Page 1


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WPF 0CEJDCTIGDKGVG FGT WPVGT KJO UQ UGJT RTQURGTKGTVG FC­ FKG 4JGKPKUEJGP /ÒP\HTGWPFG    UKEJ XGTUGNDUV·PFKIVGP WPF GKIGPG 8GTGKPG ITÒPFGP MQPPVGP 'TUV  ICD GT UGKP #OV KP    LÒPIGTG*·PFGWPFYWTFG\WO'JTGPXQTUKV\GPFGPIGY·JNV8QPDKUCOVKGTVGGTCNU )GUEJ·HVUHÒJTGTFGUPGWIGITÒPFGVGP8GTDCPFGUFGTYGUVFGWVUEJGP/ÒP\XGTGKPGWPFDGUQTIVG  DKU  FKG 4GFCMVKQP FGU 0WOKUOCVKUEJGP 0CEJTKEJVGPDNCVVGU 8QP  DKU     YKTMVG GT CNU 8K\GRT·UKFGPV FGU 8GTDCPFGU FGT FGWVUEJGP /ÒP\XGTGKPG UGKVō&GWVUEJG 0WOKUOCVKUEJG)GUGNNUEJCHVŋ WPFKUVUGKVFGTGP'JTGPRT·UKFGPV8QPDKUYCT GT /KVINKGF FGT +PVGTPCVKQPCNGP 0WOKUOCVKUEJGP -QOOKUUKQP WPF UGKV  FGTGP    8K\GRT·UKFGPV  #O.CPFGUOWUGWOÒDGTPCJOGTFKG8GTCPVYQTVWPIHÒTFKGYKGFGTDGITÒPFGVG#DVGKNWPI .CPFGUIGUEJKEJVG WPF RHNGIVG PWP FKG 5COOGNIGDKGVG NCPFGUMWPFNKEJG )TCRJKM XQP    .CPFMCTVGP DKU \W -CTKMCVWTGP 2QTVT·VU 2QUVUCEJGP 2QUVMCTVGP .KGDKICNDGP $ÒEJGT #WH    CNNGP FKGUGP )GDKGVGP JCV GT GKPG /WUGWOUUCOONWPI CWHIGDCWV FKG GKP XQT\ÒINKEJGU    #TDGKVUKPUVTWOGPV KUV $GUQPFGTU YGTVXQNN KUV GKPG 5COONWPI XQP  PCEJ WPF PCEJ    GTCTDGKVGVGP /QFGNNGP YGUVH·NKUEJGT 5V·FVG WPF 5EJNÌUUGT FKG QHV KP GKPGT <YGKVHCUUWPI HÒT    ÌTVNKEJG /WUGGP IGHGTVKIV YWTFGP $GFGWVGPFG #WUUVGNNWPIGP YCTGP ō9GUVHCNGP ŋ   

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8


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)4+'4510 2   %0. $411-' WC *TUI  5VWFKGU KP 0WOKUOCVKE /GVJQF %CO   DTKFIG:::5.GKPGP#010;/#0WOKUOCVKE%CTGGT5IGJGHVGV  





'# #45.#0. 64#8#+0+ 5ETKVVK UVQTKEK G PWOKUOCVKEK 5RQNGVQ  :::  5 1TKI$TQ   UEJWT#010;/#0WOKUOCVKE%CTGGT5IGJGHVGV  



/KV9KFOWPIXQP2JKNKR)TKGTUQP6Q2GVGT$GTIJCWUYKVJCNNIQQFYKUJGUCPFKPQHOCP[[GCTUQHHTKGPFUJKR



)726# 2 .   &9 /#% &19'.. WC *TUI  +PFKCP 0WOKUOCVKEU *KUVQT[ #TV   CPF%WNVWTG$·PFG&GNJK.::8+++5.::8+++5.GKPGP  





*8'40+%- 9   2 $'4)*#75) *#6< *TUI  &QPC 0WOKUOCVKEC *CODWTI   :++56HP.GKPGP9*8'40+%-0WOKUOCVKM#WHICDGWPF'TNGDPKU 'KPRGTUÌPNKEJGT#DUEJNWUUDGTKEJV*CODWTI5)GJGHVGV  





*#6< ) W 8 2 $'4)*#75, $4#%-'4 , 56''0 ,'05'0.1 .#)'438+56 *TUI    %QOOGPVCVKQPGU0WOKUOCVKECG*CODWTI5OKV\CJNTGKEJGP#DD.GKPGP





*#7%--*-'..'4056#7$#%*+EQPQNQIKC5CETC/[VJQU$KNFMWPUVWPF&KEJVWPIKPFGT 4GNKIKQPUWPF5Q\KCNIGUEJKEJVG#NVGWTQRCU#TDGKVGP\WT(TÒJOKVVGNCNVGTHQTUEJWPI$GTNKP0GY;QTM 56HP.GKPGP



*+.&'$4#0& $'   5VWFKGU KP .CVG #PINQ5CZQP %QKPCIG +P OGOQT[ QH $TQT 'OKN   *KNFGDTCPF 0WOKUOCVKUMC /GFFGNCPFGP  5VQEMJQNO   5 .GKPGP + 9+5—*0 'V UXGPUM   DTGXQO-ÎDGPJCXP5&IGJGHVGV  



*1.56*  5COOGNDCPFXQP5QPFGTFTWEMGP*CNDNGKPGP04;))/KPPGVCNGQXGT &T 2JKNQU *CPU *QNUV 5& CWU &GV 0QTUMG 8KFGPUMCRU#MCFGOK K 1UNQ ’TDQM  5    )GJGHVGV  







$GKIGHÒIVGZNKDTKU



+/*11($.7/'4 (   # '0)'.+ (TKGFTKEJ +OJQQH$NWOGT   0GW   LCJTUDNCVVFGT5VCFVDKDNKQVJGM9KPVGTVJWT9KPVGTVJWT51TKI$TQUEJWT





+45+).'4 (

  & '$'.+0) WC *TUI  .CPFGUIGUEJKEJVG CNU OWNVKFKU\KRNKP·TG   9KUUPUEJCHV6TKGT:+85.GKPGP



/KVGKPGO$GKVTCIXQP-2GVT[ÒDGTGKPGP/ÒP\UEJCV\FGU,CJTJWPFGTVU



,'05'0 , 5

  1TF OGF /GPKPI (GUVUMTKHV VKN ,ÎTIGP 5VGGP ,GPUGP  PQXGODGT    -QRGPJCIGP5-CTVQPKGTV





,1*#0'- 2

  ' 9+&&'4 WC /CPKRWNWU (NQTWO #WU /KVVGNCNVGT .CPFGUIGUEJKEJVG   .KVGTCVWTWPF*KUVQTKQITCRJKG/ÒPUVGTWC51TKI$TQUEJWT





,1*#05'0 2   * 9'%<'4-# *TUI  4QUUKEC 'ZVGTPC 5VWFKGP \WO  ,CJT   JWPFGTV/CTDWTI8+++5.GKPGP



&CTKP$GKVTCIXQP)*CV\&GPPKPIG



,10)*'.+0%- ,   . 5/1.&'4'0 ,CESWGU ,QPIJGNKPEM 5EWNRVGWT O¾FCKNNGWT GV   ITCXGWTFGUEGCWZ  .QWXCKPNC0GWXG856HP.GKPGP





-#4.)4'0$  5GRVGPVTKQPCNKCGV1TKGPVCNKC-WPIN8KVVGTJGVU*KUVQTKGQEJ#PVKMXKVGVU #MCFGOKGPU*CPFNKPICT5VQEMJQNO51TKI$TQUEJWT



&CTKP$GKVTCIXQP0.4CUOWUUQP2KCUVGTPU-NCPI·TX¹T/WUKM)



-'560'4 #   ,1405 / *45)  #WIWUV -GUVPGT WPF UGKPG <GKV  &CU   INÒEMNKEJG.GDGPFGU&KRNQOCVGP-WPUVUCOONGTUWPF/·\GPUKP*CPPQXGTWPF4QO*CPPQXGT :++5.GKPGP





-+'450195-+ 4

 -WE\[PUMK5V-5WEJQFQNUMK5VCPKUNCY *TUI 0WOOWUGV*KUVQ TKC2KGPKhF\'WTQR[pTGFPKQYKGE\PGL9CTUEJCW56HP.GKPGP





-.ª55'0&14(04%70< *TUI (WPFCOGPVC*KUVQTKCG)GUEJKEJVGKO5RKGIGNFGT0WOKUOC VKM WPF KJTGT 0CEJDCTYKUUGPUEJCHVGP 8GTÌHHGPVNKEJWPIGP FGT WTIGUEJKEJVNKEJGP 5COONWPIGP FGU .CP   FGUOWUGWOU\W*CPPQXGT*CPPQXGT5-CTVQPKGTV

 29


$+1)4#2*+'070&('565%*4+(6'0 

-4ª)'4 0 *TUI  5WRGNNGZ GRKUVQNKEC 7HHGPDCEJKK GV 9QNHKQTWO -CVCNQI FGT 7HHGPDCEJ9QNH   UEJGP $TKGHUCOONWPI -CVCNQI FGT *CPFUEJTKHVGP FGT 5VCCVU WPF 7PKXGTUKV·VUDKDNKQVJGM *CODWTI     $·PFG *CODWTI  .::+:  5 .GKPGP NGKEJV DGUVQ­GP DGK $CPF  'KPDCPF XQTPG GVYCU   NQEMGTWPF(NGEMCW­GP





.#)'438+56 . 1

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.'55'4(%  54'+0(TKGFTKEJ%JTKUVKCP.GUUGT2CUVQT2J[UKEQVJGQNQIGWPF2QN[JK UVQT5EJTKHVGPTGKJGFGT(TKGFTKEJ%JTKUVKCP.GUUGT5VKHVWPI'THWTV51TKI$TQUEJWT





.+5'.166'810&'42(#.<  --1..0+0).KUGNQVVGXQPFGT2HCN\*GT\QIKPXQP 1TN¾CPU 'KPG HÒTUVNKEJG /ÒP\UCOONGTKP /GNUWPIGP   5 -CTVQPKGTV  * -+'5'. *TUI    $TKGHGFGT.KUGNQVVGXQPFGT2HCN\5  





/#%&19#..&

 'ZOQPGVC'UUC[UQP0WOKUOCVKEU*KUVQT[CPF#TEJGQNQI[$·PFG 0GW&GNJK:8+5.GKPGP  





/#./'4$

 =(GUVUEJTKHV?*KMWKP*ÎLDLGTI5-CTVQPKGTV





/#./'4/2

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/#46+0%*QOOCIG¯%QNKP/CTVKPRQWTUQPGCPPKXGTUCKTG%CJKGTUTQOCPFUFGPWOKUOCVKSWG .CWUCPPG51TKI$TQUEJWT





/'*. / *TUI  &GNGEVCV GV &QEGV (GUVUEJTKHV \WO L·JTKIGP $GUVGJGP FGU8GTGKPUFGT/ÒP\ HTGWPFGKP*CODWTI0WOKUOCVKUEJG5VWFKGP*CODWTI5-CTVQPKGTV





/+.&'0$'4) .   (GUVUEJTKHV HÒT .GQ /KNFGPDGTI 0WOKUOCVKM -WPUVIGUEJKEJVG   #TEJ·QNQIKG9GVVGTGP:8+++56HP





/1.8£)+0 #

  5VWFKC 0WOKUOCVKEC (GUVUEJTKHV 6CNNKPP   5  6HP 1TKI$TQ   UEJWT





/1//5'0 6*   # /1//5'0 /GKP 8CVGT 'TKPPGTWPIGP CP 6JGQFQT /QOOUGP   /ÒPEJGP54'$'0+%*6JGQFQT/QOOUGP'KPG$KQITCHKG/ÒPEJGP.GKPGPZKP1TKIKPCN XGTRCEMWPI



/7-*'4,'' $ 0

  2T³EÄ2TCDJ³ 2GTURGEVKXGU +P +PFQNQI[ (GUVUEJTKHV\WO)GDWTVU VCI0GW&GJNK.::8+++56HP.GKPGP$WEJDNQEMIGDTQEJGP





&CTKP$GKVTCIXQP2$GTIJCWU#P+PFKCP+OKVCVKQPQHCP#WIWUVGCPFGPCTKWU



01*',.18Š24Š618Š '   0WOKUOCVKEMÓ UDQTPÃM :+++ (GUVUEJTKHV 2TCI    56HP1TKI$TQUEJWTOKV5EJWV\WOUEJNCI





014&/#0%#  %QTQNNC#TEJCGQNQIKEC(GUVUEJTKHV*GNUKPMK:+51TKI $TQUEJWTGVYCUCPIGUVQ­GP





07/+5/#6+5%*' )'5'..5%*#(6 <7 $'4.+0 $GNGJTWPI WPF 7PVGTJCNVWPI KO (CEJG FGT   /ÒP\MWPFGő(GUVUEJTKHV\WOL·JTKIGP$GUVGJGP$GTNKP5.GKPGP,CJTG0W OKUOCVKUEJG)GUGNNUEJCHV\W$GTNKP56HP)GJGHVGV  





0;$'4) *5 5 -#*.' *5 0[DGTI 'P XGVGPUMCRUOCPU DKQITCHK 5VQEMJQNO   5   .GKPGP





1.5'0$

 8KTIGQI8ºTMGT-QRGPJCIGP51TKI$TQUEJWT





1.5'01(GUVUMTKHVR¹¹TUFCIGPFGPLWPK-QRGPJCIGP::8+++5.GKPGP





146'.+75#  %CTVQITCRJGGVJWOCPKUVG5COOGNDCPF6WTPJQWV5.GKPGP





2'-Š4;6

 *,&4':*#)',5ª05-'5 *TUI /KITCVKQGV%QOOWVCVKQ5VWFKGP\WT CNVGP )GUEJKEJVG WPF FGTGP 0CEJNGDGP (GUVUEJTKHV \WO  )GDWTVUVCI 5V -CVJCTKPGP  :+:   51TKI$TQUEJWT6KVGNDNCVVNQUGCWEJ5W



+PFGT(GUVUEJTKHV\WO)GDWTVUVCI1NUGPUKUVWCGKP$GKVTCIXQP%,$GEMGTÒDGT&CPUMGOÎPVGTUQOJKUVQTKUM MKNFGOCVGTKCNGKVCNNGVGPVJCNVGP<WUCOOGPHCUUWPIGPKP'PINKUEJ(TCP\ÌUKUEJQFGT&GWVUEJ /KVPWOKUOCVKUEJGO$GKVTCIXQP%'&GMGUGN

&CTKP$GKVTCIXQP2$GTIJCWUÒDGTTÌOKUEJG(WPFOÒP\GPKP+PFKGP

30


$+1)4#2*+'070&('565%*4+(6'0 

216+0$/Í?ÌÈÇÌÀÒÈ×ÅÑÊÈÉÑÁÎÐÍÈÊ5CPMV2GVGTUDWTI51TKI$TQ UEJWT



/KV9KFOWPIXQP5GXC2QVKP



Øåñòàÿ Âñåðîññèéñêàÿ Íóìèçìàòè÷åñêàÿ Êîíôåðåíöèÿ 5CPMV 2GVGTUDWTI   5 1TKI   $TQUEJWT



24'&# % 5VWFKK qK EGTEGVCTK FG PWOKUOCVKEC (GUVUEJTKHV $WEWTGqVK   5 1TKI$TQUEJWT  



4#.(¤.&+ /  $WFCRGUV *% 01'5-'* 5%*7$'46 *TUI  &KG /ÒP\G $KNF   $QVUEJCHV$GFGWVWPI(GUVUEJTKHVHÒT/CTKC4#NHÌNFK(TCPMHWTVCO/CKP56HP-CT VQPKGTV#010;/(GUVICDGQ15)GJGHVGV  



4#5/755100./[PVQEJOGFCNLUCONCTGKPQOFGV5XGPUMCMWPICJWUGV#PVKMXCTKUMV#TMKX

 (CTDKIGU(TQPVKURK\5OKV#DD--8#56#&&QNVKMCDKPGVV.QXKUC7NTKMCUO[PVQEJ OGFCNLUM¹R HT¹P &TQVVPKPIJQNO 5VQEMJQNO   5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD *1   $1564¤/ &GV WPFGTDCTC UM¹RGV 2JKNKRR *CKPJQHGT QEJ )WUVCX ++ #FQNHU MQPUVUM¹R 7RRUCNC    5OKV\CJNTGKEJGPVGKNUHCTDKIGP#DD1TKI$TQUEJWT.GKPGPOKV5EJWV\WOUEJNCIMCTVQPKGTV  



4#5/75510 0. 0WOKUOCVKUMC /GFFGNCPFGP  5VQEMJQNO  :+  5 1TKI$TQUEJWT   <CJNTGKEJG#DD







 

&CTKP$GKVT·IGXQP2$GTIJCWUWPF)*CV\



4'&'98#0  0<'/'4+0)9KNNGOXCP4GFG'GPXGT\COGNCCTWKVJCTVUVQEJV&GP *CCI51TKI$TQUEJWT





5#*.+0%5VWFGTCQEJ2TQDGTC(GUVUEJTKHV5VQEMJQNO5-CTVQPKGTV





5%*9#4< &9   'Z HQPVKDWU JCXTKCOWU #WUIGY·JNVG $GKVT·IG \WT -WNVWTIGUEJKEJVG   5COOGNDCPFFGT5EJTKHVGP<ÒTKEJ51TKI$TQUEJWT





5''.0&'40  46*+'.&KG$TCMVGCVGPH·NUEJWPIGPFGU0KEQNCWU5GGN·PFGT    WPF UGKPG <GJGP 5EJTKHVGP \WT OKVVGNCNVGTNKEJGP /ÒP\MWPFG *GKFGNDGTI  .:+8  5   *CNDNGKPGP





5-##4'-

 (GUVUEJTKHV1UNQ51TKI$TQUEJWT





5.1#0' *   # /#% )4')14 *TUI  5KT *CPU 5NQCPG %QNNGEVQT 5EKGPVKUV #PVK   SWCT[(QWPFKPI(CVJGTQHVJG$TKVKUJ/WUGWO.QPFQP5.GKPGP



9KFOWPIXQP/#TEJKDCNF 8GTHCUUGTFGU-CRKVGNU%QKPUCPF/GFCNU5 



57%*1&1.5-+ 5 /QPGVC OGFKºXCNKU 5VWFKC PWOK\OCV[E\PG K JKUVQ[E\PG (GUVUEJTKHV \WO   )GDWTVUVCI9CTU\CYC5FCXQP6HP-CTVQPKGTV



/KV$GKVT·IGPXQP)*CV\2+NKUEJ2#TPQNF0-NÒ­GPFQTH$-NWIG2$GTIJCWUWC



576*'4.#0& *

  4#) %#4510% -4##; *TUI  5ETKRVC 0WOOCTKC 4QOCPC   .QPFQP:+++56HP.GKPGP





58#*0564¤/ )

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/KVGKPGO$GKVTCIXQP2$'4)*#75+1*#00'54':KP)QVNCPFU(QTPUCN



6#.8+1 6 6WVMKLQKVC MGT·KNKLÌKV· LC NCJLQKVVCLKC 5WQOCNCKUKC PWOKUOCCVKMMQLC  ='PIN   <WUCOOGPHCUUWPI 5EJQNCTU EQNNGEVQTU CPF FQPQTU (KPPKUJ PWOKUOCVKUVU ? 5WQOGP 0W   OKUOCCVVKUGP;JFKUV[MUGPLWNMCKUWLC*GNUKPMK5OKV\CJNTGKEJGP#DD6%$'4)416*

4GF #DQC=6JGOGPJGHV\WT0WOKUOCVKMKP6WTMMW ’DQ ?5OKV\CJNTGKEJGP#DD1TKI $TQUEJWT  



6*1/5'0 %,  $*+.&'$4#0&%,6JQOUGPQEJJCPUN·TFCHÌTDKPFGNUGTK5XG TKIG$·PFG5VQEMJQNO7.70&*#05'0 4GF %JTKUVKCP,ÒTIGPUGP6JQOUGP FGEGODGT#CTDÎIGTHQT0QTFKUM1NFM[PFKIJGFQI*KUVQTKG(TQPVKURK\5 OKV \CJNTGKEJGP #DD - 5-##4' -QTTGURQPFCPUG OGNNQO %, 6JQOUQP QI %# *QNODQG   5 KP00’,564''6,'05'0%JTKUVKCP,ÒTIGPUGP6JQOUQPWPF.WFYKI.KPFGP UEJOKFV,5,'05'0%JTKUVKCP,ÒTIGPUGP6JQOUQPQI,CMQD4GKEJGNGPPWOKUOCVKUMDTGXXGMUNKPI KP&CPUMG/CIC\KPWPFWPFYGKVGTG#WHU·V\G\W6JQOUGP7PVGTUEJKGFNKEJIGDWPFGP  





6*14&'/#00 $   =(GUVUEJTKHV? 0WOKUOCVKUMC /GFFGNCPFGP  5VQEMJQNO    5.GKPGP





8'4'+0&'4/ª0<(145%*'470&/ª0<(4'70&'(ª49'56(#.'070&0#%*$#4 )'$+'6' (GUVUEJTKHV \WT (GKGT FGU L·JTKIGP $GUVGJGPU FGU 8GTGKPU /KPFGP   5  6HP   1TKI$TQUEJWT4ÒEMGPWPFQDGTG'EMGDGUEJ·FKIV





31


$+1)4#2*+'070&('565%*4+(6'0/101)4#2*+'0 

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/KV $GKVT·IGP XQP 2 $'4)*#75 ('.+%+6#5 5#'%8.+ KP +PFKGP  WPF * /#7— #PVKMGPTG\GRVKQP QFGT 'THKP   FWPIFGTKVCNKGPKUEJGP4GPCKUUCPEEG!&KG/GFCKNNGFGU/CVVJGU)GDGNCWHFGP6QFFGU)GQTI2NQGFCWUFGO,CJTG 



& #*4'05 *TUI  (GUVUEJTKHV /CZ 9GIPGT \WO  )GDWTUVCI /ÒPUVGT   5  6HP   .GKPGP



/KVGKPGO$GKVTCIXQP2$'4)*#75<WFGP/ÒP\DKNFPKUUGPFGT,CJTG



9'56'4/#4-7(NQTKNGIKWO0WOKUOCVKEWO5VWFKCKPJQPQTGO79GUVGTOCTMGFKVC5VQEMJQNO :85.GKPGP





9*''.'4/&*+../,'5510 *TUI 6JG+TQP#IGCPFKVU*KNN(QTVU5QWVJCORVQP :++56HP.GKPGP





9+5—*0 + 0WNNC FKGU UKPG NKPGC (GUVUMTKHV VKNN +CP 9KU¾JP 0WOKUOCVKUMC /GFFGNCPFGP  5VQEM   JQNO5.GKPGP





<1')# )   ¦ #0&4'#5'0 )GQTI <QGIC $TKGHG WPF &QMWOGPVG /WPMUICCTF   ::5ITÌ­VGPVGKNUPKEJVCWHIGUEJPKVVGP1TKI$TQUEJWT(CTDKIGU(TQPVKURK\





-1081.76 $+1)4#2*+'0 810 07/+5/#6+-'40 5#//.'40 70& )'.'*46'0   =,JFV? 5EJTKHVGPWCÒDGT,5$CEJ,%QTRWVKWU4%QVVQP*,FG&QORKGTTGFG%JCWHG RK¾,*'IIGNKPI,)TQNKGT,*WVVKEJ,&-ÌJNGT04QEMQZ15RGTNKPI0#8QKIV  





-1081.76 -NGKPUEJTKHVGP GKPKIG (GUVUEJTKHVGP $KQITCRJKGP 5EJTKHVGPXGT\GKEJPKUUG XQP )GNGJTVGP   WPF5COONGTP OGKUV,CJTJWPFGTV   





-QPXQNWVXQP$KQITCRJKGPXQP0WOKUOCVKMGTP(QTUEJGTP5COONGTPFGU,CJTJWPFGTVU  





9-#+5'4#8¤.-'4,QJCPP*GKPTKEJ5EJWN\G51TKI$TQUEJWT *TUI ,QJCPP*GKP TKEJ 5EJWN\G   WPF UGKPG <GKV (GTPGT XKGT YGKVGTG 2WDNKMCVKQPGP \WT 7PKXGTUKV·V *CNNG WPF   KJTGP)GNGJTVGP  



/101)4#2*+'0 #..)'/'+0'07/+5/#6+- 

#%6# 8+5$;'05+#  -WNVWT WPF 2QNKVKM KO 1UVUGGTCWO WPF KO 0QTFGP  8KUD[     5 1TKI$TQUEJWT  5QEKGV[ CPF VTCFG KP VJG $CNVKE FWTKPI VJG 8KMKPI #IG 8KUD[   5   -CTVQPKGTV  





#)4+%1.# ) )GQTIKWU #ITKEQNC 5EJTKHVGP ÒDGT /C­G WPF )GYKEJVG /GVTQNQIKG  ªDGTUGV\V XQP   )(4#756#&699'$'4$GTNKP8+++5.GKPGPCW­GPGVYCUCPIGUEJOWV\V





$'4)*#75 2 *TUI  0WOKUOCVKUEJG .KVGTCVWT  &KG 'PVYKEMNWPI FGT /GVJQFGP GKPGT   9KUUGPUEJCHV 9QNHGPDÒVVGNGT (QTUEJWPIGP  9KGUDCFGP   5 OKV \CJNTGKEJGP #DD -CTVQ   PKGTV



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*CPFDWEJ\WT/ÒP\MWPFGFGTTÌOKUEJGP-CKUGT\GKV$·PFG*CNNGCPFGT5CCNG55 6HP.GKPGPGVYCUDGUVQ­GP  





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39


#06+-'4¤/'4 

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%4#9(14& /* 4QOCP 4GRWDNKECP %QKPCIG  $·PFG %CODTKFIG WC  :+8  5 :+   56HP.GKPGP  





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40


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41


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44

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/WPVGPFG /KPKUVGTKCNGP KP 1XGT5VKEJV GP *QNNCPF IGFWTGPFG FG G GP G GGWY #OUVGTFCO    51TKI$TQUEJWT





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49


0'7<'+6&'765%*.#0& 

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/KVVGNCNVGTOÒP\GP #WUIGY·JNVG 5EJTKHVGP  .GKR\KI  (TQPVKURK\ ::+  5  6HP   DGKIGNGIVWPF\CJNTGKEJG#DD.GKPGP





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$GUKV\UVGORGN,WNKWU$CJNMG$GTNKP55VCNNUEJTGKDGT5VT



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&KGUGNVGPGWPFJGWVGPQEJITWPFNGIGPFG&KUUGTVCVKQPXQP2GVGT$GTIJCWU







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/ÒP\HWPFG KO -TGKUG *CNNG 9GUVHCNGP  +P  ,CJTG -TGKUURCTMCUUG \W *CNNG KP 9GUVHCNGP  5   6HN/ÒP\RT·IWPIWPF)GNFWONCWHKO)GDKGVFGU-TGKUGU$ÒTGP(CNVDNCVV-4'+552#4-#55' $ª4'0&CU)GNFYGUGPKO-TGKUG$ÒTGPKPCNVGT<GKV56HN+P,CJTG-TGKUURCTMCUUG$ÒTGP K9$ÒTGP56HP1TKI$TQUEJWT  



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/ÒP\RT·IWPI WPF /ÒP\WONCWH KO 8GUV 4GEMNKPIJCWUGP +P  ,CJTG 5VCFV 4GEMNKPIJCWUGP   4GEMNKPIJCWUGP55.GKPGP





$'40*#46 / &KG /ÒP\GP WPF /GFCKNNGP FGT 5VCFV -CWHDGWTGP PGDUV GKPGT OÒP\IGUEJKEJVNKEJGP   'KPNGKVWPI*CNNGCPFGT5CCNG56HP.GKPGP





&KG/ÒP\GPFGT4GKEJUUVCFV-GORVGP*CNNGCPFGT5CCNG56HP$TQUEJKGTV





&KG/ÒP\GPFGT4GKEJUUVCFV-GORVGP*CNNGCPFGT5CCNG56HP$TQUEJKGTV





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$7%-*&CU)GNFWPF/ÒP\YGUGPFGT5V·FVGKPFGP.CPFGP*CPPQXGTWPF$TCWPUEJYGKI(TCPM HWTVCO/CKP5*CND-WPUVNGFGT





$7%-*$#*4('.&6/XQP&KG/ÒP\GPFGT5VCFV*KNFGUJGKO&KG/ÒP\GPFGU$KUVWOUWPF FGT5VCFV*KNFGUJGKO*KNFGUJGKOWPF.GKR\KI:+56HP.GKPGP6HPWPF6GZVCO 4CPFOKVNGKEJVGO9CUUGTTCPF





&KG/ÒP\GPFGT5VCFV*KNFGUJGKO56HP*KNFGUJGKO1TKI$TQUEJWT$KPFWPINQUG





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



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5VWFKGP\WT/ÒP\MWPFGFGU/KVVGNCNVGTU  .GKR\KI(TQPVKURK\:::+:56HP .GKPGP

 51


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&#8'02146,5)GTOCPEJWTEJCPFEKV[6CNGTU#WHN)CNGUDWTI8+++5 .GKPGP





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)GTOCP6CNGTU(TCPMHWTVCO/CKP5-CTVQPKGTV





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52


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.+22'+*.*&KG/ÒP\RT·IWPIFGT'FGNJGTTP\WT.KRRG/ÒP\UV·VVG.GOIQ.GOIQ5  6HP Z   &KG /ÒP\RT·IWPI FGT 'FGNJGTTP \WT .KRRG /ÒP\UV·VVG *QTP .GOIQ   5    6HP  &KG 6CNGT FGT )TCHGP WPF (ÒTUVGP \W .KRRG .GOIQ   5 &C\W 5COONWPI 2CWN   9GYGNGT .KRRKC KP PWOOKU .KRRG5EJCWODWTI.KRRG #WMVKQP .GW     5 '.   2+.+5%*-NGKPG.KRRKUEJG/ÒP\IGUEJKEJVG&GVOQNF5,$4+0-5)TCHWPF)T·HKP\WT .KRRG &KG NKRRKUEJGP 4GIGPVGP WPF KJTG #PIGJÌTKIGP KP FGT )TWHV WPVGT FGT -NQUVGTMKTEJG $NQODGTI   $NQODGTI52810/#)075&KG5VKHVUQTFGPXQP(KUEJDGEMWPF1DGTPMKTEJGP5&CWU FGP5EJCWODWTI.KRRKUEJGP/KVVGKNWPIGP  5/GKUV1TKI$TQUEJWT  





.+5%*(/#5%*/-&GT5KNDGTHWPFXQP5EJYCP5EJYGTKP56HN6KVGNUGKVGGVYCU UVQEMHNGEMKI9CUUGTHNGEMKPFGTWPVGTGP'EMGFGT6CHGN-CTVQPKGTV





.¤0+0))#&CU/ÒP\TGEJVKO'T\DKUVWO$TGOGP3WGNNGPWPF5VWFKGP\WT8GTHCUUWPIUIGUEJKEJVG FGU&GWVUEJGP4GKEJGUKP/KVVGNCNVGTWPF0GW\GKV9GKOCT5.GKPGP





/#00 , #PJCNVKUEJG /ÒP\GP WPF /GFCKNNGP XQO 'PFG FGU :8 ,CJTJWPFGTVU DKU  *CPPQXGT   50CEJVTCI$GTNKP56HP+PGKPGO$CPFKP.GKPGPIGDWPFGPGTUVG6KVGN UGKVGCO+PPGPTCPFGKPIGTKUUGP$NGKUVKHVPQVK\



/'*. / &KG /ÒP\GP FGU $KUVWOU *KNFGUJGKO 6GKN  8QO $GIKPP FGT 2T·IWPI DKU \WO ,CJTG    3WGNNGP WPF &QMWOGPVCVKQPGP \WT 5VCFVIGUEJKEJVG *KNFGUJGKOU  *KNFGUJGKO  :  5   6HP-CTVQPKGTV



&KG /ÒP\GP FGT )TCHGP XQP $CTD[ WPF /ÒJNKPIGP *CODWTI   56HP-CTVQPKGTV&C\W 9 $7%**1.< WC <WT )GUEJKEJVG FGT /ÒP\UV·VVG $CTD[/ÒJNKPIGP /CIFGDWTI   5   )GJGHVGV  



&KG /ÒP\GP FGU $KUVWOU *KNFGUJGKO 6GKN  &GT 2T·IG\GKVTCWO  DKU  3WGNNGP WPF &QMW   OGPVCVKQPGP \WT 5VCFVIGUEJKEJVG *KNFGUJGKOU   $·PFG *CODWTI  :  5 8+++  5   -CTVQPKGTV  



/GKGT1&GT$TCMVGCVGPHWPFXQP$QMGNDGK$GXGTP'KP$GKVTCI\WT'THQTUEJWPIFGTOKVVGNCNVGTNKEJGP DGUQPFGTUFGTPKGFGTU·EJUKUEJGP/ÒP\FGPMOCNGCWUFGT<GKVXQPGVYCDKU+P*CPPQXGTUEJG )GUEJKEJVUDN·VVGT8GTÌHHGPVNKEJWPIGPCWUFGO5VCFVCTEJKXGFGT5VCFVDKDNKQVJGM=?0(*CP PQXGT5OKV\CJNTGKEJGP#DD1TKI$TQUEJWT4ÒEMGPGVYCUDGUEJ·FKIV



&GT$TCMVGCVGPHWPFXQP$QMGNDGK$GXGTP'KP$GKVTCI\WT'THQTUEJWPIFGTOKVVGNCNVGTNKEJGPDGUQPFGTU FGT PKGFGTU·EJUKUEJGP /ÒP\FGPMOCNG CWU FGT <GKV XQP GVYC  DKU  +P *CPPQXGTUEJG )G   UEJKEJVUDN·VVGT8GTÌHHGPVNKEJWPIGPCWUFGO5VCFVCTEJKXGFGT5VCFVDKDNKQVJGM=?0(*CPPQXGT 5OKV\CJNTGKEJGP#DD1TKI$TQUEJWT4ÒEMGPGVYCUDGUEJ·FKIV



/'0#&+'4,&KG/ÒP\GPFGT)TCHUEJCHV/CTM-QRKGCWU&KG)TCHUEJCHV/CTM(GUVUEJTKHV\WO )GF·EJVPKU FGT L·JTKIGP 8GTGKPKIWPI OKV $TCPFGPDWTI2TGW­GP $CPF  &QTVOWPF  5     &TCJVJGHVWPI$2'75#WMVKQPFCTWPVGT 5NI'TPUV.GLGWPG4#.6*1((&KGOKVVGNCN VGTNKEJGP/ÒP\GPFGT*GTTUEJCHV&KPUNCMGP&WKUDWTI59.'*0'/#00/QPGVC/CT ECPC(CNVDNCVVFGU/WUGWOUFGT5VCFV.ÒPGP.ÒPGP/GKUV1TKI$TQUEJWT  



/'45+195-;/&KG#PH·PIGVGTTKVQTKCNGT4GEJPWPIUNGIWPIKOFGWVUEJGP0QTFYGUVGP5R·VOKVVGN CNVGTNKEJG 4GEJPWPIGP 8GTYCNVWPIURTCZKU *QH WPF 6GTTKVQTKWO 4GUKFGP\GPHQTUEJWPI  5VWVVICTV   5.GKPGP



/'46'05 ' /ÒP\WPF )GNFIGUEJKEJVG FGT 5VCFV 0QTVJGKO /ÒP\UVWFKGP  *CNNG   5   6HP*CNDNGFGT

























56


0'7<'+6&'765%*.#0& 

/'6< 4 )GNF 9·JTWPI WPF 2TGKUGPVYKEMNWPI &GT 0KGFGTTJGKPTCWO KO GWTQR·KUEJGP 8GTINGKEJ    5EJTKHVGPTGKJG FGU +PUVKVWVU HÒT DCPMJKUVQTKUEJG (QTUEJWPI G8  (TCPMHWTV CO /CKP   :::8++51TKI$TQUEJWT5EJWV\WOUEJNCINGKEJVGKPIGTKUUGP





/ª..'4,*&GWVUEJG/ÒP\IGUEJKEJVG$CPF&GWVUEJG/ÒP\IGUEJKEJVGDKU\WFGT1VVQPGP\GKV .GKR\KI5*CNDNGKPGPGVYCUUVQEMHNGEMKI





/ª.8'456'&6 )# XQP /CIFGDWTIKUEJGU /ÒP\%CDKPGV FGU PGWGTP <GKVCNVGTU GPVJCNVGPF FCU   8GT\GKEJPK­CNNGTUQYQJNXQPFGO'T\UVKHVWPF*GT\QIVJWOCNUCWEJXQPWPFKPFGT5VCFV/CIFGDWTI XQPCDDKU\WT)GIGPYCTVCWUIGICPIGPGP/ÒP\GPWPF/GFCKNNGP/CIFGDWTI5*CND NGKPGP



/ª056'4 56#&6/75'7/ /ª056'4 /ÒPUVGT   ,CJTG )GUEJKEJVG FGT 5VCFV   /ÒPUVGT   5  &GT 9GUVH·NKUEJG (TKGFGP &KG (TKGFGPUHTGWFG CWH /ÒP\GP WPF /GFCKNNGP   8QNNUV·PFKI DGUEJTGKDGPFGT -CVCNQI /ÒPUVGT   5  &GT 9GUVH·NKUEJG (TKGFGP -TKGI WPF   (TKGFGP/ÒPUVGT5&KG9KGFGTV·WHGTKP/ÒPUVGT/ÒP\GPWPF/GFCKNNGPCWHFKG9KG FGTV·WHGTKP/ÒPUVGT#WHN/ÒPUVGT5/ÒPUVGTKUEJG/ÒP\GPWPF/GFCKNNGP/ÒPUVGT   5  5V 2CWNWU 2CVTQPXQP/ÒPUVGT/ÒPUVGT5-CTQNWU/CIPWU-CTNFGT )TQ­G WPF FKG OÒPUVGTKUEJG -CTNUVTCFKVKQP /ÒPUVGT   5 2 +.+5%* &KG OKVVGNCNVGTNKEJG   /ÒP\RT·IWPI FGT $KUEJÌHG XQP /ÒPUVGT 0WOKUOCVKUEJG 5EJTKHVGP FGU 9GUVH·NKUEJGP .CPFGUOWUGWOU   HÒT -WPUV WPF -WNVWTIGUEJKEJVG /ÒPUVGT/ÒPUVGT5*9'+04+%*&KG-WRHGTOÒP\ RT·IWPI FGU &QOMCRKVGNU \W /ÒPUVGT )GUEJKEJVNKEJG #TDGKVGP \WT YGUVH·NKUEJGP .CPFGUHQTUEJWPI    /ÒPUVGT   5  6HP ) &'6*.'(5 &KG 5VGTDGOÒP\GP FGU (ÒTUVDKUEJQHU %JTKUVQRJ   $GTPJCTF XQP )CNGP  $GKNCIG \W #TEJKXRHNGIG KP 9GUVHCNGP WPF .KRRG 0T      Z-CTVQPKGTVUQPUVOGKUVIGJGHVGV  





/ª5'.'4-$GTIDCWIGRT·IG&CTIGUVGNNVCWH)TWPFFGT5COONWPIFGT2TGWUUCI#MVKGPIGUGNNUEJCHV $·PFG*CPPQXGT1JPG2CIKPKGTWPI.GKPGPKP5EJWDGT  





/75'7/(ª4*#/$74)+5%*')'5%*+%*6' *TUI )GUEJKEJVGKP)QNF#WUUVGNNWPIGKPGT *CODWTIGT2TKXCVUCOONWPI*CODWTI5-CTVQPKGTV





0#7'/ÒP\GPFGT5VCWHGT\GKV+P&KG<GKVFGT5VCWHGT)GUEJKEJVG-WPUV-WNVWT$·PFG5VWVV ICTV  5  6HP :::++  5  #DD  5 9 -ª*0 &KG $TCMVGCVGP FGT   5VCWHGT\GKV +P <WT 9KTVUEJCHVU WPF 5Q\KCNIGUEJKEJVGKPFGT5VCWHGT\GKV5EJTKHVGP\WTUVCWHKUEJGP)G UEJKEJVGWPF-WPUV)ÌRRKPIGP55)567/2(&GT-TGW\\WI-CKUGT$CTDCTQU UCU/ÒP\UEJ·V\GUGKPGT<GKV/ÒPEJGP51TKI$TQUEJWT  





0'7/#00'$TCPFGPDWTIRTGW­KUEJG/ÒP\RT·IWPIGPWPVGTFGT*GTTUEJCHVFGT*QJGP\QNNGTP $·PFG-ÌNP55LGYGKNUOKV\CJNTGKEJGP#DD-CTVQPKGTV  





0+%-.+5 *9 )GNFIGUEJKEJVNKEJG 2TQDNGOG FGU  WPF  ,CJTJWPFGTVU KO 5RKGIGN \GKVIGPÌUUK   EJGT)GUEJKEJVUUEJTGKDWPI0WOKUOCVKUEJG5VWFKGP$·PFG*CODWTI551TKI $TQUEJWT





0155#&KG/ÒP\GPFGT'T\DKUEJÌHGXQP%ÌNP&KG/ÒP\GPWPF/GFCKNNGPXQP%ÌNP -ÌNP:8+++56HP1TKI.GKPGP





&KG/ÒP\GPXQP6TKGT6GKN$GUEJTGKDWPIFGT/ÒP\GP2WDNKMCVKQPGPFGT)GUGNNUEJCHV HÒT4JGKPKUEJG)GUEJKEJVUMWPFG$QPP:::56HP/QFGTPGU.GKPGP





&KG/ÒP\GPFGT'T\DKUEJÌHGXQP-ÌNP&KG/ÒP\GPWPF/GFCKNNGPXQP-ÌNP-ÌNP :856HP.GKPGP'KPDCPFGVYCUDGUEJOWV\V





&KG/ÒP\GPFGT5V·FVG-ÌNPWPF0GWUU&KG/ÒP\GPWPF/GFCKNNGPXQP-ÌNP-ÌNP :+++56HP.GKPGP'KPDCPFGVYCUDGUEJOWV\VWPFDGUVQ­GP





&KG/ÒP\GPXQP,ÒNKEJ/ÌTUWPF#NRGP/ÒPEJGP:+856HP*CNDNGKPGP



&KG /ÒP\GP XQP $GTI WPF ,ÒNKEJ$GTI  $·PFG /ÒPEJGP  :8  5  6HP :8  5   6HP.GKPGPNGKEJVCPIGUEJOWV\VDGK$CPF9WTOHTC­WPVGPKPPGPCPFGPGTUVGPWPFNGV\VGP5  





&KG/ÒP\GPFGT)TCHGPWPF*GT\ÌIGXQP-NGXG/ÒPEJGP:856HP.GKPGP



1.&'0$74)*-#.8'.#)'*64+22.'4/ÒP\GPFGT)TCHGP*GT\ÌIGWPF)TQ­JGT\ÌIGXQP 1NFGPDWTI1UPCDTÒEM5.GKPGP*$'0&+)&CUQNFGPDWTIKUEJG/ÒP\YGUGP\WT<GKVFGU )TCHGP#PVQP)ÒPVJGT/ÒPUVGT56HP1.&'0$74)'4/ª0<(4'70&'(GUVUEJTKHV \WO L·JTKIGP $GUVGJGP FGU 8GTGKPU 1NFGPDWTIGT /ÒP\HTGWPFG  1NFGPDWTI   5    1NFGPDWTI/ÒP\GP/GFCKNNGP0QVIGNF1TFGP1NFGPDWTI51TKI$TQUEJWT  



 



/KV9KFOWPIFGU8GTHCUUGTU

57


0'7<'+6&'765%*.#0& 





1.&+0)/&KG/ÒP\GP(TKGFTKEJUFGU)TQ­GP-CVCNQIFGTRTGW­KUEJGP/ÒP\GP1UPC DTÒEM   5 # 9';. &KG 2CWN *GPEMGNUEJG 5COONWPI $TCPFGPDWTIRTGW­KUEJGT /ÒP\GP   WPF/GFCKNNGP0CEJFTWEM$GTNKP5.$¤40'4(TKGFTKEJ++WPFFKG/GFCKNNGPMWPUV+P (TKGFTKEJ++WPFFKG-WPUV#WUUVGNNWPI\WO6QFGUVCI$·PFG2QVUFCO55 5  #4$'+65-4'+5 $4#0&'0$74)24'755'0 $GKVT·IG \WT $TCPFGPDWTIKUEJ2TGW­K   UEJGP0WOKUOCVKM0WOKUOCVKUEJGU*GHV5Z.GKPGPUQPUV1TKI$TQUEJWT  



2'64;-/QPGV·TG'PVYKEMNWPI*CPFGNUKPVGPUKV·VWPFYKTVUEJCHVNKEJG$G\KGJWPIGPFGUQDGTNQVJTKP IKUEJGP4CWOGUXQO#PHCPIFGUDKU\WT/KVVGFGU,CJTJWPFGTVU6TKGTGT2GVGTO·PPEJGP9KUUGP UEJCHVNKEJG4GKJG6TKGT:5-CTVGP.GKPGP&GT/ÒP\UEJCV\XQP4GOCIGP-TGKU #JTYGKNGT'KP$GKVTCI\WOKVVGNTJGKPKUEJGP9·JTWPIUUVTWMVWTGPWPF\WT/ÒP\IGUEJKEJVG4GOCIGPUKO ,CJTJWPFGTV5&CWU**9')0'4 *TUI $GTKEJVG\WT#TEJ·QNQIKGCP/KVVGNTJGKPWPF/QUGN 6TKGT51TKI$TQUEJWT  



2+%- $$7%*'0#7 * &GT $TCMVGCVGPHWPF XQP )QVJC   /ÒPEJGP  8+++  5   6HP*CNDNGKPGP4ÒEMGPVGKNYGKUGNQUG



*CPFUEJTKHVNKEJGT$GUKV\XGTOGTMKO8QTUCV\



241-+5%* $ WC 4GRGTVQTKWO \WT 0GW\GKVNKEJGP /ÒP\RT·IWPI 'WTQRCU ++ *GKNKIGU 4ÌOKUEJGU   4GKEJ &GWVUEJGT 0CVKQP WPF 0CEJHQNIGUVCCVGP &GT $C[GTKUEJG 4GKEJUMTGKU 8GTÌHHGPVNKEJWPIGP FGU   +PUVKVWVGUHÒT0WOKUOCVKM9KGP9KGP5\CJNTGKEJG#DD.GKPGP





4'+5614((%&GT+UGPDGTIGT/ÒP\HWPF*CNNG56HP*CNDNGKPGP





4'+6< * 9GNHKUEJG $TCMVGCVGP 2HGPPKIRT·IWPIGP PCEJ NÒDKUEJGO /ÒP\HW­ CWU FGT <GKV *GKPTKEJU   FGU.ÌYGPWPFUGKPGT5ÌJPG-NGKPG*GHVGFGT/ÒP\UCOONWPICPFGT4WJT7PKXGTUKV·V$QEJWO $QEJWO  # WPF ' $#%*/#00 $GXGTP DGK $TGOGTXÌTFG $TGOGTXÌTFG  9 -ª*0   &KG $TCMVGCVGP *GKPTKEJ FGU .ÌYGP  <GWIPKUUG CWU OKVVGNCNVGTNKEJGT -WNVWT WPF 9KTVUEJCHV   KO4CWOWO$TCWPUEJYGKIWPF.ÒPGDWTI/KPFGP=YGKVGTG-NGKPUEJTKHV?1TKI$TQUEJWT  





4+66/#00 * &GWVUEJG )GNFIGUEJKEJVG UGKV  /ÒPEJGP   5 .GKPGP OKV 5EJWV\WO   UEJNCI





5#%*5'0 ' 4#*0'0(ª*4'4 &KG -WTU·EJUKUEJGP -KRRGTOÒP\GP 8GTÌHHGPVNKEJWPIGP FGU .CP   FGUOWUGWOU HÒT 8QTIGUEJKEJVG &TGUFGP  $GTNKP   5  6HP ) -47) &KG OGK­PKUEJ   U·EJUKUEJGP )TQUEJGP  8GTÌHHGPVNKEJWPIGP FGU .CPFGUOWUGWO HÒT 8QTIGUEJKEJVG &TGUFGP   56HP205%*7.6'0#WMVKQP5COONWPI&T)-TWI5·EJUKUEJG/ÒP\GP(TCPM HWTV   5 WPF '. 9 *#726 5·EJUKUEJG /ÒP\MWPFG #TDGKVUWPF(QTUEJWPIUDGTKEJVG\WT 5·EJUKUEJGP$QFGPFGPMOCNRHNGIG$·PFG$GTNKP56HP27#401.& *TUI  /ÒP\UV·VVGPDGUKEJVKIWPIGPFGTU·EJUKUEJGP/ÒP\WPF*ÒVVGPOGKUVGT)WUVCX,WNKWU$WUEJKEMWPF6JGQ FQT %JQWNCPV 0WOKUOCVKUEJG 5VWFKGP  *CODWTI   5  6HP <5%*+'5%*'  -¤&'4   5COONWPI1VVQ/GTUGDWTIGTWOHCUUGPF/ÒP\GPWPF/GFCKNNGPXQP5CEJUGP#NDGTVKPKUEJGWPF'TPUVK PKUEJG.KPKG0CEJFTWEM$GTNKP8++507/+5/#6+5%*'48'4'+0&4'5&'0&TGU FGPGT0WOKUOCVKUEJG*GHVG  5Z.GKPGPUQPUVOGKUV1TKI$TQUEJWT  





5#./1 * &GWVUEJG /ÒP\GP KP 8QTIGUEJKEJVNKEJGP (WPFGP (KPPNCPFU 5WQOGP /WKPCKUOWKUVQ[JFK   UV[MUGP#KMCMCWUMKTLC*GNUKPKMK56HP1TKI$TQUEJWT





5#74/#,'.65%**(TGKJGTTXQP5EJNGUKUEJG/ÒP\GPWPF/GFCKNNGP$TGUNCW++ 5  6HP *CNDNGKPGP <CJNTGKEJG JCPFUEJTKHVNKEJG /CTIKPCNKGP KO 6GZV WPF CWH FGP 6CHGNP 6HP    TGRCTKGTV





5%*.')'. # &KG MWTOCKP\KUEJG /ÒP\UV·VVG *ÌEJUV  DKU  (TCPMHWTV CO /CKP    5.GKPGP





5%*0'+&'4 -(140'%- )/ )GNF KO 9GUVGTYCNF /ÒP\RT·IWPI WPF )GNFWONCWH *CEJGP   DWTI51TKI$TQUEJWT0-.ª55'0&14(&GT/ÒP\UEJCV\XQP*GTDQTP\WT-KRRGT\GKV KPFGT)TCHUEJCHV0CUUCW&KNNGPDWTI7PVGTUWEJWPIGPWPF/CVGTKCNKGP\WT8GTHCUUWPIUWPF.CPFGUIG UEJKEJVG  /CTDWTI   5  6HP &C\W  -NGKPUEJTKHVGP ÒDGTYKGIGPF \WT /ÒP\MWPFG FGU   RH·N\KUEJGP4CWOGU 5RG[GT9GKNDWTI2JKNKRRUDWTI*GKFGNDGTI 7PVGTUEJKGFKEJIGDWPFGP  



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





&GTPWOKUOCVKUEJG6GKNFGU$CPFGUYWTFGXQP2GVGT$GTIJCWUXGTHC­V'TGPVJ·NVWPVGTCPFGTGOGKP8GT\GKEJPKUXQP -TQPGPFCTUVGNNWPIGPFCUDGKFGT+FGPVKHK\KGTWPIUEJNGEJVCWUIGRT·IVGTWPFGTJCNVGPGTYKMKPIGT\GKVNKEJGT/ÒP\GPUGJT JKNHTGKEJKUV



58

5%*4¤66'4 ( (TGKJGTT XQP &CU 2TGW­KUEJG /ÒP\YGUGP KO  ,CJTJWPFGTV $GUEJTGKDGPFGT   6JGKN *GHV  &KG/ÒP\GPCWUFGT<GKVFGT-ÌPKIG(TKGFTKEJ+WPF(TKGFTKEJ9KNJGNO+0CEJFTWEM $KGNGHGNF  FGT #WUICDG $GTNKP  8+++  5  6HP .GKPGP / 1.&+0) &KG /ÒP\GP   (TKGFTKEJU FGU )TQ­GP -CVCNQI FGT RTGW­KUEJGP /ÒP\GP XQP  1UPCDTÒEM  .GKPGP   DGKNKGIGPF0CEJVT·IGWPF$GTKEJVKIWPIGP  




0'7<'+6&'765%*.#0& 

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





#WHU·V\G \WT FGWVUEJGP /ÒP\ WPF )GNFIGUEJKEJVG FGU  DKU  ,CJTJWPFGTVU #WUYCJN WPF 'KPNGK   VWPIXQP$GTPF-NWIG.GKR\KI::+++5.GKPGP





5%*7.6'020&KG/ÒP\GPFGT)TCHGPXQP*QJPUVGKPXQPFGPGTUVGP#PH·PIGPKO/KVVGNCNVGTDKU \WO#WUUVGTDGPFGUIT·HNKEJGP*CWUGU1UPCDTÒEM51TKI$TQUEJWT





5%*9'&'#&CU/ÒP\YGUGPKO*QEJUVKHV2CFGTDQTP5VWFKGPWPF3WGNNGP\WTYGUVH· NKUEJGP)GUEJKEJVG8GTÌHHGPVNKEJWPIGPFGT*KUVQTKUEJGP-QOOKUUKQPHÒT9GUVHCNGP2CFGTDQTP :+++5OKV\CJNTGKEJGP#DD-CTVQPKGTV



5%*9+0-195-+9&KG4GKEJUOÒP\TGHQTODGUVTGDWPIGPKPFGP,CJTGPWPFFGT8GTVTCI \W<KPPC/KVDGUQPFGTGT$GTÒEMUKEJVKIWPIFGTQDGTU·EJUKUEJGP/ÒP\WPF)GNFIGUEJKEJVG5VWVV ICTV51TKI$TQUEJWT



5116*',%XQP#WUGTNGUGPGUWPFJÌEJUVCPUGJPNKEJGU&WECVGPECDKPGV0GWFTWEM$QPPFGT #WUICDG*CODWTI:+5*CNDNGFGT4ÒEMGPDGUVQ­GP







/KV9KFOWPIXQP&T*/G[GTCP&T$WEJGPCW





52476* ( &KG 1DGTJCT\GT #WUDGWVGVCNGT XQP $TCWPUEJYGKI.ÒPGDWTI $QEJWO   5   -CTVG.GKPGP**XQP5%166+#WUDGWVGVCNGTWPF/GFCKNNGPFGU*CT\GT$GTIDCWU$GKURKGNGHÒT FKG 2T·IGMWPUV HTÒJGTGT <GKV )QUNCT   5 * $7415' WC &KG <GNNGTHGNFGT /ÒP\G 8KGT   $GKVT·IG \WT )GUEJKEJVG FGT CNVGP /ÒP\UV·VVG %NCWUVJCN<GNNGTHGNF   5 Z .GKPGP Z 1TKI   $TQUEJWT  



56')79'+69)GUEJKEJVGFGT/ÒP\UV·VVG)QVJCXQODKU\WO,CJTJWPFGTV9GKOCT 5.GKPGP



/KV9KFOWPIFGU8GTHCUUGTU





5<%<74'- 6 5MCTD OQPGV \ :8 K :8+ YKGMW \ TQYW MQlQ O[pNKDQT\C 11    2 $'4)*#75 &GT /ÒP\UEJCV\ XQP 3WGTGPDWTI KP FGT $QEJWOGT 7PKXGTUKV·V -NGKPG *GHVG FGT   /ÒP\UCOONWPICPFGT4WJT7PKXGTUKV·V$QEJWO$QEJWO,*#/#00&GT&QDGTCPGT /ÒP\HWPF XQP  $CF &QDGTCP  $ -.7)') 9'6<'. /ÒP\UEJCV\HWPFG KO   $G\KTMUOWUGWO%QVVDWU%QVVDWU=/KV9KFOWPI-NWIGU?*,-'..0'4'KP/ÒP\UEJCV\FGU  ,CJTJWPFGTVU CWU 5EJQPICW /ÒPEJGP  & 5%*/76< &GT /ÒP\UEJCV\HWPF XQO   5EJGNNGPDGTIGT 9CNF XGTITCDGP PCEJ  5& CWU FGO ,CJTDWEJ FGU *KUVQTKUEJGP 8GTGKPU HÒT FCU   (ÒTUVGPVWO.KGEJVGPUVGKP  .KGEJVGPUVGKP=YGKVGTG-NGKPUEJTKHVGP?1TKI$TQUEJWT  



6'06<'. 9'5CZQPKC 0WOKUOCVKEC#NDGTVKPKUEJG.KPKG$·PFG0&$GTNKPFGT#WUICDG &TGUFGP (TCPMHWTV )QVJC   5GKVGP  6HP 9 56ª4/'4 8GT\GKEJPKU WPF )GRT·IG FGT   ITQDGPWPFMNGKPGTGP/ÒP\UQTVGPYGNEJGFKG-WTHÒTUVGP(ÒTUVGPWPF5V·PFGFGU1DGTGP5·EJUKUEJGP -TGKUGU XGTOÌIG FGU *GKNKIGP 4GKEJGU /ÒP\QTFPWPI CWH FGP -TGKU WPF 2TQDCVKQPUVCIGP XGTINKEJGP   JCDGP0&$GTNKPFGT#WUICDG.GKR\KI/(,/ª..'4-NGKPGXGTOKUEJVG$GKVT·IG\WT -GPPVPK­ FGT 5EJKEMUCNG GKPJGKOKUEJGT WPF HTGOFGT /ÒP\GP KO *GT\QIVWO .WZGODWTI WPF KP FGT   )TCHUEJCHV%JKPIKO/KVVGNCNVGTWPFKPFGTPGWGTGP<GKV(CMUKOKNGFTWEM.WZGODWTIFGT#WUICDG 6TKGT,,$1*.#DDKNFWPIGPFGTVTKGTKUEJGP/ÒP\GP0&.WZGODWTIFGT#WUICDG*CP PQXGT  %, )¤6< &GWVUEJNCPFU -C[UGT/ÒP\GP FGU /KVVGN#NVGTU 0& .GKR\KI  FGT #WU   ICDG&TGUFGP%9'4/76*5RGEKHKECVKQFGTGT/GFCKNNGPQFGT5EJCW5VÒEMG=?0&.GKR\KI  FGT #WUICDG )QVJC  .GKPGP OKV 5EJWV\WOUEJNCI Z  .GKPGP Z  1TKI$TQUEJWT  

Z   





6*14/#00 * &KG CPJCNVKUEJGP /ÒP\GP FGU /KVVGNCNVGTU /ÒPUVGT   5 \CJNTGKEJG -QP   MQTFCP\VCDGNNGP6HP.GKPGP





9'+0)460'4,&KG)QNFWPF5KNDGT/ÒP\GPFGU$KUVJWOU2CFGTDQTPPGDUVJKUVQTKUEJGP0CEJ TKEJVGP 0CEJVT·IG \W FGP /ÒP\GP FGT 'FNGP XQP $ÒTGP WPF FGT #DVGK *GNOGTUJCWUGP 0CEJFTWEM   *CODWTI   5  &KG )QNF WPF 5KNDGT/ÒP\GP FGT #DVGK %QTXG[ PGDUV JKUVQTKUEJGP 0CEJ   TKEJVGP0CEJFTWEM*CODWTI56HP$GUEJTGKDWPIFGT-WRHGT/ÒP\GPPGDUVJKUVQTK UEJGP 0CEJTKEJVGP  0CEJFTWEM *CODWTI  5  2 +.+5%* -NGKPG %QTXG[GT /ÒP\IG   UEJKEJVG2CFGTDQTP5/GKUV1TKI$TQUEJWT  



9'..0'4 4 &KG /ÒP\GP XQP 6TKGT 'TUVGT 6GKN 'TUVGT #DUEJPKVV $GUEJTGKDWPI FGT /ÒP\GP    ,CJTJWPFGTV 2WDNKMCVKQPGP FGT )GUGNNUEJCHV HÒT TJGKPKUEJG )GUEJKEJVUMWPFG  &ÒUUGNFQTH   56HP.GKPGP





59


0'7<'+6&'765%*.#0& 

9'.6'4)&KG/ÒP\GPFGT9GNHGPUGKV*GKPTKEJFGO.ÌYGP$·PFG$TCWPUEJYGKI :+5+:56HP8++5OKV\CJNTGKEJGP#DD.GKPGP  





&KG/ÒP\GPFGT9GNHGPUGKV*GKPTKEJFGO.ÌYGP$·PFG$TCWPUEJYGKI:+5+: 56HP8++5OKV\CJNTGKEJGP#DD-WPUVNGFGT  





9'56(#.+# 07/+5/#6+%# /ÒPUVGT /KPFGP/ÒPUVGT   5  6HP  5   51TKI$TQUEJWT  





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





9+'.#0&6 ( $CFKUEJG /ÒP\ WPF )GNFIGUEJKEJVG -CTNUTWJG   5  6HP .GKPGP    2QTVT·VUVWFKGP \WO 5VWPFGPDWEJ /CTMITCH %JTKUVQRJU + XQP $CFGP 5& CWU <GKVUEJTKHV HÒT FKG )G   UEJKEJVGFGU1DGTTJGKPU  5)GJGHVGV  





9+66'0$4+0- 5 )GNF /CTMGP WPF /GFCKNNGP XQP $GEMWO WPF 0GWDGEMWO 3WGNNGP WPF (QT   UEJWPIGP\WT)GUEJKEJVGFGU-TGKUGU9CTGPFQTH9CTGPFQTH5.GKPGP





-1081.76 &'765%*' 07/+5/#6+-   /QPQITCRJKGP W C XQP $ÒVVPGT5QDQVVC %KDKU   )KNNGU *CJP-GTPF N ,CGIGT .CWVGT /ÒUGNGT 0KEMNKU 2QJN XQP 5EJTÌVVGT 8GKV FCTWPVGT   ' $ %#*0 &KG /ÒP\GP FGU *QEJUVKHVU 'KEJUV·VV )TÒPYCNF  , 5 &#8'02146 )GTOCP   6CNGTU.QPFQP9(7%*5(TCPMHWTVGT4CTKV·VGP-ÌNP*,-'..0'4&KG /ÒP\GP FGT (TGKGP 4GKEJUUVCFV 0ÒTPDGTI )TÒPYCNF  9& /ª..'4,#*0-'(' 81.<   &KG/ÒP\GPWPF/GFCKNNGPFGTIT·HNKEJGP*·WUGT5C[P(TCPMHWTVCO/CKP5%*0'+&'4&CU /ÒP\YGUGP KP FGP )TCHUEJCHVGP 9KGF0GWYKGF WPF 9KGF4WPMGN (TCPMHWTV CO /CKP    ( (4'+*'44 XQP 5%*4¤66'4  &CU 2TGW­KUEJG /ÒP\YGUGP KO  ,CJTJWPFGTV $GUEJTGKDGPFGT   6GKN *GHV  &KG /ÒP\GP CWU FGT <GKV FGT -ÌPKIG (TKGFTKEJ + WPF (TKGFTKEJ 9KNJGNO + 0CEJFTWEM   Q 1 WPF , FGT #WUICDG $GTNKP   &CU 2TGW­KUEJG /ÒP\YGUGP KO  ,CJTJWPFGTV   $GUEJTGKDGPFGT6GKN*GHV&KG/ÒP\GPCWUFGT<GKVFGU-ÌPKIU(TKGFTKEJ++FGU)TQ­GP0CEJFTWEM /ÒPUVGT#PIGNOQFFG FGT #WUICDG $GTNKP  - 9'+5'056'+0 &KG -KRRGT WPF 9KRRGT\GKV KO   -WTHÒTUVGPVWO6TKGT-QDNGP\7PVGTUEJKGFNKEJIGDWPFGP  



-1081.76 *'445%*'4$+.&0+55' 4)#'66'05/ÒP\RQTVT·VUKO,CJTJWPFGTV*GK FGNDGTI56HP.GKPGP4#.$'46 *TUI *GTTUEJGTRQTVT·VUKPFGT0WOKUOCVKM(GUV UEJTKHV\WO&GWVUEJGP0WOKUOCVKMGT6CI5RG[GT5%#9+..'/5'0&KG$KNFPKUUGFGT 5VCWHGT8GTUWEJGKPGT$GUVCPFUCWHPCJOG)ÌRRKPIGP56HP1TKI$TQUEJWT  



-1081.76 /+66'.#.6'4   5EJTKHVGP \WT OKVVGNCNVGTNKEJGP 0WOKUOCVKM FCTWPVGT   4 )#'66'05 /ÒP\RQTVT·VU KO  ,CJTJWPFGTV *GKFGNDGTI  % , )¤6< &GWVUEJNCPFU   -C[UGT/ÒP\GP FGU /KVVGN#NVGTU 0CEJFTWEM .GKR\KI  FGT #WUICDG &TGUFGP  2   )4+'4510/ÒP\GPFGU/KVVGNCNVGTU&KG9GNVFGT/ÒP\GP(TKDQWTI-.#0)'/ÒP\MWPUV FGU /KVVGNCNVGTU .GKR\KI  # 57*.' /ÒP\DKNFGT FGT *QJGPUVCWHGP\GKV .GKR\KI    7PVGTUEJKGFNKEJIGDWPFGP  



-1081.76 /+66'.&'765%*.#0&  -QPXQNWV XQP  2WDNKMCVKQPGP \W /KVVGNFGWVUEJNCPF   DGUQPFGTU 6JÒTKPIGP WC ) 4¤$.+6< &KG $TCMVGCVGP FGT *GTTGP XQP .QDFGDWTI $GTNKP    956')79'+66JÒTKPIKUEJG$TCMVGCVGPFGU/ÒP\MCDKPGVVU)QVJC)QVJC2.#7'49#.& <WT/ÒP\WPF)GNFIGUEJKEJVGFGU'KEJUHGNFGU9QTDKU*GKNKIGPUVCFV7PVGTUEJKGFNKEJIGDWPFGP  



-1081.76 1661 &'4 )4155'  / 27*.' 1VVQ FGT )TQ­G /CIFGDWTI WPF 'WTQRC    $·PFG /CKP\  ::+8  5 8+++  5 -CTVQPKGTV $ -.7)' 2HGTFG HÒT  2HWPF   5KNDGT/ÒP\G)GNFWPF4GKEJVWO\WT<GKV1VVQUFGU)TQ­GP/CIFGDWTI51TKI$TQUEJWT



-1081.76 4*'+0+5%*' /ª0<)'5%*+%*6'  / XCP 4'; 'KPHÒJTWPI KP FKG TJGKPKUEJG   /ÒP\IGUEJKEJVGFGU/KVVGNCNVGTU/ÌPEJGPINCFDCEJ5-WTMÌNPKUEJG/ÒP\WPF)GNFIG UEJKEJVGKOªDGTDNKEM5&CWU-WT-ÌNP.CPFWPVGTFGO-TWOOUVCD  59*'55 &CU TJGKPKUEJG /ÒP\YGUGP KO  ,CJTJWPFGTV WPF FKG 'PVUVGJWPI FGU -WTTJGKPKUEJGP /ÒP\XGTGKPU   5& CWU &GT &GWVUEJG 6GTTKVQTKCNUVCCV KO  ,CJTJWPFGTV + 5KIOCTKPIGP  5   -CTVG   '.+0-&KG'T\DKUEJÌHNKEJG/ÒP\GWPFKJTG'T\GWIPKUUG5&CWU$KPIGP)GUEJKEJVGGKPGT5VCFVCO /KVVGNTJGKP 8QO HTÒJGP /KVVGNCNVGT DKU \WO  ,CJTJWPFGTV $KPIGP  5    )2146/#00&GT4KZFCNNGTKUV8++1TVªDGT)GNFWPF4GEJGPY·JTWPIGPKO/ÒJNJGKOGT4CWO XQP FGT <GKV -CTNU FGU )TQ­GP DKU \WO $GIKPP FGU 'TUVGP 9GNVMTKGIGU /ÒJNJGKO   5   4*'+0+5%*'/ª0<(4'70&',CJTG(GUVUEJTKHV/ÌPEJGPINCFDCEJ5 ,CJTG'KHGNGT/ÒP\HTGWPFG5EJNGKFGP5/GKUV1TKI$TQUEJWT  













60


0'7<'+6&'765%*.#0&)4155$4+6#00+'0 









-1081.76 5%*.'5+'0 -QPXQNWVXQPÒDGTYKGIGPFIGDWPFGPGP-QRKGPXQP/QPQITCRJKGPWPF 5QPFGTFTWEMGP \WT UEJNGUKUEJGP 0WOKUOCVKM FCDGK (4+'&'05$74) 5EJNGUKGPU /ÒP\IGUEJKEJVG KO   /KVVGNCNVGT0CEJFTWEM.GKR\KI*CNDNGKPGPMCTVQPKGTVWPFDTQUEJKGTV  



-1081.76 510&'4&47%-' 5%*.'5+'0  -QPXQNWV XQP 5QPFGTFTWEMGP WC XQP   $#*4('.&6'/ÒP\WPF)GNFYGUGPKP)NCV\\W<GKV(TKGFTKEJ9KNJGNOU+++&KG)GF·EJVPKU OÒP\GPCWHFGP)GDWTVUVCIFGUUEJNGUKUEJGP/KPKUVGTUXQP*Q[OFGT/CTUEJYKV\GT$TCMVGCVGPHWPF &GT 5KNDGTHWPF XQP 9KP\KI -TGKU 9QJNCW $#*4('*.&6 / XQP &CU IGRT·IVG COVNKEJG 0QVIGNF   FGT 2TQXKP\ 5EJNGUKGP  (4+'&'05$74) 0GWG <WVJGKNWPIGP UEJNGUKUEJGT &GPCTG  $GK   VT·IG\WTUEJNGUKUEJGP/GFCKNNGPMWPFG)7/195-+)NQICWKUEJG/ÒP\IGUEJKEJVG5%*'70'4'KP )TQUEJGPFGT5VCFV)ÌTNKV\&KG/ÒP\GPFGT5VCFV)ÌTNKV\*CNDNGKPGP

 DTQUEJKGTV  VGKNYGKUG OKVJCPFUEJTKHVNKEJGP0QVK\GP  



-1081.76 9'56(#.'0 8GTUEJKGFGPG5EJTKHVGPFCTWPVGT2$'4)*#75*CPUKUEJGU)GNFKP 9GUVHCNGP 5& CWU )GNFWONCWH 9·JTWPIUU[UVGOG WPF <CJNWPIUXGTMGJT KP 0QTFYGUVGWTQRC -ÌNP   -NGKPG/KPFGPGT/ÒP\IGUEJKEJVG/KPFGP/ÒP\GP9CRRGP5KGIGNFGT5VCFV#TPU DGTI#TPUDGTI9GUVH·NKUEJG/ÒP\IGUEJKEJVGFGU/KVVGNCNVGTU/ÒPUVGT*-475;&KG /ÒP\GPFGT)TCHGPXQP5EJYCNGPDGTIWPFKJTGT5GKVGPNKPKGP2[TOQPV5VGTPDWTIWPF9CNFGEM NGV\VGTG DKUGVYCFGTGPFIÒNVKIGP'PVUVGJWPIFGT)TCHUEJCHV9CNFGEM -ÌNP7PVGTUEJKGFNKEJIGDWP FGP  



-1081.76 /QPQITCRJKGP WPF #WHU·V\G \WT FGWVUEJGP 0WOKUOCVKM WC XQP $7%-   $ª660'451$166#.XQP'$'0)4'76*-70<'.1.&+0)1'46<'05%*9#.$#%* FCDGKCWEJ0CEJFTWEMG7PVGTUEJKGFNKEJIGDWPFGP  



#WMVKQPUMCVCNQIGOKV*CODWTIGT/ÒP\GPWPF/GFCKNNGP5NI-KTUVGP=0TP?5NI1GVNKPI= 0TP?5NI0CVJCP=0TP?#WMVKQP/GWUUXQP5NI*KPVGTUVQKUUGT5NI/ÒNXGTUVGFV=QJPG 6HP?WPF*GNDKPI/GKUVDTQUEJKGTV  



(4#0-4'+%* 

&72.'55; , .GU VT¾UQTU OQP¾VCKTGU O¾FK¾XCWU GV OQFGTPGU F¾EQWXGTVU GP (TCPEG  $·PFG 2CTKU   551TKI$TQUEJWT  





.GUOQPPCKGU(TCP¼CKUGUH¾QFCNGU6QOG+2CTKU5.GKPGP





(.10&*KUVQKTGOQP¾VCKTGFGNC.QTTCKPGGVFGU6TQKU—X¾EJ¾U$·PFG0CPE[.:: 51TKI$TQUEJWT  



/KV9KFOWPIFGU8GTHCUUGTU

)41­$4+6#00+'0+4.#0& 

#4%*+$#.&//%11-$,'PINKUJ/GFKGXCN%QKP*QCTFU6GKN%TQUUCPF%TQUUNGVU5JQTV %TQUUCPF.QPI%TQUU*QCTFU$TKVKUJ/WUGWO1EECUKQPCN2CRGTU.QPFQP85FCXQP 6HP1TKI$TQUEJWT





$.#%-$740 /#5&7/8+..' &0 *TUI  -KPIU %WTTGPE[ CPF #NNKCPEGU *KUVQT[ CPF   %QKPCIG QH 5QWVJGTP 'PINCPF KP VJG 0KPVJ %GPVWT[ 5VWFKGU KP #PINQ5CZQP *KUVQT[  9QQFDTKFIG    :  5 .GKPGP *$# 2'6'45510 #PINQ5CZQP %WTTGPE[ -KPI 'FICTʼnU 4GHQTO VQ VJG   0QTOCP%QPSWGUV56HN1TKI$TQUEJWT2)4+'4510.CHQPEVKQPUQEKCNGFGNCOQPPCKGGP #PINGVGTTG CWZ 8++G8+++G UK½ENGU 5& CWU 5GVVKOCPG FK UVWFKQ FGN %GPVTQ KVCNKCPQ FK UVWFK UWNNʼnCNVQ   OGFKQGXQ  5RQNGVQ5&C\WGKPYGKVGTGT5&1TKI$TQUEJWT  



)4+'4510 2 (KV\YKNNKCO /WUGWO %CODTKFIG 2CTV  #PEKGPV $TKVKUJ CPF #PINQ5CZQP %QKPU   5%$+.QPFQP::++5FCXQP6HP$-.7)'5VCVG/WUGWO$GTNKP%QKP%CDKPGV #PINQ5CZQP#PINQ0QTOCPCPF*KDGTPQ0QTUG%QKPU5%$+8+++5FCXQP6HP',' 2+4+' 2QUV4QOCP %QKPU HTQO ;QTM 'ZECXCVKQPU  6JG #TEJGCQNQI[ QH ;QTM  ;QTM   56HPFCXQPKP(CTDG.GKPGP Z WPF1TKI$TQUEJWT Z   





&GTUGNVGPGGTUVG$CPFFGT5[NNQIGQH%QKPUQHVJG$TKVKUJ+UNGUOKVGKPGO8QTYQTVXQP5+4(56'0610







/'6%#.(&/#P#VNCUQH#PINQ5CZQPCPF#PINQ0QTOCP%QKP(KPFUE4055RG EKCN 2WDNKECVKQP  .QPFQP  :8+  5 FCXQP  6HP WPF \CJNTGKEJG -CTVGP .GKPGP OKV   5EJWV\WOUEJNCI



/'6%#.( &/ *TUI  %QKPCIG KP /GFKGXCN 5EQVNCPF   6JG 5GEQPF 1ZHQTF 5[ORQ   UKWOQP%QKPCIGCPF/QPGVCT[*KUVQT[$TKVKUJ#TEJCGQNQIKECN4GRQTVU  8+++51TKI $TQUEJWT +& $4190/ &1..'; # $KDNKQITCRJ[ QH %QKP *QCTFU QH )TGCV $TKVCKP CPF +TGNCPF   4055RGEKCN2WDNKECVKQP.QPFQP5.GKPGP  



576*'4.#0& %*8 #PINQ5CZQP )QNF %QKPCIG KP VJG .KIJV QH VJG %TQPFCNN *QCTF .QPFQP   56HP.GKPGP

 61


0'7<'+6)4155$4+6#00+'0+6#.+'0 

-1081.76 #0)'.5#%*5'0  - ,105510 6JG 0GY 'TC 6JG 4GHQTOCVKQP QH VJG .CVG   #PINQ5CZQP%QKPCIG%QOOGPVCVKQPGUFGPWOOKUUCGEWNQTWO+::+KPUWGEKCTGRGTVKU0QXCUGTKGU 5VQEMJQNO5.GKPGP8KMKPI#IG*QCTFUCPF.CVG#PINQ5CZQP%QKPU5VQEMJQNO 55*1./5VWFKGTÌHXGT7RRUCNC7PKXGTUKVGVU#PINQUCZKUMC/[PVUCONKPI7RRUCNC8+++   5 4*/ &1..'; 5QOG 4GHNGEVKQPU QP *KNFGDTCPF 6[RG # QH “VJGNTºF ++ #PVKMXCTKUMV   #TMKX5VEQMJQNO5%'$.706#PINQ5CZQPCPF*KDGTPQ0QTUG5&CWU#5WTXG[QH 0WOKUOCVKE 4GUGCTEJ  ++ 0GY ;QTM  5  Z .GKPGP UQPUV OGKUV 1TKI$TQ   UEJWT  



*#$5$74+5%*''4$.#0&'70)#40$¤*/'0 

%#56'.+0 - )TQUUWU 2TCIGPUKU &GT 2TCIGT )TQUEJGP WPF UGKPG 6GKNUVÒEMG   #WHN   $TCWPUEJYGKI56HP(CNVMCTVG.GKPGP





*#.#%-#+/KPEG<GOÃ-QTWP[CGUM¾$·PFG-TQOerÃĻ&C\W\YGKYGK VGTG2WDNKMCVKQPGP.GKPGP  





*75<Š4 . /ÒP\MCVCNQI 7PICTP XQP  DKU JGWVG /ÒPEJGP   5 21*. # 7PICTK   UEJG)QNFIWNFGPFGU/KVVGNCNVGTU  )TC\5FQRRGNUGKVKIG6CDGNNGPOKV\CJNTGK EJGP/ÒP\CDD.GKPGP  



.Š5<.¡-#-QTCŠTR±F-QTK/CI[CT2¾P\XGT¾UTËN—TOGVCPK¾UT¾I¾U\GVKVCPWNO±P[QMC-±TR±V OGFGPEG+ 5\GPV +UVX±P¾U++ 8CM $¾NCWTCNMQF±UCMÌ\ÌVVKKFËU\CM±PCM  ¾TO¾KTËN8CTKC #TEJCGQNQIKEC*WPICTKEC$WFCRGUV56HP&C\WYGKVGTG5EJTKHVGP\WT7PICTKUEJGP 0WOKUOCVKM/GKUV1TKI$TQUEJWT  



/+..'4 <7 #+%**1.< 8 ¤UVGTTGKEJKUEJG /ÒP\RT·IWPIGP   #WHNCIG 9KGP    (TQPVKURK\:::++53WGTHQNKQ1TKI*CNDNGKPGP







&GT6CHGNDCPFYWTFGGTUV\WT\YGKVGP#WHNCIGGTUVGNNV







01*',.18Š24Š618Š'0±NG\[/KPEÃXCGEJ±EJPCOQTCXeCXG5NG\UMW$·PFG2TCI  5  (CNVMCTVGP  5  (CNVMCTVGP  5  (CNVMCTVGP  5 .GKPGP , *.+0-# WC   0±NG\[ 5VTGFQXGMÓEJ /KPEÃ PC 5NQXGPUMW ++ $TCVKUNCXC   5 .GKPGP 2 4CFQOeTUM[ 6JG   &GCF1DQNWU D[ VJG 5NCXU QH $QJGOKC GV /QTCXKC 6GZV CWH VUEJGEJKUEJ  2TCI   5  6HP   1TKI$TQUEJWT  



07/+5/#6+%# /14#8+%#  5DQTPÃM +PWOKUOCVKEM¾JQ5[ORQUKC,21ĥ8Š4/Q TCXUM¾ /KPEQXP[ $TPQ   5DQTPÃM ++ PWOKUOCVKEM¾JQ 5[ORQUKC  <WT 2TQDNGOCVKM FGU   /·JTKUEJGP /ÒP\YGUGPU FGU  ,CJTJWPFGTVU $GKVT·IG OGKUV KP VUEJGEJKUEJGT 5RTCEJG  (1.+#   07/+5/#6+%#5WRRNGOGPVWOCFCEVCOWUGK/QTCXKCG  ,5',$#.&eLKP[2GPe\ PC/QTCXe$NQM56HP/GKUV.GKPGP  



56#0).(-CTVGKU[UVGO &KG6CNGTWPF6GKNUVÒEMGFGT*CDUDWTIGT /ÒPEJGP$·PFG -WPUVUVQHH4KPIDKPFGT  



/KV\CJNTGKEJGP#DDGPVJ·NV/CVVJKCU  'T\JGT\QI.GQRQNF  (GTFKPCPF++  'T\JGT\QI(GTFKPCPF-CTN   (GTFKPCPF+++  -CTN8+  



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#WMVKQPXQO5NI(TKGFGPUDWTI/ÒP\GPFGUFGWVUEJGP/KVVGNCNVGTU0TP6HP $GKIGUEJTKGDGPG2TGKUG*CNDNGKPGPGVYCUUVQEMHNGEMKI





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#WMVKQPXQO5NI(GPGTN[$G[#PVKMG0TP6HP*CNDNGKPGP





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#WMVKQPXQO5EJYGK\5NI$KP-5EJYGK\0TP6HP.GKPGP





#WMVKQPXQO5NI$CEJQHGP$WTEMJCTFV$CUGN6GKN0TP6HP.GKPGPDGKIG UEJTKGDGPG2TGKUG





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#WMVKQPCWUFGP,CJTGP5NI$CEJQHGP$WTEMJCTFV$CUGN6GKN=XQP?+PGKPGO $CPFKP.GKPGPIGDWPFGP



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#WMVKQPXQO#NVG5COONWPIR·RUVNKEJGT/ÒP\GP0TP6HP.GKPGP





#WMVKQP XQO  5NI 8QIGN #DV +8 0KGFGTU·EJUKUEJG 5V·FVG 9GUVHCNGP 0TP    6HP.GKPGPDGKIGDWPFGPG'.





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*'.$+0) 1 0#%*( /ÒPEJGP #WMVKQP  XQO  5NI $WEJGPCW /KVVGNCNVGT GVE   0TP6HP/KVDGKIGUEJTKGDGPGP2TGKUGP1TKI$TQUEJWT





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#WMVKQP  XQO  5NI /G[GT)GFCPGPUKU 6GKN  /ÒP\GP WPF /GFCKNNGP FGT -CKUGT WPF   -ÌPKIGFGT)GKUVNKEJMGKVWPFFGT#NVHÒTUVNKEJGP*·WUGT0TP6HP#WMVKQPXQO 5NI/G[GT)GFCPGPUKU6GKN0GWHÒTUVGP+VCNKGP5EJYGK\0KGFGTNCPFGGVE0TP6HP 6GKNOKV'.6GKNOKVDGKIGUEJTKGDGPGP2TGKUGP+PGKPGO$CPFKP*CNDNGKPGPIGDWPFGP2CRKGTYKG ÒDNKEJIGDT·WPV









#WMVKQPXQO5NI*QTUM[¤UVGTTGKEJ7PICTP6GKN0TP6HP5.*CNDNGKPGP





#WMVKQPXQO5NI$CJTHGNFV0TP6HP1TKI$TQUEJWT5KVGHKP-QRKG4ÒE MGPWPF&GEMDNCVVIGMNGDVWPFGKPIGTKUUGP'$#*4('.&694'+0'%-'&GT$CTFGYKMGT/ÒP\ HWPF $GTNKP   5  6HP .GKPGP * &#00'0$'4) 'KP (WPF PKGFGTFGWVUEJGT $TCMVGCVGP  

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#WMVKQPGP     XQO     5NI 8QIGN ++8    0TP  0TP OKV DGKIGNGIVGT '. 6CHGNDCPF 5NI 8QIGN   6HP  6HP  6HP   6HP.GKPGP  





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*+45%* , /ÒPEJGP #WMVKQP  XQO  #PVKMG ¤UVGTTGKEJ /GFCKNNGWT # 5EJCTHH   0TP1TKI$TQUEJWT



74


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/74+5'6)+%16 % )GPH #WMVKQP XQO  IGOGKPUCO OKV . (144'4 .QPFQP    5NI5VTQGJNKP6GKN5EJYGK\0TP6HP.GKPGP





4+'%*/#00 # *CNNG CP FGT 5CCNG #WMVKQP  XQO  5NI $TCWUG /CPUHGNF 0CRQNG   QPOGFCKNNGP 5NI 9GTPGDWTI )GKUVNKEJMGKV 2TGW­GP  0TP  6HP DGKIGDWPFGPG 'N *CNDNGK   PGPYGPKIG6HPNGKEJVUVQEMHNGEMKI





#WMVKQP  XQO  5NI .ÌDDGEMG &GWVUEJG $TCMVGCVGP  0TP  6HP DGKIGUEJTKGDGPG   2TGKUG*CNDNGKPGP$KPFWPINQEMGT





#WMVKQP  XQO  0CEJFTWEM /GGTDWUEJ$ÒFGTKEJ  5NI 8QIGNUCPI #WUDGWVG WPF   $GTIYGTMUOÒP\GPWPFOGFCKNNGP(TQPVKURK\0TP6HP'..GKPGP





#WMVKQP  XQO  /KVVGNCNVGT $TCMVGCVGPHWPF XQP 0QTFJCWUGP  0TP  6HP 1TKI   $TQUEJWT





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5#06#/#4+# 2  2 4QO 5NI /CIPCIWVK 'Z PWOOKU JKUVQTKC 6GKN  XQP  )QP\CIC   0TP6HPKP$GKNCIG1TKI$TQUEJWT





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5%*.'55+0)'4 ( $GTNKP #WMVKQP  XQO  5NI CWU CWUN·PFKUEJGO /WUGWOUDGUKV\   =&WDNGVVGP'TGOKVCIG?)TKGEJKUEJG/ÒP\GP0TP6HP5..GKPGP





5'.+)/#00 # *CPPQXGT #WMVKQP  XQO  5NI 2HNÒOGT *COGNP 0KGFGTUCEJUGP   0TP6HP1TKI$TQUEJWT4ÒEMGPDGUEJ·FKIV





516*'$;  %1 .QPFQP # ECVCNQIWG QH C EQNNGEVKQP QH CPEKGPV CP OQFGTP EQKPU CPF OGFCNU KP   IQNF UKNXGT CPF EQRRGT %QPUKUVKPI QH )TGGM 4QOCP 5CZQP 'PINKUJ  /CP[ QH VJGO TCTG CPF KP   HKPG RTGUGTXCVKQP #OQPI VJGO KU VJG HCOQWU 2GVKVKQP ETQYP QH %JCTNGU ++ D[ 6 5KOQP CPF OCP[   QVJGTU HTQO VJG ECDKPGV QH VJG NCVG  4KEJCTF 5QWVJICVG .QPFQP   5 2CRRDCPF OGKUV DGKIG   UEJTKGDGPG2TGKUG/CPXKNNG4QDGTVUQP5





52+0-.QPFQP#WMVKQPWPFXQO6JG 0QTYGD%QNNGEVKQP)TQ­DTKVCPPKGP6GKNG$TQUEJKGTV  





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75


Auktion 112 Künker  

Die Bibliothek des Numismatikers Prof. Dr. Peter Berghaus u.a., Goldmünzen aus drei Jahrtausenden

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