Page 1

*;/'4 $1$+.'4 6GMPKUM FCVC I[NFKI HTC


+00*1.& -QOHQTV RNWUU MNCUUGP *;/'4 'ZUKU V -QOHQTV RNWUU MNCUUGP *;/'4 'ZUKU V 1TKIKPCN -QOHQTV RNWUU MNCUUGP *;/'4 'ZUKU K -QOHQTV RNWUU MNCUUGP *;/'4 'ZUKU K 1TKIKPCN -QOHQTV RNWUU MNCUUGP *;/'4 6TCOR 5 5WRGTKQT MNCUUGP

*;/'4 /. 6

5WRGTKQT MNCUUGP

*;/'4 $ -NCUUG /% 6

5WRGTKQT MNCUUGP

*;/'4 $ -NCUUG /% +

.WZWU MNCUUGP

*;/'4 $ -NCUUG 5.

.WZWU MNCUUGP

*;/'4 $ -NCUUG /. + *GPXKUPKPI


-,k4' $1$+.+56

)ËT FGV CP Ë TGCNKUGTG WVTGKUGNGPIUGN QI JLGO UCOVKFKI! $GUĆMG CPFTG NCPF CPPGP UMKMM QI DTWM HQTUMLGNNKIG MWNKPCTKUMG URGUKCNKVGVGT RNCPVGT QI F[T UQO XK KMMG MLGPPGT CPFTG N[U QI HCTIGT &[MMG KPP K GP XGTFGP HWNN CX HCUEKPCULQP HQT P[JGVGT K GV URKNN CX VWUGP OWNKIJGVGT K FWHVGP CX HTKJGV 1I NKMGXGN XËMPG QRR OQTIGP GVVGT OQTIGP K GIGP UGPI 'P FTĆO! $NK MLGPV OGF OQDKNG TGKUGTU XGTFGP OGF GP DQDKN HTC *;/'4 &KP *;/'4 DQDKN IKT FGI GV UV[MMG JLGO QI GP VT[IIJGV QXGTCNV K XGTFGP &GTHQT CTDGKFGT XK OGF JĆ[ OQVKXCULQP QI O[G MPQY JQY PËT FGV ILGNFGT MQOHQTV K XËTG DQDKNGT UCOV UKMMGTJGV QI KPPQXCVKX VGMPQNQIK + XKUUJGV QO CV XK GT RKQPGTGPG PËT FGV ILGNFGT OQDKNG TGKUGT QI K UCOMNCPI OGF XËTG NCPIG VTCFKULQPGT GT FGV XËTV MTCX Ë OWNKIILĆTG FKP FTĆO QO GV UV[MMG JLGO K FGV HLGTPG OGF TGKUGPU QRVKOCNG DGVKPIGNUGT &[MM KPP K FGP OQDKNG TGKUGPU XGTFGP $NK QXGTDGXKUV XKC XËTG KPFKXKFWGNNG ITWPPTKUU QI NĆUPKPIGT )NGF FGI QXGT Ë NÎTG Ë MLGPPG WVTGKUGNGPIUGN QI JLGO UQO KPIGP XGV DGFTG Ë HQTGPG GPP *;/'4 2Ë FG VQ PGUVG UKFGPG HËT FW GP QXGTUKMV QXGT FG P[G MLĆTGVĆ[MNCUUGT *;/'4 -QOHQTV RNWUU 5WRGTKQT QI .WZWU 8K ĆPUMGT FGI GP XKFWPFGTNKI VKF OGF QRRFCIGNUGT CXUNCRPKPI QI HQTPĆ[GNUGT 8GNMQOOGP KPP K *;/'4U XGTFGP

-CTUVGP $GTI 5CNIUCPUXCTNKI *;/'4

1


24+5 1) 6'-0+5- &#6# *;/'4 ':5+5 6

5VCPFCTF EJCUUKU $CUKU OQVQTKUGTKPI #XICUUPQTO M9 *-

(KCV #. -1 &WECVQ

(KCV #. -1 &WECVQ

(KCV #. -1 &WECVQ

(KCV #. -1 &WECVQ

(KCV #. -1 &WECVQ

/WNVKLGV

/WNVKLGV

/WNVKLGV

/WNVKLGV

/WNVKLGV

'WTQ F VGOR

'WTQ F VGOR

'WTQ F VGOR

'WTQ F VGOR

'WTQ F VGOR

6QVCN NGPIFG EC EO

-CTQUUGTKDTGFFG EC EO J

6QVCN DTGFFG EC EO K

+PPXGPFKI DTGFFG EC EO

6QVCN JĆ[FG EC EO E I

5VËJĆ[FG K DQFGN EC EO

*LWNCXUVCPF EC OO

/CMU P[VVGNCUV EC MI E

6GMPKUM VKNNCVV VQVCNXGMV MI

/CMU VKNNCVV VKNJGPIGTNCUV OGF DTGOUG MI G

/CMU CPVCNN RCUUCULGTGT F M

%JCUUKU OQV GMUVTC MQUVPCF

(KCV #. -1 &WECVQ /CZK

(KCV #. -1 &WECVQ /CZK

(KCV #. -1 &WECVQ /CZK

(KCV #. -1 &WECVQ /CZK

(KCV #. -1 &WECVQ /CZK

/WNVKLGV

/WNVKLGV

/WNVKLGV

/WNVKLGV

/WNVKLGV

8GMV K MLĆTGMNCT VKNUVCPF EC MI D

/QVQTKUGTKPI 8GMV K MLĆTGMNCT VKNUVCPF EC MI /CMU P[VVGNCUV EC MI 6KNNCVV VKNJGPIGTNCUV OGF DTGOUG MI 6GMPKUM VKNNCVV VQVCNXGMV MI

6KNNCVV CPVCNN RCUUCULGTGT +UQNCULQP IWNX UKFGXGII VCM OO .[UOËN NCUVGTQO ICTCULGFĆT GNNGT NWMG $ Z * EC EO 5GPIGOËN OKFVGP . Z $ EC EO

Z

Z

Z

Z

Z

Z

Z

Z

Z

Z

Z

Z Z

Z Z

Z Z

Z

Z Z

5GPIGT

$CF $ Z 6 EC EO

Z

Z

Z

Z

Z

Z

Z Z Z

5GPIGOËN UGPI DCM . Z $ EC EO

5GRCTCV FWUL $ Z & EC EO )CTFGTQDG $ Z & Z * EC EO -LĆMMGP $ Z & Z * EC EO

Z Z Z Z

Z Z

Z Z

Z Z

Z Z

Z Z

Z Z

Z Z

Z Z

-LĆNGUMCR XQNWO KPMN HT[UGT EC N

M9 YCTO CKT

M9 YCTO CKT

M9 YCTO CKT

M9 YCTO CKT

M9 YCTO CKT

(GTUMXCPPUHQTU[PKPI EC N

8CTOG

8CPPVKNICPI EC N WPFGT MLĆTKPI

5RKNNXCPPUVCPM EC MI

5VCTVGT DCVVGT[ #J 'MUVTC DCVVGTK #J KPMN GMUVTC NCFGT )CUU HQTU[PKPI MI

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO Z MI

Z MI

Z MI

Z MI

Z MI

5VKMMQPVCMV 8

5VKMMQPVCMV 8

5VKMMQPVCMV 75$

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

2


2#--'4 *;/'4 ':5+5 6 5V[NG RCMMG WVXGPFKI

0QM

4CFKCVQT ITKNN TCOOG INCPUGV UXCTV (TQPVN[MVGT OGF UXCTV TCOOG

ϐ

&ĆTJËPFVCM K MLĆTGVĆ[GVU HCTIG -LĆTGDGUM[VVGNUG UMKF RNCVG UXCTV INCPU

.'& FCIUMLĆTGN[U

ϐ

2CMMG RTKU

ϐ

2ËD[IIURCMMG

0QM

/[IIPGVVKPI RË DQFGNUFĆT

ϐ

2CPQTCOCVCM QXGT HĆTGTJWUGV OCPWGNV LWUVGTDCTV 8KPFW K KPPICPIUFĆTGP OGF DNGPFKPIUICTFKP QI KPVGITGTV UĆRRGNDĆVVG

ϐ ϐ

$NGPFKPI HĆTGTJWU

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

$QFGNU MQOHQTVRCMMG #ODKGPVGDGN[UPKPI

ϐ

0QM ϐ

.CMGP VKN UGPI DCM

ϐ

R[PVGRWVGT

ϐ

.COGNNDWPP K VTG K FWULGP 'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

%JCUUKU RCMMG

ϐ

0QM

5RQKNGT NCMMGTV K MLĆTGVĆ[GVU HCTIG

ϐ

4CVV QI IKTMWNG K UMKPP /CPWGNN MNKOCCPNGII OGF RQNNGPHKNVGT

ϐ ϐ

(KCV %TWKUG %QPVTQN

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

2ËD[IIURCMMG /[IIPGVVKPI RË DQFGNUFĆT 2CPQTCOCVCM QXGT HĆTGTJWUGV OCPWGNV LWUVGTDCTV

ϐ

0QM ϐ ϐ

8KPFW K KPPICPIUFĆTGP OGF DNGPFKPIUICTFKP QI KPVGITGTV UĆRRGNDĆVVG

ϐ

$NGPFKPI HĆTGTJWU N MLĆNGUMCR

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

3


56#0&#4& 7656;4 *;/'4 ':5+5 6

%JCUUKU (KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR $CUKU '52 KPMN #54 6TCEVKQP 2NWU QI *KNN *QNFGT VTKPPU IKTMCUUG #$5 DNQMMGTKPIUHTKG DTGOUGT QI '$& GNGMVTQPKUM DTGOUGMTCHVHQTFGNKPI #. -1 TCOOG 'NGMVTKUM XKPFWUJGKU QI UGPVTCNNËU HQT HĆTGTJWU #KTDCI RË HĆTGT QI RCUUCULGTUKFG 5OWUUHCPIGT RË DCMCMUGN &CIUMLĆTGN[U KPVGITGTV K HTQPVN[MGPG 'NGMVTKUMG LWUVGTDCTG QI QRRXCTODCTG WVXGPFKI URGKN N #F$NWG VCPM 7VUV[T WVXGPFKI EO DTGF OCZK KPPICPIUFĆT 2CPQTCOC VCMWHVKPI Z EO FQDNG INCUU OGF .'& DGN[UPKPI K DQFGN 7VXGPFKI HCTIG HĆTGTJWU JXKV RËD[II JXKV 5VQTG ICTCULGFĆTGT JĆ[TG QI XGPUVTG UKFG 6CMNWHVKPI MNCTV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGPI GT DCM 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI RË DCFGV 1RVKOCN KUQNGTKPI OGF 27#. MQPUVTWMULQP OGF QRRUMWOOGFG XGIIGT QI QRRUMWOOGV VCM OO XGII QI VCMV[MMGNUG QI TCOOGXKPFWGT 2TGOKWO *KIJVGE MCTQUUGTK CNW CNW 27#. UCPFYKEJ HQT QRVKOCN KUQNCULQP WVGP MWNFGDTQGT VTGHTKVV (QTJGPI K HĆTGTJWUGV K RNKUGG UVQHH K JĆ[ MXCNKVGV )(- NGVVXGMVUIWNX VTGHTKVV OGF :25 KUQNCULQP 'NGMVTKUM KPPICPIUVTKPP OGF VTKPP )CTCULG P[VVGNCUV RË QRR VKN MI GMUVTCWVUV[T MI 8ÎT QRROGTMUQO RË CMUGNNCUVGP 'MUMNWUKXG *;/'4 OWNVKHWPMULQPU DCMN[MVGT OGF .'& J[DTKFVGMPQNQIK 7VXGPFKI UGTXKEGNWMG RË HĆTGTUKFGP VKN QRRDGXCTKPI CX . UKVVGITWRRGP 7VUV[T KPPXGPFKI (ĆTGTUVQNGT VTGMV K DQFGNU UVQHH JĆ[FG QI VKNV LWUVGTDCT TQVGTDCT OGF CTONGPGT (TQPV UKVVGITWRRG OGF KPVGITGTV RWPMVU DGNVG .'& OCTMKUGN[U /WNVK UQPG MCNFUMWOOCFTCUU KPMN JĆ[MXCNKVGVU OCFTCUU UVTKMMGV UVQHH HQT XGPVKNCULQP -QORNGVV .'& KPVGTKĆTDGN[UPKPI .'& DGN[UPKPI +PVGTKĆTFGUKIP /ĆDGNFGMQT 5CWXKIPQP 1CM 5VQHHMQODKPCULQP &GPXGT -QTHW %WUEQ ,CPGKTQ -LĆMMGP 5GTXQ UQHV ENQUG RË MLĆMMGPGV 'MUVTC DTGFG HTKVV FGNDCTG MLĆMMGPUMWHHGT 1RRXCTOKPI MNKOC )CUUHNCUMGMCOOGT OGF VKNICPI XKC FGP GMUVGTPG MNCHHGP FĆTGP 1RRXCTOGV QI KUQNGTV URKNNXCPPUVCPM N N HGTUMXCPPUVCPM KUQNGTV QI QRRXCTOGV .%& VCUVCVWT HQT QRRXCTOKPI KPMN K0GV MNCT (QTUVGTMGV DCVVGTK 8 #J #)/ M9 XCTONWHVUQRRXCTOKPI KPMN XCTOVXCPPUDQKNGT 1RRXCTOGV RQFKG XGF UKVVGITWRRGP XCTONWHV 8CTONWHVUQRRXCTOKPI K DCMTG UQXGTQO UGRCTCV LWUVGTDCTV 8CTONWHVUQRRXCTOKPI M9 OGF XCTOVXCPPU DQKNGT 1RRXCTOGV QI KUQNGTV URKNNXCPPUVCPM N N HGTUMXCPPUVCPM KUQNGTV QI QRRXCTOGV /WNVKOGFKC 4CFKQ 68 HQTDGTGFGNUG KPMN 8 QI 8 WVVCM JĆ[VVCNGTG K HĆTGTJWUGV CNMQXGP QI DCMTG UQXGTQO TCFKQ QI &8$ 6 CPVGPPG 4CFKQ 68 HQTDGTGFGNUG RË UKFGDQCTF KPMN 8 QI 8 WVVCM JĆ[VVCNGTG K HĆTGTJWUGV CNMQXGP QI DCMTG UQXGTQO TCFKQ QI &8$ 6 CPVGPPG

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

4


8GMVLWUVGTKPI VKN V HQT (KCV &WECVQ /CZK EJCUUKU

'MUVTC XGMV

2TKU KP PMT %JCUUKU

6+..'))57656;4 *;/'4 ':5+5 6

ϐ

(KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

(KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR (KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR

8GMVLWUVGTKPI VKN V RË (KCV &WECVQ V

ϐ

(KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR

(KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR (KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

(KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

$CUKU

*;/'4 GMUMNWUKXG NGVVOGVCNNHGNIGT UVM -WP OWNKI OGF (KCV &WECVQ /CZK EJCUUKU

ϐ

5RGUKGNN URKTCNHLÎT HQT HQTCMUGN &GMMVT[MMUGPUQTGT

ϐ ϐ

0KXËMQPVTQNNGT HQT DCMCMUGN #.%

ϐ

UVËNHGNIGT UVM K UVGFGV HQT UVËNHGNIGT

ϐ

5GVGQRRXCTOKPI HQT HĆTGTJWUUVQNGT UGRCTCV LWUVGTDCT /WNVKHWPMULQPUTCVV

ϐ ϐ

*;/'4 GMUMNWUKXG CNWOKPKWOUHGNIGT UVM -WP OWNKI OGF (KCV &WECVQ V EJCUUKU 6ËMGN[U

(ĆTGTCUUKUVGPV U[UVGO PĆFDTGOUCUUKUVCPUG CFXCTUGN QO MLĆTGHGNV HLGTPN[UCUUKUVGPV VTCHKMMUMKNVILGPMLGPPKPI UCOV N[U QI TGIPUGPUQT

ϐ ϐ

ϐ

GNNGT UVËN TGUGTXGJLWN KPMN JQNFGT K DCMTG QRRDGXCTKPIUTQO +PPXGPFKI UV[NG RCMMG KPUVTWOGPVDTGVV OGF CNWOKPKWOHCTIGFG CRRNKMCULQPGT KPUVTWOGPVRCPGN OGF MTQOTKPIGT

ϐ

N FTKXUVQHHVCPM NGVVOGVCNNHGNIGT OGF 4 FGMM MWP (KCV &WECVQ .KIJV EJCUUKU

ϐ ϐ

VTKPPU 9CPFNGTIKTMCUUG

ϐ

NGVVOGVCNNHGNIGT OGF 4 FGMM MWP (KCV &WECVQ /CZK EJCUUKU #XVCIDGTV JGPIGTHGUVG

ϐ ϐ

ϐ

ϐ ϐ

ϐ ϐ

ϐ

7VUV[T WVXGPFKI /CTMKUG OGF CFCRVGT JXKV GNNGT UĆNX Z EO

'NGMVTKUM VCMXKHVG OGF HWPMULQP VKNHĆTUGN QI CXVTGMM K MLĆMMGPGV 7VXGPFKI HCTIG RËD[II %T[UVCN 5KNXGT /GVCNNKE KPMN NCMMGTV CNMQXG

5KMMGTJGVUNËU VKN DQFGNUFĆT hRPKPIUDCTV XKPFW KPMN DNGPFKPIUICTFKP QI O[IIPGVVKPI XGPUVTG UKFG DCM

-QOHQTV UVĆVVGDGP DCM UVM

ϐ

-QOHQTV KPPICPIUFĆT OGF XKPFW DNGPFKPIUICTFKP UĆRRGNDĆVVG QI VQ RWPMVU NËU

ϐ

6CMTGKN OGF UVKIG DCM QI TKHNGV VCMRNCVG K CNWOKPKWO )(- VCM

ϐ ϐ

+UQNGTKPIUOCVVG WVXGPFKI VKN HTQPVTWVGP ;VVGTNKIGTG ITCHKMM RË UKFGUMLĆTVGV

ϐ ϐ

)CTCULGNWMG Z EO DCMXGII

ϐ

5[MMGNJQNFGT HQT U[MNGT OCMU NCUV MI 4COOGHQTNGPIGNUG KPMN MI ICTCULG NCUV

ϐ ϐ

7VXGPFKI HCTIG HĆTGTJWU /GVCNNKE #NWOKPQ ITË 5XCTV 2CUVGN )TKIKQ %CORQXQNQ

ϐ

/CTMKUG OGF CFCRVGT JXKV GNNGT UĆNX Z EO

ϐ

2CPQTCOC VCMNWHVKPI Z EO FQDDGNVINCUU OGF .'& DGN[UPKPI QXGT UGPI DCM /QVQTU[MMGN JQNFGT HCUV MCP QIUË DTWMGU VKN U[MNGT

ϐ ϐ

ϐ

/CTMKUG OGF CFCRVGT JXKV GNNGT UĆNX Z EO 7VUV[T KPPXGPFKI

$NGPFKPI HĆTGTJWU

ϐ

&WUL K ICTCULGP +UQNCULQPUOCVVG HQT HQVTQO K HĆTGTJWUGV NĆUV

ϐ ϐ

+UQNGTV FGNKPIU ICTFKP HQT HĆTGTJWU FQDDGN

ϐ

6KNNGIIURQNUVGT HQT GMUVTC UQXGOWNKIJGV KPMNWFGTV HĆTGTUGVGV KPMNWFGTV PGFNGIIDCTV DQTF

ϐ

5QXGU[UVGO OGF RNCVGTKUV HQT UGPIGT DCM 5ĆNX CRRNKMCULQP FCUJDQTF

ϐ ϐ

#ODKGPVGDGN[UPKPI 6KNNGIIURQNUVGT OGNNQO GPMGNVUGPIGT OGF UVKIG

ϐ ϐ

-QOHQTV . UKVVGITWRRG OGF UCNQPIRWVGT NCPIUIËGPFG VXGTTIËGPFG INKFGDQTF QI KPVGITGTVG RWPMVU DGNVGT

ϐ

5


5GPIGQOD[IIKPI UKVVGITWRRG KPMNWFGTV GMUVTC RWVG QI PGFNGIIDCTV DQTF 5GPIGQOD[IIKPI HQT MQOHQTV . UKVVGITWRRG KPMNWFGTV GMUVTC RWVG QI PGFNGIIDCTV DQTF

ϐ ϐ

'MUVTC XGMV

2TKU KP PMT

+PVGTKĆTFGUKIP

/ĆDGNFGMQT %JKCXGPPC 0WUUDCWO 5VQHHMQODKPCULQP )TC\KC 'EQ 6GEJ OCVGTKGNN

ϐ

6GMUVKNUMKPP UVQHHMQODKPCULQP %TGQNC &CNCPC

ϐ

)WNXVGRRG .CIWPC 5COQPC HQT HĆTGTJWU QI DQFGN NĆUV

ϐ

(CDTKE EQODKPCVKQP $QN\CPQ %TKUVCNNQ /KNCPQ QT 8GPVWTC

ϐ

-QOH[T QXPMQODKPCULQP 5OCTV 6QYGT N MLĆNGUMCR K UVGFGV HQT IWNX VKN VCM ICTFGTQDG

ϐ ϐ

.COGNNDWPP K VTG K FWULGP 1RRXCTOKPI MNKOC

ϐ

K0GV $QZ MQPVTQNN CX XCTONWHV QI VCM MNKOC XKC #RR QI HTGOXKUPKPI CX MLĆTGVĆ[FCVC

ϐ

'MUVTC DQFGNUDCVVGTK #J #)/ KPMN VKNNGIIU NCFGT # 'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT #

ϐ ϐ

#WVQOCVKUM ICUUQOMQDNKPI OGF MQNNKULQPUUGPUQT QI 'KU'Z

ϐ

'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$ )CUUWVVCM OGF CXURGTTKPIUMTCPG MLĆMMGP

ϐ ϐ

#NCTOU[UVGO HQT HĆTGTJWU DQFGN UCOV ICTCULGFĆTGT NWMGT

ϐ

8CTONWHVUQRRXCTOKPI M9 GNGMVTKUM QRRXCTOKPI OGF 9 QI XCTOVXCPPU DQKNGT

ϐ

6CM MNKOCCPNGII 9 'NGMVTKUM IWNXXCTOG K DQFGN QI OKFVICPI

ϐ ϐ

5QNEGNNG Z 9 OGF /226 MQPVTQNNGT QI UMLGTO 6QCNGVVXGPVKNGTKPI

ϐ ϐ

8CTONWHVUQRRXCTOKPI M9 GNGMVTKUM QRRXCTOKPI OGF 9 QI XCTOVXCPPU DQKNGT

-LĆMMGP $CF

7VVTGMMDCT UMWHH HQT ICUUHNCUMGT /WNVKOGFKC

ϐ

ϐ

&QDDGNV &+0 UQPG 5CV0CX OGF T[IIGMCOGTC KPMN T[IIURGKN UGTXKEGMCOGTC HQT CXNĆRUXCPPUVCPMFTGPGTKPI QI *;/'4 5OCTV %QPVTQN UMLGTO

ϐ

.'& 68 OGF KPPGD[IFG JĆ[VVCNGTG HLGTPMQPVTQNN &8& *;/'4 5OCTV /WNVKOGFKC U[UVGO OGF $NWGVQQVJŗ &8$ 6 % &8$ 5

ϐ

.'& 68 OGF KPPGD[IFG JĆ[VVCNGTG HLGTPMQPVTQNN &8& *;/'4 5OCTV /WNVKOGFKC U[UVGO OGF $NWGVQQVJŗ &8$ 6 % &8$ 5

ϐ

&KIKVCN RCTCDQNCPVGPPG EO WVGP OQVVCMGT &KIKVCN HNCV CPVGPPG WVGP OQVVCMGT

ϐ ϐ

GNNGT 68 JQNFGT

ϐ

4CFKQ &#$ OGF %& /2 URKNNGT .'& 68 RË UQXGTQOOGV 68 OGF KPPGD[IFG JĆ[VVCNGTG &8& &8$ 6 % &8$ 5 NGFPKPIGT UCOV XGII JQNFGT

ϐ

ϐ

2CMMG

5V[NG RCMMG WVXGPFKI

2ËD[IIURCMMG

$QFGNU MQOHQTVRCMMG

ϐ

%JCUUKU RCMMG 2ËD[IIURCMMG

ϐ ϐ

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

ϐ

ϐ

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

8GPPNKIUV XÎT QRROGTMUQO RË JGPXKUPKPIGPG QI MQOOGPVCTGPG RË UKFGPG

6


24+5 1) 6'-0+5- &#6# *;/'4 ':5+5 6 14+)+0#.

5VCPFCTF EJCUUKU

(KCV &WECVQ NQY HTCOG

$CUKU OQVQTKUGTKPI

/WNVKLGV

#XICUUPQTO

'WTQ F VGOR

M9 *-

6QVCN NGPIFG EC EO

-CTQUUGTKDTGFFG EC EO J

6QVCN DTGFFG EC EO K

+PPXGPFKI DTGFFG EC EO

6QVCN JĆ[FG EC EO E I

5VËJĆ[FG K DQFGN EC EO

*LWNCXUVCPF EC OO

/CMU P[VVGNCUV EC MI E

6GMPKUM VKNNCVV VQVCNXGMV MI

/CMU VKNNCVV VKNJGPIGTNCUV OGF DTGOUG MI G

/CMU CPVCNN RCUUCULGTGT F M

%JCUUKU OQV GMUVTC MQUVPCF

(KCV &WECVQ /CZK NQY HTCOG

/QVQTKUGTKPI

/WNVKLGV

8GMV K MLĆTGMNCT VKNUVCPF EC MI

/CMU P[VVGNCUV EC MI

6KNNCVV VKNJGPIGTNCUV OGF DTGOUG MI

6GMPKUM VKNNCVV VQVCNXGMV MI

6KNNCVV CPVCNN RCUUCULGTGT

+UQNCULQP IWNX UKFGXGII VCM OO

.[UOËN NCUVGTQO ICTCULGFĆT GNNGT NWMG $ Z * EC EO

Z Z Z

5GPIGOËN UGPI DCM . Z $ EC EO

Z Z

5GPIGT

$CF $ Z 6 EC EO

Z

)CTFGTQDG $ Z & Z * EC EO

Z Z

-LĆMMGP $ Z & Z * EC EO

Z Z

-LĆNGUMCR XQNWO KPMN HT[UGT EC N

8CTOG

M9 YCTO CKT

(GTUMXCPPUHQTU[PKPI EC N

8CPPVKNICPI EC N WPFGT MLĆTKPI

5RKNNXCPPUVCPM EC MI

5VCTVGT DCVVGT[ #J

'MUVTC DCVVGTK #J KPMN GMUVTC NCFGT

.KVJKWO

)CUU HQTU[PKPI MI

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

Z MI

5VKMMQPVCMV 8

5VKMMQPVCMV 8

5VKMMQPVCMV 75$

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

7


2#--'4 *;/'4 ':5+5 6 14+)+0#. 5V[NG RCMMG WVXGPFKI

0QM

4CFKCVQT ITKNN TCOOG INCPUGV UXCTV (TQPVN[MVGT OGF UXCTV TCOOG

ϐ

&ĆTJËPFVCM K MLĆTGVĆ[GVU HCTIG -LĆTGDGUM[VVGNUG UMKF RNCVG UXCTV INCPU

.'& FCIUMLĆTGN[U

ϐ

2CMMG RTKU

ϐ

2ËD[IIURCMMG

0QM

/[IIPGVVKPI RË DQFGNUFĆT

ϐ

2CPQTCOCVCM QXGT HĆTGTJWUGV OCPWGNV LWUVGTDCTV 8KPFW K KPPICPIUFĆTGP OGF DNGPFKPIUICTFKP QI KPVGITGTV UĆRRGNDĆVVG

ϐ ϐ

$NGPFKPI HĆTGTJWU

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

$QFGNU MQOHQTVRCMMG #ODKGPVGDGN[UPKPI

ϐ

0QM ϐ

.CMGP VKN UGPI DCM

ϐ

R[PVGRWVGT

ϐ

.COGNNDWPP K VTG K FWULGP 'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

%JCUUKU RCMMG

ϐ

0QM

5RQKNGT NCMMGTV K MLĆTGVĆ[GVU HCTIG

ϐ

4CVV QI IKTMWNG K UMKPP /CPWGNN MNKOCCPNGII OGF RQNNGPHKNVGT

ϐ ϐ

(KCV %TWKUG %QPVTQN

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

8


56#0&#4& 7656;4 *;/'4 ':5+5 6 14+)+0#.

%JCUUKU (KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR $CUKU '52 KPMN #54 6TCEVKQP 2NWU QI *KNN *QNFGT 5OWUUHCPIGT RË DCMCMUGN &CIUMLĆTGN[U KPVGITGTV K HTQPVN[MGPG VTKPPU IKTMCUUG #$5 DNQMMGTKPIUHTKG DTGOUGT QI '$& GNGMVTQPKUM DTGOUGMTCHVHQTFGNKPI 'NGMVTKUM XKPFWUJGKU QI UGPVTCNNËU HQT HĆTGTJWU #KTDCI RË HĆTGT QI RCUUCULGTUKFG 'NGMVTKUMG LWUVGTDCTG QI QRRXCTODCTG WVXGPFKI URGKN N #F$NWG VCPM .CXTCOOG EJCUUKU OGF ILGPPQONCUVKPIUHWPMULQP 7VUV[T WVXGPFKI 7VXGPFKI HCTIG HĆTGTJWU JXKV RËD[II JXKV EO DTGF OCZK KPPICPIUFĆT 7VXGPFKI UGTXKEGNWMG RË HĆTGTUKFGP VKN QRRDGXCTKPI CX . UKVVGITWRRGP hRPKPIUDCTV XKPFW OGF DNGPFKPIUICTFKP QI O[IIPGVVKPI JĆ[TG QI XGPUVTG UKFG DCM 'NGMVTKUM KPPICPIUVTKPP OGF VTKPP 'MUMNWUKXG *;/'4 OWNVKHWPMULQPU DCMN[MVGT OGF .'& J[DTKFVGMPQNQIK )CTCULG P[VVGNCUV RË QRR VKN MI GMUVTCWVUV[T MI 8ÎT QRROGTMUQO RË CMUGNNCUVGP (QTJGPI K HĆTGTJWUGV K RNKUGG UVQHH K JĆ[ MXCNKVGV 2TGOKWO *KIJVGE MCTQUUGTK CNW CNW 27#. UCPFYKEJ HQT QRVKOCN KUQNCULQP WVGP MWNFGDTQGT VTGHTKVV 1RVKOCN KUQNGTKPI OGF 27#. MQPUVTWMULQP OGF QRRUMWOOGFG XGIIGT QI QRRUMWOOGV VCM OO XGII QI VCMV[MMGNUG QI TCOOGXKPFWGT )(- NGVVXGMVUIWNX VTGHTKVV OGF :25 KUQNCULQP 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI RË DCFGV 6CMNWHVKPI MNCTV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGPI GT DCM 5VQTG ICTCULGFĆTGT JĆ[TG UKFG 7VUV[T KPPXGPFKI (TQPV UKVVGITWRRG OGF KPVGITGTV RWPMVU DGNVG .WZWU DQTF ITCFGT FTGKDCT NGPIG QI UKFG LWUVGTDCT (ĆTGTUVQNGT VTGMV K DQFGNU UVQHH JĆ[FG QI VKNV LWUVGTDCT TQVGTDCT OGF CTONGPGT .'& OCTMKUGN[U /WNVK UQPG MCNFUMWOOCFTCUU KPMN JĆ[MXCNKVGVU OCFTCUU UVTKMMGV UVQHH HQT XGPVKNCULQP -QORNGVV .'& KPVGTKĆTDGN[UPKPI /QFGTPG NKPGÎTV KPVGTKĆTFGUKIP (WPMULQPUKPVGITCULQP K OĆDNGNGNGOGPVGT .'& DGN[UPKPI +PVGTKĆTFGUKIP /ĆDGNFGMQT 5CWXKIPQP 1CM 5VQHHMQODKPCULQP &GPXGT -QTHW -LĆMMGP . 5OCTV 6QYGT MLĆNGUMCR 5GTXQ UQHV ENQUG RË MLĆMMGPGV 'MUVTC DTGFG HTKVV FGNDCTG MLĆMMGPUMWHHGT 1RRXCTOKPI MNKOC .%& VCUVCVWT HQT QRRXCTOKPI KPMN K0GV MNCT )CUUHNCUMGMCOOGT OGF VKNICPI XKC FGP GMUVGTPG MNCHHGP FĆTGP 8CTONWHVUQRRXCTOKPI K DCMTG UQXGTQO UGRCTCV LWUVGTDCTV (QTUVGTMGV DCVVGTK 8 #J #)/ N HGTUMXCPPUVCPM KUQNGTV QI QRRXCTOGV N URKNNXCPPUVCPM KUQNGTV QI QRRXCTOGV 8CTONWHVUQRRXCTOKPI M9 OGF XCTOVXCPPU DQKNGT /WNVKOGFKC 4CFKQ 68 RTG KPUVCNNCVKQP KPEN 8 CPF 8 UQEMGV URGCMGTU KP VJG ECD VJG HTQPV DGF TCFKQ CPF &8$ 6 CPVGPPC

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

9


2TKU KP PMT %JCUUKU

8GMVLWUVGTKPI VKN V HQT (KCV &WECVQ /CZK EJCUUKU

'MUVTC XGMV

6+..'))57656;4 *;/'4 ':5+5 6 14+)+0#.

ϐ

(KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

(KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR (KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

(KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

(KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR

8GMVLWUVGTKPI VKN V RË (KCV &WECVQ V (KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR

ϐ

(KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

$CUKU

UVËNHGNIGT UVM K UVGFGV HQT UVËNHGNIGT

ϐ

(ĆTGTCUUKUVGPV U[UVGO PĆFDTGOUCUUKUVCPUG CFXCTUGN QO MLĆTGHGNV HLGTPN[UCUUKUVGPV VTCHKMMUMKNVILGPMLGPPKPI UCOV N[U QI TGIPUGPUQT /WNVKHWPMULQPUTCVV

ϐ ϐ

6ËMGN[U

*;/'4 GMUMNWUKXG NGVVOGVCNNHGNIGT UVM -WP OWNKI OGF (KCV &WECVQ /CZK EJCUUKU

ϐ

ϐ

&GMMVT[MMUGPUQTGT 5GVGQRRXCTOKPI HQT HĆTGTJWUUVQNGT UGRCTCV LWUVGTDCT

ϐ ϐ

-TQONKUVGT TCFKCVQT ITKNN GNNGT UVËN TGUGTXGJLWN KPMN JQNFGT K DCMTG QRRDGXCTKPIUTQO

ϐ ϐ

+PPXGPFKI UV[NG RCMMG KPUVTWOGPVDTGVV OGF CNWOKPKWOHCTIGFG CRRNKMCULQPGT KPUVTWOGPVRCPGN OGF MTQOTKPIGT

ϐ

N FTKXUVQHHVCPM

ϐ

NGVVOGVCNNHGNIGT OGF 4 FGMM MWP (KCV &WECVQ .KIJV EJCUUKU VTKPPU 9CPFNGTIKTMCUUG

ϐ ϐ

NGVVOGVCNNHGNIGT OGF 4 FGMM MWP (KCV &WECVQ /CZK EJCUUKU #XVCIDGTV JGPIGTHGUVG

ϐ ϐ

7VUV[T WVXGPFKI

/CTMKUG OGF CFCRVGT JXKV GNNGT UĆNX Z EO -QOHQTV UVĆVVGDGP DCM UVM

ϐ ϐ

7VXGPFKI HCTIG RËD[II %T[UVCN 5KNXGT /GVCNNKE KPMN NCMMGTV CNMQXG

ϐ

'NGMVTKUM VCMXKHVG OGF HWPMULQP VKNHĆTUGN QI CXVTGMM K MLĆMMGPGV

ϐ

5KMMGTJGVUNËU VKN DQFGNUFĆT /QVQTU[MMGN JQNFGT HCUV MCP QIUË DTWMGU VKN U[MNGT

ϐ ϐ

6CMTGKN OGF UVKIG DCM QI TKHNGV VCMRNCVG K CNWOKPKWO -QOHQTV KPPICPIUFĆT OGF XKPFW DNGPFKPIUICTFKP UĆRRGNDĆVVG QI VQ RWPMVU NËU

ϐ ϐ

5[MMGNJQNFGT HQT U[MNGT OCMU NCUV MI

ϐ

+UQNGTKPIUOCVVG WVXGPFKI VKN HTQPVTWVGP )(- VCM

ϐ ϐ

4COOGHQTNGPIGNUG KPMN MI ICTCULG NCUV

ϐ

7VXGPFKI NCUVGNWMG Z EO

ϐ

7VXGPFKI HCTIG HĆTGTJWU /GVCNNKE #NWOKPQ ITË 5XCTV 2CUVGN )TKIKQ %CORQXQNQ 7VUV[T KPPXGPFKI

ϐ

$NGPFKPI HĆTGTJWU +UQNGTV FGNKPIU ICTFKP HQT HĆTGTJWU FQDDGN

ϐ ϐ

+UQNCULQPUOCVVG HQT HQVTQO K HĆTGTJWUGV NĆUV

ϐ

&WUL K ICTCULGP

ϐ

6KNNGIIURQNUVGT HQT GMUVTC UQXGOWNKIJGV KPMNWFGTV HĆTGTUGVGV KPMNWFGTV PGFNGIIDCTV DQTF -QOHQTV . UKVVGITWRRG OGF UCNQPIRWVGT NCPIUIËGPFG VXGTTIËGPFG INKFGDQTF QI KPVGITGTVG RWPMVU DGNVGT

ϐ ϐ

6KNNGIIURQNUVGT OGNNQO GPMGNVUGPIGT KPMN KPVGITGTV MQOHQTV VTKPP 5ĆNX CRRNKMCULQP FCUJDQTF

ϐ ϐ

#ODKGPVGDGN[UPKPI

ϐ

::. UGPI GMUVTC NCPI OCFTCUU EO KPMN JCNXJĆ[FG ICTFGTQDG K UVGFGV HQT TQOJĆ[ ICTFGTQDG 5QXGU[UVGO OGF RNCVGTKUV HQT UGPIGT DCM

ϐ ϐ

1XGTJGCF NQEMGTU CDQXG TGCT DGFU KPUVGCF QH QRGP UJGNXGU

ϐ

+PVGTKĆTFGUKIP

/ĆDGNFGMQT %JKCXGPPC 0WUUDCWO 6GMUVKNUMKPP UVQHHMQODKPCULQP &CNCPC

ϐ

5VQHHMQODKPCULQP 8GPVWTC $QN\CPQ )WNXVGRRG .CIWPC 5COQPC HQT HĆTGTJWU QI DQFGN NĆUV

ϐ ϐ

-QOH[T QXPMQODKPCULQP

ϐ

-LĆMMGP

10


.COGNNDWPP K VTG K FWULGP

'MUVTC XGMV

2TKU KP PMT $CF

ϐ

ϐ ϐ

1RRXCTOKPI MNKOC

6CM MNKOCCPNGII 9 7VXGPFKI ICUUVKNMQDNKPI OGF CXURGTTKPIUMTCPG

7VVTGMMDCT UMWHH HQT ICUUHNCUMGT

ϐ

'MUVTC DQFGNUDCVVGTK #J #)/ KPMN VKNNGIIU NCFGT #

ϐ

6QCNGVVXGPVKNGTKPI 5QNEGNNG Z 9 OGF /226 MQPVTQNNGT QI UMLGTO

ϐ ϐ

'NGMVTKUM IWNXXCTOG K DQFGN QI OKFVICPI K0GV $QZ MQPVTQNN CX XCTONWHV QI VCM MNKOC XKC #RR QI HTGOXKUPKPI CX MLĆTGVĆ[FCVC

ϐ ϐ

8CTONWHVUQRRXCTOKPI M9 GNGMVTKUM QRRXCTOKPI OGF 9 QI XCTOVXCPPU DQKNGT

ϐ

#WVQOCVKUM ICUUQOMQDNKPI OGF MQNNKULQPUUGPUQT QI 'KU'Z 'MUVTC DQFGNUDCVVGTK *[DTKF #J .KVJKWO KPMN VKNNGIIUNCFGT #

ϐ ϐ

'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$

ϐ

/WNVKOGFKC 4CFKQ &#$ OGF %& /2 URKNNGT KPMN CWVQOCVKUM D[VVG

ϐ

.'& 68 RË UQXGTQOOGV 68 OGF KPPGD[IFG JĆ[VVCNGTG &8& &8$ 6 % &8$ 5 NGFPKPIGT UCOV XGII JQNFGT

ϐ

&KIKVCN RCTCDQNCPVGPPG EO 6YKP .0$ WVGP OQVVCMGT GNNGT 68 JQNFGT

ϐ ϐ

&KIKVCN RCTCDQNCPVGPPG EO WVGP OQVVCMGT

ϐ

&KIKVCN HNCV CPVGPPG WVGP OQVVCMGT

ϐ

&KIKVCN RCTCDQNCPVGPPG EO WVGP OQVVCMGT .'& 68 OGF KPPGD[IFG JĆ[VVCNGTG HLGTPMQPVTQNN &8& *;/'4 5OCTV /WNVKOGFKC U[UVGO OGF $NWGVQQVJŗ &8$ 6 % &8$ 5

ϐ

ϐ

&QDDGNV &+0 UQPG 5CV0CX OGF T[IIGMCOGTC KPMN T[IIURGKN UGTXKEGMCOGTC HQT CXNĆRUXCPPUVCPMFTGPGTKPI QI *;/'4 5OCTV %QPVTQN UMLGTO

ϐ

5V[NG RCMMG WVXGPFKI 2ËD[IIURCMMG

ϐ ϐ

$QFGNU MQOHQTVRCMMG

ϐ

%JCUUKU RCMMG

ϐ

2CMMG

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

8GPPNKIUV XÎT QRROGTMUQO RË JGPXKUPKPIGPG QI MQOOGPVCTGPG RË UKFGPG

11


24+5 1) 6'-0+5- &#6# *;/'4 ':5+5 +

5VCPFCTF EJCUUKU $CUKU OQVQTKUGTKPI #XICUUPQTO M9 *-

(KCV #. -1 &WECVQ

(KCV #. -1 &WECVQ

(KCV #. -1 &WECVQ

(KCV #. -1 &WECVQ

(KCV #. -1 &WECVQ

/WNVKLGV

/WNVKLGV

/WNVKLGV

/WNVKLGV

/WNVKLGV

'WTQ F VGOR

'WTQ F VGOR

'WTQ F VGOR

'WTQ F VGOR

'WTQ F VGOR

6QVCN NGPIFG EC EO

-CTQUUGTKDTGFFG EC EO J

6QVCN DTGFFG EC EO K

+PPXGPFKI DTGFFG EC EO

6QVCN JĆ[FG EC EO E I

5VËJĆ[FG K DQFGN EC EO

*LWNCXUVCPF EC OO

8GMV K MLĆTGMNCT VKNUVCPF EC MI D

/CMU P[VVGNCUV EC MI E

6GMPKUM VKNNCVV VQVCNXGMV MI

/CMU VKNNCVV VKNJGPIGTNCUV OGF DTGOUG MI G

/CMU CPVCNN RCUUCULGTGT F M

%JCUUKU OQV GMUVTC MQUVPCF

(KCV #. -1 &WECVQ /CZK

(KCV #. -1 &WECVQ /CZK

(KCV #. -1 &WECVQ /CZK

(KCV #. -1 &WECVQ /CZK

/WNVKLGV

/WNVKLGV

/WNVKLGV

/WNVKLGV

/QVQTKUGTKPI 8GMV K MLĆTGMNCT VKNUVCPF EC MI /CMU P[VVGNCUV EC MI 6KNNCVV VKNJGPIGTNCUV OGF DTGOUG MI 6GMPKUM VKNNCVV VQVCNXGMV MI

6KNNCVV CPVCNN RCUUCULGTGT +UQNCULQP IWNX UKFGXGII VCM OO .[UOËN NCUVGTQO ICTCULGFĆT GNNGT NWMG $ Z * EC EO 5GPIGOËN OKFVGP . Z $ EC EO 5GPIGOËN UGPI DCM . Z $ EC EO 5GPIGOËN UGPMGUGPI . Z $ EC EO

Z

Z

Z

Z

Z

Z

Z

Z

Z

Z

Z Z

Z

Z Z

Z

Z Z

Z EO

Z EO

Z EO

Z EO

Z EO

Z

Z

Z

Z

Z

Z

Z

5GPIGT $CF $ Z 6 EC EO

5GRCTCV FWUL $ Z & EC EO )CTFGTQDG $ Z & Z * EC EO

Z Z

Z Z

Z Z

Z Z

Z Z

-LĆMMGP $ Z & Z * EC EO

Z Z

Z Z

Z Z

Z Z

Z Z

-LĆNGUMCR XQNWO KPMN HT[UGT EC N 8CTOG

M9 YCTO CKT

M9 YCTO CKT

M9 YCTO CKT

M9 YCTO CKT

M9 YCTO CKT

(GTUMXCPPUHQTU[PKPI EC N

8CPPVKNICPI EC N WPFGT MLĆTKPI

5RKNNXCPPUVCPM EC MI

5VCTVGT DCVVGT[ #J 'MUVTC DCVVGTK #J KPMN GMUVTC NCFGT )CUU HQTU[PKPI MI

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO Z MI

Z MI

Z MI

Z MI

Z MI

5VKMMQPVCMV 8

5VKMMQPVCMV 8

5VKMMQPVCMV 75$

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

12


2#--'4 *;/'4 ':5+5 + %JCUUKU RCMMG

0QM

4CVV QI IKTMWNG K UMKPP /CPWGNN MNKOCCPNGII OGF RQNNGPHKNVGT

ϐ ϐ

(KCV %TWKUG %QPVTQN 5RGUKGNN URKTCNHLÎT HQT HQTCMUGN

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

$QFGNU MQOHQTVRCMMG #ODKGPVGDGN[UPKPI

ϐ

0QM ϐ

.CMGP VKN UGPI DCM

ϐ

R[PVGRWVGT .COGNNDWPP K VTG K FWULGP

ϐ ϐ

'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

5V[NG RCMMG

ϐ

0QM

-TQONKUVGT TCFKCVQT ITKNN 4CFKCVQT ITKNN INCPUGV

ϐ ϐ

'MUVTC ITCHKMM 'ZUKU K VËMGN[U XKPFWUMLĆTV UKFGUMLĆTV

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

2ËD[IIURCMMG

0QM

/[IIPGVVKPI RË DQFGNUFĆT 8KPFW K KPPICPIUFĆTGP OGF DNGPFKPIUICTFKP QI KPVGITGTV UĆRRGNDĆVVG

ϐ ϐ

N MLĆNGUMCR

ϐ

(ĆTGTFĆT OGF GNGMVTKUM XKPFW QI KPPICPIUDGN[UPKPI

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

2ËD[IIURCMMG /[IIPGVVKPI RË DQFGNUFĆT 8KPFW K KPPICPIUFĆTGP OGF DNGPFKPIUICTFKP QI KPVGITGTV UĆRRGNDĆVVG

ϐ

0QM ϐ ϐ

(ĆTGTFĆT OGF GNGMVTKUM XKPFW QI KPPICPIUDGN[UPKPI

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

13


56#0&#4& 7656;4 *;/'4 ':5+5 +

%JCUUKU (KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR $CUKU 5OWUUHCPIGT RË HQTCP QI DCMCMUGN .'& FCIUMLĆTGN[U QI .'& DNKPMN[U KPVGITGTV K *;/'4 HTQPVNCORGPG -QRRJQNFGT XGF HĆTGT QI RCUUCULGTUGVG 7VXGPFKIG URGKN NCMMGTV K DKNGPU HCTIG GNGMVTKUM QRRXCTOGV QI LWUVGTDCT KPMNWFGTV XKFXKPMGN URGKN #. -1 TCOOG #KTDCI RË HĆTGT QI RCUUCULGTUKFG #$5 DNQMMGTKPIUHTKG DTGOUGT QI '$& GNGMVTQPKUM DTGOUGMTCHVHQTFGNKPI N #F$NWG VCPM '52 KPMN #54 6TCEVKQP 2NWU QI *KNN *QNFGT VTKPPU IKTMCUUG 7VUV[T WVXGPFKI hRPKPIUDCTV XKPFW OGF DNGPFKPIUICTFKP QI O[IIPGVVKPI JĆ[TG UKFG DCM )NCVV CNWOKPKWO HCTIG %CTTCTC JXKV 2CPQTCOC VCMWHVKPI Z EO FQDNG INCUU OGF .'& DGN[UPKPI K DQFGN )(- NGVVXGMVUIWNX VTGHTKVV OGF :25 KUQNCULQP EO DTGF OCZK KPPICPIUFĆT 7VXGPFKI UGTXKEGNWMG RË HĆTGTUKFGP VKN QRRDGXCTKPI CX . UKVVGITWRRGP 'NGMVTKUM KPPICPIUVTKPP OGF VTKPP 'MUMNWUKXG *;/'4 OWNVKHWPMULQPU DCMN[MVGT OGF .'& J[DTKFVGMPQNQIK (QNFG OĆTMNGIIKPI K HĆTGTJWUGV K RNKUG UVQHH CX JĆ[ MXCNKVGV )CTCULG P[VVGNCUV RË QRR VKN MI GMUVTCWVUV[T MI 8ÎT QRROGTMUQO RË CMUGNNCUVGP 5VQTG ICTCULGFĆTGT JĆ[TG QI XGPUVTG UKFG 6CMNWHVKPI MNCTV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGPI GT DCM 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI RË DCFGV 1RVKOCN KUQNGTKPI OGF 27#. MQPUVTWMULQP OGF QRRUMWOOGFG XGIIGT QI QRRUMWOOGV VCM OO XGII QI VCMV[MMGNUG QI TCOOGXKPFWGT 2TGOKWO *KIJVGE MCTQUUGTK CNW CNW 27#. UCPFYKEJ HQT QRVKOCN KUQNCULQP WVGP MWNFGDTQGT VTGHTKVV 7VUV[T KPPXGPFKI .WZWU DQTF ITCFGT FTGKDCT NGPIG QI UKFG LWUVGTDCT 2KNQVUVQNGT K DQFGN UVQHH UXKPIDCTG OGF CTONGPGT -QOHQTV . UKVVGITWRRG OGF NQWPIG RQNUVTKPI QI KPVGITGTVG RWPMVU DGNVG *GXG UGPMGUGPI OCPWGNN /WNVK UQPG MCNFUMWOOCFTCUU KPMN JĆ[MXCNKVGVU OCFTCUU UVTKMMGV UVQHH HQT XGPVKNCULQP .'& DGN[UPKPI -QORNGVV .'& KPVGTKĆTDGN[UPKPI +PVGTKĆTFGUKIP /ĆDGNFGMQT 5CWXKIPQP 1CM 5VQHHMQODKPCULQP &GPXGT -QTHW %WUEQ ,CPGKTQ -LĆMMGP 5GTXQ UQHV ENQUG RË MLĆMMGPGV 'MUVTC DTGFG HTKVV FGNDCTG MLĆMMGPUMWHHGT 1RRXCTOKPI MNKOC 8CTONWHVUQRRXCTOKPI M9 OGF XCTOVXCPPU DQKNGT )CUUHNCUMGMCOOGT OGF VKNICPI XKC FGP GMUVGTPG MNCHHGP FĆTGP 1RRXCTOGV QI KUQNGTV URKNNXCPPUVCPM N N HGTUMXCPPUVCPM KUQNGTV QI QRRXCTOGV .%& VCUVCVWT HQT QRRXCTOKPI KPMN K0GV MNCT 1RRXCTOGV RQFKG XGF UKVVGITWRRGP XCTONWHV 0[GUVG XCTOGMQPUGRV K HĆTGTJWUGV OGF HQTUVGTMGV XCTONWHV KPMN QRRXCTOGV FCULDQTF 8CTONWHVUQRRXCTOKPI K DCMTG UQXGTQO UGRCTCV LWUVGTDCTV (QTUVGTMGV DCVVGTK 8 #J #)/ /WNVKOGFKC 4CFKQ 68 HQTDGTGFGNUG KPMN 8 QI 8 WVVCM JĆ[VVCNGTG K HĆTGTJWUGV UGPI HQTCP UCOV UGPI DCM TCFKQ QI &8$ 6 CPVGPPG 4CFKQ 68 HQTDGTGFGNUG RË UKFGDQCTF KPMN 8 QI 8 WVVCM JĆ[VVCNGTG K HĆTGTJWUGV HTQPV UCOV DCMTG UQXGTQO TCFKQ QI &8$ 6 CPVGPPG

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

14


8GMVLWUVGTKPI VKN V HQT (KCV &WECVQ /CZK EJCUUKU

'MUVTC XGMV

ϐ

(KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

(KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR (KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

(KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR

2TKU KP PMT %JCUUKU

6+..'))57656;4 *;/'4 ':5+5 +

8GMVLWUVGTKPI VKN V RË (KCV &WECVQ V

ϐ

(KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR (KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR

(KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

$CUKU

N FTKXUVQHHVCPM

ϐ

#XVCIDGTV JGPIGTHGUVG VTKPPU 9CPFNGTIKTMCUUG

ϐ ϐ

*;/'4 GMUMNWUKXG CNWOKPKWOUHGNIGT UVM -WP OWNKI OGF (KCV &WECVQ V EJCUUKU

ϐ

*CNQIGP VËMGN[U

ϐ

.'& VËMGN[U KPMN UVCVKUMG MWTXGN[U /WNVKHWPMULQPUTCVV

ϐ ϐ

%QOHQTV UWURGPUKQP #%5 $K .'& HTQPVN[MVGT

ϐ ϐ

&GMMVT[MMUGPUQTGT

ϐ

GNNGT UVËN TGUGTXGJLWN KPMN JQNFGT K DCMTG QRRDGXCTKPIUTQO

ϐ

+PPXGPFKI UV[NG RCMMG KPUVTWOGPVDTGVV OGF CNWOKPKWOHCTIGFG CRRNKMCULQPGT KPUVTWOGPVRCPGN OGF MTQOTKPIGT

ϐ

UVËNHGNIGT UVM K UVGFGV HQT UVËNHGNIGT

ϐ

5GVGQRRXCTOKPI HQT HĆTGTJWUUVQNGT UGRCTCV LWUVGTDCT *;/'4 GMUMNWUKXG NGVVOGVCNNHGNIGT UVM -WP OWNKI OGF (KCV &WECVQ /CZK EJCUUKU

ϐ ϐ

NGVVOGVCNNHGNIGT OGF 4 FGMM MWP (KCV &WECVQ .KIJV EJCUUKU

ϐ

NGVVOGVCNNHGNIGT OGF 4 FGMM MWP (KCV &WECVQ /CZK EJCUUKU 0KXËMQPVTQNNGT HQT DCMCMUGN #.%

ϐ ϐ

6Q UKTMGNU HWNN NWHVHLÎTKPI HQT DCMCMUGN KPMN OWNKIJGV HQT NĆHV QI UGPMKPI

ϐ

ϐ

(KTG MTGVU NWHVHLÎTKPI 7VUV[T WVXGPFKI

/CTMKUG OGF CFCRVGT JXKV GNNGT UĆNX Z EO

ϐ

/QVQTU[MMGN JQNFGT HCUV MCP QIUË DTWMGU VKN U[MNGT 5[MMGNJQNFGT HQT U[MNGT OCMU NCUV MI

ϐ ϐ

'NGMVTKUM VCMXKHVG OGF HWPMULQP VKNHĆTUGN QI CXVTGMM K MLĆMMGPGV

ϐ

2CPQTCOC VCMNWHVKPI Z EO FQDDGNVINCUU OGF .'& DGN[UPKPI QXGT UGPI DCM hRPKPIUDCTV XKPFW KPMN DNGPFKPIUICTFKP QI O[IIPGVVKPI XGPUVTG UKFG DCM

ϐ ϐ

-QOHQTV UVĆVVGDGP DCM UVM

-QOHQTV KPPICPIUFĆT OGF XKPFW DNGPFKPIUICTFKP UĆRRGNDĆVVG QI VQ RWPMVU NËU 7VXGPFKI HCTIG %T[UVCN 5KNXGT /GVCNNKE

5[MMGNJQNFGT HQT U[MNGT OCMU NCUV MI

5KMMGTJGVUNËU VKN HĆTGTFĆT QI DQFGNUFĆT +UQNGTV INCUU VKN UKFGTWVGT K HĆTGTJWU QI HĆTGTFĆT

)CTCULGNWMG Z EO DCMXGII

ϐ

'NGMVTKUM KPPICPIUVTKPP RË HĆTGTFĆTGP CWVQOCVKUM 6CMNWMG Z EO HTCOOG OGF DNGPFKPIURNKUG QI O[IIPGVV

ϐ ϐ

+UQNGTKPIUOCVVG WVXGPFKI VKN HTQPVTWVG

ϐ

)(- VCM 4COOGHQTNGPIGNUG KPMN MI ICTCULG NCUV

ϐ ϐ

6CMTGKN OGF UVKIG DCM QI TKHNGV VCMRNCVG K CNWOKPKWO /CTMKUG OGF CFCRVGT JXKV GNNGT UĆNX Z EO #YPKPI YKVJ CFCRVGT YJKVG QT UKNXGT JQWUKPI Z EO

ϐ

ϐ ϐ

ϐ

ϐ ϐ

ϐ

ϐ ϐ

7VUV[T KPPXGPFKI

&WUL K ICTCULGP *Ć[FG QI VKNVLWUVGTKPI HQT RKNQVUGVGT

ϐ ϐ

5MCR HQTCP KUVGFGPHQT UGPMGUGPI KPMNWFGTV VCMNWMG

ϐ

+UQNCULQPUOCVVG HQT HQVTQO K HĆTGTJWUGV NĆUV UGVG OGF OCIGDGNVG K UKVVGDGPMG JĆ[TG UKFG K MLĆTGTGVPKPIGP

ϐ ϐ

6KNNGIIURQNUVGT OGNNQO GPMGNVUGPIGT OGF UVKIG

ϐ

15


'MUVTC XGMV

2TKU KP PMT

5ĆNX CRRNKMCULQP FCUJDQTF 5QXGU[UVGO OGF RNCVGTKUV HQT UGPIGT DCM

ϐ ϐ

#ODKGPVGDGN[UPKPI

ϐ

5QXGU[UVGO OGF RNCVGTKUV HQT UGPI HQTCP 5GPIGQOD[IIKPI HQT MQOHQTV . UKVVGITWRRG KPMNWFGTV GMUVTC RWVG QI PGFNGIIDCTV DQTF

ϐ ϐ

+PVGTKĆTFGUKIP

/ĆDGNFGMQT %JKCXGPPC 0WUUDCWO

5VQHHMQODKPCULQP )TC\KC 'EQ 6GEJ OCVGTKGNN (CDTKE EQODKPCVKQP $QN\CPQ %TKUVCNNQ /KNCPQ QT 8GPVWTC

ϐ ϐ

6GMUVKNUMKPP UVQHHMQODKPCULQP %TGQNC &CNCPC )WNXVGRRG .CIWPC 5COQPC HQT HĆTGTJWU QI DQFGN NĆUV

ϐ ϐ

ϐ ϐ

ϐ

-LĆMMGP

5OCTV 6QYGT N MLĆNGUMCR K UVGFGV HQT IWNX VKN VCM ICTFGTQDG -QOH[T QXPMQODKPCULQP

$CF .COGNNDWPP K VTG K FWULGP 1RRXCTOKPI MNKOC

'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$

5QNEGNNG Z 9 OGF /226 MQPVTQNNGT QI UMLGTO 6QCNGVVXGPVKNGTKPI

ϐ

ϐ ϐ

K0GV $QZ MQPVTQNN CX XCTONWHV QI VCM MNKOC XKC #RR QI HTGOXKUPKPI CX MLĆTGVĆ[FCVC

ϐ

8CTONWHVUQRRXCTOKPI M9 GNGMVTKUM QRRXCTOKPI OGF 9 QI XCTOVXCPPU DQKNGT

ϐ

7VVTGMMDCT UMWHH HQT ICUUHNCUMGT 'MUVTC DQFGNUDCVVGTK #J #)/ KPMN VKNNGIIU NCFGT #

ϐ ϐ

'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT # #WVQOCVKUM ICUUQOMQDNKPI OGF MQNNKULQPUUGPUQT QI 'KU'Z

ϐ ϐ

5QNEGNNG 9 OGF /226 MQPVTQNNGT QI UMLGTO

ϐ

)CUUWVVCM OGF CXURGTTKPIUMTCPG MLĆMMGP #NCTOU[UVGO HQT HĆTGTJWU DQFGN UCOV ICTCULGFĆTGT NWMGT

ϐ ϐ

6CM MNKOCCPNGII 9

ϐ

.'& 68 RË UQXGTQOOGV 68 OGF KPPGD[IFG JĆ[VVCNGTG &8& &8$ 6 % &8$ 5 NGFPKPIGT UCOV XGII JQNFGT

ϐ

/WNVKOGFKC

GNNGT 68 JQNFGT

ϐ

.'& 68 OGF KPPGD[IFG JĆ[VVCNGTG HLGTPMQPVTQNN &8& *;/'4 5OCTV /WNVKOGFKC U[UVGO OGF $NWGVQQVJŗ &8$ 6 % &8$ 5

ϐ

.'& 68 OGF KPPGD[IFG JĆ[VVCNGTG HLGTPMQPVTQNN &8& *;/'4 5OCTV /WNVKOGFKC U[UVGO OGF $NWGVQQVJŗ &8$ 6 % &8$ 5

ϐ

&KIKVCN HNCV CPVGPPG WVGP OQVVCMGT &KIKVCN RCTCDQNCPVGPPG EO WVGP OQVVCMGT

ϐ ϐ

4CFKQ &#$ OGF %& /2 URKNNGT

ϐ

&QDDGNV &+0 UQPG 5CV0CX OGF T[IIGMCOGTC KPMN T[IIURGKN UGTXKEGMCOGTC HQT CXNĆRUXCPPUVCPMFTGPGTKPI QI *;/'4 5OCTV %QPVTQN UMLGTO

ϐ

2CMMG

%JCUUKU RCMMG

ϐ

$QFGNU MQOHQTVRCMMG 5V[NG RCMMG

ϐ ϐ

2ËD[IIURCMMG 2ËD[IIURCMMG

ϐ ϐ

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

8GPPNKIUV XÎT QRROGTMUQO RË JGPXKUPKPIGPG QI MQOOGPVCTGPG RË UKFGPG

16


24+5 1) 6'-0+5- &#6# *;/'4 ':5+5 + 14+)+0#.

5VCPFCTF EJCUUKU

(KCV &WECVQ NQY HTCOG

$CUKU OQVQTKUGTKPI

/WNVKLGV

#XICUUPQTO

'WTQ F VGOR

M9 *-

6QVCN NGPIFG EC EO

-CTQUUGTKDTGFFG EC EO J

6QVCN DTGFFG EC EO K

+PPXGPFKI DTGFFG EC EO

6QVCN JĆ[FG EC EO E I

5VËJĆ[FG K DQFGN EC EO

*LWNCXUVCPF EC OO

8GMV K MLĆTGMNCT VKNUVCPF EC MI D

/CMU P[VVGNCUV EC MI E

6GMPKUM VKNNCVV VQVCNXGMV MI

/CMU VKNNCVV VKNJGPIGTNCUV OGF DTGOUG MI G

/CMU CPVCNN RCUUCULGTGT F M

%JCUUKU OQV GMUVTC MQUVPCF

(KCV &WECVQ /CZK NQY HTCOG

/QVQTKUGTKPI

/WNVKLGV

8GMV K MLĆTGMNCT VKNUVCPF EC MI

/CMU P[VVGNCUV EC MI

6KNNCVV VKNJGPIGTNCUV OGF DTGOUG MI

6GMPKUM VKNNCVV VQVCNXGMV MI

6KNNCVV CPVCNN RCUUCULGTGT

+UQNCULQP IWNX UKFGXGII VCM OO

.[UOËN NCUVGTQO ICTCULGFĆT GNNGT NWMG $ Z * EC EO

Z Z Z

5GPIGOËN OKFVGP . Z $ EC EO

Z

5GPIGOËN UGPI DCM . Z $ EC EO

Z Z

5GPIGOËN UGPMGUGPI . Z $ EC EO

Z

5GPIGT

$CF $ Z 6 EC EO

Z

)CTFGTQDG $ Z & Z * EC EO

Z Z

-LĆMMGP $ Z & Z * EC EO

Z Z

-LĆNGUMCR XQNWO KPMN HT[UGT EC N

8CTOG

M9 YCTO CKT

(GTUMXCPPUHQTU[PKPI EC N

8CPPVKNICPI EC N WPFGT MLĆTKPI

5RKNNXCPPUVCPM EC MI

5VCTVGT DCVVGT[ #J

'MUVTC DCVVGTK #J KPMN GMUVTC NCFGT

.KVJKWO

)CUU HQTU[PKPI MI

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

Z MI

5VKMMQPVCMV 8

5VKMMQPVCMV 8

5VKMMQPVCMV 75$

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

17


2#--'4 *;/'4 ':5+5 + 14+)+0#. $QFGNU MQOHQTVRCMMG

0QM

#ODKGPVGDGN[UPKPI .CMGP VKN UGPI DCM

ϐ ϐ

R[PVGRWVGT .COGNNDWPP K VTG K FWULGP

ϐ ϐ

'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

5V[NG RCMMG

ϐ

0QM

-TQONKUVGT TCFKCVQT ITKNN

ϐ

4CFKCVQT ITKNN INCPUGV 'MUVTC ITCHKMM 'ZUKU K VËMGN[U XKPFWUMLĆTV UKFGUMLĆTV

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

2ËD[IIURCMMG

0QM

/[IIPGVVKPI RË DQFGNUFĆT

ϐ

8KPFW K KPPICPIUFĆTGP OGF DNGPFKPIUICTFKP QI KPVGITGTV UĆRRGNDĆVVG (ĆTGTFĆT OGF GNGMVTKUM XKPFW QI KPPICPIUDGN[UPKPI

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

%JCUUKU RCMMG 4CVV QI IKTMWNG K UMKPP (KCV %TWKUG %QPVTQN /CPWGNN MNKOCCPNGII OGF RQNNGPHKNVGT

ϐ

0QM ϐ ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

18


56#0&#4& 7656;4 *;/'4 ':5+5 + 14+)+0#.

%JCUUKU (KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR $CUKU '52 KPMN #54 6TCEVKQP 2NWU QI *KNN *QNFGT VTKPPU IKTMCUUG #$5 DNQMMGTKPIUHTKG DTGOUGT QI '$& GNGMVTQPKUM DTGOUGMTCHVHQTFGNKPI 7VXGPFKIG URGKN NCMMGTV K DKNGPU HCTIG GNGMVTKUM QRRXCTOGV QI LWUVGTDCT KPMNWFGTV XKFXKPMGN URGKN #KTDCI RË HĆTGT QI RCUUCULGTUKFG -QRRJQNFGT XGF HĆTGT QI RCUUCULGTUGVG .'& FCIUMLĆTGN[U QI .'& DNKPMN[U KPVGITGTV K *;/'4 HTQPVNCORGPG 5OWUUHCPIGT RË HQTCP QI DCMCMUGN N #F$NWG VCPM .CXTCOOG EJCUUKU OGF ILGPPQONCUVKPIUHWPMULQP 7VUV[T WVXGPFKI hRPKPIUDCTV XKPFW KPMN DNGPFKPIUICTFKP QI O[IIPGVVKPI XGPUVTG UKFG DCM )NCVV CNWOKPKWO HCTIG %CTTCTC JXKV hRPKPIUDCTV XKPFW OGF DNGPFKPIUICTFKP QI O[IIPGVVKPI JĆ[TG UKFG DCM EO DTGF OCZK KPPICPIUFĆT 7VXGPFKI UGTXKEGNWMG RË HĆTGTUKFGP VKN QRRDGXCTKPI CX . UKVVGITWRRGP 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI RË DCFGV (QNFG OĆTMNGIIKPI K HĆTGTJWUGV K RNKUG UVQHH CX JĆ[ MXCNKVGV )CTCULG P[VVGNCUV RË QRR VKN MI GMUVTCWVUV[T MI 8ÎT QRROGTMUQO RË CMUGNNCUVGP )(- NGVVXGMVUIWNX VTGHTKVV OGF :25 KUQNCULQP 5VQTG ICTCULGFĆTGT JĆ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ËGPFG VXGTTIËGPFG INKFGDQTF QI KPVGITGTVG RWPMVU DGNVGT .'& OCTMKUGN[U *GXG UGPMGUGPI OCPWGNN (WPMULQPUKPVGITCULQP K OĆDNGNGNGOGPVGT .'& DGN[UPKPI -QORNGVV .'& KPVGTKĆTDGN[UPKPI /QFGTPG NKPGÎTV KPVGTKĆTFGUKIP /WNVK UQPG MCNFUMWOOCFTCUU KPMN JĆ[MXCNKVGVU OCFTCUU UVTKMMGV UVQHH HQT XGPVKNCULQP +PVGTKĆTFGUKIP /ĆDGNFGMQT 5CWXKIPQP 1CM 5VQHHMQODKPCULQP &GPXGT -QTHW -LĆMMGP 'MUVTC DTGFG HTKVV FGNDCTG MLĆMMGPUMWHHGT 5GTXQ UQHV ENQUG RË MLĆMMGPGV . 5OCTV 6QYGT MLĆNGUMCR 1RRXCTOKPI MNKOC 8CTONWHVUQRRXCTOKPI M9 OGF XCTOVXCPPU DQKNGT N HGTUMXCPPUVCPM KUQNGTV QI QRRXCTOGV )CUUHNCUMGMCOOGT OGF VKNICPI XKC FGP GMUVGTPG MNCHHGP FĆTGP .%& VCUVCVWT HQT QRRXCTOKPI KPMN K0GV MNCT 0[GUVG XCTOGMQPUGRV K HĆTGTJWUGV OGF HQTUVGTMGV XCTONWHV KPMN QRRXCTOGV FCULDQTF N URKNNXCPPUVCPM KUQNGTV QI QRRXCTOGV 8CTONWHVUQRRXCTOKPI K DCMTG UQXGTQO UGRCTCV LWUVGTDCTV (QTUVGTMGV DCVVGTK 8 #J #)/ /WNVKOGFKC 4CFKQ 68 RTG KPUVCNNCVKQP KPEN 8 CPF 8 UQEMGV URGCMGTU KP VJG ECD VJG HTQPV DGF TCFKQ CPF &8$ 6 CPVGPPC

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

19


2TKU KP PMT %JCUUKU

8GMVLWUVGTKPI VKN V HQT (KCV &WECVQ /CZK EJCUUKU

'MUVTC XGMV

6+..'))57656;4 *;/'4 ':5+5 + 14+)+0#.

ϐ

(KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

(KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR (KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR

8GMVLWUVGTKPI VKN V RË (KCV &WECVQ V

ϐ

(KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

(KCV &WECVQ V /WNVK,GV -9 *2 'WTQ F VGOR (KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

(KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

$CUKU

5GVGQRRXCTOKPI HQT HĆTGTJWUUVQNGT UGRCTCV LWUVGTDCT

$K .'& HTQPVN[MVGT *CNQIGP VËMGN[U

ϐ

.'& VËMGN[U KPMN UVCVKUMG MWTXGN[U

/WNVKHWPMULQPUTCVV

ϐ

UVËNHGNIGT UVM K UVGFGV HQT UVËNHGNIGT &GMMVT[MMUGPUQTGT

ϐ ϐ

*;/'4 GMUMNWUKXG NGVVOGVCNNHGNIGT UVM -WP OWNKI OGF (KCV &WECVQ /CZK EJCUUKU GNNGT UVËN TGUGTXGJLWN KPMN JQNFGT K DCMTG QRRDGXCTKPIUTQO

ϐ ϐ

+PPXGPFKI UV[NG RCMMG KPUVTWOGPVDTGVV OGF CNWOKPKWOHCTIGFG CRRNKMCULQPGT KPUVTWOGPVRCPGN OGF MTQOTKPIGT

ϐ

N FTKXUVQHHVCPM

ϐ

NGVVOGVCNNHGNIGT OGF 4 FGMM MWP (KCV &WECVQ /CZK EJCUUKU NGVVOGVCNNHGNIGT OGF 4 FGMM MWP (KCV &WECVQ .KIJV EJCUUKU

ϐ ϐ

VTKPPU 9CPFNGTIKTMCUUG #XVCIDGTV JGPIGTHGUVG

ϐ ϐ

ϐ ϐ

ϐ

7VUV[T WVXGPFKI

/CTMKUG OGF CFCRVGT JXKV GNNGT UĆNX Z EO 'NGMVTKUM VCMXKHVG OGF HWPMULQP VKNHĆTUGN QI CXVTGMM K MLĆMMGPGV

ϐ ϐ

/QVQTU[MMGN JQNFGT HCUV MCP QIUË DTWMGU VKN U[MNGT

ϐ

-QOHQTV KPPICPIUFĆT OGF XKPFW DNGPFKPIUICTFKP UĆRRGNDĆVVG QI VQ RWPMVU NËU

)(- VCM 7VXGPFKI HCTIG %T[UVCN 5KNXGT /GVCNNKE

-QOHQTV UVĆVVGDGP DCM UVM 5[MMGNJQNFGT HQT U[MNGT OCMU NCUV MI

ϐ

ϐ ϐ

ϐ ϐ

5KMMGTJGVUNËU VKN HĆTGTFĆT QI DQFGNUFĆT

ϐ

'NGMVTKUM KPPICPIUVTKPP RË HĆTGTFĆTGP CWVQOCVKUM +UQNGTKPIUOCVVG WVXGPFKI VKN HTQPVTWVG

ϐ ϐ

6CMNWMG Z EO HTCOOG OGF DNGPFKPIURNKUG QI O[IIPGVV

ϐ

(ĆTGTFĆT OGF GNGMVTKUMG XKPFWGT QI KPPICPIUDGN[UPKPI

ϐ

6CMTGKN OGF UVKIG DCM QI TKHNGV VCMRNCVG K CNWOKPKWO 4COOGHQTNGPIGNUG KPMN MI ICTCULG NCUV

ϐ ϐ

ϐ

7VXGPFKI NCUVGNWMG Z EO 7VUV[T KPPXGPFKI

&WUL K ICTCULGP

ϐ

*Ć[FG QI VKNVLWUVGTKPI HQT RKNQVUGVGT

ϐ

+UQNCULQPUOCVVG HQT HQVTQO K HĆTGTJWUGV NĆUV 6KNNGIIURQNUVGT HQT GMUVTC UQXGOWNKIJGV KPMNWFGTV HĆTGTUGVGV KPMNWFGTV PGFNGIIDCTV DQTF

ϐ ϐ

5ĆNX CRRNKMCULQP FCUJDQTF 6KNNGIIURQNUVGT OGNNQO GPMGNVUGPIGT KPMN KPVGITGTV MQOHQTV VTKPP

ϐ ϐ

5QXGU[UVGO OGF RNCVGTKUV HQT UGPIGT DCM

ϐ

#ODKGPVGDGN[UPKPI 5QXGU[UVGO OGF RNCVGTKUV HQT UGPI HQTCP

ϐ ϐ

::. UGPI GMUVTC NCPI OCFTCUU EO KPMN JCNXJĆ[FG ICTFGTQDG K UVGFGV HQT TQOJĆ[ ICTFGTQDG

ϐ

1XGTJGCF NQEMGTU CDQXG TGCT DGFU KPUVGCF QH QRGP UJGNXGU

ϐ

ϐ ϐ

+PVGTKĆTFGUKIP /ĆDGNFGMQT %JKCXGPPC 0WUUDCWO

6GMUVKNUMKPP UVQHHMQODKPCULQP &CNCPC )WNXVGRRG .CIWPC 5COQPC HQT HĆTGTJWU QI DQFGN NĆUV 5VQHHMQODKPCULQP 8GPVWTC $QN\CPQ

ϐ

-LĆMMGP

20


'MUVTC XGMV

2TKU KP PMT $CF

-QOH[T QXPMQODKPCULQP

ϐ

.COGNNDWPP K VTG K FWULGP

ϐ

1RRXCTOKPI MNKOC 6QCNGVVXGPVKNGTKPI

ϐ

ϐ

5QNEGNNG Z 9 OGF /226 MQPVTQNNGT QI UMLGTO

7VXGPFKI ICUUVKNMQDNKPI OGF CXURGTTKPIUMTCPG

K0GV $QZ MQPVTQNN CX XCTONWHV QI VCM MNKOC XKC #RR QI HTGOXKUPKPI CX MLĆTGVĆ[FCVC 8CTONWHVUQRRXCTOKPI M9 GNGMVTKUM QRRXCTOKPI OGF 9 QI XCTOVXCPPU DQKNGT

'MUVTC DQFGNUDCVVGTK #J #)/ KPMN VKNNGIIU NCFGT # 'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT #

#WVQOCVKUM ICUUQOMQDNKPI OGF MQNNKULQPUUGPUQT QI 'KU'Z

ϐ

7VVTGMMDCT UMWHH HQT ICUUHNCUMGT 'NGMVTKUM IWNXXCTOG K DQFGN QI OKFVICPI

ϐ ϐ

6CM MNKOCCPNGII 9

ϐ

ϐ

ϐ

ϐ ϐ

ϐ ϐ

'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$ /WNVKOGFKC GNNGT 68 JQNFGT

.'& 68 RË UQXGTQOOGV 68 OGF KPPGD[IFG JĆ[VVCNGTG &8& &8$ 6 % &8$ 5 NGFPKPIGT UCOV XGII JQNFGT &QDDGNV &+0 UQPG 5CV0CX OGF T[IIGMCOGTC KPMN T[IIURGKN UGTXKEGMCOGTC HQT CXNĆRUXCPPUVCPMFTGPGTKPI QI *;/'4 5OCTV %QPVTQN UMLGTO

ϐ

ϐ

ϐ

&KIKVCN HNCV CPVGPPG WVGP OQVVCMGT

ϐ

&KIKVCN RCTCDQNCPVGPPG EO 6YKP .0$ WVGP OQVVCMGT &KIKVCN RCTCDQNCPVGPPG EO WVGP OQVVCMGT

ϐ ϐ

ϐ

.'& 68 YKVJ DWKNV KP URGCMGTU TGOQVG EQPVTQN &8& FTKXG *;/'4 5OCTV /WNVKOGFKC U[UVGO &8$ 6 % &8$ 5 KPEN TGEGKXGT 4CFKQ &#$ OGF %& /2 URKNNGT

ϐ

&KIKVCN RCTCDQNCPVGPPG EO WVGP OQVVCMGT

ϐ

2CMMG

.'& 68 OGF KPPGD[IFG JĆ[VVCNGTG HLGTPMQPVTQNN &8& *;/'4 5OCTV /WNVKOGFKC U[UVGO OGF $NWGVQQVJŗ &8$ 6 % &8$ 5

ϐ

$QFGNU MQOHQTVRCMMG

ϐ

5V[NG RCMMG 2ËD[IIURCMMG

ϐ ϐ

%JCUUKU RCMMG

ϐ

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

8GPPNKIUV XÎT QRROGTMUQO RË JGPXKUPKPIGPG QI MQOOGPVCTGPG RË UKFGPG

21


24+5 1) 6'-0+5- &#6# *;/'4 64#/2 5

5VCPFCTF EJCUUKU

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

$CUKU OQVQTKUGTKPI #XICUUPQTO

'WTQ E )T +++ 9.62

'WTQ E )T +++ 9.62

6QVCN NGPIFG EC EO

M9 *-

-CTQUUGTKDTGFFG EC EO J

6QVCN DTGFFG EC EO K

+PPXGPFKI DTGFFG EC EO

6QVCN JĆ[FG EC EO E I

5VËJĆ[FG K DQFGN EC EO

*LWNCXUVCPF EC OO

8GMV K MLĆTGMNCT VKNUVCPF EC MI D

6GMPKUM VKNNCVV VQVCNXGMV MI

/CMU VKNNCVV VKNJGPIGTNCUV OGF DTGOUG MI G

/CMU P[VVGNCUV EC MI E

/CMU CPVCNN RCUUCULGTGT F M

%JCUUKU OQV GMUVTC MQUVPCF

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/QVQTKUGTKPI 8GMV K MLĆTGMNCT VKNUVCPF EC MI /CMU P[VVGNCUV EC MI 6GMPKUM VKNNCVV VQVCNXGMV MI +UQNCULQP IWNX UKFGXGII VCM OO .[UOËN NCUVGTQO ICTCULGFĆT GNNGT NWMG $ Z * EC EO

Z Z

Z Z

5GPIGOËN UGPI DCM . Z $ EC EO 5GPIGOËN UGPMGUGPI . Z $ EC EO 5GPIGT -LĆNGUMCR XQNWO KPMN HT[UGT EC N 8CTOG

Z

Z

Z

Z

M9 &KGUGN YCTO CKT

M9 &KGUGN YCTO CKT

(GTUMXCPPUHQTU[PKPI EC N

8CPPVKNICPI EC N WPFGT MLĆTKPI

5RKNNXCPPUVCPM EC MI

5VCTVGT DCVVGT[ #J 'MUVTC DCVVGTK #J KPMN GMUVTC NCFGT )CUU HQTU[PKPI MI

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

.KVJKWO

.KVJKWO

Z MI Z MI

Z MI Z MI

5VKMMQPVCMV 8

5VKMMQPVCMV 8

5VKMMQPVCMV 75$

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

22


2#--'4 *;/'4 64#/2 5 (ĆTGTCUUKUVGPV 2CMMG :

0QM

8CTOGKUQNGTGPFG INCUU OGF DËPFHKNVGT RË HTQPVTWVGP (LGTPN[U CUUKUVGPV

ϐ ϐ

6TCHKMMUMKNV CUUKUVGPV #MVKX MLĆTGHGNVUCUUKUVGPV

ϐ ϐ

1RROGTMUQOJGVUCUUKUVGPV

1RRXCTOGV HTQPVXKPFW

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

-LĆTGCUUKUVGPV RCMMG 2NWU

0QM

/GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTOG QI T[IIGMCOGTC #MVKX FKUVCPUCUUKUVGPV &+56410+% 2.75 KPMN OWNVKHWPMULQPUMPCRR HQT TCVV GMUVTC MQUVPCF HQT ETWKUG EQPVTQN

ϐ ϐ

5MKPPTCVV XGF CWVQOCVIKT

ϐ

) 6410+% CWVQOCVIKT KPMN JQNF HWPMULQP

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

2ËD[IIURCMMG /[IIPGVVKPI RË DQFGNUFĆT

ϐ

0QM ϐ

2CPQTCOCVCM QXGT HĆTGTJWUGV OCPWGNV LWUVGTDCTV

ϐ

8KPFW K KPPICPIUFĆTGP OGF DNGPFKPIUICTFKP QI KPVGITGTV UĆRRGNDĆVVG $NGPFKPI HĆTGTJWU

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

%JCUUKU RCMMG /$

ϐ

0QM

*CNX CWVQOCVKUM MNKOCCPNGII 6'/2/#6+-

ϐ

6GORQOCV /GTEGFGU $GP\ KPMN OWNVKHWPMULQPUMPCRRGT RË TCVVGV

ϐ

'NGMVTKUM RCTMGTKPIUDTGOU (QTUVGTMGV HQTCMUGN

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

5V[NG 2CMMG /$

ϐ

0QM

4CFKCVQT ITKNN MTQO 5VĆVHCPIGT HGUVGFGNGT QI TCFKCVQT ITKNN TCOOG OCNV K MLĆTGVĆ[GVU HCTIG

ϐ ϐ

6ËMGN[U OGF UXKPIN[U

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

.KXKPI %QOHQTV RCEMCIG 6 %NCUU 5

ϐ

0QM

'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$

ϐ

R[PVGRWVGT .CMGP VKN UGPI DCM

ϐ ϐ

#ODKGPVGDGN[UPKPI

ϐ

7VXGPFKI NCUVGNWMG Z EO

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

23


56#0&#4& 7656;4 *;/'4 64#/2 5

%JCUUKU /GTEGFGU $GP\ 5RTKPVGT V %&+ -9 *2 'WTQ E )T +++ 9.62 KPEN 'EQ 5VCTV 5VQR $CUKU VTKPPU IKTMCUUG #$5 DNQMMGTKPIUHTKG DTGOUGT #54 CPVKURKPP '$8 GNGMVTQPKUM DTGOUGMTCHVHQTFGNKPI QI '52 GNGMVTQPKUM UVCDKNKVGVURTQITCO N #F$NWG VCPM 'NGMVTKUM XKPFWUJGKU QI UGPVTCNNËU HQT HĆTGTJWU -QRRJQNFGT XGF HĆTGT QI RCUUCULGTUGVG -G[NGUU UVCTV UVCTVUVQRRMPCRR HQT MQOHQTVCDGN OQVQTUVCTV 5OWUUHCPIGT RË DCMCMUGN 5KFGXKPFCUUKUVGPV &CIUMLĆTGN[U KPVGITGTV K HTQPVN[MGPG (QTUVGTMGV IGPGTCVQT KPMNWFGTV NCFG DQQUVGT 5VĆ[TGFWMULQP /GTEGFGU $GP\ +UQNCULQP CX OQVQTTQO QI WPFGTRCPGN #KTDCI HQT HĆTGT QI RCUUCULGT *LWNMCRUGN $TGF URQTXKFFG DCMCMUGN 7VUV[T WVXGPFKI EO DTGF OCZK KPPICPIUFĆT 7VXGPFKI HCTIG HĆTGTJWU JXKV RËD[II JXKV hRPKPIUDCTV XKPFW OGF DNGPFKPIUICTFKP QI O[IIPGVVKPI JĆ[TG QI XGPUVTG UKFG DCM 'MUMNWUKXG *;/'4 OWNVKHWPMULQPU DCMN[MVGT OGF .'& J[DTKFVGMPQNQIK )CTCULG P[VVGNCUV RË QRR VKN MI GMUVTCWVUV[T MI 8ÎT QRROGTMUQO RË CMUGNNCUVGP )(- NGVVXGMVUIWNX VTGHTKVV OGF :25 KUQNCULQP 6CMNWHVKPI MNCTV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGPI GT DCM 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI RË DCFGV 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGRCTCV FWUL 1RVKOCN KUQNGTKPI OGF 27#. MQPUVTWMULQP OGF QRRUMWOOGFG XGIIGT QI QRRUMWOOGV VCM OO XGII QI VCMV[MMGNUG QI TCOOGXKPFWGT 2TGOKWO *KIJVGE MCTQUUGTK CNW CNW 27#. UCPFYKEJ HQT QRVKOCN KUQNCULQP WVGP MWNFGDTQGT VTGHTKVV (QTJGPI K HĆTGTJWUGV K RNKUGG UVQHH K JĆ[ MXCNKVGV 'NGMVTKUM KPPICPIUVTKPP RË DQFGNUFĆT VTKPP 2CPQTCOC VCMNWHVKPI Z EO FQDDGNV INCUU OGF .'& DGN[UPKPI K DQFGN 5VQTG ICTCULGFĆTGT JĆ[TG UKFG 7VUV[T KPPXGPFKI .WZWU DQTF ITCFGT FTGKDCT NGPIG QI UKFG LWUVGTDCT (TQPV UKVVGITWRRG OGF KPVGITGTV RWPMVU DGNVG /QFGTPG NKPGÎTV KPVGTKĆTFGUKIP /WNVK UQPG MCNFUMWOOCFTCUU KPMN JĆ[MXCNKVGVU OCFTCUU UVTKMMGV UVQHH HQT XGPVKNCULQP 1RVKOCN RNCUU QI IGPGTĆU TQOHĆNGNUG -QORNGVV .'& KPVGTKĆTDGN[UPKPI .'& DGN[UPKPI +PVGTKĆTFGUKIP /ĆDGNFGMQT #TMCPUCU 9CNPWV (CDTKE EQODKPCVKQP 2CNO $NCEM -LĆMMGP 'MUVTC DTGFG HTKVV FGNDCTG MLĆMMGPUMWHHGT 'MUVTC F[R XCUM OGF VGVVUKVVGPFG UMLÎTGDTGVV QI JĆ[ XCPPMTCP 5GTXQ UQHV ENQUG RË MLĆMMGPGV N MQORTGUUQTMLĆNGUMCR 1RRXCTOKPI MNKOC M9 &KGUGN XCTONWHVUQRRXCTOKPI OGF XCTOVXCPPUDQKNGT .%& VCUVCVWT HQT QRRXCTOKPI KPMN K0GV MNCT (QTUVGTMGV DCVVGTK 8 #J #)/ 1RRXCTOGV QI KUQNGTV URKNNXCPPUVCPM N N HGTUMXCPPUVCPM KUQNGTV QI QRRXCTOGV

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

24


'MUVTC XGMV

2TKU KP PMT

6+..'))57656;4 *;/'4 64#/2 5

%JCUUKU 0GFLWUVGTKPI VKN VQPP HQT /GTEGFGU $GP\ 5RTKPVGT %&+

8GMV XCTKCPV MI /GTEGFGU $GP\ 5RTKPVGT %&+ /GTEGFGU $GP\ 5RTKPVGT V %&+ -9 *2 'WTQ E )T +++ 9.62 KPEN 'EQ 5VCTV 5VQR /GTEGFGU $GP\ 5RTKPVGT V %&+ -9 *2 'WTQ E )T +++ 9.62 KPEN 'EQ 5VCTV 5VQR

$CUKU

.'& *KIJ 2GTHQTOCPEG HTQPVN[MVGT

ϐ

4CVV QI IKT K UMKPP XGF OCPWGNN IKTMCUUG . FTKXUVQHH VCPM

ϐ ϐ

NGVVOGVCNNHGNIGT QTKIKPCN /GTEGFGU $GP\ UĆNX OGF UQOOGTFGMM QTKIKPCN /GTEGFGU $GP\ UXCTV NGVVOGVCNNHGNIGT OGF JGNËTUFGMM

ϐ ϐ

) 6410+% CWVQOCVIKT KPMN JQNF HWPMULQP

ϐ

&GMMVT[MMUGPUQT #XVCIDGTV JGPIGTHGUVG

ϐ ϐ

(QTDGTGFV HQT VKNJGPIGTHGUVG

ϐ

7VUV[T WVXGPFKI

/CTMKUG OGF CFCRVGT JXKV GNNGT UĆNX Z EO 'NGMVTKUM VCMXKHVG OGF HWPMULQP VKNHĆTUGN QI CXVTGMM K MLĆMMGPGV

ϐ ϐ

5KMMGTJGVUNËU VKN DQFGNUFĆT -QOHQTV UVĆVVGDGP DCM UVM

ϐ ϐ

-QOHQTV KPPICPIUFĆT OGF XKPFW DNGPFKPIUICTFKP UĆRRGNDĆVVG QI VQ RWPMVU NËU

ϐ

)(- VCM

ϐ

5[MMGNJQNFGT HQT U[MNGT OCMU NCUV MI 7VXGPFKI HCTIG HĆTGTJWU UXCTV ITË

ϐ ϐ

ϐ

7VXGPFKI NCUVGNWMG Z EO 7VUV[T KPPXGPFKI

&WUL K ICTCULGP

ϐ

5GVGQRRXCTOKPI QI NGPFGUVĆVVG HQT RKNQVUGVGT 6KNNGIIURQNUVGT OGNNQO GPMGNVUGPIGT KPMN KPVGITGTV MQOHQTV VTKPP

ϐ ϐ

#ODKGPVGDGN[UPKPI

ϐ

5GPIGQOD[IIKPI HQT MQOHQTV . UKVVGITWRRG KPMNWFGTV GMUVTC RWVG QI PGFNGIIDCTV DQTF

ϐ

5GPMDCT FQDDGNVUGPI QXGT UKVVGITWRRGP OGF MCNFUMWOOCFTCUU GNGMVTKUM 1XGTJGCF NQEMGTU CDQXG TGCT DGFU KPUVGCF QH QRGP UJGNXGU

ϐ ϐ

+PVGTKĆTFGUKIP 6GMUVKNUMKPP UVQHHMQODKPCULQP &CNCPC

ϐ

)WNXVGRRG .CIWPC 5COQPC HQT HĆTGTJWU QI DQFGN NĆUV

ϐ

(CDTKE EQODKPCVKQP 8GPVWTC QT %QTHW (CDTKE EQODKPCVKQP &GPXGT QT $QN\CPQ

ϐ ϐ

$CF

.COGNNDWPP K VTG K FWULGP

+PUGTVCDNG UJQYGT DCUG HQT QRVKOCN RCUUCIG 1RRXCTOKPI MNKOC

ϐ

ϐ

ϐ ϐ

5QNEGNNG Z 9 OGF /226 MQPVTQNNGT QI UMLGTO 6QCNGVVXGPVKNGTKPI

7VXGPFKI ICUUVKNMQDNKPI OGF CXURGTTKPIUMTCPG

ϐ

)CUUHKNVGT HQT CWVQOCVKUM ICUUHNCUMGQOXGMUNGT

ϐ

'MUVTC DQFGNUDCVVGTK #J #)/ KPMN VKNNGIIU NCFGT # 'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT #

ϐ ϐ

#WVQOCVKUM ICUUQOMQDNKPI OGF MQNNKULQPUUGPUQT QI 'KU'Z DQFGNUDCVVGTK *;/'4 5OCTV $CVVGTKU[UVGO #J NKVKWO

ϐ ϐ

6CM MNKOCCPNGII 9

ϐ

M9 &KGUGN XCTONWHVUQRRXCTOKPI OGF ICUU XCTOVXCPPUMLGNG QI GNGMVTKUM XCTOG 'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$

ϐ ϐ

8CTONWHVUQRRXCTOKPI M9 GNGMVTKUM QRRXCTOKPI OGF 9 QI XCTOVXCPPU DQKNGT

ϐ

8CTONWHVUQRRXCTOKPI M9 OGF XCTOVXCPPU DQKNGT

ϐ

/WNVKOGFKC &KIKVCN HNCV CPVGPPG WVGP OQVVCMGT

ϐ

/GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTO QI T[IIGMCOGTC 0CXKICULQP HQT /GTEGFGU $GP\ /$7: /WNVKOGFKC 5[UVGO

ϐ ϐ

/GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTOG QI T[IIGMCOGTC

ϐ

.'& 68 RË UQXGTQOOGV 68 OGF KPPGD[IFG JĆ[VVCNGTG &8& &8$ 6 % &8$ 5 NGFPKPIGT UCOV XGII JQNFGT

ϐ

25


'MUVTC XGMV

2TKU KP PMT

.'& 68 OGF &8& URKNNGT 6TKRNG VWPGT UVCVKX QI 68 JQNFGT 68 JQNFGT

ϐ ϐ

&KIKVCN RCTCDQNCPVGPPG EO 6YKP .0$ WVGP OQVVCMGT

ϐ

&KIKVCN RCTCDQNCPVGPPG EO WVGP OQVVCMGT 1TKIKPCN /GTEGFGU $GP\ FKIKVCNTCFKQ &#$ &+0 KPMN $NWGVQQVJŗ UCOV 75$ %

ϐ ϐ

&KIKVCN RCTCDQNCPVGPPG EO WVGP OQVVCMGT

ϐ

(ĆTGTCUUKUVGPV 2CMMG : -LĆTGCUUKUVGPV RCMMG 2NWU

ϐ ϐ

2ËD[IIURCMMG %JCUUKU RCMMG /$

ϐ ϐ

5V[NG 2CMMG /$

ϐ

.KXKPI %QOHQTV RCEMCIG 6 %NCUU 5

ϐ

2CMMG

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

8GPPNKIUV XÎT QRROGTMUQO RË JGPXKUPKPIGPG QI MQOOGPVCTGPG RË UKFGPG

26


24+5 1) 6'-0+5- &#6# *;/'4 /. 6

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

#XICUUPQTO

'WTQ 8+ &

'WTQ 8+ &

'WTQ 8+ &

'WTQ 8+ &

M9 *-

5VCPFCTF EJCUUKU $CUKU OQVQTKUGTKPI

6QVCN NGPIFG EC EO

-CTQUUGTKDTGFFG EC EO J

6QVCN DTGFFG EC EO K

+PPXGPFKI DTGFFG EC EO

6QVCN JĆ[FG EC EO E I

5VËJĆ[FG K DQFGN EC EO

*LWNCXUVCPF EC OO 8GMV K MLĆTGMNCT VKNUVCPF EC MI D

/CMU P[VVGNCUV EC MI E

6GMPKUM VKNNCVV VQVCNXGMV MI

/CMU VKNNCVV VKNJGPIGTNCUV OGF DTGOUG MI G

/CMU CPVCNN RCUUCULGTGT F M +UQNCULQP IWNX UKFGXGII VCM OO .[UOËN NCUVGTQO ICTCULGFĆT GNNGT NWMG $ Z * EC EO 5GPIGOËN OKFVGP . Z $ EC EO 5GPIGOËN UGPI DCM . Z $ EC EO

Z

Z

Z

Z

Z

Z

Z

Z

Z Z

Z Z

Z Z

5GPIGT

$CF $ Z 6 EC EO

Z

Z

Z

5GRCTCV FWUL $ Z & EC EO

Z Z

)CTFGTQDG $ Z & Z * EC EO

Z Z

Z Z

Z Z

Z Z

-LĆMMGP $ Z & Z * EC EO

Z Z

Z Z

Z Z

Z Z

-LĆNGUMCR XQNWO KPMN HT[UGT EC N

8CTOG M9 YCTO CKT YCTO YCVGT M9 YCTO CKT YCTO YCVGT M9 YCTO CKT YCTO YCVGT M9 YCTO CKT YCTO YCVGT (GTUMXCPPUHQTU[PKPI EC N

8CPPVKNICPI EC N WPFGT MLĆTKPI

5RKNNXCPPUVCPM EC MI

5VCTVGT DCVVGT[ #J

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

Z MI

Z MI

Z MI

Z MI

5VKMMQPVCMV 8

5VKMMQPVCMV 8

'MUVTC DCVVGTK #J KPMN GMUVTC NCFGT DCVVGTK #J )CUU HQTU[PKPI MI

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

27


2#--'4 *;/'4 /. 6 (ĆTGTCUUKUVGPV 2CMMG :

0QM

8CTOGKUQNGTGPFG INCUU OGF DËPFHKNVGT RË HTQPVTWVGP (LGTPN[U CUUKUVGPV

ϐ ϐ

6TCHKMMUMKNV CUUKUVGPV #MVKX MLĆTGHGNVUCUUKUVGPV

ϐ ϐ

1RROGTMUQOJGVUCUUKUVGPV

1RRXCTOGV HTQPVXKPFW

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

-LĆTGCUUKUVGPV RCMMG 2NWU

ϐ

0QM

/GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTOG QI T[IIGMCOGTC #MVKX FKUVCPUCUUKUVGPV &+56410+% 2.75 KPMN OWNVKHWPMULQPUMPCRR HQT TCVV GMUVTC MQUVPCF HQT ETWKUG EQPVTQN

ϐ ϐ

5MKPPTCVV XGF CWVQOCVIKT

ϐ

) 6410+% CWVQOCVIKT KPMN JQNF HWPMULQP

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

$QFGNU MQOHQTVRCMMG .COGNNDWPP K VTG K FWULGP

ϐ

0QM ϐ

.CMGP VKN UGPI DCM

ϐ

R[PVGRWVGT #ODKGPVGDGN[UPKPI KPMN UVKMMQPVCMVDGN[UPKPI

ϐ ϐ

'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

%JCUUKU /$

ϐ

0QM

*CNX CWVQOCVKUM MNKOCCPNGII 6'/2/#6+-

ϐ

6GORQOCV /GTEGFGU $GP\ KPMN OWNVKHWPMULQPUMPCRRGT RË TCVVGV 'NGMVTKUM RCTMGTKPIUDTGOU

ϐ ϐ

(QTUVGTMGV HQTCMUGN

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

5V[NG 2CMMG /$ 4CFKCVQT ITKNN MTQO

ϐ

0QM ϐ

5VĆVHCPIGT HGUVGFGNGT QI TCFKCVQT ITKNN TCOOG OCNV K MLĆTGVĆ[GVU HCTIG

ϐ

6ËMGN[U OGF UXKPIN[U

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

#WVCTMKG RCMMG .KVJKWO 'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT # DQFGNUDCVVGTK *;/'4 5OCTV $CVVGTKU[UVGO #J NKVKWO

ϐ

0QM ϐ ϐ

1OHQTOGT 8 VKN 8 9 OGF PGVVXGTMURTKQTKVGVUMTGVU

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

28


/. 6 #TMVKU RCMMG

0QM

8CTOVXCPPUQRRXCTOKPI KPMN DQQUVGT K HĆTGTJWU 8CTOGXGMUNGT HQT XCTOVXCPPUQRRXCTOKPI

ϐ ϐ

8CTOGXGMUNGT HQTDGTGFV /GTEGFGU $GP\

ϐ

8CTOVXCPPU IWNXQRRXCTOKPI 8CTOVXCPPU IWNXQRRXCTOKPI K ICTCULGP

ϐ ϐ

+UQNGTV FGNKPIU ICTFKP HQT HĆTGTJWU FQDDGN

ϐ

+UQNCULQPUOCVVG HQT HQVTQO K HĆTGTJWUGV NĆUV 6KNNGIIUXCTOGT

ϐ ϐ

4KHNGV OGVCNNIWNX QI HKNVMNGFPKPI HQT DCMTG ICTCULG

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

2ËD[IIURCMMG

0QM

/[IIPGVVKPI RË DQFGNUFĆT

ϐ

2CPQTCOCVCM QXGT HĆTGTJWUGV OCPWGNV LWUVGTDCTV $NGPFKPI HĆTGTJWU

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

#WVQPQO[ RCEMCIG :. 'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT # DQFGNUDCVVGTK #J #)/ 1OHQTOGT 8 VKN 8 9 OGF PGVVXGTMURTKQTKVGVUMTGVU

ϐ

0QM ϐ ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

29


56#0&#4& 7656;4 *;/'4 /. 6

%JCUUKU /GTEGFGU $GP\ 5RTKPVGT V %&+ -9 *2 'WTQ 8+ & $CUKU VTKPPU IKTMCUUG N #F$NWG VCPM &CIUMLĆTGN[U KPVGITGTV K HTQPVN[MGPG $CMMGUVCTVCUUKUVGPV N FTKXUVQHHVCPM OGF HKTJLWNUVTGMM N 'NGMVTKUM XKPFWUJGKU QI UGPVTCNNËU HQT HĆTGTJWU -G[NGUU UVCTV UVCTVUVQRRMPCRR HQT MQOHQTVCDGN OQVQTUVCTV 6KNV QI JĆ[FGLWUVGTDCTV TCVV 5OWUUHCPIGT RË DCMCMUGN 5KFGXKPFCUUKUVGPV #KTDCI HQT HĆTGT QI RCUUCULGT 'NGMVTKUMG LWUVGTDCTG QI QRRXCTODCTG WVXGPFKI URGKN #MVKX DTGOUGCUUKUVGPV #WVQOCVKUM MLĆTGN[UMQPVTQNN (QTUVGTMGV IGPGTCVQT KPMNWFGTV NCFG DQQUVGT #$5 DNQMMGTKPIUHTKG DTGOUGT #54 CPVKURKPP '$8 GNGMVTQPKUM DTGOUGMTCHVHQTFGNKPI QI '52 GNGMVTQPKUM UVCDKNKVGVURTQITCO 7VUV[T WVXGPFKI 7VXGPFKI HCTIG HĆTGTJWU JXKV RËD[II JXKV 2CPQTCOC VCMWHVKPI Z EO FQDNG INCUU OGF .'& DGN[UPKPI K DQFGN 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGRCTCV FWUL 7VXGPFKI UGTXKEGNWMG RË HĆTGTUKFGP VKN QRRDGXCTKPI CX . UKVVGITWRRGP 'NGMVTKUM KPPICPIUVTKPP OGF VTKPP 'MUMNWUKXG *;/'4 OWNVKHWPMULQPU DCMN[MVGT OGF .'& J[DTKFVGMPQNQIK )CTCULG P[VVGNCUV RË QRR VKN MI GMUVTCWVUV[T MI 8ÎT QRROGTMUQO RË CMUGNNCUVGP )(- NGVVXGMVUIWNX VTGHTKVV OGF :25 KUQNCULQP 5VQTG ICTCULGFĆTGT JĆ[TG QI XGPUVTG UKFG EO OCZK DQNKI KPPICPIUFĆT XKPFW OGF DNGPFKPI QI UĆRRGNDĆVVG 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI RË DCFGV (QTJGPI K HĆTGTJWUGV K RNKUGG UVQHH K JĆ[ MXCNKVGV 1RVKOCN KUQNGTKPI OGF 27#. MQPUVTWMULQP OGF QRRUMWOOGFG XGIIGT QI QRRUMWOOGV VCM OO XGII QI VCMV[MMGNUG QI TCOOGXKPFWGT 2TGOKWO *KIJVGE MCTQUUGTK CNW CNW 27#. UCPFYKEJ HQT QRVKOCN KUQNCULQP WVGP MWNFGDTQGT VTGHTKVV 6CMNWHVKPI MNCTV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGPI GT DCM 7VUV[T KPPXGPFKI 2KNQVUVQNGT K DQFGN UVQHH FTGKG JĆ[FG QI VKNV LWUVGTDCT OGF CTONGPGT (TQPV UKVVGITWRRG OGF KPVGITGTV RWPMVU DGNVG .'& OCTMKUGN[U /WNVK UQPG MCNFUMWOOCFTCUU KPMN JĆ[MXCNKVGVU OCFTCUU UVTKMMGV UVQHH HQT XGPVKNCULQP -QORNGVV .'& KPVGTKĆTDGN[UPKPI .'& DGN[UPKPI +PVGTKĆTFGUKIP /ĆDGNFGMQT %JKCXGPPC 0WUUDCWO 5VQHHMQODKPCULQP &GNHK 5VQHHMQODKPCULQP /KNQU 5VQHHMQODKPCULQP %QNQODQ %WUEQ &GNHK ,CPGKTQ -KVCOK /KNQU -LĆMMGP 'MUVTC DTGFG HTKVV FGNDCTG MLĆMMGPUMWHHGT 5GTXQ UQHV ENQUG RË MLĆMMGPGV . 5OCTV 6QYGT MLĆNGUMCR CRQVGMGT UMWHH 1RRXCTOKPI MNKOC 8CTONWHVUQRRXCTOKPI M9 OGF XCTOVXCPPU DQKNGT N HGTUMXCPPUVCPM KUQNGTV QI QRRXCTOGV 1RRXCTOGV QI KUQNGTV URKNNXCPPUVCPM N 'NGMVTKUM URKNNXCPPUVĆOOKPI )CUUHNCUMGMCOOGT OGF VKNICPI XKC FGP GMUVGTPG MNCHHGP FĆTGP .%& VCUVCVWT HQT QRRXCTOKPI KPMN K0GV MNCT 8CTONWHVUQRRXCTOKPI K DCMTG UQXGTQO UGRCTCV LWUVGTDCTV (QTUVGTMGV DCVVGTK 8 #J #)/ /WNVKOGFKC 4CFKQ 68 HQTDGTGFGNUG RË UKFGDQCTF KPMN 8 QI 8 WVVCM JĆ[VVCNGTG K HĆTGTJWUGV CNMQXGP QI DCMTG UQXGTQO TCFKQ QI &8$ 6 CPVGPPG 30


8GMV XCTKCPV MI /GTEGFGU $GP\ 5RTKPVGT %&+

8GMVXCTKCPV MI /GTEGFGU $GP\ 5RTKPVGT %&+

/GTEGFGU $GP\ 5RTKPVGT V %&+ -9 *2 'WTQ 8+ & /GTEGFGU $GP\ 5RTKPVGT V %&+ -9 *2 'WTQ 8+ &

'MUVTC XGMV

2TKU KP PMT %JCUUKU

6+..'))57656;4 *;/'4 /. 6

ϐ

$CUKU

4CFKCVQT ITKNN MTQO

ϐ

) 6410+% CWVQOCVIKT KPMN JQNF HWPMULQP '%1 UVCTV UVQRR HWPMULQP

ϐ ϐ

'NGMVTKUM RCTMGTKPIUDTGOU *CNX CWVQOCVKUM MNKOCCPNGII 6'/2/#6+-

ϐ ϐ

. FTKXUVQHH VCPM

ϐ

5MKPPTCVV XGF CWVQOCVIKT 4CVV QI IKT K UMKPP XGF OCPWGNN IKTMCUUG

ϐ ϐ

6ËMGN[U OGF UXKPIN[U

ϐ

UVËN TGUGTXGJLWN KPMN DTCMGVV K DCMTG QRRDGXCTKPIUTQO

ϐ

5VĆVHCPIGT HGUVGFGNGT QI TCFKCVQT ITKNN TCOOG OCNV K MLĆTGVĆ[GVU HCTIG 1RRXCTOGV HTQPVXKPFW

ϐ ϐ

6*'4/16410+% JGNCWVQOCVKUM MNKOCCPNGII VKNNGIIUCXIKHV HQT JCNXCWVQOCVKUM MNKOCCPNGII .'& *KIJ 2GTHQTOCPEG HTQPVN[MVGT

6GORQOCV /GTEGFGU $GP\ KPMN OWNVKHWPMULQPUMPCRRGT RË TCVVGV

(KTGJLWNUFTKHV MCP UMKHVGU OGF IKTTGFWMULQP

ϐ

(KTJLWNUFTKHV MCP QOD[VVGU NGVVOGVCNNHGNIGT 1TKIKPCN /GTEGFGU $GP\ UĆNX OGF JGNËTUFGMM

ϐ ϐ

NGVVOGVCNNHGNIGT QTKIKPCN /GTEGFGU $GP\ UĆNX OGF UQOOGTFGMM #XVCIDGTV JGPIGTHGUVG

ϐ ϐ

#MVKX CXUVCPF CUUKUVGPV &+56410+% KPMN /WNVKHWPMULQPUMPCRR HQT TCVV GMUVTC MQUVPCF HQT ETWKUG EQPVTQN

ϐ ϐ

ϐ

ϐ

7VUV[T WVXGPFKI /CTMKUG OGF CFCRVGT JXKV GNNGT UĆNX Z EO

ϐ

7VXGPFKI HCTIG RËD[II %T[UVCN 5KNXGT /GVCNNKE KPMN NCMMGTV CNMQXG

ϐ

2CPQTCOCVCM QXGT HĆTGTJWUGV OCPWGNV LWUVGTDCTV

ϐ

hRPKPIUDCTV XKPFW KPMN DNGPFKPIUICTFKP QI O[IIPGVVKPI XGPUVTG UKFG DCM 5KMMGTJGVUNËU VKN DQFGNUFĆT

ϐ ϐ

5[MMGNJQNFGT HQT U[MNGT OCMU NCUV MI /QVQTU[MMGN JQNFGT HCUV MCP QIUË DTWMGU VKN U[MNGT

ϐ ϐ

-QOHQTV UVĆVVGDGP DCM UVM

ϐ

'NGMVTKUM VCMXKHVG OGF HWPMULQP VKNHĆTUGN QI CXVTGMM K MLĆMMGPGV 2CPQTCOC VCMNWHVKPI Z EO FQDDGNVINCUU OGF .'& DGN[UPKPI QXGT UGPI DCM

ϐ ϐ

-QOHQTV KPPICPIUFĆT OGF XKPFW DNGPFKPIUICTFKP UĆRRGNDĆVVG QI VQ RWPMVU NËU

ϐ

6CMTGKN OGF UVKIG DCM QI TKHNGV VCMRNCVG K CNWOKPKWO

ϐ

)(- VCM 7VXGPFKI HCTIG HĆTGTJWU UXCTV ITË

ϐ ϐ

7VXGPFKI HCTIG HĆTGTJWU /GVCNNKE +TKFKWO UĆNX 6GPQTKVG ITË 1DUKFKCP UXCTV 4COOGHQTNGPIGNUG KPMN MI ICTCULG NCUV

ϐ ϐ

/CTMKUG OGF CFCRVGT JXKV GNNGT UĆNX Z EO

ϐ

7VUV[T KPPXGPFKI

$NGPFKPI HĆTGTJWU &WUL K ICTCULGP

ϐ ϐ

4KHNGV OGVCNNIWNX QI HKNVMNGFPKPI HQT DCMTG ICTCULG 5GVGQRRXCTOKPI QI NGPFGUVĆVVG HQT RKNQVUGVGT

ϐ ϐ

/[IIPGVVKPI RNKUGG HQT DQFGNUFĆT

ϐ

5QXGU[UVGO OGF RNCVGTKUV HQT UGPIGT DCM 6KNNGIIURQNUVGT HQT GMUVTC UQXGOWNKIJGV KPMNWFGTV HĆTGTUGVGV KPMNWFGTV PGFNGIIDCTV DQTF

ϐ ϐ

-QOHQTV . UKVVGITWRRG OGF UCNQPIRWVGT NCPIUIËGPFG VXGTTIËGPFG INKFGDQTF QI KPVGITGTVG RWPMVU DGNVGT

ϐ

.CMGP VKN UGPI DCM

ϐ

R[PVGRWVGT #ODKGPVGDGN[UPKPI

ϐ ϐ

6KNNGIIURQNUVGT OGNNQO GPMGNVUGPIGT OGF UVKIG ::. UGPI GMUVTC NCPI OCFTCUU EO KPMN JCNXJĆ[FG ICTFGTQDG K UVGFGV HQT TQOJĆ[ ICTFGTQDG

ϐ ϐ

5GPIGQOD[IIKPI . UKVVGITWRRGP KPMNWFGTV UGPMDCTV DQTF QI VKNNGIIURQNUVGT

ϐ

+PVGTKĆTFGUKIP

32


'MUVTC XGMV

2TKU KP PMT

/ĆDGNFGMQT 0QEG %QIPCE 5VQHHMQODKPCULQP %TKUVCNNQ

5VQHHMQODKPCULQP )TC\KC 'EQ 6GEJ OCVGTKGNN

ϐ

6GMUVKNUMKPP UVQHHMQODKPCULQP %TGQNC &CNCPC 5VQHHMQODKPCULQP %TKUVCNNQ /KNCPQ 2JQGPKZ

ϐ ϐ

5MKPP )TKIKQ 0CRQNK 6QTVQTC

ϐ

ϐ

)WNXVGRRG .CIWPC 5COQPC HQT HĆTGTJWU QI DQFGN NĆUV

ϐ

-LĆMMGP

-QOH[T QXPMQODKPCULQP

ϐ

$CF

.COGNNDWPP K VTG K FWULGP

ϐ

ϐ ϐ

1RRXCTOKPI MNKOC

5QNEGNNG Z 9 OGF /226 MQPVTQNNGT QI UMLGTO 'NGMVTKUM IWNXXCTOG K DQFGN QI OKFVICPI

6QCNGVVXGPVKNGTKPI

ϐ

7VXGPFKI ICUUVKNMQDNKPI OGF CXURGTTKPIUMTCPG )CUUHKNVGT HQT CWVQOCVKUM ICUUHNCUMGQOXGMUNGT

ϐ ϐ

K0GV $QZ MQPVTQNN CX XCTONWHV QI VCM MNKOC XKC #RR QI HTGOXKUPKPI CX MLĆTGVĆ[FCVC

ϐ

8CTONWHVUQRRXCTOKPI M9 GNGMVTKUM QRRXCTOKPI OGF 9 QI XCTOVXCPPU DQKNGT 'MUVTC DQFGNUDCVVGTK #J #)/ KPMN VKNNGIIU NCFGT #

ϐ ϐ

'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT #

ϐ

#WVQOCVKUM ICUUQOMQDNKPI OGF MQNNKULQPUUGPUQT QI 'KU'Z

7VVTGMMDCT UMWHH HQT ICUUHNCUMGT 6CM MNKOCCPNGII 9

'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$ /WNVKOGFKC

0CXKICULQP HQT /GTEGFGU $GP\ /$7: /WNVKOGFKC 5[UVGO

ϐ

ϐ ϐ

ϐ

ϐ

.'& 68 RË UQXGTQOOGV 68 OGF KPPGD[IFG JĆ[VVCNGTG &8& &8$ 6 % &8$ 5 NGFPKPIGT UCOV XGII JQNFGT /GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTOG QI T[IIGMCOGTC

1TKIKPCN /GTEGFGU $GP\ FKIKVCNTCFKQ &#$ &+0 KPMN $NWGVQQVJŗ UCOV 75$ %

/GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTO QI T[IIGMCOGTC &KIKVCN RCTCDQNCPVGPPG EO WVGP OQVVCMGT

ϐ ϐ

&KIKVCN HNCV CPVGPPG WVGP OQVVCMGT

ϐ

.'& 68 OGF KPPGD[IFG JĆ[VVCNGTG HLGTPMQPVTQNN &8& *;/'4 5OCTV /WNVKOGFKC 5[UVGO &8$ 6 % &8$ 5

ϐ

.'& 68 YKVJ DWKNV KP URGCMGTU TGOQVG EQPVTQN &8& FTKXG *;/'4 5OCTV /WNVKOGFKC U[UVGO &8$ 6 % &8$ 5 KPEN TGEGKXGT

ϐ

ϐ

ϐ

ϐ

ϐ

GNNGT 68 JQNFGT 2CMMG

(ĆTGTCUUKUVGPV 2CMMG :

ϐ

-LĆTGCUUKUVGPV RCMMG 2NWU $QFGNU MQOHQTVRCMMG

ϐ ϐ

%JCUUKU /$

ϐ

5V[NG 2CMMG /$ #WVCTMKG RCMMG .KVJKWO

ϐ ϐ

/. 6 #TMVKU RCMMG

ϐ

2ËD[IIURCMMG #WVQPQO[ RCEMCIG :.

ϐ ϐ

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

8GPPNKIUV XÎT QRROGTMUQO RË JGPXKUPKPIGPG QI MQOOGPVCTGPG RË UKFGPG

33


24+5 1) 6'-0+5- &#6# *;/'4 $ -.#55' /% 6

5VCPFCTF EJCUUKU

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

$CUKU OQVQTKUGTKPI #XICUUPQTO M9 *-

'WTQ E )T +++ 9.62

'WTQ E )T +++ 9.62

'WTQ E )T +++ 9.62

'WTQ E )T +++ 9.62

'WTQ E )T +++ 9.62

6QVCN NGPIFG EC EO

-CTQUUGTKDTGFFG EC EO J

6QVCN DTGFFG EC EO K

+PPXGPFKI DTGFFG EC EO

6QVCN JĆ[FG EC EO E I

5VËJĆ[FG K DQFGN EC EO

*LWNCXUVCPF EC OO

8GMV K MLĆTGMNCT VKNUVCPF EC MI D

/CMU P[VVGNCUV EC MI E

6GMPKUM VKNNCVV VQVCNXGMV MI

/CMU VKNNCVV VKNJGPIGTNCUV OGF DTGOUG MI G

/CMU CPVCNN RCUUCULGTGT F M

%JCUUKU OQV GMUVTC MQUVPCF

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/QVQTKUGTKPI 8GMV K MLĆTGMNCT VKNUVCPF EC MI

/CMU P[VVGNCUV EC MI 6KNNCVV VKNJGPIGTNCUV OGF DTGOUG MI 6GMPKUM VKNNCVV VQVCNXGMV MI 6KNNCVV CPVCNN RCUUCULGTGT +UQNCULQP IWNX UKFGXGII VCM OO .[UOËN NCUVGTQO ICTCULGFĆT GNNGT NWMG $ Z * EC EO 5GPIGOËN OKFVGP . Z $ EC EO 5GPIGOËN UGPI DCM . Z $ EC EO 5GPIGOËN UGPMGUGPI . Z $ EC EO

Z

Z

Z Z

Z Z

Z

Z

Z

Z

Z

Z

Z

Z Z Z Z

Z Z

Z Z

Z

Z

Z

Z

5GPIGT

Z

$CF $ Z 6 EC EO

Z

Z

Z

Z

Z

5GRCTCV FWUL $ Z & EC EO

Z

Z

Z Z Z Z

Z Z Z Z Z Z

)CTFGTQDG $ Z & Z * EC EO

Z Z

Z Z

Z Z Z Z

-LĆMMGP $ Z & Z * EC EO

Z Z

Z Z

Z Z

Z Z

M9 YCTO CKT YCTO YCVGT

M9 YCTO CKT YCTO YCVGT

M9 YCTO CKT YCTO YCVGT

M9 YCTO CKT YCTO YCVGT

M9 YCTO CKT YCTO YCVGT

-LĆNGUMCR XQNWO KPMN HT[UGT EC N 8CTOG (GTUMXCPPUHQTU[PKPI EC N

8CPPVKNICPI EC N WPFGT MLĆTKPI

5RKNNXCPPUVCPM EC MI

5VCTVGT DCVVGT[ #J

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

Z MI

Z MI

Z MI

Z MI

Z MI

5VKMMQPVCMV 8

5VKMMQPVCMV 8

'MUVTC DCVVGTK #J KPMN GMUVTC NCFGT DCVVGTK #J )CUU HQTU[PKPI MI

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

34


2#--'4 *;/'4 $ -.#55' /% 6 (ĆTGTCUUKUVGPV 2CMMG :

0QM

8CTOGKUQNGTGPFG INCUU OGF DËPFHKNVGT RË HTQPVTWVGP (LGTPN[U CUUKUVGPV

ϐ ϐ

6TCHKMMUMKNV CUUKUVGPV #MVKX MLĆTGHGNVUCUUKUVGPV

ϐ ϐ

1RROGTMUQOJGVUCUUKUVGPV

1RRXCTOGV HTQPVXKPFW

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

-LĆTGCUUKUVGPV RCMMG 2NWU

ϐ

0QM

/GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTOG QI T[IIGMCOGTC #MVKX FKUVCPUCUUKUVGPV &+56410+% 2.75 KPMN OWNVKHWPMULQPUMPCRR HQT TCVV GMUVTC MQUVPCF HQT ETWKUG EQPVTQN

ϐ ϐ

5MKPPTCVV XGF CWVQOCVIKT

ϐ

) 6410+% CWVQOCVIKT KPMN JQNF HWPMULQP

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

2ËD[IIURCMMG /[IIPGVVKPI RË DQFGNUFĆT

ϐ

0QM ϐ

2CPQTCOCVCM QXGT HĆTGTJWUGV OCPWGNV LWUVGTDCTV

ϐ

8KPFW K KPPICPIUFĆTGP OGF DNGPFKPIUICTFKP QI KPVGITGTV UĆRRGNDĆVVG $NGPFKPI HĆTGTJWU

ϐ ϐ

5MWHH QI QRRDGXCTKPIUTQO HQT PCMMGUVĆVVG RNCUUGTV K UKVVGITWRRGP

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

$QFGNU MQOHQTVRCMMG

ϐ

0QM

.COGNNDWPP K VTG K FWULGP

ϐ

.CMGP VKN UGPI DCM R[PVGRWVGT

ϐ ϐ

#ODKGPVGDGN[UPKPI KPMN UVKMMQPVCMVDGN[UPKPI 'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

%JCUUKU /$

ϐ

0QM

*CNX CWVQOCVKUM MNKOCCPNGII 6'/2/#6+-

ϐ

6GORQOCV /GTEGFGU $GP\ KPMN OWNVKHWPMULQPUMPCRRGT RË TCVVGV

ϐ

'NGMVTKUM RCTMGTKPIUDTGOU (QTUVGTMGV HQTCMUGN

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

5V[NG 2CMMG /$

ϐ

0QM

4CFKCVQT ITKNN MTQO

ϐ

5VĆVHCPIGT HGUVGFGNGT QI TCFKCVQT ITKNN TCOOG OCNV K MLĆTGVĆ[GVU HCTIG 6ËMGN[U OGF UXKPIN[U

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

35


#WVCTMKG RCMMG .KVJKWO

0QM

'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT # DQFGNUDCVVGTK *;/'4 5OCTV $CVVGTKU[UVGO #J NKVKWO

ϐ ϐ

1OHQTOGT 8 VKN 8 9 OGF PGVVXGTMURTKQTKVGVUMTGVU

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

$ -NCUUG /% 6 #TMVKU 2CMMG

ϐ

0QM

8CTOVXCPPUQRRXCTOKPI

ϐ

8CTOGXGMUNGT HQT XCTOVXCPPUQRRXCTOKPI 8CTOGXGMUNGT HQTDGTGFV /GTEGFGU $GP\

ϐ ϐ

8CTOVXCPPU IWNXQRRXCTOKPI K ICTCULGP 4KHNGV OGVCNNIWNX QI HKNVMNGFPKPI HQT DCMTG ICTCULG

ϐ ϐ

+UQNGTV FGNKPIU ICTFKP HQT HĆTGTJWU FQDDGN

ϐ

+UQNCULQPUOCVVG HQT HQVTQO K HĆTGTJWUGV NĆUV

ϐ

6KNNGIIUXCTOGT

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

#WVQPQO[ RCEMCIG :. 'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT #

0QM ϐ

DQFGNUDCVVGTK #J #)/

ϐ

1OHQTOGT 8 VKN 8 9 OGF PGVVXGTMURTKQTKVGVUMTGVU

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

36


56#0&#4& 7656;4 *;/'4 $ -.#55' /% 6

%JCUUKU /GTEGFGU $GP\ 5RTKPVGT V %&+ -9 *2 'WTQ E )T +++ 9.62 KPEN 'EQ 5VCTV 5VQR $CUKU VTKPPU IKTMCUUG 5.% %JCUUKU 5WRGT .KIJV %JCUUKU &CIUMLĆTGN[U KPVGITGTV K HTQPVN[MGPG 'NGMVTKUM XKPFWUJGKU QI UGPVTCNNËU HQT HĆTGTJWU -QRRJQNFGT XGF HĆTGT QI RCUUCULGTUGVG -G[NGUU UVCTV UVCTVUVQRRMPCRR HQT MQOHQTVCDGN OQVQTUVCTV -QOHQTV UKMMGTJGVUHLÎTKPI QTKIKPCNJLWN OGF JLWNMCRUNGT 5OWUUHCPIGT RË DCMCMUGN 5KFGXKPFCUUKUVGPV #$5 DNQMMGTKPIUHTKG DTGOUGT #54 CPVKURKPP '$8 GNGMVTQPKUM DTGOUGMTCHVHQTFGNKPI QI '52 GNGMVTQPKUM UVCDKNKVGVURTQITCO N #F$NWG VCPM (QTUVGTMGV IGPGTCVQT KPMNWFGTV NCFG DQQUVGT 'NGMVTKUMG LWUVGTDCTG QI QRRXCTODCTG WVXGPFKI URGKN #WVQOCVKUM MLĆTGN[UMQPVTQNN 5VĆ[TGFWMULQP /GTEGFGU $GP\ +UQNCULQP CX OQVQTTQO QI WPFGTRCPGN N VCPM #KTDCI HQT HĆTGT QI RCUUCULGT 7VUV[T WVXGPFKI 5VQTG ICTCULGFĆTGT JĆ[TG QI XGPUVTG UKFG 2CPQTCOC VCMWHVKPI Z EO FQDNG INCUU OGF .'& DGN[UPKPI K DQFGN 7VXGPFKI HCTIG HĆTGTJWU JXKV RËD[II JXKV EO DTGF OCZK KPPICPIUFĆT 'NGMVTKUM KPPICPIUVTKPP OGF VTKPP 'MUMNWUKXG *;/'4 OWNVKHWPMULQPU DCMN[MVGT OGF .'& J[DTKFVGMPQNQIK )CTCULG P[VVGNCUV RË QRR VKN MI GMUVTCWVUV[T MI 8ÎT QRROGTMUQO RË CMUGNNCUVGP )(- NGVVXGMVUIWNX VTGHTKVV OGF :25 KUQNCULQP 5VQTV QRRDGXCTKPIUTQO OGF CFICPI WVGPHTC KPMN GMUVTC F[RV MLGNNGTTQO QI CFICPI KPPGPHTC 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI RË DCFGV 1RVKOCN KUQNGTKPI OGF 27#. MQPUVTWMULQP OGF QRRUMWOOGFG XGIIGT QI QRRUMWOOGV VCM OO XGII QI VCMV[MMGNUG QI TCOOGXKPFWGT 2TGOKWO *KIJVGE MCTQUUGTK CNW CNW 27#. UCPFYKEJ HQT QRVKOCN KUQNCULQP WVGP MWNFGDTQGT VTGHTKVV (QTJGPI K HĆTGTJWUGV K RNKUGG UVQHH K JĆ[ MXCNKVGV 6CMNWHVKPI MNCTV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGPI GT DCM 7VXGPFKI UGTXKEGNWMG RË HĆTGTUKFGP VKN QRRDGXCTKPI CX . UKVVGITWRRGP 1RRXCTOGV FQDDGNVIWNX KPMN QRRDGXCTKPIUTQO WPFGT IWNXGV 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGRCTCV FWUL 7VUV[T KPPXGPFKI (TQPV UKVVGITWRRG OGF KPVGITGTV RWPMVU DGNVG .WZWU DQTF ITCFGT FTGKDCT NGPIG QI UKFG LWUVGTDCT 2KNQVUVQNGT K DQFGN UVQHH FTGKG JĆ[FG QI VKNV LWUVGTDCT OGF CTONGPGT .'& OCTMKUGN[U /WNVK UQPG MCNFUMWOOCFTCUU KPMN JĆ[MXCNKVGVU OCFTCUU UVTKMMGV UVQHH HQT XGPVKNCULQP /QFGTPG NKPGÎTV KPVGTKĆTFGUKIP 1RVKOCN RNCUU QI IGPGTĆU TQOHĆNGNUG -QORNGVV .'& KPVGTKĆTDGN[UPKPI .'& DGN[UPKPI (WPMULQPUKPVGITCULQP K OĆDNGNGNGOGPVGT +PVGTKĆTFGUKIP /ĆDGNFGMQT )TCPF 1CM 5VQHHMQODKPCULQP %QNQODQ %WUEQ &GNHK ,CPGKTQ -KVCOK /KNQU -LĆMMGP 'MUVTC DTGFG HTKVV FGNDCTG MLĆMMGPUMWHHGT 5VQT MQOH[T OGF INCUUFGMUGN QI HTQPVRCPGN 5GTXQ UQHV ENQUG RË MLĆMMGPGV . 5OCTV 6QYGT MLĆNGUMCR 'MUVTC F[R XCUM OGF VGVVUKVVGPFG UMLÎTGDTGVV QI JĆ[ XCPPMTCP 1RRXCTOKPI MNKOC 8CTONWHVUQRRXCTOKPI M9 OGF XCTOVXCPPU DQKNGT

37


(QTUVGTMGV DCVVGTK 8 #J #)/ N URKNNXCPPUVCPM KUQNGTV QI QRRXCTOGV 'MUVTC F[RV ICUUHNCUMGMCOOGT HQT GPMGN ICUUHNCUMGUMKHVG N HGTUMXCPPUVCPM KUQNGTV QI QRRXCTOGV .%& VCUVCVWT HQT QRRXCTOKPI KPMN K0GV MNCT 8CTONWHVUQRRXCTOKPI K DCMTG UQXGTQO UGRCTCV LWUVGTDCTV )CUUHNCUMGMCOOGT OGF VKNICPI XKC FGP GMUVGTPG MNCHHGP /WNVKOGFKC 4CFKQ 68 HQTDGTGFGNUG KPMN 8 QI 8 WVVCM JĆ[VVCNGTG K HĆTGTJWUGV UGPI HQTCP UCOV UGPI DCM TCFKQ QI &8$ 6 CPVGPPG

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

38


'MUVTC XGMV

2TKU KP PMT %JCUUKU

6+..'))57656;4 *;/'4 $ -.#55' /% 6

8GMV XCTKCPV MI /GTEGFGU $GP\ 5RTKPVGT %&+ 0GFLWUVGTKPI VKN VQPP HQT /GTEGFGU $GP\ 5RTKPVGT %&+ /GTEGFGU $GP\ 5RTKPVGT V %&+ -9 *2 'WTQ E )T +++ 9.62 KPEN 'EQ 5VCTV 5VQR /GTEGFGU $GP\ 5RTKPVGT V %&+ -9 *2 'WTQ E )T +++ 9.62 KPEN 'EQ 5VCTV 5VQR

8GMV XCTKCPV MI /GTEGFGU $GP\ 5RTKPVGT %&+ /GTEGFGU $GP\ 5RTKPVGT V %&+ -9 *2 'WTQ E )T +++ 9.62 KPEN 'EQ 5VCTV 5VQR

$CUKU

) 6410+% CWVQOCVIKT KPMN JQNF HWPMULQP

ϐ

. FTKXUVQHH VCPM .'& *KIJ 2GTHQTOCPEG HTQPVN[MVGT

ϐ ϐ

4CVV QI IKT K UMKPP XGF OCPWGNN IKTMCUUG

ϐ

1RRXCTOGV HTQPVXKPFW 6*'4/16410+% JGNCWVQOCVKUM MNKOCCPNGII VKNNGIIUCXIKHV HQT JCNXCWVQOCVKUM MNKOCCPNGII

ϐ ϐ

1RROGTMUQOJGVUCUUKUVGPV

NGVVOGVCNNHGNIGT QTKIKPCN /GTEGFGU $GP\ UĆNX OGF UQOOGTFGMM

ϐ

#MVKX FKUVCPUCUUKUVGPV &+56410+% 2.75 KPMN OWNVKHWPMULQPUMPCRR HQT TCVV GMUVTC MQUVPCF HQT ETWKUG EQPVTQN

ϐ

NGVVOGVCNNHGNIGT 1TKIKPCN /GTEGFGU $GP\ UĆNX OGF JGNËTUFGMM

ϐ

QTKIKPCN /GTEGFGU $GP\ UXCTV NGVVOGVCNNHGNIGT OGF JGNËTUFGMM #XVCIDGTV JGPIGTHGUVG

ϐ ϐ

ϐ ϐ

7VUV[T WVXGPFKI

/CTMKUG OGF CFCRVGT JXKV GNNGT UĆNX Z EO 7VXGPFKI HCTIG RËD[II %T[UVCN 5KNXGT /GVCNNKE KPMN NCMMGTV CNMQXG

'NGMVTKUM VCMXKHVG OGF HWPMULQP VKNHĆTUGN QI CXVTGMM K MLĆMMGPGV

ϐ

2CPQTCOC VCMNWHVKPI Z EO FQDDGNVINCUU OGF .'& DGN[UPKPI QXGT UGPI DCM hRPKPIUDCTV XKPFW KPMN DNGPFKPIUICTFKP QI O[IIPGVVKPI XGPUVTG UKFG DCM

ϐ ϐ

5KMMGTJGVUNËU VKN DQFGNUFĆT

5[MMGNJQNFGT HQT U[MNGT OCMU NCUV MI /QVQTU[MMGN JQNFGT HCUV MCP QIUË DTWMGU VKN U[MNGT

ϐ

ϐ ϐ

-QOHQTV UVĆVVGDGP DCM UVM

ϐ

-QOHQTV KPPICPIUFĆT OGF XKPFW DNGPFKPIUICTFKP UĆRRGNDĆVVG QI VQ RWPMVU NËU 6CMTGKN OGF UVKIG DCM QI TKHNGV VCMRNCVG K CNWOKPKWO

ϐ ϐ

5[MMGNJQNFGT HQT U[MNGT OCMU NCUV MI

ϐ

7VXGPFKI HCTIG HĆTGTJWU UXCTV ITË )(- DGNGIIKPI RË VCMGV )(- DGNGIIKPI RË VCMGV GT KMMG VKNRCUUGV MLĆTGVĆ[GVU HCTIG 1XGTHNCVGP CX )(- DGNGIIKPI UXCTGT KMMG VKN FGP NCMMGTVG QXGTHNCVGP

ϐ

4COOGHQTNGPIGNUG KPMN MI ICTCULG NCUV

7VXGPFKI HCTIG HĆTGTJWU /GVCNNKE +TKFKWO UĆNX 6GPQTKVG ITË 1DUKFKCP UXCTV /CTMKUG OGF CFCRVGT JXKV GNNGT UĆNX Z EO

ϐ ϐ

ϐ ϐ

7VUV[T KPPXGPFKI $NGPFKPI HĆTGTJWU

ϐ

UGVG OGF OCIGDGNVG K UKVVGDGPMG JĆ[TG UKFG K MLĆTGTGVPKPIGP

ϐ

5GVGQRRXCTOKPI QI NGPFGUVĆVVG HQT RKNQVUGVGT &WUL K ICTCULGP

ϐ ϐ

5MWHH QI QRRDGXCTKPIUTQO HQT PCMMGUVĆVVG RNCUUGTV K UKVVGITWRRGP

ϐ

+51(+:

ϐ

1TKIKPCN /GTEGFGU $GP\ %QOHQTV UGCV WRJQNUVGTGF KP NKXKPI CTGC HCDTKE CPF KPVGITCN NQQM 4QO HĆNGNUG ËRPG J[NNGT DCM

-QOHQTV . UKVVGITWRRG OGF UCNQPIRWVGT NCPIUIËGPFG VXGTTIËGPFG INKFGDQTF QI KPVGITGTVG RWPMVU DGNVGT 5QXGU[UVGO OGF RNCVGTKUV HQT UGPIGT DCM

ϐ ϐ

5GPIGQOD[IIKPI UKVVGITWRRG KPMNWFGTV GMUVTC RWVG QI PGFNGIIDCTV DQTF

ϐ

#ODKGPVGDGN[UPKPI KPMN UVKMMQPVCMVDGN[UPKPI 5GPIGQOD[IIKPI HQT MQOHQTV . UKVVGITWRRG KPMNWFGTV GMUVTC RWVG QI PGFNGIIDCTV DQTF

ϐ ϐ

.QYGTCDNG FQWDNG DGF CDQXG VJG UGCVKPI ITQWR YKVJ EQNF HQCO OCVVTGUU GNGEVTKE KPEN TQQH KPVGITCVKQP

ϐ

6KNNGIIURQNUVGT HQT GMUVTC UQXGOWNKIJGV KPMNWFGTV HĆTGTUGVGV KPMNWFGTV PGFNGIIDCTV DQTF

ϐ

6KNNGIIURQNUVGT OGNNQO GPMGNVUGPIGT KPMN KPVGITGTV MQOHQTV VTKPP ::. UGPI GMUVTC NCPI OCFTCUU EO KPMN JCNXJĆ[FG ICTFGTQDG K UVGFGV HQT TQOJĆ[ ICTFGTQDG

ϐ ϐ

.CPIUIËGPFG GPMGNVUGPIGT DCM KPMN ICTCULGFĆT JĆ[TG QI XGPUVTG 3WGGPUGPI JĆ[FGLWUVGTV

ϐ

+PVGTKĆTFGUKIP

39


/ĆDGNFGMQT 0QEG %QIPCE 5VQHHMQODKPCULQP )TC\KC 'EQ 6GEJ OCVGTKGNN

'MUVTC XGMV

2TKU KP PMT

ϐ

)WNXVGRRG .CIWPC 5COQPC HQT HĆTGTJWU QI DQFGN NĆUV

ϐ

6GMUVKNUMKPP UVQHHMQODKPCULQP %TGQNC &CNCPC 5VQHHMQODKPCULQP %TKUVCNNQ /KNCPQ 2JQGPKZ

ϐ ϐ

5MKPP )TKIKQ 0CRQNK 6QTVQTC

ϐ

ϐ

.COGNNDWPP K VTG K FWULGP 1RRXCTOKPI MNKOC

ϐ

7VXGPFKI ICUUVKNMQDNKPI OGF CXURGTTKPIUMTCPG

ϐ

)CUUHKNVGT HQT CWVQOCVKUM ICUUHNCUMGQOXGMUNGT 5QNEGNNG Z 9 OGF /226 MQPVTQNNGT QI UMLGTO

ϐ ϐ

6QCNGVVXGPVKNGTKPI

ϐ

K0GV $QZ MQPVTQNN CX XCTONWHV QI VCM MNKOC XKC #RR QI HTGOXKUPKPI CX MLĆTGVĆ[FCVC 8CTONWHVUQRRXCTOKPI M9 GNGMVTKUM QRRXCTOKPI OGF 9 QI XCTOVXCPPU DQKNGT

ϐ ϐ

'MUVTC DQFGNUDCVVGTK #J #)/ KPMN VKNNGIIU NCFGT #

ϐ

#WVQOCVKUM ICUUQOMQDNKPI OGF MQNNKULQPUUGPUQT QI 'KU'Z 8CTOVXCPPUQRRXCTOKPI KPMN DQQUVGT K HĆTGTJWU

ϐ ϐ

DQFGNUDCVVGTK *;/'4 5OCTV $CVVGTKU[UVGO #J NKVKWO

ϐ

'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$

6CM MNKOCCPNGII 9 7VVTGMMDCT UMWHH HQT ICUUHNCUMGT

-LĆMMGP $CF

-QOH[T QXPMQODKPCULQP

ϐ

ϐ ϐ

/WNVKOGFKC /GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTO QI T[IIGMCOGTC

ϐ

ϐ

0CXKICULQP HQT /GTEGFGU $GP\ /$7: /WNVKOGFKC 5[UVGO /GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTOG QI T[IIGMCOGTC .'& 68 RË UQXGTQOOGV 68 OGF KPPGD[IFG JĆ[VVCNGTG &8& &8$ 6 % &8$ 5 NGFPKPIGT UCOV XGII JQNFGT GNNGT 68 JQNFGT .'& 68 OGF KPPGD[IFG JĆ[VVCNGTG HLGTPMQPVTQNN &8& *;/'4 5OCTV /WNVKOGFKC U[UVGO OGF $NWGVQQVJŗ &8$ 6 % &8$ 5

ϐ

ϐ

ϐ

ϐ

&KIKVCN RCTCDQNCPVGPPG EO 6YKP .0$ WVGP OQVVCMGT

ϐ

&KIKVCN RCTCDQNCPVGPPG EO WVGP OQVVCMGT &KIKVCN HNCV CPVGPPG WVGP OQVVCMGT

ϐ ϐ

.'& 68 OGF KPPGD[IFG JĆ[VVCNGTG HLGTPMQPVTQNN &8& *;/'4 5OCTV /WNVKOGFKC U[UVGO OGF $NWGVQQVJŗ &8$ 6 % &8$ 5

ϐ

2CMMG

(ĆTGTCUUKUVGPV 2CMMG :

ϐ

-LĆTGCUUKUVGPV RCMMG 2NWU 2ËD[IIURCMMG

ϐ ϐ

$QFGNU MQOHQTVRCMMG

ϐ

%JCUUKU /$

ϐ

5V[NG 2CMMG /$ #WVCTMKG RCMMG .KVJKWO

ϐ ϐ

$ -NCUUG /% 6 #TMVKU 2CMMG #WVQPQO[ RCEMCIG :.

ϐ ϐ

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

8GPPNKIUV XÎT QRROGTMUQO RË JGPXKUPKPIGPG QI MQOOGPVCTGPG RË UKFGPG

40


24+5 1) 6'-0+5- &#6# *;/'4 $ -.#55' /% +

5VCPFCTF EJCUUKU

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

$CUKU OQVQTKUGTKPI #XICUUPQTO M9 *-

'WTQ E )T +++ 9.62

'WTQ E )T +++ 9.62

'WTQ E )T +++ 9.62

'WTQ E )T +++ 9.62

'WTQ E )T +++ 9.62

6QVCN NGPIFG EC EO

-CTQUUGTKDTGFFG EC EO J

6QVCN DTGFFG EC EO K

+PPXGPFKI DTGFFG EC EO

6QVCN JĆ[FG EC EO E I

5VËJĆ[FG K DQFGN EC EO

*LWNCXUVCPF EC OO

8GMV K MLĆTGMNCT VKNUVCPF EC MI D

/CMU P[VVGNCUV EC MI E

6GMPKUM VKNNCVV VQVCNXGMV MI

/CMU VKNNCVV VKNJGPIGTNCUV OGF DTGOUG MI G

/CMU CPVCNN RCUUCULGTGT F M

%JCUUKU OQV GMUVTC MQUVPCF

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/QVQTKUGTKPI 8GMV K MLĆTGMNCT VKNUVCPF EC MI

/CMU P[VVGNCUV EC MI 6KNNCVV VKNJGPIGTNCUV OGF DTGOUG MI 6GMPKUM VKNNCVV VQVCNXGMV MI 6KNNCVV CPVCNN RCUUCULGTGT +UQNCULQP IWNX UKFGXGII VCM OO .[UOËN NCUVGTQO ICTCULGFĆT GNNGT NWMG $ Z * EC EO 5GPIGOËN OKFVGP . Z $ EC EO 5GPIGOËN UGPI DCM . Z $ EC EO 5GPIGOËN UGPMGUGPI . Z $ EC EO

Z

Z

Z Z

Z Z

Z

Z

Z EO

Z

Z

Z

Z

Z Z Z Z

Z Z

Z Z

Z

Z Z Z

Z Z Z

Z Z Z

Z Z Z

Z Z Z

5GPIGT

$CF $ Z 6 EC EO

Z

Z

Z

Z

Z

5GRCTCV FWUL $ Z & EC EO

Z

)CTFGTQDG $ Z & Z * EC EO

Z Z

Z Z

-LĆMMGP $ Z & Z * EC EO

Z Z

Z Z

Z Z

Z Z

M9 YCTO CKT YCTO YCVGT

M9 YCTO CKT YCTO YCVGT

M9 YCTO CKT YCTO YCVGT

M9 YCTO CKT YCTO YCVGT

M9 YCTO CKT YCTO YCVGT

-LĆNGUMCR XQNWO KPMN HT[UGT EC N 8CTOG

Z Z Z Z Z Z Z Z

Z Z Z Z Z Z Z

(GTUMXCPPUHQTU[PKPI EC N

8CPPVKNICPI EC N WPFGT MLĆTKPI

5RKNNXCPPUVCPM EC MI

5VCTVGT DCVVGT[ #J

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

Z MI

Z MI

Z MI

Z MI

Z MI

5VKMMQPVCMV 8

5VKMMQPVCMV 8

'MUVTC DCVVGTK #J KPMN GMUVTC NCFGT DCVVGTK #J )CUU HQTU[PKPI MI

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

41


2#--'4 *;/'4 $ -.#55' /% + -LĆTGCUUKUVGPV RCMMG 2NWU

0QM

/GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTOG QI T[IIGMCOGTC #MVKX FKUVCPUCUUKUVGPV &+56410+% 2.75 KPMN OWNVKHWPMULQPUMPCRR HQT TCVV GMUVTC MQUVPCF HQT ETWKUG EQPVTQN

ϐ ϐ

5MKPPTCVV XGF CWVQOCVIKT ) 6410+% CWVQOCVIKT KPMN JQNF HWPMULQP

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT 2ËD[IIURCMMG

ϐ 0QM

/[IIPGVVKPI RË DQFGNUFĆT 8KPFW K KPPICPIUFĆTGP OGF DNGPFKPIUICTFKP QI KPVGITGTV UĆRRGNDĆVVG

ϐ ϐ

(ĆTGTFĆT OGF GNGMVTKUM XKPFW QI KPPICPIUDGN[UPKPI

ϐ

5MWHH QI QRRDGXCTKPIUTQO HQT PCMMGUVĆVVG RNCUUGTV K UKVVGITWRRGP

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT $QFGNU MQOHQTVRCMMG

ϐ 0QM

.COGNNDWPP K VTG K FWULGP .CMGP VKN UGPI DCM

ϐ ϐ

R[PVGRWVGT

ϐ

#ODKGPVGDGN[UPKPI KPMN UVKMMQPVCMVDGN[UPKPI 'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT %JCUUKU /$

ϐ 0QM

*CNX CWVQOCVKUM MNKOCCPNGII 6'/2/#6+-

ϐ

6GORQOCV /GTEGFGU $GP\ KPMN OWNVKHWPMULQPUMPCRRGT RË TCVVGV 'NGMVTKUM RCTMGTKPIUDTGOU

ϐ ϐ

(QTUVGTMGV HQTCMUGN

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT #WVCTMKG RCMMG .KVJKWO

ϐ 0QM

'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT #

ϐ

DQFGNUDCVVGTK *;/'4 5OCTV $CVVGTKU[UVGO #J NKVKWO 1OHQTOGT 8 VKN 8 9 OGF PGVVXGTMURTKQTKVGVUMTGVU

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

#WVQPQO[ RCEMCIG :.

0QM

'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT #

ϐ

DQFGNUDCVVGTK #J #)/ 1OHQTOGT 8 VKN 8 9 OGF PGVVXGTMURTKQTKVGVUMTGVU

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT $ -NCUUG /% + #TMVKU 2CMMG 8CTOVXCPPUQRRXCTOKPI 8CTOGXGMUNGT HQT XCTOVXCPPUQRRXCTOKPI

ϐ 0QM ϐ ϐ

8CTOGXGMUNGT HQTDGTGFV /GTEGFGU $GP\

ϐ

8CTOVXCPPU IWNXQRRXCTOKPI K ICTCULGP 4KHNGV OGVCNNIWNX QI HKNVMNGFPKPI HQT DCMTG ICTCULG

ϐ ϐ

+UQNGTV INCUU VKN UKFGTWVGT K HĆTGTJWU QI HĆTGTFĆT +UQNGTKPIUOCVVG WVXGPFKI VKN HTQPVTWVG

ϐ ϐ

+UQNCULQPUOCVVG HQT HQVTQO K HĆTGTJWUGV NĆUV

ϐ

6KNNGIIUXCTOGT

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ 42


56#0&#4& 7656;4 *;/'4 $ -.#55' /% +

$CUKU -QOHQTV UKMMGTJGVUHLÎTKPI .'& FCIUMLĆTGN[U QI .'& DNKPMN[U KPVGITGTV K *;/'4 HTQPVNCORGPG VTKPPU IKTMCUUG #$5 DNQMMGTKPIUHTKG DTGOUGT #54 CPVKURKPP '$8 GNGMVTQPKUM DTGOUGMTCHVHQTFGNKPI QI '52 GNGMVTQPKUM UVCDKNKVGVURTQITCO N #F$NWG VCPM 7VXGPFKIG URGKN NCMMGTV K DKNGPU HCTIG GNGMVTKUM QRRXCTOGV QI LWUVGTDCT KPMNWFGTV XKFXKPMGN URGKN -QRRJQNFGT XGF HĆTGT QI RCUUCULGTUGVG -G[NGUU UVCTV UVCTVUVQRRMPCRR HQT MQOHQTVCDGN OQVQTUVCTV QTKIKPCNJLWN OGF JLWNMCRUNGT 5OWUUHCPIGT RË HQTCP QI DCMCMUGN 5KFGXKPFCUUKUVGPV 5.% %JCUUKU 5WRGT .KIJV %JCUUKU (QTUVGTMGV IGPGTCVQT KPMNWFGTV NCFG DQQUVGT #WVQOCVKUM MLĆTGN[UMQPVTQNN 5VĆ[TGFWMULQP /GTEGFGU $GP\ +UQNCULQP CX OQVQTTQO QI WPFGTRCPGN N VCPM #KTDCI HQT HĆTGT QI RCUUCULGT 7VUV[T WVXGPFKI )NCVV CNWOKPKWO HCTIG %CTTCTC JXKV 7VXGPFKI UGTXKEGNWMG RË HĆTGTUKFGP VKN QRRDGXCTKPI CX . UKVVGITWRRGP 2CPQTCOC VCMWHVKPI Z EO FQDNG INCUU OGF .'& DGN[UPKPI K DQFGN EO DTGF OCZK KPPICPIUFĆT 1RRXCTOGV FQDDGNVIWNX KPMN QRRDGXCTKPIUTQO WPFGT IWNXGV 'MUMNWUKXG *;/'4 OWNVKHWPMULQPU DCMN[MVGT OGF .'& J[DTKFVGMPQNQIK 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGRCTCV FWUL (QNFG OĆTMNGIIKPI K HĆTGTJWUGV K RNKUG UVQHH CX JĆ[ MXCNKVGV )CTCULG P[VVGNCUV RË QRR VKN MI GMUVTCWVUV[T MI 8ÎT QRROGTMUQO RË CMUGNNCUVGP )(- NGVVXGMVUIWNX VTGHTKVV OGF :25 KUQNCULQP 5VQTG ICTCULGFĆTGT JĆ[TG QI XGPUVTG UKFG 5VQTV QRRDGXCTKPIUTQO OGF CFICPI WVGPHTC KPMN GMUVTC F[RV MLGNNGTTQO QI CFICPI KPPGPHTC 6CMNWHVKPI MNCTV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGPI GT DCM 1RVKOCN KUQNGTKPI OGF 27#. MQPUVTWMULQP OGF QRRUMWOOGFG XGIIGT QI QRRUMWOOGV VCM OO XGII QI VCMV[MMGNUG QI TCOOGXKPFWGT 2TGOKWO *KIJVGE MCTQUUGTK CNW CNW 27#. UCPFYKEJ HQT QRVKOCN KUQNCULQP WVGP MWNFGDTQGT VTGHTKVV 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI RË DCFGV 'NGMVTKUM KPPICPIUVTKPP OGF VTKPP 7VUV[T KPPXGPFKI -QOHQTV . UKVVGITWRRG OGF NQWPIG RQNUVTKPI QI KPVGITGTVG RWPMVU DGNVG .WZWU DQTF ITCFGT FTGKDCT NGPIG QI UKFG LWUVGTDCT 2KNQVUVQNGT K DQFGN UVQHH FTGKG JĆ[FG QI VKNV LWUVGTDCT OGF CTONGPGT /QFGTPG NKPGÎTV KPVGTKĆTFGUKIP *GXG UGPMGUGPI OCPWGNN /WNVK UQPG MCNFUMWOOCFTCUU KPMN JĆ[MXCNKVGVU OCFTCUU UVTKMMGV UVQHH HQT XGPVKNCULQP (WPMULQPUKPVGITCULQP K OĆDNGNGNGOGPVGT 0CVVDGN[UPKPI OGF QOMQDNKPIUDT[VGT -QORNGVV .'& KPVGTKĆTDGN[UPKPI .'& DGN[UPKPI 1RVKOCN RNCUU QI IGPGTĆU TQOHĆNGNUG +PVGTKĆTFGUKIP /ĆDGNFGMQT )TCPF 1CM 5VQHHMQODKPCULQP %QNQODQ %WUEQ &GNHK ,CPGKTQ -KVCOK /KNQU -LĆMMGP . 5OCTV 6QYGT MLĆNGUMCR 'MUVTC DTGFG HTKVV FGNDCTG MLĆMMGPUMWHHGT 'MUVTC F[R XCUM OGF VGVVUKVVGPFG UMLÎTGDTGVV QI JĆ[ XCPPMTCP 5VQT MQOH[T OGF INCUUFGMUGN QI HTQPVRCPGN 5GTXQ UQHV ENQUG RË MLĆMMGPGV 1RRXCTOKPI MNKOC 8CTONWHVUQRRXCTOKPI M9 OGF XCTOVXCPPU DQKNGT 0[GUVG XCTOGMQPUGRV K HĆTGTJWUGV OGF HQTUVGTMGV XCTONWHV KPMN QRRXCTOGV FCULDQTF N URKNNXCPPUVCPM KUQNGTV QI QRRXCTOGV

44


'MUVTC F[RV ICUUHNCUMGMCOOGT HQT GPMGN ICUUHNCUMGUMKHVG N HGTUMXCPPUVCPM KUQNGTV QI QRRXCTOGV .%& VCUVCVWT HQT QRRXCTOKPI KPMN K0GV MNCT 8CTONWHVUQRRXCTOKPI K DCMTG UQXGTQO UGRCTCV LWUVGTDCTV (QTUVGTMGV DCVVGTK 8 #J #)/ )CUUHNCUMGMCOOGT OGF VKNICPI XKC FGP GMUVGTPG MNCHHGP /WNVKOGFKC 4CFKQ 68 HQTDGTGFGNUG KPMN 8 QI 8 WVVCM JĆ[VVCNGTG K HĆTGTJWUGV UGPI HQTCP UCOV UGPI DCM TCFKQ QI &8$ 6 CPVGPPG

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

45


'MUVTC XGMV

2TKU KP PMT %JCUUKU

6+..'))57656;4 *;/'4 $ -.#55' /% +

8GMV XCTKCPV MI /GTEGFGU $GP\ 5RTKPVGT %&+ 0GFLWUVGTKPI VKN VQPP HQT /GTEGFGU $GP\ 5RTKPVGT %&+ /GTEGFGU $GP\ 5RTKPVGT V %&+ -9 *2 'WTQ E )T +++ 9.62 KPEN 'EQ 5VCTV 5VQR

$CUKU

(TQPV MTQO XGTULQP TCFKCVQT ITKNN QI VËMGN[U FGMUGN

*CNQIGP VËMGN[U

ϐ

. FTKXUVQHH VCPM .'& VËMGN[U KPMN UVCVKUMG MWTXGN[U

ϐ ϐ

4CVV QI IKT K UMKPP XGF OCPWGNN IKTMCUUG 5GPVTCNNËU HQT HĆTGT DQFGNUFĆT QI ICTCULG FĆTGT

ϐ ϐ

6*'4/16410+% JGNCWVQOCVKUM MNKOCCPNGII VKNNGIIUCXIKHV HQT JCNXCWVQOCVKUM MNKOCCPNGII

$K .'& HTQPVN[MVGT NGVVOGVCNNHGNIGT 1TKIKPCN /GTEGFGU $GP\ UĆNX OGF JGNËTUFGMM

) 6410+% CWVQOCVIKT KPMN JQNF HWPMULQP

ϐ

QTKIKPCN /GTEGFGU $GP\ UXCTV NGVVOGVCNNHGNIGT OGF JGNËTUFGMM

ϐ

#XVCIDGTV JGPIGTHGUVG NGVVOGVCNNHGNIGT QTKIKPCN /GTEGFGU $GP\ UĆNX OGF UQOOGTFGMM

ϐ ϐ

7VUV[T WVXGPFKI /CTMKUG OGF CFCRVGT JXKV GNNGT UĆNX Z EO

ϐ

'NGMVTKUM VCMXKHVG OGF HWPMULQP VKNHĆTUGN QI CXVTGMM K MLĆMMGPGV

ϐ

2CPQTCOC VCMNWHVKPI Z EO FQDDGNVINCUU OGF .'& DGN[UPKPI QXGT UGPI DCM

ϐ

hRPKPIUDCTV XKPFW KPMN DNGPFKPIUICTFKP QI O[IIPGVVKPI XGPUVTG UKFG DCM 5[MMGNJQNFGT HQT U[MNGT OCMU NCUV MI

ϐ ϐ

/QVQTU[MMGN JQNFGT HCUV MCP QIUË DTWMGU VKN U[MNGT -QOHQTV UVĆVVGDGP DCM UVM

ϐ ϐ

5[MMGNJQNFGT HQT U[MNGT OCMU NCUV MI

ϐ

)(- VCM 6CMTGKN OGF UVKIG DCM QI TKHNGV VCMRNCVG K CNWOKPKWO

ϐ ϐ

-QOHQTV KPPICPIUFĆT OGF XKPFW DNGPFKPIUICTFKP UĆRRGNDĆVVG QI VQ RWPMVU NËU

7VXGPFKI HCTIG %T[UVCN 5KNXGT /GVCNNKE

'NGMVTKUM KPPICPIUVTKPP RË HĆTGTFĆTGP CWVQOCVKUM 5KMMGTJGVUNËU VKN HĆTGTFĆT QI DQFGNUFĆT

6CMNWMG Z EO HTCOOG OGF DNGPFKPIURNKUG QI O[IIPGVV (ĆTGTFĆT OGF GNGMVTKUMG XKPFWGT QI KPPICPIUDGN[UPKPI

4COOGHQTNGPIGNUG KPMN MI ICTCULG NCUV

#YPKPI YKVJ CFCRVGT YJKVG QT UKNXGT JQWUKPI Z EO 7VUV[T KPPXGPFKI

ϐ

ϐ

ϐ ϐ

ϐ

ϐ

ϐ ϐ

ϐ ϐ

ϐ

ϐ

&WUL K ICTCULGP

ϐ

5GVGQRRXCTOKPI QI NGPFGUVĆVVG HQT RKNQVUGVGT

ϐ

/WNVKHWPMULQPGNN 5KFGDQCTF KPMN UKVVGOWNKIJGV UMQ QI OWNVKOGFKC TQO K UVGFGV HQT UQHC UCOV Z 8 QI Z FQDDGN 75$

ϐ

4WNNGICTFKP HTQPVXKPFW HTC DWPP VKN VQRR

ϐ

UGVG OGF OCIGDGNVG K UKVVGDGPMG JĆ[TG UKFG K MLĆTGTGVPKPIGP +51(+:

ϐ ϐ

5MWHH QI QRRDGXCTKPIUTQO HQT PCMMGUVĆVVG RNCUUGTV K UKVVGITWRRGP

ϐ

5MCR HQTCP KUVGFGPHQT UGPMGUGPI KPMNWFGTV VCMNWMG QXGT MLĆMMGP 4QO HĆNGNUG ËRPG J[NNGT DCM

ϐ

5QXGU[UVGO OGF RNCVGTKUV HQT UGPIGT DCM

ϐ

#ODKGPVGDGN[UPKPI KPMN UVKMMQPVCMVDGN[UPKPI 5GPIGQOD[IIKPI HQT MQOHQTV . UKVVGITWRRG KPMNWFGTV GMUVTC RWVG QI PGFNGIIDCTV DQTF

ϐ ϐ

5QXGU[UVGO OGF RNCVGTKUV HQT UGPI HQTCP

/CPWGNN UGPMGUGPI MQPXGTVKDNG VKN GPMGNVUGPI OGP MQOHQTV UQXGU[UVGO .'& OCTMKUGN[U

6KNNGIIURQNUVGT HQT GMUVTC UQXGOWNKIJGV KPMNWFGTV HĆTGTUGVGV KPMNWFGTV PGFNGIIDCTV DQTF

ϐ

6KNNGIIURQNUVGT OGNNQO GPMGNVUGPIGT KPMN KPVGITGTV MQOHQTV VTKPP ::. UGPI GMUVTC NCPI OCFTCUU EO KPMN JCNXJĆ[FG ICTFGTQDG K UVGFGV HQT TQOJĆ[ ICTFGTQDG

ϐ ϐ

.CPIUIËGPFG GPMGNVUGPIGT DCM KPMN ICTCULGFĆT JĆ[TG QI XGPUVTG ϐ

3WGGPUGPI JĆ[FGLWUVGTV +PVGTKĆTFGUKIP

ϐ

ϐ

/ĆDGNFGMQT 0QEG %QIPCE

46


5VQHHMQODKPCULQP )TC\KC 'EQ 6GEJ OCVGTKGNN 6GMUVKNUMKPP UVQHHMQODKPCULQP %TGQNC &CNCPC

ϐ ϐ

5VQHHMQODKPCULQP %TKUVCNNQ /KNCPQ 2JQGPKZ

'MUVTC XGMV

2TKU KP PMT

ϐ

5MKPP )TKIKQ 0CRQNK 6QTVQTC )WNXVGRRG .CIWPC 5COQPC HQT HĆTGTJWU QI DQFGN NĆUV

ϐ ϐ

-LĆMMGP

-QOH[T QXPMQODKPCULQP

ϐ

$CF

.COGNNDWPP K VTG K FWULGP

ϐ

1RRXCTOKPI MNKOC K0GV $QZ MQPVTQNN CX XCTONWHV QI VCM MNKOC XKC #RR QI HTGOXKUPKPI CX MLĆTGVĆ[FCVC

ϐ

8CTONWHVUQRRXCTOKPI M9 GNGMVTKUM QRRXCTOKPI OGF 9 QI XCTOVXCPPU DQKNGT

ϐ

5QNEGNNG Z 9 OGF /226 MQPVTQNNGT QI UMLGTO 6QCNGVVXGPVKNGTKPI

ϐ ϐ

7VXGPFKI ICUUVKNMQDNKPI OGF CXURGTTKPIUMTCPG

ϐ

)CUUHKNVGT HQT CWVQOCVKUM ICUUHNCUMGQOXGMUNGT DQFGNUDCVVGTK *;/'4 5OCTV $CVVGTKU[UVGO #J NKVKWO

ϐ ϐ

'MUVTC DQFGNUDCVVGTK #J #)/ KPMN VKNNGIIU NCFGT #

ϐ

'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT # #WVQOCVKUM ICUUQOMQDNKPI OGF MQNNKULQPUUGPUQT QI 'KU'Z

ϐ ϐ

'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$

6CM MNKOCCPNGII 9

7VVTGMMDCT UMWHH HQT ICUUHNCUMGT /WNVKOGFKC

ϐ

ϐ

ϐ

/GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTO QI T[IIGMCOGTC 0CXKICULQP HQT /GTEGFGU $GP\ /$7: /WNVKOGFKC 5[UVGO

ϐ ϐ

/GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTOG QI T[IIGMCOGTC

ϐ

.'& 68 RË UQXGTQOOGV 68 OGF KPPGD[IFG JĆ[VVCNGTG &8& &8$ 6 % &8$ 5 NGFPKPIGT UCOV XGII JQNFGT

ϐ

ϐ

ϐ

ϐ

GNNGT 68 JQNFGT

.'& 68 OGF KPPGD[IFG JĆ[VVCNGTG HLGTPMQPVTQNN &8& *;/'4 5OCTV /WNVKOGFKC U[UVGO OGF $NWGVQQVJŗ &8$ 6 % &8$ 5 .'& 68 OGF KPPGD[IFG JĆ[VVCNGTG HLGTPMQPVTQNN &8& *;/'4 5OCTV /WNVKOGFKC U[UVGO OGF $NWGVQQVJŗ &8$ 6 % &8$ 5

&KIKVCN RCTCDQNCPVGPPG EO WVGP OQVVCMGT &KIKVCN HNCV CPVGPPG WVGP OQVVCMGT

ϐ ϐ

&KIKVCN RCTCDQNCPVGPPG EO 6YKP .0$ WVGP OQVVCMGT

ϐ

-LĆTGCUUKUVGPV RCMMG 2NWU 2ËD[IIURCMMG

ϐ ϐ

$QFGNU MQOHQTVRCMMG %JCUUKU /$

ϐ ϐ

#WVCTMKG RCMMG .KVJKWO

ϐ

$ -NCUUG /% + #TMVKU 2CMMG

ϐ

#WVQPQO[ RCEMCIG :.

ϐ

2CMMG

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

8GPPNKIUV XÎT QRROGTMUQO RË JGPXKUPKPIGPG QI MQOOGPVCTGPG RË UKFGPG

47


24+5 1) 6'-0+5- &#6# *;/'4 $ -.#55' 5.

5VCPFCTF EJCUUKU $CUKU OQVQTKUGTKPI #XICUUPQTO M9 *-

(KCV &WECVQ /CZK

(KCV &WECVQ /CZK

(KCV &WECVQ /CZK

/WNVKLGV

/WNVKLGV

/WNVKLGV

'WTQ F VGOR

'WTQ F VGOR

'WTQ F VGOR

6QVCN NGPIFG EC EO

-CTQUUGTKDTGFFG EC EO J

6QVCN DTGFFG EC EO K

+PPXGPFKI DTGFFG EC EO

6QVCN JĆ[FG EC EO E I

5VËJĆ[FG K DQFGN EC EO

*LWNCXUVCPF EC OO

8GMV K MLĆTGMNCT VKNUVCPF EC MI D

/CMU P[VVGNCUV EC MI E

6GMPKUM VKNNCVV VQVCNXGMV MI

/CMU VKNNCVV VKNJGPIGTNCUV OGF DTGOUG MI G

/CMU CPVCNN RCUUCULGTGT F M +UQNCULQP IWNX UKFGXGII VCM OO .[UOËN NCUVGTQO ICTCULGFĆT GNNGT NWMG $ Z * EC EO 5GPIGOËN OKFVGP . Z $ EC EO 5GPIGOËN UGPI DCM . Z $ EC EO

Z

Z

Z

Z

Z

Z

Z Z

Z Z

Z

Z Z Z

Z Z Z

Z Z Z

5GPIGT

$CF $ Z 6 EC EO

Z

Z

Z

5GPIGOËN UGPMGUGPI . Z $ EC EO

5GRCTCV FWUL $ Z & EC EO

Z

Z

Z Z

Z Z

Z Z Z

Z Z

Z Z

Z Z

M9 YCTO CKT YCTO YCVGT

M9 YCTO CKT YCTO YCVGT

M9 YCTO CKT YCTO YCVGT

)CTFGTQDG $ Z & Z * EC EO -LĆMMGP $ Z & Z * EC EO -LĆNGUMCR XQNWO KPMN HT[UGT EC N 8CTOG (GTUMXCPPUHQTU[PKPI EC N

8CPPVKNICPI EC N WPFGT MLĆTKPI

5RKNNXCPPUVCPM EC MI

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

Z MI

Z MI

Z MI

5VKMMQPVCMV 8

5VKMMQPVCMV 8

5VKMMQPVCMV 75$

'MUVTC DCVVGTK #J KPMN GMUVTC NCFGT DCVVGTK #J )CUU HQTU[PKPI MI

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

Z

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

48


2#--'4 *;/'4 $ -.#55' 5. $QFGNU MQOHQTVRCMMG

0QM

.COGNNDWPP K VTG K FWULGP .CMGP VKN UGPI DCM

ϐ ϐ

R[PVGRWVGT 'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

#WVCTMKG RCMMG .KVJKWO 'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT #

ϐ

0QM ϐ

DQFGNUDCVVGTK *;/'4 5OCTV $CVVGTKU[UVGO #J NKVKWO

ϐ

1OHQTOGT 8 VKN 8 9 OGF PGVVXGTMURTKQTKVGVUMTGVU

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

$ -NCUUG 5. #TMVKU 2CMMG 8CTOVXCPPUQRRXCTOKPI KPMN DQQUVGT K HĆTGTJWU

0QM ϐ

8CTOGXGMUNGT HQT XCTOVXCPPUQRRXCTOKPI

ϐ

8CTOVXCPPU IWNXQRRXCTOKPI K ICTCULGP 4KHNGV OGVCNNIWNX HKNVMNGFPKPI QI GMUVTC NCUVGUMKPPGT K DCMTG ICTCULG

ϐ ϐ

+UQNGTV INCUU VKN UKFGTWVGT K HĆTGTJWU QI HĆTGTFĆT

ϐ

+UQNGTKPIUOCVVG WVXGPFKI VKN HTQPVTWVG +UQNCULQPUOCVVG HQT HQVTQO K HĆTGTJWUGV NĆUV

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

%JCUUKU RCMMG

0QM

4CVV QI IKTMWNG K UMKPP

ϐ

(KCV %TWKUG %QPVTQN

ϐ

#WVQOCVKUM MNKOC OGF RQNNGPHKNVGT OQVQTFTGXGV 5RGUKGNN URKTCNHLÎT HQT HQTCMUGN

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

#WVQPQO[ RCEMCIG :. 'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT # DQFGNUDCVVGTK #J #)/ 1OHQTOGT 8 VKN 8 9 OGF PGVVXGTMURTKQTKVGVUMTGVU

ϐ

0QM ϐ ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

49


56#0&#4& 7656;4 *;/'4 $ -.#55' 5.

%JCUUKU (KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR $CUKU '52 KPMN #54 6TCEVKQP 2NWU QI *KNN *QNFGT N #F$NWG VCPM 7VXGPFKI URGKN NCMMGTV K DKNGPU HCTIG GNGMVTKUM QRRXCTOGV LWUVGTDCT KPMN XKFXKPMGN URGKN QI DGN[UPKPI VTKPPU IKTMCUUG #$5 DNQMMGTKPIUHTKG DTGOUGT QI '$& GNGMVTQPKUM DTGOUGMTCHVHQTFGNKPI N FTKXUVQHHVCPM #KTDCI RË HĆTGT QI RCUUCULGTUKFG -QRRJQNFGT XGF HĆTGT QI RCUUCULGTUGVG .'& FCIUMLĆTGN[U QI .'& DNKPMN[U KPVGITGTV K *;/'4 HTQPVNCORGPG 5OWUUHCPIGT RË HQTCP QI DCMCMUGN 5.% %JCUUKU 5WRGT .KIJV %JCUUKU .CXTCOOG EJCUUKU OGF ILGPPQONCUVKPIUHWPMULQP 7VUV[T WVXGPFKI hRPKPIUDCTV XKPFW KPMN DNGPFKPIUICTFKP QI O[IIPGVVKPI XGPUVTG UKFG DCM )NCVV CNWOKPKWO HCTIG %CTTCTC JXKV (ĆTGTFĆT OGF GNGMVTKUM XKPFW QI KPPICPIUDGN[UPKPI hRPKPIUDCTV XKPFW OGF DNGPFKPIUICTFKP QI O[IIPGVVKPI JĆ[TG UKFG DCM EO OCZK MQOHQTV KPPICPIUFĆT XGKU NËU XKPFW OGF DNGPFKPI QI UĆRRGNDĆVVG 2CPQTCOC VCMWHVKPI Z EO FQDNG INCUU OGF .'& DGN[UPKPI K DQFGN )TKNN K JĆ[INCPU OGF R[PVGNKUVGT K MTQO 'NGMVTKUM KPPICPIUVTKPP OGF VTKPP 'MUMNWUKXG *;/'4 OWNVKHWPMULQPU DCMN[MVGT OGF .'& J[DTKFVGMPQNQIK (QNFG OĆTMNGIIKPI K HĆTGTJWUGV K RNKUG UVQHH CX JĆ[ MXCNKVGV )CTCULG P[VVGNCUV RË QRR VKN MI GMUVTCWVUV[T MI 8ÎT QRROGTMUQO RË CMUGNNCUVGP )(- DGNGIIKPI RË VCMGV )(- DGNGIIKPI RË VCMGV GT KMMG VKNRCUUGV MLĆTGVĆ[GVU HCTIG 1XGTHNCVGP CX )(- DGNGIIKPI UXCTGT KMMG VKN FGP NCMMGTVG QXGTHNCVGP )(- NGVVXGMVUIWNX VTGHTKVV OGF :25 KUQNCULQP 5VQTG ICTCULGFĆTGT JĆ[TG QI XGPUVTG UKFG 5VQTV QRRDGXCTKPIUTQO OGF ILGPPQONCUVKPI QI CFICPI HTC DGIIG UKFGT WVGPHTC KPMN GMUVTC F[RV MLGNNGTTQO QI CFICPI KPPGPHTC 6CMNWHVKPI MNCTV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGPI GT DCM 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI RË DCFGV 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGRCTCV FWUL +UQNGTV )(- DCMGPFG OGF KPVGITGTV VTGFLG DTGOUGN[U QI FGUKIPGNGOGPVGT /CZK QRRDGXCTKPIUTQO WPFGT . UKVVGITWRRGP OGF NWMG MCP NCUVGU WVGPHTC 1RVKOCN KUQNGTKPI OGF 27#. MQPUVTWMULQP OGF QRRUMWOOGFG XGIIGT QI QRRUMWOOGV VCM OO XGII QI VCMV[MMGNUG QI TCOOGXKPFWGT 5KFGTWVGT K INCUU RËUCVVG 2TGOKWO *KIJVGE MCTQUUGTK CNW CNW 27#. UCPFYKEJ HQT QRVKOCN KUQNCULQP WVGP MWNFGDTQGT VTGHTKVV 6CMNWHVKPI Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGPMGUGPI 1RRXCTOGV FQDDGNVIWNX KPMN QRRDGXCTKPIUTQO WPFGT IWNXGV 7VUV[T KPPXGPFKI /[IIPGVVKPI RË DQFGNUFĆT .WZWU DQTF ITCFGT FTGKDCT NGPIG QI UKFG LWUVGTDCT -QOHQTV . UKVVGITWRRG OGF NQWPIG RQNUVTKPI QI KPVGITGTVG RWPMVU DGNVG 2KNQVUVQNGT K DQFGN UVQHH FTGKG JĆ[FG QI VKNV LWUVGTDCT OGF CTONGPGT #ODKGPVGDGN[UPKPI *GXG UGPMGUGPI OCPWGNN 5QXGMQOHQTV U[UVGO OGF RNCVGTKUV QI HNGTUQPGMCNFUMWOOCFTCUU JGXG UGPMGUGPI 5QXGMQOHQTV U[UVGO OGF RNCVGTKUV QI HNGTUQPGMCNFUMWOOCFTCUU HQT DCMTG UGPI 'MUVTC RWVG OGNNQO NCPIUIËGPFG GPMGNVUGPIGT OGF WVVTGMMUUVKIG 5VQHHQXGTVTWMMGV . UKVVGITWRRG -QORNGVV .'& KPVGTKĆTDGN[UPKPI 0CVVDGN[UPKPI OGF QOMQDNKPIUDT[VGT .'& DGN[UPKPI 5VQT 3WGGP UGPI DCM GNGMVTKUM NGPIFGLWUVGTDCT +PVGTKĆTFGUKIP /ĆDGNFGMQT 8GNXGV #UJ 5VQHHMQODKPCULQP %WUEQ %GNHK ,CPGKTQ /KNQU -LĆMMGP #MT[N XGIIRCPGN UQO HWPIGTGT UQO URTWVDGUM[VVGNUG

50


'MUVTC F[R XCUM OGF VGVVUKVVGPFG UMLÎTGDTGVV QI JĆ[ XCPPMTCP 5VQT MQOH[T OGF INCUUFGMUGN QI HTQPVRCPGN -LĆMMGPWVUV[T GMUVTCMV 5MLÎTGDTGVV 5GTXQ UQHV ENQUG RË MLĆMMGPGV . ,WODQ MLĆNGUMCR 'MUVTC DTGFG HTKVV FGNDCTG MLĆMMGPUMWHHGT CRQVGMGT UMWHH 1RRXCTOKPI MNKOC 8CTONWHVUQRRXCTOKPI M9 OGF XCTOVXCPPU DQKNGT (QTUVGTMGV DCVVGTK 8 #J #)/ N URKNNXCPPUVCPM KUQNGTV QI QRRXCTOGV 'NGMVTKUM URKNNXCPPUVĆOOKPI OGF FCULDQTF DT[VGT N HGTUMXCPPUVCPM KUQNGTV QI QRRXCTOGV 'MUVGTP ICUUHNCUMG FĆT KPMN UKFG QWV HQT QRVKOCN VKNICPI .%& VCUVCVWT HQT QRRXCTOKPI KPMN K0GV MNCT 0[GUVG XCTOGMQPUGRV K HĆTGTJWUGV OGF HQTUVGTMGV XCTONWHV KPMN QRRXCTOGV FCULDQTF 8CTONWHVUQRRXCTOKPI K DCMTG UQXGTQO UGRCTCV LWUVGTDCTV /WNVKOGFKC 68 JQNFGT K DQFGN OCPWGNN 4CFKQ 68 HQTDGTGFGNUG KPMN 8 QI 8 WVVCM JĆ[VVCNGTG K HĆTGTJWUGV UGPI HQTCP UCOV UGPI DCM TCFKQ QI &8$ 6 CPVGPPG

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

51


'MUVTC XGMV

2TKU KP PMT

6+..'))57656;4 *;/'4 $ -.#55' 5.

%JCUUKU (KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

(KCV &WECVQ /CZK /WNVK,GV -9 *2 'WTQ F VGOR

$CUKU

5GVGQRRXCTOKPI HQT HĆTGTJWUUVQNGT UGRCTCV LWUVGTDCT

%QOHQTV UWURGPUKQP #%5

*CNQIGP VËMGN[U

ϐ

.'& VËMGN[U KPMN UVCVKUMG MWTXGN[U /WNVKHWPMULQPUTCVV

ϐ ϐ

*[FTCWNKUMG UVĆVVGDGP OGF CWVQOCVKUM PKXGNNGTKPI HQTCP QI DCM *;/'4 GMUMNWUKXG NGVVOGVCNNHGNIGT UVM -WP OWNKI OGF (KCV &WECVQ /CZK EJCUUKU

ϐ ϐ

UVËN TGUGTXGJLWN KPMN DTCMGVV K DCMTG QRRDGXCTKPIUTQO

ϐ

&GMMVT[MMUGPUQTGT 5GPVTCNNËU HQT HĆTGT DQFGNUFĆT QI ICTCULG FĆTGT

ϐ ϐ

+PPXGPFKI UV[NG RCMMG KPUVTWOGPVDTGVV OGF CNWOKPKWOHCTIGFG CRRNKMCULQPGT KPUVTWOGPVRCPGN OGF MTQOTKPIGT

ϐ

(TQPV MTQO XGTULQP TCFKCVQT ITKNN QI VËMGN[U FGMUGN

ϐ

$K .'& HTQPVN[MVGT VTKPPU 9CPFNGTIKTMCUUG

ϐ ϐ

#WVQOCVKUM MNKOCCPNGII OGF RQNNGPHKNVGT VKNNGIIURTKU HQT OCPWGNN MNKOCCPNGII #XVCIDGTV JGPIGTHGUVG

ϐ ϐ

ϐ ϐ

7VUV[T WVXGPFKI /CTMKUG OGF CFCRVGT JXKV GNNGT UĆNX Z EO

ϐ

#YPKPI YKVJ CFCRVGT YJKVG QT UKNXGT JQWUKPI Z EO -QOHQTV UVĆVVGDGP DCM UVM

ϐ ϐ

'NGMVTKUM VCMXKHVG OGF HWPMULQP VKNHĆTUGN QI CXVTGMM K MLĆMMGPGV 2CPQTCOC VCMNWHVKPI Z EO FQDDGNVINCUU OGF .'& DGN[UPKPI QXGT UGPI DCM

ϐ ϐ

/QVQTU[MMGN JQNFGT HCUV MCP QIUË DTWMGU VKN U[MNGT

ϐ

7VXGPFKI HCTIG %T[UVCN 5KNXGT /GVCNNKE 'NGMVTKUM QRRXCTOKPI HTQPVTWVG

ϐ ϐ

5KMMGTJGVUNËU VKN HĆTGTFĆT QI DQFGNUFĆT

ϐ

4COOGHQTNGPIGNUG KPMN MI ICTCULG NCUV

ϐ

7VUV[T KPPXGPFKI &WUL K ICTCULGP

ϐ

UGVG OGF OCIGDGNVG K UKVVGDGPMG JĆ[TG UKFG K MLĆTGTGVPKPIGP *Ć[MXCNKVGVU TWPFV DQTF OGF GMVG VTGTCOOG

ϐ ϐ

5MCR HQTCP KUVGFGPHQT UGPMGUGPI

ϐ

/KPKUCHG OQPVGTV K FQDDGNVIWNX 'NGMVTKUMG RGTUKGPPGT HQTCP KPMN TWNN ICTFKP HQTCP XKPFWGV HTC DWPP VKN VQRR QI UQNUMLGTOKPI

ϐ ϐ

/CPWGNN UGPMGUGPI MQPXGTVKDNG VKN GPMGNVUGPI

ϐ

'NGMVTKUM UGPMGUGPI

ϐ

UGVG OGF RWPMVU DGNVG K UKVVGDGPMGP JĆ[TG UKFG K MLĆTGTGVPKPIGP 5ĆNX CRRNKMCULQP FCUJDQTF

ϐ ϐ

.CMGP VKN UGPI DCM 5GPIGQOD[IIKPI HQT MQOHQTV . UKVVGITWRRG KPMNWFGTV GMUVTC RWVG QI PGFNGIIDCTV DQTF

ϐ ϐ

'NGMVTKUM UGPMGUGPI MQPXGTVKDNG VKN GPMGNVUGPI

ϐ

+PVGTKĆTFGUKIP

/ĆDGNFGMQT )TCPF 1CM 5VQHHMQODKPCULQP )TC\KC 'EQ 6GEJ OCVGTKGNN

ϐ

6GMUVKNUMKPP UVQHHMQODKPCULQP %TGQNC &CNCPC 5VQHHMQODKPCULQP %TKUVCNNQ /KNCPQ

ϐ ϐ

5MKPP )TKIKQ 0CRQNK 6QTVQTC

ϐ

)WNXVGRRG .CIWPC 5COQPC HQT HĆTGTJWU QI DQFGN NĆUV

ϐ

-QOH[T QXPMQODKPCULQP

ϐ

+PIGP MLĆMMGPWVUV[T GMUVTCMV

-LĆMMGPCTDGKFUHNCVG K OKPGTCNUVQHH *[DTKFMQMGT ICUU QI KPFWMULQP

ϐ ϐ

$CF

6'% 6QYGT N MLĆNGUMCR HT[UGT UVGMGQXP OGF ITKNN

ϐ

.COGNNDWPP K VTG K FWULGP

ϐ

-GTCOKMM VQCNGVV

ϐ

-LĆMMGP

52


'MUVTC XGMV

2TKU KP PMT -NCRRUGVG K VTG K FWULGP 1RRXCTOKPI MNKOC

ϐ

5QNEGNNG Z 9 OGF /226 MQPVTQNNGT QI UMLGTO

ϐ

6QCNGVVXGPVKNGTKPI )CUUHKNVGT HQT CWVQOCVKUM ICUUHNCUMGQOXGMUNGT

ϐ ϐ

K0GV $QZ MQPVTQNN CX XCTONWHV QI VCM MNKOC XKC #RR QI HTGOXKUPKPI CX MLĆTGVĆ[FCVC

ϐ

'MUVTC DQFGNUDCVVGTK #J #)/ KPMN VKNNGIIU NCFGT #

ϐ

'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT # #WVQOCVKUM ICUUQOMQDNKPI OGF MQNNKULQPUUGPUQT QI 'KU'Z

ϐ ϐ

DQFGNUDCVVGTK *;/'4 5OCTV $CVVGTKU[UVGO #J NKVKWO )CUUWVVCM OGF CXURGTTKPIUMTCPG MLĆMMGP

ϐ ϐ

#NCTOU[UVGO HQT HĆTGTFĆT DQFGNUFĆT ICTCULG QRRDGXCTKPIUTQO QI XKPFWGT

ϐ

6CM MNKOCCPNGII 9 /WNVKOGFKC

ϐ

.'& 68 RË UQXGTQOOGV 68 OGF KPPGD[IFG JĆ[VVCNGTG &8& &8$ 6 % &8$ 5 NGFPKPIGT UCOV XGII JQNFGT

ϐ

.'& 68 OGF KPPGD[IFG JĆ[VVCNGTG HLGTPMQPVTQNN &8& *;/'4 5OCTV /WNVKOGFKC 5[UVGO OGF $NWGVQQVJŗ &8$ 6 % &8$ 5 UCOV GNGMVTKUM JQNFGT

ϐ

&KIKVCN RCTCDQNCPVGPPG EO WVGP OQVVCMGT

ϐ

&KIKVCN HNCV CPVGPPG WVGP OQVVCMGT

ϐ

&KIKVCN RCTCDQNCPVGPPG EO 6YKP .0$ WVGP OQVVCMGT &QDDGNV &+0 UQPG 5CV0CX OGF T[IIGMCOGTC KPMN T[IIURGKN UGTXKEGMCOGTC HQT CXNĆRUXCPPUVCPMFTGPGTKPI QI *;/'4 5OCTV %QPVTQN UMLGTO

ϐ

ϐ

ϐ

4CFKQ &#$ OGF %& /2 URKNNGT

2CMMG

$QFGNU MQOHQTVRCMMG

ϐ

#WVCTMKG RCMMG .KVJKWO $ -NCUUG 5. #TMVKU 2CMMG

ϐ ϐ

%JCUUKU RCMMG

ϐ

#WVQPQO[ RCEMCIG :.

ϐ

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

8GPPNKIUV XÎT QRROGTMUQO RË JGPXKUPKPIGPG QI MQOOGPVCTGPG RË UKFGPG

53


24+5 1) 6'-0+5- &#6# *;/'4 $ -.#55' /. +

5VCPFCTF EJCUUKU $CUKU OQVQTKUGTKPI #XICUUPQTO M9 *-

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

/GTEGFGU 5RTKPVGT %&+

'WTQ E )T +++ 9.62

'WTQ E )T +++ 9.62

'WTQ E )T +++ 9.62

6QVCN NGPIFG EC EO

-CTQUUGTKDTGFFG EC EO J

6QVCN DTGFFG EC EO K

+PPXGPFKI DTGFFG EC EO

6QVCN JĆ[FG EC EO E I

5VËJĆ[FG K DQFGN EC EO *LWNCXUVCPF EC OO 8GMV K MLĆTGMNCT VKNUVCPF EC MI D

/CMU P[VVGNCUV EC MI E

6GMPKUM VKNNCVV VQVCNXGMV MI

/CMU VKNNCVV VKNJGPIGTNCUV OGF DTGOUG MI G

Z

Z Z Z

Z

Z

Z Z Z

/CMU CPVCNN RCUUCULGTGT F M +UQNCULQP IWNX UKFGXGII VCM OO .[UOËN NCUVGTQO ICTCULGFĆT GNNGT NWMG $ Z * EC EO 5GPIGOËN OKFVGP . Z $ EC EO 5GPIGOËN UGPI DCM . Z $ EC EO 5GPIGOËN UGPMGUGPI . Z $ EC EO

Z

Z

Z Z

Z Z

5GPIGT

$CF $ Z 6 EC EO

Z

Z

Z

5GRCTCV FWUL $ Z & EC EO

Z

Z

Z

)CTFGTQDG $ Z & Z * EC EO

Z Z

Z Z Z

Z Z

-LĆMMGP $ Z & Z * EC EO

Z

Z

-LĆNGUMCR XQNWO KPMN HT[UGT EC N

9CTO YCVGT 5VCPFCTF

9CTO YCVGT 5VCPFCTF

9CTO YCVGT 5VCPFCTF

(GTUMXCPPUHQTU[PKPI EC N

8CTOG

8CPPVKNICPI EC N WPFGT MLĆTKPI

5RKNNXCPPUVCPM EC MI

5VCTVGT DCVVGT[ #J

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

.KVJKWO

Z MI

Z MI

Z MI

5VKMMQPVCMV 8

5VKMMQPVCMV 8

5VKMMQPVCMV 75$

'MUVTC DCVVGTK #J KPMN GMUVTC NCFGT DCVVGTK #J )CUU HQTU[PKPI MI

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

54


2#--'4 *;/'4 $ -.#55' /. + -LĆTGCUUKUVGPV RCMMG 2NWU

0QM

/GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTOG QI T[IIGMCOGTC #MVKX FKUVCPUCUUKUVGPV &+56410+% 2.75 KPMN OWNVKHWPMULQPUMPCRR HQT TCVV GMUVTC MQUVPCF HQT ETWKUG EQPVTQN

ϐ ϐ

5MKPPTCVV XGF CWVQOCVIKT ) 6410+% CWVQOCVIKT KPMN JQNF HWPMULQP

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

$QFGNU MQOHQTVRCMMG .COGNNDWPP K VTG K FWULGP

ϐ

0QM ϐ

'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$ UCOV MQOHQTVN[U

ϐ

.CMGP VKN UGPI DCM R[PVGRWVGT

ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

ϐ

%JCUUKU /$

0QM

*CNX CWVQOCVKUM MNKOCCPNGII 6'/2/#6+-

ϐ

6GORQOCV /GTEGFGU $GP\ KPMN OWNVKHWPMULQPUMPCRRGT RË TCVVGV 'NGMVTKUM RCTMGTKPIUDTGOU

ϐ ϐ

(QTUVGTMGV HQTCMUGN

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

#WVCTMKG RCMMG .KVJKWO

ϐ

0QM

'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT # DQFGNUDCVVGTK *;/'4 5OCTV $CVVGTKU[UVGO #J NKVKWO

ϐ ϐ

1OHQTOGT 8 VKN 8 9 OGF PGVVXGTMURTKQTKVGVUMTGVU

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

$/. #TMVKU 2CMMG UOCTV

ϐ

0QM

8CTOGXGMUNGT HQT XCTOVXCPPUQRRXCTOKPI

ϐ

8CTOGXGMUNGT HQTDGTGFV /GTEGFGU $GP\ 8CTOVXCPPU IWNXQRRXCTOKPI K ICTCULGP

ϐ ϐ

4KHNGV OGVCNNIWNX QI HKNVMNGFPKPI HQT DCMTG ICTCULG +UQNGTKPIUOCVVG WVXGPFKI VKN HTQPVTWVG

ϐ ϐ

+UQNCULQPUOCVVG HQT HQVTQO K HĆTGTJWUGV NĆUV

ϐ

6KNNGIIUXCTOGT

ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

#WVQPQO[ RCEMCIG :. 'MUVTG DQFGNUDCVVGTK *;/'4 5OCTV $CVVGT[ 5[UVGO #J NKVJKWO KPMN VKNNGIIUNCFGT # DQFGNUDCVVGTK #J #)/ 1OHQTOGT 8 VKN 8 9 OGF PGVVXGTMURTKQTKVGVUMTGVU

ϐ

0QM ϐ ϐ ϐ

2CMMG RTKU

ϐ

5RGUKCN RTKU

ϐ

&G URCTGT

55


56#0&#4& 7656;4 *;/'4 $ -.#55' /. +

%JCUUKU /GTEGFGU $GP\ 5RTKPVGT V %&+ -9 *2 'WTQ E )T +++ 9.62 KPEN 'EQ 5VCTV 5VQR $CUKU (TQPV MTQO XGTULQP TCFKCVQT ITKNN QI VËMGN[U FGMUGN . FTKXUVQHH VCPM QTKIKPCNJLWN OGF JLWNMCRUNGT 5OWUUHCPIGT RË HQTCP QI DCMCMUGN #$5 DNQMMGTKPIUHTKG DTGOUGT #54 CPVKURKPP '$8 GNGMVTQPKUM DTGOUGMTCHVHQTFGNKPI QI '52 GNGMVTQPKUM UVCDKNKVGVURTQITCO N #F$NWG VCPM 7VXGPFKIG URGKN NCMMGTV K DKNGPU HCTIG GNGMVTKUM QRRXCTOGV QI LWUVGTDCT KPMNWFGTV XKFXKPMGN URGKN -QRRJQNFGT XGF HĆTGT QI RCUUCULGTUGVG -G[NGUU UVCTV UVCTVUVQRRMPCRR HQT MQOHQTVCDGN OQVQTUVCTV -QOHQTV UKMMGTJGVUHLÎTKPI .'& FCIUMLĆTGN[U QI .'& DNKPMN[U KPVGITGTV K *;/'4 HTQPVNCORGPG VTKPPU IKTMCUUG 5KFGXKPFCUUKUVGPV 5.% %JCUUKU 5WRGT .KIJV %JCUUKU .CXTCOOG EJCUUKU OGF ILGPPQONCUVKPIUHWPMULQP (QTUVGTMGV IGPGTCVQT KPMNWFGTV NCFG DQQUVGT #MVKX DTGOUGCUUKUVGPV #WVQOCVKUM MLĆTGN[UMQPVTQNN 5VĆ[TGFWMULQP /GTEGFGU $GP\ +UQNCULQP CX OQVQTTQO QI WPFGTRCPGN #KTDCI HQT HĆTGT QI RCUUCULGT 6CPFGO CZNG 7VUV[T WVXGPFKI hRPKPIUDCTV XKPFW KPMN DNGPFKPIUICTFKP QI O[IIPGVVKPI XGPUVTG UKFG DCM )NCVV CNWOKPKWO HCTIG %CTTCTC JXKV (ĆTGTFĆT OGF GNGMVTKUM XKPFW QI KPPICPIUDGN[UPKPI 6CMNWHVKPI Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGPMGUGPI 2CPQTCOC VCMWHVKPI Z EO FQDNG INCUU OGF .'& DGN[UPKPI K DQFGN EO OCZK MQOHQTV KPPICPIUFĆT XGKU NËU XKPFW OGF DNGPFKPI QI UĆRRGNDĆVVG hRPKPIUDCTV XKPFW OGF DNGPFKPIUICTFKP QI O[IIPGVVKPI JĆ[TG QI XGPUVTG UKFG DCM 1RRXCTOGV FQDDGNVIWNX KPMN QRRDGXCTKPIUTQO WPFGT IWNXGV 5KFGTWVGT K INCUU RËUCVVG 'MUMNWUKXG *;/'4 OWNVKHWPMULQPU DCMN[MVGT OGF .'& J[DTKFVGMPQNQIK 6CMNWHVKPI MNCTV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGPI GT DCM (QNFG OĆTMNGIIKPI K HĆTGTJWUGV K RNKUG UVQHH CX JĆ[ MXCNKVGV )CTCULG P[VVGNCUV RË QRR VKN MI GMUVTCWVUV[T MI 8ÎT QRROGTMUQO RË CMUGNNCUVGP )(- DGNGIIKPI RË VCMGV )(- DGNGIIKPI RË VCMGV GT KMMG VKNRCUUGV MLĆTGVĆ[GVU HCTIG 1XGTHNCVGP CX )(- DGNGIIKPI UXCTGT KMMG VKN FGP NCMMGTVG QXGTHNCVGP )(- NGVVXGMVUIWNX VTGHTKVV OGF :25 KUQNCULQP 5VQTG ICTCULGFĆTGT JĆ[TG QI XGPUVTG UKFG 5VQTV QRRDGXCTKPIUTQO OGF ILGPPQONCUVKPI QI CFICPI HTC DGIIG UKFGT WVGPHTC KPMN GMUVTC F[RV MLGNNGTTQO QI CFICPI KPPGPHTC )TKNN K JĆ[INCPU OGF R[PVGNKUVGT K MTQO 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI QXGT UGRCTCV FWUL +UQNGTV )(- DCMGPFG OGF KPVGITGTV VTGFLG DTGOUGN[U QI FGUKIPGNGOGPVGT 1RVKOCN KUQNGTKPI OGF 27#. MQPUVTWMULQP OGF QRRUMWOOGFG XGIIGT QI QRRUMWOOGV VCM OO XGII QI VCMV[MMGNUG QI TCOOGXKPFWGT 2TGOKWO *KIJVGE MCTQUUGTK CNW CNW 27#. UCPFYKEJ HQT QRVKOCN KUQNCULQP WVGP MWNFGDTQGT VTGHTKVV 6CMNWHVKPI HTQUVGV INCUU Z EO OGF DNGPFKPI QI O[IIPGVVKPI RË DCFGV 'NGMVTKUM KPPICPIUVTKPP OGF VTKPP 7VUV[T KPPXGPFKI /[IIPGVVKPI RË DQFGNUFĆT -QOHQTV . UKVVGITWRRG OGF NQWPIG RQNUVTKPI QI KPVGITGTVG RWPMVU DGNVG .WZWU DQTF ITCFGT FTGKDCT NGPIG QI UKFG LWUVGTDCT 2KNQVUVQNGT K DQFGN UVQHH FTGKG JĆ[FG QI VKNV LWUVGTDCT OGF CTONGPGT 5QXGU[UVGO OGF RNCVGTKUV HQT UGPI HQTCP #ODKGPVGDGN[UPKPI 5QXGMQOHQTV U[UVGO OGF RNCVGTKUV QI HNGTUQPGMCNFUMWOOCFTCUU JGXG UGPMGUGPI *GXG UGPMGUGPI OCPWGNN -QORNGVV .'& KPVGTKĆTDGN[UPKPI /QFGTPG NKPGÎTV KPVGTKĆTFGUKIP 1RVKOCN RNCUU QI IGPGTĆU TQOHĆNGNUG

56


5QXGMQOHQTV U[UVGO OGF RNCVGTKUV QI HNGTUQPGMCNFUMWOOCFTCUU HQT DCMTG UGPI (WPMULQPUKPVGITCULQP K OĆDNGNGNGOGPVGT 0CVVDGN[UPKPI OGF QOMQDNKPIUDT[VGT .'& DGN[UPKPI .KIJVKPI FKOOCDNG XKC RWUJ DWVVQP 3WGGPUGPI JĆ[FGLWUVGTV +PVGTKĆTFGUKIP /ĆDGNFGMQT )TCPF 1CM 5VQHHMQODKPCULQP UGTKG $ /. %QNQODQ %WUEQ &GNHK ,CPGKTQ -KVCOK /KNQU 2JQGPKZ -LĆMMGP CRQVGMGT UMWHH 5MLÎTGDTGVV 'MUVTC DTGFG HTKVV FGNDCTG MLĆMMGPUMWHHGT 'MUVTC F[R XCUM OGF VGVVUKVVGPFG UMLÎTGDTGVV QI JĆ[ XCPPMTCP 5VQT MQOH[T OGF INCUUFGMUGN QI HTQPVRCPGN 5VTWMVWT XGIIRCPGN UQO GP URTWVDGUM[VVGV . ,WODQ MLĆNGUMCR 5GTXQ UQHV ENQUG RË MLĆMMGPGV $CF 5CNQQP DCVJTQQO YKVJ UGRCTCVG UJQYGT YCUJKPI CTGC VQKNGV CPF YCTFTQDG 1RRXCTOKPI MNKOC 8CTONWHVUQRRXCTOKPI M9 OGF XCTOVXCPPU DQKNGT 8CTOVXCPPU IWNXQRRXCTOKPI K ICTCULGP .%& VCUVCVWT HQT QRRXCTOKPI KPMN K0GV MNCT N URKNNXCPPUVCPM KUQNGTV QI QRRXCTOGV 'NGMVTKUM URKNNXCPPUVĆOOKPI OGF FCULDQTF DT[VGT 'MUVTC F[RV ICUUHNCUMGMCOOGT HQT GPMGN ICUUHNCUMGUMKHVG N HGTUMXCPPUVCPM KUQNGTV QI QRRXCTOGV 0[GUVG XCTOGMQPUGRV K HĆTGTJWUGV OGF HQTUVGTMGV XCTONWHV KPMN QRRXCTOGV FCULDQTF 8CTONWHVUQRRXCTOKPI K DCMTG UQXGTQO UGRCTCV LWUVGTDCTV (QTUVGTMGV DCVVGTK 8 #J #)/ /WNVKOGFKC 68 JQNFGT K DQFGN OCPWGNN 4CFKQ 68 HQTDGTGFGNUG KPMN 8 QI 8 WVVCM JĆ[VVCNGTG K HĆTGTJWUGV UGPI HQTCP UCOV UGPI DCM TCFKQ QI &8$ 6 CPVGPPG

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

57


'MUVTC XGMV

2TKU KP PMT %JCUUKU

6+..'))57656;4 *;/'4 $ -.#55' /. +

8GMV XCTKCPV MI /GTEGFGU $GP\ 5RTKPVGT %&+ /GTEGFGU $GP\ 5RTKPVGT V %&+ -9 *2 'WTQ E )T +++ 9.62 KPEN 'EQ 5VCTV 5VQR

$CUKU

*[FTCWNKUMG UVĆVVGDGP OGF CWVQOCVKUM PKXGNNGTKPI HQTCP QI DCM

ϐ

) 6410+% CWVQOCVIKT KPMN JQNF HWPMULQP

ϐ

$K .'& HTQPVN[MVGT

ϐ

*CNQIGP VËMGN[U .'& VËMGN[U KPMN UVCVKUMG MWTXGN[U

ϐ ϐ

4CVV QI IKT K UMKPP XGF OCPWGNN IKTMCUUG 6*'4/16410+% JGNCWVQOCVKUM MNKOCCPNGII VKNNGIIUCXIKHV HQT JCNXCWVQOCVKUM MNKOCCPNGII

ϐ ϐ

NGVVOGVCNNHGNIGT QTKIKPCN /GTEGFGU $GP\ UĆNX OGF UQOOGTFGMM

ϐ

NGVVOGVCNNHGNIGT QTKIKPCN /GTEGFGU $GP\ UĆNX OGF JGNËTUFGMM QTKIKPCN /GTEGFGU $GP\ UXCTV NGVVOGVCNNHGNIGT OGF JGNËTUFGMM

ϐ ϐ

#XVCIDGTV JGPIGTHGUVG

ϐ

7VUV[T WVXGPFKI

#YPKPI YKVJ CFCRVGT YJKVG QT UKNXGT JQWUKPI Z EO 'NGMVTKUM VCMXKHVG OGF HWPMULQP VKNHĆTUGN QI CXVTGMM K MLĆMMGPGV

ϐ ϐ

2CPQTCOC VCMNWHVKPI Z EO FQDDGNVINCUU OGF .'& DGN[UPKPI QXGT UGPI DCM /QVQTU[MMGN JQNFGT HCUV MCP QIUË DTWMGU VKN U[MNGT

ϐ ϐ

-QOHQTV UVĆVVGDGP DCM UVM

7VXGPFKI HCTIG %T[UVCN 5KNXGT /GVCNNKE

ϐ

ϐ

'NGMVTKUM KPPICPIUVTKPP RË HĆTGTFĆTGP CWVQOCVKUM 'NGMVTKUM QRRXCTOKPI HTQPVTWVG

ϐ ϐ

5KMMGTJGVUNËU VKN HĆTGTFĆT QI DQFGNUFĆT 4COOGHQTNGPIGNUG KPMN MI ICTCULG NCUV

ϐ ϐ

-QOHQTV KPPICPIUFĆT OGF XKPFW

ϐ

7VUV[T KPPXGPFKI &WUL K ICTCULGP

ϐ

*Ć[MXCNKVGVU TWPFV DQTF OGF GMVG VTGTCOOG

ϐ

4KHNGV OGVCNNIWNX HKNVMNGFPKPI QI GMUVTC NCUVGUMKPPGT K DCMTG ICTCULG

ϐ

5GVGQRRXCTOKPI QI NGPFGUVĆVVG HQT RKNQVUGVGT UGVG OGF OCIGDGNVG K UKVVGDGPMG JĆ[TG UKFG K MLĆTGTGVPKPIGP

ϐ ϐ

ϐ

/WNVKHWPMULQPGNN 5KFGDQCTF KPMN UKVVGOWNKIJGV UMQ QI OWNVKOGFKC TQO K UVGFGV HQT UQHC UCOV Z 8 QI Z FQDDGN 75$ +UQNCULQPUOCVVG HQT HQVTQO K HĆTGTJWUGV NĆUV

ϐ

'NGMVTKUMG RGTUKGPPGT HQTCP KPMN TWNN ICTFKP HQTCP XKPFWGV HTC DWPP VKN VQRR QI UQNUMLGTOKPI

ϐ

6KNNGIIURQNUVGT OGNNQO GPMGNVUGPIGT KPMN KPVGITGTV MQOHQTV VTKPP 'NGMVTKUM UGPMGUGPI MQPXGTVKDNG VKN GPMGNVUGPI

ϐ ϐ

5GPIGQOD[IIKPI HQT MQOHQTV . UKVVGITWRRG KPMNWFGTV GMUVTC RWVG QI PGFNGIIDCTV DQTF

/CPWGNN UGPMGUGPI MQPXGTVKDNG VKN GPMGNVUGPI OGP MQOHQTV UQXGU[UVGO .CPIUIËGPFG GPMGNVUGPIGT DCM KPMN ICTCULGFĆT JĆ[TG QI XGPUVTG

ϐ

ϐ

+PVGTKĆTFGUKIP

/ĆDGNFGMQT 8GNXGV #UJ 5VQHHMQODKPCULQP )TC\KC 'EQ 6GEJ OCVGTKGNN )WNXVGRRG .CIWPC 5COQPC HQT HĆTGTJWU QI DQFGN NĆUV

ϐ ϐ

6GMUVKNUMKPP UVQHHMQODKPCULQP %TGQNC &CNCPC 5VQHHMQODKPCULQP %TKUVCNNQ /KNCPQ

ϐ ϐ

5MKPP )TKIKQ 0CRQNK 6QTVQTC

ϐ

-LĆMMGP

-QOH[T QXPMQODKPCULQP

ϐ

*[DTKFMQMGT ICUU QI KPFWMULQP

ϐ

-LĆMMGPCTDGKFUHNCVG K OKPGTCNUVQHH 6'% 6QYGT N MLĆNGUMCR HT[UGT UVGMGQXP OGF ITKNN

ϐ ϐ

ϐ ϐ

ϐ ϐ

$CF

-GTCOKMM VQCNGVV .COGNNDWPP K VTG K FWULGP

1RRXCTOKPI MNKOC

5QNEGNNG Z 9 OGF /226 MQPVTQNNGT QI UMLGTO 6QCNGVVXGPVKNGTKPI

)CUUHKNVGT HQT CWVQOCVKUM ICUUHNCUMGQOXGMUNGT

ϐ

58


ϐ ϐ

'MUVTC XGMV

2TKU KP PMT

K0GV $QZ MQPVTQNN CX XCTONWHV QI VCM MNKOC XKC #RR QI HTGOXKUPKPI CX MLĆTGVĆ[FCVC 8CTONWHVUQRRXCTOKPI M9 GNGMVTKUM QRRXCTOKPI OGF 9 QI XCTOVXCPPU DQKNGT

#WVQOCVKUM ICUUQOMQDNKPI OGF MQNNKULQPUUGPUQT QI 'KU'Z

ϐ

DQFGNUDCVVGTK *;/'4 5OCTV $CVVGTKU[UVGO #J NKVKWO )CUUWVVCM OGF CXURGTTKPIUMTCPG MLĆMMGP

ϐ ϐ

'MUVTC DQFGNUDCVVGTK *[DTKF #J .KVJKWO KPMN VKNNGIIUNCFGT #

ϐ

'MUVTC MQPVCMVGT Z 8 Z 8 Z 6YKP 75$ UCOV MQOHQTVN[U

ϐ

/WNVKOGFKC /GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTO QI T[IIGMCOGTC

ϐ

/GTEGFGU /$7: OWNVKOGFKGU[UVGO OGF OWNVKHWPMULQPUTCVV &#$ 6QWEJ UMLGTOG QI T[IIGMCOGTC .'& 68 RË UQXGTQOOGV 68 OGF KPPGD[IFG JĆ[VVCNGTG &8& &8$ 6 % &8$ 5 NGFPKPIGT UCOV XGII JQNFGT

ϐ ϐ

.'& 68 OGF KPPGD[IFG JĆ[VVCNGTG HLGTPMQPVTQNN &8& *;/'4 5OCTV /WNVKOGFKC 5[UVGO OGF $NWGVQQVJŗ &8$ 6 % &8$ 5 UCOV GNGMVTKUM JQNFGT

ϐ

&KIKVCN RCTCDQNCPVGPPG EO 6YKP .0$ WVGP OQVVCMGT &KIKVCN RCTCDQNCPVGPPG EO WVGP OQVVCMGT

ϐ ϐ

&KIKVCN HNCV CPVGPPG WVGP OQVVCMGT .'& 68 OGF KPPGD[IFG JĆ[VVCNGTG HLGTPMQPVTQNN &8& *;/'4 5OCTV /WNVKOGFKC U[UVGO OGF $NWGVQQVJŗ &8$ 6 % &8$ 5

ϐ

ϐ

ϐ ϐ

2CMMG

-LĆTGCUUKUVGPV RCMMG 2NWU $QFGNU MQOHQTVRCMMG

%JCUUKU /$

ϐ

#WVCTMKG RCMMG .KVJKWO

ϐ

$/. #TMVKU 2CMMG UOCTV #WVQPQO[ RCEMCIG :.

ϐ ϐ

5GTKG 2Ë HQTGURĆTUGN WVGP VKNNGII

6KNNGIIUWVUV[T KMMG OWNKI

6KNNGIIUWVUV[T KPMNWFGTV K RCMMGP QDNKICVQTKUM

XGPUVTG

&CVC GT KMMG HCUVUCVV XGF VT[MMKPI

JĆ[TG

8GPPNKIUV XÎT QRROGTMUQO RË JGPXKUPKPIGPG QI MQOOGPVCTGPG RË UKFGPG

59


127$7(5


*'08+50+0) *XGT GPFTKPI CX HCDTKMM VKNUVCPFGP VKN &GTGU MLĆTGVĆ[ MCP HĆTG VKN GP HQTTKPIGNUG CX MLĆTG QI VTCHKMMUKMMGTJGVGP 6KNDGJĆT QI QTIKPCN TGUGTXGFGNGT CPDGHCNV HTC *[OGT )OD* %Q -) GT WVXKMNGV URGUKGNV HQT &GTGU MLĆTGVĆ[ QI GT DNKVV WVIKVV CX QUU &GTGU *;/'4 HQTJCPFNGT HĆTGT FKUUG RTQFWMVGPG &G GT KPHQTOGTV QO FG VKNNCVVG VGMPKUMG FGVCNLGT QI WVHĆTGT HCITKMVKI FGV PĆFXGPFKIG CTDGKF 6KNDGJĆT KPPD[IIKPIU RËD[IIKPIU QOD[IIKPIUFGNGT UQO KMMG GT WVIKVV CX *[OGT )OD* %Q -) MCP HĆTG VKN UMCFGT RË MLĆTGVĆ[GV QI VKN HQTTKPIGNUG CX VTCHKMMUKMMGTJGVGP 5GNX QIUË PËT GP UCMM[PFKIU XWTFGTKPI GP FGNG #$' GNNGT GP UGTVKHKUGTV IQFMLGPPKPI HQTGNKIIGT HKPPGU KMMG FGTOGF GP HQTUKMTKPI QO FGP TKMVKIG DGUMCHHGPJGVGP VKN RTQFWMVGPG 8K DGT &GO XKUG HQTUVCPF XGF UMCFGT UQO GT HQTTËTUCMGV CX RTQFWMV KMMG WVIKVV CX *[OGT )OD* %Q -) GNNGT ILGPPQO KMMG VKNNCVVG GPFTKPIGT MCP KMMG CPUXCT VCU CX *;/'4 8GMVKPHQTOCULQP GT EC KPHQTOCULQP 0[VVGNCUV QRRIKVV K RTKUNKUVGP TGFWUGTGU XGF KPPD[IIKPI CX URGUKCNWVU[T VKN FG XGMVOËNGPG UQO GT QRRIKVV K RTKUNKUVGP 0ËT FGV ILGNFGT KPHQTOCULQP QO NGXGTKPIUQOHCPI OCUUG QI XGMV VKN MLĆTGVĆ[GV GT FGV OWNKI QI VKNNCVV OGF CXXKM KPPGPHQT VQNGTCPUGTCOOGPG VKN HCDTKMMGP &GVVG MQTTURQPFGTGT OGF FGP MWPPUMCR UQO GT XGF VT[MMKPI UCOV FGP GWTQRGKUMG QXGTGPUVGOOGPFG DGUNWVPKPI &GVVG MCP GPFTG UGI JGNV KPP VKN MLĆR CX MLĆTGVĆ[ JGPJQNFUXKU VKN NGXGTKPI CX MLĆTGVĆ[ &GTGU *;/'4 HQTJCPFNGT XKN KPHQTOGTG &GO QO GPFTKPIGT QI QO QOHCPIGV CX UVCPFCTF NGXGTKPI (QTUKMTG &GO QO CV FGP VKNNCVVG CMUGNNCUVGP DNKT QXGTJQNFV XGF KPPD[IIKPI URGUKGNV XGF URGUKCNWVUV[T DCM UQO OQVQTU[MMGN JQNFGT GNNGT VKNJGPIGT MQDNKPI ϐ &G CPIKVVG RTKUGPG HQT URGUKCN WVUV[T JCT I[NFKIJGV MWP KPPGPHQT TCOOGPG VKN UVCPFCTF HGTFKIUVKNNGNUG 'P UGPGTG KPPD[IPKPI CX DGUVGOVG URGUKCNWVUV[T CTVKMNGT GT FGNXKU KMMG OWNKI JGPJQNFUXKU OGF JĆ[GTG OGTRTKU &GPPG RTKUNKUVGP KPPGJQNFGT UVCPFCTF UVCPFGP XGF VT[MMKPI 6KN VTQUU HQT MQPVTQNNGT CX KPPJQNFGV GT VT[MMHGKN KMMG WVGNWMMGV + NĆRGV CX OQFGNN ËTGV TGUGTXGTGT XK QUU OQV Ë HQTGVC GPFTKPIGT K WVUV[T QI RTQFWMVHQTDGFTKPIGT )TWPPTKUUGV GT FGNXKU CXDKNFGV OGF OGTRTKU URGUKCNWVUV[T FGVVG GT KMMG GP FGN CX UVCPFCTFQOHCPIGV 8CPPHQTU[PKPIUCPNGIIGV QRRH[NNGT OKPUV MTCXGPG VKN VGMPKMM TGVPKPIUNKPLG ') &G HKPPGT KPHQTOCULQP QO CXVCNGMQPVTCMV JQU GP CX XËTG CWVQTKUGTVG *;/'4 JCPFGNURCTVPGTG ϐ 5COVNKIG RTKUGT GT KMMG DKPFGPFG XGKNGFGPFG UCNIURTKUGT KPMN I[NFKI /8# HTC HCDTKMM -QUVPCFGT HQT HTCMV IQFMLGPPKPI QI NGXGTKPI GT KMMG KPMNWFGTV 8K TGUGTXGTGT QUU OQV GPFTKPIGT K RTKU MQPUVTWMULQP QI WVUV[T &GPPG RTKUNKUVGP GTUVCVVGT FG VKFNKIGTG WVIKVVG 5GNXJGPVKPI ϐ &GV GT FGUUXGTTG KMMG OWNKI Ë JGPVG MLĆTGVĆ[GV UGNX JQU HCDTKMMGP 1RRIKVVG OËN QI XGMVGT GT DGTGIPGV HQT MLĆTGMNCT VKNUVCPF K JGPJQNF VKN TGVPKPIUNKPLGT K '7 + 0QTIG ILGNFGT CPFTG TGINGT QI XGMVGT K 0QTIG XKN MWPPG CXXKMG HTC FGV UQO GT QRRIKVV K HQTDKPFGNUG OGF PQTUM V[RGIQFMLGPPKPI

60


(16016' (QTXGPVGU NGXGTKPIMNCT 8GF DGUVKNNKPI CX FGVVG QRVKQP XKN KMMG UGTKG XCTKCPVGP DNK KPMNWFGTV &GV XCNIHTKG TGUGTXGJLWNGV GT KMMG WVUV[TV OGF FGMMUGPUQTGPU VT[MMUGPUQT /WNVKHWPMULQPUTCVV GT MWP OWNKI K MQODKPCULQP OGF TCFKQ GNNGT PCXKICULQP 5V[NG RCMMG QI UĆNX CRRNKMCULQP RË FCULDQTF WVGNWMMGT JXGTCPFTG -WP GVV CX FKUUG QRVKQPU MCP DGUVKNNGU 8GF (KCV .KIJV %JCUUKU MWP K HQTDKPFGNUG CNWHGNIGT VKN (KCV .KIJV %JCUUKU 8GF (KCV /CZK %JCUUKU MWP K HQTDKPFGNUGU OGF CNWHGNIGT (QTXGPVGV NGXGTKPIUMNCT FGUGODGT  MV ICTCULGNCUV RË MI OGF JGPU[P VKN CMUGNDGNCUVPKPI QI VKNNCVV VQVCNXGMV *GPIGTHGUVG QI OQVQTU[MMGNUVCVKX MCP KMMG OQPVGTGU UCOVKFKI $TCMGVVGT VKN OCTMKUGT HĆVVGT NGXGTGU NĆU 'NGMVTKUM VCMXGPVKN GT KMMG VKNILGPIGNKI K MQODKPCULQP OGF VCM MNKOC WPPVCVV /. 6 2Ë ITWPP CX RTQFWUGPVGPU KPUVTWMULQPGT UG OCMUKOCNJCUVKIJGVGP RË MO V 8ÎT KOKFNGTVKF QRROGTMUQO RË VTCHKMMTGINGPG K FKVV NCPF UCOV KPHQTOCULQPGP QO MLĆTGVĆ[GV 7VXGPFKI XGII K %T[UVCN 5KNXGT GT KMMG VKNILGPIGNKI K MQODKPCULQP OGF WVXGPFKI HĆTGTJWU HCTIG )TKIKQ %CORQXQNQ $CMTG ICTCIG FĆTGT QI MQOHQTV UVĆVVGDGP GT KMMG OWNKI K MQODKPCULQP OGF OQVQTU[MMGN JQNFGT 6CM TGKNKPI GT KMMG OWNKI K MQODKPCULQP OGF )(- VCM (ĆNIGPFG CNVGTPCVKXGT GT KMMG VKNILGPIGNKIG K MQODKPCULQP OGF UQNEGNNG 6CM UVCVKX OGF DCMTG UVKIG RCPQTCOC VCMXKHVG RCTCDQNCPVGPPG 5QNEGNNGRCPGNGT KMMG VKNILGPIGNKI K MQODKPCULQP OGF VCM UVCVKX UVKIG DCM QI TKHNGV VCM RNCVG WPPVCVV *;/'4 $ /% + )(- VCMDGNGIIGV UCOUXCTGT KMMG OGF MLĆTGVĆ[GVU HCTIG 1XGTHNCVGMXCNKVGVGP VKN )(- DGNGIIGV UCOUXCTGT KMMG OGF GV OCNV [VVGTRCPGN $CMTG ICTCULG FĆTGT GT KMMG OWNKI K MQODKPCULQP OGF U[MMGN JQNFGT $TWM CX OQVQTU[MMGNJQNFGT QI U[MMGNUVCVKX UCOVKFKI GT KMMG OWNKI 5[MMGN JQNFGT GT KMMG VKNILGPIGNKI K MQODKPCULQP OGF DCMNWMG *;/'4 'ZUKU V $ /% 6 2CPQTCOC VCMXKHVG QXGT UGPI DCM GT KMMG OWNKI K MQODKPCULQP OGF UQNCT RCPGN Z 9 'ZUKU V UCOV 'ZUKU K +MMG OWNKI K MQODKPCULQP OGF VCM MNKOC (ĆNIGPFG CNVGTPCVKXGT GT KMMG VKNILGPIGNKIG K MQODKPCULQP OGF MQOHQTVUVĆVVGPG *[FTCWNKUMG UVĆVVGDGP WVVTGMMDCT OQVQTU[MMGNUVCVKX HN[VVDCTV OQVQTU[MMGNUVCVKX QI HCUV OQVQTU[MMGNUVCVKX -QOH[T QXP MQODKPCULQP #URKTG GT DCTG VKNILGPIGNKI K MQODKPCULQP OGF 5OCTV 6QYGT MLĆNGUMCR #PFTG DQFGNUDCVVGTK #J #)/ KPMN GMUVTC # NCFGT QI CPFTG DQFGNUDCVVGTK *[DTKF #J NKVKWO KPMN GMUVTC # NCFGT MCP KMMG DGUVKNNGU QI OQPVGTGU UCOVKFKI $CTG GP CX FKUUG CNVGTPCVKXGPG MCP DGUVKNNGU *;/'4 5OCTV $CVVGTKU[UVGOGV *; 6GE .KVJKWO $CVVGT[ DGUVËT CX KPFKXKFWGNNG .' .KVJKWO $CVVGT[ HQTNGPIGNUGUOQFWNGT &GPPG WVXKFDCTG NĆUPKPIGP ĆMGT MCRCUKVGVGP QI [VGNUGP VKN DN[DCVVGTKGT UCOVKFKI UQO GHHGMVKXKVGVGP QI NGXGVKFGP VKN FGV UCONGFG U[UVGOGV ĆMGT .KVKWODCVVGTKGPG GT MQDNGV RCTCNNGNV OGF DN[DCVVGTKGPG .KVKWODCVVGTKGPG VCT QXGT OGUVGRCTVGP CX NCFKPIUU[MNWUGPG OGPU DN[DCVVGTKGPG HWPIGTGT UQO DCEMWRNCITKPI 'NGMVTKUMG IWNXXCTOGP GT DCTG K YCNM KP QOTËFGV 2QFGUV QRRXCTOGU OGF XCTO NWHV QI DWPPËRPKPIGT DNKT KMMG QRRXCTOGV *;/'4 5OCTV %QPVTQN 'PMGN UVCVWUHQTGURĆTUGN CX XCPPUVCPFGPG QI DCVVGTKURGPPKPIGP XKC PCXKICULQPUGPJGVGPU DGVLGPKPIUGPJGV 0CXKICULQPUGPJGV KPMNWFGTV CWVQOCVKUM D[VVG HTC UVCTVDKNFG VKN DQFGNUDCVVGTK QI DT[VGT HQT MLĆTKPI QI ECORKPI MWP OWNKI K MQODKPCULQP OGF 68 HQTDGTGFV #PFTG .'& 68 MWP OWNKI K MQODKPCULQP OGF HĆTUVG .'& 68 *;/'4 /. 6 6CM MNKOC GT KMMG OWNKI K MQODKPCULQP OGF 2CPQTCOC VCMXKHVG *CNQIGP VËMGN[U GT KMMG OWNKI K MQODKPCULQP OGF $+ .'& HTQPVN[MVGT .'& VËMGN[U GT MWP OWNKI K MQODKPCULQP OGF $+ .'& HTQPVN[MVGT 5GVGXCTOG HQT HĆTGT RCUUCULGTUGVG GT MWP OWNKI K MQODKPCULQP OGF 2KNQVUVQNGT 'TIQHNGZ +MMG OWNKI K MQODKPCULQP OGF UGVG 'NGMVTKUM VTKPP XGF HĆTGTFĆT GT MWP OWNKI K HQTDKPFGNUG OGF HĆTGTFĆT Z VCMXKHVG GT KMMG OWNKI K MQODKPCULQP OGF UMCR HQTCP KUVGFGPHQT UGPMGUGPI UGVG GT MWP OWNKI XGF DGUVKNNKPI HTC HCDTKMM 'VVGTOQPVGTKPI CX FGV UGVG GT KMMG OWNKI 5MKPPTCVV GT MWP OWNKI K MQODKPCULQP OGF QRVKQPU %TWKUG %QPVTQN #EVKXG &KUVCPEG #UUKUV &+56410+% GNNGT /GTEGFGU $GP\ /$7: GNNGT /$7: /WNVKOGFKC 5[UVGO -WP OWNKI K HQTDKPFGNUG OGF HQTDGTGFGNUG VKN JGPIGTHGUVG 6CMNWHVKPI K DQFGN GT KMMG KPUVCNNGTV 2Ë ITWPP CX RTQFWUGPVGPU CPXKUPKPIGT CPDGHCNGT XK CV FW DGUVKNNGT ICUUHKNVGTGV PËT FW DGUVKNNGT FGP CWVQOCVKUMG ICUUHNCUMGQOMQDNKPIGP OGF %TCUJ 5GPUQT QI +EG'Z -LĆTGVĆ[GVU FKOGPULQPGT QI XGMVGT MCP KMMG NGIIGU KPP UGRCTCV K PCXKICULQPUGPJGVGP /GTEGFGU $GP\ UVGOOGMQPVTQNN MWP VKNILGPIGNKI K MQODKPCULQP OGF /GTEGFGU $GP\ /$7: OGF PCXKICULQP GNNGT /$7: 0ËT FW DGUVKNNGT /GTEGFGU $GP\ /$7: WVGP PCXKICULQP GT VCNGMQPVTQNN KMMG VKNILGPIGNKI -WP VKNILGPIGNKI K MQODKPCULQP OGF UVĆVHCPIGT QI ITKNNTCOOG K MLĆTGVĆ[GVU HCTIG 6'/2/#6+- QI 6*'4/16410+% MNKOCMQPVTQNN KPMN JGPIUNGV NQMM VKN UGPVTCNV QRRDGXCTKPIUTQO RË FCUJDQTFGV -WP VKNILGPIGNKI K MQODKPCULQP OGF WVXGPFKIG HĆTGTJWU HCTIGT *;/'4 JXKV +TKFKWO UĆNX 6GPQTKV ITË GNNGT 1DUKFKCP UXCTV 1RRXCTOGV HTQPVTWVG MWP OWNKI K MQODKPCULQP OGF MNKOCCPNGII *GPIGTNCUV QI CMUGNDGNCUVPKPI TGFWUGTGU XGF DGUVKNNKPI OGF Z 8GF DGUVKNNKPI CX Z XKN FGP VQVCNG JĆ[FGP ĆMG OGF EC EO 1RVKQP Z WVGNWMMGT HĆNIGPFG VKNNGIIUWVUV[T NGVVOGVCNNHGNIGT NGVVOGVCNNHGNIGT QRR VKN V UCOV V QI DK ZGPQPN[MVGT #EVKXG $TCMG #UUKUV GT KPMNWFGTV K #EVKXG &KUVCPEG #UUKUV &+56410+% -WP OWNKI K HQTDKPFGNUG OGF CWVQOCVIKT UMKPPTCVV QI /GTEGFGU $GP\ /$7: GNNGT /$7: /WNVKOGFKC U[UVGO *;/'4 /. 6 /. 6 2CPQTCOC VCMXKHVG QXGT UGPI DCM GT KMMG OWNKI K MQODKPCULQP OGF UQNCT RCPGN Z 9 'NGMVTKUM IWNXXCTOG KMMG OWNKI K HQTDKPFGNUG OGF XCTOVXCPPU QRRXCTOKPI GNNGT XCTOVXCPPU IWNXXCTOG /. 6 6CM MNKOC KMMG OWNKI K MQODKPCULQP OGF 2CPQTCOC VCMNWMG DCM /GTM #KTDCIGP VKN RCUUCULGTGP HQTCP MCP KMMG FGCMVKXGTGU &GTHQT GT FGV KMMG VKNNCVV Ë HGUVG DCTPGUGVGT OGF HCUVJQNFGNUGUCPNGII OQV MLĆTGTGVPKPIGP RË RCUUCULGTUGVGV HQTCP 8GF DGUVKNNKPI CX 1TKIKPCN /GTEGFGU $GP\ CNW HGNIGT K MQODKPCULQP OGF /GTEGFGU $GP\ 5RTKPVGT ZZ %&+ XKN VQVCNXGMVGP ĆMGU VKN MI #MVKX DTGOUG CUUKUVGPV GT UVCPFCTF HQT /GTEGFGU $GP\ 5RTKPVGT CPF %&+ 61


8GMV XCTKCPV V MWP VKNILGPIGNKI K MQODKPCULQP OGF 1TKIKPCNV /GTEGFGU $GP\ CNW HGNIGT /GTEGFGU $GP\ 5RTKPVGT QI %&+ EJCUUKU OGF OCMUKOCNV VKNNCVV VQVCNXGMV RË MI MCP KMMG QRRLWUVGTGU 8ÎT QRROGTMUQO RË FGVVG PËT FW DGUVKNNGT 8GF DGUVKNNKPI CX UGPMDCT FQDDGNVUGPI QXGT UKVVGITWRRGP GT OCMU OCTMKUG NGPIFG O MWP OWNKI K MQODKPCULQP OGF UGPMDCT FQDDGNVUGPI QXGT UKVVGITWRRGP MWP OWNKI K MQODKPCULQP OGF UGPMDCT FQDDGNVUGPI 0ËT FGV DGUVKNNGU OGF UGPMDCT FQDDGNVUGPI QXGT UKVVGITWRRGP GT QRVKQP UQNCT U[UVGO Z 9 KMMG VKNILGPIGNKI K MQODKPCULQP OGF 9 VCM MNKOC QI GNGMVTKUM VCMXGPVKNCULQP 1RVKQP UGVG QI UGPIGQOD[IIKPI UKVVGITWRRGP GPFTGT MQPVWTGP K UKFG UQHCGP 1RVKQPU UGVG OWNVKHWPMULQPU UKFDQTF XCTOVXCPPUQRRXCTOKPI QI CTMVKUM RCMMG WVGNWMMGT JXGTCPFTG $CTG GP CX FKUUG CNVGTPCVKXGPG MCP DGUVKNNGU -WP VKNILGPIGNKI K MQODKPCULQP OGF 'MUVTC RWVG OGNNQO NCPIUIËGPFG GPMGNVUGPIGT QI GNNGT UGPIGQOD[IIKPIUUGVV HQT . HQTOGV UKVVGITWRRG KPMN GMUVTC RWVG QI UGPMDCTV DQTF 1PN[ CXCKNCDNG YKVJ VJG HCDTKE EQODKPCVKQPU -KVCOK %QNQODQ 2JQGPKZ /KNCPQ /KNQU &GNHK %WUEQ ,CPGKTQ QT %TKUVCNNQ 0ËT FW DGUVKNNGT UGPMDCT FQDDGNVUGPIGP QXGT UKVVGITWRRGP GT FGP OCMUKOCNG OCTMKUGNGPIFGP O 1RVKQPU XCTOVXCPPUQRRXCTOKPI QI CTMVKUM RCMMG GT KMMG OWNKI K MQODKPCULQP OGF MQOHQTV . UKVVGITWRRG 8CTOVXCPPUQRRXCTOKPI MCP TGIWNGTGU UGRCTCV XKC CXUVGPIPKPIUXGPVKN +MMG OWNKI K HQTDKPFGNUG OGF UGPMGUGPI +MMG K HQTDKPFGNUG OGF UGPIGQOD[IIKPI K . UKVVGITWRRG +MMG K HQTDKPFGNUG OGF UGPMGUGPI UQO MCP QOD[IIGU VKN GPMGNVUGPI -WP OWNKI K HQTDKPFGNUG OGF UQXGU[UVGO OGF RNCVGTKUVDWPP VKN UGPI GPG DCM 8GMUGNTGVVGT QI J[FTCWNKUMG UVĆVVGDGP GT MWP VKNILGPIGNKI K MQODKPCULQP OGF GMUVTC DQFGNUDCVVGTK *Ć[ MXCNKVGVU TWPFV DQTF GT KMMG OWNKI K MQODKPCULQP OGF UGPMGUGPI MQPXGTVKDGN VKN GPMGNVUGPI 5GPIGQOD[IIKPI HQT . UKVVGITWRRG GNNGT TWPFUKVVGITWRRG GT KMMG OWNKI K MQODKPCULQP OGF RTGOKWO TWPFV DQTF +MMG VKNILGPIGNKI K MQODKPCULQP OGF J[DTKF MQOH[T ICUU QI KPFWMULQP *[DTKF MQOH[T GT DCTG VKNILGPIGNKI K MQODKPCULQP OGF MLĆMMGPCTDGKFUHNCVG K OKPGTCNUVQHH 6'% 6QYGT KMMG VKNILGPIGNKI K MQODKPCULQP OGF MQOH[T QI QXPMQODKPCULQP #URKTG GNNGT %CRTKEG #NCTO U[UVGO HQT HĆTGTFĆT GT MWP OWNKI K MQODKPCULQP OGF UGPVTCNNËU

62


%QR[TKIJV ŕ ϐ*[OGT )OD* %Q -)

*[OGT )OD* %Q -) 2QUVHCEJ & $CF 9CNFUGG YYY J[OGT EQO