Auktion 112 Künker

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WPF 0CEJDCTIGDKGVG FGT WPVGT KJO UQ UGJT RTQURGTKGTVG FC­ FKG 4JGKPKUEJGP /ÒP\HTGWPFG UKEJ XGTUGNDUV·PFKIVGP WPF GKIGPG 8GTGKPG ITÒPFGP MQPPVGP 'TUV ICD GT UGKP #OV KP LÒPIGTG *·PFG WPF YWTFG \WO 'JTGPXQTUKV\GPFGP IGY·JNV 8QP DKU COVKGTVG GT CNU )GUEJ·HVUHÒJTGT FGU PGWIGITÒPFGVGP 8GTDCPFGU FGT YGUVFGWVUEJGP /ÒP\XGTGKPG WPF DGUQTIVG DKU FKG 4GFCMVKQP FGU 0WOKUOCVKUEJGP 0CEJTKEJVGPDNCVVGU 8QP DKU YKTMVG GT CNU 8K\GRT·UKFGPV FGU 8GTDCPFGU FGT FGWVUEJGP /ÒP\XGTGKPG UGKV ō&GWVUEJG 0WOKUOCVKUEJG )GUGNNUEJCHVŋ WPF KUV UGKV FGTGP 'JTGPRT·UKFGPV 8QP DKU YCT GT /KVINKGF FGT +PVGTPCVKQPCNGP 0WOKUOCVKUEJGP -QOOKUUKQP WPF UGKV FGTGP 8K\GRT·UKFGPV #O .CPFGUOWUGWO ÒDGTPCJO GT FKG 8GTCPVYQTVWPI HÒT FKG YKGFGTDGITÒPFGVG #DVGKNWPI .CPFGUIGUEJKEJVG WPF RHNGIVG PWP FKG 5COOGNIGDKGVG NCPFGUMWPFNKEJG )TCRJKM XQP .CPFMCTVGP DKU \W -CTKMCVWTGP 2QTVT·VU 2QUVUCEJGP 2QUVMCTVGP .KGDKICNDGP $ÒEJGT #WH CNNGP FKGUGP )GDKGVGP JCV GT GKPG /WUGWOUUCOONWPI CWHIGDCWV FKG GKP XQT\ÒINKEJGU #TDGKVUKPUVTWOGPV KUV $GUQPFGTU YGTVXQNN KUV GKPG 5COONWPI XQP PCEJ WPF PCEJ GTCTDGKVGVGP /QFGNNGP YGUVH·NKUEJGT 5V·FVG WPF 5EJNÌUUGT FKG QHV KP GKPGT <YGKVHCUUWPI HÒT ÌTVNKEJG /WUGGP IGHGTVKIV YWTFGP $GFGWVGPFG #WUUVGNNWPIGP YCTGP ō9GUVHCNGP ŋ

FKG PWOKUOCVKUEJGP 6GKNG FGT -CTNUCWUUVGNNWPI #CEJGP WPF ō-WPUV WPF -WNVWT KO 9GUGTTCWOŋ FKG NCPFGUIGUEJKEJVNKEJGP #WUUVGNNWPIGP ō$QOOGP$GTGPFŋ WPF ō)TKOOGNUJCWUGPŋ #WU UGKPGT <GKV CNU &KTGMVQT FGU .CPFGUOWUGWOU UKPF ō-ÌNP ņ 9GUVHCNGP ŋ \W PGPPGP WPF FKG #WUUVGNNWPIGP CWU FGO 2QTVT·VCTEJKX &KGRGPDTQKEM FCU FGT 5COONGT CWU HTGWPFUEJCHVNKEJGT 8GTDWPFGPJGKV FGO .CPFGUOWUGWO XGTOCEJVG WPF FCU OKV TWPF ITCRJKUEJGP $KNFPKUUGP FKG YQJN DGFGWVGPFUVG 'KP\GNGTYGTDWPI XQP 2GVGT $GTIJCWU HÒT FCU /WUGWO KUV 2GVGT $GTIJCWU UCOOGNVG CDGT PKEJV PWT /ÒP\GP (QVQU WPF +PHQTOCVKQPGP PKEJV PWT 1DLGMVG WPF 'ZRQPCVG UQPFGTP CWEJ /GPUEJGP FKG GT \W 5EJÒNGTP WPF (TGWPFGP OCEJVG 9GT KJP MGPPV YGK­ WO UGKPGP %JCTOG UGKPGP *WOQT WPF UGKPG $GIGKUVGTWPIUH·JKIMGKV FKG KJP UEJPGNN <WICPI \W UGKPGP /KVOGPUEJGP HKPFGP N·­V 5GKPG *KNHUDGTGKVUEJCHV JCDGP )GPGTCVKQPGP XQP -QNNGIGP 5COONGTP WPF 5VWFGPVGP MGPPGPIGNGTPV UGKPG WPXGTINGKEJNKEJG WPF NGKFGT UQPUV UQ UGNVGPG )CDG CWU FGO TGKEJGP 5EJCV\ FGU 9KUUGPU XQT FGT GKIGPGP 2WDNKMCVKQP OKV\WVGKNGP 5GKPG -QPVCMVHTGWFG WPF UGKP 'PICIGOGPV KP FGT KPVGTPCVKQPCNGP 0WOKUOCVKM JCDGP KJO GKPG 8KGN\CJN XQP 'JTGPOKVINKGFUEJCHVGP GKPIGDTCEJV ņ UKEJGT ÒDGT ņ GKPG XGTKVCDNG 5COONWPI FKG KO $GTGKEJ FGT 0WOKUOCVKM \YGKHGNNQU WPÒDGTVTQHHGP KUV ņ GT KUV FGT KPVGTPCVKQPCN YQJN DGMCPPVGUVG FGWVUEJG 0WOKUOCVKMGT 5GKP (TGWPF &KG\ XQP &KGRGPDTQKEM )TÒVGT PCPPVG KJP KP FGT KJO GKIGPGP WPPCEJCJONKEJGP /KUEJWPI CWU +TQPKG WPF $GYWPFGTWPI FGP /ÒP\RCRUV XQP 'WTQRC 2GVGT $GTIJCWU UCOOGNVG CDGT PKEJV PWT CNVG /ÒP\GP UQPFGTP CWEJ )GNF KP CPFGTGT 9GKUG ņ HÒT FKG +PFKGPJKNHG GT UCOOGNVG (ÌTFGTGT ņ WPF IGTCFG FKGUG 5COOGNGK KUV ICP\ V[RKUEJ HÒT UGKP 9GUGP 'T UCOOGNV PKEJV HÒT UKEJ UQPFGTP UQ FC­ CNNG CPFGTGP FKG #NNIGOGKPJGKV WPF XKGNG MQPMTGVG /GPUEJGP FCXQP RTQHKVKGTGP /KV (TGWPFGP UGKPGU 4QVCT[ %NWDU /ÒPUVGT DTCEJVG GT OGJTGTG /KNNKQPGP /CTM D\Y 'WTQ HÒT *KNHURTQLGMVG PCEJ +PFKGP CWH WO 2WORGP WPF .CVTKPGP -KPFGTJGKOG WPF -TCPMGPJ·WUGT \W DCWGP WPF \W WPVGTJCNVGP 'KP NGV\VGU CWEJ PWOKUOCVKUEJGU $GKURKGN PCEJ UGKPGT 2GPUKQPKGTWPI GTHQTUEJVG GT FKG )GUEJKEJVG FGT 0WOKUOCVKM WPF \YCT ņ WPF CWEJ JKGT \GKIV UKEJ UGKP +PVGTGUUG CP /GPUEJGP ņ OKV GKPGO DKQITCRJKUEJGP #PUCV\ #WUIGJGPF XQP $KNFPKUUGP XQP 0WOKUOCVKMGTP FKG GT CWEJ TGCNKVGT UCOOGNVG TGEJGTEJKGTVG GT FGTGP $KQITCRJKGP WPF RWDNK\KGTVG GKPG (QNIGP WOHCUUGPFG 5GTKG XQP 0WOKUOCVKMGTRQTVT·VU ņ LGYGKNU UGEJU RTQ ,CJT ņ KP FGP )GNFIGUEJKEJVNKEJGP 0CEJTKEJVGP &CHÒT \GKEJPGVG KJP FKG &GWVUEJG 0WOKUOCVKUEJG )GUGNN UEJCHV OKV KJTGO 'NKIKWURTGKU CWU ņ IGOGKPUCO OKV UGKPGO (TGWPF %JTKUVKCP &GMGUGN CWU )GPV GKPGO JQEJXGTFKGPVGP $KDNKQITCRJGP 7PF FKGUG 2QTVT·VUCOONWPI YKTF YGKVGTDGUVGJGP PQEJ ÒDGTNKG­ GT UKG FGO $GTNKPGT /ÒP\MCDKPGVV 5COONGT UKPF INÒEMNKEJG /GPUEJGP ņ UQNN )QGVJG IGUCIV JCDGP 2GVGT $GTIJCWU KUV FCU DGUVG $GKURKGN FCHÒT #WH CNNGP UGKPGT XKGNGP 5COOGNIGDKGVG JCV GT $GYWPFGTPUYGTVGU IGNGKUVGV WPF YGKN GT FKG 5COONGTHTGWFG OKV CPFGTGP VGKNVG YGKN GT UVGVU UGKPG 5COONWPIGP +PVGTGUUGPVGP ÌHHPGVG YCT KJO DTGKVGT 'THQNI DGUEJKGFGP 'KP MNGKPGT #WUUEJPKVV KUV KP FKGUGO -CVCNQI FQMWOGPVKGTV ņ GKPG 5COONWPI FKG GT PWP YGJOÒVKI CDIKDV \WOCN UKEJ OKV LGFGO $CPF 'TKPPGTWPIGP XGTDKPFGP 0KEJV \WNGV\V KUV 2GVGT $GTIJCWU UGJT GTHQNITGKEJ KP FGO 5COOGNP XQP .GDGPULCJTGP 9KT YÒPUEJGP KJO XQP *GT\GP YGKVGT XKGNGP 'THQNI FCDGK /ÌIGP PQEJ XKGNG .GDGPULCJTG JKP\WMQOOGP )GTF &GVJNGHU #RTKN 7


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$ÒEJGT JCDGP KJT GKIGPGU 5EJKEMUCN /ÒP\GPUCOONGT DKP KEJ IGYQTFGP 9GKJPCEJVGP DGMCO KEJ GKPGP /ÒP\GPUEJTCPM OKV GKPGO .QV XQP /KVVGNCNVGTOÒP\GP +EJ JCVVG DGTGKVU DGUEJNQUUGP /ÒP\GP PWT CWU FGT <GKV XQT \W UCOOGNP /GKP GTUVGU /ÒP\GPDWEJ GTJKGNV KEJ GDGPHCNNU 'U YCT GKP RTKOKVKXGT (QNKGPFTWEM OKV 9KGFGTICDG XQP /ÒP\GP XQTYKGIGPF FGU ,CJTJWPFGTVU KP /GVCNNHCTDGP /KEJ HCU\KPKGTVG FGT FCTKP CDIGDKNFGVG VJÒTKPIKUEJG 4GKVGTDTCMVGCV $CNF FCTCWH DGMCO KEJ FKG 'KPHÒJTWPIGP KP FKG OKVVGNCNVGTNKEJG 0WOKUOCVKM XQP &CPPGPDGTI WPF $WEJGPCW VTCH KEJ CWH GKPGT #WMVKQP DGK *CPU /GWUU 9KNJGNO $QPKP CWU .CWGPUVGKP FGT IGTCFG FGP &QRRGNVCNGT XQP 'OOC XQP 9CNFGEM HÒT &/ GTUVGKIGTV JCVVG 'T HÒJTVG OKEJ DGK )GQTI 2HCPPGDGTI

5COONGTJGKO 5COONGTHTGWFGP KP *CPPQXGT GKP #WH FGT #WMVKQP URTCEJ OKEJ CWEJ $TWPQ &QTHOCPP CP FGT OKEJ KP FGP *CODWTIGT /ÒP\XGTGKP GKPHÒJTVG +EJ YWTFG FQTV /KVINKGF WPF GTJKGNV FCFWTEJ OQPCVNKEJ FKG &GWVUEJGP /ÒP\DN·VVGT FKG YKG FKG OQPCVNKEJGP .KUVGP XQP /GWUU OGKP +PVGTGUUG YGEMVGP +EJ YWTFG FCFWTEJ CWH )CGVVGPU $GCTDGKVWPI FGU (WPFGU XQP .WFYKU\E\G CWHOGTMUCO FKG KEJ OKT PWP \WO P·EJUVGP )GDWTVUVCI YÒPUEJVG /GKPG YKEJVKIUVGP $ÒEJGT YCTGP ,GUUGU 9GPFKUEJGT /ÒP\XGTGKP CWU FGO KEJ UGJT XKGN IGNGTPV JCDG WPF *·XGTPKEMU &KUUGTVCVKQP ÒDGT FGP -ÌNPGT 2HGPPKI &KGUG DGKFGP $ÒEJGT JCDG KEJ CWEJ CNU 5QNFCV KOOGT KP OGKPGT -CTVGPVCUEJG DGK OKT IGJCDV CWEJ CNU KEJ XQP ō*GNFGPMNCWŋ KP 2QNGP CWU FGO <WI IGJQNV WPF FCPP KPHCPVGTKUVKUEJ KP XÌNNKI WP\WTGKEJGPFGT $GYCHHPWPI GKPIGUGV\V YWTFG 'KPGO ÒDGTNGIGPGP TWUUKUEJGP 2CP\GTCPITKHH DKP KEJ GPVMQOOGP +EJ OWUUVG KP FGO 6QJWYCDQJW FWTEJ GKPGP 0GDGPHNW­ FGT 9GKEJUGN UEJYKOOGP KP FGT -CTVGPVCUEJG FKG UQ MQUVDCTGP $ÒEJGT 5KG YGKUGP PQEJ JGWVG 5RWTGP FKGUGU $CFGU CWH 2HCPPGDGTI JCDG KEJ J·WHKIGT DGUWEJV 0CEJFGO UGKPG )GUEJ·HVUT·WOG CO )GQTIURNCV\ FWTEJ GKPGP $QODGPCPITKHH WPVGTIGICPIGP YCTGP JCVVG GT UKEJ ICP\ PCEJ -NGGHGNF \WTÒEMIG\QIGP YQ GT KPOKVVGP GKPGO TKGUKIGP *CWHGP XQP 5EJCEJVGNP WPF -CTVQPU NGDVG 8QP KJO JCDG KEJ OCPEJG PWOKUOCVKUEJG .KVGTCVWT GTYQTDGP W C ō&GU 6GWVUEJGP 4GKEJU /ÒP\ #TEJKXŋ XQP *KTUEJ PWT MQPPVG GT KP UGKPGT 7PQTFPWPI FGP $CPF PKEJV HKPFGP /GKP NGV\VGT $GUWEJ DGK KJO YCT KO &G\GODGT Y·JTGPF GKPGU $QODGPCPITKHHU 2HCPPGDGTI UVCTD +EJ JÌTVG FCUU GT UGKPGP 0CEJNC­ FGO -GUVPGT /WUGWO KP *CPPQXGT XGTOCEJV JCDG +EJ HTCIVG FQTV CP QD UKEJ KO 0CEJNC­ FGT $CPF XQP ō&GU 6GWVUEJGP 4GKEJU /ÒP\ #TEJKXŋ CPIGHWPFGP JCDG WPF GTJKGNV GKPG HTGWPFNKEJ RQUKVKXG #PVYQTV 5Q OCEJVG KEJ OKEJ PQEJOCNU PCEJ *CPPQXGT CWH WO FGP $CPF \W ÒDGTPGJOGP +EJ YWTFG ÒDGTCWU HTGWPFNKEJ XQP &T %CTN -ÒVJOCPP FGT PQEJOCNU CNU MQOOKUUCTKUEJGT &KTGMVQT GKPIGUGV\V YQTFGP YCT DGITÒ­V WPF GTJKGNV $CPF &T -ÒVJOCPP HÒJTVG OKEJ KP GKPGP 4CWO KP FGO FGT $ÒEJGTPCEJNC­ 2HCPPGDGTI NCI (CUV CNNG $ÒEJGT YCTGP DGTGKVU KO -GUVPGT /WUGWO XQTJCPFGP +EJ FWTHVG CWUUWEJGP YCU KEJ YQNNVG /KT YWTFGP ·W­GTUV HTGWPFNKEJG 2TGKUG IGPCPPV FKG KEJ CNU 5VWFGPV CWEJ GTUEJYKPIGP MQPPVG 5Q GTYCTD KEJ FGP XQNNUV·PFKIGP &CPPGPDGTI CWEJ &CPPGPDGTI 2QOOGTP $CJTHGNFV $TCPFGPDWTI ,QUGRJ 9QTOU WPF )TQVGU /ÒP\UVWFKGP &GT -QHHGT YCT XQNN ņ WPF FCU DGK FGP 8GTMGJTUXGTJ·NVPKUUGP )NGKEJ\GKVKI JCDG KEJ ņ XQT FGT 9·JTWPIUTGHQTO ņ .KVGTCVWT CWU FGO .CIGT FGT (KTOC 4KGEJOCPP KP *CNNG GTYQTDGP ,CJTI·PIG FGT $N·VVGT HÒT /ÒP\HTGWPFG FCU IGUCOVG 0WOKUOCVKUEJG .KVGTCVWTDNCVV FCU 0KGFGTU·EJUKUEJG /ÒP\CTEJKX $CNF UVGNNVG UKEJ FCU 2TQDNGO FGT 7PVGTDTKPIWPI FGT XKGNGP $ÒEJGT (KPCP\KGTV JCDG KEJ FKG .KVGTCVWTCPM·WHG FWTEJ OGKPG -TKGIUKPXCNKFGPTGPVG WPF OGKPG $GUVKOOWPIUCTDGKV HÒT FKG *CODWTIGT /ÒP\GPJ·PFNGT 9CNVGT WPF )GQTI $KPFGT WPF (GNKZ %JTWU\E\ CW­GTFGO JCDG KEJ GKP\GNPG /ÒP\GP OGKPGT KP\YKUEJGP DGVT·EJVNKEJGP 5COONWPI CP 5COONGT XGTMCWHV DGICPP OGKPG -QTTGURQPFGP\ OKV 2JKNKR )TKGTUQP KP %CODTKFIG XQP FGO KEJ OCPEJG YKEJVKIG GPINKUEJG PWOKUOCVKUEJG .KVGTCVWT YKG FGP $/% FGT TÌOKUEJGP -CKUGTOÒP\GP WPF $·PFG FGU 4+% GTJKGNV FC\W ,CJTI·PIG FGU $TKVKUEJ 0WOKUOCVKE ,QWPCN

8


/GKP #WHGPVJCNV KP 5VQEMJQNO 0QXGODGT ņ /·T\ DTCEJVG OKT FCPP PQEJ TGKEJNKEJ UMCPFKPCXKUEJG .KVGTCVWT GKP 5Q MQPPVG KEJ OGKP #OV CNU 0WOKUOCVKMGT FGU .CPFGUOWUGWOU KP /ÒPUVGT YQJN OKV .KVGTCVWT XGTUGJGP +EJ HCPF FQTV MCWO PWOKUOCVKUEJG .KVGTCVWT XQT #WEJ KP /ÒPUVGT JCDG KEJ OGKPGP $GUVCPF CP PWOKUOCVKUEJGT .KVGTCVWT XGTOGJTV UQ DGK 5EJWNOCP KP #OUVGTFCO FKG $·PFG XQP XCP FGT %JKLU *CTVG $TQEMGP YCTGP FG 9KVVG $TCDCPV WPF 2QG[ Fʼn #XCPV /QPPCKGU H¾QFCNGU #O 5GRVGODGT JCDGP YKT IGJGKTCVGV WPF WPU HÒT GKP 2TQLGMV GKPGT 4GKJGPJCWUUKGFNWPI CPIGOGNFGV +O /·T\ MQPPVGP YKT FCU *CWU DG\KGJGP MWT\ DGXQT KEJ HÒT 9QEJGP PCEJ 0GY ;QTM IKPI 7PUGT ITÌ­VGU 2TQDNGO YCT FKG 'KPTKEJVWPI FGU *CWUGU +EJ JCDG OKEJ GPVUEJNQUUGP OGKPG KP\YKUEJGP PKEJV WPDGFGWVGPFG PWOKUOCVKUEJG $KDNKQVJGM FGO .CPFGUOWUGWO \W XGTMCWHGP WO FGO /ÒP\MCDKPGVV GKPG FCWGTJCHVG 5VGNNWPI \W IGDGP (ÒT FKG \CJNTGKEJGP 5QPFGTFTWEMG JCDG KEJ PCEJ FGO 8QTDKNF FGT .KDTCT[ FGT #05 #OGTKECP 0WOKOCVKE 5QEKGV[ KP 0GY ;QTM GKPG *·PIGMCTVGK GKPIGTKEJVGV FKG UKEJ UGJT DGY·JTV JCV 'U KUV OKT PKEJV NGKEJV IGHCNNGP OKEJ XQP OGKPGP $ÒEJGTP \W VTGPPGP CDGT KEJ YCT LC V·INKEJ XQP KJPGP WOIGDGP $GUQPFGTU UEJYGT HKGN OKT FGT 8GTMCWH FGT CNVGP &TWEMG FGU WPF ,CJTJWPFGTVU +EJ JCVVG KOOGTJKP GKPGP &G 5VTCFC $GTIU ō/ÒP\DWEJŋ WPF .QEJPGTU $·PFG ICP\ \W UEJYGKIGP XQO GPFNKEJ XQNNUV·PFKIGP *KTUEJ ō&GU 6GWVUEJGP 4GKEJU /ÒP\ #TEJKXŋ ': .+$4+5 9GT $ÒEJGT UCOOGNV UQNNVG CWEJ GKP 'Z .KDTKU JCDGP /GKP GTUVGU 'Z .KDTKU FCU KEJ DKU DGPWV\V JCDG YCT \KGONKEJ RJCPVCUKGNQU XQP FGO 6KVGNMWRHGT GKPGT FGWVUEJGP ªDGTUGV\WPI XQP ,QDGTV ÒDGTPQOOGP FCU OKT FGT OKV FGO &TWEM DGCWHVTCIVG &TWEMGT FCPP CWEJ PQEJ FWTEJ GKPGP UEJGW­NKEJGP 4CJOGP XGTJWP\V JCV VTCH KEJ FCPP KP -GTCNC +PFKGP FGP $KNFJCWGT / -WOCT CWU /CJCDCNKRWTCO FGT OKT UGKP 5MK\\GPDWEJ \GKIVG 8KGNG 8CTKCPVGP FGU 'NGHCPVGPIQVVGU )CPGUJ +EJ DCV KJP OKT GKPGP )CPGUJ DGK FGT $GVTCEJVWPI GKPGT /ÒP\G \W \GKEJPGP &KGUG <GKEJPWPI JCV FCPP OGKP (TGWPF 8KEVQT -TCUPQDCLGX \WO 8QTDKNF HÒT FKG 4CFKGTWPI IGPQOOGP FKG KEJ IGTPG KP OGKPG $ÒEJGT IGMNGDV JCDG 2GVGT $GTIJCWU #RTKN &CU DGFGWVGV FC­ (GNFRQNK\KUVGP CWU FGT 'KUGPDCJP YCJNNQU 5QNFCVGP JGTCWUJQNVGP FKG IGTCFG XQO 7TNCWD \WTÒEM MGJTVGP WO \W KJTGP 'KPJGKVGP \W IGNCPIGP #WU FKGUGP 1RHGTP FGU ō*GNFGPMNCWUŋ YWTFGP FCPP +PHCPVGTKG 'KPJGKVGP \WUCOOGPIGUVGNNV FKG XÌNNKI WP\WTGKEJGPF CWUIGDKNFGV WPF CWUIGTÒUVGV YCTGP 8QP OGKPGT ō*GNFGPMNCWŋ 'KPJGKV EC /CPP JCDGP PWT FTGK FGP TWUUKUEJGP #PITKHH ÒDGTNGDV

9


$+$.+1)4#2*+'0 $+$.+12*+.' 9'4-'

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0T XQP 'ZGORNCTGP +O 8QTUCV\ GKPIGMNGDVG 8KUKVGPMCTVG FGU 8GTHCUUGTU

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0T XQP 'ZGORNCTGP +O 8QTUCV\ GKPIGMNGDVG 8KUKVGPMCTVG FGU 8GTHCUUGTU

$KDNKQVJGECG )WGNHGTD[VCPCG PWOKUOCVKEC UGNGEVC 6YGNXG JKIJNKIJVU HTQO VJG PWOKUOCVKE DQQM EQN NGEVKQP KP VJG *GT\QI #WIWUV $KDNKQVJGM #WIWUVGGT KP 9QNHGPDÒVVGN $4& /CPWUMTKRVFTWEM )GPH 5 FCXQP 6HP .GKPGP / 4+%*6'4 -GUVPGT /WUGWO $KDNKQVJGM %CVCNQIWU $KDNKQ VJGEC 0WOKUOCVKEC QFGT $GUVCPFUMCVCNQI FGT 0WOKUOCVKUEJGP $KDNKQVJGM XQO DKU ,CJTJWPFGTV /CPWUMTKRVFTWEM *CPPQXGT 5

0T XQP 'ZGORNCTGP

(1%- ) .GKR\KI #PVKSWCTKCVUMCVCNQI XQP /ÒP\GP WPF /GFCKNNGPMWPFG CNNGT 8ÌNMGT WPF <GKVGP GPVJCNVGPF W C FKG IGUCOVG $KDNKQVJGM FGU *GTCWUIGDGTU FGT $GTNKPGT /ÒP\DN·VVGT Ŏ&T 'OKN $CJTHGNFV $GTNKP OKV FGUUGP $KDNKQITCRJKG WPF 2QTVT·V -CVCNQI XQP 0WOKUOCVKUEJG $ÒEJGT FCTWPVGT FKG WOHCPITGKEJG )GUEJ·HVUDKDNKQVJGM FGT IGITÒPFGVGP WPF KPVGTPCVKQPCN DGMCPPVGP /ÒP\ JCPFNWPI $TÒFGT 'IIGT KP 9KGP #PVKSWCTKCVUMCVCNQI XQP 0WOKUOCVKM $ÒEJGT #DJCPFNWP IGP <GKVUEJTKHVGP CWU FGO $GUKV\ FGU Ŏ,WUVK\TCVU &T LWT ' + *CGDGTNKP (TCPMHWTV C / # 4+'%*/#00 %Q *GKFGNDGTI #WMVKQP XQO $KDNKQVJGM ,WNKWU 0WOKUOCVKM )G UEJKEJVG +P GKPGO $CPF KP .GKPGP IGDWPFGP / $#46* 'Z NKDTKU PWOKUOCVKEKU 'KPG #WUYCJN PW OKUOCVKUEJGT WPF JGTCNFKUEJGT $WEJGKIPGT\GKEJGP CWU HÒPH ,CJTJWPFGTVGP KP FGT $KDNKQVJGM FGT 5VCCVNK EJGP /ÒP\UCOONWPI /ÒPEJGP 5& CWU ,0) UQYKG GKP YGKVGTGT $GKVTCI \WO 6JGOC

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5748'; 1( 07/+5/#6+% 4'5'#4%* -QORNGVVG 4GKJG XQP DKU KP $·PFGP KP $·PFGP KP $·PFGP KP $·PFGP 1TKI $TQUEJWT

8

$+$.+12*+.' 9'4-'

#)0'6*.'4 / ) 0WOQRJ[NCEKWO 5EJWN\KCPWO &KIGUUKV FGUETKRUKV GV RGTRGVWKU KPUKIPKQTWO TGK PWOCTKCG UETKRVQTWO EQOOGPVCTKKU KNNWUVTCVWO GFKFKV /KEJCGN )QVVNKGD #IPGVJNGT VTCPUKN XCPWU 2CTU RTKQT #EEGFWPV UGNGEVKQTGU ENCTQTWO XKTQTWO CF $ 5EJWN\KWO GRKUVQNCG .GKR\KI :++ 5 6HP 2CRRDCPF $KPFWPI NQUG 6KVGNDNCVV TGRCTKGTV .KRUKWU 5 -CVCNQI ITKGEJKUEJGT /ÒP\GP WPF 2T·IWPIGP FGT TÌOKUEJGP 4GRWDNKM

10


$+$.+12*+.' 9'4-'

9 10

#)156+0 # &KCNQIJK FK &QP #PVQPKQ #IQUVKPK #TEKXGUEQXQ FK 6CTTCIQPC +PVQTPQ CNNG /GFCINKG KPUETKVVKQPK GV CNVTG CPVKEJKVC 6TCFQVVK FK NKPIWC 5RCIPWQNC KP +VCNKCPC FC &KQPKIK 1VVCXKCPQ 5CFC FCN OGFGUKOQ CEETGUEKWVK EQP FKXGTU¾ CPPQVCVKQPK KNNWUVTCVK EQP FKUGIPK FK OQNVG /GFCINKG FʼnCNVTG HKIWT¾ 4QO )WNKGNOQ (QNKQ 5 OKV \CJNTGKEJGP /Ã’P\CDDKNFWPIGP )CP\NGFGT GVYCU CPIGTKUUGP DGUVQ­GP 'KPDCPF DGUEJCDV 4QVUEJPKVV 4Ã’EMGP IGRT·IV &GMGUGN #

'NH &KCNQIG Ã’DGT CPVKMG /Ã’P\GP

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0CEJVTCI CPIGDWPFGP 5

12 11

#-'4/#0 , ; # FGUETKRVKXG ECVCNQIWG QH TCTG CPF WPGFKVGF 4QOCP EQKPU HTQO VJG GCTNKGUV RGTKQF QH VJG 4QOCP EQKPCIG VQ VJG GZVKPEVKQP QH VJG GORKTG WPFGT %QPUVCPVKPWU 2CNGQNQIWU 9KVJ PWOGTQWU RNCVGU HTQO VJG QTKIKPCNU .QPFQP $F 5 $F 5 6GZVCDDKNFWPIGP )CP\NGKPGP .GKV\OCPP 5

#010;/ )GD·WFG FGT -C[UGTN #ECFGOKG FGT 9KUUGPUEJCHHVGP $KDNKQVJGE WPF -WPUV %COOGT KP 5V 2GVGTUDWTI PGDUV GKPGT MWTV\GP #P\GKIWPI CNNGT FCUGNDUV XQTJCPFGPGP -WPUV WPF 0CVWT 5CEJGP \WO )GDTCWEJ FGTLGPKIGP YGNEJG FKG #MCFGOKG DGUGJGP YQNNGP Q 1 Q , (TQPVKURK\ 5 6HP 2CRRDCPF 4QVUEJPKVV

11


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8

9

$+$.+12*+.' 9'4-'

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-CVCNQI ITKGEJKUEJGT /ÒP\GP WPF 2T·IWPIGP FGT TÌOKUEJGP 4GRWDNKM

#)156+0 # &KCNQIJK FK &QP #PVQPKQ #IQUVKPK #TEKXGUEQXQ FK 6CTTCIQPC +PVQTPQ CNNG /GFCINKG KPUETKVVKQPK GV CNVTG CPVKEJKVC 6TCFQVVK FK NKPIWC 5RCIPWQNC KP +VCNKCPC FC &KQPKIK 1VVCXKCPQ 5CFC FCN OGFGUKOQ CEETGUEKWVK EQP FKXGTU¾ CPPQVCVKQPK KNNWUVTCVK EQP FKUGIPK FK OQNVG /GFCINKG FʼnCNVTG HKIWT¾ 4QO )WNKGNOQ (QNKQ 5 OKV \CJNTGKEJGP /ÒP\CDDKNFWPIGP )CP\NGFGT GVYCU CPIGTKUUGP DGUVQ­GP 'KPDCPF DGUEJCDV 4QVUEJPKVV 4ÒEMGP IGRT·IV &GMGUGN #

'NH &KCNQIG ÒDGT CPVKMG /ÒP\GP

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0CEJVTCI CPIGDWPFGP 5

11

12

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11


$+$.+12*+.' 9'4-'

13

14

1TFQPPCPEG 2NCEECTV FGU #TEJKFWES\ PQ\ 2TKPEGU UQWXGTCKPU EQPVGPCPV NGU GURGEGU FG OQPPQ[GU FʼnQT FʼnCTIGPV SWG FQTGUGPCXCPV RQWTTQPV UGWNNGOGPV CXQKT EQWTU GU RC[U FG NGWT QDG[UUCPEG #PVYGTRGP * 8GTFWUUGP 7PRCIKPKGTV /ÒP\CDD KP *QN\UEJPKVV 2CRRGKPDCPF 4ÒEMGP NQEMGT &GMGUGN

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8QTDGUKV\GT 1 )TCH XQP 5EJNKGHHGP /CZ 7NTKEJ

15

16

17

8GT\GKEJPK­ FGT TCTGP WPF HÒTVTGHNKEJGP /ÒP\GP WPF /GFCKNNGP IGUCOOGNV XQP *TP #WI 2QN[ECTR 'FNGP XQP .G[UGT YGNEJG KP FGT .GKR\KIGT /KEJCGNKUOGUUG XQP ' .ÌDN %TGKUCOVG FCUGNDUV IG TKEJVNKEJ XGTCWEVKQPKGTV YGTFGP UQNNGP .GKR\KI 5 'KPDCPF FGU ,CJTJWPFGTVU .KRUKWU 5

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33

39 37

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6KVGNMWRHGT OKV 0WOKUOCVKMGTP

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44

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49 47

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17


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64

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19


$+$.+12*+.' 9'4-'

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66

68

70

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*CPFUEJTKHVNKEJG $GUKV\GTXGTOGTMG *GKPTKEJ .QVVGT KO 8QTUCV\ WPF CWH FGO 6KVGN

/1//5'0 6 ªDGT FCU 4ÌOKUEJG /ÒP\YGUGP 5 /QFGTPGT 2CRRGKPDCPF 'VYCU UVQEMHNGEMKI 9CUUGTHNGEM KP FGT QDGTGP 'EMG CWH FGP GTUVGP 5

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/ÒP\GP FGT 4ÌO 4GRWDNKM WPF FGU HTÒJGP -CKUGTTGKEJGU

20


$+$.+12*+.' 9'4-'

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75 75

2#6+0 % (COKNKCG 4QOCPCG KP CPVKSWKU PWOKUOCVKDWU CD WTDG EQPFKVC CF VGORQTC &KXK #WIWUVK 'Z DKDNKQVJGEC (WNXKK 7TUKPK %WO CFKWPEVKU #PVQPKK #WIWUVKPK 'RKUE +NGTFGPUKU 2CTKU ,GCP &W $TC[ 2KGTTG 8CTKSWV 4QDGTV FG 0KPXKNNG )TQUU (QNKQ (TQPVKURK\ 5 OKV XKGNGP /ÒP\CDD )CP\NGFGTDCPF OKV 5WRTC .KDTQU XQTFGTGT &GEMGN HCUV NQUG &GMGUGN 2

21


$+$.+12*+.' 9'4-'

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0WOKUOCVC KPXKEVCG 4QOCG 0WOKUOCVC +ORGTCVQTWO 4QOCPQTWO GZ CGTG OGFKCG GV OKPKOCG HQTOCG FGUETKRVC GPCTTCVC RGT %CTQNWO 2CVKP 5VTC­DWTI 5KOQP 2CWNNK )TQ­ (QNKQ 6KVGNDNCVV HGJNV (TQPVKURK\ :::8+ 5 5 +PFGZ -CTVGP 9GUVGP WPF 1UVGP FGU 4ÌOKUEJGP 4GKEJGU \CJN TGKEJG -WRHGTUVKEJG WPF /ÒP\CDD 2GTICOGPVDCPF RTCEJVXQNNGU 'ZGORNCT &GMGUGN 2

78

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$+$.+12*+.' 9'4-'

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2+)014+75 . /CIPG &GWO /CVTKU +FCGCG #VVKFKU KPKVKC 'Z XGVWUVKU OQPWOGPVKU PWRGT 6QTPCEK 0GTXKQTWO GTWVKU CWEVQTG .CWTGPVKQ 2KIPQTKQ ECPQPKEQ 6CTXKUKPQ #OUVGTFCO # (TKU 5 GKP\GNPG /ÒP\CDD )GJGHVGV 9CUUGTTCPF CD 5 &GMGUGN 2 2.#61 =2UGWFQP[O HÒT 9KNF? ) ) 5EJTGKDGP CP 2 6 *GTTP )GQTI (TKGFTKEJ XQP $GTDGTKEJ FKG KP FGUUGP /ÒP\ECDKPGV DGHKPFNKEJG *QH )GK­OCTKUEJG /ÒP\G DGVTGHHGPF 0GDUV FTG[ -WRHGTVCHGNP 4G IGPUDWTI , . /QPVCI 5 6HP 0GWGT *CNDNGKPGPDCPF GVYCU UVQEMHNGEMKI .KRUKWU 5

81

84 83

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&CUUGNDG $GTNKP 5 6HP 2CRRDCPF FGT <GKV *CNDRGTICOGPV .KRUKWU 5

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23


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24

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$GUKV\GTXGTOGTM + $GTVWEJ (TKGFTKEJ ,WUVKP $GTVWEJ 8GTNGIGT 9GKOCT 9GKOCT

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25


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9#)'05'+. , % &G TG OQPGVCNK XGVGTWO 4QOCPQTWO FKUUGTVCVKQ #NVQTH 5 .KRUKWU 5 , / )'50'4 %QOOGPVCVKQ FG QRKPCVKU UCGEWNCTKWO NWFQTWO PQVKU KP PWOKU 4QOCPQTWO IGPVKWO )ÌVVKPIGP 5 /ÒP\CDD CWH FGT 6KVGNUGKVG .KRUKWU 5 / (4'*'4 &G TG OQPGVCTKC XGVGTWO 4QOCPQTWO NKDTK FWQ .[QP 5 /ÒP\CDD KO 6GZV &GMGUGN ( 0 14'5/+75 ` &G QTKIKPG KWTG PGE PQP FG OWVCVKQPKDWU /QPGVCTWO *GNOUVGFV 5 &GMGUGN 1 ! .KRUKWU 5 * , $;6'/'+56'4 &GNKPGCVKQ TGK PWOKUOCVKECG *GNOUVGFV 5 WPF 4GIKUVGT .KRUKWU 2GTICOGPVDCPF

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0GWG $GKVT·IG \WT UÒFFGWVUEJGP /ÒP\IGUEJKEJVG 5VWVVICTV 5 6HP 1TKI $TQUEJWT

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27


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$7%*'0#7 * *GKPTKEJ $WEJGPCW CO #RTKN ,CJTG CNV )GYKFOGV XQP (TGWPFGP WPF -QNNGIGP /ÒPEJGP 5 1TKI $TQUEJWT

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&CTKP $GKVTCI XQP 2 $GTIJCWU

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%4#9(14& / * .+)16# % 4 /GFCNU CPF %QKPU HTQO $WF¾ VQ /QOOUGP 9CTDWTI +PUVKVWVG 5WTXG[U CPF 6GZVU .QPFQP 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

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28


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0T XQP IGFTWEMVGP 'ZGORNCTGP

)4+'4510 2 % 0 . $411-' W C *TUI 5VWFKGU KP 0WOKUOCVKE /GVJQF %CO DTKFIG ::: 5 .GKPGP #010;/ # 0WOKUOCVKE %CTGGT 5 IGJGHVGV

' # #45.#0 . 64#8#+0+ 5ETKVVK UVQTKEK G PWOKUOCVKEK 5RQNGVQ ::: 5 1TKI $TQ UEJWT #010;/ # 0WOKUOCVKE %CTGGT 5 IGJGHVGV

/KV 9KFOWPI XQP 2JKNKR )TKGTUQP 6Q 2GVGT $GTIJCWU YKVJ CNN IQQF YKUJGU CPF KP QH OCP[ [GCTU QH HTKGPFUJKR

)726# 2 . & 9 /#% &19'.. W C *TUI +PFKCP 0WOKUOCVKEU *KUVQT[ #TV CPF %WNVWTG $·PFG &GNJK .::8+++ 5 .::8+++ 5 .GKPGP

* 8'40+%- 9 2 $'4)*#75 ) *#6< *TUI &QPC 0WOKUOCVKEC *CODWTI :++ 5 6HP .GKPGP 9 * 8'40+%- 0WOKUOCVKM #WHICDG WPF 'TNGDPKU 'KP RGTUÌPNKEJGT #DUEJNWUUDGTKEJV *CODWTI 5 )GJGHVGV

*#6< ) W 8 2 $'4)*#75 , $4#%-'4 , 56''0 ,'05'0 . 1 .#)'438+56 *TUI %QOOGPVCVKQPGU 0WOKUOCVKECG *CODWTI 5 OKV \CJNTGKEJGP #DD .GKPGP

*#7%- - * -'..'4 0 56#7$#%* +EQPQNQIKC 5CETC /[VJQU $KNFMWPUV WPF &KEJVWPI KP FGT 4GNKIKQPU WPF 5Q\KCNIGUEJKEJVG #NVGWTQRCU #TDGKVGP \WT (TÒJOKVVGNCNVGTHQTUEJWPI $GTNKP 0GY ;QTM 5 6HP .GKPGP

*+.&'$4#0& $ ' 5VWFKGU KP .CVG #PINQ 5CZQP %QKPCIG +P OGOQT[ QH $TQT 'OKN *KNFGDTCPF 0WOKUOCVKUMC /GFFGNCPFGP 5VQEMJQNO 5 .GKPGP + 9+5 *0 'V UXGPUM DTGX QO -ÎDGPJCXP 5& IGJGHVGV

*1.56 * 5COOGNDCPF XQP 5QPFGTFTWEMGP *CNDNGKPGP 0 4;)) /KPPGVCNG QXGT &T 2JKNQU *CPU *QNUV 5& CWU &GV 0QTUMG 8KFGPUMCRU #MCFGOK K 1UNQ TDQM 5 )GJGHVGV

$GKIGHÒIV GZ NKDTKU

+/*11( $.7/'4 ( # '0)'.+ (TKGFTKEJ +OJQQH $NWOGT 0GW LCJTUDNCVV FGT 5VCFVDKDNKQVJGM 9KPVGTVJWT 9KPVGTVJWT 5 1TKI $TQUEJWT

+45+).'4 (

& '$'.+0) W C *TUI .CPFGUIGUEJKEJVG CNU OWNVKFKU\KRNKP·TG 9KUUPUEJCHV 6TKGT :+8 5 .GKPGP

/KV GKPGO $GKVTCI XQP - 2GVT[ ÒDGT GKPGP /ÒP\UEJCV\ FGU ,CJTJWPFGTVU

,'05'0 , 5

1TF OGF /GPKPI (GUVUMTKHV VKN ,ÎTIGP 5VGGP ,GPUGP PQXGODGT -QRGPJCIGP 5 -CTVQPKGTV

,1*#0'- 2

' 9+&&'4 W C /CPKRWNWU (NQTWO #WU /KVVGNCNVGT .CPFGUIGUEJKEJVG .KVGTCVWT WPF *KUVQTKQITCRJKG /ÒPUVGT W C 5 1TKI $TQUEJWT

,1*#05'0 2 * 9'%<'4-# *TUI 4QUUKEC 'ZVGTPC 5VWFKGP \WO ,CJT JWPFGTV /CTDWTI 8+++ 5 .GKPGP

&CTKP $GKVTCI XQP ) *CV\ &GPPKPIG

,10)*'.+0%- , . 5/1.&'4'0 ,CESWGU ,QPIJGNKPEM 5EWNRVGWT O¾FCKNNGWT GV ITCXGWT FG UEGCWZ .QWXCKP NC 0GWXG 8 5 6HP .GKPGP

-#4.)4'0 $ 5GRVGPVTKQPCNKC GV 1TKGPVCNKC -WPIN 8KVVGTJGVU *KUVQTKG QEJ #PVKMXKVGVU #MCFGOKGPU *CPFNKPICT 5VQEMJQNO 5 1TKI $TQUEJWT

&CTKP $GKVTCI XQP 0 . 4CUOWUUQP 2KCUVGTPU -NCPI ·T X¹T /WUKM )

-'560'4 # ,1405 / *45) #WIWUV -GUVPGT WPF UGKPG <GKV &CU INÒEMNKEJG .GDGP FGU &KRNQOCVGP -WPUVUCOONGTU WPF /·\GPU KP *CPPQXGT WPF 4QO *CPPQXGT :++ 5 .GKPGP

-+'450195-+ 4

-WE\[PUMK 5V - 5WEJQFQNUMK 5VCPKUNCY *TUI 0WOOWU GV *KUVQ TKC 2KGPKhF\ 'WTQR[ pTGFPKQYKGE\PGL 9CTUEJCW 5 6HP .GKPGP

-.ª55'0&14( 0 4 %70< *TUI (WPFCOGPVC *KUVQTKCG )GUEJKEJVG KO 5RKGIGN FGT 0WOKUOC VKM WPF KJTGT 0CEJDCTYKUUGPUEJCHVGP 8GTÌHHGPVNKEJWPIGP FGT WTIGUEJKEJVNKEJGP 5COONWPIGP FGU .CP FGUOWUGWOU \W *CPPQXGT *CPPQXGT 5 -CTVQPKGTV

29


$+1)4#2*+'0 70& ('565%*4+(6'0

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.#)'438+56 . 1

0WOKUOCVKUMC /GFFGNCPFGP $F 5VQEMJQNO ::+ 5 .GKPGP

.'.'9'. , &\KGlC /CVGTKCl[ CWVQDKQITCHKE\PG 9CTUEJCW 5 )GPGCNQIK UEJG ªDGTUKEJV .GKPGP $+$.+16* 37' 41;#.' &' $'.)+37' ,QCEJKO .GNGYGN .GU OGFCKN NGWTU 2QNQPCKU EQPVGORQTCKPU $TWZGNNGU 5 1TKI $TQUEJWT 6 9;51-+05-# ,QCEJKO .GNGYGN GP $GNIKSWG %QOOGOQTCVKQP 5 1TKI $TQUEJWT

.'55'4 ( % 5 4'+0 (TKGFTKEJ %JTKUVKCP .GUUGT 2CUVQT 2J[UKEQVJGQNQIG WPF 2QN[JK UVQT 5EJTKHVGPTGKJG FGT (TKGFTKEJ %JTKUVKCP .GUUGT 5VKHVWPI 'THWTV 5 1TKI $TQUEJWT

.+5'.166' 810 &'4 2(#.< - -1..0+0) .KUGNQVVG XQP FGT 2HCN\ *GT\QIKP XQP 1TN¾CPU 'KPG HÒTUVNKEJG /ÒP\UCOONGTKP /GNUWPIGP 5 -CTVQPKGTV * -+'5'. *TUI $TKGHG FGT .KUGNQVVG XQP FGT 2HCN\ 5

/#%&19#.. &

'Z OQPGVC 'UUC[U QP 0WOKUOCVKEU *KUVQT[ CPF #TEJGQNQI[ $·PFG 0GW &GNJK :8+ 5 .GKPGP

/#./'4 $

=(GUVUEJTKHV? *KMWKP *ÎLDLGTI 5 -CTVQPKGTV

/#./'4 / 2

) $74'0*7.6 *TUI 6JGQTGVKECN #RRTQCEJGU VQ #TVGHCEVU 5GVVNGOGPV CPF 5QEKGV[ 5VWFKGU KP JQPQWT QH /CVU 2 /CNOGT $·PFG 1ZHQTF :+8 5 1TKI $TQ UEJWT

/#46+0 % *QOOCIG ¯ %QNKP /CTVKP RQWT UQP G CPPKXGTUCKTG %CJKGTU TQOCPFU FG PWOKUOCVKSWG .CWUCPPG 5 1TKI $TQUEJWT

/'*. / *TUI &GNGEVCV GV &QEGV (GUVUEJTKHV \WO L·JTKIGP $GUVGJGP FGU 8GTGKPU FGT /ÒP\ HTGWPFG KP *CODWTI 0WOKUOCVKUEJG 5VWFKGP *CODWTI 5 -CTVQPKGTV

/+.&'0$'4) . (GUVUEJTKHV HÒT .GQ /KNFGPDGTI 0WOKUOCVKM -WPUVIGUEJKEJVG #TEJ·QNQIKG 9GVVGTGP :8+++ 5 6HP

/1.8£)+0 #

5VWFKC 0WOKUOCVKEC (GUVUEJTKHV 6CNNKPP 5 6HP 1TKI $TQ UEJWT

/1//5'0 6* # /1//5'0 /GKP 8CVGT 'TKPPGTWPIGP CP 6JGQFQT /QOOUGP /ÒPEJGP 5 4'$'0+%* 6JGQFQT /QOOUGP 'KPG $KQITCHKG /ÒPEJGP .GKPGP Z KP 1TKIKPCN XGTRCEMWPI

/7-*'4,'' $ 0

2T³EÄ 2TCDJ³ 2GTURGEVKXGU +P +PFQNQI[ (GUVUEJTKHV \WO )GDWTVU VCI 0GW &GJNK .::8+++ 5 6HP .GKPGP $WEJDNQEM IGDTQEJGP

&CTKP $GKVTCI XQP 2 $GTIJCWU #P +PFKCP +OKVCVKQP QH CP #WIWUVGCP FGPCTKWU

01*',.18 24 618 ' 0WOKUOCVKEMÓ UDQTPÃM :+++ (GUVUEJTKHV 2TCI 5 6HP 1TKI $TQUEJWT OKV 5EJWV\WOUEJNCI

014&/#0 % # %QTQNNC #TEJCGQNQIKEC (GUVUEJTKHV *GNUKPMK :+ 5 1TKI $TQUEJWT GVYCU CPIGUVQ­GP

07/+5/#6+5%*' )'5'..5%*#(6 <7 $'4.+0 $GNGJTWPI WPF 7PVGTJCNVWPI KO (CEJG FGT /ÒP\MWPFGő (GUVUEJTKHV \WO L·JTKIGP $GUVGJGP $GTNKP 5 .GKPGP ,CJTG 0W OKUOCVKUEJG )GUGNNUEJCHV \W $GTNKP 5 6HP )GJGHVGV

0;$'4) * 5 5 -#*.' * 5 0[DGTI 'P XGVGPUMCRUOCPU DKQITCHK 5VQEMJQNO 5 .GKPGP

1.5'0 $

8KTIG QI 8ºTMGT -QRGPJCIGP 5 1TKI $TQUEJWT

1.5'0 1 (GUVUMTKHV R¹ ¹TU FCIGP FGP LWPK -QRGPJCIGP ::8+++ 5 .GKPGP

146'.+75 # %CTVQITCRJG GV JWOCPKUVG 5COOGNDCPF 6WTPJQWV 5 .GKPGP

2'- 4; 6

* , &4':*#)' , 5ª05-'5 *TUI /KITCVKQ GV %QOOWVCVKQ 5VWFKGP \WT CNVGP )GUEJKEJVG WPF FGTGP 0CEJNGDGP (GUVUEJTKHV \WO )GDWTVUVCI 5V -CVJCTKPGP :+: 5 1TKI $TQUEJWT 6KVGNDNCVV NQUG CWEJ 5 W

+P FGT (GUVUEJTKHV \WO )GDWTVUVCI 1NUGPU KUV W C GKP $GKVTCI XQP % , $GEMGT ÒDGT &CPUMG OÎPVGT UQO JKUVQTKUM MKNFGOCVGTKCNG K VCNNGV GPVJCNVGP <WUCOOGPHCUUWPIGP KP 'PINKUEJ (TCP\ÌUKUEJ QFGT &GWVUEJ /KV PWOKUOCVKUEJGO $GKVTCI XQP % ' &GMGUGN

&CTKP $GKVTCI XQP 2 $GTIJCWU ÒDGT TÌOKUEJG (WPFOÒP\GP KP +PFKGP

30


$+1)4#2*+'0 70& ('565%*4+(6'0

216+0 $ /Í?ÌÈÇÌÀÒÈ×ÅÑÊÈÉ ÑÁÎÐÍÈÊ 5CPMV 2GVGTUDWTI 5 1TKI $TQ UEJWT

/KV 9KFOWPI XQP 5GXC 2QVKP

Øåñòàÿ Âñåðîññèéñêàÿ Íóìèçìàòè÷åñêàÿ Êîíôåðåíöèÿ 5CPMV 2GVGTUDWTI 5 1TKI $TQUEJWT

24'&# % 5VWFKK qK EGTEGVCTK FG PWOKUOCVKEC (GUVUEJTKHV $WEWTGqVK 5 1TKI $TQUEJWT

4 #.(¤.&+ / $WFCRGUV * % 01'5-' * 5%*7$'46 *TUI &KG /ÒP\G $KNF $QVUEJCHV $GFGWVWPI (GUVUEJTKHV HÒT /CTKC 4 #NHÌNFK (TCPMHWTV CO /CKP 5 6HP -CT VQPKGTV #010;/ (GUVICDG Q 1 5 )GJGHVGV

4#5/75510 0 . /[PV QEJ OGFCNLUCONCTG KPQO FGV 5XGPUMC MWPICJWUGV #PVKMXCTKUMV #TMKX

(CTDKIGU (TQPVKURK\ 5 OKV #DD - -8#56#& &QNV K MCDKPGVV .QXKUC 7NTKMCU O[PV QEJ OGFCNLUM¹R HT¹P &TQVVPKPIJQNO 5VQEMJQNO 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD * 1 $1564¤/ &GV WPFGTDCTC UM¹RGV 2JKNKRR *CKPJQHGT QEJ )WUVCX ++ #FQNHU MQPUVUM¹R 7RRUCNC 5 OKV \CJNTGKEJGP VGKNU HCTDKIGP #DD 1TKI $TQUEJWT .GKPGP OKV 5EJWV\WOUEJNCI MCTVQPKGTV

4#5/75510 0 . 0WOKUOCVKUMC /GFFGNCPFGP 5VQEMJQNO :+ 5 1TKI $TQUEJWT <CJNTGKEJG #DD

&CTKP $GKVT·IG XQP 2 $GTIJCWU WPF ) *CV\

4'&' 9 8#0 0 <'/'4+0) 9KNNGO XCP 4GFG 'GP XGT\COGNCCT WKV JCTVUVQEJV &GP *CCI 5 1TKI $TQUEJWT

5#*.+0 % 5VWFGTC QEJ 2TQDGTC (GUVUEJTKHV 5VQEMJQNO 5 -CTVQPKGTV

5%*9#4< & 9 'Z HQPVKDWU JCXTKCOWU #WUIGY·JNVG $GKVT·IG \WT -WNVWTIGUEJKEJVG 5COOGNDCPF FGT 5EJTKHVGP <ÒTKEJ 5 1TKI $TQUEJWT

5''. 0&'4 0 4 6*+'. &KG $TCMVGCVGPH·NUEJWPIGP FGU 0KEQNCWU 5GGN·PFGT WPF UGKPG <GJGP 5EJTKHVGP \WT OKVVGNCNVGTNKEJGP /ÒP\MWPFG *GKFGNDGTI .:+8 5 *CNDNGKPGP

5-##4' -

(GUVUEJTKHV 1UNQ 5 1TKI $TQUEJWT

5.1#0' * # /#% )4')14 *TUI 5KT *CPU 5NQCPG %QNNGEVQT 5EKGPVKUV #PVK SWCT[ (QWPFKPI (CVJGT QH VJG $TKVKUJ /WUGWO .QPFQP 5 .GKPGP

9KFOWPI XQP / #TEJKDCNF 8GTHCUUGT FGU -CRKVGNU %QKPU CPF /GFCNU 5

57%*1&1.5-+ 5 /QPGVC OGFKºXCNKU 5VWFKC PWOK\OCV[E\PG K JKUVQ[E\PG (GUVUEJTKHV \WO )GDWTVUVCI 9CTU\CYC 5 FCXQP 6HP -CTVQPKGTV

/KV $GKVT·IGP XQP ) *CV\ 2 +NKUEJ 2 #TPQNF 0 -NÒ­GPFQTH $ -NWIG 2 $GTIJCWU W C

576*'4.#0& *

4 # ) %#4510 % -4##; *TUI 5ETKRVC 0WOOCTKC 4QOCPC .QPFQP :+++ 5 6HP .GKPGP

58#*0564¤/ )

4 $1*0 *TUI )QVNCPFKC +TTGFGPVC (GUVUEJTKHV HÒT )WPPCT 5XCJP UVTÌO \W UGKPGO )GDWTVUVCI 5KIOCTKPIGP (TQPVKURK\ :8+ 5 .GKPGP

/KV GKPGO $GKVTCI XQP 2 $'4)*#75 +1*#00'5 4': KP )QVNCPFU (QTPUCN

6#.8+1 6 6WVMKLQKVC MGT·KNKLÌKV· LC NCJLQKVVCLKC 5WQOCNCKUKC PWOKUOCCVKMMQLC ='PIN <WUCOOGPHCUUWPI 5EJQNCTU EQNNGEVQTU CPF FQPQTU (KPPKUJ PWOKUOCVKUVU ? 5WQOGP 0W OKUOCCVVKUGP ;JFKUV[MUGP LWNMCKUWLC *GNUKPMK 5 OKV \CJNTGKEJGP #DD 6 % $'4)416*

4GF #DQC =6JGOGPJGHV \WT 0WOKUOCVKM KP 6WTMMW DQ ? 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

6*1/5'0 % , $ *+.&'$4#0& % , 6JQOUGP QEJ JCPU N·TFC HÌTDKPFGNUGT K 5XG TKIG $·PFG 5VQEMJQNO 7 .70& *#05'0 4GF %JTKUVKCP ,ÒTIGPUGP 6JQOUGP FGEGODGT #CTDÎIGT HQT 0QTFKUM 1NFM[PFKIJGF QI *KUVQTKG (TQPVKURK\ 5 OKV \CJNTGKEJGP #DD - 5-##4' -QTTGURQPFCPUG OGNNQO % , 6JQOUQP QI % # *QNODQG 5 KP 00 , 564''6 ,'05'0 %JTKUVKCP ,ÒTIGPUGP 6JQOUQP WPF .WFYKI .KPFGP UEJOKFV , 5 ,'05'0 %JTKUVKCP ,ÒTIGPUGP 6JQOUQP QI ,CMQD 4GKEJGN GP PWOKUOCVKUM DTGXXGMUNKPI KP &CPUMG /CIC\KP WPF WPF YGKVGTG #WHU·V\G \W 6JQOUGP 7PVGTUEJKGFNKEJ IGDWPFGP

6*14&'/#00 $ =(GUVUEJTKHV? 0WOKUOCVKUMC /GFFGNCPFGP 5VQEMJQNO 5 .GKPGP

8'4'+0 &'4 /ª0<(145%*'4 70& /ª0<(4'70&' (ª4 9'56(#.'0 70& 0#%*$#4 )'$+'6' (GUVUEJTKHV \WT (GKGT FGU L·JTKIGP $GUVGJGPU FGU 8GTGKPU /KPFGP 5 6HP 1TKI $TQUEJWT 4ÒEMGP WPF QDGTG 'EMG DGUEJ·FKIV

31


$+1)4#2*+'0 70& ('565%*4+(6'0 /101)4#2*+'0

9')0'4 / 1 $4'*/ 5 -.+' *TUI MOUSIKOS ANHR (GUVUEJTKHV HÒT /CZ 9GIPGT \WO )GDWTVUVCI #PVKSWKVCU $QPP :8 5 6HP .GKPGP

/KV $GKVT·IGP XQP 2 $'4)*#75 ('.+%+6#5 5#'%8.+ KP +PFKGP WPF * /#7 #PVKMGPTG\GRVKQP QFGT 'THKP FWPI FGT KVCNKGPKUEJGP 4GPCKUUCPEEG! &KG /GFCKNNG FGU /CVVJGU )GDGN CWH FGP 6QF FGU )GQTI 2NQGF CWU FGO ,CJTG

& #*4'05 *TUI (GUVUEJTKHV /CZ 9GIPGT \WO )GDWTUVCI /ÒPUVGT 5 6HP .GKPGP

/KV GKPGO $GKVTCI XQP 2 $'4)*#75 <W FGP /ÒP\DKNFPKUUGP FGT ,CJTG

9'56'4/#4- 7 (NQTKNGIKWO 0WOKUOCVKEWO 5VWFKC KP JQPQTGO 7 9GUVGTOCTM GFKVC 5VQEMJQNO :8 5 .GKPGP

9*''.'4 / & *+.. / ,'5510 *TUI 6JG +TQP #IG CPF KVU *KNN (QTVU 5QWVJCORVQP :++ 5 6HP .GKPGP

9+5 *0 + 0WNNC FKGU UKPG NKPGC (GUVUMTKHV VKNN +CP 9KU¾JP 0WOKUOCVKUMC /GFFGNCPFGP 5VQEM JQNO 5 .GKPGP

<1')# ) ¦ #0&4'#5'0 )GQTI <QGIC $TKGHG WPF &QMWOGPVG /WPMUICCTF :: 5 ITÌ­VGPVGKNU PKEJV CWHIGUEJPKVVGP 1TKI $TQUEJWT (CTDKIGU (TQPVKURK\

-1081.76 $+1)4#2*+'0 810 07/+5/#6+-'40 5#//.'40 70& )'.'*46'0 = ,JFV ? 5EJTKHVGP W C ÒDGT , 5 $CEJ , %QTRWVKWU 4 %QVVQP * , FG &QORKGTTG FG %JCWHG RK¾ , * 'IIGNKPI , )TQNKGT , *WVVKEJ , & -ÌJNGT 0 4QEMQZ 1 5RGTNKPI 0 # 8QKIV

-1081.76 -NGKPUEJTKHVGP GKPKIG (GUVUEJTKHVGP $KQITCRJKGP 5EJTKHVGPXGT\GKEJPKUUG XQP )GNGJTVGP WPF 5COONGTP OGKUV ,CJTJWPFGTV

-QPXQNWV XQP $KQITCRJKGP XQP 0WOKUOCVKMGTP (QTUEJGTP 5COONGTP FGU ,CJTJWPFGTVU

9 -#+5'4 # 8¤.-'4 ,QJCPP *GKPTKEJ 5EJWN\G 5 1TKI $TQUEJWT *TUI ,QJCPP *GKP TKEJ 5EJWN\G WPF UGKPG <GKV (GTPGT XKGT YGKVGTG 2WDNKMCVKQPGP \WT 7PKXGTUKV·V *CNNG WPF KJTGP )GNGJTVGP

/101)4#2*+'0 #..)'/'+0' 07/+5/#6+-

#%6# 8+5$;'05+# -WNVWT WPF 2QNKVKM KO 1UVUGGTCWO WPF KO 0QTFGP 8KUD[ 5 1TKI $TQUEJWT 5QEKGV[ CPF VTCFG KP VJG $CNVKE FWTKPI VJG 8KMKPI #IG 8KUD[ 5 -CTVQPKGTV

#)4+%1.# ) )GQTIKWU #ITKEQNC 5EJTKHVGP ÒDGT /C­G WPF )GYKEJVG /GVTQNQIKG ªDGTUGV\V XQP ) (4#756#&6 9 9'$'4 $GTNKP 8+++ 5 .GKPGP CW­GP GVYCU CPIGUEJOWV\V

$'4)*#75 2 *TUI 0WOKUOCVKUEJG .KVGTCVWT &KG 'PVYKEMNWPI FGT /GVJQFGP GKPGT 9KUUGPUEJCHV 9QNHGPDÒVVGNGT (QTUEJWPIGP 9KGUDCFGP 5 OKV \CJNTGKEJGP #DD -CTVQ PKGTV

$'4)/#00 , &CTUVGNNWPI OGJTGTGT DKUJGTKIGT 5[UVGOG HÒT #PQTFPWPI XQP 5COONWPIGP OKVVGNCN VGTNKEJGT WPF OQFGTPGT /ÒP\GP WPF /GFCKNNGP WPF $GITÒPFWPI GKPGU YKUUGPUEJCHVNKEJGP 5[UVGOU XQP -CKUGT -CTN FGO )TQ­GP DKU CWH WPUGTG 6CIG 5& CWU -#&99 2JKN JKUV -N &GPMUEJTKHVGP 5 -CTVQPKGTV GKPKIG $N·VVGT QDGP NGKEJV GKPIGTKUUGP FC\W -QRKGP XQP YGKVGTGP $GKVT·IGP XQP $GTIOCPP GVYC \WT 2HNGIG FGT 0WOKUOCVKM KP ¤UVGTTGKEJ KO :8+++ ,CJTJWPFGTV OKV DGUQPFGTGO *KPDNKEM CWH FCU M M /ÒP\ WPF /GFCKNNGP %CDKPGV KP -#&99 2JKN JKUV -N 5KV\WPIUDGTKEJVG 5 5 2HNGIG FGT 0WOKUOCVKM KP ¤UVGTTGKEJ FWTEJ 2TKXCVG XQTPGJONKEJ KP 9KGP DKU \WO ,CJTG KP GDF 5 4KPIDKPFGT

$'46'. 6*148#.&5'0 . /ª..'4 &GUETKRVKQP FGU OQPPCKGU CPVKSWGU CW /WU¾G 6JQTXCNFUGP %QRGPJCIWG 5 6HP *CNDNGFGT 6JQTXCNFUGPU #PVKMMGT -ÎDGPJCXP 5 1TKI $TQUEJWT /GFFGNGNUGT HTC 6JQTXCNFUGPU /WUGWO 5 -ÒPUVGTNGDGP KP 4QO &GT F·PKUEJG $KNFJCWGT WPF UGKPG FGWVUEJGP (TGWPFG 0ÒTPDGTI 5

%.#+0 56'(#0'..+ ' ' 0WOKUOCVKEU CP #PEKGPV 5EKGPEG %QPVTKDWVKQP HTQO 6JG /WUGWO QH *KUVQT[ CPF 6GEJPQNQI[ 5 OKV \CJNTGKEJGP #DD *CNDNGKPGP / )+'4. &KG UKNDGTPG )GUEJKEJVG FGT FGWVUEJGP #WHMN·TWPI 0WOKUOCVKM WPF FKG 'PVUVGJWPI FGT )GUEJKEJVUYKUUGPUEJCHV 5 KP $ 9 1)+.8+' W C 5COOGNP KP FGT (TÒJGP 0GW\GKV /CZ 2NCPEM +PUVKVWV HÒT 9KUUGP UEJCHVUIGUEJKEJVG 2TGRTKPV 5 OKV #DD 4 %70< 0WOKUOCVKM \YKUEJGP *CWUJKUVQTKQ ITCRJKG WPF HÒTUVNKEJGT 5COOGNNWUV 05V 4GIGPUVCWH 5 OKV #DD =DGKNKGIGPF 4G\GPUKQP XQP 2 $'4)*#75 5& CWU 1UPCDTÒEMGT /KVVGKNWPIGP 5 ? 4 #.$'46 4 %70< *TUI 9KUUGPUEJCHVUIGUEJKEJVG FGT 0WOKUOCVKM $GKVT·IG \WO &GWVUEJGP 0WOKUOCVKMGT VCI /·T\ KP *CPPQXGT 5EJTKHVGPTGKJG FGT 0WOKUOCVKUEJGP )GUGNNUEJCHV 5RG[GT 5RG[GT 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV Z 1TKI $TQUEJWT Z

32


/101)4#2*+'0

%700#..; , +OCIGU QH VJG +NNWUVTKQWU 6JG 0WOKUOCVKE 2TGUGPEG KP VJG 4GPCKUUCPEG 2TKPEGVQP :+ 5 OKV \CJNTGKEJGP #DD / &#.; &#8+5 #TEJ·QNQIKG FGT #PVKMG #WU FGP $GUV·PFGP FGT *GT\QI #WIWUV $KDNKQVJGM #WUUVGNNWPIUMCVCNQIG FGT *GT\QI #WIWUV $KDNKQVJGM 9KGUDCFGP 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI WPF -CTVQPKGTV

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5GJT UGNVGPGU 9GTM

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, $#$'.10 , .#(#74+' *TUI %QPIT½U +PVGTPCVKQPCN FG PWOKUOCVKSWG 2CTKU ,WKNNGV 6QOG FGWZK½OG #EVGU 2CTKU +: 5 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV $KPFWPI NQEMGT 6GKNYGKUG WPCWHIGUEJPKVVGP

%QPITGUUQ +PVGTPC\KQPCNG FK 0WOKUOCVKEC $·PFG 4QO 5 :::++ 5 6HP 1TKI $TQUEJWT

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33


/101)4#2*+'0 #06+-' #..)'/'+0

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9+.$'4) / 4GIGPVGP 6CDGNNGP (TCPMHWTV CP FGT 1FGT 8++ 5 *CNDNGKPGP

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'Z NKDTKU #PFGTU 4KPIDGTI

#06+-' #..)'/'+0

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$176+0 5 %CVCNQIWG FG OQPPCKGU ITGESWGU CPVKSWGU FG NʼnCPEKGPPG EQNNGEVKQP 2Q\\K /QPPCKUGU HTCRR¾U GP 'WTQRG $·PFG /CCUVTKEJV :++ 5 6HP 1TKI $TQUEJWT

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.+0& . 4QOCP FGPCTKK HQWPF KP 5YGFGP $CPF %CVCNQIWG 6GZV #EVC 7PKXGTUKVCVKU 5VQEMJQNOKGPUKU 5VQEMJQNO 5 1TKI $TQUEJWT 4QOGTUMC FGPCTGT HWPPC K 5XGTKIG 5VQEMJQNO 5 6HP 1TKI $TQUEJWT 4ÒEMGP NGKEJV DGUEJ·FKIV

4 #.(¤.&+ / #PVKMG 0WOKUOCVKM $·PFG /CKP\ :.8+ 5 6HP -CTVGP ::: 5 6HP -CTVQPKGTV

#PVKMG 0WOKUOCVKM $·PFG #WHN :.8 5 -CTVGP ::+: 5 6HP -CTVQ PKGTV

34


#06+-' #..)'/'+0 )4+'%*'0

4 #.(¤.&+ / *TUI 5VWFKGP \W (WPFOÒP\GP FGT #PVKMG #WHU·V\G $GTNKP 5 FCXQP 6HP .GKPGP

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-1081.76 )4+'%*+5%*' 07/+5/#6+- * # %#*0 #PVKMGPOWUGWO $CUGN WPF 5COO NWPI .WFYKI )TKGEJKUEJG /ÒP\GP CWU )TQUUITKGEJGPNCPF WPF 5K\KNKGP 5 6HP 5 )470#7'4 810 *1'45%*'./#00 )TKGEJKUEJG /ÒP\GP *CPPQXGT 5 2 4 (4#0-' W C 5KFG /ÒP\RT·IWPI +PUEJTKHVGP WPF )GUEJKEJVG GKPGT CPVKMGP 5VCFV KP FGT 6ÒTMGK 5CCTDTÒEMGP 5 ) (¤45%*0'4 &KG /ÒP\GP FGT )TKGEJGP KP +VCNKGP WPF 5K\KNKGP &KG $GUV·PFG FGU /ÒP\MCDKPGVVU (TCPMHWTV CO /CKP 5 6 (+5%*'4 /QNQP WPF UGKPG /ÒP\GP

X %JT $QEJWO 5 / 5%*.ª6'4 )TKGEJKUEJG /ÒP\GP -CVCNQIG FGT /ÒP\ UCOONWPI FGU -GUVPGT /WUGWOU *CPPQXGT *CPPQXGT 5 WPF 6HP 5 5%*7.6< #PVKMG /ÒP\GP )TKGEJKUEJG 2T·IWPIGP $GTNKP 5 / 4 #.(¤.&+ &GT 5VCVGT FGU 6 3WKPEVKWU (NCOKPKWU 5& CWU 0< 5 6HN /GKUV 1TKI $TQUEJWT Z -CTVQPKGTV

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35


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(4#0-' 2 4 W C 5KFG /ÒP\RT·IWPI +PUEJTKHVGP WPF )GUEJKEJVG GKPGT CPVKMGP 5VCFV KP FGT 6ÒTMGK #WHNCIG 5CCTDTÒEMGP 5 OKV \CJNTGKEJGP #DD -CTVGP 1TKI $TQUEJWT 5KFG /ÒP\ RT·IWPI +PUEJTKHVGP WPF )GUEJKEJVG GKPGT CPVKMGP 5VCFV KP FGT 6ÒTMGK #WHNCIG 5CCTDTÒEMGP 5 OKV \CJNTGKEJGP #DD -CTVGP 1TKI $TQUEJWT 5KFG /ÒP\RT·IWPI +PUEJTKHVGP WPF )G UEJKEJVG GKPGT CPVKMGP 5VCFV KP FGT 6ÒTMGK -KGN 5 )GJGHVGV 5KFG /ÒP\RT·IWPI +PUEJTKH VGP WPF )GUEJKEJVG GKPGT CPVKMGP 5VCFV KP FGT 6ÒTMGK 9KGP 5 6HP )GJGHVGV

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36


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37


#06+-' )4+'%*'0

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38


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)TWPFNGIGPFGU UGJT UGNVGPGU 9GTM

39


#06+-' 4¤/'4

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40


#06+-' 4¤/'4

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41


#06+-' 4¤/'4

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42


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21.'0< * /ÒP\GP KP NCV½PG\GKVNKEJGP )T·DGTP /KVVGNGWTQRCU CWU FGT <GKV \YKUEJGP WPF X %JT )GDWTV 5& CWU $C[GTKUEJG 8QTIGUEJKEJVUDN·VVGT 5 6HP /KV \CJNTGKEJGP #DD 7 -.'+0 &GT MGNVKUEJG /ÒP\UEJCV\ XQP 5EJÌPCKEJ WPF FKG )GUEJKEJVG FGU (WPFGU 5VWVVICTV 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

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43


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$'40#4'))+ ' /QPGVC .CPIQDCTFQTWO .WICPQ 5 OKV \CJNTGKEJGP #DD .GKPGP 9 *#*0 # .7')/';'4 &GT NCPIQDCTFGP\GKVNKEJG /ÒP\UEJCV\HWPF XQP #NFTCPU KP 6KTQN 8GTÌHHGPV NKEJWPIGP FGU +PUVKVWVU HÒT 0WOKUOCVKM FGT 7PKXGTUKV·V 9KGP 9KGP 5 6HP 1TKI $TQ UEJWT

&' .#)1; &GUETKRVKQP FG SWGNSWG OQPPCKGU O¾TQXKPIKGPPGU F¾EQWXGTVGU GP RTQXGPEG #KZ 5 6H 1TKI $TQUEJWT 4ÒEMGP DGUVQ­GP &GEMGN NQEMGT 'VYCU UVQEMHNGEMKI

W­GTUV UGNVGPGU 9GTM KO 1TKIKPCN

&'2';416 ) .G PWO¾TCKTG /¾TQXKPIKGP .ʼn³IG FʼnQT %QNNGEVKQP /QPGVC $·PFG 9GVVGTGP 1TKI $TQUEJWT

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5GJT UGNVGPGU 9GTM GU YWTFGP PWT 'Z IGFTWEMV

44

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&KG 1UVRT·IWPI FGU 4ÌOKUEJGP 4GKEJGU KO ,CJTJWPFGTV ¤#&9 2JKN JKUV -N &GPM UEJTKHVGP 9KGP 5 6HP 2T·IGVCDGNNGP .GKPGP


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*18'0 $ ' W C 'ZECXCVKQPU CV *GNIÌ 5VQEMJQNO 5 OKV \CJNTGKEJGP #DD WPF 6HP 1TKI $TQUEJWT OKV 5EJWV\WOUEJNCI

-19#.5-+ * &KG #WIWUVCNGP -CKUGT (TKGFTKEJU ++ XQP *QJGPUVCWHGP 5& CWU 504 5 (CNVVHP $TQUEJKGTV

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.#%#/ ) %KXKNKUCVKQP GV OQPPCKGU D[\CPVKPGU 2CTKU 5 FCXQP \CJNTGKEJG VGKNU HCTDKIG 6HP -CTVQPKGTV

.#(#74+' , 2+.'6 .'/+ 4' , /QPPCKGU FW JCWV OQ[GP ³IG F¾EQWXGTVGU GP (TCPEG 8G 8+++G UK½ENG %CJKGTU 'TPGUV $CDGNQP 2CTKU 5 1TKI $TQUEJWT * 7 )'+)'4 &KG OGTQYKPIK UEJGP /ÒP\GP KP FGT 5EJYGK\ 5& CWU 504 5 6HP , .#(#74+' /QPPCKGU O¾TQXKP IKGPPGU FW OWU¾G FGU $GCWZ #TVU FG .[QP 5 6HP - , )+..'5 &KG 6TKGTGT /ÒP\RT·IWPI KO HTÒJGP /KVVGNCNVGT -QDNGP\ 5 2 $'4)*#75 - 5%*0'+&'4 #PINQ HTKGUKUEJG 4WPGPUQ NKFK KO .KEJVG FGU 0GWHWPFGU XQP 5EJYGKPFQTH 1UVHTKGUNCPF #TDGKVUIGOGKPUEJCHV HÒT (QTUEJWPI FGU .CPFGU 0QTFTJGKP 9GUVHCNGP *GHV -ÌNP 1RNCFGP 5 2 $'4)*#75 &KG OGTQYKPIK UEJGP 6TKGPVGP XQP #NVGPYCNFG KP &KG -WPFG /KVVGKNWPIGP FGU PKGFGTU·EJUKUEJGP .CPFGUXGTGKPU HÒT 7TIGUEJKEJVG 5 * 7 )'+)'4 - 9;24 %*6+)'4 &GT OGTQYKPIKUEJG /ÒP\HWPF CWU FGO )T·DGTHGNF XQP 5EJNGKVJGKO *GDUCEM 5* 5& CWU 504 5 6HN <WOGKUV DTQUEJKGTV

/144+510 - ( )4706*#. * %CTQNKPIKCP %QKPCIG 00/ 0GY ;QTM :++ 5 -CTVGP 6HP 1TKI $TQUEJWT

/144+5510 % %CVCNQIWG FGU OQPPCKGU D[\CPVKPGU FG NC $KDNKQVJ½SWG 0CVKQPCNG $·PFG 2CTKU 5 6HP .GKPGP $KPFWPI XQP $CPF GVYCU NQEMGT

2417 / %CVCNQIWG FGU OQPPCKGU HTCP¼CKUGU FG NC $KDNKQVJ½SWG 0CVKQPCNG .GU OQPPCKGU /¾TQXKP IKGPPGU 0CEJFTWEM FGT #WUICDG 2CTKU %:: 5 6HP -CTVG .GKPGP

4#661 4 /QPPCKGU $[\CPVKPGU GV F CWVTGU RC[U EQPVGORQTCKPGU C N ¾RQSWG $[\CPVKPG .C RNWU TKEJG GV NC RNWU XCUVG EQNNGEVKQP RTKX¾G 0CEJFTWEM #OUVGTFCO FGT #WUICDG .WICPQ 5 OKV 0TP 6HP 'TIGDPKUNKUVG .GKPGP - -4'56'8 $GYGTVWPIUVCDGNNG \WO -CVCNQI 4CVVQ /QP PCKGU $[\CPVKPGU $[\CPVKPKUEJG /ÒP\GP /KUEGNNCPGC 0WOKUOCVKEC %QNQPKGPUKU + -ÌNP 5 $TQUEJKGTV 5GKVGP NQUG 5 5%*7.6< $[\CPVKPKUEJG /ÒP\GP KP FGT (TÒJEJTKUVNKEJ $[\CPVKPKUEJGP 5COONWPI KO $QFG /WUGWO -NGKPG 5EJTKHVGP FGU /ÒP\MCDKPGVVU $GTNKP $GTNKP 5 OKV #DD )GJGHVGV & 5'#4 $[\CPVKPG %QKPU CPF VJGKT 8CNWGU .QPFQP 5 OKV #DD .GKPGP

45


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4'6195-+ 1 &KG /ÒP\GP FGT -QOPGPGP XQP 6TCRG\WPV #WHN $TCWPUEJYGKI 8+++ 5 6HP .GKPGP

5#$#6+'4 , &GUETKRVKQP I¾PGTCNG FGU OQPPCKGU $[\CPVKPGU $·PFG 0& )TC\ FGT #WUICDG 2CTKU 5 5 +P GKPGO $CPF KP .GKPGP IGDWPFGP

5%*9 4<'. & *CPFGN WPF 8GTMGJT FGU /GTQYKPIGTTGKEJGU PCEJ FGP UEJTKHVNKEJGP 3WGNNGP /CT DWTI 5 -CTVGP / /#46+0 'KP OÒP\FCVKGTVGU -KPFGTITCD CWU FGT HTÒJOKVVGNCNVGTNKEJGP GEENGUKC KP ECUVTQ 'ZUKGPVKG $WTI DGK 'UEJGP\ )GO 5VGKP CO 4JGKP 5* +P #TEJ·QNQIKG FGT 5EJYGK\ 5 2 $'4)*#75 'KP MCTQNKPIKUEJGT /ÒP\TKPI XQP *GDTWO +P &KG -WPFG 5 6HP 1TKI $TQUEJWT

56#*. # / 6JG /GTQXKPIKCP EQKPCIG QH VJG TGIKQP QH /GV\ 0WOKUOCVKEC .QXCPKGPUKC .QWXCKP NC 0GWXG 8++ 5 6HP .GKPGP

57%*1&1.5-+ 5 /QPGVC K QDTÉV RKGPK½ P[ Y 'WTQRKG \CEJQFPKGL 9CTUEJCW 5 OKV \CJNTGKEJGP #DD .GKPGP =/KV 9KFOWPI FGU 8GTHCUUGTU? ) &'2';416 .G PWOGTCKTG ECTQNKPIKGP %QTRWU FGU OQPPCKGU 2CTKU 5 OKV \CJNTGKEJGP 6HP 1TKI $TQUEJWT

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/WPVGPFG /KPKUVGTKCNGP KP 1XGT 5VKEJV GP *QNNCPF IGFWTGPFG FG G GP G GGWY #OUVGTFCO 5 1TKI $TQUEJWT

#&'45 ) *1456/#00 * *7.5*1(( # . W C &KG )TCHGP XQP .KODWTI 5VKTWO WPF KJTGT $GUKV\WPIGP 6GKN + +++ $FG #UUGO #OUVGTFCO /ÒPUVGT )CP\NGKPGP

&'765%*.#0&

&CTKP GPVJCNVGP $'4)*#75 2 52+')'. , &KG /ÒP\GP FGT )TCHGP XQP .KODWTI 5 OKV 6HP WPF -CTVG

#.$4'%*6 ) &CU /ÒP\YGUGP KO 0KGFGTNQVJTKPIKUEJGP WPF HTKGUKUEJGP 4CWO XQO DKU \WO DGIKPPGPFGP ,CJTJWPFGTV 0WOKUOCVKUEJG 5VWFKGP *CODWTI :8 5 -CTVGP 6CDGNNGP 1TKI $TQUEJWT

$#*4('.&6 ' &CU /ÒP\YGUGP FGT /CTM $TCPFGPDWTI WPVGT FGP *QJGP\QNNGTP DKU \WO )TQ­GP -WTHÒTUVGP XQP DKU $GTNKP 8+ 5 6HP *CNDNGFGT $KPFWPI GVYCU NQEMGT WPF 4ÒEMGP DGUVQ­GP UCWDGTG JCPFUEJTKHVNKEJG -QTTGMVWTGP GKPKIGT 0TP CWH FGP 6CHGNP

'Z NKDTKU $TWPQ )CPV\

&CU /ÒP\YGUGP FGT /CTM $TCPFGPDWTI WPVGT (TKGFTKEJ 9KNJGNO FGO )TQ­GP -WTHÒTUVGP WPF -WTHÒTUV (TKGFTKEJ *CNNG CP FGT 5CCNG :+ 5 6HP *CNDNGKPGP GVYCU DGUVQ­GP KO 8QTUCV\ GVYCU UVQEMHNGEMKI UQPUV VCFGNNQU

'Z NKDTKU 9GTPGT 2ÌNN

49


0'7<'+6 &'765%*.#0&

$TCPFGPDWTIKUEJ RTGWUUKUEJG /ÒP\UVWFKGP *GHVG $GTNKP WPF *CNNG CP FGT 5CCNG 5 5 LGYGKNU OKV \CJNTGKEJGP #DD *CNDNGKPGP $KPFWPI GVYCU NQUG

/KVVGNCNVGTOÒP\GP #WUIGY·JNVG 5EJTKHVGP .GKR\KI (TQPVKURK\ ::+ 5 6HP DGKIGNGIV WPF \CJNTGKEJG #DD .GKPGP

$#*4('.&6 ' 4'+0'%-' 9 &GT $CTFGYKMGT /ÒP\HWPF 5& CWU $GTNKPGT /ÒP\DN·VVGT 0( 5 6HP OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

$GUKV\UVGORGN ,WNKWU $CJNMG $GTNKP 5 5VCNNUEJTGKDGT 5VT

$#*4('.&6 / XQP ªDGT FKG ·NVGTGP *CODWTIGT 2QTVWICNÌUGT 5& CWU <GKVUEJTKHV FGU 8GTGKPU HÒT JCODWTIKUEJG )GUEJKEJVG *CODWTI 5 6H $TQUEJKGTV

0KGFGTU·EJUKUEJGU /ÒP\CTEJKX 8GTJCPFNWPIGP CWH FGP -TGKU WPF 2TQDCVKQPUVCIGP FGU 0KGFGTU·EJUK UEJGP -TGKUGU 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP HÒT *CPPQXGT 1NFGPDWTI $TCWPUEJYGKI 5EJCWODWTI .KRRG WPF $TGOGP $CPF *CNNG CP FGT 5CCNG 8+ 5 6HP .GKPGP

0KGFGTU·EJUKUEJGU /ÒP\CTEJKX 8GTJCPFNWPIGP CWH FGP -TGKU WPF 2TQDCVKQPUVCIGP FGU 0KGFGTU·EJUK UEJGP -TGKUGU 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP HÒT *CPPQXGT 1NFGPDWTI $TCWPUEJYGKI 5EJCWODWTI .KRRG WPF $TGOGP $CPF *CNNG CP FGT 5CCNG +8 5 6HP $TQUEJKGTV NQUG .CIGP

0KGFGTU·EJUKUEJGU /ÒP\CTEJKX 8GTJCPFNWPIGP CWH FGP -TGKU WPF 2TQDCVKQPUVCIGP FGU 0KGFGTU·EJUK UEJGP -TGKUGU $CPF *CNNG CP FGT 5CCNG 8++ 5 6HP .GKPGP GVYCU DGUEJ·FKIV

$GKVT·IG \WT /ÒP\IGUEJKEJVG FGT .ÒPGDWTIKUEJGP .CPFG KO GTUVGP &TKVVGN FGU ,CJTJWPFGTVU *GT\QI 9KNJGNO \W *CTDWTI %JTKUVKCP \W %GNNG ,WNKWU 'TPUV WPF #WIWUV F , \W &CPPGPDGTI *KV\CEMGT 5& CWU 0< 5 OKV #DD 1JPG 8QTUCV\ *CNDNGKPGP OKV -NGDGDKPFWPI

$#..; 1 $GUEJTGKDWPI XQP /ÒP\GP WPF /GFCKNNGP FGU (ÒTUVGPJCWUGU WPF .CPFGU $CFGP KP EJTQPQ NQIKUEJGT (QNIG CWU FGT 5COONWPI FGU ITQ­JGT\QINKEJ DCFKUEJGP -QOOGT\KGPTCVJU 1VVQ $CNN[ KP 5·EM KPIGP 6GKN #CTCW )TQ­HQNKQ ::: 5 HCTDKIG 9CRRGPVHP 6HP )GRT·IGT .GKPGPGKP DCPF OKV 4QVUEJPKVV .KGHGTWPIGP WPF XQP 6GKN #CTCW 1TKI $TQUEJWT

$#7/ 9 &KG /ÒP\GP WPF /GFCKNNGP FGT $KUEJÌHG XQP $TGUNCW 5& CWU #TEJKX HÒT UEJNGUKUEJG -KTEJGPIGUEJKEJVG $F 5 WPF $F 5 5 6HP $GKIGDWPFGP 9 $#7/ , )1665%*#.- /GFCKNNGP CWH -CTFKPCN #FQNH $GTVTCO WPF CWH UEJNGUKUEJG 2TKGUVGT 5& CWU #TEJKX HÒT UEJNGUKUEJG -KTEJGPIGUEJKEJVG $F 5 6HP +P GKPGO $CPF IGDWPFGP *CNDNGKPGP

$#;'40 -NGKPGU -QPXQNWV XQP 5& CWU ,CJTDWEJ HÒT 0WOKUOCVKM WPF )GNFIGUEJKEJVG & 56'+0*+.$'4 &KG 2HGPPKIG FGU 4GIGPUDWTIGT 5EJNCIGU 5 6HP &KG 2HGPPKIG FGU 9ÒT\DWTIGT 5EJNCIGU 5 6HP &C\W * '//'4+) &KG 4GIGPUDWTIGT /ÒP\GTJCWUIGPQUUGPUEJCHV KO WPF ,CJTJWPFGTV 5& CWU 8GTJCPFNWPIGP FGU *KUVQTKUEJGP 8GTGKPU HÒT 1DGTRHCN\ WPF 4GIGPUDWTI 5 1TKI $TQUEJWT

$'4)*#75 2 9·JTWPIUITGP\GP FGU 9GUVH·NKUEJGP 1DGTYGUGTIGDKGVGU KO 5R·VOKVVGNCNVGT *CODWTI 5 6HN

&KG UGNVGPG WPF JGWVG PQEJ ITWPFNGIGPFG &KUUGTVCVKQP XQP 2GVGT $GTIJCWU

50

/ÒP\HWPFG KO -TGKUG *CNNG 9GUVHCNGP +P ,CJTG -TGKUURCTMCUUG \W *CNNG KP 9GUVHCNGP 5 6HN /ÒP\RT·IWPI WPF )GNFWONCWH KO )GDKGV FGU -TGKUGU $ÒTGP (CNVDNCVV -4'+552#4-#55' $ª4'0 &CU )GNFYGUGP KO -TGKUG $ÒTGP KP CNVGT <GKV 5 6HN +P ,CJTG -TGKUURCTMCUUG $ÒTGP K 9 $ÒTGP 5 6HP 1TKI $TQUEJWT

&KG QUVHTKGUKUEJGP /ÒP\HWPFG 5& CWU (TKGUKUEJGU ,CJTDWEJ 5 FCXQP 6HP -CTVG &GT 6WTPQUGPHWPF XQP )TCDUVGFG 5 KP 1NFGPDWTIGT ,CJTDWEJ 5 &GT /ÒP\UEJCV\ XQP 3WGTGPDWTI KP FGT $QEJWOGT 7PKXGTUKV·V -NGKPG *GHVG FGT /ÒP\UCOONWPI CP FGT 4WJT 7PKXGTUKV·V $QEJWO $QEJWO 5 FCXQP 6HP (CNVMCTVG 1TKI $TQUEJWT

&GT OKVVGNCNVGTNKEJG )QNFUEJCV\HWPF CWU .KODWTI .CJP 5 WPF 6HP KP 0CUUCWKUEJG #PPCNGP 5 1TKI $TQUEJWT 4ÒEMGP NQUG - 2'64; #URGMVG FGU )GNFWONCWHU KP 6TKGT WPF 5V )QCT Y·JTGPF FGT NGV\VGP *·NHVG FGU ,CJTJWPFGTVU <YGK 5EJCV\HWPFG KO 8GTINGKEJ 5& CWU 6TKGTGT <GKVUEJTKHV 5 OKV \CJNTGKEJGP #DD WPF -CTVGP =OKV 9KFOWPI FGU 8GTHCUUGTU? &GT 9KVVNKEJGT )QNFOÒP\GPHWPF XQP 'KP <GWIPKU YGKVTGKEJGPFGT *CPFGNUXGTDKPFWPIGP IGIGP 'PFG FGU ,CJTJWPFGTVU 5 KP ,CJTDWEJ HÒT FGP -TGKU $GTPMCUVGN 9KVVNKEJ 5 -CTVQPKGTV GKPKIG 5 NQUG


0'7<'+6 &'765%*.#0&

&CU /ÒP\YGUGP +P -CTN FGT )TQ­G 9GTM WPF 9KTMWPI #CEJGP 5 :. 5 6HP 1TKI $TQUEJWT

&KG OKVVGNCNVGTNKEJG /ÒP\RT·IWPI FGT 'T\DKUEJÌHG XQP -ÌNP KP 5EJOCNNGPDGTI WPF CPFGTGP /ÒP\UV·VVGP FGU 5CWGTNCPFGU 5 KP $GKVT·IG \WT )GUEJKEJVG FGT 5VCFV 5EJOCNNGPDGTI 5EJOCNNGP DGTI 5 6HP .GKPGP

/ÒP\RT·IWPI WPF /ÒP\WONCWH KO 8GUV 4GEMNKPIJCWUGP +P ,CJTG 5VCFV 4GEMNKPIJCWUGP 4GEMNKPIJCWUGP 5 5 .GKPGP

$'40*#46 / &KG /ÒP\GP WPF /GFCKNNGP FGT 5VCFV -CWHDGWTGP PGDUV GKPGT OÒP\IGUEJKEJVNKEJGP 'KPNGKVWPI *CNNG CP FGT 5CCNG 5 6HP .GKPGP

&KG /ÒP\GP FGT 4GKEJUUVCFV -GORVGP *CNNG CP FGT 5CCNG 5 6HP $TQUEJKGTV

&KG /ÒP\GP FGT 4GKEJUUVCFV -GORVGP *CNNG CP FGT 5CCNG 5 6HP $TQUEJKGTV

$+0&'4 % 9ÒTVVGODGTIKUEJG /ÒP\ WPF /GFCKNNGP -WPFG + 0GW DGCTDGKVGV XQP ,WNKWU 'DPGT 5VWVV ICTV 5 6HP *CNDNGKPGP

$4#70 810 567// ) &KG /ÒP\GP FGT #DVGK *QTPDCEJ PGDUV $GKVT·IGP \WT /ÒP\MWPFG XQO 5RG[GTICW WPF 'NUC­ KO ,CJTJWPFGTV *CNNG CP FGT 5CCNG 5 6HP .GKPGP

$4'/'4 $'+64 )' <74 /ª0< 70& )'.&)'5%*+%*6' #NNIGOGKPG 0WOKUOCVKM #PVKMG /KVVGNCNVGT 0GW\GKV /GFCKNNGP $·PFG WPF $TGOGP 5 5 -CTVQPKGTV

$7%*'0#7 * &GT $TCEVGCVGPHWPF XQP 5GGIC 'KP $GKVTCI \WT 'THQTUEJWPI FGT FGWVUEJGP /ÒP\ FGPMO·NGT CWU FGO <GKVCNVGT FGT UVCWHKUEJGP -CKUGT 0CEJFTWEM .GKR\KI FGT #WUICDG /CTDWTI :8++ 5 6HP .GKPGP $ -.7)' 2TQDNGOG FGT $TCMVGCVGPHQTUEJWPI 5& CWU (QT UEJWPIGP WPF $GTKEJVG 5 )GJGHVGV ) 01.. * 1 21../#00 &GT 'THWTVGT $TCMVGCVGPUEJCV\ 'THWTV -CTVQPKGTV

$7%- * &CU )GNF WPF /ÒP\YGUGP FGT 5V·FVG KP FGP .CPFGP *CPPQXGT WPF $TCWPUEJYGKI (TCPM HWTV CO /CKP 5 *CND -WPUVNGFGT

$7%- * $#*4('.&6 / XQP &KG /ÒP\GP FGT 5VCFV *KNFGUJGKO &KG /ÒP\GP FGU $KUVWOU WPF FGT 5VCFV *KNFGUJGKO *KNFGUJGKO WPF .GKR\KI :+ 5 6HP .GKPGP 6HP WPF 6GZV CO 4CPF OKV NGKEJVGO 9CUUGTTCPF

&KG /ÒP\GP FGT 5VCFV *KNFGUJGKO 5 6HP *KNFGUJGKO 1TKI $TQUEJWT $KPFWPI NQUG

$7%- * $ª660'4 # -.7)' $ &KG /ÒP\GP FGT 4GKEJUUVCFV )QUNCT DKU /ÒP\IG UEJKEJVG WPF )GRT·IGMCVCNQI $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP 0GWG (QNIG $GTNKP 5 6HP .GKPGP

%#*0 , /ÒP\ WPF )GNFIGUEJKEJVG XQP -QPUVCP\ WPF FGU $QFGPUGGIGDKGVGU KO /KVVGNCNVGT DKU \WO 4GKEJUOÒP\IGUGV\ XQP /ÒP\ WPF )GNFIGUEJKEJVG FGT KO )TQ­JGT\QIVWO $CFGP XGTGKPKIVGP )GDKGVG *GKFGNDGTI : 5 6HP (CNVMCTVG /QFGTPGU .GKPGP GKP 4K­ CWH FGO 6KVGNDNCVV UCWDGT JKPVGTMNGDV UQPUV VCFGNNQUGU 'ZGORNCT

%#22' * 2 &KG /ÒP\GP FGT FGWVUEJGP -CKUGT WPF -ÌPKIG FGU /KVVGNCNVGTU 6GKNG &TGUFGP 8+++ :+8 8+++ 5 6HP 7PVGTUEJKGFNKEJ KP *CNDNGFGT IGDWPFGP 7O UEJN·IG DGUVQ­GP 2CRKGT GVYCU IGDT·WPV WPF NGKEJV UVQEMHNGEMKI

$CPF $GUKV\GT , 1 9GFDGTI $CPF 'Z NKDTKU &T %CTN %J 5KEM

%70< 4 9·JTWPIUWPKQPGP $GKVT·IG \WT )GUEJKEJVG ÒDGTTGIKQPCNGT /ÒP\ WPF )GNFRQNKVKM 0WOKU OCVKUEJG 5VWFKGP *CODWTI 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV 4 # ) %#4510 %Q KPU #PEKGPV /GFKGXCN CPF /QFGTP .QPFQP 5 6HP .GKPGP * & -#*. *CWRVNKPKGP FGT FGWVUEJGP /ÒP\IGUEJKEJVG XQO 'PFG FGU ,CJTJWPFGTVU DKU (TCPMHWTV CO /CKP 5 OKV \CJNTGKEJGP #DD WPF 6HP =/KV 9KFOWPI FGU 8GTHCUUGTU? 0 -.ª55'0&14( 4GIKQPCNGT WPF ÒDGTTGIKQPCNGT )GNFWONCWH KP &GWVUEJNCPF 'KP )TWPFRTQDNGO FGT 0GW\GKV OKV 9WT\GNP KO /KVVGNCNVGT 5& CWU * 4 &'45%*-# W C *TUI %KTEWNCVKQP OQP¾VCKTG T¾IKQPCNG GV UWRTC T¾IKQPCNG #EVGU FW VTQKUK½OG EQNNQSWG KPVGTPCVKQPCN FW )TQWRG UWKUUG RQWT N ¾VWFG FGU VTQWXCKNNGU OQP¾VCKTGU .CWUCPPG 5 6HP )GJGHVGV =/KV 9KFOWPI FGU 8GTHCUUGTU /CN MGKP (WPF *GT\NKEJG )TÒ­G WPF &CPM HÒT 0KGPDWTI ? = YGKVGTG -NGKPUEJTKHVGP?

&#00'0$'4) * 8GT\GKEJPKU OGKPGT 5COONWPI FGWVUEJGT /ÒP\GP FGT U·EJUKUEJGP WPF HT·PMKUEJGP -CKUGT\GKV .GKR\KI 5 *CNDNGKPGP $WEJDNQEM NGKEJV IGNQEMGTV

5VWFKGP \WT /ÒP\MWPFG FGU /KVVGNCNVGTU .GKR\KI (TQPVKURK\ :::+: 5 6HP .GKPGP

51


0'7<'+6 &'765%*.#0&

&KG FGWVUEJGP /ÒP\GP FGT U·EJUKUEJGP WPF HT·PMKUEJGP -CKUGT\GKV $·PFG 0& $GTNKP FGT #WU ICDG $GTNKP 5 8 5 -CTVGP 6HP .GKPGP KP FTGK $·PFGP IGDWPFGP

&#8'02146 , 5 )GTOCP EJWTEJ CPF EKV[ 6CNGTU #WHN )CNGUDWTI 8+++ 5 .GKPGP

)GTOCP 5GEWNCT 6CNGTU (TCPMHWTV CO /CKP 5 -CTVQPKGTV

)GTOCP 6CNGTU (TCPMHWTV CO /CKP 5 -CTVQPKGTV

&#8'02146 , 5 5¦0&'4)##4& 6 .CTIG 5K\G 5KNXGT %QKPU QH VJG 9QTNF #WHNCIG )CNGU DWTI 8+++ 5 OKV \CJNTGKEJGP #DD .GKPGP

&'6*.'(5 ) &CU /CTUDGTIGT /ÒP\YGUGP KO /KVVGNCNVGT <WT 9KTVUEJCHVU WPF 5Q\KCNIGUEJKEJVG GKPGT UÒFYGUVH·NKUEJGP 5VCFV WO /CTUDGTI 5

&14(/#00 $ &CU /ÒP\ WPF )GNFYGUGP FGU *GT\QIVWOU .CWGPDWTI WPF FKG /GFCKNNGP FGU *CW UGU 5CEJUGP .CWGPDWTI .ÒDGEM 5 6HP .GKPGP OKPKOCN DGUVQ­GP

&7+5$74) 2 $'4)*#75 &WKUDWTIGT /ÒP\GP +P &WKUDWTI KO /KVVGNCNVGT &WKUDWTI 5 5 0CEJCJOWPIGP &WKUDWTIGT /ÒP\GP FGU ,CJTJWPFGTVU CWU 5MCPFKPCXKGP 5& CWU 0WOKUOCVKUMC /GFFGNCPFGP 5 #.6*1(( 4 -WNVWT WPF 5VCFVJKUVQTKUEJGU /WUGWO 'KPG CW­GTIGYÌJPNKEJG /ÒP\ 0GWGTYGTDWPI +P &WKUDWTIGT ,QWTPCN 5 ) XQP 41&'0 &WKUDWTI KO ,CJTG &GT 5VCFVRNCP FGU ,QJCPPGU %QTRWVKWU 'KP 5EJCWDKNF &WKUDWTIGT )GUEJKEJVG &WKUDWTI 5 (CNVMCTVG , /+.< &WKUDWTI 4JGKPKUEJGT 5V·FVGCVNCU #WHN $QPP -CTVGP (QNKQ <WOGKUV 1TKI $TQUEJWT

&78' ) *KUVQT[ QH VJG TGFGGOCDNG OWNVKRNG CPF OKPKPI VCNGTU QH $TWPUYKEM .WPGDWTI 5 OKV \CJNTGKEJGP #DD ,QJCPPGUDWTI .GKPGP

/KV 5KIPCVWT FGU 8GTHCUUGTU 0T XQP PWOGTKGTVGP 'ZGORNCTGP

'*4'0& * 5RG[GTGT /ÒP\IGUEJKEJVG /ÒP\GP /GFCKNNGP /CTMGP WPF $CPMPQVGP 5RG[GT 5 OKV \CJNTGKEJGP #DD .GKPGP OKV 5EJWV\WOUEJNCI 5RG[GTGT /ÒP\IGUEJKEJVG 6GKN /GFCKN NGP 2NCMGPVVGP #D\GKEJGP 5RG[GT 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

'//'4+) * &GT 4GIGPUDWTIGT 2HGPPKI &KG /ÒP\RT·IWPI KP 4GIGPUDWTI XQO ,CJTJWPFGTV DKU $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP $GTNKP 5 -CTVGP 6CHGNP .GKPGP

'4$56'+0 , 4 WPF * # &KG 4KVVGT XQP 5EJWNVJGUU 4GEJDGTI UEJG /ÒP\ WPF /GFCKNNGP 5COO NWPI 6GKNG &TGUFGP :8+ 5 OKV 0TP 6HP 5 '. :+++ 5 6HP 5 '. *CNDNGKPGP DGKFG 'TIGDPKUNKUVGP KO 6GKN IGDWPFGP

'8'45 % ( /GEMNGPDWTIKUEJG /ÒP\XGTHCUUWPI DGUQPFGTU FKG )GUEJKEJVG FGTUGNDGP /KV GKPGT YKU UGPUEJCHVNKEJGP 'KPNGKVWPI XQP 0KMNQV -NÒ­GPFQTH $·PFG 0CEJFTWEM -ÌNP 9KGP ::8+ 5 ::++ 5 .GKPGP

':6'4 ( 2H·N\KUEJG /ÒP\GP WPF /GFCKNNGP (CMUKOKNG /ÒPEJGP +: 5 5VCOOVCHGNP

('.-' ) &KG )QNFRT·IWPIGP FGT TJGKPKUEJGP -WTHÒTUVGP /CKP\ 6TKGT -ÌNP 2HCN\ -ÌNP :8 5 \CJNTGKEJG HCTDKIG #DD .GKPGP

(4+'&'05$74) ( 5EJNGUKGPU /ÒP\GP WPF /ÒP\YGUGP XQT FGO ,CJT $GTNKP +8 5 6HP *CNDNGKPGP OKPKOCN UVQEMHNGEMKI

'Z NKDTK &T /CZ -KTOKU CWU (TCWUVCFV WPF &T (TKGFTKEJ $QPJQHH

5EJNGUKGPU 0GWGTG /ÒP\IGUEJKEJVG $TGUNCW 8+++ 5 *CNDNGFGT YGPKIG #POGTMWPIGP KO 6GZV

(4+'&'05$74) ( 5')'4 * 5EJNGUKGPU /ÒP\GP WPF /GFCKNNGP FGT PGWGTGP <GKV $TGUNCW 8++ 5 6HP (QNKQ *CNDNGKPGP GKPKIG 5GKVGP GVYCU YCUUGTHNGEMKI

5EJNGUKGPU /ÒP\GP WPF /GFCKNNGP FGT PGWGTGP <GKV 0CEJFTWEM (TCPMHWTV )+) 5EJTKHVGPTGKJG 0T Q , FGT #WUICDG $TGUNCW 8++ 5 6HP *CNDNGKPGP /KV \CJNTGKEJGP GKPIGMNGDVGP #DDKN FWPIGP WPF 0QVK\GP &C\W 8KGT #WMVKQPUMCVCNQIG OKV 5RG\KCNUCOONWPIGP 5EJNGUKGP 5NI .ÌHHNGT 5NI 5VTKGDQNN QJPG 6CHGNP 5NI 0 )TCDQY 5NI X %NCGT 6CHGNCWUUEJPKVVG *KTUEJ 01*',.18 24 618 ' &CU /ÒP\YGUGP #NDTGEJVU XQP 9CNNGPUVGKP )TC\ UQYKG YGKVGTG 5EJTKHVGP -QRKGP WPF #WUUEJPKVVG CWU <GKVWPIGP WPF -CVCNQIGP FCTWPVGT CWEJ ÒDGT UEJNGUKUEJGU 0QVIGNF 7PVGTUEJKGFNKEJ IGDWPFGP

)#'&'%*'05 1 % *CODWTIKUEJG /ÒP\GP WPF /GFCKNNGP $·PFG 0& .GKR\KI FGT #WUICDG *CODWTI 5 5 5 #NNG $·PFG OKV \CJNTGKEJGP #DD .GKPGP

52


0'7<'+6 &'765%*.#0&

)'$*#46 * &KG /ÒP\GP WPF /GFCKNNGP FGT 5VCFV &QPCWYÌTVJ /ÒP\UVWFKGP *CNNG CP FGT 5CCNG +8 5 6HP .GKPGP

)+'5'0 - &KG /ÒP\GP XQP &KGRJQN\ )GNF WPF /ÒP\IGUEJKEJVG )GRT·IGMCVCNQI 1UPCDTÒEM 5 OKV \CJNTGKEJGP #DD .GKPGP

)4#761(( ( * )GUEJKEJVG FGU NÒDGEMKUEJGP /ÒP\HW­GU DKU \WO ,CJTG *KUVQTKUEJG 5EJTKHVGP CWU FGO 0CEJNCUUG $CPF .ÒDGEM 5 *CNDNGFGT DGUVQ­GP 9 ,'55' &GT 9GPFKUEJG /ÒP\XGTGKP 3WGNNGP WPF &CTUVGNNWPIGP \WT *CPUKUEJGP )GUEJKEJVG 0GWG (QNIG 0& $TCWPUEJYGKI FGT #WUICDG .ÒDGEM 5 6HP .GKPGP % %746+75 #WUIGY·JNVG /ÒP\GP WPF /GFCKNNGP FGT 5VCFV .ÒDGEM 5& CWU / *1(/#00 *TUI )GUEJKEJVG FGT HTGKGP WPF *CPUGUVCFV .ÒDGEM .ÒDGEM 5 6HP 1TKI $TQUEJWT &GEMGN NQUG * $'*4'05 &KG /ÒP\GP FGT 5VCFV WPF FGU $KUVWOU .ÒDGEM 0& *CODWTI FGT #WUICDG $GTNKP 5 6H 1TKI $TQ UEJWT /KV YGKVGTGP 5EJTKHVGP WPF -NGKPUEJTKHVGP

)416' * *TUI /ÒP\UVWFKGP $·PFG 0& )TC\ FGT #WUICDG .GKR\KI .GKPGP

* $'4.' # 7NOGT /ÒP\ WPF )GNFIGUEJKEJVG FGU /KVVGNCNVGTU 7NOGT 5EJTKHVGP \WT -WPUVIG UEJKEJVG 7NO 5 6HP 1TKI $TQUEJWT

* 8'40+%- 9 &GT -ÌNPGT 2HGPPKI KO WPF ,CJTJWPFGTV 2GTKQFG FGT VGTTKVQTKCNGP 2HGPPKI OÒP\G $GKJGHV \WT 8KGTVGNLCJTUEJTKHV HÒT 5Q\KCN WPF 9KTVUEJCHVUIGUEJKEJVG 5VWVVICTV 5 -CTVGP .GKPGP 'KPDCPF IGRNCV\V WPF DGUVQ­GP

&KG KPJCNVNKEJ WPF OGVJQFKUEJ ITWPFNGIGPFG &KUUGTVCVKQP XQP 9CNVGT *·XGTPKEM

&KG /ÒP\GP XQP -ÌNP &KG MÌPKINKEJGP WPF GT\DKUEJÌHNKEJGP 2T·IWPIGP FGT /ÒP\UV·VVG -ÌNP UQYKG FKG 2T·IWPIGP FGT /ÒP\UV·VVGP FGU 'T\UVKHVU -ÌNP XQO $GIKPP FGT 2T·IWPI DKU &KG /ÒP\GP WPF /GFCKNNGP XQP -ÌNP -ÌNP :+: 5 -CTVGP 6HP .GKPGP

*#*0 9 4 1 /QPGVC 4CFCURQPGPUKU $C[GTPU /ÒP\RT·IWPI KO WPF ,CJTJWPFGTV $TCWPUEJYGKI 5 6HP .GKPGP

/QPGVC 4CFCURQPGPUKU $C[GTPU /ÒP\RT·IWPI KO WPF ,CJTJWPFGTV $TCWPUEJYGKI 5 6HP .GKPGP

*#6< ) *CPFGN WPF 8GTMGJT \YKUEJGP FGO &GWVUEJGP 4GKEJ WPF 5EJYGFGP KP FGT UR·VGP 9KMKPIGT \GKV &KG FGWVUEJGP /ÒP\GP FGU WPF ,CJTJWPFGTVU KP 5EJYGFGP .WPF 5 FCXQP 6CDGNNGP -CTVGP &KCITCOOG WPF 6HP .GKPGP

&KG UGNVGPG WPF ITWPFNGIGPFG *CDKNKVCVKQPUUEJTKHV XQP )GTV *CV\

<WT /ÒP\IGUEJKEJVG $CTFQYKEMU 5& CWU 00 5 FCXQP 6HP )GJGHVGV

*CODWTIKUEJG /ÒP\UVGORGN KP 'OFGP 5& CWU *COOCDWTI 0( (GUVUEJTKHV HÒT *CPU &TGUEJGT \W UGKPGO )GDWTVUVCI 0GWOÒPUVGT 5 2 $'4)*#75 -NGKPG /KPFGPGT /ÒP\IG UEJKEJVG 5EJTKHVGPTGKJG FGT /ÒP\HTGWPFG /KPFGP /KPFGP / &;)1 &KG /ÒP\RQNKVKM FGU &GWVUEJGP 1TFGPU KP 2TGW­GP KP FGT GTUVGP *·NHVG FGU ,CJTJWPFGTVU 9CTUEJCW =/KV 9KFOWPI *GTTP 2TQH &T 2GVGT $GTIJCWU OKV XQT\ÒINKEJGT *QEJCEJVWPI XQO 8GTHCUUGT 9CTUEJCW FGP /·T\ ? # $ª660'4 51$166# 9 )QUNCTGT /ÒP\GP )QUNCT = YGKVGTG -NGKP UEJTKHVGP? 1TKI $TQUEJWT

*#6< ) W C 1VVQ #FGNJGKF 2HGPPKIG 7PVGTUWEJWPIGP \W /ÒP\GP FGU ,CJTJWPFGTVU %QO OGPVCVKQPGU FG PWOOKU UCGEWNQTWO +: :+ KP 5WGEKC TGRGTVKU 0QXC 5GTKGU 5VQEMJQNO 5 OKV \CJNTGKEJGP 6HP .GKPGP

*#6< ) WPF 8 &KG FGWVUEJGP /ÒP\GP FGU (WPFGU XQP $WTIG + -UR .WOOGNWPFC )QVNCPF VRS 'KP $GKVTCI \WT QUVH·NKUEJGP /ÒP\IGUEJKEJVG %QOOGPVCVKQPGU FG PWOOKU UCGEWNQTWO +: :+ KP 5WGEKC TGRGTVKU 0QXC UGTKGU 5VQEMJQNO .QPFQP 5 FCXQP 6HP .GKPGP OKV 5EJWV\WO UEJNCI

/KV 9KFOWPI FGT 8GTHCUUGT 2GVGT KP 'TKPPGTWPI CP FKG WPXGTIG­NKEJGP 5VWPFGP IGOGKPUCOGT #TDGKV KO -/-

*#726 9 6CDGNNGP \WT U·EJUKUEJGP /ÒP\MWPFG #TDGKVU WPF (QTUEJWPIUDGTKEJVG \WT U·EJUKUEJGP $QFGPFGPMOCNRHNGIG $GKJGHV $GTNKP 5 FCXQP 6HP -NGKPG U·EJUKUEJG /ÒP\MWPFG #TDGKVU WPF (QTUEJWPIUDGTKEJVG \WT U·EJUKUEJGP $QFGPFGPMOCNRHNGIG $GKJGHV $GTNKP 5 6HP #401.& 2 37'../#.< 9 5·EJUKUEJ VJÒTKPIKUEJG $GTIDCWIGRT·IG )GYKPPWPI WPF 8GTJÒVVWPI XQP )QNF 5KNDGT WPF -WRHGT KO 5RKGIGN XQP /ÒP\GP WPF /GFCKNNGP .GKR\KI (TQP VKURK\ 5 OKV \CJNTGKEJGP #DD ' 4#*0'0(ª*4'4 &KG MWTU·EJUKUEJGP -KRRGTOÒP\GP 8GTÌH HGPVNKEJWPIGP FGU .CPFGUOWUGWOU HÒT 8QTIGUEJKEJVG &TGUFGP #WHN $GTNKP 5 6HP ) -47) &KG MWTU·EJUKUEJGP -KRRGTOÒP\GP ++ 'TI·P\WPIGP \W ' 4CJPGPHÒJTGT 8GTÌHHGPVNKEJWP IGP FGU .#PFGUOWUGWOU HÒT 8QTIGUEJKEJVG &TGUFGP $GTNKP 5 6HP *CNDNGFGT Z .GKPGP OKV 5EJWV\WOUEJNCI Z 1TKI $TQUEJWT Z

53


0'7<'+6 &'765%*.#0&

*'%-. , &CU )GNFYGUGP #PJCNVU WPVGT $GTÒEMUKEJVKIWPI FGT 5VCCVUUEJWNFGP DKU 05V 4GIGPUVCWH 5 -CTVQPKGTV

*+.&+5%* , &KG /ÒP\GP FGT RQOOGTUEJGP *GT\ÌIG XQP DKU \WO 'TNÌUEJGP FGU )TGKHGPIG UEJNGEJVGU 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP HÒT 2QOOGTP -ÌNP 9KGP :+++ 5 .GKPGP

*1((/'+56'4 , % % *KUVQTKUEJ MTKVKUEJG $GUEJTGKDWPI CNNGT DKU LGV\V DGMCPPV IGYQTFGPGP JGUUK UEJGP /ÒP\GP /GFCKNNGP W /CTMGP KP IGPGCNQIKUEJ EJTQPQNQIKUEJGT (QNIG $·PFG 0CEJFTWEM .GKR \KI FGT #WUICDG %CUUGN 2CTKU D\Y *CPPQXGT 8 5 6HP 8 5 6HP ::+8 5 5 +P FTGK $·PFGP KP .GKPGP IGDWPFGP

+.+5%* 2 /ÒP\HWPFG WPF )GNFWONCWH KP 9GUVHCNGP KP /KVVGNCNVGT WPF 0GW\GKV 0WOKUOCVKUEJG 7P VGTUWEJWPIGP WPF 8GT\GKEJPKU FGT (WPFG KP FGP 4GIKGTWPIUDG\KTMGP #TPUDGTI WPF /ÒPUVGT 8GTÌHHGPV NKEJWPIGP FGU 2TQXKP\KCNKPUVKVWVU HÒT 9GUVH·NKUEJG .CPFGU WPF 8QNMUHQTUEJWPI FGU .CPFUEJCHVUXGTDCP FGU 9GUVHCNGP .KRRG /ÒPUVGT 8 5 *TUI /ÒP\HWPFG KP 1UVYGUVHCNGP /KVVGNCNVGT WPF 0GW\GKV 0WOKUOCVKUEJG 5EJTKHVGP FGU 9GUVH·NKUEJGP .CPFGUOWUGWOU HÒT -WPUV WPF -WNVWTIG UEJKEJVG /ÒPUVGT /ÒPUVGT 9 $4+0-/#00 7PPCGT )QNFUEJCV\ 'KPG &QMWOGPVCVKQP FGT 5RCTMCUUG 7PPC 7PPC 2 $'4)*#75 &GT /ÒP\UEJCV\HWPF XQP *GOGT 9GUVKI &KG (KDGN *GOGT =OKV 9KFOWPI FGU 8GTHCUUGTU? &GT /ÒP\UEJCV\ XQP 3WGTGPDWTI KP FGT $QEJWOGT 7PKXGTUKV·V -NGKPG *GHVG FGT 4WJT 7PKXGTUKV·V $QEJWO $QEJWO 9 $'4)/#00 #WU UVGNNWPI FGU 3WGTGPDWTIGT /ÒP\UEJCV\GU $QEJWO 6JQOCU (KUEJGT 2TGUUGUEJPKVVG \WT 0GWCWU UVGNNWPI FGU OKVVGNCNVGTNKEJGP /ÒP\UEJCV\GU XQP $QEJWO 3WGTGPDWTI KP FGT 4WJT 7PKXGTUKV·V $QEJWO =/KV 9KFOWPI FGU 8GTHCUUGTU? ) 4¤2'4 &GT /ÒP\UEJCV\ CWU 5GRRGPTCFG .ÒFKPIJCWUGP 7PVGTUEJKGFNKEJ IGDWPFGP OGKUV 1TKI $TQUEJWT

&KG &KUUGTVCVKQP XQP 2GVGT +NKUEJ OKV FGT 9KFOWPI XQO IGYKFOGV FGOLGPKIGP FGT FKGUG #TDGKV CPIGTGIV W FWTEJ DGFGWVGPFG 8QTCTDGKVGP CP KJTGO <WUVCPFGMQOOGP YGUGPVNKEJGP #PVGKN JCV

,'55' 9 &GT 9GPFKUEJG /ÒP\XGTGKP 3WGNNGP WPF &CTUVGNNWPIGP \WT JCPUKUEJGP )GUEJKEJVG 0GWG (QNIG .ÒDGEM 5 6HP -CTVQPKGTV

*CDKNKVCVKQPUUEJTKHV XQP 9KNJGNO ,GUUG

&KG FGWVUEJGP /ÒP\HWPFG 5 KP $N·VVGT HÒT FGWVUEJG .CPFGUIGUEJKEJVG *GHV 7 *#)'0 ,#*0-' 4 9#.$74) /ÒP\UEJCV\HWPFG &CU $GKURKGN 9CNNG (TCPMHWTV CO /CKP 5 OKV \CJNTGKEJGP #DD 9 * 8'40+%- &KG FGWVUEJGP /ÒP\HWPFG FGT <GKV XQP DKU &GT (WPFMCVCNQI /KVVGNCNVGT 0GW\GKV FGT 0WOKUOCVKUEJGP -QOOKUUKQP FGT .·PFGT KP FGT $WPFGUTGRW DNKM &GWVUEJNCPF #WHNCIG ÒDGTCTDGKVGV XQP - 5%*0'+&'4 *CNDNGKPGP MCTVQPKGTV IGJGHVGV

&KG /ÒP\GP FGT 5VCFV $TCWPUEJYGKI XQP DKU $TCWPUEJYGKIGT 9GTMUVÒEMG $TCWPUEJYGKI 5 1TKI $TQUEJWT

&KG /ÒP\GP FGT 5VCFV $TCWPUEJYGKI XQP DKU $TCWPUEJYGKIGT 9GTMUVÒEMG $TCWPUEJYGKI 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT

,70)- * &KG $TGOKUEJGP /ÒP\GP /ÒP\GP WPF /GFCKNNGP FGU 'T\DKUVJWOU WPF FGT 5VCFV $TGOGP OKV IGUEJKEJVNKEJGT 'KPNGKVWPI 0& $TCWPUEJYGKI FGT #WUICDG $TGOGP 5 6HP .GKPGP

-#.8'.#)' * 5%*41%- 7 ' ) /ÒP\GP FGT 5VCFV *COGNP *COGNP 5 .GKPGP 'TI·P\WPIGP \WT /ÒP\IGUEJKEJVG FGU 5VKHVGU WPF FGT 5VCFV *COGNP *COGNP 5 )GJGHVGV

-#22'.*1(( # &KG /ÒP\GP 1UVHTKGUNCPFU 8QO HTÒJGP ,CJTJWPFGTV DKU #DJCPFNWPIGP WPF 8QTVT·IG \WT )GUEJKEJVG 1UVHTKGUNCPF #WTKEJ 5 6HP .GKPGP )'5'..5%*#(6 (ª4 $+.&'0&' -7056 70& 8#6'4. 0&+5%*' #.6'46ª/'4 <7 '/&'0 ,CJTDWEJ 5 1TKI $TQUEJWT

-'..0'4 * , &KG /ÒP\GP FGT (TGKGP 4GKEJUUVCFV 0ÒTPDGTI $C[GTKUEJG /ÒP\MCVCNQIG /ÒP EJGP 5 &C\W 2WDNKMCVKQPGP \WT UÒFFGWVUEJGP /ÒP\IGUEJKEJVG

&KG /ÒP\IGUEJKEJVG FGU *QEJUVKHVU 2CUUCW 'KP -CVCNQI FGT /ÒP\GP WPF /GFCKNNGP 5ÒFFGWVUEJG /ÒP\MCVCNQIG 5VWVVICTV 5 -CTVQPKGTV

/KV 9KFOWPI FGU 8GTHCUUGTU

-'00'21*. - &KG /ÒP\GP XQP 1UPCDTÒEM &KG 2T·IWPIGP FGU $KUVWOU WPF FGU &QOMCRKVGNU 1UPCDTÒEM UQYKG FGU -QNNGIKCVUVKHVU WPF FGT 5VCFV 9KGFGPDTÒEM 8GTÌHHGPVNKEJWPIGP FGU /WUGWOU FGT 5VCFV 1UPCDTÒEM 0CEJFTWEM :8 5 6HP .GKPGP

-+.)'4 % 2HGPPKIO·TMVG WPF 9·JTWPIUNCPFUEJCHVGP /QPGVCTKUKGTWPI KO 5·EJUKUEJ 5NCYKUEJGP )TGP\NCPF EC %QOOGPVCVKQPGU FG PWOOKU UCGEWNQTWO +: :+ KP 5WGEKC TGRGTVKU 0QXC UGTKGU 5VQEMJQNO 5 .GKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU

54


0'7<'+6 &'765%*.#0&

-.'+0 7 &KG 8KNNKPIGT /ÒP\RT·IWPI 5& CWU 8KNNKPIGP WPF 5EJYGPPKPIGP )GUEJKEJVG WPF -WNVWT 8KNNKPIGP 5EJYGPPKPIGP 5 .GKPGP &KG -QPUVCP\GT /ÒP\RT·IWPI XQO 'PFG FGU DKU \WT /KVVG FGU ,CJTJWPFGTVU 5& CWU (TGKDWTIGT &KÌ\GUCP #TEJKX 5 1TKI $TQUEJWT

-.'+0 7 4#(( # &KG 9ÒTVVGODGTIKUEJGP /ÒP\GP 'KP 6[RGP 8CTKCPVGP WPF 2TQDGPMCVCNQI 5ÒFFGWVUEJG /ÒP\MCVCNQIG $·PFG 5VWVVICTV 5 5 5 -CTVQPKGTV 7 -.'+0 &KG /ÌORGNICTFGT /ÒP\GP WPF /GFCKNNGP 5& CWU 9ÒTVVGODGTI WPF /ÌORGNICTF ,CJTG $GIGIPWPI .GKPHGNFGP 'EJVGTFKPIGP 5 1TKI $TQUEJWT

&KG /ÒP\GP WPF /GFCKNNGP XQP 'UUNKPIGP 5ÒFFGWVUEJG /ÒP\MCVCNQIG 5VWVVICTV 5 -CTVQ PKGTV

/KV 9KFOWPI FGU 8GTHCUUGTU

-.ª55'0&14( 0 5VWFKGP \W 9·JTWPI WPF 9KTVUEJCHV CO 0KGFGTTJGKP XQO #WUICPI FGT 2GTKQFG FGU TGIKQPCNGP 2HGPPKIU DKU \WO /ÒP\XGTVTCI XQP 4JGKPKUEJGU #TEJKX $QPP 5 -CTVG 1TKI $TQUEJWT

&KUUGTVCVKQP XQP 0KMNQV -NÒ­GPFQTH

2TQDNGOG FGU 7ONCWHU XQP -WRHGTOÒP\GP KO -WTHÒTUVGPVWO *GUUGP 5& CWU *GUUKUEJGU ,CJTDWEJ HÒT .CPFGUIGUEJKEJVG /CTDWTI 5 -QPVKPWKV·V WPF &KUMQPVKPWKV·V KO JGUUKUEJGP )GNFWONCWH FGU HTÒJGP ,CJTJWPFGTVU 5& CWU *GUUKUEJGU ,CJTDWEJ HÒT .CPFGUIGUEJKEJVG /CT DWTI 5 /ÒP\HWPFDGTKEJV FGU *GUUKUEJGP .CPFGUCOVGU HÒT IGUEJKEJVNKEJG .CPFGU MWPFG /CTDWTI 0T <YGKVG *·NHVG WPF 5& CWU (WPFDGTKEJVG CWU *GUUGP 5 &CU /ÒP\YGUGP FGU *QEJUVKHVU (WNFC WPVGT #FCNDGTV ++ XQP 9CNFGTFQTHH 5& CWU &KG XQP 9CNFGTFQTHH #EJV ,CJTJWPFGTVG 9GEJUGNDG\KGJWPIGP \YKUEJGP 4GIKQP 4GKEJ -KTEJG WPF GKPGO TJGKPKUEJGP #FGNUIGUEJNGEJV -ÌNP 5 &GT /ÒP\UEJCV\ XQP 0KGFGTJQPG WPF FKG *GUUGP -CUUGNUEJG &GPMOCNRHNGIGXGTQTFPWPI XQP 7PVGTUWEJWPIGP WPF /CVGTKCNKGP \WT 8GTHCUUWPIU WPF .CPFGUIGUEJKEJVG /CTDWTI 5 6HP )GNV UQ KP -NKPIGNUCEM IGHCNV &CU GXCPIGNKUEJG -KTEJGPQRHGT FGT (TÒJPGW\GKV KO .KEJVG FGU 1RHGTUVQEMU XQP 4QJT

6JÒTKPIGP /KVVGNFGWVUEJG (QTUEJWPIGP 9GKOCT -ÌNP 5 6HP (WNFC KP FGT MWTJGUUKUEJGP /ÒP\ WPF )GNFIGUEJKEJVG /CTDWTIGT 4GKJG /CTDWTI 5 9 *'55 ,CJTG /ÒP\GP WPF )GNF KP *GUUGP /CTDWTI 5 &C\W #TEJ·QNQIKUEJG &GPMO·NGT KP *GUUGP /GKUV IGJGHVGV QFGT 1TKI $TQUEJWT

2CRKGTIGNF WPF 5VCCVUUEJWNFGP KO (ÒTUVGPVWO 9CNFGEM 7PVGTUWEJWPIGP WPF /CVGTKCNKGP \WT 8GTHCUUWPIU WPF .CPFGUIGUEJKEJVG /CTDWTI 5 6HP 1TKI $TQUEJWT

-.7)' $ &GWVUEJG /ÒP\IGUEJKEJVG XQP FGT UR·VGP -CTQNKPIGT\GKV DKU \WO 'PFG FGT 5CNKGT EC DKU 4ÌOKUEJ )GTOCPKUEJGU <GPVTCNOWUGWO /QPQITCRJKGP 5KIOCTKPIGP 5 FCXQP 6HP *TUI (GTPJCPFGN WPF )GNFYKTVUEJCHV $GKVT·IG \WO FGWVUEJGP /ÒP\YGUGP KP U·EJUKUEJGT WPF UCNKUEJGT <GKV 'TIGDPKUUG FGU &CPPGPDGTI -QNNQSWKWOU $GTNKPGT 0WOKUOCVKUEJG (QTUEJWP IGP 0GWG (QNIG 5KIOCTKPIGP 5 .GKPGP

-0+))' 9 /ÒP\ W /GFCKNNGP -CDKPGV FGU (TGKJGTTP 9KNJ -PKIIG *CPPQXGT 8 5 .GKPGP

/KV $GUKV\GTXGTOGTM &T 9GTPGT -QEJ

-475; * )GIGPUVGORGN CWH /ÒP\GP FGU 5R·VOKVVGNCNVGTU (TCPMHWTV CO /CKP 5 6HP 5VCFV QFGT 5VKHV! 'KP JGTCNFKUEJGT $GKVTCI \WT )GIGPUVGORGNHTCIG 5& CWU $GTNKPGT 0WOKUOCVKUEJG <GKVWPI 5 9'56( .+5%*' #7-6+105)'5'..5%*#(6 #WMVKQP 5GRVGO DGT 5COONWPI )GIGPUVGORGN 5 * '*4'0& 7 5%*4'+'4 )GIGPUVGORGN CWH /ÒP\GP 5RG[GT 5 Z .GKPGP UQPUV IGJGHVGV

-70<'. / /GEMNGPDWTIKUEJG /ÒP\MWPFG /ÒP\IGUEJKEJVG WPF )GRT·IGMCVCNQI $GTNKP 5 6HP -CTVQPKGTV #WU VCWUGPF ,CJTGP OGEMNGPDWTIKUEJGT /ÒP\IGUEJKEJVG 0GWDTCP FGPDWTI 0 -.ª55'0&14( &KG 5EJCV\JGDWPI KO #TOGPJCWU 5V ,ÒTIGP \W 0GWDWMQY KO ,CJTG 5& CWU /GEMNGPDWTIKUEJG ,CJTDÒEJGT 56##6.+%*'5 /75'7/ 5%*9'4+0 &QMWOGPVCVKQP FGT MTKGIUDGFKPIV XGTOK­VGP -WPUVYGTMG FGU /GEMNGPDWTIKUEJGP .CPFGU OWUGWOU KP 5EJYGTKP ++ 5EJYGTKP /GEMNGPDWTIKUEJG /ÒP\GP /GFCKNNGP 5EJYGTKP 4 /1*4 $GKVTCI \WT OGEMNGPDWTIKUEJGP /ÒP\IGUEJKEJVG

&CU /ÒP\YGUGP /GEMNGPDWTIU XQP DKU /ÒP\IGUEJKEJVG WPF )GRT·IGMCVCNQI $GTNKPGT 0W OKUOCVKUEJG (QTUEJWPIGP 0GWG (QNIG $GTNKP 5 6HP .GKPGP

&KG /ÒP\GP FGT *CPUGUVCFV 9KUOCT DKU /ÒP\IGUEJKEJVG WPF )GRT·IGMCVCNQI $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP 0GWG (QNIG $GTNKP 5 6HP .GKPGP

&KG /ÒP\GP FGT *CPUGUVCFV 4QUVQEM EC DKU /ÒP\IGUEJKEJVG WPF )GRT·IGMCVCNQI $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP 0GWG (QNIG $GTNKP 5 6HP .GKPGP

55


0'7<'+6 &'765%*.#0&

&KG /ÒP\GP FGT *CPUGUVCFV 4QUVQEM $GTNKPGT 0WOKUOCVKUEJG (QTUEJWPIGP 0( $GTNKP 5 6HP -WPUVNGKPGP 1 1'46<'0 *TUI &KG /GEMNGPDWTIKUEJGP /ÒP\GP FGU )TQUU JGT\QINKEJGP /ÒP\MCDKPGVU 6GKN &KG $TCEVGCVGP WPF &GPCTG 6GKN &KG 9KVVGPRHGPPKIG 0& *CO DWTI FGT #WUICDG 5EJYGTKP 5 6HP 1TKI $TQUEJWT

.#0)' % %JT .CPIG U 5COONWPI UEJNGUYKI JQNUVGKPKUEJGT /ÒP\GP WPF /GFCKNNGP $·PFG $GTNKP 8+++ 5 (CTDMCTVGP -NCRRVHP 6HP : 5 (CTDKIG 9CRRGPVH (CNVVHP 6HP *CNDNGFGT $CPF 4ÒEMGP NQUG WPF $CPF DGUVQ­GP

.'+20'4 - &KG /ÒP\HWPFG KP 5CEJUGP CWU FGT <GKV FGT TGIKQPCNGP 2HGPPKIOÒP\G WPF ,CJTJWPFGTV 05V *CODWTI :8 5 FCXQP -CTVG 1TKI $TQUEJWT 9 *#726 1DGT NCWUKV\GT /ÒP\HWPFG FGU DKU ,CJTJWPFGTVU #TDGKVU WPF (QTUEJWPIUDGTKEJVG \WT U·EJUKUEJGP $QFGPFGPMOCNRHNGIG $GKJGHV .GKR\KI 5 -CTVGP DGKIGNGIV 1TKI $TQUEJWT 4ÒEMGP NQUG WPF DGUEJ·FKIV

.+22' +*. * &KG /ÒP\RT·IWPI FGT 'FGNJGTTP \WT .KRRG /ÒP\UV·VVG .GOIQ .GOIQ 5 6HP Z &KG /ÒP\RT·IWPI FGT 'FGNJGTTP \WT .KRRG /ÒP\UV·VVG *QTP .GOIQ 5 6HP &KG 6CNGT FGT )TCHGP WPF (ÒTUVGP \W .KRRG .GOIQ 5 &C\W 5COONWPI 2CWN 9GYGNGT .KRRKC KP PWOOKU .KRRG 5EJCWODWTI .KRRG #WMVKQP .GW 5 '. 2 +.+5%* -NGKPG .KRRKUEJG /ÒP\IGUEJKEJVG &GVOQNF 5 , $4+0-5 )TCH WPF )T·HKP \WT .KRRG &KG NKRRKUEJGP 4GIGPVGP WPF KJTG #PIGJÌTKIGP KP FGT )TWHV WPVGT FGT -NQUVGTMKTEJG $NQODGTI $NQODGTI 5 2 810 /#)075 &KG 5VKHVUQTFGP XQP (KUEJDGEM WPF 1DGTPMKTEJGP 5& CWU FGP 5EJCWODWTI .KRRKUEJGP /KVVGKNWPIGP 5 /GKUV 1TKI $TQUEJWT

.+5%* ( /#5%* / - &GT 5KNDGTHWPF XQP 5EJYCP 5EJYGTKP 5 6HN 6KVGNUGKVG GVYCU UVQEMHNGEMKI 9CUUGTHNGEM KP FGT WPVGTGP 'EMG FGT 6CHGN -CTVQPKGTV

.¤0+0) ) # &CU /ÒP\TGEJV KO 'T\DKUVWO $TGOGP 3WGNNGP WPF 5VWFKGP \WT 8GTHCUUWPIUIGUEJKEJVG FGU &GWVUEJGP 4GKEJGU KP /KVVGNCNVGT WPF 0GW\GKV 9GKOCT 5 .GKPGP

/#00 , #PJCNVKUEJG /ÒP\GP WPF /GFCKNNGP XQO 'PFG FGU :8 ,CJTJWPFGTVU DKU *CPPQXGT 5 0CEJVTCI $GTNKP 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP GTUVG 6KVGN UGKVG CO +PPGPTCPF GKPIGTKUUGP $NGKUVKHVPQVK\

/'*. / &KG /ÒP\GP FGU $KUVWOU *KNFGUJGKO 6GKN 8QO $GIKPP FGT 2T·IWPI DKU \WO ,CJTG 3WGNNGP WPF &QMWOGPVCVKQPGP \WT 5VCFVIGUEJKEJVG *KNFGUJGKOU *KNFGUJGKO : 5 6HP -CTVQPKGTV

&KG /ÒP\GP FGT )TCHGP XQP $CTD[ WPF /ÒJNKPIGP *CODWTI 5 6HP -CTVQPKGTV &C\W 9 $7%**1.< W C <WT )GUEJKEJVG FGT /ÒP\UV·VVG $CTD[ /ÒJNKPIGP /CIFGDWTI 5 )GJGHVGV

&KG /ÒP\GP FGU $KUVWOU *KNFGUJGKO 6GKN &GT 2T·IG\GKVTCWO DKU 3WGNNGP WPF &QMW OGPVCVKQPGP \WT 5VCFVIGUEJKEJVG *KNFGUJGKOU $·PFG *CODWTI : 5 8+++ 5 -CTVQPKGTV

/GKGT 1 &GT $TCMVGCVGPHWPF XQP $QMGN DGK $GXGTP 'KP $GKVTCI \WT 'THQTUEJWPI FGT OKVVGNCNVGTNKEJGP DGUQPFGTU FGT PKGFGTU·EJUKUEJGP /ÒP\FGPMOCNG CWU FGT <GKV XQP GVYC DKU +P *CPPQXGTUEJG )GUEJKEJVUDN·VVGT 8GTÌHHGPVNKEJWPIGP CWU FGO 5VCFVCTEJKXG FGT 5VCFVDKDNKQVJGM = ? 0( *CP PQXGT 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT 4ÒEMGP GVYCU DGUEJ·FKIV

&GT $TCMVGCVGPHWPF XQP $QMGN DGK $GXGTP 'KP $GKVTCI \WT 'THQTUEJWPI FGT OKVVGNCNVGTNKEJGP DGUQPFGTU FGT PKGFGTU·EJUKUEJGP /ÒP\FGPMOCNG CWU FGT <GKV XQP GVYC DKU +P *CPPQXGTUEJG )G UEJKEJVUDN·VVGT 8GTÌHHGPVNKEJWPIGP CWU FGO 5VCFVCTEJKXG FGT 5VCFVDKDNKQVJGM = ? 0( *CPPQXGT 5 OKV \CJNTGKEJGP #DD 1TKI $TQUEJWT 4ÒEMGP GVYCU DGUEJ·FKIV

/'0#&+'4 , &KG /ÒP\GP FGT )TCHUEJCHV /CTM -QRKG CWU &KG )TCHUEJCHV /CTM (GUVUEJTKHV \WO )GF·EJVPKU FGT L·JTKIGP 8GTGKPKIWPI OKV $TCPFGPDWTI 2TGW­GP $CPF &QTVOWPF 5 &TCJVJGHVWPI $ 2'75 #WMVKQP FCTWPVGT 5NI 'TPUV .GLGWPG 4 #.6*1(( &KG OKVVGNCN VGTNKEJGP /ÒP\GP FGT *GTTUEJCHV &KPUNCMGP &WKUDWTI 5 9 .'*0'/#00 /QPGVC /CT ECPC (CNVDNCVV FGU /WUGWOU FGT 5VCFV .ÒPGP .ÒPGP /GKUV 1TKI $TQUEJWT

/'45+195-; / &KG #PH·PIG VGTTKVQTKCNGT 4GEJPWPIUNGIWPI KO FGWVUEJGP 0QTFYGUVGP 5R·VOKVVGN CNVGTNKEJG 4GEJPWPIGP 8GTYCNVWPIURTCZKU *QH WPF 6GTTKVQTKWO 4GUKFGP\GPHQTUEJWPI 5VWVVICTV 5 .GKPGP

/'46'05 ' /ÒP\ WPF )GNFIGUEJKEJVG FGT 5VCFV 0QTVJGKO /ÒP\UVWFKGP *CNNG 5 6HP *CNDNGFGT

56


0'7<'+6 &'765%*.#0&

/'6< 4 )GNF 9·JTWPI WPF 2TGKUGPVYKEMNWPI &GT 0KGFGTTJGKPTCWO KO GWTQR·KUEJGP 8GTINGKEJ 5EJTKHVGPTGKJG FGU +PUVKVWVU HÒT DCPMJKUVQTKUEJG (QTUEJWPI G 8 (TCPMHWTV CO /CKP :::8++ 5 1TKI $TQUEJWT 5EJWV\WOUEJNCI NGKEJV GKPIGTKUUGP

/ª..'4 , * &GWVUEJG /ÒP\IGUEJKEJVG $CPF &GWVUEJG /ÒP\IGUEJKEJVG DKU \W FGT 1VVQPGP\GKV .GKR\KI 5 *CNDNGKPGP GVYCU UVQEMHNGEMKI

/ª.8'456'&6 ) # XQP /CIFGDWTIKUEJGU /ÒP\ %CDKPGV FGU PGWGTP <GKVCNVGTU GPVJCNVGPF FCU 8GT\GKEJPK­ CNNGT UQYQJN XQP FGO 'T\UVKHV WPF *GT\QIVJWO CNU CWEJ XQP WPF KP FGT 5VCFV /CIFGDWTI XQP CD DKU \WT )GIGPYCTV CWUIGICPIGPGP /ÒP\GP WPF /GFCKNNGP /CIFGDWTI 5 *CND NGKPGP

/ª056'4 56#&6/75'7/ /ª056'4 /ÒPUVGT ,CJTG )GUEJKEJVG FGT 5VCFV /ÒPUVGT 5 &GT 9GUVH·NKUEJG (TKGFGP &KG (TKGFGPUHTGWFG CWH /ÒP\GP WPF /GFCKNNGP 8QNNUV·PFKI DGUEJTGKDGPFGT -CVCNQI /ÒPUVGT 5 &GT 9GUVH·NKUEJG (TKGFGP -TKGI WPF (TKGFGP /ÒPUVGT 5 &KG 9KGFGTV·WHGT KP /ÒPUVGT /ÒP\GP WPF /GFCKNNGP CWH FKG 9KG FGTV·WHGT KP /ÒPUVGT #WHN /ÒPUVGT 5 /ÒPUVGTKUEJG /ÒP\GP WPF /GFCKNNGP /ÒPUVGT 5 5V 2CWNWU 2CVTQP XQP /ÒPUVGT /ÒPUVGT 5 -CTQNWU /CIPWU -CTN FGT )TQ­G WPF FKG OÒPUVGTKUEJG -CTNUVTCFKVKQP /ÒPUVGT 5 2 +.+5%* &KG OKVVGNCNVGTNKEJG /ÒP\RT·IWPI FGT $KUEJÌHG XQP /ÒPUVGT 0WOKUOCVKUEJG 5EJTKHVGP FGU 9GUVH·NKUEJGP .CPFGUOWUGWOU HÒT -WPUV WPF -WNVWTIGUEJKEJVG /ÒPUVGT /ÒPUVGT 5 * 9'+04+%* &KG -WRHGTOÒP\ RT·IWPI FGU &QOMCRKVGNU \W /ÒPUVGT )GUEJKEJVNKEJG #TDGKVGP \WT YGUVH·NKUEJGP .CPFGUHQTUEJWPI /ÒPUVGT 5 6HP ) &'6*.'(5 &KG 5VGTDGOÒP\GP FGU (ÒTUVDKUEJQHU %JTKUVQRJ $GTPJCTF XQP )CNGP $GKNCIG \W #TEJKXRHNGIG KP 9GUVHCNGP WPF .KRRG 0T Z -CTVQPKGTV UQPUV OGKUV IGJGHVGV

/ª5'.'4 - $GTIDCWIGRT·IG &CTIGUVGNNV CWH )TWPF FGT 5COONWPI FGT 2TGWUUCI #MVKGPIGUGNNUEJCHV $·PFG *CPPQXGT 1JPG 2CIKPKGTWPI .GKPGP KP 5EJWDGT

/75'7/ (ª4 *#/$74)+5%*' )'5%*+%*6' *TUI )GUEJKEJVG KP )QNF #WUUVGNNWPI GKPGT *CODWTIGT 2TKXCVUCOONWPI *CODWTI 5 -CTVQPKGTV

0#7 ' /ÒP\GP FGT 5VCWHGT\GKV +P &KG <GKV FGT 5VCWHGT )GUEJKEJVG -WPUV -WNVWT $·PFG 5VWVV ICTV 5 6HP :::++ 5 #DD 5 9 -ª*0 &KG $TCMVGCVGP FGT 5VCWHGT\GKV +P <WT 9KTVUEJCHVU WPF 5Q\KCNIGUEJKEJVG KP FGT 5VCWHGT\GKV 5EJTKHVGP \WT UVCWHKUEJGP )G UEJKEJVG WPF -WPUV )ÌRRKPIGP 5 5 ) 567/2( &GT -TGW\\WI -CKUGT $CTDCTQU UCU /ÒP\UEJ·V\G UGKPGT <GKV /ÒPEJGP 5 1TKI $TQUEJWT

0'7/#00 ' $TCPFGPDWTI RTGW­KUEJG /ÒP\RT·IWPIGP WPVGT FGT *GTTUEJCHV FGT *QJGP\QNNGTP $·PFG -ÌNP 5 5 LGYGKNU OKV \CJNTGKEJGP #DD -CTVQPKGTV

0+%-.+5 * 9 )GNFIGUEJKEJVNKEJG 2TQDNGOG FGU WPF ,CJTJWPFGTVU KO 5RKGIGN \GKVIGPÌUUK EJGT )GUEJKEJVUUEJTGKDWPI 0WOKUOCVKUEJG 5VWFKGP $·PFG *CODWTI 5 5 1TKI $TQUEJWT

0155 # &KG /ÒP\GP FGT 'T\DKUEJÌHG XQP %ÌNP &KG /ÒP\GP WPF /GFCKNNGP XQP %ÌNP -ÌNP :8+++ 5 6HP 1TKI .GKPGP

&KG /ÒP\GP XQP 6TKGT 6GKN $GUEJTGKDWPI FGT /ÒP\GP 2WDNKMCVKQPGP FGT )GUGNNUEJCHV HÒT 4JGKPKUEJG )GUEJKEJVUMWPFG $QPP ::: 5 6HP /QFGTPGU .GKPGP

&KG /ÒP\GP FGT 'T\DKUEJÌHG XQP -ÌNP &KG /ÒP\GP WPF /GFCKNNGP XQP -ÌNP -ÌNP :8 5 6HP .GKPGP 'KPDCPF GVYCU DGUEJOWV\V

&KG /ÒP\GP FGT 5V·FVG -ÌNP WPF 0GWUU &KG /ÒP\GP WPF /GFCKNNGP XQP -ÌNP -ÌNP :+++ 5 6HP .GKPGP 'KPDCPF GVYCU DGUEJOWV\VWPF DGUVQ­GP

&KG /ÒP\GP XQP ,ÒNKEJ /ÌTU WPF #NRGP /ÒPEJGP :+8 5 6HP *CNDNGKPGP

&KG /ÒP\GP XQP $GTI WPF ,ÒNKEJ $GTI $·PFG /ÒPEJGP :8 5 6HP :8 5 6HP .GKPGP NGKEJV CPIGUEJOWV\V DGK $CPF 9WTOHTC­ WPVGP KPPGP CP FGP GTUVGP WPF NGV\VGP 5

&KG /ÒP\GP FGT )TCHGP WPF *GT\ÌIG XQP -NGXG /ÒPEJGP :8 5 6HP .GKPGP

1.&'0$74) * -#.8'.#)' * 64+22.'4 /ÒP\GP FGT )TCHGP *GT\ÌIG WPF )TQ­JGT\ÌIG XQP 1NFGPDWTI 1UPCDTÒEM 5 .GKPGP * $'0&+) &CU QNFGPDWTIKUEJG /ÒP\YGUGP \WT <GKV FGU )TCHGP #PVQP )ÒPVJGT /ÒPUVGT 5 6HP 1.&'0$74)'4 /ª0<(4'70&' (GUVUEJTKHV \WO L·JTKIGP $GUVGJGP FGU 8GTGKPU 1NFGPDWTIGT /ÒP\HTGWPFG 1NFGPDWTI 5 1NFGPDWTI /ÒP\GP /GFCKNNGP 0QVIGNF 1TFGP 1NFGPDWTI 5 1TKI $TQUEJWT

/KV 9KFOWPI FGU 8GTHCUUGTU

57


0'7<'+6 &'765%*.#0&

1.&+0) / &KG /ÒP\GP (TKGFTKEJU FGU )TQ­GP -CVCNQI FGT RTGW­KUEJGP /ÒP\GP 1UPC DTÒEM 5 # 9';. &KG 2CWN *GPEMGNUEJG 5COONWPI $TCPFGPDWTI RTGW­KUEJGT /ÒP\GP WPF /GFCKNNGP 0CEJFTWEM $GTNKP 5 . $¤40'4 (TKGFTKEJ ++ WPF FKG /GFCKNNGPMWPUV +P (TKGFTKEJ ++ WPF FKG -WPUV #WUUVGNNWPI \WO 6QFGUVCI $·PFG 2QVUFCO 5 5 5 #4$'+65-4'+5 $4#0&'0$74) 24'755'0 $GKVT·IG \WT $TCPFGPDWTIKUEJ 2TGW­K UEJGP 0WOKUOCVKM 0WOKUOCVKUEJGU *GHV 5 Z .GKPGP UQPUV 1TKI $TQUEJWT

2'64; - /QPGV·TG 'PVYKEMNWPI *CPFGNUKPVGPUKV·V WPF YKTVUEJCHVNKEJG $G\KGJWPIGP FGU QDGTNQVJTKP IKUEJGP 4CWOGU XQO #PHCPI FGU DKU \WT /KVVG FGU ,CJTJWPFGTVU 6TKGTGT 2GVGTO·PPEJGP 9KUUGP UEJCHVNKEJG 4GKJG 6TKGT : 5 -CTVGP .GKPGP &GT /ÒP\UEJCV\ XQP 4GOCIGP -TGKU #JTYGKNGT 'KP $GKVTCI \W OKVVGNTJGKPKUEJGP 9·JTWPIUUVTWMVWTGP WPF \WT /ÒP\IGUEJKEJVG 4GOCIGPU KO ,CJTJWPFGTV 5& CWU * * 9')0'4 *TUI $GTKEJVG \WT #TEJ·QNQIKG CP /KVVGNTJGKP WPF /QUGN 6TKGT 5 1TKI $TQUEJWT

2+%- $ $7%*'0#7 * &GT $TCMVGCVGPHWPF XQP )QVJC /ÒPEJGP 8+++ 5 6HP *CNDNGKPGP 4ÒEMGP VGKNYGKUG NQUG

*CPFUEJTKHVNKEJGT $GUKV\XGTOGTM KO 8QTUCV\

241-+5%* $ W C 4GRGTVQTKWO \WT 0GW\GKVNKEJGP /ÒP\RT·IWPI 'WTQRCU ++ *GKNKIGU 4ÌOKUEJGU 4GKEJ &GWVUEJGT 0CVKQP WPF 0CEJHQNIGUVCCVGP &GT $C[GTKUEJG 4GKEJUMTGKU 8GTÌHHGPVNKEJWPIGP FGU +PUVKVWVGU HÒT 0WOKUOCVKM 9KGP 9KGP 5 \CJNTGKEJG #DD .GKPGP

4'+5614(( % &GT +UGPDGTIGT /ÒP\HWPF *CNNG 5 6HP *CNDNGKPGP

4'+6< * 9GNHKUEJG $TCMVGCVGP 2HGPPKIRT·IWPIGP PCEJ NÒDKUEJGO /ÒP\HW­ CWU FGT <GKV *GKPTKEJU FGU .ÌYGP WPF UGKPGT 5ÌJPG -NGKPG *GHVG FGT /ÒP\UCOONWPI CP FGT 4WJT 7PKXGTUKV·V $QEJWO $QEJWO # WPF ' $#%*/#00 $GXGTP DGK $TGOGTXÌTFG $TGOGTXÌTFG 9 -ª*0 &KG $TCMVGCVGP *GKPTKEJ FGU .ÌYGP <GWIPKUUG CWU OKVVGNCNVGTNKEJGT -WNVWT WPF 9KTVUEJCHV KO 4CWO WO $TCWPUEJYGKI WPF .ÒPGDWTI /KPFGP = YGKVGTG -NGKPUEJTKHV? 1TKI $TQUEJWT

4+66/#00 * &GWVUEJG )GNFIGUEJKEJVG UGKV /ÒPEJGP 5 .GKPGP OKV 5EJWV\WO UEJNCI

5#%*5'0 ' 4#*0'0(ª*4'4 &KG -WTU·EJUKUEJGP -KRRGTOÒP\GP 8GTÌHHGPVNKEJWPIGP FGU .CP FGUOWUGWOU HÒT 8QTIGUEJKEJVG &TGUFGP $GTNKP 5 6HP ) -47) &KG OGK­PKUEJ U·EJUKUEJGP )TQUEJGP 8GTÌHHGPVNKEJWPIGP FGU .CPFGUOWUGWO HÒT 8QTIGUEJKEJVG &TGUFGP 5 6HP 2 0 5%*7.6'0 #WMVKQP 5COONWPI &T ) -TWI 5·EJUKUEJG /ÒP\GP (TCPM HWTV 5 WPF '. 9 *#726 5·EJUKUEJG /ÒP\MWPFG #TDGKVU WPF (QTUEJWPIUDGTKEJVG \WT 5·EJUKUEJGP $QFGPFGPMOCNRHNGIG $·PFG $GTNKP 5 6HP 2 7 #401.& *TUI /ÒP\UV·VVGPDGUKEJVKIWPIGP FGT U·EJUKUEJGP /ÒP\ WPF *ÒVVGPOGKUVGT )WUVCX ,WNKWU $WUEJKEM WPF 6JGQ FQT %JQWNCPV 0WOKUOCVKUEJG 5VWFKGP *CODWTI 5 6HP <5%*+'5%*' -¤&'4 5COONWPI 1VVQ /GTUGDWTIGT WOHCUUGPF /ÒP\GP WPF /GFCKNNGP XQP 5CEJUGP #NDGTVKPKUEJG WPF 'TPUVK PKUEJG .KPKG 0CEJFTWEM $GTNKP 8++ 5 07/+5/#6+5%*'4 8'4'+0 &4'5&'0 &TGU FGPGT 0WOKUOCVKUEJG *GHVG 5 Z .GKPGP UQPUV OGKUV 1TKI $TQUEJWT

5#./1 * &GWVUEJG /ÒP\GP KP 8QTIGUEJKEJVNKEJGP (WPFGP (KPPNCPFU 5WQOGP /WKPCKUOWKUVQ[JFK UV[MUGP #KMCMCWUMKTLC *GNUKPKMK 5 6HP 1TKI $TQUEJWT

5#74/# ,'.65%* * (TGKJGTT XQP 5EJNGUKUEJG /ÒP\GP WPF /GFCKNNGP $TGUNCW ++ 5 6HP *CNDNGKPGP <CJNTGKEJG JCPFUEJTKHVNKEJG /CTIKPCNKGP KO 6GZV WPF CWH FGP 6CHGNP 6HP TGRCTKGTV

5%*.')'. # &KG MWTOCKP\KUEJG /ÒP\UV·VVG *ÌEJUV DKU (TCPMHWTV CO /CKP 5 .GKPGP

5%*0'+&'4 - (140'%- ) / )GNF KO 9GUVGTYCNF /ÒP\RT·IWPI WPF )GNFWONCWH *CEJGP DWTI 5 1TKI $TQUEJWT 0 -.ª55'0&14( &GT /ÒP\UEJCV\ XQP *GTDQTP \WT -KRRGT\GKV KP FGT )TCHUEJCHV 0CUUCW &KNNGPDWTI 7PVGTUWEJWPIGP WPF /CVGTKCNKGP \WT 8GTHCUUWPIU WPF .CPFGUIG UEJKEJVG /CTDWTI 5 6HP &C\W -NGKPUEJTKHVGP ÒDGTYKGIGPF \WT /ÒP\MWPFG FGU RH·N\KUEJGP 4CWOGU 5RG[GT 9GKNDWTI 2JKNKRRUDWTI *GKFGNDGTI 7PVGTUEJKGFKEJ IGDWPFGP

5%*4#// 2 ' &KG FGWVUEJGP -CKUGT WPF -ÌPKIG KP $KNFGTP KJTGT <GKV /ÒPEJGP 5 FCXQP 6HP .GKPGP

&GT PWOKUOCVKUEJG 6GKN FGU $CPFGU YWTFG XQP 2GVGT $GTIJCWU XGTHC­V 'T GPVJ·NV WPVGT CPFGTGO GKP 8GT\GKEJPKU XQP -TQPGPFCTUVGNNWPIGP FCU DGK FGT +FGPVKHK\KGTWPI UEJNGEJV CWUIGRT·IVGT WPF GTJCNVGPGT YKMKPIGT\GKVNKEJGT /ÒP\GP UGJT JKNHTGKEJ KUV

58

5%*4¤66'4 ( (TGKJGTT XQP &CU 2TGW­KUEJG /ÒP\YGUGP KO ,CJTJWPFGTV $GUEJTGKDGPFGT 6JGKN *GHV &KG /ÒP\GP CWU FGT <GKV FGT -ÌPKIG (TKGFTKEJ + WPF (TKGFTKEJ 9KNJGNO + 0CEJFTWEM $KGNGHGNF FGT #WUICDG $GTNKP 8+++ 5 6HP .GKPGP / 1.&+0) &KG /ÒP\GP (TKGFTKEJU FGU )TQ­GP -CVCNQI FGT RTGW­KUEJGP /ÒP\GP XQP 1UPCDTÒEM .GKPGP DGKNKGIGPF 0CEJVT·IG WPF $GTKEJVKIWPIGP


0'7<'+6 &'765%*.#0&

$TCPFGPDWTI (T·PMKUEJGU /ÒP\YGUGP 6GKNG *CNNG CP FGT 5CCNG :+++ 5 : 5 6HP +P GKPGO $CPF KP .GKPGP IGDWPFGP

#WHU·V\G \WT FGWVUEJGP /ÒP\ WPF )GNFIGUEJKEJVG FGU DKU ,CJTJWPFGTVU #WUYCJN WPF 'KPNGK VWPI XQP $GTPF -NWIG .GKR\KI ::+++ 5 .GKPGP

5%*7.6'0 2 0 &KG /ÒP\GP FGT )TCHGP XQP *QJPUVGKP XQP FGP GTUVGP #PH·PIGP KO /KVVGNCNVGT DKU \WO #WUUVGTDGP FGU IT·HNKEJGP *CWUGU 1UPCDTÒEM 5 1TKI $TQUEJWT

5%*9'&' # &CU /ÒP\YGUGP KO *QEJUVKHV 2CFGTDQTP 5VWFKGP WPF 3WGNNGP \WT YGUVH· NKUEJGP )GUEJKEJVG 8GTÌHHGPVNKEJWPIGP FGT *KUVQTKUEJGP -QOOKUUKQP HÒT 9GUVHCNGP 2CFGTDQTP :+++ 5 OKV \CJNTGKEJGP #DD -CTVQPKGTV

5%*9+0-195-+ 9 &KG 4GKEJUOÒP\TGHQTODGUVTGDWPIGP KP FGP ,CJTGP WPF FGT 8GTVTCI \W <KPPC /KV DGUQPFGTGT $GTÒEMUKEJVKIWPI FGT QDGTU·EJUKUEJGP /ÒP\ WPF )GNFIGUEJKEJVG 5VWVV ICTV 5 1TKI $TQUEJWT

5116*' , % XQP #WUGTNGUGPGU WPF JÌEJUV CPUGJPNKEJGU &WECVGPECDKPGV 0GWFTWEM $QPP FGT #WUICDG *CODWTI :+ 5 *CNDNGFGT 4ÒEMGP DGUVQ­GP

/KV 9KFOWPI XQP &T * /G[GT CP &T $WEJGPCW

52476* ( &KG 1DGTJCT\GT #WUDGWVGVCNGT XQP $TCWPUEJYGKI .ÒPGDWTI $QEJWO 5 -CTVG .GKPGP * * XQP 5%166+ #WUDGWVGVCNGT WPF /GFCKNNGP FGU *CT\GT $GTIDCWU $GKURKGNG HÒT FKG 2T·IGMWPUV HTÒJGTGT <GKV )QUNCT 5 * $7415' W C &KG <GNNGTHGNFGT /ÒP\G 8KGT $GKVT·IG \WT )GUEJKEJVG FGT CNVGP /ÒP\UV·VVG %NCWUVJCN <GNNGTHGNF 5 Z .GKPGP Z 1TKI $TQUEJWT

56')79'+6 9 )GUEJKEJVG FGT /ÒP\UV·VVG )QVJC XQO DKU \WO ,CJTJWPFGTV 9GKOCT 5 .GKPGP

/KV 9KFOWPI FGU 8GTHCUUGTU

5<%<74'- 6 5MCTD OQPGV \ :8 K :8+ YKGMW \ TQYW MQlQ O[pNKDQT\C 1 1 2 $'4)*#75 &GT /ÒP\UEJCV\ XQP 3WGTGPDWTI KP FGT $QEJWOGT 7PKXGTUKV·V -NGKPG *GHVG FGT /ÒP\UCOONWPI CP FGT 4WJT 7PKXGTUKV·V $QEJWO $QEJWO , *#/#00 &GT &QDGTCPGT /ÒP\HWPF XQP $CF &QDGTCP $ -.7)' ) 9'6<'. /ÒP\UEJCV\HWPFG KO $G\KTMUOWUGWO %QVVDWU %QVVDWU =/KV 9KFOWPI -NWIGU? * , -'..0'4 'KP /ÒP\UEJCV\ FGU ,CJTJWPFGTVU CWU 5EJQPICW /ÒPEJGP & 5%*/76< &GT /ÒP\UEJCV\HWPF XQO 5EJGNNGPDGTIGT 9CNF XGTITCDGP PCEJ 5& CWU FGO ,CJTDWEJ FGU *KUVQTKUEJGP 8GTGKPU HÒT FCU (ÒTUVGPVWO .KGEJVGPUVGKP .KGEJVGPUVGKP = YGKVGTG -NGKPUEJTKHVGP? 1TKI $TQUEJWT

6'06<'. 9 ' 5CZQPKC 0WOKUOCVKEC #NDGTVKPKUEJG .KPKG $·PFG 0& $GTNKP FGT #WUICDG &TGUFGP (TCPMHWTV )QVJC 5GKVGP 6HP 9 56ª4/'4 8GT\GKEJPKU WPF )GRT·IG FGT ITQDGP WPF MNGKPGTGP /ÒP\UQTVGP YGNEJG FKG -WTHÒTUVGP (ÒTUVGP WPF 5V·PFG FGU 1DGTGP 5·EJUKUEJGP -TGKUGU XGTOÌIG FGU *GKNKIGP 4GKEJGU /ÒP\QTFPWPI CWH FGP -TGKU WPF 2TQDCVKQPUVCIGP XGTINKEJGP JCDGP 0& $GTNKP FGT #WUICDG .GKR\KI / ( , /ª..'4 -NGKPG XGTOKUEJVG $GKVT·IG \WT -GPPVPK­ FGT 5EJKEMUCNG GKPJGKOKUEJGT WPF HTGOFGT /ÒP\GP KO *GT\QIVWO .WZGODWTI WPF KP FGT )TCHUEJCHV %JKPI KO /KVVGNCNVGT WPF KP FGT PGWGTGP <GKV (CMUKOKNGFTWEM .WZGODWTI FGT #WUICDG 6TKGT , , $1*. #DDKNFWPIGP FGT VTKGTKUEJGP /ÒP\GP 0& .WZGODWTI FGT #WUICDG *CP PQXGT % , )¤6< &GWVUEJNCPFU -C[UGT /ÒP\GP FGU /KVVGN #NVGTU 0& .GKR\KI FGT #WU ICDG &TGUFGP % 9'4/76* 5RGEKHKECVKQ FGTGT /GFCKNNGP QFGT 5EJCW 5VÒEMG = ? 0& .GKR\KI FGT #WUICDG )QVJC .GKPGP OKV 5EJWV\WOUEJNCI Z .GKPGP Z 1TKI $TQUEJWT

Z

6*14/#00 * &KG CPJCNVKUEJGP /ÒP\GP FGU /KVVGNCNVGTU /ÒPUVGT 5 \CJNTGKEJG -QP MQTFCP\VCDGNNGP 6HP .GKPGP

9'+0) 460'4 , &KG )QNF WPF 5KNDGT /ÒP\GP FGU $KUVJWOU 2CFGTDQTP PGDUV JKUVQTKUEJGP 0CEJ TKEJVGP 0CEJVT·IG \W FGP /ÒP\GP FGT 'FNGP XQP $ÒTGP WPF FGT #DVGK *GNOGTUJCWUGP 0CEJFTWEM *CODWTI 5 &KG )QNF WPF 5KNDGT /ÒP\GP FGT #DVGK %QTXG[ PGDUV JKUVQTKUEJGP 0CEJ TKEJVGP 0CEJFTWEM *CODWTI 5 6HP $GUEJTGKDWPI FGT -WRHGT /ÒP\GP PGDUV JKUVQTK UEJGP 0CEJTKEJVGP 0CEJFTWEM *CODWTI 5 2 +.+5%* -NGKPG %QTXG[GT /ÒP\IG UEJKEJVG 2CFGTDQTP 5 /GKUV 1TKI $TQUEJWT

9'..0'4 4 &KG /ÒP\GP XQP 6TKGT 'TUVGT 6GKN 'TUVGT #DUEJPKVV $GUEJTGKDWPI FGT /ÒP\GP ,CJTJWPFGTV 2WDNKMCVKQPGP FGT )GUGNNUEJCHV HÒT TJGKPKUEJG )GUEJKEJVUMWPFG &ÒUUGNFQTH 5 6HP .GKPGP

59


0'7<'+6 &'765%*.#0&

9'.6'4 ) &KG /ÒP\GP FGT 9GNHGP UGKV *GKPTKEJ FGO .ÌYGP $·PFG $TCWPUEJYGKI :+ 5 +: 5 6HP 8++ 5 OKV \CJNTGKEJGP #DD .GKPGP

&KG /ÒP\GP FGT 9GNHGP UGKV *GKPTKEJ FGO .ÌYGP $·PFG $TCWPUEJYGKI :+ 5 +: 5 6HP 8++ 5 OKV \CJNTGKEJGP #DD -WPUVNGFGT

9'56(#.+# 07/+5/#6+%# /ÒPUVGT /KPFGP /ÒPUVGT 5 6HP 5 5 1TKI $TQUEJWT

9';. # &KG 2CWN *GPEMGN UEJG 5COONWPI $TCPFGPDWTI 2TGWUUKUEJGT /ÒP\GP WPF /GFCKNNGP $GTNKP 5 6HP 0CEJVTCI $GTNKP 5 +P GKPGO $CPF KP *CNDNGFGT IGDWPFGP

9+'.#0&6 ( $CFKUEJG /ÒP\ WPF )GNFIGUEJKEJVG -CTNUTWJG 5 6HP .GKPGP 2QTVT·VUVWFKGP \WO 5VWPFGPDWEJ /CTMITCH %JTKUVQRJU + XQP $CFGP 5& CWU <GKVUEJTKHV HÒT FKG )G UEJKEJVG FGU 1DGTTJGKPU 5 )GJGHVGV

9+66'0$4+0- 5 )GNF /CTMGP WPF /GFCKNNGP XQP $GEMWO WPF 0GWDGEMWO 3WGNNGP WPF (QT UEJWPIGP \WT )GUEJKEJVG FGU -TGKUGU 9CTGPFQTH 9CTGPFQTH 5 .GKPGP

-1081.76 &'765%*' 07/+5/#6+- /QPQITCRJKGP W C XQP $ÒVVPGT 5QDQVVC %KDKU )KNNGU *CJP -GTPF N ,CGIGT .CWVGT /ÒUGNGT 0KEMNKU 2QJN XQP 5EJTÌVVGT 8GKV FCTWPVGT ' $ %#*0 &KG /ÒP\GP FGU *QEJUVKHVU 'KEJUV·VV )TÒPYCNF , 5 &#8'02146 )GTOCP 6CNGTU .QPFQP 9 (7%*5 (TCPMHWTVGT 4CTKV·VGP -ÌNP * , -'..0'4 &KG /ÒP\GP FGT (TGKGP 4GKEJUUVCFV 0ÒTPDGTI )TÒPYCNF 9 & /ª..'4 ,#*0-' ( ' 81.< &KG /ÒP\GP WPF /GFCKNNGP FGT IT·HNKEJGP *·WUGT 5C[P (TCPMHWTV CO /CKP 5%*0'+&'4 &CU /ÒP\YGUGP KP FGP )TCHUEJCHVGP 9KGF 0GWYKGF WPF 9KGF 4WPMGN (TCPMHWTV CO /CKP ( (4'+*'44 XQP 5%*4¤66'4 &CU 2TGW­KUEJG /ÒP\YGUGP KO ,CJTJWPFGTV $GUEJTGKDGPFGT 6GKN *GHV &KG /ÒP\GP CWU FGT <GKV FGT -ÌPKIG (TKGFTKEJ + WPF (TKGFTKEJ 9KNJGNO + 0CEJFTWEM Q 1 WPF , FGT #WUICDG $GTNKP &CU 2TGW­KUEJG /ÒP\YGUGP KO ,CJTJWPFGTV $GUEJTGKDGPFGT 6GKN *GHV &KG /ÒP\GP CWU FGT <GKV FGU -ÌPKIU (TKGFTKEJ ++ FGU )TQ­GP 0CEJFTWEM /ÒPUVGT #PIGNOQFFG FGT #WUICDG $GTNKP - 9'+5'056'+0 &KG -KRRGT WPF 9KRRGT\GKV KO -WTHÒTUVGPVWO 6TKGT -QDNGP\ 7PVGTUEJKGFNKEJ IGDWPFGP

-1081.76 *'445%*'4$+.&0+55' 4 )#'66'05 /ÒP\RQTVT·VU KO ,CJTJWPFGTV *GK FGNDGTI 5 6HP .GKPGP 4 #.$'46 *TUI *GTTUEJGTRQTVT·VU KP FGT 0WOKUOCVKM (GUV UEJTKHV \WO &GWVUEJGP 0WOKUOCVKMGT 6CI 5RG[GT 5 % # 9+..'/5'0 &KG $KNFPKUUG FGT 5VCWHGT 8GTUWEJ GKPGT $GUVCPFUCWHPCJOG )ÌRRKPIGP 5 6HP 1TKI $TQUEJWT

-1081.76 /+66'.#.6'4 5EJTKHVGP \WT OKVVGNCNVGTNKEJGP 0WOKUOCVKM FCTWPVGT 4 )#'66'05 /ÒP\RQTVT·VU KO ,CJTJWPFGTV *GKFGNDGTI % , )¤6< &GWVUEJNCPFU -C[UGT /ÒP\GP FGU /KVVGN #NVGTU 0CEJFTWEM .GKR\KI FGT #WUICDG &TGUFGP 2 )4+'4510 /ÒP\GP FGU /KVVGNCNVGTU &KG 9GNV FGT /ÒP\GP (TKDQWTI - .#0)' /ÒP\MWPUV FGU /KVVGNCNVGTU .GKR\KI # 57*.' /ÒP\DKNFGT FGT *QJGPUVCWHGP\GKV .GKR\KI 7PVGTUEJKGFNKEJ IGDWPFGP

-1081.76 /+66'.&'765%*.#0& -QPXQNWV XQP 2WDNKMCVKQPGP \W /KVVGNFGWVUEJNCPF DGUQPFGTU 6JÒTKPIGP W C ) 4¤$.+6< &KG $TCMVGCVGP FGT *GTTGP XQP .QDFGDWTI $GTNKP 9 56')79'+6 6JÒTKPIKUEJG $TCMVGCVGP FGU /ÒP\MCDKPGVVU )QVJC )QVJC 2 .#7'49#.& <WT /ÒP\ WPF )GNFIGUEJKEJVG FGU 'KEJUHGNFGU 9QTDKU *GKNKIGPUVCFV 7PVGTUEJKGFNKEJ IGDWPFGP

-1081.76 1661 &'4 )4155' / 27*.' 1VVQ FGT )TQ­G /CIFGDWTI WPF 'WTQRC $·PFG /CKP\ ::+8 5 8+++ 5 -CTVQPKGTV $ -.7)' 2HGTFG HÒT 2HWPF 5KNDGT /ÒP\G )GNF WPF 4GKEJVWO \WT <GKV 1VVQU FGU )TQ­GP /CIFGDWTI 5 1TKI $TQUEJWT

-1081.76 4*'+0+5%*' /ª0<)'5%*+%*6' / XCP 4'; 'KPHÒJTWPI KP FKG TJGKPKUEJG /ÒP\IGUEJKEJVG FGU /KVVGNCNVGTU /ÌPEJGPINCFDCEJ 5 -WTMÌNPKUEJG /ÒP\ WPF )GNFIG UEJKEJVG KO ªDGTDNKEM 5& CWU -WT -ÌNP .CPF WPVGT FGO -TWOOUVCD 5 9 *'55 &CU TJGKPKUEJG /ÒP\YGUGP KO ,CJTJWPFGTV WPF FKG 'PVUVGJWPI FGU -WTTJGKPKUEJGP /ÒP\XGTGKPU 5& CWU &GT &GWVUEJG 6GTTKVQTKCNUVCCV KO ,CJTJWPFGTV + 5KIOCTKPIGP 5 -CTVG ' .+0- &KG 'T\DKUEJÌHNKEJG /ÒP\G WPF KJTG 'T\GWIPKUUG 5& CWU $KPIGP )GUEJKEJVG GKPGT 5VCFV CO /KVVGNTJGKP 8QO HTÒJGP /KVVGNCNVGT DKU \WO ,CJTJWPFGTV $KPIGP 5 ) 2146/#00 &GT 4KZFCNNGT KUV 8++ 1TV ªDGT )GNF WPF 4GEJGPY·JTWPIGP KO /ÒJNJGKOGT 4CWO XQP FGT <GKV -CTNU FGU )TQ­GP DKU \WO $GIKPP FGU 'TUVGP 9GNVMTKGIGU /ÒJNJGKO 5 4*'+0+5%*' /ª0<(4'70&' ,CJTG (GUVUEJTKHV /ÌPEJGPINCFDCEJ 5 ,CJTG 'KHGNGT /ÒP\HTGWPFG 5EJNGKFGP 5 /GKUV 1TKI $TQUEJWT

60


0'7<'+6 &'765%*.#0& )4155$4+6#00+'0

-1081.76 5%*.'5+'0 -QPXQNWV XQP ÒDGTYKGIGPF IGDWPFGPGP -QRKGP XQP /QPQITCRJKGP WPF 5QPFGTFTWEMGP \WT UEJNGUKUEJGP 0WOKUOCVKM FCDGK (4+'&'05$74) 5EJNGUKGPU /ÒP\IGUEJKEJVG KO /KVVGNCNVGT 0CEJFTWEM .GKR\KI *CNDNGKPGP MCTVQPKGTV WPF DTQUEJKGTV

-1081.76 510&'4&47%-' 5%*.'5+'0 -QPXQNWV XQP 5QPFGTFTWEMGP W C XQP $#*4('.&6 ' /ÒP\ WPF )GNFYGUGP KP )NCV\ \W <GKV (TKGFTKEJ 9KNJGNOU +++ &KG )GF·EJVPKU OÒP\GP CWH FGP )GDWTVUVCI FGU UEJNGUKUEJGP /KPKUVGTU XQP *Q[O FGT /CTUEJYKV\GT $TCMVGCVGPHWPF &GT 5KNDGTHWPF XQP 9KP\KI -TGKU 9QJNCW $#*4('*.&6 / XQP &CU IGRT·IVG COVNKEJG 0QVIGNF FGT 2TQXKP\ 5EJNGUKGP (4+'&'05$74) 0GWG <WVJGKNWPIGP UEJNGUKUEJGT &GPCTG $GK VT·IG \WT UEJNGUKUEJGP /GFCKNNGPMWPFG )7/195-+ )NQICWKUEJG /ÒP\IGUEJKEJVG 5%*'70'4 'KP )TQUEJGP FGT 5VCFV )ÌTNKV\ &KG /ÒP\GP FGT 5VCFV )ÌTNKV\ *CNDNGKPGP

DTQUEJKGTV VGKNYGKUG OKV JCPFUEJTKHVNKEJGP 0QVK\GP

-1081.76 9'56(#.'0 8GTUEJKGFGPG 5EJTKHVGP FCTWPVGT 2 $'4)*#75 *CPUKUEJGU )GNF KP 9GUVHCNGP 5& CWU )GNFWONCWH 9·JTWPIUU[UVGOG WPF <CJNWPIUXGTMGJT KP 0QTFYGUVGWTQRC -ÌNP -NGKPG /KPFGPGT /ÒP\IGUEJKEJVG /KPFGP /ÒP\GP 9CRRGP 5KGIGN FGT 5VCFV #TPU DGTI #TPUDGTI 9GUVH·NKUEJG /ÒP\IGUEJKEJVG FGU /KVVGNCNVGTU /ÒPUVGT * -475; &KG /ÒP\GP FGT )TCHGP XQP 5EJYCNGPDGTI WPF KJTGT 5GKVGPNKPKGP 2[TOQPV 5VGTPDWTI WPF 9CNFGEM NGV\VGTG DKU GVYC FGT GPFIÒNVKIGP 'PVUVGJWPI FGT )TCHUEJCHV 9CNFGEM -ÌNP 7PVGTUEJKGFNKEJ IGDWP FGP

-1081.76 /QPQITCRJKGP WPF #WHU·V\G \WT FGWVUEJGP 0WOKUOCVKM W C XQP $7%- $ª660'4 51$166# . XQP '$'0)4'76* -70<'. 1.&+0) 1'46<'0 5%*9#.$#%* FCDGK CWEJ 0CEJFTWEMG 7PVGTUEJKGFNKEJ IGDWPFGP

#WMVKQPUMCVCNQIG OKV *CODWTIGT /ÒP\GP WPF /GFCKNNGP 5NI -KTUVGP = 0TP ? 5NI 1GVNKPI = 0TP ? 5NI 0CVJCP = 0TP ? #WMVKQP /GWUU XQP 5NI *KPVGTUVQKUUGT 5NI /ÒNXGTUVGFV =QJPG 6HP ? WPF *GNDKPI /GKUV DTQUEJKGTV

(4#0-4'+%*

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.GU OQPPCKGU (TCP¼CKUGU H¾QFCNGU 6QOG + 2CTKU 5 .GKPGP

(.10 & *KUVQKTG OQP¾VCKTG FG NC .QTTCKPG GV FGU 6TQKU X¾EJ¾U $·PFG 0CPE[ .:: 5 1TKI $TQUEJWT

/KV 9KFOWPI FGU 8GTHCUUGTU

)41­$4+6#00+'0 +4.#0&

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$.#%-$740 / # 5 &7/8+..' & 0 *TUI -KPIU %WTTGPE[ CPF #NNKCPEGU *KUVQT[ CPF %QKPCIG QH 5QWVJGTP 'PINCPF KP VJG 0KPVJ %GPVWT[ 5VWFKGU KP #PINQ 5CZQP *KUVQT[ 9QQFDTKFIG : 5 .GKPGP * $ # 2'6'45510 #PINQ 5CZQP %WTTGPE[ -KPI 'FICTʼnU 4GHQTO VQ VJG 0QTOCP %QPSWGUV 5 6HN 1TKI $TQUEJWT 2 )4+'4510 .C HQPEVKQP UQEKCNG FG NC OQPPCKG GP #PINGVGTTG CWZ 8++G 8+++G UK½ENGU 5& CWU 5GVVKOCPG FK UVWFKQ FGN %GPVTQ KVCNKCPQ FK UVWFK UWNNʼnCNVQ OGFKQGXQ 5RQNGVQ 5 &C\W GKP YGKVGTGT 5& 1TKI $TQUEJWT

)4+'4510 2 (KV\YKNNKCO /WUGWO %CODTKFIG 2CTV #PEKGPV $TKVKUJ CPF #PINQ 5CZQP %QKPU 5%$+ .QPFQP ::++ 5 FCXQP 6HP $ -.7)' 5VCVG /WUGWO $GTNKP %QKP %CDKPGV #PINQ 5CZQP #PINQ 0QTOCP CPF *KDGTPQ 0QTUG %QKPU 5%$+ 8+++ 5 FCXQP 6HP ' , ' 2+4+' 2QUV 4QOCP %QKPU HTQO ;QTM 'ZECXCVKQPU 6JG #TEJGCQNQI[ QH ;QTM ;QTM 5 6HP FCXQP KP (CTDG .GKPGP Z WPF 1TKI $TQUEJWT Z

&GT UGNVGPG GTUVG $CPF FGT 5[NNQIG QH %QKPU QH VJG $TKVKUJ +UNGU OKV GKPGO 8QTYQTV XQP 5+4 ( 56'0610

/'6%#.( & / #P #VNCU QH #PINQ 5CZQP CPF #PINQ 0QTOCP %QKP (KPFU E 405 5RG EKCN 2WDNKECVKQP .QPFQP :8+ 5 FCXQP 6HP WPF \CJNTGKEJG -CTVGP .GKPGP OKV 5EJWV\WOUEJNCI

/'6%#.( & / *TUI %QKPCIG KP /GFKGXCN 5EQVNCPF 6JG 5GEQPF 1ZHQTF 5[ORQ UKWO QP %QKPCIG CPF /QPGVCT[ *KUVQT[ $TKVKUJ #TEJCGQNQIKECN 4GRQTVU 8+++ 5 1TKI $TQUEJWT + & $4190 / &1..'; # $KDNKQITCRJ[ QH %QKP *QCTFU QH )TGCV $TKVCKP CPF +TGNCPF 405 5RGEKCN 2WDNKECVKQP .QPFQP 5 .GKPGP

576*'4.#0& % * 8 #PINQ 5CZQP )QNF %QKPCIG KP VJG .KIJV QH VJG %TQPFCNN *QCTF .QPFQP 5 6HP .GKPGP

61


0'7<'+6 )4155$4+6#00+'0 +6#.+'0

-1081.76 #0)'.5#%*5'0 - ,105510 6JG 0GY 'TC 6JG 4GHQTOCVKQP QH VJG .CVG #PINQ 5CZQP %QKPCIG %QOOGPVCVKQPGU FG PWOOKU UCGEWNQTWO +: :+ KP UWGEKC TGRGTVKU 0QXC UGTKGU 5VQEMJQNO 5 .GKPGP 8KMKPI #IG *QCTFU CPF .CVG #PINQ 5CZQP %QKPU 5VQEMJQNO 5 5 *1./ 5VWFKGT ÌHXGT 7RRUCNC 7PKXGTUKVGVU #PINQUCZKUMC /[PVUCONKPI 7RRUCNC 8+++ 5 4 * / &1..'; 5QOG 4GHNGEVKQPU QP *KNFGDTCPF 6[RG # QH VJGNTºF ++ #PVKMXCTKUMV #TMKX 5VEQMJQNO 5 % ' $.706 #PINQ 5CZQP CPF *KDGTPQ 0QTUG 5& CWU # 5WTXG[ QH 0WOKUOCVKE 4GUGCTEJ ++ 0GY ;QTM 5 Z .GKPGP UQPUV OGKUV 1TKI $TQ UEJWT

*#$5$74+5%*' '4$.#0&' 70)#40 $¤*/'0

%#56'.+0 - )TQUUWU 2TCIGPUKU &GT 2TCIGT )TQUEJGP WPF UGKPG 6GKNUVÒEMG #WHN $TCWPUEJYGKI 5 6HP (CNVMCTVG .GKPGP

*#.#%-# + /KPEG <GOÃ -QTWP[ CGUM¾ $·PFG -TQOerÃĻ &C\W \YGK YGK VGTG 2WDNKMCVKQPGP .GKPGP

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07/+5/#6+%# /14#8+%# 5DQTPÃM + PWOKUOCVKEM¾JQ 5[ORQUKC , 21ĥ8 4 /Q TCXUM¾ /KPEQXP[ $TPQ 5DQTPÃM ++ PWOKUOCVKEM¾JQ 5[ORQUKC <WT 2TQDNGOCVKM FGU /·JTKUEJGP /ÒP\YGUGPU FGU ,CJTJWPFGTVU $GKVT·IG OGKUV KP VUEJGEJKUEJGT 5RTCEJG (1.+# 07/+5/#6+%# 5WRRNGOGPVWO CF CEVC OWUGK /QTCXKCG , 5',$#. &eLKP[ 2GPe\ PC /QTCXe $NQM 5 6HP /GKUV .GKPGP

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/KV \CJNTGKEJGP #DD GPVJ·NV /CVVJKCU 'T\JGT\QI .GQRQNF (GTFKPCPF ++ 'T\JGT\QI (GTFKPCPF -CTN (GTFKPCPF +++ -CTN 8+

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69


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70


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71


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72


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#WMVKQP XQO 5NI (TKGFGPUDWTI /ÒP\GP FGU FGWVUEJGP /KVVGNCNVGTU 0TP 6HP $GKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP GVYCU UVQEMHNGEMKI

#WMVKQP XQO 5NI XQP *=ÒVVGPDCEJ? /KVVGNCNVGT 0GW\GKV DGU 0KGFGTNCPFG &GWVUEJNCPF 5EJYGK\ =5NI 2KGRGT? 6GKN 9GUVHCNGP 5NI 0KGU #WUDGWVGOÒP\GP 5NI 5KOQP ,WFCKEC 0TP 6HP $GKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT

#WMVKQP XQO &KG JGT\QINKEJ CPJCNVKPKUEJG /ÒP\UCOONWPI \W &GUUCW 6GKN /KVVGNCNVGT W C (F XQP (TGEMNGDGP WPF 'WTQRC 9GUVHCNGP 0TP 6HP 5. CNU (QVQMQRKG 6GKNYGKUG DGKIGUEJTKGDGPG 2TGKUG $TQUEJWT GVYCU DGUVQ­GP

%+#0+ . 2CTKU #WMVKQP XQO 5NI (NQTCPIG .QVJTKPIGP 0TP 6HP 1TKI $TQUEJWT DGUVQ­GP 4ÒEMGP DGUEJ·FKIV

'))'4 )'$4ª&'4 9KGP #WMVKQP XQO )TKGEJGP DGU 5K\KNKGP 0TP 6HP /KV DGKIGUEJTKGDGPGP 2TGKUGP KO 6GZV WPF VGKNYGKUG CWH FGP 6CHGNP .GKPGP

#WMVKQP XQO 5NI (GPGTN[ $G[ #PVKMG 0TP 6HP *CNDNGKPGP

)4#$19 . 4QUVQEM #WMVKQP XQO 5NI 4QGRGT 6GKN 0TP 6HP VGKNYGKUG OKV DGKIGUEJTKGDGPGP 2TGKUGP 1TKI $TQUEJWT

'Z NKDTKU ( 5EJYCT\G 6KVGN OKV JCPFUEJTKHVNKEJGO $GUKV\GTGKPVTCI

*#/$74)'4 , (TCPMHWTV CO /CKP #WMVKQPGP CWU FGP ,CJTGP 5NI 4KVVGT XQP 9KNOGTUFÌTHHGT 6GKN /KVVGNCNVGT WPF 0GW\GKV DGU -WPUVOGFCKNNGP WPF &GWVUEJNCPF 0TP \WU 6HP FKG 6HP FGU 6GKNU PWT CNU (QVQMQRKG DGKIGNGIV 6GKN WPF OKV DGKIGUEJTKGDGPGP 2TGKUGP 6GKN OKV DGKIGDWPFGPGT '. -CVCNQIG KP GKPGO $CPF KP *CNDNGFGT IGDWPFGP

*#/$74)'4 . . (TCPMHWTV CO /CKP #WMVKQP XQO 5NI XQP 5EJGPPKU #PVKMG 5NI .KRRGTV 9ÒT\DWTI 5NI -ÌJNGT *GUUGP 0TP 6HP #WMVKQP XQO *GUUKUEJG &WDNGVVGP WPF CWUIGUEJKGFGPG 5VÒEMG FGU )TQUUJGT\QINKEJ *GUUKUEJGP /ÒP\MCDKPGVVU KP &CTOUVCFV 5NI 5WJO $CFGP 5EJYGK\ 'NUC­ 5NI 5GNVOCP #PVKMG 0TP 6H #WMVKQP XQO =5NI *G[OCPP? -ÌNP (TCPMHWTV 0TP #WMVQP XQO 7PKXGTUCN 0TP 6HP #WMVKQP XQO 5NI /CTZ #PVKMG /CKP\ $TCWPUEJYGKI 0TP '. GKPIGDWPFGP -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGFGT GVYCU DGUVQ­GP

#WMVKQP XQO 5NI 5CWTOC ,GNVUEJ $GIKPP FGT )TQUEJGPRGTKQFG DKU \WT -KRRGT\GKV 0TP 6HP 1TKI $TQUEJWT DGUVQ­GP $NGKUVKHVGKPIT·IG CWH 6KVGN WPF 8QTUCV\

#WMVKQP XQO 5EJYGK\ 5NI $ KP - 5EJYGK\ 0TP 6HP .GKPGP

#WMVKQP XQO 5NI $CEJQHGP $WTEMJCTFV $CUGN 6GKN 0TP 6HP .GKPGP DGKIG UEJTKGDGPG 2TGKUG

-CVCNQI GKPGT FGT ·NVGUVGP WPF DGFGWVGPFUVGP 5RG\KCNUCOONWPIGP 5EJYGK\GT /ÒP\GP WPF /GFCKNNGP #WH FGT GTUVGP 5GKVG GKPIGMNGDVG 0QVK\ 'VYCKIG FGWVUEJG .WZWUUVGWGT \W .CUVGP FGT -·WHGT

#WMVKQP CWU FGP ,CJTGP 5NI $CEJQHGP $WTEMJCTFV $CUGN 6GKN =XQP ? +P GKPGO $CPF KP .GKPGP IGDWPFGP

#WH FGT GTUVGP 5GKVG GKPIGMNGDVG 0QVK\ 'VYCKIG FGWVUEJG .WZWUUVGWGT \W .CUVGP FGT -·WHGT

73


#7-6+105-#6#.1)'

#WMVKQP XQO 5NI XQP 4 5EJNGUKGP 5NI XQP %NCGT /GFCKNNGP (TKGFTKEJU FGU )TQ­GP FGT $TCMVGCVGPHWPF XQP .KEJVGPDGTI 0TP 6HP .GKPGP

#WMVKQP XQO #NVG 5COONWPI R·RUVNKEJGT /ÒP\GP 0TP 6HP .GKPGP

#WMVKQP XQO 5NI 8QIGN #DV +8 0KGFGTU·EJUKUEJG 5V·FVG 9GUVHCNGP 0TP 6HP .GKPGP DGKIGDWPFGPG '.

*'.$+0) 1 /ÒPEJGP #WMVKQP XQO 5NI /G[GT 0GW\GKV 0TP *'.$+0) 0#%*( 1 /ÒPEJGP #WMVKQP XQO 5NI (TGKJGTT <W 4JGKP 9ÒT\DWTI (TCPMTGKEJ )QNFHWPF XQP 6JCNGKUEJYGKNGT 0TP 6HP 1TKI $TQUEJWT DGUEJ·FKIV $WEJDNQEM WPF 6H NQUG #WMVKQP XQO 7PKXGTUCN 0TP 6HP #WMVKQP XQO =5NI $TWPPGT? /ÒP\GP WPF /GFCKNNGP CNV WPF PGWHÒTUVNKEJGT *·WUGT 0TP 6HP VGKNYGKUG DGKIG UEJTKGDGPG 2TGKUG #WMVKQP XQO #PVKMG /ÒP\GP 0TP 6HP DGKIGDWPFGPG 5. #WMVKQP XQO 4CTKV·VGP GTUVGP 4CPIGU 0TP 6HP DGKIGDWPFGPG 5. #WMVKQP XQO 7PKXGTUCN DGU /KVVGNCNVGT 2HCN\ 0TP 6HP #WMVKQP XQO 5NI .CP\ 5EJYCDGP 0TP 6HP DGKIGDWPFGPG 5. .GKPGP Z

#WMVKQPGP CWU FGP ,CJTGP WPF =5NI 4CKPGT? 6GKN 7PKXGTUCN 0TP 6HP FKG 6HP FGU 6GKNU HGJNGP 6GKN OKV DGKIGUEJTKGDGPGP 2TGKUGP 6GKN WPF OKV GKPIGDWPFGPGT '. -CVCNQIG KP GKPGO $CPF IGDWPFGP *CNDNGFGT

*'.$+0) 1 0#%*( /ÒPEJGP #WMVKQP XQO 5NI $WEJGPCW /KVVGNCNVGT GVE 0TP 6HP /KV DGKIGUEJTKGDGPGP 2TGKUGP 1TKI $TQUEJWT

*'55 # (TCPMHWTV CO /CKP (GUVRTGKUNKUVG XQP 0TP *CNDNGKPGP &GEMGN NQEMGT #WMVKQP XQO 5NI / &QPGDCWGT $ÌJOGP 6GKN 0TP *'55 0#%*( # (TCPMHWTV CO /CKP #WMVKQP XQO 5NI 4QGFGT 9ÒT\DWTI 0TP 6HP DGKIGUEJTKG DGPG 2TGKUG #WMVKQP XQO 5V·FVKUEJG /ÒP\UCOONWPI (TCPMHWTV CO /CKP 0TP #WMVKQP XQO 5NI / *QN\OCPP )QNFOÒP\GP 6CNGT 0TP 6HP #WMVKQP XQO -NKRRGP 4GHQTOCVKQP .WHVUEJKHHCJTV 0TP 6HP .GKPGP Z WPF *CNDNGKPGP Z

#WMVKQP XQO 5NI (CTKPC 4JGKPKUEJG .·PFGT $TCPFGPDWTI 2TGW­GP 9GUVHCNGP 0TP *CNDNGFGT OKV DGKIGUEJTKGDGPGP 2TGKUGP FKG 6HP HGJNGP

*'55 0#%*( # (TCPMHWTV CO /CKP #WMVKQPGP WPF 8GTMCWHUMCVCNQIG 6JÒTKPIGP #PVKMG 5NI 1VVQ 5EJYCDGP WPF -WPUVOGFCKNNGP 5NI 0KVUEJ )TKGEJKUEJG /ÒP\GP ,ÒNKEJ -NGXG $GTI CWU FGP ,CJTGP 6GKNYGKUG OKV 5. *CNDNGKPGP Z 1TKI $TQUEJWT Z

#WMVKQP XQO 5NI /G[GT )GFCPGPUKU 6GKN /ÒP\GP WPF /GFCKNNGP FGT -CKUGT WPF -ÌPKIG FGT )GKUVNKEJMGKV WPF FGT #NVHÒTUVNKEJGP *·WUGT 0TP 6HP #WMVKQP XQO 5NI /G[GT )GFCPGPUKU 6GKN 0GWHÒTUVGP +VCNKGP 5EJYGK\ 0KGFGTNCPFG GVE 0TP 6HP 6GKN OKV '. 6GKN OKV DGKIGUEJTKGDGPGP 2TGKUGP +P GKPGO $CPF KP *CNDNGKPGP IGDWPFGP 2CRKGT YKG ÒDNKEJ IGDT·WPV

#WMVKQP XQO 5NI *QTUM[ ¤UVGTTGKEJ 7PICTP 6GKN 0TP 6HP 5. *CNDNGKPGP

#WMVKQP XQO 5NI $CJTHGNFV 0TP 6HP 1TKI $TQUEJWT 5KVG H KP -QRKG 4ÒE MGP WPF &GEMDNCVV IGMNGDV WPF GKPIGTKUUGP ' $#*4('.&6 9 4'+0'%-' &GT $CTFGYKMGT /ÒP\ HWPF $GTNKP 5 6HP .GKPGP * &#00'0$'4) 'KP (WPF PKGFGTFGWVUEJGT $TCMVGCVGP

UQI (WPF XQP 5& CWU <GKVUEJTKHV HÒT /ÒP\ 5KGIGN WPF 9CRRGPMWPFG 0( 5 6HP *CNNG 1TKI $TQUEJWT * # '4$56'+0 &GT /ÒP\HWPF XQP 6TGDKV\ DGK 9KVVGPDGTI 'KP $GKVTCI \WT )GUEJKEJVG FGU FGWVUEJGP /ÒP\YGUGPU KO WPF ,CJTJWPFGTV 0ÒTPDGTI 5 6HP *CNDNGKPGP 6HP NGKEJV UVQEMHNGEMKI

#WMVKQP XQO 5NI # .ÌDDGEMG )TKGEJGP 4ÌOGT 0TP 6HP 1TKI $TQUEJWT 4ÒE MGP NGKEJV DGUEJ·FKIV

#WMVKQPGP XQO 5NI 8QIGN + +8 0TP 0TP OKV DGKIGNGIVGT '. 6CHGNDCPF 5NI 8QIGN 6HP 6HP 6HP 6HP .GKPGP

*'55 #) # .W\GTP #WMVKQP XQO 5NI 9CNVGTU WPF 5NI 9GDD 4ÌOKUEJG /ÒP\GP 0TP 6HP 5. -CTVQPKGTV

#WMVKQP XQO 5NI )TQ­HÒTUV /KEJCKNQXKVUEJ XQP 4W­NCPF 4WUUKUEJG /ÒP\GP WPF /GFCKN NGP CWU )QNF WPF 2NCVKP 0TP 6HP 5. 1TKI $TQUEJWT

*+45%* , /ÒPEJGP #WMVKQP XQO #PVKMG ¤UVGTTGKEJ /GFCKNNGWT # 5EJCTHH 0TP 1TKI $TQUEJWT

74


#7-6+105-#6#.1)'

#WMVKQP XQO 5NI 9GDGT 6GKN 4ÌOKUEJG WPF D[\CPVKPKUEJG /ÒP\GP 0TP 6HP 6GZVCDD DGKIGUEJTKGDGPG 2TGKUG 1TKI $TQUEJWT 4ÒEMGP IGMNGDV GKPKIG 6HP NQUG

/'755 * *CODWTI #WMVKQP XQO 5NI &CP\KIGT $TGOGP $TGOGP 8GTFGP 5VCFG 0TP 6HP 5. 1TKI $TQUEJWT

/ª0<'0 70& /'&#+..'0 #) $CUGN 8GTMCWHUNKUVGP +P $·PFGP KP .GKPGP IGDWPFGP

/74+5'6 )+%16 % )GPH #WMVKQP XQO IGOGKPUCO OKV . (144'4 .QPFQP 5NI 5VTQGJNKP 6GKN 5EJYGK\ 0TP 6HP .GKPGP

4+'%*/#00 # *CNNG CP FGT 5CCNG #WMVKQP XQO 5NI $TCWUG /CPUHGNF 0CRQNG QPOGFCKNNGP 5NI 9GTPGDWTI )GKUVNKEJMGKV 2TGW­GP 0TP 6HP DGKIGDWPFGPG 'N *CNDNGK PGP YGPKIG 6HP NGKEJV UVQEMHNGEMKI

#WMVKQP XQO 5NI .ÌDDGEMG &GWVUEJG $TCMVGCVGP 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGKPGP $KPFWPI NQEMGT

#WMVKQP XQO 0CEJFTWEM /GGTDWUEJ $ÒFGTKEJ 5NI 8QIGNUCPI #WUDGWVG WPF $GTIYGTMUOÒP\GP WPF OGFCKNNGP (TQPVKURK\ 0TP 6HP '. .GKPGP

#WMVKQP XQO /KVVGNCNVGT $TCMVGCVGPHWPF XQP 0QTFJCWUGP 0TP 6HP 1TKI $TQUEJWT

415'0$'4) 5 (TCPMHWTV CO /CKP #WMVKQP XQO IGOGKPUCO OKV 5 5%*166 9#..'456'+0 (TCPMHWTV CO /CKP 5NI $GNNK 6GKN #NV WPF 0GWHÒTUVNKEJG *·WUGT 0TP 6HP &QRRGNVHP '. DGKIGUEJTKGDGPG 2TGKUG KO 6GZV WPF CWH FGP 6CHGNP 1TKI $TQUEJWT

#WMVKQPGP XQO 5NI 8KGNJCDGT /QGTU KP 0WOOKU XQO 5NI 8KGNJCDGT ++ ,ÒNKEJ %NGXG $GTI XQO 5NI XQP OKVVGNTJGKPKUEJGP /ÒP\GP WPF /GFCKNNGP FGWVUEJG 'JTGP\GKEJGP XQO 5NI 'NNOCP W C /KVVGNCNVGT WPF 0GW\GKV ,ÒNKEJ %NGXG $GTI 5EJYGK\ (TCPMTGKEJ +VCNKGP CPVKMG /ÒP\GP XQO 5NI *GGTFV /CKP\ 0GW\GKV 6GKN YGKUG OKV DGKIGUEJTKGDGPGP 2TGKUGP 7PVGTUEJKGFNKEJ IGDWPFGP

5#06#/#4+# 2 2 4QO 5NI /CIPCIWVK 'Z PWOOKU JKUVQTKC 6GKN XQP )QP\CIC 0TP 6HP KP $GKNCIG 1TKI $TQUEJWT

5%*.'55+0)'4 ( #OUVGTFCO #WMVKQP XQO 5NI 5 ' %TQPC 5EJYGFGP 0TP 6HP 5.

5%*.'55+0)'4 ( $GTNKP #WMVKQP XQO 5NI CWU CWUN·PFKUEJGO /WUGWOUDGUKV\ =&WDNGVVGP 'TGOKVCIG? )TKGEJKUEJG /ÒP\GP 0TP 6HP 5. .GKPGP

5'.+)/#00 # *CPPQXGT #WMVKQP XQO 5NI 2HNÒOGT *COGNP 0KGFGTUCEJUGP 0TP 6HP 1TKI $TQUEJWT 4ÒEMGP DGUEJ·FKIV

516*'$; %1 .QPFQP # ECVCNQIWG QH C EQNNGEVKQP QH CPEKGPV CP OQFGTP EQKPU CPF OGFCNU KP IQNF UKNXGT CPF EQRRGT %QPUKUVKPI QH )TGGM 4QOCP 5CZQP 'PINKUJ /CP[ QH VJGO TCTG CPF KP HKPG RTGUGTXCVKQP #OQPI VJGO KU VJG HCOQWU 2GVKVKQP ETQYP QH %JCTNGU ++ D[ 6 5KOQP CPF OCP[ QVJGTU HTQO VJG ECDKPGV QH VJG NCVG 4KEJCTF 5QWVJICVG .QPFQP 5 2CRRDCPF OGKUV DGKIG UEJTKGDGPG 2TGKUG /CPXKNNG 4QDGTVUQP 5

52+0- .QPFQP #WMVKQP WPF XQO 6JG 0QTYGD %QNNGEVKQP )TQ­DTKVCPPKGP 6GKNG $TQUEJKGTV

-1081.76 7PVGT FGP #WMVKQPUMCVCNQIGP HKPFGV UKEJ GVYC *#/$74)'4 . (TCPMHWTV CO /CKP #WMVKQP XQO 5NI (QTF 5EJYGK\ WPF 5NI ,QUGRJ 5EJYGK\ 0TP 6HP .GKPGP #WMVKQP XQO 5NI 2TKP\ 2JKNKRR XQP 5CEJUGP %QDWTI )QVJC 7PKXGTUCN 0TP 6HP DGKIGUEJTKGDGPG 2TGKUG *CNDNGFGT %#*0 # ' (TCPMHWTV CO /CKP #WMVKQP 0T XQO 7PKXGTUCN *CODWTI 0TP 6HP .GKPGP *CNDNGFGT Z .GKPGP Z 1TKI $TQUEJWT Z OGKUV GVYCU DGUEJ·FKIV

#WMVKQPUMCVCNQIG FGT (KTOGP 0#% 0T *GUU .GW 0T .GW 0T /ÒP\GP WPF /GFCKNNGP #) 0T 5VCEM U #WMVKQP XQO *GUU 0CEJH 0T 4QUGPDGTI 0T 4KGEJOCPP 0T /GWUU 0T )CGVVGPU 0T )TCDQY 0T $CNN 0T 5EJNGUUKPIGT Z 0T %CJP .KUVG *GNDKPI 0T &QTQVJGWO 5NI *QNNUEJGEM 5QVJGD[ -CVCNQIG FCTWPVGT $·PFG $[\CPVKPGT FGT *WPV %QNN )NGPFKPKPI Z %JTKUVKG U Z 5RKPM Z /GKUV $TQUEJKGTV

75


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