Page 1


14&'070&'*4'0<'+%*'0 '+0'5#//.70)#75#.6'/#&'.5$'5+6<

5GJTIGGJTVGT-WPFGWPF5COONGTXQP1TFGPWPF'JTGP\GKEJGP YKTHTGWGPWPUUGJT+JPGPKO4CJOGPWPUGTGT,WDKN·WOUCWMVKQPCWEJFKGKPFKGUGO5RG\KCNMCVCNQI RT·UGPVKGTVG5COONWPIXQPÒDGT1TFGPWPF'JTGP\GKEJGPCPDKGVGP\WMÌPPGP &KG 5COONWPI YWTFG KP OGJTGTGP ,CJT\GJPVGP UGKV FGP GT ,CJTGP CWHIGDCWV WPF NKGDGXQNN \WUCOOGPIGVTCIGP&CU1DLGMVGPVJ·NV\CJNTGKEJGUGNVGPG-QUVDCTMGKVGPFKGJGWVGPWTPQEJUGNVGP KO/CTMVCPIGDQVGPYGTFGP&GTKP\YKUEJGPXGTUVQTDGPG5COONGTJCVICP\PCEJ)WVFÒPMGPWPF RGTUÌPNKEJGO )GUEJOCEM 5VÒEMG KP UGKPG 5COONWPI GKPIGTGKJV UQ YKG GU KJO (TGWFG DGTGKVGVG WPFJCVUKEJPWTYGPKIXQPKTIGPFGKPGT5[UVGOCVKMNGKVGPNCUUGP+PFKGUGO-CVCNQIYGTFGPFCJGT #WU\GKEJPWPIGP CWU CNNGP 2GTKQFGP FGT PGWGTGP FGWVUEJGP )GUEJKEJVG CD GVYC  CPIGDQVGP UQYKG1TFGPWPF'JTGP\GKEJGPCWUCPP·JGTPFYGKVGTGP5VCCVGPFGT9GNVCWU'WTQRCGDGPUQ YKG CWU ªDGTUGG &GT -CVCNQI DKGVGV UQOKV GKPGP JGTXQTTCIGPFGP 'KPDNKEM KP FKG YGNVYGKVG 'PV YKEMNWPIFGU1TFGPUWPF#WU\GKEJPWPIUYGUGPUFGTNGV\VGPDKU,CJTGKPUGKPGTOCPPKIHC EJGP8KGNHCNV *GTT /KEJCGN #WVGPITWDGT -QPUVCP\ YCT DGTGKV FKG HCEJNKEJG $GCTDGKVWPI FGU IGUCOVGP /C VGTKCNU MQORNGVV \W ÒDGTPGJOGP #P FKGUGT 5VGNNG UGK FCJGT *GTTP #WVGPITWDGT JGT\NKEJ IGFCPMV FGTXKGNG&GVCKNKPHQTOCVKQPGPWPF.KVGTCVWT\KVCVGKPFGP-CVCNQIGKPIGDTCEJVWPFKJPFCFWTEJICP\ GTJGDNKEJDGTGKEJGTVJCV 9KG KOOGT YKTF FKG 1TKIKPCNKV·V FGT CPIGDQVGPGP 1DLGMVG IGY·JTNGKUVGV UQHGTP KP FGT -CVCNQI DGUEJTGKDWPI PKEJVU CPFGTGU XGTOGTMV KUV  9KT JCDGP WPU GPVUEJNQUUGP KP GKPGT IGUQPFGTVGP 4WDTKMFKGGKPFGWVKIKFGPVKHK\KGTVGP-QRKGPWPF5COONGTCPHGTVKIWPIGPCNUUQNEJGCP\WDKGVGP/KV 'KPYKNNKIWPIFGU'KPNKGHGTGTUYWTFGPFKG5VÒEMGOKVō%12;ŋIGRWP\V&KGUG5VÒEMGMÌPPGPUQOKV FCWGTJCHVCNU-QRKGPGTMCPPVYGTFGPUKGUKPFQTFGPVNKEJKPFKGUGO-CVCNQIFQMWOGPVKGTVWPFGU MCPPMGKP5EJCFGPOGJTOKVKJPGPCPIGTKEJVGVYGTFGP&KGUKUVXQPWPUICP\DGYW­VCNU$GKVTCI KO-CORHFGT5COONGTUEJCHVIGIGPFCU(·NUEJWPIU7PYGUGPGKPIGDTCEJVYQTFGP 9KT YÒPUEJGP +JPGP UGJT IGGJTVGT -WPFG XKGN (TGWFG DGKO 5VWFKWO FKGUGU -CVCNQIGU WPF YÒTFGPWPUUGJTHTGWGP YGPP GKP RCCT 1DLGMVG KP +JTG GKIGPG 5COONWPI IGNCPIGP WPF 5KG UKEJ \WMÒPHVKIFCTCPGTHTGWGPMÌPPGP

1UPCDTÒEMKO#RTKN 



(TKV\4WFQNH-ÒPMGT

5


WICHTIGE HINWEISE ZU RECHTLICHEN BESTIMMUNGEN FÜR DEN VERKAUF BESTIMMTER OBJEKTE

&GWVUEJGU4GKEJņ UQIGPō&TKVVGU4GKEJŋ 5QNCPIGUKEJ-WPFGWPF8GTM·WHGTPKEJVIGIGPVGKNKI·W­GTPXGTUKEJGTPUKGFCUUUKG)GIGPUV·PFGWPF$ÒEJGT CWUFGT<GKVFGU&GWVUEJGP4GKEJGUXQPDKUPWT\W<YGEMGPFGTUVCCVUDÒTIGTNKEJGP#WHMN·TWPIFGT #DYGJTXGTHCUUWPIUYKFTKIGT$GUVTGDWPIGPFGT-WPUVQFGTFGT9KUUGPUEJCHVFGT(QTUEJWPIQFGTFGT.GJTG FGT$GTKEJVGTUVCVVWPIÒDGT8QTI·PIGFGU<GKVIGUEJGJGPUQFGTFGT)GUEJKEJVGQFGT·JPNKEJGP<YGEMGPGTYGT DGP &KGUG )GIGPUV·PFG WPF $ÒEJGT YGTFGP ITWPFU·V\NKEJ PWT WPVGT FKGUGP 8QTCWUUGV\WPIGP CPIGDQVGP WPF CDIGIGDGP 5QOKVUVGNNVFGT'TYGTDXQP)GIGPUV·PFGPWPF$ÒEJGTPCWUFKGUGT<GKVWPVGTFGPQDGPCWHIGHÒJTVGP8QTCWU UGV\WPIGPIGO·­FGThhC#DUD\Y#DU5V)$MGKPGP5VTCHVCVDGUVCPFKO5KPPGFGUhC#DU 5V)$FCT7PVGTFKGUGP7OUV·PFGPKUVGUCNUQITWPFU·V\NKEJGTNCWDV1TFGPWPF'JTGP\GKEJGPFKGKPh#DU  )GUGV\ ÒDGT 6KVGN 1TFGP WPF 'JTGP\GKEJGP PKEJV CWHIGHÒJTV UKPF UQYKG #D\GKEJGP OKV PCVKQPCNUQ\KCNKUVK UEJGP'ODNGOGP\WXGTMCWHGPWPF\WGTYGTDGPWPFFKGUGPVIGIGPFGP$GUVKOOWPIGPFGUh#DU)GUGV\ ÒDGT6KVGN1TFGPWPF'JTGP\GKEJGP &GUJCNDJCVFGT$WPFGUOKPKUVGTFGT,WUVK\OKV5EJTGKDGP++XQOFGOUGKPGT \GKVKIGP8QTUKV\GPFGPFGU$WPFGUFGWVUEJGT1TFGPUUCOONGTG8CWUFTÒEMNKEJGTMN·TVFCUUFGT'TYGTDXQP 1TFGP WPF 'JTGP\GKEJGP CWU FGT <GKV FGU UQIGPCPPVGP ō&TKVVGP 4GKEJGUŋ FWTEJ GTPUVJCHVG WPF QTICPKUKGTVG 5COONGTOKVFGO<KGNFKGUGP)GIGPUVCPFKPGKPG5COONWPIGKP\WHÒIGPMGKPGP5VTCHVCVDGUVCPFKO5KPPGFGU )GUGV\GUFCTUVGNNV $WPFGUTGRWDNKM&GWVUEJNCPF 1TFGP WPF 'JTGP\GKEJGP FGT $WPFGUTGRWDNKM &GWVUEJNCPF WPF KJTGT $WPFGUN·PFGT GDGPUQ YKG FGTGP /KPKC VWTGP$CPFUVGIG-PQRHNQEJUEJNGKHGPWPF$CPFUEJPCNNGPFÒTHGPIGO·­h#DU)GUGV\ÒDGT6KVGN1TFGP WPF'JTGP\GKEJGPPWTCP$GTGEJVKIVGCDIGIGDGPYGTFGP#NU$GTGEJVKIVGIGNVGPJKGTDGKPGDGPFGP$GNKGJGPGP CWEJ CNNG FKGLGPKIGP 2GTUQPGP FKG KO $GUKV\ GKPGT 5COOGNIGPGJOKIWPI UKPF &KGUG 5COOGNIGPGJOKIWPI GTVGKNVCWH#PHTCIGFKGLGYGKNU\WUV·PFKIG$GJÌTFG &KG<WUV·PFKIMGKVKUVKPFGPGKP\GNPGP$WPFGUN·PFGTPWP VGTUEJKGFNKEJIGTGIGNV &KG'TVGKNWPIGKPGTUQNEJGP)GPGJOKIWPIMCPPIGO·­FGU-QOOGPVCTU\WO)GUGV\ XQP FGT \WUV·PFKIGP $GJÌTFG PWT DGK 8QTNKGIGP UEJYGTYKGIGPFGT )TÒPFG XGTYGKIGTV YGTFGP /KV GKPGO )GDQV CWH 1TFGP WPF 'JTGP\GKEJGP FGT $WPFGUTGRWDNKM WPF KJTGT $WPFGUN·PFGT XGTUKEJGTV FGT $KGVGT KO QTFPWPIUIGO·­GP$GUKV\GKPGTUQNEJGP5COOGNIGPGJOKIWPI\WUGKP (KPPNCPF <WT5VCCVU5[ODQNKMFGT4GRWDNKM(KPPNCPFIGJÌTVPGDGPFGO.ÌYGPKOHKPPKUEJGP5VCCVUYCRRGPCWEJGKPCNU ō(TGKJGKVUMTGW\ŋ DG\GKEJPGVGU *CMGPMTGW\ FGUUGP ō*CMGPŋ LGFQEJ KP GPVIGIGPIGUGV\VGT 4KEJVWPI YKG DGKO 5[ODQNFGUFGWVUEJGP0CVKQPCNUQ\KCNKUOWUXGTNCWHGP&KGUGU(TGKJGKVUMTGW\YWTFGDGTGKVUY·JTGPFFGU'TUVGP 9GNVMTKGIU \WO 5[ODQN FGT HKPPKUEJGP (TGKJGKVUDGYGIWPI IGIGP FKG \CTKUVKUEJTWUUKUEJG *GTTUEJCHV WPF JCV UQOKV PKEJVU IGOGKP OKV FGO GTUV UR·VGT GPVUVCPFGPGP 5[ODQN FGU 0CVKQPCNUQ\KCNKUOWU $KU JGWVG KUV GU CWH FGOJÌEJUVGPHKPPKUEJGP1TFGPFGO1TFGPFGU(TGKJGKVUMTGW\GU\WUGJGPWPFFKGPV\$CWEJCNU5[ODQN HÒTFGPHKPPKUEJGP5VCCVURT·UKFGPVGPD\YFKG5VCCVURT·UKFGPVKPKPFGUUGPD\YFGTGP5VCPFCTVG 5QOKV MCPP CWUFTÒEMNKEJ HGUVIGUVGNNV YGTFGP FCUU FKGUGU (TGKJGKVUMTGW\ CNU PKEJV FGO 0CVKQPCNUQ\KCNKUOWU \WIGJÌTKIGU5[ODQNPKEJVWPVGTFKG$GUVKOOWPIGPFGThhC#DUD\Y#DU5V)$H·NNV

11


WICHTIGE HINWEISE FÜR UNSERE TELEFONBIETER 9GPP 5KG VGNGHQPKUEJ DKGVGP OÌEJVGP OW­ FCU XQT FGT #WMVKQPFWTEJWPUIGPGJOKIVYGTFGP8QTCWUUGV\WPIHÒT GKP VGNGHQPKUEJGU /KVDKGVGP KUV FC­ 5KG OKPFGUVGPU FGP 5EJ·V\RTGKUUEJTKHVNKEJDKGVGP 6GNGHQPKUEJGU$KGVGPKUVGTUVCDGKPGO5EJ·V\RTGKUXQPEC 'WTQRTQ.QUOÌINKEJ$KVVGTWHGP5KG(TCW6JQOCU XQT FGT #WMVKQP CP WPVGT       QFGT IGDÒJTGPHTGKWPVGT 9KTÒDGTPGJOGPMGKPGTNGK*CHVWPIHCNNUFKGVGNGHQPKUEJG 8GTDKPFWPIY·JTGPFFGT#WMVKQPPKEJV\WUVCPFGMQOOV

INFORMATIONS POUR NOS CLIENTS PARTICIPANT A NOS VENTES AUX ENCHERES PAR TELEPHONE 5KXQWUF¾UKTG\RCTVKEKRGTRCTV¾N¾RJQPG¯PQUXGPVGUCWZ GPEJ½TGU XGWKNNG\ XQWU OGVVTG FʼnCEEQTF CXGE PQVTG UGTXKEG FG ENKGPVU SWGNSWGU LQWTU CXCPV NC XGPVG UQWU NG PWO¾TQ  7PGRCTVKEKRCVKQPV¾N¾RJQPKSWG¯NCXGPVG UGTC RQUUKDNG ¯ EQPFKVKQPSWGXQWUPQWUHCKVGURCTXGPKTCWUUKXQVTGQTFTG ¾ETKV SWK UQKV CW OQKPU CW RTKZ FʼnGUVKOCVKQP GV SWG NʼnGUVKOCVKQPUQKVCWOQKPU'WTQRCTNQV 0QWU KPFKSWQPU HQTOGNNGOGPV SWG PQWU PG RTGPQPU CW EWPG TGURQPUCDKNKV¾ CW ECU QÏ NC EQOWPKECVKQP V¾N¾RJQ PKSWGUQKVKPVGTTQORWGQEEWR¾GQWPGRCU¾VCDNKG

IMPORTANT INFORMATION ON TELEPHONE BIDDING +H [QW YKUJ VQ RCTVKEKRCVG KP VJG CWEVKQP CU C VGNGRJQPG DKFFGTRNGCUGNGVWUMPQYUGXGTCNFC[UKPCFXCPEGCUYG JCXG VQ CRRTQXG CPF UEJGFWNG CNN ECNNU 6Q TGIKUVGT HQT VGNGRJQPGDKFFKPIYGTGSWKTGVJCV[QWUWDOKVCVNGCUVVJG GUVKOCVGCUCYTKVVGPDKFKPCFFKVKQPVQDGKPIECNNGF 6GNGRJQPG DKFFKPI KU CEEGRVGF QP NQV PWODGTU YKVJ GUVKOCVGU CDQXG  'WTQ 2NGCUG ECNN WU CV HQTOQTGKPHQTOCVKQPQTVQTGIKUVGTHQT VGNGRJQPGDKFFKPI 9GFQPQVCUUWOGNKCDKNKV[HQTVGNGRJQPGDKFUUJQWNFVJG VGNGRJQPGNKPGDGKPVGTTWRVGF

INFORMAZIONI PER GLI OFFERENTI TELEFONICI 5GFGUKFGTCVGHCTGWPʼnQHHGTVCRGTVGNGHQPQUKGVGRTGICVKFK EJKCOCTG NC 5KIPQTKPC #NGZCPFTC 'NHNGKP CN PWOGTQ FKTGVVQ      SWCNEJG IKQTPK RTKOC FGNNňCUVC #EEGVVKCOQ WPʼnQHHGTVC RGT VGNGHQPQ EQP WPʼnQHHGTVC UETKVVC RGTNQVVKEQPRTG\\KUVKOCVKFKRKWFK'WTQ 0QP CUUWOGTGOQ PGUUWPC TGURQPUKDKNKV¯ RGT NG QHHGTVG HCVVGRGTV¾N¾HQPQ

ZEITPLAN AUKTION 103 ORDEN UND EHRENZEICHEN EINE SAMMLUNG AUS ALTEM ADELSBESITZ Samstag, den 25. Juni 2005 11.00 Uhr - 13.00 Uhr Nr. 7001 bis Nr. 7424 Deutschland, Ausland: Ägypten - Gabun 14.00 Uhr - 17.00 Uhr Nr. 7425 bis Nr. 8072 Ausland: Griechenland - Vietnam, Unbekannte Auszeichnungen, Konvolute, Kopien und Sammleranfertigungen, Ortskundliche Literatur #DDKNFWPIGPUKPFUQHGTPPKEJVCPFGTUCPIGIGDGPCWH…)TÌ­GXGTMNGKPGTV 'TJCNVWPIUCPICDGPWPF.KVGTCVWTXGT\GKEJPKUCO'PFGFGU-CVCNQIGU 12


&'765%*'14&'070&'*4'0<'+%*'0

7002

7002 7001 1:1

&'765%*'56##6'0$+5 #0*#.6)'/'+05#/ 

*GT\QINKEJ#PJCNVKUEJGT*CWUQTFGP#NDTGEJVFGU$·TGP$TWUVUVGTP\WO)TQ­MTGW\5KNDGT/CWGT WPF$·TGP#WHNCIG)QNFVGKNYGKUGGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC)QFGV KP$GTNKPCPXGTIQNFGVGT5KNDGTPCFGNFKGUGKPPGPOKV2WP\G-.'&0+//1#01'- 4#/55%*#5%*4#D8'40 +p++  &GT 5VGTP GPVURTKEJV FGO DGK 5EJCTHGPDGTI WPVGT FGT 0T  CDIGDKNFGVGP 'ZGORNCT YQDGK FKG FC\WIGJÌTKIG $G   UEJTGKDWPI OKVFGT5VCPFQTVCPICDG5)/*.CPFGUOÒP\MCDKPGVV WPVGTFGT0T\WNGUGPKUVFKG.GIGPFGP\W DGKFGP#DDKNFWPIGPDGKO&TWEMXGTVCWUEJVYQTFGPUKPF



*GT\QINKEJ #PJCNVKUEJGT *CWUQTFGP #NDTGEJV FGU $·TGP 4KVVGT\GKEJGP  -NCUUG ·NVGTG (QTO OKV   SWGTUVGJGPFGT¤UG CWHGKPGT5GKVGFWTEJDTQEJGP $TQP\GXGTIQNFGVCO$CPF-.'&0+// XCT1#01'-4#/55%*#5%*4#XCT8'40 ++

7003 1:1



7004



*GT\QINKEJ #PJCNVKUEJGT *CWUQTFGP #NDTGEJV FGU $·TGP /KPKCVWT FGU 4KVVGT\GKEJGPU  -NCUUG   5KNDGTCO$·PFEJGP1#04#/5 +p++





*GT\QINKEJ #PJCNVKUEJGT *CWUQTFGP #NDTGEJV FGU $·TGP 5KNDGTPG 8GTFKGPUVOGFCKNNGOKV-TQPGWPF 5EJYGTVGTP 5KNDGT 5EJYGTVGT 'KUGP XGTIQNFGV 8CTKCPVG  -TQPG 5KNDGT 8CTKCPVG MÌPKINKEJG -TQPG    CO $CPF *75  XCT -.'&  XCT -.+# +  XCT 0+//  XCT 1'-  XCT 4#/ 5   5%*#XCT8'40XCT ++



'UJCPFGNVUKEJJKGTDGKWOGKPGQTKIKPCNG/GFCKNNGKPFGT#WUHÒJTWPIHÒTFKG#PDTKPIWPIFGT-TQPGPªDGTJÌJWPI ,GFQEJGPVURTGEJGPFKGIGMTGW\VGP5EJYGTVGTKPKJTGT(QTOPKEJVFGTDGKFGP+PUKIPKGPFGU*CWUQTFGPUIGDT·WEJNK EJGP#WUHÒJTWPIYKGCWEJFKG-TQPGPKEJVFGOÒDNKEJGPJGTCNFKUEJJGT\QINKEJGPUQPFGTPFGOMÌPKINKEJGP6[RWU GPVURTKEJV1DGUUKEJJKGTDGKWOGKPGCNVG8CTKCPVGQFGTWOGKPG·NVGTG$CUVGNCTDGKVJCPFGNVMCPPPKEJVGPVUEJKGFGP YGTFGP

13


7005

7006



*GT\QINKEJ#PJCNVKUEJGT*CWUQTFGP#NDTGEJVFGU$·TGP8GTFKGPUVQTFGPHÒT9KUUGPUEJCHVWPF-WPUV /QFGNN  5KNDGT  XGTIQNFGVCO$CPF*';&*75-.'&-.+#+++ 0+//1#01'-4#/55%*#5%*4#++CD8'40 ++



.CWV5EJCTHGPDGTI 5 IKDVGUCWEJ5VÒEMGCWUXGTIQNFGVGO5KNDGTGUUVGJVCDGTQHHGPQDGUUKEJWO\GKVIGPÌU UKUEJG<YGKVGZGORNCTGKO4CJOGPXQPRTKXCVGP(GTVKIWPIGPJCPFGNV



*GT\QINKEJ#PJCNVKUEJGT*CWUQTFGP#NDTGEJVFGU$·TGP8GTFKGPUVQTFGPHÒT9KUUGPUEJCHVWPF-WPUV  /QFGNN   &GMQTCVKQP FGT  -NCUUG 5KNDGT CO $CPF KO 1TKIKPCNGVWK *75  -.'&   -.+#+++0+//1'-4#/55%*#8'409#.&  8QPITQ­GT5GNVGPJGKV+p



5EJCTHGPDGTIIKDVPGWP8GTNGKJWPIGPCPCPJCNVKUEJG5VCCVUDÒTIGTCPWPFXGTOWVGVDKUYGKVGTG8GTNGKJWPIGPCP 'ORH·PIGTCW­GTJCND#PJCNVU

7008

7009

7007

7011

#0*#.6$'40$74)*'4<1)67/ 

#NGZCPFGT %CTN&GPMOÒP\G  $TQP\G CO PGWGP $CPF *';&  *75  -.'&    -.+#++0+//1'-5%*#5%*4#CD8'40 ++





&KGPUVCWU\GKEJPWPI HÒT 7PVGTQHHK\KGTG WPF /CPPUEJCHVGP  -NCUUG HÒT ::+ &KGPUVLCJTG $TQP\G   XGTIQNFGVCWH$CPFURCPIGCP0CFGN*';&*75-.'&-.+#++0+//1'- 5%*#5%*4#8+8'40 ++



#0*#.6&'55#7*'4<1)67/ 

(GNF\WIUMTGW\ HÒT  $TQP\G VGKNYGKUG ITÒP NCEMKGTV CO PGWGP $CPF *';&  *75    -.'&-.+#+++0+//1'-5%*#5%*4#CD8'40 ++





(GNF\WIUMTGW\ HÒT  $TQP\G VGKNYGKUG ITÒP NCEMKGTV CO PGWGP $CPF *';&  *75    -.'&-.+#+++0+//1'-5%*#5%*4#CD8'40 ++





&KGPUVCWU\GKEJPWPIHÒT/KNKV·TRGTUQPGPXQO(GNFYGDGNCDY·TVU7PVGTQHHK\KGTGWPF/CPPUEJCHVGP -NCUUGHÒT:++&KGPUVLCJTG5KNDGTCWH$CPFURCPIGCP0CFGN*';&*75-.'&-.+# +++0+//1'-5%*#5%*4#8+8'40 ++



14


7012

7013

7014

#0*#.6&'55#7-¤6*'0*'4<1)67/ 

)GF·EJVPKUOGFCKNNG \WO GKPL·JTKIGP )GDWTVUVCI FGU 'TDRTKP\GP .GQRQNF (TKGFTKEJ CO  ,WNK   5KNDGTJQJNIGHGTVKIVCO$CPF*75-.'&-.+#0+//1'-5%*#5%*4# 8'40 4++p+++



&GT'TDRTKP\YWTFGCO,WNKIGDQTGPWPFUVCTDCO(GDTWCT

#0*#.6-¤6*'0*'4<1)67/ 



&KGPUVCWU\GKEJPWPIHÒT5QNFCVGPXQO(GNFYGDGNCDY·TVU/QFGNN-NCUUGHÒT::+&KGPUVLCJTG 5KNDGTXGTIQNFGVOKV5KNDGTTCJOGPCWH$CPFURCPIGCP0CFGN*';&*75-.'&-.+#++ 0+//1'-5%*#5%*4#8+8'40 ++



&KGPUVCWU\GKEJPWPI HÒT 5QNFCVGP XQO (GNFYGDGN CDY·TVU  /QFGNN  -NCUUGHÒT+:&KGPUVLCJTG 'KUGPNCEMKGTVOKV5KNDGTTCJOGPCWH$CPFURCPIGCP0CFGN*';&*75-.'&-.+#++ XCT0+//1'-5%*#5%*4#8+8'40 ++



7015

7018

7017

#0*#.6 )'5#/656##6 *'4<1)67/ 

)QNFGPG4GIKGTWPIULWDKN·WOUOGFCKNNG5KNDGTXGTIQNFGVCOPGWGP$CPF*';&XCT*75 -.'&-.+#+80+//1'-5%*#5%*4#CD8'40 ++



&KG IQNFGPG 5KNDGT XGTIQNFGVG  /GFCKNNG YWTFG KP  'ZGORNCTGP FWTEJ FGP *GT\QI RGTUÌPNKEJ CP (ÒTUVNKEJMGKVGP   XGTNKGJGP5VÒEMYWTFGPCNU&WRNKMCVGCDIGIGDGPWPF5VÒEMKO5VCCVUOKPKUVGTKWOXGTYCJTV1DGUUKEJDGKFGT XQTNKGIGPFGP/GFCKNNGWOGKPQTKIKPCNXGTIQNFGVGUQFGTUR·VGTPCEJXGTIQNFGVGU'ZGORNCTJCPFGNVMCPPPKEJVPCEJIG YKGUGPYGTFGP





(TKGFTKEJ-TGW\ $TQP\G LGYGKNU CO $CPF HÒT -QODCVVCPVGP WPF 0KEJVMQODCVVCPVGP &CDGK GKPG   8CTKCPVGOKVSWGTUVGJGPFGT¤UG*75C-.'&-.+#+80+//1'-4#/ 55%*#8'40 5VÒEM++



/CTKGPMTGW\  -TKGIUXGTFKGPUVMTGW\ HÒT (TCWGP WPF ,WPIHTCWGP $TQP\G XGTUKNDGTV CP PGWGT HCN   UEJGT 5EJNGKHG *75  -.'&  -.+# +8  0+//  1'-  '#/ 5  5%*#    5%*'/8'40 4+p++



)GUVKHVGV  ICNVGP 8GTNGKJWPIGP DKUJGT CNU HTCINKEJ LGFQEJ DGHCPF UKEJ MÒT\NKEJ KO IGUKEJGTVGP 0CEJNCUU GKPGT   #PIGJÌTKIGPFGU9ÒTVVGODGTIKUEJGP4QVGP-TGW\GUWPVGTGKPGT4GKJGCPFGTGT#WU\GKEJPWPIGPFGU'TUVGP9GNVMTKG IGUCWEJGKP/CTKGPMTGW\COUVCVWVGPO·­KIGP$CPFYQTCWUIGUEJNQUUGPYGTFGPMCPPFCUUKJTFCU-TGW\PQEJXQT 'PFGFGU'TUVGP9GNVMTKGIGUXGTNKGJGPYQTFGPUGKPOWUU



&KGPUVCWU\GKEJPWPI/QFGNN  -NCUUGHÒT::+&KGPUVLCJTGHGKPIGMÌTPVWPFXGT IQNFGVCWH$CPFURCPIGCP0CFGN*';&*75-.'&-.+#+80+//1'- 5%*#5%*4#8+8'40 ++

 15


7019





7020

&KGPUVCWU\GKEJPWPI/QFGNN  -NCUUGHÒT:8&KGPUVLCJTG5KNDGTHGKPIGMÌTPVCWH $CPFURCPIGCP0CFGN*';&*75-.'&-.+#+80+//1'-5%*# 5%*4#8+8'40 ++



&KGPUVCWU\GKEJPWPI  /QFGNN    -NCUUG HÒT +: &KGPUVLCJTG 'KUGP IGUEJY·T\V OKV   5KNDGTTCJOGP CWH $CPFURCPIG CP 0CFGN *';&  *75  -.'&  -.+# +8  0+//    1'-5%*#5%*4#8+8'40 ++



7021 1:1

$#&'0)4155*'4<1)67/ 

*CWUQTFGP FGT 6TGWG  /QFGNN UR·VGTGT 6[R 1TFGPUMTGW\ )QNF GOCKNNKGTV \WUCOOGP OKV GKPGO   QTKIKPCNGP5EJ·TRGPUVÒEMXQPEO.·PIG*1.<6CHGN  -.'&0+//1'-XCT 4#/58'4081..D9#.&XCT 8QPITQ­GT5GNVGPJGKV+  )CTCPVKGTVGU1TKIKPCNKPFGTCNNGTDGUVGPHGKPUV\KUGNKGTVGP*GTUVGNNWPIUSWCNKV·VWOOKVYGK­GO8QTFGTUGKVGPOG FCKNNQP PCEJ 8QNNG IGO·­ GKPGT #PQTFPWPI )TQ­JGT\QIU (TKGFTKEJ + XQO  /CK   'DGPHCNNU PCEJ 8QNNG   YWTFG FCU )TQ­MTGW\ XQP  DKU  KPUIGUCOV PWT  OCN XGTNKGJGP &KG #P\CJN FGT 8GTNGKJWPIGP CP FKG   /KVINKGFGTFGU)TQ­JGT\QINKEJGP*CWUGUKUVLGFQEJPKEJVGPVJCNVGP

16


7022 1:1



1TFGP XQO <·JTKPIGT .ÌYGP )TQ­MTGW\ )QNF GOCKNNKGTV 'ZGORNCT OKV SWGT UVGJGPFGT ¤UG )NCU   HNW­ HGKPUVG 'OCKNNGOCNGTGK 4ÒEMUGKVGP\GPVTWO WPUCEJIGO·­ CNV YKGFGT GKPIGMNGDV OKV EC  EO   NCPIGOCNVGP5EJ·TRGPUVÒEM*1.<6CHGN  -.'&0+//1#01'-4#/ 58'40XCT81..XCT 44+p++  W­GTUVJGTXQTTCIGPFG#PHGTVKIWPIKP4QVWPF)GNDIQNFWO.CWV8QNNGYWTFGPKPFGT<GKVXQPDKU PWT)TQ­MTGW\GXGTNKGJGP

7024 1:1

7023 1:1

7023 1:1



1TFGP XQO <·JTKPIGT .ÌYGP -QOVWTMTGW\ )QNF GOCKNNKGTV 'OCKNNGTGRCTCVWT KO 8QTFGTUGKVGP\GP   VTWOHGKPUVG'OCKNNGOCNGTGK)NCUHNW­FKGUGTVGKNYGKUGXGTMTCV\VCWHFGT4ÒEMUGKVGHGJNVFGT5EJYCP\ FGU.ÌYGPCWHFGOWPVGTGP-TGW\CTO5EJKNFEJGPOKV<QJPG$CPF*1.<6CHGN  -.'& 0+//1#01'-4#/58'4081.. 4++p+++ 



1TFGP XQO <·JTKPIGT .ÌYGP 4KVVGTMTGW\  -NCUUG  )QNF VGKNYGKUG GOCKNNKGTV )NCUHNW­ HGKPUVG   'OCKNNGOCNGTGKCOCNVGP\GKVIGPÌUUKUEJGP1TKIKPCNDCPF*1.<6CHGN  XCT-.'&0+// XCT1#0XCT1'-XCT4#/58'4081..XCT  8QPITQ­GT5GNVGPJGKV++ 

9QJNGKPG(GTVKIWPIFGT(KTOC,QUGRJ<WDGTKP2HQT\JGKOWO

5GJTCNVGUWPFUQOKVJQEJUGNVGPGU'ZGORNCTCWUFGT<GKVWOKPCNNGTDGUVGT#PHGTVKIWPIUSWCNKV·VOKVCNNGTHGKPUVGT 'OCKNNGOCNGTGKWPFCDIGTWPFGVGP-CPVGPFGT)NCUHNW­UVGKPG.CWV8QNNGYWTFGPKPFGT<GKVXQPDKUPWT  4KVVGTMTGW\G XGTNKGJGP YQXQP FKG CNNGTOGKUVGP PCEJ FGO 6QFG FGT $GNKGJGPGP CP FKG 1TFGPUMCP\NGK \WTÒEMIG   UVGNNVYQTFGPUGKPFÒTHVGP

17


7025 1:1



7027

7026

1TFGP XQO <·JTKPIGT .ÌYGP 4KVVGTMTGW\  -NCUUG CD   )QNF VGKNYGKUG GOCKNNKGTV )NCUHNW­   'OCKNNGOCNGTGKCOCNVGP1TKIKPCNDCPF*1.<6CHGN  XCT-.'&XCT0+//XCT1#0 XCT1'-4#/58'4081.. 4+p



*GTXQTTCIGPFGUHTÒJGUWPFUGNVGPGU'ZGORNCTOKVSWGTUVGJGPFGT¤UGHNCEJGO<[NKPFGTUGJTHGKPGT'OCKNNGOCNGTGK OKVTQUC*KPVGTITWPFWPFUEJÌPGTCNVGT2CVKPCCOQTKIKPCN\GKVIGPÌUUKUEJGP5GKFGPDCPFWO

7028







7029 1:1

1TFGP XQO <·JTKPIGT .ÌYGP 8GTFKGPUVMTGW\ 5KNDGT XGTIQNFGV CO $CPF FGU /KNKV·TKUEJGP -CTN   (TKGFTKEJ8GTFKGPUVQTFGPU *1.< 6CHGN   -.'&  0+//  1'-  4#/ 5    8'4081.. ++



'TKPPGTWPIUMTGW\ HÒT HTGKYKNNKIG -TCPMGPRHNGIG  ņ  )QNFDTQP\G CO UR·VGTGP $CPF   *';&*1.<6CHGN  *75-.'&0+//1'-4#/55%*'/ 8'4081.. ++



(CJPGPOGFCKNNG FGU $CFKUEJGP /KNKV·T8GTGKPU8GTDCPFGU 5KNDGTPG /GFCKNNG 5KNDGT QJPG $CPF   *1.<-.'&0+//1'-8'4081..D +



'U JCPFGNV UKEJ JKGTDGK WO GKPG UVCCVNKEJG #WU\GKEJPWPI FKG XQO $CFKUEJGP /KNKV·T8GTGKPU8GTDCPF CP FKG FGO   8GTDCPFCPIGJÌTGPFGP/KNKV·T8GTGKPG\WT#PDTKPIWPICPFGTGP8GTGKPUHCJPGPXGTIGDGPYWTFG

$#;'40-¤0+)4'+%* 

*CWU4KVVGT1TFGP XQO JN *WDGTVWU $TWUVUVGTP 5KNDGT TGRGTEKGTV #WHNCIGP 5KNDGT )QNF RNCVKGTV   WPF)QNFGOCKNNKGTVCWHFGT4ÒEMUGKVG OKV4GUVXGTIQNFWPI *GTUVGNNGTDG\GKEJPWPIFGU,WYGNKGTU'FW CTF 3WGNNJQTUV KP /ÒPEJGP -.'&  .'5 6CHGN   0+//  XCT 1#0  1'-    5%*4$8'409#.& 4+p  5VGTPXQPJGTXQTTCIGPFGT#PHGTVKIWPIUSWCNKV·VWO

18


7031 1:1

7030 1:1



7030 1:1

%JWTHÒTUVNKEJ2H·N\KUEJGT .ÌYGP4KVVGT1TFGP 4GFWMVKQP FGU 1TFGPUMTGW\GU $TQP\G   XGTIQNFGV   GOCKNNKGTV&WTEJOGUUGTOOQJPG$CPFXIN0+//XIN5%*4$  8QPITQ­GT5GNVGPJGKV++  7PUGTGT/GKPWPIJCPFGNVGUUKEJJKGTDGKWOGKPG\GKVIGPÌUUKUEJCPIGHGTVKIVGWPFUQOKVGZVTGOUGNVGPG4GFWMVKQPFGU 1TFGPUMTGW\GU



%JWTHÒTUVNKEJ2H·N\KUEJGT .ÌYGP4KVVGT1TFGP )GUVKEMVGT $TWUVUVGTP 5KNDGTUVKEMGTGK OKV 2CKNNGVVGP   \YGK5VGTPURKV\GPGVYCUUEJCFJCHVNGKEJVIGFWPMGNV#DFGEMRCRKGTQTKIKPCNGTJCNVGPLGFQEJPKEJVOGJT ICP\XQNNUV·PFKI-.'&0+//1'-5%*4$XCT8'40  8QPITQ­GT5GNVGPJGKV++p+++  (GKPG #PHGTVKIWPI CWU FGT 'PF\GKV FGU 1TFGPU  DKU   'ZVTGO ITQ­G 5GNVGPJGKV WPF MCWO YKGFGT \W   DGUEJCHHGP

19


7032 1:1



/KNKV·T/CZ,QUGRJ1TFGP 4GFWMVKQP FGU )TQ­MTGW\GU )QNF GOCKNNKGTV *ÌJG GKPUEJNKG­NKEJ -TGW\   CWH FGT -TQPG   OO $TGKVG  OO QJPG $CPF -.'&  .'5 6CHGN   XCT 0+//  1#0   1'-4#/55%*4$XCT8'40 8QPITQ­GT5GNVGPJGKV+p++  /ÌINKEJGTYGKUGJCPFGNVGUUKEJJKGTDGKWOGKPG4GFWMVKQPHTCP\ÌUKUEJGT#PHGTVKIWPICWUFGTCNNGTGTUVGP8GTNGKJWPIU \GKVFGU1TFGPUDKU8QP-TCOGTWPFXQP9CNFGPHGNU XQP-TCOGT4WFQNHWPF(TGKJGTTXQP9CNFGPHGNU1VVQ &GTMÌPKINKEJDC[GTKUEJG/KNKV·T/CZ,QUGRJ1TFGP-TKGIUVCCVGPWPF'JTGPDWEJ/ÒPEJGP IGDGP

QJPGFKTGMVG3WGNNGPCPICDGHÒTFKG<GKVXQODKU\WO GKPG<CJNXQP8GTNGKJWPIGPXQP )TQ­MTGW\GP CP HTCP\ÌUKUEJG 6T·IGT CP FCTWPVGT CP FGP /CTUEJCNN 1WFKPQV *GT\QI XQP 4GIIKQ &CU 6TCIGP XQP   4GFWMVKQPGPYCTXQTCNNGOKP(TCPMTGKEJ·W­GTUVRQRWN·T

7033 1:1



8GTFKGPUVQTFGPXQOJN/KEJCGN)TQ­MTGW\)QNFGOCKNNKGTVQJPG*GTUVGNNGTDG\GKEJPWPIOKVEC EONCPIGO5EJ·TRGPUVÒEMFGUGTUVGP6[RU-.'&.'56CHGN0+//1#01'- 4#/55%*4$8'409#.& 44+ 2TCEJVGZGORNCTKPCDUQNWVGT$GUVGTJCNVWPI

20




7034 1:1



8GTFKGPUVQTFGPXQOJN/KEJCGN-TGW\-NCUUG  5KNDGTXGTIQNFGVWPFGOCKNNKGTVOGJ TGTG'OCKNNGEJKRRUWPF5RTÃ&#x2019;PIGCWHFGT8QTFGTWPF4Ã&#x2019;EMUGKVGQJPG5EJWNVGTDCPF-.'&.'5 6CHGN  CD 0+//  1#0  1'-  4#/ 5  5%*4$  XCT 8'40    9#.&XCT ++p+++ 

ex 7036

ex 7036 7035 1:1



8GTFKGPUVQTFGP XQO JN /KEJCGN $TWUVUVGTP  -NCUUG   5KNDGT TGRGTEKGTV VGKNYGKUG XGT   IQNFGV WPF GOCKNNKGTV CP 0CFGN -.'&  .'5 6CHGN   0+//  1#0  1'-    4#/55%*4$8'409#.&XCT +p++ 



/KNKV·TXGTFKGPUVMTGW\FGU/KNKV·TXGTFKGPUVQTFGPU/QFGNN  -TGW\-NCUUGFKGHTÃ&#x2019;JGT XQTJCPFGPGP 5EJYGTVGT GPVHGTPV $TQP\G XGTIQNFGV OKV GEJV IQNFGPGO   8QTFGTUGKVGPOGFCKNNQP OKV   $CPFKO1TKIKPCNGVWKFGT(KTOC9GKUU%Q/Ã&#x2019;PEJGP&C\W6TGWFKGPUV'JTGP\GKEJGPHÃ&#x2019;T,CJTG KO 'VWKFGT(KTOC5QWXCNKP9KGP*';&XCT*75XCT-.'&  0+//XCT 1'-  4#/55%*4$8'40   5VÃ&#x2019;EM+p++



6TQV\FGT'PVHGTPWPIFGT5EJYGTVGTKPVGTGUUCPVGDKUJGTPKEJVRWDNK\KGTVG8CTKCPVGFGT-NCUUGFGU/KNKV·TXGTFKGPUV MTGW\GU

21


7037 1:1



/CZKOKNKCPU1TFGPHÃ&#x2019;T9KUUGPUEJCHVWPF-WPUV1TFGPUMTGW\FGT#DVGKNWPIHÃ&#x2019;T9KUUGPUEJCHV)QNF VGKNYGKUGGOCKNNKGTVCO*CNUDCPFCDUEJPKVV-.'&.'56CHGNC D0+//1#0 1'-5%*4$8'409#.& 44+  .CWV0KOOGTIWVYWTFGP QJPGFKTGMVG3WGNNGPCPICDG XQPDKU8GTNGKJWPIGPWPFXQPDKU 8GTNGKJWPIGPXQTIGPQOOGP

7038



22

6JGTGUKGP1TFGP -TGW\ FGT 1TFGPUFCOGP )QNF GOCKNNKGTV \WUCOOGP OKV EC  EO NCPIGO 5EJ·T   RGPUVÃ&#x2019;EM -.'&  .'5 6CHGN   0+//  1#0  1'-  5%*4$  8'40    9#.& +p++




7039 1:1

7040

7041 1:1



5V#PPC1TFGP-TGW\FGU5V#PPC5VKHVGU\W/ÒPEJGP)QNFGOCKNNKGTVOKV'OCKNNGUEJTKHVCP$CPF UEJNGKHG \WUCOOGP OKV DGUEJPKVVGPGT 1TKIKPCNUEJ·TRG -.'&  .'5 6CHGN  CD 0+//    1#01'-5%*4$8'409#.& +p++ 



7PDGMCPPVGU 'JTGPMTGW\ $TQP\G XGTIQNFGV 8QTFGTUGKVG OKV -CNVGOCKNNG CWH FGT 4ÒEMUGKVG +0   64'7'('56QJPG$CPF ++



1DGUUKEJJKGTDGKWOGKPG-TKGIGTXGTGKPU#WU\GKEJPWPIGKP6TCFKVKQPU'JTGP\GKEJGPQFGTWOUQPUVGKPGFGTCTVKIG #WU\GKEJPWPIJCPFGNVDNGKDVFGT5RGMWNCVKQPWPFFGO9KUUGPFGU5COONGTUÒDGTNCUUGP

$4#705%*9'+)*'4<1)67/ 

*GT\QINKEJ $TCWPUEJYGKIKUEJGT 1TFGP *GKPTKEJ FGU .ÌYGP )TQ­MTGW\ )QNF HGKPUV \KUGNKGTV WPF   GOCKNNKGTVUGJTUEJÌPG'OCKNNGOCNGTGKOKP#DRNCV\WPIKPFGTYGK­GP'OCKNNGGKPGUFGT*ÌTPGTKO <GPVTWOQJPG5EJWNVGTDCPF)7515-.'&0+//1#01'-4#/5 4'%-XCT8'40 4+p  7PUGTGT/GKPWPIJCPFGNVGUUKEJJKGTDGKWOGKPHTÒJGU'ZGORNCTFGU*QHLWYGNKGTU#.GOOGFGTNCWV4GEMGYGNNKP FGP,CJTGPXQPDKU)TQ­MTGW\GIGHGTVKIVJCV

23


7042 1:1



*GT\QINKEJ $TCWPUEJYGKIKUEJGT 1TFGP*GKPTKEJFGU.ÌYGP$TWUVUVGTP\WO)TQ­MTGW\5KNDGTCWH FGT4ÒEMUGKVGXGTIQNFGV#WHNCIGP)QNFGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC #WIWUV .GOOG KP *CPPQXGT CP XGTIQNFGVGT 5KNDGTPCFGN )751 5  -.'&  0+//  XCT   1#01'-4#/54'%-8'40 +p++  .CWV4GEMGYGNNHGTVKIVG.GOOGKPFGP,CJTGPDKUKPUIGUCOV$TWUVUVGTPG

7043 1:1



9CVGTNQQ/GFCKNNG$TQP\GOKV4CPFRT·IWPI#7)5#0&'4+#')$#6COUR·VGTGP$CPF $$/  )751 5  *';&  *75  -.'&  /;$  0+//  1'-    4#/54'%-8'40 ++p+++



7044

 24

-TKGIUXGTFKGPUVMTGW\HÒT(TCWGPWPF,WPIHTCWGP$TQP\GCPUR·VGTGT&COGPUEJNGKHG)7515 *75-.'&0+//1'-4#/54'%-5%*'/8'40




7045 1:1

*#0018'4-¤0+)4'+%* 

)WGNRJGP1TFGP )TQ­MTGW\ )QNF HGKPUV \KUGNKGTV VGKNYGKUG GOCKNNKGTV HGKPUVG 'OCKNNGOCNGTGK QJPG   5EJWNVGTDCPF )751 5  HH -.'&  /;$  0+// 1#0XCT1'-4#/ 552+0-6*+*#8'40 4+  (GKPUVG#PHGTVKIWPIWO6JKGU*CRMGIGDGPHÒTFKGDTKVKUEJG8GTNGKJWPIU\GKV  GKPG8GTNGKJWPIU\CJN XQP\KXKNGP)TQ­MTGW\GPHÒTFKG4GIKGTWPIU\GKV'TPUV#WIWUVU  OKVWPFQJPG5EJYGTVGTPXQP CP+PN·PFGTWPFCP#WUN·PFGTWPFHÒTFKG<GKVXQPDKU WPVGT)GQTI8 CP+PWPFCP#WUN·PFGT CPDGVQPGPCDGTFCUUFKG#MVGPNÒEMGPJCHVUGKGPWPFUKEJHÒTFKG<GKVXQPDKUMGKPGIGPCWGP7PVGTNCIGP XQTNKGIGP5KGMQOOGPUQOKVCWHGKPG8GTNGKJWPIU\CJNXQPKPUIGUCOV)TQ­MTGW\GPCDWPFHÒJTGPUEJNWU UGPFNKEJ CWU FCUU FGO 8GTNGKJWPIUUEJNÒUUGN GPVURTGEJGPF FKG YCJTG 8GTNGKJWPIU\CJN WO EC  DKU   JÌJGT   NKGIGPFÒTHVG

7046 1:1



)WGNRJGP1TFGP$TWUVUVGTP\WO)TQ­MTGW\5KNDGTTGRGTEKGTV#WHNCIGP)QNFGOCKNNKGTV'OCKNNGOC NGTGK OKV GEJV IQNFGPGO 0CFGNU[UVGO )751 5 HH-.'&/;$0+//XCT1#0 XCT1'-4#/552+0-6*+*#XCT8'40 4+p++  5GJTUEJÌPIGCTDGKVGVGT$TWUVUVGTPOKVHGKPUVIWKNNQEJKGTVGO/KVVGNOGFCKNNQP$TKVKUEJG#PHGTVKIWPICWUFGT/KVVGFGU ,CJTJWPFGTVU

25


7047 1:1



)WGNRJGP1TFGP)TQ­MTGW\OKV5EJYGTVGTP)QNFHGKPUV\KUGNKGTVVGKNYGKUGGOCKNNKGTVHGKPUVG'OCKN NGOCNGTGKQJPG5EJWNVGTDCPF)7515HH-.'&/;$0+//XCT1#01'- 4#/552+0-6*+*#8'40 44+



(GKPUVG#PHGTVKIWPIWO6JKGU*CRMGIGDGPHÒTFKGDTKVKUEJG8GTNGKJWPIU\GKV  GKPG8GTNGKJWPIU\CJN XQPOKNKV·TKUEJGP)TQ­MTGW\GPHÒTFKG4GIKGTWPIU\GKV'TPUV#WIWUVU  OKVWPFQJPG5EJYGTVGTP XQPCP+PN·PFGTWPFCP#WUN·PFGTWPFHÒTFKG<GKVXQPDKU WPVGT)GQTI8 CP+PWPFCP #WUN·PFGTCPDGVQPGPCDGTFCUUFKG#MVGPNÒEMGPJCHVUGKGPWPFUKEJHÒTFKG<GKVXQPDKUMGKPGIGPCWGP 7PVGTNCIGP XQTNKGIGP 5KG MQOOGP UQOKV CWH GKPG 8GTNGKJWPIU\CJN XQP KPUIGUCOV  )TQ­MTGW\GP CD  WPF   HÒJTGPUEJNWUUGPFNKEJCWUFCUUFGO8GTNGKJWPIUUEJNÒUUGNGPVURTGEJGPFFKGYCJTG8GTNGKJWPIU\CJNWOECDKU JÌJGTNKGIGPFÒTHVG

7048 1:1



)WGNRJGP1TFGP$TWUVUVGTP\WO)TQ­MTGW\OKV5EJYGTVGTP5KNDGTTGRGTEKGTV#WHNCIGP)QNFGOCKN NKGTV FKG TQVG 'OCKNNKGTWPI FGT .QTDGGTDGGTGP HGJNV ITÌ­VGPVGKNU MCWO UKEJVDCTG 'OCKNNGOCNGTGK KO   /KVVGNOGFCKNNQP'OCKNNGOCNGTGKOKVGEJVIQNFGPGO0CFGNU[UVGO)7515HH-.'&/;$ 0+//XCT1#0XCT1'-4#/552+0-6*+*#XCT8'40 ++p  5GJTUEJÌPIGCTDGKVGVGT$TWUVUVGTPOKVHGKPUVIWKNNQEJKGTVGO/KVVGNOGFCKNNQP$TKVKUEJG#PHGTVKIWPICWUFGT/KVVGFGU ,CJTJWPFGTVU

26


7049 1:1



)WGNRJGP1TFGP$TWUVUVGTP\WO-QOOCPFGWTMTGW\OKV5EJYGTVGTP5KNDGTTGRGTEKGTV#WHNCIGP)QNF \CJNTGKEJG#DRNCV\WPIGPKPFGTITÒPGP'OCKNNGFGU.QTDGGTMTCP\GUCWHFGT4ÒEMUGKVGOGJTHCEJG4GRC TCVWTGPFWTEJ#PDTKPIWPIXQP)GIGPRNCVVGP*GTUVGNNGTDG\GKEJPWPIFGT(KTOC4WPFGNN$TKFIG4WP FGNN KP .QPFQP )751 5  HH -.'&  /;$  0+//  XCT 1#0  1'-  4#/   552+0-6*+*#8'40 ++  5GJTHGKPG#PHGTVKIWPIUSWCNKV·V.CWV*GTUVGNNGTDG\GKEJPWPICWUFGT<GKVFGT4GIKGTWPIFGU2TKP\TGIGPVGP)GQTIFGT XQP  DKU HÒTUGKPGPIGKUVGUMTCPMGP8CVGT-ÌPKI)GQTI+++TGIKGTVG'UJCPFGNVUKEJWOGKPG\GKVIGPÌUUK UEJG<YGKVCPHGTVKIWPIFCQHHK\KGNNDKU\WO,CJTGIGUVKEMVG$TWUVUVGTPGXGTNKGJGPYWTFGP

7050 1:1



7051 1:1

)WGNRJGP1TFGP 4KVVGTMTGW\ 6[R OKV UGJT FGVCKNNKGTV IGUVCNVGVGT -TQPG ÒDGT FGO 4ÒEMUGKVGPOQPQ   ITCOO )QNF GOCKNNKGTV HGKPUVG 'OCKNNGOCNGTGK CO $CPF )751 5  HH -.'&  /;$    0+//1#0XCT1'-4#/552+0-6*+*#8'40 +p++



&KG#WUHÒJTWPIFGU5VÒEMUN·UUVCWHGKPG'PVUVGJWPIU\GKVWOECUEJNKG­GP6JKGU*CRMGIGDGPHÒTFKG4GIKG TWPIU\GKV 'TPUV #WIWUVU   GKPG 8GTNGKJWPIU\CJN  OKV WPF QJPG 5EJYGTVGT  XQP  CP +P WPF  CP   #WUN·PFGTWPFHÒTFKG<GKVXQPDKU WPVGT)GQTI8 CP+PWPFCP#WUN·PFGTCPDGVQPGPCDGT FCUU FKG #MVGP NÒEMGPJCHV UGKGP WPF UKEJ HÒT FKG <GKV XQP  DKU  MGKPG IGPCWGP 7PVGTNCIGP XQTNKGIGP 5KG   MQOOGP UQOKV CWH GKPG 8GTNGKJWPIU\CJN XQP KPUIGUCOV  4KVVGTMTGW\GP CD  WPF HÒJTGP UEJNWUUGPFNKEJ CWU   FCUUFGO8GTNGKJWPIUUEJNÒUUGNGPVURTGEJGPFFKGYCJTG8GTNGKJWPIU\CJNWOECDKUJÌJGTNKGIGPFÒTHVG



)WGNRJGP1TFGP 4KVVGTMTGW\ 6[R OKV GKPHCEJ IGUVCNVGVGT -TQPG ÒDGT FGO 4ÒEMUGKVGPOQPQITCOO   )QNFGOCKNNKGTVOKP'OCKNNGCWUDTWEJCOQDGTGP4CPFFGU/GFCKNNQP\GPVTWOUFGT8QTFGTUGKVGHGKPUVG 'OCKNNGOCNGTGK CO UR·VGTGP XGTUEJOWV\GP $CPF )751 5  HH -.'&  /;$  0+//    1#0XCT1'-4#/552+0-6*+*#8'40 ++



&KG#WUHÒJTWPIFGU5VÒEMUN·UUVCWHGKPG'PVUVGJWPIU\GKVWOECUEJNKG­GP6JKGU*CRMGIGDGPHÒTFKG4GIKG TWPIU\GKV 'TPUV #WIWUVU   GKPG 8GTNGKJWPIU\CJN  OKV WPF QJPG 5EJYGTVGT  XQP  CP +P WPF  CP   #WUN·PFGTWPFHÒTFKG<GKVXQPDKU WPVGT)GQTI8 CP+PWPFCP#WUN·PFGTCPDGVQPGPCDGT FCUU FKG #MVGP NÒEMGPJCHV UGKGP WPF UKEJ HÒT FKG <GKV XQP  DKU  MGKPG IGPCWGP 7PVGTNCIGP XQTNKGIGP 5KG   MQOOGP UQOKV CWH GKPG 8GTNGKJWPIU\CJN XQP KPUIGUCOV  4KVVGTMTGW\GP CD  WPF HÒJTGP UEJNWUUGPFNKEJ CWU   FCUUFGO8GTNGKJWPIUUEJNÒUUGNGPVURTGEJGPFFKGYCJTG8GTNGKJWPIU\CJNWOECDKUJÌJGTNKGIGPFÒTHVG

27


7053

7053

7052 Å 1:1



)QNFGPG 8GTFKGPUVOGFCKNNG  /QFGNN 2TKP\TGIGPV )GQTI  )QNF OKV GKPGO )QNFTCJOGP WOURCPPV  

FGT YCJTUEJGKPNKEJ \WT (KZKGTWPI FGT PKEJV OGJT XQTJCPFGPGP )NCUMCRUGN FKGPVG  FCTCWH FKG 6T·IGT   ITCXWT &'+%*)4(' #&81%#6 ( $1*.'0 \W 1'40&14( FKG 6TCIGÌUG NGKEJV XGTDQIGP   QJPG$CPF*75-.'&0+//XCT1'-6*+*#8'40  8QPITQ­GT5GNVGPJGKV++p+++  0QTOCNGTYGKUG XGTHÒIV FKG /GFCKNNG ÒDGT GKPGP 4CJGPDÒIGN \WT 6TCIGYGKUG OKV GKPGO $CPF CWH FGT $TWUV &KG   6TCIGÌUG WPF FGTGP )GUVCNVWPI N·­V FCTCWH UEJNKG­GP FC­ FKGUG /GFCKNNG CP GKPGT -GVVG WO FGP *CNU IGVTCIGP   YQTFGP UGKP MÌPPVG &C­ FGT $GNKGJGPG GKP YKEJVKIGU ÌHHGPVNKEJGU #OV P·ONKEJ FCU FGU &GKEJITCHGP KPPGJCVVG   DGUV·VKIVFKGUG8GTOWVWPI  

(4'+'*#05'56&6')'/'+05#/ 

)GOGKPUCOG -TKGIUFGPMOÒP\G HÒT FKG *CPUGCVKUEJG .GIKQP  &GPMOÒP\G KP 5KNDGT   PKEJVVTCIDCT5KNDGT&WTEJOGUUGTOO)#.5)7515XCT*';&*75CXCT -.'&XCT0+//XCT1'-XCT8'40 ++

7055 1:1



7055 1:1 7054

*'55'0)4155*'4<1)67/ 

/KNKV·T5CPKV·VUMTGW\$TQP\GCOHCNUEJGP$CPF*';&*75-.'&0+// 1'-8'409#.& ++p



*'55'0-74(ª456'067/ 

9KNJGNOU1TFGP )TQ­MTGW\ D\Y -QOVWTMTGW\ )QNF GOCKNNKGTV OKP MCWO UKEJVDCTGT %JKRR KP FGT   7OUEJTKHV FGU 8QTFGTUGKVGPOGFCKNNQPU 5KNDGT QJPG $CPF *'-7 C -.'&  0+//   1#01'-8'40 4+p++  *GTXQTTCIGPF IGCTDGKVGVGU WPF HGKPUV \KUGNKGTVGU 'ZGORNCT )TQ­ WPF -QOVWTMTGW\ UKPF KP )TÌ­G WPF )GUVCNVWPI   KFGPVKUEJ0CEJ5CWGTYWTFGPKPFGP,CJTGPFGU$GUVGJGPUFGU1TFGPUXQPDKUKPUIGUCOV)TQ­MTGW\G -QOVWTG-NCUUGWPF-QOVWTG-NCUUGUQOKVPWT'ZGORNCTGFKGUGU-TGW\GUXGTNKGJGP

28


7056



7057

-TKGIUFGPMOÒP\G&GPMOÒP\GHÒT-·ORHGT$TQP\GCWHFGT4ÒEMUGKVGOKP)W­HGJNGTCO CNVGPQTKIKPCNIGP·JVGPNCPIGP$CPF*'-7*';&*75-.'&0+//1'- 8'40 +p++



5GNVGP\WHKPFGPOKVFGOQTKIKPCNWPFCDUQNWVHCTDHTKUEJGTJCNVGPGO1TKIKPCNDCPF

*1*'0<1..'40(ª456'06ª/'4 

(ÒTUVNKEJ *QJGP\QNNGTPUEJGT *CWUQTFGP  /QFGNN 'JTGPMTGW\  -NCUUG OKV 5EJYGTVGTP 5KNDGT   VGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVGVYCUXGTUEJOWV\VCOUR·VGTGP$CPF-.'&.+0-0+// 1#01'-4#/58'40 ++



.KPM)CWIIGNIGDGP QJPGFKTGMVG3WGNNGPCPICDG KPUIGUCOV8GTNGKJWPIGPCPYQDGKCWHFKG<GKVXQP DKU  (ÒTUV (TKGFTKEJ 9KNJGNO %QPUVCPVKP WPF (ÒTUV %CTN #PVQP  GPVHCNNGP  CWH FKG <GKV XQP  DKU   

(ÒTUV%CTN#PVQP WPFCWHFKG<GKVXQPDKU (ÒTUV9KNJGNO 7PVGT(ÒTUV.GQRQNF DKU  YWTFGFKGUG-NCUUGPKEJVOKV5EJYGTVGTPXGTNKGJGP

7059 1:1

7058 1:1

.+/$74)56;47/)4#(5%*#(6 

1TFGPFGU#NVGP#FGNUQFGTFGT8KGT4ÌOKUEJGP-CKUGT<YGKVG2GTKQFG EC $TWUVUVGTP \WO)TQ­MTGW\#WUHÒJTWPIOKV'PIGNCWHFGTTGEJVGP5GKVG5KNDGTOKV)QNFRNCVVKGTVTGRGTEKGTV#WH NCIGP)QNFVGKNYGKUGGOCKNNKGTV\YGKMNGKPG'OCKNNGCDRNCV\WPIGPCP0CFGN-.'&0+// XCT1'-5%*1155HH8'40 44+p  &KGPCJG\WWPÒDGTVTGHHNKEJG#PHGTVKIWPIUSWCNKV·V YKGCWEJFKG)GUVCNVWPI YGKUGPFGWVNKEJCWHGKPG#PHGTVKIWPIU\GKV KPFGT<YGKVGP2GTKQFGFGU1TFGPUWOJKP0KOOGTIWVDG\GKEJPGVGKPGPUGJT·JPNKEJIGHGTVKIVGPWPFDGK-NGPCW CDIGDKNFGVGP FQTVLGFQEJOKVCPFGTGO/GFCKNNQPDKNFOKVFGO'PIGNCWHFGTNKPMGP5GKVG CNUPKEJV\GKVIGPÌUUKUEJWPF KORNK\KGTVFCOKVOÌINKEJGTYGKUGFCUUGUUKEJJKGTDGKWOGKPG(·NUEJWPIJCPFGNV$G\GKEJPGPFKUVFCUUGT\YCTGKPGP $TWUVUVGTPDGUEJTGKDVKJPCDGTPKEJV\GKIVYGUJCNDCP\WPGJOGPKUVFCUUGTFGO#WVQTCWEJPKEJVXQTIGNGIGPJCV'T GTY·JPV CWEJ KP FGT 'KPHÒJTWPI \W FKGUGO 1TFGP FCUU GT KP 2CTKU XGTNKGJGP YQTFGP KUV WPF FCUU FKG )G   UEJ·HVURTCMVKMGPGTUVFWTEJ1TFQPPCP\GP-ÌPKI.WFYKIU:8+++XQO/·T\WPFXQO#RTKNWPVGT DWPFGPYWTFGPUKPF



1TFGP FGU #NVGP #FGNU QFGT FGT 8KGT 4ÌOKUEJGP -CKUGT <YGKVG 2GTKQFG EC   4KVVGT   MTGW\)QNFGOCKNNKGTVOGJTGTGMNGKPG$GUEJ·FKIWPIGPKPFGT'OCKNNGKOMCPPGNKGTVGP6TCIGTKPIHTCP \ÌUKUEJRWP\KGTVCOCNVGP*CNUDCPF-.'&XCT0+//1'-5%*1155HH 8'40 4  #WHITWPF FGT 'OCKNNGTKUUGUQYKGFGT#DRNCV\WPIKPFGTDNCWGP'OCKNNGFGU4ÒEMUGKVGP\GPVTWOUMCPPWP\YGKHGNJCHV HGUVIGUVGNNV YGTFGP FC GU UKEJ DGK FKGUGO 'ZGORNCT WO FCU DGK 0KOOGTIWV WPVGT FGT 0WOOGT  CDIGDKNFGVG   -TGW\JCPFGNV'TUEJTGKDVGULGFQEJFGTGTUVGP2GTKQFG  \WWPFÒDGTUKGJVFCDGKFKGHTCP\ÌUKUEJG2WP\KG TWPICWUFGT<GKVFGT\YGKVGP4GUVCWTCVKQPKP(TCPMTGKEJ

29


7060 1:1



1TFGPXQO.ÌYGPXQP.KODWTID\Y1TFGP5V2JKNKRRU\WO.ÌYGPXQP.KODWTI<YGKVG2GTKQFG

EC 4KVVGTMTGW\)QNFGOCKNNKGTVMNGKPG'OCKNNGCDRNCV\WPICWHFGO.ÌYGPKO6TCIGTKPI HTCP\ÌUKUEJRWP\KGTVCO$CPF-.'&XCT0+//1'-8'40 +p++  #WEJFKGUGU-TGW\YKTFXQP0KOOGTIWVFGT'TUVGP2GTKQFGXQPDKU\WIGUEJTKGDGPQDYQJNGUHTCP\ÌUKUEJ RWP\KGTVWPFFKGUUQICTCWHFGT#DDKNFWPI\WUGJGPKUV

7061 1:1

.+22'5%*'(ª456'06ª/'4)'/'+05#/ 

'JTGPMTGW\FGU(ÒTUVNKEJ.KRRKUEJGP)GUCOOVJCWUGU)GOGKPUCOGU/QFGNNOKV/QPQITCOO.# CWHFGT4ÒEMUGKVG  -TGW\-NCUUGOKV-TQPG)QNFGOCKNNKGTVOKP1DGTHN·EJGPEJKRRCWH FGTYGK­GP'OCKNNGFGT8QTFGTUGKVGWPFMNGKPGT'OCKNNGCWUDTWEJKPGKPGT-TGW\URKV\GFGUWPVGTGP-TGW \CTOUFGT4ÒEMUGKVGCOUR·VGTGP*CNUDCPFCDUEJPKVV-.'&0+//1#01'- 4#/58'409#.&XCT ++  0KOOGTIWVIKDV QJPGFKTGMVG3WGNNGPCPICDG 8GTNGKJWPIGPCP

30


7063 1:1 7062 1:1

7062 1:1

.+22'&'6/1.&(ª456'067/ 

1TFGP HÒT -WPUV WPF 9KUUGPUEJCHV UQIGP .KRRKUEJG 4QUG &GMQTCVKQP  -NCUUG OKV FGT -TQPG   CNU *CNUFGMQTCVKQP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV )QNF CO *CNUDCPFCDUEJPKVV -.'&   0+//1'-4#/58'409#.& 44  0KOOGTIWVIKDV QJPGFKTGMVG3WGNNGPCPICDG PWT8GTNGKJWPIGPCP&KG)GUVCNVWPIWPFXQTCNNGOFKG#WUHÒJTWPI FGU/GFCKNNQP\GPVTWOUDGNGIGPFCUUGUUKEJJKGTDGKWOGKP\GKVIGPÌUUKUEJGU1TKIKPCNJCPFGNV

/'%-.'0$74)5%*9'4+0)4155*'4<1)67/ 

*CWUQTFGPFGT9GPFKUEJGP-TQPG$TWUVUVGTP\WO)TQ­MTGW\OKVFGT-TQPGKP)QNF5KNDGT#WHNC IGP )QNF GOCKNNKGTV MNGKPGT 'OCKNNGCWUDTWEJ KP FGT DNCWGP 'OCKNNG CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG   \GKEJPWPI FGT (KTOC)QFGVKP$GTNKPCP0CFGN)7515-.'&0+//1#0 1'-4#/58'409#.& ++ 

7064



)TQ­JGT\QINKEJ/GEMNGPDWTIKUEJGT)TGKHGPQTFGP)TQ­MTGW\#WUHÒJTWPIOKVUGRCTCVIGRT·IVGOWPF CWHIGNGIVGO )TGKH 5KNDGT XGTIQNFGV WPF GOCKNNKGTV QJPG 5EJWNVGTDCPF )751 5  -.'&    0+//1#01'-4#/58'409#.& +p++



)CTCPVKGTVGU1TKIKPCNGZGORNCT

31


7067 1:1

7066

7065



)TQ­JGT\QINKEJ /GEMNGPDWTIKUEJGT )TGKHGPQTFGP $TWUVUVGTP \WO )TQ­MTGW\ 5KNDGT XGTIQNFGV WPF   GOCKNNKGTV#WUHÒJTWPIOKVUVCTMIGYÌNDVGP/KVVGNOGFCKNNQPWPFUGRCTCVCWHIGNGIVGO)TGKHGPWPF$WEJ UVCDGPCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC*4QUGKP5EJYGTKPWPF5KNDGTRWP\G CP 0CFGN )751 5  -.'&  0+//  1#0  1'-  4#/ 5  8'40   9#.& +p++



5GJTUEJÌPIGHGTVKIVGU'ZGORNCTXQTFCNCWV0KOOGTIWV QJPGFKTGMVG3WGNNGPCPICDG CDFKGUGO<GKVRWPMVFKG #PHGTVKIWPIFWTEJFKG2HQT\JGKOGT(KTOC<KOOGTOCPPGTHQNIVG





)TQ­JGT\QINKEJ/GEMNGPDWTIKUEJGT)TGKHGPQTFGP$TWUVUVGTP\WO)TQ­MQOVWT5KNDGTXGTIQNFGVWPF GOCKNNKGTV #WUHÒJTWPI OKV HNCEJGO /KVVGNOGFCKNNQP UGRCTCV CWHIGNGIVGO )TGKHGP WPF GKPIGNGIVGP   $WEJUVCDGPCP0CFGNCWHFKGUGT*GTUVGNNGTDG\GKEJPWPIFGT(KTOC*4QUGKP5EJYGTKP)7515 -.'&0+//1#01'-4#/58'409#.&



)TQ­JGT\QINKEJ /GEMNGPDWTIKUEJGT )TGKHGPQTFGP /KPKCVWT FGU -QOVWTMTGW\GU )QNF GOCKNNKGTV   &WTEJOGUUGTOOQJPG$·PFEJGP)75151#04#/5 +



7068





 32

7069

7070

)TQ­JGT\QINKEJ /GEMNGPDWTIKUEJGT )TGKHGPQTFGP 4KVVGTMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV /KV   VGNOGFCKNNQPOKVUGRCTCVCWHIGNGIVGO)TGKHGPCO$CPF)7515-.'&0+//1#0 1'-4#/58'40 ++



5KNDGTPG8GTFKGPUVOGFCKNNG&'/4'&.+%*'0/#00'70&&'/)76'0$ª4)'4#WUHÒJ TWPI)TQ­JGT\QI(TKGFTKEJ(TCP\5KNDGTCO*CNUDCPFTKPIQJPG*CNUDCPF)7515 *';&*75-.'&0+//1'-8'40 ++



/KNKV·TXGTFKGPUVMTGW\-NCUUGHÒT(TCWGP)QNFDTQP\GCPUR·VGTGT$CPFUEJNGKHG)7515 *75-.'&0+//1'-8'40 ++




7071





7072

/KNKV·TFKGPUVMTGW\FGT7PVGTQHHK\KGTGWPF/CPPUEJCHVGPD\Y/QFGNN  -TGW\HÒT :8&KGPUVLCJTG-WRHGT/GFCKNNQPU5KNDGTCOUR·VGTGP$CPF)751*';&*75D\Y -.'&0+//D\Y1'-D\Y8'40 ++



/KNKV·TFKGPUVMTGW\ FGT 7PVGTQHHK\KGTG WPF /CPPUEJCHVGP  /QFGNN   -TGW\ HÒT +:   &KGPUVLCJTG-WRHGTCOUR·VGTGP$CPF)751*';&*75-.'&0+//1'- 8'40 ++



&CU-TGW\HÒT+:&KGPUVLCJTGFGU/QFGNNUYGKUVGKPGP2WPMVPCEJFGTTÌOKUEJGP<KHHGTCWH$GKFGOXQTNKGIGP 'ZGORNCT KUV MGKP UQNEJGT 2WPMV \W UGJGP YGUJCND GU GKPFGWVKI FGO  /QFGNN \W\WQTFPGP KUV &KG &CTUVGNNWPI   0KOOGTIWVU 5GKVG FCU/KNKV·TFKGPUVMTGW\-NCUUGHÒT&KGPUVLCJTGUGKWPXGT·PFGTVYGKVGTXGTNKGJGPYQTFGP VTKHHVUQOKVPKEJV\W

7073 1:1

0#55#7*'4<1)67/ 

<KXKN WPF /KNKV·TXGTFKGPUVQTFGP #FQNRJU XQP 0CUUCW  /QFGNN   )TQ­MTGW\ OKV   5EJYGTVGTP)QNF5KNDGTGOCKNNKGTV#KO<GPVTWOGKPIGNGIVOKP-TCV\GTKPFGTYGK­GP'OCKNNGFGT 4ÒEMUGKVG QJPG 5EJWNVGTDCPF -.'&  0+//  1'-  5%*115 5  HH 8'40    44+p++  #PHGTVKIWPI FGT (KTOC % / 9GKUJCWRV 5ÌJPG )GO·­ 5EJQQU UKPF XQP  DKU  KPUIGUCOV PWT  )TQ­   MTGW\GWPF)TQ­MTGW\GOKV5EJYGTVGTPXGTNKGJGPYQTFGP

33


7074 1:1



<KXKNWPF/KNKV·TXGTFKGPUVQTFGP#FQNRJUXQP0CUUCW/QFGNN  $TWUVUVGTP\WO)TQ­ MTGW\OKV5EJYGTVGTP5KNDGTVGKNYGKUGXGTIQNFGV<GPVTWO)GNDWPF4QVIQNF#KO<GPVTWOCWHIG NGIV CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC % / 9GKUJCWRV 5ÌJPG CP 0CFGN -.'&   0+//1'-5%*1155HH8'40 44+p++  )GO·­ 5EJQQU UKPF XQP  DKU  KPUIGUCOV PWT  )TQ­MTGW\G WPF )TQ­MTGW\G OKV 5EJYGTVGTP XGTNKGJGP   YQTFGP

7075 1:1



<KXKN WPF /KNKV·TXGTFKGPUVQTFGP #FQNRJU XQP 0CUUCW  /QFGNN   $TWUVUVGTP \WO   -QOVWTMTGW\-NCUUG5KNDGTHGKPUVTGRGTEKGTVVGKNYGKUGXGTIQNFGV<GPVTWO)QNFGOCKNNKGTV#KO <GPVTWO GKPIGNGIV CP 0CFGN -.'&  0+//  1'-  5%*115 5  HH 8'40    44++  )GO·­5EJQQUUKPFXQPDKUKPUIGUCOVPWT-QOVWTMTGW\G-NCUUGOKVWPFQJPG5EJYGTVGTPXGTNKGJGP YQTFGP

7076



<KXKN WPF /KNKV·TXGTFKGPUVQTFGP #FQNRJU XQP 0CUUCW  /QFGNN   -TGW\  -NCUUG   5KNDGT <GPVTGP )QNF GOCKNNKGTV QJPG $CPF -.'&  0+//  1'-  5%*115 6CHGN   .:8+8'40 44+p++ 5EJQQUPGPPV8GTNGKJWPIGPHÒTFCU-TGW\ OKVWPFQJPG5EJYGTVGTP\WUCOOGP 

34




7078



7078

7077 Å 1:1

%KXKNXGTFKGPUVOGFCKNNG  /QFGNN LÒPIGTGU 2QTVTCKV *GT\QI #FQNRJU UQ XGTNKGJGP   )QN   FGPG /GFCKNNG )QNF &WTEJOGUUGT  OO EC  IT KO *CNUCDUEJPKVV 5VGORGNUEJPGKFGT   <1../#00OKVYGPKIUCEJMWPFKIGKPIGHÒIVGONGKEJVXGTDQIGPGP6TCIGDÒIGN FCFWTEJOKP#WU DGWNWPIKO(GNFFGT8QTFGTUGKVG QJPG$CPF*';&*75+5'-.'&0+// 1'-5%*1156CHGN:::++8'40 8QPITQ­GT5GNVGPJGKV++  *G[FGPIKDV QJPG3WGNNGPCPICDG 8GTNGKJWPIGPCP'TUEJTGKDVFCUUFKG/GFCKNNGWTURTÒPINKEJPKEJV\WO6TCIGP DGUVKOOVYCT'TUVCDFGO(GDTWCTJCDGFGT*GT\QIKPGKPGT/KVVGKNWPIFGU*GT\QINKEJGP5VCCVUOKPKUVGTK WOU IGUVCVVGV FCUU FKG /GFCKNNGP PWPOGJT CP GKPGO QTCPIGHCTDKIGP FTGKOCN FWPMGNDNCW IGUVTGKHVGP $CPF CWH FGT   NKPMGP$TWUVIGVTCIGPYGTFGPMÌPPG&GOIGIGPÒDGTHÒJTVLGFQEJ+UGPDGEMCWU FGTCWEJXQP*G[FGP\KVKGTVYKTF  FCUUCO1MVQDGTCPIGQTFPGVYWTFGFKGPQEJXQTT·VKIGP/GFCKNNGPWO\WRT·IGP'UUQNNGPIQNFGPGWPF UKNDGTPG/GFCKNNGPYQXQPFKG*·NHVGOKV*GPMGNP\WXGTUGJGPOKVFGO2TQHKNFGU*GT\QIU#FQNRJPGWIGRT·IV YGTFGP 'ZVTGO UGNVGPGU 'ZGORNCT FGUUGP $GFGWVWPI FWTEJ FKG OKPKOCNG #WUDGWNWPI KO (GNF KP MGKPUVGT 9GKUG   IGUEJO·NGTVYKTF



9CVGTNQQ/GFCKNNG  5KNDGTPG /GFCKNNG 5KNDGT CO UR·VGTGP $CPF +5'  /;$  0+//   1'-8'40 ++

7079



7080 1:1

1.&'0$74))4155*'4<1)67/ 

8GTFKGPUVMTGW\ HÒT #WHQRHGTWPI WPF 2HNKEJVVTGWG KP -TKGIU\GKVGP $TQP\G XGTIQNFGV WPF VGKNYGKUG   GOCKNNKGTV QJPG $CPF $';  *';&  *75  -.'&  0+//  1'-    5%*'/8'40 ++



.CWV $G[TGK­ IGO·­ GKPGT COVNKEJGP 8GTNGKJWPIU\CJNGPCWHUVGNNWPI XQO ,CPWCT  KO 5VCCVUCTEJKX 1NFGPDWTI    YWTFGFKGUGU-TGW\PWTOCNXGTNKGJGP

24'755'0-¤0+)4'+%* 

*QJGT1TFGPXQO5EJYCT\GP#FNGT/KPKCVWTFGT1TFGPMQNNCPGOKVCPJ·PIGPFGO-NGKPQFDGUVGJGPF CWU%JKHHTGWPF#FNGTINKGFGTP)QNFGOCKNNKGTVCPFGTGKPGP5GKVG$GHGUVKIWPIUMPQRHOKVFGT*GT UVGNNGTDG\GKEJPWPIFGT(KTOC)QFGV5QJPKP$GTNKPCPFGTCPFGTGP5GKVG0CFGN 4+



(GKPUVG/KPKCVWTMQNNCPGKPJGTXQTTCIGPFGT#PHGTVKIWPIUSWCNKV·V

35


7081 1:1



1TFGPRQWTNGO¾TKVG1TFGPUMTGW\KPFGT#WUHÒJTWPIXQPDKU5KNDGT OCUUKX XGTIQNFGV WPFGOCKNNKGTVCWHFGT4ÒEMUGKVG\YGKVTCIGDGFKPIVGQDGTHN·EJNKEJG'OCKNNGCDRNCV\WPIGPCWHFGO4CPF FGU WPVGTGP -TGW\CTOU RWP\KGTV  WPF (4 CO *CNUDCPFCDUEJPKVV *1'(6 6CHGN +++  *ª52   -.'&0+//XCT1#0XCT1'-24-D4#/58'40 9#.& 44++p  #PHGTVKIWPIFGT(KTOC(TKGFN·PFGTKP$GTNKPCWUFGPDGKFGPNGV\VGP,CJTGPFGU'TUVGP9GNVMTKGIGU#DYWTFGP FKG+PUKIPKGPFGU1TFGPUCWUXGTIQNFGVGO5KNDGTCPIGHGTVKIVWPFOKVFGT(GKPIGJCNVURWP\GIGMGPP\GKEJPGV&KG OCUUKXG #PHGTVKIWPI N·UUV FCTCWH UEJNKG­GP FCUU GU UKEJ WO GKPG #PHGTVKIWPI FGU ,CJTGU  JCPFGNV +PUIGUCOV   YWTFGPXQP-CKUGT9KNJGNO++KO'TUVGP9GNVMTKGI8GTNGKJWPIGPXQTIGPQOOGPYQXQPCWHFCU,CJT GPVHKGNGP

7082 1:1



1TFGPXQO4QVGP#FNGT/QFGNN OKVNKNCTQVGO#FNGT -TGW\-NCUUG)QNFGOCKN NKGTV HGKPUVG 'OCKNNGOCNGTGK  MNGKPG 'OCKNNGMTCV\GT CWH FGT 8QTFGTUGKVG FGU WPVGTGP -TGW\CTOU OKV   GKPITCXKGTVGT*GTUVGNNGTDG\GKEJPWPI*<CWHFGO<[NKPFGTCOUGJTMWT\GP1TKIKPCNDCPF-.'& XCT0+//1#051'-24-4#/58'40XCT 4+p  (GKPUVG#PHGTVKIWPIWO*GXQTTCIGPFGTJCNVGPGU'ZGORNCTFGUKPFKGUGT(QTOPWTCEJV,CJTGNCPIXGTNKGJGPGP -TGW\GU

7083 1:1



1TFGP XQO 4QVGP #FNGT  /QFGNN   OKV NKNCTQVGO #FNGT  /KPKCVWT FGU -TGW\GU    -NCUUG)QNFGOCKNNKGTVHGKPUVG'OCKNNGOCNGTGK 44+ 0QEJUGNVGPGTCNUFCUQJPGJKPUEJQPUGJTUGNVGPG-TGW\KP1TKIKPCNITÌ­G

36




7085 1:1

7084 1:1 7087

7086 1:1



1TFGPXQO4QVGP#FNGT/QFGNN  \GKVIGPÌUUKUEJG<YGKVCPHGTVKIWPIFGU$TWUVUVGTPU\WT  -NCUUG 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV #FNGT WPF .QTDGGT\YGKIG UKPF PKEJV JCPFIGOCNV   $WEJUVCDGPWPF$GGTGPFGT.QTDGGT\YGKIGUKPFKP)QNFOCNGTGKCWUIGHÒJTV  CP0CFGN*1'(66CHGN 8+*ª52XCT-.'&XCT0+//XCT1#0XCT1'-XCT24- DXCT4#/58'40XCT9#.& 4+p++ 



1TFGP XQO 4QVGP #FNGT  /QFGNN   -TGW\  -NCUUG OKV 'KEJGPNCWD WPF 5EJYGTVGTP   )QNFGOCKNNKGTVFKGHGKPG'OCKNNGOCNGTGKVGKNYGKUGKP)QNFUVCWDCWUIGHÒJTVMCWOUKEJVDCTG'OCKNNGTG RCTCVWT KO <GPVTWO OGJTGTG MNGKPG VTCIGDGFKPIVG 'OCKNNGMTCV\GT LGFQEJ MCWO UKEJVDCT  CWH FGO   WPVGTGP-TGW\CTO4KV\OCTMG9QJPG$CPF*1'(6*ª52-.'&0+// 1'-24-C4#/58'409#.& 4+p++ 



1TFGPXQO4QVGP#FNGT/QFGNN  $TWUVUVGTP-NCUUGOKV'KEJGPNCWDWPF5EJYGTVGTP 5KNDGT #WHNCIGP )QNF 5KNDGT /GFCKNNQP  VGKNYGKUG GOCKNNKGTV FKG HGKPG 'OCKNNGOCNGTGK VGKNYGKUG KP   )QNFUVCWD CWUIGHÒJTV CP XGTIQNFGVGT 0CFGN FKGUG RWP\KGTV  *1'(6  *ª52  -.'&   0+//1'-24-C4#/58'409#.& 4+p++ 



-ÌPKINKEJGT -TQPGPQTFGP  /QFGNN  6[R EC  OKV FGT MNGKPGP RTGW­KUEJGP -ÌPKIU   MTQPG -TGW\-NCUUG)QNFGOCKNNKGTVCWHFGT4ÒEMUGKVGFGUTGEJVGP-TGW\CTOUUEJNGEJVG'OCKNNGTG RCTCVWTQJPG*GTUVGNNGTOCTMGPCO$CPFCDUEJPKVV*1'(6*ª52-.'&0+// 1'-24-C4#/58'40 4++p+++



0CEJ0KOOGTIWVGTHQNIVGP8GTNGKJWPIGPUQYKG8GTNGKJWPIGPOKVFGO5VGTP XQPDKU 

37


7088 1:1 7089



-ÌPKINKEJGT -TQPGPQTFGP  /QFGNN  6[R EC  OKV FGT MNGKPGP RTGW­KUEJGP -ÌPKIU   MTQPG /KPKCVWT\WT-NCUUG)QNFGOCKNNKGTVCO$·PFEJGP4#/5 +





-ÌPKINKEJGT-TQPGPQTFGP/QFGNN EC -TGW\-NCUUG)QNFGOCKNNKGTVKO<[NKPFGT RWP\KGTV59QJPG5EJWNVGTDCPF*1'(6*ª52-.'&0+//1#0 1'-24-C4#/58'409#.& +p++



(GKPG#PHGTVKIWPIFGT(KTOC5[9CIPGTKP$GTNKPCWUFGP,CJTGPDKUEC

7091

7092 7090





7093

-ÌPKINKEJGT -TQPGPQTFGP  /QFGNN EC   $TWUVUVGTP  -NCUUG 5KNDGT #WHNCIGP )QNF   GOCKNNKGTVITQ­G'OCKNNGCDRNCV\WPIKO5EJTKHVTGKHCPXGTIQNFGVGT5KNDGTPCFGNFKGUGRWP\KGTV*1'(6 *ª52-.'&0+//1#01'-24-C4#/58'40 9#.& ++p+++



-ÌPKINKEJGT-TQPGPQTFGP/QFGN EC -TGW\-NCUUGOKVFGO)GPHGT-TGW\$TQP\G XGTIQNFGV)QNFVGKNYGKUGGOCKNNKGTVOKP#DURNKVVGTWPIKOXQTFGTGP5EJTKHVTGKHCOUQIGPCPPVGP'TKP PGTWPIUDCPF *ª52  -.'&  0+//  1'-  24-  4#/ 5    5%*'/8'40



.CWV0KOOGTIWV <KVCVPCEJ)GKNG YWTFGPKPUIGUCOV'ZGORNCTGXGTNKGJGP





-ÌPKINKEJGT -TQPGPQTFGP  /QFGNN   -TQPGP1TFGP/GFCKNNG CD 6[R   <KPMOKVCPIGRT·IVGTPKEJVCWUIGDTQEJGPGT-TQPG4GUVXGTIQNFWPICP'KPGTURCPIG*1'(6 *ª52*75C-.'&0+//1'-24-4#/58'40  +++



-ÌPKINKEJGT *CWUQTFGP XQP *QJGP\QNNGTP 4KVVGTMTGW\ OKV 5EJYGTVGTP 5KNDGT XGTIQNFGV WPF GOCKN   NKGTVCWHFGOWPVGTGP-TGW\CTORWP\KGTVWPF(4CO$CPF*1'(6*ª52-.'& 0+//1#01'-24-D4#/58'40 ++



#PHGTVKIWPIFGT(KTOC(TKGFN·PFGTKP$GTNKP\YKUEJGPWPF

38


7095 1:1

7094



,QJCPPKVGTQTFGP -TGW\ FGT 'JTGPTKVVGT 5KNDGT XGTIQNFGV WPF GOCKNNKGTV FKG #FNGT YGKUGP \CJNTGKEJG   'OCKNNGHGJNUVGNNGPCWHCWHFGOWPVGTGP4CPF*GTUVGNNGT\GKEJGP9WPF5KNDGTRWP\G#OCNVGP *CNUDCPFFGTUEJYGFKUEJGP)GPQUUGPUEJCHV*1'(6:+++*ª52-.'&0+// XCT1'-24-D8'409#.& ++



#PHGTVKIWPIFGT(KTOC9CIPGTKP$GTNKP\YKUEJGPWPF+PVGTGUUCPVGT$GNGIHÒTFKG6TCIGYGKUGFGT4KVVGT FGT5EJYGFKUEJGP)GPQUUGPUEJCHVXQTFGT'KPHÒJTWPIGKIGPGT+PUKIPKGPPCEJFGO<YGKVGP9GNVMTKGI



.WKUGP1TFGP  #DVGKNWPI  CWHFGT4ÒEMUGKVGOKV<CJN -TGW\-NCUUG5KNDGT VGKNYGKUGGOCKNNKGTVKO8QTFGTUGKVGP\GPVTWO\YGKMNGKPG'OCKNNGEJKRRUCPCNVIGP·JVGT&COGPUEJNGKHG OKVMWT\GP$·PFGTPWPF'KPJ·PIUEJNCWHG*1'(66CHGN:+8*ª52-.'&0+// 1#01'-24-D8'40 

7096





$GTNKPGT'KUGPOKVGKPIGCTDGKVGVGTTWPFGT)QNFOGFCKNNGCWHFKG8ÌNMGTUEJNCEJVXQP.GKR\KICO DKU1MVQDGT'KUGP/GFCKNNGWPF#RRNKMCVKQPGPKP)QNF&WTEJOGUUGTOOCP6TCIGTKPI *';&GXCT 6TCIGTKPIWPF#WHJ·PIWPIDGUEJ·FKIV++



$GTNKPGT'KUGPCWHFKG8ÌNMGTUEJNCEJVXQP.GKR\KICODKU1MVQDGT'KUGP#RRNKMCVKQ PGPKP5KNDGT&WTEJOGUUGTOOCOQTKIKPCN6TCIGMGVVEJGP*';&HXCT ++



7098







7097

7099

8GTFKGPUVMTGW\HÒT(TCWGPWPF,WPIHTCWGP8GTFKGPUVMTGW\5KNDGTGOCKNNKGTVCWHFGT4ÒEMUGKVG OGJTGTG'OCKNNGCDURNKVVGTWPIGPCPUR·VGTGT$CPFUEJNGKHG*';&*1'(6:+:*ª52 *75-.'&0+//1'-24-8'40 +++



9CVGTNQQ)GFGPMOGFCKNNGFGU.ÒPGDWTIGT,·IGT$CVCKNNQPU*CPPQXGTUEJGU+PHCPVG TKG4GIKOGPVU0T $NCPMGPDWTI)QUNCT3WGFNKPDWTI.ÒPGDWTI5VCFG $TQP\GXGTUKNDGTVQJPG $CPF ++p



<YGK(KPIGTTKPIGOKV'KUGTPGP-TGW\GP #NNWOKPKWOTKPIOKV)TCXWT#RTKN 8GTIQN FGVGT4KPI 5VÒEM++

 39


7101

7103

7103 7102



*CPPQXGTUEJG ,WDKN·WOUFGPMOÒP\G #WUHÒJTWPI OKV &CVWO  &G\GODGT   &G\GODGT    $TQP\G QJPG $CPF *75  -.'&  0+//  1'-  24-  8'40    4++ +PFKGUGT'TJCNVWPIUEJYGT\WDGUEJCHHGPFGU1TKIKPCNGZGORNCT 



(TGKOCWTGTNQIG 9QFCP \W FGP  9GNVMWIGNP $TWUVUVGTP HÒT FGP 'JTGPCNVOGKUVGTFGT.QIG5VCFVTCV 4WFQNH +UCCE CWU %JCTNQVVGPDWTI $TQP\G XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV OKV GOCKNNKGTVGT 9KF   OWPIUKPUEJTKHV +*4'/ '*4'0#.6/'+56'4 8 56 $4 4WFQNH +UCCE \WO  /·T\     91&#0<&9CP0CFGNKO1TKIKPCNGVWKFGT(KTOC9KNJGNO*GNDKPIKP.GKR\KI  8QPITQ­GT5GNVGPJGKV++



7PCDJ·PIKIGT (TGKOCWTGT1TFGP $KLQW XGTIQNFGV CO NCPIGP *CNUDCPF WPF /GFCKNNG XGTIQNFGV   &WTEJOGUUGTOOCP¤UG&C\W(TGKOCWTGT#PJ·PIGT4QVIQNF1P[ZCP¤UG 5VÒEM++



'KPFTWEMUXQNNG'KP\GNCPHGTVKIWPI







7104 1:1

5#%*5'0-¤0+)4'+%* 

-ÌPKINKEJ5·EJUKUEJGT#NDTGEJVUQTFGP/QFGNN OKVFGTUQIGP$·EMGTOÒV\G )TQ­ D\Y -QOVWTMTGW\ )QNF VGKNYGKUG HGKPUV \KUGNKGTV GOCKNNKGTV 9CRRGP WPF -TQPG \WUCOOGP IGRT·IV   MNGKPGT 'OCKNNGMTCV\GT CWH FGT 8QTFGTUGKVG QJPG 5EJWNVGT QFGT *CNUDCPF )'$  -.'&    0+//D\Y1'-4#/58'409'$ 4+p  (GKPG #PHGTVKIWPI WO  8QO )TQ­MTGW\ GTHQNIVGP NCWV 9GDGT#TPQNF-GKN QJPG FKTGMVG 3WGNNGPCPICDG  XQP   DKUKPUIGUCOV8GTNGKJWPIGPXQO-QOVWTMTGW\-NCUUGWPFXQO-QOVWTMTGW\-NCUUG

40


7105



7107

7106

-ÌPKINKEJ 5·EJUKUEJGT #NDTGEJVUQTFGP  /QFGNN   OKV FGT UQIGP $·EMGTOÒV\G  5KN   DGTPG 8GTFKGPUVOGFCKNNG 5KNDGT OGJTGTG 4CPFFGNNGP CO $CPF )'$  *';&  *75    -.'&0+//1'-4#/58'409'$ 44+++



8KGNIGVTCIGPGU'ZGORNCTGKPGUUVQN\GP5CEJUGP9GDGTIKDV QJPGFKTGMVG3WGNNGPCPICDG KPUIGUCOV8GTNGKJWP IGPHÒTFKG,CJTGDKUCP



/GFCKNNG HÒT .GDGPUTGVVWPI  /QFGNN   &QRRGNRQTVTCKV #PVQP WPF (TKGFTKEJ #WIWUV    5KNDGTPG/GFCKNNG5KNDGTCNVG'TI·P\WPIFGU*GPMGNUQJPG$CPF)'$*';&*75 -.'&0+//1'-8'40 44++



&KGUGUGTUVG/QFGNNFGT.GDGPUTGVVWPIUOGFCKNNGYWTFGKPCNNGPUGKPGP-NCUUGPOKVPWTYGPKIGP'ZGORNCTGPKPFGP ,CJTGPDKUXGTNKGJGPFCCWU#PNCUUFGT(NWVMCVCUVTQRJGXQP2NCWGPKO,CJTGGKPGGKIGPG.GDGPUTGV VWPIUOGFCKNNGKP)QNFWPF5KNDGTXGTCWUICDVYWTFG.CWV)GDCWGT QJPGFKTGMVG3WGNNGPCPICDG YWTFGPXQPFKGUGT /GFCKNNGKPUIGUCOVPWT'ZGORNCTGIGRT·IV



&KGPUVCWU\GKEJPWPIU/GFCKNNG  /QFGNN  6[R   2WPMV PCEJ &KGPUVG  /GFCKNNG    -NCUUGHÒT&KGPUVLCJTG$TQP\GQJPG$CPF)'$*';&*75-.'&0+// XCT1'-XCT8'40 4++



5GNVGPGT6[RXQPFGONCWV)GDCWGT QJPGFKTGMVG3WGNNGPCPICDG PWT'ZGORNCTGIGRT·IVYQTFGPUKPF

7108 1:1

5#%*5'09'+/#4)4155*'4<1)67/ 

)TQ­JGT\QINKEJ5·EJUKUEJGT*CWUQTFGPFGT9CEJUCOMGKVQFGTXQO9GK­GP(CNMGP)TQ­MTGW\HÒT (ÒTUVNKEJMGKVGP )QNF HGKPUV \KUGNKGTV WPF GOCKNNKGTV *ÌJG  OO $TGKVG  OO OKV EC  EO   NCPIGO 5EJ·TRGPUVÒEM +..  -.'&  XCT 0+//  1#0  1'-  8'40    XCT9#.& 4+  41


7110

7110 7109 1:1



)TQ­JGT\QINKEJ5·EJUKUEJGT*CWUQTFGPFGT9CEJUCOMGKVQFGTXQO9GK­GP(CNMGP$TWUVUVGTP\WO )TQ­MTGW\ 5KNDGT #WHNCIGP )QNF GOCKNNKGTV OKP 'OCKNNGTK­ KO 5EJTKHVTKPI ÒDGT FGO5VGTPCWHFGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC 6J /ÒNNGT KP 9GKOCT CP 0CFGN +..  -.'&    0+//1#0XCT1'-8'409#.& +p  (GKPG#TDGKVFGU9GKOCTGT*QHLWYGNKGTUWO



#NNIGOGKPGU 'JTGP\GKEJGP KP 5KNDGT HÒT #WUN·PFGT  5KNDGT CO MWT\GP $CPF *';&   *75+..-.'&0+//1'-8'40 ++



7111

7112



7112

5KNDGTPG8GTFKGPUVOGFCKNNGOKVFGT,CJTGU\CJN LWIGPFNKEJGU2QTVTCKV%CTN#NGZCPFGTU /GFCKNNG QJPG 5EJYGTVGT 5KNDGT 6TCIGTKPI 'KUGP CNV XGTNÌVGV CO UR·VGTGP $CPF +..  -.'&  0+//   1'-8'40 ++



&KG /GFCKNNG QJPG 5EJYGTVGT YWTFG HÒT \KXKNG 8GTFKGPUVG Y·JTGPF FGU &GWVUEJ(TCP\ÌUKUEJGP -TKGIGU    XGTNKGJGP



9KNJGNO'TPUV-TKGIUMTGW\ 5KNDGT #WHNCIGP )QNF GOCKNNKGTV QJPG TÒEMUGKVKIG )TCXWT  FKG   5EJYGTVGTCWHFGT4ÒEMUGKVGPKEJVCWUIGRT·IVCWHFGT4ÒEMUGKVGOKVCNVGO<GVVGN1TKIKPCNGDGMNGDVCP 0CFGN+..5-.'&0+//XCT1'-8'409#.& 'UFÒTHVGUKEJJKGTDGKWOGKPGPKEJVXGTNKGJGPG#WUHÒJTWPIJCPFGNP

42




7113





7114

7113

'JTGP\GKEJGP HÒT (TCWGPXGTFKGPUV KO -TKGIG  -TKGIUOGVCNN XGTUKNDGTV VGKNYGKUG DNCUKI WPF   DGTKGDGP  CP UR·VGTGT &COGPUEJNGKHG *75  +.. 5  -.'&  0+//  1'-    5%*'/8'40 ++p+++



/KNKV·TFKGPUVCWU\GKEJPWPI/QFGNN  /GFCKNNG-NCUUGHÒT+:&KGPUVLCJTG#TIGPVCP COUR·VGTGP$CPF*75+..-.'&0+//1'-8'40 ++



7116

7116 7115 1:1

5%*5+5%*'*'4<1)6ª/'4)'/'+05#/ 

5CEJUGP'TPGUVKPKUEJGT *CWUQTFGP  /QFGNN   $TWUVUVGTP \WO -QOVWTMTGW\ OKV   5EJYGTVGTP OKV 'KEJGPMTCP\ HÒT +PN·PFGT 5KNDGT TGRGTEKGTV #WHNCIGP )QNF HGKPUV \KUGNKGTV WPF GOCKN   NKGTV\YGKMNGKPG#WUDTÒEJGKPFGTITÒPGP'OCKNNGCP5EJTCWDUEJGKDG#.6*#05+..5 -.'&XCT0+//XCT1'-D\YD\Y5%*4#8'40  44+p 



5CEJUGP'TPGUVKPKUEJGT *CWUQTFGP  /QFGNN   4KVVGTMTGW\  -NCUUG OKV 5EJYGTVGTP   #WUHÒJTWPI OKV IGUEJYWPIGPGP 2CTKGTUVCPIGP WPF 'KEJGPNCWDMTCP\ HÒT 8GTFKGPUV KO (TKGFGP  )QNF   HGKPUV\KUGNKGTVWPFGOCKNNKGTVCOCNVGP$QIGPDCPF#.6*#05+..5XCT-.'& 0+//1'-5%*4#8'40 +

5GJTUGNVGPGT$TWUVUVGTPFGTPWTKPYGPKIGP'ZGORNCTGPXQPDKU\WT8GTNGKJWPIIGMQOOGPKUV

 43


7119

7118 7117

5#%*5'0#.6'0$74)*'4<1)67/ 

/GFCKNNG \WO L·JTKIGP 4GIKGTWPIULWDKN·WO XQP *GT\QI 'TPUV  $TQP\GPG /GFCKNNG CO   $CPF#.6*';&*75+..-.'&0+//1'-5%*4#:+ 8'40 ++



4QVJPGPPV QJPGFKTGMVG3WGNNGPCPICDG 8GTNGKJWPIGPFGT$TQP\GOGFCKNNG 4QVJ'TJCTF8GTNGKJWPIGPXQP \KXKNGP WPF OKNKV·TKUEJGP DKU   1TFGP WPF 'JTGP\GKEJGP FGU *GT\QIVWOU 5CEJUGP #NVGPDWTI 1HHGPDCEJ CO   /CKP5GKVG8+ 

5#%*5'0%1$74)70&)16*#*'4<1)67/ 

/KPKCVWTDCTGVV OKV \YGK CWHIGNGIVGP /KPKCVWTGP &KGPUVCWU\GKEJPWPIUMTGW\ HÒT 1HHK\KGTG PCEJ HÒP   HWPF\YCP\KI &KGPUVLCJTGP WPF /GFCKNNG HÒT FKG (TGKYKNNKIGP FGU 8 &GWVUEJGP #TOGG-QTRU  HÒT   1HHK\KGTG *GT\QIVWO 5CEJUGP%QDWTI5CCNHGNF  $CTGVV XGTIQNFGV CWHIGNGIVG /KPKCVWTGP 5KNDGT CO   &WTEJ\WIUDCPFLGFQEJQJPG6TCIGURCPIG 8QPITQ­GT5GNVGPJGKV++



+PVGTGUUCPVGU/KPKCVWTDCTGVVGKPGU8GVGTCPGPFGT$GHTGKWPIUMTKGIG



'TKPPGTWPIUMTGW\ HÒT 'EMGTPHÌTFG  HÒT 7PVGTQHHK\KGTG WPF /CPPUEJCHVGP $TQP\G CO MWT\GP   $CPF *#05  *';&  *75  +.. 5  XCT -.'&  0+//  1'-    5%*4#:D8'40 ++



.CWV/CZ*CPUYWTFGP8GTNGKJWPIGPXQTIGPQOOGP

7120



7121

%CTN'FWCTF-TKGIUMTGW\ <YGKVCPHGTVKIWPI \WT 6TCIGYGKUG CP FGT 1TFGPUURCPIG 5KNDGT VGKNYGKUG   GOCKNNKGTVCO$CPF+..5XCT-.'&XCT0+//XCT1'-8'40XCT 9#.&XCT 4++



+PVGTGUUCPVG WPF MWTKQUG CNVG <YGKVCPHGTVKIWPI \WT 6TCIGYGKUG CP FGT 1TFGPUURCPIG OKV UGRCTCV IGHGTVKIVGO <GP   VTWOFGT.QTDGGTMTCP\CWHIGUVKHVGV

5#%*5'0)16*##.6'0$74)*'4<1)67/ 

-TKGIUFGPMOÒP\G HÒT 7PVGTQHHK\KGTG  $TQP\G CNNG GTJCDGPGP 6GKNG XGTIQNFGV CO ·NVGTGP   $CPF #.6  $$/  *';&  XCT *75  +.. 5  -.'&  /;$  0+//   1'-5%*4#:8'40 +p++ 0KOOGTIWVIKDV QJPG3WGNNGPCPICDG GKPG2T·IG\CJNXQP'ZGORNCTGPCP

44




7122 7124

7123

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

1TFGPHÃ&#x2019;T8GTFKGPUVGXQP(TCWGPWPF,WPIHTCWGPKPFGT-TKGIUHÃ&#x2019;TUQTIG#WUHÃ&#x2019;JTWPIKP$TQP\GCP FGT1TKIKPCN$CPFUEJNGKHG*75+..5-.'&0+//1'-5%*'/ 8'40 ++



5%*9#4<$74)47&1.56#&6(ª456'067/ 

(Ã&#x2019;TUVNKEJ5EJYCT\DWTIKUEJGU'JTGPMTGW\/QFGNNHÃ&#x2019;T4WFQNUVCFV'JTGPMTGW\-NCUUG)QNFGOCKN NKGTVCWHFGT4Ã&#x2019;EMUGKVGVTCIGDGFKPIVOGJTGTG'OCKNNGMTCV\GTCP'KPGTURCPIGDC[GTKUEJGT#TVOKVGTPGW GTVGO #DFGEMUVQHH QJPG 0CFGN +.. 5  XCT -.'&  0+//  1#0  XCT 1'-   8'409#.&XCT ++



0CEJ0KOOGTIWVYWTFGPKPFGT<GKVXQPDKUKPUIGUCOV8GTNGKJWPIGPXQTIGPQOOGP



(Ã&#x2019;TUVNKEJ 5EJYCT\DWTIKUEJGU 'JTGPMTGW\ /QFGNN HÃ&#x2019;T 4WFQNUVCFV 'JTGPMTGW\  -NCUUG OKV 'KEJGP   DTWEJ5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCOUR·VGTGP$CPF+..5XCT-.'& 0+//1'-8'40 ++



7125 1:1 7126

7126

5%*9#4<$74)510&'45*#75'0(ª456'067/ 

(Ã&#x2019;TUVNKEJ 5EJYCT\DWTIKUEJGU 'JTGPMTGW\ /QFGNN HÃ&#x2019;T 5QPFGTUJCWUGP 'JTGPMTGW\  -NCUUG )QNF   GOCKNNKGTVQJPG*CNUDCPF+..-.'&0+//1#0XCT1'-8'40 9#.& 4+  0KOOGTIWVIKDVOKV3WGNNGPCPICDG8GTNGKJWPIGPHÃ&#x2019;TDKUWPF8GTNGKJWPIGPXQPDKUCP YQDGKCDFGO#WIWUVFCU'JTGPMTGW\KP5KNDGTXGTIQNFGVXGTNKGJGPYWTFG



(Ã&#x2019;TUVNKEJ 5EJYCT\DWTIKUEJGU 'JTGPMTGW\ /QFGNN HÃ&#x2019;T 5QPFGTUJCWUGP 'JTGPMTGW\  -NCUUG OKV   5EJYGTVGTP5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCO$CPF+..5XCT-.'&0+// 1'-8'409#.& ++

 45


7127 7128

9#.&'%-(ª456'067/ 

7129 1:1

(ÒTUVNKEJ 9CNFGEM UEJGU 8GTFKGPUVMTGW\  /QFGNN   -TGW\  -NCUUG 5KNDGT VGKNYGKUG   XGTIQNFGVWPFGOCKNNKGTV#WUDTÒEJGKPFGTTQVGP'OCKNNGFGUCWHIGNGIVGP-TGW\GUCOCNVGP$QIGPDCPF -.'&0+//1'-8'40 ++p+++



.CWV'HNGTGTHQNIVGPXQPDKUPWT8GTNGKJWPIGP



(ÒTUVNKEJ9CNFGEM UEJGU8GTFKGPUVMTGW\5KNDGTPG/GFCKNNGOKV5EJYGTVGTP6[ROKVITÌ­GTGT-TQPG 5KNDGT CO UGJT MWT\GP -TKGIUDCPF '(9#  *75  -.'&  0+//  1'-    8'409#.& ++



'HNGTPGPPVHÒTFKG5KNDGTPG8GTFKGPUVOGFCKNNGFGU\YGKVGP6[RUKPUIGUCOV8GTNGKJWPIGPYQXQPECOKV 5EJYGTVGTPGTHQNIVGP

9'562*#.'0-¤0+)4'+%* 

1TFGP FGT -TQPG XQP 9GUVRJCNGP 4GFWMVKQP FGT 4KVVGTFGMQTCVKQP  -NCUUG )QNF 4GUVGOCKNNG KO   -TQPGPTGKHQJPG$CPF$174& 44++p+++



(GKPGCNVG#PHGTVKIWPIWO

7130 1:1

9ª466'/$'4)-¤0+)4'+%* 

1TFGP FGT 9ÒTVVGODGTIKUEJGP -TQPG )TQ­MTGW\ )QNF HGKPUV \KUGNKGTV WPF GOCKNNKGTV QJPG 5EJWN   VGTDCPF-.'&-.4(10+//1#01'-4#/58'40 9#.&XCT 4+  *GTXQTTCIGPF IGCTDGKVGVGU WPF HGKPUV \KUGNKGTVGU ICTCPVKGTVGU 1TKIKPCNGZGORNCT 9QJN GKPG #PHGTVKIWPI FGT (KTOC   'FWCTF(QGJTKP5VWVVICTVWO

46


7131

7132 1:1



7132 1:1

1TFGPFGT9ÒTVVGODGTIKUEJGP-TQPG4KVVGTMTGW\OKV5EJYGTVGTP5KNDGTXGTIQNFGV8QTFGTUGKVGPOG FCKNNQP $TQP\G XGTIQNFGV WPF GOCKNNKGTV OKP #DRNCV\WPI KO 5EJTKHVTKPI FGT 8QTFGTUGKVG 4ÒEMUGKVGP   OGFCKNNQPDNCPM YGK­GOCKNNKGTV WPFVTCIGDGFKPIVGVYCUXGTMTCV\VCOCNVGP1TKIKPCNDCPF-.'& XCT0+//XCT1'-4#/58'409#.&XCT ++



1D GU UKEJ JKGTDGK WO GKPG UGJT UR·V KO 'TUVGP 9GNVMTKGI GTHQNIVG *GTUVGNNWPI FKGUGT 8CTKCPVG QFGT WO GKPG CNVG   4GRCTCVWTFWTEJ'TI·P\WPIFGUXGTNQTGPIGICPIGPGP4ÒEMUGKVGPOGFCKNNQPUJCPFGNVMCPPPKEJVPCEJIGYKGUGPYGTFGP 0KOOGTIWVIKDV OKV3WGNNGPCPICDG CPFCUUXQPDKUPWT'ZGORNCTGCP9ÒTVVGODGTIGTWPFKP9ÒTV VGODGTIKUEJGP&KGPUVGPUVGJGPFGXGTNKGJGPYQTFGPUKPF



(TKGFTKEJU1TFGP  /QFGNN   1TFGPUMTGW\ #WUHÒJTWPI OKV MTCP\HÌTOKIGO 6TCIGTKPI   UQYKG2QTVT·VOKV$TWUVCPUCV\)QNFGOCKNNKGTVOKPVTCIGDGFKPIVG-TCV\GTCWHFGT8QTFGTUGKVGOKVEC EONCPIGO5EJ·TRGPUVÒEM-.'&XCT-.4(10+//XCT1#01'- 4#/58'40 4+p  0KOOGTIWVIKDVHÒTFKG,CJTGDKUKPUIGUCOV8GTNGKJWPIGPCP

7133 1:1



(TKGFTKEJU1TFGP/QFGNN  $TWUVUVGTP\WO)TQ­MTGW\#WUHÒJTWPIOKVUKGDGP5VTCJNGP URKV\GP \YKUEJGP FGP -TGW\CTOGP 5KNDGT )QNF RNCVVKGTV <GPVTWO )QNF GOCKNNKGTV CWH FGT 4ÒEMUGKVG   *GTUVGNNGTDG\GKEJPWPI FGT (KTOC 5VGKPCO KP 5VWVVICTV CP 0CFGN -.'&  -.4( 1F XCT   0+//1#01'-4#/58'409#.& 4+  *GTXQTTCIGPFG#PHGTVKIWPIFGU5VWVVICTVGT*QHLWYGNKGTUWO

47


7134



7135 1:1

7134

(TKGFTKEJU1TFGP  /QFGNN   -QOVWTMTGW\ OKV 5EJYGTVGTP 5KNDGT XGTIQNFGV WPF GOCKN   NKGTVQJPG*CNUDCPF-.'&0+//1'-4#/58'409#.& XCT ++



9QJN GKPG(GTVKIWPIFGUMÌPKINKEJGP/ÒP\COVGUKP5VWVVICTVCWUFGT<GKVXQPDKU.CWV0KOOGTIWVGT HQNIVGPXQPDKUKPUIGUCOV8GTNGKJWPIGPFCXQPXQT$GIKPPFGU'TUVGP9GNVMTKGIGU



(TKGFTKEJU1TFGP  /QFGNN   $TWUVUVGTP \WO -QOVWTMTGW\ OKV 5EJYGTVGTP     5KNDGT VGKNYGKUG )QNF RNCVVKGTV #WHNCIGP )QNF VGKNYGKUG GOCKNNKGTV CWH FGT 4ÒEMUGKVG XKGT 0KGVGP CP   0CFGN-.'&0+//1'-4#/58'409#.&XCT 4+p++  0CEJ 0KOOGTIWV QJPG FKTGMVG 3WGNNGPCPICDG  GTHQNIVGP XQP  DKU  PWT  WPF KO 'TUVGP 9GNVMTKGI    8GTNGKJWPIGP

7136



7137

7138

(TKGFTKEJU1TFGP/QFGNN  4KVVGTMTGW\-NCUUGOKV5EJYGTVGTP)QNF HNCEJG#WUHÒJ TWPI GOCKNNKGTVFKGDGYGINKEJGP5EJYGTVGT5KNDGTXGTIQNFGV8GTIQNFWPIPCJG\WXQNNUV·PFKIXGTDNCUUV CO$CPF-.'&0+//1'-4#/58'40 +p++



9QJNGKPG#PHGTVKIWPIFGT(KTOC'FWCTF(ÌJTKP5VWVVICTV0CEJ0KOOGTIWV OKV3WGNNGPCPICDG YWTFGPKPUIGUCOV -TGW\GXGTNKGJGPFCXQPKO-TKGIUQYKGXQPDKU1DJKGTDGKKPFGT<CJNXQP FKGXQPGPVJCNVGPUKPFN·UUVUKEJFGT#PICDGPKEJVGKPFGWVKIGPVPGJOGP



(TKGFTKEJU1TFGP/QFGNN  4KVVGTMTGW\-NCUUGOKV5EJYGTVGTP5KNDGT<GPVTGP)QNF GOCKNNKGTV 5EJYGTVGT 5KNDGT XGTIQNFGV WPF HGUV XGTNÌVGV XGTUEJOWV\V $CPFTKPI CNV GTI·P\V CO $CPF   -.'&0+//1'-4#/58'40 ++



0KOOGTIWVIKDV OKV3WGNNGPCPICDG CPFCUUXQPDKUKPUIGUCOV'ZGORNCTGCP9ÒTVVGODGTIGTWPF KP9ÒTVVGODGTIKUEJGP&KGPUVGP5VGJGPFGXGTNKGJGPYQTFGPUKPF

 48

1NIC1TFGP5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVQJPG$CPFTKPIWPF$CPF-.'&0+// 1#01'-4#/58'40 ++




7140

7139





/GFCKNNG HÒT -WPUV WPF 9KUUGPUEJCHV  /QFGNN XGTIQNFGVGT WPF IGJGPMGNVGT $TQP\GCDUEJNCI FGT   MNGKPGP IQNFGPGP /GFCKNNG CWH FGT 4ÒEMUGKVG 5VGORGNUEJGKFGT %5%*0+6<52#*0( CP WPTKEJVK   IGO$CPFUVÒEM8IN*';&XCTXIN*75XIN-.'&XIN0+//XIN1'- XIN8'40 ++



-TKGIUFGPMOÒP\G HÒT FGP (GNF\WI  (ÒT VTGWGP &KGPUV KP GKPGO (GNF\WIG XCTKCPVG 2T·IWPI   OKV ITÌ­GTGO IGUEJYWPIGPGP 5EJKNF )GUEJÒV\DTQP\G OKV 5VGORGNUEJPGKFGT\GKEJGP & ¤UG CNV GT   I·P\V QJPG $CPFTKPI WPF $CPF *';&  *75  XCT -.'&  -.4( C 0+//   1'-8'40 44+++



7141 7142

7143

9'+/#4'44'27$.+-   

'JTGP\GKEJGPFGU&GWVUEJGP4QVGP-TGW\GU/QFGNN  -NCUUGXGTIQNFGVWPFGOCKN NKGTV CO PGWGP $CPF *#46  *ª5-  -&1'  -.+& :8  /#0&  0+'/   E0+//1'-5%*'/XCT8'40 ++



(4'+-1425 

$CNVGPMTGW\ FGU $CNVKUEJGP 0CVKQPCN#WUUEJWUUGU 5VGEMMTGW\ #WUHÒJTWPI OKV UGRCTCV CWHIGNGIVGO   .KNKGPMTGW\CP0CFGN(4-5*ª5-C0+'/1'-8'40 ++





$CNVGPMTGW\FGU$CNVKUEJGP0CVKQPCN#WUUEJWUUGU-TGW\CO$CPF#WUHÒJTWPIOKVUGRCTCVCWHIGNGI VGO.KNKGPMTGW\COCNVGP$CPF(4-5*ª5-D0+'/1'-8'40 ++



7144







7145

7146

5EJNGUKUEJGU $GY·JTWPIUCD\GKEJGP UQIGP 5EJNGUKUEJGT #FNGT  5VWHG #WUHÒJTWPI OKV UGRCTCV   IGRT·IVGP #WHNCIGP $TQP\G VGKNYGKUG XGTUKNDGTV CP 0CFGN (4- 5  *ª5- E 0+'/   F1'-8'40 ++



5EJNGUKUEJGU $GY·JTWPIUCD\GKEJGP UQIGP 5EJNGUKUEJGT #FNGT  5VWHG OKV 5EJYGTVGTP #WUHÒJ   TWPIOKVUGRCTCVIGRT·IVGP#WHNCIGPXGTUKNDGTVWPFVGKNYGKUGGOCKNNKGTVCP0CFGN(4-5*ª5- C0+'/E1'-8'40 ++



5EJNGUKUEJGU $GY·JTWPIUCD\GKEJGP UQIGP 5EJNGUKUEJGT #FNGT  5VWHG OKV 5EJYGTVGTP #WUHÒJ   TWPI OKV UGRCTCV IGRT·IVGP #WHNCIGP IGUEJY·T\V WPF VGKNYGKUG XGTUKNDGTV CO $CPF (4- 5    *ª5-D0+'/I1'-8'40 ++

 49


7149 7147

7148



(TGKUEJÒV\GP4GIKOGPV $GTNKP TOGNCD\GKEJGP XGTUKNDGTV (4- 5  *ª5-  0+'/  1'-    8'40 ++





)TGP\UEJWV\$CVCKNNQP  $TQODGTI 'JTGP\GKEJGP CP 0CFGN (4- 5  0+'/  1'-    8'40 ++





(TGKMQTRU 5EJWV\VTWRRG $WI $TKICFG 1NKVC  5VGEM'JTGP\GKEJGPUQIGP$7)5VGTP5KNDGTVGKN YGKUG GOCKNNKGTV CWH FGT 4ÒEMUGKVG 5KNDGTRWP\G CP 5EJTCWDUEJGKDG OKV $G\GKEJPWPI &4)/   (4-5*ª5-C0+'/1'-XCT8'40 ++



7151

7153

7150 7152



)TGP\UEJWV\1UV&GWVUEJTKVVGTMTGW\XGTUKNDGTVWPFGOCKNNKGTVCP0CFGN(4-5*ª5-F 0+'/D1'-8'40 ++





(TGKMQTRU &KGDKVUEJ &KGDKVUEJ-TGW\  -NCUUG XGTIQNFGV WPF GOCKNNKGTV CO MWT\GP *CNUDCPFCD   UEJPKVV(4-5*ª5-0+'/C1'-8'40 ++





(TGKMQTRU &KGDKVUEJ 5VGTP XQP /CNRNCSWGV XGTIQNFGV VGKNYGKUG GOCKNNKGTV CP 5EJTCWDUEJGKDG OKV   $G\GKEJPWPI&4)/(4-5*ª5-0+'/G1'-8'40 ++



(TGKMQTRU&KGDKVUEJ/GFCKNNGHÒTIWVG2HGTFGRHNGIG5KNDGT  CO$CPF(4-5*ª5- 0+'/F1'-8'40 ++



 50


7156

7154 7155



7157

++ /CTKPGDTKICFG 9KNJGNOUJCXGP D\Y /CTKPG$TKICFG 'JTJCTFV 8GTFKGPUVCD\GKEJGP XGTUKNDGTV   CWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPI*%*6+//$'4.+0WPF/756'4)'5)'5%*CP 0CFGN(4-5*ª5-0+'/C1'-8'40 ++





'KUGTPG &KXKUKQP 'TKPPGTWPIUCD\GKEJGP <KPM CP 0CFGN (4- 5  *ª5-  0+'/  1'-    8'40 ++





'KUGTPG &KXKUKQP /GFCKNNG FGT 'KUGTPGP &KXKUKQP XGTUKNDGTV CO $CPF (4- 5  *ª5-    0+'/1'-8'40 ++





/KPGPYGTHGT&GVCEJGOGPVU*GWUEJMGNTOGNCD\GKEJGPXGTUKNDGTV(4-5*ª5-0+'/ 1'-8'40 ++



7160

7158 7159



5GNDUVUEJWV\$CVCKNNQP XQP *G[FGDTGEM TOGN QFGT /ÒV\GPCD\GKEJGP JQJN IGHGTVKIV XGTIQNFGV CP   0CFGN(4-5*ª5-0+'/1'-8'40 ++





8GTDCPF *KPFGPDWTI 'JTGP\GKEJGP XGTUKNDGTV VGKNYGKUG GOCKNNKGTV CP 0CFGN (4- 5  *ª5-   0+'/1'-8'40 ++





(TGKYKNNKIGU.CPFGUL·IGT-QTRU/GFCKNNGHÒTIWVG2HGTFGRHNGIGXGTUKNDGTVCOHCNUEJGP$CPF(4-5 *ª5-0+'/E1'-8'40 ++



7161 7163 7164



5QNFCVGP5KGFNWPIU8GTDCPF -WTNCPF /GFCKNNG $TQP\G CO HCNUEJGP $CPF (4- 5  *ª5-   0+'/1'-8'40 ++p





5QNFCVGP5KGFNWPIU8GTDCPF -WTNCPF /GFCKNNG $TQP\G CO $CPF (4- 5  *ª5-    0+'/1'-8'40 ++





+++/CTKPG$TKICFGXQP.ÌYGPHGNF'JTGP\GKEJGP-NCUUG$TQP\GCWHFGT4ÒEMUGKVG$G\GKEJPWPI 0T  )'5 )'5%*ª6<6 2-ª56 $'4.+0 % 5';&'.564 # CP 0CFGN 0CFGNJCMGP   TGRCTKGTV(4-5*ª5-0+'/C1'-8'40 ++



(TGKMQTRU XQP 0GWHXKNNG  )CTFG.CPFGUUEJÒV\GP#DVGKNWPI  6TGWGMTGW\ FGT 5EJYCT\GP )CTFG   GTUVG #WUHÒJTWPI XGTUKNDGTV WPF GOCKNNKGTV CP 0CFGN (4- 5  *ª5-  0+'/ C   1'-8'40 ++





51


7166

7165



(TGKMQTRU 1DGTNCPF #FNGT FGU 6KTQNGT 5VWTO\WIGU XGTIQNFGV WPF GOCKNNKGTV 4ÒEMUGKVG UEJYCT\   GOCKNNKGTVCO$CPF(4-5*ª5-0+'/I1'-8'40 ++





(TGKMQTRU 1DGTNCPF #PPCDGTIMTGW\ 5VGEMMTGW\ XGTUKNDGTV WPF GOCKNNKGTV CP 0CFGN (4- 5    *ª5-0+'/D1'-8'40 ++



7167 7168 7169



(TGKMQTRU 1DGTNCPF)GFGPMOÒP\GHÒT1DGTUEJNGUKGP$TQP\GCOQTKIKPCNIGUVKEMVGP  $CPF(4- 5*ª5-0+'/H1'-8'40 ++





5GNDUVUEJWV\1DGTUEJNGUKGP#TOWPF$TWUVCD\GKEJGPXGTUKNDGTVVGKNYGKUGXGTIQNFGVCP0CFGN(4- 5*ª5-0+'/1'-8'40 ++





'KPYQJPGTYGJT)CW2CUUCWTOGNCD\GKEJGP(4-5*ª5-0+'/1'-8'40 ++



7170 7171

7172



&GVCEJGOGPV XQP 4CPFQY &GWVUEJTKVVGT-TGW\  -NCUUG XGTUKNDGTV WPF GOCKNNKGTV CP 0CFGN FKGUG   RWP\KGTV)1&'6(4-5*ª5-0+'/E1'-8'40 ++





&GVCEJGOGPVXQP4CPFQY&GWVUEJTKVVGT-TGW\-NCUUGXGTUKNDGTVWPFGOCKNNKGTVCPUR·VGTGP$CPF (4-5*ª5-0+'/F1'-8'40 ++





(TGKYKNNKIGP4GIKOGPV4GKPJCTFVTOGNCD\GKEJGP(4-5*ª5-0+'/1'-8'40  ++



52


7173

7174



(TGKYKNNKIG &GWVUEJ4WUUKUEJG 9GUVCTOGG FGU (ÒTUVGP #YCNQHH$GTOQPFV 'TKPPGTWPIUOGFCKNNG   )QNFDTQP\GCO$CPF(4-5*ª5-0+'/H1'-8'40 ++





)QGDGPMTGW\GJGOCNKIGTGT8GTIQNFGVVGKNYGKUGGOCKNNKGTVCP0CFGN*ª5-0+'/1'- 8'40 ++



7175

7176

24'755'0(4'+56##670&4'27$.+-   

4GVVWPIUOGFCKNNG  /QFGNN   5KNDGT OKV 1TKIKPCNDCPFCDUEJPKVV KO 8GTNGKJWPIUGVWK   *ª5-D1'-9#.& 4+p



&KGUG/GFCKNNGFKGPWTUGJTUR·TNKEJXGTNKGJGPYWTFGKUVKPRT·IGHTKUEJGO<WUVCPFOKVUEJÌPGT2CVKPCWPFFGOUGJT UGNVGPGP1TKIKPCNGVWK



(GWGTYGJT'JTGP\GKEJGP HÒT 8GTFKGPUVG WO FCU (GWGTNÌUEJYGUGP 5KNDGTPGU 'JTGP\GKEJGP  /Q   FGNNWPF)QNFGPGU'JTGP\GKEJGP/QFGNNLGYGKNUCPGKPVGKNKIGT$QIGPDCPFURCPIG'(. *ª52/#0&55 5VÒEM++



7177

(4'+'56#&6&#0<+) 

'JTGP\GKEJGP FGU 4QVGP-TGW\GUFGT(TGKGP5VCFV&CP\KI8GTFKGPUVMTGW\-NCUUGHÒT&KGPUV LCJTG 5KNDGT GOCKNNKGTV CP &COGPUEJNGKHG (14/  E *#46  *ª5-  -&1'    0+'/E0+//1'-8'40 4++

 53


7179

7178

&'765%*'54'+%* 



1TFGPXQO&GWVUEJGP#FNGTD\Y/QFGNN  8GTFKGPUVMTGW\5VWHGD\Y-TGW\ -NCUUG5KNDGTXGTIQNFGVWPFGOCKNNKGTVKPFGT6TCIGÌUGRWP\KGTVCOQTKIKPCN*CNUDCPFCDUEJPKVV &1'* 5  (14/ C *#46  *ª5-  -&1'  0+'/ C 0+//    1#01'-4#/58'40 +p



1TFGPXQO&GWVUEJGP#FNGTWPF/QFGNN  8GTFKGPUVMTGW\5VWHG5KNDGTXGTIQNFGV WPFGOCKNNKGTVCWHFGT4ÒEMUGKVG5VGORGN5+.$'4WPFQJPG*GTUVGNNGTDG\GKEJPWPICP0CFGN KO 1TKIKPCNGVWK &1'* 5  (14/ C E *#46  *ª5-  -&1'  0+'/   C0+//D\Y1#0XCT1'-4#/58'40 +p++



7180



1TFGP XQO &GWVUEJGP #FNGT  DKU  /QFGNN   8GTFKGPUVMTGW\  5VWHG D\Y -TGW\    -NCUUG 5KNDGT XGTIQNFGV WPF GOCKNNKGTV KO <GPVTWO 'OCKNNGTGRCTCVWT FKG *CMGPMTGW\G DGUEJNKHHGP   LGFQEJFGWVNKEJGTJCNVGPCP0CFGNFKGUGRWP\KGTVWPF&1'*5(14/C*#46 *ª5--&1'0+'/C0+//1#0XCT1'-4#/5 8'40 +++



#PHGTVKIWPIFGT(KTOC)QFGVKP$GTNKP

7181 7182





1TFGPXQO&GWVUEJGP#FNGTWPF/QFGNN  8GTFKGPUVMTGW\5VWHGOKV5EJYGTVGTP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV OKV GTI·P\VGT 0CFGN QJPG 5KNDGTOCTMGP WPF *GTUVGNNGTDG\GKEJPWPI   5EJYGTVGTOONCPIKOXQTUKEJVKIGPVPC\KHK\KGTVGP1TKIKPCNGVWK&1'*5XCT(14/CE *#46  *ª5-  -&1'  0+'/ D 0+//  1#0  XCT 1'-    4#/58'40 +++



1TFGPXQO&GWVUEJGP#FNGT/QFGNN  8GTFKGPUVMTGW\5VWHGOKV5EJYGTVGTP5KNDGT XGTIQNFGVWPFGOCKNNKGTVKO$CPFTKPIRWP\KGTVWPFCOQTKIKPCNIGP·JVGP$CPFKO1TKIK PCNGVWK&1'*5XCT(14/DE*#46*ª5--&1'0+'/D 0+//1#01'-4#/58'40 ++



(GKPG#PHGTVKIWPIFGT(KTOC)QFGVKP$GTNKP

54


7185

7183







'JTGP\GKEJGPFGU&GWVUEJGP4QVGP-TGW\GU/QFGNN  -NCUUGXGTIQNFGVWPFGOCKN NKGTVCOIGP·JVGP*CNUDCPFCDUEJPKVV&1'*5(14/E*#46*ª5--&1' -.+&:80+'/F0+//1'-5%*'/8'40 ++



'JTGP\GKEJGP FGU &GWVUEJGP 4QVGP -TGW\GU /QFGNN  /GFCKNNGFGU&GWVUEJGP4QVGP -TGW\GU XGTUKNDGTV WPF GOCKNNKGTV MCWO UKEJVDCT CWH FGO YGK­GP 4KPI IGEJKRRV CO UR·VGTGP $CPF   &C\W/GFCKNNGHÃ&#x2019;TFKG&GWVUEJG8QNMURHNGIG$TQP\GXGTUKNDGTVCO$CPF&1'*5(14/J H *#46   *ª5-   *75  C -&1'  -.+& :8     0+'/KJ0+//1'-4#/55%*'/XCT 8'40 5VÃ&#x2019;EM++



'JTGP\GKEJGPHÃ&#x2019;T&GWVUEJG8QNMURHNGIG-TGW\5VWHG *CNUMTGW\ $TQP\GXGTIQNFGVWPFGOCKNNKGTV COIGP·JVGP*CNUDCPF&1'*5(14/E*#46*ª5--&1'-.+&:8 0+'/E0+//1'-4#/55%*'/8'40 ++



7186 1:1



&GWVUEJGU1N[ORKC'JTGP\GKEJGP'JTGP\GKEJGP-NCUUGXGTIQNFGVWPFGOCKNNKGTVCWHFGT4Ã&#x2019;EMUGKVG UKPF \YGK *QJNPKGVGP UKEJVDCT CO IGP·JVGP WPF IGVTCIGPGP *CNUDCPF KO 1TKIKPCNGVWK &1'* 5    (14/C*#46*ª5-*75C-&1'0+'/C0+//1'- 4#/58'40 +p++



&QGJNGIKDV8GTNGKJWPIGPCP

55


7188 1:1 7187



&GWVUEJGU1N[ORKC'JTGP\GKEJGP'JTGP\GKEJGP-NCUUGXGTIQNFGVWPFGOCKNNKGTVCWHFGT4ÒEMUGKVG UKPF \YGK *QJNPKGVGP UKEJVDCT OGJTGTG -TCV\GT CWH FGT 4ÒEMUGKVG CO IGP·JVGP WPF IGVTCIGPGP *CNU   DCPF&1'*5(14/C*#46*ª5-*75C-&1'0+'/C 0+//1'-4#/58'40 ++



&QGJNGIKDV8GTNGKJWPIGPCP



&GWVUEJGU 1N[ORKC'JTGP\GKEJGP /KPKCVWTFGMQTCVKQP \WT  -NCUUG XGTIQNFGV WPF GOCKNNKGTV CP   $CPFUEJNGKHGOKVWPVGTNGIVGT5KNDGTNKV\G \WT-GPP\GKEJPWPIFGT-NCUUG CWHFGO-PQRH*GTUVGNNGTDG \GKEJPWPIFGT(KTOC)QFGVKP$GTNKP*ª5-C0+'/C ++



7190 1:1 7189



7192

&GWVUEJGU1N[ORKC'JTGP\GKEJGP'JTGP\GKEJGP-NCUUGXGTIQNFGVWPFGOCKNNKGTVCWHFGT4ÒEMUGKVG UKPF\YGK*QJNPKGVGPUKEJVDCTCO$CPF&1'*5(14/D*#46*ª5-*75 D-&1'0+'/D0+//1'-4#/58'40 +p++



&QGJNGIKDV8GTNGKJWPIGPCP







56

4GVVWPIUOGFCKNNG CO $CPF 5KNDGT KO 4CPF 5KNDGTRWP\G  OKV UGJT UEJÌPGT 2CVKPC CO CNVGP   $CPF&1'*5(14/CXCT*#46*ª5-XCT*75-&1'-.+& 6CHGN8++0+'/XCT0+//XCT1'-8'40 ++



2QNK\GKFKGPUVCWU\GKEJPWPI-TGW\HÒT,CJTGXGTIQNFGVCO$CPFDGKIGHÒIV$CPFUVÒEMOKV5VKEMGTGK FGU2QNK\GKCFNGTU&1'*5(14/C*#46*ª5-*75-&1'-.+& 6CHGN8++0+'/E1'-8'40 +p++



&GWVUEJGU4GKVGTCD\GKEJGP-NCUUG9GK­OGVCNNXGTUKNDGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPI 56'+0*#7'4  .ª%- .ª&'05%*'+& WPF  )'5'6<. )'5%* 4'+%*58'4$ ( < 7   24&9#4/$.CP0CFGN&1'*5(14/D*#46*ª5--&1' -.+&:8+0+'/D0+//1'-8'40 ++




7195 7193





7194

'TFMCORH#D\GKEJGP FGT .WHVYCHHG <KPM #FNGT XGTUKNDGTV CWH FGT 4ÒEMUGKVG GKPG 0KGVG UKEJVDCT   4GUVGXQP<CRQPNCEMCP0CFGN+PFGTQTKIKPCNGPGVYCUDGUEJ·FKIVGP8GTNGKJWPIUVÒVGFGU*GTUVGNNGTU ,'*COOGT5ÌJPGKP)GTKPIGTYCNFG&C\WGKPG0CEJMTKGIUHGTVKIWPIFGU6KGHHNKGIGTXGTPKEJVWPIU #D\GKEJGPUKP$TQP\GUQYKGFTGK.WHVYCHHGPCFNGTHÒTFKG&KGPUVCWU\GKEJPWPI&1'*5(14/ XCT*#46*ª5-D-&1'-.+&:+80+'/DXCT0+// XCT1'-8'40 5VÒEM++



(CNNUEJKTOUEJÒV\GP#D\GKEJGP FGT .WHVYCHHG  0GWUKNDGT QZ[FKGTV WPF /GUUKPI XGTIQNFGV CWH FGT   4ÒEMUGKVGFGU#FNGTU*GTUVGNNGTDG\GKEJPWPI%',70%-'4$'4.+059CP0CFGNKO1TKIKPCNG VWK &C\W UGEJU CNVG 2JQVQITCRJKGP FCTWPVGT GKPG GKPGU .CIGTU KP 0QTFCHTKMC &1'* 5  (14/   C *#46  *ª5- C -&1'  -.+& :+8  0+'/ C 0+//  1'-   8'40 ++



.CWV0KOOGTIWVJCPFGNVGUUKEJJKGTDGKWOFKG5VCPFCTFCWUHÒJTWPI



/GFCKNNG\WO/CK<YGK'ZGORNCTGPKEJVVTCIDCT&WTEJOGUUGTOO)GYKEJVECIT UKNDGTHCTDGPFC\WXGTIQNFGVGUWPFGOCKNNKGTVGU6GKNPGJOGT#D\GKEJGPHÒTFGP+PV-QPITGUUFGT- 1TICPKUCVQTGPW6GEJPKMGT&ÒUUGNFQTH(GDT 5VÒEM++



7196



)TQ­G'KUGPOGFCKNNG<WT'TKPPGTWPICPFCU.·PFGTURKGN'PINCPF&GWVUEJNCPF.QPFQP+O ,CJTGFGT1N[ORKUEJGP8QTDGTGKVWPI'KUGPIGUEJY·T\V&WTEJOGUUGTOOCWH5VGNNUQEMGN&C\W 'JTGPICDGFGU1DGTDÒTIGTOGKUVGTUFGT5VCFV&ÒUUGNFQTH'KUGPIGUEJY·T\VOOZOO  5VÒEM++



/ÌINKEJGTYGKUGJCPFGNVGUUKEJJKGTDGKWOGKPG'TKPPGTWPIURNCMGVVGHÒTFKGVGKNPGJOGPFGP(W­DCNNURKGNGT

57


7197

7198

&'765%*'&'/1-4#6+5%*'4'27$.+-   





1TFGP 5VGTP FGT8ÌNMGTHTGWPFUEJCHV5VGTPFGT8ÌNMGTHTGWPFUEJCHVKP)QNF$WPVOGVCNNXGTIQNFGV VGKNYGKUG GOCKNNKGTV 4ÒEMUGKVG INCVV CP 0CFGN $#-# +++  $#46 D $#46 D $#46 D   *'1XCT-&1'1#04#/5 ++



8CVGTN·PFKUEJGT8GTFKGPUVQTFGP)QNFUVWHG#WUHÒJTWPIOKVWPNÌUDCTGT6TCIGXQTTKEJVWPI   $TQP\GXGTIQNFGVCP6TCIGURCPIG&C\W$TQP\GUVWHGINGKEJG#WUHÒJTWPICP6TCIGURCPIG$#-#+8  XCT $#46 E $#46 D $#46 E *'1  -&1'  1#0  4#/ 5     5VÒEM++



-QPXQNWV XQP HÒPH #WU\GKEJPWPIGP <YGK 5VÒEM 8CVGTN·PFKUEJG 8GTFKGPUVQTFGP KP $TQP\G UR·VG   #WUHÒJTWPIGP\YGK1TFGP$CPPGTFGT#TDGKVUQYKGGKPG8GTFKGPUVOGFCKNNGLGYGKNUCP6TCIGURCPIGP 5VÒEM++



7200

$70&'54'27$.+-&'765%*.#0& 

$WPFGUXGTFKGPUVQTFGP 5GV FGT 5QPFGTUVWHG FGU )TQ­MTGW\GU DGUVGJGPF CWU )TQ­MTGW\ \WT 5QPFGT   UVWHGXGTIQNFGVWPFGOCKNNKGTVOKVECEONCPIGO5EJ·TRGPUVÒEMOKVIGUVKEMVGP#FNGTPQJPG5EJWN VGTDCPFWPF$TWUVUVGTP5KNDGTXGTIQNFGVVGKNYGKUGGOCKNNKGTVCWHFGT4ÒEMUGKVG\YGK*QJNPKGVGPUKEJV DCTCP0CFGNFKGUGOKV2WP\KGTWPI5V.WPF&1'&*'1-&1' 1#0XCT4#/55#.. 5VÒEM+p++ #PHGTVKIWPIXQO'PFGFGTGT,CJTG

58




7201



$WPFGUXGTFKGPUVQTFGP 5GV FGU ITQ­GP 8GTFKGPUVMTGW\GU OKV 5VGTP WPF 5EJWNVGTDCPF DGUVGJGPF CWU   )TQ­GU 8GTFKGPUVMTGW\ XGTIQNFGV WPF GOCKNNKGTV CO \GTUEJPKVVGPGP 5EJWNVGTDCPF *GTTGPCWUHÃ&#x2019;JTWPI    WPF$TWUVUVGTP5KNDGTXGTIQNFGVVGKNYGKUGGOCKNNKGTVCP0CFGNFKGUGOKV2WP\KGTWPI5V. WPF5EJYCP&1'&*'1XCT-&1'1#0XCTXCT4#/ 55#.. 5VÃ&#x2019;EM++



#PHGTVKIWPIXQO'PFGFGTGT,CJTG

7202



$WPFGUXGTFKGPUVQTFGP 5GV FGU ITQ­GP 8GTFKGPUVMTGW\GU OKV 5VGTP DGUVGJGPF CWU )TQ­GU 8GTFKGPUV   MTGW\ XGTIQNFGV WPF GOCKNNKGTV CO *CNUDCPFCDUEJPKVV WPF $TWUVUVGTP 5KNDGT XGTIQNFGV VGKNYGKUG   GOCKNNKGTV OKV 2WP\KGTWPI 5V  . WPF  CP 0CFGN FKGUG OKV WPNGUGTNKEJGT 2WP\G &1' &   *'1-&1'1#04#/55#.. 5VÃ&#x2019;EM++



#PHGTVKIWPIXQO'PFGFGTGT,CJTG



'JTGP\GKEJGPFGU&GWVUEJGP4QVGP-TGW\GU'JTGP\GKEJGPKP)QNFXGTIQNFGVWPFGOCKNNKGTVCWHFGO 4CPF FGU WPVGTGP -TGW\CTOU PWOGTKGTV  CP &COGPUEJNGKHG &C\W $WPFGUXGTFKGPUVMTGW\ HÃ&#x2019;T #T   DGKVULWDKNCTGCO$CPFOKV$CPFURCPIG5KNDGTPGU8GTFKGPUVMTGW\FGT$WPFGUYGJT#WUHÃ&#x2019;JTWPI OKV UGRCTCV IGRT·IVGO /KVVGNOGFCKNNQP  CO $CPF WPF JCODWTIKUEJG &CPMOGFCKNNG CO$CPF&1' &*'15-&1'5#.. 5%*'/ 5VÃ&#x2019;EM++



&CU'JTGP\GKEJGPFGU&GWVUEJGP4QVGP-TGW\GUKP)QNFYWTFGDKUJGTUGJTURCTUCOXGTNKGJGPWPFUGKVN·PIGTGT<GKV GTJ·NVGUPWTPQEJFGTLGYGKNKIG$WPFGURT·UKFGPVCNU5EJKTOJGTTFGU&GWVUEJGP4QVGP-TGW\GU5VÃ&#x2019;EMGOKVPKGFTKIGT 8GTNGKJWPIUPWOOGTUKPFFGO\WHQNIGTGNCVKXUGNVGP\WHKPFGP



'JTGP\GKEJGP FGU &GWVUEJGP 4QVGP -TGW\GU 'JTGP\GKEJGP KP 5KNDGT  XGTUKNDGTV WPF GOCKNNKGTV CWH   FGO 4CPF FGU WPVGTGP -TGW\CTOU PWOGTKGTV  CO $CPF \WUCOOGP OKV -PQRHNQEJUEJNGKHG KO   1TKIKPCNGVWK&1'&*'15-&1'5#..5%*'/ +p++

 59


7205



5EJNCTCHHKC1TFGPFGU%CUVGNNWO2GKPGPUG\W2GKPGHÃ&#x2019;T8GTFKGPUVG$TWUVUVGTPXGTUKNDGTVVGKNYGKUG XGTIQNFGVWPFGOCKNNKGTV&WTEJOGUUGTOOCWHFGT4Ã&#x2019;EMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC%CTN 2QGNNCVJKP5EJTQDGPJCWUGPCP0CFGN ++



7206

&'765%*')4722'052#0)'0/+0+#674'0-'66%*'070&52#0)'0 

)TQ­G(TCEMURCPIGOKV#WU\GKEJPWPIGP 2TGW­GP'-++ 2TGW­GP-TQPGPQTFGP+8 -NCUUG <GPVTGP )QNF GOCKNNKGTV CWH FGO <[NKPFGT *GTUVGNNGTRWP\G <'*0   &GWVUEJGU 4GKEJ   (TQPVM·ORHGTMTGW\ 2TGW­GP1HHK\KGTU&KGPUVCWU\GKEJPWPIHÃ&#x2019;T::8,CJTG 5VÃ&#x2019;EM++



7207 1:1



60

/KPKCVWTGPMGVVEJGP OKV  #WU\GKEJPWPIGP   &GWVUEJGU 1N[ORKC'JTGP\GKEJGP   /GFCKNNG \WT   'TKPPGTWPICPFGP/·T\ +VCNKGP1TFGPFGT-TQPGXQP+VCNKGP5VGTP\WO)TQ­QHHK\KGT  1TFGPUMTGW\ 7PICTP8GTFKGPUVQTFGP$TWUVUVGTP\WO)TQ­MTGW\ 1TFGPUMTGW\#NNG/KPKC VWTGPCW­GT KP5KNDGT#WHFGO-PQRH*GTUVGNNGTDG\GKEJPWPIFGT(KTOC)QFGVKP$GTNKP 5VÃ&#x2019;EM++






-NGKPG 5COONWPI XQP  XGTUEJKGFGPGP /KPKCVWTGP &CTWPVGT W C /GEMNGPDWTI5EJYGTKP 4KVVGT   MTGW\ FGU *CWUQTFGPU FGT 9GPFKUEJGP -TQPG )QNF GOCKNNKGTV 1NFGPDWTI 4KVVGTMTGW\  -NCUUG OKV   -TQPG FGU *CWU WPF8GTFKGPUVQTFGPUXQP*GT\QI2GVGT(TKGFTKEJ.WFYKIWPF8GTFKGPUVOGFCKNNGHÒT 4GVVWPI CWU )GHCJT WPF 5CEJUGP9GKOCT 4KVVGTMTGW\  -NCUUG OKV 5EJYGTVGTP FGU )TQ­JGT\QINKEJ   5·EJUKUEJGP*CWUQTFGPUFGT9CEJUCOMGKVQFGTXQO9GK­GP(CNMGPWPF/GFCKNNGHÒT-WPUVWPF9KU UGPUEJCHV  -NCUUG8GTUEJKGFGPG/GVCNNGVGKNYGKUGGOCKNNKGTVLGYGKNUCOTKEJVKIGP$·PF EJGP\WUCOOGPCNU/KPKCVWTGPURCPIGWPFHGUVKPGKPGO2T·UGPVCVKQPUGVWKOQPVKGTV 5VÒEM++++++



7209



)TQ­G (TCEMURCPIG OKV  #WU\GKEJPWPIGP   $4& 'JTGP\GKEJGP FGU &GWVUEJGP 4QVGP -TGW\GU   OKV GKPIGUEJNCIGPGT /CVTKMGNPWOOGT    &GWVUEJGU 4GKEJ /GFCKNNG 9KPVGTUEJNCEJV KO 1UVGP   KPFGTJGWVKIGP6TCIGYGKUGQJPG*CMGPMTGW\ 7PICTP-TKGIUFGPMOÒP\GHÒT0KEJV-QO DCVVCPVGPOKVFC\WIGJÌTKIGT4GXGTUUEJNGKHG&C\W5VGEMMTGW\HÒTDGUQPFGTG8GTFKGPUVGWOFCU$C[GTK UEJG4QVG-TGW\FGU(TGKUVCCVGU$C[GTP 5VÒEM++



416'5-4'7<&'765%*.#0& 



-QPXQNWVXQPFGWVUEJGP4QV-TGW\#WU\GKEJPWPIGP&CTWPVGT5VÒEMFGT-CKUGT\GKVFGT9GKOC TGT 4GRWDNKM WPF FGT $WPFGUTGRWDNKM &C\W \YGK -QRKGP XQP 4QV-TGW\#WU\GKEJPWPIGP FGU UQIGP   &TKVVGP4GKEJGU8GTUEJKGFGPG/GVCNNGITÌ­VGPVGKNUGOCKNNKGTVGPVYGFGTCP0CFGNQFGTCO$CPFKP WPVGTUEJKGFNKEJGP'TJCNVWPIGP 5VÒEM+p++++++p++++++



-QPXQNWVXQP#D\GKEJGPFGU&GWVUEJGP4QVGP-TGW\GU&CTWPVGT5VÒEMFGT-CKUGT\GKVFGT9GK OCTGT 4GRWDNKM FGU UQIGP &TKVVGP 4GKEJGU WPF FGT$WPFGUTGRWDNKMUQYKGFTGK.CPFGUPQVQRHGTOG FCKNNGP&C\WYGKVGTGCWUN·PFKUEJG4QV-TGW\#D\GKEJGP8GTUEJKGFGPG/GVCNNGITÌ­VGPVGKNUGOCKN NKGTVGPVYGFGTCP0CFGNQFGTCO$CPFKPWPVGTUEJKGFNKEJGP'TJCNVWPIGPKP2T·UGPVCVKQPUGVWK  5VÒEM+p++++++p++++++



&'765%*'-1081.76' 



-QPXQNWVXQPECXGTUEJKGFGPGPFGWVUEJGP#WU\GKEJPWPIGP&CTWPVGTWC5RCPIGPRT·IWPIFGT $C[GTKUEJGP 5KNDGTPGP 6CRHGTMGKVUOGFCKNNG %JKPC&GPMOÒP\G *CODWTIKUEJGU *CPUGCVGPMTGW\ WPF   2TGW­KUEJG4QV-TGW\/GFCKNNG++-NCUUG8GTUEJKGFGPG/GVCNNGVGKNYGKUGGOCKNNKGTVKPWPVGTUEJKGFNK EJGP'TJCNVWPIGPITÌ­VGPVGKNUCP$·PFGTP 5VÒEM++++p+++



-NGKPG 5COONWPI XQP  FGWVUEJGP 'JTGP\GKEJGP &C\W  YGKVGTG KP WPF CWUN·PFKUEJG #WU\GKEJ   PWPIGP/GFCKNNGP/KPKCVWTGP-QRKGPGVE8GTUEJKGFGPG/GVCNNGVGKNYGKUGCP0CFGNQFGTCO$CPFKP WPVGTUEJKGFNKEJGP'TJCNVWPIGP 5VÒEM+p++++++p++++++



$GKFGO.QVMÌPPGPYKTMGKPG)CTCPVKGHÒTFKG1TKIKPCNKV·VÒDGTPGJOGP



-QPXQNWVOKVXGTUEJKGFGPGP'JTGP\GKEJGPFGT-CKUGT\GKVWPFFGT9GKOCTGT4GRWDNKM&CTWPVGT RTGW­KUEJGU#NNIGOGKPGU'JTGP\GKEJGPKP$TQP\GWPF$TGOGT4QNCPFLGYGKNUCP$·PFGTPQFGTCP0C FGN 5VÒEM++



$GKFGO.QVMÌPPGPYKTMGKPG)CTCPVKGHÒTFKG1TKIKPCNKV·VÒDGTPGJOGP

61


#75.0&+5%*'14&'070&'*4'0<'+%*'0

7216 7215

-¤0+)4'+%*   

);26'0

+UOCKN1TFGP  /QFGNN -QOOCPFGWTUFGMQTCVKQP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO *CNUDCPF   %*'(5XCT1#0XCT1.5-6CHGNXCT4#/5XCT 4+p++



9GUGPVNKEJGKPHCEJGTKPUGKPGT)GUVCNVWPIQJPG'OCKNNKGTWPIFGT-TQPGWPFOKVCPFGTGT/GFCKNNQPKPUEJTKHVJCPFGNV GUUKEJJKGTDGKOÌINKEJGTYGKUGWOGKPG(GTVKIWPIFGT'ZKNU\GKV-ÌPKI(CTWMUKP4QO



)PCFGPWPF9QJNYQNNGPOGFCKNNG-ÌPKI(QWCFU5KNDGTPG/GFCKNNGCO$CPF1.5-5 9KGCNNG·I[RVKUEJGP'JTGP\GKEJGPFKGPKEJV\WT8GTNGKJWPICPDTKVKUEJG5VTGKVMT·HVGIGNCPIVGPUGNVGP

++





7218 7217



#OVUCD\GKEJGPHÒTQDGTUVG4KEJVGTFGU-ÌPKITGKEJGU5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVZ OOCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC(TQOGPV/GWTKEGCP0CFGN 44++



+ORQUCPVGUWPFFWTEJUGKPG)TÌ­GWPFJGTXQTTCIGPFG8GTCTDGKVWPIUGJTDGGKPFTWEMGPFGU#OVUCD\GKEJGP

4'27$.+- 5'+6  

62

1TFGP FGT 4GRWDNKM  /QFGNN QJPG #FNGT    )TQ­QHHK\KGTUUGV DGUVGJGPF CWU )TQ­QHHK   \KGTUFGMQTCVKQP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CWH FGT 4ÒEMUGKVG CTCDKUEJG *GTUVGNNGTDG   \GKEJPWPI CO *CNUDCPFCDUEJPKVV WPF $TWUVUVGTP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CWH FGT   4ÒEMUGKVGCTCDKUEJG*GTUVGNNGTDG\GKEJPWPI&GMQTCVKQPWPF6TCIGTKPIRWP\KGTVCP0CFGN 5VGTPWPF0CFGN RWP\KGTV %*'(51#01.5454#/541((5 5VÒEM++




7219



7220

/KNKV·TOGFCKNNGFGT4GRWDNKM/QFGNN OKV·NVGTGO9CRRGPFGT4GRWDNKM /GFCKNNG-NCUUG5KNDGT XGTIQNFGVWPFGOCKNNKGTVRWP\KGTVCOHCNUEJGP$CPF1.545 44++

7221



5GJTJQJG·I[RVKUEJG/KNKV·TCWU\GKEJPWPIFKGUGNVGPKO*CPFGN\WHKPFGPKUV



/GFCKNNG HÒT OKNKV·TKUEJG 2HNKEJVGTHÒNNWPI /GFCKNNG  -NCUUG 5KNDGT XGTIQNFGV OGJTHCEJ RWP\KGTV   CO$CPF1.545 4++



9KGCNNG·I[RVKUEJGPOKNKV·TKUEJGP/GFCKNNGPUGJTUGNVGP\WHKPFGP



/GFCKNNG HÒT OKNKV·TKUEJG 2HNKEJVGTHÒNNWPI /GFCKNNG  -NCUUG 5KNDGT OGJTHCEJ RWP\KGTV CO $CPF   1.545 4++



7223

7222

37#614+#.)7+0'# 

7PCDJ·PIKIMGKVUQTFGP5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO$CPFOKV6TCIGURCPIG41((6CHGN  4+p++



6*+12+'0 -#+5'44'+%* $+5  

1TFGP FGU 5VGTPU XQP VJKQRKGP  /QFGNN )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\FGMQTCVKQP   5KNDGT XGTIQNFGV CWH FGT 4ÒEMUGKVG RWP\KGTV OKV EC  EO NCPIGO 5EJ·TRGPUVÒEM WPF $TWUVUVGTP   5KNDGT XGTIQNFGV CP 0CFGN FKGUG OKV *GTUVGNNGTDG\GKEJPWPI FGT (KTOC 5GXCFLKCP %12 5  1#0   41((5 5VÒEM++

 63


7224 7226



1TFGPFGU5VGTPUXQPVJKQRKGP/QFGNN)TQ­QHHK\KGTUUGVDGUVGJGPFCWU)TQ­QHHK\KGTUFGMQTCVKQP 5KNDGTXGTIQNFGVQJPG*CNUDCPFWPF$TWUVUVGTP5KNDGTXGTIQNFGV0CFGNHGJNV%12541((5  5VÒEM44 5GJTHTÒJG·VJKQRKUEJG#PHGTVKIWPIECXQO'PFGFGU,CJTJWPFGTVUKPHGKPGT(KNKITCPWPF)TCPWNCVKQPUCTDGKV

 

1TFGPFGU5VGTPUXQPVJKQRKGP/QFGNN$TWUVUVGTP\W)TQ­QHHK\KGTXGTIQNFGVCWHFGT8QTFGTUGKVG -QTTQUKQPUHNGEMCP0CFGN%12541((5 ++p+++ 1TFGP FGU 5VGTPU XQP VJKQRKGP  /QFGNN -QOOCPFGWTUFGMQTCVKQP 5KNDGT XGTIQNFGV CO CNVGP   *CNUDCPFUVÒEM\WOGKPMPÌRHGP%12541((5 ++ NVGTGU'ZGORNCT·VJKQRKUEJGT#PHGTVKIWPIYQJNCWUFGPGT,CJTGP

7227



 

7230 7231

    

1TFGP XQO 5KGIGN -ÌPKI 5CNQOQU  /QFGNN UR·VGTGT 6[R QJPG 'OCKNNG -QOOCPFGWTUFGMQTCVKQP   5KNDGTXGTIQNFGVCOHCNUEJGP*CNUDCPFCDUEJPKVV%1251#0XCT41((5 ++ 1TFGP XQO 5KGIGN -ÌPKI 5CNQOQU  /QFGNN UR·VGTGT 6[R QJPG 'OCKNNG -QOOCPFGWTUFGMQTCVKQP   5KNDGTXGTIQNFGVCOHCNUEJGP*CNUDCPFCDUEJPKVV%1251#0XCT41((5 ++ 1TFGP-CKUGT/GPGNKMU++-QOOCPFGWTMTGW\XGTIQNFGVWPFGOCKNNKGTVCO*CNUDCPFCDUEJPKVV%12 51#041((5 ++ -TGW\FGU5KGIGUUVGTPU8GTUKNDGTVCO$CPF%125)+..'65# ++ 8GTFKGPUVMTGW\FGUVJKQRKUEJGP4QVGP-TGW\GU8GTFKGPUVMTGW\-NCUUGXGTIQNFGVWPFGOCKNNKGTV CO$CPF 4++ &CU8GTFKGPUVMTGW\-NCUUGKUVUGNVGP

 64

8GTFKGPUVMTGW\FGUVJKQRKUEJGP4QVGP-TGW\GU8GTFKGPUVMTGW\-NCUUGXGTUKNDGTVWPFGOCKNNKGTV CO$CPF ++

    




7234 1:1

7236 1:1 7235

7233

#()*#0+56#0

-¤0+)4'+%*  



5QPPGPQTFGP$TWUVUVGTP5KNDGT<GPVTWO)QNFCP0CFGN1#0



5QPPGPQTFGP/KPKCVWTFGU$TWUVUVGTPU5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVQJPG$·PFEJGP1#0  4





5VGTP1TFGP 1TFGPUFGMQTCVKQP 5KNDGT <GPVTWO )QNF CWH FGT 4ÒEMUGKVG )TCXWT KP CTCDKUEJ QJPG   $CPF1#0 4++





6TGWG1TFGP/KPKCVWTFGT-NCUUG5KNDGTXGTIQNFGVCO$·PFEJGP1#0

5GJTUGNVGPGT5VGTPKPCW­GTIGYÌJPNKEJGT'TJCNVWPI

44+p++

4++





7238

7237



1TFGP FGU &QQTCPGG 'ORKTG /WUGWOUCPHGTVKIWPI FGU )TQ­MTGW\UGVU DGUVGJGPF CWU )TQ­MTGW\   5KNDGTXGTIQNFGVWPFGOCKNNKGTVOKVCWHIGUGV\VGP5KOKNKRGTNGPOKVECEONCPIGO5EJ·TRGPCDUEJPKVV WPF $TWUVUVGTP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV GDGPHCNNU OKV CWHIGUGV\VGP 5KOKNKRGTNGP CP   0CFGN1#0XCTXIN8'405 5VÒEM+p++



/WUGWOUCPHGTVKIWPIKPJGTXQTTCIGPFGT3WCNKV·VCWUFGPGTQFGTGT,CJTGPFGU,JGTUVMNCUUKIGT'TUCV\HÒT FKGKO1TKIKPCNPCJG\WPKEJVDGUEJCHHDCTGP+PUKIPKGP

(ª456'067/   

#.$#0+'0

1TFGP XQO 5EJYCT\GP #FNGT $TQP\GPG 8GTFKGPUVOGFCKNNG CO $CPF -.'0  1#0 5    8'40<'+ +p++



-NKGVOCPP PGPPV KP UGKPGO #WHUCV\ -NKGVOCPP -WTV)GTJCTF 5EJYCT\GT #FNGT1TFGP +P 1TFGPU.GZKMQP    $GTNKPQJPG,CJTQJPGFKTGMVG3WGNNGPCPICDG CEJV8GTNGKJWPIGPFGT$TQP\GOGFCKNNGFKGCNNGGTUVKO'ZKNCP#PIG JÌTKIGFGT(ÒTUVNKEJ5EJÌPDWTI9CNFGPDWTIKUEJGP8GTYCNVWPIGTHQNIVUKPF+P#NDCPKGPUGNDUVMCOGPFKG/GFCKNNGP PKEJV\WT8GTNGKJWPI

65


7240 7239

-¤0+)4'+%*706'4<1)7   

5MCPFGTDGI1TFGP/QFGNN  1HHK\KGTUFGMQTCVKQP5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKN NKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC4CXKQNQWPF)CTFKPQKP4QOCP0CFGN-.'0 1#0XCT8'40<'+ 4+p++



&KG1HHK\KGTUFGMQTCVKQPGPFGU5MCPFGTDGI1TFGPUIGJÌTGP\WFGPUGNVGPUVGPCNDCPKUEJGP#WU\GKEJPWPIGP



*GNFGPQTFGP HÒT 6CRHGTMGKV &GMQTCVKQP  -NCUUG /GFCKNNG $TQP\G CO $CPF -.'0  1#0    8'40<'+ 44++



5GJTUGNVGPG#WU\GKEJPWPIFKGPWTKPYGPKIGP'ZGORNCTGPY·JTGPFFGT4GIKGTWPI-ÌPKI<QIWUXGTNKGJGPYQTFGPKUV

7241 1:1 7242

+6#.+'0+5%*'$'5'6<70)   

5MCPFGTDGI1TFGP  /QFGNN   $TWUVUVGTP \WO )TQ­QHHK\KGT OKV *GNO KO /GFCKNNQP    5KNDGT XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC )CTFKPQ   %TCXCP\QNCKP4QOCP0CFGN-.'01#0XCT8'40<'+ 4+p++



&KG$TWUVUVGTPG\WO)TQ­QHHK\KGTUKPFYGKVCWUUGNVGPGT\WHKPFGPCNUFKG\WO)TQ­MTGW\&KG)TQ­MTGW\GIGNCPIVGP YGUGPVNKEJJ·WHKIGT\WT8GTNGKJWPICNUFKG)TQ­QHHK\KGTG



66

5MCPFGTDGI1TFGP/QFGNN  1HHK\KGTUFGMQTCVKQP5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKN NKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC)CTFKPQ%TCXCP\QNCKP4QOCP0CFGN-.'0 1#04#86CHGN:.+8'40<'+ 4+p++




7244 1:1

7243 1:1

#4)'06+0+'0 

1TFGP FGU $GHTGKGTU 5CP /CTVÃP -NGKPQF \WT 1TFGPUMQNNCPG )GND 9GK­ WPF 4QVIQNF VGKNYGKUG   GOCKNNKGTV$TKNNCPVGPWPF4WDKPG 'EJVJGKVPKEJVIGRTÒHV VGKNYGKUGHGKPUV\KUGNKGTV1#0 44+  9WPFGTUEJÌPIGCTDGKVGVGU-NGKPQFDGKFGODGUQPFGTUFGT-QPFQTFWTEJUGKPGUGJTRNCUVKUEJG)GUVCNVWPIDGUVKEJV



1TFGP FGU $GHTGKGTU 5CP /CTVÃP /KPKCVWT \WO )TQ­MTGW\ )QNF GOCKNNKGTV CO $·PFEJGP OKV 4Q   UGVVG 4+p++



7245



/CK1TFGPHÒT8GTFKGPUVG#DVGKNWPIHÒTCNNIGOGKPG8GTFKGPUVG/QFGNN-QOOCPFGWTMTGW\5KNDGT XGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCOCNVGP*CNUDCPF1#0 ++

 67


7248

7247



/CK1TFGPHÒT8GTFKGPUVG#DVGKNWPIHÒTCNNIGOGKPG8GTFKGPUVG/QFGNN-QOOCPFGWTMTGW\5KNDGT XGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVQJPG*CNUDCPF1#0 ++





/CK1TFGPHÒT8GTFKGPUVG#DVGKNWPIHÒTCNNIGOGKPG8GTFKGPUVG/QFGNN$TWUVUVGTP\WO)TQ­QHHK \KGT5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCP0CFGN1#0XCT ++



&GT$TWUVUVGTPYKTFKPFKGUGT-NCUUGCNNGKPQJPGYGKVGTG+PUKIPKGPYKG*CNUQFGT$TWUVMTGW\IGVTCIGP





/CK1TFGP HÒT 8GTFKGPUVG #DVGKNWPI HÒT CNNIGOGKPG 8GTFKGPUVG  /QFGNN )TQ­MTGW\UGV DGUVGJGPF   CWU )TQ­MTGW\FGMQTCVKQP 5KNDGT XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV OKV EC  EO NCPIGO 5EJ·TRGP   UVÒEMWPF$TWUVUVGTP5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCP0CFGN1#0 5VÒEM++



/CK1TFGPHÒT8GTFKGPUVG#DVGKNWPIHÒTCNNIGOGKPG8GTFKGPUVG/QFGNN-QOOCPFGWTUFGMQTCVKQP 5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVQJPG*CNUDCPF1#0 ++



7250



7251

/CTKPGXGTFKGPUVQTFGP)TQ­MTGW\UGVDGUVGJGPFCWU)TQ­MTGW\5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKN NKGTVOKVECEONCPIGO5EJ·TRGPUVÒEMWPF$TWUVUVGTP5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCP 0CFGN1#0 5VÒEM++



$'.)+'0 

.GQRQNF1TFGP  /QFGNN   -QOOCPFGWTUVGTP   )QNF #WHNCIGP 5KNDGT WPF )QNF   GOCKNNKGTV 4ÒEMUGKVGPOGFCKNNQP HGJNV CP GEJV IQNFGPGT 0CFGN FKGUG OGJTHCEJ RWP\KGTV $140 5    %140*'1-';57-.'01#04#/564+2#G8'40<'+  8QPITQ­GT5GNVGPJGKV++++ &CUGTUVG/QFGNNFCUMGKPG)TQ­QHHK\KGTU-NCUUGMCPPVGUCJKPUGKPGP5VCVWVGPXQTFCUU\WO-QOOCPFGWTMTGW\GKP $TWUVUVGTPIGVTCIGPYGTFGPUQNNVG&KGUGTYCT\WTFCOCNKIGP<GKVPQEJXQTYKGIGPFKPIGUVKEMVGT(QTOLGFQEJICDGU DGTGKVUCWEJ/GVCNNUVGTPGYKGFCUXQTNKGIGPFG'ZGORNCT&KGPGWGP5VCVWVGPXQPUCJGPMGKPGP$TWUVUVGTPOGJT \WT-QOOCPFGWTMNCUUGXQTFGPPQEJHWJTGPGKPG4GKJGXQP+PJCDGTPFKGUGT-NCUUGDGUQPFGTUFKGLGPKIGPFKGUKGXQT  XGTNKGJGP DGMQOOGP JCVVGP HQTV FGP 5VGTP \W VTCIGP +O -ÌPKINKEJGP #TOGGOWUGWO KP $TÒUUGN UKPF GKPKIG   FKGUGT5VGTPG\WUGJGP

68




7252



.GQRQNF1TFGP/QFGNN  6[R CDOKV-TQPGXQO6[RDQOD¾¾VTQKV 1HHK \KGTUMTGW\)QNFGOCKNNKGTVCO$CPFOKVCNVGT4QUGVVGKO\GKVIGPÌUUKUEJGPNGKEJVTGUVCWTKGTVGO1TKIK PCNGVWK $140 5  %140 6CHGN 8+ XCT *'1  XCT -';57  -.'0  1#0    4#/564+2#I8'40<'+ 4++



*GTXQTTCIGPF GTJCNVGPGU -TGW\ CWU FGT (TÒJ\GKV FGU 1TFGPU KP DGUVGT #PHGTVKIWPIUSWCNKV·V FGT GT ,CJTG FGU    ,CJTJWPFGTVU

7253



7254

.GQRQNF1TFGP  /QFGNN   GKPURTCEJKIG /GFCKNNQPKPUEJTKHV  )TQ­QHHK\KGTU$TWUVUVGTP   5KNDGTTGRGTEKGTV#WHNCIGP)QNFGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC$WNUKP $TÒUUGN$1405%1406CHGN+8*'1XCT-';57-.'01#054#/ 564+2#F8'40<'+ +p++



5EJÌPG CNVG #PHGTVKIWPI XQO 'PFG FGU  ,CJTJWPFGTVU &GT )TQ­QHHK\KGTU$TWUVUVGTP YKTF CNNGKP QJPG YGKVGTG   +PUKIPKGPYKG*CNUQFGT$TWUVMTGW\XGTNKGJGPWPFIGVTCIGP



.GQRQNF1TFGP  /QFGNN GKPURTCEJKIG/GFCKNNQPKPUEJTKHV )TQ­QHHK\KGTU$TWUVUVGTPOKV 5EJYGTVGTP 5KNDGT TGRGTEKGTV #WHNCIGP )QNF GOCKNNKGTV OKPKOCNG 'OCKNNGCDURNKVVGTWPIGP KO 5EJTKH   VTKPI CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC $WNU KP $TÒUUGN$1405%1406CHGN +8*'1-';57-.'01#054#/564+2#F8'40<'+  ++



5EJÌPG CNVG #PHGTVKIWPI XQO 'PFG FGU  ,CJTJWPFGTVU &GT )TQ­QHHK\KGTU$TWUVUVGTP YKTF CNNGKP QJPG YGKVGTG   +PUKIPKGPYKG*CNUQFGT$TWUVMTGW\XGTNKGJGPWPFIGVTCIGP

69


7256

7255

7255



.GQRQNF1TFGP  /QFGNN   GKPURTCEJKIG /GFCKNNQPKPUEJTKHV  -QOOCPFGWTMTGW\ OKV   5EJYGTVGTP  6[R   OKV -TQPG FGU UQ IGPCPPVGP 6[RWU DQOD¾ NCTIG  )QNF GOCKNNKGTV CO   CNVGPMWT\GP'KPMPÒRH*CNUDCPF$1405%1406CHGN8+XCT*'1XCT-';57XCT -.'01#0XCT4#/564+2#G8'40<'+ 4+p++



(TÒJGU 'ZGORNCT XQO $GIKPP FGT 8GTNGKJWPIU\GKV FGU/QFGNNU  FCUPCEJ$QTP¾WPF6TKRPCWZOKVFKGUGT -TQPGPHQTOPWTDKUECXGTNKGJGPYQTFGPKUV



.GQRQNF1TFGP/QFGNN GKPURTCEJKIG/GFCKNNQPKPUEJTKHV 1HHK\KGTUMTGW\6[R   OKV -TQPG FGU UQ IGPCPPVGP 6[RWU ENCUUKSWG  OKV + KO MÌPKINKEJGP /QPQITCOO FGT 4ÒEMUGKVG   )QNFGOCKNNKGTVQJPG$CPF$1405%1406CHGN8+XCT*'1XCT-';57-.'0 1#0XCT4#/564+2#H8'40<'+ +



7257 7258



.GQRQNF1TFGP/QFGNN GKPURTCEJKIG/GFCKNNQPKPUEJTKHV 4KVVGTMTGW\6[R  OKV-TQPGFGUUQIGPCPPVGP6[RWUDQOD¾NCTIG 5KNDGT<GPVTGP)QNFGOCKNNKGTVCO$CPF$140 5XCT%1406CHGN8+XCT*'1XCT-';57XCT-.'01#0XCT4#/ 564+2#I8'40<'+ ++



(TÒJGU 'ZGORNCT XQO $GIKPP FGT 8GTNGKJWPIU\GKV FGU/QFGNNU  FCUPCEJ$QTP¾WPF6TKRPCWZOKVFKGUGT -TQPGPHQTOPWTDKUECXGTNKGJGPYQTFGPKUV



70

-TQPGPQTFGP -QOOCPFGWTUFGMQTCVKQP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV \CJNTGKEJG #DRNCV\WPIGP KP   FGT ITÒPGP 'OCKNNG CO CNVGP *CNUDCPFCDUEJPKVV $140 5  %140 6CHGN :+++ XCT *'1    -';57-.'01#04#/564+2#D8'40<'+ ++p+++




-- 7261 --

7259



-TQPGPQTFGP )TQ­QHHK\KGTU$TWUVUVGTP  /QFGNN UGKV   5KNDGT #WHNCIGP XGTIQNFGV WPF GOCKN   NKGTVCWHFGT4Ã&#x2019;EMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC&G)TGGHKP$TÃ&#x2019;UUGNCP0CFGN$1405 %140 6CHGN :+++ *'1  -';57  -.'0  1#0 5  4#/ 5  64+2 #C   8'40<'+ +p++



&GT)TQ­QHHK\KGTU$TWUVUVGTPYKTFCNNGKPGQJPGYGKVGTG+PUKIPKGPYKG*CNUQFGT$TWUVMTGW\XGTNKGJGPWPFIGVTCIGP





-TQPGPQTFGP 4KVVGTFGMQTCVKQP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CO $CPF $140 5    %1406CHGN:+8*'1XCT-';57-.'01#04#/564+2#D 8'40<'+ +p++



1TFGP .GQRQNF ++  /QFGNN   OKV 9CRRGP FGU -QPIQ5VCCVGU  )TQ­MTGW\UGV DGUVGJGPF   CWU )TQ­MTGW\ 5KNDGT XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV OKV EC  EO NCPIGO 5EJ·TRGPUVÃ&#x2019;EM WPF   $TWUVUVGTP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV OKP 'OCKNNGCWUDTWEJ KO 5EJTKHVTKPI CWH FGT   4Ã&#x2019;EMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC&G8KIPG*CTVKP$TÃ&#x2019;UUGN$1405HH%1405HH -.'01#054#/564+2#C8'40<'+ 5VÃ&#x2019;EM8QPITQ­GT5GNVGPJGKV+p  8QPUGKPGT5VKHVWPICPYCTFGT1TFGPGKPG#WU\GKEJPWPIFGUWPCDJ·PIKIGP-QPIQUVCCVGU'TYWTFGGTUV XQP$GNIKGPÃ&#x2019;DGTPQOOGP&CUGTUVG/QFGNNFGU1TFGPUXQPDKUKUVKPCNNGPUGKPGP+PUKIPKGPCWHITWPFFGT UGJTMWT\GP8GTNGKJWPIU\GKVCW­GTQTFGPVNKEJUGNVGP

7262





7263

7264

1TFGP.GQRQNF++/QFGNN OKV9CRRGPFGU-QPIQ5VCCVGU -QOOCPFGWTMTGW\5KNDGT XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV OGJTGTG 'OCKNNGCWUDTÃ&#x2019;EJG KO 5EJTKHVTKPI CO *CNUDCPFCDUEJPKVV   $1405HH%1405HH-.'01#054#/564+2#C8'40<'+ 44++p

 

1TFGP .GQRQNF ++  /QFGNN   OKV 9CRRGP FGU -QPIQ5VCCVGU  UR·VGTG #PHGTVKIWPI FGU   1HHK\KGTUMTGW\GUXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCO$CPFOKV4QUGVVG ++



#PHGTVKIWPIYQJNCWUFGPGT,CJTGP



1TFGP .GQRQNF ++  /QFGNN   OKV 9CRRGP FGU -QPIQ5VCCVGU  UR·VGTG #PHGTVKIWPI FGU   4KVVGTMTGW\GUXGTUKNDGTVWPFVGKNYGKUGGOCKNNKGTVCO$CPF ++



#PHGTVKIWPIYQJNCWUFGPGT,CJTGP

71


7265 7266



7267

1TFGP .GQRQNF ++  /QFGNN   OKV 9CRRGP FGU -QPIQ5VCCVGU  5KNDGTPG 8GTFKGPUVOG   FCKNNG #WUHÃ&#x2019;JTWPI OKV UGRCTCV IGRT·IVGP /GFCKNNQPU $TQP\G XGTUKNDGTV CO $CPF $140 5  HH   %1405HH-';57XCT-.'01#054#/564+2#C8'40<'+ 4++

 

6TKRPCWZ HÃ&#x2019;JTV LGFQEJ QJPG 3WGNNGPCPICDG  CWU FCUU FKG 8GTFKGPUVOGFCKNNGP FGU GTUVGP /QFGNNU CWU GKPGO 5VÃ&#x2019;EM   IGRT·IVYCTGPWPFUVGNNVKP(TCIGQDGUÃ&#x2019;DGTJCWRV'ZGORNCTGKPXGTUKNDGTVGT$TQP\GIGIGDGPJCV'TUVGNNVYGKVGTJKP HGUVFCUUGUUKEJDGKFGODGK-G[OGWNGPWPF5WGVGPUCDIGDKNFGVGP'ZGORNCTWOGKPG0CEJDKNFWPIJCPFGNV#NNGT FKPIU YGKUV FCU JKGT CPIGDQVGPG 'ZGORNCT FGWVNKEJG 7PVGTUEJKGFG \W FGO XQTJGT GTY·JPVGP CWH 'U JCPFGNV UKEJ   WPUGTGT/GKPWPIPCEJWOGKP1TKIKPCN





1TFGP .GQRQNF ++  /QFGNN   GKPURTCEJKIG /GFCKNNQPKPUEJTKHV  $TWUVUVGTP \WO )TQ­   MTGW\5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCP0CFGN$1405XCT%1406CHGN:8+*'1 -';57-.'01#04#/564+2#D8'40<'+ +p++



1TFGP.GQRQNF++/QFGNN GKPURTCEJKIG/GFCKNNQPKPUEJTKHV )TQ­QHHK\KGTU$TWUVUVGTP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC %TCXCP   \QNC KP 4QO CP 0CFGN $140 5  %140 6CHGN :8++ -';57  -.'0  1#0 5    4#/564+2#D8'40<'+ +p++



&GT)TQ­QHHK\KGTU$TWUVUVGTPYKTFCNNGKPQJPGYGKVGTG+PUKIPKGPYKG*CNUQFGT$TWUVMTGW\XGTNKGJGPWPFIGVTCIGP

7268 7269



1TFGP.GQRQNF++/QFGNN GKPURTCEJKIG/GFCKNNQPKPUEJTKHV )TQ­QHHK\KGTU$TWUVUVGTP 8CTKCPVG OKV UKNDGTHCTDGPGO 1TFGPUMTGW\ WPF -TQPG  QJPG 'OCKNNKGTWPI FGU 5EJTKHVDCPFGU 5KNDGT   VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CP 0CFGN $140 5  %140 6CHGN :8++ -';57-.'0 1#054#/564+2#D8'40<'+ +p++



+PVGTGUUCPVG 8CTKCPVG &GT )TQ­QHHK\KGTU$TWUVUVGTP YKTF CNNGKP QJPG YGKVGTG +PUKIPKGP YKG *CNU QFGT $TWUVMTGW\   XGTNKGJGPWPFIGVTCIGP



72

1TFGP.GQRQNF++/QFGNN GKPURTCEJKIG/GFCKNNQPKPUEJTKHV -QOOCPFGWTMTGW\5KNDGT XGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCO*CNUDCPFCDUEJPKVV$1405%1406CHGN:8+*'1 XCT-';57-.'01#04#/564+2#D8'40<'+ +p++




7270 1:1



#HTKMCPKUEJGT 5VGTPGPQTFGP  /QFGNN   GKPURTCEJKIG /GFCKNNQPKPUEJTKHV  )TQ­MTGW\UGV   DGUVGJGPFCWU)TQ­MTGW\FGMQTCVKQP5KNDGTXGTIQNFGVWPFGOCKNNKGTVOGJTGTG'OCKNNGUEJ·FGPKO4Ã&#x2019;EM UGKVGPOGFCKNNQP OKV ECEONCPIGO5EJ·TRGPUVÃ&#x2019;EMWPF$TWUVUVGTP5KNDGTVGKNYGKUGXGTIQNFGVCWH FGT4Ã&#x2019;EMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC(KDTW(KUEJKP$TÃ&#x2019;UUGNCP0CFGN$1405 %1406CHGN8+++*'1XCT-.'01#04#/564+2#DE 8'40<'+ 5VÃ&#x2019;EM4++++++  8QPUGKPGT5VKHVWPICPYCTFGT1TFGPGKPG#WU\GKEJPWPIFGUWPCDJ·PIKIGP-QPIQUVCCVGU'TYWTFGGTUV XQP$GNIKGPÃ&#x2019;DGTPQOOGPWPFDKU\WT7PCDJ·PIKIMGKVFGU-QPIQUKO,CJTGXGTNKGJGP

73


7271 7272



#HTKMCPKUEJGT5VGTPGPQTFGP/QFGNN GKPURTCEJKIG/GFCKNNQPKPUEJTKHV -QOOCPFGWTU FGMQTCVKQP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO *CNUDCPFCDUEJPKVV $140 5  %140 6CHGN 8+++   *'1XCT-.'01#04#/564+2#F8'40<'+ 4++





#HTKMCPKUEJGT5VGTPGPQTFGP/QFGNN GKPURTCEJKIG/GFCKNNQPKPUEJTKHV 1HHK\KGTUFGMQ TCVKQP 5KNDGT XGTIQNFGV WPFGOCKNNKGTVCO$CPFOKV4QUGVVG$1405%1406CHGN8+++*'1 -.'01#04#/564+2#G8'40<'+ ++



7273 7274



7274

-ÌPKINKEJGT .ÌYGPQTFGP  /QFGNN   GKPURTCEJKIG /GFCKNNQPKPUEJTKHV  -QOOCPFGWT   MTGW\5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO*CNUDCPFCDUEJPKVV$1405%1406CHGN:*'1 XCT-.'01#04#/564+2#F8'40<'+ 4++



8QPUGKPGT5VKHVWPICPYCTFGT1TFGPGKPG#WU\GKEJPWPIFGUWPCDJ·PIKIGP-QPIQUVCCVGU'TYWTFGGTUV XQP$GNIKGPÒDGTPQOOGPWPFDKU\WT7PCDJ·PIKIMGKVFGU-QPIQUKO,CJTGXGTNKGJGP



74

-ÌPKINKEJGT .ÌYGPQTFGP  /QFGNN   GKPURTCEJKIG /GFCKNNQPKPUEJTKHV  4KVVGTMTGW\ 5KN   DGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CO $CPF $140 5  %140 6CHGN :+ *'1  XCT   -.'01#04#/564+2#H8'40<'+




7276

7276 7275



-ÌPKINKEJGT .ÌYGPQTFGP  /QFGNN   \YGKURTCEJKIG /GFCKNNQPKPUEJTKHV  )TQ­QHHK\KGTU   $TWUVUVGTP5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC (KDTW(KUEJKP$TÒUUGNCP0CFGN$1405%1406CHGN:-.'04#/564+2#E 8'40<'+ 44+



&GT )TQ­QHHK\KGTU$TWUVUVGTP YKTF CNNGKP QJPG YGKVGTG +PUKIPKGP YKG *CNU QFGT $TWUVMTGW\ XGTNKGJGP WPF IGVTCIGP   #WHITWPFUGKPGTUGJTMWT\GP8GTNGKJWPIU\GKVXQPPWT,CJTGPUGJTUGNVGP



'KUGTPGU-TGW\ HÒT 4GFWMVKQPFGU-TGW\GU'KUGP CWUIGU·IV IGHCUUVKP)QNFOKV<GPVTWOKP )QNF&WTEJOGUUGTOOCO$CPFFGT-NCUUG$140564+2%8'40 4++



6TQV\FGTXQP$QTP¾IGPCPPVGP#P\CJNXQPKPUIGUCOV8GTNGKJWPIGPKUVFKGUGU-TGW\\KGONKEJUGNVGPCWHFGO /CTMV\WHKPFGP

7281 7277 7278



&KGPUV5VGTP/QFGNN OKV%JKHHTG-ÌPKI#NDGTVU )QNFGPGT5VGTP HÒT&KGPUVLCJTG  5KNDGT XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV CO $CPF OKV IQNFGPGT $CPFURCPIG HÒT YGKVGTG \YGK ,CJTG    5KNDGTXGTIQNFGV$1405-';57XCT64+21D8'40



8QPUGKPGT5VKHVWPICPYCTFGT&KGPUV5VGTPGKPG#WU\GKEJPWPIFGUWPCDJ·PIKIGP-QPIQUVCCVGU'TYWTFGGTUV XQP$GNIKGPÒDGTPQOOGP



2TKXCVGT 1TFGP .GQRQNF +++ -QOOCPFGWTMTGW\ XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV OKV -QTTQUKQPU   HNGEMGPCPFGT-TQPGQJPG$CPF ++p





-QPXQNWVXQP#WU\GKEJPWPIGPFGU'TUVGP9GNVMTKGIGU&CTWPVGT-TKGIUMTGW\GUQYKGLGYGKNUGKP ;UGT-TGW\WPFGKPG;UGT/GFCKNNG&C\W'TKPPGTWPIUMTGW\CPFKG4GIKGTWPI-ÌPKI.GQRQNF+#NNGKP QTFGPVNKEJGT'TJCNVWPIWPFCP$·PFGTP 5VÒEM++



-QPXQNWV XQP  #WU\GKEJPWPIGP &CTWPVGT 4KVVGTMTGW\ FGU 1TFGPU .GQRQNF ++ GKPURTCEJKIGU /Q   FGNN5KNDGTWPFFGU-TQPGPQTFGPU5KNDGTGOCKNNKGTVUQYKGOGJTGTG<KXKNXGTFKGPUVCWU\GKEJPWPIGPWPF #TDGKVUXGTFKGPUVCWU\GKEJPWPIGP KP WPVGTUEJKGFNKEJGP /GVCNNGP CEJV CP $·PFGTP UGEJU KP 'VWKU KP   WPVGTUEJKGFNKEJGP'TJCNVWPIGP 5VÒEM





$74/# /;#0/#4  

6CRHGTMGKVUOGFCKNNG 5KNDGT VGKNYGKUG GOCKNNKGTV CO $CPF &C\W #WPI 5CP/GFCKNNG CO $CPF   4#/ 5VÒEM4



9KGCNNGDWTOGUKUEJGP#WU\GKEJPWPIGPUGNVGP\WHKPFGP

75


7282 1:1

7282 1:1

7283 1:1

-#+5'44'+%*   

$4#5+.+'0

1TFGPFGUJN$GPGFKMVXQP#XK\4KVVGTFGMQTCVKQP)QNFGOCKNNKGTV'OCKNNGNGKEJVCPIGNCWHGPOKP 'OCKNNGUEJCFGP KP GKPGT -TGW\URKV\G FKG /KVVGNOGFCKNNQPU PKEJV \GPVTKGTV CO HCNUEJGP $CPF OKV GEJV   IQNFGPGT6TCIGUEJPCNNG)+..5#521.+#(CTDVCHGN  8'40 8QPITQ­GT5GNVGPJGKV++



'ZVTGO UGNVGPG &GMQTCVKQP FGTGP $GFGWVWPI FWTEJ FKG QDGP GTY·JPVGP MNGKPGP 'KPUEJT·PMWPIGP PKEJV IGUEJO·NGTV   YKTF



4QUGPQTFGP $TWUVUVGTP \WO &KIPKVCT WPF \WO 1HHK\KGT )QNF CWEJ FGT 5VGTPMQTRWU  GOCKNNKGTV CP   IQNFGPGT 0CFGN KO 1TKIKPCNGVWK FGT (KTOC 8KEVQT 4GUUG KP 4KQ FG ,CPGKTQ )+..5# 6CHGN +++ XCT   21.+#(CTDVCHGN  8'40 44+  9WPFGTUEJÌPIGCTDGKVGVGT1TFGPFGTXQPXKGNGP5COONGTPCNUUEJÌPUVGT1TFGPÒDGTJCWRVCPIGUGJGPYKTFKPHTÒJGT GEJVIQNFGPGT#WUHÒJTWPIWOFKG/KVVGFGU,CJTJWPFGTVU

7284 1:1



7285

4QUGPQTFGP4KVVGTFGMQTCVKQP)QNFGOCKNNKGTVCWHFGT8QTFGTUGKVGGKPG4QUGIGEJKRRVCWHFGT4ÒEM UGKVGFTGK4QUGPWPFGKPG5VGTPURKV\GIGEJKRRV&WTEJOGUUGTOOCOCNVGP1TKIKPCNDCPF)+..5# 521.+#(CTDVCHGN  8'40 4++p+++



5GJT HTÒJGU 'ZGORNCT CWU FGT 4GIKGTWPIU\GKV -CKUGT 2GFTQU + FCU PCEJ 2QNKCPQ KPUIGUCOV PWT  OCN Y·JTGPF   UGKPGT4GIKGTWPIXGTNKGJGPYWTFG



4QUGPQTFGP4KVVGTFGMQTCVKQP5KNDGTXGTIQNFGV<GPVTGP)QNFGOCKNNKGTVCWHFGT4ÒEMUGKVGHGJNVGKPG 'OCKNNGTQUG &WTEJOGUUGT  OO CO CNVGP 1TKIKPCNDCPF KO 1TKIKPCNGVWK CWU FGT 4GIKGTWPIU\GKV   2GFTQU++)+..5#521.+#(CTDVCHGN  8'40 ++ )TÌ­G#WUHÒJTWPIWPF#PHGTVKIWPIUSWCNKV·VNCUUGPCWHGKPG*GTUVGNNWPIKONGV\VGP8KGTVGNFGU,CJTJWPFGTVUUEJNKG­GP

76




7286

7288

$70&'54'27$.+- 5'+6  





1TFGP HÒT /CTKPGXGTFKGPUV )TQ­QHHK\KGTUUGV KP LÒPIGTGT #WUHÒJTWPI QJPG GOCKNNKGTVGU 9CRRGP CWH   FGT 4ÒEMUGKVG FGU -NGKPQFU  DGUVGJGPF CWU )TQ­QHHK\KGTUMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO   *CNUDCPFCDUEJPKVV WPF $TWUVUVGTP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV OKV NQUG DGKIGHÒIVGT 0C   FGN1#08'40 5VÒEM++



1TFGPHÒT/CTKPGXGTFKGPUV-QOOCPFGWTUGVKP·NVGTGT#WUHÒJTWPI OKVGOCKNNKGTVGO9CRRGPCWHFGT 4ÒEMUGKVG FGU -NGKPQFU  DGUVGJGPF CWU -QOOCPFGWTMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO *CNU   DCPFCDUEJPKVV \WUCOOGP OKV /KPKCVWT 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO $·PFEJGP OKV CWHIGNGIVGT   4QUGVVGWPF+PVGTKOURCPIGOKVCWHIGNGIVGT4QUGVVG1#08'40 5VÒEM



8GTFKGPUVQTFGPFGT$TCUKNKCPKUEJGP#MCFGOKGHÒT/KNKV·TOGFG\KPKP4KQFG,CPGKTQ$TQP\GXGTUKN DGTVVGKNYGKUGXGTIQNFGVGOCKNNKGTVCO*CNUDCPF&C\WPQEJ8GTFKGPUVOGFCKNNGPFGT#MCFGOKGCP $·PFGTP 5VÒEM+p++



7289

7289

$7.)#4+'0 (ª456'067/   

5V #NGZCPFGT1TFGP  /QFGNN   OKV -ÌPKIUMTQPG  5GV FGT  5VWHG DGUVGJGPF CWU   -TGW\5VWHG5KNDGTXGTIQNFGVWPFGOCKNNKGTVKPFGT6TCIGÌUGRWP\KGTVQJPG5EJWNVGTDCPFWPF$TWUV UVGTP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CP 0CFGN FKGUG RWP\KGTV &'0-   XCT -.'0   1#02'64154#/541$78'40<'+  5VÒEM4+p++  77


7290 1:1

<#4'067/   

5V#NGZCPFGT1TFGP/QFGNN  5GVFGT5VWHGHÒT&COGPKP$TKNNCPVGPDGUVGJGPFCWU -TGW\5VWHG)QNF5KNDGT'OCKNNGCWHFGT8QTFGTUGKVGDGUGV\VOKVEC&KCOCPV4QUGPKPWPVGT UEJKGFNKEJGT)TÌ­GKO)GUCOVIGYKEJVXQPECEV*ÌJG GKPUEJNKG­NKEJ4KPI OO$TGKVGOO )GYKEJVECITWPF$TWUVUVGTP)QNF5KNDGT'OCKNNGCWHFGT8QTFGTUGKVGDGUGV\VOKVEC&KC OCPV4QUGPKPWPVGTUEJKGFNKEJGT)TÌ­GKO)GUCOVIGYKEJVXQPECEV*ÌJGOO$TGKVGOO )GYKEJVECITCP0CFGNFCTCWH*GTUVGNNGT$G\GKEJPWPI%(416*'WPF9+'0-.'0 XCTXCT41$7$8'40<'+XCT 5VÒEM8QPITÌ­VGT5GNVGPJGKV+  &CU)TQ­MTGW\KP$TKNNCPVGPDGKFGOFKG8QTFGTUGKVGFGT+PUKIPKGPXQNNUV·PFKIOKV5VGKPGPDGUGV\VKUV KO)GIGPUCV\ \WFGP+PUKIPKGPFKGPWTGKPGP$TKNNCPVTKPIWOFCU/KVVGNOGFCKNNQPCWHYGKUGP YCTPWTHTGOFGP5QWXGT·PGPFGTGP )GOCJNKPPGPWPFJÌEJUVGP9ÒTFGPVT·IGTPCWUN·PFKUEJGT5VCCVGPXQTDGJCNVGP5QYWTFG\$CWEJ*GTOCPP)ÌTKPI UQNEJGKP)TQ­MTGW\UCV\XGTNKGJGP UKGJG0GWDGEMGT1&KG1TFGP*GTOCPP)ÌTKPIU(TKFKPIGP )TQ­MTGW\ UGVUKP$TKNNCPVGPFGU5V#NGZCPFGTQTFGPUHKPFGPUKEJWCKPFGP5COONWPIGPXQP5KOGQPXQP$WNICTKGPXQP&T #PVQPKQ5RCFCWPFFGU6QRMCRK2CNCUVGUKP+UVCPDWN'PFG0QXGODGTYWTFGKO.CWHGGKPGT#WMVKQPKP)GPHGKP XGTINGKEJDCTGT5GVJKGTLGFQEJKPFGT#WUHÒJTWPIHÒT*GTTGP\WO#WUTWHXQP%*(CPIGDQVGP  +O)GIGPUCV\\WFGP+PUKIPKGPHÒT*GTTGPUKPFFKGLGPKIGPHÒT&COGPKPFGT)TÌ­GNGKEJVTGFW\KGTV5QYGKUVFKGUGU )TQ­MTGW\PWTGKPG*ÌJGXQPOO IGIGPÒDGTECOOHÒT*GTTGPCWH FGT$TWUVUVGTPPWTGKPG*ÌJGXQP OO IGIGPÒDGT EC  OO  WPF GKPG $TGKVG XQP  OO IGIGPÒDGT EC  OO  CWH &KG $TKNNCPVGP+PUKIPKGP HÒT   &COGPUKPFPCVWTIGO·­PQEJYGKVCWUUGNVGPGTCNUFKGHÒT*GTTGPFCJKGTYKTMNKEJPWTFKG-ÌPKIKPPGP <CTKPPGP XQP $WNICTKGP WPF FKG )GOCJNKPPGP HTGOFGT 5QWXGT·PG CNU 6T·IGTKPPGP KP $GVTCEJV MCOGP #WH GKPGO DGK 4QOCPQHH  

4QOCPQHH2TKPEG&KOKVTK6JG1TFGTU/GFCNUCPF*KUVQT[QHVJG-KPIFQOQH$WNICTKC&-4WPIUVGF-[UV 5GKVG   RWDNK\KGTVGP 2JQVQ CWU FGT -ÌPKINKEJGP $KDNKQVJGM KP -QRGPJCIGP FCU <CTKP 'NGQPQTC XQP $WNICTKGP   )GOCJNKPFGU<CTGP(GTFKPCPF\GKIVKUVGKPFGTCTVKIGT)TQ­MTGW\UGV\WUGJGP#NUYGKVGTG$GNKGJGPGFÒTHVGP)KQ XCPPC<CTKPXQP$WNICTKGP)GOCJNKPFGU<CTGP$QTKU+++FKGNGV\VGTWUUKUEJG<CTKP#NGZCPFTC(GQFQTQYPCUQYKG GKPKIG YGPKIG )GOCJNKPPGP GWTQR·KUEJGT 5QWXGT·PG Y·JTGPF FGT 4GIKGTWPIU\GKV <CT (GTFKPCPFU DKU   KP $G   VTCEJVMQOOGP\WFGPGP$WNICTKGPUGJTIWVG$G\KGJWPIGPRHNGIVG  5GVXQPDGUVGEJGPFGT5EJÌPJGKVWPFCW­GTQTFGPVNKEJGT5GNVGPJGKV

78


7291







7293

7292

1TFGP HÃ&#x2019;T 8GTFKGPUV  /QFGNN   ·NVGTGU 2QTVTCKV <CT (GTFKPCPFU  /GFCKNNG  5VWHG   5KNDGT XGTIQNFGV CO &TGKGEMUDCPF &'0-  -.'0  1#0  2'641 5  41$7    8'40<'+ ++



1TFGPHÃ&#x2019;T8GTFKGPUV/QFGNN ·NVGTGU2QTVTCKV<CT(GTFKPCPFU 5VWHGHÃ&#x2019;T6CRHGTMGKV 5KNDGTCO$CPF&'0--.'01#02'641541$78'40<'+ ++



1TFGP HÃ&#x2019;T 8GTFKGPUV  /QFGNN !  2QTVTCKV <CT $QTKU OKV 9CRRGP KP PGWGTGT #WUHÃ&#x2019;JTWPI    /GFCKNNG  5VWHG 5KNDGT XGTIQNFGV CO &TGKGEMUDCPF &'0-  -.'0  1#0  2'641 5   41$78'40<'+ ++



7294

7294 7296 1:1







<KXKNXGTFKGPUVQTFGP/QFGNN MNGKPGTWPFHNCEJGTIGUVCNVGVG+PUKIPKGP -TGW\5VWHG 5KNDGT XGTIQNFGV WPF GOCKNNKGTV QJPG*CNUDCPF&'0--.'01#02'6415 4#/541$78'40<'+ ++



/KNKV·TXGTFKGPUVQTFGP/QFGNN -TGW\CTOGOKV4KRRGP -TGW\5VWHGQJPG-TQPG XGTUKNDGTVCOHCNUEJGP&TGKGEMUDCPFKO1TKIKPCNGVWKOKVFGO/QPQITCOO<CT(GTFKPCPFU DKU  &'0--.'01#052'6414#/541$78'40<'+  ++



/KNKV·TXGTFKGPUVQTFGP/QFGNN MNGKPGTWPFHNCEJGTIGUVCNVGVG+PUKIPKGP $TWUVUVGTP 5VWHG 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CP 0CFGN FKGUG RWP\KGTV &'0-  -.'0    1#052'64154#/541$78'40<'+ ++

 79


7297



/KNKV·TXGTFKGPUVQTFGP  /QFGNN   MNGKPGT WPF HNCEJGT IGUVCNVGVG +PUKIPKGP  -TGW\    5VWHG 5KNDGT XGTIQNFGV WPF GOCKNNKGTV KO $CPFTKPI RWP\KGTV QJPG *CNUDCPF &'0-  -.'0    XCT1#0XCT2'64154#/541$78'40<'+ ++



7298 1:1



'JTGP\GKEJGP FGU $WNICTKUEJGP 4QVGP -TGW\GU 5QPFGTCWUHÒJTWPI HÒT (ÒTUVNKEJMGKVGP  /QFGNN   )QNF VGKNYGKUG GOCKNNKGTV *ÌJG  OO $TGKVG  OO  2GTNGP CP 0CFGN CWH FGT 4ÒEMUGKVG   )QNFRWP\G  WPF *GTUVGNNGTDG\GKEJPWPI ,*9'40'4 KO 1TKIKPCNGVWK FGU *QHLWYGNKGTU , *   9GTPGTKP$GTNKP-.'0XIN41$7#XCT8'40<'+ 8QPITÌ­VGT5GNVGPJGKV+p++  5GJTUGNVGPGWPFDKUJGTPKEJVRWDNK\KGTVGITQ­G#WUHÒJTWPIKPJGTXQTTCIGPFGT3WCNKV·V



80

'JTGP\GKEJGP FGU $WNICTKUEJGP 4QVGP -TGW\GU -QPXQNWV XQP CEJV XGTUEJKGFGPGP #WU\GKEJPWPIGP   XGTUEJKGFGPG /GVCNNG CNNG VGKNYGKUG GOCKNNKGTV CP 0CFGNP QFGT 6TCIGUEJNGKHGP KP WPVGTUEJKGFNKEJGT   'TJCNVWPI2'64141$7####XCT  5VÒEM+p+++++p+++




7300

7302 1:1

7302 1:1



'JTGPMTGW\FGT1TVJQFQZGP-KTEJG$WNICTKGPU-TGW\-NCUUG5KNDGTXGTIQNFGVWPFGOCKNNKGTVWPF -TGW\-NCUUG5KNDGTGOCKNNKGTVLGYGKNUCO&TGKGEMUDCPF&'0-2'64141$7 5VÒEM++





'JTGPMTGW\FGT1TVJQFQZGP-KTEJG$WNICTKGPU-TGW\-NCUUG5KNDGTXGTIQNFGVWPFGOCKNNKGTVWPF -TGW\-NCUUG5KNDGTGOCKNNKGTVLGYGKNUCO&TGKGEMUDCPF&'0-2'64141$7 5VÒEM++



81.-5(41064')+'470)   

/KNKV·TQTFGP HÒT 6CRHGTMGKV  /QFGNN  ņ 8QTFGTUGKVG 5VGTPEJGP 4ÒEMUGKVG  CWH   ITÒPGT 'OCKNNG  -TGW\  5VWHG QJPG 5EJYGTVGT   5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO *CNUDCPFCD   UEJPKVV&'0--.'01#0XCT2'6415XCT4#/541$78'40<'+  8QPITQ­GT5GNVGPJGKV+p++  &CU/QFGNNYWTFGWPVGTFGT8QNMUHTQPVTGIKGTWPIKO,CJTGGKPIGHÒJTVWPFDKU\WO'PFGFGT/QPCTEJKGKO ,CJTGXGTNKGJGP'ORH·PIGTYCTGPPGDGPDWNICTKUEJGP1HHK\KGTGPCWEJUQYLGVKUEJGXQPFGPGPGKPKIG/CTUEJ·NNG FKG  QFGT FKG  5VWHG GTJKGNVGP 8GTNGKJWPIGP QJPG 5EJYGTVGT UKPF GZVTGO UGNVGP KPUDGUQPFGTG DGK FGP JÌJGTGP   -NCUUGP&CUXQTNKGIGPFG'ZGORNCTKUVQDINGKEJYKTGUHÒTGKPGKPYCPFHTGKGU\GKVIGPÌUUKUEJGU1TKIKPCNJCNVGPKPFGT WPUDGMCPPVGP.KVGTCVWTPKEJVPCEJIGYKGUGP&CUXQTNKGIGPFG/QFGNN  WPVGTUEJGKFGVUKEJXQPFGOUGJT ·JPNKEJCWUIGHÒJTVGP/QFGNN  FCFWTEJFC­DGKO/QFGNNFGT5EJTKHVTKPIFGT/GFCKNNQPUIQNFHCTDGP OKVUEJYCT\GKPIGNGIVGT5EJTKHVKUVYQJKPIGIGPDGKO/QFGNNFGT5EJTKHVTKPIITÒPGOCKNNKGTVOKVIQNFGPGT5EJTKHV KUV&KGUGJPNKEJMGKVJCVFC\WIGHÒJTVFC­FKGDGKFGP/QFGNNGQHVXGTYGEJUGNVYGTFGPWPFUQICTKPFGT(CEJNKVGTCVWT FKG+PUKIPKGPFGU/QFGNNUCNUFGO/QFGNN\WIGJÌTKIDG\GKEJPGVYGTFGP

7303



/KNKV·TXGTFKGPUVQTFGP/QFGNN FCUGJGOCNKIG4GXGTU\GPVTWOOKVFGO.ÌYGPYKTF \WO#XGTU\GPVTWOCWHFGO4GXGTU\GPVTWOUKPFLGV\VFKGDWNICTKUEJGP(CTDGP\WUGJGP -TGW\5VWHG QJPG -TQPG XGTUKNDGTV WPF GOCKNNKGTV CO &TGKGEMUDCPF &'0-  -.'0  1#0  2'641    4#/541$78'40<'+ ++

 81


7304 7305

%*+.' 



8GTFKGPUVQTFGP/QFGNN-QOOCPFGWTUFGMQTCVKQP#WUHÒJTWPIMQORNGVV 5VGTP/GFCKNNQPU-QPFQT WPF$CPFTKPI KP)QNFVGKNYGKUGGOCKNNKGTVGKPG5VGTPURKV\GOKV'OCKNNGUEJCFGPGKPGYGKVGTGOKV*CCT TKUU&WTEJOGUUGTOOQJPG*CNUDCPF)+..5#6CHGN+++XCT1#0XCT 4++p+++



-TGW\ XQP  )QNFGPGU -TGW\ )QNF GOCKNNKGTV OGJTGTG 5EJ·FGP KP FGT YGK­GP 'OCKNNG FGT   8QTFGTWPF4ÒEMUGKVGCO$CPFOKVGEJVIQNFGPGT6TCIGURCPIGWPFUKNDGTPGT$CPFURCPIG/#;1 )+..5#6CHGN8+++ 44+++



&CU -TGW\ KP )QNF FCU GKIGPVNKEJ GKP 5VGTP KUV YWTFG CP FKG 1HHK\KGTG XGTNKGJGP FKG CO UQ IGPCPPVGP   5CNRGVGTMTKGI XQO  (GDTWCT  DKU \WO  ,WPK  IGIGP $QNKXKGP WPF 2GTW VGKNPCJOGP &GT HÒT %JKNG   UKGITGKEJG-QPHNKMVHÒJTVG\WGKPGO9GNVOQPQRQN%JKNGUHÒT5CNRGVGT

7306



7307

7308

7309

.KOC(GNF\WIU-TGW\  )QNFGPGU -TGW\ )QNF VGKNYGKUG GOCKNNKGTV CO $CPF )+..5# 6CHGN   8+++ 4+p++



+O UQ IGPCPPVGP 5CNRGVGTMTKGI GTQDGTVGP CO  ,CPWCT  FKG EJKNGPKUEJGP 6TWRRGP WPVGT )GPGTCN $CSWGFCPQ   FKG *CWRVUVCFV 2GTWU .KOC &KG CP FKGUGO (GNF\WI VGKNPGJOGPFGP 1HHK\KGTG GTJKGNVGP FKGUGU -TGW\ KP )QNF FKG   7PVGTQHHK\KGTGKPXGTIQNFGVGO5KNDGTWPFFKG/CPPUEJCHVGPKP5KNDGT



.KOC(GNF\WIU-TGW\  5KNDGTPGU -TGW\ )QNF VGKNYGKUG GOCKNNKGTV CO DNCWGP $CPF OKV FGP   $CPFURCPIGP%*14+..15WPF/+4#(.14'5)+..5#6CHGN8+++ 4+p++



&CU)GHGEJVXQP%JQTKNNQUYCTCO,CPWCTWPFFCUXQP/KTCHNQTGUCO,CPWCTDGKFGKPFGTFKTGM VGP7OIGDWPIXQP.KOC

&0'/#4- 



82

&CPGDTQI1TFGP$TWUVUVGTP\WO-QOOCPFGWT-NCUUG/QFGNNCD5KNDGTVGKNYGKUGXGTIQNFGV WPFGOCKNNKGTVCP&QRRGNPCFGN%*4+56*'1,¤4):+-.'01#04#/ 58'40<'+ ++



&CPGDTQI1TFGP  /QFGNN   OKV /QPQITCOO -ÌPKI %JTKUVKCP :  4KVVGTMTGW\ 5KNDGT   XGTIQNFGVWPFGOCKNNKGTVCO$CPF%*4+56*'1XCT,¤4)8++XCT-.'01#0 4#/58'40<'+ +p




7310 1:1 7311

7312



&CPGDTQI1TFGP/QFGNN OKV/QPQITCOO-ÌPKI%JTKUVKCP: /KPKCVWTFGU4KVVGT MTGW\GU )QNF GOCKNNKGTV CO $CPF %*4+56  XCT *'1  XCT ,¤4) 8++ XCT 1#0    4#/5 +





&CPGDTQI1TFGP  /QFGNN  OKV/QPQITCOO-ÌPKI(TGFGTKM+: -QOOCPFGWTMTGW\ )QNF GOCKNNKGTV QJPG $CPFTKPI LGFQEJ OKV 1TKIKPCN*CNUDCPF %*4+56  *'1  ,¤4) 8++   XCT-.'01#0XCT4#/58'40<'+ +p++





&CPGDTQI1TFGP/QFGNN OKV/QPQITCOO-ÌPKI(TGFGTKM+: 4KVVGTMTGW\-NCUUG

UGKV 5KNDGTGOCKNNKGTVCO2GPVCIQPCNDCPF\WUCOOGPOKV/KPKCVWT5KNDGTGOCKNNKGTVCO$·PF EJGP KO 1TKIKPCNGVWK FGT (KTOC /KEJGNUGP KP -QRGPJCIGP %*4+56  *'1  ,¤4) 8++ XCT   -.'01#0XCT4#/58'40<'+ +



7314 7313 1:1



7316

(TGKJGKVUOGFCKNNG -ÌPKI %JTKUVKCPU : /KPKCVWT FGT /GFCKNNG 5KNDGT CO $·PFEJGP ,¤4)    4#/556'85 +



&KGUG/GFCKNNGYWTFGIGUVKHVGVWPFOCNXGTNKGJGP



&KGPUVCWU\GKEJPWPIU/GFCKNNG FGT /CTKPG  /QFGNN UGKV   OKV 5VGORGNUEJPGKFGT\GKEJGP   (- 5KNDGTCO2GPVCIQPCNDCPF,¤4)56'88'40 ++





&KGPUVCWU\GKEJPWPIU/GFCKNNG FGT /CTKPG  /QFGNN UGKV   OKV 5VGORGNUEJPGKFGT\GKEJGP   (- 5KNDGTCO2GPVCIQPCNDCPF,¤4)56'88'40 ++





0CVKQPCNQTFGP XQP &CJQOG[ 4KVVGTFGMQTCVKQP 5KNDGT XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV CO $CPF   1#0#41((6CHGNXCT

&#*1/';  83


7319

7318

7320

ex 7317

'%7#&14 

#DFQP%CNFGTQP1TFGP5GVFGTFTGK1TFGPUUVWHGP)QNF5KNDGTWPF$TQP\GXGTIQNFGVD\YXGTUKNDGTV VGKNYGKUGNCEMKGTVCP6TCIGURCPIGOKV$CPF)+..5#51#0 5VÃ&#x2019;EM++++p+++





8GTFKGPUVOGFCKNNGFGT4GRWDNKM'EWCFQTHÃ&#x2019;TFKG5VTGKVMT·HVG8GTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCP 6TCIGURCPIGOKV$CPF





-TGW\ HÃ&#x2019;T 'JTG WPF &KU\KRNKP #DVGKNWPI HÃ&#x2019;T FKG /CTKPG -TGW\  -NCUUG XGTIQNFGV WPF VGKNYGKUG   GOCKNNKGTVLGYGKNUCP6TCIGURCPIGOKV$CPF ++





&KGPUVCWU\GKEJPWPIU /GFCKNNGFGT5VTGKVMT·HVG5GVXQPFTGK'ZGORNCTGPKP)QNF ,CJTG 5KNDGT

,CJTG WPF$TQP\G ,CJTG XGTIQNFGVD\YXGTUKNDGTVVGKNYGKUGNCEMKGTVFKG5KNDGTUVWHGIGDTQEJGP WPFXGTUEJOWV\VLGYGKNUCP6TCIGURCPIGOKV$CPF 5VÃ&#x2019;EM+++8



7321

'.('0$'+0-ª56' 

84

0CVKQPCNQTFGP)TQ­MTGW\UGVDGUVGJGPFCWU)TQ­MTGW\5KNDGTXGTIQNFGVWPFGOCKNNKGTVOGJTGTGMNGKPG 'OCKNNGCWUDTÃ&#x2019;EJG KO /GFCKNNQPTKPI GKP MNGKPGT *CCTTKUU CWH GKPGO -TGW\CTO KO 6TCIGTKPI RWP\KGTV   OKVECEONCPIGO5EJ·TRGPUVÃ&#x2019;EMWPF$TWUVUVGTP5KNDGTXGTIQNFGVWPFGOCKNNKGTVCP0CFGNFKGUG RWP\KGTV1#041((6CHGNXCT 5VÃ&#x2019;EM++p




7322 7323 1:1



0CVKQPCNQTFGP -QOOCPFGWTMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV OGJTHCEJ RWP\KGTV GVYCU XGT   UEJOWV\VCO*CNUDCPFCDUEJPKVV1#041((6CHGNXCT ++p

'456'4'27$.+-   

7323 1:1



'56.#0&

1TFGPFGU(TGKJGKVUMTGW\GU-TGW\-NCUUGFGT#DVGKNWPI)QNFDNCWGOCKNNKGTV#WUHÃ&#x2019;JTWPIOKV GOCKNNKGTVGO'CWHFGT4Ã&#x2019;EMUGKVGMCWOUKEJVDCTGT'OCKNNGURTWPIKO<GPVTWOKO$CPFTKPIRWP\KGTV QJPG*CNUDCPF-#86CHGN+-.'08'409#.6CHGN+<'+ 4+p++



.CWV9CNVGTYWTFGPXQPFKGUGO-TGW\PWTCPGUVPKUEJG5VCCVUDÃ&#x2019;TIGTWPFCP#WUN·PFGTXGTNKGJGP

7324



7326

7327

1TFGP XQO 4QVGP -TGW\ 5KNDGTPG 8GTFKGPUVOGFCKNNG  /QFGNN $TQP\G XGTUKNDGTV VGKNYGKUG GOCKN   NKGTVCO2GPVCIQPCNDCPF-#86CHGN-.'08'409#.5HH<'+ ++



.CWV9CNVGTYWTFGFKG5KNDGTPG8GTFKGPUVOGFCKNNGKPFGP,CJTGPDKUPWTOCNXGTNKGJGP



/GFCKNNGFGU'UVPKUEJGP7PCDJ·PIKIMGKVUMTKGIGU$TQP\GCOHCNUEJGP$CPF-#86CHGN8'40 9#.6CHGN:++ ++



1TFGPFGU(TGKJGKVUMTGW\GU/QFGNN  -TGW\-NCUUGOKV5EJYGTVGTP5KNDGTXGTIQNFGVWPF YGK­GOCKNNKGTVCWHFGT4Ã&#x2019;EMUGKVGOKP-TCV\GTCWHGKPGO-TGW\CTOCO$CPFOKV5EJNGKHG$'4)*5 *#05GKVG*'1XCT-.'01#054#/56'68'40 94'&5<'+ 4+p



(+00.#0&



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGPFGU(TGKJGKVUMTGW\GU/QFGNN  -TGW\-NCUUGQJPG5EJYGTVGT5KNDGTXGTIQNFGVWPF YGK­ GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG OKP 1DGTHN·EJGPEJKRR CWH GKPGO -TGW\CTO CO $CPF $'4)* 5   *#05GKVG*'1XCT-.'01#054#/56'68'40 94'&5<'+ 4+p



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP

85


7329

7328



7330

1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG OKV 5EJYGTVGTP XGTIQNFGV WPF   UEJYCT\ MCNV  GOCKNNKGTV FKG UEJYCT\G 'OCKNNG CP FGP 4·PFGTP GVYCU CDIGRNCV\V CO $CPF OKV   5EJNGKHG$'4)*5*#05GKVG*'1-.'01#054#/5 6'68'4094'&5<'+ ++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP&KGUG-NCUUGKUVCWEJCPFGWVUEJG5QNFCVGPXGTNKGJGP YQTFGP



1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG QJPG 5EJYGTVGT XGTIQNFGV WPF DNCW   GOCKNNKGTVCO$CPF$'4)*5*#05GKVG*'1XCT-.'01#05 4#/56'68'4094'&5<'+ 4+p++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG OKV 5EJYGTVGTP XGTUKNDGTV WPF   UEJYCT\ MCNV GOCKNNKGTVCO$CPFOKV5EJNGKHG$'4)*5*#05GKVG*'1XCT -.'01#054#/56'68'4094'&5XCT<'+  +p++



*CPMKOQ IKDV HÃ&#x2019;T FKGUG -NCUUG GKPG 8GTNGKJWPIU\CJN XQP  CP 5KG KUV CWEJ CP \CJNTGKEJG FGWVUEJG 1HHK\KGTG   XGTNKGJGPYQTFGP

7331



7332

1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG QJPG 5EJYGTVGT XGTUKNDGTV WPF DNCW   GOCKNNKGTVCO$CPF$'4)*5XCT*#05GKVG*'1-.'01#05 4#/56'68'4094'&5XCT<'+ 4++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGPFGU(TGKJGKVUMTGW\GU/QFGNN  -TGW\-NCUUGOKVFGO4QVGP-TGW\XGTUKNDGTVWPF UEJYCT\ MCNV  GOCKNNKGTV UQYKG TQV GOCKNNKGTV CO $CPF $'4)* 5   *#0 5   *'1    -.'01#054#/56'68'4094'&5XCT<'+ ++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   (TGKJGKVUOGFCKNNG  -NCUUG 5KNDGT WPF  -NCUUG   $TQP\G&C\W/QFGNN  (TGKJGKVUOGFCKNNG-NCUUG5KNDGTWPF-NCUUG$TQP\G,GYGKNUCP $·PFGTP$'4)*5*#05 6CHGN *'1-.'0   1#0 5  4#/ 5  6'6   8'40     94'& 5    <'+ 5VÃ&#x2019;EM++ *CPMKOQIKDVHÃ&#x2019;TFKG(TGKJGKVUOGFCKNNG-NCUUGGKPG8GTNGKJWPIU\CJNXQPHÃ&#x2019;TFKG-NCUUG HÃ&#x2019;TFKG-NCUUGWPFHÃ&#x2019;TFKG-NCUUGCP&KGUG/GFCKNNGPUKPFCWEJCP\CJNTGKEJGFGWV UEJG5QNFCVGPXGTNKGJGPYQTFGP

86




7334



7335

7334

1TFGPFGU(TGKJGKVUMTGW\GU/QFGNN  -TGW\-NCUUGQJPG5EJYGTVGT5KNDGTXGTIQNFGVWPF YGK­GOCKNNKGTVCO*CNUDCPFCDUEJPKVV$'4)*5*#06CHGN*'1XCT-.'0 1#054#/56'68'4094'&5XCT<'+ 44+p++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG OKV 5EJYGTVGTP XGTIQNFGV WPF   UEJYCT\GOCKNNKGTVCO$CPFOKV5EJNGKHG$'4)*5*#06CHGN*'1-.'0 1#054#/56'68'4094'&5<'+ ++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP

7336



7337

7339

1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG QJPG 5EJYGTVGT XGTIQNFGV WPF DNCW   GOCKNNKGTV CO $CPF $'4)* 5   *#0 6CHGN   *'1  XCT -.'0  1#0 5    4#/56'68'4094'&5<'+ +p++

7340



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG OKV 5EJYGTVGTP XGTUKNDGTV WPF   UEJYCT\GOCKNNKGTVCO$CPFOKV5EJNGKHG$'4)*5*#06CHGN*'1XCT-.'0 1#054#/56'68'4094'&5XCT<'+ ++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG OKV 5EJYGTVGTP XGTUKNDGTV WPF   UEJYCT\GOCKNNKGTVCO$CPFOKV5EJNGKHG$'4)*5*#06CHGN*'1XCT-.'0 1#054#/56'68'4094'&5XCT<'+ ++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG QJPG 5EJYGTVGT XGTUKNDGTV WPF DNCW   GOCKNNKGTVCO$CPF$'4)*5XCT*#06CHGN*'1-.'01#05 4#/56'68'4094'&5XCT<'+ ++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGPFGU(TGKJGKVUMTGW\GU/QFGNN  -TGW\-NCUUGOKVFGO4QVGP-TGW\XGTUKNDGTVWPF UEJYCT\GOCKNNKGTVUQYKGTQVGOCKNNKGTVCO$CPF$'4)*5*#06CHGN*'1-.'0 1#054#/56'68'4094'&5XCT<'+ ++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP

87


7344

7341



7342

1TFGP FGU (TGKJGKVUMTGW\GU/QFGNN  -TGW\-NCUUGOKVFGO4QVGP-TGW\CO<KXKNDCPF XGTUKNDGTV WPF IGUEJY·T\V UQYKG TQV GOCKNNKGTV ,CJTGU\CJN CWH FGT 4ÒEMUGKVG GKPIGRT·IV CO $CPF   $'4)*5*#06CHGNXCT*'1-.'01#054#/56'6 8'4094'&5XCT<'+ ++



*CPMKOQ HÒJTV FKGUG -NCUUG CO <KXKNDCPF PKEJV GZVTC CWH &KG 8GTNGKJWPIGP FÒTHVGP KP FGT #P\CJN FGTGT OKV FGO   -TKGIUDCPF  GPVJCNVGPUGKP



1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG OKV 5EJYGTVGTP HÒT *KPVGTDNKGDGPG   XGTUKNDGTVWPFUEJYCT\GOCKNNKGTVCO$CPFOKV5EJNGKHG$'4)*5*#06CHGN*'1 XCT-.'0XCT1#054#/56'68'4094'&5XCT<'+ ++



1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   (TGKJGKVUOGFCKNNG  -NCUUG OKV FGO 4QVGP -TGW\   VGKNYGKUGTQVGOCKNNKGTVCO$CPF$'4)*5*#06CHGN*'1-.'01#0 54#/56'68'4094'&5<'+ ++



*CPMKOQIKDVHÒTFKGUG-NCUUGMGKPG8GTNGKJWPIU\CJNCP



*CPMKOQIKDVHÒTFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   /CPPGTJGKO -TGW\  -NCUUG $TQP\G XGTIQNFGV WPF   GOCKNNKGTV*ÌJGOO$TGKVGOO)GYKEJVECITQJPG8GTNGKJWPIUPWOOGTFKG#WHNCIG FWTEJXKGT0KGVGPOKVFGO-TGW\XGTPKGVGVLGFQEJGVYCUYCEMGNKICP5EJTCWDUEJGKDGOKV*GTUVGNNGTDG \GKEJPWPI570&38+568'.,'-5'6$'4)*5*#06CHGN*'1-.'0 1#054#/56'68'4094'&5<'+ 4+p++



1DYQJNPCEJFGO#TEJKXFGT(KTOC6KNNCPFGTKP*GNUKPMKPWTPWOGTKGTVG5VÒEMJGTIGUVGNNVYQTFGPUGKPUQNNGP UGNDUV FKG /WUGWOU5VÒEMG UKPF PWOGTKGTV  JCPFGNV GU UKEJ WPUGTGT /GKPWPI PCEJ WO GKP WPXGTNKGJGPGU 1TKIKPCN    'ZGORNCTFCGUCWEJCWHFGT4ÒEMUGKVGXQNNMQOOGPOKVFGPXGTNKGJGPGP5VÒEMGPÒDGTGKPUVKOOVWPFKP#WUHÒJTWPI WPF 8GTCTDGKVWPI PKEJVU OKV FGP PCEJ  JGTIGUVGNNVGP 'ZGORNCTGP FGT (KTOC 5QWXCN WPF 5VGKPJCWGT  .ÒEM \W   VWPJCV'UUVGNNVUQOKVGKPGPJGTXQTTCIGPFGP'TUCV\HÒTGKPPCJG\WWPDGUEJCHHDCTGUXGTNKGJGPGU'ZGORNCT*CPMKOQ IKDVHÒTFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP

7345



1TFGPFGU(TGKJGKVUMTGW\GU/QFGNN  -TGW\-NCUUGOKV5EJYGTVGTPCO<KXKNDCPF5KNDGT XGTIQNFGVWPFYGK­GOCKNNKGTVOKP1DGTHN·EJGPEJKRRCWHFGT8QTFGTUGKVGFGUTGEJVGP-TGW\CTOUKPFGT ¤UGRWP\KGTVCO*CNUDCPFCDUEJPKVV$'4)*5*#06CHGN*'1XCT-.'0 1#054#/56'6XCT8'4094'&5XCT<'+ ++ *CPMKOQIKDVHÒTFKGUG-NCUUGOKV-TKGIUWPFOKV<KXKNDCPFGKPG)GUCOV8GTNGKJWPIU\CJNXQPCP

88




7346

7347 7348



1TFGPFGU(TGKJGKVUMTGW\GU/QFGNN  -TGW\-NCUUGOKV5EJYGTVGTP5KNDGTXGTIQNFGVWPF YGK­GOCKNNKGTVKPFGT¤UGRWP\KGTVCO$CPFOKV5EJNGKHG$'4)*5*#06CHGN*'1 XCT-.'01#054#/56'68'4094'&5XCT<'+  ++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGPFGU(TGKJGKVUMTGW\GU/QFGNN  -TGW\-NCUUGOKV5EJYGTVGTPCO<KXKNDCPF5KNDGT XGTIQNFGV WPF YGK­ GOCKNNKGTV KP FGT ¤UG RWP\KGTV CO $CPF OKV 5EJNGKHG $'4)* 5   *#0   6CHGNXCT*'1XCT-.'01#054#/56'68'4094'& 5XCT<'+ 4++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGPFGU(TGKJGKVUMTGW\GU/QFGNN  -TGW\-NCUUGOKV5EJYGTVGTPWPF'KEJGPNCWDXGT IQNFGVWPFIGUEJY·T\VCO$CPFOKV5EJNGKHG$'4)*5XCT*#06CHGN*'1XCT -.'01#054#/56'68'4094'&5XCT<'+ ++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP

7349



7350

7351

1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG OKV 5EJYGTVGTP XGTIQNFGV WPF IG   UEJY·T\VCO$CPFOKV5EJNGKHG$'4)*5*#06CHGN*'1-.'01#05 4#/56'68'4094'&5<'+ ++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGPFGU(TGKJGKVUMTGW\GU/QFGNN  -TGW\-NCUUGOKV5EJYGTVGTPCO<KXKNDCPFXGTIQN FGV WPF IGUEJY·T\V CO $CPF OKV 5EJNGKHG $'4)* 5   *#0 6CHGN   XCT *'1  XCT   -.'01#054#/56'68'4094'&5XCT<'+ ++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGOKV-TKGIUWPF<KXKNDCPFGKPG)GUCOV8GTNGKJWPIU\CJNXQPCP



1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG QJPG 5EJYGTVGT XGTIQNFGV WPF DNCW   GOCKNNKGTV CO $CPF $'4)* 5   *#0 6CHGN   *'1  XCT -.'0  1#0 5    4#/56'68'4094'&5XCT<'+ 4+p++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP

89


7352 7353



7354

1TFGP FGU (TGKJGKVUMTGW\GU/QFGNN  -TGW\-NCUUGOKVFGO4QVGP-TGW\CO<KXKNDCPF XGTIQNFGV IGUEJY·T\V WPF TQV GOCKNNKGTV FKG UEJYCT\G 'OCKNNG CP FGP 4·PFGTP GVYCU CDIGRNCV\V CO   $CPF$'4)*5*#06CHGN*'1-.'01#054#/56'6 8'4094'&5<'+ ++



*CPMKOQ HÃ&#x2019;JTV FKGUG -NCUUG CO <KXKNDCPF PKEJV GZVTC CWH &KG 8GTNGKJWPIGP FÃ&#x2019;THVGP KP FGT #P\CJN FGTGT OKV FGO   -TKGIUDCPF  GPVJCNVGPUGKP



1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG OKV 5EJYGTVGTP XGTUKNDGTV WPF IG   UEJY·T\VCO$CPFOKV5EJNGKHG$'4)*5*#06CHGN*'1XCT-.'01#0 54#/56'68'4094'&5XCT<'+ ++



8CTKCPVG'KPRT·IWPIFGT,CJTGU\CJN*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG OKV 5EJYGTVGTP XGTUKNDGTV WPF IG   UEJY·T\VCO$CPFOKV5EJNGKHG$'4)*5*#06CHGN*'1XCT-.'01#0 54#/56'68'4094'&5XCT<'+ ++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP

7355



7356 7357

1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG QJPG 5EJYGTVGT XGTUKNDGTV WPF DNCW   GOCKNNKGTVCO$CPF$'4)*5XCT*#06CHGN*'1-.'01#05 4#/56'68'4094'&5XCT<'+ ++



*CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGGKPG8GTNGKJWPIU\CJNXQPCP



1TFGP FGU (TGKJGKVUMTGW\GU/QFGNN  -TGW\-NCUUGOKVFGO4QVGP-TGW\CO<KXKNDCPF XGTUKNDGTV IGUEJY·T\V WPF TQV GOCKNNKGTV CO $CPF $'4)* 5   *#0 6CHGN   *'1    -.'01#054#/56'68'4094'&5XCT<'+ ++



*CPMKOQ HÃ&#x2019;JTV FKGUG -NCUUG CO <KXKNDCPF PKEJV GZVTC CWH &KG 8GTNGKJWPIGP FÃ&#x2019;THVGP KP FGT #P\CJN FGTGT OKV FGO   -TKGIUDCPF  GPVJCNVGPUGKP



1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   -TGW\  -NCUUG OKV 5EJYGTVGTP HÃ&#x2019;T *KPVGTDNKGDGPG   XGTUKNDGTVWPFIGUEJY·T\VCO$CPFOKV5EJNGKHG$'4)*5*#06CHGN*'1XCT -.'01#054#/56'68'4094'&5XCT<'+ ++ *CPMKOQIKDVHÃ&#x2019;TFKGUG-NCUUGMGKPG8GTNGKJWPIU\CJNCP

90




7358



1TFGP FGT 9GK­GP 4QUG $TWUVUVGTP \WO )TQ­MTGW\  /QFGNN   CWH GKPGT 5VGTPURKV\G   UVGJGPF 5KNDGTVGKNYGKUGXGTIQNFGVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC.GOCKVTGKP 2CTKUCP0CFGN$'4)*5XCT*'1XCT-.'0XCT1#04#/5 6'6XCT8'40XCT94'&5<'+XCT 4++



0CEJ9TGFGYWTFGFKGUGU/QFGNNPWTDKUXGTNKGJGP'TIKDVHÒTFKGUGP<GKVTCWOUGKVFGT5VKHVWPIFGU1TFGPU GKPG)GUCOV#P\CJNXQP JÌEJUVGPU 8GTNGKJWPIGPCP

7360

7359

7359

7361



1TFGP FGT 9GK­GP 4QUG $TWUVUVGTP \WO -QOOCPFGWT  -NCUUG  /QFGNN   CWH GKPGT   5VGTPURKV\GUVGJGPF 5KNDGTVGKNYGKUGGOCKNNKGTVCWHFGT4ÒEMUGKVGOGJTHCEJRWP\KGTVCPXGTIQNFGVGT 0CFGN$'4)*5XCT*'1XCT-.'0XCT1#04#/56'6 XCT8'40XCT94'&5<'+XCT 4++



0CEJ9TGFGYWTFGFKGUGU/QFGNNYWTFGPWTDKUXGTNKGJGP'TIKDVHÒTFKGUGP<GKVTCWOUGKVFGT5VKHVWPIFGU 1TFGPUGKPG)GUCOV#P\CJNXQP JÌEJUVGPU 8GTNGKJWPIGPCP



1TFGP FGT 9GK­GP 4QUG 4KVVGTMTGW\  -NCUUG  6[R   UGPMTGEJV \WO -TGW\ UVGJGPFG   ¤UG 5KNDGTXGTIQNFGVWPFGOCKNNKGTV&WTEJOGUUGTOOCO$CPFOKV4QUGVVG$'4)*5 *'1  -.'0  XCT 1#0  XCT 4#/ 5  6'6  8'40  XCT 94'& 5   <'+XCT ++



9TGFGUEJTGKDVFCUUFKG4KVVGTMTGW\GDKUOKVUGPMTGEJV\WO-TGW\UVGJGPFGT¤UGXGTNKGJGPYQTFGPUKPF'TUV  YCT FWTEJ FGP )TQ­OGKUVGT FKG #PDTKPIWPI GKPGT 4QUGVVG CWH FGO $CPF FGU 4KVVGTMTGW\GU  -NCUUG IGUVCVVGV   YQTFGP5QOKVUKPFKPFKGUGO<GKVTCWOJÌEJUVGPU8GTNGKJWPIGPFKGUGU6[RUXQTIGPQOOGPYQTFGP



1TFGP FGT 9GK­GP 4QUG 4KVVGTMTGW\  -NCUUG  6[R CD   YCCIGTGEJV \WO -TGW\ UVGJGPFG   ¤UG 5KNDGTXGTIQNFGVWPFGOCKNNKGTV¤UGRWP\KGTVCO$CPFOKV4QUGVVG$'4)*5*'1 XCT-.'01#04#/56'68'4094'&5<'+ ++

 91


7363

7364

7362



1TFGPFGT9GK­GP4QUG4KVVGTMTGW\6[R UGPMTGEJV\WO-TGW\UVGJGPFG¤UG 5KNDGT GOCKNNKGTV&WTEJOGUUGTOOCO$CPF$'4)*5*'1XCT-.'0XCT1#0 XCT4#/56'68'40XCT94'&5<'+XCT ++



9TGFG UEJTGKDV FCUU FKG4KVVGTMTGW\GDKUOKVUGPMTGEJV\WO-TGW\UVGJGPFGT¤UGXGTNKGJGPYQTFGPUKPFWPF IKDVHÒTFKGUGP<GKVTCWOGKPG)GUCOV\CJNXQP JÌEJUVGPU 8GTNGKJWPIGPCP



1TFGP FGT 9GK­GP 4QUG 5KNDGTPGU <GKEJGP  /QFGNN   INCVVG 4ÒEMUGKVG 4QUG PKEJV   GOCKNNKGTV 5KNDGTCWHFGT4ÒEMUGKVG*GTUVGNNGTRWP\GFGT(KTOC6KNNCPFGTWPF5KNDGTRWP\GPCO$CPF $'4)*5XCT*'1XCT-.'01#04#/56'68'4094'&5 XCT<'+ 4++



&CU5KNDGTPG<GKEJGPFGU1TFGPUFGT9GK­GP4QUGFCUCWUUEJNKG­NKEJ(TCWGPXQTDGJCNVGPKUVYWTFGDKUKPFKGGT ,CJTGXGTNKGJGP+O,WPKDGUEJNQUUFCU1TFGPUMCRKVGNFCU<GKEJGPMÒPHVKIOKVGOCKNNKGTVGO/KVVGNOGFCKNNQP\W XGTNGKJGP$KUFCJKPYCTGPPCEJ9TGFG<GKEJGPKP5KNDGTXGTNKGJGPYQTFGP



1TFGP FGT 9GK­GP 4QUG 5KNDGTPGU <GKEJGP  /QFGNN ! CWUIGRT·IVG 4ÒEMUGKVG 4QUG GOCKN   NKGTV 5KNDGT¤UGRWP\KGTVCO$CPF$'4)*5*'1-.'01#04#/5 6'68'4094'&5<'+ 4++



#WUFGTCMVWGNNGP.KVGTCVWTKUV\WT<GKVPKEJV\WGTUGJGPYKGNCPIGFCU5KNDGTPG<GKEJGPXGTNKGJGPYWTFG

-- 7366 -7365



(KPPKUEJGT .ÌYGP1TFGP $TWUVUVGTP \WO )TQ­MTGW\ 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CWH   FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC 6KNNCPFGT WPF 5KNDGTRWP\GP CP XGTIQNFGVGT 0CFGN   $'4)*5*'1-.'01#0XCT4#/56'6XCT8'40 94'&5<'+ ++



NVGTG#PHGTVKIWPIOKVUGRCTCVIGRT·IVGP#WHNCIGP



92

(KPPKUEJGT.ÌYGP1TFGP-QOOCPFGWTUGV-NCUUGDGUVGJGPFCWU-QOOCPFGWTMTGW\5KNDGTXGTIQN FGVWPFGOCKNNKGTVKPFGT¤UGRWP\KGTVCO*CNUDCPFCDUEJPKVVWPF$TWUVUVGTP5KNDGTVGKNYGKUGXGTIQN FGV WPF GOCKNNKGTV CWH FGT 4ÒEMUGKVG 5KNDGTRWP\GP CP 0CFGN $'4)* 5   *'1  XCT    -.'01#0XCTXCT4#/56'68'4094'&5 <'+ 5VÒEM++




7367



7369

7368

(KPPKUEJGT .ÌYGP1TFGP -QOOCPFGWTMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV OKP #DURNKVVGTWPI KP   FGTTQVGP'OCKNNGFGU<GPVTWOUKPFGT¤UGRWP\KGTVCO*CNUDCPFCDUEJPKVV$'4)*5*'1  XCT -.'0  1#0  XCT 4#/ 5  6'6  8'40  94'& 5     <'+ ++





(KPPKUEJGT.ÌYGP1TFGP4KVVGTMTGW\-NCUUG5KNDGTXGTIQNFGVWPFGOCKNNKGTVKPFGT¤UGRWP\KGTV CO$CPFOKV4QUGVVG$'4)*5*'1XCT-.'01#0XCT4#/5 6'68'4094'&5<'+ ++





(KPPKUEJGT.ÌYGP1TFGP4KVVGTMTGW\5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVKPFGT¤UGRWP\KGTV CO$CPF$'4)*5*'1XCT-.'01#0XCT4#/58'40 8'4094'&5<'+ ++



(KPPKUEJGT.ÌYGP1TFGP4KVVGTMTGW\5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVKPFGT¤UGRWP\KGTV CO$CPF$'4)*5*'1XCT-.'01#0XCT4#/58'40 8'4094'&5<'+ ++



(KPPKUEJGT .ÌYGP1TFGP 8GTFKGPUVMTGW\ 5KNDGT VGKNYGKUG XGTIQNFGV WPFGOCKNNKGTVKPFGT¤UGRWP \KGTV CO $CPF $'4)*  *'1  -.'0  1#0  4#/ 5  8'40  8'40    94'&5<'+ ++







7374

7372 7373 1:1









1N[ORKUEJGU 8GTFKGPUVMTGW\ (KPPNCPFU -TGW\  -NCUUG 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CWH FGT   4ÒEMUGKVGOGJTHCEJRWP\KGTVCO*CNUDCPFCDUEJPKVV*'1-.'04#/56'6 8'40<'+ 4+p++



1N[ORKUEJGU 8GTFKGPUVMTGW\ (KPPNCPFU /KPKCVWT FGU 1TFGPU\GKEJGPU 5KNDGT GOCKNNKGTV CO $·PF   EJGP&C\W/KPKCVWTFGT¤UVGTTGKEJKUEJGP1N[ORKC/GFCKNNG5KNDGTCO$·PFEJGPXIN*'1 4#/5XIN6'66CHGN 5VÒEM+p++



5RQTVXGTFKGPUVMTGW\ (KPPNCPFU 8GTFKGPUVMTGW\ KP 5KNDGT XGTUKNDGTV VGKNYGKUG XGTIQNFGV GOCKNNKGTV   CO$CPF$'4)*5XCT*'1XCT-.'04#/56'68'40 94'&5<'+ ++



5RQTVXGTFKGPUVOGFCKNNG(KPPNCPFU$TQP\GCO$CPF*'1-.'04#/56'6 XCT8'4094'&5<'+ ++

 93


7376

7377

7380

7379 7378



.QVVC 5X·TF 8GTFKGPUVMTGW\ 5KNDGT VGKNYGKUG GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG OGJTHCEJ RWP\KGTV CO   $CPF$'4)*56'68'4094'&5 ++





.QVVC5X·TF8GTFKGPUVOGFCKNNG$TQP\GCO$CPF$'4)*56'68'4094'&5  ++





$NCWGU -TGW\ FGT (TGKYKNNKIGP 8GTVGKFKIWPI $TQP\G GOCKNNKGTV CO $CPF OKV 5RCPIG    6'68'40 ++





8GTFKGPUVMTGW\ FGT <KXKNGP 9CEJG 'KUGTPGU 8GTFKGPUVMTGW\ VGKNYGKUG XGTUKNDGTV WPF GOCKNNKGTV CO   $CPF$'4)*56'68'4094'&5 ++





8GTFKGPUVOGFCKNNGFGT<KXKNGP9CEJG$TQP\GCO$CPF6'68'4094'&5  ++



7383

7381 7382

7384

7385



6GKNPCJOG/GFCKNNG FGT <KXKNGP 9CEJG 8GTUKNDGTV CO $CPF 6'6  8'40  94'& 5     ++



*CWRVSWCTVKGTMTGW\6GKNYGKUGXGTUKNDGTVXGTIQNFGVWPFIGUEJY·T\VCO$CPFOKV#WHNCIG6'6 8'4094'& ++



 

-Ã&#x2019;UVGP#TVKNNGTKG-TGW\XGTIQNFGVWPFGOCKNNKGTVCO$CPF6'68'4094'& .CFQIC5GG/GFCKNNG$TQP\GCO$CPF6'68'4094'&5

 



9GUV-CTGNKGP+UVJOWU-TGW\6GKNYGKUGIGUEJY·T\VCO$CPF6'68'4094'&5  ++

94

++ ++






7386

7387

7388



/WQNC-TGW\8GTUKNDGTVVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCO$CPF6'68'4094'& ++





2KVM·TCPVC-TGW\ 8GTUKNDGTV VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CO $CPF 6'6  8'40    94'&5 ++





/KVVGN+UVJOWU 5EJNCEJV-TGW\ )GUEJY·T\V VGKNYGKUG XGTUKNDGTV CO $CPF OKV #WHNCIG 6'6    8'4094'& ++



7389

7390



-TGW\FGT&KXKUKQP#O$CPF6'68'4094'&



-TGW\FGT&KXKUKQP8GTUKNDGTVVGKNYGKUGIGUEJY·T\VCO$CPFOKV#WHNCIG6'68'40 94'& ++

7391

++

 

7392



.CRNCPF-TGW\6GKNYGKUG MCNV GOCKNNKGTVCO$CPF6'68'4094'&



/GFCKNNG HÃ&#x2019;T /GPUEJNKEJMGKV 2TQ $GPKIPKVCVG *WOCPC  FGU (KPPKUEJGP 4QVGP -TGW\G $TQP\G CO   $CPF6'66CHGN +p++

++

 



-QPXQNWVXQPCEJVXGTUEJKGFGPGP#WU\GKEJPWPIGPWPF#D\GKEJGP&CTWPVGTUGEJUXGTUEJKGFGPG8GT FKGPUVURCPIGPFGT<GPVTCNGP*CPFGNUMCOOGTUQYKGGKP#D\GKEJGPFGT4GTXG1HHK\KGTU5EJWNGCP5EJTCWD UEJGKDG8GTUEJKGFGPG/GVCNNGCP0CFGNPQFGT$·PFGTP6'6XCT 5VÃ&#x2019;EM++

 95


7394

7396

7397

7395

#0%+'04')+/' $+5 

(4#0-4'+%*



1TFGPXQO*GKNKIGP)GKUV-NGKPGU1TFGPUMTGW\KP5KNDGT&WTEJOGUUGTOOOKV5EJYCPGPRWP\G CPFGT¤UGCOCNVGPLGFQEJIGTKUUGPGP5GKFGPDCPF4#/5 ++





1TFGPFGUJN/KEJCGN1TFGPUMNGKPQFKO5VKNFGU,CJTJWPFGTVU)QNF CWEJFKG)NKGFGTFGT6TCIG MGVVG VGKNYGKUGGOCKNNKGTV*ÌJGOO$TGKVGOOECITXIN$174&$ 4++



9KTJCNVGPFKGUGU'ZGORNCTHÒTGKPGDGVQPVJKUVQTKUKGTGPFG#PHGTVKIWPICWUFGT\YGKVGP*·NHVGFGU,CJTJWPFGTVU 'U UVGNNV UQOKV GKPGP JGTXQTTCIGPFGP 'TUCV\ HÒT GKP PKEJV \W DGUEJCHHGPFGU \GKVIGPÌUUKUEJGU 1TKIKPCNGZGORNCT XQP   OWUGCNGO4CPIFCT



1TFGP FGU JGKNKIGP .C\CTWU WPF 7PUGTGT .KGDGP (TCW XQO $GTIG %CTOGN 1TFGPUMTGW\ ·NVGTGU   /QFGNN KO 5VKN FGU HTÒJGP  ,CJTJWPFGTVU 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO UR·VGTGP $CPF   4#/5 +p++



0KEJV\GKVIGPÌUUKUEJG#PHGTVKIWPI*GTXQTTCIGPFGU'TUCV\UVÒEMHÒTGKPKO1TKIKPCNPKEJV\WDGUEJCHHGPFGU'ZGORNCT

'456'5-#+5'44'+%*   

1TFGP FGT &TGK )QNFGPGP 8NKGUG 5R·VGTG #PHGTVKIWPI FGT 1TFGPUFGMQTCVKQP 5KNDGT XGTIQNFGV WPF   VGKNYGKUG GOCKNNKGTV CP 5VGNNG FGU (GWGTUVGKPU GKP #SWCOCTKP PKEJV IGRTÒHV  CO *CNUDCPFCDUEJPKVV   -.'01#08'40<'+ &GT1TFGPYWTFGXQP-CKUGT0CRQNGQP+KO,CJTGHÌTONKEJIGUVKHVGV#WHITWPFXQPNCWVGP2TQVGUVGPCWUFGO 7OHGNF FGU -CKUGTU YWTFGP LGFQEJ \WT <GKV FGU -CKUGTTGKEJU MGKPG +PUKIPKGP FGU 1TFGPU JGTIGUVGNNV WPF XGTNKGJGP   $GKFGOXQTNKGIGPFGP'ZGORNCTJCPFGNVGUUKEJWOGKPGQHHK\KGNNG0GWCPHGTVKIWPIFGT5VCCVNKEJGP/ÒP\GKP2CTKUKP FGPGT,CJTGP

96




7398 1:1

7399 1:1

<9'+6'4'56#74#6+10   

1TFGP FGU JN /KEJCGN /KPKCVWT FGU 1TFGPUMTGW\GU )QNF GOCKNNKGTV QJPG $·PFEJGP $174& %   1#0 4++





/KPKCVWTGPDCTGVV OKV  #WU\GKEJPWPIU/KPKCVWTGP $CTGVV )QNF RWP\KGTV FCTCWH   1TFGP FGU JN   .WFYKI 4KVVGTMTGW\ )QNF GOCKNNKGTV   /CNVGUGTQTFGP 4KVVGTMTGW\ )QNF GOCKNNKGTV OKV QTKIKPCN   $CPFUVÒEM 4+p++



5GJTJÒDUEJGU$CTGVVKPHGKPGT#PHGTVKIWPIUSWCNKV·VWO







7402 1:1

7401 1:1

7400 1:1

1TFGPFGT'JTGPNGIKQP/QFGNN  4GFWMVKQPFGT4KVVGTFGMQTCVKQP5KNDGT<GPVTGP)QNF GOCKNNKGTV'OCKNNGCWH8QTFGTWPF4ÒEMUGKVGUVCTMDGUEJ·FKIVZOOQJPG$CPF$174& $&'%43&'.-.'0XCT1#0XCT<'+XCT +8



'JTGP\GKEJGPFGT.KNKGFGT6TGWG .[UFGNC(KF¾NKV¾ .KNKGPFGMQTCVKQP#WUHÒJTWPIHÒTFKG.GKD YCEJGP )CTFGUFW%QTRU FGU-ÌPKIU)QNF5KNDGTVGKNYGKUGGOCKNNKGTV&WTEJOGUUGTOOKO$CPF TKPIRWP\KGTVCOCNVGP1TKIKPCN5GKFGPDCPF$174&.&'%1#058'40 4++



'JTGP\GKEJGPFGT.KNKGFGT6TGWG .[UFGNC(KF¾NKV¾ 4GFWMVKQPGKPGT.KNKGPFGMQTCVKQP#WU HÒJTWPIHÒTFKG0CVKQPCNICTFGXQP2CTKU5KNDGT<GPVTGP)QNFGOCKNNKGTVMNGKPG'OCKNNGEJKRRUCWHFGT 4ÒEMUGKVG &WTEJOGUUGT  OO CO $CPF #54 6CHGN ++ $174& 4 &'%  1#0    8'40 ++



7403 7404





'JTGP\GKEJGPFGT.KNKGFGT6TGWG .[UFGNC(KF¾NKV¾ .KNKGPMTGW\5KNDGT8QTFGTUGKVGP\GPVTWO )QNF GOCKNNKGTVOKP#WUDTÒEJGKPFGTDNCWGP'OCKNNGFGT4ÒEMUGKVGCOCNVGP1TKIKPCNDCPFFGT&¾ RCTVGOGPVU#WDG+PFTG0QTF5CÊPGGV.QKTGOKVCWHIGFTWEMVGO2QTVTCKVFGU-ÌPKIU#546CHGN++ $174&5&'%1#058'40 ++



'JTGP\GKEJGP FGT .KNKG FGT 6TGWG .[U FG NC (KF¾NKV¾   .KNKGPMTGW\ 5KNDGT GOCKNNKGTV &WTEJ   OGUUGTOORWP\KGTVCOUR·VGTGPGVYCUHNGEMKIGO$CPF#546CHGN++$174&0&'% 1#058'40 ++

 97


7405 1:1

7407 1:1

7406



'JTGP\GKEJGPFGT.KNKGFGT6TGWG .[UFGNC(KF¾NKV¾ 'JTGP\GKEJGPFGT.KNKG5KNDGTCOUR·VG TGP$CPF#546CHGN++$174&&'%1#058'40 ++





'JTGP\GKEJGPFGT.KNKGFGT6TGWG .[UFGNC(KF¾NKV¾ 'JTGP\GKEJGPFGT.KNKG5KNDGTCOQTKIK PCNCNVGP$CPFOKV$CPFURCPIG5KNDGTXGTIQNFGVOKVIGMTÌPVGT.KNKGPCWHNCIG#546CHGN++$174& (&'%1#058'40 ++



$ª4)'4-¤0+)67/   

1TFGPFGT'JTGPNGIKQP/QFGNN  /KPKCVWT\WT4KVVGTFGMQTCVKQP5KNDGT<GPVTGP)QNF GOCKNNKGTV&WTEJOGUUGTOOCO$·PFEJGP$174&#&'.1#0 +



(GKPUVIGCTDGKVGVG/KPKCVWTKPVCFGNNQUGT'TJCNVWPI

7408



7409

/KNKV·TKUEJGT5V.WFYKIU1TFGP4KVVGTMTGW\KPFGT6TCIGYGKUGXQPDKU)QNFGOCKNNKGTV \CJNTGKEJG 'OCKNNGUEJ·FGP CWH FGT 8QTFGT WPF 4ÒEMUGKVG /GFCKNNQPU FGU 1TFGPU FGT 'JTGPNGIKQP   MCPPGNKGTVGT$CPFTKPICO$CPF +PVGTGUUCPVG8CTKCPVG+++



#D  YCT FCU 6TCIGP FGU 4KVVGTMTGW\GU FGU .WFYKIU1TFGPU PWT PQEJ KP FGT (QTO QJPG FKG $QWTDQPGPNKNKGP   GTNCWDV

<9'+6'4'27$.+-   

/GFCKNNGHÒTFKG8GTYWPFGVGPXQODKU(GDTWCT5R·VGTG2T·IWPIOKV5VGORGNUEJPGKFGT )#.+2'5KNDGT&WTEJOGUUGTOOCO$CPF#54  &'%  &'.   ++

7410



7411

<9'+6'5-#+5'44'+%*   



98

/KNKV·TOGFCKNNG/QFGNN5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVMNGKPGT'OCKNNGCWUDTWEJCWHFGT 8QTFGTUGKVG 'OCKNNG FGT 4ÒEMUGKVG HGJNV HCUV XQNNUV·PFKI CO $CPF #54 6CHGN +8 $174& &   &'%$&'.1#04#/58'40 +++++



(TCP\ÌUKUEJGU 4QVGU -TGW\ 5KNDGTPG /GFCKNNG FGT 'TUVGP +PVGTPCVKQPCNGP #WUUVGNNWPI WPF -QPHGTGP\   FGU 4QVGP -TGW\GU KP 2CTKU  5KNDGT &WTEJOGUUGT  OO CWH FGT 4ÒEMUGKVG 'ORH·PIGTPCOG   /T&G5VCTEMKOQTKIKPCNTWPFGP8GTNGKJWPIUGVWK#545 +




7413

7412 1:1

7414

7415

&4+66'4'27$.+-   

1TFGPFGT'JTGPNGIKQP/QFGNN  /KPKCVWTFGT1HHK\KGTUFGMQTCVKQPKP.WZWUCWUHÒJTWPI )QNFGOCKNNKGTVOKV$TKNNCPVGP ¯LQWTIGHCUUVCWH'EJVJGKVPKEJVIGRTÒHV CO$·PFEJGPFKG\WIGJÌ TKIG4QUGVVGCDIGHCNNGP$174&$&'.XCT*'1XCT1#0XCT4#/5 +



*ÒDUEJGMNGKPG/KPKCVWTKPHGKPGT#PHGTVKIWPIUSWCNKV·VPCEJ



&GMQTCVKQPFGT$TKICFGFGT8QIGUGP#TOGG5KNDGTPGT5VGTP5KNDGTCO$CPF$4# #54$174&#&'% ++





6QPMKP/GFCKNNG/GFCKNNGHÒTFKG/CTKPG OKV)GHGEJVUQTVGP 5KNDGTOKV5VGORGNUEJPGK FGT&CPKGN&WRWKUOKVQNKXGPHÌTOKIGT¤UGCO$CPF#54$174&$&'%$&'. XCT8'40 ++



/CTQMMQ/GFCKNNG5KNDGTOKV5VGORGNUEJPGKFGT)'14)'5.'/#+4'CO$CPF





7416

++

7417 7418 1:1



$TWUVMTGW\GKPGU/KNKV·TIGKUVNKEJGP #WOÊPKGT 5KNDGTVGKNYGKUGGOCKNNKGTVOGJTGTG'OCKNNGCWUDTÒEJG XQTCNNGOKPFGTITÒPGP'OCKNNG*ÌJGOOQJPG6TCIGMQTFGN&'.8'40 ++p+++





%JCODQTF-TGW\'KPUGKVKIG#WUHÒJTWPIXGTIQNFGVWPFGOCKNNKGTVQJPG$CPF



++

*GKPTKEJ 8  )TCH XQP %JCODQTF   5QJP -ÌPKI -CTNU : XQP (TCPMTGKEJ NGV\VGT #PY·TVGT CWH FGP   HTCP\ÌUKUEJGP 6JTQP CWU FGT ·NVGTGP .KPKG FGT $QWTDQPGP XGTNKGJ FKGUGU -TGW\ CNU RGTUÌPNKEJGU #PGTMGPPWPIU\GK   EJGPXQTCNNGOHÒTIGNGKUVGVG7PVGTUVÒV\WPIDGKFGT&WTEJUGV\WPIUGKPGT6JTQPCPURTÒEJGPCEJFGO<WUCOOGPDTWEJ FGU<YGKVGP-CKUGTTGKEJU&COCNUDGUVCPFGPGTPUVJCHVG#DUKEJVGPYKGFGTGKPDQWTDQPKUEJGU-ÌPKITGKEJ\WGTTKEJVGP FKGLGFQEJWPVGTCPFGTGOFCTCPUEJGKVGTVGPFCUU*GPTKCWHMGKPGP(CNNFKG6TKMQNQTGCNU0CVKQPCNHNCIIGCM\GRVKGTGP YQNNVGWPFCWHFKG9KGFGTGKPHÒJTWPIFGUYGK­GP.KNKGPDCPPGTUDGUVCPF

8+'46'4'27$.+-   

GT/KPKCVWTGPURCPIG5RCPIGOKV/KPKCVWTGP 1TFGPFGT'JTGPNGIKQP/QFGNN   /KPKCVWT\WO)TQ­MTGW\5KNDGTXGTIQNFGVWPFGOCKNNKGTV$·PFEJGPOKV.KV\GWPF4QUGVVG 1TFGPFGT .GIKQP QH /GTKV FGT 8GTGKPKIVGP 5VCCVGP XQP #OGTKMC /KPKCVWT FGT -QOOCPFGWTUFGMQTCVKQP 5KNDGT   XGTIQNFGV WPF GOCKNNKGTV CWH FGT 4ÒEMUGKVG OKP 'OCKNNGEJKRR $·PFEJGP OKV #WHNCIG   1TFGP FGU   $TKVKUEJGP 'ORKTGU  /QFGNN UGKV   /KPKCVWT FGU -QOOCPFGWTMTGW\GU 5KNDGT XGTIQNFGV WPF   GOCKNNKGTV$·PFEJGPOKV#WHNCIG 4+p



+PVGTGUUCPVG MNGKPG /KPKCVWTGPURCPIG XQPFGTCWHITWPFFGT<WUCOOGPUVGNNWPICPIGPQOOGPYGTFGPMCPPFCUUUKG CWUFGO$GUKV\GKPGUHTCP\ÌUKUEJGP#TOGGIGPGTCNUQFGTGKPGU/CTUEJCNNUXQP(TCPMTGKEJUVCOOV+P(TCPMTGKEJKUVGU FWTEJCWUÒDNKEJ\WO5OQMKPIMGKPG/KPKCVWTGPURCPIGOKVCNNGP#WU\GKEJPWPIGPFGU+PJCDGTUUQPFGTPPWTGKPGOKV FGPFTGKQFGTXKGTJÌEJUVGP\WVTCIGP

99




7422

7421

7419

(ª0(6'4'27$.+- 5'+6 

0CVKQPCNGT8GTFKGPUVQTFGP4KVVGTFGMQTCVKQPXGTUKNDGTVWPFVGKNYGKUGGOCKNNKGTVCO$CPF

++



&4+66'$+5(ª0(6'4'27$.+- 5'+6  

(TCP\ÌUKUEJGU4QVGU-TGW\)TQ­G'JTGPOGFCKNNG/QFGNNXGTIQNFGVWPFGOCKNNKGTVCO$CPF&C\W YGKVGTG4QV-TGW\#WU\GKEJPWPIGPUQYKGFTGKYGKVGTGJWOCPKV·TG#WU\GKEJPWPIGP+PWPVGTUEJKGFNK EJGP/GVCNNGPVGKNYGKUGGOCKNNKGTVCP$·PFGTPKPWPVGTUEJKGFNKEJGP'TJCNVWPIGP  5VÒEM++++p++++++



)#$70 



1TFGPFGUSWCVQT5VGTPU/QFGNN OKV·NVGTGO5VCCVUYCRRGPCWHFGT4ÒEMUGKVG -QOOCPFGWTUFG MQTCVKQP XGTIQNFGV WPF GOCKNNKGTV 'OCKNNGCWUDTWEJ KP GKPGT 5RKV\G GVYCU XGTUEJOWV\V KO 4KPI RWP   \KGTVCO*CNUDCPFCDUEJPKVV41((6CHGN ++p+++



1TFGPFGUSWCVQT5VGTPU/QFGNN OKVPGWGO5VCCVUYCRRGPCWHFGT4ÒEMUGKVG -QOOCPFGWTUFG MQTCVKQPXGTIQNFGVWPFGOCKNNKGTVKO4KPIRWP\KGTVCO*CNUDCPF41((6CHGN +p++



7424 7423



0CVKQPCNGT8GTFKGPUVQTFGP-QOOCPFGWTUFGMQTCVKQPXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCO*CNUDCPF CDUEJPKVV41((6CHGN +p++





1TFGPFGT(TGWPFUEJCHV8GTIQNFGVWPFGOCKNNKGTVCO$CPF&C\W)CDWPKUEJGT1TFGPHÒTFKG0CVKQ PCNG$KNFWPIXGTUKNDGTVCO$CPF41((5 5VÒEM+



100


7425 1:1

7426 1:1

)4+'%*'0.#0& '456'5-¤0+)4'+%*   

'TNÌUGTQTFGP/QFGNN  $TWUVUVGTP5KNDGTTGRGTEKGTV#WHNCIGP)QNFGOCKNNKGTV&WTEJ OGUUGTOOCPGEJVGT0CFGN$'.&XCT-.'01#0XCT4#/541)4+ %6#<'XCT8'40<'+ 4+

&KG)TÌ­GFGU5VGTPUN·UUVFCTCWHUEJNKG­GPFCUUGUUKEJJKGTDGKWOGKPGP$TWUVUVGTP\WO)TQ­MTGW\JCPFGNPFÒTHVG YKGYQJNFKGGTUVGP5VCVWVGPMGKPG#PICDGPÒDGTFKG/C­GFGTUGNDGPOCEJGP2CRCVJCPCUQRQWNQU 2CRCVJCPCUQRQWNQU 'NKCU#6JG1TFGTQHVJG4GFGGOGTKPVJGVKOGQH1VJQP KPITGGMNCPIWCIG #VJGPU PGPPVHÒTFKG<GKVXQP DKUGKPG<CJNXQPKPUIGUCOV8GTNGKJWPIGPFGU)TQ­MTGW\GUWPFPWTFGU)TQ­MQOVWTU





'TNÌUGTQTFGP/QFGNN  $TWUVUVGTP5KNDGT#WHNCIGP)QNFGOCKNNKGTV&WTEJOGUUGT OO CP GEJV IQNFGPGT 0CFGN FKGUG OGJTHCEJ RWP\KGTV $'.&  XCT -.'0  1#0  XCT   4#/541)4+XCT6#<'XCT8'40<'+ 44++  5GJTUEJÌPIGCTDGKVGVGU'ZGORNCT&KG)TÌ­GFGU5VGTPUN·UUVFCTCWHUEJNKG­GPFCUUGUUKEJJKGTDGKWOGKPGP$TWUV UVGTP \WO )TQ­MQOOCPFGWT JCPFGNP FÒTHVG YKGYQJN FKG GTUVGP 5VCVWVGP MGKPG #PICDGP ÒDGT FKG /C­G FGTUGNDGP   OCEJGP

7427 1:1

7428



'TNÌUGTQTFGP  /QFGNN   -QOOCPFGWTMTGW\ MNGKPGTG #WUHÒJTWPI &WTEJOGUUGT    OO  )QNF GOCKNNKGTV OKV GTI·P\VGO $CPFTKPI CO MWT\GP *CNUDCPFCDUEJPKVV $'.&  -.'0    1#041)4+6#<'XCT8'40<'+ 4+p++ 



'TNÌUGTQTFGP/QFGNN  )QNFGPGU-TGW\)QNFGOCKNNKGTVCNVGTOKP'OCKNNGCWUDTWEJCWH FGO 8QTFGTUGKVGP5EJTKHVTKPI CO CNVGP GVYCU \GTUEJNKUUGPGP 1TKIKPCNDCPF OKV \GTFTÒEMVGT 4QUGVVG   $'.&&+/#6CHGN-.'01#04#/541)4+6#<'6CHGN8'40 <'+ 4++

)GO·­FGP'KPQTFPWPIUMCVGIQTKGPXQP6C\GFCMKUJCPFGNVGUUKEJJKGTDGKWOGKPG(GTVKIWPIFGT(KTOC9GKUJCWRVWPF 5ÌJPGKP*CPCW2CRCVJCPCUQRQWNQU 2CRCVJCPCUQRQWNQU'NKCU#6JG1TFGTQHVJG4GFGGOGTKPVJGVKOGQH1VJQP

KPITGGMNCPIWCIG #VJGPU PGPPVHÒTFKG<GKVXQPDKUGKPG<CJNXQPKPUIGUCOV8GTNGKJWPIGPFGU )QNFGPGP-TGW\GU



101


7429 1:1

7429 1:1



7429 1:1

'TNÌUGTQTFGP  /QFGNN  WPF   )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\ )QNF   GOCKNNKGTVHGKPUVG'OCKNNGOCNGTGKQJPG5EJWNVGTDCPFWPF$TWUVUVGTP5KNDGTTGRGTEKGTV#WHNCIGP)QNF GOCKNNKGTV HGKPUVG 'OCKNNGOCNGTGK CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC 2QOQUKU KP   #VJGP$'.&*'1-.'01#0XCTXCT4#/541)4+ #6#<'8'40<'+ 5VÒEM+  5GJT HGKPGT 5GV DGK FGO DGKFG +PUKIPKGP CWHITWPF FGT +FGPVKV·V FGT 'OCKNNGOCNGTGK OKVGKPCPFGT MQTTGURQPFKGTGP   (GKPG#PHGTVKIWPIUSWCNKV·VWO

7430



7430

'TNÌUGTQTFGP  /QFGNN  WPF   )TQ­MQOOCPFGWTUGV DGUVGJGPF CWU )TQ­MQO   OCPFGWTMTGW\ )QNF GOCKNNKGTV HGKPUVG 'OCKNNGOCNGTGK CO *CNUDCPFCDUEJPKVV WPF $TWUVUVGTP 5KNDGT   TGRGTEKGTV #WHNCIGP )QNF GOCKNNKGTV HGKPUVG 'OCKNNGOCNGTGK CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI   FGT(KTOC.GOCKVTGKP2CTKU$'.&*'1XCTXCT-.'01#0XCT XCT4#/541)4+#6#<'XCTXCT8'40<'+  5VÒEM+  5GJT HGKPGT 5GV DGK FGO DGKFG +PUKIPKGP CWHITWPF FGT +FGPVKV·V FGT 'OCKNNGOCNGTGK OKVGKPCPFGT MQTTGURQPFKGTGP   (GKPG#PHGTVKIWPIUSWCNKV·VWO

102


ex 7432

7431



7433

-TGW\ HÒT 6CRHGTMGKV  /QFGNN   5KNDGTPGU -TGW\ 5KNDGT OKV DGYGINKEJGT -TQPG  CO   $CPF&+/#6CHGNXCT$'.&4#/541)4+564#8'40<'+



)GO·­FGP7PVGTUEJGKFWPIUOGTMOCNGPDGK5VTCVQWFCMKUJGTXQTTCIGPFG#PHGTVKIWPIXQP)QFGVKP$GTNKP



)TKGEJKUEJGU 4QVGU -TGW\ -TGW\ HÒT FGP $CNMCPMTKGI  5KNDGT VGKNYGKUG GOCKNNKGTV CO HCN   UEJGP $CPF WPF $TQP\GOGFCKNNG HÒT FGP $CNMCPMTKGI  $TQP\G VGKNYGKUG GOCKNNKGTV CO $CPF   41)4+564# 5VÒEM



<9'+6'4'27$.+-   

2JÌPKZ1TFGP  /QFGNN   )QNFGPGU 4KVVGTMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO   $CPF&+/#6CHGN$'.&-.'04#/541)4+8'40<'+ +p++

7434



7435

<9'+6'5-¤0+)4'+%*   



1TFGP )GQTIU + )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CWH FGT   8QTFGTUGKVGFGUQDGTGP-TGW\CTO\YGKHCEJRWP\KGTVFCFWTEJOKP#DRNCV\WPIQJPG5EJWNVGTDCPFWPF $TWUVUVGTP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CP 0CFGN FKGUG OKV ITKGEJKUEJGT *GTUVGNNGTDG   \GKEJPWPI-'.#+&+5WPF2WP\KGTWPI$'.&*'1XCTXCT-.'01#0 4#/541)4+8'40<'+ 5VÒEM++p



1TFGP )GQTIU + )TQ­MQOOCPFGWTUGV DGUVGJGPF CWU )TQ­MQOOCPFGWTMTGW\ 5KNDGT XGTIQNFGV WPF   GOCKNNKGTV CO *CNUDCPFCDUEJPKVV WPF $TWUVUVGTP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CP 0CFGN   FKGUG OKV ITKGEJKUEJGT *GTUVGNNGTDG\GKEJPWPI -'.#+&+5 $'.&  *'1  XCT  XCT   -.'01#0XCT4#/541)4+8'40<'+  5VÒEM++

 103


7436 7437



1TFGP)GQTIU+)QNFGPGU4KVVGTMTGW\5KNDGTXGTIQNFGV VGKNYGKUGXGTDNCUUV GOCKNNKGTVCO$CPFOKV 4QUGVVG &+/# 6CHGN  XCT $'.&  *'1  -.'0  1#0  XCT 4#/ 5    41)4+8'40<'+ ++





2JÌPKZ1TFGP  /QFGNN   $TWUVUVGTP \WO )TQ­MTGW\ 5KNDGT VGKNYGKUG XGTIQNFGV CP   0CFGN FKGUG RWP\KGTV  $'.&  *'1  -.'0  1#0  4#/ 5  41)4+   8'40<'+ +p++



7438



7439 1:1

2JÌPKZ1TFGP/QFGNN#WUHÒJTWPI OKV/QPQITCOO-ÌPKI2CWNUCWHFGT4ÒEMUGKVG FGU-TGW\GU )TQ­MQOOCPFGWTUGVDGUVGJGPFCWU)TQ­MQOOCPFGWTMTGW\5KNDGTXGTIQNFGVWPFGOCKN NKGTV\CJNTGKEJG*CCTTKUUGKPFGP-TGW\CTOGPQJPG*CNUDCPFWPF$TWUVUVGTP5KNDGTVGKNYGKUGXGTIQN FGVCP0CFGNFKGUOKV*GTUVGNNGTDG\GKEJPWPI'/'$'.&*'1XCT-.'0 1#04#/541)4+8'40<'+ +++++





-ÌPKINKEJGT 1TFGP HÒT 9QJNV·VKIMGKV  /QFGNN   /KPKCVWT FGT 5KNDGTPGP &GMQTCVKQP   XGTUKNDGTVWPFGOCKNNKGTVCP/KPKCVWTUEJNGKHGOKV0CFGN4#/5 +





-QPXQNWV XQP  XGTUEJKGFGPGP #WU\GKEJPWPIGP &CTWPVGT /KNKV·TXGTFKGPUVOGFCKNNG  *GTUVGNNGT   5WG4KXCWF  -TKGIUMTGW\   -NCUUG -ÌPKINKEJGU /CTKPG -COR -TGW\ WPF FTGK 2HCFHKPFGTCWU   \GKEJPWPIGP &C\W GKPHCEJG -QRKG FGU 7PCDJ·PIKIMGKVUMTKGIU-TGW\  #NNG KP QTFGPVNKEJGP   'TJCNVWPIGPCP$·PFGTP 5VÒEM++



104


7441

7442 1:1 7443 1:1

7443 1:1

)4155$4+6#00+'0 

*QUGPDCPF1TFGP1TFGPUMNGKPQFKO5VKNFGU,CJTJWPFGTVU5KNDGTGOCKNNKGTV\CJNTGKEJG'OCKNNG CDRNCV\WPIGPKPFGT¤UGRWP\KGTVQJPG$CPF4#/5



9KTJCNVGPFKGUGU'ZGORNCTHÒTGKPGDGVQPVIGUEJKEJVNKEJG#PHGTVKIWPICWUFGT\YGKVGP*·NHVGFGU,CJTJWPFGTVU



5V 2CVTKEMU1TFGP #OVUCD\GKEJGP FGU 9CRRGPMÌPKIU FGU 1TFGPU 7NUVGT -KPI QH #TOU  )QNF   GOCKNNKGTVOKV'OCKNNGOCNGTGKGKPKIGQDGTHN·EJNKEJG-TCV\GT&WTEJOGUUGTOOQJPG$CPF-.'0 /;$4#/552+0-8'40<'+ 44++  0CEJ#WUHÒJTWPIWPF)GUVCNVWPIYQJNGKPG#PHGTVKIWPIXQO'PFGFGU,CJTJWPFGTVUCNUQCWUFGT(TÒJ\GKVFGU 1TFGPUFGTIGUVKHVGVYWTFG'UMÌPPVGUKEJUQOKVWOFCU#OVUCD\GKEJGPGKPGUFGTFTGKGTUVGP9CRRGPMÌPKIG 5KT9KNNKCO*CYMKPU  )GTCNF(QTVGUEWG  QFGT4GCT#FOKTCN5KT%JKEJGUVGT(QTVGUEWG    JCPFGNP *ÌEJUV UGNVGPG )GNGIGPJGKV \WO 'TYGTD GKPGU #OVUCD\GKEJGPU FGU FTKVVJÌEJUVGP DTKVKUEJGP 4KVVGTQT   FGPUFGTGPIOKVFGT)GUEJKEJVG+TNCPFUXGTYQDGPKUV



1TFGPFGU5VGTPUXQP+PFKGP 5VCTQH+PFKC 5GVGKPGU4KVVGT-QOOCPFGWTU -%5+-PKIJV%QO OCPFGT  DGUVGJGPF CWU &GMQTCVKQP GKPGU 4KVVGT-QOOCPFGWTU )QNF 5KNDGT VGKNYGKUG GOCKNNKGTV   \CJNTGKEJG&KCOCPVTQUGP#EJCV-COGGQJPG*CNUDCPFWPF$TWUVUVGTP5KNDGT#WHNCIGP)QNFGOCKN NKGTV \CJNTGKEJG &KCOCPVTQUGP CP GEJV IQNFGPGT 0CFGN -.'0   /;$  1#0     XCT4#/552+0-8'40<'+ 5VÒEM4+  #NVG#PHGTVKIWPIUSWCNKV·VWOXQPDGUVGEJGPFGT5EJÌPJGKV&GT1TFGPIGNCPIVGXQTYKGIGPFCPKPFKUEJG(ÒTUVGP \WT8GTNGKJWPI

105


7446 7444 1:1 7445





1TFGPFGU+PFKUEJGP4GKEJGU 1TFGTQHVJG+PFKCP'ORKTG /KPKCVWTFGT&GMQTCVKQPFGT/KVINKGFGT

%QORCPKQP  %+'   /QFGNN )QNF GOCKNNKGTV CWH FGT 4ÒEMUGKVG ITCXKGTV  CO $·PFEJGP   /;$1#04#/5 4+



1TFGP FGU $TKVKUEJGP 'ORKTGU 1TFGT QH VJG $TKVKUJ 'ORKTG   /QFGNN UGKV   <KXKNGU -QO   OCPFGWTMTGW\ %QOOCPFGT%$' 5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO*CNUDCPFCDUEJPKVVHÒT<KXKN *'1-.'0/;$1#04#/552+0-8'40<'+ +



*GTXQTTCIGPFG'TJCNVWPI



1TFGPFGU$TKVKUEJGP'ORKTGU 1TFGTQHVJG$TKVKUJ'ORKTG /KNKV·TKUEJG$TKVKUEJ'ORKTG/GFCKNNG

/QFGNN6[ROKV'++4UGKV 5KNDGTCO4CPFOKV6T·IGTKPUEJTKHV.'10#4&,1*0 $#4$'4COOKNKV·TKUEJGP$CPF*'1-.'0/;$1#04#/552+0- 8'40<'+ ++

7447





7448

-ÌPKINKEJGT 8KMVQTKC1TFGP -ÌPKINKEJGT 8KEVQTKC1TFGP -QOOCPFGWTMTGW\ 5KNDGT XGTIQNFGV WPF   GOCKNNKGTVOKV/CVTKMGNPWOOGT%CO*CNUDCPFCDUEJPKVV*'1XCT-.'0/;$ 1#04#/552+0-8'40<'+ ++



&KGUGU-TGW\YWTFG CWHITWPFUGKPGT/CVTKMGNPWOOGT CO,CPWCTCPFGPDTKVKUEJGP8GTNGIGT5KT(TGFGTKEM /CEOKNNCPXGTNKGJGP



1TFGP FGU JN ,QJCPPGU XQP ,GTWUCNGO 1TFGT QH 5V ,QJP QH ,GTWUCNGO  5GV GKPGU 4GEJVUTKVVGTU   DGUVGJGPF CWU *CNUMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV QJPG *CNUDCPF WPF $TWUVUVGTP 5KNDGT XGT   IQNFGV WPF GOCKNNKGTV \WO <GPVTWO JKP \YGK MNGKPG 'OCKNNGEJKRRU CP GEJV IQNFGPGT 0CFGN -.'0   /;$1#04#/552+0-61<58'40<'+  5VÒEM4++++p 5GNVGPGT5GVKP·NVGTGT#PHGTVKIWPI\W$GIKPPFGU,CJTJWPFGTVU

106




7450



7450

7449

1TFGP FGU JN ,QJCPPGU XQP ,GTWUCNGO 1TFGT QH 5V ,QJP QH ,GTWUCNGO  5GV GKPGU )PCFGPTKVVGTU   DGUVGJGPF CWU *CNUMTGW\ 5KNDGT GOCKNNKGTV OKV MWT\GO *CNUDCPFCDUEJPKVV WPF $TWUVUVGTP 5KNDGT   GOCKNNKGTVCWHFGO0CFGNDQEM*GTUVGNNGTDG\GKEJPWPIFGT(KTOC6Q[G-GPPKPIWPF5RGPEGTKP.QPFQP CP0CFGN-.'0/;$1#04#/552+0-61<58'40 <'+ 5VÒEM4++



1TFGPFGUJN,QJCPPGUXQP,GTWUCNGO 1TFGTQH5V,QJPQH,GTWUCNGO 1HHK\KGTUMTGW\HÒT&COGP 5KNDGTGOCKNNKGTV&WTEJOGUUGTOOCP&COGPUEJNGKHG-.'0/;$1#04#/ 552+0-61<58'40<'+ ++



5EJÌPGT WPF TGNCVKX UGNVGPGT 5GV KP GKPGT JGTXQTTCIGPFGP #PHGTVKIWPI FGT <YKUEJGPMTKGIU\GKV +O ,CJTG  DG   UEJNQUUFCU)GPGTCNMCRKVGNFGU1TFGPUFCUUFKG+PUKIPKGPFGT)PCFGPTKVVGTMÒPHVKIPWTPQEJCWUXGTUKNDGTVGO/GVCNN JGTIGUVGNNVYGTFGPUQNNVGP



5EJQPYWTFGFWTEJFGP1TFGPDGUEJNQUUGPFKG+PUKIPKGPMÒPHVKIPWTPQEJKPXGTUKNDGTVGO/GVCNNJGTUVGNNGP\WNCUUGP

7452

7451

7453



8KEVQTKC-TGW\7PXGTNKGJGPGU'ZGORNCTHÒTFKG/CTKPG$TQP\GCOCNVGP\GTUEJNKUUGPGP$CPF&'. 1#04#/5 ++





-ÌPKINKEJGU 4QVGU -TGW\  4Q[CN 4GF %TQUU -TGW\  -NCUUG 44%  GTUVG #WUICDG WPVGT -ÌPKIKP   8KEVQTKC 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CP &COGPUEJNGKHG /;$  4#/ 5  52+0-    8'40 4++



-ÌPKINKEJGU4QVGU-TGW\4Q[CN4GF%TQUU-TGW\-NCUUG #44% GTUVG#WUICDGWPVGT)GQTI8 5KNDGT VGKNYGKUG GOCKNNKGTV CP &COGPUEJNGKHG KO 1TKIKPCNGVWK FGU -TQPLWYGNKGTU )CTTCTF  %Q +P   .QPFQP/;$4#/552+0-8'40 ++





7454



#NNIGOGKPG'KPUCV\/GFCKNNGFGT/CTKPG 0CXCN)GPGTCN5GTXKEG/GFCN /GFCKNNG5KNDGTCWH FGO 4CPF YQJN CWVJGPVKUEJGT 6T·IGTPCOG 9 &19 /+&5*+2/#0 GKPG MNGKPG 4CPFMGTDG CO   $CPF OKV $CPFURCPIG  /#; $1#6 5'48+%'  $$/  /;$  EEZZXKKK 4#/ 5    52+0-8'40 44++  0CEJ/;$YWTFGPXQPFKGUGT$CPFURCPIGPWT5VÒEMXGTCWUICDV*KGTXQPGPVHKGNGPCPFKG$GUCV\WPIFGT5EJKHHG */54GFYKPIFGT*/54GRWNUGFGT*/58QNQPVCKTGWPFFGT*/57PFCWPVGF&KGUG5EJKHHG OKVEC/CPP$GUCV\WPIWPVGT-CRKV·P/'PPKUNCPFGVGPCO/CKKOMNGKPGP*CHGPXQP/QTIKQWDGK 6QWNQPYQDGKFGTGKPG6GKNFGT/·PPGTGKPG-CPQPGP$CVVGTKG\GTUVÌTVGPWPFFGTCPFGTGOGJTGTGDGNCFGPG*CPFGNU UEJKHHGGTQDGTVGPFKGIGTCFGFGP*CHGPXGTNCUUGPYQNNVGP9KTJCNVGPFKG4CPFRT·IWPIHÒTCWVJGPVKUEJÒDGTPGJOGP LGFQEJMGKPG)GY·JTNGKUVWPIJKGTHÒT

107


7456 1:1



7457 1:1

7455 1:1

#NNIGOGKPG'KPUCV\/GFCKNNGFGT/CTKPG 0CXCN)GPGTCN5GTXKEG/GFCN /GFCKNNG5KNDGTCWH FGO 4CPF PKEJV CWVJGPVKUEJGT TGPCOGF  6T·IGTPCOG ,15J $4190 GKPG MNGKPG 4CPFMGTDG CO   $CPFOKV$CPFURCPIG64#(#.)#4$$//;$NZZX4#/552+0-8'40  ++  0CEJ /;$ YWTFGP XQP FKGUGT $CPFURCPIG  5VÒEM XGTCWUICDV #WHITWPF FGU NGIGPF·TGP 5GGUKGIGU #FOKTCN   0GNUQPUÒDGTFKG(NQVVG0CRQNGQPUDGK6TCHCNICTCO1MVQDGTIGPKG­GPLGFQEJFKG/GFCKNNGPOKVFGTINGKEJ PCOKIGP$CPFURCPIGGKPUGJTJQJGU#PUGJGPDGK5COONGTP5VÒEMOKVPCEJIGYKGUGPGP1TKIKPCN0COGPMQUVGPVTQV\ FGTTGNCVKXGP*·WHKIMGKVEC'WTQ



#NNIGOGKPG 'KPUCV\/GFCKNNG FGT /CTKPG 0CXCN )GPGTCN 5GTXKEG /GFCN   /GFCKNNG 5KNDGT   6T·IGTPCOG CWH FGO 4CPF CDIGUEJNKHHGP OGJTGTG MNGKPG 4CPFFGNNGP CO $CPF OKV $CPFURCPIG   #.)+'45$$//;$ENZZXKK4#/552+0-8'40 ++



0CEJ /;$ YWTFGP XQP FKGUGT $CPFURCPIG  5VÒEM XGTCWUICDV  #O  #WIWUV  GTQDGTVG GKP DTKVKUEJ   PKGFGTN·PFKUEJGU'ZRGFKVKQPUMQTRUWPVGT#FOKTCN.QTF'ZOQWVJFKG5VCFV#NIKGTKP0QTFCHTKMC



/KNKV·TKUEJG #NNIGOGKPG 'KPUCV\OGFCKNNG /KNKVCT[ )GPGTCN 5GTXKEG /GFCN   /GFCKNNG 5KNDGT   CWH FGO 4CPF YQJN CWVJGPVKUEJGT 6T·IGTPCOG ,1*0 5722.' VJ 4')V QH (11 6 \YGK MNGKPG   4CPFFGNNGP WPF GKPG -TCV\GTUVGNNG \YKUEJGP 8QT WPF 0CEJPCOGP CO $CPF OKV  $CPFURCPIGP   6#.#8'4#5#.#/#0%#WPF8+6614+#$$//;$ZZKZZZKKK4#/5 52+0-8'40 ++



0CEJ $$/ YWTFGP FGP GJGOCNKIGP -·ORHGTP FGU  4GIKOGPVU \W (W­ D\Y KJTGP P·EJUVGP #PIGJÌTKIGP HÒT KJTG   6GKNPCJOG CP FGP UQ IGPCPPVGP 2GUPKPUWNC-TKGIGP CWH FGT URCPKUEJGP *CNDKPUGN CWH #PVTCI KPUIGUCOV PWT    5RCPIGP 6#.#8'4#  ,WNK    5RCPIGP 5#.#/#0%#  ,WNK   WPF  5RCPIGP   8+6614+#  ,WPK   XGTNKGJGP 9KT JCNVGP FKG 4CPFRT·IWPI HÒT CWVJGPVKUEJ ÒDGTPGJOGP LGFQEJ MGKPG   )GY·JTNGKUVWPIJKGTHÒT

7459

7458



7458

$CNVKMWO/GFCKNNG  5KNDGT QJPG 6T·IGTPCOGP CO PGWGP $CPF #54&'.$$/ /;$4#/552+0-8'40 ++



/GFCKNNGP QJPG 6T·IGTPCOGP YWTFGP XQTYKGIGPF CP HTCP\ÌUKUEJG 5QNFCVGP XGTNKGJGP FKG WPVGT DTKVKUEJGO -QO   OCPFQUVCPFGP



-TKO/GFCKNNG5KNDGTOKV6T·IGTPCOGP/#46+0COUR·VGTGPPKEJVICP\RCUUGPFGP$CPF OKV 5RCPIG 5'$#56121. #54  $174& # $4#  &'.  $$/  /;$    4#/552+0-8'40 +++ 8KGNIGVTCIGPGU'ZGORNCT

108




7460



7461

7462

-TKO/GFCKNNG5KNDGTQJPG6T·IGTPCOGPCOCNVGP1TKIKPCNDCPFOKV5RCPIG5'$#56121. #54  $174& # $4#  &'.  $$/  /;$  4#/ 5  52+0-    8'40 +



'ZGORNCT KP VCFGNNQUGT 'TJCNVWPI OKV UEJÌPGT CNVGT 2CVKPC /GFCKNNGP QJPG 6T·IGTPCOGP YWTFGP XQTYKGIGPF CP   HTCP\ÌUKUEJG5QNFCVGPXGTNKGJGPFKGWPVGTDTKVKUEJGO-QOOCPFQUVCPFGP



-TKO/GFCKNNG5KNDGTQJPG6T·IGTPCOGPQJPG$CPFWPF5RCPIGP#54$174&# $4#&'.$$//;$4#/552+0-8'40 ++



/GFCKNNGP QJPG 6T·IGTPCOGP YWTFGP XQTYKGIGPF CP HTCP\ÌUKUEJG 5QNFCVGP XGTNKGJGP FKG WPVGT DTKVKUEJGO -QO   OCPFQUVCPFGP



-TKO/GFCKNNG  5KNDGT QJPG 6T·IGTPCOGP CO CNVGP 1TKIKPCNDCPF OKV &WTEJ\WIU5RCPIG   5'$#56121.#54$174&#$4#&'.$$//;$4#/5 52+0-8'40 ++



/GFCKNNGP QJPG 6T·IGTPCOGP YWTFGP XQTYKGIGPF CP HTCP\ÌUKUEJG 5QNFCVGP XGTNKGJGP FKG WPVGT DTKVKUEJGO -QO   OCPFQUVCPFGP

7464

7463



-TKO/GFCKNNG4GFWMVKQP5KNDGT&WTEJOGUUGTOOQJPG6T·IGTPCOGPCO$CPFOKV5RCP IGP 5'$#56121. $#.#-.#8#+0-'4/#00WPF#./##54$174&$ $4#&'.$$//;$4#/552+0-8'40 4+



#NU4GFWMVKQPUGNVGP



#DGUUKPKGP-TKGI/GFCKNNG #D[UUKPKCP 9CT /GFCN   /GFCKNNG 5KNDGT CWH FGT 4ÒEMUGKVG 0Q   0#+37')12#..4#0#;VJ4')V$Q0+OGJTGTG4CPFMGTDGPWPF4CPFFGNNGPCWH FGT 4ÒEMUGKVG WPVGT FGT $GHGUVKIWPI FGT -TQPG UVCTMGT 4CPFUEJCFGP -TQPGPDGHGUVKIWPI CNV IGIN·VVGV   CO$CPF$$//;$4#/552+0-8'40 +++p



0CEJ$$/YWTFGPKPUIGUCOV/GFCKNNGPCP#TOGGCPIGJÌTKIGCWUIGIGDGP+O,CJTGJCVVG-ÌPKI6JGQ FQTXQPVJKQRKGPGKPG4GKJG#WUN·PFGTIGHCPIGPIGPQOOGPFCTWPVGTFGPDTKVKUEJGP-QPUWNGKPKIG/KUUKQPCTGWPF CPFGTGDTKVKUEJG5VCCVUDÒTIGT5KGYCTGPKP-GVVGPIGNGIVWPFPCEJFGT*CWRVUVCFV/CIFCNCXGTDTCEJVYQTFGP0CEJ LCJTGNCPIGP *KPCWU\ÌIGTWPIGP UGKVGPU FGT VJKQRKGT NCPFGVG UEJNKG­NKEJ GKP 'ZRGFKVKQPUMQTRU WPVGT )GPGTCNNGWVPCPV   5KT4QDGTV0CRKGTKPVJKQRKGP#O#RTKNGTQDGTVGGTFKGFCOCNKIG*CWRVUVCFV/CIFCNC0CEJFGO5GNDUV OQTF -ÌPKI 6JGQFQTU WPF FGT $GHTGKWPI FGT )GHCPIGPGP YWTFG /CIFCNC FGO 'TFDQFGP INGKEJIGOCEJV (ÒT FKGUG   $GHTGKWPIUCMVKQPYWTFG)GPGTCNNGWVPCPV0CRKGT\WO.QTF0CRKGTXQP/CIFCNCGTJQDGP

109


7465

7469 1:1,5



-CKUGTKPXQP+PFKGP/GFCKNNG 'ORTGUUQH+PFKC/GFCN 5KNDGTPG/GFCKNNG5KNDGTGKPG4CPF FGNNG&WTEJOGUUGTOOCO$CPF/;$4#/552+0-8'40 ++



'KPFTWEMUXQNNGU'JTGP\GKEJGPXQPITQ­GO(QTOCV



-QPXQNWVXQPXKGTXGTUEJKGFGPGPOKNKV·TKUEJGP/GFCKNNGP&CTWPVGT&KGPUVCWU\GKEJPWPIUOGFCKNNGFGT /CTKPG 0CXCN)GPGTCN5GTXKEG/GFCN /QFGNN)GQTI85KNDGTOKV4CPFRT·IWPI215$ 5#/2510 24+8#6' 4/.+ QJPG $CPF 7PVGTUEJKGFNKEJG /GVCNNG KP QTFGPVNKEJGT 'TJCNVWPI   VGKNYGKUGCP$·PFGTP 5VÒEM++



$TKVKUEJGU 4QVGU -TGW\ -QPXQNWV XQPHÒPHXGTUEJKGFGPGP#WU\GKEJPWPIGPFCXQPXKGTGOCKNNKGTVWPF FTGKOKV6T·IGTITCXWTGPFC\WGKPG&KGPUVCWU\GKEJPWPIUOGFCKNNGXQPFGO1TFGPFGUJN,QJCPPGUXQP ,GTWUCNGO 1TFGT QH 5V ,QJP QH ,GTWUCNGO  5KNDGT OKV 6T·IGTITCXWT  / / 9+,'574+;#   %';.1021.+%'%255,#$1 5VÒEM++





-QPXQNWV XQP XKGT XGTUEJKGFGPGP #WU\GKEJPWPIGP FGU $TKVKUEJGP 4QVGP -TGW\GU 8GTIQNFGV D\Y   XGTUKNDGTVLGYGKNUGOCKNNKGTVVGKNYGKUGOKV6T·IGTPCOGPLGYGKNUCO$CPFOKV6TCIGURCPIG5VÒEM++





1XCNG2QT\GNNCP2NCMGVVGOKVFGO2QTVTCKVXQP5KT#TVJWT9JKVVGP$TQYP*ÌJGOO$TGKVG OOOKV*GTUVGNNGTDG\GKEJPWPIFGT(KTOC9GFIGYQQFWPF,OKV#WHJ·PIGT +p++





5KT#TVJWT9JKVVGP$TQYP-$'  YCT0CXKICVQT5KT,QJP#NEQEMU-$'&5%DGKFGUUGPGTUVGT ªDGTSWGTWPIFGU#VNCPVKMUOKVGKPGO(NWI\GWI XQP5V,QJP UKP0GWHWPFNCPFPCEJ%NKHFGPKP+TNCPF XQODKU ,WPK

7470



7PDGMCPPVGUUEJQVVKUEJGU#OVUCD\GKEJGP$TQP\G5KNDGTXGTIQNFGVQJPG$CPF

4++

#WHFGTGKPGP5GKVGYQJNFGT8QTFGTUGKVGKUVFGTXQPFGTDTKVKUEJGP-ÌPKIUMTQPGÒDGTJÌJVG5EJKNFFGU-ÌPKITGKEJU 5EJQVVNCPF\WUGJGPCWHFGTCPFGTGPYQJNFGT4ÒEMUGKVGFGTJN#RQUVGN#PFTGCUOKVFGO#PFTGCUMTGW\#PFTGCU KUVFGT2CVTQP5EJQVVNCPFUWPFFGUUEJQVVKUEJGP&KUVGNQTFGPUFGU\YGKVJÌEJUVGP1TFGPUFGU8GTGKPKIVGP-ÌPKITGKEJU XQP)TQ­DTKVCPPKGPWPF0QTFKTNCPF1DGUUKEJJKGTDGKWOGKPG#OVUKPUKIPKGFGU&KUVGNQTFGPUJCPFGNVMCPPLGFQEJ PKEJVOKV$GUVKOOVJGKVIGUCIVYGTFGP

110




7472



7471

7472

-ÌPKINKEJGT #PVGFKNWXKCPKUEJGT 1TFGP FGT $ÒHHGN -QNNCPG FGU /GKUVGTU FGT /KFNCPF.QIG    $TQP\G OKV 4GUVXGTIQNFWPI VGKNYGKUG GOCKNNKGTV OGJTGTG MNGKPG 'OCKNNGCWUDTÒEJG CWH FGT 4ÒEMUGKVG   FKGUGU -NGKPQFU *GTUVGNNGTDG\GKEJPWPI FGT (KTOC * 5NKPIUD[  5QP KP 0WPGCVQP CWH 5COVWPVGTNCIG   CWHIGNGIV ++p



*#+6+ -¤0+)4'+%* *'04+%*4+5612*'  

-ÌPKINKEJGTWPF/KNKV·TKUEJGT1TFGPFGUJN*GKPTKEJ4KVVGTFGMQTCVKQP)QNFGOCKNNKGTV'OCKNNGOC NGTGKKOTÒEMUGKVKIGO<GPVTWO#DUEJÒTHWPIQJPG$CPF*#+65XCT1#0 4+p++



9KTJCNVGPFKGUGU5VÒEMHÒTGKPGPKEJV\GKVIGPÌUUKUEJGCDGTFGPPQEJCNVG#PHGTVKIWPIXQPJQJGT3WCNKV·V

111


7473

4'27$.+- 

0CVKQPCNQTFGP)TQ­MTGW\UGVDGUVGJGPFCWU)TQ­MTGW\5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO5EJWNVGT DCPFWPF$TWUVUVGTP5KNDGTCP0CFGNFKGUGRWP\KGTV*#+65W1#0XCT  5VÒEM++ NVGTGJGTXQTTCIGPFG#PHGTVKIWPI



7476 1:1

7475

7474



0CVKQPCNQTFGP-QOOCPFGWTMTGW\5KNDGTXGTIQNFGVWPFGOCKNNKGTVCWHFGT4ÒEMUGKVGOGJTGTG'OCKN NGCWUDTÒEJG KO 5EJTKHVTGKH GVYCU XGTUEJOWV\V KO 6TCITKPI OGJTHCEJ RWP\KGTV CO *CNUDCPFCDUEJPKVV   *#+651#0 ++p+++





1TFGP 2GVKQP WPF $QNKXCT $TWUVUVGTP \WO )TQ­MTGW\ 5KNDGT XGTIQNFGV CP 0CFGN FKGUG RWP\KGTV   *#+651#0 ++





1TFGPFGU5VGTPUXQP1\GCPKGP/KPKCVWTFGU1TFGPUMNGKPQFU5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKN NKGTVQJPG$·PFEJGP/'&%51#0 44+

*#9#++ (GKPG /KPKCVWT FKGUGU UGJT UGNVGPGP 1TFGPU FGT PWT \YGKOCN KP FGT )TQ­QHHK\KGTUMNCUUG CEJVOCN KP FGT -QOOCP   FGWTMNCUUG FTGKOCN KP FGT 1HHK\KGTUMNCUUG WPF \YÌNHOCN KP FGT 4KVVGTMNCUUG CNUQ KP CNNGP -NCUUGP KPUIGUCOV PWT   OCNKPFGP,CJTGPXQPDKUXGTNKGJGPYWTFG

112




7477

7478

7478

4'27$.+- 5'+6  

+0&+'0

/GFCKNNG FGU +PVGTPCVKQPCNGP 2TWVJKXK2TGKUGU )QNFGPG /GFCKNNG  Hร’T 2JKNQUQRJKG 5KNDGT )QNF  

KPUIGUCOV EC  IT  CWH FGT 4ร’EMUGKVG 9KFOWPIUITCXWT  &4 * 8 '7.'4 CP 6TCIGรŒUG   KO1TKIKPCNGVWKFGT5VCCVNKEJGP/ร’P\GKP$QODC[ 44+p



'KPFTWEMUXQNNGWPFUGJTUGNVGPG2TGKUOGFCKNNG

+06'40#6+10#.')'5'..5%*#(6514&'0 

25'7&1&;0#56+5%*'+06'40#6+10#.')'5'..5%*#(6514&'0 /QIQNG1TFGP1TFGPUFGMQTCVKQP)QNFVGKNYGKUGGOCKNNKGTVCO$CPF

44++p



'ZVTGOUGNVGPG&GMQTCVKQPGKPGU1TFGPUFGTIGIGP'PFGFGU,CJTJWPFGTVUXQPGKPGTKP2CTKUGZKNKGTVGPKPFKUEJGP 2TKP\GUUKPXGTNKGJGPYWTFG

7479 7480



1TFGP FGT JN -CVJCTKPC XQO $GTIG 5KPCK 4KVVGTMTGW\ 5KNDGT VGKNYGKUG XGTIQNFGV GOCKNNKGTV \YGK   -TGW\URKV\GP NGKEJV XGTDQIGP LGFQEJ QJPG 'OCKNNGUEJCFGP OKP 'OCKNNGEJKRRU CO $CPF 1#0     ++



/GNWUKPGP1TFGP-QOOCPFGWTMTGW\5KNDGTXGTIQNFGVWPFGOCKNNKGTVOKP(GJNGTKO/KVVGNUEJKNFCO URยทVGTGP*CNUDCPFCDUEJPKVV1#0 4++



)W[FG.WUKIPCPGTJQDFGP#PURTWEJCWUFGT(COKNKG.WUKIPCPFGTGJGOCNKIGP-รŒPKIGXQP<[RGTPWPFXQP,GTW UCNGOCD\WUVCOOGPFKGFKG+PUGNXQPDKUTGIKGTVGP'TPCPPVGUKEJHQTVCPMรŒPKINKEJGT2TKP\XQP,GTWUC NGO<[RGTPWPF#TOGPKGPWPFDGNGDVGKO,CJTGFGPIGOยทยญGKPGT.GIGPFGDGTGKVUIGITร’PFGVGP1TFGPPGW WPFXGTNKGJKJPHQTVCPKPGKPGT-NCUUGDKU\WUGKPGO6QFGKO,CJTG



+O ,CJTG  GTPGWGTVG /CTKG FG .WUKIPCP )GOCJNKP )W[ FG .WUKIPCPU UQ IGPCPPVGT -รŒPKINKEJGT 2TKP\ XQP   ,GTWUCNGO<[RGTPWPF#TOGPKGPFGPIGOยทยญGKPGT.GIGPFGUEJQPIGUVKHVGVGP1TFGP&GT1TFGPYWTFGDKU \WO6QFG)W[FGU.WUKIPCPUKO,CJTGXGTNKGJGP

113


7482

7483

7481



/GNWUKPGP1TFGP4KVVGTMTGW\5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO$CPF1#0

++



-CKUGTNKEJGT -QPUVCPVKPKCPKUEJGT /KNKV·TKUEJGT 1TFGP XQO JN )GQTI )TQ­MTGW\ XGTIQNFGV WPF   GOCKNNKGTV&WTEJOGUUGTOOQJPG$CPF ++

 

&GT 1TFGP YKTF XQP GKPGO FGT \CJNTGKEJGP JGWVKIGP 2UGWFQ6JTQPCPY·TVGT FGU  WPVGTIGICPIGPGO QUVTÌOK   UEJGP-CKUGTTGKEJGU OKV5KV\KP-QPUVCPVKPQRGN XGTNKGJGP



1TFGP FGT 0QTOCPPKUEJGP -TQPG XQP#NVCXKNNC)TQ­QHHK\KGTUUGVDGUVGJGPFCWU)TQ­QHHK\KGTUMTGW\ XGTIQNFGV WPF GOCKNNKGTV CO *CNUDCPFCDUEJPKVV WPF $TWUVUVGTP XGTUKNDGTV VGKNYGKUG XGTIQNFGV WPF   GOCKNNKGTV FCU /KVVGNOGFCKNNQP WPUCEJIGO·­ CWHIGMNGDV FGUJCND \CJNTGKEJG -NGDUVQHHURWTGP CWH FGP   -TGW\CTOGPCP0CFGN 5VÒEM++++p+++



&GT1TFGPYKTFXQO*GT\QIXQP#NVCXKNNC *CWVGXKNNG XGTNKGJGPFGO2T·VGPFGPVGPCWHFKG-TQPGFGU0QTOCPPK UEJGP-ÌPKITGKEJU5K\KNKGP  

7484

7485

+06'40#6+10#.')'5'..5%*#(6514&'0706'4-+4%*.+%*'/ 2416'-614#6 

1TFGP 7PUGTGT .KGDGP (TCW XQP /GTEGFGU -QOVWTMTGW\ XGTIQNFGV WPF GOCKNNKGTV OKP 'OCKN   NGEJKRRCWHGKPGT5GKVGCO*CNUDCPFCDUEJPKVV ++



*GTXQTTCIGPFG·NVGTG#PHGTVKIWPI



'TKPPGTWPIUMTGW\ \WO L·JTKIGP $GUVGJGP FGT -NÌUVGT CWH FGO $GTI #VJQU KO ,CJTG    /QFGNN  5KNDGTXGTIQNFGVCO*CNUDCPFCDUEJPKVV 4+p++ 6C\GFCMKUHÒJTVKPUGKPGO#WHUCV\KO$WEJÒDGTFKG1TFGP-QPTCF#FGPCWGTU 6COOCPP)#PFTGCUWPF*QOOGN 'PIGNDGTV&KG1TFGPWPF'JTGP\GKEJGP-QPTCF#FGPCWGTU6JG1TFGTUCPF&GEQTCVKQPUCYCTFGFVQ-QPTCF#FG PCWGT$CF*QPPGH5H CWUFCUUFGTÌMWOGPKUEJG2CVTKCTEJ#VJGPCIQTCUFCU-TGW\CWUFGOQC)TWPF KO,CJTGIGUVKHVGVJCV5QJCVCWEJ-QPTCF#FGPCWGTFCU-TGW\KO,WPKGTJCNVGP0CEJFGP,WDKN·WOUHGK GTNKEJMGKVGP HWJT #VJGPCIQTCU HQTV FCU -TGW\ CNU RGTUÌPNKEJG #PGTMGPPWPI \WXGTNGKJGP+O,CJTGYWTFGFCU -TGW\ KP GKPGP OGJTMNCUUKIGP 1TFGP XQO JN #PFTGCU WOIGYCPFGNV FGT UEJNKG­NKEJ DKU \WO 6QFG #VJGPCIQTCU    XGTNKGJGPYWTFG

114




7487

7486



1TFGP7PUGTGT.KGDGP(TCWFGT)QVVGUIGD·JTGTKP1TFGPUFGMQTCVKQPXGTUKNDGTVVGKNYGKUGXGTIQNFGV WPFNCEMKGTVQJPG*CNUDCPF 4++



&KGUGT 1TFGP YKTF XQP GKPGO WPDGMCPPVGP ITKGEJKUEJQTVJQFQZGP 2CVTKCTEJGP QFGT 'T\DKUEJQH FGU 0CJGP 1UVGPU   XGTNKGJGP



1TFGPFGTJN#RQUVGN2GVTWUWPF2CWNWU$TWUVUVGTPXGTUKNDGTVVGKNYGKUGXGTIQNFGVWPFNCEMKGTVOKP 4GRCTCVWTGPCP0CFGN 44++



&KGUGT1TFGPYKTFXQOITKGEJKUEJQTVJQFQZGP2CVTKCTEJGPXQP#PVKQEJKCHÒT8GTFKGPUVGWOFCU2CVTKCTEJCVXGTNKGJGP WPFKUVUGJTUGNVGP\WHKPFGP

7488



1TFGP 7PUGTGT .KGDGP (TCW XQP $GVNGJGO 5GV FGT )PCFGP)TQ­QHHK\KGTG DGUVGJGPF CWU )TQ­QHHK   \KGTUMTGW\XGTIQNFGVWPFGOCKNNKGTVCO*CNUDCPFCDUEJPKVVWPF$TWUVUVGTPXGTUKNDGTVVGKNYGKUGXGTIQN FGV WPF GOCKNNKGTV CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC #NDGTVK KP /CKNCPF CP 0CFGN    5VÒEM++ NVGTG#PHGTVKIWPICWUFGPGT,CJTGP

 115


7489



7490

2CVTKCTEJCNKUEJGT1TFGPFGU*GKNKIGP-TGW\GU\W,GTWUCNGO)TQ­QHHK\KGTUUGVDGUVGJGPFCWU)TQ­QH HK\KGTUMTGW\ XGTIQNFGV WPF GOCKNNKGTV OKP -QTTQUKQPUUVGNNGP CP FGT -TQPG *CNUDCPFCDUEJPKVV WPF   $TWUVUVGTP XGTUKNDGTV VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT   (KTOC5,QJPUQPKP/CKNCPFWPF4QOCP0CFGN 5VÒEM++



&GT1TFGPUVCPFWPVGTFGO2CVTQPCVFGUKP\YKUEJGPXGTUVQTDGPGP2CVTKCTEJGP/CZKOQU8*CMKO)TKGEJKUEJ/GN MKVKUEJ-CVJQNKUEJGT2CVTKCTEJXQP#PVKQEJKGPWPFFGOICP\GP1TKGPVXQP#NGZCPFTKGPWPFXQP,GTWUCNGO



)TKGEJKUEJ1TVJQFQZGT 1TFGP XQO *GKNKIGP )TCD 4KVVGTFGMQTCVKQP XGTIQNFGV WPF VGKNYGKUG GOCKN   NKGTVCWHFGT4ÒEMUGKVGRNQODKGTVG4GNKSWKGPMCRUGNOKVGKPNKGIGPFGT4GNKSWKGCO$CPF 4+p++



&KG+PUKIPKGPFGT4KVVGTMNCUUGUKPFTGEJVUGNVGPKO8GTINGKEJ\WFGPYGUGPVNKEJJ·WHKIGTCP\WVTGHHGPFGP+PUKIPKGPFGT JÌJGTGP-NCUUGP

7491

7492 7493

51056+)'+06'40#6+10#.')'5'..5%*#(6514&'0 

5QWXGT·PGT WPF /KNKV·TKUEJGT 1TFGP FGU 6GORGNU XQP ,GTWUCNGO KP (TCPMTGKEJ  /KPKCVWT FGU   1TFGPUMTGW\GU)QNFGOCKNNKGTVCOCNVGP1TKIKPCND·PFEJGP 4++



3WCNKVCVKXJQEJYGTVKIG#TDGKVCWUFGOGTUVGP&TKVVGNFGU,CJTJWPFGTVU&GT6GORNGTQTFGPYCTFWTEJFGPUR·VGTGP )TQ­OGKUVGT   $GTPCTF 4C[OQPF (CDT¾ 2CNCRTCV \W $GIKPP FGU  ,CJTJWPFGTVU YKGFGT DGNGDV YQTFGP WPF   GTHTGWVGUKEJUGKPGT\GKVGKPGTITQ­GP$GNKGDVJGKV



5QWXGT·PGTWPF/KNKV·TKUEJGT1TFGPFGU6GORGNUXQP,GTWUCNGO KP(TCPMTGKEJ 1TFGPUMTGW\OKV -TQPGXGTIQNFGVWPFGOCKNNKGTVQJPG$CPF ++p+++



#PHGTVKIWPICWUFGTGTUVGP*·NHVGFGU,CJTJWPFGTVU



5QWXGT·PGTWPF/KNKV·TKUEJGT1TFGPFGU6GORGNUXQP,GTWUCNGO KP(TCPMTGKEJ 1TFGPUMTGW\QJPG -TQPG5KNDGTXGTIQNFGVWPFGOCKNNKGTVKO<GPVTWOFGT8QTFGTWPF4ÒEMUGKVGOGJTGTG'OCKNNGCWUDTÒ EJGQJPG$CPF ++p+++ #PHGTVKIWPICWUFGTGTUVGP*·NHVGFGU,CJTJWPFGTVU

116




7494

7495



5QWXGT·PGT6GORGNJGTTGPQTFGP KP&GWVUEJNCPF 1HHK\KGTUMTGW\XGTIQNFGVWPFGOCKNNKGTVCO*CNU DCPFCDUEJPKVV\WUCOOGPOKV#PUVGEMCD\GKEJGPXGTUKNDGTVWPFGOCKNNKGTVCP0CFGN5#..5 ++





1TFGP FGT -TQPG -CTNU FGU )TQ­GP )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\ XGTIQNFGV WPF GOCKN   NKGTV OKV 2WP\G CWH FGO $CPFTKPI QJPG 5EJWNVGTDCPF WPF $TWUVUVGTP XGTUKNDGTV VGKNYGKUG XGTIQNFGV   WPFGOCKNNKGTVCP0CFGNFKGUGRWP\KGTV 5VÃ&#x2019;EM4++



7496 7496



1TFGP FGT 4KVVGT FGT %QPEQTFKC  /QFGNN )TQ­QHHK\KGTUUGV DGUVGJGPF CWU )TQ­QHHK\KGTUMTGW\   XGTIQNFGV WPF GOCKNNKGTV OKP 'OCKNNGUEJ·FGP QJPG *CNUDCPF WPF $TWUVUVGTP XGTUKNDGTV VGKNYGKUG   XGTIQNFGV WPF GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC #NDGTVK KP /CKNCPF CP   0CFGN&C\W/QFGNN-QOVWTMTGW\XGTIQNFGVWPFGOCKNNKGTVQJPG*CNUDCPFTKPIWPF*CNUDCPF  5VÃ&#x2019;EM++p+++++



&CU/QFGNN 'PFGFGTGTDKUHTÃ&#x2019;JGGT,CJTG KUVKPCNNGPUGKPGP-NCUUGPUGJTUGNVGP

117


7499

7497

7498



1TFGP FGT *GTOCPFCF #TIGPVKPC $TWUVUVGTP \WO )TQ­MTGW\ XGTIQNFGV WPF GOCKNNKGTV CP 0CFGN    4++





$TWFGTUEJCHVFGT4KVVGTFGU6CUVGXKPU 9GKPMQUVGTU $TWFGTUEJCHVU\GKEJGPXGTUKNDGTVCO*CNUDCPF 4





7PDGMCPPVGTKPVGTPCVKQPCNGT,QJCPPKVGTQTFGP1TFGPUMTGW\XGTIQNFGVWPFGOCKNNKGTVCO$CPF +p++

70$'-#006'+06'40#6+10#.')'5'..5%*#(6514&'0



/ÌINKEJGTYGKUGJCPFGNVGUUKEJCWEJWOGKPDTKVKUEJGU(TGKOCWTGT$KLQW

7502 7500

7501



7PDGMCPPVGT)GUGNNUEJCHVUQTFGP-QOVWTMTGW\$TQP\GXGTIQNFGVWPFGOCKNNKGTVQJPG*CNUDCPF ++



7PDGMCPPVGT )GUGNNUEJCHVUQTFGP $TWUVUVGTP 5KNDGT VGKNYGKUG GOCKNNKGTV OGJTGTG'OCKNNGUEJ·FGPKO UEJYCT\GP/CNVGUGTMTGW\CP0CFGN 4++p+++



7PDGMCPPVGT)GUGNNUEJCHVUQTFGP4KVVGTMTGW\OKV5EJYGTVGTPXGTIQNFGVWPFGOCKNNKGTVCO$CPF  4+p++

118

  


7503

-#+5'44'+%* 

7504

+4#0

5QPPGPWPF.ÌYGP1TFGP$TWUVUVGTP-NCUUG5KNDGTTGRGTEKGTVVGKNYGKUGXGTIQNFGVHGKPUVG'OCKN NGOCNGTGK1#0XCT +p++



(TÒJGT1TFGPUUVGTPJGTXQTTCIGPFGTKTCPKUEJGT#PHGTVKIWPIFGTYQJNCWUFGT/KVVGFGU,CJTJWPFGTVUUVCOOV



-TQPGP1TFGP 6CL1TFGP  )TQ­MTGW\FGMQTCVKQP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV OGJTGTG MNGKPG   #WUDTÒEJGKPFGTITÒPGP'OCKNNGOKVECEONCPIGO5EJ·TRGPUVÒEM1#0 ++p+++





1TFGPFGT&CPMDCTMGKV8GTUKNDGTVCOHCNUEJGP$CPF&C\W\YGKYGKVGTGKTCPKUEJG#WU\GKEJPWPIGP 1#0 5VÒEM++



7506

-¤0+)4'+%*   

7506

7506

+4#-

1TFGP FGT <YGK (NÒUUG 'N 4CHKFCKP1TFGP   /QFGNN )TQ­MTGW\UGV FGT \KXKNGP #DVGKNWPI DGUVG   JGPFCWU)TQ­MTGW\FGMQTCVKQP5KNDGTXGTIQNFGVWPFGOCKNNKGTVOKVECEONCPIGO5EJ·TRGPUVÒEM WPF$TWUVUVGTP5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCP0CFGN1#04#/5  5VÒEM++

 119


7507 7507



1TFGP FGT <YGK (NÃ&#x2019;UUG 'N 4CHKFCKP1TFGP   /QFGNN )TQ­MTGW\UGV FGT OKNKV·TKUEJGP #DVGKNWPI   DGUVGJGPFCWU)TQ­MTGW\FGMQTCVKQP5KNDGTXGTIQNFGVWPFGOCKNNKGTVOKVECEONCPIGO5EJ·TRGP UVÃ&#x2019;EMWPF$TWUVUVGTP5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCP0CFGN1#0XCT4#/ 5 5VÃ&#x2019;EM4++



&KG+PUKIPKGPFGTOKNKV·TKUEJGP#DVGKNWPIUKPFPCVWTIGO·­YGKVCWUUGNVGPGTCNUFKGLGPKIGPFGT\KXKNGP#DVGKNWPI

7509 7508

-¤0+)4'+%*   

+5.#0&

+UN·PFKUEJGT (CNMGPQTFGP  /QFGNN   4KVVGTMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO   2GPVCIQPCNDCPF $'4)* 5     *'1  XCT ,¤4) 5  -.'0  1#0  XCT   4#/58'40<'+ 4+p++



&GT1TFGPYWTFGKPCNNGPUGKPGP-NCUUGPCW­GTQTFGPVNKEJURCTUCOXGTNKGJGP5QIGNCPIVGPKPFGPGTUVGP,CJTGPUGKV FGT5VKHVWPIPWT4KVVGTMTGW\G\WT8GTNGKJWPI

4'27$.+- 5'+6  

120

+UN·PFKUEJGT (CNMGPQTFGP  /QFGNN UGKV   5GV FGU )TQ­TKVVGTU OKV 5VGTP )TQ­QHHK\KGT  DGUVG   JGPF CWU )TQ­TKVVGTMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO *CNUDCPFCDUEJPKVV WPF $TWUVUVGTP 5KN   DGTVGKNYGKUGGOCKNNKGTVCWHFGT4Ã&#x2019;EMUGKVGOGJTHCEJRWP\KGTVCP&QRRGNPCFGN$'4)*5XCT5 *'1XCT,¤4)55-.'01#04#/58'40 <'+ 5VÃ&#x2019;EM4+p++




7511 1:1

7510

7511 1:1

7511 1:1

+6#.+'0 2+'/1065#4&+0+'0-¤0+)4'+%* 

5V/CWTKVKWUWPF.C\CTWU1TFGP/KPKCVWTFGU4KVVGTMTGW\GU)QNFGOCKNNKGTV&WTEJOGUUGTOO COCNVGP$·PFEJGP ++p



$'+&'5+<+.+'0-¤0+)4'+%* 

-ÌPKINKEJGT 1TFGP (TCP\ + )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\ )QNF GOCKNNKGTV QJPG 5EJWNVGT   DCPFWPF$TWUVUVGTP5KNDGTTGRGTEKGTVVGKNYGKUGOKV)QNFRNCVVKGTV)QNFGOCKNNKGTVCWHFGT4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC .GOCKVTG KP 2CTKU CP 0CFGN -.'0   1#0     8'40<'+ 5VÒEM4+p  9WPFGTUEJÌPGT 5GV CWU FGT 'PF\GKV FGU $QWTDQPKUEJGP -ÌPKITGKEJGU XQP JGTXQTTCIGPFGT HTCP\ÌUKUEJGT #PHGTVK   IWPIUSWCNKV·VXQT

121


7512 1:1



-ÌPKINKEJGT 1TFGP (TCP\ + -QOOCPFGWTMTGW\ )QNF VGKNYGKUG HGKPUV \KUGNKGTV GOCKNNKGTV 'OCKN   NGCWUDTÒEJG CWH FGT 8QTFGT WPF 4ÒEMUGKVG FGU QDGTGP -TGW\CTOU UQYKG \CJNTGKEJG MNGKPG %JKRRU KP   FGT ITÒPGP 'OCKNNG FGT 8QTFGT WPF 4ÒEMUGKVG 8QTFGTUGKVGP\GPVTWO WPUCEJIGO·­ GKPIGMNGDV KP FGT   6TCIGÌUG OGJTHCEJ RWP\KGTV CO QTKIKPCN CNVGP *CNUDCPFCDUEJPKVV-.'01#08'40 <'+ 4+++  W­GTUV JGTXQTTCIGPFG OCUUKXG #PHGTVKIWPI WO  FGTGP MNGKPG 'KPUEJT·PMWPIGP KP FGT 'TJCNVWPI FGP UGJT   JGTXQTTCIGPFGP)GUCOVGKPFTWEMPKEJVYGUGPVNKEJDGGKPVT·EJVKIGP

7513 1:1 7515

7516

7514



-ÌPKINKEJGT1TFGP(TCP\+/KPKCVWTFGU1TFGPUMTGW\GU5KNDGTXGTIQNFGVWPFGOCKNNKGTVQJPG$·PF EJGP1#0 4+p++





/GFCKNNGHÒTFKG8GTVGKFKIGTXQP/GUUKPCCO5GRVGODGT$TQP\GCOCNVGP$CPFUVÒEMCWH FGT4ÒEMUGKVGCNVG$GUEJTGKDWPIKPFGWVUEJ$4#*';&+68'40 ++



)GUVKHVGVKO,CJTGHÒTFKG5QNFCVGPFKGCO5GRVGODGTFGUINGKEJGP,CJTGUFKG5VCFV/GUUKPCUQYQJNIGIGP GKPGP#PITKHHXQPCW­GPXGTVGKFKIVGPYKGCWEJGKPGPNKDGTCNGP#WHUVCPFKPFGT5VCFVUGNDUVWPVGTFTÒEMVGP



/GFCKNNGHÒTFKG7PVGTFTÒEMWPIFGT#WHUV·PFGCWH5K\KNKGPKO,CJTG$TQP\GCOCNVGP$CPF UVÒEM$4#*';&+68'40 ++



615-#0#)4155*'4<1)67/ 

8GTFKGPUVQTFGPXQOJN,QUGRJ/QFGNN  4KVVGTFGMQTCVKQP)QNFGOCKNNKGTVOGJ TGTG MNGKPG #DRNCV\WPIGP KP FGP #TOURKV\GP UQYKG GKP ITÌ­GTGT 'OCKNNGCWUDTWEJ CWH FGT 4ÒEMUGKVG   QJPG$CPF-.'01#08'40<'+ 4++p+++  5GJTUEJÌPGWPFJGTXQTTCIGPFG#PHGTVKIWPIXQPXQTFGO'PFGFGU)TQ­JGT\QIVWOU  

122


7517 1:1

7518 1:1

7518 1:1



<KXKN8GTFKGPUVQTFGP$TWUVUVGTP#WHNCIGP)QNFGOCKNNKGTV5KNDGTOGJTHCEJRWP\KGTVCP0CFGNFKGUG OKV *GTUVGNNGTDG\GKEJPWPI % (416*' WPF 9+'0 UQYKG 2WP\KGTWPIGP XQT  -.'0    1#08'40<'+ 5VÒEM4+  5GNVGPGT$TWUVUVGTPKPCDUQNWVGT$GUVGTJCNVWPILGFQEJKPGKPGTÌUVGTTGKEJKUEJGP#PHGTVKIWPIPCEJ



<KXKN8GTFKGPUVQTFGP -QOOCPFGWTMTGW\ )QNF GOCKNNKGTV KO 6TCIGTKPI OGJTHCEJ RWP\KGTV QJPG   *CNUDCPF-.'01#08'40<'+ 4+  &KGUGT1TFGPKUVGKPGÌUVGTTGKEJKUEJG#PHGTVKIWPIPCEJKPCDUQNWVGT$GUVGTJCNVWPI

7519 1:1

7521

7522

7520



<KXKN8GTFKGPUVQTFGP/KPKCVWT1TFGPUMTGW\)QNF5KNDGTXGTIQNFGVGOCKNNKGTV&WTEJOGUUGTOO QJPG$·PFEJGP1#0 4+p++



8'0'&+)4'27$.+- 

/GFCKNNG HÒT FKG $GHTGKGT XQP 8GPGFKI  5KNDGT CO CNVGP $CPFUVÒEM CWH FGT 4ÒEMUGKVG CNVG $G   UEJTGKDWPIKPFGWVUEJ$4#*';&+68'40 ++



1TFGP FGT 'KUGTPGP -TQPG 5R·VGTG #PHGTVKIWPI GKPGT 4KVVGTFGMQTCVKQP 5KNDGT GOCKNNKGTV <GPVTWO   )QNFOGJTGTG'OCKNNGCDRNCV\WPIGPCOCNVGP$CPF$174&  -.'0  1#08'40 <'+   ++p+++



0#21.'10+5%*'5-¤0+)4'+%*   

#PHGTVKIWPICWUFGT#PHCPIU\GKVFGU\YGKVGPHTCP\ÌUKUEJGP-CKUGTTGKEJGU WO 



1TFGP FGT 'KUGTPGP -TQPG 5R·VGTG #PHGTVKIWPI GKPGT 4GKVGTFGMQTCVKQP 5KNDGT GOCKNNKGTV <GPVTWO   )QNF\CJNTGKEJG'OCKNNGURTÒPIGCOCNVGP$CPF$174&  -.'0  1#08'40 <'+   ++



#PHGTVKIWPICWUFGT<GKVFGU\YGKVGPHTCP\ÌUKUEJGP-CKUGTTGKEJGU WO 

123


7523

7524

-¤0+)4'+%*   



1TFGP FGT -TQPG XQP +VCNKGP )TQ­QHHK\KGTUGV DGUVGJGPF CWU )TQ­QHHK\KGTUMTGW\ )QNF GOCKNNKGTV   CWH FGT 4ÒEMUGKVG 'OCKNNGCWUDTÒEJG KO 9CRRGP /GFCKNNQPU WPUCEJIGO·­ \WUCOOGPIGMNGDV CO IG   P·JVGP*CNUDCPFWPF$TWUVUVGTP5KNDGT#WHNCIGP)QNFGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJ PWPIFGU*QHLWYGNKGTU%TCXCP\QNCKP4QO-.'01#04#/54#8 6CHGN:8+++:+:8'40<'+ 5VÒEM++p+++



1TFGPFGT-TQPGXQP+VCNKGP-QOOCPFGWTMTGW\KPªDGTITÌ­G)QNFGOCKNNKGTVITÒPGT5VGKPKPFGT -TQPGHGJNV&WTEJOGUUGTOO UVCVVÒDNKEJGTYGKUGOO CO*CNUDCPF-.'01#0 4#/58'40<'+ 5GNVGPG8CTKCPVG+



'U JCPFGNV UKEJ OKV 5KEJGTJGKV WO GKP -QOOCPFGWT WPF PKEJV WO GKP )TQ­MTGW\ FC NGV\VGTG ÒDNKEJGTYGKUG GKPG   -WIGNÌUG WPFPKEJVGKPG4KPIÌUG JCDGP

7526



7525

7527

1TFGP FGT -TQPG XQP +VCNKGP /KPKCVWT FGU 4KVVGTMTGW\GU )QNF GOCKNNKGTV CO $·PFEJGP 1#0   4#/5 +



5GJTHGKPIGCTDGKVGVG#WUHÒJTWPIKPDGUVGT'TJCNVWPI



1TFGPFGT-TQPGXQP+VCNKGP4KVVGTMTGW\5KNDGT  XGTIQNFGVWPFGOCKNNKGTVCO$CPF-.'0 1#04#/54#86CHGN::8'40<'+XCT 4++



&KG-TGW\GFGU1TFGPUFGT-TQPGXQP+VCNKGPYWTFGPDKU\WO'PFGFGU-ÌPKITGKEJGUKP)QNFIGHGTVKIV-ÌPKI7O DGTVQ ++ XQP +VCNKGP XGTNKGJ LGFQEJ FGP 1TFGP KO 'ZKN YGKVGT &KG +PUKIPKGP FKGUGT 8GTNGKJWPIGP YCTGP HCUV CWU   PCJOUNQUKP5KNDGTIGHGTVKIV8GTNGKJWPIGPYWTFGPXQP7ODGTVQTGNCVKXUGNVGPXQTIGPQOOGP

 124

8GTFKGPUVMTGW\ FGU +VCNKGPKUEJGP 4QVGP -TGW\GU  /QFGNN $TQP\G XGTIQNFGV WPF GOCKNNKGTV CO   $CPF)#.15 ++




7528

7529

7530



/GFCKNNG HÒT FKG $GHTGKWPI XQP 5K\KNKGP  $TQP\GOGFCKNNG OKV 5VGORGNUEJPGKFGT\GKEJGP 5,   CO$CPF$4#*';&+6/14+58'40 4++





/GFCKNNGHÒTFKG8GVGTCPGPFGUGJGOCNKIGP)TQ­JGT\QIVWOU6QUMCPC\WO,CJTGUVCI$TQP\G OGFCKNNGCOCNVGP1TKIKPCNDCPFOKVVGKNYGKUG\GTUEJNKUUGPGO5VGTP$4#*';&+6/14+ 8'40 ++



8GTFKGPUVOGFCKNNGFGU+VCNKGPKUEJGP4QVGP-TGW\GU/GFCKNNG-NCUUG$TQP\GCWHFGT4ÒEM UGKVG OKVIGRT·IVG &GFKMCVKQP 5 # 4 '.'0# &7%*'55# & #156# '47<+10' 8'578+1   &WTEJOGUUGTOOQJPG$CPF$4#)#.15 44++





$GUQPFGTUUGNVGPG/GFCKNNGKPWPIGYÌJPNKEJGT#WUHÒJTWPIDGKFGTFKG'ORH·PIGT&GFKMCVKQPOKVIGRT·IVUVCVVYKG UQPUVÒDNKEJITCXKGTVYWTFG'NGPC*GT\QIKPXQP#QUVCWPF#PIGJÌTKIGFGUKVCNKGPKUEJGP-ÌPKIUJCWUGUGPICIKGTVG UKEJ CNU (ÒJTWPIURGTUÌPNKEJMGKV FGT 4GVVWPIUMT·HVG FGU +VCNKGPKUEJGP 4QVGP -TGW\GU DGK FGT $GUGKVKIWPI FGT (QNIGP   FGU #WUDTWEJU FGU 8GUWXU DGK 0GCRGN KO ,CJTG  FGO UEJYGTUVGP #WUDTWEJ UGKV FGO ,CJTG  *QEJ   KPVGTGUUCPVG/GFCKNNGOKVMÌPKINKEJGT2TQXGPKGP\

7531

7534 7532



/GFCKNNG HÒT FGP %JKPC(GNF\WI  $TQP\G CWH FGT 8QTFGTUGKVG *GTUVGNNGTDG\GKEJPWPI   4')+#<'%%# -ÌPKINKEJG/ÒP\GCO$CPFUVÒEMCWHFGT4ÒEMUGKVGCNVG$GUEJTGKDWPIKPFGWVUEJ 8'40 4+



/GFCKNNG HÒT FCU KVCNKGPKUEJG -QPVKPIGPV FGT OWNVKPCVKQPCNGP 'KPUCV\VTWRRGP KO UQ IGPCPPVGP $QZGTMTKGI  DKU   KP%JKPC



2KNQVGPCD\GKEJGP/QFGNN OKV.KMVQTGPDÒPFGN $TQP\GXGTIQNFGVCP0CFGN



#WU\GKEJPWPI GKPGT +PVGTPCVKQPCNGP #WUUVGNNWPI KP 4QO 8GTIQNFGV VGKNYGKUG GOCKNNKGTV OGJTGTG   'OCKNNGCWUDTÒEJGCO$CPF ++p+++

++

 

4'27$.+- 5'+6  

8GTFKGPUVQTFGP FGT 4GRWDNKM +VCNKGP  /QFGNN )TQ­MTGW\UGV KP )QNF DGUVGJGPF CWU )TQ­MTGW\   )QNFGOCKNNKGTVKPFGT/CWGTMTQPGRWP\KGTVQJPG5EJWNVGTDCPFWPF$TWUVUVGTP5KNDGT#WHNCIGP)QNF CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC )CTFKPQ %TCXCP\QNC KP 4QO CP 0CFGN *'1    XCT  -.'0   1#0   4#/ 5  4#8 6CHGN :.+: 8'40     <'+ 5VÒEM4+p



+PGEJVIQNFGPGT#WUHÒJTWPIUGNVGP

125


7536 7535

7537





8GTFKGPUVQTFGP FGT 4GRWDNKM +VCNKGP  /QFGNN )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\ 5KNDGT   XGTIQNFGV 5VGTPEJGPCWHNCIGP )QNF OKV EC  EO NCPIGO 5EJ·TRGPUVÒEM WPF $TWUVUVGTP 5KNDGT VGKN   YGKUG XGTIQNFGV 5VGTPEJGPCWHNCIG )QNF CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC 2Q\\K KP   4QOCP0CFGN*'1XCT-.'01#04#/54#86CHGN :.+:8'40<'+ 5VÒEM++



8GTFKGPUVQTFGP FGT 4GRWDNKM +VCNKGP  /QFGNN $TWUVUVGTP \WO )TQ­QHHK\KGT 5KNDGT VGKNYGKUG XGT   IQNFGV WPF GOCKNNKGTV 5VGTPEJGP )QNF CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC 2Q\\K KP   4QO CP 0CFGN *'1  -.'0  1#0  4#/ 5  4#8 6CHGN :.+: 8'40    <'+ ++



-¤0+).+%*'(#/+.+'$174$10$'+&'5+<+.+'0 

-QPUVCPVKPKUEJGT /KNKV·TKUEJGT 1TFGP FGU JN )GQTI 5GV GKPGU $CKNNKU WPF ,WUVK\)TQ­MTGW\TKVVGTU   DGUVGJGPFCWU)TQ­MTGW\OKVFGOJN)GQTI-TQPGWPF6TQRJ·G5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKN NKGTVOKVECEONCPIGO5EJ·TRGPUVÒEMWPF$TWUVUVGTP5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCWH FGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC6CPHCPKWPF$GTVCTGNNKKP4QOCP0CFGN-.'0 XCT1#0XCTXCT52#$15<'+XCTXCT 5VÒEM+p++ *GTXQTTCIGPFG #PHGTVKIWPI CWU FGP GT ,CJTGP &KGUGT XQO URCPKUEJGP -ÌPKITGKEJ UQYKG XQP FGT KVCNKGPKUEJGP   4GRWDNKMWPFFGUJGKNKIGP5VWJNGUCPGTMCPPVG1TFGPYKTFJGWVGKOOGTPQEJXGTNKGJGP

126




7539

7541

7538

7540 1:1



-QPUVCPVKPKUEJGT/KNKV·TKUEJGT1TFGPFGUJN)GQTI-TGW\GKPGU$CKNNKUWPF,WUVK\)TQ­MTGW\TKVVGTU OKVFGOJN)GQTI-TQPGWPF6TQRJ·G5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVOKVECEONCPIGO 5EJ·TRGPUVÒEM-.'01#0XCT52#$15<'+XCT +p++



*GTXQTTCIGPFG#PHGTVKIWPIFGT6TQRJ·GWPF(KIWT5V)GQTIUCWUFGPGT,CJTGP



-QPUVCPVKPKUEJGT /KNKV·TKUEJGT 1TFGP FGU JN )GQTI /KPKCVWT FGU )PCFGP-QOOCPFGWTMTGW\GU   ·NVGTG#WUHÒJTWPI5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO$·PFEJGPOKV.KV\GWPF4QUGVVG52#$15 +p++



,#2#0 

1TFGP FGT #WHIGJGPFGP 5QPPG OKV 2CYNQYPKC$NÒVGP 1TFGPUFGMQTCVKQP 5KNDGT XGTIQNFGV WPF   GOCKNNKGTV OGJTGTG OKP 'OCKNNGURTÒPIG XQT CNNGO CWH FGT 4ÒEMUGKVG  KO <GPVTWO LGYGKNU GKP %C   DWEJQPFGTLGPKIGCWHFGT4ÒEMUGKVGIGURTWPIGPOKVECEONCPIGO5EJ·TRGPUVÒEM1#02'6 4#/58'40 4++p+++  NVGTGLCRCPKUEJG#PHGTVKIWPI



1TFGPFGT#WHIGJGPFGP5QPPGOKV2CYNQYPKC$NÒVGP1TFGPUUGVGWTQR·KUEJGT#PHGTVKIWPIDGUVGJGPF CWU )TQ­MTGW\FGMQTCVKQP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV WPF $TWUVUVGTP 5KNDGT XGTIQNFGV WPF   GOCKNNKGTVCP0CFGN1#0XIN2'64#/58'40 5VÒEM++  'WTQR·KUEJGOÌINKEJGTYGKUGHTCP\ÌUKUEJG#PHGTVKIWPI

127


7542

7543

7545



1TFGPFGT#WHIGJGPFGP5QPPG&GMQTCVKQPFGT-NCUUG5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO1TKIK PCN*CNUDCPFKOQTKIKPCN.CEM'VWK1#02'64#/58'40 +





1TFGPFGT)QNFGPGP9GKJG&GMQTCVKQP-NCUUG5KNDGTVGKNYGKUGXGTIQNFGVCOQTKIKPCNGPLGFQEJ XGTH·TDVGP$CPF1#02'64#/58'40 ++





-QPXQNWV XQP FTGK XGTUEJKGFGPGP #WU\GKEJPWPIGP /GFCKNNG HÃ&#x2019;T FGP 4WUUKUEJ,CRCPKUEJGP -TKGI    /GFCKNNG HÃ&#x2019;T FGP /CPFUEJWTGK-TKGI XQP  -TKGIUGTKPPGTWPIUOGFCKNNG  FGU   ,CRCPKUEJGP 4QVGP -TGW\GU ,GYGKNU CP FGP 1TKIKPCND·PFGTP NGV\VGTG CP &COGPUEJNGKHG OKV 4QUGVVG   2'6XCT8'40 5VÃ&#x2019;EM++



'JTGPUEJCNG2CYNQYPKC'JTGPUEJCNG$TQP\GXGTIQNFGVFKG2CYNQYPKC$NÃ&#x2019;VGWPFFKGUGEJUPCVÃ&#x2019;TNKEJGP %JT[UCPVJGOGPDNÃ&#x2019;VGPKO+PPGTPXGTUKNDGTVXGTUEJOWV\VXIN2'65 ++





5GNVGPGWPFJQJGPKEJVVTCIDCTG#WU\GKEJPWPIFKGGUKPOGJTGTGP-NCUUGPWPF#WUHÃ&#x2019;JTWPIGPIKDV5KGIGNCPIVGPWPF IGNCPIGPGPVYGFGTCNNGKPQFGT\WUCOOGPOKV1TFGPWPF'JTGP\GKEJGP\WT8GTNGKJWPI

7546

7547

,14&#0+'0 

 128

1TFGP FGT 9KGFGTIGDWTV  /QFGNN $TWUVUVGTP \WO )TQ­MTGW\ 5KNDGT VGKNYGKUG XGTIQNFGV WPF   GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG CTCDKUEJG *GTUVGNNGTDG\GKEJPWPI 0CFGN GKPUEJNKG­NKEJ 0CFGNDQEM HGJNV   1#04#/5 4++ +++



1TFGP FGU LQTFCPKUEJGP 5VGTPU -CYMCD  )TQ­MTGW\FGMQTCVKQP5KNDGTVGKNYGKUGXGTIQNFGVCWHFGT 4Ã&#x2019;EMUGKVGOGJTHCEJRWP\KGTVOKVECEONCPIGO5EJ·TRGPUVÃ&#x2019;EM1#04#/ +




7549

7548 7550



7PCDJ·PIKIMGKVU +UVKSNCN 1TFGP$TWUVUVGTP\WO)TQ­MTGW\5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKN NKGTVCWHFGT4ÒEMUGKVGOGJTHCEJRWP\KGTVCP0CFGN1#04#/5 ++

-¤0+)4'+%*   





,7)15.#9+'0

1TFGP FGT ,WIQUNCYKUEJGP -TQPG $TWUVUVGTP \WT  5VWHG 5KNDGT XGTIQNFGV WPF GOCKNNKGTV &WTEJ   OGUUGTOOCP0CFGN-.'01#02+.'6CHGNXCT4#/5415' 8'40<'+ +



1TFGP FGT ,WIQUNCYKUEJGP -TQPG -TGW\  5VWHG 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO *CNUDCPF   -.'01#02+.'6CHGNXCT4#/5415'8'40<'+  +p++



7552 7551





1TFGPFGT,WIQUNCYKUEJGP-TQPG-TGW\5VWHG5KNDGTGOCKNNKGTVGKPKIG#DRNCV\WPIGPKPFGTITÒ PGP'OCKNNGCO*CNUDCPF-.'01#052+.'6CHGN4#/5415' 8'40<'+ +p++



'JTGP\GKEJGPXQO4QVGP-TGW\/QFGNN ! -TGW\KP$TQP\G$TQP\GGOCKNNKGTVQJPG$CPF 2+.'415'8'40 +p++



&CU-TGW\VT·IVFCU9CRRGPFGU-ÌPKITGKEJUFGT5GTDGP-TQCVGPWPF5NQYGPGPCDWPFKUVKPFKGUGT(QTOKP FGTIGPCPPVGP.KVGTCVWTPKEJVPCEJIGYKGUGP

129


7553

7554

81.-54'27$.+-   



1TFGP FGT LWIQUNCYKUEJGP (CJPG )TQ­QHHK\KGTU5GV DGUVGJGPF CWU )TQ­QHHK\KGTUFGMQTCVKQP 5KNDGT   VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV WPF $TWUVUVGTP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CWH FGT   4ÒEMUGKVG/CVTKMGNPWOOGTCP0CFGNFKGUGRWP\KGTV1#054#/547&' <'+ 5VÒEM+p++



/KNKV·TXGTFKGPUVQTFGP5VGTP-NCUUG5KNDGTVGKNYGKUGXGTIQNFGVCP0CFGN1#054#/ 47&'<'+ +p++



7555



7556

7557

7559

'TKPPGTWPIUCD\GKEJGP HÒT FKG 6GKNPGJOGT FGU #WHUVCPFGU XQP  #D\GKEJGP  -NCUUG 5KNDGT   VGKNYGKUGXGTIQNFGVCWHFGT4ÒEMUGKVG/CVTKMGNPWOOGTCP5EJTCWDUEJGKDGOKVFGT*GTUVGNNGTDG \GKEJPWPI+-1/<#)4'$1#04#/47&'<'+ 4++



+O ,CJTG  GTOQTFGVG GKPG 1HHK\KGTUXGTUEJYÌTWPI FGP CDUQNWV TGIKGTGPFGP -ÌPKI #NGZCPFGT 1DTGPQXKEJ WPF   FGUUGP)GOCJNKP&TCIC&CTCWHJKPY·JNVGPUKG2GVGT-CTCIGQTIGYKEJ\WO-ÌPKIFGTHQTVCPPCEJRCTNCOGPVCTKUEJGP /GJTJGKVGPTGIKGTVGWPFFGWVNKEJFKGUÒFUNCYKUEJG$GYGIWPIFGPUQIGPCPPVGP,WIQUNCYKUOWUWPVGTUVÒV\VG&KGUGT HÒJTVGNGV\VGPFNKEJCNU(QNIGFGU'TUVGP9GNVMTKGIGU\WT)TÒPFWPIFGU-ÌPKITGKEJUFGT5GTDGP-TQCVGPWPF5NQYG PGPHÒJTVGCWUFGOFKG8QNMUTGRWDNKM,WIQUNCYKGPJGTXQTIGICPIGPKUV



'TKPPGTWPIUCD\GKEJGPHÒTFKG6GKNPGJOGTFGU#WHUVCPFGUXQP#D\GKEJGP5KNDGTCP5EJTCWDG 1#04#/47&'<'+





/KNKV·T1TFGP(TCPLQ-NW\5KNDGTVGKNYGKUGXGTIQNFGVCP0CFGN1#04#/47&'<'+ ++





8QNMUXGTFKGPUV1TFGP &GMQTCVKQP-NCUUG6[ROKVXGTIQNFGVGO5VGTP5KNDGTVGKNYGKUGXGTIQN FGV CWH FGT 4ÒEMUGKVG GKPITCXKGTV +++ WPF  CP 5EJTCWDUEJGKDG OKV *GTUVGNNGTDG\GKEJPWPI   +-1/ <#)4'$ &C\W /GFCKNNG HÒT JGTXQTTCIGPFGP &KGPUV <C 8QLPKEMG 8TNKPG WPF GKPG YGKVGT   #WU\GKEJPWPIDGKFGCP&TGKGEMUD·PFGTP1#04#/47&'XCT<'+  5VÒEM++



-¤0+)4'+%*  130

-#/$1&5%*#

)QNFGPG8GTFKGPUVOGFCKNNG-ÌPKI0QTQFQO+5KNDGTXGTIQNFGVCOCNVGP1TKIKPCNDCPF&'.  ++




7560

7563 7561

7562

7564

-#/'470 

1TFGP HÒT 6CRHGTMGKV 4KVVGTFGMQTCVKQP 5KNDGT XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV QJPG $CPF 41((   6CHGNXCT ++



-1.7/$+'0 

1TFGPFGUJN-CTN-QOOCPFGWTMTGW\5KNDGTXGTIQNFGVWPFGOCKNNKGTVQJPG*CNUDCPF1#05 +p++



1TFGPFGU)TÒPGP*CNDOQPFU/QFGNN1HHK\KGTUFGMQTCVKQPXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCO $CPFOKV4QUGVVG41((6CHGN +



-QPIQKUEJGT8GTFKGPUVQTFGP4KVVGTFGMQTCVKQPXGTUKNDGTVWPFGOCKNNKGTVCO$CPF1#041(( 6CHGNXCT 4+p++



0CVKQPCNQTFGP FGU .GQRCTFGP  /QFGNN   DNCW WPF TQV GOCKNNKGTV  )TQ­MTGW\UGV FGT   \KXKNGP #DVGKNWPI DGUVGJGPF CWU )TQ­MTGW\FGMQTCVKQP XGTIQNFGV WPF GOCKNNKGTV MNGKPGT 'OCKNNGCWU   DTWEJ KO XQTFGTUGKVKIGP /GFCKNNQPTKPI OKV EC  EO NCPIGO 5EJ·TRGPUVÒEM FGU GTUVGP 6[RU WPF   $TWUVUVGTPXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC2FG )TGGHKP$TÒUUGNCP0CFGN41((5 5VÒEM4++



-1/14'0 

-10)1 

-10)1&'/1-4#6+5%*'4'27$.+-



5GJTUEJYGTGTWPFUVCTMIGYÌNDVGT$TWUVUVGTP

131


-- 7566 --

7565

<#+4' 

0CVKQPCNQTFGPFGU.GQRCTFGP/QFGNN CDITÒPWPFTQVGOCKNNKGTV 1HHK\KGTUFGMQTCVKQPFGT OKNKV·TKUEJGP#DVGKNWPIXGTIQNFGVWPFGOCKNNKGTVQJPG$CPF41((6CHGN ++



-14'# 5ª&-14'#4'27$.+- 5'+6  

1TFGP FGU 0CVKQPCNGP (WPFCOGPVU  /QFGNN 5GV FGT  -NCUUG UQ IGPCPPVGT 7PCDJ·PIKIMGKVU   1TFGPDGUVGJGPFCWU*CNUFGMQTCVKQPXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCOMWT\GP*CNUDCPFCDUEJPKVV WPF$TWUVUVGTPXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCP0CFGN1#0XCT 5VÒEM4+p++



9KGCNNGMQTGCPKUEJGP#WU\GKEJPWPIGPUGNVGP

7567



1TFGP HÒT 8GTFKGPUVG KO &KRNQOCVKUEJGP &KGPUV  FGT\GKVKIGU  /QFGNN )TQ­MTGW\UGV IGPCPPV   )YCPIJYC1TFGP DGUVGJGPFCWU)TQ­MTGW\FGMQTCVKQP5KNDGTXGTIQNFGVWPFGOCKNNKGTVOKVECEO NCPIGO5EJ·TRGPUVÒEMWPF$TWUVUVGTP5KNDGTXGTIQNFGVWPFGOCKNNKGTVCP0CFGN 5VÒEM4+p++



5GJTUEJÌPIGUVCNVGVGUWPFYKGCNNGMQTGCPKUEJGP#WU\GKEJPWPIGPUGNVGPGU'PUGODNG

014&-14'#81.-54'27$.+- 5'+6   132

1TFGPFGT0CVKQPCNHNCIIG-NCUUG·NVGTG#WUHÒJTWPI5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCWH FGT4ÒEMUGKVG8GTNGKJWPIUPWOOGTCP5EJTCWDUEJGKDG%#$XCT ++




7569

7570

-41#6+'0 -¤0+)4'+%*  70&'456'4'27$.+-   

1TFGP FGT -TQPG -ÌPKI <XQPKOKTU -TGW\  -NCUUG OKV 5EJYGTVGTP XGTIQNFGV WPF GOCKNNKGTV CO   &TGKGEMUDCPF$#4#-.'01#08'40<'+ ++





1TFGPFGT-TQPG-ÌPKI<XQPKOKTU'KUGTPG/GFCKNNG#WUHÒJTWPIOKVUVCTTGT-TQPG<KPMCOCNVGP &TGKGEMUDCPF FGU 8GTFKGPUVQTFGPU OKV CWHIGNGIVGO 'KEJGPMTCP\ $#4# C XCT -.'0  XCT   8'40XCT<'+ ++



+PVGTGUUCPVGIGVTCIGPG8CTKCPVG

7571 1:1



8GTFKGPUVQTFGP#DVGKNWPIHÒT%JTKUVGP)TQ­MTGW\UGVDGUVGJGPFCWU)TQ­MTGW\5KNDGTGOCKNNKGTVOKV ECEONCPIGOGVYCUHNGEMKIGO5EJ·TRGPUVÒEMWPF$TWUVUVGTP5KNDGTVGKNYGKUGXGTIQNFGVCP0C FGN$#4#CD-.'01#08'40<'+ 5VÒEM++  133


7572 7573

7575

7576 7574

-7$# $ª4)'4.+%*'4'27$.+- $+5  



1TFGP%CTNQU/CPWGNFG%GURGFGU)TQ­MTGW\UGVDGUVGJGPFCWU)TQ­MTGW\FGMQTCVKQP5KNDGTXGTIQN FGVWPFGOCKNNKGTVOKVECEONCPIGO5EJ·TRGPUVÒEMWPF$TWUVUVGTP5KNDGT)TÌ­VGPVGKNUXGTIQNFGV GOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC#PVKIWC8KNCTFGDQWPF4KGTCKP*CXCPPC 1#0 5VÒEM+p++



1TFGP %CTNQU , (KPNC[ -QOOCPFGWTUFGMQTCVKQP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO *CNUDCPFCD   UEJPKVV1#0 4+p++



&GT1TFGPKUVKPCNNGP-NCUUGPTGNCVKXUGNVGP\WHKPFGP



'JTGP WPF 8GTFKGPUVQTFGP FGU -WDCPKUEJGP 4QVGP -TGW\GU $TWUVUVGTP \WO )TQ­MTGW\ 5KNDGT   ITÌ­VGPVGKNUXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCP0CFGN 4+p++





'JTGP WPF 8GTFKGPUVQTFGP FGU -WDCPKUEJGP 4QVGP -TGW\GU -QOOCPFGWTUFGMQTCVKQP 5KNDGT XGT   IQNFGVWPFGOCKNNKGTVCO*CNUDCPFCDUEJPKVV ++



'456'4'27$.+-   

134

.'66.#0&

1TFGP FGT FTGK 5VGTPG )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CWH   FGT4ÒEMUGKVGMNGKPGT1DGTHN·EJGPEJKRRGVYCUXGTUEJOWV\VOKVECEONCPIGO5EJ·TRGPUVÒEMWPF $TWUVUVGTP5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC /ÒNNGT KP 4KIC OGJTHCEJ RWP\KGTVTGEJVGT5GKVGPJCMGPCDIGDTQEJGPCP0CFGN-#86CHGN-.'0 1#08'40<'+ 5VÒEM++




-- 7577 -7580

-- 7578 --

7579

.+$'4+# 





1TFGP FGU 5VGTPU XQP #HTKMC )TQ­QHHK\KGTUGV DGUVGJGPF CWU )TQ­QHHK\KGTUFGMQTCVKQP 5KNDGT XGTIQN   FGV WPF GOCKNNKGTV CO *CNUDCPFCDUEJPKVV WPF $TWUVUVGTP 5KNDGT XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV   'OCKNNGCWUDTWEJKO5EJTKHVTKPICP0CFGNFKGUGRWP\KGTV1#041((6CHGN 5VÃ&#x2019;EM++



1TFGPFGU5VGTPUXQP#HTKMC)TQ­MTGW\UGVDGUVGJGPFCWU)TQ­MTGW\FGMQTCVKQP5KNDGTXGTIQNFGVWPF GOCKNNKGTV OKV EC  EO NCPIGO 5EJ·TRGPUVÃ&#x2019;EM WPF$TWUVUVGTP5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKN NKGTV'OCKNNGCWUDTWEJKO5EJTKHVTKPICP0CFGNFKGUGOGJTHCEJRWP\KGTV1#041((6CHGN  5VÃ&#x2019;EM++



1TFGP FGU 5VGTPU XQP #HTKMC 1HHK\KGTUFGMQTCVKQP 5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO$CPFOKV4Q UGVVG1#041((5 ++



&KG+PUKIPKGPFGTDGKFGPWPVGTGP)TCFGUKPFCWHFGO/CTMVYGKVCWUUGNVGPGT\WHKPFGPCNUFKGLGPKIGPFGTFTGKQDGTGP )TCFG

.+'%*6'056'+0 

(Ã&#x2019;TUVNKEJGT NKGEJVGPUVGKPKUEJGT 8GTFKGPUVQTFGP 5GV FGU -QOVWTU OKV 5VGTP DGUVGJGPF CWU -QOVWT   MTGW\ XGTIQNFGV WPF GOCKNNKGTV CP *CNUDCPFCDUEJPKVV WPF $TWUVUVGTP 5KNDGT VGKNYGKUG XGTIQNFGV WPF   GOCKNNKGTV1DGTHN·EJGPEJKRRKPFGTDNCWGP'OCKNNGCWHFGT4Ã&#x2019;EMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC #PVQP 4GKVVGTGT KP 9KGP *'1  XCT  XCT -.'0   1#0   XCT 4#/   58'40<'+ 5VÃ&#x2019;EM++

 135


7581

7583

.+6#7'0

'456'4'27$.+-   

1TFGP8[VCWVCUFGU)TQ­GP-TGW\-NCUUG5KNDGTXGTIQNFGVWPFGOCKNNKGTV-TQPGOKVFTGKIGUEJNKH HGPGP5VGKPGPDGUGV\VCO*CNUDCPFCDUEJPKVV-#86CHGN-.'01#08'40<'+  4+p++





-TGW\HÒT.GDGPUTGVVWPI$TQP\G4GUVXGTIQNFWPIGOCKNNKGTVQJPG$CPF-#86CHGN8'40  4++p





0CUUCWKUEJGT *CWUQTFGP XQO )QNFGPGP .ÌYGP )TQ­MTGW\ )QNF GOCKNNKGTV OGJTGTG MNGKPG *CCT   TKUUG KP FGT YGK­GP 'OCKNNG WPF \CJNTGKEJG #DURNKVVGTWPIGP CWH FGO4ÒEMUGKVGP/GFCKNNQPOKVEC EO NCPIGO 5EJ·TRGPUVÒEM *'1  -.'0  1#0  4#/ 5  5%*115 6CHGN :.+   8'409'+.1C<'+ 4++p+++p 

.7:'/$74)

.CWV/GKLGTYWTFGPKPFGP,CJTGPDKUFWTEJFGP-ÌPKIWPF)TQ­JGT\QI9KNJGNO+++KPUIGUCOVPWT )TQ­MTGW\G XGTNKGJGP *GT\QI #FQNRJ XQP 0CUUCW JCV KP FGP ,CJTGP XQP  DKU  PWT  OCN FGP 1TFGP    FCOCNUPQEJGKPMNCUUKIXGTNKGJGP 

7584 1:1



7585

0CUUCWKUEJGT *CWUQTFGP XQO )QNFGPGP .ÌYGP $TWUVUVGTP \WO )TQ­MTGW\ 5KNDGT #WHNCIGP )GND   WPF 4QVIQNF GOCKNNKGTV CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC # /QWUUCWNV KP #OUVGT   FCOCP0CFGNFKGUGOGJTHCEJRWP\KGTV*'1-.'01#04#/55%*115 6CHGN:.+8'409'+.1D<'+ 4+  (TÒJGWPF·W­GTUVJGTXQTTCIGPFG#PHGTVKIWPIWOEC0CEJ/GKLGTYWTFGPKPFGP,CJTGPDKUFWTEJ FGP-ÌPKIWPF)TQ­JGT\QI9KNJGNO+++KPUIGUCOVPWT)TQ­MTGW\GXGTNKGJGP *GT\QI#FQNRJXQP0CUUCWJCVKP FGP,CJTGPXQPDKUPWTOCNFGP1TFGPFCOCNUPQEJGKPMNCUUKIXGTNKGJGP 



136

<KXKNWPF/KNKV·TXGTFKGPUVQTFGP#FQNRJUXQP0CUUCW/QFGNN UGKV -QOOCPFGWTMTGW\ QJPG -TQPG  OKV 5EJYGTVGTP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV QJPG *CNUDCPF *'1  XCT -.'0    1#0XCT4#/55%*1156CHGN.::+8XCT8'409'+.1CC<'+ 4+




7587 7586





7588

<KXKN WPF /KNKV·TXGTFKGPUVQTFGP #FQNRJU XQP 0CUUCW  /QFGNN UGKV   4KVVGTMTGW\ QJPG   -TQPG  5KNDGT GOCKNNKGTV UVCTM CPIGNCWHGP CO $CPF *'1  XCT -.'0  1#0  XCT   4#/55%*1156CHGN.::+8XCT8'409'+.1CXCT<'+ ++



<KXKNWPF/KNKV·TXGTFKGPUVQTFGP#FQNRJUXQP0CUUCW/QFGNN UGKV )QNFGPG8GTFKGPUVOG FCKNNG/QFGNN5KNDGTXGTIQNFGVCO*CNUCPUCV\5VGORGNUEJPGKFGTUKIPCVWT$1'45%*COUR·VGTGP $CPF*75I-.'04#/58'40XCT9'+.1C<'+ 4++



&GT 5VGORGN \W FKGUGT GTUVGP /GFCKNNG YWTFG XQO MÌPKINKEJ $C[GTKUEJGP *QHOGFCKNNGWT #NQKU $ÌTUEJ IGUEJPKVVGP   WPF FKG GTUVGP  /GFCKNNGP YWTFGP KO 5GRVGODGT  KP FGT $C[GTKUEJGP /ÒP\G IGRT·IV .CWV )GDJCTFV  

)GDJCTFV -CTN #NQKU $ÌTUEJ  -ÌPKINKEJ $C[GTKUEJGT /ÒP\ WPF *QHOGFCKNNGWT  /ÒPEJGP  5    YWTFGPXQPFKGUGT/GFCKNNGXQPDKUPWT/GFCKNNGPKP5KNDGTXGTIQNFGVKP5KNDGTWPF KP $TQP\G CPIGHGTVKIV #D  YWTFGP FKG /GFCKNNGP FWTEJ FKG (KTOC #TVJWU $GTVTCPF KP 2CTKU IGHGTVKIV FKGUG   VTCIGPLGFQEJMGKPGP)TCXGWTPCOGP



<KXKNWPF/KNKV·TXGTFKGPUVQTFGP#FQNRJUXQP0CUUCW/QFGNN UGKV 5KNDGTPG8GTFKGPUVOG FCKNNG/QFGNN5KNDGTCO*CNUCPUCV\5VGORGNUEJPGKFGTUKIPCVWT$1'45%*CO$CPF*75J -.'04#/58'409'+.1C<'+ ++



0CEJ)GDJCTFV )GDJCTFV-CTN#NQKU$ÌTUEJ-ÌPKINKEJ$C[GTKUEJGT/ÒP\WPF*QHOGFCKNNGWT/ÒP EJGP  5   YWTFGP XQP FKGUGT /GFCKNNG  'ZGORNCTG XQO 5GRVGODGT  DKU \WO 1MVQDGT     IGRT·IV

7589

 



7590

7591

1TFGP FGT 'KEJGPMTQPG )TQ­MTGW\ #WUHÒJTWPI OKV GKPIGNGIVGO 9 KO /KVVGNOGFCKNNQP )QNF   GOCKNNKGTV&WTEJOGUUGTOOOKV-WIGNÌUGCP5EJ·TRGPUEJNGKHG*'1-.'01#0 4#/55%*1156CHGN.+8'409'+.1C<'+ +p++



1TFGP FGT 'KEJGPMTQPG $TWUVUVGTP \WO )TQ­MTGW\  /QFGNN #WUHÒJTWPI OKV GKPVGKNKIGO /GFCKN   NQP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV MNGKPG 'OCKNNGTGRCTCVWT KO 5EJTKHVTKPI CP 0CFGN *'1   XCT-.'01#04#/55%*1156CHGN.+88'409'+.1DXCT <'+ +p++



1TFGP FGT 'KEJGPMTQPG $TWUVUVGTP \WO )TQ­MTGW\  /QFGNN #WUHÒJTWPI OKV OGJTVGKNKIGO /G   FCKNNQPWPFHÒPHHCEGVVKGTVGP*CNDMWIGNPKOTQVGP/GFCKNNQPTKPI UVCVVFGUFQTVÒDNKEJGTYGKUGXQTJCPFG PGP /QVVQU ,' /#+06+'0&4#+  5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CP 0CFGN FKGUG RWP   \KGTV *'1  XCT -.'0  XCT 1#0  XCT 4#/ 5  5%*115 6CHGN .+8 XCT   8'40XCT9'+.1DDXCT<'+XCT 4++



+PVGTGUUCPVGDKUJGTPKEJVFQMWOGPVKGTVG8CTKCPVG

137




1TFGP FGT 'KEJGPMTQPG )TQ­QHHK\KGTUUGV DGUVGJGPF CWU )TQ­QHHK\KGTUMTGW\ 5KNDGT XGTIQNFGV WPF   GOCKNNKGTVOKVGKPVGKNKIGP/GFCKNNQPU$CPFTKPIRWP\KGTVCOIGP·JVGP*CNUDCPFWPF$TWUVUVGTP5KNDGT #WHNCIGP XGTIQNFGV GKPVGKNKIGU /GFCKNNQP CP 0CFGN FKGUG RWP\KGTV KO GVYCU DGUEJ·FKIVGP QTKIKPCNGP   8GTNGKJWPIUGVWK *'1  -.'0   1#0   4#/ 5  5%*115 .+8 XCT   .8++8'409'+.1CXCTDXCT<'+ 5VÒEM+p++



9QJNGKPG(GTVKIWPIFGT(KTOC#TVJWU$GTVTCPFKP2CTKU

7594

7595

7593



1TFGPFGT'KEJGPMTQPG$TWUVUVGTP\WO)TQ­QHHK\KGT#WUHÒJTWPIOKVOGJTVGKNKIGO/GFCKNNQP5KNDGT TGRGTEKGTVVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVOGJTGTG%JKRRUKPFGTITÒPGP'OCKNNGFGT'KEJGPDN·VVGT #WHNCIGP VGKNYGKUG )QNF CWH FGT 4ÒEMUGKVG RWP\KGTV CP 0CFGN *'1  -.'0  1#0    4#/55%*1156CHGN.+88'409'+.1D<'+ ++





1TFGP FGT 'KEJGPMTQPG -QOOCPFGWTMTGW\ #WUHÒJTWPI OKV GKPIGNGIVGO 9 )QNF GOCKNNKGTV   &WTEJOGUUGTOOCOCNVGP*CNUDCPFCDUEJPKVV*'1XCT-.'01#04#/5 5%*1156CHGN.88'409'+.1CXCT<'+ +p++





1TFGP FGT 'KEJGPMTQPG -QOOCPFGWTMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV OKV OGJTVGKNKIGO /G   FCKNNQPU CO IGP·JVGP *CNUDCPF KO PKEJV RCUUGPFGP 'VWK *'1  XCT -.'0  1#0    4#/55%*115.8++8'409'+.1C<'+ ++



7596 7597



7598

1TFGPFGT'KEJGPMTQPG4KVVGTMTGW\#WUHÒJTWPIOKVCWHIGNGIVGO/QPQITCOO9)QNFGOCKNNKGTV TÒEMUGKVKIGU/GFCKNNQPGVYCUGKPIGFTÒEMV CDGTPKEJVDGUEJ·FKIV &WTEJOGUUGTOO4KPIÌUGCO $CPF*'1-.'01#04#/55%*115.8++8'409'+.1XCT <'+ ++



NVGT#WUHÒJTWPIWOFKG/KVVGFGU,CJTJWPFGTVU







1TFGPFGT'KEJGPMTQPG4KVVGTMTGW\#WUHÒJTWPIOKVCWHIGNGIVGO/QPQITCOO95KNDGTXGTIQNFGV WPFGOCKNNKGTV/GFCKNNQPTKPIG)QNF-WIGNÌUGCO$CPF*'1-.'01#04#/ 55%*115.8++8'409'+.1XCT<'+ ++



1TFGP FGT 'KEJGPMTQPG 4KVVGTMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV OKV GKPVGKNKIGP /GFCKNNQPU CO   $CPF\WUCOOGPOKV4GXGTUUEJNGKHGKOQTKIKPCNGP8GTNGKJWPIUGVWK*'1-.'01#0 4#/55%*115.8++8'409'+.1<'+ +p++



1TFGP FGT 'KEJGPMTQPG 5KNDGTPG 8GTFKGPUVOGFCKNNG FGU 1TFGPU LÒPIGTG 2T·IWPI  'ZGORNCTG LG   YGKNU5KNDGTCO$CPFWPFKP·NVGTGOWPFPGWGTGO1TKIKPCNGVWK*'1*';&XCT*75 -.'04#/55%*115.8++8'409'+.1D<'+ 5VÒEM+p++



2T·IWPIFGT(KTOC(KDTW(KUEJKP$TÒUUGN

138


7600





8GTFKGPUVQTFGP)TQ­MTGW\UGVOKVGKPVGKNKIGO/GFCKNNQPDGUVGJGPFCWU)TQ­MTGW\5KNDGTXGTIQNFGV WPF GOCKNNKGTV OKV EC  EO NCPIGO 5EJ·TRGPUVÃ&#x2019;EM WPF $TWUVUVGTP 5KNDGT XGTIQNFGV WPF VGKNYGKUG   GOCKNNKGTVCP0CFGNFKGUGRWP\KGTV*'1XCT-.'01#0XCT4#/5 5%*115.::8++8'409'+.1CD<'+ 5VÃ&#x2019;EM+p++



8GTFKGPUVQTFGP )TQ­QHHK\KGTUUGV OKV OGJTVGKNKIGP /GFCKNNQPU DGUVGJGPF CWU )TQ­QHHK\KGTUMTGW\   5KNDGTXGTIQNFGVWPFGOCKNNKGTVCOIGP·JVGP*CNUDCPFWPF$TWUVUVGTP5KNDGTVGKNYGKUGXGTIQNFGVWPF GOCKNNKGTV CP 0CFGN KO 1TKIKPCNGVWK *'1   -.'0   1#0  XCT 4#/ 5   5%*115.::8+++XCT8'409'+.1CD<'+ 5VÃ&#x2019;EM+p++



9QJNGKPG(GTVKIWPIFGT(KTOC#TVJWU$GTVTCPFKP2CTKU

7605 7602



8GTFKGPUVQTFGP 4KVVGTMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV OGJTVGKNKIG /GFCKNNQPU CO $CPF KO   1TKIKPCNGVWK*'1XCT-.'01#04#/55%*115.:::+XCT8'40 9'+.1XCT<'+ +p++



9QJNGKPG(GTVKIWPIFGT(KTOC#TVJWU$GTVTCPFKP2CTKU









8GTFKGPUVQTFGP 4KVVGTMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV OGJTVGKNKIG /GFCKNNQPU CO $CPF *'1   XCT-.'01#04#/55%*115.:::+XCT8'409'+.1XCT <'+ +p++



8GTFKGPUVQTFGP4KVVGTMTGW\5KNDGTXGTIQNFGVWPFGOCKNNKGTVOGJTVGKNKIG/GFCKNNQPUCP&COGPUEJNGKHG *'1XCT-.'01#04#/55%*115.:::+XCT8'409'+.1XCT <'+ +p++



8GTFKGPUVQTFGP 4KVVGTMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV GKPVGKNKIG /GFCKNNQPU CO $CPF \WUCO   OGPOKV4GXGTUUEJNGKHGKO1TKIKPCNGVWK*'1XCT-.'01#0XCT4#/5 5%*115.:::+8'409'+.1XCT<'+ +p++



8GTFKGPUVQTFGP 8GTFKGPUVOGFCKNNG XGTIQNFGV CO $CPF <WUCOOGP OKV )QNFGPGT 8GTFKGPUVOGFCKNNG   FGT 7PKQP )TCPF &WE #FQNRJG FTKVVGU /QFGNN XGTIQNFGV CO $CPF OKV 2CNOGPCWHNCIG UQYKG PKGFGT   N·PFKUEJGU -TGW\ HÃ&#x2019;T -TKGIUGKPU·V\G CO $CPF *'1  -.'0  4#/ 5  5%*115   .:::+8'409'+.19'+.+C<'+ 5VÃ&#x2019;EM+p++

 139


7607

/#&#)#5-#4 4'27$.+-70&81.-54'27$.+- 5'+6  

0CVKQPCNQTFGP FGT 4GRWDNKM /CFCICUMCT )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\FGMQTCVKQP 5KNDGT   XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV OKV GKPGO EC  EO NCPIGP 5EJ·TRGPUVÒEM WPF $TWUVUVGTP 5KNDGT   VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CP 0CFGN FKGUG OGJTHCEJ RWP\KGTV %*#7 5  41(( 6CHGN    XCT 5VÒEM+p++

7609

7608





7610

8GTFKGPUVQTFGP XQP /CFCICUMCT -QOVWTFGMQTCVKQP XGTIQNFGV CO *CNUDCPFCDUEJPKVV %*#7    41((6CHGN +

,1*14'





/#.#;5+#

1TFGP FGT -TQPG XQP ,QJQTG &GMQTCVKQP FGU )TQ­MQOOCPFGWTU  -NCUUG  5KNDGT #WHNCIGP WPF   ªDGTJÌJWPI )QNF VGKNYGKUG GOCKNNKGTV OGJTGTG 'OCKNNGUEJ·FGP KO <GPVTWO CWH FGT 4ÒEMUGKVG FGT   -TQPG CTCDKUEJG )TCXWT QJPG 5EJWNVGTDCPF LGFQEJ OKV MWT\GO $CPFUVÒEM /#. 5  1#0    4#/5 44++p+++



9KGCNNGOCNC[UKUEJGP#WU\GKEJPWPIGPUGJTUGNVGP

-'.#06#0 

140

1TFGPFGT-TQPGXQP-GNCPVCP&GMQTCVKQP-NCUUGPGWGTG#WUHÒJTWPI5KNDGTVGKNYGKUGXGTIQNFGV WPFGOCKNNKGTVOKP'OCKNNGEJKRRUKPFGP/QPFGPCWHFGT4ÒEMUGKVGOGJTHCEJRWP\KGTVQJPG5EJWNVGT DCPF/#.54#/5 44++




7612

7611

5178'40'4/#.6'5'44+66'414&'0 



1TFGPUKPUKIPKGP )TQ­MTGW\ GKPGU 'JTGP WPF &GXQVKQPU$CKNNKU FGT HTCP\ÌUKUEJGP <WPIG OKV .KNKGP   MTQPG KPFGT·NVGTGP(QTO OKV6TQRJ·GDKUKPFKG<YKUEJGPMTKGIU\GKV 5KNDGTXGTIQNFGVWPFGOCKNNKGTV LGYGKNUGKP'OCKNNGUEJCFGPCWHFGT8QTFGTWPF4ÒEMUGKVG&WTEJOGUUGTOO  COCNVGP5EJWNVGT DCPF*'1XCT/#.66CHGNXCT-.'01#052414#/5HH 52#/#5XCT<'+ 4++p+++



1TFGPUKPUKIPKGP)TQ­MTGW\GKPGU'JTGPWPF&GXQVKQPU$CKNNKUKPFGTLÒPIGTGP(QTO QJPG6TQRJ·G UGKV FGT <YKUEJGPMTKGIU\GKV  $TQP\G OKV 4GUVXGTIQNFWPI GOCKNNKGTV OGJTGTG MNGKPGTG 'OCKNNGUEJCFGP   CWHFGT8QTFGTWPF4ÒEMUGKVG&WTEJOGUUGTOO  COCNVGP\GTUEJPKVVGPGP5EJWNVGTDCPF*'1 /#.66CHGNXCT-.'0XCT1#052414#/5HH47)XCT 52#/#5XCT<'+XCT ++p+++



/ÌINKEJGTYGKUGJCPFGNVGUUKEJJKGTDGKWOGKPGP)TWHVQFGT6JGCVGTQTFGP

7613



7614

7615 1:1

1TFGPUKPUKIPKGP $TWUVMTGW\ GKPGU 4GEJVUTKVVGTU UQ IGPCPPVGU 2TQHG­MTGW\ )QNF GOCKNNKGTV \YGK   OKP'OCKNNGEJKRRUCWHGKPGO-TGW\CTOCP0CFGN*'1/#.66CHGN-.'01#05 2414#/5HH52#/#5<'+ ++p



(GKPG#TDGKVWO





1TFGPUKPUKIPKGP$TWUVMTGW\GKPGU0QXK\KCVU4KVVGTU5KNDGTXGTIQNFGVWPFGOCKNNKGTV&WTEJOGUUGT OOCP0CFGN*'1/#.66CHGNXCT-.'0XCT1#052414#/5 HH47)52#/#5XCT<'+XCT 4+p++



1TFGPUKPUKIPKGP/KPKCVWTGKPGU4KVVGTMTGW\GUGKPGUHTCP\ÌUKUEJGP1TFGPUTKVVGTU)QNFVGKNYGKUGHGKPUVG )TCPWNCVKQPUCTDGKVGOCKNNKGTV-TGW\CTOURKV\GPOKPXGTDQIGPOKV'OCKNNGCDRNCV\WPIGP&WTEJOGUUGT OOKO$CPFTKPIRWP\KGTVGOQTKIKPCNCNVGP5GKFGPDCPF1#054#/5HH ++



5GJTHGKPG#TDGKVWO

141


7619 7616



7617 7618

1TFGPUKPUKIPKGP 1TFGPUMTGW\ OKV -TQPG )QNF GOCKNNKGTV OKP 'OCKNNGCDRNCV\WPIGP KP FGP <GPVTGP   WPF KP GKPGT -TGW\CTOURKV\G CWH FGT 4ÒEMUGKVG *GTUVGNNGT\GKEJGP GKPGU WPDGMCPPVGP 1TFGPULWYGNKGTU   DGUVGJGPF CWU GKPGO 5RKGIGNOQPQITCOO OKV FGP $WEJUVCDGP 2 WPF YQJN FTGK 5VTCW­GPHGFGTP   &WTEJOGUUGTOOQJPG$CPF*'1/#.6-.'01#052414#/5HH 52#/#<'+ ++p



#PHGTVKIWPIWO



1TFGPUKPUKIPKGP-TGW\GKPGT'JTGPWPF&GXQVKQPU&COG·NVGTGT#TV)QNFGOCKNNKGTVOKP'OCKNNGCD RNCV\WPI KP GKPGT -TGW\CTOURKV\G CWH FGT 4ÒEMUGKVG *GTUVGNNGT\GKEJGP GKPGU WPDGMCPPVGP 1TFGPULWYG   NKGTUDGUVGJGPFCWUGKPGO5RKGIGNOQPQITCOOOKVFGP$WEJUVCDGP2WPFYQJNFTGK5VTCW­GPHGFGTP CPUGJTUEJÌPGTCNVGT&COGPUEJNGKHG*'1/#.66CHGNXCT-.'0XCT1#05 2414#/5HH52#/#5XCT<'+XCT 4



5GJTUEJÌPG#PHGTVKIWPIWO



1TFGPUKPUKIPKGP )TQ­MTGW\ GKPGU /CIKUVTCN)TQ­MTGW\TKVVGTU OKV 5EJWNVGTDCPF 1TFGPUMTGW\ OKV 1T   FGPUYCRRGP /QFGNN ECDKUKPFKGGT,CJTG OKVGKPGOECEONCPIGO5EJ·TRGPUVÒEM *'1/#.6-.'01#052414#/5HH47)52#/#<'+  4++



5GNVGPFCKPFGTGTUVGP*·NHVGFGU,CJTJWPFGTVU#WHPCJOGPXQP0KEJVCFNKIGPKPFKGJÌJGTGP)TCFGFGU1TFGPU TGNCVKXUGNVGPYCTGP



8GTFKGPUVQTFGP  /QFGNN   CWH FGT 4ÒEMUGKVG /CNVGUGTMTGW\  8GTFKGPUVMTGW\  -NCUUG   OKV-TQPG5KNDGTXGTIQNFGVCO*CNUDCPFCDUEJPKVV-.'01#052414#/5<'+ ++



7620



142

8GTFKGPUVQTFGP/QFGNN UGKVOKV#&/%/::CWHFGT4ÒEMUGKVG )TQ­MTGW\UCV\DGUVG JGPFCWU)TQ­MTGW\5KNDGTXGTIQNFGVWPFGOCKNNKGTVOKVECEONCPIGO5EJ·TRGPUVÒEMWPF$TWUV UVGTP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC   )CTFKPQ%TCXCP\QNC KP 4QO CP 0CFGN *'1   /#.6 6CHGN    -.'0     1#02414#/552#/#5<'+ 5VÒEM+p++




7624

7622 7625 1:1



7626

8GTFKGPUVQTFGP  D\Y  /QFGNN UGKV   5GV XQP FTGK 8GTFKGPUVOGFCKNNGP KP )QNF XGTIQNFGV    5KNDGT XGTUKNDGTV  WPF $TQP\G LGYGKNU CP FGP &TGKGEMUD·PFGTP OKV FGT -TKGIUFGMQTCVKQP FGU  /Q   FGNNU/#.66CHGNXCTXCTXCT-.'0XCTXCTXCT1#05 2414#/552#/#5<'+XCTXCTXCT 5VÃ&#x2019;EM+





'TKPPGTWPIUOGFCKNNG*KNHGHÃ&#x2019;T7PICTP$TQP\GCO$CPFKO1TKIKPCNGVWKFGT(KTOC5,QJPUQPKP /CKNCPF/#.66CHGN1#052414#/552#/# +p++





'TKPPGTWPIUOGFCKNNG*KNHGHÃ&#x2019;T7PICTP$TQP\GCO$CPF/#.66CHGN1#05241 4#/552#/# +p++





)GF·EJVPKUOGFCKNNG \WT ,CJTHGKGT FGT )TQ­GP $GNCIGTWPI XQP /CNVC KO ,CJTG  0KEJV   VTCIDCT$TQP\GXGTIQNFGV&WTEJOGUUGTOO ++



+O /CK  YKFGTUVCPF FGT 1TFGP CWH FGT +PUGN /CNVC OKV  4KVVGTP WPF  5QNFCVGP WPVGT FGT (Ã&#x2019;JTWPI FGU   )TQ­OGKUVGTU.C8CNGVVGFGTITQ­GP$GNCIGTWPIFGT+PUGNFWTEJEC6Ã&#x2019;TMGP

/#41--1 

1WKUUCO *CHKFKGP1TFGP $TWUVUVGTP \WO )TQ­MTGW\ QFGT )TQ­QHHK\KGT 5KNDGT 4Ã&#x2019;EMUGKVG )QNF RNCV   VKGTV #WHNCIGP )QNF GOCKNNKGTV $TKNNCPVGP 'EJVJGKV PKEJV IGRTÃ&#x2019;HV ± LQWT IGHCUUV  CP GEJV IQNFGPGT   0CFGN CWH FGT 4Ã&#x2019;EMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC #TVJWU $GTVTCPF KP 2CTKU FKGUG RWP\KGTV   &'.XCT1#0XCT 44+ 



1WKUUCO #NCQWKVG1TFGP  /QFGNN !  OKV 5EJTKHV\GKEJGP CWH FGP 5VGTPCTOGP  4KVVGTFGMQTC   VKQP5KNDGTXGTIQNFGVWPFGOCKNNKGTVXGTDQIGP\CJNTGKEJG'OCKNNGCWUDTÃ&#x2019;EJGCO$CPF +++

 143


7627 1:1

/':+-1 <9'+6'5-#+5'44'+%*   

1TFGP7PUGTGT.KGDGP(TCWXQP)WCFGNQWRG/QFGNN  $TWUVUVGTP5KNDGTXGTIQNFGVWPF TGRGTEKGTV#WHNCIGP)QNFGOCKNNKGTV'OCKNNGOCNGTGKCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC -TGVN[KP2CTKUCP0CFGN)+../:6CHGN++XCT)41811#04#/5545 8'40 44+p  <GKVIGPÌUUKUEJGT5VGTPKPGZ\GNNGPVGTHTCP\ÌUKUEJGT#WUHÒJTWPI

7628 1:1



144

1TFGP 7PUGTGT .KGDGP (TCW XQP )WCFGNQWRG  /QFGNN  -QOOCPFGWTMTGW\HÒT<KXKN XGTFKGPUVG)QNFHGKPUV\KUGNKGTVWPFGOCKNNKGTV'OCKNNGOCNGTGKCOQTKIKPCN*CNUDCPF)+../:6CHGN ++)41811#04#/5545XCT8'40 4+ 


7631 7630

7629 1:1



1TFGP 7PUGTGT .KGDGP (TCW XQP )WCFGNQWRG  /QFGNN  -QOOCPFGWTMTGW\HÃ&#x2019;T<KXKN XGTFKGPUVG5KNDGTXGTIQNFGVWPFGOCKNNKGTVQJPG*CNUDCPF)+../:6CHGN++)41811#0 4#/5545XCT8'40 ++ 



1TFGP7PUGTGT.KGDGP(TCWXQP)QWCFGNQWRG/QFGNN  1HHK\KGTUMTGW\5KNDGTXGTIQN FGV WPF GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG OGJTGTG MNGKPG 'OCKNNGCDURNKVVGTWPIGP  -WIGNP CP FGP 5RKV\GP   NGKEJV XGTDQIGP CO $CPF OKV 4QUGVVG )+../: 6CHGN ++ XCT )418 1 1#0  4#/ 5   545XCT8'40 ++



1TFGP7PUGTGT.KGDGP(TCWXQP)QWCFGNQWRG/QFGNN  4KVVGTMTGW\5KNDGTXGTIQNFGV WPF GOCKNNKGTV CWH 8QTFGT WPF 4Ã&#x2019;EMUGKVG OGJTGTG MNGKPG 'OCKNNGCDURNKVVGTWPIGP KO ITÃ&#x2019;PGP 4CPF   OGJTGTG-WIGNPCPFGP5RKV\GPNGKEJVXGTDQIGPCO$CPF)+../:6CHGN++XCT)41811#0 4#/5545XCT8'40 ++





7632



7633

/KNKV·TXGTFKGPUVOGFCKNNG 5KNDGTPG /GFCKNNG 5KNDGT CO $CPF $174& # &'.  )+../:   6CHGN:+++)418&C5458'40 +++



8KGNIGVTCIGPGU'ZGORNCT

4'27$.+- 5'+6  

1TFGP FGU #V\VGMGP#FNGTU 5GV FGT  WPF  -NCUUG DGUVGJGPF CWU )TQ­MTGW\FGMQTCVKQP 5KNDGT   XGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVOKVECEONCPIGO5EJ·TRGPUVÃ&#x2019;EMFGT-NCUUGWPF$TWUVUVGTP 5KNDGT XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV CP 0CFGN )418 1 1 1#0   4#/ 5   8'40 5VÃ&#x2019;EM++

 145


7635 7634 7637

7636



1TFGP FGU #\VGMGP#FNGTU &GMQTCVKQP FGT  -NCUUG -QOOCPFGWT  5KNDGT XGTIQNFGV WPF VGKNYGKUG   GOCKNNKGTVCO*CNUDCPF)41811#04#/58'40 ++





-TGW\ HÃ&#x2019;T FKG 8GTVGKFKIGT FGT 4GRWDNKM 8GTUKNDGTV VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV QJPG 6TCIG   MQTFGN)418&8'40 ++



#PHGTVKIWPIPCEJFGO<YGKVGP9GNVMTKGI





&GT1TFGPKUVYKGCNNGTGRWDNKMCPKUEJOGZKMCPKUEJGP#WU\GKEJPWPIGPUGNVGPKP'WTQRCKO*CPFGN\WHKPFGP

'JTGPNGIKQP1TFGPMTGW\XGTIQNFGVWPFGOCKNNKGTVCO$CPFOKV6TCIGURCPIG)418&8'40  4++



'JTGP\GKEJGPHÃ&#x2019;TJGTQKUEJG6CRHGTMGKV-TGW\-NCUUGXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCO$CPF OKV6TCIGURCPIG)+../:5)418&8'40 4++



7638

7640



/CTKPG8GTFKGPUV'JTGP\GKEJGP &GMQTCVKQP  -NCUUG  6[R XGTIQNFGV VGKNYGKUG XGTUKNDGTV WPF   GOCKNNKGTVCO$CPFOKV6TCIGURCPIG)+../:5)418&8'40 4++





/CTKPG8GTFKGPUV'JTGP\GKEJGP &GMQTCVKQP  -NCUUG  6[R XGTIQNFGV VGKNYGKUG XGTUKNDGTV WPF   GOCKNNKGTVCO$CPFOKV6TCIGURCPIG)+../:5)418&8'40 4++





/CTKPG8GTFKGPUV'JTGP\GKEJGP &GMQTCVKQP  -NCUUG  6[R XGTUKNDGTV VGKNYGKUG XGTIQNFGV WPF   GOCKNNKGTVCO$CPFOKV6TCIGURCPIG)+../:5)418&8'40 4++



146


7643

7641



/KNKV·T&KGPUVCWU\GKEJPWPIFGT#TOGG$TWUVUVGTPHÃ&#x2019;T&KGPUVLCJTGXGTUKNDGTVVGKNYGKUGXGTIQNFGV WPFGOCKNNKGTVCP0CFGN)+../:6CHGN8XCT)418&1#0XCT8'40 4++





#WU\GKEJPWPI HÃ&#x2019;T -TKGIUGKPU·V\G KP FGT /CTKPG &GMQTCVKQP FGT  -NCUUG XGTUKNDGTV VGKNYGKUG   GOCKNNKGTVCO$CPF)418&8'40 ++





1TFGPFGUJN-CTN)TQ­MTGW\)QNFGOCKNNKGTVOGJTGTG'OCKNNGEJKRRUWPFTGRCTCVWTGPQJPG$CPF )7+45*'1-.'01#04#/58'40<'+ ++p+++

/10#%1

7644





7645

1TFGPFGUJN-CTN$TWUVUVGTP \WO)TQ­MTGW\WPF\WO)TQ­QHHK\KGT 5KNDGT#WHNCIGP)QNFGOCKN NKGTVCP0CFGNFKGUGRWP\KGTV)7+45*'1-.'01#04#/58'40 <'+ +p++



5GJTITQ­G#WUHÃ&#x2019;JTWPI



1TFGPFGUJN-CTN$TWUVUVGTP \WO)TQ­MTGW\WPF\WO)TQ­QHHK\KGT 5KNDGTVGKNYGKUGXGTIQNFGVWPF GOCKNNKGTV CP 0CFGN FKGUG RWP\KGTV )7+4 5  *'1  -.'0  1#0  4#/ 5    8'40<'+ ++p

 147


7646





7647

)TKOCNFK1TFGP)TQ­MTGW\UGVDGUVGJGPFCWU)TQ­MTGW\5KNDGTXGTIQNFGVWPFGOCKNNKGTVOKVECEO NCPIGO 5EJ·TRGPUVÒEM WPF $TWUVUVGTP 5KNDGT VGKNYGKUG XGTIQNFGV CP 0CFGN FKGUG OGJTHCEJ RWP   \KGTV)7+45*'1XCT-.'01#04#/58'40 <'+ 5VÒEM++ #TDGKVU8GTFKGPUVOGFCKNNG5KNDGTPG/GFCKNNGCO$CPF)7+45

++

 

7648 7649 7650

/106'0')41 

&CPKNQ1TFGP  DKU  /QFGNN   5KNDGTMTGW\ FGT 4KVVGT D\Y -TGW\ &CPKNQ + CD     5KNDGT <GPVTGP )QNF GOCKNNKGTV KO 4KPI OGJTHCEJ RWP\KGTV CO &TGKGEMUDCPF KO 1TKIKPCNGVWK FGT   (KTOC8/C[GT U(KNUKP9KGP-.'02+.'6CHGN21)#54#/541/1 D\YD\Y8'40<'+ +



'ZGORNCTWPF'VWKKPVCFGNNQUGT$GUVGTJCNVWPI



&CPKNQ1TFGP  DKU  /QFGNN   5KNDGTMTGW\ FGT 4KVVGT D\Y -TGW\ &CPKNQ + CD     5KNDGT <GPVTGP )QNF GOCKNNKGTV KO 4KPI OGJTHCEJ RWP\KGTV 4ÒEMUGKVG GVYCU XGTUEJOWV\V CO &TGK   GEMUDCPF-.'02+.'6CHGN21)#54#/541/1D\YD\Y 8'40<'+ ++p



8GTOWVNKEJÌUVGTTGKEJKUEJG#PHGTVKIWPI



148

&CPKNQ1TFGP  /QFGNN   -TGW\  -NCUUG5KNDGTXGTIQNFGVWPFGOCKNNKGTV#WUDTWEJKP FGT YGK­GP 'OCKNNG FGU 8QTFGTUGKVGPOGFCKNNQPU 8CTKCPVG OKV GKPVGKNKIGP /GFCKNNQPU WPF WPIGMTÌPVGT   0COGPUEJKHHTG CO &TGKGEMUDCPF -.'0  1#0 2+.'6CHGNXCT21)#5XCT 4#/541/1XCT8'40<'+ ++p




7651 1:1

7652

7653



1TFGPXQO4QVGP-TGW\/QFGNN/KPKCVWTFGT1TFGPUFGMQTCVKQP)QNFGOCKNNKGTV&WTEJOGUUGT OOQJPG$CPF2+.'21)#54#/541/18'40 +p++





/GFCKNNG HÒT 'KHGT  /QFGNN 5KNDGTPG /GFCKNNG 5KNDGT CO CNVGP $CPF TWO·PKUEJGT 0·JCTV 2+.'   6CHGN21)#54#/541/1 ++





6TKUJCMVK2CVVC1TFGP5GVFGT-NCUUGDGUVGJGPFCWU&GMQTCVKQPFGT-NCUUG5KNDGTGOCKNNKGTV IGUEJNKHHGPG5VGKPGOKVECEONCPIGO5EJ·TRGPUVÒEMWPF$TWUVUVGTP5KNDGTVGKNYGKUGXGTIQNFGV IGUEJNKHHGPG5VGKPG0CFGN)QNF0'26CHGN:::++1#0 5VÒEM44+

0'2#. 

9KGCNNGJÌJGTGP  PGRCNGUKUEJGP1TFGP\KGONKEJUGNVGP

7655 7654



7657

6TKUJCMVK2CVVC1TFGP&GMQTCVKQPFGT-NCUUG 8KMJ[CVC 5KNDGTGOCKNNKGTVCO*CNUDCPFCDUEJPKVV 0'26CHGN:::+++1#0 4++



9KGCNNGJÌJGTGP  PGRCNGUKUEJGP1TFGP\KGONKEJUGNVGP

  

0+'&'4.#0&'

/KNKV·T9KNJGNO1TFGP'KPHCEJGIGUVKEMVG#PHGTVKIWPIFGU$TWUVUVGTPU\WO)TQ­MTGW\

++



/KNKV·T9KNJGNO1TFGP'KPHCEJGIGUVKEMVG#PHGTVKIWPIFGU$TWUVUVGTPU\WO)TQ­MTGW\

++



/KNKV·T9KNJGNO1TFGP'KPHCEJGIGUVKEMVG#PHGTVKIWPIFGU$TWUVUVGTPU\WO-QOOCPFGWT

++



/QFGTPG#PHGTVKIWPI /QFGTPG#PHGTVKIWPI /QFGTPG#PHGTVKIWPI

149


7658



7659

/KNKV·T9KNJGNO1TFGP 4KVVGTMTGW\  -NCUUG 5KNDGT <GPVTGP )QNF GOCKNNKGTV UVCTMG $GUEJ·FKIWP   IGPKPFGTYGK­GP'OCKNNGFGT8QTFGTWPF4ÒEMUGKVG+PUEJTKHVGPVGKNYGKUGXGTDNCUUVOKVMCPPGNKGTVGO $CPFTKPI FKGUGT RWP\KGTV CO CNVGP $CPF '8'45 5  XCT *'1  -.'0  0'& 5    1#04#/58'40<'+ +++p+8



#PHGTVKIWPIWOEC0CEJ/GKLGTYWTFGPXQPDKUPWT4KVVGTMTGW\G-NCUUGXGTNKGJGP&GT 1TFGP IGPKG­V CWEJ JGWVG PQEJ JÌEJUVGU #PUGJGP KP FGP 0KGFGTNCPFGP &KG  -NCUUG GPVURTKEJV WPIGH·JT KPKJTGO 4CPIFGO4KVVGTMTGW\FGU'KUGTPGP-TGW\GU



/KNKV·T9KNJGNO1TFGP 4KVVGTMTGW\  -NCUUG 5KNDGT (GWGTUVGKP )QNF GOCKNNKGTV 4ÒEMUGKVGPOG   FCKNNQP HGJNV OKV MCPPGNKGTVGO $CPFTKPI CO CNVGP 5GKFGPDCPF '8'45 5  XCT *'1  -.'0   0'&51#04#/58'40<'+ ++



#PHGTVKIWPIWOEC

7660 1:1



1TFGP XQO 0KGFGTN·PFKUEJGP .ÌYGP )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\ 5KNDGT XGTIQNFGV   <GPVTGP )QNF GOCKNNKGTV OGJTGTG *CCTTKUUG KP FGT YGK­GP 'OCKNNG OKV EC  EO NCPIGO 5EJ·TRGP   UVÒEMWPF$TWUVUVGTP/QFGNNQJPGYGK­G'OCKNNG5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCWHFGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC XCP 9KGNKM KP &GP *CCI '8'45 5  XCT *'1    -.'00'&5GKVG1#0XCT4#/58'40<'+  5VÒEM4++  #PHGTVKIWPI FGT <YKUEJGPMTKGIU\GKV GTGT ,CJTG  8QP  DKU  UKPF PCEJ /GKLGT PWT  )TQ­MTGW\G   XGTNKGJGPYQTFGP

150


7661



1TCPKGP0CUUCW1TFGP )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\ 5KNDGT XGTIQNFGV <GPVTGP )QNF   GOCKNNKGTVOKVECEONCPIGO5EJ·TRGPUVÒEMWPF$TWUVUVGTP5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKN NKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC)QWFUOKVKP&GP*CCI'8'455*'1  XCT  -.'0   0'& 5  1#0   4#/ 5  8'40   <'+    5VÒEM+p++



0CEJ/GKLGTUKPFXQPDKU)TQ­MTGW\GXGTNKGJGPYQTFGP

7663 7662





7664

7666

*CWUQTFGPXQP1TCPKGP/QFGNN  -QOOCPFGWTMTGW\D\Y/QFGNN UGKV )TQ­ 'JTGPMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO *CNUDCPFCDUEJPKVV '8'45 5  *'1  XCT   -.'00'&51#0XCT4#/58'40<'+ 4+p++



*CWUQTFGP XQP 1TCPKGP  /QFGNN UGKV   5KNDGTPGU 8GTFKGPUVMTGW\ HÒT &COGP PWT DKU    XGTNKGJGP  5KNDGT CP &COGPUEJNGKHG *'1  XCT -.'0  0'& 5  1#0 5    4#/58'40<'+ 4++



0CEJ/GKLGTKUVFCU5KNDGTPG8GTFKGPUVMTGW\UGNVGPGTXGTNKGJGPYQTFGPCNUFKG1HHK\KGTUWPF-QOOCPFGWTMTGW\G







*CWUQTFGPXQP1TCPKGP/QFGNN  'JTGPOGFCKNNGHÒT'KHGTWPF8GTPWPHVKP5KNDGT5KN DGTCO*CNUDCPFCDUEJPKVV'8'455XCT*'15-.'00'&54#/5 8'40<'+ +



*CWUQTFGPXQP1TCPKGP/QFGNN  'JTGPOGFCKNNGHÒT'KHGTWPF8GTPWPHVKP5KNDGT5KN DGTCO*CNUDCPFCDUEJPKVV'8'455XCT*'15-.'00'&54#/5 8'40<'+ +



&QIIGT $CPM/GFCKNNG  5R·VGTG HTCP\ÌUKUEJG 0CEJHGTVKIWPI 5KNDGT RWP\KGTV CO $CPF OKV   $CPFOCUEJG0'&58'40   ++

 151


7667



7669

7668

/GFCKNNGHÒT&GP*CCI5KNDGTGVYCUXGTDQIGPQJPG$CPF0'&8'40

4++



++



&KG/GFCKNNGYWTFGECDKUOCNXGTNKGJGP



.QODQM-TGW\$TQP\GQJPG$CPF0'&58'40

*1..#0&0#21.'10+5%*'5-¤0+)4'+%*   

-ÌPKINKEJGT 1TFGP XQP *QNNCPF 5R·VGTG #PHGTVKIWPI FGT 4KVVGTFGMQTCVKQP 5KNDGT XGTIQNFGV WPF   GOCKNNKGTV OGJTGTG 'OCKNNGUEJ·FGP CWH DGKFGP 5GKVGP 4ÒEMUGKVGPOGFCKNNQP $174& $  -.'0  

 1#0XCT8'40  <'+   ++p+++



9QJNGKPG<YGKVCPHGTVKIWPIXQO$GIKPPFGU,CJTJWPFGTVU

7670 1:1 7671

7672

0149')'0 2'4510#.70+10/+65%*9'&'0 $+5  

1NCX1TFGP  /QFGNN   $TWUVUVGTP \WO )TQ­MTGW\ 5KNDGT #WHNCIGP )QNF GOCKNNKGTV   OGJTGTG *CCTTKUUG KP FGT YGK­GP 'OCKNNG &WTEJOGUUGT  OO CP 0CFGN $'4)* 5   XCT   *'1XCT-.'01#0XCT4#/58'40<'+ 4++p 

5'.$56560&+)'5-¤0+)4'+%* 5'+6  

1NCX1TFGP/QFGNN UGKVQJPG.ÌYGPÒDGTFGT-TQPG -QOOCPFGWTMTGW\OKV5EJYGTVGTP )QNFGOCKNNKGTVCWHFGO$CPFTKPI*GTUVGNNGTDG\GKEJPWPIFGT(KTOC,6QUVTWRKP1UNQWPF)QNFRWP\G CO*CNUDCPF$'4)*5XCT*'1XCT-.'01#0XCT4#/5 8'40<'+ 4+



5EJYGTVGTFGMQTCVKQPFGU1NCX1TFGPUUKPFKPCNNGP-NCUUGPUGJTUGNVGP6QRUVÒEMKP$GUVGTJCNVWPI



152

1NCX1TFGP/QFGNN UGKVQJPG.ÌYGPÒDGTFGT-TQPG 4KVVGTMTGW\-NCUUG)QNFGOCKN NKGTVCWHFGT4ÒEMUGKVGFGU-PQVGPURWP\KGTVCO$CPFKO1TKIKPCNGVWKFGT(KTOC,6QUVTWR $'4)*5XCT*'1XCT-.'01#0XCT4#/58'40<'+  +




7673





7674

1NCX1TFGP/QFGNN UGKVQJPG.ÌYGPCWHFGO-TGW\FGT-TQPG 4KVVGTMTGW\-NCUUGOKV 5EJYGTVGTP)QNFGOCKNNKGTVCO$CPF$'4)*5XCT*'1XCT-.'01#0 XCT4#/58'40<'+ 4+



7PDGMCPPVG /GFCKNNG 5KNDGT XGTIQNFGV CWH FGT 8QTFGTUGKVG FKG 9QTVG ,') 8+. 8'4)' /+6   .#0&CWHFGT4ÒEMUGKVG'ORH·PIGTITCXWT+/9##)'0CO$CPFOKV6TCIGURCPIG ++



7676

7676

7675

-#+5'44'+%*  

¤56'44'+%*



¤UVGTTGKEJKUEJ-CKUGTNKEJGT .GQRQNF1TFGP $TWUVUVGTP \WO )TQ­MTGW\  /QFGNN  DTKNNCPVKGTV    5KNDGT TGRGTEKGTV #WHNCIGP )QNF GOCKNNKGTV CWH \YGK -TGW\CTOGP FÒTHVKIG 4GRCTCVWTGP KP FGT TQVGP   'OCKNNG /GFCKNNQP\GPVTWO GVYCU GKPIGFTÒEMV FKG 5VTCJNGPURKV\GP CWH FGT 4ÒEMUGKVG XGTUV·TMV CP 0C   FGN FKGUG OKV *GTUVGNNGTDG\GKEJPWPI %(416*' WPF 9+'0 OGJTHCEJ RWP\KGTV -.'0    /#4-H/'4¤56::++XCT/+%*+:0+//¤1#0XCT4#/5241 561.'8'40<'+ +++ 



¤UVGTTGKEJKUEJ-CKUGTNKEJGT 1TFGP FGT 'KUGTPGP -TQPG  /QFGNN )TQ­MTGW\FGMQTCVKQP $TQP\G   XGTIQNFGVVGKNYGKUGGOCKNNKGTVOKP'OCKNNGUEJCFGPKO*GT\UEJKNFFGT8QTFGTUGKVG'KUGPTKPIKO+PPG TGPFGT'KUGTPGP-TQPGCWHFGT4ÒEMUGKVGFGT-TQPGPD·PFGT*GTUVGNNGTDG\GKEJPWPIFGT(KTOC4QVJGKP 9CKGPQJPG5EJWNVGTDCPF-.'0/#4-1#0 ++p

 153


7677 1:1 7678



¤UVGTTGKEJKUEJ-CKUGTNKEJGT1TFGPFGT'KUGTPGP-TQPG/QFGNN$TWUVUVGTP-NCUUG /QFGNN DTKNNCPVKGTV  5KNDGT TGRGTEKGTV #WHNCIGP )QNF HGKPUV \KUGNKGTV VGKNYGKUG GOCKNNKGTV FKG 5VTCJNGPURKV\GP   CWHFGT4ÒEMUGKVGXGTUV·TMVCP0CFGNFKGUGOGJTHCEJRWP\KGTV-.'0/#4-I/'4¤56 EXCT/+%*:++0+//¤1#0XCT4#/5241561.'8'40 <'+ 4+p++ 



¤UVGTTGKEJKUEJ-CKUGTNKEJGT1TFGPFGT'KUGTPGP-TQPG/QFGNN-NGKPFGMQTCVKQP\WT-NCUUGOKV -TKGIUFGMQTCVKQPWPF5EJYGTVGTP$TQP\GXGTIQNFGVWPFGOCKNNKGTVFKG4ÒEMUGKVGFGT-TQPGPD·PFGTOKV *GTUVGNNGTDG\GKEJPWPIFGT(KTOC#'-ÌEJGTVKP9KGPCO&TGKGEMUDCPFOKV#WHNCIGP-.'0 /#4-G -/'4¤56:.F/+%*:+++0+//¤1#0XCT4#/5 241561.'XCT8'40<'+XCT ++

7679 1:1



7680



7681

¤UVGTTGKEJKUEJ-CKUGTNKEJGT1TFGPFGT'KUGTPGP-TQPG/QFGNN&GMQTCVKQPFGT-NCUUGOCUUKX )QNFVGKNYGKUGGOCKNNKGTVCWHFGT4ÒEMUGKVGOKPKO/KVVGNUEJKNFIGEJKRRVWPFHGJNGPFGT'FGNUVGKPKP FGT-TQPGQJPG$CPF-.'0XCT/#4-F/'4¤56:::++G/+%*:+++0+//¤ XCT1#0XCT4#/5241561.'XCT8'40<'+XCT  44++ (TÒJGU'ZGORNCTCWUFGPGT,CJTGPFGU,CJTJWPFGTVUKPUGJTUEJÌPGT'TJCNVWPI





-CKUGTNKEJ¤UVGTTGKEJKUEJGT (TCP\,QUGRJ1TFGP )TQ­MTGW\ )QNF GOCKNNKGTV KO 4KPI RWP\KGTV   8/WPFYGKVGTG2WP\GQJPG5EJWNVGTDCPF-.'0/#4-E/'4¤56:.+/+%*:+8 0+//¤1#0XCT4#/5241561.'8'40<'+ +p++





-CKUGTNKEJ¤UVGTTGKEJKUEJGT (TCP\,QUGRJ1TFGP )TQ­MTGW\ $TQP\G XGTIQNFGV WPF GOCKNNKGTV KO   4KPI OGJTHCEJ RWP\KGTV WPVGT CPFGTGO 8/ CP 5EJ·TRGP'PFUVÒEM -.'0  /#4- F   /'4¤56:.+/+%*:+80+//¤1#0XCT4#/5241561.' 8'40<'+ ++



154


7683

7684

7682 1:1

7685



7687

7686

-CKUGTNKEJ¤UVGTTGKEJKUEJGT (TCP\,QUGRJ1TFGP $TWUVUVGTP \WO -QOOCPFGWTMTGW\  -NCUUG    /QFGNN  5KNDGTTGRGTEKGTV#WHNCIGP)QNFGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJ PWPIFGT(KTOC8KPE/C[GT U5ÌJPGKP9KGPCP0CFGNFKGUGOGJTHCEJRWP\KGTV-.'0/#4- E/'4¤56:.++E/+%*:80+//¤1#04#/5241561.' 8'40<'+ ++  5EJÌPGCNVG2CVKPC



'JTGP\GKEJGP XQO 4QVGP -TGW\ 'JTGP\GKEJGP  -NCUUG QJPG -TKGIUFGMQTCVKQP 5KNDGT GOCKNNKGTV   QJPG2WP\KGTWPICO*CNUDCPFCDUEJPKVV-.'0/#4-C/'4¤56F/+%*::++ 0+//¤2415%*94-5561.'8'40<'+ ++





'JTGP\GKEJGPXQO4QVGP-TGW\'JTGP\GKEJGP-NCUUGOKV-TKGIUFGMQTCVKQP5KNDGTGOCKNNKGTV¤UG XQTFGTUGKVKIRWP\KGTVCO*CNUDCPFCDUEJPKVV-.'0/#4-/'4¤56.8++F/+%*::++ 0+//¤2415%*94-58'40<'+ ++





'JTGP\GKEJGPXQO4QVGP-TGW\'JTGP\GKEJGP-NCUUGOKV-TKGIUFGMQTCVKQP5KNDGTGOCKNNKGTV¤UG TÒEMUGKVKI RWP\KGTV CO *CNUDCPFCDUEJPKVV -.'0  /#4-  /'4¤56 .8++F /+%* ::++   0+//¤2415%*94-5561.'8'40<'+ ++



'JTGP\GKEJGP XQO 4QVGP -TGW\ 1HHK\KGTUMTGW\ ITWPFU·V\NKEJ OKV FGT -TKGIUFGMQTCVKQP  5KNDGT   GOCKNNKGTV OKPKOCNG #DURNKVVGTWPI KO 4QVGP -TGW\ #WUHÒJTWPI OKV  *CMGP OGJTHCEJ RWP\KGTV   -.'0/#4-/+%*::++0+//¤2415%*94-58'40<'+  ++



'JTGP\GKEJGPXQO4QVGP-TGW\'JTGP\GKEJGP-NCUUGWPF-NCUUGOKV-TKGIUFGMQTCVKQPDGKFG 5KNDGTGOCKNNKGTVCP&TGKGEMUD·PFGTPNGV\VGTGUKO1TKIKPCNGVWKXQP)#5EJGKFKP9KGP-.'0  /#4-   /'4¤56   /+%*   0+//¤   241     5%*94-55561.'8'40<'+ 5VÒEM++







155


7689

ex 7688





'JTGP\GKEJGPXQO4QVGP-TGW\5KNDGTPG'JTGPOGFCKNNG5KNDGTLGFQEJQJPG2WP\G5KNDGTPG'JTGP OGFCKNNGOKV-TKGIUFGMQTCVKQP5KNDGT$TQP\GPG'JTGPOGFCKNNG$TQP\GPG'JTGPOGFCKNNGOKV-TKGIUFG MQTCVKQPLGYGKNUVGKNYGKUGGOCKNNKGTVWPFCO&TGKGEMUDCPF*75-.'0 /#4-/'4¤56/+%*0+//¤ 2415%*94-55561.'8'40<'+  5VÒEM++



6KTQNGT .CPFGUXGTVGKFKIWPIU&GPMOÒP\G  5KNDGT CO CNVGP $CPF /#4-  /'4¤56    /+%*0+//¤241561.'8'40 ++



5EJÌPGCNVG2CVKPC

7690 1:1

'456'4'27$.+-   

156

'JTGP\GKEJGPHÒT8GTFKGPUVGWOFKG4GRWDNKM¤UVGTTGKEJD\Y¤UVGTTGKEJKUEJGT8GTFKGPUVQTFGP CD   5GV \WO )TQ­GP )QNFGPGP 'JTGP\GKEJGP CO $CPF D\Y )TQ­MTGW\  -NCUUG DGUVGJGPF CWU   )TQ­GU)QNFGPG'JTGP\GKEJGPXGTIQNFGVWPF TQV GOCKNNKGTVQJPG5EJWNVGTDCPFWPF$TWUVUVGTP5KNDGT TGRGTEKGTVVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC#PVQP 4GKVVGTGTKP9KGPCP0CFGNFKGUGOKV5EJYCPGPRWP\G-.'0/#4-E0+//¤   1#0  XCT  241   D\Y   4#/ 5  5%*/4 (CTDVCHGN 8+   8'40<'+ 5VÒEM4++ 


7691 1:1



'JTGP\GKEJGPHÒT8GTFKGPUVGWOFKG4GRWDNKM¤UVGTTGKEJD\Y¤UVGTTGKEJKUEJGT8GTFKGPUVQTFGP CD   5GV \WO )TQ­GP 'JTGP\GKEJGP CO $CPF D\Y )TQ­MTGW\ DGUVGJGPF CWU )TQ­GU 'JTGP\GKEJGP   XGTIQNFGVWPF YGK­ GOCKNNKGTVQJPG5EJWNVGTDCPFWPF$TWUVUVGTP5KNDGTTGRGTEKGTVVGKNYGKUGXGTIQNFGV WPFGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC#PVQP4GKVVGTGTKP9KGPCP0CFGN -.'0   /#4-  D 0+//¤   1#0  XCT  XCT 241     4#/55%*/4(CTDVCHGN8++561.'8'40<'+   5VÒEM++



7692 1:1 7693

560&'56##6   

'JTGP\GKEJGP XQO 4QVGP -TGW\ 'JTGP\GKEJGP 'TUVGT -NCUUG 5KNDGT GOCKNNKGTV CO IGP·JVGP *CNU   DCPF -.'0  /#4-  0+//¤  241  5%*/4 (CTDVCHGN + 5%*94- 5    561.'8'40<'+ 44++  &KGUGU'JTGP\GKEJGPYWTFGKPUIGUCOV KPFGP,CJTGPXQPDKU PWTOCNXGTNKGJGPWPFIKNVCNUGKPGFGT UGNVGPUVGPÌUVGTTGKEJKUEJGP#WU\GKEJPWPIGP



'JTGP\GKEJGP XQO 4QVGP -TGW\ 1HHK\KGTGJTGP\GKEJGP 5KNDGT GOCKNNKGTV FKG DGKFGP 2CNO\YGKIG   HGJNGPCP0CFGNFKGUGOKV2WP\G-WPF5KNDGTRWP\G-.'0/#4-C0+//¤ 2415%*/4(CTDVCHGN+5%*94-58'40<'+ 44++ +++



1TKIKPCNGUGEJVUKNDGTPGU'ZGORNCT'ZVTGOUGNVGPFCFKGUG5VWHGKPUIGUCOVPWTOCNXGTNKGJGPYQTFGPKUV6TQV\ FGT 'KPUEJT·PMWPI KP FGT 'TJCNVWPI FWTEJ FKG HGJNGPFGP 2CNO\YGKIG UGJT UGNVGPG )GNGIGPJGKV \WO 'TYGTD FKGUGU   'JTGP\GKEJGPU

157


7694

<9'+6'4'27$.+- 5'+6  

'JTGP\GKEJGP HÃ&#x2019;T 8GTFKGPUVG WO FKG 4GRWDNKM ¤UVGTTGKEJ 5GV \WO )TQ­UVGTP FGU 'JTGP\GKEJGPU   DGUVGJGPF CWU )TQ­UVGTPMTGW\ XGTIQNFGV WPF DGKFUGKVKI  GOCKNNKGTV QJPG 5EJWNVGTDCPF WPF $TWUV   UVGTP 5KNDGT XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC   #PVQP4GKVVGTGTKP9KGPCP0CFGN0+//¤1#0XCT2414#/5 5%*/5%*/4561.'<'+ 5VÃ&#x2019;EM4++



7695 7696



'JTGP\GKEJGP HÃ&#x2019;T 8GTFKGPUVGWOFKG4GRWDNKM¤UVGTTGKEJ5GV\WO)TQ­GP)QNFGPGP'JTGP\GKEJGP OKV5VGTPDGUVGJGPFCWU)TQ­GU)QNFGPGU'JTGP\GKEJGPXGTIQNFGVWPFGOCKNNKGTVCOIGP·JVGP*CNU DCPFWPF$TWUVUVGTP5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCWHFGT4Ã&#x2019;EMUGKVG*GTUVGNNGTDG\GKEJPWPI FGT(KTOC#PVQP4GKVVGTGTKP9KGPCP0CFGNFKGUGOKV5EJYCPGPRWP\G*'1-.'0 0+//¤1#02414#/55%*/5%*/4 561.'<'+ 5VÃ&#x2019;EM++



*1*'4&'765%*'44+66'414&'0 

158

2TQHG­MTGW\ $TWUVMTGW\ UQ IGPCPPVGU 2TQHG­MTGW\ FGT 2TQHG­4KVVGT WPF 1TFGPURTKGUVGT 5KNDGT   GOCKNNKGTV QJPG 2WP\KGTWPI CP 0CFGN *'1 5  -.'0  /#4- C /'4¤56 F   /+%*0+//¤241561.'XCT<'+ ++




7697



7698

7699

/CTKCPGT-TGW\ *CNUMTGW\ 8CTKCPVG OKV N·PIGTGO WPVGTGP -TGW\CTO $TQP\G XGTUKNDGTV WPF GOCKN   NKGTVCOMWT\GP*CNUDCPFCDUEJPKVV*';&XCT*75XCT-.'0XCT/#4- XCT/'4¤56CXCT/+%*XCT0+//¤XCT241XCT561.'XCT<'+ XCT



#PHGTVKIWPIPCEJD\Y





/CTKCPGT-TGW\ 5KNDGT KP FGT ¤UG RWP\KGTV  -TGW\CWHNCIG )QNF GOCKNNKGTV PCJG\W WPUKEJVDCTG   'OCKNNGCDRNCV\WPIGP KO /GFCKNNQPTKPI CO CNVGP &TGKGEMUDCPF *'1  *';&  XCT *75   -.'0/#4-E/'4¤56F/+%*0+//¤241561.' <'+ ++



(COKNKCTGP-TGW\$TQP\GXGTIQNFGVWPFGOCKNNKGTVCO*CNUDCPFCDUEJPKVV*'15-.'0 241561.'<'+ +p++



7702 7701 7700

2#4#)7#; 

0CVKQPCNGT 8GTFKGPUVQTFGP  /QFGNN UGKV   )TQ­MTGW\FGMQTCVKQP XGTIQNFGV WPF GOCKNNKGTV   QJPG5EJWNVGTDCPFLGFQEJCPMWT\GO*CNUDCPFUVÒEM)+..5#51#0 ++



8GTFKGPUVMTGW\ FGT .WHVUVTGKVMT·HVG )QNFGPGU 8GTFKGPUVMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV OKV   *GTUVGNNGTDG\GKEJPWPIFGT%CUCFG/QPGFCKP.KOCCO$CPF 4++



2'47 

*ÌEJUVG#WU\GKEJPWPIFGTRGTWCPKUEJGP.WHVUVTGKVMT·HVG

2*+.+22+0'0 

'JTGPNGIKQP&GMQTCVKQPFGT.GIKQP·TGXGTIQNFGVWPFGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJ PWPIFGT(KTOC'N1TQKP3WG\QP%KV[CO$CPFOKV6TCIGURCPIG\WUCOOGPOKV+PVGTKOURCPIGWPF 4GXGTUCD\GKEJGP1#054';8'40 ++

 159


7705

7703 7704



-TGW\HÃ&#x2019;TNCPIGPWPFVTGWGP&KGPUV8GTIQNFGVWPFGOCKNNKGTVCO$CPF4';8'40 ++





1TFGP XQO )QNFGPGP 2HNWI 8GTIQNFGV WPF VGKNYGKUG GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG *GTUVGNNGTDG\GKEJ   PWPIFGT(KTOC'N1TQCO*CNUDCPFCDUEJPKVV8'40 ++



-¤0+)4'+%* $+5  

21.'0

7PDGMCPPVGU 'JTGPMTGW\ 8KTVWVK /KNKVCTK  5KNDGT XGTIQNFGV WPF GOCKNNKGTV GKP -TGW\CTO   HCEJIGTGEJV CPIGUGV\V OKV <GPVTWO FGU GTUVGP RQNPKUEJGP  /QFGNNU FGU 5V5VCPKUNCWUQTFGPU'OCKNNG OCNGTGK CWH FGT 4Ã&#x2019;EMUGKVG ITCXKGTV  8+46 /+.+6 QJPG $CPF $+)1  -.'0  1#0    8'40<'+ 8QPITQ­GT5GNVGPJGKV++



1DGUUKEJJKGTDGKWOGKPG8QTN·WHGTFGMQTCVKQPFGU1TFGPU8KTVWVK/KNKVCTKQFGTWOGKPGP2TQVQV[RJCPFGNVMCPP PKEJV PCEJIGYKGUGP YGTFGP ,GFGPHCNNU JCPFGNV GU UKEJ JKGTDGK WO GKPG CNVG UGJT JGTXQTTCIGPFG #WU\GKEJPWPI FKG   WPUGTGU9KUUGPDKUNCPIPKEJVFQMWOGPVKGTVKUV

7707

7706

7708

<9'+6'521.0+5%*'5-¤0+)4'+%*   

1TFGP8KTVWVK/KNKVCTK/QFGNN  4KVVGTMTGW\)QNFGOCKNNKGTVHGKPUVG'OCKNNGOCNGTGK COCNVGP$CPF$+)15-.'01#058'40<'+ 4+p++



(TÃ&#x2019;JGWPFJGTXQTTCIGPFG#PHGTVKIWPI

4755+5%*'5-¤0+)4'+%*   

1TFGP8KTVWVK/KNKVCTK/QFGNN OKVFGT,CJTGU\CJN 5KNDGTPGU-TGW\5KNDGTCPUR· VGTGTTWUUKUEJGT2GPVCIQPCNDCPFURCPIG$+)15XCT-.'01#058'40<'+  4+



'456'4'27$.+-    160

1TFGP 2QNQPKC 4GUVKVWVC  /QFGNN   -QOOCPFGWTMTGW\XGTIQNFGVWPFGOCKNNKGTVCO MWT\GP*CNUDCPFCDUEJPKVV$+)15-.'01#058'40<'+ ++




7709 7710

7712

21.0+5%*'':+.#06'0+0(4#0-4'+%* 

7PDGMCPPVGTRQNPKUEJGT'ZKNQTFGP$TWUVUVGTP5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTV&WTEJOGUUGT OOCP0CFGNFKGUGOGJTHCEJRWP\KGTV +p



81.-54'27$.+-   

8GTFKGPUVQTFGP  /QFGNN -QOOCPFGWTMTGW\ XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV CO *CNUDCPFCD   UEJPKVV$+)15 +p++





-QPXQNWV XQP  XGTUEJKGFGPGP RQNPKUEJGP #WU\GKEJPWPIGP 8GTUEJKGFGPG /GVCNNGVGKNYGKUGGOCKN NKGTV KP WPVGTUEJKGFNKEJGP 'TJCNVWPIGP CP $·PFGTP &C\W RQNPKUEJGU 4GIKOGPVUCD\GKEJGP CP 5EJTCWD   UEJGKDG 5VÒEM++



-¤0+)4'+%* $+5  

21467)#.

/KNKV·TKUEJGT 1TFGP WPUGTGU *GTTP ,GUWU %JTKUVWU  /QFGNN DKU   1TFGPUMTGW\ 5KNDGT OKV   4GUVXGTIQNFWPIWPVGTG-TGW\CTOGPFGPGVYCUXGTDQIGPTQVGWPFYGK­G)NCUUVGKPGOGJTGTGIGDTQEJGP WPF IGURNKVVGTV FKG $TKNNCPVGP KP FGT &GMQTCVKQP ÒDGT FGO -TGW\ XQP ITÒPNKEJGT (CTDG -.'0    1#0XCT4#/564+)8'40<'+ 4++p+++  'ZGORNCTCWUFGT'PF\GKVFGU/QFGNNU  &CFKG8GTIQNFWPICWHFGT4ÒEMUGKVGXQNNUV·PFKIXGTUEJYWPFGPWPF PWTCWHFGP5GKVGPT·PFGTPVGKNYGKUGGTJCNVGPKUVYKTFCPIGPQOOGPFCUUFKGUGU'ZGORNCTXKGNIGVTCIGPYWTFG

7713



/KNKV·TKUEJGT 1TFGP 7PUGTGU *GTTP ,GUWU %JTKUVWU  /QFGNN   )TQ­MTGW\UGV FGU UQ   IGPCPPVGP OQFGTPGP 6[RWU DGUVGJGPF CWU )TQ­MTGW\ 5KNDGT XGTIQNFGV <GPVTGP )QNF GOCKNNKGTV   &WTEJOGUUGTOOOKVECEONCPIGO5EJ·TRGPUVÒEMWPF$TWUVUVGTP5KNDGTTGRGTEKGTVVGKNYGKUG XGTIQNFGV-TGW\WPF*GT\,GUW)QNFVGKNYGKUGGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT (KTOC*CNNG[KP2CTKUCP0CFGNFKGUGRWP\KGTV-.'01#054#/564+)5 8'40<'+ 5VÒEM44++



+PFGT)TQ­MTGW\MNCUUGKUVFKGUGTOQFGTPG6[RWUFGU-NGKPQFUUGJTUGNVGP#PHGTVKIWPIWOEC1HVYGTFGPFKG +PUKIPKGPFKGUGUOQFGTPGP6[RWUCNUUQNEJGFGTOKNKV·TKUEJGP#DVGKNWPIFGU1TFGPU\WIGJÌTKIDG\GKEJPGV&KGUKUV LGFQEJKTTGHÒJTGPFFCFGT1TFGPDKUUQYKGUQGKPTGKPGT/KNKV·TQTFGPYCT

161


7714 7716

7715





/KNKV·TKUEJGT1TFGP7PUGTGU*GTTP,GUWU%JTKUVWU/QFGNN  4KVVGTMTGW\FGUUQIGPCPP VGP OQFGTPGTGP 6[RWU )QNF GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG GKP -TQPGPDÃ&#x2019;IGN IGDTQEJGP CO $CPF   -.'01#054#/564+)58'40<'+ ++



/KNKV·TKUEJGT 1TFGP FGU JN $GPGFKMV XQP #XK\  /QFGNN   -QOOCPFGWTMTGW\ )QNF   GOCKNNKGTV 1TFGPUMTGW\ 5KNDGT XGTIQNFGV   CO *CNUDCPFCDUEJPKVV -.'0  XCT  1#0 5    4#/564+)58'40<'+ ++



$CPFTKPIWPF*GT\,GUW&GMQTCVKQPXQPHGKPGT#PHGTVKIWPIUSWCNKV·VWO&CU1TFGPUMTGW\UGNDUVKUVLGFQEJGKPG YGUGPVNKEJUR·VGTG#PHGTVKIWPICWUFGT<GKVFGT4GRWDNKMYQJNCWUFGPGT,CJTGP



/KNKV·TKUEJGT 1TFGP FGU JN $GPGFKMV XQP #XK\  /QFGNN   $TWUVUVGTP \WO -QOOCP   FGWTMTGW\5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCP0CFGN-.'01#054#/5 64+)58'40<'+ ++



7717



/KNKV·TKUEJGT1TFGPFGUJN$GPGFKMVXQP#XK\/QFGNN  )TQ­MTGW\UGVDGUVGJGPFCWU )TQ­MTGW\ 5KNDGT XGTIQNFGV FKG *GT\,GUW&GMQTCVKQP KP )QNF GOCKNNKGTV OKV EC  EO NCPIGO   5EJ·TRGPUVÃ&#x2019;EMWPF$TWUVUVGTP5KNDGTXGTIQNFGVFKG*GT\,GUW&GMQTCVKQPKP)QNFVGKNYGKUGGOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC FC %QUVC KP .KUUCDQP CP &QRRGNPCFGN FKGUG RWP   \KGTV-.'01#04#/564+)58'40<'+  5VÃ&#x2019;EM4++ 6TKIWGTQUGTY·JPVFCUUXQPDKUFKG<CJNFGT)TQ­MTGW\GCWHUGEJU2GTUQPGPNKOKVKGTVYCT.GKFGTUKPF LGFQEJFKGGHHGMVKXGP8GTNGKJWPIU\CJNGPHÃ&#x2019;TFKGUG<GKVPQEJPKEJVGTHQTUEJV5KGFÃ&#x2019;THVGPCDGTUGJTIGTKPIUGKPFCFGT 1TFGPKPFKGUGT(QTOPWT,CJTG$GUVCPFJCVVG

162




7720 1:1

7719 7718



1TFGPFGUJN,CMQDWUHÒTYKUUGPUEJCHVNKEJGNKVGTCTKUEJGWPFMÒPUVNGTKUEJG8GTFKGPUVG/QFGNN

 -QOOCPFGWTMTGW\5KNDGTXGTIQNFGVWPFGOCKNNKGTV6TCIGÌUGCPFGT*GT\,GUW&GMQTCVKQP CDIGDTQEJGPCO$CPF-.'01#054#/564+)58'40<'+ 4++



6TKIWGTQUGTY·JPVFCUUXQPDKUFKG<CJNFGT-QOOCPFGWTGCWHRNWU2GTUQPGPNKOKVKGTVYCTWPFIKDV HÒT FKG <GKV XQP  DKU  GKPG 8GTNGKJWPIU\CJN XQP  CP 2QTVWIKGUGP WPF  CP #WUN·PFGT QJPG FKTGMVG   3WGNNGPCPICDG CP&KGCDIGDTQEJGP¤UGN·UUVUKEJNGKEJVTGRCTKGTGP



1TFGPXQO6WTOWPF5EJYGTV/QFGNN  $TWUVUVGTP\WO)TQ­MTGW\5KNDGTTGRGTEKGTV WPF XGTIQNFGV #WHNCIGP )QNF GOCKNNKGTV \YGK MNGKPG 'OCKNNGTGRCTCVWTGP KO 5EJTKHVTKPI CP 0CFGN   -.'01#04#/58'40<'+ ++





1TFGPXQO6WTOWPF5EJYGTV/QFGNN4KVVGTFGMQTCVKQP)QNFGOCKNNKGTVOKVHGKPUVGT'OCKNNGOC NGTGK&WTEJOGUUGTOOCPMCPPGNKGTVGO4KPICOHCNUEJGP$CPF-.'01#04#/ 58'40<'+ 4+



5GJTHGKPIGCTDGKVGVGU'ZGORNCTCWUFGPGT,CJTGPFGU,CJTJWPFGTVU

7721



1TFGPXQO6WTOWPF5EJYGTV/QFGNN  -NGKPQF\WT-QNNCPGFGT4KVVGT5KNDGTVGKN YGKUG XGTIQNFGV WPF GOCKNNKGTV &WTEJOGUUGT  OO -.'0  XCT 1#0  XCT 4#/ 5   8'40XCT<'+XCT ++

 163


7722 7723



1TFGP7PUGTGT.KGDGP(TCW\WT'ORH·PIPKUXQP8KNNC8KEQUC)TQ­MTGW\UGVDGUVGJGPFCWU)TQ­ MTGW\FGMQTCVKQP5KNDGTXGTIQNFGV<GPVTWO)QNFGOCKNNKGTV&WTEJOGUUGTOOCWHFGT4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC 5QW\C KP.KUUCDQPOKVECEONCPIGO5EJ·TRGPUVÒEMWPF$TWUV UVGTP5KNDGTXGTIQNFGV<GPVTWO)QNFGOCKNNKGTVCP&QRRGNPCFGN-.'01#0XCT 4#/8'40<'+ 5VÒEM++



9WPFGTUEJÌPGT5GVXQPJGTXQTTCIGPFGT#PHGTVKIWPIUSWCNKV·VWOFGTXQTCNNGOFWTEJFKGUGJTRNCUVKUEJG#WU HÒJTWPIFGT-TQPGPDGUVKEJV



1TFGP 7PUGTGT .KGDGP (TCW \WT 'ORH·PIPKU XQP 8KNNC 8KEQUC -QOOCPFGWTUFGMQTCVKQP 5KNDGT   XGTIQNFGV <GPVTGP )QNF VGKNYGKUG GOCKNNKGTV OKV CNVGO *CNUDCPFCDUEJPKVV -.'0  1#0    4#/8'40<'+ ++



7726 7724 7725



7PDGMCPPVGU#WU\GKEJPWPIUMTGW\$TQP\GXGTIQNFGVWPFGOCKNNKGTV4GRCTCVWTKPFGTYGK­GP'OCKNNG COUR·VGTGP$CPF8'40 ++





/GFCKNNGHÒTFKG$GHTGKWPIUM·ORHGT$TQP\GCO$CPFOKV$CPFURCPIG



++

4'27$.+- 5'+6  

164

/KNKV·TKUEJGT 1TFGP XQP #XK\  /QFGNN UGKV   )TQ­QHHK\KGTUUGV DGUVGJGPF CWU )TQ­QHHK   \KGTUMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV $CPFTKPI RWP\KGTV CO *CNUDCPFCDUEJPKVV WPF $TWUVUVGTP   5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOCFC%QUVCKP .KUUCDQP CP 0CFGN FKGUG RWP\KGTV *'1  XCT  -.'0   1#0  4#/ 5   8'40<'+ 5VÒEM++




7730

7729 7727

7728







1TFGPFGU+PHCPVGP&QO*GPTKSWG 1TFGP*GKPTKEJUFGU5GGHCJTGTU )TQ­MTGW\UGVDGUVGJGPFCWU )TQ­MTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV $CPFTKPI RWP\KGTV OKV EC  EO NCPIGO 5EJ·TRGPUVÃ&#x2019;EM   WPF$TWUVUVGTP/QFGNN CDECQJPGGOCKNNKGTVG5VTCJNGP 5KNDGTXGTIQNFGVWPFGOCKNNKGTVCP 0CFGNFKGUGRWP\KGTV*'1-.'01#04#/58'40 <'+ 5VÃ&#x2019;EM++



8GTFKGPUVQTFGP )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV $CPFTKPI   RWP\KGTVOKVECEONCPIGO5EJ·TRGPUVÃ&#x2019;EMWPF$TWUVUVGTP5KNDGTXGTIQNFGVWPFGOCKNNKGTVCWHFGT 4Ã&#x2019;EMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOCFC%QUVCKP.KUUCDQPCP0CFGNFKGUGRWP\KGTV$GKFG5VÃ&#x2019;EM UVCTM CPIGNCWHGP *'1  XCT  -.'0   1#0  4#/ 5  8'40    <'+ 5VÃ&#x2019;EM++



1TFGPHÃ&#x2019;T8GTFKGPUVGWOFKG8QNMUCWHMN·TWPI +PUVTWECQ2WDNKEC )TQ­QHHK\KGTUUGVDGUVGJGPFCWU )TQ­QHHK\KGTUFGMQTCVKQP5KNDGTXGTIQNFGV$CPFTKPIRWP\KGTVCOMWT\GP*CNUDCPFCDUEJPKVVWPF$TWUV UVGTP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CP 0CFGN FKGUG RWP\KGTV *'1  XCT  -.'0    1#04#/8'40<'+ 5VÃ&#x2019;EM4++



&KG$TWUVUVGTPGFKGUGU1TFGPUUKPFUGNVGP\WHKPFGP



1TFGP HÃ&#x2019;T 8GTFKGPUVG WO FKG 8QNMUCWHMN·TWPI +PUVTWECQ 2WDNKEC  1HHK\KGTUFGMQTCVKQP 5KNDGT   XGTIQNFGVCWHFGT4Ã&#x2019;EMUGKVGFGU$CPFTKPIURWP\KGTVQJPG$CPF*'1XCT-.'01#05 4#/8'40<'+ ++

 165


7733

7732

7731



-TGW\HÒT/KNKV·TKUEJG6CRHGTMGKV*CNUMTGW\5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTV&WTEJOGUUGT OO$CPFTKPIRWP\KGTVCO*CNUDCPFCDUEJPKVV*'1-.'01#04#/58'40 <'+ 4++





8GTFKGPUVMTGW\FGU4QVGP-TGW\GU/QFGNN-QOOCPFGWTMTGW\5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO IGP·JVGP*CNUDCPF 4+p++





&GMQTCVKQP FGT #MCFGOKG FGT 9KUUGPUEJCHVGP XQP 2QTVWICN 5KNDGT $TQP\G XGTIQNFGV CO *CNU   DCPFCDUEJPKVV*'1-.'01#04#/8'40<'+ 4++





-NGKPG 5COONWPI XQP  XGTUEJKGFGPGP 4QV-TGW\#WU\GKEJPWPIGP &CTWPVGT 5VÒEM CWU $GNIKGP   %JKNG &·PGOCTM 'UVNCPF ,CRCP /GZKMQ 0KGFGTNCPFG ¤UVGTTGKEJ 2JKNKRRKPGP 2QTVWICN 4WUUNCPF   5EJYGFGPWPF6JCKNCPFUQYKGFTGKITQ­GÌUVGTTGKEJKUEJG6CHGNOGFCKNNGPCWUFGT<GKVFGU'TUVGP9GNV MTKGIGU 8GTUEJKGFGPG /GVCNNG ITÌ­VGPVGKNU GOCKNNKGTV GPVYGFGT CP 0CFGN QFGT CO $CPF KP WPVGT   UEJKGFNKEJGP'TJCNVWPIGP&C\W/GFCKNNGP 5VÒEM++++

416'5-4'7<+06'40#6+10#.



7735 7737 1:1

(ª456'067/  

47/0+'0



'NKUCDGVJ-TGW\5KNDGTVGKNYGKUGXGTIQNFGVCPITQ­GTQTKIKPCNIGP·JVGT&COGPUEJNGKHG-.+476CHGN +:5#(6#58'40 ++





'NKUCDGVJ-TGW\ 5KNDGT VGKNYGKUG XGTIQNFGV CP ITQ­GT QTKIKPCN IGP·JVGT &COGPUEJNGKHG FC\W GKP   -TGW\HÒT5CPKV·VUXGTFKGPUVG-NCUUG$TQP\GVGKNYGKUGGOCKNNKGTVCOHCNUEJGP$CPF-.+476CHGN+: 5#(6#58'40 5VÒEM++



-¤0+)4'+%*   

1TFGP %CTQNU + $TWUVUVGTP \WO )TQ­MTGW\ 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CP 0CFGN   -.+476CHGN+-.'01#04#/58'40<'+ 44++  &KG8GTNGKJWPIU\CJNHÒTFCU)TQ­MTGW\ CP4WO·PGP YCTNCWV-NKGVOCPPDKUCWH+PJCDGTDGITGP\VFCPCEJCWH

166


7738 1:1



6TGWFKGPUV1TFGP  /QFGNN   )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\ 5KNDGT XGTIQNFGV   WPF GOCKNNKGTV GKP 'OCKNNGEJKRR CWH FGT 8QTFGTUGKVG FGU WPVGTGP -TGW\CTOU KO 4KPI OGJTHCEJ RWP   \KGTV OKV EC  EO NCPIGO 5EJ·TRGPUVÃ&#x2019;EM WPF $TWUVUVGTP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV   CWHFGT4Ã&#x2019;EMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC*GKPTKEJ9GKUUKP$WMCTGUVCP0CFGNFKGUGOGJT HCEJ RWP\KGTV -.+47 5  H -.'0   1#0   5#(6# 58'40 <'+ 5VÃ&#x2019;EM44++  &KG8GTNGKJWPIU\CJNHÃ&#x2019;TFKGUG-NCUUGCP4WO·PGPYCTDKUCWH+PJCDGTDGITGP\V#WHITWPFFGTUGJTMWT\GP 8GTNGKJWPIU\GKVXQPFTGK,CJTGPGZVTGOUGNVGP

7743



7739 1:1

7740 1:1

7741 1:1

7742 1:1 7744

1TFGP HÃ&#x2019;T 8GTFKGPUV  /QFGNN  /KPKCVWTFGU4KVVGTMTGW\GU5KNDGTVGKNYGKUGXGTIQNFGV GOCKNNKGTV-.+4751#05#(6#5 4++



&KG8GTNGKJWPIU\CJNHÃ&#x2019;TFKGUG-NCUUGYCTCWH4WO·PGPWPF#WUN·PFGTDGITGP\V



'JTGP\GKEJGP XQO 4WO·PKUEJGP #FNGT /KPKCVWT FGT 1HHK\KGTUFGMQTCVKQP XGTIQNFGV WPF GOCKNNKGTV   CO$·PFEJGP-.+4751#0 4++





.CPFYKTVUEJCHVU8GTFKGPUVQTFGP  /QFGNN   /KPKCVWT FGU 4KVVGTMTGW\GU 5KNDGT GOCKN   NKGTVCO$·PFEJGP-.+476CHGN+++XCT1#0 4++





1TFGPHÃ&#x2019;THNKGIGTKUEJG6CRHGTMGKV/QFGNN  1HHK\KGTUMTGW\5KNDGTXGTIQNFGVWPFGOCKN NKGTVCO$·PFEJGP-.+476CHGN8++1#05#(6#5 4++





/GFCKNNG HÃ&#x2019;T HNKGIGTKUEJG 6CRHGTMGKV $TQP\GPG /GFCKNNG OKV 5EJYGTVGTP $TQP\G CO HCNUEJGP $CPF   -.+476CHGN8+++5#(6#5 ++





.CPFGUYCEJV/GFCKNNG  /QFGNN   OKV $WEJUVCDGP 1'64  $TQP\GOGFCKNNG   CO$CPF-.+476CHGN:XCT8'40XCT 4++





/GFCKNNG \WT $GNQJPWPI HÃ&#x2019;T MKTEJNKEJG #TDGKV  /QFGNN   5KNDGTPG /GFCKNNG $TQP\G   XGTUKNDGTVCO$CPF-.+476CHGN:+++ ++

 167


7746

7747

7748



2KNQVGP#D\GKEJGP/QFGNN !OKV/QPQITCOO-ÌPKI(GTFKPCPFU JQJNIGRT·IVXGTUKNDGTV CP0CFGN-.+476CHGN:+8XCT ++





(NKGIGT#D\GKEJGP (NQVKNC FG .WRV± 8++ $TQP\G XGTUKNDGTV VGKNYGKUG GOCKNNKGTV CWH FGT 4ÒEMUGKVG   *GTUVGNNGTDG\GKEJPWPIFGT(KTOC4(·UUNGTKP$WMCTGUVCP0CFGN ++



51<+#.+56+5%*'4'27$.+-   

1TFGP  #WIWUV  /QFGNN 1TFGPU\GKEJGP  -NCUUG #WUHÒJTWPI QJPG TÒEMUGKVKIG +PUEJTKHV   XGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVDGUGV\VOKV5KOKNKUVGKPGP GKPGTHGJNV CP0CFGN&1)#C*'1 -.+47:81#05%*/+47<'+ ++

7749

7750



ex 7751



1TFGP 6WFQT 8NCFKOKTGUEW 5VGTP  -NCUUG XGTIQNFGV OKV 5KOKNKUVGKPGP CP 0CFGN&1)#C *'1-.+476CHGN:81#05%*/+47<'+ ++





1TFGP 6WFQT 8NCFKOKTGUEW 5VGTP  -NCUUG DTQP\GHCTDGP OKV 5KOKNKUVGKPGP CP 0CFGN &1)#   CXCT*'1-.+476CHGN:81#05%*/+47<'+XCT ++



+PVGTGUUCPVGDKUJGTPKEJVFQMWOGPVKGTVG8CTKCPVG



1TFGP HÒT DGUQPFGTG IGNGKUVGVG &KGPUVG \WT 8GTVGKFKIWPI FGT UQ\KCNGP 1TFPWPI WPF FGU 5VCCVGU   5VGTP  -NCUUG XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV OKV YGK­GP 5KOKNKUVGKPGP CP 0CFGN &C\W 1TFGP   +O&KGPUVGFGU5Q\KCNKUVKUEJGP8CVGTNCPFGU&GMQTCVKQPFGT-NCUUG$TQP\GVGKNYGKUGGOCKNNKGTVCP 0CFGN&1)#C*'1-.+4751#05%*/+47<'+ 5VÒEM++



7752

<#4'067/ $+5  

4755.#0&

5V #PPGP1TFGP  /QFGNN EC   -TGW\  -NCUUG )QNF GOCKNNKGTV MNGKPGT 'OCKNNGCWU   DTWEJCO4CPFFGUWPVGTGP-TGW\CTOUCWHFGT4ÒEMUGKVG'OCKNNGOCNGTGKCWHFGT4ÒEMUGKVGWPVGTFGT TQVGP 'OCKNNG )QNFRWP\G WPF *GTUVGNNGTRWP\G #- KO 6TCIGTKPI RWP\KGTV  CO $CPF -.'0   1#0XCT4#/541478'409'4.5<'+ ++p (GKPG#PHGTVKIWPIFGT(KTOC#NDGTV-GKDGNKP5V2GVGTUDWTI

168




7755

7753 7754





5V#PPGP1TFGP/QFGNN EC -TGW\-NCUUG)QNFGOCKNNKGTV'OCKNNGOCNGTGKCWHFGT 4ÒEMUGKVG WPVGT FGT TQVGP 'OCKNNG )QNF WPF *GTUVGNNGTRWP\GP KO 6TCIGTKPI RWP\KGTV  CO $CPF   -.'01#0XCT4#/541478'409'4.5<'+ +p++



5V 5VCPKUNCWU1TFGP $TWUVUVGTP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV FKG $WEJUVCDGP FGU <GP   VTWOU OKV 5VGKPGP DGUGV\V CP 5EJTCWDUEJGKDG 1#0  XCT 4#/ 5  XIN 4147  XIN   9'4.5 ++



'U JCPFGNV UKEJ JKGTDGK WO GKPG CNVG LGFQEJ UGJT GKPHCEJG #PHGTVKIWPI XQP WPIGÒDVGT *CPF OÌINKEJGTYGKUG OKV   (TQPVOKVVGNP  W­GTUV WPIGYÌJPNKEJGU 'ZGORNCT OÌINKEJGTYGKUG JCPFGNV GU UKEJ CWEJ WO GKPG RQNPKUEJG #PHGTVK   IWPICWUFGT'PF\GKVFGU'TUVGP9GNVMTKGIGU



-TÌPWPIUOGFCKNNG <CT 0KMQNCWU ++  5KNDGT CO 2GPVCIQPCNDCPF 4147  8'40    9'4. ++



7759 1:1 7756 7760



8GTFKGPUVMTGW\FGT)GUGNNUEJCHVHÒTFKG9KGFGTJGTUVGNNWPIFGU%JTKUVGPVWOUKO-CWMCUWU-TGW\ -NCUUG5KNDGTXGTIQNFGVWPFGOCKNNKGTV'OCKNNGOCNGTGKCO*CNUDCPFCDUEJPKVV2#$15 ++





-QPXQNWV XQP  #D\GKEJGP   %#1 5KNDGT VGKNYGKUG XGTIQNFGV   +7$%-5KNDGT 4KIC  $TQP\G LGYGKNU CP 6TCIGUEJNGKHG &C\W \YGK #PUVGEMCD\GKEJGP 6& WPF 6&  5KNDGT XGT   IQNFGVWPF5KNDGT 5VÒEM++



-QPXQNWV XQP XKGT XGTUEJKGFGPGP #D\GKEJGP 8GTUEJKGFGPG /GVCNNG FTGK KP 5KNDGT KPWPVGTUEJKGFNK EJGT'TJCNVWPI 5VÒEM





)'14)+5%*'.')+10 

1TFGPFGT-ÌPKIKP6COCTC/KPKCVWTFGU5VGTPU-NCUUG5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTV QJPG$·PFEJGPXIN1#0 ++ #NU/KPKCVWTUGNVGP



(4ª*'519,'656##6'0 

1TFGPFGU4QVGP5VGTPUXQP$WEJCTC/QFGNN  &GMQTCVKQP-NCUUG5KNDGTVGKNYGKUG XGTIQNFGVWPFGOCKNNKGTV'OCKNNKGTWPILGFQEJITÌ­VGPVGKNUCDIGRNCV\VCP5EJTCWDG-7<425XCT <'+ +++

 169


7763

7761 1:1 7762 7767 7764

519,'670+10 

5WYQTQY1TFGP /KPKCVWT FGT  -NCUUG 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CO $·PFEJGP    44++  /KPKCVWTGPUQYLGVKUEJGT1TFGPUKPFGZVTGOUGNVGP



1TFGPFGU8CVGTN·PFKUEJGP-TKGIGU/QFGNN6[R&GMQTCVKQPFGT-NCUUG5KNDGT)QNFVGKN YGKUG GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG GKPIGTKV\VG 6T·IGTPWOOGT  8GTNGKJWPI #PHCPI   CP   DTQP\GPGT $CPFVTCIGURCPIG OKV 5EJTCWDUEJGKDG FCTCWH *GTUVGNNGTDG\GKEJPWPI FGU /Ã&#x2019;P\JQHU /QUMCW   &#0+ 5  *'/1 :++  *'1  XCT *'4(  -.'0  XCT -7< 5  1#0   XCT4#/556#8#58'40XCT9'4.XCT<'+ 4++



1TFGPFGU8CVGTN·PFKUEJGP-TKGIGU/QFGNN6[R&GMQTCVKQPFGT-NCUUG)QNF5KNDGTVGKN YGKUG GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG GKPIGTKV\VG 6T·IGTPWOOGT  8GTNGKJWPI /KVVG   OKV   GKP\GKNKIGO*GTUVGNNGTUVGORGNFGU/Ã&#x2019;P\JQHU/QUMCWOKV5EJTCWDUEJGKDG&#0+5*'/1:++ *'1  *'4(  -.'0  -7< 5  XCT 1#0  4#/ 5  56#8# 5   8'40XCT9'4.<'+ ++



1TFGPFGU8CVGTN·PFKUEJGP-TKGIGU/QFGNN6[R&GMQTCVKQPFGT-NCUUG)QNF5KNDGTVGKN YGKUGGOCKNNKGTVCWHFGT4Ã&#x2019;EMUGKVGGKPIGTKV\VG6T·IGTPWOOGT 8GTNGKJWPI(GDTWCT OKV GKP\GKNKIGO*GTUVGNNGTUVGORGNFGU/Ã&#x2019;P\JQHU/QUMCWOKV5EJTCWDUEJGKDG&C\W/QFGNN&GMQTCVKQP FGT-NCUUG5KNDGT)QNFVGKNYGKUGGOCKNNKGTVCWHFGT4Ã&#x2019;EMUGKVGGKPIGTKV\VG6T·IGTPWOOGT

8GTNGKJWPI /·T\   OKV \YGK\GKNKIGO *GTUVGNNGTUVGORGN FGU /Ã&#x2019;P\JQHU /QUMCW OKV 5EJTCWD   UEJGKDG&#0+5*'/1:++*'1*'4( -.'0-7< 5   1#0  4#/ 5  56#8# 5   8'40   9'4.  <'+    5VÃ&#x2019;EM++



-QPXQNWVXQP#WU\GKEJPWPIGP&CXQPLG\YGKOCNFTGKWPFGKPOCN\YGKCP1TFGPUURCPIGPFCTWP VGT \YGK 4QVDCPPGTQTFGP    GKPG 6CRHGTMGKVUOGFCKNNG   WPF \YGK /GFCKNNGP HÃ&#x2019;T   8GTFKGPUVGKO-CORH&C\W5KNDGTPGPKEJVVTCIDCTG/GFCKNNGCWHFGP,CJTGUVCIFGT1MVQDGTTGXQNW VKQP5KNDGT&WTEJOGUUGTOOKO1TKIKPCNGVWK 5VÃ&#x2019;EM++





-QPXQNWV XQP EC  XGTUEJKGFGPGP TWUUKUEJGP WPF UQYLGVKUEJGP #WU\GKEJPWPIGP &CTWPVGT    5COONGTCPHGTVKIWPIGPFGT5EJYCT\GP-TGW\GFGT9GK­GP#TOGGDKUXGTUEJKGFGPG/GVCNNG 5VÃ&#x2019;EM++

 



1TFGPFGUJN/CTKPWU/QFGNN /GTKVQEKXKNGGOKNKVCTG $TWUVUVGTP\WO)TQ­ MTGW\ QFGT )TQ­QHHK\KGT 5KNDGT VGKNYGKUG TGRGTEKGTVWPFXGTIQNFGV#WHNCIGP)QNFGOCKNNKGTVGKPOKP %JKRRKPFGTITÃ&#x2019;PGP'OCKNNG&WTEJOGUUGTOOCWHFGT4Ã&#x2019;EMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC -TGVN[KP2CTKUCP0CFGNFKGUGRWP\KGTV*'1-.'0QFGT1#08'40QFGT <'+QFGT +p++







5#0/#4+01

'Z\GNNGPVG#PHGTVKIWPIFGUDGFGWVGPFGP2CTKUGT1TFGPUJGTUVGNNGTU\W$GIKPPFGUNGV\VGP&TKVVGNUFGU,CJTJWPFGTVU )GO·­ 5VCVWVGP·PFGTWPI XQO  5GRVGODGT  YCT WPF KUV  FKG <CJN FGT )TQ­QHHK\KGTG CWH  2GTUQPGP DG   ITGP\V

170




7768



1TFGPFGUJN/CTKPWU/QFGNN DKUEC\YGK#DVGKNWPIGP -QOOCPFGWTMTGW\HÒT \KXKNG8GTFKGPUVG5KNDGTXGTIQNFGVWPFGOCKNNKGTVOKVHGKPUVGT'OCKNNGOCNGTGKCOMWT\GP*CNUDCPFCD UEJPKVV*'1XCT-.'01#08'40<'+ +p++



5GJTUEJÌPG#PHGTVKIWPIWO

7769



1TFGPFGUJN/CTKPWU/QFGNN DKUEC\YGK#DVGKNWPIGP 4KVVGTMTGW\HÒTOKNKV·TK UEJG 8GTFKGPUVG 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO $CPF *'1  XCT -.'0  1#0    XCT8'40<'+ +p++

7770







7771

1TFGP FGU JN /CTKPWU  /QFGNN UGKV EC   YKGFGT /GTKVQ EKXKNG G OKNKVCTG  $TWUVUVGTP   \WO )TQ­QHHK\KGT 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI   FGT(KTOC#NDGTVKKP/CKNCPFCP0CFGN0CFGNJCMGPCDIGDTQEJGP*'1-.'01#0 8'40<'+ ++ p+++



1TFGP FGT JN #ICVJC -QOOCPFGWTMTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO *CNUDCPF *'1    XCT-.'01#0XCT8'40<'+ +p++

 171


7772 1:1

5#05+$#4 

1TFGP FGU 5VTCJNGPFGP 5VGTPU  /QFGNN OKV FGT 6WIJTC 5WNVCP *COWFU ++ DKP /WJCOOGF      5GV FGT  -NCUUG DGUVGJGPF CWU )TQ­MTGW\FGMQTCVKQP 5KNDGT XGTIQNFGV <GPVTGP )QNF GOCKN   NKGTVOGJTGTGMNGKPG'OCKNNGCWUDTÒEJGOKVECEONCPIGO5EJ·TRGPUVÒEMWPF$TWUVUVGTP OKVKFGP VKUEJGT 6WIJTC  5KNDGT #WHNCIGP VGKNYGKUG )QNF GOCKNNKGTV CP 0CFGN 1#0  XCT  XCT   6#/5#5XCT 5VÒEM44++p  'ZVTGO UGNVGP YKGCNNG+PUKIPKGPFGU/QFGNNU0CEJ6COOCPYWTFGFGT1TFGPKPFKGUGO/QFGNNWPFKPFKGUGT -NCUUGPWTGKPGKP\KIGUOCNXGTNKGJGP

7773 7774



/GFCKNNG\WO5KNDGTPGP6JTQPLWDKN·WO5WNVCP-JCNKHCU++KO,CJTG5KNDGTCWHFGT4ÒEMUGKVG RWP\KGTVCO$CPF6#/5#5XCT ++



5#7&+#4#$+'0 

8GTFKGPUVQTFGP -ÌPKI #DFWN #\K\ 1TFGP  4KVVGTFGMQTCVKQP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKN   NKGTVCOHCNUEJGP$CPF1#0 44++ 9KGCNNGJÌJGTGP#WU\GKEJPWPIGP5CWFK#TCDKGPUGZVTGOUGNVGP

172




7776 1:1 7775 1:1

7775 1:1

5%*9'&'0 

5GTCRJKPGPQTFGP 1TFGPUMTGW\ )QNF HGKPUV \KUGNKGTV WPF GOCKNNKGTV MN 'OCKNNGEJKRR KO 8QTFGTUGK   VGPOGFCKNNQP OKP MCWO UKEJVDCTG 'OCKNNGTGRCTCVWTGP KP \YGK -TGW\URKV\GP FGT 4ÒEMUGKVG OKV EC    EONCPIGO5EJ·TRGPUVÒEM$'4)*5*'1-.'0.¤951#04#/5 8'40<'+ 44++ 



5GTCRJKPGPQTFGP$TWUVUVGTP/QFGNN EC 5KNDGTTGRGTEKGTV#WHNCIGP5KNDGTWPF)QNF VGKNYGKUGGOCKNNKGTVGKPG5VGTPURKV\GCDIGDTQEJGP\YGK5VGTPURKV\GPCNVTGRCTKGTVCP0CFGN$'4)*5 XCT*'1-.'0XCT.¤91#04#/58'40XCT<'+XCT 44++  (TÒJGT/GVCNNUVGTPFGTVTQV\FGT$GUEJ·FKIWPIGKPUGJTUGNVGPGT$GNGIHÒTFCU/QFGNNKUV

7777 1:1



5EJYGTVQTFGP  /QFGNN UGKV   )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\ )QNF HGKPUV \KUGNKGTV   WPF GOCKNNKGTV OKV EC  EO NCPIGO DGUEJ·FKIVGP 5EJ·TRGPUVÒEM WPF $TWUVUVGTP  /QFGNN     5KNDGTTGRGTEKGTV#WHNCIGPXGTIQNFGVGOCKNNKGTVCP0CFGN$'4)*5XCT*'1  XCT -.'0   .¤9 5  XCT 1#0   4#/ 5  8'40     <'+ 5VÒEM4+p  5GJTUEJÌPGT5GVKPJGTXQTTCIGPFGT'TJCNVWPI

173


7778

7779 7780 1:1







5EJYGTVQTFGP  /QFGNN UGKV   )TQ­MTGW\ 5KNDGT XGTIQNFGV <GPVTGP )QNF GOCKNNKGTV QJPG   5EJWNVGTDCPF $'4)* 5   *'1  -.'0  .¤9 5  1#0  4#/ 5    8'40<'+ ++



5EJYGTVQTFGP/QFGNN UGKV $TWUVUVGTP\WO)TQ­MTGW\/QFGNN UGKVINCVVG#TOHN· EJGP 5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVOGJTGTGUVCTMG'OCKNNGUEJ·FGPKO<GPVTWOCP0CFGN $'4)*5XCT*'1-.'0.¤951#0XCT4#/58'40 <'+ ++



5EJYGTVQTFGP/QFGNN UGKV -QOOCPFGWTMTGW\)QNFHGKPUV\KUGNKGTVWPFGOCKNNKGTV'OCKN NGEJKRRKOTÒEMUGKVKIGP<GPVTWOOGJTGTG'FGNUVGKPGWPF2GTNGPFGT-TQPGOKPDGUEJ·FKIVUVCTM IGYÌNDVG <GPVTGP CO CNVGP *CNUDCPFCDUEJPKVV $'4)* 5   XCT *'1  XCT -.'0    .¤951#04#/58'40<'+ 4++p  NVGTGU'ZGORNCTKPHGKPGT#PHGTVKIWPIUSWCNKV·VWO

7781 1:1



7783

5EJYGTVQTFGP  /QFGNN UGKV   /KPKCVWT FGU 4KVVGTMTGW\GU )QNF GOCKNNKGTV GKP -TGW\CTO CWH   FGT 4ÒEMUGKVG DGUEJ·FKIV &WTEJOGUUGT  OO CO $·PFEJGP $'4)*  *'1  .¤9 5    1#0XCT4#/5 ++



NVGTG#PHGTVKIWPIWO



5EJYGTVQTFGP/QFGNN UGKV -PQRHNQEJOKPKCVWTFGU1TFGPUMTGW\GU)QNF&WTEJOGUUGTOO CWH-PQRHCWHIGNÌVGVOKV$CPFUEJNGKHG*'1.¤95XCT1#0XCT4#/5 ++





5EJYGTVQTFGP  /QFGNN UGKV   5EJYGTVGTMTGW\ OKV 5EJYGTVGTP 5KNDGT 85<GPVTWO )QNF   GOCKNNKGTVCO$CPFKO1TKIKPCN'VWKFGT(KTOC%CTNOCPKP5VQEMJQNO$'4)*5*'1 -.'0.¤951#04#/58'40<'+ ++



5EJYGTVQTFGP  /QFGNN UGKV   5EJYGTVGTMTGW\ OKV 5EJYGTVGTP 5KNDGT 85<GPVTWO )QNF   GOCKNNKGTVCO$CPF$'4)*5*'1-.'0.¤951#04#/5 8'40<'+ ++





174


7787 1:1 7785



7789

7786

0QTFUVGTPQTFGP $TWUVUVGTP \WO )TQ­MTGW\  /QFGNN EC   5KNDGT TGRGTEKGTV CP 0CFGN   $'4)*5XCT*'1XCT-.'0.¤95XCT1#0XCT4#/5 8'40<'+ +



0QTFUVGTPQTFGP 4KVVGTMTGW\ )QNF GOCKNNKGTV CWH FGT 4ÒEMUGKVG 'OCKNNGEJKRR KO <GPVTWO CO  

UEJYCT\GP $CPF$'4)*5*'1-.'0.¤951#04#/5 8'40<'+ ++p





0QTFUVGTP1TFGP /KPKCVWT FGU 4KVVGTMTGW\GU )QNF GOCKNNKGTV &WTEJOGUUGT  OO CO $·PFEJGP   OKV-PQRH$'4)*5*'1.¤951#04#/5 +





0QTFUVGTP1TFGP -PQRHNQEJOKPKCVWT FGU 1TFGPUMTGW\GU 5KNDGT XGTIQNFGV &WTEJOGUUGT  OO CWH   -PQRH CWHIGNÌVGV FCTCWH CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC %CTNOCPP KP 5VQEMJQNO   $'4)*5*'1.¤95XCT1#04#/5 +



8CUCQTFGP  /QFGNN UGKV   $TWUVUVGTP  /QFGNN   5KNDGT TGRGTEKGTV CP 0CFGN   $'4)*5XCT*'1-.'0.¤91#04#/58'40<'+ +







7791 1:1

7793 7790



8CUCQTFGP/QFGNN UGKV -QOOCPFGWTMTGW\5KNDGTXGTIQNFGV CWEJFKG<GPVTGP GOCKNNKGTV KO$CPTKPI*GTUVGNNGTDG\GKEJPWPI%(%5#$UQYKGOGJTGTG2WP\GPCO*CNUDCPFCDUEJPKVV$'4)* 5XCT*'1XCT-.'0.¤95XCT1#04#/58'40 <'+ ++





8CUC1TFGP/QFGNN UGKV /KPKCVWTFGU4KVVGTMTGW\GU-NCUUG)QNFGOCKNNKGTVCO$·PF EJGP$'4)*5*'1XCT.¤95XCT1#04#/5 +





8CUC1TFGP  /QFGNN UGKV   -PQRHNQEJOKPKCVWT FGU 1TFGPUMTGW\GU 5KNDGT XGTIQNFGV &WTEJ   OGUUGT  OO CWH -PQRH CWHIGNÌVGV $'4)* 5  *'1  XCT .¤9 5  XCT 1#0    4#/5 ++



8CUC1TFGP/QFGNN UGKV 4KVVGTMTGW\-NCUUG5KNDGT<GPVTGP)QNFGOCKNNKGTVCO$CPF $'4)*5*'1-.'0.¤91#04#/58'40<'+ ++





175


7795 7797

7796

7794











7799

8CUC1TFGP/QFGNN UGKV )QNFGPG/GFCKNNG-NCUUG ITÌ­GTG#WUHÒJTWPI )QNFKO4CPF )QNFRWP\GPWPF,CJTGU\CJN&WTEJOGUUGTOO)GYKEJVECITCP&COGPUEJNGKHGKO PKEJV RCUUGPFGP WPF DGUEJ·FKIVGP 'VWK #4'  $'4)* 5   *'1  XCT -.'0    .¤951#054#/58'40<'+ +



8CUC1TFGP/QFGNN UGKV )QNFGPG/GFCKNNG-NCUUG MNGKPGTG#WUHÒJTWPI )QNFKO4CPF )QNFRWP\GP WPF ,CJTGU\CJN  &WTEJOGUUGT  OO )GYKEJV EC  IT OKV $CPF KO PKEJV   RCUUGPFGP 'VWK #4'  $'4)* 5   *'1  -.'0  .¤9 5  1#0 5    4#/58'40<'+ +p



8CUC1TFGP/QFGNN UGKV 5KNDGTPG/GFCKNNG-NCUUG ITÌ­GTG#WUHÒJTWPI 5KNDGTKO4CPF 5KNDGTRWP\GPWPF,CJTGU\CJN&WTEJOGUUGTOOOKV$CPFKOPKEJVRCUUGPFGP'VWK#4' $'4)*5*'1XCT-.'0.¤95XCT1#054#/5 8'40<'+ +



8CUC1TFGP/QFGNN UGKV 5KNDGTPG/GFCKNNG-NCUUG MNGKPGTG#WUHÒJTWPI 5KNDGTKO4CPF 5KNDGTRWP\GPWPF,CJTGU\CJN&WTEJOGUUGTOOOKV$CPFKO'VWK#4'$'4)*5   *'1  XCT -.'0  .¤9 5  XCT 1#0 5  4#/ 5  8'40    <'+ +p++



,QJCPPKVGTQTFGPNVGTGU/QFGNNFGT$CNNGK$TCPFGPDWTI-TGW\FGT'JTGPTKVVGT5KNDGTXGTIQNFGVWPF GOCKNNKGTV KO <GPVTWO FGT 8QTFGT WPF 4ÒEMUGKVG OGJTGTG 'OCKNNGCDURNKVVGTWPIGP CWEJ FKG #FNGT   YGKUGP \CJNTGKEJG 'OCKNNG(GJNUVGNNGP CWH QJPG 5KNDGT QTFGT *GTUVGNNGTRWP\GP #O *CNUDCPF FGT   UEJYGFKUEJGP )GPQUUGPUEJCHV *1'(6 :+++  *ª52  -.'&  0+//  XCT 1'-   24-D9#.&$'4)*58'40 ++p+++



+PVGTGUUCPVGT $GNGI HÒT FKG 6TCIGYGKUG FGT 4KVVGT FGT 5EJYGFKUEJGP )GPQUUGPUEJCHV XQT FGT 'KPHÒJTWPI GKIGPGT   +PUKIPKGPPCEJFGO<YGKVGP9GNVMTKGI



/GFCKNNG \WT 5KNDGTPGP *QEJ\GKV FGU UEJYGFKUEJGP -TQPRTKP\GPRCCTGU KO ,CJTG  5KNDGTPG   /GFCKNNGCPCNVGTXQP6TCWGTHNQTWOYKEMGNVGP&COGPUEJNGKHG$'4)*8'40 4++ /ÌINKEJGTYGKUGCWUJQEJHÒTUVNKEJGO$GUKV\FCGUPWTCPFKGUGP*ÌHGPÒDNKEJYCTUKEJCNU<GKEJGPVKGHUVGT6TCWGT FGU6TCIGPULGINKEJGT(CTDG\WGPVJCNVGPWPFUQOKVCWEJFKG$·PFGTWPF5EJNGKHGPXQP1TFGPWPF'JTGP\GKEJGPOKV 6TCWGTHNQT\WWOIGDGP 

176




7800

7802 7801



-ÌPKI)WUVCXU81N[ORKC/GFCKNNG5KNDGTQJPG$CPF#4'.¤9)TWRR*  8'40 ++





'JTGP#D\GKEJGP FGU 5EJYGFKUEJGP 4QVGP -TGW\GU 5KNDGT XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV TÒEM   UGKVKIOKV*GTUVGNNGTDG\GKEJPWPIFGT(KTOC/ÌNNGPDQTIKP5VQEMJQNOCP0CFGNCWH$CPFMTGW\CWHIG NGIV#4' ++





5RCPIG OKV \YGK /KPKCVWT#WU\GKEJPWPIGP   )QNFGPG /GFCKNNG HÒT 6CRHGTMGKV KO (GNF )QNF     5EJYGTVQTFGP 4KVVGTMTGW\ ·NVGTG (QTO )QNF GOCKNNKGTV OKP 'OCKNNGEJKRR KO <GPVTWO FGT 8QTFGT   UGKVG$GKFG/KPKCVWTGPCP4CJOGPURCPIG)QNFOKVGEJVIQNFGPGT0CFGNFKG$·PFEJGPGTPGWGTVXIN #4'XIN$'4)* 4++p



(TÒJGWPFUGNVGPG/KPKCVWTGPURCPIGWO

7803 1:1

7804 1:1

7805



/KPKCVWTGPURCPIG GKPGT &COG OKV  #WU\GKEJPWPIGP   'TKPPGTWPIU\GKEJGP \WO  )GDWTVUVCI   -ÌPKI )WUVCX 8 #FQNRJU KO ,CJTG  5KNDGT XGTIQNFGV WPF GOCKNNKGTV   'TKPPGTWPIU\GKEJGP \WO   )GDWTVUVCI-ÌPKI)WUVCX8#FQNRJUKO,CJTG5KNDGTXGTIQNFGV 'TKPPGTWPIUOGFCKNNGP\WO  )GDWTVUVCI -ÌPKI )WUVCX 8+ #FQNRJU KO ,CJTG  5KNDGT   /GFCKNNG \WT 'TKPPGTWPI CP FKG   ,CJTHGKGT FGT )TÒPFWPI FGT-QNQPKG0GW5EJYGFGPKP#OGTKMCKO,CJTG5KNDGT,GYGKNUCP &COGUEJNGKHEJGPXIN#4'5 XIN$'4)* +p++





/KPKCVWTGPURCPIG OKV  #WU\GKEJPWPIGP   'TKPPGTWPIU\GKEJGP \WT )QNFGPGP *QEJ\GKV -ÌPKI 1U   ECTU ++ KO ,CJTG  5KNDGT XGTIQNFGV   'TKPPGTWPIU\GKEJGP \WO L·JTKIGP 4GIKGTWPIULWDKN·WO   -ÌPKI1UECTU++KO,CJTG5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTV /GFCKNNGHÒT8GTFKGPUVGWO FKG1N[ORKCFGKP5VQEMJQNOKO,CJTG5KNDGT,GYGKNUCP$·PFEJGPXIN#4'5  XIN$'4)* +p++



&GMQTCVKQP GKPGT WPDGMCPPVGP UEJYGFKUEJGP (TGKOCWTGTNQIG 5KNDGT XGTIQNFGV CWH FGT 4ÒEMUGKVG   OGJTHCEJRWP\KGTVCP$CPFUEJNGKHG ++





7806 1:1

5%*9'+< 

*GNXGVKUEJG 6TGWGOGFCKNNG  /KPKCVWT FGT /GFCKNNG CWEJ ;XGTFQP/GFCKNNG IGPCPPV 5KNDGT   &WTEJOGUUGTOOQJPG$·PFEJGP$174&$% 4++



#NU/KPKCVWTUGNVGP

177


7807

7808

-#0610<ª4+%* 

/KNKV·T8GTFKGPUVOGFCKNNG0KEJVVTCIDCTGMNGKPGUKNDGTPG/GFCKNNGHÒT5QNFCVGPFGTGKFIGPÌUUK UEJGP 5WMMWTVTWRRGP KO UQ IGPCPPVGP $QEMGPMTKGI 5KNDGT &WTEJOGUUGT  OO .'7/'&     ++p+++



5'0')#. 

0CVKQPCNQTFGP FGU .ÌYGP )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\FGMQTCVKQP XGTIQNFGV WPF GOCKN   NKGTVOKVGKPGOECEONCPIGP5EJ·TRGPUVÒEMWPF$TWUVUVGTP5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKN NKGTVCP0CFGNFKGUGRWP\KGTV41((6CHGNXCT 5VÒEM+p++



7810 7809 1:1

7811

5'4$+'0 

1TFGP/KNQUEJFGU)TQ­GP&GMQTCVKQP5VWHG5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVMCWOUKEJV DCTGT%JKRRKPFGTDNCWGP'OCKNNGFGT/GFCKNNQPWOTCPFWPIHGKPUVG'OCKNNGOCNGTGKQJPGFKGTÒEMUGK VKIG IGRT·IVG #DFGEMRNCVVG CO *CNUDCPFCDUEJPKVV -.'0  1#0  2+.' 6CHGN   XCT   4#/415'8'40<'+ 8QPITQ­GT5GNVGPJGKV++  +PCNNGPUGKPGP-NCUUGPUGJTUGNVGPGT1TFGPFGTPWT,CJTGNCPIXQPDKU\WO'PFGFGT1DTGPQXKEJ&[PCUVKG

'TOQTFWPI -ÌPKI #NGZCPFGTU +  KO ,CJTG  XGTNKGJGP YWTFG #NGZCPFGT +JCVFGP1TFGPUVGVURGTUÌPNKEJHÒT FGO *CWU 1DTGPQXKEJ IGNGKUVGVG &KGPUVG XGTNKGJGP 'KPGT 2WDNKMCVKQP XQP &TCIQOKT / #EQXKE WPF 4KEJCTF 4   .WUUKGT 4Q[CN5GTDKCP1TFGTQH/KNQUJVJG)TGCVQJPG1TV \WHQNIGYWTFGGTKPFGT++-NCUUGPWTWPFKP FGT+++-NCUUGPWTXGTNKGJGP





1TFGP XQO 9GK­GP #FNGT  /QFGNN  $TWUVUVGTP5VWHG5KNDGTTGRGTEKGTVWPFXGTIQN FGVVGKNYGKUGGOCKNNKGTVCP0CFGNFKGUGRWP\KGTV-.'01#02+.'6CHGNXCT4#/ 5415'8'40<'+ 4++



1TFGP XQO 9GK­GP #FNGT  /QFGNN   &GMQTCVKQP FGT  5VWHG 5KNDGT XGTIQNFGV WPF   GOCKNNKGTV MNGKPG #DRNCV\WPI KP FGT DNCWGP 'OCKNNG FGT -TQPGPD·PFGT CO *CNUDCPFCDUEJPKVV -.'0   1#0XCT2+.'6CHGN4#/5415'C8'40<'+ ++



¤UVGTTGKEJKUEJG#PHGTVKIWPI

178


7813

7812

7815 7814



1TFGP XQO 9GK­GP #FNGT  /QFGNN   &GMQTCVKQP FGT  5VWHG 5KNDGT XGTIQNFGV WPF   GOCKNNKGTVOKPKOCNG*CCTTKUUGKOYGK­GP-TGW\CO&TGKGEMUDCPFOKVYGK­GT4QUGVVGKO1TKIKPCNGVWK GKPGT$GNITCFGT(KTOC-.'01#0XCT2+.'6CHGNXCT4#/5415' 8'40<'+ ++



+PVGTGUUCPVG8CTKCPVGOKVMNGKPGP5EJYGTVGTPFGTGP5RKV\GPPCEJWPVGP\GKIGP







5V5CXC1TFGP/QFGNN6[R TQVGT/CPVGN -TGW\5VWHG5KNDGT<GPVTWOXGT IQNFGV WPF GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG FGU WPVGTGP -TGW\CTOU 'OCKNNGEJKRR CO $CPF -.'0    1#02+.'6CHGNXCT4#/5415'#8'40<'+ ++



5V5CXC1TFGP/QFGNN6[R ITÃ&#x2019;PGT/CPVGN -TGW\5VWHG5KNDGTXGTIQNFGV WPF GOCKNNKGTV \YGK -TGW\URKV\GPMWIGNP NGKEJV XGTDQIGP CO *CNUDCPFCDUEJPKVV -.'0  1#0   2+.'6CHGNXCT4#/5415'$8'40<'+ ++



5V5CXC1TFGP/QFGNN6[R ITÃ&#x2019;PGT/CPVGN -TGW\5VWHG5KNDGTXGTIQNFGV WPFGOCKNNKGTVCO&TGKGEMUDCPF-.'01#02+.'6CHGN4#/5415' $8'40<'+ ++



7818 7816



7817

6CMQYQ1TFGP  /QFGNN   -TGW\  5VWHG 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO *CNU   DCPFCDUEJPKVV-.'01#0XCT2+.'6CHGN4#/5415'#8'40 <'+ ++



¤UVGTTGKEJKUEJG#PHGTVKIWPI





6CMQYQ1TFGP/QFGNN  -TGW\5VWHG5KNDGTXGTIQNFGVWPFGOCKNNKGTVMNGKPGT%JKRR CWHFGOWPVGTGP-TGW\CTOCO*CNUDCPFCDUEJPKVV-.'01#0XCT2+.'6CHGN 4#/5415'#8'40<'+ ++



6CMQYQ1TFGP  /QFGNN   -TGW\  5VWHG 5KNDGT XGTIQNFGV WPF GOCKNNKGTV <GPVTGP DG   YGINKEJ CO &TGKGEMUDCPF -.'0  1#0  XCT 2+.' 6CHGN   4#/ 5  415'   #8'40<'+ ++

 179


7819

7821

7820



1TFGP FGU 5VGTPU XQP -CTCIGQTIG -TGW\  5VWHG 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CO *CNUDCPFCD   UEJPKVV-.'01#02+.'6CHGN4#/5415'8'40<'+ 4++

 

1TFGP FGU 5VGTPU XQP -CTCIGQTIG -TGW\  5VWHG OKV 5EJYGTVGTP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV   OGJTGTG'OCKNNGCDRNCV\WPIGPCWH8QTFGTWPF4ÒEMUGKVGCO&TGKGEMUDCPF-.'01#05 2+.'6CHGN4#/5415'8'40<'+ 4+++



'JTGP\GKEJGPFGT-ÌPKIKP0CVJCNKG6[ROKVM[TKNNKUEJGO$WEJUVCDGP0 * &GMQTCVKQP-NCUUG 5KNDGT XGTIQNFGV CP CNVGT &COGPUEJNGKHG -.'0  1#0  2+.' 6CHGN   4#/  415'   8'40<'+ ++



&GT1TFGPYWTFGIGUVKHVGVWPFDKU'PFGXGTNKGJGP





7823 7824

7825 7826

7822



'JTGP\GKEJGP XQO 4QVGP -TGW\  /QFGNN   5KNDGT GOCKNNKGTV CO &TGKGEMUDCPF 2+.'   6CHGN4#/415'8'40 ++





/GFCKNNGHÒT6CRHGTMGKV5KNDGTPG/GFCKNNG5KNDGTCO&TGKGEMUDCPF2+.'6CHGN415' 8'40 4++





/KNQUEJ1DKNKEJ/GFCKNNGHÒT6CRHGTMGKV5KNDGTPG/GFCKNNGMNGKPGTGT6[R5KNDGT&WTEJOGUUGT OOCOCNVGP&TGKGEMUDCPF1#02+.'6CHGN4#/5415'8'40 ++



/GFCKNNGHÒTGKHTKIGP&KGPUV  5KNDGTPG/GFCKNNG/QFGNN OKVGKPGT-TQPGÒDGTDGKFGP-ÌR HGP 5KNDGTOKV-WIGNÌUGCO$CPF2+.'6CHGN415'#8'40 ++





'456'4'27$.+-   

 180

5.19#-'+

1TFGP FGU -TKGIU5KGIGUMTGW\GU &GMQTCVKQP  -NCUUG )QNFGPG /GFCKNNG  XGTIQNFGV CO $CPF OKV   6TCIGURCPIG \WUCOOGP OKV +PVGTKOURCPIG -.'0  /#4%  64'0  8'40  <'+    ++



1TFGP FGU -TKGIU5KGIGUMTGW\GU &GMQTCVKQP  -NCUUG )QNFGPG /GFCKNNG  XGTIQNFGV CO $CPF OKV   6TCIGURCPIG-.'0/#4%64'08'40<'+ ++




7830 1:1

7831 1:1

7828

7829



/GFCKNNG HÒT 2GTUÌPNKEJG 6CRHGTMGKV UQ IGPCPPVG 6KUQ/GFCKNNG  -NGKPG /GFCKNNG $TQP\G   &WTEJOGUUGTOOCO$CPF/#4%64'058'40 ++



51/#.+# 

1TFGP FGU 5VGTPU XQP 5QOCNKC 4KVVGTFGMQTCVKQP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV 'KEJGP WPF .QT   DGGTMTCP\ QJPG 5 CO $CPF FCTCWH 5EJT·IURCPIG OKV GOCKNNKGTVGO $WEJUVCDGP 5 1#0    41((6CHGNXCT 4+p++



+PVGTGUUCPVGCWVJGPVKUEJGDKUNCPIWPDGMCPPVG8CTKCPVGFKGUGU1TFGPUFGUUGP4KVVGTFGMQTCVKQPGPYGKVCWUUGNVGPGT\W HKPFGPUKPFCNUFKGJÌJGTGP+PUKIPKGP

52#0+'0 0#21.'10+5%*'5-¤0+)4'+%*   

-ÌPKINKEJGT 1TFGP XQP 5RCPKGP 4KVVGTFGMQTCVKQP )QNF GOCKNNKGTV OKP 'OCKNNGCWUDTÒEJG KP FTGK   5VGTPURKV\GP WPF GKP MNGKPGT #WUDTWEJ KP FGT 'OCKNNG FGU TÒEMUGKVKIGP 5EJTKHVTKPIGU &WTEJOGUUGT    OO CO CNVGP 1TKIKPCNDCPF $174& # %#.  -.'0  2')7  24+$# 1   8'40<'+ 8QPITQ­GT5GNVGPJGKV++  )CTCPVKGTVGU1TKIKPCNGZGORNCTCWUFGT8GTNGKJWPI\GKV



-ÌPKINKEJGT1TFGPXQP5RCPKGP/KPKCVWTFGT4KVVGTFGMQTCVKQP)QNFGOCKNNKGTVOKP'OCKNNGUEJCFGP KPFGPQDGTGP5VGTPURKV\G&WTEJOGUUGTOOKO4KPIHTCP\ÌUKUEJRWP\KGTV  COCNVGP 1TKIKPCND·PFEJGP$174& 8QPITQ­GT5GNVGPJGKV4++



5GJTMNGKPGWPF·W­GTUVHGKPIGCTDGKVGVG/KPKCVWTCWUFGT8GTNGKJWPIU\GKV

7832

4'56#74#6+10 &4+66'5-¤0+)4'+%*  

-ÌPKINKEJGT WPF /KNKV·TKUEJGT 1TFGP FGU JN (GTFKPCPF  /QFGNN   -TGW\  WPF    -NCUUG)QNFGOCKNNKGTVOKP#DRNCV\WPIGPKPFGTITÒPGP'OCKNNG/GFCKNNQPUFTGJDCTOKVMCPPGNKGT VGO$CPFTKPICOUR·VGTGP$CPF%#.%/'-.'01#02')724+$# 127'05HH8'40<'+ +p++



5GJTHGKPG#PHGTVKIWPIWO

181


7833







7834

7835

-ÌPKINKEJGTWPF/KNKV·TKUEJGT1TFGPFGUJN(GTFKPCPF/QFGNN  'KPHCEJGU)QNFGPGU -TGW\ HÒT FKG  WPF  -NCUUG  )QNF GOCKNNKGTV OGJTGTG 'OCKNNGEJKRRU WPF 4GRCTCVWTGP 4ÒEMUGK   VGPOGFCKNNQP GVYCU XGTDQIGP OKV MCPPGNKGTVGO $CPFTKPI CO $CPF %#.  %/'  -.'0   1#052')724+$#127'05HH8'40<'+ ++



-ÌPKINKEJGTWPF/KNKV·TKUEJGT1TFGPFGUJN(GTFKPCPF/QFGNN  'KPHCEJGU)QNFGPGU -TGW\ HÒT FKG  WPF  -NCUUG  )QNF GOCKNNKGTV OGJTGTG 'OCKNNGEJKRRU WPF 4GRCTCVWTGP 4ÒEMUGK   VGPOGFCKNNQPXGTDQIGPOKVMCPPGNKGTVGO$CPFTKPICO$CPF%#.%/'-.'01#0 52')724+$#127'05HH8'40<'+ ++



'JTGP\GKEJGPHÒTFKG5EJNCEJVXQP#NDWJGTC)QNFGOCKNNKGTVGKPKIG#DRNCV\WPIGPKPFGTITÒ PGP 'OCKNNG CO GVYCU\GTUEJNKUUGPGP$CPF%#.XCT%/'XCT2')724+$#( 8'40QFGT 44++



W­GTUVJGTXQTTCIGPFG#PHGTVKIWPIKPOCUUKXGP)QNF/ÌINKEJGTYGKUGJCPFGNVGUUKEJWOGKPXGTNKGJGPGU'ZGORNCT CPGKPGP1HHK\KGTFGTCPFGT5EJNCEJVVGKNPCJO

7836

7837 1:1

7836

&4+66'5-¤0+)4'+%*4')+'470)+5#$'..#5++   

1TFGP +UCDGNNCU FGT -CVJQNKUEJGP  /QFGNN   OKV /QPQITCOO +UCDGNNCU ++ CWH FGT   4ÒEMUGKVG  -QOOCPFGWTMTGW\ )QNF GOCKNNKGTV OGJTGTG OKP %JKRRU KP FGT ITÒPGP 'OCKNNG FGU .QT   DGGTMTCP\GU HGKPUVG 'OCKNNGOCNGTGK CO GKPIGTKUUGPGP *CNUDCPFCDUEJPKVV %#.  XCT *'1    -.'0XCT1#02')724+$#127'058'40XCT<'+  4+p

5GJTHGKPGWPFKPFGT3WCNKV·VPCJG\WPKEJVOGJTÒDGTVTGHHDCTG#PHGTVKIWPICWUFGT<GKVWO



-ÌPKINKEJGTWPF/KNKV·TKUEJGT1TFGPFGUJN(GTFKPCPF/QFGNN  $TWUVUVGTPWPF -NCUUG 5KNDGT TGRGTEKGTV #WHNCIGP )QNF GOCKNNKGTV CP 0CFGN %#.  %/'  *'1  -.'0   1#02')724+$#127'058'40<'+ 4+p++  5GNVGPG-NCUUGFKGIGO·­FGP5VCVWGPPWT)GPGTCN1DGTDGHGJNUJCDGTPWPF)GPGT·NGPXQTDGJCNVGPYCT(GKPG#PHGT VKIWPIWO

182




7838



7839

7841

7840

-ÌPKINKEJGTWPF/KNKV·TKUEJGT1TFGPFGUJN(GTFKPCPF/QFGNN  $TWUVUVGTP-NCUUG HÒT 1HHK\KGTG 5KNDGT TGRGTEKGTV #WHNCIGP )QNF GOCKNNKGTV FKG -WIGNP CP FGP -TGW\URKV\GPFGP )QNF   RNCVVKGTVCP0CFGNFKGUGRWP\KGTV%#.%/'-.'01#02')724+$# 127'05HH8'40<'+ ++



*GTXQTTCIGPFG#PHGTVKIWPIWOCWUFGT5VKHVWPIU\GKVFKGUGU5VGTPGU



-ÌPKINKEJGT WPF /KNKV·TKUEJGT 1TFGP FGU JN (GTFKPCPF  /QFGNN   -TGW\  WPF    -NCUUG)QNFGOCKNNKGTVOGJTGTG'OCKNNGCDRNCV\WPIGPKPFGTYGK­GPWPFITÒPGP'OCKNNG&WTEJOGUUGT OOCO$CPF%#.%/'*'1-.'01#02')724+$#1 27'05HH8'40<'+ 4+++



#PHGTVKIWPIWO'UJCPFGNVUKEJJKGTDGKPKEJVWOGKPG4GFWMVKQPUQPFGTPWOFKGV[RKUEJG)TÌ­GFGT$TWUVKPUK IPKGPFKGHÒTFCU'PFGFGT4GIKGTWPIU\GKV-ÌPKIKP+UCDGNNCU++MGPP\GKEJPGPFYCT



-ÌPKINKEJGTWPF/KNKV·TKUEJGT1TFGPFGUJN(GTFKPCPF/QFGNN   5EJYGTVGT -TGW\ FGFKCTKQ-NCUUGWPF-NCUUG)QNFGOCKNNKGTV&WTEJOGUUGTOOCP0CFGN%#.%/' *'1  -.'0  1#0  2')7  24+$# 1 27'0 5  HH 8'40  <'+    4+p++



(GKPG#PHGTVKIWPIFGUUGP)TÌ­GCWHFKG-NCUUGUEJNKG­GPN·­VYKGYQJNFKG5VCVWVGPKPFGT)TÌ­GMGKPG#PICDGP OCEJGP



/KNKV·TXGTFKGPUVQTFGP/QFGNN OKV/QPQITCO;CWHFGT4ÒEMUGKVG YGK­G#DVGKNWPI -TGW\-NCUUG)QNFGOCKNNKGTVCOUR·VGTGP$CPF%#.%/'XCT-.'01#05 2')724+$#127'05XCT8'40XCT<'+ 4+



9WPFGTUEJÌPGU'ZGORNCTCWUFGT5VKHVWPIU\GKVKPCDUQNWVVCFGNNQUGT'TJCNVWPI

7842



7843 1:1

7PDGMCPPVGU$TWFGTUEJCHVUMTGW\GKPGT$TWFGTUEJCHVFGU/·TV[TGTU&COCUWU)QNFGOCKNNKGTVCWH FGT8QTFGTUGKVG&#/#575/WPFCWHFGT4ÒEMUGKVGFKGIGMTÌPVGP+PKVKCNGP4;-ÌPKIKP+UCDGNNCU++ XQP5RCPKGPQJPG$CPF2')724+$#27'0 8QPITQ­GT5GNVGPJGKV++



2418+514+5%*'4')+'470)   

/KNKV·TXGTFKGPUVQTFGP9GK­G#DVGKNWPI/QFGNN 5GRVGODGTDKU&G\GODGT8QFGTUGKVGPOG FCKNNQP QJPG $QWTDQPKUEJG .KNKGP 4ÒEMUGKVGPOGFCKNNQP QJPG /QPQITCOO  -TGW\  -NCUUG )QNF   GOCKNNKGTV CO CNVGP 1TKIKPCNDCPF %#.  %/'  -.'0  1#0  2')7  24+$#  27'0    8'40<'+ 8QPITQ­GT5GNVGPJGKV++



&CU-TGW\GPVURTKEJVKPUGKPGTIGTKPIGP)TÌ­G OOQJPG-TQPG FGPV[RKUEJGP'ZGORNCTGPXQO'PFGFGT4GIKG TWPIU\GKV-ÌPKIKP+UCDGNNCU+++O5GRVGODGTPCEJFGT(NWEJV-ÌPKIKP+UCDGNNCU++YWTFGXQPFGTRTQXKUQTK UEJGP4GIKGTWPIGKPG8GTQTFPWPIGTNCUUGPIGO·­FGT1TFGPMÒPHVKIMGKPG.KNKGPFCU5[ODQNFGT$QWTDQPGPOGJT VTCIGPFWTHVGP#WEJU·OVNKEJG/QPQITCOOG+UCDGNNCUYCTGPCDUQHQTVGTUCV\NQU\WGPVHGTPGP'TUVKO&G\GODGT FGUINGKEJGP,CJTGUYWTFGFCPPGKPG8GTQTFPWPIGTNCUUGPGPIGO·­FGTFGT/KNKV·TXGTFKGPUVQTFGPMÒPHVKIFCU/QPQ ITCOO // HÒT /GTKVQ /KNKVCT  CWH FGT 4ÒEMUGKVG \W \GKIGP JCVVG #WHITWPF FGT PWT EC XKGTOQPCVKIGP 8GTNGK   JWPIU\GKVGZVTGOUGNVGPWPFDKUNCPIPKEJVFQMWOGPVKGTV

183


7844 1:1

(ª0(6'5-¤0+)4'+%*   

7845

1TFGP-CTNU+++/QFGNN  $TWUVUVGTP\WO)TQ­MTGW\5KNDGTTGRGTEKGTV#WHNCIGP)QNF GOCKNNKGTVHGKPUVG'OCKNNGOCNGTGKCP0CFGN%#.*'1-.'01#02')7 24+$#127'058'40<'+ +



9WPFGTUEJÌPGT5VGTPXQPJGTXQTTCIGPFGT#PHGTVKIWPIUSWCNKV·VWO



1TFGP -CTNU +++  /QFGNN   -QOOCPFGWTMTGW\ 5KNDGT XGTIQNFGV /GFCKNNQPU )QNF   GOCKNNKGTV 'OCKNNGOCNGTGK QJPG *CNUDCPF %#.  XCT *'1  XCT -.'0  1#0   2')7XCT24+$#127'058'40<'+ ++



7847 7846 1:1



1TFGP+UCDGNNCUFGT-CVJQNKUEJGP/QFGNN  $TWUVUVGTP\WO)TQ­MTGW\)QNF CWEJFGT 5VGTPMQTRWU VGKNYGKUGGOCKNNKGTVOGJTGTGOKP(GJNUVGNNGPKPFGTITÒPGP'OCKNNGFGU-TCP\GUHGKPUVG 'OCKNNGOCNGTGK%#.*'1XCT-.'01#02')724+$#127'0 5XCT8'40<'+ 4+p



(GKPUVG#TDGKVWO



1TFGP +UCDGNNCU FGT -CVJQNKUEJGP  /QFGNN   $TWUVUVGTP FGT -QOOCPFGWTG XQP 0WO   OGT 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CP 0CFGN KO QTKIKPCN .GFGTGVWK FGT (KTOC %GLCNXQ KP /CFTKF   %#.XCT-.'01#02')7XCT24+$#18'40<'+ ++ &GT $TWUVUVGTP FGU -QOOCPFGWTU XQP 0WOOGT YWTFG CNNGKPG QJPG YGKVGTG +PUKIPKGP YKG *CNU QFGT $TWUVMTGW\   XGTNKGJGPWPFIGVTCIGP

184




7848 7849 7850



-ÌPKINKEJGT WPF /KNKV·TKUEJGT 1TFGP FGU JN (GTFKPCPF  /QFGNN   -TGW\  WPF    -NCUUG )QNF GOCKNNKGTV FKG .QTDGGTDN·VVGT DGKFUGKVKI CWU ITÒPGP 5VGKPGP OÌINKEJGTYGKUG 6WTOCNKPG    DGUVGJGPF YQXQP CWH FGT 4ÒEMUGKVG GKPKIG HGJNGP CO $CPF %#.  %/'  *'1  -.'0   1#02')724+$#127'05HH8'40<'+ 4++



.WZWTKÌUG#PHGTVKIWPIXQPITQ­GT3WCNKV·VWO





1TFGPHÒT9QJNV·VKIMGKV/QFGNN  &GMQTCVKQP-NCUUG$TQP\GXGTIQNFGV WPF GOCKNNKGTV CO NCPIGP *CNUDCPFCDUEJPKVV %#.  XCT -.'0  1#0  2')7    XCT24+$#18'40<'+XCT 4++



<KXKNQTFGP #NHQPU :++   -TGW\ FGT QTFGPVNKEJGP -QOOCPFGWTG #WUHÒJTWPI OKV GOCKN   NKGTVGP 5VTCJNGP 5KNDGT \GKVYGKUG XGTIQNFGV WPF GOCKNNKGTV GKPKIG MNGKPG 'OCKNNGCWUDTÒEJG CWH FGT   4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC.GOCKVTGKP2CTKUQJPG*CNUDCPF%#.XCT-.'0 1#0XCT2')7XCT24+$#127'058'40<'+ ++



7851



<KXKN8GTFKGPUVQTFGP  /QFGNN PCEJ   )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\ 5KNDGT   XGTIQNFGVWPFGOCKNNKGTVKO4KPIOGJTHCEJRWP\KGTVOKVECEONCPIGO5EJ·TRGPUVÒEMWPF$TWUV UVGTP 5KNDGT XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV CP 0CFGN %#.  XCT -.'0   1#0   XCTXCT2')724+$#1$8'40<'+ 5VÒEM++

 185


7852 7853





/KNKV·TXGTFKGPUVQTFGP/QFGNN  9GK­G#DVGKNWPI5GVFGT-NCUUG )TQ­MTGW\ DGUVG JGPFCWU-TGW\-NCUUG5KNDGTXGTIQNFGVWPFGOCKNNKGTVOKVECOONCPIGO5EJ·TRGPUVÃ&#x2019;EMWPF $TWUVUVGTP 5KNDGT TGRGTEKGTV VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CP 0CFGN %#.   XCT   %/'  XCT  XCT -.'0   1#0  XCT  2')7   24+$#   18'40<'+ 5VÃ&#x2019;EM++



/KNKV·TXGTFKGPUVQTFGP  /QFGNN   9GK­G #DVGKNWPI 5VGTP  -NCUUG 5KNDGT VGKNYGKUG   XGTIQNFGV<GPVTWO)QNFGOCKNNKGTV4Ã&#x2019;EMUGKVGPCDFGEMWPIHGJNVCP0CFGN%#.XCT%/' XCT-.'01#02')724+$#18'40<'+ ++



7854 7855





/KNKV·TXGTFKGPUVQTFGP  /QFGNN   4QVG #DVGKNWPI 5VGTP  -NCUUG 5KNDGT TGRGTEKGTV   VGKNYGKUGXGTIQNFGVGOCKNNKGTVMNGKPGT'OCKNNGEJKRRKO<GPVTWOCP0CFGN%#.XCT%/' XCT-.'01#0XCT2')724+$#18'40<'+ ++



/KNKV·TXGTFKGPUVQTFGP  /QFGNN   4QVG #DVGKNWPI -QOOCPFGWTMTGW\ 5KNDGT XGTIQNFGV   #WHNCIGP )QNF GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG GKPKIG *CCTTKUUG KO /GFCKNNQP &WTEJOGUUGT  OO   $CPFTKPIRWP\KGTVQJPG$CPF%#.%/'-.'01#02')724+$#8'40<'+ 44++



1DGUUKEJJKGTDGKWOGKPGDGUQPFGTG#PHGTVKIWPIGKPGU-TGW\GUFGT-NCUUGJCPFGNV FKGPQTOCNGP-TGW\GFGT -NCUUGGPVURTGEJGPFGPLGPKIGPFGT-NCUUG QFGTWOGKPYKTMNKEJGU-QOOCPFGWTMTGW\FCULGFQEJKPFGP5VCVWVGP \WMGKPGT<GKVXQTIGUGJGPYCTDNGKDVFGT5RGMWNCVKQPFGU5COONGTUÃ&#x2019;DGTNCUUGP,GFGPHCNNUJCPFGNVGUUKEJJKGTDGKWO GKP·W­GTUVUGNVGPGU'ZGORNCTXQPJGTXQTTCIGPFGT#PHGTVKIWPIUSWCNKV·VCWUFGOGTUVGP&TKVVGNFGU,CJTJWPFGTVU

186


7857 1:1 7856



7859

7858

/KNKV·TXGTFKGPUVQTFGP/QFGNN  <YGKHCTDKIG#DVGKNWPI CD UKNDGTPGU-TGW\JQJN IGRT·IV WPF PKEJV XGTNÌVGV CO $CPF %#.  %/'  -.'0  2')7  XCT 24+$#   1$27'08'40<'+ ++





/KNKV·TKUEJGT 1TFGP XQO JN ,CMQDWU /KPKCVWT FGU 1TFGPUMTGW\GU )QNF GOCKNNKGTV CWH FGT 4ÒEM   UGKVGRWP\KGTVCO$·PFEJGP1#0524+$#1% +p++





/KNKV·TKUEJGT 1TFGP 7PUGTGT .KGDGP (TCW XQP /QPVGUC &GMQTCVKQP FGT4KVVGT·NVGTGU/QFGNN5KN DGT VGKNYGKUG GOCKNNKGTV QJPG $CPF %#.  %/'  *'1  -.'0  1#0  2')7    24+$#1%27'08'40<'+XCT ++



-ÌPKINKEJG-QTRQTCVKQPFGT4KVVGTUEJCHV\W4QPFC$TWUVUVGTPFGT4KVVGT5KNDGTXGTIQNFGV<GPVTWO )QNFGOCKNNKGTVHGKPUVG'OCKNNGOCNGTGKCP0CFGN2')724+$#%027'05 4++





*GTXQTTCIGPFG#TDGKVIGIGP'PFGFGU,CJTJWPFGTVU

7862 7860 7861



-ÌPKINKEJG-QTRQTCVKQPFGT4KVVGTUEJCHV\W5GXKNNC$TWUVUVGTPFGT4KVVGT5KNDGTTGRGTEKGTV#WHNCIGP )QNF GOCKNNKGTV ITQ­GT 'OCKNNGEJKRR UQYKG MNGKPG 'OCKNNGTGRCTCVWT KP FGT TQVGP 7OTCPFWPI CWH FGT   4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC*CNNG[KP2CTKUCP0CFGN2')7XCT24+$#%0 27'05 4++



W­GTUVJGTXQTTCIGPFG#TDGKVWO



-ÌPKINKEJG -QTRQTCVKQP FGT 4KVVGTUEJCHV *KLQUFCNIQ FGU #FGNU XQP /CFTKF &GMQTCVKQP FGT 4KVVGT   5KNDGT XGTIQNFGV GOCKNNKGTV HGKPG 'OCKNNGOCNGTGK CO CNVGP GVYCU CWUIGDNKEJGPGP $CPF OKV 6TCIG   URCPIG2')724+$#%027'05 ++



#PHGTVKIWPICWUFGOGTUVGP&TKVVGNFGU,CJTJWPFGTVU



-ÌPKINKEJG-QTRQTCVKQPFGT4KVVGTUEJCHV*KLQUFCNIQFGU#FGNUXQP/CFTKF&GMQTCVKQPFGT&COGP 5KNDGTXGTIQNFGVGOCKNNKGTVHGKPG'OCKNNGOCNGTGKCPCNVGTGVYCUCWUIGDNKEJGPGT&COGPUEJNGKHG2')7 24+$#%027'05 ++



#PHGTVKIWPICWUFGOGTUVGP&TKVVGNFGU,CJTJWPFGTVU

187


7864



7863

7865

-ÌPKINKEJG*CPFGNUCMCFGOKG$TWUVUVGTPFGT/KVINKGFGTFGT-ÌPKINKEJGP*CPFGNUCMCFGOKG\W/CFTKF 5KNDGTXGTIQNFGVWPFGOCKNNKGTV4ÒEMUGKVGPCDFGEMWPIHGJNVCP0CFGN2')724+$#27'0 ++



#PHGTVKIWPICWUFGOGTUVGP&TKVVGNFGU,CJTJWPFGTVU



/KNKV·TOGFCKNNG  /QFGNN  6[R /GFCKNNG KP -WRHGT CO $CPF OKV 6TCIGURCPIG %#.  XCT   %/'XCT2')7C24+$#%/27'05XCT8'40 4++





7PDGMCPPVG#WU\GKEJPWPI8GTUKNDGTVGOCKNNKGTVCO$CPF2')724+$#27'0



++

7866 1:1

7868 7867 1:1

7870 7869

<9'+6'4'27$.+-   

1TFGPFGT5RCPKUEJGP4GRWDNKM/KPKCVWTFGT1TFGPUFGMQTCVKQP5KNDGTXGTIQNFGVWPFGOCKNNKGTVQJPG $·PFEJGP%#.2')724+$#1 ++





#HTKMC1TFGP  /QFGNN   /KPKCVWT FGT 4KVVGTFGMQTCVKQP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV   QJPG$·PFEJGP%#.XCT2')724+$#1 4





5RCPKUEJGU4QVGU-TGW\/GFCKNNG-NCUUGXQO4QVGP-TGW\/QFGNN  XGTIQNFGVWPF GOCKNNKGTV CO $CPF OKV 6TCIGURCPIG %#.  -.'0  2')7  24+$# #51 27'0    8'40<'+ ++



52#0+5%*'456##6(4#0%14')+'470)   

1TFGP -CTNU +++  /QFGNN  UGKV   -QOOCPFGWTMTGW\ $TQP\G XGTIQNFGV WPF GOCKN   NKGTV OKV GOCKNNKGTVGO $CPFTKPI CO UR·VGTGP *CNUDCPFCDUEJPKVV %#.  *'1  XCT -.'0   1#02')724+$#127'058'40<'+ 4++



+PFKGUGTHTÒJGP#PHGTVKIWPI KP$TQP\GOKVGOCKNNKGTVGO$CPFTKPI CWUFGT<GKVFGU<YGKVGP9GNVMTKGIGUUGNVGP



-ÌPKINKEJGTWPF/KNKV·TKUEJGT1TFGPFGUJN(GTFKPCPF/QFGNN   5EJYGTVGT -TGW\ OKV.QTDGGTHÒT'KP\GNRGTUQPGP5KNDGTXGTIQNFGVWPFGOCKNNKGTV&WTEJOGUUGTOOCP0CFGN%#.  %/'  *'1  -.'0  1#0 5  2')7  24+$# 1$ 27'0 5    8'40<'+XCT ++ &KGUG&GMQTCVKQPJCV)GPGTCN(TCPEQCNUGKP\KIG#WU\GKEJPWPICWHUGKPGT&KGPUVWPKHQTOV·INKEJIGVTCIGP

188




7871

7873

7875

7872 1:1



-ÌPKINKEJGTWPF/KNKV·TKUEJGT1TFGPFGUJN*GTOGPGIKNFQ/QFGNN  $TWUVUVGTPXGT IQNFGVVGKNYGKUGXGTUKNDGTV&WTEJOGUUGTOOCP0CFGN%#.XCT%/'*'1-.'0 1#0XCT2')7XCT24+$#127'058'40<'+ ++



&KGUGT5VGTPYWTFGWPFYKTFCNNGKPQJPGYGKVGTG&GMQTCVKQPGPYKG*CNUQFGT$TWUVMTGW\GXGTNKGJGPWPFIGVTCIGP



1TFGP#NHQPU:FGU9GKUGP$TWUVUVGTP\WO)TQ­MTGW\WPF\WO-QOOCPFGWTMTGW\OKV5VGTP)QNF VGKNYGKUG GOCKNNKGTV MNGKPGT %JKRR KP FGT DNCWGP 'OCKNNG FGU <GPVTWOU ¯ LQWT IGHCUUVG )NCUUVGKPG CWH   FGP-TGW\CTOGP%#.XCT*'1-.'0XCT1#0XCT2')7XCT24+$# 1$27'05XCT8'40XCT<'+ 44+p++



*ÌEJUVG#PHGTVKIWPIUSWCNKV·VFGT(KTOC%GLCNXQKP/CFTKFCWUFGPGT,CJTGP







1TFGPHÒT8GTFKGPUVGWOFKG6GNGMQOOWPKMCVKQP/QFGNN  -NGKPQF\WO)TQ­UVGTP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV OKV EC  EO NCPIGO 5EJ·TRGPUVÒEM 2')7 C 24+$# 1$   8'40<'+ ++



/KNKV·TXGTFKGPUVQTFGPWPF/QFGNN  9GK­G#DVGKNWPI-TGW\-NCUUG CD -TGW\  -NCUUG   #WUHÒJTWPI OKV DGYGINKEJGT -TQPG CD   XGTIQNFGV WPF GOCKNNKGTV &C\W   8GTFKGPUVMTGW\ FGT .WHVYCHHG .WHVYCHHGP8GTFKGPUVQTFGP   WPF  /QFGNN   -TGW\    -NCUUG CD-TGW\-NCUUG XGTIQNFGVWPFGOCKNNKGTVUQYKG-TKGIUMTGW\/QFGNN   -TGW\ HÒT /CPPUEJCHVGP XGTIQNFGVVGKNYGKUGXGTUKNDGTV,GYGKNUCP$·PFGTPOKV6TCIGURCPIG%#. %/'XCT*'1-.'01#050T 2')724+$#11127'05558'40 <'+ 5VÒEM++



/GJFCWKC1TFGP  /QFGNN !  OKV *CNDOQPF WPF 5VGTP KP FGP 5VGTPURKV\GP  )TQ­MTGW\UGV   DGUVGJGPFCWU)TQ­MTGW\FGMQTCVKQP5KNDGTXGTIQNFGVWPFGOCKNNKGTVOKVECEONCPIGO5EJ·TRGP UVÒEM WPF $TWUVUVGTP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CP 0CFGN FKGUG RWP\KGTV %#.     *'1  -.'0  1#0   2')7  XCT  XCT 24+$# 1$ 27'0 5  XCT   8'40<'+ ++



&GT 1TFGP  IGUVKHVGV YWTFG HÒT 8GTFKGPUVG KO 2TQVGMVQTCV /CTQMMQ DKU  XGTNKGJGP 5EJÌPGT 5GV CWU FGT   <GKVPCEJFGO<YGKVGP9GNVMTKGI

189


7876

7877

7879

7878

7882 7880







7881

7884

7883

/KNKV·TKUEJGT 1TFGP XQP #NE±PVCTC &GMQTCVKQP FGT 4KVVGT 5KNDGT XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV   CO$CPF%#.%/'*'1-.'0XCT1#052')724+$#1%27'0 8'40<'+ ++



/KNKV·TKUEJGT 1TFGP 7PUGTGT .KGDGP (TCW XQP /QPVGUC &GMQTCVKQP FGT 4KVVGT PGWGTGU /QFGNN   5KNDGT XGTIQNFGV WPF GOCKNNKGTV %#.  %/'  *'1  -.'0  1#0 5  2')7  24+$#   1%27'08'40<'+ ++



-ÌPKINKEJG -QTRQTCVKQP FGT 4KVVGTUEJCHV *KLQUFCNIQ FGU #FGNU XQP /CFTKF &GMQTCVKQP FGT 4KVVGT   5KNDGTXGTIQNFGVGOCKNNKGTVCO$CPFOKV6TCIGURCPIG2')724+$#%027'05 ++



#PHGTVKIWPICWUFGPGT,CJTGP



-ÌPKINKEJG-QTRQTCVKQPFGT4KVVGTUEJCHV*KLQUFCNIQFGU#FGNUXQP/CFTKF&GMQTCVKQPFGT&COGP 5KNDGTXGTIQNFGVGOCKNNKGTVCP&COGPUEJNGKHG2')724+$#%027'05 ++



#PHGTVKIWPICWUFGPGT,CJTGP



5RCPKUEJGU4QVGU-TGW\/GFCKNNG-NCUUGXQO4QVGP-TGW\/QFGNN  XGTIQNFGVWPF GOCKNNKGTVCO$CPFOKV6TCIGURCPIG  %#.XCT-.'01#02')7XCT24+$# #5127'05XCT8'40<'+ ++



8CTKCPVG6TCIGYGKUGCO$TWUVDCPF









190

5RCPKUEJGU 4QVGU -TGW\ )QNFGPG /GFCKNNG HÒT 8GTFKGPUVG KO 5RCPKUEJGP $ÒTIGTMTKGI XQP  DKU    XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV CO $CPF OKV 6TCIGURCPIG %#.  XCT 2')7  XCT   24+$##5127'058'40 ++



1TFGPHÒT8GTFKGPUVGWOFCU5VTCHYGUGP /¾TKVQ2GPKVGPEKCTKQ /QFGNN  )QNFGPG /GFCKNNG$TQP\GXGTIQNFGVWPFGOCKNNKGTVCP*CNUMQTFGN&C\W)QNFGPG/GFCKNNGFGT5VCFV/GNKNNCHÒT /GPUEJNKEJMGKV  5KNDGT VGKNYGKUG XGTIQNFGV OKV HGKPUVGT 'OCKNNKGTWPI CP 6TCIGMQTFGN 2')7   H24+$#''27'05 5VÒEM++



#WU\GKEJPWPI HÒT 6TGWG &KGPUVG KP FGT 5RCPKUEJGP 8GTYCNVWPIU)GYGTMUEJCHV )QNFGPGU -TGW\   5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO$CPFOKV6TCIGURCPIG\WUCOOGPOKV-PQRHNQEJCD\GKEJGPKO1TK IKPCNGVWK%#.2')724+$#''27'08'40 4+



'TKPPGTWPIUOGFCKNNG HÒT FKG URCPKUEJGP (TGKYKNNKIGP KO -CORH IGIGP FGP $QNUEJGYKUOWU $NCWG   &KXKUKQP &GWVUEJG#PHGTVKIWPI<KPMDTQP\KGTVCO$CPFOKV6TCIGURCPIG(14/C*#46 *ª5-  0+'/  1'-  %#.  %/'  2')7  24+$# ' 27'0    8'40 ++




7889

7886 1:1

7885

7887



7890

+HPK5CJCTC 'KPUCV\OGFCKNNG  'OCKNNKGTVG /GFCKNNG HÒT 1HHK\KGTG XGTIQNFGV WPF GOCKNNKGTV CO   $CPFOKV6TCIGURCPIG%#.%/'2')724+$#''8'40 ++



5GJTFGMQTCVKXG/GFCKNNG

5'%*56'5-¤0+)4'+%* 5'+6  

1TFGPXQO)QNFGPGP8NKGU/KPKCVWTFGT1TFGPMQNNCPGOKV-NGKPQF5KNDGTXGTIQNFGVVGKNYGKUGGOCKN NKGTVCP6TCIGURCPIG 4+p++



*ÒDUEJGMNGKPG/KPKCVWTMQNNCPGFGUJÌEJUVGPDGFGWVGPUVGPWPFIGUEJKEJVUVT·EJVKIUVGP1TFGP5RCPKGP



-ÌPKINKEJGTWPF/KNKV·TKUEJGT1TFGPFGUJN*GTOGPGIKNFQ/QFGNN UGKV -TGW\XGTIQNFGV WPFGOCKNNKGTVCO$CPFOKV6TCIGURCPIG%#.XCT%/'-.'0XCT1#0XCT 24+$#18'40<'+XCT ++



*GTXQTTCIGPFG#PHGTVKIWPICWUFGT#PHCPIU\GKVFGT4GIKGTWPI-ÌPKI,WCP%CTNQU+



5RCPKUEJGU 4QVGU -TGW\ -QPXQNWV XQP  XGTUEJKGFGPGP #WU\GKEJPWPIGP FGU (ÒPHVGP -ÌPKITGKEJGU  

  FGT <YGKVGP 4GRWDNKM   FGT (TCPEQ4GIKGTWPI   WPF FGU 5GEJUVGP   -ÌPKITGKEJU UGKV   KP WPVGTUEJKGFNKEJGP /GVCNNGP VGKNYGKUG GOCKNNKGTV CP $·PFGTP WPF KP WPVGT   UEJKGFNKEJGP'TJCNVWPIGP&C\WPQEJGKPGOCKNNKGTVGU#D\GKEJGPCP0CFGN27'05W  5VÒEM+p++++



5ª&#(4+-# 

7PDGMCPPVG 5ÒFCHTKMCPKUEJG #WU\GKEJPWPI DGUVGJGPF CWU FGO 9CRRGP FGT <WKF#HTKMCCPUEJG   4GRWDNKGM\W$GIKPPFGU,5KNDGTGOCKNNKGTVOGJTGTG'OCKNNGUEJ·FGPCWHFGT4ÒEMUGKVGOGJTHCEJ RWP\KGTVCO$CPF +++



57&#0 

'JTGP1TFGP$TWUVUVGTPFGTGTUVGP-NCUUG5KNDGTXGTIQNFGVVGKNYGKUGGOCKNNKGTVCP0CFGN41((5  4+p++



5GJTUEJÌPIGCTDGKVGVGTOQFGTPGT1TFGPUUVGTPYKGCNNGUWFCPGUKUEJGP#WU\GKEJPWPIGPUGJTUGNVGP

191


7895

7894

7892

7893

7891



1TFGPFGTDGKFGP0KNG-QOOCPFGWTUFGMQTCVKQP5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCO*CNU DCPFCDUEJPKVV1#041((5 ++



6*#+.#0& 

&WUJFK/CNC/GFCKNNG5KNDGTCP6TCIGURCPIGQJPG$CPFKO1TKIKPCNGVWK$.#6*6*#5 4++





/GFCKNNG HÃ&#x2019;T JGTXQTTCIGPFGP )TGP\FKGPUV $TQP\G XGTIQNFGV CP6TCIGURCPIG$.#6*6*#+ ++



61)1 

/QPQ1TFGP)TQ­MTGW\UGVDGUVGJGPFCWU)TQ­MTGW\FGMQTCVKQPXGTIQNFGVWPFGOCKNNKGTVOKVECEO NCPIGO 5EJ·TRGPUVÃ&#x2019;EM WPF $TWUVUVGTP XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV CP 0CFGN FKGUG RWP\KGTV   41((6CHGNXCT 4+p++



65%*#& 

192

0CVKQPCNQTFGP )TQ­MTGW\UGV DGUVGJGPF CWU )TQ­MTGW\ XGTIQNFGV WPF GOCKNNKGTV QJPG 5EJWNVGTDCPF   WPF $TWUVUVGTP XGTUKNDGTV VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CP 0CFGN FKGUG RWP\KGTV 1#0    41((6CHGNXCT 5VÃ&#x2019;EM++




7898 1:1 7897

7896

65%*'%*15.19#-'+ '456'4'27$.+-   





1TFGP FGU 9GK­GP .ÌYGP  /QFGNN   <KXKNG #DVGKNWPI -QOOCPFGWTUFGMQTCVKQP   5KNDGT VGKNYGKUG XGTIQNFGV GOCKNNKGTV CO *CNUDCPFCDUEJPKVV *'1  XCT -.'0  1#0    XCT27.IXCT4#/557-'8'40<'+ ++



1TFGP FGU 9GK­GP .ÌYGP  /QFGNN   OKNKV·TKUEJG #DVGKNWPI 1HHK\KGTUFGMQTCVKQP   5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO$CPFOKV4QUGVVG*'1XCT-.'01#04#/ 557-'8'40<'+ 4++



/KNKV·TQTFGPXQO9GK­GP.ÌYGP(ÒTFGP5KGI5VGTP-NCUUG5KNDGTVGKNYGKUGGOCKNNKGTVGOCKN NKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC-CTPGVG-[UGN[KP2TCICP0CFGNFKGUGOGJT HCEJ RWP\KGTV *'1  XCT 1#0 5  27. D 4#/ 5  57-'  8'40  <'+    44+p++



7899



7900 7901

/KNKV·TQTFGP XQO 9GK­GP .ÌYGP (ÒT FGP 5KGI 1TFGPUMTGW\ 5KNDGT VGKNYGKUG XGTIQNFGV WPF   GOCKNNKGTV CO $CPF *'1  1#0 5  27. E 4#/  57-'  8'40  <'+    4++





(CNMGP1TFGP CWEJ5VGHCPKM1TFGP 1TFGPUFGMQTCVKQPOKV5EJYGTVGTPXGTIQNFGVWPFGOCKNNKGTVCO $CPF-.'01#04#/557-'8'40<'+ ++





#WU\GKEJPWPI HÒT #PIGJÌTKIGP FGT 0CVKQPCNGP 4GXQNWVKQPUVTWRRGP  DKU  XQP $TÒPP KP   $TQP\G#O$CPF%'58+$ 4++

 193


7903

7902

81.-54'27$.+-   

1TFGPFGT4QVGP#TDGKVUHCJPG/QFGNN  5KNDGTXGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVOKP 1DGTHN·EJGPEJKRRCWHFGT4Ã&#x2019;EMUGKVGOGJTHCEJRWP\KGTVWPF/CVTKMGNPWOOGT1#027. 57-'<'+ ++

670'5+'0

4'27$.+- 



1TFGP FGT 4GRWDNKM  /QFGNN )TQ­QHHK\KGTUUGV DGUVGJGPF CWU )TQ­QHHK\KGTUFGMQTCVKQP XGTUKNDGTV   WPFVGKNYGKUGGOCKNNKGTV6TCIGTKPIRWP\KGTVCO*CNUDCPFCDUEJPKVVWPF$TWUVUVGTPXGTUKNDGTVVGKNYGKUG GOCKNNKGTVCP0CFGNFKGUGRWP\KGTV41((5 5VÃ&#x2019;EM+p++



7904 7905 1:1

15/#0+5%*'54'+%* 



194

6ª4-'+

1UOCPKLG1TFGP$TWUVUVGTP-NCUUG5KNDGT#WHNCIGPXGTIQNFGVWPFGOCKNNKGTVMCWOUKEJVDCTGT4K­ KP FGT ITÃ&#x2019;PGP WPF #DURNKVVGTWPI KP FGT TQVGP 'OCKNNG &WTEJOGUUGT  OO CP 0CFGN '4ª 5    /ª<'1#04#/58'40 ++p+++



1UOCPKLG1TFGP &GMQTCVKQP FGT  -NCUUG 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV OGJTGTG #D   URNKVVGTWPIGPKPFGTITÃ&#x2019;PGP'OCKNNG&WTEJOGUUGTOOCOCNVGP*CNUDCPF'4ª5/ª<' 1#04#/58'40 ++p+++




7906











7908

1UOCPKLG1TFGP &GMQTCVKQP FGT  -NCUUG 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV OGJTGTG #D   URNKVVGTWPIGPKPFGTITÃ&#x2019;PGP'OCKNNG&WTEJOGUUGTOOCOCNVGP*CNUDCPFCDUEJPKVV'4ª5 /ª<'1#04#/58'40 ++p+++



1UOCPKLG1TFGP&GMQTCVKQPFGTWPF-NCUUG5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTV\CJNTGK EJG#DURNKVVGTWPIGPKPFGTITÃ&#x2019;PGP'OCKNNG&WTEJOGUUGTOOCO$CPF'4ª5/ª<' XCT1#04#/58'40 ++p+++



/GFLKFLKG1TFGP&GMQTCVKQP-NCUUG5KNDGTTGRGTEKGTV#WHNCIGP)QNF*CNDOQPF5KNDGTXGTIQNFGV GOCKNNKGTV $CPFTKPI )QNF &WTEJOGUUGT  OO QJPG 5EJWNVGTDCPF'4ª5/ª<'XCT 1#04#/58'40 ++



7909



7907

7910

7911

/GFLKFLKG1TFGP $TWUVUVGTP  -NCUUG 5KNDGT TGRGTEKGTV #WHNCIGP )QNF GOCKNNKGTV MNGKPGT 'OCKNNG   UEJCFGP&WTEJOGUUGTOOCWHFGT4Ã&#x2019;EMUGKVGQUOCPKUEJG*GTUVGNNGTDG\GKEJPWPICP0CFGN'4ª5 /ª<'1#04#/58'40 ++



/GFLKFLKG1TFGP&GMQTCVKQP-NCUUG5KNDGTTGRGTEKGTV#WHNCIGP)QNF*CNDOQPF5KNDGTXGTIQNFGV GOCKNNKGTV&WTEJOGUUGTOOCWHFGT4Ã&#x2019;EMUGKVGQUOCPKUEJG*GTUVGNNGTDG\GKEJPWPICO*CNUDCPFCD UEJPKVV'4ª5/ª<'1#04#/58'40 ++



/GFLKFLKG1TFGP&GMQTCVKQP-NCUUG5KNDGT#WHNCIGP)QNF*CNDOQPF5KNDGTXGTIQNFGVGOCKNNKGTV &WTEJOGUUGTOOCWHFGT4Ã&#x2019;EMUGKVGQUOCPKUEJG*GTUVGNNGTDG\GKEJPWPIQJPG$CPF'4ª5 /ª<'1#04#/58'40 ++

 195


7913 1.1 7912 7914 1:1







/GFLKFLKG1TFGP&GMQTCVKQP-NCUUG5KNDGT#WHNCIGP)QNF*CNDOQPF5KNDGTXGTIQNFGVGOCKNNKGTV MCWO UKEJVDCTGT 'OCKNNGCWUDTWEJ &WTEJOGUUGT  OO CWH FGT 4ÒEMUGKVG QUOCPKUEJG *GTUVGNNGTDG   \GKEJPWPICO$CPF'4ª5/ª<'XCT1#04#/58'40 ++



/GFLKFLKG1TFGP/KPKCVWT5KNDGT#WHNCIGPWPF*CNDOQPF)QNFVGKNYGKUGGOCKNNKGTVOKP'OCKNNG CDURNKVVGTWPIKO*CNDOQPF6WIJTCXGTFTGJV&WTEJOGUUGTOOCO$·PFEJGPXIN'4ª5 XIN/ª<'1#04#/5 ++



0KUJCP5JGHMCV1TFGP$TWUVUVGTP-NCUUG5KNDGT)QNFGOCKNNKGTV&KCOCPVWPF4WDKPTQUGP PKEJV IGRTÒHV 5KOKNKUVGKPGOKVGEJVIQNFGPGO0CFGNU[UVGO'4ª5/ª<'8'40 44+



5GJTUGNVGPGTQUOCPKUEJGT&COGPQTFGPKPÒDGTCWURTCEJVXQNNGT)GUVCNVWPI&KGITÌ­VGP&KCOCPVGPYWTFGP\GKVIGPÌU UKUEJFWTEJ5KOKNKUVGKPGGTUGV\V

7915



7916

7917

7918

.K[CMCV/GFCKNNG5KNDGTIGNQEJVCP$CPFTCJGOKV$QIGPDCPFFGWVUEJGT6TCIGYGKUGOKV5EJYGTVGT URCPIG'4ª52'4'8'40 ++



1UOCPKUEJG2T·IWPI



/GFCKNNGHÒTFGP5[TKGP(GNF\WI #MMC/GFCKNNG $TQP\GCO$CPF'4ª5/;$ 2'4'4#/552+0-8'40)4$ ++



&KGUG/GFCKNNGYWTFGCWEJCPDTKVKUEJG6TWRRGPCPIGJÌTKIG #TOGGWPF/CTKPG XGTNKGJGP







196

-TKO-TKGIU/GFCKNNG#WUHÒJTWPIHÒTFKGRKGOQPVGUKUEJGP6TWRRGP5KNDGTQJPG6T·IGTPCOGP CO $CPF #54  $174& $ $4#  $$/  '4ª 5  /;$  2'4'    4#/552+0-8'40)4$ ++p



-TKO-TKGIU/GFCKNNG  #WUHÒJTWPI HÒT FKG RKGOQPVGUKUEJGP 6TWRRGP 5KNDGT OKV 6T·IGTPCOGP    ,)#)*#0  4')6 CO $CPF #54  $174& $ $4#  $$/  '4ª 5   /;$2'4'4#/552+0-8'40)4$ ++p



-TKO-TKGIU/GFCKNNG#WUHÒJTWPIHÒTFKGRKGOQPVGUKUEJGP6TWRRGP5KNDGTQJPG6T·IGTPCOGP CO $CPF #54  $174& $ $4#  $$/  '4ª 5  /;$  2'4'    4#/552+0-8'40)4$ ++




7920

7921

7922

7924

7925



/GFCKNNGHÒTFKG8GTVGKFKIWPIXQP-CTU5KNDGTFWTEJDQJTVOKV6TCIGTKPICO$CPF$$/ '4ª52'4'8'40 ++





-TKGIUOGFCKNNG5QIGPCPPVGT'KUGTPGT*CNDOQPFQFGT)CNNKRQNK5VCTXGTUKNDGTVWPFGOCKNNKGTVCWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI $$  %Q CP 0CFGN '4ª 5  1#0  4#/ 5   8'40 ++



&GWVUEJG#PHGTVKIWPI





1UOCPKUEJGT 4QVGT *CNDOQPF 5KNDGTPG /GFCKNNG XQO 4QVGP *CNDOQPF 5KNDGT VGKNYGKUG GOCKNNKGTV   CO $CPF OKV GOCKNNKGTVGT 6TCIGURCPIG KO 1TKIKPCNGVWK $TQP\GPG /GFCKNNG XQO 4QVGP *CNDOQPF   VGKNYGKUGGOCKNNKGTVCO$CPFOKVGOCKNNKGTVGT6TCIGURCPIG'4ª52'4'8'40 5VÒEM++



1UOCPKUEJGT 4QVGT *CNDOQPF 5KNDGTPG /GFCKNNG XQO 4QVGP *CNDOQPF 5KNDGT VGKNYGKUG GOCKNNKGTV   CWHFGT4ÒEMUGKVGRWP\KGTVWPF5+.$'4COMWT\GP$CPFCDUEJPKVV'4ª52'4' 8'40 ++



&GWVUEJG#PHGTVKIWPI

+&+#/+0&+-6#674 

7)#0&#

1TFGPHÒTJGTXQTTCIGPFG8GTFKGPUVG &KUVKPIWKUJGF5GTXKEG 5KNDGTXGTIQNFGVCO$CPFOKV6TCIG URCPIGFGT(KTOC5RKPM5QPKP.QPFQP1#04#/41((5 44++



&KGJÌEJUVGOKNKV·TKUEJG#WU\GKEJPWPIFGT#OKP&KMVCVWT



/KNKV·T-TGW\5KNDGTCO$CPFOKV6TCIGURCPIG&C\WFKG/GFCKNNGFGT4GRWDNKM7ICPFCHÒTCWUIG \GKEJPGVGP&KGPUVCO$CPFOKV6TCIGURCPIG1#041((5 5VÒEM+

7926

7928



7929

7-4#+0' 7-4#+0+5%*'':+.#75<'+%*070)'0 

)CNK\KGP-TGW\FGT7MTCKPKUEJGP)CNK\KGP#TOGG$TQP\GXGTIQNFGVWPFGOCKNNKGTVCWHFGT4ÒEMUGKVG PWOOGTKGTVCOHCNUEJGP$CPF5'/1 ++





)CNK\KGP-TGW\ FGT 7MTCKPKUEJGP )CNK\KGP#TOGG $TQP\G GOCKNNKGTV CWH FGT 4ÒEMUGKVG PWOGTKGTV   CO$CPF5'/1 ++





/GFCKNNG \WO ,CJTGUVCIFGT7PCDJ·PIKIMGKVFGT7MTCKPGKO,CJTG$TQP\GCOHCNUEJGP $CPF5'/1 ++



'456'4'27$.+-   

70)#40

$GHTGKWPIUOGFCKNNG-TKGIUOGVCNNCO$CPF0+//¤2418'40

++

 197


7930 1:1

6+67.#4-¤0+)4'+%*   

8GTFKGPUVQTFGP5GVFGU)TQ­MTGW\GUOKVFGT*GKNKIGP-TQPGDGUVGJGPFCWU)TQ­MTGW\)QNFGOCKN NKGTVQJPG5EJWNVGTDCPFWPF$TWUVUVGTP5KNDGTTGRGTEKGTV#WHNCIGP)QNFGOCKNNKGTVCP0CFGN-.'0   /#-   0+//¤   1#0  XCT 241   4#/ 5    8'40<'+ 5VÃ&#x2019;EM44+  5GJTUGNVGPGT5GV

7932 7931





198

8GTFKGPUVQTFGP$TWUVUVGTP\WO)TQ­MTGW\D\Y\WT-NCUUG5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKN NKGTVOKP#DURNKVVGTWPIGPKPFGTITÃ&#x2019;PGP'OCKNNGFGU.QTDGGTMTCP\GU&WTEJOGUUGTOOCP0CFGN -.'0/#-0+//¤1#02414#/58'40<'+ ++p



8GTFKGPUVQTFGP 5GV \WO -QOOCPFGWT OKV 5VGTP DGUVGJGPF CWU -QOOCPFGWTMTGW\ 5KNDGT XGTIQNFGV   WPF GOCKNNKGTV CO IGP·JVGP *CNUDCPF WPF $TWUVUVGTP 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CP   0CFGN-.'0/#-0+//¤1#02414#/5 8'40<'+ 5VÃ&#x2019;EM+p++




7933

7934 1:1

7934 1:1

$ª4)'4.+%*'4'27$.+-   

8GTFKGPUVQTFGP  /QFGNN   )QNFGPG 8GTFKGPUVOGFCKNNG XGTIQNFGV CO &TGKGEMUDCPF   -.'0/#-0+//¤1#08'40<'+ ++



8#6+-#070&-+4%*'056##6 

1TFGP FGT )QNFGPGP /KNK\ QFGT XQO )QNFGPGP 5RQTP 1TFGPUMTGW\ FGT OKNKV·TKUEJGP 1TFGPUTKVVGT   )QNFGOCKNNKGTVOGJTGTGQDGTHN·EJNKEJG'OCKNNGCDRNCV\WPIGPCWHFGT4ÒEMUGKVGOKP)QNFCWUDTWEJCP GKPGO-TQPGPDÒIGNQJPG$CPF%#4&%*#/25&74-.'01#054#/ 58'40<'+ 44+p++++p+++  5GJTUGNVGPGU'ZGORNCTYQJNGKPGUHTCP\ÌUKUEJGPOKNKV·TKUEJGP1TFGPUTKVVGTUKPHGKPGT#PHGTVKIWPIUSWCNKV·VWO

7935



1TFGPFGUJN5[NXGUVGTUWPFXQO)QNFGPGP5RQTP/QFGNN ECMGKPGYGK­G'OCKNNG CWH FGT 4ÒEMUGKVG  -QOOCPFGWTMTGW\ CNU -QNNCPGPMNGKPQF )QNF VGKNYGKUG HGKPUV \KUGNKGTV GOCKNNKGTV   OGJTGTG 'OCKNNGTKUUG CWH GKPGO -TGW\CTO QJPG -QNNCPG %#4&  %*#/2 5  &74  -.'0   1#04#/8'40<'+ ++p



5GJTFÒPPIGCTDGKVGVGU'ZGORNCTFCUMWT\PCEJFGT5VKHVWPIWOGPVUVCPFGPKUV

199


7936



1TFGPFGUJN5[NXGUVGTUWPFXQO)QNFGPGP5RQTP/QFGNN ECMGKPGYGK­G'OCKNNG CWH FGT 4Ã&#x2019;EMUGKVG  -QOOCPFGWTMTGW\ )QNF GOCKNNKGTV 'OCKNNGEJKRR CWH FGO WPVGTGP -TGW\CTO CWH   FGT4Ã&#x2019;EMUGKVGWPFCWHFGO$CPFTKPI*GTUVGNNGTDG\GKEJPWPIFGT(KTOC6CPHCPKKP4QOCOCNVGP*CNU DCPF%#4&%*#/25&74-.'01#04#/8'40<'+ ++p+++



5R·VG#PHGTVKIWPIFGU/QFGNNUWO

7937



1TFGPFGUJN)TGIQTFGU)TQ­GP/QFGNN UGKVECDGKFUGKVKIGOCKNNKGTV )TQ­MTGW\UGVFGT \KXKNGP #DVGKNWPI DGUVGJGPF CWU )TQ­MTGW\ 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG FGU   .QTDGGTMTCP\GU*GTUVGNNGTDG\GKEJPWPIFGT(KTOC6CPHCPKWPF$GTVCTGNNKKP4QOUQYKG$WEJUVCDG# HÃ&#x2019;T 5KNDGT OKV EC  EONCPIGO5EJ·TRGPUVÃ&#x2019;EMWPF$TWUVUVGTP5KNDGTTGRGTEKGTVVGKNYGKUGXGTIQNFGV WPF GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG GDGPHCNNU *GTUVGNNGTDG\GKEJPWPI FGT (KTOC 6CPHCPK WPF $GTVCTGNNK   UQYKG$WEJUVCDG#HÃ&#x2019;T5KNDGTCP0CFGN%#4&6CHGN+8%*#/25HH&746CHGN8+*'1 XCT-.'01#04#/58'40<'+  5VÃ&#x2019;EM+p++



7938



1TFGPFGUJN,QJCPPGUXQO.CVGTCP1TFGPUMTGW\)QNFGOCKNNKGTVQJPG$CPF-.'08'40 <'+ 8QPITQ­GT5GNVGPJGKV++ 5GJTUGNVGPGUKPJGTXQTTCIGPFGT3WCNKV·VWOECIGHGTVKIVGU'ZGORNCTFGUFWTEJ2CRUV2KWU+8IGUVKHVGVGP GKPMNCUUKIGP1TFGPUFGTDKUKPFKGGT,CJTGFGU,CJTJWPFGTVUXGTNKGJGPYQTFGPKUV

200




7939

7940





7941

4KVVGTQTFGP XQO *GKNKIGP )TCD \W ,GTWUCNGO  /QFGNN   QJPG -TQPG QFGT 6TQRJ·G    4KVVGTMTGW\-NCUUG5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO$CPF%*#/251#052'4)5 8'40 ++



4KVVGTQTFGPXQO*GKNKIGP)TCD\W,GTWUCNGOWPF/QFGNN UGKV*GTTGPFGMQTCVKQPGPOKV 6TQRJ·G -QOOCPFGWTMTGW\HÒT*GTTGP5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO*CNUDCPFCDUEJPKVV%#4& 6CHGN :++ %*#/2 5  XCT &74 6CHGN :8+ *'1 5  -.'0  1#0 5  2'4) 5   8'40<'+ ++



NVGTG#PHGTVKIWPI



*QJGU /GVTQRQNKVCPMCRKVGN \W /CTUGKNNG -TGW\ FGT -CRKVWNCTG DGUVGJGPF CWU GKPGO ITQ­GP 5KNDGT   XGTIQNFGVGP WPF TQV GOCKNNKGTVGO XQP GKPGT -TQPG ÒDGTJÌJVGP ,GTWUCNGOMTGW\ OGJTGTG 'OCKNNG   URTÒPIGCWHFGT4ÒEMUGKVG'OCKNNGTGRCTCVWT*ÌJGOO$TGKVGOOCONCPIGPCNVGP*CNUDCPFHÒT )GKUVNKEJG1#0 4+++



&KG +PUKIPKGP FGU *QJGP &QOMCRKVGNU\W/CTUGKNNGINGKEJGPFGPLGPKIGPFGU4KVVGTQTFGPUXQO*GKNKIGP)TCDGUKPF LGFQEJ XQP GKPGT MÌPKINKEJGP -TQPG ÒDGTJÌJV FKG FKG +PUKIPKGP FGU )TCDGU1TFGPU UGKV  PKEJV OGJT \GKIV  

YKGYQJNGUCWEJJKGTDKU\WO'PFGFGU,CJTJWPFGTVUPKEJVCWVQTKUKGTVG#DYGKEJWPIGPIKDV 

7943

7942

7944



5VGTPFGT2·RUVNKEJGP6KDGTKUEJGP#MCFGOKG$TWUVUVGTPITÌ­GTG#WUHÒJTWPIXGTIQNFGVWPFGOCKNNKGTV CP0CFGN%*#/25 4++





$GPGOGTGPVK-TGW\ HÒT 8GTFKGPUVG WO FCU *GKNKIG ,CJT  )QNFGPGU -TGW\ ++ -NCUUG 5KNDGT   XGTIQNFGVWPFGOCKNNKGTVCO$CPF%*#/25 4+p++





)QNFGPG$GPGOGTGPVK/GFCKNNGHÒT8GTFKGPUVGWOFCU*GKNKIG,CJT5KNDGT RWP\KGTV XGTIQN FGVCO$CPFOKV6TCIGURCPIGKO1TKIKPCNGVWK%#4&6CHGN8+XCT&746CHGN8+++XCT ++

0CEJ%JCORXCPU QJPG3WGNNGPCPICDG YWTFGFKGUGU-TGW\CP2GTUQPGPWPF)TWRRGPCWUCNNGT9GNVXGTIGDGP

 201


7945

7948 1:1 7946

7947

7949 1:1



'TKPPGTWPIUOGFCKNNG CP FGP (GNF\WI XQP  5KNDGTPG /GFCKNNG $TQP\G XGTUKNDGTV QJPG $CPF   #54$4#$174&#*';&+6%*#/25 ++





%CUVGNHKFCTFQ/GFCKNNG#WUHÒJTWPIHÒT7PVGTQHHK\KGTGWPF/CPPUEJCHVGPCWU-WRHGT0KEMGNCO $CPF#54$4#$174&%*';&+6%*#/258'40 ++



&KG/GFCKNNGYWTFGXQTYKGIGPFCPHTCP\ÌUKUEJGWPFÌUVGTTGKEJKUEJG#WZKNKCTVTWRRGPXGTNKGJGP



/GPVCPC-TGW\#WUHÒJTWPIHÒT7PVGTQHHK\KGTGWPF/CPPUEJCHVGPCWU-WRHGT0KEMGNCO$CPF #54/$4#$174&$&'.*';&+6%*#/258'40 ++



&CU-TGW\YWTFGXQTYKGIGPFCPHTCP\ÌUKUEJGWPFÌUVGTTGKEJKUEJG#WZKNKCTVTWRRGPXGTNKGJGP



/KPKCVWTGPURCPIGOKV#WU\GKEJPWPIGP )QNFGPGU'JTGPMTGW\2TQ'EENGUKCGV2QPVGHKEG/Q FGNN DKU EC   5KNDGT XGTIQNFGV   )QNFGPG $GPGOGTGPVK/GFCKNNG HÒT 8GTFKGPUVG WO FCU <YGKVG   8CVKMCPKUEJG-QP\KNDKU5KNDGTXGTIQNFGV 4++



5GNVGPGWPFIGVTCIGPG/KPKCVWTGPURCPIGGKPGU)GPVKNWQOQFK5WC5CPVKV± 'FGNOCPPU5GKPGT*GKNKIMGKV 



/KPKCVWTGPURCPIG GKPGU (GNFYGDGNU FGT 2·RUVNKEJGP 5EJYGK\GTICTFG OKV XKGT #WU\GKEJPWPIGP     5V5[NXGUVGTQTFGP4KVVGTMTGW\5KNDGTXGTIQNFGVWPFGOCKNNKGTV 'JTGPMTGW\2TQ'EENGUKCGV2QPVG HKEG/QFGNN6[R 2CWN8+DKU 5KNDGTXGTIQNFGV $GPGOGTGPVKOGFCKNNG/QFGNN 6[R 2CWN 8+  DKU   5KNDGT XGTIQNFGV   5KNDGTPG $GPGOGTGPVKOGFCKNNG HÒT 8GTFKGPUVG WO FCU   #W­GTQTFGPVNKEJG*GKNKIG,CJTFGT'TNÌUWPI5KNDGT,GYGKNURWP\KGTV 4++



5GNVGPGWPFIGVTCIGPG/KPKCVWTGPURCPIG

-- 7950 -7951

8'0'<7'.# 

1TFGP FGT $ÒUVG $QNKXCTU )TQ­QHHK\KGTUGV DGUVGJGPF CWU )TQ­QHHK\KGTUFGMQTCVKQP 5KNDGT XGTIQNFGV   WPF VGKNYGKUG GOCKNNKGTV OKP 'OCKNNGCWUDTWEJ CO *CNUDCPF WPF $TWUVUVGTP 5KNDGT VGKNYGKUG GOCKN   NKGTV   CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC (C[QNNG KP 2CTKU CP 0CFGN )+..5# 5   1#0 5VÒEM++



*GTXQTTCIGPFG#PHGTVKIWPIXQO$GIKPPFGU,CJTJWPFGTVU

 202

1TFGP FGT $ÒUVG $QNKXCTU -QOOCPFGWTUFGMQTCVKQP 5KNDGT XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV CO   *CNUDCPF)+..5#51#0 ++




7952

7953

 

1TFGP (TCPEKUEQ FG /KTCPFC )TQ­QHHK\KGTUGV DGUVGJGPF CWU )TQ­QHHK\KGTUMTGW\ XGTIQNFGV WPF VGKN   YGKUG GOCKNNKGTV CO *CNUDCPFCDUEJPKVV WPF $TWUVUVGTP XGTIQNFGV WPF VGKNYGKUG GOCKNNKGTV CWH FGT   4Ã&#x2019;EMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT(KTOC/G[GTKP0GY;QTMCP0CFGN1#0 5VÃ&#x2019;EM+p++ 1TFGP(TCPEKUEQFG/KTCPFC4KVVGTMTGW\XGTIQNFGVWPFVGKNYGKUGGOCKNNKGTVCO$CPF1#0

 

+PFGPWPVGTGP-NCUUGPMQOOVFGT1TFGPYGKVCWUUGNVGPGTXQTCNUKPFGPQDGTGP

7954 7957 7955

8'4'+0+)6'56##6'0810#/'4+-# 



)QNFGPG.GDGPUTGVVWPIUOGFCKNNGFGU2T·UKFGPVGP)QNF&WTEJOGUUGTOOCWHFGT8QTFGTUGKVG 24'5'06'&$;6*'24'5+&'061(6*'70+6'&56#6'5CWHFGT4Ã&#x2019;EMUGKVG9KFOWPIUITC XWT61/#6*'9*1+.'QHVJG&'#..+('$1#6%*#4.'5&+$&'0KPTGEQIPKVKQPQHJKUJG TQKE UGTXKEGU KP GHHGEVKPI VJG TGUEWG CV UGC QP LCPWCT[  QH VJG OCUVGT CPF ETGY QH VJG   #/'4+%#056'#/5*+22+#8'CPGEJVIQNFGPGT6TCIGURCPIG 44+p++



.GIKQP QH /GTKV -QOOCPFGWTUFGMQTCVKQP XGTIQNFGV WPF GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG FGU $CPFTKPIU   GKPIGUEJNCIGPG /CVTKMGNPWOOGT  CO IGP·JVGP *CNUDCPF $1$4  (1$1  XCT -'44 5   1#04#/5564$'5W8'40 4++



9QJNXGTNKGJGPGU'ZGORNCT





.GIKQPQH/GTKV-QOOCPFGWTUFGMQTCVKQPXGTIQNFGVWPFGOCKNNKGTVCOIGP·JVGP*CNUDCPF\WUCOOGP OKV +PVGTKO$CPFURCPIG OKV #WHNCIG $1$4  (1$1  XCT -'44 5  1#0  4#/ 5   564$'58'40 +p++



#TO[ &KUVKPIWKUJGF 5GTXKEG /GFCN $TQP\G VGKNYGKUG GOCKNNKGTV KO 4CPF GKPIGUEJNCIGPG /CVTKMGN   PWOOGTCOCNVGPGVYCU\GTUEJNKUUGPGP$CPFOKV6TCIGURCPIG&'.$1$4(1$1 -'4451#04#/5564$'58'40QFGT 4++p+++



8GTNKGJGPGUWPFIGVTCIGPGU'ZGORNCTHÃ&#x2019;T'KPUCV\KO'TUVGP9GNVMTKGI

203


7958 7959 7961



#TO[ &KUVKPIWKUJGF 5GTXKEG /GFCN $TQP\G VGKNYGKUG GOCKNNKGTV KO 4CPF GKPIGUEJNCIGPG /CVTKMGN   PWOOGTCOCNVGPGVYCU\GTUEJNKUUGPGP$CPFOKV6TCIGURCPIG&'.$1$4(1$1 -'4451#04#/5564$'58'40QFGT 4++p+++



'DGPHCNNUXGTNKGJGPGUWPFIGVTCIGPGU'ZGORNCTHÃ&#x2019;T'KPUCV\KO'TUVGP9GNVMTKGI



/CTKPG &KUVKPIWKUJGF 5GTXKEG /GFCN 8GTIQNFGV WPF VGKNYGKUG GOCKNNKGTV QJPG /CVTKMGNPWOOGT LG   FQEJCPCNVGO$CPFOKVHGUVIGP·JVGT$GHGUVKIWPIURNCVVG$1$4(1$1-'4451#0D 4#/5564$'58'40QFGT ++



)GVTCIGPGU'ZGORNCT





-QPXQNWV XQP HÃ&#x2019;PH XGTUEJKGFGPGP #WU\GKEJPWPIGP &CTWPVGT #TO[ &KUVKPIWKUJGF 5GTXKEG %TQUU   2WTRNG*GCTV.GIKQPQH/GTKVVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCP$·PFGTPFC\W\YGK+PVGTKOURCP IGP FCXQP GKPG /GFCN QH *QPQWT  WPF \YGK #D\GKEJGP DGKFG CWH FGT 4Ã&#x2019;EMUGKVG DG\GKEJPGV   56'4.+0)VGKNYGKUGXGTIQNFGVWPFGOCKNNKGTV 5VÃ&#x2019;EM++ %KPEKPPCVK1TFGP5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO$CPF$174&$+5*8'40 ++

 

&KG%KPEKPPCVK)GUGNNUEJCHVYWTFGDGTGKVUKO,CJTGXQP)GQTIG9CUJKPIVQPU1HHK\KGTUMQTRUIGITÃ&#x2019;PFGVWPFKJT GTUVGT 8QTUKV\GPFGT YWTFG FGT )GPGTCN UGNDUV 'KPG $GFKPIWPI HÃ&#x2019;T FKG #WHPCJOG YCT WPF KUV  FGT 0CEJYGKU FGT   #DUVCOOWPI XQP GKPGO 1HHK\KGT FGT KO 7PCDJ·PIKIMGKVUMTKGI OKPFGUVGPU FTGK ,CJTG NCPI &KGPUV IGVCP JCV &KG   )GUGNNUEJCHVDGUVGJVJGWVGPQEJWPFJCVPCEJ$KUJQREC/KVINKGFGTKPFGP8GTGKPKIVGP5VCCVGPWPFKP(TCPM TGKEJ 0CEJMQOOGPFGT1HHK\KGTGFGT6TWRRGPFGU/CTSWKUFGNC(C[GVVG 

ex 7963 7962



#WU\GKEJPWPI FGT 8GVTCPU QH (QTGKIP 9CTU -QOOCPFGWTMTGW\ XGTIQNFGV WPF GOCKNNKGTV OGJTGTG   $GUEJ·FKIWPIGPGVYCUXGTUEJOWV\VCO*CNUDCPFCDUEJPKVV$+5*LXCT +++

5ª&8+'60#/4'27$.+- 

8+'60#/

5Ã&#x2019;FXKGVPCOGUKUEJG#WU\GKEJPWPIGP/GFCKNNGHÃ&#x2019;TMÃ&#x2019;JPGP&KGPUVWPF(Ã&#x2019;JTGTUEJCHVU/GFCKNNGDGKFG $TQP\GXGTIQNFGVOKV-CNVGOCKNNGCP$·PFGTP$;8+'55*'..-.'8+' 5;(1 5VÃ&#x2019;EM++p 1TKIKPCNUÃ&#x2019;FXKGVPCOGUKUEJG#PHGTVKIWPIGPCWUFGT<GKVFGU8KGVPCO-TKGIGU

204






7964 1:1

70$'-#006'#75<'+%*070)'0 

7PDGMCPPVGT1TFGP$TWUVUVGTP5KNDGTXGTIQNFGVVGKNYGKUGGOCKNNKGTVCP0CFGNFKGUOKV*GTUVGNNGTDG \GKEJPWPI(9416*'WPF9+'0UQYKGCNVÌUVGTTGKEJKUEJGT2WP\KGTWPI 4++



)GOGKPJKP YWTFG KP HTÒJGTGP #WMVKQPGP FKGUGT 1TFGP FGOOCNC[UKUEJGP$WPFGUUVCCV,QJQTG\WIGUEJTKGDGP.GKFGT N·UUVUKEJFKGUG<WUEJTGKDWPICWHITWPFFGTXQTJCPFGPGP.KVGTCVWTPKEJVCWHTGEJVGTJCNVGP1DGUUKEJJKGTDGKWOGKPGP 1TFGP GKPGU CPFGTGP OCNC[UKUEJGP QFGT KPFQPGUKUEJGP 5WNVCPCVU QFGT GKPGU KPFKUEJGP (ÒTUVGPVWOU JCPFGNV JCV UKEJ   CWU FGT GKPUEJN·IKIGP (CEJNKVGTCVWT PKEJV DGNGIGP NCUUGP *GTCNFKUEJ IGUGJGP FGWVGP FKG FTGK *CNDOQPFG CWEJ CWH   I[RVGPJKPLGFQEJIKDVGUCWEJJKGTHÒTMGKPGTNGK0CEJYGKU7PFCWEJKPFGT.KVGTCVWTÒDGTFCU#WU\GKEJPWPIUYGUGP FGU1UOCPKUEJGP4GKEJGUHKPFGVUKEJMGKPGTNGK*KPYGKUCWHFKGUGP5VGTP+PVGTGUUCPVGU(QTUEJWPIUQDLGMV

-- 7965 --



7PDGMCPPVGT1TFGP)TQ­QHHK\KGTUGVDGUVGJGPFCWU)TQ­QHHK\KGTUFGMQTCVKQP5KNDGTXGTIQNFGVVGKNYGKUG GOCKNNKGTVCO*CNUDCPFCDUEJPKVVWPF$TWUVUVGTP5KNDGTVGKNYGKUGGOCKNNKGTVFKG/QPFURKV\GPVGKNYGKUG XGTDQIGPCP0CFGN 5VÒEM4++



1D GU UKEJ JKGT WO GKPGP 1TFGP GKPGU OCNC[UKUEJGP QFGT KPFQPGUKUEJGP 5WNVCPCVU QFGT GKPGU KPFKUEJGP(ÒTUVGPVWOU JCPFGNVJCVUKEJCWUFGTGKPUEJN·IKIGP(CEJNKVGTCVWTPKEJVDGNGIGPNCUUGP

205


7966 7967



7968

ex 7971

7PDGMCPPVGT 1TFGP $TWUV5VGEMMTGW\ OKV /QPQITCOOGP %4% KP FGP -TGW\YKPMGNP 5KNDGT XGT   IQNFGVWPFGOCKNNKGTVCP0CFGNFKGUGRWP\KGTV 4+p



*GTXQTTCIGPFG#TDGKVOÌINKEJGTYGKUGCWEJGKP4GIKOGPVUCD\GKEJGPHÒT1HHK\KGTG



7PDGMCPPVG #WU\GKEJPWPI GKPGU 0CVKQPCNGP +PUVKVWVGU FGT 5EJÌPGP -ÒPUVG GKPGU NCVGKPCOGTKMCPK   UEJGP.CPFGU5KNDGTXGTIQNFGVWPFGOCKNNKGTVCO$CPFOKV4QUGVVG +p++



*GTXQTTCIGPFG#PHGTVKIWPI



7PDGMCPPVG#WU\GKEJPWPI1HHK\KGTUFGMQTCVKQP5KNDGTXGTIQNFGVOKVGOCKNNKGTVGP/KVVGNOGFCKNNQPOKV FGP$WEJUVCDGP5.TCO$CPFOKV4QUGVVG ++



#75.0&+5%*'-1081.76' 

-QPXQNWVXQPECXGTUEJKGFGPGPGWTQR·KUEJGP#WU\GKEJPWPIGP#D\GKEJGPWPF/GFCKNNGP8GT UEJKGFGPG/GVCNNGKPWPVGTUEJKGFNKEJGP'TJCNVWPIGP\WOGKUVCP$·PFGTP 5VÒEM++++p+++





-QPXQNWV XQP EC  #WU\GKEJPWPIGP CWU ªDGTUGG ªDGTYKGIGPF CWU CHTKMCPKUEJGP WPF CUKCVKUEJGP   5VCCVGPXGTUEJKGFGPG/GVCNNGKPWPVGTUEJKGFNKEJGP'TJCNVWPIGPXQTYKGIGPFCP$·PFGTP  5VÒEM+p++++++p+++





-QPXQNWVXQPFTGK#WU\GKEJPWPIGPFGU0CJGP1UVGPU&CTWPVGTXQP+TCMWPF.KD[GPLGYGKNUXGTIQN FGVWPFGOCKNNKGTVCP1TKIKPCND·PFGTP 5VÒEM+p++





-QPXQNWVXQPEC#WU\GKEJPWPIUOKPKCVWTGPCWUCNNGT9GNVªDGTYKGIGPFCWUGWTQR·KUEJGP5VCC VGP YKG $GNIKGP )TKGEJGPNCPF 4WO·PKGP WPF 5EJYGFGP CDGT CWEJ CWU ÒDGTUGGKUEJGP .·PFGTP YKG   $TCUKNKGP -CPCFC 75# WPF <CKTG 8GTUEJKGFGPG /GVCNNG WPVGTUEJKGFNKEJG 'TJCNVWPIGP VGKNYGKUG CP   $·PFEJGP 5VÒEM+p++++++p+++



-QPXQNWVXQPEC-PQRHNQEJTQUGVVGP4GXGTUCD\GKEJGPWPF'KPGT+PVGTKOURCPIGP#WUGWTQR·K UEJGPWPFCW­GTGWTQR·KUEJGP.·PFGTPVGKNYGKUGOKV#WHNCIGPKPWPVGTUEJKGFNKEJGP'TJCNVWPIGP  5VÒEM





-QPXQNWVXQPEC#D\GKEJGP5VQHHCD\GKEJGP-NGKPVGKNGPGVE8GTUEJKGFGPG/GVCNNGWPF/CVGTKC NKGPKPWPVGTUEJKGFNKEJGP'TJCNVWPIGPVGKNYGKUGCP0CFGNP&C\WNGGTG'VWKUWPFGKPG'VWK'KPNCIG 5VÒEM+p++++++p+++





-QPXQNWVXQPKPWPFCWUN·PFKUEJGP1TFGPGVWKU&CTWPVGTWCCWU$GNIKGPFGOUQIGP&TKVVGU 4GKEJ+VCNKGP0KGFGTNCPFG¤UVGTTGKEJ+PQTFGPVNKEJGT'TJCNVWPI 5VÒEM++





)TQ­GU -QPXQNWV %C  5EJWNVGTD·PFGTP 5EJ·TRGP *CNU WPF $TWUVDCPFUVÒEMG CWU &GWVUEJNCPF  

XKGN-CKUGTTGKEJ 'WTQRCWPFCWUªDGTUGGKPWPVGTUEJKGFNKEJGP$TGKVGPWPF.·PIGP  5VÒEM++p++++++p+++





+PVGTGUUCPVGUWPFTGKEJUQTVKGTVGU-QPXQNWV

206


-12+'070&5#//.'4#0('46+)70)'0&'765%*.#0& +P FGP XGTICPIGPGP ,CJT\GJPVGP JCDGP KOOGT OGJT (·NUEJWPIGP XQTYKGIGPF FGWVUEJGT CDGT CWEJ    CWUN·PFKUEJGT1TFGP \WO5EJCFGPFGT5COONGTFGP/CTMVÒDGTUEJYGOOV7OGKPFGWVNKEJGU<GKEJGP FCIGIGP\WUGV\GPJCDGPYKTWPUYKGDGTGKVUKO8QTYQTVCWUIGHÒJTVPCEJTGKHNKEJGTªDGTNGIWPIFC\W GPVUEJNQUUGP GKPFGWVKI KFGPVKHK\KGTVG (·NUEJWPIGP KO (QNIGPFGP PKEJV PWT KP GKPGT IGUQPFGTVGP 4WDTKM    WPFCNU5COONGTCPHGTVKIWPIDGUEJTKGDGPCP\WDKGVGPUQPFGTPFKGUGCWEJOKVCWUFTÒEMNKEJGT'KPYKNNKIWPI FGU'KPNKGHGTGTUFWTEJ#PDTKPIWPIGKPGT2WP\KGTWPIFGU9QTVGUō%12;Ō GPINKUEJHÒT-QRKG CWHFGO LGYGKNKIGP 'ZGORNCT WPGPVHGTPDCT \WMGPP\GKEJPGPFCOKVUKGVCVU·EJNKEJCWH&CWGTCNUUQNEJGGTMGPP DCTUKPFWPFUQOKVMGKP5EJCFGPOGJTOKVKJPGPCPIGTKEJVGVYGTFGPMCPP       &KGªDGTI·PIGKPFKGUGO$GTGKEJFGTPKEJVōRTQDGO·­KIGPŌ#PHGTVKIWPIGPUKPFHNKG­GPFWPFUEJYKGTKI \W FGHKPKGTGP &GPPQEJ UQNN KO (QNIGPFGP GKP MWT\GT 8GTUWEJ GKPGT UQNEJGP #DITGP\WI FCTIGNGIV    YGTFGPWOFGO5COONGTGKPGDGUUGTG'KPQTFWPI\WGTOÌINKEJGP   9GPP UKEJ GKP +PJCDGT GKPGU 1TFGPU \ $ CWU )QNF  PQEJ KP FGT 8GTNGKJWPIU\GKV GKP <YGKVGZGORNCT  

\ $ CWU 5KNDGT  CNU 'TUCV\ QFGT \WT 5EJQPWPI FGU 1TKIKPCNU DGUQTIV JCV URTKEJV OCP XQP GKPGT    <YGKVCPHGTVKIWPI&KGUGKUVOGKUVFCTCP\WGTMGPPGPFCUUUKGCWUOKPFGTYGTVKIGTGP/CVGTKCNKGP CNUFKG RTQDGO·­KIGP 1TKIKPCNG  JGTIGUVGNNV YQTFGP KUV LGFQEJ OKV 1TKIKPCNYGTM\GWIGP WPF KP FGT INGKEJGP    2T·\KUKQP&KGUG5VÒEMGUKPFXQO5COONGTPQTOCNGTYGKUGGKPHCEJ\WGTMGPPGP9GPPUKGRWP\KGTVUKPF VTCIGPUKGFKGMQTTGMVG2WP\KGTWPI/CPUQNNVGUKGITWPFU·V\NKEJPKEJVCNUō(·NUEJWPIGPŌDG\GKEJPGP   9GPPUKEJGKP+PJCDGTGKPGU1TFGPU \$FGT-CKUGT\GKV PCEJFGT8GTNGKJWPIU\GKV CNUQ\$KPFGT 9GKOCTGT4GRWDNKM GKP'TUCV\GZGORNCTGXVNHÒTGKPXGTNQTGPIGICPIGPGU5VÒEMDGUQTIVJCVURTKEJVOCP XQPGKPGT0CEJHGTVKIWPI&KGUGKUV\WOGKUVGDGPHCNNUCWUOKPFGTYGTVKIGTGO/CVGTKCNIGHGTVKIVQHVCWU QTKIKPCNGPCDGTCWEJCWUPCEJIGHGTVKIVGP9GTM\GWIGPLGFQEJQJPGFKG2T·\KUKQPFGT\GKVIGPÌUUKUEJGP 5VÒEMG WPF IGIGDGPGPHCNNU OKV MQTTGMVGT 2WP\KGTWPI #WEJ FKGUG 5VÒEMG UKPF PQTOCNGTYGKUG XQO    5COONGTGKPHCEJ\WGTMGPPGPWPFUQNNVGPPKEJVCNUō(·NUEJWPIGPŌDG\GKEJPGVYGTFGP   $GK GKPGT \GKVNKEJ YGUGPVNKEJ UR·VGTGP #PHGTVKIWPI YGPP GU CNUQ SWCUK MGKPG $GNKGJGPGP OGJT IGDGP    FÒTHVG  HÒT 5COONGT FKG UKEJ GKP UGJT VGWGTGU 1TKIKPCN PKEJV NGKUVGP MÌPPGP URTKEJV OCP XQP    5COONGTCPHGTVKIWPIGP QFGT CWEJ XQP -QRKGP &KGUG UKPF GDGPHCNNU CWU OKPFGTYGTVKIGTGO /CVGTKCN    IGHGTVKIVOGKUVCWUPCEJIGHGTVKIVGP9GTM\GWIGPLGFQEJCDUQNWVQJPGFKG2T·\KUKQPFGT\GKVIGPÌUUKUEJGP 5VÒEMG WPF IGIGDGPGPHCNNU OKV MQTTGMVGT UR·VGTGT 2WP\KGTWPI 5KG UKPF PQTOCNGTYGKUG XQO 5COONGT    CWEJGKPHCEJ\WGTMGPPGPWPFUQNNVGPPKEJVCNUō(·NUEJWPIGPŌDG\GKEJPGVYGTFGP   $GKGKPGT\GKVNKEJYGUGPVNKEJUR·VGTGP#PHGTVKIWPIFKGFKG/GTMOCNGGKPGU1TKIKPCNUXQTV·WUEJGPURTKEJV OCP XQP (·NUEJWPIGP QFGT CWEJ WPRT·\KUG XQP -QRKGP  &KGUG (·NUEJWPIGP UKPF PCJG\W KOOGT CWU   QTKIKPCNIGVTGWGO /CVGTKCN IGHGTVKIV OGKUVGPU OKV PCEJIGHGTVKIVGP 9GTM\GWIGP LGFQEJ QJPG FKG 2T·\K   UKQPFGT\GKVIGPÌUUKUEJGP5VÒEMGWPFIGIGDGPGPHCNNUOKVPCEJIGCJOVGTQFGTIGH·NUEJVGT2WP\KGTWPI5KG UKPFXQO5COONGTPKEJVUQNGKEJV\WGTMGPPGP&GUJCNDGTCEJVGPYKTGUCNUPQVYGPFKIFKGUG5VÒEMGOKV GKPGT GKPFGWVKI KFGPVKHK\KGTDCTGP -GPP\GKEJPWPI ō%12;Ō  \W XGTUGJGP *KGTFWTEJ YGTFGP UKG CWEJ   PKEJV TGXKFKGTDCT CNU (·NUEJWPI IGMGPP\GKEJPGV WPF HÒT FGP 5COONGT QJPG )GHCJT CNU SWCNKVCVKXG   5COONGTCPHGTVKIWPIGPKPVGTGUUCPV

#0*#.6*'4<1)67/ 

7977

*GT\QINKEJ #PJCNVKUEJGT *CWUQTFGP #NDTGEJV FGU $·TGP 5COONGTCPHGTVKIWPI FGU )TQ­MTGW\MNGKP   QFU 8CTKCPVG #PHGTVKIWPI OKV XQTFGTUGKVKI CWUIGHÒJTVGP /CWGTYGTM $TQP\G XGTIQNFGV OKV RQNKGTVGP   -CPVGP CWH FGO 4CPF RWP\KGTV %12; CP 5EJWNVGTDCPF'PFUVÒEM XIN 1#0  XIN 4#/ 5   XIN5%*#XIN5%*4#CXIN9#.& ++

 207


7980

7979 7978







7981

*GT\QINKEJ #PJCNVKUEJGT *CWUQTFGP #NDTGEJV FGU $·TGP 5COONGTCPHGTVKIWPI FGU )TQ­MTGW\MNGKP   QFU $TQP\G XGTIQNFGV OKV RQNKGTVGP -CPVGP CWH FGO 4CPF RWP\KGTV %12; CP 5EJWNVGTDCPF'PF   UVÒEMXIN1#0XIN4#/5XIN5%*#XIN5%*4#CXIN9#.& ++



*GT\QINKEJ #PJCNVKUEJGT *CWUQTFGP #NDTGEJV FGU $·TGP 5COONGTCPHGTVKIWPI FGU -QOVWT\GKEJGPU   OKV5EJYGTVGTP5KNDGTXGTIQNFGVQJPG*CNUDCPFXIN1#0XCTXIN4#/5XIN5%*# XIN5%*4# ++



*GT\QINKEJ #PJCNVKUEJGT *CWUQTFGP #NDTGEJV FGU $·TGP 5COONGTCPHGTVKIWPI FGU 8GTFKGPUVQTFGPU   HÒT-WPUVWPF9KUUGPUEJCHV(QTO$TQP\GXGTIQNFGVKOTÒEMUGKVKIGP/KVVGNHGNFRWP\KGTV%12; CO$CPFXIN1#0XIN4#/5XIN5%*#XIN5%*4#CD ++



$#&'0)4155*'4<1)67/ 

/KNKV·TKUEJGT -CTN(TKGFTKEJ8GTFKGPUVQTFGP 5COONGTCPHGTVKIWPI FGU )TQ­MTGW\GU )QNF GOCKNNKGTV   ECITKO4KPIRWP\KGTV%12;OKVECEONCPIGO5EJ·TRGPUVÒEMXIN*1.<6CHGN  XIN 1#0XIN4#/5XIN9#.& +



*GTXQTTCIGPFCPIGHGTVKIVGU$GNGIGZGORNCTHÒTGKPKO1TKIKPCNPWT·W­GTUVUEJYGT\WDGUEJCHHGPFGU5VÒEMFCUNCWV 8QNNG QJPGFKTGMVG3WGNNGPCPICDG XQPDKUKPUIGUCOVPWTOCNXGTNKGJGPYQTFGPKUV

7982



/KNKV·TKUEJGT -CTN(TKGFTKEJ8GTFKGPUVQTFGP 5COONGTCPHGTVKIWPI FGU $TWUVUVGTPU 5KNDGT VGKNYGKUG   XGTIQNFGV CWH FGT 4ÒEMUGKVG IGH·NUEJVG  *GTUVGNNGTDG\GKEJPWPI FGT (KTOC -T¾VN[ KP 2CTKU RWP\KGTV   %12;CP0CFGNXIN*1.<6CHGN  XIN1#0XIN4#/5XIN9#.& +p++ 5EJÌPGU $GNGIGZGORNCT .CWV 8QNNG YWTFGP QJPG FKTGMVG 3WGNNGPCPICDG  XQP  DKU  KPUIGUCOV  )TQ­   MTGW\GWPFXQPDKUKPUIGUCOV-QOVWTMTGW\GOKV5VGTPXGTNKGJGP

208




7985

7983

$#;'40-¤0+)4'+%* 



*CWU4KVVGT1TFGPXQOJN)GQTI5COONGTCPHGTVKIWPIFGU)TQ­MTGW\GU)QNFGOCKNNKGTVKO6TCIG TKPI RWP\KGTV %12; QJPG 5EJWNVGTDCPF XIN .'5 6CHGN   XIN 1#0  XIN 5%*4$  XIN   9#.& +



/KNKV·T/CZ,QUGRJ1TFGP5COONGTCPHGTVKIWPIFGU)TQ­MTGW\GU)QNFGOCKNNKGTVECITCWHFGT 4ÒEMUGKVGRWP\KGTV%12;QJPG5EJWNVGTDCPFXIN.'56CHGNXIN1#0XIN4#/5 XIN5%*4$XCTXIN9#.& +p++



7986 7984



7987

/KNKV·T/CZ,QUGRJ1TFGP5COONGTCPHGTVKIWPIGKPGUIGUVKEMVGP$TWUVUVGTPU5KNDGTFTCJVUVKEMGTGKWPF 2CKNNGVVGP&WTEJOGUUGTOOCWHFGT4ÒEMUGKVG#DFGEMUVQHHXIN1#0XIN4#/5 ++





.WFYKIUQTFGP1TFGPUMTGW\)QNFVGKNYGKUGGOCKNNKGTVCWHFGT$GHGUVKIWPIÒDGTFGO-TGW\RWP\KGTV %12;CO$CPFXIN.'56CHGNCDXIN1#0XIN5%*4$XIN9#.& +p+





'NKUCDGVJ1TFGP 5COONGTCPHGTVKIWPI FGU ITQ­GP 1TFGPUMTGW\GU )QNF GOCKNNKGTV 'OCKNNGOCNGTGK   )GYKEJV EC  IT KP FGT 6TCIGÌUG RWP\KGTV %12 QJPG 5EJWNVGTDCPF XIN .'5 6CHGN   XIN   1#0XIN5%*4$XIN9#.& +p++

 209


7989

7988

7990

$4#705%*9'+)*'4<1)67/ 

*GT\QINKEJ $TCWPUEJYGKIKUEJGT 1TFGP *GKPTKEJ FGU .ÌYGP 5COONGTCPHGTVKIWPI FGU $TWUVUVGTPU    -NCUUG OKV 5EJYGTVGTP CO 4KPI 5KNDGT VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV 'OCKNNGOCNGTGK OGJTGTG   MNGKPG 1DGTHN·EJGPEJKRRU KP FGT DNCWGP 'OCKNNG CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC   )QFGV5QJPKP$GTNKPCP0CFGNXIN1#05XIN4#/5XIN4'%-XCTXIN 9#.&XCT ++



*'55'0)4155*'4<1)67/ 

1TFGPFGU5VGTPUXQP$TCDCPV5COONGTCPHGTVKIWPIFGU'JTGPMTGW\GU-NCUUG5KNDGTXGTIQNFGVWPF GOCKNNKGTVCP0CFGNFKGUGRWP\KGTV%12;XIN1#05XIN4#/5 ++



0KOOGTIWVDGPGPPVHÒPH8GTNGKJWPIGPFGU1TKIKPCNU

*1*'0<1..'40(ª456'067/ 

(ÒTUVNKEJ*QJGP\QNNGTPUEJGT*CWUQTFGP5COONGTCPHGTVKIWPIFGU'JTGPMQOVWTMTGW\GUOKV-TQPG FGU  /QFGNNU  5KNDGT XGTIQNFGV WPF GOCKNNKGTV QJPG *CNUDCPF XIN .+0-  XIN 1#0 5  XIN   4#/5 +p++



*GTXQTTCIGPFGT'TUCV\HÒTGKPPKEJVDGUEJCHHDCTGU1TKIKPCNFCPCEJ.KPM QJPGFKTGMVG3WGNNGPCPICDG PWT8GTNGK JWPIGPFKGUGT-NCUUGXQTIGPQOOGPYWTFGP

7991



7992

(ÒTUVNKEJ *QJGP\QNNGTPUEJGT *CWUQTFGP 5COONGTCPHGTVKIWPI FGU 'JTGPMQOVWTMTGW\GU OKV 5EJYGT   VGTP5KNDGTXGTIQNFGVWPFGOCKNNKGTVCWHGKPGO5EJYGTVITKHHRWP\KGTV%12;CO*CNUDCPFCDUEJPKVV XIN.+0-XIN1#05XIN4#/5 +p++



.KPM)CWIIGNHÒJTGP QJPGFKTGMVG3WGNNGPCPICDG KPUIGUCOV8GTNGKJWPIGPCPFKGCNNGUCOVCWHFKG4GIKGTWPIU\GKV FGU(ÒTUVGP9KNJGNOU  GPVHCNNGP

.+22'(ª456'067/ 

210

1TFGPHÒT-WPUVWPF9KUUGPUEJCHVUQIGP.KRRKUEJG4QUG5COONGTCPHGTVKIWPIFGT&GMQTCVKQP -NCUUG5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCWHFGT4ÒEMUGKVGCOQDGTGO4CPFRWP\KGTV%12; CO$CPFXIN4#/5 ++




7995 7994

7993

5%*#7/$74).+22'(ª456'067/ 



(ÒTUVNKEJ 5EJCWODWTI.KRRKUEJGT *CWUQTFGP 5COONGTCPHGTVKIWPI FGU -TGW\GU  -NCUUG VGKNYGKUG   5KNDGTXGTIQNFGVWPFGOCKNNKGTVKO6TCIGTKPIRWP\KGTV%12;QJPG*CNUDCPFXIN4#/5 XIN9#.& +p++



(ÒTUVNKEJ 5EJCWODWTI.KRRKUEJGT *CWUQTFGP 5COONGTCPHGTVKIWPI FGU -TGW\GU  -NCUUG OKV   5EJYGTVGTP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CWH FGT 8QTFGTUGKVG FGU QDGTGP -TGW\CTOU %JKRR KP FGT   YGK­GP'OCKNNGKO6TCIGTKPIRWP\KGTV%12;QJPG*CNUDCPFXIN4#/5XIN9#.& XCT ++p+++



/'%-.'0$74)5%*9'4+0)4155*'4<1)67/ 

)TQ­JGT\QINKEJ/GEMNGPDWTIKUEJGT)TGKHGPQTFGP5COONGTCPHGTVKIWPIFGU)TQ­)TQ­MQOVWTD\Y -QOVWTMTGW\GU5KNDGTGOCKNNKGTV\YGKQDGTHN·EJNKEJG'OCKNNGEJKRRUCWHFGT8QTFGTUGKVGCWHFGT4ÒEM UGKVGRWP\KGTV%12;CO*CNUDCPFCDUEJPKVVXIN1#0XIN4#/5XIN9#.& ++

7996



7997

1.&'0$74))4155*'4<1)67/ 

*CWU WPF 8GTFKGPUVQTFGP XQP *GT\QI 2GVGT (TKGFTKEJ .WFYKI 5COONGTCPHGTVKIWPI FGU 1HHK   \KGTUMTGW\GUOKV5EJYGTVGTP5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTV'OCKNNGTK­CWHFGONKPMGP-TGW \CTOCP0CFGNXIN$';XIN1#05XIN4#/5XIN9#.& ++



*GTXQTTCIGPFGT 'TUCV\ FKGUGT PCJG\W PKEJV DGUEJCHHDCTGP 5VWHG FKG NCWV $CTGKU QJPG FKTGMVG 3WGNNGPCPICDG  PWT   PGWPOCNXGTNKGJGPYQTFGPKUV

24'755'0-¤0+)4'+%* 

1TFGPRQWTNGO¾TKVG5COONGTCPHGTVKIWPIGKPGU1TFGPUMTGW\GUOKV-TQPG CD KPFGT#WUHÒJ TWPI WO  OKV IGMTÌPVGP #FNGTP )QNF GOCKNNKGTV CWH FGT 4ÒEMUGKVG RWP\KGTV %12 QJPG *CNU   DCPFXIN*1'(6XIN1#05XIN4#/5 +



0KOOGTIWV DKNFGV WPVGT FGT 0WOOGT  GKP KFGPVKUEJGU 5VÒEM CNU CWVJGPVKUEJ  CD #WHITWPF FGT UGJT GKPHCEJGP   WPFKOMTCUUGP)GIGPUCV\\WWP\YGKHGNJCHV\GKVIGPÌUUKUEJIGHGTVKIVGP5VÒEMGPUVGJGPFGP#PHGTVKIWPIUSWCNKV·VJCNVGP YKTFCUXQTNKGIGPFG'ZGORNCTHÒTGKPG-QRKG\WO5EJCFGPFGT5COONGT

211


7999

7998 8000



1TFGPRQWTNGO¾TKVG'KPHCEJGGKPUGKVKIG·NVGTG<YGKVQFGT5COONGTCPHGTVKIWPIFGU1TFGPUMTGW\GU KPFGT(QTOFGU'TUVGP9GNVMTKGIGU-WRHGTGOCKNNKGTVOGJTGTGOÌINKEJGTYGKUGVTCIGDGFKPIVG'OCKNNG CDRNCV\WPIGPCWHFGT4ÒEMUGKVGRWP\KGTV%12;COCNVGPUVCTM\GTUEJNKUUGP*CNUDCPFCDUEJPKVVXIN *1'(66CHGN+++XIN1#05XIN4#/5XIN9#.& +++



'UJCPFGNVUKEJJKGTDGKPKEJVWOGKPGOQFGTPGUQPFGTPWOGKPGGKPHCEJG·NVGTG#PHGTVKIWPIXQT





1TFGP RQWT NG O¾TKVG (TKGFGPUMNCUUG 5COONGTCPHGTVKIWPI FGT &GMQTCVKQP FGT /KVINKGFGT 5KNDGT   XGTIQNFGV CWH FGT 4ÒEMUGKVG RWP\KGTV %12; FKGUG XGTMNGDV CO *CNUDCPFCDUEJPKVV XIN *1'(6   6CHGN+++XIN1#05XIN4#/5XIN9#.& ++



1TFGPXQO4QVGP#FNGT/QFGNN  5COONGTCPHGTVKIWPIFGU)TQ­MTGW\GUOKV'KEJGPNCWD WPF5EJYGTVGTPCO4KPI)QNFGOCKNNKGTV)GYKEJVECITCWHFGT4ÒEMUGKVGFGT5EJYGTVGTRWP\KGTV %12;OKVECEONCPIGO5EJ·TRGPUVÒEMXIN*1'(66CHGN8+XCTXIN1#0XCTXIN 4#/5XIN9#.&XCT +p++



8001





1TFGPXQO4QVGP#FNGT/QFGNN  5COONGTCPHGTVKIWPIFGU$TWUVUVGTPU\WO)TQ­MTGW\ OKV5EJYGTVGTP5KNDGTXGTIQNFGVWPFGOCKNNKGTVCP0CFGNFKGUGRWP\KGTV%12;XIN*1'(66CHGN 8+XCTXIN1#0XCTXIN4#/5XIN9#.&XCT +p++



-ÌPKINKEJGT -TQPGPQTFGP  /QFGNN   5COONGTCPHGTVKIWPI GKPGU 5GVU FGT  -NCUUG OKV   'KEJGPNCWDOKVFGT<CJNWPFFGO'OCKNNGDCPFFGU1TFGPUXQO4QVGP#FNGTDGUVGJGPFCWU-TGW\ -NCUUG)QNFGOCKNNKGTVCWHFGOWPVGTGP-TGW\CTO4KV\OCTMG9QJPG5EJWNVGTDCPFWPF$TWUV UVGTP5KNDGT#WHNCIGP)QNFVGKNYGKUGGOCKNNKGTVCP0CFGNXIN*1'(66CHGN:XCTXIN1#0 5XIN4#/5 5VÒEM+p++  *GTXQTTCIGPFGT'TUCV\HÒTGKPKO1TKIKPCNPCJG\WPKEJVDGUEJCHHDCTGU5GV

212

8002


8006

8004

8007

8005 8003







-ÌPKINKEJGT-TQPGPQTFGP/QFGNN EC 5COONGTCPHGTVKIWPIFGU-TGW\GU-NCUUGOKV 5EJYGTVGTP 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CWH FGO WPVGTGP -TGW\CTO 2WP\GP 9 WPF  KO   6TCIGTKPIRWP\KGTV%12;QJPG5EJWNVGTDCPF*1'(6XIN6CHGN8+++XCT4#/XIN5 9#.&XINXCT +p++



-ÌPKINKEJGT *CWUQTFGP XQP *QJGP\QNNGTP 5COONGTCPHGTVKIWPI FGU #FNGTU FGT +PJCDGT 5KNDGT VGKN   YGKUG GOCKNNKGTV CWH FGT 4ÒEMUGKVG IGRWP\V %12; CO $CPF XIN *1'(6 6CHGN :++  XCT XIN   1#05XIN4#/5 ++



.WKUGP1TFGP'TUVG#DVGKNWPI OKVFGP,CJTGU\CJN 5COONGTCPHGTVKIWPIFGU-TGW\GUOKV )QNFGPGT-TQPGCWHFGOWPVGTGP-TGW\CTORWP\KGTV%12;CO$CPFXIN*1'(6XIN1#05 ++



.WKUGP1TFGP 'TUVG #DVGKNWPI OKV FGP ,CJTGU\CJN   5COONGTCPHGTVKIWPI GKPGU $TQP\G   PGP-TGW\GUCWHFGT4ÒEMUGKVGRWP\KGTV%12;CP$CPFUEJNGKHGXIN*1'(6XIN1#0 ++



5GJTGKPHCEJG#PHGTVKIWPIGKPGU-TGW\GUFCUGUKO1TKIKPCNICTPKEJVIGIGDGPJCV



'KPHCEJG·NVGTG#PHGTVKIWPIGKPGU-TGW\GUFCUGUKO1TKIKPCNICTPKEJVIGIGDGPJCV



4QVG -TGW\/GFCKNNG 5COONGTCPHGTVKIWPI 5KNDGT XGTIQNFGV WPF GOCKNNKGTV CWH FGT 4ÒEMUGKVG GKPGT   -TQPGRWP\KGTV%12;CP0CFGNXIN*1'(66CHGN::+XIN9#.&

8008



8009



8010

'KUGTPGU-TGW\#WUICDGGKPVGKNKIG5COONGTCPHGTVKIWPIFGU)TQ­MTGW\GUVGKNYGKUGIGUEJY·T\V KO 4CPF RWP\KGTV %12; CO *CNUDCPFCDUEJPKVV *1'(6 6CHGN :+++  XIN 1#0 5  XIN   4#/5 ++



5EJÌPG$GNGIUVÒEMHÒTGKPWPDGUEJCHHDCTGU'ZGORNCTFCUKO1TKIKPCNPWTHÒPHOCNXGTNKGJGPYWTFG



'KUGTPGU-TGW\#WUICDGGKPVGKNKIG5COONGTCPHGTVKIWPIFGU)TQ­MTGW\GUVGKNYGKUGIGUEJY·T\V (CTDGKO9GVYCUUEJCFJCHVKO4CPFRWP\KGTV%12;CO*CNUDCPFCDUEJPKVVXIN*1'(66CHGN :+:XIN1#05XIN4#/5XIN9#.& ++



5EJÌPGU $GNGIUVÒEM HÒT GKP PCJG\W WPDGUEJCHHDCTGU 'ZGORNCT FCU KO 1TKIKPCN PWT CEJV D\Y PGWP OCN XGTNKGJGP  

D\YIGVTCIGP YWTFG



'KUGTPGU-TGW\#WUICDGGKPVGKNKIG5COONGTCPHGTVKIWPIFGU)TQ­MTGW\GUVGKNYGKUGIGUEJY·T\V KO 4CPF RWP\KGTV %12; CO *CNUDCPFCDUEJPKVV XIN *1'(6  XIN 1#0 5  XIN 4#/   5 ++



5EJÌPGU$GNGIUVÒEMHÒTGKPWPDGUEJCHHDCTGU'ZGORNCTFCUKO1TKIKPCNPWTXKGTD\YHÒPHOCNXGTNKGJGP D\YIGVTC IGP YWTFG

213


8012



8013

8014

'KUGTPGU -TGW\ #WUICDG  5COONGTCPHGTVKIWPI GKPVGKNKI FGU -TGW\GU + -NCUUG XGTUKNDGTV WPF   VGKNYGKUGIGUEJY·T\VOKV#NWOKPKWO)GIGPRNCVVGWPF\YGK5EJTCWDGPOKV/WVVGTPXIN*1'(6XIN 1#05XIN4#/5XIN9#.& ++ ++





/KNKV·T8GTFKGPUVOGFCKNNG5COONGTCPHGTVKIWPIFGT5KNDGTPGP/GFCKNNG5KNDGTQJPG$CPF





(ÒTUVNKEJ 4GWUUKUEJGU 'JTGPMTGW\ 5COONGTCPHGTVKIWPI FGU -TGW\GU  -NCUUG OKV -TQPG WPF   5EJYGTVGTP 5KNDGT #WHNCIGP )QNF VGKNYGKUG GOCKNNKGTV TGEJVG 5EJYGTVURKV\G GVYCU \GTFTÒEMV CWH FGT   4ÒEMUGKVGRWP\KGTV%12;CO$CPFXIN+..5XIN1#05 ++



-TKGIUXGTFKGPUVMTGW\   /QFGNN OKV ::8++ KO /QPQITCOO  5COONGTCPHGTVKIWPI 5KNDGT   VGKNYGKUGIGUEJY·T\VWPFGOCKNNKGTV0CFGNDQEMPKEJVOKVVKICPIGDTCEJVCP0CFGNXIN+..5XIN 9#.& +p++



4'755(ª456'06ª/'4)'/'+05#/



8015

8016

8017

5#%*5'0-¤0+)4'+%* 

/KNKV·T 5V *GKPTKEJU1TFGP 5COONGTCPHGTVKIWPI GKPGU IGUVKEMVGP $TWUVUVGTPU 5KNDGTFTCJVUVKEMGTGK   UGJTIGFWPMGNVXIN1#05XIN4#/5XIN9'$ ++p





8GTFKGPUVQTFGP/QFGNN6[R (GTVKIWPIKP5KNDGTXGTIQNFGVOKVGKPVGKNKIGP/GFCKN NQPU 5COONGTCPHGTVKIWPIFGU)TQ­D\Y-QOVWTMTGW\GUKPFGT#WUHÒJTWPICD5KNDGTXGTIQNFGV WPFGOCKNNKGTVOKP$GUEJ·FKIWPIKPGKPGT-TGW\URKV\GRWP\KGTV%12QJPG5EJWNVGTQFGT*CNUDCPF XIN1#0XIN4#/5XIN9'$XIN9#.&XCT +p++



8GTFKGPUVQTFGP  /QFGNN   5COONGTCPHGTVKIWPI FGU $TWUVUVGTPU \WO )TQ­MTGW\ KP FGT   #WUHÒJTWPI DKU  5KNDGT #WHNCIGP )QNF GOCKNNKGTV CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT   (KTOC)QFGVKP$GTNKPUQYKG2WP\G%12;CP0CFGNXIN1#05XIN4#/5XIN 9'$XIN9#.& +





&KG VGKNYGKUG FÒTHVKIG #PHGTVKIWPIUSWCNKV·V GPVURTKEJV ÒDGTJCWRV PKEJV FGO -ÌPPGP FGU $GTNKPGT *QHLWYGNKGTU YGU   JCNDYKTFCU'ZGORNCTCNU5COONGTCPHGTVKIWPIDGVTCEJVGP.CWV9GDGT#TPQNF-GKNYWTFGPXQO8GTFKGPUVQTFGPKP FGP,CJTGPXQPDKU GKIGPVNKEJ PWT)TQ­MTGW\GKP)QNFXGTNKGJGP

214


8019 8018



8GTFKGPUVQTFGP  /QFGNN   5COONGTCPHGTVKIWPI FGU $TWUVUVGTPU \WO -QOVWTMTGW\    -NCUUG KP FGT #WUHÒJTWPI DKU  5KNDGT #WHNCIGP)QNFGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG \GKEJPWPI FGT (KTOC )QFGV KP $GTNKP UQYKG 2WP\G %12; CP 0CFGN XIN 1#0  XIN 4#/   XIN9'$XIN9#.&XCT +



&KGVGKNYGKUGFÒTHVKIG#PHGTVKIWPIUSWCNKV·VGPVURTKEJVCWEJDGKFKGUGO5VGTPPKEJVFGO-ÌPPGPFGU$GTNKPGT*QHLWYG NKGTUYGUJCNDYKTFCU'ZGORNCTGDGPHCNNUCNU5COONGTCPHGTVKIWPIDGVTCEJVGP.CWV9GDGT#TPQNF-GKNYWTFGPXQO 8GTFKGPUVQTFGPKPFGP,CJTGPXQPDKU GKIGPVNKEJ PWT-QOVWTMTGW\G-NCUUGKP)QNFXGTNKGJGP

9#.&'%-(ª456'067/ 

8GTFKGPUVQTFGP  /QFGNN   5COONGTCPHGTVKIWPI FGU -TGW\GU  -NCUUG 5KNDGT XGTIQNFGV   WPF GOCKNNKGTV MNGKPGT #WUDTWEJ KP FGT DNCWGP 'OCKNNG KO <[NKPFGT RWP\KGTV 12; HÒT %12;    QJPG*CNUDCPF8IN'(9#XIN1#054#/5 ++p



.CWV'HNGTGTHQNIVGPXQPDKUPWT8GTNGKJWPIGPYQXQPPCEJFGO6QFFGT6T·IGT-TGW\G\WTÒEM IGIGDGPYWTFGP

8020 1:1

9ª466'/$'4)-¤0+)4'+%* 

-ÌPKINKEJGT )TQ­GT 1TFGP FGU IQNFGPGP #FNGTU 5COONGTCPHGTVKIWPI GKPGU CWU GKPGO -TGW\ FGU   4KVVGTQTFGPU XQP FGT ,CIF WOIGCTDGKVGVGP 1TFGPUMTGW\GU )QNF \KUGNKGTV VGKNYGKUG GOCKNNKGTV 'OCKN   NGCWUDTWEJ KO 8QTFGTUGKVGP\GPVTWO )GYKEJV  IT OKV MCPPGNKGTVGO $CPFTKPI QJPG 5EJWNVGTDCPF   XIN-.4(1 ++  *GTXQTTCIGPFGU IGCTDGKVGVGU 'TUCV\UVÒEM HÒT GKP KO 1TKIKPCN WPDGUEJCHHDCTGU 'ZGORNCT #O  /·T\  UVKHVGVG   -ÌPKI(TKGFTKEJ+XQP9ÒTVVGODGTIFGP1TFGPWPFJQDINGKEJ\GKVKIFGP)TQ­GP,CIFQTFGPCWH&KGPQEJNGDGPFGP /KVINKGFGTFGU,CIFQTFGPUYWTFGPPWPOGJTKPFGPPGWGP1TFGPÒDGTPQOOGPKJTG1TFGPUKPUKIPKGPFWTEJ#WUVCWUEJ FGT/GFCKNNQPUD\YFGT/GFCKNNQPCWHNCIGPXGT·PFGTV&CUXQTNKGIGPFG'ZGORNCTWPVGTUEJGKFGVUKEJPWTIGTKPIHÒIKI XQO1TKIKPCNFWTEJFKG<KUGNKGTWPIFGT#FNGTFKG5VTWMVWTFGT'OCKNNGWPFFCU(GJNGPFGT'OCKNNKGTWPIFGT,CIFJÌTPGT

215


8022 8021



8023

8024

-ÌPKINKEJ9ÒTVVGODGTIKUEJGT/KNKV·TXGTFKGPUVQTFGP5COONGTCPHGTVKIWPIFGU$TWUVUVGTPU\WO)TQ­ MTGW\5KNDGTTGRGTEKGTVVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCWHFGT4ÒEMUGKVG*GTUVGNNGTDG\GKEJPWPIFGT (KTOC5VGKPCOKP5VWVVICTVCP0CFGNFKGUGRWP\KGTV%12;XIN1#0XIN4#/5XIN 9#.& ++



&KG FWTEJ FKG *GTTUEJGTYGEJUGN JGTXQTIGTWHGPGP 8GT·PFGTWPI KP FGP 1TFGPUMTGW\GP YKTMVGP UKEJ PCEJ  PKEJV   OGJTCWHFKG)GUVCNVWPIFGU)TQ­MTGW\GUCWU.CWV0KOOGTIWVYWTFGPXQPDKUKPUIGUCOV8GTNGKJWP IGPFKGUGT5VWHGXQTIGPQOOGP





-ÌPKINKEJ9ÒTVVGODGTIKUEJGT/KNKV·TXGTFKGPUVQTFGP/QFGNN OKVFGT-TQPGWPFFGO /QPQITCOO94 5COONGTCPHGTVKIWPIFGU)TQ­D\Y-QOOCPFGWTMTGW\GU)QNFGOCKNNKGTVECIT RWP\KGTV%12;QJPG$CPFXIN1#0XCTXIN4#/5XIN9#.&XCT +p++



-ÌPKINKEJ9ÒTVVGODGTIKUEJGT/KNKV·TXGTFKGPUVQTFGP/QFGNN OKVFGT-TQPGWPFFGO /QPQITCOO -4  5COONGTCPHGTVKIWPI FGU 4KVVGTMTGW\GU )QNF GOCKNNKGTV KO <[NKPFGT RWP\KGTV   %12QJPG$CPFXIN1#0XIN4#/5 +p++



.CWV0KOOGTIWVYWTFGFCU-TGW\KO1TKIKPCNPWTOCNXGTNKGJGP

&'765%*'54'+%* 

,GTWUCNGOMTGW\5COONGTCPHGTVKIWPIFGU-TGW\GU5KNDGTVGKNYGKUGXGTIQNFGVWPFGOCKNNKGTVCWH FGT4ÒEMUGKVGRWP\KGTV%12;CO$CPF ++

8026

8025



8027

(4'+-1425 

(TGKMQTRU&KGDKVUEJ&KGDKVUEJ-TGW\5COONGTCPHGTVKIWPIFGT-NCUUGXGTIQNFGVWPFGOCKNNKGTVCO *CNUDCPF ++





(TGKMQTRU 4Q­DCEJ 5COONGTCPHGTVKIWPI FGU 4Q­DCEJMTGW\GU  -NCUUG XGTIQNFGV WPF GOCKNNKGTV CP   0CFGN ++





(TGKMQTRU4Q­DCEJ5COONGTCPHGTVKIWPIFGU4Q­DCEJMTGW\GU-NCUUGXGTIQNFGVWPFGOCKNNKGTVCO $CPF ++



216


8028

&'765%*'54'+%* 

1TFGPXQO&GWVUEJGP#FNGT5COONGTCPHGTVKIWPIGKPGU5GVUFGU)QNFGPGP)TQ­MTGW\GUOKV5EJYGT VGTP  DGUVGJGPFCWU5COONGTCPHGTVKIWPIFGU)QNFGPGP)TQ­MTGW\GUOKV5EJYGTVGTPXGT IQNFGV WPF GOCKNNKGTV \YGK 'OCKNNGCDRNCV\WPIGP CWH FGT 8QTFGTUGKVG CWH FGT 4ÒEMUGKVG RWP\KGTV   %12; QJPG 5EJWNVGTDCPF WPF )QNFGPGT $TWUVUVGTP OKV 5EJYGTVGTP XGTIQNFGV WPF VGKNYGKUG GOCKN   NKGTV CWH FGT 4ÒEMUGKVG RWP\KGTV %12; CP 0CFGN XIN &1'* 5  XIN 1#0 5  XIN   4#/5 ++p



5EJÌPG5COONGTCPHGTVKIWPIFKGUGTPWTCWH+PJCDGTDGITGP\VGPWPFKO1TKIKPCNPCJG\WPKEJVDGUEJCHHDCTGP5VWHG

8029



8030

8031

1TFGP#\CF*KPF5COONGTCPHGTVKIWPIFGU)TQ­UVGTPU5JGTK*KPF 6KIGTXQP+PFKGP OKV5EJYGT VGTP XGTUKNDGTV VGKNYGKUG XGTIQNFGV WPF GOCKNNKGTV CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC   5QWXCNKP9KGPCO*CNUDCPFCDUEJPKVVXIN*ª5-XIN1#0 +p++



*GTXQTTCIGPFG5COONGTCPHGTVKIWPIFKGUGTKO1TKIKPCNPCJG\WWPDGUEJCHHDCTGP#WU\GKEJPWPI

-12+'070&5#//.'4#0('46+)70)'0#75.#0& (+00.#0& 

1TFGP FGU (TGKJGKVUMTGW\GU  /QFGNN   5COONGTCPHGTVKIWPI FGT  -NCUUG OKV 5EJYGTVGTP   XGTIQNFGVWPFYGK­GOCKNNKGTVCO*CNUDCPFCDUEJPKVVXIN$'4)*5XCTXIN*#05GKVG XIN*'1XCTXIN1#05XIN4#/5XIN6'6 ++



0CEJ*CPMKOQYWTFGPXQPFKGUGT-NCUUG KO1TKIKPCN PWT8GTNGKJWPIGPXQTIGPQOOGP



1TFGP FGT 9GK­GP 4QUG 5COONGTCPHGTVKIWPI FGU )TQ­MTGW\GU XGTIQNFGV WPF GOCKNNKGTV KP FGT ¤UG   RWP\KGTV%12;XIN$'4)*5XCTXIN*#0$KNFXIN*'1XCTXIN1#0 XCTXIN4#/5XIN6'6XIN94'& ++

 217


8033

8032

8034

)4155$4+6#00+'0 



&KUVGN1TFGP5COONGTCPHGTVKIWPIFGU$TWUVUVGTPU5KNDGTTGRGTEKGTV#WHNCIGPXGTIQNFGVWPFGOCKNNKGTV CWH FGT 4ÒEMUGKVG RWP\KGTV %12; CP 0CFGN FKGUG GDGPHCNNU RWP\KGTV %12; XIN *'1  XCT   XIN1#0XCTXIN4#/5 +p



/KNKV·T-TGW\ /KNKVCT[%TQUU NVGTG5COONGTCPHGTVKIWPIFGU/QFGNNU OKV)4+  XGTUKNDGTVCWHFGT4ÒEMUGKVG2WP\G%12;CO$CPF8IN&'.XIN*'1XCTXIN1#0 XIN4#/5 +p++



0CEJ/;$YWTFGPKO'TUVGP9GNVMTKGIEC8GTNGKJWPIGPXQTIGPQOOGP5QOKVGPVURTKEJVFCU/KNKVCT[%TQUU KP GVYC KP FGT 4CPIUVWHG FGO 'KUGTPGP -TGW\  -NCUUG WPF IGPKG­V KP )TQ­DTKVCPPKGP WPF FGP %QOOQPYGCNVJ   .·PFGTP GKP ·JPNKEJ JQJGU #PUGJGP YKG NGV\VGTGU KP WPUGTGP 6TWRRGP &GT +PJCDGT YCT WPF KUV DGTGEJVKIV JKPVGT   UGKPGO0CEJPCJOGPFKG$WEJUVCDGP/%\WHÒJTGP&GT/CTMVRTGKUGKPGU\GKVIGPÌUUKUEJGP1TKIKPCNUNKGIVDGKEC 'WTQ

+5.#0&-¤0+)4'+%* 

+UN·PFKUEJGT (CNMGPQTFGP 5COONGTCPHGTVKIWPI FGU -QOOCPFGWTMTGW\GU FGU  /QFGNNU 5KNDGT XGT   IQNFGV WPF GOCKNNKGTV CO *CNUDCPFCDUEJPKVV XIN ,1'4) 5  XIN 1#0  XCT XIN 4#/5  +p++

8035



8036

+6#.+'00#21.'10+5%*'5-¤0+)4'+%* 

1TFGP FGT 'KUGTPGP -TQPG 5COONGTCPHGTVKIWPI FGU $TWUVUVGTPU 5KNDGT VGKNYGKUG XGTIQNFGV WPF   GOCKNNKGTV CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC )WEEKQPG KP 4QO CP 0CFGN XIN   $174&$XIN1#05 +



*GTXQTTCIGPFGU'TUCV\UVÒEMHÒTGKPKO1TKIKPCNPCJG\WWPDGUEJCHHDCTGU'ZGORNCT

+6#.+'00#21.'10+5%*'5-¤0+)4'+%*$'+&'45+<+.+'0 

218

/KNKV·TOGFCKNNG 'JTG FGO 8GTFKGPUV 1PQTG CN /GTKVQ  NVGTG 0CEJHGTVKIWPI FGT 5KNDGTPGP /G   FCKNNGOKV-TQPG5KNDGTKO4CPFRWP\KGTV%12;FKG-TQPGOKVMCPPGNKGTVGO$CPFTKPIYQJN\GKVIG PÌUUKUEJCO·NVGTGP$CPFOKV4QUGVVGXIN$174&XIN$4#/XIN*';&+6 ++




8037

8040

8039

8038 1:1



/GFCKNNG HÒT FKG 1TICPKUCVQTGP FGT 2TQXKP\KCN.GIKQPGP NVGTG 0CEJHGTVKIWPI FGT 5KNDGTPGP /G   FCKNNG5KNDGTKO4CPFRWP\KGTV%12CO$CPFXIN$174&XIN$4#/XIN*';&+6  ++



¤56'44'+%*-#+5'44'+%* 

1TFGPXQO)QNFGPGP8NKGU5COONGTCPHGTVKIWPIFGT*CNUFGMQTCVKQPHÒT1TFGPUTKVVGT5KNDGTXGTIQNFGV WPF GOCKNNKGTV OGJTGTG OKPKOCNG 'OCKNNGUEJ·FGP CWH FGT 4ÒEMUGKVG GKPGU 4KPIGU FGU (GWGTUVGKPU DG   \GKEJPGV%12;CO$CPFCDUEJPKVVOKV%QWNCPVXIN/'4¤56+XDXIN/+%*+++XIN1#0 XIN241XIN4#/5XIN561.' ++ 



/KNKV·T/CTKC6JGTGUKGP1TFGP 5COONGTCPHGTVKIWPI FGU )TQ­MTGW\GU 5KNDGT XGTIQNFGV WPF GOCKN   NKGTV KO 6TCIGTKPI RWP\KGTV %12; QJPG 5EJWNVGTDCPF XIN /'4¤56 C XIN /+%* +++  XIN   1#0XIN241XIN4#/5XIN561.' +p++



/KNKV·T/CTKC6JGTGUKGP1TFGP 5COONGTCPHGTVKIWPI FGU $TWUVUVGTPU 5KNDGT TGRGTEKGTV VGKNYGKUG   XGTIQNFGV WPF GOCKNNKGTV CWH FGT 4ÒEMUGKVG *GTUVGNNGTDG\GKEJPWPI FGT (KTOC 8KPE /C[GT U 5ÌJPG KP   9KGP CP 0CFGN FKGUG OGJTHCEJ RWP\KGTV XIN /'4¤56 D XIN /+%* +++  XIN 1#0  XIN   241XIN4#/5XIN561.' +p++





219


8041

8042 8043







/KNKV·T/CTKC6JGTGUKGP1TFGP 5COONGTCPHGTVKIWPI FGU $TWUVUVGTPU 5KNDGT TGRGTEKGTV VGKNYGKUG   XGTIQNFGV WPF GOCKNNKGTV CWH FGT 4ÒEMUGKVG RWP\KGTV %12; CP 0CFGN FKGUG GDGPHCNNU RWP\KGTV   %12;XIN/'4¤56DXIN/+%*+++XIN1#0XIN241XIN4#/5XIN 561.' +p++



-ÌPKINKEJ7PICTKUEJGT 5V 5VGRJCPU1TFGP 5COONGTCPHGTVKIWPI FGU )TQ­MTGW\GU 5KNDGT XGTIQNFGV   WPFGOCKNNKGTVKPFGT6TCIGÌUGRWP\KGTV%12;QJPG5EJWNVGTDCPFXIN/'4¤56CXIN/+%*+++ XIN1#0XIN241XIN4#/5XIN561.' +p++



-ÌPKINKEJ7PICTKUEJGT 5V 5VGRJCPU1TFGP 5COONGTCPHGTVKIWPI FGU $TWUVUVGTPU 5KNDGT TGRGTEKGTV   VGKNYGKUGXGTIQNFGVCP0CFGNFKGUGOGJTHCEJRWP\KGTVWC%12;XIN/'4¤56EXIN/+%* +++XIN1#0XIN241XIN4#/5XIN561.' +p++



8044





220

8045

¤UVGTTGKEJKUEJ-CKUGTNKEJGT.GQRQNF1TFGP5COONGTCPHGTVKIWPIFGU)TQ­MTGW\GU$TQP\GXGTIQNFGV GOCKNNKGTV CWH FGT 4ÒEMUGKVG HGJNV FKG TQVG 'OCKNNG GKPGU -TGW\CTOGUHCUVXQNNUV·PFKIKPFGT6TCIGÌUG RWP\KGTV %12; QJPG 5EJWNVGTDCPF XIN /'4¤56 ::++ XIN /+%* +:  XIN 1#0  XCT   XIN241XIN4#/5XIN561.' +++++



¤UVGTTGKEJKUEJ-CKUGTNKEJGT .GQRQNF1TFGP 5COONGTCPHGTVKIWPI FGU $TWUVUVGTPU \WO )TQ­MTGW\   5KNDGT TGRGTEKGTV VGKNYGKUG XGTIQNFGV CP 0CFGN FKGUG OKV *GTUVGNNGTDG\GKEJPWPI FGT (KTOC 4QVJG KP   9KGPWPF2WP\G%12;XIN/'4¤56XIN/+%*+:XIN241XIN4#/5 XIN561.' +p++




8047 8046





¤UVGTTGKEJKUEJ-CKUGTNKEJGT .GQRQNF1TFGP 5COONGTCPHGTVKIWPI FGU -TGW\GU  -NCUUG D\Y FGU   -QOVWTMTGW\GU OKV -TKGIUFGMQTCVKQP WPF 5EJYGTVGTP GKPGU PKGFTKIGTGP )TCFGU $TQP\G XGTIQNFGV WPF   GOCKNNKGTVVGKNYGKUGXGTUKNDGTVKO6TCIGTKPIRWP\KGTV%12;QJPG*CNUDCPFXIN/'4¤56::8++ FXIN/+%*:XIN1#0XIN241XCTXIN4#/5XIN561.' +p++



¤UVGTTGKEJKUEJ-CKUGTNKEJGT .GQRQNF1TFGP 5COONGTCPHGTVKIWPI FGU $TWUVUVGTPU \WT  -NCUUG OKV   5EJYGTVGTP WPF -TKGIUFGMQTCVKQP 5KNDGT TGRGTEKGTV VGKNYGKUG XGTIQNFGV CP 0CFGN FKGUG RWP\KGTV   %12;XIN/'4¤56XIN/+%*:XIN241XIN4#/5XIN561.' +p++



8048





8049

¤UVGTTGKEJKUEJ-CKUGTNKEJGT 1TFGP FGT 'KUGTPGP -TQPG  /QFGNN ·NVGTG 5COONGTCPHGTVKIWPI FGU   $TWUVUVGTPU  -NCUUG OKV -TKGIUFGMQTCVKQP WPF 5EJYGTVGTP 5KNDGT TGRGTEKGTV VGKNYGKUG XGTIQNFGV WPF   GOCKNNKGTVCP0CFGNFKGUGOKV*GTUVGNNGTDG\GKEJPWPI%(416*'WPF9+'02WP\G%12;CWH FGT0CFGN+PPGPUGKVGXIN/'4¤56:::8+XIN/+%*:++XIN1#0XCTXIN241 XIN4#/5XIN561.' ++



¤UVGTTGKEJKUEJ-CKUGTNKEJGT 1TFGP FGT 'KUGTPGP -TQPG  /QFGNN 5COONGTCPHGTVKIWPI FGU $TWUV   UVGTPU-NCUUGOKV-TKGIUFGMQTCVKQPWPF5EJYGTVGTP5KNDGTTGRGTEKGTVVGKNYGKUGXGTIQNFGVWPFGOCKN NKGTVCP0CFGNFKGUGOKV*GTUVGNNGTDG\GKEJPWPI%(416*'WPF9+'02WP\G%12;CWHFGT 0CFGN+PPGPUGKVGXIN/'4¤56:::8+XIN/+%*:++XIN1#0XCTXIN241XIN 4#/5XIN561.' ++

 221


8051

8050





¤UVGTTGKEJKUEJ-CKUGTNKEJGT 1TFGP FGT 'KUGTPGP -TQPG 5COONGTCPHGTVKIWPI FGT &GMQTCVKQP    -NCUUG OKV 5EJYGTVGTP WPF -TKGIUFGMQTCVKQP $TQP\G XGTIQNFGV WPF GOCKNNKGTV CWH FGT 4Ã&#x2019;EMUGKVG FGT   5EJYGTVGT RWP\KGTV %12; CO *CNUDCPF XIN /'4¤56  XIN /+%* :+++  XIN 1#0    XCTXIN241XIN4#/5XIN561.' +p++



-CKUGTNKEJ¤UVGTTGKEJKUEJGT (TCP\,QUGRJ1TFGP 5COONGTCPHGTVKIWPI FGU $TWUVUVGTPU \WO )TQ­   MTGW\OKV5EJYGTVGTPWPF-TKGIUFGMQTCVKQP5KNDGTTGRGTEKGTVVGKNYGKUGXGTIQNFGVCP0CFGNFKGUGOKV *GTUVGNNGTDG\GKEJPWPIFGT(KTOC4QVJGKP9KGPWPF2WP\G%12;XIN/'4¤56:.+8XIN/+%* :+8XIN241XIN4#/5XIN561.' +p++



8053

8052





8054

-CKUGTNKEJ¤UVGTTGKEJKUEJGT (TCP\,QUGRJ1TFGP 5COONGTCPHGTVKIWPI FGU $TWUVUVGTPU \WO -QOVWT   MTGW\  -NCUUG  /QFGNN 5KNDGT TGRGTEKGTV VGKNYGKUG XGTIQNFGV CP 0CFGN FKGUG OKV *GTUVGNNGTDG   \GKEJPWPIFGT(KTOC4QVJGKP9KGPWPF2WP\G%12;XIN/'4¤56EXIN/+%*:8XIN 1#0XIN241XIN4#/5XIN561.' +p++



1TFGPFGT5MNCXKPPGPFGT6WIGPF5COONGTCPHGTVKIWPIFGT&GMQTCVKQPHÃ&#x2019;TFKG)QNFGPG-GVVG)QNF GOCKNNKGTVOGJTGTG#WUDTÃ&#x2019;EJGKPFGTITÃ&#x2019;PGP'OCKNNGKO6CIGTKPIRWP\KGTV%12;QJPG-GVVGXIN 241 ++p+++



&GT&COGPQTFGPYWTFGXQPFGT-CKUGTKP9KVYG'NGQPQTCIGUVKHVGVWPFFWTEJ2CRUV%NGOGPU+:DGUV· VKIV/KVVGFGU,CJTJWPFGTVUYCJTUEJGKPNKEJKPFGT4GIKGTWPIU\GKV-CKUGTKP/CTKC6JGTGUKCUKUVFGT1TFGPYKGFGT GTNQUEJGP



222

-WPF-¤UVGTTGKEJKUEJ7PICTKUEJGU'JTGP\GKEJGPHÃ&#x2019;T-WPUVWPF9KUUGPUEJCHV5COONGTCPHGTVK IWPI 5KNDGT XGTIQNFGV VGKNYGKUG GOCKNNKGTV CWH GKPGO -TQPGPDCPF RWP\KGTV %12; QJPG *CNUDCPF   XIN/'4¤56.+8DXIN/+%*:+:XIN1#0XIN241XIN561.' +p++




8057 8055



8056

)GKUVNKEJGU 8GTFKGPUVMTGW\ 5COONGTCPHGTVKIWPIGP FGT  WPF  -NCUUG CO YGK­GP $CPF XGTIQNFGV   D\Y XGTUKNDGTV OKV GOCKNNKGTVGP /GFCKNNQPU DGKFG CWH FGT 5GKVG FGU WPVGTGP -TGW\CTOU RWP\KGTV   %12;CP&TGKGEMUD·PFGTPXIN/'4¤56.+8EFXCTXIN/+%*:+:XIN1#0 XIN241XIN561.'XCT 5VÒEM++



¤56'44'+%*560&'56##6 

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