Auktion 100 Künker

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6

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7

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8

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WICHTIGE HINWEISE FÜR UNSERE TELEFONBIETER Wenn Sie telefonisch bieten möchten, muß das vor der Auktion durch uns genehmigt werden. Voraussetzung für ein telefonisches Mitbieten ist, daß Sie mindestens den Schätzpreis schriftlich bieten.

Telefonisches Bieten ist erst ab einem Schätzpreis von ca. 500 Euro pro Los möglich. Bitte rufen Sie Frau Thomas vor der Auktion an unter +49 (0)541 96 20 21 oder gebührenfrei unter 0800 58 36 537.

Wir übernehmen keinerlei Haftung, falls die telefonische Verbindung während der Auktion nicht zustande kommt.

INFORMATIONS POUR NOS CLIENTS PARTICIPANT A NOS VENTES AUX ENCHERES PAR TELEPHONE Si vous désirez participer par téléphone à nos ventes aux enchères, veuillez vous mettre d’accord avec notre service de clients quelques jours avant la vente sous le numéro +49 541 96 20 220.

Une participation téléphonique à la vente sera possible à condition que vous nous faites parvenir aussi votre ordre écrit qui soit au moins au prix d’estimation et que l’estimation soit au moins 500 Euro par lot.

Nous indiquons formellement que nous ne prenons aucune responsabilité au cas où la comunication téléphonique soit interrompue, occupée ou ne pas établie.

IMPORTANT INFORMATION ON TELEPHONE BIDDING If you wish to participate in the auction as a telephone bidder, please let us know several days in advance as we have to approve and schedule all calls. To register for telephone bidding, we require that you submit at least the estimate as a written bid in addition to being called.

Telephone bidding is accepted on lot numbers with estimates above 500 Euro. Please call us at +49 541 96 20 20 for more information or to register for telephone bidding.

We do not assume liability for telephone bids, should the telephone line be interrupted.

INFORMAZIONI PER GLI OFFERENTI TELEFONICI Se desiderate fare un’offerta per telefono, siete pregati di chiamare la Signorina Alexandra Elflein al numero diretto +49 541 96 20 233 qualche giorni prima dell‘asta.

Accettiamo un’offerta per telefono con un’offerta scritta per lotti con prezzi stimati di piu di 500 Euro.

Non assumeremo nessuna responsibilità per le offerte fatte per téléfono.

AUKTION 103 - AUCTION CATALOGUE 103 - CATALOGUE DE LA VENTE 103 Der Katalog zur Auktion 103 “Orden und Ehrenzeichen – Eine Sammlung aus altem Adelsbesitz” wird unseren Kunden und Sammlern von Orden und Ehrenzeichen direkt zugesandt. Sollten Sie Interesse an diesem Spezialkatalog haben, können Sie gerne ein Exemplar anfordern.

The auction catalogue 103 “Orden und Ehrenzeichen – Eine Sammlung aus altem Adelsbesitz” will be sent to our customers and collectors of orders and decorations directly. If you like to obtain this catalogue, please order a copy.

Le catalogue de la vente 103 "Ordres et dècorations - Collection d'une famille de noblesse ancienne" sera expédié directement a nos clients collectionneurs d'ordres et décorations. Si vouz désirez recevoir ce catalogue, commandezvous en un exemplaire, s.v.p.

10

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&KGUG UWTTGCNKUVKUEJGP .[UKOCEJQU 0CEJCJOWPIGP NGIVG (QTTGT PCEJ 5KGDGPDÒTIGP 0CEJ FGO 8QTMQOOGP FÒTHVG KJT *GTMWPHVUIGDKGV XKGN YGKVGT ÌUVNKEJ NKGIGP WPF KP %QNEJKU +DGTKC FGO JGWVKIGP )GQTIKGP \W UWEJGP UGKP UKGJG CWEJ #WMVKQP 8KPEJQP 1MVQDGT 0T WPF 5NI 5VTGDGT #WMVKQP -TG­ 0T &KG <GKVUVGN NWPI KUV WPIGYK­ CDGT UKEJGT PKEJV UQ HTÒJ YKG (QTTGT XGTOWVGV JPNKEJG 'ZGORNCTG XGTUVGKIGTP YKT KP #WMVKQP 0TP HH

)4+'%*+5%*' /ª0<'0

4 1,5:1

1,5:1

%#.#$4+#

6#4'06 Õ &KFTCEJOG X %JT /CIKUVTCV -CNNKMTCVGU I 4GKVGT T XQP 0KMG DG MT·P\V 6CTCU TGKVGV N CWH &GNRJKP OKV &TGK\CEM WPF 0KMG 4CXGN 8NCUVQ 4WVVGT *KUVQTKC 0W OQTWO -CDKPGVVUVÒEM 2TCEJVXQNNG 2CVKPC 5VGORGNINCP\

6CTGPV FKG GKP\KIG 2HNCP\UVCFV 5RCTVCU YWTFG FGT 5CIG PCEJ CP FGT 5VGNNG IGITÒPFGV YQ GKP &GNRJKP FGP UEJKHH DTÒEJKIGP 6CTCU GKPGP 5QJP FGU 2QUGKFQP WPF FGT 5CV[TC CP .CPF DTCEJVG &GT &GNRJKPTGKVGT YKTF UQ CWEJ XQP #TKUVQVGNGU CNU 6CTCU KFGPVKHK\KGTV GKPG &GWVWPI FKG JGWVG CPIG\YGKHGNV YKTF 5Q JCPFGNV GU UKEJ \WOKPFGUV DGK FGP HTÒJGP 2T·IWPIGP NCWV 9QNHICPI (KUEJGT $QUUGTV GKPFGWVKI WO 2JCNCPVQU 9KT DG\GKEJPGP FGP &GNRJKPTGKVGT FGPPQEJ FGT 6TCFKVKQP HQNIGPF CNU 6CTCU

12

5

5 1,5:1

.7%#0+#

5;$#4+5 Õ 5VCVGT X %JT I 5VKGT N -QRH \WTÒEMIGYCPFV +PEWU 4WVVGT *KUVQTKC 0WOQTWO 50) #05 50) /ÒPEJGP 8QT\ÒINKEJGU 'ZGORNCT

)GO·­ FGT UEJTKHVNKEJGP ªDGTNKGHGTWPI YWTFG 5[DCTKU CNU ·NVGUVG ITKGEJKUEJG 2HNCP\UVCFV X %JT IGITÒPFGV 8QP FGT JQJGP $NÒVG \W YGNEJGT FKGUG 5VCCVGP /GVCRQPV WPF 5[DCTKU KP WPINCWDNKEJ MWT\GT <GKV IGFKGJGP \GWIGP CO NGDGPFKIUVGP FKG GKP\KIGP CWH WPU IGMQOOGPGP -WPUVYGTMG FKGUGT KVCNKUEJGP #EJ·GT KJTG /ÒP\GP XQP UVTGPIGT CNVGTVÒONKEJ UEJÌPGT #TDGKV ÒDGTJCWRV FKG HTÒJGUVGP &GPMO·NGT XQP -WPUV WPF 5EJTKHV KP +VCNKGP FGTGP 2T·IWPI GTYGKUNKEJ KO , F 5V 4QO X %JT DGTGKVU DGIQPPGP JCVVG &KGUG /ÒP\GP \GKIGP FC­ FKG #EJ·GT FGU 9GUVGPU PKEJV DNQ­ VGKNPCJOGP CP FGT GDGP WO FKGUG <GKV KO /WVVGTNCPFG JGTTNKEJ UKEJ GPVYKEMGNPFGP $KNFPGTMWPUV UQPFGTP KP FGT 6GEJPKM FGOUGNDGP YQJN ICT ÒDGTNGIGP YCTGP FGPP UVCVV FGT FKEMGP QHV PWT GKPUGK VKI IGRT·IVGP WPF TGIGNO·­KI UEJTKHVNQUGP 5KNDGTUVÒEMG YGNEJG WO FKGUG <GKV KP FGO GKIGPVNKEJGP )TKGEJGPNCPF YKG DGK FGP KVCNKUEJGP &QTGTP ÒDNKEJ YCTGP UEJNWIGP FKG KVCNKUEJGP #EJ·GT OKV ITQ­GT WPF UGNDUV·PFKIGT )G UEJKEMNKEJMGKV CWU \YGK INGKEJCTVKIGP VGKNU GTJCDGP WPF VGKNU XGTVKGHV IGUEJPKVVGPGP 5VGORGP ITQ­G FÒPPG UVGVU OKV #WHUEJTKHV XGTUGJGPG 5KNDGTOÒP\GP FGTGP UQTIH·NVKI XQT FGT (CNUEJOÒP\GTGK LGPGT <GKV 2NCVVKGTWPI IGTKPIGP /CVGTKCNU OKV FÒPPGP 5KNDGTDN·VVGTP UKEJ UEJÒV\GPFG 2T·IYGKUG FGP YQJNIGQTFPGVGP -WNVWTUVCCV XGTT·V

/QOOUGP 4ÌO )GUEJ + 5

6

$4766+7/

4*')+10 Õ 6GVTCFTCEJOG X %JT I .ÌYGPMQRH X X +QMCUVQU UKV\V N OKV 5VCD \WTÒEMDNKEMGPF *GT\HGNFGT 44 4CPFHGJNGT UGJT UEJÌP

+QMCUVQU 5QJP FGU #KQNQU YCT 1KMKUVGU FGT )TÒPFWPIUJGTQU XQP 4JGIKQP

7 1,5:1

1,5:1

5+%+.+#

5;4#-75 Õ 6GVTCFTCEJOG X %JT I 3WCFTKIC T 0KMG DGMT·P\V 2HGTFG #TGVJW UCMQRH T XQP XKGT &GNRJKPGP WOIGDGP $QGJTKPIGT

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI

$GTGKVU CWH FGP HTÒJGUVGP U[TCMWUCPKUEJGP /ÒP\GP HKPFGV UKEJ FCU /QVKX FGU 9CIGPNGPMGTU KP GKPGT 3WCFTKIC &KGUGU /QVKX YWTFG UQ DGNKGDV FC­ GU KP FGT (QNIG\GKV XQP XKGNGP CPFGTGP 2T·IGUV·VVGP KP KJT /ÒP\RTQITCOO CWHIGPQOOGP YWTFG #PNKGIGP FGT JGTTUEJGPFGP 6[TCPPGP YCT GU KJT +PVGTGUUG HÒT FGP 2HGTFGURQTV \W RT·UGPVKG TGP &KG /ÒP\GP NKGHGTVGP CW­GTFGO GKPGP *KPYGKU CWH KJTG 6GKNPCJOG CP FGP 5RKGNGP KP &GNRJK WPF 1N[ORKC

13

8 2:1

2:1

Ô .KVTGP X %JT I #TGVJWUCMQRH N *CCTG KP 5RJGPFQPG FCJKPVGT 5VGTP *GTC MNGU T GTYÒTIV FGP PGOGKUEJGP .ÌYGP 50) #05

#VVTCMVKXGU 'ZGORNCT -N -TCV\GT WPF NGKEJVGT &QRRGNUEJNCI CWH FGT 8QTFGTUGKVG HCUV XQT\ÒINKEJ

9 2:1

2:1

#ICVJQMNGU X %JT 'N .KVTGP X %JT I #RQNNQMQRH N FCJKPVGT MNGKPGT #NVCT &TGKHW­ ,GPMKPU KP 'UUC[U 4QDKPUQP 5 1 4 6H FKGU 'ZGORNCT CDIGDKNFGV

#VVTCMVKXGU 'ZGORNCT OKV HGKPGT )QNFRCVKPC XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP #TU %NCUUKEC .W\GTP 0T

10

270+'4 Õ 6GVTCFTCEJOG X %JT 4CUEJ /GNSCTV -GRJCNQKFKQP! I 3WCFTKIC N 0KMG DGMT·P\V .GPMGT 2GTUGRJQPGMQRH T OKV 5RJGPFQPG XQP &GNRJKPGP WOIGDGP ,GPMKPU +

*GTTNKEJG CNVG 2CVKPC IWVGU UGJT UEJÌP

'ZGORNCT FGT 5COONWPI .QEMGVV 50) .QEMGVV WPF FGT #WMVKQP #TU %NCUUKEC )GPH 0T

4CUEJ /GNSCTV *CWRV FGU *GTCMNGU ICNV KP FGT (QTUEJWPI NCPIG CNU RWPKUEJG $G\GKEJPWPI GKPGT 5VCFV CWH 5K\KNKGP OÌINKEJGTYGKUG -GRJCNQKFKQP FCU JGWVKIG %GHCNW .GQ /KNFGPDGTI \YGKHGNVG FKGU CP WPF JKGNV 4CUEJ /GNSCTV HÒT FGP 0COGP GKPGT MCTVJCIKUEJGP +PUVKVWVKQP OÌINKEJGTYGKUG GKPGT /KNKV·TGKPJGKV UKGJG /KNFGPDGTI 45/.346 KP 2TKEG $WTPGVV $NCPF 'UUC[U KP JQPQWT QH 4QDGTV %CTUQP CPF -GPPGVJ ,GPMKPU .QPFQP 5 H

11

11 1,5:1

Õ 6GVTCFTCEJOG X %JT 4CUEJ /GNSCTV -GRJCNQKFKQP! I 3WCFTKIC T 0KMG DG MT·P\V .GPMGT 2GTUGRJQPGMQRH T XQP &GNRJKPGP WOIGDGP ,GPMKPU +

*GTTNKEJG CNVG 2CVKPC UGJT UEJÌP XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP #TU %NCUUKEC )GPH 0T

14

12

12 1,5:1

/#%'&10+#

#+0'+# Õ 5VCVGT X %JT I -WJ N U·WIV -CND 8KGTIGVGKNVGU +PEWUWO 50) #05

UVGORGNINGKEJ 44 2GTHGMV \GPVTKGTVGU 'ZGORNCT OKV HGKPGT 6ÌPWPI IWVGU UGJT UEJÌP

13

2:1

2:1

-¤0+)4'+%* 2JKNKRRQU ++ X %JT Ô 5VCVGT X %JT 2GNNC I #RQNNQ MQRH T OKV .QTDGGTMTCP\ 0KMG KP $KIC T WPVGP &TGK\CEM .G 4KFGT 2N $

#VVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT

2JKNKRR ++ FGT 8CVGT #NGZCPFGTU FGU )TQ­GP IGNCPIVG X %JT CP FKG 4GIKGTWPI $CNF PCEJ UGKPGO 4GIKGTWPIU CPVTKVV IGNCPI GU KJO FCU IQNF WPF UKNDGTTGKEJG 2CPICKQPIGDKGV WPVGT UGKPG -QPVTQNNG \W DTKPIGP FGUUGP ,CJTGU GTVTCI 6CNGPVG DGVTWI WPF KJO FKG #WURT·IWPI FGT UEJÌPGP )QNFUVCVGTG KP FGT #PVKMG 2JKNKRRGKQK IGPCPPV GTOÌINKEJVG &KG 8QTFGTUGKVG WPUGTGU 5VÒEMGU \GKIV FGP -QRH #RQNNU FGU FGNRJKUEJGP )QVVGU \W FGO 2JKNKRRQU GKPG DGUQPFGTG $G\KGJWPI JCVVG +O *GKNKIGP -TKGI JCVVG 2JKNKRR UKEJ IGIGP FKG 2JQMGT IGYCPFV YGNEJG FKG 6GO RGNUEJ·V\G KP &GNRJK IGTCWDV JCVVGP &KG 4ÒEMUGKVG URKGNV CWH GKPGP 5KGI 2JKNKRRU X %JT DGK FGP 1N[ORKUEJGP 5RKGNGP CP UKGJG 2NWVCTEJ #NGZ +PFGO 2JKNKRRQU ++ CWH FKGUGO 5VÒEM UQYQJN GKPG 8GTDKPFWPI \W &GNRJK CNU CWEJ \W 1N[ORKC UEJWH \YGK 1TVGP FKG CNNGP )TKGEJGP JGKNKI YCTGP DTCEJVG GT CWEJ UGKP RCPJGNNGPKUEJGU RQNKVKUEJGU 2TQITCOO \WO #WUFTWEM &GT 2JKNKRRGKQU YCT GKPG FGT 9GNVOÒP\GP FGT #PVKMG

14 2:1

2:1

Ô 5VCVGT X %JT #ORJKRQNKU I #NGZCPFGTMQRH KO .ÌYGPHGNN T .ÌYGPRTQVQOG T FCTWPVGT $NKV\ .G 4KFGT D FKGU 'ZGORNCT 44 8QT\ÒINKEJ

'ZGORNCT FGT 5COONWPI .QEMGVV #WMVKQP )NGPFKPKPI .QPFQP XQO 0T FGT #WMVKQP 5EJNGU UKPIGT $GTNKP 0T WPF FGT 5COONWPI %QPUWN 9GDGT #WMVKQP , *KTUEJ /ÒPEJGP 0T

15 2:1

2:1

Ô 5VCVGT X %JT 2GNNC I *GTCMNGUMQRH KO .ÌYGPHGNN T $NKV\ .G 4KFGT

#VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

15

16 2:1

2:1

Ô 5VCVGT RQUVJWO X %JT -QNQRJQP I #RQNNQMQRH T OKV .QTDGGTMTCP\ 0KMG KP $KIC T FCTWPVGT 5EJNCPIG WPF /QPQITCOO .G 4KFGT 6JQORUQP KP 5VWFKQ 2CWNQ 0CUVGT 1DNCVC 4 8QP DGUQPFGTU HGKPGO 5VKN 8QT\ÒINKEJGU 'ZGORNCT

&KGUG 2T·IWPI UVGJV KO <WUCOOGPJCPI OKV FGO -CORH WO FKG 0CEJHQNIG KO #NGZCPFGTTGKEJ &KG RQUVJWOGP 2JKNKRRQU 5VCVGTG YWTFGP KO 'KPHNW­DGTGKEJ FGU 2JKNKRRQU +++ #TTJKFCKQU IGRT·IV WO FKG 6CVUCEJG JGTCWU\WUVGN NGP FC­ CWEJ GT GKP 5QJP 2JKNKRRU ++ OKV TGEJVO·­KIGO 6JTQPCPURTWEJ YCT

17 2:1

2:1

#NGZCPFGT +++ X %JT Õ &TCEJOG X %JT #ORJKRQNKU ! I *GTCMNG UMQRH KO .ÌYGPHGNN T #FNGT UVGJV T CWH $NKV\ -QRH \WTÒEMIGYCPFV FCXQT -GT[MGKQP 2TKEG 44 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT OKV JGTTNKEJGT 2CVKPC

18

2JKNKRRQU 8 X %JT Õ &KFTCEJOG I -QRH T OKV &KCFGO +O -TCP\ -GWNG N CW­GP 5VGTP #/0) 50) #UJOQNGCP 44 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT OKV HGKPGT 2CVKPC

2JKNKRRQU 8 DGVTKGD GKPG YGPKI MQPUGSWGPVG 2QNKVKM IGIGPÒDGT 4QO YCU \W GKPGT FGWVNKEJGP 5EJY·EJWPI /CMG FQPKGPU HÒJTVG X %JT UEJNQ­ GT UKEJ JCNDJGT\KI *CPPKDCN CP UVKOOVG LGFQEJ X %JT GKPGO 5QPFGTHTKG FGP OKV 4QO QJPG 4ÒEMUKEJV CWH -CTVJCIQ \W X %JT GTMN·TVG KJO 4QO YGIGP UGKPGU $ÒPFPKUXGTVTCIGU OKV FGO 5GNGWMKFGP #PVKQEJQU +++ GTPGWV FGP -TKGI 0CEJ FGO 5KGI FGU 6 3WKPEVKWU (NCOKPKWU DGK -[PQUMGRJCNCK OW­VG 2JKNKRRQU FKG *GTTUEJCHV ÒDGT )TKGEJGPNCPF CWHIGDGP 6CNGPVG -TKGIUGPVUEJ·FKIWPI \CJNGP WPF UGKPG IGUCOVG -TKGIUHNQVVG DKU CWH UGEJU 5EJKHHG CP 4QO CWUNKGHGTP

19

19 1,5:1

6*'55#.+#

.#4+55# Õ &TCEJOG X %JT I -QRH FGU #NGWCU HCUV X X OKV *GNO T &QR RGNCZV #FNGT UVGJV N CWH $NKV\ \WTÒEMDNKEMGPF N ΕΛΛΑ *GTTOCPP 6H 8++

8QP ITQ­GT 5GNVGPJGKV #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

#NGWCU KUV FGT #JPJGTT FGU VJGUUCNKUEJGP -ÌPKIUIGUEJNGEJVGU FGT #NGWCFGP WPF YCT CWEJ FGT GTUVG 6CIQU

$WPFGUHGNFJGTT FGT 6JGUUCNGT +P FKGUGT (WPMVKQP GTUEJGKPV GT OKV FGO #D\GKEJGP FGU 6CIQU FGT &QRRGNCZV CWH WPUGTGT &TCEJOG &KG 'KPYQJPGT XQP .CTKUUC YQNNGP FCOKV KJT CNVGU 8QTTGEJV CWH FKG 6CIGKC \WO #WUFTWEM DTKPIGP FGT 0COG FGU 2T·VGPFGPVGP FGT .CTKUU·GT HÒT FKGUGU #OV *GNNC GTUEJGKPV CWH FGO 4GXGTU PGDGP FGO #FNGT FGU <GWU .CTKUUCKQU &KG 2T·IWPI KUV UQOKV GKPG 4GCMVKQP CWH FGP XQP #NGZCPFGT XQP 2JGTCK XGTVTGVG PGP #PURTWEJ CWH FKG 6CIGKC

16

20

20 1,5:1

'7$1'#

'4'64+# Õ 6GVTCFTCEJOG X %JT I -WJ UVGJV T UKEJ OKV FGO *KPVGTJWH CO -QRH MTCV\GPF FCTCWH 8QIGN FCTWPVGT ' 1MVQRWU FCTWPVGT ' $/% 5NI $%&

8QP ITQ­GT 5GNVGPJGKV #VVTCMVKXGU 'ZGORNCT UGJT UEJÌP XQT\ÒINKEJ

21

1,5:1

1,5:1

Õ 5VCVGT PCEJ X %JT /CIKUVTCV %JCTKFCOQU I &TCRKGTVG $ÒUVG FGT #TVGOKU T ÒDGT FGT 5EJWNVGT $QIGP WPF -ÌEJGT +P -TCP\ -WJ UVGJV T *ÌTPGT OKV $·PFGTP IGUEJOÒEMV $/% 5NI $%& FKGU 'ZGORNCT 44 #VVTCMVKXGU 'ZGORNCT UGJT UEJÌPpXQT\ÒINKEJ

'ZGORNCT FGT 5COONWPI 9KNNKCO 2 9CNNCEG UKGJG 9CIIQPGT KP #05/0 5

9KT HQNIGP DGK FGT &CVKGTWPI FKGUGT UVGRJCPGRJQTGP 6GVTCFTCEJOG .GYKU WPF $QGJTKPIGT UKGJG W C $QGJTKPIGT <WT %JTQPQNQIKG OKVVGNJGNNGPKUVKUEJGT /ÒP\UGTKGP X %JT $GTNKP

22

1,5:1

1,5:1

#66+%#

#6*'0 Õ 6GVTCFTCEJOG WO X %JT I #VJGPCMQRH T OKV CVVKUEJGO *GNO 'WNG T FCJKPVGT 1NKXGP\YGKI WPF /QPFUKEJGN 5VCTT XGTIN 2N ::++ 8QT\ÒINKEJ

17

23 2:1

2:1

210675

-¤0+)4'+%* /KVJTCFCVGU 8+ X %JT Ô 5VCVGT RGTICOGPKUEJGU ,CJT X %JT 2GTICOQP I -QRH T OKV &KCFGO *KTUEJ YGKFGV N KP 'HGWMTCP\ 9CFFKPIVQP 4GE IGP 2N ++ #XGTU UVGORGNINGKEJ 44 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

24 1,5:1

1,5:1

/;5+#

-;<+-15 Õ 6GVTCFTCEJOG ,CJTJWPFGTV X %JT I -QRH FGT -QTG 5QVGKTC N OKV JTGP MTCP\ #RQNNQ UKV\V N CWH 1ORJCNQU OKV 2CVGTC WPF -KVJCTC X (TKV\G XCT 44 8QT\ÒINKEJ

25

25 1,5:1

+10+#

/+.'6 'N 5VCVGT X %JT I +P .KPKGPSWCFTCV .ÌYG NKGIV N +P NKPMGO +PEWUWO HÒPH FWTEJ .KPKGP XGTDWPFGPG 2WPMVG KP OKVVNGTGO +PEWUWO (WEJU N KP TGEJVGO +PEWUWO *KTUEJ MQRH T 50) -C[JCP 9GKFCWGT XCT 4 5GJT UEJÌP

26

26 1,5:1

%#4+#

2KZQFCTQU X %JT 5CVTCR Õ &KFTCEJOG I #RQNNQMQRH HCUV X X <GWU .CDTCWPFQU UVGJV T OKV <GRVGT WPF &QRRGNCZV *WTVGT 2KZQFCTQU *QCTF 2N UVGORGNINGKEJ 50) X #W NQEM 2TCEJVGZGORNCT XQP HGKPGO 5VKN *GTTNKEJG 2CVKPC XQNN \GPVTKGTV IWVGU XQT\ÒINKEJ

2KZQFCTQU YCT FGT LÒPIUVG 5QJP FGU *GMCVQOPQU PCEJ FGO 6QF UGKPGU $TWFGTU *KFTKGWU XGTFT·PIVG GT FGUUGP )GOCJNKP #FC XQP FGT 4GIKGTWPI &GT 4GXGTU FGU 5VÒEMGU \GKIV LGPGP )QVV FGUUGP -WNV UKEJ FKG *GMCVQOPCFGP \W KJTGO (COKNKGPMWNV GTMQTGP JCVVGP <GWU .CDTCWPFQU &CU *GKNKIVWO FGU )QVVGU NCI KP .CDTCPFC D\Y .CDTCWPFC GKPGO 5VCFKGP XQP /[NCUC GPVHGTPVGP 1TV &CU &QRRGNDGKN UQNN FGT -WNVNGIGPFG PCEJ LGPGU UGKP YGNEJGU *GTCMNGU FGT #OC\QPGPMÌPKIKP *KRRQN[VG CDIGTWPIGP WPF FGT 1ORJCNG IGUEJGPMV JCVVG XQP FKGUGT UQNN GU CP CP FKG N[FKUEJGP -ÌPKIG ÒDGTIGICPIGP UGKP UEJNKG­NKEJ UQNN GU XQP )[IGU CNU 8QVKX CP FCU *GKNKIVWO FGU <GWU .CDTCWPFQU ÒDGTIGDGP YQTFGP UGKP

18

27

27 1,5:1

.;%+#

(TÒJF[PCUVKUEJG 2T·IWPIGP Õ 5VCVGT X %JT WPDGUVKOOVG /ÒP\UV·VVG I 'DGT RTQVQOG N FCTCWH -8$ 7PTGIGNO·­KIGU 3WCFTCVWO KPEWUWO $CDGNQP 6TCKV¾ 2N ::+ 8KUOCTC ++ XCT 4 8QP GVYCU TQUVKIGP 5VGORGNP XQT\ÒINKEJ

/ÌINKEJGTYGKUG KUV OKV -;$ -[DGTPKU DG\GKEJPGV GKP N[MKUEJGT &[PCUV FGT X %JT OKV GKPGT (NQVVG :GTZGU DGK FGT +PXCUKQP )TKGEJGPNCPFU WPVGTUVÒV\VG

28 1,5:1

1,5:1

%+.+%+#

-'.'0&'4+5 Õ 5VCVGT X %JT I 0CEMVGT 4GKVGT T <KGIG T -QRH \WTÒEMIGYCPFV 50) (TCPEG 50) .GXCPVG #VVTCMVKXGU 'ZGORNCT OKV HGKPGT 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

29 1,5:1

1,5:1

6#4515 2JCTPCDC\QU X %JT Õ 5VCVGT I #TGVJWUCMQRH HCUV X X $ÒUVG GKPGU -TKGIGTU OKV *GNO T 50) X #WNQEM 50) (TCPEG 50) .GXCPVG

8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC

30 1,5:1

%;2475

1,5:1

#/#6*15 'WCIQTCU + X %JT Õ 5VCVGT I .ÌYG NCIGTV T FCTÒDGT #FNGT .ÌYGP RTQVQOG T $/% 2N + UVGORGNINGKEJ 6\KCODC\KU 44 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

'WCIQTCU RHNGIVG IWVG $G\KGJWPIGP \W #VJGP WPF WPVGTUVÒV\VG FKG 5VCFV KO MQTKPVJKUEJGP -TKGI 5GKV X %JT DG HCPF UKEJ 'WCIQTCU KO -TKGI OKV 2GTUKGP WPF YWTFG PWP UGKPGTUGKVU XQP #VJGP CDGT CWEJ XQP #EJQTKU FGO DGFGW VGPFUVGP 2JCTCQ FGT &[PCUVKG WPVGTUVÒV\V 0CEJ FGO (TKGFGP FGU #PVCNMKFCU GPV\QIGP KJO CNNGTFKPIU FKG #VJGPGT KJTG 7PVGTUVÒV\WPI WPF X %JT NCPFGVG GKPG RGTUKUEJG +PXCUKQPUUVTGKVOCEJV CWH <[RGTP X %JT OW­VG 'WCIQTCU GKPGO (TKGFGPUXGTVTCI \WUVKOOGP FGT KJP HCMVKUEJ \W GKPGO 8CUCNNGP FGU RGTUKUEJGP )TQ­MÌPKIU OCEJVG <YGK ,CJTG UR·VGT YWTFG GT XQP GKPGO 'WPWEJGP GTOQTFGV

19

31

31 1,5:1

5;4+#

-NGQRCVTC 6JGC WPF #PVKQEJQU 8+++ X %JT Õ 6GVTCFTCEJOG #PVKQEJKC I $GK FGT $ÒUVGP T <GWU 0KMGRJQTQU UKV\V N 0GYGNN #PVKQEJ 50) 5RCGT XGTIN HH

*ÒDUEJG 2CVKPC CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

32

1,5:1

1,5:1

2*1'0+%+#

5+&10 #DFB#UJVCTV + X %JT Õ &QRRGNUEJGMGN ,CJT X %JT I )CNGGTG N ÒDGT FGO *GEM 5VGTP )TQ­MÌPKI WPF 9CIGPNGPMGT KP 6TKIC N FCJKPVGT #DFy#UJVCTV +++ KP ·I[RVKUEJGT QFGT U[TKUEJGT 6TCEJV OKV MWNVKUEJGO <GRVGT WPF 8QVKX 8CUG $GVN[QP # PGY %JTQ PQNQI[ HQT VJG RTG #NGZCPFTKPG %QKPCIG QH 5KFQP KP #05/0 0T

4 #VVTCMVKXGU 'ZGORNCT OKV HGKPGT 2CVKPC UGJT UEJÌP

33

33 1,5:1

2#46*+#

20

/KVJTCFCVGU ++ X %JT Õ 6GVTCFTCEJOG 5GNGWMGKC I &TCRKGTVG $ÒUVG N OKV &KCFGO #TUCMGU UKV\V T OKV $QIGP FCXQT 2CNO\YGKI 5GNNYQQF 5JQTG

5GJT CVVTCMVKXGU 'ZGORNCT HCUV XQT\ÒINKEJ

34

2:1

2:1

$#%64+#

&KQFQVQU + WO X %JT Ô CVVKUEJGT 5VCVGT OKV 6KVGN #PVKQEJQU ++ $CNMJ I -QRH FGU &KQ FQVQU + T OKV &KCFGO ΒΑΣΙΛΕΩΣ ΑΝΤΙΟΧΟΥ <GWU UVGJV N WPF UEJNGWFGTV $NKV\ FCXQT 0 WPF #FNGT $0 $CEV /KVEJKPGT +PFQITGGM C 50) #05 4 8QT\ÒINKEJGU 2TCEJVGZGORNCT

#NU &KQFQVQU UKEJ XQP #PVKQEJQU NÌUVG RT·IVG GT \WP·EJUV PQEJ /ÒP\GP KO 0COGP FGU 5GNGWMKFGP UGV\VG CDGT UGKP GKIGPGU 2QTVT·V CWH FKG /ÒP\GP

35

1,5:1

1,5:1

#');2675

2VQNGOCKQU ++ X %JT Ô 2GPVCFTCEJOG ,CJT X %JT #NGZCPFTKC I -QRH T OKV &KCFGO #FNGT N CWH $NKV\ 50) %QR 5XQTQPQU

44 #VVTCMVKXGU 'ZGORNCT OKV HGKPGT )QNFRCVKPC HCUV XQT\ÒINKEJ

5XQTQPQU MCPPVG PWT GKP 'ZGORNCT KP FGT 5COONWPI %QPUWN 9GDGT

36

36 1,5:1

2VQNGOCKQU 8+++ X %JT HÒT #TUKPQG ++ Ô 1MVQFTCEJOG /PCKQP #NGZCPFTKC I -QRH T OKV &KCFGO WPF 5EJNGKGT FCJKPVGT - &QRRGNHÒNNJQTP OKV 6CGPKG 50) %QR 5XQTQPQU 9KP\KIG $GCTDGKVWPIUURWTGP XQT\ÒINKEJ

&KGUGU ITQ­G CPVKMG )QNFPQOKPCN YWTFG \WGTUV WPVGT 2VQNGOCKQU ++ X %JT PCEJ X %JT CWUIG RT·IV CNU GT UGKPG 5EJYGUVGTIGOCJNKP #TUKPQG ++ PCEJ KJTGO 6QF \W IÌVVNKEJGP 'JTGP CWHUVGKIGP NKG­ &KGUGT 6[R YWTFG KOOGT YKGFGT CWHIGITKHHGP UQ CWEJ WPVGT 2VQNGOCKQU 8+++ 0CEJ 5XQTQPQU UQNNGP FKG )GUKEJVU\ÒIG FGT FCTIGUVGNNVGP 2GTUQP CWH FGT 8QTFGTUGKVG -NGQRCVTC +++ YKGFGTIGDGP 5KG YCT UGKPG 5VKGHVQEJVGT FKG GT X %JT JGKTCVGVG 'KPG 1MVQFTCEJOG &TCEJOGP YCT FGT )GIGPYGTV XQP GKPGT /KPG F J &TCEJOGP KP 5KNDGT FCJGT CWEJ FGT CPVKMG 0COG /PCKQP FGT KP 2CR[TK OGJTHCEJ XQTMQOOV +P FGT ·I[RVKUEJGP -WRHGTY·JTWPI GPVURTCEJ FCU 5VÒEM 6CNGPVGP -WRHGT QFGT -WRHGTFTCEJOGP

21

37

2:1

2:1

<'7)+6#0+#

-#46*#)1 Ô 5VCVGT X %JT I 6CPKVMQRH N OKV JTGPMTCP\ 2HGTF UVGJV T ,GP MKPU .GYKU ªDGTFWTEJUEJPKVVNKEJ GTJCNVGP 8QT\ÒINKEJ

38

38 1,5:1

Ô 5EJGMGN WO X %JT I 6CPKVMQRH N OKV JTGPMTCP\ 2HGTF UVGJV T \WTÒEMDNKEMGPF ,GPMKPU .GYKU

ªDGTFWTEJUEJPKVVNKEJ GTJCNVGP -N 2TÒHUVGNNGP CO 4CPF UQPUV UGJT UEJÌPpXQT\ÒINKEJ

4¤/+5%*' /ª0<'0

39

2:1

2:1

/ª0<'0 &'4 4¤/+5%*'0 4'27$.+-

Ô #UUG X %JT 4QO CPQP[O I $·TVKIGT /CTUMQRH OKV MQTKPVJKUEJGO *GNO T #FNGT CWH $NKV\ T WPVGP 41/# $/% %TCYH 5[F

2TCEJVGZGORNCT 5GJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT 7POKVVGNDCTG 8QTDKNFGT HÒT FGP 6[R MÌPPVGP 2T·IWPIGP FGT $TGVVKGT CWU FGO RWPKUEJGP -TKGI IGYGUGP UGKP 0CEJ PGWGUVGP 'TMGPPVPKUUGP # 4 /GCFQYU 6JG /CTU GCING CPF VJWPFGTDQNV IQNF CPF 2VQNGOCKE KPXQNXGOGPV KP %QKPU QH /CEGFQPKC CPF 4QOG 'UUC[U KP JQPQWT QH %JCTNGU *GTUJ UKPF \YGK 'OKUUKQPGP \W WPVGTUEJGKFGP GKPG XQT X %JT GKPG \YGKVG X %JT VGKNYGKUG YWTFGP FKG 5VÒEMG KP 5K\KNKGP IGRT·IV 9GIGP FGT 4ÒEMUGKVGP &CTUVGNNWPI #FNGT CWH $NKV\ YKTF GKPG RVQNGO·KUEJG 8GTDKPFWPI CPIGPQOOGP 'U YWTFGP ·I[RVKUEJG 5WDUKFKGP XGTOÒP\V OÌINKEJGTYGKUG DGTGKVU X %JT YCU WPUGT 5VÒEM CWH FKG GTUVGP &GPCTG WPF FKG 5GZVCP VCN $TQP\GP JGTCWHTÒEMGP YÒTFG 'U IKDV ªDGTRT·IWPIGP XQP &GPCTGP WPF $TQP\GP FKG FKGU OÌINKEJ GTUEJGKPGP NCUUGP #WU &CPMDCTMGKV WPF WO FKG 7PVGTUVÒV\WPI FWTEJ I[RVGP UKEJVDCT \W OCEJGP YWTFG FKG 4ÒEMUGKVGP &CTUVGNNWPI IGY·JNV

22

40

40 1,5:1

Õ &GPCT X %JT 4QO . #ZKWU . H 0CUQ I /CTUMQRH T OKV *GNO &KCPC KP *KTUEJDKIC T FCTWPVGT *WPF FCJKPVGT \YGK *WPFG $CD $/% %TCYH 5[F

44 -N -TCV\GT CWH FGO #XGTU UGJT UEJÌP

41

2:1

2:1

Ô #WTGWU X %JT 4QO % 8KDKWU 8CTWU I #RQNNQMQRH T OKV .QTDGGTMTCP\ 8GPWU UVGJV N WPF DGVTCEJVGV UKEJ KP GKPGO 5RKGIGN FCJKPVGT 5·WNG $CD $/% %CNKEQ C %TCYH 5[F 44 8QT\ÒINKEJGU 'ZGORNCT

&CXKF 5GCT DG\KGJV UQYQJN FGP #RQNNQMQRH FGT 8QTFGTUGKVG CNU CWEJ FKG 8GPWU FGU 4GXGTUGU CWH FCU )GUEJNGEJV FGT ,WNKGT &GT #WTGWU GTKPPGTV CNUQ CP FGP GTOQTFGVGP %CGUCT YCU UKEJGTNKEJ KP <WUCOOGPJCPI OKV FGO -CORH FGT 6TKWOXKTP IGIGP FKG %CGUCTOÌTFGT UVGJV

42

42 2:1

+/2'4#614+5%*' 24 )70)'0

% ,WNKWU %CGUCT Ŏ X %JT Õ &GPCT X %JT .CIGTOÒP\UV·VVG I 'NGHCPV T 2TKGUVGT IGT·VG $CD $/% %TCYH 5GCT 5[F

'KPG UGJT CVVTCMVKXG 'TJCNVWPI .GKEJV FG\GPVTKGTV HCUV 5VGORGNINCP\

&KG 4ÒEMUGKVG \GKIV %CGUCTU #OV CNU 2QPVKHGZ OCZKOWU CP FKG GKP\KIG QHHK\KGNNG 5VGNNWPI FKG GT \W $GIKPP FGU $ÒTIGTMTKGIGU DGMNGKFGVG

43

Ô #WTGWU X %JT 4QO # *KTVKWU I 8GUVCMQRH T OKV 5EJNGKGT 2TKGUVGTIGT·VG $CD $/% %CNKEQ D %TCYH 5GCT 5[F 5GJT UEJÌP

*KTVKWU YCT GKP .GICV %CGUCTU 0CEJ FGUUGP 'TOQTFWPI DGMNGKFGVG GT FCU -QPUWNCV 'T XGTHC­VG CWEJ FCU $WEJ FGU DGTÒJOVGP 9GTMGU FG DGNNQ ICNNKEQ

23

44

44 1,5:1

Õ &GPCT X %JT URCPKUEJG /ÒP\UV·VVG I -QRH FGT 8GPWU )GPGVTKZ T FCJKPVGT %WRKFQ 6TQRJ·G FCTWPVGT \YGK ICNNKUEJG )GHCPIGPG $CD $/% %TCYH 5GCT 5[F

8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

&KGUGU 5VÒEM YWTFG \WT $G\CJNWPI FGT 8GVGTCPGP %CGUCTU Y·JTGPF FGU -CORHGU IGIGP FKG 2QORGKCPGT KP 5RCPKGP IGRT·IV &KG )GHCPIGPGP CWH FGT 4ÒEMUGKVG UKPF GKPG VTCWGTPFG (TCW WPF GKP IGHGUUGNVGT /CPP FGUUGP -QRH FGO 6[R FGU 8GTEKPIGVQTKZ GPVURTKEJV

45

45 1,5:1

Õ &GPCT X %JT 4QO 3 8QEQPKWU 8KVWNWU I -QRH T OKV .QTDGGTMTCP\ -CND UVGJV N $CD $/% %TCYH 5GCT 5[F 44 5GJT UEJÌPGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

&GT 4GXGTU URKGNV CWH FGP 0COGP FGU /ÒP\OGKUVGTU CP 8KVWNWU -CND

46 1,5:1

1,5:1

5GZVWU 2QORGKWU Ŏ X %JT Õ &GPCT X %JT WPDGUVKOOVG UK\KNKUEJG /ÒP\UV·VVG I -QRH FGU 2QORGKWU OCIPWU T N %CRKU T .KVWWU 0GRVWP UVGJV N \YKUEJGP #PCRKCU WPF #O RJKPQOWU FKG KJTG 'NVGTP VTCIGP $/% $CD %TCYH C 5GCT 5[F

44 (CUV XQT\ÒINKEJ XQT\ÒINKEJ

&KG $TÒFGT #PCRKCU WPF #ORJKPQOWU JCVVGP KJTG 'NVGTP Y·JTGPF GKPGU #WUDTWEJGU FGU #GVPC KP 5KEJGTJGKV IGDTCEJV +P FKGUGT 4GXGTUFCTUVGNNWPI YKTF CNUQ RTCMVK\KGTVG 2KGVCU IG\GKIV YCU OKV FGT #PPCJOG FGU 6KVGNU 2KWU FWTEJ 5GZVWU 2QORGKWU KP <WUCOOGPJCPI UVGJGP FÒTHVG

47 1,5:1

1,5:1

/CTEWU #PVQPKWU Ŏ X %JT Õ &GPCT X %JT #EVKWO & 6WTWNNKWU I -QRH T +O .QTDGGTMTCP\ 8KEVQTKC UVGJV N OKV -TCP\ WPF 2CNO\YGKI T WPVGP /QPQITCOO FGU 6WTWNNKWU $CD $/% %TCYH 5GCT 5[F

44 -N 5EJTÌVNKPIUHGJNGT CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

&KGUG NGV\VG 'OKUUKQP XQP 2QTVT·VFGPCTGP FGU /CTEWU #PVQPKWU NKG­ & 6WTWNNKWU DGK #EVKWO UEJNCIGP 6WTWNNKWU YCT GKPGT FGT DGKFGP \W FKGUGO <GKVRWPMV PQEJ NGDGPFGP %CGUCTOÌTFGT 0CEJ #EVKWO YWTFG GT XQP 1EVCXKCPWU IGHCPIGPIGPQOOGP WPF \WT *KPTKEJVWPI PCEJ -QU IGDTCEJV YQ GT GKPKIG ,CJTG XQTJGT WPVGT FGO -QOOCPFQ FGU %CUUKWU .QPIKPWU FGO #UMNGRKQU IGYGKJVG $·WOG JCVVG H·NNGP NCUUGP /KV UGKPGO 6QF YWTFG UQOKV UQYQJN FKG 'TOQTFWPI %CGUCTU CNU CWEJ FGT (TGXGN IGUÒJPV

24

48 1,5:1

1,5:1

WPF 1EVCXKCPWU Õ &GPCT X %JT 'RJGUWU I $GKFGTUGKVU -QRH T $CD $/% %TCYH 5GCT 5[F #VVTCMVKXGU 'ZGORNCT OKV HGKPGT 2CVKPC HCUV XQT\ÒINKEJ

1,5:1

49

1,5:1

1EVCXKCPWU Ô #WTGWU X %JT 4QO . %GUVKWU WPF % 0QTDCPWU I #HTKMCMQRH T %WTW NKUEJGT 5VWJN FCTCWH MQTKPVJKUEJGT *GNO $CD $/% %CNKEQ %TCYH C 5GCT 5[F

44 5GJT UEJÌP

+P FGT /KVVG FGU ,CJTGU X %JT JQHHVG FGT 5GPCV 4QO OKV FTGK .GIKQPGP IGIGP 1EVCXKCPWU XGTVGKFKIGP \W MÌPPGP &KGU YCTGP GKPG KVCNKUEJG .GIKQP FKG 2CPUC \WT 8GTVGKFKIWPI FGT 5VCFV KP 4QO IGNCUUGP JCVVG UQYKG \YGK .GIKQPGP FKG FGT 5GPCV CWU #HTKEC IGTWHGP JCVVG <YGK FGT OKV FGT 8GTVGKFKIWPI FGT 5VCFV DGCWHVTCIVGP 2TCGVQTGP . %GUVKWU WPF % 0QTDCPWU DGYGIVGP FKG .GIKQPGP FC\W \W 1EVCXKCP ÒDGT\WNCWHGP &CTCWHJKP TÒEMVG 1EVCXKCP KP 4QO GKP DGO·EJVKIVG UKEJ FGU 5VCCVUUEJCV\GU WPF NKG­ KO #WIWUV 5GRVGODGT X %JT KP FGT XQP %CGUCT PGW GKPIGTKEJVGVGP /ÒP\UV·VVG CO ,CPKEWNWO PKEJV KP FGT CNVGP /QPGVC /ÒP\GP RT·IGP WO FKG \W KJO ÒDGTIGNCWHGPGP .GIKQPGP HÒT KJTGP 8GTTCV CO 5GPCV \W DGNQJPGP *KGTDGK DGTKGH GT UKEJ UEJGKPJGKNKI CWH GKPGP HTGKNKEJ XQP KJO GT\YWPIGPGP 5GPCVUDGUEJNW­ /KV WPUGTGO 5VÒEM GJTV 1EVCXKCP GKPG FGT DGKFGP CHTKMCPKUEJGP .GIKQPGP DGK FGT GU UKEJ UQ N·­V LGFGPHCNNU FGT MQTKPVJKUEJG *GNO CWH FGO 4GXGTU XGTOWVGP WO GKPG CPUQPUVGP WPDGMCPPVG .GIKQ /KPGTXKC JCPFGNP FÒTHVG

1,5:1

50

1,5:1

/ª0<'0 &'4 4¤/+5%*'0 -#+5'4<'+6

#WIWUVWU X P %JT Ô #WTGWU X %JT %QNQPKC 2CVTKEKC I -QRH T OKV .QT DGGTMTCP\ 6TKWORJCNSWCFTKIC T FCTKP .GIKQPUCFNGT $/% 5 #PO %CNKEQ %QJ 4+%w /KP $GCTDGKVWPIUURWTGP CO 4CPF XQT\ÒINKEJ

1,5:1

51

1,5:1

Ô #WTGWU X %JT I -QRH T OKV .QTDGGTMTCP\ )CKWU %CGUCT TGKVGV T OKV 5RGGT WPF 5EJKNF FCJKPVGT .GIKQPUCFNGT \YKUEJGP \YGK 5VCPFCTVGP $/% %CNKEQ %QJ 4+%w /KP 2TQDKGTURWT CO 4CPF UGJT UEJÌPpXQT\ÒINKEJ

)CKWU %CGUCT GKPGT FGT 'PMGN FGU #WIWUVWU YWTFG XQP UGKPGO )TQ­XCVGT CNU 0CEJHQNIGT CWUGTMQTGP +O ,CJT X %JT PCJO )CKWU %CGUCT GTUVOCNU CP OKNKV·TKUEJGP 1RGTCVKQPGP VGKN YKG FGT 4GXGTU WPUGTGU #WTGWU GKPFTWEMU XQNN \GKIV X %JT XGTVGKNVG #WIWUVWU CWEJ )GNFIGUEJGPMG CP FKG 5QNFCVGP FGPGP OKV FKGUGP 5VÒEMGP MNCT FKG OKNKV·TKUEJG -CTTKGTG UGKPGU 'PMGNU XQT #WIGP IGHÒJTV YWTFG

25

52 1,5:1

1,5:1

6KDGTKWU Ô #WTGWU .WIFWPWO I -QRH T OKV .QTDGGTMTCP\ .KXKC CNU 2CZ UKV\V T OKV <YGKI WPF <GRVGT $/% %CNKEQ %QJ 4+%w

ªDGTFWTEJUEJPKVVNKEJ GTJCNVGP 8QT\ÒINKEJ

<YGK /ÒP\UVGORGN FKGUGU 6[RU OKV .KXKC CNU 2CZ CWH FGO 4GXGTU CNUQ FGO 6[R FGU DGTÒJOVGP 6TKDWVG 2GPP[U FGT $KDGN YWTFGP MÒT\NKEJ KO .GIKQPUNCIGT 8KPFQPKUUC 9KPFKUEJ KP ¤UVGTTGKEJ GPVFGEMV 0CEJ FGO CTEJ·QNQIKUEJGP $GHWPF KUV FCXQP CWU\WIGJGP FC­ KP 8KPFQPKUUC GKPG QHHK\KGNNG /ÒP\UV·VVG GZKUVKGTV JCV &KGUG UGPUCVKQPGNNG 'PVFGEMWPI UVGNNV XKGNG /ÒP\UV·VVGP\WYGKUWPIGP FGT HTÒJGP -CKUGT\GKV KP (TCIG FGPP GU KUV FCXQP CWU\WIGJGP FC­ CWEJ KP CPFGTGP .GIKQPUNCIGTP /ÒP\UV·VVGP GZKUVKGTV JCDGP

53

%NCWFKWU 5GUVGT\ 4QO I -QRH T OKV .QTDGGTMTCP\ ': 5 % 1$ %+8'5 5'48#615 KP -TCP\ $/% %QJ 4+%w

2TCEJVXQNNGU 2QTVT·V JGTTNKEJG TQVITÒPG 2CVKPC XQT\ÒINKEJ

54 1,5:1

1,5:1

8KVGNNKWU Õ &GPCT URCPKUEJG /ÒP\UV·VVG 6CTTCEQ! I -QRH N OKV .QTDGGTMTCP\ WPVGP )NQDWU WPF 2CNO\YGKI 8KEVQTKC IGJV N OKV 5EJKNF $/% %QJ 4+%w

)WVGU 2QTVT·V UGJT UEJÌPGU 'ZGORNCT OKV HGKPGT 2CVKPC

55 1,5:1

1,5:1

8GURCUKCPWU HÒT 6KVWU Ô #WTGWU 4QO I -QRH T OKV .QTDGGTMTCP\ 4QOC UKV\V T OKV 5RGGT \YKUEJGP \YGK 8ÌIGNP FCXQT FKG 9ÌNHKP OKV 4QOWNWU WPF 4GOWU $/% %C NKEQ C %QJ 4+% (CUV XQT\ÒINKEJ

&GT 4GXGTU ITGKHV FGP 6[R GKPGU TGRWDNKMCPKUEJGP &GPCTU YKGFGT CWH %TCYH 'T \GKIV 4QOC FKG ÒDGT FKG DGKFGP XQP GKPGT 9ÌNHKP IGU·WIVGP O[VJKUEJGP 5VCFVITÒPFGT YCEJV UQYKG \YGK 8ÌIGN XGTOWVNKEJ 4CDGP FKG IWVG 8QT\GKEJGP XGTMÒPFGP

26

56 1,5:1

1,5:1

HÒT &QOKVKCPWU Ô #WTGWU 4QO I -QRH T OKV .QTDGGTMTCP\ 24+0%'25 +88'0686 5RGU IGJV N OKV $NWOG $/% %CNKEQ %QJ 4+%

9KP\ )TCHHKVK CWH FGO 4CPF CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

&GT 4GXGTU \GKIV FGWVNKEJ FC­ 8GURCUKCP CWEJ &QOKVKCP CNU OÌINKEJGP 6JTQPHQNIGT DGVTCEJVGV YCU KP FGT 'TPGP PWPI \WO 2TKPEGRU +WXGPVWVKU WPF KP FGT (KIWT FGT 5RGU MNCT \WO #WUFTWEM MQOOV

1,5:1

57

1,5:1

6KVWU Ô #WTGWU 4QO I -QRH T OKV .QTDGGTMTCP\ 5VCVWG OKV 5VTCJNGPDKPFG 5RGGT WPF 2CTC\QPKWO CWH 4QUVTCNU·WNG $/% %CNKEQ %QJ 4+%

.GKEJVG (CUUWPIUURWTGP FGPPQEJ CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

&KG 5VCVWG CWH FGO 4GXGTU FÒTHVG FGP %QNQUUWU 0GTQPKU FCTUVGNNGP GKPG IKICPVKUEJG /GVGT JQJG 5VCVWG FGU 5QPPGPIQVVGU CWU $TQP\G FKG 0GTQ WPYGKV FGU 'KPICPIGU FGT &QOWU #WTGC OKV UGKPGP <ÒIGP JCVVG GTTKEJVGP NCUUGP UKGJG $/% 5 :.++ 0CEJ 0GTQU 6QF YWTFG FGT -QRH FGT 5VCVWG CDIGUEJNCIGP 8GURCUKCPWU NKG­ FKG 5VCVWG TGUVCWTKGTGP 5WGVQP &KXWU 8GURCUKCPWU

1,5:1

58

1,5:1

&QOKVKCPWU Ô #WTGWU 4QO I -QRH T OKV .QTDGGTMTCP\ )'4/#0+%85 %15 :8 /KPGTXC UVGJV N OKV $NKV\ WPF 5RGGT WPVGP 5EJKNF $/% %CNKEQ %QJ 4+% 8QT\ÒINKEJGU 2TCEJVGZGORNCT

&QOKVKCPWU HÒJTVG FGP 6KVGN )GTOCPKEWU UGKV UGKPGO 5KGI ÒDGT FKG %JCVVGP KO ,CJT 7PVGT &QOKVKCPWU YWTFGP FKG NKPMUJGKPKUEJGP /KNKV·TDG\KTMG FKG DKU FCJKP FGP ICNNKUEJGP 2TQXKP\GP CFOKPKUVTCVKX \WIGQTFPGV YCTGP KP FKG DGKFGP IGTOCPKUEJGP 2TQXKP\GP )GTOCPKC UWRGTKQT WPF )GTOCPKC KPHGTKQT ÒDGTHÒJTV

1,5:1

59

1,5:1

*CFTKCPWU HÒT 5CDKPC Ô #WTGWU 4QO I &TCRKGTVG $ÒUVG N OKV &KCFGO %QPEQTFKC UKV\V N OKV 2CVGTC $/% %CNKEQ C %QJ 4+%

ªDGTFWTEJUEJPKVVNKEJ GTJCNVGP (CUV XQT\ÒINKEJ

5CDKPC FKG )TQ­PKEJVG 6TCKCPU YWTFG KO ,CJTG OKV *CFTKCP XGTJGKTCVGV &KGUGT UEJGKPV UKEJ YGPKI HÒT UGKPG 'JGHTCW KPVGTGUUKGTV \W JCDGP KUV FCHÒT CDGT HÒT UGKPG \CJNTGKEJGP #HH·TGP OKV XGTJGKTCVGVGP (TCWGP WPF -PCDGP DGMCPPV 'KP ·JPNKEJGU 8GTJCNVGP FWNFGVG FGT -CKUGT DGK UGKPGT (TCW PKEJV KO ,CJTG YWTFG W C 5WGVQP FGT \WXQT HÒT FKG MCKUGTNKEJG -QTTGURQPFGP\ \WUV·PFKI YCT YGIGP WPIGDÒJTNKEJGP 8GTJCNVGPU IGIGPÒDGT 5CDKPC GPVNCUUGP

27

60

1,5:1

1,5:1

HÒT #GNKWU Ô #WTGWU 4QO I -QRH N %QPEQTFKC UKV\V N OKV 2CVGTC FGP N #TO CWH (ÒNNJQTP IGUVÒV\V $/% %CNKEQ %QJ 4+% E 4 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

*CFTKCP MGJTVG CWU FGO LÒFKUEJGP -TKGI \WTÒEM 5GKPG )GUWPFJGKV YCT CPIGITKHHGP UQ FC­ FGT -CKUGT KOOGTJKP ,CJTG CNV GKPG 0CEJHQNIGTGIGNWPI VTGHHGP OW­VG *CFTKCPU 9CJN HKGN CWH . %GKQPKWU %QOOQFWU FGP GT CNU . #GNKWU 8GTWU \WO 0CEJHQNIGT DGUVKOOVG #GNKWU YCT \WO <GKVRWPMV UGKPGT 'TPGPPWPI %QPUWN QTFKPCTKWU JCVVG CDGT MGKPGTNGK OKNKV·TKUEJG 'THCJTWPI 'T UVCTD CO 0GWLCJTUVCI

61

HÒT #PVKPQWU *GOKFTCEJOG ,CJT #NGZCPFTKC #GI[RVWU I &TCRKGTVG $ÒUVG T OKV *GO *GO -TQPG #PVKPQQU TGKVGV T OKV -GT[MGKQP $NWO &CVVCTK )GKUUGP 44 $TCWPG 2CVKPC UGJT UEJÌP

#PVKPQQU GKP ,ÒPINKPI CWU $KVJ[PKWO KP $KVJ[PKGP YWTFG \WO )GNKGDVGP *CFTKCPU 'T GTVTCPM Y·JTGPF FGT I[RVGPTGKUG FGU -CKUGTU KO 0KN *CFTKCP ITÒPFGVG FCTCWHJKP FKG 5VCFV #PVKPQWRQNKU

62

1,5:1

1,5:1

#PVQPKPWU + 2KWU Ô #WTGWU 4QO I -QRH N OKV .QTDGGTMTCP\ -CKUGT UVGJV N OKV )NQDWU $/% #PO %CNKEQ %QJ 4+% H (CUV XQT\ÒINKEJ

63

1,5:1

28

1,5:1

HÒT (CWUVKPC HKNKC Ô #WTGWU 4QO I &TCRKGTVG $ÒUVG T 8GPWU UVGJV N OKV #RHGN WPF 5VGWGTTWFGT $/% %CNKEQ %QJ 4+% C 9KP\ -TCV\GT HCUV XQT\ÒINKEJ

64 1,5:1

1,5:1

HÒT /CTEWU #WTGNKWU Ô 3WKPCT 4QO I -QRH T ,WXGPVCU UVGJV N OKV 2CVGTC WPF UVTGWV 9GKJTCWEJ CWH -CPFGNCDGT $/% %QJ 4+% C 44 5GJT UEJÌP

&GT 4GXGTU FGU UGNVGPGP *CNDUVÒEMGU XGTYGKUV OKV FGT #DDKNFWPI FGT ,WXGPVCU FGT )ÌVVKP FGT ,WIGPF CWH /CTEWU #WTGNKWU CNU #PHÒJTGT FGT TÌOKUEJGP ,WIGPF <YCT YCT FGT 2TKP\ PKGOCNU 2TKPEGRU +WXGPVWVKU YQJN CDGT UGXKT VWTOKU GSWKVWO 4QOCPQTWO WPF CWH FKGUGU #OV FÒTHVG UKEJ WPUGT 5VÒEM DG\KGJGP

65 1,5:1

1,5:1

#PVQPKPWU ++ /CTEWU #WTGNKWU Ô #WTGWU 4QO I &TCRKGTVG $ÒUVG T OKV .QTDGGTMTCP\ 8KEVQTKC IGJV N OKV -TCP\ WPF 2CNO\YGKI $/% #PO %CNKEQ %QJ 4+% #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

&CU UEJÌPG 5VÒEM HGKGTV FGP GTHQNITGKEJGP #DUEJNW­ FGU 2GTUGTMTKGIGU &GT INQTTGKEJG 5KGI JCVVG HTGKNKEJ MCVCUVTQ RJCNG #WUYKTMWPIGP OKV FGP \WTÒEMMGJTGPFGP 6TWRRGP MCO GKPG XGTJGGTGPFG 2GUV WO YGNEJG -TCPMJGKV GU UKEJ VCVU·EJNKEJ JCPFGNVG KUV WPMNCT XGTOWVNKEJ YCTGP GU FKG $NCVVGTP KPU 4GKEJ

66 1,5:1

1,5:1

.WEKWU 8GTWU Ô #WTGWU 4QO I &TCRKGTVG $ÒUVG T OKV .QTDGGTMTCP\ 8KE VQTKC UVGJV T WPF UEJTGKDV 8+% #8) CWH 5EJKNF $/% %CNKEQ %QJ 4+%

44 8QT\ÒINKEJp5VGORGNINCP\

&GT RTCEJVXQNNG #WTGWU HGKGTV FGP KO 8GTNCWHG FGU 2GTUGTMTKGIGU GTTWPIGPGP 5KGI KP #TOGPKGP YQ .WEKWU 8GTWU 5QJCGOWU CNU -ÌPKI GKPUGV\VG

67 1,5:1

1,5:1

HÒT .WEKNNC Ô #WTGWU 4QO I &TCRKGTVG $ÒUVG T 8GPWU UVGJV N OKV #RHGN WPF <GRVGT $/% %CNKEQ %QJ 4+% 4 8QT\ÒINKEJGU 2TCEJVGZGORNCT

#PPKC #WTGNKC )CNGTKC .WEKNNC YWTFG CO /·T\ CNU 6QEJVGT FGU /CTEWU #WTGNKWU WPF FGT (CWUVKPC ++ IGDQTGP HCPF KP 'RJGUQU KJTG *GKTCV OKV .WEKWU 8GTWU UVCVV 0CEJ FGO 6QFG FGU 8GTWU XGTO·JNVG UKG UKEJ GTPGWV +O ,CJT YCT UKG KP GKPG 8GTUEJYÌTWPI IGIGP %QOOQFWU XGTYKEMGNV WPF YWTFG PCEJ %CRTK XGTDCPPV YQ UKG MWT\ FCTCWH JKPIGTKEJVGV YWTFG

29

68

2:1

2:1

%QOOQFWU Ô #WTGWU 4QO I &TCRKGTVG $ÒUVG T OKV .QTDGGTMTCP\ (QTVWPC UKV\V N OKV 5VGWGTTWFGT WPF (ÒNNJQTP $/% %CNKEQ %QJ 4+%

44 2TCEJVGZGORNCT 8QT\ÒINKEJp5VGORGNINCP\

&KG (QTVWPC TGFWZ FGT 4ÒEMUGKVG FÒTHVG CWH GKPGP \YCT IGRNCPVGP FCPP CDGT FQEJ CDIGUCIVGP FTKVVGP IGTOCPK UEJGP (GNF\WI FGU %QOOQFWU \WTÒEM\WHÒJTGP UGKP &KG GZRGFKVKQ )GTOCPKEC UGEWPFC FGP \YGKVGP /CTMQOCP PGPMTKGI JCVVG %QOOQFWU PCEJ FGO 6QFG UGKPGU 8CVGTU DGGPFGV YCU VTQV\ GKPGU XQTVGKNJCHVGP (TKGFGPUCDMQO OGPU XQP FGT TÌOKUEJGP $GXÌNMGTWPI CNU UEJKORHNKEJ CWUIGNGIV YWTFG 1D %QOOQFWU OKV UGKPGT IGRNCPVGP GZRGFKVKQ )GTOCPKEC VGTVKC FKG 2N·PG UGKPGU 8CVGTU FKG YQOÌINKEJ KP FGT 'KPTKEJVWPI \YGKGT PGWGT 2TQXKP\GP DGUVCPFGP XGTYKTMNKEJGP YQNNVG QFGT QD GT ICP\ CPFGTG -TKGIU\KGNG XGTHQNIVG N·­V UKEJ PKEJV UKEJGT UCIGP

69

2:1

2:1

5GRVKOKWU 5GXGTWU Ô #WTGWU 4QO I -QRH T OKV .QTDGGTMTCP\ 816# 585 %'26 # :: -CKUGT UVGJV T WPF QRHGTV ÒDGT #NVCT FCXQT UVGJV %CTCECNNC ! N OKV 5VCD FC\YKUEJGP (NÌVGPURKGNGT $/% %CNKEQ %QJ 4+% 5GJT UEJÌP

70

2:1

2:1

5GXGTWU #NGZCPFGT Ô #WTGWU 4QO I &TCRKGTVG $ÒUVG T OKV .QTDGGTMTCP\ 2CZ UVGJV N OKV <YGKI WPF <GRVGT $/% %CNKEQ %QJ 4+%

8QT\ÒINKEJp5VGORGNINCP\ &KG 2CZ CWH WPUGTGO 5VÒEM UVGJV OKV MGKPGO URG\KHKUEJGP 'TGKIPKU KP <WUCOOGPJCPI &GT -CKUGT FGO GU CP OKNKV· TKUEJGT 'THCJTWPI OCPIGNVG \QI LGFQEJ FGP (TKGFGP FGO -TKGI XQT WPF CNU GT KO ,CJT GKPG IGRNCPVG 1HHGPUKXG IGIGP FKG )GTOCPGP CDUCIVG HÒJTVG FKGU \W UGKPGT 'TOQTFWPI IGOGKPUCO OKV UGKPGT /WVVGT ,WNKC /COCGC KP FGT 0·JG XQP /CKP\

30

71

1,5:1

1,5:1

)QTFKCPWU ++ #HTKECPWU 5GUVGT\ 4QO I &TCRKGTVG $ÒUVG T OKV .QTDGGT MTCP\ 8KTVWU UVGJV N OKV 5EJKNF WPF 5RGGT $/% %QJ 4+%

ªDGTFWTEJUEJPKVVNKEJ GTJCNVGP 44 &WPMGNITÒPG 2CVKPC ·W­GTUV CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

)QTFKCPWU ++ #HTKECPWU YWTFG WO CNU 5QJP FGU )QTFKCPWU + IGDQTGP &GT 0COG UGKPGT /WVVGT KUV PKEJV DGMCPPV FGT KP FGT *KUVQTKC #WIWUVC IGPCPPVG 0COG (CDKC 1TGUVKNNC KUV HKMVKX CDGT UKG YCT OÌINKEJGTYGKUG GKPG 'PMGNKP FGU 5QRJKUVGP *GTQFGU #VVKEWU ªDGT .GDGP WPF -CTTKGTG FGU )QTFKCPWU KUV YGPKI DGMCPPV \YCT HCDW NKGTV FGT #WVQT FGT *KUVQTKC #WIWUVC NWUVNQU GKPGP EWTUWU JQPQTWO \WUCOOGP KUV CDGT OGJT FCTCP KPVGTGUUKGTV FGO -CKUGT XGTUEJKGFGPG )GNÒUVG \W\WUEJTGKDGP UQ FKEJVGV GT FGO )QTFKCPWU -QPMWDKPGP CP XQP FGPGP KJO LGFG -KPFGT IGDQTGP JCDGP UQNN UQYKG GKPG $KDNKQVJGM OKV $·PFGP 5KEJGT KUV PWT FC­ )QTFKCPWU ++ EQPUWN UWHHGEVWU YCT DGXQT GT UGKPGO 8CVGT CNU .GICV KP #HTKEC FKGPVG 'U KUV WPMNCT QD GT KP 6J[UFTWU IG OGKPUCO OKV UGKPGO 8CVGT YGPKIG 6CIG UR·VGT KP -CTVJCIQ QFGT GTUV FWTEJ FGP 5GPCV KP 4QO \WO -CKUGT GTJQ DGP YQTFGP KUV #NU %CRGNKCPWU FGT FGO /CZKOKPWU 6JTCZ VTGW IGDNKGDGPG 5VCVVJCNVGT XQP 0WOKFKGP OKV UGKPGT #TOGG PCEJ -CTVJCIQ OCTUEJKGTVG YWTFG )QTFKCPWU ++ \WO -QOOCPFGWT GKPGT VGKNU CWU (TGKYKNNKIGP DWPV \WUCOOGPIGYÒTHGNVGP #TOGG WPF UVGNNVG UKEJ FGO (GKPF \WO -CORH 'T HKGN UGKP 8CVGT DGIKPI FCTCWHJKP 5GNDUVOQTF &KG /ÒP\GP FGT DGKFGP )QTFKCPK #HTKECPK \·JNGP \W FGP UGNVGPGP WPF DGUQPFGTU DGIGJTVGP 2T·IWPIGP FGT TÌOKUEJGP -CKUGT\GKV

72

2:1

2:1

)QTFKCPWU +++ Ô #WTGWU 4QO I &TCRKGTVG $ÒUVG T OKV .QTDGGTMTCP\ (GNKEKVCU UVGJV N OKV %CFWEGWU WPF (ÒNNJQTP %CNKEQ %QJ 4+%

4 8QT\ÒINKEJGU 'ZGORNCT

)QTFKCPWU +++ GKP 'PMGN FGU )QTFKCPWU + WPF 0GHHG FGU )QTFKCPWU ++ YWTFG IGDQTGP +O /·T\ YWTFG GT CWH 8GTNCPIGP FGU 8QNMGU WPVGT FGP #WIWUVK $CNDKPWU WPF 2WRKGPWU \WO %CGUCT GTJQDGP 0CEJ FGTGP 'TOQTFWPI RTQ MNCOKGTVGP FKG 2TCGVQTKCPGT FGP L·JTKIGP \WO #WIWUVWU JGKTCVGVG )QTFKCPWU 6TCPSWKNNKPC FGTGP 8CVGT FGT 2TCGHGEVWU RTCGVQTKQ 6KOGUKVJGWU HÒT KJP FKG 4GIKGTWPIUIGUEJ·HVG HÒJTVG WPF CWEJ HÒT FKG CPH·PINKEJGP 'THQNIG KO 2GTUGTMTKGI XGTCPVYQTVNKEJ YCT 0CEJ FGO 6QFG FGU 6KOGUKVJGWU IGYCPP ,WNKWU 2JKNKRRWU FGT PGWG 2TCGVQTKCPGT RT·HGMV WPF UR·VGTG -CKUGT 2JKNKRRWU + #TCDU KOOGT OGJT 'KPHNW­ WPF NKG­ FGP LWPIGP -CKUGT UEJNKG­NKEJ GTOQTFGP

31

73

2:1

2:1

8QNWUKCPWU Ô $KPKQ 4QO I +/2 %#' % 8+$ 81.85+#01 #8) &TCRKGTVG $ÒUVG T OKV 5VTCJNGPDKPFG 2+'6#5 #8)) 2KGVCU UVGJV N OKV GTJQDGPGP *·PFGP FCXQT #NVCT %CNKEQ %QJ 4+% 8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJGU 2TCEJVGZGORNCT

'KP $KPKQ GKP FQRRGNVGT #WTGWU OÒ­VG GKIGPVNKEJ UEJYGTGT UGKP FQEJ UEJQP WPVGT )QTFKCPWU +++ YCT FCU )GYKEJV UVCTM IGHCNNGP )CNNWU UEJGKPV GKPG 4GHQTO XQTIGPQOOGP \W JCDGP OKV GKPGO FWTEJUEJPKVVNKEJGP )G YKEJV FGU $KPKQ XQP WPF FGU #WTGWU XQP I 9KG FKG $GYGTVWPI KP #PVQPKPKCPGP YCT KUV WPMNCT +O 4+% YKTF XGTOWVGV FGT #WTGWU MÌPPVG OKV #PVQPKPKCPGP DGYGTVGV YQTFGP UGKP WPF FGT $KPKQ OKV #PVQPKPKCPGP &CU &QRRGNUVÒEM OKV 5VTCJNGPDKPFG OÒ­VG CDGT FGP FQRRGNVGP 9GTV IGJCDV JCDGP CNUQ #PVQPKPKCPG 'U KUV YCJTUEJGKPNKEJ UQ FC­ FCU )QNF DGK 6TCPUCMVKQPGP IGYQIGP YWTFG /GKUV FÒTHVGP FKG )QNFOÒP\GP CDGT CNU &QPCVKXC CNUQ )GNF IGUEJGPMG IGFKGPV JCDGP

74

2:1

2:1

)CNNKGPWU Ô #WTGWU 4QO 'OKUUKQP I -QRH T OKV .QTDGGTMTCP\ 5QN UVGJV X X OKV GTJQDGPGT 4GEJVGP WPF )NQDWU /+4 4+%

8QP ITQ­GT 5GNVGPJGKV 5EJGKPV WPGFKGTV 8QT\ÒINKEJGU 2TCEJVGZGORNCT

<WT <GKV FGT PGWPVGP 'OKUUKQP FGT /ÒP\UV·VVG 4QO YCT FKG +PHNCVKQP KP XQNNGO )CPIG FKG )QNFRT·IWPI IGTKGV XÌNNKI FWTEJGKPCPFGT &KG #WTGK UEJGKPGP UQICT KP OKPFGUVGPU \YGK HÒT XGTUEJKGFGPG 'ORH·PIGTMTGKUG DGUVKOOVGP 5VCP FCTFU IGRT·IV YQTFGP \W UGKP FCU IGTKPIG )GYKEJV WPUGTGU 5VÒEMGU KUV CNUQ PKEJV XGTYWPFGTNKEJ

75

75 1,5:1

7TCPKWU #PVQPKPWU Õ 6GVTCFTCEJOG 'OGUC I &TCRKGTVG $ÒUVG T OKV 5VTCJNGPDKPFG 6[EJG UVGJV N OKV 5VGWGTTWFGT WPF (ÒNNJQTP $CNFWU 0CEJVTCI 2N WPF 2TKGWT 8QP ITQ­GT 5GNVGPJGKV #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

+O ,CJTG YCT FGT TÌOKUEJG 1UVGP FGT UGKV 2JKNKRRWU MGKPGP -CKUGT OGJT IGUGJGP JCVVG $CTDCTGP WPF 5CUCPK FGP YGKVIGJGPF CWUIGNKGHGTV FGPP FKG DGUVGP TÌOKUEJGP 6TWRRGP YCTGP KP +VCNKGP FWTEJ FKG $ÒTIGTMTKGIG IGDWP FGP #NU 5EJCRWT + KO (TÒJLCJT UGKPG HCUV GKP ,CJT\GJPV CPFCWGTPFG 1HHGPUKXG IGIGP FKG TÌOKUEJGP 1UVRTQ XKP\GP UVCTVGVG FKG 2GTUGT /GUQRQVCOKGP WPF 5[TKGP ÒDGTUEJYGOOVGP WPF IGYCNVKIG $GWVG OCEJVGP MCO GU KP 'OGUC \WT #WUTWHWPI FGU #RJTQFKVGRTKGUVGTU 5CORUKIGTCOWU \WO -CKUGT 7TCPKWU #PVQPKPWU &KGUGT XGTVGKFKIVG UGKPG GPIGTG *GKOCV OKV 'THQNI XGTUEJYCPF CDGT DGKO 'KPVTGHHGP 8CNGTKCPU KO 1UVGP WPVGT WPIGMN·TVGP 7OUV·P FGP #NNG 2T·IWPIGP FGU 7TCPKWU #PVQPKPWU UKPF GZVTGO UGNVGP

32

76

2:1

2:1

6CEKVWU Ô #WTGWU #PVKQEJKC I +/2 % / %. 6#%+685 #8) &TCRKGTVG $ÒUVG T OKV .QTDGGTMTCP\ 41/#' #'6 '40#' 4QOC UKV\V N CWH 5EJKNF OKV 8KEVQTKC CWH )NQDWU WPF 5RGGT KO #DUEJPKVV 5% %CNKEQ 4+% 44 (CUV XQT\ÒINKEJ

.CWV <QUKOQU WPF <QPCTCU YWTFG 6CEKVWU PCEJ FGT 'TOQTFWPI FGU #WTGNKCPWU XQP FGP 6TWRRGP KO 0QXGODGT \WO -CKUGT RTQMNCOKGTV OÌINKEJGTYGKUG KO #NVGT XQP ,CJTGP 5*# 8KVC 6CEKVK 8++ 'T DGHCPF UKEJ \W FKGUGO <GKVRWPMV KP +PVGTCOPC WPF DGICD UKEJ XQP FQTV WPXGT\ÒINKEJ PCEJ 4QO YQ GT XQO 5GPCV DGUV·VKIV YWTFG 6CEKVWU UCJ UKEJ DCNF PCEJ UGKPGT 'TJGDWPI IG\YWPIGP DCTDCTKUEJG 5V·OOG W C FKG )QVJGP *GTWNGT WPF FKG UE[VJKUEJGP /CGQVKFCG \W DGM·ORHGP FKG GKIGPVNKEJ KO IGRNCPVGP 2CTVJGTMTKGI #WTGNKCPU CWH TÌOKUEJGT 5GKVG M·ORHGP UQNNVGP PCEJ FGUUGP 6QF CDGT KP -NGKPCUKGP GKPHKGNGP $CNF PCEJ UGKPGO 5KGI UVCTD 6CEKVWU

77

77 1,5:1

2TQDWU Ô #WTGWU .WIFWPWO I )GRCP\GTVG $ÒUVG T OKV .QTDGGTMTCP\ /CTU IGJV T OKV 5RGGT WPF 6TQRJ·G %CNKEQ %QJ 4+% '

4 /KP IGYGNNV CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

2TQDWU YWTFG UGJT YCJTUEJGKPNKEJ KP 5KTOKWO IGDQTGP 'T YWTFG PCEJ FGO 6QFG FGU 6CEKVWU XQP UGKPGP 6TWRRGP \WO -CKUGT RTQMNCOKGTV PCEJ GKPGT 5EJNCEJV DGK 6CTUQU KP FGT GT (NQTKCPWU FGP GDGPHCNNU \WO -CKUGT RTQMNCOKGTVGP $TWFGT FGU 6CEKVWU IGUEJNCIGP JCVVG YWTFG GT KO #WIWUV #NNGKPJGTTUEJGT 'T YCPFVG UKEJ \WP·EJUV PCEJ 9GUVGP UEJNWI FKG KPU 4GKEJUIGDKGV GKPIGHCNNGPGP )QVJGP .QPIKQPGP #NGOCPPGP (TCPMGP WPF $WTIWPFGT WPF QTICPKUKGTVG GKPGP U[UVGOCVKUEJGP #WUDCW FGU )TGP\XGTVGKFKIWPIUU[UVGOU CO 4JGKP #WH FGO 9GI \WTÒEM KP FGP 1UVGP UEJNWI GT FKG 8CPFCNGP KP I[RVGP DGUKGIVG GT FKG $NGOO[GT CPUEJNKG­GPF NKG­ GT FKG 5QNFCVGP 5ÒORHG VTQEMGPNGIGP WPF )GVTGKFGHGNFGT CPNGIGP +O ,CJT MGJTVG 2TQDWU PCEJ 4QO \WTÒEM WPF HGKGTVG OKV ITQ­GO 2QOR UGKPGP 6TKWORJ 'T XQNNGPFGVG CWEJ FGP $CW FGT PGWGP 5VCFVOCWGT 4QOU FGT WPVGT #WTGNKCP DGIQPPGP JCVVG XGTNKG­ 2TQDWU 4QO WO IGIGP FKG 5CUCPKFGP KPU (GNF \W \KGJGP FQEJ TGDGNNKGTVG %CTWU WPF PCEJ FGO #DHCNN FGT IGIGP FKGUGP IGUCPFVGP #TOGG YWTFG 2QDWU XQP FGP KJO XGTDNKGDGPGP 6TWRRGP GTOQTFGV

78

2:1

2:1

%CTWU Ô #WTGWU 6KEKPWO I )GRCP\GTVG $ÒUVG T OKV .QTDGGTMTCP\ /CTU IGJV T OKV 5RGGT WPF 6TQRJ·G %CNKEQ XGTIN 4+% XGTIN

44 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV HGKPGO 2T·IGINCP\

%CTWU FGT CWU 0CTDQ UVCOOVG WPVGTDTCEJ FKG 4GKJG FGT KNN[TKUEJGP -CKUGT 'T YCT CWH OKNKV·TKUEJGO )GDKGV CW­GTQTFGPVNKEJ GTHQNITGKEJ <WP·EJUV DGUKGIVG GT 3WCFGP WPF 5CTOCVGP YCU KJO FGP 6KVGN )GTOCPKEWU /CZKOWU GKPDTCEJVG &CPCEJ YCPFVG GT UKEJ KO 1UVGP IGIGP FKG 2GTUGT Y·JTGPF UGKP 5QJP %CTKPWU KO 9GUVGP DNKGD ªDGT #TOGPKGP FTCPI GT CWH UCUUCPKFKUEJGU 6GTTKVQTKWO XQT WPF PCJO UQICT FKG *CWRVUVCFV -VGUKRJQP GKP #WH FGO 9GKVGTOCTUEJ UVCTD GT RNÌV\NKEJ 'PFG ,WNK #PHCPI #WIWUV XGTOWVNKEJ GKPGU PCVÒTNKEJGP 6QFGU

33

1,5:1

79 1,5:1

&KQENGVKCPWU Õ #TIGPVGWU 5KUEKC I -QRH T OKV .QTDGGTMTCP\ 8KGT -CKUGT QRHGTP XQT /CWGTTKPI 4+% C 5VGORGNIN·P\GPFGU 2TCEJVGZGORNCT

&GT 4GXGTU \GKIV KP IGYKUUGT 9GKUG FCU XQP &KQENGVKCP PGW GKPIGHÒJTVG 5[UVGO FGT 6GVTCTEJKG &KGUGU 5[UVGO UQNNVG GKPUGTUGKVU FWTEJ FKG #WHVGKNWPI FGU 4GKEJGU WPVGT \YGK #WIWUVK WPF \YGK %CGUCTGU FGT )TÌ­G FGU +ORGTK WOU 4GEJPWPI VTCIGP CPFGTGTUGKVU CDGT CWEJ GKPG XGTN·­NKEJG 6JTQPHQNIGTGIGNWPI UEJCHHGP

1,5:1

80

1,5:1

/CZKOKCPWU + Õ #TIGPVGWU 6JGUUCNQPKEC 1HHK\KP I -QRH T OKV .QTDGGTMTCP\ .CIGTVQT 4+% 5GCT 4QOCP 5KNXGT %QKPU D 4 5VGORGNIN·P\GPFGU 2TCEJVGZGORNCT

.CWV /CTKC 4CFPQV[ #NHÌNF[ #PVKMG 0WOKUOCVKM 6GKN + 5 UVGJV FKG 4GXGTUCDDKNFWPI HÒT FGP JGTXQTTCIGP FGP #WUDCW FGU )TGP\XGTVGKFKIWPIUU[UVGOU YGNEJGU FKG 5KEJGTJGKV FGU 4GKEJGU ICTCPVKGTVG WPF FKG (GKPFG DQV O·­KI OCEJVG &CU QHHGPG 6QT \GKIV FC­ FKG (GUVWPIGP YKGFGT FKG 6QTG HÒT *CPFGN WPF 9CPFGN ÌHHPGP MQPPVGP

2:1

81

%QPUVCPVKPWU + Ô /GFCKNNQP \W 5QNKFK 0KEQOGFKC I %1056#06+ 085 /#: #8) &TCRKGTVG $ÒUVG T OKV 4QUGVVGPFKCFGO ).14+# 41 /#0148/ 4QOC UKV\V N OKV 8KEVQTKC CWH )NQDWU WPF <GRVGT FCJKPVGT 5EJKNF &GRG[TQV 5 &TGUUGN )PGEEJK /CWTKEG KP 0% 4+%

8QP ITQ­GT 5GNVGPJGKV WPF DGUQPFGTGT PWOKUOCVKUEJGT $GFGWVWPI 8QT\ÒINKEJGU 'ZGORNCT

&GT #PNC­ HÒT FKG 2T·IWPI FGU /GFCKNNQPU YCT FCU L·JTKIG 4GIKGTWPIULWDKN·WO FGU -CKUGTU &KGUGU ,WDKN·WO YCT \WGTUV Y·JTGPF FGU DGTÒJOVGP -QP\KNU XQP 0KECGC CO ,WNK IGHGKGTV YQTFGP 0QEJ Y·JTGPF FGT DGKFGP OQPCVGNCPIGP 6CIWPIGP FGU -QP\KNU WPVGTDTCEJ FGT -CKUGT UGKPGP #WHGPVJCNV KP 0KECGC WPF DGIKPI UGKPG 8KEGPPCNKGP KP 4QO PQEJ GKPOCN OKV ITQ­GT 2TCEJV &KG 2T·IWPI FGT /GFCKNNQPU CWH FKGUGU 'TGKIPKU FCWGTVG HTGKNKEJ PQEJ DKU KPU ,CJT CP

34

82

2:1

2:1

Ô /GFCKNNQP 6JGUUCNQPKEC I %1056#06+ 085 /#: #8) -QRH T OKV 4QUGVVGPFKC FGO +P -TCP\ 816+5 ::: %CNKEQ 4+%

8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJGU 2TCEJVGZGORNCT

&CU )GYKEJV FGU 5VÒEMGU DGVT·IV GVYC FGU TÌOKUEJGP 2HWPFGU FCJGT YKTF GU KO 4+% CNU #WTGWU DG\GKEJPGV &CU /GFCKNNQP HGKGTV FKG 6TKEGPPCNKC %QPUVCPVKPU CNUQ FCU FTGK­KIL·JTKIG ,WDKN·WO UGKPGT #MMNCOCVKQP \WO -CKUGT +O \WO *KOOGN IGTKEJVGVGP $NKEM %QPUVCPVKPU MQOOV PKEJV GVYC (TÌOOGNGK FGU -CKUGTU UQPFGTP XKGN OGJT UGKP GKIGPGU KP FGP #WIGP UGKPGT <GKVIGPQUUGP ÒDGTKTFKUEJGU 9GUGP \WO #WUFTWEM

83

1,5:1

1,5:1

/CIPGPVKWU Õ /KNKCTGPUG UEJYGT ! 6TGXGTK I &TCRKGTVG $ÒUVG T #GSWKVCU UVGJV N OKV 9CCIG WPF (ÒNNJQTP $CUVKGP XGTIN 4+% XGTIN

9CJTUEJGKPNKEJ 7PKMWO -N -TCV\GT CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

&KG #GSWKVCU CWH FGO 4GXGTU FKGUGT ·W­GTUV UGNVGPGP /KNKCTGPUG CWU FGT /ÒP\UV·VVG 6TKGT FÒTHVG XQP FGP <GKVIG PQUUGP FGU /CIPGPVKWU GVYCU MTKVKUEJ DGWTVGKNV YQTFGP UGKP /CIPGPVKWU YWTFG CO ,CPWCT KP #WIWUVQ FWPWO \WO -CKUGT RTQMNCOKGTV 5GKPG 2QNKVKM YCT TGKP QRRQTVWPKUVKUEJ 'T DKGFGTVG UKEJ XGTUEJKGFGPGP )TWRRGP FGT $GXÌNMGTWPI CP OCN FGP %JTKUVGP OCN FGP #PJ·PIGTP FGT CNVGP 4GNKIKQP OCN YKGFGTWO CPFGTGP )TWRRGP +P ,WNKCPU %CGUCTGP # UEJKEMGP FKG )ÌVVGT KJP HQTV FC MGKPG UGKPGT 6CVGP CWH OQTCNKUEJGP )TWPFU·V\GP DGTWJVG &KG #GSWKVCU CWH FGT 4ÒEMUGKVG JCDGP CNUQ CWEJ FKG 4ÌOGT LGPGT <GKV YQJN PKEJV CNU #WUFTWEM GKPGT WO #WUINGKEJ DGOÒJVGP 2QNKVKM DGVTCEJVGV UQPFGTP CNU <GKEJGP FGU 1RRQTVWPKUOWU FGU /CIPGPVKWU

84

)TCVKCPWU Ô 5QNKFWU /GFKQNCPWO I &TCRKGTVG $ÒUVG T OKV 2GTNFKCFGO <YGK PKO DKGTVG -CKUGT UKV\GP X X OKV )NQDWU FCJKPVGT 8KEVQTKC 4+% XGTIN F CDGT /\\ /&1$ WPF PKEJV %1/ 4 5GJT UEJÌP

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

&GT 0KODWU YKTF UGKV FGT FKQMNGVKCPKUEJGP <GKV HÒT -CKUGTFCTUVGNNWPIGP XGTYGPFGV WPF JCV \WP·EJUV PKEJVU OKV EJTKUVNKEJGP )GFCPMGPI·PIGP \W VWP 5GKV %QPUVCPVKP VTKVV GT CNU GTJÌJGPFGU <GKEJGP FGT *GTTUEJGTYÒTFG CP FKG 5VGNNG FGT 5VTCJNGPMTQPG FKG GKP 5[ODQN FGT 8GTIÌVVNKEJWPI YCT &GT EJTKUVNKEJG 0KODWU JCVVG WTURTÒPINKEJ IGPCW FGP 5KPP FGT 0KODGP CWH WPUGTGO 5QNKFWU GT MGPP\GKEJPGVG %JTKUVWU CNU *GTTUEJGT GTUV UR·VGT YCPFGNVG GT UKEJ \W GKPGO 5[ODQN FGT *GKNKIMGKV

35

85 1,5:1

1,5:1

.KDKWU 5GXGTWU Ô 5QNKFWU 4CXGPPC I &TCRKGTVG $ÒUVG T OKV 4QUGVVGPFKCFGO -CKUGT UVGJV X X OKV -TGW\ WPF 8KEVQTKC CWH )NQDWU (W­ CWH OGPUEJGPMÌRHKIGT 5EJNCPIG 4+%

44 /KP IGYGNNV UGJT UEJÌPGU 'ZGORNCT

.KDKWU 5GXGTWU GKP .WMCPKGT YWTFG XQP 4KEKOGT CO 0QXGODGT \WO #WIWUVWU GTJQDGP &KG /CEJV DNKGD HTGKNKEJ KP 4KEKOGTU *·PFGP WPF PCEJ ,CJTGP DGFGWVWPINQUGT 4GIKGTWPI UVCTD .KDKWU 5GXGTWU FGT PKG FWTEJ .GQ CPGTMCPPV YQTFGP YCT GPVYGFGT GKPGU PCVÒTNKEJGP 6QFGU QFGT FWTEJ )KHV

'+0' 156)16+5%*' )1.&24 )70) #75 &'4 <'+6 &'4 8¤.-'49#0&'470)

86 1,5:1

1,5:1

#VJCNCTKEJ Ô 5QNKFWU KO 0COGP FGU +WUVKPWU + 4CXGPPC I )GRCP\GTVG $ÒUVG HCUV X X OKV *GNO 5RGGT WPF 5EJKNF 8KEVQTKC UVGJV N OKV .CPIMTGW\ N CEJVUVTCJNKIGT 5VGTP -TCWU 6JGQFGTKEJ *CJP /+$ /GVVNKEJ 44 (CUV XQT\ÒINKEJ

#VJCNCTKEJ HQNIVG KO #NVGT XQP \GJP ,CJTGP UGKPGO )TQ­XCVGT 6JGQFGTKEJ CNU -ÌPKI PCEJ (ÒT FGP /KPFGTL·J TKIGP HÒJTVG HTGKNKEJ UGKPG /WVVGT #OCNCUWPVJC FKG 4GIKGTWPI

'+0' )1.&/ª0<' #75 $;<#0<

87 1,5:1

1,5:1

2JKNKRRKEWU Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I )GMTÌPVG $ÒUVG X X KO .QTQU OKV -TGW\INQDWU WPF #FNGT\GRVGT -TGW\ CWH FTGK 5VWHGP &1% I 5GCT

4 8QT\ÒINKEJGU 2TCEJVGZGORNCT 2JKNKRRKEWU YWTFG GKPKIG /QPCVG XQT FGT 'TOQTFWPI FGU +WUVKPKCPWU ++ KP %JGTUQPGUUQU \WO -CKUGT CWUIGTWHGP 'T YCT GKP #PJ·PIGT FGU /QPQVGNGVKUOWU GKPGT EJTKUVQNQIKUEJGP .GJTG PCEJ FGT %JTKUVWU \YGK 0CVWTGP CDGT PWT GKPGP 9KNNGP JCV &KG 2TQRCIKGTWPI FKGUGT .GJTG FKG CWH FGO -QP\KN XQP %QPUVCPVKPQRQNKU CNU *·TGUKG XGTWTVGKNV YQTFGP YCT DGUEJYQT PGWGP TGNKIKÌUGP 7PHTKGFGP JGTCWH 2CRUV %QPUVCPVKP YGKIGTVG UKEJ FGP PGWGP -CKUGT CP\WGTMGPPGP #O ,WPK YWTFG 2JKNKRRKEWU CDIGUGV\V IGDNGPFGV WPF KPU 'ZKN IGUEJKEMV #O ,CPWCT UVCTD FGT 'ZMCKUGT UGKP )TCD HKPFGV UKEJ KO -NQUVGT &CNOCVQK

36

'7412 +5%*' )1.&/ª0<'0 70& )1.&/'&#+..'0

88

2:1

2:1

$#.6+-7/

.+6#7'0

,QJCPP %CUKOKT XQP 2QNGP &WMCV I -QRH T OKV .QTDGGTMTCP\ 4GKVGT N OKV GTJQDGPGO 5EJYGTV FCTWPVGT *-2. *KGTQPKO -KTU\GPUVGKP 2QFUMCTDK .KVGYUMK 5EJCV\OGKUVGT KP .KVCWGP (D )WO 44 2TCEJVGZGORNCT /KP IGYGNNV HCUV 5VGORGNINCP\

90

89

$4#$#06

$'.)+'0

2JKNKRR +8 XQP 5RCPKGP 5QWXGTCKP F QT #PVYGTRGP I &GNO 4 (D 5GJT UEJÌPpXQT\ÒINKEJ

(.#0&'40

.WFYKI XQP /CNG (TCPE ¯ RKGF Q , I &GT )TCH OKV -TQPG *GTOGNKPOCPVGN WPF 5EJYGTV UVGJV X X KP IQVKUEJGT 'KPHCUUWPI FKG .KPMG CWH FGP .ÌYGPUEJKNF IGNGIV 8KGTRC­ FCTKP $NWOGPMTGW\ KP FGP 9KPMGNP F L A D &GNO 4 (D

4 9KP\ 4CPFHGJNGT XQT\ÒINKEJ

91

91 1,5:1

#NDGTV WPF +UCDGNNC XQP 5RCPKGP 5QWXGTCKP F QT $TÒIIG I #NDGTV WPF +UCDGNNC OKV 5EJYGTV D\Y <GRVGT VJTQPGP PGDGPGKPCPFGT X X )GMTÌPVGU 9CRRGP WOJGT 1TFGPU MGVVG &GNO 4 (D 8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJGU 'ZGORNCT

37

92

1,5:1

1,5:1

.ª66+%*

/CZKOKNKCP *GKPTKEJ XQP $C[GTP &WMCV .ÒVVKEJ I )GMTÌPVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF FCJKPVGT -TWOOUVCD WPF 5EJYGTV IGMTGW\V 8GT\KGTVG 6CHGN FCTKP XKGT <GKNGP 5EJTKHV &GNO (D 8QP ITQ­GT 5GNVGPJGKV /KP IGYGNNVGU XQT\ÒINKEJGU 'ZGORNCT

93

6*14'0

/CTICTGVJC XQP $TGFGTQFG #PIGNQV Q , I 5GIGNUEJKHH OKV FGO XKGTHGNFKIGP 5VKHVU WPF (COKNKGPYCRRGP &GT JGKNKIG /KEJCGN VÌVGV FGP &TCEJGP &GNO (D H FQTV WPVGT 0KGFGTNCPFG 44 /KPKOCN IGYGNNV UGJT UEJÌPpXQT\ÒINKEJ

2:1

94

-¤0+)4'+%* $'.)+'0

38

.GQRQNF + (TCPEU $TÒUUGN I (GKPIQNF .'121.& 24'/+'4 41+ &'5 $'.)'5 -QRH T OKV .QTDGGTMTCP\ (4#0%5 » KP 'KEJGPMTCP\ /KV 4CPFITCXWT &+'7 2416') .# $'.)+37' (D /QTKP 5 5EJN

8QP ITQ­GT 5GNVGPJGKV 0WT EC 'ZGORNCTG IGRT·IV 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT )QNFVÌPWPI

95

& 0'/#4-

-¤0+)4'+%*

%JTKUVKCP 8+++ %JTKUVKCP F QT #NVQPC I (GKPIQNF -QRH T )GMTÌPVGU 9CRRGP XQP \YGK /·PPGTP IGJCNVGP CWH IGMTÌPVGO 9CRRGPOCPVGN (D *GFG $ 5EJN 8QT\ÒINKEJ

96

96 1,5:1

%JTKUVKCP +: %JTKUVKCP F QT -QRGPJCIGP I (GKPIQNF -QRH T )GMTÌPVGU 9CRRGP XQP \YGK /·PPGTP IGJCNVGP CWH IGMTÌPVGO 9CRRGPOCPVGN (D *GFG $ 5EJN 8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJ

97

-¤0+)4'+%*

98

(4#0-4'+%*

%JCTNGU +8 4Q[CN F QT Q , I &GT -ÌPKI UVGJV X X OKV -TQPG WPF <GRVGT WPVGT IQVKUEJGO $CNFCEJKP $NWOGPMTGW\ KP 8KGTRC­ KP FGP ·W­GTGP 9KPMGNP -TQPGP &WRNGUU[ (D 5GJT UEJÌP

2JKNKRRG 8+ 'EW F QT ¯ NC EJCKUG Q , 'OKUUKQP I 5KV\GPFGT *GTTUEJGT OKV 5EJYGTV WPF 9CRRGPUEJKNF CWH IQVKUEJGO 6JTQP $NWOGPMTGW\ KP 8KGTRC­ KP FGP 9KPMGNP LG GKP &TGKDNCVV &WRNGUU[ NGKEJV XCT (D 8QT\ÒINKEJ

99

.KQP F QT Q , I 5KV\GPFGT *GTTUEJGT OKV GKPGO NCPIGP WPF GKPGO MWT\GP <GRVGT X X CWH IQVKUEJGO 6JTQP \W UGKPGP (Ò­GP .ÌYG N $NWOGPMTGW\ KP 8KGTRC­ KP FGP 9KPMGNP LG GKPG -TQPG &WRNGUU[ (D 44 5GJT UEJÌPpXQT\ÒINKEJ

39

100

100 1,5:1

2CXKNNQP F QT Q , I *GTTUEJGT VJTQPV X X OKV .KNKGP\GRVGT WPVGT $CNFCEJKP FGT OKV .KNKGP XGT\KGTV KUV $NWOGPMTGW\ KP 8KGTRC­ KP FGP 9KPMGNP LG GKPG -TQPG &WRNGUU[ (D 4 /KP IGYGNNV YKP\ 5EJTÌVNKPIUTK­ HCUV XQT\ÒINKEJ

101

101 1,5:1

,GCP NG $QP /QWVQP F QT Q , I 1UVGTNCOO N FGP -QRH \WTÒEMIGYCPFV FCJKPVGT -TGW\HCJPG WPVGP \W FGP 5GKVGP IOh ReX $NWOGPMTGW\ KP XGT\KGTVGO 8KGTRC­ KP FGP 9KP MGNP FGU -TGW\GU WPF FGU 8KGTRCUUGU LG GKPG .KNKG &WRNGUU[ (D (CUV XQT\ÒINKEJ

102

103

104

%JCTNGU 8+ #IPGN F QT Q , 'OKUUKQP 4QOCPU I &WRNGUU[ # (D

4 (CUV XQT\ÒINKEJ

*GPTK 8+ F #PINGVGTTG 5CNWV F QT Q , 'OKUUKQP #WZGTTG I &WRNGUU[ # (D (CUV XQT\ÒINKEJ

5CNWV F QT Q , 'OKUUKQP 2CTKU I &WRNGUU[ # (D

40

(CUV XQT\ÒINKEJ

105

105 1,5:1

%JCTNGU 8++ 4Q[CN F QT Q , 'OKUUKQP 1TN¾CPU I -ÌPKI UVGJV X X OKV GKPGO <GRVGT KP LGFGT *CPF CWH UGKPGO 7OJCPI WPF KO *KPVGTITWPF .KNKGP $NWOGPMTGW\ KP 8KGT RC­ KP FGP 9KPMGNP FGU 8KGTRCUUGU LG GKPG -TQPG &WRNGUU[ (D 8QT\ÒINKEJ

107

106

106

4Q[CN F QT Q , 'OKUUKQP WPDGUVKOOVG /ÒP\UV·VVG I -ÌPKI UVGJV X X OKV GKPGO <GRVGT KP LGFGT *CPF CWH UGKPGO 7OJCPI WPF KO *KPVGTITWPF .KNKGP $NWOGPMTGW\ KP 8KGTRC­ KP FGP 9KPMGNP FGU 8KGTRCUUGU LG GKPG -TQPG &WRNGUU[ (D

#VVTCMVKXGU 'ZGORNCT UGJT UEJÌPpXQT\ÒINKEJ

%JCTNGU 8+++ 'EW F QT CW UQNGKN Q , 4GPPGU I )GMTÌPVGU 9CRRGP \YK UEJGP \YGK IGMTÌPVGP *GTOGNKPURKV\GP ÒDGT FGO 9CRRGP 5QPPG -TGW\ OKV .KNKGP CP FGP 'PFGP KP LGFGO 9KPMGNP GKPG IGMTÌPVG *GTOGNKPURKV\G &WRNGUU[ (D 44 5GJT UEJÌP

108

109

110

.QWKU :++ 'EW F QT CW RQTE ¾RKE Q , .[QP I &WRNGUU[ (D

8QT\ÒINKEJ

(TCP¼QKU + 'EW F QT CW UQNGKN Q , 6[R & .[QP I &WRNGUU[ (D

5GJT UEJÌP

'EW F QT ¯ NC ETQKUGVVG Q , 6[R & .[QP I &WRNGUU[ (D

(CUV XQT\ÒINKEJ

41

112

111

*GPTK +++ 'EW F QT CW UQNGKN # 2CTKU I &WRNGUU[ (D

(CUV XQT\ÒINKEJ

.QWKU :+++ .QWKU F QT # 2CTKU I -QRH T OKV .QTDGGTMTCP\ )GMTÌPVGU &QRRGNOQPQITCOO KPU -TGW\ IGUVGNNV KP FGP 9KPMGNP LG GKPG .KNKG &WRNGUU[ (D

8QT\ÒINKEJ

113

114

.QWKU F QT # 2CTKU I &WRNGUU[ (D

.QWKU :+8 .QWKU F QT ¯ NC O½EJG NQPIWG # 2CTKU I &WRNGUU[ (D 5GJT UEJÌP

115

5GJT UEJÌPpXQT\ÒINKEJ

116

.QWKU F QT ¯ NC V¿VG PWG # 2CTKU I &WRNGUU[ (D .QWKU F QT ¯ NC V¿VG PWG # 2CTKU I &WRNGUU[ (D

117

(CUV XQT\ÒINKEJ (CUV XQT\ÒINKEJ

118

.QWKU F QT ¯ NC V¿VG PWG # 2CTKU I &WRNGUU[ (D

4 8QT\ÒINKEJGU 'ZGORNCT

.QWKU F QT ¯ NC RGTTWSWG GV CWZ JWKV . # 2CTKU I &WRNGUU[ # (D

4 5GJT CVVTCMVKXGU 'ZGORNCT YKP\ -TCV\GT XQT\ÒINKEJp5VGORGNINCP\

119

119 1,5:1

42

.QWKU :8 .QWKU F QT FG 0QCKNNGU # 2CTKU I )GMTÌPVG $ÒUVG N OKV NCPIGP YGNNKIGP *CCTGP 8KGT IGMTÌPVG 9CRRGP KPU -TGW\ IGUVGNNV FC\YKUEJGP LG GKPG .KNKG &WRNGUU[ (D FQTV KTTVÒONKEJ .QWKU F QT 2TCEJVGZGORNCT 5VGORGNINCP\

120

120 1,5:1

.QWKU F QT FG 0QCKNNGU # 2CTKU I )GMTÌPVG $ÒUVG N OKV NCPIGP IGYGNNVGP *CCTGP 8KGT IGMTÌPVG 9CRRGP KPU -TGW\ IGUVGNNV FC\YKUEJGP LG GKPG .KNKG &WRNGUU[ (D FQTV KTTVÒONKEJ CNU .QWKU F QT DG\GKEJPGV 2TCEJVGZGORNCT 5VGORGNINCP\

121

122

.QWKU F QT OKTNKVQP / 6QWNQWUG I &WRNGUU[ (D

8QT\ÒINKEJp5VGORGNINCP\

.QWKU F QT CWZ NWPGVVGU & .[QP I &WRNGUU[ (D

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT 5VGORGNINCP\

124

123

123

.QWKU F QT CW DCPFGCW /ÒP\\GKEJGP #KZ I &WRNGUU[ (D

8QT\ÒINKEJ

&QWDNG NQWKU F QT CW DCPFGCW $$ 5VTC­DWTI I &WRNGUU[ (D

5GJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

125

126

.QWKU F QT ¯ NC XKGKNNG V¿VG # 2CTKU I $ÒUVG N OKV .QTDGGTMTCP\ <YGK QXCNG 9CRRGP UEJKNFG FCTÒDGT -TQPG &WRNGUU[ (D .GKEJVGT (WPFDGNCI XQT\ÒINKEJ

.QWKU :8+ .QWKU F QT CWZ NWPGVVGU 9 .KNNG I $TWUVDKNF N -TQPG ÒDGT \YGK QXCNGP 9CRRGP &WRNGUU[ (D

4 /KP 5EJTÌVNKPIUp WPF 4CPFHGJNGT 4ÒEMUGKVG LWUVKGTV HCUV XQT\ÒINKEJ

127

&QWDNG NQWKU F QT CWZ NWPGVVGU + .KOQIGU I )GJCTPKUEJVGU $TWUVDKNF N <YGK CPGKPCP FGTIGNGJPVG QXCNG 9CRRGP FCTÒDGT -TQPG &WRNGUU[ (D

9KP\ 5EJTÌVNKPIUHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

43

129

128

&QWDNG NQWKU F QT ¯ NC V¿VG PWG 6 0CPVGU I &WRNGUU[ (D

5GNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

.QWKU F QT ¯ NC V¿VG PWG 6 0CPVGU I &WRNGUU[ (D

5GNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

130

131

132

0CRQN¾QP + (TCPEU %. )GPWC +VCNKGP I (GKPIQNF (D /C \CTF C 5EJN 44 9KP\ 4CPFHGJNGT UGJT UEJÌP

4GRWDNKM (TCPEU # 2CTKU I (GKPIQNF )GHNÒIGNVGT )GPKWU UEJTGKDV FKG 8GTHCUUWPI CWH GKPG 6CHGN N .KMVQTGPDÒPFGN T FGT ICNNKUEJG *CJP 9GTV KP 'KEJGPMTCP\ (D /C\CTF 5EJN 44 0WT 'ZGORNCTG IGRT·IV 9KP\ -TCV\GT XQT\ÒINKEJ

(TCPEU # 2CTKU I (GKPIQNF )GHNÒIGNVGT )GPKWU UEJTGKDV FKG 8GTHCUUWPI CWH GKPG 6CHGN N .KMVQTGPDÒPFGN T FGT ICNNKUEJG *CJP 9GTV KP 'KEJGPMTCP\ (D /C\CTF 5EJN

44 0WT 'ZGORNCTG IGRT·IV 8QP RQNKGTVGP 5VGORGNP XQT\ÒINKEJ

133

133 1,5:1

$'5#0 10

(4#0-4'+%* ('1&#.'5

5VCFV 2KUVQNGP OKV 6KVGN -CTNU 8 I -QRH T OKV .QTDGGTMTCP\ 0KODKGTVGT &QRRGNCF NGT OKV 9CRRGP CWH FGT $TWUV %CTXCNJQ %NCKTCPF -KPF / (D 2QG[ F #XCPV

8QP ITQ­GT 5GNVGPJGKV 5GJT UEJÌPpXQT\ÒINKEJ

2QG[ F #XCPV WPF FKGUGO HQNIGPF (TKGFDGTI JCDGP FCU XQTNKGIGPFG 5VÒEM KTTVÒONKEJ CNU 2KUVQNGP DG\GKEJPGV

+O ,CJTG JCV GKP #DIGUCPFVGT XQP $GUCP¼QP FGT FCOCNKIGP 4GKEJUUVCFV $KUCP\ FCU /ÒP\TGEJV XQP -CTN 8 GTYQTDGP FGUJCND GTUEJGKPV CWH CNNGP /ÒP\GP FGT 5VCFV FGT 6KVGN WPF OGKUVGPU CWEJ FCU $KNF -CTNU 8

44

134

1,5:1

1,5:1

564#55$74) $+567/

(4#0-4'+%* '.5#55

.WFYKI %QPUVCPVKP XQP 4QJCP 'EW F QT 1DGTMKTEJ I .7& Û %1056 Û & Ú ) Ú '275 Û '6 225 Û #4)'06 Û .#0 Û #. Û $TWUVDKNF T OKV 1TFGPUUVGTP FCTWPVGT *WPF WPF FKG +PKVKCNGP , Û ) Û ,GCP )COQV )'0'4' 5'&' 8+4676' %1475%75 f 4CWVG WPF *GTOG NKPUEJY·P\EJGP /KV FGO (ÒTUVGPJWV DGNGIVGU 9CRRGP CWH *GTOGNKPOCPVGN FCTÒDGT -CTFKPCNUJWV 'PIGN .GJT (D 44 8QT\ÒINKEJGU 'ZGORNCT

135

1,5:1

*'4<1)67/

1,5:1

(4#0-4'+%* .16*4+0)'0

4GP¾ ++ XQP 8CWFGOQPV #PLQW (NQTKP F QT CW 5CKPV 0KEQNCU Q , 0CPE[ I p RenATVS ¢ D ¢ GR ¢ SICILIe ¢ eT ¢ LOTh ¢ G URKGIGNXGTMGJTV 8KGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF TVA ¢ IV VeT ¢ G R 5V 0KMQNCWU UVGJV X X OKV -TWOOUVCD FKG 4GEJVG UGIPGPF GTJQDGP N WPVGP GKP (C­ OKV FTGK -KPFGTP (D FG 5CWNE[ 2N :++

8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJ

/KV 4GP¾ ++ IGNCPIVGP FKG )TCHGP XQP 8CWFGOQPV CP FKG 4GIKGTWPI FGTGP 5VCOOUKV\ UÒFNKEJ XQP 0CPE[ NCI &GT *GT\QI XGTGKPKIVG FKG *GT\QIVÒOGT .QVJTKPIGP $CT WPF FKG )TCHUEJCHV 8CWFGOQPV \W GKPGO )TQ­VGTTKVQTKWO WPF MQPPVG FKGUGU OKV 7PVGTUVÒV\WPI FGT 'KFIGPQUUGP WPF GKPKIGT GNU·UUKUEJGT 4GKEJUUV·PFG IGIGP FGP DWTIWPFKUEJGP *GT\QI -CTN FGP -ÒJPGP DGJCWRVGP &KG 'PVUEJGKFWPI HKGN KP FGT 5EJNCEJV XQP 0CPE[ CO ,CPWCT YGNEJG FKG $WTIWPFGTMTKGIG DGGPFGVG WPF KP FGT -CTN FGT -ÒJPG HKGN 4GP¾ ++ WPF UGKP 5QJP #PVQP XGTITÌ ­GTVGP FCU *GT\QIVWO CWH -QUVGP FGT $KUVÒOGT /GV\ 6QWN WPF 8GTFWP

136

8'4&70 $+567/

-CTN +++ XQP .QVJTKPIGP %JCNKIP[ (NQTKP F QT 8GTFWP I $TWUVDKNF T OKV WOIGNGIVGO /CPVGN )GMTÌPVGU 9CRRGP (D \W FQTV XQP 5NI 4QDGTV

44 5GJT UEJÌP

45

137

1,5:1

1,5:1

)4+'%*'0.#0&

)GQTI + &TCEJOGP # 2CTKU I ╬У╬ХтДж╬б╬У╬Щ╬Я╬г ╬С+ ╬Т╬С╬г╬Щ╬Ы╬Х╬е╬г ╬дтДж╬Э ╬Х╬Ы╬Ы╬Ч╬ЭтДж╬Э -QRH T FCTWPVGT $#22' ,CJTGU\CJN WPF /├ТP\\GKEJGP ╬Т╬С╬г╬Щ╬Ы╬Х╬Щ╬Я╬Э ╬д╬Ч╬г ╬Х╬Ы╬Ы╬СтИЖ╬Я╬г 9CRRGP CWH IGMT├МPVGO 9CRRGPOCPVGN WPVGP тИЖ╬б╬С:╬Ь╬С╬Щ &KXQ (D 5EJN

44 0WT 'ZGORNCTG IGRT┬╖IV 8QT\├ТINKEJ

138 2:1

2:1

&TCEJOGP 2CTKU I &KXQ (D 5EJN

5GNVGP KP FKGUGT 'TJCNVWPI 8QT\├ТINKEJp5VGORGNINCP\

139

'0).#0&

)4155$4+6#00+'0

'FYCTF +++ 0QDNG Q , .QPFQP I &GT -├МPKI OKV 5EJYGTV WPF 5EJKNF UVGJV X X KP 5EJKHH -TGW\ OKV IGMT├МPVGP .├МYGP KP FGP 9KPMGNP KO <GPVTWO e (D 5GCD[

4 5GJT UEJ├МPpXQT\├ТINKEJ

140

46

0QDNG Q , .QPFQP I &GT -├МPKI OKV 5EJYGTV WPF 5EJKNF UVGJV X X KP 5EJKHH -TGW\ OKV IGMT├МPVGP .├МYGP KP FGP 9KPMGNP KO <GPVTWO e (D 5GCD[

4 #VVTCMVKXGU UGJT UEJ├МPGU 'ZGORNCT

141

141 1,5:1

*GPT[ +8 0QDNG Q , %CNCKU I -ÌPKI OKV -TQPG 5EJYGTV WPF XKGT HGNFKIGO 5EJKNF UVGJV X X KP 5EJKHH 8GT\KGTVGU -TGW\ KP FGP 9KPMGNP LG GKP .ÌYG FCTÒDGT LG GKPG -TQPG WOJGT #EJVRC­ (D 5GCD[

8QP CNNGTITÌ­VGT 5GNVGPJGKV )WV CWUIGRT·IVGU UGJT UEJÌPGU 'ZGORNCT

142

'NK\CDGVJ + 2QWPF Q , .QPFQP /ÒP\\GKEJGP 9KGFGTMTGW\ I )GMTÌPVGU $TWUVDKNF N )GMTÌPVGU XKGTHGNFKIGU 9CRRGP \YKUEJGP ' 4 (D 5GCD[

44 9KP\ 2T·IGUEJY·EJG XQT\ÒINKEJ

143

143

1,5:1

5QXGTGKIP Q , 'OKUUKQP .QPFQP /ÒP\\GKEJGP /WUEJGN I '.+<#$'6* Û & • ) • #0) • (4# • '6 Û *+$ • 4')+0# Û /ÒP\\GKEJGP Û 'NK\CDGVJ UKV\V X X CWH 6JTQP OKV <GRVGT WPF 4GKEJUCRHGN # Û &01 (#%68 • '56 Û +568& • '6 Û '56 Û /+4#$ • +0 Û 1%8.+5 Û 045 /ÒP\\GKEJGP 8KGTHGNFKIGU 9CRRGP CWH 4QUG (D 5GCD[

8QP ITQ­GT 5GNVGPJGKV 5GJT UEJÌP

'U ÒDGTTCUEJV FC­ KP 'PINCPF \WT <GKV FGT 4GPCKUUCPEG PQEJ GKP UR·VIQVKUEJGU /ÒP\DKNF GTUEJGKPV -ÌPKIKP 'NKUCDGVJ KUV KP #PNGJPWPI CP /CTKGPFCTUVGNNWPIGP FGU /KVVGNCNVGTU CWH FGT 8QTFGTUGKVG XQP XQTP VJTQPGPF CDIG DKNFGV &GT *KPVGTITWPF KUV OKV GKPGO )KVVGTOWUVGT IGHÒNNV FGO JQTTQT XCEWK #DUEJGW XQT GKPGO NGGTGP 4CWO GPVURTGEJGPF

47

144

2QWPF Q , .QPFQP /ร P\\GKEJGP 9QNNDCNNGP I /ร P\\GKEJGP '.+<#$'6* u & โ ข ) โ ข #0) โ ข (4# โ ข '6 u *+$ โ ข 4')+0# u )GMTร PVGU $TWUVDKNF N /ร P\\GKEJGP 5%868/ u (+&'+ u 2416')'6 u '#/ u )GMTร PVGU XKGTHGNFKIGU 9CRRGP \YKUEJGP ' 4 (D 5GCD[

44 5GJT UEJร PpXQT\ร INKEJ

145

146

147

8'4'+0+)6'5 -ยค0+)4'+%*

,COGU + 7PKVG Q , .QPFQP /ร P\\GKEJGP 6TCWDGP I (D 5GCD[

#VVTCMVKXGU UGJT UEJร PGU 'ZGORNCT

.CWTGN 7PKVG QFGT 5JKNNKPIU Q , .QPFQP /ร P\\GKEJGP &TGKDNCVV 4QUG I (D 5GCD[ $ 5GJT UEJร P

%JCTNGU + 7PKVG 5JKNNKPIU Q , .QPFQP /ร P\\GKEJGP #PMGT I )GMTร PVGU $TWUVDKNF N T KO (GNF 9GTV\CJN :: )GMTร PVGU XKGTHGNFKIGU 9CRRGP (D 5GCD[

4 #VVTCMVKXGU 'ZGORNCT UGJT UEJร P

148

%JCTNGU ++ )WKPGCU .QPFQP I %#41.85 ล ++ ล &'+ ล )4#6+# $ร UVG T OKV .QTDGGTMTCP\ FCTWPVGT /ร P\\GKEJGP 'NGHCPV /#) ล $4 ล (4# ล '6 ล *+$ ล 4': ล ล 8KGT IGMTร PVG 9CRRGP KPU -TGW\ IGUVGNNV KP FGP 9KPMGNP LG GKP <GRVGT /KV 4CPFUEJTKHV &'%85 ล '6 ล 686#/'0 ล #001 ล 4')0+ ล 8+%'5+/1 ล ยน ล (D 5GCD[ 5GJT UEJร P

&GT 'NGHCPV WPVGT FGO 2QTVTยทV KUV GKP *KPYGKU CWH FKG *GTMWPHV FGU /ร P\IQNFGU FCU FWTEJ FKG $TKVKUJ #HTKECP %QORCP[ KORQTVKGTV YWTFG

48

149

)WKPGCU .QPFQP I %#41.85 ล ++ ล &'+ ล )4#6+# $ร UVG T OKV .QTDGGTMTCP\ /#) ล $4 ล (4# ล '6 ล *+$ ล 4': ล ล 8KGT IGMTร PVG 9CRRGP KPU -TGW\ IGUVGNNV KP FGP 9KPMGNP LG GKP <GRVGT /KV 4CPFUEJTKHV &'%85 ล '6 ล 686#/'0 ล #001 ล 4')0+ ล 8+%'5+/1 ล 38+061 ล ล (D 5GCD[ /KP 4CPFHGJNGT UGJT UEJร P

1,5:1 150

,COGU ++ )WKPGCU .QPFQP I +#%1$85 ร ++ ร &'+ ร )4#6+# $ร UVG N OKV .QTDGGTMTCP\ FCTWPVGT 'NGHCPV WPF $WTIVQT /#) ร $4 ร (4# ร '6 ร *+$ 4': ร ร 8KGT IGMTร PVG 9CRRGP KPU -TGW\ IGUVGNNV KP FGP 9KPMGNP LG GKP <GRVGT /KV 4CPFUEJTKHV &'%85 ร '6 ร 686#/'0 ร ร #001 ร 4')0+ ร 38#461 ร ยน ร ยน ร (D 5GCD[

5GJT UGNVGP KP FKGUGT 'TJCNVWPI -N 2TยทIGUEJYยทEJG XQT\ร INKEJ

151

150

1,5:1

151

9KNNKCO +++ WPF /CT[ )WKPGCU .QPFQP I )8.+'./85 ร '6 ร /#4+# ร &'+ ร )4#6+# $ร UVGP 9KNNKCOU OKV .QTDGGTMTCP\ WPF /CT[U PGDGPGKPCPFGT T /#) ร $4 ร 24 ร '6 ร *+$ ร 4': ร '6 ร 4')+0# ร ร )GMTร PVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF /KV 4CPFUEJTKHV &'%85 ร '6 ร 686#/'0 ร ร #001 ร 4')0+ ร 6'46+1 ร ยน ร ยน ร (D 5GCD[

44 8QT\ร INKEJGU 2TCEJVGZGORNCT

49

152

152 1,5:1

)WKPGC .QPFQP /ร P\\GKEJGP 'NGHCPV WPF $WTIVQT I )8.+'./85 ร '6 ร /#4+# ร &'+ ร )4#6+# $GKFGT $ร UVGP PGDGPGKPCPFGT T FCTWPVGT /ร P\\GKEJGP /#) ร $4 ร (4 ร '6 ร *+$ ร 4': ร '6 ร 4')+0# ร ร )GMTร PVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF (D 5GCD[ 44 8QT\ร INKEJGU 'ZGORNCT

153

)WKPGCU .QPFQP I )8.+'./85 ร '6 ร /#4+# ร &'+ ร )4#6+# $GKFGT $ร UVGP PGDGPGKPCPFGT T FCTWPVGT /ร P\\GKEJGP 'NGHCPV WPF $WTIVQT /#) ร $4 ร (4 ร '6 ร *+$ ร 4': ร '6 ร 4')+0# ร ร )GMTร PVGU 9CRRGP /KV 4CPFUEJTKHV ยน ร &'%85 ร '6 ร 686#/'0 ร #001 ร 4')0+ ร 38#461 ร (D 5GCD[

44 2TCEJVGZGORNCT OKV JGTTNKEJGT )QNFRCVKPC 9KP\ 5EJTร VNKPIUHGJNGT XQT\ร INKEJ

154

9KNNKCO +++ )WKPGC .QPFQP I (D 5GCD[

155

(CUV XQT\ร INKEJ

155 1,5:1

50

)WKPGCU .QPFQP I )8.+'./85 ร +++ ร &'+ ร )4# ร $ร UVG T OKV .QTDGGTMTCP\ /#) ร $4 ร (4# ร '6 ร *+$ ร 4': ร 8KGT IGMTร PVG 9CRRGP KPU -TGW\ IGUVGNNV KP FGP 9KPMGNP LG GKP <GRVGT KP FGT /KVVG .ร YGPUEJKNF XQP 0CUUCW /KV 4CPFUEJTKHV &'%85 ร '6 ร 686#/'0 ร #001 ร 4')0+ ร &81&'%+/1 ร ยน ร (D 5GCD[

44 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

1,5:1

156

)WKPGCU .QPFQP I )8.+'./85 ร +++ ร &'+ ร )4# ร $ร UVG T OKV .QTDGGTMTCP\ /#) $4 ร (4# '6 ร *+$ 4': ร ร 8KGT IGMTร PVG 9CRRGP KPU -TGW\ IGUVGNNV KP FGP 9KPMGNP LG GKP <GRVGT KP FGT /KVVG .ร YGPUEJKNF XQP 0CUUCW /KV 4CPFUEJTKHV &'%85 ร '6 ร 686#/'0 ร #001 ร 4')0+ ร &'%+/1 ร 6'46+1 ยน ยน (D 5GCD[ 44 8QT\ร INKEJ

1,5:1

157

156

157

#PPG )WKPGCU .QPFQP I #00# ร &'+ ร )4#6+# ร $TWUVDKNF N OKV *CCTDCPF /#) ร $4+ ร (4 ร '6 ร *+$ ร 4') ร ร 8KGT IGMTร PVG 9CRRGP KPU -TGW\ IGUVGNNV KP FGP 9KPMGNP LG GKP <GRVGT /KV 4CPFUEJTKHV &'%85 ร '6 ร 686#/'0 ร #001 ร 4')0+ ร 38+061 (D 5GCD[ 44 8QT\ร INKEJGU 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC

158

1,5:1

)WKPGC .QPFQP I (D 5GCD[

1,5:1

4 8QT\ร INKEJp5VGORGNINCP\

51

159

)WKPGCU .QPFQP I #00# ร &'+ ร )4#6+# ร $TWUVDKNF N OKV *CCTDCPF ร /#) $4+ ร (4 '6 ร *+$ 4') ร 8KGT IGMTร PVG 9CRRGP KPU -TGW\ IGUVGNNV KP FGP 9KPMGNP LG GKP <GRVGT KP FGT /KVVG -TGW\ KP 5VTCJNGPMTGKU /KV 4CPFUEJTKHV &'%85 ร '6 ร 686#/'0 ร #001 ร 4')0+ ร &81&'%+/1 ร ยน ร (D 5GCD[

44 (GKPG )QNFRCVKPC CVVTCMVKXGU UGJT UEJร PGU 'ZGORNCT

160

160 1,5:1

)WKPGC .QPFQP I $TWUVDKNF N 8KGT IGMTร PVG 9CRRGP KPU -TGW\ IGUVGNNV KP FGP 9KPMGNP LG GKP <GRVGT KP FGT /KVVG -TGW\ KP 5VTCJNGPMTGKU (D 5GCD[

2TCEJVGZGORNCT 8QT\ร INKEJp5VGORGNINCP\

161

)GQTIG + )WKPGCU .QPFQP I )'14)+85 ร & ร ) / ร $4 ร (4 ร '6 ร *+$ 4': ( & -QRH T OKV .QTDGGTMTCP\ $480 '6 ร . ร &8: 5 ร 4 ร + ร # ร 6* '6 ร '. ร ร 8KGT IGMTร PVG 9CRRGP KPU -TGW\ IGUVGNNV KP FGP 9KPMGNP LG GKP <GRVGT KP FGT /KVVG -TGW\ KP 5VTCJNGPMTGKU /KV 4CPFUEJTKHV &'%85 ร '6 ร 686#/'0 ยน ยน ร #001 ร 4')0+ ร 5'%80&1 ยน (D 5GCD[ 44 5GJT UEJร PpXQT\ร INKEJ

162

52

)WKPGCU .QPFQP I )'14)+85 ร & ร ) ร / ร $4 ร (4 ร '6 ร *+$ ร 4': ร ( ร & ร -QRH T OKV .QTDGGTMTCP\ $480 '6 ร . ร &8: ร 5 ร 4 ร + ร # ร 6* ร '6 ร '. ร ร 8KGT IGMTร PVG 9CRRGP KPU -TGW\ IGUVGNNV KP FGP 9KPMGNP LG GKP <GRVGT KP FGT /KVVG -TGW\ KP 5VTCJNGPMTGKU /KV 4CPFUEJTKHV &'%85 ร '6 ร 686#/'0 ร #001 4')0+ ร &'%+/1 ร 6'46+1 (D 5GCD[ 44 (CUV XQT\ร INKEJ

163

164

164

)WKPGC .QPFQP I (D 5GCD[

)GQTIG ++ )WKPGCU .QPFQP I )'14)+85 ร ++ ร &'+ ร )4#6+# $ร UVG N OKV .QTDGGTMTCP\ FCTWPVGT ' ร + ร % ร 'CUV +PFKC %QORCP[ / ร $ ร ( ร '6 ร * ร 4': ร ( ร & ร $ ร '6 ร . ร & ร 5 ร 4 ร + ร # ร 6 ร '6 ร ' ร ร )GMTร PVGU XKGTHGNFKIGU 9CRRGP /KV 4CPF UEJTKHV &'%85 ร '6 ร 686#/'0 #001 ร 4')0+ ร 6'46+1 ยน (D 5GCD[

44 /KP DGTKGDGP XQT\ร INKEJ

/KP DGTKGDGP XQT\ร INKEJ

1,5:1 165

165

)WKPGCU .QPFQP I /KV .+/# WPVGT FGO $TWUVDKNF IGRTยทIV CWU XQP #FOKTCN #PUQP GTDGWVGVGO )QNF )'14)+85 ร ++ ร &'+ ร )4#6+# ร $ร UVG N OKV .QTDGGTMTCP\ / ร $ ร ( ร '6 ร * ร 4': ร ( ร & ร $ ร '6 ร . ร & ร 5 ร 4 ร + ร # ร 6 ร '6 ร ' ร ร )GMTร PVGU XKGTHGNFKIGU 9CR RGP /KV 4CPFUEJTKHV &'%85 ร '6 ร 686#/'0 ร #001 ร 4')0+ ร &'%+/1 ร 0101 ร (D 5GCD[ 2TCEJVGZGORNCT OKV UEJร PGT )QNFVร PWPI (CUV 5VGORGNINCP\

166

)WKPGCU .QPFQP I )'14)+85 ร ++ ร &'+ ร )4#6+# ร $ร UVG N OKV .QTDGGTMTCP\ / ร $ ร ( ร '6 ร * ร 4': ร ( ร & ร $ ร '6 ร . ร & ร 5 ร 4 ร + ร # ร 6 ร '6 ร ' ร ร )GMTร PVGU XKGTHGNFKIGU 9CRRGP /KV 4CPFUEJTKHV &'%85 ร '6 ร 686#/'0 ร #001 ร 4')0+ ร 8+%'5+/1 ร 5'%80&1 ร (D 5GCD[ 44 -N 4CPFHGJNGT OKP LWUVKGTV UGJT UEJร PpXQT\ร INKEJ

53

167

1,5:1

167

)GQTIG +++ )QNFOGFCKNNG XQP . 0CVVGT CWH UGKPG -ÌPKIUMTÌPWPI )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO 1TFGPUDCPF &GT -ÌPKI VJTQPV N WPF YKTF XQP FGT XQT KJO UVGJGPFGP $TKVCPPKC IGMTÌPV WOJGT #TOCVWTGP JKPVGT FGO 6JTQP NKGIGPFGT .ÌYG OKV 4GKEJUCR HGN OO I 'KOGT +P 'VWK 8QT\ÒINKEJ

168

170

169

171

)WKPGC .QPFQP 5RCFG )WKPGC (ÒPHVGT 6[R I (D 5EJN 5GCD[

8QT\ÒINKEJ

)WKPGC .QPFQP I (GKPIQNF (D 5EJN 5GCD[ 8QT\ÒINKEJ )WKPGC .QPFQP I (GKPIQNF (D 5EJN 5GCD[ 8QT\ÒINKEJp5VGORGNINCP\

)GQTIG +8 5QXGTGKIP .QPFQP I (GKPIQNF (D 5EJN 5GCD[ 9KP\ 4CPFHGJNGT XQT\ÒINKEJ

173 172

172

2QWPFU .QPFQP I (GKPIQNF (D 5EJN 5GCD[

8QT\ÒINKEJ

5QXGTGKIP .QPFQP I (GKPIQNF (D 5EJN 5GCD[

8QT\ÒINKEJp5VGORGNINCP\

54

174

1,5:1

174

2QWPFU .QPFQP I (GKPIQNF )'14)+75 +8 &'+ )4#6+# c c -QRH N $4+ 6#00+#47/ 4': (+& Ù &'( Ù 8KGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF CWH IGMTÌPVGO *GT OGNKPOCPVGN /KV 4CPFUEJTKHV &'%75 '6 676#/'0 f #001 4')0+ 5'26+/1 f (D 5EJN 5GCD[ 44 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJGU 2TCEJVGZGORNCT

175

,CJTICPIUUCV\ DGUVGJGPF CWU 2QWPFU 2QWPFU 5QXGTGKIP 5QXGTGKIP %TQYP %TQYP 5JKNNKPI 5KZRGPEG -W 2GPP[ -W 2GPP[ -W (CTVJKPI 5GCD[

5VÒEM +P 1TKIKPCNUEJCVWNNG 'KPKIG OKV YKP\ -TCV\GTP RQNKGTVG 2NCVVG

55

176

176 1,5:1

9KNNKCO +8 2QWPFU .QPFQP I (GKPIQNF )7.+'./75 ++++ & Ù ) Ù $4+6#00+#4 Ù 4': ( Ù & Ù -QRH T )GMTÌPVGT *GTOGNKPOCPVGN FCTCWH XKGTHGNFKIGU 9CRRGP OKV IGMTÌPVGO /KVVGNUEJKNF FCTWPVGT #001 (D 5EJN FQTV CNU 2TQDG 5GCD[ 44 0WT 'ZGORNCTG IGRT·IV 2TCEJVGZGORNCT 9KP\ 4CPFHGJNGT RQNKGTVG 2NCVVG

178

177

5QXGTGKIP .QPFQP I (GKPIQNF (D 5EJN 5GCD[

44 2TCEJVGZGORNCT 9KP\ 4CPFHGJNGT RQNKGTVG 2NCVVG

5QXGTGKIP .QPFQP I (GKPIQNF (D 5EJN 5GCD[

2TCEJVGZGORNCT 2QNKGTVG 2NCVVG

179

179 1,5:1

8KEVQTKC 2QWPFU .QPFQP 7PC CPF VJG .KQP I (GKPIQNF 8+%614+# & Ù ) Ù $4+6#00+#47/ 4')+0# ( Ù & Ù -QRH FGT LWPIGP -ÌPKIKP N OKV *CCTDCPF KO *CNUCD UEJPKVV FKG 5VGORGNUEJPGKFGTUKIPCVWT 9 9;10 4 # &+4+)' &'75 )4'5575 /'15 Ü &KG -ÌPKIKP OKV <GRVGT WPF 4GKEJUCRHGN UEJTGKVGV N PGDGP FGO DTKVKUEJGP .ÌYGP KO #DUEJPKVV FKG TÌOK UEJG ,CJTGU\CJN WPF FKG 5VGORGNUEJPGKFGTUKIPCVWT (D 5EJN 5GCD[ 44 8QT\ÒINKEJ

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56

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183 1,5:1

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57

185 1,5:1

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1,5:1

186 1,5:1

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187 1,5:1

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58

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188

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189

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190

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191 1,5:1

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192

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193

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195

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196

196 1,5:1

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197 1,5:1

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198

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199

200

200

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201

201 1,5:1

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61

202

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203

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204

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206

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207 1,5:1

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8QP ITQ­GT 5GNVGPJGKV #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

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208

208 1,5:1

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209

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211

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64

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212

-CVJCTKPC ++ 4WDGN 5V 2GVGTUDWTI I $KVMKP * (D C

#VVTCMVKXGU 'ZGORNCT UGJT UEJÌPpXQT\ÒINKEJ

4WDGN 5V 2GVGTUDWTI I $KVMKP (D D

5GJT UEJÌP

214

0KMQNCWU + 4WDGN 2NCVKP 5V 2GVGTUDWTI I )GMTÌPVGT &QRRGNCFNGT OKV 9CRRGP WPF 1TFGPUMGVVG CWH FGT $TWUV KP FGP (·PIGP <GRVGT WPF 4GKEJUCRHGN CWH FGP CWUIGDTGKVGVGP (NÒIGNP LG FTGK 9CRRGPUEJKNFG 5EJTKHV OKV 9GTV WPF ,CJTGUCPICDG $KVMKP (D 5EJN

2.#6+0 44 0WT 'ZGORNCTG IGRT·IV -N 4CPFHGJNGT XQT\ÒINKEJ

215

4WDGN 2NCVKP 5V 2GVGTUDWTI %C I )GMTÌPVGT &QRRGNCFNGT OKV 9CRRGP WPF 1TFGPU MGVVG CWH FGT $TWUV KP FGP (·PIGP <GRVGT WPF 4GKEJUCRHGN CWH FGP CWUIGDTGKVGVGP (NÒIGNP LG FTGK 9CRRGPUEJKNFG 5EJTKHV OKV 9GTV WPF ,CJTGUCPICDG +P 75 2NCUVKMJQNFGT FGT 2%)5 OKV FGT $GYGTVWPI #7 $KVMKP (D 5EJN

2.#6+0 8QP ITQ­GT 5GNVGPJGKV 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJGU 'ZGORNCT XQP RQNKGTVGP 5VGORGNP

216

1,5:1

1,5:1

#NGZCPFGT ++ 4WDGN 5V 2GVGTUDWTI I )GMTÌPVGT &QRRGNCFNGT OKV <GRVGT WPF 4GKEJUCRHGN KP FGP (·PIGP CWH FGT $TWUV 9CRRGPUEJKNF 9GTV $KVMKP (D 5EJN

8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJGU 'ZGORNCT

.CWV 4 2 *CTTKU # )WKFGDQQM QH 4WUUKCP %QKPU VQ UQNNGP XQP FKGUGO ,CJTICPI PWT 'ZGORNCTG IGRT·IV YQTFGP UGKP

65

217

2:1

0KMQNCWU ++ 4WDGN (TCPMGP 5V 2GVGTUDWTI I -QRH T )GMTÌPVGT &QRRGNCFGT OKV 9CRRGPUEJKNF CWH FGT $TWUV KP FGP (·PIGP <GRVGT WPF 4GKEJUCRHGN $KVMKP (D 5EJN 8QP ITQ­GT 5GNVGPJGKV 2TCEJVGZGORNCT 0WT 'ZGORNCTG IGRT·IV (CUV 5VGORGNINCP\

0KMQNCWU ++ #NGZCPFTQYKVUEJ HÒJTVG \WP·EJUV FCU CWVQMTCVKUEJG 4GIKOGPV UGKPGU 8CVGTU #NGZCPFGT +++ HQTV DKU KJP FKG Y·JTGPF FGU TWUUKUEJ LCRCPKUEJGP -TKGIGU CWUIGDTQEJGPG 4GXQNWVKQP \W GKPUEJPGKFGPFGP 4GHQTOGP \YCPI 'T IGY·JTVG UGKPGO 8QNM YGUGPVNKEJG )TWPFTGEJVG FCU CNNIGOGKPG 9CJNTGEJV WPF TKGH GKPG IGUGV\IGDGPFG 8QNMUXGTVTGVWPI &WOC KPU .GDGP #W­GPRQNKVKUEJ UVTGDVG GT PCEJ FGT 'TJCNVWPI FGU TWUUKUEJGP 'KPHNWUUGU CWH FGO $CNMCP \ÌIGTVG PKEJV XQT FGO 'KPVTKVV KP FGP 'TUVGP 9GNVMTKGI WPF ÒDGTPCJO RGTUÌPNKEJ FGP 1DGTDGHGJN 0CEJ FGO #WUDTWEJ FGT 4GXQNWVKQP FCPMVG FGT NGV\VG TWUUKUEJG <CT CO /·T\ CWH &TWEM FGT )GPGTCNKV·V CD 'T YWTFG \WUCOOGP OKV UGKPGT )GOCJNKP #NGZCPFTC XQP *GUUGP FGO 6JTQPHQNIGT WPF FGP XKGT 6ÌEJVGTP KO ,WNK KP FGT UKDKTKUEJGP 8GTDCPPWPI GTOQTFGV

&CU JKGT \WT 8GTUVGKIGTWPI IGNCPIGPFG 4WDGN 5VÒEM FCU KP PWT 'ZGORNCTGP IGRT·IV YWTFG \·JNV \W FGP DGMCPPVGUVGP WPF DGIGJTVGUVGP TWUUKUEJGP /ÒP\GP &KG /ÒP\G KUV OKV I 4CWJIGYKEJV WPF I (GKPIGYKEJV PCEJ FGO 5VCPFCTF FGT UQIGPCPPVGP .CVGKPKUEJGP /ÒP\WPKQP CWUIGDTCEJV &KGUG 9·JTWPIUWPKQP OKV FGO HTCP\ÌUKUEJGP (TCPMGP CNU )TWPFNCIG YCT CWH +PKVKCVKXG 0CRQNGQPU +++ XQP (TCPMTGKEJ $GNIKGP +VCNKGP WPF FGT 5EJYGK\ $GKVTKVV )TKGEJGPNCPFU DGUEJNQUUGP YQTFGP &KG -WTCPVOÒP\GP FKGUGT &QRRGNY·J TWPI FCU IQNFGPG (TCPMGP 5VÒEM WPF FCU UKNDGTPG (TCPMGP 5VÒEM YCTGP KP CNNGP 5VCCVGP IÒNVKI &CU ITÌ­VG 0QOKPCN FGT /ÒP\WPKQP YCT FCU (TCPMGP 5VÒEM FCU PWT KP (TCPMTGKEJ KP ITÌ­GTGP /GPIGP IGRT·IV YWTFG 0KMQNCWU ++ NKG­ GDGPHCNNU GKPG UQNEJG TGRT·UGPVCVKXG )QNFOÒP\G \W (TCPMGP D\Y 4WDGN RT·IGP FKG CP JQJG 9ÒTFGPVT·IGT XGTVGKNV YWTFG 9KT HTGWGP WPU +JPGP FKGUG DGTÒJOVG 4CTKV·V FGT TWUUKUEJGP /ÒP\IG UEJKEJVG CPDKGVGP \W MÌPPGP FKG CWEJ FKG 8GTDKPFWPIGP 4W­NCPFU OKV FGP GWTQR·KUEJGP -GTPUVCCVGP FQMWOGP VKGTV

66

218

'+&)'0155'05%*#(6

5%*9'+<

(TCPMGP $GTP 2TQDG OKV IGTKRRVGO 4CPF I *GNXGVKC UKV\V N OKV 5EJYGTV WPF 5EJKNF KO *KPVGTITWPF $GTIG 9GTVCPICDG KP .QTDGGT WPF 'KEJGPMTCP\ &KXQ 2TQDGP (D 5EJN 0WT 'ZGORNCTG IGRT·IV (CUV XQT\ÒINKEJ

219

(TCPMGP $ $GTP 8TGPGNK I (TCWGPDÒUVG OKV IGHNQEJVGPGO <QRH N FCU -NGKF OKV 'FGNYGK­DNÒVGP DGUVKEMV KO *KPVGTITWPF $GTIG 5EJYGK\GTMTGW\ KP 5VTCJNGP 9GTVCPICDG ,CJTGU\CJN WPVGP #NRGPTQUGP WPF 'P\KCPDNÒVGP\YGKIG &KXQ (D 5EJN

44 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

220

1,5:1

1,5:1

-#56+.+'0

52#0+'0

#NHQPUQ 8+++ /CTCXGFK 5CHCT TC 6QNGFQ I #TCDKUEJG 5EJTKHV QDGP -TGW\ WPVGP #.( #TCDKUEJG 5EJTKHV % % (D 44 8QT\ÒINKEJGU 'ZGORNCT

221

/#..14%#

2GFTQ +++ 4GCN F QTQ Q , I &GT -ÌPKI OKV -TQPG <GRVGT WPF 4GKEJUCRHGN VJTQPV X X N .KNKG WOJGT 8KGNRC­ &QRRGNMTGW\ FCTÒDGT .KNKG WOJGT 8KGNRC­ KP FGP ·W­GTGP WPF KPPG TGP 9KPMGNP 4QUGVVGP %TWUCHQPV K 5CDCVGT $ (D 44 (CUV XQT\ÒINKEJGU 'ZGORNCT

67

222

-¤0+)4'+%*

(GNKRG ++ 'UEWFQU Q , 5GXKNNC I )GMTÌPVGU 9CRRGP -TGW\ KP 8KGTRC­ KP FGP 9KPMGNP FGU 8KGTRCUUGU LG GKP 4KPIGN % % 6 (D

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJGU 2TCEJVGZGORNCT

223 1,5:1

1,5:1

(GNKRG +++ 'UEWFQU % 5GIQXKC I 2*+.+2285 Û +++ Û & Û ) )GMTÌPVGU OGJTHGNFKIGU 9CRRGP \YKUEJGP #SWCFWMV FCTWPVGT /ÒP\\GKEJGP % WPF ++++ Û *+52#0+#48/ Û 4': Û -TGW\ KO 8KGTRC­ KP FGP 9KPMGNP FGU 8KGTRCUUGU LG GKPG $NÒVG % % 6 (D 44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

&KG 'UEWFQ 5VÒEMG XQP (GNKRG +++ CWU FGT /ÒP\UV·VVG 5GIQXKC OKV FGO DGTÒJOVGP TÌOKUEJGP #SWCFWMV CNU /ÒP\\GKEJGP UKPF UGJT UGNVGP 9KT HTGWGP WPU +JPGP GKP 'ZGORNCT KP CW­GTIGYÌJPNKEJ UEJÌPGT 'TJCNVWPI CPDKG VGP \W MÌPPGP

224

(GNKRG 8 'UEWFQU 2 5GXKNNC I )GMTÌPVGU OGJTHGNFKIGU 9CRRGP WOJGT 1TFGPUMGVVG -TGW\ KO 8KGTRC­ KP FGP 9KPMGNP FGU 8KGTRCUUGU 2 5 KP FGP 9KPMGN FGU -TGW \GU LG GKPG 8GT\KGTWPI % % 6 (D 4 9KP\ 2TQDKGTURWT CO 4CPF UGJT UEJÌP

225

225 1,5:1

68

%CTNQU +++ 'UEWFQU / 2, /CFTKF I )GJCTPKUEJVGU $TWUVDKNF T )GMTÌPVGU 9CRRGP WOJGT 1TFGPUMGVVG % % 6 (D

2TCEJVGZGORNCT OKV HGKPGT )QNFRCVKPC 8QT\ÒINKEJ

226

2:1

2:1

-¤0+)4'+%* $¤*/'0

65%*'%*+'0

9GP\GN +8 )QNFIWNFGP Q , 2TCI I c WenCeSLaV S Û D Û GRaCIa )GMTÌPVGU *ÒHVDKNF X X OKV /CPVGN <GRVGT WPF 4GKEJUCRHGN FGT /CPVGN KUV OKV GKPGT XKGTGEMKIGP 5RCPIG IGUEJNQUUGP c ROmanORVm u eT u BOemIe uReX $ÌJOKUEJGT .ÌYG N &QPGD (D

8QP ITQ­GT 5GNVGPJGKV -N 2T·IGUEJY·EJG UGJT UEJÌP

9GP\GN +8 FGT ·NVGUVG 5QJP -CKUGT -CTNU +8 YWTFG DGTGKVU KO #NVGT XQP \YGK ,CJTGP IGIGP FKG 'KPY·PFG FGU 2TCIGT $KUEJQHU \WO DÌJOKUEJGP -ÌPKI IGMTÌPV &WTEJ FKG 2TQVGMVKQP UGKPGU 8CVGTU YWTFG GT /CTMITCH XQP $TCPFGPDWTI *GT\QI XQP 5EJNGUKGP WPF /CTMITCH XQP .CWUKV\ /KV *KNHG OCUUKXGT )GNF\CJNWPIGP CP FKG OGKUVGP -WTHÒTUVGP MQPPVG -CTN +8 UEJNKG­NKEJ PQEJ \W UGKPGP .GD\GKVGP FKG 9CJN FGU 5QJPGU \WO TÌOKUEJGP -ÌPKI FWTEJUGV\GP &CFWTEJ XGTUEJWNFGVGP UKEJ FKG .WZGODWTIGT LGFQEJ OCUUKX /KV FGO 6QF -CTNU UVCPF 9GP\GN KP FGT 8GTCPVYQTVWPI FKG 2TQDNGOG KO 4GKEJ \W NÌUGP YQ\W GT CD\WFCPMGP DGCDUKEJVKIVG &KG 5VGNNWPI 9GP\GNU KO 4GKEJ YCT CNUQ UEJYCEJ WPF IGNCPI GU UGKPGP )GIPGTP UQICT 9GP\GN \W GPVHÒJTGP 5EJQP KO ,CJT YCT GT XQP FGP -WTHÒTUVGP CDIGUGV\V YQTFGP 9GP\GN GTMCPPVG FKGUG #DUGV\WPI PKEJV CP XGTURKGNVG FKTGMV FCPCEJ CDGT FKG %JCPEG OKV 7PVGTUVÒV\WPI FGT 4GKEJUUV·FVG FKG *GTTUEJCHV KO 4GKEJ \W YCJTGP +P $ÌJOGP OW­VG 9GP\GN UKEJ OKV FGT JWUUKVKUEJGP 4GHQTODGYGIWPI CWUGKPCPFGTUGV\GP FGT 9GP\GN CPHCPIU CPIGJÌTVG UR·VGT CDGT KP QHHGPG (GKPFUEJCHV OKV *WU IGTKGV YQFWTEJ GT 4WJG WPF (TKGFGP KO .CPF KOOGT YGPKIGT CWHTGEJV GTJCNVGP MQPPVG #O #WIWUV GTNCI GT GKPGO *GT\UEJNCI &KG UEJYCEJG RQNKVKUEJG 5VGNNWPI 9GP\GNU URKGIGNV UKEJ PKEJV \WNGV\V KP FGO IGTKPIGO 7OHCPI FGT )QNFOÒP\GPRT·IWPI YKGFGT FKG FCU XQTNKGIGPFG 5VÒEM TGRT·UGPVKGTV

227

65%*'%*15.19#-'+

4GRWDNKM &WMCVGP -TGOPKV\ 9KGFGTGTÌHHPWPI FGU -TGOPKV\GT $GTIDCWU I (GKPIQNF (D /ÒUGNGT 5EJN

8QP ITQ­GT 5GNVGPJGKV 2TCEJVGZGORNCT 0WT 'ZGORNCTG IGRT·IV 9KP\ 4CPFHGJNGT HCUV 5VGORGNINCP\

228

&WMCVGP -TGOPKV\ 9KGFGTGTÌHHPWPI FGU -TGOPKV\GT $GTIDCWU I (GKPIQNF (D /ÒUG NGT 5EJN 4 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJp5VGORGNINCP\

69

229

&WMCV -TGOPKV\ 9KGFGTGTÌHHPWPI FGU -TGOPKV\GT $GTIDCWU I (GKPIQNF (D /ÒUGNGT 5EJN 4 0WT 'ZGORNCTG IGRT·IV (CUV 5VGORGNINCP\

230

&WMCVGP -TGOPKV\ 5V 9GP\GN \W 2HGTF I (GKPIQNF (D 5EJN

5GNVGPGT ,CJTICPI 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

6ª4-'+

231

1,5:1

1,5:1

5ÒNG[OCP + #NVKP #* <CDKF ;GOGP I 2GTG

44 ,CJTGU\CJN IWV CWUIGRT·IV 4ÒEMUGKVG N FG\GPVTKGTV UGJT UEJÌPGU 'ZGORNCT OKV CNVGT 6ÌPWPI

)1.&/ª0<'0 #75 ª$'45''

232

);26'0

70

#DFWN *COKF ++ 2KCUVGT #* 4GIKGTWPIULCJT /KUT I (GKPIQNF 6WIJTC OKV <YGKI QFGT )JCUK $GK\GKEJGP FCTWPVGT 9GTVCPICDG ,CJT FGT 6JTQPDGUVGKIWPI 4GIKGTWPIULCJT WPF .CPFGUPCOG (D 5EJN -N 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

233

1,5:1

1,5:1

2'40#/$7%1 4'%+('

$4#5+.+'0

-NKRRGPHÌTOKIG 0QVOÒP\G \W (NQTKP 2GTPCODWEQ I +++ FCTWPVGT XGTUEJNWPIGPGU /Q PQITCOO CWU FGP $WEJUVCDGP )9% #001 $4#5+.

4CWVG $TCWUG /CPUHGNF (D 5EJQNVGP 8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJGU 'ZGORNCT

234

1,5:1

1,5:1

-NKRRGPHÌTOKIG 0QVOÒP\G \W (NQTKP 2GTPCODWEQ I :++ FCTWPVGT XGTUEJNWPIGPGU /QPQITCOO CWU FGP $WEJUVCDGP )9% #001 $4#5+.

4CWVG $TCWUG /CPUHGNF 6H NGKEJV XCT (D 5EJQNVGP 8QP ITÌ­VGT 5GNVGPJGKV 8QT\ÒINKEJ

235

1,5:1

1,5:1

-NKRRGPHÌTOKIG 0QVOÒP\G \W (NQTKP 2GTPCODWEQ I 8+ FCTWPVGT XGTUEJNWPIGPGU /Q PQITCOO CWU FGP $WEJUVCDGP )9% #001 $4#5+. $TCWUG /CPUHGNF 6H (D 5EJQNVGP 8QP ITÌ­VGT 5GNVGPJGKV 8QT\ÒINKEJp5VGORGNINCP\

2GTPCODWEQ FCU JGWVKIG 4GEKHG YWTFG XQP 2QTVWIKGUGP CP GKPGT .CIWPG CNU 8GTUQTIWPIUUVCVKQP HÒT FKG 1UVKPFKGPHCJTGT IGITÒPFGV 'U YWTFG FKG *CWRVUVCFV XQP 0KGFGTN·PFKUEJ $TCUKNKGP &KG PKGFGTN·PFKUEJGP $GUKV\WPIGP YWTFGP XQP FGT 9GUVKPFKUEJGP )GUGNNUEJCHV )GQEVTQQKGGTFG 9GUVKPFKUEJG %QORCIPKG XGTYCNVGV FGTGP )QWXGTPGWT UGKV ,QJCPP /QTKV\ XQP 0CUUCW 5KGIGP YCT &KG 2QTVWIKGUGP XGTUWEJVGP OGJTHCEJ 2GT PCODWEQ \WTÒEM\WGTQDGTP +P FGP ,CJTGP WPF NKG­ ,QJCPP /QTKV\ Y·JTGPF GKPGT RQTVWIKGUKUEJGP $GNC IGTWPI IQNFGPG 0QVOÒP\GP \W WPF )WNFGP RT·IGP FKG FCU /QPQITCOO FGT 9GUVKPFKUEJGP )GUGNNUEJCHV \GKIGP #NNG FTGK 0QOKPCNG UKPF ·W­GTUV UGNVGP WPF YKT HTGWGP WPU +JPGP FKG MQORNGVVG 0QOKPCNTGKJG CPDKGVGP \W MÌPPGP

71

237

237

236

%*+0#

4GRWDNKM &QNNCT KP )QNF Q , CWH FGP $GIKPP FGT *WPI *UKGP 2GTKQFG ;WCP 5JKJ -CK #DUEJNCI XQP FGP 5VGORGNP FGU 5KNDGTFQNNCTU I 7PKHQTOKGTVGU $TWUVDKNF XQP ;WCP 5JKJ -CK X X &TCEJGP N &CX \W -CPP 8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJp5VGORGNINCP\

;WCP ,CJT I $TWUVDKNF FGU 2T·UKFGPVGP ;WCP 5JKJ -CK N KP 7PKHQTO 5EJTKHV WPF -TCP\ (D -CPP 8QT\ÒINKEJ

238

238 1,5:1

&QNNCT KP )QNF ,CJT CWH FKG 'TPGPPWPI XQP *UW 5JKJ %JCPI \WO 2T·UKFGPVGP KO 1MVQDGT #DUEJNCI XQP FGP 5VGORGNP FGU 5KNDGTFQNNCTU I $TWUVDKNF FGU 2T·UKFGPVGP JCNDN 2CXKNNQP KP )CTVGP &CX \W (D -CPP 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

239

'%7#&14

4GRWDNKM UGKV 'UEWFQU 3WKVQ I (GKPIQNF .KDGTV[MQRH N <YGK *ÒIGN QDGP UVTCJNGPFG 5QPPG (D 5GJT UEJÌPpXQT\ÒINKEJ

240

.'516*1

72

/QUJQGUJQG ++ /CNQVK 2TQDG I (D - / 2P

8QP ITQ­GT 5GNVGPJGKV 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

)1.&/ª0<'0 &'4 *#$5$74)+5%*'0 '4$.#0&' ¤56'44'+%*

241

1,5:1

1,5:1

4¤/+5%* &'765%*'5 4'+%*

(GTFKPCPF + &WMCV $TGUNCW I ('4&+ Û & Ù ) Û '. Û 4 Û + / Û 5 Û # ) * Û $1 Ú &GT IGMTÌPVG -CKUGT OKV IGIÒTVGVGO 5EJYGTV UVGJV X X OKV FGT 4GEJVGP FCU <GRVGT UEJWNVGTPF KP FGT .KPMGP 4GKEJUCRHGN 4': Û +0( Û *+5 Û #4% Û #8 Û & Ú 5+. Û )GMTÌPVGT &QRRGNCFNGT OKV -QRHUEJGKPGP CWH FGT $TWUV FGT UEJNGUKUEJG #FNGTUEJKNF (D ( W 5 / \ # 5NI .ÌHHNGT 5NI 5VTKGDQNN 'KP\KIGU 'ZGORNCT KO *CPFGN 8QP ITÌ­VGT 5GNVGPJGKV 8QT\ÒINKEJGU 'ZGORNCT

0CEJ FGO 6QF .WFYKIU ++ -ÌPKI XQP $ÌJOGP WPF 7PICTP KP FGT 5EJNCEJV XQP /QJCEU IGIGP FKG 6ÒTMGP CO #WIWUV YWTFG FGT *CDUDWTIGT (GTFKPCPF CO 1MVQDGT \WO DÌJOKUEJGP -ÌPKI IGY·JNV WPF YCT FCOKV CWEJ QDGTUVGT .GJPUJGTT XQP 5EJNGUKGP (GTFKPCPF FGT \WO TÌOKUEJGP -ÌPKI WPF \WO -CKUGT IGMTÌPV YWTFG HÒJTVG KP FGP DÌJOKUEJGP .·PFGTP CNUQ CWEJ KP 5EJNGUKGP FKG #WIUDWTIGT 4GKEJUOÒP\QTF PWPI XQP GKP &KGU YWTFG \WO #PNC­ IGPQOOGP FKG /ÒP\UV·VVG KP $TGUNCW YKGFGT \W GTÌHHPGP WPF FQTV XQTUEJTKHVUO·­KI \W RT·IGP 8QT CNNGO YWTFGP <YGKMTGW\GT -TGW\GT 2HGPPKIG WPF *GNNGT IGRT·IV +O ,CJT YWTFGP CWEJ &WMCVGP WPF )WNFGPVCNGT CWUIGIGDGP (TKGFGPUDWTI WPF 5GIGT MCPPVGP FGP &WMCVGP XQP PKEJV CNU 1TKIKPCN UKG MQPPVGP PWT CWH FKG #DDKNFWPI XQP &GYGTFGEM CWU FGO ,CJT \WTÒEMITGKHGP &GT PWT KP FKGUGO JGTXQTTCIGPF GTJCNVGPGP 'ZGORNCT KO *CPFGN DGHKPFNKEJG &WMCV XQP KUV FGT GKP\KIG FGP (GTFKPCPF + KP $TGUNCW RT·IGP NKG­

242

4WFQNH ++ &WMCVGP 2TCI /ÒP\OGKUVGTKP 5WUCPPC 'TMGT I 48&1.2*85 Û ++ Û & Ú ) 4 Û + Û 5 Û # Ú ) Ú *8 Ü $1 4': Û &GT -ÌPKI OKV -TQPG WPF *CTPKUEJ UVGJV HCUV X X KP FGT 4GEJVGP <GRVGT KP FGT .KPMGP 4GKEJUCRHGN \W FGP 5GKVGP FGT IGMTÌPVG DÌJOK UEJG WPF FGT IGMTÌPVG WPICTKUEJG 9CRRGPUEJKNF WPVGP /ÒP\OGKUVGT\GKEJGP &QRRGNNKNKG 5WUCPPC 'TMGT /ÒP\OGKUVGTKP KP 2TCI #4%*+& Û #8564+' Û &8: Û $84 Û /# Û /1 Û Ú )GMTÌPVGT &QRRGNCFNGT OKV IGMTÌPVGO ÌUVGTTGKEJKUEJ DWTIWPFKUEJGP 9CRRGPUEJKNF CWH FGT $TWUV &KGVKMGT (D *CNCEMC 8QP ITQ­GT 5GNVGPJGKV 9KP\ 4CPFHGJNGT XQT\ÒINKEJ

4WFQNH ++ 9KGP Ó 2TCI YWTFG -ÌPKI XQP 7PICTP -ÌPKI XQP $ÌJOGP WPF VTCV FKG 0CEJHQNIG UGKPGU 8CVGTU /CZKOKNKCP ++ CP 'T DGICPP KP FGP JCDUDWTIKUEJGP 'TDNCPFGP GPGTIKUEJ FKG )GIGPTG HQTOCVKQP 9·JTGPF UGKPGT 4GIKGTWPI TKUUGP UKEJ FKG 0KGFGTNCPFG XÌNNKI XQO 4GKEJ NQU +P 7PICTP GTJQD UKEJ 5VGRJCP $QEUMCK WPF KO 4GKEJ DKNFGVGP UKEJ FKG MQPHGUUKQPGNNGP $ÒPFPKUUG FGT 7PKQP WPF FGT .KIC 0WT FWTEJ FGP 6QF -ÌPKI *GKPTKEJU +8 XQP (TCPMTGKEJ FGT FKG FGWVUEJGP 2TQVGUVCPVGP CMVKX WPVGTUVÒV\VG YWTFG FGT ITQ­G 4GNKIKQPUMTKGI WO GKPKIG ,CJTG JGTCWUIG\ÌIGTV &GT MKPFGTNQUG 4WFQNH ++ YQNNVG UGKPGP 0GHHGP (GTFKPCPF CNU 6JTQPHQIGT GKPUGV\GP WPF XGTWTUCEJVG FCFWTEJ FGP $TWFGT\YKUV OKV /CVVJKCU OW­VG FGT -CKUGT UGKPGO $TWFGT FKG *GTTUEJCHV KP 7PICTP WPF ¤UVGTTGKEJ CWEJ KP $ÌJOGP CDVTGVGP 4WFQNH ++ DGK FGO UKEJ KOOGT FGWVNKEJGTG #P\GKEJGP XQP )GOÒVUMTCPMJGKV WPF FCOKV XGTDWPFGPGT 'PVUEJNW­NQUKIMGKV CD\GKEJPGVGP DNKGD PWT FKG -CKUGTMTQPG FKG PCEJ UGKPGO 6QF GDGPHCNNU CP /CVVJKCU HKGN

73

243

(GTFKPCPF ++ &WMCVGP 2TCI /ÒP\OGKUVGT $GPGFKMV *WGDOGT I ('4&+0#0&85 ++ Û & ) 4 Û +/ Û 5 Û # Û ) Û * Û $1 Û 4': &GT -ÌPKI OKV -TQPG WPF *CTPKUEJ UVGJV HCUV X X KP FGT 4GEJVGP <GRVGT KP FGT .KPMGP 4GKEJUCRHGN \W FGP 5GKVGP FGT IGMTÌPVG DÌJOK UEJG WPF FGT IGMTÌPVG WPICTKUEJG 9CRRGPUEJKNF #4%*+& Ú #856 Û &8: $84) Û /#4 Û /1 Û )GMTÌPVGT &QRRGNCFNGT OKV IGMTÌPVGO ÌUVGTTGKEJKUEJ DWTIWPFKUEJGP 9CRRGPUEJKNF CWH FGT $TWUV WPVGP /ÒP\OGKUVGT\GKEJGP 5VGTP ÒDGT *CNDOQPF $GPGFKMV *WGDOGT /ÒP\OGKUVGT KP 2TCI &KGVKMGT (D FQTV WPVGT $ÌJOGP *CNCEMC 44 (CUV XQT\ÒINKEJ

(GTFKPCPF ++ KP )TC\ Ó KP 9KGP 5QJP FGU 'T\JGT\QIU -CTN XQP -·TPVGP WPF 5VGKGTOCTM WPF /CTKCU XQP $C[GTP YWTFG XQP ,GUWKVGP GT\QIGP 0CEJ FGO 6QF UGKPGU 8CVGTU TQVVGVG GT KP UGKPGP 'TDNCPFGP -·TP VGP 5VGKGTOCTM WPF -TCKP FGP 2TQVGUVCPVKUOWU CWU WPF ICD OKV FGO INGKEJGP 8GTUWEJ KP $ÌJOGP PCEJ UGKPGT 9CJN \WO -ÌPKI FGP #PNC­ \WO DÌJOKUEJGP #WHUVCPF +P FGUUGP 8GTNCWH UGV\VG KJP FGT .CPFVCI CO ,WNK CNU -ÌPKI YKGFGT CD 0CEJ FGO 6QF XQP -CKUGT /CVVJKCU CO /·T\ YWTFG (GTFKPCPF \WO FGWV UEJGP -CKUGT IGY·JNV 0CEJ FGT 5EJNCEJV CO 9GK­GP $GTI VTCV GT FKG *GTTUEJCHV KP $ÌJOGP YKGFGT CP WPF DGICPP KO .CPF UQHQTV TKIQTQU FKG )GIGPTGHQTOCVKQP +O L·JTKIGP -TKGI DGFGWVGVG FCU 4GUVKVWVKQPUGFKMV XQP FGP *ÌJGRWPMV UGKPGT /CEJV KP &GWVUEJNCPF FGT 2TCIGT (TKGFGP XQP YCT FGT $GYGKU HÒT FCU 5EJGKVGTP UGKPGT 2QNKVKM -WT\ XQT UGKPGO 6QF GTTGKEJVG GT FKG 9CJN UGKPGU 5QJPGU (GTFKPCPF +++ \WO TÌOKUEJGP -ÌPKI

244

&WMCVGP $TGUNCW I /ÒP\OGKUVGT ,QJCPP <KGUNGT 9CTFGKP *CPU 4KGFGN h ('4& Û ++ Û & Ù ) Û 41 Û +/ 5 Ú #8 Û ) Ú * Ú $ Ú 4': Û &8Ü 5 )GJCTPKUEJVGU $TWUV DKNF T OKV .QTDGGTMTCP\ ITQ­GT *CNUMTCWUG WPF 5EJWNVGTCITCHHG WPVGT FGO $TWUVDKNF 4CPMG #4%*+&8: #85 Û &8: $84 Ú /#4 Ú /1 Ú % Û 6 Û )GMTÌPVGT &QRRGNCFNGT OKV -QRH UEJGKPGP KP FGP (·PIGP LG GKP 5EJYGTV CWH FGT $TWUV FGT XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU WOIGDGPG XKGTHGNFKIG 5EJKNF 7PICTP $ÌJOGP OKV IGVGKNVGO /KVVGNUEJKNF ¤UVGTTGKEJ $WTIWPF (D ( W 5 / \ # 5NI .ÌHHNGT 5NI 5VTKGDQNN

+P FKGUGT 'TJCNVWPI XQP ITÌ­VGT 5GNVGPJGKV -CDKPGVVUVÒEM 5VGORGNIN·P\GPFGU 'ZGORNCT OKV HGKPGT CNVGT )QNFVÌPWPI

245

74

&WMCVGP $TGUNCW I /ÒP\OGKUVGT ,QJCPP <KGUNGT 9CTFGKP *CPU 4KGFGN h ('4& Û ++ Û & Ù ) Û 41 Û +/ 5 Ú #8 Ü ) Ú * Ú $ Ú 4': Û &8Ü 5 )GJCTPKUEJVGU $TWUV DKNF T OKV .QTDGGTMTCP\ ITQ­GT *CNUMTCWUG WPF 5EJWNVGTCITCHHG WPVGT FGO $TWUVDKNF 4CPMG #4%*+&8: #85 Ú &8: Û $84 Ú /#4 Ú /1 Ú %1 Û 6 Û )GMTÌPVGT &QRRGNCFNGT OKV -QRHUEJGKPGP KP FGP (·PIGP LG GKP 5EJYGTV CWH FGT $TWUV FGT XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU WOIGDGPG XKGTHGNFKIG 5EJKNF 7PICTP $ÌJOGP OKV IGVGKNVGO /KVVGNUEJKNF ¤UVGTTGKEJ $WTIWPF (D ( W 5 / \ # 5NI .ÌHHNGT 5NI 5VTKGDQNN

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 5VGORGNIN·P\GPFGU 'ZGORNCT OKV HGKPGT CNVGT )QNFVÌPWPI

246

&WMCVGP 2TCI /ÒP\OGKUVGT 6QDKCU 5EJWUVGT I &GT -ÌPKI OKV -TQPG WPF *CTPKUEJ UVGJV HCUV X X KP FGT 4GEJVGP <GRVGT KP FGT .KPMGP 4GKEJUCRHGN \W FGP 5GKVGP FGT IGMTÌPVG DÌJOK UEJG WPF FGT IGMTÌPVG WPICTKUEJG 9CRRGPUEJKNF )GMTÌPVGT &QRRGNCFNGT OKV IGMTÌPVGO ÌUVGTTGK EJKUEJ DWTIWPFKUEJGP 9CRRGPUEJKNF CWH FGT $TWUV WPVGP /ÒP\OGKUVGT\GKEJGP 2T·IGUVQEM 6QDKCU 5EJWUVGT /ÒP\OGKUVGT KP 2TCI &KGVKMGT (D FQTV WPVGT $ÌJOGP *CNCEMC 44 5GJT UEJÌP 8QT\ÒINKEJ

&GT /ÒP\OGKUVGT 6QDKCU 5EJWUVGT XQP )QNFDGTI UKIPKGTVG OKV GKPGO TGFGPFGP 5[ODQN FGO 2T·IGUVQEM

247

248

'T\JGT\QI (GTFKPCPF -CTN &WMCV Q , *CNN I 5VGJGPFGT IGMTÌPVGT 'T\JGT\QI T OKV <GRVGT WPF 5EJYGTV &GT $CDGPDGTIGT .GQRQNF +++ FGT *GKNKIG T OKV (CJPG WPF -KTEJGPOQ FGNN (D / 6 8QP ITQ­GT 5GNVGPJGKV /KP IGYGNNV HCUV XQT\ÒINKEJGU 'ZGORNCT

'T\JGT\QI (GTFKPCPF -CTN Ó KP -CNVGTP 5GKPG /WVVGT %NCWFKC XQP /GFKEK ÒDGTPCJO FKG 8QTOWPFUEJCHV HÒT (GTFKPCPF -CTN +O ,CJTG YWTFG GT XQNNL·JTKI WPF MQPPVG FKG 4GIKGTWPI UGNDUV ÒDGTPGJOGP 0QEJ KO UGNDGP ,CJT JGKTCVGVG GT #PPC 2TKP\GUUKP XQP 6QUMCPC 6QEJVGT FGU )TQ­JGT\QIU %QUKOWU ++ #WH FGT 4ÒEMUGKVG YKTF &KXWU .GQRQNFWU CNU 5EJWV\RCVTQP 6KTQNU XQTIGUVGNNV 'U KUV FGT *CDUDWTIGT .GQRQNF +++

+8 FGT MCPQPKUKGTV YWTFG

&WMCVGP &GT 'T\JGT\QI TGKVGV T OKV -QOOCPFQUVCD KO *KPVGTITWPF FKG 5VCFVCPUKEJV XQP +PPUDTWEM ! &GT JGKNKIG .GQRQNF UVGJV HCUV X X OKV (CJPG WPF -KTEJGPOQFGNN WOIGDGP XQP 9CRRGP (GTFKPCPF -CTNU I (D / 6

8QP ITQ­GT 5GNVGPJGKV 9KP\ 4CPFHGJNGT OKP IGYGNNV XQT\ÒINKEJGU 'ZGORNCT

249

(GTFKPCPF +++ &WMCVGP /+ $TGUNCW I d ('4&+0#0&85 Û +++ Û & Ù ) Ú 4 Û +/ Û 5 Û #8)85 Ú )'4 Û *80 Û $ Û 4': Û & Ú 5+ Ú )GMTÌPVGU WPF IGJCTPKUEJVGU $TWUVDKNF T #4%*+&8: Û #856 Û &8: Û $ 84) Ú / Ú /1 Ú %1/ Û 6;4 Û )GMTÌPVGT &QRRGNCFNGT OKV 9CRRGP CWH FGT $TWUV KP FGP (·PIGP 5EJYGTV WPF <GRVGT WPVGP \W FGP 5GKVGP /ÒP\OGKUVGT\GK EJGP / + /KEJCGN ,CP /ÒP\OGKUVGT KP $TGUNCW (D ( W 5

44 5GJT CVVTCMVKXGU 'ZGORNCT UGJT UEJÌPpXQT\ÒINKEJ

(GTFKPCPF +++ 5QJP (GTFKPCPFU ++ WPF #PPC /CTKCU XQP $C[GTP KP )TC\ Ó KP 9KGP YWTFG UEJQP \WO -ÌPKI XQP 7PICTP WPF \WO -ÌPKI XQP $ÌJOGP IGMTÌPV 5GKV FGT 'TOQTFWPI 9CNNGPUVGKPU HÒJTVG GT FCU 1DGTMQOOCPFQ ÒDGT FKG MCKUGTNKEJGP *GGTG 0CEJ FGO 6QF UGKPGU 8CVGTU HQNIVG GT KJO CNU -CKUGT 8QP FC CP CTDGKVGVG GT CWH FGP (TKGFGPUMQPITG­ JKP FGT KP /ÒPUVGT WPF 1UPCDTÒEM GTÌHHPGV YWTFG WPF \WO 9GUVH·NKUEJGP (TKGFGP HÒJTVG #WH FGO 4GIGPUDWTIGT 4GKEJUVCI XQP GTTGKEJVG GT FKG -ÌPKIU YCJN UGKPGU 5QJPGU (GTFKPCPF FGT LGFQEJ XQT KJO UVCTD 0CEJ FGO (TKGFGPUUEJNW­ DGOÒJVG GT UKEJ DGUQPFGTU WO FGP 9KGFGTCWHDCW KP $ÌJOGP WPF UV·TMVG FCU FGWVUEJG 'NGOGPV KP FGT $GXÌNMGTWPI KPFGO GT -QNQPKUVGP CWU FGO MCVJQNKUEJGP 5ÒFGP &GWVUEJNCPFU KPU .CPF \QI +PUDGUQPFGTG YWTFG FGT #FGN YGKVIGJGPF GTPGWGTV FKGU UGV\VG UKEJ WPVGT UGKPGO 0CEJHQNIGT .GQRQNF + HQTV

75

250

&WMCVGP 9KGP I /ÒP\OGKUVGT +UCKCU ,GUUKPUMK /ÒP\OGKUVGT\GKEJGP 5VQTEJ 9CTFGKP 5VCFNGT ('4&+0#0&85 Ú +++ Ú & Ú ) Û 4 Ú -TGKU FCTKP FCU /ÒP\OGKUVGT\GKEJGP Ú + Ú 5 Û #8 Ü ) Û * Û $ Ú 4': -TGW\ CWU HÒPH 2WPMVGP IGDKNFGV )GJCTPKUEJVGU $TWUVDKNF T OKV ITQ­GO -TCIGP WPF .QTDGGTMTCP\ Ú #4%*+& Ú #85 Ú &8: Û IGMTÌPVGT $KPFGPUEJKNF $84 Ú %1 Û 6;4 Ú % < Û )GMTÌPVGT &QRRGNCFNGT OKV -QRHUEJGKPGP KP FGP (·PIGP 5EJYGTV WPF <GRVGT CWH FGT $TWUV FGT XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU WOIGDGPG 9CRRGPUEJKNF FGU )GUCOVJCWUGU (D *GTKPGM C / \ # 5GJT UGNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT CNVGT )QNFVÌPWPI

251

&WMCVGP ,CJTGU\CJN KO 5VGORGN CWU IG·PFGTV 2TCI I /ÒP\OGKUVGT ,CMQD 9GTPJCTF 9QNMGT ('4&+0 Ù +++ Û & ) Ù 4 Ù +/2'4#614 Û 5 Ù # Ù $TWUVDKNF T OKV .QTDGGTMTCP\ ITQ­GO -TCIGP WPF WOIGNGIVGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU )'4 Ù *80 Ù $1*' /+ 4': Û )GMTÌPVGT &QRRGNCFNGT OKV FGO IGMTÌPVGP DÌJOKUEJGP 5EJKNF CWH FGT $TWUV WPVGP KP -NCOOGTP FCU /ÒP\OGKUVGT\GKEJGP *CPF OKV 5VGTP ,CMQD 9GTPJCTF 9QNMGT /ÒP\OGKUVGT KP 2TCI &KGVKMGT (D *CNCEMC 8QP ITQ­GT 5GNVGPJGKV 9KP\ 4CPFHGJNGT CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

252

1,5:1

76

1,5:1

&WMCV 2TCI I /ÒP\OGKUVGT ,CMQD 9GTPJCTF 9QNMGT ('4&+0 Û +++ Û & ) Ú 41 Ú +/2'4# Ú 5 Ú # Ú $TWUVDKNF T OKV .QTDGGTMTCP\ ITQ­GO -TCIGP WPF WOIGNGIVGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU )'4 Û *70 Û $1* '/+ 4': Û )GMTÌPVGT &QRRGNCFNGT OKV FGO IGMTÌPVGP DÌJOKUEJGP 5EJKNF CWH FGT $TWUV WPVGP KP -NCOOGTP FCU /ÒP\OGKUVGT\GKEJGP *CPF OKV 5VGTP ,CMQD 9GTPJCTF 9QNMGT /ÒP\OGKUVGT KP 2TCI &KGVKMGT (D *CNCEMC

8QP ITQ­GT 5GNVGPJGKV 5CWDGT CWUIGRT·IVGU XQT\ÒINKEJGU 2TCEJVGZGORNCT

253

&WMCVGP 9KGP I r ('4&+0#0&85 Û +++ Û & Ù ) Û 41/ +/ Ù 5' Ù #8 Ù )' Ù *8 Ù $1 Ù 4': Û $TWUVDKNF T OKV .QTDGGTMTCP\ WOIGNGIVGO /CPVGN WPF FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU WPVGP KP FGT 7OUEJTKHV /ÒP\OGKUVGT\GKEJGP &TGKGEM KP -TGKU , % 4KEJVJCWUGP /ÒP\OGKUVGT KP 9KGP Û #4% Ù &8: Ù #856 & Ù $84 Ù 5 Ù - Ù % Û % Ù 6;4 Ù )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP \YKUEJGP FGP -ÌRHGP 4GKEJUCRHGN CWH FGT $TWUV HGNFKIGU 9CRRGP XQP 1TFGPUMGVVG WOIGDGP WPVGP KP FGT 7OUEJTKHV MNGKPGT IGMTÌPVGT 9CRRGPUEJKNF (D *GTKPGM 8QP ITQ­GT 5GNVGPJGKV (CUV XQT\ÒINKEJ

$GK FGO XQTNKGIGPFGP 5VÒEM JCPFGNV GU UKEJ WO GKPGP )QNFCDUEJNCI XQP FGP 5VGORGNP FGU 4GKEJUVCNGTU &GT MNGKPG 4GKEJUCRHGN ÒDGT FGO &QRRGNCFNGT KUV FCU <GKEJGP HÒT FKG GFKMVO·­KIGP 4GKEJUUKNDGTOÒP\GP $GK )QNF OÒP\GP YCT FGT 4GKEJUCRHGN PKEJV XQTIGUGJGP

254

254 1,5:1

.GQRQNF + &WMCV Q , *CNN I .'121.&85 Û & Û ) Û 41/ Û + Û 5 Û # Û ) Û * Û $ Û 4': Û +PPGPMTGKU )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ #4%*+& Û #856 Û &8: Û $8 Û %1/ Û 6 Û QJPG +PPGPMTGKU )GMTÌPVGU 9CRRGP WOJGT 1TFGPUMGVVG (D / 6

8QP ITQ­GT 5GNVGPJGKV 5GJT UEJÌPpXQT\ÒINKEJ

.GQRQNF \YGKVGT 5QJP XQP -CKUGT (GTFKPCPF +++ WPF /CTKC #PPC XQP 5RCPKGP KP 9KGP Ó YCT \WP·EJUV HÒT FGP IGKUVNKEJGP 5VCPF DGUVKOOV YWTFG FCPP CDGT \WO -ÌPKI XQP $ÌJOGP WPF \WO FGWV UEJGP -CKUGT IGMTÌPV +P UGKPGT NCPIGP 4GIKGTWPIU\GKV XGTHQNIVG UGKPG 2QNKVKM \YGK <KGNG 5RCPKGP FGP FGWVUEJGP *CDUDWTIGTP \W IGYKPPGP WPF 7PICTP \W TGMCVJQNKUKGTGP &CU GTUVG XGTYKEMGNVG KJP KP NCPIYKGTKIG -TKGIG OKV (TCPMTGKEJ &GT 8GTUWEJ 7PICTP \W TGMCVJQNKUKGTGP TKGH YKGFGTJQNV #WHUV·PFG JGTXQT FKG 7PICTP UWEJVGP *KNHG DGK FGP 6ÒTMGP 5Q MCOGP FKG $ÒPFPKUUG .WFYKIU :+8 OKV FGP 6ÒTMGP IGIGP FCU 4GKEJ \WUVCPFG YCU FKG 6ÒT MGPMTKGIG \WT (QNIG JCVVG <YCT GTHQEJVGP .GQRQNFU DGFGWVGPFG (GNFJGTTGP W C 2TKP\ 'WIGP XQP 5CXQ[GP .WFYKI 9KNJGNO XQP $CFGP FGT 6ÒTMGPNQWKU KOOGT YKGFGT IN·P\GPFG 5KGIG FQEJ \GTTÒVVGVG FKGUG 2QNKVKM 9KTVUEJCHV WPF (KPCP\GP +P &GWVUEJNCPF NGIVG .GQRQNF + FCOKV FGP -GKO HÒT FGP YGKVGTGP <GTHCNN FGU 4GKEJGU KP FGO FKG ITÌ­GTGP 6GTTKVQTKCNUVCCVGP KPUDGUQPFGTG $TCPFGPDWTI 2TGW­GP KOOGT UV·TMGT YWTFGP 5Q NGIVG FGT -CKUGT UGNDUV FGP )TWPFUVGKP HÒT FGP UR·VGTGP &WCNKUOWU FGT ¤UVGTTGKEJ KO ,CJTJWPFGTV FGO GPIGTGP FGWVUEJGP 4CWO GPVHTGOFGP UQNNVG

255

&WMCVGP 9KGP I /ÒP\OGKUVGT ( (CDGT XQP 4QUGPUVQEM /ÒP\OGK UVGT\GKEJGP HÒPHDN·VVTKIG 4QUGVVG Û .'121.&85 Û & Ù ) -TGKU FCTKP FCU /ÒP\OGKUVGT\GKEJGP 4 Û + Û 5 Û # Û ) Û * Û $ Û 4': Û )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGIVGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU É #4%*+& Û # Û & Û $ Û IGMTÌPVGT $KPFGPUEJKNF Û 5 Û % Û % Û % Û 6 Û É )GMTÌPVGT &QRRGNCFNGT OKV -QRHUEJGKPGP KP FGP (·PIGP 5EJYGTV WPF <GRVGT CWH FGT $TWUV FGT XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU WOIGDGPG 9CRRGPUEJKNF FGU )GUCOVJCWUGU %0# 8 (D *GTKPGM / \ # 44 8QT\ÒINKEJGU 'ZGORNCT

77

256

256 1,5:1

&WMCVGP 9KGP I /ÒP\OGKUVGT #PFTGC %GVVQ /ÒP\OGKUVGT\GKEJGP XGT UEJNWPIGPGU /QPQITCOO #% .'121.&85 Ú & Ú ) Ú 41 Û +/ Ú 5' Û #8 Û )' Û *8 Û '6

XGTDWPFGP Û $1 Û 4': -TGW\TQUGVVG )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGIVGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU Ú #4%*+ Û & Û #856 Û -TGKU FCTKP FCU /ÒP\OGKUVGT\GKEJGP Û & Û $84 Û %1/ Û 684 Û )GMTÌPVGT &QRRGNCFNGT KP FGP (·PIGP 5EJYGTV WPF <GRVGT CWH FGT $TWUV FGT XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU WOIGDGPG 9CRRGPUEJKNF FGU )GUCOVJCW UGU %0# 8 (D *GTKPGM / \ # 44 (CUV XQT\ÒINKEJGU 'ZGORNCT

257

&WMCVGP 9KGP I $TWUVDKNF T OKV .QTDGGTMTCP\ WOIGNGIVGO /CPVGN WPF FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP \YKUEJGP FGP -ÌRHGP 4GKEJUCRHGN CWH FGT $TWUV HGNFKIGU 9CRRGP XQP 1TFGPUMGVVG WOIGDGP WPVGP KP FGT 7OUEJTKHV -CTVWUEJG OKV FGO /ÒP\OGKUVGT\GKEJGP HÒPHDN·VVTKIG 4QUGVVG (TCP\ (CDGT /ÒP\OGKUVGT KP 9KGP (D *GTKPGM 44 5GJT UEJÌP

258

&WMCVGP -$ -TGOPKV\ I É .'121.&85 /CFQPPC OKV -KPF Ú & Ù ) Ú 41 Ú + Ú 5 Ú #8) Ú )'4 Ú IGMTÌPVGU 9CRRGP *8 Û $1* Û 4': Û )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WOIGNGIVGO /CPVGN WPF FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU #4%*+&8: Û #85 Û &8: Û $84 Û /#4 Û /14 Û %1 Û 6; Û )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP CWH FGT $TWUV IGMTÌPVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF WPVGP \W FGP 5GKVGP - $ (D *GTK PGM *WU\CT 8QP ITÌ­VGT 5GNVGPJGKV YCJTUEJGKPNKEJ 7PKMWO 9KP\ GKPIGTKV\VG 9GTV\CJN : KO (GNF FGT 8QTFGTUGKVG XQT\ÒINKEJGU 'ZGORNCT

&KG 5VGORGN YWTFGP GKIGPU HÒT FKGUGU GZVTGO UGNVGPG <GJPFWMCVGPUVÒEM CPIGHGTVKIV 'U GZKUVKGTGP MGKPG 6CNGT XQP FKGUGO 5VGORGNRCCT

78

259

)QNFOGFCKNNG \W &WMCVGP WPUKIPKGTV CWH FKG 4ÒEMGTQDGTWPI WPF $GHTGKWPI 0GWJ·WUGNU XQP FGP 6ÒTMGP #PUKEJV FGT DGNCIGTVGP (GUVWPI 0GWP <GKNGP 5EJTKHV OO I 5NI *QTUM[

FQTV KP 5KNDGT 5NI ,WNKWU FQTV KP 5KNDGT 5NI /QPVGPWQXQ FQTV KP 5KNDGT

8QP ITQ­GT 5GNVGPJGKV 8GTOWVNKEJ DGMCPPVGU 'ZGORNCT KP )QNF 8QT\ÒINKEJ

260

&WMCVGP *CNN I .'121.&85 Ù & Ù ) Ù )1/ Ù +/2 Ù 5 Ù # Ù ) Ù * Ù $ Ù 4': Ù )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGIVGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU WOJGT $N·VVGTMTCP\ Û #4%*+& Ù #856 Ù &8: Ù $8 Ù %1 Ù 6;4 Û )GMTÌPVGU 9CRRGP WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU WOJGT $N·VVGTMTCP\ (D / 6 #PO 44 9KP\ 5EJTÌVNKPIUHGJNGT CWH FGT 4ÒEMUGKVG XQT\ÒINKEJ

'ZGORNCT FGT 5NI /QTQUKPK #WMVKQP 'IIGT 9KGP 0T #WU 5COONWPI -CTN (ÒTUV 6TCWVOCPPU FQTH WPF FGT 5NI 5GKH #WMVKQP 1VVQ *GNDKPI 0CEJH /ÒPEJGP 0T

261

261 1,5:1

-CTN 8+ &WMCVGP )TC\ I /ÒP\OGKUVGT #PVQP 2 ,WNK %#41.Æ 8+ Û & Ù ) Ù 4 Ù + Ù 5 Ù # Ù )'4 Ù *+52 Ù *7 Ù '6 $1* Ù 4': Û )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGIVGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU Ú #4%*+&8: #8564+ Û &8: $74) Ù '6 56;4+ Û '% Û Ú )GMTÌPVGT &QRRGNCFNGT KP FGP (·PIGP 5EJYGTV WPF <GRVGT CWH FGT $TWUV FCU IGMTÌPVG XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU WO IGDGPG XKGTHGNFKIG 9CRRGP OKV FGO IGMTÌPVGP UVGKTKUEJGP .ÌYGPYCRRGP CNU /KVVGNUEJKNF (D *GTKPGM / \ #

8QP ITÌ­VGT 5GNVGPJGKV WPF JQJGT PWOKUOCVKUEJGT $GFGWVWPI -CDKPGVVUVÒEM (CUV UVGORGNIN·P\GPFGU 'ZGORNCT OKV HGKPGT CNVGT )QNFRCVKPC

&KGUGU 'ZGORNCT KUV FCU GKP\KIG &WMCVGP 5VÒEM CWU FGT )TC\GT /ÒP\UV·VVG Y·JTGPF FGT 4GIKGTWPIU\GKV -CTNU 8+ -CTN 8+ 9KGP Ó 9KGP $TWFGT FGU CO #RTKN XÌNNKI WPGTYCTVGV XGTUVQTDGPGP -CKUGTU ,QUGH + YWTFG CNU -CTN +++ \WO -ÌPKI XQP 5RCPKGP CWUIGTWHGP WPF MGJTVG CWU FGO 5RCPKUEJGP 'TDHQNIGMTKGI PCEJ 9KGP \WTÒEM WO FKG 4GIKGTWPI FGT ÌUVGTTGKEJKUEJGP 'TDNCPFG CP\WVTGVGP 'T YWTFG KP (TCPMHWTV XQP FGP -WTHÒTUVGP CO 1MVQDGT GKPUVKOOKI IGY·JNV WPF CO 0QXGODGT \WO FGWV UEJGP -CKUGT -CTN 8+ IGMTÌPV +P FGT WOUVTKVVGPGP 2TCIOCVKUEJGP 5CPMVKQP T·WOVG GT UGKPGP GKIGPGP 6ÌEJVGTP HCNNU GT MGKPG 5ÌJPG JCDGP UQNNVG FKG 'TDHQNIG KO JCDUDWTIKUEJGP )GUCOVUVCCV XQT FGP 6ÌEJVGTP ,QUGHU + GKP #O 1MVQDGT UVCTD OKV KJO FGT /CPPGUUVCOO FGT *CDUDWTIGT CWU +JO HQNIVG UGKPG 6QEJVGT /CTKC 6JGTGUKC

79

262

&WMCVGP )TC\ I )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO /CP VGN )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP CWH FGT $TWUV IGMTÌPVGU 9CRRGP (D *GTKPGM 8QP ITQ­GT 5GNVGPJGKV .GKEJV IGYGNNV XQT\ÒINKEJGU 'ZGORNCT

263

263 1,5:1

&WMCV 9KGP I %#4 Ù 8+ Û & Ü ) Û 4 Û + Û 5 Û # Û )' Û *+ Û * Û $ Û 4': Û $TWUVDKNF T OKV .QTDGGTMTCP\ #4%*+& Û #756 Û &7: Û Û $7 Û %1/ Û 6;41. Û )GMTÌPVGT &QRRGNCFNGT OKV FGO 9KGPGT 5EJKNF CWH FGT $TWUV KP FGP (·PIGP 5EJYGTV WPF <GRVGT (D *GTKPGM

8QP CNNGTITÌ­VGT 5GNVGPJGKV 9QJN DGMCPPVGU 'ZGORNCT -N 5EJTÌVNKPIUHGJNGT CO 4CPF XQT\ÒINKEJ

264

266

265

/CTKC 6JGTGUKC 5QWXGTCKP F QT #PVYGTRGP I &GNO '[RGNVCWGT C (D 5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT 9KP\ 5EJTÌVNKPIUTK­ HCUV 5VGORGNINCP\

,QUGH ++ 5QWXGTCKP F QT ( *CNN HÒT FKG 0KGFGTNCPFG I (D ,

44 /KP LWUVKGTV XQT\ÒINKEJp5VGORGNINCP\

5QWXGTCKP F QT ( *CNN HÒT FKG 0KGFGTNCPFG I (D ,

2TCEJVGZGORNCT (CUV 5VGORGNINCP\

267

80

(TCP\ ++ 5QWXGTCKP F QT $TÒUUGN I $ÒUVG T OKV .QTDGGTMTCP\ )GMTÌPVGU 9CRRGP OKV WOIGNGIVGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU FCJKPVGT #PFTGCUMTGW\ &GNO (D , D 8QP ITQ­GT 5GNVGPJGKV 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJGU 'ZGORNCT

268

-#+5'44'+%* ¤56'44'+%*

(TCP\ ,QUGH + -TQPG # 9KGP I (D , 5EJN 4 8QT\ÒINKEJ

269

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270

&WMCVGP # 9KGP I $TWUVDKNF T OKV .QTDGGTMTCP\ )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF 4GKEJUCRHGN KP FGP (·PIGP CWH FGT $TWUV 9CRRGP (D , C 5EJN

44 8QT\ÒINKEJ

271

1,5:1

1,5:1

)QNFCDUEJNCI XQP FGP 5VGORGNP FGU )WNFGPU -$ -TGOPKV\ CWH FKG 8QNNGPFWPI FGU -CKUGT ,QUGH ++ 'TDUVQNNGPU KP 5EJGOPKV\ I ('4'0%< ,Ó<5'( Û + Û - Û # Û %5 Û É5 / Û * Û 5 Û & Û 1 Û #2 Û -+4 Û -QRH T OKV .QTDGGTMTCP\ ++ Û ,Ó<5'( 0'8ª #.6 40# 5'./'%<$ 0; 0 º &KG ,CJTGU\CJNGP —Û— , #PO /ÒUGNGT FQTV KP 5KNDGT

W­GTUV UGNVGP 2TCEJVGZGORNCT XQP RQNKGTVGP 5VGORGNP (CUV 5VGORGNINCP\

81

272

1,5:1

1,5:1

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8QP ITQ­GT 5GNVGPJGKV 2TCEJVGZGORNCT 8QT\ÒINKEJp5VGORGNINCP\

273

273 1,5:1

'TPUV XQP $C[GTP &WMCVGP I ,CJTGU\CJN ÒDGT XKGTHGNFKIGO 9CRRGP UEJKNF &KG DGKFGP *GKNKIGP 5V 4WFDGTVWU WPF 8KTIKNKWU OKV KJTGP #VVTKDWVGP UKV\GP GKPCPFGT IGIGP ÒDGT KO 8QTFGTITWPF -KTEJGPOQFGNN (D 2TQDU\V 44 8QT\ÒINKEJ

274

274 1,5:1

82

,QJCPP ,CMQD -JWGP XQP $GNCUK &WMCVGP OKV 6KVGN /CZKOKNKCPU ++ I 5VGJGPFGT 5V 4WFDGTVWU OKV /KVTC -TWOOUVCD WPF 5CN\IGH·­ XQT KJO XKGTHGNFKIGU 9CR RGP )GMTÌPVGT &QRRGNCFNGT (D 2TQDU\V 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

275

1,5:1

1,5:1

)GQTI XQP -Ã&#x2019;GPDWTI &WMCVGP I i )'14)+85 Ã&#x203A; & Ã&#x2122; ) Ã&#x2122; #4'25 Ã&#x2122; 5#.< Ã&#x2122; # Ã&#x2122; 5 Ã&#x2122; . Ã&#x2122; 8KGTHGNFKIGU 9CRRGP CWH -TGW\ WPF -TWOOUVCD WPVGT .GICVGPJWV PGDGP FGO 9CR RGP FKG IGVGKNVG ,CJTGU\CJN Ã&#x203A; 5 Ã&#x203A; 48&$'4685 Ã&#x203A; '6 Ã&#x203A; 5 Ã&#x203A; 8+4)+.+85 Ã&#x203A; '2 &KG DGKFGP *GKNKIGP 5V 4WFDGTVWU WPF 8KTIKNKWU OKV KJTGP #VVTKDWVGP UKV\GP GKPCPFGT IGIGPÃ&#x2019;DGT (D 2TQDU\V

44 8QT\Ã&#x2019;INKEJ

'T\DKUEJQH )GQTI XQP -Ã&#x2019;GPDWTI

YCT 0GHHG FGU 'T\DKUEJQHU /KEJCGN XQP -Ã&#x2019;GPDWTI 'T VTCV FKG 5CN\DWTIGT 4GIKGTWPI CO ,WPK CP UVCTD CDGT DGTGKVU GKP MPCRRGU JCNDGU ,CJT UR·VGT CO ,CPWCT &GOGPVURTGEJGPF UKPF CNNG KP UGKPGO 0COGP IGRT·IVGP /Ã&#x2019;P\GP ·W­GTUV UGNVGP

276

1,5:1

1,5:1

9QNH &KGVTKEJ XQP 4CKVGPCW &WMCVGP Q , I 91.( Ã&#x2122; 6'1& Ã&#x2122; & Ã&#x2122; ) Ã&#x2122; #4'25 Ã&#x203A; 5#. Ã&#x2122; # Ã&#x2122; 5 Ã&#x2122; . Ã&#x203A; 5GEJUHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF WPVGT .GICVGPJWV Ã&#x203A; 5 Ã&#x203A; 48&$'4685 Ã&#x203A; '6 Ã&#x203A; 5 Ã&#x203A; 8+4)+.+85 Ã&#x203A; '2 &KG DGKFGP *GKNKIGP 5V 4WFDGTVWU WPF 8KTIKNKWU OKV KJTGP #VVTKDWVGP UKV\GP GKPCPFGT IGIGPÃ&#x2019;DGT (D 2TQDU\V 44 8QT\Ã&#x2019;INKEJ

'ZGORNCT FGT 5COONWPI 2TKP\ 2JKNKRR XQP 5CEJUGP %QDWTI )QVJC #WMVKQP . . *CODWTIGT (TCPMHWTV 0T

&GT /Ã&#x2019;P\JGTT FKGUGU JGTTNKEJGP &TGKFWMCVGPUVÃ&#x2019;EMU YCT GKP V[RKUEJGT (Ã&#x2019;TUV FGU #DUQNWVKUOWU 'T UGV\VG UGKPG /CEJV KO 'T\UVKHV GPGTIKUEJ FWTEJ DGUEJPKVV FKG -QORGVGP\GP FGU &QOMCRKVGNU WPF UWURGPFKGTVG FKG .CPFUV·PFG &GT 'T\DKUEJQH IGTKGV CW­GPRQNKVKUEJ KP #WUGKPCPFGTUGV\WPIGP OKV FGP *CDUDWTIGTP WPF 9KVVGNUDCEJGTP KPFGO GT DGKFG *·WUGT FWTEJ FCU 'YKIG 5VCVWV ITWPFU·V\NKEJ XQP FGT $GUGV\WPI FGU 5CN\DWTIGT $KUEJQHUUVWJNU CWU UEJNQ­ 0GDGP CPFGTGP 2TQDNGOGP HÃ&#x2019;JTVG XQT CNNGO FGT 5VTGKV WO FKG $GTEJVGUICFGPGT 5CNKPGP \WO QHHGPGP -QP HNKMV OKV $C[GTP +O ,CJT NKG­ 9QNH &KGVTKEJ $GTEJVGUICFGP OKNKV·TKUEJ DGUGV\GP WPF GKPG 5CN\GZRQTVURGTTG IGIGP $C[GTP XGTJ·PIGP $C[GTP TÃ&#x2019;EMVG FCTCWHJKP KP 5CN\DWTI GKP PCJO FGP 'T\DKUEJQH IGHCPIGP WPF \YCPI KJP OKV R·RUVNKEJGT <WUVKOOWPI \WT 4GUKIPCVKQP

83

277

1,5:1

1,5:1

/CTMWU 5KVVKMWU XQP *QJGPGOU &WMCVGP I $TWUVDKNF T KP $KUEJQHUMNGK FWPI &KG DGKFGP *GKNKIGP 5V 4WFDGTVWU WPF 8KTIKNKWU OKV KJTGP #VVTKDWVGP UKV\GP GKPCPFGT IGIGPÒDGT KP FGT /KVVG QXCNGU 9CRRGP WPVGT .GICVGPJWV (D 2TQDU\V

8QP ITQ­GT 5GNVGPJGKV (CUV XQT\ÒINKEJ

278

278 1,5:1

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8QP ITÌ­VGT 5GNVGPJGKV 9GTV\CJN GKPIGTKV\V MN 4CPFHGJNGT HCUV XQT\ÒINKEJ

279

84

&WMCVGP CWH FKG &QOYGKJG I 5V 4WFDGTVWU WPF 5V 8KTIKNKWU UKV\GP X X OKV -TWOO UV·DGP WPF JCNVGP GKP &QOOQFGNN WPVGP .GICVGPJWV ÒDGT 9CRRGP 8QP CEJV $KUEJÌHGP IGVTCIGPGT 4GNKSWKGPUEJTGKP WPVGP \YGK 'PIGN OKV 4CWEJHC­ (D 2TQDU\V

44 *GPMGNURWT MN 4CPFHGJNGT UGJT UEJÌP

1,5:1

280

280

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281

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44 9GTV\CJN 8+ CWH FGT 4ÒEMUGKVG GKPIGTKV\V XQT\ÒINKEJ

282

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85

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284

1,5:1

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&WMCV OKV 6KVGN XQP (TCP\ + I &GT -CKUGT UVGJV JCNDT OKV IGUEJWNVGTVGO <GRVGT WPF 4GKEJU CRHGN 8GT\KGTVG 6CHGN OKV HÒPH <GKNGP 5EJTKHV (D /GPCFKGT

44 2TCEJVGZGORNCT 8QT\ÒINKEJp5VGORGNINCP\

285

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286

286 1,5:1

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287

287 1,5:1

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&WMCVGP OKV 6KVGN (GTFKPCPFU +++ WPF 'NGQPQTG I f #8)856# Û 8+0& '.+%1 48/ f f 5VCFVR[T KP QXCNGO 4CJOGP FGT OKV GKPGO IGHNÒIGNVGP 'PIGNUMÌRHEJGP WPF \YGK #FNGTMÌRHGP IGUEJOÒEMV KUV WPVGP FTGK *WHGKUGP f ('4&+0#0& Û +++ Û 4 Û + Û 5 Û # Û 2 Û ( Û '6 Û '.'10 Û 5 Û % Û / Û %10+8: Û +/2 $TWUVDKNF (GTFKPCPFU +++ WPF UGKPGT )GOCJNKP 'NGQPQTG XQP /CPVWC T (QTUVGT (D 5NI /QPVGPWQXQ 44 /KP LWUVKGTV XQT\ÒINKEJ

288

288 1,5:1

&WMCV OKV 6KVGN .GQRQNFU + I (QTUVGT (D

8QT\ÒINKEJ

289

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87

290 1,5:1

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291

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44 2TCEJVGZGORNCT XQP RQNKGTVGP 5VGORGNP +P 1TKIKPCNGVWK (CUV 5VGORGNINCP\

292

293

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&WMCV 4JGKPIQNF I 8CTKCPVG OKV XGTMGJTVGT KP FGT ,CJTGU\CJN &KXQ 5 (D 5EJN 9KGNCPFV 8QT\ÒINKEJp5VGORGNINCP\

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295

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$#;'40 *'4<1)67/ 5'+6 -74(ª456'067/ 5'+6 -¤0+)4'+%*

/CZKOKNKCP + &WMCVGP /ÒPEJGP CWH FKG 0GWDGHGUVKIWPI FGT 5VCFV /ÒPEJGP I &GT IGJCTPKUEJVG -WTHÒTUV UVGJV HCUV X X FKG 4GEJVG CWH -QOOCPFQUVCD IGUVÒV\V FKG .KPMG NGJPV CWH GKPGO 2QUVCOGPV FCTCWH 4GKEJUCRHGN XQT FGO 2QUVCOGPV 9CRRGP 5VCFVCPUKEJV XQP /ÒP EJGP FCTÒDGT /CFQPPC OKV -KPF PGDGP FGP (GUVWPIUOCWGTP FKG IGVGKNVG ,CJTGU\CJN (D *CJP 9KVV 8QT\ÒINKEJGU 'ZGORNCT

0CEJFGO $C[GTP WPF /ÒPEJGP KPHQNIG FGU L·JTKIGP -TKGIGU XQP FGP 5EJYGFGP DGUGV\V YQTFGP YCT GPVUEJNQ­ UKEJ -WTHÒTUV /CZKOKNKCP + UGKPG *CWRV WPF 4GUKFGP\UVCFV PGW \W DGHGUVKIGP #WH FKGUGP #PNC­ YWTFGP FKGUG &WMCVGP 5VÒEMG IGRT·IV &KG 8QTFGTUGKVGPWOUEJTKHV FKGUGU DCTQEMGP 5EJCWUVÒEMGU GPVJ·NV FKG 6KVWNCVWT /#:+/+.

KCPWU %1/ GU 2#.

CVKPWU 4* GPCPWU 86 TKWUSWG $# XCTKCG &8: 5 CETK 4 QOCPK + ORGTKK #4%*+&#2 KHGT '6 '.'%6 QT /CZKOKNKCP 2HCN\ITCH DGK 4JGKP DGKFGT $C[GTP 1DGT WPF 0KGFGTDC[GTP *GT\QI FGU JGKNKIGP TÌOKUEJGP 4GKEJGU 'T\ WPF -WTHÒTUV &KG 4ÒEMUGKVG DTKPIV FGP 2UCNO 0+5+ &1/ KPWU %8561&+'4+6 %+8+6 CVGO (4856 TC 8+)+.

CV 38+ %8561&+6 9Q FGT *GTT PKEJV FKG 5VCFV DGYCEJV FC YCEJV FGT 9·EJVGT XGTIGDNKEJ

296

1,5:1

1,5:1

(GTFKPCPF /CTKC &WMCVGP /ÒPEJGP 2T·UGPV FGT DC[GTKUEJGP .CPFUV·PFG \WT )GDWTV FGT 2TKP\GUUKP /CTKC #PPC I &KG $TWUVDKNFGT XQP (GTFKPCPF /CTKC WPF UGKPGT )GOCJ NKP *GPTKGVVG #FGNJGKF 6QEJVGT XQP *GT\QI 8KEVQT #OCFGWU + XQP 5CXQ[GP PGDGPGKPCPFGT T 8GT\KGT VGT 4CWVGPUEJKNF \W FGP 5GKVGP 'PIGN QDGP 'PIGNUMQRH (D 9KVV

8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJ

(GTFKPCPF /CTKC YWTFG CO 1MVQDGT CNU ·NVGUVGT 5QJP FGU -WTHÒTUVGP /CZKOKNKCP + IGDQTGP 'T HQNIVG UGKPGO 8CVGT WPVGT 8QTOWPFUEJCHV UGKPGT /WVVGT WPF XQP #NDGTV 8+ FGO .GWEJVGPDGTIGT XQP 'T YWTFG 4GKEJUXKMCT WPF XGTUVCTD CO /CK KP 5EJNGK­JGKO

89

297

1,5:1

1,5:1

/CZKOKNKCP ++ 'OCPWGN &WMCVGP Q , /ÒPEJGP 2T·UGPV FGT 5V·PFG CWH UGKPG GTUVG 8GTO·JNWPI OKV /CTKC #PVQPKC 6QEJVGT XQP -CKUGT .GQRQNF + XQP ¤UVGTTGKEJ I # &'1 2#%+5 $'..+38' 6'/214' 2'4'00+5 ('.+%+6#5 &TGKGEM $GKFGT $TWUVDKNFGT PGDGPGKPCPFGT T WOJGT 2CNO WPF .QTDGGT\YGKI \W FGP 5GKVGP 5VTCJNGP WPF 9QNMGP r +6# 818'06+$85 864+8538' $#8#4+ 56#6+$85 &'816+55+/+5 4CWVGPUEJKNF WOIGDGP XQP FGP 9CRRGP XQP /ÒPEJGP .CPFUJWV $WTIJCWUGP WPF 5VTCWDKPI WOJGT )KTNCPFG QDGP 'PIGNUMQRH (D 9KVV

44 2TCEJVGZGORNCT 8QT\ÒINKEJ

/CZKOKNKCP ++ 'OCPWGN ,WNK YCT FGT ·NVGUVG 5QJP FGU -WTHÒTUVGP (GTFKPCPF /CTKC 'T VTCV FKG 4GIKG TWPI CO /CK CP WPF UVCPF DKU \WO ,WNK WPVGT 8QTOWPFUEJCHV UGKPGU 1JGKOU /CZKOKNKCP 2JKN KRR /CZKOKNKCP 'OCPWGN PCJO TGIGP #PVGKN CP FGP -·ORHGP IGIGP FKG 6ÒTMGP \ $ DGK FGT UKGITGKEJGP 'PV UCV\UEJNCEJV CO 5GRVGODGT XQT 9KGP WPF DGK FGT GTUVGP 'TUVÒTOWPI XQP $GNITCF CO 5GRVGODGT XQP DKU YCT GT 5VCVVJCNVGT FGT URCPKUEJGP 0KGFGTNCPFG 9·JTGPF FGU 5RCPKUEJGP 'TDHQNIGMTKGIGU GTNGDVG GT KP FGT 5EJNCEJV DGK *ÌEJUV·FV CO #WIWUV GKPG UEJYGTG 0KGFGTNCIG FCU DC[GTKUEJ HTCP\ÌUKUEJG *GGT YWTFG FWTEJ 2TKP\ 'WIGP XQP 5CXQ[GP WPF FGP *GT\QI XQP /CTNDQTQWIJ XQNNUV·PFKI XGTPKEJVGV /CZKOKNKCP 'OCPWGN OW­VG FCTCWHJKP $C[GTP XGTNCUUGP 5GKP .CPF YWTFG KJO CDIGURTQEJGP OCP XGTJ·PIVG FKG 4GKEJUCEJV ÒDGT KJP +O ,WPK GTJKGNV GT XQP 2JKNKRR 8 XQP 5RCPKGP FCU *GT\QIVWO .WZGODWTI WPF FKG )TCHUEJCHV 0COWT &WTEJ FGP (TKGFGP XQP $CFGP GTJKGNV GT FKG 'TDNCPFG \WTÒEM

298 1,5:1

-CTN 6JGQFQT &WMCV /ÒPEJGP +PPIQNF I $ÒUVG T OKV \WUCOOGPIGDWPFGPGP *CCTGP FCTWPVGT 56 ,QJCPP *GKPTKEJ 5VTCWD 5VGORGNUEJPGKFGT KP /ÒPEJGP (NW­IQVV NCIGTV PCEJ T WPF GPVNGGTV GKPG 9CUUGTWTPG CWH UGKPGO NKPMGP -PKG J·NV GT FCU DC[GTKUEJG 9CRRGP (D *CJP -KTEJJGKOGT 9KVV 44 8QT\ÒINKEJ

1,5:1

1,5:1

299 1,5:1

/CZKOKNKCP +8 + ,QUGRJ )QNFIWNFGP Q , 0GWLCJTUIQNFIWNFGP 2T·UGPV FGT 5VCFV 9ÒT\DWTI I -QRH N 9CRRGP \YKUEJGP .QTDGGT\YGKIGP &KXQ 5 (D 5EJN

8QT\ÒINKEJp5VGORGNINCP\

&KG 5VCFV 9ÒT\DWTI YCT UGKV FGO ,CJTJWPFGTV XGTRHNKEJVGV KJTGO LGYGKNKIGP .CPFGUJGTTGP CNU *GT\QI XQP (TCPMGP GKPG <CJNWPI XQP )QNFIWNFGP \WO 0GWLCJT GKPGU LGFGP ,CJTGU \W NGKUVGP XGTOWVNKEJ KP #DNÌUWPI GKPGT CNVGP 0CVWTCNCDICDG #WEJ PCEJFGO 9ÒT\DWTI CP $C[GTP IGHCNNGP YCT YWTFG FKGUGT $TCWEJ DGKDGJCNVGP

90

300

301

&WMCV I -QRH T )GMTÌPVGU QXCNGU FTGKHGNFKIGU 9CRRGP \YKUEJGP .QTDGGT WPF 2CNO\YGKI &KXQ 5 (D 5EJN 4 8QT\ÒINKEJ

-ÌPKITGKEJ $C[GTP UGKV /CZKOKNKCP + +8 ,QUGRJ &WMCV I &KXQ 5 (D 5EJN 8QT\ÒINKEJ

302

1,5:1

1,5:1

.WFYKI + )QNFIWNFGP 0GWLCJTUIQNFIWNFGP 2T·UGPV FGT 5VCFV 9ÒT\DWTI I .7&18+%75 $#8#4+#' 4': -QRH N 5KGDGP <GKNGP 5EJTKHV .8&18+%1 %#41.1 4')+ $#8#4+#' 816# '6 24+/+6+#5 5 2 3 9 ' ) ) 'KP )QNFIWNFGP &KXQ 5 (D 5EJN 44 0WT 'ZGORNCTG IGRT·IV .GKEJV LWUVKGTV XQT\ÒINKEJ

&KG 5VCFV 9ÒT\DWTI YCT UGKV FGO ,CJTJWPFGTV XGTRHNKEJVGV KJTGO LGYGKNKIGP .CPFGUJGTTGP CNU *GT\QI XQP (TCPMGP GKPG <CJNWPI XQP )QNFIWNFGP \WO 0GWLCJT GKPGU LGFGP ,CJTGU \W NGKUVGP XGTOWVNKEJ KP #DNÌUWPI GKPGT CNVGP 0CVWTCNCDICDG #WEJ PCEJFGO 9ÒT\DWTI CP $C[GTP IGHCNNGP YCT YWTFG FKGUGT $TCWEJ DGKDGJCNVGP *KGT NKGIV FGT GTUVG FGTCTVKIG 0GWLCJTUIQNFIWNFGP HÒT .WFYKI + XQT &KG 4ÒEMUGKVGPKPUEJTKHV FKGUGU 5VÒEMGU GPVJ·NV FCU %JTQPQITCOO FGT ,CJTGU\CJN

303

/CZKOKNKCP ++ &WMCV I &KXQ 5 (D 5EJN

8QT\ÒINKEJp5VGORGNINCP\

304

1,5:1

1,5:1

8GTGKPUMTQPG I -QRH T WPVGP 81+)6 %CTN (TKGFTKEJ 8QKIV 5VGORGNUEJPGKFGT KP /ÒPEJGP CD 9GTV WPF ,CJTGU\CJN KP FTGK <GKNGP WOJGT 'KEJGPMTCP\ &KXQ 5 (D 5EJN 9KVV 44 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

91

305

1,5:1

1,5:1

.WFYKI ++ 8GTGKPUMTQPG I .7&9+) ++ -Œ0+) 8 $#;'40 -QRH T CO *CNUCDUEJPKVV 81+)6 8'4'+05/ª0<' '+0 2(70& ('+0 9GTVCPICDG -410' WPF ,CJTGU\CJN KP 'KEJGPNCWDMTCP\ 4CPFUEJTKHV KPMWU )166 ê 5')0' ê $#;'40 ê ó ê &KXQ 5 (D 5EJN 0WT YGPKIG 'ZGORNCTG IGRT·IV 8QP ITQ­GT 5GNVGPJGKV 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

+O 9KGPGT /ÒP\XGTVTCI XQO ,CPWCT XGTGKPDCTVGP FKG 5VCCVGP FGU &GWVUEJGP <QNNXGTGKPU UQYKG ¤UVGT TGKEJ WPF .KGEJVGPUVGKP PGDGP FGT 7OUVGNNWPI FGT /ÒP\HÒ­G CWH FCU <QNNRHWPF XQP I FKG #WURT·IWPI XQP 8GTGKPUOÒP\GP &KGU YCTGP KP GTUVGT .KPKG FKG 8GTGKPUVCNGT WPF FKG DGTGKVU UGKV FGO &TGUFPGT /ÒP\XGTVTCI XQP I·PIKIGP FQRRGNVGP 8GTGKPUVCNGT #W­GTFGO NGIVG #TVKMGN FGU 9KGPGT /ÒP\XGTVTCIGU \WT YGKVGTGP 'TNGKEJVGTWPI FGU IGIGPUGKVKIGP 8GTMGJTU WPF \WT (ÌTFGTWPI FGU *CPFGNU OKV FGO #WUNCPFG FKG 2T·IWPI XQP 8GTGKPU *CPFGNUOÒP\GP KP )QNF WPVGT FGT $GPGPPWPI -TQPG WPF *CNDG -TQPG HGUV &GT 8GTVTCI DGUVKOOVG CWEJ FCU (GKPIGYKEJV FGU 2HWPFGU HGKPGP )QNFGU I FGP (GKPIGJCNV 6CWUGPFVGKNG )QNF 6CWUGPFVGKNG -WRHGT FGP &WTEJOGUUGT OO WPF FKG )GUVCNVWPI 8QTFGTUGKVG $KNFPKU FGU .CPFGUJGTTP 4ÒEMUGKVG 9GTVCPICDG FGT )QNFOÒP\GP FKG XQP $C[GTP CNNG UGNVGP UKPF &KG -TQPGP WPF *CNDMTQPGP FGU DG TÒJOVGP $C[GTPMÌPKIU .WFYKI ++ XQP FGPGP JKGT LGYGKNU GKP JGTXQTTCIGPF GTJCNVGPGU 'ZGORNCT CPIGDQVGP YKTF UKPF FKG UGNVGPUVGP 5VÒEMG FKGUGT 0QOKPCNG WPF \·JNGP \W FGP DGIGJTVGUVGP 2T·IWPIGP FGU ,CJTJWPFGTVU

306

1,5:1

1,5:1

8GTGKPUMTQPG I .7&9+) ++ -Œ0+) 8 $#;'40 -QRH T CO *CNUCDUEJPKVV 81+)6 8'4'+05/ª0<' '+0 2(70& ('+0 9GTVCPICDG -410' WPF ,CJTGU\CJN KP 'KEJGP NCWDMTCP\ /KV KPMWUGT 4CPFUEJTKHV )166 ê 5')0' ê $#;'40 ê ó ê &KXQ 5 (D 5EJN

8QP ITQ­GT 5GNVGPJGKV 2TCEJVGZGORNCT 5VGORGNINCP\

308

307

$4#0&'0$74) +0 (4#0-'0 $4#0&'0$74) #05$#%* /#4-)4#(5%*#(6

%JTKUVKCPG %JCTNQVVG CNU 8QTOÒPFGTKP KJTGU 5QJPGU -CTN 9KNJGNO (TKGFTKEJ &WMCV I (D 5NI 9KNO 8QT\ÒINKEJGU 'ZGORNCT

%JTKUVKCP (TKGFTKEJ -CTN #NGZCPFGT &WMCV 5EJYCDCEJ I )GJCTPKUEJVGU $TWUVDKNF T &TGK 9CRRGPUEJKNFG FCTÒDGT -TQPG (D 5NI 9KNO

2TCEJVGZGORNCT (CUV 5VGORGNINCP\

92

309

1,5:1

1,5:1

$4#0&'0$74) 24'755'0 $4#0&'0$74) /#4-)4#(5%*#(6 5'+6 &'/ ,#*4*70&'46 -74(ª456'067/

(TKGFTKEJ 9KNJGNO FGT )TQ­G -WTHÒTUV &WMCVGP %5 5VGVVKP CWH FKG 'TQDGTWPI XQP 5VGVVKP I (4+& Ù 9+.* Ù '. Ú $4 Ú 56'6+0 21/ &8: Û $TWUVDKNF T OKV .QTDGGTMTCP\ FCTWPVGT %5 %JTKUVQRJ 5WETQ /ÒP\OGKUVGT KP 5VGVVKP #PUKEJV FGT 5VCFV 5VGVVKP T QDGP GKP WOUVTCJNVGU 5QPPGPIGUKEJV FCTÒDGT DQIKI .8%' 4'584)1 018# Û KO #DUEJPKVV # Ù Ú &'% Ù (D X 5EJT 5NI *GPEMGN NGKEJV XCT

44 5EJÌPG TÌVNKEJG )QNFRCVKPC CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

0CEJ FGO 5KGI ÒDGT FKG 5EJYGFGP DGK (GJTDGNNKP CO ,WPK FGT (TKGFTKEJ 9KNJGNO FGP $GKPCOGP )TQ­GT -WTHÒTUV GKPDTCEJVG IGNCPI GU FGP $TCPFGPDWTIGTP FKG /CTM XQP UEJYGFKUEJGP 6TWRRGP \W DGHTGKGP )GOGKPUCO OKV &·PGOCTM ITKHH FGT )TQ­G -WTHÒTUV PWP FKG NGV\VGP UEJYGFKUEJGP 2QUKVKQPGP KP &GWVUEJNCPF CP WPF MQPPVG 'PFG 5VGVVKP FCU KO 9GUVH·NKUEJGP (TKGFGP CP 5EJYGFGP CDIGVTGVGP YQTFGP YCT PCEJ JCTVP·E MKIGT 8GTVGKFKIWPI FWTEJ FKG 5EJYGFGP GKPPGJOGP $GTGKVU OW­VG GT FKG 5VCFV CNNGTFKPIU YKGFGT \WTÒEMIGDGP

310

&WMCVGP WPDGUVKOOVG /ÒP\UV·VVG CWH FKG 'TQDGTWPI XQP 5VGVVKP I $ÒUVG T OKV .QT DGGTMTCP\ WPF 7OJCPI FCTWPVGT + * 5VGORGNUEJPGKFGT ,QJCPP *ÌJP 5VCFVCPUKEJV XQP 5VGVVKP FC TÒDGT #FNGT WPF )TGKH FKG IGOGKPUCO FCU -WT\GRVGT JCNVGP KO #DUEJPKVV FCU &CVWO FGT 'TQDGTWPI #Q Û Û &'% $CJTH (D XIN X 5EJT 5NI *GPEMGN

4 5GJT CVVTCMVKXGU 'ZGORNCT OKV HGKPGT )QNFRCVKPC XQT\ÒINKEJ

311

312

24'755'0 -¤0+)4'+%*

(TKGFTKEJ 9KNJGNO + FGT 5QNFCVGPMÌPKI &WMCV %) -ÌPKIUDGTI I -QRH T OKV .QTDGGTMTCP\ FCTWPVGT FCU /ÒP\OGKUVGT\GKEJGP % Û ) Û %CURCT )GGNJCCT /ÒP\OGKUVGT KP -Ì PKIUDGTI &GT RTGW­KUEJG #FNGT HNKGIV N \WT 5QPPG CWH (D X 5EJT

4 8QT\ÒINKEJ

&WMCV *(* /CIFGDWTI I )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ )GMTÌPVGT 1T FGPUUVGTP (D X 5EJT 4 (CUV XQT\ÒINKEJGU 'ZGORNCT

93

314

313

&WMCV ')0 $GTNKP I (D X 5EJT

&WMCV ')0 $GTNKP I )GJCTPKUEJVGU $TWUVDKNF T )GMTÌPVGT 1TFGPUUVGTP (D X 5EJT 8QT\ÒINKEJ

315

316

/KP IGYGNNV XQT\ÒINKEJ

317

9KNJGNOU F QT ')0 $GTNKP I )GJCTPKUEJVGU $TWUVDKNF T CO #TOCDUEJPKVV FCU /ÒP\ OGKUVGT\GKEJGP ')0 'TPUV )GQTI 0GWDCWGT /ÒP\OGKUVGT KP $GTNKP 8KGT IGMTÌPVG /Q PQITCOOG KPU -TGW\ IGUVGNNV KP FGT /KVVG #FNGTUEJKNF (D X 5EJT

4 5GJT UEJÌP UGJT UEJÌPpXQT\ÒINKEJ

&GT RTGW­KUEJG 9KNJGNOU F QT YWTFG XQP (TKGFTKEJ 9KNJGNO + GKPIGHÒJTV WPF PCEJ KJO DGPCPPV 'T H·NNV GVYCU CWU FGT 4GKJG FGT 2KUVQNGP JGTCWU 9·JTGPF PQTOCNGTYGKUG FKG 6CNGT 5VÒEMG KP )QNF CNU .QWKU F QT /CZ F QT WPF CWEJ UR·VGT KP 2TGW­GP CNU (TKGFTKEJU F QT DG\GKEJPGV YWTFGP YWTFG JKGT FCU &QRRGNUVÒEM CNUQ FKG 6CNGT )QNFOÒP\G PCEJ FGO 0COGPUIGDGT DGPCPPV

9KNJGNOU F QT ')0 $GTNKP I )GJCTPKUEJVGU $TWUVDKNF T OKV 7OJCPI 8KGT IGMTÌPVG /QPQITCOOG KPU -TGW\ IGUVGNNV KP FGT /KVVG #FNGTUEJKNF (D X 5EJT

4 5GJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

+O 2T·IGLCJT FGU 5VÒEMU GTUEJKGP FGT #PVKOCEEJKCXGNNK KP FGO UKEJ -TQPRTKP\ (TKGFTKEJ FGT CNU -ÌPKI (TKGFTKEJ ++ FGP RTGW­KUEJGP 6JTQP DGUVKGI OKV FGO 9GTM FGU (NQTGPVKPGTU /CEEJKCXGNNK CWUGKPCPFGTUGV\VG

(TKGFTKEJ ++ FGT )TQ­G &QRRGNVGT (TKGFTKEJU F QT # $GTNKP I )GJCTPKUEJ VGU $TWUVDKNF T OKV 1TFGPUDCPF -TGW\ WPF 7OJCPI #FNGT \YKUEJGP 9CHHGP QDGP -TQPG (D 1NF #PO X 5EJT 4 #VVTCMVKXGU 'ZGORNCT UGJT UEJÌP

+O 2T·IGLCJT FKGUGU &QRRGNHTKGFTKEJU F QT MCO 8QNVCKTG CNU )CUV (TKGFTKEJU ++ PCEJ 2TGW­GP

318

318 1,5:1

94

(TKGFTKEJU F QT # $GTNKP I )GJCTPKUEJVGU $TWUVDKNF T QJPG -TGW\ CO 1TFGPUDCPF #FNGT \YKUEJGP 9CHHGP FCTÒDGT -TQPG KO #DUEJPKVV ,CJTGU\CJN (D 1NF C X 5EJT

#W­GTIGYÌJPNKEJ IWV GTJCNVGPGU 'ZGORNCT (CUV 5VGORGNINCP\

319

(TKGFTKEJU F QT # $GTNKP I (D 1NF C X 5EJT (CUV XQT\ÒINKEJ XQT\ÒINKEJ

320

1,5:1

1,5:1

(TKGFTKEJU F QT # $GTNKP I )GJCTPKUEJVGU $TWUVDKNF T OKV -TGW\ CO 1TFGPUDCPF #FNGT \YKUEJGP 9CHHGP FCTÒDGT -TQPG KO #DUEJPKVV ,CJTGU\CJN (D 1NF D X 5EJT

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

321

1,5:1

1,5:1

(TKGFTKEJU F QT # $GTNKP I -QRH T )GMTÌPVGT #FNGT CWH #TOCVWTGP (D 1NF X 5EJT 8QP ITQ­GT 5GNVGPJGKV 9KP\ 4CPFHGJNGT YKP\ -TCV\GT XQT\ÒINKEJGU 'ZGORNCT

322

322 1,5:1

&QRRGNVGT (TKGFTKEJU F QT # $GTNKP I -QRH T OKV .QTDGGTMTCP\ )GMTÌPVGT #FNGT CWH #TOCVWTGP (D 1NF X 5EJT 5GNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJ

95

323 1,5:1

1,5:1

(TKGFTKEJU F QT # $GTNKP I $ÒUVG T )GMTÌPVGT #FNGT CWH #TOCVWTGP QDGP FKG ,CJTGU \CJN (D 1NF X 5EJT 5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT /KP LWUVKGTV HCUV 5VGORGNINCP\

+O 2T·IGLCJT FKGUGU JÒDUEJGP (TKGFTKEJU F QT UGV\VG UKEJ FGT 2TGW­GPMÌPKI OKV \YGK 9GTMGP FGT HTCP\ÌUK UEJGP 5R·VCWHMN·TWPI CWUGKPCPFGT 2CWN 6JKT[ F *QNDCEJU 5EJTKHVGP 'UUCKU UWT NGU RT¾LWIGU 'UUC[ ÒDGT FKG 8QTWTVGKNG WPF 5[UV½OG FG NC PCVWTG QW NQKU FW OQPFG RJ[UKSWG GV FW OQPFG OQTCN 5[UVGO FGT 0CVWT QFGT XQP FGP )GUGV\GP FGT RJ[UKUEJGP WPF FGT OQTCNKUEJGP 9GNV &KG FCTKP IG·W­GTVGP (QTFGTWPIGP PCEJ 8QNMUCWHMN·TWPI NGJPVG GT UGNDUV HTGKNKEJ MQPUGSWGPV CD

324

326

325

327

(TKGFTKEJU F QT # $GTNKP I -QRH T OKV .QTDGGTMTCP\ )GMTÌPVGT #FNGT CWH #TOCVWTGP (D 1NF X 5EJT 8QT\ÒINKEJp5VGORGNINCP\

(TKGFTKEJU F QT $ $TGUNCW I -QRH T )GMTÌPVGT #FNGT CWH #TOCVWTGP (D 1NF X 5EJT 44 8QT\ÒINKEJ

(TKGFTKEJ 9KNJGNO ++ (TKGFTKEJU F QT # $GTNKP I )GJCTPKUEJVGU $TWUVDKNF T OKV 7OJCPI WPF 1TFGPUMTGW\ )GMTÌPVGT #FNGT CWH #TOCVWTGP (D ,

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

(TKGFTKEJ 9KNJGNO +++ &QRRGNVGT (TKGFTKEJU F QT # I &KXQ 5 (D 5EJN (CUV XQT\ÒINKEJ

328

96

)QNFOGFCKNNG \W &WMCVGP Q , XQP , . ,CEJVOCPP )TQ­G 5VCCVURTGKUOGFCKNNG $TWUVDKNF N KP 7PKHQTO )GMTÌPVG WPF IGHNÒIGNVG $QTWUUKC OKV (ÒNNJQTP WPF 5VGWGTTWFGT UKV\V X X CWH GKPGO -WDWU \W KJTGP (Ò­GP FGT RTGW­KUEJG #FNGT OO I *ÒUMGP

8QP ITQ­GT 5GNVGPJGKV -N 2TQDKGTURWT CO 4CPF YKP\ -TCV\GT XQT\ÒINKEJ

329

)QNFOGFCKNNG \W &WMCVGP Q , XQP , . ,CEJVOCPP -NGKPG 5VCCVURTGKUOGFCKNNG $TWUVDKNF N KP 7PKHQTO )GMTÌPVG WPF IGHNÒIGNVG $QTWUUKC OKV (ÒNNJQTP WPF 5VGWGTTWFGT UKV\V X X CWH GKPGO -W DWU \W KJTGP (Ò­GP FGT RTGW­KUEJG #FNGT OO I *ÒUMGP

44 9KP\ 2TQDKGTURWT CO 4CPF XQT\ÒINKEJ

330

)QNFOGFCKNNG \W &WMCVGP Q , ITCXKGTV XQP * ( $TCPFV 5VCCVURTGKUOGFCKNNG HÒT XCVGT N·PFKUEJG )GYGTDGGT\GWIPKUUG -QRH N OKV 5EJPWTTDCTV +P .QTDGGTMTCP\ 24'+5 &'0 *'44'0 *'05'.

GKPITCXKGTV W 5%*7/#00 GKPITCXKGTV <7'4-#006 WOJGT #7556'..70) 8#6'4.#'0&+5%*'4 )'9'4$5'4<'7)0+55' 81/ ,#*4' FKG NGV\VGP DGKFGP <KHHGTP UKPF ITCXKGTV OO I *ÒUMGP .GJPGTV FQTV KP $TQP\G

8QP CNNGTITÌ­VGT 5GNVGPJGKV 9QJN FCU GKP\KIG DGMCPPVG 'ZGORNCT /KP 4CPFHGJNGT YKP\ -TCV\GT XQT\ÒINKEJ

331

)QNFOGFCKNNG \W &WMCVGP Q , XQP ) )QGV\G 2T·OKGPOGFCKNNG FGU 8GTGKPU \WT $GHÌTFGTWPI FGU )GYGTDGHNGK­GU KP 2TGW­GP (QTO 0CEJ T UEJTGKVGPFGT IGHNÒIGNVGT )GPKWU OKV (CEMGN WPF .QTDGGT MTCP\ +P 'KEJGPNCWDMTCP\ \YGK <GKNGP )TCXWT *GTTP # X 21//'4 '5%*' WOJGT k &'4 8'4'+0 <74 $'(1'4&'470) &'5 )'9'4$'(.'+55'5 +0 24'755'0 OO I *ÒUMGP

8QP ITQ­GT 5GNVGPJGKV /KP 4CPFHGJNGT YKP\ -TCV\GT XQT\ÒINKEJp5VGORGNINCP\

97

332

333

334

)QNFOGFCKNNG \W &WMCVGP XQP , . ,CEJVOCPP -NGKPG 5VCCVURTGKUOGFCKNNG -QRH N )GMTÌPVG WPF IGHNÒIGNVG $QTWUUKC OKV (ÒNNJQTP WPF 5VGWGTTWFGT UKV\V PCEJ N CWH GKPGO -WDWU \W KJTGP (Ò­GP FGT RTGW­KUEJG #FNGT OO I *ÒUMGP 44 8QT\ÒINKEJGU 'ZGORNCT

(TKGFTKEJ 9KNJGNO +8 )QNFOGFCKNNG \W &WMCVGP Q , XQP - (KUEJGT 2T·OKGPOG FCKNNG +JTGT /CLGUV·V -ÌPKIKP 'NKUCDGVJ (QTO -QRH FGT -ÌPKIKP N OKV &KCFGO 8GTNGKJWPIUITCXWT <WO #PFGPMGP OO I *ÒUMGP 44 8QT\ÒINKEJp5VGORGNINCP\

)QNFOGFCKNNG \W &WMCVGP Q , XQP - (KUEJGT 2T·OKGPOGFCKNNG +JTGT /CLGUV·V -ÌPKIKP 'NKUCDGVJ -QRH FGT -ÌPKIKP N OKV &KCFGO 8GTNGKJWPIUITCXWT OO I *ÒUMGP

8QP ITÌ­VGT 5GNVGPJGKV .GKEJVG $GCTDGKVWPIUURWTGP CO 4CPF XQT\ÒINKEJ

335

)QNFOGFCKNNG \W &WMCVGP XQP - (KUEJGT WPF % 2HGWHHGT )TQ­G *WNFKIWPIUOGFCKNNG HÒT $GTNKP -QRH T FCTWPVGT \YGK <GKNGP 5EJTKHV 'KUGTPGU -TGW\ OKV FGO IGMTÌPVGP #FNGTUEJKNF DGNGIV FCXQT 5EJYGTV <GRVGT WPF 4GKEJUCRHGN IGMTGW\V WOJGT 1TFGPUMGVVG FKG OKV CEJV MNGKPGP 9CRRGP UEJKNFGP DGNGIV KUV OO I *ÒUMGP 5QOOGT 2 NGKEJV XCT

4CPF DGCTDGKVGV NGKEJV DGTKGDGP UGJT UEJÌPpXQT\ÒINKEJ

336

98

)QNFOGFCKNNG \W &WMCVGP XQP - (KUEJGT WPF % 2HGWHHGT -NGKPG *WNFKIWPIUOGFCKNNG HÒT $GTNKP -QRH T FCTWPVGT \YGK <GKNGP 5EJTKHV 'KUGTPGU -TGW\ OKV FGO IGMTÌPVGP #FNGTUEJKNF DGNGIV FCXQT 5EJYGTV <GRVGT WPF 4GKEJUCRHGN IGMTGW\V WOJGT 1TFGPUMGVVG FKG OKV CEJV MNGKPGP 9CRRGP UEJKNFGP DGNGIV KUV OO I *ÒUMGP 5QOOGT 2 8QT\ÒINKEJ

337

)QNFOGFCKNNG \W &WMCVGP Q , XQP , . ,CEJVOCPP WPF % 2HGWHHGT 5VCCVURTGKUOGFCKNNG HÒT 9KUUGPUEJCHV (QTO -QRH N WOJGT GKP DTGKVGU 4GNKGHDCPF CWH FGO KP CNNGIQTKUEJGT &CTUVGNNWPI FKG XKGT (CMWNV·VGP 6JGQNQIKG #TEJ·QNQIKG /GFK\KP WPF ,WTC \W UGJGP UKPF *GNKQU KP 5QPPGPYCIGP X X FCTWPVGT 6KGTMTGKU CWH FGO UKGDGP *KOOGNU\GKEJGP \W UGJGP UKPF OO I *ÒUMGP 5QOOGT 2 44 -N 2TQDKGTURWT CO 4CPF XQT\ÒINKEJp5VGORGNINCP\

338

)QNFOGFCKNNG \W &WMCVGP Q , WPUKIPKGTV 5VCCVURTGKUOGFCKNNG HÒT IGYGTDNKEJG .GKUVWPIGP -QRH T KP GKPGO -TCP\ CWU UVKNKUKGTVGP $NÒVGP )GMTÌPVG $QTWUUKC OKV .QTDGGTMTCP\ WPF 5VCD YKTF XQP GKPGO #FNGT IGVTCIGP OO I *ÒUMGP

-N 4CPFHGJNGT MN -TCV\GT UGJT UEJÌPpXQT\ÒINKEJ

&KG XQTNKGIGPFG /GFCKNNG YWTFG XQP 2GVGT XQP %QTPGNKWU OQFGNNKGTV

340

339

9KNJGNO + 8GTGKPUMTQPG $ I -QRH T 9GTV WPF ,CJT KP 'KEJGPNCWDMTCP\ &KXQ 5 (D 5EJN 5GNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 9KP\ 4CPFHGJNGT XQT\ÒINKEJp5VGORGNINCP\

8GTGKPUMTQPG # I -QRH T 9GTV KP 'KEJGPMTCP\ &KXQ 5 (D 5EJN 4 8QT\ÒINKEJ

341

)QNFOGFCKNNG \W &WMCVGP Q , ITCXKGTV XQP %JT 5EJPKV\URCJP 2T·OKGPOGFCKNNG (QTO -QRH T -TCP\ CWU 'HGWDN·VVGTP FCTKP 8GTNGKJWPIUITCXWT OO I *ÒUMGP

44 9KP\ 4CPFHGJNGT XQT\ÒINKEJp5VGORGNINCP\

99

342

)QNFOGFCKNNG \W &WMCVGP XQP % 2HGWHHGT 'TKPPGTWPIUOGFCKNNG CWH FKG -TÌPWPI FGU -Ì PKIURCCTGU KP -ÌPKIUDGTI (QTO &KG IGMTÌPVGP $TWUVDKNFGT 9KNJGNOU + WPF FGUUGP )GOCJNKP #WIWUVC PGDGPGKPCPFGT T 'KUGTPGU -TGW\ OKV FGO IGMTÌPVGP #FNGTUEJKNF DGNGIV FCXQT 5EJYGTV <GRVGT WPF 4GKEJUCRHGN IGMTGW\V WOJGT 1TFGPUMGVVG FKG OKV CEJV MNGKPGP 9CRRGPUEJKNFGP DGNGIV KUV OO I *ÒUMGP 5QOOGT 2 4 .GKEJVGT $WI YKP\ 4CPFHGJNGT XQT\ÒINKEJ

343

344

345

)QNFOGFCKNNG \W &WMCVGP Q , XQP 9 -WNNTKEJ 4ÒEMUGKVGPUVGORGN XQP % 2HGWHHGT IGHGT VKIV WPUKIPKGTV 2T·OKG HÒT -ÒPUVNGT -QRH T WOJGT GKP DTGKVGU 4GNKGHDCPF CWH FGO KP XKGT (GNFGTP FKG -ÒPUVG /CNGTGK $CWMWPUV $KNFJCWGTGK WPF /WUKM FCTIGUVGNNV UKPF \YKUEJGP FGP (GNFGTP 8GT\KG TWPIGP #NVGU /WUGWO FCTÒDGT *GNKQU OKV 5QPPGPYCIGP WPVGT FGO )GD·WFG .[TC \YKUEJGP \YGK )TGKHGP OO I *ÒUMGP \W #DD $GUEJTGKDWPI HCNUEJ /CTKGPD XCT 5QOOGT - 4 /KP 4CPFHGJNGT XQT\ÒINKEJp5VGORGNINCP\

)QNFOGFCKNNG \W &WMCVGP XQP 4 1VVQ +ORGTCVTKZ 4GIKPC /GFCKNNG -QRH FGT -CKUGTKP #W IWUVC T OKV 6WEJ WPF &KCFGO FCTWPVGT UGEJUUVTCJNKIGT 5VGTP )GMTÌPVGT #FNGT OKV FGO 9CRRGP UEJKNF 2TGW­GP 5CEJUGP CWH FGT $TWUV OO I *ÒUMGP 8QP ITQ­GT 5GNVGPJGKV .GKEJVG $GCTDGKVWPIUURWTGP HCUV XQT\ÒINKEJ

&KG XQTNKGIGPFG /GFCKNNG YWTFG XQP ,QUGRJ XQP -QRH OQFGNNKGTV

100

9KNJGNO ++ )QNFOGFCKNNG \W &WMCVGP Q , XQP ' 9GKICPF -NGKPG 'TKPPG TWPIUOGFCKNNG CWH UGKPGP 4GIKGTWPIUCPVTKVV -QRH T 'KUGTPGU -TGW\ OKV FGO IGMTÌPVGP #FNGTUEJKNF DGNGIV FCXQT 5EJYGTV <GRVGT WPF 4GKEJUCRHGN IGMTGW\V WOJGT 1TFGPUMGVVG FKG OKV CEJV MNGKPGP 9CRRGPUEJKNFGP DGNGIV KUV OO I *ÒUMGP 5QOOGT 9

2TCEJVGZGORNCT (CUV 5VGORGNINCP\

346

)QNFOGFCKNNG \W &WMCVGP Q , XQP 1 5EJWNV\ WPF % 2HGWHHGT )TQ­G 5VCCVURTGKUOGFCKNNG HÒT -WPUV $TWUVDKNF T KP 7PKHQTO WPF /CPVGN #NVGU /WUGWO FCTÒDGT *GNKQU OKV 5QPPGPYCIGP WPVGT FGO )GD·WFG .[TC \YKUEJGP \YGK )TGKHGP OO I *ÒUMGP

44 8QT\ÒINKEJp5VGORGNINCP\

&KG 8QTFGTUGKVG FKGUGT /GFCKNNG YWTFG XQP *GKP\ *QHHOGKUVGT OQFGNNKGTV

347

6TCIDCTG )QNFOGFCKNNG \W &WMCVGP Q , XQP 1 5EJWNV\ -NGKPG 5VCCVURTGKUOGFCKNNG HÒT -WPUV $TWUV DKNF T KP 7PKHQTO WPF /CPVGN #NVGU /WUGWO FCTÒDGT *GNKQU OKV 5QPPGPYCIGP WPVGT FGO )GD·WFG .[TC \YKUEJGP \YGK )TGKHGP OO I *ÒUMGP 44 8QT\ÒINKEJp5VGORGNINCP\

&KG 8QTFGTUGKVG FKGUGT /GFCKNNG YWTFG XQP *GKP\ *QHHOGKUVGT OQFGNNKGTV

348

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44 9KP\ -TCV\GT XQT\ÒINKEJp5VGORGNINCP\

349

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8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJp5VGORGNINCP\

&KG XQTNKGIGPFG /GFCKNNG YWTFG FWTEJ -ÌPKI (TKGFTKEJ 9KNJGNO +8 IGUVKHVGV WPF CNNG HÒPH ,CJTG HÒT FCU JGTXQT TCIGPFUVG 9GTM ÒDGT FGWVUEJG )GUEJKEJVG XGTNKGJGP &KG NGV\VG 8GTNGKJWPI HCPF FWTEJ -CKUGT 9KNJGNO ++ UVCVV

101

350

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351

351 1,5:1

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44 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

352

353

354

#WIWUV 9KNJGNO &WMCV $TCWPUEJYGKI 7PVGTJCT\IQNF I $TWUVDKNF T 4Q­ URTKPIV N FCTWPVGT FTGK <GKNGP 5EJTKHV WPF * Û % Û * *GKPTKEJ %JTKUVQRJ *KNNG /ÒP\OGKUVGT KP $TCWPUEJYGKI (D 9GNVGT 8QP ITQ­GT 5GNVGPJGKV 5GJT UEJÌPpXQT\ÒINKEJ

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-CTN 9KNJGNO (GTFKPCPF &WMCV $TCWPUEJYGKI I (D 9GNVGT 8QT\ÒINKEJ

102

355 1,5:1

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8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJGU 2TCEJVGZGORNCT

356

357

6CNGT /% I &KXQ 5 (D 5EJN

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358 1,5:1

1,5:1

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359

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8QP ITÌ­VGT 5GNVGPJGKV 9KP\ -TCV\GT XQT\ÒINKEJGU 'ZGORNCT

103

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363

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364

364 1,5:1

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365

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367

367 1,5:1

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105

372

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373

373 1,5:1

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374

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&GT XQTNKGIGPFG &QRRGNFWMCV \GKIV FGP 5EJYGFGPMÌPKI CNU 'TYCEJUGPGP &GT /ÒP\OGKUVGT ,QJCPP .GQPJCTF #JTGPUDWTI FGT CWH FGT 2T·IWPI CNU 8GTCPVYQTVNKEJGT DG\GKEJPGV KUV MCO CWU FGP 5C[P 9KVVIGPUVGKPKUEJGP .CPFGP PCEJ 5EJYGTKP 'T YCT WTURTÒPINKEJ FGT *CWRVIGJKNHG FGU DGTÒJOVGP 8CVGTU FGT *GEMOÒP\GP )TCH )WUVCX XQP 5C[P 9KVVIGPUVGKP *QJGPUVGKP &KGUGT NKG­ CW­GTJCND FGT -TGKUOÒP\UV·VVGP KP UQIG PCPPVGP *GEMGPOÒP\GP WPVGTYGTVKIG /ÒP\GP CWURT·IGP WO GKPGP JÌJGTGP 5EJNCIUEJCV\ \W GT\KGNGP 8QP DKU NKG­ )WUVCX UGKPG /ÒP\OCPKRWNCVKQPGP FWTEJ #JTGPUDWTI KP 5VGVVKP CWUHÒJTGP WPF DGVGKNKIVG FGP UEJYG FKUEJGP -ÌPKI CO )GYKPP UKGJG WPUGTG #WMVKQP 0T #JTGPUDWTI CTDGKVGVG Y·JTGPF FKGUGT <GKV WPF PCEJ )WUVCXU 4ÒEM\WI CWU FGO 5VGVVKPGT /ÒP\IGUEJ·HV CWEJ HÒT 2QOOGTP WPF DTCEJVG IWVJCNVKIG /ÒP\GP YKG FCU XQTNKGIGPFG CVVTCMVKXG 5VÒEM JGTCWU &GT /ÒP\OGKUVGT UVCPF DKU KP RQOOGTUEJGP &KGPUVGP YWTFG FCPP CDGT YGIGP FGT *GEMGPOÒP\GTGK KPJCHVKGTV

119

426

1,5:1

1,5:1

-CTN :++ &WMCVGP XQP , /GOOKWU KP 5VGVVKP CWH FKG 5KGIG FGT ,CJTG I )GJCTPKUEJVGU *ÒHVDKNF T OKV -QOOCPFQUVCD .ÌYG \YKUEJGP GKPGT \GTDTQEJGPGP WPF GKPGT PQEJ KPVCMVGP 5·WNG (D *KNFGDTCPF + 5 44 8QT\ÒINKEJ

&CU CVVTCMVKXG 5VÒEM KUV CPN·­NKEJ FGT \CJNTGKEJGP 5KGIG IGRT·IV YQTFGP FKG FGT 5EJYGFGPMÌPKI -CTN :++ UGKV KO ITQ­GP PQTFKUEJGP -TKGI GTTWPIGP JCVVG &CDGK U[ODQNKUKGTGP FKG DGKFGP CWH FGT 4ÒEMUGKVG CDIGDKNFGVGP 5·WNGP FKG )GIPGT -CTNU :++ &KG \GTDTQEJGPG 5·WNG TGRT·UGPVKGTV FGP DGTGKVU CPIGUEJNCIGPGP RQNPKUEJGP -ÌPKI #WIWUV ++ #WIWUV FGP 5VCTMGP XQP 5CEJUGP WPF FKG KPVCMVG 5·WNG UVGJV HÒT FGP TWUUKUEJGP <CT 2GVGT FGP )TQ ­GP &GT UGNVGPG &QRRGNFWMCV KUV GKP GKPFTWEMUXQNNGT JKUVQTKUEJGT $GNGI HÒT FCU 5GNDUVDGYW­VUGKP FGU UEJYGFK UEJGP -TKGIUJGTTP FGUUGP 4KUKMQDGTGKVUEJCHV \WO 'PFG FGT UEJYGFKUEJGP )TQ­OCEJVUVGNNWPI KO GWTQR·KUEJGP /·EJVGMQP\GTV HÒJTGP UQNNVG

427

427 1,5:1

56#&6

4')'05$74)

&WMCVGP XQP 8 /CNGT CWH FGP 4GKEJUVCI KP 4GIGPUDWTI )GMTÌPVGT &QRRGNCFNGT WOJGT FKG 9CRRGP FGT -WTHÒTUVGP XQP $ÌJOGP FGT 2HCN\ 5CEJUGP $TCPFGPDWTI -ÌNP 6TKGT WPF /CKP\ )GJCTPKUEJVGU $TWUVDKNF -CKUGT 4WFQNHU ++ T OKV WOIGNGIVGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU OO I 2NCVQ 5NI 'TNCPIGT 5NI 'TNCPIGT ++ 5NI /QPVGPWQXQ FQTV KP 5KNDGT 8QP ITQ­GT 5GNVGPJGKV 9KP\ -TCV\GT XQT\ÒINKEJGU 'ZGORNCT

428 1,5:1

120

1,5:1

&WMCV (TKGFGPUYWPUEJ I 5 Û %1.8/$# Û 8'0+ Û &8.%+5 Ú ('4 Ú /80' Ù 2#%+5 Û 5VCFVUEJKNF KP XGT\KGTVGT -CTVWUEJG \W FGP 5GKVGP QDGP 6CWDG OKV ¤N\YGKI )GMTÌPVGT &QR RGNCFNGT WOIGDGP XQP FGP UKGDGP OKV (ÒTUVGPJÒVGP DGNGIVGP MWTHÒTUVNKEJGP 9CRRGP FKG FWTEJ GKP $CPF OKVGKPCPFGT XGTDWPFGP UKPF FCU XQP GKPGT *CPF CWU 9QNMGP IGJCNVGP YKTF $GEMGPD (D 2CZ KP 0WOOKU 2NCVQ XCT FQTV KP 5KNDGT 44 2TCEJVGZGORNCT 5VGORGNINCP\

429

&WMCVGP OKV 6KVGN .GQRQNFU + I /10'6# Û 4'+28$.+% Û 4#6+5$10'05+5 È &CU 4GIGPUDWTIGT 5VCFVYCRRGP KP XGT\KGTVGT -CTVWUEJG \W FGP 5GKVGP FGT IGMTGW\VGP 5EJNÒUUGN WPVGT FGT -CTVWUEJG FCU /ÒP\OGKUVGT\GKEJGP *( *KGTQP[OWU (GFGTGT /ÒP\OGKUVGT KP 4GIGPU DWTI .'121.&85 Û & Û ) Û 41/ Û +/2 Û 5'/2 Û #8) Û )GMTÌPVGT &QRRGNCFNGT OKV -QRHUEJGKPGP \YKUEJGP FGP -ÌRHGP 4GKEJUCRHGN KP FGP (·PIGP 5EJYGTV WPF <GRVGT CWH FGT $TWUV FGT JGT\HÌTOKIG IGMTÌPVG 9CRRGPUEJKNF XQP ¤UVGTTGKEJ .QVJTKPIGP WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU $GEMGPD 8 (D

8QP ITÌ­VGT 5GNVGPJGKV 9KP\ 4CPFHGJNGT XQT\ÒINKEJGU 'ZGORNCT

430

&WMCVGP Q , OKV 6KVGN .GQRQNFU + I /10'6# 4'+28$.+% 4#6+5 $10'05+5 È &CU 4GIGPUDWTIGT 5VCFVYCRRGP KP XGT\KGTVGT -CTVWUEJG WPVGP \YKUEJGP FGP 8GT\KGTWPIGP FCU /ÒP\OGKUVGT\GKEJGP +/ ( ,QJCPP /KEJCGN (GFGTGT /ÒP\OGKUVGT KP 4GIGPUDWTI .'121.&85 Û & Û ) Û 41/ Û +/2 Û 5'/2 Û #8) Û )GMTÌPVGT &QRRGNCFNGT OKV -QRH UEJGKPGP \YKUEJGP FGP -ÌRHGP 4GKEJUCRHGN KP FGP (·PIGP 5EJYGTV WPF <GRVGT CWH FGT $TWUV FGT JGT\HÌTOKIG IGMTÌPVG 9CRRGPUEJKNF XQP ¤UVGTTGKEJ .QVJTKPIGP WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU WPVGP \W FGP 5GKVGP FGT 5EJYCP\HGFGTP FCU /ÒP\OGKUVGT\GKEJGP * ( *KGTQP[ OWU (GFGTGT /ÒP\OGKUVGT KP 4GIGPUDWTI $GEMGPD : (D

7PKMWO 8QT\ÒINKEJGU 'ZGORNCT

&CU XQTNKGIGPFG &WMCVGP 5VÒEM YWTFG KP FGT #OVU\GKV ,QJCPP /KEJCGN (GFGTGTU IGRT·IV &C\W YWTFG GKPG ·NVGTG 4ÒEMUGKVG DGPWV\V WPF FCU /ÒP\OGKUVGT\GKEJGP * ( YWTFG PKEJV IGVKNIV

431

1,5:1

1,5:1

&WMCVGP OKV 6KVGN -CTNU 8+ I /10 Ü 4'+2 Ü 4#6+5$10 Ú 5VCFVCPUKEJV XQP 0QTFGP OKV $TÒEMGP WPF (NW­NCPFUEJCHV FCTÒDGT UVTCJNGPFGU &TGKGEM WPVGP KO #DUEJPKVV 5VCFVYCRRGP \YK UEJGP .QTDGGT WPF 2CNO\YGKI %#41. Ü 8+ Û & Ü ) Û 41/ Û +/2 Ü 5 Û # Û )GJCTPKUEJVGU $TWUV DKNF -CTNU 8+ T OKV .QTDGGTMTCP\ /CPVGN WPF WOIGNGIVGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU CWH FGT $TWUV 4CPMG $GEMGPD (D 2NCVQ

7PKMWO 2TCEJVGZGORNCT 9KP\ -TCV\GT HCUV 5VGORGNINCP\

121

432

416*'0$74) 1$ &'4 6#7$'4

56#&6

&WMCV CWH FKG ,CJTHGKGT FGT 4GHQTOCVKQP KP 4QVJGPDWTI QD FGT 6CWDGT I -TQPG ÒDGT $WEJ OKV '8 #0 )' .+8/ FCTWPVGT HÒPH 6ÒTOG ÒDGT /CWGT 5KGDGP <GKNGP 5EJTKHV (D 5NI 'TNCPIGT XIN 5NI 9JKVKPI WPGFKGTV 44 8QT\ÒINKEJp5VGORGNINCP\

433

5#%*5'0 -74(ª456'067/

5#%*5'0

#NDTGEJV CNU *GT\QI )QNFIWNFGP Q , .GKR\KI I (D 5NI /GTUGD 4 9KP\ 5EJTÌVNKPIUHGJNGT CO 4CPF HCUV XQT\ÒINKEJ

434

1,5:1

1,5:1

%JTKUVKCP + &WMCVGP &TGUFGP I f %*4+56+#0 Ù & Ù ) Ù &8: Û 5#:10+ Û '.'%614 Û )GJCTPKUEJVGU $TWUVDKNF T OKV IGUEJWNVGTVGO 5EJYGTV KP DGKFGP *·P FGP 1JPG 7OUEJTKHV )TQ­GU -TGW\ KP FGT /KVVG FCU /ÒP\OGKUVGT\GKEJGP 4QUG *CPU $KGPGT /ÒP\OGKUVGT KP &TGUFGP KP FGP 9KPMGNP FKG 9CRRGPUEJKNFG XQP -WTUCEJUGP *GT\QIVWO 5CEJUGP 2HCN\ 5CEJUGP WPF 6JÒTKPIGP $CWOICTVGP 5GJT TCT (D 4CTG

8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJGU 'ZGORNCT

'ZGORNCT FGT 5COONWPI 5EJKEM #WMVKQP # 4KGEJOCPP %Q *CNNG 5CCNG 5GRVGODGT 0T

%JTKUVKCP + FGT GKP\KIG ÒDGTNGDGPFG 5QJP FGU -WTHÒTUVGP #WIWUV YWTFG DGTGKVU OKV FGO 8QTUKV\ FGU )G JGKOGP 4CVGU WPF OKV FGT 9CJTPGJOWPI YGUGPVNKEJGT $GHWIPKUUG FGT KPPGTGP 8GTYCNVWPI DGVTCWV 9·JTGPF UGKPGT HÒPHL·JTKIGP 4GIGPVUEJCHV ÒDGTNKG­ FGT -WTHÒTUV FKG 4GIKGTWPIUIGUEJ·HVG YGKVIGJGPF UGKPGO -CP\NGT 0KEQ NCWU %TGNN FGT JGKONKEJ FGO %CNXKPKUOWU \WPGKIVG WPF FKG $GHWIPKUUG FGU .CPFVCIGU UVCTM DGUEJPKVV 7PVGT FKG UGO GTJGDNKEJGP 'KPHNW­ XGTUWEJVG GT KO )GIGPUCV\ \WO UVCTMGP .WVJGTVWO UGKPGU 8CVGTU GKP $ÒPFPKU CNNGT RTQVGUVCPVKUEJGP 4GKEJUUV·PFG \W GTTGKEJGP &CDGK WPF DGK FGT 7PVGTUVÒV\WPI XGTHQNIVGT )NCWDGPUIGPQUUGP KP (TCPMTGKEJ WPF FGP 0KGFGTNCPFGP HCPF GT KP UGKPGO 5EJYCIGT ,QJCPP %CUKOKT XQP FGT 2HCN\ GKPGP GPVUEJNQUUGPGP 2CTVPGT 0CEJ FGO 6QF %JTKUVKCPU + NKG­ FGT UVTGPI NWVJGTKUEJG *GT\QI (TKGFTKEJ 9KNJGNO XQP 5CEJUGP #NVGP DWTI FGT 8QTOWPF UGKPGU 5QJPGU %JTKUVKCP ++ FGP DGK FGP .CPFUV·PFGP XGTJC­VGP -CP\NGT %TGNN XGTJCHVGP WPF PCEJ GKPGO LWTKUVKUEJ \YGKHGNJCHVGP )GTKEJVUXGTHCJTGP KP &TGUFGP JKPTKEJVGP

&GT 2T·IGJGTT FKGUGT RT·EJVKIGP WPF UGJT UGNVGPGP )QNFOÒP\G DGICPP KO ,CJT OKV FGT %JTKUVKCPUDWTI FGP #WUDCW FGT (GUVWPI -ÌPKIUVGKP

122

435

,QJCPP )GQTI + &WMCVGP &TGUFGP I &GT IGJCTPKUEJVG -WTHÒTUV UVGJV T OKV IGUEJWNVGTVGO 5EJYGTV 8KGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF KP 8GT\KGTWPIGP WPVGP FCU /ÒP\ OGKUVGT\GKEJGP 5 & 5GDCNF &KGTNGDGT /ÒP\OGKUVGT KP &TGUFGP (D 5NI /GTUGD

8QT\ÒINKEJ

436

1,5:1

1,5:1

(TKGFTKEJ #WIWUV + #WIWUV FGT 5VCTMG &WMCV .GKR\KI CWH FKG ,CJTHGKGT FGT 7PKXGTUKV·V .GKR\KI I $TWUVDKNF T OKV -WTJWV WPF 5EJYGTV T 5VCFVCPUKEJV XQP .GKR\KI FCTÒDGT FCU 7PKXGTUKV·VUYCRRGP (D WPVGT .GKR\KI .CXGTTGP\ 5NI /GTUGD FQTV KP 5KNDGT 44 8QT\ÒINKEJ &KG 4ÒEMUGKVGPWOUEJTKHV GPVJ·NV FKG ,CJTGU\CJN CNU %JTQPQITCOO

437

437 1,5:1

&WMCVGP &TGUFGP CWH FKG 8GTO·JNWPI UGKPGU 5QJPGU -WTRTKP\ #WIWUV OKV 'T\JGT\QIKP /CTKC ,QUGRJC XQP ¤UVGTTGKEJ I <GJP <GKNGP 5EJTKHV FCTÒDGT 4GKEJUCRHGN <YGK *·PFG WO UEJPÒTGP \YGK HNCOOGPFG *GT\GP (D 5NI /GTUGD 44 8QT\ÒINKEJ

&WTEJ FKG *GKTCV OKV /CTKC ,QUGRJC XQP ¤UVGTTGKEJ VTCV FGT -WTRTKP\ KP FGP GPIGTGP -TGKU FGT #PY·TVGT CWH FKG FGWVUEJG -CKUGTMTQPG (TKGFTKEJ #WIWUV UEJGWVG MGKPG -QUVGP WO FKG *QEJ\GKV CWHU RTCEJVXQNNUVG CWU\WUVCVVGP GT DGTGKVGVG RGTUÌPNKEJ FKG (GKGTNKEJMGKVGP XQT FKG UKEJ OKV 1RGTP 5EJCWURKGNGP 5EJCWLCIFGP WPF 6WTPKGTGP FGP ICP\GP /QPCV 5GRVGODGT ÒDGT JKP\KGJGP UQNNVGP #WEJ FCU 8QNM UQNNVG CP FGP (GKGTNKEJMGKVGP VGKNPGJOGP CNNGTFKPIU IKPI (TKGFTKEJ #WIWUV DGK FGT $GUEJCHHWPI FGT HKPCP\KGNNGP /KVVGN TÒEMUKEJVUNQU XQT GT NKG­ UKG CWU UGKPGP 7PVGTVCPGP JGTCWURTGUUGP *CWRVVJGOC FGU (GUVGU DKNFGVGP FKG UKGDGP 2NCPGVGP WPF KJTG 'KPYKTMWPI CWH FCU OGPUEJNKEJG .GDGP FCU DGIKPPGPFG ,CJTJWPFGTV YCT UVCTM XQO )NCWDGP CP FKG /CEJV FGT )GUVKTPG IGRT·IV

438

&WMCV &TGUFGP CWH FKG 8GTO·JNWPI UGKPGU 5QJPGU -WTRTKP\ #WIWUV OKV 'T\JGT\QIKP /CTKC ,QUGRJC XQP ¤UVGTTGKEJ I (D 5NI /GTUGD 8QT\ÒINKEJ

123

1,5:1 439

439

(TKGFTKEJ #WIWUV ++ )QNFOGFCKNNG \W &WMCVGP XQP , 9 *ÌEMPGT CWH FKG *WNFKIWPI FGT 5VCFV (TGKDGTI \W UGKPGO 4GIKGTWPIUCPVTKVV n & Û ) Û (4+&'4 Û #8)856 Û 24 Û 4') Û 21. Û . Û &8: Û 5#: Û '.'%6 n +25' 58 )'06+5 .8: 2.#%+&8538' #/14

&KG $WEJUVCDGP GPVJCNVGP FKG ,CJTGU\CJN CNU %JTQPQITCOO )GJCTPKUEJVGU $TWUVDKNF T ÒDGT 5EJTKHV KP FTGK <GKNGP 1$5'38+8/ 4'018#6 8'685 84$5 %'.'$4#6# (+&'.+5 & Û Û +80 Û #1 Û Û &KG $WEJUVCDGP GPVJCNVGP FKG ,CJTGU\CJN CNU %JTQPQITCOO (4';$'4) &+' #.6' 80& )'64'8' É 8'4524+%*6 &+' #.6' 64'8 #8(5 0'8' &KG $WEJUVCDGP GPVJCNVGP FKG ,CJTGU \CJN CNU %JTQPQITCOO 5VCFVCPUKEJV XQP (TGKDGTI OKV $GTIYGTMUCPNCIG WPF )TWDGPCPUKEJV KO #D UEJPKVV ).8%- #8( OO I /ÒUGNGT 5NI /GTUGD

8QP ITÌ­VGT 5GNVGPJGKV 8GTOWVNKEJ GKP\KIGU 'ZGORNCT KP 2TKXCVDGUKV\ 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

&CU KO PÌTFNKEJGP 'T\IGDKTIG IGNGIGPG (TGKDGTI YWTFG WO XQP FGO OGK­PKUEJGP /CTMITCH 1VVQ IGITÒPFGV 'U GTJKGNV UGKPGP 0COGP FWTEJ FKG YGKVIGJGPFGP $GTIDCWHTGKJGKVGP FKG FGT 5VCFV OKV KJTGP DGFGWVGPFGP 5KN DGTGT\XQTMQOOGP IGY·JTV YWTFGP $GK XKGNHCEJGP .CPFGUVGKNWPIGP KO *CWU 9GVVKP DNKGDGP (TGKDGTI WPF UGKPG $GTIYGTMG UVGVU )GOGKPIWV DKU GU KO ,CJT CP FKG CNDGTVKPKUEJG .KPKG HKGN &KG 5VCFV GPVYKEMGNVG UKEJ TCUEJ \WT $GTIJCWRVUVCFV FGU -WTHÒTUVGPVWOU 5CEJUGP &KG UVQN\G $GTIUVCFV NKG­ GU UKEJ PKEJV PGJOGP FGO PGWGP -WT HÒTUVGP (TKGFTKEJ #WIWUV ++ OKV FKGUGT RT·EJVKIGP )QNFRT·IWPI \W JWNFKIGP CWH FGT FKG CVVTCMVKXG 5VCFVCPUKEJV FGT NCWHGPFG $GTIDCWDGVTKGD WPF FCU 5VCFVYCRRGP \W UGJGP UKPF &CU 5VÒEM \·JNV \W FGP CVVTCMVKXUVGP $CTQEM UVÒEMGP WPF FGP ITÌ­VGP 5GNVGPJGKVGP WPVGT FGP U·EJUKUEJGP 2T·IWPIGP

440

)QNFOGFCKNNG \W &WMCVGP XQP & *·UUNKPI CWH FKG $CWV\GPGT *WNFKIWPI -QRH T &KG 5VCFV IÌVVKP XQP $CWV\GP MPKGV XQT FGO VJTQPGPFGP -ÌPKI OO I 5NI /GTUGD FQTV \W &WMCVGP 8QP ITÌ­VGT 5GNVGPJGKV 8QT\ÒINKEJGU 'ZGORNCT

441

124

&WMCV &TGUFGP CWH FKG 8GTO·JNWPI UGKPGT 6QEJVGT /CTKC #OCNKC OKV -ÌPKI -CTN XQP 5K\KNKGP I (D 5NI /GTUGD 4 8QT\ÒINKEJ

442

1,5:1

1,5:1

&WMCV &TGUFGP CWH FCU 8KMCTKCV I )GJCTPKUEJVGU $TWUVDKNF T (ÒTUVGPJWV ÒDGT \YGK CPGK PCPFGTIGNGJPVGP 9CRRGPUEJKNFGP (D 5NI /GTUGD

8QP ITQ­GT 5GNVGPJGKV 5GJT CVVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT

443

1,5:1

1,5:1

(TKGFTKEJ %JTKUVKCP &WMCV &TGUFGP I )GJCTPKUEJVG $ÒUVG T )GMTÌPVGU PGWPHGNFK IGU 9CRRGP $WEM (D 4 8QT\ÒINKEJp5VGORGNINCP\

444

445

(TKGFTKEJ #WIWUV +++ + 6CNGT +'% &TGUFGP I $WEM (D 5EJN 8QT\ÒINKEJ

6CNGT #WIWUV F QT &TGUFGP I )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN (ÒT UVGPJWV ÒDGT 9CRRGPUEJKNF \W FGP 5GKVGP IGMTGW\VG 2CNO\YGKIG $WEM \W (D \W 5EJN ,CJTICPI XQP CNNGTITÌ­VGT 5GNVGPJGKV #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

446

446 1,5:1

5#%*5'0 -¤0+)4'+%*

(TKGFTKEJ #WIWUV + 6CNGT 5 I $TWUVDKNF N KP 7PKHQTO )GMTÌPVGU 9CR RGP &KXQ 5 (D 5EJN 44 /KP LWUVKGTV XQT\ÒINKEJ

125

447

#PVQP )QNFOGFCKNNG \W &WMCVGP Q , XQP % 4 -TÒIGT WPF ( # -ÌPKI 2TGKUOG FCKNNG HÒT -WPUV WPF )GYGTDG #0610 -1'0+) 810 5#%*5'0 -QRH T &'/ 8'4&+'056 7/ -7056 70& )'9'4$' 5CZQPKC VJTQPV N OKV /GTMWTUVCD WPF J·NV GKPGP -TCP\ ÒDGT XKGT )GPKGP FKG #VVTKDWVG FGT -WPUV WPF FGU )GYGTDGU KP KJTGP *·PFGP JCNVGP OO I 5NI /GTUGD

8QP ITÌ­VGT 5GNVGPJGKV 0WT 'ZGORNCTG IGRT·IV 2TCEJVGZGORNCT +P 1TKIKPCNGVWK (CUV 5VGORGNINCP\

448

(TKGFTKEJ #WIWUV ++ &WMCV &TGUFGP 5EJÒV\GPFWMCV IGRT·IV CPN·­NKEJ FGU $QIGP UEJKG­GPU \W UGKPGO )GDWTVUVCI I -QRH T #EJV <GKNGP 5EJTKHV &KXQ 5 (D 5EJN

44 .GKEJV IGYGNNV XQT\ÒINKEJp5VGORGNINCP\

449

1,5:1

1,5:1

6CNGT ( I -QRH T 9CRRGP CWH IGMTÌPVGO 9CRRGPOCPVGN &KXQ 5 (D 5EJN

44 0WT 'ZGORNCTG IGRT·IV (CUV 5VGORGNINCP\

450

450 1,5:1

126

,QJCPP 8GTGKPUMTQPG ( I -QRH N 9GTV WPF ,CJTGU\CJN KP -TCP\ &KXQ 5 (D 5EJN 8QT\ÒINKEJ

451

2:1

5#%*5'0 *'4<1)67/

,QJCPP (TKGFTKEJ + FGT )TQ­OÒVKIG CNU *GT\QI &QRRGNVGT )QNFIWNFGP .GKR\KI OKV 6KVGN -CTNU 8 I +1 Û (4+&'4 Û 5'0 Û 0#6 Û '.'% Û 5#:1 Û $TWUVDKNF N FCTWPVGT -WT WPF 4CWVGPUEJKNF %#41. Ú 8 Ú 41 Û +/2'4 Ú 5'/ Û #8)8 Û < )GMTÌPVGT &QRRGNCFNGT (D XGT[ TCTG 5NI /GTUGD

8QP CNNGTITÌ­VGT 5GNVGPJGKV WPF DGUQPFGTGT PWOKUOCVKUEJGT $GFGWVWPI 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

'ZGORNCT FGT 5COONWPI &T (TKGFGTKEJ FGT 5COONWPI 9WPFGTN[ #WMVKQP *CODWTIGT 4CTKV·VGP %CDK PGVV (TCPMHWTV 0T WPF #WMVKQP /ÒP\GP WPF /GFCKNNGP #) $CUGN 0T

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127

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129

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459

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460 1,5:1

130

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461

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462

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463

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131

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8QP ITÌ­VGT 5GNVGPJGKV #VVTCMVKXGU 'ZGORNCT UGJT UEJÌPpXQT\ÒINKEJ

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466

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468 1,5:1

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473

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'DGTJCTF +++ &WMCV 5VWVVICTV I )GJCTPKUEJVGU $TWUVDKNF T OKV (GNFJGTTPDKPFG WPF DTGKVGO URKV\DGUGV\VGO -TCIGP )GMTÌPVGU XKGTHGNFKIGU 9CRRGP (D -NGKP 4CHH

44 .GKEJV IGYGNNV UGJT UEJÌP

474

1,5:1

1,5:1

'DGTJCTF .WFYKI )QNFIWNFGP Q , 5VWVVICTV I &GT IGJCTPKUEJVG *GT\QI TGKVGV N OKV -QOOCPFQUVCD WPF WOIGNGIVGT (GNFDKPFG WPVGP 4GKEJUCRHGN (ÒPHHCEJ DGJGNOVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF (D -NGKP 4CHH 44 5VGORGNHGJNGT CO 4CPF 5VGORGNINCP\

475

134

9KNJGNO + )WNFGP I &KXQ 5 (D 5EJN

4 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJp5VGORGNINCP\

476

&WMCVGP XQP 8QKIV CWH UGKP L·JTKIGU 4GIKGTWPIULWDKN·WO I -QRH N OKV .QTDGGT MTCP\ 9ÒTVVGODGTIKC UKV\V X X \W FGP 5GKVGP \YGK )GPKGP FKG GKP (ÒNNJQTP D\Y GKP .KMVQTGPDÒP FGN JCNVGP /KV 4CPFUEJTKHV 8+'4 &7%#6'0 \YKUEJGP 8GT\KGTWPIGP &KXQ 5 (D , 5EJN 0WT 'ZGORNCTG IGRT·IV -N 4CPFHGJNGT XQT\ÒINKEJp5VGORGNINCP\

477

1,5:1

9ª4<$74)

$+567/

1,5:1

.QTGP\ XQP $KDTC )QNFIWNFGP I c LAVrenC ± ePS ± heBBn ± FrA ± DVX ± 8KGTHGNFKIGT 9CRRGPUEJKNF mOne ± nOVA - AVR ± WIrCzP u 5V -KNKCP X X OKV 5EJYGTV WPF $KUEJQHUUVCD ÒDGT 5EJKNF (D *GNOUEJTQVV

8QP ITQ­GT 5GNVGPJGKV 5GJT UEJÌP

478

479

480

-CTN 2JKNKRR XQP )TGKHHGPMNCW 8QNNTCVJU )QNFIWNFGP Q , 9ÒT\DWTI 0GWLCJTUIQNFIWNFGP I $TWUVDKNF T ÒDGT 9CRRGPUEJKNF &TGKHCEJ DGJGNOVGU XKGTHGNFKIGU 9CRRGP (D *GNO UEJTQVV 44 9KP\ 5EJTÌVNKPIUHGJNGT HCUV 5VGORGNINCP\

#FCO (TKGFTKEJ XQP 5GKPUJGKO &QRRGNVGT )QNFIWNFGP 9ÒT\DWTI I $TWUV DKNF T FCXQT 9CRRGP 5V -KNKCP UVGJV X X OKV GTJQDGPGT 4GEJVGP WPF 5EJYGTV (D *GNO UEJTQVV 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

(TCP\ .WFYKI XQP 'TVJCN )QNFIWNFGP 9ÒT\DWTI 0GWLCJTUIQNFIWNFGP I (D *GNOUEJTQVV 8QT\ÒINKEJ

135

'7412 +5%*' 5+.$'4/ª0<'0

481

'56.#0&

483

$#.6+-7/

7PVGT 5EJYGFGP 'TKM :+8 /CTM 4GXCN I )GMTÌPVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF 1XCNGT 5EJKNF FCTKP -TGW\ #JNUVTÌO D

8QP ITQ­GT 5GNVGPJGKV /KP (WPFDGNCI UGJT UEJÌPpXQT\ÒINKEJ

$4#$#06

482

$'.)+'0

2JKNKRR +8 XQP 5RCPKGP &QRRGNVGT 2CVCIQP $TÒUUGN I $WTIWPFKUEJGU -TGW\ \W FGP 5GKVGP QDGP -TQPG WPVGP FGT 1TFGP XQO )QNFGPGP 8NKGU )GMTÌPVGU 9CRRGP WOJGT FKG -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU &CX &GNO C 4 4 5GJT UEJÌP

-¤0+)4'+%*

& 0'/#4-

(TGFGTKM 8 -TQPG -QRGPJCIGP *GFG $

44 8QT\ÒINKEJGU 'ZGORNCT

484

-¤0+)4'+%*

136

(4#0-4'+%*

*GPTK +8 2K¾HQTV &KEMCDUEJNCI GKPGU (TCPEU # 2CTKU I )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ $NWOGPMTGW\ KO <GPVTWO * /KV 4CPFUEJTKHV Û 2'4'00+6#6+ É 24+0%+2+5 É )#..+ Û Û 4'56+68614+5 Û %KCPK 44 8QT\ÒINKEJ

485 486

486

'EW # 2CTKU 2TQDG 'UUCK 5KNDGT I $NWOGPMTGW\ )GMTÌPVGU 9CRRGP \YKUEJGP 8 +++ %KCPK 4 8QT\ÒINKEJ

.QWKU :+8 'EW ¯ NC O½EJG NQPIWG $ 4QWGP &CX &WRNGUU[ 8QT\ÒINKEJ

487

488

489

'EW CWZ JWKV . : #OKGPU (NCP PGWH &CX &WRNGUU[ 'EW CWZ VTQKU EQWTQPPGU 2 &KLQP &CX &WRNGUU[

4 8QT\ÒINKEJ (CUV XQT\ÒINKEJ

'EW CWZ VTQKU EQWTQPPGU . $C[QPPG &CX &WRNGUU[

#VVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

490

1,5:1

1,5:1

.QWKU :8 'EW CWZ VTQKU EQWTQPPGU # 2CTKU I .8& Û :8 Û & Û ) Û (4 Û '6 Û 0#8 Û 4': ã $TWUVDKNF T 5+6 Û 01/'0 Û &1/+0+ Û $'0'&+%68/ h 5QPPG &TGK -TQPGP KP FGP 9KPMGNP LG GKPG .KNKG KP FGT /KVVG FGT /ÒP\DWEJUVCDG # &WRNGUU[

&G ITCPFG TCTGV¾ 8QP ITQ­GT 5GNVGPJGKV 5EJÌPG 6ÌPWPI OKP LWUVKGTV XQT\ÒINKEJGU 'ZGORNCT

137

491

492

493

'EW XGTVWICFKP 5 4GKOU &CX &WRNGUU[

5GNVGP KP FKGUGT 'TJCNVWPI 9KP\ 5EJTÌVNKPIUHGJNGT XQT\ÒINKEJ

'EW FG 0CXCTTG # 2CTKU &CX &WRNGUU[ 'EW FG 0CXCTTG & .[QP &WRNGUU[

8QT\ÒINKEJ /KP LWUVKGTV XQT\ÒINKEJ

494

'EW CWZ JWKV . 9 .KNNG I $TWUVDKNF T KO CPVKMGP *CTPKUEJ WPF OKV .QTDGGTMTCP\ $NWOGPMTGW\ WOJGT CDYGEJUGNPF XKGT -TQPGP WPF XKGT &QRRGNOQPQITCOOG WPVGP /ÒP\\GKEJGP &CX &WRNGUU[ +P FKGUGT 'TJCNVWPI UGJT UGNVGP 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI (CUV 5VGORGNINCP\

495

496

'EW CWZ JWKV . : #OKGPU I $TWUVDKNF T KO CPVKMGP *CTPKUEJ WPF OKV .QTDGGTMTCP\ $NWOGPMTGW\ WOJGT CDYGEJUGNPF XKGT -TQPGP WPF XKGT &QRRGNOQPQITCOOG WPVGP /ÒP\\GKEJGP &CX &WRNGUU[ 8QT\ÒINKEJ

'EW CWZ JWKV . # 2CTKU I $TWUVDKNF T KO CPVKMGP *CTPKUEJ WPF OKV .QTDGGT MTCP\ $NWOGPMTGW\ WOJGT CDYGEJUGNPF XKGT -TQPGP WPF XKGT &QRRGNOQPQITCOOG WPVGP /ÒP\\GK EJGP &WRNGUU[ 5GNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJGU 'ZGORNCT

138

497

498

497

'EW CWZ TCOGCWZ F QNKXKGT # 2CTKU &WRNGUU[

8QT\ÒINKEJ

'EW CWZ TCOGCWZ F QNKXKGT ' 6QWTU &CX &WRNGUU[

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT /KP LWUVKGTV HCUV 5VGORGNINCP\

499

500

499

'EW CW DCPFGCW # 2CTKU I -QRH N OKV *CCTDCPF )GMTÌPVGU 9CRRGP OKV \YGK .QT DGGT\YGKIGP FCTWPVGT /ÒP\\GKEJGP &WRNGUU[ 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV HGKPGT 2CVKPC

'EW CW DCPFGCW # 2CTKU &WRNGUU[

*GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

502

501

501

'EW CW DCPFGCW 6 0CPVGU I $ÒUVG N )GMTÌPVGU 9CRRGP OKV \YGK .QTDGGT\YGKIGP FCTWPVGT /ÒP\\GKEJGP &CX &WRNGUU[

5GJT UGNVGP KP FKGUGT 'TJCNVWPI (GKPG 2CVKPC 5VGORGNINCP\

.WFYKI :8 ICNV CNU KPVGNNKIGPV CDGT CWEJ IGPW­UÒEJVKI 'T YCT FGP KPPGP WPF CW­GPRQNKVKUEJGP 2TQDNGOGP FGU .CPFGU PKEJV IGYCEJUGP WPF YWTFG RQNKVKUEJ UQICT XQP UGKPGP /·VTGUUGP /CFCOG FG 2QORCFQWT /CFCOG &WDCTT[ DGGKPHNW­V &GT JKGT \WT 8GTUVGKIGTWPI IGNCPIGPFG /ÒP\V[R 'EW CW DCPFGCW YWTFG \WO GTUVGP /CN IGRT·IV &GT 6[R UQNNVG ,CJTG NCPI IGRT·IV YGTFGP WPF YWTFG FCOKV FGT CO N·PIUVGP IGRT·IVG /ÒP\V[R FGT HTCP\ÌUKUEJGP -ÌPKIUOÒP\GP *GWVG MQOOGP FKGUG 'EWU OGKUV PWT KP O·­KIGP 'TJCNVWPIGP XQT

.QWKU :8+ 'EW CWZ TCOGCWZ F QNKXKGT + .KOQIGU I $TWUVDKNF N KP 7PKHQTO )GMTÌPVGU 9CRRGP OKV \YGK .QTDGGT\YGKIGP FCTWPVGT /ÒP\\GKEJGP &CX &WRNGUU[

2TCEJVGZGORNCT XQP UEJÌPUVGT 'TJCNVWPI 5VGORGNINCP\

139

504

503

505

%QPXGPVKQP .KXTGU #0 ++ # 2CTKU &CX /C\CTF

%QPUWNCV (TCPEU #0 # 2CTKU I &KG 2GTUQPKHKMCVKQPGP XQP (TGKJGKV WPF )NGKEJJGKV TGKEJGP GKPCPFGT FKG *·PFG FCJKPVGT UVGJV *GTMWNGU X X OKV .ÌYGPHGNN 9GTV WPF ,CJT KP FTGK <GKNGP WOJGT -TCP\ CWU .QTDGGT WPF 'KEJGP\YGKIGP &CX /C\CTF

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

(TCPEU #0 # 2CTKU I &KG 2GTUQPKHKMCVKQPGP XQP (TGKJGKV WPF )NGKEJJGKV TGKEJGP GKPCPFGT FKG *·PFG FCJKPVGT UVGJV *GTMWNGU X X OKV .ÌYGPHGNN 9GTV WPF ,CJT KP FTGK <GK NGP WOJGT -TCP\ CWU .QTDGGT WPF 'KEJGP\YGKIGP &CX /C\CTF

W­GTUV UGNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC

506

508

8QT\ÒINKEJ

507

(TCPEU #0 # 2CTKU &CX /C\CTF

5GNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJGU 'ZGORNCT OKV JÒDUEJGT 2CVKPC

0CRQN¾QP + (TCPEU #0 # 2CTKU I -QRH T 9GTV KP .QTDGGTMTCP\ &CX /C\CTF 5GNVGPGT /ÒP\V[R 8QT\ÒINKEJ

%JCTNGU : (TCPEU 9 .KNNG /C\CTF

140

8QT\ÒINKEJGU 'ZGORNCT

510

509

509

.QWKU 2JKNKRRG (TCPEU # 2CTKU &CX /C\CTF

4GRWDNKM (TCPEU 2CTKU 0KEMGN I (TCWGPMQRH N OKV .QTDGGTMTCP\ 9GTV WPF ,CJTGU\CJN KP -TCP\ /C\CTF W­GTUV UGNVGPGT ,CJTICPI 8QT\ÒINKEJp5VGORGNINCP\

8QT\ÒINKEJp5VGORGNINCP\

511

564#55$74) 56#&6

(4#0-4'+%* '.5#55

4GKEJUVCNGT CWH FGP (TKGFGP XQP 0KLOGIGP &CX 'PIGN .GJT 2CZ KP 0WOOKU

4 8QT\ÒINKEJ

512

9'+55'0$74) 56#&6

$TGKVGT FQRRGNVGT 4GKEJUVCNGT Q , OKV 6KVGN (GTFKPCPFU ++ I r /10 f 018 f +/2 f %+8+6 f 9'+55'0$84) f #/ f 4*'+ f 1XCNGU XGT\KGTVGU 5VCFVYCRRGP ('4&+0#0&85 f ++ f & f ) f 41/ f +/2 f 5'/ f #8) f )GMTÌPVGT &QRRGNCFNGT OKV 4GKEJUCRHGN CWH FGT $TWUV &CX 'PIGN .GJT 8QP ITÌ­VGT 5GNVGPJGKV *ÒDUEJG 2CVKPC XQT\ÒINKEJ

'ZGORNCT FGT 5COONWPIGP 8QIGN #WMVKQP *GUU 0CEJH (TCPMHWTV 0T WPF 8QNV\ #WMVKQP /ÒP\GP WPF /GFCKNNGP #) $CUGN 0T

&CU GNU·UUKUEJG 9GK­GPDWTI JCV UGKPGP 7TURTWPI KP GKPGT KO ,CJTJWPFGTV IGITÒPFGVGP $GPGFKMVKPGTCDVGK FKG PKEJV \WNGV\V YGIGP KJTGT DGTÒJOVGP 5EJWNG KO JQJGP /KVVGNCNVGT ITQ­G ÒDGTTGIKQPCNG $GFGWVWPI GTNCPIVG &KG 5VCFV UGNDUV YWTFG \WGTUV GTY·JPV WPF WPCDJ·PIKI XQO #DV 8QP FC CP \·JNVG 9GK­GPDWTI \W FGP \GJP HTGKGP 4GKEJUUV·FVGP KO 'NUC­ &GT JKGT \WT 8GTUVGKIGTWPI IGNCPIGPFG GZVTGO UGNVGPG DTGKVG &QRRGNVCNGT OKV FGT 6KVWNCVWT -CKUGT (GTFKPCPFU ++ CWU FGP RTQOKPGPVGP 5COONWPIGP 8QIGN WPF 8QNV\ KUV GKP GKPFTWEMUXQNNGU &QMW OGPV HÒT FCU 5GNDUVXGTUV·PFPKU FGT HTGKGP 4GKEJUUVCFV

141

513

*'4<1)67/

(4#0-4'+%* .16*4+0)'0

-CTN +++ 4GKEJUVCNGT I )GJCTPKUEJVGU $TWUVDKNF T )GMTÌPVGU 9CRRGP WOIGDGP XQP UKGDGP MNGKPGTGP IGMTÌPVGP 9CRRGP &CX FG 5CWNE[ 6H ::

44 #VVTCMVKXG 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

514

'0).#0&

)4155$4+6#00+'0

'NK\CDGVJ + %TQYP Q , .QPFQP I '.+<#$'6* Ù & Ù ) Ù #0) Ù (4# Ù '6 Ù *+$'4 Ù 4')+0# Ù /ÒP\\GKEJGP Ù )GMTÌPVGU $TWUVDKNF N OKV .KNKGP\GRVGT WPF 4GKEJUCRHGN Ù /ÒP\\GKEJGP Ù 2158+ Ù &'8/ Ù #& +8614' / Ù /'8/ Ù 8KGTHGNFKIGU 9CRRGP CWH $NWOGPMTGW\ &CX 5GCD[

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

515

516

8'4'+0+)6'5 -¤0+)4'+%*

516

9KNNKCO +++ %TQYP .QPFQP &CX 5GCD[

)GQTIG + %TQYP .QPFQP I )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ 8KGT IGMTÌPVG 9CRRGP KPU -TGW\ IGUVGNNV \YKUEJGP FGP 9CRRGP 55 % 55 % 5QWVJ 5GC %QO RCP[ &CX 5GCD[ 4 -N 4CPFHGJNGT XQT\ÒINKEJ

142

8QT\ÒINKEJ

517

9KNNKCO +8 %TQYP .QPFQP I )7.+'./75 ++++ & Ù ) Ù $4+6#00+#4 Ù 4': ( Ù & Ù -QRH T )GMTÌPVGT *GTOGNKPOCPVGN FCTCWH XKGTHGNFKIGU 9CRRGP OKV IGMTÌPVGO /KV VGNUEJKNF FCTWPVGT #001 &CX 5GCD[

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 0WT 'ZGORNCTG IGRT·IV 2TCEJVGZGORNCT XQP RQNKGTVGP 5VGORGNP HCUV 5VGORGNINCP\

518

8KEVQTKC %TQYP .QPFQP )QVKUEJGT 6[R /KV 4CPFUEJTKHV &CX 5GCD[ *ÒDUEJG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

519

$1.1)0#

+6#.+'0

2TQXKUQTKUEJG 4GIKGTWPI 5EWFQ FC 2CQNK %0+ : 5 XCT &CX 5GJT UEJÌPpXQT\ÒINKEJ

520

%144'))+1

5KTQ F #WUVTKC 6CNNGTQ 0CEJCJOWPI GKPGU *CNNGT 6CNGTU FGU 'T\JGT\QIGU .GQRQNF XQP ¤UVGTTGKEJ I ± '1.&85 & Ù ) #4%*+& #8564+# &8: $84)#/6 $TWUVDKNF T FKG ,CJTGU\CJN VGKNGPF #4%*+&8 )8$'40#614 '0#4 85/61+5 )GMTÌPVGU 9CRRGP &CX %0+ +: 5 XIN )CODGTKPK XCT 8QP ITQ­GT 5GNVGPJGKV 5GJT UEJÌP

143

521

1,5:1

1,5:1

('44#4#

'TEQNG ++ F 'UVG 5EWFQ I <YGKI *'4 Û ++ Û ('4 Û /86 Û '6 4') Û &8: Û ++++ Û %#4086 Û + Û )GJCTPKUEJVGU $TWUVDKNF N Û /+*+ Û 8+0&+%#6#/ Û '6 ')1 Û 4'64+$8Λ/ Û 8GT\KGTWPI *GTMWNGU J·NV GKPGP 5QNFCVGP CO /CPVGN HGUV $GNNGUKC

8QP ITQ­GT 5GNVGPJGKV DGUQPFGTU KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

522

)'07#

4GRWDNKM &QIK $KGPPCNK 5EWFQ NCTIQ )GPWC I /CFQPPC OKV <GRVGT WPF -KPF CWH FGO #TO UKV\V CWH 9QNMGP FCTÒDGT \YGK 'PIGN -TGW\ KP FGP 9KPMGNP LG GKPG $NWOG WPF GKP 'PIGNUMQRH XQT FGP 'PFGP GDGPHCNNU LG GKPG $NWOG &CX .WPCTFK

*GTTNKEJG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

523

144

5EWFK )GPWC I /CFQPPC OKV <GRVGT WPF -KPF CWH FGO #TO UKV\V CWH 9QNMGP FCTÒDGT \YGK 'PIGN -TGW\ KP FGP 9KPMGNP LG GKPG $NWOG WPF GKP 'PIGNUMQRH XQT FGP 'PFGP GDGPHCNNU LG GKPG $NWOG &CX .WPCTFK #VVTCMVKXG 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

524

526

525

5EWFQ UVTGVVQ )GPWC I /CFQPPC OKV <GRVGT WPF -KPF CWH FGO #TO UKV\V CWH 9QN MGP -TGW\ KP FGP 9KPMGNP LG GKP UGEJUUVTCJNKIGT 5VGTP .WPCTFK

44 5GJT CVVTCMVKXGU 'ZGORNCT OKV JÒDUEJGT 2CVKPC XQT\ÒINKEJ

5GFKUXCMCP\ 5EWFQ 4 4QO &CX 2CICPK

(TCPEGUEQ (KNKDGTVQ (GTTGTQ (KGUEJK 6CNNGTQ Q , $GKUEJNCI \W FGP JQNN·PFKUEJGP .Ì YGPVCNGTP I 4KVVGT UVGJV JKPVGT .ÌYGPYCRRGP .ÌYG N &CX %0+ ++ XIN 5 )CODGTKPK 4 5GJT UEJÌP

-+4%*'056##6

2TCEJVGZGORNCT 5VGORGNINCP\

/'55'4#01

527

0'#2'. 70& 5+<+.+'0

-CTN +++ XQP $QWTDQP 2KCUVTC 0GCRGN I )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN )GMTÌPVGU 9CRRGP %0+ :: 5 &CX 8QT\ÒINKEJ

528

5#4&+0+'0

-CTN 'OCPWGN +++ 5EWFQ PWQXQ .KTG 6WTKP I $TWUVDKNF N FCTWPVGT ,CJTGU \CJN )GMTÌPVGU QXCNGU 9CRRGP &CX 5KOQPGVVK 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

145

529

8KEVQT 'OCPWGN ++ .KTG 6WTKP &CX 2CICPK

5GNVGP KP FKGUGT 'TJCNVWPI (CUV 5VGORGNINCP\

530

5+<+.+'0

(GTFKPCPF +++ 1PEKC 6CTK 2CNGTOQ I )GJCTPKUEJVGU $TWUVDKNF T 2JÌPKZ UVGKIV CWU (NCOOGP GORQT T QDGP UVTCJNGPFG 5QPPG &CX 5RCJT

4 *ÒDUEJG 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

532

531

531

1PEKC 6CTK 2CNGTOQ I )GJCTPKUEJVGU $TWUVDKNF T FCTWPVGT 9GTVCPICDG 2JÌPKZ UVGKIV CWU (NCOOGP T QDGP UVTCJNGPFG 5QPPG &CX 5RCJT

4 (GKPG 2CVKPC OKP 4CPFHGJNGT XQT\ÒINKEJGU 'ZGORNCT

615%#0#

146

.WFYKI + (TCPEGUEQPG (NQTGP\ I $TWUVDKNF T OKV <QRH FCTWPVGT /QPQITCOO WPF *COOGT )GMTÌPVGU 9CRRGP CWH 5V 5VGRJCPUMTGW\ OKV 1TFGPUMGVVG &CX 2CICPK D

2TCEJVGZGORNCT OKV HGKPGT 2CVKPC 5VGORGNINCP\

533

534

535

(GTFKPCPF +++ XQP .QVJTKPIGP \WO /CN (TCPEGUEQPG (NQTGP\ &CX 2CICPK 4 .GKEJV LWUVKGTV XQT\ÒINKEJp5VGORGNINCP\

#NXKUG +8 /QEGPKIQ &WECVQ Q , &CX )CODGTKPK

5GJT UGNVGP KP FKGUGT 'TJCNVWPI -N 5EJTÌVNKPIUHGJNGT CO 4CPF HCUV 5VGORGNINCP\

.QFQXKEQ /CPKP &WECVQPG Q , I -PKGPFGT &QIG OKV $CPPGT XQT FGO IGHNÒIGNVGO /CTMWUNÌYGP 5V ,WUVKPC UVGJV X X OKV 2CNO\YGKI WPF $WEJ XQT 5GG FCTCWH 5EJKHHG &CX )CODGTKPK 5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC 8QT\ÒINKEJp5VGORGNINCP\

8'0'&+)

536

-¤0+)4'+%* +6#.+'0

8KEVQT 'OCPWGN +++ .KTG 4QO I -QRH T )GMTÌPVGT #FNGT N 2CICPK

44 8QT\ÒINKEJ

537

%#66#41

-41#6+'0

7PVGT HTCP\ÌUKUEJGT *GTTUEJCHV (TCPEU ITCXKGTV Y·JTGPF FGT $GNCIGTWPI FWTEJ ÌUVGTTGKEJK UEJG 6TWRRGP I -TQPG ÒDGT +PKVKCNG 0 \YKUEJGP 9GTVCPICDG -CPQPG 5·DGN WPF )GYGJT ÒDGTGKPCPFGT KP .QTDGGTMTCP\ $TCWUG /CPUHGNF 6H &CX 44 5GJT UEJÌP

147

538

<#&#4

7PVGT HTCP\ÌUKUEJGT *GTTUEJCHV (TCPEU %GPVKOGU 1PEGU IGRT·IV Y·JTGPF FGT $GNCIG TWPI FWTEJ ÌUVGTTGKEJKUEJG 6TWRRGP I )GMTÌPVGT #FNGT \YKUEJGP <#4# KP 8KGTGEM 9GTV CPICDG KP 8KGTGEM $TCWUG /CPUHGNF 6H &CX 44 5GJT UEJÌPpXQT\ÒINKEJ

<CFCT KVCN <CTC KUV GKPG *CHGPUVCFV KP -TQCVKGP 'U YCT DKU KO $GUKV\ XQP 8GPGFKI KO ,CJTJWPFGTV *CWRVQTV FGU ÌUVGTTGKEJKUEJGP &CNOCVKGP WPF UGKV IGJÌTV GU \W -TQCVKGP

539

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540

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541

.7:'/$74)

148

(TCP\ ++ 'EW #UUGU IGRT·IV Y·JTGPF FGT $GNCIGTWPI FWTEJ FKG (TCP\QUGP I (ÒPH <GKNGP 5EJTKHV 9GTVCPICDG $TCWUG /CPUHGNF 6H &CX 2TQDUV . #W­GTIGYÌJPNKEJG 3WCNKV·V 8QT\ÒINKEJ

542

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&KG .GIGPFG WPF FCU /ÒP\\GKEJGP CO $GIKPP FGT 8QTFGTUGKVGPWOUEJTKHV GPVURTKEJV IGPCW FGT XQP X ) * &QTV KUV XGTOGTMV FCU GU UKEJ OÌINKEJGTYGKUG CWEJ WO GKPG 2T·IWPI FGT 2TQXKP\ *QNNCPF JCPFGNP MÌPPVG

&KGUG ·W­GTUV UGNVGPG 2T·IWPI KUV GKPGT FGT GTUVGP *ÌJGRWPMVG FGT 5VGORGNUEJPGKFGMWPUV FGT PKGFGTN·PFKUEJGP 4GPCKUUCPEG &CTIGUVGNNV KUV /CZKOKNKCP XQP *CDUDWTI CNU TÌOKUEJGT -ÌPKI \W FGO GT IGMTÌPV YQTFGP YCT WO UGKPGP #PURTWEJ CWH FKG 0CEJHQNIG UGKPGU 8CVGTU (TKGFTKEJ +++ CNU -CKUGT \W NGIKVKOKGTGP 2JKNKRR FGT 5EJÌPG KUV PKEJV CDIGDKNFGV NGFKINKEJ UGKPG +PKVKCNG DGHKPFGV UKEJ CWH FGT 4ÒEMUGKVG &COKV YWTFG FKG 7PVGTQTFPWPI FGU *GT\QIU XQP $TCDCPV WPVGT /CZKOKNKCP XGTFGWVNKEJV FGT UGNDUV ITQ­GP 9GTV CWH MÒPUVNGTKUEJ JQEJUVGJGPFG UGKPG /CEJVHÒNNG FQMWOGPVKGTGPFG /ÒP\RT·IWPIGP NGIVG <WT 2T·IG\GKV JCPFGNVG GU UKEJ DGK FGO XQTNKGIGPFGP 4GCN WO FKG ITÌ­VG 5KNDGTOÒP\G KO PKGFGTN·PFKUEJGP )GNFWONCWH

543

764'%*6

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149

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544

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4 8QP ITQ­GT 5GNVGPJGKV *GTTNKEJG 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

545

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8QP ITQ­GT 5GNVGPJGKV -N 5EJTÌVNKPIUTK­ UGJT UEJÌP

546

150

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5GJT UGNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI (CUV XQT\ÒINKEJ

547

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44 #VVTCMVKXGU 'ZGORNCT OKV JÒDUEJGT 2CVKPC OKP 5EJTÌVNKPIUHGJNGT HCUV XQT\ÒINKEJ

548

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5VCFV 4GKEJUVCNGT WPVGT UEJYGFKUEJGT $GUGV\WPI FWTEJ )WUVCX ++ #FQNH <YKVVGT RT·IWPI OKV ,CJTGU\CJN CWH 8QTFGT WPF 4ÒEMUGKVG I )GMTÌPVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF XQP \YGK IGMTÌPVGP .ÌYGP IGJCNVGP 1XCNGU XGT\KGTVGU 9CRRGP FCTÒDGT 'PIGNUMÌRH EJGP #JNUVTÌO D &CX 0GWOCPP 2HCW XCT 44 5GJT UEJÌP

549

4GKEJUVCNGT OKV 6KVGN 9NCFKUNCYU +8 CWH FGP (TKGFGP XQP 5VWJOUFQTH I 1XCNGU TGKEJ XGT\KGTVGU 5VCFVYCRRGP \YKUEJGP + + ,CEQD ,CEQDUQP /ÒP\OGKUVGT KP 6JQTP )GJCTPKUEJVGU $TWUVDKNF HCUV X X OKV FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU &CX )WO 0GWOCPP 2HCW 44 5GJT UEJÌP

0CEJFGO FGT .ÌYG FGU 0QTFGPU -ÌPKI )WUVCX ++ #FQNRJ XQP 5EJYGFGP KO ,CJT ITQ­G 6GKNG FGT 1UVUGG MÒUVG FCTWPVGT 'NDKPI GTQDGTV JCVVG YWTFGP FKG -CORHJCPFNWPIGP KO (TKGFGP XQP #NVOCTM HÒT UGEJU ,CJTG DGGPFGV 0CEJ #DNCWH FKGUGT (TKUV YWTFG \YKUEJGP -ÌPKI 9NCFKUNCWU +8 XQP 2QNGP WPF -ÌPKIKP %JTKUVKPC XQP 5EJYGFGP CO 5GRVGODGT WPVGT HTCP\ÌUKUEJGT GPINKUEJGT PKGFGTN·PFKUEJGT WPF DTCPFGPDWTIKUEJGT 8GT OKVVNWPI FGT 8GTVTCI XQP 5VWJOUFQTH IGUEJNQUUGP &CTKP YWTFG GKP CWH ,CJTG DGHTKUVGVGT 9CHHGPUVKNNUVCPF XGTGKPDCTV 2QNGP GTJKGNV ITQ­G 6GKNG FGT 1UVUGGMÒUVG WPVGT CPFGTGO 'NDKPI XQP 5EJYGFGP \WTÒEM 5EJYGFGP DGJKGNV .KXNCPF WPF 'UVNCPF WPF KIPQTKGTVG FKG RQNPKUEJGP #PURTÒEJG CWH FKG UEJYGFKUEJG -TQPG FKG CWEJ KP FGT 4ÒEMUGKVGPNGIGPFG FKGUGU UGNVGPGP 6CNGTU \WO #WUFTWEM MQOOGP &GT 6CNGT YWTFG GTUV KO ,CJT IGRT·IV FGU JCND NKG­ ,CEQDUGP CW­GT FGO ,CJT FGU (TKGFGPUXGTVTCIU CWEJ FKG DGKFGP NGV\VGP <KHHGTP FGU 2T·IGLCJTGU CWH FKG 8QTFGTUGKVG UGV\GP &GT UGNVGPG 5VWJOUFQTHGT (TKGFGPUVCNGT KUV YGIGP FGT DGKFGP XGTUEJKGFGPGP ,CJTGU\CJNGP CWH FGT UGNDGP /ÒP\UGKVG GKPG PWOKUOCVKUEJG -WTKQUKV·V

151

550

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44 9KP\ 5EJTÌVNKPIUHGJNGT CO 4CPF UGJT UEJÌP

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551

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8QP CNNGTITÌ­VGT 5GNVGPJGKV WPF JÌEJUVGT PWOKUOCVKUEJGT $GFGWVWPI DGMCPPVGU 'ZGORNCT 5GJT UEJÌP

&KGUGT UGPUCVKQPGNNG 6CNGT UVCOOV CWU FGO (ÒTUVGPVWO /QNFCW FCU WO XQP FGO TWO·PKUEJGP *·WRVNKPI $QIFCP IGITÒPFGV YWTFG &GT DGFGWVGPFUVG (ÒTUV XQP /QNFCW YCT 5VGHCP FGT )TQ­G FGT FGP WPICTKUEJGP -ÌPKI /CVVJKCU %QTXKPWU UEJNWI WPF UKEJ OGJTOCNU IGIGP FKG 6ÒTMGP WPF FKG 2QNGP FWTEJUGV\GP MQPPVG 5GKP 5QJP $QIFCP UEJNQ­ OKV 5WNVCP 5GNKO GKPGP 8GTVTCI OKV FGO UKEJ FKG /QNFCW WPVGT VÒTMKUEJG 1DGTJQJGKV UVGNNVG &KG 6ÒTMGP GTMCPPVGP KO )GIGP\WI FCU (ÒTUVGPVWO /QNFCW CNU GKIGPGP 5VCCV OKV 4GEJV FGT 9CJN GKIGPGT (ÒTUVGP UGNDUV·PFKIGT 8GTYCNVWPI WPF GKIGPGP )GUGV\GP CP WPF XGTRHNKEJVGVGP UKEJ IGIGP GKPGP 6TKDWV XQP &WMCVGP (CNMGP WPF 2HGTFGP \WO 5EJWV\ IGIGP HTGOFG #PITKHHG #O 0QXGODGT TK­ GKP IGDÒTVKIGT )TKGEJG XQP FGT +PUGN 5COQU ,QJCPP ,CMQD *GTCMNKFGU FGT \WXQT FGO FGWV UEJGP -CKUGT (GTFKPCPF + IGFKGPV JCVVG FKG /CEJV CP UKEJ 'T ÒDVG GKPG CDUQNWVG #NNGKPJGTTUEJCHV CWU WPF UEJGWVG UKEJ PKEJV FGP CWU FGT ITKGEJKUEJGP 5RTCEJG UVCOOGPFGP 6KVGN &GURQV \W HÒJTGP FGT CWEJ CWH FGO XQTNKGIGPFGP 6CNGT \W NGUGP KUV &GT &GURQV 8QFC YKG GT KP FGT /QNFCW IGPCPPV YWTFG HÒJTVG GKP CP OKVVGNGWTQR·KUEJG 8GT J·NVPKUUG CPIGNGJPVGU /ÒP\U[UVGO GKP FCU CWEJ FKG 0QOKPCNG &WMCV WPF 6CNGT GPVJKGNV ,QJCPP ,CMQD YWTFG PCEJ MPCRR \YGK ,CJTGP CO 0QXGODGT GTOQTFGV FGT CNVG (ÒTUV #NGZCPFGT +8 ÒDGTPCJO YKGFGT FKG 4GIKGTWPI FGT /QNFCW FKG KO ,CJTJWPFGTV WPVGT TWUUKUEJGP 'KPHNW­ IGTKGV *GWV\WVCIG NKGIV FCU -GTPIGDKGV FGU (ÒTUVGP VWOU /QNFCW KP 4WO·PKGP Y·JTGPF FGT DGCEJVNKEJG 1UVVGKN CNU /QNFCYKGP UGNDUV·PFKIGT 5VCCV IGYQTFGP KUV 9KT HTGWGP WPU +JPGP OKV FGO XQP $W\WIFCP .WEJKCP WPF 1RTGUEW CNU 7PKMWO 'ZGORNCT KO /WUGWO $WMCTGUV DG\GKEJPGVGP 6CNGT FGU &GURQVGP *GTCMNKFGU FGT PCEJ FGO 8QTDKNF FGT 6CNGT -CKUGT (GTFKPCPFU + KP FGT OQNFCWKUEJGP *CWRVUVCFV 5WE\CYC JGWVG 5WEGCXC IGRT·IV YQTFGP KUV GKPG FGT KPVGTGUUCPVGUVGP WPF UGNVGPUVGP 1DLGMVG FGT GWTQR·KUEJGP /ÒP\IGUEJKEJVG CPDKGVGP \W MÌPPGP

152

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552

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#NGZCPFGT + 4WDGN 5V 2GVGTUDWTI +P 75 2NCUVKMJQNFGT FGT 0)% OKV FGT $GYGTVWPI #7 &CX 5GNVGP KP FKGUGT 'TJCNVWPI *ÒDUEJG 2CVKPC XQT\ÒINKEJ

4WDGN 2QNVKPC 5V 2GVGTUDWTI $KVMKP

2TCEJVGZGORNCT 9KP\ 2TQDKGTURWT HCUV 5VGORGNINCP\

554

555

0KMQNCWU + 4WDGN 5V 2GVGTUDWTI CWH FKG 'KPYGKJWPI FGU $QTQFKPQ &GPMOCNU &CX (GKPG 6ÌPWPI XQT\ÒINKEJ

4WDGN 5V 2GVGTUDWTI +P 75 2NCUVKMJQNFGT FGT 0)% OKV FGT $GYGTVWPI /5 &CX

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT (GKPG 2CVKPC HCUV 5VGORGNINCP\

556

4WDGN 5V 2GVGTUDWTI &CX 4WDGN 5V 2GVGTUDWTI &CX

558

557

5GNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJp5VGORGNINCP\ 5GNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJp5VGORGNINCP\

559

#NGZCPFGT +++ 4WDGN 5V 2GVGTUDWTI +P 75 2NCUVKMJQNFGT FGT 0)% OKV FGT $G YGTVWPI /5 &CX

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT *GTTNKEJG 2CVKPC HCUV 5VGORGNINCP\

0KMQNCWU ++ 4WDGN 5V 2GVGTUDWTI &GPMOCN HÒT #NGZCPFGT ++ &CX

4 5GJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

153

561

560

4WDGN 5V 2GVGTUDWTI &CX \W 4WDGN 5V 2GVGTUDWTI &CX \W

562

5GNVGPGT ,CJTICPI 2TCEJVGZGORNCT 2QNKGTVG 2NCVVG 2TCEJVGZGORNCT 2QNKGTVG 2NCVVG

563

564

-QRGMGP 5V 2GVGTUDWTI $KVMKP

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT 2QNKGTVG 2NCVVG

4WDGN 5V 2GVGTUDWTI &CX \W -QRGMGP 5V 2GVGTUDWTI $KVMKP

9KP\ -QPVCMVUVGNNG RQNKGTVG 2NCVVG 2TCEJVGZGORNCT 2QNKGTVG 2NCVVG

565

566

4WDGN 5V 2GVGTUDWTI &GPMOCN HÃ&#x2019;T #NGZCPFGT +++ &CX

5GNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 8QT\Ã&#x2019;INKEJp5VGORGNINCP\

4WDGN 5V 2GVGTUDWTI &CX

567

2TCEJVGZGORNCT 2QNKGTVG 2NCVVG

568

567

-QRGMGP 5V 2GVGTUDWTI $KVMKP

2TCEJVGZGORNCT 2QNKGTVG 2NCVVG

4WDGN 5V 2GVGTUDWTI /KV /Ã&#x2019;P\\GKEJGP $ Ã&#x203A; % &CX

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT 2QNKGTVG 2NCVVG

154

570

569

569

4WDGN 5V 2GVGTUDWTI /KV /ÒP\\GKEJGP Ý Ő Á &CX

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT 2QNKGTVG 2NCVVG

-QRGMGP 5V 2GVGTUDWTI /KV /ÒP\\GKEJGP Ý Ő Á $KVMKP

4 2TCEJVGZGORNCT 2QNKGTVG 2NCVVG

571

572

573

-QRGMGP 5V 2GVGTUDWTI /KV /ÒP\\GKEJGP $ Ő % $KVMKP 2TCEJVGZGORNCT 2QNKGTVG 2NCVVG 4WDGN 5V 2GVGTUDWTI &CX 2TCEJVGZGORNCT 2QNKGTVG 2NCVVG -QRGMGP 5V 2GVGTUDWTI $KVMKP 2TCEJVGZGORNCT 2QNKGTVG 2NCVVG

574

5%*9'&'0

(TKGFTKEJ + 4KMUFCNGT 5VQEMJQNO I &KG $TWUVDKNFGT (TKGFTKEJU WPF UGKPGT )GOCJNKP 7NTKMC 'NGQPQTCU PGDGPGKPCPFGT T )GMTÌPVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF XQP \YGK IGMTÌPVGP .ÌYGP IGJCNVGP #JNUVTÌO &CX

5GNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT (GKPG 2CVKPC HCUV 5VGORGNINCP\

155

575

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577

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576

578

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44 5GJT UEJÌP (CUV XQT\ÒINKEJ 8QT\ÒINKEJ

579

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580

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44 5GJT CVVTCMVKXG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

581

,QUGRJ 0CRQNGQP $QPCRCTVG 4GCNGU / #+ /CFTKF % % 6 &CX 8QT\ÒINKEJ

582

(GTPCPFQ 8++ 4GCNGU /CFTKF I -QRH T )GMTÌPVGU 9CRRGP \YK UEJGP \YGK 5·WNGP % % 6 &CX 4 2TCEJVGZGORNCT 5VGORGNINCP\

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583

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157

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4GRWDNKM &QNNCT Q , CWH FGP $GIKPP FGT *WPI *UKGP 2GTKQFG ;WCP 5JKJ -CK &CX -CPP 8QT\Ã&#x2019;INKEJp5VGORGNINCP\

587

588

&QNNCT ,CJT CWH FKG 'TPGPPWPI XQP *UW 5JKJ %JCPI \WO 2T·UKFGPVGP KO 1MVQDGT &CX -CPP 8QT\Ã&#x2019;INKEJ

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589

590

&QNNCT Q , CWH FKG #OVUGKPUGV\WPI XQP 6UCQ -WP CNU 2T·UKFGPV &CX -CPP

8QT\Ã&#x2019;INKEJGU 'ZGORNCT

&QNNCT Q , CWH FKG 8GTGKPKIWPI FGT 4GRWDNKM WPVGT 2T·UKFGPV 6WCP %JK ,WK &CX -CPP -N -TCV\GT XQT\Ã&#x2019;INKEJ

158

5+.$'4/ª0<'0 &'4 *#$5$74)+5%*'0 '4$.#0&' ¤56'44'+%*

591

6+41. )4#(5%*#(6

'T\JGT\QI 5KIKUOWPF )WNFKPGT *CNN 5VGORGNUEJPGKFGT 9GP\GN -TÌPFN I 'T\ JGT\QI UVGJV X X N .ÌYG OKV 9CRRGP T *GNO 4KVVGT OKV (CJPG TGKVGV T WOJGT 9CRRGPUEJKNFG &CX / 6 8QINJ +++ +8 44 #VVTCMVKXGU 'ZGORNCT OKV HGKPGT 2CVKPC 8QT\ÒINKEJ

$GK FKGUGT 2T·IWPI JCPFGNV GU UKEJ WO FKG ·NVGUVG 6CNGTRT·IWPI ÒDGTJCWRV 'T\JGT\QI 5KIKUOWPF JCV PCEJ 8QTCTDGKVGP FKG DKU KPU ,CJT \WTÒEMTGKEJGP FKGUG GTUVG )TQ­UKNDGTOÒP\G RT·IGP NCUUGP 8QTCWUIGICPIGP YCT FKG 2T·IWPI XQP *CNDIWNFKPGTP $KU FCJKP JCVVG GT KP ITQ­GT #P\CJN )QNFIWNFGP JGTUVGNNGP NCUUGP WO FGO UVGKIGPFGP $GFCTH PCEJ GKPGT YGTVXQNNGP /ÒP\G PCEJ\WMQOOGP &C 6KTQN MGKPG GKIGPGP )QNFXQTMQOOGP JCVVG YCT FKG )QNFRT·IWPI CDGT IGTCFG MQUVGPFGEMGPF &CIGIGP YCT FKG #WUDGWVG FGU 5EJYC\GT 5KNDGTDGTIDCWU CW­GTQTFGPVNKEJ ITQ­ 5Q GPVUVCPF FKG +FGG \W GKPGT ITQ­GP 5KNDGTOÒP\G KO 9GTV GKPGU )QNFIWNFGPU GU YCT FKG )GDWTVUUVWPFG FGU 6CNGTU +JTGP 0COGP GTJKGNVGP FKGUG /ÒP\GP CNNGTFKPIU GTUV #PHCPI FGU ,CJTJWPFGTVU FWTEJ FKG ,QCEJKOUVJCNGT UR·VGT MWT\ 6CNGT IGPCPPV FKG KO DÌJOKUEJGP ,QCEJKOUVJCN XQP FGP )TCHGP 5EJNKEM IGRT·IV YWTFGP &CU 8GTJ·NVPKU XQP )QNF \W 5KNDGT XQP HÒJTVG \W GKPGT )TQ­UKNDGTOÒP\G XQP I TCWJ WPF GKPGO (GKPIGYKEJV XQP I &KG CNU )WNFKPGT DG\GKEJPGVGP 5VÒEMG YWTFGP CWEJ 7PEKCNKU IGPCPPV YGKN KJT )GYKEJV GKPGT 7P\G FGT 6KTQNGT )GYKEJVUOCTM GPVURTCEJ &KG PGWG /ÒP\G YCT NÌVKI HGKP WPF GPVURTCEJ YKG FGT )QNFIWNFGP FGO 9GTV XQP -TGW\GTP

592

4¤/+5%* &'765%*'5 4'+%*

/CZKOKNKCP + &QRRGNVGT 5EJCWIWNFKPGT *CNN CWH FKG #PPCJOG FGU -CKUGTVKVGNU I 5VGORGNUEJPGKFGT 7NTKEJ 7TUGPVJCNGT &GT IGJCTPKUEJVG -CKUGT TGKVGV T OKV *GNO WPF IG UEJWNVGTVGT 4GKEJUHCJPG )GMTÌPVGU 9CRRGP WOIGDGP XQP UKGDGP MNGKPGTGP 9CRRGP WOJGT GKP -TCP\ CWU YGKVGTGP 9CRRGP &CX C 'II / 6 XIN

44 #VVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT OKV UEJÌPGT 2CVKPC

'II DGOGTMV KP UGKPGO 9GTM ÒDGT FKG /ÒP\GP -CKUGT /CZKOKNKCPU FC­ FCU 5EJCWUVÒEM XQP KP FGP HQNIGP FGP ,CJTGP UEJGKPDCT KOOGT YKGFGT IGRT·IV YWTFG #NU UKEJ FGT -CKUGT KP FGP 0KGFGTNCPFGP CWHJKGNV HQT FGTVG GT FTGK 5VGORGNGKUGP FGT *CNNGT /ÒP\G CP WO FQTV 'JTGPRHGPPKIG RT·IGP \W MÌPPGP 0CEJ NCPIGO <ÌIGTP UCPFVG FKG 6KTQNGT 4GIKGTWPI UEJNKG­NKEJ FTGK 'KUGP FKG UKG CDGT OKV GKPGT 4QUGVVG FGT 8QTFGTUGKVGPFCTUVGNNWPI MGPPVNKEJ OCEJVG &KG -TÌPWPIUFQRRGNIWNFKPGT UKPF V[RKUEJG 4GRT·UGPVCVKQPUUVÒEMG WPF 2TQRCICPFCIGRT·IG &GT -CKUGT KO *CTPKUEJ \W 2HGTF GPVURTKEJV FGT +FGG FGU ITQ­GP /CZKOKNKCPFGPMOCNU KP 5V 7NTKEJ WPF #HTC KP #WIU DWTI FCU PKG XQNNGPFGV YWTFG CDGT KP XKGNGP <GKEJPWPIGP WPF *QN\UEJPKVVGP GTJCNVGP KUV &KG 4ÒEMUGKVG OKV FGP 9CRRGP FGT UKGDGP -ÌPKITGKEJG WPF .·PFGT KUV GKPGU FGT XKGNGP $GKURKGNG HÒT FKG #DUKEJV /CZKOKNKCPU FWTEJ 9CRRGPMQODKPCVKQPGP 'KPFTWEM \W OCEJGP WPF UGKP 5GNDUVXGTUV·PFPKU CNU -ÌPKI XKGNGT 2TQXKP\GP 'WTQRCU WPF O·EJVKIUVGT (ÒTUV \W FQMWOGPVKGTGP

159

593

(GTFKPCPF + HCEJGT 5EJCWVCNGT XQP *KGTQP[OWU /CIFGDWTIGT CWH FKG #PP·JGTWPI FGT 6ÒTMGP IGIGP 9KGP +P FQRRGNVGO 5EJTKHVMTGKU É ('4&+0#0&85 ° &'+ ° )4#%+# ° *80)#4+ ° $1'/+ ° '6 % ° 4': É #001 ° &1/+0+ ° / ° & ° ::+: ° '6#6+#5 ° 58 ° ::8 $TWUVDKNF N OKV ITQ­GO *WV WPF FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU +P FQRRGNVGO 5EJTKHVMTGKU É &# ± /+%*+ ± 8+4686'/ ± %1064# ± *156'5 ± 6815 ± &1/+0' 38+# ° 68 #&+86 14 ° /' 85 ° '5 ° <YGKIGVGKNVGU 9CRRGP CWH $NW OGPMTGW\ KP FGP 9KPMGNP LG GKP IGMTÌPVGU 9CRRGPUEJKNF OO I *CDKEJ ++ -CV\ 5NI /QPVGPWQXQ .ÌDDGEMG 44 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV HGKPGT 2CVKPC

&GT 6QF FGU WPICTKUEJGP -ÌPKIU .WFYKI ++ PCEJ FGT IGIGP FKG 6ÒTMGP XGTNQTGPGP 5EJNCEJV DGK /QJCEU CO #WIWUV HÒJTVG \WT XGTVTCINKEJ XQTIGUGJGPGP 0CEJHQNIG FGU *CDUDWTIGTU (GTFKPCPF FGT CO 1MVQDGT KP 2TCI \WO -ÌPKI XQP $ÌJOGP IGY·JNV YWTFG )GIGP (GTFKPCPF NKG­ UKEJ CO 1MVQDGT ,QJCPP <CRQN[C \WO -ÌPKI XQP 7PICTP CWUTWHGP <CRQN[C OW­VG LGFQEJ XQT JCDUDWTIKUEJGP 6TWRRGP PCEJ 2QNGP HNKGJGP WPF MPÒRHVG XQP FQTV $G\KGJWPIGP \WO VÒTMKUEJGP 5WNVCP &GT 5WNVCP FTCPI PCEJ 7PICTP GKP NKG­ CO 5GRVGODGT <CRQN[C KP 1HGP \WO -ÌPKI MTÌPGP WPF TÒEMVG OKV GKPGO IGYCNVKIGP #WHIGDQV XQP /CPP PCEJ 9KGP XQT &KG $GNCIGTWPI FCWGTVG XQO 5GRVGODGT DKU \WO 1MVQDGT CNU GU (GTFKPCPF IGNCPI FKG VÒTMKUEJG $GNCIGTWPI \W DGGPFGP <W FKGUGO #PNC­ YWTFG FCU XQTNKGIGPFG RTCEJVXQNNG 5EJCWUVÒEM IGRT·IV FCU GKP JGTXQTTCIGPFGU $GKURKGN FGT 5VGORGNUEJPGKFGMWPUV FGT 4GPCKUUCPEG KUV &KG XGTGKPKIVGP .·PFGT ¤UVGTTGKEJ 7PICTP WPF $ÌJOGP UQNNVGP PWP \WT 8QTOCWGT 'WTQRCU KO -CORH IGIGP FKG 6ÒTMGP YGTFGP

594

6CNGT .KP\ I )GMTÌPVGU *ÒHVDKNF OKV 5EJYGTVITKHH WPF <GRVGT N #FNGT OKV 9CRRGP UEJKNF CWH FGT $TWUV &CX 8QINJ + XCT

2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC 8QT\ÒINKEJ GTJCNVGP

595

160

/CZKOKNKCP ++ 4GKEJUVCNGT -$ -TGOPKV\ I )GJCTPKUEJVGU *ÒHVDKNF T OKV -TQPG WPF IGUEJWNVGTVGO <GRVGT FKG .KPMG CO 5EJYGTVITKHH &QRRGNCFNGT CWH FGT $TWUV XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF FCTÒDGT IGMTÌPVG /CFQPPC OKV <GRVGT WPF -KPF CWH GKPGT /QPFUKEJGN &CX 8QINJ + 5GJT UGNVGP KP FKGUGT 'TJCNVWPI *GTXQTTCIGPFGU 2QTVT·V XQT\ÒINKEJ

596

'T\JGT\QI (GTFKPCPF &QRRGNVGT 4GKEJUVCNGT Q , 'PUKUJGKO I )GMTÌPVGU IGJCTPKUEJVGU *ÒHVDKNF T OKV <GRVGT KP FGT 4GEJVGP FKG .KPMG CO 5EJYGTVITKHH )GMTÌPVGU XKGTHGNFK IGU 9CRRGP OKV /KVVGNUEJKNF WOJGT 1TFGPUMGVVG \W FGP 5GKVGP LG GKP MNGKPGT 9CRRGPUEJKNF &CX / 6 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

597

)WNFGPVCNGT -TGW\GT *CNN I i ('4&+0#0&85 Û & ) ) Ú #4%*+& Û Ô564+ )GJCTPKUEJVGU *ÒHVDKNF T OKV XKGT 5EJKGPGP WPF FGT -GVVG XQO )QNFGPGP 8NKGU OKV FGT 4GEJVGP FCU <GRVGT IGUEJWNVGTV FKG .KPMG CO 5EJYGTVITKHH CO TGEJVGP #TO GKPG HNCVVGTPFG 5EJNGKHG c &8: Ù $84)80&+' Ù %1/'5 Ù 6+41.+5 8KGTHGNFKIGU 9CRRGP OKV FGO 6KTQNGT #FNGT CNU /KVVGNUEJKNF WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU FCTÒDGT Û Û &CX / 6 5NI /QTQ UKPK 8QINJ 8+++ XCT 8QP ITQ­GT 5GNVGPJGKV 9KP\ &TWEMUVGNNG CO 4CPF HCUV XQT\ÒINKEJ

598

599

599

4WFQNH ++ 4GKEJUVCNGT $WFYGKU /ÒP\OGKUVGT %JTKUVQH /CVVKIJQHGT I )GJCTPKUEJVGU $TWUVDKNF T )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP CWH FGT $TWUV 4GKEJUCRHGN &CX &KGVKMGT *CNCEMC 8QINJ +

4 (CUV XQT\ÒINKEJGU 'ZGORNCT OKV UEJÌPGT 2CVKPC

&TGKHCEJGT 4GKEJUVCNGT *CNN I )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ )GMTÌPVGU 9CRRGP &CX / 6 9KP\ 4CPFHGJNGT XQT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

161

600

/CVVJKCU &QRRGNVGT 4GKEJUVCNGT Q , 2TCI &QRRGNVGT &TGKMCKUGTVCNGT I &KG IGMTÌPVGP WPF IGJCTPKUEJVGP $TWUVDKNFGT FGT -CKUGT /CZKOKNKCP + -CTN 8 WPF (GTFKPCPF + PGDGPGKPCPFGT T &QRRGNCFNGT OKV FGO MCUVKNKUEJ ÌUVGTTGKEJKUEJGP 9CRRGP CWH FGT $TWUV &CX &KGVKMGT *CNCEMC 6[R #DD XCT 8QINJ ++

4 /KP $GCTDGKVWPIUURWTGP CO 4CPF UGJT UEJÌPpXQT\ÒINKEJ

+P UGKPGO #WHUCV\ ÒDGT FKG UQIGPCPPVGP &TGKMCKUGTRT·IWPIGP J·NV FGT #WVQT +XQ *CNCEMC FKG #WURT·IWPI FKGUGU 6[RU PQEJ WPVGT -CKUGT 4WFQNH ++ HÒT UGJT YCJTUEJGKPNKEJ

601

4GKEJUVCNGT 2TCI /ÒP\OGKUVGT $GPGFKMV *WGDOGT &CX &KGVKMGT *CNCEMC 8QINJ ++ 8QT\ÒINKEJ

602

(GTFKPCPF ++ &QRRGNVGT 4GKEJUVCNGT ,CJTGU\CJN KO 5VGORGN CWU IG·P FGTV )TC\ I )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO /CPVGN )GMTÌPVGU QXCNGU 9CRRGP WOJGT 1TFGPUMGVVG &CX *GTKPGM 4 8QT\ÒINKEJ

603

162

&KEMGT FTGKHCEJGT 4GKEJUVCNGT ,CJTGU\CJN KO 5VGORGN CWU WPF IG·PFGTV )TC\ I )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO /CPVGN )GMTÌPVGU QXCNGU 9CRRGP WOJGT 1TFGPUMGVVG &CX # *GTKPGM 8QP ITQ­GT 5GNVGPJGKV 5GJT UEJÌPpXQT\ÒINKEJ

604

'T\JGT\QI .GQRQNF 8 &KEMGT FTGKHCEJGT 4GKEJUVCNGT *CNN I )GJCTPKUEJVGU *ÒHVDKNF T OKV -TQPG OKV FGT 4GEJVGP FCU <GRVGT UEJWNVGTPF FKG .KPMG CO 5EJYGTVITKHH 6KTQNGT #FNGT OKV 'JTGPMT·P\EJGP &CX # / 6 D FQTV CNU &QRRGNVCNGT DG\GKEJPGV

8QP ITQ­GT 5GNVGPJGKV 9KP\ 4CPFHGJNGT UGJT UEJÌP

605

&QRRGNVGT 4GKEJUVCNGT Q , *CNN I 2QUVJWOG 2T·IWPI &CX / 6

2TCEJVGZGORNCT *GTTNKEJG 2CVKPC YKP\ <CKPGPFG XQT\ÒINKEJp5VGORGNINCP\

606

'T\JGT\QI (GTFKPCPF -CTN 4GKEJUVCNGT *CNN I )GJCTPKUEJVGU $TWUVDKNF T OKV 7OJCPI WPF 1TFGPUMGVVG 'T\JGT\QIUJWV ÒDGT HÒPHHGNFKIGO 9CRRGP OKV /KVVGNUEJKNF WOJGT 1T FGPUMGVVG &CX / 6 8QINJ +++

8QP ITQ­GT 5GNVGPJGKV *ÒDUEJG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

607

(GTFKPCPF +++ 4GKEJUVCNGT 2TCI /ÒP\OGKUVGT ,CMQD 9 9QNMGT &CX &KGVKMGT *CNCEMC 8QINJ + 44 8QT\ÒINKEJGU 'ZGORNCT OKV JGTTNKEJGT 2CVKPC

163

609

608

608

.GQRQNF + 4GKEJUVCNGT 0$ 0CI[D±P[C I $TWUVDKNF T OKV .QTDGGTMTCP\ )GMTÌPVGT &QRRGNCFNGT OKV 9CRRGP CWH FGT $TWUV KP FGP (·PIGP 5EJYGTV WPF <GRVGT &CX 8QINJ +++ 8QP ITQ­GT 5GNVGPJGKV 2TCEJVGZGORNCT *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

4GKEJUVCNGT Q , *CNN /KV .ÌYGPMQRHUEJWNVGT / 6

610

612

4 *GTTNKEJG 2CVKPC 5VGORGNINCP\

611

&QRRGNVGT 4GKEJUVCNGT Q , EC *CNN I &CX / 6

2TCEJVGZGORNCT 9KP\ <CKPGPFG HCUV 5VGORGNINCP\

&QRRGNVGT 4GKEJUVCNGT Q , PCEJ *CNN I &CX / 6

2TCEJVGZGORNCT *GTTNKEJG 2CVKPC HCUV 5VGORGNINCP\

,QUGH + &QRRGNVGT 4GKEJUVCNGT Q , *CNN I &CX / 6

2TCEJVGZGORNCT OKV HGKPGT 2CVKPC (CUV 5VGORGNINCP\

,QUGH + 9KGP Ó 9KGP ·NVGUVGT 5QJP .GQRQNFU + YWTFG DGTGKVU KP #WIUDWTI \WO TÌOKUEJGP -ÌPKI GTJQDGP 5EJQP CNU 6JTQPHQNIGT ITKHH GT GPVUEJGKFGPF KP FGP 5RCPKUEJGP 'TDHQNIGMTKGI GKP KPFGO GT FKG 'TPGPPWPI FGU 2TKP\GP 'WIGP \WO 2T·UKFGPVGP FGU *QHMTKGIUTCVGU FWTEJUGV\VG 0CEJ FGO 6QF .GQRQNFU + VTCV ,QUGH KO 5QOOGT FKG 4GIKGTWPI CP WPF XGTJ·PIVG CNU GTUVG #OVUJCPFNWPI ÒDGT FKG FGWV UEJGP 8GTDÒPFGVGP (TCPMTGKEJU FKG 9KVVGNUDCEJGT -WTHÒTUVGP /CZ 'OCPWGN XQP $C[GTP WPF 'T\DKUEJQH ,QUGH %NGOGPU XQP -ÌNP FKG 4GKEJUCEJV &KG IGUCOVG 4GIKGTWPIU\GKV ,QUGHU + YCT XQO 5RCPKUEJGP 'TDHQNIGMTKGI DGUVKOOV FGUUGP (ÒJTWPI GT CNNGTFKPIU ICP\ UGKPGO GTHQNITGKEJGP (GNFJGTTP 2TKP\ 'WIGP XQP 5CXQ[GP ÒDGTNKG­ &GT RNÌV\NKEJG 6QF FGU -CKUGTU CP FGP $NCVVGTP XGTUEJNGEJVGTVG FKG -TKGIUNCIG FGU *CWUGU *CDUDWTI

164

613

4GKEJUVCNGT /ÒPEJGP I )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGIVGT 1TFGPUMGVVG )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP CWH FGT $TWUV IGMTÌPVGU 9CRRGP &CX *CJP 8QINJ ++ 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

+P FGT 5EJNCEJV DGK *ÌEJUV·FV YWTFG FCU DC[GTKUEJ HTCP\ÌUKUEJG *GGT FWTEJ 2TKP\ 'WIGP XQP 5CXQ[GP WPF FGP *GT\QI XQP /CTNDQTQWIJ XQNNUV·PFKI XGTPKEJVGV /CZKOKNKCP 'OCPWGN OW­VG $C[GTP XGTNCUUGP WPF XGTNQT UGKPG .CPFG /CP XGTJ·PIVG FKG 4GKEJUCEJV ÒDGT KJP 'TUV FWTEJ FGP (TKGFGP XQP $CFGP YWTFGP FKG 4GKEJ UCEJV WPF FKG FCOKV XGTDWPFGPGP 5CPMVKQPGP CWHIGJQDGP &KG KP FGT <YKUEJGP\GKV GPVUVCPFGPGP /ÒP\GP YKG CWEJ FCU XQTNKGIGPFG 5VÒEM UKPF XQP FGT MCKUGTNKEJGP #FOKPKUVTCVKQP KP $C[GTP IGRT·IV YQTFGP

614

615

616

4GKEJUVCNGT ,CJTGU\CJN KO 5VGORGN CWU IG·PFGTV 2/ /ÒP\OGKUVGT\GKEJGP KO 5VGORGN CWU )' IG·PFGTV 2TCI /ÒP\OGKUVGT\GKEJGP 2/ 8CMCP\ I )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP CWH FGT $TWUV FGT DÌJ OKUEJG 9CRRGPUEJKNF &CX &KGVKMGT *CNCEMC 8QINJ +++

44 -N 5EJTÌVNKPIUHGJNGT CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

-CTN 8+ 4GKEJUVCNGT 9KGP &CX 8QINJ +

2TCEJVGZGORNCT *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

/CTKC 6JGTGUKC (KNKRRQ /CKNCPF I $TWUVDKNF T OKV &KCFGO )GMTÌPVGU XKGT HGNFKIGU 9CRRGP OKV .QTDGGT WPF 2CNOGP\YGKIGP DGUVGEMV FCTCWH XKGTHGNFKIGU *GT\UEJKNF %TKRRC % &CX '[RGNVCWGT 44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

165

617

,QUGH ++ -QPX 6CNGT ,CJTGU\CJN KO 5VGORGN CWU IG·PFGTV # +% 5- 9KGP 1TFGPUVCNGT I +15'2* Û ++ Û & Ü ) Ü 4 Û + Û 5 Û # Û %14 Û E Ü )GJCTPKUEJVGU $TWUVDKNF T OKV UEJT·I WOIGNGIVGT DTGKVGT 1TFGPUUEJ·TRG WPF FGO )TQ­UVGTP FGU MÌPKINKEJ WPICTKUEJGP 5V 5VG RJCPUQTFGPU FCTWPVGT FKG -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU #4%* Û #756 Û & Û $74) Û .16* Û / Û & Û *'6 Û Û #PFTGCUMTGW\ &QRRGNCFNGT OKV 5EJYGTV <GRVGT WPF 4GKEJUCRHGN KP FGP (·PIGP CWH FGT $TWUV 9CRRGPUEJKNF FGT OKV FGP -ÌPKIUMTQPGP XQP 7PICTP WPF $ÌJOGP DGNGIV KUV QDGP -CKUGTMTQPG OKV HNCVVGTPFGP $·PFGTP WPVGP \W FGP 5GKVGP /ÒP\\GKEJGP + Û % 5 Ü - Ü

,QUGRJ %TQPDGTI /ÒP\OGKUVGT WPF 5KGIOWPF -NGOOGT 9CTFGKP KP 9KGP &CX *GTKPGM 8QP ITQ­GT 5GNVGPJGKV 2TCEJVGZGORNCT XQP UEJÌPUVGT 'TJCNVWPI 5VGORGNINCP\

618

.GQRQNF ++ -QPX 6CNGT # 9KGP -ÌPKIUVCNGT I $ÒUVG T OKV .QTDGGTMTCP\ )GMTÌPVGU 9CRRGP XQP \YGK )TGKHGP IGJCNVGP /KV 4CPFUEJTKHV c c 12'5 4')8/ %14&# 58$&+6148/ c FC\YKUEJGP $NWOGPQTPCOGPVG &CX ,

44 (GKPG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

619

-#+5'44'+%* ¤56'44'+%*

(GTFKPCPF + 5EWFQ 8 8GPGFKI , 8QP ITQ­GT 5GNVGPJGKV (CUV XQT\ÒINKEJ

620

166

(TCP\ ,QUGH + -QPX 6CNGT # 9KGP I -QRH N OKV .QTDGGTMTCP\ )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF 4GKEJUCRHGN KP FGP (·PIGP CWH FGT $TWUV 9CRRGP &CX , 44 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI (CUV 5VGORGNINCP\

622

621

-QPX 6CNGT )WNFGP # 9KGP I -QRH N OKV .QTDGGTMTCP\ )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV <GRVGT WPF 4GKEJUCRHGN KP FGP (·PIGP CWH FGT $TWUV 9CRRGPUEJKNF ,

8QP ITQ­GT 5GNVGPJGKV 2TCEJVGZGORNCT OKV HGKPGT 2CVKPC (CUV 5VGORGNINCP\

.KTC / /CKNCPF HÒT FKG .QODCTFGK WPF 8GPGVKGP ,

44 (CUV 5VGORGNINCP\

623

&QRRGNVGT 8GTGKPUVCNGT # 9KGP CWH FKG 8QNNGPFWPI FGT ÌUVGTTGKEJKUEJGP 5ÒFDCJP &CX , -CJPV 6JWP

2TCEJVGZGORNCT 0WT 'ZGORNCTG IGRT·IV (CUV 5VGORGNINCP\ CWU RQNKGTVGT 2NCVVG

624

2:1

2:1

-TGW\GT 8 8GPGFKI ,

8QP ITÌ­VGT 5GNVGPJGKV 8QT\ÒINKEJ

625

&+' )'+56.+%*-'+6 +0 &'0 *#$5$74)+5%*'0 '4$.#0&'0 $4+:'0 $+567/

-CURCT +IPC\ XQP -ÒPKIN 6CNGT #WIUDWTI I $TWUVDKNF FGU $KUEJQHU T *QEJUVKHVU WPF (COKNKGPYCRRGP PGDGPGKPCPFGT \YKUEJGP FGP 9CRRGP 'PIGNUMQRH OKV CWHIGUGV\VGT +PHWN %0+ 8+ 5 &CX (QTUVGT 44 8QT\ÒINKEJ

$GK FGO XQTNKGIGPFGO 5VÒEM JCPFGNV GU UKEJ WO GKPG #TDGKV FGU /ÒP\OGKUVGTU %JTKUVKCP *QNGKUGP WPF FGU 5VGO RGNUEJPGKFGTU 2JKNKRR *GKPTKEJ /ÒNNGT

167

626

)74- $+567/

(TCP\ :CXGT XQP 5CNO 4GKHHGTUEJGKF -QPX 6CNGT &CX *QN\OCKT 5

2TCEJVGZGORNCT XQP UEJÌPUVGT 'TJCNVWPI 5VGORGNINCP\

627

5#.<$74) '4<$+567/

/CVVJ·WU .CPI XQP 9GNNGPDWTI )WNFKPGT I $TWUVDKNF N OKV $KTGVV 8KGT HGNFKIGU 9CRRGP WPVGT -CTFKPCNUJWV &CX 2TQDU\V

44 5GJT CVVTCMVKXGU 'ZGORNCT OKV JÒDUEJGT 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

628

2CTKU XQP .QFTQP &QRRGNVGT 4GKEJUVCNGT CWH FKG &QOYGKJG I 5V 4WFDGT VWU WPF 5V 8KTIKNKWU UKV\GP X X OKV -TWOOUV·DGP WPF JCNVGP GKP &QOOQFGNN WPVGP .GICVGPJWV ÒDGT FGO FTGKIGVGKNVGP 5VKHVU WPF (COKNKGPYCRRGP 8QP CEJV $KUEJÌHGP IGVTCIGPGT 4GNKSWKGPUEJTGKP WPVGP \YGK 'PIGN OKV 4CWEJHC­ &CX 2TQDU\V 44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

629

&+' ¤56'44'+%*+5%*'0 56#0&'5*'44'0 $#66*;#0+ (ª456'0

168

.WFYKI -QPX 6CNGT 9KGP &CX *QN\OCKT

2TCEJVGZGORNCT (GKPG 2CVKPC HCUV 5VGORGNINCP\

630

5%*.+%- )4#('0

$WTKCP *GKPTKEJ *KGTQP[OWU WPF .QTGP\ 6CNGT ,QCEJKOUVCN #WUDGWVG I 5V ,QCEJKO ÒDGT FTGKHCEJ DGJGNOVGO XKGTHGNFKIGP 9CRRGP OKV /KVVGNUEJKNF .ÌYG N &CX &QPGD ªDGTFWTEJUEJPKVVNKEJ GTJCNVGPGU 'ZGORNCT /KP (WPFDGNCI HCUV XQT\ÒINKEJ

&KG 2T·IWPIGP FGT )TCHGP 5EJNKEM UKPF OKV YGPKIGP #WUPCJOGP #WUDGWVGRT·IWPIGP &KG HTÒJGUVGP UVCOOGP CWU FGO CNU $GTIUVCFV IGITÒPFGVGP 5V ,QCEJKOUVCN #NU TGFGPFGU <GKEJGP GTUEJGKPV FCJGT 5V ,QCEJKO CWH FGP /ÒP\GP ·JPNKEJ YKG KO *CT\ 5V #PFTGCU CWH GPVURTGEJGPFGP 2T·IWPIGP &KG ITQ­G #WUDGWVG FGU ,CJTGU

6CNGT OCEJVG FKG 'KPTKEJVWPI GKPGT /ÒP\UV·VVG \YKPIGPF YWTFG OKV FGT TGIWN·TGP 2T·IWPI DGIQP PGP IKPI FKG /ÒP\UV·VVG CWH -ÌPKI (GTFKPCPF + ÒDGT XGTNQTGP FKG )TCHGP 5EJNKEM KP (QNIG FGT 5EJNCEJV DGK /ÒJNDGTI FKG OGKUVGP $GTIYGTMG WO ,QCEJKOUVCN #D UEJWHGP UKG UKEJ GKP PGWGU 5KNDGT $GTI DCWTGXKGT WO /KEJCGNUDGTI DGK 2NCP W C FKG 5V #PPC (WPFITWDG YWTFG FCU /ÒP\TGEJV GTPGWV GTYQTDGP WPF KP 2NCP GKPG /ÒP\UV·VVG GTTKEJVGV YQ FCU $GTIUKNDGT XGTRT·IV YWTFG

1,5:1

631

*GKPTKEJ +8 &QRRGNVGT 4GKEJUVCNGT 2NCP OKV 6KVGN (GTFKPCPFU ++ #WUDGWVGRT· IWPI I *'+04+% Û 5%*.+%- Û %1/'5 Û # Û 2#5#0 8KGTHGNFKIGU 9CRRGP OKV /KVVGN UEJKNF FCTÒDGT FKG JGKNKIG #PPC OKV FGO ,GUWUMKPF WPF FGT JGKNKIGP /CTKC \W FGP 5GKVGP 5 Û # 00# WPVGP PGDGP FGO 9CRRGPUEJKNF FKG IGVGKNVG ,CJTGU\CJN ('4&+0#0&85 Ù ++ Ù 41/ +/2 Ù 5'/2'4 Ù #8)85685 )GMTÌPVGT &QRRGNCFNGT OKV FGO IGMTÌPVGP DÌJOKUEJGP 9CRRGP CWH FGT $TWUV WPVGP GKPG -CPPG \YKUEJGP + % ,QJCPP %CPFNGT /ÒP\OGKUVGT KP 2NCP &CX # &QPGD XIN

8QP ITQ­GT 5GNVGPJGKV #VVTCMVKXGU 'ZGORNCT OKV MT·HVKIGT 2CVKPC HCUV XQT\ÒINKEJ

169

632

4GKEJUVCNGT 2NCP OKV 6KVGN (GTFKPCPFU +++ #WUDGWVGRT·IWPI &CX &QPGD

44 8QT\ÒINKEJ

1,5:1

633

5+'$'0$ª4)'0 (ª456'0

/KEJCGN #RCHK 4GKEJUVCNGT #+ 9GK­GPDWTI I )GJCTPKUEJVGU $TWUVDKNF T OKV IGUEJWNVGTVGO <GRVGT WPF FKG .KPMG CO 5EJYGTVITKHH )GMTÌPVGU 9CRRGP &CX 4GUEJ

8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

634

9+0&+5%*)4 6< )4#('0

170

.GQRQNF 8KEVQT ,QJCPP 4GKEJUVCNGT 9KGP I )GJCTPKUEJVGU $TWUVDKNF T OKV 7OJCPI <YGK 9ÌNHG JCNVGP FTGKHCEJ DGJGNOVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF &CX *QN\OCKT #VVTCMVKXGU 'ZGORNCT OKV JÒDUEJGT 2CVKPC XQT\ÒINKEJ

&'765%*' /ª0<'0 &'5 /+66'.#.6'45

636 635

4'+%*5/ª0<56 66'

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#4056'+0

)4#(5%*#(6

#.6'0$74)

9CNVGT ++ $TCMVGCV *GVVUVGVV I #FNGT \YKUEJGP \YGK 6ÒTOGP CWH $QIGP FCTKP 2CNOGVVG $GTIGT 5NI .ÌDDGEMG 44 (GKPG 2CVKPC UGJT UEJÌP

637

638

$4#0&'0$74) $4#0&'0$74) /#4-)4#(5%*#(6 5'+6 &'/ ,#*4*70&'46 -74(ª456'067/

2T\KDKUNCY *GKPTKEJ &ÒPPRHGPPKI $TCPFGPDWTI I $TWUVDKNF X X OKV 5EJYGTV WPF (CJPG $TWUVDKNF FGT (ÒTUVKP 2GVTKUUC X X N 5VGTP T XKGT -WIGNP $CJTH $GTIGT

5GNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI *ÒDUEJG 2CVKPC MN 2T·IGUEJY·EJG XQT\ÒINKEJ

#NDTGEJV FGT $·T $TCMVGCV 9GIGNGDGP $CNNGPUVGFV QFGT #UEJGTUNGDGP I $TWUVDKNF FGU /CTMITCHGP X X OKV 5EJYGTV WPF (CJPG ÒDGT $TÒUVWPI \YKUEJGP \YGK 6ÒTOGP FCTÒDGT $QIGP OKV 6WTO $CJTH $GTIGT 6JQTOCPP 44 #VVTCMVKXG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

639 1,5:1

1VVQ + $TCMVGCV $TCPFGPDWTI I $4 #0& '$8 4) /CWGTTKPI OKV \YGK UEJOCNGP 6ÒTOGP CP FGP 5GKVGP QDGP WPF WPVGP LG GKP ITÌ­GTGT 6WTO \W FGP 5GKVGP FGU WPVGTGP 6WTOGU 16 61 $CJTH $GTIGT 5NI $QPJQHH

8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJGU 'ZGORNCT

171

640

4'+%*5/ª0<56 66'

$+567/

172

(4#0-(746

)'.0*#75'0

644

645

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#FGNJQI XQP &QTUVCFV $TCMVGCV I $KUEJQH OKV -TWOO WPF -WIGNMTGW\UVCD UKV\V X X CWH GKPGO $QIGP N WPF T LG GKP -WRRGNVWTO WOJGT GKP &TGKRC­DQIGP FGT OKV GKPGT 2GTNGP MGVVG DGUGV\V KUV $GTIGT /GJN 5NI $QPJQHH

2TCEJVGZGORNCT *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

$GTPQ $TCMVGCV I $KUEJQH OKV -TWOO WPF &QRRGNMTGW\UVCD UKV\V X X \YKUEJGP \YGK -WRRGNVÒTOGP CWH TGEJVGEMKIGO 7PVGTDCW $GTIGT /GJN 5NI $QPJQHH

W­GTUV UGNVGP .GKEJVGT 4CPFCDDTWEJ XQT\ÒINKEJ

)4#(5%*#(6

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44 #VVTCMVKXG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

643

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4'+%*5/ª0<56 66'

642

*GKPTKEJ 8+ $TCMVGCV I -ÌPKI VJTQPV X X OKV -TGW\ WPF .KNKG ÒDGT $QIGP OKV \YGK 6ÒTOGP KO (GNF 4KPIGN $GTIGT )GDJCTV 5VGKPJKNDGT

44 #VVTCMVKXG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

4'+%*5/ª0<56 66'

641

.1$&'$74)

*CTVOCPP +++ XQP 5CCNDWTI $TCMVGCV 5EJNGK\ I 5VKGT UVGJV T XQT KJO 6WTO JKPVGT KJO HNKGIGPFGT (KUEJ WPVGP 5VGTP $GTIGT 4ÌDNKV\ 5NI $QPJQHH

8QP ITÌ­VGT 5GNVGPJGKV (GKPG 2CVKPC YKP\ 5EJTÌVNKPIUHGJNGT CO 4CPF XQT\ÒINKEJGU 'ZGORNCT

646

647 648

/#)&'$74)

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8QT $TCMVGCV I &TGK 6ÒTOG OKV -TGW\GP WPVGT FGP \YGK ·W­GTGP 6ÒTOGP LG GKPG -WIGN N WPF T QDGP KO (GNF LG GKP 5VGTP WPVGP &QRRGNDQIGP KO KPPGTGP $QIGP GKPG -WIGN $GTIGT 5NI $QPJQHH 5NI *CWUYCNFV 44 (CUV XQT\ÒINKEJGU 'ZGORNCT

(TKGFTKEJ + XQP 9GVVKP $TCMVGCV WO I $TWUVDKNF FGU 'T\DKUEJQHU X X OKV -TWOOUVCD \YKUEJGP \YGK 5VGTPGP \YGK -WIGNP WPF \YGK -TWOOUV·DGP $GTIGT 5NI $QPJQHH 5NI *CWUYCNFV 5GNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT *GTTNKEJG 2CVKPC YKP\ 2T·IGUEJY·EJG XQT\ÒINKEJp5VGORGNINCP\

/#+0<

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*GKPTKEJ + XQP *CTDWTI $TCMVGCV WO 'THWTV I $TWUVDKNF FGU JGKNKIGP /CTVKP X X OKV -TWOOUVCD WPF $WEJ JKPVGT /CWGTDQIGP \YKUEJGP \YGK <KPPGPVÒTOGP \W FGP 5GK VGP '22'5 (14 &+ WPVGP FGT 'T\DKUEJQH T OKV GTJQDGPGP *·PFGP FCTÒDGT *'y4% N 6WTO $GTIGT 5NI $QPJQHH 5NI 9CNVJGT

#VVTCMVKXG 2CVKPC MN 5EJTÌVNKPIUHGJNGT CO 4CPF XQT\ÒINKEJGU 'ZGORNCT

650 649

651

/ª*.*#75'0 +0 6*ª4+0)'0 4'+%*5/ª0<56 66'

2JKNKRR XQP 5EJYCDGP WPVGT .CPFITCH *GTOCPP CNU 2HCPFKPJCDGT $TCMVGCV I -ÌPKI TGKVGV N OKV (CJPG WPF 5EJKNF FCXQT -WIGN FCJKPVGT 4GKEJUCRHGN $GTIGT $WEJGPCW (F XQP 5GGIC 5NI $QPJQHH 5NI .ÌDDGEMG 4 'VYCU $GNCI KO 4CPFDGTGKEJ UGJT UEJÌP

)4 (.+%*' /ª0<56 66'

/ª0<'0$'4)

-WPQ $TCMVGCV I $TWUVDKNF GKPGU 9GNVNKEJGP OKV 5EJKNF WPF IGUEJWNVGTVGO 5EJYGTV T FCTÒDGT -NGGDNCVVDQIGP OKV FTGK 6ÒTOGP WPF \YGK /KP\GPUVGPIGNP $GTIGT *·XGTPKEM 5NI $QPJQHH 4 #VVTCMVKXGU 'ZGORNCT OKV HGKPGT 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

$+567/

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$GTVJQNF ++ XQP /GK­GP $TCMVGCV I $KUEJQH OKV -TWOO WPF -WIGNMTGW\UVCD UKV\V X X $GTIGT 2QUGTP -NGVV 5NI $QPJQHH

4 *ÒDUEJG 2CVKPC GVYCU $GNCI XQT\ÒINKEJ

173

653 652

#$6'+

4'+%*'0#7

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5GJT UGNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI #VVTCMVKXG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

/'+55'0 /#4-)4#(5%*#(6

654

$GCVTKZ ++ XQP 9KP\GPDGTI $TCMVGCV I DVKUUKP OKV .KNKGPCRHGN WPF UGIPGPFGT .KPMGP UKV\V X X CWH /CWGT FCTÒDGT DCNFCEJKPCTVKIGU )GD·WFG OKV FTGK $ÌIGP WPF FTGK 6ÒTOGP N WPF T KP FGP $ÌIGP $TWUVDKNFGT LG GKPGT 0QPPG GDGPUQ XQT FGT /CWGT FC\YKUEJGP .KNKG $GTIGT 5NI $QPJQHH 5GJT UGNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT 8QT\ÒINKEJp5VGORGNINCP\

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W­GTUV UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

656

657 655

.#0&)4#(5%*#(6

.WFYKI +++ $TCMVGCV )QVJC I .CPFITCH TGKVGV T OKV (CJPG WPF 5EJKNF FCJKPVGT KO (GNF -TGW\ FCTÒDGT GKP YGKVGTGU MNGKPGU -TGW\ $GTIGT $WEJGPCW (F XQP )QVJC C 5NI .ÌDDGEMG W­GTUV UGNVGP KP FKGUGT 'TJCNVWPI 8QNNUV·PFKI GTJCNVGPGU 'ZGORNCT OKV HGKPGT 2CVKPC XQT\ÒINKEJ

4'+%*5/ª0<56 66'

174

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#PQP[O $TCMVGCV I )GMTÌPVGT WPF IGHNÒIGNVGT .ÌYG UEJTGKVGV N FGP -QRH PCEJ XQTP IGYCPFV FGT 5EJYGKH GPFGV KP GKPGT FTGKDN·VVTKIGP 3WCUVG $GTIGT XCT -NGKP 7NOGT %% 5GJT UGNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC 5VGORGNINCP\

4'+%*5/ª0<56 66'

6*ª4+0)'0

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(TKGFTKEJ ++ $TCMVGCV WO I )GMTÌPVGU $TWUVDKNF X X OKV (NÒIGNP WPF GKPGO MNGKPGP -TGW\ CWH FGT $TWUV $GTIGT -NGKP 7NOGT %%

44 *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

&'765%*' 5+.$'4/ª0<'0 &'4 0'7<'+6

658

#0*#.6 #0*#.6 -¤6*'0 (ª456'067/ 5'+6 *'4<1)67/

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659

660

661

#0*#.6 $'40$74) (ª456'067/ 5'+6 *'4<1)67/

#NGZCPFGT %CTN 8GTGKPUFQRRGNVCNGT #-5 &CX -CJPV 6JWP

8QT\ÒINKEJGU 'ZGORNCT

$+567/

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,QUGRJ XQP *GUUGP &CTOUVCFV 4GKEJUVCNGT #WIUDWTI &CX (QTUVGT 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC 8QT\ÒINKEJp5VGORGNINCP\

56#&6

4GKEJUVCNGT IGRT·IV WPVGT UEJYGFKUEJGT $GUGV\WPI FWTEJ )WUVCX ++ #FQNH #JNUVTÌO &CX (QTUVGT 2TCEJVGZGORNCT (GKPG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

175

662

8KGTHCEJGT 4GKEJUVCNGT I )856#75 Û #&1.2* Û & Û ) Û 57' )1 Ü 9 Ü 3 Û 4' Û / Û 2 Û (+ Û & Û ' Û ' Û % Û +0 Û 3 Û & &GT IGJCTPKUEJVG -ÌPKI )WUVCX ++ #FQNH XQP 5EJYGFGP TGKVGV T KP UGKPGT 4GEJVGP GKPGP -QOOCPFQUVCD JCNVGPF KO *KPVGTITWPF FKG 5VCFVCPUKEJV XQP #WIU DWTI )GMTÌPVGU XGT\KGTVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF \YKUEJGP WOJGT IG MTÌPVG 9CRRGP FGT UEJYGFKUEJGP 2TQXKP\GP #JNUVTÌO FQTV WPVGT 5EJYGFGP &CX (QTUVGT 44 5GJT CVVTCMVKXGU 'ZGORNCT OKV HGKPGT 2CVKPC HCUV XQT\ÒINKEJ

9KG UEJQP KO -CVCNQI FGT DGFGWVGPFGP 5COONWPI UEJYGFKUEJGT /ÒP\GP XQP -CTN 'TKM 5EJOKV\ #WMVKQP 5EJYGK\GTKUEJGT $CPMXGTGKP WPF 5RKPM 5QP <ÒTKEJ 0T DGOGTMV YWTFG JCPFGNV GU UKEJ DGK FGT JKPVGT FGO TGKVGPFGP 5EJYGFGPMÌPKI FCTIGUVGNNVGP 5VCFV WO #WIUDWTI 1DYQJN $LCTPG #JNUVTÌO FKG /ÒP\G FGP UEJYGFKUEJGP 4GKEJURT·IWPIGP WPF FGT /ÒP\UV·VVG 5VQEMJQNO \WIGQTFPGV JCV KUV GU YCJTUEJGKPNKEJ FC­ GU UKEJ WO GKPG #WIUDWTIGT 2T·IWPI JCPFGNV +P FGT 5COONWPI 5EJOKV\ DGHCPF UKEJ NGFKINKEJ GKP FQRRGNVGT 4GKEJUVCNGT FKGUGU 6[RU FGT JKGT \WT 8GTUVGKIGTWPI IGNCPIGPFG XKGTHCEJG 4GKEJUVCNGT KUV WPINGKEJ UGNVGPGT

663

&QRRGNVGT 4GKEJUVCNGT OKV 6KVGN -CTNU 8+ I /KV /CWGTMTQPG DGMTÌPVGU 5VCFVR[T KP QXC NGO 4CJOGP \W FGP 5GKVGP 2CNO WPF .QTDGGT\YGKI N FGT (NW­IQVV .GEJ T FKG )ÌVVKPPGP 9GTVCEJ WPF 5KPIQNF )GMTÌPVGT UEJYGDGPFGT &QRRGNCFNGT OKV 4GKEJUCRHGN <GRVGT WPF 5EJYGTV &CX (QTUVGT 44 2TCEJVGZGORNCT OKV HGKPGT 2CVKPC 8QT\ÒINKEJp5VGORGNINCP\

&KG 5VGORGN \W FKGUGO RTCEJVXQNNGP &QRRGNVCNGT UEJPKVV ,QPCU 6JK¾DCWF &GT 5EJYGK\GT 5VGORGN UEJPGKFGT YWTFG XQP DKU XQP &CUUKGT KP )GPH CWUIGDKNFGV &CPCEJ CTDGKVGVG GT HÒT #RRGP\GNN $GTP *QJGP\QNNGTP .W\GTP /QPVHQTV 5V )CNNGP WPF 9ÒTVVGODGTI +O ,CJT YWTFG GT XQP FGT #WIUDWTIGT /ÒP\G CPIGUVGNNV WPF UEJPKVV FKG 5VGORGN \W \CJNTGKEJGP TGRT·UGPVCVKXGP /ÒP\GP WPF /GFCKNNGP FGT 5VCFV #WIU DWTI CDGT CWEJ HTGOFGT 2T·IGJGTTGP FKG FGT #WIUDWTIGT /ÒP\UV·VVG 2T·IGCWHVT·IG GTVGKNVGP &CU XQTNKGIGPFG 5VÒEM IGJÌTV FCOKV \W FGP GTUVGP #TDGKVGP FKG 6JK¾DCWF KP #WIUDWTI CWUHÒJTVG

664

$#&'0 $#&'0 $#&'0 /#4-)4#(5%*#(6

176

9KNJGNO 4GKEJUVCNGT ,CJTGU\CJN KO 5VGORGN CWU IG·PFGTV $CFGP $CFGP &CX 9KGNCPFV 4 5GJT UEJÌP

665

.WFYKI 9KNJGNO )WNFGP -TGW\GT 9ÒT\DWTI )GJCTPKUEJVGU $TWUVDKNF T )G MTÌPVGU CEJVHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF I &CX 9KGNCPFV 44 8QT\ÒINKEJ

.WFYKI 9KNJGNO VTCV KP FKG -CKUGTNKEJG #TOGG GKP \GKEJPGVG UKEJ KO -TKGI IGIGP (TCPMTGKEJ XQT 2JKNKRRUDWTI CWU WPF YCT UGKV OC­IGDNKEJ CP FGT 8GTVTGKDWPI FGT 6ÒTMGP WPF FGT 4ÒEMGTQDGTWPI 7PICTPU DGVGKNKIV YGUJCND GT UKEJ FGP $GKPCOGP 6ÒTMGPNQWKU GTYCTD #O 5GRVGODGT UVKG­ FKG -CKUGTNKEJG *CWRVCTOGG WPVGT FGO 1DGTDGHGJN .WFYKI 9KNJGNOU DGK 0KUEJ CWH FKG YGKVCWU ÒDGTO·EJVKIGTG VÒTMKUEJG #TOGG 'U IGNCPI FGO 6ÒTMGPNQWKU FGP 6ÒTMGP GKPG DNWVKIG 0KGFGTNCIG \W\WHÒIGP &KG 6ÒTMGP UQNNGP /CPP XGTNQTGP JCDGP Y·JTGPF FGT 8GTNWUV FGT -CKUGTNKEJGP OKV PWT /CPP DG\KHHGTV YKTF #WEJ KO 2H·N\GT WPF KO 5RCPKUEJGP 'TDHQNIGMTKGI ÒDGTPCJO .WFYKI 9KNJGNO FGP 1DGTDGHGJN ÒDGT FKG 4GKEJUVTWRRGP FGT CWH 2TKP\ 'WIGP XQP 5CXQ[GP ÒDGTIKPI

666

$#&'0 &74.#%* /#4-)4#(5%*#(6 5'+6 -74(ª456'067/ 5'+6 )4155*'4<1)67/

-CTN (TKGFTKEJ -QPX 6CNGT &WTNCEJ 9KGNCPFV

2TCEJVGZGORNCT OKV HGKPGT 2CVKPC 8QT\ÒINKEJp5VGORGNINCP\

667

-CTN .GQRQNF (TKGFTKEJ -TQPGPVCNGT /ÒP\DGUWEJ #-5 &CX -CJPV 6JWP 4 (GKPG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

668

-TQPGPVCNGT #WUDGWVG #-5 &CX -CJPV 6JWP

2TCEJVGZGORNCT XQP HGKPUVGT 'TJCNVWPI 5VGORGNINCP\

177

669

$#;'40 *'4<1)67/ 5'+6 -74(ª456'067/ 5'+6 -¤0+)4'+%*

-CTN 6JGQFQT -QPX 6CNGT /CPPJGKO HÃ&#x2019;T FKG 4JGKPRHCN\ I $Ã&#x2019;UVG T OKV QHHGPGP *CCTGP /KV -WTJWV DGFGEMVGU FTGKHGNFKIGU RHCN\ DC[GTKUEJGU 9CRRGP FCTWPVGT .QTDGGT WPF 2CNO\YGKI &CX *CCU XCT *CJP XCT

-CDKPGVVUVÃ&#x2019;EM XQP HGKPUVGT 'TJCNVWPI 5VGORGNINCP\

670

-QPX 6CNGT /CPPJGKO CWH FCU 8KMCTKCV 2T·IWPI HÃ&#x2019;T FKG 4JGKPRHCN\ I $Ã&#x2019;UVG T OKV \WUCOOGPIGDWPFGPGP *CCTGP &QRRGNCFNGT CWH FGT $TWUV FCU OKV FGO -WTJWV DGFGEMVG FTGKHGNFKIG RHCN\ DC[GTKUEJG 9CRRGP WOJGT 1TFGPUMGVVG &CX *CCU *CJP

-CDKPGVVUVÃ&#x2019;EM XQP HGKPUVGT 'TJCNVWPI 5VGORGNINCP\

671

-QPX 6CNGT /Ã&#x2019;PEJGP CWH FCU 8KMCTKCV &CX *CJP

2TCEJVGZGORNCT (GKPG 2CVKPC 'TUVCDUEJNCI HCUV 5VGORGNINCP\

672

178

/CZKOKNKCP + +8 ,QUGRJ -QPX 6CNGT /KV /#:+/ ,15'2* KP FGT 8QT FGTUGKVGPWOUEJTKHV #-5 #PO &CX -CJPV 6JWP

44 (GKPG 2CVKPC OKP LWUVKGTV HCUV XQT\Ã&#x2019;INKEJGU 'ZGORNCT

673

$4#0&'0$74) +0 (4#0-'0 $4#0&'0$74) $#;4'76* /#4-)4#(5%*#(6

%JTKUVKCP 4GKEJUVCNGT $C[TGWVJ CWH UGKPGP 6QF &CX 5NI 9KNO

4 5GJT UEJÌPpXQT\ÒINKEJ

674

675

676

(TKGFTKEJ %JTKUVKCP -QPX 6CNGT $C[TGWVJ CWH UGKPGP 6QF &CX 5NI 9KNO

4 2TCEJVGZGORNCT (GKPG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

$4#0&'0$74) #05$#%* /#4-)4#(5%*#(6

,QCEJKO 'TPUV 4GKEJUVCNGT (ÒTVJ &CX 5NI 9KNO

4 (CUV XQT\ÒINKEJGU 'ZGORNCT

&GT /CTMITCH ,QCEJKO 'TPUV YCT UEJQP UGKV GKPKIGP ,CJTGP UEJYGT MTCPM WPF NKVV YCJTUEJGKPNKEJ CP 9CUUGTUWEJV +O ,CJT YWTFG GT KP 4QVJ UQ MTCPM FC­ GT PCEJ #PUDCEJ IGDTCEJV YGTFGP OW­VG /KV ,CJTGP CO (GDTWCT UVCTD GT CP GKPGO 5EJNCICPHCNN WPF YWTFG \YGK /QPCVG UR·VGT PCEJ *GKNUDTQPP IGDTCEJV YQ GT KP FGT FQTVKIGP -NQUVGTMKTEJG DGUVCVVGV YWTFG

-CTN 9KNJGNO (TKGFTKEJ -QPX 6CNGT 5EJYCDCEJ CWH UGKPGP 6QF I )GJCT PKUEJVGU $TWUVDKNF T CO #TOCDUEJPKVV 2 Û 2 Û 9 Û 2GVGT 2CWN 9GTPGT 5VGORGNUEJPGKFGT KP 0ÒTPDGTI 0GWP <GKNGP 5EJTKHV &CX 5NI 9KNO

4 2TCEJVGZGORNCT (GKPG 2CVKPC HCUV 5VGORGNINCP\

2GVGT 2CWN 9GTPGT UEJPKVV CWEJ FKG 5VGORGN OGJTGTGT /ÒP\GP FGT OCTMIT·HNKEJGP /ÒP\UV·VVG 5EJYCDCEJ YKG \ $ HÒT FGP JKGT KP RTCEJVXQNNGT 'TJCNVWPI XQTNKGIGPFGP CVVTCMVKXGP -QPXGPVKQPUVCNGT

179

677

%JTKUVKCP (TKGFTKEJ -CTN #NGZCPFGT -QPX 6CNGT 5EJYCDCEJ &CX 5NI 9KNO 5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT (GKPG 2CVKPC XQT\Ã&#x2019;INKEJp5VGORGNINCP\

678

-QPX 6CNGT 5EJYCDCEJ CWH FGP (TKGFGP XQP 6GUEJGP &CX 5NI 9KNO

2TCEJVGZGORNCT XQP HGKPUVGT 'TJCNVWPI *Ã&#x2019;DUEJG 2CVKPC 5VGORGNINCP\

679

-QPX 6CNGT 5EJYCDCEJ 5NI 9KNO

2TCEJVGZGORNCT (CUV 5VGORGNINCP\

-QPX 6CNGT $C[TGWVJ &CX 5NI 9KNO

5GNVGP KP FKGUGT 'TJCNVWPI *Ã&#x2019;DUEJG 2CVKPC XQT\Ã&#x2019;INKEJp5VGORGNINCP\

680

180

681

$4#0&'0$74) 24'755'0 $4#0&'0$74) /#4-)4#(5%*#(6 5'+6 &'/ ,#*4*70&'46 -74(ª456'067/

,QCEJKO (TKGFTKEJ CNU -WTHÒTUV 4GKEJUVCNGT /* /GNEJKQT *QHHOCPP %ÌNP I “ +1#%*+/ Û (4+& Û & Ù ) Û /#4% Û $4#0& Ù 5#% Û 41 )GJCTPKUEJVGU *ÒHVDKNF T OKV FGT 4GEJVGP FCU <GRVGT UEJWNVGTPF FKG .KPMG CO 5EJYGTVITKHH +/2 Û #4%*+ Û %# ' Û '.'%61 Û &

URKGIGNXGTMGJTV Û 2 &TGKHCEJ DGJGNOVGU UKGD\GJPHGNFKIGU 9CRRGP QDGP /* XGTDWPFGP WPF 5VGTP $CJTH C &CX 44 5GJT CVVTCMVKXGU 'ZGORNCT OKV HGKPGT 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

,QCEJKO (TKGFTKEJ FGT 5QJP FGU -WTHÒTUVGP ,QJCPP )GQTI YWTFG KO #NVGT XQP ,CJTGP #FOKPKUVTCVQT FGU DGFGWVGPFGP 'T\DKUVWOU /CIFGDWTI KP FGO GT GPFIÒNVKI FKG 4GHQTOCVKQP FWTEJHÒJTVG WPF CNNG PQEJ DGUVGJGPFGP -NÌUVGT CWHJQD 0CEJ FGO 6QF UGKPGU 8CVGTU XGT\KEJVGVG ,QCEJKO (TKGFTKEJ \WIWPUVGP UGKPGU 5QJPGU %JTKUVKCP 9KNJGNO CWH FCU /CIFGDWTIGT #OV WPF VTCV FKG 0CEJHQNIG CNU -WTHÒTUV XQP $TCPFGPDWTI CP 1DYQJN KJO FWTEJ UGKPGP RNÌV\NKEJGP 6QF CO ,WNK CWH GKPGT 4GKUG DGK 5VQTMQY PWT MPCRR UKGDGP ,CJTG 4GIKGTWPIU\GKV DNKGDGP UGV\VG FGT CWH FKGUGO UGNVGPGP WPF CW­GTQTFGPVNKEJ IWV GTJCNVGPGP 6CNGT CDIGDKNFGVG -WTHÒTUV \CJNTGKEJG /C­PCJOGP \WT 8GTDGUUGTWPI FGT +PHTCUVTWMVWT WO \ $ -WNVKXKGTWPI FGT 0GV\GDTWEJU -CPCNXGTDKPFWPIGP \YKUEJGP 'NDG WPF 1FGT

682

24'755'0 -¤0+)4'+%*

(TKGFTKEJ 9KNJGNO + FGT 5QNFCVGPMÌPKI 4GKEJUVCNGT QJPG /ÒP\\GKEJGP $GTNKP CWH UGKPG *WNFKIWPI KP -ÌPKIUDGTI X 5EJT 5 #PO

5GJT UGNVGP KP FKGUGT 'TJCNVWPI #VVTCMVKXG 2CVKPC XQT\ÒINKEJ

683

(TKGFTKEJ ++ FGT )TQ­G 5RGEKGUVCNGT ')0 $GTNKP I )GJCTPKUEJVGU $TWUV DKNF T OKV 1TFGPUDCPF -TGW\ WPF WOIGNGIVGO *GTOGNKPOCPVGN )GMTÌPVGT QXCNGT 5EJKNF KP 4QMQMQ GKPHCUUWPI FCTKP IGMTÌPVGT RTGW­KUEJGT #FNGT OKV <GRVGT WPF 4GKEJUCRHGN KP FGP (·PIGP CWH FGT $TWUV IGMTÌPVGU /QPQITCOO WPVGP .QTDGGT WPF 2CNO\YGKI &CX 1NF X 5EJT

44 (GKPG 2CVKPC HCUV XQT\ÒINKEJ

181

684

4GKEJUVCNGT RTGW­ KO 5VGORGN CWU IG·PFGTV # $GTNKP &CX 1NF F #PO X 5EJT 5GJT UGNVGPGT ,CJTICPI KP CW­GTIGYÌJPNKEJGT 'TJCNVWPI (CUV 5VGORGNINCP\

686

685

685

4GKEJUVCNGT RTGW­ # $GTNKP I -QRH T OKV .QTDGGTMTCP\ )GMTÌPVGT #FNGT CWH #TOCVW TGP &CX 1NF F X 5EJT 2TCEJVGZGORNCT XQP HGKPUVGT 'TJCNVWPI 5VGORGNINCP\

4GKEJUVCNGT RTGW­ # $GTNKP I -QRH T OKV .QTDGGTMTCP\ )GMTÌPVGT #FNGT CWH 9CH HGP 1NF X 5EJT

5GJT UGNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

+O ,CJTG UKPF KP FGT /ÒP\UV·VVG $GTNKP PGDGP FGT ÒDNKEJGP 6CNGTRT·IWPI CWEJ 6GKNUVÒEMG IGRT·IV YQTFGP &KGUG 5GTKG YKTF CPN·­NKEJ FGU CO #WIWUV GKPIGVTGVGPGP 6QFGU (TKGFTKEJU ++ GTHQNIV UGKP (TÒJGTG #PICDGP FKGUG 5VÒEMG UGKGP CWH FKG )TWPFUVGKPNGIWPI FGU 5EJNQUUGU $GNNGXWG IGRT·IV VTGHHGP PKEJV \W FC FKG )TWPFUVGKPNGIWPI DGTGKVU UVCVVHCPF

688

687

687

4GKEJUVCNGT RTGW­ ( /CIFGDWTI I -QRH T OKV .QTDGGTMTCP\ )GMTÌPVGT #FNGT CWH #TOCVWTGP &CX 1NF X 5EJT

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 9KP\ 5EJTÌVNKPIUHGJNGT XQT\ÒINKEJ

4GKEJUVCNGT RTGW­ ( /CIFGDWTI 1NF #PO X 5EJT

5GJT UGNVGP KP FKGUGT 'TJCNVWPI *GTTNKEJG 2CVKPC OKP LWUVKGTV XQT\ÒINKEJp5VGORGNINCP\

182

689

(TKGFTKEJ 9KNJGNO +++ 6CNGT # #-5 &CX -CJPV 6JWP

2TCEJVGZGORNCT XQP HGKPUVGT 'TJCNVWPI 5VGORGNINCP\

690

1,5:1

1,5:1

-W 2HGPPKI # 2TQDG I #-5

W­GTUV UGNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT 'TUVCDUEJNCI HCUV 5VGORGNINCP\

691

56#&6

$4#705%*9'+)

$TGKVGT 4GKEJUVCNGT OKV 6KVGN .GQRQNFU + /KV 9GTVRWP\G I $GJGNOVGU .ÌYGPYCR RGP )GMTÌPVGT &QRRGNCFNGT OKV 4GKEJUCRHGN CWH FGT $TWUV &CX ,GUUG

4 *ÒDUEJG 2CVKPC HCUV XQT\ÒINKEJ

183

692

$4#705%*9'+) 70& .ª0'$74) $4#705%*9'+) 91.('0$ª66'. (ª456'067/

,WNKWU 6CNGT YCJTUEJGKPNKEJ WO IGRT·IVG 2TQDGCTDGKV GKPGU /ÒP\OGKUVGTU 9QNHGPDÒVVGN ! PCEJ FGO 6[R FGT ,WNKWUNÌUGT I $TCWPUEJYGKIGT *GNO\KGT +8.+85 Û

.ÒPGDWTIGT 9CRRGP &'+ Û )4 Û *QODWTIGT 9CRRGP & Û $48 Û 'DGTUVGKPGT 9CRRGP Û '6 .8

$TCWPUEJYGKIGT 9CRRGP Û # Û + Û % Û *ÒHVDKNF HCUV X X OKV 5VTGKVCZV WPF *GNO WOIGDGP XQP FGP RGTUQPKHK\KGTVGP 2NCPGVGP ,WRKVGT 8GPWU /CTU /GTMWT 5CVWTP 0GRVWP WPF 7TCPWU 0'9 Û /80< Û 0#%* Û & Û 4 Û 5%*416 Û 8 Û -140 Û +8. Û .1 Û )' Û 8KGTHGNFKIGU 9CRRGP OKV $TCWPUEJYGKIGT *GNO \YKUEJGP \YGK YKNFGP /·PPGTP OKV 4GKEJUCRHGN WPF .KEJV WOIGDGP XQP FGP 6KGTMTGKU\GKEJGP .ÌYG -TGDU <YKNNKPI $ÒHHGN 9KFFGT (KUEJ 9CUUGTOCPP 5VGKPDQEM 5EJÒV\G 5MQTRKQP 9CCIG WPF ,WPIHTCW 7PKMWO XQP DGUQPFGTGT PWOKUOCVKUEJGT $GFGWVWPI (GKPG 2CVKPC UGJT UEJÌPGU 'ZGORNCT

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

$GK FGO XQTNKGIGPFGP 'ZGORNCT JCPFGNV GU UKEJ YCJTUEJGKPNKEJ WO GKPG 2T·IWPI CWU FGO HTÒJGP ,CJTJWPFGTV XGTOWVNKEJ FKG 2TQDGCTDGKV GKPGU /ÒP\OGKUVGTU FGT FCOKV UGKPG -WPUVHGTVKIMGKV WPVGT $GYGKU UVGNNGP YQNNVG &GT 5VKN WPF FGT HKNKITCPG 5EJPKVV FGT $WEJUVCDGP MÌPPVGP CWH *GKPTKEJ 4CRRQUV JKPFGWVGP *GKPTKEJ 4CRRQUV YCT )QNFUEJOKGF ,WYGNKGT $QUUKGTGT WPF /GFCKNNGWT WPF KUV UGKV KP 9QNHGPDÒVVGN PCEJ\WYGKUGP 'T XGTUVCTD GDGPFC CO

693

184

&QRRGNVGT 4GKEJUVCNGT 9QNHGPDÒVVGN I &QRRGNVGT $TKNNGPVCNGT )GJCTPKUEJVGU *ÒHVDKNF JCNDN OKV 5VTGKVCZV KP FGT 4GEJVGP FCTWPVGT #DUEJPKVV OKV HÒPH <GKNGP 5EJTKHV FCPGDGP *GNO T FTGKHCEJ DGJGNOVGU UGEJUHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF 9KNFGT /CPP OKV $CWOUVCOO KP FGT 4GEJVGP UVGJV JCNDN KP FGT .KPMGP .KEJV OKV 6QVGPMQRH 5VWPFGPINCU WPF $TKNNG XQT KJO FCU \WTÒEM DNKEMGPFG 4Q­ N &CX &WXG 5 5NI &T -QEJ 9GNVGT

8QP ITÌ­VGT 5GNVGPJGKV DGMCPPVGU 'ZGORNCT #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

694

(TKGFTKEJ 7NTKEJ .ÌUGT \W 4GKEJUVCNGTP <GNNGTHGNF /ÒP\OGKUVGT *CPU .CHHGTU 1JPG 9GTVRWP\G I c (4+&'4+%75 c 7.4+%75 c &'+ c )4#6+# c &7: c $47058+%'05+5 c '6 c .70'$74)'05+5 &GT IGJCTPKUEJVG *GT\QI OKV -QOOCPFQUVCD WPF *WV TGKVGV T /ÒP\OGKUVGT\GKEJGP &'1 c '6 c 2#64+ c #0 01 c &1/+0+ c / c &% c :: c (ÒPHHCEJ DGJGNOVGU HGNFKIGU 9CRRGP OKV \YGK YKNFGP /·PPGTP CNU 5EJKNFJCNVGT FKG LG GKPGP $CWO UEJT·I XQT UKEJ JCNVGP &CX C &WXG 9GNVGT

44 5GJT CVVTCMVKXGU 'ZGORNCT OKV HGKPGT 2CVKPC XQT\ÒINKEJ

&GT CWH FKGUGO JGTTNKEJGP KO UGEJUHCEJGP 6CNGTIGYKEJV CW­GTQTFGPVNKEJ UGNVGPGP .ÌUGT CDIGDKNFGVG *GT\QI (TKGFTKEJ 7NTKEJ VTCV KO #NVGT XQP ,CJTGP FKG 4GIKGTWPI KP $TCWPUEJYGKI 9QNHGPDÒVVGN CP PCEJFGO UGKP 8CVGT *GKPTKEJ ,WNKWU PCEJ GKPGO <GEJIGNCIG CO MCKUGTNKEJGP *QH IGUVQTDGP YCT +O )GIGPUCV\ \W UGKPGO IG NGJTVGP WPF RQNKVKUEJ ·W­GTUV IGUEJKEMVGP 8CVGT GPVRWRRVG UKEJ (TKGFTKEJ 7NTKEJ CNU TGIKGTWPIUWPH·JKI 'T YWTFG JCWRVU·EJNKEJ XQP UGKPGT /WVVGT 'NKUCDGVJ KJTGO $TWFGT -ÌPKI %JTKUVKCP +8 XQP &·PGOCTM UQYKG GKPGT )TWRRG FGU .CPFCFGNU DGGKPHNW­V FKG FCU .CPF CWUDGWVGVGP WPF DGKPCJG KP FGP $CPMTQVV VTKGDGP 0CEJ FGO 6QF FGU MKPFGTNQU XGTJGKTCVGVGP *GT\QIU FGUUGP (TCW #PPC 5QRJKC XQP KJO IGVTGPPV NGDVG HKGN 9QNHGPDÒVVGN CP #WIWUV FGP ,ÒPIGTGP CWU FGT YGNHKUEJGP 0GDGPNKPKG &CPPGPDGTI

695

4GKEJUVCNGT <GNNGTHGNF #WUDGWVG FGT )TWDG 5V ,CEQD I (ÒPHHCEJ DGJGNOVGU HGNFKIGU 9CRRGP 5V ,CEQD OKV *WV 5VCD WPF $WEJ IGJV JCNDN ÒDGT 9GNNGP KO *KPVGTITWPF N 5EJCEJVIÌRGN T -KTEJGPIGD·WFG &CX /ÒUGNGT XCT 9GNVGT XIN 0CEJVTCI

44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

185

696

4WFQNH #WIWUV .ÌUGT \W 4GKEJUVCNGTP <GNNGTHGNF /KV 9GTVRWP\G I &GT *GT\QI TGKVGV N OKV -QOOCPFQUVCD WPF (GFGTJWV (ÒPHHCEJ DGJGNOVGU HGNFKIGU 9CRRGP &CX &WXG 9GNVGT

(GKPG 2CVKPC YKP\ 5EJTÌVNKPIUHGJNGT UCWDGT CWUIGRT·IVGU XQT\ÒINKEJGU 'ZGORNCT

697

#PVQP 7NTKEJ &QRRGNVGT 4GKEJUVCNGT Q , $TCWPUEJYGKI I #0610+75 7.4+%75 Ü & Ù ) Ù &7: $4 Ù '6 .70'$74) Ü )GJCTPKUEJVGU $TWUVDKNF T OKV 7O JCPI #.+147/ Ü #$57/14 Ü +0 Ü 7575 Ü 5RTKPIGPFGU 4Q­ N KP 4GPPDCJP 5NI -QEJ 9GNVGT # 8QP ITQ­GT 5GNVGPJGKV 5GJT CVVTCMVKXGU 'ZGORNCT OKV HGKPGT 2CVKPC MN 5VGORHGJNGT CWH FGT 4ÒEMUGKVG XQT\ÒINKEJ

&GT JGTTNKEJG &QRRGNVCNGT \GKIV CWH FGT 4ÒEMUGKVG FCU 9GNHGPTQ­ KP GKPGT 4GPPDCJP UQYKG FKG &GXKUG #.+147/ #$57/14 +0 7575 KEJ QRHGTG OKEJ CWH \WO 0WV\GP CPFGTGT &KGUG &CTUVGNNWPI HKPFGV UKEJ CWEJ CWH \YGK /GFCKNNGP OKV FGP 2QTVT·VU XQP 4WFQNH #WIWUV D\Y XQP #PVQP 7NTKEJ $TQEMOCPP WPF \W FGPGP *GKP TKEJ 2GVGT )TQ­MWTV FKG 5VGORGN UEJPKVV 8GTOWVNKEJ JCV FGTUGNDG -ÒPUVNGT CWEJ FKG 5VGORGN FGT XQTNKIGPFGP GZVTGO UGNVGPGP 2T·IWPI IGUEJCHHGP FKG UEJQP YGIGP FGU (GJNGPU GKPGT 5VGORGNUEJPGKFGTUKIPCVWT GKPFGWVKI CNU &QRRGNVCNGT CP\WUGJGP KUV

698

186

-CTN + 4GKEJUVCNGT <GNNGTHGNF #WUDGWVG FGT )TWDG 9GK­GT 5EJYCP &CX /ÒUGNGT 9GNVGT 9KP\ 5EJTÌVNKPIUHGJNGT XQT\ÒINKEJ

699

4GKEJUVCNGT <GNNGTHGNF #WUDGWVG FGT )TWDG %TQPGPDWTIU )NÒEM I )GMTÌPVGU HGNFKIGU 9CRRGP XQP \YGK YKNFGP /·PPGTP OKV 6CPPG IGJCNVGP 5EJCEJVIÌRGN OKV (GNFIGUV·PIG N WPF \YGK )GD·WFGP T KO *KPVGTITWPF *CT\DGTIG KO 8QTFGTITWPF /CVGTKCNYCIGP OKV \YGK 2HGTFGP WPF (WJT MPGEJV QDGP #TO CWU 9QNMGP OKV .QTDGGTMTCP\ &CX /ÒUGNGT 9GNVGT

4 2TCEJVGZGORNCT *GTTNKEJG 2CVKPC HCUV 5VGORGNINCP\

700

4GKEJUVCNGT <GNNGTHGNF #WUDGWVG FGT )TWDG .CWVGPVJCNU )NÒEM )GMTÌPVGU HGNFKIGU 9CRRGP XQP \YGK 9KNFGP /·PPGTP IGJCNVGP .CWVGPURKGNGTKP \YKUEJGP GKPGO 5EJCEJVIÌRGN N WPF \YGK 5EJCEJVIÌRGNP T &CX /ÒUGNGT 9GNVGT 9KP\ 5EJTÌVNKPIUHGJNGT XQT\ÒINKEJ

701

4GKEJUVCNGT <GNNGTHGNF #WUDGWVG FGT )TWDG 9GK­GT 5EJYCP &CX /ÒUGNGT 9GN VGT -N -TCV\GT UQPUV XQT\ÒINKEJ

702

4GKEJUVCNGT <GNNGTHGNF #WUDGWVG FGT )TWDG *GT\QI (TKGFTKEJ #WIWUV $NG[HGNF &CX /ÒUG NGT 9GNVGT 9KP\ 5EJTÌVNKPIUHGJNGT XQT\ÒINKEJ

187

703

-CTN 9KNJGNO (GTFKPCPF -QPX 6CNGT $TCWPUEJYGKI &CX 9GNVGT 4 2TCEJVGZGORNCT 9KP\ 5EJTÌVNKPIUHGJNGT KO 4CPF XQT\ÒINKEJp5VGORGNINCP\

&CU 5VÒEM YKTF YQJN CWHITWPF UGKPGT 5GNVGPJGKV CNU 2TQDGRT·IWPI CPIGUGJGP

704

705

706

-QPX 6CNGT 5RGEKGUVCNGT $TCWPUEJYGKI &CX 9GNVGT

8QP ITQ­GT 5GNVGPJGKV (GKPG 2CVKPC XQT\ÒINKEJ

#WEJ DGK FGO XQTNKGIGPFGP 5RGEKGUVCNGTV[R JCPFGNV GU UKEJ CWHITWPF UGKPGU UGJT UGNVGPGP 8QTMQOOGPU YCJTUEJGKPNKEJ WO GKPG 2TQDGRT·IWPI

9KNJGNO 8GTGKPUFQRRGNVCNGT %X% #-5 &CX -CJPV 6JWP

5GNVGP KP FKGUGT 'TJCNVWPI 5EJÌPG 2CVKPC XQT\ÒINKEJ XQT\ÒINKEJp5VGORGNINCP\

8GTGKPUFQRRGNVCNGT $ L·JTKIGU 4GIKGTWPIULWDKN·WO #-5 &CX -CJPV 6JWP

-CDKPGVVUVÒEM 2TCEJVXQNNG 2CVKPC 5VGORGNINCP\

707

$4#705%*9'+) %#.'0$'4) (ª456'067/

188

'TKEJ FGT ,ÒPIGTG 4GKEJUVCNGT )TQUEJGP /ÒPFGP OKV 6KVGN /CZKOKNKCPU ++ I 9KNFGT /CPP FCU XKGTHGNFKIG 9CRRGP QJPG 1TFGPUMGVVG XQT UKEJ JCNVGPF FKG ,CJTGU\CJN + UVGJV CO 'PFG FGT KPPGTGP 7OUEJTKHV )GMTÌPVGT &QRRGNCFNGT OKV 4GKEJUCRHGN CWH FGT $TWUV FCTKP FKG 9GTV\CJN +< 9GNVGT \W 0CEJVTCI #

8QP ITQ­GT 5GNVGPJGKV 'VYCU (WPFDGNCI UGJT UEJÌPpXQT\ÒINKEJ

708

$4#705%*9'+) .ª0'$74) %'..' (ª456'067/

(TKGFTKEJ .ÌUGT \W 4GKEJUVCNGTP %NCWUVJCN 1JPG 9GTVRWP\G I f Û 8 Ù )) Û (4+&'4+%* Û *'46<1) Û <7 Ú $4#705 Ù 7 Ù .70'$ Ù %1#& Ù & Ù 564# Ù & Ü 2 Ù ' Ù 56 Ù $4'/ Ù )GJCTPKUEJVGU $TWUVDKNF HCUV X X OKV ITQ­GT *CNUMTCWUG KP XGT\KGTVGO -TGKU QDGP IGHNÒIGNVGU 'PIGNMÌRHEJGP m (4+'& Û '40'*4& Ü m Ú m 70(4+'& Ü 8'4<'*4& m (ÒPHHCEJ DGJGNOVGU HGNFKIGU 9CRRGP FCTWPVGT KP GKPGT -CTVWUEJG * 5 *GPPKPI 5EJTGKDGT /ÒP\OGKUVGT KP %NCWUVJCN QDGP FKG IGVGKNVG ,CJTGU\CJN &CX C &WXG 9GNVGT FQTV OKV GKPIGUEJNCIGPGT 9GTV\CJN 44 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC

709

%JTKUVKCP .WFYKI .ÌUGT \W 4GKEJUVCNGTP %NCWUVJCN /KV 9GTVRWP\G I )GMTÌPVGU /QPQITCOO KP .QTDGGTMTCP\ WOIGDGP XQP MNGKPGP IGMTÌPVGP 9CRRGP WPVGP /ÒP\ OGKUVGT\GKEJGP .9 .KRRQNF 9GHGT /ÒP\OGKUVGT KP %NCWUVJCN 4Q­ N ÒDGT FGT 5VCFVCPUKEJV XQP %GNNG &CX &WXG ++ 9GNVGT

44 /KP )N·VVWPIUURWTGP KO (GNF FGPPQEJ UGJT CVVTCMVKXGU 'ZGORNCT OKV HGKPGT 2CVKPC 5GJT UEJÌPpXQT\ÒINKEJ

189

710

.ÌUGT \W 4GKEJUVCNGTP %NCWUVJCN #WUDGWVG FGT *CT\GT )TWDGP /KV 9GTVRWP\G I )GMTÌPVGU /QPQITCOO %. KP .QTDGGTMTCP\ WOIGDGP XQP MNGKPGP IGMTÌPVGP 9CRRGP *CPF CWU 9QNMGP J·NV -TCP\ ÒDGT FCU PCEJ N URTKPIGPFG 4Q­ FCTWPVGT $GTIYGTMUCPNCIGP &CX &WXG /ÒUGNGT C 9GNVGT 44 5GJT UEJÌP

711

.ÌUGT \W 4GKEJUVCNGTP %NCWUVJCN #WUDGWVG FGT *CT\GT )TWDGP /KV 9GTVRWP\G I )GMTÌPVGU /QPQITCOO %. KP .QTDGGTMTCP\ WOIGDGP XQP MNGKPGP IGMTÌPVGP 9CRRGP WPVGP /ÒP\OGKUVGT\GKEJGP . 9 .KRRQNF 9GHGT /ÒP\OGKUVGT KP %NCWUVJCN 4Q­ URTKPIV N ÒDGT $GTIYGTMUNCPFUEJCHV *CPF CWU 9QNMGP J·NV .QTDGGTMTCP\ ÒDGT 2HGTFGMQRH &CX &WXG # /ÒUGNGT 9GNVGT 44 *ÒDUEJG 2CVKPC MN 5VGORGNHGJNGT XQT\ÒINKEJGU 'ZGORNCT

712

190

.ÌUGT \W 4GKEJUVCNGTP %NCWUVJCN #WUDGWVG FGT *CT\GT )TWDGP /KV 9GTVRWP\G I &CX &WXG $ /ÒUGNGT 9GNVGT 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

713

.ÌUGT \W 4GKEJUVCNGTP %NCWUVJCN #WUDGWVG FGT *CT\GT )TWDGP /KV 9GTVRWP\G I )GMTÌPVGU /QPQITCOO KP 9CRRGPMTCP\ 4Q­ URTKPIV N ÒDGT $GTIYGTMUNCPFUEJCHV *CPF CWU 9QN MGP J·NV .QTDGGTMTCP\ ÒDGT 2HGTFGMQRH &CX &WXG # ++ /ÒUGNGT # 0CEJVTCI 9GNVGT WPIGPCW 44 9KP\ 5EJTÌVNKPIUHGJNGT XQT\ÒINKEJ

714

.ÌUGT \W 4GKEJUVCNGTP <GNNGTHGNF #WUDGWVG FGT *CT\GT )TWDGP /KV 9GTVRWP\G I )GMTÌPVGU /QPQITCOO %. KP .QTDGGTMTCP\ WOIGDGP XQP MNGKPGP IGMTÌPVGP 9CRRGP WPVGP /ÒP\OGKUVGT\GKEJGP *5 \YGK IGMTGW\VG 5EJNÒUUGN *GPPKPI 5EJNÒVGT /ÒP\OGKUVGT KP <GNNGTHGNF 9KNFGT /CPP FGP -QRH PCEJ N IGFTGJV UVGJV X X KP $GTIYGTMUNCPFUEJCHV KP FGT TGEJ VGP *CPF 6CPPG &CX &WXG + /ÒUGNGT 9GNVGT

8QP ITQ­GT 5GNVGPJGKV 2CVKPC MN 5VGORGNHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

191

716

715

717

$4#705%*9'+) %#.'0$'4) *#0018'4 #$ -74(ª456'067/ *#0018'4 #$ -¤0+)4'+%* *#0018'4

)GQTI 4GKEJUVCNGT <GNNGTHGNF I )GJCTPKUEJVGU *ÒHVDKNF N KP FGT 4GEJVGP -QOOCPFQUVCD KP FGT .KPMGP *GNO (ÒPHHCEJ DGJGNOVGU HGNFKIGU 9CRRGP &CX 9GNVGT #PO 4 2TCEJVGZGORNCT XQP UEJÌPUVGT 'TJCNVWPI WPF OKV HGKPGT 2CVKPC HCUV 5VGORGNINCP\

,QJCPP (TKGFTKEJ 4GKEJUVCNGT %NCWUVJCN &CX 9GNVGT

#VVTCMVKXG 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

$TGKVGT 4GKEJUVCNGT %NCWUVJCN I )GJCTPKUEJVGU $TWUVDKNF T 2CNOG CWH (GNUGP KO /GGT KO *KPVGTITWPF 5EJKHHG &CX 9GNVGT 4 #VVTCMVKXG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

718

192

.ÌUGT \W 4GKEJUVCNGTP %NCWUVJCN CWH UGKPGP 6QF /KV 9GTVRWP\G I )GJCTPKUEJVGU $TWUVDKNF T OKV ITQ­GT 2GTÒEMG WPF WOIGNGIVGO /CPVGN <GKNGP 5EJTKHV &CX &WXG $ 9GNVGT 8QT\ÒINKEJ

719

'TPUV #WIWUV UGKV $KUEJQH XQP 1UPCDTÒEM .ÌUGT \W 4GKEJUVCNGTP <GNNGT HGNF #WUDGWVG FGT *CT\GT )TWDGP /KV 9GTVRWP\G I )GMTÌPVGU /QPQITCOO '# KP .QT DGGTMTCP\ WOIGDGP XQP MNGKPGP IGMTÌPVGP 9CRRGP WPVGP /ÒP\OGKUVGT\GKEJGP 4$ 4WFQNRJ $QTPGOCPP /ÒP\OGKUVGT KP <GNNGTHGNF 4Q­ URTKPIV N ÒDGT $GTIYGTMUNCPFUEJCHV *CPF CWU 9QNMGP J·NV .QTDGGTMTCP\ ÒDGT 2HGTFGMQRH &CX &WXG # /ÒUGNGT 9GNVGT

44 (GKPG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

&GT 5VGORGN FGT 4ÒEMUGKVG JCVVG UEJQP HÒT 2T·IWPIGP UGKPGU 8QTI·PIGTU ,QJCPP (TKGFTKEJ &WXG # IGFKGPV &KG 4ÒEMUGKVGPUVGORGN FGT .ÌUGTVCNGT %JTKUVKCP .WFYKIU FKGPVGP HÒT FKGUG 5VÒEMG CNU 8QTNCIG

720

721

722

)GQTI + -ÌPKI XQP )TQ­DTKVCPPKGP 4GKEJUVCNGT %NCWUVJCN #WUDGWVG FGT *CT\GT )TW DGP I )GMTÌPVGT .ÌYG WPF 'KPJQTP JCNVGP IGMTÌPVGU XKGTHGNFKIGU 9CRRGP FCU OKV FGO *QUGP DCPFQTFGP WOYWPFGP KUV 4Q­ N /KV 4CPFUEJTKHV Ë &#5 Ë .#0& Ë &+' Ë (47%*6' Ë $4+0)6 Ë +/ Ë *#46< Ë &'4 Ë 6*#.'4 Ë -.+0)6 &CX /ÒUGNGT E 9GNVGT

44 2TCEJVGZGORNCT (GKPG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

)GQTI ++ 4GKEJUVCNGT <GNNGTHGNF #WUDGWVG FGT )TWDG )ÒVG FGU *GTTP &CX /ÒUGNGT 9GNVGT 9KP\ 5EJTÌVNKPIUHGJNGT XQT\ÒINKEJ

)GQTI +++ -QPX 6CNGT %NCWUVJCN &CX 9GNVGT

44 (GKPG 2CVKPC XQT\ÒINKEJ

193

724

723

723

-QPX 6CNGT %NCWUVJCN &CX 9GNVGT

6CNGT .QPFQP 2TQDG I )GMTÌPVGU 9CRRGP WOIGDGP XQO $CPF FGU *QUGPDCPFQT FGPU WPVGP /GFCKNNGWTU\GKEJGP 69 6JQOCU 9[QP 5VGORGNUEJPGKFGT KP .QPFQP 9GTV #-5 ,

8QP ITQ­GT 5GNVGPJGKV 9KP\ 5EJTÌVNKPIUHGJNGT HCUV 5VGORGNINCP\

725

4 5GJT UEJÌPpXQT\ÒINKEJ

726

)WVG )TQUEJGP / 4Q­ N 9GTV #-5 , C

9KNJGNO +8 6CNGT # 8CTKCPVG OKV 4KPIRT·IWPI WPF 2GTNMTGKU #-5 #PO , 44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

727

44 8QT\ÒINKEJ

727 1,5:1

'TPUV #WIWUV 6CNGT 5 #-5 &CX -CJPV 6JWP

W­GTUV UGNVGP KP FKGUGT 'TJCNVWPI /KP 4CPFHGJNGT HCUV 5VGORGNINCP\ XQP RQNKGTVGP 5VGORGNP

728

194

)GQTI 8 6CNGT $ /ÒP\DGUWEJ #-5 &CX -CJPV 6JWP

44 2TCEJVGZGORNCT (GKPG 6ÌPWPI HCUV 5VGORGNINCP\

729

56#&6

&QRRGNVGT 4GKEJUVCNGT OKV 6KVGN XQP /CVVJKCU I /10'6# Û 017# Û 4'+27$.+% Û $4'/'05+5 <YGK .ÌYGP JCNVGP FGP $TGOGT 5VCFVUEJKNF /#66*+#5 & ) 41 +/2 Û 5'/2 #7)75675 )GMTÌPVGT &QRRGNCFNGT OKV 4GKEJUCRHGN CWH FGT $TWUV &CX ,WPIM XCT

8QP ITÌ­VGT 5GNVGPJGKV (CUV XQT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

730

#$6'+

$4'/'0

731

732

%148';

,QJCPP %JTKUVQRJ XQP $TCODCEJ CNU #DV 4GKEJUVCNGT *ÌZVGT I 8KGTHGNFK IGU 5VKHVU WPF (COKNKGPYCRRGP FCTÒDGT /KVTC FCJKPVGT FTGK IGMTGW\VG -TWOOUV·DG 5V 8KVWU UVGJV JCNDN KP FGT 4GEJVGP $WEJ FCTCWH 8QIGN KP FGT .KPMGP 2CNO\YGKI &CX 9GKPI XCT 8QP ITQ­GT 5GNVGPJGKV 2T·IGUEJY·EJG UGJT UEJÌP

$+567/

'+%*56 66

,QJCPP 'WEJCTKWU XQP %CUVGNN 4GKEJUVCNGT 0ÒTPDGTI /KV 4CPFUEJTKHV %CJP C &CX 44 (GKPG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

,QJCPP #PVQP ++ XQP (TG[DGTI -QPX 6CNGT 0ÒTPDGTI I $TWUVDKNF T OKV 6CNCT )GMTÌPVGU XKGTHGNFKIGU 9CRRGP FCJKPVGT 5EJYGTV WPF -TWOOUVCD IGMTGW\V %CJP &CX

-CDKPGVVUVÒEM XQP HGKPUVGT 'TJCNVWPI 2TCEJVXQNNG 2CVKPC 5VGORGNINCP\

195

733

56#&6

'+0$'%-

'..9#0)'0

#PVQP +IPC\ XQP (WIIGT )NÌVV -QPX 6CNGT -QDNGP\ &CX /C[GT

5GNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI (GKPG 2CVKPC HCUV XQT\ÒINKEJ

56#&6

735

4GKEJUVCNGT OKV 6KVGN (GTFKPCPFU ++ /ÒP\OGKUVGT )GQTI -TWMGPDGTI $NWOGPMTGW\ DGNGIV OKV FGO IGMTÌPVGP e )GMTÌPVGT &QRRGNCFNGT OKV 4GKEJUCRHGN CWH FGT $TWUV $WEM D &CX

5GNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI (GKPG 2CVKPC YKP\ 5EJTÌVNKPIUHGJNGT CO 4CPF XQT\ÒINKEJGU 'ZGORNCT

(ª456241256'+

734

'4(746

6CNGT 5EJKG­VCNGT I 4CF ÒDGT FGO DGJGNOVGP 5VCFVYCRRGP \W FGP 5GKVGP 5EJKNFJCN VGT <YGK 'PIGN JCNVGP -TCP\ OKV FGT ,CJTGU\CJN FCTWPVGT HÒPH <GKNGP 5EJTKHV WOIGDGP XQP XKGT MNGKPGP 9CRRGPUEJKNFGP &CX #PO .GKV\OCPP 44 5GJT UEJÌP

736

196

4GKEJUVCNGT I 4CF ÒDGT FGO DGJGNOVGP 5VCFVYCRRGP \W FGP 5GKVGP 5EJKNFJCN VGT 5VCFVCPUKEJV FCTÒDGT FGT UVTCJNGPFG 0COG ,GJQXCU \YKUEJGP \YGK 'PIGNP OKV LG GKPGO -TGW\ WOJGT GKP .QTDGGTMTCP\ OKV FGP XKGT GTHWTVKUEJGP 9CRRGPUEJKNFGP ÒDGT FGO WPVGTGP 5EJKNF \YGK EJGOKUEJG <GKEJGP &CX .GKV\OCPP 8QP ITQ­GT 5GNVGPJGKV 5GJT CVVTCMVKXGU 'ZGORNCT 9KP\ 5EJTÌVNKPIUHGJNGT CO 4CPF UGJT UEJÌP XQT\ÒINKEJ

738

737

56#&6

737

(4#0-(746

4GKEJUVCNGT OKV 6KVGN (GTFKPCPFU ++ &CX , W ( G

5GNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT 8QT\ÒINKEJp5VGORGNINCP\

)WNFGP #-5 ,

739

56#&6

4 8QT\ÒINKEJ 5VGORGNINCP\

740

741

(4'+$74)

4GKEJUVCNGT I 5VCFVYCRRGP KP XGT\KGTVGT -CTVWUEJG )GMTÌPVGT #FNGT OKV $TWUVUEJKNF KP FGP (·PIGP 5EJYGTV WPF <GRVGT $GTUVGVV &CX

8QP ITQ­GT 5GNVGPJGKV 5GJT UEJÌPpXQT\ÒINKEJ

(ª456'067/

(ª456'0$'4)

,QUGRJ 9GP\GN -QPX 6CNGT 5VWVVICTV #WUDGWVG FGT )TWDG 5V 9GP\GUNCWU DGK 9QNHCEJ I )GJCTPKUEJVGU $TWUVDKNF T CO #TOCDUEJPKVV # Û 49 Û #FCO 4WFQNRJ 9GTPGT 5VGORGNUEJPGKFGT KP 5VWVVICTV $GTIYGTMUNCPFUEJCHV KO 8QTFGTITWPF T UVGJV 5V 9GP\GN OKV -TQPG *CTPKUEJ WPF WOIGNGIVGO /CPVGN FKG 4GEJVG CWH FCU (ÒTUVGPDGTIGT 9CRRGP IGNGIV &CX &QNNKPIGT /ÒUGNGT 4 (GKPG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

-CTN ,QCEJKO -QPX 6CNGT #-5 &CX -CJPV 6JWP

4 2TCEJVGZGORNCT 0WT 'ZGORNCTG IGRT·IV #VVTCMVKXG 2CVKPC HCUV 5VGORGNINCP\

197

742

744

743

(7))'4 (7))'4 <+00'0$74) 91'46* )'/'+05%*#(6.+%*

%CLGVCP ,QUGH ร WPF ,QJCPP %CTN #NGZCPFGT ร -QPX 6CNGT /ร PEJGP OKV 6KVGN ,QUGHU ++ &CX -WNN 4 /KP LWUVKGTV XQT\ร INKEJGU 'ZGORNCT

#$6'+ 5'+6 $+567/

(7.&#

#FCNDGTV +++ XQP *CTUVCNN -QPX 6CNGT (WNFC -QPVTKDWVKQP $WEJQPKC &CX

2TCEJVGZGORNCT 8QT\ร INKEJp5VGORGNINCP\

56#&6

)15.#4

/CTKGPITQUEJGP 6CNGT I /ร P\OGKUVGT ,QJCPP #NDTGEJV *GTDUV $GJGNOVGT #FNGTUEJKNF WPVGP 9GTV\CJN KP 1XCN ยบ ร ยบ ::++++ /#4+'0 )415%* ร ยป ยป + ร # ร * ร $WEM $ร VVPGT -NWIG &CX

'KP\KIGU 'ZGORNCT KO *CPFGN -CDKPGVVUVร EM WPF XQP JQJGO PWOKUOCVKUEJGP +PVGTGUUG (GKPG 2CVKPC YKP\ 5EJTร VNKPIUHGJNGT CO 4CPF 5VGORGNINCP\

'ZGORNCT FGT 5COONWPI X .GJOCPP #WMVKQP * 5 4QUGPDGTI *CPPQXGT 0T

745

$+567/

198

*#.$'456#&6

#NDTGEJV 8 XQP $TCPFGPDWTI 6CNGT I 7PVGT -CTFKPCNUJWV XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF FCJKPVGT 5EJYGTV WPF -TWOOUVCD IGMTGW\V *GKNKIGT 5VGRJCP UVGJV JCNDN OKV FGP 5VGKPGP CNU <GKEJGP FGU /CTV[TKWOU ร DGT FGT NKPMGP 5EJWNVGT GKP 2CNO\YGKI $GU UGT $TยทOGT $ร TIGT 5GJT UGNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 5GJT UEJร PpXQT\ร INKEJ

747

746

748

&QOMCRKVGN 4GKEJUVCNGT $GUUGT $T·OGT $ÒTIGT &CX <GRGTPKEM

5GNVGP KP FKGUGT 'TJCNVWPI (GKPG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

4GKEJUVCNGT I $GJGNOVGT WPF IGUEJOÒEMVGT 5VKHVUUEJKNF *GKNKIGT 5VGRJCP UVGJV JCNDN OKV $WEJ ÒDGT FGT NKPMGP 5EJWNVGT GKP 2CNO\YGKI WPVGP CO )GYCPF GKP 6·HGNEJGP $GUUGT $T·OGT $ÒTIGT C NGKEJV XCT 44 #VVTCMVKXGU 'ZGORNCT OKV JÒDUEJGT 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

56#&6

*#/$74)

4GKEJUVCNGT 5EJKNNKPI OKV 6KVGN /CZKOKNKCPU ++ I &QRRGN .KNKG /10'6# Û 018# Û %+8+6a Û *#/$ Û < 5VCFVDWTI Û /a:+/+.+a0 Û ++ Û 41 Û +/ Û 5' Û a8 )GMTÌPVGT &QRRGNCFNGT OKV 4GKEJUCRHGN CWH FGT $TWUV FCTKP 9GTV\CJN )CGF

8QP CNNGTITÌ­VGT 5GNVGPJGKV DGMCPPVGU 'ZGORNCT 'VYCU (WPFDGNCI UGJT UEJÌP

&GT XQTNKGIGPFG *CNDVCNGT KUV PWT PQEJ KP FGT 5COONWPI -KTUVGP #WMVKQP (GNKZ 5EJNGUUKPIGT $GTNKP WPVGT FGT 0T XQTIGMQOOGP

749

$TGKVGT FQRRGNVGT 4GKEJUVCNGT Q , I )GMTÌPVGT &QRRGNCFNGT OKV 5VCFVYCRRGP CWH FGT $TWUV /CFQPPC OKV -KPF WPF <GRVGT CWH /QPFUKEJGN WOJGT 5VTCJNGPMTCP\ &CX E )CGF XCT 44 *ÒDUEJG 2CVKPC OKP 5EJTÌVNKPIUHGJNGT CO 4CPF HCUV XQT\ÒINKEJGU 'ZGORNCT

199

750

$TGKVGT FQRRGNVGT 5EJCWVCNGT Q , I $GJGNOVGU 5VCFVYCRRGP /CFQPPC OKV <GRVGT WPF FGO -KPF OKV 4GKEJUCRHGN KP FGT *CPF UVGJV CWH /QPFUKEJGN WOJGT 5VTCJNGPMTCP\ &CX )CGF NGKEJV XCT 8QP ITQ­GT 5GNVGPJGKV 5GJT UEJÌPpXQT\ÒINKEJ

751

&KEMGT &QRRGNVCNGT Q , I $GJGNOVGU 5VCFVYCRRGP FKG $WTI KP QXCNGO 5EJKNF OKV \YGK -ÌRHGP XGT\KGTV /CFQPPC OKV <GRVGT WPF FGO -KPF OKV 4GKEJUCRHGN UVGJV CWH /QPFUKEJGN WOJGT 5VTCJNGPMTCP\ &CX )CGF

8QP ITQ­GT 5GNVGPJGKV #VVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT

752

*#0#7 *#0#7 .+%*6'0$'4) )4#(5%*#(6

2JKNKRR 9QNHICPI 4GKEJUVCNGT OKV 6KVGN (GTFKPCPFU ++ #PVTKVVUVCNGT I c 2*+.+2285 ± 91.( ± & ± ) ± %1/ ± +0 ± *#0#9 ± '6 ° <9 ± 8KGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF KP XGT\KGTVGT -CTVWUEJG ('4&+0#0& ± ++ ± & ± ) ± 41/ ± +/2 ± 5'/ ± #8) ± )GMTÌPVGT &QRRGNCFNGT OKV 4GKEJUCRHGN CWH FGT $TWUV &CX 5WEJKGT

8QP ITQ­GT 5GNVGPJGKV 5GJT CVVTCMVKXGU 'ZGORNCT OKV HGKPGT 2CVKPC HCUV XQT\ÒINKEJ

2JKNKRR 9QNHICPI XGTO·JNVG UKEJ OKV ,QJCPPC XQP ¤VVKPIGP 0CEJ FGO 6QF UGKPGU 8CVGTU ,QJCPP 4GKPJCTF + VTCV GT KO #NVGT XQP ,CJTGP CO 0QXGODGT FKG 0CEJHQNIG KP FGT )TCHUEJCHV *CPCW .KEJVGPDGTI CP &KG 5EJTGEMGP FGU &TGK­KIL·JTKIGP -TKGIGU RNCIVGP CWEJ UGKP 6GTTKVQTKWO 2JKNKRR 9QNHICPI OW­VG LCJTGNCPI CW­GT JCND UGKPGU .CPFGU KP 5VTC­DWTI NGDGP <W UGKPGO 4GIKGTWPIUCPVTKVV YWTFG FKGUGT DGGKPFTWEMGPFG WPF ·W­GTUV UGNVGPG 6CNGT IGRT·IV FGT \W FGP DGIGJTVGP 4CTKV·VGP WPVGT FGP JGUUKUEJGP /ÒP\GP \·JNV

200

754

753

753

*#0018'4

56#&6

/CTKGPITQUEJGP $WEM /GKGT

8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJ

4GKEJUVCNGT OKV 6KVGN (GTFKPCPFU ++ I 5VCFVYCRRGP WPVGP KP FGT 7OUEJTKHV FCU /ÒP\OGKUVGT\GKEJGP 6$ XGTDWPFGP )GMTÌPVGT &QRRGNCFNGT OKV 4GKEJUCRHGN CWH FGT $TWUV FCTKP 9GTV\CJN < $WEM /GKGT

8QP ITQ­GT 5GNVGPJGKV 9KP\ 5EJTÌVNKPIUHGJNGT CO 4CPF UGJT UEJÌP

&GT /ÒP\OGKUVGT 6ÌPPKGU $TGOGT YCT XQP DKU WPF XQP DKU V·VKI <WXQT YCT GT UGKV 9CTFGKP KO &KGPUVG FGT 5VCFV +P UGKPGT #OVU\GKV CNU /ÒP\OGKUVGT YWTFG FKG 8GTYCNVWPI FGT /ÒP\G IG·PFGTV 'TJKGNV FGT /ÒP\OGKUVGT XQTJGT GKPG $GUQNFWPI XQO 4CV FGT 5VCFV YWTFG KJO PWP FGT #PMCWH FGU 5KNDGTU ÒDGT VTCIGP GT DGMCO FCU )GUEJ·HV KP FKG GKIGPG *CPF WPF OW­VG UGKPGTUGKVU FGO 4CV GKPGP DGUVKOOVGP 6GKN FGU 5EJNCIUEJCV\GU CDNKGHGTP

756

755

*'+05$'4)

*'445%*#(6

&KGVTKEJ +++ 6WTPQUG Q , *GKPUDGTI I +DNShEnSBERGhÆ -TGW\ KP \YGK\GKNK IGT 7OUEJTKHV .MONETAhEInSB -CUVGNN KP .KNKGPMTGKU /GPCFKGT 5NI 9G[ICPF

44 *ÒDUEJG 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

*'445%*#(6

*'+& 70& $.'+6

)QFCTF XQP $QPICTF 6QWTPQUG Q , I -TGW\ OKV FQRRGNVGT 7OUEJTKHV KPPGP ‰ SAn%TV MARTIn -CUVGNN FG /G[ XCT .WECU 8QP ITQ­GT 5GNVGPJGKV 5GJT UEJÌP

&KGUGT GZVTGO UGNVGPG 6QWTPQUITQUEJGP FGUUGP <WYGKUWPI PKEJV CDUEJNKG­GPF IGUKEJGTV KUV \·JNV YCJTUEJGKPNKEJ \W FGP YGPKIGP 2T·IWPIGP FGT *GTTGP \WT *GKFGP FKG UKEJ UGKV FGO ,CJTJWPFGTV *GKF WPF $NGKV PCPPVGP )QFCTF XQP $QPICTF FGT OWVOC­NKEJG /ÒP\JGTT FKGUGU 5VÒEMGU JCVVG FCU .·PFEJGP \WT *GKFGP PÌTFNKEJ XQP #CEJGP IGGTDV WPF GTJKGNV WO 4KEJVGTKEJ WPF FKG WONKGIGPFGP &ÌTHGT &KG 6QWTPQUG FGT /KPKJGTTUEJCHV FKG KO ,CJTJWPFGTV UQICT 6CNGT WPF 6GUVQPG RT·IGP NKG­ KUV GKP JGTXQTTCIGPFGU $GKURKGN HÒT FKG <GTURNKVVGTWPI FGU FGWVUEJGP /ÒP\YGUGPU KP /KVVGNCNVGT WPF 0GW\GKV

757

*'00'$'4) )4#(5%*#(6

*'00'$'4)

9KNJGNO 8 6CNGT 5EJNGWUKPIGP OKV 6KVGN -CTNU 8 I *ÒHVDKNF JCNDN JKPVGT XKGTHGNFKIGO 9CRRGPUEJKNF )GMTÌPVGT &QRRGNCFNGT OKV 4GKEJUCRHGN CWH FGT $TWUV *GWU XCT

8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJ

201

758

)GQTI 'TPUV 6CNGT 5EJNGWUKPIGP I )GJCTPKUEJVGU $TWUVDKNF T KP FGT 7O UEJTKHV /ÒP\OGKUVGT\GKEJGP *0 OKV <CKPJCMGP *CPU 0GWOCPP /ÒP\OGKUVGT KP 5EJNGWUKPIGP WPF <YGKHCEJ DGJGNOVGU XKGTHGNFKIGU 9CRRGP &CX *GWU C

8QP ITQ­GT 5GNVGPJGKV #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

759

760

761

#PVGKN 5CEJUGP )QVJC WPF 9GKOCT 4GKEJUVCNGT +NOGPCW #WUDGWVG FGT )TWDGP KP +NOGPCW #TPQNF 3WGNNOCN\ &CX /ÒUGNGT C (GKPG 2CVKPC XQT\ÒINKEJ

*'55'0 *'55'0 /#4$74) .#0&)4#(5%*#(6

.WFYKI +8 4GKEJUVCNGT )NCFGPDCEJ #WUDGWVG FGT )NCFGPDCEJGT )TWDGP I 8KGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF FCTÒDGT FKG *GNOG XQP -CV\GPGNPDQIGP *GUUGP WPF <KGIGP JCKP <GKNGP 5EJTKHV &CX /ÒUGNGT 5EJÒV\ 44 (CUV XQT\ÒINKEJGU 'ZGORNCT

7O YWTFG KO $GTIYGTMUQTV )NCFGPDCEJ \YKUEJGP /CTDWTI WPF *GTDQTP IGNGIGP GKPG /ÒP\UV·VVG GKPIG TKEJVGV *CNDVCNGT CWU FGT )NCFGPDCEJGT #WUDGWVG UKPF PWT XQO ,CJT DGMCPPV &KG /ÒP\UV·VVG YWTFG WPIG H·JT KP FCU /CTDWTIGT 5EJNQ­ XGTNGIV &KG 8QTFGTUGKVG FKGUGT JQEJUGNVGPGP 2T·IWPI VT·IV FKG &GXKUG FGU UVTGPI NWVJGTKUEJGP 2T·IGJGTTGP Û +%* )'64#9' )16 +0 #..'4 016* É

*'55'0 -#55'. .#0&)4#(5%*#(6 5'+6 -74(ª456'067/

202

/QTKV\ 4GKEJUVCNGT -CUUGN &CX 5EJÒV\

-N 5EJTÌVNKPIUHGJNGT XQT\ÒINKEJGU 'ZGORNCT

763

762

764

9KNJGNO 8 4GKEJUVCNGT -CUUGN I )GJCTPKUEJVGU $TWUVDKNF X X OKV FTGK VGKNKIGO 5RKV\GPMTCIGP WPF <QRH &TGKHCEJ DGJGNOVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF &CX 5EJÒV\ 4 (GKPG 2CVKPC HCUV XQT\ÒINKEJGU 'ZGORNCT

-CTN 4GKEJUVCNGT -CUUGN I )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN )GMTÌPVGU XGT\KGTVGU UGEJUHGNFKIGU 9CRRGP OKV XGT\KGTVGO /KVVGNUEJKNF \W FGP 5GKVGP 2CNO \YGKIG WPVGP /ÒP\OGKUVGT\GKEJGP +8 ( ,QJCPPGU 8 (QTPGPDGTI /ÒP\OGKUVGT KP -CUUGN &CX 5EJÒV\ 44 8QT\ÒINKEJGU 'ZGORNCT

(TKGFTKEJ ++ -QPX 6CNGT -CUUGN &CX 5EJÒV\

4 2TCEJVGZGORNCT /KP LWUVKGTV HCUV 5VGORGNINCP\

&KG WPIGYÌJPNKEJG 5VGNNWPI FGT .ÌYGP UQNN YCJTUEJGKPNKEJ FKG IGURCPPVGP 8GTJ·NVPKUUG FGT *ÌHG -CUUGN WPF *CPCW FCTUVGNNGP &GT TGEJVG .ÌYG UEJGKPV PCEJ FGO *QUGPDCPFQTFGP WPF FGO FCTÒDGT DGHKPFNKEJGP 9CRRGP XQP *CPCW \W UEJPCRRGP &C (TKGFTKEJ ++ \YCT KOOGT YKGFGT UGKPG 4GEJVG KP *CPCW CPIGOGNFGV JCVVG UKG CDGT PKG DGMCO YKTF GT JKGT CNU UEJPCRRGPFGT .ÌYG FCTIGUVGNNV &GT *QH KP -CUUGN YCT ÒDGT UQ GKPG ÌHHGPVNKEJG &GOQP UVTCVKQP PKEJV CPIGVCP WPF DGOÒJV FKGUGU )GRT·IG YKGFGT GKP\W\KGJGP

766

765

765

9KNJGNO ++ 6CNGT I $TWUVDKNF T KP 7PKHQTO 9GTV WPF ,CJTGU\CJN KP \YGK \WUCOOGPIGDWPFGPGP .QTDGGT\YGKIGP #-5 &CX -CJPV 6JWP

5GJT UGNVGP KP FKGUGT 'TJCNVWPI (CUV 5VGORGNINCP\

9KNJGNO ++ WPF (TKGFTKEJ 9KNJGNO 6CNGT #-5 &CX -CJPV 6JWP

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 'TUVCDUEJNCI HCUV 5VGORGNINCP\

203

767

*'55'0 &#4/56#&6 .#0&)4#(5%*#(6 5'+6 )4155*'4<1)67/

)GQTI ++ 4GKEJUVCNGT &CTOUVCFV &CX 5EJÒV\

44 9KP\ 5EJTÌVNKPIUHGJNGT OKP 2T·IGUEJY·EJG UGJT UEJÌP

768

4GKEJUVCNGT *5 <GNNGTHGNF CWH FGP 6QF UGKPGT 6CPVG #PPC 'NGQPQTC )GOCJNKP )GQTIU XQP $TCWPUEJYGKI %CNGPDGTI *CPPQXGT I &CU IGMTÌPVG XKGTHGNFKIG JGUUKUEJG 9CRRGP OKV /KVVGN UEJKNF XQP 9KVYGPUEJPÒTGP WOIGDGP <GJP <GKNGP 5EJTKHV &CX WPVGT $TCWPUEJYGKI .ÒPGDWTI 5EJÒV\ 9GNVGT 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

769

'TPUV .WFYKI 4GKEJUVCNGT +VVGT #WUDGWVG FGT +VVGTGT )TWDGP I )GJCT PKUEJVGU $TWUVDKNF OKV 7OJCPI WPF .QEMGPJCCT T &CU +VVGTVCN OKV FGT +VVGTDWTI CWH *ÒIGNP FCXQT N CO (NW­ GKP 5VQNNGPOWPFNQEJ #RRGNCWGT 5VQNNGP WPF FCTÒDGT GKP 5EJCEJV )ÒVG FGU *GTTP +P FGT /KVVG \YGK 2HGTFGMCTTGP FCTWPVGT FCU IGMTÌPVG JGUUKUEJG 9CRRGP XQP \YGK .ÌYGP IGJCNVGP &CX /ÒUGNGT 5EJÒV\ 4 (CUV XQT\ÒINKEJ

770

*'55'0 *1/$74) .#0&)4#(5%*#(6

204

2JKNKRR #WIWUV (TKGFTKEJ &QRRGNIWNFGP #-5 &CX -CJPV 6JWP

4 (GKPG 2CVKPC XQT\ÒINKEJ

771

771 1,5:1

*1*'0.1*' *1*'0.1*' 0'7'056'+0 ¤*4+0)'0 )4#(5%*#(6 5'+6 (ª456'067/

,QJCPP (TKGFTKEJ FGT ,ÒPIGTG -QPX 6CNGT 0ÒTPDGTI CWH FKG ,CJTHGKGT FGT ªDGTICDG FGT #WIUDWTIGT -QPHGUUKQP #NDTGEJV 5NI 9JKVKPI

4 *ÒDUEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

772

774

773

*1*'0.1*' 5%*+..+0)5(ª456 )4#(5%*#(6 5'+6 (ª456'067/

-CTN #NDTGEJV -QPX 6CNGT 5EJYCDCEJ I )GJCTPKUEJVGU $TWUVDKNF T OKV WO IGNGIVGO *GTOGNKP FCTWPVGT + . 1GZNGKP H &GT CWU FGP (NCOOGP CWHUVGKIGPFG 2JÌPKZ #NDTGEJV &CX 4 2TCEJVGZGORNCT *GTTNKEJG 2CVKPC 'TUVCDUEJNCI HCUV 5VGORGNINCP\

*1*'0<1..'40 *1*'0<1..'40 *'%*+0)'0 (ª456'067/

(TKGFTKEJ 9KNJGNO %QPUVCPVKP 8GTGKPUFQRRGNVCNGT #-5 &CX -CJPV 6JWP 8QT\ÒINKEJ

%CTN &QRRGNIWNFGP #-5 &CX -CJPV 6JWP

*ÒDUEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

*1*'0<1..'40 5+)/#4+0)'0 (ª456'067/

205

775

775 1,5:1

%CTN #PVQP &QRRGNIWNFGP #-5 &CX -CJPV 6JWP

4 2TCEJVGZGORNCT *GTTNKEJG 2CVKPC 'TUVCDUEJNCI 5VGORGNINCP\

776

)WNFGP #-5 ,

8QT\ÒINKEJp5VGORGNINCP\

777

777 1,5:1

)4#(5%*#(6

*1*056'+0

8QNMOCT 9QNHICPI 9KNJGNO 'DGTYGKP WPF 'TPUV 8+ 6CNGT 'NNTKEJ #WU DGWVG FGT )TWDG 5V #PFTGCU I <YGKHCEJ DGJGNOVGU *QJPUVGKPGT 9CRRGP &GT JGKNKIG #PFTGCU UVGJV X X FCU -TGW\ XQT UKEJ JCNVGPF /ÒUGNGT 5EJWNVGP C WPF E KFGPVKUEJ

8QP ITÌ­VGT 5GNVGPJGKV 5GJT UEJÌP

778

(ª456'067/

206

+5'0$74)

%CTN (TKGFTKEJ 6CNGT $GTIKUEJGT 4GKEJUVCNGT #-5 &CX -CJPV 6JWP

4 #VVTCMVKXG 2CVKPC XQT\ÒINKEJ

779

,ª.+%* -.'8' $'4) ,ª.+%* $'4) *'4<1)67/

,QJCPP 9KNJGNO ++ 6CNGT &ÒUUGNFQTH I )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN 7PVGT -WTJWV FTGK 5EJKNFG WPF \YGK 1TFGPUMGVVGP &CX 0QUU C

8QP ITQ­GT 5GNVGPJGKV *GTXQTTCIGPF IGUEJPKVVGPGU 2QTVT·V 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

&KG 5VGORGN \W FKGUGO 5VÒEM YWTFGP XQP )CDTKGN .GENGTE 5VGORGNUEJPGKFGT KP &ÒUUGNFQTH IGUEJPKVVGP

781

780

780

56#&6

-#7($'74'0

6CNGT OKV 6KVGN -CTNU 8 I <YGKIGVGKNVGU 5VCFVYCRRGP \W FGP 5GKVGP )GMTÌPVGU WPF IGJCTPKUEJVGU *ÒHVDKNF T OKV FGT 4GEJVGP FCU <GRVGT UEJWNVGTPF FKG .KPMG CO 5EJYGTVITKHH &CX 0CW 5GJT UGNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC

6CNGT OKV 6KVGN -CTNU 8 I <YGKIGVGKNVGU 5VCFVYCRRGP \W FGP 5GKVGP )GMTÌPVGU WPF IGJCTPKUEJVGU *ÒHVDKNF T OKV FGT 4GEJVGP FCU <GRVGT UEJWNVGTPF FKG .KPMG CO 5EJYGTVITKHH 0CW NGKEJV XCT 8QP ITÌ­VGT 5GNVGPJGKV *ÒDUEJG 2CVKPC UGJT UEJÌP

782

#$6'+

-'/26'0

4WRGTV ++ XQP $QFOCP 4GKEJUVCNGT #WIUDWTI I /KVTC ÒDGT XKGTHGNFKIGO 9CRRGP OKV /KVVGNUEJKNF FCJKPVGT 5EJYGTV -TWOOUVCD WPF <GRVGT IGMTGW\V $TWUVDKNF FGT JGKNKIGP *KNFGICTF X X OKV *GKNKIGPUEJGKP WPF -WTJWV &CX (QTUVGT *CGTVNG

4 (GKPG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

207

783

*'4<1)67/

-.'8'

,QJCPP 9KNJGNO + HCEJG 4GKEJUVCNGTMNKRRG 'OOGTKEJ I f +1#0 Û 9+.Ü *' Û & Ù ) Û &8: Û %.+8+ +8 Û /1 )GJCTPKUEJVGU $TWUVDKNF T OKV ITQ­GO /ÒJNUVGKPMTC IGP %1/ Ú / Ú #4% Û 4#805$ Û < Û /1'45 Û & Û +0 Û 4 # Ú * OKV <CKPJCMGP -QPTCF *Q[GT /ÒP\OGKUVGT KP 'OOGTKEJ )GMTÌPVGU UGEJUHGNFKIGU 9CRRGP -NGXG ,ÒNKEJ $GTI /CTM 4CXGPUDGTI WPF /ÌTU \YKUEJGP FGT IGVGKNVGP ,CJTGU\CJN + &CX 0QUU XIN

8QP ITÌ­VGT 5GNVGPJGKV 8GTOWVNKEJ DGMCPPVGU 'ZGORNCT 8QT\ÒINKEJGU 'ZGORNCT OKV CVVTCMVKXGT 2CVKPC

*GT\QI ,QJCPP 9KNJGNO + YCT YKG UGKP 8CVGT 9KNJGNO IGKUVKI \WTÒEMIGDNKGDGP WPF YCT Y·JTGPF FGU ITÌ­VGP 6GKNU UGKPGT 4GIKGTWPIU\GKV XQP UGKPGP 4·VGP CDJ·PIKI 5GKPG DGKFGP 'JGP OKV ,CMQD·C XQP $CFGP WPF OKV #PVQ PKG XQP .QVJTKPIGP DNKGDGP MKPFGTNQU UQ FC­ OKV UGKPGO 6QF FCU *CWU -NGXG CWUUVCTD WPF FGT ,ÒNKEJ -NGXKUEJG 'TDHQNIGUVTGKV CWUIGNÌUV YWTFG &KG CVVTCMVKXG -NKRRGPRT·IWPI UVCOOV CWU FGO 6QFGULCJT FGU *GT\QIU WPF IGJÌTV \W FGP ITQ­GP 4CTKV·VGP FGT TJGKPKUEJGP 0WOKUOCVKM

784

785

56#&6

785

-¤.0

)TQUEJGP Q , WO 9CRRGP KP OGJTDQIKIGT 'KPHCUUWPI $N·VVGTMTGW\ KP FQRRGNVGT 7OUEJTKHV 0QUU 5GNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJ

4GKEJUVCNGT CWH FKG *WNFKIWPI HÒT ,QUGH + I #PUKEJV FGT 5VCFV XQP FGT &GWV\GT 5GKVG OKV 5EJKHHGP CO 4JGKPWHGT )GJCTPKUEJVGU $TWUVDKNF ,QUGHU + T OKV .QTDGGTMTCP\ &CX 0QUU 5GNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI -CDKPGVVUVÒEM XQP HGKPUVGT 'TJCNVWPI 5VGORGNINCP\ &KG 4ÒEMUGKVGPWOUEJTKHV FGU XQTNKGIGPFGP 4GKEJUVCNGTU 8+&+ .80#/ #&14#4' /' JGK­V 5KGJG FGP /QPF OKEJ DGYWPFGTP WPF DG\KGJV UKEJ CWH FKG .CIG FGT 5VCFV CP GKPGO 4JGKPDQIGP YQFWTEJ KJT )TWPFTK­ YKG GKPG /QPFUKEJGN GTUEJGKPV &KG 7OUEJTKHV XGTMÒT\V UQOKV )GPGUKU $WEJ /QUG YQ GU JGK­V KP FGT 8WNICVC #NKWF SWQSWG XKFKV UQOPKWO SWQF PCTTCPU HTCVTKDWU CKV 8KFK RGT UQOPKWO SWCUK UQNGO GV NWPCO GV UVGNNCU WPFGEKO CFQTCTG OG 7PF GT JCVVG PQEJ GKPGP \YGKVGP 6TCWO FGP GT\·JNVG GT UGKPGP $TÒFGTP WPF URTCEJ +EJ JCDG PQEJ GKPGP 6TCWO IGJCDV UKGJG FKG 5QPPG WPF FGT /QPF WPF FKG 5VGTPG PGKIVGP UKEJ XQT OKT &KG 9GTV CPICDG 4GKEJUHW­ F J CWU FGT TCWJGP CWU FGT HGKPGP /CTM JKGNV OCP KP -ÌNP HÒT PÌVKI FC \WNGV\V 6CNGT PCEJ FGO NGKEJVGTGP DWTIWPFKUEJGP (W­ IGRT·IV YQTFGP YCTGP &GT 5VGORGNUEJPGKFGT FKGUGT /ÒP\G YCT CNNGT 9CJTUEJGKPNKEJMGKV PCEJ , 5GNVGT GKPG XQP KJO UKIPKGTVG *WNFKIWPIUOGFCKNNG XQP \GKIV FCU INGKEJG $TWUV DKNF FGU -CKUGTU

208

786

4GKEJUVCNGT OKV 6KVGN -CTNU 8++ I <YGK 9CRRGPUEJKNFG FCU CNVG WPF FCU PGWG 5VCFVYCR RGP NGJPGP CPGKPCPFGT WPF YGTFGP XQP GKPGO )TGKH WPF GKPGO .ÌYGP IGJCNVGP FKG DGKFG FGP -QRH \WTÒEMYGPFGP QDGP *GNO WPVGP UGKVNKEJ ) * )GTJCTF *ÒNU /ÒP\OGKUVGT KP -ÌNP )GJCTPKUEJVGU $TWUVDKNF -CTNU 8++ T OKV 7OJCPI WPF .QTDGGTMTCP\ CO #TOCDUEJPKVV 9[QP 2GVGT 9[QP 5VGORGNUEJPGKFGT KP 0ÒTPDGTI &CX 0QUU C 44 5GJT UEJÌP

&GT XQTNKGIGPFG 4GKEJUVCNGT YCT HÒT FKG 8GTVGKNWPI DGK FGP (GUVNKEJMGKVGP CPN·­NKEJ FGT *WNFKIWPI HÒT -CKUGT -CTN 8++ DGUVKOOV &CU UQIGPCPPVG PGWG 9CRRGP FGT 8QTFGTUGKVGP &CTUVGNNWPI FKGUGU 5VÒEMGU KUV GKP 2JCPVCUKGIG DKNFG 'U GPVUVCPF NCWV 0QUU FCFWTEJ FC­ OCP UKEJ WO FKGUG <GKV FGU 0COGPU %QNQPKC 7DKQTWO GTKPPGTVG 'U UQNN CNUQ FKG 7DKGT FKG 7TGKPYQJPGT TGRT·UGPVKGTGP WPF FC OCP UKG FGP (TCPMGP \WIGJÌTKI Y·JPVG PCJO OCP FGP NGKEJV XGT·PFGTVGP 5EJKNF (TCPMGPU CWU FGO 9ÒT\DWTIGT 9CRRGP WPF HÒIVG KJP GKP WO ITQ­CTVKIGT \W GT UEJGKPGP &KGUGT <WUVCPF FCWGTVG CDGT PKEJV NCPIG FGPP FCU PGWG 9CRRGP MQOOV PWT CWH /ÒP\GP FKGUGU GKPGP ,CJTICPIU XQT #PFGTG 5V·FVG XGTHÒIVGP CWEJ ÒDGT OGJTGTG 9CRRGP \ $ 0ÒTPDGTI ÒDGT FTGK

789

788

787

56#&6

.#0&#7

$GNCIGTWPI FWTEJ FKG HTCP\ÌUKUEJGP 6TWRRGP 'KPUGKVKIG -NKRRG \W )WNFGP WPF -TGW\GT $TCWUG /CPUHGNF 6H &CX -NGKP 4CHH -N 2T·IGUEJY·EJG UGJT UEJÌPpXQT\ÒINKEJ

9·JTGPF FGT XKGTVGP $GNCIGTWPI .CPFCWU YCT 2TKP\ -CTN #NGZCPFGT FGT UR·VGTG *GT\QI XQP 9ÒTVVGODGTI (GUVWPIUMQOOCPFCPV 7O FGO Y·JTGPF FGT $GNCIGTWPI CWHIGVTGVGPGP )GNFOCPIGN \W DGIGIPGP NKG­ -CTN #NGZCP FGT UGKP IQNFGPGU WPF UKNDGTPGU 6CHGNIGUEJKTT GKPUEJOGN\GP WPF FCTCWU 0QVOÒP\GP UEJNCIGP

'KPUGKVKIG -NKRRG \W )WNFGP WPF -TGW\GT $TCWUG /CPUHGNF 6H -NGKP 4CHH C 5GJT UEJÌP

'KPUGKVKIG -NKRRG \W )WNFGP WPF -TGW\GT $TCWUG /CPUHGNF 6H -NGKP 4CHH C 5GJT UEJÌPpXQT\ÒINKEJ

209

790

.#0&)4#(5%*#(6

.'7%*6'0$'4)

)GQTI +++ 6CNGT 2HTGKOF OKV 6KVGN -CTNU 8 &CX 2TQMKUEJ XCT

5GNVGP KP FKGUGT 'TJCNVWPI (GKPG 2CVKPC XQNN CWUIGRT·IVGU XQT\ÒINKEJGU 'ZGORNCT

791

.+22' )4#(5%*#(6 5'+6 (ª456'067/

(TKGFTKEJ #FQNH 4GKEJUVCNGT &GVOQNF I )GJCTPKUEJVGU $TWUVDKNF T OKV 1TFGPUDCPF WPF WOIGNGIVGO /CPVGN 1XCNGU XKGTHGNFKIGU 9CRRGP OKV XKGTHGNFKIGO /KVVGNUEJKNF WOJGT FKG -GVVG FGU 1TFGPU XQO 5EJYCT\GP #FNGT QDGP -TQPG WPVGP \W FGP 5GKVGP FGU 1TFGPUUVGTPU FKG IGVGKNVG ,CJTGU\CJN WPF FCU /ÒP\OGKUVGT\GKEJGP * . *CPU .ÒFGTU /ÒP\OGKUVGT KP &GVOQNF &CX )TQVG D 4 8QT\ÒINKEJGU 2TCEJVGZGORNCT

792

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815

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56#&6

4GKEJUVCNGT Q , WO OKV 6KVGN -CTNU 8+ I 5EJKNF OKV FGP IGMTGW\VGP 5VCFVUEJNÒU UGNP KP GKPGT $CTQEMMCTVWUEJG FKG OKV 'PIGNP WPF (TCV\GP XGT\KGTV KUV )GJCTPKUEJVGU $TWUVDKNF -CTNU 8+ T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO /CPVGN $GEMGPD &CX 44 8QT\ÒINKEJ

&GT JKGT CPIGDQVGPG 4GKEJUVCNGT OKV FGO 5VCFVUEJKNF WPF FGO 2QTVT·V -CTNU 8+ IGJÌTV \W FGP 5GNVGPJGKVGP WPVGT FGP 4GIGPUDWTIGT /ÒP\GP &KG 5VCFV JCVVG DGUQPFGTG $GFGWVWPI KO *GKNKIGP 4ÌOKUEJGP 4GKEJ FWTEJ FGP UGKV FQTV VCIGPFGP UQIGPCPPVGP +OOGTY·JTGPFGP 4GKEJUVCI 9·JTGPF \WXQT FGT -CKUGT FKG 4GKEJUUV·PFG KP GKPG FGT 4GKEJUUV·FVG UGKV 'PFG FGU ,CJTJWPFGTVU CWUUEJNKG­NKEJ PCEJ 4GIGPUDWTI DGTKGH YWTFG GKP RGTOC PGPVGT )GUCPFVGPMQPITG­ KP FGT &QPCWUVCFV GKPIGTKEJVGV &KGUGT VCIVG DKU \WO 'PFG FGU 4GKEJGU NGFKINKEJ YWTFG GT YGIGP FGT 2GUV PCEJ #WIUDWTI WPF XQP DKU YGIGP FGU ¤UVGTTGKEJKUEJGP 'TDHQNIGMTKGIU PCEJ (TCPMHWTV XGTNGIV

219

824

4'755 4'755 1$'4)4'+< )4#(5%*#(6 5'+6 (ª456'067/

*GKPTKEJ :+++ -QPX 6CNGT #-5 8CTKCPVG &CX -CJPV 6JWP 44 0WT 'ZGORNCTG IGRT·IV (GKPG 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

825

4'755 5%*.'+< )4#(5%*#(6 5'+6 (ª456'067/

*GKPTKEJ .:++ 8GTGKPUFQRRGNVCNGT #-5 &CX -CJPV 6JWP

0WT 'ZGORNCTG IGRT·IV 2TCEJVGZGORNCT OKV HGKPGT 2CVKPC (CUV 5VGORGNINCP\

826

5#%*5'0 5#%*5'0 -74(ª456'067/

(TKGFTKEJ +++ FGT 9GKUG ,QJCPP WPF )GQTI 6CNGT Q , #PPCDGTI -NCRROÒV\GPVCNGT I $TWUVDKNF (TKGFTKEJU +++ T KO -WTQTPCV OKV FGT 4GEJVGP FCU <GRVGT UEJWNVGTPF &KG $TWUV DKNFGT XQP ,QJCPP WPF )GQTI GKPCPFGT IGIGPÒDGT &CX 5EJPGG 8QP ITQ­GT 5GNVGPJGKV (GKPG 2CVKPC MN 5COONGTRWP\G (GNFGT OKP CNVIGIN·VVGV UGJT UEJÌP

827

220

,QJCPP WPF )GQTI 6CNGT Q , #PPCDGTI &CX 5EJPGG

/KP 5EJTÌVNKPIUHGJNGT YKP\ 5COONGTRWP\G XQT\ÒINKEJ

828

829

829

,QJCPP (TKGFTKEJ FGT )TQ­OÒVKIG WPF )GQTI 6CNGT $WEJJQN\ -GKNKV\ 44 5GJT UEJÌP

,QJCPP (TKGFTKEJ FGT )TQ­OÒVKIG WPF 2JKNKRR FGT )TQ­OÒVKIG XQP *GUUGP 6CNGT )QUNCT 5EJOCNMCNFKUEJGT $WPFGUVCNGT &CX 5EJPGG 5EJÒV\

5GNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJGU 'ZGORNCT OKV UEJÌPGT 2CVKPC

'ZGORNCT FGT 5NI 9 -QEJ #WMVKQP &T $ 2GWU 0CEJH 1MVQDGT 0T

830

832

831

/QTKV\ 6CNGT (TGKDGTI &CX 5EJPGG

5GNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 5CWDGT CWUIGRT·IVGU 'ZGORNCT OKV HGKPGT 2CVKPC XQT\ÒINKEJ

,QJCPP )GQTI + 4GKEJUVCNGT &TGUFGP &CX 5EJPGG

2TCEJVGZGORNCT 5VGORGNINCP\

&QRRGNVGT 4GKEJUVCNGT &TGUFGP I $TWUVDKNF HCUV X X KO -WTQTPCV OKV DGKFGP *·PFGP FCU 5EJYGTV UEJWNVGTPF T -WTJWV CWH 6KUEJ #EJVHCEJ DGJGNOVGU 9CRRGP WPVGP \W FGP 5GKVGP /ÒP\OGKUVGT \GKEJGP % 4 %QPUVCPVKP 4QVJ /ÒP\OGKUVGT KP &TGUFGP &CX 5EJPGG

44 *GTTNKEJG 2CVKPC MN 5EJTÌVNKPIUHGJNGT HCUV XQT\ÒINKEJGU 'ZGORNCT

221

833

4GKEJUVCNGT &TGUFGP CWH UGKPGP 6QF &CX 5EJPGG

5GJT CVVTCMVKXGU 'ZGORNCT OKV JÒDUEJGT 2CVKPC XQT\ÒINKEJ

834

,QJCPP )GQTI ++ $TGKVGT FTGKHCEJGT 4GKEJUVCNGT &TGUFGP CWH FCU 8KMCTKCV I &GT -WTHÒTUV OKV IGUEJWNVGTVGO 5EJYGTV WPF NCPIGO /CPVGN UKV\V CWH 4Q­ FCU PCEJ T URTKPIV FCTWPVGT 4GKEJUCRHGN ÒDGT \YGKHGNFKIGO 9CRRGP <GKNGP 5EJTKHV &CX 5EJPGG

44 *GTTNKEJG 2CVKPC YKP\ 5EJTÌVNKPIUHGJNGT CWH FGT 4ÒEMUGKVG XQT\ÒINKEJGU 2TCEJVGZGORNCT

835

222

$TGKVGT FQRRGNVGT 4GKEJUVCNGT &TGUFGP CWH FCU 8KMCTKCV I &GT -WTHÒTUV OKV IGUEJWNVGT VGO 5EJYGTV WPF NCPIGO /CPVGN UKV\V CWH 4Q­ FCU PCEJ T URTKPIV FCTWPVGT 4GKEJUCRHGN ÒDGT \YGKHGN FKIGO 9CRRGP <GKNGP 5EJTKHV &CX 5EJPGG

4 (GKPG 2CVKPC YKP\ 5EJTÌVNKPIUHGJNGT CO 4CPF YKP\ -TCV\GT XQT\ÒINKEJGU 'ZGORNCT

836

4GKEJUVCNGTMNKRRG &TGUFGP CWH FKG 8GTO·JNWPI UGKPGT 6QEJVGT 'TFOWVJG 5QRJKG OKV /CTMITCH %JTKUVKCP 'TPUV XQP $TCPFGPDWTI $C[TGWVJ &CX 5EJPGG

5EJÌPG 2CVKPC YKP\ 2T·IGUEJY·EJG XQT\ÒINKEJ

837

4GKEJUVCNGTMNKRRG &TGUFGP CWH FCU $ÒEJUGPUEJKGUUGP CPN·­NKEJ FGT 6CWHG UGKPGU 'PMGNU ,QJCPP )GQTI +8 &CX 5EJPGG *ÒDUEJG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

838

6CNGTMNKRRG PCEJ \KPPCKUEJGO (W­ &TGUFGP CWH FCU 5EJKG­GP \WT (GKGT FGU (TKGFGPU XQP 0KLOGIGP &CX 2CZ KP 0WOOKU 5EJPGG

5GJT CVVTCMVKXGU 'ZGORNCT OKV JÒDUEJGT 2CVKPC XQT\ÒINKEJ

223

839

,QJCPP )GQTI +++ 4GKEJUVCNGT &TGUFGP &CX 5EJPGG

44 5GJT UEJÌPpXQT\ÒINKEJ

840

841

842

,QJCPP )GQTI +8 6CNGT &TGUFGP -QJN

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

(TKGFTKEJ #WIWUV + #WIWUV FGT 5VCTMG 6CNGT &TGUFGP &CX -QJN 5GNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

(TKGFTKEJ #WIWUV ++ 6CNGT &TGUFGP CWH FKG 8GTO·JNWPI UGKPGT 6QEJVGT /CTKC #OCNKC OKV -ÌPKI -CTN XQP 5K\KNKGP &CX -QJN

5GNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT 8QT\ÒINKEJp5VGORGNINCP\

843

224

4GKEJUVCNGT &TGUFGP CWH FCU 8KMCTKCV I )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN <YGK CPGKPCPFGTIGNGJPVG 9CRRGPUEJKNFG FCTÒDGT -TQPG &CX 5EJPGG

8QP ITQ­GT 5GNVGPJGKV 5GJT UEJÌPpXQT\ÒINKEJ

844

845

846

-QPX 6CNGT &TGUFGP &CX 5EJPGG

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT (GKPG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

(TKGFTKEJ %JTKUVKCP -QPX 6CNGT (9Ô( &TGUFGP $WEM

5GNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT (GKPG 2CVKPC HCUV 5VGORGNINCP\

(TKGFTKEJ #WIWUV +++ + -QPX 6CNGT &TGUFGP CWH FCU 8KMCTKCV &CX 5EJPGG 2TCEJVGZGORNCT /KP 5EJTÌVNKPIUHGJNGT 5VGORGNINCP\

847

5#%*5'0 -¤0+)4'+%*

,QJCPP -W 2HGPPKI ( 2TQDGUVÒEM I )GMTÌPVGU 9CRRGP WOJGT É - 5 5%*'+&' /ª0<' 9GTV WPF /ÒP\\GKEJGP WOJGT 241$' 56ª%- WPVGP É É #-5 , :+

8QP ITQ­GT 5GNVGPJGKV #VVTCMVKXG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

848

5#%*5'0 %1$74) '+5'0#%* *'4<1)67/

,QJCPP %CUKOKT WPF ,QJCPP 'TPUV &KEMGT FQRRGNVGT 4GKEJUVCNGT 5CCNHGNF I “ & Ù ) Û +1* Û %#5+ Û '6 Û +1* Û '405 Û (4# Û &8%'5 Û 5#:10+ Ù /ÒP\\GKEJGP .KGIGPFGU OKV 'KEJGN DGUVGEMVGU $ )TGIQT $GEJUVGFV /ÒP\OGKUVGT KP 5CCNHGNF &KG IGJCTPKUEJVGP $TWUVDKNFGT FGT \YGK *GT\ÌIG GKPCPFGT IGIGPÒDGT KO #DUEJPKVV FKG ,CJTGU\CJN Û Û f Û .#06) Û 6*84+ Û '6 Û /#4%*+1 Û /+50 Û /10' Û +/2'4+ Û 5·EJUKUEJGT 4CWVGPUEJKNF WOJGT 9CR RGPUEJKNFG &CX )TCUUGT 5EJPGG

8QP CNNGTITÌ­VGT 5GNVGPJGKV 9QJN DGMCPPVGU 'ZGORNCT 5GJT UEJÌP

225

849

850

851

4GKEJUVCNGT 5CCNHGNF CWH FGP 6QF XQP ,QJCPP %CUKOKT &CX )TCUUGT 5EJPGG 4 5GJT UEJÌP

5#%*5'0 #.6'0$74) *'4<1)67/

,QJCPP 2JKNKRR (TKGFTKEJ ,QJCPP 9KNJGNO WPF (TKGFTKEJ 9KNJGNO ++ 4GKEJUVCNGT &GWVUEJJQHOÒP\G KP #NVGPDWTI &CX -GTPDCEJ 5EJPGG

4 -N 5VGORGNHGJNGT CO 4CPF UGJT UEJÌP

&CU XQTNKGIGPFG 5VÒEM KUV GKPG #NNGKPRT·IWPI FGU *GT\QIU ,QJCPP 2JKNKRR 'T NKG­ 6CNGT *CND WPF 8KGTVGNVCNGT XQP QJPG 0COGPUPGPPWPI UGKPGT $TÒFGT CWURT·IGP

,QJCPP 2JKNKRR YWTFG KP #NVGPDWTI IGDQTGP 'T YCT UGKV UGKPGT 8QNNL·JTKIMGKV DKU \W UGKPGO 6QF TGIKG TGPFGT *GT\QI XQP 5CEJUGP #NVGPDWTI +O 1MVQDGT JGKTCVGVG GT 'NKUCDGVJ 6QEJVGT FGU *GT\QIU *GKPTKEJ ,WNKWU XQP $TCWPUEJYGKI .ÒPGDWTI ,QJCPP 2JKNKRR XGTUVCTD WPF YWTFG KP FGT $TÒFGTMKTEJG KP #NVGPDWTI DGKIGUGV\V 'T JKPVGTNKG­ MGKPG O·PPNKEJGP 'TDGP UGKPG GKP\KIG 6QEJVGT 'NKUCDGVJ 5QRJKC XGTO·JNVG UKEJ OKV *GT\QI 'TPUV + FGO (TQOOGP XQP 5CEJUGP )QVJC

(TKGFTKEJ 9KNJGNO ++ 4GKEJUVCNGT %QDWTI &CX )TCUUGT 5EJPGG 8QP ITQ­GT 5GNVGPJGKV 5GJT UEJÌP

852

5#%*5'0 9'+/#4 *'4<1)67/ #$ 5#%*5'0 9'+/#4 '+5'0#%*

226

9KNJGNO 4GKEJUVCNGT 9GKOCT CWH FGP 0GWDCW FGU 5EJNQUUGU I #PUKEJV FGU PGWGP 5EJNQ­IGD·WFGU &CU CNVG DTGPPGPFG 5EJNQ­ &CX 5EJPGG

8QP ITQ­GT 5GNVGPJGKV -CDKPGVVUVÒEM *GTTNKEJG 2CVKPC HCUV 5VGORGNINCP\

853

854

4GKEJUVCNGT 9GKOCT CWH UGKPGP 6QF 5NI /GTUGD

2TCEJVGZGORNCT 9KP\ 5EJTÌVNKPIUHGJNGT CO 4CPF HCUV 5VGORGNINCP\

5#%*5'0 ,'0# *'4<1)67/

$GTPJCTF 6CNGT 'KUNGDGP &CX XIN (TGFG E XCT

5GJT UGNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 8QNN CWUIGRT·IVGU 'ZGORNCT OKV HGKPGT 2CVKPC XQT\ÒINKEJ GTJCNVGP

855

5#%*5'0 )16*# *'4<1)67/ #$ 5#%*5'0 )16*# #.6'0$74)

(TKGFTKEJ + CNNGKP HCEJGT (GKPUKNDGTVCNGT PCEJ \KPPCKUEJGO (W­ Q , )QVJC I )GJCTPKUEJVGU $TWUVDKNF T )GUEJNQUUGPG -TQPG OKV <GRVGT CWH -KUUGP KO #DUEJPKVV + Û )

<CKPJCMGP 9 Û ,QJCPP )QVVHTKGF 9KEJOCPPUJCWUGP /ÒP\OGKUVGT KP )QVJC &CX 5EJPGG 4 5GJT CVVTCMVKXGU UCWDGT IGRT·IVGU 'ZGORNCT OKV HGKPGT 2CVKPC XQT\ÒINKEJ

856

HCEJGT (GKPUKNDGTVCNGT PCEJ \KPPCKUEJGO (W­ Q , )QVJC /KV 9GTVRWP\G I &GT *GT\QI UEJN·IV GKPGP 5EJKNF CP FGP 5VCOO GKPGU .CWDDCWOGU WOJGT 9CNFNCPFUEJCHV OKV 9KGUGP *KTVGP WPF 5EJCHGP 5EJTKHV +P /GOQTKCO 5GORKVGT PCO WOJGT TCPMGPCTVKIG 8GT\KGTWPIGP WPVGP /ÒP\OGKUVGT\GKEJGP + Û ) NKGIGPFGT <CKPJCMGP 9 ,QJCPP )QVVHTKGF 9KEJOCPPUJCWUGP /ÒP\ OGKUVGT KP )QVJC &CX \W 5EJPGG 5VGIWYGKV XCT

44 #VVTCMVKXGU 'ZGORNCT OKV HGKPGT 2CVKPC (CUV XQT\ÒINKEJ

227

857

858

858

(GKPUKNDGTVCNGT PCEJ \KPPCKUEJGO (W­ )QVJC I 5EJPGG

8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJ

(TKGFTKEJ ++ 4GKEJUVCNGT )QVJC CWH FKG *WNFKIWPI FGT 5VCFV )QVJC I $TWUVDKNFGT FGT \YGK 8QTOÒPFGT *GT\QI $GTPJCTF XQP 5CEJUGP /GKPKPIGP WPF *GT\QI *GKPTKEJ XQP 5CEJUGP 4ÌOJKNF IGIGPÒDGT FGP $TWUVDKNFGTP FGT $TÒFGT *GT\QI (TKGFTKEJ ++ WPF ,QJCPP 9KNJGNO XQP 5CEJUGP )QVJC #NVGPDWTI 5GEJUHCEJ DGJGNOVGU QXCNGU 9CRRGP \W FGP 5GKVGP 8GT\KGTWPIGP WPF + 6 ,QJCPP 6JWP /ÒP\OGKUVGT KP )QVJC &CX 5VGIWYGKV 5EJPGG

4 2TCEJVGZGORNCT *GTTNKEJG 2CVKPC OKP 5EJTÌVNKPIUHGJNGT XQT\ÒINKEJ GTJCNVGP

859

228

860

861

(TKGFTKEJ +++ 4GKEJUVCNGT )QVJC CWH FKG ,CJTHGKGT FGU 4GNKIKQPUHTKGFGPU I $TGKVGU $TWUVDKNF OKV 1TFGPUMGVVG T 9CRRGP $KDGN WPF 5EJYGTV CWH *GTOGNKPOCPVGN XQT 2QFGUV OKV -TQPG &CX # 5EJPGG 5VGIWYGKV #PO 5NI 9JKVKPI

44 (GKPG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

-QPX 6CNGT )QVJC &CX 5EJPGG 5VGIWYGKV

5GJT UGNVGP KP FKGUGT 'TJCNVWPI -CDKPGVVUVÒEM XQP UEJÌPUVGT 'TJCNVWPI *GTTNKEJG 2CVKPC 'TUVCDUEJNCI 5VGORGNINCP\

'TPUV ++ -QPX 6CNGT )QVJC &CX 5EJPGG 5VGIWYGKV

*ÒDUEJG 2CVKPC XQT\ÒINKEJ

862

863

864

5#%*5'0 5##.('.& *'4<1)67/ #$ 5#%*5'0 %1$74) 5##.('.&

,QJCPP 'TPUV 8+++ 4GKEJUVCNGT ,CJTGU\CJN KO 5VGORGN CWU IG·PFGTV 5CCNHGNF I )GJCTPKUEJVGU $TWUVDKNF T FCXQT *GNO 5GEJUHCEJ DGJGNOVGU 9CRRGP PGDGP FGP *GNOGP FCU IGVGKNVG /ÒP\OGKUVGT\GKEJGP +/ ' ,QJCPP /KEJCGN 'FNGT /ÒP\OGKUVGT KP 5CCNHGNF )TCUUGT

44 (GKPG 2CVKPC MN -TCV\GT CWH FGT 8QTFGTUGKVG MN 2T·IGUEJY·EJG UGJT UEJÌPpXQT\ÒINKEJ

5#%*5'0 %1$74) 70& )16*# *'4<1)67/

'TPUV + -QPX 6CNGT #-5 &CX -CJPV 6JWP

5GNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 'TUVCDUEJNCI XQT\ÒINKEJp5VGORGNINCP\

6CNGT #-5 &CX -CJPV 6JWP

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT *GTTNKEJG 2CVKPC HCUV 5VGORGNINCP\

865

5#;0 5#;0 9+66)'056'+0 *1*'056'+0 )4#(5%*#(6

.WFYKI %JTKUVKCP 4GKEJUVCNGT 5EJNQ­ 9KVVIGPUVGKP I )GJCTPKUEJVGU $TWUV DKNF T OKV 7OJCPI 8KGTHCEJ DGJGNOVGU UGEJUHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF &CX / , 8 XCT 44 (GKPG 2CVKPC UGJT UEJÌP

&GT 8CVGT FGU 2T·IGJGTTP )TCH ,QJCPP 8+++ XQP 5C[P 9KVVIGPUVGKP 9KVVIGPUVGKP TGI JCVVG FKG VJÒTKPIKUEJGP *GTTUEJCHVGP .QJTC WPF -NGVVGPDGTI WPVGT FGO 0COGP )TCHUEJCHV *QJGPUVGKP GTJCNVGP YGUJCND UKEJ FKG .KPKG UGKVFGO 5C[P 9KVVIGPUVGKP *QJGPUVGKP PCPPVG 5QJP .WFYKI %JTKUVKCP UVGNNVG \GJP ,CJTG PCEJ UGKPGO 4GIKGTWPIUCPVTKVV FGP 9CTFGKP FGU 1DGTU·EJUKUEJGP -TGKUGU %JTKUVKCP (KUEJGT GKP WO /ÒP\GP RT·IGP \W NCUUGP *GWVG KUV XQP FGP 2T·IWPIGP FKGUGU 5C[PGT )TCHGP PWT FGT JKGT CPIGDQVGPG ·W­GTUV TCTG 6CNGT DGMCPPV FGT FCU TGRT·UGPVCVKXG $TWUVDKNF FGU 4GIGPVGP WPF UGKPGP 9CJNURTWEJ VT·IV +O ,CJT VTCV .WFYKI %JTKUVKCP FKG )TCHUEJCHV 9KVVIGPUVGKP CP UGKPGP LÒPIGTGP $TWFGT )WUVCX CD FGT CNU 8CVGT FGT *GEMOÒP\GP VTCWTKIG $GTÒJOVJGKV GTNCPIGP UQNNVG

229

866

867

868

5%*#7/$74) .+22' 5%*#7/$74) .+22' )4#(5%*#(6 5'+6 (ª456'067/

)GQTI 9KNJGNO &QRRGNVGT 8GTGKPUVCNGT L·JTKIGU 4GIKGTWPIULWDKN·WO #-5 &CX -CJPV 6JWP 2TCEJVGZGORNCT (CUV 5VGORGNINCP\ 5VGORGNINCP\

8GTGKPUVCNGT #-5 &CX -CJPV 6JWP

2TCEJVGZGORNCT 5VGORGNINCP\

#FQNH )GQTI 8GTGKPUVCNGT #-5 &CX -CJPV 6JWP

2TCEJVGZGORNCT XQP RQNKGTVGP 5VGORGNP (CUV 5VGORGNINCP\

869

1,5:1

869

5%*.'59+) *1.56'+0 -¤0+).+%* & 0+5%*'4 #06'+.

(TKGFTKEJ + /CTM *WUWO I mO ° ARGe ° FRe DeRI ° DV ° hOLT $GJGNOVGU XKGTHGNFKIGU 9CRRGPUEJKNF OKV FGP 9CRRGP XQP 0QTYGIGP 5EJNGUYKI *QNUVGKP WPF 5VQTOCTP WPF FGO QNFGPDWTIKUEJGP 9CRRGP CNU /KVVGNUEJKNF DILCXIT ± DnS ± An- DReAm + +| &GT JGKNKIG #PFTGCU OKV -TGW\ WPF $WEJ JKPVGT FGO QNFGPDWTIKUEJGP 9CRRGPUEJKNF )CNUVGT .CPIG 8QP CNNGTITÌ­VGT 5GNVGPJGKV 5GJT UEJÌP

(TKGFTKEJ + YCT FGT LÒPIGTG 5QJP %JTKUVKCPU + WPF &QTQVJGC XQP $TCPFGPDWTI <WO )GKUVNKEJGP DG UVKOOV IKPI GT PCEJ -ÌNP WPF MGJTVG PCEJ FGO 6QFG UGKPGU 8CVGTU KP FKG *GKOCV \WTÒEM 'T YWTFG \WO *GT\QI XQP 5EJNGUYKI *QNUVGKP \WINGKEJ OKV UGKPGO $TWFGT ,QJCPP IGY·JNV +O ,CJTG DGK UGKPGT 8QNNL·JTKIMGKV MCO GU \WT 6GKNWPI FGT *GT\QIVÒOGT DGK FGT GT HÒT UKEJ WPF UGKPG 'TDGP FGP )QVVQTRGT 6GKN GTJKGNV #W­GTFGO GTJQD GT #PURTÒEJG CWH FKG /KVTGIKGTWPI KP &·PGOCTM WPF 0QTYGIGP WPF PCJO FGP 6KVGN 'TDG \W 0QTYGIGP CP FGP CWEJ FKG UR·VGTGP *GT\ÌIG XQP )QVVQTR WPF 5QPFGTDWTI DGKDGJCNVGP JCDGP (TKGFTKEJ XGTO·JNVG UKEJ OKV #PPC 6QEJVGT FGU -WTHÒTUVGP ,QJCPP XQP $TCPFGPDWTI FKG LGFQEJ UEJQP UVCTD 5GKPG \YGKVG 8GTO·J NWPI HCPF OKV 5QRJKG 6QEJVGT $QIKUNCYU : XQP 2QOOGTP UVCVV (TKGFTKEJ DGIÒPUVKIVG FKG 4GHQTOCVKQP FGT GT CWH FGO 4GKEJUVCI \W 1FGPUG &WNFWPI \WUKEJGTVG 'T JCV FKG *GT\QIVÒOGT OGJT CNU FKG -ÌPKITGKEJG &·PGOCTM WPF 0QTYGIGP IGNKGDV WPF UKEJ Y·JTGPF UGKPGT ICP\GP 4GIKGTWPI FWTEJ (GUVKIMGKV /·­KIWPI WPF -NWIJGKV CWUIG\GKEJPGV 'T UVCTD CO #RTKN CWH 5EJNQ­ )QVVQTR WPF YWTFG KO &QO XQP 5EJNGUYKI DGKIGUGV\V &KG *WUWOGT /CTM (TKGFTKEJU + \·JNV \W FGP DGMCPPVGUVGP 2T·IWPIGP XQP 5EJNGUYKI *QNUVGKP WPF \W FGP DGIGJT VGUVGP 5GNVGPJGKVGP FGT PQTFFGWVUEJGP 0WOKUOCVKM

230

870

%JTKUVKCP +8 5RGEKGUVCNGT )NÒEMUVCFV I &GT IGJCTPKUEJVG -ÌPKI OKV -TQPG UVGJV T WPF J·NV OKV FGT 4GEJVGP FCU IGMTÌPVG 9CRRGP XQP &·PGOCTM 0CEMVG (QTVWPC OKV 5GIGN UVGJV CWH GKPGT -WIGN &CX *GFG .CPIG

44 #VVTCMVKXGU 'ZGORNCT OKV HGKPGT 2CVKPC MN 2T·IGUEJY·EJG HCUV XQT\ÒINKEJ

5%*9 $+5%*'4 -4'+5 5KGJG 0T

871

56#&6

5%*9 $+5%* *#..

4GKEJUVCNGT OKV 6KVGN XQP (TCP\ + &CX 4CHH C

(GKPG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

872

5%*9#4<$74) 5%*9#4<$74) #4056#&6 )4#(5%*#(6

#PVQP )ÒPVJGT ++ 4GKEJUVCNGT 5QPFGTUJCWUGP I #06*10 Û )706*'4 Û ' Û +8 Û %1/ Ù +/2 Ù )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN WPF 5RKV\GPJCNUVWEJ %1/ Ù &' Û 5%*9#46< $ Ù '6 Ù *1056'+0 Û <YGK YKNFG /·PPGT OKV (CJPGP JCNVGP FCU FTGKHCEJ DGJGNOVG 9CRRGP &CX (KUEJGT 8QP ITÌ­VGT 5GNVGPJGKV 5GJT UEJÌP #PVQP )ÒPVJGT ++ YCT FGT LÒPIGTG 5QJP FGU )TCHGP #PVQP )ÒPVJGT + XQP 5EJYCT\DWTI 5QPFGTUJCWUGP 'T ÒDGT PCJO IGOGKPUCO OKV UGKPGO ·NVGTGP $TWFGT %JTKUVKCP 9KNJGNO + FKG 4GIKGTWPI WPVGT 8QTOWPFUEJCHV UKGJG 0T +O ,CJT GTJKGNV )TCH #PVQP )ÒPVJGT ++ FGT \WUCOOGP OKV UGKPGO $TWFGT KP FGP 4GKEJU HÒTUVGPUVCPF GTJQDGP YWTFG #TPUVCFV 'T DGITÒPFGVG FWTEJ FGP #PMCWH OGJTGTGT 5COONWPIGP WPVGT /KVJKNHG FGU MWTU·EJUKUEJGP *KUVQTKMGTU 'TPUV 6GPV\GN GKP UGJT DGFGWVGPFGU /ÒP\MCDKPGVV FCU PCEJ )QVJC IGNCPIVG WPF JGWVG \W FGP ITÌ­VGP ÌHHGPVNKEJGP /ÒP\UCOONWPIGP &GWVUEJNCPFU \·JNV &GT JKGT \WT 8GTUVGKIGTWPI IGNCPIGPFG 6CNGT OKV FGO 2QTVT·V FGU )TCHGP WPF DGTÒJOVGP 0WOKUOCVKMGTU \·JNV \W FGP ITQ­GP 4CTKV·VGP WPVGT FGP 6JÒTKPIGT /ÒP\GP

231

873

875

874

4GKEJUVCNGT #TPUVCFV I )GJCTPKUEJVGU $TWUVDKNF T &GT UEJYCT\DWTIKUEJG 9CRRGPUEJKNF FCTÒDGT ,CJTGU\CJN WOJGT GKP -TGKU CWU 9CRRGPUEJKNFGP OKV 6GKNGP FGU )GUCOVYCRRGPU FKG FWTEJ GKPG $NWOGPIKTNCPFG OKVGKPCPFGT XGTDWPFGP UKPF &CX (KUEJGT

44 9KP\ 2T·IGUEJY·EJG XQT\ÒINKEJGU 'ZGORNCT

5%*9#4<$74) 510&'45*#75'0 )4#(5%*#(6 5'+6 (ª456'067/

)ÒPVJGT :.++ #PVQP *GKPTKEJ ,QJCPP )ÒPVJGT ++ WPF %JTKUVKCP )ÒPVJGT + 4GKEJUVCNGT )GJTGP &CX (KUEJGT 5GJT UEJÌP

%JTKUVKCP 9KNJGNO + WPF #PVQP )ÒPVJGT ++ 4GKEJUVCNGT 5QPFGTUJCWUGP I 'KP XQP 9KPFGP DGUVÒTOVGU 4Q­ URTKPIV CWH HGNUKIGO 9GI GKPGP UVGKNGP $GTI JGTCWH QDGP J·NV GKPG *CPF CWU 9QNMGP GKPGP -TCP\ OKV FGO 9QTV 6#0 &'/ &TGKHCEJ DGJGNOVGU XQNNUV·PFKIGU 9CR RGP OKV FGP 5EJKNFJCNVGTP \W FGP 5GKVGP * / *GPPKPI /ÒNNGT /ÒP\OGKUVGT KP 5QPFGTUJCWUGP &CX (KUEJGT

8QP ITQ­GT 5GNVGPJGKV (GKPG 2CVKPC MN 2T·IGUEJY·EJG XQT\ÒINKEJ

876

877

5%*9#4<$74) 47&1.56#&6 )4#(5%*#(6 5'+6 (ª456'067/

.WFYKI )ÒPVJGT ++ -QPX 6CNGT 5CCNHGNF &CX (KUEJGT

9KP\ 5EJTÌVNKPIUHGJNGT XQT\ÒINKEJp5VGORGNINCP\

(TKGFTKEJ -CTN -QPX 6CNGT 5CCNHGNF &CX (KUEJGT

2TCEJVGZGORNCT *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

232

878

51./5 51./5 4¤&'.*'+/ )4#(5%*#(6

,QJCPP #WIWUV ,QJCPP (TKGFTKEJ (TKGFTKEJ 5KIKUOWPF WPF ,QJCPP )GQTI +++ 4GKEJUVCNGT 4ÌFGNJGKO OKV 6KVGN .GQRQNFU + I IGUVKGNVG $NÒVG /10'6# Û 018# Û #4)'06'# Û 41& Ù %1/ +6 Û 51./'05 Ù )GMTÌPVGU OGJTHGNFKIGU 9CRRGP \YKUEJGP FGT IG VGKNVGP ,CJTGU\CJN WPVGT FGT ,CJTGU\CJN 5 / 5GDCUVKCP /ÒNNGT /ÒP\OGKUVGT KP 4ÌFGN JGKO .'121.&85 Û & Ù ) Ù 41/ Ù +/2'4#6 Ù 5'/2 Ù #8)856 Ù )GMTÌPVGT &QRRGNCFNGT OKV 4GKEJUCRHGN CWH FGT $TWUV ,QUGRJ NGKEJV XCT

8QP ITQ­GT 5GNVGPJGKV (GKPG 2CVKPC YKP\ 5EJTÌVNKPIUHGJNGT CO 4CPF UGJT UEJÌP

/KV FGO XQTNKGIGPFGP *CNDVCNGT CWU FGT /ÒP\UV·VVG 4ÌFGNJGKO MÌPPGP YKT +JPGP GKPG YGKVGTG 5GNVGPJGKV WPVGT FGP UQNOUKUEJGP /ÒP\GP CPDKGVGP UKGJG CWEJ 0T &GT /ÒP\OGKUVGT 5GDCUVKCP /ÒNNGT FGUUGP +PKVKC NGP CWH FGO 5VÒEM \W UGJGP UKPF CTDGKVGVG WPF KP 4ÌFGNJGKO JGWVG 5VCFVVGKN XQP (TCPMHWTV CO /CKP UR·VGT CNU MWTRH·N\KUEJGT 9CTFGKP KP *GKFGNDGTI WPF YKGFGTWO CNU /ÒP\OGKUVGT KP *CPCW 7PUGTGU 9KU UGPU UKPF XQP FKGUGT 4CTKV·V PCEJ FGO <YGKVGP 9GNVMTKGI PWT \YGK YGKVGTG 'ZGORNCTG XQTIGMQOOGP

879

880

881

51./5 .#7$#%* )4#(5%*#(6

%JTKUVKCP #WIWUV 4GKEJUVCNGT 0ÒTPDGTI CWH FGP 6QF UGKPGT FTKVVGP )GOCJNKP &QTQVJGC 9KNJGNOKPG 6QEJVGT FGU 5CEJUGP 9GK­GPHGNUKUEJGP *QH WPF -COOGTTCVU 'TPUV <CEJCTKCU $ÌVVKEJGT I 'KPG *CPF CWU 9QNMGP J·NV CP \YGK $·PFGTP QXCNG /GFCKNNQPU OKV FGP $KNFGTP FGU )TCHGP T WPF FCU UGKPGT )GOCJNKP N FCTWPVGT 2 2 9GTPGT H 5CTMQRJCI OKV FGP +PKVKCNGP &9 \YKUEJGP LG GKPGO )GPKWU OKV FGP 9CRRGPUEJKNFGP XQP 5QNOU WPF $ÌVVKEJGT FCTÒDGT 5RTWEJDCPF WPF \YGK CWU 9QNMGP MQOOGPFG #TOG FKG GKPG XQP FGT 5QPPG DGUVTCJNVG -TQPG JCNVGP &CX ,Q UGRJ 2TCEJVGZGORNCT (GKPG 2CVKPC HCUV 5VGORGNINCP\

-QPX 6CNGT 9GTVJGKO CWH FCU ,CIFUEJNQ­ 5QTIGPNQU I )GJCTPKUEJVGU $TWUVDKNF T OKV \WUCOOGPIGDWPFGPGP *CCTGP 7O\·WOVGU ,CIFUEJNQ­ KO 9CNF FCTÒDGT 4QMQMQFGEMG OKV *KTUEJ MQRH FCTCWH 514)'0 .115 &CX ,QUGRJ

4 2TCEJVGZGORNCT (GKPG 2CVKPC OKP LWUVKGTV HCUV 5VGORGNINCP\

-QPX 6CNGT 9GTVJGKO CWH )TCH 1VVQ FGP )TÒPFGT FGT .KPKG 5QNOU .CWDCEJ I $TWUV DKNF 1VVQU T 2[TCOKFG OKV -TCP\ UVGJV CWH -WIGNP KP .CPFUEJCHV &CX ,QUGRJ

2TCEJVGZGORNCT *GTTNKEJG 2CVKPC OKP 5EJTÌVNKPIUHGJNGT HCUV 5VGORGNINCP\

233

882

56#&6

56#&'

4GKEJUVCNGT OKV 6KVGN (GTFKPCPFU ++ I 1XCNGU 5VCFVYCRRGP XQP \YGK )TGKHGP IGJCN VGP )GMTร PVGT &QRRGNCFNGT OKV 4GKEJUCRHGN CWH FGT $TWUV $CJTH F &CX

4 -N 4CPFHGJNGT UGJT UEJร P

883

4GKEJUVCNGT OKV 6KVGN .GQRQNFU + I 1XCNGU 5VCFVYCRRGP XQP \YGK )TGKHGP IGJCN VGP )GMTร PVGT &QRRGNCFNGT OKV 4GKEJUCRHGN CWH FGT $TWUV $CJTH C &CX

44 *ร DUEJG 2CVKPC XQT\ร INKEJ

884

884 1,5:1

561.$'4) 561.$'4) -ยค0+)56'+0 )4#(5%*#(6

234

.WFYKI ++ )WNFGPVCNGT -TGW\GT #WIUDWTI OKV 6KVGN (GTFKPCPFU + I ยน .8&18+ ร %1 g +0 g 561. g -10+) g 485 g < g 9'46* #EJVHGNFKIGU 9CRRGP OKV /KVVGN UEJKNF QDGP g + g ร ('4&+0#0&+ ร +/2 ร 5EJKNF OKV FGO #WIUDWTIGT 5VCFVR[T ร #8) ร 2( ร &'%44'61 ร )GMTร PVGT &QRRGNCFNGT OKV 4GKEJUCRHGN CWH FGT $TWUV FCTKP 9GTV\CJN &CX (QTUVGT (TKGFGTKEJ 8QP ITร ยญVGT 5GNVGPJGKV 8QT\ร INKEJGU 'ZGORNCT OKV HGKPGT 6ร PWPI

885

564#.570&

56#&6

&QRRGNVGT 4GKEJUVCNGT CWH FKG $GHTGKWPI FGT 5VCFV XQP FGT $GNCIGTWPI FWTEJ #NDTGEJV XQP 9CN NGPUVGKP I c &'1 Ù 126+/ Ù /#:+/ Ù +/2'4 Ù 41/#01 Ù (1'&'4+ Û 2156'4+53 Û 5VTCJN KP .QTDGGTMTCP\ Û c Û /'/14+ 74$+5 564#. 570& #1 /&%:: 8+++ &+' :++ /#++ # /+.+ 6 % 5#4+#01 %+0%6 #.+3716+'5 1227)0# 6 Û 5'& &'+ )4#6+# '6 12' +0%.;6147/ 4' )7/ 5'26'064+1 0#.+7/ &+' ::+8 Ü +7.++ 1$5+&+10' Ü .+$'4#6 Û 5 Ù 2 Ù 3 Ù 5 ( Ù ( Ù $TCVTKPI &CX

44 #VVTCMVKXG 2CVKPC HCUV XQT\ÒINKEJ

5VTCNUWPF UEJNQ­ #PHCPI GKP $ÒPFPKU OKV FGO 5EJYGFGPMÌPKI )WUVCX ++ #FQNH &CTCWHJKP DGNCIGTVG FGT MCKUGTNKEJG (GNFJGTT 9CNNGPUVGKP FGT KO ,CPWCT OKV /GEMNGPDWTI DGNGJPV YQTFGP YCT FKG 5VCFV &KG $GNC IGTWPI FCWGTVG YKG CWH FKGUGO KPVGTGUUCPVGP &QRRGNVCNGT CPIGIGDGP YQO /CK DKU \WO ,WNK CNU 9CNNGPUVGKP OKV GKPGO 8GTNWUV XQP /CPP CD\KGJGP OW­VG &CJGT DNKGDGP UGKPG 2N·PG \W GKPGO WOHCUUGP FGP 9KTVUEJCHVUKORGTKWO FGU 1UVUGGIGDKGVGU GTHQNINQU +O 9GUVH·NKUEJGP (TKGFGP YWTFG 5VTCNUWPF CP 5EJYGFGP CDIGVTGVGP DGK FGO GU OKV GKPGT 7PVGTDTGEJWPI DKU DNKGD &GT JKGT CPIGDQVGPG UGJT UGNVGPG &QRRGNVCNGT GTKPPGTV CP FKG $GHTGKWPI FGT 5VCFV XQP FGT 9CNNGPUVGKPKUEJGP $GNCIGTWPI WPF KUV GKP GKPFTWEMUXQNNGU JKUVQTKUEJGU &QMWOGPV FGU &TGK­KIL·JTKIGP -TKGIGU

886

1,5:1

'4<$+567/

1,5:1

64+'4

-WPQ ++ XQP (CNMGPUVGKP 5EJKNNKPI 9GK­RHGPPKI Q , WO 1DGTYGUGN I *ÒHVDKNF FGU JGKNKIGP 2GVTWU X X OKV -TGW\UVCD WPF 5EJNÒUUGN FCTWPVGT UQYKG QDGP KP FGT 7O UEJTKHV FGT 5EJKNF XQP /KP\GPDGTI .CPIMTGW\ KP FGP 9KPMGNP &TGK -WIGNP /KP\GPDGTIGT 5EJKNF FTGK -WIGNP FTGK -WIGNP 0QUU 8QP ITÌ­VGT 5GNVGPJGKV DGMCPPVGU 'ZGORNCT 5GJT UEJÌP

&GT XQTNKGIGPFG 5EJKNNKPI UVCOOV CWU FGT NGV\VGP KP PWT YGPKIGP 'ZGORNCTGP CWUIGDTCEJVGP 1DGTYGUGNGT 5KNDG TGOKUUKQP XQT FGO 'KPUGV\GP FGT 2T·IWPIGP KO 4CJOGP FGU 4JGKPKUEJGP /ÒP\XGTGKPU #WH FGT 4ÒEMUGKVG DGHKP FGP UKEJ UVCVV FGT -WIGNP FKG FCU 0QOKPCN 2HGPPKIG CPIGDGP UQNNGP NGFKINKEJ PGWP FKG HGJNGPFGP FTGK YWTFGP FWTEJ FCU (COKNKGPYCRRGP FGU 'T\DKUEJQHU GTUGV\V FCU FCOKV INGKEJ FTGKHCEJ GTUEJGKPV GKPOCNKI KP FGT MWTVTKGTKUEJGP /ÒP\RT·IWPI

235

1,5:1

887

1,5:1

9GTPGT XQP (CNMGPUVGKP 9GK­RHGPPKI Q , -QDNGP\ I *ÒHVDKNF FGU JGKNKIGP 2GVTWU X X OKV -TGW\UVCD WPF 5EJNÒUUGN )GURCNVGPGT 9CRRGPUEJKNF XQP 6TKGT /KP\GP DGTI 0QUU C D 8QP ITÌ­VGT 5GNVGPJGKV 5GJT UEJÌP

&GT KP FGP 9GTMGP XQP $QJN WPF &KPIGV PKEJV XGT\GKEJPGVG JCNDG 9GK­RHGPPKI YWTFG GTUVOCNU FWTEJ 0QUU RWDNK \KGTV WPF KUV KP PWT FTGK 'ZGORNCTGP DGNGIV

888 1,5:1

1,5:1

,CEQD + XQP 5KGTM 9GK­RHGPPKI Q , -QDNGP\ I *ÒHVDKNF FGU JGKNKIGP 2GVTWU X X OKV -TGW\UVCD WPF 5EJNÒUUGN 8KGTHGNFKIGT 9CRRGPUEJKNF XQP 6TKGT 5KGTM \W FGP 5GKVGP WPF FCTWPVGT FKG 9CRRGPUEJKNFG XQP /CKP\ -ÌNP WPF $C[GTP 0QUU

8QP CNNGTITÌ­VGT 5GNVGPJGKV #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

&KG GKP\KIG 2T·IWPI FGU 'T\DKUEJQHU KP FKGUGO 0QOKPCN

889

56#&6

890

891

7./

4GKEJUVCNGT OKV 6KVGN (GTFKPCPFU +++ &CX 0CW

44 9KP\ 5EJTÌVNKPIUHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

9#.&'%- )4#(5%*#(6 5'+6 (ª456'067/

(TKGFTKEJ -QPX 6CNGT #TQNUGP I $ÒUVG T 0GWPHGNFKIGU 9CRRGP WOJGT 1TFGPUMGVVG OKV 1TFGPUUVGTP FCJKPVGT IGMTÌPVGT *GTOGNKPOCPVGN &CX 5NI *GPPKI 5NI -C[UGT 4 8QT\ÒINKEJ

-QPX 6CNGT #-5 &CX -CJPV 6JWP

236

8QT\ÒINKEJ

892

893

893

)GQTI *GKPTKEJ -TQPGPVCNGT #-5 &CX -CJPV 6JWP

/KP 4CPFHGJNGT XQT\ÒINKEJGU 'ZGORNCT OKV CWUFTWEMUXQNNGT 2CVKPC

8GTGKPUFQRRGNVCNGT #-5 &CX -CJPV 6JWP

894

896

8QT\ÒINKEJ

895

)GQTI 8KEVQT WPVGT 8QTOWPFUEJCHV UGKPGT /WVVGT 'OOC 8GTGKPUFQRRGNVCNGT #-5 &CX -CJPV 6JWP 4 2TCEJVGZGORNCT (GKPG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

)GQTI 8KEVQT 8GTGKPUFQRRGNVCNGT #-5 &CX -CJPV 6JWP

8QT\ÒINKEJp5VGORGNINCP\

8GTGKPUVCNGT #-5 &CX -CJPV 6JWP

-CDKPGVVUVÒEM OKV HGKPGT 6ÌPWPI 2QNKGTVG 2NCVVG

237

897

9'56(#.'0

-¤0+)4'+%*

*KGTQP[OWU 0CRQNGQP -W #DUEJNCI XQP FGP 5VGORGNP FGU -QPX 6CNGTU % -CU UGN I )GMTÌPVGU HÒPHHGNFKIGU 9CRRGP WOJGT FKG -GVVGP FGT 1TFGP FGT YGUVH·NKUEJGP -TQPG WPF FGT 'JTGPNGIKQP FCJKPVGT \YGK IGMTGW\VG <GRVGT 9GTV WPF ,CJTGU\CJN #-5 &CX , -CJPV 6JWP 8 )

8QP ITÌ­VGT 5GNVGPJGKV 8GTOWVNKEJ DGMCPPVGU 'ZGORNCT 8QT\ÒINKEJ

898

56#&6

899

900

914/5

4GKEJUVCNGT &CX ,QUGRJ E

44 (CUV XQT\ÒINKEJ

9ª466'/$'4) 9ª466'/$'4) *'4<1)67/ 5'+6 -¤0+)4'+%*

'DGTJCTF +++ 4GKEJUVCNGT 5VWVVICTV I )GJCTPKUEJVGU $TWUVDKNF T OKV /CP VGN WPF 5RKV\GPMTCIGP )GMTÌPVGU XKGTHGNFKIGU 9CRRGP &CX -NGKP 4CHH

8QP ITQ­GT 5GNVGPJGKV (GKPG 2CVKPC OKP LWUVKGTV XQT\ÒINKEJGU 'ZGORNCT

*GT\QI 'DGTJCTF +++ YWTFG CO &G\GODGT CNU 5QJP XQP *GT\QI ,QJCPP (TKGFTKEJ WPF $CTDCTC 5QRJKC 6QEJVGT FGU -WTHÒTUVGP ,QCEJKO (TKGFTKEJ XQP $TCPFGPDWTI IGDQTGP 'T XGTO·JNVG UKEJ KP GTUVGT 'JG OKV #PPC -CVJCTKPC 6QEJVGT XQP 9KNF WPF 4JGKPITCH ,QJCPP -CUKOKT \W -[TDWTI UR·VGT KO ,CJTG KP \YGKVGT 'JG OKV /CTKC &QTQVJGC 5QRJKC 6QEJVGT XQP )TCH ,QCEJKO 'TPUV XQP ¤VVKPIGP ¤VVKPIGP 'DGTJCTF +++ UVCTD CO ,WNK

238

'DGTJCTF .WFYKI 4GKEJUVCNGT #WIUDWTI 2T·IWPI HÒT FGP 5EJY·DKUEJGP -TGKU I &CU OKVTKGTVG 9CRRGP FGU $KUEJQHU XQP -QPUVCP\ WPF FCU OKV FGO (ÒTUVGPJWV DGFGEMVG 9CRRGP XQP 9ÒTVVGODGTI PGDGPGKPCPFGT FWTEJ GKP $CPF OKVGKPCPFGT XGTDWPFGP &CU XGT\KGTVG 9CRRGP FGU 5EJY·DKUEJGP -TGKUGU \YKUEJGP 2CNO\YGKIGP &CX (QTUVGT -NGKP 4CHH 44 9KP\ <CKPGPFG XQT\ÒINKEJGU 'ZGORNCT

901

902

903

4GKEJUVCNGT #WIUDWTI I )GJCTPKUEJVGU $TWUVDKNF T KO /CPVGN FCTWPVGT 5VGTP (ÒPHHCEJ DG JGNOVGU XKGTHGNFKIGU 9CRRGP OKV YÒTVVGODGTIKUEJGO /KVVGNUEJKNF &CX (QTUVGT -NGKP 4CHH

44 #VVTCMVKXG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

-CTN (TKGFTKEJ XQP 9ÒTVVGODGTI 1GNU CNU #FOKPKUVTCVQT WPF 8QTOWPF XQP -CTN 'WIGP 4GKEJUVCNGT 5VWVVICTV #WUDGWVG FGT )TWDG 5V %JTKUVQRJUVCN I )GJCTPKUEJVGU $TWUVDKNF T OKV FGO WOIGNGIVGP -TGW\ FGU 5EJYCT\GP #FNGTQTFGPU &GT JGKNKIG %JTKUVQRJQTWU OKV FGO ,GUWUMKPF YCVGV FWTEJ FGP (QTDCEJ JKPVGP (TGWFGPUVCFV T $GTIYGTMUCPNCIGP N HÒPHHGNFKIGT 9CRRGPUEJKNF WPVGT (ÒTUVGPJWV FCPGDGP (ÒNNJQTP -NGKP 4CHH /ÒUGNGT

44 (GKPG 2CVKPC OKP -TCV\GT XQT\ÒINKEJGU 'ZGORNCT

.WFYKI 'WIGP -QPX 6CNGT 5VWVVICTV I $TWUVDKNF T KO /CPVGN WPF OKV FGO 1TFGP XQO )QNFGPGP 8NKGU CP FGT 5GKVG FGP ,CIFQTFGPUUVGTP /KV (ÒTUVGPJWV DGFGEMVGU UKGDGP HGNFKIGU 9CRRGP WOJGT ,CIFQTFGPUMGVVG OKV 5VGTP &CX -NGKP 4CHH

4 (GKPG 2CVKPC OKP LWUVKGTV XQT\ÒINKEJp5VGORGNINCP\

904

(TKGFTKEJ ++ + -QPX 6CNGT .QPFQP I )GJCTPKUEJVGU $TWUVDKNF N OKV *GTOGNKP WPF 1TFGPUDCPF ÒDGT FGT 5EJWNVGT /KV (ÒTUVGPJWV DGFGEMVGU UKGDGPHGNFKIGU 9CRRGP KP GKPGO URCVGPDNCVVHÌTOKIGP 5EJKNF WOJGT ,CIFQTFGPUMGVVG OKV 5VGTP &CX -NGKP 4CHH C

2TCEJVGZGORNCT 'TUVCDUEJNCI XQT\ÒINKEJp5VGORGNINCP\

&KG *GTUVGNNWPI FGT 5VGORGN WPF FKG #WURT·IWPI DGK FGO XQTNKGIGPFGP 5VÒEM GTHQNIVG KP .QPFQP FWTEJ FGP 5VGORGNUEJPGKFGT 0CVJCPKGN /CTEJCPV

5WUUGZ Ó .QPFQP YCU UKEJ CWU FGP GPIGP XGTYCPFVUEJCHVNK EJGP $G\KGJWPIGP \WO GPINKUEJGP -ÌPKIUJCWU GTMN·TV

239

905

907

906

9KNJGNO + &QRRGNIWNFGP #-5 &CX -CJPV 6JWP

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 'TUVCDUEJNCI XQT\ÒINKEJp5VGORGNINCP\

-TQPGPVCNGT #-5 &CX -CJPV 6JWP

5GNVGPGT ,CJTICPI KP CW­GTIGYÌJPNKEJGT 3WCNKV·V /KP LWUVKGTV YKP\ 5EJTÌVNKPIUHGJNGT HCUV 5VGORGNINCP\

9ª466'/$'4) 1'.5 *'4<1)67/

5[NXKWU (TKGFTKEJ 4GKEJUVCNGT $GTPUVCFV CWH FGP 6QF UGKPGT /WVVGT 'NKUCDGVJ /CTKC XQP /ÒPUVGTDGTI 1GNU I $ÒUVG OKV IGDNÒOVGO -NGKF WPF 5RKV\GPUEJNGKGT N KP 8GT\KGTWPI <GKNGP 5EJTKHV FCTWPVGT +0 ,QJCPP 0GKFJCTFV 5VGORGNUEJPGKFGT KP 1GNU &CX 'DPGT ( W 5

5GNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT 8QT\ÒINKEJp5VGORGNINCP\

&GT 5VKHVGT FGT .KPKG 9ÒTVVGODGTI 1GNU GKP <YGKI FGT 9GKNVKPIKUEJGP .KPKG YCT *GT\QI 5[NXKWU 0KOTQF GKP 5QJP FGU *GT\QIU ,WNKWU (TKGFTKEJ XQP 9ÒTVVGODGTI 9GKNVKPIGP 'T XGTO·JNVG UKEJ OKV 'NKUCDGVJ /CTKC FGT GKP\KIGP 6QEJVGT -CTN (TKGFTKEJU FGU NGV\VGP *GT\QIU XQP /ÒPUVGTDGTI 1GNU KP 5EJNGUKGP WPF GTDVG PCEJ FGO XKGT 9QEJGP UR·VGT GTHQNIVGP 6QF UGKPGU 5EJYKGIGTXCVGTU FCU (ÒTUVGPVWO 1GNU PGDUV FGP *GTTUEJCHVGP 5VGTPDGTI KP /·JTGP WPF /GF\KDQT KP 5EJNGUKGP 'T UVCTD WPF JKPVGTNKG­ XKGT 5ÌJPG ÒDGT FKG UGKPG 9KVYG FKG 8QT OWPFUEJCHV DKU \WO ,CJTG HÒJTVG +P\YKUEJGP YCT FGT ·NVGUVG FGT 5ÌJPG IGUVQTDGP WPF FKG FTGK CPFGTGP 5[NXKWU (TKGFTKEJ %JTKUVKCP 7NTKEJ WPF ,WNKWU 5KIKUOWPF VGKNVGP PWP .CPF WPF 4GIKGTWPI KP FKG FTGK .KPKGP 1GNU $GTPUVCFV WPF ,WNKWUDWTI *GT\QI 5[NXKWU (TKGFTKEJ XGTO·JNVG UKEJ OKV 'NGQPQTG %JCTNQVVG 6QEJVGT FGU *GT\QIU )GQTI ++ XQP 9ÒTVVGODGTI /ÌORGNICTV 5[NXKWU (TKGFTKEJ UVCTD MKPFGTNQU WPF GKPG PGWG 6GKNWPI FGT *GT\QIVÒOGT KP \YGK *·NHVGP YWTFG XQTIGPQOOGP

908

$+567/

240

9ª4<$74)

%JTKUVQRJ (TCP\ XQP *WVVGP 4GKEJUVCNGT 9ÒT\DWTI &CX *GNOUEJTQVV 4 8QT\ÒINKEJ

'7412 +5%*' /'&#+..'0

909

<'+6 &'4 4'0#+55#0%'

'KPUGKVKIGU $WEJUDCWOJQN\OQFGNN XQP (TKGFTKEJ *CIGPCWGT HÒT GKPG /GFCKNNG CWH 5KZVWU 5EJGPEM CWH -PQFQTH 2HCTTGT KP /ÒPEJGP +P FCU /QFGNN KUV FKG 7OUEJTKHV Û & Û / Û Û .86 Û &T /CTVKP .WVJGT GKPIGTKV\V OO *CDKEJ +

7PKMWO #NVG 5EJTKHVTGUVG CWH FGT 4ÒEMUGKVG XQT\ÒINKEJG #TDGKV

1,5:1

910

910

5KNDGTOGFCKNNG Q , WO 9GTMUVCVV *KGTQP[OWU /CIFGDWTIGT CWH FGP DÌJOKUEJGP 4GHQTOCVQT ,QJCPPGU *WU Ó $TWUVDKNF XQP ,QJCPPGU *WU T OKV /ÒV\G *WU CWH FGO 5EJGKVGTJCWHGP OO I &QPGD -CV\ 8QT\ÒINKEJG 1TKIKPCNRT·IWPI

241

911

'KPUGKVKIGU $TQP\IW­JQEJTGNKGH FGU 0ÒTPDGTIGT $KNFJCWGTU WPF $TQP\GIKG­GTU )GQTI 5EJYGKIIGT

CWH FGP *WOCPKUVGP 2CTCEGNUWU XQP *QJGPJGKO OO 5NI $TGVVCWGT

8QT\ÒINKEJG #TDGKV

2CTCEGNUWU GKIGPVNKEJ 2JKNKRR 6JGQRJTCUV $QODCUV XQP *QJGPJGKO 5QJP GKPGU UEJY·DKUEJGP #T\VGU \QI PCEJ 5VWFKWO WPF &KUUGTVCVKQP &T OGF KP $CUGN WPF (GTTCTC FWTEJ ICP\ 'WTQRC WO FGP (QTUEJWPIUUVCPF FGT *GKNMWPFG \W XGTDGUUGTP YWTFG GT 5VCFVCT\V WPF 2TQHGUUQT FGT /GFK\KP KP $CUGN YQ GT KP )GFCPMGPCWU VCWUEJ OKV 'TCUOWU XQP 4QVVGTFCO UVCPF 5GKPG XQP FGT VTCFKVKQPGNNGP 5EJWNOGFK\KP CDYGKEJGPFGP CWH GORKTK UEJGT (QTUEJWPI DGTWJGPFGP .GJTGP DTCEJVGP KJP KP -QPHNKMV OKV FGP $CUGNGT #WVQTKV·VGP WPF HÒJTVGP \W UGKPGO 9GI\WI 0CEJ GKPGO TWJGNQUGP 9CPFGTNGDGP Y·JTGPF FGO 2CTCEGNUWU GKPG 8KGN\CJN XQP DGFGWVGPFGP OGFK\KPK UEJGP VJGQNQIKUEJGP WPF RJKNQUQRJKUEJGP 5EJTKHVGP XGTHC­VG NKG­ GT UKEJ KP 5CN\DWTI PKGFGT 0WT FTGK ,CJTG UR·VGT UVCTD FGT DGFGWVGPFG *WOCPKUV CP FGP (QNIGP GKPGU O[UVGTKÌUGP 5EJ·FGNDTWEJU

&GT 0ÒTPDGTIGT -ÒPUVNGT FGT TWPF ,CJTG PCEJ FGO 6QF FGU 2CTCEGNUWU FCU CVVTCMVKXG JKGT \WT 8GTUVGKIGTWPI IGNCPIGPFG $TQP\GTGNKGH CPHGTVKIVG CTDGKVGVG PCEJ FGO 8QTDKNF FGT ITQ­GP 0ÒTPDGTIGT /GKUVGT 8GKV 5VQUU WPF #NDTGEJV &ÒTGT &CU XQTNKGIGPFG 4GNKGH \·JNV \W FGP $KNFPKUOGFCKNNQPU )GQTI 5EJYGKIIGTU FKG NCWV FGO 'KPVTCI KO .GZKMQP FGT DKNFGPFGP -ÒPUVNGT 6JKGOG $GEMGT CNU -WPUVMCOOGTUVÒEMG \W XGTUVGJGP UKPF

912

<'+6 &'5 $#41%- 70& &'4 -.#55+-

242

&·PGOCTM %JTKUVKCP +8 5KNDGTOGFCKNNG XQP 0 5EJYCDG CWH FKG 'TQDGTWPI XQP -CNOCT )GJCTPKUEJVGU *ÒHVDKNF T OKV WOIGNGIVGT (GNFDKPFG WPF -QOOCPFQUVCD FCXQT 6KUEJ OKV *GNO #PUKEJV FGU 5EJNQUUGU XQP -CNOCT WPVGP 4GKVGTITWRRG OO I )CNUVGT

44 5GJT UEJÌP

914

913

913

(TCPMTGKEJ .QWKU :+++ 5KNDGTOGFCKNNG WPUKIPKGTV XQP 0 $TKQV CWH FKG 9KGFGT CWHDCW FGU 2QPV 5CKPV /KEJGN )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WPF .ÌYGPMQRH CWH FGT 5EJWNVGT #PUKEJV FGT $TÒEMG OO I ,QPGU ++

44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

&KG CNVG *QN\DTÒEMG YWTFG CO ,CPWCT FWTEJ 'KU \GTUVÌTV .QWKU :+++ NGIVG CO 5GRVGODGT FGP )TWPFUVGKP HÒT GKPG PGWG UVCDKNGTG 5VGKPDTÒEMG

5EJYGFGP )WUVCX ++ #FQNH 6TCIDCTGT XGTIQNFGVGT UKNDGTPGT QXCNGT )PCFGPRHGPPKI Q , WPUKIPKGTV $TWUVDKNF HCUV X X OKV -ÒTCUU WPF (GNFJGTTGPUEJ·TRG 'OCKNNKGTV 'KP OKV $NWOGP DGYCEJUGPGT 6QVGPMQRH CWH $KDGN FCTÒDGT 5EJYGTV WPF <GRVGT IGMTGW\V \W FGP 5GKVGP /QPQITCOOG FGU -ÌPKIU QDGP -TQPG WOJGT 5EJTKHVDCPF OKV 5'+0 7056'4$.+%* .1$ &'/ 61&6 5+)6 1$ CO ·W­GTGP 4CPF .QTDGGTMTCP\ Z OO I

-NGKPGT 'OCKNUEJCFGP XQT\ÒINKEJG #TDGKV

)PCFGPRHGPPKIG FKGPVGP \WT $GNQJPWPI WPF #PGTMGPPWPI XQP 8GTFKGPUVGP WPF YWTFGP FGO 'ORH·PIGT KP )PCFGP ÒDGTTGKEJV 5KG DGUC­GP PGDGP GKPGO JQJGP KFGGNNGP CWEJ GKPGP DGFGWVGPFGP OCVGTKGNNGP 9GTV )GVTCIGP YWTFGP FKGUG )PCFGPRHGPPKIG OKVWPVGT CP DTGKVGP UEJYGTGP )QNFMGVVGP FKG YKG GKPG (GNFDKPFG UEJT·I ÒDGT FGP 1DGTMÌT RGT IGNGIV YWTFGP )PCFGPRHGPPKIG GPVURTGEJGP FGP UR·VGTGP 8GTFKGPUVQTFGP

915

2QNGP 9NCFKUNCY +8 5KNDGTPGU /GFCKNNQP XQP 5 &CFNGT CWH FGP 5KGI ÒDGT FKG 4WUUGP DGK 5OQNGPUM FGP (TKGFGP OKV 5EJYGFGP DGK 5VWJOUFQTH WPF FGP (TKGFGP OKV FGP 6ÒTMGP 9NCFKUNCY +8 GORH·PIV OKV UGKPGO )GHQNIG FKG CO $QFGP MPKGPFGP TWUUKUEJGP )GUCPFVGP KO *KP VGTITWPF 6TWRRGPCWHOCTUEJ WPF FKG 5VCFVCPUKEJV XQP 5OQNGPUM &GT RQNPKUEJG -ÌPKI N \W 2HGTFG XQP 2WVVG CWU 9QNMGP DGMT·P\V GORH·PIV OKV UGKPGO *GGT FKG WO (TKGFGP DKVVGPFGP )GUCPFVGP 5EJYGFGPU WPF FGT 6ÒTMGK OO I * %\ 9KGEGM

44 *GTTNKEJG 2CVKPC XQT\ÒINKEJ

243

916

0CUUCW &KG\ 1TCPKGP (TKGFTKEJ *GKPTKEJ (ÒTUV XQP 1TCPIG 5KNDGTOGFCKNNG XQP , .QQHH CWH FKG 'KPPCJOG XQP $TGFC )GJCTPKUEJVGT #TO CWU 9QNMGP J·NV 5EJYGTV ÒDGT FKG 5VCFVCPUKEJV XQP $TGFC KO 8QTFGTITWPF MNCOOGTV UKEJ FGT RGTUQPKHK\KGTVG *WPIGT CP FKG 5VCFVIÌVVKP XQP $TGFC FCTÒDGT UVTCJNGPFGT 0COG ,GJQXCU #WH GKPG 5EJTKHVTQNNG <GKNGP 5EJTKHV WOIGDGP XQP 9GKPNCWD OO I X .QQP ++ 5

44 2TCEJVXQNNG 2CVKPC MN 4CPFHGJNGT XQT\ÒINKEJ

917

244

0CUUCW &KG\ 1TCPKGP (TKGFTKEJ *GKPTKEJ (ÒTUV XQP 1TCPIG 5KNDGTOGFCKNNG XQP , .QQH CWH FKG 'TQDGTWPI FGT 5VCFV *WNUV FWTEJ 2TKP\ (TKGFTKEJ *GKPTKEJ XQP 1TCPKGP &KG 5VCFV YKTF XQP KO 8QTFGTITWPF UVGJGPFGP 6TWRRGP DGUEJQUUGP FCTÒDGT JCNVGP \YGK 2WVVGP GKPGP 9CRRGP UEJKNF QDGP 5EJTKHVDCPF -CTVWUEJG OKV <GKNGP 5EJTKHV WOJGT 9GKPTCPMGP QDGP IGMTÌPVGT .Ì YGPUEJKNF OO I X .QQP ++ 5 44 8QT\ÒINKEJ

918

(TCPMTGKEJ .QWKU :+8 5KNDGTOGFCKNNG Q , XQP / /QNCTV CWH FKG $GUV·PFKIMGKV WPF FGP (NGK­ FGU -ÌPKIU )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ &GT -ÌPKI UKV\V PCEJ N CWH GKPGO 9ÒTHGN KP FGT TGEJVGP *CPF GKP 4WFGT KO *KPVGTITWPF .CPFUEJCHV OO I /¾FCKNNGU HTCP¼CKUGU # XCT 44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

919

*CODWTI 5KNDGTOGFCKNNG XQP 5 &CFNGT 5KNDGTPGT $CPM 2QTVWICNGUGT * % 84$5 686# &'+ %.;2'1 2416'%6# /#0'$+6 Û 5VCFVCPUKEJV OKV XKGNGP 5EJKHHGP CWH FGT 'NDG QDGP JCNVGP \YGK *·PFG CWU 9QNMGP GKPGP 5EJKNF OKV FGO 0COGP ,GJQXCU ÒDGT FCU 5VCFVYCRRGP 2#: /#4' 2#: 6'44#/ 2#: 84$'5 2#: $'#6#)415 Û &GT (TKGFG UEJYGDV ÒDGT FGT 'NDG WPF UEJÒVVGV \YGK (ÒNNJÌTPGT CWU OO I )CGF +++ 9KGEGM

4 #VVTCMVKXG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

920

5EJYGFGP -CTN : )WUVCH 5EJCWOÒP\G \W 6CNGTP CWH UGKPGP 6QF KP )ÌVGDQTI CO (GDTWCT WPF FCU $GIT·DPKU KP FGT 4KFFCTJQNOUMKTEJG KP 5VQEMJQNO <GJP <GKNGP 5EJTKHV WOJGT -TCP\ OKV 5EJTKHVDCPF WPF HÒPH 5EJKNFGP OKV FGP 4GKEJUMNGKPQFKGP &GT -ÌPKI UKV\V N KO *GTOGNKP OCPVGN WPF J·NV FKG -TQPG ÒDGT UGKPGP 5QJP QDGP J·NV GKPG *CPF CWU 9QNMGP GKPG -TQPG ÒDGT FGP 8CVGT OO I *KNFGDTCPF + 5 44 (GKPG 2CVKPC UGJT UEJÌP

245

921

2QNGP &CP\KI 5KNDGTOGFCKNNG Q , XQP , *ÌJP CWH FGP (TKGFGP XQP 1NKXC 9GKDNKEJG )G UVCNV MPKGV DGVGPF XQT GKPGO 1NKXGPDCWO KO *KPVGTITWPF 5VCFVCPUKEJV XQP &CP\KI T 5EJKHHG CWH 5GG N .CPFUEJCHV OKV RHNÒIGPFGP $CWGTP QDGP 5QPPG WPF /QPF KP 9QNMGP FC\YKUEJGP FGT UVTCJNGPFG 0COG ,GJQXCU #PUKEJV FGU -NQUVGTU XQP 1NKXC KP .CPFUEJCHV KO *KPVGTITWPF FKG 6ÒTOG FGT 5VCFV &CP\KI QDGP \W FGP 5GKVGP LG GKP 'PIGN OKV .QTDGGT D\Y 2CNO\YGKI KP 9QNMGP GKP $CPF OKV XKGT *GT\GP UVGNNXGTVTGVGPF HÒT 2QNGP 5EJYGFGP ¤UVGTTGKEJ WPF $TCPFGPDWTI JCNVGPF FCTÒDGT 6CWDG OKV ¤N\YGKI OO I &WVMQYUMK 5WEJCPGM 44 *ÒDUEJG 2CVKPC XQT\ÒINKEJ

922

246

0KGFGTNCPFG $TGFC 5KNDGTOGFCKNNG XQP %JT #FQNRJ\QQP CWH FGP (TKGFGP XQP $TGFC \YK UEJGP FGP 0KGFGTNCPFGP WPF )TQ­DTKVCPPKGP &KG 2GTUQPKHKMCVKQP FGT 0KGFGTNCPFG UVGJV X X KP CPVKMGT 4ÒUVWPI KP FGT 4GEJVGP <GRVGT KP FGT .KPMGP .CP\G OKV CPIGDWPFGPGO 2HGKNDÒPFGN OKV FGO NKPMGP (W­ FTÒEMV UKG FGP RGTUQPKH\KGTVGP 0GKF \W $QFGP \W FGP 5GKVGP 5EJCH WPF .ÌYG KO *KPVGTITWPF (NW­ OKV \WO 6GKN DTGPPGPFGP 5EJKHHGP 9GKDNKEJG )GUVCNV OKV 5EJYGTV /GTMWTUVCD WPF (ÒNNJQTP UVGJV X X CWH 9CHHGP QDGP )QVVGUJCPF OKV \YGK OKVGKPCPFGT XGTDWPFGPGP 9CRRGPUEJKNFGP KO *KP VGTITWPF *CPFGNUUEJKHHG CWH TWJKIGT 5GG /KV 4CPFUEJTKHV È 07/+5/# Û 2156'4+6#6+ Û 5#%47/ Û $'.)# Û $4+6#00137' Û 4'%10%+.+#6+5 Û %7/ Û 24+8+. Ù 14&+0 Ù *1..#0& Ù '6 Û 9'56 Ù OO I 'KOGT 2CZ KP 0WOOKU X .QQP ++ 5 2TCEJVGZGORNCT OKV HGKPGT 2CVKPC 5VGORGNINCP\

923

1DGTUV %CTN 4CDGPJCWRV FGT OKNKV·TKUEJG )GIGPURKGNGT FGU $KUEJQHU XQP /ÒPUVGT %JTKUVQRJ $GTPJCTF XQP )CNGP 5KNDGTOGFCKNNG WPUKIPKGTV CWH FGP 1DGTUV %CTN 4CDGPJCWRV WPF FKG 'TQDG TWPI FGT 0KGWYG 5EJCPU $TWUVDKNF 4CDGPJCWRVU N OKV *CNUVWEJ KP FGT .KPMGP /CTUEJCNNUVCD #PUKEJV FGU DGHGUVKIVGP 1TVGU 0KGWYG 5EJCPU OKV 9·NNGP WPF )TCDGP KO )GN·PFG FKG PKGFGTN·PFKUEJGP $GNCIGTWPIUVTWRRGP OO I X .QQP +++ 5 9GKNGT

44 *ÒDUEJG 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

%CTN 4CDGPJCWRV $CTQP XQP 5WEJC 9KPFGEM YCT JGUUKUEJ MCUUGNUEJGT 1DGTUV 'T YWTFG )GPGTCN YCEJVOGKUVGT WPF 1DGTMQOOCPFKGTGPFGT FGT IGUCOVGP .CPFOKNK\ 'U IGNCPI FGO $CTQP KO &G\GODGT FKG 5VCFV %QGXQTFGP XQP FGT $GNCIGTWPI FWTEJ OÒPUVGTKUEJG 6TWRRGP \W DGHTGKGP FCHÒT YWTFG GT KP FGP 4CPI GKPGU )GPGTCNU GTJQDGP $KUEJQH %JTKUVQRJ $GTPJCTF XQP )CNGP YQNNVG UKEJ MGKPGUHCNNU OKV FGO 8GTNWUV FGT UVTCVGIKUEJ YKEJVKIGP 5VCFV CDHKPFGP WPF XGTUV·TMVG UGKPG 6TWRRGPRT·UGP\ KP FGT 7OIGDWPI )GPGTCN 4CDGPJCWRV DGYKGU KO 5QOOGT YKGFGTWO OKNKV·TKUEJGU )GUEJKEM KPFGO GT KP FGT 0CEJV XQO CWH FGP ,WNK FKG (GUVWPI 0KGWYG 5EJCPU XQP FGP DKUEJÌHNKEJGP 6TWRRGP FGU -CPQPGPDGTPFU GTQDGTP MQPPVG 4CDGPJCWRV UVCTD DGTGKVU KP %QGXQTFGP

924

$TCPFGPDWTI 2TGW­GP (TKGFTKEJ 9KNJGNO FGT )TQ­G -WTHÒTUV 5KNDGTOGFCKNNG XQP , *ÌJP CWH FKG 5EJNCEJV DGK (GJTDGNNKP &GT -WTHÒTUV TGKVGV N XQT KJO FGT XQP GKPGT -WIGN IGVTQHHGPG 5VCNNOGKUVGT (TQGDGP T GKP 4GKVGT WPVGT GKPGO $CWO +O *KPVGTITWPF &CTUVGNNWPI FGT 5EJNCEJV FCJKPVGT FGT (NW­ 4JKP WPF FGT 1TV (GJTDGNNKP <GKNGP 5EJTKHV OO I $TQEMOCPP

*ÒDUEJG 2CVKPC XQT\ÒINKEJ

0CEJFGO GKP UEJYGFKUEJGU *GGT #PHCPI WPVGT (ÒJTWPI FGT )GDTÒFGT 9TCPIGN KP FKG PÌTFNKEJGP )GDKGVG GKPIGHCNNGP YCT TGMTWVKGTVG FGT -WTHÒTUV LGFGP YCHHGPH·JKIGP /CPP WPF UVGNNVG UQ GKPG #TV .CPFUVWTO CWH #O ,WPK UVGNNVGP UKEJ FKG \CJNGPO·­KI YGKV ÒDGTNGIGPGP 5EJYGFGP \WT 5EJNCEJV FKG \YKUEJGP FGP &ÌTHGTP .KPWO WPF *CEMGNDGTI UVCVVHCPF 0CEJ JGHVKIGP 4GKVGTIGHGEJVGP OW­VGP UKEJ FKG 5EJYGFGP \WTÒEM\KGJGP 5KG XGTNQTGP HCUV FKG *·NHVG KJTGU *GGTGU &KG 9KTMWPI FGU 5KGIGU IKPI YGKV ÒDGT FCU /KNKV·TKUEJG JKPCWU $TCPFGPDWTI 2TGW ­GP JCVVG PWP GPFIÒNVKI GKPGP 2NCV\ WPVGT FGP GWTQR·KUEJGP )TQ­O·EJVGP GKPIGPQOOGP (TKGFTKEJ 9KNJGNO YWTFG XQP PWP CP &GT )TQ­G -WTHÒTUV IGPCPPV

247

925

$TCPFGPDWTI 2TGW­GP (TKGFTKEJ 9KNJGNO FGT )TQ­G -WTHÒTUV 5KNDGTOGFCKNNG Q ,

WO XQP , *ÌJP )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN #WH GKPGO (GNUGP ÒDGT FGO /GGT GKP #FNGTJQTUV OKV UGEJU LWPIGP #FNGTP DGYCEJV XQP GKPGO ITQ­GP #FNGT OO I $TQEMOCPP 8QP ITQ­GT 5GNVGPJGKV (CUV XQT\ÒINKEJGU 'ZGORNCT OKV JGTTNKEJGT 2CVKPC

$GK FGT 4ÒEMUGKVGPFCTUVGNNWPI MÌPPVGP FKG UGEJU NGDGPFGP 2TKP\GP CWU FGP 'JGP OKV .WKUG *GPTKGVVG XQP 0CUUCW 1TCPKGP WPF PCEJ FGTGP 6QF OKV &QTQVJGC XQP *QNUVGKP )NÒEMUDWTI IGOGKPV UGKP

926

5CEJUGP ,QJCPP )GQTI ++ 1XCNG 5KNDGTOGFCKNNG XQP / * 1OGKU CWH UGKPG 0GWVTCNKV·V KO -TKGIG IGIGP (TCPMTGKEJ *ÒHVDKNF OKV ITQ­GT #NNQPIGRGTÒEMG WPF -QOOCPFQUVCD HCUV X X )GMTGW\VG -WTUEJYGTVGT XQP <YGKIGP WOIGDGP FCTÒDGT 9QNMGP WPF -WTJWV Z OO I &C­FQTH 5NI 'PIGNJCTFV 5NI /GTUGD

44 2TCEJVXQNNGU $CTQEMOGFCKNNQP XQT\ÒINKEJGU 'ZGORNCT OKV UEJÌPGT 6ÌPWPI

927

248

0KGFGTNCPFG #OUVGTFCO 5KNDGTOGFCKNNG WPUKIPKGTV CWH FGP (TKGFGP XQP 0KLOGIGP .KDGTVCU 2CZ WPF 2TWFGPVKC UKV\GP PGDGPGKPCPFGT OKV FGO PKGFGTN·PFKUEJGP .ÌYGP \W KJTGP (Ò­GP 5VCFVCPUKEJV XQP 0KLOGIGP FCTÒDGT FKG IGMTÌPVGP 9CRRGP XQP (TCPMTGKEJ WPF FGP 0KGFGTNCPFGP CP GKPGT )KT NCPFG QDGP UVTCJNGPFG 5QPPG OO I 2CZ KP 0WOOKU X .QQP +++ 5

4 *ÒDUEJG 2CVKPC XQT\ÒINKEJ

928

$TCPFGPDWTI 2TGW­GP (TKGFTKEJ 9KNJGNO FGT )TQ­G -WTHÒTUV 6CNGTHÌTOKIG 5KNDGT OGFCKNNG XQP , 'NGTU CWH FKG *WNFKIWPI FGT 5VCFV /CFIGDWTI <YGK *·PFG CWU 9QNMGP JCNVGP GKP /GFCKNNQP OKV FGO $KNFPKU FGU -WTHÒTUVGP FCTWPVGT FKG 5VCFVCPUKEJV XQP /CIFGDWTI 5VCFVIÌVVKP MPKGV T KP .CPFUEJCHV WPF GORH·PIV OKV GTJQDGPGP #TOGP FGP #FNGT FGT <GRVGT WPF (ÒNNJQTP VT·IV OO I X 5EJT $TQEMOCPP *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

+O 9GUVH·NKUEJGP (TKGFGP YCT HGUVIGNGIV YQTFGP FC­ /CIFGDWTI PCEJ FGO 6QF FGU #FOKPKUVTCVQTU #WIWUV XQP 5CEJUGP CNU GKP GTDNKEJGU *GT\QIVWO FGO *CWUG $TCPFGPDWTI CNU 'TUCV\ HÒT 2QOOGTP \WHCNNGP UQNNVG #NU FKGUGT (CNN GKPVTCV PCJO FGT )TQ­G -WTHÒTUV FCU PGWG *GT\QIVWO KP $GUKV\ WPF NKG­ UKEJ FQTV CO /CK JWNFKIGP

929 1:2

5RCPKGP %CTNQU ++ $TQP\GIW­OGFCKNNG XQP ,QJCPP $GTPJCTF (KUEJGT XQP 'TNCEJ CWH FGP -ÌPKI WPF UGKPG GTUVG )GOCJNKP /CTKC .WFQXKEC XQP $QWTDQP Ê %#41.85 Û ++ Û & Û ) Û *+52#0+#48/ Û '6 Û +0&+#48/ Û 4': Û &GT -ÌPKI UVGJV JCNDN KP FGT .KPMGP FKG 9GNVMW IGN CNU 4GKEJUCRHGN OKV FGT CWUIGUVTGEMVGP 4GEJVGP GKP <GRVGT FGP TGEJVGP (W­ UGV\V GT CWH GKPGP .ÌYGP Ê /#4+# Û .8&18+%# Û &' Û $14$10 Û & Û ) Ê *+52#0+#48/ Û '6 Û +0&+#48/ Û 4')+0# Û &KG -ÌPKIKP UVGJV HCUV X X KO -NGKF FGP -QRH \WTÒEMIGYCPFV OKV FGT CWUIG UVTGEMVGP 4GEJVGP GKP <GRVGT JCNVGPF KO #DUEJPKVV + Û $ Û (+5%*'4 Û ( OO &YQTUEJCM 6H :+: (QTTGT 8+ 5 H OKV #DDKNFWPI

*GTXQTTCIGPFG #TDGKV FGU *QEJDCTQEM 44 9KP\ 5EJTÌVNKPIUTK­ XQP UGJT UEJÌPGT 'TJCNVWPI

&KG XQTNKGIGPFG /GFCKNNG \·JNV \W FGP DGKFGP ·NVGUVGP DGMCPPVGP 9GTMGP FGU DGTÒJOVGP ÌUVGTTGKEJKUEJGP -ÒPUV NGTU WPF #TEJKVGMVGP ,QJCPP $GTPJCTF (KUEJGT XQP 'TNCEJ (KUEJGT FGT CNU JCDUDWTIKUEJGT *QHDCW OGKUVGT WPF KPIGPKGWT \CJNTGKEJG DGMCPPVG $CWYGTMG W C 5EJNQ­ 5EJÌPDTWPP WPF FKG -CTNUMKTEJG KP 9KGP JKPVGTNKG­ CDUQNXKGTVG GKPG MÒPUVNGTKUEJG #WUDKNFWPI KP 4QO 'T \·JNVG \W FGP 5EJÒNGTP FGU ITQ­GP TÌOKUEJGP $CTQEMMÒPUVNGTU )KCPNQTGP\Q $GTPKPK FGT FCU DCTQEMG 5VCFVDKNF FGT 'YKIGP 5VCFV YQJN CO UV·TMUVGP IGRT·IV JCV &GT FKTGMVG 'KPHNW­ $GTPKPKU CWH (KUEJGT KUV CWEJ CWH FGT JKGT \WT 8GTUVGKIGTWPI IGNCPIGPFGP ·W­GTUV UGNVGPGP )W­OGFCKNNG UKEJVDCT FKG FGT L·JTKIG ,QJCPP $GTPJCTF (KUEJGT KO #WHVTCI FGU URCPKUEJGP )GUCPFVGP CO R·RUV NKEJGP *QH HÒT -CTN ++ XQP 5RCPKGP WPF UGKPG GTUVG )GOCJNKP /CTKC .WFQXKEC XQP $QWTDQP UEJWH &CU 8QTDKNF HÒT FKG &CTUVGNNWPI FGU UVGJGPFGP /QPCTEJGP CWH WPUGTGO 5EJCWUVÒEM YCT GKPFGWVKI FCU ITQ­G XQP $GTPKPK IGUEJCHHGPG 'T\UVCPFDKNF 2JKNKRRU +8 XQP 5RCPKGP FCU UKEJ KP FGT 8QTJCNNG FGT TÌOKUEJGP 2CVTKCTEJCNDCUKNKMC 5CPVC /CTKC /CIIKQTG DGHKPFGV #WH FGP <WUCOOGPJCPI FKGUGU 5EJCWUVÒEMU OKV FGT 5VCVWG XGTYKGUGP PGDGP (TKV\ &YQTUEJCM CWEJ *CPU 5GFNOC[T KP UGKPGT (KUEJGT $KQITCRJKG WPF 2GVGT 2TCPIG KO -CVCNQI FGT #WUUVGNNWPI XQP <GKEJPWPIGP FGU -ÒPUVNGTU KO 5CN\DWTIGT $CTQEMOWUGWO &KG IGPCPPVGP 8GTHCUUGT DKNFGVGP FCU 'ZGORNCT FGU -WPUVJKUVQTKUEJGP /WUGWOU 9KGP CD FCU GDGPHCNNU GKPGP YKP\KIGP 5EJTÌVNKPIUTK­ CWHYGKUV 9KT HTGWGP WPU +JPGP FCU GTUVG UKIPKGTVG 9GTM FGU YQJN ITÌ­VGP ÌUVGTTGKEJKUEJGP $CTQEMMÒPUVNGTU CPDKGVGP \W MÌPPGP ÒDGT FCU (TKV\ &YQTUEJCM DGOGTMVG &KG DGKFGP 'TUVNKPIUYGTMG (KUEJGTU IGUEJCHHGP KO FTGKWPF\YCP\KIUVGP WPF UGEJUWPF\YCP\KIUVGP .GDGPULCJT IGJGP KP UQ XKGNGP YKEJVKIGP -GPPRWPMVGP UGNDUV ÒDGT $GTPKPKU GKIGPJ·PFKIG 5EJCWUVÒEMG JKPCWU FC­ YKT UKG GDGPUQ CNU 8QNNGPFWPI FGT TÌOKUEJGP $CTQEMOGFCKNNG CP\WURTGEJGP XGTOÌIGP YKG *CPU 5GFNOC[T FKG 9KGPGT -CTNUMKTEJG FGUUGNDGP (KUEJGT INGKEJUCO CNU FKG RNCVQPKUEJG +FGG FGU GYKIGP 4QO DG\GKEJPGV JCV

249

930

2QNGP ,QJCPP +++ 5QDKGUMK 5KNDGTOGFCKNNG XQP , *ÌJP CWH FKG $GNCIGTWPI WPF FGP 'PVUCV\ 9KGPU WPF CWH UGKPGP 5KGI ÒDGT FKG 6ÒTMGP $GNQTDGGTVGU $TWUVDKNF KP CPVKMGO )GYCPF T 5VCFVCPUKEJV XQP 9KGP WPF FGU .CIGTU XQP FGT .GQRQNFUVCFV CWU IGUGJGP QDGP \GTDTGEJGP \YGK #FNGT XQP FGPGP FGT GKPG OKV FGT MCKUGTNKEJGP FGT CPFGTG OKV FGT RQNPKUEJGP -TQPG DGFGEMV KUV GKPGP *CNDOQPF WPVGP -CTVWUEJG OKV 5EJTKHV \W FGP 5GKVGP MCWGTV LG GKP IGHGUUGNVGT 6ÒTMG OO I *KTUEJ * %\ 5NI /QPVGPWQXQ 44 *GTTNKEJG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

931

'T\DKUVWO /CKP\ #PUGNO (TCP\ XQP +PIGNJGKO 5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG 'TQDGTWPI XQP $GNITCF FWTEJ FKG 4GKEJUVTWRRGP $TWUVDKNF FGU -WTHÒTUVGP T &QRRGNCFNGT UVÒT\V CWH *CNDOQPF WPF 9CHHGP OKV \YGK 6ÒTMGPMÌRHGP JGTCD QDGP UVTCJNGPFGU )QVVGUCWIG KP 9QNMGP OO I 2T #NGZ XCT 5NI /QPVGPWQXQ 5NI 9CNVJGT 8QT\ÒINKEJ

932

250

)TQ­DTKVCPPKGP 9KNNKCO +++ WPF /CT[ 5CVKTKUEJG 5KNDGTOGFCKNNG Q , XQP , 5OGNV\KPI CWH FKG 4GXQNWVKQP *[FTC OKV FGT TGEJVGP -NCWG GKPG -TQPG GORQTJCNVGPF UVÒV\V FKG .KPMG CWH GKP 5EJYGTV WPF GKPG \GTDTQEJGPG 9CCIG (QTVWPC OKV &QRRGNIGUKEJV UVGJV CWH GKPGT -WIGN OKV 5EJNCPIG GKPG 5GKVG FGU )GUKEJVGU JCV FCU #WUUGJGP GKPGU 5EJYGKPGU J·NV GKPG #ZV WPF UEJCWV \WO 6QYGT OKV FGT ,CJTGU\CJN FKG CPFGTG 5GKVG FGU )GUKEJVGU JCV FKG <ÒIG 9KNJGNOU +++ J·NV GKPG -TQPG WPF UEJCWV PCEJ 9JKVGJCNN OKV FGT ,CJTGU\CJN OO I %QNN (KGYGIGT *CYMKPU 5 X .QQP +++ 5 44 *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

933

2HCN\ 2JKNKRR 9KNJGNO 5KNDGTOGFCKNNG XQP ( CWH FKG 8GTYÒUVWPI FGT 2HCN\ FWTEJ FKG (TCP\QUGP (NW­IQVV 4JGPWU OKV 5EJTKHVDCPF NCIGTV XQTPG CWH 7TPG IGUVÒV\V KP 4JGKPNCPF UEJCHV KO *KPVGTITWPF DTGPPGPFG (GUVWPIGP (NW­IQVV &CPWDKWU OKV 4WFGT WPF 5EJTKHVDCPF NCIGTV XQTPG CWH 7TPG IGUVÒV\V KP WPICTKUEJGT .CPFUEJCHV KO *KPVGTITWPF DTGPPGPFG (GUVWPIGP /KV 4CPF UEJTKHV f * % )'4/#0' 6+$+ 24 $'06 +0%'07+# .7/'0 76 8+&'#5 6#.+ 38 5+6 +0 *156' (+&'5 OO I 5NI /GOOGUJ 5VGORGT

44 (GKPG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

934

4ÌOKUEJ &GWVUEJGU 4GKEJ .GQRQNF + 5KNDGTOGFCKNNG XQP 2 * /ÒNNGT CWH FKG -TÌPWPI XQP ,QUGH + \WO TÌOKUEJGP -ÌPKI KP #WIUDWTI /GFCKNNQP FCTKP FKG $TWUVDKNFGT .GQRQNFU WPF UGKPGT )GOCJNKP 'NGQPQTC PGDGPGKPCPFGT T WOJGT UKGDGP YGKVGTG /GFCKNNQPU OKV FGP $TWUVDKN FGTP FGT -WTHÒTUVGP &KG IGMTÌPVG $ÒUVG ,QUGHU + T CWH 2QUVCOGPV KP FCU GKP )GPKWU \GJP <GKNGP 5EJTKHV GKPOGK­GNV KO *KPVGTITWPF \YGK YGKVGTG OKVGKPCPFGT XGTDWPFGPG 2QUVCOGPVG OKV FGP $ÒUVGP WPF 9CRRGP FGU &CWRJKPU WPF FGU 5WNVCPU /KV 4CPFUEJTKHV l #8564+# '.'%6# +856' 1/0+# 8+0%+6 OO I (QTUVGT 4ÒEMUGKVG 5NI /QPVGPWQXQ HCNUEJG 8QTFGTUGKVGP DGUEJTGKDWPI *GTTNKEJG 2CVKPC YKP\ 5VGORGNHGJNGT CO 4CPF XQT\ÒINKEJp5VGORGNINCP\

935

#WIUDWTI 5KNDGTOGFCKNNG Q , WPUKIPKGTV XQP 2 * /ÒNNGT ! CWH FKG -TÌPWPI ,QUGHU + \WO TÌOKUEJGP -ÌPKI 2CNODCWO OKV FTGK -TQPGP KP FGP <YGKIGP CO 5VCOO J·PIV GKP /GFCKNNQP OKV FGO $TWUVDKNF ,QUGHU + KO 8QTFGTITWPF UVGJGP FTGK .KNKGP KO *KPVGTITWPF 2CNCUV OKV ITQ­GT )CTVGPCPNCIG FCTKP 5VCVWGP WPF 5RTKPIDTWPPGP %GTGU MPKGV XQT FGO VJTQPGPFGP -ÌPKI \W FGP 5GKVGP *GWICTDGP FKG UKEJ FGO -ÌPKI GPVIGIGP PGKIGP /KV 4CPFUEJTKHV XQP ( -NGKPGTV È 010 #/$+67 #4/#61 5'& +756+6+# /#+147/ %1410#0674 2156'4+ Û Û (- Û &KG /GFCKNNG DGHKP FGV UKEJ KP GKPGT \GKVIGPÌUUKUEJGP XGTUEJTCWDDCTGP *QN\FQUG FGTGP &GEMGN FCU 8QTFGTUGKVGPOQVKX FGT /GFCKNNG YKGFGTIKDV OO I (QTUVGT 5NI /QPVGPWQXQ

4 /GFCKNNG WPF &QUG XQT\ÒINKEJ

251

936

$TCWPUEJYGKI 9QNHGPDÒVVGN #PVQP 7NTKEJ 5KNDGTOGFCKNNG Q , WPUKIPKGTV XGTOWVNKEJ CWH FKG $GUKV\PCJOG XQP 5CN\FCJNWO )GJCTPKUEJVGU $TWUVDKNF T #PUKEJV FGT )CTVGPCPNCIG FGU 5EJNQUUGU 5CN\FCJNWO KO 8QTFGTITWPF &GNHKPHQPV·PG CWH FGT GKP $CNN VCP\V OO I $TQEMOCPP

4ÒEMUGKVG (KCNC 5NI -QEJ 8QP ITÌ­VGT 5GNVGPJGKV 9KP\ -TCV\GT XQT\ÒINKEJ

937

4W­NCPF 2GVGT + FGT )TQ­G 5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG 'TQDGTWPI XQP 4KIC -QRH T OKV .QTDGGTMTCP\ 4COODQEM WPF $TGEJG OO I * %\ XGTIN

FQTV KP $NGK 5OKTPQX 5NI /KPWU 2TGKUU 44 8QT\ÒINKEJ

938

252

0KGFGTNCPFG 7VTGEJV 5KNDGTOGFCKNNG XQP , &TCRGPVKGT CWH FKG 4CVKHK\KGTWPI FGU (TKGFGPU XQP 7VTGEJV XGTNKGJGP FWTEJ FKG HTKGUKUEJGP 5V·PFG 2CZ WPF .KDGTVCU UVGJGP CWH #TOCVWTGP \YKUEJGP FGPGP FGT RGTUQPKHK\KGTVG 0GKF NKGIV /KV )KTNCPFGP DGJ·PIVGT #NVCT FGT OKV \CJNTGKEJGP #VVTKDWVGP FGU *CPFGNU FGT 9KUUGPUEJCHV WPF FGT DKNFGPFGP -WPUV ÒDGTJ·WHV KUV OO I 2CZ KP 0WOOKU X .QQP +8 5 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

939

*GUUGP -CUUGN -CTN 5KNDGTOGFCKNNG Q , XQP ) . 5EJGRR WPF ' 2 -QJNGT CWH FKG 8QNNGPFWPI FGU 5EJNQUUGU 9KNJGNOUJÌJG WPF FGT 9CUUGTYGTMG CWH FGO %CTNUDGTI DGK -CUUGN )GJCT PKUEJVGU $TWUVDKNF T #PUKEJV FGU *GTMWNGU 1MVQIQPU WPF FGT -CUMCFGP FGU %CTNUDGTIGU CO (W­G FGU $GTIGU *GTMWNGU /KPGTXC WPF 5CVWTP OKV GKPGT )GF·EJVPKUVCHGN OO I 5EJÒV\

44 5GJT CVVTCMVKXGU 'ZGORNCT OKV JÒDUEJGT 2CVKPC XQT\ÒINKEJ

940

$CFGP &WTNCEJ -CTN 9KNJGNO 5KNDGTOGFCKNNG Q , WO XQP , 6JK¾DCWF QFGT ) 9 8GUVPGT CWH FKG )TÒPFWPI XQP -CTNUTWJG #PUKEJV FGT 5VCFV -CTNUTWJG WPF FGU 5EJNQUUGU OKV WONKGIGPFGO 2CTM CWU FGT 8QIGNRGTURGMVKXG 5KGDGP <GKNGP 5EJTKHV WPVGT 8GT\KGTWPI WPVGP GKP 2QUVCOGPV OKV \YGK )TGKHGP FKG GKPG 1TFGPUMGVVG JCNVGP OO I 9KGNCPFV <GKV\ 44 #VVTCMVKXG 2CVKPC XQT\ÒINKEJGU 'ZGORNCT

&KG XQTNKGIGPFG /GFCKNNG PKOOV $G\WI CWH FKG CO ,WPK FWTEJ /CTMITCH -CTN 9KNJGNO XQTIGPQOOGPG )TWPFUVGKPNGIWPI FGU -CTNUTWJGT 5EJNQUUGU WPF FCOKV CWH FKG 5VCFVITÒPFWPI 'U KUV WPIGUKEJGTV QD 6JK¾DCWF QFGT ) 9 8GUVPGT CNU /GFCKNNGWT HWPIKGTVGP

941

2QNGP 6JQTP 5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG ,CJTHGKGT FGT 5VCFVITÒPFWPI 'PIGN J·NV FCU 5VCFVYCRRGP FCTWPVGT 2CNO\YGKIG WPVGP HÒPH <GKNGP 5EJTKHV 5VTCJNGPFG 5QPPG ÒDGT FGT 5VCFVCP UKEJV XQP 6JQTP CWH FGT 5VCFVOCWGT UVGJV FKG ,CJTGU\CJN N GKPG XQP 'KEJDCWO DGUEJCVVGVG *ÒVVG OKV FGT ,CJTGU\CJN FCXQT UVGJV GKP 4KVVGT FGT 9CEJG J·NV KO 8QTFGTITWPF HNKG­V FKG 9GKEJUGN FCTCWH -·JPG CO 7HGT UVGJV GKPG )TWRRG XQP -TGW\TKVVGTP OO I /CTKGPD

4 8QT\ÒINKEJGU 'ZGORNCT OKV JGTTNKEJGT 2CVKPC

253

942

0KGFGTNCPFG 5KNDGTOGFCKNNG XQP 2 2 9GTPGT CWH FKG #WHPCJOG FGT 5CN\DWTIGT 'OKITCPVGP 'KP DGJGNOVGT -TKGIGT OKV 5EJYGTV WPF 2HGKNDÒPFGN J·NV OKV UGKPGO TGEJVGP #TO UEJÒV\GPF GKPGP 5EJKNF ÒDGT GKPG 'OKITCPVGPHCOKNKG $GNIKEC UKV\V X X CP /GGTGUWHGT KO TGEJVGP #TO FGT CWH GKPGO 9CRRGPUEJKNF NGJPV J·NV UKG GKPGP 5RGGT OKV (TGKJGKVUJWV QDGP (ÒNNJQTP OKV $NWOGP OO I 4QNN 8GTX X .QQP W­GTUV UGNVGP 8QT\ÒINKEJ

943

/KPFGP 5KNDGTOGFCKNNG XQP , ) *QNV\JG[ CWH FKG 5EJNCEJV DGK /KPFGP .CPFUEJCHV FCTKP GKP TGDGPWOTCPMVGT .QTDGGTDCWO CO $QFGP NKGIGP \YGK )CTDGP CWH FGPGP 5EJNÒUUGN WPF /CWGTMTQPGP NKGIGP 9CHHGPVTQRJ·GP OKV FGO IGDQTUVGPGP HTCP\ÌUKUEJGP 5EJKNF KP FGT /KVVG UVGJV GKP 4KGUG OKV /GFWUGPUEJKNF WPF )GK­GN ÒDGT UGKPGO *CWRV KUV GKP UVTCJNGPFGT 5VGTP KO *KPVGTITWPF 5EJNCEJVU \GPG OO I $TQEMOCPP XCT <GKEJPWPI CDYGKEJGPF 1NF 5VCPIG

8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJ

+P FGT 5EJNCEJV DGK /KPFGP YWTFG FCU HTCP\ÌUKUEJG *GGT WPVGT FGO -QOOCPFQ FGU /CTUEJCNN FG %QPVCFGU WPF FGU &WE FG $TQINKG VTQV\ FQRRGNVGT ªDGTOCEJV XQP FGP JCPPQXGTKUEJ GPINKUEJGP #TOGGP WPVGT *GT\QI (GTFKPCPF XQP $TCWPUEJYGKI 9QNHGPDÒVVGN WPF .QTF 5CEMXKNNG IGUEJNCIGP 'KPGT XGTPKEJVGPFGP 0KGFGTNCIG GPVIKPIGP FKG (TCP\QUGP PWT FWTEJ FCU <ÌIGTP FGU GPINKUEJGP $GHGJNUJCDGTU 5QYQJN FGT .QTDGGTDCWO KP FGT 8QTFGTUGKVGPFCT UVGNNWPI CNU CWEJ FGT 4KGUG KP FGT 4ÒEMUGKVGPFCTUVGNNWPI U[ODQNKUKGTGP FGP *GT\QI &KG CWH FGT 8QTFGTUGKVG CO (W­ FGU $CWOGU NKGIGPFGP /CWGTMTQPGP WPF 5EJNÒUUGN YGKUGP CWH FKG 5V·FVG /KPFGP WPF -TGHGNF JKP

944

254

2TGW­GP (TKGFTKEJ ++ FGT )TQ­G 5KNDGTOGFCKNNG XQP 0 )GQTIK WPF , #D TCJCO CWH FGP 'PVUCV\ FGT (GUVWPI -QNDGTI FWTEJ )GPGTCNOCLQT 2CWN XQP 9GTPGT $TWUVDKNF XQP 9GTPGTU T OKV WOIGNGIVGO /CPVGN 4ÌOKUEJGT -TKGIGT OKV RTGW­KUEJGO 5EJKNF DGM·ORHV 5GGWPIG JGWGT WPF DGUEJÒV\V FKG T UKV\GPFG 5VCFVIÌVVKP XQP -QNDGTI OO I ( W 5 *QHHOCPP 1NF 44 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC

945

#WIUDWTI 5KNDGTOGFCKNNG XQP , 6JKGDCWF CWH FKG )TÒPFWPI FGT 5VCFV FWTEJ FKG 4ÌOGT 'KP IGMTÌPVGT #WHDCW CWU 9CRRGP KP FTGK 4GKJGP KP FGT /KVVG 5VCFVR[T N WPF T FKG (NW­IÌVVGT .GEJ WPF 9GTVCEJ #PUKEJV FGU #WIWUVWUDTWPPGPU OO I (QTUVGT

9KP\ 5EJTÌVNKPIUHGJNGT CO 4CPF XQT\ÒINKEJp5VGORGNINCP\

#WH FGT 8QTFGTUGKVG FGT XQTNKGIGPFGP /GFCKNNG UKPF HQNIGPFG 9CRRGP \W UGJGP +P FGT QDGTGP 4GKJG FKG FGT 5VCFVRHNGIGT +OJQH WPF -QEJ KP FGT \YGKVGP 4GKJG FGT )GJGKOGP 4GJO 4GODQNF 4GJNKPIGT 5VGVVGP WPF 9GNUGT KP FGT WPVGTGP 4GKJG FKG FGT $CWJGTTGP +OJQH 5VGVVGP .CPIGPOCPVGN WPF /CTEK

946

2TGW­GP (TKGFTKEJ 9KNJGNO ++ 5KNDGTOGFCKNNG IGRT·IV XQP & ( .QQU )TQ­G 5VCCVURTGKUOGFCKNNG HÒT 9KUUGPUEJCHV )GJCTPKUEJVGU $TWUVDKNF T KP *GTOGNKPOCPVGN WPF OKV FGO -NGKPQF FGU 1TFGPU XQO 5EJYCT\GP #FNGT 5%+'06+#47/ '6 .+66'4#47/ +0%4'/'061 KP .QTDGGTMTCP\ OO I *ÒUMGP 5QOOGT #

8QP ITQ­GT 5GNVGPJGKV 9KP\ -TCV\GT HCUV XQT\ÒINKEJGU 'ZGORNCT

947

$KUVWO $TKZGP 5GFKUXCMCP\ 5KNDGTOGFCKNNG XQP , , 0GWUU F #FNGT X X OKV SWGT IGJCNVGPGO $KUEJQHUUVCD #PUKEJV FGT $TKZGPGT &QOMKTEJG OO I )WOOGTGT KP *CNNGT /ÒP\DN·VVGT $CPF +++ /·T\ <GRGTPKEM 4 (GKPG 2CVKPC XQT\ÒINKEJ

255

948

(TCPMTGKEJ %QPXGPVKQP 5KNDGTOGFCKNNG XQP ( * -TÒIGT CWH FGP 6QF .QWKU :8++ WPF FCU 'PFG FGT MÌPKINKEJGP (COKNKG &KG $TWUVDKNFGT XQP .QWKU :8+ WPF UGKPGT )GOCJNKP /CTKG #PVQKPGVVG 'T\JGT\QIKP XQP ¤UVGTTGKEJ PGDGPGKPCPFGT KP FGT /KVVG .QWKU :8++ )GHNÒIGNVGT )GPKWU OKV FTGK 5VGTPGP KP 9QNMGP UEJYGDV ÒDGT FGO 5CTMQRJCI OO I /¾FCKNNGU HTCP¼CKUGU 5NI ,WNKWU 8QT\ÒINKEJ

949

2TGW­GP (TKGFTKEJ 9KNJGNO +++ 5KNDGTOGFCKNNG XQP & ( .QQU CWH FGP $GUWEJ FGU RTGWUUKUEJGP -ÌPKIURCCTGU KP FGP UEJNGUKUEJGP $GTIYGTMGP KP 6CTPQYKV\ $TWUVDKNFGT FGU -Ì PKIURCCTGU N CWH OKV 4QUGP WPF 'KEJGPDN·VVGTP IGUEJOÒEMVGO 2QFGUV 5KNGUKC UKV\V CWH GKPGO 5VGKP RQUVCOGPV WPF J·NV 'T\ CWH FGO 5EJQ­ UKG YKTF XQP )GPKWU OKV )TWDGPNCORG GPVUEJNGKGTV \W DGKFGP 5GKVGP NKGIGPFG .ÌYGP OO I ( W 5 /ÒUGNGT 5QOOGT #

2TCEJVGZGORNCT (CUV 5VGORGNINCP\

950

256

5CEJUGP (TKGFTKEJ #WIWUV + 5KNDGTOGFCKNNG XQP ( 5VCFGNOCPP WPF ( -TÒIGT 2T·IWPI FGT )TWDG *KPVGT 'TDKUFQTH CPN·­NKEJ UGKPGU L·JTKIGP 4GIKGTWPIULWDKN·WOU $TWUVDKNF T FCTWPVGT 5EJNCPIG KO 1XCN *ÒIGNKIG .CPFUEJCHV OKV 6CPPGP FCTKP 5EJCEJVIGD·WFG WPF OGJTGTG $GVTKGDUIGD·WFG KO #DUEJPKVV 5EJN·IGN WPF 'KUGP IGMTGW\V OO I /ÒUGNGT 5NI /GTUGD 4 *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

&'765%*' /ª0<'0 #$

951

1,5:1

1,5:1

4'+%*5-.'+0/ª0<'0

2HGPPKI ) ,

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT XQP HGKPUVGT 'TJCNVWPI 2GTHGMVGU 5VÃ&#x2019;EM 5VGORGNINCP\

952

1,5:1

/CTM & ,

1,5:1

+P FKGUGT 'TJCNVWPI ·W­GTUV UGNVGP 2TCEJVGZGORNCT 5VGORGNINCP\

953

#0*#.6

954

955

4'+%*55+.$'4/ª0<'0

(TKGFTKEJ + /CTM , /CTM ,

1VVQ ++ /CTM ,

$#;'40

2TCEJVGZGORNCT *GTTNKEJG 2CVKPC RQNKGTVG 2NCVVG 2TCEJVGZGORNCT 9KP\ -TCV\GT 5VGORGNINCP\

2TCEJVGZGORNCT (CUV 5VGORGNINCP\

257

956

958

957

/CTM ,

W­GTUV UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

.WFYKI +++ /CTM ,

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 9KP\KIG 4CPFHGJNGT XQT\ÒINKEJp5VGORGNINCP\

.WFYKI +8 /CTM ,

*'55'0

959

258

2TCEJVGZGORNCT (CUV 5VGORGNINCP\

960

.+22'

.GQRQNF +8 /CTM ,

.ª$'%-

(TGKG WPF *CPUGUVCFV /CTM ,

/'%-.'0$74) 564'.+6<

#FQNH (TKGFTKEJ 8 /CTM ,

961

2TCEJVGZGORNCT (GKPG 2CVKPC RQNKGTVG 2NCVVG

2TCEJVGZGORNCT (GKPG 2CVKPC HCUV 5VGORGNINCP\

8QP RQNKGTVGP 5VGORGNP (CUV 5VGORGNINCP\

963

962

1.&'0$74)

0KEQNCWU (TKGFTKEJ 2GVGT /CTM ,

2TCEJVGZGORNCT 5VGORGNINCP\

9KNJGNO + /CTM $ , $

2TCEJVGZGORNCT *GTTNKEJG 2CVKPC HCUV 5VGORGNINCP\ 5VGORGNINCP\

24'755'0

964

965

/CTM # , #

2TCEJVGZGORNCT 5VGORGNINCP\

9KNJGNO ++ /CTM # ,

2TCEJVGZGORNCT OKV HGKPGT 2CVKPC (CUV 5VGORGNINCP\

966

967

968

/CTM # , /CTM # ,

2TCEJVGZGORNCT (CUV 5VGORGNINCP\ 2TCEJVGZGORNCT 5VGORGNINCP\

/CTM # ,

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2TCEJVGZGORNCT *GTTNKEJG 2CVKPC 2QNKGTVG 2NCVVG

259

969

971

970

/CTM # 5GIGP FGU /CPUHGNFGT $GTIDCWU ,

5%*#7/$74) .+22'

)GQTI /CTM , /CTM ,

2TCEJVGZGORNCT 2QNKGTVG 2NCVVG

(GKPG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\ (CUV 5VGORGNINCP\

972 1,5:1

1,5:1

5%*9#4<$74) 510&'45*#75'0

-CTN )ÒPVJGT /CTM ,

8QP CNNGTITÌ­VGT 5GNVGPJGKV YCJTUEJGKPNKEJ 7PKMWO 9KP\ -TCV\GT RQNKGTVG 2NCVVG

$GK WPUGTGO 5VÒEM FGU ,CJTICPIU KUV MGKP 7PVGTUEJKGF \W FGO DGMCPPVGP ,CJT , HGUVUVGNNDCT UQ FC­ GU UKEJ YKG DGTGKVU XQP 4WFQNH 5EJCCH XGTOGTMV PKEJV WO GKPG 2TQDG UQPFGTP WO GKPG PKEJV \WT #WUHÒJTWPI IGNCPIVG PQTOCNG 2T·IWPI JCPFGNV

'ZGORNCT FGT 5COONWPI *CJNQ #WMVKQP .GQ *CODWTIGT (TCPMHWTV /CKP 0T WPF 5COONWPI $GEMGPDCWGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

973

260

9#.&'%- 2;4/106

(TKGFTKEJ /CTM ,

2TCEJVGZGORNCT (GKPG 2CVKPC RQNKGTVG 2NCVVG

974 1,5:1

1,5:1

4'+%*5)1.&/ª0<'0

$#&'0

(TKGFTKEJ + /CTM ,

1,5:1

$#;'40

.WFYKI ++ /CTM ,

1,5:1

975

1,5:1

/CTM ,

&KGUGT ,CJTICPI KUV XQP ITÌ­VGT 5GNVGPJGKV WPF ÒDGTFWTEJUEJPKVVNKEJGT 3WCNKV·V -N 4CPFHGJNGT UGJT UEJÌP

1,5:1

2TCEJVGZGORNCT (CUV 5VGORGNINCP\

1VVQ ++ /CTM ,

976

1,5:1

5GJT UGNVGP KP FKGUGT 'TJCNVWPI (CUV 5VGORGNINCP\

977

1,5:1

8QP ITQ­GT 5GNVGPJGKV 5GJT UGNVGPGT ,CJTICPI 9KP\ 4CPFHGJNGT XQT\ÒINKEJp5VGORGNINCP\

978 1,5:1

$4'/'0

1,5:1

(TGKG WPF *CPUGUVCFV /CTM , 2TCEJVGZGORNCT XQP RQNKGTVGP 5VGORGNP 5VGORGNINCP\

261

979

1,5:1

*#/$74)

(TGKG WPF *CPUGUVCFV /CTM ,

+P FKGUGT 'TJCNVWPI ·W­GTUV UGNVGP 2QNKGTVG 2NCVVG

980 1,5:1

/CTM ,

1,5:1

1,5:1

W­GTUV UGNVGPGT ,CJTICPI 0WT 'ZGORNCTG IGRT·IV 5GJT UEJÌP

1,5:1

981

1,5:1

*'55'0

.WFYKI +8 /CTM ,

+P FKGUGT 'TJCNVWPI ·W­GTUV UGNVGP 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

1,5:1

982

/'%-.'0$74) 564'.+6<

(TKGFTKEJ 9KNJGNO /CTM ,

1,5:1

2TCEJVGZGORNCT 8QT\ÒINKEJp5VGORGNINCP\

983 1,5:1

262

5#%*5'0

,QJCPP /CTM ,

1,5:1

2TCEJVGZGORNCT 5VGORGNINCP\

984 1,5:1

1,5:1

5#%*5'0 #.6'0$74)

'TPUV /CTM ,

-N 4CPFHGJNGT HCUV XQT\ÒINKEJ

985 1,5:1

1,5:1

5#%*5'0 /'+0+0)'0

)GQTI ++ /CTM ,

44 9KP\ 4CPFHGJNGT HCUV XQT\ÒINKEJ

986 1,5:1

1,5:1

/CTM ,

44 9KP\ 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

987 1,5:1

1,5:1

/CTM ,

44 8QT\ÒINKEJ

8QT\ÒINKEJp5VGORGNINCP\

988 1,5:1

5%*#7/$74) .+22'

)GQTI /CTM ,

1,5:1

263

989

1,5:1

1,5:1

/CTM ,

2TCEJVGZGORNCT XQP RQNKGTVGP 5VGORGNP 5VGORGNINCP\

990

1,5:1

1,5:1

9ª466'/$'4)

9KNJGNO ++ /CTM ,

991

992

4GKEJUOCTM # $TGOGTJCXGP , 4GKEJUOCTM # )QGVJG ,

4GKEJUOCTM & )QGVJG ,

993

9'+/#4'4 4'27$.+-

264

+P FKGUGT 'TJCNVWPI ·W­GTUV UGNVGP 2QNKGTVG 2NCVVG

2QNKGTVG 2NCVVG 8QP RQNKGTVGP 5VGORGNP (CUV 5VGORGNINCP\

2TCEJVGZGORNCT XQP RQNKGTVGP 5VGORGNP (CUV 5VGORGNINCP\

994

1,5:1

2HGPPKI , ,

1,5:1

$70&'54'27$.+- &'765%*.#0&

44 8QT\ÒINKEJ

995

1,5:1

&/ , ,

1,5:1

5GJT UGNVGP KP FKGUGT 'TJCNVWPI 2QNKGTVG 2NCVVG

241$'24 )70)'0

996

1,5:1

1,5:1

&#0<+)

)WNFGP QJPG /ÒP\\GKEJGP 2TQDG KP 0KEMGN I -QIIG OKV 5VGTP <YGK .ÌYGP JCNVGP FCU &CP\KIGT 9CRRGP WPVGP 241$' GKPIGRWP\V 4CPF #TCDGUMGP OO OO FKEM , \W & 5NI $GEMGPDCWGT 5EJCCH & )

8QP CNNGTITÌ­VGT 5GNVGPJGKV YCJTUEJGKPNKEJ 7PKMWO (CUV 5VGORGNINCP\

&KGUG WPF FKG HQNIGPFG 2TQDG WPVGTUEJGKFGP UKEJ XQP FGP 0QTOCNRT·IWPIGP XQT CNNGO FWTEJ FCU PKEJV UEJTCHHKGTVG 9CRRGP

265

997

1,5:1

1,5:1

)WNFGP QJPG /ÒP\\GKEJGP 2TQDG KP 0KEMGN I 4CVJCWU <YGK .ÌYGP JCNVGP FCU &CP\KIGT 9CRRGP WPVGP 241$' GKPIGRWP\V 4CPF #TCDGUMGP OO OO FKEM , \W & 5NI $GEMGPDCWGT 5EJCCH & )

8QP CNNGTITÌ­VGT 5GNVGPJGKV YCJTUEJGKPNKEJ 7PKMWO (CUV 5VGORGNINCP\

999

998

1000

241$'0 810 4'+%*5)1.&/ª0<'0 5#%*5'0 %1$74) )16*#

%CTN 'FWCTF /CTM # INCVVGT 4CPF 5KNDGT OO I 5EJCCH 5NI $GEMGPDCWGT \W , 8QP ITQ­GT 5GNVGPJGKV 8QT\ÒINKEJp5VGORGNINCP\

241$'0 &'4 9'+/#4'4 4'27$.+-

4GKEJUOCTM & XQP -CTN )QGV\ /ÒPEJGP INCVVGT 4CPF )QNF OO I 5EJCCH ) 8U #FNGT JCNDNKPMU CWUIGDTGKVGVG 5EJYKPIGP 4U /·FEJGPMQRH N ,CJTGU\CJN YCCIG TGEJV 5NI $GEMGPDCWGT \W , 8QP ITÌ­VGT 5GNVGPJGKV 8QT\ÒINKEJ

4GKEJUOCTM & XQP -CTN )QGV\ /ÒPEJGP INCVVGT 4CPF 5KNDGT OO I 5EJCCH ) 8U #FNGT JCNDNKPMU CWUIGDTGKVGVG 5EJYKPIGP 4U /·FEJGPMQRH N ,CJTGU\CJN YCCIG TGEJV 5NI $GEMGPDCWGT \W , 8QP ITÌ­VGT 5GNVGPJGKV 8QT\ÒINKEJ

266