP 6HP 6GKN +UCWTKGP WPF -KNKMKGP /ÒPEJGP 6HP -CTVG .GKPGP

5;..1)' 07//147/ )4#'%147/ (+00.#0& 6JG 'TMMK -GEMOCP %QNNGEVKQP KP VJG 5MQRDCPM *GNUKPMK 6GKN -CTKC *GNUKPMK 6HP .GKPGP

49

)4+'%*'0

5;..1)' 07//147/ )4#'%147/ (4#0-4'+%* $KDNKQVJ½SWG 0CVKQPCNG %CDKPGV FGU /¾FCKNNGU %QNNGEVKQP ,GCP GV /CTKG &GNGRKGTTG 2CTKU 6HP WPRCIKPKGTVG 5 +PFGZ )TQ­ HQNKQ .GKPGP $CPF %CDKPGV FGU /¾FCKNNGU %KNKEKG 2CTKU <ÒTKEJ :.8+++ 5 6HP $CPF %CDKPGV FGU /¾FCKNNGU 2CORJ[NKG 2KUKFKG .[ECQPKG )CNCVKG 2CTKU <ÒTKEJ :::+8 5 6HP $CPF &¾RCTVGOGPV FGU /QPPCKGU /¾FCKNNGU GV #PVKSWGU /[UKG 2CTKU <ÒTKEJ :. 5 6HP 'ZGORNCT XQP $CPF &¾RCTVGOGPV FGU /QPPCKGU /¾FCKNNGU GV #PVKSWGU +VCNKG VTWTKG %CNCDTG 2CTKU <ÒTKEJ :%+ 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

5;..1)' 07//147/ )4#'%147/ )4+'%*'0.#0& %QNNGEVKQP 4¾PC * 'XGNRKFKU #VJ½PGU $·PFG .QWXCKP 6HP )TQ­HQNKQ *CNDNGKPGP $GKNKGIGPF 4G\GPUKQP XQP 9 5%*9#$#%*'4

$CPF ++ 6JG #NRJC $CPM %QNNGEVKQP /CEGFQPKC + #VJGP 6HP .GKPGP

5;..1)' 07//147/ )4#'%147/ )4155$4+6#00+'0 $CPF 6GKN 6JG %QNNGEVKQP QH %CRV ' ) 5RGPEGT %JWTEJKNN / % QH 0QTVJYKEM 2CTM 6JG 5CNVKPI %QNNGEVKQP QH VJG 8KEVQTKC CPF #NDGTV /WUGWO .QPFQP 6HP $CPF 6GKN 6JG 0GYPJCO &CXKU %QKPU KP VJG 9KNUQP %QNNGEVKQP QH %NCUUKECN CPF 'CUVGTP #PVKSWKVKGU /CTKUEJCN %QNNGIG #DGTFGGP .QPFQP 6HP )TQ­HQNKQ +P GKPGO $CPF KP .GKPGP IGDWPFGP $KPFWPI GVYCU NQEMGT

$CPF 6JG .NQ[F %QNNGEVKQP .QPFQP 6HP )TQ­HQNKQ .GKPGP

$CPF 6JG .QEMGVV %QNNGEVKQP .QPFQP 6HP )TQ­HQNKQ .GKPGP $KPFWPI NQEMGT WPF GKPKIG 6HP NQUG

$CPF (KV\YKNNKCO /WUGWO .GCMG CPF )GPGTCN %QNNGEVKQPU 6GKN .QPFQP 6HP )TQ­HQNKQ 7PVGTUEJKGFNKEJ IGDWPFGP .GKPGP Z *CNDNGKPGP Z 6GKN CW­GP YCUUGTHNGEMKI $CPF #UJOQNGCP /WUGWO 1ZHQTF 6GKN +VCN[ .QPFQP 6HP )TQ­HQNKQ 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV $GKNKGIGPF 4G\GPUKQP XQP 9 5%*9#$#%*'4 6GKN 2CGQPKC 6JGUUCN[ .QP FQP 6HP *CNDNGKPGP 4ÒEMGP GVYCU DGUEJ·FKIV )TQ­HQNKQ

$CPF #UJOQNGCP /WUGWO 1ZHQTF 6GKNG .QPFQP 8+ 5 6HP )TQ­HQNKQ +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP $GKNKGIGPF 4G\GPUKQP OKV 9KFOWPI XQP 9 5%*9#$#%*'4

$CPF 6JG .GYKU %QNNGEVKQP KP %QTRWU %JTKUVK %QNNGIG %CODTKFIG 6GKNG .QPFQP 8+++ 5 6HP 5 *CNDNGKPGP 6HP .GKPGP )TQ­HQNKQ

$CPF /CPEJGUVGT 7PKXGTUKV[ /WUGWO 6JG 4CD[ CPF )ÒVGTDQEM %QNNGEVKQPU .QPFQP :+8 5 FCXQP 6HP -CTVQPKGTV $CPF 6JG *CTV %QNNGEVKQP $NCEMDWTP /WUGWO .QPFQP 6HP -CTVQPKGTV $CPF 6JG $TKVKUJ /WUGWO 6GKN 6JG $NCEM 5GC .QPFQP 6HP .GKPGP

5;..1)' 07//147/ )4#'%147/ +54#'. $CPF 6JG #TPQNF 5RCGT %QNNGEVKQP QH 5GNGW EKF %QKPU ,GTWUCNGO 5 FCXQP 6HP .GKPGP OKV 5EJWV\WOUEJNCI

5;..1)' 07//147/ )4#'%147/ +6#.+'0 /KNCPQ %KXKEJG 4CEEQNVG 0WOKUOCVKEJG 6GKN /KNCPQ 5 FCXQP 6HP 5 FCXQP 6HP 5 FCXQP 6HP 5 FCXQP 6HP -CTVQPKGTV 6GKN CO 4ÒEMGP GVYCU DGUEJ·FKIV

5;..1)' 07//147/ )4#'%147/ ¤56'44'+%* 5COONWPI &TGGT -NCIGPHWTV KO .CP FGUOWUGWO -·TPVGP $·PFG -NCIGPHWTV 5 6HP 6HP 6HP )TQ­HQNKQ *CND NGKPGP $GKNKGIGPF 4G\GPUKQP OKV 9KFOWPI XQP 9 5%*9#$#%*'4

5;..1)' 07//147/ )4#'%147/ 5%*9'&'0 $CPF 6JG %QNNGEVKQP QH *KU .CVG /CLGUV[ -KPI )WUVCH 8+ #FQNH 6JG (TGF (QTDCV %QNNGEVKQP 5VQEMJQNO 5 FCXQP 6HP )TQ­HQNKQ 1TKI $TQUEJWT $CPF 5COONWPI 'TKE XQP 2QUV 5VQEMJQNO 6HP .GKPGP $CPF 6JG %QNNGEVKQP QH VJG 4Q[CN %QKP %CDKPGV 0CVKQPCN /WUGWO QH /QPGVCT[ *KUVQT[ 5VQEMJQNO 6GKN )CNNKC 5KEKN[ 5VQEMJQNO 5 FCXQP 6HP )TQ­HQNKQ 1TKI $TQUEJWT 6GKN 6JTCEG 'WDQKC 5VQEMJQNO 5 FCXQP 6HP )TQ­HQNKQ -CTVQPKGTV 4ÒEMGP GVYCU DGUEJ·FKIV

5;..1)' 07//147/ )4#'%147/ 5%*9'+< $CPF .GXCPVG %KNKEKC $GTP 5 6HP .GKPGP $KPFWPI GVYCU NQEMGT $CPF .GXCPVG %KNKEKC 5WRRNGOGPV <ÒTKEJ :8+++ 5 6HP .GKPGP $CPF /ÒP\GP FGT #PVKMG -CVCNQI FGT 5COONWPI ,GCP 2KGTTG 4KIJGVVK KO $GTPKUEJGP *KUVQTKUEJGP /WUGWO $GTP W C 6HP .GKPGP OKV 5EJWV\WOUEJNCI

5;..1)' 07//147/ )4#'%147/ 70)#40 $WFCRGUV /CI[CT 0GO\GVK /Ð\GWO $CPF *KURCPKC 5KEKNKC 6GKN /KNCPQ 5 FCXQP 6HP 5 FCXQP 6HP 5 FCXQP 6HP $CPF &CEKC /QGUKC 5WRGTKQT /KNCPQ 5 FCXQP 6HP $CPF /QGUKC +PHGTKQT /KNCPQ 5 FCXQP 6HP .GKPGP

5;..1)' 07//147/ )4#'%147/ 75# 6JG $WTVQP ; $GTT[ %QNNGEVKQP 6GKNG 0GY ;QTM 6HP )TQ­HQNKQ +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP

50

)4+'%*'0

6JG %QNNGEVKQP QH VJG #OGTKECP 0WOKUOCVKE 5QEKGV[ $·PFG 0GY ;QTM )TQ­HQNKQ $CPF )CP\NGKPGP $CPF KP GKPGO $CPF IGDWPFGP 4ÒEMGP XQP $CPF DGUVQ­GP GKPG 6CHGN NQUG

6#.+'4%+1 /'05+6+'4+ / .C OQPGVC\KQPG FK 8CNGPVKC %GPVTQ +PVGTPC\KQPCNG FK 5VWFK 0WOKUOCVKEK $KDNKQVJGEC 4QO 5 6HP 1TKI $TQUEJWT

6'-+0 1 )TGGM CPF 4QOCP %QKPU 6JG ;CRi -TGFK %QNNGEVKQP ;CRi -TGFK RCTC -QNGMUK[QPNCTi +UVCPDWN 5 6HP 2CRRDCPF

6*1/2510 / 6JG 0GY 5V[NG 5KNXGT %QKPCIG QH #VJGPU 05 $·PFG 0GY ;QTM 5 6HP (CNVVHP .GKPGP GVYCU DGUEJ·FKIV

6JG #ITKPKQP *QCTF 00/ 0GY ;QTM 8 5 6HP .GKPGP

#NGZCPFGT U &TCEJO /KPVU $CPF 5CTFGU CPF /KNGVWU 05 0GY ;QTM 5 6HP .GK PGP $GKNKGIGPF 4G\GPUKQP

6*1/2510 / $'..+0)'4 # 4 )TGGM %QKPU KP VJG ;CNG %QNNGEVKQP $CPF # *QCTF QH #NGZCPFGT &TCEJOU 5& CWU ;CNG %NCUUKECN 5VWFKGU 5 6HP 1TKI $TQUEJWT 'KPKIG #POGTMWPIGP OKV $NGKUVKHV KO 6GZV WPF CWH FGP 6HP

6*1/2510 / /¦4-*1./ 1 -4##; % / *TUI #P +PXGPVQT[ QH )TGGM %QKP *QCTFU 0GY ;QTM :8+++ 5 -CTVGP *CNDNGFGT

#P +PXGPVQT[ QH )TGGM %QKP *QCTFU 0GY ;QTM :8+++ 5 -CTVGP 1TKI $TQUEJWT

6174#651).17 + &KG /ÒP\UV·VVG XQP 6JGUUCNQPKMK KP FGT TÌOKUEJGP -CKUGT\GKV X %JT DKU P %JT #/7)5 $GTNKP 0GY ;QTM +: 5 6HP .GKPGP

641:'.. * # 6JG 0QTOCP &CXKU %QNNGEVKQP 0GY ;QTM 5 6HP $GKNKGIGPF 4G\GP UKQP XQP 7 9'56'4/#4- OKV &CPM HÒT ªDGTUGV\WPI CP 9KNN[ 5EJYCDCEJGT .GKPGP

6JG %QKPCIG QH VJG .[EKCP .GCIWG 00/ 0GY ;QTM :8++ 5 6HP .GKPGP

67&''4 . 1 6 &KG 6GVTCFTCEJOGPRT·IWPI XQP 5[TCMWU KP FGT 2GTKQFG FGT UKIPKGTGPFGP -ÒPUVNGT 5& CWU <H0 $GTNKP 5 6HP *CNDNGFGT

75'0'4 * &KG 5KPVHNWVJUCIGP $QPP 8+++ 5 /ÒP\VH *CNDNGKPGP

8#417%*# %*4+561&17.1217.175 + 1+-101/15 ) 2 %QNNGEVKQP PWOKUOCVKSWG #PCUVCUG - 2 5VCOQWNKU $·PFG #VJGP :+ 5 6HP :8 5 6HP 1TKI $TQ UEJWT

6GZV KP ITKGEJKUEJGT 5RTCEJG

8'%%*+ + ) +VCNKCP #GU 4WFG 5KIPCVWO CPF VJG #GU )TCXG QH 5KEKN[ $ - 6*74.19 +VCNKCP %CUV %QKPCIG +VCNKCP #GU )TCXG .QPFQP &KZ *KNNU 5 6HP -CTVQPKGTV OKV 5EJWV\WOUEJNCI

/KV 9KFOWPI FGU 8GTHCUUGTU CP *CPU 8QGIVNK

8+5/#4# 0 /QPGVC\KQPG CTECKEC FGNNC .[EKC + +N FKPCUVC 9GMJUUGTG + )NCWZ /KNCPQ 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT /QPGVC\KQPG CTECKEC FGNNC .[EKC ++ .C EQNNG\KQPG 9KPUGOCPP (CNIJGTC )NCWZ /KNCPQ 5 6HP 1TKI $TQUEJWT /QPGVC\KQPG CTECKEC FGNNC .[EKC +++ .G RTKOG GOKUUKQPK FGN 9GFTK )NCWZ /KNCPQ ::+8 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV /QPGVC\KQPG CTEJCKEC KP GNGVVTQ FGNN #UKC OKPQTG &QPC\KQPG 9KPUGOCPP (CNIJGTC 0WOKUOCVKEJG EKXKEJG TCEEQNVG /KNCPQ 5 6HP 1TKI $TQUEJWT

8.#561 / 2 6#2#Σ 1+-+Σ6*Σ # %QPVTKDWVKQP VQ 6CTGPVKPG 0WOKUOCVKEU 00/ 0GY ;QTM 5 6HP 1TKI $TQUEJWT

#NGZCPFGT UQP QH 0GQRVQNGOQU QH 'RKTWU 5& CWU 0% Q 1 5 6HP 1TKI $TQ UEJWT 4ÒEMGP NGKEJV DGUEJ·FKIV

81')6.+ * $KNFGT FGT *GNFGPGRGP KP FGT MCKUGT\GKVNKEJGP ITKGEJKUEJGP /ÒP\RT·IWPI #GUEJ :8 5 6HP DGKIGNGIV 1TKI $TQUEJWT

81)6 , &KG CNGZCPFTKPKUEJGP /ÒP\GP )TWPFNGIWPI GKPGT CNGZCPFTKPKUEJGP -CKUGTIGUEJKEJVG $·PFG 5VWVVICTV : 5 6HP +8 5 +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP 4ÒEMGP DGUEJ·FKIV

9#&&+0)610 9 * $#$'.10 ' 4'+0#%* 6 4GEWGKN I¾P¾TCN FGU OQPPCKGU ITGESWGU F #UKG /KPGWTG $CPF .KGHGTWPI $CPF .KGHGTWPI #WHNCIG =OGJT PKEJV GTUEJKGPGP? 2CTKU +8 5 6HP 5 6HP 5 6HP 5 6HP 5 6HP +P $·PFGP IGDWPFGP $CPF KP .GKPGP UQPUV *CNDNGKPGP GVYCU DGUVQ­GP YGPKIG 5GKVGP NQUG 51

)4+'%*'0

9#))10'4 0 / 'CTN[ )TGGM %QKPU HTQO VJG %QNNGEVKQP QH ,QPCVJCP 2 4QUGP #%0#% 0GY ;QTM 5 6HP .GKPGP DGKNKGIGPF 4G\GPUKQP

9#..#%' 9 2 6JG 'WDQKCP .GCIWG CPF KVU %QKPCIG 00/ 0GY ;QTM :+ 5 6HP .GKPGP

9#4& , )TGGM %QKPU CPF 6JGKT 2CTGPV %KVKGU CEEQORCPKGF D[ C ECVCNQIWG QH VJG CWVJQT U EQNNGEVKQP .QPFQP (TQPVKURK\ :::+ 5 OKV \CJNTGKEJGP 6HP WPF #DD *CNDNGFGT

9#44'0 * , . #P 'UUC[ QP )TGGM (GFGTCN %QKPCIG .QPFQP %CODTKFIG 5 .GKPGP

9'+&#7'4 . 2TQDNGOG FGT HTÒJGP 'NGMVTQPRT·IWPI 6[RQU (TKDQWTI 5 6HP .GKPGP 4ÒEMGP DGUEJ·FKIV

9'+. 4 &CU /ÒP\YGUGP FGU #EJ·KUEJGP $WPFGU 5& CWU <H0 5 6HP WPF *CNDNGFGT

/KV GPINKUEJGO 6KVGNDNCVV 1P VJG %JTQPQNQIKECN 5GSWGPEG QH VJG %QKPU QH VJG #EJCKCP .GCIWG 'Z NKDTKU %CTQNK 1OCP G EQNN 1OP #P 2TQHGUUQTKU %JKEJGNGCPK

9'+5'4 9 -CVCNQI FGT $KVJ[PKUEJGP /ÒP\GP FGT 5COONWPI FGU +PUVKVWVU HÒT #NVGTVWOUMWPFG FGT 7PKXGTUKV·V -ÌNP $CPF 0KMCKC /KV GKPGT 7PVGTUWEJWPI FGT 2T·IGU[UVGOG WPF )GIGPUVGORGN 2CR[TQNQIKEC %QNQPKGPUKC 1RNCFGP ::8+ 5 6HP 1TKI $TQUEJWT

9'56'4/#4- 7 &CU $KNFPKU FGU 2JKNGVCKTQU XQP 2GTICOQP %QTRWU FGT /ÒP\RT·IWPI 5VQEMJQNO W C 5 6HP .GKPGP 'KPKIG YGPKIG $GKUVKHVPQVK\GP KO 6GZV

9'56'4/#4- 7 ,'0-+05 - 6JG %QKPCIG QH -COCTKPC 405 5RGEKCN 2WDNKECVKQP .QPFQP 5 OKV GKPGT (CNVMCTVG 6HP .GKPGP

9*+6'*'#& 4 $ %CVCNQIWG QH %QKPU KP VJG 2WPLCD /WUGWO .CJQTG 8QN +PFQ )TGGM %QKPU 1ZHQTF :++ 5 6HP .GKPGP

9+..+#/5 4 6 6JG %QPHGFGTCVG %QKPCIG QH VJG #TECFKCPU KP VJG (KHVJ %GPVWT[ $ % 00/ 0GY ;QTM :+: 5 6HP .GKPGP

6JG 5KNXGT %QKPCIG QH VJG 2JQMKCPU 405 5RGEKCN 2WDNKECVKQP .QPFQP +: 5 6HP .GKPGP $GKNKGIGPF (CJPGPMQTTGMVWT FGT 4G\GPUKQP XQP 9 5%*9#$#%*'4 \W FKGUGO $WEJ

6JG 5KNXGT %QKPCIG QH 8GNKC 405 5RGEKCN 2WDNKECVKQP .QPFQP :+ 5 6HP .GKPGP

9+66' , FG &GUETKRVKQP FGU O¾FCKNNGU GV FGU CPVKSWKV¾U FW ECDKPGV FG / N CDD¾ * ) 2CTKU 8+ 5 6HP *CNDNGFGT DGTKGDGP

914- ' 6JG 'CTNKGT 5VCVGTU QH *GTCENGC .WECPKCG 00/ 0GY ;QTM 5 6HP .GKPGP

947%- 9 &KG U[TKUEJG 2TQXKP\KCNRT·IWPI XQP #WIWUVWU DKU 6TCLCP 5VWVVICTV 8+++ 5 6HP *CNDNGFGT 4ÒEMGP NGKEJV DGUEJ·FKIV 6H NQUG

;17417-18# ; %QKPU QH VJG #PEKGPV 6JTCEKCPU $#4 5WRRNGOGPVCT[ 5GTKGU 1ZHQTF 5 6HP 1TKI $TQUEJWT 7OUEJNCI NQUG

<#)#/+ . .G OQPGVG FK .KRCTKC /GUUKPC 5 6HP 1TKI $TQUEJWT VGKNYGKUG WPCWHIG UEJPKVVGP

<',/#. ' 8 &TGXPK /QPGVK 6CFUEJKMKUVCP &WUEJCPDG 5 6HP 1TKI $TQUEJWT

6GZV KP TWUUKUEJGT 5RTCEJG

<'4815 1 * 6JG #NGZCPFGT /KPV QH 'I[RV 0GY ;QTM 7PKXGTUKV[ 2J & /KMTQHKNOCWU FTWEM #PP #TDQT .QPFQP 5 6HP $TQUEJWT

#WUFTWEM CWH U·WTGHTGKGO 2CRKGT

<+').'4 4 -CKUGT *GGT WPF UV·FVKUEJGU )GNF 7PVGTUWEJWPIGP \WT /ÒP\RT·IWPI XQP #PC\CTDQU WPF CPFGTGT QUVMKNKMKUEJGT 5V·FVG ¤#&9 2JKN JKUV -N &GPMUEJTKHVGP 6KVWNK #UKCG /KPQTKU 'TI·P\WPIUD·PFG 9KGP 5 6HP 1TKI $TQUEJWT 5V·FVKUEJGU 2TGUVKIG WPF MCKUGTNK EJG 2QNKVKM 5VWFKGP \WO (GUVYGUGP KP 1UVMKNKMKGP KO WPF ,CJTJWPFGTV P %JT -WNVWT WPF 'TMGPPV PKU &ÒUUGNFQTH 5 6HP -CTVG -WPUVNGKPGP

/ÒP\GP -KNKMKGPU CWU MNGKPGTGP FGWVUEJGP 5COONWPIGP 8GUVKIKC /ÒPEJGP 8+++ 5 -CTVG 5 6HP

<1)4#2* # 0 &KG /ÒP\GP XQP 6[TC /QUMCW 5 6HP *CNDNGKPGP DGKNKGIGPF 4G\GP UKQP XQP 9 5%*9#$#%*'4 \W FKGUGO $WEJ 5& CWU )PQOQP

6GZV KP TWUUKUEJGT 5RTCEJG

52

)4+'%*'0

-1081.76 $#%64+'0 +0&1)4+'%*'0 '6% 5EJTKHVGP WPVGT CPFGTGO XQP % .#55'0 <WT )GUEJKEJVG FGT )TKGEJKUEJGP WPF +PFQUM[VJKUEJGP -ÌPKIG KP $CMVTKGP -CDWN WPF +PFKGP FWTEJ 'PV\KHHGTWPI FGT #NVMCDWNKUEJGP .GIGPFGP CWH KJTGP /ÒP\GP $QPP : 5 *CNDNGKPGP 4 $ 9*+6'*'#& +PFQ )TGGM 0WOKUOCVKEU %JKECIQ 5 OKV #DD # - 0#4#+0 6JG +PFQ )TGGMU 1ZHQTF :8+ 5 6HP -CTVGP 7PVGTUEJKGFNKEJ IGDWPFGP

-1081.76 )4+'%*+5%*'4 156'0 -NGKPG 5EJTKHVGP WPF 5QPFGTFTWEMG W C XQP #NVJGKO #OCPFT[ $GNNKPIGT )ÌDN *KNN ,GPMKPU -CRQUU[ -QXCEU /KNFGPDGTI /KNPG 0CUVGT .G 4KFGT 5CNNGV FCTWPVGT # & * $+8#4 6JG UGSWGPEG QH /GPCPFGT U FTCEJOCG 5& CWU ,QWTPCN QH VJG 4Q[CN #UKCVKE 5QEKGV[ 4 )¤$. <GIQOQPQMQ 5& CWU 'CUV CPF 9GUV ) ( *+.. 0QVGU QP VJG +ORGTKCN 2GTUKCP %QKPCIG 5& CWU ,*5 ) - ,'0-+05 *GNNGPKUVKE %QKPU HTQO 0KOTWF 5& CWU +TCS . /+.&'0$'4) ªDGT FCU /ÒP\YGUGP KO 4GKEJ FGT #EJ·OGPKFGP 5& CWU #TEJ·QNQIKUEJG /KVVGKNWPIGP CWU +TCP ; 6 0'4%'55+#0 5KNXGT %QKPU QH 6KITCPGU ++ QH #TOGPKC 5& CWU #TOGPKCP 0WOKUOCVKE ,QWTPCN ' , 4#2510 +PFKCP %QKPU 5VTC­DWTI

) .' 4+&'4 /QPPCKGU FG %JCTCE½PG 5& CWU 5[TKC /QPPCKGU ± N¾IGPFG ITGESWG GV OQPPCKGU FGU 4QKU F N[OCKFG 5& CWU /¾OQKTGU FG NC /KUUKQP #TEJ¾QNQIKSWG GP +TCP <WO 6GKN OKV 9KFOWPIGP FGT 8GTHCUUGT /GKUV DTQUEJKGTV

-1081.76 ,ª&+5%*' 07/+5/#6+- 2#. 56+0# 70& 2*¤0+<+'0 -NGKPG 5EJTKHVGP WPF 5QPFGTFTWEMG W C XQP $GNNKPIGT $TGVV 'NC[K *CODWTIGT *GT\HGNFGT -KPFNGT /GUJQTGT /KNFGP DGTI 0CUVGT 2KEM 3WGFCT 4CJOCPK 4GKHGPDGTI 4QUGP 5EJYCDCEJGT 5G[TKI 5KZ 5RCGT 5RKLMGT OCP FCTWPVGT # $'0 &#8+& ,GTWUCNGO WPF 6[TQU 'KP $GKVTCI \WT RCN·UVKPGPUKUEJGP /Ò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

-1081.76 5ª&.+%*'5 70& <'064#.'5 -.'+0#5+'0 -NGKPG 5EJTKHVGP WPF 5QPFGT FTWEMG W C XQP #VNCP XQP #WNQEM $GTIJCWU $NQGUEJ $QUEJ (TCPMG +OJQQH $NWOGT -NGKPGT -TGPIGN .CETQKZ .GUEJJQTP /GV\NGT /KNFGPDGTI /KNPGT 0GYGNN 0QÀ 0QNN¾ 5VCHHKGTK 9GKUGT <KGINGT FCTWPVGT * XQP #7.1%- &KG /ÒP\RT·IWPI FGT MKNKMKUEJGP 5VCFV /QRUQU 5& CWU #TEJ·QNQIKUEJGT #P\GKIGT &KG TÌOKUEJG -QNQPKG )GTOC KP )CNCVKGP WPF KJTG /ÒP\RT·IWPI 5& CWU +UVCPDWNGT /KVVGKNWPIGP ( +/*11( $.7/'4 %QKP 6[RGU QH UQOG -KNKMKCP %KVKGU 5& CWU ,*5 . /+.&'0$'4) 0GTICN KP 6CTUQU 5& CWU #PVKMG -WPUV /KVJTCRCVC WPF 2GTKMNGU 5& CWU #VVK FGN %QPITGUUQ +PVGTPC\KQPCNG FK 0WOKUOCVKEC 4QO , 01.. <WT )GUEJKEJVG FGT 5VCFV 'VGPPC KP 2KUKFKGP 5& CWU (QTUEJWPIGP KP 2KUKFKGP $QPP /GKUV OKV 9KFOWPIGP FGT 8GTHCUUGT /GKUV DTQUEJKGTV

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# ) /#..1; 6JG %QKPCIG QH #OKUWU %JKECIQ * 6'/214+0+ &KG OKNGUKUEJGP /ÒP\GP FGT LÒPIGTGP (CWUVKPC 5& CWU 2TCGUVCPV KPVGTPC (5 7 *CWUOCPP /GKUV OKV 9KFOWPIGP FGT 8GTHCUUGT /GKUV DTQUEJKGTV

-1081.76 -14+06* -NGKPG 5EJTKHVGP WPF 5QPFGTFTWEMG W C XQP $GNNKPIGT %CJP (KUEJGT )CTFPGT *QRRGT ,GPMKPU ,QPMGGU -CODCPKU -NGKPGT -TCC[ /KNPG 1GEQPQOKFGU 4CXGN 6JQOR UQP 9CNNCEG &CTWPVGT # 4 $'..+0)'4 %QTKPVJKCP (TCEVKQPCN %WTTGPE[ 5& CWU ;CNG %NCUUKECN 5VWFKGU ++ * # %#*0 <WT HTÒJCVVKUEJGP /ÒP\RT·IWPI 5& CWU /WUGWO *GNXGVKEWO ( 2 )#4&0'4 %QKPCIG QH VJG #VJGPKCP 'ORKTG 5& CWU ,*5 :::+++ ( -.'+0'4 6JG 'CTNKGUV #VJGPKCP 0GY 5V[NG $TQP\G %QKPU 5& CWU *GURGTKC , ) /+.0' 6JG 1TKIKP QH %GTVCKP %QRKGU QH #VJGPKCP 6GVTCFTCEJOU 5& CWU +TCS 1 ' 4#8'. %QPVTKDWVKQP ¯ N ¾VWFG FG NC 0WOKUOCVKSWG %QTKPVJKGPPG 5& CWU #T¾VJWUG <WO 6GKN OKV 9KFOWPIGP FGT 8GTHCUUGT /GKUV DTQUEJKGTV

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-1081.76 /#.6# -4'6# <;2'40 70& -;-.#&'0 -NGKPGP 5EJTKHVGP WPF 5QPFGT FTWEMG W C XQP #OCPFT[ %CJP *CEMGPU ,GPMKPU /CUUQP /CEFQPCNF /KNPG 1GEQPQOKFGU 2TKEG .G 4KFGT 5GNVOCP 8QGIVNK &CTWPVGT / #/#0&4; .GU &WQXKTK %CRKVQ GV %[VJGTWU ¯ %PQUUQU 5& CWU $WNNGVKP FG %QTTGURQPFCPEG JGNN¾PKSWG * # %#*0 &KG CTEJCKUEJGP 5KNDGTUVCVGTG XQP .KPFQU 5& CWU %JCTKVGU # /#;4 &KG CPVKMGP /ÒP\GP FGT +PUGNP /CNVC )Q\Q WPF 2CPVGNNGTKC /ÒPEJGP ) /#%&10#.& 6JG 5KNDGT %QKPCIG QH %TGVG 5& CWU 2TQEGGFKPIU QH VJG $TKVKUJ #ECFGO[ ) .' 4+&'4 7P ITQWRG FG OQPPCKGU ET¾VQKUGU ± V[RGU CVJ¾PKGPU 5& CWU *WOC PKUOG CEVKH (5 , %CKP 2CTKU <WO 6GKN OKV 9KFOWPIGP FGT 8GTHCUUGT /GKUV DTQUEJKGTV

-1081.76 014&#(4+-# -NGKPG 5EJTKHVGP WPF 5QPFGTFTWEMG W C XQP /C\CTF 5CN\OCPP .G 4KFGT FCTWPVGT , /#<#4& .GU OQPPCKGU EQNQPKCNGU UWRRQU¾GU FG $CDDC GV FG $CPCUC 5& CWU 4GXWG #HTKECKPG & 5#.</#00 &KG /ÒP\GP FGT OCWTGVCPKUEJGP -ÌPKIG ,WDC ++ WPF 2VQNGOCKQU 5& CWU /CFTKFGT /KVVGKNWPIGP $TQUEJKGTV

-1081.76 014&9'56)4+'%*'0.#0& 70& /#-'&10+'0 -NGKPG 5EJTKHVGP WPF 5QP FGTFTWEMG W C XQP $GNNKPIGT %CJP &GUPGWZ (TCPMG )CGDNGT *GTUJ *QTXCV ,GPMKPU -TCC[ .CETQKZ .KCORK /C[ 2KPM 2TKEG 4GINKPI .G 4KFGT 6JQORUQP 6TQZGNN 9CIIQPGT FCTWPVGT * # %#*0 'KP 6GVTCFTCEJOQP XQP 5VCIKTC 5& CWU #PVKMG -WPUV * )#'$.'4 &KG /ÒP\GP XQP 5VCIKTC 5& CWU 5KV\WPIUDGTKEJVG FGT 2TGW­KUEJGP #MCFGOKG FGT 9KUUGPUEJCHVGP ) ,'0-+05 0WOKUOCVKE (QTIGTKGU QH 2[TTJWU 5& CWU $TKVKUJ /WUGWO 3WCTVGTN[ % -4##; 6JG %QKPCIG QH 0KEQRQNKU 5& CWU 0% . .#%41+: .GU OQPPCKGU FG /CPVKP¾G GV NGU VTCFKVKQPU CTECFKGPPGU 5& CWU $WNNGVKP FG N #ECF¾OKG TQ[CNG FG $GNIKSWG - 2+0- .QMCNG 2T·IWP IGP CWU FGO 5KPWU 4JK\QPKEWU 5& CWU 5GTVC *QHHKNNGTKCPCO <CITGD # 41)#.5-+ #W UWLGV FG SWGNSWGU OQPPCKGU CPVKSWGU FG NC R½PKPUWNG $CNMCPKSWG RT¾VGPFWGU (CWUUGU 5& CWU $WNNGVKP FW /WU¾G 0CVKQPCN / 6*1/2510 6JG #NGZCPFTKPG /KPV QH /[NCUC 5& CWU 3WCFGTPK VKEKPGUK

(CUV CNNG OKV 9KFOWPIGP FGT 8GTHCUUGT /GKUV DTQUEJKGTV

-1081.76 2'.12100'5 -NGKPG 5EJTKHVGP WPF 5QPFGTFTWEMG W C XQP *CEMGPU .CETQKZ 1GEQPQOKFQW 4GSWKGT 9CNNCEG 9CTTGP 9KNNKCOU FCTWPVGT 6 *#%-'05 # RTQRQU FG NC EKTEWNC VKQP OQP¾VCKTG FCPU NG 2¾NQRQPP½UG CW VTQKUK½OG UK½ENG 5& CWU 5VWFKC *GNNGPKUVKEC . .#%41+: 3WGNSWGU CURGEVU FG NC 0WOKUOCVKSWG 5KE[QPKGPPG 5& CWU 4$0 # /1756#-# &KG (WPFOÒP\GP FGT 5ÒFQUVITCDWPI 5& CWU &#+ $GTKEJV ÒDGT FKG #WUITCDWPIGP KP 1N[ORKC $GTNKP 9 2 9#..#%' -NGQOGPGU /CTCVJQP 6JG *GNQV CPF #TMCFKC 5& CWU ,*5 <WO 6GKN OKV 9KFOWPIGP FGT 8GTHCUUGT /GKUV DTQUEJKGTV

-1081.76 2418+0<+#.24 )70)'0 /GJTGTG 5QPFGTFTWEMG FCTWPVGT * ,7%-'4 #GI[RVKCEC $GVTCEJVWPIGP \WT MCKUGT\GKVNKEJGP /ÒP\ WPF 2QTVT·VMWPUV #GI[RVGPU 5& CWU ,CJTDWEJ FGU $GTPKUEJGP *KUVQTKUEJGP /WUGWOU 5 # / 911&9#4& 6JG %KUVQRJQTKE 5GTKGU CPF KVU 2NCEG KP VJG 4QOCP %QKPCIG 5& CWU 'UUC[U KP 4QOCP %QKPCIG RTGUGPVGF VQ *CTQNF /CVVKPIN[ 5 6HP =/KV 9KFOWPI 9KVJ MKPFGUV TGICTFU HTQO # / 9 ? / 4 #.(¤.&+ $GKVT·IG \WT (TCIG FGT %KUVQRJQTK -CKUGTU *CFTKCP 5& =/KV 9KFOWPI FGT 8GTHCUUGTKP *GTTP &T * # %CJP JQEJCEJVWPIUXQNN $WFCRGUV :++ ?

-1081.76 261.'/ +5%*' 70& #.':#0&4+0+5%*' 07/+5/#6+- -NGKPG 5EJTKHVGP WPF 5QPFGTFTWEMG W C XQP %JTKUVQFQWNQRQWNQU %WTVKU )GKUUGP ,GPMKPU -CRQUU[ -NQUG -[TKGNGKU /KNPG 1XGTDGEM .G 4KFGT 5CNNGV 5CN\OCPP 6JQORUQP 8CIK 8QGIVNK FCTWPVGT , 9 %746+5 %QK PCIG QP 2JCTCQPKE 'I[RV 5& CWU ,QWTPCN QH 'I[RVKCP #TEJCGQNQI[ * -;4+'.'+5 &KG 2QTVT·VOÒP\GP 2VQNGOCKQU 8 WPF UGKPGT 'NVGTP 5& CWU ,CJTDWEJ &#+ , ) /+.0' 6JG %WTTGPE[ QH 'I[RV WPFGT VJG 2VQNGOKGU 5& CWU ,QWTPCN QH 'I[RVKCP #TEJCGQNQI[ ::+8 # 5#..'6 &KG &CVGP FGT CNGZCPFTKPKUEJGP -CKUGTOÒP\GP $GTNKP / 6*1/2510 # 2VQNOCKE $TQP\G *QCTF HTQO %QTKPVJ 5& CWU *GURGTKC :: <WO 6GKN OKV 9KFOWPIGP FGT 8GTHCUUGT /GKUV DTQUEJKGTV

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-1081.76 5#//.70)'0 )4+'%*+5%*'4 /ª0<'0 8GTUEJKGFGPG 5EJTKHVGP FCTWPVGT 0 &#8+5 )TGGM %QKPU %KVKGU +NNWUVTCVGF HTQO VJG %QNNGEVKQP CV VJG 5GCVVNG #TV /WUGWO .QPFQP 5 FCXQP \CJNTGKEJG 6HP ' )#$4+%+ 6GEPKEC G ETQPQNQIKC FGNNG OQPGVG ITGEJG FCN 8++ CN 8 UGE C %T %QNNCPC FK 5VWFK 0WOKUOCVKEK 4QO 5 6HP 7 <9+%-'4 -GNVKUEJG WPF ITKGEJK UEJG +VCNKGP 5K\KNKGP /ÒP\GP 5COONWPI <YKEMGT 6GKN 'TNCPIGP +++ 5 OKV \CJNTGKEJGP #DD =$GKNKGIGPF $TKGH FGU 8GTHCUUGTU CP * 8QGIVNK? ) 21..#4& # %CVCNQIWG QH VJG )TGGM %QKPU KP VJG %QNNGEVKQP QH 5KT 5VGRJGP %QWTVCWNF CV VJG 7PKXGTUKV[ %QNNGIG QH 4JQFGUKC 5CNKUDWT[ 5 6HP -CTVG 6 4 /#46+0 5QXGTGKIPV[ CPF %QKPCIG KP %NCUUKECN )TGGEG 2TKPEGVQP :+8 5 WPVGTUEJKGFNKEJG IGDWPFGP

-1081.76 5%*9#4</''4)'$+'6 70& 6*4#-+'0 -NGKPG 5EJTKHVGP WPF 5QPFGTFTWEMG W C XQP $CDGNQP &KOKVTQX )GTCUUKOQX )QNGPMQ /C[ 5EJÌPGTV )GKUU .G 4KFGT 4W\KEMC 6JQOR UQP 9GUVGTOCTM FCTWPVGT 6 )'4#55+/18 /QPPCKGU FG %CPKVGU 6CPQWUC %JCTCURGU #ETQUCU GV 5CTKCU 5& CWU $WNNGVKP FG NC 5QEKGV¾ #TEJ¾QNQIKSWG C 5VCNKPG - )1.'0-1 &GT )GNFXGT MGJT KP FGT -QNEJKU KP TÌOKUEJGT <GKV .GPKPITCF 2QPVKUEJG /ÒP\GP CWU FGT <GKV /KVJTCFCVGU 8+ XQP $QURQTWU 5& CWU -NKQ ) -.'+0'4 <WT %JTQPQNQIKG FGT /ÒP\GP XQP #DFGTC 5& CWU ,0) 2QPVKUEJG 4GKEJUOÒP\GP 5& CWU +UVCPDWNGT /KVVGKNWPIGP , / ( /#; 6JG EQKPCIG QH &KMCKC D[ #DFGTC 5& CWU 0% 6JG %QKPCIG QH /CTQPGKC 5& CWU 0% # 41)#.5-+ .GU 5VCV½TGU F 1FGUUQU 5& CWU $WNNGVKP FW /WU¾G 0CVKQPCN FG 8CTPC

. 47<+%-# /GUGODTKC KPGFKVC 5& CWU $GTNKPGT /ÒP\DN·VVGT / % 5176<1 2QKFU GV /QPPCKGU FG 6QOKU 5& CWU /¾OQKTGU FW %QPIT½U KPVGTPCVKQPCN FG 0WOKUOCVKSWG / 6*1/2510 6JG /KPVU QH .[UKOCEJWU 5& CWU 'UUC[U KP )TGGM %QKPCIG (5 5 4QDKPUQP 1ZHQTF (CUV CNNG OKV 9KFOWPIGP FGT 8GTHCUUGT /GKUV 1TKI $TQUEJWT

-1081.76 5%*9#4</''4)'$+'6 &' *#76'41%*' /¾OQKTG UWT WPG O¾FCKNNG CPGE FQVG FG 2QN¾OQP +GT TQK FG 2QPV %CODTCK 5 MCTVQPKGTV ÍÓÌÈÇÌÀÒÈ×ÅÑÊ²É ÊÀÂÈÍÅÒÚ =0WOKUOCVKUEJGU -CDKPGVV? .KGHGTWPI /QUMCW 5 6H *CNDNGKPGP

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. .#%41+: 0QVG UWT NGU OQPPCKGU FG 5¾NGWEKG FG 2K¾TKG 5& CWU #PPWCKTG FG N +PUVKVWV FG 2JKNQNQIKG GV F *KUVQKTG 1TKGPVCNGU GV 5NCXGU ' 6 0'9'.. 6JG 2TG +ORGTKCN %QKPCIG QH 4QOCP #PVKQEJ 1CM 2CTM /GKUV OKV 9KFOWPIGP FGT 8GTHCUUGT /GKUV DTQUEJKGTV

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55

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-1081.76 706'4+6#.+'0 70& 5+<+.+'0 /QPQITCRJKGP FCTWPVGT ' )#$4+%+ 2TQDNGOK FK PWOKUOCVKEC ITGEC FGNNC 5KEKNKC G /CIPC )TGEKC #EECFGOKC FK #TEJGQNQIKC .GVVGTG G $GNNG #TVK FK 0CRQNK /GOQTKG 0CRQNK 5 OKV \CJNTGKEJGP #DD 4 4155 *1..19#; 4KRQUVKINK FGN /WUGQ #TEJGQNQIKEQ FK 5KTCEWUC %GPVTQ +PVGTPC\KQPCNG FK 5VWFK 0WOKUOCVKEK 0CRQNK $KDNKQVJGEC 4QOC 5 6HP $GTNKPGT -CVCNQI 6JWTKWO DKU 8GNKC #DUEJTKHV PCEJ FGO PKEJV OGJT XGTÌHHGPVNKEJVGP /CPWUETKRVG /CUEJKPGPUEJTKHVNKEJ Q 1 Q , 5 4 , # 6#.$'46 6KOQNGQP CPF VJG 4GXKXKCN QH )TGGM 5KEKN[ $ % %CODTKFIG %NCUUKECN 5VWFKGU %CODTKFIG W C :++ 5 =-CRKVGN WPF 5 \WT /ÒP\RT·IWPI -QTKPVJU WPF 5K\KNKGPU .GKPGP Z UQPUV 1TKI $TQUEJWT

-1081.76 9+55'05%*#(65)'5%*+%*6' -NGKPG 5EJTKHVGP WPF 5QPFGTFTWEMG \W DGFGWVGP FGP 0WOKUOCVKMGTP 'PVJCNVGP UKPF .GDGPUN·WHG 9GTMUXGT\GKEJPKUUG D\Y #WUUVGNNWPIUMCVCNQIG W C ÒDGT # #NHÌNFK 2 $CUVKGP * # %CJP 4 )ÌDN ( +OJQQH $NWOGT . -CFOCP 2 1TUK WPF 6 4GWV\G /GKUV DTQUEJKGTV

-1081.76 <'064#.)4+'%*'0.#0& -NGKPG 5EJTKHVGP WPF 5QPFGTFTWEMG W C XQP (TCPMG )CGDNGT *GTTOCPP *WTVGT 1GEQPQOKFQW .CETQKZ .KCORK 6JQORUQP 9CIIQPGT 9CNNCEG 9CTTGP FCTWPVGT * %*#064#+0' <WT /ÒP\RT·IWPI XQP %JCNMKU KO ,CJTJWPFGTV 5& CWU ,0)

( *'44/#00 &KG VJGUUCNKUEJG /ÒP\WPKQP KO ,CJTJWPFGTV 5& CWU <H0 - .+#/2+ 'KP $GKVTCI \WT /ÒP\RT·IWPI FGT #KPKCPGP -QRKG CWU .C 6JGUUCNKG #EVGU FW %QNNQSWG +PVGTPCVKQPCN .[QP 9 9#..#%' 5QOG 'TGVTKCP /KPV /CIKUVTCVGU 5& CWU 2JQGPKZ 'KPKIG OKV 9KFOWPIGP FGT 8GTHCUUGT /GKUV DTQUEJKGTV

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'KPOCN JCPFUEJTKHVNKEJGT $GUKV\GTXGTOGTM / 9 'OTKEM

56

& *'0&+0 )WKFG VQ ,GYKUJ %QKPU # -+0&.'4 6JG %QKPU QH 6KDGTKCU / # .'8; )GUEJKEJVG FGT LÒFKUEJGP /ÒP\GP .GKR\KI # 4'+('0$'4) #PEKGPV *GDTGY 5GCNU &GPMO·NGT FGT LÒFKUEJGP #PVKMG / 0#4-+55 %QKPU QH 2CNGUVKPG $CPF ,GYKUJ %QKPU $CPF 6JG %QKPCIGU QH VJG )GPVKNGU ( # $#0-5 %QKPU QH $KDNG &C[U * $ $4+0 %CVCNQI QH ,WFCGC %CRVC %QKPCIG , 4+0)'. /CTKPG /QVKHU QP #PEKGPV %QKPU 5JKRU QP #PEKGPV %QKPU 9 9+4)+0 5 /#0&'. 6JG *KUVQT[ QH %QKPU CPF 5[ODQNU KP #PEKGPV +UTCGN )GJGHVGV Z UQPUV .GKPGP QFGT -CTVQPKGTV

5COOGNDCPF OKV \CJNTGKEJGP 5QPFGTFTWEMGP FCTWPVGT , (4+'&. 0&'4 'KP 8GT\GKEJPKUU XQP ITKG EJKUEJGP HCNUEJGP /ÒP\GP YGNEJG CWU OQFGTPGP 5VGORGNP IGRT·IV UKPF \WT 9CTPWPI \WUCOOGPIGUVGNNV $GTNKP , 58141015 0QOKUOCVKMG MCK KUVQTKC VGU CTEJCKCU /[MQPQW 5& CWU $WNNGVKP FG %QT TGURQPFCPEG *GNN¾PKSWG # 810 5#..'6 &KG -ÒPUVNGTKPUEJTKHVGP CWH ITKGEJKUEJGP /ÒP\GP $GT NKP +P GKPGO $CPF KP .GKPGP IGDWPFGP )QNFUEJPKVV

5GJT WOHCPITGKEJGU -QPXQNWV FKXGTUGT MNGKPGT 5EJTKHVGP WPF 5QPFGTFTWEMG \WT ITKGEJKUEJGP 0WOKUOC VKM W C XQP $GNNKPIGT $GTPJCTV $QGJTKPIGT %CJP (QTTGT )CTFPGT )KGUGEMG +OJQQH $NWOGT .CPIG 2KEM 4CXGN 4GINKC 4GINKPI .G 4KFGT 4K\\Q 4QDKPUQP 4QUGP 5CNNGV 5CODQP 5EJWNV\ 5EJYCDCEJGT 5GNVOCPP 6JQORUQP 6TQZGNN 8GTOGWNG 9GDGT 9GPIGT 9GUVGTOCTM 9TQVJ /GKUV OKV 9KFOWPIGP FGT 8GTHCUUGT /GKUV DTQUEJKGTV EC

5GJT WOHCPITGKEJGU -QPXQNWV FKXGTUGT MNGKPGT 5EJTKHVGP WPF 5QPFGTFTWEMG \WT ITKGEJKUEJGP 0WOKUOC VKM W C XQP #RRGNITGP #TOCPFT[ *CEMGPU *WTVGT ,GPMKPU ,QPIMGGU -CICP -CRQUU[ -KGPCUV -TCC[ -TCHV .CETQKZ .GFGTGT /KNFGPDGTI /KNPG /KQPPGV /QPVCIW /ÒPUVGTDGTI 0GYGNN 0QÀ 0QNN¾ 1KEQPQOKFGU 2KEM 5GNNYQQF 5EJÌPGTV )GKUU 5EJYCDCEJGT 5GNVOCPP 5XQTQPQU 6JQORUQP 6TQZGNN 8GTOGWNG 9CIIQPGT 9TQVJ /GKUV OKV 9KFOWPIGP FGT 8GTHCUUGT /GKUV DTQUEJKGTV EC

4¤/'4

-QPXQNWV XQP MNGKPGP 5EJTKHVGP WPF 5QPFGTFTWEMGP \WO 6JGOC -NGKPCUKGP W C XQP #VNCP $QUEJ %CJP %CNVCDKCPQ )CTFPGT -KGPCUV -TGPIGN 2TQYG 4GINKPI 5CN\OCPP &CTWPVGT * # %#*0 .G OQPPC[CIG FGU 5CVTCRGU +EQPQPITCRJKG GV UKIPKHKECVKQP 5& CWU 4GXWG FGU ¾VWFGU #PEKGPPGU 2 )#4&0'4 6JG )QNF %QKPCIG QH #UKC DGHQTG #NGZCPFGT VJG )TGCV 5& CWU 2TQEGGFKPIU QH VJG $TKVKUJ #ECFGO[ +++ & 5#.</#00 0GWG &GPMO·NGT FGU /QPFIQVVGU /¿P 5& CWU +UVCPDWNGT /KVVGKNWPIGP <WO 6GKN OKV 9KFOWPIGP FGT 8GTHCUUGT /GKUV DTQUEJKGTV

4 &'5%#6 *TUI . QT RGTUG GV N JKUVQKTG )TGESWG 4GXWG FGU ¾VWFGU #PEKGPPGU 5 OKV \CJNTGKEJGP #DD ( 8#%%#41 .G OQPGVG FK #MUWO /CPVQXC 5 OKV \CJNTGKEJGP #DD / '. <'+0 )GUEJKEJVG FGT 5VCFV #ORGKC CO 1TQPVGU XQP FGP #PH·PIGP DKU #WIWUVWU +PCWIW TCN &KUUGTVCVKQP \WT 'TNCPIWPI FGT &QMVQTYÒTFG FGT (CMWNV·V HÒT 1TKGPVCNKUVKM WPF #NVGTVWOUYKUUGP UEJCHV FGT 4WRTGEJV -CTN 7PKXGTUKV·V *GKFGNDGTI /CPWUMTKRVFTWEM Q 1 :++ 5 1TKI $TQ UEJWT

4¤/'4

#.$'46 4 &CU $KNF FGU #WIWUVWU CWH FGP HTÒJGP 4GKEJURT·IWIGP 5VWFKGP \WT 8GTIÌVVNKEJWPI FGU GTUVGP 2TKPEGRU 5EJTKHVGPTGKEJG FGT 0WOKUOCVKUEJGP )GUGNNUEJCHV 5RG[GT 5RG[GT 5 FCXQP 6HP 1TKI $TQUEJWT

#.(¤.&+ # &GT 7PVGTICPI FGT 4ÌOGTJGTTUEJCHV KP 2CPPQPKGP 7PICTKUEJG $KDNKQVJGM 4GKJG $·PFG $GTNKP .GKR\KI 5 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP

&KG #WUIGUVCNVWPI FGU OQPCTEJKUEJGP <GTGOQPKGNNU CO TÌOKUEJGP -CKUGTJQHG 5& CWU /KVVGKNWPIGP FGU &#+ 4ÌOKUEJG #DVGKNWPI 5 6HP +PUKIPKGP WPF 6TCEJV FGT TÌOKUEJGP -CKUGT 5& CWU /KVVGKNWPIGP FGU &#+ 4ÌOKUEJG #DVGKNWPI 5 6HP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP YGPKIG #POGTMWPIGP KO 6GZV

/KV 9KFOWPI FGU 8GTHCUUGTU

# (GUVKXCN QH +UKU KP 4QOG 7PFGT VJG %JTKUVKCP 'ORGTQTU QH VJG +8VJ %GPVWT[ &KUUGTVCVKQPGU 2CPPQPK ECG 5GT ++ (CUE $WFCRGUV 5 6HP .GKPGP

&KG -QPVQTPKCVGP 'KP XGTMCPPVGU 2TQRCICPFCOKVVGN FGT UVCFVTÌOKUEJGP JGKFPKUEJGP #TKUVQMTCVKG KP KJTGO -CORHG IGIGP FCU EJTKUVNKEJG -CKUGTVWO $·PFG $WFCRGUV .GKR\KI 5 6HP #POGTMWPIGP KO 6GZV .GKPGP

5VWFKGP \WT )GUEJKEJVG FGT 9GNVMTKUG FGU ,CJTJWPFGTVU PCEJ %JTKUVWU &CTOUVCFV +: 5 6HP .GKPGP

&KG \YGK .QTDGGTD·WOG FGU #WIWUVWU #PVKSWKVCU 4GKJG 5GTKGU KP VQ $QPP 5 6HP .GKPGP

%CGUCT KP X %JT $CPF CWU FGO 0CEJNC­ JTUI XQP * 91.(( ' #.(¤.&+ 415'0$#7/ WPF ) 567/2( 5VWFKGP \W %CGUCTU /QPCTEJKG WPF KJTGP 9WT\GNP #PVKSWKVCU 4GKJG $CPF $QPP :++ 5 6HP $CPF &CU <GWIPKU FGT /ÒP\GP #PVKSWKVCU 4GKJG $CPF $QPP :+8 5 6HP .GKPGP

<YGK 5COOGND·PFG OKV \CJNTGKEJGP 5QPFGTFTWEMGP FCTWPVGT 6JG (KTUV )QNF +UUWGU QH VJG 6GVTCTEJ[ CV 5KUEKC 5& CWU 0% &GT PGWG 9GNVJGTTUEJGT FGT XKGTVGP 'MNQIG 8GTIKNU 5& CWU *GTOGU

5VWFKGP ÒDGT %CGUCTU /QPCTEJKG -WPINKIC *WOCPKUVKUMC 8GVGPUMCRUUCOHWPFGVU K .WPF TUDGT·VVGNUG &KG VTQLCPKUEJGP 7TCJPGP FGT 4ÌOGT 4GMVQTCVURTQITCOO FGT 7PKXGTUKV·V $CUGN HÒT FCU ,CJT &GT 'KPOCTUEJ 1EVCXKCPU KP 4QO #WIWUV X %JT 5& CWU *GTOGU

&GT OCEJVXGTJGKUUGPFG 6TCWO FGU 5WNNC <WT #WUYGTVWPI FGT /ÒP\SWGNNGP FGT )GUEJKEJVG FGU ,CJTGU X %JT 5& CWU ,CJTDWEJ FGU $GTPKUEJGP *KUVQTKUEJGP /WUGWOU <WT TÌOKUEJGP /ÒP\RT·IWPI KO \YGKVGP RWPKUEJGP -TKGIG 5& CWU ,0) 4GFGWPV 5CVWTPKC TGIPC 5& CWU %JKTQP + FGPCTK FGNN CPPQ C % 5& CWU 4+0 /CVGTKCNKGP \WT -NCUUKHK\KGTWPI FGT INGKEJ\GKVKIGP 0CEJCJOWPIGP XQP TÌOKUEJGP /ÒP\GP CWU 7PICTP WPF FGP 0CEJ DCTN·PFGTP 5& CWU 0WOK\OCVKMCK -ÌINÌP[ 5KUEKC 8QTCTDGKVGP \W GKPGO %QTRWU FGT KP 5KUEKC IGRT·IVGP 4ÌOGTOÒP\GP *GHV &KG 2T·IWPIGP FGU )CNNKGPWU *GHV 8GT\GKEJPKU FGT #PVQ PKPKCPG FGU -CKUGTU 2TQDWU 6JG *GNOGV QH %QPUVCPVKPG YKVJ VJG %JTKUVKCP /QPQITCO 5& CWU ,QWTPCN QH 4QOCP 5VWFKGU *CUVC 5WOOC +ORGTKK 6JG 5RGCT CU 'ODQFKOGPV QH 5QXGTGKIPV[ KP 4QOG 5& CWU #OGTKECP ,QWTPCN QH #TEJCGQNQI[ 6KOCKQU $GTKEJV ÒDGT FKG #PH·PIG FGT )GNFRT·IWPI KP 4QO 5& CWU /KVVGKNWPIGP FGU &#+ 4ÌOKUEJG #DVGKNWPI &KG 2GPCVGP #GPGCU WPF .CVK PWU 'KPG CTEJ·QNQIKUEJ JKUVQTKUEJG 7PVGTUWEJWPI ÒDGT FCU 5EJYWTIQNF WPF FKG PWOOK SWCFTKICVK 5& CWU /KVVGKNWPIGP FGU &#+ 4ÌOKUEJG #DVGKNWPI OCUEJKPGPUEJTKHVNKEJGU 8GTÌHHGPVNKEJWPIU XGT\GKEJPKU +P \YGK $·PFGP KP .GKPGP IGDWPFGP . $14*; *TUI 8QP FGT 'PVUVGJWPI 4QOU DKU \WT #WHNÌUWPI FGU 4ÌOGTTGKEJGU -QPHGTGP\ \WO )GFGPMGP FGU JWPFGTVUVGP )GDWTVUVCIGU XQP #PFTGCU #NHÌNF[ &KUUGTVCVKQPGU 2CPPQPKECG $WFCRGUV 1TKI $TQUEJWT

/GJTHCEJ OKV 9KFOWPI FGU 8GTHCUUGTU W C * # %CJP KP 'TKPPGTWPI CP 2TKPEGVQP ##

57

4¤/'4

&KG *CWRVGTGKIPKUUG FGT ,CJTG P %JT KO 1TKGPV KO 5RKGIGN FGT /ÒP\RT·IWPI 5& CWU $GT[VWU 5 6HP 8 :8+ &KG TÌOKUEJG /ÒP\RT·IWPI WPF FKG JKUVQTKUEJGP 'TGKIPKUUG KO 1UVGP \YKUEJGP WPF P %JT 5& CWU $GT[VWU 5 6HP :+8 :::+++ Z 5& KP GKPGO $CPF KP .GKPGP IGDWPFGP

&KG OQPCTEJKUEJG 4GRT·UGPVCVKQP KO TÌOKUEJGP -CKUGTTGKEJG &CTOUVCFV :8+++ 5 6HP &GT 8CVGT FGU 8CVGTNCPFGU KO TÌOKUEJGP &GPMGP .KDGNNK &CTOUVCFV 8 5 FCXQP 6HP 1EVCXKCPU #WHUVKGI \WT /CEJV #PVKSWKVCU 4GKJG $CPF $QPP 5 .GKPGP

#.(¤.&+ # #.(¤.&+ ' &KG -QPVQTPKCV /GFCKNNQPU #/7)5 $FG $GTNKP 0GY ;QTM :8+ 5 (CNVVHP 6HP KO 5EJWDGT ::+++ 5 6HP .GKPGP

#.4#/ / &KG /ÒP\RT·IWPI FGU -CKUGTU /CZKOKPWU + 6JTCZ /+4 9KGP 5 6HP 1TKI $TQUEJWT DGKNKGIGPF 4G\GPUKQP

#/#0&4; / '56+16 5 )#76+'4 ) .G OQPPC[CIG FG N CVGNKGT FG .[QP CX , % CRT , % 5WRRN¾OGPV ++ 0WOKUOCVKSWG 4QOCKPG 9GVVGTGP 5 6HP .GKPGP 0WOOGTKGTVGU 0T XQP 'ZGORNCT

#WH FGO 6KVGNDNCVV 5KIPCVWTGP FGT #WVQTGP

#5-'9 ) 6JG %QKPCIG QH 4QOCP $TKVCKP .QPFQP (TQPVKURK\ 5 6JG %QKPCIG QH 4QOCP $TKVCKP #WHNCIG 8+ 5 .GKPGP Z WPF 1TKI $TQUEJWT Z

3681

$#$'.10 ' &GUETKRVKQP JKUVQTKSWG GV EJTQPQNQIKSWG FGU OQPPCKGU FG NC 4¾RWDNKSWG 4QOCKPG XWN ICKTGOGPV CRRGN¾GU OQPPCKGU EQPUWNCKTGU $·PFG 2CTKU :++ .8+ 5 5 OKV \CJNTGKEJGP #DD KO 6GZV 2TCEJVXQNNGT *CNDNGFGTGKPDCPF OKV )QNFXGT\KGTWPIGP WPF )QNFUEJPKVV /KPK OCN DGUVQ­GP

/QPGVC 5& CWU /¾OQKTGU FG N #ECF¾OKG FGU +PUETKRVKQPU GV $GNNGU .GVVTGU 6QOG 2CTKU 5 OKV #DD KO 6GZV -CTVQPKGTV

$#*4('.&6 / XQP 0CEJVT·IG WPF $GTKEJVKIWPIGP \WT /ÒP\MWPFG FGT 4ÌOKUEJGP 4GRWDNKM KO #PUEJNWUU CP $CDGNQPU 8GT\GKEJPKU FGT %QPUWNCT /ÒP\GP $·PFG 9KGP +: 5 6HP +: 5 6HP *CNDNGFGT 8QP $CJTHGNFV PWOOGTKGTVGU 0T WPF WPVGTUEJTKGDGPGU 'ZGORNCT OKV $KDNKQVJGMUUVGORGN KO 8QTUCV\

0CEJVT·IG WPF $GTKEJVKIWPIGP \WT /ÒP\MWPFG FGT 4ÌOKUEJGP 4GRWDNKM KO #PUEJNWUU CP $CDGNQPU 8GT\GKEJPKU FGT %QPUWNCT /ÒP\GP $CPF *KNFGUJGKO 5 6HP *CNDNGFGT 8QP $CJTHGNFV PWOOGTKGTVGU 0T XQP WPF WPVGTUEJTKGDGPGU 'ZGORNCT OKV $GUKV\GTUVGORGN WPF 7PVGTUEJTKHV KO 8QTUCV\

58

4¤/'4

&KG 4ÌOKUEJG )QNFOÒP\GPRT·IWPI Y·JTGPF FGT 4GRWDNKM WPF WPVGT #WIWUVWU 'KPG EJTQPQNQIKUEJG WPF OGVTQNQIKUEJG 5VWFKG *CNNG CP FGT 5CCNG :8+ 5 6HP *CNDNGFGT OKV )QNFXGT\KGTWPIGP &C\W 5& $#*4('.&6 4ÌOKUEJG )QNFOÒP\GP

$#.&75 * 4 7TCPKWU #PVQPKPWU /ÒP\RT·IWPI WPF )GUEJKEJVG #PVKSWKVCU $QPP 5 6HP .GKPGP

$#06+ # %QTRWU 0WOOQTWO 4QOCPQTWO /QPGVC\KQPG 4GRWDNKECPC %NCUUKHKEC\KQPG RGT QTFKPG CNHCDGVKEQ FGNNG OQPGVG EQPKCVG CK PQOK FGNNG HCOKINKG $·PFG (KTGP\G .GKPGP

+ )TCPFK $TQP\K +ORGTKCNK $CPF (KTGP\G =OGJT PKEJV GTUEJKGPGP? -WPUVNGFGT

$#06+ # 5+/10'66+ . %QTRWU 0WOOQTWO 4QOCPQTWO $·PFG (KTGP\G .GKPGP

$#4%5#; #/#06 < 6JG *QCTF QH %QOKP #PVQPKPKCPK QH VJG TF %GPVWT[ # & $WFCRGUV 5 6HP *CNDNGKPGP $GKNKGIGPF 4G\GPUKQP

$#56+'0 2 .G OQPPC[CIG FG DTQP\G FG 2QUVWOG 0WOKUOCVKSWG 4QOCKPG 9GVVGTGP 5 6HP .GKPGP

.G OQPPC[CIG FG N CVGNKGT FG .[QP &KQENGVKGP GV UGU EQT¾IGPVU CXCPV NC T¾HQTOG OQP¾VCKTG 0WOKUOCVKSWG 4QOCKPG 9GVVGTGP 5 6HP 1TKI $TQUEJWT $KPFWPI NQEMGT

.G OQPPC[CIG FG N CVGNKGT FG .[QP FG NC T¾QWXGTVWTG FG N CVGNKGT RCT #WT¾NKGP ¯ NC OQTV FG %CTKP HKP OK 0WOKUOCVKSWG 4QOCKPG 9GVVGTGP 5 6HP .GKPGP

.G OQPPC[CIG FG N CVGNKGT FG .[QP &G NC T¾HQTOG OQP¾VCKTG FG &KQEN¾VKGP ¯ NC HGTOGVWTG VGORQTCKTG FG N CVGNKGT GP 0WOKUOCVKSWG 4QOCKPG 9GVVGTGP 5 6HP 1TKI $TQUEJWT

.G OQPPC[CIG FG N CVGNKGT FG .[QP FG NC T¾QWXGTVWTG FG N CVGNKGT GP ¯ NC OQTV FG %QPUVCPVKP 0WOKUOCVKSWG 4QOCKPG 9GVVGTGP 5 6HP .GKPGP

.G OQPPC[CIG FG /CIPGPEG 0WOKUOCVKSWG 4QOCKPG 9GVVGTGP 5 6HP .GK PGP

.G OQPPC[CIG FG N CVGNKGT FG .[QP FG NC OQTV FG %QPUVCPVKP ¯ NC OQTV FG ,WNKGP 0WOKUOCVK SWG 4QOCKPG 9GVVGTGP 5 6HP .GKPGP 5GKVGP NQUG

.G OQPPC[CIG FG N CVGNKGT FG .[QP FW T½IPG FG ,QXKGP ¯ NC OQTV FG ,QXKP 0WOKUOCVKSWG 4QOCKPG 9GVVGTGP 5 6HP 1TKI $TQUEJWT

/QPPCKG GV FQPCVKXC CW $CU 'ORKTG 0WOKUOCVKSWG 4QOCKPG 9GVVGTGP 5 6HP .GKPGP

.G DWUVG OQP¾VCKTG FGU GORGTGWTU TQOCKPU $CPF 0WOKUOCVKSWG 4QOCKPG 9GVVGTGP 5 5 6HP .GKPGP

5COOGNDCPF OKV \CJNTGKEJGP 5QPFGTFTWEMGP FCTWPVGT .GU VTCXCWZ F *GTEWNG FCPU NG OQPPC[CIG FG 2QUVWOG 5& CWU 40 .GU ¾OKUUKQPU FG N CVGNKGT FG .[QP GP GV 5& CWU 40 #GVGTPCG OGOQTKCG )CNGTK /CZKOKCPK 5& CWU 4$0 +P GKPGO $CPF KP .GKPGP IGDWPFGP

$#56+'0 2 #/#0&4; / )#76+'4 ) .G OQPPC[CIG FG N CVGNKGT FG .[QP 5WRRN¾OGPV 2 $#56+'0 .G O¾FCKNNQP FG RNQOD FG .[QP 0WOKUOCVKSWG 4QOCKPG 9GVVGTGP 5 6HP 5 6HP .GKPGP

$#56+'0 2 *78'.+0 * 6TQWXCKNNG FG HQNNGU FG NC R¾TKQFG EQPUVCPVKPKGPPG 0WOKUOCVK SWG 4QOCKPG 9GVVGTGP 5 6HP .GKPGP

$#56+'0 2 /'6<)'4 % .G VT¾UQT FG $GCWTCKPU FKV F #TTCU 0WOKUOCVKSWG 4QOCKPG 9GVVGTGP 5 OKV \CJNTGKEJGP 6HP #DD WPF GKPKIGP -CTVGP .GKPGP

$#56+'0 2 8#55'..' ( .GU VT¾UQTU OQP¾VCKTGU FG (TGUPQ[ N½U 4Q[G 5QOOG #OKGPU 5 #DD 6HP 1TKI $TQUEJWT

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62

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&KG /ÒP\RT·IWPI FGT -CKUGT /CTEWU #WTGNKWU .WEKWU 8GTWU WPF %QOOQFWU /+4 9KGP 5 6HP $TQUEJWT

6*+4+10 / 0QFGDCKU $TQP\GU %QPUVCPVKPKGPU .#..'/#0& , .KGTTG $TQP\GU FG %QPUVCPVKP + C #TECFKWU *QPQTKWU +P VWFGU 0WOKUOCVKSWGU 5 6HP 1TKI $TQUEJWT

.G VT¾UQT FG .KDGTEJKGU #WTGK FGU +GT GV ++G UK½ENGU $TÒUUGN (CTDKIGU (TQPVKURK\ :++ 5 6HP 1TKI $TQUEJWT

6*1/5'0 4 'CTN[ 4QOCP %QKPCIG 0CVKQPCNOWUGGVU 5MTKHVGT #TMºQNQIKUM *KUVQTKUM 4ºMMG $·PFG -QRGPJCIGP 5 5 5 LGYGKNU OKV 6GZVCDD 1TKI $TQUEJWT

61%%+ . / + OGFCINKQPK 4QOCPK G K EQPVQTPKCVK FGN OGFCINKGTG 8CVKECPQ /GFCINKGTG FGNNC $KDNKQVGEC 8CVKECPC 8CVKMCPUVCFV .::++ 5 VGKNU HCTDKIG 6HP 7PCWHIGUEJPKVVGPG 1TKI $TQUEJWT

61;0$'' , / % 4QOCP /GFCKNNQPU 05 0CEJFTWEM 0GY ;QTM FGT #WUICDG 0GY ;QTM :+ 5 6HP )GDWPFGP

64+../+%* 9 (COKNKGPRTQRCICPFC FGT -CKUGT %CNKIWNC WPF %NCWFKWU #ITKRRKPC /CKQT WPF #PVQ PKC #WIWUVC CWH /ÒP\GP #/7)5 $GTNKP :8 5 6HP 6CDGNNGP .GKPGP

674%#0 4 0WOKUOCVKSWG TQOCKPG FW EWNVG O¾VTQCSWG .GKFGP 5 5 1TKI $TQUEJWT

674+0 4CEEQNVC PWOKUOCVKEC FGN T /WUGQ FK #PVKEJKVC /QPGVG EQPUQNCTK 4QO W C :8 5 GKPKIG 6GZVCDD -CTVQPKGTV DGUVQ­GP ( # &#8+& .G OWUGWO FG (NQTGPEG QW %QNNGEVKQPU FGU 2KGTTGU )TCX¾GU 5VCVWGU /GFCKNNGU FW %CDKPGV &W )TCPF &WE FG 6QUECPG /¾FCKNNGU CPVKSWGU $CPF 2CTKU 5 6HP -CTVQPKGTV 7OUEJNCI WPF 5GKVGP CO 4CPF DTCPFIGUEJ·FKIV

7.4+%* $#05# 1 0QVG UWNNC \GEEC FK #SWKNGKC TQOCPC + OWNVKRNK FGN UQNFQ F QTQ 7FKPG 5 .GKPGP 'KPDCPF NGKEJV IGYGNNV 9CUUGTUEJCFGP $KPFWPI GVYCU NQEMGT

#WH FGO 5EJOWV\VKVGN 9KFOWPI FGU 8GTHCUUGTU CP * # %CJP

/QPGVC /GFKQNCPGPUKU 8GPGFKI :+++ 5 6HP .GKPGP

/KV 9KFOWPI FGU 8GTHCUUGT CP * # %CJP

8#%#01 1 XQP 6[RGPMCVCNQI FGT CPVKMGP /ÒP\GP -NGKPCUKGPU $GTNKP : 5 1TKI $TQ UEJWT

8#)+ & . %QKPCIG CPF *KUVQT[ QH VJG 4QOCP 'ORKTG $·PFG 5KFPG[ :+: 5 :+8 5 OKV \CJNTGKEJGP #DD KO 6GZV .GKPGP OKV 5EJWV\WOUEJNCI

/KV 9KFOWPI FGU 8GTHCUUGTU CP *CPU 8QGIVNK

8+5%*'4 9 4ÌOKUEJG /ÒP\GP FGU FTKVVGP ,CJTJWPFGTVU IGHWPFGP DGK 4GKEJGPUVGKP KP FGT 0·JG XQP $CUGN KO 0QXGODGT PGDUV GKPGO MWT\GP #PJCPI ÒDGT TÌOKUEJG $TQP\GP CWU 9CNNGPDWTI /KVVJGK NWPIGP FGT )GUGNNUEJCHV HÒT 8CVGTN·PFKUEJG #NVGTVJÒOGT KP $CUGN 5 6HP *CNDNGKPGP GVYCU UVQEMHNGEMKI KO 8QTUCV\

81'66'4 1 5COONWPI $CEJQHGP XQP 'EJV 4ÌOKUEJG /ÒP\GP WPF /GFCKNNQPU 9KGP 5 (CTDVHP *CNDNGKPGP $KPFWPI GVYCU NQEMGT FKG 6GZVUGKVGP UKPF QDGP DGUEJOWV\V

&KG /ÒP\GP FGT TÌOKUEJGP -CKUGT -CKUGTKPPGP WPF %CGUCTGP XQP &KQENGVKCPWU DKU 4QOWNWU -CVCNQI FGT JKPVGTNCUUGPGP 5COONWPI WPF #WH\GKEJPWPIGP FGU *GTTP 2CWN )GTKP 9KGP 5 *CNDNGFGT

9#.-'4 & 4 6JG /GVTQNQI[ QH VJG 4QOCP 5KNXGT %QKPCIG $#4 5WRRNGOGPVCT[ 5GTKGU $·PFG 1ZHQTF 5 5 5 1TKI $TQUEJWT

9'$$ 2 * 6JG 4GKIP CPF %QKPCIG QH %CTCWUKWU .QPFQP 8++ 5 6HP .GKPGP

9'+..'4 4 %CVCNQIWG FGU /QPPCKGU F QT CPVKSWGU *KUVQTKSWG FW %CDKPGV FGU /¾FCKNNGU CXGE OGP VKQP FGU RTQPEKRCNGU FQPCVKQPU GV CSWKUKVKQPU .WZGODQWTI 5 6HP %CVCNQI FGU OQPPCKGU FG NC 4¾RWDNKSWG 4QOCKPG .WZGODQWTI 5 6HP %CVCNQIWG FGU HQNNGU TQOCKPU

&KQEN¾VKGP .KEKPKWU ++ .WZGODQWTI 5 6HP 1TKI $TQUEJWT

/QPPCKGU CPVKSWGU F¾EQWXGTVGU CW )TCPF &WEJ¾ FG .WZGODQWTI $GTNKP 5 6HP (CNV MCTVG .GKPGP

9+..'45 * )GUEJKEJVG FGT TÌOKUEJGP -WRHGTRT·IWPI XQO $WPFGUIGPQUUGPMTKGI DKU CWH -CKUGT %NCWFKWU PGDUV GKPNGKVGPFGO ªDGTDNKEM ÒDGT FKG 'PVYKEMNWPI FGU CPVKMGP /ÒP\YGUGPU .GKR\KI $GTNKP :8+ 5 6HP *CNDNGKPGP

91'4. , ' $GTKEJV ÒDGT GKPG #P\CJN KO ,CJT CWHIGHWPFGPGT TÌOKUEJGT /ÒP\GP KP )TQUU /KVVGN WPF -NGKP 'T\ -QPUVCP\ 5 *CNDNGKPGP

'Z NKDTKU 1 9 *-

69

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<'*0#%-'4 * /QPGVC 4GEJGTEJGU UWT N QTICPKUCVKQP GV N CTV FGU ¾OKUUKQPU OQP¾VCKTGU FG NC 4¾RW DNKSWG TQOCKPG CX , % $·PFG 4QO ::+8 5 6HP .GKPGP

-1081.76 4¤/+5%*' 4'27$.+- -QPXQNWV XQP 5EJTKHVGP FCTWPVGT ( $'4)'4 &KG /ÒP \GP FGT 4ÌOKUEJGP 4GRWDNKM KO -GUVPGT /WUGWO *CPPQXGT 5COONWPIUMCVCNQI *CPPQXGT 5 FCXQP HCUV FKG *·NHVG 6HP 6 8 $7664'; 5VWFKGU KP VJG %QKPCIG QH /CTE #PVJQP[ # &KUUGTVC VKQP 2TGUGPVGF VQ VJG (CEWNV[ QH 2TKPEGVQP 7PKXGTUKV[ KP %CPFKFCE[ HQT VJG &GITGG QH &QEVQT QH 2JKNQUQ RJ[ 4GEQOOGPFGF HQT #EEGRVCPEG D[ VJG &GRCTVOGPV QH %NCUUKEU /C[ /CPWUMTKRVFTWEM #PP #TDQT 5 : WPF ( %#.+%¡ .QU FGPCTKQU TQOCPQU CPVGTKQTGU C , % [ UW PWGXQ O¾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

<CJNTGKEJG 5EJTKHVGP WPF 5QPFGTFTWEMG FCTWPVGT / $#*4('.&6 &KG /ÒP\GP FGT (NQVVGPRT·HGMVGP FGU /CTEWU #PVQPKWU 5& CWU 0< 5 6HP ='ZGORNCT 0T OKV 5KIPCVWT FGU 8GTHCU UGTU? ' , *#'$'4.+0 <WO %QTRWU PWOQTWO CGTKU ITCXKU &KG 5[UVGOCVKM FGU ·NVGUVGP TÌOKUEJGP /ÒP\YGUGPU $GTNKP 5 5COONWPI ' , *CGDGTNKP -CVCNQI FGT #WUUVGNNWPI KO 5V·FGNUEJGP -WPUVKPUVKVWV (TCPMHWTV CO /CKP (TQPVKURK\ 5 6HP * /#66+0).; ' 5 ) 41$+0510 6JG &CVG QH VJG 4QOCP &GPCTKWU CPF 1VJGT .CPFOCTMU KP 'CTN[ 4QOCP %QKPCIG 5& CWU 2TQEGGFKPIU QH VJG $TKVKUJ #ECFGO[ 5 6HP # 2#)#0+ .G OQPGVG FGNNC )WGTTC 5QEKCNG 5& CWU 4+0 5 OKV #DD 7PVGTUEJKGFNKEJ IGDWPFGP

-1081.76 ,7.+5%* %.#7&+5%*' &;0#56+' 8+'4-#+5'4,#*4 (.#8+'4 <CJNTGK EJG 5QPFGTFTWEMG FCTWPVGT - 97.<+0)'4 &KG /CEGNNWO &WRQPFKGP FGU 0GTQ 5& CWU 0WOKU OCVKM 5 6HP 7 *#75/#00 ,WNKC 6KVK &QOKVKNNC &QOKVC 5& CWU &CU TÌOK UEJG *GTTUEJGTDKNF 5 6HP % * 8 576*'4.#0& %NCWFKWU CPF VJG 5GPCVQTKCN /KPV % $CGDKWU CPF VJG %QKPCIG QH ! &KWO WPFGT 6KDGTKWU 5& CWU ,QWTPCN QH 4QOCP 5VWFKGU 5 6H 6 2'- 4; 6KDGTKWU WPF FGT 6GORGN FGT %QPEQTFKC KP 4QO 5& CWU /KVVGK NWPIGP FGU &#+ 4ÌOKUEJG #DVGKNWPI 5 6HP 1TKI $TQUEJWT WPF IGJGHVGV

-1081.76 0'48# 74#0+75 #0610+075 -NGKPUEJTKHVGP WPF 5QPFGTFTWEMG FCTWPVGT 9 (41'*0'4 .GU OQPPCKGU F 7TCPWU #PVQPKWU 5& CWU #PPWCKTG FG NC 5QEK¾V¾ (TCP¼CKUG FG 0WOKU OCVKSWG GV F #TEJ¾QNQIKG 5 6H , *#5'$41'- 7PVGTUWEJWPIGP \WT )GUEJKEJVG FGU -CKUGTU 5GRVKOKWU 5GXGTWU *GKFGNDGTI 8+++ 5 =DGUEJ·FKIV WPF DGUEJOWV\V? 9 -7$+65%*'- <WT #DHQNIG FGT 2T·IWPIGP FGT -CKUGT /CTEWU WPF 8GTWU #&9 9KGP 2JKN JKUV -N 5KV\WPIUDGTKEJVG 9KGP .GKR\KI 5 # /#)0#)76+ *CFTKCPWU KP PWOOKU 5& CWU 0WOKUOCVKE %KTEWNCT 5 OKV \CJNTGKEJGP #DD =OKV 9KFOWPI FGU 8GTHCUUGTU XQO /QPUKGWT *GTDGTV # %CJP EQP OQNVC UKORCVKC? 1TKI $TQUEJWT WPF IGJGHVGV

-1081.76 ,#*4*70&'46 0 %*4 -NGKPUEJTKHVGP WPF 5QPFGTFTWEMG FCTWPVGT - /'0#&+'4 &KG /ÒP\GP WPF FCU /ÒP\YGUGP DGK FGP 5ETKRVQTGU *KUVQTKCG #WIWUVCG 5& CWU <H0 5 6 41*&' 5KNDGT #PVQPKPKCPG FGT TÌOKUEJGP -CKUGTKP 5WNRKEKC &T[CPVKNNC 5& CWU ,CJTGU DGTKEJV FGU 8GTGKPU %CTPWPVWO HÒT FKG ,CJTG 5 6H =/KV 9KFOWPI *GTTP &T ( 9CNNC HTGWPFNKEJUV XQO 8GTHCUUGT GVYCU DGUEJ·FKIV? 1 81'66'4 #VNCU FGT /ÒP\GP FGU -CKUGTU )CNNKGPWU WPF UGKPGT (COKNKG 'TUVG #DVJGKNWPI 4QOC GV 6CTTCEQ $GKNCIG \W 0< 6HP 1TKI $TQUEJWT

-1081.76 )#..+5%*'5 70& $4+6#00+5%*'5 510&'44'+%* &KXGTUG 5QPFGTFTWEMG FCTWPVGT , )4+%1746 6T¾UQT FG OQPPCKGU TQOCKPGU FG 0Q[GNNGU )QFCWNV 2CU FG %CNCKU %CTCWUKWU GV #NNGEVWU GP )CWNG 5& CWU 4GXWG FGU ¾VWFGU #PEKGPPGU 5 =OKV 9KFOWPI FGU 8GTHCUUGTU # /QPUKGWT 2KGTTG 5VTCWUU GP EQTFKCN JQOOCIG? 4 # ) %#4510 6JG OKPVU CPF EQKPCIG QH %CTCWUKWU CPF #NNGEVWU 5& CWU ,QWTPCN QH VJG #TEJCGQNQIKECN #UUQEKCVKQP 5 6HP - 4').+0) *GTEWNGUVCVGP CWH /ÒP\GP FGU 2QUVWOWU 5& CWU #OVNKEJG $GTKEJVG CWU FGP 2TGW­KUEJGP -WPUVUCOONWPIGP 5R OKV #DD 5 $1.+0 &KG %JTQPQNQIKG FGT ICNNKUEJGP -CKUGT 5& CWU - *WOCPKUVKUMC 8GVGPUMCRUUCOHWPFGVU K .WPF TUDGT·VVGNUG 5 7PVGT UEJKGFNKEJ IGDWPFGP

70

4¤/'4

-1081.76 81/ 61&' &'5 )#..+'075 $+5 <74 6'64#4%*+' &KXGTUG 5QPFGTFTWEMG FCTWPVGT , 2 %#..7 )GPKQ RWRWNK TQOCPK %QPVTKDWVKQP C WPG JKUVQKTG PWOKUOCVKSWG FG NC 6¾VTCTEJKG 2CTKU 9 -7$+65%*'- <WT )GUEJKEJVG FGU 7UWTRCVQTU #EJKNNGWU #&9 9KGP 2JKN JKUV -N 5KV\WPIUDGTKEJVG 9KGP .GKR\KI 5 2 564#755 .GU OQPPCKGU FKXK UKQPPCKTGU FG 6T½XGU CRT½U NC T¾HQTOG FG &KQEN¾VKGP 5& CWU 40 5 1 81'66'4 &KG -WRHGTRT·IWPI FGT &KQENGVKCPKUEJGP 6GVTCTEJKG 5& CWU 0< 5 6HP =DGUEJ·FKIV? 1TKI $TQUEJWT WPF IGJGHVGV

-1081.76 810 %1056#06+075 $+5 <7/ 706'4)#0) &'5 4'+%*'5 <CJNTGKEJG 5QPFGTFTWEMG FCTWPVGT 2 $4770 6JG 5[UVGO QH VJG 8QVC %QKPCIG %Q QTFKPCVKQP QH +UUWGU KP VJG %QPUVCPVKP 'ORKTG OGF GP UCOOCPHCVVPKPI R¹ 5XGPUMC 5& CWU 00 5 . .#(4#0%*+ %QOOGPVQ PWOKUOCVKEQ CNNC UVQTKC FGNN KORGTCVQTG /CIPGP\KQ G FGN UWQ VGORQ 5& CWU +UVKVWVQ +VCNKCPQ FK 0WOKUOCVKEC #VVK G OGOQTKG 5 6HP =OKV 9KFOWPI FGU 8GTHCUUGTU? 1 81'66'4 'TUVG EJTKUVNKEJG <GKEJGP CWH TÌOKUEJGP /ÒP\GP 5& CWU 0< 5 6HP =OKV 9KFOWPI FGU 8GTHCUUGTU 5GKPGO (TGWPFG FGO *GTTP /CLQT #WFKVQT *GKPTKEJ *QNNUEJGM CNU <GKEJGP HTGWPFUEJCHVNKEJGT 8GTGJTWPI 9KGP CO #RTKN ? 1TKI $TQUEJWT WPF IGJGHVGV

-1081.76 /ª0<24 )70) '+0<'.0'4 4¤/+5%*'4 -#+5'4 5EJTKHVGP W C XQP ' *7;5'%1/ .GU #PVQPKPKGPU FGU .¾IKQPU FG )CNNKGP /CPWUMTKRVFTWEM $TWZGNNGU 5 6HP 2 8 *+.. 6JG %QKPCIG QH 5GRVKOKWU 5GXGTWU CPF JKU (COKN[ QH VJG /KPV QH 4QOG # & .QPFQP 5 6HP - -4#(6 <WT /ÒP\RT·IWPI FGU #WIWUVWU 5KV\WPIUDGTKEJVG FGT 9KU UGPUEJCHVNKEJGP )GUGNNUEJCHV CP FGT ,QJCPP 9QNHICPI )QGVJG 7PKXGTKUKV·V (TCPMHWTV /CKP 0T 9KGUDCFGP 5 6HP 9 -7*1(( *GTTUEJGTVWO WPF 4GKEJUMTKUG &KG 4GIKGTWPIU \GKV FGT TÌOKUEJGP -CKUGT 8CNGTKCPWU WPF )CNNKGPWU P %JT -NGKPG *GHVG FGT /ÒP\UCOONWPI CP FGT 4WJT 7PKXGTUKV·V $QEJWO $QEJWO 5 OKV \CJNTGKEJGP #DD =OKV 9KFOWPI FGU 8GTHCUUGTU 1TKI $TQUEJWT WPF IGJGHVGV

-1081.76 (70&27$.+-#6+10'0 $ 18'4$'%- )GUEJKEJVG FGU #NRGPTJGKPVCNU KP TÌOK UEJGT <GKV 6GKN &KG (WPFOÒP\GP FGT TÌOKUEJGP <GKV 9 -'..0'4 'KP TÌOKUEJGT /ÒP\HWPF CWU 5KTOKWO )CNNKGPWU 2TQDWU 9 *#*0 &KG (WPFOÒP\GP FGT TÌOKUEJGP <GKV KP ¤UVGTTGKEJ 0KG FGTÌUVGTTGKEJ %CTPWPVWO ( &+%- &GT 5EJCV\HWPF XQP $CNFGTUFQTH * %*#064#+0' 0QXCG UKWO +++ 0QXCGUKWO 8+++ 1 $74$¤%- 'KP TÌOGT\GKVNKEJGT /ÒP\UEJCV\ CWU ,WFGPDWTI 5VTGVVYGI .GKPGP Z WPF $TQUEJWT Z

-1081.76 (70&' 4¤/+5%*'4 /ª0<'0 <CJNTGKEJG -NGKPUEJTKHVGP WPF 5QPFGTFTWEMG FCTWPVGT 0 # /17%*/18 .G VT¾UQT PWOKUOCVKSWG FG 4¾MC &GXPKC /CTEKCPQRQNKU #PPWCKTG FW /WU¾G 0CVKQPCN $WNICTG 5WRRN¾OGPV 5QHKC 5 6HP =7OUEJNCI DGUEJ·FKIV WPF NQUG? 9 4'75%* &GT -ÌNPGT /ÒP\UEJCV\HWPF XQO ,CJTG <WINGKEJ GKP $GKVTCI \WT )GUEJKEJVG FGU TÌOK UEJGP -ÌNP 5EJTKHVGP FGT TÌOKUEJGP WPF IGTOCPKUEJGP #DVGKNWPI FGU 9CNNTCH 4KEJCTV\ /WUGWOU FGT 5VCFV -ÌNP .GKR\KI 5 6HP 4 57%*+'4 9GKVGTG TÌOKUEJG /ÒP\GP WPF 5VGORGN CWU FGT 0·JG XQP *CPCW (GUVICDG \W FGT KP *CPCW CO ,WNK UVCVVHKPFGPFGP ,CJTGUXGTUCOONWPI FGU 8GTGKPU HÒT JGUUKUEJG )GUEJKEJVG WPF .CPFGUMWPFG /KVVJGKNWPIGP FGU *CPCWGT $G\KTMUXGTGKPU *CPCW 5 6HP ( # 5%*#'(('4 &GWZ VT¾UQTU FG OQPPCKGU TQOCKPGU F¾EQWXGTVU GP #NUCEG 5& CWU $WNNGVKP FG NC 5QEK¾V¾ RQWT NC %QPUGTXCVKQP FGU /QPWOGPVU *KUVQTKSWGU F #NUCEG 5 6HP . 9'$'4 'KP 5EJCV\HWPF TÌOKUEJGT #WTGK KP #WIUDWTI 5& CWU ,CJTDWEJ FGU 4ÌOKUEJ )GTOCPKUEJGP <GPVTCNOWUGWOU /CKP 5 6HP (CTDVHP 8 <'&'.+75 5R·VMCKUGT\GKVNKEJ XÌNMGTYCPFGTWPIU\GKVNKEJG -GTCOKM WPF TÌOKUEJG /ÒP\GP XQP .CCV\GP .FMT *CPPQXGT /CVGTKCNJGHVG \WT 7T WPF (TÒJIGUEJKEJVG 0KGFGTUCEJUGPU *KNFGUJGKO 5 6HP -CTVG * # %#*0 5R·VTÌOKUEJG /ÒP\GP XQO 5RKGIGNJQH KP $CUGN /KV FGO GTUVGP 2TGKU CWUIG\GKEJPGVG #TDGKV FGU 2TGKUCWUUEJTGKDGPU 5& CWU ,CJTDWEJ FGT 5EJYGK\GTKUEJGP )GUGNNUEJCHV HÒT 7TIGUEJKEJVG 5 6H =OKV 9KFOWPI *GT\N )TÒUUG F 8H ? 0 $4'+6'056'+0 &G TQOGTUMG OÎPVHWPF HTC )WFOG *GTTGF 5& CWU 00 5 =OKV 9KF OWPI FGU 8GTHCUUGTU *GTT &T RJKN 9 5EJYCDCEJGT OGF 6CM HTC (QTH ? &G TQOGTUMG OÎPVHWPF HTC ([GP WFGPHQT )WFOG JGTTGF 5& CWU 00 5 OKV #DD =OKV 9KFOWPI FGU 8GTHCUUGTU *GTT &T RJKN 9 5EJYCDCEJGT OGF *KNUGP HTC (QTH ? 9 -0#2-' #WTGK WPF 5QNKFK 8QTMQOOGP CO /CTG $CNVKMWO WPF FGTGP YGUVNKEJG <WUCOOGPJ·PIG 5& CWU #EVC #TEJCGQNQIKEC 5 -CTVGP -NCRRVCDGNNGP 2 $4770 5KVG HKPFU CPF JQCTFKPI DGJCXKQWT 5& CWU 'UUC[U RTGUGPVGF VQ *WORJTG[ 5WVJGTNCPF 5 =OKV 9KFOWPI FGU 8GTHCUUGTU CP &T 2KGTTG 5VTCWUU YKVJ MKPF TG ICTFU? 4 # ) %#4510 % 1 -'..; # %CVCNQIWG QH VJG 4QOCP %QKPU HTQO 0GYITCPIG %Q /GCVJ CPF 0QVGU QP VJG %QKPU CPF 4GNCVGF (KPFU 5& CWU 2TQEGGFKPIU QH VJG 4Q[CN +TKUJ #ECFGO[ % 5 (CNVMCTVG 6HP 7PVGTUEJKGFNKEJ IGDWPFGP EC

71

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2TGKUDÃ’EJGT

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8#0*'0&' — 0WOKUOCVKSWG .KNNQKUG QW FGUETKRVKQP FGU OQPPCKGU O¾FCKNNGU O¾TGCWZ LGVQPU GVE FG .KNNG .KNNG 2CTKU 5 6HP 5WRRNGOGPV C NC PWOKUOCVKSWG .KNNQKUG 2CTVKG OQP¾ VCKTG .KNNG 5 6HP 5WRRNGOGPV C NC PWOKUOCVKSWG .KNNQKUG 3WCVTK½OG RCTVKG .KNNG 5 6HP 5WRRNGOGPV C NC PWOKUOCVKSWG .KNNQKUG 3WCVTK½OG RCTVKG .KNNG 5 6HP +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP

/KV 9KFOWPI FGU 8GTHCUUGTU # /T FG (QPVCKPG FG 4GUDGTI

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84+'5 2 % FG 9'+. * , 8#0 &'4 /WPVDQM XCP FG OWPVGP XCP )TQPKPIGP GP (TKGUNCPF XCP 4QVVGTFCO 5 /WPVDQM XCP FG UVGFGP 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP

9'+..'4 4 .GU OQPPCKGU .WZGODQWTIGQKUGU 0WOKUOCVKEC .QXCPKGPUKC .QWXCKP NC 0GWXG 5 6HP .GU OQPPC[CIGU ¾VTCPIGTU FGU RTKPEGU .WZGODQWTIGQKU .WZGODQWTI 5 OKV \CJNTGKEJGP #DD KO 6GZV

9+66' # FG 0WOKUOCVKSWG $TCDCP¼QPPG &GU OQPPCKGU FG P¾EGUUKV¾ HTCRR¾GU C $TWZGNNGU GP GV 5& CWU 4$0 5 1TKI $TQUEJWT DGUVQ­GP GKPG 5GKVG GKPIGTKUUGP

*KUVQKTG OQP¾VCKTG FGU EQOVGU FG .QWXCKP FWEU FG $TCDCPV GV OCTSWKU FW 5CKPV 'ORKTG 4QOCKP 6GKNG #PXGTU ++ 5 6HP ++ 5 6HP ++ 5 6HP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP

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.GU OQPPCKGU FGU &WEU FG $TCDCPV .GU OQPPCKGU FGU &WEU FG $TCDCPV .GU OQPPCKGU FGU EQOVGU FG (NCPFTG # 8#0 -';/'7.'0 .GU OQPPCKGU FGU $TCDCPV # *#'%- &G OWPVGP XCP FG ITCXGP XCP 8NCCPFGTGP &G OWPVGP XCP FG ITCXGP XCP 8NCCPFGTGP

# /+)01.'6 .GU OQPPCKGU FGU RTKPEGU GXGSWGU FG .KGIG 1TKI $TQ UEJWT

-1081.76 2 $#56+'0 , &72.'55; %CVCNQIWG FGU OQPPCKGU F QT (NCOCPFGU FG NC EQNNGEVKQP 8GTPKGT 9GVVGTGP 5 6HP ) %7/106 —VWFG UWT NG EQWTU FGU OQPPCKGU GP $TCDCPV RGPFCPV NG T½IPG FG NC FWEJGUUG ,GCPPG XGWXG FGRWKU LWUSW C 5& CWU #PPCNGU FG NC 5QEK¾V¾ F #TEJCGQNQIKG FG $TWZGNNGU 2 &#0+'.5 .C PWOKUOCVKSWG FG 8QIGNUCPEM 5& CWU $WNNG VKP FG NC 5QEK¾V¾ F CTV GV F JKUVQKTG FW FKQE½UG FG .K¾IG =OKV 9KFOWPI FGU 8GTHCUUGTU? / &' /#0 1XGT FG PQQFOWPVGP XCP <KGTKMUGG IGUNCIGP XCP GP QXGT FG KPYKUUGNKPI FG\GT UVWMMGP FQQT FG UVCVGP XCP <GGNCPF GP 5& CWU 6KLFUEJTKHV XCP JGV -QP 0GF )GPQQVUEJCR XQQT /WPV GP 2GPPKPIMWPFG ) *#6< 6KGNGT &GPCTG FGU ,CJTJWPFGTVU KP FGP UEJYGFKUEJGP /Ã’P\HWPFGP 5& CWU %QOOGPVCVKQPGU , . *1..'0('.6< .GU OQPPCKGU FGU UGKIPGWTGU FG 8QIGNUCPEM <QNFGT GV <QPJQXGP 6 / 41'56 /QPPCKGU FG U *GGTGPDGTI GV FG 5VGXGPUYGGTF 5& CWU 6KLFUEJTKHV XCP JGV 0GFGTNCPFUEJ )GPQQVUEJCR XQQT /WPV GP 2GPPKPIMWPFG =OKV 9KFOWPI FGU 8GTHCUUGTU? , 417;'4 2QKPVU FKXGTU FG N JKUVQKTG O¾VCNNKSWG FGU 2C[U $CU ,GVQPU JKUVQTKSWGU GV CWVTGU .GKPGP Z *CNDNGKPGP Z 1TKI $TQUEJWT Z NQUG .CIGP Z

$GK FGO -CVCNQI XQP $CUVKGP &WRNGUU[ JCPFGNV GU UKEJ WO 0T XQP 'ZGORNCTGP FGT CWH LCRCPKUEJGO 2CRKGT IGFTWEMVGP WPF KP .GKPGP IGDWPFGPGP 5QPFGTCWUICDG

-NGKPUEJTKHVGP WPF 5QPFGTFTWEMG FCTWPVGT * ' 8#0 )'.&'4 &G 7VTGEJVUG OWPVGP VGP VKLFG XCP DKUUEJQR &CXKF XCP $QWTIQPFKÀ 5& CWU ,CCTDQGM XQQT /WPV GP 2GPPKPIMWPFG /GKUV IGJGHVGV

91

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#$4#/510 # 8GTUWEJ ÒDGT FGP )GUEJOCEM CWH /GFCKNNGP WPF /ÒP\GP FGT 0GWGTP KO 8GTINGKEJ OKV LGPGP CWU ·NVGTP <GKVGP $GTNKP 5 -CTVQPKGTV NGKEJV XGTDQIGP

/KV JCPFUEJTKHVNKEJGT #WVQTGPYKFOWPI FGU DGTÒJOVGP /GFCKNNGWTU &GO *GTTP 5GPCVQT 4QFFG KP .ÒDGEM GJTGT DKGVKIUV IGYKFOGV XQO 8GTHCUUGT JCPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI )GJ 1GTVGN

#.$4'%*6 ) &CU /ÒP\YGUGP KO PKGFGTNQVJTKPIKUEJGP WPF HTKGUKUEJGP 4CWO XQO DKU \WO DGIKPPGPFGP ,CJTJWPFGTV 05V *CODWTI :8 5 -CTVGP (CNVVCDGNNGP

#.$4'%*6 , /KVVJGKNWPIGP \WT )GUEJKEJVG FGT 4GKEJU /ÒP\UV·VVG \W (TCPMHWTV CO /C[P 0ÌTFNKP IGP WPF $CUGN KP FGO \YGKVGP 8KGTVGN FGU HÒPH\GJPVGP ,CJTJWPFGTVU KPUDGUQPFGTG Y·JTGPF KJTGT 8GT YCNVWPI WPVGT %QPTCF XQP 9GKPUDGTI FGO 4GKEJU 'TDM·OOGTGT *GKNDTQPP 5 1TKI $TQ UEJWT WPCWHIGUEJPKVVGP 4ÒEMGP GVYCU DGUEJ·FKIV DGUVQ­GP

#.$4'%*6 , *TUI &KG /ÒP\GP 5KGIGN WPF 9CRRGP FGU (ÒTUVNKEJGP )GUCOOV *CWUGU *QJGP NQJG 1GJTKPIGP 5 6HP *CNDNGFGT OKV 4QVUEJPKVV DGUVQ­GP

#010;/ -KRRGT WPF 9KRRGT &TGK <QTPNKGFGT CWU FGO ,CJT ÒDGT FKG /ÒP\XGTUEJNGEJVGTWPI 9CEJVGNIGUCPI /ÒP\IGURT·EJ 'KP UEJÌPGU PGYGU .KGF (TCPMHWTV CO /CKP 5 *CNDNGKPGP

$GUKV\GTCWHMNGDGT 5VCFVDCWTCV 2 $TCVTKPI 9GUVGPF #JQTP #NNGG

#401.& 2 37'../#.< 9 5·EJUKUEJ VJÒTKPIKUEJG $GTIDCWIGRT·IG )GYKPPWPI WPF 8GTJÒV VWPI XQP )QNF 5KNDGT WPF -WRHGT KO 5RKGIGN FGT /ÒP\GP WPF /GFCKNNGP .GKR\KI 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI

$#*4('.&6 ' &GT $TCEVGCVGPHWPF XQP /KEJGPFQTH 'KP $GKVTCI \WT DTCPFGPDWTIKUEJGP /ÒP\MWPFG FGU :++ ,CJTJWPFGTVU 5& $GTNKP .QUG .CIGP

&KG DTCPFGPDWTIKUEJGP 5V·FVGOÒP\GP CWU FGT -KRRGT\GKV 4KGV\ 0GWGPFQTH 8++ 5 6HP .GKPGP FWTEJUEJQUUGPGU 'ZGORNCT

&CU /ÒP\YGUGP FGT /CTM $TCPFGPDWTI XQP FGP ·NVGUVGP <GKVGP DKU \WO #PHCPIG FGT 4GIKGTWPI FGT *QJGP\QNNGTP $GTNKP +: 5 -CTVG 6HP NKGIGP KP $TQUEJWT DGK *CDNGFGT DGUVQ­GP $KPFWPI DGK 6HP GVYCU NQEMGT

&CU /ÒP\ WPF )GNFYGUGP FGT (ÒTUVGPVJÒOGT *QJGP\QNNGTP $GTNKP 8++ 5 6HP .GKPGP

&GT /ÒP\HWPF XQP #UEJGTUNGDGP 'KP $GKVTCI \WT &GPCTMWPFG FGU :+++ WPF :+8 ,CJTJWPFGTVU $GTNKP 5 6HP &GT /CTUEJYKV\GT $TCEVGCVGPHWPF $TGUNCW 5 6HP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP $KPFWPI GVYCU NQEMGT

<WT /ÒP\MWPFG FGT 0KGFGTNCWUKV\ KO :+++ ,CJTJWPFGTV *GHVG $GTNKP WPF )WDGP 5 6HP 5 6HP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP

$GK FGO *GHV JCPFGNV GU UKEJ WO FCU XQO 8GTHCUUGT UKIPKGTVG 'ZGORNCT

&CU /ÒP\YGUGP FGT /CTM $TCPFGPDWTI WPVGT FGP *QJGP\QNNGTP DKU \WO )TQ­GP -WTHÒTUVGP XQP DKU $GTNKP 8+ 5 6HP *CNDNGFGT OKV )QNFXGT\KGTWPIGP DGUVQ­GP 4ÒEMGP GVYCU NQUG

'Z NKDTKU #WU FGT $KDNKQVJGM /CTVKP /QTCN %JCTNQVVGPDWTI

&KG /ÒP\GP FGT *CEMUKNDGTHWPFG 5 KP ' (4+'&'. *TUI *GTXQTTCIGPFG -WPUV WPF #NVGT VWOU )GIGPUV·PFG FGU /·TMKUEJGP 2TQXKP\KCN /WUGWOU KP $GTNKP *GHV &KG *CEMUKNDGTHWPFG $GTNKP 5 6HP (QNKQ *CNDNGFGT

'PVJ·NV W C FGP *CEMUKNDGTHWPF XQP .GKUUQY

&KG /ÒP\GP WPF /GFCKNNGP 5COONWPI KP FGT /CTKGPDWTI $·PFG &CP\KI WPF -ÌPKIUDGTI KP 2TGW­GP 8++ 5 6HP 8 5 6HP 8 5 6HP 8 5 : 5 6HP 8+++ 5 6HP :+++ 5 6HP 8++ 5 +P FTGK $·PFGP KP .GKPGP IGDWPFGP

+P FKGUGT 8QNNUV·PFKIMGKV WPF UCWDGTGP 'TJCNVWPI XQP ITÌ­VGT 5GNVGPJGKV

&CU /ÒP\YGUGP FGT /CTM $TCPFGPDWTI WPVGT (TKGFTKEJ 9KNJGNO FGO )TQ­GP -WTHÒTUVGP WPF -WTHÒTUV (TKGFTKEJ *CNNG CP FGT 5CCNG :+ 5 6HP .GKPGP

$TCPFGPDWTIKUEJ RTGWUUKUEJG /ÒP\UVWFKGP *GHVG $GTNKP WPF *CNNG CP FGT 5CCNG 5 5 LGYGKNU OKV \CJNTGKEJGP #DD .GKPGP

/KVVGNCNVGTOÒP\GP $CPF $GTNKP 5 6HP .GKPGP $CWUVGKPG \WT /CPUHGNFKUEJGP /ÒP\IGUEJKEJVG 5& CWU <H0 5

$#*4('.&6 ' 4'+0'%-' 9 &GT $CTFGYKMGT /ÒP\HWPF 5& CWU $GTNKPGT /ÒP\DN·VVGT $GTNKP 5 6HP -CTVQPKGTV

$#*4('.&6 / XQP &KG /ÒP\GP FGT 5VCFV 5VCFG 9KGP 5 6HP *CNDNGFGT NGKEJV DG UVQ­GP 8QTUCV\ NQEMGT

92

&'765%*.#0&

&KG /ÒP\GP WPF FCU /ÒP\YGUGP FGT *GT\QIVÒOGT $TGOGP WPF 8GTFGP WPVGT UEJYGFKUEJGT *GTTUEJCHV <WINGKEJ $GKVT·IG \WT FGWVUEJGP )GNF WPF /ÒP\IGUEJKEJVG FGU ,CJTJWPFGTVU 5& CWU <GKVUEJTKHV FGU *KUVQTKUEJGP 8GTGKPU HÒT 0KGFGTUCEJUGP WPF *CPPQXGT *CPPQXGT 5 6HP *CNDNGKPGP 5GKVGP WPVGP NGKEJV GKPIGTKUUGP

8QO 8GTHCUUGT UKIPKGTVGU 'ZGORNCT

&KG 5EJCWOÒP\GP FGT 7PKXGTUKV·V *CNNG 9KVVGPDGTI *CNNG CP FGT 5CCNG 5 6HP 1TKI $TQUEJWT WPCWHIGUEJPKVVGP

0KGFGTU·EJUKUEJGU /ÒP\CTEJKX 8GTJCPFNWPIGP CWH FGP -TGKU WPF 2TQDCVKQPUVCIGP FGU 0KGFGTU·EJUK UEJGP -TGKUGU 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP HÒT *CPPQXGT 1NFGPDWTI $TCWPUEJYGKI 5EJCWODWTI .KRRG WPF $TGOGP $CPF *CNNG CP FGT 5CCNG 8+ 5 6HP .GKPGP DGUVQ­GP

*CPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI 9KNJGNO ,GUUG ,WPK KO 8QTUCV\

0KGFGTU·EJUKUEJGU /ÒP\CTEJKX 8GTJCPFNWPIGP CWH FGP -TGKU WPF 2TQDCVKQPUVCIGP FGU 0KGFGTU·EJUK UEJGP -TGKUGU 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP HÒT *CPPQXGT 1NFGPDWTI $TCWPUEJYGKI 5EJCWODWTI .KRRG WPF $TGOGP $CPF *CNNG CP FGT 5CCNG +8 5 6HP .GKPGP 4ÒEMGP GVYCU DGUEJ·FKIV

&CU IGRT·IVG 0QVIGNF FGT )GOGKPFGP FGU (TGKUVCCVGU $CFGP 5& CWU $N·VVGT HÒT /ÒP\ HTGWPFG 5 6HP 1TKI $TQUEJWT

$#..; 1 $GUEJTGKDWPI XQP /ÒP\GP WPF /GFCKNNGP FGU (ÒTUVGPJCWUGU WPF .CPFGU $CFGP KP EJTQPQ NQIKUEJGT (QNIG CWU FGT 5COONWPI FGU ITQ­JGT\QINKEJ DCFKUEJGP -QOOGT\KGPTCVJU 1VVQ $CNN[ KP 5·EMKPIGP 6GKN /ÒP\GP WPF /GFCKNNGP FGU \·JTKPIKUEJ DCFKUEJGP (ÒTUVGPJCWUGU #CTCW ::8+ 5 6HP (QNKQ 2T·EJVKIGT HCTDKIGT .GKPGPGKPDCPF OKV )QNFXGT\KGTWPIGP 6GKN 'KP \GNWPVGTUWEJWPIGP 0GWGT <WICPI .KVGTCVWT 4GIKUVGT #CTCW 5 (QNKQ 1TKI $TQUEJWT WPCWHIGUEJPKVVGP /CRRG OKV HCTDKIGP 9CRRGPVCHGNP XQP 1VVQ $CNN[ (QNKQ

5KGJG CWEJ -CVCNQI 0T

$#4.¤5+75 ) 'KP $KNFGTEJTQPKM FGT 5V·FVG $GTNKP WPF %ÌNNP 6GWGTFCPM (CJTVGP WPF 6T·WOG FGWVUEJGT /CNGT $GTNKP 6HP NQUG KP DGUEJ·FKIVGT 1TKI $TQUEJWT ) &' $47;0 2TGW­GPU .WKUG 8QO 'PVUVGJGP WPF 8GTIGJGP GKPGT .GIGPFG $GTNKP 5 .GKPGP OKV 5EJWV\ WOUEJNCI

$#7/ 9 &KG /ÒP\GP WPF /GFCKNNGP FGT $KUEJÌHG XQP $TGUNCW 6GKN $KU -CTN XQP ¤UVGTTGKEJ

Ŏ 5 6HP KP #TEJKX HÒT UEJNGUKUEJG -KTEJGPIGUEJKEJVG 8++ 5 OKV OGJTG TGP 6HP 6GKN 8QP -CTN (GTFKPCPF DKU )GQTI -QRR 5 6HP KP #TEJKX HÒT UEJNGUKUEJG -KTEJGPIGUEJKEJVG 8++ 5 OKV GKPKIGP 6HP 2 4 (4#0-' -NGKPG /ÒP\IGUEJKEJVG FGT 5VCFV 0GKUUG 5& CWU 5EJNGUKGP *GHV 5 6HP =JCPFUEJTKHVNKEJ CWH FGT GTUVGP 5GKVG 'KP 5GKVGPURTWPI ? 1TKI $TQUEJWT Z IGJGHVGV Z

4168

$#7/)#46'0 , ) *KUVQTKUEJ IGPGCNQIKUEJ EJTQPQNQIKUEJ MTKVKUEJGU 8GT\GKEJPK­ CNNGT DGMCPPVGP FWECVGPHÌTOKIGP )QNFOÒP\GP FGT CNDGTVKPKUEJGP *CWRVNKPKG FGU WTCNVGP U·EJUKUEJGP *CWUGU &TGUFGP (TQPVKURK\ :+8 5 *CNDNGKPGP 4ÒEMGP NGKEJV DGUEJ·FKIV 8QTUCV\ GVYCU UVQEMHNGEMKI

93

&'765%*.#0&

$'%-'0$#7'4 ' =5NI ,CGPMG? /ÒPEJGP 5 OKV 0TP 6HP ) *+45%* #WMVKQP /ÒP\GP WPF /GFCKNNGP FGT 5VCFV WPF FGU $KUVWOU 4GIGPUDWTI = ? /ÒPEJGP 5 OKV 0TP 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP 2TGKUG WPF -·WHGT DGKIGUEJTKGDGP

&KG /ÒP\GP FGT 4GKEJUUVCFV 4GIGPUDWTI $C[GTKUEJG /ÒP\MCVCNQIG )TÒPYCNF 5 OKV \CJNTGKEJGP #DD -WPUVNGFGT 'TI·P\WPIGP $GTKEJVKIWPIGP 5VGNNWPIPCJOGP 2T·IGVCDGNNGP )TÒP YCNF 5 OKV \CJNTGKEJGP #DD )GJGHVGV

$'*4'05 * /ÒP\GP WPF /GFCKNNGP FGT 5VCFV WPF FGU $KUVJWOU .ÒDGEM $GTNKP 5 6HP 0CEJVTCI 5 6H +P GKPGO $CPF KP .GKPGP IGDWPFGP ( 4 -ª0-'4 /ÒP\GP WPF /GFCKNNGP FGT 5VCFV .ÒDGEM &KG 5COONWPI &T &KGVGT &WOONGT #WMVKQP 1UPCDTÒEM 5 OKV 0TP WPF \CJNTGKEJGP #DD .GKPGP * *'+0'-'0 &KG ·NVGUVG /ÒP\RT·IWPI FGT $KUEJÌHG XQP .ÒDGEM 5& CWU (QTUEJWPIGP WPF 8GTUWEJG \WT )GUEJKEJVG FGU /KVVGNCNVGTU WPF FGT 0GW \GKV (GUVUEJTKHV &KGVTKEJ 5EJ·HGT \W UGKPGO UKGD\KIUVGP )GDWTVUVCI FCTIGDTCEJV XQP UGKPGP 5EJÒNGTP ,GPC 5 6H )GJGHVGVG (QVQMQRKG $7-195-+5 <ª4+%* 5COONWPI /ÒP\GP 5VCFV .ÒDGEM 2QTVWIKGUKUEJG )QNFOÒP\GP <ÒTKEJ <CJNTGKEJG WPRCIKPKGTVG 5 OKV 0TP 1TKI $TQUEJWT DGKIGUEJTKGDGPG 2TGKUG

$'*4'05 * # 5%*41%- 7 ' ) &'0+%-' , &KG /ÒP\GP FGT )TCHUEJCHV $NCPMGPDWTI 4GIGPUVGKP 3WGFNKPDWTI 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD WPF 6HP -CTVQPKGTV

$'+'4.'+0 , 2 &KG DC[GTKUEJGP /ÒP\GP FGU *CWUGU 9KVVGNUDCEJ XQP FGO 'PFG FGU \YÌNHVGP DKU \WT /KVVG FGU UGEJ\GJPVGP ,CJTJWPFGTVU /ÒPEJGP 5 6HP .GKPGP

*CPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI 5EJOÌRRNGT UVWF OGF )TGKHUYCNF &KGPUVCI 0QX KO 8QTUCV\

&KG /GFCKNNGP WPF /ÒP\GP FGU )GUCOOVJCWUGU 9KVVGNUDCEJ $·PFG /ÒPEJGP :::8+++ 5 6HP +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP

$'4)'4 ( &KG OKVVGNCNVGTNKEJGP $TCMVGCVGP KO -GUVPGT /WUGWO *CPPQXGT 5COONWPIUMCVCNQI *CPPQXGT 5 FCXQP \CJNTGKEJG 6HP -CTVQPKGTV # $ª660'4 & $ª660'4 &KG OKVVGN CNVGTNKEJGP $TCMVGCVGP KO -GUVPGT /WUGWO *CPPQXGT 6GKN 5COONWPIUMCVCNQI *CPPQXGT 5 FCXQP \CJNTGKEJG 6HP 1TKI $TQUEJWT

$'4)*#75 2 9·JTWPIUITGP\GP FGU YGUVH·NKUEJGP 1DGTYGUGTIGDKGVGU KO 5R·VOKVVGNCNVGT 05V *CODWTI :++ 5 6H DGKIGNGIV -CTVGP

&WKUDWTIGT /ÒP\GP 5 OKV \CJNTGKEJGP #DD KP , /+.< ) -4#75' ,CJTG &WKUDWTI &WKUDWTI KO /KVVGNCNVGT $GINGKVUEJTKHV \WT #WUUVGNNWPI &WKUDWTI 5 OKV \CJNTGK EJGP #DD 1TKI $TQUEJWT GKPG 5GKVG NQUG

&KG /ÒP\GP XQP &QTVOWPF &QTVOWPFGT /ÒP\IGUEJKEJVG &QTVOWPF /ÒP\IGUEJKEJVG FGT 5VCFV &QTVOWPF 4 (4+6< &QTVOWPFGT )QNFUEJOKGFG FGT $CTQEM\GKV &QTVOWPF 9 <#%*#4+#5 &QTVOWPFGT )GNF KO 5RKGIGN FGT FGWVUEJGP )GNFIGUEJKEJVG UGKV &QTVOWPFGT /ÒP\IGUEJKEJVG &QTVOWPF % 810 .11< %1459#4'/ &GT YGUVH·NKUEJG /ÒP\MQPITG­ \W &QTVOWPF KP FGP ,CJTGP WPF 5& CWU $GKVT·IG \WT )GUEJKEJVG &QTVOWPFU WPF FGT )TCH UEJCHV /CTM .GKPGP WPF 1TKI $TQUEJWT

-QPXQNWV XQP /QPQITCRJKGP -NGKPUEJTKHVGP WPF 5QPFGTFTWEMGP \W FGP /ÒP\GP XQP #TPUDGTI #VVGP FQTP %QGUHGNF %QTXG[ *GTHQTF .KODWTI )TCHUEJCHV /CTM 2CFGTDQTP 5QGUV 8GUV 4GEMNKPIJCWUGP 8TGFGP -ÌPKITGKEJ 9GUVHCNGP YGUVH·NKUEJGP )GIGPUVGORGNP #WHICDGP WPF /GVJQFGP FGT NCPFUEJCHVNK EJGP /ÒP\HWPFUVCVKUVKM YGUVH·NKUEJGP /ÒP\HWPFGP W C *GOGT 9GUVKI 9GNDGTIGP 9GTN 1DGT XGKUEJGFG =OKV 9KFOWPI FGU 8GTHCUUGTU CP 9 5EJYCDCEJGT? 3WGTGPDWTI 7PVGTUEJKGFNKEJ IGDWPFGP

$'4)*#75 2 52+')'. , &KG /ÒP\GP FGT )TCHGP XQP .KODWTI 5 OKV 6HP WPF -CTVG KP ) #&'45 W C &KG )GUEJKEJVG FGT )TCHGP WPF *GTTGP XQP .KODWTI WPF .KODWTI 5V[TWO WPF KJTGT $GUKV\WPIGP )GUEJKGFGPKU FGT )TCXGP XQP .KODWTI 5VKTWO #UUGP /ÒPUVGT KP 9GUVHCNGP :8+ 5 -CTVGP 6HP .GKPGP

9GKVGTG $GKVT·IG XQP # . *7.5*1(( ) #&'45 WPF ) 6*'7'4-#7(

$'40*#46 / &KG /ÒP\GP WPF /GFCKNNGP FGT 5VCFV -CWHDGWTGP PGDUV GKPGT OÒP\IGUEJKEJVNKEJGP 'KPNGKVWPI *CNNG CP FGT 5CCNG 5 6HP .GKPGP

&KG /ÒP\GP FGT 4GKEJUUVCFV -GORVGP 5& CWU /$0) 5 6HP 2GTICOGPVGKPDCPF OKV )QNFUEJPKVV GVYCU XGT\QIGP

94

&'765%*.#0&

4183

$'456'66 # (TGKJGTT XQP /ÒP\IGUEJKEJVG FGU <·JTKPIGP $CFKUEJGP (ÒTUVGPJCWUGU WPF FGT OKV UGKPGO 5EGRVGT XGTGKPKIVGP 5V·FVG WPF .CPFUEJCHVGP (TGKDWTI KO $TGKUICW 8+++ 5 6HP .GFGT OKV 2T·IWPI WPF )QNFUEJPKVV $WEJDNQEM IGDTQEJGP

'Z NKDTKU $KDNKQVJ½SWG FG / 'TPGUV .GJT

$'55'4 4 $4 /'4 * $ª4)'4 8 *CNDGTUVCFV /ÒP\GP WPF /GFCKNNGP KO 5RKGIGN FGT )G UEJKEJVG /CIFGDWTI 5 OKV \CJNTGKEJGP #DD W C $CPF /GFCKNNGP WPF /CTMGP *CN DGTUVCFV 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

$'6*' ' * XQP 5CCNHGNFGT /KVVGNCNVGTOÒP\GP &KG $TCMVGCVGPHWPFGP XQP )TQ­ -COUFQTH WPF .CP IGPUEJCFG 5& CWU <H0 5 6HP 1TKI $TQUEJWT IGNÌUEJVGT $GUKV\GTUVGORGN

/KV 9KFOWPI *GTTP 5CNN[ 4QUGPDGTI \WT 'TKPPGTWPI CP FGP (GDTWCT KP HTGWPFUEJCHVNKEJGT <WGKIPWPI IGYKFOGV XQP 'TPUV *GNNOWVJ X $GVJG 4KVVOGKUVGT C &

5EJYCT\DWTIGT /ÒP\GP WPF /GFCKNNGP 5COONWPI FGU 5EJNQ­OWUGWOU KP 4WFQNUVCFV *CNNG CP FGT 5CCNG 5 6HP .GKPGP

$+0&'4 % 9ÒTVVGODGTIKUEJG /ÒP\ WPF /GFCKNNGPMWPFG 5VWVVICTV 8+++ 5 *CNDNGFGT

$+0&'4 % '$0'4 , 9ÒTVVGODGTIKUEJG /ÒP\ WPF /GFCKNNGPMWPFG $·PFG 5VWVVICTV +8 5 6HP 5 &QRRGNVHP *CNDNGFGT GVYCU DGUVQ­GP

$.7/'04¤&'4 ) )GNPJCWUGP CNU /ÒP\QTV 5 OKV \CJNTGKEJGP #DD KP )GUEJKEJVUDN·VVGT HÒT 5VCFV WPF -TGKU )GNPJCWUGP 5 1TKI $TQUEJWT

$1'*/'0 , ) 5·EJUKUEJGU )TQUEJGP %CDKPGV \WT (QTVUGV\WPI FGT 5COONWPI &GWVUEJGT /ÒP\GP OKVVNGTGT WPF PGWGTGT <GKVGP (CEJ .GKR\KI <ÒNNKEJCW (TQOOCPP $NN 5 6HP GKPKIG /ÒP\VWUEJG\GKEJPWPIGP XQP CNVGT *CPF GTI·P\V $NN 5 $NN 4GIKUVGT 6HP +P GKPGO $CPF KP )CP\NGFGT OKV )QNFRT·IWPI IGDWPFGP

5GNVGP

$140 ' &CU <GKVCNVGT FGU &GPCTU 'KP $GKVTCI \WT FGWVUEJGP )GNF WPF /ÒP\IGUEJKEJVG FGU /KVVGN CNVGTU 9KTVUEJCHVU WPF 8GTYCNVWPIUUVWFKGP OKV DGUQPFGTGT $GTÒEMUKEJVKIWPI $C[GTPU .GKR \KI 'TNCPIGP :8+++ 5 *CNDNGKPGP

$140'/#00 8 &KG -KRRGTOÒP\GP FGT *GT\ÌIG XQP 5CEJUGP #NVGPDWTI *CNNG CP FGT 5CCNG 5 6HP )GUEJKEJVG FGT /ÒP\UV·VVG 'KUGPCEJ 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 5 6H &KG -KRRGTOÒP\GP FGT *GT\ÌIG XQP 5CEJUGP 9GKOCT 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 5 6HP )GJGHVGV

$4#/$#%* 9 )TQUUJGT\QINKEJGU 5COONWPIGP )GD·WFG /ÒP\CWUUVGNNWPI &KG DCFKUEJGP /ÒP\GP $·PFG -CTNUTWJG 5 OKV #DD 5 6HP FC\W 5QPFGTFTWEMG FCTWPVGT ( 9+'.#0&6 $GKVT·IG \WT QDGTTJGKPKUEJGP /ÒP\ WPF )GNFIGUEJKEJVG &KG /ÒP\HWPFG XQP 4QVGPHGNU 1QU WPF +NNKPIGP 5& CWU ,0) 5 6HP +PXGPVWT KP FGT /ÒP\UV·VVG \W $CFGP $CFGP 5& CWU &GT /ÒP\GP WPF /GFCKNNGPUCOONGT 5 7 -.'+0 &KG /ÒP\ RT·IWPI FGT <·JTKPIGT IGIGP 'PFG FGU ,CJTJWPFGTVU KO .KEJVG GKPGU PGWGP (WPFGU 5& CWU - 5%*/+& *TUI &KG <·JTKPIGT 5EJYGK\GT 8QTVT·IG WPF PGWG (QTUEJWPIGP 5KIOCTKPIGP 5 6HP * 81..' (TGKDWTIGT /ÒP\GP WPF /GFCKNNGP (TGKDWTI - 41//'. &KG 6CNGT XQP (TGKDWTI KO $TGKUICW (TGKDWTIGT /ÒP\DN·VVGT &KG /ÒP\GP XQP (TGKDWTI KO $TGKUICW (TGKDWTIGT /ÒP\DN·VVGT WPF 7PVGTUEJKGFNKEJ IGDWPFGP

95

&'765%*.#0&

$4#64+0) 2 ªDGT FCU /ÒP\YGUGP FGT 5VCFV 5VTCNUWPF KP PGWGTGP <GKVGP 5& CWU $GTNKPGT /ÒP\ DN·VVGT 5 GKPKIG 6HP *CNDNGKPGP FKG 5 HGJNGP UQPUV MQORNGVV

$4#70 810 567// ) &KG /ÒP\GP FGT #DVGK *QTPDCEJ PGDUV $GKVT·IGP \WT /ÒP\MWPFG XQO 5RG[GTICW WPF 'NUC­ KO ,CJTJWPFGTV *CNNG CP FGT 5CCNG 5 6HP .GKPGP $KPFWPI GVYCU NQEMGT $NGKUVKHVPQVK\GP CWH FGP 6HP

%QNOCTGT 2HGPPKIG CWU FGT +PVGTTGIPWOU\GKV 5& CWU #PPWCKTG FG NC 5QEK¾V¾ *KUVQTKSWG GV .KVV¾TCKTG FG %QNOCT 5 6HP )GJGHVGV 7OUEJNCI GVYCU DGUEJ·FKIV 5COOGNDCPF &CU #PFGEJUGT /ÒP\TGEJV \W +PPUDTWEM 5& CWU 6KTQNGT *GKOCV 5 5 8GTÌHHGPVNKEJWPIGP FGU /WUGWO (GTFKPCPFGWO 5 6H 'KPG &GOQPUVTCVKQPUOÒP\G 'T\DKUEJQH ,QJCPPU + XQP 6TKGT 5& CWU 6TKGTGT <GKVUEJTKHV 5 6H &GT ·NVGUVG .WZGODWTIGT .ÌYGPRHGPPKI CNU JGTCNFKUEJGU &QMWOGPV 5& CWU *GOGEJV 5 6HP &GT /ÒP\HWPF XQP /GT\KI 5& CWU $GTKEJV FGU 5VCCVNKEJGP -QPUGTXCVQTGPCOVGU FGU 5CCTNCPFGU 5 OKV \CJNTGKEJGP #DD &GT /ÒP\HWPF XQP )NGKUYGKNGT 5& CWU /KVVGKNWPIGP FGU *KUVQTKUEJGP 8GTGKPU FGT 2HCN\ 5 6HP -CTVG .QVJTKPIKUEJ VTKGTKUEJG #NNKCP\ KO ,CJTJWPFGTV 'KPG )GOGKPUEJCHVURT·IWPI *GT\QI (GTTKU +++ XQP .QVJTKPIGP WPF 'T\DKUEJQH $QGOWPFU XQP 6TKGT 5& CWU 6TKGTGT <GKVUEJTKHV 5 6H /GV\GT /ÒP\UV·VVGP CP FGT OKVVNGTGP 5CCT 5& CWU 5CCTDTÒEMGT *GHVG 5 6H +P GKPGO $CPF KP .GKPGP IGDWPFGP $GKNKGIGPF ) $4#70 810 567// (WPFOÒP\G CWU 9ÌTUEJYGKNGT &GPCT $KUEJQH 5VGRJCPU XQP /GV\ /ÒP\UV·VVG 5CCTYGTFGP ! 5& CWU $GTKEJV ÒDGT FKG QTFGPVNKEJG /KVINKGFGTXGTUCOONWPI FGT -QOOKUUKQP HÒT 5CCTN·PFKUEJG .CPFGUIGUEJKEJVG WPF 8QNMUHQTUEJWPI CO WPF ,WNK 5

/GJTHCEJ OKV 9KFOWPI FGU 8GTHCUUGTU

$4#70 , $GUEJTGKDWPI FGT /ÒP\GP WPF /GFCKNNGP FGT GJGOCNKIGP .CPFITCHUEJCHV *GUUGP *QODWTI KP /KVVGKNWPIGP FGU 8GTGKPU HÒT )GUEJKEJVG WPF #NVGTVWOUMWPFG \W $CF *QODWTI 5 6HP % % *1((/#00 &KG /ÒP\GP WPF /GFCKNNGP FGT UQWX .CPFITCHGP \W *GUUGP *QO DWTI 0GDUV GKPGO #PJCPIG &KG *GUUGP *QODWTIKUEJGP /KNKVCKTFKGPUV #WU\GKEJPWPIGP WPF (GNF\WIU &GPM\GKEJGP *QODWTI XQT FGT *ÌJG 8+++ 5 1TKI $TQUEJWT VGKNYGKUG DGUEJ·FKIV

$7%*#7 ( XQP $GUEJTGKDWPI FGT KO GJGOCNKIGP *QEJUVKHV 'KEJUV·VV IGRT·IVGP /ÒP\GP +PIQNUVCFV : 5 . ( )'$'46 &KG /ÒP\GP WPF /GFCKNNGP FGU GJGOCNKIGP *QEJUVKHVGU 'KEJUV·VV <CJN TGKEJG WPRCIKPKGTVG 5GKVGP JCPFUEJTKHVNKEJ 8GT\GKEJPKU FGT $KUEJÌHG D\Y (ÒTUVDKUEJÌHG FGU $KUVWOU D\Y *QEJUVKHVU 'KEJUV·VV 5 JCPFUEJTKHVNKEJ &WTEJUEJQUUGP WPF OKV \CJNTGKEJGP NGGTGP 5GKVGP KP *CNDNGKPGP IGDWPFGP ' $ %#*0 &KG /ÒP\GP FGU *QEJUVKHVU 'KEJUV·VV $C[GTKUEJG /ÒP\MCVCNQIG )TÒPYCNF 5 (CNVMCTVG .GKPGP $KPFWPI GVYCU NQEMGT

$7%*'0#7 * &KG /ÒP\GP FGT 2TQRUVGK 9KNFGUJCWUGP 5& CWU <H0 5 *CND NGKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU CP *GTTP 9 5EJTCV\ KP *QEJCEJVWPI

&GT $TCMVGCVGPHWPF XQP 0KGFGTMCWHWPIGP DGK %CUUGN 'KP $GKVTCI \WT )GUEJKEJVG FGU OKVVGNCNVGTNKEJGP /ÒP\YGUGPU DGUQPFGTU HÒT FKG )GDKGVG XQP *GUUGP 6JÒTKPIGP 9CNFGEM WPF FGT 'T\DKUEJÌHG XQP /CKP\ 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG WPF &TGUFGP 5R 6HP .GKPGP

&GT $TCEVGCVGPHWPF XQP 5GGIC 'KP $GKVTCI \WT 'THQTUEJWPI FGT FGWVUEJGP /ÒP\FGPMO·NGT CWU FGO <GKVCNVGT FGT UVCWHKUEJGP -CKUGT /CTDWTI :8+++ 5R 6HP .GKPGP

'KP #WIUDWTIGT 2HGPPKIHWPF FGT OKVVNGTGP 5VCWHGP\GKV 5& CWU $H/ 5 6H 1TKI $TQUEJWT

/KV 9KFOWPI FGU 8GTHCUUGTU *GTTP *QHTCVJ XQP 'TPUV JQEJCEJVWPIUXQNNUV * $WEJGPCW

$GKVT·IG \WT 'THQTUEJWPI FGT UEJY·DKUEJ CNNGOCPPKUEJGP 2HGPPKIG FGU ,CJTJWPFGTVU 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 5 NQUG DGKNKGIGPFG 6HP .GKPGP

&GT /ÒP\HWPF XQP -CTNUVGKP DGK 4GKEJGPJCNN OKV $GKVT·IGP \WT /ÒP\MWPFG FGT DGKFGP GTUVGP $CKGTPJGT\ÌIG CWU FGO *CWUG 9KVVGNUDCEJ 5& CWU /$0) 5 6HP *CNDNGKPGP KO 8QTUCV\ GZ NKDTKU GPVHGTPV

96

&GT /CTDWTIGT $TCMVGCVGPHWPF 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 5 6HP .GKPGP

&'765%*.#0&

&KG ·NVGUVGP DKUJGT WPDGMCPPVGP /ÒP\GP FGT )TCHGP XQP -CV\GPGNGPDQIGP 5& CWU <H0

5 =OKV 9KFOWPI *GTTP 2 ,QUGRJ KP XQT\ÒINKEJGT *QEJCEJVWPI FGT 8GTH ? 0QEJ GKPOCN )GTC WPF 9GKFC 5& CWU #TEJKX HÒT $TCEVGCVGPMWPFG $CPF 9KGP 5 #DD 'KP /CIFGDWTIGT $TCEVGCV FGU -CKUGTU (TKGFTKEJ ++ ·NVGTG *QJNOÒP\GP FGT )TCHGP XQP *Q[C 'KPG KP 'THWTV IGHWPFGPG $TCEVGCVGPDÒEJUG 5&& CWU #TEJKX HÒT $TCEVGCVGPMWPFG $CPF 9KGP 5 #DD &KG /ÒP\UV·VVG 1NFKUNGDGP WPF FKG KP 6JÒTKPIGP IGRT·IVGP *QJNOÒP\GP FGT 5ÌJPG #ND TGEJVU FGU $·TGP 5& CWU $N·VVGT HÒT /ÒP\MWPFG 5 #DD $GKVT·IG \WT UEJY·DKUEJ HT·PMKUEJGP /ÒP\MWPFG FGU UR·VGTGP /KVVGNCNVGTU XGTDWPFGP OKV FGT $GUEJTGKDWPI FGU \YGKVGP (WPFGU XQP $GN\JGKO DGK ¤VVKPIGP 5& CWU /$0) 5 6HP =(QTVUGV\WPI HGJNV? 9GUVH· NKUEJGT 5VGTNKPIUHWPF (WPF .GEJVKPIGP DGK 1UPCDTÒEM /ÒPEJGP WPRCIKPKGTVG 5 6HP *GUUKUEJG )GNFXGTJ·NVPKUUG WO /KV $GKVT·IGP \WT U·EJUKUEJGP /ÒP\MWPFG 5& CWU $GTNKPGT /ÒP\DN·VVGT 5 5VWFKGP WPF 'TÌTVGTWPIGP \WT OKVVGNCNVGTNKEJGP /ÒP\MWPFG &GWVUEJ NCPFU &GT /ÒP\XGTVTCI FGU )TCHGP ,QJCPP :+8 XQP 1NFGPDWTI OKV )TQPKPIGP XQP #PJCPI #WU FGP 5COONGT 'TKPPGTWPIGP GKPGU PKGFGTU·EJUKUEJGP /ÒP\HTGWPFGU &KG U·EJUKUEJGP CPIGDNKEJ -QDWT IGT *GNNGT FGT /ÒP\TGHQTO XQP &KG 5VCNG FGU YGPFKUEJGP /ÒP\XGTGKPU XQP WPF CPFGTG UR·VCNVGTNKEJG 2TQDGIGYKEJVG &GT -ÌNPGT 2HGPPKI =4G\GPUKQP \W 9CNVGT *·XGTPKEM &GT -ÌNPGT 2HGPPKI KO WPF ,CJTJWPFGTV? )GNFUQTVGP KP /ÒJNJ·WUGT -·OOGTGKTGEJPWPIGP /ÒP\OGKUVGTPCOGP CWH FGP NGV\VGP 5CCNHGNFGT *QJNRHGPPKIGP *QJNRHGPPKIG FGT /ÒP\UV·VVG 'KUGPDGTI KP 1UVVJÒTKPIGP .GQPCT FQ U 'PVYWTH GKPGT 2T·IGDÒEJUG 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 5 'KP WPDGMCPPVGT &KEMRHGPPKI FGU GTUVGP .CPFITCHGP XQP *GUUGP CWU FGT /ÒP\G 9QNHJCIGP 5& CWU 0WOKUOCVKUEJ URJTCIKUVKUEJGT #P\GKIGT Q , 5 'KP )QNFVTKGPU FGU /ÒPEJPGT %CDKPGVVU /ÒPEJGP Q , 5 +P GKPGO $CPF KP .GKPGP IGDWPFGP

$7%*'0#7 * 2+%- $ &GT $TCMVGCVGPHWPF XQP )QVJC /ÒPEJGP 8+++ 5 6HP .GKPGP 4ÒEMGP VGKNYGKUG NQUG &GEMGN NQEMGT

4208

$7%*10+# GKPG <GKVUEJTKHV HÒT XCVGTN·PFKUEJG #NVGTVWOU -WPFG )GQITCRJKG 5VCVKUVKM WPF 6QRITCRJKG *TUI , 5%*0'+&'4 $CPF +P \YGK $·PFGP IGDWPFGP MCTVQPKGTV OKV )QNFXGT\KGTWPIGP

'PVJ·NV W C #010;/ &GU GJGOCNKIGP *QEJUVKHVU (WNFC /ÒP\GP WPF /GFCKNNGP CWU FGO /KVVGNCNVGT WPF FGT LÒPIGTGP <GKV IGUCOOGNV WPF DGUEJTKGDGP XQP GKPGO (WNFCGT KP $CPF 5 $CPF 5 $CPF 5 *'437'6 7GDGT GKPKIG OGTMYÒTFKIG (WNFCKUEJG /ÒP\GP CWU FGO /KVVGNCNVGT KP $CPF 5

$7%- * &CU )GNF WPF /ÒP\YGUGP FGT 5V·FVG KP FGP .CPFGP *CPPQXGT WPF $TCWPUEJYGKI (TCPM HWTV CO /CKP 5 1TKI $TQUEJWT

$GUKV\GTUVGORGN 9 0GFFGTOG[GT $KUUQPFQTH 5QPPGPYGI 6

97

&'765%*.#0&

&CU )GNF WPF /ÒP\YGUGP FGT 5V·FVG KP FGP .CPFGP *CPPQXGT WPF $TCWPUEJYGKI (TCPMHWTV CO /CKP 5 1TKI $TQUEJWT WPCWHIGUEJPKVVGP

&KG /ÒP\GP FGT 5VCFV 'KPDGEM *KNFGUJGKO WPF .GKR\KI 8++ 5 6HP 1TKI .GKPGP OKV &GEMGNRT·IWPI

$7%- * $#*4('.&6 / XQP &KG /ÒP\GP FGT 5VCFV *KNFGUJGKO &KG /ÒP\GP FGU $KUVWOU WPF FGT 5VCFV *KNFGUJGKO *KNFGUJGKO WPF .GKR\KI :+ 5 6HP 1TKI .GKPGP OKV &GEMGNRT· IWPI

$7%- * $ª660'4 # -.7)' $ &KG /ÒP\GP FGT 4GKEJUUVCFV )QUNCT DKU /ÒP\IG UEJKEJVG WPF )GRT·IGMCVCNQI $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP 0GWG (QNIG $GTNKP 5 6HP -CTVQPKGTV

$7%- * /'+'4 1 &KG /ÒP\GP FGT 5VCFV *CPPQXGT *CPPQXGT 8+++ 5 -CTVGP 6HP .GKPGP

$7%- . &KG /ÒP\GP FGU -WTHÒTUVGPVWOU 5CEJUGP DKU $GTNKP 5 OKV \CJNTGKEJGP #DD .GKPGP

$ª4-'. . XQP &KG $KNFGT FGT UÒFFGWVUEJGP DTGKVGP 2HGPPKIG *CNDDTCMVGCVGP +JTG 'TM·TWPI FWTEJ $G\KGJWPI CWH CPFGTG -WPUVICVVWPIGP /ÒPEJGP 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

$74-*#4&6 &KG /ÒP\GP WPF /GFCKNNGP FGU *GT\QIU 'TPUV #WIWUV XQP 5CEJUGP 9GKOCT 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 5 6HP 'VYCU DGUEJ·FKIV GKPG 6H NQUG

$75' 9 /ÒP\IGUEJKEJVG FGT )TCHUEJCHV 4KGVDGTI 5& CWU <H0 5 6HP .GKPGP #WHMNGDGT CWH 6KVGNUGKVG GPVHGTPV

%#*0 ' $ /ÒP\IGUEJKEJVG WPF /ÒP\MCVCNQI FGU *GT\QIVWOU WPF -WTHÒTUVGPVWOU $C[GTP XQP FGT /ÒP\TGHQTO FGU ,CJTGU DKU \WO 6QFG FGU -WTHÒTUVGP (GTFKPCPF /CTKC &KUUGTVCVKQP \WT 'TNCPIWPI FGT 9ÒTFG GKPGU &QMVQTU FGT 2JKNQUQRJKG XQTIGNGIV FGT 2JKNQUQRJKUEJ *KUVQTKUEJGP (CMWNV·V FGT 7PKXGTUKV·V $CUGN )TÒPYCNF 5 WPRCIKPKGTVG 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

)NGKEJ\GKVKI CNU $WEJCWUICDG GTUEJKGPGP $C[GTKUEJG /ÒP\MCVCNQIG

%#*0 , /ÒP\ WPF )GNFIGUEJKEJVG FGT 5VCFV 5VTC­DWTI KO /KVVGNCNVGT 5VTC­DWTI 8+++ 5 6H .GKPGP

&GT 4CRRGPOÒP\DWPF 'KPG 5VWFKG \WT /ÒP\ WPF )GNF )GUEJKEJVG FGU QDGTGP 4JGKPVCNGU *GKFGNDGTI 8 5 6HP *CNDRGTICOGPV GKPG 6H GVYCU NQUG GKPKIG $NGKUVKHVPQVK\GP

&KG FGWVUEJG 5VGORGNUEJPGKFGMWPUV KO /KVVGNCNVGT 5& CWU ,CJTDWEJ FGU (TGKGP &GWVUEJGP *QEJUVKHVU \W (TCPMHWTV CO /CKP 5 6HP 1TKI $TQUEJWT

/KV 9KFOWPI FGU 8GTHCUUGTU CP *GTTP 2TQH &T 2 , /GKGT OKV HTGWPFNKEJGP )TÒ­GP

/ÒP\ WPF )GNFIGUEJKEJVG XQP -QPUVCP\ WPF FGU $QFGPUGGIGDKGVGU KO /KVVGNCNVGT DKU \WO 4GKEJUOÒP\ IGUGV\ XQP /ÒP\ WPF )GNFIGUEJKEJVG FGT KO )TQ­JGT\QIVWO $CFGP XGTGKPKIVGP )GDKGVG *GK FGNDGTI : 5 6HP (CNVMCTVG *CNDNGFGT KO -CVCNQIVGKN FWTEJUEJQUUGPGU 'ZGORNCT OKV \CJNTGKEJGP JCPFUEJTKHVNKEJGP 0QVK\GP $GKNKGIGPF 4G\GPUKQP XQP * $7%*'0#7 KP $N·VVGT HÒT /ÒP\MWPFG 5R KP (QVQMQRKG

'Z NKDTKU ( #TVJWT -QGPKI

98

&CU FGWVUEJG 'NUC­ KP UGKPGP /ÒP\GP WPF /GFCKNNGP 5& CWU 'NUC­ .QVJTKPIKUEJGU ,CJTDWEJ 5 6HP =OKV 9KFOWPI FGU 8GTHCUUGTU CP *GTTP 2TQH &T (TKGFTKEJ 5VGHCP OKV HTGWPFNKEJGP )TÒ­GP 5VTC­DWTIU YKTVUEJCHVNKEJG $G\KGJWPIGP \WO FGWVUEJGP 1UVGP KO /KVVGNCNVGT 5& CWU 'NUC­ .QVJTKPIK UEJGU ,CJTDWEJ 5 )GJGHVGV

(TCPMHWTV CNU 2T·IGUV·VVG FGT LÒPIGTGP 9GVVGTCWGT -ÌPKIUDTCMVGCVGP 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 'KP 9GVVGTCWGT &[PCUVGPDTCMVGCV OKV JGDT·KUEJGT 7OUEJTKHV 5& CWU <H0 2 ,15'2* &KG 9GVVGTCWGT $TCMVGCVGP 1FGPYCNFGT (WPF 5& CWU $GTNKPGT /ÒP\DN·VVGT 9 ('465%* &KG /ÒP\XGTJ·NVPKUUG KP FGT 9GVVGTCW KO WPF ,CJTJWPFGTV 5& CWU 9GVVGTCWGT )GUEJKEJVUDN·VVGT

1TKI $TQUEJWT

%#22' * 2 &KG /ÒP\GP FGT FGWVUEJGP -CKUGT WPF -ÌPKIG FGU /KVVGNCNVGTU 6GKNG &TGUFGP 8+++ :+8 8+++ 5 6HP +P \YGK $·PFGP KP *CNDNGFGT IGDWPFGP OKPK OCN DGUVQ­GP

&'765%*.#0&

4227

&KG /KVVGNCNVGT /ÒP\GP XQP /ÒPUVGT 1UPCDTÒEM 2CFGTDQTP %QTXGK WPF *GTXQTF &TGUFGP 5 6HP *CNDNGKPGP 4ÒEMGP GVYCU DGUEJ·FKIV

'Z NKDTKU 1VVQ 5EJWNGPDWTI WPF JCPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI 1 5EJWNGPDWTI

$GUEJTGKDWPI FGT /ÒP\GP FGU XQTOCNKIGP -CKUGTNKEJGP HTGKGP YGNVNKEJGP 5VKHVU 3WGFNKPDWTI &TGUFGP +8 5 (CNVVHP *CNDNGFGT 4ÒEMGP GVYCU DGUEJ·FKIV VGKNYGKUG GVYCU UVQEMHNGEMKI

&KG /ÒP\GP FGT 5VCFV WPF FGU $KUVJWOU *KNFGUJGKO &TGUFGP 5 6HP .GKPGP

$GUEJTGKDWPI FGT /CKP\GT /ÒP\GP FGU /KVVGNCNVGTU &TGUFGP :+++ 5 6HP *CNDNGFGT GVYCU DGTKGDGP

'Z NKDTKU , 1 9GFDGTI

$GUEJTGKDWPI FGT /ÒP\GP XQP )QUNCT &TGUFGP :++ 5 6HP *CNDNGFGT

&#00'0$'4) * &KG FGWVUEJGP /ÒP\GP FGT U·EJUKUEJGP WPF HT·PMKUEJGP -CKUGT\GKV $·PFG $GTNKP :+: 5 -CTVG 6HP 8 5 (CNVMCTVG 6HP 8+ 5 6HP 8+ 6HP +P HÒPH $·PFGP KP *CNDNGKPGP IGDWPFGP $KPFWPI XQP $CPF GVYCU NQEMGT 6HP HCUV NQUG GKPKIG $NGKUVKHVPQVK\GP

8GT\GKEJPKU OGKPGT 5COONWPI FGWVUEJGT /ÒP\GP FGT U·EJUKUEJGP WPF HT·PMKUEJGP -CKUGT\GKV .GKR\KI 5 OKV 0TP .GKPGP

/ÒP\IGUEJKEJVG 2QOOGTPU KO /KVVGNCNVGT $GTNKP 5 6HP *CNDNGFGT DGTKGDGP 4ÒEMGP NGKEJV DGUEJ·FKIV

0CEJVT·IG \W FGP FGWVUEJGP /ÒP\GP FGT U·EJUKUEJGP WPF HT·PMKUEJGP -CKUGT\GKV 5& CWU $GTNKPGT /ÒP\DN·VVGT WPF UQYKG 0GWG (QNIG $GTNKP 5 6HP .GKPGP

'KP (WPF PKGFGTFGWVUEJGT $TCMVGCVGP UQI (WPF XQP 5& CWU <GKVUEJTKHV HÒT /ÒP\ 5KGIGN WPF 9CRRGPMWPFG 0CEJFTWEM *CNNG CP FGT 5CCNG 5 6HP 1TKI $TQUEJWT

&KG /ÒP\HWPFG XQP 5EJYCT\QY WPF )TQ­ 4KUEJQY 5 <WT /ÒP\MWPFG FGU \GJPVGP WPF GKNHVGP ,CJTJWPFGTVU 5 &GT /ÒP\HWPF XQP &QDTC 5 &GT &GPCTHWPF XQP 2QNPC 5 0QEJ FTGK GUVPKUEJG &GPCTHWPFG =-WPFC 1FGPR·J WPF #NNCV\MKYYK? 5 &KG ·NVGUVGP /ÒP \GP 1UVUCEJUGPU 5& CWU 0< 5 6HP =OKV \CJNTGKEJGP $NGKUVKHVPQVK\GP? 'KP &GPCT FGU $KUEJQHU 4CKODGTV QFGT 4GIKPDGTV XQP 8GTFWP 5 'KP WPGFKTVGT &GPCT FGU $KUEJQHU *CKOQ XQP 8GTFWP 5 &KG 5KGIGUOÒP\GP -ÌPKI *GKPTKEJU ++ WPF *GT\QI )QVHTKGFU + XQP 0KGFGT .QVJTKPIGP 5& CWU /¾OQKTGU RTGUGPV¾U CW %QPIT¾U +PVGTPCVKQPCN FG 0WOKU OCVKSWG 5 6H ' %#410 # RTQRQU FG FGWZ FGPKGTU FW :G QW :+G UK½ENG RWDNK¾U RCT / &CPPGPDGTI FCPU NG <GKVUEJTKHV HÒT 0WOKUOCVKM /CEQP 5 +P GKPGO $CPF KP *CNDNGKPGP IGDWP FGP 4ÒEMGP WPVGT 6GUCHKNO OKV FGO 6KVGN 5COOGNDCPF U·EJUKUEJ UCNKUEJG -CKUGT\GKV + DGMNGDV

&#00'0$'4) * & &KG DTCPFGPDWTIKUEJGP &GPCTG FGU WPF ,CJTWPFGTVU 6[RGPMCVCNQI 2T·IG\GKVGP *KUVQTKUEJG <WUCOOGPJ·PIG $GTNKP 5 6HP 1TKI $TQUEJWT DGKNKGIGPF 'TI·P\WPIGP &KG &GPCTG FGT 0CEJDCTP $TCPFGPDWTIU KO WPF ,CJTJWPFGTV #PJCNV 5CEJUGP 9KVVGPDGTI OKV $TGJPC /CIFGDWTI 6[RGPMCVCNQI 2T·IG\GKVGP JKUVQTKUEJG <WUCOOGPJ·PIG $GTNKP 5 FCXQP 6HP 1TKI $TQUEJWT . 6'9'5 &KG DTCPFGPDWTIKUEJGP *GNOJQJNRHGPPKIG XQP DKU 'KP $GKVTCI \WT DTCPFGPDWTIKUEJGP /ÒP\MWPFG 5& CWU $GKVT·IG \WT DTCPFGPDWT IKUEJ RTGW­KUEJGP 0WOKUOCVKM Q 1 Q , 5 OKV \CJNTGKEJGP #DD .GKPGP # '$'4*#)'0 &KG /ÒP\RT·IWPIGP FGT CUMCPKUEJGP /CTMITCHGP KP 5CN\YGFGN DKU \WO 'TYGTD FGU /ÒP\TGEJVU FWTEJ FKG 5VCFV KO ,CJTG 5& CWU #WU FGT #NVOCTM 5 FCXQP 6HP 1TKI $TQUEJWT &KG <GKV FGT *QJNRHGPPKIRT·IWPIGP KP 5CN\YGFGN PCEJ FGO ,CJTG 5& CWU #WU FGT #NVOCTM 5 FCXQP 6HP 1TKI $TQUEJWT

99

&'765%*.#0&

&#55&14( - 9 0WOKUOCVKUEJ *KUVQTKUEJGT .GKVHCFGP \WT 7GDGTUKEJV FGT 5·EJUKUEJGP )GUEJKEJVG 0CEJ FGO XQP 6GWDGTPUEJGP JKPVGTNCUUGPGP /ÒP\ %CDKPGVV OKV GKPGT JKUVQTKUEJ NKVVGTCTKUEJGP 'KPNGKVWPI &TGUFGP ::8+++ 5 *CNDNGFGT OKV GKPIGDWPFGP GKP OCUEJKPGPUEJTKHVNKEJGU +PJCNVUXGT\GKEJ PKU

&#8'02146 , 5 )GTOCP 6CNGTU #WHNCIG .QPFQP 8+++ 5 OKV \CJNTGKEJGP #DD -WPUVNGFGT NGKEJV DGUVQ­GP

&KGUG #WHNCIG OKV DGUUGTGP #DDKNFWPIGP

)GTOCP %JWTEJ CPF %KV[ 6CNGTU )CNGUDWTI 8+++ 5 OKV \CJNTGKEJGP #DD -WPUVNGFGT

)GTOCP 5GEWNCT 6CNGTU (TCPMHWTV CO /CKP 5 OKV \CJNTGKEJGP #DD -WPUVNGFGT

)GTOCP 6CNGTU (TCPMHWTV CO /CKP 5 OKV \CJNTGKEJGP #DD -WPUVNGFGT

)GTOCP 6CNGTU #WHNCIG .QPFQP 8+++ 5 OKV \CJNTGKEJGP #DD -WPUVNGFGT $GYGTVWPIUNKUVG XQO /CK DGKNKGIGPF

5KNXGT )WNFGP (TCPMHWTV CO /CKP 5 OKV \CJNTGKEJGP #DD -WPUVNGFGT

.CTIG 5K\G 5KNXGT %QKPU QH VJG 9QTNF VJ VQ VJ %GPVWTKGU #WHNCIG +QNC 5 OKV \CJNTGK EJGP #DD -WPUVNGFGT

&#8'02146 , 5 5¦0&'4)##4& 6 .CTIG 5K\G 5KNXGT %QKPU QH VJG 9QTNF #WHNCIG )CNGU DWTI 8+++ 5 OKV \CJNTGKEJGP #DD .GKPGP

&'/1.' ' . CEEQTF FG 5VCFVJCIGP .KRRG GV NC O¾FCKNNG HTCRR¾G C EGVVG QEECUKQP GP 5& CWU 504 5 OKV #DD 1TKI $TQUEJWT

&'0+%-' , &KG $TCMVGCVGP FGT /ÒP\UV·VVG $TCWPUEJYGKI 6GKNG $TCWPUEJYGKI 5 OKV \CJNTGKEJGP #DD +P GKPGO $CPF KP .GKPGP IGDWPFGP GKPG 5GKVG NQUG * 4'+6< 9GNHKUEJG $TCM VGCVGP 2HGPPKIRT·IWPIGP PCEJ NÒDKUEJGO /ÒP\HW­ CWU FGT <GKV *GKPTKEJU FGU .ÌYGP WPF UGKPGT 5ÌJPG -NGKPG *GHVG FGT /ÒP\UCOONWPI CP FGT 4WJT 7PKXGTUKV·V $QEJWO $QEJWO 5 OKV \CJNTGKEJGP #DD -CTVG HCTDKIG (CNVMCTVG 1TKI $TQUEJWT

&'6*.'(5 ) &CU /CTUDGTIGT /ÒP\YGUGP KO /KVVGNCNVGT <WT 9KTVUEJCHVU WPF 5Q\KCNIGUEJKEJVG GKPGT UÒFYGUVH·NKUEJGP 5VCFV WO /CTUDGTI 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

&'765%*' $70&'5$#0- *TUI $TCMVGCVGP FGT 5VCWHGT\GKV CWU FGT 5COONWPI FGT &GWVUEJGP $WPFGUDCPM $GTNKP Q , (CTDKIGU (TQPVKURK\ :::+++ 5 HCTDKIG #DD CWH 6HP WPRC IKPKGTVG 5 -CTVG &GWVUEJG 6CNGT XQP FGP #PH·PIGP FGT 6CNGTRT·IWPI DKU \WO &TGK­KIL·JTKIGP -TKGI CWU FGT 5COONWPI FGT &GWVUEJGP $WPFGUDCPM (TCPMHWTV CO /CKP Q , (CTDKIGU (TQPVKURK\ ::8++ 5 6HP (CTDMCTVG &GWVUEJG 6CNGT XQO &TGK­KIL·JTKIGP -TKGI DKU \WO 'PFG FGT 6CNGT RT·IWPI CWU FGT 5COONWPI FGT &GWVUEJGP $WPFGUDCPM (TCPMHWTV CO /CKP Q , (CTDKIGU (TQPVKURK\ :::+++ 5 6HP (CTDMCTVG .GKPGP

&+'2'0$#%* 9 )GNFYGUGP WPF /ÒP\RT·IWPI KP $KPIGP (TCPMHWTV CO /CKP 5 6HP ,QJCPP 5EJYGKEMJCTFV XQP -TQPDGTI 'T\DKUEJQH -WTHÒTUV XQP /CKP\ 'KP )GFGPMDNCVV WPF GKP $GKVTCI \WT /ÒP\IGUEJKEJVG 5& CWU /KVVGKNWPIGP HÒT /ÒP\UCOONGT 5 6H

*TUI &CU /CKP\GT /ÒP\MCDKPGVV $GKVT·IG \WT OKVVGNTJGKPKUEJGP /ÒP\ WPF 9CRRGP MWPFG (GUVUEJTKHV /CKP\ 5 OKV #DD HCTDKIG 9CRRGPVH WPF (CNVMCTVG NQUG KP $GKNCIG &GT TJGKPKUEJG /ÒP\XGTGKP 5& CWU # ( 0#22 <+00 / 122'0*'+/ *TUI -WNVWT WPF 9KTV UEJCHV KO TJGKPKUEJGP 4CWO (GUVUEJTKHV %JTKUVKCP 'EMGTV /CKP\ WPRCIKPKGTVG $N -NCRRVH -CTVG +P GKPGO $CPF KP .GKPGP IGDWPFGP

&1..+0)'4 ( &KG (ÒTUVGPDGTIKUEJGP /ÒP\GP WPF /GFCKNNGP &QPCWGUEJKPIGP 5 6HP .GKPGP

&14(/#00 $ &CU /ÒP\ WPF )GNFYGUGP FGU *GT\QIVWOU .CWGPDWTI WPF FKG /GFCKNNGP FGU *CWUGU 5CEJUGP .CWGPDWTI .ÒDGEM 5 6HP .GKPGP

&7& - $ &GU JQJGP FGWVUEJGP 4KVVGTQTFGPU /ÒP\ 5COONWPI KP 9KGP 9KGP :++ 5 6HP *CNDNGFGT OKV )QNFXGT\KGTWPIGP GVYCU DGUVQ­GP

&ª0+0) # ªDGTUKEJV ÒDGT FKG /ÒP\IGUEJKEJVG FGU MCKUGTNKEJGP HTGKGP YGNVNKEJGP 5VKHVU 3WGFNKPDWTI (GUVUEJTKHV \WT $GITÒ­WPI FGT :8+ 8GTUCOONWPI FGU *CPUKUEJGP )GUEJKEJVUXGTGKPU 3WGFNKPDWTI 5 6HP *CNDNGFGT GVYCU DGUVQ­GP

+O 8QTUCV\ JCPFUEJTKHVNKEJGT $GUKV\GTXGTOGTM 2CTCXKEKPK CWUTCFKGTV

&78' ) *KUVQT[ QH VJG 4GFGGOCDNG /WNVKRNG CPF /KPKPI 6CNGTU QH $TWPUYKEM .WPGDWTI ,QJCPPGU DWTI 5 OKV \CJNTGKEJGP #DD .GKPGP 0T XQP PWOGTKGTVGP 'ZGORNCTGP

)GUCOVCWHNCIG 'ZGORNCTG /KV 5KIPCVWT FGU 8GTHCUUGTU

100

&'765%*.#0&

'$0'4 , &KG /ÒP\UV·VVG 6KGPIGP KO -NGVVICW 5& CWU (TCPMHWTVGT /ÒP\DN·VVGT 5 6H / $.#5%*')) &KG (TGKJGTTGP XQP -TGPMKPIGP WPF KJTG /ÒP\UV·VVG 6KGPIGP 5& CWU #TEJKXWO *GTCN FKEWO 5 + :8++ )GJGHVGV

')./'+'4 0CDDWTI GKPG DC[GTKUEJG /ÒP\UV·VVG KO /KVVGNCNVGT 5& &KG /ÒP\UV·VVGP FGT 1DGT RHCN\ KO /KVVGNCNVGT KP &KG 1DGTRHCN\ 5 1TKI $TQUEJWT

'*4'0& * 5RG[GTGT /ÒP\IGUEJKEJVG /ÒP\GP /GFCKNNGP /CTMGP WPF $CPMPQVGP 5RG[GT 5 OKV \CJNTGKEJGP #DD -WPUVNGKPGP

'+%**140 * &GT 5VTWMVWTYCPFGN KO )GNFWONCWH (TCPMGPU \YKUEJGP WPF 'KP $GKVTCI \WT /GVJQFQNQIKG FGT )GNFIGUEJKEJVG 8KGTVGNLCJTUEJTKHV HÒT 5Q\KCN WPF 9KTVUEJCHVUIGUEJKEJVG $GKJGHV 9KGUDCFGP :8 5 1TKI $TQUEJWT

'.5#5 / , 7OTKUU GKPGT )GUEJKEJVG FGT 2TGKUG WPF .ÌJPG KP &GWVUEJNCPF XQO CWUIGJGPFGP /KVVGN CNVGT DKU \WO $GIKPP FGU PGWP\GJPVGP ,CJTJWPFGTVU $CPF $ 'TI·P\WPIUDCPF <WUCOOGPHCUUWPI WPF 5EJNW­HQNIGTWPIGP .GKFGP 8++ 5 .GKPGP

'.<' 6 &KG /ÒP\GP $GTPJCTFU )TCHGP XQP #PJCNV *GT\QIU XQP 5CEJUGP *GHVG $GTNKP 5 6HP 5 6HP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP GVYCU DGUVQ­GP

'//'4+) * &KG 4GIGPUDWTIGT /ÒP\GTJCWUIGPQUUGPUEJCHV KO WPF ,CJTJWPFGTV 5& CWU 8GTJCPFNWPIGP FGU *KUVQTKUEJGP 8GTGKPU HÒT 1DGTRHCN\ WPF 4GIGPUDWTI 5 1TKI $TQ UEJWT

&GT 4GIGPUDWTIGT 2HGPPKI &KG /ÒP\RT·IWPI KP 4GIGPUDWTI XQO ,CJTJWPFGTV DKU $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP 0GWG (QNIG $GTNKP 5 -CTVGP 6HP -CTVQPKGTV

'//'4+) * -1<+0195-+ 1 &KG /ÒP\GP WPF /GFCKNNGP FGT 4GIGPUDWTIGT $KUEJÌHG WPF FGU &QOMCRKVGNU UGKV FGO ,CJTJWPFGTV /ÒP\IGUEJKEJVG WPF 8CTKCPVGPMCVCNQI 5ÒFFGWVUEJG /ÒP\MCVC NQIG 5VWVVICTV 5 OKV \CJNTGKEJGP IGNGIGPVNKEJ HCTDKIGP #DD -CTVQPKGTV

'0)'.-' $ /ÒP\IGUEJKEJVG FGT 5VCFV *CPPQXGT 5& CWU *CPP )GUEJKEJVUDN 5 6HP 5CEJ WPF 9QTVTGIKUVGT \WT /ÒP\IGUEJKEJVG FGT 5VCFV *CPPQXGT 5& CWU *CPP )GUEJKEJVUDN 5 , 4 /#46+0 %CVCNQI WPF $GUEJTGKDWPI GKPGT #P\CJN /ÒP\GP FGT 5VCFV *CPPQXGT *CPPQXGT 5 +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP $KPFWP NQEMGT

*CPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI 2CTCXKEKPK KO 8QTUCV\

*GNOUVGFVGT /ÒP\IGUEJKEJVG 5& CWU <H0 5 6HP 1TKI $TQUEJWT

'4$56'+0 * # &GT /ÒP\HWPF XQP 6TGDKV\ DGK 9KVVGPDGTI 'KP $GKVTCI \WT )GUEJKEJVG FGU FGWV UEJGP /ÒP\YGUGPU KO WPF ,CJTJWPFGTV 0ÒTPDGTI 5 6HP .GKPGP

4270

'4$56'+0 , 4 WPF * # &KG /ÒP\ WPF /GFCKNNGP 5COONWPI FGU XGTUVQTDGPGP *GTTP &T LWT % -PQNN KP 0ÒTPDGTI $GJWHU ÌHHGPVNKEJGT \W 0ÒTPDGTI UVCVVHKPFGPFGT 8GTUVGKIGTWPI IGQTFPGV WPF DG UEJTKGDGP 0ÒTPDGTI 8++ 5 OKV 0TP .GKPGP OKV )QNFUEJPKVV WPF )QNFXGT\KGTWPIGP 2TCEJVXQNNGT 1TKI 'KPDCPF

*CPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI 2CTCXKEKPK KO 8QTUCV\

'4$56'+0 , &KG CPIGDNKEJGP 'UGPUGT 2HGPPKIG FGT )T·HKP 9CNDWTI XQP 4KVDGTI WPF KJTG YCJTG *GTMWPHV 'KP $GKVTCI \WT /ÒP\IGUEJKEJVG #PJCNVU &TGUFGP (TQPVKURK\ 5 1TKI $TQUEJWT

101

&'765%*.#0&

'4$56'+0 , WPF # &KG 5VCFV #FQTH KO ,CJTJWPFGTV 'KPG /ÒP\UV·VVG FGU 8QIVGU XQP 2NCWGP 5& 5 6H 1TKI $TQUEJWT

'TÌTVGTWPIGP CWH FGO )GDKGVG FGT U·EJUKUEJGP /ÒP\ WPF /GFCKNNGP )GUEJKEJVG DGK 8GT\GKEJPWPI FGT *QHTCVJ 'PIGNJCTFV UEJGP 5COONWPI &TGUFGP 5 OKV 0TP 6HP *CNDNGFGT VGKN YGKUG OKV DGKIGUEJTKGDGPGP 2TGKUGP

'TÌTVGTWPIGP CWH FGO )GDKGVG FGT U·EJUKUEJGP /ÒP\ WPF /GFCKNNGP )GUEJKEJVG 6GKN &TGUFGP 5 6HP 1TKI $TQUEJWT

&KG 4KVVGT XQP 5EJWNVJGUU 4GEJDGTI UEJG /ÒP\ WPF /GFCKNNGP 5COONWPI 6GKNG &TGUFGP :8+ 5 OKV 0TP 5 '. :+++ 5 5 '. +P GKPGO $CPF KP *CNDNGFGT OKV )QNFXGT\KGTWPIGP IGDWPFGP NGKEJV DGUVQ­GP

&KG 5EJGNNJCUU UEJG /ÒP\UCOONWPI UCOV \WIGJÌTKIGT $KDNKQVJGM &TGUFGP (TQPVKURK\ 5 OKV 0TP 5 '. *CNDNGFGT DGUVQ­GP

'4$56'+0 , 6 &GT $TCEVGCVGPHWPF \W 9QNMGPDGTI DGK 5RTGODGTI KP FGT 0KGFGTNCWUKV\ )ÌTNKV\ 5 6HP *CNDNGKPGP

'4.#0)'4 * , &KG 4GKEJUOÒP\UV·VVG KP 0ÒTPDGTI 0ÒTPDGTIGT (QTUEJWPIGP 0ÒTPDGTI 8 5 6HP 1TKI $TQUEJWT OKV 5EJWV\WOUEJNCI

'8'45 % ( /GEMNGPDWTIKUEJG /ÒP\ 8GTHCUUWPI DGUQPFGTU FKG )GUEJKEJVG FGTUGNDGP 6GKNG 5EJYGTKP ::++ 5 ::++ 5 *CNDNGFGT OKV 4QVUEJPKVV OKPKOCN DGUVQ­GP 'PVJ·NV KP $CPF GKP 8GT\GKEJPKU FGT $ÒEJGT WPF 5EJTKHVGP ÒDGT FKG /ÒP\IGUEJKEJVG /GEMNGPDWTIU 4QUVQEMU WPF 9KUOCTU UQYKG KP $CPF GKP 8GT\GKEJPKU FGT /GEMNGPDWTIGT 4QUVQEMGT WPF 9KUOCTGT /ÒP\GP +O 8QTUCV\ $GUKV\GTUKIPCVWT ( 6GEJGP 9KUOCT WPF $GUKV\GTCWHMNGDGT ,QJCPPGU 5EJPGKFGT ,WYGNKGT *CODWTI )CTUVGFV UQYKG GKPG GKIGPJ·PFKIG 5KIPCVWT %JTKUVKCP .WFYKI XQP /GEMNGPDWTI *GT\QI \W /GEMNGPDWTI NGV\VGT *GT\QI UGKPGT .KPKG

':6'4 ( 2H·N\KUEJG /ÒP\GP WPF /GFCKNNGP /ÒPEJGP +: 5 -NCRRVHP .GKPGP

(CMUKOKNGCWUICDG PCEJ (TKGFTKEJ 'ZVGTU *CPFGZGORNCT \W UGKPGO 8GTUWEJ GKPGT 5COONWPI XQP 2H·N\KUEJGP /GFCKNNGP 5EJCW )GF·EJVPKU WPF CNNGTNG[ CPFGTGP /ÒPV\GP CNU )QNF )WNFGP &WECVGP 6JCNGT GVE = ? <YGKDTÒEMGP

('.-' ) &KG /ÒP\GP FGT *GT\ÌIG XQP 5KOOGTP 5EJTKHVGPTGKJG FGU *WPUTÒEM /WUGWOU 5KO OGTP 5 OKV \CJNTGKEJGP #DD <9'+$4ª%-'4 #4$'+65)'/'+05%*#(6 *TUI /ÒP \GT KP /GKUGPJGKO WPF <YGKDTÒEMGP ,CJTJWPFGTV <YGKDTÒEMGP + (4'5' - -1..0+) /GFCKNNGP RH·N\KUEJGT -WTHÒTUVGP KP *GKFGNDGTI *GKFGNDGTI UQYKG XGTUEJKGFGPG 5EJTKHVGP FGT 0WOKUOCVKUEJGP )GUGNNUEJCHV 5RG[GT

&KG )QNFRT·IWPIGP FGT TJGKPKUEJGP -WTHÒTUVGP /CKP\ 6TKGT -ÌNP 2HCN\ -ÌNP :8 5 OKV \CJNTGKEJGP (CTDCDD .GKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU 5GJT IGGJTVG (C /ÒP\GP W /GFCKNNGP #) 'TNCWDGP 5KG OKT +JPGP RGTUÌPNKEJ OKV GKPGO 'ZGORNCT OGKPGU NGV\VGP $WEJGU &CPMG \W UCIGP HÒT FKG ªDGTUGPFWPI +JTGT -CVCNQIG= ? *GTT %CJP JCV OKT XQT ,CJTGP GORHQJNGP OKV FKGUGT #TDGKV \W DGIKPPGP 'KPGP )TW­ CP *GTTP %CJP +JT )ÒPVGT (GNMG KO /·T\

(+#.# ' /ÒP\GP WPF /GFCKNNGP FGT 9GNHKUEJGP .CPFG 6GKN 2T·IWPIGP FGT <GKV FGT .KWFQNHKPIGT $TWPQPGP 1VVQPGP $KNNKPIGT 5WRRNKPIGPDWTIGT GVE 2TCI 5 6HP 6GKN &KG 9GNHGP KP FGP 5CEJUGPNCPFGP &CU CNVG *CWU .ÒPGDWTI 2T·IWPIGP FGT $WTIWPFKGT FGT 9GNHGP KP $C[GTP +VCNKGP GVE 2TCI 5 6HP 6GKN &CU CNVG *CWU $TCWPUEJYGKI .KPKG \W )TWDGPJCIGP /KVVGN DTCWPUEJYGKI /KVVGNNÒPGDWTI 2TCI 5 6HP 6GKN &CU OKVVNGTG *CWU $TCWP UEJYGKI .KPKG \W 9QNHGPDÒVVGN 2TCI 5 6HP 6GKN &CU OKVVNGTG *CWU $TCWPUEJYGKI .KPKG \W %CNGPDGTI 2TCI 5 6HP 6GKN &CU PGWG *CWU $TCWPUEJYGKI \W 9QNHGPDÒVVGN 2TCI 5 6HP 6GKN &CU PGWG *CWU $TCWPUEJYGKI \W 9QNHGPDÒVVGN ++ $GXGTP 2TCI 5 6HP 6GKN &CU PGWG *CWU .ÒPGDWTI %GNNG \W *CPPQXGT + 2TCI 5 6HP 6GKN &CU PGWG *CWU .ÒPGDWTI %GNNG \W *CPPQXGT ++ 2TCI 5 6HP 6GKN &CU PGWG *CWU \W *CPPQXGT +++ 2TCI 5 6HP 6GKN &CU PGWG *CWU .ÒPGDWTI \W 'PI NCPF )TQ­DTKVCPPKGP 2TCI 5 6HP 5GJT UCWDGT IGDWPFGPGU OQFGTPGU *CNDNGKPGP #NNG GTUEJKGPGPGP 6GKNG FGU KOOGT PQEJ YKEJVKIUVGP 9GTMGU \W /ÒP\GP WPF /GFCKNNGP FGT YGNHKUEJGP .CPFG 0KGOCNU GTUEJKGPGP KUV FCIGIGP FGT KP FKGUGT #WMVKQP GDGPHCNNU CPIGDQVGPG $CPF &KG 2T·IWPIGP FGT OÒP\DGTGEJVKIVGP )GKUVNKEJMGKV FGT 9GNHKUEJGP .CPFG

/ÒP\GP WPF /GFCKNNGP FGT 9GNHKUEJGP .CPFG 6GKN &KG 2T·IWPIGP FGT OÒP\DGTGEJVKIVGP )GKUVNKEJMGKV FGT 9GNHKUEJGP .CPFG .GKR\KI 9KGP /GJTGTG $N 5 *CNDNGKPGP

&KGUGT 6GKN FGT /ÒP\GP WPF /GFCKNNGP FGT 9GNHKUEJGP .CPFG KUV PWT KP YGPKIGP 2TQDGFTWEMGP JGTIGUVGNNV YQTFGP

102

(+5%*'4 & 2 9 &KG )GRT·IG FGU ,QUGH 9KNF 0ÒTPDGTIGT )QNFUEJOKGF ,WYGNKGT 0ÒTPDGTI 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

&'765%*.#0&

(+5%*'4 ' &KG /ÒP\GP FGU *CWUGU 5EJYCT\DWTI 'KP $GKVTCI \WT .CPFGUIGUEJKEJVG FGT (ÒTUVGPVÒ OGT 5EJYCT\DWTI 5QPFGTUJCWUGP WPF 5EJYCT\DWTI 4WFQNUVCFV *GKFGNDGTI 5 6HP *CNDNGFGT DGUVQ­GP

(1456'4 # XQP &KG 'T\GWIPKUUG FGT 5VGORGNUEJPGKFGMWPUV KP #WIUDWTI WPF 2J * /ÒNNGT U PCEJ OGKPGT 5COONWPI DGUEJTKGDGP WPF FKG #WIUDWTIGT 5VCFVOÒP\GP .GKR\KI 5 0CEJVTCI .GKR\KI 5 +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP ) 9'40'4 #WIUDWTIGT )QNFRT·IWPIGP #WIUDWTI 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD 1TKI $TQUEJWT

(1456'4 # 5%*/+& 4 &KG /ÒP\GP FGT HTGKGP 4GKEJUUVCFV #WIUDWTI XQP GTNCPIVGO /ÒP\TGEJV

CP DKU \WO 8GTNWUVG FGT 4GKEJUHTGKJGKV #WIUDWTI 5 6HP *CNDNGFGT 4ÒEMGP OKPKOCN DGUEJ·FKIV

(4'&' . )GNF WPF /ÒP\YGUGP KO *GT\QIVWO 5CEJUGP ,GPC <GKVUEJTKHV FGU 8GTGKPU HÒT 6JÒTKPIK UEJG )GUEJKEJVG $GKJGHV ,GPC : 5 6HP 1TKI $TQUEJWT WPCWHIGUEJPKVVGP

(4+'& 6 &KG /GFCKNNG -WPUVYGTM WPF 'TKPPGTWPI -QOOGPVKGTVGT -CVCNQI \W $GUV·PFGP FGU 5EJYG TKPGT /ÒP\MCDKPGVVU 5EJYGTKP 5 FCXQP 6HP -CTVQPKGTV

(4+'&'05$74) ( 5EJNGUKGPU /ÒP\GP WPF /ÒP\YGUGP XQT FGO ,CJTG $GTNKP 5 6HP .GKPGP

5EJNGUKGPU /ÒP\IGUEJKEJVG KO /KVVGNCNVGT 6GKNG $TGUNCW 5 8+++ 5 6HP *CNDNGFGT

&KG 5[ODQNKM FGT /KVVGNCNVGTOÒP\GP 6GKN &KG GKPHCEJUVGP 5KPPDKNFGT $GTNKP : 5 1TKI $TQUEJWT

&KG UEJNGUKUEJGP /ÒP\GP FGU /KVVGNCNVGTU $TGUNCW +++ 5 6HP (QNKQ .GKPGP

(4+'&'05$74) ( 5')'4 * 5EJNGUKGPU /ÒP\GP WPF /GFCKNNGP FGT PGWGTGP <GKV $TGUNCW 8++ 5 6HP (QNKQ .GKPGP

(4+'&'4+%* - &KG /ÒP\GP WPF /GFCKNNGP FGU *CWUGU 5VQNDGTI WPF FKG )GUEJKEJVG UGKPGU /ÒP\ YGUGPU &TGUFGP 5 6HP .GKPGP

'KP $GKVTCI \WT )GUEJKEJVG FGU -QPVGTOCTMGPYGUGPU 5& CWU ,CJTDWEJ FGU PWOKUOCVKUEJGP 8GTGKPU \W &TGUFGP 5 6HP .GKPGP 6HP VGKNU NQEMGT

(4+'&. * &KG /ÒP\GP FGT .CPFITCHGP XQP .GWEJVGPDGTI WPF )TCHGP XQP *CNU /ÒP\IGUEJKEJVG WPF -CVCNQI 4GIGPUVCWH 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

(4+'&. 0&'4 , &GT (WPF XQP 1DT[EMQ 5KNDGTOÒP\GP CWU FGO EJTKUVNKEJGP ,CJTJWPFGTV $GTNKP 5 6HP &GT /ÒP\HWPF XQP #NVJÌHEJGP 5& CWU /ÒP\UVWFKGP 5 6H &GT /ÒP\HWPF XQP 2CTGV\ 5 &GT (WPF XQP 9KV\OKV\ 5 7PG FKGTVG /KVVGNCNVGTOÒP\GP -ÌPKI -QPTCF FGT (TKGFHGTVKIG XQP $WTIWPF KP $CUGN 5 <YGK &GPCTHWPFG CWU FGO : DKU :+ ,CJTJWPFGTV =1NQDQM WPF (TCPMGPUVGKP? 5& CWU <H0 5 0 $#7'4 0CEJVT·IG \W FGP TWUUKUEJGP (WPFGP CDGPFN·PFKUEJGT /ÒP\GP FGU WPF ,CJTJWP FGTVU 5& CWU <H0 5 6H =OKV 9KFOWPI FGU 8GTHCUUGTU? % # *1./$1' $TÌJQNVHWPFGV /[PVGT HTC FG QI VG #CTJWPFTGFG 5& CWU 8KFGPUM 5GNUM (QTJCPFNKPIGT 5 6HP # 9 $4¤))'4 &GWVUEJG /ÒP\GP CWU FGO :+ ,CJTJWPFGTV KP FGO /ÒP\HWPFG XQP 4[H[NMG 0QTYGIGP 5& CWU $GTNKPGT /ÒP\DN·VVGT 5 , /'0#&+'4 &GT /ÒP\UEJCV\ FGT 5V /KEJCGNKUMKTEJG \W (WNFC 0CEJVTCI 5& CWU <H0 5 4 )#'66'05 &GT (WPF XQP (TCPMGPDCEJ DGK *GKNDTQPP 'KP $GKVTCI \WT /ÒP\IGUEJKEJVG 5RGKGTU KO ,CJTJWPFGTV 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 5 2 ,15'2* &GT &GPCTHWPF XQP -NGKP #WJGKO 5 ' $#*4('.&6 $GKVT·IG \W FGP FGWVUEJGP /ÒP\GP FGT U·EJUKUEJGP WPF HT·PMKUEJGP -CKUGT\GKV $GTNKP 5 6HP =$GUKV\GTUVGORGN 0WOKUOCV 8GTGKP \W &TGUFGP IGIT ' 8 ? *GHV $GT NKP 5 =INGKEJGT $GUKV\GTUVGORGN? ')./'+'4 0CDDWTI GKPG DC[GTKUEJG /ÒP\UV·VVG KO /KV VGNCNVGT 5& CWU 8GTJCPFNWPIGP FGU JKUVQTKUEJGP 8GTGKPGU HÒT 1DGTRHCN\ WPF 4GIGPUDWTI 5 3 2'4+0+ .G OQPGVG FK $GTGPICTKQ ++ F +XTGC TG F +VCNKC G FK 1VVQPG + KORGTCVQTG EQPKCVG C 8GTQPC 4QXGTVQ 5 # &' 9+66' 6TQKU FGPKGTU XCTK¾U FG )KUNGDGTV FWE FG .QVJCTKPIKG 5& CWU #PPWCKTG FG NC 5QEK¾V¾ FG 0WOKUOCVKSWG 5 =OKV 9KFOWPI FGU 8GTHCUUGTU? . &'%156'4 6TQWXCKNNG FG OQPPCKGU FW QP\K½OG UK½ENG 5& CWU 4$0 5 6HP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP 4ÒEMGP WPVGT 6GUCHKNO OKV FGO 6KVGN 5COOGNDCPF U·EJUKUEJ UCNK UEJG -CKUGT\GKV ++ DGMNGDV

(7%*5 9 (TCPMHWTVGT 4CTKV·VGP -ÌNP &KG KP (TCPMHWTV CO /CKP IGRT·IVGP 6CNGT .WFYKIU ++ XQP 5VQNDGTI -ÌPKIUVGKP 5& CWU )0 ) (¤45%*0'4 (TCPMHWTVGT -TÌPWPIU OGFCKNNGP /GNUWPIGP FC\W \YGK YGKVGTG 5EJTKHVGP \WT (TCPMHWTVGT 0WOKUOCVKM 7PVGTUEJKGFNKEJG $KPFWPI

)#'&'%*'05 1 % *CODWTIKUEJG /ÒP\GP WPF /GFCKNNGP #DVGKNWPI *CODWTI 8+++ 5 +8 5 5 LGYGKNU OKV #DD *CNDNGFGT DGUVQ­GP YGPKIG 5GKVGP XQP $CPF NQUG

103

&'765%*.#0&

)#'66'05 4 &GT (WPF XQP .WFYKU\E\G 'KP 5EJCV\ FGWVUEJGT WPF UMCPFKPCXKUEJGT &GPCTG FGU :+ ,CJTJWPFGTVU *CNNG CP FGT 5CCNG 5 6HP -NCRRMCTVG .GKPGP 5EJOCWEJURWTGP CWH GKPK IGP 5GKVGP WPF 6HP

&KG /ÒP\GP FGT )TCHUEJCHV .ÒEJQY <WINGKEJ GKP $GKVTCI \WT /ÒP\IGUEJKEJVG FGT /CTMITCHUEJCHV $TCPFGPDWTI FGU 'T\DKUVWOU /CIFGDWTI WPF FGT $TCWPUEJYGKI .ÒPGDWTIGT .CPFG *CNNG CP FGT 5CCNG 8++ 5 6HP -NCRRMCTVG .GKPGP

/KV 9KFOWPI CP *GTTP &KTGMVQT 2TQH &T /CZ $GTPJCTV OKV HTGWPFNKEJGP )TÒUUGP ÒDGTTGKEJV XQO 8GTHCUUGT *CNNG C F 5 F +

&GT 2HGPPKIHWPF XQP 2TCVCW 'KP $GKVTCI \WT /ÒP\IGUEJKEJVG FGU *GT\QIWOU 5CEJUGP 9KVVGPDGTI FGU 1UVJCT\GU WPF FGT /CTMITCHUEJCHV $TCPFGPDWTI HÒT FKG <GKV XQP OKV WTMWPFNKEJGP 0CEJTKEJ VGP ÒDGT FKG (COKNKGP *Q[O (TKGUCEM 2NQVJQ *CNNG CP FGT 5CCNG 5 6HP (CNVMCTVG .GKPGP 5EJOCWEJURWTGP CWH GKPKIGP 5GKVGP WPF CWH 6H

&CU )GNF WPF /ÒP\YGUGP FGT #DVGK (WNFC KO *QEJOKVVGNCNVGT WPVGT #WUYGTVWPI FGT /ÒP\GP CNU 3WGN NGP FGT )GUEJKEJVG WPF -WPUVIGUEJKEJVG FGT 9KTVUEJCHVUIGUEJKEJVG WPF FGU 5VCCVUTGEJVU (WNFC 5 6HP -NCRRMCTVGP .GKPGP ' 0#7 -TKVKUEJG $GOGTMWPIGP \W 4KEJCTF )CGVVGPU (WNFCGT /ÒP\IGUEJKEJVG 5& CWU *GUUKUEJGU ,CJTDWEJ HÒT .CPFGUIGUEJKEJVG 5 =OKV 9KF OWPI FGT 8GTHCUUGTKP? )GJGHVGV

#WMVKQP .GW %Q #) # *GUU /ÒP\GP FGT *QJGPUVCWHGP\GKV 5COONWPI GKPGU )GNGJTVGP =4KEJCTF )CGVVGPU UGP ? 6GKNG <ÒTKEJ .W\GTP 5 OKV 0TP 6HP 8++ 5 OKV 0TP 6HP .GKPGP $KPFWPI GVYCU NQEMGT /KV DGKIGUEJTKGDGPGP 2TGK UGP WPF -·WHGTP

$GUKV\GTUVGORGN $CPM .GW %Q #) 0WOKUOCVKUEJG #DVGKNWPI $CJPJQHUVTC­G <ÒTKEJ

)#.56'4 ) &GT $ÒPUVQTHHGT $TCMVGCVGPHWPF 5& CWU $GTNKPGT /ÒP\DN·VVGT 0 ( 5 6HP .GKPGP

)'$'46 % ( &KG /ÒP\GP WPF /GFCKNNGP FGT )TCHGP XQP 5WN\ 0ÒTPDGTI 5 6H $NKPF IGRT·IVGU .GKPGP

&KG $TCPFGPDWTI (T·PMKUEJGP -KRRGTOÒP\UV·VVGP /KV = ? GKPGO #PJCPI &GT #WUIGD 6JGKN FGU EWNODCEJGT 5EJNGIUEJCV\DWEJGU 0ÒTPDGTI 5 OKV GKPKIGP #DD *CNDNGKPGP 0QVK\GP WPF 7PVGTUVTGKEJWPIGP KO 6GZV

$GUKV\GTUVGORGN ) * .QEMPGT 9ÒT\DWTI

&KG /CTMGP WPF <GKEJGP 0ÒTPDGTIU 0ÒTPDGTI 5 6HP *CNDNGFGT &KG /CTMGP WPF <GKEJGP 0ÒTPDGTIU 0ÒTPDGTI 5 6HP *CNDNGKPGP

)'$*#46 * &KG /ÒP\GP WPF /GFCKNNGP FGT 5VCFV &QPCWYÌTVJ /ÒP\UVWFKGP *CNNG CP FGT 5CCNG 5 6HP .GKPGP

&KG /ÒP\IGUEJKEJVG FGU 5VKHVGU -GORVGP 5& CWU /$0) 5 6HP .GKPGP

)'+5$'4) / &KG /ÒPUVGTUEJGP 9KGFGTV·WHGT WPF #NFGITGXGT 'KPG KMQPQITCRJKUEJG WPF PWOKUOC VKUEJG 5VWFKG 5VWFKGP \WT FGWVUEJGP -WPUVIGUEJKEJVG 5VTC­DWTI 8+++ 5 6HP *CNDNGK PGP MWT\GT 6GUCHKNOUVTGKHGP CWH FGO 'KPDCPF

)+'5'0 - &KG /ÒP\GP XQP &KGRJQN\ )GNF WPF /ÒP\IGUEJKEJVG )GRT·IGMCVCNQI 1UPCDTÒEM 5 OKV \CJNTGKEJGP #DD .GKPGP

)¤6< ' &KG /ÒP\RT·IWPI FGT 1DGTRHCN\ )GUEJKEJVG WPF -CVCNQI 0ÒTPDGTI 5 OKV \CJN TGKEJGP #DD (CVNVHP DGKIGNGIV

)4#$# XQP &GT $TCEVGCVGPHWPF XQP $ÌOGP\KGP 5V /CWTKVKWU QFGT &KQP[UKWU 5& CWU ,CJTGU DGTKEJV FGU #NVO·TMKUEJGP )GUEJKEJVU 8GTGKPU 5 6H *CNDNGKPGP

$GUKV\GTUVGORGN &CXKF / $WNNQYC KO 8QTUCV\

$GUKV\GTUVGORGN 4KEJ )TCDPGT 4GKEJGPDCEJ K 8 KO 8QTUCV\

)4#55'4 9 /ÒP\ WPF )GNFIGUEJKEJVG XQP %QDWTI (TCPMHWTV CO /CKP 5 OKV \CJNTGKEJGP #DD .GKPGP

)4+// ' /ÒP\GP WPF /GFCKNNGP FGT 5VCFV 9KUOCT $GTNKP 5 *CNDNGKPGP )41$' . &KG /ÒP\GP FGU *GT\QIVWOU 5CEJUGP /GKPKPIGP /GKPKPIGP 5 6HP .GKPGP

)416' * &KG /ÒPUVGTUEJGP /ÒP\GP FGU /KVVGNCNVGTU 5& CWU /ÒP\UVWFKGP $CPF .GKR\KI 5 6HP *CNDNGKPGP GKPKIG 6HP YCUUGTTCPFKI

'Z NKDTKU ( #TVJWT -QGPKI

104

)416' * *TUI /ÒP\UVWFKGP $·PFG .GKR\KI $·PFG KP *CNDNGFGT $CPF KP *CNDNGKPGP IGDWPFGP

&'765%*.#0&

)416' * *¤.<'4/#00 . .KRRKUEJG )GNF WPF /ÒP\IGUEJKEJVG 5& CWU /ÒP\UVWFKGP .GKR\KI 8+ 6HP *CNDNGFGT -CVCNQIVGKNG FWTEJUEJQUUGP OKV \CJNTGKEJGP GKPIGMNGD VGP #DD

'Z NKDTKU 'TKEJ *GTDGTV )TQGPGITGUU /KPFGP 9GUVH 2TQVKPWU UWTUWO

*##5 4 &KG 2T·IWPIGP FGT /CPPJGKOGT /ÒP\UV·VVGP EC (QTUEJWPIGP \WT )GUEJKEJVG /CPPJGKOU WPF FGT 2HCN\ 0GWG (QNIG /CPPJGKO 9KGP <ÒTKEJ 5 OKV \CJNTGKEJGP #DD .GKPGP FWTEJIGJGPFGT MNGKPGT (NGEM CWH FGP GTUVGP 5GKVGP

* $'4.' # 7NOGT /ÒP\ WPF )GNFIGUEJKEJVG FGU /KVVGNCNVGTU 7NOGT 5EJTKHVGP \WT -WPUVIGUEJKEJVG 7NO 5 6HP 7NOGT /ÒP\ WPF )GNFIGUEJKEJVG FGU :8+ :+: ,CJTJWPFGTVU 7N OGT 5EJTKHVGP \WT -WPUVIGUEJKEJVG 7NO 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP GKPKIG 0QVK\GP CWH \YGK 6HP

*#'46.' % / &KG /ÒP\GP WPF /GFCKNNGP FGU 5VKHVGU WPF FGT 5VCFV -GORVGP $GUVCPFU 6[RGP WPF 8CTKCPVGPMCVCNQI FGU #NNI·WGT *GKOCVOWUGWOU -GORVGP /WUGWO HÒT -WPUV WPF -WNVWTIGUEJKEJVG -GORVGP 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

* 8'40+%- 9 &GT -ÌNPGT 2HGPPKI KO WPF ,CJTJWPFGTV 2GTKQFG FGT VGTTKVQTKCNGP 2HGPPKI OÒP\G 8KGTVGNLCJTUEJTKHV HÒT 5Q\KCN WPF 9KTVUEJCHVUIGUEJKEJVG $GKJGHV 5VWVVICTV 8++ 5 -CTVGP $GKNKGIGPF 4G\GPUKQP XQP # 57*.' KP <H0 5

&KG /ÒP\GP XQP -ÌNP &KG MÌPKINKEJGP WPF GT\DKUEJÌHNKEJGP 2T·IWPIGP FGT /ÒP\UV·VVG -ÌNP UQYKG FKG 2T·IWPIGP FGT /ÒP\UV·VVGP FGU 'T\UVKHVU -ÌNP 8QO $GIKPP FGT 2T·IWPI DKU &KG /ÒP\GP WPF /GFCKNNGP XQP -ÌNP -ÌNP :+: 5 -CTVGP 6HP .GKPGP 6KVGNDN·VVGT KP (QVQMQRKGP

0CEJVT·IG WPF $GTKEJVKIWPIGP UKGJG .ª%-)'4 * , -CVCNQI 0T

&CU ·NVGTG /ÒP\YGUGP FGT 9GVVGTCW DKU \WO #WUICPI FGU ,CJTJWPFGTVU 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP HÒT *GUUGP WPF 9CNFGEM /CTDWTI CP FGT .CJP : 5 (CNV MCTVG 6HP *CNDNGKPGP 6HP GVYCU NQEMGT

&KG OKVVGNCNVGTNKEJGP /ÒP\HWPFG KP 6JÒTKPIGP 8GTÌHHGPVNKEJWPIGP FGT 6JÒTKPIKUEJGP *KUVQTKUEJGP -QOOKUUKQP $·PFG ,GPC 5 6HP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP

*#*0 9 /QPGVC 4CFCURQPGPUKU $C[GTPU /ÒP\RT·IWPI KO WPF ,CJTJWPFGTV $TCWP UEJYGKI 5 6HP .GKPGP $KPFWPI GVYCU NQEMGT

*#*0 9 4 1 6[RGPMCVCNQI FGT /ÒP\GP FGT DC[GTKUEJGP *GT\ÌIG WPF -WTHÒTUVGP $TCWPUEJYGKI 5 6HP .GKPGP

*#//'4+%* * &KG FGWVUEJGP 4GKEJUOÒP\GP 'KP *CPFDWEJ CNNGT XQP UVCVVIGJCDVGP #WURT·IWPIGP OKV GKPGO #PJCPI ÒDGT FKG CWH FGWVUEJGP /ÒP\UV·VVGP HÒT 4GEJPWPI HTGOFGT 5VCCVGP JGTIGUVGNNVGP /ÒP\UQTVGP UQYKG FGT GKPUEJN·IKIGP )GUGV\G 8GTQTFPWPIGP RR $GTNKP 5 .GKPGP 0CEJVTCI + GPVJCNVGPF FKG 2T·IWPIGP WPF )GUGV\G GVE FGT ,CJTG WPF UQYKG 'TI·P\WPIGP $GTKEJVKIWPIGP $GUEJTGKDWPI FGT 2TQDGOÒP\GP GVE $GTNKP 5 )GJGHVGV

*CPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI 2CTCXKEKPK KO 8QTUCV\

*#456'4 9 8GTUWEJ GKPGT 5RGKGTGT /ÒP\IGUEJKEJVG /KVVJGKNWPIGP FGU *KUVQTKUEJGP 8GTGKPU FGT 2HCN\ 5RG[GT +8 5 6HP .GKPGP

*#6< ) &KG #PH·PIG FGU /ÒP\YGUGPU KP *QNUVGKP &KG 2T·IWPIGP FGT )TCHGP XQP 5EJCWGPDWTI DKU 05V *CODWTI :8+++ 5 -CTVGP 6HP .GKPGP 6H NQUG

*CPFGN WPF 8GTMGJT \YKUEJGP FGO &GWVUEJGP 4GKEJ WPF 5EJYGFGP KP FGT UR·VGP 9KMKPIGT\GKV &KG FGWVUEJGP /ÒP\GP FGU WPF ,CJTJWPFGTVU KP 5EJYGFGP .WPF 5 FCXQP 6CDGNNGP -CTVGP &KCITCOOG WPF 6HP *CNDNGFGT

*#6< ) W C 1VVQ #FGNJGKF 2HGPPKIG 7PVGTUWEJWPIGP \W /ÒP\GP FGU ,CJTJWPFGTVU %QO OGPVCVKQPGU FG PWOOKU UCGEWNQTWO +: :+ KP 5WGEKC TGRGTVKU 0QXC 5GTKGU 5VQEMJQNO 5 OKV \CJNTGKEJGP 6HP .GKPGP OKV 5EJWV\WOUEJNCI

*#6< ) 2'40+%-# ' &GT /ÒP\HWPF XQO )QVKPI -NKHH (ÌJT 05V 4GIGPUVCWH 5 FCXQP 6HP -CTVQPKGTV

*#726 9 1DGTNCWUKV\GT /ÒP\HWPFG FGU DKU ,CJTJWPFGTVU #TDGKVU WPF (QTUEJWPIUDGTKEJVG \WT U·EJUKUEJGP $QFGPFGPMOCNRHNGIG $GKJGHV .GKR\KI 5 DGKNKGIGPF -CTVGP .GKPGP

5·EJUKUEJG /ÒP\MWPFG #TDGKVU WPF (QTUEJWPIUDGTKEJVG \WT U·EJUKUEJGP $QFGPFGPMOCNRHNGIG $GKJGHV $·PFG $GTNKP 5 6HP .GKPGP ) -47) /GKUUPKUEJG VJÒTKPIKUEJG 9·JTWPIURQ NKVKM DKU 5& CWU #TDGKVU WPF (QTUEJWPIUDGTKEJVG \WT U·EJUKUEJGP $QFGPFGPMOCNRHNGIG

5 -CTVQPKGTV

105

&'765%*.#0&

*'%-. , &CU )GNFYGUGP #PJCNVU WPVGT $GTÒEMUKEJVKIWPI FGT 5VCCVUUEJWNFGP DKU 05V 4GIGPUVCWH 5 -CTVQPKGTV

*'..'4 , &KG DCODGTIKUEJGP /ÒP\GP EJTQPQNQIKUEJ IGQTFPGV WPF DGUEJTKGDGP $CODGTI :8+++ 5 -CTVQPKGTV GVYCU DGUVQ­GP

'Z NKDTKU KO 8QTUCV\

*'./5%*4166 - WPF 4 9ÒT\DWTIGT /ÒP\GP WPF /GFCKNNGP XQP -NGKPTKPFGTHGNF 5 OKV \CJNTGKEJGP #DD 4 '*9#.& &KG /KVVGNCNVGTOÒP\GP XQP 9ÒT\DWTI 0QTFJGKO 5 OKV \CJNTGKEJGP #DD * '+%**140 &KG 5EJKNNKPIRT·IWPI WPVGT FGO 9ÒT\ DWTIGT (ÒTUVDKUEJQH 2JKNKRR #FQNH XQP 'JTGPDGTI 5& CWU ,0) * , -'..0'4 &GT (WPF XQP 3WGEMDTQPP 5& CWU ,0) .GKPGP WPF MCTVQPKGTV LG Z UQPUV IGJGHVGV

*'4<('.&'4 * &KG 4GKEJUOÒP\UV·VVGP 0ÌTFNKPIGP WPF #WIUDWTI WPVGT FGP *·WUGTP 9GKPUDGTI WPF -ÌPKIUVGKP 5& CWU /$0) 5 .GKPGP $KPFWPI GVYCU NQEMGT

*'55 9 (TKV\NCTU /ÒP\YGUGP KO /KVVGNCNVGT 5 6HP KP (TKV\NCT KO /KVVGNCNVGT (GUVUEJTKHV \WT ,CJTHGKGT (TKV\NCT 5 6HP -CTVGPDGKNCIGP

,CJTG /ÒP\GP WPF )GNF KP *GUUGP #WUUVGNNWPI \WO *GUUGPVCI /CTDWTI CP FGT .CJP 5 6HP &GT /CTDWTIGT 2HGPPKI 5& CWU *GUUKUEJGU ,CJTDWEJ HÒT .CPFGUIG UEJKEJVG 5 -NCRRMCTVG $GTKEJV ÒDGT FGP 2HGPPKIHWPF XQP .CPIGPUGNDQNF 5& CWU *CPCWGT )GUEJKEJVUDN·VVGT 5 6HP &CU TJGKPKUEJG /ÒP\YGUGP KO ,CJTJWP FGTV WPF FKG 'PVUVGJWPI FGU -WTTJGKPKUEJGP /ÒP\XGTGKPU 5& CWU * 2#6<' *TUI &GT FGWVUEJG 6GTTKVQTKCNUVCCV KO ,CJTJWPFGTV 8QTVT·IG WPF (QTUEJWPIGP 5KIOCTKPIGP 5 6HP -CTVGP 'UEJYGIGT $TCMVGCVGP 5& CWU *GUUKUEJG *GKOCV 5 /ÒP\ HWPFG CWU *GUUGP KO 5RKGIGN FGU )GNFWONCWHU 'KP #TDGKVUDGTKEJV 5& CWU *GUUKUEJGU ,CJTDWEJ HÒT .CPFGUIGUEJKEJVG 5 6HP &GT #N\G[GT /ÒP\UEJCV\ XQP 5& CWU #N \G[GT )GUEJKEJVUDN·VVGT 5 FCXQP OGJTGTG 6HP 0 *'55 )QNFIWNFGP W 6WTPQUGP HWPF KP +FUVGKP 5& CWU /KVVGKNWPIGP HÒT /ÒP\UCOONGT WPRCIKPKGTVG $N 6H /ÒP\HWPFDGTKEJV FGU *GUUKUEJGP .CPFGUCOVGU HÒT IGUEJKEJVNKEJG .CPFGUMWPFG /CTDWTI 0T DKU GTUVG *·NHVG 5& CWU (WPFDGTKEJVG CWU *GUUGP 5 OKV #DD (WPFEJTQPKM FGU .CPFGUCTEJ·QNQIGP XQP *GUUGP HÒT FKG ,CJTG WPF 5& CWU (WPFDGTKEJVG CWU *GUUGP 5 +P \YGK $·PFGP KP *CNDNGFGT WPF .GKPGP IGDWPFGP

8KGNHCEJ OKV 9KFOWPI FGU 8GTHCUUGTU

*'55'0 # 2TKP\ XQP *GUUKUEJGU /ÒP\ECDKPGV FGU 2TKP\GP #NGZCPFGT XQP *GUUGP &CTOUVCFV 8++ 5 0CEJVTCI + &CTOUVCFV 8++ 5 0CEJVTCI ++ &CTOUVCFV 8+ 5 +P \YGK $·PFGP KP *CNDNGFGT OKV )QNFXGT\KGTWPIGP IGDWPFGP

*'55'0 2TKP\ # XQP /CKP\KUEJGU /ÒP\ECDKPGV &CTOUVCFV 8++ 5 .GKPGP

*'75 & /ÒP\YGUGP WPF /ÒP\GP FGT )TCHUEJCHV *GPPGDGTI XQP FGP #PH·PIGP DKU \WO 'TNÌUEJGP FGU IT·HNKEJGP *CWUGU .GKR\KI (TQPVKURK\ 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD .GK PGP

*'75'4 ' &KG FTKVVG WPF XKGTVG $GNCIGTWPI .CPFCWU KO URCPKUEJGP 'TDHQNIGMTKGI WPF .CPFCW (TQPVKURK\ 5 6HP

'PVJ·NV GKPGP PWOKUOCVKUEJGP #PJCPI /GFCKNNGP CWH FKG -CRKVWNCVKQP XQP .CPFCW WPF &KG $GNCIGTWPIUOÒP\GP FGU 2TKP\GP -CTN #NGZCPFGT XQP 9ÒTVVGODGTI &KG DGUEJTKGDGPGP 5VÒEMG UKPF \WOGKUV CWH FGP FTGK 6CHGNP CDIGDKNFGV

&KG /ÒP\GP WPF /GFCKNNGP XQP .CPFCW 5& CWU /$0) 5 6HP *CNDNGKPGP 4ÒEMGP GVYCU DGUEJ·FKIV 4 )¤6<' 4KIÌ .CPFCW 0QVOÒP\GP XQP WPF 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

*+.&+5%* , &KG /ÒP\GP FGT RQOOGTUEJGP *GT\ÌIG XQP DKU \WO 'TNÌUEJGP FGU )TGKHGPIG UEJNGEJVU 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP HÒT 2QOOGTP -ÌNP 9KGP :+++ 5 OKV \CJNTGKEJGP #DD (CNVVH .GKPGP

*1((/#00 / &GT )GNFJCPFGN FGT FGWVUEJGP ,WFGP Y·JTGPF FGU /KVVGNCNVGTU DKU \WO ,CJT 'KP $GKVTCI \WT FGWVUEJGP 9KTVUEJCHVUIGUEJKEJVG KO /KVVGNCNVGT 5VCCVU WPF UQ\KCNYKUUGPUEJCHVNKEJG (QTUEJWPIGP .GKR\KI +: 5 *CNDNGKPGP

*1((/'+56'4 , % % *KUVQTKUEJ MTKVKUEJG $GUEJTGKDWPI CNNGT DKU LGV\V DGMCPPV IGYQTFGPGP JGUUK UEJGP /ÒP\GP /GFCKNNGP W /CTMGP KP IGPGCNQIKUEJ EJTQPQNQIKUEJGT (QNIG $·PFG .GKR\KI D\Y *CPPQXGT 5 6HP 5 6HP 5 5 +P FTGK $·PFGP KP .GKPGP IGDWPFGP

&GT FTKVVG $CPF YKG IGYÌJPNKEJ KP #WHNCIG *CPPQXGT &KG GTUVG #WHNCIG KUV KP PWT 'ZGORNCTGP IGFTWEMV YQTFGP WPF YCT DCNF PCEJ 'TUEJGKPGP XGTITKHHGP

106

&'765%*.#0&

*1../#00 , ' /ÒP\IGUEJKEJVG FGU *GT\QIVWOU 5CEJUGP *KNFDWTIJCWUGP *KNFDWTI JCWUGP 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

*14%*.'4 # 5COOGNDCPF XQP EC #WHU·V\GP KP (QVQMQRKGP CWU #NNI·WGT )GUEJKEJVUHTGWPF ,CJTI·PIG WO FCTWPVGT XKGT #WHU·V\G /KVVGNCNVGTNKEJG /ÒP\HWPFG CWU FGO #NNI·W +P GKPGO $CPF KP .GKPGP IGDWPFGP /KVVGNCNVGTNKEJG /ÒP\HWPFG CWU FGO #NNI·W 5& CWU #NNI·WGT )G UEJKEJVUHTGWPF 5 OKV #DD /KVVGNCNVGTNKEJG /ÒP\HWPFG CWU FGO #NNI·W 5& CWU #NNI·WGT )GUEJKEJVUHTGWPF 5 OKV #DD 8GTUEJKGFGPG 2T·IWPIGP CWU FGO #NNI·W WPF UGKPGT 0CEJDCT UEJCHV 0TP 5& CWU #NNI·WGT )GUEJKEJVUHTGWPF .QUG .CIGP

*7//'. ) &CU 'THWTVGT /ÒP\YGUGP FGT MWTOCKP\KUEJGP <GKV DKU 5 6HP KP /KVVGKNWPIGP FGU 8GTGKPU HÒT FKG )GUEJKEJVG WPF #NVGTVWOUMWPFG XQP 'THWTV 5 1TKI $TQUEJWT

+*. * &KG /ÒP\RT·IWPI FGT 'FGNJGTTP \WT .KRRG /ÒP\UV·VVG .GOIQ .GOIQ 5 6HP DGKNKGIGPF -CTVGP /ÒP\UV·VVG *QTP .GOIQ 5 6HP DGKNKGIGPF -CTVG 6CNGT FGT )TCHGP WPF (ÒTUVGP \WT .KRRG .GOIQ Q , = ? 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT Z WPF IGJGHVGV

+.+5%* 2 /ÒP\HWPFG WPF )GNFWONCWH KP 9GUVHCNGP KP /KVVGNCNVGT WPF 0GW\GKV 0WOKUOCVKUEJG 7P VGTUWEJWPIGP WPF 8GT\GKEJPKU FGT (WPFG KP FGP 4GIKGTWPIUDG\KTMGP #TPUDGTI WPF /ÒPUVGT 8GTÌHHGPV NKEJWPIGP FGU 2TQXKP\KCNKPUVKVWVU HÒT 9GUVH·NKUEJG .CPFGU WPF 8QNMUHQTUEJWPI FGU .CPFUEJCHVUXGTDCPFGU 9GUVHCNGP .KRRG /ÒPUVGT 8 5 1TKI $TQUEJWT

+00 70& -0;2*#75'0 - )TCH /ÒP\ WPF /GFCKNNGP -CDKPGV FGU )TCHGP -CTN \W +PP WPF -P[RJCWUGP *CPPQXGT : 5 6HP <WU·V\NKEJ OGJTGTG 5GKVGP OKV JCPFUEJTKHVNKEJGP 'TI·P \WPIGP GKPIGDWPFGP 'TUVGT 0CEJVTCI \WO /ÒP\ WPF /GFCKNNGP -CDKPGV FGU )TCHGP \W +PP WPF -P[RJCWUGP *CPPQXGT 8++ 5 6HP .GKPGP GKPG 5GKVG FGU *CWRVDCPFGU VGKNYGKUG NQUG

&KG JCPFUEJTKHVNKEJGP 'TI·P\WPIGP UVCOOGP CWU FGO /ÒP\ W /GFCKNNGP -CDKPGV FGU (TGKJGTTP 9KNJ -PKIIG *CPPQXGT

+5'0$'%- , &CU PCUUCWKUEJG /ÒP\YGUGP 5& CWU #PPCNGP FGU 8GTGKPU HÒT 0CUUCWKUEJG #NVGTVWOU MWPFG WPF )GUEJKEJVUHQTUEJWPI 9KGUDCFGP 5 6H 5 6HP 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP

,#')'4 - &KG /ÒP\RT·IWPIGP FGT FGWVUEJGP 5VCCVGP XQT 'KPHÒJTWPI FGT 4GKEJUY·JTWPI $·PFG $CUGN -CTVQPKGTV \WU·V\NKEJ *GHV *GT\QIVWO 0CUUCW -ÌPKITGKEJ 9GUVHCNGP = ? $CUGN *GHV *CPPQXGT WPF $TCWPUEJYGKI PCEJ $CUGN +P GKPGO $CPF KP .GKPGP IGDWPFGP

&GP $·PFGP NKGIGP VGKNYGKUG 2TGKUNKUVGP $GTKEJVKIWPIGP WPF 'TI·P\WPIGP DGK

,#//'4 8 &KG #PH·PIG FGT /ÒP\RT·IWPI KO *GT\QIVWO 5CEJUGP WPF ,CJTJWPFGTV 05V *CODWTI 5 (CNVVCDGNNGP (CNVMCTVG DGKNKGIGPF -CTVGP .GKPGP

,'55' 9 /ÒP\ WPF )GNFIGUEJKEJVG 0KGFGTUCEJUGPU 9GTMUVÒEMG CWU /WUGWO #TEJKX WPF $KDNKQ VJGM FGT 5VCFV $TCWPUEJYGKI $TCWPUEJYGKI 5 6HP DGKNKGIGPF (CNVMCTVG *CNDNGKPGP

&GT \YGKVG $TCMVGCVGPHWPF XQP /ÌFGUUG WPF FKG -WPUV FGT $TCMVGCVGP \WT <GKV *GKPTKEJU FGU .ÌYGP /KV GKPGO 5EJTKHVGPXGT\GKEJPKU FGU 8GTHCUUGTU $TCWPUEJYGKIGT 9GTMUVÒEMG $TCWPUEJYGKI 5 6HP 5 DGKNKGIGPF .KVGTCVWTÒDGTUKEJV 1TKI $TQUEJWT $KPFWPI NQEMGT

&KG /ÒP\GP FGT 5VCFV $TCWPUEJYGKI XQP DKU $TCWPUEJYGKIGT 9GTMUVÒEMG $TCWPUEJYGKI 5 OKV \CJNTGKEJGP #DD .GKPGP

&GT 9GPFKUEJG /ÒP\XGTGKP 0CEJFTWEM OKV 0CEJVT·IGP WPF 8GTDGUUGTWPIGP $TCWPUEJYGKI Q , = ? FGT #WUICDG .ÒDGEM 8+++ 5 \CJNTGKEJG 6HP .GKPGP

<WT ·NVGUVGP JCODWTIKUEJGP /ÒP\IGUEJKEJVG 5 KP <YGKVG 8GTÌHHGPVNKEJWPI FGU *CODWTIGT 8GT GKPU FGT /ÒP\GPHTGWPFG *CODWTI 5 &KG /ÒP\RQNKVKM FGT *CPUGUV·FVG 5& CWU *CPUK UEJG )GUEJKEJVUDN·VVGT 5 &GT /ÒP\HWPF XQP $QTVHGNF DGK $TCWPUEJYGKI 'KP $GKVTCI \WT /ÒP\IGUEJKEJVG $TCWPUEJYGKIU KO WPF DGIKPPGPFGP ,CJTJWPFGTV 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 5 6H 9 4'+0'%-' &GT *QJNRHGPPKIHWPF XQP )ÌFGPUVQTH 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 5 6HP &KG $TCMVGCVGP *GKPTKEJU FGU .ÌYGP 5& CWU $TCWP UEJYGKIKUEJGU ,CJTDWEJ 5 FCXQP 6HP &KG NGV\VGP /ÒP\RT·IWPIGP FGT 5VCFV $TCWPUEJYGKI 5& CWU $TCWPUEJYGKIKUEJGU ,CJTDWEJ 5 6HP &GT /ÒP\HWPF XQP 2GKPG XGTITCDGP PCEJ 5& CWU *$0 5 6H <WT ·NVGTGP /ÒP\ WPF )GNFIGUEJKEJVG $TGOGPU 5& CWU $TGOKUEJGU ,CJTDWEJ 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP

107

&'765%*.#0&

,1#%*+/ , ( 0GW GTÌHPGVGU )TQUEJGP %CDKPGV $CPF WPF .GKR\KI )TQ­ 5 6HP 5 6HP 5 5 $GKNCIGP 6HP 5 6HP 4GIKUVGT 5 OKV \CJNTGK EJGP #DD OGJTGTG $NN 4GIKUVGT 5 6HP 4GIKUVGT *CNDNGFGT WPF .GFGT FGT <GKV $CPF DGTKGDGP

5GNVGP $CPF GPVJ·NV TÌOKUEJ MC[UGTNKEJG QGUVGTTGKEJKUEJG WPICTKUEJG DÌJOKUEJG TWUUKUEJG URCPKUEJG WPF RQTVWIKGUKUEJG )TQUEJGP = ? $CPF FCTKPPGP MÌPKINKEJ HTCP\ÌUKUEJ GPINKUEJ WPF UEJQVVN·PFKUEJG CWEJ WPICTK UEJG WPF DÌJOKUEJG )TQUEJGP = ? GPVJCNVGP $CPF FCTKPPGP EJWTHÒTUVN OC[P\KUEJG VTKGTKUEJG EÌNPKUEJG DC[GTKUEJG WPF RH·NV\KUEJG 5QNKFK = ? GPVJCNVGP

,15'2* 2 )QNFOÒP\GP FGU :+8 WPF :8 ,CJTJWPFGTVU &KUKDQFGPDGTIGT (WPF PGDUV WTMWPFNKEJGP $GKVT·IGP \WT /ÒP\IGUEJKEJVG FGT 4JGKPNCPFG DGUQPFGTU (TCPMHWTVU 5& CWU #TEJKX FGU 8GTGKPU HÒT )GUEJKEJVG WPF #NVGTVWOUMWPFG KP (TCPMHWTV CO /CKP 0GWG (QNIG 5 6HP .GKPGP

*KUVQTKUEJ MTKVKUEJG $GUEJTGKDWPI FGU $TGV\GPJGKOGT )QNFIWNFGPHWPFGU XGTITCDGP WO PGDUV GKPGO 8GT\GKEJPKU FGT DKUJGT DGMCPPVGP )QNFIWNFGP XQO (NQTGPVKPGT )GRT·IG 5& CWU <GKVUEJTKHV FGU 8GTGKPU \WT 'THQTUEJWPI FGT TJGKPKUEJGP )GUEJKEJVG WPF #NVGTVJÒOGT \W /CKP\ 5 6HP =0T XQP 'ZGORNCTGP? &GT 9GKPJGKOGT *CNDDTCMVGCVGPHWPF 5 6HP KP 0GWG *GKFGNDGTIGT ,CJTDÒEJGT *GKFGNDGTI 5 -CTVG 6HP &KG *CNDDTCMVGCVGPHWPFG XQP 9QTOU WPF #DGPJGKO (TCPMHWTV CO /CKP 5 6HP =$GUKV\GTUVGORGN ' *GWUGT 5RGKGT C 4J ? * $7%*'0#7 $GKVT·IG \WT /ÒP\MWPFG XQP 9ÒT\DWTI #WIUDWTI WPF $CODGTI KO WPF ,CJTJWPFGTV 5& CWU <H0 5 6H =$GUKV\GTUVGORGN ' *GWUGT 5RGKGT C 4J ? 'UEJYGIG CNU OKVVGNCNVGTNKEJG /ÒP\UV·VVG &GT /KVINKGFGT 8GTUCOONWPI FGU 8GTGKPU HÒT JGUUKUEJG )G UEJKEJVG WPF .CPFGUMWPFG \W 'UEJYGIG CO #WIWUV IGYKFOGV XQO <YGKIXGTGKP %CUUGN ' *'75'4 &KG HTÒJGUVGP 2T·IWPIGP FGT 5VCFV 9QTOU 5& CWU #TEJKX HÒT $TCEVGCVGPMWPFG $CPF 9KGP 6H 5 9QTOUGT 2HGPPKIG FGU ,CJTJWPFGTVU $GUEJTGKDWPI FGT /ÒP\GP FGU (WPFGU XQP -GT\GPJGKO KP FGT 4JGKPRHCN\ 5VWVVICTV 5 OKV #DD <WO 2HGPPKIHWPF XQP -GT\GPJGKO 5& CWU #TEJKX HÒT $TCEVGCVGPMWPFG $CPF 9KGP 5 0GWGU XQO -GT\GPJGK OGT /ÒP\GPHWPF 4JGKPKUEJG 2HGPPKIG CWU FGT GTUVGP *·NHVG FGU ,CJTJWPFGTVU 5& CWU 2H·N\KUEJGU /WUGWO (TQPVKURK\ 5 &GT 2HGPPKIHWPF XQP -GT\GPJGKO 5& CWU (TCPMHWTVGT /ÒP\DN·VVGT 5 +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP NGKEJV DGUVQ­GP 7GDGT FKG *QJGP NQJG UEJGP 1TVUIWNFGP MCKUGTNKEJGP )GRT·IGU 5& CWU 0< 5 )GJGHVGV

&KG /ÒP\GP FGU IT·HNKEJGP WPF HÒTUVNKEJGP *CWUGU .GKPKPIGP 5& CWU 0< 5 6HP .GKPGP OKV 2T·IWPI 5KNDGTUEJPKVV

&KG /ÒP\GP FGU )T·HNKEJGP *CWUGU 'TDCEJ $GTNKP 5 6HP *CNDNGFGT DGTKGDGP

/KV 9KFOWPI FGU 8GTHCUUGTU *GTTP 'TPUV .GJT KP *QEJCEJVWPI IGYKFOGV

0WT 'ZGORNCTG IGFTWEMV

1HHGPDCEJ CNU RHCN\IT·HNKEJG /ÒP\UV·VVG 5& CWU 0GWGU #TEJKX HÒT FKG )GUEJKEJVG FGT 5VCFV *GKFGNDGTI WPF FGT TJGKPKUEJGP 2HCN\ 5 1TKI $TQUEJWT

&KG /ÒP\GP XQP 9QTOU PGDUV GKPGT OÒP\IGUEJKEJVNKEJGP 'KPNGKVWPI &CTOUVCFV 5 6HP .GKPGP 4ÒEMGP VGKNYGKUG NQUG

/KV 9KFOWPI FGU 8GTHCUUGTU CP *GTTP , $GNOQPVG (TCPMH 0WOKUO )GU

&KG /ÒP\GP WPF /GFCKNNGP FGU HÒTUVNKEJGP WPF IT·HNKEJGP *CWUGU 5QNOU (TCPMHWTV CO /CKP 5 6HP .GKPGP $KPFWPI GVYCU NQEMGT GKPKIG 5GKVGP NQUG

*CPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI # 5EJOKFV )GUEJGPM 5 & FGU (ÒTUVGP %CTN \W 5QNOU *QJGPNQJG .KEJ 8+++

&KG /GFCKNNGP WPF /ÒP\GP FGT 9KNF WPF 4JGKPITCHGP (ÒTUVGP \W 5CNO (TCPMHWTV 5 6HP *CNDNGKPGP $KPFWPI NQEMGT

*KUVQTKUEJ MTKVKUEJG $GUEJTGKDWPI FGU $TGV\GPJGKOGT )QNFIWNFGPHWPFGU XGTITCDGP WO PGDUV GKPGO 8GT\GKEJPKU FGT DKUJGT DGMCPPVGP )QNFIWNFGP XQO (NQTGPVKPGT )GRT·IG 5& CWU <GKVUEJTKHV FGU 8GTGKPU \WT 'THQTUEJWPI FGT TJGKPKUEJGP )GUEJKEJVG WPF #NVGTVJÒOGT 0T XQP 'ZGORNCTGP * &#00'0$'4) &KG )QNFIWNFGP XQO (NQTGPVKPGT )GRT·IG 5& CWU 0< - %#56'.+0 &GT 2T·IGQTV FGT (NQTGPG -ÌPKI ,QJCPPU 5& CWU 4GXWG 0WOKUOCVKSWG GV #TEJ¾QNQIKSWG 2 $'4)*#75 &KG #WUDTGKVWPI FGT )QNFOÒP\G WPF FGU )TQUEJGPU KP FGWVUEJGP .CPFGP \W $GIKPP FGU ,CJTJWPFGTVU 5& CWU 0WO 5DQTPKM &GT OKVVGNCNVGTNKEJG )QNFUEJCV\ HWPF CWU .KODWTI .CJP 5& CWU 0CUUCWKUEJG #PPCNGP 1TKI $TQUEJWT WPF IGJGHVGV

108

,15'2* 2 ('..0'4 ' &KG /ÒP\GP XQP (TCPMHWTV CO /CKP $·PFG (TCPMHWTV CO /CKP 8+++ 5 OKV #DD 6HP +8 5 6HP 5 6HP *CNDNGFGT OKV )QNFXGT\KGTWPIGP

,70)- * &KG DTGOKUEJGP /ÒP\GP /ÒP\GP WPF /GFCKNNGP FGU 'T\DKUVWOU WPF FGT 5VCFV $TGOGP OKV IGUEJKEJVNKEJGT 'KPNGKVWPI $TGOGP : 5 6HP .GKPGP 6KVGN WPF 8QTUCV\DNCVV VGKNYGKUG IGNÌUV

&'765%*.#0&

-#&' % &KG /ÒP\GP *GT\QI *GKPTKEJU XQP 5CEJUGP 4ÌOJKNF 'KP $GKVTCI \WT )G UEJKEJVG FGT \YGKVGP -KRRGT\GKV 5& CWU %QDWTIGT .CPFGUUVKHVWPI 5 6HP 1TKI $TQUEJWT 7OUEJNCI XQTPG GVYCU GKPIGTKUUGP

-#*06 * #WMVKQPURTGKUG FGWVUEJGT /ÒP\GP 'TIGDPKUUG CWU /ÒP\CWMVKQPGP KP &GWVUEJNCPF ¤UVGT TGKEJ WPF FGT 5EJYGK\ KO ,CJT 4GIGPUVCWH 5 - 9105+- &GWVUEJGU /ÒP\RTGKU ,CJTDWEJ #WMVKQPUGTIGDPKUUG FGWVUEJGT /ÒP\GP KP FGP ,CJTGP 1 1 +8 5 &GWVUEJGU /ÒP\RTGKULCJTDWEJ #WMVKQPUGTIGDPKUUG FGWVUEJGT /ÒP\GP KP FGP ,CJTGP LÉFx Q , :+8 5 -CTVQPKGTV

-#.8'.#)' * 5%*41%- 7 ' ) /ÒP\GP FGT 5VCFV *COGNP *COGNP 5 OKV \CJNTGK EJGP #DD -CTVQPKGTV OKV 5EJWV\WOUEJNCI 'TI·P\WPIGP \WT /ÒP\IGUEJKEJVG FGU 5VKHVGU WPF FGT 5VCFV *COGNP *COGNP 5 OKV \CJNTGKEJGP #DD )GJGHVGV

-#.8'.#)' * 64+22.'4 * &KG /ÒP\GP FGT )TCHGP *GT\ÌIG WPF )TQ­JGT\ÌIG XQP 1NFGP DWTI 1UPCDTÒEM 5 OKV \CJNTGKEJGP #DD .GKPGP * $'0&+) &CU QNFGPDWTIKUEJG /ÒP\ YGUGP \WT <GKV FGU )TCHGP #PVQP )ÒPVJGT = ? /ÒPUVGT 5 6HP 1TKI $TQUEJWT

-#22'.*1(( # &KG /ÒP\GP 1UVHTKGUNCPFU XQO HTÒJGP ,CJTJWPFGTV DKU #DJCPFNWPIGP WPF 8QTVT·IG \WT )GUEJKEJVG 1UVHTKGUNCPFU #WTKEJ 5 6HP .GKPGP &KG 'PVYKEM NWPI FGT NCPFGUJGTTNKEJGP *QJGKVUTGEJVG KP 1UVHTKGUNCPF WPF KJT 0KGFGTUEJNCI KP FGT /ÒP\RT·IWPI 5& CWU ,CJTDWEJ FGT )GUGNNUEJCHV HÒT DKNFGPFG -WPUV WPF XCVGTN·PFKUEJG #NVGTVÒOGT \W 'OFGP 5 6HP .GKPGP

-'..0'4 * , &KG /ÒP\IGUEJKEJVG FGU *QEJUVKHVU 2CUUCW 'KP -CVCNQI FGT /ÒP\GP WPF /GFCKNNGP 5ÒFFGWVUEJG /ÒP\MCVCNQIG 5VWVVICTV 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV &KG /ÒP\GP FGT PKGFGTDC[GTKUEJGP /ÒP\UV·VVGP $C[GTKUEJG /ÒP\MCVCNQIG )TÒPYCNF 5 OKV \CJNTGKEJGP #DD .GKPGP 4ÒEMGP HGJNV

-'..0'4 * , WPF ' &KG /ÒP\GP FGT 4GKEJUUVCFV 0ÒTPDGTI 5ÒFFGWVUEJG /ÒP\MCVCNQIG #WHNCIG 5VWVVICTV 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV &KG /ÒP\GP FGT (TGKGP 4GKEJUUVCFV 0ÒTPDGTI $C[GTKUEJG /ÒP\MCVCNQIG )TÒPYCNF 5 OKV \CJNTGKEJGP #DD .GKPGP 4ÒEMGP DGUEJ·FKIV

-'00'21*. - &KG /ÒP\GP FGT )TCHUEJCHVGP $GPVJGKO WPF 6GEMNGPDWTI UQYKG FGT *GTTUEJCHV 4JGFC (TCPMHWTV CO /CKP 5 6HP .GKPGP

&KG *COOGT /ÒP\GP 5& CWU ,CJTG 5VCFV *COO 9GUVH (GUVUEJTKHV \WT 'TKPPGTWPI CP FCU L·JTKIG $GUVGJGP FGT 5VCFV *COO 5 6HP .GKPGP

&KG /ÒP\GP XQP 1UPCDTÒEM &KG 2T·IWPIGP FGU $KUVWOU WPF FGU &QOMCRKVGNU 1UPCDTÒEM FGT 5VCFV 1UPCDTÒEM UQYKG FGU -QNNGIKCVUVKHVU WPF FGT 5VCFV 9KGFGPDTÒEM 8GTÌHHGPVNKEJWPIGP FGU /WUGWOU FGT 5VCFV 1UPCDTÒEM /ÒPEJGP :8 5 6HP .GKPGP 4ÒEMGP VGKNYGKUG NQUG

-+4%**'+/'4 ( &KG $GTIDCW )GRT·IG CWU $CFGP 9ÒTVVGODGTI (TGKDWTI KO $TGKUICW (TQPVKURK\ 5 OKV #DD .GKPGP 'TN·WVGTVGT -CVCNQI FGT FGWVUEJGP (NW­IQNF )GRT·IG (TGK DWTI KO $TGKUICW 5 OKV \CJNTGKEJGP #DD .GKPGP $WEJDNQEM IGDTQEJGP OGJTGTG 5GKVGP NQUG % .'22'4 &KG )QNFY·UEJGTGK CO 4JGKP )GUEJKEJVG WPF 6GEJPKM /ÒP\GP WPF /GFCKNNGP CWU 4JGKPIQNF *GRRGPJGKO 5 OKV \CJNTGKEJGP #DD .GKPGP

-QPXQNWV XQP 5QPFGTFTWEMGP OGKUV \WO 6JGOC $GTIDCW WPF (NW­IQNF FCTWPVGT $GOGTMWPIGP \W FGP DKU XQTIGMQOOGPGP UGNVGPGP $GTIDCW )GRT·IGP CWU $CFGP 9ÒTVVGODGTI 5& CWU &GT /ÒP \GP WPF /GFCKNNGPUCOONGT &KG $GTIOÒP\GP CWU FGO GJGOCNKIGP (ÒTUVGPVWO (ÒTUVGPDGTI 5& CWU 5EJTKHVGP FGU 8GTGKPU HÒT )GUEJKEJVG WPF 0CVWTIGUEJKEJVG FGT $CCT 8 <'&'.+75 'Z CXTQ TJGPK <WT $NKEMRWPMVCWUUVGNNWPI 4JGKPIQNF KO 4JGKPKUEJGP .CPFGUOWUGWO $QPP 5& CWU &CU 4JGKPKUEJG .CPFGUOWUGWO $QPP )GJGHVGV

-.'+0 7 4#(( # &KG 9ÒTVVGODGTIKUEJGP /ÒP\GP 'KP 6[RGP 8CTKCPVGP WPF 2TQDGPMCVCNQI 5ÒFFGWVUEJG /ÒP\MCVCNQIG $·PFG 5VWVVICTV 5 5 5 WPF $GYGT VWPIUNKUVG LGYGKNU OKV \CJNTGKEJGP #DD

&KG 9ÒTVVGODGTIKUEJGP /GFCKNNGP 5ÒFFGWVUEJG /ÒP\MCVCNQIG $·PFG 5VWVVICTV 5 (CTDVHP :8+ 5 (CTDVHP LGYGKNU OKV \CJNTGKEJGP #DD

&KG /ÒP\GP WPF /GFCKNNGP XQP 'UUNKPIGP 5ÒFFGWVUEJG /ÒP\MCVCNQIG 5VWVVICTV 5 OKV \CJNTGKEJGP #DD WPF 6HP

#WH 6HP UKPF KP FKGUGO $CPF GTUVOCNU U·OVNKEJG DGMCPPVGP YKMKPIGT\GKVNKEJGP /ÒP\GP GKPGT 2T·IGUV·VVG FGU 4GKEJUIGDKGVGU CDIGDKNFGV WPF FGTGP 5VGORGNXGTDKPFWPIGP PQVKGTV YQTFGP

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109

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$GUQPFGTU KPVGTGUUCPV KUV FCU -CRKVGN 2NCP \W GKPGO /ÒP\XGTGKP VGWVUEJGT $WPFGUUVCCVGP

-.ª55'0&14( 0 0GWG (QTUEJWPIGP \W IGIGPIGUVGORGNVGP &QRRGNUEJKNNKPIGP FGT -KRRGT WPF 9KRRGT\GKV 5& CWU 4 5%*/+&6 *TUI $GKVT·IG \WT $GKVT·IG \WT RQOOGTUEJGP WPF OGEMNGPDWTIK UEJGP )GUEJKEJVG /CTDWTI CP FGT .CJP 5 6HP # 57*.' 0GWG /ÒP\HWPFG CWU FGT 7OIGDWPF XQP 5VTCNUWPF 5& CWU )TGKHUYCNF 5VTCNUWPFGT ,CJTDWEJ 5 FCXQP 6HP 1TKI $TQUEJWT

5VWFKGP \W 9·JTWPI WPF 9KTVUEJCHV CO 0KGFGTTJGKP XQO #WUICPI FGT 2GTKQFG FGU TGIKQPCNGP 2HGPPKIU DKU \WO /ÒP\XGTVTCI XQP 4JGKPKUEJGU #TEJKX $QPP 5 (CNVMCTVG &GT #CEJGPGT 9GEJUNGTRTQ\G­ 5V·FVKUEJG /ÒP\RQNK\GK WPF &GXKUGPUEJOWIINGT KO 5R·VOKVVGNCNVGT 2CRKGTIGNF WPF 5VCCVUUEJWNFGP KO (ÒTUVGPVWO 9CNFGEM &GT /ÒP\UEJCV\ XQP 0KGFGTJQPG WPF FKG JGU UGP MCUUGNUEJG &GPMOCNRHNGIGXGTQTFPWPI XQP &GT /ÒP\UEJCV\ XQP *GTDQTP \WT -KRRGT\GKV KP FGT )TCHUEJCHV 0CUUCW &KNNGPDWTI /ÒP\HWPFDGTKEJV FGU *GUUKUEJGP .CPFGUCOVU HÒT IGUEJKEJVNKEJG .CPFGUMWPFG 0T 5&& CWU (WPFDGTKEJVG CWU *GUUGP 1TKI $TQUEJWT

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'Z NKDTKU FGU 5COONGTU -CTN 8QIGNUCPI

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-1*. % # 6CNGTVGKNUVÒEMG FGU -WTHÒTUVGPVWOU 5CEJUGP #NDGTVKPKUEJG .KPKG 5CCTDTÒEMGP 5 OKV \CJNTGKEJGP #DD % -'+.+6< 6CNGTVGKNUVÒEMG FGU -WTHÒTUVGPVWOU 5CEJUGP 'TPG UVKPKUEJG .KPKG .GKR\KI 5 OKV \CJNTGKEJGP #DD .GKPGP OKV $GYGTVWPIUNKUVGP

-4#/'4 * , &CU 5VKHV 'UUGP /ÒP\GP WPF /GFCKNNGP -ÌPKINKEJG WPF UVKHVKUEJG 2T·IWPIGP KP WPF HÒT 'UUGP 3WGNNGP WPF 5VWFKGP 8GTÌHHGPVNKEJWPIGP FGU +PUVKVWVU HÒT MKTEJGPIGUEJKEJVNKEJG (QTUEJWPI FGU $KUVWOU 'UUGP /ÒPUVGT 5 6HP .GKPGP

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-47) 9 &KG /ÒP\GP FGU *QEJUVKHVU $CODGTI DKU 5ÒFFGWVUEJG /ÒP\MCVCNQIG 5VWVVICTV 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV * '+%**140 &GT CPIGDNKEJG $CODGTIGT 6CNGT XQP KO #TGPF UEJGP /ÒP\DWEJ 5& CWU $GTKEJV FGU *KUVQTKUEJGP 8GTGKPU $CODGTI 5 )GJGHVGV =OKV 9KFOWPI FGU 8GTHCUUGTU? * / XQP #7(5'55 -TQPCEJ FGT 'EMRHGKNGT FGU (ÒTUV DKUVWOU $CODGTI $CODGTI 5 OKV #DD 1TKI $TQUEJWT OKV 5EJWV\WOUEJNCI

-47/$#%* - ) #CEJGPGT /ÒP\GP FGU /KVVGNCNVGTU /KV #PJCPI /ÒP\CPIGDQVG CWU ,CJTGP /CPWUMTKRVFTWEM #CEJGP 5 OKV \CJNTGKEJGP #DD #CEJGPGT /ÒP\GP FGT 0GW\GKV 8QO $GIKPP FGT 6CNGTRT·IWPI DKU \WO 'PFG FGT 4GKEJUHTGKJGKV /KV #PJCPI /ÒP\CPIGDQVG CWU ,CJTGP /CPWUMTKRVFTWEM #CEJGP 5 OKV \CJNTGKEJGP #DD #CEJGPGT /CTMGP <GKEJGP WPF 0QV OÒP\GP /CPWUMTKRVFTWEM #CEJGP 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT $GKNKGIGPF ,CJTG #CEJGPGT /ÒP\GP 'KPG #WUUVGNNWPI KP FGT 5VCFVURCTMCUUG #CEJGP #CEJGP 5 OKV \CJNTGKEJGP #DD )GJGHVGV

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-7.. , 8 &KG /ÒP\GP FGU IT·HNKEJGP WPF HÒTUVNKEJGP *CWUGU (WIIGT 5& CWU /$0) 5 6HP *CNDNGKPGP

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/GKUV OKV 9KFOWPI FGU 8GTHCUUGTU W C *GTTP &T ) .GKFKPIGT HTGWPFUEJCHVNKEJ , 8 -WNN

/ÒP\IGUEJKEJVG FGT .CPFITCHGP XQP .GWEJVGPDGTI WPF )TCHGP XQP *CNU 5& CWU <GKVUEJTKHV HÒT /ÒP \GP WPF /GFCKNNGPMWPFG 5 OKV #DD .GKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU

-70<'. / &CU /ÒP\YGUGP /GEMNGPDWTIU XQP DKU /ÒP\IGUEJKEJVG WPF )GRT·IGMCVC NQI $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP 0GWG (QNIG $GTNKP 5 6HP -CTVQPKGTV &KG )PCFGPRHGPPKIG WPF 'TGKIPKUOGFCKNNGP FGT TGIKGTGPFGP *GT\ÌIG WPF )TQ­JGT\ÌIG XQP /GEMNGP DWTI DKU 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP HÒT /GEMNGPDWTI $ 4QUVQEM 5 FCXQP \CJNTGKEJG 6HP 1TKI $TQUEJWT

&KG /ÒP\GP FGT *CPUGUVCFV 9KUOCT DKU /ÒP\IGUEJKEJVG WPF )GRT·IGMCVCNQI $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP 0GWG (QNIG 9KUOCT $GTNKP 5 6HP -CTVQPKGTV

.#0)' % %JT .CPIG U 5COONWPI UEJNGUYKI JQNUVGKPKUEJGT /ÒP\GP WPF /GFCKNNGP $·PFG $GTNKP 8+++ 5 (CTDMCTVGP -NCRRVHP 6HP : 5 (CTDKIG 9CRRGPVH (CNVVHP 6HP .GKPGP

.#0< 1 &KG /ÒP\GP WPF /GFCKNNGP XQP 4CXGPUDWTI KO 8GTNCWHG UGKPGT /ÒP\IGUEJKEJVG 5VWVVICTV +: 5 6HP .GKPGP

/ÒP\ WPF )GNFIGUEJKEJVG XQP +UP[ 5& 5VWVVICTV 5 6HP .GKPGP

.'$'- 9 &KG /ÒP\GP FGT 5VCFV ªDGTNKPIGP *CNNG CP FGT 5CCNG 5 6HP .GKPGP

&KG /ÒP\GP FGT 5VCFV .KPFCW 5& CWU &GWVUEJGU ,CJTWDEJ HÒT 0WOKUOCVKM 5 6HP .GKPGP

.'*/#00 2 XQP &KG 6JCNGT WPF MNGKPGTGP /ÒP\GP FGU (T·WNGKPU /CTKC XQP ,GXGT 'TDJGTTKP XQP 4ÒUVTKPIGP 1GUVTKPIGP WPF 9CPIGTNCPF 9KGUDCFGP 8++ 5 6HP *CNDNGKPGP 4ÒEMGP OKPKOCN DGUEJ·FKIV

.'*0* 75'4 # &KG /ÒP\GP FGU *QEJUVKHVGU 'UUGP 5& CWU $GKVT·IG \WT )GUEJKEJVG XQP 5VCFV WPF 5VKHV 'UUGP (TQPVKURK\ 5 6HP # &ª0+0) &GT $QTDGEMGT )TQUEJGP FGT 5QRJKC )T·HKP XQP )NGKEJGP #GDVKUUKP XQP 'UUGP 5 % 4'+5614(( &GT +UGPDGTIGT /ÒP\HWPF 0CEJFTWEM *CNNG CP FGT 5CCNG 5 6HP , *#)'0 &GT /ÒP\HWPF XQP $GFDWTI *CW -TGKU %NGXG CWU FGO NGV\VGP &TKVVGN FGU ,CJTJWPFGTVU *CNNG CP FGT 5CCNG Q , 5 6H 6 -+45%* &GT -CKUGTUYGTVJGT /ÒP\HWPF 5& CWU $GTNKPGT /ÒP\DN·VVGT 5 6H , (4+'&. 0&'4 &GT /ÒP\HWPF XQP #TPUDGTI 5& CWU <H0 5 ( (4+'&'05$74) &GT (WPF XQP .WDPKEG 5& CWU <H0 5 6H 4 %*#.10 .GU UGKIPGWTU FG 5EJÌPGEM C RTQRQU F WPG OQPPCKG 5& CWU 4$0

5 $ &' ,10)' &GWZ OQPPCKGU FG )QFGHTQKF FG &CNGPDTQGEM UGKIPGWT FG *GKPUDGTI EQOVG FG .QQ\ 5& CWU 4$0 5 6*+'44+ 7P GUVGTNKP FG *GPTK +++ 5& CWU 4$0 5 4 %*#.10 7PG OQPPCKG FG $NCPMGPDGTI 5& CWU 4$0 5 +OKVCVKQP F WPG OQPPCKG $GNIG HCKVG RCT NG EQOVG RCNCVKP FG 5KOOGTGP GV FG &GWZ 2QPVU 5& 5 # &' 9+66' &QWDNGU ITQU DQVFTCIGTU F #FQNRJG +++ FG NC /CTEM EQOVG FG %N½XGU 5& CWU 4$0 5 =OKV 9KF OWPI FGU 8GTHCUUGTU? &GWZ QDQNGU XCTK¾GU FG 4CKPKGT 8 EQOVG FG /QPU 5& CWU 4$0 5 ( 8#0 8.'76'0 'KP MNGKPGT /ÒP\HWPF CWU 2GUEJ 5 5'66')#56 &GT %QDNGP\GT /ÒP\HWPF 5 +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP 4ÒEMGP WPVGT 6GUCHKNO OKV FGO 6KVGN 5COOGNDCPF 0QTFTJGKP 9GUVHCNGP + DGMNGDV

.'+6</#00 , &CU /ÒP\YGUGP WPF FKG /ÒP\GP 'THWTVU 9GK­GPUGG 5 6HP *CNDNG FGT

.','70' ' &KG /ÒP\GP FGT TGKEJUWPOKVVGNDCTGP $WTI (TKGFDGTI KP FGT 9GVVGTCW 5& CWU $GTNKPGT /ÒP\DN·VVGT 5 6HP *CNDNGKPGP

&KG PGWGTGP /ÒP\GP WPF /GFCKNNGP FGT 4GKEJUUVCFV 0QTFJCWUGP 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 5 6HP .GKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU *GTTP 2CWN ,QUGRJ XGTGJ=TWPIU?XQNN IGYKFOGV

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$GUKV\GTUVGORGN /ÒP\JCPFNWPI # 4KGEJOCPP %Q *CNNG 5CCNG CWH 6KVGNDN·VVGTP WPF 6HP

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112

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/'*. / &KG /ÒP\GP FGU $KUVWOU *KNFGUJGKO 3WGNNGP WPF &QMWOGPVCVKQPGP \WT 5VCFVIGUEJKEJVG *KNFGUJGKOU 6GKNG *KNFGUJGKO D\Y *CODWTI : 5 FCXQP 6HP : 5 8+++ 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

&KG /ÒP\GP FGT )TCHGP XQP $CTD[ WPF /ÒJNKPIGP *CODWTI Q , = ? 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD 6HP -CTVQPKGTV

/'+'4 1 &GT $TCMVGCVGPHWPF XQP $QMGN DGK $GXGTP -TGKU $TGOGTXÌTFG 'KP $GKVTCI \WT 'THQT UEJWPI FGT OKVVGNCNVGTNKEJGP DGUQPFGTU FGT PKGFGTU·EJUKUEJGP /ÒP\FGPMOCNG CWU FGT <GKV XQP GVYC DKU KP *CPPQXGTUEJG )GUEJKEJVUDN·VVGT 0GWG (QNIG 5 OKV \CJNTGKEJGP #DD .GKPGP GKPKIG #POGTMWPIGP WPF 7PVGTUVTGKEJWPIGP KO 6GZV

/'+0*#4&6 ) &KG /ÒP\ WPF )GNFIGUEJKEJVG FGU *GT\QIVWOU 2TGW­GP 5VWFKGP \WT )GUEJKEJVG 2TGW­GPU *GKFGNDGTI 5 6HP 1TKI $TQUEJWT )GOÒP\V \W -ÌPKIUDGTI 'KP $GKVTCI \WT /ÒP\ WPF )GNFIGUEJKEJVG 1UVRTGW­GPU 2TWUUKC 5EJTKHVGPTGKJG &ÒUUGNFQTH 5 FCXQP 6HP 1TKI $TQUEJWT

/ÒP\ WPF )GNFIGUEJKEJVG FGT 5VCFV )ÌVVKPIGP XQP FGP #PH·PIGP DKU \WT )GIGPYCTV 5VWFKGP \WT )G UEJKEJVG FGT 5VCFV )ÌVVKPIGP )ÌVVKPIGP 5 6H .GKPGP

/'0#&+'4 , &GWVUEJG /ÒP\GP )GUCOOGNVG #WHU·V\G \WT )GUEJKEJVG FGU FGWVUEJGP /ÒP\YGUGPU $·PFG $GTNKP :+: 5 8 5 5 8+++ 5 LGYGKNU OKV #DD *CND NGFGT

&KG /ÒP\GP FGT )TCHUEJCHV /CTM 5& CWU # /'+56'4 *TUI &KG )TCHUEJCHV /CTM (GUVUEJTKHV \WO )GF·EJVPKU FGT L·JTKIGP 8GTGKPKIWPI OKV $TCPFGPDWTI 2TGW­GP $CPF &QTVOWPF 5 *CNDNGKPGP

)WVGU 'ZGORNCT FKGUGT ·W­GTUV UGNVGPGP #TDGKV

&KG #CEJGPGT /ÒP\GP /ÒP\GP 7TMWPFGP WPF #MVGP $GTNKP 5& CWU <H0 5 6HP 5 6HP .QUG .CIGP

&KG #CEJGPGT /ÒP\GP /ÒP\GP 7TMWPFGP WPF #MVGP 0CEJFTWEM Q 1 Q , FGT #WUICDG $GTNKP 5 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP

<WT XCVGTN·PFKUEJGP /ÒP\MWPFG *CNDGTUV·FVGT *CNDDTCMVGCVGP \W 'JTGP FGU JGKNIGP 2GVTWU 5& CWU <GKVUEJTKHV FGU *CT\XGTGKPU 5 * 9')' <WT /ÒP\MWPFG FGU $KUVJWOU *CNDGTUVCFV 5& CWU <GKVUEJTKHV FGU *GT\XGTGKPU 5 5 6HP 6 56'0<'. 'KP PWOKUOCVKUEJGU %WTKQUWO CNU 0CEJVTCI \WO $TCEVGCVGPHWPFG XQP (TGEMNGDGP 5& CWU #TEJKX HÒT $TCEVGCVGPMWPFG 5 &GT /ÒP\HWPF XQP )TQUEJGYKV\ KP #PJCNV 5 &GT /ÒP\HWPF XQP )ÒPVGTUDGTIG KO *CT\G 5& CWU <GKVUEJTKHV FGU *CT\XGTGKPU 5 &GT /ÒP\HWPF XQP 9CNNJCWUGP 5& CWU <GKVUEJTKHV FGU *CT\XGTGKPU 5 #PJCNVKUEJG $TCEVGCVGP CWU FGO (WPFG \W 2KGUFQTH 5& CWU #TEJKX HÒT $TCEVGCVGPMWPFG $CPF 9KGP 5 #WU FTGK /ÒP\ HWPFGP =2TQXKP\ 5CEJUGP UQYKG #UEJGTUNGDGP? 5& CWU #TEJKX HÒT $TCEVGCVGPMWPFG $CPF 9KGP 5 ) # XQP /ª.8'456'&6 &KG *CNDGTUV·FVGT )TQUEJGP FGU %CTFKPCNU #NDTGEJV 'T\DK UEJQHU \W /CKP\ WPF /CIFGDWTI #FOKPKUVTCVQTU FGU *QEJUVKHVU *CNDGTUVCFV 5 6HP =OKV $GUKV \GTUVGORGN (TKGFT 6GYGU 0WOKUOCVKMGT 8GTFGP C F #NNGT? 5KGIGN WPF /ÒP\GP FGT $WTIITCHGP XQP /CIFGDWTI CWU FGO *CWUG 3WGTHWTV 5 (CNVVHP # &ª0+0) 7GDGT FKG <WVJGKNWPI GKPKIGT WPDGUVKOOVGT $TCEVGCVGP CP 3WGFNKPDWTI 5& CWU #TEJKX HÒT $TCEVGCVGPMWPFG $CPF 9KGP 5 6H &GT /ÒP\HWPF XQP 9CNVGTPKGPDWTI 5& CWU <GKVUEJTKHV HÒT 0WOKUOCVKM 5 * )4¤55.'4 7GDGT FKG 5KGIGN FGT 1TVUEJCHVGP FGU /CPUHGNFGT 5GGMTGKUGU 5& CWU <GKVUEJTKHV FGU *CT\XGTGKPU 5 9+))'46 7GDGT GKPGP XQT\ÒINKEJ CWU $TCEVGCVGP FGU ,CJTJWPFGTVU DGUVGJGPFGP /ÒP\HWPF KP .GKV\MCW 5& CWU =<GKVUEJTKHV FGU 6JÒTKPIKUEJ 5·EJUKUEJGP 8GTGKPU HÒT 'THQT UEJWPI FGU XCVGTN·PFKUEJGP #NVGTVJWOU ! ? 5 # )'4*#4&6 &KG /ÒP\GP FGT 'FNGP *GTTGP XQP 3WGTHWTV 3WGTHWTV 5 * &#00'0$'4) <YGK (WPFG /QTKV\RHGPPKIG 5 ( (4+'&'05$74) <YGK OGTMYÒTFKIG /QTKV\RHGPPKIG 5 &GT (WPF XQP &CJUCW 'KP $GKVTCI \WT .ÌUWPI FGT ,CM\CHTCIG 5& CWU =$GTKEJV FGU 8GTGKPU HÒT FCU /WUGWO UEJNUGKUEJGT #NVGTVJÒOGT ! ? 5 2 ' 5%*4#// &KG /CIFGDWTIGT 2CVGPGP OKV FGO $KNFG 1VVQU FGU )TQ­GP 5& CWU 6JÒTKP IKUEJ 5·EJUKUEJG <GKVUEJTKHV 5 -NCRVVHP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP 4ÒEMGP GVYCU DGUEJ·FKIV WPF WPVGT 6GUCHKNO OKV FGO 6KVGN 5COOGNDCPF 5CEJUGP + DGMNGDV

/'0<'. 2 &GWVUEJG 0QVOÒP\GP WPF UQPUVKIG )GNFGTUCV\OCTMGP $·PFG )ÒVGTUNQJ 5 5 LGYGKNU OKV \CJNTGKEJGP #DD -CTVQPKGTV

/'4.' XQP $GUEJTGKDWPI FGT MÌNPKUEJGP /ÒP\UCOONWPI FGU &QOJGTTP WPF MWTHÒTUVNKEJ YGNVNKEJGP *QHIGTKEJVU 2T·UKFGPVGP XQP /GTNG -ÌNP .CPIGPUEJG $WEJJCPFNWPI /GJTGTG $N 5 6H *CNDNGKPGP /'45'$74)'4 1 5COONWPI XQP /ÒP\GP WPF /GFCKNNGP XQP 5CEJUGP UKGJG -CVCNQI 0T

/'46'05 ' /ÒP\ WPF )GNFIGUEJKEJVG FGT 5VCFV 0QTVJGKO /ÒP\UVWFKGP *CNNG CP FGT 5CCNG 5 6HP $GKNCIGP .GKPGP

113

&'765%*.#0&

&GT $TCMVGCVGPHWPF XQP 0QTFJCWUGP /ÒP\UVWFKGP *CNNG CP FGT 5CCNG 5 (CNVMCTVG 6HP .GKPGP

&KG -ÌPKIUDGTIGT 1TVRT·IWPI -WTHÒTUV )GQTI 9KNJGNOU XQP $TCPFGPDWTI KO ,CJTG #PHCPI WPF 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 5 OKV #DD / 1.&+0) &KG /ÒP\RT·IWP IGP )GQTI 9KNJGNOU CWU FGT /ÒP\UV·VVG -ÌPKUDGTI 5& CWU $GKVT·IG \WT DTCPFGPDWTI RTGW­KUEJGP 0WOKUOCVKM .GKPGP WPF IGJGHVGV

/'4<&14( , ( . 6 1NFGPDWTIU /ÒP\GP WPF /GFCKNNGP CWH )TWPF FGT 5COONWPI UT MÌPKIN *Q JGKV FGU )TQ­JGT\QIU XQP 1NFGPDWTI JKUVQTKUEJ MTKVKUEJ DGUEJTKGDGP 1NFGPDWTI 8+ 5 .GK PGP

&KG /ÒP\GP WPF /GFCKNNGP ,GXGTNCPFU CWH )TWPF XGTUEJKGFGPGT /ÒP\UCOONWPIGP PCOGPVNKEJ UT MÌ PKIN *QJGKV FGU )TQ­JGT\QIU XQP 1NFGPDWTI JKUVQTKUEJ MTKVKUEJ DGUEJTKGDGP 1NFGPDWTI 8+++ 5 *CNDNGFGT 2CRKGT IGDT·WPV

/';'4 # &KG /ÒP\GP WPF /GFCKNNGP FGT *GTTGP XQP 4CPV\CW 9KGP 5 6HP .GKPGP

&KG /ÒP\GP FGT 5VCFV &QTVOWPF 9KGP Q , 5 0CEJVTCI 9KGP 5 6HP *CNDNGFGT FWTEJUEJQUUGPGU 'ZGORNCT OKV \CJNTGKEJGP #POGTMWPIGP

-WT\IGHC­VG OÒP\IGUEJKEJVNKEJG #DJCPFNWPI FGT ·NVGUVGP /ÒP\UV·VVG 6KGPIGP 5 =XGTFTWEMV HÒT ? KP * $4#0&'%- )GUEJKEJVG FGT 5VCFV 6KGPIGP 1DGTTJGKP 6KGPIGP Q , = ? 5 GKPKIG 6HP .GKPGP GVYCU DGHNGEMV

*CPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI 2CTCXKEKPK WPF $GUKV\GTUVGORGN 5VCFV 6KGPIGP 1DGTTJGKP FCTÒDGT CWUIGUEJKGFGP KO 8QTUCV\ *CPFUEJTKHVNKEJG 9KFOWPI *GTTP -ÒRRGT \WT 'TKPPGTWPI CP 6KGPIGP 6KGPIGP ,WNK

/+0+56'4 +0 #&/+0+564#0&# 4'27$.+%# 24755+#%# # 5%*9#4<'0#7 #PUGJPNKEJGT 8QTTCVJ XQP 6JCNGTP WPF 5EJCWUVÒEMGP FGU .CPFIT·HNKEJ *GUUKUEJGP )GUCOVJCWUGU 0GDUV GKPG #WH \GKEJPWPI XQP JCWRVTCTGP VJGKNU PQEJ PKEJV DGUEJTKGDGPGP UEJQP YKTMNKEJ DGUKV\GPFGP QFGT CPPQEJ UWEJGPFGP %CDKPGVU /ÒP\GP 4GIGPUDWTI ,QJCPP .GQRQNF /QPVCI /GJTGTG $N·VVGT 5 .GKPGP

*CPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI 2CTCXKEKPK KO 8QTUCV\

4457

114

/ª..'4 * #WMVKQP . )TCDQY * /GWUU 5COONWPI ¤MQPQOKGTCV *KPTKEJ /ÒNNGT #NKPGPJQH 6GKNG 4QUVQEM D\Y *CODWTI 5 OKV 0TP 6HP 5 OKV 0TP 6HP 5 0TP 6HP 5 0TP 6HP 5 0TP 6H 5 OKV 0TP 6HP 5 OKV 0TP 6HP LGYGKNU OKV 5EJ·V\RTGKUNKUVGP +P GKPGO $CPF KP .GKPGP IGDWPFGP

&'765%*.#0&

/ª..'4 ,#*0%-' 9 & 81.< ( ' &KG /ÒP\GP WPF /GFCKNNGP FGT IT·HNKEJGP *·WUGT 5C[P = ? PGDUV GKPGO #PJCPI &KG /ÒP\GP WPF /GFCKNNGP FGU )T·HNKEJGP *CWUGU *CV\HGNF (TCPMHWTV CO /CKP 5 6HP .GKPGP

/75'7/ (ª4 *#/$74)+5%*' )'5%*+%*6' *TUI )GUEJKEJVG KP )QNF #WUUVGNNWPI GKPGT *CODWTIGT 2TKXCVUCOONWPI KO /ÒP\MCDKPGVV FGU /WUGWOU HÒT *CODWTIKUEJG )GUEJKEJVG *CODWTI 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

0#7 ' &KG /ÒP\GP WPF /GFCKNNGP FGT QDGTUEJY·DKUEJGP 5V·FVG (TGKDWTI KO $TGKUICW 5 6HP -CTVQPKGTV 4ÒEMGP DGUEJ·FKIV

/ÒP\GP WPF )GNF KP FGT 5VCWHGT\GKV 5& CWU &KG <GKV FGT 5VCWHGT $CPF 5VWVVICTV 5 6HP 7 -.'+0 /ÒP\UV·VVGP FGT 5VCWHGT\GKV GVYC KP &GWVUEJNCPF WPF +VCNKGP 5& CWU 504 5 6HP DGKNKGIGPF -CTVGP &GT -QPUVCP\GT 2HGPPKI KP FGT 5VCW HGT\GKV 5& CWU 415)#46'0 /75'7/ -1056#0< *TUI -QPUVCP\ \WT <GKV FGT 5VCWHGT -QP UVCP\ 5 +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP

9·JTWPIUXGTJ·NVPKUUG CO QDGTGP 0GEMCT KP FGT <GKV XQP EC DKU EC 5& CWU <GKVUEJTKHV HÒT 9ÒTVVGODGTIKUEJG .CPFGUIGUEJKEJVG 5 (CNVMCTVG <WT /ÒP\RT·IWPI $KUEJQH 7VQU +++ XQP 5VTC­DWTI 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG WPF /ÒP\HQTUEJWPI 5 6H *CNNGT 2HGPPKIG 5& CWU 9ÒTVVGODGTIKUEJ (TCPMGP 5 5VCFV WPF /ÒP\G KP UR·VGO /KVVGNCNVGT WPF DGIKPPGPFGT 0GW\GKV 5& CWU $N·VVGT HÒT FGWVUEJG .CPFGUIG UEJKEJVG 5 /GKUVGTYGTMG UVCWHKUEJGT )N[RVKM $GKVT·IG \WT UVCWHKUEJGP 4GPCKU UCPEG 5& CWU 504 5 /ÒP\HWPFG XQP *GTYCTVUVGKP )GO -ÌPKIUDTQPP -TU *GKFGPJGKO 5& CWU *$0 5 6HP 0WOKUOCVKM WPF )GNFIGUEJKEJVG 5& CWU $N·VVGT HÒT FGWVUEJG .CPFGUIGUEJKEJVG 5 0WOKUOCVKM WPF )GNF IGUEJKEJVG 5& CWU $N·VVGT HÒT FGWVUEJG .CPFGUIGUEJKEJVG 5 /ÒP\WONCWH KO N·PFNKEJGP $GTGKEJ OKV DGUQPFGTGT $GTÒEMUKEJVKIWPI 5ÒFYGUV &GWVUEJNCPFU 5& CWU * 2#6<'

*TUI &KG )TWPFJGTTUEJCHV KO UR·VGP /KVVGNCNVGT $CPF 8QTVT·IG WPF (QTUEJWPIGP 5KIOCTKPIGP 5 (CNVMCTVGP +P GKPGO $CPF KP .GKPGP IGDWPFGP &GT $TCMVGCVGPHWPF XQP 'NEJGP TGWVG XGTITCDGP KO 8KGTVGN FGU ,CJTJWPFGTVU 5& CWU *$0 5 6HP .GKPGP

0'7 * &KG /ÒP\GP WPF /GFCKNNGP FGU *GT\QIVWOU WPF FGU JGT\QINKEJGP *CWUGU #TGPDGTI $QPP 5 6HP .GKPGP , 2 &+81 2 0'7 &CU /ÒP\MCDKPGVV FGT *GT\ÌIG XQP #TGPDGTI .G %CDKPGV FGU /¾FCKNNGU FGU FWEU F #TGPDGTI 'PIJKGP 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI

0'7/#00 ' /ÒP\RT·IWPIGP FGU -WTHÒTUVGPVWOU $TCPFGPDWTI WPF FGU -ÌPKITGKEJU 2TGW­GP KP \YGK $·PFGP /CPWUMTKRVFTWEM -ÌNP 5 5 LGYGKNU OKV \CJNTGKEJGP #DD -CTVQPKGTV

&KG /ÒP\GP FGU &GWVUEJGP 1TFGPU KP 2TGW­GP .KXNCPF WPF /GTIGPVJGKO FGTGP YGNVNKEJG 0CEJHQNIGT FKG *GT\QIVÒOGT 2TGW­GP .KXNCPF WPF -WTNCPF UQYKG FKG )GRT·IG FGT DCNVKUEJGP )GKUVNKEJMGKV EC #WHNCIG /CPWUMTKRVFTWEM -ÌNP &KG /ÒP\GP FGU &GWVUEJGP 1TFGPU KP 2TGW­GP FGU *GT\QIVWO 2TGW­GP 9GUVRTGW­GP UQYKG FKG )GRT·IG FGU &GWVUEJGP 1TFGPU KP /GTIGPVJGKO -ÌNP & /+'*.' /QPGV[ \CMQPW MT\[yCEMKGIQ -CVCNQI OQPGV \KGO JKUVQT[E\PKG \ 2QNUMh \YKh\CP[EJ <DKQT[ /W\GWO 0CTQFQYGIQ Y 9CTU\CYKG =OKV FGWVUEJURTCEJKIGT 'KPNGKVWPI GPVJ·NV FKG 5COONWPI XQP /ÒP\GP FGU &GWVUEJGP 1TFGPU DKU KO 0CVKQPCNOWUGWO 9CTUEJCW FKG U·OVNKEJ CDIGDKNFGV UKPF? / )7/195-+ 'KP 6JQTPGT (WPF XQP $TCMVGCVGP FGU &GWVUEJGP 1T FGPU 5& CWU $GTNKPGT 0WOKUOCVKUEJG <GKVUEJTKHV ' '))'46 &KG 2HGPPKIG FGU &GWVUEJGP 1TFGPU KP 2TGW­GP 5EJTKHVGPTGKJG FGT /ÒP\HTGWPFG /KPFGP -CTVQPKGTV Z 1TKI $TQ UEJWT Z IGJGHVGV Z

0'7/#00 * &KG ,ÒNKEJGT 0QVMNKRRGP XQP 'KP -CVCNQI ,ÒNKEJ 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT 8 <'&'.+75 ,ÒNKEJGT -NKRRGP XQP 'KP $GKVTCI \WT )GUEJKEJVG WPF 2TQDNGOCVKM XQP 1TKIKPCN WPF (·NUEJWPI 5& CWU $QPPGT ,CJTDÒEJGT =/KV 9KFOWPI FGU 8GTHCUUGTU? 0QEJ GKPOCN )QNF CWU ,ÒNKEJ <WH·NNKI GPVFGEMV GKPG XKGTVG )QNFMNKRRG CWU ,ÒNKEJ KP &CU 4JGKPKUEJG .CPFGUOWUGWO $QPP $GTKEJVG CWU FGT #TDGKV FGU /WUGWOU 5 )GJGHVGV

0+%-.+5 * 9 )GNFIGUEJKEJVNKEJG 2TQDNGOG FGU WPF ,CJTJWPFGTVU KO 5RKGIGN \GKVIGPÌUUK UEJGT )GUEJKEJVUUEJTGKDWPI 05V $·PFG *CODWTI :++ 5 5 FCXQP 6HP 1TKI $TQUEJWT

0¤$$' ' &GT $TCMVGCVGPHWPF XQP 'WVKP 5& CWU 0QTFGNDKPIGP 5 6H (NGPUDWTI CNU /ÒP\UV·VVG 5& CWU (NGPUDWTI GKP *GKOCVDWEJ (NGPUDWTI 5 OKV #DD 6H 1TKI $TQUEJWT

,GYGKNU OKV 9KFOWPI FGU 8GTHCUUGTU CP *GTTP &T (GKVJ

115

&'765%*.#0&

0155 # &KG /ÒP\GP FGT 'T\DKUEJÌHG XQP %ÌNP &KG /ÒP\GP WPF /GFCKNNGP XQP %ÌNP -ÌNP :8+++ 5 6HP .GKPGP OKV 1TKI 2T·IWPI 4ÒEMGP DGUEJ·FKIV WPF VGKNYGKUG NQUG

$CPF UKGJG * 8'40+%- 9 -CVCNQI 0T

&KG /ÒP\GP FGT 'T\DKUEJÌHG XQP -ÌNP &KG /ÒP\GP WPF /GFCKNNGP XQP -ÌNP -ÌNP :8 5 6HP .GKPGP OKV 1TKI 2T·IWPI

/KV 9KFOWPI FGU 8GTHCUUGTU CP *GTTP 'TPUV .GLGWPG KP HTGWPFUEJCHVNKEJGT )GUKPPWPI

&KG /ÒP\GP FGT 5V·FVG -ÌNP WPF 0GWUU &KG /ÒP\GP WPF /GFCKNNGP XQP -ÌNP -ÌNP :+++ 5 6HP .GKPGP OKV 1TKI 2T·IWPI 4ÒEMGP NGKEJV DGUEJ·FKIV

4472

&KG /ÒP\GP XQP 6TKGT 6GKN $GUEJTGKDWPI FGT /ÒP\GP 2WDNKMCVKQPGP FGT )GUGNNUEJCHV HÒT 4JGKPKUEJG )GUEJKEJVUMWPFG $QPP ::: 5 6HP ( (TGKJGTT XQP 5%*4¤66'4 &KG /ÒP\GP XQP 6TKGT 6GKN $GUEJTGKDWPI FGT PGW\GKVNKEJGP /ÒP\GP 2WDNKMCVKQPGP FGT )GUGNNUEJCHV HÒT 4JGKPKUEJG )GUEJKEJVUMWPFG $QPP ::8+ 5 6HP +P *CNDNGFGT KP GKPGP 6GZV WPF GKPGP 6CHGNDCPF IGDWPFGP DGUVQ­GP

'Z NKDTKU (GTFKPCPF (TKGFGPUDWTI 'KPIGMNGDVG 4G\GPUKQPGP WPF 2QUVMCTVG XQP 0QUU XQO CWU $CF 6ÌN\ CP *GTTP )GJGKOTCV (TKGFGPUDWTI $TGUNCW :8+++ )ÒPVJGTUVTC­G 5GJT IGGJTVGT *GTT 8GTDKPFNKEJUV FCPMG KEJ +JPGP HÒT FKG HTFN ªDGTUGPFWPI FGT DGKFGP $GURTGEJWPIGP XQP 6TKGT = ?

&KG /ÒP\GP XQP ,ÒNKEJ /ÌTU WPF #NRGP /ÒPEJGP :+8 5 6HP .GKPGP

&KG /ÒP\GP XQP $GTI WPF ,ÒNKEJ $GTI $·PFG /ÒPEJGP :8 5 6HP :8 5 6HP .GKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU CP *GTTP 2TQHGUUQT &T /CZ $GTPJCTV KP HTGWPFUEJCHVNKEJGT 8GTGJTWPI

&KG /ÒP\GP FGT )TCHGP WPF *GT\ÌIG XQP -NGXG /ÒPEJGP :8 5 6HP .GKPGP GVYCU DGUVQ­GP

&KG 2H·N\KUEJGP /ÒP\GP FGU *CWUGU 9KVVGNUDCEJ $CPF 2HCN\ 8GNFGP\ 2HCN\ 0GWDWTI 2HCN\ 5WN\ DCEJ /ÒPEJGP =OGJT PKEJV GTUEJKGPGP? :+ 5 6HP .GKPGP

1'46<'0 1 &KG /GEMNGPDWTIKUEJGP /ÒP\GP FGU ITQ­JGT\QINKEJGP /ÒP\MCDKPGVVU 6GKNG 5EJYG TKP 8 5 6HP 5 6HP +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP DGUVQ­GP

1*.; 4 &GT $TCMVGCVGPHWPF XQP 4WKPG 9CTVGPDCEJ -TGKU .CWVGTDCEJ WO 5& CWU &GWV UEJGU ,CJTDWEJ HÒT 0WOKUOCVKM , %#*0 'KP 9GVVGTCWGT &[PCUVGPDTCMVGCV OKV JGDT·K UEJGT 7OUEJTKHV 5& CWU <H0 ( (4+'&'05$74) /KVVGNTJGKPKUEJG /ÒP\GP 5& CWU ,CJTDWEJ FGT (TCPMHWTVGT 0WOKUOCVKUEJGP )GUGNNUEJCHV WPF FGT 0WOKUOCVKUEJGP )GUGNNUEJCHV 9KGUDCFGP /CKP\ )GJGHVGV DGUEJ·FKIV

1.&+0) / &KG /GFCKNNGP CWH (TKGFTKEJ FGP )TQ­GP XQP 2TGW­GP DKU 4GIGPUVCWH (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

18'4$'%- $ $KDNKQITCRJKG FGT DC[GTKUEJGP /ÒP\ WPF )GNFIGUEJKEJVG 9KGUDCFGP :8+++ 5 .GKPGP

2'75 $ &CU )GNF WPF /ÒP\YGUGP FGT 5VCFV /ÒPUVGT K 9 5& CWU 3WGNNGP WPF (QTUEJWPIGP \WT )GUEJKEJVG FGT 5VCFV /ÒPUVGT 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP FGU 2TQXKP\KCNKPUVKVWVU HÒT 9GUVH·NKUEJG .CPFGU WPF 8QNMUMWPFG /ÒPUVGT KP 9GUVHCNGP 5 6HP .GKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU XQO CP . (QTTGT

116

&'765%*.#0&

2(.ª/'4 ) &KG /ÒP\GP FGT 5VCFV *COGNP 1 1 Q , 5 6HP )TQ­HQNKQ *CNDNGKPGP $KP FWPI NQEMGT

2+%- $ $7%*'0#7 * $TCMVGCVGPHWPF XQP .GWVGPDGTI 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG

5 6H 1TKI $TQUEJWT

/KV 9KFOWPI FGU 8GTHCUUGTU CP *GTTP 2CWN ,QUGRJ OKV DGUVGO )TW­

2+'2'4 9 7PGFKGTVG YGUVH·NKUEJG -WRHGTOÒP\GP /CTMGP WPF /GFCKNNGP 0CEJVT·IG \W ,QUGRJ 9GKPI·TVPGTU -WRHGTOÒP\GP 9GUVHCNGPU /KV XQNNUV·PFKIGT 0GWDGCTDGKVWPI FGT 5QGUVGT /ÒP\GP $GTNKP 5 6HP 1TKI $TQUEJWT

2.#61 ) ) 4GIGPUDWTIKUEJGU /ÒP\ -CDKPGVV QFGT 8GT\GKEJPK­ FGT FGU * 4 4 HTGKGP 5VCFV 4GIGPU DWTI -WTTGPV WPF 5EJCW /ÒP\GP PGDUV GKPGO #PJCPI XQP $KUEJÌHNKEJ 4GIGPUDWTIKUEJGP /ÒP\GP 0CEJFTWEM $GTNKP FGT #WUICDGP 4GIGPUDWTI /GJTGTG $N 5 *CNDNGKPGP 4ÒEMGP GVYCU DGUEJ·FKIV $KPFWPI NQEMGT

215'40 -.'66 % ( XQP /ÒP\UV·VVGP WPF /ÒP\GP FGT 5V·FVG WPF IGKUVNKEJGP 5VKHVGT 5CEJUGPU KO /KVVGNCNVGT .GKR\KI : 5 6HP *CNDNGFGT OKV )QNFXGT\KGTWPIGP WPF )QNFUEJPKVV GVYCU DGUVQ­GP OKPKOCN UVQEMHNGEMKI $GUKV\GTUVGORGN CWH FGO 6KVGNDNCVV IGVKNIV

241-+5%* $ W C 4GRGTVQTKWO \WT PGW\GKVNKEJGP /ÒP\RT·IWPI 'WTQRCU $CPF *GKNKIGU 4ÌOK UEJGU 4GKEJ FGWVUEJGT 0CVKQP WPF 0CEJHQNIGUVCCVGP &GT DC[GTKUEJG 4GKEJUMTGKU 8GTÌHHGPVNKEJWPIGP FGU +PUVKVWVGU HÒT 0WOKUOCVKM 9KGP 9KGP .+ 5 OKV \CJNTGKEJGP #DD WPF -CTVGP .GKPGP OKV 5EJWV\WOUEJNCI

4#(( # &KG /ÒP\GP WPF /GFCKNNGP FGT 5VCFV 5EJY·DKUEJ *CNN &KG /ÒP\GP WPF /GFCKNNGP FGT PKG FGTUEJY·DKUEJGP 5V·FVG (TGKDWTI KO $TGKUICW 5 FCXQP 6HP -CTVQPKGTV OKV 5EJWV\WO UEJNCI

&KG $GFGWVWPI XQP %JTKUVQRJUVCN HÒT FKG YÒTVVGODGTIKUEJG /ÒP\IGUEJKEJVG 5 OKV \CJNTGKEJGP #DD KP (TGWFGPUV·FVGT $GKVT·IG \WT IGUEJKEJVNKEJGP .CPFGUMWPFG \YKUEJGP 0GEMCT /WTI WPF -KP\KI 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

'PVJ·NV CW­GTFGO * , 5%*0744 &KG /GFCKNNGP XQP (TGWFGPUVCFV WPF FGU -ÒPUVNGTU &CXKF (CJTPGT

4#*0'0(ª*4'4 ' &KG MWTU·EJUKUEJGP -KRRGTOÒP\GP 8GTÌHHGPVNKEJWPIGP FGU .CPFGUOWUGWOU HÒT 8QTIGUEJKEJVG &TGUFGP $GTNKP 5 6HP (CNVMCTVG ) -47) &KG MWTU·EJUKUEJGP -KRRGTOÒP\GP ++ 'TI·P\WPIGP \W 4CJPGPHÒJTGT 8GTÌHHGPVNKEJWPIGP FGU .CPFGUOWUGWOU HÒT 8QTIG UEJKEJVG &TGUFGP $GTNKP 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP

4'&.+%* ( &KG FGWVUEJG +PHNCVKQP FGU HTÒJGP ,CJTJWPFGTVU KP FGT \GKVIGPÌUUKUEJGP .KVGTCVWT &KG -KRRGT WPF 9KRRGT (QTUEJWPIGP \WT +PVGTPCVKQPCNGP 5Q\KCN WPF 9KTVUEJCHVIGUEJKEJVG -ÌNP 9KGP 5 * % #.6/#00 &KG -KRRGT WPF 9KRRGTKPHNCVKQP KP $C[GTP 'KP $GKVTCI \WT 5VTWMVWTCPCN[UG FGU HTÒJCDUQNWVKUVKUEJGP 5VCCVGU /KUEGNNCPGC $CXCTKEC /QPCEGPUKC /ÒPEJGP 8+++ 5 1TKI $TQUEJWT

4'+%*'. , &KG 4GKEJGNUEJG /ÒP\UCOONWPI KP 5V 2GVGTUDWTI 6GKN =/ÒP\GP FGU 2TGW­KUEJGP 5VCCVGU? 5V 2GVGTUDWTI

'PVJ·NV FKG OKVVGNCNVGTNKEJGP WPF PGW\GKVNKEJGP 2T·IWPIGP FGT /ÒP\UV·PFG FKG FGT RTGW­KUEJG 5VCCV KO ,CJTJWPFGTV WOHC­VG *CPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI 2CTCXKEKPK KO 8QTUCV\

4'6*/'+'4 2 , $TCWPUEJYGKI .ÒPGDWTIKUEJG %JTQPKEC 1FGT *KUVQTKUEJG $GUEJTGKDWPI &GT &WTEJNCWEJVKIUVGP *GT\QIGP \W $TCWPUEJYGKI WPF .ÒPGDWTI 9KG FKGUGNDGP CPH·PINKEJ CWU FGP (ÒTUVNK EJGP *·WUGTP 'UVG WPF 5CEJUGP KJTGP 7TURTWPI IGPQOOGP 9CU 5KG KP FKGUGP .CPFGP HÒT *GNFGP 6JC VGP XGTTKEJVGV = ? DGPGDUV FGPGP FGPEMYÒTFKIUVGP )GUEJKEJVGP UQPFGTNKEJ YCU UKEJ KO .CPFG UGNDUV DGIGDGP #WU XKGNGP IGFTWEMVGP CNVGP WPF PGWGP %JTQPKEMGP DTKGHNKEJGP 7TMWPFGP WPF 8GT\GKEJPKUUGP XQTOCNU \WUCOOGP IGVTCIGP WPF DGUEJTKGDGP FWTEJ FKG DG[FG IGNGJTVG 6JGQNQIQ *KUVQTKEQU / *GP TKEWO $ÒPVKPI WPF ,QJCPPGO .GV\PGT 0WPOGJTQ CDGT OKV WPGTOÒFGVGO (NGKUUG WPVGTUWEJGV WPF KP TKEJVKIG 1TFPWPI IGDTCEJV = ? \WO 'TUVGPOCN KP FTG[GP 6JGKNGP CPU .KEJV IGUVGNNGV $TCWPUEJYGKI &GVNGHH &GVJNGHHUGP (TQPVKURK\ $NN 5 OKV 6GZVCDD WPF 6HP $NN 4GIKUVGT *CNDNG FGT FGT <GKV 5GJT UGNVGP

4'76'4 , ) #NDCPUIWNFGP QFGT MWT\G )GUEJKEJVG FGU 4KVVGTUVKHVGU \WO JGKN #NDCP DG[ /CKP\ XQP FGUUGP GTUVGP 5VKHVWPI CP CNU #DVG[ DKU CWH UGKPG LGV\KIG 8GTHCUUWPI OKV 0CEJTKEJVGP XQP FGUUGNDGP /ÒP\TGEJVG /CKP\ *·HPGTU UGN 'TDGP :++ 5 5 *CNDNGFGT 4ÒEMGP GVYCU DGUEJ·FKIV 4 9#.6*'4 &CU 4KVVGTUVKHV 5V #NDCP WPF UGKPG /ÒP\GP 5& CWU /CKP\GT <GKVUEJTKHV

5 )GJGHVGV

$KDNKQVJGMUUVGORGN $ÒEJGTGK (TKGFGTKJCPUGP

117

&'765%*.#0&

4'; / XCP 'KPHÒJTWPI KP FKG TJGKPKUEJG /ÒP\IGUEJKEJVG FGU /KVVGNCNVGTU $GKVT·IG \WT )GUEJKEJVG FGT 5VCFV /ÌPEJGPINCFDCEJ /ÌPEJGPINCFDCEJ 5 OKV \CJNTGKEJGP #DD WPF -CTVGP .GK PGP 4+66/#00 * &GWVUEJG )GNFIGUEJKEJVG /ÒPEJGP 5 -CTVQPKGTV

4497

41'2'4 # #WMVKQPGP . )TCDQY 5COONWPI -CWHOCPP #NGZCPFGT 4QGRGT UGP .ÒDGEM 6GKNG 4QUVQEM 5 OKV 0TP 5 OKV 0TP * /'755 5COONWPI -CWHOCPP #NGZCPFGT 4QGRGT UGP .ÒDGEM 6GKNG *CODWTI 5 OKV 0TP 5 OKV 0TP 6HP 5EJ·V\RTGKUNKUVGP +P GKPGO $CPF KP *CNDNG FGT IGDWPFGP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGT

5#./1 * &GWVUEJG /ÒP\GP KP XQTIGUEJKEJVNKEJGP (WPFGP (KPPNCPFU 5WQOGP /WKPCKUOWKUVQ[JFK UV[MUGP #KMCMCWUMKTLC *GNUKPMK :+ 5 6HP .GKPGP

5#66.'4 # &KG /ÒP\GP FGT HTGKGP 4GKEJUUVCFV 4QVVYGKN 5& CWU 504 5 6H )GJGHVGV

5#74/# ,'.65%* * (TGKJGTT XQP &KG 5CWTOCUEJG /ÒP\UCOONWPI FGWVUEJGT UEJYGK\GTKUEJGT WPF RQNPKUEJGT )GRT·IG XQP GVYC FGO $GIKPP FGT )TQUEJGP\GKV DKU \WT -KRRGTRGTKQFG 6GKNG $GTNKP 5R 6HP +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP GVYCU DGUVQ­GP 4ÒEMGP GVYCU DGUEJ·FKIV

5EJNGUKUEJG /ÒP\GP WPF /GFCKNNGP 0CEJFTWEM 1CMFCNG FGT #WUICDG $TGUNCW 5 6HP 9 $#7/ <WT )GUEJKEJVG FGT .KGIPKV\GT /ÒP\G /ÒP\GP XQP DKU /GFCKNNGP XQP FGT 4GPCKUUCPEG DKU \WT )GIGPYCTV .QTEJ 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

5%*##( 4 &KG 2TQDGP FGT FGWVUEJGP /ÒP\GP UGKV 8GTUWEJ GKPGT -CVCNQIKUKGTWPI $CUGN 5 OKV \CJNTGKEJGP #DD .GKPGP - ,#')'4 7 *#'8'%-'4 &KG FGWVUEJGP $CPMPQVGP UGKV #WHN * -#*06 &KG 2TGKUG FGT FGWVUEJGP /ÒP\GP CD - ,#')'4 &KG FGWVUEJGP /ÒP\GP UGKV #WHN - 2 0'*4 4GKEJUOÒP\GP /QPG[ 6TGPF 5QPFGTJGHV (·NUEJWPIGP * -#*06 W C &KG )GUEJKEJVG FGT &GWVUEJGP /CTM KP 1UV WPF 9GUV -CTVQPKGTV Z 1TKI $TQUEJWT

Z IGJGHVGV

5%*'4'4 % 9 &KG /ÒP\GP XQP #PPYGKNGT 6TKHGNU .W\GTP 5 6HP )GJGHVGV

5%*+'('4&'%-'4 - &KG /ÒP\GP FGU $KUVWOU *KNFGUJGKO 5& CWU #NV *KNFGUJGKO Q 1 Q , 5 LGYGKNU OKV \CJNTGKEJGP #DD .GKPGP 8QP $GTPYCTF DKU /CIPWU &KG /ÒP\GP FGU $KUVWOU *KNFGUJGKO WPVGT $KUEJQH -WTHÒTUV 'TPUV XQP $C[GTP KP #NV *KNFGUJGKO

WPF &KG )GRT·IG FGU $KUVWOU *KNFGUJGKO <GKVUEJTKHV FGU /WUGWO \W *KNFGUJGKO / $#*4('.&6 &KG /ÒP\UCOONWPI FGU 4QGOGT /WUGWOU \W *KNFGUJGKO *KNFGUJGKO ( 52476* &KG *KNFGUJGKOGT $GTIDCWVCNGT FGU $KUEJQHU ,QDUV 'FOWPF XQP $TCDGEM FGT )TWDG 5V #PVQPKWU 'TGOKVC KP *CJPGPMNGG 8GTÌHHGPVNKEJWPIGP CWU FGO &GWVUEJGP $GTIDCWOWUGWO $QEJWO $QEJWO 1TKI $TQUEJWT

5%*.')'. # &KG MWTOCKP\KUEJG /ÒP\UV·VVG *ÌEJUV DKU 'KP $GKVTCI \WT *GKOCV MWPFG (TCPMHWTV CO /CKP 5 OKV \CJNTGKEJGP #DD .GKPGP

5%*/+&6 $ -0#$ % '4$56'+0 , 4GWUUKUEJG /ÒP\IGUEJKEJVG &TGUFGP +8 5 6HP .GKPGP GKPG 6H NQUG

118

&'765%*.#0&

5%*/+&6 / &KG /ÒP\GP WPF /GFCKNNGP FGT *GT\ÌIG XQP 5CEJUGP .CWGPDWTI PGDUV GKPNGKVGPFGP /KVVGKNWPIGP ÒDGT FCU /ÒP\YGUGP WPF FCU 9CRRGP FGU *GT\QIVWOU 4CV\GDWTI (CTDKIGU (TQPVK URK\ +8 5 6HP 5VCOOVH 1TKI $TQUEJWT WPCWHIGUEJPKVVGP 7OUEJNCI GVYCU DGUEJ·FKIV WPF CO 4ÒEMGP OKV 6GUCHKNO IGMNGDV

5%*0'' ) 5·EJUKUEJG 6CNGT WPF #DUEJN·IG XQP 6CNGTUVGORGNP KP )QNF WPF 5KNDGT

&WMCVGP /GJTHCEJ 6CNGT *CNDVCNGT (TCPMHWTV CO /CKP 5 OKV \CJNTGKEJGP #DD .GKPGP * -'40$#%* <GKVIGPÌUUKUEJG (·NUEJWPIGP U·EJUKUEJGT 6CNGT WPF *CNDVCNGT CWU FGT <GKV XQP DKU 1 1 Q , 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

5%*0'+&'4 - &CU /ÒP\YGUGP KP FGP 6GTTKVQTKGP FGU 9GUVGTYCNFGU FGU 6CWPWU WPF FGU .CJPIG DKGVGU WPF FKG /ÒP\RQNKVKM FGU QDGTTJGKPKUEJGP 4GKEJUMTGKUGU KO ,CJTJWPFGTV /CPWUMTKRVFTWEM 7TDCT 5 (CNVMCTVG ) / (140'%- )GNF KO 9GUVGTYCNF /ÒP\RT·IWPI WPF )GNF WONCWH *CEJGPDGTI (TQPVKURK\ 5 \CJNTGKEJG #DD 1TKI $TQUEJWT

5COOGNDCPF OKV #WHU·V\GP \WT JGUUKUEJGP WPF 0QTFFGWVUEJGP /ÒP\ WPF )GNFIGUEJKEJVG FCTWPVGT &GT JGUUGP MCUUGNKUEJG /ÒP\XGTYCNVGT %JTKUVQHHGT 9QTV GKP 7PVGTPGJOGT FGT GTUVGP -KRRGT\GKV 5& CWU *GUUKUEJGU ,CJTDWEJ HÒT .CPFGUIGUEJKEJVG 5 *CODWTI Y·JTGPF FGT -KRRGT WPF 9KRRGT\GKV 5& CWU <GKVUEJTKHV FGU 8GTGKPU HÒT *CODWTIKUEJG )GUEJKEJVG 5 5V·FVKUEJG WPF UVCCVNKEJG /ÒP\RQNK\GK KP *CTDWTI Y·JTGPF FGU 5KGDGPL·JTKIGP -TKGIGU 5& CWU 0KGFGT U·EJUKUEJGU ,CJTDWEJ HÒT .CPFGUIGUEJKEJVG 5 <WO )GNFJCPFGN KP *CODWTI Y·J TGPF FGU 5KGDGPL·JTKIGP -TKGIGU 5& CWU <GKVUEJTKHV FGU 8GTGKPU HÒT *CODWTIKUEJG )GUEJKEJVG

5 &KG 2T·IWPI XQP 4GKEJUOÒP\GP OKV FGO DTGOKUEJGP *QJGKVU\GKEJGP KP FGT /ÒP\ UV·VVG *CODWTI 5& CWU $TGOKUEJGU ,CJTDWEJ 5 7PVGTUWEJWPIGP \WO )GNFWONCWH KP *CTDWTI WPF 7OIGDWPI KO ,CJTJWPFGTV 5& CWU 0KGFGTU·EJUKUEJGU ,CJTDWEJ 5 +P GKPGO $CPF KP .GKPGP IGDWPFGP &CU /ÒP\YGUGP KP FGP )TCHUEJCHVGP 9KGF 0GWYKGF WPF 9KGF 4WPMGN (TCPMHWTV CO /CKP 5 6HP .GKPGP &CU /ÒP\YGUGP FGU )TQ­JGT\QIVWOU $GTI /CPWUMTKRVFTWEM 7TDCT 5 6H -CTVG 1TKI $TQUEJWT

5%*0'+&'4 - (140'%- ) / &KG /GFCKNNGP WPF )GFGPMOÒP\GP FGT 'T\DKUEJÌHG WPF -WTHÒT UVGP XQP 6TKGT -CVCNQIG WPF 5EJTKHVGP FGU DKUEJÌHNKEJGP &QO WPF &KÌ\GUCPOWUGWOU 6TKGT 6TKGT 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI &CU MWTVTKGTKUEJG /ÒP\YGUGP WPVGT ,QJCPP 2JKNKRR XQP 9CNFGTFQTH 5KOOGTP (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT 9 *'55 <QNN /CTMV WPF /ÒP\G KO ,CJTJWPFGTV &GT ·NVGUVG -QDNGP\GT <QNNVCTKH KO .KEJVG FGT PWOKUOCVKUEJGP 3WGNNGP 5& CWU *KUVQTKUEJG (QTUEJWPIGP HÒT 9CNVGT 5EJNGUKPIGT - %+$+5 'KP /ÒP\UEJCV\HWPF OKV MWTVTKGTKUEJGP &TGKRGVGTO·PPEJGP CWU 0GY ;QTM 5& CWU 6TKGTGT <GKVUEJTKHV

5%*¤0'/#00 % 2 % <WT XCVGTN·PFKUEJGP /ÒP\MWPFG XQO \YÌNHVGP DKU HWPH\GJPVGP ,CJTJWPFGTV QFGT )TWPF\ÒIG FGT $TCEVGCVGPMWPFG WPF $GUEJTGKDWPI XQP DGKPCJG HÒPHJWPFGTV CNVGP $TCWPUEJYGKIK UEJGP *GNOUVGFV UEJGP *CNDGTUV·FVKUEJGP 4GKPUVGKPKUEJGP )QUNCTKUEJGP #PJCNVKUEJGP WPF CPFGTGP *QJNRHGPPKIGP YKG CWEJ 9GUVH·NUKEJGP WPF *GUUKUEJGP \YGKUGKVKIGP 2HGPPKIGP 9QNHGPDÒVVGN 5 6HP -CTVQPKGTV

$GUKV\GTCWHMNGDGT &KRN +PI (TKV\ $GKGTUFQTH WPF JCPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI )QNFDGTI KO 8QTUCV\

5%*¤66.' ) )GNF WPF /ÒP\IGUEJKEJVG FGT 2HCN\ITCHUEJCHV 6ÒDKPIGP 5& CWU ,CJTDWEJ FGU 0W OKUOCVKUEJGP 8GTGKPU \W &TGUFGP =OKV 9KFOWPI FGU 8GTHCUUGTU CP 'TPGUV .GJT? ' 0#7 6Ò DKPIGT 2HGPPKIG &GT (WPF XQP /GV\KPIGP WPF CPFGTG /KV GKPGO 'ZMWTU ÒDGT FGP HTÒJGUVGP 4CXGPU DWTIGT $TCMVGCVGP WO 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG WPF /ÒP\HQTUEJWPI =OKV 9KF OWPI FGT 8GTHCUUGTKP CP FKG //#)? 1TKI $TQUEJWT

5%*4#// 2 ' &KG FGWVUEJGP -CKUGT WPF -ÌPKIG KP $KNFGTP KJTGT <GKV /ÒPEJGP 5 FCXQP 6HP .GKPGP

&GT PWOKUOCVKUEJG 6GKN FGU $WEJGU KUV XQP 2 $'4)*#75 DGCTDGKVGV YQTFGP

5%*4#6< 9 &KG %QPXGPVKQPUOÒP\GP FGT *GT\ÌIG XQP $C[GTP WPF FGT $KUEJÌHG XQP 4GIGPUDWTI XQO 'PFG FGU :++ DKU #PHCPI FGU :+8 ,CJTJWPFGTVU 5& CWU 8GTJCPFNWPIGP FGU *KUVQTKUEJGP 8GTGK PGU XQP 1DGTRHCN\ WPF 4GIGPUDWTI 5 6HP 1TKI $TQUEJWT

&KG 4GIGPUDWTIGT 4CVJU\GKEJGP 5& CWU 8GTJCPFNWPIGP FGU *KUVQTKUEJGP 8GTGKPGU XQP 1DGTRHCN\ WPF 4GIGPUDWTI 5 6HP 1TKI $TQUEJWT 7OUEJNCI DGUEJ·FKIV WPF NQUG NQUG .CIGP

$GUKV\GTUVGORGN $KDNKQVJGM FGU UV·FV 5WGTOQPFV /WUGWOU #CEJGP JCPFUEJTKHVNKEJ CDIGIGDGP ,WNK CWH FGO 6KVGNDNCVV

119

&'765%*.#0&

$GKVTCI \WT ·NVGUVGP /ÒP\IGUEJKEJVG 4GIGPUDWTIU 5& CWU 8GTJCPFNWPIGP FGU JKUVQTKUEJGP 8GTGKPGU XQP 1DGTRHCN\ WPF 4GIGPUDWTI 5 6H &KG %QPXGPVKQPUOÒP\GP FGT *GT\QIG XQP $C[GTP WPF FGT $KUEJÌHG XQP 4GIGPUDWTI XQO 'PFG FGU :++ DKU #PHCPI FGU :+8 ,CJTJWPFGTVU 5& CWU 8GTJCPFNWPIGP FGU JKUVQTKUEJGP 8GTGKPGU XQP 1DGTRHCN\ WPF 4GIGPUDWTI 5 6HP &GT /ÒP\HWPF XQP )TCHGPCW PGDUV GKPGO #PJCPIG #POGTMWPIGP ÒDGT FKG &CVKTWPI FGT 4G IGPUDWTIGT 5EJNÒUUGNRHGPPKIG 5& CWU 8GTJCPFNWPIGP FGU JKUVQTKUEJGP 8GTGKPGU HÒT 0KGFGTDC[GTP

5 6H =OKV 9KFOWPI CP *GTTP M .)4CVJ &CPPGPDGTI KP $GTNKP XQO GTIGDGPUVGP 8GTHCU UGT? &GT /ÒP\HWPF XQP 0GWPUV·VVGP 5& CWU 0< 5 6H /WVJOCUUNKEJG <WVJGK NWPI FGT 4GIGPUDWTIGT )GOGKPUEJCHVUOÒP\GP XQP /KVVG FGU DKU /KVVG FGU ,CJTJWPFGTVU 5& CWU 0< 5 6HP 7GDGT 2NCVQ 9KNF WPF FKG TGIGPUDWTIKUEJG /ÒP\MWPFG 5& CWU 0< 5 - -+4%*0'4 &KG /ÒP\HWPFG XQP 7PVGTITKGUUDCEJ WPF XQP /ÒPEJUOÒPUVGT 5& CWU /$0) 5 6H +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP 4ÒEMGP OKPKOCN DGUEJ·FKIV WPF WPVGT 6GUCHKNO OKV FGO 6KVGN 5COOGNDCPF 0KGFGTDC[GTP + DGMNGDV

5%*41%- 7 ' ) /ÒP\GP FGT 5VCFV )ÌVVKPIGP $TGOGP 5 OKV \CJNTGKEJGP #DD .GKPGP 5%*41'&'4 (TKGFTKEJ 9KNJGNO + -ÌPKI XQP 2TGW­GP <YGK WPF 'KPFTKVVGNVCNGT 'KP 0CEJVTCI \W X 5EJTÌVVGT 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 5 6HP - /#46+0 &KG RTGW­KUEJGP /ÒP\RT·IWPIGP / 1.&+0) &KG /ÒP\GP (TKGFTKEJU FGU )TQ­GP -CVCNQI FGT RTGW­KUEJGP /ÒP\GP . 4#76'4$'4) <WO /ÒP\YGUGP -ÌPKI (TKGFTKEJ 9KNJGNOU + XQP 2TGWUUGP 5& CWU $GTNKPGT 0WOKUOCVKUEJG <GKVUEJTKHV 7PVGTUEJKGFNKEJ IGDWPFGP

5%*41'6'4 ' &KG /ÒP\GP WPF /GFCKNNGP FGU 9GK­GPHGNUGT *GT\QIUJCWUGU 'KP $GKVTCI \WT )G UEJKEJVG FGU *GT\QIVWOU 5CEJUGP 9GK­GPHGNU WPF FGU (ÒTUVGPVWOU 5CEJUGP 3WGTHWTV 6GKN 9GK­GPHGNU 5 6HP 1TKI $TQUEJKT 7OUEJNCI HNGEMKI

5%*4¤66'4 ( (TGKJGTT XQP )GUEJKEJVG FGU PGWGTGP /ÒP\ WPF )GNFYGUGPU KO -WTHÒTUVGPVWO 6TKGT $GTNKP 8+++ 5 -CTVG .GKPGP $GKIGNGIV GKPG JCPFUEJTKHVNKEJG 4G\GPUKQP XQP ) 5%*4¤&'4 \W # 0QUU &KG /ÒP\GP FGT 'T\DKUEJÌHG XQP %ÌNP WPF FGOU &KG /ÒP\GP XQP 6TKGT 5 CWH 6CDCMIWVUEJGKPGP

&CU RTGW­KUEJG /ÒP\YGUGP KO ,CJTJWPFGTV $GUEJTGKDGPFGT 6GKN *GHV &KG /ÒP\GP CWU FGT <GKV FGT -ÌPKIG (TKGFTKEJ + WPF (TKGFTKEJ 9KNJGNO + $GTNKP 8+++ 5 6HP .GKPGP $KPFWPI GVYCU NQEMGT

&CU RTGW­KUEJG /ÒP\YGUGP KO ,CJTJWPFGTV /ÒP\IGUEJKEJVNKEJGT 6GKN $CPF &KG /ÒP\XGTYCN VWPI FGT -ÌPKIG (TKGFTKEJ + WPF (TKGFTKEJ 9KNJGNO + $GTNKP :8+ 5 .GKPGP

&CU RTGW­KUEJG /ÒP\YGUGP KO ,CJTJWPFGTV $GUEJTGKDGPFGT 6GKN *GHV &KG /ÒP\GP CWU FGT <GKV FGU -ÌPKIU (TKGFTKEJ ++ FGU )TQ­GP $GTNKP : 5 6HP .GKPGP 4ÒEMGP WPF &GEMGN VGKN YGKUG NQUG

&CU RTGW­KUEJG /ÒP\YGUGP KO ,CJTJWPFGTV /ÒP\IGUEJKEJVNKEJGT 6GKN $CPF &KG $GITÒPFWPI FGU RTGW­KUEJGP /ÒP\U[UVGOU FWTEJ (TKGFTKEJ F )T WPF )TCWOCPP $GTNKP : 5 $CPF &CU )GNF FGU UKGDGPL·JTKIGP -TKGIGU WPF FKG /ÒP\TGHQTO PCEJ FGO (TKGFGP $GTNKP +: 5 $CPF &KG NGV\VGP XKGT\KI ,CJTG $GTNKP 8+++ 5 .GKPGP

&CU RTGW­KUEJG /ÒP\YGUGP KO ,CJTJWPFGTV $GUEJTGKDGPFGT 6GKN *GHV &KG /ÒP\GP CWU FGT <GKV FGT -ÌPKIG (TKGFTKEJ 9KNJGNO ++ WPF (TKGFTKEJ 9KNJGNO +++ DKU \WO ,CJTG $GTNKP 5 6HP .GKPGP $KPFWPI GVYCU NQEMGT

&KG /ÒP\GP (TKGFTKEJ 9KNJGNOU FGU )TQ­GP -WTHÒTUVGP WPF (TKGFTKEJU +++ XQP $TCPFGPDWTI CWH FGT )TWPFNCIG FGT 5COONWPI FGU -IN /ÒP\MCDKPGVVU $GTNKP :++ 5 6HP .GKPGP $KPFWPI NQEMGT DGUVQ­GP

&KG /ÒP\GP (TKGFTKEJ 9KNJGNOU FGU )TQ­GP -WTHÒTUVGP WPF (TKGFTKEJU +++ XQP $TCPFGPDWTI /ÒP\ WPF )GNFIGUEJKEJVG $GTNKP 8+++ 5 .GKPGP 8QTFGTFGEMGN GVYCU NQUG 6KVGNUGKVG GVYCU GKPIGTKUUGP

&CU RTGW­KUEJG /ÒP\YGUGP DKU $GUEJTGKDGPFGT 6GKN $GTNKP 5 6HP .GKPGP &CU RTGW­KUEJG /ÒP\YGUGP DKU /ÒP\IGUEJKEJVNKEJGT 6GKN $·PFG $GTNKP :+ 5 +8 5 (CNVMCTVG .GKPGP NG\VG 5GKVGP WPF $KPFPWI FGU GTUVGP $CPFGU GVYCU NQEMGT

$GUEJTGKDWPI FGT PGW\GKVNKEJGP /ÒP\GP FGU 'T\UVKHVU WPF FGT 5VCFV /CIFGDWTI /CIFGDWTI 8+++ 5 6HP .GKPGP

$TCPFGPDWTI (T·PMKUEJGU /ÒP\YGUGP 6GKNG *CNNG CP FGT 5CCNG :+++ 5 : 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP

5%*ª6< # &KG JGUUKUEJGP /ÒP\GP FGU *CWUGU $TCDCPV $·PFG -CUUGN WPF (TCPMHWTV CO /CKP Q , .GKPGP

5%*7.'4 * , &KG /ÒP\GP WPF /GFCKNNGP FGT $KTMGPHGNFGT .KPKGP FGU *CWUGU 9KVVGNUDCEJ XQT 'TNCPIWPI FGT -ÌPKIUYÒTFG 5& CWU &CU DCTQEMG <YGKDTÒEMGP WPF UGKPG /GKUVGT 9CNFHKUEJDCEJ 5 .GKPGP \YGK 5GKVGP NQUG &KG /ÒP\V·VKIMGKV KO *GT\QIVWO <YGKDTÒEMGP KO ,CJTJWPFGTV KP ,CJTG 8QNMUDCPM <YGKDTÒEMGP )GJGHVGV

120

&'765%*.#0&

5%*7./#0 , %CVCNQIWG FG NC %QNNGEVKQP NC RNWU KORQTVCPVG FG OQPPCKGU FGU GVCVU GV XKNNGU F #NNG OCIPG =5NI (GTTCTK? 6GKNG =#WMVKQPGP ? #OUVGTFCO +P GKPGO $CPF KP .GKPGP IGDWPFGP DGK FGP GTUVGP DGKFGP 6GKNGP OKV $NGKUVKHV DGKIGUEJTKGDGPG 2TGKUG

5%*7.6'0 2 0 &KG /ÒP\GP FGT )TCHGP XQP *QJPUVGKP XQP FGP GTUVGP #PH·PIGP KO /KVVGNCNVGT DKU \WO #WUUVGTDGP FGU IT·HNKEJGP *CWUGU 1UPCDTÒEM (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

5%*7.6'0 9 &GWVUEJG /ÒP\GP CWU FGT <GKV -CTNU 8 6[RGPMCVCNQI FGT )GRT·IG \YKUEJGP FGO $GIKPP FGT 6CNGTRT·IWPI WPF FGT FTKVVGP 4GKEJUOÒP\QTFPWPI (TCPMHWTV CO /CKP 5 6HP .GKPGP

5%*9+0-195-+ 9 &CU )GNF WPF /ÒP\YGUGP 5CEJUGPU &TGUFGP 5 ) -47) &KG *CPFGNU WPF /GUUGUVCFV .GKR\KI \WT -KRRGT\GKV 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 9 *¤*0 *GPPGDGTIKUEJG KNOGPCWKUEJG #WUDGWVGOÒP\GP 1 1 , WPF # '4$56'+0 &CU YCJTG $KNFPKUU #NDTGEJV FGU $GJGT\VGP *GT\QIU \W 5CEJUGP )WDGTPCVQTU \W (TKGUNCPF &TGUFGP 1TKI $TQUEJWT VGKNYGKUG DGUEJ·FKIV

&GT $TCMVGCVGPHWPF XQP /GK­GP 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 5 6HP # 57*.' 5KPF FKG OGK­PKUEJGP UQI $WTIDTCMVGCVGP YCJTJGKVUIGVTGWG &CTUVGNNWPIGP OKVVGNCNVGTNKEJGT $WTIGP! 5& CWU (TÒJG $WTIGP WPF 5V·FVG $GKVT·IG \WT $WTIGP WPF 5VCFVMGTPHQTUEJWPI $GTNKP 5 H 6H * $7%*'0#7 'KP )TQUEJGP WPF *QJNRHGPPKIHWPF CWU FGT <GKV FGU U·EJUKUEJGP $TWFGTMTKGIGU 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG 5 1TKI $TQUEJWT WPF IGJGHVGV

/ÒP\ WPF )GNFIGUEJKEJVG FGT /CTM /GK­GP WPF /ÒP\GP FGT YGNVNKEJGP *GTTGP PCEJ OGK­PKUEJGT #TV

$TCMVGCVGP XQT FGT )TQUEJGPRT·IWPI 6GKN #DDKNFWPIUVCHGNP =OGJT PKEJV GTUEJKGPGP? (TCPMHWTV CO /CKP 5 6HP .GKPGP

<WT /ÒP\IGUEJKEJVG FGT GJGOCNKIGP 9GVVKPKUEJGP .CPFG WO &GT $TCMVGCVGPHWPF XQP 'V\QNFUJCKP DGK )TKOOC *CNNG CP FGT 5CCNG 5 6HP *CNDNGKPGP

<WT /ÒP\IGUEJKEJVG FGT GJGOCNKIGP 9GVVKPKUEJGP .CPFG WO &GT $TCMVGCVGPHWPF XQP 'V\QNFUJCKP DGK )TKOOC *CNNG CP FGT 5CCNG 5 6HP /QFGTPGU .GKPGP

4543

&CU )GNFYGUGP KP 2TGW­GP WPVGT *GT\QI #NDTGEJV +PCWIWTCN &KUUGTVCVKQP \WT 'TNCPIWPI FGT &QMVQTYÒTFG DGK FGT RJKNQUQRJKUEJGP (CMWNV·V FGT -ÌPKINKEJGP #NDGTVWU 7PKXGTUKV·V \W -ÌPKIUDGTI K 2T 5& CWU <H0 $GTNKP 5 &KG GTUVGP U·EJUKUEJGP )QNFIWNFGP WPF FKG FGWVUEJG )QNF RT·IWPI KO /KVVGNCNVGT 5& CWU <H0 5 &KG 4GKEJTGHQTODGUVTGDWPIGP KP FGP ,CJTGP WPF FGT 8GTVTCI \W <KPPC /KV DGUQPFGTGT $GTÒEMUKEJVKIWPI FGT QDGTU·EJUKUEJGP /ÒP\ WPF )GNFIGUEJKEJVG 5& CWU 8KGTVGNLCJTUEJTKHV HÒT 5Q\KCN WPF 9KTVUEJCHVUIGUEJKEJVG 5 5·EJUKUEJG /ÒP\ WPF CPFGTG $GCOVG KO WPF ,CJTJWPFGTV 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG

5 &GWVUEJG /ÒP\RQNKVKM XQP XQP FGT 4GKEJUOÒP\QTFPWPI DKU \WO 8GTVTCI XQP <KPPC 5& CWU ,CJTDWEJ FGU 0WOKUOCVKUEJGP 8GTGKPU \W &TGUFGP CWH FKG ,CJTG OKV GKPGO 4ÒEMDNKEM CWH FKG GTUVGP \GJP ,CJTG FGU $GUVGJGPU &TGUFGP 5 &CU )GNF WPF /ÒP\YGUGP 5CEJUGP $GKVT·IG \W UGKPGT )GUEJKEJVG 5& CWU 0GWGU #TEJKX HÒT 5·EJUKUEJG )G UEJKEJVG WPF #NVGTVWOUMWPFG 5 6HP 5 &GT $TCMVGCVGPHWPF XQP /GK­GP 5 6HP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP

$GKIGDWPFGP 2QUVMCTVG OKV #PUKEJV FGU 5VCNNJQHGU FGU -ÌPKINKEJGP 4GUKFGP\UEJNQUUGU &TGUFGP &CTWPVGT JCPFUEJTKHVNKEJ /ÒP\MCDKPGVV 5EJYKPMQYUMK UEJTGKDV CO CP FGP 5COONGT *GTTP &T , 9KNEMG = ? -QRGPJCIGP 8GUVGTDTQICFG *QEJIGGJTVGT *GTT &QMVQT 'KP 9GTM XQP 5VTQGJNKP $KDNKQVJGEC PWOKUOCVKEC JCDG KEJ YGFGT KP WPUGTGO /ÒP\MCDKPGVV IGHWPFGP PQEJ KP FGT $KDNKQVJGM WPUGTGU 0WOKUOCV 8GTGKPU KP &TGUFGP FGUUGP 8QTUKV\GPFGT KEJ LGV\V DKP UGKV ,CPWCT 'U YKTF CNUQ YQJN PWT DGK ,QUGH $CGT \W JCDGP UGKP /KV DGUVGT 'ORHGJNWPI +JT ICP\ GTIGDGPGT 5EJYKPMQYUMK

121

&'765%*.#0&

5''. 0&'4 0 <GJGP 5EJTKHVGP XQP 6GWVUEJGP /ÒPV\GP /KVNGTGT <GKVGP *CPPQXGT 5 (CNVVHP 5GPFUEJTGKDGP XQP GKPKIGP %JWTHÒTUVNKEJ $TCPFGPDWTIKUEJGP $TCEVGCVGP QFGT $NGEJ /ÒPV\GP OKVVNGTGT <GKVGP CP FGP *QEJYÒTFKIGP WPF *QEJIGNCJTVGP *GTTP *GTTP ,QJCPP 4CW *QEJ XGTFKGPVGP 2TQDUVGP \W 5 0KEQNCK KP $GTNKP *CPPQXGT =OKV JCPFUEJTKHVNKEJGT 9KFOWPI? +P GKPGO $CPF IGDWPFGP MCTVQPKGTV

*CPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI $KDNKQVJGM 2CTCXKEKPK KO 8QTUCV\ 5KGJG CWEJ -CVCNQI 0T

5'..+'4 4 &KG /ÒP\GP WPF /GFCKNNGP FGU *QEJUVKHVU (TGKUKPI $C[GTKUEJG /ÒP\MCVCNQIG )TÒP YCNF 5 OKV \CJNTGKEJGP #DD .GKPGP

5'7$'46 8GT\GKEJPKU FGT KP FGT 5COONWPI FGU /CPPJGKOGT #NVGTVWOUXGTGKPU DGHKPFNKEJGP 2H·N\K UEJGP WPF DCFKUEJGP /ÒP\GP WPF /GFCKNNGP /CPPJGKO 5 6HP 1TKI $TQUEJWT 5GKVGP NQUG

52'4. - &KG /ÒP\IGUEJKEJVG 4GIGPUDWTIU XQP -CTN FGO )TQ­GP DKU \WO 'TNÌUEJGP FGT JGT\QINKEJ DKUEJÌHNKEJGP )GOGKPUEJCHVUOÒP\G +PCWIWTCN &KUUGTVCVKQP \WT 'TNCPIWPI FGT &QMVQTYÒTFG GKPIGTGKEJV DGK FGT *QJGP 2JKNQUQRJKUEJGP (CMWNV·V 5GMV + FGT (TKGFTKEJ #NGZCPFGT 7PKXGTUKV·V \W 'TNCPIGP -CNN OÒP\ 5 1TKI $TQUEJWT * $7%*'0#7 &KG 4GIGPUDWTIGT /ÒP\G XQP .WFYKI FGO (TQOOGP DKU *GKPTKEJ FGP .ÌYGP KP &CU $C[GTPNCPF 5 1TKI $TQUEJWT

52476* ( &KG $GTIDCWRT·IWPIGP FGT 6GTTKVQTKGP CP 'FGT .CJP WPF 5KGI 'KP $GKVTCI \WT +PFWUVTKG CTEJ·QNQIKG 8GTÌHHGPVNKEJWPIGP CWU FGO $GTIDCW /WUGWO $QEJWO (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD (CNVMCTVG .GKPGP

&KG $GTIDCWRT·IWPIGP FGT TJGKPRH·N\KUEJGP 5KNDGTITWDGP <WT )GUEJKEJVG FGU TJGKPRH·N\KUEJGP 5KNDGT WPF -WRHGTDGTIDCWU DGK +OUDCEJ CO &QPPGTUDGTI WPF KO 5GGNDGTI DGK 1DGTOQUEJGN UQYKG UGKPGT $GTI DCWRT·IWPIGP FGT +OUDCEJ /GFCKNNG WPF FGU 5GGNDGTIGT 6CNGTU 8GTÌHHGPVNKEJWPIGP CWU FGO &GWVUEJGP $GTIDCW /WUGWO $QEJWO $QEJWO (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD -CTVQ PKGTV

/KV 9KFOWPI FGU 8GTHCUUGTU CP 2 0 5EJWNVGP

&KG $KGDGTGT $GTIDCWVCNGT 'KP -CVCNQI U·OVNKEJGT $KGDGTGT 2T·IWPIGP XQP DKU XGTDWPFGP OKV GKPGO $GKVTCI \WT )GNFIGUEJKEJVG FGT )TCHUEJCHV *CPCW WPF FGT .CPFITCHUEJCHV *GUUGP -CUUGN UQYKG OKV GKPGT &CTUVGNNWPI FGT $GTIDCWIGUEJKEJVG XQP $KGDGT 8GTÌHHGPVNKEJWPI FGT )GUGNNUEJCHV HÒT +PVGTPCVKQPCNG )GNFIGUEJKEJVG (TCPMHWTV CO /CKP (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD .GKPGP

&KG 1DGTJCT\GT #WUDGWVGVCNGT XQP $TCWPUEJYGKI .ÒPGDWTI 'KP $GKVTCI \WT +PFWUVTKGCTEJ·QNQIKG 8GT ÌHHGPVNKEJWPIGP CWU FGO &GWVUEJGP $GTIDCW /WUGWO $QEJWO $QEJWO (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD (CNVMCTVG .GKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU

56#&'./#+'4 4 8QP FGT /ÒP\IGUEJKEJVG CP &KGOGN WPF )NKPFG 0KGFGT /CTUDGTI Q , 5 (CNVVH .GKPGP

56#0)' ' )GNF WPF /ÒP\IGUEJKEJVG FGU $KUVWOU /KPFGP /ÒPUVGT KP 9GUVHCNGP 5 OKV \CJNTGKEJGP #DD 5COOGNDCPF OKV #WHU·V\GP \WT /KPFGPGT )GNF WPF /ÒP\IGUEJKEJVG FCTWPVGT U·OVNKEJG 0CEJVT·IG \W 5VCPIGU /QPQITCRJKG $GKFG $·PFG FWTEJUEJQUUGP WPF GKPJGKVNKEJ KP *CNDNGFGT IGDWPFGP /KV \CJNTGKEJGP #POGTMWPIGP WPF FKXGTUGP GKPIGMNGDVGP /ÒP\CDDNKFWPIGP

$GKFG $·PFG OKV GZ NKDTKU 'TKEJ *GTDGTV )TQGPGITGUU /KPFGP 9GUVH 2TQVKPWU UWTUWO

)GNF WPF /ÒP\IGUEJKEJVG FGT )TCHUEJCHV 4CXGPUDGTI 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKU UKQP FGU 2TQXKP\KCNKPUVKVWVU HÒT YGUVH·NKUEJG .CPFGU WPF 8QNMUMWPWFG /ÒPUVGT KP 9GUVHCNGP 8+++ 5 OKV #DD .GKPGP

56')79'+6 9 )GUEJKEJVG FGT /ÒP\UV·VVG )QVJC XQO DKU \WO ,CJTJWPFGTV 9GKOCT (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI

56'+0*+.$'4 & )GNF WPF /ÒP\IGUEJKEJVG #WIUDWTIU KO /KVVGNCNVGT 5& CWU ,0) 5 6HP .GKPGP GKPKIG #POGTMWPIGP CWH FGP 6HP

&GT \YGKVG /ÒP\HWPF XQP 0KGFGTTKGFGP 5 6HP KP /GOOKPIGT )GUEJKEJVUDN·VVGT 5 OKV OGJTGTGP 6HP .GKPGP GKP $QIGP HCUV NQUG

&CU /ÒP\YGUGP /ÒP\VGEJPKM /ÒP\TGICN /ÒP\DKNF 5 KP * ).#5'4 *TUI 9KVVGNUDCEJ WPF $C[GTP $CPF &KG <GKV FGT HTÒJGP *GT\ÌIG XQP 1VVQ + \W .WFYKI FGO $C[GTP -CVCNQI FGT #WUUVGNNWPI CWH FGT $WTI 6TCWUPKV\ KP .CPFUJWV ,WPK 1MVQDGT /ÒPEJGP <ÒTKEJ 5 OKV \CJNTGKEJGP VGKNUHCTDKIGP #DD 1TKI $TQUEJWT

56'0<'. 6 $GKVT·IG \WT /CPUHGNFKUEJGP /ÒP\MWPFG 5& 5 (CNVVCHGN *CNDNGFGT OKV 4QVUEJPKVV OKPKOCN DGUVQ­GP

122

&'765%*.#0&

&GT $TCMVGCVGPHWPF XQP (TGEMNGDGP KO *GT\QIVWO #PJCNV 0CEJFTWEM *CNNG CP FGT 5CCNG FGT #WUICDG $GTNKP 5 6HP 1TKI $TQUEJWT

56ª/-' * &KG 2N·PG GKPGT 4GHQTO FGU /ÒP\YGUGPU DKU \WO 6QFG -CKUGT 5KIOWPFU *KUVQTKUEJG 5VWFKGP $GTNKP 5 *CNDNGKPGP GKPG 8QTUCV\UGKVG OKV 6GUCHKNO IGMNGDV

'Z NKDTKU &T $WUUQ 2GWU WPF $GUKV\GTUKIPCVWT $ 2GWU

57%*+'4 4 &KG /ÒP\GP FGT )TCHGP XQP *CPCW <WO FTGKJWPFGTVL·JTKIGP ,WDKN·WO FGT 0GWUVCFV *CPCW *CPCW 5 6HP *CNDNGFGT 8QTFGTFGEMGN WPF 4ÒEMGP HCUV NQUG 4ÒEMGP NGKEJV DGUEJ·FKIV GVYCU DGUVQ­GP

57*.' # &CU /ÒP\YGUGP /CIFGDWTIU WPVGT 'T\DKUEJQH 9KEJOCPP /CIFGDWTIGT (QT UEJWPIGP /CIFGDWTI 5 -CTVG 6HP .GKPGP

5;&19 , 2CN·QITCRJKG FGT -ÌNPGT /ÒP\KPUEJTKHVGP FGU /KVVGNCNVGTU 5& CWU $QPPGT ,CJTDÒEJGT

* , .ª%-)'4 *KVCTE WPF 4C CTKPK &GPCTG FGU 'T\DKUEJQHU 2JKNKRR XQP *GKPUDGTI 5& CWU $GTNKPGT /ÒP\DN·VVGT &GT CNVG &QO &GT *KNFGDQNFFQO PCEJ FGO $GHWPF FGT /ÒP\GP FGU :+ ,CJTJWPFGTVU /CUEJKPGPUEJTKHVNKEJG 5GKVGP WPRCIKPKGTV GKPIGMNGDVG /ÒP\HQVQU 1TKI $TQ UEJWT

4565

6'06<'. 9 ' 5CZQPKC PWOKUOCVKEC UKXG PWOOQRJ[NCEKWO PWOKUOCVWO OPGOQPKEQTWO GV KEQPK EQTWO C UGTGPKUUKOKU GNGEVQTKDWU FWEKDWUSWG 5CZQPKCG NKPGCG #NDGTVKPCG = ? $·PFG &TGUFGP ,QJCP PGU 4KGFGNKWU (TQPVKURK\ \CJNTGKEJG $N 5 6HP \CJNTGKEJG $N 4GIKUVGT 5RGEKHKECVKQ 9GTOWVJKUEJGT /GFCKNNGP CNNGP EWTKGWUGP /GFCKNNGP (TGWPFGP \W FKGPUVNKEJGT 0CEJTKEJV 5 +P GKPGO $CPF KP .GKPGP IGDWPFGP .KPGCG 'TPGUVKPCG &TGUFGP ,QJCPPGU 4KGFGNKWU <CJNTGKEJG $N 5 6HP \CJNTGKEJG $N 4GIKUVGT *CNDNGKPGP

6GZV FWTEJI·PIKI KP NCVGKPKUEJGT WPF FGWVUEJGT 5RTCEJG

6'4)#56 2 &KG /ÒP\GP 1UVHTKGUNCPFU 6GKN $KU 'OFGP :++ 5 OKV \CJNTGKEJGP #DD *CNDNGKPGP

6*+'. 4 &KG $TCMVGCVGPH·NUEJWPIGP FGU 0KEQNCWU 5GGN·PFGT WPF UGKPG <GJGP 5EJTKHVGP \WT OKVVGNCNVGTNKEJGP /ÒP\MWPFG 8GTDWPFGP OKV GKPGO XQNNUV·PFKIGP 0CEJFTWEM XQP 5GGN·PFGTU GTUEJKGPGPGP 9GTM *GKFGNDGTI 5 OKV \CJNTGKEJGP #DD 6HP 5 \CJNTGKEJG 6HP *CNDNGKPGP

5KGJG CWEJ -CVCNQI 0T

6*1/5'0 % , %CVCNQIWG FG NC %QNNGEVKQP FG OQPPCKGU FG HGW %JTKUVKCP ,ÒTIGPUGP 6JQOUGP 6GKN .GU OQPPCKGU FW OQ[GP CIG $·PFG -QRGPJCIGP 5 6HP 5 6HP 5 6HP +P CNNGP $·PFGP XQP GKPGO 8QTUCV\DNCVV LGYGKNU QDGTG TGEJVG 'EMG CDIGUEJPKVVGP FKG WTURTÒPI NKEJ GKPG $GUKV\GTUKIPCVWT VTWI *CNDNGFGT DGUVQ­GP 4ÒEMGP XQP $CPF WPF GVYCU DGUEJ·FKIV

+P CNNGP $·PFG GZ NKDTKU 0QP PQDKU UQNWO 'Z NKDTKU 4 %[TKN .QEMGVV

123

&'765%*.#0&

6*14/#00 * &KG CPJCNVKUEJGP /ÒP\GP FGU /KVVGNCNVGTU /ÒPUVGT 5 6HP .GKPGP

&KG /ÒP\GP FGT *GT\ÌIG XQP 5CEJUGP CWU FGO *CWUG #PJCNV /ÒPUVGT 5 FCXQP \CJNTGKEJG 6HP .GKPGP

6140#7 1 &KG OKVVGNCNVGTNKEJGP /ÒP\GP XQP *CNDGTUVCFV *CNDGTUVCFV Q , 5 6HP &KG OKVVGNCNVGTNKEJGP /ÒP\GP FGT #DVGK 3WGFNKPDWTI WPF CPFGTGT IGKUVNKEJGP *GTTGP FGU *CT\ICWGU *CNDGT UVCFV Q , 5 6HP &KG OKVVGNCNVGTNKEJGP /ÒP\GP FGT YGNVNKEJGP *GTTGP FGU *CT\ICWU *CNDGT UVCFV Q , 5 6HP &KG *CNDGTUV·FVGT /ÒP\GP FGT PGWGTGP <GKV *CNDGTUVCFV Q , 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP

&KG /ÒP\IGUEJKEJVG FGT )TCHUEJCHV /CPUHGNF Y·JTGPF FGT -KRRGT\GKV WPF FKG IT·HNKEJ OCPUHGNFKUEJGP -KRRGTOÒP\GP (TCPMHWTV CO /CKP /GJTGTG $N 5 6HP .GKPGP

/ÒP\YGUGP WPF /ÒP\GP FGT )TCHUEJCHV /CPUHGNF XQP FGT /KVVG FGU HÒPH\GJPVGP ,CJTJWPFGTVU DKU \WO 'TNÌUEJGP FGU IT·HNKEJGP WPF HÒTUVNKEJGP *CWUGU 2TCI 5 6HP *CNDNGFGT OKV )QNFUEJPKVV 4ÒEMGP NGKEJV DGUEJ·FKIV

&KG $TCMVGCVGP FGT )TCHGP XQP /CPUHGNF FGT 'FNGP *GTTGP XQP (TKGFGDWTI WPF FGT *GTTGP XQP 5EJTCRNCW )TÒPDGTI KP 5EJNGUKGP 8+++ 5 6HP *CNDNGKPGP

64+22' # &KG /ÒP\GP XQP /GFGDCEJ $TCWPUEJYGKI 5 FCXQP 6HP .GKPGP OKV 5EJWV\ WOUEJNCI

81)'. * .GQ *CODWTIGT (TCPMHWTV CO /CKP #WMVKQPGP WPF XQO 6GKNG ++ 8++ WPF #FQNRJ *GUU 0CEJH (TCPMHWTV CO /CKP #WMVKQPGP WPF XQO 6GKNG + +8 +P \YGK $·PFGP KP .GKPGP IGDWPFGP

/KV DGKIGUEJTKGDGPGP 2TGKUGP WPF \CJNTGKEJGP #POGTMWPIGP

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'Z NKDTKU &QPCNF .KPFUC[ )CNDTGCVJ

9#)0'4 ) /ÒP\YGUGP WPF *CWUIGPQUUGP KP 5RG[GT 8GTÌHHGPVNKEJWPIGP FGT 2H·N\KUEJGP )GUGNN UEJCHV \WT (ÌTFGTWPI FGT 9KUUGPUEJCHVGP 5RG[GT 5 *CNDNGKPGP

9#5%*+05-+ ' $TCMVGCVGP WPF &GPCTG FGU &GWVUEJGP 1TFGPU (TCPMHWTV CO /CKP 5 6HP FGT (TCPMHWTVGT /ÒP\\GKVWPI 0 ( =QJPG ,CJT? 0CEJVT·IG WPF $GTKEJVKIWPIGP \W $TCMVGCVGP WPF &GPCTG FGU &GWVUEJGP 1TFGPU 5& CWU &GWVUEJG /ÒP\DN·VVGT 5 +P GKPGO $CPF KP .GKPGP IGDWPFGP

&KG /ÒP\ WPF 9·JTWPIURQNKVKM FGU &GWVUEJGP 1TFGPU KP 2TGW­GP KJTG JKUVQTKUEJGP 2TQDNGOG WPF UGNVGPGP )GRT·IG &GT )ÌVVKPIGT #TDGKVUMTGKU 8GTÌHHGPVNKEJWPIGP /CPWUMTKRVFTWEM )ÌVVKPIGP 5 6HP / &;)1 &KG /ÒP\RQNKVKM FGU &GWVUEJGP 1TFGPU KP 2TGW­GP KP FGT GTUVGP *·NHVG FGU ,CJTJWPFGTVU (CUEKEWNK *KUVQTKEK /CPWUMTKRVFTWEM 9CTU\CYC 5 1TKI $TQUEJWT

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9'+0/'+56'4 2 5EJCWODWTI .KRRKUEJG /ÒP\IGUEJKEJVG &TGUFGP 5 6HP *CNDNGKPGP /KV 9KFOWPI *GTTP 'TPUV .GLGWPG HTGWPFUEJCHVNKEJUV FGT 8GTHCUUGT

124

&'765%*.#0&

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9'+5'056'+0 - &CU MWTVTKGTKUEJG /ÒP\ WPF )GNFYGUGP XQO $GIKPP FGU DKU \WO 'PFG FGU ,CJTJWPFGTVU #WEJ GKP $GKVTCI \WT )GUEJKEJVG FGU 4JGKPKUEJGP /ÒP\XGTGKPU 8GTÌHHGPVNKEJWPIGP FGT )GUGNNUEJCHV HÒT *KUVQTKUEJG *KNHUYKUUGPUEJCHVGP -QDNGP\ 5 &KG -KRRGT WPF 9KR RGT\GKV KO -WTHÒTUVGPVWO 6TKGT 8GTÌHHGPVNKEJWPIGP FGT )GUGNNUEJCHV HÒT *KUVQTKUEJG *KNHUYKUUGPUEJCHVGP -QDNGP\ (TQPVKURK\ 5 OKV GKPKIGP #DD 1TKI $TQUEJWT

9'.6'4 ) &KG /ÒP\GP FGT 9GNHGP UGKV *GKPTKEJ FGO .ÌYGP $·PFG $TCWPUEJYGKI :+ 5 +: 5 6HP 8++ 5 OKV \CJNTGKEJGP #DD .GKPGP $WEJFGEMGN FGU GTUVGP $CP FGU HCUV NQUG

9'06< * &KG )TQUUJGT\QINKEJ $CFKUEJG 5COONWPI OKVVGNCNVGTNKEJGT WPF OQFGTPG /ÒP\GP WPF /GFCKNNGP /KVVJGKNWPIGP CWU FGT )TQUUJGT\QINKEJ $CFKUEJGP *QH WPF .CPFGUDKDNKQVJGM WPF /ÒP\ UCOONWPI -CTNUTWJG 5 *CNDNGFGT FWTEJUEJQUUGPGU 'ZGORNCT

9'5%*-' , &KG 4GKEJUIQNFRT·IWPI &GWVUEJNCPFU KO 5R·VOKVVGNCNVGT DKU &KUUGTVCVKQP \WT 'TNCPIWPI FGU &QMVQTITCFGU IGPGJOKIV XQP FGT 2JKNQUQRJKUEJGP (CMWNV·V FGT *WODQNFV 7PKXGTUKV·V \W $GTNKP 6CI FGT 2TQOQVKQP /·T\ 5CWDGTG (QVQMQRKG FGT OCUEJKPGPUEJTKHVNKEJGP 8QTNCIG *CNDNGKPGP

9';. # &KG 2CWN *GPEMGN UEJG 5COONWPI $TCPFGPDWTI 2TGWUUKUEJGT /ÒP\GP WPF /GFCKNNGP $GTNKP 5 6HP 0CEJVTCI $GTNKP 5 +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP

9+$'. ( <WT /ÒP\IGUEJKEJVG FGT )TCHGP XQP 9GTVJGKO WPF FGU )GUCOOVJCWUGU .QGYGPUVGKP 9GTVJGKO XQP FGT 8GTNGKJWPI FGU /ÒP\TGEJVGU DKU \WO 'TNÌUEJGP FGUUGNDGP PGDUV IG UEJKEJVNKEJGP 'ZEWTUGP WPF GKPGO 8GT\GKEJPKUU FGT U·OOVNKEJGP FKGUGP )GUEJNGEJVGTP WPF KJTGP $GUKV \WPIGP CPIGJÌTGPFGP /ÒP\GP WPF /GFCKNNGP *CODWTI 5 6HP *CNDNGFGT OKV )QNFXGT \KGTWPIGP GVYCU DGTKGDGP

9+'.#0&6 ( /ÒP\G WPF )GNF KP 2HQT\JGKO 2HQT\JGKO 5 OKV \CJNTGKEJGP #DD WPF (CTDVHP .GKPGP $KPFWPI GVYCU NQEMGT

/KV 9KFOWPI FGU 8GTHCUUGTU *GTTP 2CWN 4 <WMGT HTGWPFN \WIGGKIPGV - JG :++

/ÒP\GP /GFCKNNGP 5KGIGN 5 6HP KP $CFKUEJGU .CPFGUOWUGWO -CTNUTWJG *TUI 5R·VIQVKM CO 1DGTTJGKP /GKUVGTYGTMG FGT 2NCUVKM WPF FGU -WPUVJCPFYGTMU -CTNUTWJG 5 (CTDVHP 6HP 1TKI $TQUEJWT

$CFKUEJG /ÒP\ WPF )GNFIGUEJKEJVG 8GTÌHHGPVNKEJWPIGP FGU $CFKUEJGP .CPFGUOWUGWOU #WHNCIG -CTNUTWJG :+ 5 6HP .GKPGP

&GT $TGKUICWGT 2HGPPKI WPF UGKPG /ÒP\UV·VVGP 'KP $GKVTCI \WT /ÒP\ WPF )GNFIGUEJKEJVG FGU #NGOCP PGPNCPFGU KO /KVVGNCNVGT #WHNCIG -CTNUTWJG 5 -CTVG 6HP .GKPGP (WPF CNGOCPPK UEJGT /ÒP\GP CWU /CTDCEJ KO 'NUCUU XGTITCDGP WO 5& CWU $GTKEJVG (TGKDWTI KO $TGKUICW (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD )GJGHVGV

0GWCWHNCIG XQP 05V *CODWTI /KV 9KFOWPI FGU 8GTHCUUGTU CP *GTT 'TKEJ $ %CJP O HTGWPFUEJCHVNKEJGP )TÒ­GP

<YGK 5COOGND·PFG OKV KPUIGUCOV #WHU·V\GP OGJTHCEJ CWU FGT <GKVUEJTKHV HÒT FKG )GUEJKEJVG FGU 1DGTTJGKPU <)1 FCTWPVGT &KG /ÒP\UV·VVGP FGT /CTMITCHGP XQP $CFGP 8GTUWEJ GKPGT /ÒP\IG UEJKEJVG 5& CWU <)1 &KG #PH·PIG FGU NCPFGUJGTTNKEJGP /ÒP\YGUGPU FGT /CTMITCHGP XQP $CFGP 5& CWU <)1 /ÒP\MWPFG WPF /ÒP\MCDKPGVVG CO 1DGTTJGKP -CTNUTWJG &KG ,WDKN·WOUOGFCKNNGP FGT 7PKXGTUKV·V *GKFGNDGTI 5& CWU 4WRGTVQ %CTQNC 2QTVT·VUVWFKGP \WO 5VWPFGPDWEJ /CTMITCH %JTKUVQRJU + XQP $CFGP 5& CWU <)1 .GKPGP

6GKNYGKUG OKV 9KFOWPI FGU 8GTHCUUGTU

9+06< * &'7'4.'+0 ' 'TNCPIGP KO 5RKGIGN FGT /ÒP\G 6GKN 'TNCPIGT /ÒP\GP WPF 0QVIGNF 'TNCPIGP (TQPVKURK\ :++ 6HP 5 6HP (CNVVHP 1TKI $TQUEJWT WPCWHIGUEJPKVVGP

+O 8QTUCV\ JCPFUEJTKHVNKEJGT $GUKV\GTXGTOGTM $KDNKQVJGM 2CTCXKEKPK

125

&'765%*.#0&

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<'2'40+%- - ( &KG %CRKVGNU WPF 5GFKUXCECP\OÒP\GP WPF /GFCKNNGP FGT FGWVUEJGP 'T\ *QEJ WPF WPOKVVGNDCTGP 4GKEJU5VKHVGT *CNNG 8+++ 5 6HP *CNDRGTICOGPV 4ÒEMGP GVYCU DG UEJ·FKIV 'TI·P\WPIGP WPF $GTKEJVKIWPIGP \W FGP /ÒP\GP WPF /GFCKNNGP FGT GJGOCNKIGP %CRKVGN WPF 5GFKUXCECP\GP DGK FGP %CVJGFTCNGP WPF -KTEJGP FGT &GWVUEJGP 'T\ *QEJ WPF WPOKVVGNDCTGP 4GKEJU 5VKHVGT *CNNG 8+ 5 #DD 0CEJVT·IG \W FGP 'TI·P\WPIGP WPF $GTKEJVKIWPIGP FGU 8GTUWEJU ÒDGT FKG %CRKVGNU WPF 5GFKUXCECP\OÒP\GP WPF /GFCKNNGP FGT FGWVUEJGP 'T\ *QEJ WPF HTGKGP 4GKEJU5VKHVGT *CNNG 8+++ 5 6HP +P GKPGO $CPF KP *CNDRGTICOGPV IGDWPFGP 4ÒEMGP DGUEJ·FKIV WPF GVYCU NQUG

+O 8QTUCV\ $GUKV\GTUVGORGN OKV /QPQITCOO CWU (49 WPF 5VGORGN &WRN G $KDN 4GI 4GIKQO

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-1081.76 $#;'40 -NGKPUEJTKHVGP WPF 5QPFGTFTWEMG \W $C[GTP WPF RT·IGDGTGEJVKIVGP 5V·PFGP KP $C[GTP FCTWPVGT (QTUVGT #WIUDWTI -QRKGP FGT *GHVG 7PVGTUEJKGFNKEJ IGDWPFGP

-1081.76 *'55'0 -NGKPUEJTKHVGP WPF 5QPFGTFTWEMG \W OKVVGNCNVGTNKEJGP WPF PGW\GKVNKEJGP /ÒP\GP XQP *GUUGP FCTWPVGT 9 *'55 (TKV\NCTU /ÒP\YGUGP KO /KVVGNCNVGT 5& CWU (TKV\NCT KO /KV VGNCNVGT (GUVUEJTKHV \WT ,CJTHGKGT (TKV\NCT =OKV 9KFOWPI FGU 8GTHCUUGTU? 1TKI $TQUEJWT WPF IGJGHVGV GKPOCN KP (QVQMQRKG

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0 0 =/QPQITCOOVCHGNP OKV 'TN·WVGTWPIGP \W /QPQITCOOGP 5 KP (QVQMQRKG? 7P VGTUEJKGFNKEJ IGDWPFGP

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5QPFGTFTWEMG WPF MNGKPG 5EJTKHVGP \WT FGWVUEJGP OKVVGNCNVGTNKEJGP 0WOKUOCVKM FCTWPVGT & / /'6%#.( 6JG %QKPCIG QH 5QWVJ )GTOCP[ KP VJG 6JKTVGGPVJ %GPVWT[ .QPFQP , %#*0 &KG 4GKEJUOÒP\G \W 1HHGPDWTI -QRKG CWU <GKVUEJTKHV HÒT FKG )GUEJKEJVG FGU 1DGTTJGKPU ) 4¤$.+6< &KG $TCMVGCVGP FGT *GTTGP XQP .QDFGDWTI $GTNKP 7PVGTUEJKGFNKEJ IGDWPFGP

126

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5QPFGTFTWEMG WPF MNGKPG 5EJTKHVGP \WT FGWVUEJGP OKVVGNCNVGTNKEJGP 0WOKUOCVKM FCTWPVGT ' 0#7 5VCWHGT #FNGT 5& CWU ,CJTDWEJ FGT 5VCCVNKEJGP -WPUVUCOONWPIGP KP $CFGP 9ÒTVVGODGTI $ -.7)' 2TQDNGOG FGT $TCMVGCVGPHQTUEJWPI 5& CWU (QTUEJWPIGP WPF $GTKEJVG + 56'9#46 5V[NG KP /GFKGXCN %QKPCIG 5& CWU 0% # 57*.' /ÒP\DKNFGT FGT *QJGPUVCW HGP\GKV $GTNKP 7PVGTUEJKGFNKEJ IGDWPFGP

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-1081.76 014&&'765%*.#0& 5QPFGTFTWEMG \WT PQTFFGWVUEJGP /ÒP\MWPFG W C XQP $CJTHGNF &QTHOCPP (KPM *CV\ WPF 5EJPWJT /GKUV IGJGHVGV

5EJTKHVGP WPF 5QPFGTFTWEMG \WT PQTFFGWVUEJGP /ÒP\MWPFG FCTWPVGT * /+..+'5 /ÒP\UV·VVG 'UGPU 'UGPU # -#22'.*1(( 'OFGT 5KNDGTIWNFGP WPF .ÌYGPVCNGT 5& 'OFGP ) &78' $TCWPUEJYGKI NÒPGDWTIKUEJG &KEMVCNGT (TCPMHWTV / -70<'. /GEMNGPDWTIKUEJG /ÒP\MWPFG $GTNKP 9 *#00'/#00 &KG /ÒP\GP FGU .CPFGU /GEMNGPDWTI 5VTGNKV\ $KGNGHGNF &KG /ÒP\GP FGT 5VCFV )PQKGP /KPFGP ) )#.56'4 (NGPUDQTI OÎPV QI ¹T JWPFTCFG 5ÎPFGTDQTI 7PVGTUEJKGFNKEJ IGDWPFGP

-1081.76 4*'+0.#0& 5QPFGTFTWEMG WPF -NGKPUEJTKHVGP \W /ÒP\GP WPF (WPFGP FGU 4JGKPNCPFGU FCTWPVGT 9 *#)'0 /ÒP\RT·IWPI WPF )GNFWONCWH KO 4JGKPNCPF -WPUV WPF -WNVWT CO 4JGKP &ÒUUGNFQTH 1TKI $TQUEJWT

-1081.76 5#%*5'0 70& 6*ª4+0)'0 2 WPF 7 #401.& *TUI /ÒP\UV·VVGPDGUKEJVK IWPIGP FGT U·EJUKUEJGP /ÒP\ WPF *ÒVVGPOGKUVGT )WUVCX ,WNKWU $WUEJKEM WPF 6JGQFQT %JQWNCPV 05V *CODWTI 5& XQP 2 #401.& W C &KG /ÒP\UV·VVG #PPCDGTI KO ,CJTJWPFGTV 4 ('756'. # 57*.' W C &KG YÒUVG -CRGNNG )NCUDCEJ CO 4GPPUVGKI 5& CWU #NV 6JÒTKPIGP

9 )'$#7'4 &TGUFPGT /ÒP\GP /GFCKNNGP 2NCMGVVGP WPF #D\GKEJGP OKV $G\WI CWH FKG 5VCFV KJTG )GD·WFG WPF &GPMOCNG 9 *#726 -NGKPG U·EJUKUEJG /ÒP\MWPFG #TDGKVU WPF (QTUEJWPIUDG TKEJVG \WT U·EJUKUEJGP $QFGPFGPMOCNRHNGIG $GKJGHV $GTNKP * -'40$#%* &KG /ÒP\RT· IWPIGP FGT *GT\ÌIG XQP 5CEJUGP #NVGPDWTI XQP DKU - .'+20'4 &KG /ÒP\HWPFG KP 5CEJ UGP CWU FGT <GKV FGT TGIKQPCNGP 2HGPPKIOÒP\G WPF ,CJTJWPFGTV 05V *CODWTI * 4+66/#00 5·EJKUEJG )GNFIGUEJKEJVG DKU ) 4¤$.+6< #DTK­ FGT /ÒP\IGUEJKEJVG #TP UVCFVU ,GPCGT )GNF WPF )GNF KP ,GPC XQP FGP #PH·PIGP DKU \WT )GIGPYCTV 9 56')79'+6 9KN JGNO 'TPUV 6GPV\GN KP 0WOKUOCVKUEJG *GHVG =/KV 9KFOWPI FGU 8GTHCUUGTU? 1TKI $TQUEJWT 5& IGJGHVGV

-1081.76 5#%*5'0 #0*#.6 -NGKPUEJTKHVGP WPF 5QPFGTFTWEMG \W /ÒP\RT·IWPI WPF /ÒP\HWPFGP KP 5CEJUGP #PJCNV FCTWPVGT 1 6140#7 5V·FVKUEJGU /WUGWO \W *CNDGTUVCFV WPF \W *CNDGTUVCFV 3WGFNKPDWTI *CT\ICW # 57*.' &GT )QNFOÒP\GPHWPF XQP <GTDUV 5& CWU 5VCCVNKEJG /WUGGP \W $GTNKP (QTUEJWPIGP WPF $GTKEJVG * 6*14/#00 #PJCNVU -KRRGT OÒP\UV·VVGP WPF KJTG /ÒP\OGKUVGT 5& CWU /KVVGKNWPIGP FGU 8GTGKPU HÒT CPJCNVKUEJG .CPFGUMWPFG

WPF 0CEJFTWEM 1UPCDTÒEM Q , KP GKPGO $CPF 1TKI $TQUEJWT WPF IGJGHVGV

-1081.76 6*ª4+0)'0 -NGKPUEJTKHVGP WPF 5QPFGTFTWEMG \W /ÒP\GP WPF /GFCKNNGP 6JÒTKP IGPU FCTWPVGT # 57*.' /ÒP\GP KP 4 ('756'. W C &KG 9ÒUVG -CRGNNG )NCUDCEJ CO 4GPP UVGKI 5& CWU #NV 6JÒTKPIGP 9 *'55 #PH·PIG FGU 5V·FVGYGUGPU /·TMVG /ÒP\UV·VVGP WPF 5V·FVG DKU EC 5& CWU * 2#6<' 9 5%*.'5+0)'4 *TUI )GUEJKEJVG 6JÒTKPIGPU -ÌNP 9KGP * & -#*. /ÒP\ WPF )GNFIGUEJKEJVG KP FGT 0GW\GKV 5& CWU * 2#6<' 9 5%*.'5+0)'4 *TUI )GUEJKEJVG 6JÒTKPIGPU -ÌNP 9KGP ) 4¤$.+6< #DTK­ FGT /ÒP\ IGUEJKEJVG #TPUVCFVU $GKVT·IG \WT *GKOCVIGUEJKEJVG 5VCFV WPF -TGKU #TPUVCFV 9 56')79'+6 &KG )QNFUEJOKGFGHCOKNKG (TGWPF KP )QVJC 'KP $GKVTCI \WT /ÒP\IGUEJKEJVG WPF )QNF UEJOKGFGMWPUV FGU ,CJTJWPFGTVU 5& CWU )QVJCGT /WUGWOUJGHV 1TKI $TQUEJWT WPF IGJGHVGV

-1081.76 9'56(#.'0 /QPQITCRJKGP WPF 5QPFGTFTWEMG FCTWPVGT * -475; &GT /ÒP\ HWPF XQP *CUUGN DGK -CRRGPDGTI 5& CWU ,CJTDWEJ FGU 8GTGKPU HÒT 1TVU WPF *GKOCVMWPFG KP FGT )TCH UEJCHV /CTM &KG /ÒP\GP XQP 9GTN 9GTN &KG /ÒP\GP FGT )TCHGP XQP 5EJYCNGP DGTI WPF KJTGT 5GKVGPNKPKGP 2[TOQPV 5VGTPDGTI WPF 9CNFGEM -ÌNP 7PVGTUEJKGFNKEJ IGDWPFGP

127

(4#0-4'+%* /10#%1

-1081.76 9ª466'/$'4) 5QPFGTFTWEMG WPF -NGKPUEJTKHVGP \W 9ÒTVVGODGTIKUEJGP /ÒP \GP /GFCKNNGP WPF (WPFGP FCTWPVGT % /#;'4 /ÒP\GP WPF /GFCKNNGP FGT (ÒTUVRTQDUVGK 'NNYCPIGP 5VWVVICTV ' 0#7 )QNF WPF 5KNDGT IGRT·IV HÒT 9ÒTVVGODGTI 5EJ·V\G CWU FGO /ÒP\MCDKPGVV FGU 9ÒTVVGODGTIKUEJGP .CPFGUOWUGWOU 5VWVVICTV 5VWVVICTV FC\W (QVQMQRKGP XQP #WHU·V\GP \WO UGNDGP 6JGOC XQP 7 -.'+0 .GKPGP Z 1TKI $TQUEJWT WPF IGJGHVGV

-1081.76 2 #401.& * -ª6*/#00 & 56'+0*+.$'4 )TQ­GT FGWVUEJGT /ÒP\MCVCNQI XQP DKU JGWVG #WHNCIG /ÒPEJGP , 2 &+81 * , 5%*4#// &KG FGWVUEJGP )QNFOÒP \GP #WHNCIG <ÒTKEJ ' 47&1.2* $GUEJTGKDWPI FGT FGWVUEJGP 4GKEJUOÒP\GP CWU FGT <GKV XQP &TGUFGP - * 9'&'.. &KG FGWVUEJGP -NGKPOÒP\GP XQP DKU 1UEJGTUNGDGP * & -#*. *CWRVNKPKGP FGT FGWVUEJGP /ÒP\IGUEJKEJVG XQO 'PFG FGU ,CJTJWPFGTVU DKU (TCPMHWTV CO /CKP 0 6*70 &GWVUEJG 6CNGT &QRRGNIWNFGP &QRRGN VCNGT XQP #WHNCIG (TCPMHWTV CO /CKP * -#*06 &KG FGWVUEJGP 5KNDGTOÒP\GP 8QO *CNDVCNGT DKU \WO &QRRGNVCNVGT 4GIGPUVCWH - 5%*'7%* /ÒP\GP CWU 2QT \GNNCP WPF 6QP 1DGT 'UEJDCEJ ) 5%*¤0 &GWVUEJGT /ÒP\MCVCNQI ,CJTJWPFGTV &GWVUEJ NCPF ¤UVGTTGKEJ 5EJYGK\ #WHNCIG /ÒPEJGP .GKPGP Z MCTVQPKGTV Z UQPUV 1TKI $TQ UEJWT

(4#0-4'+%* /10#%1

$+5510 6 0 %QPUGTXCVKQP QH %QKPCIG /QPGVCT[ 'ZRNQKVCVKQP CPF KVU 4GUVTCKPV KP (TCPEG %CVCNQPKC CPF #TCIQP E # & E 1ZHQTF (TQPVKURK\ ::+++ 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI ( &7/#5 , 0 $#44#0&10 .G VKVTG GV NG RQKFU FG HKP FGU OQPPCKGU UQWU NG T½IPG FG 2JKNKRRG #WIWUVG %CJKGTU 'TPGUV $CDGNQP 2CTKU 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

$.#0%#4& . 'UUCK UWT NGU OQPPCKGU FG %JCTNGU +GT EQOVG FG 2TQXGPEG 2CTKU +8 5 OKV GKPKIGP #DD .GKPGP

$.#0%*'6 # *KUVQKTG OQP¾VCKTG FW $¾CTP 0WOKUOCVKSWG FW $¾CTP 2CTKU : OGKUV WPCWHIGUEJPKVVGPG 5GKVGP 1TKI $TQUEJWT 7OUEJNCI DGUEJ·FKIV $KPFWPI NQEMGT

/KV 9KFOWPI FGU 8GTHCUUGTU ¯ /QPUKGWT ' $CDGNQP

&QEWOGPVU EQPEGTPCPV NGU QTKIKPGU FG N CVGNKGT OQP¾VCKTG FG /QPVD¾NKCTF 5& =OKV 9KFOWPI FGU 8GTHCU UGTU CP 'TPGUV .GJT? 7 -.'+0 &KG /ÌORGNICTFGT /ÒP\GP WPF /GFCKNNGP 5& CWU 5 .14'0< 2 4ª%-'46 *TUI 9ÒTVVGODGTI WPF /ÌORGNICTF ,CJTG $GIGIPWPI .GKPHGNFGP 'EJVGTFKPIGP 1TKI $TQUEJWT

$.#0%*'6 # &+'7&100 # /CPWGN FG 0WOKUOCVKSWG (TCP¼CKUG $·PFG 2CTKU 8++ 5 6HP : 5 6HP 8+++ 5 6HP +: 5 6HP *CNDNGFGT OKV )QNF UEJPKVV

$.#0%*'6 4 /¾OQKTG UWT NGU OQPPCKGU FGU TQKU FG NC $QWTIQIPG 6TCPULWTCPG 5& CWU /KVVJGKNWP IGP FGT #PVKSWCTKUEJGP )GUGNNUEJCHV KP <ÒTKEJ 5 6HP 1TKI $TQUEJWT

$17&'#7 ' %CVCNQIWG I¾P¾TCN KNNWUVT¾ GV C RTKZ OCTSW¾U FG OQPPCKGU (TCP¼CKUGU 0CVKQPCNGU 2CTKU 5 OKV \CJNTGKEJGP #DD %CVCNQIWG I¾P¾TCN KNNWUVT¾ /QPPCKGU (TCP¼CKUGU RTQXKPEKCNGU #WHNCIG 2CTKU Q , 5 OKV \CJNTGKEJGP 6GZVCDD

%#410 ' /QPPCKGU H¾QFCNGU (TCP¼CKUGU 2CTKU ::+8 5 6HP *CNDNGFGT 5EJOWV\VKVGN NQUG

%*#78+%1746 , 0WOKUOCVKSWG /CNICEJG 6GKNG 6CPCPCTKXG 5 5 LGYGKNU OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT WPF IGJGHVGV

%+#0+ . .GU OQPPCKGU TQ[CNGU (TCP¼CKUGU FG *WIWGU %CRGV C .QWKU :8+ CXGE KPFKECVKQP FG NGWT XCNGWT CEVWGNNG 2CTKU 5 .GU OQPPCKGU (TCP¼CKUGU FG NC 4¾XQNWVKQP C NC HKP FW RTGOKGT GORKTG ¯ 2CTKU 8+++ 5 -NCRRVCHGN ,GYGKNU OKV \CJNTGKEJGP #DD +P GKPGO $CPF KP .GKPGP IGDWPFGP 8 )=WKNNGVGCW? /QPPCKGU (TCP¼CKUGU %QNQPKGU /¾VTQRQNG 8GTUCKNNGU 5 FCXQP \CJNTGKEJG 6HP .GKPGP

%CVCNQIWG FG /QPPCKGU (TCP¼CKUGU FG *WIWGU %CRGV C %JCTNGU 8+++ +TG RCTVKG &QPV NC XGPVG C N COKC DNG CW RWDNKE CWTC NKGW 2CTKU 5 OKV 0TP 6HP '. *CNDNGFGT

& #((4; &' .# /1001;' # *KUVQKTG I¾P¾TCNG FG 2CTKU .GU LGVQPU FG N ¾EJGXKPCIG 2CTKUKGP &QEWOGPVU RQWT UGTXKT ¯ WPG JKUVQKTG O¾VCNNKSWG FW $WTGCW FG NC 8KNNG GV FG FKXGTUGU KPUVKVWVKQPU 2CTK UKGPPGU 2CTKU ::8+++ 5 OKV \CJNTGKEJGP #DD (QNKQ -CTVQPKGTV

128

(4#0-4'+%* /10#%1

&'$#4& , / .GU OQPPCKGU FG NC RTKPEKRCWV¾ FG /QPVD¾NKCTF FW :8+G CW :8+++G UK½ENG 'UUCK FG PWOKUOCVKSWG GV F JKUVQKTG ¾EQPQOKSWG %CJKGTU F ¾VWFGU %QOVQKUGU 2CTKU 5 FCXQP 6HP 1TKI $TQUEJWT , 2 &+81 0WOKUOCVKSWG FG /WTDCEJ 'UUCK FG ENCUUKHKECVKQP FGU OQPPCKGU HTCRR¾GU RCT NGU RTKPEGU CDDGU FG /WTDCEJ GV .WTG <Ã’TKEJ 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV , 41755'#7 .C OQPPCKG GP %QOV¾ GV N CVGNKGT OQP¾VCKTG FG &QNG 1 1 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD 1TKI $TQUEJWT

4633

&'9+5/'5 # %CVCNQIWG TCKUQPP¾ FGU OQPPCKGU FW EQOVG F #TVQKU 5CKPV 1OGT (TQPVKURK\ 8+++ 5 6HP *CNDNGFGT 4Ã’EMGP GVYCU DGUEJ·FKIV

+O 8QTUCV\ 9KFOWPI FGU 8GTHCUUGTU # /QPUKGWT 2KQV EQPUGTXCVGWT FW /WU¾G FGU /¾FCKNNGU ¯ $TWZGNNGU

&+'7&100— # %CVCNQIWG FGU /QPPCKGU (TCP¼CKUGU FG NC $KDNKQVJ½SWG 0CVKQPCNG .GU OQPPCKGU ECR¾VKGPPGU QW TQ[CNGU (TCP¼CKUGU $·PFG 2CTKU :%+8 5 6HP :::+++ 5 6HP .GKPGP .GU OQPPCKGU HTCP¼CKUGU #RGT¼W JKUVQTKSWG 2CTKU 5 OKV #DD -CTVQPKGTV $KPFWPI NQEMGT

&7/#5 &7$174) ( .G VT¾UQT FG (¾ECOR GV NG OQPPC[CIG GP (TCPEG QEEKFGPVCNG RGPFCPV NC UG EQPFG OQKVK¾ FW :G UK½ENG /¾OQKTGU FG NC 5GEVKQP F #TEJ¾QNQIKG 2CTKU ::+: 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

.G OQPPC[CIG FGU FWEU FG $QWTIQIPG 0WOKUOCVKEC .QXCPKGPUKC .QWXCKP NC 0GWXG :8++ 5 6HP .GKPGP

129

(4#0-4'+%* /10#%1

&72.'55; , .GU OQPPCKGU (TCP¼CKUGU TQ[CNGU FG *WIWGU %CRGV ¯ .QWKU :8+ $·PFG #WHNCIG 2CTKU 5 5 LGYGKNU OKV \CJNTGKEJGP 6GZVCDD -WPUVNGFGT 8 )#&174; /QPPCKGU (TCP¼CKUGU #WHNCIG /QPCEQ 5 OKV \CJNTGKEJGP #DD -WPUVNGFGT ( &417.'45 4¾RGTVQKTG I¾P¾TCN FGU OQPPCKGU FG .QWKU :+++ ¯ .QWKU :8+ #WHNCIG 2CTKU 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

'0)'. # —VWFG UWT NGU OQPPCKGU #NUCEKGPPGU FW %CDKPGV FG (TCPEG &QEWOGPVU RQWT UGTXKT C NC 0WOKUOCVKSWG FG N #NUCEG #WHNCIG /WNJQWUG (TQPVKURK\ 5 6HP 5 6HP 5 6H 5 *CNDNGFGT NGKEJV DGUVQ­GP

'0)'. # .'*4 ' 0WOKUOCVKSWG FG N #NUCEG 2CTKU ::8+++ 5 6HP *CNDNGFGT

'Z NKDTKU WPF JCPFUEJKTHVNKEJGT $GUKV\GTGKPVTCI %J $WNHHGT KO 8QTUCV\

4640

'0)'. # 5'4474' 4 4¾RGTVQKTG FGU UQWTEGU KORTKO¾GU FG NC PWOKUOCVKSWG (TCP¼CKUG $·PFG 2CTKU :+: 5 5 8+++ 5 *CNDNGKPGP

(.10 & *KUVQKTG OQP¾VCKTG FG NC .QTTCKPG GV FGU 6TQKU ¾X¿EJ¾U $·PFG 0CPE[ .:: 5 5 5 LGYGKNU OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

(14+'0 &' 41%*'50#4& , ) .GU /QPPCKGU FGU 2TKUQPPKGTU FG )WGTTG GP (TCPEG 2GPFCPV NC )WGTTG #WZGTTG 5 OKV #DD 1TKI $TQUEJWT WPCWHIGUEJPKVVGP ( /#)+ 'OKUUK QPU FG PGEGUUKVG FG NC RGTKQFG 5& Q , 5 )GJGHVGV ) -+5%* 9CT 2TKUQPGT /QPG[ CPF /GFCNU 5& CWU 6JG 0WOKUOCVKUV

)#&174; 8 /QPPCKGU (TCP¼CKUGU #WHNCIG /QPCEQ 5 #WHNCIG /QPCEQ 5 /QPPCKGU TQ[CNGU (TCP¼CKUGU .QWKU :+++ ¯ .QWKU :8+ #WHNCIG /QPCEQ 5 4 '.+' /QPPCKGU FG PGEGUUKVG (TCP¼CKUGU /QPCEQ 5 , .'%1/26' /QPPCKGU GV LGVQPU FGU EQNQPKGU (TCP¼CKUGU /QPCEQ 5 ,GYGKNU OKV \CJNTGK EJGP #DD -WPUVNGFGT

*#0#7'4 # —VWFGU ¾EQPQOKSWGU UWT N #NUCEG CPEKGPPG GV OQFGTPG $CPF .GU OQPPCKGU 2C TKU 5VTCUDQWTI 5 *CNDNGFGT GVYCU DGUVQ­GP

.#(#74+' , .GU OQPPCKGU FGU TQKU FG (TCPEG *WIWGU %CRGV C .QWKU :++ 2CTKU $CUGN ::+ 5 6HP 2 24+'74 .GU OQPPCKGU FGU TQKU FG (TCPEG (TCP¼QKU +GT C *GPTK +8 2CTKU $CUGN :8++ 5 6HP $KPFWPI GVYCU NQEMGT .GKPGP

130

(4#0-4'+%* /10#%1

.')415 & /QPPCKGU H¾QFCNGU (TCP¼CKUGU 1 1 5 OKV \CJNTGKEJGP #DD .GKPGP

.'*4 ' .GU OQPPCKGU FGU NCPFITCXGU #WVTKEJKGPU FG NC *CWVG #NUCEG /WNJQWUG 2CTKU :: 5 6HP -CTVQPKGTV $KPFWPI NQEMGT 5WRRN¾OGPV .CWUCPPG 8++ 5 6H -CTVQ PKGTV

$GKFG $·PFG OKV GZ NKDTKU %J $WNHHGT

.'84#7.6 . 'UUCK UWT N CPEKGPPG OQPPCKG FG 5VTCUDQWTI GV UWT UGU TCRRQTVU CXGE N JKUVQKTG FG NC XKNNG GV FG N ¾X½EJ¾ 5VTCUDQWTI 2CTKU :++ 5 *CNDNGKPGP NGKEJV UVQEMHNGEMKI

.10)2—4+'4 # FG 0QVKEG FGU OQPPCKGU (TCP¼CKUGU EQORQUCPV FG NC EQNNGEVKQP FG / , 4QWUUGCW 2CTKU :8+ 5 6HP *CNDNGFGT

/#<#4& , *KUVQKTG OQP¾VCKTG GV PWOKUOCVKSWG EQPVGORQTCKPG $·PFG 2CTKU $CUGN 5 5 LGYGKNU OKV \CJNTGKEJGP 6GZVCDD .GKPGP 4Ã’EMGP GVYCU DGUEJ·FKIV *KUVQKTG OQP¾VCKTG GV PWOKUOCVKSWG FGU EQNQPKGU GV FG N WPKQP (TCP¼CKUG 2CTKU :8+ 5 6HP .GKPGP

/100#+' &' 2#4+5 *TUI . JKUVQKTG FG 2CTKU FGRWKU CPU 'ZRQUKVKQP FG PWOKUOCVKSWG GV FG UKIKNNQITCRJKG $·PFG 2CTKU 5 6HP 1TKI $TQUEJWT

/14+0 * 0WOKUOCVKSWG H¾QFCNG FW &CWRJKP¾ 2CTKU 8+++ 5 6HP *CNDNGFGT OKV )QNFXGT\KGTWPIGP

'Z NKDTKU , ,GCPRTGVTG

0'55'. : $GKVT·IG \WT /Ã’P\IGUEJKEJVG FGU 'NUC­ DGUQPFGTU FGT *QJGPUVCWHGP\GKV 5& CWU (TCPM HWTVGT /Ã’P\\GKVWPI (TCPMHWTV CO /CKP 5 OKV \CJNTGKEJGP #DD .GKPGP

2'6')*'/ % 8#0 &G NC XCNGWT FGU O¾FCKNNGU GV OQPPCKGU F #NUCEG CXGE NGWT FGUETKRVKQP F CRT½U NGU RNCPEJGU FW $CTQP $GTUVGVV 2CTKU 5 6HP .GKPGP 0T XQP 'ZGORNCTGP / *+/.; %CVCNQIWG FG NC EQNNGEVKQP FG OQPPCKGU GV FG O¾FCKNNGU #NUCEKGPPGU /CPWUMTKRVFTWEM 5VTCU DQWTI =OKV 9KFOWPI FGU 8GTHCUUGTU CP 'TPGUV .GJT?

2.#06'6 . ,'#00'< . 'UUCK UWT NGU OQPPCKGU FW EQOV¾ FG $QWTIQIPG FGRWKU N ¾RQSWG )CWNQKUG LWUSW C NC 4¾WPKQP FG NC (TCPEJG %QOV¾ C NC (TCPEG UQWU .QWKU :+8 .QPU NG 5CWPKGT 5 6HP .GKPGP

21'; & #8#06 ( /QPPCKGU H¾QFCNGU FG (TCPEG $·PFG 2CTKU :++ 5 5 5 6HP +P $·PFGP KP *CNDNGFGT IGDWPFGP OKPKOCN DGUVQ­GP

41$'46 % 4GEJGTEJGU UWT NGU OQPPCKGU FGU ¾XGSWGU FG 6QWN 2CTKU .QPFQP 5 6HP *CNDDNGFGT

+O 8QTUCV\ $TKGH XQP % 4QDGTV GKPIGMNGDV 'Z NKDTKU # $TGVCIPG

—VWFGU PWOKUOCVKSWGU UWT WPG RCTVKG FW 0QTF 'UV FG NC (TCPEG /GV\ 5 6HP .GKPGP

4GEJGTEJGU UWT NGU OQPPCKGU GV NGU LGVQPU FGU OCKVTGU ¾EJGXKPU GV FGUETKRVKQP FG LGVQPU FKXGTU /GV\ 5 6HP 6CHGNP GVYCU UVQEMHNGEMKI *CNDNGFGT

41$'46 2 % /QPPCKGU LGVQPU FGU ¾X¿SWGU FG 8GTFWP 5& CWU #PPWCKTG FG NC 5QEK¾V¾ HTCP¼CKUG FG 0WOKUOCVKSWG /CEQP 5 OKV \CJNTGKEJGP #DD *CNDNGFGT 4Ã’EMGP DGUEJ·FKIV

/KV 9KFOWPI FGU 8GTHCUUGTU CP OQPUKGWT (GTPCPF /C\GTQNNG

/QPPCKGU LGVQPU GV O¾FCKNNGU FGU ¾X¿SWGU FG /GV\ /¾OQKTG RWDNK¾ GV VGTOKP¾ F CRT½U NGU PQVGU FG N CWVGWT RCT 4 5'4474' 5& CWU #PPWCKTG FG NC 5QEK¾V¾ (TCP¼CKUG FG 0WOKUOCVKSWG /CEQP 5 OKV \CJNTGKEJGP #DD .GKPGP

#WMVKQP 4QNNKP (GWCTFGPV &GUETKRVKQP FG NC EQNNGEVKQP FG / 2 %JCTNGU 4QDGTV 2C[U $CU GV 0QTF FG NC (TCPEG = ? 6GKNG 2CTKU 5 5 5 5 OKV 0TP 6HP +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP 2TGKUG DGKIGUEJTKGDGP

41..#0& * /QPPCKGU FGU EQOVGU FG 2TQXGPEG :++G :8G UK½ENGU *KUVQKTG OQP¾VCKTG ¾EQPQOKSWG GV EQORCTCVKXG 2CTKU 5 6HP .GKPGP

131

(4#0-4'+%* /10#%1

41..+0 ('7#4&'06 %CVCNQIWG FGU OQPPCKGU TQ[CNGU GV UGKIPGWTKCNGU FG (TCPEG FGRWKU NGU /¾TQ XKPIKGPU LWUSW C PQU LQWTU %QPVGPCPV PWO¾TQU CXGE NGWTU RTKZ FG XGPVG 2CTKU .QPFQP 5 2NCPEJGU 2CTKU 5 6HP *CNDNGFGT

+O 8QTUCV\ FGU 6GZVDCPFGU $GUKV\GTUVGORGN &T .QWKU )HGNNGT KO 6CHGNVGKN GZ NKDTKU *QFKG .GQPK WPF $GUKV\GTUVGORGN . FG NC *QFFG .KNNG

5#7.%; ( FG 4GEJGTEJGU UWT NGU OQPPCKGU FGU ¾X½SWGU FG /GV\ /GV\ 5 -NCRRVHP 5WRRN¾OGPV CWZ 4GEJGTEJGU UWT NGU OQPPCKGU FGU ¾X½SWGU FG /GV\ /GV\ 5 6HP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP

4GEJGTEJGU UWT NGU OQPPCKGU FGU FWEU J¾T¾FKVCKTGU FG .QTTCKPG /GV\ : 5 6HP *CNDNG FGT OKV )QNFXGT\KGTWPIGP 4ÒEMGP GVYCU DGUEJ·FKIV

/KV 9KFOWPI FGU 8GTHCUUGTU

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$#/$'4) 2 $GKVT·IG \WT /ÒP\IGUEJKEJVG FGT )TCHGP 5EJNKEM $WFYGKU 5 * 5%*.+- <WT $GFGWVWPI FGT /ÒP\\GKEJGP CWH FGP ,QCEJKOUVCNGT /ÒP\GP FGT )TCHGP 5EJNKEM 5& CWU &GT /ÒP \GPUCOONGT $WFYGKU 5 6HP # , )'4 &KG /ÒP\RT·IWPIGP FGT )TCHGP 5EJNKEM 5& CWU $GTNKPGT 0WOKUOCVKUEJG <GKVUEJTKHV 5 6HP )GJGHVGV

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$'40*#46 / 41.. - &KG /ÒP\GP WPF /GFCKNNGP FGU 'T\UVKHVGU 5CN\DWTI $·PFG /ÒPEJGP 5 8+++ 5 6HP -NCRRMCTVG +P GKPGO $CPF KP .GKPGP IGDWPFGP

$7%*'0#7 * 2HGPPKIG FGT ÌUVGTTGKEJKUEJ UVGKTKUEJGP WPF XGTYCPFVGP )TWRRGP KO :++ ,CJTJWPFGTV 5& CWU (GUVUEJTKHV .WUEJKP XQP 'DGPITGWVJ 5 6HP ( &9145%*#- &KG #PH·PIG FGU ÌUVGTTGKEJKUEJ UVGKTKUEJGP /ÒP\YGUGPU 5& CWU (GUVUEJTKHV .WUEJKP XQP 'DGPITGWVJ 5 6HP 5VWFKGP \WO ÌUVGTTGKEJKUEJGP /ÒP\YGUGP 5& CWU 0< 5 6HP <WT OKVVGNCNVGTNKEJGP ÌUVGTTGKEJKUEJGP 0WOKUOCVKM 5& CWU /KVVGKNWPIGP FGT ¤UVGTT )GUGNNUEJCHV HÒT /ÒP\ WPF /GFCKNNGPMWPFG 5 +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP $GKNKG IGPF YGKVGTG 5QPFGTFTWEMG CWU FGO 6JGOGPDGTGKEJ GKPGT FCXQP OKV 9KFOWPI XQP &YQTUEJCM CP *GTTP *QHTCV XQP .WUEJKP KP ITQ­GT 8GTGJTWPI

%#%* ( 0GLUVCTĦK cGUM¾ OKPEG $·PFG 2TCI .GKPGP Z WPF 1TKI $TQUEJWT Z , 5',$#. *TUI &GP±TQX± OePC PC /QTCXe 5DQTPÃM RTCEÃ \ +++ PWOKUOCVKEM¾JQ U[ORQUKC 'MQPQOKEMQ RGPezPÃ UKVWCEG PC /QTCXe X QDFQDÃ X\PKMW C TQ\XQLG HGWFCNKUOW UVQNGVÃ $TPe

$CPF OKV 9KFOWPI FGU 8GTHCUUGTU CP ' 0QJGLNQX± 2T±VQX±

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%7$#5%* * &KG /ÒP\GP WPVGT FGT 4GIKGTWPI UGKPGT MCKU W MÌP CRQUVQNKUEJGP /CLGUV·V FGU -CK UGTU (TCP\ ,QUGRJ + DKU \WT 'KPHÒJTWPI FGT -TQPGPY·JTWPI 9KGP 8+++ 5 6HP .GKPGP 5GKVGP CP FGP QDGTGP 'EMGP VKPVGPHNGEMKI % XQP '4056 ( -'00'4 &CU /ÒP\YGUGP WPF FKG /G FCKNNGWTG WPVGT FGT 4GIKGTWPI 5T /CLGUV·V FGU -CKUGTU (TCP\ ,QUGH + 9KGP 5 1TKI $TQUEJWT * 619'4 /ÒP\GP (TCP\ ,QUGRJ + $WFCRGUV 5 1TKI $TQ UEJWT CPIGUEJOWV\V

137

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')) ' &KG /ÒP\GP -CKUGT /CZKOKNKCPU + +PPUDTWEM Q , 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD .GFGT OKV $NCVVIQNF 2T·IWPI WPF )QNFUEJPKVV 0T XQP 'ZGORNCTGP

'0<'0$'4) 9 # )TCH XQP #WMVKQP ) *KTUEJ 2TCI XQO /ÒP\GP WPF /GFCKNNGP #WMVKQP 5COONWPI FGU 9GKNCPF #TVJWT )TCHGP X 'P\GPDGTI 5 OKV 0TP 6HP *CNDNGKPGP

'PVJ·NV W C /ÒP\GP XQP $ÌJOGP 5EJNGUKGP FGO 'T\DKUVWO 1NOÒV\ WPF FGO $KUVWO $TGUNCW

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4725

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/GJTHCEJ 5VGORGN &T ,CEQD *KTUEJ /ÒPEJGP #TEKUUVTC­G CWH FGO 6KVGN

138

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$GVJNGP I±DQT R¾P\GK -QNQ\UX±T 5 6HP 1TKI $TQUEJWT WPCWHIGUEJPKVVGP #\ GTF¾N[K HGLGFGNGOU¾I R¾P\XGT¾UG $WFCRGUV 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

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%QTRWU PWOOQTWO #WUVTKCEQTWO %0# $CPF /KVVGNCNVGT 9KGP 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

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.1'*4 # *1.</#+4 ' ¤UVGTTGKEJKUEJG /ÒP\HWPFG 5& CWU (WPFDGTKEJVG CWU ¤UVGTTGKEJ +P GKPGO $CPF KP .GKPGP IGDWPFGP

.75%*+0 810 '$'0)4'76* # &KG %JTQPQNQIKG FGT 9KGPGT 2HGPPKIG FGU WPF ,CJTJWP FGTVU 'KP $GKVTCI \WT /GVJQFQNQIKG FGT /ÒP\IGUEJKEJVG 5KV\WPIUDGTKEJVG -#&99 2JKN JKUV %N 9KGP 5 6HP 1TKI $TQUEJWT

(TKGUCEJGT 2HGPPKIG $GKVT·IG \W KJTGT /ÒP\IGUEJKEJVG WPF \WT -GPPVPKU KJTGT )GRT·IG 5& CWU 9KGPGT 0WOKUOCVKUEJG <GKVUEJTKHV 5 WPF 5 6HP *CNDNGKPGP $KP FWPI NQEMGT

5VGKTKUEJG /ÒP\HWPFG (WPFVCDGNNGP WPF 'TIGDPKUUG 7O 'TI·P\WPIGP WPF $GTKEJVKIWPIGP XGTOGJTVGT 0CEJFTWEM )TC\ FGT #WUICDG 9KGP 5 \CJNTGKEJG 6GZVCDD .GKPGP

(TKGUCEJGT /ÒP\HWPFG 5& CWU ,CJTDWEJ HÒT #NVGTVWOUMWPFG 5 /ÒP\HWPF CWU FGO 6QTTGPVCN DGK )QNNKPI 5& CWU ,CJTDWEJ HÒT #NVGTVWOUMWPFG 5 &GT /ÒP\HWPF XQP *QNNGPUVGKP KP 0KGFGTÌUVGTTGKEJ 5& CWU ,CJTDWEJ HÒT #NVGTVWOUMWPFG 5 &CU /ÒP\YGUGP KP 1GUVGTTGKEJ \WT <GKV -ÌPKI 4WFQNHU + XQP *CDUDWTI 5 6H 7OTKUUG GKPGT /ÒP\IGUEJKEJVG FGT CNVÌUVGTTGKEJKUEJGP .CPFG XQT 5& CWU 0< 5 6HP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP GKPG 6H NQUG

/#4-. / &KG /ÒP\GP /GFCKNNGP WPF 2T·IWPIGP OKV 0COGP WPF 6KVGN (GTFKPCPF + 2TCI 8+ 5 6HP *CNDNGKPGP 4ÒEMGP DGUEJ·FKIV

/';'4 # #NDTGEJV XQP 9CNNGPUVGKP 9CNFUVGKP *GT\QI XQP (TKGFNCPF WPF UGKPG /ÒP\GP 9KGP (TQPVKURK\ 5 6HP *CNDNGKPGP

'Z NKDTKU ) 9ÒVJTKEJ

&KG /ÒP\GP WPF /GFCKNNGP FGT (COKNKG 'IIGPDGTI 9KGP 5 6HP *CNDNGKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU *GTTP (T¾F #NXKP JQEJCEJVWPIUXQNN FGT 8GTHCUUGT $GTNKP ,WPK

/+..'4 <7 #+%**1.< 8 .1'*4 # *1.</#+4 ' ¤UVGTTGKEJKUEJG /ÒP\RT·IWPIGP $·PFG #WHNCIG 9KGP :. 5 5 6HP *CNDNGFGT

/106'07181 5#//.70)'0 #WMVKQPGP # *GUU (TCPMHWTV CO /CKP %QNNGEVKQ /QPVGPWQXQ &KG 5KGDGPDÒTIKUEJGP /ÒP\GP (TCPMHWTV CO /CKP :8+ 5 OKV 0TP 6HP '. 8GT\GKEJPKU XGTM·WHNKEJGT /ÒP\GP CWU FGT HÒTUVNKEJ /QPVGPWQXQ UEJGP /ÒP\UCOONWPI ¤UVGTTGKEJ (TCPMHWTV CO /CKP 5 %QNNGEVKQ /QPVGPWQXQ &KG WPICTKUEJGP /ÒP\GP UQYKG FKG UÒFUNCYKUEJGP /ÒP\GP (TCPMHWTV CO /CKP : 5 +P GKPGO $CPF KP .GKPGP IGDWPFGP DGUVQ­GP

/15'4 * 6745-; * &KG /ÒP\UV·VVG *CNN KP 6KTQN +PPUDTWEM 5 OKV #DD &KG /ÒP\UV·VVG *CNN KP 6KTQN +PPUDTWEM 5 OKV \CJNTGKEJGP #DD .GKPGP

139

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0'9#.& , &CU ÌUVGTTGKEJKUEJG /ÒP\YGUGP WPVGT (GTFKPCPF + 'KPG OÒP\IGUEJKEJVNKEJG 5MK\\G 9KGP 5 &CU ÌUVGTTGKEJKUEJG /ÒP\YGUGP WPVGT FGP -CKUGTP /CZKOKNKCP ++ 4WFQNRJ ++ WPF /CVJKCU /ÒP\IGUEJKEJVNKEJG 5VWFKGP 9KGP 5 6HP .GKPGP

2+%*.'4 ( 4GRGTVQTKWO FGT UVGKGTKUEJGP /ÒP\MWPFG $·PFG )T·V\ 5 6HP ::++ 5 (CNVMCTVG 5 6HP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP

241$5<6 1*5614(( ) *TUI 5EJCW WPF &GPMOÒP\GP YGNEJG WPVGT FGT INQTYÒTFKIGP 4GIKG TWPI FGT -CKUGTKPP -ÌPKIKPP /CTKC 6JGTGUKC IGRT·IGV YQTFGP UKPF 0CEJFTWEM )TC\ FGT #WUICDG 9KGP :.++ 5 .GKPGP

4'5%* # 5KGDGPDÒTIKUEJG /ÒP\GP WPF /GFCKNNGP XQP DKU \WT )GIGPYCTV *GTOCPPUVCFV 8+++ 5 6HP *CNDNGFGT 0CEJVTCI \W 5KGDGPDÒTIKUEJG /ÒP\GP WPF /GFCKNNGP XQP DKU \WT )GIGPYCTV 0CEJFTWEM )TC\ FGU 5& CWU ,CJTDWEJ FGU $WT\GPN·PFGT 5·EJUKUEJGP /WUGWOU

5 6HP )GJGHVGV

$GUKV\GTUVGORGN *RV C & -CTN *QNNUEJGM $GUKV\GT FGU -CTQNKPGPDCF 9KGP 8+ &ÒTGTICUUG KO 8QTUCV\ FGU $WEJGU

4+<<1..+ * /ÒP\IGUEJKEJVG FGU CNVVKTQNKUEJGP 4CWOGU KO /KVVGNCNVGT WPF %QTRWU 0WOOQTWO 6KTQNGPUKWO /GFKCGXCNKWO $CPF &KG /ÒP\UV·VVGP $TKZGP +PPUDTWEM 6TKGPV .KGP\ WPF /GTCP XQT $Q\GP 5 FCXQP \CJNTGKEJG #DD WPF 6HP .GKPGP .G OQPGVG EQPKCVG C /GTCPQ 5& CWU %QPVTKDWVK CNNC UVQTKC GEQPQOKEC CNVQCVGUKPC $QN\CPQ 5 OKV #DD -CTVQPKGTV

41.. - &KG 5EJCWOÒP\GP CWH FKG 5CN\DWTIGT 'OKITCVKQP *CNNG CP FGT 5CCNG 5 6HP 1TKI $TQUEJWT

5%*¤08+50'4 5 %CVCNQIWU PWOQTWO *WPICTKCG CE 6TCPUKNXCPKCG 6GKNG 2GUV 8+ 5 5 5 #RRGPFKZ 2GUV :8++ 5 6HP +P $·PFGP KP *CNDNGFGT IGDWPFGP

56#0). ( -CTVGKU[UVGO &KG 6CNGT WPF 6GKNUVÒEMG FGT *CDUDWTIGT /ÒPEJGP $·PFG OKV LGYGKNU EC $NCVV -WPUVUVQHH 4KPIDKPFGT

/KV \CJNTGKEJGP #DD GPVJ·NV 4WFQNH ++ $·PFG /CVVJKCU 'T\JGT\QI .GQRQNF (GTFKPCPF ++ 'T\JGT\QI (GTFKPCPF -CTN (GTFKPCPF +++ -CTN 8+

57%*1/'. & 8+&'/#0 , /KPEQXPKEVXÃ QNQOQWEMÓEJ DKUMWRu C CTEKDKUMWRu -TQOerÃz 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV , $1$'- /KPEQXPKEVXÃ QNQOQWEMÓEJ DKUMQ Ru XG UVrGFQXeMW $TPe (CTDKIGU (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WO UEJNCI

6#00+%* - &KG /ÒP\GP WPF /GFCKNNGP FGT (ÒTUVGP \W 5EJYCT\GPDGTI 5& CWU 5EJYCT\GPDGTIK UEJGU ,CJTDWEJ 5 #DD CWH 6HP .GKPGP

64#7 ( #WMVKQP )GDTÒFGT 'IIGT 9KGP XQO #WEVKQPU %CVCNQI FGT 5COONWPI FGU *GTTP (TCP\ 6TCW KP 9KGP /ÒP\GP WPF /GFCKNNGP HCUV CNNGT .·PFGT XQT\ÒINKEJ XQP 1GUVGTTGKEJ FGT IGKUVNKEJGP WPF YGNVNKEJGP *GTTGP ITKGEJKUEJG WPF TÌOKUEJG /ÒP\GP = ? 8+++ 5 6HP '. *CNDNGKPGP

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-1081.76 #7-6+105-#6#.1)' $4ª&'4 '))'4 #WMVKQPU -CVCNQI /ÒP\GP WPF /GFCKNNGP 5VGKGTOCTM -·TPVGP -TCKP 'NUCUU WPF /QPVHQTV = ? 9KGP 5 6HP #WMVKQPU -CVCNQI $GFGWVGPFG 5COONWPI XQP /ÒP\GP WPF /GFCKNNGP FGT IGHÒTUVGVGP )TCHUEJCHV 6KTQN 9KGP 5 6HP +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP DGUVQ­GP 2TGKUG WPF -·WHGT DGKIGUEJTKGDGP

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142

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4790

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143

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4809

144

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4813

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2'44+0 # /¾FCKNNKGT FG 5CXQKG %JCOD¾T[ 5 OKV \CJNTGKEJGP #DD *CNDNGKPGP

241/+5 & .G \GEEC FK 5EKQ FWTCPVG KN FQOKPKQ FGK )GPQXGUK 6QTKPQ 5 6HP .QUG .C IGP CO 4Ã’EMGP OKV 6GUCHKNO IGMNGDV

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4+<<1.+ . 2'4+0+ 3 .G OQPGVG FK 2CFQXC 4QXGTGVQ 5 OKV GKPKIGP #DD 0T XQP 'ZGORNCTGP

$GUKV\GTUVGORGN KO 8QTUCV\ +IPC\ &QTPCEJ 9GKNGT DGK .KPFCW

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4GEWGKN FGU /QPPCKGU /¾FKGXCNGU FW 5WF FG N +VCNKG CXCPV NC FQOKPCVKQP FGU 0QTOCPFU 2CTKU :8++ 5 OKV \CJNTGKEJGP #DD .GKPGP

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4GRGTVQTKQ IGPGTCNG FGNNG OQPGVG EQPKCVG KP +VCNKC G FC +VCNKCPK CNN GUVGTQ FCN UGEQNQ 8u CN ::u 0CEJ FTWEM /QFGPC FGT #WUICDG 2CTKIK (TQPVKURK\ :+ 5 6HP .GKPGP

&GT 0CEJFTWEM GPVJ·NV \WU·V\NKEJG 6HP

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6GZV KP TWUUKUEJGT 5RTCEJG

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6GZV KP TWUUKUEJGT 5RTCEJG

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6GZV KP TWUUKUEJGT 5RTCEJG

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4935

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4946

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155

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156

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4970

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6GZV \YGKURTCEJKI GPINKUEJ WPF CTCDKUEJ

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ÊÎÐÏÓÑ ÇÎËÎÒÛÕ È ÑÅÐÅÁÐßÍÛÕ ÌÎÍÅÒ ØÅÉÁÀÍÈÄΠ:8+ âåê =5JCKDCPKFGP ? /QUMCW 5 FCXQP 6HP .GKPGP

166

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$GK $75*0'.. IGRT·IVGU GZ NKDTKU ( ( 2 .KDTCT[ QH (GQTK ( 2KRKVQ

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&1/ 0'%* $'.&# % #N JCNNC\IQ FG &KTJCOGU %CNKHCNGU FG #NOQTCFÃ #NCECPV 'UVWFKU 0WOKU O±VKEU 8CNGPEKCPU 8CN½PEKC 5 6HP 1TKI $TQUEJWT

5093

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W­GTUV UGNVGP /KV 9KFOWPI FGU 8GTHCUUGTU CP *GTTP 2TQH &T 4GINKPI \WT HTGWPFN 'TKPPGTWPI -QPUVCPVKPQRGN F 1MV

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%QTRWU FGU OQPPCKGU #NCYKVGU %QNNGEVKQP FG NC $CPSWG FW /CTQE GV CWVTGU EQNNGEVKQPU OQPFKCNGU RWDNKSWGU GV RTKX¾GU VWFGU UWT NC 0WOKUOCVKSWG GV N *KUVQKTG /QP¾VCKTG FW /CTQE $·PFG 4CDCV .+ 5 OKV OGJTGTGP (CTDVHP 5 6HP -WPUVNGFGT

(#4#*$#-*5* * +TCPKCP *COOGTGF %QKPCIG #& #* 9GUV $GTNKP 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

(+)#0+'4 , %CUC FG /QGFC /WUGW 0WOKUO±VKEQ 2QTVWIW¿U /QGFCU TCDGU 6GKN &C ETKC¼µQ FQ GOKTCFQ GURCPJQN ¯ EQPSWKUVC FG )TCPCFC .KUDQC :+++ 5 OKV OGJTGTGP 6HP 1TKI $TQUEJWT

(10#*0 # ,CRCPKUEJG $KNFGTOÒP\GP .GKR\KI 5 6HP .GKPGP

(4#'*0 % / 0QXCG U[ODQNCG CF TGO PWOCTKCO OWJCOOGFCPQTWO GZ OWUGKU 2HNWIKCPQ CVSWG /CPPVGWHGNKCPQ 2GVTQRQNK PGE PQP 0GLGNQYKCPQ -CUCPK 5V 2GVGTUDWTI *CNNG CP FGT 5CCNG 5 6HP .GKPGP (QVQMQRKG

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)#7$' * #TCDQUCUCPKFKUEJG 0WOKUOCVKM *CPFDÒEJGT FGT OKVVGNCUKCVKUEJGP 0WOKUOCVKM $TCWP UEJYGKI 8+ 5 6HP (CNVMCTVG (CNVVCDGNNG .GKPGP

)*#.+$ '&*'/ + /WU¾G +OR¾TKCN 1VVQOCP 5GEVKQP FGU /QPPCKGU /WUWNOCPGU %CVCNQIWG FGU OQPPCKGU VWTEQOCPGU $GPK 1TVQM $GPK <GPIWK (TQW #VCDGS[¾J GV /GNKMU '[QWDKVGU FG /GK[CHCTKMKP %QPUVCPVKPQRNG :8++ 5 6HP .GKPGP NGKEJV DGUVQ­GP

)*#.+$ + 6CSWKOK /WUMWMCHK 5CNLWSK[C =/ÒP\GP FGT 4WO 5GNFUEJWMGP? -QPUVCPVKPQRGN #* = ? /GJTGTG $N 5 6HP .GKPGP GVYCU DGUVQ­GP

6GZV KP CTCDKUEJGT 5RTCEJG

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5CUCPKFKUEJG 0WOKUOCVKM *CPFDÒEJGT \WT OKVVGNCUKCVKUEJGP 0WOKUOCVKM $TCWPUEJYGKI 8++ 5 (CNVMCTVG 6CDGNNGP 6HP .GKPGP

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);5'.'0 4 -#.75 . &GWZ VT¾UQTU OQP¾VCKTGU FGU RTGOKGTU VGORU FG N +UNCO 2CTKU 5 6HP .GKPGP

*#<#4& * 9 6JG 0WOKUOCVKE *KUVQT[ QH .CVG /GFKGXCN 0QTVJ #HTKEC 0WOKUOCVKE 5VWFKGU 0GY ;QTM 5 6HP 1TKI $TQUEJWT 4ÒEMGP GVYCU DGUEJ·FKIV

*'+&'/#00 5 &CU #NGRRKPGT -CNKHCV # & 8QO 'PFG FGU -CNKHCVGU KP $CIFCF ÒDGT #NGRRQ \W FGP 4GUVCWTCVKQPGP KP -CKTQ +UNCOKE *KUVQT[ CPF %KXKNK\CVKQP 5VWFKGU CPF 6GZVU .GKFGP W C :+++ 5 FCXQP \CJNTGKEJG 6HP .GKPGP OKV 5EJWV\WOUEJNCI

*'0&'4510 , 4 6JG %QKPU QH *CKFCT #NÄ CPF 6ÄRÑ 5WNV³P /CFTCU (TQPVKURK\ : 5 6HP *CNDNGKPGP DGUVQ­GP $KPFWPI GVYCU NQEMGT

*'00'37+0 ) #TEJKXGU FG NC 8KNNG FG /CTUGKNNG %CDKPGV FGU /¾FCKNNGU %CVCNQIWG FGU OQPPCKGU QTKGPVCNGU #XKIPQP 5 OKV #DD 1TKI $TQUEJWT

%CVCNQIWG FGU OQPPCKGU OWUWNOCPGU FG NC $KDNKQVJ½SWG 0CVKQPCNG #UKG RT¾ OQPIQNG .GU 5CNgÑSU GV NGWTU UWEEGUUGWTU 2CTKU :+ 5 6HP -WUVNGFGT

*'00'37+0 ) #. 75* # . ( .GU OQPPCKGU FG $³NKU &COCU :+8 5 6HP 1TKI $TQUEJWT

*+04+%*5 , % #WHNKUVWPI FGT /ÒP\GP FGT 5GNVUEJWMGP #PCVQNKGPU $TGOGP 5 KO 5EJPGNNJGHVGT

7PRWDNK\KGTVGU /CPWUMTKRV

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)GUEJKEJVG FGT #TVWSWKFGPJGTTUEJCHV XQP /CTFKP \YKUEJGP /CONWMGP WPF /QPIQNGP #& +PCWIWTCN &KUUGTVCVKQP \WT 'TNCPIWPI FGU &QMVQTITCFGU FGT 2JKNQUQRJKUEJGP (CMWNV·V FGT 9GUVH·NKUEJGP 9KNJGNOU 7PKXGTUKV·V \W /ÒPUVGT /CPWUMTKRVFTWEM /ÒPUVGT 8 5 1TKI $TQUEJ

5[NNQIG 0WOQTWO #TCDKEQTWO 6ÒDKPIGP 2CN·UVKPC +8 C $KN³F CĦ ĥ³O + 6ÒDKPIGP 5 FCXQP 6HP (QNKQ ( 5%*9#4< 5[NNQIG 0WOQTWO #TCDKEQTWO 6ÒDKPIGP JC\PC -CDWN :+8 F *WT³U³P +8 6ÒDKPIGP $GTNKP 5 FCXQP 6HP (QNKQ 1TKI $TQUEJWT

,#%1$5 0 8'4/'7.' % % +++ ,CRCPGUG %QKPCIG 0GY ;QTM 5 OKV \CJNTGKEJGP #DD 2TGKUNKUVG DGKIGHÒIV .GKPGP * &+'6<'. &KG /ÒP\GP ,CRCPU CD #PJCPI &KG $CPMPQVGP ,CRCPU $GTNKP 5 OKV \CJNTGKEJGP #DD )GJGHVGV

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#UJOQNGCP /WUGWO 1ZHQTF %CVCNQIWG QH +UNCOKE 5GCNU CPF 6CNKUOCPU 1ZHQTF :++ 5 OGJTGTG 6HP .GKPGP OKV 5EJWV\WOUEJNCI

-#00 ' +NNWUVTCVGF %CVCNQI QH %JKPGUG %QKPU )QNF 5KNXGT 0KEMGN CPF #NWOKPKWO *QPIMQPI (TQPVKURK\ 5 6HP .GKPGP $KPFWPI GVYCU NQEMGT 5%*7./#0 %1+0 /+06 +0% 37#.+6; 5#.'5 %142 'FWCTF -CPP %QNNGEVKQP %QKPU QH %JKPC CPF ,CRCPGUG %QKPU 1FF %WTKQWU HTQO VJG * & )KDDU %QNNGEVKQP 2CTV 8 .QU #PIGNGU 5 WPF \CJNTGKEJG 6HP )GJGHVGV

169

14+'06 +5.#/ ª$'45''

-#2.#0 # %CVCNQIWG QH VJG %QKPU QH 5QWVJ #HTKEC #WHNCIG ,QJCPPGUDWTI Q , = ? 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV &GEMGN DGUEJOWV\V %CVCNQIWG QH VJG %QKPU QH 5QWVJ #HTKEC )GTOKUVQP 5 OKV \CJNTGKEJGP #DD )GJGHVGV

-#<#0 9 6JG %QKPCIG QH +UNCO %QNNGEVKQP QH 9KNNKCO -C\CP $GKTWV 5 FCXQP \CJNTGKEJG (CTDVHP .GKPGP OKV 5EJWV\WOUEJNCI $KPFWPI GVYCU NQEMGT

-10&1 5'57+ TGUR -10&1 /14+5*+)' -KPIKP <WTQMW =+NNWUVTKGTVGU 8GT\GKEJPKU XQP LCRCPK UEJGP )QNF WPF 5KNDGTOÒP\GP? $·PFG 1UCMC WPF 6QMKQ &KG GKP\GNPGP $·PFG LGYGKNU IGP·JV NQUG \YKUEJGP \YGK *QN\FGEMGNP

-17;/,+#0 & - *TUI 0GCT 'CUVGTP 0WOKUOCVKEU +EQPQITCRJ[ 'RKITCRJ[ CPF *KUVQT[ 5VWF KGU KP *QPQWT QH )GQTIG % /KNGU $GKTWV ::8 5 OKV \CJNTGKEJGP #DD .GKPGP

.#)7/+0# $ %CVCNQIQ FGNNG OQPGVG CTCDG GUKUVGPVK PGNNC $KDNKQVGEC %QOWPCNG FK 2CNGTOQ 2CNGTOQ ::+++ 5 6HP *CNDNGFGT

.#0' 211.' 5 %CVCNQIWG QH VJG %QNNGEVKQP QH #TCDKE %QKPU RTGUGTXGF KP VJG -JGFKXKCN .KDTCT[ CV %CKTQ .QPFQP :8 5 .GKPGP 4ÒEMGP OKV 9CUUGTUEJCFGP

.#0' 211.' 5 W C %CVCNQIWG QH +PFKCP %QKPU KP 6JG $TKVKUJ /WUGWO $·PFG .QPFQP %.++ 5 6HP %%8+++ 5 6HP %:::8+++ 5 6HP %.:8++ 5 6HP .GKPGP 5GKVGP FGT $·PFG \WOGKUV WPCWHIGUEJPKVVGP

.#0' 211.' 5 211.' 4 5 %CVCNQIWG QH 1TKGPVCN %QKPU KP VJG $TKVKUJ /WUGWO $·PFG 0CEJFTWEM $QNQIPC FGT #WUICDG .QPFQP /GJT CNU 5 6HP .GKPGP

%CVCNQIWG QH #TCDKE )NCUU 9GKIJVU KP VJG $TKVKUJ /WUGWO .QPFQP :::8 5 6HP .GK PGP

.#701+5 # %CVCNQIWG FGU OQPPCKGU HCVKOKFGU GPVT¾GU CW %CDKPGV FGU /¾FCKNNGU FGRWKU 5 6HP KP $WNNGVKP F VWFGU 1TKGPVCNGU 5 1TKI $TQUEJWT \WOGKUV WPCWHIGUEJPKVVGP

.#81+: * %CVCNQIWG FGU OQPPCKGU OWUWNOCPGU FG NC $KDNKQVJ½SWG 0CVKQPCNG 'URCIPG GV #HTKSWG 2CTKU :.8++ 5 6HP *CNDNGFGT

&KG UGJT UGNVGPG 1TKIKPCNCWUICDG

%CVCNQIWG FGU OQPPCKGU OWUWNOCPGU FG NC $KDNKQVJ½SWG 0CVKQPCNG I[RVG GV 5[TKG 2CTKU +: 5 6HP *CNDNGFGT

&KG UGJT UGNVGPG 1TKIKPCNCWUICDG

%CVCNQIWG FGU OQPPCKGU OWUWNOCPGU FG NC $KDNKQVJ½SWG 0CVKQPCNG -JCNKHGU 1TKGPVCWZ 0& 5CNC $QNQ IPGUG FGT #WUICDG 2CTKU .+8 5 6HP -CTVQPKGTV

.' /#; 4 6JG %QKPCIG QH 5KCO $CPIMQM :+ 5 6HP -CTVQPKGTV 4ÒEMGP GVYCU DGUEJ·FKIV

.1%-*#46 , * 5 6JG %WTTGPE[ QH VJG (CTVJGT 'CUV HTQO VJG 'CTNKGUV 6KOGU WR VQ VJG 2TGUGPV &C[ $·PFG *QPIMQPI 8+++ 5 6HP :+ .+: 5 .GKPGP $KPFWPI XQP $CPF WPF NQEMGT 4ÒEMGP XQP $CPF DGUEJ·FKIV WPF VGKNU NQUG

.19+%- 0 +UNCOKE %QKPU CPF 6TCFG KP VJG /GFKGXCN 9QTNF *TUI XQP , %4+$$ #NFGTUJQV (TQPVKURK\ :++ 5 .GKPGP

%QKPCIG CPF *KUVQT[ QH VJG +UNCOKE 9QTNF *TUI XQP , %4+$$ #NFGTUJQV (TQPVKURK\ :8+++ 5 .GKPGP

/#4-18 # - +PXGPVCTPK[ MCVCNQI OWUWNOCPUMKMJ OQPGV = ? KORGTCVQTUMCXQ 'TOKVC\JC 5V 2G VGTUDWTI +8 5 0CEJVT·IG 5 +P \YGK $·PFGP KP .GKPGP IGDWPFGP (QVQMQRKG

ÊÀÒÀËÎÃÚ ÄÆÅËÀÈÐÈÄÑÊÈÕÚ ÌÎÍÅÒÚ. =-CVCNQI &\JGNCKTKFUMKMJ OQPGV? 5V 2GVGTUDWTI 8 .:::++ 5 6HP *CNDNGFGT

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170

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/#;'4 . # $KDNKQITCRJ[ QH /QUNGO 0WOKUOCVKEU +PFKC 'ZEGRVGF 1TKGPVCN 6TCPUNCVKQP (WPF #WHNCIG .QPFQP +: 5 .GKPGP

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/'+.+ , 0WOKUOCVKUEJG 5COONWPI XQP ,WNKWU /GKNK &KG /ÒP\GP FGU -CKUGTTGKEJU $TCUKNKGP DKU Q 1 =<ÒTKEJ? 6HP *CNDNGKPGP

/KV $GUKV\GTUVGORGN /ÒP\GP WPF /GFCKNNGP # ) (TGKGUVT $CUGN CWH FGO 6KVGNDNCVV

0WOKUOCVKUEJG 5COONWPI XQP ,WNKWU /GKNK 2QTVWIKGUKUEJG /ÒP\GP 8CTKGV·VGP WPF GKPKIG WPGFKTVG 5VÒEMG Q 1 =<ÒTKEJ? 6HP )GJGHVGV

/KV $GUKV\GTUVGORGN /ÒP\GP WPF /GFCKNNGP # ) (TGKGUVT $CUGN CWH FGO 6KVGNDNCVV

&CU DTCUKNKCPKUEJG )GNFYGUGP 6GKNG <ÒTKEJ :::8++ 5 6HP :.+8 5 6HP *CNDNGKPGP DGK $CPF 4ÒEMGP DGUEJ·FKIV WPF $KPFWPI GVYCU NQEMGT

+P $CPF JCPFUEJTKHVNKEJG 9KFOWPI FGU 8GTHCUUGTU CP *GTTP &CPKGN 5VTGKHH KP 2GTPCODWEQ OKV JÌHNKEJGP 'ORHGJNWPIGP

1 /GKQ %KTEWNCPVG PQ $TC\KN &CU $TCUKNKCPKUEJG )GNFYGUGP 6GKN # /QGFC (KFWEKCTKC PQ $TC\KN CV¾ &CU 2CRKGTIGNF KP $TCUKNKGP DKU <ÒTKEJ .:+: 5 VGKNU HCTDKIG 6HP *CNDNGKPGP

/KV 9KFOWPI #P *GTTP &CPKGN 5VTGKHH XQP 2GTPCODWEQ KP <ÒTKEJ OKV DGUVGO &CPM HÒT HTGWPFN /KVJKNHG XQO 8GTHCUUGT

/+.'5 ) % 6JG 0WOKUOCVKE *KUVQT[ QH 4C[[ 0WOKUOCVKE 5VWFKGU 0GY ;QTM :++ 5 6HP 1TKI $TQUEJWT 7OUEJNCI GVYCU DGUEJ·FKIV

6JG %QKPCIG QH VJG 7OC[[CFU QH 5RCKP *KURCPKE 0WOKUOCVKE 5GTKGU /QPQITCRJ 6GKNG 0GY ;QTM :+ 5 5 6HP 1TKI $TQUEJWT

%QKPU QH VJG 5RCPKUJ /WNÑM CN 6CY³ KH *KURCPKE 0WOKUOCVKE 5GTKGU /QPQITCRJ 0GY ;QTM :+ 5 6HP 1TKI $TQUEJWT $KPFWPI GVYCU NQEMGT

'CTN[ #TCDKE )NCUU 9GKIJVU CPF 5VCORU 00/ 0GY ;QTM 8+++ 5 6HP 'CTN[ #TCDKE )NCUU 9GKIJVU CPF 5VCORU # 5WRRNGOGPV 00/ 0GY ;QTM 5 6HP %QP VTKDWVKQPU VQ #TCDKE /GVTQNQI[ 6GKN 'CTN[ #TCDKE )NCUU 9GKIJVU CPF /GCUWTG 5VCORU #ESWKTGF D[ VJG #OGTKECP 0WOKUOCVKE 5QEKGV[ 00/ 0GY ;QTM : 5 6HP %QPVTKDWVKQPU VQ #TCDKE /GVTQNQI[ 6GKN 'CTN[ #TCDKE )NCUU 9GKIJVU CPF /GCUWTG 5VCORU KP VJG $GPCMK /WUGWO #VJGPU CPF VJG 2GVGT 4WVJXGP %QNNGEVKQP #PP #TDQT 00/ 0GY ;QTM :++ 5 6HP 1TKI $TQUEJWT

/+6%*+0'4 / 1TKGPVCN %QKPU CPF 6JGKT 8CNWGU 6JG 9QTNF QH +UNCO .QPFQP 5 OKV \CJNTGKEJGP #DD .GKPGP GVYCU DGUVQ­GP

1TKGPVCN %QKPU CPF 6JGKT 8CNWGU 0QP +UNCOKE 5VCVGU 9GUVGTP %QNQPKGU #& .QPFQP 5 OKV \CJNTGKEJGP #DD .GKPGP

/+66'49#..0'4 ) 810 /ÒP\GP FGT UR·VGP -Wq³ÈCU FGU *WPPGP -KTCFC -KFCTC WPF FGT HTÒJGP )WRVCU 6GKN 6WFWX 5VWFKGP 4GKJG CTU KPFKEC /ÒPEJGP 8+ 5 #DD CWH 6HP 1TKI $TQUEJWT

/1%*+4+ / + 'VWFGU FG PWOKUOCVKSWG +TCPKGPPG UQWU NGU 5CUUCPKFGU $CPF 6GJGTCP 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI =OKV 9KFOWPI FGU 8GTHCUUGTU CP 2 5VTCWUU? 9 * 8#.'06+0' 5CUUCPKCP %QKPU /CPWUMTKRVFTWEM .QPFQP 5 OKV #DD .GKPGP GVYCU DGUVQ ­GP

/14610 # * # %CVCNQIWG QH 'CTN[ +UNCOKE )NCUU 5VCORU KP VJG $TKVKUJ /WUGWO .QPFQP 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

/15*0+#)+0 & + <*7- # $ ÌÎÍÅÒÛ ÑÒÐÀÍ ÇÀÐÓÁÅÆÍÎÉ ÀÇÈÈ È ÀÔÐÈÊÈ Õ²Õ ÕÕ âåêà ÊÀÒÀËÎÃ =/QPGV[ UVTCP \CTWDG\JPQK #\KK K #HTKMK :+: :: XGMC MCVCNQI? = VJ CPF VJ EGPVWT[ EQKPU QH VJG EQWPVTKGU QH PQP 5QXKGV #UKC CPF #HTKEC # ECVCNQIWG? /QUMCW 5 OKV \CJNTGKEJGP #DD .GKPGP

/7$#4#- / /WNÑM CKPIK\Ä[G YC +NMJ³PÄ[G YC ,CNCKTK[G YC 3TÄO -J³PNCTK OCUMÑM¿VK =-CVCNQI FGT KUNCOKUEJGP /ÒP\GP FGU 1OCPKUEJGP /WUGWOU ? -QPUVCPVKPQRGN #* = ? 5 6HP .GKPGP

/7041 0 ) %QKPU QH ,CRCP ;QMQJCOC (CTDKIGU (TQPVKURK\ :: 5 \CJNTGKEJG 6HP .GKPGP 4ÒEMGP VGKNU NQUG $KPFWPI NQEMGT

171

14+'06 +5.#/ ª$'45''

0+%1. 0 & W C %CVCNQI QH VJG +UNCOKE %QKPU )NCUU 9GKIJVU &KGU CPF /GFCNU KP VJG 'I[RVKCP 0CVKQPCN .KDTCT[ %CKTQ /CPWUMTKRVFTWEM /CNKDW ::8+++ 5 6HP 5 1TKI $TQ UEJWT

01' 5 2 6JG %CUVKPG &GRQUKV #P #OGTKECP *QCTF 00/ 0GY ;QTM 5 6HP , )10<#.'< # 2WGTVQ 4KECP %QWPVGT 5VCOR 00/ 0GY [QTM 5 6HP 1TKI $TQ UEJWT

0ª6<'. * /ÒP\GP FGT 4CUWNKFGP PGDUV GKPGO #DTKUU FGT )GUEJKEJVG FKGUGT LGOGPKUEJGP &[PCUVKG +PCWIWTCN &KUUGTVCVKQP \WT 'TNCPIWPI FGT RJKNQUQRJKUEJGP &QEVQTYÒTFG CP FGT 7PKXGTUKV·V ,GPC $GTNKP 5 .GKPGP

5GJT UGNVGP /KV 9KFOWPI *GTTP )GJGKOTCV &T , 'TDUVGKP JQEJCEJVWPIUXQNNUV F 8GTH 'DGPHCNNU GTUEJKGPGP KP <H0 5

-ÌPKINKEJG /WUGGP \W $GTNKP -CVCNQI FGT QTKGPVCNKUEJGP /ÒP\GP $·PFG /CPWUMTKRVFTWEM $GTNKP :8+++ 5 6HP :+++ 5 6HP .GKPGP

¤. '4 % 5WNVCP /CJOWF ++ <COCPKFC FCTR GFKNGP 1UOCPNi OCFGPK RCTCNCTi UVCPDWN 0C MiÔNC 1UOCPNi /CPIiTNCP 6JG 1TPCOGPVCN %QRRGT %QKPCIG QH VJG 1VVQOCP 'ORKTG UVCPDWN 1VVQOCP %QKPCIG FWTKPI VJG 4GKIP QH 5WNVCP #DFÒNOGEKF *CP UVCPDWN 5WNVCP #DFÒNC\K\ JCP FGXTK 1UOCPNi OCFGPÄ RCTCNCTi 1VVQOCP %QKPCIG &WTKPI VJG 4GKIP QH 5WNVCP #DFÒNC\K\ *CP Q 1 Q , -CTCOCP QgWNNCTK DG[NKgK OCFGPK RCTCNCTi %QKPCIG QH VJG -CTCOCPKFU UVCPDWN 5WNVCP /WTCF 8 XG 5WNVCP #DFÒNJCOKF ++ &ÌPGOK 1UOCPNi /CFGPK 2CTCNCTi Q 1 &CTRJCPG /Ò\GUK 1UOCPNi /CFGPK 2CTCNCTi -CVCNQgW &COIC /CVDCCUi ) -ª4-/#0 ¤ & .'4 #N³K[G 2CTC NCTi %QKPCIG QH #N³ K[G UVCPDWN 1TKI $TQUEJWT

14.#0&1 ; 65#+ #P +NNWUVTCVKQP QH %JKPGUG #PEKGPV %QKPU 6CKRGK .GKPGP

2'..+%'4 + $47 , #N #PFCNWU .CU HWGPVGU [ NC PWOKUOCVKEC 5ÃPVGUKU ETQPQNÉIKEQ OGVTQNÉIKEC FG NCU CEWÇCEKQPGU FGN %CNKHCVQ FG %ÉTFQDC /CPWUMTKRVFTWEM $CTEGNQPC : 5 1TKI $TQUEJWT

2'4' 0 1UOCPNiNCTFC /CFGPÄ 2CTCNCT ;CRi XG -TGFK $CPMCUiPiP 1UOCPNi /CFGPÄ 2CTCNCTi -QNGMUK[QPW UVCPDWN : 5 6HP .GKPGP

211.' 4 5 %CVCNQIWG QH %QKPU QH VJG 5J±JU QH 2GTUKC KP VJG $TKVKUJ /WUGWO 6JG %QKPU QH VJG 5J±JU QH 2GTUKC 5CHCXKU #HIJ±PU 'HUJ±TKU <CPFU CPF -±L±TU .QPFQP :%8 5 6HP .GKPGP

241$'4 - *KUVQTKC PWOKUO±VKEC FC 4GRÐDNKEC &QOKPKECPC 5& CWU /QPQITCHKCU 0WOKUOCVKECU

5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

*KUVÉTKC PWOKUO±VKEC FC )WCVGOCNC /QPQITCHKCU 0WOKUOCVKECU 5µQ 2CWNQ 5 FCXQP 6HP *CNDNGKPGP 0T XQP 'ZGORNCTGP

/KV 5KIPCVWT FGU 8GTHCUUGTU KO 8QTUCV\

37+))+0 # * # 5WTXG[ QH 2TKOKVKXG /QPG[ 6JG $GIKPPKPIU QH %WTTGPE[ .QPFQP (CTDKIGU (TQPVKURK\ ::++ 5 6HP (CNVMCTVGP .GKPGP

4#$+01 &+ $14)1/#.' * . %QKPU /GFCNU CPF 5GCNU QH VJG 5J³JU QH T³P .QPFQP :8 5 (CNVVCDGNNGP 1TKI $TQUEJWT GVYCU NQEMGT

#NDWO QH %QKPU /GFCNU CPF 5GCNU QH VJG 5J³JU QH T³P #WHNCIG 6GJTCP (TQPVKURK\ 5 6HP 5 .GKPGP OKV 5EJWV\WOUEJNCI

4#&# ; &'.)#&1 , &' &+15 &' .# %CV±NQIQ FG OQPGFCU CTCDKICU 'URCÇQNCU SWG UG EQPUGT XCP GP GN /WUGQ #TSWGQNÉIKEQ 0CEKQPCN /CFTKF ::+8 5 *CNDNGKPGP DGUVQ­GP

5GJT UGNVGP

4#/5&'0 * # 5KCOGUG 2QTEGNCKP CPF 1VJGT 6QMGPU ;QMQJCOC 5 VGKNU OGJTHCTDKIG 6HP .GKPGP

4'6195-+ 1 &KG /ÒP\GP FGT )KTGÅ KP ÒÐÓÄÛ ÌÎÑÊÎÂÑÊÀÃÎ ÍÓÌÈÇÌÀÒÈ×ÅÑÊÀÃÎ ÎÁÙÅÑÒÂÀ 5 6HP 5 6HP +P GKPGO $CPF KP *CND NGKPGP IGDWPFGP

5GJT UGNVGP &KG XQNNUV·PFKIGP $·PFG FGT DGKFGP <GKVUEJTKHVGPJGHVG UKPF OKV GKPIGDWPFGP

172

4*1&'5 0 ) )#$4+5%* - 8#.&'66#41 2106'%1481 &'..# 41%*'66# % 6JG %QKPCIG QH 0GRCN HTQO VJG 'CTNKGUV 6KOGU WPVKN 405 5RGEKCN 2WDNKECVKQP .QPFQP 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

4+8'41 % / &'. .C OQPGFC #T±DKIQ 'URCÇQNC %QORGPFKQ FG PWOKUO±VKEC OWUWNOCPC /CFTKF :8 5 OKV #DD 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV

14+'06 +5.#/ ª$'45''

4+;157-' 6 +NNWUVTKGTVGU 8GT\GKEJPKU LCRCPKUEJGT /ÒP\GP Q 1 5 6HP .GKPGP 4ÒEMGP HGJNV DGUVQ­GP

&GO 8QTYQTV NKGIV GKPG JCPFUEJTKHVNKEJG FGWVUEJG ªDGTUGV\WPI DGK &KG 6GZVG \W FGP OGKUVGP 6HP UKPF GDGPHCNNU CWH DGKNKGIGPFGP 5GKFGPRCRKGTGP JCPFUEJTKHVNKEJ ÒDGTUGV\V ,CRCPKUEJGU GZ NKDTKU

41$+0510 / 5*#9 . # 6JG %QKPU CPF $CPMPQVGU QH $WTOC /CPEJGUVGT :+++ 5 (CTDVHP 1TKI $TQUEJWT

41&4 )7'< .14'06' , , 0WOKUO±VKEC PC TK /CPWUMTKRVFTWEM /CFTKF 5 FCXQP 6HP 0WOKUOCVKEC FG NC OWTEKC OWUWNOCPC /CPWUMTKRVFTWEM /CFTKF 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

41&4 )7'< .14'06' , , +$0 *#(+< +$4#*+/ 6 .COKPCU KPGFKVCU FG & #PVQPKQ &GNICFQ RQT ,WCP ,QU¾ 4QFTÃIWG\ .QTGPVG 6CYHKS +DP *CHK\ +DTCJKO /CFTKF 5 FCXQP \CJNTGKEJG 6HP -CTVQPKGTV

0WOKUOCVKEC FG %GWVC /WUWNOCPC /CPWUMTKRVFTWEM /CFTKF 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

41)'45 ' 6 6JG %QKPU QH VJG 6ÐNÐPK &[PCUV[ .QPFQP 5 6H 2 )#4&0'4 6JG 2CTVKCP %QKPCIG .QPFQP +8 5 6HP +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP 4ÒEMGP OKPK OCN DGUEJ·FKIV $KPFWPI NQEMGT

41; 2 % 6JG %QKPCIG QH 0QTVJGTP +PFKC 6JG 'CTN[ 4CLCRWVC &[PCUVKGU HTQO VJG VJ VQ VJG VJ %GPVWTKGU # & 0GY &GNJK ::8+ 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

5%*#'0&.+0)'4 # % 1UOCPKUEJG 0WOKUOCVKM XQP FGP #PH·PIGP FGU 1UOCPKUEJGP 4GKEJGU DKU \W UGKPGT #WHNÌUWPI *CPFDÒEJGT FGT OKVVGNCUKCVKUEJGP 0WOKUOCVKM $TCWPUEJYGKI 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

5%*,¤6* ( %JKPGUG %WTTGPE[ 6JG %WTTGPE[ QH VJG (CT 'CUV 6JG 5EJLÌVJ %QNNGEVKQP CV VJG 0WOKU OCVKE %CDKPGV QH VJG 7PKXGTUKV[ QH 1UNQ 0QTYC[ 0CEJFTWEM .QPFQP FGT #WUICDG .QPFQP WPF 1UNQ 5 6HP .GKPGP 6HP OKV $NGKUVKHVPQVK\GP

5%*.')'. ) 5KCOGUKUEJG WPF EJKPGUKUEJ UKCOGUKUEJG /ÒP\GP 5& CWU +PVGTPCVKQPCNGU #TEJKX HÒT 'VJPQITCRJKG 5 6H .GKPGP 'KPDCPF HNGEMKI

5203

5%*.¤55'4 4 %JKPCU /ÒP\GP GTN·WVGTV CP FGT 5COONWPI KO /KUUKQPU /WUGWO FGU (TCP\KUMCPGT MNQUVGTU &QTUVGP KP 9GUVHCNGP 9GTN KP 9GUVHCNGP (TQPVKURK\ 5 6HP .GKPGP $KPFWPI GVYCU NQEMGT 'KPDCPF NGKEJV DGUEJOWV\V

'Z NKDTKU ,CP 6UEJKEJQNF

173

14+'06 +5.#/ ª$'45''

5%*7./#0 , (ÒPH #WMVKQPUMCVCNQIG OKV KUNCOKUEJGP /ÒP\GP FCTWPVGT %QNNGEVKQP 9JKVG -KPI 6GKN #OUVGTFCO %CVCNQIWG FG NC ITCPFG EQNNGEVKQP FG OQPPCKGU FG N +PFG GVE FW 4KIJV *QPDNG .QTF )TCPVNG[ #OUVGTFCO %CVCNQIWG FGU EQNNGEVKQPU PWOKUOCVKSWGU FG HGW OQPUKGWT , 2 /QSWGVVG 9½NVGXTGFGP #OUVGTFCO .GKPGP Z *CNDNGKPGP Z UQPUV 1TKI $TQUEJWT DGK FGP DTQUEJKGTVGP $·PFGP 4ÒEMGP DGUEJ·FKIV WPF VGKNYGKUG 7OUEJNCI NQUG

5'+('&&+0+ / # ÌÎÍÅÒÍÎÅ ÄÅËÎ È ÄÅÍÅÆÍÎÅ ÎÁÐÀÙÅÍÈÅ Â ÀÇÅÐÁÀÉÄÆÀÍÅ Õ²²-Õ8 ââ. =#UGTDCKFUEJCP ,CJTJWPFGTV? $CMW 5 FCXQP \CJNTGKEJG 6HP .GKPGP

/KV 9KFOWPI 9KVJ 5GCUQP U )TGGVKPIU HQT VJG TGHGTGPEG NKDTCT[ QH /QPPCKGU GV /¾FCKNNGU HTQO C /QUEQY (TKGPF #PFTGK ; 5GTIGKGY /GODGT QH VJG 9TKVGTU 7PKQP &GE

5*#/5 '5*4#)* # # 5VWF[ QH VJG 'CTNKGUV %QKPCIG QH VJG +UNCO 'ORKTG +UHCJCP 5 FCXQP 6HP -WPUVNGFGT

6GZV KP RGTUKUEJGT 5RTCEJG

5*#0)*#+ 07/+5/#6+% 51%+'6; 5*#0)*#+ /75'7/ *TUI <JQPI )WQ .K &CK *QP :K &C :K =6JG )TGCV 5GTKGU QP %JKPGUG /QPG[ 5JCPIJCK 'PE[ENQRGFKC ? $·PFG KP 6GKNGP 5JCPIJCK =CNNGU DKU LGV\V 'TUEJKGPGPG? 6CWUGPFG XQP #DD .GKPGP OKV 5EJWV\WOUEJNCI

5*#4#0 / - 6TKDCN %QKPU # 5VWF[ 6JG ;CWFJG[CU VJG /³NCXCU VJG #WFWODCTCU CPF VJG -WPKPFCU 0GY &GNJK 5 6HP .GKPGP

5+0)*#. % 4 %CVCNQIWG QH VJG %QKPU KP VJG 2TKPEG QH 9CNGU /WUGWO QH 9GUVGTP +PFKC $QODC[ 6JG 5WNVCPU QH )WLCTCV $QODC[ :::++ 5 6HP .GKPGP GVYCU DGUVQ­GP

5/+4018# 1 + ÑÂÎÄÍÛÉ ÊÀÒÀËÎÃ ÑÎÃÄÈÉÑÊÈÕ ÌÎÍÅÒ =5QIFKUEJG /ÒP\GP? /QUMCW 5 FCXQP 6HP .GKPGP

5/+6* , / 6JG *KUVQT[ QH VJG 5CTDCF³T &[PCUV[ # & CPF KVU 5QWTEGU 6JG *CIWG 2CTKU 5 \CJNTGKEJG 6HP .GKPGP

5/+6* 8 # W C %CVCNQIWG QH VJG %QKPU KP VJG +PFKCP /WUGWO %CNEWVVC +PENWFKPI VJG %CDKPGV QH VJG #UKCVKE 5QEKGV[ QH $GPICN $·PFG 1ZHQTF :8+++ 5 6HP :++ 5 6HP (CNVMCTVG .:::+8 5 6HP (CNVMCTVG 8++ 5 6HP .GKPGP FKG GTUVGP FTGK $·PFG OKV )QNFUEJPKVV

5174&'. & +PXGPVCKTG FGU OQPPCKGU OWUWNOCPGU CPEKGPPGU FW /WU¾G FG %CDQWN &COCU ::+++ 5 6HP 1TKI $TQUEJWT

$GUKV\GTUVGORGN WPF $GUKV\GTUKIPCVWT KO 8QTUCV\

7P VT¾UQT FG FKPCTU JC\PCYKFGU GV 5CNgÑSKFGU F¾EQWXGTV GP #HIJCPKUVCP 5 6HP KP $WNNGVKP F ¾VWFGU 1TKGPVCNGU 5 1TKI $TQUEJWT \WOGKUV WPCWHIGUEJPKVVGP

52'0).'4 9 ( 5#;.'5 9 ) 6WTMQOCP (KIWTCN $TQP\G %QKPU CPF 6JGKT +EQPQITCRJ[ .QFK (TQPVKURK\ ::+8 5 OKV \CJNTGKEJGP #DD .GKPGP

52+0'..+ & 6#(74+ / /QPGVG EWHKEJG DCVVWVG FC RTKPEKRK NQPIQDCTFK PQTOCPPK G UXGXK PGN TGIPQ FGNNG FWG 5KEKNKG 0CRQNK ::8 5 6HP *CNDNGFGT GVYCU DGUVQ­GP

5GJT UGNVGP

527.'4 $ /#;4 , 9ÒUVGPHGNF /CJNGT UEJG 8GTINGKEJWPIU 6CDGNNGP \WT OWUNKOKUEJGP WPF KTCPK UEJGP <GKVTGEJPWPI OKV 6CHGNP \WT 7OTGEJPWPI QTKGPV EJTKUVNKEJGT TGP 9KGUDCFGP 5 .GK PGP

56##%- * &KG .QEJOÒP\GP %JKPCU $GTNKP 5 OKV \CJNTGKEJGP #DD .GKPGP

56'40 5 / %QKPU CPF &QEWOGPVU HTQO VJG /GFKGXCN 'CUV .QPFQP (TQPVKURK\ 5 .GKPGP

56+%-'. , ) *CPFDWEJ \WT OQTIGPN·PFKUEJGP /ÒP\MWPFG *GHVG .GKR\KI +: 5 6H 8++ 5 6H *CNDNGFGT 4ÒEMGP GVYCU DGUEJ·FKIV GVYCU UVQEMHNGEMKI

5GJT UGNVGP

6#-'-#9# * .GU OQPPCKGU ,CRQPCKUGU F QT GV F CTIGPV FW :8+G CW :+:G UKGENG )QNF CPF 5KNXGT ,CRCPGUG %QKPU HTQO :8+VJ :+:VJ %GPVWT[ 2CTKU .++ 5 OKV \CJNTGKEJGP #DD .GKPGP

6#4#5%+1 8 5KEKNKCG 0WOOK %WRJKEK #EKTGCNG Q , 5 OGJTGTG 6HP 1TKI $TQUEJWT

/KV 9KFOWPI FGU 8GTHCUUGTU

6'9*+& # /WU¾G +OR¾TKCN 1VVQOCP 5GEVKQP FGU /QPPCKGU /WUWNOCPGU %CVCNQIWG FGU OQPPCKGU VWTEQOCPGU $CPF -JCMCP 6WTEU )C\PGYKFGU 5GNFLQWMKFGU FG -JQTCUUCP GV F +TCM = ? -QPUVCP VKPQRGN /GJTGTG $N 5 6HP .GKPGP W­GTUV UGNVGP

174

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6*+'44; ( /QPPCKGU F 'ZVT¿OG 1TKGPV $CPF %JKPG 2CTKU 8++ 5 6HP $CPF 8KGVPCO ,CRQP 2CTKU 5 6HP * # &#0+'. +++ 6JG %CVCNQI CPF )WKFGDQQM QH 5QWVJGCUV #UKCP %QKPU CPF %WTTGPE[ $CPF (TCPEG #WHNCIG %COFGP 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

614#$+ 6#$#6#$#+ , 5KMMGJC [K GUNCOÄ FQWTG [K ÄGMJ³PÄ YC IÑTI³PÄ $CPF 6CDTK\ #* = ? 5 1TKI $TQUEJWT 5KMMGJC [K UJCJ³P K GUNCOK [K +TCP $CPF 6CDTK\ = ? 5 OKV \CJNTGKEJGP #DD .GKPGP

6140$'4) % , 0WOK %WHKEK 4GIKK 0WOQRJ[NCEKK *QNOKGPUKU SWQU QOPGU KP VGTTC 5WGEKCG TGRGTVQU 7RRUCNC .:::8+++ 5 6HP 1TKI $TQUEJWT GVYCU DGUVQ­GP 6HP OKPKOCN IGDT·WPV

5GJT UGNVGP

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8+8'5 ; '5%7&'41 # /QPGFCU FG NCU &KPCUVÃCU #T±DKIQ 'URCÇQNCU /CFTKF :% 5 -CTVQPKGTV DGUVQ­GP 2CRKGT IGDT·WPV

/QPGFCU FG NCU &KPCUVÃCU #T±DKIQ 'URCÇQNCU 0CEJFTWEM /CFTKF FGT #WUICDG /CFTKF :% 5 6CHGNP /CFTKF 5 FCXQP \CJNTGKEJG 6HP 1TKI $TQUEJWT

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# %CVCNQIWG QH VJG /WJCOOCFCP %QKPU KP 6JG $TKVKUJ /WUGWO 6GKN # %CVCNQIWG QH VJG #TCD $[\CPVKPG CPF 2QUV 4GHQTO 7OCK[CF %QKPU .QPFQP %+8 5 6HP .GKPGP

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&KG #WHNCIG FKGUGU $WEJGU DGVTWI 'ZGORNCTG

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9+.5-+ * %QWPVGTOCTMU QP 1VVQOCP %QKPU )ÒVGTUNQJ : 5 OKV \CJNTGKEJGP #DD -CT VQPKGTV

911& * 6JG %QKPCIG QH VJG 9GUV +PFKGU CPF VJG 5QW /CTSW¾ 5& CWU #OGTKECP ,QWTPCN QH 0W OKUOCVKEU 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT GVYCU DGUEJ·FKIV

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;#2+ -4'&+ #M #M¼G /QgQN XG NJCPNi 5KMMGNGTK /QPIQN CPF +NMJCPKF %QKPU UVCPDWN 5 OKV \CJNTGKEJGP (CTDCDD 1TKI $TQUEJWT 175

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<#/$#74 ' XQP &KG /ÒP\RT·IWPIGP FGU +UNCOU <GKVNKEJ WPF ÌTVNKEJ IGQTFPGV $CPF &GT 9G UVGP WPF 1UVGP DKU \WO +PFWU OKV U[PQRVKUEJGP 6CDGNNGP =OGJT PKEJV GTUEJKGPGP? 9KGUDCFGP (TQPVKURK\ 5 -NCRRVCDGNNGP

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-1081.76 %*+0# 70& 156+0&+'0 -CVCNQIG -NGKPUEJTKHVGP WPF 5QPFGTFTWEMG

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#WMVKQPUMCVCNQIG FGT (KTOC 5QVJGD[ U 5RKPM 6CKUGK CWU FGP ,CJTGP 1TKI $TQUEJWT

, 9#.-'4 6JG %QKPCIG QH VJG 5GEQPF 5CHHCTKF &[PCUV[ KP 5KUVCP 00/ 0GY ;QTM 4 0 (4;' 0QVGU QP VJG 'CTN[ %QKPCIG QH 6TCPUQZCPKC 00/ 0GY ;QTM % % 6144'; )QNF %QKPU QH -JQMCF CPF $WMJ³T³ 00/ 0GY ;QTM ) % /+.'5 4CTG +UNCOKE %QKPU 00/ 0GY ;QTM (³VKOKF %QKPU KP VJG %QNNGEVKQPU QH VJG 7PKXGTUKV[ /WUGWO 2JKNCFGNRJKC CPF VJG #OGTKECP 0WOKUOCVKE 5QEKGV[ 00/ 0GY ;QTM & / .#0) 5VWFKGU KP VJG 0WOKU OCVKE *KUVQT[ QH )GQTIKC KP 6TCPUECWECUKC 00/ 0GY ;QTM 1 )4#$#4 6JG %QKPCIG QH VJG 6ÑNÑPKFU 00/ 0GY ;QTM ) % /+.'5 'ZECXCVKQP %QKPU HTQO VJG 2GTUGRQNKU 4GIKQP 00/ 0GY ;QTM 6JG %QKPCIG QH VJG #TCD 'OKTU QH %TGVG 00/ 1TKI $TQUEJWT

%C MNGKPGTG 5EJTKHVGP WPF 5QPFGTFTWEMG W C 4 , 2.#06 #TCDKE %QKPU CPF *QY VQ 4GCF VJGO .QPFQP

176

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-1081.76 2*+.+22+0'0 -NGKPUEJTKHVGP FCTWPVGT 2 + FG ,'575 # %CVCNQI QH VJG %QWPVGT OCTMGF %QKPU QH VJG 2JKNKRRKPGU HTQO VQ 2JKNKRRKPG 0WOKUOCVKE /QPQITCRJU /CPKNC 1TKI $TQUEJWT WPF IGJGHVGV

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Ã’EMGP GVYCU DGUEJ·FKIV

<YGKOCN JCPFUEJTKHVNKEJGT $GUKV\GTXGTOGTM / 9 'OTKEM GKPOCN $GUKV\GTUVGORGN / 9 'OTKEM /CTMGV 5V *CTTKUDWTI 2C

/'&#+..'0 2.#-'66'0

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5264

#&/+0+564#6+10 &'5 /100#+'5 '6 /—&#+..'5 *TUI /¾FCKNNGU HTCP¼CKUGU FQP NGU EQKPU UQPV EQPUGTX¾U CW /WU¾G /QP¾VCKTG 2CTKU :+ 5

'Z NKDTKU &T 9QNHICPI X 9WT\DCEJ

.GU O¾FCKNNGU FG N CPEKGPPG EQNNGEVKQP TQ[CNG 2CTKU +8 5 6HP *CNDNGKPGP

#.8+0 ( /¾FCKNNG FW %QWXGPV FG 5CKPVG —NKUCDGVJ C $TWZGNNGU 6QWTPCK # &' 9+66' /GFCKNNQP FG 0QVTG &COG EQPUQNCVTKEG FGU CHHNKI¾U FG .K½IG / *1% /¾FCKNNGU FG 0QVTG &COG FG 6QPITG $#/25 /¾FCKNNG KP¾FKVG FG 5CKPV $GPQKV HTCRR¾G RQWT N CDDC[G FG 5CKPV 6TQPF RCT N CDD¾ XCP FGT *G[FGP FG *CUUGNV # &' 9+66' 0QVTG &COG FG .CGMGP GV UGU O¾FCKNNGU 8 61740'74 ' &1/ .GU O¾FCKNNGU FG 0QVTG &COG FG $QPPG 8QNQPV¾ C &WHHGN ) 8#..+'4 $QVVGNCGTG UQP ¾INKUG UC PWOKUOCVKSWG 7PG O¾FCKNNG FG 5CKPV $TWPQ HQPFCVGWT FG N QTFTG FGU %JCTVTGWZ 00 #DDC[G FG 5CKPV )¾TCTF FG $TQIPG 5 6H 5 +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP

177

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$GUKV\GTUVGORGN -CPVQPU $KDNKQVJGM 1DYCNFGP KO 8QTUCV\ 5KGJG CWEJ -CVCNQI 0T

#0&14('4 - 5EJKNNGT /GFCKNNGP <WT (GKGT FGU 6QFGUVCIGU FGU &KEJVGTHÒTUVGP $GKNCIG \WO $CPF FGT <GKVUEJTKHV HÒT /ÒP\ WPF /GFCKNNGPMWPFG 9KGP 5 OKV GKPKIGP #DD 1TKI $TQUEJWT

#0&14('4 - '256'+0 4 /WUKEC KP PWOOKU $GUEJTGKDGPFGU 8GT\GKEJPKU XQP /GFCKNNGWTCTDGK VGP CWH /WUKMGT = ? HGTPGT 5·PIGT WPF 5·PIGTKPPGP XQO :8 ,CJTJWPFGTV DKU CWH FKG JGWVKIG <GKV 9KGP 5 6HP .GKPGP $KPFWPI NQEMGT GKPG 5GKVG GKPIGTKUUGP

#010;/ %JCNEQITCRJKG FW /WU¾G 4Q[CN /GFCKNNGU 6QOG /GFCKNNGU FGU RCRGU FGRWKU /CT VKP 8 LWUSW C +PPQEGPV :+ Q 1 Q , )TQ­HQNKQ *CNDNGFGT )TQ­HQTOCVKIG TGRT·UGPVCVKXG #WUICDGP

&GT $GTÒJOVGP -ÌPKINKEJGP #ECFGOKUVGP \W 2CTKU %WTKÌUG 5EJCW /ÒPV\GP 8QTUVGNNGPF FKG XQTPGJOUVG 6JCVGP .WFYKI FGU )TQUUGP = ? /GFCKNNGU UWT NGU RTKPEKRCWZ GXGPGOGPVU FW TGIPG FG .QWKU NG )TCPF = ? $CFGP ,QJCPP .WFYKI $CNFKPIGT 5 OKV \CJNTGKEJGP #DD .GFGT OKV )QNFXGT\KGTWPIGP WPF )QNFUEJPKVV 8QTFGTFGEMGN NQUG

<YGKURTCEJKIG #WUICDG 'Z NKDTKU *QPPGWT GV FGXQKT $ÒEJGTGK &T 4 (TGKJ X *QUEJGEM /ÒJNJCKOD UQYKG $GUKV\GTUVGORGN ( %TGPPGWKNNG KO 8QTUCV\

4CRRQTV HCKV C NC %NCUUG FGU 5EKGPEGU /CVJ¾OCVKSWGU GV 2J[UKSWGU FG N +PUVKVWV 0CVKQPCN UWT FKXGTUGU KPXGPVKQPU FG ,GCP 2KGTTG &TQ\ TGNCVKXGU C N CTV FW OQPPQ[CIG 2CTKU ,CJT :+ = ? 5 6HP -CTVQPKGTV

#DDKNFWPI WPF 'TN·WVGTWPI FGT HWPH\GJP &GPMOÒP\GP YGNEJG DGUVKOOV YCTGP CP FGO 2CTKUGT ITQ­GP (GUVG WPVGT FKG HTCP\ÌUKUEJG CWU &GWVUEJNCPF \WTÒEMIGMGJTVG #TOGG CWUIGVJGKNV \W YGTFGP Q 1 (TQPVKURK\ 5 $TQUEJWT GVYCU UVQEMHNGEMKI DGUVQ­GP

5VQTKC OGVCNNKEC FGNNC TGCN ECUC FK 5CXQKC 6QTKPQ 8+++ 5 6HP $N )TQ­HQNKQ *CNDNGFGT 4ÒEMGP NGKEJV DGUEJ·FKIV

5275

ÑÎÁÐÀͲŠÐÓÑÑÊÈÕÚ ÌÅÄÀËÅÉ =5COONWPI TWUUKUEJGT /GFCKNNGP? 5V 2GVGTUDWTI 8++ 5 6HP )TQ­HQNKQ *CNDNGFGT 8QTFGTFGEMGN NQUG 4ÒEMGP VGKNU NQUG WPF DGUEJ·FKIV

0WOQVJGEC PWOKUOCVKEC NCVQOQTWO 6GKNG &TGUFGP Q , = ? <CJNTGKEJG WPRCIKPKGTVG 5GKVGP OKV \CJNTGKEJGP #DD *CNDNGKPGP

5GJT UGNVGPG 2WDNKMCVKQP ÒDGT (TGKOCWTGTOGFCKNNGP

178

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#4/#0& # .GU O¾FCKNNGWTU +VCNKGPU FGU SWKP\K½OG GV UGK\K½OG UK½ENGU $·PFG #WHNCIG 2CTKU :8+++ 5 5 8++ 5 *CNDNGFGT ) ( *+.. 0QV KP #TOCPF C 5WRRNGOGPV VQ #NHTGF #TOCPF .GU O¾FCKNNGWTU +VCNKGPU FGU :8OG GV :8+OG UK½ENGU 5& CWU #TEJKX HÒT /GFCKN NGP WPF 2NCMGVVGPMWPFG 5 6HP 1TKI $TQUEJWT WPCWHIGUEJPKVVGP

$CPF OKV GZ NKDTKU ) ' 2GTTKGT $CPF OKV 9KFOWPI FGU 8GTHCUUGTU

#40'6* , %CVCNQI FGT MCKUGTNKEJ MÌPKINKEJGP /GFCKNNGP 5V·ORGN 5COONWPI 9KGP 5 .GFGT OKV )QNFXGT\KGTWPIGP WPF )QNFUEJPKVV

#55#0&4+# ) 7PC HCOKINKC VQTKPGUG F CTVKUVK + .CX[ 5& CWU #VVK FGNNC 5QE 2KGO F #TEJGQN G $GNNG #TVK 5 -NCRRVH 6HP 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV

/KV 9KFOWPI FGU 8GTHCUUGTU CP .GQPCTF (QTTGT

$#$'.10 ' .GU O¾FCKNNGU JKUVQTKSWGU FW T½IPG FG 0CRQN¾QP NG )TCPF 'ORGTGWT GV TQK 2CTKU .: 5 OKV \CJNTGKEJGP #DD (QNKQ .GKPGP 'ZGORNCT 0T

$#$'.10 , )GTOCKP 2KNQP $KQITCRJKG GV ECVCNQIWG ETKVKSWGU 2CTKU (TQPVKURK\ 5 6HP 1TKI $TQUEJWT 4ÒEMGP NGKEJV DGUEJ·FKIV $KPFWPI GVYCU NQEMGT WPCWHIGUEJPKVVGP

$#$'.10 , ,#%37+16 , *KUVQKTG FG 2CTKU F CRT½U NGU O¾FCKNNGU FG NC 4GPCKUUCPEG CW ::G UK½ ENG 2CTKU 5 FCXQP 6HP 1TKI $TQUEJWT

$#*4('.&6 / XQP &KG 5EJCWOÒP\GP FGT 7PKXGTUKV·V *CNNG 9KVVGPDGTI *CNNG CP FGT 5CCNG 5 6HP 1TKI $TQUEJWT WPCWHIGUEJPKVVGP GKPKIG 5GKVGP NGKEJV GKPIGTKUUGP

$#/$'4) 2 *KGTQP[OWU /CIFGDWTIGT 2GVGT )QNFUEJOKGF WPF ,QDUV .G[RQNF &GT .GKR\KIGT 5VGORGNUEJPGKFGT /GNEJKQT 2GWGTNGKP 5& CWU $GTNKPGT /ÒP\DN·VVGT WPF &GWVUEJG /ÒP\DN·VVGT 5 6HP NQUG DGKIGNGIV )GJGHVGV

$#0)' ' ( &KG KVCNKGPKUEJGP $TQP\GP FGT 4GPCKUUCPEG WPF FGU $CTQEM 5VCCVNKEJG /WUGGP \W $GTNKP $GUEJTGKDWPI FGT $KNFYGTMG FGT EJTKUVNKEJGP 'RQEJGP 6GKN 4GNKGHU WPF 2NCMGVVGP $GTNKP .GKR\KI 5 6HP *CNDNGKPGP $KPFWPI NQEMGT

$#461.166+ ( .C OGFCINKC CPPWCNG FGK 4QOCPK 2QPVGHKEK FC 2CQNQ 8 C 2CQNQ 8+ 4KOKPK ::++ 5 OKV \CJNTGKEJGP #DD *CNDNGFGT

/KV 9KFOWPI FGU 8GTHCUUGTU CP ' $ %CJP EQP CPKOQ ITCVQ

.G OGFCINKG RQPVKHKEKG FK OCUUKOQ OQFWNQ FC 2KQ +: C 2KQ :+ 4KOKPK 5 OKV \CJNTGKEJGP #DD .GKPGP

/GFCINKG G FGEQTC\KQPK FK 2KQ +: 4KOKPK (TQPVKURK\ ::++ 5 OKV \CJNTGKEJGP #DD .GKPGP

$#55'4/#00 ,14&#0 ( XQP &GT 9GKP CWH FGT /ÒP\G WPF /GFCKNNG 5& CWU )GUEJKEJVG FGU 9GKPDCWU $CPF #WHNCIG (TCPMHWTV CO /CKP )GJGHVGV

$#737+'4 * #NDWO PWOKUOCVKSWG GV UQWXGPKTU KEQPQITCRJKSWGU FG 5 # 4 /CTKG %CTQNKPG FG 5KEKNG &WEJGUUG FG $GTT[ 2CTKU 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

$#737+'4 * %#8#.+'4 ) *KUVQKTG PWOKUOCVKSWG FW %QOVG FG %JCODQTF $·PFG 2CTKU 5 5 5 LGYGKNU OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

$'..7%%+ / /GFCINKG 2GTWIKPG FCN :8 CN :: UGEQNQ (QPVK RGT NC UVQTKC FGNN 7ODTKC 2GTWIKC 5 OKV \CJNTGKEJGP #DD WPF 6HP 1TKI $TQUEJWT WPCWHIGUEJPKVVGP

$'/1.6 8#0 .1)*7/ 5.#6'475 # , 0GFGTNCPFUG HCOKNKGRGPPKPIGP VQV -QPKPMNKLM 0GFGTNCPFUEJ )GPQQVUEJCR XQQT )GUNCEJV GP 9CRGPMWPFG 9GTMGP <WVRJGP 5 6HP -WPUVNGFGT

$'4)/#00 , /GFCKNNGP CWH DGTÒJOVG WPF CWUIG\GKEJPGVG /·PPGT FGU ÌUVGTTGKEJKUEJGP -CKUGTUVCC VGU XQO :8+ DKU \WO :+: ,CJTJWPFGTV $·PFG 9KGP : 5 8+++ 5 6HP +P GK PGO $CPF KP OQFGTPGO .GKPGP IGDWPFGP

$'4)5¦' 8 &CPUMG OGFCKNNGT QI LGVQPU HTC -QRGPJCIGP 8+++ 5 (QTVUºVVGNUG 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP GKPG 5GKVG GKPIGTKUUGP

$'40*#46 / &KG 6ÒTMGP KO 9CPFGN FGU JKUVQTKUEJGP 7TVGKNU 'KPG OGFCKNNGPIGUEJKEJVNKEJG $G VTCEJVWPI 5& CWU /QPCVUJGHVG HÒT -WPUVYKUUGPUEJCHV 5 )GJGHVGV DGUVQ­GP GTUVG 5GKVG GVYCU GKPIGTKUUGP

&KG /ÒPEJGPGT /GFCKNNGPMWPUV FGT )GIGPYCTV /ÒPEJGP $GTNKP 5 6HP 1TKI $TQUEJWT &KG $KNFPKUOGFCKNNGP -CTNU FGU (ÒPHVGP /ÒPEJGP 5 6HP .GKPGP

&KG 2NCMGVVGPUCOONWPI #NHTGF 9CNEJGT 4KVVGT XQP /QNVJGKO 9KGP +VCNKGPKUEJG URCPKUEJG FGWVUEJG PKGFGTN·PFKUEJG HTCP\ÌUKUEJG #TDGKVGP FGU ,CJTJ 8GTUVGKIGTWPI KP FGT )CNGTKG *WIQ *GNDKPI /ÒPEJGP 5 OKV 0TP 6HP .GKPGP

179

/'&#+..'0 2.#-'66'0

$'40*'+/'4 ( )GQTI 9KNJGNO 8GUVPGT WPF #PFTGCU 8GUVPGT <YGK 0Ã’TPDGTIGT /GFCKNNGWTG /KUEGNNCPGC $CXCTKEC /QPCEGPUKC /CPWUMTKRVFTWEM /Ã’PEJGP ::8 5 OKV \CJNTGK EJGP #DD 1TKI $TQUEJWT

$'665 % 9 #OGTKECP %QNQPKCN *KUVQT[ KNNWUVTCVGF D[ %QPVGORQTCT[ /GFCNU 0CEJFTWEM 9KPPKRGI FGT #WUICDG 0GY ;QTM (TQPVKURK\ 5 OKV #DD .GKPGP

$+' , FG .GU HCOKNNGU FG NC (TCPEG KNNWUVT¾GU RCT NGU OQPWOGPU FGU OGFCKNNGU CPEKGPPGU GV OQFGTPGU VKT¾GU FGU RNWU TCTGU EWTKGWZ %CDKPGVU FW 4Q[CWOG UWT NGU /GVCWZ F 1T F #TIGPV FG $TQP\G 2CTKU ,GCP %COWUCV 5 OKV 6HP 'ZRNKECVKQP QW FGUETKRVKQP UQOOCKTG FGU OGFCKNNGU EQPVGPWÀU GP N QGXXTG FG NC (TCPEG OGVCNNKSWG 2CTKU ,GCP %COWUCV 5 +P GKPGO $CPF KP .GFGT IGDWPFGP DGUVQ­GP

$+0)'0 , .GU 4QGVVKGTU ITCXGWTU GP O¾FCKNNG FGU 2C[U $CU O¾TKFKQPCWZ #ECF¾OKG TQ[CNG FG $GNIK SWG %NCUUG FGU $GCWZ #TVU /¾OQKTGU $TÃ’UUGN 5 6HP 1TKI $TQUEJWT WPDGUEJPKV VGP

5304

$+<16 / *KUVQKTG OGVCNNKSWG FG NC 4GRWDNKSWG FG *QNNCPFG 2CTKU &CPKGN *QTVJGOGNU /GJTG TG $N 5 OKV \CJNTGKEJGP #DD WPF 6HP (QNKQ .GFGT OKV )QNFXGT\KGTWPIGP 4Ã’EMGP GVYCU DGUEJ· FKIV *CPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI /QPCUVGTKL 5 VK )GTOCPL C RTCVKU %QPITGICVKQPKU 5 VK -CWTL #

180

/'&#+..'0 2.#-'66'0

$.#&'5 9 0WOKUOCVC 6[RQITCRJKEC QT /GFCNNKE *KUVQT[ QH 2TKPVKPI 5& CWU 2TKPVGT U 4GIKUVGT .QPFQP :8++ 5 6HP *CNDNGKPGP

*CPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI &T )WUVCX )TWPCW KO 8QTUCV\

$¤40'4 . $GUVCPFUMCVCNQIG FGU /ÒP\MCDKPGVVU $GTNKP &KG KVCNKGPKUEJGP /GFCKNNGP FGT 4GPCKUUCPEG WPF FGU $CTQEM DKU $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP 0GWG (QNIG $GTNKP 5 6HP -CTVQPKGTV

$1.<'06*#. * 5MK\\GP \WT -WPUVIGUEJKEJVG FGT OQFGTPGP /GFCKNNGP #TDGKV $GTNKP +8 5 6HP -CTVQPKGTV 4ÒEMGP NGKEJV DGUEJ·FKIV

$1564¤/ * , 5WQOGP OWKUVQTCJCV 6GKNG *GNUKPMK :8+ 5 6HP 5 6HP .GKPGP

$17&'#7 ' %CVCNQIWG I¾P¾TCN KNNWUVT¾ GV C RTKZ OCTSW¾U FG O¾FCKNNGU HTCP¼CKUGU GV LGVQPU 2CTKU Q , &KXGTUG 8GTMCWHUNKUVGP KP \YGK $·PFGP KP .GKPGP IGDWPFGP GKP $CPF OKV CPIGMNGDVGO JCPFUEJTKHVNK EJGP &CWOGPTGIKUVGT FGT <GKV

$4#/5'0 . /¾FCKNNKGT 0CRQN¾QP NG )TCPF QW FGUETKRVKQP FGU O¾FCKNNGU ENKEJ¾U TGRQWUU¾U GV O¾FCKNNGU F¾EQTCVKQPU TGNCVKXGU CWZ CHHCKTGU FG NC (TCPEG RGPFCPV NG EQPUWNCV GV N GORKTG 6GKNG 2C TKU -QRGPJCIGP : ::: 5 +8 ::8+++ 5 ::+: 5 +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP

$4#70 ' 9 &KG FGWVUEJGP 4GPCKUUCPEGRNCMGVVGP FGT 5COONWPI #NHTGF 9CNEJGT 4KVVGT XQP /QNVJGKP KP 9KGP 9KGP 5 OKV \CJNTGKEJGP 6GZVCDD 1TKI $TQUEJWT 6HP KP (CNVOCRRG

$4+6+5* /75'7/ *TUI 5GNGEV +VCNKCP /GFCNU QH VJG 4GPCKUUCPEG KP VJG $TKVKUJ /WUGWO .QPFQP 5 6HP KP *CNDNGKPGP (CNVOCRRG

$41%-/#00 ) &KG /GFCKNNGP FGT 9GNHGP $·PFG -ÌNP 5 OKV \CJNTGKEJGP #DD 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

&KG /GFCKNNGP FGT -WTHÒTUVGP WPF -ÌPKIG XQP $TCPFGPDWTI 2TGW­GP $CPF &KG /GFCKNNGP ,QCEJKO + (TKGFTKEJ 9KNJGNO + -ÌNP 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV 4 . 9;55 8KGT RTGWUUKUEJG )QNFOGFCKNNGP CWU CNVGO $GTPGT 2TKXCVDGUKV\ 5& CWU ,CJTDWEJ FGU $GTPKUEJGP *KUVQ TKUEJGP /WUGWOU 5

$4190 . $TKVKUJ *KUVQTKECN /GFCNU $·PFG .QPFQP ::8+ 5 ::+8 5 :::+ 5 LGYGKNU OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI

5316

%#*0 , (TCPMHWTVGT /GFCKNNGWTG KO ,CJTJWPFGTV 5& CWU (GUVUEJTKHV \WT (GKGT FGU L·JTKIGP $GUVGJGPU FGU 5V·FVKUEJGP *KUVQTKUEJGP /WUGWOU KP (TCPMHWTV C / (TCPMHWTV CO /CKP 5 6H *CNDNGKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU CP 5 N 8GVVGT .WFYKI *GKNDTWPP 'Z NKDTKU &T .WFYKI *GKNDTWPP (TCPMHWTV C /

(TCPMHWTVGT /GFCKNNGWTG KO ,CJTJWPFGTV 5 6H KP (GUVUEJTKHV \WT (GKGT FGU L·JTKIGP $GUVGJGPU FGU 5V·FVKUEJGP *UKVQTKUEJGP /WUGWOU KP (TCPMHWTV C / (TCPMHWTV CO /CKP 5 6HP 1TKI $TQUEJWT WPCWHIGUEJPKVVGP 7OUEJNCI GVYCU DGUEJ·FKIV WPF UVQEMHNGEMKI

%#.#$+ # %140#))+# ) /CVVGQ FGK 2CUVK .C UXC QRGTC OGFCINKUVKEC FKUVKPVC FC SWGNNC FGINK CPQPKOK 4KOKPGUK FGN :8 UGEQNQ KP TGNC\KQPG CK OGFCINKQPK OCNCVGUVKCPK CIIKWPVG NG HCNUKHKEC\KQPK /KNCPQ Q , = ? 5 FCXQP 6HP *CNDRGTICOGPV

181

/'&#+..'0 2.#-'66'0

2KUCPGNNQ . QRGTC OGFCINKUVKEC RCTCIQPCVC C SWGNNC RKVVQTKEC &KUVKPVG FCNNC RTQFW\KQPG FK UGIWCEK G HCNUKHKECVQTK FGK UGEQNK :8 G :8+ KP TGNC\KQPG CK OGFCINKQPK FGEQTCVKXK EQGXK /KNCPQ 5 FCXQP \CJNTGKEJG 6HP *CNDRGTICOGPV

%*#$'46 ( / &GUETKRVKQP GV ITCXWTGU FG O¾FCKNNGU EQOO¾OQTCVKXGU FG RNWUKGWTU ¾X¾PGOGPVU KPVT¾UUCPV NC XKNNG FG /GV\ 5& CWU /¾OQKTGU FG N #ECFGOKG +OR¾TKCNG FG /GV\ ,CJTICPI 5 6HP #010;/ 0QVGU UWT NC PWOKUOCVKSWG /GUUKPG /CKVTGU ¾EJGTKPC $N -NCRRVH *CPF UEJTKHVNKEJGT 6GZV +P GKPGO $CPF KP .GKPGP IGDWPFGP

'Z NKDTKU 6J $WNHHGT

%*4+56+' /#0510 911&5 %CVCNQIWG QH VJG +ORQTVCPV %QNNGEVKQP QH /GFCNU 2NCSWGVVGU %QKPU %JKGHN[ QH VJG 4GPCKUUCPEG = ? HQTOGF D[ VJG NCVG *GPT[ 1RRGPJGKOGT 'US ( 5 # .QPFQP 5 OKV 0TP OKV DGKIGUEJTKGDGPGP 2TGKUGP \CJNTGKEJG 6HP -CTVQPKGTV 4ÒEMGP HGJNV

'U JCPFGNV UKEJ WO FCU 2TKXCVGZGORNCT XQP * # %CJP #W­GT FGO 2TGKUGP HKPFGP UKEJ \CJNTGKEJG 4CPFDGOGTMWPIGP \W FGP GKP\GNPGP 5VÒEMGP FGTGP 'TJCNVWPI WUY %CJPU JCPFUEJTKHVNKEJGO 6GKNPGJOGTXGT\GKEJPKU KO 8QTUCV\ KUV W C \W GPVPGJOGP FC­ GT DGK FGT #WMVKQP UGKPGP 8GVVGT 9 5EJYCDCEJGT VTCH

%.#+0 56'(#0'..+ ' ' +VCNKCP %QKP 'PITCXGTU UKPEG %QPVTKDWVKQPU HTQO VJG /WUGWO QH *KUVQT[ CPF 6GEJPQNQI[ 2CRGT 9CUJKPIVQP & % 5 6GZVCDD 1TKI $TQUEJWT

+VCNKCP %QKP 'PITCXGTU UKPEG %QPVTKDWVKQPU HTQO VJG /WUGWO QH *KUVQT[ CPF 6GEJPQNQI[ 2CRGT 9CUJKPIVQP & % 5 6GZVCDD KP 5OKVJUQPKCP +PUVKVWVKQP 7PKVGF 5VCVGU 0CVKQPCN /WUGWO $WNNGVKP .GKPGP

&CU $WNNGVKP GPVJ·NV HGTPGT ' ' %NCKP 5VGHCPGNNK 0WOKUOCVKEU CP #PEKGPV 5EKGPEG UQYKG 8 %NCKP 5VGHCPPGNNK *KUVQT[ QH VJG 0CVKQPCN 0WOKUOCVKE %QNNGEVKQPU

%1..'%6+1 (+'9')'4 -CVCNQI UCV[TKUEJGT /GFCKNNGP WPF /ÒP\GP CWU FGO 0CEJNCUU FGU CO 1EVQDGT XGTUVQTDGPGP 2TQHGUUQT % (KGYGIGT FGTGP ÌHHGPVNKEJG 8GTUVGKIGTWPI GTDVJGKNWPIUJCNDGT CO W #RTKN = ? UVCVVHKPFGV $GTNKP 5 OKV 0TP 2TGKUNKUVG *CNDNGKPGP $KPFWPI NQEMGT 6KVGNDNCVV NQUG

5325

182

%1/+6+$75 )#'6#0+5 2 # FG /WUGWO /C\\WEJGNNKCPWO UGW PWOKUOCVC XKTQTWO FQEVTKPC RTCGUVCPVKWO SWCG CRWF ,Q /CTKCO EQOKVGO /C\\WEJGNNWO $TKZKCG UGTXCPVWT $·PFG 8GPGFKI #PVQPKWU <CVVGT (TQPVKURK\ ::+++ 5 OKV \CJNTGKEJGP 6HP WPF #DD ::8+ 5 \CJN TGKEJG 6HP WPF #DD (QNKQ 2GTICOGPVDCPF $KPFWPI GVYCU NQEMGT

/'&#+..'0 2.#-'66'0

%7/106 ) /¾FCKNNG FG NC 5QEK¾V¾ .KVV¾TCKTG FG $TWZGNNGU / *QE 7P RTQLGV FG O¾FCKNNG UWT NG RCUUCIG FW 4JKP RCT %JCTNGU FG .QTTCKP ) %7/106 ,GVQPU F ¾VTGPPGU FGU IQWXGTPGWTU I¾P¾ TCWZ FG NC $GNIKSWG % )+..'/#0 # 8#0 9'48'-' # RTQRQU FGU KPCWIWTCVKQPU GP (NCPFTG UQWU NG T¾IKOG #WVTKEJKGP ( #.8+0 (CDTKECVKQPU ENCPFGUVKPGU FG OQPPCKGU F QT (TCP¼CKUGU UQWU N GORGTGWT %JCTNGU 8+ FCPU NG 2C[U $CU #WVTKEJKGPU .C O¾FCKNNG FGU ITCUUKGTU FG $TWZGNNGU ) %7/106 .GU XQNQPVCKTGU .KODQWTIGQKU GV NGWT O¾FCKNNG W C 5 OKV 6HP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP

/KV GKPIGDWPFGPGO $TKGH XQO XQP ) %WOQPV CP (T¾F¾TKE #NXKP $TÒUUGN /QP EJGT EQNN½IWG , CK N JQPPGWT FG XQWU CPPQPEGT SWG PQVTG 5QEK¾V¾ FCPU UC U¾CPEG FG ,WKNNGV XQWU C PQOO¾ OGODTG EQTTGURQPFCPV TGIPKEQNG ,G XQWU H¾NKEKV¾ FG EGVVG FKUVKPEVKQP GV L GUR½TG SWG XQWU GPTKEJKTG\ PQVTG 4GXWG FG XQU VTCXCWZ 8QWU TGEGXTG\ DKGPVÊV WP FKRNÊOG OCKU RT¾CNCDNGOGPV XQWU PQWU QDNKIGTKG\ DGCWEQWR GP PQWU GPXQ[CPV XQVTG CFTGUUG 8GWKNNG\ TGEGXQKT OQP EJGT EQNN½IWG OGU UCNWVCVKQPU EQTFKCNGU .G UGET¾VCKTG ) %WOQPV

&#8+& & #0)'45 2 , .GU O¾FCKNNQPU FG &CXKF F #PIGTU 2CTKU :+ 5 6HP 5 *CND NGKPGP 'KPKIG 5GKVGP CO 4CPF QDGP TGUVCWTKGTV

5GJT UGNVGPG 2WDNKMCVKQP OKV HTÒJGP HQVQITCHKUEJGP #DD

&' .# 6174 * %CVCNQIWG FGU LGVQPU FG NC $KDNKQVJ½SWG 0CVKQPCNG 4QKU GV TGKPGU FG (TCPEG 2CTKU :.8+ 5 6HP .GKPGP 5GKVGP NQUG

&'*#;' 2 *TUI .GU ITCXGWTU F CEKGT GV NC O¾FCKNNG FG N CPVKSWKV¾ ¯ PQU LQWTU Q 1 ::+++ 5 OKV \CJNTGKEJGP #DD WPF 6HP

.QWKU :8 7P OQOGPV FG RGTHGEVKQP FG N CTV HTCP¼CKU 2CTKU (CTDKIGU (TQPVKURK\ .:8+ 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD -WPUVNGFGT OKV )QNFXGT\GKTWPIGP

&'6*.'(5 ) /ÒP\GP WPF /GFCKNNGP CWH FKG 9KGFGTV·WHGT \W /ÒPUVGT 5 OKV \CJNTGKEJGP #DD KP * )#.'0 *TUI &KG 9KGFGTV·WHGT KP /ÒPUVGT #WHNCIG /ÒPUVGT 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

&'6*.'(5 ) 14&'.*'+&' - &GT 9GUVH·NKUEJG (TKGFGP &KG (TKGFGPUHTGWFG CWH /ÒP\GP WPF /GFCKNNGP 8QNNUV·PFKIGT DGUEJTGKDGPFGT -CVCNQI )TGXGP 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD -CTVQPKGTV

&1/#0+) - 2QTVT·VOGFCKNNGP FGU 'T\JCWUGU ¤UVGTTGKEJ XQP -CKUGT (TKGFTKEJ +++ DKU -CKUGT (TCP\ ++ CWU FGT /GFCKNNGPUCOONWPI FGU CNNGTJÌEJUVGP -CKUGTJCWUGU 9KGP 8++ 5 6HP (QNKQ *CNDNGKPGP $KPFWPI GVYCU NQEMGT 4ÒEMGP DGUEJ·FKIV WPF OKV 6GUCHKNO IGMNGDV

&KG FGWVUEJG /GFCKNNG KP MWPUV WPF MWNVWTJKUVQTKUEJGT *KPUKEJV PCEJ FGO $GUVCPFG FGT /GFCKNNGP UCOONWPI FGU CNNGTJÌEJUVGP -CKUGTJCWUGU 9KGP 8+++ 5 6HP *CNDNGFGT NGKEJV DGUVQ ­GP

&1/2+'44' &' %*#7('2+ * , FG 8#0 -'4-9+,- # 1 %JQKZ FG OQPPCKGU GV O¾FCKNNGU FW %CDKPGV 4Q[CN FG NC *C[G .C *C[G 5 6HP KP *CNDNGKPGPOCRRG (QNKQ

&7)0+1..' , ( .G LGVQP JKUVQTKSWG FGU FKZ UGRV RTQXKPEGU FGU 2C[U $CU $·PFG $TÒUUGN :.+++ 5 6HP 5 6HP 5 6HP 5 6HP *CNDNGKPGP

&74#0& # /¾FCKNNGU GV LGVQPU FGU PWOKUOCVGU )GP½XG :: 5 6HP *CNDNGFGT GVYCU DGUVQ­GP

&9145%*#- ( &KG 4GPCKUUCPEGOGFCKNNG KP ¤UVGTTGKEJ ,CJTDWEJ FGT -WPUVJKUVQTKUEJGP 5COONWP IGP KP 9KGP 0GWG (QNIG 5QPFGTJGHV 9KGP 5 6HP 1TKI $TQUEJWT &GT /GFCKNNGWT ,QJCPP $GTPJCTF (KUEJGT XQP 'TNCEJ 5& CWU ,CJTDWEJ FGT -WPUVJKUVQTKUEJGP 5COONWPIGP KP 9KGP 0GWG (QNIG 5 6HP )GJGHVGV

&GT /GFCKNNGWT )KCPNQTGP\Q $GTPKPK 'KP $GKVTCI \WT )GUEJKEJVG FGT KVCNKGPKUEJGP $CTQEMOGFCKNNG 5& CWU ,CJTDWEJ FGT 2TGW­KUEJGP -WPUVUCOONWPIGP 5 6HP -CTVQPKGTV &GEMGN GVYCU DGUEJ·FKIV 6HP VGKNYGKUG GVYCU NQUG

'+&.+6< 4 , /GFCNU CPF /GFCNNKQPU 4GNCVKPI VQ #TEJKVGEVU 0GY ;QTM :::8 5 6HP (QNKQ .GKPGP OKV )QNFRT·IWPI

'+5.'4 9 6JG &CUUKGTU QH )GPGXC VJ EGPVWT[ 'WTQRGCP /GFCNNKUVU $CPF ,GCP &CUUKGT /GFCN 'PITCXGT )GPGXC 2CTKU CPF .QPFQP %CJKGTU 4QOCPFU FG 0WOKUOCVKSWG .CWUCPPG 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

'.-#0 6 #WMVKQP * *GNDKPI 5COONWPI &T 6JGQFQT 'NMCP $GTNKP 4GPCKUUCPEG WPF $CTQEM RNCMGVVGP /ÒPEJGP 5 OKV 0TP )GJGHVGV

'0&4755'+6 $ /GFCKNNGP \WT )GUEJKEJVG FGT 5VCFV 5VTCNUWPF 0WOKUOCVKUEJG *GHVG 6GKNG 5 6HP 5 6HP 5VTCNUWPF Q , =WO ? +P GKPGO $CPF KP .GKPGP IGDWPFGP

183

/'&#+..'0 2.#-'66'0

'4.#0)'4 * , 0ÒTPDGTIGT /GFCKNNGP &KG OGVCNNGPG %JTQPKM FGT GJGOCNKIGP 4GKEJU UVCFV KO <GKVCNVGT KPFWUVTKGNNGT -WNVWT (GUVUEJTKHV \WO L·JTKIGP ,WDKN·WO FGU 8GTGKPU HÒT /ÒP\ MWPFG 0ÒTPDGTI G 8 9KUUGPUEJCHVNKEJG $GKD·PFG \WO #P\GKIGT FGU )GTOCPKUEJGP 0CVKQPCNOW UGWOU $·PFG 0ÒTPDGTI :::++ 5 .GKPGP 0ª40$'4)'4 /ª0<#7-6+10'0 #WMVKQP 5COONWPI *GTDGTV , 'TNCPIGT 6GKN 5 OKV 0TP WPF \CJNTGKEJGP #DD 1TKI $TQUEJWT

('.+: ' #WMVKQP # *GUU 0CEJH 5COONWPI 'WIGP (GNKZ -WPUVOGFCKNNGP JCWRVU·EJNKEJ CWU FGT 2GTKQFG FGT FGWVUEJGP 4GPCKUUCPEG (TCPMHWTV CO /CKP 5 OKV 0TP 6HP *CND NGKPGP $KPFWPI GVYCU NQEMGT /KV DGKIGUEJTKGDGPGP 2TGKUGP

$GUKV\GTUVGORGN &T ,CEQD *KTUEJ 0WOKUOCVKMGT /ÒPEJGP

('7#4&'06 ( ,GVQPU GV O¾TGCWZ FGRWKU .QWKU +: LWUSW C NC HKP FW %QPUWNCV FG $QPCRCTVG $·PFG 2CTKU .QPFQP :8+ 5 5 5 5 ::++ 6HP +P XKGT $·PFGP KP .GKPGP IGDWPFGP

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(.14#0)' , . COQWT GV NG OCTTKCIG FCPU NC PWOKUOCVKSWG /QWNKPU 5 #DD 1TKI $TQ UEJWT 4ÒEMGP NGKEJV DGUEJ·FKIV

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(18+..' , FG 5RGTCPFKQ 5EWNRVGWT GV O¾FCKNNGWT /CPVQWCP 2CTKU 5 6HP .GKPGP 0T XQP 'ZGORNCTGP

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9 5%*'+&+) #FQNH 5VTCWDG GKP 9GKOCTGT $KNFJCWGT 5& CWU ,CJTDWEJ FGT 5VCCVNKEJGP -WPUVUCOONWPIGP &TGUFGP )GJGHVGV

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)47'$'4 * # $TKVKUJ /WUGWO &GRCTVOGPV QH %QKPU CPF /GFCNU # )WKFG VQ VJG 'ZJKDKVKQP QH 'PINKUJ /GFCNU #WHNCIG .QPFQP ::+ 5 6HP -CTVQPKGTV $KPFWPI NQEMGT 4ÒEMGP HGJNV ) ( *+.. # IWKFG VQ VJG 'ZJKDKVKQP QH /GFCNU QH VJG 4GPCKUUCPEG KP VJG $TKVKUJ /WUGWO .QP FQP 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV # )WKFG VQ VJG 'ZJKDVKQP QH *KUVQTKECN /GFCNU KP VJG $TKVKUJ /WUGWO .QPFQP 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

)ª0<$74)'4 , /GFCKNNGP DCFKUEJGT -NÌUVGT 9CNNHCJTVUQTVG WPF CPFGTGT IGKUVNKEJGT +PUVKVWVG 0ÒTPDGTI 5 6HP .GKPGP

'Z NKDTKU &QPCNF .KPFUC[ )CNDTGCVJ

)7'44+0+ 5GKPG 5COONWPI UKGJG -CVCNQI 0T

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5VWFKGP \WT FGWVUEJGP 4GPCKUUCPEGOGFCKNNG 5& CWU ,CJTDWEJ FGT MÌPKINKEJ RTGW­KUEJGP -WPUVUCOO NWPIGP *GHV 5 6HP WPF GDF *GHV 5 6HP &GT /GKUVGT FGT $GNV\KP IGT /CTVKP 5EJCHHPGT! 5& CWU ,CJTDWEJ FGT MÌPKINKEJ RTGW­KUEJGP -WPUVUCOONWPIGP *GHV 5 6H 1TKI $TQUEJWT NQUG .CIGP

/KV 9KFOWPI *GTTP MIN 5VCCVUOKPKUVGT *T 4KVVGT XQP (TCWGPFQTHGT GJTGTDKGVKIUV ÒDGTTGKEJV XQO 8GTH

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&KG FGWVUEJGP /GFCKNNGWTG FGU :8+ ,CJTJWPFGTVU *CNNG CP FGT 5CCNG :: 5 6HP .GK PGP

&KG /GFCKNNGP FGT KVCNKGPKUEJGP 4GPCKUUCPEG 5VWVVICTV $GTNKP :++ 5 6HP (QNKQ .GKPGP $KPFWPI GVYCU NQEMGT

185

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&GT JGKONKEJG (NÌVPGT 5GPFUEJTGKDGP CP &KTGMVQT &T , . 5RQPUGN /ÒPEJGP 5 6HP 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV

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*#55'./#00 9 *CPU 5EJYGIGTNG /GFCKNNGP WPF 2NCMGVVGP 'KP 9GTMXGT\GKEJPKU XQP 2TQHGUUQT *CPU 5EJYGIGTNG $CPF /GFCKNNGP WPF 2NCMGVVGP 4GIGPUVCWH 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

*#7-' 2 *'00+0) ' $KDNKQITCRJKG \WT /GFCKNNGPMWPFG 5EJTKHVVWO &GWVUEJNCPFU WPF ¤UVGT TGKEJU DKU $CF *QPPGH :::8+++ 5 .GKPGP

*#75'4 , &KG /ÒP\GP WPF /GFCKNNGP FGT KO ,CJTG IGITÒPFGVGP UGKV *CWRV WPF 4GUK FGP\UVCFV /ÒPEJGP OKV 'KPTGKJWPI LGPGT 5VÒEMG YGNEJG JKGTCWH $G\WI JCDGP /ÒPEJGP :::++ 5 6HP .GKPGP

*#9-+05 ' (4#0-5 # 9 )47'$'4 * # /GFCNNKE +NNWUVTCVKQPU QH VJG *KUVQT[ QH )TGCV $TKVCKP CPF +TGNCPF VQ VJG &GCVJ QH )GQTIG ++ $·PFG .QPFQP (TQPVKURK\ :::+8 5 5 .GKPGP 6HP KP (CNVOCRRGP /CRRG OKV +PFKEGU 6KVGNGK WPF 8QTYQTV .QPFQP

&KG 6CHGNCWUICDG )TQ­HQNKQ KUV XQP ITQ­GT 5GNVGPJGKV

186

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*'00+0 / *KUVQKTG PWOKUOCVKSWG FG NC 4¾XQNWVKQP (TCP¼CKUG QW FGUETKRVKQP TCKUQPP¾G FGU O¾ FCKNNGU OQPPCKGU GV CWVTGU OQPWOGPU PWOKUOCVKSWGU TGNCVKHU CWZ CHHCKTGU FG NC (TCPEG FGRWKU NQWXGT VWTG FGU ¾VCVU )¾P¾TCWZ LWUSW C N ¾VCDNKUUGOGPV FW )QWXGTPGOGPV %QPUWNCKTG 2CTKU :: 5 6HP +P \YGK $·PFGP KP *CNDNGFGT IGDWPFGP 5WRTCNKDTQU =/QPQITCOO CWU ' WPF # FCTÒDGT (ÒT UVGPJWV?

*'4#'75 % ) $KNFPKUUG FGT TGIKGTGPFGP (ÒTUVGP WPF DGTÒJOVGT /·PPGT XQO XKGT\GJPVGP DKU \WO CEJV\GJPVGP ,CJTJWPFGTVG KP GKPGT (QNIGTGKJG XQP 5EJCWOÒP\GP 9KGP :++ 5 6HP )TQ­ HQNKQ *CNDNGFGT OKV )QNFUEJPKVV NGKEJV UVQEMHNGEMKI

*'44'4# # /GFCNNCU FG RTQENCOCEKQPGU [ LWTCU FG NQU TG[GU FG 'URCÇC /CFTKF 5 6HP *CNDNGFGT 'Z NKDTKU KO 8QTUCV\ GPVHGTPV 6GKN FGU 6KVGNDNCVVU CWUIGUEJPKVVGP

*+.&'$4#0& $ ' 5XGTKIGU QEJ 5XGPUMC MQPWPICJWUGVU OKPPGURGPPKPICT RTCMVO[PV QEJ DGNÌ PKPIUOGFCNLGT 6GKNG 5VQEMJQNO :+8 5 5 /KPPGURGPPKPICT ÌHXGT GPUMKNFC 5XGPUMC O·P QEJ SXKPPQT 5VQEMJQNO :++ 5 'KPJGKVNKEJ KP .GKPGP IGDWPFGP

5KGJG CWEJ % # 1UUDCJT /[PV QEJ OGFCNLGT UNCIPC HÌT HT·OOCPFG OCMVGT K CPNGFPKPI CX MTKI OQV 5XGTKIG -CVCNQI 0T

*+.)'4 % 5VWFKGP ÒDGT FKG 5EJCWOÒP\GP FGT /CTMITCHGP XQP $CFGP CWU FGT <GKV FGT 4GPCKUUCPEG #CTCW 5 6H 9 $4#/$#%* <·JTKPIGT 5[ODQNG WPF 9CRRGP CWH /ÒP\GP #CTCW 5 OKV #DD (QNKQ +P GKPGO $CPF KP .GKPGP IGDWPFGP

'U JCPFGNV UKEJ WO FKG (QTVUGV\WPI \W $CNN[ 1 $GUEJTGKDWPI XQP /ÒP\GP WPF /GFCKNNGP FGU (ÒTUVGPJCWUGU WPF .CPFGU $CFGP UKGJG -CVCNQI 0T

*+.. ) ( /GFCNU QH VJG 4GPCKUUCPEG 1ZHQTF (TQPVKURK\ 5 6HP *CNDRGTICOGPV

6JG 4QOCP /GFCNNKUVU QH VJG 4GPCKUUCPEG VQ VJG 6KOG QH .GQ : 5& CWU 2CRGTU QH VJG $TKVKUJ 5EJQQN CV 4QOG 5 6HP 1TKI $TQUEJWT 7OUEJNCI HNGEMKI 5GKVGP DGUEJOWV\V

/KV 9KFOWPI FGU 8GTHCUUGTU

# %QTRWU QH +VCNKCP /GFCNU QH VJG 4GPCKUUCPEG DGHQTG %GNNKPK $·PFG .QPFQP :8++ 5 6HP (QNKQ .GKPGP $KPFWPI GVYCU NQEMGT

/GFCNU QH VJG 4GPCKUUCPEG 4GXKUGF CPF 'PNCTIGF D[ ) 21..#4& .QPFQP 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

# OCIPKHKEGPV RWDNKECVKQP ' ' %NCKP 5VGHCPGNNK

*+.. ) ( 21..#4& ) 4GPCKUUCPEG /GFCNU HTQO VJG 5COWGN * -TGUU %QNNGEVKQP CV VJG 0CVKQPCN )CNNGT[ QH #TV .QPFQP : 5 \CJNTGKEJG 6HP .GKPGP OKV 5EJWV\WOUEJNCI

*+.. ) ( 4+%%+ 5 FG 0CVKQPCN )CNNGT[ QH #TV 5COWGN * -TGUU %QNNGEVKQP QH 4GPCKUUCPEG $TQP\GU 6GKN 6JG )WUVCXG &TG[HWU %QNNGEVKQP 4GPCKUUCPEG /GFCNU 1ZHQTF :++ 5 6HP 6GKN 6JG )WUVCXG &TG[HWU %QNNGEVKQP 4GNKGHU CPF 2NCSWGVVGU 1ZHQTF :8+ 5 6HP (QNKQ .GKPGP

&KG 5COONWPI &TG[HWU YWTFG XQP FGT 5COWGN * -TGUU (QWPFCVKQP GTYQTDGP WPF FGT 0CVKQPCN )CNNGT[ QH #TV ÒDGTNCUUGP

*+//'.*'$'4 ) 5RKGNG )GUGNNUEJCHVUURKGNG CWU GKPGO ,CJTVCWUGPF /ÒPEJGP 5 OKV \CJNTGKEJGP #DD .GKPGP ) (¤45%*0'4 'KP 5RKGNDTGVV WPF &COGDTGVVUVGKPG OKV GKPIGRT·IVGP &CTUVGNNWPIGP CWH DGKFGP 5GKVGP 5& CWU )0 5 OKV \CJNTGKEJGP #DD )GJGHVGV

*+06<' ' )NGKYKV\GT 'KUGPMWPUVIWUU $TGUNCW 8+++ 5 6HP .GKPGP

*+45%* # &KG /GFCKNNGP CWH FGP 'PVUCV\ 9KGPU 6TQRRCW 8+ 5 6HP *CNDNGKPGP $KPFWPI NQEMGT 4ÒEMGP GVYCU DGUEJ·FKIV

*¤(-'0 4 XQP 9GKJGOÒP\GP 0WOKUOCVKUEJG $GKVT·IG \WT )GUEJKEJVG FGT 9CNNHCJTVUQTVG WPF $TWFGTUEJCHVGP $·PFG 9KGP (TQPVKURK\ 5 OKV VGKNU HCTDKIGP #DD (TQPVKURK\ 5 6HP .GKPGP OKV ,WIGPFUVKNQTPCOGPVKM WPF 1TKI $TQUEJWT 4ÒEMGP GVYCU DGUEJ·FKIV

*1((/#00 6 ,CEQD #DTCJCO WPF #DTCJCO #DTCOUQP ,CJTG $GTNKPGT /GFCKNNGPMWPUV 5EJTKHVGP FGT )GUGNNUEJCHV \WT (ÌTFGTWPI FGT 9KUUGPUEJCHV FGU ,WFGPVWOU (TCPMHWTV CO /CKP 5 6HP .GKPGP NGKEJV DGUVQ­GP

&KG )PCFGPRHGPPKIG WPF 5EJCWITQUEJGP FGU RQOOGTUEJGP *GT\QIUJCWUGU 5VGVVKP (TQPVKURK\ 5 6HP .GKPGP

*1.</#+4 $ -CVCNQI FGT 5COONWPI &T ,QUGH $TGVVCWGT /GFKEKPC KP 0WOOKU 9KGP (TQPVKURK\ :8+ 5 6HP *CNDNGKPGP

187

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6GZV \YGKURTCEJKI

#VVKNC FCPU NC PWOKUOCVKSWG /QPGVC 2TKUEC $WFCRGUV 5 6HP 1TKI $TQUEJWT IGMPKEMV

*75< 4 . 241%12+75 $ XQP /GFCKNNGP WPF 2NCMGVVGPMWPUV KP 7PICTP $WFCRGUV 5 6HP *CNDNGFGT

*;%-'46 $ ' 5XGTKIGU QEJ 5XGPUMC MQPWPICJWUGVU OKPPGURGPPKPICT RTCMVO[PV QEJ DGNÌPKPIUOGFCNLGT GHVGT L·OVG P¹ITC HT¹P ·NFTG VKFGT 5VQEMJQNO 5 6H 1TKI $TQUEJWT

+09;.'4 # &KG /KEJGNURHGPPKIG FGU %QNNGIKCVUVKHVGU $GTQ /ÒPUVGT 5& CWU 504 5 OKV \CJNTGKEJGP #DD .GKPGP

+8'45'0 ÌÅÄÀËÈ ÂÛÁÈÒÛß ÂÚ ÖÀÐÑÒÂÎÂÀͲŠÈÌÏÅÐÀÒÎÐÀ ÀËÅÊÑÀÍÄÐÀ ++ =/GFCKNNGP CWU FGT 4GIKGTWPIU\GKV #NGZCPFGTU ++ ? 5V 2GVGTUDWTI 8++ 5 6HP (QNKQ .GKPGP NGKEJV UVQEMHNGEMKI

,#%37+16 , /¾FCKNNGU GV LGVQPU FG .QWKU :+8 F CRT½U NG OCPWUETKV FG .QPFTGU CFF 6GKNG 2CTKU %.+: 5 6HP 6CDGNNGP +P \YGK $·PFGP KP -WPUVNGFGT IGDWPFGP

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,'*0' 2 ªDGT $WEJFTWEM /GFCKNNGP &KRRQNFKUYCNFG ::++ 5 1TKI $TQUEJWT

,1*0510 % /#46+0+ 4 %CVCNQIQ FGNNG OGFCINKG 6GKN 5GEQNQ :8 /KNCPQ :8++ 5 #DD CWH 6HP -CTVQPKGTV /GFCINKC WPF 1TKI $TQUEJWT

/KNCPQ %KXKEJG 4CEEQNVG 0WOKUOCVKEJG .G /GFCINKG FGN UGEQNQ :8+ 4QO 5 (CTDVHP \CJNTGKEJG 6HP .GKPGP OKV 5EJWV\WOUEJNCI

,10'5 / # %CVCNQIWG QH VJG (TGPEJ /GFCNU KP VJG $TKVKUJ /WUGWO $·PFG .QPFQP 5 (TQPVKURK\ 5 LGYGKNU OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI

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,17+0 * &CXKF F #PIGTU 5C XKG UQP QGWXTG UGU ¾ETKVU GV UGU EQPVGORQTCKPU $·PFG 2CTKU +++ 5 +8 5 LGYGKNU OKV \CJNTGKEJGP 6HP /QFGTPGU .GKPGP

/'&#+..'0 2.#-'66'0

%GPV RQTVTCKVU FGUUKP¾U RCT &CXKF F #PIGTU 2CTKU :+8 5 FCXQP 6HP *CNDNGFGT OKV )QNFUEJPKVV 4 & & #0)'45 *TUI .GVVTGU FG 2 , &CXKF F #PIGTU C UQP COK NG RGKPVTG .QWKU &WRT¾ 2CTKU (TQPVKURK\ :+ 5 .GKPGP

'PVJ·NV 2QTVT·V\GKEJPWPIGP CNU 8QTNCIGP HÒT FKG /GFCKNNGP XQP &CXKF F #PIGTU

,7.+75 2 #WMVKQP 1 *GNDKPI 0CEJH 5COONWPI &T 2 ,WNKWU *GKFGNDGTI (TCP\ÌUKUEJG 4GXQNW VKQP 0CRQNGQP + WPF UGKPG <GKV /ÒPEJGP 8+ 5 OKV 0TP 6HP -CTVQPKGTV 8QTUCV\ NQUG

&KG #WMVKQP OW­VG CDIGUCIV YGTFGP FC FKG 5COONWPI IGUEJNQUUGP XGTMCWHV YGTFGP MQPPVG 'KP GPVURTGEJGPFGU 5EJTGKDGP NKGIV FGO $CPF GDGPUQ YKG FKG 5EJ·V\RTGKUNKUVG DGK

#WMVKQP 4 )CGVVGPU LWP 5COONWPI ,WNKWU -TKGI WPF (TKGFGP KP FGT /GFCKNNG WPF KP FGT )GFGPM OÒP\G 6GKNG *GKFGNDGTI WPF +P GKPGO $CPF KP .GKPGP IGDWPFGP 5COONWPI ,WNKWU (TCP\ÌUKUEJG 4GXQNWVKQP 0CRQNGQP + WPF UGKPG <GKV 6GKNG *GKFGNDGTI WPF +P GKPGO $CPF KP .GKPGP IGDWPFGP $KPFWPI NQEMGT

8QP FGO $CPF -TKGI WPF (TKGFGP NKGIGP \YGK 'ZGORNCTG XQT KP GKPGU KUV \WU·V\NKEJ GKPIGDWPFGP 4 )#'66'05 LWP 5COONWPI ,WNKWU 6GKN (NW­IQNF 0QVMNKRRGP *GKFGNDGTI $KPFWPI NQEMGT

,70%-'4 % &CU )WNFGPG WPF 5KNDGTPG 'JTGP )GF·EJVPK­ &GU 6JGWTGP )1VVGU .GJTGTU & /CTVKPK .WVJGTK +P YGNEJGO FGUUGP .GDGP 6QF (COKNKG WPF 4GNKSWKGP $GPGDUV &GP XQTPGJOUVGP )GUEJKEJVGP FGT 'XCPIGNKUEJGP 4GHQTOCVKQP = ? CWU OGJT CNU <YG[ JWPFGTV /GFCKNNGP QFGT 5EJCW /ÒPV\GP = ? GTMN·TGV YGTFGP (TCPMHWTV .GKR\KI <CJNTGKEJG $N 5 OKV \CJNTGKEJGP #DD 2GTICOGPV

-#*#0' 5 $ &KG /ÒP\G KO &KGPUVG FGT .KGDG WPF 'JG #WHNCIG $TCWPUEJYGKI : 5 .GKPGP

-#6< 8 &KG GT\IGDKTIKUEJG 2T·IGOGFCKNNG FGU :8+ ,CJTJWPFGTVU 2TCJC 5 6HP *CNDNGFGT

(TGWPFUEJCHVUOGFCKNNGP WPF XGTYCPFVG )GDKGVG 2TCI 5 6HP 1TKI $TQUEJWT NQUG .CIGP % .#55'44' 7PG EQNNGEVKQP FG OGFCKNNGU FG OCTKCIG RT¾E¾F¾G FG NC TGNCVKQP FGU CEVKQPU HQTV O¾OQ TCDNGU FG N #WVQPQOPG ¯ $QWTFGCWZ 5& IGJGHVGV

-+'0#56 ) 9 6JG /GFCNU QH -CTN )QGV\ %NGXGNCPF 5 OKV \CJNTGKEJGP #DD .GKPGP OKV )QNFRT·IWPI )QGV\ ++ # 5WRRNGOGPV VQ 6JG /GFCNU QH -CTN )QGV\ .KPEQNP :++ 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

-+45%*0'4 $ &GWVUEJG 5RQVVOGFCKNNGP CWH ,WFGP /ÒPEJGP 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI

-+5%* ) &KG 5EJCWOÒP\GP FGT 7PKXGTUKV·V $CUGN WPF /GFCKNNGP CWH KJTG 2TQHGUUQTGP 5KIOCTKPIGP 5 6HP .GKPGP

-1'0+) # 56#.<'4 ( 4GEJGPRHGPPKIG $CPF 0ÒTPDGTI 5KIPKGTVG WPF \WYGKUDCTG )GRT·IG .KGHGTWPI &KG (COKNKGP 5EJWNVGU -QEJ WPF -TCWYKPEMGN -CVCNQIG FGT 5VCCVNKEJGP /ÒP\UCOONWPI /ÒPEJGP /ÒPEJGP 8+++ 5 6HP 1TKI $TQUEJWT 9 *'55 4GEJPWPI NGIGP CWH .KPKGP 4GEJGPDTGVV WPF <CJNVKUEJ KP FGT 8GTYCNVWPIURTCZKU KP 5R·VOKVVGNCNVGT WPF 0GW\GKV 5& CWU ' /#5%*-' , 5;&19 *TUI 5V·FVKUEJGU *CWUJCNVU WPF 4GEJPWPIUYGUGP =OKV 9KFOWPI FGU 8GTHCUUGTU? 1 2 '-.70& 6JG %QWPVGTU QH 0WTGODGTI )GJGHVGV

-4'755.'4 * ) & /CTVKP .WVJGTU #PFGPMGP KP /ÒP\GP PGDUV .GDGPUDGUEJTGKDWPIGP OGTMYÒTFK IGT <GKVIGPQUUGP FGUUGNDGP 6GKNG .GKR\KI (TQPVKURK\ :+ 5 6HP OKV /ÒP\CDD (TQP VKURK\ 5 6HP +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP 4ÒEMGP GVYCU DGUEJ·FKIV

-7*0 * *CPU 4GKPJCTV GKP /GKUVGT FGT OKVVGNFGWVUEJGP 4GPCKUUCPEG /GFCKNNG 5& CWU $N·VVGT HÒT /ÒP\HTGWWPFG 5 6HP NQUG DGKIGNGIV )GJGHVGV

.#$416 , %QNNGEVKQPU PWOKUOCVKSWGU 7PG JKUVQKTG GEQPQOKSWG GV RQRWNCKTG FW OQ[GP CIG .GU LGVQPU GV NGU O¾TGCWZ 2CTKU 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT *·PFNGTMCVCNQIG OKV ,GVQPU -CTVQPKGTV Z UQPUV 1TKI $TQUEJWT

.#/#5 # /GFCNJCU RQTVWIWGUCU G GUVTCPIGKTCU TGHGTGPVGU C 2QTVWICN 6GKN /GFCNJCU %QOGOQTCVK XCU .KUDQC .:::8+ 5 6HP *CNDNGFGT

189

/'&#+..'0 2.#-'66'0

5434

.#00# (TGKJGTT # XQP #WMVKQP 4 .GRMG 5COONWPI FGU (TGKJGTTP #FCNDGTV XQP .CPPC 2TCI 6GKNG $GTNKP 5 OKV 0TP 6HP 5 OKV 0TP 6HP 5 OKV 0TP 6HP (QNKQ .GKPGP 4ÒEMGP GVYCU DGUEJ·FKIV

+P FGP 6GKNGP WPF UKPF PGDGP DGFGWVGPFGP 5CEJITWRRGP XQP #PVKSWKV·VGP CWEJ /GFCKNNGP WPF 2NCMGVVGP GPVJCNVGP 6GKN WOHC­V FKG DGTÒJOVG 5COONWPI XQP /GFCKNNGP WPF /ÒP\GP 6GKN OKV GZ NKDTKU ) ( GV / *KNN

.#7'4 . % /ÒP\CPUVCNV /WUVGTDWEJ 0T Q , EC 6HP WPF 2TGKUNKUVG KP .GKPGP HCNVOCRRG

.#8'44'0< % &KG /GFCKNNGP WPF )GF·EJVPKU\GKEJGP FGT FGWVUEJGP *QEJUEJWNGP 'KP $GKVTCI \WT )GUEJKEJVG CNNGT UGKV FGO :+8 ,CJTJWPFGTV KP &GWVUEJNCPF GTTKEJVGVGP 7PKXGTUKV·VGP 6GKNG $GTNKP :++ 5 6HP :+++ 5 6HP *CNDNGFGT OKV )QNFXGT\KGTWPIGP DGUVQ­GP

$GUKV\GTUVGORGN 5VCEMU 0WOKUOCVKE .KDTCT[ KO 8QTUCV\

.#94'0%' 4 * /GFCNU D[ )KQXCPPK %CXKPQ VJG 2CFWCP 0GY ;QTM 5 ( %'55+ $ %#10 )KQXCPPK FC %CXKPQ /GFCINKUVC 2CFQXCPQ FGN EKPSWGEGPVQ < * -.#9#05 +OKVCVKQPU CPF +PXGPVKQPU QH 4QOCP %QKPU .GKPGP Z MCTVQPKGTV Z .'*0'46 * *GPTK (TCP¼QKU $TCPFV 'TUVGT /GFCKNNGWT CP FGT MÌPKINKEJGP /ÒP\G WPF 2TQHGUUQT FGT )GYGTDG #ECFGOKG \W $GTNKP .GDGP WPF 9GTMG $GTNKP 5 6HP *CNDNGKPGP

.'2-' 4 /ÒP\GP WPF /GFCKNNGP CWU FGO $GUKV\ FGU *GTTP ( XQP 2CTRCTV 'PINKUEJG 5COONWPI XQP /GFCKNNGP WPF 2NCMGVVGP FGU DKU ,CJTJWPFGTVU $GTNKP 5 OKV 0TP 6HP 6GKNU OKV DGKIGUEJTKGDGPGP 2TGKUGP .GKPGP

.¤$$'%-' # #WMVKQP , *KTUEJ 0T 5COONWPI #TVJWT .ÌDDGEMG $TCWPUEJYGKI -WPUVOGFCKN NGP WPF 2NCMGVVGP FGU :8 DKU :8++ ,CJTJWPFGTVU /ÒPEJGP 5 OKV 0TP 6HP /QFGTPGU .GKPGP DGKIGUEJTKGDGPG 2TGKUG

8IN CWEJ FGP -CVCNQI 4KGEJOCPP %Q

190

/'&#+..'0 2.#-'66'0

5441

#WMVKQP # 4KGEJOCPP %Q 0T 5COONWPI #TVJWT .ÌDDGEMG -WPUVOGFCKNNGP WPF 2NCMGVVGP FGU :8 :8++ ,CJTJWPFGTVU *CNNG CP FGT 5CCNG 5 OKV 0TP 6HP *CNDNGKPGP 4ÒEMGP NGKEJV DGUEJ·FKIV

8IN CWEJ FGP -CVCNQI *KTUEJ

.1'*4 # 4KVVGT XQP 9KGPGT /GFCKNNGWTG 9KGP 5 6HP 9KGPGT /GFCKNNGW TG 0CEJVTCI 9KGP 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP

#PVQP 5EJCTHH -CVCNQI UGKPGT /GFCKNNGP WPF 2NCMGVVGP 9KGP 5 1TKI $TQUEJWT 7OUEJNCI FGHGMV WPF IGMNGDV DGUEJOWV\V

.110 ) 8#0 *KUVQKTG OGVCNNKSWG FGU :8++ RTQXKPEGU FGU 2C[U $CU FGRWKU N CDFKECVKQP FG %JCTNGU 3WKPV $·PFG &GP *CCI /GJTGTG $N 5 5 5 5 5 LGYGKNU OKV \CJNTGKEJGP #DD .GKPGP OKV )QNFXGT\KGTWPIGP DGUVQ­GP

$GUEJTKLXKPI XCP PGFGTNCPFUEJG JKUVQTKG RGPPKPIGP VGP XGTXQNIG QR JGV YGTM XCP /T )GTCTF XCP .QQP JTUI XQP &G VYGGFG MNCUUG XCP JGV -QPKPMNKLM 0GFGTNCPFUEJG +PUVKVWWV XCP 9GVGPUEJCRRGP .GVVGTMWPFG GP 5EJQQPG -WPUVGP 5VÒEMG #OUVGTFCO 5 4GIKUVGT .+8 5 6HP (QNKQ +P FTGK $·PFGP GKPJGKVNKEJ KP *CNDNGKPGP IGDWPFGP $KPFWPI VGKNYGKUG GVYCU NQEMGT GVYCU DGUVQ­GP

.17$#6 , ( 6JG /GFCNNKE *KUVQT[ QH VJG 7PKVGF 5VCVGU QH #OGTKEC $·PFG 0GY ;QTM 5 :8+ 5 6HP (QNKQ

/#%.#)#0 ' 8KEVQTKC CPF #NDGTV /WUGWO &GRCTVOGPV QH #TEJKVGEVWTG WPF 5EWNRVWTG %CVCNQIWG QH +VCNKCP 2NCSWGVVGU .QPFQP (TQPVKURK\ 5 6HP 1TKI $TQUEJWT

/#)0#)76+ # .G OGFCINKG /CPVQXCPG /CPVQXC 5GKVGP 1TKI $TQUEJWT WPCWHIG UEJPKVVGP $KPFWPI NQEMGT 8QTFGTFGEMGN NQUG

/#,'4 ) .G OGFCINKG FK OCIKUVTCVK 8GPGVK PGNN +UVTKC G PGNNC &CNOC\KC G #NDCPKC 5& CWU #TEJKXKQ 5VQTKEQ RGT NC &CNOC\KC 5 OKV 6GZVCDD 1TKI $TQUEJWT 0 2#2#&121.+ #.&1$4#0&+0+ 4GIQNC\KQPG FK EQPHKPK VTC NQ 5VCVQ 8GPGVQ G SWGNNQ 2QPVKHKEKQ PGN TKEQTFCVC FC FWG /GFCINKG 5& CWU #VVK FGN 4GCNG +UVKVWVQ 8GPGVQ FK 5EKGP\G 8GPGFKI 5 6HP 1TKI $TQUEJWT

-QORNGVVGU 'ZGORNCT

191

/'&#+..'0 2.#-'66'0

/#,14 ' 7TU )TCH 'KP $GKVTCI \WT )GUEJKEJVG FGT )QNFUEJOKGFGMWPUV KO ,CJTJWPFGTV +PCWIW TCN &KUUGTVCVKQP \WT 'TNCPIWPI FGT RJKNQUQRJKUEJGP &QMVQTYÒTFG XQTIGNGIV FGT JQJGP RJKNQUQRJKUEJGP (CMWNV·V FGT 7PKXGTUKV·V $CUGN 5VTC­DWTI 8+++ 5 )GJGHVGV

(TKGFTKEJ (GEJGT GKP /GFCKNNGWT FGU ,CJTJWPFGTVU $CUGN 5 FCXQP 6HP 1TKI $TQUEJWT

/#4166' . .GU O¾FCKNNGU F #PVQPKQ 2KUCPQ FKV NG 2KUCPGNNQ Q 1 <CJNTGKEJG NQUG 5GKVGP WPF 6HP KP (CNVOCRRG KO 5EJWDGT NGKEJV DGUEJ·FKIV 5GKVGP WPF 6HP VCFGNNQU

+O 8QTUCV\ KUV FGT WPIGYÌJPNKEJG <WUVCPF FGT 8GTÌHHGPVNKEJWPI GTMN·TV . KORTGUUKQP FG EGV QWXTCIG EQOOGPE¾G GP KPVGTTQORWG RCT NC OQDKNKUCVKQP C ¾V¾ TGRTKUG GV VGTOKP¾G GP

/#46+0 , . .GU O¾FCKNNGU FG VKT UWKUUGU &KG 5EJÒV\GPOGFCKNNGP FGT 5EJYGK\ .G OGFCINKG FK VKTQ FGNNC 5XK\\GTC 5YKUU UJQQVKPI OGFCNU .CWUCPPG 5 OKV \CJNTGKEJGP #DD -CTVQ PKGTV

/¾FCKNNGU UWKUUGU /GFCKNNGP FGT 5EJYGK\ /GFCINKG UXK\\GTG .CWUCPPG 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

/#4: 4 .GU O¾FCKNNGWTU HTCP¼CKU FGRWKU 0QVKEG JKUVQTKSWG UWKXKG FG FQEWOGPVU UWT NC IN[RVKSG CW FKZ PGWXK½OG UK½ENG 2CTKU (TQPVKURK\ 5 6HP 1TKI $TQUEJWT 7OUEJNCI NQUG

/KV 9KFOWPI FGU 8GTHCUUGTU CP *GPT[ /CTCN

/#661+ ' 6GCVTQ KP PWOOKU 2QGVK VTCIKEK G NKTKEK EQOOGFKQITCHK /KNCPQ 5 6HP 1TKI $TQUEJWT

/#;14 , #WIWUVG $QXGV 5& CWU 504 (TQPVKURK\ 5 1TKI $TQUEJWT

/#<'41..' ( .GU O¾FCKNNGWTU HTCP¼CKU FW :8G UK½ENG CW OKNKGW FW :8++G $·PFG 2CTKU %.::8+++ 5 5 6HP *CNDNGKPGP

,GCP 8CTKP %QPFWEVGWT FG NC OQPPCKG FW /QWNKP VCKNNGWT I¾P¾TCN FGU OQPPCKGU EQPVTQNNGWT I¾P¾TCN FGU RQKP¼QPU GV GHHKIKGU 5C XKG UC HCOKNNG UQP QGWXTG $·PFG 2CTKU 5 6HP 5 1TKI $TQUEJWT OGKUV WPCWHIGUEJPKVVGPG 5GKVGP

/#<+1 ( 5GTKG FGK EQPK FK OGFCINKG RQPVKHKEKG FC /CTVKPQ 8 HKPQ C VWVVQ KN RQPVKHKECVQ FGNNC UCP OGO FK 2KQ 8++ GUKUVGPVK PGNNC RQPVKHKEKC \GEEC FK 4QOC 4QO +: 5 OKV 0TP *CNDNG FGT OKV )QNFXGT\KGTWPIGP

'U JCPFGNV UKEJ WO GKPGP 8GTMCWHUMCVCNQI R·RUVNKEJGT /GFCKNNGP 'Z NKDTKU $CTQPKU 5WTOQPV

5461

/'%*'. % FG 1GWXTG FW %JGXCNKGT *GFNKPIGT QW 4GEWGKN FGU OGFCKNNGU FG EG EGNGDTG CTVKUVG = ? FGFKG C 5 / )WUVCXG +++ TQK FG 5WGFG $CUGN 6HP :::+8 5 *CNDNGFGT $KPFWPI NQEMGT 'Z NKDTKU &T % 2GTTQEJGV

192

/'&#+..'0 2.#-'66'0

/'&+%+0# +0 07//+5 5COONWPI &T OGF )¾\C (CNWFK 5& CWU -CVCNQI FGT #WUUVGNNWPI FGU -QPITGUUGU HÒT )GUEJKEJVG FGT /GFK\KP $WFCRGUV 5 6HP DGKIGNGIV )GJGHVGV 4ÒEMGP DGUEJ·FKIV

/KV 9KFOWPI FGU 5COONGTU ) (CNWFK

/'&+0# , 6 /GFCNNCU EQNQPKCNGU *KURCPQ #OGTKECPCU 5CPVKCIQ FG %JKNG 5 OKV \CJNTGK EJGP #DD .GKPGP +O 8QTUCV\ GPVHGTPVGU GZ NKDTKU

&KG #WHNCIG DGVTWI PWT 'ZGORNCTG

/'+'4 # * 75.'4 ) &KG 5EJWNRT·OKGP FGT 5EJYGK\ *KNVGTHKPIGP 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

/'+'4 1 *GKPTKEJ (TKGFTKEJ $TGOGT FGT /GKUVGT FGT FGWVUEJGP 2QTVT·VOGFCKNNG FGU ,CJTJWPFGTVU *KNFGUJGKO .GKR\KI 8++ 5 6HP .GKPGP &GEMGN OKV )QNFRT·IWPI

/KV 9KFOWPI FGU 8GTHCUUGTU *GTTP &KTGMVQT &QTPGT GTIGDGPUV ÒDGTTGKEJV

/'+.+ , 0WOKUOCVKUEJG 5COONWPI &KG CWH FCU -CKUGTTGKEJ $TCUKNKGP DG\ÒINKEJGP /GFCKNNGP DKU Q 1 5 6HP *CNDNGKPGP $KPFWPI GVYCU NQEMGT

&KG 9GTMG FGU /GFCKNNGWT U *CPU (TGK KP $CUGN <ÒTKEJ 5 6HP 1TKI $TQUEJWT

&KG 9GTMG FGU /GFCKNNGWT U *CPU (TGK KP $CUGN <ÒTKEJ 5 6HP 1TKI $TQUEJWT 4ÒEMGP GVYCU DGUEJ·FKIV

/'0#&+'4 , 5EJCWOÒP\GP FGU *CWUGU *QJGP\QNNGTP $·PFG $GTNKP 5 OKV #DD 6HP (QNKQ .GKPGP 4ÒEMGP FGU 6GZVDCPFGU NGKEJV DGUEJ·FKIV

/+&&'.&14( 7 )1'6< 1 /GFCNU CPF 2NCSWGVVGU HTQO VJG 5KIOWPF /QTIGPTQVJ %QNNGEVKQP %JKECIQ (TQPVKURK\ :+8 5 6HP 1TKI $TQUEJWT

'PVJ·NV CWUUEJNKG­NKEJ 4GPCKUUCPEG /GFCKNNGP WPF 2NCMGVVGP

/¤$+75 * .WFYKI XQP 5KGIGP CNU /GFCKNNGWT 5& CWU &GWVUEJGU ,CJTDWEJ HÒT 0WOKUOCVKM

=OKV 9KFOWPI FGU 8GTHCUUGTU? $ &14(/#00 &KG /GFCKNNGWTG ,QJCPP 4GVJG 4GVGMG 8CVGT WPF 5QJP KP 4KIC 5VQEMJQNO *CODWTI WO DKU 5& CWU <GKVUEJTKHV FGU 8GTGKPU HÒT *CODWTIKUEJG )GUEJKEJVG # 56'/2'4 /GFCKNNGP 'PVYÒTHG XQP 2GVGT #PVQP XQP 8GTUEJCHHGNV 5& CWU &CU 9GTM FGU -ÒPUVNGTU *WDGTV 5EJTCFG \WO )GDWTVUVCI )GJGHVGV

/1.+0+'4 .GU DTQP\GU FG NC 4GPCKUUCPEG .GU RNCSWGVVGU %CVCNQIWG TCKUQPP¾ $·PFG 2CTKU (TQPVKURK\ :. 5 OKV #DD 5 OKV #DD *CNDNGFGT

/14+0 2105 * 0WOKUOCVKSWG FG N #ECF¾OKG FGU 5EKGPEGU $GNNGU .GVVTGU GV #TVU FG .[QP .[QP 5 6HP .GKPGP

'Z NKDTKU )WUVCX )TWPCW

/1;#7: # .GU EJGOKPU FG HGT CWVTGHQKU GV CWLQWTF JWK GV NGWTU O¾FCKNNGU EQOO¾OQTCVKXGU $TWZGN NGU :++ 5 6HP 5WRRN¾OGPV $TWZGNNGU (TQPVKURK\ 5 +P GKPGO $CPF KP *CNDNG FGT IGDWPFGP

/7'..'4 .'$#010 * #WMVKQP # ' %CJP 5COONWPI *CPU /WGNNGT .GDCPQP -GPVWEM[ 7 5 # -WPUVOGFCKNNGP FGT 4GPCKUUCPEG\GKV DGUQPFGTU JGTXQTTCIGPFG #TDGKVGP FGT DGUVGP FGWVUEJGP /GKUVGT UQYKG MÒPUVNGTKUEJG WPF KPVGTGUUCPVG /ÒP\GP WPF /GFCKNNGP FGU :8+ DKU :+: ,CJTJWPFGTVU (TCPMHWTV CO /CKP 5 OKV 0TP WPF DGKIGUEJTKGDGPGP 2TGKUGP 6HP .GKPGP

/ª0<-#$+0'66 56766)#46 *TUI &GWVUEJG 4GPCKUUCPEG /GFCKNNGP CWU FGO 5VWVVICTVGT M /ÒP\MCDKPGVV WPF 2TKXCVDGUKV\ 'UUNKPIGP 5 6HP 1TKI $TQUEJWT

0#6#.'66+ ) 2#)#0+ # .G OGFCINKG FK )KWUGRRG 8GTFK 4QO 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

0#6+10#. )#..'4; 1( #46 *TUI 4GPCKUUCPEG $TQP\GU HTQO VJG -TGUU %QNNGEVKQP #ESWKTGF D[ VJG 5COWGN * -TGUU (QWPFCVKQP 9CUJKPIVQP & % 5 FCXQP 5 6HP 1TKI $TQUEJWT

0'069+%* , &KG -TQPRTKP\ 4WFQNH /GFCKNNGP 9KGP 5 6H .GKPGP OKV )QNFRT·IWPI

5GNVGP

0WOKUOCVKUEJG 6QRQITCRJKG XQP 0KGFGTÌUVGTTGKEJ 9KGP +++ 5 *CNDNGKPGP

$GUKV\GTUVGORGN 0WOKUOCVKUEJGT .GJTCRRCTCV FGT 7PKXGTUKV·V 9KGP KO 8QTUCV\

0+)). 2 /WUKMGT /GFCKNNGP *QHJGKO KO 6CWPWU 5 OKV \CJNTGKEJGP #DD .GKPGP

01%3 * .GU &WXKXKGT ,GCP &WXKXKGT $GPLCOKP &WXKXKGT 'UUCK F WP ECVC NQIWG FG NGWTU QGXTGU RT¾E¾F¾ F WPG PQVKEG DKQITCRJKSWG GV DKDNKQITCRJKSWG 2CTKU (TQPVKURK\ 5 OKV \CJNTGKEJGP 6HP *CNDNGFGT 0T XQP 'ZGORNCTGP

193

/'&#+..'0 2.#-'66'0

0144+5 # 5 9'$'4 + /GFCNU CPF 2NCSWGVVGU HTQO VJG /QNKPCTK %QNNGEVKQP CV $QYFQKP %QNNGIG $TWPUYKEM :+ 5 FCXQP 6HP .GKPGP OKV 5EJWV\WOUEJNCI

0146* / &KG /GFCKNNGP FGT $TCPFGPDWTI 2TGW­GP 5COONWPI %JTKUVKCP .CPIG 6GKN 8QP FGP #PH·PIGP DKU %JTKUVKCP #NDTGEJVU 7PKXGTUKV·V \W -KGN 0WOKUOCVKUEJG #DJCPFNWPIGP -KGN 5 HCUV FKG *·NHVG FCXQP (CTDVHP .GKPGP

1.+8+'4 2 +EQPQITCRJKG /¾VCNNKSWG FW )¾P¾TCN .CHC[GVVG +PUVKVWV (TCP¼CKU FG 9CUJKPIVQP *KUVQTK ECN &QEWOGPVU 2CTKU +: 5 6HP 1TKI $TQUEJWT $KPFWPI NQEMGT 8 WPF ' ' %.#+0 56'(#0'..+ /GFCNU %QOOGOQTCVKPI $CVVNGU QH VJG #OGTKECP 4GXQNWVKQP 0GY ;QTM 5 1TKI $TQUEJWT

122'0*'+/'4 * 5GKPG 5COONWPI /GFCKNNGP 2NCMGVVGP WPF /ÒP\GP FGT 4GPCKUUCPEG UKGJG -CVCNQI 0T

155$#*4 % # /[PV QEJ OGFCNLGT UNCIPC HÌT HT·OOCPFG OCMVGT K CPNGFPKPI CX MTKI OQV 5XGTKIG 6KNN·II VKNN $ ' *KNFGDTCPFU 5XGTKIGU QEJ 5XGPUMC MQPWPICJWUGVU OKPPGURGPPKPICT RTCMVO[PV QEJ DGNÌPKPIUOGFCNLGT 7RRUCNC 5 6HP .GKPGP YGPKIG 5GKVGP NQUG

2#%*+0)'4 # / 9CNNHCJTVU $TWFGTUEJCHVU WPF )PCFGPOGFCKNNGP FGU *GT\QIVWOU 5CN\DWTI 9KGP :+++ 5 6HP -CTVQPKGTV

2#64+)0#0+ # .G OGFCINKG FK )TGIQTKQ :8+ 4QO W C (TQPVKURK\ 5 6HP 1TKI $TQUEJWT 0T XQP 'ZGORNCTGP #IIKWPVG EQTTG\KQPK G PQVG CNNG OGFCINKG FK )TGIQTKQ :8+

.G OGFCINKG FK 2KQ 8++ 2GUECTC %JKGVK :8 5 6HP 1TKI $TQUEJWT 7O UEJNCI NQEMGT 0T XQP 'ZGORNCTGP #IIKWPVG EQTTG\KQPK G PQVG CNNG OGFCINKG FK 2KQ 8++ 5& CWU 4CUUGIPC 0WOKUOCVKEC

.G OGFCINKG FK .GQPG :++ %CPVCPKC 5 1TKI $TQUEJWT 7OUEJNCI WPF $KPFWPI NQEMGT 0T XQP 'ZGORNCTGP

/KV 5KIPCVWT FGU 8GTHCUUGTU

.G OGFCINKG FK 2KQ 8+++ %CPVCPKC 5 1TKI $TQUEJWT 0T XQP 'ZGORNC TGP

/KV 5KIPCVWT FGU 8GTHCUUGTU

.G OGFCINKG 2QPVKHKEKG FC %NGOGPVG :++ C 2KQ 8+ $QNQIPC :+: 5 1TKI $TQUEJWT 0T XQP 'ZGORNCTGP #IIKWPVG EQTTG\KQPK G PQVG CNNG OGFCINKG FC %NGOGPVG :++ C 2KQ 8+ 5& CWU 4KXKUVC 0WOKUOCVKEC

/KV 5KIPCVWT FGU 8GTHCUUGTU

2'6')*'/ % XCP /¾FCKNNGU OQPPCKGU LGVQPU .KXTGU GV FQEWOGPVU FKXGTU EQNNGEVKQPP¾U RGPFCPV NC IWGTTG HTCPEQ CNNGOCPFG GV NG FQWDNG UK½IG FG 2CTKU 2CTKU 5 OKV #DD *CNDNGKPGP GKPKIG $NGKUVKHVCPUVTGKEJWPIGP

5494

194

2('+(('4 . 47.#0& % 2GUVKNGPVKC KP PWOOKU )GUEJKEJVG FGT ITQ­GP 8QNMUMTCPMJGKVGP KP PW OKUOCVKUEJGP &QMWOGPVGP 'KP $GKVTCI \WT )GUEJKEJVG FGT /GFKEKP WPF FGT %WNVWT 6ÒDKPIGP (TQPVKURK\ : 5 6HP .GKPGP (TQPVKURK\ GVYCU NQEMGT

/'&#+..'0 2.#-'66'0

2+'44'2106 $#40#4& ( 6JG %CUVKPI %QWPVGT CPF VJG %QWPVKPI $QCTF # %JCRVGT KP VJG *KU VQT[ QH 0WOKUOCVKEU CPF 'CTN[ #TKVJOGVKE 1ZHQTF 5 6HP .GKPGP $KPFWPI NQEMGT GKPG .CIG NQUG YGPKIG 0QVK\GP

$GUKV\GTUVGORGN #UJOQNGCP /WUGWO 1ZHQTF WPF #UJOQNGCP /WUGWO &WRNKECVG 5QNF D[ #WVJQTKV[ KO 8QTUCV\

5CVKTKECN CPF %QPVTQXGTUKCN /GFCNU QH VJG 4GHQTOCVKQP 6JG $KEGRU QT &QWDNG *GCFGF 5GTKGU 1ZHQTF 5 6HP *CNDNGKPGP

2.10 ' .GQPG .GQPK 5EWNRVGWT FG %JCTNGU 3WKPV GV 2QORGQ .GQPK 5EWNRVGWT FG 2JKNKRRG ++ 2CTKU +8 5 6HP .GKPGP OKV 2T·IWPI NGKEJV CPIGUEJOWV\V

2¤.+6< *TUI &GPMOÒP\GP \W FGO 9GTMG &KG 4GIKGTWPI (TKGFTKEJ #WIWUVU -ÌPKIU XQP 5CEJUGP 0GDUV GKPGT MWT\GP $GUEJTGKDWPI FGTUGNDGP .GKR\KI 5 6HP *CNDNGKPGP

21..#4& ) +VCNKCP 4GPCKUUCPEG /GFCNU KP VJG /WUGQ 0C\KQPCNG QH $CTIGNNQ $·PFG (KTGP\G :.8++ 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD *CNDNGKPGP OKV 5EJWV\WOUEJNCI

2152 ĥ+. 4 W C -CVCNQI UVrGNGEMÓEJ OGFCKNÃ OKPEÃ RNCMGV C QF\PCMu \G UDÃTGM MTCLUM¾JQ XNCUVKXeF P¾JQ OW\GC X 1NQOQWEK 1NQOQWE 5 6HP 1TKI $TQUEJWT

24'55.'4 ' 5EJTCWDVCNGT WPF 5VGEMOGFCKNNGP 8GTDQTIGPG -QUVDCTMGKVGP 5ÒFFGWVUEJG /ÒP\MCVC NQIG 5VWVVICTV 5 OKV \CJNTGKEJGP #DD WPF (CTDVHP -CTVQPKGTV

241$5<6 ) &KG IGRT·IVGP 5EJCWOÒP\GP +PPGTÌUVGTTGKEJU 5VGKGTOCTM -·TPVGP -TCKP <ÒTKEJ W C :8+ 5 6HP .GKPGP GKPG 5GKVG NQUG

.WFYKI 0GWHCJTGT 'KP .KP\GT /GFCKNNGWT FGU ,CJTJWPFGTVU 9KGP 5 \CJNTGKEJG 6HP .GKPGP

241$5<6 1*5614(( ) &KG -·TPVPGT /GFCKNNGP #D\GKEJGP WPF 'JTGP\GKEJGP $WEJTGKJG FGU .CPFGUOWUGWOU HÒT -·TPVGP -NCIGPHWTV 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

4#5/75510 0 . #TV 4C[OQPF 4CKOQPF (CNV\ &CPKGN (GJTOCP %CTN )WUVCH (GJTOCP 5& CWU 5XGPUMV $KQITCHKUMV .GZKMQP 1TKI $TQUEJWT = Z OKV 9KFOWPI FGU 8GTHCUUGTU CP * # %CJP? # '4056 6JQOCU $QTUVQTHHU /GFCKNNGT 5& CWU 00 =OKV 9KFOWPI FGU 8GTHCUUGTU? 7FUVKNNKPI CH 0QTFKUM /GFCKNNGMWPUV GHVGT -QRGPJCIGP 1TKI $TQUEJWT WPF IGJGHVGV

4'+0'%-' - *TUI ,CEQD 9KGPGT 'WTQRC KP /ÒP\GP /GFCKNNGP $TKGHOCTMGP #WUUVGNNWPI CPN·­NKEJ FGU 6QFGUVCIGU XQP ,CEQD 9KGPGT -COR .KPVHQTV 5 \CJNTGKEJG #DD -CTVQPKGTV

4+%%+#4&+ ' /GFCINKG FGN TGIPQ FGNNG FWG 5KEKNKG 0CEJFTWEM $QNQIPC Q , FGT #WHNCIG 0CRQNK :+ 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

4+%*6'4 # &KG PWOKUOCVKUEJGP &GPM\GKEJGP CWH KJTG /CLGUV·V FKG -CKUGTKP WPF -ÌPKIKP 'NKUCDGVJ <WO )GDWTVUVCIG FGT XGTGYKIVGP *GTTUEJGTKP 9KGP 8++ 5 6HP .GKPGP OKV ,WIGPF UVKNQTPCOGPVKM

4+<<1.+ . .G 2NCEJGVVG PGN /WUGQ $QVVCEKP FK 2CFQXC 2CFWC 5 6HP 1TKI $TQUEJWT WPCWHIGUEJPKVVGP

+N /WUGQ $QVVCEKP FK 2CFQXC 2CFQXC 5 6HP 1TKI $TQUEJWT -NGKPUEJTKHVGP WPF 5& FCTWPVGT 4 9'+55 2KUCPGNNQ U /GFCNNKQP QH VJG 'ORGTQT ,QJP 8+++ 2CNGCQNQIWU ' $ %#*0 'KPG /ÒP\G WPF GKPG /GFCKNNG CWH \YGK $KNFPKURQTVT·VU FGU ,CJTJWPFGTVU 5& CWU <GKVUEJTKHV HÒT UEJYGK \GTKUEJG #TEJ·QNQIKG WPF -WPUVIGUEJKEJVG * /¤$+75 <WT 0GTQ /GFCKNNG FGU 3WCVVTQEGP VQ 5& CWU (GUVUEJTKHV HÒT )GTJCTF -NGKPGT ) 61&'4+ ( 8#00'. 61&'4+ 4KVTCVVK /GFKEGK KP %GTC /QFGNNK FK OGFCINKG FK #PVQPKQ 5GNXK (NQTGP\

4¤*. * .ÒDGEM /GFCKNNGP /CTMGP <GKEJGP .ÒDGEM 5 OKV \CJNTGKEJGP #DD .Ò DGEM /GFCKNNGP /CTMGP <GKEJGP $CPF .ÒDGEM 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI

410&16 0 ,GCP /CTGPFG GV NG O¾FCKNNG FG 2JKNKDGTV NG $GCW GV FG /CTIWGTKVG F #WVTKEJG .[QP (TQPVKURK\ 5 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV WPF OKV 6GUCHKNO IGMNGDV

.GU O¾FCKNNGWTU GV NGU ITCXGWTU FG OQPPCKGU LGVQPU GV O¾FCKNNGU GP (TCPEG 2CTKU :+ 5 6HP *CNDNGFGT OKV )QNFXGT\KGTWPIGP

195

/'&#+..'0 2.#-'66'0

4ª22'.. ' 5EJCWOÒP\GP YGNEJG \WO #PIGFGPMGP XQP $GYQJPGTP (TCPMHWTVU QFGT KP FKGUGT 5VCFV IGDQTPGP 2GTUQPGP IGHGTVKIV YWTFGP KP #TEJKX HÒT (TCPMHWTVGT )GUEJKEJVG WPF -WPUV 8+++ 5 6HP $GUEJTGKDWPI FGT /ÒP\GP WPF /GFCKNNGP YGNEJG YGIGP IGUEJKEJVNKEJGT $GIGDGP JGKVGP HÒT (TCPMHWTV IGHGTVKIV YWTFGP 0GDUV GKPGO #PJCPI GPVJCNVGPF FKG (TCPMHWTVGT 2TGKU /ÒP\GP WPF UQPUVKIGP CWH FKG 5VCFV (TCPMHWTV UKEJ DG\KGJGPFGP 2T·IG 5VÒEMG 5 KP #TEJKX HÒT (TCPMHWTVGT )GUEJKEJVG WPF -WPUV &KG #D\GKEJGP 0COGP WPF +PKVKCNGP XQP &[PCUVGP /ÒP\OGKUVGTP WPF 5VGORGNUEJPGKFGTP YGNEJG CWH FGP HÒT FKG 5VCFV (TCPMHWTV IGRT·IVGP /ÒP\GP WPF /GFCKNNGP DG HKPFNKEJ UKPF 5 KP #TEJKX HÒT (TCPMHWTVGT )GUEJKEJVG WPF -WPUV (TCPMHWTVGT /ÒP \GP KO #PHCPI FGU ,CJTJWPFGTVU 5 H KP #TEJKX HÒT (TCPMHWTVGT )GUEJKEJVG WPF -WPUV

5 6HP $GTKEJVKIWPI WPF (QTVUGV\WPI FGT DGKFGP #DJCPFNWPIGP 5EJCWOÒP\GP \WO #PIGFGPMGP XQP $GYQJPGTP (TCPMHWTVU WPF /ÒP\GP WPF /GFCKNNGP CWH IGUEJKEJVNKEJG $GIGDGPJGKVGP (TCPMHWTVU 5& CWU #TEJKX HÒT (TCPMHWTVU )GUEJKEJVG WPF -WPUV 0GWG (QNIG 5 6HP 8KGTVGT #WHUCV\ ÒDGT (TCPMHWTVGT /GFCKNNGP JKUVQTKUEJG /ÒP\GP HÒT .QMCNIGDTCWEJ IGHGTVKIVG ,GVVQPU WPF CPFGTG /ÒP\GP 5& CWU #TEJKX HÒT (TCPMHWTVU )GUEJKEJVG WPF -WPUV 0GWG (QNIG 5 6H +P GKPGO $CPF KP .GKPGP IGDWPFGP

-QORNGVVG 4GKJG FGT 8GTÌHHGPVNKEJWPIGP 4ÒRRGNNU \WT (TCPMHWTVGT /ÒP\ WPF /GFCKNNGPMWPFG

47.#0& % &KG 5EJ·V\G FGU )QGVJG 0CVKQPCN /WUGWOU KP 9GKOCT 9GKOCT .GKR\KI 5 6HP KP .GKPGPHCNVOCRRG

5#7.%; . ( , % FG 5QWXGPKTU PWOKUOCVKSWGU FG NC 4GXQNWVKQP FG 4GEWGKN EQORNGV FGU O¾ FCKNNGU OQPPCKGU GV LGVQPU SWK QPV RCTW GP (TCPEG FGRWKU NG (¾XTKGT LWUSW CW &¾EGODTG 2CTKU Q , 5 6HP *CNDNGFGT

5#81+# 7 FK .G OGFCINKG FGNNC %CUC FK 5CXQKC 5CIIKQ FK %CVCNQIQ )GPGTCNG $CPF 4QO 5 6HP .GKPGP

5%*'4 5 - 6JG %WTTGPE[ QH (COG 2QTVTCKV /GFCNU QH VJG 4GPCKUUCPEG 0GY ;QTM 5 OKV \CJNTGKEJGP XKGNHCEJ HCTDKIGP #DD WPF 6HP .GKPGP OKV 5EJWV\WOUEJNCI

/KV 9KFOWPI FGU 8GTHCUUGTU CP $GTPJCTF 5EJWNVG

5%*/+& ) 8 %NCXKU PWOKUOCVKEC QFGT GPE[MNQR·FKUEJGU *CPFDWEJ \WO 8GTUV·PFPKU FGT CWH /ÒP\GP WPF /GFCKNNGP KP NCVGKPKUEJGT WPF VGWVUEJGT 5RTCEJG XQTMQOOGPFGP 5RTÒEJG 0COGPUEJKHHGTP WPF #D DTGXKCVWTGP HÒT (TGWPFG FGT 0WOKUOCVKM WPF )GUEJKEJVG -CWH WPF )GUEJ·HVUNGWVG W U Y 6GKNG &TGUFGP .GKR\KI :++ 5 8+ 5 .GKPGP

'PVJ·NV \W FGP CWHIGPQOOGPGP +PUEJTKHVGP CWUHÒJTNKEJG 'TN·WVGTWPIGP GVYC 9QN FGO FGT (TGWFG CP UGKPGP -KPFGTP GTNGDV = ? &KGUGP DGMCPPVGP WPF UGJT DGNKGDVGP &WMCVGP IGYÌJPNKEJ 5QRJKGPFWMCVGP &TGKHCNVKIMGKVUFWMCVGP CWEJ -KPFGTFWMCVGP IGPCPPV NKG­ FKG %JWTHÒTUVKP 5QRJKC XQP 5CEJUGP )GOCJNKP WPF UR·VGTJKP 9KVVYG FGU %JWTHÒTUVGP %JTKUVKCP + \WO )GDWTVUVCIG KJTGU 5QJPGU ,QJCPP )GQTI + KO ,CJTG RT·IGP &C GT \W (COKNKGPIGUEJGPMGP UGJT IGUWEJV YCT UQ YWTFG WPF YKTF GT DKU CWH FKG PGWGUVG <GKV PQEJ XKGNHCEJ PCEJIGRT·IV &KG $WEJUVCDGP % 5 KO #X DGFGWVGP %JWTHÒTUVKP 5QRJKC WPF + * 5 KO 4GX ,GUWU *QOKPWO 5CNXCVQT ,GUWU FGT 'TNÌUGT FGT /GPUEJGP 5

5%*/+& 2 &KG FGWVUEJG *QEJ\GKVUOGFCKNNG /ÒPEJGP Q , 5 6HP .GKPGP

5%*7./#0 , %QNNGEVKQP NG /CKUVTG 2CZ KP 0WOOKU /GFCKNNGU LGVQPU GV OQPPCKGU C[CPV TCRRQTV CWZ FKXGTU VTCKV¾U FG RCKZ EQPENWU FGRWKU NG :8+G UK½ENG LWUSW ¯ PQU LQWTU #OUVGTFCO Q , = ? 5 6HP %QNNGEVKQP NG /CKUVTG 2CZ KP PWOOKU 6GKN /¾FCKNNGU LGVQPU GV OQPPCKGU C[CPV TCRRQTV CWZ FKXGTU VTCKV¾U FG RCKZ EQPENWU FGRWKU NG :8+G UK½ENG LWUSW ¯ PQU LQWTU #OUVGTFCO Q , = ? 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP

5%*7.6' 564#6*#75 ' &KG $KNFPKUUG )QGVJGU 2TQR[N·GP #WUICDG XQP )QGVJGU U·OVNKEJGP 9GTMGP 5WRRNGOGPV /ÒPEJGP 5 6HP .GKPGP $KPFWPI GVYCU NQEMGT

'PVJ·NV CWEJ #DD XQP /GFCKNNGP OKV )QGVJG 2QTVT·VU +O 8QTUCV\ JCPFUEJTKHVNKEJ 5[NC FGT 5V·VVG UEJÌPGP .GDGPU FKG $KNFPKUUG FGU NGDGPFKIUVGP 5EJÌPGP

5'4'0+55+/# #WMVKQPGP #TUCPVKSWC 6JG 5GTGPKUUKOC %QNNGEVKQP *KUVQT[ QH 8GPKEG VJTQWIJ /GF CNU $·PFG .QPFQP 5 5 5 LGYGKNU OKV \CJNTGKEJGP (CTDCDD .GKPGP OKV 5EJWV\WOUEJNCI

5+%+.+#01 6 /GFCINKG PCRQNGVCPG + PCRQNGQPKFK 0CRQNK :++ 5 OKV \CJNTGK EJGP #DD -CTVQPKGTV

/GOQTKG OGVCNNKEJG FGNNG FWG 5KEKNKG 0CRQNK 5 OKV \CJNTGKEJGP #DD 1TKI $TQ UEJWT

5+//'4/#%*'4 4 -CVCNQI 5EJTCWDVCNGT 5EJTCWD WPF 5VGEMOGFCKNNGP CWU ,CJTJWPFGTVGP 5COONWPI DGFGWVGPFGT 5VÒEMG OKV /KPKCVWTOCNGTGK )NKOOGTGKPNCIG WPF 'KPNCIGP \W XGTUEJKGFGPGP 6JGOGP = ? <ÒTKEJ 5 6HP -CTVQPKGTV (¤45%*0'4 ) -NGKPMWPUV KP 5KNDGT 5EJTCWDVCNGT WPF 5EJTCWD /GFCKNNGP 'KPG #WUUVGNNWPI FGU /ÒP\MCDKPGVVU -NGKPG 5EJTKHVGP FGU *KUVQTK UEJGP /WUGWOU (TCPMHWTV CO /CKP /GNUWPIGP Q , = ? 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD 1TKI $TQUEJWT

196

/'&#+..'0 2.#-'66'0

51//'4 - &KG /GFCKNNGP FGU MÌPKINKEJ RTGW­KUEJGP *QH /GFCKNNGWTU &CPKGN (TKGFTKEJ .QQU WPF UGKPGU #VGNKGTU /QPQITCRJKGP \WT 0WOKUOCVKM WPF 1TFGPUMWPFG 1UPCDTÒEM ::+++ 5 OKV \CJNTGKEJGP #DD .GKPGP

&KG /GFCKNNGP FGT MÌPKINKEJ RTGW­KUEJGP *QH /GFCKNNGWTG %JTKUVQRJ %CTN 2HGWHHGT WPF (TKGFTKEJ 9KN JGNO -WNNTKEJ 1UPCDTÒEM :+: 5 OKV \CJNTGKEJGP #DD .GKPGP

52#55-; + 5*%*7-+0# ' /GFCNU CPF %QKPU QH VJG #IG QH 2GVGT VJG )TGCV .GPKPITCF 5 \CJNTGKEJG HCTDKIG 6HP -WPUVNGFGT ÄÓÊÀÒÈ ² ÄÓÊÀײ ÓÊÐÀ¯ÍÈ =/ÒP\HÌTOKIG 5EJOWEMCPJ·PIGT FGT 7MTCKPG? -KGY 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD .GKPGP

6GZV KP GPINKUEJGT WPF TWUUKUEJGT 5RTCEJG

52+0- 510 %CVCNQIWG QH 2CRCN /GFCNU 0CEJFTWEM .QPFQP FGT #WUICDG 5 1TKI $TQUEJWT / %#4#( ,#%1$+0+ .G OGFCINKG FGK OCTGUECNNK FK 5CPVC 4QOCPC %JKGUC %WUVQFK FGN %QPENCXG # 4+0#.&+ %CVCNQIQ FGNNG OGFCINKG 2CRCNK CPPWCNK FC 2KQ 8++ C 2CQNQ 8+ ) (¤45%*0'4 2CRUVIGUEJKEJVG CWH /GFCKNNGP ) $'40+ .G OGFCINKG FGINK CPPK UCPVK 1TKI $TQ UEJWT $KPFWPI NQEMGT 2 &# .7%# /GFCINKG 2CRCNK 2CRCN /GFCNU =OKV 9KFOWPI FGU 8GTHCUUGTU CP FKG /ÒP\GP WPF /GFCKNNGP #)? -WPUVNGFGT Z .GKPGP Z 1TKI $TQUEJWT Z

56#*. # / *TUI 6JG /GFCN KP #OGTKEC %QKPCIG QH VJG #OGTKECU %QPHGTGPEG CV 6JG #OGTKECP 0WOKUOCVKE 5QEKGV[ 0GY ;QTM 5GRVGODGT 0GY ;QTM :+ OKV \CJNTGKEJGP #DD .GKPGP % 8'4/'7.' 0WOKUOCVKE #TV KP #OGTKEC #GUVJGVKEU QH VJG 7PKVGF 5VCVGU %QKPCIG %CO DTKFIG /# :+: 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI

56'/2'4 # &KG /GFCKNNGP FGT 2HCN\ITCHGP WPF -WTHÒTUVGP DGK 4JGKP 2H·N\KUEJG )GUEJKEJVG KO 5RKGIGN FGT /GFCKNNG $·PFG 9QTOU :.8+ 5 5 LGYGKNU OKV \CJNTGKEJGP #DD .GKPGP

56122 ( , 6JG 'ODNGOU QH VJG #NVFQTH #ECFGO[ /GFCNU CPF /GFCN 1TCVKQPU .QPFQP ::++ 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI

57*/ 2 ( $GUMTKXGNUG QXGT FCPUMG O[PVGT QI OGFCKNNGT K FGP MQPIGNKIG UCONKPI -QRGPJCIGP :::8+ 5 KP NQUGP .CIGP 6HP HGJNGP

572+01 + $ +N OGFCINKGTG OGFKEGQ PGN 4 /WUGQ 0C\KQPCNG FK (KTGP\G 5GEQNK :8 :8+ (KTGP\G 5 6HP KP DGKIGDWPFGPGT (CNVOCRRG .GKPGP 4ÒEMGP DGUEJ·FKIV 0T XQP 'ZGO RNCTGP

6#7. # 1NQOQWEM¾ O¾FCKNG RNCMGV[ zGVQP[ C \P±OM[ 1NQOQWE 5 6HP 1TKI $TQ UEJWT

61&'4+ ) 8#00'. ( .G OGFCINKG +VCNKCPG FGN :8+ UGEQNQ $·PFG (KTGP\G 5 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

64 514 &' 07/+5/#6+37' '6 &' ).;26+37' *TUI %J .GPQTOCPV /¾FCKNNGU EQWN¾GU GV EKUGN¾GU GP +VCNKG CWZ :8G GV :8+G UK½ENGU 6GKN WPF 2CTKU WPF WPF 5 WPF 6HP *CNDNGFGT 'KPDCPF DGUEJCDV WPF NQEMGT

/¾FCKNNGU (TCPECKUGU FGRWKU NG T½IPG FG %JCTNGU 8++ LWUSW C EGNWK FG .QWKU :8+ G RCTVKG 1GWXTG FG &WRT½ GV 9CTKP 2CTKU $NN 5 6HP *CNDNGFGT 4ÒEMGP DGUEJ·FKIV

/¾FCKNNGU FG NC T¾XQNWVKQP (TCPECKUG 2CTKU 5 6HP 4GEWGKN )¾P¾TCN FG $CU 4GNKGHU GV F QTPGOGPU QW O¾NCPIGU V[RQIN[RVKSWG +XQKTGU OGWDNGU CTOGU DKLQWZ 5 6HP $CU 4GNKGHU FG NC HTKUG KPV¾TK¾WTG FW VGORNG FG 2JKICNKG 5 6H /¾FCKNNGU (TCPECKUGU FGRWKU NG T½IPG FG %JCTNGU 8++ LWUSW C EGNWK FG .QWKU :8+ 5 6HP 0WOKUOCVKSWG FGU TQKU ITGEU 5 6HP 5EGCWZ FGU TQKU GV TGKPGU FG (TCPEG 5 6HP /¾FCKNNGU EQWN¾GU GV EKUGN¾GU GP +VCNKG CWZ :8G GV :8+G UK½ENGU 5 6HP $CU 4GNKGHU FG NC HTKUG FW 2CTVJ¾PQP 5 6HP +P GKPGO $CPF IG DWPFGP *CNDNGFGT GVYCU DGUVQ­GP

/¾FCKNNGU FG NC T¾XQNWVKQP (TCPECKUG FGRWKU N QWXGTVWTG FGU ¾VCVU )¾P¾TCWZ OCK LWUSWC NC 2TQENCOCVKQP FG N 'ORKTG OCK 2CTKU 5 6HP *CNDNGFGT 4ÒEMGP GVYCU DGUEJ· FKIV

/¾FCKNNGU (TCPECKUGU FGRWKU NG T½IPG FG %JCTNGU 8++ LWUSW C EGNWK FG .QWKU :8+ G RCTVKG 2CTKU 5 6HP *CNDNGFGT 4ÒEMGP UVCTM DGUEJ·FKIV

%JQKZ JKUVQTKSWG FGU /¾FCKNNGU FGU 2CRGU 2CTKU 5 6HP 5EJÌPGT *CNDNGFGTDCPF

%QNNGEVKQP FGU /¾FCKNNGU FG N 'ORKTG (TCPECKU GV FG N 'ORGTGWT 0CRQN¾QP 2CTKU $NN ++ 5 6HP *CNDNGFGT 4ÒEMGP GVYCU DGUEJ·FKIV 5GKVGP NQEMGT WPF YCUUGTTCPFKI

%JQKZ FG /¾FCKNNGU GZ¾EWV¾GU GP #NNGOCIPG CWZ :8+G GV :8++G UK½ENGU 2CTKU $NN 5 6HP *CNDNGFGT OKV 4ÒEMGXGTIQNFWPI 'KPDCPF GVYCU DGUVQ­GP

197

/'&#+..'0 2.#-'66'0

64+%17 , /GFCKNNGU .[QPPCKUGU FW :8G CW :8+++G UKGENG 2CTKU 5 6HP 1TKI $TQ UEJWT WPCWHIGUEJPKVVGP 4ÒEMGP GVYCU DGUEJ·FKIV

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8'4'+0 (ª4 07/+5/#6+- <7 24#) *TUI $GUEJTGKDWPI FGT DKUJGT DGMCPPVGP DÌJOKUEJGP 2TKXCVOÒP\GP WPF /GFCKNNGP 2TCI 8+ 5 6HP *CNDNGFGT GVYCU DGUVQ­GP

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81)'. * 5GKPG 5COONWPI UKGJG -CVCNQI 0T

81.61.+0# 2 .C UVQTKC FK 8GPG\KC CVVTCXGTUQ NG OGFCINKG $·PFG 8GPG\KC /GUVTG 5 5 5 LGYGKNU OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI

9#*. * 'KP WPIGFTWEMVGT )QGVJGDTKGH WPF GKPG WPIGRT·IVG )QGVJGOGFCKNNG 5 KP 8KOCTKGP UKC HÒT /CZ *GEMGT ªDGTTGKEJV \WO )GDWTVUVCI 9GKOCT 5 -CTVQPKGTV 0T XQP 'ZGORNCTGP

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9'$'4 + &GWVUEJG PKGFGTN·PFKUEJG WPF HTCP\ÌUKUEJG 4GPCKUUCPEG 2NCMGVVGP /QFGNNG HÒT 4GNKGHU CP -WNV 2TWPM WPF )GDTCWEJUIGIGPUV·PFGP $·PFG /ÒPEJGP 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

9'+.'4 * -ÌNPKUEJG /GFCKNNGP 2NCMGVVGP 5EJCWVCNGT ,GVQPU <GKEJGP WPF /CTMGP 6GKNG /CPW UMTKRVFTWEM $GTIKUEJ )NCFDCEJ -ÌNP D\Y -TGHGNF *ÒNU 5 5 5 $CPF WPF OKV \CJNTGKEJGP #DD -NGDGDKPFWPI WPF .GKPGP OKV 5EJWV\WOUEJNCI -ÌNPGT &QO /G FCKNNGP 6GKNG -TGHGNF *ÒNU 5 5 5 LGYGKNU OKV \CJNTGKEJGP 6GZVCDD .GK PGP OKV 5EJWV\WOUEJNCI %NGOGPU #WIWUV *GT\QI XQP $C[GTP -WTHÒTUV XQP -ÌNP &KG /GFCKNNGP 5EJCW WPF )GFGPMVCNGT WUY -ÌNPKUEJG /GFCKNNGP -TGHGNF *ÒNU 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI

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$QPPGT $GNCIGTWPIGP KO 5RKGIGN FGT /GFCKNNGP -GORGP *ÒNU 5 OKV GKPKIGP #DD .GKPGP

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9'+55 4 6JG /GFCNU QH 2QRG 5KZVWU +8 4QO 5 #DD CWH 6HP 1TKI $TQUEJWT $KPFWPI GVYCU NQEMGT

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/KV 9KFOWPI FGU 8GTHCUUGTU

5GDCUVKCP &CFNGT /GFCNKGT IFCmUMK :8++ YKGMW )FCmUM 5 6HP .GKPGP

9+'.#0&6 ( <'+6< , &KG /GFCKNNGP FGU *CWUGU $CFGP &GPMOÒP\GP \WT )GUEJKEJVG FGU \·JTKP IGP DCFKUEJGP (ÒTUVGPJCWUGU CWU FGT <GKV XQP DKU -CTNUTWJG 5 OKV \CJNTGKEJGP #DD , <'+6< &KG /GFCKNNGP FGU *CWUGU $CFGP $CPF &GPMOÒP\GP WPF 2NCMGVVGP \WT )GUEJKEJVG FGU \·JTKPIGP DCFKUEJGP (ÒTUVGPJCWUGU UGKV (TGKDWTI KO $TGKUICW 5 OKV \CJNTGKEJGP #DD 0T XQP 'ZGORNCTGP .GKPGP OKV 5EJWV\WOUEJNCI

9+'0'4 $70& (ª4 /'&#+..'0-7056 *TUI &KG /GFCKNNG FGT 1UVOCTM 9KGP .GKR\KI 5 6HP .GKPGP

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974<$#%* 6#00'0$'4) 9 4 XQP -CVCNQI OGKPGT 5COONWPI XQP /GFCKNNGP 2NCMGVVGP WPF ,GVQPU 6GKNG /CPWUMTKRVFTWEM <ÒTKEJ W C (TQPVKURK\ :8 5 6HP .GKPGP 0T XQP 'ZGORNCTGP

-1081.76 #7-6+105-#6#.1)' .#7)9+6< %Q Q * ) #WMVKQP /GFCKNNGP 5EJCW OÒP\GP .KVGTCVWT WPF * -4#%*.'4 #TU KP 0WOOKU WPF

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199

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8KGT -NGKPUEJTKHVGP ÒDGT RQNPKUEJG /GFCKNNGWTG 1TKI $TQUEJWT

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% XQP (#$4+%<; /GFCKNNGP FGT KVCNKGPKUEJGP 4GPCKUUCPEG $ &')'40*#46 #PVQPKQ 2KUCPGNNQ , $#$'.10 2KUCPGNNQ ( &9145%*#- #PVQPKQ #DQPFKQ .GKPGP Z 1TKI $TQUEJWT Z

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200

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2#7.; 9+5519# 2CWN[U 4GCN 'PE[ENQR·FKG FGT ENCUKUEJGP #NVGTVWOUYKUUGPUEJCHVGP 'TUVG 4GKJG $CPF KP *CNDD·PFGP <YGKVG 4GKJG $CPF KP *CNDD·PFGP 5WRRNGOGPV $CPF WPF 4GIKUVGTDCPF FGT 0CEJV·IG WPF 5WRRNGOGPVG 5VWVVICTV 'KPJGKVNKEJG *CNDNGKPGPGKPD·PFG 6CFGNNQUGU 'ZGORNCT FKGUGT YKEJVKIGP 4GKJG WPF XQNNUV·PFKI UGJT UGNVGP CPIGDQVGP

37+..'6 &KEVKQPPCKTG 'PE[ENQR¾FKSWG 3WKNNGV 8QN 2CTKU .GKPGP

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6*+'/' 7 $'%-'4 ( #NNIGOGKPGU .GZKMQP FGT DKNFGPFGPFGP -ÒPUVNGT XQP FGT #PVKMG DKU \WT )GIGPYCTV $·PFG .GKR\KI 'KPJGKVNKEJGU *CNDNGFGT 203

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-1081.76 #.6' )'5%*+%*6' 8GTUEJKGFGPG 5EJTKHVGP FCTWPVGT ' $470'..' &KG $KNF PKUUG FGT 2VQNGO·GTKPPGP +PCWIWTCNFKUUGTVCVKQP \WT 'TNCPIWPI FGU )TCFGU GKPGU &QMVQTU FGT 2JKNQUQRJKG KO (CEJDGTGKEJ -NCUUKUEJG #TEJ·QNQIKG FGT ,QJCPP 9QNHICPI )QGVJG 7PKXGTUKV·V \W (TCPMHWTV CO /CKP /CPWUMTKRVFTWEM (TCPMHWTV CO /CKP +: 5 + %1).+614' /Q\KC 5VWFK UVQTKEQ CTEJGQNQIKEK 2CNGTOQ :8 5 / 41'*/'4 &GT $QIGP CNU 5VCCVUOQPWOGPV <WT RQNKVK UEJGP $GFGWVWPI FGT TÌOKUEJGP 'JTGPDÌIGP FGU ,JU P %JT 3WGNNGP WPF (QTUEJWPIGP \WT #PVKMGP 9GNV /ÒPEJGP 5 6HP , 5%*9#46< . &QOKVKWU &QOKVKCPWU ¾VWFG PWOKUOCVK SWG GV RCR[TQNQIKSWG 2CR[TQNQIKC $TWZGNNGPUKC $TWZGNNGU 5 6HP , $ 4#0)'4 2TKPEKRCVWU 'VWFGU FG PQVKQPU GV F JKUVQKTG RQNKVKSWGU FCPU N #PVKSWKV¾ IT¾EQ TQOCKPG )GP½XG :8 5 7PVGTUEJKGFNKEJ IGDWPFGP

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-1081.76 74 70& (4ª*)'5%*+%*6' / &'561/$'5 7P CUVTQNCDG %CTQNKPIKGP GV N QTKIKPG FG PQU EJKHHTGU CTCDGU 5& CWU #TEJKXGU +PVGTPCVKQPCNGU F *KUVQKTG FGU 5EKGPEGU 2 8 ).1$ *TUI &CPGHº 6KN *GPFGU /CLGUVºV &TQPPKPI /CTITGVJG ++ ( Ñ 2'44#7& 2T¾JKUVQTKSWG GV CTEJ¾QNQIKG &KEVKQPPCKTG .GZKSWG 2CTKU # 41'5 8QPFUVGP XCP &QTGUVCF #TEJCGQNQIKEC 6TCKGEVKPC )TQPKPIGP =/KV #DD XQP FTGK 2TQDGCDUEJN·IGP XQP MCTQNKPIGT\GKVNKEJGP /ÒP\UVGO RGNP CWH $NGK? , 52'%- .W\GTP KP UEJTKHVNQUGT 8GTICPIGPJGKV 5& CWU .W\GTP $GKVT·IG \WT )GUEJKEJVG FGT 5VCFV * 56'+0+0)'4 &KG OÒP\FCVKGTVG -GTCOKM FGU /KVVGNCNVGTU WPF FGT HTÒJGP 0GW\GKV KP ¤UVGTTGKEJ 9KGP * 6*14$'46 5VGP¹NFGTUDQRNCVUGT K 8TCO¹PU XCVVGPQOT¹FG 5& CWU 5M¹PGU *GOD[IFUHÌTDWPFU TUDQM =OKV 9KFOWPI FGU 8GTHCUUGTU CP * # %CJP? .GKPGP OKV 5EJWV\WOUEJNCI Z 1TKI $TQUEJWT Z IGJGHVGV Z

5641

204

-1081.76 # %#2'..+ .GZKEQP #DDTGXKCVWTCTWO 9ÌTVGTDWEJ NCVGKPKUEJGT WPF KVCNKGPKUEJGT #DMÒT\WPIGP .GKR\KI . # %*#55#06 &KEVKQPPCKTG FGU CDT¾XKCVKQPU NCVKPGU GV HTCP¼CKUGU WUKV¾GU FCPU NGU KPUETKRVKQPU NCRKFCKTGU GV O¾VCNNKSWGU .GU OCPWUETKVU GV NGU EJCTVGU FW OQ[GP CIG #WHNCIG 2CTKU =GZ NKDTKU $ÒEJGTGK F &T #TPQNF .WUEJKP X 'DGPITGWVJ? 8QECDWNCTKQ RGK PWOKU OCVKEK KP NKPIWG /CPWCNK *QGRNK 5GTKG UEKGPVKHKEC 1 0'7$'%-'4 &GWVUEJ WPF (TCP\ÌUKUEJ HÒT *GTCNFKMGT $GTNKP # / *#%-'46 *TUI .GZKEQP QH VJG )TGGM CPF 4QOCP %KVKGU CPF 2NCEG 0COGU KP #PVKSWKV[ %C $ % %C # & $CPF #OUVGTFCO 9 *#+) %QO RCTCVKXG 6CDNGU QH /WJCOOGFCP CPF %JTKUVKCP &CVGU .QPFQP )TCKPU CPF )TCOOGU # 6CDNG QH 'SWKXCNGPVU HQT VJG 7UG QH 0WOKUOCVKUVU .QPFQP # $.+0& /C­ /ÒP\ WPF )GYKEJVUYGUGP #WHNCIG $GTNKP .GKR\KI 2 &'%*#/25 .QECNKUCVKQP FGU OQPPCKGU LGVQPU GV O¾FCKNNGU RCT NG OQV EN¾ NCVKP .GKPGP Z UQPUV 1TKI $TQUEJWT

('565%*4+(6'0

( .'014/#06 /QPPCKGU GV O¾FCKNNGU # 2'6'45 *KUVQKTG OQPFKCNG U[PEJTQPQRVKSWG ) 2+'4(+66' /QPPCKGU )TGESWGU FW /WU¾G 5CKPV 4CKOQPF ' %#8#+)0#% . ¾EQPQOKG )TGESWG ) &'2';416 .G $CU 'ORKTG 4QOCP 'EQPQOKG GV PWOKUOCVKSWG +:G %QPIT½U +PVGTPC VKQPCN FGU 5EKGPEGU *KUVQTKSWGU $CPF #EVGU 2CTKU .GKPGP Z MCTVQPKGTV Z UQPUV 1TKI $TQUEJWT

('565%*4+(6'0

#/'4+%#0 07/+5/#6+% 51%+'6; * +0)*1.6 *TUI %GPVGPPKCN 2WDNKECVKQP QH VJG #OGTKECP 0WOKUOCVKE 5QEKGV[ 0GY ;QTM :+ 5 6HP .GKPGP $KPFWPI GVYCU NQEMGT * . #&'.510 6JG #OGTKECP 0WOKUOCVKE 5QEKGV[ 0GY ;QTM (TQPVKURK\ : 5 OKV GKPKIGP 6HP .GKPGP

#45.#0 ' # 4 /#46+0+ 0 8+5/#4# *TUI 'TOCPPQ # #TUNCP 5VWFKC &KECVC $·PFG /KNCPQ 5 FCXQP 6HP -CTVQPKGTV

$#.&9+0 # 4 # ) %#4510 *TUI /KPVU &KGU CPF %WTTGPE[ 'UUC[U &GFKECVGF VQ VJG /GO QT[ QH #NDGTV $CNFYKP .QPFQP (TQPVKURK\ :8 5 6HP .GKPGP

$#56+'0 2 * *78'.+0 / %*4+561. ) )#76+'4 *TUI /¾NCPIGU FG PWOKUOCVKSWG QHHGTVU ¯ 2KGTTG $CUVKGP ¯ N QEECUKQP FG UQP G CPPKXGTUCKTG 9GVVGTGP (TQPVKURK\ :::+8 5 6HP .GKPGP

$ 4'0& & 5 / *746'4 % #401.& $+7%%*+ *TUI 2QWT &GP[UG &KXGTVKUUGOGPVU 0WOKU OCVKSWGU $GTP (TQPVKURK\ 5 FCXQP 6HP 1TKI $TQUEJWT

$'4)*#75 2 (GUVICDG 2GVGT $GTIJCWU \WO )GDWTVUVCI FCTIGDTCEJV CWU FGO -TGKUG UGKPGT 5VW FGPVGP /ÒPUVGT 5 6HP -NGDGDKPFWPI 6 (+5%*'4 2 +.+5%* *TUI .CIQO (GUV UEJTKHV HÒT 2GVGT $GTIJCWU \WO )GDWTVUVCI CO 0QXGODGT /ÒPUVGT (TQPVKURK\ :+8 5 OKV \CJNTGKEJGP #DD WPF 6HP .GKPGP 2 $'4)*#75 &GPCT 5VGTNKPI )QNFIWNFGP #WUIG Y·JNVG 5EJTKHVGP \WT 0WOKUOCVKM JTUI XQP ) *#6< 2 +.+5%* $ -.7)' 1UPCDTÒEM 5 OKV 6HP -CTVGP WPF #DD 1TKI $TQUEJWT

5649

$.ª/'4 * (GUVICDG *WIQ $NÒOGT ÒDGTTGKEJV \WO #WIWUV XQP (TGWPFGP WPF 5EJÒNGTP <ÒTKEJ : 5 OKV GKPKIGP #DD WPF 6HP 2CRRDCPF

'PVJ·NV W C ' # 56ª%-'.$'4) &GT KMQPKUEJG 9GTV FGU TÌOKUEJGP /ÒP\RQTVT·VU $ 2+%- #VJGPKUEJG 5VCVWGP CWH /ÒP\GP 4 /ª056'4$'4) #DMÒT\WPIGP CWH /ÒP\GP

$7%*'0#7 * *GKPTKEJ $WEJGPCW CO #RTKN ,CJTG CNV )GYKFOGV XQP (TGWPFGP WPF -QNNGIGP /ÒPEJGP 5 1TKI $TQUEJWT

205

('565%*4+(6'0

%#*0 * # -NGKPG 5EJTKHVGP \WT /ÒP\MWPFG WPF #TEJ·QNQIKG JTUI XQP % #%-'4/#00 W C $CUGN 5 OKV \CJNTGKEJGP #DD WPF 6HP .GKPGP $ 5%* 4.+ * 81')6.+ *TUI (GUV UEJTKHV *GTDGTV # %CJP <WO )GDWTVUVCI IGYKFOGV WPF JTUI XQO %KTEWNWU 0WOKUOCVKEWU $CUKNKGP UKU $CUGN :8 5 FCXQP 6HP -CTVQPKGTV %QPEKPPKVCU $GKVT·IG \WO 2TQDNGO FGU -NCUUK UEJGP *GKPTKEJ 9ÌNHHNKP \WO CEJV\KIUVGP )GDWTVUVCI CO ,WPK \WIGGKIPGV (TQPVKURK\ 5 GKPKIG #DD .GKPGP

&GP -NGKPGP 5EJTKHVGP NKGIV GKP OCUEJKPGPUEJTKHVNKEJGU 8GTÌHHGPVNKEJWPIUXGT\GKEJPKU XQP * # %CJP HÒT FKG ,CJTG DGK

%#4510 4 ,'0-+05 - / 24+%' # $740'66 4 $.#0& *TUI 'UUC[U KP *QPQWT QH 4QDGTV %CTUQP CPF -GPPGVJ ,GPMKPU .QPFQP (TQPVKURK\ : 5 6HP .GKPGP

%.#+0 56'(#0'..+ 8 WPF ' ' +VCNKCO HCVQ RTQHWIK *GURGTKPCSWG XGPGTWPV NKVQTC 0WOKUOCVKE 5VWFKGU &GFKECVGF VQ 8NCFKOKT CPF 'NXKTC 'NK\C %NCKP 5VGHCPGNNK 0WOKUOCVKEC .QXCPKGPUKC .QWXCKP NC 0GWXG ::+++ 5 OKV \CJNTGKEJGP #DD WPF 6HP .GKPGP

%1.$'46 &' $'#7.+'7 , $ % $'/106 W C *TUI /¾NCPIGU QHHGTVU CW FQEVGWT , $ %QNDGTV FG $GCWNKGW 6QWNQWUG ::: 5 OKV \CJNTGKEJGP #DD WPF 6HP .GKPGP

&' 4 , $[\CP\ WPF FCU CDGPFN·PFKUEJG *GTTUEJGTVWO #WUIGY·JNVG #WHU·V\G 8QTVT·IG WPF (QT UEJWPIGP 5KIOCTKPIGP 5 6HP .GKPGP

'PVJ·NV W C &GT 7TURTWPI FGT -CKUGTMTQPG $[\CP\ WPF FKG *GTTUEJCHVU\GKEJGP FGU #DGPFNCPFGU &GT )NQDWU FGU UR·VTÌOKUEJGP WPF D[\CPVKPKUEJGP -CKUGTU 5[ODQN QFGT +PUKIPG! <W FKGUGP 7PVGTUWEJWPIGP YGTFGP KOOGT YKGFGT CWEJ /ÒP\GP JGTCPIG\QIGP WPF CDIGDKNFGV

5656

206

&1..'; 4 * / *TUI #PINQ 5CZQP %QKPU 5VWFKGU 2TGUGPVGF VQ ( / 5VGPVQP QP VJG 1EECUKQP QH JKU VJ $KTVJFC[ /C[ .QPFQP (TQPVKURK\ :8 5 6HP .GKPGP #PINQ 5CZQP 2GPPKGU .QPFQP (CTDKIGU (TQPVKURK\ 5 6HP 1TKI $TQUEJWT

(4#0-' 2 4 9 .'5%**140 # 8 $ /+410 # /+410 *TUI *GNNCU WPF FGT ITKGEJKUEJG 1UVGP 5VWFKGP \WT )GUEJKEJVG WPF 0WOKUOCVKM FGT ITKGEJKUEJGP 9GNV (GUVUEJTKHV HÒT 2GVGT 4QDGTV (TCPMG \WO )GDWTVUVCI 5CCTDTÒEMGP 5 6HP -CTVQPKGTV

('565%*4+(6'0

5658

5661

)#.56'4 ) - $'0&+:'0 W C *TUI %QKPU CPF *KUVQT[ 5GNGEVGF 0WOKUOCVKE 'UUC[U D[ )GQTI )CNUVGT 1 1 (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT )¤$. 4 UKGJG -CVCNQI 0T

)4+'4510 2 % 0 . $411-' W C *TUI 5VWFKGU KP 0WOKUOCVKE /GVJQF RTGUGPVGF VQ 2JKNKR )TKGTUQP %CODTKFIG W C ::: 5 FCXQP 6HP .GKPGP

)416' * *GTOCPP )TQVG (GUVUEJTKHV CWU #PNC­ FGT 9KGFGTMGJT UGKPGU )GDWTVU VCIGU /ÒPUVGT (TQPVKURK\ 5 6HP 1TKI $TQUEJWT NQEMGT

*#'$'4.+0 ' , / $#*4('.&6 *TUI 'TPUV ,WUVWU *CGDGTNKP 5GKP 9KTMGP KP 9KUUGPUEJCHV WPF .GDGP /ÒPEJGP (TQPVKURK\ 5 6HP 1TKI $TQUEJWT

5662

5664

* 8'40+%- 9 2 $'4)*#75 ) *#6< *TUI &QPC 0WOKUOCVKEC 9CNVGT *·XGTPKEM \WO ,CPWCT FCTIGDTCEJV *CODWTI (TQPVKURK\ :++ 5 6HP .GKPGP (TQPVKURK\ GVYCU NQUG

*#6< ) WPF 8 2 $'4)*#75 W C *TUI %QOOGPVCVKQPGU 0WOKUOCVKECG (GUVICDG HÒT )GTV WPF 8GTC *CV\ \WO ,CPWCT FCTIGDTCEJV *CODWTI (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD WPF 6HP .GKPGP

*'#& $ 8 %QTQNNC 0WOKUOCVKEC 0WOKUOCVKE 'UUC[U KP *QPQWT QH $CTENC[ 8 *GCF .QPFQP W C (TQPVKURK\ :8+ 5 6HP /QFGTPGU .GKPGP

207

('565%*4+(6'0

*'45* % # $740'66 W C *TUI %QKPU QH /CEGFQPKC CPF 4QOG 'UUC[U KP *QPQWT QH %JCTNGU *GTUJ .QPFQP :++ 5 6HP .GKPGP

+#20 4 /#4)1.+5 * 81')6.+ 0WOKUOCVKEU 9KVPGUU VQ JKUVQT[ +#20 2WDNKECVKQP 9GVVGTGP :8 5 6HP .GKPGP

,'.1C0+- # 2 -15 Z &'/1 *TUI 5VWFKC PWOKUOCVKEC .CDCEGPUKC #NGZCPFTQ ,GNQcPKM QDNCVC .LWDNLCPC (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD WPF 6HP -CTVQPKGTV

-4##; % / /¦4-*1./ 1 ) .' 4+&'4 W C *TUI -TCC[ /ÎTMJQNO 'UUC[U 0WOKU OCVKE 5VWFKGU KP /GOQT[ QH % / -TCC[ CPF 1 /ÎTMJQNO 0WOKUOCVKEC .QXCPKGPUKC .QWXCKP NC 0GWXG ::+++ 5 6HP .GKPGP

.#(#74+' , 2 $#56+'0 W C *TUI /¾NCPIGU FG PWOKUOCVKSWG F CTEJ¾QNQIKG GV F JKUVQKTG QHHGTVU ¯ ,GCP .CHCWTKG 2CTKU (TQPVKURK\ 5 6HP 1TKI $TQUEJWT

.#)'438+56 . 1 7 '*4'058 4& W C *TUI .NV (GUVUMTKHV VKNN .CTU 1 .CIGTSXKUV 0WOKU OCVKUMC OGFFGNCPFGP 5VQEMJQNO (CTDKIGU (TQPUVKURK\ ::+ 5 OKV \CJNTGKEJGP #DD .GKPGP

.' 4+&'4 ) VWFGU F JKUVQKTG OQP¾VCKTG GV HKPCPEK½TG FW OQPFG )TGE ETKVU $·PFG #VJGP 5 OKV GKPKIGP 6HP WPF -CTVGP .GKPGP

/ #/#0&4; 5 *746'4 *TUI 6TCXCWZ FG PWOKUOCVKSWG ITGESWG QHHGTVU C )GQTIGU .G 4KFGT .QPFQP :+ 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

.'*/#00 *#726 % ( - 4').+0) * 4'+%* *TUI (GUVUEJTKHV \W % ( .GJOCPP *CWRVU UGEJ\KIUVGO )GDWTVUVCIG ,CPWU 9KGP .GKR\KI : 5 6HP 1TKI $TQUEJWT VGKNYGKUG WPCWHIGUEJPKVVGP NQUG .CIGP

5674

.75%*+0 810 '$'0)4'76* # (GUVICDG FGU *KUVQTKUEJGP 8GTGKPGU HÒT 5VGKGTOCTM )GYKFOGV #TPQNF .WUEJKP XQP 'DGPITGWVJ \WO #WIWUV )TC\ 5 *CNDNGFGT

'PVJ·NV 8GTÌHHGPVNKEJWPIUXGT\GKEJPKU FGU ,WDKNCTU UQYKG PKEJVPWOKUOCVKUEJG #WHU·V\G

/#./'4 $ , 5 ,'05'0 *TUI =(GUVUEJTKHV $TKVC /CNOGT \WO )GDWTVUVCI CO ? *KMWKP 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

/#66+0).; * 4 # ) %#4510 % * 8 576*'4.#0& *TUI 'UUC[U KP 4QOCP %QKPCIG RTGUGPVGF VQ *CTQNF /CVVKPIN[ 1ZHQTF :+8 5 6HP .GKPGP

/+.&'0$'4) . # *17)*610 W C *TUI (GUVUEJTKHV HÒT .GQ /KNFGPDGTI 0WOKUOCVKM -WPUVIGUEJKEJVG #TEJ·QNQIKG 9GVVGTGP (TQPVKURK\ :8+++ 5 6HP .GKPGP

8GUVKIKC .GQPKU 5VWFKGP \WT CPVKMGP 0WOKUOCVKM +UTCGNU 2CN·UVKPCU WPF FGT ÌUVNKEJGP /KVVGNOGGTYGNV JTUI XQP 7 *ª$0'4 ' # -0#7( 0QXWO 6GUVCOGPVWO GV 1TDKU #PVKSWWU (TGKDWTI )ÌVVKPIGP (CTDKIGU (TQPVKURK\ ::+ 5 6HP -CTVQPKGTV

0#56'4 2 5 5%*''45 *TUI 5VWFKC 2CQNQ 0CUVGT QDNCVC $CPF 0WOKUOCVKEC CPVKSWC 1TKGPVCNKC .QXCPKGPUKC #PCNGEVC .GWXGP :::+++ 5 FCXQP 6HP .GKPGP

208

('565%*4+(6'0

07/+5/#6+5%*' )'5'..5%*#(6 <7 $'4.+0 'TUVGT ,CJTGUDGTKEJV $GTNKP 5 1TKI $TQUEJWT

,CJTG 0WOKUOCVKUEJG )GUGNNUEJCHV \W $GTNKP 5 6HP -NGDGDKPFWPI 4ÒEMGP DG UEJ·FKIV 5KV\WPIUDGTKEJVG FGT 0WOKUOCVKUEJGP )GUGNNUEJCHV \W $GTNKP 5& CWU <GKVUEJTKHV HÒT 0WOKUOCVKM

¤. '4 % *TUI # (GUVUEJTKHV 2TGUGPVGF VQ +DTCJKO #TVWM QP VJG 1EECUKQP QH VJG VJ #PPKXGTUCT[ QH VJG 6WTMKUJ 0WOKUOCVKE 5QEKGV[ +UVCPDWN +8 5 OKV #DD .GKPGP

5688

5683

2+%- $ #WHU·V\G \WT 0WOKUOCVKM WPF #TEJ·QNQIKG ,GPC (TQPVKURK\ :++ 5 6HP *CNDNGKPGP $KPFWPI NQEMGT GKPKIG 5GKVGP NQUG

24+%' / , # 2 6<#/#.+5 *TUI /0*/* /CTVKP , 2TKEG 6GZVU KP )TGGM 'PINKUJ $KDNKQ VJGMG VGU GNNGPKMGU PQOKUOCVKMGU GVCKRGKCU #VJGP (TQPVKURK\ 5 OKV GKPKIGP VGKNU HCTDKIGP 6HP 1TKI $TQUEJWT

4 #5*610 5 *746'4 *TUI 5VWFKGU KP )TGGM 0WOKUOCVKEU KP /GOQT[ QH /CTVKP ,GUUQR 2TKEG .QPFQP (TQPVKURK\ :8 5 6HP .GKPGP OKV 5EJWV\WOUEJNCI

4 #.(¤.&+ / * % 01'5-' * 5%*7$'46 *TUI &KG /ÒP\G $KNF $QVUEJCHV $GFGWVWPI (GUVUEJTKHV HÒT /CTKC 4 #NHÌNFK (TCPMHWTV CO /CKP W C :::++ 5 6HP -CTVQPKGTV

41$+0510 5 % / -4##; ) - ,'0-+05 *TUI 'UUC[U KP )TGGM %QKPCIG RTGUGPVGF VQ 5VCPNG[ 4QDKPUQP 1ZHQTF :++ 5 6HP

5%*.7/$'4)'4 ) /¾NCPIGU QHHGTVU C / )WUVCXG 5EJNWODGTIGT C N QEECUKQP FW SWCVTG XKPIVK½OG CPPKXGTUCKTG FG UC PCKUUCPEG QEVQDTG $·PFG 2CTKU :::+ 5 6HP 5 6HP .GKPGP

5%*¤0'46 )'+55 ' 7 2'6'4 *TUI 5VGRJCPQU PQOKUOCVKMQU 'FKVJ 5EJÌPGTV )GKUU \WO )GDWTVUVCI $GTNKP :8+++ 5 OKV \CJNTGKEJGP #DD WPF 6HP -CTVQPKGTV

5*'.18 & $ ) # -15*'.'0-1 0 / 5/+4018# ; ) 8+01)4#&18 *TUI 0WOKU OCVKEU 'RKITCRJ[ 'UUC[U KP *QPQWT QH &OKVTKK $ 5JGNQY /QUMCW (TQPVKURK\ 5 #DD 6HP -WPUVNGFGT

209

('565%*4+(6'0

51%+ 6 (4#0 #+5' &' 07/+5/#6+37' %GPVGPCKTG FG NC 5QEK¾V¾ (TCP¼CKUG FG 0WOKUOCVKSWG 5 OKV \CJNTGKEJGP 6HP WPF #DD &C\W 'ZRQUKVKQP EQPEQWTU FG PWOKUOCVKSWG WPF 1TKI $TQUEJWT

576*'4.#0& * 4 # ) %#4510 % / -4##; *TUI 5ETKRVC 0WOOCTKC 4QOCPC 'UUC[U RTGUGPVGF VQ *WORJTG[ 5WVJGTNCPF .QPFQP (TQPVKURK\ :+++ 5 6HP .GKPGP

6*1/2510 / 1 /¦4-*1./ 0 / 9#))10'4 *TUI )TGGM 0WOKUOCVKEU CPF #TEJCGQN QI[ 'UUC[U KP *QPQT QH /CTICTGV 6JQORUQP 9GVVGTGP (TQPVKURK\ :+: 5 6HP .GKPGP

6*1/5'0 4 # &#/5)##4& /#&5'0 ' %*4+56+#05'0 ' *#..#)'4 *TUI 5VWFKGU KP #PEKGPV *KUVQT[ CPF 0WOKUOCVKEU RTGUGPVGF VQ 4WFK 6JQOUGP #CTJWU 5 OKV GKPKIGP #DD WPF 6HP -CTVQPKGTV

64+%17 , /¾NCPIGU FG VTCXCWZ QHHGTVU ¯ /CKVTG ,GCP 6TKEQW .[QP 5 OKV GKPKIGP 6HP 1TKI $TQUEJWT

'VPJ·NV W C 2 $#56+'0 7PG ¾PKIOG FG NC PWOKUOCVKSWG TQOCKPG NGU (QNNGU ( &7/#5 .[QP QW .CQP! # RTQRQU FG VTQKU FGPKGTU FW :G UK½ENG , .#(#74+' .GU OQPPCKGU HTCRR¾GU ¯ .[QP CW 8KG UK½ENG % /#46+0 &G N KPUVKVWVKQP FGU OQPPC[GWTU FW 5CKPV 'ORKTG 4QOCKP

8'4'+0 &'4 /ª0<'0(4'70&' +0 *#/$74) (GUVICDG \WT (GKGT FGU L·JTKIGP $GUVGJGPU *CODWTI 5 6HP )GJGHVGV

'PVJ·NV W C 9 * 8'40+%- &KG 5VGORGN FGT *CODWTIKUEJGP /ÒP\UV·VVG KP 'OFGP WPF * /#;$#7/ &KG /ÒP\RHGPPKIG GKPG OKVVGNCNVGTNKEJG #DICDG

8'4'+0 &'4 /ª0<(145%*'4 70& /ª0<(4'70&' (ª4 9'56(#.'0 70& 0#%*$#4)'$+'6' (GUVUEJTKHV \WT (GKGT FGU L·JTKIGP $GUVGJGPU FGU 8GTGKPU DGUQTIV XQP - -'00'21*. /ÒPUVGT KP 9GUVHCNGP 5 (CNVVH 6HP .GKPGP

8'4'+0 &'4 /ª0<(4'70&' (ª4 9'56(#.'0 70& 0#%*$#4)'$+'6' 9GUVHCNKC 0W OKUOCVKEC /ÒPUVGT 5 FCXQP 6HP 9GUVHCNKC 0WOKUOCVKEC (GUVUEJTKHV \WT (GKGT FGU L·JTKIGP $GUVGJGPU FGU 8GTGKPU FGT /ÒP\HTGWPFG HÒT 9GUVHCNGP 5EJTKHVGPTGKJG FGT /ÒP\ HTGWPFG /KPFGP /KPFGP 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

9#))10'4 0 / 9 ' /'6%#.( *TUI /PGOCVC 2CRGTU KP /GOQT[ QH 0CPE[ / 9CI IQPGT 0GY ;QTM : 5 6HP 6CDGNNGP

9'56'4/#4- 7 * 0+.5510 *TUI (NQTKNGIKWO 0WOKUOCVKEWO 5VWFKC KP JQPQTGO 7 9G UVGTOCTM GFKVC 0WOKUOCVKUMC OGFFGNCPFGP 5VQEMJQNO :8 5 OKV \CJNTGKEJGP #DD WPF 6HP .GKPGP

9ª466'/$'4)+5%*'4 8'4'+0 (ª4 /ª0<-70&' ' 8 *TUI $GKVT·IG \WT UÒFFGWVUEJGP /ÒP\IGUEJKEJVG (GUVUEJTKHV \WO L·JTKIGP $GUVGJGP FGU 9ÒTVVGODGTIKUEJGP 8GTGKPU HÒT /ÒP\MWPFG JTUI XQP 2 )1'55.'4 5VWVVICTV 5 6HP .GKPGP

0GWG $GKVT·IG \WT UÒFFGWVUEJGP /ÒP\IGUEJKEJVG 5VWVVICTV 5 OKV -CTVGP 6HP .GKPGP

$GKVT·IG \WT 5ÒFFGWVUEJGP /ÒP\IGUEJKEJVG (GUVUEJTKHV \WO L·JTKIGP $GUVGJGP FGU 9ÒTVVGODGTIK UEJGP 8GTGKPU HÒT /ÒP\MWPFG G 8 5VWVVICTV 5 OKV \CJNTGKEJGP #DD WPF GKPKIGP 6HP .GK PGP

$GKVT·IG \WT UÒFFGWVUEJGP /ÒP\ )GUEJKEJVG 5VWVVICTV 5 FCXQP 6HP (CNVMCTVG DGKIG NGIV 1TKI $TQUEJWT

$GKVT·IG \WT UÒFFGWVUEJGP /ÒP\IGUEJKEJVG (GUVUEJTKHV \WO L·JTKIGP $GUVGJGP FGU 9ÒTVVGO DGTIKUEJGP 8GTGKPU HÒT /ÒP\MWPFG G 8 5VWVVICTV 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

&CTKP W C 7 -.'+0 4 7./'4 %QPEQTFCPVKCG %QPUVCPVKGPUGU %% 6CDGNNCTKUEJGT -CVCNQI FGT $QFGPUGG $TCMVGCVGP

210

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<'+65%*4+(6'0 70& 4'+*'0

<'+65%*4+(6'0 70& 4'+*'0

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#/'4+%#0 ,1740#. 1( 07/+5/#6+%5 UGEQPF 5GTKGU EQPV 6JG #OGTKECP 0WOKUOCVKE 5QEKGV[ /WUGWOU 0QVGU *TUI XQP 6JG #OGTK 8QN $TQUEJKGTV $CPF KP $·PFGP IGDWPFGP )CP\NGKPGP $CPF

#/'4+%#0 ,1740#. 1( 07/+5/#6+%5 *TUI XQP FGT #OGTKECP 0WOKUOCVKE 5QEKGV[ 0GY ;QTM 8QN )CP\NGKPGP KP $·PFGP IGDWPFGP &C\W $CPF 0T 1MVQDGT 0T ,CPWCT WPF #RTKN 0T ,WNK ,CPWCT 0T ,WNK 1MVQDGT ,CPWCT 0T ,CPWCT 2TQEGGFKPIU QH /GGVKPIU *CNDNGFGT KP GKPGO $CPF IGDWPFGP VGKNYGKUG DGUEJ·FKIV

#00#.+ *TUI XQO +UVKVWVQ +VCNKCPQ FK 0WOKUOCVKEC 4QO $CPF #VVK FGN EQPXGIPQ FGN %GPVTQ +PVGTPCVKQPCNG FK 5VWFK 0WOKUOCVKEK $QUEJKGTV KP $·PFGP IGDWPFGP

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2TCEJVXQNNGU XQNNUV·PFKIGU 'ZGORNCT FKGUGT 4GKJG

#4%*+8 (ª4 $4#-6'#6'0-70&' *TUI XQP 4WFQNH *ÌHMGP XQP *CVVKPIUJGKO 9KGP $CPF +P $·PFGP KP *CNDNGFGT OKV )QNFXGT\KGTWPIGP IGDWPFGP GVYCU DGUVQ­GP

#4%*+8 (ª4 /'&#+..'0 70& 2.#-'66'0 -70&' $CPF +P $·PFGP KP .GKPGP IGDWPFGP

8QNNUV·PFKIGU 'ZGORNCT FGT <GKVUEJTKHV

#4 6*75' 4GXWG VTKOGUVTKGNNG *TUI XQP , $#$'.10 2 & '52'%'. $CPF WPF (CUEKEWNG 'KPJGKVNKEJ KP *CNDNGFGT IGDWPFGP (CUEKEWNG KP NQUGT 1TKI $TQUEJWT

+P FKGUGT 8QNNUV·PFKIMGKV WPF 'TJCNVWPI UGJT UGNVGP

#66+ ' /'/14+' &'.. +56+6761 +6#.+#01 &+ 07/+5/#6+%# $CPF 1TKI $TQUEJWT VGKNYGKUG NQUG .CIGP

8QNNUV·PFKIG 5GTKG FGT <GKVUEJTKHV

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*GHV 1TKI $TQUEJWT

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$'+64 )' <74 /ª0<-70&' +0 *'55'0 -#55'. *TUI XQP FGT 0WOKUOCVKUEJGP )GUGNN UEJCHV -CUUGN G 8 *GHV Q , )GJGHVGV

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0T ,CJTICPI *CNDNGKPGP

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$. 66'4 (ª4 /ª0<(4'70&' $CPF +P $·PFGP KP *CNDNGKPGP IGDWPFGP

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211

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6CHGNP \W $CPF -CTVQPKGTV DGUVQ­GP

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8QNNUV·PFKIG 5GTKG FGT <GKVUEJTKHV

$1..'6+01 &+ 07/+5/#6+%# *TUI XQP ) $ 64+%*'5 $CPF 1TKI $TQUEJWT Z WPF -CTVQPKGTV Z

$4+6+5* 07/+5/#6+% ,1740#. 8QN .QPFQP $CPF TQVGU )CP\NGK PGP OKV )QNFUEJPKVV $CPF ITÒPGU )CP\NGKPGP $CPF 6GKN WPF DTQUEJKGTV WPF WPCWHIG UEJPKVVGP &C\W %QPVGPVU QH VJG $TKVKUJ 0WOKUOCVKE ,QWTPCN 8QNWOGU VQ .QPFQP $TQUEJKGTV $GUKV\GTUVGORGN FGT $QWTPGOQWVJ 2WDNKE .KDTCT[ WPF &QTUGV %QWPV[ .KDTCT[

$7..'6+0 &' .# 51%+ 6 (4#0 #+5' &' 07/+5/#6+37' $CPF $CPF KP $·PFGP KP )CP\NGKPGP IGDWPFGP IGJGHVGVG 6GKNNKGHGTWPIGP Z CD $CPF &C\W FKXGTUG IGJGHVGVG 6GKNNKGHGTWPIGP Z FGT ,CJTG

$7..'6+0 &' .# 51%+ 6 57+55' &' 07/+5/#6+37' $CPF *CNDNGK PGP 8QNNUV·PFKIG 4GKJG FKGUGT UGNVGPGP <GKVUEJTKHV

$7..'6+0 &' 07/+5/#6+37' *TUI XQP 4 5'4474' $CPF +P $·PFGP KP *CNDNGKPGP IGDWPFGP 2CRKGT IGDT·WPV

8QNNUV·PFKIG 5GTKG FGT <GKVUEJTKHV

%#*+'45 07/+5/#6+37'5 4GXWG VTKOGUVTKGNNG FG NC 5QEK¾V¾ F VWFGU 0WOKUOCVKSWGU GV #TEJ¾QNQIKSWGU 0T )GJGHVGV

%'4%.' & 67&'5 07/+5/#6+37'5 $7..'6+0 $CPF 6GKNNKGHGTWPI XQP $CPF $CPF KP $·PFGP KP .GKPGP IGDWPFGP CD $CPF IGJGHVGV # *#'%- /KFFGNGWYUG OWPVUEJCVVGP IGXQPFGP GP $GNIKÀ %GTENG F VWFGU 0WOKUOCVKSWGU 6TCXCWZ $TÒUUGN 5 1TKI $TQUEJWT $7..'6+0 '6 / /1+4'5 &' .# 51%+ 6 #4%* 1.1)+37' &' $174&'#7: $CPF 1TKI $TQUEJWT

%*+410 /KVVGKNWPIGP FGT -QOOKUUKQP HÒT #NVG )GUEJKEJVG WPF 'RKITCRJKM FGU &GWVUEJGP #TEJ·QNQIKUEJGP +PUVKVWVU /ÒPEJGP $CPF )CP\NGKPGP

%1+0 *1#4&5 $CPF -CTVQPKGTV

&'/#4'6'+10 0WOKUOCVKSWG )N[RVKSWG #TEJ¾QNQIKG *TUI XQP , $#$'.10 $CPF

1TKI $TQUEJWT +P 6GKNNKGHGTWPIGP WPCWHIGUEJPKVVGP 8QTUCV\ FGT .KGHGTWPI NQUG

&'4 /ª0<'0 70& /'&#+..'05#//.'4 $GTKEJVG CWU CNNGP )GDKGVGP FGT )GNF /ÒP\GP WPF /GFCKNNGPMWPFG ,CJTICPI +P $·PFGP GKPJGKVNKEJ KP .GKPGP IGDWPFGP

&'4 /ª0<'05#//.'4 *TUI XQP + 91&+%<-# $CPF $CPF KP \YGK $·PFGP KP *CNDNGKPGP IGDWPFGP 'KP\GNJGHVG \W $CPF 9GKVGTG 'KP\GNJGHVG CWU FGP ,CJTI·PIGP UQYKG #WHU·V\G XQP %#56'.+0 )7$'4 $#/$'4) WPF ,'C0;

&'765%*' /ª0<$. 66'4 0GWG (QNIG $CPF 0T ,WNK 5GRVGODGT $CPF KP .GKPGP $CPF KP *CNDNGKPGP

8QNNUV·PFKIG 5GTKG FGT <GKVUEJTKHV

&'765%*'5 ,#*4$7%* (ª4 07/+5/#6+- $CPF .GKPGP DGUVQ­GP $GKNKG IGPF $GKJGHV \W $CPF &GT /ÒP\HWPF XQP -KTEJJGNNGTP 1TKI $TQUEJWT

8QNNUV·PFKIG 5GTKG FGT <GKVUEJTKHV

(4#0-(746'4 /ª0<$. 66'4 UGKV (4#0-(746'4 /ª0<<'+670) $CPF

+P *CNDNGKPGP KP GKPGO $CPF IGDWPFGP ,CJTICPI +P $·PFGP KP *CND NGKPGP IGDWPFGP 0GWG (QNIG ,CJTICPI +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP 8QNNUV·PFKIG 5GTKG FGT <GKVUEJTKHV )GOGKPUCO OKV FGP $'4.+0'4 /ª0<$. 66'40 HQTVIGUGV\V CNU &'765%*' /ª0<$. 66'4

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8QNNUV·PFKIG 5GTKG FGT <GKVUEJTKHV

212

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8QNNUV·PFKIG 5GTKG FGT <GKVUEJTKHV

*'..'0+%# 4GEGWKN F ¾RKITCRJKSWG FG PWOKUOCVKSWG GV F CPVKSWKV¾U )TGESWGU *TUI XQP . 41$'46 $CPF 1TKI $TQUEJWT

*'.8'6+5%*' /ª0<'0 <'+670) ,CJTICPI 'KPJGKVNKEJ KP .GKPGP IGDWPFGP

8QNNUV·PFKIG 5GTKG FGT <GKVUEJTKHV 6GKNYGKUG 'Z NKDTKU 9GTPGT $WTICWGT

+54#'. 07/+5/#6+% ,1740#. *TUI XQP 6JG +UTCGN 0WOKUOCVKE 5QEKGV[ $CPF $CPF KP \YGK $·PFGP KP .GKPGP IGDWPFGP $CPF KP 1TKI $TQUEJWT

,##4$1'- 8114 /706 '0 2'00+0)-70&' <WXQT XQP WPVGT FGO 6KVGN 6+,&5%*4+(6 8#0 *'6 -10+0-.+,- 0'&'4.#0&5%* )'01165%*#2 814 /706 ņ '0 2'00+0)-70&' $CPF $CPF KP $·PFGP GKPJGKVNKEJ KP *CNDNGFGT IGDWPFGP $CPF KP *CNDNGKPGP IGDWP FGP CD $CPF KP 1TKI $TQUEJWT '7412''5 )'01165%*#2 8114 /706 '0 2'00+0)-70&' ,##4$1'- WPF 1TKI $TQUEJWT &' $''.&'0##4 ,CJTICPI

)GJGHVGV $·PFG WPF \CJNTGKEJG *GHVG

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,#*4$7%* &'5 07/+5/#6+5%*'0 8'4'+05 <7 &4'5&'0 ,CJTICPI +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP ,CJTICPI WPF 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV $KPFWPI NQUG

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,#*4$7%* (ª4 07/+5/#6+- 70& )'.&)'5%*+%*6' $CPF $CPF KP .GKPGP IGDWPFGP $CPF KP 1TKI $TQUEJWT GKPKIG YGPKIG 7OUEJN·IG DGUEJ·FKIV QFGT NQUG

8QNNUV·PFKIGU 'ZGORNCT FGT <GKVUEJTKHV

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$CPF GPVJ·NV FKG (GUVUEJTKHV HÒT 4QDGTV )ÌDN

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8QNNUV·PFKIG 5GTKG FGT <GKVUEJTKHV

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8QNNUV·PFKIG 5GTKG FGT 1TKIKPCNCWUICDG FGT <GKVUEJTKHV

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213

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8QNNUV·PFKIG 5GTKG FGT <GKVUEJTKHV

/10#65$.#66 &'4 07/+5/#6+5%*'0 )'5'..5%*#(6 +0 9+'0 $CPF +P $·PFGP KP *CNDNGKPGP IGDWPFGP

8QNNUV·PFKIG 5GTKG FGT <GKVUEJTKHV

/75'7/ 016'5 *TUI XQP FGT #/'4+%#0 07/+5/#6+% 51%+'6; $CPF 1TKI $TQUEJWT

8QNNUV·PFKIG 5GTKG FGT <GKVUEJTKHV

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01/+Σ/#6+-# :410+-# $CPF 1TKI $TQUEJWT 014&&'765%*'5 ,#*4$7%* (ª4 /ª0<-70&' 70& 8'49#0&6' )'$+'6' $CPF

-CTVQPKGTV

014&+5- 07/+5/#6+5- 455-4+(6 ,CJTICPI &KG ,CJTI·PIG KP 1TKI $TQUEJWT VGKNYGKUG WPCWHIGUEJPKVVGP FKG $·PFG FGT ,CJTG KP .GKPGP 07/+5/#6+5-# /'&&'.#0&'0 $CPF =(GUVUEJTKHV 0KNU .WFXKI 4CUOWUUQP? 1TKI $TQUEJWT

07/+5/#6+% %*410+%.' 0GY 5GTKGU $CPF 6JKTF 5GTKGU $CPF (QWTVJ 5GTKGU $CPF (KHVJ 5GTKGU $CPF 5KZVJ 5GTKGU $CPF 5GXGPVJ 5GTKGU $CPF $CPF ,CJTI·PIG KP *CNDNGFGT IGDWPFGP CD KP *CNDNGKPGP GKPKIG $·PFG DGUVQ­GP +P FKGUGT 8QNNUV·PFKIMGKV ·W­GTUV UGNVGP CPIGDQVGP 9GPKIG $GUKV\GTUVGORGN KO 8QTUCV\ \ $ &GRV QH %NCUU #TEJCGQNQI[ 1ZHQTF WPF #UJOQNGCP /WUGWO &WRNKECVG 5QNF D[ #WVJQTKV[

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5844

220

#WMVKQP XQO 5NI 9CNEJGT FG /QNVJGKP )TKGEJGP -CVCNQI DGCTDGKVGV XQP 8 &' 4'00'4 2CTKU 9KGP (TQPVKURK\ 8++ 5 OKV 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG '. # ' %#*0 5NI XQP /QNEJJGKP 'TI·P\WPIU WPF *CPFMCVCNQI 5 +P GKPGO $CPF IGDWPFGP *CNDNGKPGP

#7-6+105-#6#.1)' %#*0

#WMVKQP XQO 5NI &KGOGT 'NUC­ 0TP 6HP /QFGTPGU .GKPGP

#WMVKQP XQO 5NI XQP *G[FGP WPF $WJNGTU 1TFGP XQP (TCPMTGKEJ $GNIKGP WPF &GWVUEJNCPF 0TP 1TKI $TQUEJWT

#WMVKQP XQO 5NI &CPPGPDGTI /KVVGNCNVGT 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI 4WHH 5V·FVGOÒP\GP WPF /GFCKNNGP $TCWPUEJYGKI )QNFOÒP\GP 0TP '. DGKIGUEJTKGDGPG 2TGKUG /QFGTPGU .GKPGP

#WMVKQPGP 5NI /CTVKPK 5NI )TCH 5=UEJNKHHGP? 5NI 0CVJWUKWU WPF 9CNEJGT

5NI (NGKUEJGN 5NI 5EJTCFGT WPF 5NI XQP *G[FGP CWU FGP ,CJTGP '. WPF OGKUV DGKIGUEJTKGDGPG 2TGKUG -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI &TG[GT 9GPIK .W\GTPGT /ÒP\GP WPF /GFCKNNGP 0TP 6HP '. 1TKI $TQUEJWT

#WMVKQP XQO #WIUDWTI 5EJYGK\ 5NI FG 2CN¾\KGWZ /ÒP\GP FGU $KUVWOU 5KVVGP 0TP 6H *#/$74)'4 . (TCPMHWTV CO /CKP #WMVKQP XQO 5NI +MN¾ 5EJYGK\GT )QNFOÒP\GP 0TP 6HP #WMVKQP XQO 5NI $ 5EJYGK\ 0TP 6HP 6GKN YGKUG OKV DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO 5NI )TCH 5=EJNKGHHGP? 0GW\GKV 0TP 6HP &WTEJUEJQUUGPGU 'ZGO RNCT OKV $KGVGTPCOGP -·WHGTP WPF 2TGKUGP .GKPGP

'Z NKDTKU ) 5EJOKVV

*CPFGZGORNCT XQP .WFYKI %CJP

#WMVKQP XQO 7PKXGTUCN /GFCKNNGP CWH T\VG WPF 0CVWTHQTUEJGT $TCWPUEJYGKI *CPPQXGT 0TP 6HP '. 1TKI $TQUEJWT 8QTUCV\DNCVV CWUIGUEJPKVVGP

#WMVKQP XQO 5NI $WEJGPCW WPF *G[G /KVVGNCNVGT 0KGFGTUCEJUGP 0TP 6HP '. *CNDNGFGT &GEMGN NQUG 2CRKGT NGKEJV IGDT·WPV UQPUV VCFGNNQUGU 'ZGORNCT

#WMVKQP XQO 7PKXGTUCN 0TP 6H '. 1TKI $TQUEJWT

#WMVKQPGP 5NI XQP $CNFKPIGT -WPUVOGFCKNNGP -WPUVOGFCKNNGP =5NI -GP\NGT? 5NI *GKPTKEJ &WDNGVVGP FGU (ÒTUVNKEJ (ÒTUVGPDGTIKUEJGP /ÒP\MCDKPGVVU CWU FGP ,CJTGP 6GKN YGKUG OKV '. QFGT DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI 5EJNGUKPIGT 7PKXGTUCN 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI -KTUEJ 7PKXGTUCN 0TP 6HP DGKIGUEJTKGDGPGP 2TGKUG 1TKI $TQUEJWT

#WMVKQP XQO -WPUVOGFCKNNGP WPF 2NCMGVVGP FGU :8 :8++ ,CJTJWPFGTVU FCTWPVGT FKG &WDNGVVGP FGU MÌPKIN /ÒP\MCDKPGVVU \W $GTNKP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGK IGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP 6KPVGPHNGEMG KO 6GZV

#WMVKQP XQO 5NI &KGVGN 5CEJUGP GTPGUVKPKUEJG .KPKG 0TP 6HP 1TKI $TQ UEJWT

#WMVKQP XQO 5NI 1GTVGN #PVKMG 0TP 6HP 2CRRDCPF #WMVKQP XQO 5NI XQP $ 7PKXGTUCN 5CTFKPKGP 0TP 6HP 1TKI $TQUEJWT #WMVKQP XQO #PVKMG 0TP 6HP 1TKI $TQUEJWT #WMVKQP XQO 5NI XQP *ÌHMGP &GWVUEJGU /KVVGNCNVGT 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI 5VGIGT /ÒP\GP FGT TÌOKUEJGP -CKUGT 0TP 6HP &WTEJUEJQU UGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP *CNDNGKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU .WFYKI #FQNRJ %CJP

#WMVKQP XQO 5NI $GEM 9ÒTVVGODGTI $CFGP 0TP 1TKI $TQUEJWT #WMVKQP XQO 5NI &T ( 4ÌOKUEJG -CKUGTOÒP\GP 0TP 6HP 2CRRDCPF

#WMVKQP XQO =5NI -GP\NGT? $CFGP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 5NI *GKPTKEK /GFCKNNGP WPF 2NCMGVVGP FGT 4GPCKUUCPEG 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP 6HP VGKNYGKUG DGUEJPKVVGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO &GWVUEJG 0GW\GKV 0TP 6H &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIG UEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

221

#7-6+105-#6#.1)' %#*0

#WMVKQP XQO &WDNGVVGP FGU (ÒTUVNKEJ (ÒTUVGPDGTIKUEJGP /ÒP\MCDKPGVVU 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP 6HP NQUG

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO &WDNGVVGP FGU JGUUKUEJGP .CPFGUOWUGWOU \W &CTOUVCFV 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 5NI XQP *ÌHMGP &GWVUEJGU /KVVGNCNVGT 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 5NI (ÒTUV \W 9KPFKUEJ )T·V\ 5COONWPI TÌOKUEJGT /ÒP\GP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 0GW\GKV (TGKOCWTGT 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO =5NI 8GTYQTP? $CTDCTKUEJG 2T·IWPIGP FGWVUEJG /KVVGNCNVGTOÒP\GP $TCMVGCVGP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP 6HP NQUG

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 7 C 5EJCWOÒP\GP JKUVQTKUEJG /GFCKNNGP WPF /ÒP\GP XQP *CODWTI 0TP 6HP DKU 0T OKV DGKIGUEJTKGDGPGP 2TGKUGP .GKPGP

#WMVKQP XQO 5NI (TGKJGTT XQP * 7PKXGTUCN 0TP 6HP &WTEJUEJQUUGPGU 'ZGO RNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 5NI (TKGFGPUDWTI /ÒP\GP FGU FGWVUEJGP /KVVGNCNVGTU 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU %CJP #WMVKQP UKGJG -CVCNQI 0T

#WMVKQP XQO 5NI -TCWU\ /ÒP\GP FGT TÌOKUEJGP -CKUGT\GKV 0TP 6HP &WTEJ UEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 5NI $QYKG &GWVUEJGU /KVVGNCNVGT WPF 0GW\GKV )QNFIWNFGPHWPF XQO 0KG FGTOCKP 5NI 9JKVEQODG )TGGPG /GFCKNNGP WPF 2NCMGVVGP FGT 4GPCKUUCPEG 0TP 6HP &WTEJ UEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU OKV \CJNTGKEJGP 0QVK\GP \W FGP #WMVKQPUXQTMQOOGP FGT /ÒP\GP

#WMVKQP XQO 5NI 2GNV\GT (TGKOCWTGTOGFCKNNGP WPF <GKEJGP 5EJKG­OÒP\GP WPF 5EJÒV \GPOGFCKNNGP ,CIFOÒP\GP WPF /GFCKNNGP 8GTMGJT 0TP 6HP .GKPGP

#WMVKQP XQO &WDNGVVGP FGU /ÒP\MCDKPGVVU FGU )GTOCPKUEJGP 0CVKQPCNOWUGWOU KP 0ÒTPDGTI 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 5NI <=QDGN? /KVVGNCNVGT 0GW\GKV DGU (WNFC 'NUC­ .QVJTKPIGP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 7PKXGTUCNUCOONWPI CWU CNVGO TJGKPKUEJGP $GUKV\ /GFCKNNGP WPF 2NCMGVVGP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO =5NI 0WT[ $G[? #PVKMG $[\CP\ 8ÌNMGTYCPFGTWPI 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP 6H NQUG

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 5NI *CJP #PVKMG 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP (QVQCWUUEJPKVVG CWH 6H *CPFGZGORNCT FGU #WMVKQPCVQTU OKV #POGTMWPIGP DKU 0T

222

#7-6+105-#6#.1)' %#*0

#WMVKQP XQO 4JGKPKUEJG 5COONWPI 6GKN /ÒP\GP FGU /KVVGNCNVGTU WPF FGT 0GW\GKV 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 4JGKPKUEJG 5COONWPI 6GKN /ÒP\GP FGU /KVVGNCNVGTU WPF FGT 0GW\GKV =5NI 5VTCWUU? -ÌNP $CTDCTGP 8ÌNMGTYCPFGTWPIU\GKV 1TFGP WPF 'JTGP\GKEJGP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP 6GKN XQO #PVKMG /KVVGNCNVGT 0GW\GKV 0TP 6HP &WTEJUEJQU UGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP 6GKN XQO #PVKMG 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 5NI 5KOQP 4ÌOGT WPF )TKGEJGP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 5NI XQP *=ÒVVGPDCEJ? /KVVGNCNVGT 0GW\GKV DGU 0KGFGTNCPFG &GWVUEJNCPF 5EJYGK\ =5NI 2KGRGT? 6GKN 9GUVHCNGP 5NI 0KGU #WUDGWVGOÒP\GP 5NI 5KOQP ,WFCKEC 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO &KG JGT\QINKEJ CPJCNVKPKUEJG /ÒP\UCOONWPI \W &GUUCW 6GKN /KVVGNCNVGT W C (F XQP (TGEMNGDGP WPF 'WTQRC 9GUVHCNGP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO &KG JGT\QINKEJ CPJCNVKPKUEJG /ÒP\UCOONWPI \W &GUUCW 6GKN /KVVGNCNVGT W C (F XQP (TGEMNGDGP WPF 'WTQRC 9GUVHCNGP 0TP 6HP 5. DGKIGUEJTKGDGPG 2TGKUG WPF GKPKIG 0QVK\GP 1TKI $TQUEJWT

#WMVKQP XQO 6GKN FGU JGT\QINKEJ CPJCNVKUEJGP /ÒP\MCDKPGVVU #PVKMG 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 6GKN FGU JGT\QINKEJ CPJCNVKUEJGP /ÒP\MCDKPGVVU &GWVUEJNCPF 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP 6KVGN DNCVV HGJNV

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 5NI .ÌHHNGT 5EJNGUKUEJG /ÒP\GP WPF /GFCKNNGP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 0QTFFGWVUEJG 5COONWPI =.CIGT FGT (KTOC 4KGEJOCPP *CNNG? 0GW\GKVNKEJG /ÒP\GP WPF /GFCKNNGP 6GKN *CDUDWTIKUEJG 'TDNCPFG )GKUVNKEJMGKV #NVHÒTUVGP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO )TKGEJKUEJG /ÒP\GP &CU (ÒTUVNKEJ (ÒTUVGPDGTIKUEJG /ÒP\MCDKPGVV \W &QPCWGUEJKPIGP 6GKN 4ÌOGT $[\CPVKPGT 8ÌNMGTYCPFGTWPI -TGW\HCJTGT 5NI *CGDGTNKP /ÒP\GP FGT TÌOKUEJGP -CKUGT\GKV 0TP 6HP 5. &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 0QTFFGWVUEJG 5COONWPI =.CIGT FGT (KTOC 4KGEJOCPP *CNNG? 0GW\GKVNKEJG /ÒP\GP WPF /GFCKNNGP 6GKN 5GTKGP FGT 0GWHÒTUVGP WPF 5V·FVG +VCNKGP 5EJYGK\ 0KGFGTNCPFG WPF 2GTUQPGPOGFCKNNGP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·W HGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO &CU (ÒTUVNKEJ (ÒTUVGPDGTIKUEJG /ÒP\MCDKPGVV \W &QPCWGUEJKPIGP 6GKN &KG 5GTKGP XQP $ÌJOGP /·JTGP 5EJNGUKGP 7PICTP WPF 5KGDGPDÒTIGP 0TP 6HP &WTEJ UEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP 6HP NGKEJV CPIG UEJPKVVGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

223

#7-6+105-#6#.1)' %#*0 %#0'55#

#WMVKQP XQO &CU (ÒTUVNKEJ (ÒTUVGPDGTIKUEJG /ÒP\MCDKPGVV \W &QPCWGUEJKPIGP 6GKN &KG 5GTKGP FGT 5EJYGK\ WPF FGU 'NUC­ 5COONWPI /KVVGNCNVGTOÒP\GP 0TP 0TP 0CEJVTCI 6HP 6H 0CEJVTCI &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO &CU (ÒTUVNKEJ (ÒTUVGPDGTIKUEJG /ÒP\MCDKPGVV \W &QPCWUGUEJKPIGP 6GKN .QVJTKPIGP /GTQYKPIGT -CTQNKPIGT (TCPMTGKEJ 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP 1TKI $TQUEJWT

*CPFGZGORNCT XQP ,QJCPPC %CJP

#WMVKQP XQO &CU (ÒTUVNKEJ (ÒTUVGPDGTIKUEJG /ÒP\MCDKPGVV \W &QPCWUGUEJKPIGP 6GKN .QVJTKPIGP /GTQYKPIGT -CTQNKPIGT (TCPMTGKEJ 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP (QVQCWUUEJPKVV CWH 6H

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 5NI 'XCPU 5NI .CYTGPEG 5NI XQP -QDNKV\ 5NI 5VGIGT )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·W HGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO &CU (ÒTUVNKEJ (ÒTUVGPDGTIKUEJG /ÒP\MCDKPGVV \W &QPCWGUEJKPIGP 6GKN &KG HTCP\ÌUKUEJGP /ÒP\GP WPF /GFCKNNGP XQP -ÌPKI *GKPTKEJ ++ DKU \WT )GIGPYCTV 5NI FG 5CWNE[ -GNVKUEJG /ÒP\GP /ÒP\GP WPF /GFCKNNGP XQP 5RCPKGP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 1TFGP WPF 'JTGP\GKEJGP /KVVGNCNVGT 0GW\GKV 0TP 6HP &WTEJ UEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP IGOGKPUCO OKV *GUU 0CEJH XQO 5NI *CGDGTNKP &KG )QNF WPF 5KNDGTOÒP\GP FGT TÌOKUEJGP 4GRWDNKM 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP *CNDNGFGT MNGKPG OKV 6GUC TGRCTKGTVG 4KUUG

*CPFGZGORNCT FGU #WMVKQPCVQTU 5KGJG CWEJ -CVCNQI 0T

#WMVKQP XQO )TKGEJKUEJG /ÒP\GP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO &CU (ÒTUVNKEJ (ÒTUVGPDGTIKUEJG /ÒP\MCDKPGVV \W &QPCWGUEJKPIGP 6GKN &KG PKGFGTN·PFKUEJGP /ÒP\GP WPF /GFCKNNGP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV DGKIG UEJTKGDGPGP $KGVGTP -·WHGTP WPF 2TGKUGP .GKPGP 6HP NGKEJV CPIGUEJPKVVGP

*CPFGZGORNCT FGU #WMVKQPCVQTU

#WMVKQP XQO 5NI 2KGRGT 4JGKPNCPF 9GUVHCNGP 5EJTCWDOGFCKNNGP 5NI 5VGIGT $TCP FGPDWTI *CDUDWTI $ÌJOGP 0TP 6HP 5. DGKIGUEJTKGDGPG 2TGKUG .GKPGP

8GTMCWHUMCVCNQIG Z FCXQP GKP FWTEJUEJQUUGPGU 'ZGORNCT

MQORNGVV 6GKN CWU FGP ,CJTGP #WMVKQP XQO NQUG .CIGP QJPG 8QTUCV\ 7PVGTUEJKGFNKEJ IGDWPFGP

%#.+%1 * WPF ( $CTEGNQPC -QPXQNWV XQP #WMVKQPUMCVCNQIGP CWU FGP ,CJTGP 1TKI $TQUEJWT

%#0'55# # WPF &' 0+%1.# . 4QO 8GTMCWHUMCVCNQIG CWU FGP ,CJTGP 1TKI $TQUEJWT

%#0'55# % WPF ' 0GCRGN #WMVKQP XQO 5NI %QNQPPC 6GKN +VCNKGPKUEJG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT NGKEJV DGUEJ·FKIV

#WMVKQP XQO 5NI 5CODQP )KNKDGTVK +VCNKGPKUEJGU /KVVGNCNVGT WPF 5K\KNKGP 0TP 6HP 6GZV WPF 6CHGNDCPF 1TKI $TQUEJWT

#WMVKQP XQO 5NI $TCPFKU )TKGEJKUEJG /ÒP\GP 0TP 6HP VGKNYGKUG DGKIGUEJTKG DGPG 2TGKUG WPF -·WHGT 1TKI $TQUEJWT &GEMGN DGUEJTKGDGP

#WMVKQP XQO 5NI %CTWUQ /ÒP\GP WPF /GFCKNNGP KP )QNF 0TP 6HP DGKIG UEJTKGDGPG 2TGKUG .GKPGP

#WMVKQP XQO +VCNKGPKUEJGU /KVVGNCNVGT 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

224

#7-6+105-#6#.1)' %#0'55# %1+0 )#..'4+'5

#WMVKQP XQO +VCNKGPKUEJGU /KVVGNCNVGT 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI 2QNGUG )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP DGKIG UEJTKGDGPG 2TGKUG *CNDNGKPGP

%*4+56+' CPF /#0510 .QPFQP #WMVKQP XQO 5NI &WMG QH &GXQPUJKTG )TKGEJGP WPF 4ÌOGT 0TP #WMVKQP XQO 5NI &WMG QH &GXQPUJKTG #PIGNUCEJUGP WPF )TQ­DTKVCP PKGP 0TP /KV UCWDGT DGKIGUEJTKGDGPGP 2TGKUGP WPF -·WHGTP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGFGT OKV )QNFUEJPKVV 4ÒEMGP DGUEJ·FKIV

%*4+56+' /#0510 CPF 911&5 .6& .QPFQP 4QO 0GY ;QTM -QPXQNWV XQP #WMVKQPUMCVC NQIGP FGT ,CJTG 7PVGTUEJKGFNKEJ IGDWPFGP EC

%+#0+ . 2CTKU #WMVKQP XQO #PVKMG 0TP 6HP #WMVKQP XQO #PVKMG WPF 0GW\GKV 0TP 6HP #WMVKQP XQO )TKGEJGP WPF 4ÌOGT 0TP 6HP 1TKI $TQUEJWT 6HP NQUG DGKIGNGIV

#WMVKQP XQO (TCPMTGKEJ 1UVCUKGP 0TP 6HP '. *CNDNGKPGP

8GTMCWHUMCVCNQI Q , 5NI FG NC 4GPQVK¾TG $GNIKGP 0TP 6HP .GKPGP

#WMVKQP XQO 5NI FG )TCPFRTG[ #PVKMG (TCPMTGKEJ /GFCKNNGP 0TP 6HP 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV

#WMVKQP XQO #PVKMG DGU #GU )TCXG (TCPMTGKEJ /GFCKNNGP 0TP 6HP 5. 1TKI $TQUEJWT

#WMVKQP XQO 5NI FG 2 )QNFOÒP\GP ,GVQPU -WPUVOGFCKNNGP 0TP 6HP #WMVKQP XQO 5NI FG 2 )TKGEJKUEJG TÌOKUEJG WPF HTCP\ÌUKUEJG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT Z 4ÒEMGP DGUEJ·FKIV

#WMVKQP XQO 4ÌOKUEJG /ÒP\GP DGU #GU )TCXG WPF D[\CPVKPKUEJG /ÒP\GP 0TP 6HP OGKUV DGKIGUEJTKGDGPG 2TGKUG /QFGTPGU .GKPGP

5932

#WMVKQP XQO 5NI (NQTCPIG .QVJTKPIGP 0TP 6HP '. *CNDNGKPGP (TQPVKURK\ NQUG

%+#0+ 2 WPF 8+0%*10 , 2CTKU #WMVKQP XQO )QNF WPF 5KNDGTOÒP\GP 0TP 6HP #WMVKQP XQO 5NI *KPFCOKCP )TKGEJGP 0TP 6HP /KV VGKNYGKUG DGKIGUEJTKGDGPGP 2TGKUGP KP 6GZV WPF 6CHGN .GKPGP $KPFWPI GVYCU NQEMGT

%.'4+%+ % WPF % /KNCPQ #WMVKQP XQO 5NI )C[GV FG (GNKUUGPV 0CRQNGQP WPF UGKPG <GKV 0TP 6HP 2CRRDCPF FGT <GKV OKV 8GT\KGTWPI WPF 6KVGNDKNF GVYCU DGUVQ­GP

%1+0 )#..'4+'5 0GY ;QTM -QPXQNWV XQP #WMVKQPUMCVCNQIGP FGT ,CJTG )GJGHVGV WPF 1TKI $TQUEJWT

225

#7-6+105-#6#.1)' %7$#5%* ('7#4&'06

%7$#5%* * 9KGP #WMVKQP XQO 5NI 5RÌVVN )QNF WPF 5KNDGTOÒP\GP 0TP %7$#5%* * WPF '))'4 $4ª&'4 9KGP #WMVKQP XQO 5NI 7PIGT 7PKXGTUCN 0TP 6HP '. *CNDNGKPGP Z $WEJDNQEM NQUG

&'.#70' 4 2CTKU 8GTMCWHUMCVCNQI 0TP 6HP 1TKI $TQUEJWT 7OUEJNCI NQUG

&1416*'7/ 9KGP #WMVKQPGP XQO 5NI <GPQ 6GKN )TKGEJGP WPF 4ÌOGT 0TP 6HP '. VGKNYGKUG 0QVK\GP 2TGKUG WPF -·WHGT KO 6GZV -CVC NQIG KP GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQPGP XQO 5NI *QNNUEJGM 6GKN #WUVTKC KP 0WOOKU 0TP 6HP '. FGU 6GKNU -CVCNQIG OKV DGKIGUEJTKGDGPGP 2TGKUGP WPF -·WHGTP -CVC NQIG KP GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQPGP XQO WPF #WMVKQPGP WPF 5NI *QNNUEJGM 6GKN 7PKXGTUCN /GKUV '. VGKNYGKUG DGKIGUEJTKGDGPG -·WHGT WPF 2TGKUG 1TKI $TQUEJWT WPF IGJGHVGV

&724+'< %* $TÒUUGN #WMVKQPUMCVCNQIG WPF 8GTMCWHUMCVCNQIG FGT ,CJTG &C\W #WM VKQPUMCVCNQIG FGT (KTOC &'./106' # $TÒUUGN CWU FGP ,CJTGP 7PVGTUEJKGFNKEJ IGDWP FGP

'))'4 $4ª&'4 9KGP #WMVKQP XQO 5NI /KPWU 6CNGT WPF /GFCKNNGP 5NI 2TGKUU $CNVKMWO 0TP 6HP '. *CNDNGFGT 6HP GVYCU UVQEMHNGEMKI

#WMVKQP XQO 5NI .CVQWT XQP 6JWTODWTI 6GKN #PVKMG *CDUDWTI 'WTQRC 0TP 6HP #WMVKQP XQO 5NI %\KMCPP *CDUDWTI &GWVUEJNCPF 0TP 6HP #WMVKQP XQO 5NI -TCHV 7PKXGTUCN DGU *CDUDWTI &GWVUEJNCPF 5EJYGK\ 'KUGPDCJP OGFCKNNGP 0TP 6HP '. QFGT DGKIGUEJTKGDGPG 2TGKUG -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI .CVQWT XQP 6JWTODWTI 6GKN )GKUVNKEJMGKV YGNVNKEJG *GTTGP 5V·FVG GVE 0TP 6HP #WMVKQP XQO #PVKMG 0TP 6HP #WMVKQP XQO 7PKXGTUCN 0TP 6HP #WMVKQP XQO 5NI XQP /KUMKEJ 0CRQNGQPOG FCKNNGP ITKGEJKUEJG /ÒP\GP GVE 0TP #WMVKQP XQO 4ÌOGT $TCPFGPDWTI (TCP MGP 5CN\DWTI 5V )GQTIUOÒP\GP 0TP 6HP #WMVKQP XQO =5NI )TCH $GTEJ VQNF? *CDUDWTI 7PICTP 5KGDGPDÒTIGP &GWVUEJNCPF 0TP 6HP #WMVKQP XQO )QNFOÒP\GP WPF /GFCKNNGP 0TP 6HP #WMVKQP XQO 5NI /KNNGT \W #KEJJQN\ &GWVUEJNCPF 'WTQRC 0TP 6HP 8GTMCWHUMCVCNQI 0T 0TP 6HP 6GKNU OKV 'TIGD PKUUGP WPF DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP HÒPH $·PFGP GKPJGKVNKEJ KP .GKPGP IGDWPFGP

#WMVKQP XQO 5NI 6TCW 7PKXGTUCN DGU 9KGPGT /GFCKNNGP -WPUVOGFCKNNGP 2NCMGVVGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQP XQO 5NI 2TQYG #PVKMG 0TP 6HP '. .GKPGP FGT <GKV 4ÒEMGP DGUEJ·FKIV

#WMVKQP XQO )TKGEJGP DGU 5K\KNKGP 0TP 6HP #WMVKQP XQO 5NI %J=CMQYUMK? )TKGEJKUEJG /ÒP\GP 0TP 6HP /KV DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

-CVCNQI YCT FCU *CPFGZGORNCT XQP ,CEQD *KTUEJ

#WMVKQP XQO =5NI .GUVTCPIGU? )TKGEJKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP &WDNGVVGP FGT /ÒP\UCOONWPIGP FGU CNNGTJÌEJUVGP -CKUGTJCWUGU 0TP 6HP /KV DGKIGUEJTKGDGPGP 2TGKUGP WPF 0QVK\GP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

-CVCNQI YCT FCU *CPFGZGORNCT XQP ,CEQD *KTUEJ

226

#WMVKQP XQO )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP &WDNGVVGP FGT /ÒP\UCOONWPIGP FGU CNNGTJÌEJUVGP -CKUGTJCWUGU 0TP 6HP #WMVKQP XQO 5NI 2TQYG )TKGEJKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO 5NI (GPGTN[ $G[ #PVKMG 0TP 6HP #WMVKQP XQO =5NI *GT\HGNFGT? 0TP 6HP /KV DGKIGUEJTKGDGPGP 2TGKUGP VGKNU CWEJ OKV DGKIGUEJTKGDGPGP -·WHGTP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP $KPFWPI NQEMGT 4ÒEMGP NGKEJV DGUEJ·FKIV

#WMVKQP XQO )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO 5NI 2TQYG )TKGEJKUEJG /ÒP\GP 0TP 6HP /KV DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

('7#4&'06 (4 4'5 2CTKU #WMVKQP XQO 5NI %CTQP )TKGEJKUEJG TÌOKUEJG WPF HTCP\ÌUKUEJG /ÒP\GP 0TP 6HP *CNDNGKPGP

#7-6+105-#6#.1)' ('7#4&'06 (.14#0)'

#WMVKQP XQO 5NI $WTGN )TKGEJKUEJG TÌOKUEJG WPF HTCP\ÌUKUEJG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV

#WMVKQP XQO 5NI /CTSWKU FG 6TC[PGN 4ÌOKUEJG /ÒP\GP 0TP 6HP '. DGKIG UEJTKGDGPG 2TGKUG WPF GKPKIG #PUVTGKEJWPIGP CWH FGP 6CHGNP 1TKI $TQUEJWT $WEJDNQEM NQUG

#WMVKQP XQO 5NI 2Q\\K 6GKN /GFCKNNGP WPF 2NCMGVVGP 0TP 6HP *CNDNGK PGP

#WMVKQP XQO 5NI 6CNDQV 4GCF[ )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP /Q FGTPGU .GKPGP

#WMVKQP XQO 5NI %QNNKIPQP )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP 5GKVGP NQUG WPF GVYCU DGUEJ·FKIV

#WMVKQP XQO /ÒP\GP WPF -WPUVOGFCKNNGP 0TP 6HP 1TKI $TQUEJWT 4ÒEMGP HGJNV

#WMVKQP XQO 5NI #PI¾TCTF 4ÌOKUEJG WPF HTCP\ÌUKUEJG /ÒP\GP 0TP 6HP *CNDNGK PGP $KPFWPI DGUEJ·FKIV

#WMVKQP XQO 5NI =/CVJG[? #PVKMG /ÒP\GP 0TP 6HP *CNDNGKPGP

#WMVKQP XQO 5NI 8CNGVVG )TKGEJKUEJG TÌOKUEJG D[\CPVKPKUEJG WPF HTCP\ÌUKUEJG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV &GEMGN NQUG

#WMVKQP XQO 5NI & WPF ) )TKGEJKUEJG TÌOKUEJG WPF HTCP\ÌUKUEJG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV

#WMVKQPGP XQO 5NI $QTFGCWZ 6GKN (TCPMTGKEJ 0TP 6HP /KV DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGFGT

#WMVKQP XQO 5NI $QTFGCWZ 6GKN (TCPMTGKEJ 0TP 6HP '. *CNDNGK PGP

#WMVKQP XQO 5NI %ÊVG )TKGEJKUEJG /ÒP\GP 0TP 6HP VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT 6KVGN DGUEJTKGDGP

#WMVKQP XQO 5NI &GINCVKIP[ )TKGEJKUEJG TÌOKUEJG WPF HTCP\ÌUKUEJG /ÒP\GP 0TP 6HP VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

('7#4&'06 (4 4'5 WPF .'*/#0 * 2CTKU #WMVKQP XQO 5NI 'PIGN )TQU )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP -WPUVOGFCKNNGP 0TP 6HP 1TKI $TQUEJWT 4ÒEMGP DGUEJ· FKIV $KPFWPI NQUG

('7#4&'06 (4 4'5 WPF (.14#0)' , 2CTKU #WMVKQP XQO 5NI 2TKPEG F 'UUNKPI 0CRQNGQP + WPF UGKPG (COKNKG 0CRQNGQP +++ 0TP 6HP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGFGT

(+0#46' /KNCPQ -QPXQNWV CWU #WMVKQPUMCVCNQIGP FGT ,CJTG &C\W #WMVKQPUMCVCNQIG FGT (KTOC 07//147/ #7%6+10'5 5 # .WICPQ CWU FGP ,CJTGP 1TKI $TQUEJWT

'PVJ·NV XKGNG 5GTKGP KVCNKGPKUEJGT /ÒP\GP

(.14#0)' , 2CTKU #WMVKQP XQO 5NI 2 4ÌOKUEJG /ÒP\GP 0TP 6H #WM VKQP XQO 5NI 5EJÌP .CODNKP (TCP\ÌUKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO 5NI $ 5EJYGK\ 0TP 6H #WMVKQP XQO 5NI 3WKPVCTF /GFCKNNGP ,G VQPU GVE 0TP 6H &C\W YGKVGTG -CVCNQIG WPF 8GTMCWHUMCVCNQIG 7PVGTUEJKGFNKEJ IGDWPFGP

8GTMCWHUMCVCNQI XQP /QPPCKGU /GFCKNNGU GV ,GVQPU FW &CWRJKP¾ 0TP OKV \CJNTGKEJGP 6GZV CDD 6HP 1TKI $TQUEJWT

(.14#0)' , WPF %+#0+ . 2CTKU #WMVKQP XQO (TCPMTGKEJ 0TP 6HP '. *CNDNGKPGP

#WMVKQP XQO (TCPMTGKEJ 0TP 6HP '. 1TKI $TQUEJWT

#WMVKQP XQO 5NI FG (GTTCTK NC 4GPQVK½TG 2CRUVOÒP\GP WPF 5CXQ[GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP

#WMVKQPGP XQO &C\W 8GTMCWHUMCVCNQIG XQP WPF &KG -CVCNQIG DGKPJCNVGP OGKUV CPVKMG /ÒP\GP )GJGHVGV VGKNYGKUG NGKEJV DGUEJ·FKIV

#WMVKQP XQO 5NI )QFCTV /ÒP\GP WPF /GFCKNNGP KP )QNF 0TP 6HP 1TKI $TQ UEJWT GVYCU DGUVQ­GP

#WMVKQP XQO -WPUVOGFCKNNGP 0TP 6HP 1TKI $TQUEJWT 7PCWHIGUEJPKVVGP 7O UEJNCI DGUEJ·FKIV

227

#7-6+105-#6#.1)' (.14#0)' ).'0&+0+0)

#WMVKQP XQO 5NI : 1TFGP WPF 'JTGP\GKEJGP 0TP OKV 6GZVCDD 6HP 1TKI $TQ UEJWT

#WMVKQP XQO 5NI )CNNGV )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP -WPUVOGFCKNNGP 0TP 6HP VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG .GKPGP

#WMVKQP XQO 5NI $CTTCEJKP #PVKSWKV·VGP ITKGEJKUEJG TÌOKUEJG WPF HTCP\ÌUKUEJG /ÒP \GP 0TP 6HP '. 1TKI $TQUEJWT

#WMVKQPGP XQO 5NI #NNQVVG FG NC (W[G 6GKN WPF )TKGEJKUEJG TÌOKUEJG WPF D[\CPVKPKUEJG /ÒP\GP 0TP 6HP 6GKN OKV '. -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO +VCNKGPKUEJG /ÒP\GP 0TP 6HP '. *CNDNGKPGP

#WMVKQP XQO 5NI %=QWVWTKGT? #PVKMG (TCPMTGKEJ 0TP 6HP '. *CNDNGKPGP

#WMVKQP XQO 5NI FG $QWTF½U )TKGEJKUEJG TÌOKUEJG WPF HTCP\ÌUKUEJG /ÒP\GP 0TP 6HP '. *CNDNGKPGP

(4'; * 2 4 (TGKDWTI KO $TGKUICW UR·VGT $.#5'4 (4'; #WMVKQPGP CWU FGP ,CJTGP 6GKNYGKUG FWTEJUEJQUUGP WPF OKV -·WHGTPCOGP UQPUV OGKUV OKV DGKIGUEJTKGDGPGP 2TGKUGP 7PVGT UEJKGFNKEJ IGDWPFGP

)#'66'05 4 .ÒDGEM #WMVKQPGP CWU FGP ,CJTGP FCDGK CWEJ FKG 5NI )CGVVGPU -WPUVOGFCKNNGP WPF /KVVGNCNVGT OKV DGUQPFGTGT 5GTKG -CTQNKPIGT WPF U·EJUKUEJ HT·PMKUEJG -CKUGT\GKV 7PVGTUEJKGFNKEJ IGDWPFGP

)#..'4+' &' /100#+'5 &ÒUUGNFQTH #WMVKQPGP 5NI 9WTUVGT CWU FGP ,CJTGP )#..'4+' &' /100#+'5 .CWUCPPG #WMVKQPGP CWU FGP ,CJTGP )#..'4+' &' /100#+'5 0GY ;QTM #WMVKQPUMCVCNQIG CWU FGP ,CJTGP )#..'4+' &' /100#+'5 0K\\C #WMVKQP XQO )#..'4+' &' /100#+'5 )GPH #WMVKQPUMCVCNQIG CWU FGP ,CJTGP WPF )#..'4+' &' /100#+'5 WPF 52+0- 510 )GPH #WMVKQPUMCVCNQIG CWU FGP ,CJTGP 7PVGTUEJKGFNKEJ IGDWPFGP

)'$'46 % ( 0ÒTPDGTI #WMVKQPGP 1TKI $TQUEJWT WPF CWU FGP ,CJTGP 'KPKIG OKV '. -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

)+.*1('4 4#05%*$74) 9KGP WPF *'55 # .W\GTP #WMVKQP XQO 5NI 6TCW /ÒP\GP FGT TÌOKUEJGP -CKUGT 0TP 6HP 5. OKV PQVKGTVGP 'TIGDPKUUGP *CNDNGFGT

#WMVKQP XQO 5NI 6TCW -·TPVGP 0TP 6HP #WMVKQP XQO 5NI )TCH 'P\GPDGTI 6KTQN 0TP 6HP #WMVKQP XQO *CDUDWTI 0TP 6HP #WMVKQP XQO *CDUDWTI 0TP )+.*1('4 4#05%*$74) 9KGP #WMVKQP XQO 5NI XQP 5KGIOWPFV WPF 5NI 0KTGPUVGKP #GTQPCWVKM /GKUV OKV 5. WPF OKV DGKIGUEJTKGDGPGP 2TGKUGP \CJNTGKEJG #POGTMWPIGP \W #WMVKQPUXQTMQOOGP KP FGP 5NI 6TCW WPF 'P\GPDGTI 1TKI $TQ UEJWT

).'0&+0+0) %1 WPF 5'#$; $ # .QPFQP #WMVKQP XQO )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP 5. DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT 7OUEJNCI DGUEJ· FKIV

).'0&+0+0) %1 .QPFQP -QPXQNWV XQP #WMVKQPUMCVCNQIGP CWU FGP ,CJTGP W C FKG #WMVKQPGP XQO 5NI 2GNV\GT 5NI 0QTFJGKO WPF #PFGTUQP 5NI *COGT 5NI 0QTFJGKO WPF 'XCPU 5NI $TCPF 5NI 9GTVJGKOGT 5NI 5[FGPJCO 5NI 5[FGPJCO WPF .KPIHQTF $KDNKQVJGM (QTTGT 2TQRGTV[ QH C PQDNG /CP WPF 5NI $CWGT 5NI 4C[OQPF /CNVC 5NI .GKUVPGT 5NI $TGVVGNN 5NI $WTVQP 5NI ,QPGU #PIGNUCEJUGP 5NI &QWDNGFC[ /ÒP\GP 'FYCTFU +++ 5NI $CTCPQYUM[ 4W­NCPF /CNVC WPF WPF 5NI *CTYQQF 5NI 0QDNG WPF 5NI /CEM WPF WPF 5NI 2TKFOQTG 5NI #TPQNF WPF WPF 5NI 9KNNGU 7PVGTUEJKGFNKEJ IGDWPFGP EC

#WMVKQPGP XQO 5NI .QTF )TCPVNG[ 6GKN *CWRVU·EJNKEJ )TQ­DTK VCPPKGP CDGT CWEJ #PVKMG 'WTQRC WPF 1TKGPVCNGP 0TP 6HP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

'Z NKDTKU ) 9ÒVJTKEJ

228

#WMVKQPGP XQO 5NI .CYTGPEG 6GKN 'PINCPF 0TP \WU 6HP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

#7-6+105-#6#.1)' ).'0&+0+0) *#/$74)'4

#WMVKQPGP XQO 5NI 4[CP 6GKN #PVKMG )TQ­DTKVCPPKGP 0TP \WU 6HP #WMVKQPGP XQO Z 5NI 4CUJNGKIJ 6GKN Z 7PKXGTUCN <WU 0TP \WU 6HP 6GKNYGKUG OKV DGKIGUEJTKGDGPGP 2TGK UGP WPF -·WHGTP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP WPF 1TKI $TQUEJWT

#WMVKQPGP XQO WPF 5NI 2NCVV *CNN 6GKN WPF )TKGEJKUEJG TÌOKUEJG WPF D[\CPVKPKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGT -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQPGP XQO 5NI .QEMGVV 6GKN $KDNKQVJGM .QEMGVV WPF GPINKUEJG WPF UEJQVVKUEJG /ÒP\GP CWU FGT 5COONWPI 7PVGTUEJKGFNKEJ IGDWPFGP

#WMVKQPGP XQO 5NI .QEMGVV 6GKN )TGGM 2CTV 4QOCP CPF $[\CPVKPG /KV DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP FTGK $·PFGP IGDWPFGP OQFGTPGU .GKPGP

)4#$19 . 4QUVQEM UR·VGT $GTNKP #WMVKQPGP # CWU FGP ,CJTGP &C\W 8GTMCWHUMCVCNQI .GKPGP \WUCOOGPIGDWPFGP WPF 1TKI $TQUEJWT

#WMVKQP WPF UKGJG 5NI 4QGRGT -CVCNQI 0T #WMVKQPGP WPF UKGJG 5NI /ÒNNGT #NKPGPJQH

-CVCNQI 0T

*#/$74)'4 , (TCPMHWTV CO /CKP #WMVKQPGP CWU FGP ,CJTGP 5NI 4KVVGT XQP 9KNOGTUFÌTHHGT 6GKN /KVVGNCNVGT WPF 0GW\GKV DGU -WPUVOGFCKNNGP WPF &GWVUEJNCPF 0TP \WU 6HP '. GKPIGDWPFGP -CVCNQIG KP \YGK $·PFGP IGDWPFGP *CNDNGFGT GVYCU DGUVQ­GP

#WMVKQPGP CWU FGP ,CJTGP 5NI #PVQKPG (GKNN 6GKN WPF &·PGOCTM 0QTYGIGP 5EJYGFGP 2QNGP &GWVUEJNCPF WPF ¤UVGTTGKEJ 0TP \WU 6HP #WMVKQP XQO 5NI 5WEJKGT WPF 4KVVGT XQP 9KNOGTUFÌTHHGT #PVKMG 0TP 6HP #WMVKQP XQO 5NI 5WEJKGT *CPCW *GUUGP 5EJNGUKGP 0TP #NNG '. GKPIGDWPFGP -CVCNQIG KP GKPGO $CPF IGDWP FGP *CNDNGFGT

*#/$74)'4 . (TCPMHWTV CO /CKP #WMVKQP XQO 5NI $WTUKQ 0GW\GKV 5NI 5VGEMK 6GKN 2QNGP 5NI 8QIGNUVGKP /KVVGNCNVGT WPF #PVKMG 5NI <GKUDGTI 5GNVGPG 6CNGT WPF 2QTVT·VOGFCKN NGP 0TP 6H *#/$74)'4 . . (TCPMHWTV CO /CKP #WMVKQP XQO 5NI .ÌJT /KVVGNCNVGT WPF 0GW\GKV 5NI 5VGEMK 6GKN 2QNGP 5NI 4¾IPCWNV +VCNKGP DGU -KTEJUVCCV ,QJCP PKVGT 2TQDGP 0TP 6H -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP 4ÒEMGP DGUEJ·FKIV

*#/$74)'4 . . (TCPMHWTV CO /CKP #WMVKQP XQO 5NI 2TKP\ #NGZCPFGT XQP *GUUGP /CKP\ WPF *GUUGP 0TP OKV UGEJU #DD KO 6GZV '. *CNDNGKPGP

#WMVKQP XQO #PVKMG 5NI FG 9QWVGTU F 1RNKPVGT /KVVGNCNVGT WPF 0GW\GKV (TCPMHWTV 0TP 6HP 1TKI $TQUEJWT

#WMVKQPGP 5NI -QUNQHH 5NI $TKQP 5NI 5CVVNGT WPF CWU FGP ,CJTGP '. GKPIGDWPFGP VGKNYGKUG OKV DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

/KV $GUKV\GTUVGORGN XQP ,CEQD *KTUEJ CWH FGP 6KVGNDN·VVGTP

#WMVKQP XQO 5NI 5 WPF ) /ÒP\GP WPF /GFCKNNGP FGU /KVVGNCNVGTU WPF FGT 0GW\GKV 0TP 6H #WMVKQP XQO 5NI (C[ (TCPMHWTV 'NUC­ WPF 5EJYGK\ 5#.1/10 $ &TGU FGP #WMVKQP XQO 5NI (TKGFGTKEJ 6GKN &GWVUEJNCPF WPF 'WTQRC 0TP 6H #WMVKQP XQO 5NI (TKGFGTKEJ 6GKN 5CEJUGP 0TP 6H *CNDNGKPGP 4ÒEMGP HGJNV $KPFWPI DGUEJ·FKIV 2CRKGT IGDT·WPV 4·PFGT DGUEJ·FKIV VGKNYGKUG NQUG $N·VVGT \WUCOOGPIGDWPFGP Z WPF 1TKI $TQUEJWT

#WMVKQP XQO 5NI XQP #WGTJCJP 5NI 9GUVGFV )QNFOÒP\GPUCOONWPI GKPGU TJGKPKUEJGP #OCVGWTU &WDNGVVGP FGU /ÒP\MCDKPGVVU FGT 5VCFV /CIFGDWTI 5RG\KCNUCOONWPI XQP /GFCKNNGP CWH T\VG 0CVWTHQTUEJGT GVE 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGT *CNDNGKPGP 4ÒEMGP DGUEJ·FKIV

/KV $GUKV\GTUVGORGN XQP ,CEQD *KTUEJ CWH FGO &GEMGN

#WMVKQP XQO -WPUVOGFCKNNGP 0TP 6HP *CNDNGKPGP

#WMVKQP XQO 5NI 5CWTOC ,GNVUEJ $GIKPP FGT )TQUEJGPRGTKQFG DKU \WT -KRRGT\GKV 0TP 6HP '. GKPIGDWPFGP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP

229

#7-6+105-#6#.1)' *#/$74)'4

#WMVKQP XQO =5NI 9WPFGTN[? 6GKN #PVKMG &GWVUEJNCPF +VCNKGP 5RCPKGP GVE 0TP 6HP #WMVKQP XQO =5NI 9WPFGTN[? 6GKN *CDUDWTI 4W­NCPF -CUVKNKGP 'PI NCPF (TCPMTGKEJ GVE 0TP 6HP #WMVKQP XQO =5NI 9WPFGTN[? 6GKN $CUGN WPF )GPH 0TP 6HP #WMVKQP XQO =5NI 9WPFGTN[? 6GKN -WPUVOGFCKNNGP 0TP 6HP #WMVKQP XQO =5NI 9WPFGTN[? 6GKN (TGKDWTI 5EJYGK\ 5EJCHHJCWUGP 5QNQ VJWTP GVE 0TP 6HP *#/$74)'4 . (TCPMHWTV CO /CKP #WMVKQP XQO =5NI 9WPFGTN[? 6GKN $GTP 7TK 5EJY[\ 7PVGTYCNFGP <WI 0TP 6HP #WMVKQP XQO =5NI 9WPFGTN[? 6GKN .W\GTP 5EJY[\ )NCTWU #RRGP\GNN )TCWDÒPFGP #CTICW 6JWT ICW 6GUUKP 9CCTFV 9CNNKU 0GWEJ³VGN 5WN\ 5V $NCUKGP 0TP 6HP 'KP -CVCNQI FWTEJUEJQU UGP VGKNYGKUG OKV '. GKPIGDWPFGP DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF UCWDGT CWH FGP 6CHGNP -CVC NQIG KP \YGK $·PFGP IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI 2PKQYGT 5EJNGUKGP 5NI 2GVVKPCVK 7PKXGTUCN 0TP 6HP 1TKI $TQUEJWT

+P FKGUGT #WMVKQP YWTFG GKP TWUUKUEJGT -QPUVCPVKP 4WDGN DGUEJTKGDGP CNU DGMCPPVGU 'ZGORNCT HÒT )QNFOCTM \WIGUEJNCIGP

#WMVKQPGP 5NI 4WNCPF (TCPMHWTV 5NI 5VTQGJNKP 6GKN 5NI 5VTQGJNKP 6GKN 5NI )WVGMWPUV 5NI )WKFK WPF 5NI )WVGMWPUV CWU FGP ,CJTGP '. GKPIGDWPFGP WPF OKV DGKIGUEJTKGDGPGP 2TGKUGP KO 6GZV WPF HGKP U·WDGTNKEJ CWH FGP 6CHGNP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQPGP CWU FGP ,CJTGP 5NI )PGEEJK 6GKN +VCNKGPKUEJG /ÒP\GP WPF $KDNKQVJGM 0TP 6HP JCPFIGUEJTKGDGPGU +PJCNVUXGT\GKEJPKU KO 8QTUCV\ \WO 6GKN OKV '. WPF DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGFGT GVYCU DG UEJ·FKIV UQPUV VCFGNNQUGU 'ZGORNCT

#WMVKQPGP XQO WPF 5NI 2QIIG 6GKN WPF 2QOOGTP 4W­NCPF 2QNGP &·PGOCTM 5EJYGFGP WPF /GEMNGPDWTI 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6CHGNP -CVCNQIG KP GKPGO $CPF IGDWPFGP 6CFGNNQUGU 'ZGORNCT KO UEJÌPGP *CNDNG FGTGKPDCPF

#WMVKQP XQO 5CN\DWTI (TCPMHWTV 0TP 6HP #WMVKQP XQO 5NI &T $CGUGEMG 7PKXGTUCN 0QVOÒP\GP *CDUDWTI 0TP 6HP #WMVKQP XQO 5NI *GPPGDGTI 7PKXGTUCN 0TP 6HP #WMVKQP XQO 5NI %WTVKWU )TKGEJGP WPF 4ÌOGT ,WFCGC 0TP 6H #WMVKQP XQO *CDUDWTI 5EJYGK\ )GKUVNKEJMGKV 5V·F VGOÒP\GP -WPUVOGFCKNNGP 0TP 6HP /GKUV '. WPF DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6CHGNP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI 9QNHH 7PKXGTUCN 0TP 6HP #WMVKQP XQO =5NI )GUUPGT? 6GKN 5EJYGK\ 0TP 6HP #WMVKQP XQO =5NI )GUUPGT? 6GKN 5EJYGK\ 0TP 6HP '. KP -CVCNQIGP WPF CNNG OKV DGKIGUEJTKGDGPGP 2TGKUGP KO 6GZV WPF CWH FGP 6CHGNP -CVCNQIG KP GKPGO $CPF IGDWPFGP /QFGTPGU .GKPGP VCFGNNQUGU 'ZGORNCT

#WMVKQP XQO =5NI $CEJQHGP $WTEMJCTFV $CUGN? #PVKMG 2HCN\ )WUVCX #FQNRJ /CZK OKNKCP + /QPVHQTV W C 0TP 6HP '. GKPIGDWPFGP DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6CHGNP /QFGTPGU *CNDNGKPGP VCFGNNQUG 'TJCNVWPI

#WMVKQP XQO =5NI $CEJQHGP $WTEMJCTFV $CUGN? 9CNNGPUVGKP $TGKUCEJ -QPUVCP\ *CIGPCW 6JCPP 2H·N\GT /GFCKNNGP GVE 0TP 6HP '. GKPIGDWPFGP .GKPGP FGT <GKV GVYCU DGUVQ­GP 2CRKGT IGDT·WPV

#WMVKQP XQO WPF #WMVKQP XQO 5NI ,QUGRJ 6GKN WPF &GWVUEJNCPF DGU 4JGKPNCPF /KVVGNTJGKP *GUUGP .WZGODWTI HTCP\ÌUKUEJG /GFCKNNGP 0TP 6HP DGKIG UEJTKGDGPG 2TGKUG KO 6GZV WPF UCWDGT CWH FGP 6CHGNP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO =5NI $CEJQHGP $WTEMJCTFV $CUGN ? &WDNGVVGP FGU MÌPKINKEJGP /ÒP\MCDK PGVVU KP $GTNKP /KVVGNCNVGT DGU -CTQNKPIGT WPF 0GW\GKV 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP

#WMVKQP XQO 5NI (QTF WPF 5NI ,QUGRJ 5EJYGK\ 0TP 6HP /QFGTPGU .GKPGP

#WMVKQP XQO 5NI (CWTG (NQTGPVKPGT WPF UQPUVKIG KVCNKGPKUEJG /ÒP\GP WPF /GFCKNNGP -WPUVOGFCKNNGP 0TP 6HP #WMVKQP XQO 5NI 7JTOCEJGT /KVVGNCNVGT 0GW\GKV DGU $TCWPUEJYGKI WPF -ÌNP 0TP MQORNGVV 6HP UCWDGT DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6CHGNP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI 'DPGT 9ÒTVVGODGTI 0TP 6HP .GKPGP 2CRKGT IGDT·WPV YGPKIG 0QVK\GP KO 6GZV

230

#7-6+105-#6#.1)' *#/$74)'4

#WMVKQP XQO 5NI 5EJ=PGKFGT? 'NUC­ 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG UQYKG \CJNTGKEJG 0QVK\GP \W #WMVKQPUXQTMQOOGP /QFGTPGU .GKPGP DGTKGDGP

#WMVKQPGP CWU FGP ,CJTGP =5NI $CEJQHGP $WTEMJCTFV $CUGN? 6GKN 5EJYGK\GT /ÒP\GP WPF /GFCKNNGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG UQYKG \CJNTGKEJG #POGTMWPIGP \W FGP #WMVKQPUXQTMQOOGP -CVCNQIG KP GKPGO $CPF IGDWPFGP 5CWDGTGT *CNDNGFGTGKPDCPF OKV 4ÒEMGP UVGIGP

#WMVKQP XQO 5NI XQP %=NGCT? 4ÌOKUEJG -CKUGTOÒP\GP -WPUVOGFCKNNGP *CPCW *GUUGP 9ÒTVVGODGTI 0TP 6HP 1TKI $TQUEJWT 2CRKGT IGDT·WPV WPF 7OUEJNCI DGUEJ·FKIV

#WMVKQP XQO 5NI XQP 4 5EJNGUKGP 5NI XQP %=NGCT? /GFCKNNGP (TKGFTKEJU FGU )TQ­GP FGT $TCMVGCVGPHWPF XQP .KEJVGPDGTI 0TP 6HP 1TKI $TQUEJWT 7OUEJNCI NQUG UQPUV VCFGNNQU

#WMVKQP XQO #NVG 5COONWPI R·RUVNKEJGT /ÒP\GP 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO =5NI 5RÌVVN? 5CN\DWTI 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV 2TGKUGP -·WHGTP WPF )GIGPDKGVGTP *CNDNGKPGP DGUVQ­GP

#WMVKQP XQO &QRRGNVCNGT &QRRGNIWNFGP 6CNGT 0TP 6GZVCDD )GJGHVGV #WMVKQP XQO 7PKXGTUCN 0TP 6HP 1TKI $TQUEJWT #WMVKQP XQO 7PKXGTUCN 0TP 6HP 1TKI $TQUEJWT #WMVKQP XQO 8KGTVGNVCNGT 0TP 6HP 1TKI $TQUEJWT &GEMGN WPF 6H .QUG

#WMVKQP UKGJG 5NI 8QIGN -CVCNQI 0T #WMVKQPGP UKGJG 5NI 8QIGN -CVCNQI 0T

#WMVKQP XQO =5NI 0KMNQXKV\? 4ÌOKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO 5NI XQP -CWHOCPP #PVKMG /ÒP\GP 0TP 6HP #WMVKQP XQO =5NI 7PIGT? &WDNGVVGP FGU $GTNKPGT /ÒP\MCDKPGVVU #PVKMG $CTDCTGP 9ÒTVVGODGTI 1NFGPDWTI -WPUVOG FCKNNGP 0TP 6HP #WMVKQP XQO #PVKMG DGU <GPVTCNITKGEJGPNCPF #UKGP #HTKMC 0TP 6HP OGKUV OKV DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI *CWGT /GEMNGPDWTI 0TP 6HP /QFGTPGU .GKPGP #WMVKQP XQO /KVVGNCNVGT WPF 0GW\GKV DGU #PJCNV 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI )TQUUOCPP 5EJYGK\ 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG /QFGTPGU .GKPGP VCFGNNQUGU 'ZGORNCT

#WMVKQP XQO 5NI *CJNQ 2TQDGOÒP\GP 5VGORGNHGJNGT 8GTRT·IWPIGP WPF #DUEJN·IG PCOGPVNKEJ KP )QNF 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG /QFGTPGU .GKPGP

#WMVKQP XQO 5NI 2TKP\ 2JKNKRR XQP 5CEJUGP %QDWTI )QVJC 7PKXGTUCN 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG WPF 0QVK\GP KO 6GZV *CNDNGKPGP 8QTUCV\UGKVGP TGRCTKGTV IGDTCWEJVGU 'ZGORNCT

#WMVKQP XQO 5NI +MN¾ 5EJYGK\GT /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG /QFGTPGU .GKPGP

#WMVKQP XQO (WPF XQP $CKU /GTQYKPIKUEJG &GPCTG 0TP 6HP 1TKI $TQUEJWT #WMVKQP XQO 0KGFGTUCEJUGP 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5EJYGK\ #WUDGWVG 8ÌNMGTYCPFGTWPI 0TP 6HP 1TKI $TQ UEJWT

#WMVKQP XQO 5EJYGK\ #WUDGWVG 8ÌNMGTYCPFGTWPI 0TP 6HP DGKIGUEJTKG DGPG 2TGKUG /QFGTPGU .GKPGP

#WMVKQP XQO 5NI XQP -CWHOCPP #PVKMG /ÒP\GP 0TP 6HP #WMVKQP XQO =5NI 7PIGT? &WDNGVVGP FGU $GTNKPGT /ÒP\MCDKPGVVU #PVKMG $CTDCTGP 9ÒTVVGODGTI 1N FGPDWTI -WPUVOGFCKNNGP 0TP 6HP #WMVKQP XQO )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO )TKGEJKUEJG /ÒP\GP DGU 5K\KNKGP 0TP 6HP 5. GKPIGDWPFGP VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG -CVCNQIG KP GKPGO $CPF IGDWPFGP .GK PGP

#WMVKQP XQO =5NI 9QNHH? 5COONWPI RH·N\KUEJGT WPF DCFKUEJGT /ÒP\GP WPF /GFCKNNGP 0TP 6HP 5. .GKPGP

#WMVKQP XQO 5NI 9WPFGTN[ XQP /WTCNV <ÒTKEJ 5NI (CVKQ )GPH 5EJYGK\ 0TP 6HP 5. GKPIGDWPFGP DGKIGUEJTKGDGPG 2TGKUG .GKPGP

#WMVKQP XQO 2QNPKUEJG /ÒP\GP 0TP 6HP 5. .GKPGP

#WMVKQP XQO 4ÌOKUEJG 4GRWDNKM )QNFOÒP\GP $TCMVGCVGP 0TP 6HP 5. 1TKI $TQUEJWT 7OUEJNCI DGUEJ·FKIV

231

#7-6+105-#6#.1)' *#/$74)'4 *'.$+0)

#WMVKQP XQO =5NI 5VWT\GPGIIGT? 5EJYGK\GTKUEJG /ÒP\GP WPF /GFCKNNGP 0TP 6HP 5. GKPIGDWPFGP .GKPGP

*'$'4.' , / * .GORGTV\ 5ÌJPG -ÌNP #WMVKQP XQO 5NI %NCUUGP 6CNGT /G FCKNNGP FGU DKU ,CJTWPFGTVU 0TP 6H 1TKI $TQUEJWT

*'%*6 , *CODWTI #WMVKQP XQO 5NI 9KGDMG *CODWTI 0TP #WMVKQP XQO 5NI 0CVJCP *CODWTI 0TP 5NI 9KGDMG OKV '. 5NI 0CVJCP OKV YGPKIGP 0QVK\GP 1TKI $TQUEJWT

*'&' * -QRGPJCIGP #WMVKQP XQO 5NI $TWWP 5MCPFKPCXKGP 0TP 6HP '. 1TKI $TQUEJWT

#WMVKQP XQO 5NI *CWDGTI &·PKUEJG WPF PQTYGIKUEJG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT

#WMVKQPUMCVCNQIG CWU FGP ,CJTGP W C 5NI *CWDGTI QJPG 6CHGNP &C\W #WMVKQPUMCVC NQIG FGT (KTOC *'&' %*4 -QRGPJCIGP CWU FGO ,CJT 5NI 9KNEMG 6GKN 1TKI $TQUEJWT WPF IGJGHVGV VGKNU DGUEJ·FKIV

#WMVKQP XQO 5NI XQP 4CIQE\[ 6GKN 5MCPFKPCXKGP 0TP 6HP #WMVKQP XQO 5NI XQP 4CIQE\[ 6GKN 5MCPFKPCXKGP 0TP 6HP 6GKN OKV '. 1TKI $TQUEJWT

*'.$+0) 1 /ÒPEJGP #WMVKQP XQO =5NI )TGKP? *CDUDWTI 4GPCKUUCPEGOGFCKNNGP 0TP 6HP #WMVKQP XQO 5NI /G[GT 0GW\GKV 0TP Z OKV '. WPF Z DGKIG UEJTKGDGPG 2TGKUG 1TKI $TQUEJWT Z 7OUEJNCI DGUEJ·FKIV Z &GEMGN NQUG WPF 4ÒEMGP HGJNV

#WMVKQP XQO 5NI $GTIOGKUVGT 0GW\GKV 5NI /QQU 5EJYGK\ 0TP #WMVKQP XQO 5NI &KN 0GW\GKV (F XQP /WEJQ\KP 0TP #WMVKQP XQO 0GW\GKV 0TP #WMVKQP XQO 'NUC­ .QVJTKPIGP 5EJYGK\ 5NI /GGUG )QNFOÒP\GP XQP 1UVHTKGU NCPF 5VQNDGTI 5NI 1EJ 5CN\DWTI 9GKJGOÒP\GP 5NI 5EJTCV\ 9GKJGOÒP\GP 0TP 6HP PKEJV GKPIGDWPFGP #WMVKQP XQO /KVVGNCNVGT 0GW\GKV 9CNNHCJTVUOGFCKNNGP $TCWPUEJYGKI .ÒPG DWTI 0TP #WMVKQP XQO 5NI /GGUG /WUKEC KP 0WOOKU 0TP #WMVKQP XQO 5NI 9GTVJGKOGT 6KTQN 0TP /KV '. CW­GT #WMVKQP GKPKIG 0QVK\GP 7PVGT UVTGKEJWPIGP GVE -CVCNQIG KP GKPGO $CPF IGDWPFGP #WMVKQP 1TKI $TQUEJWT *CNDNGKPGP

#WMVKQP XQO 5NI 4=GKEJGPYCNNPGT? 5CN\DWTI 5NI 9CNVGT /KVVGNCNVGT 0GW\GKV 0TP 6HP #WMVKQP XQO /KVVGNCNVGT 0GW\GKV 0TP #WMVKQP XQO 5NI .KPFPGT 5CN\DWTI *CDUDWTI GVE 0TP 6HP #WMVKQP XQO 5NI (WTIGT 5EJYGK\ 0TP 6HP #WMVKQP XQO 5NI *CTVOCPP WPF 5NI .QEJPGT /KVVGNCNVGT 0GW\GKV 0TP #WMVKQP XQO 5NI /CWTGT WPF 5NI -GNNGTOC[T /KVVGN CNVGT 0GW\GKV $ÌJOGP 'IIGPDGTI 5EJNKEM 9CNNGPUVGKP 9CNNHCJTVUOGFCKNNGP 2GUVCOWNGVVG 0TP 6HP /GKUV OKV '. VGKNU GKPIGDWPFGP QFGT DGKNKGIGPF \WO 6GKN OKV DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP

#WMVKQP XQO 5NI /CWTGT WPF 5NI -GNNGTOC[T /KVVGNCNVGT 0GW\GKV $ÌJOGP 'IIGP DGTI 5EJNKEM 9CNNGPUVGKP 9CNNHCJTVUOGFCKNNGP 2GUVCOWNGVVG 0TP 6HP #WMVKQP XQO 5NI 5EJTQVV /KVVGNCNVGT 0GW\GKV 0TP #WMVKQP XQO 5NI $GTIGT $ÌJOGP #PVKMG /KVVGNCNVGT 0GW\GKV 0TP 6HP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP #WMVKQP OKV GKPKIGP TGRCTKGTVGP 5GKVGP

#WMVKQPGP CWU FGP ,CJTGP WPF =5NI 4CKPGT? 6GKN 7PKXGTUCN 0TP 6HP '. GKPIGDWPFGP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGFGT DGTKGDGP WPF DGUVQ­GP +PJCNV NGKEJV IGDTCWEJV 6HP FGT #WMVKQP NQUG

#WMVKQP XQO 5NI XQP .GGD 7PKXGTUCN DGU 0CRQNGQPOGFCKNNGP 0TP 6HP #WMVKQP XQO 5NI 9GKPTGD 7PKXGTUCN 5NI (CDGT #PVKMG 9ÒTVVGODGTI 5NI -KTEJPGT $CODGTI 0TP 6HP #WMVKQP XQO 5NI *ÌT WPF 5NI $TG[OC[GT 7PKXGTUCN 0TP 6HP #WMVKQP XQO 5NI )GDJCTFV WPF 5NI )WDG 7PKXGTUCN 5NI %WTVKWU 2CRUVOGFCKNNGP 0TP 6HP #WMVKQP '. GKPIGDWPFGP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO 5NI %JGNOKPUMK 2QNGP 0TP 6HP '. .GKPGP

#WMVKQP XQO 5NI (TCPM 9ÒT\DWTI (F XQP 'NNOGPFKPIGP 5NI 9GKUU $CFGP 0TP 6HP #WMVKQP XQO 2QNGP &CP\KI 6JQTP 0TP 6HP #WMVKQP XQO 5NI (KUEJGT /KVVGNCNVGT 0GW\GKV .KVGTCVWT 0TP 6HP '. GKPIGDWPFGP 2TGKUG VGKNYGKUG CWH FGP 6CHGNP UCWDGT PQVKGTV -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

232

#7-6+105-#6#.1)' *'.$+0) 0#%*(

*'.$+0) 0#%*( 1 /ÒPEJGP #WMVKQPGP CWU FGP ,CJTGP $GUV·PFG FGT CWHIG NÌUVGP (KTOC <5%*+'5%*' -¤&'4 .GKR\KI 6GKN 0TP 6HP 6GKN WPF '. GKPIGDWPFGP 6GKN WPF DGKIGUEJTKGDGPG 2TGKUG -CVCNQIG KP XKGT $·PFGP IGDWPFGP 'KPJGKVNKEJGT *CNDNGKPGP $·PFG VCFGNNQU GTJCNVGP

#WMVKQP XQO 5NI 0CIGN (TGKOCWTGTOGFCKNNGP 5NI .QTGP\ 5EJYCNDCEJ 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP

#WMVKQP XQO =5NI 5QGEMGN? )GKUVNKEJMGKV DGU /CKP\ 5EJYGK\ DGU <ÒTKEJ -KRRGT OÒP\GP 0TP 6HP .GKPGP

#WMVKQP XQO 5NI -CJNGTV WPF 5NI -T·OGT /KVVGNCNVGT 0GW\GKV )QNFHWPF XQP 2KNUGP 5NI .GKRGP (TGKOCWTGTOGFCKNNGP WPF #D\GKEJGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGK PGP

#WMVKQP XQO 5NI 9CNVGT $CFGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGK PGP

#WMVKQP XQO 5NI (TGKJGTT XQP <W 4JGKP 9ÒT\DWTI (TCPMTGKEJ )QNFHWPF XQP 6JC NGKUEJYGKNGT 0TP 6HP 1TKI $TQUEJWT DGUEJ·FKIV $WEJDNQEM WPF 6H NQUG

#WMVKQP XQO 5NI FGN 5VTQVJGT 7PKXGTUCN 0TP 6HP 1TKI $TQUEJWT 7OUEJNCI NGKEJV DGUEJ·FKIV

#WMVKQP XQO 5NI 5=RKPFNGT? )QNF 7PICTP 5EJYCNDCEJ 0TP 6HP 1TKI $TQUEJWT 7OUEJNCI NQUG

#WMVKQP XQO 5NI XQP 9CUUGTUEJNGDGP 2QOOGTP 1UVRTGW­GP 0TP 6HP #WM VKQP XQO =5NI $TWPPGT? /ÒP\GP WPF /GFCKNNGP CNV WPF PGWHÒTUVNKEJGT *·WUGT 0TP 6HP #WMVKQP XQO 5NI XQP 9CUUGTUEJNGDGP $TCPFGPDWTI KP FGP /CTMGP 5NI XQP 9KNOGTUFÌTHHGT $TCPFGPDWTI KP (TCPMGP 0TP 6HP /KV DGKIGUEJTKGDGPGP 2TGKUGP *CND NGKPGP 4ÒEMGP NQUG

#WMVKQP XQO 7PKXGTUCN 0TP 6HP #WMVKQP XQO =5NI $TWPPGT? /ÒP\GP WPF /GFCKNNGP CNV WPF PGWHÒTUVNKEJGT *·WUGT 0TP 6HP 5NI $TWPPGT OKV DGKIG UEJTKGDGPGP 2TGKUGP .GKPGP

#WMVKQP XQO #PVKMG $ÌJOGP /CIFGDWTI 5V )GQTIUOÒP\GP GVE 5NI 2JCNCPF 'J TGP\GKEJGP 0TP 6HP #WMVKQP XQO 5NI *KPVGTUVQKUUGT 5CN\DWTI $C[GTP 7PICTP 4ÌOKUEJG /ÒP\GP 0TP 6HP #WMVKQP OKV DGKIGUEJTKGDGPGP 2TGKUGP #WMVKQP '. GKPIGDWPFGP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO $TCPFGPDWTI KP FGP /CTMGP )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO #PVKMG 4W­NCPF 5NI $G[N 5EJYCNDCEJ 0TP 6HP (CTDVCHGN #WMVKQP XQO )TKGEJKUEJG /ÒP\GP DGU )TQ­ITKGEJGPNCPF WPF 5K\K NKGP 0TP /KV DGKIGUEJTKGDGPGP 2TGKUGP #WMVKQP 5. GKPIGDWPFGP .GKPGP

#WMVKQP XQO 5NI ,·IGT $CFGP 'NUC­ 5NI 2KNQV[ 9ÒT\DWTI 5NI *GTOCPP )TKGEJK UEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG WPF GKPKIG 0QVK\GP .GKPGP $N·VVGT KO 8QTUCV\ NQUG 2CRKGT IGDT·WPV

#WMVKQP XQO 5NI 5GKH 6KTQN (TCPMTGKEJ $CFGP GVE 0TP 6HP DGKIGUEJTKG DGPG 2TGKUG .GKPGP

#WMVKQP XQO =5NI 0QUU? -ÌNP =5NI 5EJWNGT? 5EJYGK\ 0GW\GKV 0TP 6HP 5. DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT 4ÒEMGP IGNQEJV UQPUV GKPYCPFHTGK

#WMVKQP XQO 4ÌOKUEJG /ÒP\GP 0TP 6HP 5. 1TKI $TQUEJWT &GEMGN NQUG

#WMVKQP XQO 1TFGP WPF 'JTGP\GKEJGP 0TP 6HP #WMVKQP XQO #PVKMG 0TP 6HP #WMVKQP XQO 5NI XQP 4KPIGNOCPP 9ÒT\DWTI 0TP 6HP #WMVKQP XQO =5NI ,WNKWU? 0CRQNGQP 5NI 9KNNOCPP 1TFGP WPF 'JTGP\GKEJGP 0TP 6HP 5. GKPIGDWPFGP 'TIGDPKUUG VGKNYGKUG DGKIGUEJTKGDGP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP 6H NQUG

#WMVKQP XQO 5NI -NCIGU $TCWPUEJYGKI .ÒPGDWTI )QNFIWNFGP 0TP 6HP #WMVKQP XQO 5NI 2TKZ 4ÌOKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO =5NI .CPFHTKGF? 2HCN\ $CFGP (TGKOCWTGT 0TP 6HP #WMVKQP XQO 5NI $WEJGPCW /KVVGNCNVGT GVE 0TP 6HP 5. DGK #WMVKQPGP GKPIGDWPFGP DGKIGUEJTKGDGPG 2TGKUG DGK #WMVKQPGP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP UKGJG 5NI ,WNKWU -CVCNQI 0T

#WMVKQPGP CWU FGP ,CJTGP &CU (ÒTUVNKEJ (ÒTUVGPDGTIKUEJG /ÒP\MCDKPGVV \W &QPCWGUEJKPIGP 0TP 6HP /GKUV 5. GKPIGDWPFGP OGKUV OKV DGKIGUEJTKGDGPGP 2TGKUGP -CVC NQIG KP \YGK $·PFGP IGDWPFGP .GKPGP

233

#7-6+105-#6#.1)' *'.$+0) 0#%*( *'55 0#%*(

#WMVKQP XQO #PVKMG /ÒP\GP 0TP 6HP #WMVKQP XQO 4CTKV·VGP GTUVGP 4CPIGU 0TP 6HP #WMVKQP XQO 7PKXGTUCN DGU /KVVGNCNVGT 2HCN\ 0TP 6HP #WMVKQP XQO 5NI .CP\ 5EJYCDGP 0TP 6HP /KV 5. CW­GT #WMVKQP DGKIGUEJTKGDGPG 2TGKUG DGK #WMVKQPGP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

8GTMCWHUMCVCNQIG Z CWU FGP ,CJTGP HH &C\W *#/$74)'4 . (TCPMHWTV / 8GTMCWHUMCVCNQI FGU ,CJTGU )GJGHVGV WPF 1TKI $TQUEJWT

#WMVKQP XQO $C[GTP 2HCN\ 0TP 6HP #WMVKQP XQO #PVKMG 0GW\GKV DGU 5CEJUGP WPF 9ÒTVVGODGTI 0TP 6HP #WMVKQP XQO =5NI -QJN OCPP? 5RCPKGP WPF URCPKUEJ #OGTKMC *CDUDWTI 5CN\DWTI 0TP 6HP #WMVKQP XQO =5NI -QJNOCPP? ªDGTUGG #PVKMG 5CN\DWTI )QNFOÒP\GP GVE 0TP 6HP '. KP #WMVKQP GKPIGDWPFGP 5. DGK #WMVKQPGP GKPIGDWPFGP -CVCNQIG KP GKPGO $CPF IGDWP FGP .GKPGP GKPKIG #PUVTGKEJWPIGP WPF 0QVK\GP KP #WMVKQP

#WMVKQP XQO 7PKXGTUCN 0TP 6HP #WMVKQP XQO )QNFOÒP\GP *CDUDWTI 5CN\DWTI #PVKMG 0TP 6HP #WMVKQP XQO )QNFOÒP\GP *CDUDWTI $TCWPUEJYGKI 4GEJGPRHGPPKIG GVE 0TP 6HP #WMVKQP WPF XQO 7PKXGT UCN 0TP 6HP #WMVKQP XQO 5NI .GJPFQTHH 5VGKPQTV $TCPFGPDWTI 2TGW­GP 0TP 6HP 5. DGK #WMVKQPGP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

*'55 # (TCPMHWTV CO /CKP 8GTMCWHUMCVCNQIG CWU FGP ,CJTGP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

'Z NKDTKU 'TPGUV .GJT

#WMVKQP XQO #PVKMG /KVVGNCNVGT 0GW\GKV 0TP 1TKI $TQUEJWT

#WMVKQP XQO 5NI $=KGDGT? 2QTVWIKUKUEJG /ÒP\GP 0TP 6H *CNDNGKPGP

'Z NKDTKU 'TPGUV .GJT

#WMVKQP XQO =5NI )WVGMWPUV? -WPUV WPF 2QTVT·VOGFCKNNGP 0TP 1TKI $TQUEJWT &GEMGN HGJNV

#WMVKQP XQO 5NI 5EJWNV\G )GKUVNKEJMGKV 0TP 1TKI $TQUEJWT

#WMVKQP XQO 5NI /QTGN (CVKQ /KVVGNCNVGT 0GW\GKV 5NI )GDGTV 'KEJUV·VV 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO WPF #WMVKQP XQO 5NI &QPGDCWGT 6GKN WPF $ÌJOGP 0TP DGKIGUEJTKGDGPG 2TGKUG -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGFGT 2CRKGT NGKEJV IG DT·WPV

#WMVKQP XQO =5NI 5VKGDGN? #PVKMG 8KMCTKCVUOÒP\GP 7PKXGTUCN 0TP *CNDNGKPGP

#WMVKQP XQO 5NI &GNDGEMG )TKGEJKUEJG /ÒP\GP =5NI XQP 4QVJ? -WPUVOGFCKNNGP 2QTVT·VOGFCKNNGP =5NI +XGTUGP? 7PKXGTUCN 0TP QJPG 6HP .GKPGP

#WMVKQPGP CWU FGP ,CJTGP WPF 5NI 4GKOOCPP 6GKN /ÒP\GP WPF /GFCKNNGPMCDK PGVV 0TP \WU 6HP &C\W JCPFIGUEJTKGDGPGU 0CEJUEJNCIG $WEJ \WO %CDKPGVV 4GKOCPP WPF HÒT )QNF UQYKG 5KNDGT 6CNGT WPF WPVGT 6CNGTITÌUUG '. GKPIGDWPFGP *CNDNGKPGP Z 2CRRDCPF Z

#WMVKQP XQO 5NI (CTKPC 4JGKPKUEJG .·PFGT $TCPFGPDWTI 2TGW­GP 9GUVHCNGP 0TP 6HP '. GKPIGDWPFGP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP VCFGNNQU GTJCNVGPGU 'ZGORNCT FKGUGT DGFGWVGPFGP 5COONWPI

$GUKV\GTUVGORGN XQP ,CEQD *KTUEJ CWH FGO 8QTUCV\DNCVV

234

*'55 0#%*( # (TCPMHWTV CO /CKP #WMVKQP XQO 5NI /KUUQPI WPF 5NI (CNM 6GKN /KVVGNCNVGT 0GW\GKV 0TP #WMVKQP XQO 5NI /KUUQPI WPF 5NI (CNM 6GKN /KVVGNCNVGT 0GW\GKV 0TP #WMVKQP XQO 5NI 5GFIYKEM $GTGPF &GWVUEJG +VCNKGPKUEJG WPF 5EJYGK\GT /ÒP\GP WPF /GFCKNNGP 0TP 6HP #WMVKQP XQO &KG DC[GTKUEJGP WPF RH·NK\KUEJGP /ÒP\GP FGU *CWUGU 9KVVGNUDCEJ 0TP 6HP #WMVKQP XQO 5NI &CPPGPDGTI /KVVGNCNVGT 5NI 5=EJGWPGT? 5EJNGUKGP .CWUKV\ $TCPFGPDWTI 2TGW­GP 5NI 4=WIG? $TCWPUEJYGKI =5NI $WEJOCPP? 6CNGT .ÌYGPUVGKP 0TP #WMVKQP XQO 5NI *CTVOCPP $CFGP &WDNGVVGP FGU MÌPKINKEJGP /WUGWOU \W -CUUGN /ÒP\GP WPF /GFCKNNGP XQP *GUUGP -CUUGN (WNFC *CPCW GVE 0TP 6H #WMVKQP XQO &WDNGVVGP FGT 5V·F VKUEJGP /ÒP\UCOONWPI KP (TCPMHWTV CO /CKP 6GKN 0TP #WMVKQP XQO &W DNGVVGP FGT 5V·FVKUEJGP /ÒP\UCOONWPI KP (TCPMHWTV CO /CKP 6GKN 0TP &C\W GKP 8GTMCWHUMC VCNQI /GKUV '. GKPIGDWPFGP OGKUV DGKIGUEJTKGDGPG 2TGKUG -CVCNQIG KP GKPGO $CPF IGDWPFGP *CND NGKPGP 6H CPIGUEJPKVVGP

#7-6+105-#6#.1)' *'55 0#%*(

#WMVKQP XQO 5NI +V\KPIGT -WPUVOGFCKNNGP FGT FGWVUEJGP WPF KVCNKGPKUEJGP 4GPCKUUCPEG 0TP 6HP #WMVKQP XQO 5NI XQP *GVVNKPIGP 5EJYGK\ $KDNKQVJGM 4GKOOCPP 0TP #WMVKQP XQO =5NI -QHNGT? *CDUDWTI 0TP 6HP #WMVKQP XQO 5NI 5EJWNV\G /ÒP\GP WPF /GFCKNNGP )WUVCX #FQNRJU -ÌPKI XQP 5EJYGFGP 0TP 6HP #WMVKQP XQO 5NI /ÒNNGT 2QTVWICN 5NI -KTOKU 2QNGP 0TP #WMVKQP XQO 5NI (TKGFGTKEJ -WPUV WPF 2QTVT·VOGFCKNNGP =5NI XQP FGT *G[FGP? (TÒJGUVG 6CNGT &GPMOÒP\GP CWH RTGW­KUEJG 2TKXCVRGTUQPGP 0TP 6HP #WMVKQP XQO 5NI XQP FGT *G[FGP $TCPFGPDWTI 2TGW­GP 0TP 6HP '. GKPIGDWPFGP VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP 6HP WPF '. NQUG

#WMVKQP XQO /KVVGNCNVGT DGU &GWVUEJNCPF 'PINCPF 5MCPFKPCXKGP 0TP 6H #WMVKQP XQO 5NI /G[GT )GFCPGPUKU 6GKN /ÒP\GP WPF /GFCKNNGP FGT -CKUGT WPF -ÌPKIG FGT )GKUVNKEJMGKV WPF FGT #NVHÒTUVNKEJGP *·WUGT 0TP 6HP #WMVKQP XQO 5NI /G[GT )GFCPGPUKU 6GKN 0GWHÒTUVGP +VCNKGP 5EJYGK\ 0KGFGTNCPFG GVE 0TP 6HP #WMVKQP XQO 5NI 4QGFGT 9ÒT\DWTI 0TP 6H #WMVKQP XQO 5NI 5EJWNV\G /ÒP\GP WPF /GFCKNNGP )WUVCX #FQNRJU -ÌPKI XQP 5EJYGFGP 0TP 6HP '. GKPIGDWPFGP YGPKIG DGKIGUEJTKGDGPG 2TGKUG -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGFGT

#WMVKQP XQO 5NI 2PKQYGT $TCPFGPDWTI 2TGW­GP 0TP 6HP CWH FGP 6HP PQVKGTVG 2TGKUG 1TKI $TQUEJWT

#WMVKQP UKGJG 5NI (GNKZ -CVCNQI 0T

#WMVKQP XQO 5NI $=KGDGT? 7PKXGTUCN 0TP 6HP 1TKI $TQUEJWT 7OUEJNCI DGUEJ·FKIV

#WMVKQP XQO 5NI 9KVEQODG )TGGPG -WPUVOGFCKNNGP 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI )TGGPG 6GKN -WPUVOGFCKNNGP FGT 4GPCKUUCPEG 5NI XQP FGT *G[ FGP $TCPFGPDWTI 0TP 6HP 1TKI $TQUEJWT 7OUEJNCI NGKEJV DGUEJ·FKIV

#WMVKQP XQO \WUCOOGP OKV 5#66.'4 # $CUGN 5NI $ÒTMK 5EJYGK\ 0TP 6HP #WMVKQP XQO 5NI -KNNKUEJ XQP *QTP $TCPFGPDWTI 2TGW­GP 0TP 6HP #WMVKQP XQO 5NI *KTUEJ ¤UVGTTGKEJ 7PICTP 0TP 6HP #WMVKQP XQO 5NI XQP FGT *G[FGP $TCPFGPDWTI 2TGW­GP 0TP 6HP #WMVKQP XQO 5NI /GTVGPU /GFCKNNGP 0TP 6HP '. GKPIGDWPFGP OGKUV DGKIGUEJTKGDGPG 2TGKUG -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI *G[GT 6CNGT WPF &QRRGNVCNGT 0TP #WMVKQP XQO 5NI 5WEJUNCPF 6CNGT 0TP 6HP '. GKPIGDWPFGP DGKIGUEJTKGDGPG 2TGKUG -C VCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI +UGPDGEM 7PKXGTUCN $CODGTI 9ÒT\DWTI /CIFGDWTI GVE 0TP .GKPGP

'Z NKDTKU 'TPGUV .GJT

#WMVKQP XQO 5NI XQP $ÒNQY /GEMNGPDWTI 5NI /ÌNNGT 7PKXGTUCN 5NI *QVJQTP 6KTQN 4JGKPNCPF 0TP #WMVKQP XQO 5NI *GT\QI $TCPFGPDWTI 2TGW­GP 2GTUQ PGPOGFCKNNGP .KVGTCVWT 0TP 6HP #WMVKQP XQO &WDNGVVGP FGU MÌPKINKEJGP /ÒP\MCDKPGVVU \W $GTNKP /KVVGNCNVGT 0TP #WMVKQP XQO &WDNGVVGP FGU MÌPKINK EJGP /ÒP\MCDKPGVVU \W $GTNKP 0GW\GKV 0TP 6HP '. GKPIGDWPFGP *CNDNGKPGP 6H OKP DGUEJPKVVGP -CVCNQIG KP GKPGO $CPF IGDWPFGP

#WMVKQP XQO &WDNGVVGP FGU MÌPKINKEJGP /ÒP\MCDKPGVVU \W $GTNKP )TKGEJKUEJG /ÒP\GP 4ÌOKUEJG )QNFOÒP\GP CWU FGP (WPFGP XQP .WMUQT WPF #NGZCPFTKGP 0TP 6HP 1TKI $TQUEJWT

8GTMCWHUMCVCNQIG CWU FGP ,CJTGP &C\W #WMVKQP XQO 5NI 9G[ICPF QJPG 6HP -CVCNQI KP *CNDNGKPGP DGUEJ·FKIV -CVCNQI KP *CNDNGFGT UQPUV 1TKI $TQUEJWT Z

#WMVKQP XQO =5NI *GKNDTQPPGT? 7PKXGTUCN =5NI 5EJÌPDGTI 6JCOOGPJCKP? 4GHQTOC VKQPUOÒP\GP WPF /GFCKNNGP =5NI 2TKP\ )GQTI XQP 2TGW­GP? 7PKXGTUCN 0TP 1TKI $TQUEJWT

#WMVKQP XQO )QNF 5VCVGTG #NGZCPFGTU FGU )TQ­GP XQP /CMGFQPKGP WPF FGU -ÌPKIU .[UKOCEJQU XQP 6JTCMKGP CWU GKPGO KP -NGKPCUKGP IGJQDGPGP /ÒP\HWPFG 0TP 6HP '. 1TKI $TQUEJWT 6HP NQUG

#WMVKQP XQO 5NI )TGGPG -WPUVOGFCKNNGP 4ÌOKUEJG )QNFOÒP\GP CWU ·I[RVKUEJGP #WUITCDWPIGP 0TP 6HP VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

235

#7-6+105-#6#.1)' *'55 0#%*(

#WMVKQP XQO 5NI 9KFVGT WPF 5NI /ÒNNGT #PVKMG 7PKXGTUCN 0TP 6HP #WM VKQP XQO 5NI &CPPGPDGTI #PVKMG /KVVGNCNVGT 0GW\GKV 5NI /GTMGPU -ÌNP 5V·F VGOÒP\GP WPF /GFCKNNGP 0TP 6HP #WMVKQP XQO 5NI -PGKUV 6GKN WPF 5NI #CTQP $TCPFGPDWTI 2TGW­GP 0TP 6HP #WMVKQP XQO 5NI 7NGZ 0QTF <GP VTCN WPF 5ÒFCOGTKMC 0TP 6HP #WMVKQP XQO &KG DC[GTKUEJGP WPF RH·N\KUEJGP /ÒP\GP WPF /GFCKNNGP FGU *CWUGU 9KVVGNUDCEJ 0TP 6HP '. GKPIGDWPFGP VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI -PGKUV 5CEJUGP =5NI 2JKNKRR? 2QNGP 0TP 6HP #WMVKQP XQO 5NI -PGKUV WPF 5NI #CTQP $TCPFGPDWTI 2TGW­GP 0TP 6HP #WMVKQP XQO 5NI -PGKUV 7PKXGTUCN 0TP '. GKPIGDWPFGP .GKPGP 2CRKGT NGKEJV IGDT·WPV

#WMVKQP XQO &WDNGVVGP FGU MÌPKINKEJGP /ÒP\MCDKPGVVU \W $GTNKP )TKGEJKUEJG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT 7OUEJNCI GVYCU YGNNKI

#WMVKQP XQO 5NI 2GKP &GWVUEJG 6CNGT 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO &WDNGVVGP FGU MÌPKINKEJGP /ÒP\MCDKPGVVU \W $GTNKP )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT &GEMGN NQUG

#WMVKQP XQO 5NI XQP -WDKEMK 2QNGP 0TP 6HP '. GKPIGDWPFGP *CNDNGFGT 6HP 'VYCU CPIGUEJPKVVGP

#WMVKQP CWU FGP ,CJTGP 5NI 'TDUVGKP 6GKN MQORNGVV 'WTQR·KUEJG /ÒP\GP FGU /KVVGNCNVGTU WPF FGT 0GW\GKV <WU 0TP 6HP $KU CWH 6GKN OKV '. .GKPGP FGT <GKV Z -WPUVNGFGT Z 1TKI $TQUEJWT Z

#NU MQORNGVVG 5GTKG UGNVGP CPIGDQVGP

#WMVKQP XQO 5NI 0QNVG $TCPFGPDWTI 2TGW­GP *QJGP\QNNGTP $TCPFGPDWTI (TCPMGP 5EJNGUKGP /GFCKNNGP CWH DGTÒJOVG 2GTUQPGP 0TP 6HP #WMVKQP XQO =5NI 4WORH? 4GHQTOCVKQP WPF 2TQVGUVCPVKUOWU 0TP 6HP #WMVKQP XQO 5NI *QN\ OCPP 7PKXGTUCN 0TP 6HP #WMVKQP XQO 5NI XQP )TCDC $TCMVGCVGP 0TP 6HP #WMVKQP XQO 5NI (TG[DQWTI /ÒP\GP WPF /GFCKNNGP XQP 2QOOGTP WPF 5EJYGFGP 0TP 6HP #WMVKQP XQO =5NI ,QGEMGN? &QRRGNVCNGT 6CNGT &QR RGNIWNFGP $TCPFGPDWTI 2TGW­GP 7PICTP 5KGDGPDÒTIGP 0TP 6H '. GKPIGDWPFGP UQYGKV GTUEJKGPGP GKPKIG 'TIGDPKUUG CWH FGP 6HP PQVKGTV -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI )GUUPGT 7PKXGTUCN 4ÌOGT 0TP 6HP *CNDNGKPGP

#WMVKQP XQO 5NI -NKPIGTV 4WUUKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG .GKPGP 7OUEJNCI GVYCU UEJOWV\KI

#WMVKQP XQO =5NI ,QGEMGN? &QRRGNVCNGT 6CNGT &QRRGNIWNFGP $TCPFGPDWTI 2TGW­GP 7PICTP 5KGDGPDÒTIGP 0TP 6H 1TKI $TQUEJWT

#WMVKQP XQO &WDNGVVGP FGU MCKUGTNKEJGP /ÒP\MCDKPGVVU FGT 'TGOKVCIG KP 5V 2GVGTUDWTI 7PKXGTUCN 0TP 6HP #WMVKQP XQO =5NI 6KEJ[? /ÒP\GP WPF /GFCKNNGP FGU -ÌPKITGKEJU $ÌJOGP 0TP 6HP #WMVKQP XQO 5NI )TCH 6QNUVQK 4WUUKUEJG /ÒP\GP FGU ,CJTJWPFGTVU 0TP 6HP #WMVKQP XQO 5NI (TKGFGTKEJ /ÒP \GP WPF /GFCKNNGP FGU *CWUGU 5VQNDGTI PGDUV #PJCPI /ÒP\GP FGT )TCHUEJCHV *QJPUVGKP 0TP 6HP #WMVKQP XQO 5NI (KPIGT 4WOH /ÒP\GP WPF /GFCKNNGP FGT 5VCFV (TCPMHWTV CO /CKP 0TP 6HP 6GKNU OKV '. VGKNU OKV DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO =)TCH 6QNUVQK? /ÒP\GP FGT TÌOKUEJGP 4GRWDNKM WPF FGT TÌOKUEJGP -CKUGT \GKV 0TP 6HP #WMVKQP XQO =5NI 2TQYG? /ÒP\GP FGT 4ÌOKUEJGP 4GRWDNKM 0TP 6HP 9GPKIG DGKIGUEJTKGDGPG 2TGKUG -CVCNQIG KP GKPGO $CPF IGDWPFGP /QFGTPGU .GKPGP

#WMVKQP XQO =5NI XQP FGT *G[FGP? $CNVKMWO 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI #PFQTHGT *CDUDWTI 2GTUQPGPOGFCKNNGP 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI $TCVTKPI 2QOOGTP 5EJYGFGP $TCPFGPDWTI 2TGW­GP 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO =5NI 2TQYG? )TKGEJGP 4ÌOGT 0TP #PJCPI 0TP 6HP 6HP 1TKI $TQUEJWT 4ÒEMGP OKV GKPGT 6H NQUG

#WMVKQP XQO 5NI 5EJWEJ 5CEJUGP $TCPFGPDWTI 2TGW­GP 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI 9CPGM *CDUDWTI 2GTUQPGPOGFCKNNGP 0TP 1TKI $TQUEJWT

236

#7-6+105-#6#.1)' *'55 0#%*(

#WMVKQP XQO 5NI 5EJG[GT 4ÌOKUEJG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI 4WFQNRJ W C 1UVRTGW­GP &CP\KI 'NDKPI 6JQTP 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO WPF #WMVKQP XQO 5NI $TWWP 6GKN WPF 5EJYGFGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG DGK 6GKN -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

&KG #WMVKQP XQO HCPF YGIGP FGU $GIKPPU FGU 'TUVGP 9GNVMTKGIGU PKEJV UVCVV

#WMVKQP XQO 5NI 9G[ICPF 4JGKPNCPF 9GUVHCNGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG /QFGTPGT JGTTNKEJGT *CNDNGFGTGKPDCPF VCFGNNQUGU 'ZGORNCT

#WMVKQP XQO 5NI *QTUM[ #PVKMG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO =5NI 8KGTQTFV? )TKGEJKUEJG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI XQP /ÒNXGTUVGFV /CIFGDWTI 0TP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQP XQO 5NI 2TQNN 6CNGT 0TP DGKIGUEJTKGDGPG 2TGKUG *CNDNGFGT

#WMVKQP XQO #PVKMG 0TP 1TKI $TQUEJWT &GEMGN 7OUEJNCI HGJNV

#WMVKQP XQO 5NI &CJOU WPF 5NI 9ÒPUEJ /GEMNGPDWTI &GXGPVGT -CORGP <YQNNG 0TP 1TKI $TQUEJWT 4ÒEMGP TGRCTKGTV

#WMVKQP XQO &WDNGVVGP FGU UVCCVNKEJGP /ÒP\MCDKPGVVU \W &TGUFGP $TCMVGCVGP 0TP 1TKI $TQUEJWT

#WMVKQP XQO /GEMNGPDWTI 5NI $KVVGN 6CNGT WPF &QRRGNVCNGT (TGKOCWTGT 5EJÒV\GP OGFCKNNGP /ÒP\GP XQP #WIUDWTI WPF 0ÒTPDGTI 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 7PKXGTUCN 0TP 1TKI $TQUEJWT 4ÒEMGP NGKEJV DGUEJ·FKIV

#WMVKQP XQO =5NI 5GNOGT? $CNVKMWO 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI )ÒPVJGT &GWVUEJG 6CNGT 0TP 1TKI $TQUEJWT

#WMVKQP XQO =5NI -CNYGKV? 4ÌOKUEJG /ÒP\GP GVE 0TP 6HP 1TKI $TQ UEJWT 7OUEJNCI TGRCTKGTV

#WMVKQP XQO 2QNGP &CP\KI 'NDKPI WPF 6JQTP 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO \WUCOOGP OKV -7$' 4 $GTNKP 5NI $CJTHGNFV /ÒP\GP FGU &GWVUEJGP /KVVGNCNVGTU 0TP 6HP '. *CNDNGKPGP

#WMVKQP XQO 4GKEJUOÒP\GP 0TP #WMVKQP XQO 5EJYCNDCEJ 0TP )GJGHVGV

#WMVKQP XQO =5NI 8GTYQTP? 8ÌNMGTYCPFGTWPI 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGT 1TKI $TQUEJWT

#WMVKQP XQO )QNFOÒP\GP $TCPFGPDWTI 2TGW­GP 'NDKPI 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO #WUDGWVG WPF (NW­IQNFFWMCVGP .KVGTCVWT 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 7PKXGTUCN 0TP 6HP 1TKI $TQUEJWT

&KG 8GTUVGKIGTWPI HCPF GTUV CO UVCVV

#WMVKQP XQO 5CEJUGP 6CNGT WPF &QRRGNVCNGT 4GKEJUOÒP\GP 0TP DGKIGUEJTKG DGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQP XQO =5NI 5EJTCFGT? $TCPFGPDWTI 2TGW­GP &GWVUEJGT 1TFGP 0TP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQP XQO 5NI .ÌDDGEMG )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGT /QFGTPGU .GKPGP VCFGNNQUGU 'ZGORNCT 8QTUCV\DNCVV HGJNV

#WMVKQP XQO =5NI /QFGU? &GWVUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQP XQO -NKRRGP 4GHQTOCVKQP .WHVUEJKHHCJTV 0TP 6HP DGKIGUEJTKG DGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQP XQO 7PKXGTUCN 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

237

#7-6+105-#6#.1)' *'55 0#%*( *'55 #)

#WMVKQPGP WPF 8GTMCWHUMCVCNQIG 5NI 5GGIGT (TCPMGP WPF 5EJYCDGP

4WUUKUEJG /ÒP\GP )TKGEJKUEJG /ÒP\GP 5NI .CWHHGT (F XQP 5GPFGPJQTUV CWU FGP ,CJTGP $GKIGUEJTKGDGPG 2TGKUG DGK FGP #WMVKQPGP 1TKI $TQUEJWT

#WMVKQP XQO 5NI 9GYGNGT 9GUVHCNGP WPF 0CEJDCTIGDKGVG 0TP 6HP VGKN YGKUG DGKIGUEJTKGDGPG 2TGKUG -CTVQPKGTV

#WMVKQP XQO 5NI 8QIGN 6GKN #PVKMG $TCMVGCVGP /GFCKNNGP 0TP 6HP .GKPGP

#WMVKQP XQO 5NI 2GP\KI 5CEJUGP 0TP 6HP 5. DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQP XQO &WDNGVVGP TWUUKUEJGT /WUGGP 4WUUKUEJG /ÒP\GP FGU WPF ,CJTJWP FGTVU 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQP XQO &WDNGVVGP TWUUKUEJGT /WUGGP 4WUUKUEJG /ÒP\GP FGU DKU ,CJTJWP FGTVU 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG .GKPGP

#WMVKQP XQO &WDNGVVGP TWUUKUEJGT /WUGGP 4WUUKUEJG /ÒP\GP FGU DKU ,CJTJWP FGTVU 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQPGP WPF 8GTMCWHUMCVCNQIG 6JÒTKPIGP #PVKMG 5NI 1VVQ 5EJYC DGP WPF -WPUVOGFCKNNGP 5NI 0KVUEJ )TKGEJKUEJG /ÒP\GP ,ÒNKEJ -NGXG $GTI CWU FGP ,CJTGP 6GKNYGKUG OKV 5. *CNDNGKPGP Z 1TKI $TQUEJWT Z

*'55 #) # .W\GTP #WMVKQP XQO 5NI 1VVQ #PVKMG /ÒP\GP 0TP 6HP #WMVKQP XQO 5NI 9CNVGTU WPF 5NI 9GDD 4ÌOKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO =5NI *QUMKGT? )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO )TKGEJK UEJG TÌOKUEJG WPF D[\CPVKPKUEJG /ÒP\GP KP )QNF 0TP 6HP #WMVKQP XQO 5NI 5[FGPJCO %CGUCTGC %CRRCFQEKCG 5NI 6TCW 4ÌOKUEJG /ÒP\GP )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO )QNFOÒP\GP 0TP 6HP #WMVKQP XQO #PVKMG 0TP 6HP 8KGNG OKV 5. WPF '. UQYKG XKGNGP 0QVK\GP WPF DGKIGUEJTKGDPGP 2TGKUGP -CVCNQIG KP \YGK $·PFGP .GKPGP

#NNG -CVCNQIG \W CPVKMGP /ÒP\GP

#WMVKQPGP XQO 5NI 'T\JGT\QI 5KIKUOWPF XQP ¤UVGT TGKEJ 'WTQRC *CDUDWTI &GWVUEJNCPF 0TP 6HP 5. KP -CVCNQIGP 6GKN WPF OKV \CJNTGKEJGP 0QVK\GP \W 8QTMQOOGP WPF DGKIGUEJTKGDGPGP 2TGK UGP -CVCNQIG KP GKPGO $CPF IGDWPFGP (GKPGT *CNDNGFGTGKPDCPF OKV FGP #POGTMWPIGP JÌEJUV UGN VGP

#WMVKQP XQO 4ÌOKUEJG /ÒP\GP CWU 5NI 5[FGPJCO WPF 5NI 'T\JGT\QI 5KIKUOWPF XQP ¤UVGT TGKEJ #WMVKQP XQO )QNFOÒP\GP #WMVKQP XQO 5NI )TCH 'P\GPDGTI *CDUDWTI W C #WMVKQP XQO )QNFOÒP\GP #WMVKQP XQO IGOGKPUCO OKV )#..'4+' (+5%*'4 .W\GTP 5NI *CWUGT 5R·V 5EJYGK\ #WMVKQP XQO )QNFOÒP\GP 6GKNU OKV DGKIG UEJTKGDGPGP 2TGKUGP WPF -·WHGTP /QFGTPGU .GKPGP Z 1TKI $TQUEJWT Z

#WMVKQP XQO 5NI )TQ­HÒTUV /KEJCKNQXKVUEJ XQP 4W­NCPF 4WUUKUEJG /ÒP\GP WPF /GFCKNNGP CWU )QNF WPF 2NCVKP 0TP 6HP GKPKIG 0QVK\GP KO 6GZV 1TKI $TQUEJWT

#WMVKQPGP CWU FGP ,CJTGP /KV '. WPF OGKUV OKV 5. OGKUV OKV DGKIGUEJTKGDGPGP 2TGKUGP VGKNU OKV DGKIGUEJTKGDGPGP -·WHGTP &C\W 8GTMCWHUMCVCNQIG 8 : WPF : /GKUV 1TKI $TQUEJWT

*'55 #) # .W\GTP WPF .'7 #) <ÒTKEJ #WMVKQPGP CWU FGP ,CJTGP /KV '. WPF 5. -CVCNQIG KP \GJP $·PFGP IGDWPFGP 'KPJGKVNKEJG UEJÌPG *CNDNGFGTD·PFG VCFGNNQU GTJCNVGP

#WMVKQPUMCVCNQIG CWU FGP ,CJTGP &CDGK W C FKG 5NI '54 #NNG 'ZGORNCTG OKV \CJNTGK EJGP 0QVK\GP 2TGKUGP WPF -·WHGTP -CVCNQIG KP UGEJU $·PFGP IGDWPFGP /QFGTPGU .GKPGP GKPKIG YGPKIG 5GKVGP NQUG

238

#7-6+105-#6#.1)' *'55 #) *+45%*

#WMVKQP XQO 5NI )KDDU 6GKN 6CNGT *CDUDWTI &GWVUEJNCPF 0KGFGTNCPFG .ÌUGT 0TP 6HP #WMVKQP XQO 5NI )KDDU 6GKN 6CNGT &GWVUEJNCPF 0KGFGTNCPFG YGNVNK EJG *GTTGP WPF 5V·FVG 0TP 6HP #WMVKQP XQO =5NI 0QTFOCPP? 5EJYGK\GT )QNFOÒP\GP 0TP 6HP #WMVKQP XQO 5NI $TCPF 5EJYGK\ 0TP 6HP #WMVKQP XQO =5NI &QWINCU .CPIGPUVGKP? 6GKN 5MCPFKPCXKGP 0TP 6HP #WMVKQP XQO =5NI &QWINCU .CPIGPUVGKP? 6GKN *CDUDWTI 0TP 6HP #WM VKQP XQO =5NI &QWINCU .CPIGPUVGKP? 6GKN 5ÒFFGWVUEJNCPF 0TP 6HP #WM VKQP XQO =5NI &QWINCU .CPIGPUVGKP? 6GKN &GWVUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO =5NI &QWINCU .CPIGPUVGKP? 6GKN &GWVUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO =5NI &QWINCU .CPIGPUVGKP? 6GKN 'WTQR·KUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO =5NI &QWINCU .CPIGPUVGKP? 6GKN 5EJYGK\ &GWVUEJNCPF 0TP 6HP /GKUV OKV '. WPF 5. OKV \CJNTGKEJGP 0QVK\GP 2TGKUGP WPF -·WHGTPCOGP -CVCNQIG KP FTGK $·PFGP IGDWPFGP /QFGTPGU )CP\NGKPGP Z UEJÌPGT *CNDNGFGTDCPF Z

*+45%* /;06*#0&'. #$ 5VQEMJQNO #WMVKQPGP 5NI 5XGPUQP 6GKN 5NI 5XGPUQP 6GKN = Z? CWU FGP ,CJTGP &C\W *¤)$'4)5 #06+-8#4+#6 /;06*#0&'. )ÌVGDQTI 8GTMCWHUMCVCNQIG *1./$'4) /;06*#0&'. 5VQEMJQNO #WMVKQPUMCVCNQIG WPF 8GTMCWHUMCVCNQIG CWU FGP ,CJTGP -CVCNQIG WPVGTUEJKGFNKEJ IGDWP FGP

*+45%* , /ÒPEJGP 8GTMCWHUMCVCNQI XQP 5NI *KTUEJ 7PKXGTUCN 0TP &C\W #WMVKQP XQO #PVKMG /ÒP\GP 0TP 6HP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

8GTMCWHUMCVCNQI XQP 7PKXGTUCN 0TP 1TKI $TQUEJWT

8GTMCWHUMCVCNQI XQP 7PKXGTUCN 0TP 1TKI $TQUEJWT 7OUEJNCI NQUG 4ÒEMGP HGJNV NGV\VG 5GKVG DGUEJ·FKIV

#WMVKQP XQO 5NI $=GTEJGO? $C[GTP 2HCN\ 9CNNHCJTV 2GUVCOWNGVVG 0TP 6HP 1TKI $TQUEJWT

8GTMCWHUMCVCNQI XQP #PVKMG .KVGTCVWT 0TP 1TKI $TQUEJWT

#WMVKQP XQO )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO )TKGEJGP 4ÌOGT &GWVUEJNCPF 5NI 5=VWV\? /GFCKNNGP WPF 2NCMGVVGP #PVQP 5EJCTHH U 0TP 6HP 8GTMCWHUMCVCNQI XQP #PVKMG 0TP #WMVKQP XQO )QNF OÒP\GP XQP 7PICTP WPF 5KGDGPDÒTIGP 0TP 6HP #WMVKQP XQO 5NI / )TKGEJK UEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO 5NI - )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO )TKGEJGP 4ÌOGT &GWVUEJNCPF 5NI 5=VWV\? /GFCKNNGP WPF 2NCMGVVGP #PVQP 5EJCTHH U 0TP 6HP 6GKNYGKUG KO 6GZV WPF CWH FGP 6CHGNP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP

#WMVKQP XQO )QNFOÒP\GP XQP 7PICTP WPF 5KGDGPDÒTIGP 0TP 6HP 1TKI $TQ UEJWT

#WMVKQP XQO =5NI 4JQWUQRQWNQU? )TKGEJKUEJG /ÒP\GP 0TP 6HP '. VGKN YGKUG DGKIGUEJTKGDGPG 2TGKUG CWH FGP 6CHGNP *CNDNGFGTGKPDCPF OKV )QNFXGT\KGTWPI

#WMVKQP XQO 5NI /GTMGPU )TKGEJKUEJG /ÒP\GP DGU )TQ­ITKGEJGPNCPF WPF 5K\KNKGP 4ÌOKUEJG /ÒP\GP 0TP 6HP '. *CNDNGKPGP '. WPF 8QTUCV\DNCVV GVYCU DGUEJ·FKIV

#WMVKQP XQO =5NI 2JKNKRUGP? )TKGEJGP DGU *KURCPKC )CNNKC +VCNKC 5KEKNKC %CTVJCIQ 5NI .ÌDDGEMG 4ÌOKUEJG )QNFOÒP\GP .KVGTCVWT 0TP 6HP '. *CNDNGKPGP $KPFWPI NQUG WPF 'KPDCPF UVCTM DGUEJ·FKIV +PJCNV VCFGNNQU

#WMVKQP XQO 5NI +OJQQH $NWOGT 4ÌOKUEJG WPF D[\CPVKPKUEJG /ÒP\GP )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGT UQYKG DGKIGUEJTKGDGPG 2TGKUG CWH FGP 6CHGNP *CNDNGKPGP

#WMVKQP XQO =5NI 8KT\K? )TKGEJKUEJG /ÒP\GP DGU 5K\KNKGP 0TP 6HP #WM VKQP XQO 5NI *QUMKGT )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP /KV DGK IGUEJTKGDGPGP 2TGKUGP WPF -·WHGTP UQYKG UCWDGT CWH FGP 6CHGNP PQVKGTVGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI 9GDGT 6GKN )TKGEJKUEJG /ÒP\GP 0TP 6HP JCPFIG UEJTKGDGPG '. DGKIGUEJTKGDGPG 2TGKUG .GKPGP 6H NQUG

#WMVKQP XQO =5NI 5EJGPPKU? 4ÌOKUEJG /ÒP\GP (F )QNFOÒP\GP %QPUVCPVKPU FGU )TQ­GP WPF UGKPGT (COKNKG 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG .GKPGP $KPFWPI GVYCU NQEMGT

#WMVKQP UKGJG 5NI .ÌDDGEMG -CVCNQI 0T

#WMVKQP XQO 5NI 9GDGT 6GKN 4ÌOKUEJG WPF D[\CPVKPKUEJG /ÒP\GP 0TP 6HP 6GZVCDD JCPFIGUEJTKGDGPG '. DGKIGUEJTKGDGPG 2TGKUG .GKPGP

239

#7-6+105-#6#.1)' *+45%* *1((/#00

#WMVKQP XQO 5NI 2JKNKRUGP #PVKMG 0TP 6HP '. GKPIGDWPFGP /QFGTPGT *CNDNGFGTGKPDCPF VCFGNNQUGU 'ZGORNCT '. OKV 9CUUGTTTCPF

#WMVKQP XQO &WDNGVVGP FGU MÌPKINKEJGP /ÒP\MCDKPGVVU KP $GTNKP CWU FGO #PMCWH FGT 5COONWPI #TVJWT .ÌDDGEMG KP $TCWPUEJYGKI /ÒP\GP XQP +VCNKC 5KEKNKC 6JTCEKC /CEGFQPKC 0TP 6HP #WMVKQP XQO 5NI .CODTQU )TKGEJKUEJG /ÒP\GP =5NI *GT\HGNFGT? 4Ì OKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGFGTGKPDCPF OKV 4ÒEMGPXGT\KGTWPI GVYCU DGUVQ­GP 6H NQUG

#WMVKQP XQO 5NI $CNN[ $CFGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG .GKPGP

#WMVKQP XQO 5NI )WVGMWPUV -WPUVOGFCKNNGP WPF 2NCMGVVGP FGU ,CJTJWPFGTVU 0TP &QRRGNVHP *CNDNGKPGP

#WMVKQP XQO 5NI $CTTQP WPF =5NI 'XCPU? )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGT CWH FGP 6HP UCWDGT PQVKGTVG 2TGKUG *CNDNGFGTGKP DCPF OKV )QNFXGT\KGTWPI GVYCU DGUVQ­GP

#WMVKQP XQO 5NI )WVGMWPUV 0KGUU WPF 5NI $CTTQP )TKGEJKUEJG TÌOKUEJG WPF D[\CPVKPK UEJG /ÒP\GP 0TP 6HP #WMVKQP XQO =5NI 8KT\K? )TKGEJKUEJG /ÒP\GP DGU 5K\KNKGP 0TP 6HP /KV DGKIGUEJTKGDGPGP 2TGKUGP WPF VGKNYGKUG DGKIGUEJTKGDGPGP -·WHGTP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP $KPFWPI NQEMGT

#WMVKQP XQO 5NI XQP 5EJGPPKU WPF 5NI -=ÌTPGT? )TKGEJKUEJG TÌOKUEJG WPF D[\CPVKPK UEJG /ÒP\GP 0TP 6HP #WMVKQP XQO )TKGEJGP 4ÌOGT $[\CP\ 4GPCKUUCPEG 9ÒTVVGODGTI .KVGTCVWT 0TP 6HP /GKUV DGKIGUEJTKGDGPG 2TGKUG -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO 5NI 5CODQP /GFCKNNGP WPF 2NCMGVVGP FGT 4GPCKUUCPEG 0TP &QR RGNVHP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

*+45%* ) 2TCI #WMVKQP XQO )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO $ÌJOGP ¤UVGTTGKEJ 7PICTP 0TP 6H &C\W 9+06'456'+0 ) 2TCI #WMVKQP XQO $ÌJOGP 0TP 6HP /KV YGPKIGP DGKIGUEJTKGDGPGP 2TGKUGP *CNDNGKPGP Z 1TKI $TQUEJWT Z

*+45%* ) /ÒPEJGP #WMVKQPGP CWU FGP ,CJTGP 8KGNG OKV '. VGKNYGKUG OKV DGKIGUEJTKGDGPGP 2TGKUGP WPF -·WHGTP -CVCNQIG KP FTGK­KI $·PFGP IGDWPFGP 'KPJGKVNKEJGU .GKPGP

*1((/#00 * 2CTKU #WMVKQP XQO 5NI %CVQWKNNCTF FG 5CKPV 1OGT 4ÌOKUEJG /ÒP\GP 0TP &C\W YGKVGTG -CVCNQIG CWU FGP ,CJTGP VGKNU IGOGKPUCO OKV 41..+0 -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGFGT

#WMVKQP XQO 5NI &WRTK¾\ )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG .GKPGP 8QTUCV\ CNU (QVQMQRKG GVYCU UVQEMHNGEMKI

#WMVKQP XQO 5NI )T¾CW )TKGEJKUEJG /ÒP\GP DGCTDGKVGV XQP * %QJGP 0TP 6HP #WMVKQP XQO 5NI )T¾CW 4ÌOKUEJG /ÒP\GP DGCTDGKVGV XQP * %QJGP 0TP 6HP /KV DGKDIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP /QFGTPGU .GKPGP

#WMVKQP XQO 5NI $CFGKIVU FG .CDQTFG )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP DGCTDGKVGV XQP * %QJGP 0TP 6H 1TKI $TQUEJWT

#WMVKQP XQO 5NI /CTSWKU FG /QWUVKGT #PVKMG /ÒP\GP 0TP 6HP 5EJÌPGT HTCP\Ì UKUEJGT *CNDNGFGTGKPDCPF OKV 4ÒEMUVGIGP OKP DGUVQ­GP

#WMVKQPGP XQO WPF XQO 5NI 4GIPCWNV 6GKN (TCPMTGKEJ -WPUVOGFCKNNGP GVE 0TP 6HP /KV DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGK PGP GVYCU DGUVQ­GP

#WMVKQP XQO 5NI $QORQKU )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKG DGPG 2TGKUG 5EJÌPGT HTCP\ÌUKUEJGT *CNDNGFGTDCPF OKV 4ÒEMGPUVGIGP OKP DGUVQ­GP 8QTUCV\DNCVV HGJNV GVYCU UVQEMHNGEMKI

240

#7-6+105-#6#.1)' *1((/#00 -7$'

6212

#WMVKQP XQO 5NI %JCTXGV #PVKMG WPF 5KGIGN 0TP 6GZVCDD 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP

#WMVKQP XQO 5NI )TCHHGPTKGF FG $WTIGPUVGKP 5EJYGK\GT /ÒP\GP 5NI * .QVJTKPIGP 0TP &C\W $'./106' , LWP *CODWTI #WMVKQP XQO 5NI )WVJGKN 7PKXGTUCN 0TP DGKIGDWPFGP 504 OKV FGT '. \WT 5COONWPI )TCHHGPTKGF FG $WTIGPUVGKP /KV YGPKIGP DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI )CTKGN (TCPMTGKEJ 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGK PGP $KPFWPI GVYCU NQEMGT 4ÒEMGP DGUEJ·FKIV

#WMVKQP XQO 5NI *QHHOCPP 'WTQR·KUEJG /ÒP\GP 0TP 6HP 5. GKPIGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI 2QPVQP F #O¾EQWTV )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6H .GKPGP

#WMVKQPGP XQO WPF XQO 5NI 2JQVKCF½U 2CEJC )TKGEJKUEJG /ÒP\GP 0TP 6HP VGKNU OKV DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP 5EJÌPGT HTCP\ÌUKUEJGT *CNDNGFGTDCPF OKV 8GT\KGTWPIGP WPF 4ÒEMGPUVGIGP

*14070) 5 /¦06#7-6+10'4 -QRGPJCIGP #WMVKQPGP CWU FGP ,CJTGP 1TKI $TQUEJWT

-#560'4 ) /ÒPEJGP #WMVKQPGP CWU FGP ,CJTGP &C\W .#0< * /ÒPEJGP #WMVKQPGP CWU FGP ,CJTGP 'KPKIG OKV DGKIG UEJTKGDGPGP 2TGKUGP WPF -·WHGTP 1TKI $TQUEJWT

-4#-#7 ' XQP *CODWTI 8GTMCWHUMCVCNQI XQP 5EJNGUYKI *QNUVGKP 0TP *CNDNGKPGP 0COG KO 8QTUCV\ IGUEJY·T\V

-4#75 ( ( $TCWPUEJYGKI #WMVKQP XQO $TCWPUEJYGKI WPF 0KGFGTUCEJUGP 0TP 6HP #WMVKQP XQO 0KGFGTUCEJUGP WPF 9GUVHCNGP #WMVKQP XQO 5NI 2CWNK )QNFOÒP\GP .ÌUGT #WUDGWVGOÒP\GP 5CEJUGP 5NI /KEJCKNQYKVUEJ ,GHKOKMK 0TP 6HP &C\W FTGK 8GTMCWHUMCVCNQIG CWU FGP ,CJTGP WPF #WMVKQP OKV 5. 1TKI $TQUEJWT

-4'55 - /ÒPEJGP #WMVKQPGP CWU FGP ,CJTGP #WMVKQPGP 5NI /CPIQNF KP GKPGO $CPF IGDWPFGP 7PVGTUEJKGFNKEJ IGDWPFGP VGKNYGKUG OKV 0QVK\GP DGKIGUEJTKGDGPGP 2TGKUGP WPF '.

-4+%*'.&14( * * 5VWVVICTV #WMVKQPGP CWU FGP ,CJTGP &C\W FKG #WMVKQPGP CNU FWTEJUEJQUUGPG 'ZGORNCTG OKV 2TGKUGP WPF -·WHGTP &KG #WMVKQPGP UKPF KP \YGK $·P FGP IGDWPFGP CD #WMVKQP 1TKI $TQUEJWT

-7$' 4 $GTNKP #WMVKQP XQO 5NI -QTP 2TGW­GP 5EJNGUKGP -CKUGT WPF -ÌPKIG 0TP 6HP 1TKIKPCNJCNDNGKPGP

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#7-6+105-#6#.1)' -7$' /'4<$#%*'4

#WMVKQP XQO $TCMVGCVGPHWPF XQP /QEJQY 5NI /CTVKPK )TKGEJGP 4ÌOGT ªDGTUGG 0TP 6HP #WMVKQP XQO 5NI *GUUG 4W­NCPF 0TP QJPG 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI *CWUYCNFV /CIFGDWTI 0TP 6HP '. GKPIGDWPFGP VGKN YGKUG DGKIGUEJTKGDGPG 2TGKUG /QFGTPGU .GKPGP VCFGNNQUGU 'ZGORNCT

#WMVKQP XQO 5NI 5EJWNV\ /GFCKNNGP 5NI /GV\ 4GKEJUOÒP\GP /KVVGNCNVGT 0TP 6HP 1TKI $TQUEJWT

-7$' 0#%*( &4 *1((/#00 $GTNKP #WMVKQP XQO &WDNGVVGP FGU MÌPKINKEJGP /ÒP\MCDKPGVVU \W $GTNKP $TCPFGPDWTI 2TGW­GP 5NI *QNXGTUEJGNFV $TCPFGPDWTI 2TGW­GP &GT $TCM VGCVGPHWPF XQP 0QTFJCWUGP 0TP QJPG 6HP #WMVKQP XQO 5EJNGUKGP WPF UEJNGUKUEJGT )TQUEJGPHWPF XQP 5CICP ,CJTJWPFGTV 0TP 6HP #WMVKQP XQO IGOGKPUCO OKV 4#22#2146 ' $GTNKP $TCPFGPDWTI 2TGW­GP 0TP 6HP '. KP #WMVKQP GKPIGDWP FGP *CNDNGKPGP Z 1TKI $TQUEJWT Z

-7056 70& /ª0<'0 #) .QECTPQ UR·VGT .WICPQ #WMVKQPGP CWU FGP ,CJTGP UQYKG FKG 8GTMCWHUMCVCNQIG CWU FGP ,CJTGP 1TKI $TQUEJWT

'PVJ·NV XKGNG KPVGTGUUCPVG 5GTKGP XQP +VCNKGP -KTEJGPUVCCV WPF /GFCKNNGP

.#0< * )TC\ #WMVKQPGP CWU FGP ,CJTGP 6GKNU OKV '. WPF 5. VGKNYGKUG OKV 0QVK\GP WPF DGKIGUEJTKGDGPGP 2TGKUGP 1TKI $TQUEJWT

#WMVKQPGP CWU FGP ,CJTGP =5NI *QJGPMWDKP? *CDUDWTI 6GKNU OKV '. #WM VKQPGP WPF OKV 0QVK\GP WPF DGKIGUEJTKGDGPGP 2TGKUGP -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

.'*/#0 * 2CTKU #WMVKQP XQO )TKGEJKUEJG /ÒP\GP -WPUVOGFCKNNGP WPF 2NCMGVVGP 0TP 6HP VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG /QFGTPGU .GKPGP

.'*/#00 * (.14#0)' , 2CTKU #WMVKQP XQO 5NI 'PIGN )TQU &GWVUEJG WPF UEJYGK\GTKUEJG 4GPCKUUCPEG /GFCKNNGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP

.'/2'46< / -ÌNP #WMVKQP XQO 5NI /G[GT 7PKXGTUCN PWOKUOCVKUEJG $KDNKQVJGM 0TP 6HP 1TKI $TQUEJWT 7OUEJNCI HGJNV #WMVKQP XQO 7PKXGTUCN 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI XCP 8NGWVGP 6GKN )TKGEJGP 4ÌOGT $[\CPVKPGT 0TP 6HP 1TKI $TQUEJWT 'KPDCPF GVYCU UEJOWV\KI

#WMVKQP XQO 5NI XCP 8NGWVGP W C 6GKN 0GW\GKV DGU 4JGKPNCPF 0TP 6HP 1TKI $TQUEJWT GVYCU DGUVQ­GP

#WMVKQP XQO 5NI -ÒJPGT W C 7PKXGTUCN 0TP 6HP 1TKI $TQUEJWT

#WMVKQPGP XQO XQO WPF XQO 5NI 2KGRGT 6GKN 4JGKPNCPF WPF 9GUVHCNGP 7PKXGTUCN 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG #WMVKQP XQO 5NI 8QIGNUCPI 'KPG #NNIGOGKPUCOONWPI OGKUV 6CNGT 0TP 6H +P GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO 5NI -GUUNGT 4ÌOKUEJG /ÒP\GP 0TP 6HP *CNDNGKPGP

/'*. $ / (QTV 9QTVJ #WMVKQP XQO 5NI 4GGU )TQ­DTKVCPPKGP #PVKMG /ÒP\GP 9GUVKPFKGP 75# 0TP (TQPVKURK\ 6HP '. 1TKI $TQUEJWT

#WMVKQP XQO 5NI (CTQWM + 5NI #NNGPDWTIGT 5NI 4GPEG )QNF WPF 2NCVKPOÒP\GP 75# 0TP OKV #DD KO 6GZV 1TKI $TQUEJWT GVYCU DGUVQ­GP

/'4<$#%*'4 ' /ÒPEJGP #WMVKQP XQO 5NI 5G[HHGT 6GKN )TKGEJKUEJG /ÒP\GP 0TP /QPQITCOOVH 6HP *CNDNGFGT

#WMVKQP XQO )QNFOÒP\GP 0TP 6HP 1TKI $TQUEJWT NQUG .CIGP QJPG 7OUEJNCI

#WMVKQP XQO 5NI (TJT XQP 4QVGPJCP $C[GTP 2HCN\ 0TP '. *CNDNGKPGP

#WMVKQP XQO 2QNGP &CP\KI 'NDKPI WPF 6JQTP 0GW\GKV 0TP 1TKI $TQUEJWT YGPKIG #PUVTGKEJWPIGP KO 6GZV GVYCU DGUEJ·FKIV

#WMVKQP XQO 5NI 5EJOKFV 0GW\GKV DGU (TCPMHWTV 0TP 6HP 1TKI $TQUEJWT 4ÒEMGP GVYCU DGUEJ·FKIV

#WMVKQP XQO 5NI 4GKEJCTFV W C 0GW\GKV 0TP 6HP 1TKI $TQUEJWT GVYCU DGUEJ· FKIV

242

#7-6+105-#6#.1)' /'4<$#%*'4 /'755

#WMVKQP XQO -WPUVOGFCKNNGP :++ 5 OKV 0TP 6HP .GKPGP GVYCU DGUVQ­GP 8QTUCV\DNCVV DGUEJ·FKIV

#WMVKQP XQO 0GW\GKV 0TP 6HP 1TKI $TQUEJWT DGUEJ·FKIV

#WMVKQP XQO 5NI -QNNOCPP W C 0GW\GKV DGUQPFGTU )GIGPUVGORGN 0TP 6HP 1TKI $TQUEJWT GVYCU DGUEJ·FKIV

#WMVKQP XQO 5NI 'RUVGKP /WUKEC KP PWOOKU 5EJYGK\ 0GW\GKV 0TP 6HP 1TKI $TQUEJWT 7OUEJNCI NQUG

#WMVKQP XQO *QJGPNQJG 0CRQNGQP 0TP 6HP 1TKI $TQUEJWT &GEMGN HGJNV

#WMVKQP XQO 5NI .=GKEJVNKP? $CFGP =5NI XQP (TCWGPFQTHHGT? $C[GTP 2HCN\ 5NI .GX[ -ÌNP 0TP 6HP 1TKI $TQUEJWT 7OUEJNCI DGUEJ·FKIV

#WMVKQP XQO =5NI *GT\HGNFGT? W C 4ÌOKUEJG WPF ITKGEJKUEJG /ÒP\GP 0TP 6HP '. #WMVKQP XQO )TKGEJKUEJG /ÒP\GP 5NI XCP /W[FGP 4ÌOKUEJG /ÒP\GP 0TP 6HP '. +P GKPGO $CPF IGDWPFGP *CNDNGFGT OKPKOCN DGUVQ­GP

#WMVKQP XQO =5NI *GT\HGNFGT? W C 4ÌOKUEJG WPF ITKGEJKUEJG /ÒP\GP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV \CJNTGKEJGP #POGTMWPIGP *CNDNGFGT DGUEJ·FKIV NQUG .CIGP

#WMVKQP XQO 5NI XQP 5=GKPUJGKO? 0GW\GKV 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO =5NI XQP 5GKPUJGKO? 0GW\GKV 0TP 6HP 1TKI $TQUEJWT 4ÒEMGP GVYCU DGUEJ·FKIV

#WMVKQP XQO )QNF $C[GTP 2HCN\ 5CEJUGP 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI )CNNGV 5EJYGK\ 0TP 6HP '. 0#8+..' . #WMVKQP XQO )GPH =5NI &G 5CTVKIGU? 5EJYGK\ 0TP 6HP '. 5%*.'55+0)'4 ( $GTNKP #WMVKQP XQO 5EJYGK\ 0TP 6HP 5. '. *'55 0#%*( .W\GTP #WMVKQP XQO =5NI 8CWVKGT? 5EJYGK\ 0TP 6HP VGKNYGKUG CPIGUEJPKVVGP 5. #WMVKQP XQO =5NI $CFTWVV? 5EJYGK\ =5NI %QOOQP? /GFCKNNGP CWH 'KUGPDCJP WPF $WEJFTWEM /WUKEC KP PWOOKU 0TP 6HP #WMVKQP XQO 5EJYGK\ 0TP OKV DGKIG UEJTKGDGPGP 2TGKUGP WPF -·WHGTPCOGP #WMVKQP XQO 5NI #DV 5EJYGK\ 0TP 6HP OKV DGKIGUEJTKGDGPGP 2TGKUGP WPF -·WHGTP 5. +P GKPGO $CPF IGDWPFGP .GKPGP

#NNG -CVCNQIG \WT 5EJYGK\GT 0WOKUOCVKM

#WMVKQP XQO =5NI 2TQH (KEMGT? ¤UVGTTGKEJ 0CRQNGQP $C[GTP ,WFCKEC =5NI 4QVVJCNGT? #WIUDWTI 0TP 6HP 1TKI $TQUEJWT 4ÒEMGP GVYCU DGUEJ·FKIV

#WMVKQP XQO -WPUVOGFCKNNGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGTPCOGP (QNKQ /QFGTPGU .GKPGP

#WMVKQP XQO 7PKXGTUCN 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG CWH FGP 6HP 1TKI $TQUEJWT GVYCU DGUEJ·FKIV

#WMVKQP XQO )QNF 4GPCKUUCPEG /GFCKNNGP 0TP 6HP *CNDNGKPGP

/'755 * *CODWTI #WMVKQP XQO 5NI #OUKPEM *CODWTI #WMVKQP XQO 5NI #OUKPEM /KVVGNCNVGT 5EJYGK\ WPKXGTUCN #WMVKQP XQO 5NI 1GVNKPI *CODWTI #WMVKQP XQO 5NI *CPUKPI $TCWPUEJYGKI *CPPQXGT 6GKNYGKUG DGKIG UEJTKGDGPG 2TGKUG '. +P GKPGO $CPF IGDWPFGP

#WMVKQP XQO 5NI 1GVNKPI *CODWTI 0TP 6HP '. #WMVKQP XQO 5NI *CPUKPI $TCWPUEJYGKI *CPPQXGT 0TP 6H +P GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI 'IIGTU *CODWTI $TCWPUEJYGKIGT .ÌUGT 7PKXGTUCN 0TP 6H '. 1TKI $TQUEJWT GVYCU DGUVQ­GP

#WMVKQP XQO *CODWTI 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI (KUEJGT *CODWTIGT /GFCKNNGP (TGKOCWTGT 5NI -NGKPUEJOKFV 9CNF GEM 5NI 8Q­ 1TFGP WPF 'JTGP\GKEJGP 0TP 6H 1TKI $TQUEJWT

'Z NKDTKU 'TYKP $WEJYCNF #WMVKQP WPF UKGJG 5NI 4QGRGT -CVCNQI 0T #WMVKQP UKGJG 5NI /ÒNNGT #NKPGPJQH -CVCNQI 0T

#WMVKQP XQO 5NI &CP\KIGT $TGOGP $TGOGP 8GTFGP 5VCFG 0TP 6HP 5. 1TKI $TQUEJWT

#WMVKQP XQO 7PKXGTUCN 0TP 6HP 5. 1TKI $TQUEJWT #WMVKQP XQO 7PKXGTUCN 0TP 6HP 5. 1TKI $TQUEJWT #WMVKQP XQO 5NI 2HGKHHGT 2GUVKNGPVKC KP PWOOKU 0TP 6HP 1TKI $TQUEJWT

&KG 8GTUVGKIGTWPI HCPF PKEJV UVCVV &KG 5VCFV *CODWTI MCWHVG FKG 5COONWPI MQORNGVV WPF ÒDGTICD UKG FGO /WUGWO HÒT *CODWTIKUEJG )GUEJKEJVG

243

#7-6+105-#6#.1)' /'755 0#8+..'

#WMVKQP XQO 7PKXGTUCN 0TP 6H #WMVKQP XQO 0GW\GKV 0TP #WMVKQP XQO $TCWPUEJYGKI .ÒPGDWTI 0KGFGTUCEJUGP 0TP 1TKI $TQ UEJWT

/';'45 4 , 0GY ;QTM #WMVKQP XQO DKU #PVKMG /ÒP\GP W C ,QPCVJCP 2 4QUGP %QNNGEVKQP /GKUV OKV 5. 1TKI $TQUEJWT

/+%*'. 4 )GPH VGKNYGKUG KP <WUCOOGPCTDGKV OKV 516*'$; 5 )GPH WPF &ª44 / )GPH #WMVKQPGP XQO (TCPMTGKEJ 2QTVWICN $TCUKNKGP 2QTVW ICN 5EJYGK\ #PVKMG /ÒP\GP 0GW\GKV )GPH 4ÌOKUEJG )QNFOÒP\GP WPF $CTDCTGP 5ÒFCOGTKMC ,GYGKNU OKV '. 1TKI $TQUEJWT

/106'0#21.'10' #56' & #46' 5 4 . /KNCPQ #WMVKQP XQO DKU \WO 0GW\GKV DGUQPFGTU +VCNKGP /GKUV OKV 5. 1TKI $TQUEJWT

/14)'06*#7 %Q , % 0GY ;QTM #WMVKQP XQO $CNFWKP 0GYEQOGT %QNNGE VKQP 6GKN /GZKEQ 5ÒF WPF <GPVTCNCOGTKMC 0TP 6HP #WMVKQP XQO )QNFOÒP\GP FGT 75# 5ÒFCOGTKMC 2GTUKGP 0TP 6HP 1TKI $TQUEJWT

/ª0<'0*#0&.70) $#5'. $CUGN -QORNGVVGT 5CV\ FGT #WMVKQPUMCVCNQIG XQP DKU &WTEJUEJQUUGPG 'ZGORNCTG OKV $KGVGT WPF -·WHGTPCOGP UQYKG 2TGKUGP #WMVKQPGP GKP JGKVNKEJGU .GKPGP #WMVKQP MCTVQPKGTV .CIGTMCVCNQI OKV DGKIGUEJTKGDGPGP -·WHGTP .GKPGP Z IGJGHVGV Z

#WMVKQP XQO (TCPMTGKEJ 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV $KGVGT WPF -·WHGTPCOGP UQYKG 'TIGDPKUUGP 1TKI $TQUEJWT

/ª0<)#.'4+' /ª0%*'0 /ÒPEJGP #WMVKQPUMCVCNQIG XQO WPF $GUQPFGTU $C[GTP WPF 5ÒF FGWVUEJNCPF 1TKI $TQUEJWT

/7..'4 %+' ( #OUVGTFCO #WMVKQP XQO 5NI $QICGTFG FG *GGUYKLM XCP 5YKP FGTGP $CUVGTV W C 0KGFGTNCPFG 0TP 6HP 1TKI $TQUEJWT #WMVKQPGP XQO 5NI *CXTG 9WTHDCKP 5VGRJCPKM W C 0KGFGTNCPFG DGU #OUVGTFCO 0TP 6HP 1TKI $TQUEJWT QJPG &GEMGN

0#8+..' %Q )GPH #TU %NCUUKEC #WMVKQP XQO 5NI 2Q\\K )TKGEJKUEJG /ÒP\GP 0TP 6HP '. *CNDNGFGT 2CRKGT NGKEJV IGDT·WPV

#WMVKQP XQO 5NI 8CWVKGT WPF %QNNKIPQP 4ÌOKUEJG -CKUGT\GKV 0TP 6HP DGK IGUEJTKGDGPG 2TGKUG *CNDNGFGT 4ÒEMGP VGKNYGKUG NQUG +PJCNV VCFGNNQU

#WMVKQP XQO 5NI 'XCPU 4ÌOKUEJG WPF D[\CPVKPKUEJG )QNFOÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGFGT

#WMVKQP XQO 5NI /KEJCKNQXKVUEJ 'XCPU W C )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIGDWPFGPG '. *CNDNGFGT

#WMVKQP XQO &WDNGVVGP FGU $TKVKUJ /WUGWO CWU FGT 5NI $GTVKGT FG NC )CTFG W C )TKGEJK UEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGFGT 4ÒEMGP DGUEJ·FKIV WPF $WEJ DNQEM IGDTQEJGP +PJCNV VCFGNNQU

#WMVKQP XQO XQO XQO 5NI $GOGPV 6GKN WPF )TKGEJKUEJG /ÒP\GP \WU 0TP 6HP 6GKN 4ÌOKUEJG /ÒP\GP 0TP 6HP #NNG -CVCNQIG OKV DGKIGDWPFGPGP '. *CNDNGFGT 4ÒEMGP DGUEJ·FKIV

#WMVKQP UKGJG -CVCNQI 0T

#WMVKQP XQO 5NI 2GVTQYKE\ 4QIGTU W C )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP MQRKGTVG '. *CNDNGFGT OKPKOCN DGUVQ­GP

#WMVKQP XQO 5NI .GXKU 4ÌOKUEJG /ÒP\GP 0TP 6HP DGKIGDWPFGPG '. *CNDNGFGT 4ÒEMGP DGUEJ·FKIV

#WMVKQP XQO 5NI $KUUGP 9GTVJGKO 'XCPU 2GVTQYKE\ )TKGEJKUEJG WPF TÌOKUEJG /ÒP \GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGFGT 4ÒEMGP DGUEJ·FKIV

#WMVKQP XQO 5NI #NNCVKPK %JWTEJKNN $NQEJ 8GKVJ W C )TKGEJKUEJG WPF TÌOKUEJG /ÒP \GP 0TP 6HP DGKIGDWPFGPG '. *CNDNGFGT 4ÒEMGP DGUEJ·FKIV

#WMVKQP XQO 5NI %JWTEJKNN 6GKN W C )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIG UEJTKGDGPG 2TGKUG *CNDNGFGT

#WMVKQP XQO 5NI 9QQFYCTF W C #PVKMG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGFGT 4ÒEMGP DGUEJ·FKIV

244

#7-6+105-#6#.1)' 0#8+..' 2#)'

#WMVKQP XQO 5NI 5V /CTEGCWZ %CTT %JWTEJKNN %QNGICVG .COR W C )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGFGT 4ÒEMGP HGJNV VGKNYGKUG GKPG 5GKVG NQUG

#WMVKQP XQO 5NI $WTTCIG W C )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 5NI 'XCPU 4ÌOKUEJG /ÒP\GP 0TP 6HP DGKIGDWPFGPG 5. DGKIGUEJTKGDGPG 2TGKUG /QFGTPGU *CNDNGFGT

#WMVKQP XQO =5NI 5CTVKIGU? 4ÌOKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 5. -·WHGTPCOGP WPF #POGTMWPIGP KO 6GZV WPF CWH FGP 6HP *CNDNGFGT

07/+5/#6+% (+0' #465 $GXGTN[ *KNNU #WMVKQP 6GKN WPF XQP DKU FC\W /CKNDKF 5CNGU 2TGKUNKUVGP 07/+5/#6+% #7%6+10 .6& 0GY ;QTM #WMVKQP XQP DKU 6GKNYGKUG OKV DGKIGUEJTKGDGPGP 2TGKUGP

07/+5/#6+% (+0' #465 $GXGTN[ *KNNU $#0- .'7 #) <ÒTKEJ #WMVKQPGP XQO WPF 6JG )CTTGVV %QNNGEVKQP 6GKN 'KPKIG DGKIGUEJTKGDGPG 2TGKUG '. 6GKN $CPF WPF KP *CNDNGFGT IGDWPFGP 6GKN KP 1TKI $TQUEJWT

07/+5/#6+%# 9KGP #WMVKQP XQP DKU VGKNYGKUG OKV '. 1TKI $TQUEJWT

07/+5/#6+5%*' )'5'..5%*#(6 <7 &4'5&'0 #WMVKQPGP XQP DKU 0T WPF OKV '. 1TKI $TQUEJWT

6301

#WMVKQP XQO WPVGT .GKVWPI XQP % ) 6*+'/' 5NI )TCDPGT /KVVGNCNVGT (TQPVKURK\ 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO WPVGT .GKVWPI XQP % ) 6*+'/' 5NI 5R·VG 0GW\GKV 0TP 6HP 1TKI $TQUEJWT 7OUEJNCI HGJNV VGKNYGKUG

0755$#7/ * <ÒTKEJ #WMVKQP XQP 8GPVG 0QOKUOC 5RG\KCNUCOONWPI XQP /ÒP\GP FGT UÒFNKEJGP 0KGFGTNCPFG WPF XQP JKUVQTKUEJGP PKGFGTN·PFKUEJGP /GFCKNNGP UQYKG UQNEJGP FGU *CWUGU *CDUDWTI 0TP 6HP .GKPGP $GKIGNGIV 8GTMCWHUNKUVG

2#)' # 2CTKU #WMVKQP XQO /GTQYKPIGT (TCPMTGKEJ 0TP 6HP )GJGHVGV #WMVKQP XQO 5NI 0G[ (TCPMTGKEJ 'JTGP\GKEJGP 0WOKUOCVKUEJG .KVGTCVWT 0TP 6HP )GJGHVGV

#WMVKQP XQO #PVKMG /ÒP\GP (TCPMTGKEJ ,GVQPU 0TP 6H OKPKOCN CPIGUEJPKVVGP *CNDNGKPGP

#WMVKQPGP XQO WPF 5NI #OCVGWT 2CTKUKGP 6GKN #PVKMG /ÒP\GP 6GKN (TCPMTGKEJ 0TP 6HP '. 1TKI $TQUEJWT WPF *CNDNGKPGP

#WMVKQP XQO )QNFOÒP\GP WPF OGFCKNNGP 0TP 6HP *CNDNGKPGP #WMVKQP XQO 5NI $CTDKGT (TCPMTGKEJ 0TP 6HP *CNDNGKPGP

245

#7-6+105-#6#.1)' 2#)' 2418#&+.+'((

#WMVKQP XQO #PVKMG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG #WMVKQP XQO #PVKMG /ÒP\GP 0TP 6HP 2#)' ' 2CTKU #WMVKQPGP XQO )GJGHVGV

2#)' # %+#0+ . 2CTKU #WMVKQP XQO 5NI %QWVWTKGT #PVKMG /ÒP\GP (TCPMTGKEJ 'WTQRC 0TP 6HP '. 1TKI $TQUEJWT VGKNYGKUG WPCWHIGUEJPKVVGP

#WMVKQP XQO 5NI %QWVWTKGT #PVKMG /ÒP\GP (TCPMTGKEJ 'WTQRC 0TP 6HP DGK IGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT 6CHGNDNQEM NQUG

2#46+0 $#0- $CF /GTIGPVJGKO #WMVKQP XQP DKU #WMVKQP XQO

\WUCOOGP OKV )KGUUGPGT /ÒP\JCPFNWPI /ÒPEJGP 2HCN\ VGKNYGKUG OKV DGKIGUEJTKGDGPGP 2TGKUGP -·WHGTP WPF \WOGKUV '. 1TKI $TQUEJWT WPF .GKPGP

2'6')*'/ % XCP 2CTKU #WMVKQP XQO 5NI /KPCTV 7PKXGTUCN 0TP 1TKI $TQ UEJWT NGKEJV DGUEJ·FKIV

6314

#WMVKQP XQO 5NI .GITCU 6GKN WPF 0TP (TQPVKURK\ 6HP '. DGKIGDWPFGP *CNDNGFGT NGKEJV UVQEM HNGEMKI

#WMVKQP XQO 5NI /CKNNGV 0QVOÒP\GP 0TP OKV #DD DGKIGUEJTKGDGPG 2TGKUG #WMVKQP XQO 5NI %JCKZ 'NUC­ 0TP 6H +P GKPGO $CPF IGDWPFGP *CNDNGFGT $WEJDNQEM VGKNYGKUG NQUG

2'75 $ (TCPMHWTV CO /CKP #WMVKQP 5NI .GLGWPG 5NI 0QUU 6GKN WPF &4 $7551 2'75 0#%*( #WMVKQPGP 5NI -QEJ 6GKN 5NI 9CNVJGT 5NI -QEJ 6GKN XQP DKU VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG WPF '. .GKPGP Z UQPUV 1TKI $TQUEJWT

#WMVKQP 5NI .GLGWPG 5NI 0QUU 6GKN WPF XQP DKU +P GKPGO $CPF KP *CNDRGTICOGPV IGDWPFGP WPF 1TKI $TQUEJWT

2'75 0#%*( &4 $7551 (TCPMHWTV CO /CKP #WMVKQP XQO 5NI $QPJQHH /KV VGNCNVGT 0TP OKV #DD '. -CVCNQI KP (CFGPJGHVWPI PGW GKPIGDWPFGP #WMVKQP XQO XQO 5NI # 6GKN WPF /KVVGNCNVGT $GKIGUEJTKGDGPG 2TGKUG WPF '. +P GKPGO $CPF IGDWPFGP .GKPGP

2+.#46< * -ÌNP #WMVKQPGP XQP DKU /ª0<<'0647/ -¤.0 #WMVKQPGP 6TKGT -ÌNP 5NI /GOOGUJGKOGT 4ÌOKUEJG $TQP\GP $TCWPUEJYGKI *CP PQXGT -ÌNP 5NI *QGEMG /KVVGNCNVGT VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG WPF '. 1TKI $TQUEJWT

2.#66 % 2CTKU #WMVKQPGP XQO 5NI $TCOUGP (TCP\ÌUKUEJG 4GXQNWVKQP 1TKI $TQUEJWT Z .GKPGP Z VGKNYGKUG DGUEJ·FKIV

#WMVKQPGP XQO WPF 5NI .WPGCW 6GKN )TKGEJGP 4Ì OGT $[\CP\ (TCPMTGKEJ (TCP\ÌUKUEJG (GQFCNGP 5CXQ[GP -TGW\HCJTGT 0TP 6HP 0TP 6HP 0TP 6HP 0TP 6HP 6GKN WPF 1TKI $TQUEJWT DGUEJ·FKIV 6GKN WPF *CNDNGKPGP /KV DGKIGUEJTKGDGPGP 2TGKUGP

#WMVKQPGP XQO 5NI $QWIQP 5NI 6CUDKNNG 6GKN (TCP\ÌUKUEJG 4GXQNWVKQP 8GTMCWHUMC VCNQIG *CNDNGKPGP Z WPF 1TKI $TQUEJWT NGKEJV DGUEJ·FKIV Z

2418#&+.+'(( & 2CTKU #WMVKQP XQO )TKGEJKUEJG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT

246

#7-6+105-#6#.1)' 4#22#2146 4#661

4#22#2146 ' $GTNKP #WMVKQPGP XQO $TCPFGPDWTI 2TGW­GP

*CNDGTUVCFV 5EJNGUKGP 2TGW­GP +P GKPGO $CPF IGDWPFGP *CNDNGKPGP .GKPGP (WPF XQP ,ÒVGTDQI 1TKI $TQUEJWT $TCPFGPDWTI 2TGW ­GP 1TKI $TQUEJWT 5NI 5EJYGEJVGP 1TKI $TQUEJWT 1TKI $TQUEJWT \WUCOOGP OKV 4 -7$' $GTNKP $TCPFGPDWTI 2TGW­GP 1TKI $TQUEJWT 5NI XQP $GVJG 5CEJUGP 5EJYCT\DWTI 1TKI $TQUEJWT 6GKNYGKUG GVYCU DGUEJ·FKIV

#WMVKQPGP XQO *CNDGTUVCFV 5NI %QJP 5NI $GPGUEJ 5EJNGUKGP 5NI $CNEMG $TCPFGPDWTI 2TGW­GP (F XQP /CNEJKP 5NI $KTMGPTWVJ 9GKOCTGT &KEJVGT HÒTUVGP WPF KJTG <GKV \WUCOOGP OKV 4 -7$' $GTNKP /GKUV OKV DGKIGUEJTKGDGPGP 2TGKUGP +P FTGK $·PFGP IGDWPFGP *CNDNGKPGP 4ÒEMGP NGKEJV DGUEJ·FKIV

#WMVKQPGP XQO =5NI 5EJYCPGEMG? *CNDGTUVCFV 5NI $GPGUEJ 5EJNGUKGP 5NI %QJP +P GKPGO $CPF IGDWPFGP .GKPGP

4#5/755'0 # -QRGPJCIGP -QPXQNWV XQP #WMVKQPUMCVCNQIGP 5NI 'TPUV 6GKN 5NI 'TPUV 6GKN 5NI 2TQUEJQYUM[ 5NI 4CU OWUUGP 5NI 5GEM 5NI .GTEJG CWU FGP ,CJTGP 1TKI $TQUEJWT

4#661 / 2CTKU #WMVKQP XQO #PVKMG /ÒP\GP (TCPMTGKEJ +VCNKGP 0TP 6HP DGKIGDWPFGPG '. /QFGTPGU .GKPGP GVYCU YCUUGTTCPFKI

#WMVKQP XQO #PVKMG /ÒP\GP (TCPMTGKEJ 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQP XQO 5NI 5EJYKPI #GU ITCXG TÌOKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKG DGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQP XQO #PVKMG /ÒP\GP /GTQYKPIGT 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO #PVKMG /ÒP\GP (TCPMTGKEJ 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQPGP XQO WPF 5NI )WKNNQVGCW 6GKN (TCPMTGKEJ XQP .WFYKI :+++ DKU -CTN : 6[RGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQP XQO 5NI % (TCPMTGKEJ 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQ UEJWT

#WMVKQP XQO 5NI 4QWUUGNNG (TCPMTGKEJ 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQP XQO )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP VGKNYGKUG DGKIG UEJTKGDGPG 2TGKUG WPF #POGTMWPIGP KO 6GZV 1TKI $TQUEJWT 4ÒEMGP NQUG FC\W GKP \YGKVGT 5CV\ 6HP OKV #POGTMWPIGP

#WMVKQP XQO 5NI &WETQES (TCPMTGKEJ DGUQPFGTU /GTQYKPIGT .QVJTKPIGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

.CIGTMCVCNQI )QNFOÒP\GP 0TP 6HP 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV 6HP FWTEJ I·PIKI OKV $NGKUVKHVPQVK\GP

4#661 / /KNCPQ #WMVKQPGP XQO WPF +VCNKGPKUEJG /ÒP\GP 6GKN WPF 0TP 6HP OGKUV DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGTPCOGP 5. 6GKN 5. OKV GKPIGVTCIGPGP 'TIGDPKUUGP 6GKN +P GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO 5NI )KQTIK 4ÌOKUEJG WPF D[\CPVKPKUEJG /ÒP\GP 0TP 6HP OGKUV DGKIGUEJTKGDGPG 2TGKUG WPF JCPFUEJTKHVNKEJG 0QVK\GP '. 1TKI $TQUEJWT

#WMVKQP XQO 4ÌOKUEJG -CKUGT\GKV 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGT 5. 1TKI $TQUEJWT <YGKVGT 6CHGNUCV\ OKV JCPFUEJTKHVNKEJGP 0QVK\GP DGKIGHÒIV

#WMVKQP XQO +VCNKGP DGUQPFGTU -KTEJGPUVCCV WPF .CPIQDCTFGP 0TP 6HP 5. VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGTPCOGP 1TKI $TQUEJWT GVYCU NQEMGT

#WMVKQPGP XQO 5NI $K\\CTTK .CIGTNKUVGP .CIGTNKUVGP WPF \YGK -CVCNQIG KP 1TKI $TQUEJWT UQPUV KP XKGT $·PFGP IGDWPFGP .GKPGP

#WMVKQPGP XQO WPF 5NI %WTCVQNQ 6GKN +VCNKGPKUEJG /ÒP\GP 0TP 6HP OKV 5. WPF '. DGK 6GKN WPF DGKIGUEJTKGDGPG 2TGKUG +P \YGK $·PFGP IGDWPFGP .GKPGP

247

#7-6+105-#6#.1)' 4#661

4#661 4 )GPQXC #WMVKQP XQO 5NI #XKIPQPG +VCNKGP DGUQPFGTU )GPWC 0TP 6HP '. *CNDNGKPGP 4ÒEMGP VGKNYGKUG NQUG

#WMVKQP XQO 5NI 2CTQFK #PVKMG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT #WMVKQP XQO 5NI .GXK +VCNKGP 0TP 6HP 1TKI $TQUEJWT

#WMVKQPGP XQO 5NI $GVVKPGNNK 8GPGFKI 5NI (QC +VCNKGP 5NI 5GTC\\K +VCNKGP #PVKMG #PVKMG +VCNKGP 8GTMCWHUMCVCNQI XQP 1TKI $TQUEJWT VGKNYGKUG NQUG Z *CNDNGKPGP Z

#WMVKQP XQO 5NI 5CP 4QOG +VCNKGP 0TP 6HP *CNDNGKPGP #WMVKQP XQO )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIGDWPFGPG '. *CNDNGKPGP

4#661 4 /KNCPQ #WMVKQP XQO 5NI %GTTCVQ /CPQGN FK 5 )KQXCPPK +VCNKGP 5NI )CXC\\K +VCNKGP 5NI (QTGUVK W C +VCNKGP 5NI /KNNGT XQP #KEJQN\ 1VVCPK &GUUK +VCNKGP 0CRQNGQP 5CTFKPKGP 5NI 4QOWUUK /CKNCPF =5NI %QTC? +VCNKGP 8CVKMCP +VCNKGP .GKPGP UQPUV 1TKI $TQUEJWT VGKNYGKUG NQUG

#WMVKQP XQO 5NI %KCPK +VCNKGP 0TP 6HP *CNDNGKPGP #WMVKQP XQO 5NI 4CVVK 6GKN 0CRQNGQP WPF UGKPG <GKV 0TP 6HP *CNDNGKPGP

#WMVKQP XQO 5NI %CXGFQPK 6WTQV )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 5NI 5VTCPKGTQ #GU ITCXG ITKGEJKUEJG WPF TÌOKUEJG /ÒP\GP =5NI 9GTVJ? 4ÌOKUEJG /ÒP\GP 5NI %QTPCIIKC /GFKEK %CUVKINKQPK 4ÌOKUEJG $TQP\GP 8GTMCWHUMCVCNQI XQP 1TKI $TQUEJWT VGKNYGKUG NQUG

#WMVKQP XQO +VCNKGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI .GKPGP OKPKOCN DGUVQ­GP

6356

#WMVKQP XQO 5NI 4WIIGTQ +VCNKGP DGUQPFGTU )GPWC WPF .KIWTKGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI .GKPGP 4ÒEMGP DGUEJ·FKIV

.CIGTMCVCNQIG XQP DGUQPFGTU CPVKMG /ÒP\GP WPF +VCNKGP CNNG -CVCNQIG OKV 6HP +P GKPGO $CPF IGDWPFGP *CNDNGKPGP GVYCU DGUEJ·FKIV

5Q XQNNUV·PFKI UGNVGP CPIGDQVGP

4#661 4 .WICPQ #WMVKQP XQO 4ÌOKUEJG 4GRWDNKM 0TP 6HP DGKIGDWPFGPG '. *CNDNGKPGP

#WMVKQP XQO 5NI 9QQFYCTF +VCNKGP 'WTQRC 0TP 6HP '. 1TKI $TQUEJWT

#WMVKQPGP XQO WPF 4ÌOKUEJG /ÒP\GP 6GKN WPF 0TP 6HP '.

6GKN +P GKPGO $CPF IGDWPFGP /QFGTPGU .GKPGP

248

#7-6+105-#6#.1)' 4#661 4+'%*/#00

#WMVKQP XQO #PVKMG /ÒP\GP 0TP 6HP '. 1TKI $TQUEJWT

#WMVKQP XQO +VCNKGP DGUQPFGTU .QODCTFGK 2KGOQPV .KIWTKGP 8GPGFKI 'OKNKC 0TP 6HP *CNDNGKPGP GKPKIG 5GKVGP DGUEJ·FKIV

#WMVKQP XQO )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIGDWPFGPG '. /QFGTPGU .GKPGP

#WMVKQP XQO 5NI -WPFKI )GPH 5CXQ[GP /ÒP\GP FGT KVCNKGPKUEJGP 4GPCKUUCPEG 0TP 6HP 1TKI $TQUEJWT GVYCU UVQEMHNGEMKI

#WMVKQP XQO 5NI 5[FGPJCO #GU ITCXG 4ÌOKUEJG 4GRWDNKM 0TP 6HP 1TKI $TQ UEJWT

#MVKQP XQO 5NI /QTEQO *CPFU 9GTVJGKO W C #PVKMG /ÒP\GP 0TP 6HP DGKIG DWPFGPG '. DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6HP /QFGTPGU .GKPGP

#WMVKQP XQO 5NI %ÊVG /ÒP\GP XQP 6CTGPV 0TP 6HP DGKIGDWPFGPG '. *CND NGFGT

#WMVKQPGP XQO WPF 5NI /CTVKPK 6GKN WPF +VCNKGP 0TP 6HP +P GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP 5NI 4QIGTU W C )TKGEJKUEJG /ÒP\GP DGUQPFGTU #VJGP 0TP 6HP '. *CNDNGKPGP

#WMVKQP XQO =5NI 5EJGODTK? ,QJCPPKVGT 1TFGP CWH /CNVC 0TP 6HP DGKIGDWPFGPG '. .GKPGP

#WMVKQP XQO 5NI $GPCUU[ (KNKRRG 4QGJTKEJ W C #PVKMG 5EJYGK\ DGUQPFGTU )GPH 5CXQ[ GP (TQPVKURK\ 0TP 6HP DGKIGDWPFGPG 5. *CNDNGKPGP

#WMVKQPGP XQO WPF &WRNKECVK FK WP OWUGQ UVTCPKGTQ 6GKN WPF +VCNKGP 5NI /CTVKPK #GU ITCXG 4ÌOKUEJG 4GRWDNKM 6H HGJNV CWU \YGK 6HP UKPF #DD CWUIG UEJPKVVGP 8GTMCWHUNKUVGP XQP DKU *CNDNGKPGP Z UQPUV 1TKI $TQUEJWT

4+'%*/#00 # *CNNG CP FGT 5CCNG #WMVKQP XQO 5NI -WPVJ $TCPFGPDWTI 2TGW­GP =5NI .GPUG? 9GUVH·NKUEJG -WRHGTOÒP\GP W C 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQ UEJWT &GEMGN DGUEJTKGDGP 7OUEJNCI NQUG 4ÒEMGP GVYCU DGUEJ·FKIV

#WMVKQP XQO 5NI 9GKFKPIGT 9GNU $CTQEMOGFCKNNGP =5NI /ÒNXGTUVGFV? 0QTFFGWVUEJ NCPF 0TP 6HP '. 1TKI $TQUEJWT

#WMVKQP XQO 5NI 9GKFKPIGT 9GNU $CTQEMOGFCKNNGP =5NI /ÒNXGTUVGFV? 0QTFFGWVUEJ NCPF #WMVKQP XQO 5NI .QGYG WPF &WDNGVVGP FGU /ÒP\MCDKPGVVU /ÒPEJGP -WPUVOGFCKNNGP WPF 2NCMGVVGP #WMVKQP XQO 5NI -GUUNGT 0GW\GKV #WMVKQP XQO 5NI 5EJOWNGT -TCRRKV\ #WUDGWVGOÒP\GP WPF OGFCKNNGP #WMVKQP XQO 0GW\GKV #WMVKQP XQO 5NI 4GIGN[ 5EJNGUKGP #WMVKQP XQO /CPUHGNF +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP

#WMVKQP XQO 5NI $TCWUG /CPUHGNF 0CRQNGQPOGFCKNNGP 5NI 9GTPGDWTI )GKUVNKEJMGKV 2TGW­GP 0TP 6HP DGKIGDWPFGPG '. *CNDNGKPGP

#WMVKQP XQO =5NI -C[UGT? 6GKN 9GUVHCNGP #WMVKQP XQO 5NI 4GKUEJGN 3WGFNKPDWTI #WMVKQP XQO &WDNGVVGP FGU /WUGWOU &CTOUVCFV 0GW\GKV #WMVKQP XQO 5NI ) 4ÌOKUEJG /ÒP\GP PWT 6HP XQTJCPFGP #WMVKQP XQO

0WOKUOCVKUEJG $KDNKQVJGM #WMVKQP XQO WPF #WMVKQP XQO 5NI *GUUKUEJGU .CPFGUOWUGWO %CUUGN WPF /ÒP\MCDKPGVV &GUUCW 6GKN WPF 0GW\GKV #WUNCPFUMCVCNQI XQO ,WPK 5EJYGK\ 1TKI $TQUEJWT OGKUV DGUEJ·FKIV +PJCNV VCFGNNQU

#WMVKQP XQO =5NI *CTOGPKPI? -WPUVOGFCKNNGP FGU DKU ,CJTJWPFGTVU 0TP 6HP 5. -NGKPHQNKQ *CNDNGKPGP

#WMVKQP XQO 5NI -TCC\ &GWVUEJG -KRRGTOÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG .GKPGP

#WMVKQP WPF XQO WPF 5NI (TKGFTKEJ #WIWUV XQP 1NFGPDWTI )QNFOÒP\GP WPF /GFCKNNGP 0QTFFGWVUEJNCPF XQO =5NI 5EJKEM? 5CEJUGP +P GKPGO $CPF IGDWPFGP /QFGTPGU .GKPGP

#WMVKQP XQO *GUUKUEJGU .CPFGUOWUGWO -CUUGN /KVVGNCNVGT 0TP 6HP .GKPGP

#WMVKQP XQO &WDNGVVGP FGU /ÒP\MCDKPGVVU $GTNKP W C )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG FC\W 6HP FGT #WMVKQP XQO .CIGTMCVCNQI FGT #PVKMGPCDVGKNWPI XQO /CK 1TKI $TQUEJWT OGKUV DGUEJ·FKIV +PJCNV VCFGNNQU

#WMVKQP XQO 5NI .ÌDDGEMG &GWVUEJG $TCMVGCVGP 0TP 6HP GKPKIG 0QVK\GP KO 6GZV 6CHGNP OKV DGKIGUEJTKGDGPGP 2TGKUGP *CNDNGKPGP 'KPDCPF GVYCU NQEMGT

#WMVKQP UKGJG 5NI .ÌDDGEMG -CVCNQI 0T

249

#7-6+105-#6#.1)' 4+'%*/#00 41..+0 ('7#4&'06

#WMVKQP XQO #PVKMG )QNFOÒP\GP 0GW\GKV XQO 0WOKUOCVKUEJG $KDNKQ VJGM XQO 5NI 5VTKGDQNN 5EJNGUKGP XQO $TCPFGPDWTI 2TGW­GP +P GKPGO $CPF IGDWPFGP .GKPGP

6385

6391

#WMVKQP XQO 5NI 8QIGNUCPI #WUDGWVG WPF $GTIYGTMUOÒP\GP WPF OGFCKNNGP (TQPVK URK\ 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG .GKPGP

#WMVKQP XQO /GFCKNNGP WPF /ÒP\GP FGU DKU ,CJTJWPFGTVU XQO

/KVVGNCNVGT $TCMVGCVGPHWPF XQP 0QTFJCWUGP XQO %QTXG[ /KVVGNCNVGT WPF 0GW\GKV XQO (WPF XQP .WFYKU\E\G /KVVGNCNVGT +P GKPGO $CPF IGDWPFGP .GKPGP

4+0#.&+ (+).+1 1 /CPVQXC 8GTMCWHUNKUVGP XQP 4ÌOKUEJG 4GRWDNKM XQP

+VCNKGP WPF XQP 7PKXGTUCN 1TKI $TQUEJWT

41..#0& * 2CTKU #WMVKQP XQO 7PKXGTUCN 0TP 6HP )GJGHVGV WPCWHIG UEJPKVVGP 6HP DGKIGNGIV

41..+0 ('7#4&'06 2CTKU .CIGTMCVCNQIG FGT ,CJTG %CVCNQIWG F WPG EQNNGEVKQP FG O¾FCKNNGU FGU TQKU GV FGU XKNNGU FG N CPEKGPPG IT½EG 5 OKV 0TP *CNDNGFGT -NGKPHQTOCV

.CIGTMCVCNQIG FGT ,CJTG %CVCNQIWG F WPG EQNNGEVKQP FG O¾FCKNNGU FGU TQKU GV FGU XKNNGU FG N CPEKGPPG IT½EG 6HP 5 OKV 0TP .GKPGP UEJOWV\KI -NGKPHQTOCV FC\W #WMVKQP XQO 5NI 5QNGKTQN 4ÌOKUEJG /ÒP\GP 0TP )GJGHVGV

#WMVKQP XQO 5NI 4QWUUGCW (TCP\ÌUKUEJG (GWFCNOÒP\GP (TQPVKURK\ :::8 5 OKV #DD 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP GVYCU DGUVQ­GP

#WMVKQP XQO 5NI )=WCUVCNNC? /GFCKNNGP FGU WPF ,CJTJWPFGTVU 0TP 1TKI $TQUEJWT

#WMVKQP XQO 5NI &CUU[ /GTQYKPIGT (TCPMTGKEJ TÌOKUEJG /ÒP\GP 'WTQRC 0TP VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG /QFGTPGU .GKPGP

#WMVKQP XQO 5NI /QPPKGT .QVJTKPIGP 0TP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP #WMVKQP XQO 5NI 4CEKPG 0TP /QFGTPGU .GKPGP

#WMVKQP XQO 6TQWXCKNNG HCKV NG LWKP TWG XKGKNNG FW VGORNG 0TP 6H )GJGHVGV 4ÒEMGP IGMNGDV

250

#7-6+105-#6#.1)' 41..+0 ('7#4&'06

#WMVKQP XQO 5NI 4QDKPUQP 4GPCKUUCPEGOGFCKNNGP 0TP 6HP 1TKI $TQUEJWT WP CWHIGUEJPKVVGP 'KPDCPF DGUEJ·FKIV

#WMVKQP XQO 5NI $KNNQKP )TKGEJKUEJG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT 'KPDCPF DGUEJ·FKIV

#WMVKQP XQO 5NI 2QPVQP F #O¾EQWTV -GNVKUEJG /ÒP\GP /GTQYKPIGT -CTQNKPIGT -CRGVKP IGT 0TP 6HP .GKPGP

6401 6400

6405 6407

#WMVKQP XQO 5NI 2QPVQP F #O¾EQWTV 4ÌOKUEJG WPF D[\CPVKPKUEJG )QNFOÒP\GP 0TP 6HP *CNDNGFGT FGT <GKV

#WMVKQP XQO 5NI 2QPVQP F #O¾EQWTV 4ÌOKUEJG WPF D[\CPVKPKUEJG )QNFOÒP\GP 0TP PWT 6H DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGTPCOGP KO 6GZV *CNDNGFGT FGT <GKV

'Z NKDTKU 6J $WNHHGT

#WMVKQP XQO 5NI FG 3WGNGP #PVKMG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6HP *CNDNGFGT FGT <GKV

#WMVKQP XQO 5NI FG &=WEJCUVGN? )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP

#WMVKQP XQO 5NI 2QPVQP F #O¾EQWTV /GTQYKPIGT 0TP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP

#WMVKQP XQO 5NI /QPVCIW 4ÌOKUEJG WPF D[\CPVKPKUEJG /ÒP\GP 0TP 6HP '. *CNDNGFGT

'Z NKDTKU 4QDGTV 2 2HNKGIGT

#WMVKQP XQO 5NI 2KEJQP #PVKMGT 5EJOWEM (WPF XQP (GNVTG UR·VCPVKMGU 5KNDGTIGUEJKTT 4GPCKUUCPEGOGFCKNNGP (TCPMTGKEJ 0TP 6HP *CNDNGKPGP

#WMVKQP XQO 5NI *QHHOCPP #PVKMG /ÒP\GP 0GW\GKV DGUQPFGTU (TCPMTGKEJ (TQPVKURK\ 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGFGT OKPKOCN DGUVQ­GP GKPKIG 6HP GVYCU UVQEM HNGEMKI

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251

#7-6+105-#6#.1)' 41..+0 *1((/#00 415'0$'4)

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#WMVKQP XQO 5NI /CPP #PJCNV ,GXGT .CWGPDWTI 0TP 6HP DGKIGDWPFGPG '. *CNDNGKPGP

#WMVKQP XQO 5NI -CUGNQYUM[ &GWVUEJG /ÒP\GP DGUQPFGTU $TCWPUEJYGKI 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG #WMVKQP XQO 5NI XQP .GJOCPP $TCWPUEJYGKI .ÒPGDWTI 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG +P GKPGO $CPF IGDWPFGP *CNDNGKPGP 6HP NQUG

#WMVKQP XQO 5NI &ÒPKPI /KVVGNCNVGT WPF 0GW\GKV 0TP 6HP 1TKI $TQUEJWT GVYCU DGUEJ·FKIV

#WMVKQP XQO 4JGKPNCPF 9GUVHCNGP #PJCNV W C 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV \CJNTGKEJGP #POGTMWPIGP *CNDNGFGT DGUVQ­GP

#WMVKQP XQO 5NI $QFG $TCWPUEJYGKI .ÒPGDWTI 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI $CGUGEMG $TCWPUEJYGKI .ÒPGDWTI 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV \CJNTGKEJGP #POGTMWPIGP *CNDNGFGT DGUVQ­GP

#WMVKQP XQO 5NI 5EJYCNDCEJ $TCWPUEJYGKI .ÒPGDWTI /GFCKNNGP CWH T\VG WPF 0C VWTHQTUEJGT 1TFGP WPF 'JTGP\GKEJGP 2CFGTDQTP /ÒJNJCWUGP KP 6JÒTKPIGP 0TP 6HP &WTEJ UEJQUUGPGU 'ZGORNCT OKV \CJNTGKEJGP #POGTMWPIGP *CNDNGFGT DGUVQ­GP $KPFWPI NQEMGT

#WMVKQP XQO 5NI 5EJYCNDCEJ $TCWPUEJYGKI .ÒPGDWTI /GFCKNNGP CWH T\VG WPF 0CVWT HQTUEJGT 1TFGP WPF 'JTGP\GKEJGP 2CFGTDQTP /ÒJNJCWUGP KP 6JÒTKPIGP 0TP 6HP #WMVKQP XQO 5NI 'PIGNGT $TCWPUEJYGKI .ÒPGDWTI 0TP 6HP #MVKQP XQO 5NI $ÒUEJJQHH $TCWPUEJYGKI .ÒPGDWTI 0QTFFGWVUEJNCPF 0TP 6HP #WMVKQP XQO $TCWPUEJYGKI &·PGOCTM 4W­NCPF 5CEJUGP 5EJYGFGP 0TP 6HP +P GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO 5NI 'PIGNGT $TCWPUEJYGKI .ÒPGDWTI 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV \CJNTGKEJGP #POGTMWPIGP *CNDNGFGT DGUVQ­GP

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#WMVKQP XQO 5NI 2JKNKRR &CP\KI 0GW\GKV 0TP 6HP '. 1TKI $TQUEJWT

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#WMVKQP XQO 5NI 1VVQ 6TKGT CPVKMG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG '. *CNDNGFGT

252

#7-6+105-#6#.1)' 415'0$'4) 5#/$10

#WMVKQP XQO 5NI #JTGPFU 0GWHÒTUVNKEJG IT·HNKEJG WPF HTGKJGTTNKEJG *·WUGT 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG '. *CNDNGFGT 6KVGNDNCVV TGUVCWTKGTV

#WMVKQP XQO 0GW\GKV 0TP 6H DGKIGUEJTKGDGPG 2TGKUG '. *CNDNGFGT #WMVKQP XQO 75# =5NI &KGN? -ÌNP 7PKXGTUCN 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO =5NI 5CEJUG? $TCPFGPDWTI 2TGW­GP 7PKXGTUCN 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO =5NI ,CGIGT? 0GW\GKV 0TP 6HP #WMVKQP XQO 5NI 5EJYCNDCEJ #PJCNV (TCPMGP .CWGPDWTI 0GWHÒTUVGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG '. +P GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI *GNHGTKEJ #PVKMG /ÒP\GP 5V·FVGVCNGT /GFKEKPC KP PWOOKU 0TP 6HP '. *CNDNGKPGP

#WMVKQP XQO 5NI (KQTKPQ 6GKN *GUUGP WPF 0CEJDCTIGDKGVG 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT FGU 5COONGTU ( # 5EJOKFV -ÌNP .KPFGPVJCN OKV \CJNTGKEJGP #POGTMWPIGP *CNDNGFGT DGUVQ­GP

#WMVKQP XQO 2HCN\ 5NI *GT\ 0CUUCW =5NI &GKPGU? 9CNFGEM #WUDGWVG 0TP 6HP *CNDNGKPGP 2CRKGT GVYCU IGDT·WPV

#WMVKQPGP XQO 5NI 4QGOOKEJ (TCPMHWTV *GUUGP *QODWTI 2HCN\ <YGKDTÒEMGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG XQO 5NI /G[GT *GUUGP -ÌPKITGKEJ 9GUVHCNGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG XQO 5NI *KNFGDTCPF &GWVUEJG 6CNGT WPF &QRRGNVCNGT 5NI 5EJÒUUNGT *GUUGP -CUUGN 0GW\GKV YGUVH·NKUEJG -WRHGTOÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG #WMVKQP XQO 5NI 5EJYCDG *GUUGP WPF 0CEJDCTIGDKGVG DC[GTK UEJG 5V·FVGOÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG +P GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI *GNHGTKEJ /CTKPGOGFCKNNGP (TGKOCWTGT 0TP 1TKI $TQUEJWT

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/KVVGNCNVGT WPF 0GW\GKV XQO )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP XQO

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5NI *GGTFV 6GKN W C 0GW\GKV /GFCKNNGP CWH 2TKXCVRGTUQPGP XQO 0GW\GKV WPF CPVKMG /ÒP\GP 6GKNYGKUG OKV '. +P \YGK $·PFGP GKPJGKVNKEJ IGDWPFGP /QFGTPGU .GKPGP

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253

#7-6+105-#6#.1)' 5#/$10

#WMVKQP XQO 5NI 4QUUK +VCNKGPKUEJG /ÒP\GP DGUQPFGTU -KTEJGPUVCCV 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP

#WMVKQPGP XQO WPF /WUGQ $CTVQNQOGQ $QTIJGUK 6GKN WPF #PVKMG /ÒP\GP 0TP 6HP 0TP 6HP *CNDNGKPGP

#WMVKQP XQO 5NI 4QUUK /GFCKNNGP -WPUVOGFCKNNGP 2NCMGVVGP 0TP 6H *CNDNGKPGP YGPKIG #POGTMWPIGP KO 6GZV

#WMVKQP XQO 5NI # )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT VGKNYGKUG NQUG

#WMVKQP XQO 5NI /GTQNNK )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP +VCNKGP 0TP OKV DGKIG UEJTKGDGPGP 2TGKUGP WPF -·WHGTP #WMVKQP XQO +VCNKGP 0TP 6HP 4#661 4 )GPQXC #WMVKQP XQO =5NI .GXK? +VCNKGP 0TP #WMVKQP XQO 5NI 9GJNG +VCNKGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG '. -CVCNQIG KP GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO 5NI #PEQPC 4ÌOKUEJG WPF D[\CPVKPKUEJG /ÒP\GP +VCNKGP 0TP 6HP &WTEJUEJQUUGPGU 'ZGORNCT OKV #POGTMWPIGP *CNDNGKPGP

#WMVKQP XQO 5NI #IWLCTK )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP +VCNKGP 0TP #WMVKQP XQO 5NI %CPVQPK +VCNKGP CPVKMG /ÒP\GP 0TP #WMVKQP XQO 5NI %CXTKCPK 4ÌOKUEJG /ÒP\GP +VCNKGP 0TP 6HP #WMVKQP XQO )TKGEJKUEJG /ÒP\GP HTCP\ÌUKUEJG -GVQPU 0TP 6HP #WMVKQP XQO #PVKMG /ÒP\GP +VCNKGP 0TP 6HP 8GTMCWHUNKUVG 5NI $CZVGT 4ÌOKUEJG /ÒP\GP 0TP 6HP 1TKI $TQUEJWT DGUEJ·FKIV

#WMVKQP XQO =5NI .CODTQU? )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGFGT

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#WMVKQP XQO )TKGEJKUEJG /ÒP\GP 0TP 6HP #WMVKQP XQO )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP +VCNKGP 0TP 6HP 5#/$10 # %#0'55# # 2CTKU 0GCRGN #WM VKQP XQO )TQ­ITKGEJGPNCPF WPF 5K\KNKGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG +P GKPGO $CPF IGDWPFGP *CNDNGKPGP

5#/$10 # %#0'55# % WPF ' 2CTKU #WMVKQP XQO #PVKMG 1DLGMVG CPVKMG /ÒP \GP 0TP #DD KO 6GZV 6H .GKPGP

#WMVKQP XQO 5NI /CFFCNGPC )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP VGKN YGKUG DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6HP JCPFUEJTKHVNKEJG '. *CNDNGKPGP

#WMVKQP XQO 5NI )WKNJQW W C 6GKN WPF 0TP 6HP *CNDNGKPGP GKPG .CIG NQUG

#WMVKQP XQO )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGTPCOGP /QFGTPGU .GKPGP

#WMVKQP XQO =5NI FG %KEEKQ? )TQ­ITKGEJGPNCPF WPF 5K\KNKGP 0TP 6HP DGKIG UEJTKGDGPG 2TGKUG KO 6GZV WPF VGKNYGKUG CWH FGP 6HP DGKIGDWPFGPG '. *CNDNGKPGP 4ÒEMGP NQUG

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254

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#WMVKQP XQO 5NI /CTVKPGVVK +VCNKGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP

5#/$10 , 2CTKU 8GTMCWHUNKUVG 5NI 5VTQ\\K WPF /CTVKPGVVK )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP /QFGTPGU .GKPGP

5#0)+14)+ ) 4QO #WMVKQP XQO 5NI 5QUUK 4ÌOKUEJG /ÒP\GP #GU ITCXG D[\CPVKPK UEJG /ÒP\GP /GFCKNNGP 0TP 6HP #WMVKQP XQO 5NI 5VGVVKPGT 4ÌOKUEJG -CKUGT \GKV 0TP OKV #DD +P GKPGO $CPF IGDWPFGP *CNDNGKPGP

#WMVKQP XQO 5NI 5CWNKPK 4ÌOKUEJG -CKUGT\GKV -QPVQTPKCVGP #GU ITCXG 0TP 6HP 1TKI $TQUEJWT NQUG

#WMVKQP XQO 5NI 4WUEQPK #PVKMG /ÒP\GP DGUQPFGTU 4ÌOKUEJG 4GRWDNKM 0TP -NCRRVHP *CNDNGKPGP

#WMVKQP XQO 5NI 5CTVK 4ÌOKUEJG /ÒP\GP +VCNKGP 0TP 6HP (QNKQ *CNDNGKPGP

5#06#/#4+# 2 WPF 2 4QO #WMVKQP XQO 5NI 5VKCXGNNK W C )TKGEJKUEJG WPF TÌOK UEJG /ÒP\GP #GU ITCXG +VCNKGP 0TP OKV #DD KO 6GZV 6HP DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6HP *CNDNGKPGP

#WMVKQP XQO 5NI *CTVYKI #PVKMG /ÒP\GP 0TP 6HP DGKIGDWPFGPG '. %.'4+%+ % WPF % /KNCPQ #WMVKQP XQO 5NI %CRTQVVK 6GKN )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP $174)'; 2CTKU #WMVKQPGP XQO WPF =5NI 8KFCN 3WCFTCU [ 4COQP? 6GKN WPF 4ÌOKUEJG /ÒP\GP 0TP 6HP +P GKPGO $CPF IGDWPFGP *CNDNGFGT GVYCU DGUVQ­GP

#WMVKQP XQO 5NI /CTVKPQTK +VCNKGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNG FGT GVYCU DGUVQ­GP

#WMVKQP XQO +VCNKGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGT 1TKI $TQ UEJWT 7OUEJNCI NQUG

#WMVKQP XQO 4ÌOKUEJG /ÒP\GP #GU ITCXG (TQPVKURK\ 0TP 6HP *CNDRGTIC OGPV 6HP VGKNYGKUG NQUG

#WMVKQP XQO #GU ITCXG 0TP 6HP 1TKI $TQUEJWT

#WMVKQPGP XQO WPF 5NI 4WEJCV 6GKN +VCNKGP DGUQPFGTU 6QUECPC WPF -KTEJGPUVCCV WPF 0TP WPF 6HP 6GKN WPF OKV DGKIGDWPFGPGT '. 6GKN OKV DGUEJTKGDGPGP 2TGKUGP 'KPJGKVNKEJ IGDWPFGP *CNDNGFGT

#WMVKQP XQO =5NI %QTC? 5ÒFKVCNKGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG WPF -·W HGTPCOGP *CNDRGTICOGPV

#WMVKQP XQO )QNF 1UGNNGP WPF /GJTHCEJ &WMCVGP XQP 8GPGFKI 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI .=KDGTCVK? 4ÌOKUEJG -CKUGT\GKV 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDRGTICOGPV

#WMVKQP XQO 5NI 5CP 4QO¾ +VCNKGP 0TP 6HP YGPKIG DGKIGUEJTKGDGPG 2TGKUG DGKIGDWPFGPG '. *CNDRGTICOGPV

#WMVKQPGP XQO WPF 5NI 8CEECTK 6GKN WPF +VCNKGP 0TP 6HP DGKIGDWPFGPG '. +P GKPGO $CPF IGDWPFGP /QFGTPGU .GKPGP

#WMVKQP XQO 5NI %QPVG $ FG 2 W C 4ÌOKUEJG -CKUGT\GKV 0TP 6HP /QFGTPGU .GKPGP

#WMVKQP XQO 0CRQNGQP + )QNFOÒP\GP 0TP 6HP '. #WMVKQP XQO +VCNKGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG #WMVKQPGP XQO WPF 5NI $CPEC +VCNKCPC 6GKN 5CXQKGP 0TP 6GKN #PVKMG /ÒP\GP 0GW\GKV 0TP 6HP 1TKI $TQ UEJWT GVYCU DGUEJ·FKIV GKPOCN NQUG .CIGP

#WMVKQPGP XQO WPF 5NI .CTK\\C 6GKN +VCNKGP 6GKN 4ÌOKUEJG WPF D[\CPVKPK UEJG /ÒP\GP WPF 0TP WPF 6HP 6GKN OKV DGKIGDWPFGPGT '. +P GKPGO $CPF IGDWP FGP

#WMVKQP XQO 5NI 9JKVGYC[ +VCNKGP 0TP 6HP '. 1TKI $TQUEJWT 7OUEJNCI DGUEJ·FKIV

#WMVKQP XQO 5NI FG 0KEQNC 4GPCKUUCPEGOGFCKNNGP WPF RNCMGVVGP 0TP 6HP 1TKI $TQUEJWT

255

#7-6+105-#6#.1)' 5#06#/#4+#

#WMVKQP XQO 5NI FGN 8KXQ 6QUMCPC 0TP 6HP /QFGTPGU .GKPGP 5NI 'NNOCP +VCNKGP 0TP 6HP /QFGTPGU .GKPGP

#WMVKQP XQO 5NI )PCIPCVVK +VCNKGP -KTEJGPUVCCV (TQPVKURK\ 0TP 6HP 1TKI $TQUEJWT

#WMVKQP XQO 5NI )WUDGTVK #PVKMG /ÒP\GP +VCNKGP #WUNCPF /GFCKNNGP 0TP 6HP 5. 1TKI $TQUEJWT NQUG .CIGP +PJCNV VCFGNNQU

#WMVKQP XQO =5NI .CPEGNQVVK? -KTEJGPUVCCV 0TP 6HP 1TKI $TQUEJWT $KPFWPI NQUG 2CRKGT NGKEJV IGDT·WPV

#WMVKQPGP XQO 0CRQNGQP WPF UGKPG <GKV +VCNKGP 0TP 6HP DGKIGDWPFGPG '. #WMVKQP XQO 1UGNNGP XQP 8GPGFKI WPF /WTCPQ 0TP 6HP DGKIGDWPFGPG '. +P GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO 5NI 8GPVWTK )KPQTK WPF )CTKC\\Q )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP DGKIGDWPFGPG 5. DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6HP .GKPGP

#WMVKQPGP XQO 5NI $WVVC -KTEJGPUVCCV +VCNKGP 0TP 6HP DGKIGDWPFGPG '. #WMVKQP XQO -KTEJGPUVCCV 0TP 6HP DGKIGDWPFGPG 5. WPF '. +P GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO 5NI $WVVC -KTEJGPUVCCV +VCNKGP 0TP 6HP DGKIGDWPFGPG 5. GKPKIG 0QVK\GP KO 6GZV WPF CWH FGP 6HP *CNDRGTICOGPV FGT <GKV

5NI /CIPCIWVK 'Z PWOOKU JKUVQTKC 6GKN XQO )TKGEJKUEJG /ÒP\GP 0TP 6HP 6GKN XQO 4ÌOKUEJG 4GRWDNKM WPF -CKUGT\GKV DKU P %JT 0TP 6HP 6GKN XQO 4ÌOKUEJG -CKUGT\GKV PCEJ %JT 0TP 6HP 6GKN XQO 4ÌOKUEJG -CKUGT\GKV P %JT 0TP 6HP 'KPIGDWPFGPG 5. DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6HP +P \YGK $·PFGP IGDWPFGP .GKPGP

#WMVKQP XQO 5NI )=CTCXCINKC? -KTEJGPUVCCV 0TP 6HP VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6HP 1TKI $TQUEJWT $KPFWPI GVYCU NQEMGT

#WMVKQPGP XQO 5NI 5KIPQTGNNK 6GKN #PVKMG /ÒP\GP 0TP 6HP GKPKIG DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6HP DGKIGDWPFGPG '. +P GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO 5NI ) -KTEJGPUVCCV 0TP 6HP 5. 1TKI $TQUEJWT

5NI /CIPCIWVK 'Z PWOOKU JKUVQTKC 6GKN XQO $[\CPVKPKUEJG /ÒP\GP KVCNKGPKUEJGU /KV VGNCNVGT 8GPGFKI 0TP 6HP 6GKN XQO +VCNKGPKUEJG *GTTUEJCHVGP 0TP 6HP 6GKN XQO 5CXQKGP 0TP 6HP 6GKN XQO -KTEJGPUVCCV 0TP 6HP 6GKN XQO 'WTQR·KUEJG /ÒP\GP WPF /GFCKNNGP 0TP 6HP /GKUV OKV DGKIGUEJTKGDGPGP 2TGKUGP \WOGKUV OKV 5. WPF '. +P FTGK $·PFGP IGDWPFGP .GKPGP

#WMVKQPGP XQO 5NI 5KIPQTGNNK 6GKN -KTEJGPUVCCV -TGW\HCJTGT ,QJCPPKVGTQTFGP +VCNKGP 1UGNNGP XQP 8GPGFKI WPF /WTCPQ 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 5. 6GKN '. 6GKN WPF +P GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO #PVKMG WPF CWUN·PFKUEJG )QNFOÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG 5. 1TKI $TQUEJWT

5NI /CIPCIWVK 'Z PWOOKU JKUVQTKC 6GKN XQP )QP\CIC + 0TP 6HP 6GKN XQP )QP\CIC ++ 5VCOOVH 0TP 6HP 6GKN XQP /GFCKNNGP FGT )QP\CIC 0TP 6HP +P FTGK $·PFGP IGDWPFGP .GKPGP

&KG #WMVKQPGP JCDGP PKG UVCVVIGHWPFGP UKGJG CWEJ -CVCNQI 0T

#WMVKQP XQO 5NI $TWPCEEK 4ÌOKUEJG 4GRWDNKM #PVKMG +VCNKGP 0TP 6HP VGKN YGKUG OKV DGKIGUEJTKGDGPGP 2TGKUGP 1TKI $TQUEJWT

#WMVKQP XQO #PVKMG /ÒP\GP +VCNKGP 0TP 6HP '. 1TKI $TQUEJWT

#WMVKQP XQO 5NI 0C\CTTK +VCNKGP FGU WPF ,CJTJWPFGTVU /CKNCPF 0TP 6HP DGKIGDWPFGPG 5. WPF '. VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG WPF 0QVK\GP .GKPGP

#WMVKQPGP XQO #PVKMG /ÒP\GP +VCNKGP #PVKMG /ÒP\GP +VCNKGP

+VCNKGP 5CXQ[GP +VCNKGP DGKIGDWPFGPG '. VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG WPF 0QVK\GP +P GKPGO $CPF IGDWPFGP .GKPGP GKP 6CHGNCWUUEJPKVV FC\W 2TGKUNKUVGP $#4<#0 4 4#8+1.# 6WTKP 2TGKUNKUVG 1UGNNGP XQP 8GPGFKI 0TP 6HP 1TKI $TQUEJWT Z

#WMVKQP XQO #PVKMG /ÒP\GP +VCNKGP 0TP 6HP 5. 1TKI $TQUEJWT

256

#7-6+105-#6#.1)' 5#7'4 5%*7./#0

5#7'4 2 9KGP /ª0<'0 #7-6+105)'5'..5%*#(6 O D * #WMVKQPGP XQP /CKNDKFUCNG 1TKI $TQUEJWT

#WMVKQP $TCPFGPDWTI 2TGW­GP

5%*.'55+0)'4 ( #OUVGTFCO #WMVKQP XQO 5NI %TQPC 5EJYGFGP 0TP 6HP DGKIGDWPFGPG 5. DGKIGUEJTKGDGPG 2TGKUG .GKPGP FC\W 2TGKUNKUVG XQP 1TKI $TQUEJWT

5%*.'55+0)'4 ( $GTNKP #WMVKQP XQO IGOGKPUCO OKV * 5'.+)/#00 *CPPQ XGT =5NI (GNFJGKO? $TCWPUEJYGKIKUEJG /ÒP\GP WPF /GFCKNNGP 0TP 6HP 1TKI $TQUEJWT OKPKOCN DGUVQ­GP

#WMVKQPGP XQO 5EJYGK\ CPVKMG )QNFOÒP\GP 0TP 6HP #WMVKQPGP XQO WPF XQO =5NI 0QTFJGKO? 6GKN WPF /KVVGNCNVGT WPF 0GW\GKV DGUQPFGTU 2QNGP 0TP 6HP 5. OGKUV DGKIGUEJTKGDGPG 2TGKUG +P GKPGO $CPF IGDWPFGP .GKPGP 4ÒEMGP VGKNYGKUG NQUG #WMVKQP XQO =5NI 0QTFJGKO? +VCNKGP 5RCPKGP 4W­NCPF *CODWTI /KV VGNCNVGT 0TP WPF 0TP 6HP VGKNYGKUG DGKIGUEJTKGDGPG 2TGKUG WPF 0QVK\GP 5. 1TKI $TQUEJWT

#WMVKQP XQO IGOGKPUCO OKV . *#/$74)'4 (TCPMHWTV CO /CKP 5NI (TCPMKGYKE\ 2QNGP 0TP 6HP 5. DGKIGUEJTKGDGPG 2TGKUG WPF GKPKIG #POGTMWPIGP \W #WMVKQPUXQTMQO OGP 1TKI $TQUEJWT GVYCU DGUEJ·FKIV

#WMVKQP XQO 5NI -KTUVGP *CODWTI 0TP 6HP DGKIGDWPFGPG 5. DGKIGUEJTKG DGPG 2TGKUG /QFGTPGU .GKPGP

#WMVKQP XQO =5NI )CGVVGPU? /GEMNGPDWTI 4QUVQEM 9KUOCT 0TP 6HP YGPK IG #POGTMWPIGP KO 6GZV GKPIGDWPFGPG 5. .GKPGP

#WMVKQP XQO 5NI CWU CWUN·PFKUEJGO /WUGWOUDGUKV\ =&WDNGVVGP 'TGOKVCIG? 6GKN &GWVUEJNCPF 4W­NCPF (TCPMTGKEJ 'PINCPF 5MCPFKPCXKGP +VCNKGP 5EJYGK\ 0KGFGTNCPFG 0TP 6HP 5. OGKUV DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT GVYCU DGUEJ·FKIV

#WMVKQP XQO 5NI CWU CWUN·PFKUEJGO /WUGWOUDGUKV\ =&WDNGVVGP 'TGOKVCIG? 6GKN #PVKMG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG /QFGTPGU .GKPGP

#WMVKQP XQO 5NI CWU CWUN·PFKUEJGO /WUGWOUDGUKV\ =&WDNGVVGP 'TGOKVCIG? W C 6GKN /KVVGNCNVGT WPF 0GW\GKV 1TFGP WPF 'JTGP\GKEJGP 0TP 6HP DGKIGDWPFGPG 5. *CNDNGKPGP

#WMVKQP XQO 5NI CWU CWUN·PFKUEJGO /WUGWOUDGUKV\ =&WDNGVVGP 'TGOKVCIG? )TKGEJKUEJG /ÒP\GP 0TP 6HP -CTVGP DGKIGUEJTKGDGPG 2TGKUG 5. *CNDNGKPGP

5%*166 9#..'456'+0 5 (TCPMHWTV CO /CKP #WMVKQPGP XQO 5NI -GGVOCPP 0GW\GKV 0TP 6HP #WMVKQP XQO 5NI 5EJGGN 9GKGT WPF 0KORVUEJ 6CNGT 0TP 6HP #WMVKQP XQO 0GW\GKV 0TP 6HP #WMVKQP XQO 5NI 2GVT[ 7PKXGTUCN 0TP 6HP #WMVKQP XQO &QWDNGVVGP FGU MÌPKINKEJGP /ÒP\MCDK PGVVU \W %CUUGN *GUUGP -CUUGN 9GUVHCNGP (WNFC *CPCW W C 0TP 6HP #WMVKQP XQO 0GW\GKV 0TP 6HP #WMVKQP WPF OKV DGKIGDWPFGPGT '. +P \YGK $·PFGP IG DWPFGP /QFGTPGU .GKPGP VCFGNNQU GTJCNVGP

5%*7./#0 * / ( 0GY ;QTM #WMVKQPUMCVCNQIG FGT ,CJTG DKU VGKNYGKUG OKV # -4'+5$'4) $GXGTN[ *KNNU W C #WMVKQP XQO 5NI /GPLQW 75# WPF CWUN·PFKUEJG /ÒP \GP XQO WPF 5NI .GG 6GKN WPF XQO 5NI )KDDU %QWPVGT UVCORGF CPF 5KGIG %QKPU QH VJG $TKVKUJ +UNGU CPF %QNQPKGU XQO WPF

6JG )QNFGP 5CNG QH VJG %GPVWT[ 6GKN VGKNU OKV '. VGKNU OKV 0QVK\GP XQO 5NI $TCPF XQP 4KEJVJQHGP )KDDU W C 6GKN WPF XQO WPF 5NI /CDDQVV #PVKMG /ÒP\GP 6GKN )GJGHVGV

#WMVKQPUMCVCNQIG XQO WPF 5NI /CDDQVV 0TP \CJTGKEJG 6HP DGKIGDWP FGPG '. +P GKPGO $CPF IGDWPFGP .GKPGP

5%*7./#0 , #OUVGTFCO )TQ­GU -QPXQNWV XQP #WMVKQPUMCVCNQIGP CWU FGP ,CJTGP DKU OKV XKGNGP DGMCPPVGP 5COONWPIGP WPF DGFGWVGPFGP 5GTKGP DGUQPFGTU \WT UÒFCOGTKMCPKUEJGP WPF PKG FGTN·PFKUEJGP 0WOKUOCVKM W C OKV FGP #WMVKQPGP XQO 5NI 9JKVG -KPI &KCFQEJGP $CM VTKGP +PFKGP 0KGFGTNCPFG 6GKN XQO WPF 5NI XCP &QQTPKPEM W C /GFCKNNGP DGUQPFGTU 'KUGPDCJP 6GKN WPF WPF 5NI &QU 5CPVQU 2QTVWICN 5RCPKUEJ #OGTKMC 6GKN #WMVKQP XQO 5NI #TCWLQ 4COQU 2QTVWICN XQO WPF 5NI /GKNK 2QTVWICN 6GKN WPF XQO $GNCIGTWPIUOÒP\GP XQO 5NI -TGNKPI #PVKMG XQO 5NI .GQPCTFQU #PVKMG +VCNKGP 5NI 0GYEQOGT 0GW\GKV 5NI <YKGT\KPC 0KGFGTN·PFKUEJG /GFCKNNGP 5NI &TGGU OCPP -KTEJGPUVCCV XQO 5NI )TCJCO #PVKMG /ÒP\GP XQO 0ÒTPDGTI &C\W FTGK 8GTMCWHUNKUVGP *CNDNGKPGP Z UQPUV 1TKI $TQUEJWT VGKNYGKUG DGUEJ·FKIV EC

257

#7-6+105-#6#.1)' 5%*7./#0 516*'$;

#WMVKQP XQO 5NI 8KGTQTFV 4ÌOKUEJG /ÒP\GP 0TP 6HP GKPIGDWPFGPG 2TGKUNKUVG *CNDNGKPGP #WMVKQP XQO 5NI 8KGTQTFV W C 6GKN 4ÌOKUEJG WPF D[\CPVKPKUEJG /ÒP\GP 0TP 6HP '. DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6HP 1TKI $TQUEJWT &GEMGN NQUG #WMVKQP XQO 5NI 8KGTQTFV W C )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0GW\GKV 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG .GKPGP

#WMVKQP XQO 5NI .ÌDDGEMG WPF $GGNU XCP *GGOUVGFG W C 4GPCKUUCPEGOGFCKNNGP 0TP 6HP 1TKI $TQUEJWT 7OUEJNCI DGUEJ·FKIV +PJCNV VCFGNNQU

#WMVKQP XQO =5NI /GKGTJQH? $TCWPUEJYGKIGT .ÌUGT 0TP 6HP 1TKI $TQUEJWT GVYCU DGUEJ·FKIV

5'.+)/#00 # *CPPQXGT #WMVKQP XQO 5NI 2HNÒOGT *COGNP 0KGFGTUCEJUGP #WMVKQP XQO 5NI -ÌJNGT )QNFOÒP\GP 5CEJUGP $TCMVGCVGP #WMVKQP XQO 7PKXGTUCN .KVGTCVWT -QPMWTUOCUUG FGT (KTOC &T ( -TCWU $TCWPUEJYGKI #WMVKQP XQO

7PKXGTUCN DGUQPFGTU 4W­NCPF #WMVKQP XQO $GUV·PFG FGT (KTOC 4QUGPDGTI 6GKN #WMVKQP XQO 5V·FVGOÒP\GP 0GW\GKV $GUV·PFG FGT (KTOC 4QUGPDGTI 6GKN #WMVKQP XQO 0GW\GKV 5. WPF FC\W 8GTMCWHUNKUVG 5EJYGK\ *CNDNGKPGP Z UQPUV 1TKI $TQUEJWT GVYCU DGUEJ·FKIV

#WMVKQPGP WPF XQO WPF 5NI -P[RJCWUGP 6GKN $TCWPUEJYGKI .ÒPGDWTI 0KGFGTUCEJUGP 0TP WPF 6HP DGKIGDWPFGPG 5. +P GKPGO $CPF IGDWPFGP .GKPGP

5'4474' 4 2CTKU #WMVKQP XQO 4ÌOKUEJG /ÒP\GP (TCPMTGKEJ 4ÌOKUEJG /ÒP\GP (TCPMTGKEJ #PVKMG /ÒP\GP

5NI 5QWVQ 0GW\GKV 5NI $WVQT #PVKMG /ÒP\GP (TCPMTGKEJ 5NI FG %CUVGNNC PG (TCPMTGKEJ 5NI %QWTVKP #PVKMG 0KGFGTNCPFG (TCPMTGKEJ 5NI 0QODNQV (TCPMTGKEJ (TCP\ÌUKUEJG ,GVQPU 5NI 'UUQPXKNNG $NKIP[ (TCPMTGKEJ 5NI 2QPEGV (GQFCNOÒP\GP (TCPMTGKEJ 5NI 6TQWUUGNNG 4ÌOKUEJG /ÒP\GP (TCPMTGKEJ 5NI &GNCOCKP #PVKMG (TCPMTGKEJ #PVKMG (TCPMTGKEJ 4ÌOKUEJG /ÒP\GP 5NI ,CTT[ )TKGEJKUEJG WPF MGNVKUEJG /ÒP\GP #PVKMG /ÒP\GP (TCPMTGKEJ #PVKMG /ÒP\GP (TCPM TGKEJ #PVKMG /ÒP\GP /GTQYKPIGT (TCPMTGKEJ #PVKMG /ÒP\GP

5NI .CTFKP (TCPMTGKEJ DGUQPFGTU ,GVQPU #PVKMG /ÒP\GP #PVKMG /ÒP\GP (TCPMGKEJ #PVKMG /ÒP\GP (TCPMTGKEJ #PVKMG /ÒP\GP (TCPMTGKEJ #PVKMG /ÒP\GP (TCPMTGKEJ 5NI /CVCTGNN 6GKN #PVKMG /ÒP\GP (TCPM TGKEJ #PVKMG /ÒP\GP &KG NGV\VGP XKGT -CVCNQIG KP 1TKI $TQUEJWT UQPUV KP \YGK $·PFGP IGDWPFGP .GKPGP

516*'$; 510 .QPFQP #WMVKQP XQO 5NI /CTOCFWMG 6TCVVNG (TQPVKURK\ OKV #DDKN FWPI GKPGT /GFCKNNG CWH 6TCVVNG 0TP DGKIGUEJTKGDGPG 2TGKUG WPF GKPKIG 0QVK\GP *CNDNGFGT OKV )QNFXGT\KGTWPIGP )QNFUEJPKVV GVYCU DGUVQ­GP

$GKNKGIGPF IGUKGIGNVGT $TKGH CP ,QUGRJ (T[ /T 6TCVVNG TGSWGUVU NGCXG VQ TGRGCV JKU VJCPMU VQ /T (T[ HQT JKU TGEGPV 2TGUGPV = ?

516*'$; 5 . %Q .QPFQP #WMVKQP XQO &WDNGVVGP $TKVKUJ /WUGWO )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP FWTEJUEJQUUGPGU 'ZGORNCT OKV DGKIGUEJTKGDGPGP 2TGKUGP *CNDNGFGT GVYCU DGUVQ­GP

#WMVKQP XQO 5NI 6JQOCU 7PKXGTUCN 0TP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGTPCOGP *CNDNGFGT GVYCU DGUVQ­GP 4ÒEMGP WPF 8QTFGTFGEMGN VGKNYGKUG NQUG

#WMVKQP XQO 5NI %CORCPC )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGTPCOGP *CNDNGFGT &GEMGN NQUG WPF 4ÒEMGP DGUEJ·FKIV

#WMVKQP XQO 5NI 2GODTQMG #PVKMG /ÒP\GP )TQ­DTKVCPPKGP 0TP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGTPCOGP *CNDNGFGT

516*'$; 5 . 9+.-+0510 , .QPFQP #WMVKQP XQO 5NI 'FOQPFU )TKGEJKUEJG TÌOKUEJG WPF GPINKUEJG )QNFOÒP\GP 0TP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGTPCOGP NGGTG 5GKVGP CPIGDWPFGP *CNDNGFGT

#WMVKQPGP XQO WPF 0QTVJYKEM %QNNGEVKQP 6GKN )TKGEJKUEJG /ÒP\GP 0TP 6GKN 4ÌOKUEJG /ÒP\GP 0TP +P GKPGO $CPF IGDWPFGP *CNDNGFGT OKV )QNFXGT\KGTWPIGP

#WMVKQP XQO 0QTVJYKEM %QNNGEVKQP 6GKN )TKGEJKUEJG /ÒP\GP 0TP DGKIGUEJTKG DGPG 2TGKUG WPF -·WHGTPCOGP *CNDNGKPGP

516*'$; 9+.-+0510 *1&)' .QPFQP #WMVKQP XQO 5NI 9JKVVCNN )TKGEJKUEJG /ÒP\GP 0TP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGTPCOGP *CNDNGFGT 4ÒEMGP HGJNV

258

#7-6+105-#6#.1)' 516*'$;

#WMVKQP XQO 5NI %CTHTCG )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGT *CNDNGKPGP

#WMVKQPUMCVCNQIG FGT ,CJTG DKU FCDGK FKG 5COONWPIGP $Q[PG 'CTN QH #UJDWTPJCO $WPDWT[ 9JKVGJGCF %NCTMG &CXKU %NCTMUQP /QQP %CTHTCG $CKP .GUNKG 'NNKU $K\QV -TWODJQN\ 5EJKGH HGNKP $CNOCPPQ &WTNCEJGT $WUJ &CXKU .CYTGPEG 5KORUQP 5VCTMG 4QOG =9CTTGP? 5OKVJ $CTTQP /CEMGTGNN &GNDGMG %CTVYTKIJV 5CXCTVG &C[ 5VTQGJNKP $WVNGT -CVCNQIG KP $·PFGP IGDWPFGP .GKPGP -CVCNQIG KP 1TKI $TQUEJWT

#WMVKQPGP XQO 'CTN QH #UJDWTPJCO )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG XQO 2TQRGTV[ QH C $CEJGNQT )TKGEJKUEJG WPF TÌOKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG WPF -·WHGTPCOGP XQO =5NI 'XCPU? )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG XQO 5NI &GNDGMG )TKGEJKUEJG /ÒP\GP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG +P GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQP XQO 5NI $WPDWT[ #GU ITCXG TÌOKUEJG /ÒP\GP 0TP 6HP .GKPGP

#WMVKQP XQO WPF 5NI /QPVCIW 6GKN WPF #PINQ 5CZQP CPF 'PINKUJ %QKPU 0TP 6HP 6HP +P GKPGO $CPF IGDWPFGP .GKPGP

#WMVKQPGP XQO WPF 5NI /QPVCIW )TKGEJKUEJG /ÒP\GP 6GKNG 0TP 6HP 0TP 6HP DGKIGDWPFGPG '. +P GKPGO $CPF IGDWPFGP *CNDNGFGT GVYCU DGUVQ­GP

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