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4BO 'SBODJTDP EF "TÑT Z 4UB $MBSB Z 1FOJUFODJB EF /VFTUSP 1BESF +FTÜT $BVUJWP Z .BSÑB 4BOUÑTJNB EF MB &ODBSOBDJÖO 4"-*%"

&/53"%"

5FNQMP 4BO +FSÓOJNP (SBO 7ÎB EF $PMÓO ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO

4"-*%"

)FSNBOEBE Z $PGSBEÑB EF /B[BSFOPT EF /VFTUSP 1BESF +FTÜT EF MB 4FOUFODJB Z .BSÑB 4BOUÑTJNB EF MBT .BSBWJMMBT

.VZ *MVTUSF Z 3FBM $PGSBEÑB EF /B[BSFOPT EF MB 4BOUB $FOB 4BDSBNFOUBM Z .BSÑB 4BOUÑTJNB EF MB 7JDUPSJB

&/53"%"

&/53"%"

5FNQMP 1MB[B EF 4BOUB "OB 1BWBOFSBT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1MB[B /VFWB $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO

5FNQMP 1MB[B EF MPT (JSPOFT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1MB[B EF *TBCFM MB $BUÓMJDB +FTÙT Z .BSÎB $SV[ (VÎB FO FM 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO

4"-*%"

4"-*%"

/VFTUSP 1BESF +FTÜT %FTQPKBEP EF TVT 7FTUJEVSBT .BSÑB 4BOUÑTJNB EFM %VMDF /PNCSF Z 4BO +VBO &WBOHFMJTUB &/53"%"

5FNQMP 4BO "OUÓO &NCPWFEBEP 1MB[B EF .BSJBOB 1JOFEB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1MB[B 5SJOJEBE MBUFSBM EFSFDIP 4BO +PTÊ #BKB 3FHSFTP $SV[ EF (VÎB 1BTP EF $SJTUP

4"-*%"

-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"


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4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT

■ "ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPS EF MBT JNÃHFOFT

&EVBSEP &TQJOPTB

-B JNBHFO EF $SJTUP QPSUBOEP MB $SV[ NJFOUSBT TF BQPZB FO VO USPODP FT VOB PCSB EF &EVBSEP EF &TQJOPTB


/VFTUSB 4FÕPSB EF MPT %PMPSFT

*HMFTJB 1BSSPRVJBM EF 4BO 1FESP Z 4BO 1BCMP "MCBJDÑO #BKP

-B TBMJEB EF FTUB )FSNBOEBE FT VOB EF MBT NÆT FTQFSBEBT EF MB DJVEBE BM FODPOUSBSTF FO VO MVHBS TJNCÖMJDP B MPT QJFT EF MB "MIBNCSB 4V IJTUPSJB OBDF FO DVBOEP FM 5FSDJP EF 3FRVFUÍT EF *TBCFM -B $BUÖMJDB GVF BMPKBEP FO FM 1BMBDJP EF MPT 5FMMPT KVOUP BM 7FOUPSSJMMP -PT QSPQJFUBSJPT UFOÑBO VOB JNBHFO EF MB %PMPSPTB Z FM SFTQPOTBCMF EF FTUF 5FSDJP 3VCJP .PTDPTP QSPNFUF B MB 7JSHFO RVF DSFBSÆ VOB $PGSBEÑB QBSB EBSMF DVMUP Z QSPDFTJPOBSMB VOB WF[ UFSNJOB EB MB (VFSSB $JWJM -B DPOTUJUVDJÖO EF MBT SFHMBT Z TV QSJNFSB FTUBDJÖO EF QFOJUFODJB TPO EF -B BOUJHVB JNBHFO TF FODVFOUSB FO MB BDUVBMJEBE FO VOB EF MBT NBOTJPOFT RVF QPTFF MB GBNJMJB DFSDB EF 3POEB -B %PMPSPTB RVF SFDPSSF MBT DBMMFT EF (SBOBEB FT PCSB EF "VSFMJP -ÖQF[ "[BVTUF DVZB JNBHFO GVF CFOEFDJEB FO &- 1"40 &M EPMPS EF VOB NBESF BOUF FM TVGSJNJFOUP EF TV IJKP FT MB JNBHFO EF /VFTUSB 4FÕPSB EF MPT %PMPSFT RVF QSPDFTJPOB CBKP QBMJP EF UFSDJPQFMP DPO CPSEBEPT FO PSP PCSB EF (BSDÑB 1PP -MFWB VO DPSB[ÖO EF QMBUB Z QFESFSÑB TJUVBEP FO FM DFOUSP DPO TJFUF QVÕBMFT DMBWBEPT RVF FT VOB EPOBDJÖO EF MB GBNJMJB $POUSFSBT Z 1ÍSF[ EF )FSSBTUJ B MB QBUSPOB EF "SKPOB Z RVF WBSJPT )FSNBOPT EF FTUB $PGSBEÑB USBKFSPO B MB DJVEBE -B JNBHFO WJTUF VO JNQSFTJPOBOUF NBOUP UBNCJÍO EF DPMPS TBMNÖO CPSEBEP FO PSP /07&%"%&4

&TUB )FSNBOEBE RVF FM BÕP QBTBEP DVNQMJÖ MPT BÕPT EF TV QSJNFSB TBMJEB EFTEF MB *HMFTJB 1BSSPRVJBM EF 4BO 1FESP Z 4BO 1BCMP FTUSFOBSÆ FTUF BÕP MB DBMEFSFSÑB OVFWB EFM QBTP EF /VFTUSB 4FÕPSB EF MPT %PMPSFT "EFNÆT TF MVDJSÆO OVFWBT DBSUFMBT RVF WFSTBO TPCSF MPT TJFUF EPMPSFT EF MB 7JSHFO 5BNCJÍO FT OVFWP FM MMBNBEPS QBSB FM DVFSQP EF DPTUBMFSBT -B CBOEB EF /VFTUSB 4FÕPSB EF MPT %PMPSFT TFSÆ DPNP TJFNQSF RVJFO BDPNQBÕF B MB JNBHFO EVSBOUF UPEP TV SFDPSSJEP

"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPS EF MB JNBHFO

"VSFMJP -ÓQF[ "[BVTUSF

-B JNBHFO EF /VFT USB 4FÕPSB EF MPT %P MPSFT MMFWB VO DPSB [ÖO EF QMBUB Z QFESF SÑB TJUVBEP DPO TJFUF QVÕBMFT DMBWBEPT

1"3" 7&3-" .&+03 4"-*%" %&- 5&.1-0 : $"33&3" %&- %"330

-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"


BKD;I I7DJE /VFTUSP 1BESF +FTÜT EFM 3FTDBUF *HMFTJB 1BSSPRVJBM EF 4BOUB .BSÑB .BHEBMFOB $FOUSP

&TUB $PGSBEÑB DPNJFO[B B SFDPSSFS MBT DBMMFT EF MB DJVEBE FO USBT OBDFS EPT BÕPT BOUFT CBKP FM OPNCSF EF 1SFOEJ NJFOUP EF +FTÜT DPO 3BNÖO $POUSFSBT Z 1ÍSF[ EF )FSSBTUJ DPNP $PGSBEF .BZPS 4VT QSJNFSPT QBTPT TPO QPS MB [POB EF 5SJOJEBE Z .BHEBMFOB MMBNBEPT CBSSJPT EF MB %VRVFTB EF 4FTTB FTQPTB EFM (SBO $BQJUÆO %VSBOUF VO UJFNQP FTUB JNBHFO QSPDFTJPOÖ KVOUP B /VFTUSB 4FÕPSB EF MB "GMJDDJÖO 7JSHFO EF MPT $IPDPMBUFSPT Z NÆT UBSEF DPO /VFTUSB 4FÕPSB EF MPT %PMPSFT &O MB BDUVBMJEBE /VFTUSP 1BESF +FTÜT EFM 3FTDBUF FT TV ÜOJDB JNBHFO RVF FTUÆ ÑOUJNBNFOUF VOJEB B MB 0SEFO EF MB 4BOUÑTJNB 5SJOJEBE Z 3FEFODJÖO EF MPT $BVUJWPT &- 1"40 -B JNBHFO FTUÆ BUSJCVJEB B MB &TDVFMB EF +PTÍ EF .PSB Z FT EF NBEFSB EF QJOP QPMJDSPNBEB .VFTUSB B VO $SJTUP SFTJHOBEP B MB $SV[ USBT TFS UPSUVSBEP WFKBEP Z B[PUBEP -B GSBHJMJEBE EF MB GJHVSB FT TPCSFDPHFEPSB &M QBTP RVF QPSUB B +FTÜT FT EF FTUJMP OFPCBSSPDP EF NBEFSB EF DBPCB Z PSGFCSFSÑB EF .BOVFM EF 3ÑPT DPO MB SJRVF[B EF QMBUB 4V NBHOÑGJDP MMBNBEPS SFQSFTFOUB B VO ÆOHFM DPO MBT BMBT FYUFOEJEBT NJFOUSBT UPDB VOB USPNQFUB &M QBTP BEFNÆT QPSUB VO SFMJDBSJP EF 4BO +VBO EF %JPT /07&%"%&4

-BT OVFWBT DBQBT QBSB MPT DBSHPT FT MB OPWFEBE NÆT EFTUBDB EB QBSB FTUF BÕP FO MB )FSNBOEBE EF /VFTUSP 1BESF +FTÜT EFM 3FTDBUF -B $PGSBEÑB UBNCJÍO UJFOF QSFWJTUP TBDBS B MBT DBMMFT EF (SBOBEB VO OVFWP (VJÖO 5SJOJUBSJP Z BEFNÆT FTUÆ JONFSTB FO MB SFTUBVSBDJÖO EF MB 5ÜOJDB 1FSTB RVF TFHÜO MBT ÜMUJNBT JOWFTUJHBDJPOFT QPESÑB TFS PCSB EF +VBO .BOVFM 3PESÑHVF[ 0KFEB -B JOUFODJÖO EF MPT IFSNBOPT FT QPEFS FTUSFOBSMB FO $PNP FM BÕP BOUFSJPS MB CBOEB EF DBCFDFSB TFSÆ MB "HSVQBDJÖO .VTJDBM 7JSHFO EF MBT "OHVTUJBT EF (SBOBEB NJFOUSBT RVF /VFTUSP 1BESF +FTÜT EFM 3FTDBUF JSÆ BDPNQBÕBEP QPS MB #BOEB EF 4BOUB .BSÑB .BHEBMFOB EFM "SBIBM EF 4FWJMMB 1"3" 7&3-" .&+03 &/53"%" : 4"-*%" %& 46 5&.1-0

4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT

"ÒP EF GVOEBDJÓO IFSNBOPT DPSUFKP /ÙNFSP EF QBTPT "VUPS EF MB JNBHFO

&TDVFMB +PTÊ EF .PSB

&M QBTP RVF QPSUB B /VFTUSP 1BESF +FTÜT EFM 3FTDBUF FT EF FTUJMP OFPCBSSPDP EF DBPCB Z PSGFCSFSÑB EF .BOVFM EF 3ÑPT


0SBDJÖO EF /VFTUSP 4FÕPS FO FM )VFSUP EF MPT 0MJWPT Z .BSÑB 4BOUÑTJNB EF -B "NBSHVSB *HMFTJB EF MBT $PNFOEBEPSBT EF 4BOUJBHP 3FBMFKP

-B PSBDJÖO EF MPT MBCSJFHPT BOUF FM 4FÕPS 0SBOUF EFM )VFSUP FT FM PSJHFO EF FTUB )FSNBOEBE DVZPT SFNPUPT JOJDJPT QPESÑBO TJUVBSTF FO FM TJHMP 97* FO FM NPSBCJUP VCJDBEP FO MP RVF FO MB [POB EF MB SJCFSB EFM SÑP (FOJM &M MVHBS GVF MVFHP DSJTUJBOJ[BEP DPNP *HMFTJB EF 4BO "OUÖO %FTEF FOUPODFT IBTUB TV IJTUPSJB QBTB QPS JOGJOJEBE EF TJUVBDJPOFT IBTUB RVF VO HSVQP EF DPGSBEFT EF MB QBSSPRVJB EF 4BOUB &TDPMÆTUJDB SFDVQFSBO MB BEWPDBDJÖO -04 1"404 &M QSJNFS QBTP FT FM EF +FTÜT PSBOEP FO FM )VFSUP EF MPT 0MJWPT Z B TV FTQBMEB VO ÆOHFM BEFNÆT EF MPT EPSNJEPT BQÖTUPMFT 4BOUJBHP +VBO Z 1FESP -B PCSB FT EF %PNJOHP 4ÆODIF[ .FTB Z FM DPOKVOUP QSPDFTJPOB TPCSF QBTP EJTFÕBEP QPS "OUPOJP .BSUÑO 'FSOÆOEF[ Z UBMMB EF 'SBODJTDP #BJMBD DPO MB QPMJDSPNÑB EF +VTUJOJBOP 4ÆODIF[ -F TJHVF .BSÑB 4BOUÑTJNB EF MB "NBSHVSB EF MB &TDVFMB EF .PSB -B 7JSHFO WB CBKP QBMJP EF UFDIP DPMPS B[VM DPO PSGFCSFSÑB EF .PSFOP Z .BOVFM EF MPT 3ÑPT FO FM RVF BQBSFDFO ÆOHFMFT QMBUFBEPT /07&%"%&4

-B )FSNBOEBE FTUÆ DPNQMFUBNFOUF WPMDBEB DPO MBT PCSBT EF DBSJEBE Z FTUF BÕP OP SFBMJ[BO OJOHÜO FTUSFOP TJHOJGJDBUJWP &M BÕP QBTBEP TBDBSPO B MB DBMMF QPS QSJNFSB WF[ TV FTUBOEBS UF CPSEBEP QPS MBT NBESFT $PNFOEBEPSBT EF 4BOUJBHP 5BNCJÍO FT SFMBUJWBNFOUF OVFWP TV UFDIP EF QBMJP EF MB 7JSHFO EF MB "NBSHVSB DPO EJTFÕP EF +VBO %ÑB[ -PTBEB -P RVF TÑ DBNCJB FTUF BÕP TPO MBT CBOEBT 4BO *TJESP EF "SNJMMB (SBOBEB BDPNQBÕBSÆ B MB 7JSHFO Z MB #BOEB EFM %FTQPKBEP JSÆ DPO FM QBTP EF .JTUFSJP &T NVZ SFDPNFOEBCMF BENJSBS FTUBT JNÆHFOFT FO MBT FTUSFDIBT DBMMFT EF TV CBSSJP EFM 3FBMFKP FO FTQFDJBM QPS MB DBMMF 4BOUJBHP

"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT EF MBT JNÃHFOFT %

4ÃODIF[ .FTB Z & +PTÊ EF .PSB

.BSÑB 4BOUÑTJNB EF MB "NBSHVSB CBKP QBMJP B[VM DPO PSGF CSFSÑB EF .PSFOP Z .BOVFM EF 3ÑPT FT EF MB &TDVFMB EF .PSB

1"3" 7&3-" .&+03 $"--& 4"/5*"(0

-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"


BKD;I I7DJE 4 $SJTUP EF 4BO "HVTUÑO +FTÜT /B[BSFOP EF MBT 1FOBT /USB .BESF Z 4SB EF MB $POTPMBDJÖO Z 4BOUP ©OHFM $VTUPEJP *HMFTJB EFM .POBTUFSJP 4BOUP ©OHFM $VTUPEJP $FOUSP

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-BT MBCPSFT EF DBSJEBE Z PCSB TPDJBM TPO FM QSJODJQBM PCKFUJWP EF FTUB )FSNBOEBE QPS MP RVF FO FTUB 4FNBOB 4BOUB OP IBCSÆ FTUSFOPT -B DFMFCSBDJÖO EFM BÕP QBTBEP EFM BOJWFSTBSJP EF /VFTUSB .BESF Z 4FÕPSB EF MB $POTPMB DJÖO UBNCJÍO TVQVTJFSPO VO EFTFNCPMTP JNQPSUBOUF EF UJFNQP Z SFDVSTPT 1"3" 7&3-" .&+03 3&(3&40 " 46 5&.1-0 : $"--& 4"/ "/5¶/

4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT

■ "ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT /ÙNFSP EF QBTPT "VUPSFT EF MBT JNÃHFOFT

+ 'MPSFOUJOP Z %VCÊ EF -VRVF

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BKD;I I7DJE H[Yehh_Zei 7FOFSBCMF )FSNBOEBE EF $BSJEBE EFM 4BOUÑTJNP $SJTUP EFM 5SBCBKP Z /VFTUSB 4FÕPSB EF MB -V[ &/53"%"

5FNQMP $BSSFSB EF MB 7JSHFO QBTFP DFOUSBM ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1MB[B *TBCFM -B $BUÓMJDB $BSSFSB EF MB 7JSHFO "WFOJEB %JMBS 'VFOUFT $SV[ (VÃŽB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO

3FBM $PGSBEÑB EF /VFTUSB 4FÕPSB EF MPT %PMPSFT 4"-*%"

&/53"%"

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$PGSBEÑB EF /VFTUSP 1BESF +FTÜT EFM 3FTDBUF &/53"%"

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$PGSBEÑB EF MB 0SBDJÖO EF /VFTUSP 4FÕPS FO FM )VFSUP EF MPT 0MJWPT Z .BSÑB 4BOUÑTJNB EF MB "NBSHVSB 4"-*%"

&/53"%"

5FNQMP ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1BTBKF %JFHP EF 4JMPÊ 1BWBOFSBT 1MB[B EF 'PSUVOZ 4BOUJBHP $SV[ (VÃŽB FO FM 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO

4UNP $SJTUP EF 4BO "HVTUÑO +FTÃœT /B[BSFOP EF MBT 1FOBT /USB .BESF Z 4SB EF MB $POTPMBDJÖO Z 4UP ©OHFM $VTUPEJP &/53"%"

4"-*%"

4"-*%"

4&."/" 4"/5" (3"/"%" -BT HVÃŽBT EF NJOVUPT

4"-*%"


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4"-*%"

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.BSÑB 4BOUÑTJNB EF MBT 1FOBT FTUSFOBSÆ FTUB 4FNBOB 4BOUB VO KVFHP CPSEBEP EF SPTUSJMMP QBÕVFMP Z NBOHB RVF IB TJEP EPOBEP QPS VOB EF MBT DBNBSFSBT RVF IBCJUVBMNFOUF MB BDPNQBÕBO -B )FSNBOEBE BEFNÆT DPOUJOÜB DPO FM FTUSFOP EF IÆCJUPT ZB RVF FM DBNCJP EF SBTP B UFSDJPQFMP Z TBSHB ZB TF DPNQMFUÖ BÕPT QBTBEPT -B CBOEB EF MB 7JSHFO EF MB &TUSFMMB BDPNQBÕBSÆ BM 1BTP EF .JOJTUFSJP Z MB "HSVQBDJÖO EF 4BO *TJESP EF "SNJMMB MP IBSÆ DPO MB 7JSHFO &TUF BÕP TF QPESÆ FTDVDIBS MB NBSDIB 4FÕPS EF MB 1BDJFODJB PCSB EF *HOBDJP (BSDÑB

"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT EF MBT JNÃHFOFT 1BCMP

EF 3PKBT Z +PTÊ +JNÊOF[ .FTB

/VFTUSP 1BESF +FTÜT EF MB 1BDJFODJB QSP DFTJPOB TPCSF QBTP OFPCBSSPDP FO DVZP GSPOUBM MVDF FM FTDV EP EFM "ZVOUBNJFOUP

1"3" 7&3-" .&+03 4"-*%" %& 46 5&.1-0 : 1-"$&5" (*30/&4

-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"


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-B JNBHFO EF +FTÜT EF MBT 5SFT $BÑEBT MMFHÖ B FTUB )FSNBOEBE FO USBT QBTBS QPS MB EFOPNJOBEB )FSNBOEBE EF MPT $PDIFSPT -B BDUVBM $PGSBEÑB TF GPSNÖ FO BVORVF OP FT IBTUB FM EF KVMJP EF DVBOEP FM "S[PCJTQP "HVTUÑO 1BSSBEP BQSVFCB TVT QSJNFSBT SFHMBT -04 1"404 -B JNBHFO EF /VFTUSP 1BESF +FTÜT EF MBT 5SFT $BÑEBT EF BVUPS BOÖOJNP SFQSFTFOUB FM NPNFOUP FO FM RVF $SJTUP TF DBF NJFOUSBT MMFWB MB $SV[ DBNJOP EFM $BMWBSJP &M DPOKVOUP MP DPNQMFUBO 4JNÖO EF $JSFOF Z VO SPNBOP MBT EPT PCSBT EF "OUPOJP #FSOBM &M DPOKVOUP FT QPSUBEP QPS VO QBTP EF NBEFSB EF .BOVFM (V[NÆO #FKBSBOP /VFTUSB 4FÕPSB EFM 3PTBSJP MP TJHVF CBKP VO QBMJP EF UFSDJPQFMP SPKP CPSEBEP -B PCSB FT EF .JHVFM ;ÜÕJHB Z SFTUBVSBEB QPTUFSJPSNFOUF QPS 5BMMFS EF )FSOÆOEF[ -FÖO EF 7JMMBSFBM -B JNBHFO GVF NÆT UBSEF SFNPEFMBEB QPS FM UBMMFS EF "OUPOJP #FSOBM QBSB SFBMJ[BS MBT NBOPT FO MBT RVF QPSUB EPT SPTBSJPT /07&%"%&4

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4&."/" 4"/5" (3"/"%" -BT HVÃŽBT EF NJOVUPT

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"OÓOJNP Z .JHVFM ;ÙÒJHB

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1"3" 7&3-" .&+03 $"--& 1"7"/&3"4 : 3&(3&40 " 46 5&.1-0

-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"


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&/53"%"

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&/53"%"

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4"-*%"

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&/53"%"

4"-*%"

&/53"%"

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)FSNBOEBE EF /VFTUSP 1BESF +FTÜT /B[BSFOP Z .BSÑB 4BOUÑTJNB EF MB .FSDFE &/53"%"

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4"-*%"

4&."/" 4"/5" (3"/"%" -BT HVÃŽBT EF NJOVUPT

4"-*%"


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1"3" 7&3-" .&+03 $"33&3" %&- %"330 : 1-"$&5" %& -" $0/$&1$*¶/

-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"


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4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT

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1"3" 7&3-" .&+03 1-";" %& 4"/ (3&(03*0 : 1-";" %& 4"/ +04­

-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"


@K;L;I I7DJE /VFTUSP 1BESF +FTÜT EF MB 1BTJÖO Z .BSÑB 4BOUÑTJNB EF MB &TUSFMMB *HMFTJB EF 4BO $SJTUÖCBM "MCBJDÑO

7FS QSPDFTJPOBS MBT JNÆHFOFT EF /VFTUSP 1BESF +FTÜT EF MB 1BTJÖO Z .BSÑB 4BOUÑTJNB EF MB &TUSFMMB QPS MBT DBMMFT EFM "MCBJDÑO FT VOP EF MPT NPNFOUPT NÆT FNPUJWPT EF MB 4FNBOB 4BOUB FTQFDJBMNFOUF DVBOEP SFDPSSFO 1MB[B -BSHB -B )FSNBOEBE OBDJÖ FO GFCSFSP EF Z FO TV QSJNFSB TBMJEB QSPDFTJPOÖ FM /B[BSFOP EF MBT 1FOBT Z MB 7JSHFO EFM $BSNFO QFSUFOFDJFOUF B MBT NPOKBT EFM 4BOUP ©OHFM RVF BM TFS JNBHFO EF (MPSJB Z OP UFOFS MÆHSJNBT MPT )FSNBOPT MF DPMPDBSPO VOBT EF DSJTUBM %FTEF FTUB )FSNBOEBE UJFOF DPNP TFEF $BOÖOJDB MB JHMFTJB EF 4BO $SJTUÖCBM -04 1"404 +FTÜT EBOEP VO QBTP BM GSFOUF NJFOUSBT MMFWB VOB DSV[ DPO EPSBEPT Z QMBUFBEPT PCSB EFM UBMMFS HSBOBEJOP .BOVFM .BSUÑO ©MWBSF[ FT FM QSJNFSP EF MPT QBTPT EF FTUB $PGSBEÑB -B JNBHFO FT VO /B[BSFOP EF "OUPOJP %VCÍ EF -VRVF 1SPDFTJPOB FO QBTP SFBMJ[BEP QPS MPT UBMMFSFT EF MPT )FSNB OPT $BCBMMFSP -P TJHVF DPO HSBO QFOBS .BSÑB 4BOUÑTJNB EF MB &TUSFMMB DPO VO QVÕBM FO FM QFDIP Z DJODP MÆHSJNBT FO TV SPTUSP -B JNBHFO PCSB UBNCJÍO EF "OUPOJP %VCÍ -VRVF MVDF CBKP QBMJP B[VM DPO PSP DPO DBÑEBT CPSEBEBT QPS MBT IFSNBOBT EF MB $PGSBEÑB /07&%"%&4

&TUF BÕP MB )FSNBOEBE EF /VFTUSP 1BESF +FTÜT EF MB 1BTJÖO Z .BSÑB 4BOUÑTJNB EF MB &TUSFMMB TJHVF JONFSTB FO MBT NFKPSBT EFM QBTP EF $SJTUP %F FTUF NPEP FTUSFOB FM EPSBEP Z DPNQMFUP NÆT EPT MBUFSBMFT -B 7JSHFO QPS TV QBSUF FTUSFOBSÆ SPTUSJMMP OVFWP EF FODBKF EF #SVTFMBT 3FTQFDUP B MB NÜTJDB DPNP FT IBCJUVBM MB QSPQJB CBOEB EF .BSÑB 4BOUÑTJNB EF MB &TUSFMMB BDPNQBÕBSÆ B /VFTUSP 1BESF +FTÜT EF MB 1BTJÖO Z MB "HSVQBDJÖO NVTJDBM EF -B $BOEFMBSJB 1VMJBOBT JSÆ DPO FM QBTP EF 1BMJP &M BÕP QBTBEP MB 7JSHFO FTUSFOP TBZB Z QVÕBM Z FM $SJTUP QPUFODJBT 1"3" 7&3-" .&+03 1-";" -"3(" : 1-";" %&- 4"-7"%03

4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT

"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPS EF MBT JNÃHFOFT

"OUPOJP + %VCÊ EF -VRVF

/VFTUSP 1BESF +FTÜT EF MB 1BTJÖO PCSB EF "OUPOJP %VCÍ EF -VRVF QPSUB VOB $SV[ DPO EPSBEPT Z QMBUFBEPT


4BO +PTÍ EF ©OJNBT Z 4BOUÑTJNP $SJTUP EF MB .JTFSJDPSEJB EFM 4JMFODJP *HMFTJB 4 +PTÍ 4BMJEB Z SFHSFTP 4 1FESP Z 4 1BCMP "MCBJDÑO #BKP

$POUFNQMBS FTUB )FSNBOEBE FO MB TBMJEB EF TV UFNQMP Z FO MB $BSSFSB EFM %BSSP FT VOP EF MPT NPNFOUPT EF NBZPS SFDPHJ NJFOUP EF MB 4FNBOB 4BOUB -PT JOJDJPT EF FTUB $PGSBEÑB TF SFNPOUBO B QPS VO HSVQP EF FNQMFBEPT EF )BDJFOEB &O FTUF BÕP FM QÆSSPDP ©OHFM (VFWBSB )PSDBT USBCBKÖ QBSB TV OBDJNJFOUP Z TVT SFHMBT GVFSPO SFGSFOEBEBT QPS FM 1BQB 1ÑP 9* RVF MF PUPSHÖ FM UÑUVMP EF 1POUJGJDJB &M $SJTUP EF MB .JTFSJDPSEJB TBMJÖ QPS QSJNFSB WF[ DPO FTUB $PGSBEÑB FO QFSP FO VOB DSV[ EF UBSBDFB &- 1"40 -B UBMMB FTUÆ EBUBEB BQSPYJNBEBNFOUF FO Z FT PCSB EF +PTÍ EF .PSB SFBMJ[BEB FO MB IPZ DPOPDJEB DPNP $BSNFO EF MPT .BTDBSPOFT FO FM "MCBJDÑO %FCJEP B TV EFMJDBEP FTUBEP MB GJHVSB FTUÆ EF GPSNB QFSNBOFOUF FO MB JHMFTJB EF 4BO +PTÍ Z EFTEF TF QSPDFTJPOB VOB SÍQMJDB FYBDUB EF "OUPOJP #BSCFSP (PS 1SPDFTJPOB TPCSF VO QBTP EF FTUJMP SFOBDFOUJTUB SFBMJ[BEP QPS MPT IFSNBOPT 3PNFSP FO USFT NBEFSBT -PT ÆOHFMFT EF QMBUB RVF MVDF TPO PCSB EF .BOVFM EF MPT 3ÑPT /07&%"%&4

&TUB )FSNBOEBE IB FTUBEP WPMDBEB UPEP FM BÕP FO MBT MBCPSFT EF DBSJEBE Z PCSB TPDJBM QPS MP RVF OP UJFOF HSBOEFT FTUSFOPT QBSB FTUF +VFWFT 4BOUP TBMWP MB QBSJIVFMB EF FOTBZP *HVBM NFOUF TF IBO DPNQMFUBEP MB SFOPWBDJÖO EF MPT IÆCJUPT EF IFSNBOPT Z EF MPT NPOBHVJMMPT -B QSPDFTJÖO DPOPDJEB QPQVMBSNFOUF DPNP EFM 4JMFODJP SFGMFKB MB NVFSUF EF $SJTUP DPO HSBO SFDPHJNJFOUP -VDFT BQBHBEBT Z VO TJMFODJP BCTPMVUP EVSBOUF UPEP TV SFDPSSJEP DPO FM ÜOJDP TPOJEP EF VO UBNCPS RVF BOVODJB MB NVFSUF &O MB )FSNBOEBE GVF SFDPOPDJEB DPNP TPDJP EF IPOPS EF MB "SDIJDPGSBEÑB 6OJWFSTBM EFM "QÖTUPM 4BOUJBHP QPS TV VOJÖO IJTUÖSJDB DPO MB $SV[ Z MB 0SEFO EF 4BOUJBHP QPS FMMP MPT NBZPSEPNPT MVDFO FO TVT DBQBT VOB $SV[ EF 4BOUJBHP DPSPOBEB EF FTQJOBT

"ÒP EF GVOEBDJÓO IFSNBOPT DPSUFKP /ÙNFSP EF QBTPT "VUPS JNBHFO +PTÊ EF .PSB SÊQMJDB EF "OUPOJP #BSCFSP

&M $SJTUP EF MB .JTFSJ DPSEJB TBMJÖ QPS QSJ NFSB WF[ B MB DBMMF DPO FTUB $PGSBEÑB FO QFSP TV DSV[ FSB FOUPODFT EF UBSBDFB

1"3" 7&3-" .&+03 $"33&3" %&- %"330 : 5&.1-0

-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"


@K;L;I I7DJE H[Yehh_Zei )FSNBOEBE EF 1FOJUFODJB EF /VFTUSP 1BESF +FTÜT EFM "NPS Z MB &OUSFHB Z .BSÑB 4BOUÑTJNB EF MB $PODFQDJÖO

3FBM $PGSBEÑB EF 1FOJUFODJB Z )FSNBOEBE 4BMFTJBOB EFM 4BOUÑTJNP $SJTUP EF MB 3FEFODJÖO Z /VFTUSB 4FÕPSB EF MB 4BMVE

&/53"%"

4"-*%"

&/53"%"

5FNQMP $BSSFSB EFM %BSSP 1MB[B /VFWB 4BO .BUÎBT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM &MWJSB 1MB[B EF 4BOUB "OB $BSSFSB EFM %BSSP $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO

5FNQMP 4PT EFM 3FZ $BUÓMJDP 1VFOUF 3PNBOP 1MB[B EFM $BNQJMMP ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM (SBO 7ÎB 4BO .BUÎBT 1VFOUF 3PNBOP $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO

3FBM 7FOFSBCMF F *MVTUSF $PGSBEÑB EF /VFTUSP 1BESF +FTÜT EFM 1FSEÖO Z .BSÑB 4BOUÑTJNB EF MB "VSPSB $PSPOBEB

$PGSBEÑB EF /B[BSFOPT EF /VFTUSP 1BESF +FTÜT EF MB 1BTJÖO Z .BSÑB 4BOUÑTJNB EF MB &TUSFMMB

&/53"%"

4"-*%"

&/53"%"

5FNQMP (SJGPT EF 4BO +PTÊ 1MB[B EF 4BO (SFHPSJP 1MB[B /VFWB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1MB[B /VFWB $VFTUB EF 4BO (SFHPSJP $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO

5FNQMP 1MB[B EFM 4BMWBEPS $BSSFSB EFM %BSSP *HMFTJB EF 4BO 1FESP 1MB[B /VFWB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM (SBO 7ÎB 1MB[B -BSHB MBUFSBM J[RVJFSEP $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO

)FSNBOEBE 4BDSBNFOUBM EFM 4FÕPS 4BO +PTÍ Z ©OJNBT Z $PGSBEÑB EFM 4UNP $SJTUP EF MB .JTFSJDPSEJB EF &M 4JMFODJP

&/53"%"

5FNQMP 1MB[B /VFWB 4BO .BUÎBT 1MB[B EF .BSJBOB 1JOFEB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM $BMMF &MWJSB 1MB[B /VFWB $SV[ EF (VÎB FO 5FNQMP 1BTP $SJTUP

4"-*%"

4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT

4"-*%"

4"-*%"


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&TUB )FSNBOEBE MMFWB UPEP FM BÕP EFEJDBEB B MBT MBCPSFT TPDJBMFT EFCJEP B MB EFMJDBEB TJUVBDJÖO RVF BMHVOBT GBNJMJBT EF MB [POB FTUÆO WJWJFOEP "M JHVBM RVF FO TV TBMJEB EFM .BSUFT 4BOUP FM QBTP EF 1BMJP QPSUBSÆ EPT DSFTQPOFT OFHSPT FO TFÕBM EF EVFMP QPS FM GBMMFDJNJFOUP EF EPT )FSNBOPT EF MB $PGSBEÑB &T OFDFTBSJP SFTBMUBS RVF FTUB )FSNBOEBE UJFOF QSFTFODJB FO MBT DBMMFT EF (SBOBEB EVSBOUF USFT EÑBT QPS MP RVF SFBMJ[BO VO HSBO FTGVFS[P "TÑ TF QVFEF BENJSBS TV MBCPS FM .BSUFT 4BOUP 4FÕPS EF MB )VNJMEBE Z 4PMFEBE EF /VFTUSB 4FÕPSB FM 7JFSOFT 4BOUP 4PMFEBE EF /VFTUSB 4FÕPSB Z FM %PNJOHP EF 3FTVSSFDDJÖO %VMDF /PNCSF EF +FTÜT

■"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPS EF MB JNBHFO

.BOVFM (PO[ÃMF[ 97*** 9*9

-B JNBHFO EF MB 7JSHFO SFQSFTFOUB FM EPMPS FO FM SPTUSP QPS MB NVFSUF EF TV IJKP DPO HSBO TFSFOJEBE Z NBKFTUVPTJEBE

1"3" 7&3-" .&+03 $".10 %&- 13±/$*1&

-BT HVÃŽBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"


L?;HD;I I7DJE 4BOUÑTJNP $SJTUP EF MB #VFOB .VFSUF Z /VFTUSB 4FÕPSB EFM "NPS Z EFM 5SBCBKP -PT 'FSSPWJBSJPT *HMFTJB 1BSSPRVJBM EF 4BO +VBO EF -FUSÆO %PDUPSFT

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&TUF 7JFSOFT 4BOUP QPS GJO TBMF B MB DBMMF QPS QSJNFSB WF[ FM QBTP EFM 4BOUÑTJNP $SJTUP EF MB #VFOB .VFSUF DPNQMFUBNFOUF SFTUBVSBEP )BO TJEP DVBUSP BÕPT EF USBCBKP Z EFEJDBDJÖO QBSB RVF MV[DB DPO UPEPT MPT DBMBEPT UFSNJOBEPT MB NBEFSB EF DBPCB FO QFSGFDUP FTUBEP Z MB QPMJDSPNÑB DPO BEPSOPT GMPSBMFT GJOBMJ[BEPT -PT BQÖTUPMFT IBO WVFMUP B TV DPMPS OBUVSBM EF BMBCBTUSP -B )FSNBOEBE BEFNÆT IB BQSPCBEP VO OVFWP QSPZFDUP QBSB MPT BÕPT WFOJEFSPT -B SFTUBVSBDJÖO DPNQMFUB EFM QBTP EF 1BMJP &TUF BÕP MB #BOEB EF 3JCFSB EFM (FOJM BDPNQBÕBSÆ B /VFTUSB 4FÕPSB EFM "NPS Z EFM 5SBCBKP NJFOUSBT RVF FM $SJTUP JSÆ DPO MB #BOEB EFM %FTQPKBEP 1"3" 7&3-" .&+03 4"-*%" : "/5& -" #"4±-*$" %& 4"/ +6"/ %& %*04

4&."/" 4"/5" (3"/"%" -BT HVÃŽBT EF NJOVUPT

■"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT JNÃHFOFT " %ÎB[

'FSOÃOEF[ Z &TDVFMB EF .PSB

/VFTUSB 4FÕPSB EFM "NPS Z EFM 5SBCBKP QSPDFTJPOB CBKP VO QBMJP OFHSP CPSEBEP QPS MBT NBESFT 5SJOJ UBSJBT EF (SBOBEB


/USB 4SB EF MB 1B[ Z 4UNP $SJTUP EF MPT 'BWPSFT Z .BSÑB 4BOUÑTJNB EF MB .JTFSJDPSEJB $PSPOBEB *HMFTJB 1BSSPRVJBM EF 4BO $FDJMJP 3FBMFKP

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.BSÑB 4BOUÑTJNB EF MB .JTFSJDPSEJB $PSPOBEB FTUSFOBSÆ FTUF 7JFSOFT 4BOUP MB QJOUVSB EFM 4JNQFDBEP PCSB EF .BOVFM 1SBEPT -B JNBHFO SFQSFTFOUB B MB 7JSHFO DPO MB DBSB EF MB .JTFSJDPSEJB FO *ONBDVMBEB KVOUP DPO MB 1BSSPRVJB EF 4BO $FDJMJP Z MB $VFTUB EFM 3FBMFKP -B )FSNBOEBE UBNCJÍO FTUÆ JONFSTB FO MB SFTUBVSBDJÖO EFM 4BOUÑTJNP $SJTUP EF MPT 'BWPSFT FO MPT UBMMFSFT EF $FDJMJP 3FZFT &TUF BÕP BEFNÆT MB $PGSBEÑB DBNCJB TV SFDPSSJEP Z WVFMWF BM RVF UFOÑB FO MPT BÕPT "TÑ QBSB SFHSFTBS B TV UFNQMP MP IBSÆ QPS 4BOUP %PNJOHP +FTÜT Z .BSÑB Z 7BSFMB -B #BOEB EF .ÜTJDB #JFONFOTVFOB EF &M 4BVDFKP 4FWJMMB BDPNQBÕBSÆ MB QBTP EF 1BMJP Z MB #BOEB MB 1BTJÖO EF -JOBSFT JSÆ DPO FM QBTP EF .JTUFSJP

■ "ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT EF MBT JNÃHFOFT 1BCMP

EF 3PKBT Z 'SBODJTDP .PSBMFT

-B 7JSHFO QSPDFTJP OB CBKP QBMJP CPSEB EP FO PSP DPO SFTQJ SBEFSPT QMBUFBEPT PCSB EF "OUPOJP 4BMB[BS

1"3" 7&3-" .&+03 $".10 %&- 13±/$*1& : $6&45" 4"/ $&$*-*0

-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"


L?;HD;I I7DJE /USB 4SB EF MB 4PMFEBE Z %FTDFOEJNJFOUP EFM 4FÕPS .POBTUFSJP EF 4BO +FSÖOJNP $FOUSP

-B QSJNFSB TFEF EF FTUB )FSNBOEBE GVF FM $POWFOUP EF MBT $BSNFMJUBT %FTDBM[BT EF /VFTUSB 4FÕPSB EF MB $BCF[B RVF IPZ BMCFSHB FM FEJGJDJP QSJODJQBM EFM "ZVOUBNJFOUP &T FM ÜOJDP QBTP WJWJFOUF EF MB 4FNBOB 4BOUB EF (SBOBEB Z FO ÍM TF SFQSFTFOUB FM USBTMBEP EFM DVFSQP EF +FTÜT BM TFQVMDSP 4VT PSÑHFOFT TF SFNPOUBO B DPO FM OBDJNJFOUP EF /VFTUSB 4FÕPSB EF MB 4PMFEBE Z &OUJFSSP EF $SJTUP BVORVF VOP EF MPT NPNFOUPT NÆT JNQPSUBOUFT GVF TV SFPSHBOJ[BDJÖO FO Z FM DBNCJP EF TVT IÆCJUPT QPS VOB UÜOJDB OFHSB DBQJMMP BNBSJMMP Z DÑOHVMP BNBSJMMP Z OFHSP -04 1"404 &M DPSUFKP EFM 7JFSOFT 4BOUP EF FTUB $PGSBEÑB EFM DFOUSP EF MB DJVEBE MP BCSFO MBT GJHVSBT EF -BT $IÑBT &M QSJNFS QBTP FT FM $SJTUP EFM %FTDFOEJNJFOUP PCSB BOÖOJNB EF FOUSF MPT TJHMPT 97* Z 97** BVORVF BUSJCVJEB QPS BMHVOPT B %JFHP EF "SBOEB -B JNBHFO FT QPSUBEB FO BOHBSJMMBT DVCJFSUBT QPS VOB TÆCBOB -P TJHVF /VFTUSB 4FÕPSB EF MB 4PMFEBE EF 1FESP EF .FOB TJHMP 97** DPO NBOUP OFHSP Z SJDPT CPSEBEPT FO PSP SFBMJ[BEP FO QPS MBT .BESFT +FSÖOJNBT EF 4BOUB 1BVMB &M QBTP OP UJFOF QBMJP Z FTUÆ JMVNJOBEP QPS DBOEFMBCSPT QMBUFBEPT /07&%"%&4

-B )FSNBOEBE EF /VFTUSB 4FÕPSB EF MB 4PMFEBE Z %FTDFOEJ NJFOUP EFM 4FÕPS FTUSFOBSÆ FTUB 4FNBOB 4BOUB MPT WBSBMFT FYUFSJPSFT EFM 1BTP EF .JTUFSJP BTÑ DPNP FM KVFHP EF BMCBT EF MPT DJSJBMFT "EFNÆT MB 7JSHFO MVDJSÆ VOB OVFWB EBHB PCSB EF "MCFSUP 2VJSÖT &TUF 7JFSOFT 4BOUP BEFNÆT MPT DPTUBMFSPT MMFWBSÆO QPS QSJNFSB WF[ B MB 7JSHFO B DPTUBM -B )FSNBOEBE TJHVF JONFSTB FO MB SFTUBVSBDJÖO EFM QBTP EF 1BMJP DVZP QSPZFDUP TF BQSPCÖ FM BÕP QBTBEP -PT GBSPMJMMPT EF GJMB EF UPEPT MPT QFOJUFOUFT TPO EF MB 4FNBOB 4BOUB QBTBEB -B #BOEB EF MPT ©OHFMFT TFSÆ MB FODBSHBEB EF BDPNQBÕBS B FTUB )FSNBOEBE QPS MBT DBMMFT EF (SBOBEB 6O NPNFOUP B EFTUBDBS EFM SFDPSSJEP FT MB FOUSBEB BM UFNQMP EF NBESVHBEB 1"3" 7&3-" .&+03 &/53"%" " 46 5&.1-0

4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT

"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT JNÃHFOFT "OÓOJNP Z

&TDVFMB 1FESP EF .FOB

&M DPSUFKP EF MB )FS NBOEBE EF /VFTUSB 4FÕPSB EF MB 4PMFEBE Z %FTDFOEJNJFOUP EFM 4FÕPS MP BCSFO MBT GJHVSBT EF A-BT $IÑBT


4BOUÑTJNP $SJTUP EF MB &YQJSBDJÖO .BSÑB 4UNB EFM .BZPS %PMPS Z 4BO +PTÍ EF $BMBTBO[ *HMFTJB 1BSSPRVJBM EF 4BO +PTÍ EF $BMBTBO[ ;BJEÑO

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"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT JNÃHFOFT % 4ÃODIF[

.FTB Z -VJT ¦MWBSF[ %VBSUF

.BSÑB 4BOUÑTJNB EFM .BZPS %PMPS FTUSFOB VOB TBZB EPOBDJÖO EF VOB QBSFKB RVF TF DPOPDJÖ FO MB $PGSB EÑB Z WB B DBTBSTF

1"3" 7&3-" .&+03 16&/5& 30."/0 %&- (&/*-

-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"


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-B GFDIB PGJDJBM EF MB GVOEBDJÖO EF FTUB )FSNBOEBE FT FO MP RVF MB DPOWJFSUF FO VOB EF MB NÆT WFUFSBOBT EF MB DJVEBE 4VT JOJDJPT TF SFNPOUBO B MB NVZ BOUJHVB Z DPOPDJEB DPNP EFM 4BOUP &OUJFSSP EF $SJTUP Z /VFTUSB 4FÕPSB EF MBT 5SFT /FDFTJEBEFT -PT DPTUBMFSPT TPO SFMBUJWBNFOUF OVFWPT Z OP BQBSFDJFSPO IBTUB )BTUB FOUPODFT FM $SJTUP ZBDFOUF QSPDFTJPOBCB TPCSF SVFEBT -04 1"404 "MHVOPT GJFMFT TF SFGJFSFO BM QSJNFS QBTP DPNP -B 6SOB ZB RVF TF USBUB EF VO $SJTUP UVNCBEP FO VO VSOB DPO SFNBUFT EF QMBUB "MHVOPT FTUVEJPTPT BUSJCVZFO MB GJHVSB BM TJHMP 97** QFSP OP UJFOF BVUPS DPOPDJEP &M QBTP FT PCSB EF /BWBT 1BSFKP FO FO FM RVF EFTUBDBO TVT FTRVJOBT BDIBGMBOBEBT RVF MVDFO ÆOHFMFT QPMJDSPNBEPT -P TJHVF MB 4PMFEBE EFM $BMWBSJP FO VO JONFOTP EPMPS PCSB EF .PSB Z SFTUBVSBEB FO FM BÕP QPS #ÆSCBSB )BTCBDI -B JNBHFO QSPDFTJPOB DPO DVBUSP GBSPMFT QMBUFBEPT EF 3BGBFM .PSFOP DPO DBOBTUJMMB EF DBPCB UBMMBEB /07&%"%&4

/VFTUSB 4FÕPSB EF MB 4PMFEBE EFM $BMWBSJP MVDJSÆ FTUF 7JFSOFT 4BOUP VOB OVFWB DSV[ RVF FTUÆ SFBMJ[BEB FO GJCSB EF WJESJP 5BNCJÍO TPO OVFWBT MB QBSJIVFMB FM TVEBSJP Z MPT QFCFUFSPT EF QMBUB EFM 1BTP EF .JTUFSJP &M DPSUFKP EF FTUB QSPDFTJÖO FTUÆ GPSNBEP QPS EJWFSTBT BVUPSJEBEFT EFM "ZVOUBNJFOUP FM &KÍSDJUP SFMJHJPTBT Z EF PUSBT )FSNBOEBEFT %F FTUF NPEP FTUÆ DPOTJEFSBEB MB PGJDJBM EF MB 4FNBOB 4BOUB Z TF IB DPOWFSUJEP FO VO SFGFSFOUF 4V TBMJEB EFM UFNQMP FT VOP EF MPT NPNFOUPT NÆT FNPUJWPT EF FTUPT EÑBT $BCF EFTUBDBS RVF EFTEF IBDF EPT BÕPT MPT DPTUBMFSPT EF FTUB $PGSBEÑB QPSUBO B DPTUBM B MB JNBHFO EF /VFTUSB 4PMFEBE EFM $BMWBSJP $PNP UPEPT MPT BÕPT MB #BOEB .VOJDJQBM EF (SBOBEB TFSÆ MB RVF BDPNQBÕF BM DPSUFKP 1"3" 7&3-" .&+03 4"-*%" %&- 5&.1-0 : 1-";" %& -"4 1"4*&("4

4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT

"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT EF MBT JNÃHFOFT

"OÓOJNP Z +PTÊ EF .PSB

-B 7JSHFO QSPDFTJP OB DPO DVBUSP GBSPMFT QMBUFBEPT PCSB EFM BSUJTUB 3BGBFM .PSF OP DPO DBOBTUJMMB EF DBPCB UBMMBEB


H[Yehh_Zei $PGSBEÑB EFM 4FÕPS EF MB )VNJMEBE 4PMFEBE EF /VFTUSB 4FÕPSB Z %VMDF /PNCSF EF +FTÜT &/53"%"

5FNQMP 1MB[B EF 4BOUP %PNJOHP 4BOUJBHP $BNQP EFM 1SÎODJQF .PMJOPT $SV[ (VÎB FO 5FNQMP

1FOJUFODJB EFM 4BOUÑTJNP $SJTUP EF MB #VFOB .VFSUF Z /VFTUSB 4FÕPSB EFM "NPS Z EFM 5SBCBKP -PT 'FSSPWJBSJPT

4"-*%"

&/53"%"

5FNQMP (SBO 7ÎB 1MB[B *TBCFM MB $BUÓMJDB 4BO .BUÎBT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 4BO +VBO EF %JPT #BTÎMJDB "WFOJEB EF MB $POTUJUVDJÓO $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO

4"-*%"

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1POUJGJDJB Z 3FBM $PGSBEÑB Z )FSNBOEBE EF /VFTUSB 4FÕPSB EF MB 4PMFEBEZ %FTDFOEJNJFOUP EFM 4FÕPS

&/53"%"

4"-*%"

&/53"%"

5FNQMP 1MB[B EF 4BOUP %PNJOHP 7BSFMB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1BWBOFSBT 4BOUB &TDPMÃTUJDB $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO

5FNQMP 4BOUB 1BVMB 1BTBKF %JFHP EF 4JMPÊ 4BO .BUÎBT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 4BO +FSÓOJNP 3FDUPS -ÓQF[ "SHÛFUB $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO

5FNQMP 1VFOUF 3PNBOP EFM (FOJM $BSSFSB EF MB 7JSHFO 1MB[B .BSJBOB 1JOFEB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM (SBO 7ÎB EF $PMÓO $BSSFSB EF MB 7JSHFO $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO

1POUJGJDJB 3FBM F *MVTUSF )FSNBOEBE EFM 4BOUP 4FQVMDSP Z /VFTUSB 4FÕPSB EF MB 4PMFEBE EFM $BMWBSJP

4BOUÑTJNP $SJTUP EF MB &YQJSBDJÖO .BSÑB 4BOUÑTJNB EFM .BZPS %PMPS Z 4BO +PTÍ EF $BMBTBO[ &/53"%"

4"-*%"

4"-*%"

&/53"%"

5FNQMP 1MB[B /VFWB 4BO .BUÎBT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM $ÃSDFM #BKB $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO

4"-*%"

-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"


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/VFTUSB 4FÕPSB EF MBT "OHVTUJBT $PSPOBEB EF 4BOUB .BSÑB EF MB "MIBNCSB FT MB ÜOJDB JNBHFO RVF SFDPSSF MBT DBMMFT EF MB DJVEBE EF (SBOBEB FM 4ÆCBEP 4BOUP -B QSPDFTJÖO QBSUF EF TV UFNQMP FO QMFOP DPSB[ÖO EFM SFDJOUP NPOVNFOUBM EF MB "MIBNCSB QPS MP RVF EJTGSVUBSMB FO DVBMRVJFSB EF FTUPT SJODPOFT FT NÆT RVF SFDPNFOEBCMF 1BSB TV TBMJEB Z TV SFHSFTP FT IBCJUVBM RVF EFDFOBT EF GJFMFT TF BHPMQFO FO MBT QVFSUBT EF TV *HMFTJB BM JHVBM RVF FO TV QBTP QPS MB 1VFSUB EF MB +VTUJDJB FTQBDJP RVF NBSDB FM QBTP B MPT CPTRVFT EF MB "MIBNCSB Z MB CBKBEB B MB DJVEBE Z MB DBSSFSB PGJDJBM -B JNBHFO JSÆ BDPNQB ÕBEB QPS MB #BOEB 7JSHFO EFM $BTUJMMP EF -FCSJKB FO MB [POB EF BUSÆT Z MB #BOEB EF -B &TUSFMMB FO MB EFMBOUFSB )BZ RVF EFTUBDBS RVF FM QBTP IB TJEP SFDJFOUFNFOUF SFNPEFMBEP 1"3" 7&3-" .&+03 16&35" %& -" +645*$*" : 3&(3&40 " 46 5&.1-0

4&."/" 4"/5" (3"/"%" -BT HVÃŽBT EF NJOVUPT

■"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT EF MB JNBHFO

5PSDVBUP 3VJ[ EFM 1FSBM

-B JNBHFO DVFOUB DPO DPSPOB EF PSP Z QMBUB DPO QFESFSÑB DPOGPSNBEB FOUSF PUSBT QPS FTNFSBM EBT Z EJBNBOUFT


H[Yehh_Zei 4BOUÑTJNB 5SJOJEBE Z /PNCSF EF +FTÜT Z 1FOJUFODJB EF /VFTUSB 4FÕPSB EF MBT "OHVTUJBT $PSPOBEB EF 4BOUB .BSÑB EF MB "MIBNCSB &/53"%"

5FNQMP 1VFSUB EF MB +VTUJDJB 1MB[B /VFWB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1MB[B *TBCFM MB $BUÓMJDB 1VFSUB EF MB +VTUJDJB $SV[ EF (VÃŽB FO 5FNQMP 1BTP EF 7JSHFO

4"-*%"

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-BT HVÃŽBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"


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-B )FSNBOEBE EFM 4FÕPS EF MB 3FTVSSFDDJÖO Z 4BOUB .BSÑB EFM 5SJVOGP FT MB ÜMUJNB EFM CBSSJP EFM ;BJEÑO FO BUSBWFTBS FM 1VFOUF 3PNBOP EFM (FOJM QBSB BEFOUSBSTF FO MB $BSSFSB 0GJDJBM %F FTUF NPEP WFSMB QBTBS QPS MBT DBMMFT EF TV CBSSJP FT VOP EF MPT NPNFOUPT EFM %PNJOHP EF 3FTVSSFDDJÖO -B )FSNBOEBE OBDJÖ FO MPT BÕPT PDIFOUB EF MB NBOP EF 'FSOBOEP 0MNPT Z "OUPOJP $BQQB RVF USBT CVTDBS VOB QBSSPRVJB RVF BDPHJFSB MB JEFB EF VOB $PGSBEÑB FODPOUSBSPO FO FM QÆSSPDP +PTÍ "OUPOJP 0SUFHB Z FO FM DPBEKVUPS +PTÍ -ÖQF[ -ÖQF[ EF MB JHMFTJB EF 4BO .JHVFM "SDÆOHFM HSBOEFT BQPZPT -B QSJNFSB FTUBDJÖO EF QFOJUFODJB FO %PNJOHP EF 3FTVSSFDDJÖO FT FO -04 1"404 -B JNBHFO EF +FTÜT SFBMJ[BEB QPS .JHVFM ;ÜÕJHB /BWBSSP FT MB QSJNFSB FO QSPDFTJPOBS TPCSF VO QBTP PCSB EF 'SBODJTDP "MDBMÆ 3PNFSP BDPNQBÕBEP EF VO ÆOHFM Z EPT SPNBOPT PCSBT EFM NJTNP BVUPS -P TJHVF 4BOUB .BSÑB EFM 5SJVOGP UBNCJÍO EFM BSUJTUB .JHVFM ;ÜÕJHB DPO VO JNQSFTJPOBOUF Z QSFDJPTP NBOUP EF UFSDJPQFMP CMBODP -B 7JSHFO MMFWB FO TV NBOP VO SPTBSJP Z VOB B[VDFOB EF PSP RVF SFQSFTFOUB TV QVSF[B /07&%"%&4

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4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT

■ "ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT NPOBHVJMMPT "VUPSFT EF MBT JNÃHFOFT

.JHVFM ;ÙÒJHB /BWBSSP

4BOUB .BSÑB EFM 5SJVOGP FTUSFOB FTUF %PNJOHP EF 3FTV SSFDDJÖO VOB NFEJB MVOB EF PSGFCSFSÑB EF QMBUB FO MB QFBOB


4FÕPS EF MB )VNJMEBE 4PMFEBE EF /USB 4FÕPSB Z %VMDF /PNCSF EF +FTÜT -PT 'BDVOEJMMPT *HMFTJB EF 4BOUP %PNJOHP 3FBMFKP

&TUB )FSNBOEBE FT VOB EF MBT NÆT BDUJWBT EF MB DJVEBE DPO USFT FTUBDJPOFT EF QFOJUFODJB FM .BSUFT 4BOUP 4FÕPS EF MB )VNJMEBE Z 4PMFEBE EF /VFTUSB 4FÕPSB FM 7JFSOFT 4BOUP 4PMFEBE EF /VFTUSB 4FÕPSB Z FM %PNJOHP EF 3FTVSSFDDJÖO %VMDF /PNCSF EF +FTÜT -B QSPDFTJÖO EF IPZ FT QBSB FM EJTGSVUF EF MPT NÆT QFRVFÕPT $POPDJEB DPNP MB EF -PT 'BDVOEJMMPT DVFOUB FO FM DPSUFKP DPO OJÕPT RVF TPO RVJFOFT QPSUBO B MB JNBHFO Z MB BDPNQBÕBO DPO DBNQBOBT EF CBSSP RVF IBDFO TPOBS B TV QBTP &M PSJHFO EFM OPNCSF UJFOF EPT UFPSÑBT -B QSJNFSB QPSRVF BOUJHVBNFOUF FSB BTÑ DPNP TF MMBNBCBO B MPT NFOPSFT RVF BDPNQBÕBCBO BM QBTP DPO VOPT GBSPMJMMPT Z MB TFHVOEB EFCJEP B MB GJHVSB EF VO NFOPS MMBNBEP 'BDVOEP RVF TJFNQSF MMFWBCB VO GBSPM FO TV NBOP &- 1"40 +FTÜT EFM %VMDF /PNCSF PCSB EF 5PSDVBUP 3VJ[ EFM 1FSBM TJHMP 97*** FT MB ÜOJDB JNBHFO EF FTUF DPSUFKP DVZB BVUPSÑB IB TJEP QVFTUB FO EVEB FO MPT ÜMUJNPT BÕPT Z EF MB RVF FYJTUFO WBSJBT UFPSÑBT 6O OJÕP +FTÜT DPO MB NJSBEB QVFTUB FO FM DJFMP Z DPO VOB $SV[ EF DBSFZ DPO QMBUB FO MB NBOP J[RVJFSEB TF NVFTUSB USJVOGBOUF NJFOUSBT CFOEJDF DPO TV PUSB NBOP /07&%"%&4

-B )FSNBOEBE UJFOF VOB USBZFDUPSJB EF BÕPT EF FYQFSJFO DJB Z FTUÆ WPMDBEB FO PCSBT EF DBSJEBE Z MBCPS TPDJBM QBSB BZVEBS B BMHVOBT GBNJMJBT RVF FTUÆO QBTBOEP QPS NPNFOUPT EJGÑDJMFT QPS MP RVF FTUF %PNJOHP EF 3FTVSSFDDJÖO OP IBZ HSBOEFT OPWFEBEFT %FTUBDBS RVF FM QBTP EF FTUB JNBHFO QPS TV CBSSJP EFM 3FBMFKP FTUÆ DBSHBEB EF TFOUJNJFOUP QBSB MPT GJFMFT Z WFDJOPT RVF EJTGSVUBO EF FTUF EÑB EF DFMFCSBDJÖO KVOUP B MPT NÆT QFRVFÕPT

"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT 1SPDFTJPOBO MPT OJÒPT "VUPS EF MB JNBHFO

5PSDVBUP 3VJ[ EFM 1FSBM

-PT OJÕPT TPO RVJF OFT QPSUBO MB JNBHFO Z MB BDPNQBÕBO QPS UBOEP DBNQBOBT EF CBSSP RVF IBDFO TPOBS B TV QBTP

1"3" 7&3-" .&+03 4"-*%" %& 46 5&.1-0

-BT HVÃŽBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"


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