&95Ɣ"
50%0 1"3" %*4'365"3 &45&
7&3"/0
/#4+#/ *'40 0&'< .C CEVTK\ UG FC WP EJCRW\´P FG GUVKNQ EQP NQU DKSWKPKU [ DC²CFQTGU RCTC GUVC VGORQTCFC
.QU OCICEKPGU FG OKPWVQU 'ZVTC
,70+1 &953" 7&3"/0
)64'5
`: &- $"-03 %&41&35¶
2VF FM DBNCJP DMJNÅUJDP OP UF EFTQJTUF ZB FT WFSBOP $JFSUP FT RVF IBTUB RVF FM BOVODJP JCRR[ JKRUVGT EF MB DFSWF[B OP IBDF TV FOUSBEB BOVBM FO OVFTUSBT UFMFWJTJPOFT OP UFSNJOBNPT EF DSFFSMP QFSP Tè "OUFTBMB EF UV GFMJDJEBE BCTPMVUB CBKP FM TPM SFHBEB DPO MJUSPT EF UJOUP EF WFSBOP BOUFT P EFTQVØT MMFHBSÅ FM RVF TFSÅ FM ėMUJNP EèB EF USBCBKP Z FTF EèB EBSÅT VO QPSUB[P GJOBM DPO VOB JONFOTB TPOSJTB FO MB DBSB /P TPMP FOFSP FT TJOþOJNP EF WPMWFS B FNQF[BS MBT WBDBDJPOFT EF WFSBOP UBNCJØO NBSDBO VO QVOUP Z BQBSUF BMHVOPT BúPT JODMVTP UF DBNCJBSPO MB WJEB ōSFDVFSEBT %FKB RVF UV OJúP JOUFSJPS TVFúF DPO FM GJOBM EF DVSTP Z EFEJDB UVT TFNBOBT EF MJCFSUBE B PYJHFOBSUF Z QFOTBS RVF TFQUJFNCSF OP TJHOJGJDB FM GJO EF MB EJWFSTJþO Z FM EFTDBOTP TJOP VOB OVFWB FUBQB FO MB RVF MVDJS CSPODFBEP Z GSFèS MB DBCF[B B MPT BNJHPT DPO UVT BWFOUVSJMMBT WFSBOJFHBT EF FYQMPSBEPS QMBOFUBSJP 5BOUP TJ UV QMBO FT HBTUBSUF MB QBHB FYUSB IVZFOEP EFM TQCOOKPI FO BMHėO SJODþO SFNPUP DPNP TJ IBT PQUBEP QPS WJBKBS B FTF QVFCMP B LJMþNFUSPT RVF MMFWBT DJODP BúPT RVFSJFOEP WJTJUBS OP UF QJFSEBT MPT DPOTFKPT Z TVHFSFODJBT EF FTUF FTQFDJBM RVF IFNPT QSFQBSBEP DPO NJNP QBSB RVF IBHBT MP RVF IBHBT MF TBRVFT UPEP FM QBSUJEP B MBT WBDBDJPOFT Z RVF UVT EèBT EF DBMPS FTUF TFBO NFNPSBCMFT ō/P MP IVFMFT :B FT WFSBOP 1SPOUP DPNQSBSÅT TBOEèB EFTFNQPMWBSÅT MB NBMFUB NJSBSÅT DPO DBSJúP B FTB QJMB EF MJCSPT RVF MMFWB NFTFT FTQFSBOEP B UV UJFNQP MJCSF TBDBSÅT MB UPBMMB MBT BMFUBT Z UF IBSÅT DPO MB DSFNB TPMBS ō/P MP IVFMFT 2VF UJFNCMFO FTBT DVFOUBT EF *OTUBHSBN .QU OCICEKPGU FG OKPWVQU %JSFDUPS "STFOJP &TDPMBS &M NBHBDÈO &YUSB WFSBOP FT VO QSPEVDUP FMBCPSBEP QPS FM EFQBSUBNFOUP EF 1VCMJDBDJPOFT OP %JBSJBT EF NJOVUPT %JSFDDJÎO 1BCMP 4FHBSSB %JTFÌP %BWJE 7FMBTDP $PPSEJOBDJÎO $MBVEJB 3J[[P Z 7FSÎOJDB 7JDFOUF .BRVFUBDJÎO /PFMJB 4¼ODIF[ $FB )FOBS EF 1FESP .BOVFM 7JMMB (PO[BMP $IBDÎO Z 3BGBFM .BHBÌB &%*5" .*/6504 &%*503" 4 - 1VCMJDJEBE )PSUFOTJB 'VFOUFT EJSFDUPSB HFOFSBM (BCSJFM (PO[¼MF[ EJSFDUPS EF .BESJE .FSDÃ #PSBTUFSP EJSFDUPSB #BSDFMPOB Z 3PDÈP 0SUJ[ EJSFDUPSB "OEBMVDÈB 0QFSBDJPOFT )ÄDUPS .BSÈB #FOJUP .BSLFUJOH "MGPOTP 1ÄSF[ 5* +VBOKP "MPOTP "ENJOJTUSBDJÎO -VJT 0ÌBUF *NQSJNF 3PUPDPCSIJ NJOVUPT $POEFTB EF 7FOBEJUP .BESJE 5FMÄGPOP %FQÎTJUP -FHBM . 'PUPHSBGÈB EF QPSUBEB 7BMFSP 3JPKB $SÄEJUPT -B BDUSJ[ .BSJBN )FSO¼OEF[ MMFWB VO CJRVJOJ NBSJOFSP #FOJ 3PPN CPMTP Z HBGBT EF %JPS
.QU OCICEKPGU FG OKPWVQU 'ZVTC
50%0 1"3" %*4'365"3 &45& 7&3"/0
46."3*0
$GNNG\C
&GUVKPQU PCEKQPCNGU
&GUEWDTG NCU VGPFGPEKCU GP OCSWKNNCLG W²CU [ RGKPCFQU SWG SWGTT¢U NNGXCT GUVG XGTCPQ 6G FCOQU NQU DGCWV[ VKRU RCTC SWG RWGFCU JCEGTNQU V» UQNC
#RGVGEGP XCECEKQPGU WP EJCRW\´P GP NC RNC[C WPC TWVC GP DKEK RQT GN 2KTKPGQ FGUEQPGEVCT GP OGFKQ FG NC PCVWTCNG\C [ UKP PGEGUKFCF FG RCUCRQTVG
/CTKCO *GTP¢PFG\ 0QU VKTCOQU C NC RKUEKPC EQP NC CEVTK\ SWG RCTC GUVG C²Q VKGPG VTGU RGN®EWNCU RGPFKGPVGU FG GUVTGPQ
&GUVKPQU KPVGTPCEKQPCNGU
(1615 ;5. 8#.'41 4+1,# ':+6
8WGNC NGLQU C RCTC®UQU GP NQU SWG VTQVCT UKP OKTCT GN TGNQL [ QZKIGPCTVG RCTC TGEKDKT GN QVQ²Q EQP WPC UQPTKUC
(GUVKXCNGU FG O»UKEC
6GTTC\CU
6G EQPVCOQU EW¢NGU UQP NCU EKVCU PCEKQPCNGU SWG PQ RWGFGU RGTFGTVG GUVG XGTCPQ PK RQT UW E¢TVGN PK Å&#x153;GP CNIWPQU ECUQUÅ&#x153; RQT UW KF®NKEC WDKECEK´P
2QTSWG EWCPFQ NNGIC GN ECNQT WPC FG NCU EQUCU SWG O¢U CRGVGEG GU KT C WPC VGTTC\C C RCUCT NC VCTFG [ NC PQEJG GPVTG E´EVGNGU [ O»UKEC GP FKTGEVQ
.QU OCICEKPGU FG OKPWVQU 'ZVTC
#&--&;" #&--&;"
'3&4$03 .6: 4&/46"6OB KPSOBEB EF QMBZB EJTGSVUBS EF VOB UFSSB[B VOB GJFTUB RVF TF BMBSHB IBTUB FM BNBOFDFS &M HVSÄ&#x2014; EF .BY 'BDUPS OPT EB QSPQVFTUBT EF NBRVJMMBKF QBSB OP NBMHBTUBS UJFNQP GSFOUF BM FTQFKP KGPXGPKFQU UGCP NQU F®CU NCTIQU [ NQU GURCEKQU CDKGTVQU 2NC[C Q RKUEKPC CRGTKVKXQ GP WPC VGTTC\C WPC HKGUVC RQT NC PQEJG /KIWGN Â&#x201A;NXCTG\ OCSWKNNCFQT QHKEKCN FG /CZ (CEVQT PQU FC NQU DGCWV[ VKRU RCTC GUVCT RGTHGEVCU GP XCTKQU OQOGPVQU FGN F®C
$
5GC EWCN UGC GN RNCP UKGORTG JC[ WP OCSWKNNCLG SWG UG NG CLWUVC C NC RGTHGEEK´P 2QTSWG PQ GU NQ OKUOQ WP NQQM OKPKOCNKUVC EQP RTQFWEVQU VQFQVGTTGPQ OKGPVTCU VG VWGUVCU CN UQN SWG QVTQ RCTC GEJCTUG WPCU EC²CU GP WPC VGTTCEKVC OQNQPC %WCPFQ ECG NC VCTFG WPQU NCDKQU OCTECFQU EQP VQPQU
LWIQUQU UGT¢P NQU RTQVCIQPKUVCU FG WP TQUVTQ UKP GZEGUQU b0Q PGEGUKVCT¢U O¢U ; RCTC NCU E¢NKFCU PQEJGU FG XGTCPQ FKXKªTVGVG EQP VQPQU C\WNCFQU [ XGTFQUQU OGVCNK\CFQU GP NQU R¢TRCFQU ETGCPFQ WP GHGEVQ UOQMG[ G[G 6TGU RTQRWGUVCU FG OCMG WR RCTC SWG VTKWPHGU 'NKIG NC SWG O¢U VG IWUVG
$VMUP BM TPM 5K GTGU FG GUCU OWLGTGU SWG PQ TGPWPEKC CN OCSWKNNCLG PK RCTC KT C NC RNC[C Q NC RKUEKPC NQ OGLQT GU SWG GUEQLCU RTQFWEVQU YCVGTRTQQH TGUKUVGPVGU CN CIWC RCTC PQ KT EQP FQU EJQTTGVQPGU PGITQU GP NQU QLQU [ SWG QRVGU RQT WP NQQM NQ O¢U PCVWTCN RQUKDNG 6CORQEQ PGEGUKVCU OWEJQ O¢U UK CRTQXGEJCU RCTC UCECT RCTVKFQ CN DTQPEGCFQ KNWOKPCPFQ NC RKGN #PVGU FG RQPGTPQU OCPQU C NC QDTC NQ SWG JC[ SWG JCEGT GU RTGRCTCT NC RKGN FGN TQUVTQ &GDGU NKORKCTNC RCTC SWG SWGFG NKDTG FG KORWTG\CU CPVGU FG GZRQPGTNC CN UQN 'U HWPFCOGPVCN SWG GUVª JKFTCVCFC [ SWG RTQVGLCU NC ECTC EQP WP HCEVQT RTQVGEVQT CEQTFG EQP VW VKRQ FG RKGN 4GEWGTFC SWG OCPVGPGT C TC[C NQU 78# TGFWEG WP NQU UKIPQU FG GPXGLGEKOKGPVQ /KIWGN Â&#x201A;NXCTG\ OCSWKNNCFQT QHKEKCN FG /CZ (CEVQT CEQPUGLC
/Â&#x201A;5%#4# &' 2'56#Â&#x2019;#5 /CUVGTRKGEG TGUKUVGPVG CN CIWC = â&#x201A;¬? YYY OCZHCEVQT GU
%1.14'6' '0 %4'/# /KTCENG 6QWEJ %TGCO[ $NWUJ SWG UG RWGFG WUCT EQOQ UQODTC [ RCTC FCT WP VQSWG GP NQU NCDKQU = â&#x201A;¬? YYY OCZHCEVQT GU
CRNKECT WPC RTGDCUG FG OCSWKNNCLG EQOQ (CEGHKPKV[ 2TKOGT SWG JCT¢ SWG VW RKGN NW\EC O¢U LWIQUC .WGIQ WVKNK\C WP HKLCFQT FG EGLCU RCTC SWG ªUVCU PQ UG FGURGKPGP [ CRNKEC WPC DWGPC FQUKU FG O¢UECTC RCTC FCT XQNWOGP C NCU RGUVC²CU 0Q HCNNC WPCU RGUVC²CU MKNQOªVTKECU RQVGPEKCP NC OKTCFC [ VG UGPVKT¢U O¢U GURGEVCEWNCT %QORNGVC GN NQQM EQP GN EQNQTGVG /KTCENG 6QWEJ %TGCO[ $NWUJ SWG RQFT¢U CRNKECT GP NCDKQU OGLKNNCU [ R¢TRCFQU ITCEKCU C UW VGZVWTC GP ETGOC 'N GZRGTVQ FG /CZ (CEVQT TGEQOKGPFC GN VQPQ UQHV EQRRGT SWG FC WP VQSWG FG Å&#x17E;DGUCFC RQT GN UQNÅ&#x; GP NCU OGLKNNCU [ C NQU NCDKQU NGU EQPHKGTG WP CURGEVQ FG UWCXKFCF 4GEWGTFC SWG WPC DQEC DKGP JKFTCVCFC UKGORTG CRQTVCT¢ HTGUEWTC [ NWOKPQUKFCF
(#%'(+0+6; 24+/'4 SWG UG CRNKEC CPVGU FG NC DCUG JCDKVWCN FG OCSWKNNCLG = â&#x201A;¬? YYY OCZHCEVQT GU
.QU OCICEKPGU FG OKPWVQU 'ZVTC
-BCJPT IJQOÃ&#x201C;UJDPT 6CTFGU FG VGTTCEGQ VGTCRªWVKEQ GP NCU CNVWTCU Q EQP GN OCT FG HQPFQ &KUHTWVCT FG WP TKPE´P FG VTCPSWKNKFCF UKP RTKUCU EQP WP UQODTGTQ RCTC UQTVGCT NQU TC[QU FG UQN 4GOCPUQU FG RC\ C NQU SWG UG XC RGTHGEVC EQP WP OCSWKNNCLG UWVKN ECUK KPGZKUVGPVG GP QLQU [ R´OWNQU RGTQ EQP WP NKRUVKEM FG KORCEVQ 7PC RTQRWGUVC HCXQTGEGFQTC [ NNCOCVKXC SWG RQFT¢U XGTNG C EGNGDU FG NC VCNNC FG 5KGPC /KNNGT Q ,GUUKEC #NDC Â&#x20AC;6G NC XCU C RGTFGT! %QPUGIWKT GUVG NQQM GUVKXCN VCP UGPEKNNQ U´NQ VG NNGXCT¢ FQU OKPWVQU [ UGT¢ NC RTWGDC FGHKPKVKXC FG SWG lOGPQU GU O¢U| EQOQ FKEGP NQU GZRGTVQU
%QOKGP\C CRNKECPFQ UQDTG GN TQUVTQ NC 5MKP .WOKPK\GT WPC DCUG FG OCSWKNNCLG NWOKPQUC [ WP EQTTGEVQT GP UKGPGU [ R´OWNQU RCTC CRQTVCT O¢U NW\ CN TQUVTQ /KIWGN Â&#x201A;NXCTG\ OCSWKNNCFQT FG /CZ (CEVQT TGEQOKGPFC RCTC NCU RKGNGU QUEWTCU WUCT NQU $TQP\KPI 2QYFGT UQDTG GN TQUVTQ RCTC RQVGPEKCT GN DTQPEGCFQ b5GT¢P VWU OGLQTGU CNKCFQU 'P ECODKQ UK GTGU O¢U DKGP FG RKGN ENCTC NQ UW[Q GU SWG PQ WVKNKEGU GUVQU RQNXQU RQTSWG NQ SWG UG DWUEC GU EQPUGTXCT lNC HTGUEWTC PCVWTCN| FG NC ECTC 5KGORTG JC[ SWG WUCT NQU RTQFWEVQU FG OCPGTC UWVKN RCTC SWG RCTG\EC SWG PQ XCU OCSWKNNCFC
'N VQSWG GUVTGNNC SWG Â&#x201A;NXCTG\ RQPFT®C C WP OCSWKNNCLG RCTC KT C WPC VGTTC\C C VQOCT WP CRGTKVKXQ UGT®C WPQU NCDKQU OCTECFQU EQP VQPQU FG VGORQTCFC 4QUCU HWEUKCU EQTCNGU CPCTCPLCFQU NC RCNGVC FG EQNQTGU O¢U LWIQUQU VQOC HWGT\C GUVC RTKOCXGTC XGTCPQ l/K CRWGUVC GU WVKNK\CT WP NCDKCN FG NCTIC FWTCEK´P SWG CIWCPVG GN EQNQT FWTCPVG JQTCU [ SWG CFGO¢U CRQTVG WP GZVTC FG JKFTCVCEK´P| EQOGPVC 'N VTWEQ FGN GZRGTVQ RCTC TGOCVCT GN NQQM WUCT GN VQPQ CPCTCPLCFQ 'XGT 5WORVKQWU l'U RGTHGEVQ RCTC FCT WP CURGEVQ XGTCPKGIQ [ HTGUEQ CN TQUVTQ|
%144'%614 %% 5VKEMU SWG PGWVTCNK\C KORGTHGEEKQPGU C NC XG\ SWG CRQTVC NW\ CN TQUVTQ = â&#x201A;¬? YYY OCZHCEVQT EQO
$#5' &' /#37+..#,' 5MKP .WOKPK\GT SWG FGLC WP CECDCFQ NKIGTQ UQDTG NC RKGN = â&#x201A;¬? YYY OCZHCEVQT EQO
$#44# &' .#$+15 .KRHKPKV[ .QPI .CUVKPI .KRUVKEM SWG OCPVKGPG GN EQNQT KPVCEVQ JCUVC JQTCU = â&#x201A;¬? YYY OCZHCEVQT EQO
21.815 $TQP\KPI 2QYFGT SWG FGLCP WP VQPQ DTQPEGCFQ UQDTG NC RKGN = â&#x201A;¬? YYY OCZHCEVQT EQO
.QU OCICEKPGU FG OKPWVQU 'ZVTC
#&--&;"
&OUSF DPQBT .CU PQEJGU FG XGTCPQ GUVCT¢P CECTKEKCFCU RQT NC O»UKEC [ NQU FGNKEKQUQU E´EVGNGU 'UECRC FGN ECNQT UQHQECPVG GPVTG DTKPFKU [ TKUCU SWG UG CNCTICP JCUVC GN COCPGEGT b4GHTªUECVG [ PQ RCTGU 2CTC GUQU KTTGUKUVKDNGU RNCPGU SWG UWEGFGP EWCPFQ ECG GN UQN /KIWGN Â&#x201A;NXCTG\ FG /CZ (CEVQT CRWGUVC RQT WP TQUVTQ NWOKPQUQ [ HTGUEQ 5G VTCVC FG CRNKECT UQDTG NC RKGN WPC DCUG FG OCSWKNNCLG OW[ NKIGTC ECUK KORGTEGRVKDNG EQOQ /KTCENG /CVEJ (QWPFCVKQP SWG EWDTG NCU RQUKDNGU KORGTHGEEKQPGU RGTQ QHTGEG WP CECDCFQ PCVWTCN 'UVG XGTCPQ FKXKªTVGVG EQP NQU EQNQTGU LWGIC EQP GNNQU [ RQVGPEKC VW OKTCFC 6QPQU C\WNCFQU [ XGTFQUQU OGVCNK\CFQU VCP FG VGPFGPEKC ETGCP GHGEVQU UOQMG[ G[G FKUVKPVQU [ XGTCPKGIQU l#RNKEC GN VQPQ XGTFG OGV¢NKEQ FG NCU PWGXCU RCNGVCU 5OQMG[ '[G &TCOC -KV GP VQPQU /CIPGVKE )CFG FGUFG GN KPVGTKQT FGN R¢TRCFQ KPHGTKQT JCUVC GN GZVTGOQ FGN QLQ| EQOGPVC GN GZRGTVQ FG /CZ (CEVQT &GURWªU CRNKEC GN VQPQ C\WN OGVCNK\CFQ FG 5OQMG[ '[G &TCOC -KV GP VQPQU #\WTG #NNWTG *C[ SWG JCEGTNQ lFGUFG GN KPVGTKQT FG R¢TRCFQ UWRGTKQT JCUVC GN GZVGTKQT FGN QLQ LWPV¢PFQNQ GP GN GZVTGOQ EQP NC UQODTC XGTFG SWG JCD®COQU CRNKECFQ CPVGTKQTOGPVG UQDTG GN R¢TRCFQ KPHGTKQT| FKEG Â&#x201A;NXCTG\ .WGIQ EKGTTC WP E®TEWNQ CNTGFGFQT FGN QLQ 5G VTCVC FG SWG FKHWOKPGU [ OG\ENGU CODQU VQPQU GP NQU GZVTGOQU FGN QLQ RCTC SWG SWGFGP KPVGITCFQU GPVTG U® %QORNGVC GN NQQM EQP WPC O¢UECTC FG RGUVC²CU [ CRNKECPFQ WP VQSWG FG NCDKCN UWCXG GP VQPQU TQUC
%#,# &' 51/$4#5 5OQMG[ '[G &TCOC -KV EQP EWCVTQ VQPQU 6KGPGP WP RCEMCIKPI OW[ RT¢EVKEQ RCTC NNGXCTNCU UKGORTG GP GN PGEGUGT = â&#x201A;¬ ECFC ECLC? YYY OCZHCEVQT EQO
$#44# &' .#$+15 %QNQWT 'NKZKT )KCPV 2GP 5VKEM = â&#x201A;¬? YYY OCZHCEVQT EQO
/Â&#x201A;5%#4# &' 2'56#Â&#x2019;#5 (.' 8QNWRVWQWU = â&#x201A;¬? YYY OCZHCEVQT EQO
$#5' &' /#37+..#,' /KTCENG /CVEJ (QWPFCVKQP = â&#x201A;¬? YYY OCZHCEVQT EQO
.QU OCICEKPGU FG OKPWVQU 'ZVTC
#&--&;"
4"$" -"4 6µ"4 : &-*(& $¶.0 %&+"3 )6&--" %FTDVCSF MPT UPOPT NÅT ŎJUŏ RVF BEPSBSÅT DVBOEP TVCBO MBT UFNQFSBUVSBT 6OB QJTUB TF MMFWB FM ŎOBJM BSUŏ HFPNØUSJDP MèOFBT USJÅOHVMPT NFEJBT MVOBT Z ōQPS RVØ OP EFDPSBDJPOFT ØUOJDBT % 4+<<1 QP INKVVGT! 1 OGLQT VQPQU OGVCNK\CFQU! SWª VCN WP PWFG! *CEG RQEQ GUEWEJCDC E´OQ WPC GZRGTVC GP OQFC UG²CNCDC SWG C GUVCU CNVWTCU WPC OCPKEWTC HTCPEGUC EN¢UKEC NG TGUWNVCDC TCPEKC ; RWGFG SWG JCUVC VGPIC TC\´P RQTSWG UK GEJCOQU WP XKUVC\Q C NCU VGPFGPEKCU GP PCKN CTV SWG VTKWPHCP GP NCU RCUCTGNCU Q C NQ SWG UG EWGEG GP NCU EWGPVCU FG +PUVCITCO FG NCU KV IKTNU FGN OQOGPVQ NQ SWG JC[ GU FG VQFQ OGPQU CDWTTKFQ
%
'UVC VGORQTCFC NC OCPKEWTC UG KPWPFC FG EQNQT HWGT\C KPVGPEK´P OQFGTPKFCF QTKIKPCNKFCF #KVQT %WPK OCSWKNNCFQT FG %QV[ NQ TGCHKTOC GZRNKECPFQ SWG UG NNGXCP NCU W²CU SWG FGUVCECP RQT lUWU VGZVWTCU [ CECDCFQU OGVCNK\CFQU EQP GNGOGPVQU VTKFKOGPUKQPCNGU GZVTC DTKNNCPVGU G KTKFKUEGPVGU EQP VQPCNKFCFGU FQTCFCU RNCVCU [ DTQPEGU| &G JGEJQ NC RTKOCXGTC XGTCPQ FG FKUG²CFQTGU EQOQ %JCPGN /CTE ,CEQDU )WEEK G ;XGU 5CKPV .CWTGPV JC EQPVCFQ EQP OGV¢NKEQU
EQOQ NQU ITCPFGU RTQVCIQPKUVCU FG UWU DCEMUVCIGU 0Q JC[ XKFC UKP EQNQT PQU SWGFC ENCTQ [ NCU OCTECU FG GUOCNVGU O¢U VQR GZRNQTCP GP UWU RCNGVCU ETQO¢VKECU EQP VQPCNKFCFGU XKXCU [ XKDTCPVGU PCTCPLCU UCVWTCFQU COCTKNNQU E®VTKEQU [ GNªEVTKEQU HWEUKCU GPEGPFKFQU [ GZVTC DTKNNCPVGU %QNQTGU IQNQUQU SWG CRGVGEG RQPGTUG CJQTC SWG NNGIC GN DWGP VKGORQ 2GTQ SWG PQ EWPFC GN R¢PKEQ GPVTG CSWGNNCU SWG UQP O¢U TGVKEGPVGU C NNGXCT OCPKEWTCU GUVTKFGPVGU RQTSWG PQ VQFQ XCP C UGT EQNQTGU XKDTCPVGU [ QUEWTQU
30+04 : 1"45&-&4 $0.1"35&/ 10%*0 $0/ 50/04 7*#3"/5&4 EQOQ NQU SWG NWEG NC KV 1NKXKC 2CNGTOQ .QU OCVKEGU ENCTQU SWG CRQTVCP UGPUWCNKFCF EQP FGUVGNNQU UQHKUVKECFQU OCPVKGPGP UW RCTEGNKVC 6CN [ EQOQ UG²CNC %WPK lPQ XCP C HCNVCT NQU VQSWGU FGNKECFQU [ GVªTGQU FG NCU VQPCNKFCFGU RCUVGN RCTC NCU OWLGTGU O¢U FWNEGU| .CU OCPQU FG #NGZC %JWPI [ -GPFCNN ,GPPGT [C UG JCP CRQFGTCFQ FG GNNQU [ NQU EQODKPCP EQP UWU RTGPFCU HGVKEJG 'N »PKEQ TGSWKUKVQ! # NC JQTC FG GNGIKT NC VQPCNKFCF FG NC NCEC JC[ SWG VGPGT GP EWGPVC GN EQNQT FG PWGUVTC RKGN RCTC RQVGPEKCT NC OCPKEWTC &G VQFCU HQTOCU C XGEGU GN EQNQT PQ GU NQ »PKEQ SWG PQU FGHKPG [ PQU FGECPVCOQU RQT E¢PQPGU O¢U VTCFKEKQ PCNGU UKP FGLCT RQT GNNQ FG NWEKT WPC OCPKEWTC C NC »NVKOC l.QU EQNQTGU RWTQU [ VTCFKEKQPCNGU EQOQ NQU TQLQU UCPITG ITCPCVGU DWTFGQU [ EQNQTGU XKPQ UKGORTG UQP NQU TG[GU FG NC HKGUVC| UGPVGPEKC GN GZRGTVQ FG %QV[ .CU RCUCTGNCU O¢U KORQTVCPVGU PQU NQ EQPHKTOCP NCU NCECU O¢U QUEWTCU XKUVGP [ EQP OWEJC RGTUQPCNKFCF 5KIWGP UKGPFQ WP XGTFCFGTQ OWUV ; UK UKORNGOGPVG FKUHTWVCU EQP GN CTVG FG RKPVCTVG O¢U CNN¢ FGN TQUC DGDª [ GN EN¢UKEQ TQLQ JC[ RTQRWGUVCU FG PCKN CTV EKGP RQT EKGP IGQOªVTKECU EQP OGFKCU NWPCU VTK¢PIWNQU N®PGCU EWUJPKG GV QEJU [ JCUVC EQP FGEQTCEKQPGU ªVPKECU #KVQT %WPK TGEQOKGPFC JCEGTNC GP VQFQU NQU FGFQU RCTC NCU OWLGTGU CVTGXKFCU SWG SWKGTCP OCTECT NC FKHGTGPEKC 5K RQT GN EQPVTCTKQ UQNCOGPVG GTGU EWTKQUC FGLC KPVWKT GN PCKN CTV GP GN FGFQ CPWNCT
.QU OCICEKPGU FG OKPWVQU 'ZVTC
#&--&;"
37+6#'5/#.6' FG $QWTLQKU EQP WPC GURWOC SWG FGUOCSWKNNC KPUVCPV¢PGCOGPVG = â&#x201A;¬? YYY GNEQTVGKPINGU GU
)16#5 3WKEM G FG UGECFQ T¢RKFQ 'UVCT¢U NKUVC GP UGIWPFQU #RN®ECNQ FGURWªU FGN VQR EQCV =E R X ? YYY GUUKG GU
612 %1#6SWG CIWCPVC FWTCPVG F®CU (¢EKN FG TGVKTCT EQP WP SWKVCGUOCNVG = â&#x201A;¬? YYY GNEQTVGKPINGU GU
2+0%'. RCTC UWCXK\CT NCU EWV®EWNCU EWKFCT GN DTKNNQ FG NCU W²CU [ DNCPSWGCT UW DQTFG = â&#x201A;¬? YYY VJGDQF[UJQR GU
+0 0#+. 611. .QU RCUQU PGEGUCTKQU RCTC GN EWKFCFQ FG VWU W²CU GP HQTOC FG CDCPKEQ = â&#x201A;¬? YYY UGRJQTC GU
.#%# FG W²CU TQLC FG 12+ = â&#x201A;¬? YYY QRK PCKNDCT GU
2706#5 FG W²CU EQP OCPKEWTC HTCPEGUC RCTC RGTUQPCU SWG VKGPGP UWU W²CU OQTFKFCU Q OW[ EQTVCU = â&#x201A;¬? YYY GNEQTVGKPINGU GU
.QU OCICEKPGU FG OKPWVQU 'ZVTC
#&--&;"
)05&- $"-*'03/*" ō$þNPEB Z ŎUSFOEZŏ FO MB QMBZB Ō&T QPTJCMF 4FMFDDJPOBNPT MPT ŎMPPLTŏ RVF USJVOGBSÅO FTUF WFSBOP Z UF FOTFúBNPT DþNP QVFEFT IBDFSMPT QBTP B QBTP WGNG C XGTCPKNNQ C ITCPK\CFQU FG NKO´P C RGUEC®VQ HTKVQ C NQEK´P UQNCTŧ &®CU FG RNC[C RGNG¢PFQVG EQP NCU QNCU [ VCTFGU FG RKUEKPC VWODCFC GUEWEJCPFQ GP 5RQVKH[ GN TGRGTVQTKQ FG NQU 'CINGU Q 6C[NQT 5YKHV UGI»P UG RTGHKGTC &G OGNGPCU NCTICU QPFWNCFCU [
*
FGUJGEJCU &G RGNC\QU FQTCFQU EQOQ GN UQN EQP OCTECFC XQECEK´P UWTHGTC [ CN O¢U RWTQ GUVKNQ ECNKHQTPKCPQ 6CODKªP GU ªRQEC FG VTGP\CU WP EN¢UKEQ SWG UG TGKPXGPVC RCTC NWEKTNCU FG F®C Q GP WPC KPVGTOKPCDNG PQEJG FG HKGUVC LWPVQ CN OCT 'PVTGNC\CFCU FG HQTOC FGUEWKFCFC FG GURKIC EQP GN RGNQ UWGNVQ EQP OGEJQPGU
SWG EWGNICP GUVT¢VGIKECOGPVG VQFCU VKGPGP WP VQSWG TQO¢PVKEQ ; UK VKGPGU GN RGNQ TK\CFQ FGLC FG FKUEWVKT EQP ªN FWTCPVG GN GUV®Q [ CRTQXGEJC RCTC RQVGPEKCT UW XQNWOGP RGTQ UKP EQPXGTVKT VG GP WPC NGQPC 'N NQQM 4QNNGT $QQIKG GU WPC CNVGTPCVKXC SWG VG JCT¢ FGHGPFGT NC PCVWTCNG\C FG VW RGNQ
5SFO[B IPMBOEFTB NÃT USFO[B EF FTQJHB 0Q JC[ SWG FGLCTUG GPIC²CT RQT NCU CRCTKGPEKCU VCPVQ NC VTGP\C JQNCPFGUC EQOQ NC FG GURKIC UQP FG NCU O¢U H¢EKNGU FG TGCNK\CT [ GN TGUWNVCFQ UKGORTG GU OW[ XKUVQUQ /CT®C $CTCU GUVKNKUVC FG 2CPVGPG GZRNKEC GP EWCVTQ UGPEKNNQU RCUQU E´OQ RQFGOQU JCEGTNCU 8CP DKGP VCPVQ RCTC ECDGNNQU OGFKQU EQOQ RCTC NQU NCTIQU &+8+&' '0 64'5 /'%*10'5 2TGRCTC VW RGNQ EQP WP DWGP NCXCFQ UKP QNXKFCT GN CEQPFKEKQPCFQ RCTC QDVGPGT WP ECDGNNQ EQP OC[QT VGZVWTC %QP GN ECDGNNQ [C VQVCNOGPVG UGEQ EQIG WPC UGEEK´P FG RGNQ FG NC RCTVG UWRGTKQT FG NC ECDG\C EGTEC FG NC HTGPVG [ FKX®FGNC GP VTGU OGEJQPGU RCTC EQOGP\CT NC VTGP\C 64'0<#4 70# 214 &'$#,1 &' .# 164# 2CTC NQITCT GN XQNWOGP EQPETGVQ SWG PGEGUKVCP NCU VTGP\CU KPXGTVKFCU VGPFT¢U SWG ETW\CT
ECFC OGEJ´P RQT FGDCLQ FGN CPVGTKQT
GP NWICT FG RQT GPEKOC EQOQ GP NCU VTGP\CU PQTOCNGU 5KIWG CU® RQT VQFQ GN NCVGTCN FG NC ECDG\C [ CNTGFGFQT FG EWGNNQ JCUVC NNGICT CN NCFQ QRWGUVQ 7PC XG\ CJ® UWLGVC NC VTGP\C EQP WPC IQOC KPXKUKDNG *#< 70# 64'0<# &' '52+)# %QP GUVC PWGXC UGEEK´P [ GN TGUVQ FGN RGNQ EQOKGP\C WPC VTGP\C FG GURKIC SWG XC[C GP UGPVKFQ EQPVTCTKQ FGUFG GN EWGNNQ JCUVC NC QVTC RCTVG [ JCUVC GN QVTQ JQODTQ #%#$#&1 %10 / 5 81.7/'0 7VKNK\C WPC IQOC KPXKUKDNG RCTC UWLGVCTNC 2WGFGU CDTKT GUVC UGIWPFC VTGP\C EQP NQU FGFQU RCTC EQPUGIWKT WP CECDCFQ O¢U KPHQTOCN [ C²CFKT CNIQ FG XQNWOGP
/#5%#4+..# 4'2#4# 2416')' RCTC HQTVCNGEGT GN ECDGNNQ = €? YYY RGNQRCPVGPG GU
#/21..#5 4'5%#6' /+0761 RCTC FCT WP GZVTC FG JKFTCVCEK´P = €? YYY RGNQRCPVGPG GU
.QU OCICEKPGU FG OKPWVQU 'ZVTC
'527/# %74. &'(+0' RCTC RGNQ TK\CFQ = â&#x201A;¬? .#%# HKLCEK´P HNGZKDNG = â&#x201A;¬? YYY RGTHWOGTKCUKH EQO
3PMMFS #PPHJF YYYYYYYYY %QP GUVG NQQM #PVQPKQ 4QOGTQ GUVKNKUVC FG #WUUKG RTGVGPFG GNGXCT GN XQNWOGP FGN ECDGNNQ TK\CFQ %10641.# '. '0%4'52#/+'061 'N RTKOGT RCUQ GU GXKVCT GN GPETGURCOKGPVQ EQP NC N®PGC (TK\\ /KTCENG &GURWªU TGVKTCOQU NC JWOGFCF EQP WPC VQCNNC 216'0%+# '. 4+<1 6QOCOQU WPC PWDG FG NC GURWOC %WTN &GHKPG [ NC
GZRCPFKOQU FG OGFKQU C RWPVCU RCTC RQVGPEKCT GN TK\Q 6GTOKPCT UGECPFQ EQP WP FKHWUQT OKGPVTCU CRTGVCOQU GN RGNQ 5K GN RGNQ GU O¢U NKUQ UG RWGFG WUCT WPC VGPCEKNNC [C SWG NC GURWOC RTQVGIGT¢ GN RGNQ FGN GZEGUQ FG ECNQT *#%'/15 .15 Å&#x17E;41..'45Å&#x; 2CTC TGVKTCT GN RGNQ FG NC ECTC [ NQITCT O¢U XQNWOGP ETGCTGOQU WPQU TQNNGTU FG WPQU
´ FGFQU GP NC RCTVG HTQPVCN [ NQU TGVKTCTGOQU JCEKC CVT¢U 2CTC HKLCTNQU RQFGOQU WUCT WPCU IQOKVCU Q DKGP WPCU JQTSWKNNCU /#;14 &74#%+Â&#x201D;0 2QT »NVKOQ CDTKOQU GN RGNQ [ CRNKECOQU NC NCEC 8QNWOGP [ (KLCEK´P HNGZKDNG RCTC SWG GN RGKPCFQ FWTG KPVCEVQ GN OC[QT VKGORQ RQUKDNG
0OEBT TVSGFSBT 5KP FWFC WPQ FG NQU GUVKNQU O¢U VTGPF[ [ HCXQTGEGFQT FWTCPVG NC VGORQTCFC GUVKXCN UQP NCU QPFCU UWTHGTCU +ORGTHGEVCU FGUJGEJCU UGZ[U O¢U Q OGPQU OCTECFCU 7PQ FG NQU RGKPCFQU HCXQTKVQU RCTC GUVQU OGUGU GP NQU SWG NC VGZVWTC RNC[GTC GU WP OWUV ; UK PQ SWG UG NQ FKICP C NC OQFGNQ )KUGNG $½PFEJGP Q C NC CEVTK\ -CVG *WFUQP &QU FG NCU EGNGDTKVKGU SWG O¢U UWGNGP NWEKTNCU GP UW RGNC\Q TWDKQ Â&#x20AC;; E´OQ UG JCEGP! .C OCTEC IJF PQU FC WPQU RT¢EVKEQU VKRU RCTC EQPUGIWKT GUVC OGNGPC VCP EQQN
2.#0%*# FG RGNQ IJF /CTKPG #NNWTG = â&#x201A;¬? YYY IJFJCKT EQO
%4'# 81.7/'0 2WNXGTK\C OQU GN ECDGNNQ J»OGFQ EQP GN URTC[ IJF 4QQV .KHV 6QOCOQU OGEJQPGU [ NQU GPTQUECOQU OKGPVTCU UGECOQU GN RGNQ EQP WP UGECFQT
)+415 '0 &15 &+4'% %+10'5 %QP GN ECDNG JCEKC CTTKDC JCTGOQU OGFKQ IKTQ JCEKC FGPVTQ [ OGFKQ JCEKC HWGTC OKGPVTCU FGUNK\COQU 4GCNK\COQU NC VªEPKEC RQT VQFQ GN ECDGNNQ /',14 70# 64'0<# 2CTC NC RCTVG FGNCPVGTC RWGFGU JCEGT WPC VTGPEKVC [ CRNKECT ECNQT UQDTG GNNC EQP NC RNCPEJC FGN RGNQ &'(+0' .#5 10&#5 &GUJCEGOQU EQP NQU FGFQU DWUECPFQ GN GHGEVQ FGUGCFQ
)*& 4116 .+(6 524#; ETGC XQNWOGP FGUFG NC TC®\ GP GN ECDGNNQ NCEKQ [ HKPQ = â&#x201A;¬? YYY IJFJCKT EQO
.QU OCICEKPGU FG OKPWVQU 'ZVTC
#&--&;"
4LBUFS (JSMYYYY &GUCHKCT NC LWPINC FG NC OGVT´RQNK 5CNVCT [ TQFCT FWTCPVG MKN´OGVTQU RQT QCUKU FG RCXKOGPVQ -KN´OGVTQU FG GOQEKQPGU [ XKXGPEKCU 'N OWPFQ FGN UMCVG U®ODQNQ FG NC EWNVWTC ECNNGLGTC [ GN CTVG WTDCPQ UG NCP\C FGN PGITQ CNSWKVT¢P C NCU RCUCTGNCU RCTC KPURKTCT PQ U´NQ C NC OQFC UKPQ VCODKªP C NQU RGKPCFQU .QQMU GHHQTVNGUU UKP GUHWGT\Q SWG CJQTC UG EGPVTCP GP L´XGPGU RCVKPCFQTCU FG CRCTKGPEKC NKIGTCOGPVG FGURGKPCFC FGURTGQEW RCFC [ EQP WPC CEVKVWF TGNCLCFC OKGPVTCU XCP UWTECPFQ NQU FGUPKXGNGU FGN CUHCNVQ #J® TGUKFG UW CVTCEVKXQ .WCPC 2TKGVQ .GCTPKPI CPF 'ZGEWVKXG /CPCIGT FG NCU RGNWSWGT®CU 1J /[ %WV GZRNKEC E´OQ EQPUGIWKT GUVG GUVKNQ RQT GN SWG JC CRQUVCFQ 9GNNC 2TQHGUUKQPCNU GP NQU FGUHKNGU RTKOCXGTC XGTCPQ #52'%61 /Â&#x201A;5 5#01 2CTC FCTNG WP CURGEVQ O¢U HTGUEQ [ NKORKQ C GUVG NQQM NQ RTKOGTQ SWG JC[ SWG JCEGT GU
NCXCT GN RGNQ EQP GN EJCOR» 'NGOGPVU FG 9GNNC 2TQHGUUKQPCNU 64'0<# 70 /'%*Â&#x201D;0 &' 2'.1 &GURWªU FG UGECT GN ECDGNNQ EQP WP UGECFQT ETGCOQU WP VTGP\CFQ QEWNVQ EQP GN HKP FG SWKVCT XQNWOGP C NC OGNGPC [ NQITCT CU® WP NQQM UQHV [ ECUWCN 2CTC GNNQ GORG\COQU EQIKGPFQ WP OGEJ´P RQT GPEKOC FG NC QTGLC [ VTGP\¢PFQNQ GP NC RCTVG RQUVGTKQT FG NC ECDG\C JCUVC NNGICT C NC QVTC QTGLC 70# (+,#%+Â&#x201D;0 .+)'4# #RNKEC OQU GP NCU VTGP\CU [ GP GN TGUVQ FGN ECDGNNQ GN URTC[ .GCXG KP RCTC ETGCT UGRCTCEK´P [ VGZVWTC RGTOKVKGPFQ CN ECDGNNQ SWG XWGNG CN OKUOQ VKGORQ SWG NCU EJKECU UG OWGXGP %4'# 70# 6':674# /#0',# $.' 2CTC HKPCNK\CT GN NQQM WUCTGOQU GP NCU ECRCU KPHGTKQTGU GN EJCOR» GP UGEQ &T[ /G EQP GN SWG UG EQPUKIWG WP GHGEVQ FGUICUVCFQ GP GN ECDGNNQ
&4; /' FG 9GNNC 2TQHGUUKQPCNU RCTC ETGCT GUVKNQU OCVG UKP FGLCT TGUKFWQU GP GN RGNQ = â&#x201A;¬? YYY YGNNC EQO
%*#/2Â&#x203A; FG 9GNNC 2TQHGUUKQPCNU NKDTG FG RCTCDGPQU SWG RTQVGIG NC SWGTCVKPC = â&#x201A;¬? YYY YGNNC EQO
.QU OCICEKPGU FG OKPWVQU 'ZVTC
$0.0 1&; &/ &- "(6" #JRVJOJT Z CBúBEPSFT DPO EJTFúPT TVHFSFOUFT Z DPMPSFT WJWPT QBSB TVNFSHJSUF FO FM WFSBOP &TUF FT FM ŎCFBDI TUZMFŏ RVF TF MMFWB
.QU OCICEKPGU FG OKPWVQU 'ZVTC
$#Â&#x2019;#&14 EQP VWN FG .C 2GTNC DTC\CNGVGU FG 0KEQNuU [ CPKNNQU FG 2QOGNNCVQ
$#Â&#x2019;#&14 EQNQT PWFG FG <CTC EJCSWGVC FG &KQT [ UCPFCNKCU FG #SWC\\WTC
.QU OCICEKPGU FG OKPWVQU 'ZVTC
$#Â&#x2019;#&14 FG 'TGU DTC\CNGVGU FG 0KEQNuU CPKNNQU [ EQNICPVG FG 2QOGNNCVQ
$+37+0+ FG <CTC HCNFC FG )KQTIKQ #TOCPK DTC\CNGVGU FG 0KEQNuU CPKNNQU [ EQNICPVG FG 2QOGNNCVQ
.QU OCICEKPGU FG OKPWVQU 'ZVTC
."3*". )&3/¦/%&; j&/ -" */%6453*" %&- $*/& 50%"7±" 13&%0.*/" .¦4 &- .6/%0 ."4$6-*/0v P F®C OGVK´ VQFC UW XKFC GP WPC OCNGVC [ RWUQ TWODQ C /CFTKF RCTC GUVWFKCT %QOWPKECEK´P #WFKQXKUWCN 2GTQ RQT GUCU EQUCU GZVTC²CU SWG C XGEGU VKGPG GN FGUVKPQ WP ECTVGN SWG XKQ GP GN OGVTQ NQ VTWPE´ VQFQ 5G VTCVCDC FG WPC GUEWGNC FG CTVGU GUEªPKECU SWG QHGTVCDC EWTUQU .G RKE´ GN IWUCPKNNQ UG CRWPV´ [ GP VGTEGTQ FKLQ CFK´U C NC ECTTGTC l&GN CTVG PQ UG EQOG| NG FGE®CP GP UW ECUC RGTQ /CTKCO *GTP¢PFG\ PQ SWGT®C CTTGRGPVKTUG FG PQ JCDGTNQ KPVGPVCFQ ; PQ NG XC PCFC OCN EKPG VGNG HWG WPQ FG NQU TQUVTQU O¢U EQPQEKFQU FG NC UGTKG )[O 6QP[ VGCVTQ TCFKQ %QOQ DKGP FKEG GNNC UG lCRWPVC C WP DQODCTFGQ| &KUHTWVC EQP NQ SWG JCEG NG IWUVC [ GUQ UG PQVC 2CTGEG SWG RKPVC OW[ DKGP RCTC /CTKCO *GTP¢PFG\ .C XGTFCF GU SWG GUVQ[ OW[ EQPVGPVC 6GPIQ VTGU RGN®EWNCU RGPFKGPVGU FG GUVTGPQ 8KGPVQU FG NC *CDCPC FG (GNKZ 8KUECTTGV SWG UG JC TQFCFQ GP %WDC 0QEVGO FG /CTEQU %CDQV¢ [ SWG UG TGCNK\´ GP /ªZKEQ [ 'P \QPC JQUVKN WPC UWRGTRTQFWEEK´P DªNKEC FKTKIKFC RQT #FQNHQ /CTV®PG\ Â&#x20AC;3Wª VCN NC GZRGTKGPEKC FG TQFCT GP /ªZKEQ [ %WDC! 7PC OCTCXKNNC RQTSWG OG JC FCFQ NC QRQTVWPKFCF FG VTCDCLCT GP QVTQ RC®U [ CFGO¢U JG RQFKFQ EQPQEGT C NC IGPVG FG CNN® FG WPC OCPGTC OW[ EGTECPC 'P GN ECUQ FG 8KGPVQU FG NC *CDCPC KPVGTRTGVQ GN RCRGN FG WPC EWDCPC [ OG NNGXCTQP CPVGU RCTC SWG CRTGPFKGUG C JCDNCT EQP UW CEGPVQ b7P NWLQ .Q TGEWGTFQ [ UG OG RQPG NC RKGN FG ICNNKPC Â&#x20AC;5G PQVC CNIWPC FKHGTGPEKC FGUFG SWG GN )QDKGTPQ EWDCPQ [ GN FG ''77 JCP TGCPWFCFQ NCU TGNCEKQPGU! *CD®C GUVCFQ GP NC KUNC FQEG C²QU CVT¢U [ NC FKHGTGPEKC GU DTWVCN 5G PQVCP NQU ECODKQU [ C OK OQFQ FG XGT JC[ O¢U CRGTVWTC GP CNIWPQU VGOCU RGTQ VCODKªP EGPUWTC GP QVTQU Â&#x20AC;#DCPFQPCT®CU /CFTKF RQT WPC CXGPVWTC CN QVTQ NCFQ FGN EJCTEQ! b2QT UWRWGUVQ /G GPECPVC XKCLCT ECODKCT FG EKWFCF FG RC®Uŧ OG IWUVC EQPQEGT IGPVG [ QVTQU NWICTGU 0Q VGPIQ OKGFQ NC XGTFCF 2GTQ EWCPFQ VW ECTTGTC GORKG\C C FGURWPVCT GP WP UKVKQ GU EQORNKECFQ KTVG RQTSWG FKEGU Å&#x17E;Â&#x20AC;E´OQ XQ[ C OCTEJCTOG! # XGT UK TGUWNVC SWG PQ XQ[ C VTCDCLCT PK GP WP UKVKQ PK GP QVTQÅ&#x;
7
+E®CT $QNNC®P EQOGPVCDC GP WPC GPVTGXKU VC SWG JC[ RQECU OWLGTGU JCEKGPFQ EKPG [ SWG GUQ FGDGT®C ECODKCT Â&#x20AC;%´OQ XGU GN RCRGN FG NC OWLGT GP NC KPFWUVTKC! 6QFCX®C GU WPC KPFWUVTKC GP NC SWG RTGFQOKPC O¢U GN OWPFQ OCUEWNKPQ 'N RCRGN FG NC OWLGT UKIWG UKGPFQ EQORNKEC FQ [ UKPEGTCOGPVG OG IWUVCT®C SWG NC UKVWCEK´P HWGTC QVTC 2CTGEG SWG PQUQVTCU C RCTVKT FG WPC GFCF PQ VGPGOQU JKUVQTKCU SWG EQPVCT [ NCU VTCOCU UG EGPVTCP GP JQODTGU EQP OWLGTGU OW[ L´XGPGU %WCPFQ WPC CEVTK\ VKGPG O¢U FG EWCTGPVC C²QU NG TGUWNVC EQORNKECFQ VTCDCLCT [ GUVQ GU TGCN Â&#x20AC;/G RTGQEWRC! 2QT UWRWGUVQ RQTSWG UQ[ CEVTK\ [ VCODKªP XQ[ EWO RNKGPFQ C²QU %TGQ SWG NC GFCF OCFWTC FG NC OWLGT GU OW[ KPVGTGUCPVG [ PQU NQ GUVCOQU RGTFKGPFQ
j/0 5&/(0 .*&%0 %& 53"#"+"3 "- 0530 -"%0 %&- $)"3$0v 'P ''77 JC[ WP OQXKOKGPVQ FG CEVTKEGU SWG TGENCOC NQU OKUOQU UWGNFQU SWG NQU FG UWU JQO´NQIQU OCUEWNKPQU 'P 'URC²C Â&#x20AC;GU PGEGUCTKQ JCEGT CNIQ CU®! 'P 'URC²C PQ ETGQ SWG VGPICOQU GUC FKHGTGPEKC EQP NQU UWGNFQU ;Q PQ NQ JG PQVCFQ NC XGTFCF RGTQ VCODKªP GU EKGTVQ SWG JCIQ O¢U VGNGXKUK´P SWG EKPG 6QFCX®C JC[ IGPVG SWG FKEG Å&#x17E;8Q[ C JCEGT VGCVTQ PWPEC WPC #%64+< UGTKGÅ&#x; 2CTGEG SWG NQ 1TKIKPCTKC FG SWG FC ECEJª GU U´NQ GN (WGTVGXGPVWTC VGCVTQ [ NQU RTQ[GEVQU /CTKCO WPFGTITQWPF *GTP¢PFG\ %TGQ SWG GUQ GU O¢U WP EQORCIKPC UW OKVQ RQTSWG VQFQU VTCDCLQ FG CEVTK\ SWGTGOQU JCEGT UGTKGU EQP VGOCU [ XKXKT FG GUVQ .Q TGNCEKQPCFQU EQP WPFGTITQWPF GUV¢ OW[ GN FGRQTVG l7PC DKGP RGTQ PQ PQU RCUK´P SWG OG GPIC²GOQU RQTSWG CN RGTOKVG GXCFKTOG| HKPCN VQFQ GN OWPFQ EQOGPVC SWKGTG RCICT GN CNSWKNGT 5G RTGLW\ICP NCU EQUCU [ UG ETKVKEC NQ SWG GP GN HQPFQ PQU IWUVCT®C
.QU OCICEKPGU FG OKPWVQU 'ZVTC
(161)4#(Â&#x17D;# 8CNGTQ 4KQLC XCNGTQTKQLC EQO #;7&#06'5 &' (161)4#(Â&#x17D;# 2GFTQ /GNQ [ &GPPKU -NGKP '56+.+5/1 +TKC $CNNGUVC /#37+..#,' ; 2'.737'4Â&#x17D;# 2CWNC 5QTQC RCTC .Å&#x;1TªCN %10 /CTKCO *GTP¢PFG\
JCEGT 'N CEVQT /KIWGN 4GNN¢P OG NQ FGE®C l0Q JC[ RTQ[GEVQU PK DWGPQU PK OCNQU NQ KORQTVCPVG GU VTCDCLCT| &G ECFC RTQ[GEVQ UG CRTGPFG ECFC RTQ[GEVQ GU KORQTVCPVG [ PKPI»P RGTUQPCLG GU RGSWG²Q #N OCTIGP FG NC KPVGTRTGVCEK´P VCODKªP RTGUGPVCU Å&#x17E;)COGTUÅ&#x; GP /68 5G VTCVC FG WP FQEWTGCNKV[ UQDTG NQU FGRQTVGU GNGEVT´PKEQU SWG IKTC GP VQTPQ CN GSWKRQ FG Å&#x17E;.GCIWG QH .GIGPFUÅ&#x; ) .QU G5RQTVU OWGXGP EKHTCU OKNNQPCTKCU [ CJQTC OKUOQ UG ICPC O¢U FKPGTQ EQP NQU XKFGQLWGIQU SWG EQP GN EKPG [ NC O»UKEC *C[ EJCXCNGU SWG XKXGP RTQHGUKQPCNOGPVG FG GUVQ [ UQP EQPUKFGTCFQU EQOQ FGRQTVKUVCU FG ªNKVG 7PC RCUCFC ; NNGXCU FQU C²QU GP TCFKQ 5® GUVQ[ GP NQU 2TKPEKRCNGU EQOQ EQNCDQTCFQTC FGRQTVKXC FG &CPK /CVGQ GP
j%& $"%" 130:&$50 4& "13&/%& "-(0 : /*/(¼/ 1&340/"+& &4 1&26&µ0v
$+37+0+ FG 'TGU [ VQR FG GPECLG FG %JCTQ 4WK\
;W 0Q VG RKGTFCU PCFC 6GPIQ NC UGEEK´P HKV [ GP GNNC CDQTFCOQU GN FGRQTVG EQP JWOQT .C NKUVC FG FGRQTVGU SWG RTCEVKECU RCTGEG KPVGTOKPCDNG Â&#x20AC;%W¢N VG HCNVC RQT RTQDCT! 7P RCT FG GNNQU TKUCU RGTQ UQP OG\ENCU EQOQ GN UPQYDQCTF EQP WPC EQOGVC FG MKVGUWTH /G GPECPVCT®C RTQDCTNQ RGTQ GP WP VGTTGPQ NNCPQ SWG PQ UQ[ OW[ MCOKMC\G
TKUCU .QU FGRQTVGU FG TKGUIQ OG IWUVCP RGTQ UQ[ DCUVCPVG EWKFCFQUC RQTSWG PQ FGLQ FG UGT EQPUEKGPVG FG EW¢N GU OK RTQHGUK´P &GUFG SWG GTGU EQPQEKFC Â&#x20AC;UKGPVGU SWG JCU VGPKFQ SWG ECODKCT CNIWPQU J¢DKVQU! 5® [ GU CNIQ C NQ SWG OG EWGUVC CEQUVWO DTCTOG 2QT GLGORNQ UK OG CRGVGEG JCEGT VQR NGUU U´NQ RWGFG UGT GP FGVGTOKPCFQU NWICTGU Q VGPGT SWG EWKFCT WP RQEQ O¢U NC HQTOC GP SWG UCNIQ XGUVKFC C NC ECNNG #PVGU OG RQP®C WP EJ¢PFCN [ VKTCDC TKUCU Â&#x20AC;&´PFG RCUCT¢U GN XGTCPQ! 0Q NQ Uª RQTSWG GUVQ[ RGPFKGPVG FG WP RTQ[GEVQŧ b2GTQ OG IWUVCP VCPVQU UKVKQU %QUVC 4KEC <CP\®DCTŧ UKGORTG FGUVKPQU FG RNC[C 7PC GUECRCFC C (WGTVGXGPVWTC U® SWG JCTª RCTC XGT C OK HCOKNKC [ COKIQU %.#7&+# 4+<<1
.QU OCICEKPGU FG OKPWVQU 'ZVTC
%*&; %&45*/04 /"$*0/"-&4
&45& 7&3"/0 26Â%"5& $&3$" 1PS NVZ WJBKFSP RVF TFBT TFHVSP RVF BÄ&#x2014;O UF RVFEBO SJODPOFT EF &TQBúB TJO FYQMPSBS Æ&#x201D;FBMJ[BNPT VOB TFMFDDJþO EF EFTUJOPT OBDJPOBMFT BQUPT QBSB UPEPT MPT QÄ&#x2014;CMJDPT HVTUPT Z CPMTJMMPT
Q GU PGEGUCTKQ UCNKT FGN RC®U RCTC FKUHTWVCT FG RNC[CU RCTCFKU®CECU RCKUCLGU FG RQUVCN FGIWUVCT NC XCPIWCTFKC ICUVTQP´OKEC Q RCUCT WPC UGOCPC FG GPUWG²Q GP HCOKNKC 6» [C NQ UCDGU PQ QDUVCPVG CJ® XCP FKG\ KFGCU HTGUECU FG XKCLGU PCEKQPCNGU RCTC RCUCT WP XGTCPQ OGOQTCDNG [ UKP UCECT GN RCUCRQTVG
0
6'0'4+(' 7PC FG NCU ITCPFGU DC\CU FG NC KUNC UQP NQU RCTSWGU VGO¢VKEQU 5KCO 2CTM #SWCNCPF .QTQ 2CTSWG ,WPING 2CTM Q GN -CTVKPI FG 6GPGTKHG UQP CNIWPCU RTQRWGUVCU FG QEKQ 2GTQ RCTC LWICT [ RCUCTNQ DKGP GP RNGPC PCVWTCNG\C GN (QTGUVCN 2CTM QHTGEG C VQFQU NQU OKGODTQU FG NC HCOKNKC NC RQUKDKNKFCF FG NCP\CTUG RQT VKTQNKPCU GPVTG NQU CNV®UKOQU RKPQU FGN OQPVG FG .C 'URGTCP\C *QVGN 2WGTVQ FG NC %TW\
*CDKVCEK´P FGUFG Ŭ RQT RGTUQPC /¢U KPHQ NQIKVTCXGN EQO [ YGDVGPGTKHG EQO
+$+<# 'P NC RGSWG²C KUNC RKVKWUC EQPXKXGP GN UKNGPEKQ [ NC OCTEJC %CNCU FG RQUVCN FQPFG RGTFGTUG [ FGUEQPGEVCT Q HKGUVCU C TKVOQ FG &L +DK\C EWGPVC EQP TKPEQPGU RCTC FKUHTWVCT FG WPC RCPQT¢OKEC RTGEKQUC FGN QECUQ RGTQ UK NQ SWG DWUECU GU WPC GZRGTKGPEKC »PKEC VG TGEQOGPFCOQU SWG NQ JCICU FGUFG WP DCTEQ 5G RWGFGP CNSWKNCT NCPEJCU Å&#x153;EQP Q UKP RCVT´PÅ&#x153; RCTC RCUCT GN F®C #NSWKNGT FG DCTEQU Q [CVGU GP YYY C PWFQU EQO
476# '0 %1%*' 214 %7'0%# 2QEQU RCTCLGU EGTECPQU TGUWNVCP VCP TQO¢PVKEQU [ HCPVCUOCI´TKEQU EQOQ GN PCEKOKGPVQ FGN 4®Q %WGTXQ GP %WGPEC WPQ FG NQU OQPWOGPVQU PCVWTCNGU O¢U DGNNQU FG NC 2GP®PUWNC #NN® NCU DTCXCU CIWCU ECGP GP WPC ECUECFC SWG TQORG UQDTG NCU TQECU ETGCPFQ O¢IKECU VQPCNKFCFGU GUOGTCNFCU
&GUFG Ŭ RQT RGTUQPC TWVCU FG PQEJGU C Ŭ RQT RGTUQPC TWVCU FG PQEJGU /¢U KPHQTOC EK´P GP O[YC[TWVCUGPEQEJG EQO
415'5 )+410# 'P WP GPVQTPQ FQPFG NC TKSWG\C RCKUCL®UVKEC [ PCVWTCN GU KPKIWCNCDNG CN PQTVG FG NC %QUVC $TCXC 4QUGU VG FC NC DKGPXGPKFC UWOGT IKªPFQVG GP UWU RNC[CU ECNCU [ TWVCU VWT®UVKECU 4QUGU CNDGTIC CFGO¢U NC 4WVC FGN 8KPQ &1 'ORQTF¡ RCTC TGICT NQU FGNKEKQUQU DQECFQU ICUVTQP´OKEQU FG NC \QPC *QVGN /GFKVGTT¢PGQ 4QUGU FGUFG Ŭ RQT RGTUQPC PQEJG /¢U KPHQTOCEK´P NQIKVTCXGN EQO [ XKUKV TQUGU ECV GU
%#/+01 &' 5#06+#)1 5KVWCFQ GP GN P»ENGQ WTDCPQ FG 5CPVKCIQ FG %QORQUVGNC # 3WKPVC FC #WIC GU GN FGUVKPQ KFGCN RCTC NQU RGTGITKPQU FGN ECOKPQ 'UVG 4GNCKU %J£VGCW GN »PKEQ GP )CNKEKC GUV¢ TQFGCFQ RQT WP DQUSWG FG TQDNGU EGPVGPCTKQU [ GN T®Q 5CT EWGPVC EQP O¢U FG Os FG LCTFKPGU [ WP URC EQP XKUVCU C NC PCVWTCNG\C CSWKPVCFCCWIC EQO
2706# 7/$4Â&#x17D;# *7'.8# 2CTC NQU SWG DWUECP UQN [ RNC[C Q RCTC NQU O¢U CEVKXQU Q EQP PK²QU SWG SWKGTGP OQXGTUG 2WPVC 7ODT®C QHTGEG OWEJC EQUVC RGTQ VCODKªP O»NVKRNGU TWVCU RQT UGPFGTQU RQT UK VG ECPUCU FG NC VQCNNC $CTEGN´ 2WPVC 7ODT®C $GCEJ 4GUQTV LWPKQ Ŭ LWNKQ Ŭ [ CIQUVQ Ŭ 2TGEKQU RQT RGTUQPC [ PQEJG GP JCDKVCEK´P FQDNG OGFKC RGPUK´P /¢U KPHQTOCEK´P Q XKCLGUGNEQTVGKPINGU GU
(#/#4# .#0<#416' 'P RNGPC PCVWTCNG\C UCNXCLG UG GUEQPFG GUVC RNC[C FG CTGPC FQTCFC EQP O¢U FG MO SWG NC EQPXKGTVGP GP NC O¢U GZVGPUC FG NC KUNC 7PC EQTTKGPVG FG CIWC VTCPURCTGPVG JCEG FG GNNC WP NWICT RTKXKNGIKCFQ RCTC NQU COCPVGU FGN UWTH [ MKVGUWTH /¢U KPHQ CIGPEKCFGXKCLGUGUICT GU
%#/+0+61 &'. 4'; /Â&#x201A;.#)# 'P GN KPVGTKQT FGN 2CTCLG 0CVWTCN &GUHKNCFGTQ FG NQU )CKVCPGU /¢NCIC GN %COKPKVQ FGN 4G[ C OGVTQU FG CNVWTC GU WPC RCUCTGNC EQNICFC GP NCU RCTGFGU FG WPC GURGEVCEWNCT ICTICPVC HQTOCFC RQT GN T®Q )WCFCNJQTEG CN CVTCXGUCT NCU ECNK\CU FG NC 5KGTTC *WOC /¢U KPHQTOCEK´P RCPIGC GU
)4'&15 &GURKGTVCU VG KPEQTRQTCU UQDTG GN EQNEJ´P [ CPVG VK UG CDTGP MKN´OGVTQU FG GURNGPFQT PCVWTCN FGN XCNNG FG NC 8GTC 1EWNVC DCLQ GN OKETQENKOC FG NC CDWNGPUG %CPFGNGFC Â&#x17D;²KIQ /QTQ EQPXKTVK´ WPC XKGLC ECUC FG OQPVG GP WP NQFIG SWG EQODKPC TGNCZ [QIC OCUCLGU [ URC EQP CXGPVWTC GUSW® CEW¢VKEQ VTGMMKPI Q TWVCU C ECDCNNQ *CD Ŭ RCZ EQP RGPUK´P EQORNGVC
URC R¢FGN 4WVC ECDCNNQ Ŭ KPENW[G RCUGQ GP CXKQPGVC ECPFGNCTKCGZRGTKGPEG EQO
'0 $+%+ 214 2+4+0'15 'P 6TCEMU FGN #PGVQ TGEQTTGT¢U FQU EQOCTECU FGN 2KTKPGQ #TCIQPªU FQPFG UG GPEWGPVTC GN 2CTSWG 0CVWTCN 2QUGVU /CNC FGVC &KUHTWVC FG NCU XKUVCU [ FGLC SWG VW DKEK VG NNGXG /¢U KPHQTOCEK´P DKMGHTKGPFN[VTCEMU DKMG
.QU OCICEKPGU FG OKPWVQU 'ZVTC
6'0'4+(' +$+<# (QVQ IVTGU %7'0%# 415'5 )+410# *16'. # 37+06# &# #7)# 5#06+#)1 &' %1/2156'.# 2706# 7/$4Â&#x17D;# *7'.8# .#0<#416' (QVQ IVTGU '. %#/+0+61 &'. 4'; )4'&15 2+4+0'15
.QU OCICEKPGU FG OKPWVQU 'ZVTC
`#6&/ 7*"+&
&TFODJBMFT RVF EFCFSèBT MMFWBS EFOUSP EF MB NBMFUB DVBOEP UF WBT EF WJBKF Å&#x152;)B[OPT DBTP
#./1*#&# CWVQKPHNCDNG FG EQNQTGU RCTC NNGXCT C NQU XKCLGU 2GTHGEVC RCTC NCTIQU TGEQTTKFQU GP EQEJG VTGP Q CXK´P = â&#x201A;¬? YYY COC\QP GU
2'4(7/' *CRR[ /QOGPVU FG 6QWU #NIQ KPGURGTCFQ WP FGNKTKQ [ WP ECRTKEJQ FWNEG .C EQODKPCEK´P RGTHGEVC RCTC GN RGTHWOG FG NC HGNKEKFCF = â&#x201A;¬? YYY VQWU EQO
2#%- FG DQNUCU FG XKCLG FG /T 9QPFGTHWN #U® VGPFT¢U EQPVTQNCFC NC TQRC KPVGTKQT NQU ECDNGU [ NC TQRC UWEKC .C OCT FG »VKN UQDTG VQFQ C NC XWGNVC = â&#x201A;¬? YYY OTYQPFGTHWNUJQR GU
2+,#/# EQTVQ FG 5PQQR[ %WCPVQ OGPQU QEWRG OGLQT SWG OGLQT RQTSWG VG FGLCT¢ GURCEKQ RCTC OGVGT QVTCU EQUCU GP NC OCNGVC = â&#x201A;¬? YYY YQOGPUGETGV EQO
/#.'6# FG 4KOQYC EQP WPC GVKSWGVC GNGEVT´PKEC SWG UG RWGFG HCEVWTCT FGUFG FQPFG SWKGTCU UKP PGEGUKFCF FG GURGTCT EQNCU 5´NQ JC[ SWG FGUECTICT WPC CRR GP GN O´XKN =E R X ? YYY TKOQYC EQO
4'241&7%614 /2 FG /$ SWG KPENW[G CWTKEWNCTGU EQP TGFWEEK´P FG TWKFQ = â&#x201A;¬? YYY GNEQTVGKPINGU GU
.QU OCICEKPGU FG OKPWVQU 'ZVTC
`#6&/ 7*"+&
6#$.'6 .'0181 /++: EQODKPC ECTCEVGT®UVKECU FG VCDNGV [ FG QTFGPCFQT =# RCTVKT FG â&#x201A;¬? UJQR NGPQXQ EQO
$155 $166.'& 70.+/+6'& EQODKPC RK²C LWIQUC EQP GN RGTFWTCDNG QNQT FG NC OCFGTC = â&#x201A;¬? YYY GNEQTVGKPINGU GU
$#6'4Â&#x17D;# ':6'40# SWG XC DKGP RCTC ECTICT GN O´XKN GP EWCNSWKGT RCTVG = â&#x201A;¬? YYY RJQPGJQWUG GU
/Â&#x201A;37+0# $GCTF 6TKOOGT FG $TCWP RCTC NQITCT WP NQQM RGTHGEVQ =E R X? YYY OGFKCOCTMV GU
/Â&#x203A;5+%# &' /+'4&# WPQ FG NQU OGLQTGU GPUC[QU GUVªVKEQU UQDTG GN IWUVQ OWUKECN FG NC FªECFC = â&#x201A;¬? YYY ECUCFGNNKDTQ EQO
&+5215+6+81 7..# SWG VG TGEWGTFC SWG VKGPGU SWG DGDGT CIWC ECFC OKPWVQU 5G CFCRVC C EWCNSWKGT DQVGNNC Q XCUQ = â&#x201A;¬? YYY EQQNOWOU GU
%'2+..1 EQP $NWGVQQVJ SWG KPHQTOC FGN ¢TGC GZCEVC C NC SWG UG FGDG RTGUVCT O¢U CVGPEK´P =E R X? YYY QTCND GU
5/#469#6%* SWG OQPKVQTK\C VW GLGTEKEKQ [ TGEKDG NCU PQVKHKECEKQPGU C IQNRG FG OW²GEC = â&#x201A;¬? YYY RJQPGJQWUG GU
.QU OCICEKPGU FG OKPWVQU 'ZVTC
&.1"1"%04 %& 40-
&TFODJBMFT QBSB MPT EèBT DBMVSPTPT FOUSF IJMFSBT EF QBMNFSBT BUBSEFDFSFT PDSFT VOB CSJTB UFNQMBEB
':(1.+#06' GP ETGOC EQP CWVªPVKEQ EQEQ TCNNCFQ FG 5CPVQ &QOKPIQ [ WP TGHTGUECPVG VQSWG FG RK²C &GLC NC RKGN OW[ UWCXG [ VGTUC RTGRCTCFC RCTC GN UWOOGT QH NQXG = â&#x201A;¬? YYY VJGDQF[UJQR GU
#.6#81< 2146Â&#x201A;6+. RCTC NNGXCT NC HKGUVC C FQPFG SWKGTC SWG XC[CU b# RTWGDC FG UCNRKECFWTCU FG CIWC = â&#x201A;¬? YYY UMWNNECPF[ EQO
.1%#.+<#&14 KPVGNKIGPVG FG RGEGU FG NC OCTEC K$QDDGT 4GEQRKNC KPHQTOCEK´P EQP WPC RTQHWPFKFCF FG UQPCT FG JCUVC OGVTQU 5G UKPETQPK\C EQP GN UOCTVRJQPG = â&#x201A;¬? YYY COC\QP GU
$#Â&#x2019;#&14 EQP WPC ECRC TGRGNGPVG CN CIWC RCTC TGFWEKT NC CDUQTEK´P FG NC OKUOC $QNUKNNQU NCVGTCNGU [ EKGTTG EQP EQTF´P GN¢UVKEQ = â&#x201A;¬? YYY XQNEQO GU
61#..# EQP NC DCPFGTC FG 7PKQP ,CEM RCTC FKUHTWVCT FGN E¢NKFQ XGTCPQ GP NC RNC[C Q NC RKUEKPC = â&#x201A;¬? YYY RGRGLGCPU EQO
%*#0%.#5 RCTC JQODTG EQP GUVCORCFQ FG TC[CU &GOWGUVTC VW QTKIKPCNKFCF RQT GPEKOC FG VQFQ = â&#x201A;¬? YYY TGGH EQO
67/$10# OWNVKRQUKEK´P RCTC UGPVCTUG C NGGT WP DWGP NKDTQ Q UKORNGOGPVG VQOCT GN UQN *GEJC GP OCFGTC [ EQP WPC VGNC EW[Q GUVCORCFQ HNQTCN TGEWGTFC C WP RCTC®UQ VTQRKECN = â&#x201A;¬? YYY YGUVYKPI GU
.QU OCICEKPGU FG OKPWVQU 'ZVTC
&.1"1"%04 %& 40-
8'56+&1 EQTVQ FG NC HKTOC 6JG *KR 6GG RGTHGEVQ RCTC NQU CVCTFGEGTGU FGN XGTCPQ .C XKFC UKGORTG GU OWEJQ OGLQT C NC QTKNNC FGN OCT = â&#x201A;¬? YYY VJGJKRVGG EQO
$4+..1 FG NCDKQU CIKVCDNG FG .CPEµOG SWG OG\ENC RKIOGPVQU [ CEGKVGU 'N RCEMCIKPI GU GP HQTOC FG WPC QTKIKPCN EQEVGNGTC = â&#x201A;¬? YYY RGTHWOGTKCUKH EQO
%'56# FG OKODTG EQP HQTTQ FG GUVCORCFQ ECEJGOKTG .Q UWHKEKGPVGOGPVG ITCPFG [ E´OQFC RCTC NNGXCT VQFQ NQ SWG PGEGUKVCU = â&#x201A;¬? YYY PCWNQXGT EQO
5#0&#.+# EQP EKGTTG FG JGDKNNC GP NC VKTC HTQPVCN &WTCPVG GN XGTCPQ GU GN ECN\CFQ SWG VTKWPHC RQTSWG UQP E´OQFCU [ RT¢EVKECU 'UVC VGORQTCFC XWGNXGP C NNGXCTUG EQP O»NVKRNGU EQNQTGU INKVVGT VQPQU HN»QT OCTKPGTCU Â&#x20AC;%W¢N GNKIGU VW! = â&#x201A;¬? YYY RGRGLGCPU EQO
27.5'4#5 EQP JKNQU DQNKVCU [ ECFGPCU 5QP FG NC EQNGEEK´P *QNK FG #ICVJC SWG KPXKVC C XKCLCT JCUVC NCU RNC[CU FG )QC
+PFKC =# RCTVKT FG â&#x201A;¬? YYY CICVJC GU
524#; %14214#. 0QVCU VTQRKECNGU RCTC F®CU FG HGNKEKFCF [ DKGPGUVCT Â&#x20AC;3WKGTGU UGPVKTVG EQOQ GP GN RCTC®UQ! = â&#x201A;¬? YYY YQOGPUGETGV EQO
51/$4'41 FG RCLC RCTC KT C NC »NVKOC FWTCPVG VWU XCECEKQPGU #NIQ VCP FGUGCFQ EQOQ PGEGUCTKQ GP NQU F®CU UQNGCFQU = â&#x201A;¬? YYY \CTCJQOG EQO
.QU OCICEKPGU FG OKPWVQU 'ZVTC
%1*'6' *+0%*#$.' RCTC OQPVCT GP N®PGC EQP FQU TGOQU $WUEC WPC RNC[C RCTCF®UKEC UCEC NC EQNEJQPGVC [ RKªTFGVG GP GN OCT = â&#x201A;¬? YYY KOCIKPCTKWO GU
/+0+ 5%116'4 GNªEVTKEQ SWG PQ EQPVCOKPC GN OGFKQ CODKGPVG [ OW[ H¢EKN FG NNGXCT MIU 4GUKUVGPVG CN FGUICUVG CFGEWCFQ RCTC FKXGTUCU EQPFKEKQPGU FG NC ECTTGVGTC = â&#x201A;¬? YYY RJQPGJQWUG GU
/101#.'6# FKUG²Q UKTGPC FG (KPKU #FGO¢U FG UGT FKXGTVKFC GPUG²C C NQU O¢U RGSWG²QU NC VªEPKEC FG RCVCFC CFGEWCFC RCTC PCFCT = â&#x201A;¬? YYY COC\QP GU
6#$.# FG 5VCPF 7R 2CFFNG 572 FG #01/; EQP KNWUVTCEKQPGU FG /KMK /QPVNN´ = â&#x201A;¬? YYY CPQO[UWR EQO
%#0)4','4#5 KPURKTCFCU GP GN NKDTQ FG 'N 2TKPEKRKVQ = â&#x201A;¬? YYY \CNCPFQ GU
$#Â&#x2019;#&14 FG PK²Q VKRQ DQZGT EQP FKXGTVKFQ RTKPV FG VKDWT´P [ UK NG FC OKGFQ GN CIWC UKGORTG RWGFG FKXGTVKTUG JCEKGPFQ NC ETQSWGVC = â&#x201A;¬? YYY VWEVWE EQO
2416'%614 51.#4 RCTC PK²QU FG &GNKCN EQP CEEK´P TGRGNGPVG EQPVTC NC CTGPC = â&#x201A;¬? YYY GNEQTVGKPINGU GU
/+0+&410' ECRC\ FG CEQRNCTUG C WP JKFTQFGUNK\CFQT SWG VG RGTOKVKT¢ UWTECT GN CIWC [ JCEGT CWVªPVKECU TGICVCU = â&#x201A;¬? YYY RCTTQV EQO
27$.+44'2146#,'
.QU OCICEKPGU FG OKPWVQU 'ZVTC
%*&; %&45*/04 */5&Ɣ/"$*0/"-&4
&45& "µ0 76&-" "-50 `: -&+04 ō/FDFTJUBT CPSSBSUF EFM NBQB 5F QSPQPOFNPT EJF[ EFTUJOPT SFNPUPT QBSB QFSEFSUF EFM UPEP 1BSBèTPT FO MPT RVF USPUBS TJO NJSBS FM SFMPK Z PYJHFOBSUF QBSB SFDJCJS BM PUPúP DPO VOB TPOSJTB
UVC XG\ PQ VG UKTXGP QVTCU XCECEKQ PGU SWG UWDKTVG C WP CXK´P [ GUHWOCTVG CN QVTQ NCFQ FGN OWPFQ! 5K NQ SWG FG XGTFCF SWKGTGU GU RGTFGTVG CSW® XC WP FGE¢NQIQ FG MKNQOªVTK EQU RGTKRNQU SWG VG JCT¢P QNXKFCT VWU OCTCVQPKCPCU LQTPCFCU FG KPXKGTPQ 6QOC PQVC [ TGUGTXC [C VW GUECRCFC
'
#7564#.+# &G LWNKQ C QEVWDTG GU NC OGLQT ªRQEC RCTC XKCLCT C #WUVTCNKC FQPFG NCU QREKQPGU FG QEKQ UQP O»NVKRNGU %QP VGORGTCVWTCU O¢U UWCXGU RGTQ PQ CUHKZKCPVGU NQU COCPVGU FGN DWEGQ GPEWGPVTCP CNN® WP FGUVKPQ KF®NKEQ RCTC FGUEWDTKT HQPFQU OCTKPQU FG GPUWG²Q OKGPVTCU RTCEVKECP FGRQTVG
/¢U KPHQTOCEK´P UGTXKXWGNQ EQO
07'8# ;14- ''77 %WCPFQ FGCODWNCU RQT 0WGXC ;QTM NQ JCEGU XQNXKGPFQ NC ECDG\C JCEKC CTTKDC RCTC QDUGTXCT NC OCLGUVWQUC UGNXC FG TCUECEKG NQU SWG PWPEC CECDC 7PC EKWFCF SWG VG UGFWEG KPENWUQ HWGTC FGN ¢TGC FG /CPJCV VCP OGTGEG NC RGPC XKUKVCT VCODKªP NQU FKUVTKVQU FG $TQQMN[P 3WGGPU [ *CTNGO RCTC XGT NQU EQPVTCUVGU SWG JC[ GP GUVC ITCP OGVT´RQNK F®CU [ PQEJGU GP JQVGN FG
GUVTGNNCU 5´NQ CNQLCOKGPVQ 8¢NKFQ RCTC FGVGTOKPC FCU UCNKFCU FG LWPKQ C UGRVKGODTG FG RCUCPFQ NC PQEJG FGN U¢DCFQ GP FGUVKPQ 8WGNQU GP ENCUG VWTKUVC FGUFG /CFTKF [ $CTEGNQPC [ VCUCU CªTGCU Ŭ /¢U KPHQ #IGPEKCU FG 8KCLGU 'N %QTVG +PINªU [ XKCLGUGNEQTVGKPINGU GU
4+8+'4# 0#;#4+6 / :+%1 'P NC KPVGTUGEEK´P FGN NWLQ [ NC PCVWTCNG\C NC 4KXKGTC 0C[CTKV UG GZVKGPFQ C NQ NCTIQ FG MO FG WP KPOCEWNCFQ NKVQTCN FGN OCT 2CE®HKEQ GPOCTECFQ RQT NC 5KGTTC /CFTG 1EEKFGPVCN 'UVC TGIK´P FGPVTQ FGN GUVCFQ OGZKECPQ FG 0C[CTKV KPENW[G GN EQTTGFQT VWT®UVKEQ FG 0WGXQ 8CNNCTVC GN RWGTVQ JKUV´TKEQ FG 5CP $NCU NC JKRRKG EJKE ECRKVCN FGN UWTH 5C[WNKVC RWGDNQU FG RGUECFQTGU RKPVQTGUEQU MKN´OGVTQU FG RNC[CU UGTGPCU [ NC GURGEVCEWNCT $CJ®C FG $CPFGTCU
/¢U KPHQ KOCPVCTGUQTVU EQO [ TKXKGTCPC[CTKV EQO OZ
6#+.#0&+# 3WGFCT¢U TGPFKFQ C NCU RNC[CU CUK¢VKECU UK GUVG XGTCPQ FGEKFGU RCUCT VWU XCECEKQPGU GP 6CKNCPFKC 0Q FGDGT®CU RGTFGTVG NC XKUKVC C NC KUNC 2JK 2JK FQPFG UG RWGFG FGUEWDTKT NC HCWPC
.9*$0 0'3&$& */.&/4"4 1-":"4 %& 030 : 3*/$0/&4 3&1-&504 %& 53"%*$*¶/
GUEGPCTKQU FG EKPG .C 8CNGVC ECRKVCN FG /CNVC JC UKFQ FGENCTCFC ECRKVCN FG NC EWNVWTC /¢U KPHQ XKUKVOCNVC EQO
OCTKPC DWEGCPFQ RQT NCU VWTSWGUCU [ ETKUVCNKPCU CIWCU FG NC $CJ®C /C[C ; UK XCU GP HCOKNKC GN JQVGN #PIUCPC .CIWPC 2JWMGV VKGPG OWNVKVWF FG RTQRWGUVCU RCTC NQU RGSWG²QU FG NC ECUC /¢U KPHQ CPIUCPC EQO
/#.6# %QP C²QU FG JKUVQTKC [ WPQ FG NQU OGLQTGU ENKOCU FG 'WTQRC GUVG RGSWG²Q CTEJKRKªNCIQ GUEQPFKFQ GP GN EQTC\´P FGN OCT /GFKVG TT¢PGQ HQTOCFQ RQT NCU KUNCU FG /CNVC )Q\Q [ %QOKPQ QHTGEG ITCPFGU CVTCEVKXQU CN XKUKVCPVG &GUFG UKVKQU CTSWGQN´IKEQU FGENCTCFQU 2CVTKOQPKQ FG NC *WOCPKFCF RQT NC 7PGUEQ JCUVC KPHKPKFCF FG TKPEQPGU SWG RQT UW DGNNG\C JCP UKFQ GNGIKFQU EQOQ
5';%*'..'5 'N KORTGUKQPCPVG $CP[CP 6TGG 5G[EJGNNGU GU WPQ FG NQU JQVGNGU FG NWLQ O¢U KE´PKEQU FG GUVCU KUNCU CN PQTGUVG FG /CFCICUECT 7DKECFQ GP NC $CJ®C FG +PVGPFCPEG GP NC RKPVQTGUEC EQUVC UWT QGUVG FG /CJª GU GN NWICT RCTC FKUHTWVCT FG NQ OGLQT SWG NC PCVWTCNG\C RWGFG QHTGEGT LWPVQ C NC JQURKVCNKFCF RTGOKWO UG[EJGNNGPUG 'N EQORNGLQ GUV¢ TQFGCFQ RQT WP OWUGQ FG XKFC UKNXGUVTG HCWPC VTQRKECN [ NC RNC[C O¢U RT®UVKPC FG NC KUNC /¢U KPHQ DCP[CPVTGG EQO GP GO UG[EJGNNGU
0147')# 'PVTG 0QTWGIC [ GN 2QNQ 0QTVG 5RKVUDGTIGP NC KUNC O¢U ITCPFG FGN CTEJKRKªNCIQ FG 5XCNDCTF
.QU OCICEKPGU FG OKPWVQU 'ZVTC
07'8# ;14- (QVQ IVTGU 4+8+'4# 0#;#4+6 #7564#.+# (QVQ IVTGU 6#+.#0&+# /#.6# 5';%*'..'5 $CP[CP 6TGG 5G[EJGNNGU 0147')# 61-+1 #.#5-# (QVQ 4QDGTVQ +X¢P %CPQ ,14&#0+#
DTKPFC WPQ FG NQU RCKUCLGU RQNCTGU O¢U GURGEVCEWNCTGU FGN ¢TVKEQ DCLQ NC NW\ FGN UQN FG OGFKCPQEJG [ EQP NC RQUKDKNKFCF FG XGT DCNNGPCU HQECU OQTUCU [ QUQU RQNCTGU /CU KPHQ WTVKITWVGPURCKP EQO
61-+1 .QU HWGIQU CTVKHKEKCNGU SWG VK²GP GN EKGNQ UQP ECTCEVGT®UVKEQU FGN XGTCPQ GP ,CR´P 8GT NC COCNICOC FG EQNQTGU TGHNGLCFC GP NC KPETG®DNG VQTTG 6QM[Q 5M[VTGG Q FGUFG GN CIWC UWDKFQU GP WPC DCTEC VTCFKEKQPCN ;CMCVCDWPG UQP CNIWPQU FG NQU GURGEV¢EWNQU »PKEQU SWG QHTGEG NC ECRKVCN EQP NC NNGICFC FGN XGTCPQ 'P FKHGTGPVGU NWICTGU FG NC EKWFCF PKRQPC [ EGTECPQU C GNNC UG QTICPK\CP HGUVKXCNGU GUVKXCNGU [ FCP\CU VTCFKEKQPCNGU FQPFG VCODKªP UG KPUVCNCP OGTECFQU PQEVWTPQU JCUVC FQPFG NQU VQMKQVCU UG CEGTECP RCTC FKUHTWVCT FG NCU PQEJGU FG XGTCPQ /¢U KPHQ IQVM[Q QTI GU
#.#5-# 'N XGTCPQ EQP JQTCU FG NW\ CN F®C RCTC TGCNK\CT VCPVCU XKUKVCU EQOQ RQFCOQU GU NC OGLQT ªRQEC RCTC XKUKVCT GN 'UVCFQ O¢U ITCPFG [ UCNXCLG FG ''77 #FGO¢U FG OGFKCFQU FG LWNKQ C OGFKCFQU FG CIQUVQ UG RWGFG FKUHTWVCT FG NC UWDKFC FG NQU UCNOQPGU T®Q CTTKDC WP OQOGPVQ HCPV¢UVKEQ RCTC CEVKXKFCFGU CN CKTG NKDTG EQOQ NC RGUEC /¢U KPHQ KUNCPFKCVQWTU GU
#3#$# ,14&#0+# .C EKWFCF EQUVGTC RQT GZEGNGPEKC GP GN UWT FG ,QTFCPKC #SCDC GU GN NWICT RGTHGEVQ RCTC RTCEVKECT FGRQTVGU CEW¢VKEQU [ VCODKªP RCTC JCEGT UWDOCTKPKUOQ .C \QPC EWGPVC EQP O¢U FG GURGEKGU FG EQTCN FWTQ [ FG EQTCN DNCPFQ WP UKPH®P FG RGEGU OQNWUEQU [ GURQPLCU SWG FGNGKVCT¢P C NQU COCPVGU FG NCU RTQHWPFKFCFGU
/¢U KPHQ UR XKUKVLQTFCP EQO
.QU OCICEKPGU FG OKPWVQU 'ZVTC
365" 103 &- .6/%0 &TGUU EQFG DPO QSFOEBT UPEPUFSSFOP RVF OPT BDPNQBúBSÃ&#x2026;O B DPOPDFS EFTUJOPT EF FOTVFúP
%#5%1 FG HKDTC FG XKFTKQ SWG VKGPG WP IT¢HKEQ EWUVQOK\CFQ EQP WP RTKPV FG WPC ECNCXGTC =E R X? YYY JCTNG[ FCXKFUQP EQO
$1.51 DCPFQNGTC EQP HNGEQU GP NC RCTVG FGNCPVGTC [ TGCNK\CFQ GP UGTTCLG GP VQPQ EQNQT HTGUC = â&#x201A;¬? YYY O[URTKPIHKGNF EQO
%#/+5'6# RGPUCFC RCTC NCU UQ²CFQTCU NCU CXGPVWTGTCU NCU SWG PQ UG EQPHQTOCP NCU SWG DWUECP RCTC NCU RGTUQPCU NKDTGU = â&#x201A;¬? YYY KOKNQC GU
KNNQU U DQNU GP NQ â&#x201A;¬? G KT O CEJG = LQU E UHCNVQ FKDW C P N Q G E G GPKO UQDT EMGP EQO 46 F KVOQ NN[DTC 5*1 CTECP GN T Q O / YYY
27.5'4# GP RNCVC FG NG[ TGEWDKGTVC FG QTQ COCTKNNQ FG -VU = â&#x201A;¬? YYY CTKUVQETC\[ EQO
5#0&#.+# FG /WUUG %NQWF TGCNK\CFC GP RKGN FG EQNQT OCTT´P EQP RNCVCHQTOC FG OCFGTC [ JGDKNNCU OGV¢NKECU = â&#x201A;¬? YYY WNCPMC EQO
%#/+5# FG UGFC EQP FKDWLQU RCRGT FQNNU .QU GUVCORCFQU UQP NQU RTQVCIQPKUVCU FG NC ªRQEC GUVKXCN = â&#x201A;¬? YYY OKTVQ EQO
.QU OCICEKPGU FG OKPWVQU 'ZVTC
365" 103 &- .6/%0
0Â&#x201A;76+%15 FG RKGN GP EQNQT XGTFG EQP UWGNC FG IQOC [ EQTFQPGU DNCPEQU &GVCNNG FG JWGEQITCDCFQ FG ECNCXGTC GP GN NCVGTCN = â&#x201A;¬? YYY UECNRGTU GU
/#.'6Â&#x17D;0 FG RKGN ITKU [ FG CUC EQTVC EQP FGVCNNG FG GN¢UVKEQU 2GTHGEVQ RCTC NNGXCT GN R´TVCVKN C VQFCU RCTVGU =E R X? YYY CTOCPK EQO
$.#<'4 C\WN OCTKPQ 7P D¢UKEQ SWG TGUWNVC VCP RGTHGEVQ RCTC NC OC²CPC EQOQ RCTC NC VCTFG PQEJG = â&#x201A;¬? YYY RGFTQFGNJKGTTQ EQO )#(#5 &' 51. UKP RKG\CU OGV¢NKECU NQ SWG NCU JCEG RGTHGEVCU RCTC NC RNC[C Q HKGUVCU GP NC RKUEKPC = â&#x201A;¬? YYY JCYMGTUEQ EQO
%#/+5# FG $QUU )TGGP FG *WIQ $QUU .QU EWCFTQU ITCPFGU XKGPGP RKUCPFQ HWGTVG FGUFG JCEG WPCU VGORQTCFCU = â&#x201A;¬? YYY \CNCPFQ GU
4'.1, $CWOG /GTEKGT SWG TKPFG JQOGPCLG C NC NG[GPFC FG %CTTQNN 5JGND[ OGFKCPVG WPC GFKEK´P NKOKVCFC =E R X? YYY DCWOG GV OGTEKGT GU
2#06#.Â&#x201D;0 FG EQTVG UNKO EQP FGVCNNGU GP VGLKFQU EQTDCVGTQU GP GN GZVGTKQT FG NC EKPVWTKNNC = â&#x201A;¬? YYY GNICPUQ EQO
.QU OCICEKPGU FG OKPWVQU 'ZVTC
$1.51 /GVT´RQNK FG (WTNC GP VCOC²Q ECTVGTC 2GTHGEVQ RCTC RQPGT NC PQVC FG EQNQT C VWU NQQMU FG F®C =E R X? YYY HWTNC EQO
2'0&+'06'5 (NQT 1TKGPVCN GP RNCVC FG NG[ [ EKTEQPKVCU E»DKECU VTCPURCTGPVGU = â&#x201A;¬? YYY RCPFQTCUJQR GU
)#(#5 FG FKUG²Q QXCNCFQ FG 8QIWG .CU XCTKNNCU GUV¢P FGEQTCFCU GP NC RCTVG KPVGTKQT EQP WP GZENWUKXQ GUVCORCFQ FG HNQTGU FG EGTG\Q = â&#x201A;¬? YYY UWPINCUUJWV EQO
8'56+&1 DNCPEQ EQP NWPCTGU C\WNGU UKP OCPICU [ EQP HCNFC OKFK FG XWGNQ = â&#x201A;¬? YYY NMDGPPGVV EQO #0+..15 FG NCU EQNGEEKQPGU &KUE G +TTGIWNCT FG &QFQ 5QP FG QTQ TQUC RNCVC QTQ DNCPEQ EQP FKCOCPVGU [ RNCVC EQP FKCOCPVGU PGITQU =# RCTVKT FG â&#x201A;¬? YYY FQFQ KV GU
%10,7061 FG *GKFK -NWO +PVKOCVGU GP EQNQT TQUC =5WLGVCFQT DCNEQPGVVG â&#x201A;¬ DTCIWKVC â&#x201A;¬? YYY \CNCPFQ GU
6#%10'5 FG ,KOO[ %JQQ GP C\WN OCTKPQ [ TGCNK\CFQU GP EWGTQ [ TCHKC =E R X? YYY LKOO[EJQQ EQO
.QU OCICEKPGU FG OKPWVQU 'ZVTC
365" 103 &- .6/%0
50'#-'4 GP RKGN [ VGLKFQ GHGEVQ ECWEJQ UKPVªVKEQ EQP FGVCNNGU GP PQDWM #EVKVWF FGRQVKXC EJKE =E R X? YYY JQICP EQO
%#/+5'6# FG CNIQF´P KPURKTCFC GP XKCLGU #NSWKNC WP EQEJG [ N¢P\CVG C NC CXGPVWTC FG TGEQTTGT GN OWPFQ = â&#x201A;¬? YYY LCEMLQPGU EQO
2#06#.Â&#x201D;0 XCSWGTQ FG EQNQT C\WN EQP TQVQU .QU TKRRGF LGCPU [C JCP GPECPFKNCFQ C EKGPVQU FG HCOQUQU =E R X? YYY FKGUGN EQO 2#06#.Â&#x201D;0 EQTVQ C\WNOCTKPQ EQP GUVCORCFQ FG CPENCU .C GUVªVKEC FG CNVC OCT XWGNXG C NC EKWFCF = â&#x201A;¬? YYY UGNGEVGF EQO
%#/+5# FG NKPQ FG EQTVG EN¢UKEQ (QTOC RCTVG FG GUG ITWRQ RTKXKNGIKCFQ FG RTGPFCU KPCIQVCDNGU = â&#x201A;¬? YYY JCEMGVV EQO
27.5'4# VKRQ DTC\CNGVG EQP VKTCU FG EWGTQ OCTT´P GPTQNNCFCU [ DC²CFC GP RNCVC #LWUVCDNG = â&#x201A;¬? YYY WPQFG EQO
%+0674Â&#x201D;0 41,1 JGEJQ GP NQPC RGTHGEVQ RCTC FGPKO 7P D¢UKEQ FGPVTQ FG NQU NQQMU FG URQTV = â&#x201A;¬? YYY E CPF C EQO
.QU OCICEKPGU FG OKPWVQU 'ZVTC
%& $0.13"4 103 Æ&#x201D;FDVFSEPT JOPMWJEBCMFT DPO MPT RVF TPSQSFOEFS B MB WVFMUB EF MBT WBDBDJPOFT
$#Â&#x2019;#&14 FG PK²C FG /KPPKG /QWUG SWG NG TGEQTFCT¢ NC O¢IKEC XKUKVC SWG JKEKUVGKU C &KUPG[NCPF 2CT®U = â&#x201A;¬? YYY E CPF C EQO
%1.)#06' FG *CMGK SWG KPXKVC C UWOGTIKTUG GP GN CPVKIWQ OWPFQ FG NQU OC[CU WPC FG NCU EWNVWTCU O¢U CUQODTQUCU FG NC JKUVQTKC = â&#x201A;¬? YYY JCMGK EQO
$1.5+6# FG NQPC KPURKTCFC GP WP RCKUCLG FG (WGTVGXGPVWTC GP NCU KUNCU %CPCTKCU = â&#x201A;¬? YYY UJQRCHQTVWPCFCU EQO
61%#&+5%15 RQTV¢VKN RCTC XKPKNQU SWG ECDG GP NC RCNOC FG WPC OCPQ +PURKTCFQ GP WPC RGSWG²C 8QNMUYCIGP 6 WPC FG NCU O¢U XGPFKFCU GP #NGOCPKC = ? YYY COC\QP EQO
#%7#4+1 RCTC OGFWUCU EQP VQFQU NQU GNGOGPVQU RCTC FKUHTWVCT GP ECUC FG GUVQU CPKOCNGU 5G RWGFG EQORTCT GP (NQTKFC '' 77 =# RCTVKT FG ? YYY LGNN[HKUJCTV EQO
#.<#5 KPXKUKDNGU FG EO FKUG²CFCU RQT NC HKTOC GUVCFQWPKFGPUG 6JG +PXKUKDNG *GGNU RCTC CFCRVCTUG C EWCNSWKGT \CRCVQ RQT GPEKOC FGN VQDKNNQ = â&#x201A;¬? YYY EQQNOWOU GU
*'.#&1 NKQHKNK\CFQ EQOQ NQU SWG VQOCP NQU CUVTQPCWVCU GP NCU OKUKQPGU GURCEKCNGU FG NC 0#5# = ? YYY CUVTQPCWVKEGETGCOUJQR EQO
27$.+44'2146#,'
0* %QNNGEVKQP
.CU VGTTC\CU FG NQU JQVGNGU 0* %QNNGEVKQP #DCUECN CTTKDC C NC K\SWKGTFC 0* %QNNGEVKQP 2´FKWO EGPVTQ [ 0* %QNNGEVKQP )TCP *QVGN %CNFGT´P FGTGEJC [ UQDTG GUVCU N®PGCU UQP CNIWPCU FG NCU CRWGUVCU XGTCPKGICU FG 0* *QVGN )TQWR
#N DWGP VKGORQ DWGPCU VGTTC\CU [ RKUEKPCU 2QT HKP NNGI´ GN XGTCPQ [ EQP ªN NQU F®CU UQNGCFQU +PCWIWTCOQU NC VGORQTCFC FG VGTTCEGQ EQP WPC UGNGEEK´P FG NCU OGLQTGU RKUEKPCU [ VGTTC\CU FG NC OCPQ FG NC OCTEC 2TGOKWO FG 0* *QVGN )TQWR 0* %QNNGEVKQP 7PC OCPGTC OW[ GURGEKCN FG FCTNG NC DKGPXGPKFC CN DWGP VKGORQ
YYY PJ EQNNGEVKQP GU
CFTKF [ $CTEGNQPC UQP CNIWPQU FG NQU FGUVKPQU SWG CFGO¢U FG UGFWEKT RQT UW DGNNG\C [ RCVTKOQPKQ KPXKVCP C EQPQEGT O¢U FG EGTEC NQ OGLQT FG UW ICUVTQPQO®C [ FG UW ENKOC GP WPQ FG UWU VGUQTQU OGLQT IWCTFCFQU UWU VGTTC\CU 0* *QVGN )TQWR CEQIG CNIWPCU FG NCU O¢U CRGVGEKDNGU DCLQ UW OCTEC GUVTGNNC 0* %QNNGEVKQP EQP WPC CRWGUVC IQWTOGV UKP RTGEGFGPVGU [ NCU OGLQTGU WDKECEKQPGU 6QFQ GNNQ EQP GN HKP FG ICTCPVK\CT WPC GZRGTKGPEKC GZVTCQTFKPC TKC FGPVTQ FG FQU FG NCU EKWFCFGU O¢U GODNGO¢VKECU FG 'URC²C &G GUVC OCPGTC RQFGOQU GPEQPVTCT QCUKU GP RNGPQ /CFTKF GP NQU SWG FKUHTWVCT FG CNVC ICUVTQPQO®C GP WP GPVQTPQ FQPFG UG TGURKTC RWTQ FKUG²Q 6CN GU GN ECUQ FG 0* %QNNGEVKQP %QN´P WP GNGICPVG GFKHKEKQ FG NQU C²QU EKPEWGPVC VQVCNOGPVG TGHQTOCFQ SWG QHTGEG GP UW VGTTC\C WPC RKUEKPC CN CKTG NKDTG FGUFG FQPFG FGNGKVCTUG EQP WPC RCPQT¢OKEC GURGEVCEWNCT FG /CFTKF 1VTQ FG NQU ITCPFGU KORTGUEKPFKDNGU GU GN JQVGN 0* %QNNGEVKQP 'WTQDWKNFKPI DWSWG KPUKIPKC FG NC %QORC²®C 'N JQVGN EWGPVC EQP NC GURNªPFKFC VGTTC\C FGN TGUVCWTCPVG &1/1 &1/1 .QWPIG 6GTTCEG WP NWICT FQPFG FGIWUVCT WPC GZEGNGPVG QHGTVC ICUVTQP´OKEC FG NC
/
OCPQ FG .WKU $CTVQNQOª SWKGP JC GUVCFQ CUGUQTCFQ RQT GN FQU GUVTGNNCU /KEJGNKP 2CEQ 4QPEGTQ [ DGDGT E´EVGNGU GZENWUKXQU HKTOCFQU RQT GN DCTVGPFGT &KGIQ %CDTGTC 2GTQ GUVC PQ GU NC »PKEC EKVC QDNKICFC GP NC ECRKVCN RCTC NQU COCPVGU FG NC ICUVTQPQO®C 0* %QNNGEVKQP #DCUECN C»PC GP UW VGTTC\C GN GPECPVQ FG WP GFKHKEKQ GODNGO¢VKEQ FG NC FªECFC FG NQU C²QU XGKPVG NQ OGLQT FGN FKUG²Q FG XCPIWCTFKC [ WPC WDKECEK´P GZEGREKQPCN 6QFQ GNNQ CFGTG\CFQ EQP WPC GZEGNGPVG QHGTVC IQWTOGV FG NC SWG ECDG FGUVCECT GN OGP» 6JG $QZ EQORWGUVQ RQT VCRCU ETGCFCU RQT 2CEQ 4QPEGTQ [ UGTXKFCU GP WPC PQXGFQUC ECLC FG FKUG²Q LWPVQ C NQU OGLQTGU E´EVGNGU FG &KGIQ %CDTGTC Â&#x20AC;'N TGUWNVCFQ! 7P RWPVQ FG GPEWGPVTQ GZENWUKXQ FGPVTQ FG NC EKWFCF
#. 51. &' .# 8#0)7#4&+#
$CTEGNQPC VCODKªP UG UWOC CN DWGP VKGORQ FG NC OCPQ FG 0* *QVGN )TQWR 5KP QNXKFCTPQU FG NC GUVWRGPFC VGTTC\C [ RKUEKPC FGN 0* %QNNGEVKQP )TCP *QVGN %CNFGT´P GP NC %KWFCF %QPFCN GPEQPVTC OQU GURCEKQU EQOQ GN SWG QHTGEG 0* %QNNGEVKQP %QPUVCP\C 5W VGTTC\C FG GNGICPVG GUVKNQ EQPVGORQT¢PGQ QHTGEG NC OGLQT CVO´UHGTC RCTC FKUHTWVCT FG NC GUGPEKC FG NC OGVTQRQNK LWPVQ C NC OGLQT QHGTVC ICUVTQP´OKEC EQP UCDQTGU OGFKVGTT¢PGQU SWG PQU DTKPFC GN UKEKNKCPQ #PFTGC 6WODCTGNNQ GP UW TGUVCWTCPVG &QP )KQXCPPK #U® OKUOQ $CTEGNQPC QHTGEG WPC GZRGTKGPEKC GP NQ O¢U CNVQ FGN JQVGN 0* %QNNGEVKQP 2´FKWO %QPXGTVKFQ [C GP WPQ FG NQU KORTGUEKPFKDNGU RCTC GN DWGP VKGORQ GUVG JGTOQUQ GFKHKEKQ FGN UKINQ :+: RTGUGPVC CJQTC WPC TGPQXCFC N®PGC FG KPVGTKQTKUOQ [ GZSWKUKVQ E´FKIQ GENªEVKEQ SWG CNECP\C C UW GURNªPFKFC VGTTC\C 7P GURCEKQ KPKIWCNCDNG FQVCFQ FG RKUEKPC FGUFG NC SWG RQFGT EQPVGORNCT WPC FG NCU OGLQTGU XKUVCU FG NC EKWFCF 5KP FWFC WPC XGTFCFGTC FGNKEKC %QP VQFQ GNNQ 0* *QVGN )TQWR RTGUGPVC WP FGURNKGIWG UKP RTGEGFGPVGU SWG KPXKVC C FCT NC DKGPXGPKFC CN DWGP VKGORQ FG NC OGLQT OCPGTC FKUHTWVCPFQ FG WPC GZEGNGPVG ICUVTQPQO®C [ FGN RNCEGT FG FGUEWDTKT FQU FG NCU EKWFCFGU O¢U JGTOQUCU FG 'URC²C FGUFG NQ O¢U CNVQ
.QU OCICEKPGU FG OKPWVQU 'ZVTC
%*&; 5&ƔƔ";"4 1"Ɣ" 1"4"Ɣ &- 7&Ɣ"/0
26& -0 #6&/0 %63& 4*&.13& #JFOWFOJEPT TFBO MPT EèBT MBSHPT Z MBT HBOBT MPDBT EF QBTBS UJFNQP BM BJSF MJCSF )PUFMFT Z SFTUBVSBOUFT QPOFO B QVOUP TVT UFSSB[BT DPO MB MMFHBEB EFM FTUèP )F BRVè BMHVOBT EF MBT RVF OP EFCFT QFSEFSUF
WCPFQ GN ECNQT NNCOC C NC RWGTVC WPQ FG NQU ITCPFGU RNCEGTGU GU NCTICTUG C WPC VGTTC\C 'UQ GU CU® %QP HCPV¢UVKECU XKUVCU CN OCT Q GP GN EGPVTQ FG NC EKWFCF NQ KORQTVCPVG GU JKFTCVCTUG EQP WP DWGP OQLKVQ GUEWEJCT O»UKEC GP FKTGEVQ Q FCTNG WP UWEWNGPVQ JQOGPCLG C VW GUV´OCIQ
8GTOWV 6CRCU GU NC PWGXC GZRGTKGPEKC SWG RTGUGPVC GN EJGH 5GTIK #TQNC [ SWG TGEWRGTC NC VTCFKEK´P FGN 8GTOWV EQP WP OGP» FG VCRCU [ RNCVKNNQU RCTC EQORCTVKT %CTTGT FG NC /CTKPC
%CUVGNNCPC YYY QVVQOCFTKF EQO
%CTTGT FG $CKN©P YYY PJ JQVGNGU GU
*16'. 14(+.# /CFTKF 7P RCNCEGVG EQPUVTWKFQ GP TGEQPXGTVKFQ GP JQVGN CNDGTIC WPC FG NCU VGTTC\CU O¢U FGNKEKQUCU [ UQUGICFCU FQPFG CKUNCTUG FGN DWNNKEKQ FG NC EKWFCF 'N ,CTF®P FG 1THKNC GU WP UQTRTGPFGPVG TGUVCWTCPVG GP RNGPQ EGPVTQ FG /CFTKF EW[Q EQNQTKFQ RCVKQ KPXKVC C EGPCT DCLQ NCU GUVTGNNCU %CNNG 1THKNC YYY JQVGNQTHKNC EQO
/+4#&14 &' &#.6 8+.# +DK\C 'P RNGPQ EQTC\´P FG +DK\C [ HNCPSWGCFQ RQT GN TGEKPVQ COWTCNNCFQ FG &CNV 8KNC UG CN\C GUVG NWLQUQ JQVGN RGPUCFQ RCTC TGNCLCTUG [ FKUHTWVCT FG VQFQ GN UCDQT FG NC KUNC .GLQU FGN VWOWNVQ FG NC EKWFCF GUVC CPVKIWC ECUC UG²QTKCN FGN UKINQ :+: PQ RGTFK´ PKPIWPQ FG UWU XCNQTGU JKUV´TKEQU EWCPFQ HWG TGEQPXGTVKFC GP WP JQVGN 2NC\C 'URC²C YYY JQVGNOKTCFQTKDK\C EQO
%
YYY JQVGNCTVUDCTEGNQPC EQO
*16'. %.#4+5 $CTEGNQPC 8KUVCU »PKECU FG NC EKWFCF FG $CTEGNQPC EQP *16'. +0&+)1 /#&4+& )4#0 8 # /CFTKF O»UKEC GP FKTGEVQ [ UGUKQPGU FG &, 'UVG GU GN 5W C\QVGC UM[ NQWPIG EWGPVC EQP WPC KPHKPKV[ CODKGPVG SWG QHTGEG .C 6GTTC\C FGN %NCTKU SWG RQQN [ WP DCT NQWPIG [ EQEVGNGT®C .CU XKUVCU C CFGO¢U TGPWGXC UW ECTVC EQP NC NNGICFC FGN NC OCFTKNG²C )TCP 8®C JCEGP FG GUVC C\QVGC WP DWGP VKGORQ &GUFG CRGTKVKXQU GZ´VKEQU EQOQ NWICT KF®NKEQ RCTC FGNGKVCTUG EQP WPQ FG UWU GN &TCIQP G[G CRGTQN NKEJ[ RJKUCN[U E´EVGNGU %QUOQRQNKVCP XQFMC CT¢PFCPQU HTCODWGUC ITCPF /CTPKGT 4QLQ [ HTGUC JCUVC NKOC NKEQT FG PCTCPLC [ ETCODGTT[ LWKEG GN RTQRWGUVCU UCNWFCDNGU C DCUG FG \WOQU %CPGNC 0GITC NKEQT FG JKGTDCU \WOQ FG NKO´P PCVWTCNGU JC[ QREKQPGU RCTC VQFQU %CTTGT FG 2CW %NCTKU YYY JQVGNENCTKU EQO UKTQRG FG ECPGNC [ VGSWKNC DNCPEQ GN 2KECUUQ
CDUGPVC CNDCJCEC \WOQ FG NKO´P VGSWKNC 0* %1..'%6+10 2 &+7/ $CTEGNQPC DNCPEQ [ UKTQRG FG OKGN %CNNG FG 5KNXC YYY KPFKIQOCFTKF EQO #N ECGT GN UQN FKUHTWVC FG WP OQLKVQ EQP NCU GURGEVCEWNCTGU XKUVCU SWG TGICNC NC VGTTC\C FG 1661 /CFTKF GUVG JQVGN SWG QEWRC WP GFKHKEKQ FGN UKINQ :+: 7PC CORNKC ECTVC DCUCFC GP WPC EQEKPC FG WDKECFQ GP RNGPQ EGPVTQ FG $CTEGNQPC GNCDQTCEKQPGU UGPEKNNCU [ GP NCU SWG RTKOC GN #FGO¢U FG WP EQEMVCKN DCT NC VGTTC\C FKURQPG TGURGVQ CN RTQFWEVQ [ CN UCDQT .C VGTTC\C FG FG WPC OCIP®HKEC RKUEKPC SWG CDTG FWTCPVG 1VVQ GU VCODKªP GN NWICT RGTHGEVQ RCTC VQOCT GN NQU OGUGU FG XGTCPQ RCTC FCTUG WP DWGP CRGTKVKXQ Q FKUHTWVCT FG WP CHVGTYQTM ITCEKCU C EJCRW\´P 'N GUEGPCTKQ KFGCN RCTC UW XCTKCFC ECTVC FG E´EVGNGU 2CUGQ FG NC EQPVGORNCT GN CVCTFGEGT
6*' *#6 /CFTKF &G /CFTKF CN EKGNQ RCUCPFQ RQT NC VGTTC\C FG 6JG *CV UGNGEEKQPCFQ RQT 6JG )WCTFKCP EQOQ WPQ FG NQU OGLQTGU JQUVGNU FG 'WTQRC 2QT UW EªPVTKEC WDKECEK´P UW KORQPGPVG CNVWTC ŜSWG RGTOKVG XGT FGUFG GN GPVTGUKLQ FG VGLCFQU [ EQTTCNCU FG .C .CVKPC JCUVC NC E»RWNC FG 5CP +UKFTQŜ [ RQT UW EWKFCFC QHGTVC ICUVTQP´OKEC ŜRGPUCFC RCTC EQORCTVKT [ RKEQVGCTŜ GU GN GURCEKQ KF´PGQ RCTC FKUHTWVCT FG NCU VCTFGU [ NCU NCTICU PQEJGU GUVKXCNGU FG NC ECRKVCN %CNNG +ORGTKCN YYY VJGJCVOCFTKF EQO
6'44#<# #41.# $CTEGNQPC &QOKPIQU GP HCOKNKC [ VCTFGU GP WP CODKGPVG GZENWUKXQ CEQORC²CFQ FG DWGPC O»UKEC GP NC VGTTC\C #TQNC FGN *QVGN #TVU 5WPFC[
$#4%'. *#/+.610 /'014%# /GPQTEC /»UKEC FGNKEKQUCU DGDKFCU [ OKOQU GP ENCXG DGCWV[ VKGPGP NWICT NQU XKGTPGU GP UW $NWG 5M[ $CT FQPFG RWGFGU JCEGTVG NC OCPKEWTC OKGPVTCU FGIWUVCU WP E´EVGN .C OGLQT OCPGTC FG FKXGTVKTUG FGFKECPFQ WP TCVQ C NC DGNNG\C [ CN TGNCZ 2CUUGKI 5CPVC IWGFC YYY DCTEGNQ EQO
*16'. 8+0%%+ .# 4 $+&# 5GXKNNC &KUG²CFQ C RCTVKT FG WPC ECUC RCNCEKQ FGN UKINQ :8+++ GP UW C\QVGC VKGPG WP GURGEVCEW NCT TGUVCWTCPVG EQP VGTTC\C OKTCFQT FGUFG GN SWG UG RWGFGP EQPVGORNCT WPCU XKUVCU RTKXKNGIKCFCU FG NC EKWFCF EQP NC )KTCNFC [ NC %CVGFTCN FG HQPFQ %CNNG FG %CUVGNCT YYY XKPEEKNCTCDKFC EQO
.QU OCICEKPGU FG OKPWVQU 'ZVTC
*16'. 8+0%%+ .# 4Â&#x201A;$+&# *16'. +0&+)1 /#&4+& )4#0 8Â&#x17D;# 6'44#<# &' #41.# *QVGN #TVU *16'. %.#4+5 0* %1..'%6+ 10 2Â&#x201D;&+7/ 1661 *16'. 14(+.# 6*' *#6 *16'. /+4#&14 &' &#.6 8+.# $#4%'.Â&#x201D; *#/+.610 /'014%#
.QU OCICEKPGU FG OKPWVQU 'ZVTC
-" 3&*/" %&- 7&3"/0
1PSRVF TBCFNPT RVF FM FTUèP TF MMFWB NFKPS FO VOB DPRVFUB UFSSB[B DPO VO DPDLUBJM FO MB NBOP NÄ&#x2014;TJDB Z QJDPUFP
.7%'5 GP HQTOC FG E¢EVWU RCTC KNWOKPCT NC VGTTC\C #FGO¢U FG UGT DQPKVCU [ FKXGTVKFCU UQP OW[ TGUKUVGPVGU = ? YYY WTDCPQWVHKVVGTU EQO
5746+&1 &' 2#6Â&#x160;5 XCTKCFQU &G RCVQ C NC RKOKGPVC XGTFG EGTFQ C NC EGDQNNGVC ICUEQPC RCVQ C NC PCTCPLC CXG CN /CFGKTC = â&#x201A;¬? YYY GNEQTVGKPINGU GU
(.14'5 &' *+$+5%75 GP CNO®DCT KFGCNGU UK SWKGTGU ETGCT E´EVGNGU EQP NQU SWG UQTRTGPFGT C VWU KPXKVCFQU = â&#x201A;¬? YYY FGIWUVCO EQO
5+..# %1.)#06' FG GUVKNQ T»UVKEQ TGCNK\CFC GP TCV¢P UKPVªVKEQ FG CECDCFQ PCVWTCN EQP EQL®P = â&#x201A;¬? YYY OKOWD EQO /+0+ %4#%-'45 FG SWGUQ 2CTOKIKCPQ SWG JC UKFQ GPXGLGEKFQ FWTCPVG VTGKPVC OGUGU = â&#x201A;¬? YYY FGIWUVCO EQO
%'48'<# TGCNK\CFC CN GUVKNQ FG NC EQUVC QGUVG FG ''77 &GUVCEC RQT GN N»RWNQ [ UW CTQOC C HTWVCU = â&#x201A;¬ RCEM FG UGKU ? YYY DCUSWGDGGTUVQTG EQO
.QU OCICEKPGU FG OKPWVQU 'ZVTC
.+$41 FG #ECFGOKC $CTKNNC EQP TGEGVCU RCTC JCEGT NCU RK\\CU O¢U UCDTQUCU [ QTKIKPCNGU = â&#x201A;¬? YYY COC\QP GU
4'(4'5%15 .C )NQTKC FG UCDQTGU EQP WP VQSWG OGFKVGTT¢PGQ [ WP FKUG²Q TGVTQ = â&#x201A;¬? YYY GNEQTVGKPINGU GU
2.#61 EQP NGXGU OQVKXQU HNQTCNGU EQODKPCFQU EQP GNGOGPVQU IGQOªVTKEQU SWG PQU VTCPURQTVCP C RCTC®UQU VTQRKECNGU = â&#x201A;¬? YYY XKUVCCNGITG EQO
6#037'4#; 0{ 6'0 UG QDVKGPG FG VTGU FGUVKNCEKQPGU FGN ITCPQ [ UG ECTCEVGTK\C RQT UW EQTC\´P E®VTKEQ = â&#x201A;¬? YYY WXKPWO GU
$#4$#%1# RQTV¢VKN FG GPEGPFKFQ T¢RKFQ GP UQNQ OKPWVQU /QPVCLG OW[ H¢EKN [ EQEEK´P UKP JWOQU = â&#x201A;¬? YYY COC\QP GU
/Â&#x201A;37+0# RCTC RTGRCTCT UPQYEQPGU JGNCFQU FG JKGNQ EQP KPITGFKGPVGU PCVWTCNGU = â&#x201A;¬? YYY GDC[ GU
%1,Â&#x17D;0 EQP GUVCORCFQ FG E¢EVWU .G FCT¢ WP VQSWG OW[ OQN´P C VW VGTTC\C = â&#x201A;¬? YYY YGUVYKPI GU
2#.'6# FG DGNNQVC KDªTKEQ %KPEQ ,QVCU = â&#x201A;¬? YYY EKPEQLQVCU EQO
.QU OCICEKPGU FG OKPWVQU 'ZVTC
4Ê&#x2021;/"3
%&+" 40/"3 &- 7&3"/0 : &/53Â("5& "- 3*5.0 &M DBMPS UF USBF MB SFDPNQFOTB B VO BúP FTQFSBOEP FM DBSUFM WFSBOJFHP EF UVT CBOEBT GBWPSJUBT OP QJFSEBT EFUBMMF EF MBT DJUBT GFTUJWBMFSBT NÃ&#x2026;T FGFSWFTDFOUFT EF 0#0+ ( %14'5 CU VTCDCLCFQ FWTQ VQFQ GN C²Q NQ UCDGOQU 6G JCU RCUCFQ GN KPXKGTPQ UWURKTCPFQ RQT EW¢PFQ RQFT¢U XGT GP FKTGEVQ C NQU ITWRQU SWG UWGPCP GP VWU ECUEQU Å&#x153;NQU EN¢UKEQU NQU FGUEWDTK OKGPVQU NCU PQXGFCFGU Å&#x153; #JQTC VQEC RQT HKP NCP\CTUG CN ECNGPFCTKQ OWUKECN [ FGEKFKT EW¢N FG VQFCU NCU EKVCU HGUVKXCNGTCU SWG PQU VTCG GUVG GU NC SWG PQ VG RGTFGT¢U ECKIC SWKGP ECKIC # 5WOOGT 5VQT[ &GN CN FG LWPKQ /WEJQU FGDGP IWCTFCT WP DWGP TGEWGTFQ FG NC RTKOGTC GFKEK´P FG GUVG HGUVKXCN FG GNGEVT´PKEC EWCPFQ JCP EQPUGIWKFQ CIQVCT NCU RTKOGTCU GPVTCFCU RCTC NC UGIWPFC GP WP VKGORQ TªEQTF FG VCP UQNQ OKPWVQU 'UVG C²Q GP UW NKPG WR FGUVCECP TGRWVCFQU &, [ RTQFWEVQTGU EQOQ 2CWN -CNMDTGPPGT 1NKXGT *GNFGPU 2CEQ 1UWPC Â&#x192;OG .QUV (TGSWGPEKGU
*
/C[C ,CPG %QNGU [ NC UWRGTGUVTGNNC ECPCFKGPUG EQPQEKFC RQT UW CFC &GCFOCW EQP WPQ FG UWU GURGEVWNCTGU UJQYU CWFKQXKUWCNGU #TICPFC FGN 4G[ /CFTKF %KWFCF FGN 4QEM #DQPQ GWTQU 'PVTCFC WP F®C GWTQU CUWOOGTUVQT[ EQO
0QEJGU FGN $QV¢PKEQ &GN FG LWPKQ CN FG LWNKQ #N GUVKNQ FG HGUVKXCNGU SWG GUEQIGP GPVQTPQU PCVWTCNGU EQOQ GUEGPCTKQ Å&#x153;VKRQ 2GFTCNDGU Q %CR 4QKI GP %CVCNW²CÅ&#x153; PCEG 0QEJGU FGN $QV¢PKEQ &WTCPVG WP OGU GN HGUVKXCN CNDGTICT¢ WP ECTVGN KORTGUKQPCPVG [ GENªEVKEQ 9KNEQ 6QSWKPJQ [ /CT®C %TGW\C / 4QDGTV 2NCPV 6JG 5GPUCVKQPCN 5RCEG 5JKHVGTU )NQTKC )C[PQT 2KPM /CTVKPK /CTK\C 5VGXG 8CK UQP CNIWPQU FG NQU CTVKUVCU SWG RCUCT¢P RQT ªN /CFTKF 4GCN ,CTF®P $QV¢PKEQ #NHQPUQ :+++ 'PVTCFC UGI»P EQPEKGTVQ PQEJGUFGNDQVCPKEQ EQO
%WNVWTC +PSWKGVC &GN FG LWPKQ CN FG LWNKQ 0WGXQU CKTGU [ PWGXC WDKECEK´P RCTC GUVG HGUVKXCN FG HGUVKXCNGU SWG UG FGUCTTQNNC FWTCPVG VTGU UGOCPCU FGFKECPFQ LQTPCFCU VGO¢VKECU C FKXGTUQU IªPGTQU OWUKECNGU EQOQ GN JKR JQR GN LC\\ Q GN UQWN 'PVTG NQU HKEJCLGU FG GUVG C²Q (GTO®P /WIWTW\C
SWG TGVQTPC C NC ECRKVCN FGURWªU FG FQEG C²QU .QU %JKMQU FGN /C®\ #TC /CNKMKCP
TGRKVKGPFQ RQT UGIWPFQ C²Q EQPUGEWVKXQ ,WCPKVQ /CMCPFª 0KM 9GUV G +PFKC /CTV®PG\ )GVCHG /CFTKF 2QNKFGRQTVKXQ FG 5CP +UKFTQ 'PVTCFC UGI»P EQPEKGTVQ HGUVKXCN EWNVWTCKPSWKGVC EQO
#VNCPVKE (GUVKXCN &GN CN FG LWNKQ $CLQ GN GUNQICP lSWGTGOQU UGT WP ITCP HGUVKXCN PQ WP HGUVKXCN ITCPFG| PCEG C QTKNNCU FGN #VN¢PVKEQ GUVG PWGXQ GPEWGPVTQ OWUKECN SWG C²CFG VCODKªP C UW RTQITCOC \QPC ICUVTQP´OKEC OGTECFQ FKUEQIT¢HK
.QU OCICEKPGU FG OKPWVQU 'ZVTC
EQ EQPHGTGPEKCU [ CEVKXKFCFGU RCTC NQU O¢U RGSWG²QU FG JGEJQ NQU OGPQTGU FG FQEG C²QU RQFT¢P CEEGFGT ITCVKU [ JCDT¢ WPC \QPC FG CECORCFC JCDKNKVCFC RCTC NCU HCOKNKCU 2QT GN OQOGPVQ UG JC EQPHKTOCFQ NC RTGUGPEKC FG NQU EN¢UKEQU 6KPFGTUVKEMU [ NC DCPFC KVCNKCPC $G (QTGUV GP GN RNCPQ KPVGTPCEKQPCN CU® EQOQ :QGN .´RG\ 0K²QU FG 'NEJG 0CEJQ 8GICU [ #NGZ %QQRGT EQOQ CDCPFGTCFQU PCEKQPCNGU +NNC FG #TQWUC
&'#&/#7
2QPVGXGFTC #DQPQ GWTQU CVNCPVKEHGUV EQO
$KNDCQ $-- .KXG &GN CN FG LWNKQ 6TCU FQU C²QU EQPUGEWVK XQU CIQVCPFQ VQFQU NQU CDQPQU GN $KNDCQ $-- .KXG UG RTGRCTC RCTC EGNGDTCT WPC GFKEK´P CPVQN´IKEC SWG TGWPKT¢ GP WP OKUOQ TGEKPVQ C CNIWPQU FG NQU OGLQTGU CTVKUVCU FGN RNCPGVC 2KZKGU 0GY 1TFGT )TKOGU (CVJGT ,QJP /KUV[ 5QWNYCZ 6COG +ORCNC 7PFGTYQQF ,WPKQT 9+.%1 $Q[U (QCNU 'FKVQTU %JXTEJGU $NQQF 4GF 5JQGU / *QV %JKR 1EGCP %QNQWT 5EGPG [ #TECFG (KTG RNCVQ HWGTVG UQP UWHKEKGPVGU RCTC SWG RTGXKUKUDNGOGPVG XWGNXCP C CEQNICT GN ECTVGN FG UQNF QWV 'N HGUVKXCN GUVTGPC $CUQC WP GURCEKQ FGFKECFQ C NC O»UKEC FG DCKNG RQT FQPFG RCUCT¢P (QWT 6GV Q 'TQN #NMCP -QDGVCOGP FK $KNDCQ #DQPQ GWTQU 'PVTCFC WP F®C GWTQU DKNDCQDDMNKXG EQO
$'..' 5'$#56+#0
%TW°NNC &GN CN FG LWNKQ %QP WPQU TGUWNVCFQU O¢U SWG GPXKFKCDNGU GP Å&#x153;UW P»OGTQ FG GURGEVCFQTGU UWDK´ FG C NQ SWG UWRQPG WP ETGEKOKGPVQ FG ECUK GN Å&#x153; GUVC EKVC UG EQPHKTOC EQOQ Å&#x17E;GN HGUVKXCN FG XGTCPQ FG $CTEGNQPCÅ&#x; 2QT ªN RCUCT¢P %CNGZKEQ %CV 2QYGT 4QDGT 2NCPV &KIKVCNKUO 5MWPM #PCPUKG $WPDWT[ %T[UVCN (KIJVGTU &COKGP 4KEG [ .QXG QH .GUDKCP GPVTG QVTQU $CTEGNQPC 2CTE FGN (³TWO #DQPQ GWTQU 'PVTCFC WP F®C GWTQU XKGTPGU [ U¢DCFQ
FQOKPIQ ETWKNNCDCTEGNQPC EQO
&#/+#0 /#4.';
(+$ &GN CN FG LWNKQ %QP GN DWGP UCDQT FG DQEC SWG NGU JC FGLCFQ GP GN 2TGOKQ (GUV CN /GLQT (GUVKXCN FG )TCP (QTOCVQ [ OCPVGPGTUG GP GN VQR VGP FG NQU HGUVKXCNGU EQP O¢U GURGEVCFQTGU FG 'URC²C
WPQU GN (+$ CHTQPVC UW GFKEK´P P»OGTQ TGWPKGPFQ GP %CUVGNN´P C HKIWTCU EQOQ /CUUKXG #VVCEM /WUG 6JG -KNNU 6JG %JGOKECN $TQVJGTU &CP &GCEQP $NQE 2CTV[ /CLQT .C\GT GN TCRGTQ -GPFTKEM .COCT [ 5QWNYCZ $GPKE¡UUKO %CUVGNN´P #DQPQ GWTQU 'PVTCFC WP F®C GWTQU LWGXGU GWTQU
XKGTPGU [ FQOKPIQ [ GWTQU U¢DCFQ HKDGTHKD EQO
'#). '5 1( &'#6* /'6#.
*GKPGMGP ,C\\CNFKC &GN CN FG LWNKQ 4GDCUCFQ GN OGFKQ UKINQ FG XKFC GN HGUVKXCN FG 5CP 5GDCUVK¢P UG NCP\C C RQT QVTQU C²QU TQFGCFQ FG ITCPFGU GUVTGNNCU NC UKGORTG CEVKXC XQ\ FG &KCPC -TQNN NC TGKPC FG NC O»UKEC FKUEQ )NQTKC )C[PQT GN UCZQHQPKUVC $TCPHQTF /CTUCNKU
CEQORC²CFQ FGN ECPVCPVG -WTV 'NNKPI Q GN VT®Q EQORWGUVQ RQT GN IWKVCTTKUVC ,QJP 5EQHKGNF [ GN RKCPKUVC $TCF /GJNFCW 5CP 5GDCUVK¢P XCTKQU GURCEKQU #DQPQ GPVTG [ GWTQU JGKPGMGPLC\\CNFKC EQO
.QY (GUVKXCN &GN CN FG LWNKQ 3WG C²Q VTCU C²Q UKIC CRCTGEKGPFQ GP NC NKUVC FG NQU HGUVKXCNGU EQP O¢U CHNWGPEKC FG R»DNKEQ PQ UQNQ UG FGDG C UW ECTVGN UKPQ C WPCU EWKFCFCU KPHTGUCUVTWEVWTCU EQP NCU SWG OKOCP CN GURGEVCFQT CORNKCU \QPCU XGTFGU ECRCEKFCF RCTC GN FQDNG FGN CHQTQ SWG CEQIG RWNUGTCU EQP EJKR SWG GXKVCP GN RCIQ EQP FKPGTQ VTCPURQTVG R»DNKEQ [ VCZKU GP NC RWGTVC 'UVG XGTGOQU C 5WGFG $GNNG 5GDCUVKCP .QU 2NCPGVCU 8GVWUVC /QTNC *QV %JKR 2GCEJGU Q /QPCTEJ[ $GPKFQTO #NKECPVG % & )WKNNGTOQ #OQT #DQPQ GWTQU #DQPQU 8+2 GWTQU NQYHGUVKXCN GU
#TGPCN 5QWPF &GN CN FG CIQUVQ .C EKVC OWUKECN GP %CUVGNN´P QUVGPVC FGUFG JCEG C²QU GN P»OGTQ WPQ GP CUKUVGPVGU WPQU UGI»P NCU EKHTCU FG NC #UQEKCEK´P FG 2TQOQVQTGU FG /WUKECNGU 'N GEQP´OKEQ RTGEKQ FG NQU CDQPQU UW OCTECFQ ECT¢EVGT N»FKEQ CN NCFQ FG NC RNC[C [ UW DWGP JCEGT GP TGFGU UQEKCNGU JCP EQPUGIWKFQ NNGXCTUG FG ECNNG C WP CNV®UKOQ RQTEGPVCLG FG L´XGPGU Å&#x17E;UQWPFGTUÅ&#x; 'PVTG NQU CEVTCEVKXQU FG GUVC GFKEK´P 8KVCNKE 6YQ &QQT %KPGOC %NWD 5VGXG #QMK 6JG *KXGU %T[UVCN (KIJVGTU [ GN TGVQTPQ FG %T[UVCN %CUVNGU EQP UW PWGXC XQECNKUVC $WTTKCPC %CUVGNN´P 2NC[C FGN #TGPCN #DQPQ GWTQU #DQPQU 8+2 GWTQU CTGPCNUQWPF EQO
5QPQTCOC 4KDGTC &GN CN FG CIQUVQ &GUFG JCEG C²QU 5QPQTCOC QHTGEG C UWU XKUKVCPVGU WP XGTFCFGTQ RNCEGT RCTC NQU UGPVKFQU ECVCU FG XKPQ FG NC & 1 4KDGTC FGN &WGTQ XKUKVCU C DQFGICU FGIWUVCEKQPGU ICUVTQP´OKECU [ OWEJQ RQR EQP UCDQT GURC²QN 'P GN ECTVGN FG GUVG C²Q XGTGOQU C %QTK\QPCU .C (TQPVGTC 0WFQ\WTFQ 6TCLCPQ 0K²Q FG 'NEJG /CPGN [ VCODKªP HQT¢PGQU EQOQ /CPFQ &KCQ /QNQVQX &GNQTGPVQU [ 'ZQPXCNFGU #TCPFC FGN &WGTQ $WTIQU #DQPQ GWTQU #DQPQ 8+2 GWTQU #DQPQ EQPLWPVQ EQP 'DTQXKUK´P GWTQU UQPQTCOC CTCPFC EQO
4QVQVQO 5WPURNCUJ &GN CN FG CIQUVQ 5WRGTCFC NC RQNªOKEC FG UW »NVKOC GFKEK´P
C EWGPVQ FG NC CPWNCEK´P FGN EQPEKGTVQ FG /CVKU[CJW [ TGXCNKFCFC UW RQUKEK´P EQOQ GN OC[QT HGUVKXCN FG TGIICG FGN OWPFQ
CUKUVGPVGU 4QVQVQO FC NC DKGPXGPKFC C &COKCP /CTNG[ /CPW %JCQ 2CDNQ /QUGU /CTEKC )TKHHKVJU /CECEQ ,WPKQT -GNN[ <KIIK 4GECFQ #NOCOGITGVVC 4CRJCGN [ QVTQU CTVKUVCU $GPKE¡UUKO %CUVGNN´P #DQPQ GPVTG [ GWTQU UGI»P NQU F®CU FG CUKUVGPEKC TQVQVQOUWPURNCUJ EQO
&EQFG (GUVKXCN &®C FG UGRVKGODTG 7TDCPQ [ EQP GN V®VWNQ FG HGUVKXCN O¢U UQUVGPKDNG UGI»P NQU 2TGOKQU (GUV 2QT GN OQOGPVQ UG EQPQEG WPQ FG NQU RNCVQU HWGTVGU FG GUVG C²Q NC DCPFC ECNKHQTPKCPC 'CINGU QH &GCVJ /GVCN SWG NQ JC GNGIKFQ VTCU ECPEGNCT UW IKTC GN RCUCFQ OCT\Q /CFTKF %CORWU 7PKXGTUKFCF %QORNWVGP UG 'PVTCFCU C NC XGPVC GP FEQFGHGUV EQO