)BNCVSH
&MFDUSPOJD 5PXO .FFUJOH B 1BMFSNP $0.& 4"3© *- '65630 %&--" 4&$0/%" $*3$04$3*;*0/&
4BCBUP GFCCSBJP r EBMMF PSF BMMF *TUJUVUP "MCFSHIJFSP 1JFUSP 1JB[[B $PSTP %FJ .JMMF 1BMFSNP $PNJUBUP QSPNPUPSF EFM QSPHSBNNB EJ SJHFOFSB[JPOF VSCBOB EFMMB 4FDPOEB $JSDPTDSJ[JPOF %JQBSUJNFOUP EJ "SDIJUFUUVSB 6OJWFSTJUÆ EJ 1BMFSNP "HFOEB -PDBMF $PNVOF EJ 1BMFSNP 'PSVN EFMMF "TTPDJB[JPOJ 1BMFSNP '"* 4BMWBSF 1BMFSNP *UBMJB /PTUSB FU BM .PWJNFOUP EJ 1SPNP[JPOF VNBOB 1BMFSNP "TTPDJB[JPOF $BTUFMMP EJ .BSFEPMDF -JDFP #BTJMF 1BMFSNP "VUPOPNF 'PSNF 1BMFSNP *5*.&% *UJOFSBSJ QFS JM .FEJUFSSBOFP 1BMFSNP "TTPDJB[JPOF 4JDJMJBOB 1BFTF "MCFSHP 1BMFSNP /&Y5 /VPWF &OFSHJF 9 JM 5FSSJUPSJP 1BMFSNP *TUJUVUP EJ GPSNB[JPOF QPMJUJDB 1FESP "SSVQF 1BMFSNP $BSJUBT %JPDFTBOB 1BMFSNP
5-- 4JDJMZ 5FSSJUPSJBM -JWJOH -BC QFS MB 4JDJMJB TFEF "3$" 1BMFSNP
5IJT QSPKFDU XBT QBSU GVOEFE CZ UIF &VSPQFBO $PNNJTTJPO VOEFS UIF $*1 *$5 141 $BMM C PG
$POUBDU
%JQBSUJNFOUP EJ "SDIJUFUUVSB t 6OJWFSTJUË EJ 1BMFSNP 5FSSJUPSJBM -JWJOH -BC 4JDJMZ "MFTTBOESB #BEBNJ (JVTFQQF (VFSSFSB 3FOBUB 1SFTDJB .BSDFMMP 1BO[BSFMMB 4JMWJB 1FOOJTJ $BSMB 2VBSUBSPOF 'FSEJOBOEP 5SBQBOJ DPPSEJOBNFOUP *HOB[JP 7JODJ
*M i5PXO NFFUJOH FMFUUSPOJDPw F5. Ò VO JODPOUSP QVCCMJDP VUJMJ[[BUP QFS DPJOWPMHFSF J DJUUBEJOJ OFMMF EFDJTJPOJ DIF SJHVBSEBOP JM GVUVSP EFMMB QSPQSJB DJUUË P EFM QSPQSJP RVBSUJFSF /FMMhF5. MB EJTDVTTJPOF JO QJDDPMP HSVQQP TJ DPOJVHB DPO VO TJTUFNB EJ TPOEBHHJP FMFUUSPOJDP NPMUP TFNQMJDF EB VTBSF
*M DPOTPS[JP JOUFSOB[JPOBMF 1"35&33& DPNQPTUP EB DPNVOJ VOJWFSTJUË F EVF EJUUF QSJWBUF DPO MB HVJEB EFMMB 3FHJOF 5PTDBOB JOUFOEF TQFSJNFOUBSF MF QSPTQFUUJWF EFMM PòFSUB EJ NFSDBUP EJ VO TFSWJ [JP B MJWFMMP FVSPQFP CBTBUP TV EVF TUSVNFOUJ FMFUUSPOJDJ EFEJDBUJ BMMB QJBOJöDB[JPOF QBSUFDJQBUJWB 5BMJ TUSVNFOUJ UFDOPMPHJDJ JM QSJNP EFOPNJOBUP FMFDUSPOJD 5PXO .FFUJOH F 5. QFS JM DPJOWPMHJNFO UP EFJ DJUUBEJOJ OFMMB EFöOJ[JPOF EFMMF BHFOEF MPDBMJ F JM TFDPOEP %FNPT 1MBO QFS MB DPOTVMUB[JPOF POMJOF EFHMJ TUSVNFOUJ VSCBOJTUJDJ EB QBSUF EFMMF DJUUBEJOBO[F JOUFSFTTBUF OFMMB QJBOJöDB[JPOF VSCBOB F UFSSJUPSJBMF TPOP TUBUJ TQFSJNFOUBUJ DPO TVDDFTTP JO QSFDFEFOUJ PDDBTJPOJ JO UVUUB &VSPQB 4FJ QSPHFUUJ QJMPUB TJ TUBOOP TWPMHFOEP EB DJSDB VO BOOP JO DJORVF QBFTJ EFMMh6& 'JOMBOEJB *UBMJB (FSNBOJB $JQSP *SMBOEB EFM /PSE 2VFTUJ TUSVNFOUJ TFSWPOP QFS TVQQPSUBSF MB QBSUFDJQB[JPOF EJSFU UB EFJ DJUUBEJOJ OFJ QSPDFTTJ EFDJTJPOBMJ EFMMB QJBOJöDB[JPOF UFSSJUPSJBMF F EFMMB WBMVUB[JPOF BNCJFOUBMF TUSBUFHJDB *O RVFTUP F 5. iQBMFSNJUBOPw OFMMB QSJNB QBSUF EFMMB NBUUJOBUB EPQP MF QSFTFOUB[JPOJ SJUVBMJ F JM TBMVUP EFMMF BVUPSJUË JTUJUV[JPOBMJ DPJOWPMUF OFM QSPDFTTP EJ QJBOJöDB[JPOF EFM QJBOP F EFMMB 7"4 EJ 1BMFSNP $JSDPTDSJ[JPOF (PWFSOP DPNVOBMF $POTJHMJP DPNVOBMF 3FHJPOF TBSBOOP TJOUFUJDBNFOUF QSPQPTUJ HMJ PCJFUUJWJ EFM QSPHFUUP QJMPUB F MF NPEBMJUË EJ TWPMHJNFOUP EFMMhFWFOUP BMMB QSFTFO[B EFHMJ TUBLFIPMEFST EFM QSPHFUUP QJMPUB EJ 1BMFSNP - PCJFUUJWP DPODSFUP EFMM JODPOUSP Ò DPOTFOUJSF BE VOB SBQQSFTFOUBO[B RVBMJöDBUB EFJ DJUUBEJOJ EFMMB - PCJFUUJWP 4FDPOEB $JSDPTDSJ[JPOF EJ BJVUBSF HMJ BUUPSJ EFM QSPDFTTP EJ SJHFOFSB[JPOF TPDJBMF FDPOPNJDB DVMUVSB MF F BNCJFOUBMF EFMMB 4FDPOEB $JSDPTDSJ[JPOF DPNVOBMF EJ 1BMFSNP -B DBSBUUFSJTUJDB QSJODJQBMF EFM F 5. SJTJFEF OFMMB QPTTJCJMJUË EJ USBTNFUUFSF FMFUUSPOJDBNFOUF MF JOGPSNB[JPOJ TVHMJ BSHPNFOUJ EJ EJ TDVTTJPOF F EJ QFSNFUUFSF BJ DJUUBEJOJ EJ QBSUFDJQBSF BJ EJCBUUJUJ FE FTQSJNFSTJ JOEJWJEVBMNFOUF TV VO EFUFSNJOBUP BSHPNFOUP *M NFUPEP DPOJVHB JM WJWP EFMMB EJTDVTTJPOF B QJDDPMB TDBMB DPO M FMFUUSPOJDB EB VOB QBSUF QFSNFUUF EJ USBTNFUUFSF UFNQFTUJWBNFOUF HMJ FTJUJ EFJ MBWPSJ EJ HSVQQP BE VO BTTFNCMFB QMFOBSJB EBMM BMUSB JOUSPEVDF MB QPTTJCJMJUË EJ DPOPTDFSF MF PQJOJPOJ EFJ TJOHPMJ QBSUFDJQBOUJ BUUSBWFSTP VO TPOEBHHJP DIF WJFOF TWPMUP JO UFNQP SFBMF /FMM F 5. TJ BMUFSOBOP RVBUUSP EJòFSFOUJ GBTJ EJ MBWPSP UVUUF WPMUF B GBDJMJUBSF J QBSUFDJQBOUJ OFM USBUUBNFOUP EFJ UFNJ PHHFUUP EJ EJTDVTTJPOF M JOGPSNB[JPOF F M BQQSPGPOEJNFOUP DIF DPOTFOUPOP BJ QBSUFDJQBOUJ EJ BDRVJTJSF DPOöEFO[B SJTQFUUP BHMJ BSHPNFOUJ MB EJTDVTTJPOF QFS QJDDPMJ HSVQQJ DIF GBDJMJUB M BTDPMUP SFDJQSPDP F JM DPOGSPOUP DPO PQJOJPOJ EJWFSHFOUJ EBMMB QSPQSJB MB SJóFTTJPOF TVHMJ FTJUJ EFJ MBWPSJ EJ HSVQQP VOB WPMUB TJOUFUJ[[BUJ F SFTUJUVJUJ BMM JOUFSB EBMMB BTTFNCMFB MB WPUB[JPOF DIF QFSNFUUF EJ QPSSF JOEJWJEVBMNFOUF BJ QBSUFDJQBOUJ MF EPNBOEF HFOFSBUF EBMMB EJTDVTTJPOF *M HSVQQP EJ MBWPSP EJ 1BMFSNP EPQP MF QBTTFHHJBUF EJ RVBSUJFSF F HMJ FWFOUJ QBSUFDJ QBUJWJ JTQJSBUJ BMMB UFDOJDB EFM 1MBOOJOH GPS 3FBM JO EVF JTUJUVUJ EFMMB 4FDPOEB $JSDPTDSJ[JPOF *5* 70-5" F 03&45"/0 TQFSJNFOUFSË JM NFUPEP EJ QJBOJöDB[JPOF QBSUFDJQBUB &MFDUSPOJD 5PXO .FFUJOH DPO VOB QSFQBSB[JPOF GPSNB[JPOF DVSBUB EB "WWFOUVSB 6SCBOB OFM QSJNP QPNFSJHHJP EFM GFCCSBJP NFOUSF MhFWFOUP WFSP F QSPQSJP TJ TWPMHFSË JM HJPSOP TVDDFTTJWP TBCBUP GFCCSBJP EBMMF BMMF BMMh*TUJUVUP "MCFSHIJFSP 1JFUSP 1JB[[B JO $PSTP EFJ .JMMF B 1BMFSNP
1SPHSBNNB
GFCCSBJP r PSF
3FHJTUSB[JPOF EFJ QBSUFDJQBOUJ 3PTPMJOP "SJDÛ %*3 4$0- *144"3 1*&530 1*";;" .BSDFMMB "QSJMF %*3 %*1 "3$)*5&5563" 6/*1" 4FCBTUJBOP EJ #FUUB "44&4403& "35" 3&(*0/& 4*$*-*"/" +FTTF .BSTI "5&-*&3 4 " " .BSDPUVMMJ F ' .PMJOBSJ $"10'*-" 1"35&33& 3&(*0/& 504$"/" $POUSJCVUP EFMMF BVUPSJUÆ JTUJUV[JPOBMJ (PòSFEP -B -PHHJB 6/*1" (JVTFQQF 1JB[[FTF $0/4*(-*&3& " $*3$ 1"-&3.0 -VJTB -BUFMMB $0.. 453"03%*/"3*0 %&- $0.6/& %* 1"-&3.0 /BEJB 4QBMMJUUB " $0..*44*0/& $0/4*-*"3& 63#"/*45*$" %* 1"-&3.0 7JODFO[P 5BOBOJB " $0..*44*0/& $0/4*-*"3& %* 1"-&3.0 (JPWBOOJ $BTBNFOUP 13&4*%&/5& $/" 1"-&3.0 4FSHJP (FMBSEJ %*3 (&/ %*1 63#"/*45*$" "35" 3&(*0/& 4*$*-*"/"
*OUSPEV[JPOJ UFNBUJDIF .BVSJ[JP (JBNCBMWP F 4JNPOF -VDJEP /&95
5IFNF 5FBN -FBEFS +FTTF .BSTI "5&-*&3 456%*0 "440$*"50 1"-&3.0 'SBODFTDP 1BTTBOUJOP (56( 1"-&3.0 (JBEB #JOJ 6/*7&34*5® ,03& &//" 5IFNF 5FBN -VJTB 5VUUPMPNPOEP /&95
%BWJEF -FPOF F (JVTFQQF -P #PDDIJBSP 1"3-*".0 %* $*55® 'SBODFTDP .BSDIFTF "44&4 "--" 1*"/*' 5&33 $"45&-/6070 ."(3" -" 41&;*" 5"70-0 r MF NPCJMJUÆ QPTTJCJMJ 1JFUSP -B 3PDDB "440$*";*0/& ."3&%0-$& 'BCSJ[JP 'BSJOB -"#03"503*0 %* 1*"/*'*$";*0/& 6/*1" 5"70-0 r QBUSJNPOJP DVMUVSBMF ̾ %PNFOJDP 0SUPMBOP 13&4*%&/5& "440$*";*0/& ."3&%0-$& $BSNFMP .POUBHOB *45*5650 & #"4*-& (JVTFQQF $VòBSP $*55® */ 3&5& 5"70-0 r BOJNB[JPOF DVMUVSBMF 1JFUSP -POHP 13&4*%&/5& *5"-*" /0453" 1"-&3.0 3FOBUB 1SFTDJB 4"-7"3& 1"-&3.0 4BMWBUPSF "CSVTDBUP $*55® */ 3&5& 5"70-0 r SJRVBMJñDB[JPOF DPTUJFSB (JPWBOOJ (JBOOPOF F 1BPMB $BTFMMJ "( - 1"-&3.0 .BSDFMMP #MBOEB $*55® */ 3&5& 5"70-0 r HMJ TQB[J F MB RVBMJUÆ EFMMhBCJUBSF ̾ -VDJB 1JFSSP 13&4*%&/5& "650/0.& '03.& t .BSDP 4DBSQJOBUP "650/0.& '03.& .BTTJNJMJBOP %J (JPWBOOJ %05503& */ 1*"/*'*$";*0/&
1SJNB 4FTTJPOF 7&340 6/" 7*4*0/& $0/%*7*4" %&* 4&37*;* 1&3 *- 40$*"-& & 1&3 -" 26"-*5® %&--0 41";*0 %&-- "#*5"3& /&--" 4&$0/%" $*3$04$3*;*0/& %* 1"-&3.0 *OUSPEV[JPOF t 4JNPOF -VDJEP /&95 %JTDVTTJPOJ EFJ UBWPMJ UFNBUJDJ F WPUB[JPOJ EFJ QBSUFDJQBOUJ 4JOUFTJ EFJ SJTVMUBUJ 1SBO[P 4FDPOEB 4FTTJPOF 7&340 6/" 7*4*0/& $0/%*7*4" %&- 360-0 130%655*70 %&--" 4&$0/%" $*3$04$3*;*0/& *OUSPEV[JPOF t .BVSJ[JP (JBNCBMWP /&95 %JTDVTTJPOJ EFJ UBWPMJ UFNBUJDJ F WPUB[JPOJ EFJ QBSUFDJQBOUJ 4JOUFTJ EFJ SJTVMUBUJ $POTFHOB EFM EPDVNFOUP EJ TJOUFTJ ñOBMF F DPODMVTJPOF EFJ MBWPSJ
*ODVSTJPOJ XFC 'SBODFTDB .BMMFP $0.1-05 7*%&0#"4& "DDPHMJFO[B *OTUBOU 3FQPSU "ESJBOP 3BP 3PTTFMMB 7FMMB 'FEFSJDB $BQQFMMP 7JUP "OHFMP &OOJP 1VHMJTJ 3FHJB &NBOVFMB (BMFUUP "77&/563" 63#"/"
5"70-0 r MB EJNFOTJPOF MPDBMF MhJEFOUJUÆ /JDPMB 4DIJMMBDJ 13&4*%&/5& .07*.&/50 %* 130.0;*0/& 6."/" $BSMB 2VBSUBSPOF -"#03"503*0 63#"/*45*$" 6/*1" $BUFSJOB *NQBTUBUP #-0( -"/%*/4*%& 5"70-0 r MF FDPOPNJF EFM SJTDBUUP 3PCFSUB 5VNCJPMP -"# %* 1*"/*'*$";*0/& 156" 6/*1" "OHFMB 5BOBOJB $0/46-&/5& %* 47*-6110 -0$"-& %&- 1"3$0 %&--& 5&33& &MJTBCFUUB $PTUBOUJOP #-0( -"/%*/4*%& 5"70-0 r BOJNB[JPOF TPDJBMF "OOB 4UBSPQPMJ *45*5650 %* '03.";*0/& 10-*5*$" 1&%30 "3361& 1"-&3.0 $MBVEJB 'JHMJB -"# %* 1*"/*'*$";*0/& 156" 6/*1" 5"70-0 r J UVSJTNJ QPTTJCJMJ "OUPOFMMB *UBMJB 13&4*%&/5& *5*.&% t "OUPOJOP 1BO[BSFMMB *5*.&% "MFTTBOESB 3BDDVHMJB "--*&7" %05503"50 */ 165 6/*1" 5"70-0 r QPMJUJDIF BNCJFOUBMJ (JBOMVJHJ 1JSSFSB 13&4*%&/5& "*1*/ 'SBODFTDB 1FMMJUUFSJ F 7JODFO[P %FTJEFSJP /&95