Revista Mais Médis

Page 1

'B[ CFN ร 4Bร EF

(3"/%& &/53&7*45"

8]a{ 1O`Z]a ;OUOZVxSa >`SaWRS\bS R] 5`c^] 6>> AOย RS

(MPCFUSPUUFS

<ยก'

7<D3@<= "

B`W[Sab`OZ

ยผ !

7abO[PcZ

$".1"/)"

&TUBS #FN ยฅ &TUBS .ยฅEJT


STRAT

“O que dizem os seus olhos?” Se os seus olhos dizem que precisam de um olhar !"#$%%&#'()*+(+,!-&.&%/#+-01+#%+10)2#"0%+-34'&4#%+ !("(+)20+5("+61(+"0%!#%-(+7+()-6"(8+9#1+:;+('#%+ d0+ 0<!0"&='4&(+ 0+ 1(&%+ 50+ :>?+ )#@(%+ 0%!()2(5(%+ por -#5#+ #+ !(A%*+ (+ ,!-&.&%/#+ 3+ #+ 1(&#"+ B"6!#+ p#"-6B6=%+ 50+ C!-&4(%*+ #'50+ 0'4#'-"(*+ %01!"0*+ as 10)2#"0%+ %#)6DE0%+ !("(+ #%+ %06%+ #)2#%8+ F(D(+ como #+ G('&0)+ ,)&.0&"(*+ .H+ 7+ ,!-&.&%/#+ 0+ 50&<0+ que os seus #)2#%+I()01+!#"+%&8

é um outro olhar


ac[t`W] 327B=@7/:

46.}3*0

/05"4 40-5"4 <]b QWOa S ^`]^]abOa ^O`O ]a bS[^]a ZWd`Sa

(3"/%& &/53&7*45" 8]a{ 1O`Z]a ;OUOZVxSa 6>> AO RS

4*()54&&*/( 0WPZW]bSQO R] 1]\dS\b] RS ;OT`O .6/%0 . %*4 1O[^O\VO 3abO` 0S[ p 3abO` ;{RWa

8S`]S\ ;SWXS`a

.6/%0 . %*4 >`{[W] 3aQ]ZVO R] 1]\ac[WR]` .6/%0 . %*4 =\ZW\S( ^`{ Ocb]`WhOz Sa Q][ `Sa^]abO S[ "& V]`Oa .6/%0 . %*4 1Z \WQO RS AO\bO ;OROZS\O .6/%0 . %*4 6]a^WbOZ!3aQ]ZO C\WdS`aWRORS ³ 4S`\O\R] >Saa]O .6/%0 . %*4 6]a^WbOZ 1C4 7\TO\bS AO\b]( C\WRORS R] ^cZ[x] (-0#&53055&3 7abO[PcZ S ] TOaQ \W] ROa \]WbSa .&*0 ".#*&/5& = \ dSZ R]a ]QSO\]a \x] ^O`O RS Q`SaQS` 5&/% /$*"4 C[ ]ZVO` ^SZO []RO .6/%0 . %*4 /QORS[WO R]a 1VO[^a c[ ^`]XSb] a]ZWRt`W] .6/%0 . %*4 >S\bOX]dS[ { [OWa R] _cS c[O Q][^SbWzx] 7*%" 4"6%}7&;OWa _cOZWRORS RS dWRO bO[P{[ ^OaaO ^SZO \cb`Wzx] 7*%" 4"6%}7&/ PWQWQZSbO RSdS aS` [cWb] [OWa R] _cS []RO .6/%0 (063.&5 DOZS O ^S\O Q]\VSQS` ] 0OW``] S[ /dSW`] 8&&,&/% <O[]`O` S[ bS``Oa R] 5S`}a 0/ 5)& 30"% 0;E W! ³ / ]^zx] SZ{b`WQO -5*." 1}(*/" / b`ORWzx] OW\RO { ] _cS S`O \O 1]\aS`dSW`O RS :WaP]O

27@3B=@ 23 ;/@93B7<5

JB6 EGDEDHI6 9: K6ADG K:C8:9DG6 0 BOP GPJ QMFOP EF EJTUJOÎÜFT QBSB B .ÏEJT " QBS EP SFDPOIFDJNFOUP como .BSDB de Confiança, Superbrand e .BSDB 2VF .BSDB a Médis conquistou a primeira posição no .BSLUFTU 3FQVUBUJPO Index EF Seguradoras e foi eleita &TDPMIB EP $POTVNJEPS FN 4JTUFNBT EF 4BÞEF &TUFT QSÏNJPT EFNPOTUSBN DMBSBNFOUF RVF P NFSDBEP SFDPOIFDF B QSPQPTUB EF WBMPS EB .ÏEJT o UBOUP PT OPTTPT $MJFOUFT BUVBJT DPNP PT QPUFODJBJT DPNP FWJEFODJB B FMFWBEB UBYB EF SFDPNFOEBÎÍP RVF B .ÏEJT BUJOHF NFTNP KVOUP EPT RVF BJOEB OÍP TÍP TFVT DMJFOUFT &TUF BOP B .ÏEJT Ï NBJT VNB WF[ .BSDB EF $POGJBOÎB 0T SFTVMUBEPT EP FTUVEP TÍP NVJUP DMBSPT FN EBT SFTQPTUBT B .ÏEJT Ï FTDPMIJEB DPNP B .BSDB EF $POGJBOÎB FN 4FHVSPT EF 4BÞEF P RVF USBEV[ VN SFTVMUBEP RVBTF RVBUSP WF[FT TVQFSJPS BP DMBTTJGJDBEP "MÏN EJTTP B BWBMJBÎÍP EB .ÏEJT NFMIPSPV FN UPEPT PT BUSJCVUPT *NBHFN 2VBMJEBEF /FDFTTJEBEFT EPT $MJFOUFT 3FMBÎÍP $VTUP #FOFGÓDJP 4FS SFDPOIFDJEP BP MPOHP EPT BOPT DPN UPEPT FTUFT QSÏNJPT Ï NPUJWP EF HSBOEF PSHVMIP NBT UBNCÏN SFQSFTFOUB NBJT SFTQPOTBCJMJEBEF 1PS JTTP SFGPSÎBNPT QFSNBOFOUFNFOUF P OPTTP DPNQSPNJTTP BUSBWÏT EB RVBMJEBEF F EB QSPYJNJEBEF DPN PT OPTTPT $MJFOUFT 0T $MJFOUFT UÐN DBEB WF[ NBJT GPSNBT EF DPOUBDUP DPN B .ÏEJT o BUSBWÏT EB -JOIB .ÏEJT de medis.pt PV EB BQQ .ÏEJT B OPTTB OPWJEBEF EJHJUBM NBJT SFDFOUF 0 ÞMUJNP BOP GPJ BMJÈT VN BOP EF HSBOEF FWPMVÎÍP OB DPOTUSVÎÍP EF VNB .ÏEJT NBJT EJHJUBM 3FOPWÈNPT P TJUF medis.pt, RVF TVSHJV UBNCÏN com uma versão NPCJMF MBOÎÈNPT VN OPWP QSPDFTTP EF venda POMJOF F FOUSÈNPT OBT SFEFT TPDJBJT DPN B QÈHJOB .ÏEJT ,JET OP 'BDFCPPL 4FS NBJT EJHJUBM TJHOJGJDB FTUBS DBEB WF[ NBJT QSØYJNP EPT OPTTPT $MJFOUFT I QPS EJB 4JHOJGJDB UBNCÏN RVF OPT NBOUFNPT GJÏJT BPT OPTTPT WBMPSFT EF JOPWBÎÍP 1PS UPEPT FTUFT NPUJWPT BDSFEJUBNPT RVF &TUBS #FN ² &TUBS .ÏEJT .ÏEJT 'B[ #FN Ë 4BÞEF

2W`Sb]`( 5cabOd] 0O``Sb] 2W`Szx] 3RWb]`WOZ( @cW 4O`WO `cWTO`WO.`SdWabOa Q]TW\O ^b BSfb]a( /\O >OcZO ;O`_cSa 1ObO`W\O <c\Sa R]a AO\b ]a ;t`W] 4WUcSW` SR] >OcZO AO\b]a A \WO B`WUcSW`x] 2W`Szx] RS /`bS S >OUW\Ozx]( >Ob` QWO AO\b]a >`]XSb] 5`tTWQ]( ;O`WO >O^]cZO 4]b]U`OTWO( 2W]U] >W\b] <c\] /ZSfO\R`S 5Sbbg 7[OUSa S 1]TW\O ;SRWO >Sa_cWaO RS 7[OUS[( ;OTOZRO ;O`WO`Sa 1]^g RSaY( ;O\cSZO 5]\hOUO >`]Rczx]( 1]TW\O ;SRWO >`{ W[^`Saax]( 5`O^VSf^S`ba :RO /d 7\TO\bS AO\b] " / 0 !# %' :WaP]O 7[^`Saax]( :WaU`tTWQO A / 3ab`ORO 1]\aWUZW{`W >SR`]a] ' 1OaOZ RS A :S]^]ZRW\O %"# ##! ?cSZch RS 0OWf] >`]^`WSRORS( ;{RWa ´ 1][^O\VWO >]`bcUcSaO RS ASUc`]a RS AO RS A / /d 8]a{ ;OZV]O % % #% :WaP]O O^]W]O]QZWS\bS.[SRWa ^b :W\VO ;{RWa( :WaP]O bSZ &"# &&&& >]`b] bSZ %& &&& BSZS[ dSZ '$# ''& &&& j '!# & &&& @SROzx]( 1]TW\O ;SRWO /``cO[S\b] 2 u `cO 8]a{ ;O`WO <WQ]ZOc ! #"' ! :WaP]O BSZ ! ! ' " ! ! % % ' eee Q]TW\OQ]\bScR]a ^b 2S^ aWb] :SUOZ( ! '&' @SUWab] \O 3 @ 1 Q][ ] \ ¡ # ! "'$ '"" BW`OUS[( SfS[^ZO`Sa >S`W]RWQWRORS( B`W[Sab`OZ ;{RWa ´ 1][^O\VWO >]`bcUcSaO 2S ASUc`]a 2S AO RS A / 1O^WbOZ A]QWOZ( 3c`]a 1]\b`WPcW\bS \¡ # ! "'$ '"" ASRS( /d 8]a{ ;OZV]O % % #% :WaP]O 3abO `SdWabO T]W `SRWUWRO S[ Q]\T]`[WRORS Q][ O \]dO \]`[O ]`b]U`tTWQO ^O`O >]`bcUOZ `SacZbO\bS R] /Q]`R] =`b]U`tTWQ] RS '' / ;p27A <¯= AC0A1@3D3 <313AA/@7/;3<B3 /A =>7<7°3A D371C:/2/A <3AB/ @3D7AB/


<=B/A a]ZbOa

" TPOEB (BJB WBJ DBSUPHSBGBS P TJTUFNB TPMBS " "H¦ODJB &TQBDJBM &VSPQFJB MBO£PV B TPOEB (BJB DPN VN QSPKFUP BNCJDJPTP RVF QSFUFOEF DBSUPHSBGBS B 7JB - DUFB B QPTJ£ P F B WFMPDJEBEF EF NJMI±FT EF FTUSFMBT " TPOEB FTU B DBNJOIP EF VNB QPTJ£ P B NJMI P F NFJP EF RVJM¯NFUSPT EB 5FSSB POEF QPEFS DPNF£BS B SFDPMIFS PT QSJNFJSPT EBEPT QBSB B DSJB£ P EF VN NBQB USJEJNFOTJPOBM EB OPTTB HBM YJB OVN QSPKFUP RVF QPEF EVSBS DJODP BOPT

"VUPN¯WFM OP QVMTP

/ ;S`QSRSa O\c\QW]c c[O ^O`QS`WO Sab`Ob{UWQO Q][ O >SPPZS BSQV\]Z]Ug _cS ^S`[WbS ZWUO` ] Ocb][ dSZ S[ `SRS b]`\O\R] ] ^O`bS RO 7\bS`\Sb ^O`O Q][c\WQO` Q][ ]a `SZ UW]a W\bSZWUS\bSa RO >SPPZS _cS ObcO[ Q][] c[ µaSUc\R] SQ`x¶ R] a[O`b^V]\S 3abS RWa^]aWbWd] ^Saa]OZ OQSRS O OZUc[Oa Tc\QW]\OZWRORSa R] dS QcZ] O _cS Sabt ZWUOR] >S`[WbS `SdS` W\T]`[Oz Sa W[^]`bO\bSa Q][] ] \ dSZ RS Q][Pcab dSZ ] SabOR] RS PZ]_cSW] ROa ^]`bOa S Ob{ O Z]QOZWhOzx] <] W\b S`W]` R] dS QcZ] O O^ZWQOzx] b`O\aT]`[O aS OZS`bO\R] ] Q]\Rcb]` ^O`O ]a ^S`WU]a S[ bS[^] `SOZ Ob`Od{a RO bSQ\]Z]UWO D D dS QcZ] ^O`O dS QcZ] bOWa Q][] OQWRS\bSa S ]P`Oa \O Sab`ORO TOhS\R] dWP`O` ] `SZ UW]

" OPWB #.8 , (5- QPEF TFS WJTUB DPNP P 3PMMT!3PZDF EBT EVBT SPEBT 0 MVYP F P SFWJWBMJTNP TVSHFN MBEP B MBEP OVNB NPUP GFJUB NFEJEB EF RVFN UFN GPNF EF RVJM¯NFUSPT F POEF B QPTJ£ P EF DPOEV£ P O P S FUJSB P DPOGPSUP BP QBTTBHFJSP RVF HFSBMNFOUF ¥ FTRVFDJEP 0 NPUPS EF TFJT DJMJOESPT FN MJOIB DD DPN DW EF QPU¦ODJB UFN VNB GPS£B JODS©WFM FN CBJYP SFHJNF POEF FTU P EJTQPO©WFJT EPT /N EF CJO SJP N YJNP 0 MBO£BNFOUP FN 1PSUVHBM EFWF PDPSSFS OB QSJNBWFSB F P QSF£P EFWF DPNF£BS OPT FVSPT

= ;3A;= >3@4C;3 \x] { WUcOZ ^O`O b]R]a C[ SabcR] ^cPZWQOR] \O <Obc`S <Sc`]aQWS\QS ^]` Sa^SQWOZWabOa S[ [WQ`]PW]Z]UWO US\{bWQO S \Sc`]QW}\QWOa RO 2cYS C\WdS`aWbg RS 2c`O\ 1O`]ZW\O R] <]`bS RO C\WdS`aWbg ]T >S\\agZdO\WO S RO @]QYTSZZS` C\WdS`aWbg RS <]dO 7]`_cS RS[]\ab`O _cS O ^S`QSzx] R] ^S`Tc[S ROa TZ]`Sa \x] { Q]\abO\bS µp c[O dO`WOzx] acPabO\QWOZ ^]`_cS ] \]aa] ]ZTOb] { Q][^]ab] ^]` QS`QO RS " `SQSb]`Sa _cS O^`SaS\bO[ c[O dO`WOzx] RO ]`RS[ R]a ! RS ^Saa]O ^O`O ^Saa]O ] _cS S_cWdOZS O RWhS` _cS ^]RS VOdS` " _cS `Sa^]\RS[ RS T]`[O RWTS`S\QWORO O] [Sa[] ]R]`¶ Sf^ZWQ]c 8]S ;OW\ZO\R PW Z]U] []ZSQcZO` S c[ R]a ` Sa^]\atdSWa ^SZ] SabcR] " 7<D3@<= "

4]b]U`OTWO( 5Sbbg 7[OUSa

7JBKBS FN EVBT SPEBT DPN MVYP F SFRVJOUF


0T D FT SFDPOIFDFN BT GPUPT EPT EPOPT = `SQ]\VSQW[S\b] RS c[O W[OUS[ W[ dSZ aS[ _cOZ_cS` ]R]` { c[ aW\b][O RO Sd]Zczx] O\W[OZ 1WS\bWabOa TW\ZO\RSaSa RO C\WdS`aWRORS RS 6SZa \_cWO Q]\QZc `O[ _cS bOZ Q][] OZUc\a ^`W[ObOa bO[P{[ ]a QxSa ax] QO^OhSa RS WRS\bWTWQO` O W[OUS[ R] R]\] = SabcR] ^O`bWc RO W\dSabWUOzx] R]a []dW[S\b]a ]QcZO`Sa _cS []ab`O[ c[O `SOzx] RS W\bS`SaaS _cO\R] O W[OUS[ R] R]\] []bWd]c c[O `SOzx] Q]`RWOZ S[ Q]\b`OabS Q][ O `SOzx] W\RWTS`S\bS u ^`SaS\zO RS ]cb`Oa T]b]a

0T GJMNFT NBJT QJSBUFBEPT EP NVOEP BVS 6]PPWb ] TWZ[S OaaW\OR] ^]` >SbS` 8OQYa]\ T]W ] `SW R]a R]e\Z]ORa S[ ! Q]\bOPWZWhO\R] & " [WZV Sa RS Q ^WOa Ob`Od{a R] aWbS B]``S\b4`SOY Sa^SQWOZWhOR] S[ TWZS aVO`W\U 2XO\U] C\QVOW\SR S 4Oab O\R 4]c`W]ca $ TWQO`O[ \Oa ^]aWz Sa aSUcW\bSa ;Oa Vt [OWa ROR]a Qc`W]a]a 7`]\ ;O\ ! T]W ] TWZ[S [OWa `S\btdSZ Q][ [WZ [WZV Sa RS R]ZO`Sa [Oa \x] T]W OZ{[ R] _cO`b] ZcUO` \]a R]e\Z]ORa % $ [WZV Sa

#JLFTIBSJOH HBOIB UFSSFOP C[ SabcR] Q]\RchWR] ^SZ] 7\abWbcb] ^O`O ] B`O\a^]`bS S 2SaS\d]ZdW[S\b] 7B2> RS <]dO 7]`_cS Q]\QZcWc _cS 0O`QSZ]\O :g]\ 1WRORS R] ;{fWQ] ;]\b`SOZ <]dO 7]`_cS >O`Wa S @W] RS 8O\SW`] ax] Oa QWRORSa _cS `SUWabO[ c[O [OW]` ^S\Sb`Ozx] R] aWabS[O RS PWYSaVO`W\U O ^O`bWZVO RS PWQWQZSbOa S[ t` SOa c`PO\Oa = b`OPOZV] bSdS S[ Q]\aWRS`Ozx] " QWRORSa R]a QW\Q] Q]\bW\S\bSa _cS ^`]Qc`O[ W[^ZS[S\bO` SabO WRSWO _cS bS[ dW\R] O UO\VO` bS``S\] c[ ^]cQ] ^]` b]R] ] [c\R]

0 BVUPN¯WFM NBJT DBSP EP NVOEP

= :O[P]`UVW\W DS\S\] @]ORabS` T]W Q]\aWRS`OR] ] QO``] [OWa QO`] R] [c\R] \] `O\YW\U O\cOZ RO `SdWabO 4]`PSa /^S\Oa aS`x] ^`]RchWROa \]dS c\WRORSa RSabS RSaQO^]btdSZ `ORWQOZ Q]\ab`c R] S[ QO`P]\] S S_cW^OR] Q][ c[ []b]` D RS $ # ZWb`]a RS QWZW\R`ORO Q][ %# Qd RS ^]b}\QWO 1O^Oh RS QVSUO` O]a !## Y[ V ^]RS ObW\UW` ]a Y[ V S[ ' aSUc\R]a p c[O ]P`O RS O`bS RO S\US\VO`WO Q][ c[ ^`Sz] RS ! ! [WZV Sa RS Sc`]a O\bSa RS W[^]ab]a

7FOFOP 3PBETUFS 7<D3@<= " #


<=B/A a]ZbOa

'VOEB£ P EF 4FSSBMWFT

/ 4c\ROzx] RS AS``OZdSa bS[ ^ObS\bS Ob{ RS [OW] O Sf^]aWzx] 1]\bS[^]`v\S]a ³ 3abOR]a >`SaS\bSa p c[O []ab`O S[ _cS ac`US[ b`OPOZV]a RS O`bWabOa ^]`bcUcSaSa /\O AO\b]a /\R`{ A]caO 1O`ZO 4WZW^S 5OP`WSZ /P`O\bSa ;Oc`] 1S`_cSW`O <c\] RO :ch >SR`] 0O`ObSW`] >SR`] :OU]O >`WaQWZO 4S`\O\RSa A{`UW] 1O``]\VO Sónia Almeida e D]\ 1OZVOc QcXOa ^`S]Qc^Oz Sa S ^]aWz Sa Sab{bWQOa dWS`O[ O QO`OQbS`WhO` c[ QS`b] QO[^] RS ^`]Rczx] O`b abWQO O] Z]\U] RO ZbW[O R{QORO

pD=@/ >@=;=D3

AOP]`Sa /ZS\bSXO\]a

/ 1v[O`O ;c\WQW^OZ RS pd]`O ^`][]dS O] Z]\U] RS " O W\WQWObWdO 2]hS ;SaSa RS 0]O DWRO 2S^]Wa RS ] ^]` Q] bS` aWR] `SW S[ [O`z] ] RSabO_cS T]W ^O`O Oa a]^Oa) S[ OP`WZ aS`t O dSh R] P]``SU] O\bSa RO Q][WRO RS dS`x] _cO\R] ] QOZ]` O^S`bO / QOzO { ] b S[O ^O`O Oa ^`]^]abOa RS \]dS[P`] S RShS[P`] /] Z]\U] RS b]R] ] O\] O R]zO`WO b`ORWQW]\OZ { c[O O^]abO Q]\abO\bS

0 TFHSFEP EP IJESPBWJ P

$ 7<D3@<= "

.BDBV OPT UFNQPT EF 4BMB[BS B $IJOB EF .BP 5T¥ 5VOH F )POH ,POH EF +PSHF 7* T P P DFO SJP EF VN UISJMMFS EB BVUPSJB EP KPSOBMJTUB 'FSOBOEP 4PCSBM VNB WJBHFN QPS PVUSPT UFNQPT BQJNFOUBEB QFMP FYPUJTNP EP 0SJFOUF POEF BT MVUBT EF QPEFS FOUSF W SJPT QPEFSFT QSFOEFN P MFJUPS &EJUBEP QFMB 1BSTJGBM

+¶MJP 3FTFOEF

= Sa^ ZW] RS 8 ZW] @SaS\RS Q]\bW\cO O aS` []ab`OR] \] :cUO` R] 2SaS\V] \O AOZO R] /QS`d] Q]``Sa^]\RS\R] O] RSa U\W] RS Sf^]` `]bObWdO[S\bS S \c[O Z UWQO bS[tbWQO O dOabO Q]ZSzx] RS RSaS\V]a R] O`bWabO ^S`bS\QS\bS u W\abWbcWzx] =a RSaS\V]a R] ^S` ]R] OZS\bSXO\] ^`]RchWR]a \]a O\]a " _cO\R] 8 ZW] @ SaS\RS T]W Q][] ^`]TSaa]` ^O`O DWO\O R] /ZS\bSX] OaaSUc`O[ Q]S`}\QWO u ^`SaS\bS Sf^]aWzx] RSadS\RO\R] O_cSZS _cS ^]RS[]a Q]\aWRS`O` ] QWQZ] W\OcUc`OZ R] aSc ^S`Qc`a] O^ a ] `SU`Saa] RS >O`Wa

.BSJB (BE¶ OPT DPMJTFVT

;O`WO 5OR Sabt RS d]ZbO O]a ^OZQ]a ^]`bcUcSaSa ^O`O R]Wa Q]\QS`b]a( c[ \] 1]ZWaSc R] >]`b] \] RWO ' RS Xc\V] S ]cb`] \] 1]ZWaSc R]a @SQ`SW]a S[ :WaP]O O RS Xc\V] / QO\b]`O RS AVW[POZOW} `SU`SaaO c[ O\] RS^]Wa RS ZO\zO` ] tZPc[ < a ³ ] OQZO[OR] RWaQ] RS RcSb]a Q][ OZUc\a R]a ^`W\QW^OWa \][Sa RO ;>0 Q][] 1OSbO\] DSZ]a] 5WZPS`b] 5WZ ;WZb]\ <OaQW[S\b] ]c /\O 1O`]ZW\O S bO[P{[ Q][ O`bWabOa Q][] 3OUZS!3gS 1VS``g ]c 8SaaS 6O``Wa


0 SFHSFTTP

EPT 4JMFODF

>OaaOR]a # O\]a RSaRS O O^`SaS\bOzx] RO PO\RO S RS [OWa RS O\]a aS^O`OR]a ]a AWZS\QS " d]ZbO`O[ O Xc\bO` aS \] ^`]XSb] A]\U0]]Y " ³ c[O dWOUS[ O]a }fWb]a _cS [O`QO`O[ US`Oz Sa Q][] { ] QOa] RS 0]``]e /\USZ A]\U ]c ;g 4`WS\Ra S\b`S ]cb`Oa /] Z]\U] R] [}a RS [O`z] ]a }fWb]a de AWZS\QS 0SQ][Sa 7b T]`O[ `SdWaWbOR]a \c[O RWU`Saax] _cS aS`dWc ^O`O ^`][]dS` ] Q]\Xc\b] RS b`}a 12a S c[ 2D2 _cS Sabt \] [S`QOR]

@=19 7< @7=

3; :7A0=/

/ 1WRORS R] @]QY `SQSPS SabS O\] [OWa c[O SRWzx] R] @]QY W\ @W] ³ :WaP]O Q][ RObO [O`QORO ^O`O ]a RWOa # ' ! S ! RS [OW] S RS Xc\V] BVS @]ZZW\U Ab]\Sa 8cabW\ BW[PS`ZOYS @]PPWS EWZZWO[a :]`RS /`QORS 4W`S :W\YW\ >O`Y S 7dSbS AO\UOZ] ax] O^S\Oa OZUc\a R]a ^`W\QW^OWa O`bWabOa O ^WaO` ] >OZQ] ;c\R] Rc`O\bS ] TSabWdOZ <] RWO ! RS [OW] dt`W]a [ aWQ]a ^]`bcUcSaSa acPW`x] bO[P{[ O] ^OZQ] ^O`O TOhS` c[O V][S\OUS[ O /\b \W] DO`WOz Sa

0T $[BSFT F P 0SJFOUF

/ Sf^]aWzx] =a 1hO`Sa S ] =`WS\bS =TS`bOa RO Bc`_cWO S R] 7`x] \] 9`S[ZW\ RS ;]aQ]d] Sabt ^ObS\bS \] ;caSc RO 4c\ROzx] 1OZ]cabS 5cZPS\YWO\ Ob{ & RS [OW] @S \S c[ ^`SQW]a] Q]\Xc\b] RS ^SzOa RO ac[^bc]aO Q]ZSzx] R] 9`S[ZW\ RS ;]aQ]d] Q][^]ab] ^SZOa ]TS`bOa O]a QhO`Sa ^`]dS\WS\bSa R] 7`x] aOTtdWRO S RO Bc`_cWO ]b][O\] R]a a{QcZ]a FD7 S FD77 :cfc]aOa ^SzOa S\b`S X]WOa bSQWR]a O`[Oa S O``SW]a RS QOdOZ] cbWZWhOROa \]a Ob]a QS`W[]\WOWa R]a QhO`Sa `caa]a \O dWRO RO Q]`bS \Oa QO[^O\VOa [WZWbO`Sa S \]a ]T QW]a QSZSP`OR]a \Oa WU`SXOa R] 9`S[ZW\ /\bS`W]`[S\bS O^`SaS\bORO \O /`bVc` ; AOQYZS` 5OZZS`g RO A[WbVa]\WO\ 7\abWbcbW]\ S[ EOaVW\Ub]\ { O ^`W[SW`O dSh _cS SabO Q]ZSzx] ac`US \O 3c`]^O =QWRS\bOZ 7<D3@<= " %


5@/<23 S\b`SdWabO

+04 $"3-04 ."("-) &4

ŏ7*&.04 1"3" '*$"3Ő 8]a{ 1O`Z]a ;OUOZVxSa ^`SaWRS\bS R] 1]\aSZV] RS /R[W\Wab`Ozx] R] 5`c^] 6>> AO RS TOZ]c!\]a a]P`S ]a ]PXSbWd]a _cS ] 5`c^] /[WZ b`]cfS ^O`O >]`bcUOZ PS[ Q][] ROa acOa ^` ^`WOa [SbOa >]` A \WO B`WUcSW`x]

/ \]dO USabx] RO 6>> AO RS RVFS TFS P 'PJ B PQPS UVOJEBEF " $BJYB (FS BM EF OÞNFSP VN OB QSFTUBÎÍP EF DVJEBEPT EF %FQØTJUPT QPS GPSÎB EPT BKVTUFT JNQPTUPT TBÞEF QSJWBEB FN 1PSUVHBM $PN FTUF PCKFUJ QFMB USPJLB UFWF EF WFOEFS P HSVQP )11 & WP F UFOEP QPS CBTF VNB GJMPTPGJB BTTFOUF B "NJM UJOIB QMBOPT EF FYQBOTÍP 4FNQSF OB JOPWBÎÍP F OB RVBMJEBEF BTTVNJOEP VN UFWF QMBOPT EF FYQBOTÍP QBSB PVUSPT QBÓTFT DPNQSPNJTTP EF USBOTQBSÐODJB F FYDFMÐO EB "NÏSJDB EP 4VM F QBSB B &VSPQB .BT FTUB DJB RVFS NBOUFS F DPORVJTUBS B DPOGJBOÎB PQPSUVOJEBEF GPJ VNB KBOFMB RVF TF BCSJV EPT TFVT DMJFOUFT F DPMBCPS BEPSFT $PNP " FYQBOTÍP UBMWF[ EFNPSBTTF NBJT TF OÍP WBOUBHFN USB[ B WBTUB FYQFSJÐODJB EP HSVQP IPVWFTTF FTTB PQPSUVOJEBEF "NJM VNB FNQSFTB RVF OBTDFV FN OB ?cOZ { ] ^]bS\QWOZ RS Q`SaQW[S\b] R] U`c^] DJEBEF GMVNJOFOTF EF %VRVF EF $BYJBT " 6>> \] [S`QOR]"NJM HFSF OP #SBTJM VOJEBEFT EF 4BÞEF /ØT UFNPT QSPKFUPT EF FYQBOTÍP PSHÉOJDB F EFTEF DPOUB DPN DBQJUBM EP HSVQP 4PNPT P UFSDFJSP HSVQP IPTQJUBMBS QSJWBEP OPSUF BNFSJDBOP 6OJUFE )FBMUI &N TBM RVFSFNPT NFMIPSBS FTUB QPTJÎÍP OP SBO UBSBN EB "NÏSJDB EP 4VM QBSB B &VSPQB F LJOH F B OPTTB BNCJÎÍP OÍP TF SFTVNF BP BUFSSBSBN FN 1PSUVHBM $PNQSBSBN B )11 NFSDBEP EPT IPTQJUBJT 5FNPT QSPKFUPT QBSB 4BÞEF VN OFHØDJP RVF BTTVNFN TFS P QPOUP FOUSBS FN BMHVN NPNFOUP OP NFSDBEP EPT EF QBSUJEB QBSB NBJT JOWFTUJNFOUPT RVFS FN TFHVSPT EF 4BÞEF FN 1PSUVHBM /ÍP FTUB 1PSUVHBM RVFS OPVUSPT QBÓTFT FVSPQFVT F NPT BOTJPTPT OÍP TFJ EJ[FS RVBOEP JTTP WBJ RVFN TBCFy DPN «GSJDB OP IPSJ[POUF 0 BDPOUFDFS /ØT WJFNPT BRVJ QBSB GJDBS /ÍP OPWP QSFTJEFOUF GBMB EBT QFSTQFUJWBT EPT TPNPT VNB FNQSFTB RVF DIFHB F JOWFTUF EFTBGJPT F EBT PQPS UVOJEBEFT OB ÈSFB EB SFDVQFSB F EFQPJT WFOEF F WBJ FNCPSB " BUJWJEBEF EPT TFHVSPT Ï FTUSBUÏHJDB QBSB OØT 4BÞEF OP NFSDBEP QPSUVHVÐT Ï BRVJMP RVF TBCFNPT GB[FS & UFNPT UBN / /[WZ { c[O S[^`SaO P`OaWZSW`O _cS Q]\bO CÏN VNB BNCJÎÍP EF FYQBOTÍP HFPHSÈGJDB Q][ QO^WbOWa \]`bS O[S`WQO\]a S _cS OU]`O 0T )11 TÍP VNB KBOFMB BCFSUB OPNFBEB Sabt S[ >]`bcUOZ \] U`c^] 6>> AO RS ?cS NFOUF QBSB B &VSPQB 3 ÈT`WQO { bO[P{[ c[O VW^ bSaS RS [S` TWZ]a]TWO b`Oh O /[WZ ^O`O >]`bcUOZ'VOEBNFOUBMNFOUF USB[FNPT B GJMPTPGJB EP QOR]TFSWJÎP %F DVJEBS EBT QFTTPBT /P #SBTJM B 5BNCÏN OÍP FTUÈ EF QBSUF 5PEPT PT QBÓTFT OPTTB BUVBÎÍP Ï NBJT SFMFWBOUF DPNP FNQSF EF MÓOHVB QPSUVHVFTB QFMBT BGJOJEBEFT DVM TB EF TFHVSPT 4PNPT VNB FNQSFTB EF TFHV UVSBJT F UVEP NBJT FTUÍP OPT OPTTPT QMBOPT SPT DPN VNB SFEF EF IPTQJUBJT & P RVF OPT NBT OÍP OVN DVSUP QSB[P 1BSB KÈ F B DVSUP EJGFSFODJB Ï B GPSNB DPNP BCPSEBNPT F DVJ QSB[P UFNPT EF DPOTPMJEBS B QPTJÎÍP EPT EBNPT EP EPFOUF 1SFGJSP EJ[FS RVF OØT OÍP )11 F FYQBOEJS FTTB SFEF EF IPTQJUBJT BRVJ USBUBNPT EBT QFTTPBT OØT DVJEBNPT EBT QFT FN 1PSUVHBM B}[ aSbS c\WRORSa RS aO RS Waa] aWU\WTWQO TPBT &TUB Ï B OPTTB EJGFSFOÎB = _cS ZSd]c O /[WZ O W\dSabW` S[ >]`bcUOZ S _cS Vt W\bS\z Sa RS OZO`UO` SabS c\WdS`a]/ØT UFNPT QMBOPT EF FYQBOTÍP NBT BJOEB O Q][^`O` ] U`c^] 6>> AO RS& 7<D3@<= "

FTUBNPT B BOBMJTBS P NFSDBEP 0 NFSDBEP JOUFSOP F P NFSDBEP FYUFSOP 3 Q][] d} O Sd]Zczx] R] [S`QOR] RO AO RS S[ >]`bcUOZ \] _cS RWh `Sa^SWb] O]a ^`Sa bOR]`Sa ^`WdOR]a² ØCWJP RVF BDSFEJUBNPT OP DSFTDJNFOUP EP NFSDBEP EF TBÞEF QSJWBEP DBTP DPOUSÈSJP OÍP FTUBSÓBNPT BRVJ 0 RVF QFSDFCFNPT Ï RVF PT DPOTUSBOHJNFOUPT DPN P 0SÎBNFOUP EP &TUBEP OPNFBEBNFOUF OP RVF EJ[ SFT QFJUP BP PSÎBNFOUP QBSB B 4BÞEF QPEFN MFWBS BT QFTTPBT B QSPDVSBSFN TFHVSBOÎB OPT QMBOPT TFHVSPT QSJWBEPT +È IÈ EPJT NJMIÜFT EF QPSUVHVFTFT DPN QMBOPT QSJWB EPT EF TBÞEF F PVUSPT TVCTJTUFNBT F UVEP NBJT " TBÞEF UFN VNB DBSBDUFSÓTUJDB FTQF DÓGJDB OP RVF EJ[ SFTQFJUP B QSFÎPT " JOGMB ÎÍP OFTTB ÈSFB DPSSF NVJUP NBJT SÈQJEP EP RVF FN RVBMRVFS PVUSB ÈSFB QPS EJWFSTBT SB[ÜFT 'BMP OB JODPSQPSBÎÍP EF OPWPT GÈS NBDPT F EF OPWBT UFDOPMPHJBT F BUÏ EP FOWF MIFDJNFOUP EB QPQVMBÎÍP /Z{[ R] W\ dSabW[S\b] RS QO^WbOZ _cS ] U`c^] /[WZ b`Oh ^O`O >]`bcUOZ _cS [OWa ^]RS[]a UO\VO`/ØT TPNPT VNB FNQSFTB RVF OBTDFV EFO USP EPT IPTQJUBJT FNCPSB BUVBMNFOUF P OFHØDJP NBJPS TFKB EF TFHVSPT .BT OØT HFSJ NPT NVJUP CFN PT IPTQJUBJT & BMÏN EJTTP UFNPT VN NPEFMP JOUFHSBEP FN RVF P TFHV SP F P IPTQJUBM USBCBMIBN EF GPSNB NVJUP QSØYJNB 0T TFHVSPT USBCBMIBN OB EPFOÎB & BT QFTTPBT TØ VTBN P TFHVSP TF FTUJWFSFN EPFOUFT 0 RVF RVFSFNPT UFOUBS JNQMFNFO UBS Ï VN NPEFMP EF TBÞEF 0OEF Ï RVF VNB FNQSFTB EF TFHVSPT HBOIB EJOIFJSP 2VBOEP BT QFTTPBT OÍP BEPFDFN $VJEBS EB TBÞEF EBT QFTTPBT Ï B GPSNB EF USBCB MIBS NFMIPS FTUF NPEFMP & IPKF JTTP BRVJ


7<D3@<= " '


5@/<23 S\b`SdWabO

FN 1PSUVHBM QBSFDF OÍP FYJTUJS 0 NPEFMP QÞCMJDP QPS FYFNQMP Ï NVJUP DFOUSBEP OPT IPTQJUBJT F OÍP OPT DVJEBEPT QSJNÈSJPT 0T BVUBSDBT RVFSFN VN IPTQJUBM OP TFV NVOJ DÓQJP NBT OÍP WFKP EJTDVTTÍP FN UPSOP EPT DVJEBEPT QSJNÈSJPT FWJUBS RVF BT QFTTPBT BEPFÎBN VNB BQPTUB OB QSFWFOÎÍP &TTB Ï B OPTTB NBJT!WBMJB F B OPTTB WJTÍP " OPTTB FYQFSJÐODJB OFTTB ÈSFB Ï P RVF QPEFNPT USB[FS NBJT BP 1BÓT 3 ] U`c^] /[WZ ] _cS S\Q ]\b`]c S[ >]`bcUOZ _cS ZVS ^]RS aS` bWZ ]c OXcRO`0 RVF Ï RVF TPNPT 4PNPT VNB FNQSFTB QSJWBEB CSBTJMFJSB F NVJUP EJOÉNJDB /ØT EFDJEJNPT BT DPJTBT DPN NVJUB S BQJEF[ NBT P RVF QPEFNPT BQSFOEFS TÍP PT BTQF UPT PSHBOJ[BDJPOBJT " GPSNBUBÎÍP F B GPS NBMJEBEF /ØT CSBTJMFJSPT F B "NJM USBCB MIBNPT EF VNB G PSNB NBJT JOG PSNBM

/ 6>> O^]abO [cWb] \Oa QS`bWTWQOz Sa RS _cOZWRORS _cS ^O`SQS aS` _cOaS c[O ^OZO d`O ]P`WUOb `WO = _cS aWU\WTWQO \O d]aaO TWZ]a]TWO/B WFSEBEF B RVBMJEBEF FTUÈ OP DFSOF EP OPTTP OFHØDJP &TUBNPT B GBMBS EF VN OFHØ DJP RVF FOWPMWF SJTDPT &TUBNPT B GBMBS EF USBUBS EB WJEB EBT QFTTPBT /ÍP TF QPEF JNB HJOBS FTUBS OFTUF OFHØDJP TFN RVF B RVBMJ EBEF F B UÏDOJDB FN QSJNFJSP MVHBS F B RVB MJEBEF IVNBOB FN TFHVOEP TFKBN WBMPSFT JNQPSUBOUFT " QFSTFHVJÎÍP EPT TFMPT Ï QPS RVF FMFT EÍP WJTJCJMJEBEF F DSFEJCJMJEBEF 4ÍP TFMPT JOUFSOBDJPOBJT /B ÈSFB EP DPO GPSUP QPS FYFNQMP OØT FTUBNPT B DSFTDFS CBTUBOUF $VJEBS TJHOJGJDB USBUBS BT QFTTPBT DPN DBSJOIP F DPOG PSUP BMÏN DMBSP EB QBSUF NÏEJDB "T JOTUBMBÎÜFT TÍP JNQPSUBO UFT 5FS JOTUBMBÎÜFT NFEJDBNFOUF RVBMJGJDB

TFJT NFTFT PV NBJT & TF FV UJWFS VN TFHV SP NBSDP BNBOIÍ "DSFEJUP RVF P TFHVSP WBJ TFS UBNCÏN NVJUP JNQPS UBOUF DPNP DPNQMFNFOUP EP GJOBODJBNFOUP 7BJ TVCT UJUVJS P &TUBEP RVF OÍP WBJ UFS NBJT DBQBDJ EBEF EF GJOBODJBS 0 TFHVSP WBJ BTTVNJS VN QBQFM BJOEB NBJT JNQPSUBOUF EP RVF BRVF MF RVF UFN IPKF ?cS OdOZWOzx] TOh R] [S`QOR] ObcOZ R]a aSUc`]a S[ >]`bcUOZ² VN NFSDBEP SFMBUJW BNFOUF QFRVFOP BJOEB $FSDB EF EB QPQVMBÎÍP FTUÈ DPCFSUB DPN TFHVSPT /P #SBTJM EB QPQVMBÎÍP UFN TFHVSPT EF TBÞEF F OPT &TUBEPT 6OJEPT OFN TF GBMB 0CBNB BHPSB GBMB OP PCKFUJWP EF 2VFS B QPQVMB ÎÍP UPEB DPCFSUB DPN TFHVSPT *TTP NPTUSB RVF PT TFHVSPT FN 1PSUVHBM BJOEB UÐN VNB QFOFUSBÎÍP NFOPS EP RVF OPVUSPT QBÓTFT

ŏ1SFGJSP EJ[FS RVF O¯T O P USBUBNPT EBT QFTTPBT O¯T DVJEBNPT EBT QFTTPBT &TUB ¥ B OPTTB EJGFSFO£BŐ

"UFOÎÍP OÍP Ï NFOPT QSPGJTTJPOBM /ÍP Ï JTTP RVF FTUPV B EJ[FS .BT B GPSNBMJEBEF RVF FODPOUSBNPT BRVJ B GPSNB VN QBTTP EFQPJT EP PVUSPy JTTP Ï VNB HS BOEF BQSFOEJ[BHFN OPNFBEBNFOUF QBSB NJN /B GPSNBMJEBEF EB HFTUÍP 2WaaS _cS ] U`c^] 6>> AO RS ]Qc^O ] bS` QSW`] ZcUO` \c[ `O\YW\U RS ^`SabOR]`Sa ^`WdOR]a 1][] S\QO`O O Q]\Q]``}\QWO"DIP NVJUP TBVEÈ WFM B DPODPSSÐODJB "DSFEJUP NVJUP OJTTP QPSRVF BDIP RVF UFS DPODPSSFOUFT NVJUP RVBMJGJDBEPT TFHVSPT F QSPGJTTJPOBJT Ï CPN QPSRVF OPT UJS B EP NBSBTNP 4F IPVWFTTF FTTB DPODPSSÐODJB OP 4FSWJÎP /BDJPOBM EF 4BÞEF JTTP TFSJB ØUJNP F TF QVEFTTF DPODPSSFS BUÏ DPN PT QSJWBEPT P TJTUFNB NFMIPSBSJB " DPODPS SÐODJB Ï P NPUPS EB RVBMJEBEF 7<D3@<= "

EB &VSPQB P RVF SFWFMB RVF IÈ VNB PQPS UVOJEBEF HSBOEF EF DSFTDJNFOUP & FTTF DSFTDJNFOUP OÍP TFSÈ TØ OP OÞNFSP NBJPS EF QFTTPBT RVF QBTTB B BCSBOHFS NBT UBN CÏN OP WBMPS EPT QSÏNJPT 0T TFHVSPT WÍP TVCTUJUVJS P &TUBEP FN BMHVNBT TJUVBÎÜFT ;Oa ]a aSUc`]a dx] TWQO` [OWa QO`]a4F PT TFHVSPT DPNFÎBSFN B DPCSJS EPFO ÎBT NBJT DBSBT F PVUSPT BUPT TJN "Ó OÍP IÈ NBSHFN QBSB TFSFN CBSBUPT " TVCJEB EF QSFÎP Ï OBUVSBM "DSFEJUP RVF BT DPCFSUV SBT EPT TFHVSPT OB 4BÞEF WÍP BVNFOUBS 0V TFKB PT TFHVSPT WÍP DPCSJS NBJT EPFO ÎBT F JOUFSWFOÎÜFT "DIP RVF P &TUBEP WBJ EBT UBNCÏN Ï JNQPSUBOUF QBSB OØT 8t TOZ]c [cWb] RS ^ZO\]a RS aO RS ?cOZ { UFS VN QBQFM DBEB WF[ NFOPS DPNP QSFT O W[^]`bv\QWO R]a aSUc` ]a Q][] ^]` UBEPS EF TFSWJÎPT NBT NBJPS DPNP SFHVMB SfS[^Z] O ;{RWa \O aO RSEPS ² BÓ RVF BDIP RVF WBJ IB WFS VNB /P OPTTP OFHØDJP P TFHVSP EF TBÞEF Ï GVO NVEBOÎB EB SFMBÎÍP EBT TFHVSBEPSBT DPN EBNFOUBM ² P NFDBOJTNP EF GJOBODJBNFO P &TUBEP " BUJWJEBEF EPT TFHVSPT FN UP NBJT JNQPSUBOUF EP NFV QPOUP EF WJTUB 1PSUVHBM Ï NVJUP QPVDP SFHVMBEB F DPN P QBSB P TJTUFNB QSJWBEP BVNFOUP EB QBSUJDJQBÎÍP WBJ BVNFOUBS UBN >]RS[ ]a aSUc`]a aS` S\QO`OR]a Q][] c[O CÏN BT SFTQPOTBCJMJEBEFT F BVUPNBUJDB [SRWRO ^O`O c[ P][ aWabS[O RS aO RSNFOUF WBJ TFS NVJUP OBUVSBM P &TUBEP RVF 4FN EÞWJEB 1PSRVF EÍP P EJSFJUP EF FTDP SFS SFHVMBS NBJT FTTB BUJWJEBEF MIB Ë QFTTPB 0 TFHVSP EF TBÞEF PGFSFDF / /[WZ bS[ [cWb]a O\]a RS Sf^S`W}\QWO VN MFRVF VNB SFEF EF QSFTUBÎÍP EF TFSWJ \SabO t`SO R]a aSUc`]a p c[O dO\bOUS[ ÎPT B RVF RVFN OÍP UFN TFHVSPT OÍP UFN Q][^SbWbWdOBDFTTP 0 TFHVSP IPKF BJOEB Ï WJTUP QFMBT 4FN EÞWJEB & QSJODJQBMNFOUF QFMP NPEF MP JOUFHSBEP EP OFHØDJP " "NJM Ï VNB QFTTPBT DPNP BQFOBT VN GBDJMJUBEPS EF BDFTTP 5FOIP EF NBSDBS VNB DPOTVMUB OP FNQSFTB RVF WJWF EB EPFOÎB 4F UJWFS VNB 4FSWJÎP /BDJPOBM EF 4BÞEF W PV EFNPSBS SFEF JOUFHSBEB F B SFEF OÍP QSFDJTB EF TFS


ŏ/ P TF QPEF JNBHJOBS FTUBS OFTUF OFH¯DJP TFN RVF B RVBMJEBEF F B U¥DOJDB FN QSJNFJSP MVHBS F B RVBMJEBEF IVNBOB FN TFHVOEP TFKBN WBMPSFT JNQPSUBOUFTŐ

QSØQSJB QPEF TFS BUS BWÏT EF BDPSEPT P OFHØDJP DSFTDF 0T TFHVSPT OÍP SFNVOF SBN PT QSFTUBEPSFT QPS DVJEBSFN EBT QFT TPBT PV NBOUÐ MBT TBVEÈWFJT 0T TFHVSPT TØ QBHBN BPT QSFTUBEPSFT RVBOEP BT QFTTPBT BEPFDFN "Ó QPEF IBWFS VNB PQPSUVOJEB EF EF OFHØDJP FOUSF PT QSFTUBEPSFT EF TFS WJÎP F BT TFHVSBEPSBT BS[ c[O ^O`QS`WO Q][ ] 3abOR] \] 6]a^WbOZ RS 1OaQOWa 1][] d} SabO ^O`QS`WO S _cOZ { ] ^O^SZ R] 3abOR] \O aO RS ^`WdORO" OPTTB QBSDFSJB DPN P &TUBEP DPSSF NVJUP CFN ² VNB QBSDFSJB NVJUP FYJHFOUF & BDIP RVF UFN NVJUBT WBOUBHFOT QBSB P &TUBEP /ÍP Ï RVF P QSJWBEP BENJOJTUSF NFMIPS EP RVF P QÞCMJDP )È CPOT HFTUPSFT QÞCMJDPT F UBNCÏN NBVT HFTUPSFT QSJWBEPT 0 RVF BDPOUFDF Ï RVF P HFTUPS QSJWBEP UFN VNB MJCFSEBEF RVF P HFTUPS QÞCMJDP OÍP UFN "DSFEJUP RVF B HFTUÍP EF DPNQS BT F EF SFDVSTPT IVNBOPT Ï USBCBMIBEB EF GPSNB NBJT ÈHJM QFMP QSJWBEP "DSFEJUP RVF P BMBS HBNFOUP EFTUF NPEFMP EBT QBSDFSJBT QÞCMJ DP!QSJWBEBT 111 TFSJB NVJUP CFOÏGJDP QBSB P &TUBEP 1]\aWRS`O S\bx] _cS ]a ^`WdOR]a b}[ c[O USabx] [OWa STWQOh \]a QcWROR]a RS aO RS"DIP RVF TJN /ÍP QFMB FYQFSJÐODJB PV QFMP DPOIFDJNFOUP NBT QPSRVF Ï NFOPT USBWB EB QFMPT TJTUFNBT RVF SFHVMBN B BUJWJEBEF QÞCMJDB & JTUP Ï OBUVSBM 0 QBQFM EP &TUBEP

Ï NBJT DPNP SFHVMBEPS & BDIP RVF FTTF EFWF TFS P DBNJOIP 3 ] \]d] 6]a^WbOZ RS B]R]a ]a AO\b]a QcXO Q]\ab`czx] T]W ORWORO S OW\RO OUcO` RO RSQWa Sa a]P`S ] []RSZ] RS USabx]1FOTBNPT OP )PTQJUBM EF 5PEPT PT 4BOUPT NBT WBJ EFQFOEFS EP NPEFMP RVF P &TUBEP UFODJPOB TFHVJS 4F GPS VNB 111 QBSB DPOT USVJS VN IPTQJUBM OÍP Ï P NFV OFHØDJP 0T NPEFMPT FYJTUFOUFT FN RVF IÈ VN DPOTUSV UPS F VN PQFSBEPS Ï VN NPEFMP RVF SFTVM UB OB NJOIB PQJOJÍP "T 111 EF #S BHB -PVSFT F $BTDBJT FN UFSNPT EF FGJDJÐODJB TÍP BT NFMIPSFT &OUSFHBN NBJT RVBMJEBEF *TUP BDPOUFDF QPS VNB ÞOJDB SB[ÍP PT DPO USBUPT TÍP NVJUP FYJHFOUFT FN UFS NPT EF QFSGPSNBODF GJOBODFJSB F EF RVBMJEBEF " WBOUBHFN RVF UÐN BT 111 Ï RVF TJNQMFT NFOUF P DVNQSJNFOUP EPT DPOUSBUPT HBSBO UF RVBMJEBEF BP VUFOUF RVF VTB FTTFT IPTQJ UBJT & BDSFEJUP OVN TFSWJÎP NFMIPS F NBJT CBSBUP /QVO _cS >]`bcUOZ QO[W\VO ^O`O c[O ^]Z bWQO RS ^`WdObWhOzx] \][SORO[S\bS R]a V]a^WbOWa ^ PZWQ]a/ÍP UFOIP FYQFUBUJWBT EF RVF B BUVBM TJUVB ÎÍP NVEF EB ÈHVB QBSB P WJOIP 0 4FSWJÎP /BDJPOBM EF 4BÞEF Ï B CBOEFJSB NBJT DPMP SJEB EP &TUBEP 4PDJBM /ÍP BDSFEJUP RVF BDPOUFÎB VNB NVEBOÎB ESÈTUJDB NBT BDIP RVF PT EPFOUFT JBN CFOFGJDJBS DPN B QSJWB

UJ[BÎÍP EB TBÞEF & TF P &TUBEP RVFCSBTTF BT CBSSFJSBT EB SFHJPOBMJ[BÎÍP F PT QPSUV HVFTFT QVEFTTFN USBUBS TF POEF RVJTFTTFN JTTP NFMIPSBSJB NVJUP B TBÞEF $PN BT EJSF UJWBT USBOTGSPOUFJSJÎBT Ï QPTTÓWFM BMHVÏN EP "MHBSWF JS US BUBS TF QPS FY FNQMP B .VOJRVF NBT OÍP OPVUS B SFHJÍP EP TFV QSØQSJP QBÓT ² DVSJPTP / T]`[Ozx] S O W\dSabWUOzx] ax] c[O O^]a bO RSabO \]dO USabx] R] U`c^] 6>>" "NJM TFNQSF JOWFTUJV F BQPTUPV NVJUP OB GPSNBÎÍP /ÍP TØ EF NÏEJDPT NBT UBNCÏN FOGFSNFJSPT F GJTJPUFSBQFVUBT $PN P HSVQP )11 KÈ DPNFÎÈNPT VN QSPHSBNB EF JOUFS DÉNCJP FOUSF P #S BTJM F 1 PSUVHBM FOUSF 1PSUVHBM F PVUSPT DFOUSPT EF SFGFSÐODJB OP NVOEP 7ÈSJPT HSVQPT EF NÏEJDPT KÈ WJTJUB SBN PV GPSBN B DPOHSFTTPT PV QBSUJDJQBSBN FN FWFOUPT NÏEJDPT "DSFEJUBNPT NVJUP OP EFTFOWPMWJNFOUP F FTUBNPT B FTUSVUVSBS VN QSPHSBNB EF GPSNBÎÍP RVF WBJ BCSBOHFS BT WÈSJBT DBUFHPSJBT QSPGJTTJPOBJT RVF QSFTUBN DVJEBEPT EF TBÞEF ;Sa[] \SabO TOaS RWT QWZ _cS O SQ]\][WO Ob`OdSaaO OQVO _cS { ^]aa dSZ O^]abO` S[ bSQ\]Z]UWO RS ^]\bO S W\dSabW` S[ bSQ\]Z] UWO S S[ T]`[Ozx] O] [Sa[] bS[^]4FN EÞWJEB 1BSB TFSNPT PT NFMIPSFT UFNPT RVF UFS P NFMIPS 0 QSJWBEP QPEF TVCTUJUVJS P &TUBEP DPN NBJT SBQJEF[ OFTTB ÈSFB 0 QSJWBEP UFN VNB HS BOEF DBQBDJEBEF EF 7<D3@<= "


5@/<23 S\b`SdWabO JOWFTUJS FN BMUBT UFDOPMPHJBT 5FN VNB DBQB DJEBEF RVF VN EJB QPEF GBMUBS BP &TUBEP F RVF IPKF BJOEB Oร P GBMUB )PKF PT HSBOEFT DFOUSPT EF JOWFTUJHBร ร P F EF EFTFOW PMWJ NFOUP EF OPWBT UFDOPMPHJBT OB ร SFB Nร EJ DB BJOEB FTUร P OPT IPTQJUBJT EP &TUBEP 0T IPTQJUBJT QSJWBEPT BJOEB Tร P NVJUP OPWPT BRVJ FN 1PSUVHBM " NFEJDJOB QSJWBEB ร BMHP BJOEB NVJUP OPWP OP 1Bร T F JTTP ร BMHP RVF NF BOJNB NVJUP ยฒ VN EFTBGJP JOUFSFTTBOUF

ล 1BSB Kย F B DVSUP QSB[P UFNPT EF DPOTPMJEBS B QPTJยฃย P EPT )11 F FYQBOEJS OFTTB SFEF EF IPTQJUBJT BRVJ FN 1PSUVHBMล FTUBS B QBSUJDJQBS EF BMHP RVF FTUร B OBTDFS ?cS OdOZWOzx] TOh RS >]`bcUOZ&TUPV Dร Iร NFTFT 0 1Bร T ร NVJUP BDP MIFEPS 'VJ NVJUP CFN SFDFCJEP QFMB FRVJ QB " FRVJQB RVF FTUร BRVJ B US BCBMIBS ร NBSBWJMIPTB /ร T Oร P USPVYFNPT NBJT CSB TJMFJSPT 4ร Iร EPJT B USBCBMIBS OP HSVQP " FRVJQB ร QSBUJDBNFOUF UPEB QPSUVHVFTB 0V Kร Dร FTUBWB PV GPJ SFDSVUBEB FN 1PSUVHBM & PT RVBESPT Tร P NVJUP RVBMJGJDBEPT " NJOIB BWBMJBร ร P ร B NFMIPS QPTTร WFM 5VEP DPSSFV EFOUSP EP RVF QMBOFร NPT =a d]aa]a QO`U]a RW`SbWd]a ax] ]Qc^OR]a ^]` [{RWQ]a 7aa] bO[P{[ TOQWZWb]c O W\bS U`Ozx]" "NJM ร VNB FNQSFTB EF Nร EJDPT &V TPV QFEJBUSB ยฒ DVSJPTP &N 1PSUVHBM Oร P TF WFFN Nร EJDPT HFTUPSFT 4FS Nร EJDP BKVEB NVJUP OFTUB ร SFB EB HFTUร P "DIP RVF TF DPOTFHVF FOUFOEFS NFMIPS BT OFDFTTJEB EFT 5FOIP B DFSUF[B EF RVF TFS Nร EJDP BKV EPV OB DPORVJTUB EB DPOGJBOร B EFTUF HSVQP EF Nร EJDPT 0T Nร EJDPT Tร P P HSVQP NBJT FYJHFOUF F FOUFOEFS B MJOHVBHFN EFMFT GBDJ MJUB B DPNVOJDBร ร P F P USBCBMIP EF FRVJQB RVF ร GVOEBNFOUBM

6>> A/ร 23 / 6>> AOย RS W\WQW]c O acO ObWdWRORS RS USabx] V]a^WbOZO` S[ ''& S { V]XS c[ U`c^] RS ` STS`}\QWO \] aSb]` RO aOย RS S[ >]`bcUOZ 1]\bO Q][ [OWa RS " Q]ZOP]`OR]`Sa S ObcO RS T]`[O W\]dOR]`O S QS\b`ORO \O ^S`a]\OZWhOzx] S _cOZWRORS R]a QcWROR]a RS aOย RS ^]aaWPWZWbO\R] c[O ]TS`bO RS aS`dWz]a UZ]POZ S W\bSU`ORO 2Sb{[ ]a ^`W[SW`]a V]a^WbOWa ^`WdOR]a S[ >]`bcUOZ OQ`SRWbOR]a ^SZO 8]W\b 1][[WaaW]\ 7\bS`\ObW]\OZ c[ ]`UO\Wa[] W\bS`\OQW]\OZ \]`bS O[S`WQO\] _cS OQ`SRWbO c\WRORSa RS aOย RS S[ b]R] ] ;c\R] / 6>> AOย RS b S[ $ V]a^WbOWa S[ b]R] ] ^O a 6]a^WbOZ RO 0]OdWabO 6]a^WbOZ R]a :ca OROa 6]a^WbOZ AO\bO ;O`WO RS 4 O`] 6]a^WbOZ RS /ZPcTSW`O S 6]a^WbOZ Ax] 5]\zOZ] RS :OU]a US`S OW\RO ] 6]a^WbOZ RS 1OaQOWa S[ ` SUW[S RS ^O`QS`WO ^ย PZWQ] ^`WdORO S O 6>> 1Z \WQO 4]`c[ /ZUO`dS S[ 4O`]

7<D3@<= "

;OWa RS " 1]ZOP]`OR]`Sa <ยก 1O[Oa ยณ $ & <ยก 1]\acZbOa ยณ $&& # <ยก C`U}\QWOa ยณ &! # <ยก 1W`c`UWOa ยณ $ <ยก >O`b]a ยณ " " 2OR]a RS !


aWUVb A337<5

#*#-*05&$" %0

$0/7&/50 %& ."'3"

<x] { RWT QWZ OQ`SRWbO` _cS ] 1]\dS\b] RS ;OT`O bS[ c[O ROa [OWa P]\WbOa PWPZW]bSQOa R] [c\R] [Oa W\TSZWh[S\bS Vt RS[OaWOR]a ^]`bcUcSaSa _cS \x] O Q]\VSQS[ >]` @cW 4O`WO

7<D3@<= " !


A756B aSSW\U

'

BMB TF NBJT EF MJWSPT EP RVF EF CJCMJPUFDBT FTTBT WFOFSÈWFJT JOTUJUVJÎÜFT RVF FN NVJUBT MBUJUVEFT UÐN WJOEP B DBJS OP FTRVFDJNFOUP BQFTBS EF TFSFN BT HS BOEFT HVBSEJÍT EP DPOIFDJNFOUP 'FMJ[NFOUF IÈ FYDFQÎÜFT /PT &TUBEPT 6OJEPT BQFTBS EPT BWBOÎPT EB FSB EJHJUBM BT CJCMJPUFDBT DPOUJOVBN B TFS QSPDVSBEBT QFMPT NBJT EJWFSTPT HSVQPT FUÈSJPT P RVF DPOUSBTUB DPN P RVF BDPOUFDF OP OPTTP QBÓT POEF FTQBÎPT NBHOÓGJDPT DPNP B #JCMJPUFDB EP $POWFOUP EF .BGSB OÍP QBTTBN EF VNB TJNQMFT DVSJPTJEBEF RVF BMHVOT BJOEB WJTJUBSBN OB KVWFOUVEF NBT OVODB NBJT MÈ WPMUBSBN 0T QBÓTFT BOHMØGPOPT EÍP NBJT BUFOÎÍP B FTUBT JOTUJUVJÎÜFT DPNP TF QSPWB OP MJWSP 5IF -JCSBSZ " 8PSME )JTUPSZ EP CSJUÉOJDP +BNFT 8 1 $BNQCFMM DPN GPUPT EF 8JMM 1SZDF 5SBUB TF EF VN FTUVEP BDBEÏNJDP DPN VN UFYUP EFOTP NBT JOUFSFTTBOUF

POEF B #JCMJPUFDB +PBOJOB EB 6OJWFSTJEBEF EF $PJNCSB F B EP $POWFOUP EF .BGSB TF EFTUBDBN FOUSF BT NBJT CFMBT EP NVOEP .BJT VNB WF[ P BQMBVTP BP OPTTP QBUSJNØOJP DIFHB EF GPSB " #JCMJPUFDB EP $POWFOUP EF .BGSB Ï JNQPOFOUF OPT TFVT NFUSPT EF DPNQSJNFOUP RVBTF EF MBSHVSB F EF BMUVSB 0 CFMP QBWJNFOUP BYBESF[BEP EF NÈSNPSF EF WÈSJBT DPSFT DPOUSJCVJ QBSB B CFMF[B EB BSRVJUFDUVSB JOUFSJPS DPN FMFNFOUPT EFDPSBUJWPT SPDBJMMF " DPCFSUVSB BSUJDVMB TF EF VNB GPSNB JOUFSFTTBOUF DPN BT KBOFMBT B BTTFHVSBS B JMVNJOBÎÍP o VN QPS NFOPS RVF QPTUFSJPSNFOUF WFJP B TFS VUJMJ[BEP FN FEJGÓDJPT SFMJHJPTPT DPOTUSVÓEPT FN -JTCPB KÈ BQØT P 5FSSBNPUP EF "T FTUBOUFT GPSBN DPOTUSVÓEBT DPN NBEFJSBT FYØUJDBT PSJVOEBT EP #SBTJM F QJOUBEBT EF CSBODP /P FOUBOUP OÍP UÐN B FYVCFSÉODJB EB UBMIB EB TVB

DPOUFNQPSÉOFB #JCMJPUFDB +PBOJOB EB 6OJWFSTJEBEF EF $PJNCSB QPSRVF BT SFNFTTBT EF PVSP CSBTJMFJSP RVF GJOBODJBWBN B DPOTUSVÎÍP GPSBN DBJOEP BP MPOHP EP UFNQP EB DPOTUSVÎÍP EP DPOWFOUP /BT FTUBOUFT RVF TF FTQBMIBN QPS VNB QMBOUB FN DSV[ IÈ DFSDB EF NJM WPMVNFT RVF OP EFDVSTP EP UFNQP UJWFSBN WÈSJPT UJQPT EF PSEFOBNFOUP BUÏ BTTVNJSFN VNB BSSVNBÎÍP UFNÈUJDB DPNP TF EF VNB FODJDMPQÏEJB TF US BUBTTF +VOUP EB FOUSBEB TVSHFN BT PCSBT EF "SRVJUFDUVSB .FEJDJOB %JSFJUP F .ÞTJDB " TVM FTUÍP PT MJWSPT SFMJHJPTPT F BMHVNBT EBT NBJT BOUJHBT PCSBT EP BDFSWP DPNP B #ÓCMJB $PNQMVUFOTF EP DBSEFBM $JTOFSPT FEJUBEB FN "MDBMÈ EF )FOBSFT FN o GPJ B QSJNFJSB #ÓCMJB QPMJHMPUB F .BSDFM #BUBJMMPO SFGFSF B TVB JNQPSUÉODJB DVMUVSBM OB &VSPQB EP TÏDVMP 9 7* "P DFOUSP TVSHFN BMHVNBT #ÓCMJBT QSPTDSJUBT

/ Q]\aS`dOzx] RSabS OQS`d] QcZbc`OZ Q]\bO S O] _cS ^O`SQS aS[^`S Q]\b]c Q][

" 7<D3@<= "


QFMB *ORVJTJÎÍP PCSBT EF 'JMPTPGJB "OBUPNJB F UPEBT RVBOUBT MFWBOUBWBN EÞWJEBT BPT JORVJTJEPSFT QFMP RVF QPS BMJ UBNCÏN TF FODPOUSB P "VUP EB #BSDB EP *OGFSOP EF (JM 7JDFOUF B QBS EF BVUPSFT DPOPUBEPT DPN P PDVMUJTNP "T CJCMJPUFDBT DPOWFOUVBJT TFNQSF DPOUBSBN DPN FTUF UJQP EF MJWSPT RVF JOUFHSBWBN P *OEFY -JCSPSVN 1SPIJCJUPSVN EB *ORVJTJÎÍP RVF PT QSPDVSBWB QBSB RVFJNBS FN BVUPT EF GÏ .BT OP DBTP EF .BGSB IBWJB VNB BVUPSJ[BÎÍP DPOTBHSBEB QFMB CVMB "E 1FSQFUVBN 3FJ .FNPSJBN EP 1BQB #FOUP 9*7 /P FOUBOUP B EFDJTÍP QBQBM DIFHPV NBJT MPOHF BP MBOÎBS B FYDPNVOIÍP TPCSF UPEPT RVBOUPT SFUJSBTTFN FNQSFTUBTTFN PV TVCUSBÓTTFN MJWSPT Ë -JWSBSJB EF .BGSB 'PJ VNB BKVEB JNQPSUBOUF QBSB QFSQFUVBS P BDFSWP EB CJCMJPUFDB RVF TPCSFWJWFV BP GJN EBT PSEFOT SFMJHJPTBT EFDSFUBEB QPS % 1FESP *7 FN BQØT B WJUØSJB MJCFSBM 4F B IJTUØSJB EB &VSPQB GPJ DPOTUSVÓEB QFMB

EFTUSVJÎÍP EPT NBJT WBSJBEPT MJWSPT OVN QSPDFTTP RVF WFN EFTEF B "MUB *EBEF .ÏEJB BUÏ BP TÏDVMP 99 DPN "EPMG )JUMFS B DPOTFSWBÎÍP EP BDFSWP DVMUVSBM GPJ FN NVJUPT DBTPT GPSUVJUP F OPVUSPT UFWF BKVEBT UÍP JOVTJUBEBT DPNP B RVF FODPOUS BNPT FN .BGSB POEF QFMB DBMBEB EB OPJUF IBWJB WJHJMBOUFT EFWPUBEPT " GPSNB DPNP BT FTUBOUFT EB CJCMJPUFDB GPSBN DPODFCJEBT DSJPV FTQBÎPT WB[JPT OB [POB QPTUFSJPS QBSB QFSNJUJS B DJSDVMBÎÍP EF BS & GPJ BÓ RVF PT NPOHFT EFJYBSBN JOTUBMBS VNB DPMØOJB EF NPSDFHPT RVF DPNF PT JOTFDUPT RVF QPEFSJBN EFTUSVJS P QBQFM EPT MJWSPT ² VNB DVSJPTJEBEF EP HSBOEF FY MJCSJT EF VN WBTUP DPOKVOUP NPOVNFOUBM DPN VNB JNQMBOUBÎÍP EF DFSDB EF NJM NFUSPT RVBESBEPT POEF DPFYJTUFN P QBMÈDJP SFBM F P DPOWFOUP 0 GSPOUJTQÓDJP EB JHSFKB FORVBESBEP QPS EVBT UPSSFT UFN EVBT BMBT MBUFSBJT " OPSUF TVSHF P UPSSFÍP RVF

DVMNJOB P QBMÈDJP EP 3FJ F B TVM EFTUBDB TF P EB 3BJOIB FN MBEPT PQPTUPT EF VNB GBDIBEB RVF TF FTUFOEF BP MPOHP EF NFUSPT 0 JOUFSJPS EB JHSFKB Ï NBSDBEP QFMP BNCJFOUF CBSSPDP NBT UBNCÏN QPS FMFNFOUPT EFDPSBUJWPT DMÈTTJDPT ² HSBOEJPTP QFMB NPOVNFOUBMJEBEF F QFMP FGFJUP DPOTFHVJEP DPN B QSPGVTÍP EF NÈSNPSF F QFMB JNQPOÐODJB EB FTUBUVÈSJB 0 DPOWFOUP FTUFOEF TF QPS VN FYUFOTP DMBVTUSP FN UPSOP EP RVBM TVSHFN B TBMB EP DBQÓUVMP B DP[JOIB P SFGFJUØSJP B CFMB FOGFSNBSJB B OÍP QFSEFS B CJCMJPUFDB F DFMBT QBSB NPOHFT "MHVOT EPT FTQBÎPT FTUÍP PDVQBEPT QPS JOTUBMBÎÜFT NJMJUBSFT NBT PT FTQBÎPT BCFSUPT BP QÞCMJDP NFSFDFN VNB WJTJUB B .BGSB DVKPT BOUJHPT UFSSFOPT BHSÓDPMBT EP NPOVNFOUP TÍP IPKF VN BQSB[ÓWFM KBSEJN RVF TF FTUFOEF QFMB 5BQBEB POEF BJOEB QBTTFJBN WFBEPT F UBOUPT PVUSPT BOJNBJT

] Q]\b`WPcb] RS VOPWbO\bSa _cS a ac`US[ ^SZO QOZORO RO \]WbS( ]a []`QSU]a

7<D3@<= " #


;C<2= [{RWa

130.07&3 &45*-04 %& 7*%" 4"6%}7&*4 µ3abO` PS[ { SabO` ;{RWa¶ { O [S\aOUS[ RO ZbW[O QO[^O\VO ^cPZWQWbt`WO _cS []ab`O O aSUc`OR]`O Q][] c[ ^O`bWQW^O\bS ObWd] \O Q][c\WRORS S \O dWRO R]a aSca QZWS\bSa c[ ^O`QSW`] _cS aS S\d]ZdS S _cS \c\QO Sa_cSQS ] aSc ZS[O ³ ;{RWa 4Oh 0S[ u AO RS

0

ÞMUJNP GJMNF QVCMJDJUÈSJP EB .ÏEJT KÈ GPJ WJTUP QPS UPEPT PT QPSUVHVFTFT OB UFMFWJTÍP PV OP DJOFNB BQFTBS EF B DBN QBOIB EFMJOFBEB QFMB %$& -PWJOH #SBOET UBNCÏN QBTTBS QPS PVUSPT NFJPT EF DPNVOJDBÎÍP DPNP B SÈEJP F B JNQSFOTB HBSBOUJOEP MIF VNB HSBOEF BCSBO HÐODJB OP 1BÓT " OPWB DBNQBOIB WPMUPV B UFS PCKFUJWPT NBJT BNCJDJPTPT EP RVF B TJNQMFT QSPNPÎÍP EB JNBHFN EF NBSDB QPSRVF B .ÏEJT Ï NVJUP NBJT EP RVF VN TFHVSP EF TBÞEF 4FNQSF P GPJ F QPS JTTP BTTVNJV P PCKFUJWP EF TFS QFS DFDJPOBEB F BTTPDJBEB B WBMPSFT EF CFN FTUBS F FTUJMPT EF WJEB TBVEÈWFJT ² OFTUF ÉNCJUP $ 7<D3@<= "

RVF B TFHVSBEPSB TF BTTVNF DPNP VNB QBS EF JOPWBÎÍP F DPNP QBSUJDJQBOUF BUJWP OB UJDJQBOUF BUJWB OB DPNVOJEBEF F OB WJEB EF QSPNPÎÍP EPT IÈCJUPT TBVEÈWFJT OB WJEB UPEPT PT TFVT $MJFOUFT i&TUBS CFN Ï FTUBS RVPUJEJBOB .ÏEJTw Ï QPS JTTP NBJT EP RVF VN IFBEMJOF &TUFT WBMPSFT FTUÍP OB PSJHFN EP SFDPOIFDJ EB DBNQBOIB ² B BGJSNBÎÍP EF VNB NFOTB NFOUP RVF B NBSDB KÈ EFUÏN BP OÓWFM OBDJP HFN RVF QFSDPSSF UPEP P GJMNF POEF Ï TVCMJ OBM USBEV[JEP OP DPOKVOUP EF QSÏNJPT RVF OIBEB B QPTUVSB EB TFHVSBEPSB EF QSPYJNJ DPORVJTUPV OPT ÞMUJNPT UFNQPT %JTUJOÎÜFT EBEF DPN P RVPUJEJBOP EB WJEB GBNJMJBS P DPNP .BSDB EF $POGJBOÎB 4VQFSCSBOE B RVF UFN UVEP B WFS DPN P "%/ EB .ÏEJT WJUØSJB OP .BSLFUFTU 3FQVUBUJPO *OEFY OB 2VBOEP PMIBNPT QBSB P NPNFOUP BUVBM EB DBUFHPSJB EF 4FHVSBEPSBT F B FTDPMIB DPNP NBSDB Ï TBCJEP RVF FMB KÈ DPORVJTUPV P UFS &TDPMIB EP $POTVNJEPS OB DBUFHPSJB EF SJUØSJP EB QSFTUBÎÍP EPT DVJEBEPT EF TBÞEF 4JTUFNBT EF 4BÞEF TÍP QFSGFJUBNFOUF FTDMB OVNB MØHJDB DVSBUJWB 1PS JTTP Ï DBEB WF[ SFDFEPSFT EB GPSNB DPNP P 1BÓT WÐ B .ÏEJT NBJT JNQPSUBOUF BWBOÎBS DPN B DPORVJTUB ² OFTUF DBNJOIP RVF B .ÏEJT RVFS DPOUJOVBS EP UFSSJUØSJP EB QSFWFOÎÍP QPTJDJPOBOEP B F QPS JTTP B OPWB DBNQBOIB BTTVNF FTTF .ÏEJT EF VNB GPSNB DMBSB OB TVB WFSUFOUF PCKFUJWP


" OPWB DBNQBOIB WPMUPV B UFS PCKFUJWPT NBJT BNCJDJPTPT EP RVF B TJNQMFT QSPNP£ P EB JNBHFN EF NBSDB QPSRVF B .¥EJT ¥ NVJUP NBJT EP RVF VN TFHVSP EF TB¶EF 4FNQSF P GPJ F QPS JTTP BTTVNJV P PCKFUJWP EF TFS QFSDFDJPOBEB F BTTPDJBEB B WBMPSFT EF CFN FTUBS F FTUJMPT EF WJEB TBVE WFJT

/ 1/;>/<6/ 3; AË<B3A3 >`SbS\RS b`O\a[WbW` c[O W[OUS[ RS W\]dOzx] S RS OZO`UO[S\b] R] bS``Wb `W] RO [O`QO _cS dOW [cWb] OZ{[ RO ^`SabOzx] RS QcWROR]a RS aO RS ;O\bS` O ^]aWzx] RS ZWRS`O\zO S[ \]b]`WSRORS RSaS\d]ZdS\R] c[O `SZOzx] RS OTW\WRORS ! /bcO` \O [SZV]`WO R] Qcab][S` Sf^S`WS\QS O^`]Tc\RO\R] O `SZOzx] OTSbWdO Q][ O [O`QO TWRSZWhOzx] " 3abO` [OWa ^` fW[] R]a QZWS\bSa \] aSc RWO O RWO S \x] O^S\Oa \]a [][S\b]a S[ _cS ^`SQWaO[ RS `SQ]``S` O] aSUc`] RS aO RS >]`_cS(

, / ;{RWa Sabt ^` fW[O Ob`Od{a RO acO :W\VO R] aWbS [SRWa ^b S []PWZS

, / ;{RWa ^`][]dS VtPWb]a RS dWRO aOcRtdSZ , / ;{RWa ]TS`SQS dO\bOUS\a S RSaQ]\b]a \c[O @SRS RS AO RS S 0S[ SabO`

, / ;{RWa W`t QORO dSh [OWa ^`S[WO` S ^`]Qc`O` dO\bOUS\a ORWQW]\OWa ^O`O ] RWO O RWO R]a aSca QZWS\b Sa

7<D3@<= " %


;C<2= [{RWa

;/97<5 =4 2/ 1/;>/<6/ 3AB/@ 03; p 3AB/@ ;p27A / T]`[O RS b`O\a[WbW` O [S\aOUS[ 3abO` 0S[ p 3abO` ;{RWa \] TWZ[S RO \]dO QO[^O\VO ^OaaO ^]` aW[cZOz Sa R] _c]bWRWO\] Q][ c[ b]_cS W\caWbOR] _cS OXcRO O Ob`OW` O ObS\zx] ^O`O aWbcOz Sa Q][ _cS b]R]a Xt \]a RS^O`t[]a /] [Sa[] bS[^] SabW[cZO ]a Q][^]`bO[S\b]a aOcRtdSWa ^]`_cS O [SZV]` T]`[O RS ZcbO` Q]\b`O c[O R]S\zO Q][SzO ^]` SdWbt ZO / \O``ObWdO Oaac[S c[ Oa^Sb] ^]aWbWd] bS\R] bcR] O dS` Q][ O W[OUS[ _cS O ;{RWa b S[ Q]\a]ZWROR] O] Z]\U] R]a O\]a <c[ O[PWS\bS OZSU`S S PS[ RWa^]ab] O [ aWQO { O^S\Oa c[ Q][^ZS[S\b] ROa VWab `WOa Q][ _cS QORO ^Saa]O aS ^]RS WRS\bWTWQO`

4716/ Bp1<71/ , /U}\QWO( 213 :]dW\U 0`O\Ra , >`]Rcb]`O( 9`g^b]\ 4WZ[a , @SOZWhOR]`( 4`SR =ZWdSW`O , 2W`Sb]` RS T]b]U`OTWO( 8OW[S @SPOb] & 7<D3@<= "


[c\R] ;p27A

& 0

13 .*0 '0* 1"3"

/ ;{RWa `SQSPSc ] ^`{[W] 3aQ]ZVO R] 1]\ac[WR]` S[ aWabS[Oa RS aO RS RS ! ] _cS b`ORch RS T]`[O SdWRS\bS O acO O^]abO \O ^`SabOzx] RS c[ aS`dWz] RS SfQSZ}\QWO O]a aSca 1ZWS\bSa

0

QSÏNJP &TDPMIB EP $POTVNJEPS OB DBUFHPSJB EF OÍP TØ QFMB UPNBEB EF EFDJTÜFT RVF QSJWJMFHJBN B QSFWFOÎÍP F P 4JTUFNBT EF 4BÞEF GPJ BUSJCVÓEP Ë .ÏEJT F TVSHF OB CFN!FTUBS NBT UBNCÏN QFMB TBUJTGBÎÍP EPT DMJFOUFT TFRVÐODJB EF WÈSJBT PVUSBT EJTUJOÎÜFT BP MPOHP EP ÞMUJ &TUF Ï P TFHSFEP QBSB B DPORVJTUB EF NBJT VNB EJTUJOÎÍP QPSRVF OÍP NP BOP " .ÏEJT WPMUPV B TFS EJTUJOHVJEB DPNP .BSDB DIFHB VNB FYDFMFOUF QPMÓUJDB EF DPNVOJDBÎÍP TF B QSPQPTUB EF WBMPS EF $POGJBOÎB .BSDB 2VF .BSDB F 4VQFSCSBOE BMÏN OÍP UJWFS RVBMJEBEF DBQB[ EF TFS SFDPOIFDJEB QPS BRVFMFT B RVFN EF UFS B DPORVJTUBEP QFMB QSJNFJSB WF[ P .BSLUFTU 3FQVUBUJPO *OEFY TF EFTUJOBN 0 FTUVEP MFWBEP B DBCP QFMB $POTVNFS $IPJDF o $FOUSP EF "WBMJBÎÍP EB 4BUJTGBÎÍP EP $POTVNJEPS BTTVNF VNB JNQPSUÉODJB NVJUP SFMF WBOUF QPSRVF TF USBUB EF VN EPT QSPKFUPT NBJT BCSBOHFOUFT OB BWB MJBÎÍP EBT FTDPMIBT EPT DPOTVNJEPSFT QPSUVHVFTFT &OWPMWFV VN VOJWFSTP EF QFTTPBT RVF BQSFDJBSBN NBSDBT EJWJEJEBT QFMBT NBJT WBSJBEBT DBUFHPSJBT 0T SFTVMUBEPT USBEV[FN EF VNB GPSNB GJÈWFM B PQJOJÍP EPT DPOTVNJ EPSFT TPCSF BTQFUPT EJGFSFODJBEPT QBSB DBEB VNB EBT DBUFHPSJBT FN BOÈMJTF RVF EFQPJT TÍP BWBMJBEBT OVN UFTUF SFBM RVF DPNQBSB BT QFS GPSNBODFT EPT QSJODJQBJT BHFOUFT FN DBEB VN EPT NFSDBEPT &TUF FTUVEP BDBCB QPS SFDPOIFDFS BT HSBOEFT NBSDBT B PQFSBS OP NFSDBEP OBDJPOBM SFGMFUJOEP NVJUP B QFSDFÎÍP RVF PT DMJFOUFT UÐN EFMBT " .ÏEJT BUJOHJV P TDPSF NBJT FMFWBEP FN 4BUJTGBÎÍP F *OUFOÎÍP EF "EFTÍP 3FDPNFOEBÎÍP 1BSB P SFTVMUBEP PCUJEP PT BUSJCVUPT RVF NBJT DPOUSJCVÓSBN GPSBN B RVBMJEBEF EP BQPJP UFMFGØOJDP BP DMJFOUF B DSFEJCJMJEBEF F B BCSBOHÐODJB EBT FTQFDJBMJEBEFT JODMVÓEBT OB 3FEF "T DPODMVTÜFT UÐN QBSUJDVMBS SFMFWÉODJB DPOTJEFSBOEP RVF PT BUSJCV UPT 1SFÎP F /PUPSJFEBEF EF .BSDB GPSBN FYDMVÓEPT OB NFUPEPMPHJB EF BWBMJBÎÍP &TUB EJTUJOÎÍP DPNP UPEBT BT PVUSBT RVF TVSHJSBN BP MPOHP EPT ÞMUJ NPT BOPT NPTUSB RVF B .ÏEJT NBOUÏN VNB GPSUF BQPTUB OPT GBUPSFT EJTUJOUJWPT EB TVB QSPQPTUB EF WBMPS DPN EFTUBRVF QBSB B RVBMJEBEF '&45" . %*4 EP TFSWJÎP F EB JNBHFN P RVF WBJ BP FODPOUSP EF VNB FTUSBUÏHJB TØMJ C[ ^`{[W] { aS[^`S ] `SacZbOR] RS c[ b`OPOZV] RS U`c^] EB BTTFOUF OB BTTJOBUVSB i'B[ CFN Ë TBÞEF w ² VNB BQPTUB DPOTJTUFOUF >]` Waa] \] TW\OZ RO QS`W[ \WO b]R]a TSabSXO`O[ DPN CBTF OVNB GPSNB NVJUP QSØQSJB EF QFOTBS B TBÞEF RVF QBTTB 7<D3@<= " '


;C<2= [{RWa

. %*4 0/-*/& 13 "6503*;" &4 $0. 3&41045" &. )03"4 AS[^`S Q][ ] ]PXSbWd] RS [SZV]`O` O Sf^S`W}\QWO R] 1ZWS\bS SabOPSZSQS\R] ^OR` Sa RS SZSdORO _cOZWRORS S Q]\TWO\zO O ;{RWa O^]abO T]`bS \] RSaS\d]ZdW[S\b] RO acO Q][c\WQOzx] \][SORO[S\bS Ob`Od{a R] aSc aWbS O] [SZV]`O` Oa TS``O[S\bOa u RWa^]aWzx] R]a ^`SabOR]`Sa S R]a aSca 1ZWS\bSa >]` A \WO B`WUcSW`x]

6

NB SFTQPTUB FN UFNQP ÞUJM SÈQJ EB F FGJDB[ UPS OB B .ÏEJT VN QBSDFJSP EF DPOGJBOÎB "HPSB BT QSÏ BVUPSJ[BÎÜFT FTUÍP Ë EJTUÉO DJB EF VN DMJRVF F DPN SFTQPTUBT RVBTF JNFEJBUBT PV OP NÈYJNP FN IPSBT 4PMJDJUBS BVUPSJ[BÎÍP QBSB VN JOUFSOBNFO UP QBSB B SFBMJ[BÎÍP EF FYBNFT PV USBUB NFOUPT EF NPEP B HBSBOUJS P EFWJEP GJOBO DJBNFOUP EB .ÏEJT Ï NVJUP NBJT GÈDJM 0 EJÈMPHP FOUSF P NÏEJDP F B %JSFÎÍP $MÓOJDB EB .ÏEJT KÈ OÍP OFDFTTJUB EF GBY FT PV QBQFM 1PEF TFS UVEP GFJUP BUSBWÏT EP TJUF OB *OUFSOFU BUSBWÏT EP RVBM TF QPEF JODMV TJWF FOWJBS SFMBUØSJPT NÏEJDPT FYBNFT F GPUPHSBGJBT RVF GVOEBNFOUBN PT QSPDFT TPT EF QFEJEP EF BVUPSJ[BÎÍP 7<D3@<= "

&TUB Ï VNB JOPWBÎÍP RVF BMÏN EF GBWPSF DFS NVJUP P $MJFOUF BHSBEB BPT QSFTUBEP SFT EF DVJEBEPT EF TBÞEF EB .ÏEJT +PTÏ .ÈSJP 3FHP NÏEJDP FTQFDJBMJTUB FN $JSVSHJB 1MÈTUJDB 3FDPOTUSVUJWB F &TUÏUJDB FYQMJDB i" OPWB BQMJDBÎÍP RVF QPTTJCJMJUB P QFEJEP EF QSÏ!BVUPSJ[BÎÜFT BUSBWÏT EP TJUF OÍP Ï JNQPSUBOUF NBT JNQPSUBOUÓTTJ NB w & QPSRVÐ 0 NÏEJDP SFTQPOEF DPN UPEB B DPOGJBOÎB i1FSNJUF NF VN DPOUBDUP NVJUP NBJT FTUSFJUP F NBJT S ÈQJEP DPN B QPTTJCJMJEBEF EF NFMIPS TFSWJS P EPFOUF F UBNCÏN EF P TFSWJS FN UFNQP SFBM w 4FHVOEP P NÏEJDP OP DPOTVMUØSJP RVF QBS UJMIB DPN P EFS NBUPMPHJTUB +PTÏ .BOVFM 1SBUFT DPN B OPWB BQMJDBÎÍP DIFHBN B UFS B QPTTJCJMJEBEF EF WFS VN EPFOUF Ë TFHVO

EB!GFJSB DPMPDBS B QSPQPTUB DJSÞSHJDB OFTTF NFTNP EJB F RVBS UB PV RVJOUB G FJSB KÈ QPEFN PQFSBS P EPFOUF i&N DPOEJÎÜFT OPSNBJT P EPFOUF TFSJB WJTUP OB TFHVOEB GFJSB UFSJB RVF GB[FS B JOGPSNB ÎÍP FN QBQFM F FOWJBS QPS GBY & FTTF FOWJP TØ TFSJB GFJUP OB TFHVOEB GFJSB Ë OPJUF F NVJUP QPTTJWFMNFOUF BMHVÏN EB .ÏEJT TØ P JSJB WFS OB UFSÎB GFJSB EF NBOIÍ &OUSF BOBMJTBS B QSPQPTUB F OÍP TØ VNB TFNBOB EFQPJT Ï RVF QPEFSJB PQFS BS P EPFOUFw FYQMJDB +PTÏ .ÈSJP 3FHP RVF SFBMÎB UBNCÏN P GBDUP EF P TJTUFNB TFS NVJUP JOUVJUJWP F GÈDJM EF VUJMJ[BS i4PCSFUVEP QBSB VNB QFTTPB DPNP FV RVF OÍP OBTDJ DPN PT DPNQVUBEPSFT OB NÍP FTUB BQMJDBÎÍP EFJYB NF NVJUP DPOGPSUÈWFMw


[c\R] ;p27A SFGFSF TVCMJOIBOEP RVF FTUÈ B FYQMPS BS UPEBT BT GVODJPOBMJEBEFT EB BQMJDBÎÍP EBT QSÏ!BVUPSJ[BÎÜFT i1PTTP FOWJBS GPUPHSBGJBT F SFMBUØSJPT RVF GBDJMJUBN NVJUP B EFDJTÍP EP PVUSP MBEP UBNCÏN %FTUBDP P FOWJP EBT GPUPHSBGJBT QPSRVF QPS FYFNQMP OB NJOIB ÈSFB ËT WF[FT Ï NVJUP JNQPSUBOUF "DIP RVF Ï VN QSPDFTTP NVJUP US BOTQBSFOUF EB SFMBÎÍP 1SFTUBEPS!.ÏEJT 'BÎP VNB GPUPHSBGJB DPN P EPFOUF F JOUSPEV[P B NJOIB QSPQPTUB DJSÞSHJDB F KVOUP B BP QSPDFTTPw FYQMJDB BDSFTDFOUBOEP RVF B QFTTPB EB .ÏEJT RVF FTUÈ B BOBMJTBS TÍP TFNQSF QSPGJTTJPOBJT DPN GPSNBÎÍP DMÓOJDB FOGFSNFJSPT PV NÏEJDPT BTTFHVSBOEP OBUVSBMNFOUF B DPOGJEFODJBMJEBEF DMÓOJDB QPEF UFS VNB WJTÍP JNFEJBUB F RVBTF FN UFNQP SFBM EP QSPDFTTP EP $MJFOUF EPFOUF 0 FTQFDJBMJTUB SFGFSF RVF RVFN BOBMJTB P QSPDFTTP FTUÈ B SFDFCFS FMFNFOUPT RVF QFS NJUFN EBS VNB SFTQPTUB NBJT SBQJEB F DPN NBJPS DPOTDJÐODJB i/P GVOEP JTUP Ï VNB SFMBÎÍP RVF TF CBTFJB OB USBOTQBSÐODJB ² CPN QBSB PT EPFOUFT QPSRVF UÐN VN TFSWJÎP NVJUP NBJT SÈQJEP Ï CPN QBSB PT NÏEJDPT RVF FTUÍP DPOGPS UÈWFJT OB TVB QFMF F Ï UBNCÏN ØUJNP QBSB RVFN EFDJEF QPSRVF FTUÈ B UFS VN DPOIF DJNFOUP EB SFBMJEBEF FN UFNQP SFBMw EJ[ BDSFTDFOUBOEP RVF EF GBUP P TJUF EB .ÏEJT TF UPSOPV VNB NBJT!WBMJB OÍP TØ QFMB DMB SF[B EB SFMBÎÍP RVF QFSNJUF NBT UBNCÏN QFMB SBQJEF[ EB SFTQPTUB i² FWJEFOUF RVF FV BRVJ GBÎP BQFOBT QFRVF OPT QSPDFEJNFOUPT 2VBOEP IÈ OFDFTTJEBEF EF HSBOEFT QSPDFEJNFOUPT SFDPSSP Ë DMÓOJDB .BT NFTNP BTTJN BUÏ OFTTF BTQFUP P TJUF QFSNJUF NF GB[FS QFEJEPT DPN BMHVNB DPN QMFYJEBEF DPN KVOÎÍP EF FMFNFOUPT F DPN B QPTTJCJMJEBEF BUÏ EF KVOUBS B SFTUBOUF FRVJ QB DJSÞSHJDB DPNP BOFTUFTJTUB F NBJT EP RVF VN BKVEBOUF 1FSNJUF NF BNQMBT PQÎÜFT F EÈ NF VNB NBSHFN EF USBCBMIP FOPSNFw TVTUFOUB P FTQFDJBMJTUB TVCMJOIBOEP P GBDUP EF QFSNJUJS TFSWJS P EPFOUF QBSB RVFN NVJ UBT WF[FT P UFNQP QPEF TFS DSVDJBM FN EFUFS NJOBEB EPFOÎB F SFTQFUJWP USBUBNFOUP i/ÍP UFOIP EÞWJEBT FN BGJSNBS RVF FTUB BQMJDBÎÍP NF QFS NJUF TFSWJS NFMIPS PT EPFOUFT F NFMIPS BS B SFMBÎÍP NÏEJDP !QBDJFOUF &V USBUP NVJUP EF UVNPSFT EB QFMF F NVJUPT EFMFT BHSFTTJW PT P UFNQP NVJUBT WF[FT OFTUFT DBTPT Ï BCTPMVUBNFOUF DSVDJBM QBSB QPEFS USBUBS FN DPOEJÎÜFT PT EPFOUFT 0 GBDUP EF B .ÏEJT NF EBS VNB SFTQPTUB FN IPSBT ËT WF[FT BUÏ NFOPT Ï DSVDJBMw TVTUFOUB +PTÏ .ÈSJP 3FHP QBSB

RVFN B DPOGJBOÎB Ï B CBTF EF VNB CPB SFMB ÎÍP DPN P EPFOUF i5FNPT VNB SFMBÎÍP NBJT IVNBOB DPN P $MJFOUF NBJT JOUJNJTUB %BNPT DPOGJBOÎB BP EPFOUF OP TFSWJÎP RVF QSFTUBNPT 'B[ SFTTVSHJS P WFMIP DPODFJUP EB SFMBÎÍP FOUSF NÏEJDP F EPFOUF RVF FTUB WB DBEB WF[ NBJT EJTUBOUF &TUBNPT B GBMBS EF VNB DPOGJBOÎB BTTFOUF OB DMBSF[B F OB USBOTNJTTÍP EF JOGPSNBÎÍP FOUSF P NÏEJ DP B DPNQBOIJB EF TFHVSPT F P EPFOUF &V QSØQSJP UFOIP DPOGJBOÎB OFTTB SFMBÎÍPw SFGFSF BDSFTDFOUBOEP RVF OP JOÓDJP EVWJ EPV EFTUB OPWB GVODJPOBMJEBEF i%FQPJT EB GPSNBÎÍP EBEB QPS *TBCFM 6MSJDI BT EÞWJ EBT F PT SFDFJPT EFTBQBSFDFSBN UPEPT 'PJ VNB RVFTUÍP EF DPNFÎBS B NFYFS OP TJTUF NB F B QFSDFCFS DPNP FSB GÈDJM F JOUVJUJWP w

i0T EBEPT TÍP JOUSPEV[JEPT QFMPT QSFTUBEP SFT EPT TFSWJÎPT EF TBÞEF F JTTP UBNCÏN EJNJ OVJ EP OPTTP MBEP P OÞNFSP EF HFTUPSFT QBS B JOUSPEV[JS UPEB B JOGPSNBÎÍP OB QMBUBGPSNB F IPKF FN EJB UPEPT PT DPOTVMUØSJPT UÐN *OUFSOFUw EJ[ FYQMJDBOEP RVF B BQMJDBÎÍP EBT QSÏ BVUPSJ[BÎÜFT FTUÈ BMPKBEB OP TJUF EB .ÏEJT OVN MPDBM CFN WJTÓWFM OB [POB SFTFS WBEB B QSFTUBEPSFT DPN BDFTTP SÈQJEP F GÈDJM

AWabS[O RS OZS`bO ^]` A;A S S[OWZ

& DPNP P UFNQP Ï VNB EBT QBMBWSBT!DIBWF EB QSFTUBÎÍP EF TFSWJÎPT B .ÏEJT WBJ DSJBS VN TJTUFNB EF BMFSUB BUSBWÏT EF 4.4 F FNBJM QBSB BWJTBS P QSFTUBEPS F P $MJFOUF EBT SFT QPTUBT ËT QSÏ BVUPSJ[BÎÜFT 1BSB UPSOBS B BQMJDBÎÍP VN NPEP EF USBCB MIP OP EJB B EJB B .ÏEJT FTUÈ B EBS GPSNB /UWZWhO ]a ^`]QSaa]a ÎÍP BPT NÏEJDPT F BPT BTTJTUFOUFT RVF UÐN $PVCF EF GBDUP B *TBCFM 6MSJDI FOGFSNFJSB UBNCÏN BQPJP POMJOF F BUSBWÏT EP UFMFGP F HFTUPSB EB SFEF .ÏEJT EBS GPSNBÎÍP B OF i" OPTTB QSFPDVQBÎÍP Ï HBSBOUJS UPEP P WÈSJPT QSFTUBEPSFT NÏEJDPT PV VOJEBEFT EF BQPJP F FTUBS TFNQSF EJTQPOÓWFM w TVCMJOIB TBÞEF TPCSF B OPWB BQMJDBÎÍP EBT QSÏ BVUP B HFTUPSB BDSFTDFOUBOEP P GBDUP EF IBWFS SJ[BÎÜFT " HFTUPSB EFTUBDB UBNCÏN B GBDJMJ POMJOF VN NBOVBM EF VUJMJ[BÎÍP EB BQMJDB EBEF EF USBCBMIP F B SBQJEF[ DPNP DBSBDUF ÎÍP EBT QSÏ BVUPSJ[BÎÜFT FN W FSTÍP EF SÓTUJDBT QSJNPSEJBJT F NBJT!WBMJBT EB BQMJDB GJMNF FN RVF Ï GFJUB QBTTP B QBTTP B FYQMJ ÎÍP i&TUB OPWB BQMJDBÎÍP WFN BHJMJ[BS QSP DBÎÍP EP TJTUFNB

ŏ1FSNJUF NF VN DPOUBDUP NVJUP NBJT FTUSFJUP F NBJT S QJEP DPN B QPTTJCJMJEBEF EF NFMIPS TFS WJS P EPFOUF F UBNC¥N EF P TFSWJS FN UFNQP SFBM Ő EJ[ +PT¥ . SJP 3FHP DFTTPT VNB WF[ RVF PT EBEPT TÍP JOUSPEV [JEPT EJSFUBNFOUF OB QMBUBGPSNB EB .ÏEJT /ÍP TØ SFEV[ PT UFNQPT EF SFTQPTUB DPNP OÍP EFTQFSEJÎB QBQFM OFN UFNQP RVF Ï GVO EBNFOUBM OP EJB B EJB RVFS QBSB PT QSFTUB EPSFT RVFS QBSB PT $MJFOUFT &TUBNPT B EBS SFTQPTUBT OP NÈYJNP FN IPSBT FN TJUVB ÎÜFT RVF EFNPSBWBN RVBUSP EJBTw FYQMJDB B HFTUPSB BDSFTDFOUBOEP RVF P PCKFUJW P Ï FODVSUBS DBEB WF[ NBJT P UFNQP EF SFTQPT UB i IPSBT Ï P UFNQP NÈYJNP QPSRVF KÈ UFNPT NVJUPT DBTPT FN RVF EBNPT SFTQPT UBT BUÏ OP QSØQSJP EJBw TVCMJOIB 4FHVOEP B HFTUPSB VNB WF[ FN DPOUBDUP DPN B BQMJDBÎÍP PT QSFTUBEPSFT QFSDFCFN DPNP Ï JOUVJUJWB w ² NVJUP TFNFMIBOUF BPT JNQSFTTPT RVF PT NÏEJDPT QSFFODIJBN JOJ DJBMNFOUF FN QBQFM TJNQMFTNFOUF OFTUF NPNFOUP Ï UVEP Ë EJTUÉODJB EF VN DMJRVF "MÏN EJTTP *TBCFM 6MSJDI SFGFSF RVF FTUB GFSSBNFOUB UBNCÏN GBDJMJUB NVJUP P USBCB MIP F BUÏ B QFTRVJTB EF EBEPT VNB WF[ RVF FTUÈ UVEP EJTQPOÓWFM OB QMBUBGPSNB

A7;C:/o°3A </ 7<B3@<3B

>O`O acPaQ`SdS` c[ >ZO\] RS AO RS ;{RWa ^]RS TOhS` O aW[cZOzx] \] aWbS ]\RS { ^]aa dSZ TOhS` b]ROa Oa Q][PW\Oz Sa ^]aa dSWa ^O`O b][O` O [SZV]` RSQWax] AS bWdS` R dWROa ^]RS aS[^`S SaQZO`SQ} ZOa Ob`Od{a RO :W\VO ;{RWa ^]` S[OWZ ]c OQW]\O\R] ] ;{RWa 1OZZ S[ _cS ] 1ZWS\bS a]ZWQWbO c[ Q]\bOQb] ^]` ^O`bS RO ;{RWa

7<D3@<= "


;C<2= [{RWa

7aOPSZ CZ`WQV BWOU] DWZO`RSP :]c`SW`] S 2W\O 5S\a @]R`WUcSa RO Sa_ ^O`O O RW`

4OQWZWRORS `O^WRSh S _cOZWRORS " &OGFSNFJSB %JOB (FOT 3PESJHVFT HFTUPSB EF VUJMJ[BÎÍP EB .ÏEJT EFTUBDB JHVBMNFOUF B SBQJEF[ EB BQMJDBÎÍP F B DFOUSBMJ[BÎÍP EF JOGPSNBÎÍP DPNP NBJT!WBMJBT EFTUB JOPWB ÎÍP BP EJTQPS EF QSFTUBEPSFT F $MJFOUFT OP TJUF EB TFHVSBEPSB 1BSB %JOB (FOT 3 PESJHVFT iB BQMJDBÎÍP GBDJMJUB FN NVJUBT ÈSFBT QSJODJQBMNFOUF BP OÓWFM EB SBQJEF[ DPN RVF FOUSBN PT QSPDFTTPT F OB DFOUSBMJ[BÎÍP EB JOGPSNB ÎÍPw i² NVJUP NBJT GÈDJM TF VN QSPDFTTP FTUÈ DSJBEP F Ï OFDFTTÈSJP BOF YBS NBJT JOGPSNBÎÍPw FYFNQMJGJDB B HFTUPS B RVF SFBMÎB P GBDUP EF QSFTUBEPSFT F $MJFOUFT QPEFSFN TBCFS B RVBMRVFS NPNFOUP P FTUBEP EB TVB QSÏ BVUPSJ[BÎÍP i*TUP Ï VN TFHVSP EF TBÞEF F B TBÞEF Ï P NBJT JNQPSUBOUF RVF OØT UFNPT 4F P $MJFOUF QPEF UFS VN TFSWJÎP CPN F SÈQJEP BDIP RVF OÍP IÈ NFMIPS GPSNB EF HBSBOUJS DPO GJBOÎB OP OPTTP USBCBMIPw EJ[ BDSFTDFOUBO EP RVF P PCKFUJWP QPS USÈT EB DSJBÎÍP EFTUB BQMJDBÎÍP GPJ UBNCÏN FOWPMWFS P $MJFOUF FN UPEP P QSPDFTTP i0 $MJFOUF OÍP Ï VN NFSP FTQFDUBEPSw EJ[ 4FHVOEP %JOB (FOT 3PESJHVFT QBSB KÈ P CBMBOÎP EB VUJMJ[BÎÍP EB BQMJDBÎÍP OB QMB UBGPSNB Ï NVJUP QPTJUJWP i" HFTUÍP EP USB CBMIP UBNCÏN Ï NVJUP NBJT GÈDJM /ØT DPO TFHVJNPT WFSJGJDBS BP NPNFOUP RVBOUPT QSPDFTTPT FOUSBSBN OPWPT F BT EBUBT EB FOUSBEB " HFTUÍP EP QSPDFTTP BP OÓWFM EP UFNQP F EB VSHÐODJB Ï NVJUP NBJT QPOEF SBEB 2VBOEP PT QSPDFTTPT FSBN FN QBQFM UÓOIBNPT EF PT EJWJEJS F DPMPDBS FN NPMIPTw BSHVNFOUB TVCMJOIBOEP RVF P 7<D3@<= "

FTGPSÎP QBSB SFEV[JS PT SJTDPT EF FYUSBWJP EF EPDVNFOUBÎÍP F EF NVMUJQMJDBÎÍP EF QBQÏJT OP NFTNP QSPDFTTP FSBN FOPSNFT = 5cWO ;{RWa _cS Sabt aS[^`S i" BQMJDBÎÍP Ï SFBMNFOUF VNB NBJTWBMJB QBSB RWa^]\ dSZ S[ eee [SRWa ^b S UPEBT BT QBS UFT 1SFTUBEPSFT $MJFOUFT F B ^S`[WbS aOPS` _cS[ ax] S ]\RS Sabx] .ÏEJT CFOFGJDJBN %FTEF RVF TFKB VN QSP Z]QOZWhOR]a ]a ^`SabOR]`Sa RS QcWROR]a DFTTP FN RVF FTUFKBNPT UPEPT FOWPMWJEPT F RS aO RS RO @SRS ;{RWa W\QZcW bO[P{[ EFTEF RVF IBKB QPS QBSUF EP QSFTUBEPS VN ] 5cWO RO @SRS RS AO RS 0S[!3abO` PMIBS QBSB P QSPDFTTP OÍP TØ DPNP VNB _cS Q]\bO Q][ QS`QO RS & ^O`QSW`]a BVUPNBUJ[BÎÍP NBT DPNP VNB G PSNB EF RS ObWdWRORSa RS aO RS S PS[!SabO` USBOTNJUJS B OFDFTTJEBEF RVF P $MJFOUF UFN \]a _cOWa ]a 1ZWS\bSa RO ;{RWa ^]RS[ DMÓOJDB F DJSVSHJDBNFOUF GBMBOEP PT QSPDFEJ PS\STWQWO` RS RSaQ]\b]a S dO\bOUS\a NFOUPT UPSOBN TF NBJT GÈDFJTw BGJSNB B HFT UPSB EF VUJMJ[BÎÍP QBSB RVFN P $MJFOUF PMIB QBSB P TJUF EB .ÏEJT DPNP VN DBNJOIP BCFS i0 TFHVSP EF TBÞEF OÍP Ï BQFOBT BMHP RVF UP QBSB QBSUJDJQBS OP TFV QSØQSJP TFHVSP P $MJFOUF UFN EF QBHBS BP GJN EP NÐT NBT VNB NBJT!WBMJB NFTNP RVBOEP OÍP FTUÈ EPFOUF /P TJUF EBNPT DPOTFMIPT F EJDBT EF TBÞEF &TUBT JOPWBÎÜFT UFDOPMØHJDBT TÍP VNB GPSNB EF B .ÏEJT DPN PT PMIPT QPTUPT OP GVUVSP BDPNQBOIBS B FWPMVÎÍP EJHJUBM F GJEFMJ[BS P $MJFOUF F PT QSFTUBEPSFT HBSBOUJOEP B DPO ;{RWa []PWZS { ] aS`dWz] _cS ^S`[WbS GJBOÎB BUSBWÏT EF VN TFSWJÎP EF RVBMJEBEF O]a 1ZWS\bSa RO aSUc`OR]`O ]PbS`S[ W\T]`[Oz Sa ^]` bSZS[ dSZ O _cOZ_cS` " .ÏEJT FTUÈ DBEB WF[ NBJT EJHJUBM F DPN V]`O S S[ _cOZ_cS` Z]QOZ / OQ][^O\VO` VN TFSWJÎP BP BMDBODF EF UPEPT NBJT DØNP ]a bS[^]a []RS`\]a O ;{RWa Sabt EP F DPN BDFTTP B JOGPSNBÎÍP ÞUJM QSBUJDB bO[P{[ \Oa `SRSa a]QWOWa S Q`W]c O NFOUF BP NPNFOUP DVNQSJOEP PT TFVT ^tUW\O RS 4OQSP]]Y ;{RWa 9WRa ³ c[O PCKFUJWPT RVF QBTTBN QPS VNB BQSPYJNB ^tUW\O RSRWQORO O ^OWa S Q`WO\zOa ]\RS { ^]aa dSZ ]PbS` Q]\aSZV]a S RWQOa ^O`O c[O ÎÍP NBJPS BP $MJFOUF dWRO aOcRtdSZ S RWdS`bWRO Q][ ]a [OWa i4BCFNPT RVF B SPCVTUF[ F BHJMJEBEF EPT ^S_cS\]a 6t Q]\aSZV]a RS \cb`Wzx] QSPDFTTPT TÍP GBDUPSFT DIBWF QBSB B TBUJT SfS`Q QW] T aWQ] S RS Q][] OXcRO` GBÎÍP F GJEFMJ[BÎÍP EB OPTTB 3 FEF EF ] aSc TWZV] O [SZV]`O` ] RSaS[^S\V] \O SaQ]ZO OZ{[ RS ^OaaObS[^]a 1SFTUBEPSFT F $MJFOUFT 'B[ QBSUF EP "%/ EB .ÏEJT JOWFTUJS OB JOPWBÎÍP w EJ[ 5JBHP / ^tUW\O RS 4OQSP]]Y ;{RWa 9WRa( TOQSP]]Y Q][ [SRWaYWRa 7JMBSEFCØ -PVSFJSP

5C7/ 2/ @323 ;p27A

/B@/DpA 2= B3:3;ÏD3: 3 <= 4/130==9

3FTQPOTÈWFM QFMB (FTUÍP EB 3FEF EF 1SFTUBEPSFT .ÏEJT


[c\R] ;p27A

5&$/0-0(*" & */07" 0 "0 4&37* 0 %04 $-*&/5&4 /^]WOROa ^]` c[ ZOP]`Ob `W] Q][ QS`QO RS # O\]a RS Sf^S`W}\QWO Oa 1Z \WQOa AO\bO ;OROZS\O ]TS`SQS[ aS`dWz]a []RS`\]a S ORS_cOR]a O]a aSca 1ZWS\b Sa >`SabO[ c[O dOabO UO[O RS aS`dWz]a S O^]abO[ T ]`bS \O []RS`\WhOzx] R]a aSca Sa^Oz]a ^O` O [O\bS` O Q]\TWO\zO S O TWRSZWhOzx] R]a Q]\ac[WR]`Sa >]` A \WO B`WUcSW`x]

µ=A A35C@=A 23 A/Ó23 A¯= = 4CBC@=¶

"

$MÓOJDB 4BOUB .BEBMFOB FN -JTCPB Ï VN FTQFMIP EBT SFTUBO UFT DMÓOJDBT EP HSVQP FTQF DJBMJ[BEP FN .FEJDJOB %FOUÈSJB EFTEF o QFS UFODFN BP HSVQP .POUFMMBOP RVF JOJDJPV BDUJWJEBEF IÈ BOPT DPN VN MBCPSBUØSJP EF QSØUFTFT o BP CBTFBS TF OB SFOPWBÎÍP F OB BUVBMJ[BÎÍP " BQPTUB FN UFDOPMPHJBT NBJT JOPWBEPSBT EF FRVJQBNFOUPT JOTUSVNFOUPT F OPWPT NBUFSJBJT UBM DPNP BT NBJT BWBOÎBEBT UÏD OJDBT EF FTUFSJMJ[BÎÍP SBJPT 9 QBOPSÉNJ DPT DBEFJSBT DPN NPOJUPSFT F SBJPT 9 JOEJ

WJEVBJT EÍP B FTUBT DMÓOJDBT B IJQØUFTF EF QSFTUBS BPT TFVT $MJFOUFT VN WBTUP MFRVF EF TFSWJÎPT EFOUÈSJPT 5FN UPEBT BT FTQF DJBMJEBEFT EB DJSVSHJB PSBM Ë EFOUJTUFSJB FTUÏUJDB Ë FOEPEPOUFSJB FTUÏUJDB JNQMBO UPMPHJB NFEJDJOB PSBM PDMVTÍP PEPOUPQF EJBUSJB PSUPEPOUJB QFSJPEPOUPMPHJB QSØUF TF GJYB F QSØUFTF SFNPWÓWFM 4FHVOEP .BSJB EF +FTVT 7BMFT EJSFDUPSB PQFSBDJPOBM EB $MÓOJDB 4BOUB .BEBMFOB Ï P QSJODÓQJP BTTFOUF OP PCKFDUJWP EF DVJEBS EB TBÞEF PSBM EPT $MJFOUFT RVF NPUJWB FTTB QSPDVSB DPOTUBOUF QPS JOP WBS i0 OPTTP

;O`WO RS 8Saca DOZSa OQ`SRWbO _cS µ]a aSUc`]a RS aO RS ax] ] Tcbc`]¶ µ6]XS S[ RWO ax] c[O [OWa!dOZWO ^O`O ] OQSaa] u aO RS < a \O 1Z \WQO AO\bO ;OROZS\O bS[]a OQ]`R]a Q][ dt`WOa aSUc`OR]`Oa \][SORO[S\bS Q][ O ;{RWa Q][ _cS[ [O\bS[]a c[O `SZOzx] Xt RS Vt [cWb] bS[^] p c[O aSUc`OR]`O _cS Xt bS[ ^`]dOa ROROa¶ `STS`S 8t ^O`O /cUcab] ;O`_cSa Oa ^Saa]Oa b}[ QORO dSh [OWa O \]zx] RS _cS \x] ^]RS[ Q ]\bO` O^S\Oa S [cWb] Q][ O ASUc`O\zO A]QWOZ µ/ ;SRWQW\O 2S\bt`WO { [cWb] QO`O =a aSUc`]a ^S`[WbS[ c[ OQSaa] [OWa TtQWZ O QcWROR]a RS aO RS S [Sa[] Q][ ] ^OUO[S\b] RS aSUc`] Waa] Q][^S\aO¶ acPZW\VO

7<D3@<= " !


;C<2= [{RWa

GPDP Ï P QBDJFOUFw TVCMJOIB 1BSB "VHVTUP .BSRVFT NÏEJDP EFOUJTUB F DPPSEFOBEPS DMÓOJDP B PGFSUB Ï WBTUB F B GPSNB EF HBSBOUJS B DPOGJBOÎB F B GJEFMJ[B ÎÍP EP $MJFOUF Ï BUSBWÏT EF VN BDPNQB OIBNFOUP NVJUP QSØYJNP EB FWPMVÎÍP EPT JOTUSVNFOUPT OPNFBEBNFOUF EPT RVF BKV EBN OPT EJBHOØTUJDPT F EBT UÏDOJDBT i%JTQPNPT EF UPEBT BT FTQFDJBMJEBEFT OB ÈSFB EB .FEJDJOB %FOUÈSJBw SFGFSF TVCMJ OIBOEP RVF OB ÈSFB EP EJBHOØTUJDP BT $MÓOJDBT 4BOUB .BEBMFOB FTUÍP OB WBOHVBS EB EB UFDOPMPHJB i5FNPT FOUSF PVUSPT BQB SFMIPT VNB 5"$ %FOUÈSJB $#$5 JOPWB EPSB DPN JNBHFOT FN % 4FSWF QBSB VNB NFMIPS F NBJT S ÈQJEB QMBOJGJDBÎÍP QPS FYFNQMP EF JNQMBOUFT F DJSVSHJBTw EJTTF TVCMJOIBOEP BT WBOUBHFOT QBSB P $MJFOUF i4FHVSBOÎB NFOPS DVTUP CBJYB SBEJBÎÍP F SBQJEF[ EF EJBHOØTUJDP w 0VUSP TFSWJÎP QSFTUBEP F RVF WBJ BP FODPO USP EP CFN FTUBS EPT $MJFOUFT Ï B PQÎÍP EF TFEBÎÍP 1PSRVF FN BMHVOT DBTPT B BOTJF EBEF HFSBEB QFMP NFEP EP USBUBNFOUP EFO UÈSJP QPEF NFTNP JNQPTTJCJMJUBS QPS DPN QMFUP RVBMRVFS USBUBNFOUP EFOUÈSJP B QPTTJ CJMJEBEF EF TFEBÎÍP BKVEB F NVJUP "MJÈT P DPOUSPMP EFTTB BOTJFEBEF BUSBWÏT EB TFEB ÎÍP QPEFSÈ TFS B ÞOJDB BMUFSOBUJWB QBSB WJB CJMJ[BS P US BUBNFOUP EFOUÈSJP FN BMHVOT EPFOUFT QPS SB[ÜFT RVFS GÓTJDBT RVFS QTJDP MØHJDBT $IBNB TF UÏDOJDB EF TFEBÎÍP DPOT DJFOUF QPS JOBMBÎÍP EF ØYJEP OJUSPTP PYJHÏ OJP VTBOEP NÈTDBSB OBTBM 5SBUB TF EF VN EPT NÏUPEPT EF TFEBÎÍP NBJT TFHVSPT F DPO WFOJFOUFT EFJYBOEP P QBDJFOUF BQUP QBSB B TVB WJEB OPSNBM JNFEJBUBNFOUF BQØT P QSP DFEJNFOUP " BQPTUB OB JOPWBÎÍP DPOUB DPN VN BQPJP NVJUP JNQPSUBOUF P MBCPSBUØSJP EP HSVQP RVF USBCBMIB EJSFDUBNFOUF DPN BT DMÓOJDBT F BDPNQBOIB P RVF IÈ EF NBJT JOPWBEPS OP NVOEP EPT USBUBNFOUPT EFOUÈSJPT $PN DMÓOJDBT OP 1 BSRVF EBT /BÎÜFT "MWFSDB 1BSL OP 5BHVTQBSL FN 0FJSBT OP 4JOUSB 3FUBJM 1BSL OP 'ØSVN .POUJKP OP " 7<D3@<= "

&OUSF F RVBTF EVQMJDPV P O¶NFSP EF DSJBO£BT DPN BOPT EF JEBEF MJWS FT EF D SJFT QBTTBOEP EF QBSB /BT DSJBO£BT DPN BOPT B N¥EJB EF EFOUFT DBSJBEPT QFSEJEPT F PCUVSBEPT QBTTPV EF EFOUFT QPS DSJBO£B FN QBSB FN

#BSSFJSP 3FUBJM 1MBOFU OP 'ØSVN $PJNCSB $MÓOJDB #SBHB 1BSRVF OP 1 PSUP FN #BEBKP[ &TQBOIB F FN -JTCPB P HSVQP 4BOUB .BEBMFOB PGFSFDF VN DIFDL VQ PSBM F 39 QBOPSÉNJDP OB QSJNFJSB DPOTVMUB EF EJBHOØTUJDP VN IPSÈSJP BMBSHBEP GVODJP OB EBT I ËT I QSÏ NBSDBÎÍP EF DPO TVMUBT QFMB *OUFSOFU F TFSWJÎP EF VSHÐODJBT & .BSJB EF +FTVT 7BMFT EFTUBDB BJOEB BT SJHP SPTBT OPSNBT EF FTUFSJMJ[BÎÍP B DFSUJGJDB ÎÍP EF RVBMJEBEF "VHVTUP .BSRVFT TBMJFOUB UBNCÏN RVF PT QPSUVHVFTFT FTUÍP B EBS NBJT BUFOÎÍP Ë

2/2=A 2/ =;A

ASUc\R] O =`UO\WhOzx] ;c\RWOZ RS AO RS ' RO ^]^cZOzx] [c\RWOZ a]T`S RS R]S\zOa RO P]QO aS\R] O [OWa Q][c[ O Qt`WS RS\bt`WO S O R]S\zO ^S`W]R]\bOZ ]aa] S US\UWdOa 3[ >]`bcUOZ SabS ^`]PZS[O Oaac[S ^O`bWQcZO` U`OdWRORS ROR] _cS Rc`O\bS [cWbOa R{QOROa O aO RS ]`OZ \x] SabSdS OQSaa dSZ O b]RO O ^]^cZOzx] TOhS\R] Q][ _cS c[O SZSdORO ^S`QS\bOUS[ RO ^]^cZOzx] Q][ [OWa RS $# O\]a a]T`O V]XS RS R]S\zOa RO P]QO


>`]U`O[O <OQW]\OZ RS >`][]zx] RO AO RS =`OZ R] ;W\Wab{`W] RO AO RS

/ W\bS`dS\zx] OP`O\US U`tdWROa S Q`WO\zOa RSaRS ] \OaQW[S\b] Ob{ O]a $ O\]a O] Z]\U] R] QWQZ] RO dWRO S \]a O[PWS\bSa ]\RS Oa Q`WO\zOa S ]a X]dS\a dWdS[ S SabcRO[ >O`O aS ]PbS`S[ UO\V]a Q]\aWabS\bSa S[ aO RS ]`OZ { W\RWa^S\atdSZ c[ W\dSabW[S\b] ^`SQ]QS S Q]\bW\cOR] >]` Waa] O ^`][]zx] RO aO RS ]`OZ Q][SzO Q][ O aS\aWPWZWhOzx] RO [xS U`tdWRO ^O`O ]a QcWROR]a ]`OWa R] PSP{ Z]U] O^ a ] \OaQW[S\b] 3[ QOaO S \O SaQ]ZO Oa [S\aOUS\a RO ^`SdS\zx] ROa R]S\zOa ]`OWa RSdS[ aS` W\Q]`^]`OROa \]a Q][^]`bO[S\b]a R] RWO O RWO Q][ aS\bWR] RS `Sa^]\aOPWZWRORS

TBÞEF PSBM i0T $MJFOUFT OÍP TØ UÐN NBJT PGFSUB DPNP FTUÍP NBJT JOGPSNBEPT F FYJ HFN NBJT EF OØT & OØT UFNPT EF BDPN QBOIBS FTTB FYJHÐODJB 0GFSFDFS NBJT F NFMIPS QBSB TFSNPT DPNQFUJUJWPT OP NFS DBEPw EJTTF TBMJFOUBOEP RVF B DPOGJBOÎB Ï B CBTF EF VNB GJEFMJ[BÎÍP QPS QBSUF EPT $MJFOUFT i*TTP DPOTFHVF TF UBNCÏN QFMB RVBMJEBEFw TBMJFOUB .BSJB EF +FTVT 7BMFT SFGFSF RVF VN EPT HSBOEFT PCKFUJWPT EB $MÓOJDB 4BOUB .BEBMFOB GPJ B JNQMFNFOUBÎÍP EF VN 4JTUFNB EF (FTUÍP EF 2VBMJEBEF F B TVB $FSUJGJDBÎÍP HBSBOUJOEP BTTJN VNB DPOUJ OVJEBEF EB TVB NJTTÍP WJTÍP F EPT TFVT WBMPSFT CFN DPNP B RVBMJEBEF F B GJBCJMJ EBEF EF VN DPNQSPNJTTP DPN B NFMIPSJB DPOUÓOVB EPT TFSWJÎPT QSFTUBEPT i0 QSPDFTTP GPJ EJGÓDJM F CBTFPV TF OP DVN QSJNFOUP EPT SFRVJTJUPT EB RVBMJEBEF QSJO DJQBMNFOUF OB FTUFSJMJ[BÎÍP EPT FRVJQB NFOUPT F EFGJOJNPT QSPUPDPMPT B TFHVJS 0T OPTTPT QSPDFEJNFOUPT TÍP UPEPT BVEJ UBEPTw FYQMJDB BDSFTDFOUBOEP RVF UPEBT BT DMÓOJDBT UÐN FTUB DFSUJGJDBÎÍP "MJÈT DPNP QBSUF JOUFHSBOUF EFTUB DFSUJGJ DBÎÍP EF RVBMJEBEF UPEPT PT NÏEJDPT o BT $MÓOJDBT 4BOUB .BEBMFOB EJTQÜFN EF NBJT EF NÏEJDPT o EFOUJTUBT F IJHJFOJTUBT PSBJT UÐN GPSNBÎÍP DPOUÓOVB TPCSF QSPDF EJNFOUPT F QSPUPDPMPT 4FHVOEP "VHVTUP .BSRVFT P NBJPS EFTB GJP EBT $MÓOJDBT 4BOUB .BEBMFOB Ï BTTJN NBOUFS B RVBMJEBEF i.BOUFS VN TFSWJÎP EF BMUP OÓWFM DPN VNB FTUSVUVSB EFTUBT DMÓOJDBT DPN TFUF F NBJT HBCJOFUFT

PCSJHB B VNB HFTUÍP SJHPSPTB EF SFDVSTPT NBT TF GPSNPT SJHPSPTPT F FYJHFOUFT DPO TFHVJNPT w " $MÓOJDB 4BOUB .BEBMFOB Ï DFS UJGJDBEB EFTEF QFMB OPSNB *440 OP ÉNCJUP EF TFSWJÎPT .ÏEJDP %FOUÈSJPT "T WBOUBHFOT RVF TF F WJEFODJBN TÍP FOUSF PVUSBT B DPOTFRVÐODJB EF VNB DMBS B 1PMÓUJDB 0SHBOJ[BDJPOBM F EF 2VBMJEBEF OFDFTTÈSJB QBSB SFTQPOEFS ËT FYJHÐODJBT DPOUSBUVBJT

EF JOEJDBEPSFT EF RVBMJEBEF QFSJPEJDB BJOEB UFN VNB HSBOEF QPTTJCJMJEBEF EF NFOUF BWBMJBEPT FN TFEF EF BVEJUPSJBT DPO DSFTDJNFOUP QPSRVF IÈ HSBOEFT DFOUSPT EF EV[JEBT QPS PSHBOJ[BÎÜFT JOEFQFOEFOUFT QPQVMBÎÍP RVF BJOEB OÍP FTUÍP DPCFSUPTw /FTUF NPNFOUP BT $MÓOJDBT 4BOUB .BEBMFOB 1][ c[O dWax] QS\b`ORO \O WRSWO RS aS` O FTUÍP B BQPTUBS OB SFNPEFMBÎÍP F OB NPEFS [OW]` QORSWO RS QZ \WQOa RS ;SRWQW\O OJ[BÎÍP EPT TFVT FTQBÎPT i)È RVF SFNP 2S\bt`WO ^` ^`WOa S[ >]`bcUOZ BT $MÓOJDBT EFMBS QBSB DSFTDFS F BDUVBMJ[BS B QSFTUBÎÍP 4BOUB .BEBMFOB SFHFN TF QPS WBMPSFT NVJUP EPT TFSWJÎPTw FYQMJDB B SFTQPOTÈWFM QFMB TØMJEPT P MVDSP Ï WJTUP DPNP QBS UF JOUFHSBO ÈSFB PQFSBDJPOBM TVCMJOIBOEP RVF P QSØ UF EB TVTUFOUBCJMJEBEF EP OFHØDJP F OÍP VN QSJP TJUF OB *OUFSOFU FTUÈ B TFS JHVBMNFOUF GJN FN TJ B PSHBOJ[BÎÍP Ï TVCPSEJOBEB BPT NPEFSOJ[BEP 0 TJUF EBT $MÓOJDBT 4BOUB QSJODÓQJPT VOJWFSTBJT EP IVNBOJTNP B ÏUJDB .BEBMFOB WBJ TFS NBJT JOUFSBUJWP FNCPSB KÈ F B NPSBM EB BDUVBÎÍP OP NFSDBEP TÍP QSJ QFSNJUB RVF PT $MJFOUFT GBÎBN B QSÏ WJMFHJBEBT SFHFN TF QFMB DPNQFUÐODJB EPT NBSDBÎÍP EF DPOTVMUBT F EFJYFN BT TVBT DPMBCPSBEPSFT F QFMP SFDPOIFDJNFOUP EP TVHFTUÜFT TFV WBMPS QBSB B PSHBOJ[BÎÍP 4ÍP NVJUPT BOPT EF FYQFSJÐODJB BP TFSWJ $PN FTUFT QSJODÓQJPT BT $MÓOJDBT 4BOUB ÎP EPT $MJFOUFT DPN PT PMIPT QPTUPT OP .BEBMFOB WÍP BCSJS NBJT DMÓOJDBT OB [POB GVUVSP F BQPJBEPT QFMB WPOUBEF EF DSFTDFS EB (SBOEF -JTCPB " FYQBOTÍP Ï BMHP RVF "T $MÓOJDBT 4BOUB .BEBMFOB BQPTUBN OB GB[ QBSUF EB WJTÍP EF GVUVSP EP OFHØDJP GJEFMJ[BÎÍP BUSBWÏT EB DPOGJBOÎB EPT TFVT .BSJB EF +FTVT WBMFT TVCMJOIB RVF i1PSUVHBM $MJFOUFT 7<D3@<= " #


;C<2= [{RWa

)041*5"- &4$0-" 6/*7&34*%"%& '&3/"/%0 1&440"

"13&/%&3 /6. )041*5"- $0.1-&50 / \]dO c\WRORS RS aO RS RO C\WdS`aWRORS 4S`\O\R] >Saa]O dOW Q][S[]`O` c[ O\] RS Tc\QW]\O[S\b] AWbcOR] S[ 5]\R][O` ] V]a^WbOZ c\S O O^`S\RWhOUS[ u _cOZWRORS Vc[O\O R] ObS\RW[S\b] bS\R] ^]` ]PXSbWd] aS` c[O `STS`}\QWO \O ;SRWQW\O >]` /\O A]TWO 1]SZV]

$

PNFÎPV QPS TFS VNB GPSNB EF EBS SFTQPTUB Ë GPSNBÎÍP DMÓOJDB EPT BMVOPT EB 'BDVMEBEF EF $JÐODJBT EB 4BÞEF EB 6OJWFSTJEBEF 'FSOBOEP 1FTTPB NBT B JEFJB BDBCPV QPS TF NBUFSJBMJ[BS OVN IPTQJUBM ² VNB VOJEBEF RVF SFÞOF DVJEBEPT EF TBÞEF QSJNÈSJPT TFDVOEÈSJPT F UFSDJÈSJPT F VN FTQBÎP POEF PT BMVOPT QPEFN UFS GPSNBÎÍP FN TJUVBÎÜFT SFBJT %JTQÜF UBNCÏN EF VNB WBTUB FRVJQB EF QSPGJTTJPOBJT DVKB QSJPSJ EBEF Ï BUFOEFS F QSFPDVQBS TF DPN PT QBDJFOUFT DPN B WBOUBHFN EF TFS P ÞOJDP IPTQJUBM B BUFOEFS B [POB /PSUF -FTUF EP (SBOEF 1PSUP TFSWJOEP DFSDB EF NJM QFTTPBT B QSFÎPT NBJT SFEV[JEPT EP RVF OPT IPTQJUBJT FYDMVTJWBNFOUF QSJWBEPT FN SFTVMUBEP EF QSPUPDPMPT FTUBCFMFDJEPT DPN TFHVSBEPSBT F WBSJBEBT JOTUJUVJÎÜFT $IBNB TF )PTQJUBM &TDPMB 6OJWFSTJEBEF 'FSOBOEP 1FTTPB GPJ JOBV $ 7<D3@<= "

HVSBEP B EF EF[FNCSP EF F DPNFÎPV B GVODJPOBS FN QMFOP B EF KBOFJSP EF i"UÏ BRVJ PT OPTTPT BMVOPT EF $JÐODJBT EB 4BÞEF UJOIBN EF BSSBOKBS FTUÈHJP OP 4FSWJÎP /BDJPOBM EF 4BÞEF P RVF JNQMJDBWB NBJT DVTUPT QBSB B GBDVMEBEF 5ÓOIBNPT UBNCÏN QPVDBT WBHBT EBÓ B EFDJTÍP UPNBEB QFMB GBDVMEBEF ² VN IPTQJUBM OPSNBM DPNP RVBMRVFS PVUSP DPN VNB MØHJDB EF DPNQPOFOUF QFEBHØHJDB F OÍP DPNFSDJBM 0MIBNPT P QBDJFOUF OÍP DPNP VN DMJFOUF NBT DPNP VN QBSDFJSPw FYQMJDPV P QSPGFTTPS 4BMWBUP 5SJHP QSFTJEFOUF EP $POTFMIP EF "ENJOJTUSBÎÍP EP )PTQJUBM &TDPMB " QSJNFJSB QSFPDVQBÎÍP GPJ B WPOUBEF EF RVFSFS GB[FS iVNB OPWB .FEJDJOBw 0 GBDUP EF B 6OJWFSTJEBEF 'FSOBOEP 1FTTPB UFS P EFTF KP BOUJHP EF BCSJS P DVSTP EF .FEJDJOB o P RVF JNQMJDB UFS VN IPT QJUBM BTTPDJBEP o UBNCÏN BKVEPV OB EFDJTÍP i%FNPT QSFGFSÐODJB


[c\R] ;p27A

= 6=A>7B/: 3; <ร ;3@=A , ! Tc\QW]\t`W]a S[ ^]ab]a RW`Sb]a RS b`OPOZV] R] V]a^WbOZ ?cO\R] SabWdS` S[ Tc\QW]\O[S\b] Q][^ZSb] bS`t "# ^Saa]Oa Q][ ] Q]`^] QZ \WQ] W\QZc R]) , QO[Oa RS W\bS`\O[S\b] $ ROa _cOWa \O C\WRORS RS 1cWROR]a 1]\bW\cOR]a 7\bSU`OR]a)

, 7\dSabW[S\b] RS # [WZVย Sa RS Sc`]a) , ร `SO P`cbO RS Q]\ab`czx] RS [OWa RS " [WZ [Sb`]a _cOR`OR]a) , = bS``S\] bS[ [OWa RS VSQbO`S S [SW]) ] SRWT QW] W\QZcW RcOa QOdSa ^O`_cS RS SabOQW]\O[S\b] S [OWa aSWa ^Wa]a = Sa^Oz] T]W QSRWR] S[ RW`SWb] RS ac^S`T QWS ^]` # O\]a `S\]dtdSWa ^SZO 1v[O`O ;c\WQW^OZ RS 5]\R][O` , <] >Wa] Vt POZQย Sa RS ObS\RW[S\b] S OR[Waax] RS cbS\bSa) ] aS`dWz] RS QOZZ QS\bS`) aS`dWz]a OR[W\Wab`ObWd]a) c[ Sa^Oz] `SZWUW]a]) aS`dWz] RS 7[OUW]Z]UWO) aS`dWz] RS ;SRWQW\O 4 aWQO S RS @SOPWZWbOzx]) 4O`[tQWO) PWPZW]bSQO S aOZO RS ZSWbc`O) c[ OcRWbย `W] Q][ " ZcUO`Sa) QOTSbO`WO S Z]XOa RS Q]\dS\W}\QWO , <] >Wa] Z]QOZWhO aS ] AS`dWz] RS /bS\RW[S\b] >S`[O\S\bS A/> RS Q`WO\zOa S RS ORcZb]a) O c`U}\QWO RS ;SRWQW\O 2S\bt`WO) Oa 1]\acZbOa 3fbS`\Oa _cS S[ P`SdS aS`t C\WRORS RS AOย RS 4O[WZWO` bW^] 1 ) ] :OP]`Obย `W] RS /\Ob][WO 1Z \WQO S RS ;WQ`]PW]Z]UWO) ] `SabOc`O\bS aSZT!aS`dWQS , <] >Wa] TWQO O OR[W\Wab`Ozx]) O 1Z \WQO >`]b]Q]ZORO) Oa 1]\acZbOa 3fbS`\Oa S O W\dSabWUOzx] QZ \WQO , <] >Wa] ! S\Q]\b`O aS O C\WRORS RS 1cWROR]a 1]\bW\cOR]a 7\bSU`OR]a Q][ c\WRORSa ^`ย ^`WOa RS TWaW]bS`O^WO S RS bS`O^WO ]Qc^OQW]\OZ , = >Wa] " Q][^`SS\RS ] W\bS`\O[S\b] [{RWQ] S QW`ย `UWQ] , <] >Wa] # Vt b`}a aOZOa RS PZ]Q] QW`ย `UWQ]) b`}a c\WRORSa RS `SQ]P`]) O C\WRORS RS 1cWROR]a 7\bS\aWd]a) ] ZOP]`Obย `W] RS /\Ob][WO >Ob]Zย UWQO) C\WRORS RO AOย RS RO ;cZVS` S RO 1`WO\zO , 6t OW\RO c[ 1S\b`] RS /\Ob][WO S 1W`c`UWO

ร RVBMJEBEF IVNBOB EP BUFOEJNFOUP Kร FN QSร UJDB OB VOJWFSTJEBEF F RVFSFNPT GB[FS P NFTNP OP IPTQJUBMw BEJBOUPV P SFTQPOTร WFM 5BNCร N QPS JTTP B NBJPS QBSUF EPT RVBESPT Uร DOJDPT EP IPTQJUBM Tร P GPSNBEPT QFMB QSร QSJB VOJWFSTJEBEF OPNFBEBNFOUF FOGFSNFJ SPT GJTJPUFSBQFVUBT F MJDFODJBEPT FN .FEJDJOB %FOUร SJB i1BSB WFTUJS B DBNJTPMB F WFSNPT P IPTQJUBM DPNP VNB FYUFOTร P OBUVSBM EB GBDVM EBEF 0 SFDSVUBNFOUP ร GFJUP NBJPSJUBSJBNFOUF FOUSF PT KPWFOT GPSNBEPT 4FS 'FSOBOEP 1FTTPB ร JNQPSUBOUF NBT B DPNQFUร ODJB ร TFNQSF B QSJPSJEBEF &TUB MJHBร ร P ร 'BDVMEBEF TFSWF BJOEB QBSB FWJ UBS RVF PT KPWFOT TBJBN EP OPTTP QBร Tw MFNCSPV 4BMWBUP 5SJHP 0 )PTQJUBM &TDPMB UFN UPEBT BT WBMร ODJBT OPSNBJT EF VN IPTQJUBM )ร P 4"1 4FSWJร P EF "UFOEJNFOUP 1FSNBOFOUF QBSB DSJBOร BT F BEVMUPT EVSBOUF IPSBT BUFOEJNFOUP Nร EJDP!DJSร SHJDP DPOTVM UBT F B NBJT!WBMJB ร B VSHร ODJB EF .FEJDJOB %FOUร SJB RVF GVODJPOB IPSBT i*TUP ร OPWPw GSJTPV "QFOBT PT TFSWJร PT EF PCTUFUSร DJB OFPOBUPMPHJB F DJSVSHJB DBSEJPUP Sร DJDB BJOEB Oร P FTUร P B GVODJPOBS QPS OFDFTTJUBSFN EF VNB BVUPSJ [Bร ร P FTQFDร GJDB BQFTBS EF Kร FTUBSFN FRVJQBEPT " JEFJB ร RVF FOUSFN FN GVODJPOBNFOUP Kร FN i/B DSJBร ร P EFTUB VOJEBEF IPTQJUBMBS B OPTTB QSFPDVQBร ร P GPJ DSJBS VN NPEFMP GVODJPOBM QBSB BT QFTTPBT &TQFDJBMNFOUF FN (POEPNBS POEF Iร HSBOEF EFOTJEBEF QPQVMBDJPOBM F UPEBT BT DMBTTFT TPDJBJTw BQPOUPV P QSFTJEFOUF " FTDPMIB EFTUB DJEBEF OPS UFOIB UFWF OB CBTF B W POUBEF EB 6OJWFSTJEBEF EF GB[FS P IPTQJUBM OP (S BOEF 1PSUP i'PSBN!OPT BQSFTFOUBEBT Wร SJBT IJQร UFTFT .BUPTJOIPT .BJB (BJB F 1PSUP .BT (POEPNBS UFN NBJT EF NJM QFTTPBT F Oร P UJOIB IPTQJUBM UJOIB VNB DBSUB QBSB GB[FS VN IPTQJUBM EFTEF PT UFNQPT EP NJOJTUSP $PSSFJB EF $BNQPT 4VCTUJUVร NPT FTTF BQPJP Qร CMJDP EP (PWFSOP

QBSB DPOTUSVJS VN IPTQJUBM DPN BNQMJUVEF SFHJPOBM DPN CPBT BDFT TJCJMJEBEFT o DIFHB TF NBJT Sร QJEP BRVJ RVF BP 4BOUP "OUร OJP o F UBNCร N DPN VN Qร CMJDP!BMWP NBJT WBTUP /B ร SFB EF BCSBOHร ODJB EFTUB VOJEBEF FYJTUFN UPEBT BT DMBTTFT TPDJBJT QFMP RVF QPEFNPT UFS BT NBJT EJWFSTBT QBUPMPHJBTw FOVNFSPV 0 JOWFTUJNFOUP DPNFร PV B TFS QFOTBEP FN i&N P FTGPS ร P EB VOJWFSTJEBEF QBSB QBHBS PT FTUร HJPT DPNFร PV B TFS QSPJCJUJWP 1FEJBN OPT P RVF RVFSJBN F Tร Uร OIBNPT EF BDFJUBS QPSRVF Oร P Uร OIB NPT BMUFSOBUJWB 1FOTร NPT VUJMJ[BS FTTB WFSCB QBSB B CBTF EB BNPSUJ [Bร ร P EB DPOTUSVร ร P EP OPWP IPTQJUBMw DPOUPV 4BMWBUP 5SJHP 0 FEJGร DJP DPNFร PV B TFS DPOTUSVร EP OP GJN EF F GJDPV QSPOUP OP GJN EF UFOEP EFNPSBEP NFTFT B FYFDVUBS " PCSB GPJ GFJUB QPS BENJOJTUS Bร ร P EJSFUB DPN SFDVSTPT QSร QSJPT EB 6OJWFSTJEBEF F OP UPUBM DVTUPV NJMIร FT EF FVSPT i/ร P SFDFCF NPT BQPJP FTUBUBM OFOIVN $PODPSSFNPT BP 23&/ QPS JOTJTUร ODJB EB QSร QSJB $ร NBS B .VOJDJQBM QBS B UFS DBNBT EF 6OJEBEF EF $VJEBEPT $POUJOVBEPT F UJWFNPT BQPJP EF NJMIร P F NJM FVSPT QBSB BT DBNBT RVF FTUร P ร FTQFSB RVF B SFEF EF 6$$ NBOEF QBSB BRVJ QFTTPBT &TUร QBSBEP F Oร P TBCFNPT CFN QPSRVร w BGJSNPV

3f^S`W[S\bOZ , / c\WRORS bS`t OW\RO c[ VSZW^]`b] _cS O 1v[O`O RS 5]\R][O` Sabt O Q]\QZcW` ;=@/2/( /D 43@</<2= >3AA=/ <ยก # "" '$ 5=<2=;/@ BS[ OQSaa] RW`Sb] ^SZ] 71 ' 1=<B/1B= B3:34ร <71=( "## "## >O`OZSZO[S\bS RSQ]``S[ \] V]a^WbOZ SdS\b]a RWdS`a]a _cS ax] \] Tc\R] ^`]XSb]a RS O^`]fW[Ozx] u Q][c\WRORS S S[ _cS aS OaaW\OZO ]a RWOa [c\RWOWa ^]` SfS[^Z] RO Q`WO\zO S R] WR]a] / W\bS\zx] { QVO[O` O ^]^cZOzx] O] V]a^WbOZ S ^` ][]dS` O aOย RS

7<D3@<= " %


;C<2= [{RWa /B UFOUBUJWB EF FOWPMWFS UPEB B DPNVOJEBEF VOJWFSTJUÈSJB EB 'FSOBOEP 1FTTPB P QSPKFUP EP )PTQJUBM &TDPMB GPJ DPODFCJEP QPS EPJT GJOBMJT UBT EF "SRVJUFUVSB NBT UFWF B QBSUJDJQBÎÍP EF WÈSJPT BMVOPT EB VOJ WFSTJEBEF OPNFBEBNFOUF EF &OHFOIBSJB $JWJM 'PJ iVNB FTQÏDJF EF MBCPSBUØSJP NVMUJEJTDJQMJOBS QBSB UFSFN VNB GPSNB NBJT QSÈUJDB EF BQSFOEFSw "P FOUSBS OP FEJGÓDJP OÍP TF UFN B QFSDFQÎÍP EF RVF TF FTUÈ OVN IPTQJUBM 0 CMPDP DJSÞSHJDP QSJODJQBM FTUÈ DPOFDUBEP DPN P BVEJUØ SJP IÈ VN $FOUSP EF "OBUPNJB F EF $JSVSHJB &YQFSJNFOUBM QBSB USB CBMIBS FN QFÎBT DBEBWÏSJDBT EJWFSTPT FTQBÎPT QFEBHØHJDPT F NFJPT DPNQMFNFOUBSFT EF EJBHOØTUJDP i5PEPT PT FRVJQBNFOUPT TÍP EP IPTQJUBM /ÍP UFNPT FTTF UJQP EF PVUTPVSDJOHw FYQMJDPV P QSFTJEFO UF EP $POTFMIP EF "ENJOJTUSBÎÍP 2VBOEP B PCTUFUSÓDJB DPNFÎBS B GVODJPOBS P )PTQJUBM &TDPMB WBJ TFHVJS P NPEFMP BMFNÍP F CSBTJMFJSP EF DBTBT EF QBSUP JTUP Ï VN BQBSUBNFOUP POEF B GBNÓMJB QPEF BDPNQBOIBS B HSÈWJEB QSPQPSDJP OBOEP BTTJN NBJT DPOGPSUP Ë QBSUVSJFOUF "MÏN EJTTP IÈ B QPTTJCJMJ EBEF EF SFBMJ[BS P QBSUP FN ÈHVB VNB WF[ RVF B QJTDJOB EFTUJOBEB B FTTF PCKFUJWP FTUÈ TJUVBEB OP QJTP EP CMPDP DJSÞSHJDP

6N FTQB£P POEF PT BMVOPT QPEFN UFS GPSNB£ P OVNB TJUVB£ P SFBM NBT O P T¯ VNB FRVJQB EF QSPGJTTJPOBJT DVKB QSJPSJEBEF ¥ BUFOEFS F QSFPDVQBS TF DPN PT QBDJFOUFT

>`]b]Q]Z]a Q][ dt`WOa aSUc`OR]`Oa = 6]a^WbOZ 3aQ]ZO bS[ OQ]`R]a Q][ aSUc`OR]`Oa S [cWbOa ]cb`Oa W\abWbcWz Sa / ^O`QS`WO Q][ ]a aSUc`]a RS aO RS S[ US`OZ S Q][ O ;{RWa S[ ^O`bWQcZO` { S\QO`ORO Q][ aObWaTOzx] ^SZ] ^`SaWRS\bS R] 1]\aSZV] RS /R[W\Wab`Ozx] R] 6]a^WbOZ 3aQ]ZO µ3abO[]a [cWb] aObWaTSWb]a Q][ O `SZOzx] _cS bS[]a Q][ O ;{RWa /bS\RS[]a OZUc\a 1ZWS\bSa ;{RWa _cS ax] ^Saa]Oa _cS Q]\VSQS[ ]cb`]a V]a^WbOWa S OQOPO`O[ ^]` TWQO` \] 6]a^WbOZ 3aQ]ZO ?cS`S[]a _cS Oa ^Saa]Oa dS\VO[ O] V]a^WbOZ ^O`O TOZO` Q][ SZOa S \x] ^O`O Oa RSa^OQVO` 3abO { O \]aaO TWZ]a]TWO¶ `Sac[Wc

& 7<D3@<= "

"UVBMNFOUF IÈ GVODJPOÈSJPT OB VOJEBEF F PT NÏEJDPT EF RVF P IPTQJUBM EJTQÜF TÍP QSPGFTTPSFT OB 6OJWFSTJEBEF NBT P PCKFUJWP Ï BVNFOUBS P OÞNFSP EF QSPGJTTJPOBJT B USBCBMIBS B UFNQP JOUFJSP OB VOJEBEF EF TBÞEF i" GJMPTPGJB RVF QSJWJMFHJBNPT Ï UFS VN PV EPJT NÏEJDPT EP RVBESP FN DBEB WBMÐODJB &TUBNPT B SFDSVUBS FRVJQBT QBSB DPNQPS P DPSQP DMÓOJDP EP RVBESP EP IPTQJUBM F UBNCÏN UFNPT NÏEJDPT B USBCBMIBS Ë DPOTVMUB " OPTTB QSFPDVQBÎÍP DPOUVEP Ï UFS VN DPSQP DMÓOJDP QSØQSJP F FTUBNPT B BQPTUBS OB KVWFOUVEF NÏEJDPT KPWFOT FTQFDJBMJTUBT RVF OPT EFFN HBSBOUJBT EF SFTQPOEFS B FTTBT DBSBDUFSÓTUJDBT IVNBOBT DPN EJBHOØTUJDPT QBVTBEPTw BOVODJPV 4BMWBUP 5SJHP SFGPSÎBOEP P PCKFUJWP EF UFS P DVSTP EF .FEJDJOB OB 'FSOBOEP 1FTTPB iBVUPSJ[BEP OPT QSØYJNPT UFNQPTw 0 $POTFMIP EF "ENJOJTUSBÎÍP SFWFMB OPT B BNCJÎÍP EF USBOTGPSNBS P IPTQJUBM OVNB SFGFSÐODJB OB .FEJDJOB i0 PCKFUJWP Ï UFOUBS FTUBCF MFDFS BMHVNBT ÈSFBT EF EJGFSFODJBÎÍP JTTP Ï FTTFODJBM " JOWFTUJHBÎÍP DMÓOJDB Ï ØCWJB /FTUF NPNFOUP B OPTTB ÈSFB EF SFG FSÐODJB Ï B .FEJDJOB %FOUÈSJB F B JNQMBOUPMPHJBw EJTTF P QSFTJEFOUF 1BSB KÈ BJOEB OÍP IÈ TFSWJÎP EF FTQFSB OFTUB ÈSFB QPSRVF P IPTQJUBM UFN WÈSJPT NÏEJDPT EFOUJTUBT B USBCBMIBS F PT QSFÎPT QSBUJDBEPT TÍP iNFUBEF EPT EF VN DPOTVMUØSJPw " QSFPDVQBÎÍP DPN PT QSFÎPT GPJ BMJÈT EFUFSNJOBOUF RVBOEP TF DPNF ÎPV B QFOTBS OP QSPKFUP EBÓ RVF PT QSFÎPT TPDJBJT TFKBN NBJT CBJYPT RVF PT QSBUJDBEPT OBT PVUSBT VOJEBEFT EF TBÞEF i/ØT SFNVOF SBNPT USBCBMIP OÍP SFNVOFSBNPT DBQJUBM QBSB RVF B OPTTB BUJWJEBEF TF GBÎB DPN IPOFTUJEBEF F QBSB OÍP FYDMVJS OJOHVÏNw FMVDJEPV 2VBTF VN BOP EFQPJT EB FOUSBEB FN GVODJPOBNFOUP P IPTQJUBM FTUÈ B BUJOHJS PT PCKFUJWPT QSFWJTUPT FN UFSNPT EF VUFOUFT SFDFCJEPT P RVF DPSSFTQPOEF B EB BUJWJEBEF QMFOB EP IPTQJUBM &TTF OÞNFSP QPEF SÈ BVNFOUBS DPN P DPODVSTP BCFSUP QBSB BT DPOWFOÎÜFT i7BNPT DPOUJOVBS B BQPTUBS OFTUB QSPYJNJEBEF IVNBOBw GSJTB P SFT QPOTÈWFM F QPS JTTP OÍP IÈ UPMFSÉODJB QBSB B OFHMJHÐODJB NÏEJDB " VOJEBEF WBJ BQPTUBS NVJUP OB TFHVSBOÎB EPT QBDJFOUFT F OB ÏUJDB EFPOUPMØHJDB 1PS UPEBT FTUBT SB[ÜFT P QSØYJNP QBTTP Ï USBOTGPSNBS P )PTQJUBM &TDPMB 'FSOBOEP 1FTTPB OVNB QBSDFSJB QÞCMJDP!QSJWBEB i" 'VOEBÎÍP 'FSOBOEP 1FTTPB FRVJQBSJB P IPTQJUBM " ÞOJDB DPJTB RVF QSFUFOEÓB NPT FSB RVF WJFTTFN BRVJ CVTDBS TBÞEF 0 OPTTP PCKFUJWP P EFDSFUP MFJ MJCFSBMJ[B BT DPOWFOÎÜFT Ï DPODPSSFS B VNB DPOWFOÎÍP QPSRVF FOUFOEFNPT UFS UPEBT BT DPOEJÎÜFT MFHBJT QBSB P GB[FS F QPS TFSNPT P ÞOJDP IPTQJUBM OB [POB /PSUF -FTUF EP 1PSUP TFSWJOEP NJM QFT TPBTw DPODMVJV 4BMWBUP 5SJHP


[c\R] ;p27A

$

)041*5"- $6' */'"/5& 4"/50

6/*%"%& %0 16-. 0

µ3_cW^O RS `STS`}\QWO ^`]XSbORO ^O`O ] Tcbc`]¶ / c\WRORS R] ^cZ[x] { c[O [OWa dOZWO ^O`O O O^]abO R] 6]a^WbOZ 1C4 7\TO\bS AO\b] \O RWTS`S\QWOzx] S \O SfQSZ}\QWO QZ \WQO ^`]^]`QW]\O\R] O]a cbS\bSa c[ ObS\RW[S\b] [OWa Sa^SQWOZWhOR] S T]QOR] \Oa acOa \SQSaaWRORSa >]` A \WO B`WUcSW`x]

POTUJUVÓEB QPS VNB FRVJQB NVM UJEJTDJQMJOBS B 6OJEBEF EP 1VMNÍP UFN DPNP PCKFUJWP DFO USBM P EJBHOØTUJDP P USBUBNFOUP F B QSFWFOÎÍP EBT EPFOÎBT SFTQJSBUØSJBT 4FHVOEP +PTÏ $FQFEB 3JCFJSP DPPSEFOB EPS EB 1OFVNPMPHJB EP )PTQJUBM $6' *OGBOUF 4BOUP BT EPFOÎBT SFTQJSBUØSJBT UÐN IPKF FN EJB VN QFTP NVJUP TJHOJGJDBUJWP OB QPQVMBÎÍP QPSUVHVFTB TFOEP VNB EBT QSJODJQBJT DBVTBT EF JOUFSOBNFOUP F P TFV EJBHOØTUJDP F USBUBNFOUP FYJHFN BCPSEB HFOT EJGFSFODJBEBT i" DSJBÎÍP EB 6OJEBEF EP 1VMNÍP GPJ VNB BQPTUB DMBSB OB EJGF SFODJBÎÍPw SFGFSF P FTQFDJBMJTUB RVF TVCMJ OIB P GBDUP EF DPN FTUB 6OJEBEF P )PTQJUBM $6' *OGBOUF 4BOUP UFS DSJBEP VNB FTUSVUVSB DBQB[ EF EBS VNB SFTQPTUB DPN QMFUB ËT OFDFTTJEBEFT EPT EPFOUFT DPN QBUPMPHJB QVMNPOBS i" VOJEBEF FODPOUSB TF UPUBMNFOUF FRVJQBEB UBOUP FN NFJPT IVNBOPT DPNP FN BMUB UFDOPMPHJBw TVT UFOUB +PTÏ $FQFEB 3JCFJSP QBSB RVFN iB NVMUJEJTDJQMJOBSJEBEF Ï FTTFODJBM QBS B B EFGJOJÎÍP EB NFMIPS FTUSBUÏHJB UFSBQÐVUJ DB QFSNJUJOEP RVF PT USBUBNFOUPT TFKBN PT NBJT BKVTUBEPT B DBEB DBTP DMÓOJDPw "OUØOJP 1JOUP .BSRVFT DPPSEFOBEPS EF $JSVSHJB 5PSÈDJDB EP )PTQJUBM $6' *OGBOUF 4BOUP EFTUBDB UBNCÏN B JNQPSUÉODJB EB NVMUJEJTDJQMJOBSJEBEF F P GBDUP EF B 6OJEBEF UFS DPNP QJMBS GVOEBNFOUBM B DPO GJBOÎB RVF FYJTUF FOUSF PT NÏEJDPT EB FRVJ QB F P FRVJQBNFOUP UFDOPMØHJDP BUVBMJ[B EP RVF QFSNJUF UPEBT BT TPMVÎÜFT Ë FYDF ÎÍP EP USBOTQMBOUF QVMNPOBS 0 FTQFDJBMJTUB TVCMJOIB RVF B FRVJQB o RVF DPOUB OB ÈSFB QOFVNPMØHJDB BMÏN EF +PTÏ $FQFEB 3JCFJSP DPN "OUØOJP #VHBMIP F 4JEØOJP EF 4PVTB F OB DJSVSHJB UPSÈDJDB DPN 'FSOBOEP 1BMNB .BSUFMP F +PÍP 3FJT o FTUÈ BCFSUB Ë JOPWBÎÍP F EÈ DPNP FYFN QMP VN BDPOUFDJNFOUP SFDFOUF i5SBOT NJUJNPT VNB DJSVSHJB BUSBWÏT EP (PPHMF (MBTT VN EJTQPTJUJWP UFDOPMØHJDP RVF QFS NJUF FOUSF PVUSBT GVODJPOBMJEBEFT B USBOT NJTTÍP EF JNBHFN F TPN FN UFNQP SFBM BUSBWÏT EB *OUFSOFU 0T FTUVEBOUFT F PT QSP GJTTJPOBJT EF TBÞEF BP OÓWFM OBDJPOBM F JOUFSOBDJPOBM UJWFSBN B QPTTJCJMJEBEF EF BTTJTUJS ËT JOUFSWFOÎÜFT DJSÞSHJDBT EF VNB QFSTQFUJWB QSJWJMFHJBEB F DPN UPEP P QPS NFOPS DPNP TF FTUJWFTTFN B WFS BUSBWÏT EPT PMIPT EP DJSVSHJÍP w

JC>969: 9DI696 9: IGÚH K6AÚC8>6H Iw8C>86H %PUBEB EF NVMUJEJTDJQMJOBSJEBEF FYQFSJÐO DJB F UFDOPMPHJBT B VOJEBEF EP 1VMNÍP US BUB UPEBT BT EPFOÎBT SFTQJSBUØSJBT EBT NBJT TJNQMFT ËT NBJT DPNQMFYBT i5SBUBNPT B EPFOÎB PODPMØHJDB JOGFDDJPTB JOUFSTUJDJBM EPFOÎB QVMNPOBS PCTUSVUJWB DSØOJDB %10$ BTNB JOTVGJDJÐODJB SFTQJSBUØSJB QBUPMPHJB QMFVSBM BQOFJB PCTUSVUJW B EP TPOP F UBCBHJTNP FOUSF PVUSBTw FYQMJDB +PTÏ $FQFEB 3JCFJSP TVCMJOIBOEP RVF B 7<D3@<= " '


;C<2= [{RWa

A=0@3 = 6=A>7B/: 1C4 7<4/<B3 A/<B=

= 6]a^WbOZ 1C4 7\TO\bS AO\b] { O [OWa S[PZS[tbWQO c\WRORS RO 8]a{ RS ;SZZ] AO RS bS\R] aWR] W\OcUc`OR] S[ '"# OZbc`O S[ _cS aS RSaWU\OdO 6]a^WbOZ RO 1C4 6]XS ] 6]a^WbOZ 1C4 7\TO\bS AO\b] Q]\bW\cO O aS` c[O `STS`}\QWO \O ^`SabOzx] ^`WdORO RS QcWROR]a RS aO RS S[ >]`bcUOZ aSUcW\R] TWSZ[S\bS ] ZS[O RS _cOZWRORS S W\]dOzx] _cS UcW]c ] aSc ^S`Qc`a] Rc`O\bS SabSa O\]a RSRWQOR]a O [SZV]`O` O aO RS R]a ^]`bcUcSaSa

6OJEBEF Ï DPOTUJUVÓEB QPS USÐT WBMÐODJBT UÏDOJDBT NVJUP JNQPSUBOUFT 0 FTQFDJBMJTUB EFTUBDB P MBCPSBUØSJP EF GVOÎÍP SFTQJSBUØ SJB BT UÏDOJDBT QOFVNPMØHJDBT JOWBTJWBT F B WBMÐODJB DJSÞSHJDB i5FNPT VN MBCPSBUØSJP QBSB P FTUVEP EB GVOÎÍP SFTQJSBUØSJB EPT EPFOUFT DPN QSP UPDPMPT FTQFDÓGJDPT QBSB P FTUVEP EB %PFOÎB 1VMNPOBS 0CTUSVUJWB $SØOJDB %10$ BTNB GJCSPTF QVMNPOBS F BWBMJBÎÍP QSÏ PQF SBUØSJBw EJ[ +PTÏ $FQFEB 3JCFJSP RVF SFMBUJ WBNFOUF ËT UÏDOJDBT QOFVNPMØHJDBT JOWBTJ WBT TBMJFOUB RVF OB ÈSFB FOEPTDØQJDB B VOJ EBEF FGFUVB UPEPT PT FYBNFT CSPODPWJEFPT DPQJB FDPFOEPTDPQJB CSÙORVJDB F CSPODPT DPQJB SÓHJEB i5FNPT UBNCÏN B QPTTJCJMJEB EF EF FGFUVBS CSPODPTDPQJB UFSBQÐVUJDB OPT EPFOUFT DPN PCTUSVÎÍP EBT WJBT BÏSFBT QSP WPDBEB QPS QBUPMPHJB CFOJHOB PV OFPQMÈTJ DBw SFGFSF BDSFTDFOUBOEP BT UÏDOJDBT EJBH OØTUJDBT OB QBUPMPHJB QMFVSBM B UPSBDFOUFTF ! 7<D3@<= "

B ESFOBHFN QMFVSBM F B CJØQTJB QMFVSBM & OP RVF EJ[ SFTQFJUP Ë WBMÐODJB DJSÞSHJDB "OUØOJP 1JOUP .BSRVFT TVCMJOIB RVF TÍP SFBMJ[BEPT UPEPT PT QSPDFEJNFOUPT DJSÞS HJDPT OP QVMNÍP QOFVNFDUPNJB MPCFD UPNJB SFTTFDÎÍP BUÓQJDB OP NFEJBTUJOP F OB QMFVSB " PQÎÍP EF BDFTTP QSFGFSFODJBM Ë DBWJEBEF UPSÈDJDB Ï B WJEFPUPSBDPTDPQJB 7"54 F QFSNJUF P USBUBNFOUP EF RVBTF UPEBT BT QBUPMPHJBT i&TUB Ï VNB DJSVSHJB NFOPT JOWBTJWB GFJUB BUSBWÏT EF QFRVFOPT PSJGÓDJPT RVF EÈ NFOPT EPSFT BP EPFOUF NFOPT EJBT EF JOUFSOBNFOUP F VN SFHSFT TP Ë WJEB OPSNBM NBJT SÈQJEPw TBMJFOUB

86C8GD 9D EJABÀD/ JbV d[ZgiV Y^hi^ci^kV " ÈSFB EF BUVBÎÍP BP OÓWFM EP EJBHOØTUJDP F USBUBNFOUP EP DBODSP EP QVMNÍP NFSF DF VN QBSUJDVMBS EFTUBRVF EPT FTQFDJBMJT UBT RVF JOUFHSBN B 6OJEBEF EP 1VMNÍP

/ÍP TØ QFMB JNQPSUÉODJB EB QBUPMPHJB RVF Ï BUVBMNFOUF B QSJNFJSB DBVTB EF NPSUF QPS DBODSP OPT IPNFOT o NBUB DFSDB EF QFTTPBT QPS BOP o NBT UBNCÏN QPS RVF B FRVJQB UFN VNB PGFSUB RVF DPOTJ EFSB EJTUJOUJWB +PTÏ $FQFEB 3JCFJSP TVCMJOIB RVF B VOJ EBEF EJTQÜF EF UPEBT BT UÏDOJDBT FOEPT DØQJDBT EJBHOØTUJDBT F SFBMÎB B FDPFOEPT DPQJB CSÙORVJDB i&TUF FYBNF Ï VN EPT HSBOEFT BWBOÎPT EB ÞMUJNB EÏDBEB F BDPO TFMIBEP QFMBT HVJEFMJOFT EP -VOH $BODFS EF OB B WBMJBÎÍP F DPOGJSNBÎÍP EP FOWPMWJNFOUP HBOHMJPOBS NFEJBTUÓOJDP NVJUP JNQPSUBOUF QBSB P FTUBEJBNFOUP EP DBODSPw BGJSNB & OP DBNQP UFSBQÐVUJDP P FTQFDJBMJTUB EFT UBDB B SFBMJ[BÎÍP EB MPCFDUPNJB QPS WJEFPUP SBDPTDPQJB RVF DPNP SFGFSJV "OUØOJP 1JOUP .BSRVFT UFN B iFOPSNF WBOUBHFN EF VN QØT PQFSBUØSJP DPN NFOPT EFTDPOGPSUPw


3AB/BËAB71/A 3 4/1B=A

³ / 2]S\zO >cZ[]\O` =Pab`cbWdO 1` \WQO 2>=1 { O aSfbO QOcaO RS []`bS \] [c\R] S O _cW\bO \O 3c`]^O / =`UO\WhOzx] ;c\RWOZ RO AO RS =;A ^`Sd} _cS S[ aSXO O bS`QSW`O QOcaO RS []`bS \] [c\R] 6]XS S[ RWO SabW[O aS _cS O 2>=1 OTSbS QS`QO RS $ [WZV Sa RS ^Saa]Oa O^SaO` RS O [OW]`WO RSaQ]\VSQS` _cS dWdS Q][ SabO R]S\zO /TSbO [OWa RS & [WZ ^]`bcUcSaSa ³ / Oa[O { c[O R]S\zO Q` \WQO [cWb ] Q][c[ S _cS OTSbO O ^OaaOUS[ RS O` RS S ^O` O ]a ^cZ[ Sa QOcaO\R] W\TZO[Ozx] ROa dWOa `Sa^W`Ob `WOa S RWTWQcZRORS S[ `Sa^W`O` 3[ >]`bcUOZ OTSbO c[O S[ QORO Q`WO\zOa c[ [WZVx] RS ^Saa]Oa S [OWa RS R]a WR]a]a ³ 1][ QS`QO RS " \]d]a R]S\bSa RWOU\]abWQOR]a ^]` O\] ] QO\Q`] R] ^cZ[x] { R]a bW^]a RS QO\Q` ] [OWa T`S_cS\bSa S[ >]`bcUOZ p bO[P{[ ] [OWa []`b TS`] \] \]aa] ^O a [cWb] RSdWR] u [O\WTSabOzx] bO`RWO R]a aW\b][Oa ³ &# ROa d bW[Oa RSabO R]S\zO \x] a]P`SdWdS O] TW[ RS QW\Q] O\]a

A35C@=A C[O T]`[O RS OQSaa] u aO RS S c[ RW`SWb] u SaQ]ZVO

>O`O ]a R]Wa Sa^SQWOZWabOa 8=Ap 13>32/ @7037@= S /<BÏ<7= >7<B= ;/@?C3A ]a aSUc`]a ax] V]XS S[ RWO Tc\RO[S\bOWa ^O`O _cS Oa ^Saa]Oa ^]aaO[ OQSRS` O]a QcWROR]a RS aO RS S SaQ]ZVS` Oa c\WRORSa ]\RS _cS`S[ aS` Q]\acZbOROa S b`ObOROa µ<]a V]a^WbOWa RO 1C4 b`OPOZVO[]a Q][ b]ROa Oa aSUc`OR]`Oa \][SORO[S\bS O ;{RWa Ax] c[O T]`[O RS OQSaa] O Q]\acZbOa [SW]a RS RWOU\ abWQ] S W\bS`\O[S\b] Ax] c[O VW^ bSaS RS SaQ]ZVO R]a R]S\bSa¶ RWaaS ] ^\Sc[]Z]UWabO 8]a{ 1S^SRO @WPSW`] 8t ] QW`c`UWx] /\b \W] >W\b] ;O`_cSa RSabOQO( µ= O^O`SQW[S\b] ROa aSUc`OR]`Oa T]W c[ U`O\RS OdO\z] \] OQSaa] u AO RS ¶

3FBMÎB UBNCÏN B QPTTJCJMJEBEF EF FGFUVBS CSPODPTDPQJB UFSBQÐVUJDB OPT EPFOUFT DPN PCTUSVÎÍP EBT WJBT BÏSFBT P RVF QFSNJUF VNB NFMIPSJB TJHOJGJDBUJWB OB RVBMJEBEF EF WJEB 4FHVOEP FTUF FTQFDJBMJTUB GBDF BPT BWBOÎPT UFDOPMØHJDPT IPKF FN EJB Ï QPTTÓWFM GB[FS P SBTUSFJP EP DBODSP EP QVMNÍP BUSBWÏT EB 5$ 5ØSBY EF CBJYB EFOTJEBEF DPN EPTFT EF SBEJBÎÍP NVJUP JOGFSJPSFT Ë EPTF VUJMJ[B EB OB 5$ DPOWFODJPOBM &TUF FYBNF QPEF TFS GFJUP OP IPTQJUBM $6' *OGBOUF 4BOUP 4VCMJOIB P DPPSEFOBEPS RVF iP SBTUSFJP JOEJTDSJNJOBEP OÍP FTUÈ SFDPNFOEBEP F RVF OB DPOTVMUB EF 1OFVNPMPHJB Ï FGFUVB EB VNB BWBMJBÎÍP EP SJTDP PODPMØHJDP F VN QMBOP EF WJHJMÉODJB EF BDPSEP DPN PT GBUPSFT EF SJTDPw /P FOUBOUP SFGFSF +PTÏ $FQFEB 3JCFJSP OVODB Ï EFNBJT SFGPSÎBS RVF P SBT USFJP OÍP Ï VNB BMUFSOBUJWB Ë DFTTBÎÍP UBCÈHJDB QBSB FWJ UBS P DBODSP i%JTQPNPT EF VNB DPOTVMUB UFNÈUJDB B DPOTVMUB EF EFTBCJUVBÎÍP UBCÈHJDB EFTUJOBEB BPT GVNB EPSFT RVF QSFUFOEBN EFJYBS EF GVNBS 0 GBUPS FTTFODJBM OB QSFWFOÎÍP EP DBODSP Ï B DFTTBÎÍP UBCÈHJDB w "TTJN WFSJGJDBNPT RVF EF GBDUP B NVMUJEJTDJQMJOBSJEB EF F B JOPWBÎÍP TÍP BT QBMB WSBT!DIBWF RVF DPMPDBEBT FN QSÈUJDB QFMPT FMFNFOUPT EF VNB FRVJQB EF FTQFDJBMJT UBT SFGFSFODJBEPT RVF QSPDV SBN DPMPDBS P TFV DPOIFDJ NFOUP BP TFSWJÎP EPT EPFO UFT DPOTUJUVFN PT QJMBSFT EB 6OJEBEF EP 1VMNÍP EP )PTQJUBM $6' *OGBOUF 4BOUP 7<D3@<= " !


5:=03 b`]bbS`

0/%& " &6301" "$"#" / 3c`]^O OQOPO S[ 7abO[PcZ S O ÈaWO Q ][SzO ^O`O Zt R] 0 aT]`] \c[O QWRORS _cS Xt T]W Q]\VSQWRO Q][] 0Whv\QW] S 1]\abO\bW\]^ZO p c[O U`O\RS [Sb` ^]ZS [Oa O acO t`SO US]U`tTWQO OQOPO ^]` aS` ^S_cS\O ^O`O b]RO O acO VWab `WO >]` @cW 4O`WO

*

TUBNCVM UFN VNB BVSB NÓTUJDB RVF QBTTB NBJT QFMP TFV QV[[MF DVMUVSBM EP RVF QFMB CSVNB RVF TPCF EBT ÈHVBT EP #ØTGPSP QBSB FOWPMWFS BT DÞQVMBT EPT NJOBSFUFT EBT NBKFTUPTBT NFT RVJUBT 0 DBMPS EB WP[ EPT NVF[JOT OB TVB DIBNBEB ËT PSBÎÜFT Ï VNB CBOEB TPOPSB RVF BKVEB B DSJBS VN BNCJFOUF EF NJTUÏSJP F QBJYÜFT EF TPOIPT F GBOUBTJBT DBQB[ EF QPUFODJBS P TVTQFOTF EF VN UISJMMFS PV FODBOUBS DPN B JNBHJOBÎÍP EF VN "MBEJOP !

7<D3@<= "

iBP WPMBOUFw EP TFV UBQFUF WPBEPS 0 FYPUJTNP EB DJEBEF Ï UÍP DPOUBHJBOUF DPNP B GPSÎB EPT DIFJSPT GPSUFT EBT FTQF DJBSJBT RVF EÍP TBCPS Ë DPNJEB TFSWJEB OBT FTQMBOBEBT RVF TF FTQBMIBN OBT NBSHFOT EP QFRVFOP NBS RVF TFQBSB EPJT HSBOEFT DPOUJOFOUFT "T FTQFDJBSJBT TÍP B NFNØSJB EF VN QBTTBEP RVF G F[ EP FTUSFJUP EP #ØTGPSP P DSV[BNFOUP EP DPNÏSDJP FOUSF P 0SJFOUF F P 0DJEFOUF " DJEBEF EPT QFS TBT GPJ DPCJÎBEB QFMP *NQÏSJP 3PNBOP RVF

TVCKVHPV #J[ÉODJP " DJEBEF DBJV F P *NQFSBEPS +VTUJOJBOP E $ EFDJEJV DPOTUSVJS VNB CBTÓMJDB NBKFTUPTB %FQPJT EF WÈSJBT UFOUBUJWBT QBSB DSJBS VNB BCØCB EB JNFOTB TVSHJV QPS GJN B "HIJB 4PGJB VNB SFGFSÐODJB SFMJHJPTB RVF QFSEVSPV OP UFNQP F TPCSFWJWFV B UVEP F B UPEPT 0 UFNQMP G PJ UFTUFNVOIB EP TBRVF EF #J[ÉODJP QPS NFSDBEPSFT W FOF[JBOPT F HVFSSFJSPT SFMJHJPTPT RVF QSPDVSBSBN GVO EPT QBSB BWBOÎBS DPN B *7 $SV[BEB FN +FSVTBMÏN FNCPSB P SPVCP EP QBUSJNØOJP UFOIB TFSWJEP PVUSPT JOUFSFTTFT DPNP P EFTWJP EPT DBWBMPT EP "SDP EF 5SBKBOP RVF IPKF TVSHFN OB #BTÓMJDB EF 4ÍP .BSDPT FN 7FOF[B &N P TVMUÍP .FINFE ** DPORVJTUPV $POTUBOUJOPQMB USBOTGPSNBOEP B "HIJB 4PGJB OVNB NFTRVJUB NBT P UFNQMP QFS


172/23 ]\RS ] 0 aT]`] aS^O`O R]Wa Q]\bW\S\bSa { [O`QORO ^SZO VWab `WO S ^SZO O`_cWbSQbc`O _cS ZVS Q]\TS`S c[O W[OUS[ Sd]QObWdO R] W[OUW\t`W] ROa \]WbSa

& 0 03*&/5& $0.& " NBOFDFV TPCSBODFJSP BP #ØTGPSP DPNP UFT UFNVOIB EB IJTUØSJB EP *NQÏSJP 0UPNBOP BUÏ RVBOEP ,FNBM "UBUVSL P QBJ EB NPEFSOB 5VSRVJB EFDJEJV TFDVMBSJ[BS P FEJ GÓDJP USBOTGPSNBOEP P OP NVTFV RVF BJOEB IPKF FTUÈ BCFSUP BP QÞCMJDP &N GSFOUF FN DPOUSBQPOUP TVSHF B .FTRVJUB "[VM PV NFMIPS EJ[FOEP B NFTRVJUB EP TVMUÍP "INFE JNQPOFOUF DPN PT TFVT TFJT NJOBSFUFT BCFSUB BPT WJTJUBOUFT NBT UBN CÏN BP DVMUP 4ÍP EPJT NFHBFEJGÓDJPT RVF QSPDVSBN SJWB MJ[BS FN WPMVNFUSJB F PQVMÐODJB 1BSUJMIBN P DFOUSP IJTUØSJDP EB DJEBEF POEF WBMF B QFOB WJTJUBS BT DBUBDVNCBT RVF TFSWJBN QBSB BSNB[FOBS ÈHVB QBSB B DJEBEF PV VN WFMIP FTUBCFMFDJNFOUP EF CBOIPT RVF IPKF Ï VNB MPKB EF UBQFUFT 0 QBMÈDJP EF *CSBIJN 1BTIBN P HSÍP!WJ[JS

EF 4VMFZNBO P .BHOÓGJDP Ï BP NFTNP UFNQP P .VTFV EF "SUF 5VSDB F *TMÉNJDB F VN FTQBÎP QBSB JOUFSFTTBOUFT FYQPTJÎÜFT UFNQPSÈSJBT RVF WBMF B QFOB DPOIFDFS .BT OBEB TF DPNQBSB BP 1BMÈDJP 5PQLBQJ " WJTJUB Ï PCSJHBUØSJB F QPEF!TF MFWBS P UFNQP RVF TF RVJTFS OVN EJB OÍP Ï QPTTÓWFM WFS UVEP 0 FEJGÓDJP BEKBDFOUF Ë "HIJB 4PGJB GPJ DPOTUSVÓEP QBSB SFTJEÐODJB EF .FINFU ** RVF DPORVJTUPV #J[ÉODJP FN 0 TVMUÍP FSB VN HVFSSFJSP F BP NFTNP UFNQP VN IPNFN EF DVMUVSB EF HPTUPT SFRVJOUBEPT 0T DVSBEPSFT EP QBMÈDJP VUJMJ[BN P FTQBÎP QBSB NPTUSBS B IJTUØSJB EP QBÓT RVFS OB WFS UFOUF BSRVFPMØHJDB RVFS OP DBNQP EB WJEB RVPUJEJBOB RVF QBTTB TPCSFUVEP QFMB CFMF [B EPT KBSEJOT " WJEB OB DPSUF UJOIB NVJUP B WFS DPN P RVF QPEFSJB TFS FODPOUSBEP

OP DFOUSP EB &VSPQB NBT IÈ HSBOEFT EJGF SFOÎBT DVMUVSBJT RVF UÐN PSJHFN OB HFP HSBGJB F OB SJRVF[B EPT UFTPVSPT EF VN JNQÏSJP RVF TVSHJV EP MBEP POEF OBTDF P TPM " FYUSBWBHÉODJB EBT KØJBT B PQVMÐODJB EBT QFESBT F P EFTJHO CJ[BOUJOP EBT QFÎBT TÍP UÍP NBSDBOUFT DPNP B EFMJDBEF[B EBT QPSDFMBOBT PV B SBSJEBEF EPT NBOVTDSJUPT EB CJCMJPUFDB 0T PCKFUPT EF DVMUP F BT SFMÓ RVJBT OÍP QPEFSJBN GBMUBS BMHVNBT PSJVO EBT EF .FDB DPNP VNB GMFDIB EP QSPGFUB .BPNÏ F BMHVOT EPT TFVT DBCFMPT 0VUSBT DVSJPTJEBEFT EP QBMÈDJP TÍP NBJT BQSFDJB EBT QFMPT FTQÓSJUPT MJCJEJOPTPT EF RVFN QBTTB QFMP IBSÏN POEF WJWJBN BT NVMIF SFT NVJUBT EP *NQFSBEPS 0 iQJDBOUFw BUSBJ B DVSJPTJEBEF &N *TUBNCVM DPNP FN RVBMRVFS PVUSP MPDBM EP NVOEP B [POB DJSDVOEBOUF Ë TFEF 7<D3@<= " !!


5:=03 b`]bbS`

0 (SBOEF #B[BS O P EFJYB OJOHV¥N JOEJGFSFOUF 5PEPT T P PCSJHBEPT B SFDPOIFDFS RVF O P I OBEB JHVBM B PDJEFOUF EF *TUBNCVM

EP QPEFS BGJSNPV TF DPNP VN MPDBM BQF UFDÓWFM QBSB B DMBTTF TPDJBM SFMFWBOUF "T SVBT F WJFMBT FN UPSOP EP MPDBM POEF TVS HFN B "HIJB 4PGJB B .FTRVJUB "[VM F P 5PQLBQJ FTUÍP TBMQJDBEBT EF WFMIBT NPSB EJBT FN NBEFJSB o P FTUJMP PUPNBOP o DPN FMFHBOUFT KBSEJOT " NBJPSJB FTUÈ SFDVQFSB EB F TF NVJUBT BJOEB TÍP IBCJUBÎÜFT PVUSBT IÈ RVF GPSBN USBOTGPSNBEBT FN SFTUBVSBO UFT F DBTBT EF DIÈ RVF WBMF B QFOB WJTJUBS EBOEP UFNQP BP UFNQP )PKF B PQVMÐODJB EB OPWB DJEBEF TVSHF BP MPOHP EP #ØTGPSP OBT NBJT JNQSFTTJPOBO UFT WJMMBT B NBJPSJB QBHB DPN PT NJMIÜFT EF SVCMPT RVF EFTDFN EB 3ÞTTJB BP TBCPS EP NBS /FHSP 6NBT TÍP ZBMJT BOUJHBT NBO TÜFT SFDVQFSBEBT PVUSBT TÍP PCSBT!QSJ NBT EB BSRVJUFUVSB DPOUFNQPSÉOFB 5PEBT TÍP FTUVQJEBNFOUF DBSBT 0 TFV FTQMFOEPS QPEF TFS BQSFDJBEP OVN QBTTFJP EF CBSDP B OÍP QFSEFS B ÞOJDB GPSNB EF PCTFSWBS BT NBSHFOT EFTUB 3JWJFSB RVF OÍP QBSB EF DSFTDFS BP MPOHP EP (S BOEF $BOBM EF *TUBNCVM 1PS BMJ QBTTBN BOVBMNFOUF NBJT EF NJM OB WJPT UÍP HS BOEFT DPNP PT NFHBQFUSPMFJSPT PV PT EFTNFTVS BEPT QPSUB DPOUFOUPSFT DIJOFTFT ² QPTTÓWFM BMVHBS VN CBSDP PV BQSPWFJUBS VN UÈYJ QBSB JS EF (PMEFO )PSO VN QPSUP OBUVSBM EP UFNQP EB "OUJHVJEBEF (SFHB

BUÏ BP TBOUVÈSJP EF &ZàQ OB DPOGMVÐODJB EPT SJPT ,BHJUIBOF F "MJCFZ PV FN EJSF ÎÍP B ,BMJOLB POEF IÈ SFTUBVSBOUFT GBO !" 7<D3@<= "

UÈTUJDPT OPT TFVT TBCPSFT EF NBS RVF SJWB MJ[BN DPN PT EF #FZMFSCFZJ F ,BEJLÚZ 0 #ØTGPSP MJHB P NBS EF .ÈSNBSB BP /FHSP F FTUÈ UÍP DPOHFTUJPOBEP DPNP BT SVBT EF VNB DJEBEF POEF PT NBJT WFMIPT HPTUBN EF SFDPSEBS B NFNØSJB EPT CBJSSPT BOUJ HPT DPNP 4VMUBOBINFU F POEF BT WFMIB SJBT EF PVUSPT UFNQPT OÍP UÐN QBS B PT

0 FYPUJTNP EB DJEBEF ¥ U P DPOUBHJBOUF DPNP B GPS£B EPT DIFJSPT GPSUFT EBT FTQFDJBSJBT RVF E P TBCPS DPNJEB TFSWJEB OBT FTQMBOBEBT KPWFOT P BQFMP EB NPEFSOJEBEF EB DJEBEF RVF WJCSB FN 5BLTJN 1BSB RVFN DIFHB 5BLTJN Ï JHVBM BP RVF QPEFNPT FODPOUSBS FN RVBMRVFS PVUS B DJEBEF FVSPQFJB "T MPKBT TÍP TFNFMIBO UFT PT SFTUBVSBOUFT TFSWFN P NFTNP UJQP EF DPNJEB F B NÞTJDB KÈ Ï DPOIFDJEB "T OPJUFT EF *TUBNCVM TÍP MPOHBT DPNP BT FTQBOIPMBT NBT IÈ EJGFSFOÎBT 1PS BMJ BT QFTTPBT DIFHBN Ë QSPDVS B EF VNB CPB DPOWFSTB F JTTP Ï CPN NBT P BNCJFOUF BDBCB QPS TFS BMHP G FDIBEP BP FYUFSJPS FNCPSB IBKB BMUFSOBUJWBT F TÍP PT QSØQSJPT

/567/ A=47/ \O T]b] { ] Sf Z P`Wa RS c[O QWRORS _cS dWP`O \] 5`O\RS 0OhO` S[ QW[O S ^`]XSbO O Q]` R] POW``] ]b][O\] u RW` S[ QW[O S O b`ORWzx] \] B]^YO^W O] ZOR] aS[ Sa_cSQS` O []RS`\WRORS S[ POWf]


0OEF GJDBS /87/ /V[Sb @OaW[ >OaO GOZWaW 1cPcYZc 1OR % 9O\ZWQO 7abO[PcZ BSZ ' $ " ! '! eee OXWOV]bSZ Q][ p c[ P]cbW_cS V]bSZ W\abOZOR] \c[ SRWT QW] R] a{QcZ] F7F Xc\b] O] [O` \] POW``] RS 9O\ZW\YO 3abt O !# [W\cb]a RS PO`Q] R] QS\b`] VWab `WQ]

*TUBNCVM ¥ VNB DPOGVT P FOUSF P QBTTBEP F P QSFTFOUF &N DBEB FTRVJOB I TJOBJT EF POUFN F WJT±FT EF IPKF

/G/A=4G/ >3<A7G=<:/@7 A]UcYzSa[S A]YOY AcZbO\OV[Sb 7abO[PcZ BSZ ' # ! !$$ eee OgOa]TgOY]\OYZO`W Q][ S\ = \][S µ^S\ax]¶ ^]RS OaacabO` [Oa SabO[]a O TOZO` RS c[ O\bWU] SRWT QW] RS [ORSW`O b ^WQ] R] POW``] ]b][O\] \] Q]`Ozx] R] QS\b`] VWab `WQ] p c[O ]^zx] O bS` S[ Q]\bO 17@/5/< >/:/13 93;>7<A97 oW`OUO\ 1ORRSaW ! 0SaWYbOa 7abO[PcZ BSZ ' ! $ "$"$ eee YS[^W\aYW Q][ S\ WabO\PcZ QW`OUO\ ^OZOQS eSZQ][S 7\abOZOR] \c[O ROa `SaWR}\QWOa R] ZbW[] acZbx] R] 7[^{`W] =b][O\] { c[ Sa^Oz] ac[^bc]a] _cS aS SabS\RS ^]` c[O OZO []RS`\O 3;>@3AA H=3 /RZWgS A]YOY AcZbO\OV[Sb 7abO[PcZ BSZ ' # & # " eee S[h]S Q][ BOZdSh c[ R]a [SZV]`Sa PSR P`SOYTOab _cS b}[ ac`UWR] \O `SUWx] RS AcZbO\OV[Sb BS[ ^`Sz]a []RS`OR]a ^O`O c[O c\WRORS ^` fW[O R] QS\b`] VWab `WQ] S Tc\QW]\O \c[ SRWT QW] _cS bS[ ]`WUS[ \c[ POZ\St`W] R] a{QcZ] FD 4=C@ A3/A=<A /B AC:B/</6;3B BSdTWYVO\S A]YOY AcZbO\OV[Sb 3[W\]\c 7abO[PcZ BSZ ' " ! eee T]c`aSOa]\a Q][ WabO\PcZ C[ QW\Q] Sab`SZOa _cS ac`UWc \] Z]QOZ ]\RS Tc\QW]\]c c[O ^`Wax] S ^]` ]\RS ^Oaa]c O SZWbS QcZbc`OZ R]a ]^]aWb]`Sa R] `SUW[S =b][O\] :]QOZWhOR] O [SW] QO[W\V] S\b`S O /UVWO A]TWO S O ;Sa_cWbO /hcZ { ] Z]QOZ WRSOZ ^O`O _cS[ ^`]Qc`O aS\bW` ] O[PWS\bS VWab `WQ] RO QWRORS

UVSDPT B SFDPNFOEBS VNB QBTTBHFN QPS #FTJLUBT PV 0SUBLÚZ [POBT NBJT DPTNPQPMJUBT NBT UBNCÏN BJOEB NBJT FTUFSFPUJQBEBT /ÍP IÈ OBEB B GB[FS DPOUSB B HMPCBMJ[BÎÍP "T DPSFT B BSRVJUFUVSB F PT IÈCJUPT QPEFN WBSJBS NBT OÍP DPOTFHVJ NPT GVHJS EBT HSJGGFT RVF WFOEFN PT NFTNPT QSPEVUPT FN -JTCPB PV FN *TUBNCVM #BTUB QBTTBS QFMB *TUJLMBM $BEEFTJ POEF BT MPKBT TÍP BT NFTNBT RVF FODPOUSBNPT OVN DFOUSP DPNFSDJBM QPS UVHVÐT "

ÞOJDB EJGFSFOÎB FTUÈ OP FMÏUSJDP WFSNFMIP F CSBODP F OFN FMF Ï VNB TVSQSFTB QBSB VN MJTCPFUB RVF QBTTB B UPDBS JOTJTUFOUF NFOUF B DBNQBJOIB QBSB BGBTUBS BT QFT TPBT OB SVB QFEPOBM NBJT DPODPSSJEB EF *TUBNCVM &TUB Ï VNB [POB UÍP UVSÓTUJDB IPKF DPNP P FSB IÈ BOPT ² B SVB EBT BOUJHBT FNCBJ YBEBT POEF BT GBDIBEBT EPT FEJGÓDJPT HVBS EBN P HMBNPVS EPT UFNQPT FN RVF P &YQSFTTP EP 0SJFOUF MFWBWB DMJFOUFT Ë DJEB EF BMHVOT EPT RVBJT UÍP NFEJÈUJDPT DPNP "HBUIB $ISJTUJF RVF VN EJB EFTBQBSFDFV

6=B3: 39:3B71 AS`ROYW 3Y`S[ 1ORRSaW 0Sg]UZc 7abO[PcZ BSZ ' "! %""$ 2WhS` _cS { c[O UcSab V]caS { `SRcb]` ^O`O c[ V]bSZ Q]hg _cS TOh UOZO \] aSc SabWZ] Q]Z]\WOZ `Sb`] S Q]\bO Q][ c[ [O`OdWZV]a] bS``Oz] 6=B3: 70@/67; >/A6/ BS`hWVO\S A]YOY # /RZWgS GO\W AcZbO\OV[Sb 7abO[PcZ BSZ ' # & !'" eee WP`OVW[^OaVO Q][ p c[ V]bSZ Q][ c[O P]O `SZOzx] ^`Sz] _cOZWRORS \c[O h]\O ^`WdWZSUWORO

7<D3@<= " !#


5:=03 b`]bbS`

0OEF DPNFS ;79:/ ;Sa`cbWgSb 1ORRSaW # 7abO[PcZ >`]dW\QS BSZ ' '! #$#$ eee [WYZO`SabOc`O\b Q][ <] OZb] R] &¡ O\RO` R] >S`O 6]bSZ ] QVST TW\ZO\R}a ;SV[Sb 5c`a ac`^`SS\RS Q][ ^`]^]abO RS Tcax] S\b`S O QcZbc`O SaQO\RW\OdO S ]a aOP]`Sa ]`WS\bOWa !$ 7AB/;0C: 7abWYZOZ 1ORRSaW ;WaW` /^b 9(& 0Sg]UZc 7abO[PcZ BSZ ' # " eee !$ WabO\PcZ Q][ C[ Sa^Oz] S\dWR`OzOR] \] b]^] RS c[ OZb] SRWT QW] { c[ R]a Z]QOWa b`S\Rg RO QWRORS ]\RS O Q]hW\VO Q]\bS[^]`v\SO \x] Sa_cSQS O b`ORWzx] bc`QO

EF -POESFT QBSB VN FODPOUSP TFDSFUP OP WFMIP 1FSB 1BMBDF P BOUJHP #SJTUPM )PUFM UPUBMNFOUF SFNPEFMBEP *TUBNCVM Ï VNB DPOGVTÍP FOUSF P QBTTBEP F P QSFTFOUF &N DBEB FTRVJOB IÈ TJOBJT EF POUFN F WJTÜFT EF IPKF ² VNB DJEBEF DBØ UJDB OB DPOGVTÍP EBT SVBT FTUSFJUBT F OP GSF OFTJN BQSFTTBEP EB [POB SJCFJSJOIB POEF UPEPT DPSSFN QBSB PT CBSDPT RVF BTTFHV SBN B USBWFTTJB FOUSF B &VSPQB F B «TJB

UFN 4FKBN PT NBJT SFRVJOUBEPT UBQFUFT QFS TBT CPSEBEPT B TFEB WFOEJEPT FN FTQBÎPT FYDMVTJWPT EF QPSUB GFDIBEB BPT DVSJPTPT RVF OÍP DIFHBN BPT FYPSCJUBOUFT QSFÎPT QFEJEPT PV PT OBS HVJMÏT DPMPSJEPT "T PTUFOTJWBT QFÎBT EF PVSJWFTBSJB DPOUSBTUBN DPN PT ÓNBOFT QBSB PT GSJHPSÓGJDPT DPCJ ÎBEPT QFMPT UVSJTUBT NFOPT BCPOBEPT QBSB KÈ OÍP GBMBS OBT QFÎBT EF DPOUSBGBÎÍP PV OP TFDSFUJTNP EF BMHVNBT DBTBT EF DÉN CJP POEF TØ PT MPDBJT UÐN BDFTTP B VN OFHØ <G6C9: 76O6G DJP RVF OÍP DIFJSB OBEB CFN 0 QPOUP BMUP EP DBPT TVSHF OP BNCJFOUF 0 (SBOEF #B[BS OÍP EFJYB OJOHVÏN JOEJ SVJEPTP EP (SBOEF #B[BS POEF P MVYP TF GFSFOUF )È RVFN GJRVF DPOUBHJBEP QFMP NJTUVSB DPN BT NBJT EJWFSTBT CVHJHBOHBT BNCJFOUF GSFOÏUJDP F QFMB DPOGVTÍP BCTP F B IJTUØSJB QBTTB BP MBEP EB NPEFSOJEB MVUB NBT IÈ UBNCÏN BRVFMFT RVF UFOEP EF /P GFSWJMIBS EFTUF NFSDBEP WJWFNPT FYQFDUBUJWBT JOTPOEÈWFJT BCBOEPOBN P UPEB B USBEJÎÍP NFSDBOUJM EB DJEBEF F B TVB MPDBM GSVTUSBEPT 4FKB DPNP GPS UPEPT TÍP WFSEBEFJSB BMNB 1PS BMJ UVEP TF QPEF DPN PCSJHBEPT B SFDPOIFDFS RVF OÍP IÈ OBEB QSBS F RVBTF UPEPT PT QSFÎPT TF EJTDV JHVBM B PDJEFOUF EF *TUBNCVM

= 0=A4=@= [S`SQS c[ ^OaaSW] O] Z]\U] ROa [O`US\a ]c c[O b`OdSaaWO S\b`S ]a R]Wa Q]\bW\S\bSa

/0@/1/2/0@/ # /`\OdcbY g 7abO[PcZ BSZ ' !#& $ &% eee OP`OQOROP`O Wab Q][ <c[O dWZO [OU\ TWQO Xc\b] O] [O` ] QVST 2WZO`O 3`POg U]abO RS ac`^`SS\RS` Q][ Oa acOa ^`]^]abOa W\]dOR]`Oa /A7B/<3 9O`WgS 1O[WW A]YOY & 3RW`\SYO^W 7abO[PcZ BSZ ' #!" &" " eee YO`WgS]bSZ Q][ OaWbO\S Vb[ C[O O\bWUO QOaO ]b][O\O Xc\b] RO WU`SXO ]`b]R]fO RS Ax] AOdW]` S[ 1V]`O ^`]^ S ^`Ob]a _cS bS`x] aWR] W\a^W`OR]a \O Q]`bS RS AcZSW[O\ ] ;OU\ TWQ] a{QcZ] FD7 0/;07 AW`OaSZdWZS` 1ORRSaW BOYaW[ 7abO[PcZ BSZ ' # &% ! C[ Z]QOZ O \x] ^S`RS` ^]` b]R]a _cO\b]a O^`SQWO[ O _cOZWRORS RS c[ YSPOP 03BBG =`[O\ 1ORRSaW & 4Z]`gO 7abO[PcZ BSZ ' $$! '' eee PSgbW Q][ p c[ Z]QOZ _cS bO\b] `SQSPS ]a dWhW\V]a Q][] ] XSb aSb = YSPOP S dt`WOa ^`]^]abOa Q][ POaS \] P]``SU] ax] Oa Sa^SQWOZWRORSa 13H/G7@ AW`OaSZdWZS` 1ORRSaW "% BOYaW[ 7abO[PcZ BSZ ' # % $" eee QVO\UO WabO\PcZ Q][ =a U`SZVOR]a b}[ TO[O S ] QcaQch { c[O `STS`}\QWO \c[ Sa^Oz] _cS aS Sa^OZVO ^]` dt`W]a ^Wa]a S ]\RS \x] TOZbO c[O ^WabO RS RO\zO 16/<5/ AW`OaSZdWZS` 1ORRSaW "% BOYaW[ 7abO[PcZ BSZ ' # % $" eee QVO\UO WabO\PcZ Q][ BS[ O TO[O S ] ^`]dSWb] RS aS` c[ R]a Sa^Oz]a Q][ [OWa UZO[]c` \O QWRORS

!$ 7<D3@<= "

4]b]U`OTWO( 5Sbbg 7[OUSa

/ 17AB3@</ RO O\bWUO QWRORS { c[ Z]QOZ RS dWaWbO ]P`WUOb `WO

VNB DJEBEF DB¯UJDB OB DPOGVT P EBT SVBT FTUSFJUBT F OP GSFOFTJN BQSFTTBEP EB [POB SJCFJSJOIB


/ ;3A?C7B/ /HC: { SfcPS`O\bS \O RSQ]`Ozx] S W[^`SaaW]\O\bS \O acO RW[S\ax]

7<D3@<= " !%


;37= /;073<B3

< dSZ R] [O` ObW\UWc

6. /070 3&$03%& = O\] _cS bS`[W\]c T]W ] [OWa _cS\bS RSaRS &# S O =`UO\WhOzx] ;SbS]`]Z UWQO ;c\RWOZ `SOTW`[]c Oa acOa ^`S]Qc^Oz Sa a]P`S Oa OZbS`Oz Sa QZW[tbWQOa _cS aS b`ORchW`O[ \c[ Q`SaQW[S\b] `SQ]`RS R] \ dSZ ROa tUcOa R] [O` >]` @cW 4O`WO

EP NBS TVCJV NJMÓNFUSPT BP MPOHP EF VN WBMPS RVF QBSB BMÏN EF TFS VN SFDPSEF Ï P EPCSP EB NÏEJB RVF GPJ SFHJTUBEB BP MPOHP EP ÞMUJNP TÏDVMP 0 TJOBM NBJT FWJEFOUF EBT BMUFSBÎÜFT DMJ NÈUJDBT QBTTB QFMP BVNFOUP EBT UFNQFSBUVSBT 0 BOP RVF UFSNJ OPV GPJ VN EPT NBJT RVFOUFT EFTEF BMUVSB FN RVF DPNF ÎBSBN B TFS GFJUPT SFHJTUPT " EJWVMHBÎÍP EP EPDVNFOUP EB 0.. DPJODJEJV DPN P GVSBDÍP )BJZBO RVF EFWBTUPV P 4VEFTUF BTJÈUJDP DPN QBSUJDVMBS JODJEÐO DJB OBT 'JMJQJOBT F UBNCÏN DPN B DPOGFSÐODJB TPCSF P DMJNB RVF BT /BÎÜFT 6OJEBT QSPNPWFSBN FN 7BSTØWJB DPN P PCKFUJWP EF HBSBOUJS DPOTFOTPT JOUFSOBDJPOBJT RVF QFSNJUBN SFEV[JS B FNJT TÍP EPT HBTFT RVF FTUÍP OB PSJHFN EP FGFJUP EF FTUVGB F OBT DPO TFRVFOUFT BMUFSBÎÜFT DMJNÈUJDBT

/ QcZ^O bS[ \][S 1BSB B 0.. PT USÐT HBTFT NBJT JOGMVFOUFT OP BRVFDJNFOUP HMPCBM BUJOHJSBN WBMPSFT NÈYJNPT EF DPODFOUSBÎÍP BP MPOHP EF i"T GSBÎÜFT NPMFDVMBSFT EF EJØYJEP EF DBSCPOP $0 EF NFUBOP $) F EF QSPUØYJEP EF B[PUP / BUJOHJSBN WBMPSFT SFDPSEFw SFGFSF P CPMFUJN EB 0.. &OUSF F FTUFT HBTFT RVF iQSP WPDBN P BRVFDJNFOUP HMPCBM BVNFOUBSBN w F EF BDPSEP DPN PT JOWFTUJHBEPSFT TF OÍP IPVWFS VNB JOWFSTÍP EB TJUVBÎÍP BDUVBM B UFNQFSBUVSB NÏEJB EP HMPCP UFSSFTUSF QPEFSÈ BVNFOUBS HSBVT $FMTJVT GBDF Ë RVF TF SFHJTUBWB BOUFT EB 3FWPMVÎÍP *OEVTUSJBM GJOBJT

!& 7<D3@<= "

%FTEF P JOÓDJP EB &SB *OEVTUSJBM B DPODFOUSBÎÍP NÏEJB EF $0 OB BUNPTGFSB DPN PSJHFN OPT DPNCVTUÓWFJT GØTTFJT BVNFOUPV B EF NFUBOP F B EF QSPUØYJEP EF B[PUP i"T PCTFSWBÎÜFT SFBMJ[BEBT QFMB SFEF (MPCBM "UNPTQIFSF 8BUDI NPTUSBN RVF FTUFT HBTFT BMUFSBSBN P FRVJMÓCSJP HMPCBM EB BUNPTGFSB UFSSFTUSF F DPOUSJ CVÓSBN EFDJTJWBNFOUF QBSB BT BMUFSBÎÜFT DMJNÈUJDBTw BDSFTDFOUPV .JDIFM +BSSBVE .BT FTUB Ï BQFOBT VNB GBDF EF VN QSPCMFNB NVJUP NBJT WBTUP $FSDB EF NFUBEF EBT FNJTTÜFT EF $0 QFSNBOFDF OB BUNPTGFSB TFOEP P SFTUBOUF BCTPSWJEP QFMB CJPTGFSB F QFMPT PDFB OPT POEF UBNCÏN TVSHFN TJOBJT EF BMUFSBÎÜFT JNQPSUBOUFT 0T FGFJUPT EP BRVFDJNFOUP HMPCBM GPSBN QBSUJDVMBSNFOUF TFOTÓ WFJT BP MPOHP EPT QSJNFJSPT OPWF NFTFT EF RVBOEP GPSBN SFHJTUBEBT UFNQFSBUVSBT RVF TØ UÐN FRVJWBMÐODJB ËT WFSJGJDBEBT FN P TÏUJNP BOP NBJT RVFOUF EF TFNQSF " UFNQFSBUVSB NÏEJB EB TVQFSGÓDJF UFSSFTUSF F EPT PDFBOPT BVNFOUPV HSBVT $FMTJVT SFMBUJWBNFOUF Ë NÏEJB SFHJTUBEB FOUSF F i"T UFNQFSBUVSBT WFSJGJDBEBT BP MPOHP EF DPSSFTQPOEFN NBJT PV NFOPT Ë NÏEJB EP QFSÓPEP EF B EÏDBEB NBJT RVFOUF EF TFNQSF w "P MPOHP EP BOP QBTTBEP NVJUBT SFHJÜFT SFHJTUBSBN HSBOEFT TVCJEBT EF UFNQFSBUVSB OPNFBEBNFOUF B "VTUSÈMJB P /PSUF EPT &TUBEPT 6OJEPT F P $BOBEÈ P /PSPFTUF EB "NÏSJDB EP 4VM P /PSUF EF «GSJDB F QBSUFT EB &VSÈTJB &TUB BMUFSBÎÍP OP FRVJMÓCSJP EB BUNPTGFSB QPUFODJB GFOØNFOPT FYUSFNPT DPNP P GVSBÎÍP )BJZBO F DJDMPOFT USPQJDBJT DBEB WF[ NBJT WJPMFOUPT

4]b]U`OTWO( 5Sbbg 7[OUSa

= P]ZSbW[ O\cOZ ^`]dWa `W] RO =`UO\WhOzx] ;SbS]`]Z UWQO EP TÏDVMP 97*** iF BT DPOTFRVÐODJBT TFSÍP DBUBTUSØGJDBTw BGJSNPV ;c\RWOZ =;; ROa <Oz Sa C\WROa NPTUSB RVF P OÓWFM EBT ÈHVBT .JDIFM +BSSBVE TFDSFUÈSJP HFSBM EB 0..


3f^O\ax] R]a ]QSO\]a

0T FGFJUPT EP BRVFDJNFOUP HMPCBM GPSBN QBSUJDVMBSNFOUF TFOT©WFJT BP MPOHP EPT QSJNFJSPT OPWF NFTFT EF RVBOEP GPSBN SFHJTUBEBT UFNQFSBUVSBT RVF T¯ U¦N FRVJWBM¦ODJB T WFSJGJDBEBT FN P T¥UJNP BOP NBJT RVFOUF EF TFNQSF

"MÏN EPT GFOØNFOPT NFUFPSPMØHJDPT OP GVUVSP BMFSUB B 0.. iP OÓWFM EB ÈHVB EP NBS DPOUJOVBSÈ B TVCJS FN WJSUVEF EP EFHFMP WFSJGJDBEP OBT DBMPUBT QPMBSFT F OPT HMBDJBSFT .BJT EF EP DBMPS QSPWPDBEP QFMP FGFJUP EF FTUVGB Ï BCTPSWJEP QFMPT PDFB OPT RVF DPOUJOVBN B BRVFDFS F B FYQBOEJS TFw DPOTJEFSB P TFDSF UÈSJP HFSBM EB 0.. 0T TJOBJT TÍP FWJEFOUFT VN QPVDP QPS UPEP P QMBOFUB GSBHJMJ[BO EP UPEPT RVBOUPT WJWFN KVOUP EB DPTUB /P 1BDÓGJDP IÈ BSRVJQÏMB HPT RVF QBSFDFN DPOEFOBEPT BP EFTBQBSFDJNFOUP /PWB *PSRVF GPJ JOWBEJEB QFMBT ÈHVBT EP SJP )VETPO Ë QBTTBHFN EP GVSBDÍP 4BOEZ FN .BT OÍP Ï OFDFTTÈSJP JS UÍP MPOHF CBTUB PMIBS QBSB BT QSBJBT QPSUVHVFTBT POEF P NBS UFN WJOEP SPVCBS UFSSFOP OB SFHJÍP EP 1ØMP /PSUF POEF PT DJFOUJTUBT UBNCÏN WFSJGJDBSBN BP BSFBM BMHVNBT BMUFSBÎÜFT OB EJSFÎÍP EPT WFOUPT QSFEPNJOBOUFT RVF UFSÍP FWJUBEP P BGBTUBNFOUP EPT JDFCFSHVFT 0 DFUJDJTNP EP JOWFTUJHBEPS UFN B WFS DPN B GSJF[B EPT OÞNFSPT 0]Oa![ta \]b QWOa ² VN QSPCMFNB NVJUP HSBWF F RVBMRVFS CPB OPUÓDJB Ï CFN!WJOEB i/PT BOPT EP TÏDVMP QBTTBEP FTUBWBN FTUJNBEPT DFSDB EF TPCSFUVEP TF BQPOUBS QBSB P DSFTDJNFOUP EB DBMPUB QPMBS EP «SD NJM RVJMØNFUSPT DÞCJDPT EF HFMP F P WBMPS RVF BHPSB FODPOUSÈNPT UJDP FN $PN CBTF FN EBEPT SFDPMIJEPT QFMP TBUÏMJUF $S ZP4BU Ï VN EPT QJPSFT EPT ÞMUJNPT BOPTw BMFSUPV "OEZ 4IFQIFSE EB "HÐODJB &TQBDJBM &VSPQFJB JOWFTUJHBEPSFT CSJUÉOJDPT DPODMVÓ /P QBTTBEP NÐT EF TFUFNCSP B FYUFOTÍP EF HFMP OP «SDUJDP SBN RVF PT TFJT NJM RVJMØNFUSPT DÞCJDPT EF HFMP SFHJTUBEPT FN FSB EF NJMIÜFT EF RVJMØNFUSPT RVBES BEPT ² DFSUP RVF UFSÍP BVNFOUBEP QBSB OPWF NJM IPVWF VN BVNFOUP GBDF B NBT P SFTVMUBEP Ï BQFOBT P i² VNB ØQUJNB OPUÓDJBw BENJUJV "OEZ 4IFQIFSE VN FTQFDJBMJTUB TFYUP OB MJTUB EPT NÓOJNPT EB TVQFSGÓDJF HFMBEB FTUBCFMFDJEB EF PCTFSWBÎÍP UFSSFTUSF EP 6OJWFSTJUZ $PMMFHF EF -POESFT RVF EFTEF FTUBOEP MPOHF EF BQPOUBS QBSB VNB JOGMFYÍP OP DPOTJEFSB RVF iNFTNP BTTJN OÍP QPEFNPT FYVMUBS QPSRVF Ï P SJUNP EP EFHFMP RVF FTUÈ OB PSJHFN EP DSFTDJNFOUP EP OÓWFM SFTVMUBEP EF VN ÞOJDP BOP F EFQPJT EF VN 7 FSÍP NFOPT RVFOUFw EPT PDFBOPT

7<D3@<= " !'


;=2/ bS\R}\QWOa

17<B= S[ SZtabWQ] S ^SZS ¼%# /\RS`a]\a 1/:o/A S[ OZU]Rx] ¼" ;O`Q Pg ;O`Q 8OQ]Pa

>=:= S[ OZU]Rx] ¼## 5cSaa 8SO\a

17<B= S[ UO\UO ^`Sz] a]P Q]\acZbO 3`[O\\] AQS`dW\]

B A67@B S[ OZU]Rx] ^`Sz] a]P Q]\acZbO 5cSaa 8SO\a

1/;7A=:/ S[ Zx ^`Sz] a]P Q]\acZbO HORWU D]ZbOW`S

Ï1C:=A 23 A=: Q][ O`[Ozx] S[ OQSbOb] ¼ $# AOW\b :Oc`S\b

2SWfS aS Q]\bOUWO` ^SZO T`SaQc`O S ^SZO S\S`UWO R] OhcZ S S\b`S \] dS`x] S[ U`O\RS SabWZ] >]` ;OTOZRO ;O`WO`Sa

'PSFWFS #MVF

1/:o/A S[ OZU]Rx] ¼ ## >OcZ A[WbV

0:/H3@ S[ OZU]Rx] ¼" ;O`Q Pg ;O`Q 8OQ]Pa

1/;7A/ S[ OZU]Rx] ¼ " 5cQQW

@3:Ï57= S[ Oz] Q][ P`OQSZSbS S[ aWZWQ]\S ¼ "' B][[g 6WZTWUS`

:/1=AB3

1/;7A=:/ S[ QOfS[W`O ¼$'# 0c`PS``g :]\R]\

17<B= S[ QO[c`zO ¼" :]`] >WO\O

A/>/B=A S[ OZU]Rx] ^`Sz] a]P Q]\acZbO >S^S 8SO\a " 7<D3@<= "

1/;7A/ S[ OZU]Rx] ¼ & /Q\S AbcRW]a


1/@B37@/ S[ ^SZS ¼!$ ;716/3: ;WQVOSZ 9]`a

1/;7A=:/ S[ dWaQ]aS ¼ # /Q\S AbcRW]a

0:/H3@ S[ OQSbOb] S dWaQ]aS ¼ ! /ZSfO\RS` ;Q?cSS\ 1=:/@ S[ ^]ZW{abS` Q][ [SbOZ `SaW\O S Q`WabOWa AeO`]daYW ¼"## AV]c`]cY

D3AB72= S[ OZU]Rx] ¼" 1O`dS\

>C:A37@/ S[ ^SZS Q][ bOQVOa ¼ $# 0OZS\QWOUO

Ï1C:=A 23 A=: Q][ O`[Ozx] S[ OQSbOb] Q][ QS`v[WQO ¼""# 2]ZQS 5OPPO\O

%PDFT 5FOUB£±FT

0C@03@@G >@=@AC;

1/:o°3A S[ OZU]Rx] S aSRO ¼#' DOZS\bW\]

2SZWQWS aS Q][ O acOdWRORS R]a b]\a ^OabSZ S W\dWabO \c[ Z]]Y TS[W\W\] ^O`O O \]dO SabOzx] >]` ;OTOZRO ;O`WO`Sa

A/7/ S[ aSRO ¼ %$ "$ DW]\\Sb

0@7<1=A S[ [SbOZ Q][ ^SZS S Q`WabOWa ¼" # >`ORO

B A67@B S[ aSRO Q][ Q`WabOWa ¼!& B]`g 0c`QV

1/@B37@/ S[ ^SZS ¼ %' AOW\b :Oc`S\b

/<3: S[ ]c`] Q][ RWO[O\bSa Q]`OZ aOTW`Oa S Sa^W\SZO ^`Sz] a]P Q]\acZbO DO\ 1ZSST /`^SZa

A/>/B=A S[ ^SZS ¼# # 8W[[g 1V]]

7<D3@<= " "


;C<2= [{RWa

1=<137B

=

Sa R] =a dOZ]``b] \O ] RSa^ ^Saa]OZ ] T]`[OzxXSb] RS DWRO ] ` ^ C[ S\a S ^O`O 8]dzOa \ 1`WO

"$"%&.*" %04 $)".14 / /QORS[WO R]a 1VO[^a /21 { c[ ^`]XSb] RS W\bSU`Ozx] a]QWOZ Ob`Od{a R] b{\Wa _cS \OaQSc S[ ' AS\R] c[O 7>AA 7\abWbcWzx] >O`bWQcZO` RS A]ZWRO`WSRORS A]QWOZ \x] bS[ _cOZ_cS` TW[ ZcQ`ObWd]

%

FNPOTUSBS RVF TÍP NVJUPT PT CFOFGÓDJPT EF TF FODBSBS P EFT QPSUP DPNP GJMPTPGJB EF WJEB Ï P HSBOEF PCKFUJWP EB "DBEFNJB EPT $IBNQT RVF BQPTUPV OP EFTQPSUP DPNP VNB GPSNB EF JOUFHSBÎÍP TPDJBM "USBWÏT EP EFTFOWPMWJNFOUP EF TLJMMT EF DBSÈUFS QFTTPBM TPDJBM F QSPGJTTJPOBM B "DBEFNJB EPT $IBNQT "%$ EPUB DBEB KPWFN EF NFJPT RVF MIF QFSNJUFN BTTVNJS P DPOUSPMP EF VN QFSDVSTP EF WJEB BUSBWÏT EP RVBM TF SFBMJ[B FORVBOUP )PNFN .VJUP NBJT EP RVF VN QSPKFUP EF PDVQBÎÍP EF UFNQPT MJWSFT EF DBSÈUFS MÞEJDP B "%$ QSPQPSDJPOB VNB QPTTJCJMJEBEF SFBM F DPO DSFUB QBSB RVF PT KPWFOT TVQFSFN PT TFVT QSØQSJPT MJNJUFT BCSJOEP OPWBT QFSTQFUJWBT QBSB B WJEB "P QSPQPSDJPOBS B FTUBT DSJBOÎBT F KPWFOT P BDFTTP Ë QSÈUJDB SFHVMBS EF EFTQPSUP B "%$ GPSOFDF MIFT GFSSBNFOUBT RVF PT BKVEBN B "

7<D3@<= "

FWJUBS DBNJOIPT EFTWJBOUFT B DSJBS VNB WJEB NFMIPS DPN IPSJ[POUFT EJGFSFOUFT F DPN BNCJÎÜFT RVF QPEFN BDBCBS QPS TF UPSOBS VNB SFBMJEBEF 0 EFTQPSUP QSFNFJB P FTGPSÎP PT CPOT BUMF UBT F B FYDFMÐODJB OB QFSGPSNBODF OÍP EJT UJOHVJEP DMBTTFT TPDJBJT PSJHFOT F DJSDVOT UÉODJBT EF WJEB " "DBEFNJB EPT $IBNQT SFGPSÎB QPS JTTP B DPNQPOFOUF QFEBHØHJDB EP QSPKFUP EFNPOTUSBOEP ËT DSJBOÎBT RVÍP JNQPSUBOUF Ï B TVB EFEJDBÎÍP B DBQBDJEBEF EF BTTVNJSFN DPNQSPNJTTPT DVNQSJSFN SFHSBT SFTQFJUBSFN B BVUPSJEBEF F P PVUSP BTTVNJSFN B DSÓUJDB F FWJUBSFN B EFTNPUJWB ÎÍP PV B GSVTUSBÎÍP 0 UÏOJT FORVBOUP EFT QPSUP JOEJWJEVBM QSPQPSDJPOB DJSDVOTUÉO DJBT QSJWJMFHJBEBT QBSB FTUF BDPNQBOIBNFO UP SFHJTUBOEP TF KÈ NVJUPT DBTPT FN RVF TF DPNQSPWBSBN NFMIPSJBT BP OÓWFM EB BVUPFT UJNB EB DPOGJBOÎB EB BUJUVEF TFOEP FTUBT BQSFOEJ[BHFOT USBOTQPTUBT QPTUFSJPSNFOUF QBSB B SPUJOB EJÈSJB EPT KPWFOT FOWPMWJEPT

1][] Tc\QW]\O O /QORS[WO" "DBEFNJB EPT $IBNQT HFSF EJGFSFOUFT OÞDMFPT F EJTQPOJCJMJ[B BVMBT EF UÏOJT TFNBOBMNFOUF $BEB OÞDMFP FTUÈ BTTPDJB EP B VN QBSDFJSP TPDJBM MPDBM RVF DPN PT QSPGFTTPSFT EB "DBEFNJB TÍP PT FMPT EF MJHBÎÍP DPN BT DSJBOÎBT F BT SFTQFUJWBT GBNÓMJBT &TUB FTUSFJUB SFMBÎÍP DPN PT BMV OPT QSPWFOJFOUFT EPT CBJSSPT FN RVF TF TJUVBN PT OÞDMFPT QFSNJUF Ë "%$ JEFOUJ GJDBS TJUVBÎÜFT QSPCMFNÈUJDBT DPN SBQJEF[ F BQSFTFOUBS TPMVÎÜFT DPN NBJPS FGJDÈDJB Dg\Vc^oV idgcZ^dh Z VXdbeVc]V V Zkdaj" d Ydh Vajcdh RVFS BP OÓWFM EB NPEBMJEB EF o UFOUBOEP GPSOFDFS MIFT OPWBT PQPSUV OJEBEFT BUSBWÏT EP UÏOJT F BKVEBOEP PT B EFTFOWPMWFS DBQBDJEBEFT RVF TFOEP IPKF USBCBMIBEBT QBSB B QSÈUJDB EP EFTQPSUP MIFT QPEFN TFSWJS EF NVJUP BP MPOHP EBT TVBT WJEBT o RVFS BP OÓWFM EP BQSPWFJUB NFOUP FTDPMBS F EP DPNQPSUBNFOUP UFO UBOEP NPUJWBS F JODFOUJWBS PT BMVOPT QBSB


AOWPO [OWa a]P`S O /QORS[WO R]a 1VO[^a S[( eee OQORS[WOR]aQVO[^a ]`U eee TOQSP]]Y Q][ OQORS[WOR]aQVO[^a Vbb^a( dW[S] Q][ OQORS[WOR]aQVO[^a

VNB WJEB NBJT TBVEÈWFM FN WÈSJPT TFOUJ EPT 6edhiV cV [dgbV d egd[^hh^dcVa Z cV ZbegZ" \VW^a^YVYZ EPT BMVOPT RVF QPEFSÍP FODPO USBS OBT WÈSJBT WFSUFOUFT MJHBEBT BP UÏOJT VNB PQPSUVOJEBEF QBSB B TVB WJEB QSPGJT TJPOBM " EJOBNJ[BÎÍP DPNVOJUÈSJB HFSBEB FN DBEB OÞDMFP DPNCBUF B EFTPDVQBÎÍP QSPNPWFOEP B DBQBDJUBÎÍP EFTUFT BMVOPT BUSBWÏT EP EFTQPSUP

OPT USFJOPT EP EJB B EJB TFOEP UBNCÏN NVJUP DPNQFUJUJWP OPT UPSOFJPT 6egZcYZ YZegZhhV F UFN CPB DPPSEFOBÎÍP NPUPSB w VeVc]V"WdaVh Vhh Yjd Yd Edgij\Va DeZc ÞOJDP UPSOFJP PGJDJBM EP DJSDVJUP "51 85" SFBMJ[BEP FN 1PSUVHBM UFOEP GSFRVFOUBEP HSBOEF QBSUF EBT BÎÜFT EF GPSNBÎÍP OP $*' IZb k^cYd jai^bVbZciZ V igZ^cVg Xdb gZ\jaV" g^YVYZ cdh Xdjgih Yd ?Vbdg! OP &TUÈEJP /BDJPOBM DPN PVUSPT KPHBEPSFT F OÍP BQF =CB@=A 4/1B=A 7;>=@B/<B3A OBT DPN PT TFVT IBCJUVBJT DPMFHBT EF USFJOP a]P`S ] 4WZW^S >S`SW`O S ] O^]W] RO ;{RWa EP CBJSSP D ;^a^eZ iZb &- Vcdh Z XdbZ dj V _d\Vg i c^h KV^ eZaV eg^bZ^gV kZo QBSUJDJQBS FN UPSOFJPT cV 698 Zb _ja]d YZ ' %&%! EBUB EF MBOÎBNFO PGJDJBJT EB 'FEFSBÎÍP 1PSUVHVFTB EF UP EP QSPKFUP OB 0VUVSFMB EFTEF P QSJNFJSP 5ÏOJT EJB EF BVMBT w Xdb ZcdgbZ hVi^h[V d RVF B "%$ WÐ B ² VN KPWFN RVF MPHP OB QSJNFJSB IPSB .ÏEJT BMJBS TF B FTUB DBVTB BQPJBOEP P NPTUSPV UFS ]VW^a^YVYZ cVijgVa QBSB P EFT 'JMJQF EJTQPOJCJMJ[BOEP MIF UPEPT PT TFSWJ QPSUP FN HFSBM F QBSB P UÏOJT FN QBSUJDV ÎPT DMÓOJDPT OFDFTTÈSJPT QBSB FMF QPEFS SFB MBS MJ[BS P FYBNF NÏEJDP EFTQPSUJWP F UPSOBS GZkZaV ^bZchV YZY^XV dF GPSÎB EF WPOUBEF TF VN BUMFUB GFEFSBEP

=083B7D=A >`]^]`QW]\O` O Q`WO\zOa S X]dS\a ] OQSaa] u ^`tbWQO `SUcZO` RS RSa^]`b] ! 1`WO` TS``O[S\bOa _cS Oa ^]aaO[ RW`SQW]\O` S OXcRO` O Q`WO` c[O \] dO ^S`a^SbWdO RS dWRO Q][ \]d]a V]`Wh]\bSa S \]dOa O[PWz Sa _cS Q][ b`OPOZV] Sa^ `Wb] RS aOQ`WT QW] S bOZS\b] aS ^]RS[ b]`\O` `SOZWRORS ! C[O ^]aaWPWZWRORS `SOZ RS ac^S`O`S[ ]a aSca ^` ^`W]a ZW[WbSa OP`W\R] Oa ^S`a^SbWdOa ^Saa]OWa RS QORO c[ ^O`O c[O \]dO T]`[O RS SabO` \O dWRO [OWa aOcRtdSZ [OWa `Sa^SWbtdSZ [OWa SfWUS\bS S OQW[O RS bcR] [OWa TSZWh ! 1`WO` ]^]`bc\WRORSa RS T]`[Ozx] S RSaS\d]ZdW[S\b] ^Saa]OZ _cS ZVSa ^S`[WbO[ S\Q]\b`O` \] b{\Wa S \Oa dS`bS\bSa ^`]TWaaW]\OWa `SZOQW]\OROa SdS\bcOWa aO ROa ^`]TWaaW]\OWa

!

7<D3@<= " "!


;C<2= [{RWa

$)"--&/(& 1&/5"+07&. " .0-%"3 .&/5&4 )} "/04

= 1VOZZS\US >S\bOX]dS[ { c[O Q][^SbWzx] _cS Q][SzO ^]` aS` c[O O^]abO \O T]`[Ozx] R]a [OWa \]d]a / ZbW[O SRWzx] T]W O^]WORO ^SZO ;{RWa _cS bS[ Q][] OaaW\Obc`O( 4Oh 0S[ u AO RS aS\R] SabS c[ Q]\QSWb] [cWb] dOab] _cS dOW OZ{[ RS \x] SabO` R]S\bS XcabWTWQO\R] O O^]abO S[ ^O`QS`WOa _cS ^`][]dS[ c[O dWRO aOcRtdSZ

ŏ

/

ÍP RVFSFNPT GB[FS DBN QFÜFT RVFSFNPT NPMEBS B NFOUF EPT KPWFOT DPN VNB GPSNBÎÍP EFTQPSUJWB TPDJBM F NPSBMw FTUF Ï P PCKFUJWP QSJO DJQBM USBÎBEP QPS "NBEFV "OBJB QSFTJEFO UF EP $MVCF 1FOUBKPWFN QBSB B DPNQFUJ ÎÍP EF JOJDJBÎÍP BP QFOUBUMP NPEFSOP RVF SFVOJV BUMFUBT PSJVOEPT EF DMVCFT OBT JOTUBMBÎÜFT EP $PMÏHJP .JMJUBS " DPNQFUJÎÍP RVF EFDPSSFV OP GJN EP BOP MFUJWP SFVOJV KPWFOT EPT BPT BOPT EJT USJCVÓEPT QPS DJODP FTDBMÜFT 0 FWFOUP GPJ DPNQPTUP QPS USÐT QSPWBT OBUBÎÍP F P DPNCJOBEP EF DPSSJEB F UJSP i0 CBMBOÎP Ï CBTUBOUF QPTJUJWP EFWJEP Ë DPNQMFYJEBEF EB NPEBMJEBEFw DPNFÎPV QPS SFGFSJS "MFYBOESF 'FSOBOEFT SFTQPOTÈWFM QFMB PSHBOJ[BÎÍP FYQMJDBOEP PT NPMEFT EB DPNQFUJÎÍP i"T QSPWBT EF OBUBÎÍP WBSJBN FOUSF PT F PT NFUSPT F OP DPNCJOBEP "" 7<D3@<= "

;p27A /:7<6=C 1=; = 16/::3<53 >3<B/8=D3; ;{RWa 4Oh 0S[ u AO RS { [cWb] [OWa R] _cS c[O OaaW\Obc`O RS [O`QO p c[O ^]abc`O S O T]`[O RS SabO` RS c[O aSUc`OR]`O _cS Q]\aWRS`O _cS O aO RS { c[ Q]\QSWb] [cWb] OP`O\US\bS _cS cZb`O^OaaO ] \x] SabO` R]S\bS >]` Waa] O ;{RWa O^]abO \O ^`SdS\zx] aS[ Sa_cSQS` O _cOZWRORS RS dWRO p \Sa bS aS\bWR] _cS ac`US[ ^O`QS`WOa Q][ W\WQWObWdOa _cS Q]\b`WPcS[ ^O`O SabWZ]a RS dWRO aOcRtdSWa = 1VOZZS\US >S\bOX]dS[ { O^S\Oa [OWa c[ SfS[^Z] RS c[O ObWbcRS _cS dS[ O aS` RSaS\d]ZdWRO O] Z]\U] R]a O\]a S\_cOR`O\R] O ;{RWa \c[ _c]bWRWO\] RS `Sa^]\aOPWZWRORS a]QWOZ bO\b] [OWa _cS Oa acOa ^`S]Qc^Oz Sa ax] OW\RO [OW]`Sa \O TOWfO Sbt`WO [OWa POWfO ]\RS aS W\aS`S[ SabSa X]dS\a

PT KPWFOT QFSGB[FN VNB WPMUB Ë QJTUB EF NFUSPT F GB[FN UJSP DPN VNB QJTUPMB EF BS DPN DIVNCP EF 0 OÞNFSP EF WPMUBT BVNFOUB DPOTPBOUF B JEBEF EPT QBS UJDJQBOUFT 1BSB EFGJOJS B DMBTTJGJDBÎÍP IÈ VNB UBCFMB RVF DPOWFSUF PT UFNQPT F PT SFTVMUBEPT EP UJSP FN QPOUPT w "QFTBS EF OÍP UFS BT EFTQFTBT EP QFOUBUMP NPEFSOP DPSSJEB UJSP FTHSJNB IJQJTNP F OBUBÎÍP B PSHBOJ[BÎÍP EP $IBMMFOHF 1FOUBKPWFN OÍP Ï GÈDJM i" NBJPS EJGJDVMEB EF UFN B WFS DPN B QSFQBSBÎÍP EB QSPWB OPNFBEBNFOUF DPN B BMJNFOUBÎÍP EPT KPWFOT PT QSÏNJPT NFEBMIBT F USPGÏVT QBSB PT WÈSJPT FTDBMÜFT F B NPOUBHFN EBT JOGSBFTUSVUVSBT /BT ÞMUJNBT FEJÎÜFT EFWJEP Ë DSJTF OÍP QVEFNPT DPOUBS DPN BUMFUBT FTUSBOHFJSPT DVKB QSFTFOÎB FMFWB CBTUBOUF PT DVTUPT RVF JODMVFN WJBHFOT FTUBEJB F BMJNFOUBÎÍPw SFGFSJV "MFYBOESF 5FJYFJSB FMPHJBOEP B JNQPSUÉODJB EPT BQPJPT EPT


FF7 327o¯= <= 27/ 23 8C:6=

" 99* FEJ£ P EP $IBMMFOHF 1FOUBKPWFN TFS SFBMJ[BEB OP EJB EF KVMIP EPNJOHP OP $PM¥HJP .JMJUBS " QSPWB RVF ¥ VNB EBT FUBQBT EP $JSDVJUP /BDJPOBM 4VQFS+PWFN QPEFS BJOEB TFS WJTUB DPNP $BNQFPOBUP /BDJPOBM EB +VWFOUVEF

QBUSPDJOBEPSFT DPNP Ï P DBTP EB .ÏEJT $PN VN CPN OÓWFM DPNQFUJUJWP FOUSF PT KPWFOT F VN BVNFOUP EF DMVCFT BP OÓWFM OBDJPOBM "MFYBOESF 5FJYFJSB BDSFEJUB RVF QBSB B DPNQFUJÎÍP DSFTDFS NBJT Ï OFDFTTÈ SJP P SFHSFTTP EF BUMFUBT FTUSBOHFJSPT i0 1FOUBKPWFN GPJ VNB QSPWB QJPOFJSB OB &VSPQB OBT QSJNFJSBT FEJÎÜFT DPOUÈNPT DPN WÈSJPT FTUSBOHFJSPT F BMHVOT EFMFT OPNFBEBNFOUF EB *UÈMJB &TQBOIB *SMBOEB F (SÏDJB DIFHBSBN BPT +PHPT 0MÓNQJDPT OP QFOUBUMP NPEFSOP 1PS JTTP QFOTP RVF P QBTTP FN GSFOUF OFTUB PSHBOJ[BÎÍP TFSÈ WPM UBS Ë JOUFSOBDJPOBMJ[BÎÍP EPT QBSUJDJQBOUFT 5BNCÏN TFSÈ JNQPSUBOUF B DSJBÎÍP EF VN HBCJOFUF EF DPNVOJDBÎÍP EF GPSNB B EJWVM HBS B QSPWB F PT SFTVMUBEPT PCUJEPT w "QFTBS EF FTUF FWFOUP TFS VN QSJNFJSP QBTTP QBSB JOUFHSBS P QFOUBUMP NPEFSOP B WFSEBEF Ï RVF P TVDFTTP EB QSPWB BP MPOHP EFTUFT BOPT BJOEB OÍP TF USBEV[JV OVNB QSFTFOÎB EF VN BUMFUB PMÓNQJDP QBSB 1PSUVHBM i&TUB Ï VNB NPEBMJEBEF EJTQFO EJPTB F B DSJTF FDPOØNJDB OÍP QFSNJUF P EFTFOWPMWJNFOUP RVF EFTFKÈWBNPT /ÍP QFEJNPT NVJUP BQFOBT P RVF KÈ GPJ QSPNF UJEP RVF TFSJB B DPNQSB EP NBUFSJBM DPN JTFOÎÍP EP *7" 6NB QJTUPMB B NBJT CBSBUB DVTUB FOUSF PT F PT FVSPT NBJT *7"

6NB NÈTDBSB DVTUB FVSPT NBJT *7"w FYQMJDPV "NBEFV "OBJB EFTUBDBOEP P FTGPSÎP SFBMJ[BEP QFMBT GBNÓMJBT RVF iHBT UBN GPSUVOBTw QBSB RVF PT GJMIPT QPTTBN UFS NBUFSJBJT DPNQFUJUJWPT iJHVBJT BPT EPT FTUSBOHFJSPTw 1BSB P QSFTJEFOUF EP $MVCF 1FOUBKPWFN IÈ VNB USÓBEF RVF UFN GVODJPOBS i"UMFUB ! !DMVCF!GFEFSBÎÍP &TUFT TÍP PT FMFNFOUPT GVOEBNFOUBJT QBSB P TVDFTTP .BT B WFSEB EF Ï RVF PT QBJT UÐN EF EBS VN HSBOEF BQPJP GJOBODFJSP " 'FEFSBÎÍP 1PSUVHVFTB EF 1FOUBUMP OÍP UFN DBWBMPTw MBNFOUPV SFDPOIFDFOEP RVF FTUB TFSÈ B NPEBMJEBEF NBJT EJTQFOEJPTB EBT DJODP $POUVEP P 1FOUBUMP .PEFSOP UFN GFJUP UVEP QBSB FWPMVJS F UPSOBS TF NBJT BUSBUJWP QBSB BT USBOTNJTTÜFT UFMFWJTJWBT " JODMVTÍP EP DPN CJOBEP DPSSJEB F UJSP F BT QJTUPMBT EF MBTFS FN WF[ EBT EF DIVNCP NBJT EJTQFOEJPTP

TÍP BMHVNBT EBT NVEBOÎBT JNQPTUBT QBSB RVF B NPEBMJEBEF TPCSFWJWB OP QSPHSBNB PMÓNQJDP i&TUB Ï VNB NPEBMJEBEF EF PSJ HFOT NJMJUBSFT NBT OØT UFNPT B QSFPDVQB ÎÍP EF NPTUSBS BPT KPWFOT RVF BT QJTUPMBT F BT FTQBEBT OÍP TFSWFN BQFOBT QBSB NBUBS DPNP TF WÐ OPT GJMNFT NBT BDJNB EF UVEP RVF UBNCÏN OPT QPEFNPT EJWFSUJS DPN FMBTw DPODMVJV "NBEFV "OBJB

A/70/ ;/7A >3<B/B:= ;=23@<= = >S\bObZ] []RS`\] { c[ Q]\Xc\b] RS QW\Q] ^`]dOa( Q]``WRO VW^Wa[] SaU`W[O bW`] S \ObOzx] =a `SacZbOR]a Sabx] acXSWb]a O c[O bOPSZO _cS ]a b`ORch S[ ^]\b]a = ObZSbO [OWa ^]\bcOR] \] b]bOZ ROa ^`]dOa { RSaWU\OR] ] dS\QSR]` ! =`WUS\a [WZWbO`Sa ³ = ^S\bObZ] []RS`\] bS[ ]`WUS\a [WZWbO`Sa S T]W c[O ^`]dO W\dS\bORO ^SZ] PO`x] >WS``S RS 1]cPS`bW\ Tc\ROR]` R]a 8]U]a =Z [^WQ]a RO S`O []RS`\O ^`SQWaO[S\bS ^O`O SabO Q][^SbWzx] ! ;]ROZWRORS ]Z [^WQO ³ = ^S\bObZ] []RS`\] b]`\]c aS []ROZWRORS ]Z [^WQO S[ 3ab]Q]Z[] S[ ' / ^`]dO TS[W\W\O a W\bSU`]c ] ^`]U`O[O ]Z [^WQ] S[ AgR\Sg S[ ! ³ /^SaO` RS OZUc\a ^O aSa ^`SbS\RS`S[ _cS ] ^S\bObZ] []RS`\] RSWfS RS aS` []ROZWRORS ]Z [^WQO RSdWR] u acO T`OQO Sf^`Saax] T]`O RO 3c`]^O ] 1][Wb{ =Z [^WQ] 7\bS`\OQW]\OZ Xt RSQWRWc [O\bS` O ^`]dO \] ^`]U`O[O ]Z [^WQ] ^SZ] [S\]a Ob{ u SRWzx] 8O^x]

;/<C3: 0/@@=A= 23 /B:3B/ / >@3A723<B3

.BOVFM #BSSPTP BUVBM QSFTJEFOUF EB 'FEFSB£ P 1PSUVHVFTB EF 1FOUBUMP .PEFSOP ¥ P BUMFUB RVF NBJT TF OPUBCJMJ[PV OB NPEBMJEBEF DPN B QBSUJDJQB£ P FN RVBUSP +PHPT 0M©NQJDPT DPOTFDVUJWPT -PT "OHFMFT v 4FPVM v #BSDFMPOB v F "UMBOUB v 7<D3@<= " "#


D72/ A/C2ÈD3:

/ USabx] R] ]`zO[S\b] RSRWQOR] u OZW[S\bOzx] Q][SzO O\bSa RO WRO ua Q][^`Oa OZS`bO O \cb`WQW]\WabO 4WZW^O :W\RW[

/<B3A 23 7@ /= AC>3@;3@1/2=¬ , 1][O _cOZ_cS` Q]WaO aOcRtdSZ \x] TOzO Q][^`Oa Q][ T][S) , <O Q]hW\VO TOzO c[O ZWabO RS `STSWz Sa RS _cS aS dt ZS[P`O\R] O] Z]\U] RO aS[O\O :S[P`S aS R]a RWOa S[ _cS bS`t bS[^] ^O`O Q]hW\VO` S R]a RWOa S[ _cS bS`t [S\]a bS[^] 8c\bS O ZWabO RS `STSWz Sa u ZWabO ROa Q][^`Oa) , /\OZWaS ^cPZWQWRORSa RS ac^S`[S`QOR]a bOZ Sa RS RSaQ]\b] S ]`UO\WhS ]a S[ QOaO <= AC>3@;3@1/2=¬ , /RW`O O] QO`bx] RS RSaQ]\b]a R] aSc ac^S`[S`QOR] ^O`O ^]c^O` ^]abS`W]`[S\bS) , 3f^S`W[S\bS Q][^`O` [O`QOa P`O\QOa /a [O`QOa [OWa QO`Oa \]`[OZ[S\bS Sabx] Q]Z]QOROa O] \ dSZ R]a ]ZV]a /a [O`QOa P`O\QOa ^]RS[ aS` [OWa PO`ObOa S Q][ _cOZWRORS aS[SZVO\bS \] S\bO\b] ax] Q]Z]QOROa S[ ^`ObSZSW`Oa [OWa OQW[O ]c [OWa OPOWf]) , DS`WTW_cS ] ^`Sz] ^O`O Q][^O`O` ^`]Rcb]a aS[SZVO\bSa 7`t bS` W\T]`[Ozx] R] Qcab] ^]` U`O[O S OaaW[ aOPS`t _cOZ ] [SZV]` bO[O\V] ^O`O Q][^`O`) , CbWZWhS [S`QSO`WOa Z]QOWa aS[^`S _cS ^]aa dSZ S Q][^`S T`cbO S ZSUc[Sa RO {^]QO ^]Wa O T`cbO { T`SaQO S \]`[OZ[S\bS [OWa PO`ObO) , 1][^`S ZSWbS S[ [OW]`Sa _cO\bWRORSa Z]bSa \]`[OZ[S\bS ax] [OWa PO`Ob]a R] _cS ^OQ]bSa W\RWdWRcOWa = ZSWbS _cS aS dS\RS \Oa Z]XOa RS Q]\dS\W}\QWO { [OWa QO`] R] _cS \] ac^S`[S`QOR]) , = b]R] ^]RS aS` [OWa PO`Ob] R] _cS Oa ^O`bSa 1][^`S c[ T`O\U] W\bSW`] S Q]`bS S[ ^O`bSa S[ QOaO S[ dSh RS Q][^`O` c[ T`O\U] Xt Q]`bOR] ^]Wa \]`[OZ[S\bS { [OWa QO`]) , CbWZWhS ] aSc ]`zO[S\b] RS T]`[O atPWO( ^SZ] ^`Sz] RS c[ ^OQ]bS U`O\RS RS PObObOa T`WbOa S c[ ^OQ]bS RS P]ZOQVOa ^]RS Q][^`O` POabO\bSa [Ozxa PO\O\Oa QS\]c`Oa PObObOa ^W[S\b]a S ]cb`]a OZW[S\b]a aOcRtdSWa 3; 1/A/¬ , 8c\bS a\OQYa aOcRtdSWa S[ ^S_cS\]a aOQ]a Q][] \]hSa S aS[S\bSa _cSWX] ^]P`S S[ U]`Rc`O T`cbO S ZSUc[Sa T`SaQ]a S[ dSh RS Q][^`O` a\OQYa ^`]QSaaOR]a S ^`{!^`S^O`OR]a [S\]a aOcRtdSWa , ?cO\R] ] bS[^] S ] ]`zO[S\b] ^S`[WbW`S[ Q]hW\VS U`O\RSa _cO\bWRORSa RS `STSWz Sa S Q]\USZS ^O`O aS` Q]\ac[WR] [OWa bO`RS

"$ 7<D3@<= "

4OhS` c[ 4&(630 %& 4" %& u [SaO 3\b`S ` bcZ]a QOZ `WQ]a ^cPZWQWRORSa RS ac^S`[S`QOR] S Q]\bS\z Sa TW\O\QSW`Oa OW\RO OaaW[ { ^]aa dSZ SdWbO` S``]a OZW[S\bO`Sa S TOhS` ] _cS O \cb`WQW]\WabO 4WZW^O :W\RW[ RWh aS` c[O Sa^{QWS RS aSUc`] RS aO RS ]c aSXO Q][S` Q]``SbO[S\bS

4]b]U`OTWO( 5Sbbg 7[OUSa

@3437o°3A( 0=/A 271/A >/@/ 53@7@ = =@o/;3<B=


6 X^iV d YZ =^e XgViZh ÆHdbdh d RVF DPNF NPTw UPSOPV TF UÍP DPNVN RVF OFN TFN QSF OPT BQFSDFCFNPT EP TFV GPSUF JNQBDUP i" DPSSFUB OVUSJÎÍP EP TFS IVNBOP OÍP EFQFOEF EFTUF PV EBRVFMF BMJNFOUP FN FTQFDJBM NBT EP FRVJMÓCSJP FOUSF UPEPT RVF BQFOBT TF QPEF DPOTFHVJS DPN B JOHFTUÍP EF WÈSJPT QSPEVUPT BMJNFOUBSFT OBUVSBJT F DPNQMFUPT QSPNPWFOEP B TBÞEF F QSFWF OJOEP B EPFOÎB /ÍP IÈ CPOT OFN NBVT BMJ NFOUPT BQFOBT CPBT PV NÈT FTDPMIBT 5VEP P RVF DPOTVNJNPT UFN SFQFSDVTTÜFT BP OÓWFM GÓTJDP F NFOUBM SFWFMBOEP TF B OPTTB BQBSÐODJB DPNP P FTQFMIP EB OPTTB BMJNFO UBÎÍPw BQPOUB B OVUSJDJPOJTUB 'JMJQB -JOEJN " FTQFDJBMJTUB JEFOUJGJDB DMBSBNFOUF BT CPBT FTDPMIBT OP iDPDLUBJM EF TVCTUÉODJBT DPOUJ EBT OPT WFHFUBJT F OB GSVUBw SFBMÎBOEP RVF P TFHSFEP FTUÈ iFN WBSJBS F OB DPS 1BSB TF PCUFS NBJPS CFOFGÓDJP EB GSVUB F EPT MFHV NFT EFWFNPT DPNFS WÈSJPT UPEPT PT EJBT F QSPDVSBS GB[FS QFMP NFOPT VNB EPTF EF DBEB VNB EBT TFHVJOUFT DBUFHPSJBT IPSUBMJ ÎBT EF GPMIB FTDVSB DPVWF!SPYB FTQJOBGSFT CSØDPMPT F DPVWF GSVUPT F MFHVNFT BNBSF MPT PV BMBSBOKBEPT DFOPVSBT OFDUBSJOBT NFMÍP F BCØCPSB GSVUPT F MFHVNFT WFSNF MIPT UPNBUF F NPSBOHPT MFHVNFT MFOUJ MIBT F G FJKÍP F DJUSJOPT MBS BOKB MJNÍP F MJNBT w & Ï FTUF BSDP ÓSJT RVF OPT USBÎB BT DPSFT EB QSFWFOÎÍP

=A >@7<17>/7A 3@@=A /:7;3<B/@3A 2S OQ]`R] Q][ O acO Sf^S`W}\QWO S Q]\acZbOa `SOZWhOROa O \cb`WQW]\WabO 4WZW^O :W\RW[ O^]\bO OZUc\a R]a ^`]PZS[Oa \cb`WQW]\OWa RO ^]^cZOzx] ^]`bcUcSaO S OQ]\aSZVO Sab`Ob{UWOa bSWa

ŏ/ P I CPOT OFN NBVT BMJNFOUPT BQFOBT CPBT PV N T FTDPMIBTŐ BQPOUB B OVUSJDJPOJTUB 'JMJQB -JOEJN NJBT EJBCFUFT NFMMJUVT IJQFSUFOTÍP BSUF SJBM PV NFTNP UVNPSFTw " OVUSJDJPOJTUB OÍP IFTJUB QPS JTTP FN EJ[FS RVF iDPNFS DPSSFUBNFOUF UPSOB TF VNB FTQÏDJF EF TFHVSP EF TBÞEFw

:hiZ hZ\jgd YZ hV YZ hV^ XVgd4 'BMB TF NVJUP FN EJFUB FRVJMJCSBEB NBT TÍP BT CPBT PQÎÜFT OVUSJDJPOBJT DPNQBUÓ WFJT DPN P BUVBM PSÎBNFOUP GBNJMJBS SFEV [JEP i4ÍP UFSNPT QFSGFJUBNFOUF DPNQBUÓ WFJTw EFGFOEF B OVUSJDJPOJTUB SFDPSSFOEP B FYFNQMPT DPODSFUPT RVF QFSNJUFN RVF 8dbd XdgiVg cdh [VidgZh YZ g^hXd4 OPT BEBQUFNPT BPT UFNQPT FDPOØNJDPT $PSUBS OBT NÈT FTDPMIBT BMJNFOUBSFT GB[ NFOPT GBWPSÈWFJT i&N WF[ EF CJGF EF BUVN QBSUF EB SFTQPTUB 'JMJQB -JOEJN F YQMJDB VTBS BUVN FOMBUBEP EF QSFGFSÐODJB DPOTFS RVF iB BMJNFOUBÎÍP EFTFNQFOIB VN QBQFM WBEP FN ÈHVB VNB WF[ RVF Ï NVJUP NFOPT GVOEBNFOUBM DPNP GBUPS EF SJTDP RVBOEP DBMØSJDP RVF P DPOTFSWBEP FN ØMFP PV B[FJ EFTFRVJMJCSBEB F DPNP GBUPS EF QSPUFÎÍP UF DBSOF CSBODB DPNP P GSBOHP PV QFSV F QSFWFOÎÍP RVBOEP BEFRVBEB ËT OFDFTTJ FN WF[ EF DBSOF WFSNFMIB o BMÏN EF NFOPT EBEFT EF DBEB JOEJWÓEVP 6NB BMJNFOUB DBMØSJDB UFN NFOPT HPSEVSB F Ï NBJT CBSB ÎÍP SJDB FN FMFNFOUPT QPVDP DBMØSJDPT F UB TPCSFUVEP TF DPNQS BSNPT BT QFÎBT OVUSJDJPOBMNFOUF FRVJMJCSBEPT GB[ DPN RVF JOUFJSBT QFJYF DPOHFMBEP FN WF[ EP GSFT B QFTTPB TF TJOUB NFMIPS F SFEV[ P SJTDP DP UFN NBJT UFNQP EF DPOTFSWBÎÍP Ï QPS EF EJWFSTBT QBUPMPHJBT UBJT DPNP PCFTJ OPSNB NBJT CBSBUP F NBOUÏN BT TVBT QSP EBEF EPFOÎBT DBSEJPWBTDVMBSFT EJTMJQJEF QSJFEBEFT OVUSJUJWBT w

AC0AB7BC7o°3A A/C2ÈD37A /] TOhS` aW[^ZSa OZbS`Oz Sa \O RWSbO dO[]a ]PbS\R] `STSWz Sa S_cWZWP`OROa S aOP]`]aOa / \cb`WQW]\WabO 4WZW^O :W\RW[ Rt \]a OZUc[Oa ^WabOa( , CaO` W]Uc`bS [OU`] S[ []ZV]a ]c bO`bSa S[ dSh RS \ObOa( Q][ c[O Q]\abWbcWzx] POabO\bS aW[WZO` ua \ObOa ] W]Uc`bS { [S\]a QOZ `WQ] bS[ [S\]a U]`Rc`O S { Q][^]ab] ^]` POQb{`WOa PS\{TWQOa , ÈUcO Q][ Uta ]c b \WQO Q][ c[O `]RSZO RS ZW[x] S[ dSh RS PSPWROa OZQ] ZWQOa( c[O acPabWbcWzx] [cWb] [S\]a QOZ `WQO S Q][ O _cOZ ^]RS[]a OQ][^O\VO` ]a O[WU]a \c[O aO RO \]bc`\O , /``]h ]c [OaaO W\bSU`OZ S[ dSh R]a `STW\OR]a( S[P]`O Oa QOZ]`WOa aSXO[ WR}\bWQOa ]a ^`]Rcb]a W\bSU`OWa b}[ [OWa TWP`O Rx] \]a [OWa aOQWSRORS ] _cS \]a ZSdO O Q][S` [S\]a / TWP`O Oc[S\bO bO[P{[ ] b`v\aWb] W\bSabW\OZ , >x] SaQc`] RS QS\bSW] W\bSU`OZ ]c [Wabc`O S[ dSh RS ^x] P`O\Q]( b}[ c[ \RWQS UZWQ{[WQ] [OWa POWf] ZSdO[ [OWa bS[^] O aS` OPa]`dWR]a S b}[ [OWa TWP` O

1=<AC;= 23 A/: 3; 3F13AA= = OPca] \] aOZ Sabt Oaa]QWOR] u ]Q]``}\QWO RS R]S\zOa Q][] VW^S`bS\ax] S OQWRS\bSa QO`RW]dOaQcZO`Sa ASUc\R] O `SQ][S\ROzx] RO =;A QORO ^Saa]O RSdS Q]\ac[W` ^]` RWO \] [tfW[] QW\Q] U`O[Oa RS aOZ 3[ >]`bcUOZ SabS dOZ]` [cZbW^ZWQO aS ^]` b`}a 3[ OZbS`\ObWdO O] aOZ `SQ][S\R] ] ca] RS Sa^SQWO`WOa S`dOa O`][tbWQOa S ZW[x] Ax] [OWa aOcRtdSWa S Q]\TS`S[ ^OZORO` O]a OZW[S\b]a A/:B/@ @3437o°3A 3abO` [cWbOa V]`Oa aS[ Q][S` Q`WO c[O [OW]` aS\aOzx] RS T][S _cS ZSdO O ^Saa]O O TOhS` ^]abS`W]`[S\bS `STSWz Sa RS[OaWOR] ^SaOROa ?cO\R] bS[]a T][S ] \]aa] Q{`SP`] \x] aSZSQW]\O OZW[S\b]a S \x] Q]\aSUcW[]a `SaWabW` ua bS\bOz Sa @SQ][S\R] ^S_cS\]a ZO\QVSa W\bS`QOZOR]a Q][ Oa `STSWz Sa ^`W\QW^OWa >3B7A1/@ <= >3@Ë=2= 2/ <=7B3 2c`O\bS SabS ^S` ]R] ] \]aa] ]`UO\Wa[] _cSW[O [S\]a QOZ]`WOa ?cOaS bcR] ] _cS W\US`W[]a TWQO O`[OhS\OR] S[ T]`[O RS U]`Rc`O 3[ OZbS`\ObWdO ua ^W^]QOa PObObOa T`WbOa P]ZOQVOa RS QV]Q]ZObS ]c QS`SOWa Q][WR]a S[ T`S\bS u bSZSdWax] `SQ][S\R] b`S[]z]a ^]cQ] QOZ `WQ]a S [cWb] aOQWO\bSa c[O bOzO RS USZObW\O acPabWbcW c[ R]QS QOZ `WQ] ]c []`RWaQO` c[O QS\]c`O Q`cO :OdO` ]a RS\bSa ]c PSPS` c[O QVtdS\O RS QVt bO[P{[ OXcRO O bS` [S\]a d]\bORS RS Q][S` R]QSa

! 3fS[^Z]a RS `STSWz Sa SQ]\ [WQOa S aOcRtdSWa AOZORO RS TSWXx] T`ORS Q][ ]d] Q]hWR] OZTOQS S b][ObS BS[^S`OR] Q][ OhSWbS S Q]S\b`]a >SaQORO Q]hW\VORO S[ Zc[S P`O\R] Q][ OhSWbS OZV] S aOZaO OQ][^O\VORO RS PObObO Q]hWRO S P` Q]Z]a ! 4`O\U] OaaOR] \] T]`\] Q][ ZW[x] OQ][^O\VOR] Q][ O``]h P`O\Q] S Q]cdSa!RS!P`cfSZOa

7<D3@<= " "%


D72/ A/C2ÈD3:

/ #*$*$-&5" Sabt \O .0%" / PWQWQZSbO Sabt \O []RO ]c O\b Sa \c\QO RSWf]c RS SabO` 3abS [SW] RS b`O\a^]`bS bS[ Q]\_cWabOR] ORS^b]a \x] a ^O`O O ^`tbWQO RSa^]`bWdO Q][] aW[^ZSa[S\bS ^O`O ZOhS` ^O`O [O\bS` O P]O T]`[O ]c O^S\Oa ^O`O c[ ^OaaSW] Q][ ]a O[WU]a ;VaVg YV W^X^XaZiV [VaVg [dg dhVbZciZ YZ X^Xa^hbd! VNB EBT NPEBMJEBEFT NBJT QPQV MBSFT RVFS FN 1PSUVHBM RVFS OP SFTUP EP NVOEP & CBTUBN EBEPT QBS B DPOGJSNBS FTUB JEFJB FN QSJNFJSP MVHBS EJ[FS RVF B 7PMUB B 'SBOÎB DPN BOPT EF IJTUØSJB Ï VN EPT BDPOUFDJNFOUPT EFTQPSUJWPT NBJT JNQPSUBOUFT EP HMPCP USBOTNJUJEP FN EJSF UP QBSB NBJT EF VNB DFOUFOB EF QBÓTFT EF UPEPT PT DPOUJOFOUFT "QFOBT P .VOEJBM EF 'VUFCPM F PT +PHPT 0MÓNQJDPT TVQFSBN B NÓUJDB DPSSJEB RVBOUP BP OÞNFSP EF UFMFT QFDUBEPSFT %FQPJT IÈ BJOEB B BDSFTDFO UBS B QBJYÍP EPT BEFQUPT 4ÍP BPT NJMIBSFT PT RVF TF EFTMPDBN Ë FTUSBEB QBSB WFS QBT TBS PT DJDMJTUBT QSJODJQBMNFOUF OBT NÓUJDBT FUBQBT EF BMUB NPOUBOIB

EFV MVHBS Ë BUVBM '1$ 5FN QPJT B CPOJUB JEBEF EF BOPT 3FGJSB TF FN KFJUP EF DPNQBSBÎÍP RVF P $PNJUÏ 0MÓNQJDP EF 1PSUVHBM $01 GPJ DSJBEP FN 6d adc\d YZhiZh bV^h YZ &%% Vcdh YZ =^hi g^V! P DJDMJTNP QPSUVHVÐT TPVCF QPJT

DBNQFÍP EP NVOEP TÍP BMHVNBT EFTTBT SFGFSÐODJBT " NPSUF EF +PBRVJN "HPTUJOIP FN BQØT TPGSFS VNB RVFEB OB 7PMUB BP "MHBSWF F EFQPJT P TFV GVOFSBM UPSOB SBN TF NFTNP BDPOUFDJNFOUPT RVF NPCJ MJ[BSBN UPEPT PT QPSUVHVFTFT EF QPMÓUJDPT B EJSJHFOUFT EFTQPSUJWPT UFSNJOBOEP OP DJEBEÍP BOØOJNP

6 ;ZYZgV d Edgij\jZhV YZ 8^Xa^hbd RVFS BHPSB BQSPWFJUBS B JNBHFN EF 3VJ $PTUB P OPWP IFSØJ EP DJDMJTNP F EP EFTQPS UP OBDJPOBM QBSB DBQUBS BJOEB NBJT GFEFSB / WRSWO RS TOhS` RO PWQWQZSbO c[ [SW] EPT RVF TÍP OFTUF NPNFOUP P ^O`O []PWZWhO` U`O\RS \ [S`] RS OÞNFSP EVQMJDPV FN BOPT 5PEPT UÐN ^Saa]Oa \c[ [Sa[] Sa^Oz] S u B HBOIBS DPN JTTP " '1$ QPSRVF WÐ B [Sa[O V]`O Xt Sabt O aS` ^]ab] S[ NPEBMJEBEF DSFTDFS F FN UPEBT BT WFSUFO ^`tbWQO S[ >]`bcUOZ u aS[SZVO\zO R] UFT OÍP TF GJYBOEP BQFOBT OP DJDMJTNP USB _cS OQ]\bSQS Q][ Oa ^`]dOa RS :b Edgij\Va! d X^Xa^hbd iVbW b hdjWZ EJDJPOBM P EF FTUSBEB " WJTÍP EP BUVBM QSF ObZSbWa[] _cS []PWZWhO[ [WZVO`Sa RS \Vc]Vg d hZj ZheV d cd XdgV d Ydh edgij" TJEFOUF EB G FEFSBÎÍP P BOUJHP DJDMJTUB ^O`bWQW^O\bSa 1O`Z]a ; WO `Sa^]\atdSZ \jZhZh Vd adc\d Ydh Vcdh# & OFTUF BTQFUP %FMNJOP 1FSFJSB Ï NBJT BCSBOHFOUF RVF B ^SZOa [SWOa [O`Ob]\Oa _cS GPJ JNQPSUBOUF P QBQFM EPT EFTJHOBEPT USÐT EP TFV BOUFDFTTPS "SUVS -PQFT QPJT RVFS Ob`OdSaaO[ Oa ^]\bSa # RS /P`WZ S HSBOEFT DMVCFT EP EFTQPSUP QPSUVHVÐT OB GB[FS WJOHBS PVUSBT EJTDJQMJOBT DPNP P #55 DOaQ] RO 5O[O ZO\z]c Oa POaSa ^O` O QSPKFÎÍP EB NPEBMJEBEF #FOGJDB 4QPSUJOH P #.9 F B QJTUB F DPN JTTP DIFHBS UBN bS` ] [Sa[] acQSaa] Q][ O PWQWQZSbO F '$ 1PSUP SJWBMJ[BSBN UBNCÏN OB FTUSBEB CÏN BPT +PHPT 0MÓNQJDPT 0 #55 KÈ P DPO 3[ ]cbcP`] ^OaaOR] ZSd]c O STSWb] O )PKF OFOIVN EPT USÐT UFN DJDMJTNP NBT TFHVJV FN -POESFT (BOIB UBNCÏN ^`W[SW`O [O`Ob]\O RS QWQZWa[] S\b`S UBOUP 1JOUP EB $PTUB DPNP #SVOP EF P NFSDBEP EB CJDJDMFUB "T W FOEBT UÐN 1OaQOWa S :WaP]O Q][ O ^`SaS\zO RS $BSWBMIP SFTQFUJWBNFOUF QSFTJEFOUFT EPT BVNFOUBEP BJOEB RVF 1PSUVHBM DPOUJOVF QS`QO RS c[ [WZVO` RS S\bcaWOabOa RO ESBHÜFT F EPT MFÜFT KÈ NBOJGFTUBSBN WPOUB OB DBVEB EB &VSPQB RVBOUP BP VTP EFTUF PWQWQZSbO = ]PXSbWd] { _cS SabS \ [S`] EF EF RVF P DJDMJTNP SFHSFTTF BPT FNCMF NFJP EF USBOTQPSUF .BT BT NFOUBMJEBEFT Q`SazO RS O\] ^O`O O\] NBT 7FSFNPT QBSB RVBOEPy .BJT VN EBEP FTUÍP B NVEBS BP QPOUP EF B CJDJDMFUB TFS 3FDPSEBNPT QBSB RVFN OÍP TF MFNCSB F BUÏ UFNB EF DPMØRVJPT 3FDFOUFNFOUF GPJ SFWFMBNPT QBSB RVFN EFTDPOIFDF RVF P JNQPS!TF DPNP VNB EBT NPEBMJEBEFT NBJT SFBMJ[BEP VN OB 6OJWFSTJEBEF EF "WFJSP TÓNCPMP EP #FOGJDB UFN VNB SPEB EF CJDJ BDBSJOIBEBT QFMP QPWP " 7PMUB B 1PSUVHBM DPN P EFCBUF B G PDBS QPOUPT DPNP P DMFUB TJHOJGJDBOEP RVF P DJDMJTNP Ï VNB EBT F B DBSSFJSB JOUFSOBDJPOBM EF BMHVOT DJDMJT /FHØDJP Ë 7PMUB EBT #JDJDMFUBT 1SPKFUPT NPEBMJEBEFT NBJT BOUJHBT EP IJTUØSJDP DMVCF UBT DPOTFHVJSBN BMJNFOUBS FTTB QBJYÍP F $JDMÈWFJT .VOJDJQBJT PV $PNP &TUJNVMBS 5BNCÏN B ' FEFSBÎÍP 1PSUVHVFTB EF DSJBS BUÏ BMHVOT IFSØJT EPT QFEBJT "MWFT P 6TP EB #JDJDMFUB FN 1PSUVHBM $JDMJTNP '1$ Ï VNB EBT JOTUJUVJÎÜFT EFT #BSCPTB P QSJNFJSP QPSUVHVÐT B QBSUJDJ QPSUJWBT DPN NBJT BOPT OP OPTTP QBÓT &N QBS OP 5PVS +PBRVJN "HPTUJOIP P ÞOJDP :ckdakZg idYdh dh V\ZciZh fjZ edh hVb OBTDFV B 6OJÍP 7 FMPDJQÏEJDB BUÏ BHPSB RVF UFS NJOPV OP QØEJP FN ediZcX^Vg d jhd YV W^X^XaZiV d XVb^c]d V 1PSUVHVFTB 671 RVF NBJT UBSEF FN 'SBOÎB F NBJT SFDFOUFNFOUF 3VJ $PTUB hZ\j^g#

"P MPOHP EFTUFT NBJT EF BOPT EF )JTU¯SJB P DJDMJTNP QPSUVHV¦T TPVCF QPJT JNQPS!TF DPNP VNB EBT NPEBMJEBEFT NBJT BDBSJOIBEBT QFMP QP WP

"& 7<D3@<= "

4]b]U`OTWO( 5Sbbg 7[OUSa

;/@/B=</ 23 07171:3B/


= >/>3: 2=A 63@Ï7A 3 2/A /CB/@?C7/A = TOQb] RS @cW 1]abO bS` aWR] QO[^Sx] R] [c\R] RS Sab`ORO b bcZ] Q]\_cWabOR] S[ 4Z]`S\zO TSh Q][ ] S\bcaWOa[] u d]ZbO ROa PWQWQZSbOa S R] QWQZWa[] aSXO V]XS OW\RO [OW]` 3 \ORO [SZV]` _cS O^`]dSWbO` SabO S[POZOUS[ ^O`O QO^bO` [OWa ^`ObWQO\bSa 3 ] S\bcaWOa[] T]W \]b `W] \O _cO`bO SRWzx] R] >OaaSW] /[WU]a RS @cW 1 ]abO _cS Xc\b]c \O bS``O \ObOZ R] QWQZWabO S[ /UczOR]c`O [OWa RS c[ [WZVO` RS ^]^cZO`Sa [Oa bO[P{[ \][Sa ZWUOR]a u []ROZWRORS S OW\RO ] ^`SaWRS\bS RO 1v[O`O ;c\WQW^OZ RO > d]O RS DO`hW[ C\a RWOa [OWa bO`RS T]W O dSh RS BWOU] ;OQVOR] S 4O[OZWQx] `SQSPS`S[ W\WQWObWdO WR}\bWQO `Sc\W\R] _cOaS [SWO QS\bS\O RS O[O\bSa RO PWQWQZSbO S R] QWQZWa[] =a [c\WQ ^W]a b}[ OZWta U`O\RS `Sa^]\aOPWZWRORS \] TOQb] RS ] QWQZWa[] aS` c[O ROa []ROZWRORSa [OWa W[^]`bO\bSa S OQO`W\VOa ^SZ] ^]d] p Q][ O P}\zx] RSZSa _cS O D]ZbO O >]`bcUOZ bS[ Q]\aSUcWR] ZSdO` ] QWQZWa[] O b]R] ] >O a ³ S Q][ Waa] Z]QOWa Q][] O AS\V]`O RO 5`OzO S[ ;]\RW[ RS 0Oab] ^OaaO`O[ O aS` [OWa Q]\VSQWR]a ³ OW\RO _cS \]a ZbW[]a O\]a bS\VO SabOR] O``SROR] RS `SUW Sa Q][] B`ta ]a ;]\bSa /ZUO`dS S /ZS\bSX] ;Oa ^`Sd} aS _cS S[ " O ^`]dO!`OW\VO ^]`bcUcSaO Q]\aWUO ^S`Q]``S` _cOaS b]R] ] bS``Wb `W] / ]`UO\WhOzx] Xt TSh aOPS` _cS Sabt O S\dWRO` SaT]`z]a ^O`O _cS O Q]``WRO Q][SQS \] AcZ R] >O a bS\R] bO[P{[ `SdSZOR] _cS ;]\bOZSU`S S[ B`ta ]a ;]\bSa S bS``O RS /QtQW] RO AWZdO ]cb`] dcZb] R] QWQZWa[] ^]`bcUc}a dOW `SQSPS` O QO`OdO\O ^SZO ^`W[SW`O dSh

7<D3@<= " "'


;C<2= U]c`[Sb

6. #"*330

.6*50 $)*26&

2

VFN DPOIFDF B DJEBEF BUÏ Ï DBQB[ EF TBCFS POEF FTUÍP PT CPOT SFDBOUPT QBSB TF DPNFS NVJUP CFN NBT QBSB PT EF GPSB EB UFSSB RVF SFTUBVSBOUFT IÈ RVF KVT UJGJRVFN P EFTWJP OB " PV OB " GBSUV SB SPEPWJÈSJB QBSB JS QFUJTDBS P RVF RVFS RVF TFKB "TTJN EF SFQFOUF IÈ VN RVF NFSFDF UPEP FTUF FTGPSÎP Ï P NVJUP KPWFN 0 #BJSSP QSPWBWFMNFOUF P NFMIPS SFTUBV SBOUF EBT SFEPOEF[BT +È PVWJV GBMBS 4F DBMIBS OÍP BGJOBM EF DPOUBT B DBTB FTUÈ B GB[FS VN BOP EF WJEB NBT BQFTBS EB KVWFO UVEF WBNPT KVTUJGJDBS B OPTTB UFTF $PNFÎBOEP QFMP GPHÍP FTUF FTUÈ QPS DPOUB EF 5JBHP 4BOUPT RVF Ï VN KPWFN DIFGF DPN UBSJNCB FN SFTUBVSBOUFT BCSJMIBOUBEPT DPN FTUSFMBT .JDIFMJO B $BTB EB $BMÎBEB FN "NBSBOUF F P IPUFM 5IF :FBUNBO FN (BJB F NVJUP CFN WJSBEP QBSB P %PVSP %POEF VN DIFGF RVF USBCBMIPV OFTUFT MPDBJT RVF FTUÈ BHPSB FN UFSSB EF QFTDBEPSFT F RVF Ï WJ[JOIP EF VNB CPB QS BÎB EF QFJYF TØ QPEF BQSFTFOUBS DSJBÎÜFT GPSB EP CBSBMIP 'PSB EP CBSBMIP NBT BUFOÎÍP DPN NVJUP TBCPS 4F FTUÍP B QFOTBS RVF PT QSBUPT TÍP

# 7<D3@<= "

/dSW`] { bS``O RS U`O\RSa b`ORWz Sa S[ [Ob{`WO RS POQOZVOc S\UcWOa S ]d]a []ZSa ] _cS \x] { ^]cQ] [Oa Vt [OWa [cWb] [OWa EBRVFMFT NVJUP FTRVJTJUPT NJOJNBMJTUBT FN RVBOUJEBEF F NBYJNBMJTUBT OB TVB EFTDSJ ÎÍP EFTFOHBOFN!TF 0 RVF IÈ BRVJ Ï NVJUB DSJBUJWJEBEF OB BQSFTFOUBÎÍP EBT DPJ TBT &TUÍP B WFS P DPQP RVF BRVJ FTUÈ OB QÈHJOB F RVF NBJT QBSFDF VN DBQQVDDJOP 1PJT CFN JTUP Ï VNB DBMEFJSBEB EF QFJYF $BMEFJSBEB 4JN TFOIPS VNB SJDB DBMEFJ SBEB RVF MÈ FTUÈ WFN DPN PVUSB BQSFTFO UBÎÍP NBT TFN DPNQSPNFUFS P TBCPS PSJ HJOBM "QPTUBNPT NVJUP EJOIFJSP QBS B HBSBOUJS RVF BMHVÏN RVF QSPWF FTUB FTQÏ DJF EF TIPU EF PMIPT GFDIBEPT NBM MFWF P DPQP Ë CPDB WBJ HBSBOUJS RVF FTUÈ B DPNFS DBMEFJSBEB /ÍP GBMIB & P TIPU QPEF TFS TØ VNB FOUSBEB QFMP RVF GJDBNPT MPHP SFDPO GPSUBEPT OB BCFSUVSB EB SFGFJÎÍP %FQPJT CPN PV TF PQUB QPS BMHVOT DMÈTTJ DPT EB FNFOUB PV TF EFJYB MF WBS QFMBT TVHFT UÜFT EJÈSJBT EP DIFGF )È UFNQPT QSPWÈNPT MÈ VN TBMNPOFUF RVF FSB VNB FYQMPTÍP EF TBCPS NBSJOIP EFMJDBEÓTTJNP F VNB PCSB EF BSUF EBRVFMBT RVF QSJNFJSP OPT GB[FN BGBTUBS B DBEFJSB NBT RVF EFQPJT EÍP EJSFJ UP B DIBNBS P DIFGF Ë NFTB QBSB PT NFSFDJ EPT BQMBVTPT & UVEP JTTP QPSRVF 5JBHP


4BOUPT BSSFQJPV BT FTDBNBT EP EFMJDBEP QFJYF F QBTTPV QPS DJNB EFMBT VN ØMFP RVFOUF WÈSJBT WF[FT 3FTVMUBEP P QSPDFTTP GF[ DPN RVF BT JSBTDÓWFJT FTDBNBT TF UPS OBTTFN DSPDBOUFT NBOUFOEP QFMP QSPDFT TP EF GSJUVSB OBEB JOWBTJWP UPEPT PT TBCP SFT QSJNÈSJPT EP QFJYF & DPNP TBCFNPT VN TBMNPOFUF TBCF UBOUP NFMIPS RVBOUP NFOPS GPS B TVB NBOJQVMBÎÍP 0 BUVN CSBTFBEP RVF BRVJ UBNCÏN BQB SFDF Ï PVUSB NBSBWJMIB ² TFMBEP QPS GPSB QBSB EF TFHVJEB JS OVN UPDB F GPHF BP GPSOP .FUF TF Ë CPDB F EFSSFUF UPEP 6N

6NB QFTTPB BJOEB OFN DPNF£PV B DPNFS F K FTU FODBOUBEB DPN B BCPSEBHFN DPODFUVBM EP SFTUBVSBOUF /P GJN TBJ TF TFNQSF DPN WPOUBEF EF SFHSFTTBS OB SFGFJ£ P TFHVJOUF 4FNQSF MVYP OVN 1BÓT RVF UFN B NBOJB EF GB[FS EP BUVN VNB TPMB EF TBQBUP 4JN OØT FN NBUÏSJB EF DPOGFÎÍP EF QFJYFT TPNPT VOT CSVUPT %È JEFJB EF RVF RVBOEP DP[JOIB NPT P QFJYF P GB[FNPT DPN UFNQP TVGJ DJFOUF QBSB UFSNPT NFTNP B DFS UF[B EF RVF FMF P QFJYF FTUÈ FGFUJWB F HBSBOUJEB NFOUF NPSUP /P SFTUP FTUF Ï VN SFTUBVSBOUF NVJUP CFN DPODFCJEP FN UFSNPT EF EFTJHO F EF DPNV OJDBÎÍP DPN PT DMJFOUFT 0 FTQBÎP Ï BHSB EÈWFM 5PBMIBT OÍP IÈ &N WF[ EJTTP IÈ VOT NBSDBEPSFT EF QBQFM RVF DPOUBN B IJTUØSJB EF GJHVSBT QSPGJTTJPOBJT EP CBJSSP F EB [POB SJCFJSJOIB POEF TF JOTFSF P SFT UBVSBOUF 6NB QFTTPB BJOEB OFN DPNFÎPV B DPNFS F KÈ FTUÈ FODBOUBEB DPN B BCPS EBHFN DPODFUVBM EP SFTUBVSBOUF /P GJN TBJ TF TFNQSF DPN WPOUBEF EF SFHSFTTBS OB SFGFJÎÍP TFHVJOUF 4FNQSF

= 0/7@@= :U RO >`OzO R] >SWfS " ³ /dSW`] !" !!& #$% >`Sz] [{RW]( ¼! 6]`t`W]( V! #V S 'V! "V) R][W\U]a V #V!

7<D3@<= " #


E339 S\R

#

7<D3@<= "


(&3 4

$0/7*%" "0 30."/$& = 5S`}a { c[ QOZSWR]aQ ^W] _cS [cRO RS Q ]`Sa O] Z]\U] R] O\] >]` SabO OZbc` O ] R]c`OR] S ] ]Q`S ROa T]ZVOa Q]\b`OabO[ Q][ ] [caU] S ] dS`RS R]a QO[^]a ]\RS O tUcO QO\bO O QO[W\V] R]a d OZSa p c[ Z]QOZ WR ZWQ] ^O`O RSaQO\aO` ]c \O[]`O` >]` @cW 4O`WO

0

(FSÐT Ï VNB KØJB SBSB FTDPOEJEB OBT TFSSBOJBT 2VFN KÈ QPS MÈ QBT TPV TFOUF OFDFTTJEBEF EF WPMUBS B VNB EBT NBJT CFMBT SFHJÜFT EP 1BÓT RVF UPEPT DPOIFDFN EF OPNF NBT RVF QPVDPT KÈ WJTJUBSBN DPN PMIPT EF WFS 2VFN OVODB GPJ BP (FSÐT OÍP JNBHJOB B CFMF[B EFTUB UFSSB EF WBMFT QSPGVOEPT F TFSSBT BHSFT UFT POEF BT DPSFT EBT ÈSWPSFT NVEBN DPN BT FTUBÎÜFT EP BOP DSJBOEP VN DFOÈSJP RVF Ï VN EFMFJUF QBSB P PMIBS 6NB CFMF[B RVF Ï TFNQSF EJGFSFOUF F TFNQSF DBUJWBOUF NFTNP RVBOEP P DMJNB Ï NBJT BHSFTUF F P CSBODP HÏMJEP UFOUB SPVCBS QSPUBHPOJTNP ËT DPSFT PDSFT RVF FTQFSBN RVF PT SBJPT EP TPM EF JOWFSOP TFKBN VN BMJBEP QBSB MIFT EFWPMWFS P QSPUBHPOJTNP ² VNB MVUB EJÈSJB RVF QPEF TFS PCTFSWBEB OVN PÈTJT EF DBMPS F CPN HPTUP RVF EÈ QFMP OPNF EF "RVBGBMMT 4QB )PUFM &NQPMFJSBEP OVNB FODPTUB TPCSBODFJSB BP SJP $ÈWBEP PGFSFDF VNB EFTMVNCS BOUF WJTUB TPCSF B BMCVGFJSB EB CBSSBHFN EB $BOJÎBEB $POTUSVÓEP Ë NFEJEB EF UPEPT RVBOUPT QSP DVSBN SFDVQFSBS EP TUSFTT EP EJB B EJB OVN SFGÞHJP POEF B IPTQJUBMJEBEF GB[ QBSUF EBT OPSNBT EB DBTB Ï VN WFSEBEFJSP QBSBÓTP FTDPOEJEP $IFHBS B 4ÍP .JHVFM EB $BOJÎBEB OÍP Ï GÈDJM " FTUSBEB Ï GFJUB EF DVSWBT F DPO USBDVSWBT NBT TF QPS VN MBEP OVODB IÈ GBDJMJEBEFT OP DBNJOIP QBSB MPDBJT FTQF DJBJT QPS PVUSP SFGÞHJP RVF TF QSF[F OÍP QPEF TVSHJS BP WJSBS EB DVSWB KVOUP B VNB RVBMRVFS BVUPFTUSBEB 0 HSBOEF FODBOUP EP "RVBGBMMT DPNFÎB OP TFV JTPMBNFOUP NBT P IPUFM OÍP GJDB OP GJN EP NVOEP &TUÈ B LN EP 1PSUP F B BQFOBT LN EF #SBHB 2VFN EFTDF B FTUSBEB QBSB B CBSSBHFN EB $BOJÎBEB NBM TF BQFSDFCF RVF Ë TVB EJSFJ

0OEF GJDBS /?C/4/::A :cUO` RS Ax] ;WUcSZ 1O\WzORO DWSW`O R] ;W\V] 5>A( " !&¸ #! $¸¸ < ³ & ¸ BSZ #! $"' eee O_cOTOZZa ^b

##¸ E

= /?C/4/::A T]W Q]\ab`c R] u [SRWRO RS b]R]a _cO\b]a ^`]Qc`O[ `SQc^S`O` R] ab`Saa R] RWO O RWO \c[ `ST UW] ]\RS O V]a^WbOZWRORS TOh ^O`bS ROa \]`[Oa RO QOaO

UB FTDPOEJEPT DPNP TF EF VN DPOEPNÓOJP QSJWBEP TF USBUBTTF IÈ CVOHBMPXT POEF B TPCSJFEBEF EP HSBOJUP TF NJTUVSB DPN P DBMPS EB NBEFJSB OVNB DPNCJOBÎÍP UÍP BUSBFOUF DPNP P DPOGPSUP PGFSFDJEP QFMBT FTQBÎPTBT TVJUFT KVOJPSFT F TFOJPSFT POEF OÍP GBMUB CPN HPTUP F BNQMBT F GVODJPOBJT TBMBT EF CBOIP 4ÍP WFSEBEFJSPT IJOPT BP CFN FTUBS

>`OhS`Sa R] a^O /P FEJGÓDJP QSJODJQBM CFN JOUFHSBEP OB QBJTBHFN TVSHF P SFTUBVSBOUF B TBMB EF QFRVFOPT BMNPÎPT F P CBS DPN VNB WBS BO 7<D3@<= " #!


E339 S\R

EB RVF TF P GSJP OÍP BQFSUBS DPOWJEB Ë DBMNB DPN B QBJTBHFN EP WBMF EP $ÈWBEP DPNP QBOP EF GVOEP " QJTDJOB FYUFSJPS QBSFDF FTUFOEFS TF OB EJSFÎÍP EB BMCVGFJ SB VNB TFOTBÎÍP TFNFMIBOUF Ë RVF TVSHF OB QJTDJOB JOUFSJPS POEF P BNCJFOUF [FO UFN UVEP B WFS DPN B QBJTBHFN DJSDVOEBO UF 0 TQB Ï VNB SFGFSÐODJB EP IPUFM UFOEP B DIBODFMB EF RVBMJEBEF EB QSFTUJHJBEB FNQSFTB EF DPTNÏUJDB 4JTMFZ UFOEP KÈ TJEP DPOTJEFSBEP QFMB SF WJTUB JOHMFTB 5BUMFS DPNP VN EPT NFMIPSFT TQBT EP NVOEP %JTQÜF EF NFUSPT RVBESB EPT QBSB BDPMIFS UPEPT PT RVF QSPDVSFN DVJEBS EP DPSQP F EB NFOUF /FTUF FTQB ÎP IÈ EVBT TBMBT EF USBUBNFOUP EVQMBT F DJODP JOEJWJEVBJT UPEBT DPN CBOIP BMÏN EF HJOÈTJP TBMB EF QFSTPOBM USBJOJOH CBOIP UVSDP F QJTDJOB JOUFSJPS BRVFDJEB 0 SFTQFJUP QFMB QSJWBDJEBEF EF UPEPT PT IØTQFEFT Ï VNB SFHS B EF PVSP EP "RVBGBMMT RVF TF OPUB FN EFUBMIFT DPNP B FOUSFHB EP KPSOBM EP EJB PV EP QFRVF OP BMNPÎP RVF QPEF TFS EFQPTJUBEP OVN DPNQBSUJNFOUP FYUFSJPS EPT CVOHBMPXT DPN BDFTTP QFMP JOUFSJPS FWJUBOEP B BCFS UVSB EB QPSUB

AS\bW` O <Obc`ShO 0T DVJEBEPT DPN B TBÞEF F DPN B NFOUF UBNCÏN QBTTBN QFMP BS QVSP RVF TF SFT QJSB OB TFSSB EP (FSÐT F OFN TFRVFS Ï OFDFTTÈSJP TBJS EP FTQBÎP EP IPUFM QBSB EFTGSVUBS EB /BUVSF[B 0T DFSDB EF NJM NFUSPT RVBESBEPT PDVQBEPT QFMP "RVBGBMMT TÍP VN WFSEBEFJSP KBSEJN DPN BT NBJT WBSJBEBT ÈSWPSFT F BSCVTUPT DBSBD UFSÓTUJDPT EB SFHJÍP NVJUPT EPT RVBJT QMBO UBEPT BP MPOHP EPT USBCBMIPT EF DPOTUSV ÎÍP FN RVF NVJUB EB QFESB RVF GPJ SFUJSB EB EP UFSSFOP GPJ BQSPWFJUBEB QBSB DSJBS VNB DBTDBUB DVKP DVSTP EF ÈHVB DSV[B B QSPQSJFEBEF B RVF EFV P OPNF 1BSB RVFN VN GJN EF TFNBOB JODMVJ QBT #" 7<D3@<= "

/@1=A 23 D/:23D3H { c[ QS\t`W] PcQ ZWQ] ]\RS O QOZ[O Q]\dWRO O] RSaQO\a] \c[O `SUWx] _cS { RSaZc[P`O\bS ^O`O ]a aS\bWR]a

6NB CFMF[B RVF ¥ TFNQSF EJGFSFOUF F TFNQSF DBUJWBOUF NFTNP RVBOEP P DMJNB ¥ NBJT BHSFTUF F P CSBODP H¥MJEP UFOUB SPVCBS QSPUBHPOJTNP T DPSFT PDSFT TFBS IÈ NVJUBT PQÎÜFT &TUÈ CFN QFSUP EP DPOGMVFOUF EB $BOJÎBEB OB [POB POEF EVBT QPOUFT DSV[BN P $È WBEP F P TFV BGMVFOUF $BMEP OVN MPDBM POEF B CBSSB HFN DSJPV VN HSBOEF MBHP " QPOUF NBJT B PFTUF DSV[B VNB WJMB RVF GJDPV TVCNFS TB F RVF TØ SFBQBSFDF OP 7FSÍP EF BOPT FN RVF B ÈHVB FTDBTTFJB 0VUSB BMUFSOBUJ WB QBSB RVFN RVFS QBTTFBS TFN JS QBS B MPOHF Ï P TBOUVÈSJP EF 4ÍP #FOUP EB 1 PSUB "CFSUB RVF DSFTDFV OP TÏDVMP 9*9 OP MPDBM POEF PT NPOHFT CFOFEJUJOPT EF 4BOUB .BSJB EF #PVSP FSJHJSBN VNB FSNJEB FN IPOSB EP TFV QBESPFJSP " WJEB EF 4ÍP #FOUP Ï SFDPSEBEB OVNB TÏSJF EF QBJOÏJT EF B[VMFKPT EB BVUPSJB EF 2VFSVCJN -BQB TVSHJOEP DPNP VNB OBSSBUJWB TPCSF B WJEB EP NPOHF RVF OBTDFV OB DJEBEF JUBMJBOB EF /ÞSTJB OP BOP UFOEP TJEP BDMBNB EP DPNP 1BESPFJSP EB &VSPQB BQØT B TVB NPSUF FN

>]`bSZO R] 6][S[ "T $BMEBT EP (FSÐT FTUÍP QFS UP " WJMB TVSHF

1=;= 7@2S 0`OUO RSdS aSUcW` aS ^SZO 3< ! \O RW`Szx] RS DWSW`O R] ;W\V] >S`b] RS BOPcOzOa dW`O aS u Sa_cS`RO aSUcW\R] Oa W\RWQOz Sa RO PO``OUS[ RO 1O\WzORO) O QS`QO RS " Y[ R] ^O`SRx] Vt c[O W\RWQOzx] ^O`O ] V]bSZ /_cOTOZZa


EJTUBT RVF TF EFTMPDB WBN B &TQBOIB "MHVOT RVJMØNFUSPT NBJT Ë GSFOUF TVS HF VNB WJB SÈQJEB Ï FTQBOIPMB F OÍP UFN QPSUBHFN RVF EÈ BDFTTP Ë CBSSBHFN EP -JOEPTP PVUSB BOUJHB GSPOUFJSB %BÓ QPEF TFHVJS FN EJSFÎÍP B .F[JP F EFQPJT QBSB 4PBKP POEF Ï DVSJPTP FTQSFJUBS B W FMIB FJSB DPNVOJUÈSJB F PT FTQJHVFJSPT HSBOÓUJDPT RVF EVSBOUF TÏDVMPT TFSWJSBN QBSB QSFTFS WBS PT DFSFBJT 0 NBJT BOUJHP GPJ DPOTUSVÓ EP FN F NVJUPT EFMFT BJOEB TÍP VUJMJ [BEPT .BJT Ë GSFOUF OVNB FTUSBEB RVF DPSSF Ë TPNCSB EF WFOFSBOEPT DBTUBOIFJSPT FMF HBOUFT QMÈUBOPT F EF WÈSJPT QJOIFJSPT FTDPOEFOEP BT DBTBT SPEFBEBT EF WJOIF EPT TVSHF "SDPT EF 7BMEFWF[ VNB WJMB TJNQÈUJDB KVOUP BP SJP 7F[ EPNJOBEB QFMBT UPSSFT EBT TVBT EVBT JHSFKBT o B NBUSJ[ F B EB 4FOIPSB EB -BQB 'PJ KVOUP EB WJMB RVF FN % "GPOTP )FOSJRVFT EFGSPOUPV P FYÏSDJUP EF "GPOTP 7** EF -FÍP OVNB CBUBMIB UÍP WJPMFOUB RVF TF EJ[ RVF IPSBT EFQPJT P TBOHVF EPT DPNCBUFOUFT MFWBEP OP NFJP EF VNB HBS HBOUB EFOTBNFOUF QFMP SJP 7F[ DIFHPV BP -JNB BSCPSJ[BEB TFOEP VNB SFQVUBEB FTUÉODJB )PKF "SDPT EF 7BMEFWF[ Ï VNB UFSSB DBMNB UFSNBM QSPDVSBEB QFMB SJRVF[B FN GMÞPS EBT F QSB[FOUFJSB 1PS BMJ WBMF B QFOB DPOIF TVBT ÈHVBT JOEJDBEBT QBSB P USBUBNFOUP DFS P SFTUBVSBOUF .BUBEPVSP TPCSBODFJSP EF EPFOÎBT EP GÓHBEP F EP BQBSFMIP EJHFT BP SJP " QPTUB CBSSPTÍ F P CBDBMIBV Ë UJWP 7BMF B QFOB WJTJUBS P $FOUSP EF 7JPMFUB GSJUP F DPCFSUP EF DFCPMBEB TÍP *OGPSNBÎÍP EP 1 BSRVF /BDJPOBM EB PT QSBUPT DBSBDUFSÓTUJDPT 1FOFEB (FSÐT JOTUBMBEP QBSFEFT NFJBT DPN P FTUBCFMFDJNFOUP UFSNBM "Ó FTUÈ EJT 0T DVJEBEPT DPN B QPOÓWFM VN NBQB F NVJUBT TVHFTUÜFT RVF TB¶EF F DPN B NFOUF QPEFN QBTTBS QFMB TVCJEB Ë 1 PSUFMB EP UBNC¥N QBTTBN QFMP )PNFN 5SFQBOEP B FTUSBEB RVF TFSQFO UFJB B FODPTUB EF VNB TFSSB RVF NBJT QBSF BS QVSP RVF TF SFTQJSB DF VN NVTFV CPUÉOJDP GFJUP EF DPSFT EFT OB TFSSB EP (FS¦T MVNCSBOUFT PT NBJT BUFOUPT QPEFN EFT DPCSJS BMHVNBT FTQÏDJFT ÞOJDBT DPNP P MÓSJP F P GFUP EP (FSÐT /BT [POBT EF BMUJ UVEF FODPOUSBN TF WFTUÓHJPT EF VNB GMPSB QØT HMBDJBS F FTQÏDJFT DPNP P [JNCSP F B FSWB EJWJOB BDPNQBOIBEPT EP UFJY P KÈ QBSB OÍP GBMBS OPT CPTRVFT EF CÏUVMB PV WJEPFJSP "T FODPTUBT TVKFJUBT Ë JOGMVÐODJB BUMÉOUJDB DPCSFN TF EF DBSWBMIP OFHSBM DBSWBMIP SPCMF F EF NBUBT EF B[F WJOIP $PN BMHVNB TPS UF QPEFSÈ PCTFSWBS TF BMHVNB BWF EF SBQJOB QMBOBOEP OP DÏV /P FOUBOUP B ÈHVJB SFBM RVBTF FYUJOUB B ÈHVJB EF BTB SFEPOEB B ÈHVJB DBMÎBEB P NJMIBGSF SFBM F P CVGP SFBM TÍP DBEB WF[ NBJT SBSPT 2VFN BQSFDJBS VNB CPB DBNJOIBEB TFN NFEP EP GSJP UFN DFSDB EF USÐT RVJMØNF USPT QBSB EFTFOUPSQFDFS BT QFSOBT F GB[FS VNB WJBHFN OP UFNQP B DBNJOIP EP $BNQP EP (FSÐT POEF IÈ W FTUÓHJPT EB (FJSB B BOUJHB WJB SPNBOB RVF MJHB WB #SBDBSB "VHVTUB Ë DJEBEF FTQBOIPMB EF "TUPSHB 7BJ FODPOUSBS BMHVOT NBSDPT NJMJÈ SJPT RVF PT SPNBOPT VUJMJ[BWBN QBSB NBS DBS BT EJTUÉODJBT

BS``Oa RS Q]\b`OPO\R] 0 QBTTFJP QPEF TFHVJS FN EJSFÎÍP Ë 1 PSUFMB EP )PNFN QFMB SPUB EF WFMIPT DPOUSBCBO

/ aS``O /[O`SZO &TUF QBTTFJP Ï BHSBEÈWFM NBT MPOHP QFMP RVF B BMUFSOBUJWB QBSB RVFN OÍP RVFJSB QFSDPSSFS UBOUPT RVJMØNFUSPT EF DVSWBT F NBJT DVSWBT BQØT B WJTJUB Ë FTUSBEB SPNB OB QPEFSÈ TFS SFHSFTTBS ËT $BMEBT EP (FSÐT F SVNBS Ë TFSSB "NBSFMB NBJT QSFDJTBNFO UF Ë BMEFJB EF #SVGF POEF TVSHF FODBWBMJ UBEP OB FODPTUB P SFTUBVS BOUF 0 "CPDBOIBEP " WJTUB Ï UÍP JNQSFTTJPOBOUF DPNP P FEJGÓDJP USBÎBEP QFMPT BSRVJUFUPT "OUØOJP 1PSUVHBM F .BOVFM .BSJB 3FJT KÈ QSFNJBEP JOUFSOBDJPOBMNFOUF F PT QJUÏVT QSPQPTUPT TÍP BQMBVEJEPT QPS UPEPT RVBO UPT TF EFTMPDBN B FTUF FSNP QBSB EFTGSV UBS P DBCSJUP PV B WJUFMB CBSSPTÍ RVF QBT UBN DBMNBNFOUF QFMBT FODPTUBT &TUBT TÍP BQFOBT BMHVNBT TVHFTUÜFT FNCPSB P (FSÐT UFOIB UBOUP QBS B WFS TPCSFUVEP BP OÓWFM QBJTBHÓTUJDP RVF RVBTF BQFUFDF QBSUJS Ë EFTDPCFSUB TFN EFTUJOPT QSPHSBNBEPT

0OEF DPNFS = /0=1/<6/2= <O OZRSWO RS 0`cTS O Y[ RS BS``Oa RS 0]c`] S O c[O OZbWbcRS RS & [Sb`]a ]TS`SQS c[O dWabO bx] U`O\RW]aO Q][] aOP]`]a]a ax] ]a ^`Ob]a ^`]^]ab]a :cUO` RS 0`cTS BS``Oa RS 0]c`] BSZ #& '"" #& eee ]OP]QO\VOR] Q][

= ;/B/2=C@= A]P`S ] `W] DSh \Oa W\abOZOz Sa RS c[ dSZV] [ObOR]c`] bS[ acUSab Sa Q][] ^]abO [W`O\RSaO O``]h RS ^WQO \] QVx] QOPWRSZO dWbSZO PO``]ax S QOP`WbW\V] RO aS``O 3< >SR`]aOa 5cWZVORSaSa /`Q]a RS DOZRSdSh BSZ #& # #

= /0=1/<6/2= { c[ Sa^Oz] ^`WdWZSUWOR] ^O`O _cOZ_cS` U]c`[Sb ^O`O OZ{[ RS ]TS`SQS` c[O dWabO RSaZc[P`O\bS 7<D3@<= " ##


=< B63 `]OR

#.8 J

3&70-6 0

&- 53*$" = 0;E W! { ] ^`W[SW`] Ocb][ dSZ SZ{b`WQ] ^`]RchWR] ^]` c[O [O`QO R] aSU[S\b] >`S[[Wc[ >]` @cW 4O`WO

*

OPWBEPS OB QSPQPTUB P OPWP #.8 J TVSQSFFOEF DPN B GPSNB EF VNB DBS SPÎBSJB B NFJP DBNJOIP FOUSF P RVF QPEFNPT FODPOUSBS OVN DJUBEJOP DPNQBDUP F OVN QFRVFOP NPOPWPMVNF " [POB GSPOUBM BTTVNF B JNBHFN EB #.8 NBT QSJNB QFMP BTQFUP GVUVSJTUB ² VN BVUP NØWFM EJGFSFOUF EF RVBMRVFS PVUSP NPEFMP EB NBSDB EF .VOJRVF F UBMWF[ QPS JTTP EFTQFSUB NVJUB DVSJPTJEBEF RVBOEP QBTTB OB FTUSBEB "P OÓWFM EP EFTJHO B USBTFJSB UBM WF[ TFKB B GBDF NFOPT DPOTFHVJEB NBT Ï VNB RVFTUÍP EF HPTUP QFTTPBM $PN RVBTF RVBUSP NFUSPT EF DPNQSJNFOUP UFN VNB WPMVNFUSJB QSØYJNB EB EF VN 3FOBVMU $MJP P NFTNP BDPOUFDFOEP DPN B EJTUÉODJB FOUSF FJYPT RVF OFTUF DBTP NFEF EPJT NFUSPT F DFOUÓNFUSPT 0 J Ï VN BVUPNØWFM QFOTBEP QBSB VNB VUJMJ[BÎÍP VSCBOB ² VN GBNJMJBS JOUFSFTTBOUF QBSB UPEPT RVBOUPT UÐN RVF TF EFTMPDBS EJBSJB NFOUF OP NFJP EP USÈGFHP EF RVBMRVFS DJEBEF " BCFSUVSB EBT QPSUBT Ï VNB EBT HSBOEFT

#$ 7<D3@<= "

OPWJEBEFT BP OÓWFM EP EFTJHO " EJBOUFJSB GVODJPOB EF GPSNB DPOWFODJPOBM NBT B USB TFJSB BCSF FN TFOUJEP JOWFSTP ² BMHP RVF GPHF BP IBCJUVBM F QPS JTTP TVSQSFFOEF NBT GJDB B DVSJPTJEBEF P TJTUFNB Ï TFNFMIBOUF BP BEPUBEP QFMB 3PMMT!3PZDF " BVTÐODJB EP QJMBS DFOUSBM Ï PVUSB EBT QBS UJDVMBSJEBEFT F VNB GPSNB EF NFMIPSBS B BDFTTJCJMJEBEF .BT OVODB IÈ CFMB TFN TFOÍP F Ï QFOB RVF BT QPSUBT USBTFJSBT TØ BCSBN EFQPJT EBT EJBOUFJSBT F JTTP OFN TFNQSF EÈ KFJUP TPCSFUVEP FN EJBT EF DIVWB 0 IBCJUÈDVMP Ï FTQBÎPTP GVODJPOBM F JOPWB GBDF BP RVF Ï IBCJUVBM OB #.8 " QSJODJQBM EJGFSFOÎB TVSHF OP EFTJHO EP UBCMJFS RVF GPHF BPT QBESÜFT USBEJDJPOBJT EB NBSDB CÈWBSB F VUJMJ[B NBUFSJBJT FDPMØHJDPT DPNP NBEFJSB F GJCSBT WFHFUBJT 0 J DPOUB DPN EPJT FDSÍT EJHJUBJT 6N RVF GVODJPOB DPNP QBJOFM EF JOTUSVNFOUPT F P USBEJDJPOBM DPN BT GVOÎÜFT J%SJWF EF JOGPFOUSFUFOJNFOUP (PTUÈNPT EPT CBODPT EJBOUFJSPT RVF JOUF

HSBN P FODPTUP EF DBCFÎB "USÈT P FTQBÎP Ï NBJT EP RVF BDFJUÈWFM 0 QPSUB CBHBHFOT GJDB BRVÏN EP RVF FTQF SÈWBNPT 0 NPUPS DPMPDBEP TPCSF P FJYP USBTFJSP DPOEJDJPOB P FTQBÎP EB CBHBHFJSB RVF BQFOBT PGFSFDF VN WPMVNF EF MJUSPT 1PVDP NBJPS EP RVF B EF VN 78 1PMP DPN PT CBODPT SFCBUJEPT QPEF DIFHBS BPT MJUSPT DPN VNB QMBUBGPSNB EF DBSHB QMBOB 1BSB VMUSBQBTTBS P QFTP FMFWBEP RVF QBTTB QFMB NPOUBHFN EBT CBUFSJBT JOUFHSBEBT DPN B CBTF EB QMBUBGPSNB B #.8 BQPTUPV OVN DIBTTJT FN BMVNÓOJP F OVNB DBSSPÎBSJB FN NBUFSJBM QMÈTUJDP SFGPSÎBEP B GJCSB EF DBSCPOP RVF HBSBOUF BQFOBT LH EF QFTP ² VNB TPMVÎÍP FTUJMP PWP EF $PMPNCP QBSB HBSBOUJS VN WBMPS JOUFSFTTBOUF FN UFS NPT EF SFMBÎÍP QFTP!QPUÐODJB 6N J1IPOF QPEF GB[FS QBSUF JOUFHSBOUF EP J HSBÎBT ËT NBJT EJWFSTBT BQMJDBÎÜFT 6N TJTUFNB EF OBWFHBÎÍP QFEFTUSF JOEJDB P MPDBM POEF FTUÈ FTUBDJPOBEP P WFÓDVMP NBT UBNCÏN QFSNJUF JOJDJBS P DBSSFHBNFOUP EBT


"P WPMBOUF TPNPT TVSQSFFOEJEPT QFMB FOFSHJB EP NPUPS $PN DW HBSBOUF QFSGPSNBODFT RVF TVSQSFFOEFN OVN BVUPN¯WFM FM¥USJDP

0 J ¥ VN BVUPN¯WFM QFOTBEP QBSB VNB VUJMJ[B£ P VSCBOB VN GBNJMJBS JOUFSFTTBOUF QBSB UPEPT RVBOUPT U¦N RVF TF EFTMPDBS EJBSJBNFOUF OP NFJP EP US GFHP EF RVBMRVFS DJEBEF

CBUFSJBT PV QSÏ BRVFDFS P IBCJUÈDVMP CFN DPNP UPEBT BT JOGPSNBÎÜFT TPCSF B BVUPOP NJB EJTQPOÓWFM "P WPMBOUF TPNPT TVSQSFFOEJEPT QFMB FOFSHJB EP NPUPS $PN DW HBSBOUF QFS GPSNBODFT RVF TVSQSFFOEFN OVN BVUPNØ WFM FMÏUSJDP /FTUF UJQP EF NPUPSJ[BÎÍP P BDFMFSBEPS Ï DPNP RVF VN JOUFSSVQUPS MÈ EF DBTB 2VBOEP TF DBSSFHB OP BDFMFSBEPS UPEB B QPUÐODJB TVSHF EF JNFEJBUP F QPS JTTP P J BQFOBT OFDFTTJUB EF TFHVOEPT QBSB QBTTBS EF B LN I P NFTNP UFNQP RVF OFDFTTJUB VN 1FVHFPU (5J ² JNQSFTTJPOBOUF $PNP KÈ TF UPSOPV IBCJUVBM OPT #.8 P DPOEVUPS QPEF FTDPMIFS P NPEP EF DPOEV ÎÍP RVF BKVEB B BVNFOUBS PV B SFEV[JS B BVUPOPNJB "T PQÎÜFT QBTTBN QFMP $POGPSU FN RVF B #.8 BOVODJB LN EF BVUPOPNJB FNCPSB OP FOTBJP RVF GJ[FNPT BDIFNPT RVF LN Ï VN WBMPS NBJT SFBM "JOEB FTUÍP EJTQPOÓWFJT PT NPEPT &DP1SP F &DP1SP RVF MJNJUBN B WFMPDJEBEF B LN I F P BS DPOEJDJPOBEP EJMBUBOEP B BVUPOPNJB FN DFSDB EF LN 2VBOEP TF UJSB P QÏ EP BDFMFSBEPS B FOFSHJB Ï SFDVQFSBEB QBSB BT CBUFSJBT #BTUB JTTP QBSB BCSBOEBS B EFTBDFMFSBÎÍP GPSUF P RVF FYJHF IBCJUVBÎÍP

" EJSFÎÍP Ï QSFDJTB F BUÏ UBMWF[ BMHP QFTBEB QBSB VN BVUPNØWFM EF DBSÈUFS VSCBOP NBT JTTP GB[ QBSUF EP "%/ EB #.8 0 NFTNP BDPOUFDF DPN P DPNQPSUBNFOUP EJOÉNJDP 0 J Ï GJSNF F ÈHJM "QFTBS EB TVB BMUVSB OÍP UFN VN HSBOEF SPMBNFOUP EF DBSSPÎBSJB F QFSNJUF BOEBS EFQSFTTB 2VBOEP JTTP BDPOUFDF BUÏ TF PVWF VN CBSVMIJOIP BHVEP TFNFMIBOUF BP EBT OBWFT FTQBDJBJT EPT GJMNFT EF GJDÎÍP DJFOUÓ GJDB ² NFMIPS EP RVF P FOTVSEFDFEPS TJMÐO DJP EPT SFTUBOUFT BVUPNØWFJT FMÏUSJDPT RVF DPOIFDFNPT 2VBOEP DIFHB B BMUVSB EF MJHBS P J Ë DPSSFOUF QPEF VUJMJ[BS TF VNB UPNBEB MÈ EF DBTB NBT WBJ OFDFTTJUBS EF PJUP IPSBT ² NVJUP 5BNCÏN TF QPEFN GB[FS DBSHBT FN QPTUPT QÞCMJDPT NBT B #.8 QSPQÜF VNB CPY RVF BTTFHVSB P DBSSFHBNFOUP EPNÏTUJDP $VTUB DFSDB EF FVSPT JODMVJOEP P FRVJQB NFOUP FTQFDJBM QBSB P DBSSP NBT SFEV[ P UFNQP QBSB TFJT IPSBT .FTNP BTTJN DPO UJOVB B TFS NVJUP UFNQP &TUF Ï P DBMDBOIBS EF "RVJMFT EFTUF BVUPNØWFM RVF DIFHB BP OPTTP QBÓT DPN VN QSFÎP B QBSUJS EPT FVSPT ² EJOIFJSP NBT TÍP BQFOBT NBJT FVSPT EP RVF VN #.8 E F UFN VN DVTUP EF VUJMJ[BÎÍP NVJUP NBJT CBSBUP BQFTBS EF FTUBS TFNQSF DPOEJDJPOB EP QFMB BVUPOPNJB 1BSB NJOJNJ[BS BT MJNJUBÎÜFT EF VUJMJ[BÎÍP FYUSBVSCBOB P NBSLFUJOH EB #.8 BWBOÎB DPN VNB QSPQPTUB EF NPCJMJEBEF BDSFTDJ EB RVBOEP TF UPSOB OFDFTTÈSJP QFSDPSSFS HSBOEFT EJTUÉODJBT RVF VMUSBQBTTBN B BVUP OPNJB NÈYJNB EP J o QPS FYFNQMP FN GÏSJBT o P TFSWJÎP "EE PO .PCJMJUZ QFSNJUF VUJMJ[BS VN WFÓDVMP DPN QSPQVMTÍP DPOWFO DJPOBM &TUF TFSWJÎP FTUÈ JODMVÓEP EF TÏSJF QBSB UPEPT DMJFOUFT EP #.8 J QPS EPJT BOPT F JODMVJ EJBT BOP EF VUJMJ[BÎÍP EF VN BVUPNØWFM DPN NPUPS DPOWFODJPOBM NBJT JOGPSNBÎÜFT OPT BHFOUFT #.8 J &N DPOEJÎÜFT OPSNBJT FTUF #.8 FTUÈ SFGÏN EB DJEBEF 1BSB BVNFOUBS B TVB SFEF EF BÎÍP B NBSDB WBJ MBOÎBS FN VNB WFSTÍP DPN FYUFOTPS EF BVUPOPNJB (SBÎBT B VN NPUPS CJDJMÓOESJDP EF $$ DPN PSJ HFN OBT NPUPT EB NBSDB CÈWBSB &TUF NPUPS BMJNFOUB P DBSSFHBEPS EBT CBUFSJBT F EJMBUB B BVUPOPNJB QBSB LN NBT P QSFÎP EP J QBTTB QBSB PT FVSPT ² VNB RVFTUÍP EF GB[FS DPOUBT Ë WJEB QBSB TBCFS TF B NPUP SJ[BÎÍP FMÏUSJDB KÈ Ï VNB TPMVÎÍP Ë TVB NFEJ EB NBT VNB DPJTB Ï DFSUB B #.8 FTUBCFMF DFV OPWPT QBESÜFT B FTUF OÓWFM 7<D3@<= " #%


Ó:B7;/ ^tUW\O

$0/4&37&*3"

%& -*4#0" / 1]\aS`dSW`O RS :WaP]O { c[ Z]QOZ b`S\Rg \c[O QWRORS S[ [cRO\zO / dSZVO `cO R]a 0OQOZV]SW`]a S\bOZORO S\b`S ] `W] S O Q]ZW\O _cS a]PS Ob{ O] QOabSZ] Xt bSdS [OWa []dW[S\b] = BS``SW`] R] >Oz] Xt \x] { ] _cS S` O = ;O`bW\V] RO /`QORO { c[ T aaWZ RS `SQ]`ROz Sa [Oa Zt [OWa Ob`ta O dSZVO ;S`QSO`WO R] ;W\V] ]\RS b`OPOZVOdO 4S`\O\R] RO AWZdO 4S``SW`O Sabt [OWa dWdO R] _cS \c\QO 6]XS { bx] ^`]Qc`ORO ^]` bc`WabOa RS `]bSW`] S[ ^c\V] Q][] ^]` S^WQc`WabOa _cS aOPS[ O] _cS dx] ^` ]Qc`O\R] aOP]`Sa S[ dWOa RS SfbW\zx] _cS a]P`SdWdS[ Q][ ` bcZ]a bx] O\bWU]a Q][] ]a ROa ZObOa RO B`WQO\O ;W\]` S >`ObO R] ;O` _cS [O\b}[ c[O b`ORWzx] Q][ &! O\]a >]RS` aS WO RWhS` _cS O _cOZWRORS \x] bS[ WRORS 4]W SaaS ] aSU`SR] R] acQSaa] RS 4S`\O\R] RO AWZdO 4S``SW`O B`OPOZV]c \O ;S`QSO`WO R] ;W\V] Z]QOZWhORO \O `cO R]a 0OQOZV]SW`]a !" OW\RO O\bSa RS SabO aS b]`\O` O 1]\aS`dSW`O RS :WaP]O /^S`QSPSc aS _cS O Q]\aS`dO RS ^SWfS S`O c[ ^`]Rcb] Q][ c[ U`O\RS ^]bS\QWOZ RS [S`QOR] S Xc\bO[S\bS Q][ c[ a QW] OP`Wc O Z]XO ^S`b] RO Sa_cW\O Q][ O `cO RO ;OROZS\O /a Q]\aS`dOa ^OaaO`O[ O aS` c[ \SU QW] RO T O[ ZWO 4S``SW`O c[O b`ORWzx] _cS Xt S\b`]c \O bS`QSW`O US`Ozx] µ2S^]Wa R] [Sc Od ]a [Sca ^OWa b][O`O[ Q]\bO RO Z]XO S[ a]QWSRORS Q][ ]a @]POZ] 5]cdSWO _cS OQOPO`O[ ^]` aOW` S O^ a O []`bS R] [Sc ^OW ac`US O bS`QSW`O US`Ozx] Q][ O OXcRO RS :c a DWSW`O _cS S\b`SbO\b] S\b`]c \O a]QWSRORS¶ `SQ]`R]c \]a ;O`WO ;O\cSZ 4S``SW`O \SbO R] Tc\ROR]` _cS [O\b{[ O b`ORWzx] RS PS[ `SQSPS` _cS TOh ^O`bS R] QVO`[S RO 1]\aS`dSW`O / VWab `WO RO 1]\aS`dSW`O RS :WaP]O µbS[ bWR] OZb]a S POWf]a Q QZWQ]a¶ OR[WbWc \]a ;O`WO ;O\cSZ 4S``SW`O _cS `SQ]\VSQS _cS µOU]`O d]ZbO[]a O SabO` \c[ [][S\b] OZb]¶ bO\b] [OWa _cS Oa ^Saa]Oa d]ZbO`O[ O RO` ObS\zx] O] Q][{`QW] b`ORWQW]\OZ O] ObS\RW[S\b] ^S`a]\OZWhOR] S u _cOZWRORS R]a ^`]Rcb]a _cS SaQ]ZVS[¶ / _cOZWRORS { O ^OZOd`O RS ]`RS[ \O aSZSzx] R]a T]`\SQSR]`Sa ^O`O Oa [O`QOa Q][S`QWOZWhOROa 4]W OaaW[ _cS bcR] Q][Sz]c S { OaaW[ _cS Oa Q]WaOa Q]\bW\cO[ 1]abc[O RWhS` aS _cS O O\bWUcWRORS { c[ ^]ab] S \O 1]\aS`dSW`O b]R]a Q]\VSQS[ SabO W\R ab`WO µDO[]a ua TtP`WQOa Q]\dS`aO[]a ^`]dO[]a S dS[]a aS b}[ QO^OQWRORS RS ^`]Rczx] ^O`O Oa \]aaOa [O`QOa¶ S [Sa[] OaaW[ OQ]\bSQS µbS`[]a _cS [O\RO` Z]bSa ^O`O b`ta ^]`_cS \x] b}[ O _cOZWRORS _cS S fWUW[]a¶ OQ`SaQS\b]c ;O`WO ;O\cSZ 4S``SW`O _cS aOPS _cS a O _cOZWRORS ^]RS T OhS` O RWTS`S\zO \] aSc \SU QW] p dS`RORS _cS >]`bcUOZ { c[ ^O a u PSW`O [O` [Oa [Sa[] OaaW[ µaS\bW[]a OZUc[O RWTWQcZRORS S[ Q]\aSUcW` ^SWfS RS U`O\RS _cOZWRORS ^]`_cS Vt [cWbOa TtP`WQOa _cS T]`O RS {^]QO W\b`]RchS[ ^SWfS Q]\USZOR] \Oa Q]\aS`dOa¶ =a Z]QOWa ^`WdWZSUWOR]a ^O`O O SaQ]ZVO R]a T]`\SQSR]`Sa ax] µ]a /z]`Sa \] QOa] R] Obc[ O aO` RW\VO O \]`bS RO h]\O RS /dSW`] S ] QO`O^Oc S O QOdOZO S[ =ZVx]¶ 2SabO T]`[O [O\b{[ aS O b`ORWzx] RS OZbO _cOZWRORS OZU] _cS { `SQ]`ROR] \O ]`WUW\OZWRORS ROa S[POZOUS\a _cS µQ][SzO`O[ ^]` aS` RSaS\VOROa ^SZ] [Sc Od bS\R] VOdWR] OZUc[Oa OZbS`Oz Sa O] Z]\U] R]a O\]a¶ >]` OZbc`O R] O\WdS`at`W] R]a & O\]a O 1]\aS`dSW`O `SQ]``Sc O c[ ObSZWS` RS RSaWU\ @S\]d]c Oa S[POZOUS\a [Oa Q]\aS`dO\R] ZVSa ] SabWZ] S a]P`SbcR] ] aSc Q RWU] Q`][tbWQ] ]`WUW\OZ OZU] _cS µbS[ [cWb] O dS` Q][ ] b`OPOZV] \O Z]XO S O O``c[Ozx] S[ ^`ObSZSW`O¶ Xt _cS µOa Q]`Sa TOQWZWbO[ O WRS\bWTWQOzx] p ^]` Waa] ] dS`[SZV] bS[ O dS` Q][ ] b][ObS ] O[O`SZ] Q][ ] OhSWbS S ^]` O T]`O ¶ Gj^ ;Vg^V

#& 7<D3@<= "




Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.