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$GKVT·IGWCXQP*#%CJPWPF#$WTPGVV



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 26

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27


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'ZNKDTKU%[TKN.QEMGVV



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#CTJWU7PKXGTUKV[&GPOCTM-QRGPJCIGP6HP6JG(CDTKEKWU%QNNGEVKQP#CTJWU7PKXGT UKV[&GPOCTMCPFVJG4Q[CN%QNNGEVKQPQH%QKPUCPF/GFCNU&CPKUJ0CVKQPCN/WUGWO%QRGPJCIGP -QRGPJCIGP6HP)TQ­HQNKQ1TKI$TQUEJWT  





5;..1)' 07//147/ )4#'%147/ &'765%*.#0& 5COONWPI X #WNQEM  6GKNG    0CEJVT·IG $GTNKP  )TQ­HQNKQ -QORNGVV KP  $·PFGP KP *CNDNGFGT IGDWPFGP 24   (4#0-'9 .'5%**140#7 56;.19 5[NNQIG 0WOOQTWO )TCGEQTWO &GWVUEJNCPF 5COO   NWPIX#WNQEM+PFGZ$GTNKP:++52T·IGVCDGNNGP.GKPGP$GKNKGIGPF4G\GPUKQP   



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5COONWPIFGT7PKXGTUKV·VUDKDNKQVJGM.GKR\KI6GKN#WVQPQOGITKGEJKUEJG/ÒP\GP/ÒPEJGP :+++56HP2H·N\GT2TKXCVUCOONWPIGP6GKN2CORJ[NKGP/ÒPEJGP6HP6GKN 2KUKFKGP WPF .[MCQPKGP /ÒPEJGP   6HP  6GKN +UCWTKGP WPF -KNKMKGP /ÒPEJGP    6HP-CTVG.GKPGP  



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49


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$CPF++6JG#NRJC$CPM%QNNGEVKQP/CEGFQPKC+#VJGP6HP.GKPGP





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$CPF6JG.NQ[F%QNNGEVKQP.QPFQP6HP)TQ­HQNKQ.GKPGP





$CPF6JG.QEMGVV%QNNGEVKQP.QPFQP6HP)TQ­HQNKQ.GKPGP$KPFWPINQEMGTWPFGKPKIG 6HPNQUG





$CPF(KV\YKNNKCO/WUGWO.GCMGCPF)GPGTCN%QNNGEVKQPU6GKN.QPFQP6HP )TQ­HQNKQ 7PVGTUEJKGFNKEJ IGDWPFGP .GKPGP Z  *CNDNGKPGP Z  6GKN  CW­GP YCUUGTHNGEMKI    $CPF  #UJOQNGCP /WUGWO 1ZHQTF 6GKN  +VCN[ .QPFQP   6HP )TQ­HQNKQ 1TKI$TQUEJWT   4ÒEMGPDGUEJ·FKIV$GKNKGIGPF4G\GPUKQPXQP95%*9#$#%*'46GKN2CGQPKC6JGUUCN[.QP FQP6HP*CNDNGKPGP4ÒEMGPGVYCUDGUEJ·FKIV)TQ­HQNKQ  





$CPF#UJOQNGCP/WUGWO1ZHQTF6GKNG.QPFQP8+56HP)TQ­HQNKQ+PGKPGO $CPFKP*CNDNGFGTIGDWPFGP$GKNKGIGPF4G\GPUKQPOKV9KFOWPIXQP95%*9#$#%*'4





$CPF6JG.GYKU%QNNGEVKQPKP%QTRWU%JTKUVK%QNNGIG%CODTKFIG6GKNG.QPFQP8+++ 56HP5*CNDNGKPGP6HP.GKPGP)TQ­HQNKQ





$CPF/CPEJGUVGT7PKXGTUKV[/WUGWO6JG4CD[CPF)ÒVGTDQEM%QNNGEVKQPU.QPFQP:+8 5 FCXQP  6HP -CTVQPKGTV  $CPF  6JG *CTV %QNNGEVKQP $NCEMDWTP /WUGWO .QPFQP    6HP-CTVQPKGTV$CPF6JG$TKVKUJ/WUGWO6GKN6JG$NCEM5GC.QPFQP6HP.GKPGP

 





5;..1)'07//147/)4#'%147/+54#'.$CPF6JG#TPQNF5RCGT%QNNGEVKQPQH5GNGW EKF%QKPU,GTWUCNGO5FCXQP6HP.GKPGPOKV5EJWV\WOUEJNCI





5;..1)'07//147/)4#'%147/+6#.+'0/KNCPQ%KXKEJG4CEEQNVG0WOKUOCVKEJG6GKN /KNCPQ5FCXQP6HP5FCXQP6HP5FCXQP6HP 5FCXQP6HP-CTVQPKGTV6GKNCO4ÒEMGPGVYCUDGUEJ·FKIV  



5;..1)' 07//147/ )4#'%147/ ¤56'44'+%* 5COONWPI &TGGT-NCIGPHWTV KO .CP   FGUOWUGWO-·TPVGP$·PFG-NCIGPHWTV56HP6HP6HP)TQ­HQNKQ*CND NGKPGP$GKNKGIGPF4G\GPUKQPOKV9KFOWPIXQP95%*9#$#%*'4  



5;..1)' 07//147/ )4#'%147/ 5%*9'&'0 $CPF  6JG %QNNGEVKQP QH *KU .CVG   /CLGUV[ -KPI )WUVCH 8+ #FQNH 6JG (TGF (QTDCV %QNNGEVKQP 5VQEMJQNO   5 FCXQP  6HP   )TQ­HQNKQ1TKI$TQUEJWT$CPF5COONWPI'TKEXQP2QUV5VQEMJQNO6HP.GKPGP $CPF6JG%QNNGEVKQPQHVJG4Q[CN%QKP%CDKPGV0CVKQPCN/WUGWOQH/QPGVCT[*KUVQT[5VQEMJQNO 6GKN)CNNKC5KEKN[5VQEMJQNO5FCXQP6HP)TQ­HQNKQ1TKI$TQUEJWT6GKN6JTCEG 'WDQKC5VQEMJQNO5FCXQP6HP)TQ­HQNKQ-CTVQPKGTV4ÒEMGPGVYCUDGUEJ·FKIV  



5;..1)'07//147/)4#'%147/5%*9'+<$CPF.GXCPVG%KNKEKC$GTP5  6HP .GKPGP $KPFWPI GVYCU NQEMGT  $CPF  .GXCPVG  %KNKEKC 5WRRNGOGPV  <ÒTKEJ    :8+++56HP.GKPGP$CPF/ÒP\GPFGT#PVKMG-CVCNQIFGT5COONWPI,GCP2KGTTG4KIJGVVK KO$GTPKUEJGP*KUVQTKUEJGP/WUGWO$GTPWC6HP.GKPGPOKV5EJWV\WOUEJNCI  



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5;..1)' 07//147/ )4#'%147/ 75# 6JG $WTVQP ; $GTT[ %QNNGEVKQP  6GKNG 0GY   ;QTM6HP)TQ­HQNKQ+PGKPGO$CPFKP*CNDNGFGTIGDWPFGP













 50


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6JG%QNNGEVKQPQHVJG#OGTKECP0WOKUOCVKE5QEKGV[$·PFG0GY;QTM)TQ­HQNKQ $CPF  )CP\NGKPGP$CPFKPGKPGO$CPFIGDWPFGP4ÒEMGPXQP$CPFDGUVQ­GPGKPG6CHGNNQUG  





6#.+'4%+1 /'05+6+'4+ / .C OQPGVC\KQPG FK 8CNGPVKC %GPVTQ +PVGTPC\KQPCNG FK 5VWFK   0WOKUOCVKEK$KDNKQVJGEC4QO56HP1TKI$TQUEJWT





6'-+0 1 )TGGM CPF 4QOCP %QKPU 6JG ;CRi -TGFK %QNNGEVKQP ;CRi -TGFK RCTC -QNGMUK[QPNCTi    +UVCPDWN56HP2CRRDCPF





6*1/2510/6JG0GY5V[NG5KNXGT%QKPCIGQH#VJGPU05$·PFG0GY;QTM5 6HP(CNVVHP.GKPGPGVYCUDGUEJ·FKIV  





6JG#ITKPKQP*QCTF00/0GY;QTM856HP.GKPGP





#NGZCPFGT U&TCEJO/KPVU$CPF5CTFGUCPF/KNGVWU050GY;QTM56HP.GK PGP$GKNKGIGPF4G\GPUKQP





6*1/2510 /$'..+0)'4 #4 )TGGM %QKPU KP VJG ;CNG %QNNGEVKQP $CPF  # *QCTF QH   #NGZCPFGT &TCEJOU 5& CWU ;CNG %NCUUKECN 5VWFKGU     5  6HP 1TKI$TQUEJWT 'KPKIG   #POGTMWPIGPOKV$NGKUVKHVKO6GZVWPFCWHFGP6HP





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





#P+PXGPVQT[QH)TGGM%QKP*QCTFU0GY;QTM:8+++5-CTVGP1TKI$TQUEJWT





6174#651).17+&KG/ÒP\UV·VVGXQP6JGUUCNQPKMKKPFGTTÌOKUEJGP-CKUGT\GKV X%JTDKU P%JT #/7)5$GTNKP0GY;QTM+:56HP.GKPGP





641:'..*#6JG0QTOCP&CXKU%QNNGEVKQP0GY;QTM56HP$GKNKGIGPF4G\GP UKQPXQP79'56'4/#4-OKV&CPMHÒTªDGTUGV\WPICP9KNN[5EJYCDCEJGT.GKPGP





6JG%QKPCIGQHVJG.[EKCP.GCIWG00/0GY;QTM:8++56HP.GKPGP





67&''4 .16 &KG 6GVTCFTCEJOGPRT·IWPI XQP 5[TCMWU KP FGT 2GTKQFG FGT UKIPKGTGPFGP -ÒPUVNGT   5&CWU<H0$GTNKP56HP*CNDNGFGT



75'0'4*&KG5KPVHNWVJUCIGP$QPP8+++5/ÒP\VH*CNDNGKPGP





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6GZVKPITKGEJKUEJGT5RTCEJG



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/KV9KFOWPIFGU8GTHCUUGTUCP*CPU8QGIVNK



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8.#561/26#2#Σ1+-+Σ6*Σ#%QPVTKDWVKQPVQ6CTGPVKPG0WOKUOCVKEU00/0GY;QTM 56HP1TKI$TQUEJWT





#NGZCPFGT UQPQH0GQRVQNGOQUQH'RKTWU5&CWU0%Q156HP1TKI$TQ UEJWT4ÒEMGPNGKEJVDGUEJ·FKIV





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81)6 , &KG CNGZCPFTKPKUEJGP /ÒP\GP )TWPFNGIWPI GKPGT CNGZCPFTKPKUEJGP -CKUGTIGUEJKEJVG   $·PFG5VWVVICTV:56HP+85+PGKPGO$CPFKP*CNDNGFGTIGDWPFGP4ÒEMGP DGUEJ·FKIV





9#&&+0)6109*$#$'.10'4'+0#%*64GEWGKNI¾P¾TCNFGUOQPPCKGUITGESWGUF #UKG /KPGWTG $CPF   .KGHGTWPI $CPF   .KGHGTWPI  #WHNCIG =OGJT PKEJV GTUEJKGPGP? 2CTKU   +856HP56HP56HP5 6HP   5  6HP +P  $·PFGP IGDWPFGP $CPF  KP .GKPGP UQPUV *CNDNGKPGP GVYCU   DGUVQ­GPYGPKIG5GKVGPNQUG    51


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9#..#%' 92 6JG 'WDQKCP .GCIWG CPF KVU %QKPCIG 00/  0GY ;QTM  :+  5   6HP.GKPGP





9#4&,)TGGM%QKPUCPF6JGKT2CTGPV%KVKGUCEEQORCPKGFD[CECVCNQIWGQHVJGCWVJQT UEQNNGEVKQP .QPFQP(TQPVKURK\:::+5OKV\CJNTGKEJGP6HPWPF#DD*CNDNGFGT





9#44'0*,.#P'UUC[QP)TGGM(GFGTCN%QKPCIG.QPFQP%CODTKFIG5.GKPGP





9'+&#7'4 . 2TQDNGOG FGT HTÒJGP 'NGMVTQPRT·IWPI 6[RQU  (TKDQWTI   5  6HP   .GKPGP4ÒEMGPDGUEJ·FKIV





9'+.4&CU/ÒP\YGUGPFGU#EJ·KUEJGP$WPFGU5&CWU<H0  56HPWPF *CNDNGFGT



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9'+5'4 9 -CVCNQI FGT $KVJ[PKUEJGP /ÒP\GP FGT 5COONWPI FGU +PUVKVWVU HÒT #NVGTVWOUMWPFG FGT   7PKXGTUKV·V -ÌNP $CPF  0KMCKC /KV GKPGT 7PVGTUWEJWPI FGT 2T·IGU[UVGOG WPF )GIGPUVGORGN   2CR[TQNQIKEC%QNQPKGPUKC1RNCFGP::8+56HP1TKI$TQUEJWT





9'56'4/#4-7&CU$KNFPKUFGU2JKNGVCKTQUXQP2GTICOQP%QTRWUFGT/ÒP\RT·IWPI5VQEMJQNO WC56HP.GKPGP'KPKIGYGPKIG$GKUVKHVPQVK\GPKO6GZV





9'56'4/#4- 7,'0-+05 - 6JG %QKPCIG QH -COCTKPC 405 5RGEKCN 2WDNKECVKQP  .QPFQP   5OKVGKPGT(CNVMCTVG6HP.GKPGP





9*+6'*'#& 4$ %CVCNQIWG QH %QKPU KP VJG 2WPLCD /WUGWO .CJQTG 8QN  +PFQ)TGGM %QKPU   1ZHQTF:++56HP.GKPGP





9+..+#/5 46 6JG %QPHGFGTCVG %QKPCIG QH VJG #TECFKCPU KP VJG (KHVJ %GPVWT[ $% 00/    0GY;QTM:+:56HP.GKPGP





6JG 5KNXGT %QKPCIG QH VJG 2JQMKCPU 405 5RGEKCN 2WDNKECVKQP  .QPFQP  +:  5  6HP   .GKPGP$GKNKGIGPF(CJPGPMQTTGMVWTFGT4G\GPUKQPXQP95%*9#$#%*'4\WFKGUGO$WEJ





6JG5KNXGT%QKPCIGQH8GNKC4055RGEKCN2WDNKECVKQP.QPFQP:+56HP.GKPGP





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947%- 9 &KG U[TKUEJG 2TQXKP\KCNRT·IWPI XQP #WIWUVWU DKU 6TCLCP 5VWVVICTV  8+++  5   6HP*CNDNGFGT4ÒEMGPNGKEJVDGUEJ·FKIV6HNQUG





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#WUFTWEMCWHU·WTGHTGKGO2CRKGT



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/ÒP\GP -KNKMKGPU CWU MNGKPGTGP FGWVUEJGP 5COONWPIGP 8GUVKIKC  /ÒPEJGP  8+++ 5 -CTVG   56HP





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6GZVKPTWUUKUEJGT5RTCEJG

52


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 68

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-1081.76 ,7.+5%*%.#7&+5%*' &;0#56+' 8+'4-#+5'4,#*4 (.#8+'4  <CJNTGK   EJG 5QPFGTFTWEMG FCTWPVGT - 97.<+0)'4 &KG /CEGNNWO&WRQPFKGP FGU 0GTQ 5& CWU 0WOKU   OCVKM  56HP7*#75/#00,WNKC6KVK&QOKVKNNC&QOKVC5&CWU&CUTÌOK UEJG *GTTUEJGTDKNF  5  6HP  %*8 576*'4.#0& %NCWFKWU CPF VJG 5GPCVQTKCN   /KPV  % $CGDKWUCPFVJG%QKPCIGQH ! &KWOWPFGT6KDGTKWU5&CWU,QWTPCNQH4QOCP5VWFKGU 56H62'-Š4;6KDGTKWUWPFFGT6GORGNFGT%QPEQTFKCKP4QO5&CWU/KVVGK NWPIGPFGU&#+4ÌOKUEJG#DVGKNWPI  56HP1TKI$TQUEJWTWPFIGJGHVGV

 



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-1081.76  ,#*4*70&'46 0%*4  -NGKPUEJTKHVGP WPF 5QPFGTFTWEMG FCTWPVGT -   /'0#&+'4&KG/ÒP\GPWPFFCU/ÒP\YGUGPDGKFGP5ETKRVQTGU*KUVQTKCG#WIWUVCG5&CWU<H0  5 6 41*&' 5KNDGT#PVQPKPKCPG FGT TÌOKUEJGP -CKUGTKP 5WNRKEKC &T[CPVKNNC 5& CWU ,CJTGU   DGTKEJVFGU8GTGKPU%CTPWPVWOHÒTFKG,CJTG56H=/KV9KFOWPI *GTTP&T (9CNNCHTGWPFNKEJUVXQO8GTHCUUGTGVYCUDGUEJ·FKIV?181'66'4#VNCUFGT/ÒP\GPFGU-CKUGTU )CNNKGPWU WPF UGKPGT (COKNKG 'TUVG #DVJGKNWPI 4QOC GV 6CTTCEQ $GKNCIG\W0<6HP1TKI $TQUEJWT  



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 71


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$1'*/'0 ,) 5·EJUKUEJGU )TQUEJGP%CDKPGV \WT (QTVUGV\WPI FGT 5COONWPI &GWVUEJGT /ÒP\GP   OKVVNGTGT WPF PGWGTGT <GKVGP (CEJ  .GKR\KI<ÒNNKEJCW (TQOOCPP   $NN  5   6HPGKPKIG/ÒP\VWUEJG\GKEJPWPIGPXQPCNVGT*CPFGTI·P\V$NN5$NN4GIKUVGT6HP +PGKPGO$CPFKP)CP\NGFGTOKV)QNFRT·IWPIIGDWPFGP



5GNVGP







$140'&CU<GKVCNVGTFGU&GPCTU'KP$GKVTCI\WTFGWVUEJGP)GNFWPF/ÒP\IGUEJKEJVGFGU/KVVGN CNVGTU 9KTVUEJCHVU WPF 8GTYCNVWPIUUVWFKGP OKV DGUQPFGTGT $GTÒEMUKEJVKIWPI $C[GTPU  .GKR   \KI'TNCPIGP:8+++5*CNDNGKPGP



$140'/#008&KG-KRRGTOÒP\GPFGT*GT\ÌIGXQP5CEJUGP#NVGPDWTI*CNNGCPFGT5CCNG5 6HP)GUEJKEJVGFGT/ÒP\UV·VVG'KUGPCEJ5&CWU$N·VVGTHÒT/ÒP\HTGWPFG  56H &KG-KRRGTOÒP\GPFGT*GT\ÌIGXQP5CEJUGP9GKOCT5&CWU$N·VVGTHÒT/ÒP\HTGWPFG   56HP)GJGHVGV  



$4#/$#%*9)TQUUJGT\QINKEJGU5COONWPIGP)GD·WFG/ÒP\CWUUVGNNWPI&KGDCFKUEJGP/ÒP\GP  $·PFG -CTNUTWJG   5 OKV #DD  5  6HP FC\W  5QPFGTFTWEMG FCTWPVGT (   9+'.#0&6$GKVT·IG\WTQDGTTJGKPKUEJGP/ÒP\WPF)GNFIGUEJKEJVG&KG/ÒP\HWPFGXQP4QVGPHGNU 1QUWPF+NNKPIGP5&CWU,0)  56HP+PXGPVWTKPFGT/ÒP\UV·VVG\W$CFGP $CFGP  5& CWU &GT /ÒP\GP WPF /GFCKNNGPUCOONGT  5 7-.'+0&KG/ÒP\ RT·IWPI FGT <·JTKPIGT IGIGP 'PFG FGU  ,CJTJWPFGTVU KO .KEJVG GKPGU PGWGP (WPFGU 5& CWU -   5%*/+& *TUI  &KG <·JTKPIGT 5EJYGK\GT 8QTVT·IG WPF PGWG (QTUEJWPIGP 5KIOCTKPIGP  5    6HP  * 81..' (TGKDWTIGT /ÒP\GP WPF /GFCKNNGP (TGKDWTI  - 41//'.   &KG6CNGTXQP(TGKDWTIKO$TGKUICW(TGKDWTIGT/ÒP\DN·VVGT  &KG/ÒP\GPXQP(TGKDWTIKO $TGKUICW(TGKDWTIGT/ÒP\DN·VVGTWPF7PVGTUEJKGFNKEJIGDWPFGP  

 95


&'765%*.#0& 





$4#64+0)2ªDGTFCU/ÒP\YGUGPFGT5VCFV5VTCNUWPFKPPGWGTGP<GKVGP5&CWU$GTNKPGT/ÒP\ DN·VVGT  5GKPKIG6HP*CNDNGKPGPFKG5 HGJNGPUQPUVMQORNGVV



$4#70 810 567// ) &KG /ÒP\GP FGT #DVGK *QTPDCEJ PGDUV $GKVT·IGP \WT /ÒP\MWPFG XQO   5RG[GTICWWPF'NUC­KO,CJTJWPFGTV*CNNGCPFGT5CCNG56HP.GKPGP$KPFWPI GVYCUNQEMGT$NGKUVKHVPQVK\GPCWHFGP6HP



%QNOCTGT2HGPPKIGCWUFGT+PVGTTGIPWOU\GKV5&CWU#PPWCKTGFGNC5QEK¾V¾*KUVQTKSWGGV.KVV¾TCKTGFG %QNOCT   5  6HP )GJGHVGV 7OUEJNCI GVYCU DGUEJ·FKIV 5COOGNDCPF &CU #PFGEJUGT   /ÒP\TGEJV \W +PPUDTWEM 5& CWU 6KTQNGT *GKOCV    5     5    8GTÌHHGPVNKEJWPIGPFGU/WUGWO(GTFKPCPFGWO  56H'KPG&GOQPUVTCVKQPUOÒP\G 'T\DKUEJQH,QJCPPU+XQP6TKGT5&CWU6TKGTGT<GKVUEJTKHV  56H&GT·NVGUVG .WZGODWTIGT.ÌYGPRHGPPKICNUJGTCNFKUEJGU&QMWOGPV5&CWU*GOGEJV56HP&GT /ÒP\HWPF XQP /GT\KI 5& CWU $GTKEJV FGU 5VCCVNKEJGP -QPUGTXCVQTGPCOVGU FGU 5CCTNCPFGU      5  OKV \CJNTGKEJGP #DD  &GT /ÒP\HWPF XQP )NGKUYGKNGT 5& CWU /KVVGKNWPIGP FGU   *KUVQTKUEJGP8GTGKPUFGT2HCN\  56HP-CTVG.QVJTKPIKUEJVTKGTKUEJG#NNKCP\ KO  ,CJTJWPFGTV 'KPG )GOGKPUEJCHVURT·IWPI *GT\QI (GTTKU +++ XQP .QVJTKPIGP WPF 'T\DKUEJQH   $QGOWPFU XQP 6TKGT 5& CWU 6TKGTGT <GKVUEJTKHV    5  6H   /GV\GT   /ÒP\UV·VVGPCPFGTOKVVNGTGP5CCT5&CWU5CCTDTÒEMGT*GHVG  56H+PGKPGO$CPFKP .GKPGPIGDWPFGP$GKNKGIGPF)$4#70810567//(WPFOÒP\GCWU9ÌTUEJYGKNGT&GPCT$KUEJQH 5VGRJCPU XQP /GV\   /ÒP\UV·VVG 5CCTYGTFGP !  5& CWU $GTKEJV ÒDGT FKG  QTFGPVNKEJG   /KVINKGFGTXGTUCOONWPI FGT -QOOKUUKQP HÒT 5CCTN·PFKUEJG .CPFGUIGUEJKEJVG WPF 8QNMUHQTUEJWPI CO   WPF,WNK5 



/GJTHCEJOKV9KFOWPIFGU8GTHCUUGTU







$4#70,$GUEJTGKDWPIFGT/ÒP\GPWPF/GFCKNNGPFGTGJGOCNKIGP.CPFITCHUEJCHV*GUUGP*QODWTI KP /KVVGKNWPIGP FGU 8GTGKPU HÒT )GUEJKEJVG WPF #NVGTVWOUMWPFG \W $CF *QODWTI   5   6HP %% *1((/#00 &KG /ÒP\GP WPF /GFCKNNGP FGT UQWX .CPFITCHGP \W *GUUGP*QO   DWTI0GDUVGKPGO#PJCPIG&KG*GUUGP*QODWTIKUEJGP/KNKVCKTFKGPUV#WU\GKEJPWPIGPWPF(GNF\WIU &GPM\GKEJGP *QODWTI XQT FGT *ÌJG  8+++  5 1TKI$TQUEJWT VGKNYGKUG DGUEJ·FKIV    



$7%*#7(XQP$GUEJTGKDWPIFGTKOGJGOCNKIGP*QEJUVKHV'KEJUV·VVIGRT·IVGP/ÒP\GP+PIQNUVCFV :5.()'$'46&KG/ÒP\GPWPF/GFCKNNGPFGUGJGOCNKIGP*QEJUVKHVGU'KEJUV·VV<CJN TGKEJGWPRCIKPKGTVG5GKVGPJCPFUEJTKHVNKEJ8GT\GKEJPKUFGT$KUEJÌHGD\Y(ÒTUVDKUEJÌHGFGU$KUVWOU D\Y *QEJUVKHVU 'KEJUV·VV  5 JCPFUEJTKHVNKEJ &WTEJUEJQUUGP WPF OKV \CJNTGKEJGP NGGTGP 5GKVGP KP   *CNDNGKPGPIGDWPFGP'$%#*0&KG/ÒP\GPFGU*QEJUVKHVU'KEJUV·VV$C[GTKUEJG/ÒP\MCVCNQIG )TÒPYCNF5(CNVMCTVG.GKPGP$KPFWPIGVYCUNQEMGT  



$7%*'0#7*&KG/ÒP\GPFGT2TQRUVGK9KNFGUJCWUGP5&CWU<H0  5*CND NGKPGP



/KV9KFOWPIFGU8GTHCUUGTUCP*GTTP95EJTCV\KP*QEJCEJVWPI



&GT $TCMVGCVGPHWPF XQP 0KGFGTMCWHWPIGP DGK %CUUGN 'KP $GKVTCI \WT )GUEJKEJVG FGU OKVVGNCNVGTNKEJGP   /ÒP\YGUGPU DGUQPFGTU HÒT FKG )GDKGVG XQP *GUUGP 6JÒTKPIGP 9CNFGEM WPF FGT 'T\DKUEJÌHG XQP   /CKP\5&CWU$N·VVGTHÒT/ÒP\HTGWPFGWPF&TGUFGP5R6HP.GKPGP





&GT $TCEVGCVGPHWPF XQP 5GGIC 'KP $GKVTCI \WT 'THQTUEJWPI FGT FGWVUEJGP /ÒP\FGPMO·NGT CWU FGO   <GKVCNVGTFGTUVCWHKUEJGP-CKUGT/CTDWTI:8+++5R6HP.GKPGP





'KP#WIUDWTIGT2HGPPKIHWPFFGTOKVVNGTGP5VCWHGP\GKV5&CWU$H/56H1TKI$TQUEJWT



/KV9KFOWPIFGU8GTHCUUGTU*GTTP*QHTCVJXQP'TPUVJQEJCEJVWPIUXQNNUV*$WEJGPCW



$GKVT·IG \WT 'THQTUEJWPI FGT UEJY·DKUEJCNNGOCPPKUEJGP 2HGPPKIG FGU  ,CJTJWPFGTVU 5& CWU   $N·VVGTHÒT/ÒP\HTGWPFG5NQUGDGKNKGIGPFG6HP.GKPGP





&GT /ÒP\HWPF XQP -CTNUVGKP DGK 4GKEJGPJCNN   OKV $GKVT·IGP \WT /ÒP\MWPFG FGT DGKFGP GTUVGP   $CKGTPJGT\ÌIGCWUFGO*CWUG9KVVGNUDCEJ5&CWU/$0)56HP*CNDNGKPGPKO 8QTUCV\GZNKDTKUGPVHGTPV



 96

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




&'765%*.#0& 



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

  5  =OKV 9KFOWPI *GTTP 2 ,QUGRJ KP XQT\ÒINKEJGT *QEJCEJVWPI FGT 8GTH?    0QEJGKPOCN)GTCWPF9GKFC5&CWU#TEJKXHÒT$TCEVGCVGPMWPFG$CPF9KGP5#DD 'KP/CIFGDWTIGT$TCEVGCVFGU-CKUGTU(TKGFTKEJ++·NVGTG*QJNOÒP\GPFGT)TCHGPXQP*Q[C'KPG KP 'THWTV IGHWPFGPG $TCEVGCVGPDÒEJUG 5&& CWU #TEJKX HÒT $TCEVGCVGPMWPFG $CPF  9KGP    5#DD&KG/ÒP\UV·VVG1NFKUNGDGPWPFFKGKP6JÒTKPIGPIGRT·IVGP*QJNOÒP\GPFGT5ÌJPG#ND TGEJVUFGU$·TGP5&CWU$N·VVGTHÒT/ÒP\MWPFG  5#DD$GKVT·IG\WTUEJY·DKUEJ HT·PMKUEJGP /ÒP\MWPFG FGU UR·VGTGP /KVVGNCNVGTU XGTDWPFGP OKV FGT $GUEJTGKDWPI FGU \YGKVGP (WPFGU   XQP $GN\JGKO DGK ¤VVKPIGP 5& CWU /$0)     5  6HP =(QTVUGV\WPI HGJNV?  9GUVH·   NKUEJGT5VGTNKPIUHWPF (WPF.GEJVKPIGPDGK1UPCDTÒEM /ÒPEJGPWPRCIKPKGTVG56HP *GUUKUEJG )GNFXGTJ·NVPKUUG WO  /KV $GKVT·IGP \WT U·EJUKUEJGP /ÒP\MWPFG 5& CWU $GTNKPGT   /ÒP\DN·VVGT  55VWFKGPWPF'TÌTVGTWPIGP\WTOKVVGNCNVGTNKEJGP/ÒP\MWPFG&GWVUEJ NCPFU&GT/ÒP\XGTVTCIFGU)TCHGP,QJCPP:+8XQP1NFGPDWTIOKV)TQPKPIGPXQP#PJCPI#WU FGP5COONGT'TKPPGTWPIGPGKPGUPKGFGTU·EJUKUEJGP/ÒP\HTGWPFGU&KGU·EJUKUEJGPCPIGDNKEJ-QDWT IGT*GNNGTFGT/ÒP\TGHQTOXQP&KG5VCNGFGUYGPFKUEJGP/ÒP\XGTGKPUXQP WPFCPFGTG UR·VCNVGTNKEJG2TQDGIGYKEJVG&GT-ÌNPGT2HGPPKI=4G\GPUKQP\W9CNVGT*·XGTPKEM&GT-ÌNPGT2HGPPKI KOWPF,CJTJWPFGTV?)GNFUQTVGPKP/ÒJNJ·WUGT-·OOGTGKTGEJPWPIGP/ÒP\OGKUVGTPCOGPCWH FGPNGV\VGP5CCNHGNFGT*QJNRHGPPKIGP*QJNRHGPPKIGFGT/ÒP\UV·VVG'KUGPDGTIKP1UVVJÒTKPIGP.GQPCT FQ U 'PVYWTH GKPGT 2T·IGDÒEJUG 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG   5  'KP WPDGMCPPVGT   &KEMRHGPPKI FGU GTUVGP .CPFITCHGP XQP *GUUGP CWU FGT /ÒP\G 9QNHJCIGP 5& CWU 0WOKUOCVKUEJ   URJTCIKUVKUEJGT #P\GKIGT Q,  5  'KP )QNFVTKGPU FGU /ÒPEJPGT %CDKPGVVU /ÒPEJGP Q,  5 +P   GKPGO$CPFKP.GKPGPIGDWPFGP



$7%*'0#7 *2+%- $ &GT $TCMVGCVGPHWPF XQP )QVJC   /ÒPEJGP  8+++  5   6HP.GKPGP4ÒEMGPVGKNYGKUGNQUG&GEMGNNQEMGT



4208



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



'PVJ·NV WC #010;/ &GU GJGOCNKIGP *QEJUVKHVU (WNFC /ÒP\GP WPF /GFCKNNGP CWU FGO /KVVGNCNVGT WPF FGT   LÒPIGTGP<GKVIGUCOOGNVWPFDGUEJTKGDGPXQPGKPGO(WNFCGTKP$CPF5$CPF5$CPF 5*'437'67GDGTGKPKIGOGTMYÒTFKIG(WNFCKUEJG/ÒP\GPCWUFGO/KVVGNCNVGTKP$CPF5



$7%-*&CU)GNFWPF/ÒP\YGUGPFGT5V·FVGKPFGP.CPFGP*CPPQXGTWPF$TCWPUEJYGKI(TCPM HWTVCO/CKP51TKI$TQUEJWT



$GUKV\GTUVGORGN90GFFGTOG[GT$KUUQPFQTH5QPPGPYGI6  

97


&'765%*.#0& 

&CU)GNFWPF/ÒP\YGUGPFGT5V·FVGKPFGP.CPFGP*CPPQXGTWPF$TCWPUEJYGKI(TCPMHWTVCO/CKP 51TKI$TQUEJWTWPCWHIGUEJPKVVGP





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





$7%-*$#*4('.&6/XQP&KG/ÒP\GPFGT5VCFV*KNFGUJGKO&KG/ÒP\GPFGU$KUVWOUWPF FGT5VCFV*KNFGUJGKO*KNFGUJGKOWPF.GKR\KI:+56HP1TKI.GKPGPOKV&GEMGNRT· IWPI



$7%-*$ª660'4#-.7)'$&KG/ÒP\GPFGT4GKEJUUVCFV)QUNCTDKU/ÒP\IG UEJKEJVGWPF)GRT·IGMCVCNQI$GTNKPGT0WOKUOCVKUEJG(QTUEJWPIGP0GWG(QNIG$GTNKP5 6HP-CTVQPKGTV





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





$7%-.&KG/ÒP\GPFGU-WTHÒTUVGPVWOU5CEJUGPDKU$GTNKP5OKV\CJNTGKEJGP #DD.GKPGP





$ª4-'..XQP&KG$KNFGTFGTUÒFFGWVUEJGPDTGKVGP2HGPPKIG *CNDDTCMVGCVGP +JTG'TM·TWPIFWTEJ $G\KGJWPI CWH CPFGTG -WPUVICVVWPIGP /ÒPEJGP   5 OKV \CJNTGKEJGP #DD 1TKI$TQUEJWT  







$74-*#4&6 &KG /ÒP\GP WPF /GFCKNNGP FGU *GT\QIU 'TPUV #WIWUV XQP 5CEJUGP9GKOCT    5&CWU$N·VVGTHÒT/ÒP\HTGWPFG  56HP'VYCUDGUEJ·FKIVGKPG6HNQUG





$75' 9 /ÒP\IGUEJKEJVG FGT )TCHUEJCHV 4KGVDGTI 5& CWU <H0     5  6HP .GKPGP   #WHMNGDGTCWH6KVGNUGKVGGPVHGTPV





%#*0 '$ /ÒP\IGUEJKEJVG WPF /ÒP\MCVCNQI FGU *GT\QIVWOU WPF -WTHÒTUVGPVWOU $C[GTP XQP FGT   /ÒP\TGHQTO FGU ,CJTGU  DKU \WO 6QFG FGU -WTHÒTUVGP (GTFKPCPF /CTKC  &KUUGTVCVKQP \WT   'TNCPIWPIFGT9ÒTFGGKPGU&QMVQTUFGT2JKNQUQRJKGXQTIGNGIVFGT2JKNQUQRJKUEJ*KUVQTKUEJGP(CMWNV·V FGT7PKXGTUKV·V$CUGN)TÒPYCNF5WPRCIKPKGTVG5OKV\CJNTGKEJGP#DD1TKI$TQUEJWT



)NGKEJ\GKVKICNU$WEJCWUICDGGTUEJKGPGP $C[GTKUEJG/ÒP\MCVCNQIG 



%#*0,/ÒP\WPF)GNFIGUEJKEJVGFGT5VCFV5VTC­DWTIKO/KVVGNCNVGT5VTC­DWTI8+++5 6H.GKPGP





&GT4CRRGPOÒP\DWPF'KPG5VWFKG\WT/ÒP\WPF)GNF)GUEJKEJVGFGUQDGTGP4JGKPVCNGU*GKFGNDGTI 856HP*CNDRGTICOGPVGKPG6HGVYCUNQUGGKPKIG$NGKUVKHVPQVK\GP





&KGFGWVUEJG5VGORGNUEJPGKFGMWPUVKO/KVVGNCNVGT5&CWU,CJTDWEJFGU(TGKGP&GWVUEJGP*QEJUVKHVU\W (TCPMHWTVCO/CKP56HP1TKI$TQUEJWT



/KV9KFOWPIFGU8GTHCUUGTUCP*GTTP2TQH&T2,/GKGTOKVHTGWPFNKEJGP)TÒ­GP



/ÒP\WPF)GNFIGUEJKEJVGXQP-QPUVCP\WPFFGU$QFGPUGGIGDKGVGUKO/KVVGNCNVGTDKU\WO4GKEJUOÒP\ IGUGV\XQP/ÒP\WPF)GNFIGUEJKEJVGFGTKO)TQ­JGT\QIVWO$CFGPXGTGKPKIVGP)GDKGVG*GK FGNDGTI:56HP(CNVMCTVG*CNDNGFGTKO-CVCNQIVGKNFWTEJUEJQUUGPGU'ZGORNCTOKV \CJNTGKEJGP JCPFUEJTKHVNKEJGP 0QVK\GP $GKNKGIGPF 4G\GPUKQP XQP * $7%*'0#7 KP $N·VVGT HÒT   /ÒP\MWPFG5RKP(QVQMQRKG



'ZNKDTKU(#TVJWT-QGPKI







98

&CUFGWVUEJG'NUC­KPUGKPGP/ÒP\GPWPF/GFCKNNGP5&CWU'NUC­.QVJTKPIKUEJGU,CJTDWEJ5 6HP=OKV9KFOWPIFGU8GTHCUUGTUCP*GTTP2TQH&T(TKGFTKEJ5VGHCPOKVHTGWPFNKEJGP)TÒ­GP 5VTC­DWTIUYKTVUEJCHVNKEJG$G\KGJWPIGP\WOFGWVUEJGP1UVGPKO/KVVGNCNVGT5&CWU'NUC­.QVJTKPIK UEJGU,CJTDWEJ5)GJGHVGV  



(TCPMHWTV CNU 2T·IGUV·VVG FGT LÒPIGTGP 9GVVGTCWGT -ÌPKIUDTCMVGCVGP 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG     'KP 9GVVGTCWGT &[PCUVGPDTCMVGCV OKV JGDT·KUEJGT 7OUEJTKHV 5& CWU <H0  2 ,15'2*   &KG9GVVGTCWGT$TCMVGCVGP 1FGPYCNFGT(WPF 5&CWU$GTNKPGT/ÒP\DN·VVGT9('465%*&KG /ÒP\XGTJ·NVPKUUGKPFGT9GVVGTCWKOWPF,CJTJWPFGTV5&CWU9GVVGTCWGT)GUEJKEJVUDN·VVGT

 1TKI$TQUEJWT  



%#22'*2&KG/ÒP\GPFGTFGWVUEJGP-CKUGTWPF-ÌPKIGFGU/KVVGNCNVGTU6GKNG&TGUFGP 8+++:+88+++56HP+P\YGK$·PFGPKP*CNDNGFGTIGDWPFGPOKPK OCNDGUVQ­GP




&'765%*.#0&

4227



&KG /KVVGNCNVGT/ÒP\GP XQP /ÒPUVGT 1UPCDTÒEM 2CFGTDQTP %QTXGK WPF *GTXQTF &TGUFGP    56HP*CNDNGKPGP4ÒEMGPGVYCUDGUEJ·FKIV



'ZNKDTKU1VVQ5EJWNGPDWTIWPFJCPFUEJTKHVNKEJGT$GUKV\GTGKPVTCI15EJWNGPDWTI



$GUEJTGKDWPI FGT /ÒP\GP FGU XQTOCNKIGP -CKUGTNKEJGP HTGKGP YGNVNKEJGP 5VKHVU 3WGFNKPDWTI &TGUFGP   +85(CNVVHP*CNDNGFGT4ÒEMGPGVYCUDGUEJ·FKIVVGKNYGKUGGVYCUUVQEMHNGEMKI



&KG/ÒP\GPFGT5VCFVWPFFGU$KUVJWOU*KNFGUJGKO&TGUFGP56HP.GKPGP



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

  

'ZNKDTKU,19GFDGTI



$GUEJTGKDWPIFGT/ÒP\GPXQP)QUNCT&TGUFGP:++56HP*CNDNGFGT



&#00'0$'4) * &KG FGWVUEJGP /ÒP\GP FGT U·EJUKUEJGP WPF HT·PMKUEJGP -CKUGT\GKV  $·PFG   $GTNKP:+:5-CTVG6HP85(CNVMCTVG6HP8+5 6HP8+6HP+PHÒPH$·PFGPKP*CNDNGKPGPIGDWPFGP$KPFWPIXQP$CPF GVYCUNQEMGT6HPHCUVNQUGGKPKIG$NGKUVKHVPQVK\GP  





8GT\GKEJPKU OGKPGT 5COONWPI FGWVUEJGT /ÒP\GP FGT U·EJUKUEJGP WPF HT·PMKUEJGP -CKUGT\GKV .GKR\KI   5OKV0TP.GKPGP





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





0CEJVT·IG \W FGP FGWVUEJGP /ÒP\GP FGT U·EJUKUEJGP WPF HT·PMKUEJGP -CKUGT\GKV 5& CWU $GTNKPGT   /ÒP\DN·VVGTWPFUQYKG0GWG(QNIG$GTNKP56HP.GKPGP





'KP(WPFPKGFGTFGWVUEJGT$TCMVGCVGP UQI(WPFXQP 5&CWU<GKVUEJTKHVHÒT/ÒP\5KGIGNWPF 9CRRGPMWPFG0CEJFTWEM*CNNGCPFGT5CCNG56HP1TKI$TQUEJWT





&KG/ÒP\HWPFGXQP5EJYCT\QYWPF)TQ­4KUEJQY5<WT/ÒP\MWPFGFGU\GJPVGPWPFGKNHVGP ,CJTJWPFGTVU5&GT/ÒP\HWPFXQP&QDTC5&GT&GPCTHWPFXQP2QNPC5 0QEJFTGKGUVPKUEJG&GPCTHWPFG=-WPFC1FGPR·JWPF#NNCV\MKYYK?5&KG·NVGUVGP/ÒP \GP1UVUCEJUGPU5&CWU0<  56HP=OKV\CJNTGKEJGP$NGKUVKHVPQVK\GP?'KP &GPCTFGU$KUEJQHU4CKODGTVQFGT4GIKPDGTVXQP8GTFWP  5'KPWPGFKTVGT&GPCTFGU $KUEJQHU *CKOQ XQP 8GTFWP   5  &KG 5KGIGUOÒP\GP -ÌPKI *GKPTKEJU ++ WPF *GT\QI   )QVHTKGFU + XQP 0KGFGT.QVJTKPIGP 5& CWU /¾OQKTGU RTGUGPV¾U CW %QPIT¾U +PVGTPCVKQPCN FG 0WOKU   OCVKSWG   5 6H ' %#410 # RTQRQU FG FGWZ FGPKGTU FW :G QW :+G UK½ENG RWDNK¾U RCT /   &CPPGPDGTIFCPUNG<GKVUEJTKHVHÒT0WOKUOCVKM/CEQP5+PGKPGO$CPFKP*CNDNGKPGPIGDWP FGP4ÒEMGPWPVGT6GUCHKNOOKVFGO6KVGN5COOGNDCPFU·EJUKUEJUCNKUEJG-CKUGT\GKV+DGMNGDV



&#00'0$'4) *& &KG DTCPFGPDWTIKUEJGP &GPCTG FGU  WPF  ,CJTWPFGTVU 6[RGPMCVCNQI   2T·IG\GKVGP *KUVQTKUEJG <WUCOOGPJ·PIG $GTNKP   5  6HP 1TKI$TQUEJWT DGKNKGIGPF   'TI·P\WPIGP&KG&GPCTGFGT0CEJDCTP$TCPFGPDWTIUKOWPF,CJTJWPFGTV#PJCNV5CEJUGP 9KVVGPDGTI OKV $TGJPC /CIFGDWTI 6[RGPMCVCNQI 2T·IG\GKVGP JKUVQTKUEJG <WUCOOGPJ·PIG $GTNKP     5 FCXQP  6HP 1TKI$TQUEJWT . 6'9'5 &KG DTCPFGPDWTIKUEJGP *GNOJQJNRHGPPKIG   XQPDKU'KP$GKVTCI\WTDTCPFGPDWTIKUEJGP/ÒP\MWPFG5&CWU$GKVT·IG\WTDTCPFGPDWT IKUEJRTGW­KUEJGP0WOKUOCVKMQ1Q,5OKV\CJNTGKEJGP#DD.GKPGP#'$'4*#)'0&KG /ÒP\RT·IWPIGP FGT CUMCPKUEJGP /CTMITCHGP KP 5CN\YGFGN DKU \WO 'TYGTD FGU /ÒP\TGEJVU FWTEJ FKG   5VCFVKO,CJTG5&CWU#WUFGT#NVOCTM5FCXQP6HP1TKI$TQUEJWT&KG<GKV FGT*QJNRHGPPKIRT·IWPIGPKP5CN\YGFGNPCEJFGO,CJTG5&CWU#WUFGT#NVOCTM5 FCXQP6HP1TKI$TQUEJWT  







99


&'765%*.#0& 



&#55&14( -9 0WOKUOCVKUEJ*KUVQTKUEJGT .GKVHCFGP \WT 7GDGTUKEJV FGT 5·EJUKUEJGP )GUEJKEJVG   0CEJFGOXQP6GWDGTPUEJGPJKPVGTNCUUGPGP/ÒP\%CDKPGVVOKVGKPGTJKUVQTKUEJNKVVGTCTKUEJGP'KPNGKVWPI &TGUFGP::8+++5*CNDNGFGTOKVGKPIGDWPFGPGKPOCUEJKPGPUEJTKHVNKEJGU+PJCNVUXGT\GKEJ PKU



&#8'02146,5)GTOCP6CNGTU#WHNCIG.QPFQP8+++5OKV\CJNTGKEJGP #DD-WPUVNGFGTNGKEJVDGUVQ­GP



&KGUG#WHNCIGOKVDGUUGTGP#DDKNFWPIGP



)GTOCP%JWTEJCPF%KV[6CNGTU)CNGUDWTI8+++5OKV\CJNTGKEJGP#DD-WPUVNGFGT





)GTOCP5GEWNCT6CNGTU(TCPMHWTVCO/CKP5OKV\CJNTGKEJGP#DD-WPUVNGFGT





)GTOCP6CNGTU(TCPMHWTVCO/CKP5OKV\CJNTGKEJGP#DD-WPUVNGFGT





)GTOCP 6CNGTU   #WHNCIG .QPFQP  8+++  5 OKV \CJNTGKEJGP #DD -WPUVNGFGT   $GYGTVWPIUNKUVGXQO/CKDGKNKGIGPF





5KNXGT)WNFGP(TCPMHWTVCO/CKP5OKV\CJNTGKEJGP#DD-WPUVNGFGT





.CTIG5K\G5KNXGT%QKPUQHVJG9QTNFVJVQVJ%GPVWTKGU#WHNCIG+QNC5OKV\CJNTGK EJGP#DD-WPUVNGFGT





&#8'02146,55¦0&'4)##4&6.CTIG5K\G5KNXGT%QKPUQHVJG9QTNF#WHNCIG)CNGU DWTI8+++5OKV\CJNTGKEJGP#DD.GKPGP





&'/1.''. CEEQTFFG5VCFVJCIGP .KRRG GVNCO¾FCKNNGHTCRR¾GCEGVVGQEECUKQPGP5&CWU 504  5OKV#DD1TKI$TQUEJWT





&'0+%-',&KG$TCMVGCVGPFGT/ÒP\UV·VVG$TCWPUEJYGKI6GKNG$TCWPUEJYGKI5 OKV\CJNTGKEJGP#DD+PGKPGO$CPFKP.GKPGPIGDWPFGPGKPG5GKVGNQUG*4'+6<9GNHKUEJG$TCM VGCVGP2HGPPKIRT·IWPIGPPCEJNÒDKUEJGO/ÒP\HW­CWUFGT<GKV*GKPTKEJUFGU.ÌYGPWPFUGKPGT5ÌJPG -NGKPG *GHVG FGT /ÒP\UCOONWPI CP FGT 4WJT7PKXGTUKV·V $QEJWO  $QEJWO   5 OKV   \CJNTGKEJGP#DD-CTVGHCTDKIG(CNVMCTVG1TKI$TQUEJWT  





&'6*.'(5 ) &CU /CTUDGTIGT /ÒP\YGUGP KO /KVVGNCNVGT <WT 9KTVUEJCHVU WPF 5Q\KCNIGUEJKEJVG   GKPGTUÒFYGUVH·NKUEJGP5VCFVWO/CTUDGTI5OKV\CJNTGKEJGP#DD-CTVQPKGTV





&'765%*' $70&'5$#0- *TUI  $TCMVGCVGP FGT 5VCWHGT\GKV  CWU FGT 5COONWPI FGT   &GWVUEJGP$WPFGUDCPM$GTNKPQ,(CTDKIGU(TQPVKURK\:::+++5HCTDKIG#DDCWH6HPWPRC IKPKGTVG 5 -CTVG  &GWVUEJG 6CNGT XQP FGP #PH·PIGP FGT 6CNGTRT·IWPI DKU \WO &TGK­KIL·JTKIGP   -TKGI CWU FGT 5COONWPI FGT &GWVUEJGP $WPFGUDCPM (TCPMHWTV CO /CKP Q, (CTDKIGU (TQPVKURK\   ::8++56HP(CTDMCTVG&GWVUEJG6CNGTXQO&TGK­KIL·JTKIGP-TKGIDKU\WO'PFGFGT6CNGT RT·IWPI CWU FGT 5COONWPI FGT &GWVUEJGP $WPFGUDCPM (TCPMHWTV CO /CKP Q, (CTDKIGU (TQPVKURK\   :::+++56HP(CTDMCTVG.GKPGP  



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+O8QTUCV\JCPFUEJTKHVNKEJGT$GUKV\GTXGTOGTM2CTCXKEKPKCWUTCFKGTV



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)GUCOVCWHNCIG'ZGORNCTG  /KV5KIPCVWTFGU8GTHCUUGTU

100




&'765%*.#0& 

'$0'4 , &KG /ÒP\UV·VVG 6KGPIGP KO -NGVVICW 5& CWU (TCPMHWTVGT /ÒP\DN·VVGT   5 6H   /$.#5%*'))&KG(TGKJGTTGPXQP-TGPMKPIGPWPFKJTG/ÒP\UV·VVG6KGPIGP5&CWU#TEJKXWO*GTCN FKEWO5+:8++)GJGHVGV  





')./'+'40CDDWTIGKPGDC[GTKUEJG/ÒP\UV·VVGKO/KVVGNCNVGT5&&KG/ÒP\UV·VVGPFGT1DGT RHCN\KO/KVVGNCNVGTKP&KG1DGTRHCN\51TKI$TQUEJWT  





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





'+%**140 * &GT 5VTWMVWTYCPFGN KO )GNFWONCWH (TCPMGPU \YKUEJGP  WPF  'KP $GKVTCI   \WT /GVJQFQNQIKG FGT )GNFIGUEJKEJVG 8KGTVGNLCJTUEJTKHV HÒT 5Q\KCN WPF 9KTVUEJCHVUIGUEJKEJVG $GKJGHV   9KGUDCFGP:851TKI$TQUEJWT



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'.<' 6 &KG /ÒP\GP $GTPJCTFU )TCHGP XQP #PJCNV *GT\QIU XQP 5CEJUGP  *GHVG $GTNKP    56HP56HP+PGKPGO$CPFKP*CNDNGKPGPIGDWPFGPGVYCUDGUVQ­GP





'//'4+) * &KG 4GIGPUDWTIGT /ÒP\GTJCWUIGPQUUGPUEJCHV KO  WPF  ,CJTJWPFGTV 5& CWU   8GTJCPFNWPIGPFGU*KUVQTKUEJGP8GTGKPUHÒT1DGTRHCN\WPF4GIGPUDWTI  51TKI$TQ UEJWT





&GT 4GIGPUDWTIGT 2HGPPKI &KG /ÒP\RT·IWPI KP 4GIGPUDWTI XQO  ,CJTJWPFGTV DKU  $GTNKPGT   0WOKUOCVKUEJG(QTUEJWPIGP0GWG(QNIG$GTNKP5-CTVGP6HP-CTVQPKGTV





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'0)'.-'$/ÒP\IGUEJKEJVGFGT5VCFV*CPPQXGT5&CWU*CPP)GUEJKEJVUDN56HP  5CEJ WPF 9QTVTGIKUVGT \WT /ÒP\IGUEJKEJVG FGT 5VCFV *CPPQXGT 5& CWU *CPP )GUEJKEJVUDN   5,4/#46+0%CVCNQIWPF$GUEJTGKDWPIGKPGT#P\CJN/ÒP\GPFGT5VCFV*CPPQXGT *CPPQXGT5+PGKPGO$CPFKP*CNDNGKPGPIGDWPFGP$KPFWPNQEMGT







*CPFUEJTKHVNKEJGT$GUKV\GTGKPVTCI2CTCXKEKPKKO8QTUCV\



*GNOUVGFVGT/ÒP\IGUEJKEJVG5&CWU<H0  56HP1TKI$TQUEJWT





'4$56'+0 *# &GT /ÒP\HWPF XQP 6TGDKV\ DGK 9KVVGPDGTI 'KP $GKVTCI \WT )GUEJKEJVG FGU FGWV   UEJGP/ÒP\YGUGPUKOWPF,CJTJWPFGTV0ÒTPDGTI56HP.GKPGP



4270



'4$56'+0 ,4 WPF *# &KG /ÒP\ WPF /GFCKNNGP5COONWPI FGU XGTUVQTDGPGP *GTTP &T LWT   %-PQNNKP0ÒTPDGTI$GJWHUÌHHGPVNKEJGT\W0ÒTPDGTIUVCVVHKPFGPFGT8GTUVGKIGTWPIIGQTFPGVWPFDG UEJTKGDGP 0ÒTPDGTI  8++  5 OKV  0TP .GKPGP OKV )QNFUEJPKVV WPF )QNFXGT\KGTWPIGP   2TCEJVXQNNGT1TKI'KPDCPF



*CPFUEJTKHVNKEJGT$GUKV\GTGKPVTCI2CTCXKEKPKKO8QTUCV\



'4$56'+0 , &KG CPIGDNKEJGP 'UGPUGT 2HGPPKIG FGT )T·HKP 9CNDWTI XQP 4KVDGTI WPF KJTG YCJTG   *GTMWPHV'KP$GKVTCI\WT/ÒP\IGUEJKEJVG#PJCNVU&TGUFGP(TQPVKURK\51TKI$TQUEJWT

 101


&'765%*.#0& 

'4$56'+0,WPF#&KG5VCFV#FQTHKO,CJTJWPFGTV'KPG/ÒP\UV·VVGFGU8QIVGUXQP2NCWGP 5&56H1TKI$TQUEJWT





'TÌTVGTWPIGPCWHFGO)GDKGVGFGTU·EJUKUEJGP/ÒP\WPF/GFCKNNGP)GUEJKEJVGDGK8GT\GKEJPWPIFGT *QHTCVJ 'PIGNJCTFV UEJGP 5COONWPI &TGUFGP   5 OKV  0TP  6HP *CNDNGFGT VGKN   YGKUGOKVDGKIGUEJTKGDGPGP2TGKUGP





'TÌTVGTWPIGPCWHFGO)GDKGVGFGTU·EJUKUEJGP/ÒP\WPF/GFCKNNGP)GUEJKEJVG6GKN&TGUFGP 56HP1TKI$TQUEJWT





&KG 4KVVGT XQP 5EJWNVJGUU4GEJDGTI UEJG /ÒP\ WPF /GFCKNNGP5COONWPI  6GKNG &TGUFGP   :8+5OKV0TP5'.:+++55'.+PGKPGO$CPF KP*CNDNGFGTOKV)QNFXGT\KGTWPIGPIGDWPFGPNGKEJVDGUVQ­GP





&KG5EJGNNJCUU UEJG/ÒP\UCOONWPIUCOV\WIGJÌTKIGT$KDNKQVJGM&TGUFGP(TQPVKURK\5OKV 0TP5'.*CNDNGFGTDGUVQ­GP





'4$56'+0,6&GT$TCEVGCVGPHWPF\W9QNMGPDGTIDGK5RTGODGTIKPFGT0KGFGTNCWUKV\)ÌTNKV\ 56HP*CNDNGKPGP





'4.#0)'4 *, &KG 4GKEJUOÒP\UV·VVG KP 0ÒTPDGTI 0ÒTPDGTIGT (QTUEJWPIGP  0ÒTPDGTI    856HP1TKI$TQUEJWTOKV5EJWV\WOUEJNCI





'8'45 %( /GEMNGPDWTIKUEJG /ÒP\8GTHCUUWPI DGUQPFGTU FKG )GUEJKEJVG FGTUGNDGP  6GKNG   5EJYGTKP::++5::++5*CNDNGFGTOKV4QVUEJPKVVOKPKOCNDGUVQ­GP  'PVJ·NV KP $CPF  GKP 8GT\GKEJPKUFGT$ÒEJGTWPF5EJTKHVGPÒDGTFKG/ÒP\IGUEJKEJVG/GEMNGPDWTIU4QUVQEMUWPF 9KUOCTU UQYKG KP $CPF  GKP 8GT\GKEJPKU FGT /GEMNGPDWTIGT 4QUVQEMGT WPF 9KUOCTGT /ÒP\GP  +O 8QTUCV\   $GUKV\GTUKIPCVWT ( 6GEJGP 9KUOCT  WPF $GUKV\GTCWHMNGDGT ,QJCPPGU 5EJPGKFGT ,WYGNKGT *CODWTI)CTUVGFV   UQYKG GKPG GKIGPJ·PFKIG 5KIPCVWT %JTKUVKCP .WFYKI XQP /GEMNGPDWTI*GT\QI\W/GEMNGPDWTI  NGV\VGT *GT\QIUGKPGT.KPKG



':6'4(2H·N\KUEJG/ÒP\GPWPF/GFCKNNGP/ÒPEJGP+:5-NCRRVHP.GKPGP



(CMUKOKNGCWUICDG PCEJ (TKGFTKEJ 'ZVGTU *CPFGZGORNCT \W UGKPGO 8GTUWEJ GKPGT 5COONWPI XQP 2H·N\KUEJGP   /GFCKNNGP 5EJCW)GF·EJVPKU WPF CNNGTNG[ CPFGTGP /ÒPV\GP CNU )QNF)WNFGP &WECVGP 6JCNGT GVE =?   <YGKDTÒEMGP





('.-' ) &KG /ÒP\GP FGT *GT\ÌIG XQP 5KOOGTP 5EJTKHVGPTGKJG FGU *WPUTÒEM/WUGWOU  5KO   OGTP5OKV\CJNTGKEJGP#DD<9'+$4ª%-'4#4$'+65)'/'+05%*#(6 *TUI /ÒP \GTKP/GKUGPJGKOWPF<YGKDTÒEMGP,CJTJWPFGTV<YGKDTÒEMGP+(4'5'--1..0+) /GFCKNNGP RH·N\KUEJGT -WTHÒTUVGP KP *GKFGNDGTI *GKFGNDGTI  UQYKG XGTUEJKGFGPG 5EJTKHVGP FGT   0WOKUOCVKUEJGP)GUGNNUEJCHV5RG[GT  



&KG)QNFRT·IWPIGPFGTTJGKPKUEJGP-WTHÒTUVGP/CKP\6TKGT-ÌNP2HCN\-ÌNP:8 5OKV\CJNTGKEJGP(CTDCDD.GKPGP



/KV 9KFOWPI FGU 8GTHCUUGTU 5GJT IGGJTVG (C /ÒP\GP W /GFCKNNGP #) 'TNCWDGP 5KG OKT +JPGP RGTUÌPNKEJ OKV   GKPGO'ZGORNCTOGKPGUNGV\VGP$WEJGU&CPMG\WUCIGPHÒTFKGªDGTUGPFWPI+JTGT-CVCNQIG=?*GTT%CJPJCVOKT XQT  ,CJTGP GORHQJNGP OKV FKGUGT #TDGKV \W DGIKPPGP 'KPGP )TW­ CP *GTTP %CJP +JT )ÒPVGT (GNMG KO /·T\   



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/ÒP\GPWPF/GFCKNNGPFGT9GNHKUEJGP.CPFG6GKN&KG2T·IWPIGPFGTOÒP\DGTGEJVKIVGP)GKUVNKEJMGKV FGT9GNHKUEJGP.CPFG.GKR\KI9KGP/GJTGTG$N5*CNDNGKPGP



&KGUGT6GKNFGT/ÒP\GPWPF/GFCKNNGPFGT9GNHKUEJGP.CPFGKUVPWTKPYGPKIGP2TQDGFTWEMGPJGTIGUVGNNVYQTFGP

 102

(+5%*'4 &29 &KG )GRT·IG FGU ,QUGH 9KNF 0ÒTPDGTIGT )QNFUEJOKGF  ,WYGNKGT 0ÒTPDGTI   5OKV\CJNTGKEJGP#DD-CTVQPKGTV




&'765%*.#0& 

(+5%*'4'&KG/ÒP\GPFGU*CWUGU5EJYCT\DWTI'KP$GKVTCI\WT.CPFGUIGUEJKEJVGFGT(ÒTUVGPVÒ OGT 5EJYCT\DWTI5QPFGTUJCWUGP WPF 5EJYCT\DWTI4WFQNUVCFV *GKFGNDGTI   5  6HP   *CNDNGFGTDGUVQ­GP



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*'55'0#2TKP\XQP*GUUKUEJGU/ÒP\ECDKPGVFGU2TKP\GP#NGZCPFGTXQP*GUUGP&CTOUVCFV 8++50CEJVTCI+&CTOUVCFV8++50CEJVTCI++&CTOUVCFV8+5+P \YGK$·PFGPKP*CNDNGFGTOKV)QNFXGT\KGTWPIGPIGDWPFGP  





*'55'02TKP\#XQP/CKP\KUEJGU/ÒP\ECDKPGV&CTOUVCFV8++5.GKPGP





*'75 & /ÒP\YGUGP WPF /ÒP\GP FGT )TCHUEJCHV *GPPGDGTI XQP FGP #PH·PIGP DKU \WO 'TNÌUEJGP   FGUIT·HNKEJGP*CWUGU.GKR\KI(TQPVKURK\5OKV\CJNTGKEJGPVGKNUHCTDKIGP#DD.GK PGP



*'75'4'&KGFTKVVGWPFXKGTVG$GNCIGTWPI.CPFCWUKOURCPKUEJGP'TDHQNIGMTKGI WPF  .CPFCW(TQPVKURK\56HP





'PVJ·NVGKPGPPWOKUOCVKUEJGP#PJCPI/GFCKNNGPCWHFKG-CRKVWNCVKQPXQP.CPFCWWPF&KG$GNCIGTWPIUOÒP\GP FGU2TKP\GP-CTN#NGZCPFGTXQP9ÒTVVGODGTI&KGDGUEJTKGDGPGP5VÒEMGUKPF\WOGKUVCWHFGPFTGK6CHGNPCDIGDKNFGV









&KG /ÒP\GP WPF /GFCKNNGP XQP .CPFCW 5& CWU /$0)  5   6HP *CNDNGKPGP   4ÒEMGP GVYCU DGUEJ·FKIV 4 )¤6<' 4KIÌ  .CPFCW 0QVOÒP\GP XQP  WPF   5 OKV   \CJNTGKEJGP#DD1TKI$TQUEJWT  



*+.&+5%* , &KG /ÒP\GP FGT RQOOGTUEJGP *GT\ÌIG XQP  DKU \WO 'TNÌUEJGP FGU )TGKHGPIG   UEJNGEJVU 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP HÒT 2QOOGTP  -ÌNP9KGP  :+++   5OKV\CJNTGKEJGP#DD(CNVVH.GKPGP



*1((/#00 / &GT )GNFJCPFGN FGT FGWVUEJGP ,WFGP Y·JTGPF FGU /KVVGNCNVGTU DKU \WO ,CJT    'KP $GKVTCI \WT FGWVUEJGP 9KTVUEJCHVUIGUEJKEJVG KO /KVVGNCNVGT 5VCCVU WPF UQ\KCNYKUUGPUEJCHVNKEJG   (QTUEJWPIGP.GKR\KI+:5*CNDNGKPGP



*1((/'+56'4 ,%% *KUVQTKUEJMTKVKUEJG $GUEJTGKDWPI CNNGT DKU LGV\V DGMCPPV IGYQTFGPGP JGUUK   UEJGP /ÒP\GP /GFCKNNGP W /CTMGP KP IGPGCNQIKUEJEJTQPQNQIKUEJGT (QNIG  $·PFG .GKR\KI    D\Y *CPPQXGT   5  6HP  5  6HP  5 5  +P FTGK $·PFGP KP .GKPGP   IGDWPFGP



&GTFTKVVG$CPFYKGIGYÌJPNKEJKP#WHNCIG*CPPQXGT&KGGTUVG#WHNCIGKUVKPPWT'ZGORNCTGPIGFTWEMV YQTFGPWPFYCTDCNFPCEJ'TUEJGKPGPXGTITKHHGP

106


&'765%*.#0& 

*1../#00 ,' /ÒP\IGUEJKEJVG FGU *GT\QIVWOU 5CEJUGP*KNFDWTIJCWUGP  *KNFDWTI   JCWUGP5OKV\CJNTGKEJGP#DD-CTVQPKGTV





*14%*.'4 # 5COOGNDCPF XQP EC  #WHU·V\GP KP (QVQMQRKGP CWU #NNI·WGT )GUEJKEJVUHTGWPF   ,CJTI·PIGWOFCTWPVGTXKGT#WHU·V\G/KVVGNCNVGTNKEJG/ÒP\HWPFGCWUFGO#NNI·W+PGKPGO $CPF KP .GKPGP IGDWPFGP  /KVVGNCNVGTNKEJG /ÒP\HWPFG CWU FGO #NNI·W  5& CWU #NNI·WGT )G   UEJKEJVUHTGWPF5OKV#DD/KVVGNCNVGTNKEJG/ÒP\HWPFGCWUFGO#NNI·W5&CWU#NNI·WGT )GUEJKEJVUHTGWPF5OKV#DD8GTUEJKGFGPG2T·IWPIGPCWUFGO#NNI·WWPFUGKPGT0CEJDCT UEJCHV0TP5&CWU#NNI·WGT)GUEJKEJVUHTGWPF.QUG.CIGP



*7//'. ) &CU 'THWTVGT /ÒP\YGUGP FGT MWTOCKP\KUEJGP <GKV  DKU56HP KP/KVVGKNWPIGPFGU8GTGKPUHÒTFKG)GUEJKEJVGWPF#NVGTVWOUMWPFGXQP'THWTV  51TKI $TQUEJWT



+*.*&KG/ÒP\RT·IWPIFGT'FGNJGTTP\WT.KRRG/ÒP\UV·VVG.GOIQ.GOIQ56HP DGKNKGIGPF-CTVGP/ÒP\UV·VVG*QTP.GOIQ56HPDGKNKGIGPF-CTVG6CNGTFGT )TCHGPWPF(ÒTUVGP\WT.KRRG.GOIQQ,=?5OKV\CJNTGKEJGP#DD1TKI$TQUEJWT Z WPF IGJGHVGV  



+.+5%*2/ÒP\HWPFGWPF)GNFWONCWHKP9GUVHCNGPKP/KVVGNCNVGTWPF0GW\GKV0WOKUOCVKUEJG7P VGTUWEJWPIGPWPF8GT\GKEJPKUFGT(WPFGKPFGP4GIKGTWPIUDG\KTMGP#TPUDGTIWPF/ÒPUVGT8GTÌHHGPV NKEJWPIGPFGU2TQXKP\KCNKPUVKVWVUHÒT9GUVH·NKUEJG.CPFGUWPF8QNMUHQTUEJWPIFGU.CPFUEJCHVUXGTDCPFGU 9GUVHCNGP.KRRG/ÒPUVGT851TKI$TQUEJWT



+00 70& -0;2*#75'0 - )TCH /ÒP\ WPF /GFCKNNGP-CDKPGV FGU )TCHGP -CTN \W +PP WPF   -P[RJCWUGP*CPPQXGT:56HP<WU·V\NKEJOGJTGTG5GKVGPOKVJCPFUEJTKHVNKEJGP'TI·P \WPIGP GKPIGDWPFGP  'TUVGT 0CEJVTCI \WO /ÒP\ WPF /GFCKNNGP-CDKPGV FGU )TCHGP \W +PP WPF   -P[RJCWUGP*CPPQXGT8++56HP.GKPGPGKPG5GKVGFGU*CWRVDCPFGUVGKNYGKUGNQUG  











&KG JCPFUEJTKHVNKEJGP 'TI·P\WPIGP UVCOOGP CWU FGO /ÒP\ W /GFCKNNGP-CDKPGV FGU (TGKJGTTP 9KNJ -PKIIG   *CPPQXGT





+5'0$'%-,&CUPCUUCWKUEJG/ÒP\YGUGP5&CWU#PPCNGPFGU8GTGKPUHÒT0CUUCWKUEJG#NVGTVWOU MWPFGWPF)GUEJKEJVUHQTUEJWPI9KGUDCFGP56H56HP5 6HP+PGKPGO$CPFKP.GKPGPIGDWPFGP



,#')'4 - &KG /ÒP\RT·IWPIGP FGT FGWVUEJGP 5VCCVGP XQT 'KPHÒJTWPI FGT 4GKEJUY·JTWPI   $·PFG$CUGN-CTVQPKGTV\WU·V\NKEJ*GHV*GT\QIVWO0CUUCW-ÌPKITGKEJ9GUVHCNGP =? $CUGN   *GHV  *CPPQXGT WPF $TCWPUEJYGKI PCEJ  $CUGN  +P GKPGO $CPF KP   .GKPGPIGDWPFGP  



&GP$·PFGPNKGIGPVGKNYGKUG2TGKUNKUVGP$GTKEJVKIWPIGPWPF'TI·P\WPIGPDGK



,#//'48&KG#PH·PIGFGT/ÒP\RT·IWPIKO*GT\QIVWO5CEJUGP WPF,CJTJWPFGTV 05V *CODWTI5(CNVVCDGNNGP(CNVMCTVGDGKNKGIGPF-CTVGP.GKPGP





,'55' 9 /ÒP\ WPF )GNFIGUEJKEJVG 0KGFGTUCEJUGPU9GTMUVÒEMGCWU/WUGWO#TEJKXWPF$KDNKQ VJGMFGT5VCFV$TCWPUEJYGKI$TCWPUEJYGKI56HPDGKNKGIGPF(CNVMCTVG*CNDNGKPGP





&GT \YGKVG $TCMVGCVGPHWPF XQP /ÌFGUUG WPF FKG -WPUV FGT $TCMVGCVGP \WT <GKV *GKPTKEJU FGU .ÌYGP   /KV GKPGO 5EJTKHVGPXGT\GKEJPKU FGU 8GTHCUUGTU $TCWPUEJYGKIGT 9GTMUVÒEMG  $TCWPUEJYGKI    56HP 5DGKNKGIGPF.KVGTCVWTÒDGTUKEJV1TKI$TQUEJWT$KPFWPINQEMGT





&KG/ÒP\GPFGT5VCFV$TCWPUEJYGKIXQPDKU$TCWPUEJYGKIGT9GTMUVÒEMG$TCWPUEJYGKI 5OKV\CJNTGKEJGP#DD.GKPGP





&GT9GPFKUEJG/ÒP\XGTGKP0CEJFTWEMOKV0CEJVT·IGPWPF8GTDGUUGTWPIGP$TCWPUEJYGKIQ,=? FGT#WUICDG.ÒDGEM8+++5\CJNTGKEJG6HP.GKPGP





<WT·NVGUVGPJCODWTIKUEJGP/ÒP\IGUEJKEJVG5KP<YGKVG8GTÌHHGPVNKEJWPIFGU*CODWTIGT8GT GKPUFGT/ÒP\GPHTGWPFG*CODWTI5&KG/ÒP\RQNKVKMFGT*CPUGUV·FVG5&CWU*CPUK UEJG )GUEJKEJVUDN·VVGT    5   &GT /ÒP\HWPF XQP $QTVHGNF DGK $TCWPUEJYGKI 'KP   $GKVTCI \WT /ÒP\IGUEJKEJVG $TCWPUEJYGKIU KO  WPF DGIKPPGPFGP  ,CJTJWPFGTV 5& CWU $N·VVGT   HÒT/ÒP\HTGWPFG56H94'+0'%-'&GT*QJNRHGPPKIHWPFXQP)ÌFGPUVQTH5&CWU $N·VVGTHÒT/ÒP\HTGWPFG56HP&KG$TCMVGCVGP*GKPTKEJUFGU.ÌYGP5&CWU$TCWP UEJYGKIKUEJGU ,CJTDWEJ    5  FCXQP  6HP  &KG NGV\VGP /ÒP\RT·IWPIGP FGT 5VCFV   $TCWPUEJYGKI5&CWU$TCWPUEJYGKIKUEJGU,CJTDWEJ  56HP&GT/ÒP\HWPF XQP2GKPGXGTITCDGPPCEJ5&CWU*$0  56H<WT·NVGTGP /ÒP\WPF)GNFIGUEJKEJVG$TGOGPU5&CWU$TGOKUEJGU,CJTDWEJ56HP+PGKPGO $CPFKP.GKPGPIGDWPFGP

 107


&'765%*.#0& 

,1#%*+/,(0GWGTÌHPGVGU)TQUEJGP%CDKPGV$CPFWPF.GKR\KI)TQ­5 6HP56HP55$GKNCIGP6HP56HP4GIKUVGT5OKV\CJNTGK EJGP#DDOGJTGTG$NN4GIKUVGT56HP4GIKUVGT*CNDNGFGTWPF.GFGTFGT<GKV$CPF DGTKGDGP



5GNVGP  $CPF  GPVJ·NV TÌOKUEJMC[UGTNKEJG QGUVGTTGKEJKUEJG WPICTKUEJG DÌJOKUEJG TWUUKUEJG URCPKUEJG WPF   RQTVWIKGUKUEJG )TQUEJGP =? $CPF  FCTKPPGP MÌPKINKEJHTCP\ÌUKUEJGPINKUEJ WPF UEJQVVN·PFKUEJG CWEJ WPICTK   UEJG WPF DÌJOKUEJG )TQUEJGP =? GPVJCNVGP $CPF  FCTKPPGP EJWTHÒTUVN OC[P\KUEJG VTKGTKUEJG EÌNPKUEJG   DC[GTKUEJGWPFRH·NV\KUEJG5QNKFK=?GPVJCNVGP



,15'2*2)QNFOÒP\GPFGU:+8WPF:8,CJTJWPFGTVU &KUKDQFGPDGTIGT(WPF PGDUVWTMWPFNKEJGP $GKVT·IGP \WT /ÒP\IGUEJKEJVG FGT 4JGKPNCPFG DGUQPFGTU (TCPMHWTVU 5& CWU #TEJKX FGU 8GTGKPU HÒT   )GUEJKEJVGWPF#NVGTVWOUMWPFGKP(TCPMHWTVCO/CKP0GWG(QNIG  56HP.GKPGP



*KUVQTKUEJMTKVKUEJG $GUEJTGKDWPI FGU $TGV\GPJGKOGT )QNFIWNFGPHWPFGU XGTITCDGP WO   PGDUV   GKPGO8GT\GKEJPKUFGTDKUJGTDGMCPPVGP)QNFIWNFGPXQO(NQTGPVKPGT)GRT·IG5&CWU<GKVUEJTKHVFGU 8GTGKPU\WT'THQTUEJWPIFGTTJGKPKUEJGP)GUEJKEJVGWPF#NVGTVJÒOGT\W/CKP\  56HP =0TXQP'ZGORNCTGP?&GT9GKPJGKOGT*CNDDTCMVGCVGPHWPF56HPKP0GWG *GKFGNDGTIGT,CJTDÒEJGT*GKFGNDGTI5-CTVG6HP&KG*CNDDTCMVGCVGPHWPFGXQP 9QTOU WPF #DGPJGKO (TCPMHWTV CO /CKP   5  6HP =$GUKV\GTUVGORGN ' *GWUGT 5RGKGT   C4J?*$7%*'0#7$GKVT·IG\WT/ÒP\MWPFGXQP9ÒT\DWTI#WIUDWTIWPF$CODGTIKOWPF  ,CJTJWPFGTV 5& CWU <H0  5  6H  =$GUKV\GTUVGORGN ' *GWUGT 5RGKGT C4J?    'UEJYGIG CNU OKVVGNCNVGTNKEJG /ÒP\UV·VVG &GT /KVINKGFGT8GTUCOONWPI FGU 8GTGKPU HÒT JGUUKUEJG )G   UEJKEJVG WPF .CPFGUMWPFG \W 'UEJYGIG CO  #WIWUV  IGYKFOGV XQO <YGKIXGTGKP %CUUGN '   *'75'4 &KG HTÒJGUVGP 2T·IWPIGP FGT 5VCFV 9QTOU 5& CWU #TEJKX HÒT $TCEVGCVGPMWPFG $CPF    9KGP   6H  5  9QTOUGT 2HGPPKIG FGU  ,CJTJWPFGTVU $GUEJTGKDWPI FGT /ÒP\GP FGU   (WPFGU XQP -GT\GPJGKO KP FGT 4JGKPRHCN\ 5VWVVICTV   5 OKV #DD  <WO 2HGPPKIHWPF XQP   -GT\GPJGKO5&CWU#TEJKXHÒT$TCEVGCVGPMWPFG$CPF9KGP50GWGUXQO-GT\GPJGK OGT/ÒP\GPHWPF4JGKPKUEJG2HGPPKIGCWUFGTGTUVGP*·NHVGFGU,CJTJWPFGTVU5&CWU2H·N\KUEJGU /WUGWO    (TQPVKURK\  5  &GT 2HGPPKIHWPF XQP -GT\GPJGKO 5& CWU (TCPMHWTVGT   /ÒP\DN·VVGT5+PGKPGO$CPFKP*CNDNGKPGPIGDWPFGPNGKEJVDGUVQ­GP7GDGTFKG*QJGP NQJG UEJGP1TVUIWNFGPMCKUGTNKEJGP)GRT·IGU5&CWU0<5)GJGHVGV  





&KG /ÒP\GP FGU IT·HNKEJGP WPF HÒTUVNKEJGP *CWUGU .GKPKPIGP 5& CWU 0<     5  6HP   .GKPGPOKV2T·IWPI5KNDGTUEJPKVV





&KG/ÒP\GPFGU)T·HNKEJGP*CWUGU'TDCEJ$GTNKP56HP*CNDNGFGTDGTKGDGP



/KV9KFOWPIFGU8GTHCUUGTU*GTTP'TPUV.GJTKP*QEJCEJVWPIIGYKFOGV



0WT'ZGORNCTGIGFTWEMV



1HHGPDCEJCNURHCN\IT·HNKEJG/ÒP\UV·VVG5&CWU0GWGU#TEJKXHÒTFKG)GUEJKEJVGFGT5VCFV*GKFGNDGTI WPFFGTTJGKPKUEJGP2HCN\  51TKI$TQUEJWT





&KG/ÒP\GPXQP9QTOUPGDUVGKPGTOÒP\IGUEJKEJVNKEJGP'KPNGKVWPI&CTOUVCFV56HP .GKPGP4ÒEMGPVGKNYGKUGNQUG



/KV9KFOWPIFGU8GTHCUUGTUCP*GTTP,$GNOQPVG(TCPMH0WOKUO)GU



&KG /ÒP\GP WPF /GFCKNNGP FGU HÒTUVNKEJGP WPF IT·HNKEJGP *CWUGU 5QNOU (TCPMHWTV CO /CKP    56HP.GKPGP$KPFWPIGVYCUNQEMGTGKPKIG5GKVGPNQUG



*CPFUEJTKHVNKEJGT $GUKV\GTGKPVTCI # 5EJOKFV )GUEJGPM 5& FGU (ÒTUVGP %CTN \W 5QNOU*QJGPNQJG.KEJ   8+++



&KG/GFCKNNGPWPF/ÒP\GPFGT9KNFWPF4JGKPITCHGP(ÒTUVGP\W5CNO(TCPMHWTV56HP *CNDNGKPGP$KPFWPINQEMGT





*KUVQTKUEJMTKVKUEJG $GUEJTGKDWPI FGU $TGV\GPJGKOGT )QNFIWNFGPHWPFGU XGTITCDGP WO   PGDUV   GKPGO8GT\GKEJPKUFGTDKUJGTDGMCPPVGP)QNFIWNFGPXQO(NQTGPVKPGT)GRT·IG5&CWU<GKVUEJTKHVFGU 8GTGKPU \WT 'THQTUEJWPI FGT TJGKPKUEJGP )GUEJKEJVG WPF #NVGTVJÒOGT  0T  XQP  'ZGORNCTGP   * &#00'0$'4) &KG )QNFIWNFGP XQO (NQTGPVKPGT )GRT·IG 5& CWU 0<    -   %#56'.+0&GT2T·IGQTVFGT(NQTGPG-ÌPKI,QJCPPU5&CWU4GXWG0WOKUOCVKSWGGV#TEJ¾QNQIKSWG   2$'4)*#75&KG#WUDTGKVWPIFGT)QNFOÒP\GWPFFGU)TQUEJGPUKPFGWVUEJGP.CPFGP\W $GIKPPFGU,CJTJWPFGTVU5&CWU0WO5DQTPKM  &GTOKVVGNCNVGTNKEJG)QNFUEJCV\ HWPFCWU.KODWTI.CJP5&CWU0CUUCWKUEJG#PPCNGP  1TKI$TQUEJWTWPFIGJGHVGV  







108

,15'2*2('..0'4'&KG/ÒP\GPXQP(TCPMHWTVCO/CKP$·PFG(TCPMHWTVCO/CKP 8+++5OKV#DD6HP+856HP56HP*CNDNGFGTOKV )QNFXGT\KGTWPIGP  



,70)-*&KGDTGOKUEJGP/ÒP\GP/ÒP\GPWPF/GFCKNNGPFGU'T\DKUVWOUWPFFGT5VCFV$TGOGPOKV IGUEJKEJVNKEJGT'KPNGKVWPI$TGOGP:56HP.GKPGP6KVGNWPF8QTUCV\DNCVVVGKNYGKUG IGNÌUV




&'765%*.#0& 

-#&' % &KG /ÒP\GP *GT\QI *GKPTKEJU XQP 5CEJUGP4ÌOJKNF   'KP $GKVTCI \WT )G   UEJKEJVGFGT\YGKVGP-KRRGT\GKV5&CWU%QDWTIGT.CPFGUUVKHVWPI56HP1TKI $TQUEJWT7OUEJNCIXQTPGGVYCUGKPIGTKUUGP



-#*06*#WMVKQPURTGKUGFGWVUEJGT/ÒP\GP'TIGDPKUUGCWU/ÒP\CWMVKQPGPKP&GWVUEJNCPF¤UVGT TGKEJ WPF FGT 5EJYGK\ KO ,CJT  4GIGPUVCWH   5 - 9105+- &GWVUEJGU /ÒP\RTGKU   ,CJTDWEJ#WMVKQPUGTIGDPKUUGFGWVUEJGT/ÒP\GPKPFGP,CJTGP11+85 &GWVUEJGU/ÒP\RTGKULCJTDWEJ#WMVKQPUGTIGDPKUUGFGWVUEJGT/ÒP\GPKPFGP,CJTGP LÉFxQ,:+85-CTVQPKGTV  



-#.8'.#)'*5%*41%-7')/ÒP\GPFGT5VCFV*COGNP*COGNP5OKV\CJNTGK EJGP #DD -CTVQPKGTV OKV 5EJWV\WOUEJNCI  'TI·P\WPIGP \WT /ÒP\IGUEJKEJVG FGU 5VKHVGU WPF FGT   5VCFV*COGNP*COGNP5OKV\CJNTGKEJGP#DD)GJGHVGV  



-#.8'.#)' *64+22.'4 * &KG /ÒP\GP FGT )TCHGP *GT\ÌIG WPF )TQ­JGT\ÌIG XQP 1NFGP   DWTI1UPCDTÒEM5OKV\CJNTGKEJGP#DD.GKPGP*$'0&+)&CUQNFGPDWTIKUEJG/ÒP\ YGUGP\WT<GKVFGU)TCHGP#PVQP)ÒPVJGT=?/ÒPUVGT56HP1TKI$TQUEJWT  



-#22'.*1(( # &KG /ÒP\GP 1UVHTKGUNCPFU XQO HTÒJGP  ,CJTJWPFGTV DKU  #DJCPFNWPIGP   WPF8QTVT·IG\WT)GUEJKEJVG1UVHTKGUNCPFU#WTKEJ56HP.GKPGP&KG'PVYKEM NWPIFGTNCPFGUJGTTNKEJGP*QJGKVUTGEJVGKP1UVHTKGUNCPFWPFKJT0KGFGTUEJNCIKPFGT/ÒP\RT·IWPI5& CWU,CJTDWEJFGT)GUGNNUEJCHVHÒTDKNFGPFG-WPUVWPFXCVGTN·PFKUEJG#NVGTVÒOGT\W'OFGP   56HP.GKPGP  



-'..0'4*,&KG/ÒP\IGUEJKEJVGFGU*QEJUVKHVU2CUUCW'KP-CVCNQIFGT/ÒP\GPWPF/GFCKNNGP 5ÒFFGWVUEJG/ÒP\MCVCNQIG5VWVVICTV5OKV\CJNTGKEJGP#DD-CTVQPKGTV&KG/ÒP\GP FGTPKGFGTDC[GTKUEJGP/ÒP\UV·VVGP$C[GTKUEJG/ÒP\MCVCNQIG)TÒPYCNF5OKV\CJNTGKEJGP #DD.GKPGP4ÒEMGPHGJNV  



-'..0'4 *, WPF ' &KG /ÒP\GP FGT 4GKEJUUVCFV 0ÒTPDGTI 5ÒFFGWVUEJG /ÒP\MCVCNQIG    #WHNCIG5VWVVICTV5OKV\CJNTGKEJGP#DD-CTVQPKGTV&KG/ÒP\GPFGT(TGKGP4GKEJUUVCFV 0ÒTPDGTI $C[GTKUEJG /ÒP\MCVCNQIG  )TÒPYCNF   5 OKV \CJNTGKEJGP #DD .GKPGP 4ÒEMGP   DGUEJ·FKIV  





-'00'21*. - &KG /ÒP\GP FGT )TCHUEJCHVGP $GPVJGKO WPF 6GEMNGPDWTI UQYKG FGT *GTTUEJCHV   4JGFC(TCPMHWTVCO/CKP56HP.GKPGP





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 109


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 110


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/ÒP\WPF)GNFIGUEJKEJVGXQP+UP[5&5VWVVICTV56HP.GKPGP





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111


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112


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115


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1*.;4&GT$TCMVGCVGPHWPFXQP4WKPG9CTVGPDCEJ-TGKU.CWVGTDCEJWO5&CWU&GWV UEJGU,CJTDWEJHÒT0WOKUOCVKM  ,%#*0'KP9GVVGTCWGT&[PCUVGPDTCMVGCVOKVJGDT·K UEJGT7OUEJTKHV5&CWU<H0((4+'&'05$74)/KVVGNTJGKPKUEJG/ÒP\GP5&CWU,CJTDWEJ FGT (TCPMHWTVGT 0WOKUOCVKUEJGP )GUGNNUEJCHV WPF FGT 0WOKUOCVKUEJGP )GUGNNUEJCHV 9KGUDCFGP/CKP\   )GJGHVGVDGUEJ·FKIV  





1.&+0)/&KG/GFCKNNGPCWH(TKGFTKEJFGP)TQ­GPXQP2TGW­GPDKU4GIGPUVCWH (TQPVKURK\5OKV\CJNTGKEJGP#DD-CTVQPKGTV





18'4$'%- $ $KDNKQITCRJKG FGT DC[GTKUEJGP /ÒP\ WPF )GNFIGUEJKEJVG  9KGUDCFGP   :8+++5.GKPGP





2'75 $ &CU )GNF WPF /ÒP\YGUGP FGT 5VCFV /ÒPUVGT K9 5& CWU 3WGNNGP WPF (QTUEJWPIGP \WT   )GUEJKEJVGFGT5VCFV/ÒPUVGT8GTÌHHGPVNKEJWPIGPFGT*KUVQTKUEJGP-QOOKUUKQPFGU2TQXKP\KCNKPUVKVWVU HÒT9GUVH·NKUEJG.CPFGUWPF8QNMUMWPFG/ÒPUVGTKP9GUVHCNGP56HP.GKPGP



/KV9KFOWPIFGU8GTHCUUGTUXQOCP.(QTTGT

116




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2(.ª/'4)&KG/ÒP\GPFGT5VCFV*COGNP11Q,56HP)TQ­HQNKQ*CNDNGKPGP$KP FWPINQEMGT





2+%- $$7%*'0#7 * $TCMVGCVGPHWPF XQP .GWVGPDGTI 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG   

 56H1TKI$TQUEJWT



/KV9KFOWPIFGU8GTHCUUGTUCP*GTTP2CWN,QUGRJOKVDGUVGO)TW­













2+'2'4 9 7PGFKGTVG YGUVH·NKUEJG -WRHGTOÒP\GP /CTMGP WPF /GFCKNNGP 0CEJVT·IG \W ,QUGRJ   9GKPI·TVPGTU-WRHGTOÒP\GP9GUVHCNGPU/KVXQNNUV·PFKIGT0GWDGCTDGKVWPIFGT5QGUVGT/ÒP\GP$GTNKP 56HP1TKI$TQUEJWT



2.#61))4GIGPUDWTIKUEJGU/ÒP\-CDKPGVVQFGT8GT\GKEJPK­FGTFGU*44HTGKGP5VCFV4GIGPU DWTI -WTTGPV WPF 5EJCW/ÒP\GP PGDUV GKPGO #PJCPI XQP $KUEJÌHNKEJ4GIGPUDWTIKUEJGP /ÒP\GP   0CEJFTWEM$GTNKPFGT#WUICDGP4GIGPUDWTI/GJTGTG$N5*CNDNGKPGP4ÒEMGPGVYCU DGUEJ·FKIV$KPFWPINQEMGT



215'40-.'66%(XQP/ÒP\UV·VVGPWPF/ÒP\GPFGT5V·FVGWPFIGKUVNKEJGP5VKHVGT5CEJUGPUKO /KVVGNCNVGT.GKR\KI:56HP*CNDNGFGTOKV)QNFXGT\KGTWPIGPWPF)QNFUEJPKVVGVYCU DGUVQ­GPOKPKOCNUVQEMHNGEMKI$GUKV\GTUVGORGNCWHFGO6KVGNDNCVVIGVKNIV



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4#((#&KG/ÒP\GPWPF/GFCKNNGPFGT5VCFV5EJY·DKUEJ*CNN&KG/ÒP\GPWPF/GFCKNNGPFGTPKG FGTUEJY·DKUEJGP5V·FVG(TGKDWTIKO$TGKUICW5FCXQP6HP-CTVQPKGTVOKV5EJWV\WO UEJNCI



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4'+%*'. , &KG 4GKEJGNUEJG /ÒP\UCOONWPI KP 5V 2GVGTUDWTI 6GKN  =/ÒP\GP FGU 2TGW­KUEJGP   5VCCVGU?5V2GVGTUDWTI



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117


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4497



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5#./1 * &GWVUEJG /ÒP\GP KP XQTIGUEJKEJVNKEJGP (WPFGP (KPPNCPFU 5WQOGP /WKPCKUOWKUVQ[JFK   UV[MUGP#KMCMCWUMKTLC*GNUKPMK:+56HP.GKPGP





5#66.'4#&KG/ÒP\GPFGTHTGKGP4GKEJUUVCFV4QVVYGKN5&CWU50456H)GJGHVGV





5#74/#,'.65%* * (TGKJGTT XQP &KG 5CWTOCUEJG /ÒP\UCOONWPI FGWVUEJGT UEJYGK\GTKUEJGT   WPFRQNPKUEJGT)GRT·IGXQPGVYCFGO$GIKPPFGT)TQUEJGP\GKVDKU\WT-KRRGTRGTKQFG6GKNG$GTNKP 5R6HP+PGKPGO$CPFKP*CNDNGFGTIGDWPFGPGVYCUDGUVQ­GP4ÒEMGPGVYCUDGUEJ·FKIV



5EJNGUKUEJG /ÒP\GP WPF /GFCKNNGP 0CEJFTWEM 1CMFCNG  FGT #WUICDG $TGUNCW   5    6HP9$#7/<WT)GUEJKEJVGFGT.KGIPKV\GT/ÒP\G/ÒP\GPXQPDKU/GFCKNNGPXQPFGT 4GPCKUUCPEGDKU\WT)GIGPYCTV.QTEJ5OKV\CJNTGKEJGP#DD1TKI$TQUEJWT  



5%*##(4&KG2TQDGPFGTFGWVUEJGP/ÒP\GPUGKV8GTUWEJGKPGT-CVCNQIKUKGTWPI$CUGN  5 OKV \CJNTGKEJGP #DD .GKPGP - ,#')'47 *#'8'%-'4 &KG FGWVUEJGP $CPMPQVGP UGKV     #WHN * -#*06 &KG 2TGKUG FGT FGWVUEJGP /ÒP\GP CD  - ,#')'4 &KG FGWVUEJGP   /ÒP\GPUGKV#WHN-20'*44GKEJUOÒP\GP/QPG[6TGPF5QPFGTJGHV(·NUEJWPIGP* -#*06 WC &KG )GUEJKEJVG FGT &GWVUEJGP /CTM KP 1UV WPF 9GUV -CTVQPKGTV Z  1TKI$TQUEJWT  

Z IGJGHVGV  





5%*'4'4%9&KG/ÒP\GPXQP#PPYGKNGT6TKHGNU.W\GTP56HP)GJGHVGV





5%*+'('4&'%-'4-&KG/ÒP\GPFGU$KUVWOU*KNFGUJGKO5&CWU#NV*KNFGUJGKO Q1 Q,    5 LGYGKNU OKV \CJNTGKEJGP #DD .GKPGP 8QP $GTPYCTF DKU /CIPWU   &KG /ÒP\GP FGU $KUVWOU *KNFGUJGKO WPVGT $KUEJQH -WTHÒTUV 'TPUV XQP $C[GTP KP #NV*KNFGUJGKO   

 WPF  &KG)GRT·IGFGU$KUVWOU*KNFGUJGKO<GKVUEJTKHVFGU/WUGWO\W*KNFGUJGKO    / $#*4('.&6 &KG /ÒP\UCOONWPI FGU 4QGOGT/WUGWOU \W *KNFGUJGKO *KNFGUJGKO   (52476*&KG*KNFGUJGKOGT$GTIDCWVCNGTFGU$KUEJQHU,QDUV'FOWPFXQP$TCDGEMFGT)TWDG 5V#PVQPKWU'TGOKVCKP*CJPGPMNGG8GTÌHHGPVNKEJWPIGPCWUFGO&GWVUEJGP$GTIDCWOWUGWO$QEJWO $QEJWO1TKI$TQUEJWT 





5%*.')'. # &KG MWTOCKP\KUEJG /ÒP\UV·VVG *ÌEJUV  DKU  'KP $GKVTCI \WT *GKOCV   MWPFG(TCPMHWTVCO/CKP5OKV\CJNTGKEJGP#DD.GKPGP





5%*/+&6 $-0#$ %'4$56'+0 , 4GWUUKUEJG /ÒP\IGUEJKEJVG &TGUFGP  +8  5   6HP.GKPGPGKPG6HNQUG







118


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5%*/+&6 / &KG /ÒP\GP WPF /GFCKNNGP FGT *GT\ÌIG XQP 5CEJUGP.CWGPDWTI PGDUV GKPNGKVGPFGP   /KVVGKNWPIGPÒDGTFCU/ÒP\YGUGPWPFFCU9CRRGPFGU*GT\QIVWOU4CV\GDWTI(CTDKIGU(TQPVK URK\+856HP5VCOOVH1TKI$TQUEJWTWPCWHIGUEJPKVVGP7OUEJNCIGVYCUDGUEJ·FKIVWPFCO 4ÒEMGPOKV6GUCHKNOIGMNGDV



5%*0'' ) 5·EJUKUEJG 6CNGT  WPF #DUEJN·IG XQP 6CNGTUVGORGNP KP )QNF WPF 5KNDGT  

&WMCVGP /GJTHCEJ6CNGT *CNDVCNGT  (TCPMHWTV CO /CKP 5OKV\CJNTGKEJGP#DD.GKPGP * -'40$#%* <GKVIGPÌUUKUEJG (·NUEJWPIGP U·EJUKUEJGT 6CNGT WPF *CNDVCNGT CWU FGT <GKVXQP DKU11Q,5OKV\CJNTGKEJGP#DD-CTVQPKGTV  



5%*0'+&'4-&CU/ÒP\YGUGPKPFGP6GTTKVQTKGPFGU9GUVGTYCNFGUFGU6CWPWUWPFFGU.CJPIG DKGVGU WPF FKG /ÒP\RQNKVKM FGU QDGTTJGKPKUEJGP 4GKEJUMTGKUGU KO  ,CJTJWPFGTV /CPWUMTKRVFTWEM   7TDCT   5  (CNVMCTVG )/ (140'%- )GNF KO 9GUVGTYCNF /ÒP\RT·IWPIWPF)GNF WONCWH*CEJGPDGTI(TQPVKURK\5\CJNTGKEJG#DD1TKI$TQUEJWT  



5COOGNDCPFOKV#WHU·V\GP\WTJGUUKUEJGPWPF0QTFFGWVUEJGP/ÒP\WPF)GNFIGUEJKEJVGFCTWPVGT &GT JGUUGPMCUUGNKUEJG /ÒP\XGTYCNVGT %JTKUVQHHGT 9QTV  GKP 7PVGTPGJOGT FGT GTUVGP -KRRGT\GKV 5&   CWU *GUUKUEJGU ,CJTDWEJHÒT.CPFGUIGUEJKEJVG  5*CODWTIY·JTGPFFGT-KRRGT WPF 9KRRGT\GKV 5& CWU <GKVUEJTKHV FGU 8GTGKPU HÒT *CODWTIKUEJG )GUEJKEJVG    5    5V·FVKUEJGWPFUVCCVNKEJG/ÒP\RQNK\GKKP*CTDWTIY·JTGPFFGU5KGDGPL·JTKIGP-TKGIGU5&CWU0KGFGT U·EJUKUEJGU ,CJTDWEJ HÒT .CPFGUIGUEJKEJVG    5  <WO )GNFJCPFGN KP *CODWTI Y·J   TGPF FGU 5KGDGPL·JTKIGP -TKGIGU 5& CWU <GKVUEJTKHV FGU 8GTGKPU HÒT *CODWTIKUEJG )GUEJKEJVG   

  5  &KG 2T·IWPI XQP 4GKEJUOÒP\GP OKV FGO DTGOKUEJGP *QJGKVU\GKEJGP KP FGT /ÒP\   UV·VVG*CODWTI5&CWU$TGOKUEJGU,CJTDWEJ  57PVGTUWEJWPIGP\WO)GNFWONCWH KP*CTDWTIWPF7OIGDWPIKO,CJTJWPFGTV5&CWU0KGFGTU·EJUKUEJGU,CJTDWEJ  5  +P GKPGO $CPF KP .GKPGP IGDWPFGP  &CU /ÒP\YGUGP KP FGP )TCHUEJCHVGP 9KGF0GWYKGF WPF   9KGF4WPMGN(TCPMHWTVCO/CKP56HP.GKPGP&CU/ÒP\YGUGPFGU)TQ­JGT\QIVWOU $GTI/CPWUMTKRVFTWEM7TDCT56H-CTVG1TKI$TQUEJWT  



5%*0'+&'4-(140'%-)/&KG/GFCKNNGPWPF)GFGPMOÒP\GPFGT'T\DKUEJÌHGWPF-WTHÒT UVGP XQP 6TKGT -CVCNQIG WPF 5EJTKHVGP FGU DKUEJÌHNKEJGP &QO WPF &KÌ\GUCPOWUGWOU 6TKGT  6TKGT     5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI  &CU MWTVTKGTKUEJG /ÒP\YGUGP   WPVGT,QJCPP2JKNKRRXQP9CNFGTFQTH5KOOGTP(TQPVKURK\5OKV\CJNTGKEJGP#DD 1TKI$TQUEJWT9*'55<QNN/CTMVWPF/ÒP\GKO,CJTJWPFGTV&GT·NVGUVG-QDNGP\GT<QNNVCTKH KO .KEJVG FGT PWOKUOCVKUEJGP 3WGNNGP 5& CWU *KUVQTKUEJG (QTUEJWPIGP HÒT 9CNVGT 5EJNGUKPIGT   -%+$+5'KP/ÒP\UEJCV\HWPFOKVMWTVTKGTKUEJGP&TGKRGVGTO·PPEJGPCWU0GY;QTM5&CWU6TKGTGT <GKVUEJTKHV    



5%*¤0'/#00%2%<WTXCVGTN·PFKUEJGP/ÒP\MWPFGXQO\YÌNHVGPDKUHWPH\GJPVGP,CJTJWPFGTV QFGT )TWPF\ÒIG FGT $TCEVGCVGPMWPFG WPF $GUEJTGKDWPI XQP DGKPCJG HÒPHJWPFGTV CNVGP $TCWPUEJYGKIK   UEJGP *GNOUVGFV UEJGP *CNDGTUV·FVKUEJGP 4GKPUVGKPKUEJGP )QUNCTKUEJGP #PJCNVKUEJGP WPF CPFGTGP   *QJNRHGPPKIGP YKG CWEJ 9GUVH·NUKEJGP WPF *GUUKUEJGP \YGKUGKVKIGP 2HGPPKIGP 9QNHGPDÒVVGN    56HP-CTVQPKGTV



$GUKV\GTCWHMNGDGT&KRN+PI(TKV\$GKGTUFQTHWPFJCPFUEJTKHVNKEJGT$GUKV\GTGKPVTCI)QNFDGTIKO8QTUCV\





5%*¤66.'))GNFWPF/ÒP\IGUEJKEJVGFGT2HCN\ITCHUEJCHV6ÒDKPIGP5&CWU,CJTDWEJFGU0W OKUOCVKUEJGP8GTGKPU\W&TGUFGP=OKV9KFOWPIFGU8GTHCUUGTUCP'TPGUV.GJT?'0#76Ò DKPIGT2HGPPKIG&GT(WPFXQP/GV\KPIGPWPFCPFGTG/KVGKPGO'ZMWTUÒDGTFGPHTÒJGUVGP4CXGPU DWTIGT$TCMVGCVGPWO5&CWU$N·VVGTHÒT/ÒP\HTGWPFGWPF/ÒP\HQTUEJWPI  =OKV9KF OWPIFGT8GTHCUUGTKPCPFKG//#)?1TKI$TQUEJWT  



5%*4#// 2' &KG FGWVUEJGP -CKUGT WPF -ÌPKIG KP $KNFGTP KJTGT <GKV  /ÒPEJGP    5FCXQP6HP.GKPGP



&GTPWOKUOCVKUEJG6GKNFGU$WEJGUKUVXQP2$'4)*#75DGCTDGKVGVYQTFGP





5%*4#6< 9 &KG %QPXGPVKQPUOÒP\GP FGT *GT\ÌIG XQP $C[GTP WPF FGT $KUEJÌHG XQP 4GIGPUDWTI   XQO'PFGFGU:++DKU#PHCPIFGU:+8,CJTJWPFGTVU5&CWU8GTJCPFNWPIGPFGU*KUVQTKUEJGP8GTGK PGUXQP1DGTRHCN\WPF4GIGPUDWTI  56HP1TKI$TQUEJWT



&KG4GIGPUDWTIGT4CVJU\GKEJGP5&CWU8GTJCPFNWPIGPFGU*KUVQTKUEJGP8GTGKPGUXQP1DGTRHCN\WPF 4GIGPUDWTI  56HP1TKI$TQUEJWT7OUEJNCIDGUEJ·FKIVWPFNQUGNQUG.CIGP



$GUKV\GTUVGORGN $KDNKQVJGM FGU UV·FV 5WGTOQPFV/WUGWOU #CEJGP JCPFUEJTKHVNKEJ CDIGIGDGP ,WNK  CWH FGO   6KVGNDNCVV

119


&'765%*.#0& 

$GKVTCI \WT ·NVGUVGP /ÒP\IGUEJKEJVG 4GIGPUDWTIU 5& CWU 8GTJCPFNWPIGP FGU JKUVQTKUEJGP 8GTGKPGU   XQP 1DGTRHCN\ WPF 4GIGPUDWTI    5  6H  &KG %QPXGPVKQPUOÒP\GP FGT *GT\QIG   XQP $C[GTP WPF FGT $KUEJÌHG XQP 4GIGPUDWTI XQO 'PFG FGU :++ DKU #PHCPI FGU :+8 ,CJTJWPFGTVU   5& CWU 8GTJCPFNWPIGP FGU JKUVQTKUEJGP 8GTGKPGU XQP 1DGTRHCN\ WPF 4GIGPUDWTI     5   6HP&GT/ÒP\HWPFXQP)TCHGPCWPGDUVGKPGO#PJCPIG#POGTMWPIGPÒDGTFKG&CVKTWPIFGT4G IGPUDWTIGT 5EJNÒUUGNRHGPPKIG 5& CWU 8GTJCPFNWPIGP FGU JKUVQTKUEJGP 8GTGKPGU HÒT 0KGFGTDC[GTP   

 56H=OKV9KFOWPICP *GTTPM.)4CVJ&CPPGPDGTIKP$GTNKPXQOGTIGDGPUVGP8GTHCU UGT?&GT/ÒP\HWPFXQP0GWPUV·VVGP5&CWU0<  56H/WVJOCUUNKEJG<WVJGK NWPIFGT4GIGPUDWTIGT)GOGKPUEJCHVUOÒP\GPXQP/KVVGFGUDKU/KVVGFGU,CJTJWPFGTVU5&CWU 0<  56HP7GDGT2NCVQ9KNFWPFFKGTGIGPUDWTIKUEJG/ÒP\MWPFG5&CWU 0<5--+4%*0'4&KG/ÒP\HWPFGXQP7PVGTITKGUUDCEJWPFXQP/ÒPEJUOÒPUVGT5&CWU /$0)     5 6H +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP 4ÒEMGP OKPKOCN DGUEJ·FKIV WPF   WPVGT6GUCHKNOOKVFGO6KVGN5COOGNDCPF0KGFGTDC[GTP+DGMNGDV

 

5%*41%-7')/ÒP\GPFGT5VCFV)ÌVVKPIGP$TGOGP5OKV\CJNTGKEJGP#DD.GKPGP 5%*41'&'4(TKGFTKEJ9KNJGNO+-ÌPKIXQP2TGW­GP<YGKWPF'KPFTKVVGNVCNGT'KP0CEJVTCI\W X 5EJTÌVVGT 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG   5  6HP - /#46+0 &KG RTGW­KUEJGP   /ÒP\RT·IWPIGP/1.&+0)&KG/ÒP\GP(TKGFTKEJUFGU)TQ­GP-CVCNQIFGTRTGW­KUEJGP /ÒP\GP.4#76'4$'4)<WO/ÒP\YGUGP-ÌPKI(TKGFTKEJ9KNJGNOU+XQP2TGWUUGP 5&CWU$GTNKPGT0WOKUOCVKUEJG<GKVUEJTKHV  7PVGTUEJKGFNKEJIGDWPFGP  





5%*41'6'4 ' &KG /ÒP\GP WPF /GFCKNNGP FGU 9GK­GPHGNUGT *GT\QIUJCWUGU 'KP $GKVTCI \WT )G   UEJKEJVGFGU*GT\QIVWOU5CEJUGP9GK­GPHGNUWPFFGU(ÒTUVGPVWOU5CEJUGP3WGTHWTV6GKN9GK­GPHGNU 56HP1TKI$TQUEJKT7OUEJNCIHNGEMKI



5%*4¤66'4 ( (TGKJGTT XQP )GUEJKEJVG FGU PGWGTGP /ÒP\ WPF )GNFYGUGPU KO -WTHÒTUVGPVWO   6TKGT$GTNKP8+++5-CTVG.GKPGP$GKIGNGIVGKPGJCPFUEJTKHVNKEJG4G\GPUKQP XQP ) 5%*4¤&'4 \W # 0QUU &KG /ÒP\GP FGT 'T\DKUEJÌHG XQP %ÌNP  WPF FGOU &KG   /ÒP\GPXQP6TKGT5CWH6CDCMIWVUEJGKPGP



&CURTGW­KUEJG/ÒP\YGUGPKO,CJTJWPFGTV$GUEJTGKDGPFGT6GKN*GHV&KG/ÒP\GPCWUFGT<GKV FGT-ÌPKIG(TKGFTKEJ+WPF(TKGFTKEJ9KNJGNO+$GTNKP8+++56HP.GKPGP$KPFWPI GVYCUNQEMGT





&CU RTGW­KUEJG /ÒP\YGUGP KO  ,CJTJWPFGTV /ÒP\IGUEJKEJVNKEJGT 6GKN $CPF  &KG /ÒP\XGTYCN   VWPIFGT-ÌPKIG(TKGFTKEJ+WPF(TKGFTKEJ9KNJGNO+$GTNKP:8+5.GKPGP





&CURTGW­KUEJG/ÒP\YGUGPKO,CJTJWPFGTV$GUEJTGKDGPFGT6GKN*GHV&KG/ÒP\GPCWUFGT<GKV FGU-ÌPKIU(TKGFTKEJ++FGU)TQ­GP$GTNKP:56HP.GKPGP4ÒEMGPWPF&GEMGNVGKN YGKUGNQUG





&CURTGW­KUEJG/ÒP\YGUGPKO,CJTJWPFGTV/ÒP\IGUEJKEJVNKEJGT6GKN$CPF&KG$GITÒPFWPIFGU RTGW­KUEJGP/ÒP\U[UVGOUFWTEJ(TKGFTKEJF)TWPF)TCWOCPP$GTNKP:5 $CPF&CU)GNFFGUUKGDGPL·JTKIGP-TKGIGUWPFFKG/ÒP\TGHQTOPCEJFGO(TKGFGP$GTNKP +:5$CPF&KGNGV\VGPXKGT\KI,CJTG$GTNKP8+++5.GKPGP  





&CURTGW­KUEJG/ÒP\YGUGPKO,CJTJWPFGTV$GUEJTGKDGPFGT6GKN*GHV&KG/ÒP\GPCWUFGT<GKV FGT-ÌPKIG(TKGFTKEJ9KNJGNO++WPF(TKGFTKEJ9KNJGNO+++DKU\WO,CJTG$GTNKP5 6HP.GKPGP$KPFWPIGVYCUNQEMGT





&KG /ÒP\GP (TKGFTKEJ 9KNJGNOU FGU )TQ­GP -WTHÒTUVGP WPF (TKGFTKEJU +++ XQP $TCPFGPDWTI CWH FGT   )TWPFNCIGFGT5COONWPIFGU-IN/ÒP\MCDKPGVVU$GTNKP:++56HP.GKPGP$KPFWPI NQEMGTDGUVQ­GP





&KG /ÒP\GP (TKGFTKEJ 9KNJGNOU FGU )TQ­GP -WTHÒTUVGP WPF (TKGFTKEJU +++ XQP $TCPFGPDWTI /ÒP\   WPF )GNFIGUEJKEJVG  $GTNKP  8+++  5 .GKPGP 8QTFGTFGEMGN GVYCU NQUG 6KVGNUGKVG   GVYCUGKPIGTKUUGP







 

 

&CURTGW­KUEJG/ÒP\YGUGPDKU$GUEJTGKDGPFGT6GKN$GTNKP56HP.GKPGP &CU RTGW­KUEJG /ÒP\YGUGP  DKU  /ÒP\IGUEJKEJVNKEJGT 6GKN  $·PFG $GTNKP  :+   5+85(CNVMCTVG.GKPGPNG\VG5GKVGPWPF$KPFPWIFGUGTUVGP$CPFGUGVYCUNQEMGT  





$GUEJTGKDWPIFGTPGW\GKVNKEJGP/ÒP\GPFGU'T\UVKHVUWPFFGT5VCFV/CIFGDWTI/CIFGDWTI 8+++56HP.GKPGP





$TCPFGPDWTI(T·PMKUEJGU/ÒP\YGUGP6GKNG*CNNGCPFGT5CCNG:+++5:5 6HP+PGKPGO$CPFKP.GKPGPIGDWPFGP





5%*ª6<#&KGJGUUKUEJGP/ÒP\GPFGU*CWUGU$TCDCPV$·PFG-CUUGNWPF(TCPMHWTV CO/CKPQ,.GKPGP  





5%*7.'4 *, &KG /ÒP\GP WPF /GFCKNNGP FGT $KTMGPHGNFGT .KPKGP FGU *CWUGU 9KVVGNUDCEJ XQT   'TNCPIWPI FGT -ÌPKIUYÒTFG 5& CWU &CU DCTQEMG <YGKDTÒEMGP WPF UGKPG /GKUVGT 9CNFHKUEJDCEJ    5  .GKPGP \YGK 5GKVGP NQUG  &KG /ÒP\V·VKIMGKV KO *GT\QIVWO <YGKDTÒEMGP KO   ,CJTJWPFGTVKP,CJTG8QNMUDCPM<YGKDTÒEMGP)GJGHVGV  



120




&'765%*.#0& 

5%*7./#0,%CVCNQIWGFGNC%QNNGEVKQPNCRNWUKORQTVCPVGFGOQPPCKGUFGUGVCVUGVXKNNGUF #NNG OCIPG =5NI (GTTCTK?  6GKNG =#WMVKQPGP    ? #OUVGTFCO    +PGKPGO$CPFKP.GKPGPIGDWPFGPDGKFGPGTUVGPDGKFGP6GKNGPOKV$NGKUVKHV DGKIGUEJTKGDGPG2TGKUG





5%*7.6'020&KG/ÒP\GPFGT)TCHGPXQP*QJPUVGKPXQPFGPGTUVGP#PH·PIGPKO/KVVGNCNVGTDKU \WO#WUUVGTDGPFGUIT·HNKEJGP*CWUGU1UPCDTÒEM(TQPVKURK\5OKV\CJNTGKEJGP#DD 1TKI$TQUEJWT



5%*7.6'0 9 &GWVUEJG /ÒP\GP CWU FGT <GKV -CTNU 8 6[RGPMCVCNQI FGT )GRT·IG \YKUEJGP FGO   $GIKPPFGT6CNGTRT·IWPI  WPFFGTFTKVVGP4GKEJUOÒP\QTFPWPI  (TCPMHWTVCO/CKP 56HP.GKPGP



5%*9+0-195-+ 9 &CU )GNF WPF /ÒP\YGUGP 5CEJUGPU &TGUFGP   5 )-47)&KG *CPFGNUWPF/GUUGUVCFV.GKR\KI\WT-KRRGT\GKV5&CWU$N·VVGTHÒT/ÒP\HTGWPFG9 *¤*0*GPPGDGTIKUEJGKNOGPCWKUEJG#WUDGWVGOÒP\GP11,WPF#'4$56'+0&CUYCJTG $KNFPKUU#NDTGEJVFGU$GJGT\VGP*GT\QIU\W5CEJUGP)WDGTPCVQTU\W(TKGUNCPF&TGUFGP1TKI $TQUEJWTVGKNYGKUGDGUEJ·FKIV  



&GT$TCMVGCVGPHWPFXQP/GK­GP5&CWU$N·VVGTHÒT/ÒP\HTGWPFG56HP#57*.' 5KPFFKGOGK­PKUEJGPUQI$WTIDTCMVGCVGPYCJTJGKVUIGVTGWG&CTUVGNNWPIGPOKVVGNCNVGTNKEJGT$WTIGP!5& CWU (TÒJG $WTIGP WPF 5V·FVG $GKVT·IG \WT $WTIGP WPF 5VCFVMGTPHQTUEJWPI $GTNKP  5 H   6H*$7%*'0#7'KP)TQUEJGPWPF*QJNRHGPPKIHWPFCWUFGT<GKVFGUU·EJUKUEJGP$TWFGTMTKGIGU 5&CWU$N·VVGTHÒT/ÒP\HTGWPFG  51TKI$TQUEJWTWPFIGJGHVGV  



/ÒP\WPF)GNFIGUEJKEJVGFGT/CTM/GK­GPWPF/ÒP\GPFGTYGNVNKEJGP*GTTGPPCEJOGK­PKUEJGT#TV

$TCMVGCVGP XQTFGT)TQUEJGPRT·IWPI6GKN#DDKNFWPIUVCHGNP=OGJTPKEJVGTUEJKGPGP?(TCPMHWTVCO /CKP56HP.GKPGP





<WT /ÒP\IGUEJKEJVG FGT GJGOCNKIGP 9GVVKPKUEJGP .CPFG WO  &GT $TCMVGCVGPHWPF XQP   'V\QNFUJCKPDGK)TKOOC*CNNGCPFGT5CCNG56HP*CNDNGKPGP





<WT /ÒP\IGUEJKEJVG FGT GJGOCNKIGP 9GVVKPKUEJGP .CPFG WO  &GT $TCMVGCVGPHWPF XQP   'V\QNFUJCKPDGK)TKOOC*CNNGCPFGT5CCNG56HP/QFGTPGU.GKPGP











4543



&CU)GNFYGUGPKP2TGW­GPWPVGT*GT\QI#NDTGEJV  +PCWIWTCN&KUUGTVCVKQP\WT'TNCPIWPIFGT &QMVQTYÒTFGDGKFGTRJKNQUQRJKUEJGP(CMWNV·VFGT-ÌPKINKEJGP#NDGTVWU7PKXGTUKV·V\W-ÌPKIUDGTIK2T 5& CWU <H0 $GTNKP  5  &KG GTUVGP U·EJUKUEJGP )QNFIWNFGP WPF FKG FGWVUEJG )QNF   RT·IWPIKO/KVVGNCNVGT5&CWU<H05&KG4GKEJTGHQTODGUVTGDWPIGPKPFGP,CJTGP WPFFGT8GTVTCI\W<KPPC/KVDGUQPFGTGT$GTÒEMUKEJVKIWPIFGTQDGTU·EJUKUEJGP/ÒP\WPF )GNFIGUEJKEJVG 5& CWU 8KGTVGNLCJTUEJTKHV HÒT 5Q\KCN WPF 9KTVUEJCHVUIGUEJKEJVG     5    5·EJUKUEJG/ÒP\WPFCPFGTG$GCOVGKOWPF,CJTJWPFGTV5&CWU$N·VVGTHÒT/ÒP\HTGWPFG

  5   &GWVUEJG /ÒP\RQNKVKM XQP  XQP FGT 4GKEJUOÒP\QTFPWPI DKU \WO   8GTVTCIXQP<KPPC5&CWU,CJTDWEJFGU0WOKUOCVKUEJGP8GTGKPU\W&TGUFGPCWHFKG,CJTG OKV GKPGO 4ÒEMDNKEM CWH FKG GTUVGP \GJP ,CJTG FGU $GUVGJGPU &TGUFGP  5   &CU )GNF   WPF /ÒP\YGUGP 5CEJUGP $GKVT·IG \W UGKPGT )GUEJKEJVG 5& CWU 0GWGU #TEJKX HÒT 5·EJUKUEJG )G   UEJKEJVGWPF#NVGTVWOUMWPFG56HP5&GT$TCMVGCVGPHWPFXQP/GK­GP 56HP+PGKPGO$CPFKP*CNDNGKPGPIGDWPFGP



$GKIGDWPFGP 2QUVMCTVG OKV #PUKEJV FGU 5VCNNJQHGU FGU -ÌPKINKEJGP 4GUKFGP\UEJNQUUGU &TGUFGP &CTWPVGT   JCPFUEJTKHVNKEJ /ÒP\MCDKPGVV 5EJYKPMQYUMK UEJTGKDV CO  CP FGP 5COONGT *GTTP &T , 9KNEMG =   ?-QRGPJCIGP8GUVGTDTQICFG*QEJIGGJTVGT*GTT&QMVQT'KP9GTMXQP5VTQGJNKP$KDNKQVJGECPWOKUOCVKEC JCDG KEJ YGFGT KP WPUGTGO /ÒP\MCDKPGVV IGHWPFGP PQEJ KP FGT $KDNKQVJGM WPUGTGU 0WOKUOCV 8GTGKPU KP &TGUFGP   FGUUGP 8QTUKV\GPFGT KEJ LGV\V DKP UGKV  ,CPWCT  'U YKTF CNUQ YQJN PWT DGK ,QUGH $CGT \W JCDGP UGKP /KV DGUVGT   'ORHGJNWPI+JTICP\GTIGDGPGT5EJYKPMQYUMK

121


&'765%*.#0& 

5''.0&'4 0 <GJGP 5EJTKHVGP XQP 6GWVUEJGP /ÒPV\GP /KVNGTGT <GKVGP *CPPQXGT   5    (CNVVHP  5GPFUEJTGKDGP XQP GKPKIGP %JWTHÒTUVNKEJ$TCPFGPDWTIKUEJGP $TCEVGCVGP QFGT $NGEJ   /ÒPV\GP OKVVNGTGT <GKVGP CP FGP *QEJYÒTFKIGP WPF*QEJIGNCJTVGP*GTTP*GTTP,QJCPP4CW*QEJ XGTFKGPVGP2TQDUVGP\W50KEQNCKKP$GTNKP*CPPQXGT=OKVJCPFUEJTKHVNKEJGT9KFOWPI?+PGKPGO $CPFIGDWPFGPMCTVQPKGTV



*CPFUEJTKHVNKEJGT$GUKV\GTGKPVTCI$KDNKQVJGM2CTCXKEKPKKO8QTUCV\5KGJGCWEJ-CVCNQI0T



5'..+'44&KG/ÒP\GPWPF/GFCKNNGPFGU*QEJUVKHVU(TGKUKPI$C[GTKUEJG/ÒP\MCVCNQIG)TÒP YCNF5OKV\CJNTGKEJGP#DD.GKPGP





5'7$'46 8GT\GKEJPKU FGT KP FGT 5COONWPI FGU /CPPJGKOGT #NVGTVWOUXGTGKPU DGHKPFNKEJGP 2H·N\K   UEJGPWPFDCFKUEJGP/ÒP\GPWPF/GFCKNNGP/CPPJGKO56HP1TKI$TQUEJWT5GKVGP NQUG



52'4.-&KG/ÒP\IGUEJKEJVG4GIGPUDWTIUXQP-CTNFGO)TQ­GPDKU\WO'TNÌUEJGPFGTJGT\QINKEJ DKUEJÌHNKEJGP )GOGKPUEJCHVUOÒP\G +PCWIWTCN&KUUGTVCVKQP \WT 'TNCPIWPI FGT &QMVQTYÒTFG GKPIGTGKEJV   DGKFGT*QJGP2JKNQUQRJKUEJGP(CMWNV·V5GMV+FGT(TKGFTKEJ#NGZCPFGT7PKXGTUKV·V\W'TNCPIGP-CNN OÒP\   5 1TKI$TQUEJWT * $7%*'0#7 &KG 4GIGPUDWTIGT /ÒP\G XQP .WFYKI FGO   (TQOOGPDKU*GKPTKEJFGP.ÌYGPKP&CU$C[GTPNCPF  51TKI$TQUEJWT 



52476*(&KG$GTIDCWRT·IWPIGPFGT6GTTKVQTKGPCP'FGT.CJPWPF5KGI'KP$GKVTCI\WT+PFWUVTKG CTEJ·QNQIKG 8GTÌHHGPVNKEJWPIGP CWU FGO $GTIDCW/WUGWO  $QEJWO  (TQPVKURK\  5 OKV   \CJNTGKEJGP#DD(CNVMCTVG.GKPGP



&KG $GTIDCWRT·IWPIGP FGT TJGKPRH·N\KUEJGP 5KNDGTITWDGP <WT )GUEJKEJVG FGU TJGKPRH·N\KUEJGP 5KNDGT   WPF-WRHGTDGTIDCWUDGK+OUDCEJCO&QPPGTUDGTIWPFKO5GGNDGTIDGK1DGTOQUEJGNUQYKGUGKPGT$GTI DCWRT·IWPIGPFGT+OUDCEJ/GFCKNNGWPFFGU5GGNDGTIGT6CNGTU8GTÌHHGPVNKEJWPIGPCWUFGO &GWVUEJGP$GTIDCW/WUGWO$QEJWO$QEJWO(TQPVKURK\5OKV\CJNTGKEJGP#DD-CTVQ PKGTV









/KV9KFOWPIFGU8GTHCUUGTUCP205EJWNVGP





&KG $KGDGTGT $GTIDCWVCNGT'KP-CVCNQIU·OVNKEJGT$KGDGTGT2T·IWPIGPXQPDKUXGTDWPFGP OKV GKPGO $GKVTCI \WT )GNFIGUEJKEJVG FGT )TCHUEJCHV *CPCW WPF FGT .CPFITCHUEJCHV *GUUGP-CUUGN   UQYKG OKV GKPGT &CTUVGNNWPI FGT $GTIDCWIGUEJKEJVG XQP $KGDGT 8GTÌHHGPVNKEJWPI FGT )GUGNNUEJCHV HÒT   +PVGTPCVKQPCNG )GNFIGUEJKEJVG  (TCPMHWTV CO /CKP  (TQPVKURK\  5 OKV \CJNTGKEJGP #DD   .GKPGP



&KG1DGTJCT\GT#WUDGWVGVCNGTXQP$TCWPUEJYGKI.ÒPGDWTI'KP$GKVTCI\WT+PFWUVTKGCTEJ·QNQIKG8GT ÌHHGPVNKEJWPIGPCWUFGO&GWVUEJGP$GTIDCW/WUGWO$QEJWO$QEJWO(TQPVKURK\5OKV \CJNTGKEJGP#DD(CNVMCTVG.GKPGP



/KV9KFOWPIFGU8GTHCUUGTU



56#&'./#+'4 4 8QP FGT /ÒP\IGUEJKEJVG CP &KGOGN WPF )NKPFG 0KGFGT/CTUDGTI Q,  5   (CNVVH.GKPGP





56#0)'')GNFWPF/ÒP\IGUEJKEJVGFGU$KUVWOU/KPFGP/ÒPUVGTKP9GUVHCNGP5OKV \CJNTGKEJGP #DD 5COOGNDCPF OKV  #WHU·V\GP \WT /KPFGPGT )GNF WPF /ÒP\IGUEJKEJVG FCTWPVGT   U·OVNKEJG0CEJVT·IG\W5VCPIGU/QPQITCRJKG$GKFG$·PFGFWTEJUEJQUUGPWPFGKPJGKVNKEJKP*CNDNGFGT IGDWPFGP/KV\CJNTGKEJGP#POGTMWPIGPWPFFKXGTUGPGKPIGMNGDVGP/ÒP\CDDNKFWPIGP  



$GKFG$·PFGOKVGZNKDTKU'TKEJ*GTDGTV)TQGPGITGUU/KPFGP9GUVH2TQVKPWUUWTUWO



)GNF WPF /ÒP\IGUEJKEJVG FGT )TCHUEJCHV 4CXGPUDGTI 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKU   UKQPFGU2TQXKP\KCNKPUVKVWVUHÒTYGUVH·NKUEJG.CPFGUWPF8QNMUMWPWFG/ÒPUVGTKP9GUVHCNGP 8+++5OKV#DD.GKPGP





56')79'+69)GUEJKEJVGFGT/ÒP\UV·VVG)QVJCXQODKU\WO,CJTJWPFGTV9GKOCT (TQPVKURK\5OKV\CJNTGKEJGP#DD.GKPGPOKV5EJWV\WOUEJNCI





56'+0*+.$'4&)GNFWPF/ÒP\IGUEJKEJVG#WIUDWTIUKO/KVVGNCNVGT5&CWU,0)   56HP.GKPGPGKPKIG#POGTMWPIGPCWHFGP6HP





&GT\YGKVG/ÒP\HWPFXQP0KGFGTTKGFGP56HPKP/GOOKPIGT)GUEJKEJVUDN·VVGT5 OKVOGJTGTGP6HP.GKPGPGKP$QIGPHCUVNQUG





&CU/ÒP\YGUGP/ÒP\VGEJPKM/ÒP\TGICN/ÒP\DKNF5KP*).#5'4 *TUI 9KVVGNUDCEJ WPF$C[GTP$CPF&KG<GKVFGTHTÒJGP*GT\ÌIGXQP1VVQ+\W.WFYKIFGO$C[GTP-CVCNQIFGT #WUUVGNNWPI CWH FGT $WTI 6TCWUPKV\ KP .CPFUJWV  ,WPK   1MVQDGT  /ÒPEJGP<ÒTKEJ    5OKV\CJNTGKEJGPVGKNUHCTDKIGP#DD1TKI$TQUEJWT



56'0<'. 6 $GKVT·IG \WT /CPUHGNFKUEJGP /ÒP\MWPFG 5& 5  (CNVVCHGN *CNDNGFGT OKV   4QVUEJPKVVOKPKOCNDGUVQ­GP



 122


&'765%*.#0& 

&GT $TCMVGCVGPHWPF XQP (TGEMNGDGP KO *GT\QIVWO #PJCNV 0CEJFTWEM *CNNG CP FGT 5CCNG  FGT   #WUICDG$GTNKP56HP1TKI$TQUEJWT





56ª/-' * &KG 2N·PG GKPGT 4GHQTO FGU /ÒP\YGUGPU DKU \WO 6QFG -CKUGT 5KIOWPFU *KUVQTKUEJG   5VWFKGP$GTNKP5*CNDNGKPGPGKPG8QTUCV\UGKVGOKV6GUCHKNOIGMNGDV



'ZNKDTKU&T$WUUQ2GWUWPF$GUKV\GTUKIPCVWT$2GWU



57%*+'4 4 &KG /ÒP\GP FGT )TCHGP XQP *CPCW <WO FTGKJWPFGTVL·JTKIGP ,WDKN·WO FGT 0GWUVCFV   *CPCW *CPCW   5  6HP *CNDNGFGT 8QTFGTFGEMGN WPF 4ÒEMGP HCUV NQUG 4ÒEMGP NGKEJV   DGUEJ·FKIVGVYCUDGUVQ­GP





57*.' # &CU /ÒP\YGUGP /CIFGDWTIU WPVGT 'T\DKUEJQH 9KEJOCPP  /CIFGDWTIGT (QT   UEJWPIGP/CIFGDWTI5-CTVG6HP.GKPGP





5;&19,2CN·QITCRJKGFGT-ÌNPGT/ÒP\KPUEJTKHVGPFGU/KVVGNCNVGTU5&CWU$QPPGT,CJTDÒEJGT

 *,.ª%-)'4*KVCTEWPF4CCTKPK&GPCTGFGU'T\DKUEJQHU2JKNKRRXQP*GKPUDGTI5&CWU $GTNKPGT/ÒP\DN·VVGT  &GTCNVG&QO &GT*KNFGDQNFFQO PCEJFGO$GHWPFFGT/ÒP\GP FGU :+ ,CJTJWPFGTVU /CUEJKPGPUEJTKHVNKEJG 5GKVGP WPRCIKPKGTV  GKPIGMNGDVG /ÒP\HQVQU 1TKI$TQ   UEJWT  



4565



6'06<'. 9' 5CZQPKC PWOKUOCVKEC UKXG PWOOQRJ[NCEKWO PWOKUOCVWO OPGOQPKEQTWO GV KEQPK   EQTWOCUGTGPKUUKOKUGNGEVQTKDWUFWEKDWUSWG5CZQPKCGNKPGCG#NDGTVKPCG=?$·PFG&TGUFGP,QJCP PGU4KGFGNKWU(TQPVKURK\\CJNTGKEJG$N56HP\CJNTGKEJG$N4GIKUVGT 5RGEKHKECVKQ 9GTOWVJKUEJGT /GFCKNNGP CNNGP EWTKGWUGP /GFCKNNGP(TGWPFGP \W FKGPUVNKEJGT 0CEJTKEJV    5 +P GKPGO $CPF KP .GKPGP IGDWPFGP  .KPGCG 'TPGUVKPCG &TGUFGP ,QJCPPGU 4KGFGNKWU    <CJNTGKEJG$N56HP\CJNTGKEJG$N4GIKUVGT*CNDNGKPGP  



6GZVFWTEJI·PIKIKPNCVGKPKUEJGTWPFFGWVUEJGT5RTCEJG



6'4)#562&KG/ÒP\GP1UVHTKGUNCPFU6GKN$KU'OFGP:++5OKV\CJNTGKEJGP #DD*CNDNGKPGP





6*+'.4&KG$TCMVGCVGPH·NUEJWPIGPFGU0KEQNCWU5GGN·PFGT  WPFUGKPG<GJGP5EJTKHVGP \WT OKVVGNCNVGTNKEJGP /ÒP\MWPFG 8GTDWPFGP OKV GKPGO XQNNUV·PFKIGP 0CEJFTWEM XQP 5GGN·PFGTU    GTUEJKGPGPGP 9GTM *GKFGNDGTI   5 OKV \CJNTGKEJGP #DD  6HP  5 \CJNTGKEJG 6HP   *CNDNGKPGP



5KGJGCWEJ-CVCNQI0T



6*1/5'0%,%CVCNQIWGFGNC%QNNGEVKQPFGOQPPCKGUFGHGW%JTKUVKCP,ÒTIGPUGP6JQOUGP6GKN .GUOQPPCKGUFWOQ[GPCIG$·PFG-QRGPJCIGP56HP56HP5 6HP+PCNNGP$·PFGPXQPGKPGO8QTUCV\DNCVVLGYGKNUQDGTGTGEJVG'EMGCDIGUEJPKVVGPFKGWTURTÒPI NKEJGKPG$GUKV\GTUKIPCVWTVTWI*CNDNGFGTDGUVQ­GP4ÒEMGPXQP$CPFWPFGVYCUDGUEJ·FKIV  



+PCNNGP$·PFGGZNKDTKU0QPPQDKUUQNWO'ZNKDTKU4%[TKN.QEMGVV

123


&'765%*.#0& 

6*14/#00*&KGCPJCNVKUEJGP/ÒP\GPFGU/KVVGNCNVGTU/ÒPUVGT56HP.GKPGP





&KG/ÒP\GPFGT*GT\ÌIGXQP5CEJUGPCWUFGO*CWUG#PJCNV/ÒPUVGT5FCXQP \CJNTGKEJG6HP.GKPGP





6140#7 1 &KG OKVVGNCNVGTNKEJGP /ÒP\GP XQP *CNDGTUVCFV *CNDGTUVCFV Q,  5  6HP  &KG   OKVVGNCNVGTNKEJGP/ÒP\GPFGT#DVGK3WGFNKPDWTIWPFCPFGTGTIGKUVNKEJGP*GTTGPFGU*CT\ICWGU*CNDGT UVCFVQ,56HP&KGOKVVGNCNVGTNKEJGP/ÒP\GPFGTYGNVNKEJGP*GTTGPFGU*CT\ICWU*CNDGT UVCFVQ,56HP&KG*CNDGTUV·FVGT/ÒP\GPFGTPGWGTGP<GKV*CNDGTUVCFVQ,56HP +PGKPGO$CPFKP.GKPGPIGDWPFGP





&KG /ÒP\IGUEJKEJVG FGT )TCHUEJCHV /CPUHGNF Y·JTGPF FGT -KRRGT\GKV WPF FKG IT·HNKEJ OCPUHGNFKUEJGP   -KRRGTOÒP\GP(TCPMHWTVCO/CKP/GJTGTG$N56HP.GKPGP





/ÒP\YGUGPWPF/ÒP\GPFGT)TCHUEJCHV/CPUHGNFXQPFGT/KVVGFGUHÒPH\GJPVGP,CJTJWPFGTVUDKU\WO 'TNÌUEJGPFGUIT·HNKEJGPWPFHÒTUVNKEJGP*CWUGU2TCI56HP*CNDNGFGTOKV)QNFUEJPKVV 4ÒEMGPNGKEJVDGUEJ·FKIV





&KG $TCMVGCVGP FGT )TCHGP XQP /CPUHGNF FGT 'FNGP *GTTGP XQP (TKGFGDWTI WPF FGT *GTTGP XQP   5EJTCRNCW)TÒPDGTIKP5EJNGUKGP8+++56HP*CNDNGKPGP





64+22'#&KG/ÒP\GPXQP/GFGDCEJ$TCWPUEJYGKI5FCXQP6HP.GKPGPOKV5EJWV\ WOUEJNCI





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/KVDGKIGUEJTKGDGPGP2TGKUGPWPF\CJNTGKEJGP#POGTMWPIGP



8155$'4)(#5KGIGNFGU/KVVGNCNVGTUXQP2QNGP.KVJCWGP5EJNGUKGP2QOOGTPWPF2TGW­GP'KP $GKVTCI\WT(ÌTFGTWPIFKRNQOCVKUEJGTIGPGCNQIKUEJGTPWOKUOCVKUEJGTWPFMWPUVIGUEJKEJVNKEJGT5VWFKGP ÒDGTWTURTÒPINKEJUNCXKUEJG6JGKNGFGTRTGWUUKUEJGP/QPCTEJKG$GTNKP56HP*CNDNGKPGP 8QTFGTFGEMGNNQUG4ÒEMGPDGUEJ·FKIV



'ZNKDTKU&QPCNF.KPFUC[)CNDTGCVJ



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9#5%*+05-+'$TCMVGCVGPWPF&GPCTGFGU&GWVUEJGP1TFGPU(TCPMHWTVCO/CKP56HP FGT(TCPMHWTVGT/ÒP\\GKVWPI0(=QJPG,CJT?0CEJVT·IGWPF$GTKEJVKIWPIGP\W$TCMVGCVGP WPF&GPCTGFGU&GWVUEJGP1TFGPU5&CWU&GWVUEJG/ÒP\DN·VVGT  5+PGKPGO$CPFKP .GKPGPIGDWPFGP



&KG /ÒP\ WPF 9·JTWPIURQNKVKM FGU &GWVUEJGP 1TFGPU KP 2TGW­GP KJTG JKUVQTKUEJGP 2TQDNGOG WPF   UGNVGPGP)GRT·IG&GT)ÌVVKPIGT#TDGKVUMTGKU8GTÌHHGPVNKEJWPIGP/CPWUMTKRVFTWEM)ÌVVKPIGP 56HP/&;)1&KG/ÒP\RQNKVKMFGU&GWVUEJGP1TFGPUKP2TGW­GPKPFGTGTUVGP*·NHVGFGU ,CJTJWPFGTVU(CUEKEWNK*KUVQTKEK/CPWUMTKRVFTWEM9CTU\CYC51TKI$TQUEJWT  



9'+..'4 4 &KG /ÒP\GP XQP 6TKGT 6GKN  $GUEJTGKDWPI FGT /ÒP\GP  ,CJTJWPFGTV     2WDNKMCVKQPGP FGT )GUGNNUEJCHV HÒT 4JGKPKUEJG )GUEJKEJVUMWPFG  &ÒUUGNFQTH   5  6HP   .GKPGP



9'+0)460'4 , $GUEJTGKDWPI FGT -WRHGT/ÒP\GP 9GUVHCNGPU PGDUV JKUVQTKUEJGP 0CEJTKEJVGP   *GHV2CFGTDQTP5*CNDNGKPGP









+O 8QTUCV\ $GUKV\GTUVGORGN /CZ $GUKPI &GNNYKI D .CPIUEJGFG  5KGJG CWEJ FKG 0CEJVT·IG XQP 9 2KGRGT   -CVCNQI0T





&KG)QNFWPF5KNDGT/ÒP\GPFGU$KUVJWOU2CFGTDQTPPGDUVJKUVQTKUEJGP0CEJTKEJVGP0CEJVT·IG\WFGP /ÒP\GP FGT 'FNGP XQP $ÒTGP WPF FGT #DVGK *GNOGTUJCWUGP /ÒPUVGT   5  6HP  &KG   )QNFWPF5KNDGT/ÒP\GPFGT#DVGK%QTXG[PGDUVJKUVQTKUEJGP0CEJTKEJVGP/ÒPUVGT8+++5 6HP+PGKPGO$CPFKP*CNDNGKPGPIGDWPFGP



&KG)QNFWPF5KNDGT/ÒP\GPFGT#DVGK%QTXG[PGDUVJKUVQTKUEJGP0CEJTKEJVGP/ÒPUVGT5 6HPFCXQP0CEJVTCI5*CNDNGFGTGVYCUDGUVQ­GP&WTEJUEJQUUGPGU'ZGORNCTOKV\CJNTGK EJGPJCPFUEJTKHVNKEJGP#POGTMWPIGPWPFFKXGTUGPGKPIGMNGDVGP#DD





0CEJVT·IG\WT.KRRKUEJGP)GNFWPF/ÒP\)GUEJKEJVG5&CWU/ÒP\UVWFKGP  5FTGK5& XQP2$'4)*#75\WTNKRRKUEJGP/ÒP\IGUEJKEJVG)GJGHVGVGKPOCNGVYCUDGUEJ·FKIV  



9'+0/'+56'425EJCWODWTI.KRRKUEJG/ÒP\IGUEJKEJVG&TGUFGP56HP*CNDNGKPGP /KV9KFOWPI*GTTP'TPUV.GLGWPGHTGWPFUEJCHVNKEJUVFGT8GTHCUUGT

124

 


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9'06< * &KG )TQUUJGT\QINKEJ $CFKUEJG 5COONWPI OKVVGNCNVGTNKEJGT WPF OQFGTPG /ÒP\GP WPF   /GFCKNNGP /KVVJGKNWPIGP CWU FGT )TQUUJGT\QINKEJ $CFKUEJGP *QH WPF .CPFGUDKDNKQVJGM WPF /ÒP\   UCOONWPI-CTNUTWJG5*CNDNGFGTFWTEJUEJQUUGPGU'ZGORNCT



9'5%*-' , &KG 4GKEJUIQNFRT·IWPI &GWVUEJNCPFU KO 5R·VOKVVGNCNVGT DKU  &KUUGTVCVKQP \WT   'TNCPIWPIFGU&QMVQTITCFGUIGPGJOKIVXQPFGT2JKNQUQRJKUEJGP(CMWNV·VFGT*WODQNFV7PKXGTUKV·V\W $GTNKP 6CI FGT 2TQOQVKQP  /·T\  5CWDGTG (QVQMQRKG FGT OCUEJKPGPUEJTKHVNKEJGP 8QTNCIG   *CNDNGKPGP





9';.#&KG2CWN*GPEMGN UEJG5COONWPI$TCPFGPDWTI2TGWUUKUEJGT/ÒP\GPWPF/GFCKNNGP$GTNKP 56HP0CEJVTCI$GTNKP5+PGKPGO$CPFKP*CNDNGFGTIGDWPFGP





9+$'. ( <WT /ÒP\IGUEJKEJVG FGT )TCHGP XQP 9GTVJGKO WPF FGU )GUCOOVJCWUGU .QGYGPUVGKP   9GTVJGKO XQP FGT 8GTNGKJWPI FGU /ÒP\TGEJVGU   DKU \WO 'TNÌUEJGP FGUUGNDGP   PGDUV IG   UEJKEJVNKEJGP'ZEWTUGPWPFGKPGO8GT\GKEJPKUUFGTU·OOVNKEJGPFKGUGP)GUEJNGEJVGTPWPFKJTGP$GUKV \WPIGPCPIGJÌTGPFGP/ÒP\GPWPF/GFCKNNGP*CODWTI56HP*CNDNGFGTOKV)QNFXGT \KGTWPIGPGVYCUDGTKGDGP



9+'.#0&6 ( /ÒP\G WPF )GNF KP 2HQT\JGKO 2HQT\JGKO   5 OKV \CJNTGKEJGP #DD WPF   (CTDVHP.GKPGP$KPFWPIGVYCUNQEMGT





/KV9KFOWPIFGU8GTHCUUGTU*GTTP2CWN4<WMGTHTGWPFN\WIGGKIPGV- JG:++



/ÒP\GP/GFCKNNGP5KGIGN56HPKP$CFKUEJGU.CPFGUOWUGWO-CTNUTWJG *TUI  5R·VIQVKMCO1DGTTJGKP/GKUVGTYGTMGFGT2NCUVKMWPFFGU-WPUVJCPFYGTMU-CTNUTWJG 5(CTDVHP6HP1TKI$TQUEJWT





$CFKUEJG/ÒP\WPF)GNFIGUEJKEJVG8GTÌHHGPVNKEJWPIGPFGU$CFKUEJGP.CPFGUOWUGWOU#WHNCIG -CTNUTWJG:+56HP.GKPGP





&GT$TGKUICWGT2HGPPKIWPFUGKPG/ÒP\UV·VVGP'KP$GKVTCI\WT/ÒP\WPF)GNFIGUEJKEJVGFGU#NGOCP PGPNCPFGUKO/KVVGNCNVGT#WHNCIG-CTNUTWJG5-CTVG6HP.GKPGP(WPFCNGOCPPK UEJGT /ÒP\GP CWU /CTDCEJ KO 'NUCUU XGTITCDGP WO  5& CWU $GTKEJVG  (TGKDWTI KO   $TGKUICW(TQPVKURK\5OKV\CJNTGKEJGP#DD)GJGHVGV  



0GWCWHNCIGXQP05V*CODWTI/KV9KFOWPIFGU8GTHCUUGTUCP*GTT'TKEJ$%CJPOHTGWPFUEJCHVNKEJGP)TÒ­GP



<YGK 5COOGND·PFG OKV KPUIGUCOV  #WHU·V\GP OGJTHCEJ CWU FGT <GKVUEJTKHV HÒT FKG )GUEJKEJVG FGU   1DGTTJGKPU <)1  FCTWPVGT &KG /ÒP\UV·VVGP FGT /CTMITCHGP XQP $CFGP 8GTUWEJ GKPGT /ÒP\IG   UEJKEJVG5&CWU<)1  &KG#PH·PIGFGUNCPFGUJGTTNKEJGP/ÒP\YGUGPUFGT/CTMITCHGPXQP $CFGP 5& CWU <)1    /ÒP\MWPFG WPF /ÒP\MCDKPGVVG CO 1DGTTJGKP -CTNUTWJG  &KG   ,WDKN·WOUOGFCKNNGPFGT7PKXGTUKV·V*GKFGNDGTI5&CWU4WRGTVQ%CTQNC  2QTVT·VUVWFKGP\WO 5VWPFGPDWEJ/CTMITCH%JTKUVQRJU+XQP$CFGP5&CWU<)1  .GKPGP  



6GKNYGKUGOKV9KFOWPIFGU8GTHCUUGTU



9+06<*&'7'4.'+0''TNCPIGPKO5RKGIGNFGT/ÒP\G6GKN'TNCPIGT/ÒP\GPWPF0QVIGNF 'TNCPIGP(TQPVKURK\:++6HP56HP(CNVVHP1TKI$TQUEJWTWPCWHIGUEJPKVVGP



+O8QTUCV\JCPFUEJTKHVNKEJGT$GUKV\GTXGTOGTM$KDNKQVJGM2CTCXKEKPK

125


&'765%*.#0& 



9+221 9# &KG /ÒP\HWPFG \W *GUUGNP WPF $ÒTGP 5& CWU <GKVUEJTKHV HÒT XCVGTN·PFKUEJG )G   UEJKEJVG WPF #NVGTVWOUMWPFG 9GUVHCNGPU    5  6H  0GWGTG /ÒP\HWPFG 5& CWU   <GKVUEJTKHV HÒT XCVGTN·PFKUEJG )GUEJKEJVG WPF #NVGTVWOUMWPFG 9GUVHCNGPU  5  =(WPFG XQP   -CRRGPDGTI WPF 4GPVTWR? - -'00'21*. &GT /ÒP\HWPF XQP (TKGUQ[VJG 5& CWU 1NFGPDWTIGT   ,CJTDWEJ  5   6HP =OKV 9KFOWPI FGU 8GTHCUUGTU *GTTP &T =!? GTI ÒDGTTGKEJV XQO   8GTH?  &GT $ÌTUVGNGT /ÒP\HWPF 5& CWU $N·VVGT HÒT /ÒP\HTGWPFG   5 6H 1 #7'4   /KVVGNCNVGTHWPFXQP(TÌPFGPDGTI5%#5'4474'.GUOQPPCKGUFGUEQOVGUFG.KODWTIUWTNC .GPPG5&CWU4$058QTN·WHKIGU8GT\GKEJPKUFGT/ÒP\GPFGT)TCHGPXQP.KO DWTI FK .KODWTI CPFGT.GPPG QFGT *QJGPNKODWTI KP 9GUVRJCNGP  .QWXCKP Q,  5   #2'44'#77PGVTQWXCKNNGFGOQPPCKGU¯6QPITGU5&CWU4$05*$7%*'0#7 <YGK/ÒP\GPFGT)TCHGPXQP.KODWTIKP9GUVHCNGP5$#4%<#692+'2'4/ÒP\UVWFKGP\WT 'PVYKEMNWPIUWPF$CWIGUEJKEJVG5QGUV U5&CWU<GKVUEJTKHVFGU5QGUVGT)GUEJKEJVUXGTGKPU   5  6H 9 2+'2'4 &KG )GTGEJVUCOG FGT )GUGMGT #GDVKUUKP KPDG\WI CWH FKG 5QGUVGT/ÒP\GT   WPFFCU5QGUVGT/ÒP\OCNUQYKG)GUGMGCNU/ÒP\UV·VVG5+PGKPGO$CPFKP*CNDNGKPGPIGDWP FGP4ÒEMGPWPVGT6GUCHKNOOKVFGO6KVGN5COOGNDCPF9GUVHCNGP+DGMNGDV



<'2'40+%- -( &KG %CRKVGNU WPF 5GFKUXCECP\OÒP\GP WPF /GFCKNNGP FGT FGWVUEJGP 'T\ *QEJ   WPF WPOKVVGNDCTGP 4GKEJU5VKHVGT *CNNG  8+++56HP*CNDRGTICOGPV4ÒEMGPGVYCUDG UEJ·FKIV  'TI·P\WPIGP WPF $GTKEJVKIWPIGP \W FGP /ÒP\GP WPF /GFCKNNGP FGT GJGOCNKIGP %CRKVGN   WPF 5GFKUXCECP\GP DGK FGP %CVJGFTCNGP WPF -KTEJGP FGT &GWVUEJGP 'T\ *QEJ WPF WPOKVVGNDCTGP   4GKEJU5VKHVGT*CNNG8+5#DD0CEJVT·IG\WFGP'TI·P\WPIGPWPF$GTKEJVKIWPIGP FGU8GTUWEJUÒDGTFKG%CRKVGNUWPF5GFKUXCECP\OÒP\GPWPF/GFCKNNGPFGTFGWVUEJGP'T\*QEJWPF HTGKGP4GKEJU5VKHVGT*CNNG8+++56HP+PGKPGO$CPFKP*CNDRGTICOGPVIGDWPFGP 4ÒEMGPDGUEJ·FKIVWPFGVYCUNQUG  



+O8QTUCV\$GUKV\GTUVGORGNOKV/QPQITCOOCWU(49WPF5VGORGN&WRNG$KDN4GI4GIKQO



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-1081.76 $#;'40 -NGKPUEJTKHVGPWPF5QPFGTFTWEMG\W$C[GTPWPFRT·IGDGTGEJVKIVGP5V·PFGP KP$C[GTPFCTWPVGT(QTUVGT #WIUDWTI-QRKGPFGT*GHVG 7PVGTUEJKGFNKEJIGDWPFGP  





-1081.76 *'55'0   -NGKPUEJTKHVGP WPF 5QPFGTFTWEMG \W OKVVGNCNVGTNKEJGP WPF PGW\GKVNKEJGP   /ÒP\GPXQP*GUUGPFCTWPVGT9*'55(TKV\NCTU/ÒP\YGUGPKO/KVVGNCNVGT5&CWU(TKV\NCTKO/KV VGNCNVGT (GUVUEJTKHV \WT ,CJTHGKGT (TKV\NCT  =OKV 9KFOWPI FGU 8GTHCUUGTU? 1TKI$TQUEJWT   WPFIGJGHVGVGKPOCNKP(QVQMQRKG  



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4711





136

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4713



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 137


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4725



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138

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/15'4 *6745-; * &KG /ÒP\UV·VVG *CNN KP 6KTQN  +PPUDTWEM   5 OKV    #DD  &KG /ÒP\UV·VVG *CNN KP 6KTQN  +PPUDTWEM   5 OKV \CJNTGKEJGP #DD   .GKPGP  





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0'9#.& , &CU ÌUVGTTGKEJKUEJG /ÒP\YGUGP WPVGT (GTFKPCPF + 'KPG OÒP\IGUEJKEJVNKEJG 5MK\\G   9KGP5&CUÌUVGTTGKEJKUEJG/ÒP\YGUGPWPVGTFGP-CKUGTP/CZKOKNKCP++4WFQNRJ++WPF /CVJKCU/ÒP\IGUEJKEJVNKEJG5VWFKGP9KGP56HP.GKPGP  





2+%*.'4 ( 4GRGTVQTKWO FGT UVGKGTKUEJGP /ÒP\MWPFG  $·PFG )T·V\   5  6HP   ::++5(CNVMCTVG56HP+PGKPGO$CPFKP*CNDNGKPGPIGDWPFGP





241$5<61*5614(() *TUI 5EJCWWPF&GPMOÒP\GPYGNEJGWPVGTFGTINQTYÒTFKIGP4GIKG TWPIFGT-CKUGTKPP-ÌPKIKPP/CTKC6JGTGUKCIGRT·IGVYQTFGPUKPF0CEJFTWEM)TC\FGT#WUICDG 9KGP:.++5.GKPGP



4'5%*#5KGDGPDÒTIKUEJG/ÒP\GPWPF/GFCKNNGPXQPDKU\WT)GIGPYCTV*GTOCPPUVCFV 8+++56HP*CNDNGFGT0CEJVTCI\W5KGDGPDÒTIKUEJG/ÒP\GPWPF/GFCKNNGPXQPDKU \WT)GIGPYCTV0CEJFTWEM)TC\FGU5&CWU,CJTDWEJFGU$WT\GPN·PFGT5·EJUKUEJGP/WUGWOU

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$GUKV\GTUVGORGN *RV C& -CTN *QNNUEJGM $GUKV\GT FGU -CTQNKPGPDCF 9KGP 8+ &ÒTGTICUUG  KO 8QTUCV\ FGU   $WEJGU



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41.. - &KG 5EJCWOÒP\GP CWH FKG 5CN\DWTIGT 'OKITCVKQP *CNNG CP FGT 5CCNG   5  6HP   1TKI$TQUEJWT





5%*¤08+50'45%CVCNQIWUPWOQTWO*WPICTKCGCE6TCPUKNXCPKCG6GKNG2GUV8+5 55#RRGPFKZ2GUV:8++56HP+P$·PFGPKP*CNDNGFGTIGDWPFGP  





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-QPXQNWV XQP  -NGKPUEJTKHVGP WPF 5QPFGTFTWEMGP \WT WPICTKUEJGP 0WOKUOCVKM 1TKI$TQUEJWT WPF   IGJGHVGV  





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%.#+056'(#0'..+ '' +VCNKCP %QKP 'PITCXGTU UKPEG  %QPVTKDWVKQPU HTQO VJG /WUGWO QH   *KUVQT[CPF6GEJPQNQI[2CRGT9CUJKPIVQP&%56GZVCDD1TKI$TQUEJWT





+VCNKCP%QKP'PITCXGTUUKPEG%QPVTKDWVKQPUHTQOVJG/WUGWOQH*KUVQT[CPF6GEJPQNQI[2CRGT  9CUJKPIVQP &%   5  6GZVCDD KP 5OKVJUQPKCP +PUVKVWVKQP 7PKVGF 5VCVGU 0CVKQPCN   /WUGWO$WNNGVKP  .GKPGP



&CU $WNNGVKP GPVJ·NV HGTPGT '' %NCKP5VGHCPGNNK 0WOKUOCVKEU  CP #PEKGPV 5EKGPEG UQYKG 8 %NCKP5VGHCPPGNNK   *KUVQT[QHVJG0CVKQPCN0WOKUOCVKE%QNNGEVKQPU



%1..'%6+1 (+'9')'4-CVCNQI UCV[TKUEJGT /GFCKNNGP WPF /ÒP\GP CWUFGO0CEJNCUUFGUCO 1EVQDGT  XGTUVQTDGPGP 2TQHGUUQT % (KGYGIGT FGTGP ÌHHGPVNKEJG 8GTUVGKIGTWPI GTDVJGKNWPIUJCNDGT   CO  W  #RTKN  =? UVCVVHKPFGV $GTNKP   5 OKV  0TP 2TGKUNKUVG *CNDNGKPGP   $KPFWPINQEMGT6KVGNDNCVVNQUG



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182

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'+&.+6< 4, /GFCNU CPF /GFCNNKQPU 4GNCVKPI VQ #TEJKVGEVU 0GY ;QTM  :::8  5   6HP(QNKQ.GKPGPOKV)QNFRT·IWPI





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'.-#0 6 #WMVKQP * *GNDKPI 5COONWPI &T 6JGQFQT 'NMCP $GTNKP 4GPCKUUCPEG WPF $CTQEM   RNCMGVVGP/ÒPEJGP5OKV0TP)GJGHVGV





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183


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$GUKV\GTUVGORGN&T,CEQD*KTUEJ0WOKUOCVKMGT/ÒPEJGP



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(+5%*'4 &/#7— * &KG /GFCKNNGP FGT *QJGP\QNNGTP KP (TCPMGP 0ÒTPDGTI   5 OKV   \CJNTGKEJGP#DD.GKPGP





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'ZNKDTKU,QU'WIGP.CPI



(.+'&0'45,QJCPP$NWOGKPDTGOKUEJGT/GFCKNNGWTFGU,CJTJWPFGTVU56HPKP ,CJTDWEJFGT9KVVJGKV\W$TGOGP  56HP1TKI$TQUEJWT





(.14#0)',. COQWTGVNGOCTTKCIGFCPUNCPWOKUOCVKSWG/QWNKPU5#DD1TKI$TQ UEJWT4ÒEMGPNGKEJVDGUEJ·FKIV





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(18+..',FG5RGTCPFKQ5EWNRVGWTGVO¾FCKNNGWT/CPVQWCP2CTKU56HP.GKPGP0T XQP'ZGORNCTGP





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184




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/KV9KFOWPICP'TKEJ*GTDGTV2KGTTG



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/KV9KFOWPI*GTTPMIN5VCCVUOKPKUVGT*T4KVVGTXQP(TCWGPFQTHGTGJTGTDKGVKIUVÒDGTTGKEJVXQO8GTH



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 185


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   &KG6CHGNCWUICDG )TQ­HQNKQ KUVXQPITQ­GT5GNVGPJGKV

 186

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189


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190




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#PVQP 5EJCTHH -CVCNQI UGKPGT /GFCKNNGP WPF 2NCMGVVGP 9KGP   5 1TKI$TQUEJWT 7OUEJNCI   FGHGMVWPFIGMNGDVDGUEJOWV\V





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$GUEJTKLXKPIXCPPGFGTNCPFUEJGJKUVQTKGRGPPKPIGPVGPXGTXQNIGQRJGVYGTMXCP/T)GTCTFXCP.QQP JTUIXQP&GVYGGFGMNCUUGXCPJGV-QPKPMNKLM0GFGTNCPFUEJG+PUVKVWWVXCP9GVGPUEJCRRGP.GVVGTMWPFG GP5EJQQPG-WPUVGP5VÒEMG#OUVGTFCO54GIKUVGT.+856HP(QNKQ +PFTGK$·PFGPGKPJGKVNKEJKP*CNDNGKPGPIGDWPFGP$KPFWPIVGKNYGKUGGVYCUNQEMGTGVYCUDGUVQ­GP   



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/#)0#)76+ # .G OGFCINKG /CPVQXCPG /CPVQXC   5GKVGP 1TKI$TQUEJWT WPCWHIG   UEJPKVVGP$KPFWPINQEMGT8QTFGTFGEMGNNQUG





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191


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/#,14'7TU)TCH'KP$GKVTCI\WT)GUEJKEJVGFGT)QNFUEJOKGFGMWPUVKO,CJTJWPFGTV+PCWIW TCN&KUUGTVCVKQP \WT 'TNCPIWPI FGT RJKNQUQRJKUEJGP &QMVQTYÒTFG XQTIGNGIV FGT JQJGP RJKNQUQRJKUEJGP   (CMWNV·VFGT7PKXGTUKV·V$CUGN5VTC­DWTI8+++5)GJGHVGV





(TKGFTKEJ(GEJGTGKP/GFCKNNGWTFGU,CJTJWPFGTVU$CUGN5FCXQP6HP1TKI$TQUEJWT





/#4166'..GUO¾FCKNNGUF #PVQPKQ2KUCPQFKVNG2KUCPGNNQQ1<CJNTGKEJGNQUG5GKVGPWPF 6HPKP(CNVOCRRGKO5EJWDGTNGKEJVDGUEJ·FKIV5GKVGPWPF6HPVCFGNNQU



+O8QTUCV\KUVFGTWPIGYÌJPNKEJG<WUVCPFFGT8GTÌHHGPVNKEJWPIGTMN·TV. KORTGUUKQPFGEGVQWXTCIGEQOOGPE¾GGP KPVGTTQORWGRCTNCOQDKNKUCVKQPC¾V¾TGRTKUGGVVGTOKP¾GGP



/#46+0,..GUO¾FCKNNGUFGVKTUWKUUGU&KG5EJÒV\GPOGFCKNNGPFGT5EJYGK\.GOGFCINKGFKVKTQ FGNNC5XK\\GTC5YKUUUJQQVKPIOGFCNU.CWUCPPG5OKV\CJNTGKEJGP#DD-CTVQ PKGTV





/¾FCKNNGU UWKUUGU /GFCKNNGP FGT 5EJYGK\ /GFCINKG UXK\\GTG .CWUCPPG   5 OKV \CJNTGKEJGP   #DD-CTVQPKGTV





/#4:4.GUO¾FCKNNGWTUHTCP¼CKUFGRWKU0QVKEGJKUVQTKSWGUWKXKGFGFQEWOGPVUUWTNCIN[RVKSG CWFKZPGWXK½OGUK½ENG2CTKU(TQPVKURK\56HP1TKI$TQUEJWT7OUEJNCINQUG



/KV9KFOWPIFGU8GTHCUUGTUCP*GPT[/CTCN



/#661+ ' 6GCVTQ KP PWOOKU 2QGVK VTCIKEK G NKTKEK EQOOGFKQITCHK /KNCPQ   5  6HP   1TKI$TQUEJWT





/#;14,#WIWUVG$QXGV  5&CWU504  (TQPVKURK\51TKI$TQUEJWT





/#<'41..'(.GUO¾FCKNNGWTUHTCP¼CKUFW:8GUK½ENGCWOKNKGWFW:8++G$·PFG2CTKU %.::8+++556HP*CNDNGKPGP  





,GCP8CTKP%QPFWEVGWTFGNCOQPPCKGFW/QWNKPVCKNNGWTI¾P¾TCNFGUOQPPCKGUEQPVTQNNGWTI¾P¾TCNFGU RQKP¼QPU GV GHHKIKGU 5C XKG  UC HCOKNNG  UQP QGWXTG  $·PFG 2CTKU   5  6HP  5   1TKI$TQUEJWTOGKUVWPCWHIGUEJPKVVGPG5GKVGP



/#<+1 ( 5GTKG FGK EQPK FK OGFCINKG RQPVKHKEKG FC /CTVKPQ 8 HKPQ C VWVVQ KN RQPVKHKECVQ FGNNC UCP   OGOFK2KQ8++GUKUVGPVKPGNNCRQPVKHKEKC\GEECFK4QOC4QO+:5OKV0TP*CNDNG FGTOKV)QNFXGT\KGTWPIGP





'UJCPFGNVUKEJWOGKPGP8GTMCWHUMCVCNQIR·RUVNKEJGT/GFCKNNGP'ZNKDTKU$CTQPKU5WTOQPV

5461



/'%*'.%FG1GWXTGFW%JGXCNKGT*GFNKPIGTQW4GEWGKNFGUOGFCKNNGUFGEGEGNGDTGCTVKUVG=? FGFKGC5/)WUVCXG+++TQKFG5WGFG$CUGN6HP:::+85*CNDNGFGT$KPFWPINQEMGT 'ZNKDTKU&T%2GTTQEJGV

192




/'&#+..'02.#-'66'0 

/'&+%+0# +0 07//+5 5COONWPI &T OGF )¾\C (CNWFK 5& CWU -CVCNQI FGT #WUUVGNNWPI FGU   -QPITGUUGU HÒT )GUEJKEJVG FGT /GFK\KP $WFCRGUV   5  6HP DGKIGNGIV )GJGHVGV 4ÒEMGP   DGUEJ·FKIV



/KV9KFOWPIFGU5COONGTU)(CNWFK



/'&+0#,6/GFCNNCUEQNQPKCNGU*KURCPQ#OGTKECPCU5CPVKCIQFG%JKNG5OKV\CJNTGK EJGP#DD.GKPGP+O8QTUCV\GPVHGTPVGUGZNKDTKU



&KG#WHNCIGDGVTWIPWT'ZGORNCTG



/'+'4#*75.'4)&KG5EJWNRT·OKGPFGT5EJYGK\*KNVGTHKPIGP5OKV\CJNTGKEJGP #DD-CTVQPKGTV





/'+'41*GKPTKEJ(TKGFTKEJ$TGOGTFGT/GKUVGTFGTFGWVUEJGP2QTVT·VOGFCKNNGFGU,CJTJWPFGTVU *KNFGUJGKO.GKR\KI8++56HP.GKPGP&GEMGNOKV)QNFRT·IWPI



/KV9KFOWPIFGU8GTHCUUGTU*GTTP&KTGMVQT&QTPGTGTIGDGPUVÒDGTTGKEJV



/'+.+ , 0WOKUOCVKUEJG 5COONWPI &KG CWH FCU-CKUGTTGKEJ$TCUKNKGPDG\ÒINKEJGP/GFCKNNGP  DKU Q156HP*CNDNGKPGP$KPFWPIGVYCUNQEMGT



&KG9GTMGFGU/GFCKNNGWT U*CPU(TGKKP$CUGN<ÒTKEJ56HP1TKI$TQUEJWT





&KG9GTMGFGU/GFCKNNGWT U*CPU(TGKKP$CUGN<ÒTKEJ56HP1TKI$TQUEJWT 4ÒEMGPGVYCUDGUEJ·FKIV





/'0#&+'4 , 5EJCWOÒP\GP FGU *CWUGU *QJGP\QNNGTP  $·PFG $GTNKP   5 OKV #DD   6HP(QNKQ.GKPGP4ÒEMGPFGU6GZVDCPFGUNGKEJVDGUEJ·FKIV   



/+&&'.&14( 7)1'6< 1 /GFCNU CPF 2NCSWGVVGU HTQO VJG 5KIOWPF /QTIGPTQVJ %QNNGEVKQP   %JKECIQ(TQPVKURK\:+856HP1TKI$TQUEJWT





'PVJ·NVCWUUEJNKG­NKEJ4GPCKUUCPEG/GFCKNNGPWPF2NCMGVVGP



/¤$+75 * .WFYKI XQP 5KGIGP CNU /GFCKNNGWT 5& CWU &GWVUEJGU ,CJTDWEJ HÒT 0WOKUOCVKM   

  =OKV 9KFOWPI FGU 8GTHCUUGTU? $ &14(/#00 &KG /GFCKNNGWTG ,QJCPP 4GVJG 4GVGMG    8CVGTWPF5QJPKP4KIC5VQEMJQNO*CODWTIWODKU5&CWU<GKVUEJTKHVFGU8GTGKPU HÒT *CODWTIKUEJG )GUEJKEJVG    # 56'/2'4 /GFCKNNGP'PVYÒTHG XQP 2GVGT #PVQP XQP   8GTUEJCHHGNV5&CWU&CU9GTMFGU-ÒPUVNGTU*WDGTV5EJTCFG\WO)GDWTVUVCI)GJGHVGV  





/1.+0+'4 — .GU DTQP\GU FG NC 4GPCKUUCPEG .GU RNCSWGVVGU %CVCNQIWG TCKUQPP¾  $·PFG 2CTKU   (TQPVKURK\:.5OKV#DD5OKV#DD*CNDNGFGT  





/14+02105*0WOKUOCVKSWGFGN #ECF¾OKGFGU5EKGPEGU$GNNGU.GVVTGUGV#TVUFG.[QP.[QP 56HP.GKPGP



'ZNKDTKU)WUVCX)TWPCW



/1;#7:#.GUEJGOKPUFGHGTCWVTGHQKUGVCWLQWTF JWKGVNGWTUO¾FCKNNGUEQOO¾OQTCVKXGU$TWZGN NGU:++56HP5WRRN¾OGPV$TWZGNNGU(TQPVKURK\5+PGKPGO$CPFKP*CNDNG FGTIGDWPFGP



/7'..'4.'$#010 * #WMVKQP #' %CJP 5COONWPI *CPU /WGNNGT.GDCPQP -GPVWEM[   75#  -WPUVOGFCKNNGP FGT 4GPCKUUCPEG\GKV DGUQPFGTU JGTXQTTCIGPFG #TDGKVGP FGT DGUVGP FGWVUEJGP   /GKUVGT UQYKG MÒPUVNGTKUEJG WPF KPVGTGUUCPVG /ÒP\GP WPF /GFCKNNGP FGU :8+ DKU :+: ,CJTJWPFGTVU   (TCPMHWTVCO/CKP5OKV0TPWPFDGKIGUEJTKGDGPGP2TGKUGP6HP.GKPGP





/ª0<-#$+0'66 56766)#46 *TUI  &GWVUEJG 4GPCKUUCPEG/GFCKNNGP CWU FGO 5VWVVICTVGT M   /ÒP\MCDKPGVVWPF2TKXCVDGUKV\'UUNKPIGP56HP1TKI$TQUEJWT





0#6#.'66+ )2#)#0+ # .G OGFCINKG FK )KWUGRRG 8GTFK 4QO   5 OKV \CJNTGKEJGP   #DD1TKI$TQUEJWT





0#6+10#.)#..'4;1(#46 *TUI 4GPCKUUCPEG$TQP\GUHTQOVJG-TGUU%QNNGEVKQP#ESWKTGF D[VJG5COWGN*-TGUU(QWPFCVKQP9CUJKPIVQP&%5FCXQP56HP 1TKI$TQUEJWT





0'069+%*,&KG-TQPRTKP\4WFQNH/GFCKNNGP9KGP56H.GKPGPOKV)QNFRT·IWPI





5GNVGP



0WOKUOCVKUEJG6QRQITCRJKGXQP0KGFGTÌUVGTTGKEJ9KGP+++5*CNDNGKPGP



$GUKV\GTUVGORGN0WOKUOCVKUEJGT.GJTCRRCTCVFGT7PKXGTUKV·V9KGPKO8QTUCV\



0+)).2/WUKMGT/GFCKNNGP*QHJGKOKO6CWPWU5OKV\CJNTGKEJGP#DD.GKPGP



01%3*.GU&WXKXKGT,GCP&WXKXKGT$GPLCOKP&WXKXKGT'UUCKF WPECVC NQIWG FG NGWTU QGXTGU RT¾E¾F¾ F WPG PQVKEG DKQITCRJKSWG GV DKDNKQITCRJKSWG 2CTKU  (TQPVKURK\   5OKV\CJNTGKEJGP6HP*CNDNGFGT0TXQP'ZGORNCTGP



 193


/'&#+..'02.#-'66'0 

0144+5#59'$'4+/GFCNUCPF2NCSWGVVGUHTQOVJG/QNKPCTK%QNNGEVKQPCV$QYFQKP%QNNGIG $TWPUYKEM:+5FCXQP6HP.GKPGPOKV5EJWV\WOUEJNCI





0146* / &KG /GFCKNNGP FGT $TCPFGPDWTI2TGW­GP5COONWPI %JTKUVKCP .CPIG 6GKN  8QP FGP   #PH·PIGP DKU  %JTKUVKCP#NDTGEJVU7PKXGTUKV·V \W -KGN 0WOKUOCVKUEJG #DJCPFNWPIGP  -KGN   5HCUVFKG*·NHVGFCXQP(CTDVHP.GKPGP



1.+8+'42+EQPQITCRJKG/¾VCNNKSWGFW)¾P¾TCN.CHC[GVVG+PUVKVWV(TCP¼CKUFG9CUJKPIVQP*KUVQTK ECN&QEWOGPVU2CTKU+:56HP1TKI$TQUEJWT$KPFWPINQEMGT8WPF''%.#+0 56'(#0'..+ /GFCNU %QOOGOQTCVKPI $CVVNGU QH VJG #OGTKECP 4GXQNWVKQP 0GY ;QTM   5   1TKI$TQUEJWT  





122'0*'+/'4 * 5GKPG 5COONWPI /GFCKNNGP 2NCMGVVGP WPF /ÒP\GP FGT 4GPCKUUCPEG  UKGJG   -CVCNQI0T



155$#*4 %# /[PV QEJ OGFCNLGT UNCIPC HÌT HT·OOCPFG OCMVGT K CPNGFPKPI CX MTKI OQV 5XGTKIG   6KNN·II VKNN $' *KNFGDTCPFU 5XGTKIGU QEJ 5XGPUMC MQPWPICJWUGVU OKPPGURGPPKPICT RTCMVO[PV QEJ   DGNÌPKPIUOGFCNLGT7RRUCNC56HP.GKPGPYGPKIG5GKVGPNQUG





2#%*+0)'4 #/ 9CNNHCJTVU $TWFGTUEJCHVU WPF )PCFGPOGFCKNNGP FGU *GT\QIVWOU 5CN\DWTI   9KGP:+++56HP-CTVQPKGTV





2#64+)0#0+#.GOGFCINKGFK)TGIQTKQ:8+  4QOWC(TQPVKURK\56HP 1TKI$TQUEJWT 0T  XQP  'ZGORNCTGP  #IIKWPVG EQTTG\KQPK G PQVG CNNG OGFCINKG FK   )TGIQTKQ:8+    



.G OGFCINKG FK 2KQ 8++   2GUECTC%JKGVK  :8  5  6HP 1TKI$TQUEJWT 7O   UEJNCINQEMGT0TXQP'ZGORNCTGP#IIKWPVGEQTTG\KQPKGPQVGCNNGOGFCINKGFK2KQ8++5& CWU4CUUGIPC0WOKUOCVKEC    



.GOGFCINKGFK.GQPG:++  %CPVCPKC51TKI$TQUEJWT7OUEJNCIWPF$KPFWPI NQEMGT0TXQP'ZGORNCTGP







/KV5KIPCVWTFGU8GTHCUUGTU



.GOGFCINKGFK2KQ8+++  %CPVCPKC51TKI$TQUEJWT0TXQP'ZGORNC TGP



/KV5KIPCVWTFGU8GTHCUUGTU



.GOGFCINKG2QPVKHKEKGFC%NGOGPVG:++C2KQ8+$QNQIPC:+:51TKI$TQUEJWT0T XQP'ZGORNCTGP#IIKWPVGEQTTG\KQPKGPQVGCNNGOGFCINKGFC%NGOGPVG:++C2KQ8+5&CWU 4KXKUVC0WOKUOCVKEC  



/KV5KIPCVWTFGU8GTHCUUGTU



2'6')*'/%XCP/¾FCKNNGUOQPPCKGULGVQPU.KXTGUGVFQEWOGPVUFKXGTUEQNNGEVKQPP¾URGPFCPVNC IWGTTGHTCPEQCNNGOCPFGGVNGFQWDNGUK½IGFG2CTKU2CTKU5OKV#DD*CNDNGKPGP GKPKIG$NGKUVKHVCPUVTGKEJWPIGP



5494



194

2('+(('4 .47.#0& % 2GUVKNGPVKC KP PWOOKU )GUEJKEJVG FGT ITQ­GP 8QNMUMTCPMJGKVGP KP PW   OKUOCVKUEJGP &QMWOGPVGP 'KP $GKVTCI \WT )GUEJKEJVG FGT /GFKEKP WPF FGT %WNVWT 6ÒDKPIGP    (TQPVKURK\:56HP.GKPGP(TQPVKURK\GVYCUNQEMGT




/'&#+..'02.#-'66'0 

2+'44'2106 $#40#4& (6JG %CUVKPI%QWPVGT CPF VJG %QWPVKPI$QCTF#%JCRVGTKPVJG*KU VQT[QH0WOKUOCVKEUCPF'CTN[#TKVJOGVKE1ZHQTF56HP.GKPGP$KPFWPINQEMGTGKPG .CIGNQUGYGPKIG0QVK\GP



$GUKV\GTUVGORGN#UJOQNGCP/WUGWO1ZHQTFWPF#UJOQNGCP/WUGWO&WRNKECVG5QNFD[#WVJQTKV[KO8QTUCV\



5CVKTKECN CPF %QPVTQXGTUKCN /GFCNU QH VJG 4GHQTOCVKQP 6JG $KEGRU QT &QWDNG*GCFGF 5GTKGU 1ZHQTF   56HP*CNDNGKPGP





2.10'.GQPG.GQPK5EWNRVGWTFG%JCTNGU3WKPVGV2QORGQ.GQPK5EWNRVGWTFG2JKNKRRG++2CTKU +856HP.GKPGPOKV2T·IWPINGKEJVCPIGUEJOWV\V





2¤.+6< *TUI &GPMOÒP\GP\WFGO9GTMG&KG4GIKGTWPI(TKGFTKEJ#WIWUVU-ÌPKIUXQP5CEJUGP 0GDUVGKPGTMWT\GP$GUEJTGKDWPIFGTUGNDGP.GKR\KI56HP*CNDNGKPGP





21..#4& ) +VCNKCP 4GPCKUUCPEG /GFCNU KP VJG /WUGQ 0C\KQPCNG QH $CTIGNNQ  $·PFG (KTGP\G    :.8++  5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD *CNDNGKPGP OKV 5EJWV\WOUEJNCI    





2152›ĥ+.4WC-CVCNQIUVrGNGEMÓEJOGFCKNÃOKPEÃRNCMGVCQF\PCMu\GUDÃTGMMTCLUM¾JQXNCUVKXeF P¾JQOW\GCX1NQOQWEK1NQOQWE56HP1TKI$TQUEJWT





24'55.'4 ' 5EJTCWDVCNGT WPF 5VGEMOGFCKNNGP 8GTDQTIGPG -QUVDCTMGKVGP 5ÒFFGWVUEJG /ÒP\MCVC   NQIG5VWVVICTV5OKV\CJNTGKEJGP#DDWPF(CTDVHP-CTVQPKGTV





241$5<6)&KGIGRT·IVGP5EJCWOÒP\GP+PPGTÌUVGTTGKEJU 5VGKGTOCTM-·TPVGP-TCKP <ÒTKEJWC :8+56HP.GKPGPGKPG5GKVGNQUG





.WFYKI 0GWHCJTGT 'KP .KP\GT /GFCKNNGWT FGU  ,CJTJWPFGTVU 9KGP   5 \CJNTGKEJG 6HP   .GKPGP





241$5<61*5614(( ) &KG -·TPVPGT /GFCKNNGP #D\GKEJGP WPF 'JTGP\GKEJGP $WEJTGKJG FGU   .CPFGUOWUGWOUHÒT-·TPVGP-NCIGPHWTV56HP.GKPGPOKV5EJWV\WOUEJNCI





4#5/755100.#TV4C[OQPF 4CKOQPF (CNV\&CPKGN(GJTOCP%CTN)WUVCH(GJTOCP5&CWU 5XGPUMV $KQITCHKUMV .GZKMQP 1TKI$TQUEJWT =Z OKV 9KFOWPI FGU 8GTHCUUGTU CP *# %CJP?   #'40566JQOCU$QTUVQTHHU/GFCKNNGT5&CWU00’=OKV9KFOWPIFGU8GTHCUUGTU?7FUVKNNKPICH 0QTFKUM/GFCKNNGMWPUVGHVGT-QRGPJCIGP1TKI$TQUEJWTWPFIGJGHVGV  



4'+0'%-' - *TUI  ,CEQD 9KGPGT  'WTQRC KP /ÒP\GP /GFCKNNGP $TKGHOCTMGP #WUUVGNNWPI   CPN·­NKEJ FGU  6QFGUVCIGU XQP ,CEQD 9KGPGT  -COR.KPVHQTV   5 \CJNTGKEJG   #DD-CTVQPKGTV





4+%%+#4&+'/GFCINKGFGNTGIPQFGNNGFWG5KEKNKG0CEJFTWEM$QNQIPCQ,FGT#WHNCIG 0CRQNK:+5OKV\CJNTGKEJGP#DD-CTVQPKGTV





4+%*6'4#&KGPWOKUOCVKUEJGP&GPM\GKEJGPCWHKJTG/CLGUV·VFKG-CKUGTKPWPF-ÌPKIKP'NKUCDGVJ <WO)GDWTVUVCIGFGTXGTGYKIVGP*GTTUEJGTKP9KGP8++56HP.GKPGPOKV,WIGPF UVKNQTPCOGPVKM





4+<<1.+..G2NCEJGVVGPGN/WUGQ$QVVCEKPFK2CFQXC2CFWC56HP1TKI$TQUEJWT WPCWHIGUEJPKVVGP





+N /WUGQ $QVVCEKP FK 2CFQXC 2CFQXC   5  6HP 1TKI$TQUEJWT  -NGKPUEJTKHVGP WPF 5&   FCTWPVGT 4 9'+55 2KUCPGNNQ U /GFCNNKQP QH VJG 'ORGTQT ,QJP 8+++ 2CNGCQNQIWU '$ %#*0 'KPG   /ÒP\GWPFGKPG/GFCKNNGCWH\YGK$KNFPKURQTVT·VUFGU,CJTJWPFGTVU5&CWU<GKVUEJTKHVHÒTUEJYGK \GTKUEJG#TEJ·QNQIKGWPF-WPUVIGUEJKEJVG  */¤$+75<WT0GTQ/GFCKNNGFGU3WCVVTQEGP VQ 5& CWU (GUVUEJTKHV HÒT )GTJCTF -NGKPGT ) 61&'4+( 8#00'. 61&'4+ 4KVTCVVK /GFKEGK KP   %GTC/QFGNNKFKOGFCINKGFK#PVQPKQ5GNXK(NQTGP\  



4¤*.*.ÒDGEM/GFCKNNGP/CTMGP<GKEJGP.ÒDGEM5OKV\CJNTGKEJGP#DD.Ò DGEM /GFCKNNGP /CTMGP <GKEJGP $CPF  .ÒDGEM   5 OKV \CJNTGKEJGP #DD .GKPGP OKV   5EJWV\WOUEJNCI  





410&16 0 ,GCP /CTGPFG GV NG O¾FCKNNG FG 2JKNKDGTV NG $GCW GV FG /CTIWGTKVG F #WVTKEJG .[QP   (TQPVKURK\51TKI$TQUEJWT4ÒEMGPDGUEJ·FKIVWPFOKV6GUCHKNOIGMNGDV





.GU O¾FCKNNGWTU GV NGU ITCXGWTU FG OQPPCKGU LGVQPU GV O¾FCKNNGU GP (TCPEG 2CTKU  :+  5   6HP*CNDNGFGTOKV)QNFXGT\KGTWPIGP







195


/'&#+..'02.#-'66'0 

4ª22'..'5EJCWOÒP\GPYGNEJG\WO#PIGFGPMGPXQP$GYQJPGTP(TCPMHWTVUQFGTKPFKGUGT5VCFV IGDQTPGP 2GTUQPGP IGHGTVKIV YWTFGP KP #TEJKX HÒT(TCPMHWTVGT)GUEJKEJVGWPF-WPUV  8+++  5  6HP  $GUEJTGKDWPI FGT /ÒP\GP WPF /GFCKNNGP YGNEJG YGIGP IGUEJKEJVNKEJGT $GIGDGP   JGKVGP HÒT (TCPMHWTV IGHGTVKIV YWTFGP 0GDUV GKPGO #PJCPI GPVJCNVGPF FKG (TCPMHWTVGT 2TGKU/ÒP\GP   WPFUQPUVKIGPCWHFKG5VCFV(TCPMHWTVUKEJDG\KGJGPFGP2T·IG5VÒEMG5KP#TEJKXHÒT(TCPMHWTVGT )GUEJKEJVGWPF-WPUV  &KG#D\GKEJGP0COGPWPF+PKVKCNGPXQP&[PCUVGP/ÒP\OGKUVGTP WPF 5VGORGNUEJPGKFGTP YGNEJG CWH FGP HÒT FKG 5VCFV (TCPMHWTV IGRT·IVGP /ÒP\GP WPF /GFCKNNGP DG   HKPFNKEJUKPF5KP#TEJKXHÒT(TCPMHWTVGT)GUEJKEJVGWPF-WPUV  (TCPMHWTVGT/ÒP \GP KO #PHCPI FGU  ,CJTJWPFGTVU 5 H KP #TEJKX HÒT (TCPMHWTVGT )GUEJKEJVG WPF -WPUV   

 56HP$GTKEJVKIWPIWPF(QTVUGV\WPIFGTDGKFGP#DJCPFNWPIGP5EJCWOÒP\GP\WO #PIGFGPMGP XQP $GYQJPGTP (TCPMHWTVU WPF /ÒP\GP WPF /GFCKNNGP CWH IGUEJKEJVNKEJG $GIGDGPJGKVGP   (TCPMHWTVU5&CWU#TEJKXHÒT(TCPMHWTVU)GUEJKEJVGWPF-WPUV0GWG(QNIG  56HP 8KGTVGT#WHUCV\ÒDGT(TCPMHWTVGT/GFCKNNGPJKUVQTKUEJG/ÒP\GPHÒT.QMCNIGDTCWEJIGHGTVKIVG,GVVQPU WPFCPFGTG/ÒP\GP5&CWU#TEJKXHÒT(TCPMHWTVU)GUEJKEJVGWPF-WPUV0GWG(QNIG  5 6H+PGKPGO$CPFKP.GKPGPIGDWPFGP



-QORNGVVG4GKJGFGT8GTÌHHGPVNKEJWPIGP4ÒRRGNNU\WT(TCPMHWTVGT/ÒP\WPF/GFCKNNGPMWPFG



47.#0& % &KG 5EJ·V\G FGU )QGVJG0CVKQPCN/WUGWOU KP 9GKOCT 9GKOCT.GKR\KI   5   6HPKP.GKPGPHCNVOCRRG





5#7.%;.(,%FG5QWXGPKTUPWOKUOCVKSWGUFGNC4GXQNWVKQPFG4GEWGKNEQORNGVFGUO¾ FCKNNGU OQPPCKGU GV LGVQPU SWK QPV RCTW GP (TCPEG FGRWKU NG  (¾XTKGT LWUSW CW  &¾EGODTG    2CTKUQ,56HP*CNDNGFGT





5#81+#7FK.GOGFCINKGFGNNC%CUCFK5CXQKC5CIIKQFK%CVCNQIQ)GPGTCNG$CPF4QO 56HP.GKPGP





5%*'45-6JG%WTTGPE[QH(COG2QTVTCKV/GFCNUQHVJG4GPCKUUCPEG0GY;QTM5OKV \CJNTGKEJGPXKGNHCEJHCTDKIGP#DDWPF6HP.GKPGPOKV5EJWV\WOUEJNCI



/KV9KFOWPIFGU8GTHCUUGTUCP$GTPJCTF5EJWNVG



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*'0-'. #5%*¤0' # *TUI  'ODNGOCVC *CPFDWEJ \WT 5KPPDKNFMWPUV FGU :8+ WPF :8++   ,CJTJWPFGTVU5VWVVICTV.:::+55ROKV\CJNTGKEJGP#DD*CNDNGFGT



'U JCPFGNV UKEJ WO FKG ITQ­HQTOCVKIG 1TKIKPCNCWUICDG  5GJT JKNHTGKEJ \WO 8GTUV·PFPKU FGT UKPPDKNFJCHVGP   &CTUVGNNWPIGPXQTCNNGOCWH/GFCKNNGP



*'00'#/4*;014KVVGT UIGQITCRJKUEJUVCVKUVKUEJGU.GZKMQPÒDGTFKG'TFVJGKNG.·PFGT/GGTG $WEJVGP*·HGP5GGP(NÒUUG+PUGNP)GDKTIG5VCCVGP5V·FVG(NGEMGP&ÌTHGT9GKNGT$·FGT$GTI YGTMG -CP·NG OKV #PICDG U·OVNKEJGT 2QUV 'KUGPDCJPGP WPF 6GNGITCRJGP5VCVKQPGP FGT YKEJVKIUVGP   .·PFGTHÒT2QUV$WTGCWZ%QORVQKTU-CWHNGWVG(CDTKMCPVGP<GKVWPIUNGUGT4GKUGPFG4GCN+PFWUVTKG WPF*CPFGNUUEJWNGP0CEJFTWEM'UUGPFGT#WHNCIG.GKR\KI8+5-WPUVNGFGT





+5'0$74)9-2TKP\XQP5VCOOVCHGNP\WT)GUEJKEJVGFGTGWTQR·KUEJGP5VCCVGP$CPF/CT DWTI6HP+PFTGK$·PFGPKP*CNDNGKPGPIGDWPFGP  





-7.+5%*'4,#NNIGOGKPG9KTVUEJCHVUIGUEJKEJVGFGU/KVVGNCNVGTUWPFFGT0GW\GKV$CPF0CEJ FTWEM&CTOUVCFVFGT#WUICDG/ÒPEJGP:5:+5)CP\NGKPGP  





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.':+-10 &'5 /+66'.#.6'45 $CPF  WPF 4GIKUVGTDCPF /ÒPEJGP<ÒTKEJ  +P   *CNDNGFGTD·PFGPIGDWPFGP  



8QNNUV·PFKIG4GKJGFKGUGUYKEJVKIGPWPFWOHCUUGPFGP.GZKMQPUKPGKPJGKVNKEJGPUEJÌPGP'KPD·PFGP



/'46'05 4 'FWCTF 4ÒRRGNN .GDGP WPF 9GTM GKPGU (QTUEJWPIUTGKUGPFGP (TCPMHWTV CO /CKP   5.GKPGP



4ÒRRGNNYCTUGKV8QTUVGJGTFGTUV·FVKUEJGP/ÒP\UCOONWPIKP(TCPMHWTV'PVJ·NVCWEJ#DDXQP/GFCKNNGPOKV 2QTVT·VUXQP4ÒRRGNN







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2#7.;9+5519# 2CWN[U 4GCN'PE[ENQR·FKG FGT ENCUKUEJGP #NVGTVWOUYKUUGPUEJCHVGP 'TUVG 4GKJG   $CPFKP*CNDD·PFGP<YGKVG4GKJG$CPFKP*CNDD·PFGP5WRRNGOGPV$CPFWPF 4GIKUVGTDCPFFGT0CEJV·IGWPF5WRRNGOGPVG5VWVVICTV'KPJGKVNKEJG*CNDNGKPGPGKPD·PFG    6CFGNNQUGU'ZGORNCTFKGUGTYKEJVKIGP4GKJGWPFXQNNUV·PFKIUGJTUGNVGPCPIGDQVGP



37+..'6&KEVKQPPCKTG'PE[ENQR¾FKSWG3WKNNGV8QN2CTKU.GKPGP  





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$CPFGPVJ·NVCNU#DVGKNWPI)GUEJPKVVGPG5VGKPG$TQP\G(KIWTGPWPF4GNKGHU/GFCKNNGPWPF/ÒP\GP 5 



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'PVJ·NV'0#7/ÒP\GPFGT5VCWHGT\GKV









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5641



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('565%*4+(6'0 

( .'014/#06 /QPPCKGU GV O¾FCKNNGU # 2'6'45 *KUVQKTG OQPFKCNG U[PEJTQPQRVKSWG   )2+'4(+66'/QPPCKGU)TGESWGUFW/WU¾G5CKPV4CKOQPF'%#8#+)0#%. ¾EQPQOKG)TGESWG )&'2';416.G$CU'ORKTG4QOCP'EQPQOKGGVPWOKUOCVKSWG  +:G%QPIT½U+PVGTPC VKQPCN FGU 5EKGPEGU *KUVQTKSWGU $CPF  #EVGU 2CTKU  .GKPGP Z  MCTVQPKGTV Z  UQPUV 1TKI   $TQUEJWT  



('565%*4+(6'0 

#/'4+%#0 07/+5/#6+% 51%+'6; * +0)*1.6 *TUI  %GPVGPPKCN 2WDNKECVKQP QH VJG   #OGTKECP 0WOKUOCVKE 5QEKGV[ 0GY ;QTM  :+  5  6HP .GKPGP $KPFWPI GVYCU NQEMGT   *. #&'.510 6JG #OGTKECP 0WOKUOCVKE 5QEKGV[  0GY ;QTM  (TQPVKURK\ :   5OKVGKPKIGP6HP.GKPGP  





#45.#0 '# 4 /#46+0+0 8+5/#4# *TUI  'TOCPPQ # #TUNCP 5VWFKC &KECVC  $·PFG   /KNCPQ5FCXQP6HP-CTVQPKGTV  





$#.&9+0#4#)%#4510 *TUI /KPVU&KGUCPF%WTTGPE['UUC[U&GFKECVGFVQVJG/GO QT[QH#NDGTV$CNFYKP.QPFQP(TQPVKURK\:856HP.GKPGP





$#56+'0 2 * *78'.+0/ %*4+561.) )#76+'4 *TUI  /¾NCPIGU FG PWOKUOCVKSWG   QHHGTVU ¯ 2KGTTG $CUVKGP ¯ N QEECUKQP FG UQP G CPPKXGTUCKTG 9GVVGTGP  (TQPVKURK\ :::+8   56HP.GKPGP





$—4'0&&5/*746'4%#401.&$+7%%*+ *TUI 2QWT&GP[UG&KXGTVKUUGOGPVU0WOKU OCVKSWGU$GTP(TQPVKURK\5FCXQP6HP1TKI$TQUEJWT





$'4)*#752(GUVICDG2GVGT$GTIJCWU\WO)GDWTVUVCIFCTIGDTCEJVCWUFGO-TGKUGUGKPGT5VW FGPVGP/ÒPUVGT56HP-NGDGDKPFWPI6(+5%*'42+.+5%* *TUI .CIQO(GUV UEJTKHVHÒT2GVGT$GTIJCWU\WO)GDWTVUVCICO0QXGODGT/ÒPUVGT(TQPVKURK\:+8 5OKV\CJNTGKEJGP#DDWPF6HP.GKPGP2$'4)*#75&GPCT5VGTNKPI)QNFIWNFGP#WUIG Y·JNVG5EJTKHVGP\WT0WOKUOCVKMJTUIXQP)*#6<2+.+5%*$-.7)'1UPCDTÒEM5 OKV6HP-CTVGPWPF#DD1TKI$TQUEJWT  



5649



$.ª/'4 * (GUVICDG *WIQ $NÒOGT ÒDGTTGKEJV \WO  #WIWUV  XQP (TGWPFGP WPF 5EJÒNGTP   <ÒTKEJ:5OKVGKPKIGP#DDWPF6HP2CRRDCPF



'PVJ·NVWC'#56ª%-'.$'4)&GTKMQPKUEJG9GTVFGUTÌOKUEJGP/ÒP\RQTVT·VU$2+%-#VJGPKUEJG5VCVWGP CWH/ÒP\GP4/ª056'4$'4)#DMÒT\WPIGPCWH/ÒP\GP



$7%*'0#7 * *GKPTKEJ $WEJGPCW CO  #RTKN   ,CJTG CNV )GYKFOGV XQP (TGWPFGP WPF   -QNNGIGP/ÒPEJGP51TKI$TQUEJWT

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('565%*4+(6'0 

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&GP-NGKPGP5EJTKHVGPNKGIVGKPOCUEJKPGPUEJTKHVNKEJGU8GTÌHHGPVNKEJWPIUXGT\GKEJPKUXQP*#%CJPHÒTFKG,CJTG DGK



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&'—4 , $[\CP\ WPF FCU CDGPFN·PFKUEJG *GTTUEJGTVWO #WUIGY·JNVG #WHU·V\G 8QTVT·IG WPF (QT   UEJWPIGP5KIOCTKPIGP56HP.GKPGP



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5656





206

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('565%*4+(6'0

5658

5661



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