Auktion 117 Künker by Fritz Rudolf Kuenker GmbH & Co. KG

-'.6+5%*' )1.&/ª0<'0

5001

5002

$4+6#00+#

#64'$#6'5 Ô 5VCVGT X %JT %CNNGXC I 5VKNKUKGTVGT #RQNNQMQRH T 2HGTF T XCP #TUFGNN XGTIN 4 5GJT UEJÌP

&74164+)'5 Ô 5VCVGT X %JT I 5VKNKUKGTVGT -QRH T 5VKNKUKGTVGU 2HGTF N FCTWPVGT UVKNKUKGTVGT -TGDU XCP #TUFGNN 2T·IGUEJY·EJG CWH FGO #XGTU UGJT UEJÌP

5003

5004

64+018#06'5 #FFGFQOCTQU Ô 5VCVGT X %JT I <YGK -T·P\G ÒDGT -TGW\ OKV \YGK JCNDOQPFHÌTOKIGP )GDKNFGP OKV +PPGP\GKEJPWPI FGMQTKGTV 2HGTF T FCTWPVGT -WIGN WPF 4CF FCTÒDGT 2WPMV KP -TGKU XCP #TUFGNN 5GJT UEJÌP

&KG JCNDOQPFHÌTOKIGP )GDKNFG OKV KJTGT +PPGP\GKEJPWPI GTKPPGTP CP /WUEJGNP &KGU IKNV CWEJ HÒT FKG *CNDOQPFG CWH FGP HQNIGPFGP XKGT 5VÒEMGP

Ô 5VCVGT X %JT I 5GEJUCTOKIG 5RKTCNG OKV FTGK JCNDOQPFHÌTOKIGP )GDKNFGP FGMQTKGTV 2HGTF T WPVGP (ÒNNJQTP XCP #TUFGNN #XGTU GVYCU XGTRT·IV UGJT UEJÌP

5005

5006

Ô 5VCVGT X %JT I 5GEJUCTOKIG 5RKTCNG OKV FTGK JCNDOQPFHÌTOKIGP )GDKNFGP FGMQTKGTV 2HGTF T WPVGP (ÒNNJQTP XCP #TUFGNN 8GTDTCWEJVGT 4GXGTUUVGORGN UGJT UEJÌP

Ô 5VCVGT X %JT I 5GEJUCTOKIG 5RKTCNG OKV FTGK JCNDOQPFHÌTOKIGP )GDKNFGP FGMQTKGTV 2HGTF T WPVGP (ÒNNJQTP XCP #TUFGNN -N 5EJTÌVNKPIUTKUUG UGJT UEJÌP

5008

5007

Ô 5VCVGT X %JT I 5GEJUCTOKIG 5RKTCNG OKV FTGK JCNDOQPFHÌTOKIGP )GDKNFGP FGMQTKGTV 2HGTF T WPVGP (ÒNNJQTP XCP #TUFGNN 5GJT UEJÌP

%#678'..#70+ %WPQDGNKP Ô 5VCVGT %COWNQFWPWO I JTG 2HGTF URTKPIV T FCTÒDGT <YGKI XCP #TUFGNN 4 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

%WPQDGNKP KUV FGT DGMCPPVGUVG MGNVKUEJG -ÌPKI $TKVCPPKGPU UGKP .GDGP FKGPVG CNU 8QTNCIG HÒT 5JCMGURGCTGU %[ODGNKPG

5010

5009

5010

)#..+#

#010;/ 'N 5VCVGT I -QRH N 2HGTF N FCTÒDGT 4CF WPVGP 8 %CUVGNKP <ÒTKEJ #XGTU GVYCU FG\GPVTKGTV HCUV UGJT UEJÌP

#8'40+ Ô 5VCVGT ,CJTJWPFGTV X %JT I -QRH N 2HGTF OKV .GPMGT T N 4CF WPVGP .[TC %CUVGNKP <ÒTKEJ -PCRRGT 5EJTÌVNKPI UGJT UEJÌP

5011

5012

/'&+1/#64+%+ Ô 5VCVGT ,CJTJWPFGTV X %JT I 5VKNKUKGTVGT #RQNNQMQRH T 2GIC UWU T &GNGUVT¾G 6CEJG &6 -N &TWEMUVGNNGP UGJT UEJÌP &KG <WUEJTGKDWPI CP FKG /GFKQOCVTKEK KUV PKEJV IGUKEJGTV 'U MÌPPVG UKEJ WO FKG 2T·IWPI XGTUEJKGFGPGT 4JGKPIGTOC PGP JCPFGNP

8'0'6+ Ô 5VCVGT ,CJTJWPFGTV X %JT I -QRH T XQP 2GTNUEJPÒTGP OKV -ÌRHGP WOIGDGP #PFTQMGRJCNGU 2HGTF T OKV .GPMGT FCTWPVGT IGHNÒIGNVG )GUVCNV T &GNGUVTG¾ 6CEJG &6 -PCRRGT 5EJTÌVNKPI UGJT UEJÌP

5015

5013

5014

$'.)+%#

/14+0+ ! Ô 5VCVGT X %JT I $WEMGN $CWO \YKUEJGP $CNMGP WPF -TGKUGP WPVGP IGUEJYWPIGPG .KPKG (NW! &GNGUVTG¾ 6CEJG &6 XCP #TUFGNN XGTIN -PCRRGT 5EJTÌVNKPI UGJT UEJÌP

)'4/#0+#

8+0&'.+-'4 Ô 5VCVGT 4GIGPDQIGPUEJÒUUGNEJGP ,CJTJWPFGTV X %JT I )NCVV )NCVV -GNNPGT 6[R 8 # 5GJT UEJÌP

$1*'/+#

$1+'4 Ô 5VCVGT I *GT\HÌTOKI IGINKGFGTVGT $WEMGN 5VTCJNGPFTGKGEM FCTWPVGT 2WPMVG &GODUMK HH 2CWNUGP $TGKVGU IWV \GPVTKGTVGU 'ZGORNCT UGJT UEJÌP

)4+'%*+5%*' )1.&/ª0<'0

1,5:1

5016

1,5:1

5+%+.+#

5;4#-75 *KGTQP ++ X %JT Ô &GMCFTCEJOG I 2GTUGRJQPGMQRH N OKV JTGPMTCP\ FCJKPVGT 1JTTKPI ! $KIC N FCTWPVGT ' $/% 50) #05 XGTIN HH 50) /ÒPEJGP XGTIN HH /KP -TCV\GT CWH FGO #XGTU UGJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

5018

5017

/1'5+#

-#..#6+5 Ô 5VCVGT X %JT I &KCFGOKGTVGT -QRH FGU XGTIÌVVNKEJVGP #NGZCPFGT T OKV #OOQPUJQTP #VJGPC 0KMGRJQTQU UKV\V N FCTWPVGT &TGK\CEM #/0) FG %CNNCVC[ & 4 8GTDTCWEJVGT #XGTUUVGORGN UGJT UEJÌPpXQT\ÒINKEJ

&GT -QRH FGT 8QTFGTUGKVG \GKIV FKG <ÒIG /KVJTCFCVGU 8+ UQ YKG UKG XQP UGKPGP MNGKPCUKCVKUEJGP 6GVTCFTCEJOGP DGMCPPV UKPF &KGUG )QNFRT·IWPI UVGJV KO <WUCOOGPJCPI OKV FGO $GHTGKWPIUMTKGI /KVJTCFCVGU 8+ IGIGP FKG 4ÌOGT

Ô 5VCVGT X %JT I &KCFGOKGTVGT -QRH FGU XGTIÌVVNKEJVGP #NGZCPFGT T OKV #OOQPUJQTP #VJGPC 0KMGRJQTQU UKV\V N FCTWPVGT &TGK\CEM #/0) FG %CNNCVC[ & 4 8GTDTCWEJVGT #XGTUUVGORGN UGJT UEJÌP

5019

5020

5021

61/+5 Ô 5VCVGT X %JT ! I &KCFGOKGTVGT -QRH FGU XGTIÌVVNKEJVGP #NGZCPFGT T OKV #OOQPUJQTP #VJGPC 0KMGRJQTQU UKV\V N FCTWPVGT &TGK\CEM #/0) 5GJT UEJÌP

5%;6*+#

-QUQP EC X %JT Ô 5VCVGT X %JT 1NDKC I /CIKUVTCV UEJTGKVGV N \YKUEJGP \YGK .KMVQTGP FCXQT /QPQITCOO #FNGT N OKV -TCP\ WPF <GRVGT 42% # 8QT\ÒINKEJ UGJT UEJÌP

&KGUG KPVGTGUUCPVG )QNFOÒP\G KUV UGKV DGMCPPV CNU 'TCUOWU XQP 4QVVGTFCO UKG \W GTMN·TGP XGTUWEJVG 'U H·NNV UQHQTV CWH FC FKGUGT /ÒP\V[R TÌOKUEJG &GPCTG FGT UR·VGP 4GRWDNKM PCEJCJOV &KG 8QTFGTUGKVG KUV PCEJ GKPGO &GPCT IGUVCNVGV FGP / +WPKWU $TWVWU X %JT \WT 'TKPPGTWPI CP FKG 8GTVTGKDWPI FGT 6CTSWKPKGT FWTEJ UGKPGP 8QTHCJTGP . +WPKWU $TWVWU RT·IGP NKG %TCYHQTF &KG 4ÒEMUGKVG JCV GKPGP &GPCT FGU 3 2QORQPKWU 4WHWU \WO 8QTDKNF IGRT·IV X %JT %TCYHQTF &KGUG 0CEJCJOWPI TÌOKUEJ TGRWDNKMCPKUEJGT /ÒP\GP IGUEJCJ PKEJV \WH·NNKI 5Q JCV OCP NCPIG CPIGPQOOGP FC -QUQP GKP 8GTDÒPFGVGT FGU %CGUCT /ÌTFGTU $TWVWU KO $ÒTIGT MTKGI IGIGP /CTE #PVQP WPF 1EVCXKCP #WIWUVWU IGYGUGP KUV -QUQP FGT UGKPGP 0COGPU\WI CWH FKG 8QTFGTUGKVG WPUGTGT /ÒP\G RT·IGP NKG YWTFG NCPIG CNU -ÌPKI FGT 6JTCMGT CPIGUGJGP /CZ XQP $CJTHGNFV URTCEJ XQP GKPGO &CMGTMÌPKI -QUQP KP $GTNKPGT /ÒP\DN·VVGT -QUQP YWTFG CDGT CWEJ HÒT FKG 5E[VJGP KP #PURTWEJ IGPQOOGP &KG 8GTDKPFWPI \W FGP &CMGTP FGO JGWVKIGP 4WO·PKGP IGPCWGT 5KGDGPDÒTIGP JCV 1 +NKGUEW GTCTDGKVGV KP 3WC FGTPK 6KEKPGUK &CU CWH GKPKIGP 5VÒEMGP CWH FGT 8QTFGTUGKVG \W HKPFGPFG /QPQITCOO NKGUV +NKGUEW WPUGTGT /GKPWPI PCEJ \WVTGHHGPF CNU $# HÒT BASILEUS -ÌPKI Y·JTGPF CPFGTG GU CNU $4 HÒT $TWVWU \W FGWVGP XGTUWEJV JCDGP &CU 0QOKPCN OKV GKPGO &WTEJUEJPKVVUIGYKEJV XQP I KUV UKEJGT MGKP TÌOKUEJGT #WTGWU UQPFGTP GKP ITKGEJKUEJGT )QNFUVCVGT &KG /ÒP\UV·VVG 1NDKC XGTDKTIV UKEJ YQJN PKEJV KP FGO /QPQITCOO YKG *GCF WPF CPFGTG INCWDVGP UQPFGTP UKG GTIKDV UKEJ CWU FGO 4ÒEMUGKVGPV[R FGT PKEJV PWT FGP 4WHWU &GPCT \WO 8QTDKNF JCV UQPFGTP CWEJ \W 1NDKC RCV

Ô 5VCVGT X %JT 1NDKC I /CIKUVTCV UEJTGKVGV N \YKUEJGP \YGK .KMVQTGP FCXQT /QPQ ITCOO #FNGT N OKV -TCP\ WPF <GRVGT 42% # 5GJT UEJÌP

5023

5022 1,5:1

6*4#%+#

-¤0+)4'+%* .[UKOCEJQU X %JT Ô 5VCVGT X %JT #NGZCPFTKC 6TQCU I #NGZCPFGTMQRH T OKV &KCFGO WPF #OOQPUJQTP #VJGPC 0KMGRJQTQU UKV\V N 6JQORUQP KP 'UUC[U 4QDKPUQP 5GJT UEJÌPpXQT\ÒINKEJ &GT #XGTU \GKIV GKPGP #NGZCPFGTMQRH XQP WPIGYÌJPNKEJ HGKPGO 5VKN

/#%'&10+#

-¤0+)4'+%* 2JKNKRRQU ++ X %JT Ô 5VCVGT X %JT #ORJKRQNKU I #RQNNQMQRH T OKV .QTDGGTMTCP\ $KIC T WPVGP -GT[MGKQP .G 4KFGT 2N 5GJT UEJÌPpXQT\ÒINKEJ 2JKNKRR ++ FGT 8CVGT #NGZCPFGTU FGU )TQGP IGNCPIVG X %JT CP FKG 4GIKGTWPI $CNF PCEJ UGKPGO 4GIKGTWPIUCPVTKVV IGNCPI GU KJO FCU IQNF WPF UKNDGTTGKEJG 2CPICKQPIGDKGV WPVGT UGKPG -QPVTQNNG \W DTKPIGP FGUUGP ,CJTGUGTVTCI 6CNGPVG DGVTWI WPF KJO FKG #WURT·IWPI FGT UEJÌPGP )QNFUVCVGTG KP FGT #PVKMG 2JKNKRRGKQK IGPCPPV GTOÌINKEJVG &KG 8QTFGTUGKVG WPUGTGU 5VÒEMGU \GKIV FGP -QRH #RQNNU FGU FGNRJKUEJGP )QVVGU \W FGO 2JKNKRRQU GKPG DGUQPFGTG $G\KG JWPI JCVVG +O *GKNKIGP -TKGI JCVVG 2JKNKRR UKEJ IGIGP FKG 2JQMGT IGYCPFV YGNEJG FKG 6GORGNUEJ·V\G KP &GNRJK IGTCWDV JCVVGP &KG 4ÒEMUGKVG URKGNV CWH GKPGP 5KGI 2JKNKRRU X %JT DGK FGP 1N[ORKUEJGP 5RKGNGP CP UKGJG 2NWV CTEJ #NGZ +PFGO 2JKNKRRQU ++ CWH FKGUGO 5VÒEM UQYQJN GKPG 8GTDKPFWPI \W &GNRJK CNU CWEJ \W 1N[ORKC UEJWH \YGK 1TVGP FKG CNNGP )TKGEJGP JGKNKI YCTGP DTCEJVG GT CWEJ UGKP RCPJGNNGPKUEJGU RQNKVKUEJGU 2TQITCOO \WO #WUFTWEM &GT 2JKNKRRGKQU YCT GKPG FGT 9GNVOÒP\GP FGT #PVKMG

5024

5026

5025

Ô 5VCVGT RQUVJWO X %JT 2GNNC I #RQNNQMQRH T OKV .QTDGGTMTCP\ 0KMG KP $KIC T WPVGP -CPVJCTQU .G 4KFGT XGTIN 2N HH (CUUWPIUURWTGP HCUV XQT\ÒINKEJ

#NGZCPFGT +++ X %JT Ô 5VCVGT X %JT #ORJKRQNKU I #VJGPCMQRH T KP MQTKPVJKUEJGO *GNO 0KMG UVGJV N OKV -TCP\ WPF 5V[NKU FCXQT $NKV\ 2TKEG $GCTDGKVWPIUURWTGP CO 4CPF UGJT UEJÌPpXQT\ÒINKEJ #NGZCPFGT +++ FGT )TQG YWTFG KO *GTDUV X %JT IGDQTGP 5GKP .GJTGT YCT FGT DGTÒJOVG #TKUVQVGNGU +O ,CJTG X %JT VTCV #NGZCPFGT WPVGT UEJYKGTKIGP $GFKPIWPIGP FKG 0CEJHQNIG UGKPGU 8CVGTU CP WPF DGUVKGI FGP OCMGFQPKUEJGP 6JTQP <YGK ,CJTG UR·VGT DGICPP GT FGP (GNF\WI IGIGP FKG 2GTUGT FKG GT XQNNUV·PFKI DGUKGIVG &QEJ FKG 'TQDGTWPI FGU #EJCKOGPKFGPTGKEJGU IGPÒIVG KJO PKEJV GT FTCPI DKU PCEJ +PFKGP XQT WPF UEJWH GKP 9GNVTGKEJ 5GKPG 'THQNIG YGEMVGP KP #NGZCPFGT FGP &TCPI PCEJ *ÌJGTGO UQ DGTKEJVGP FKG 3WGNNGP GT UGK XQP FGO 9WPUEJG DGUGGNV IGYGUGP *GTCMNGU \W ÒDGTVTWORHGP &KGU GTMN·TV FCU DGUQPFGTG 8GTJ·NVPKU #NGZCPFGTU \W #VJGPC FCU CWEJ CWH FGO #XGTU WPUGTGT /ÒP\G \WO #WUFTWEM MQOOV &KG )ÌVVKP YCT FKG $GUEJÒV\GTKP UGKPGU 8QTDKNFGU *GTCMNGU WPF CWEJ CPFGTGT *GNFGP &KG 4GXGTUFCTUVGNNWPI YGKUV #NGZCPFGT CNU 5KGIGT \W 9CUUGT WPF \W .CPFG CWU YKG FKG 5V[NKU \GKIV &GT 'THQNI \WT 5GG FGT JKGT IGOGKPV KUV FÒTHVG FGT 5KGI ÒDGT FKG (NQVVG XQP 6[TQU KO ,CJTG X %JT UGKP &GT XQP #NGZCPFGT +++ KO CVVKUEJGP 5VCPFCTF IGRT·IVG 5VCVGT YCT GKPG CPVKMG 9GNVOÒP\G 'T YWTFG YKG FKG CPVKMGP .GZKMC DGTKEJVGP #NGZCPFTGKGT IGPCPPV 2QNNWZ +: &GT )QNF 5VCVGT ICNV CVVKUEJG 5KNDGTFTCEJOGP UQOKV HÒPH UKNDGTPG 6GVTCFTCEJOGP &GT 6CIGUXGTFKGPUV GKPGU &WTEJUEJPKVVUDÒTIGTU DGVTWI GVYC &TCEJOGP

Ô 5VCVGT RQUVJWO X %JT #D[FQU I #VJGPCMQRH T KP MQTKPVJKUEJGO *GNO 0KMG UVGJV N OKV -TCP\ WPF 5V[NKU FCXQT / KP -TCP\ WPVGP (ÒNNJQTP 2TKEG 5GJT UEJÌPGU 'ZGORNCT

1,5:1

5027

.;&+#

-TQKUQU X %JT Ô 5VCVGT NGKEJVGT 5VCPFCTF 5CTFGKU I .ÌYGP WPF 5VKGTRTQVQOG GKPCPFGT IGIGPÒDGT <YGK +PEWUC 50) X #WNQEM 44 5GJT UEJÌP -TQKUQU FGT 5QJP FGU #N[CVVGU CWU FGO )GUEJNGEJV FGT /GTOPCFGP YCT FGT NGV\VG -ÌPKI XQP .[FKGP 'U IGNCPI -TQKUQU FCU YGUVNKEJG -NGKPCUKGP DKU CP FGP *CN[U \W WPVGTYGTHGP OKV #WUPCJOG XQP .[MKGP WPF -KNKMKGP &GT 4GKEJVWO FGU N[FKUEJGP -ÌPKIU YCT URTKEJYÌTVNKEJ -TQKUQU JCV GKP WOHCUUGPFGU DKOGVCNNKUEJGU /ÒP\U[UVGO GPVYQT HGP FCU CWH GKPGO UEJYGTGP )QNFUVCVGT XQP I WPF GKPGO NGKEJVGP )QNFUVCVGT XQP I UQYKG GKPGO 5KNDGTUVCVGT XQP I DGK GKPGO 8GTJ·NVPKU XQP )QNF \W 5KNDGT XQP DGTWJVG 'U ICD 5VÒEMGNWPIGP FGT 5VCVGTG DKU JKPCD \WO 5VCVGT &CU OGKUVGTJCHVG 9·JTWPIUU[UVGO FGU -TQKUQU OKV XGTUEJKGFGPGP 0QOKPCNGP HCPF KP FGT #PVKMG PKG YKGFGT UGKPGUINGKEJGP

5028

2'45+#

#EJ·OGPKFGP Ô &CTGKMG I )TQMÌPKI KO -PKGNCWH T OKV $QIGP WPF 5RGGT +PEWUWO 50) $GTT[ )WVGU UGJT UEJÌP &KG RGTUKUEJG &CTGKMG KUV PCEJ &CTGKQU + FGO )TQGP DGPCPPV FGT FKGUG 5VÒEMG \WGTUV RT·IVG 'U YCTGP FKG DG MCPPVGUVGP )QNFOÒP\GP KJTGT <GKV DKU PCEJ FGT <GTUEJNCIWPI FGU 2GTUGTTGKEJGU FKG )QNFUVCVGTG #NGZCPFGTU FGU )TQGP CP KJTG 5VGNNG VTCVGP &CU JKGT CPIGDQVGPG 5VÒEM IGJÌTV \W FGP HTÒJGP &CTGKMGP WPF FÒTHVG FGOPCEJ Y·JTGPF FGT 2GTUGTMTKGIG \WT $G\CJNWPI RGTUKUEJGT 5QNFCVGP IGFKGPV JCDGP /KV FGP &CTGKMGP YWTFG 9GNVIGUEJKEJVG IGUEJTKG DGP UQ DGTKEJVGV 2NWVCTEJ FC FGT 5RCTVCPGTMÌPKI #IGUKNCQU FGT UGKV X %JT KP -NGKPCUKGP UGJT GTHQNITGKEJ -TKGI IGIGP FKG 2GTUGT HÒJTVG FWTEJ IQNFGPG &CTGKMGP OKV FGPGP UGKPG )GIPGT KP )TKGEJGPNCPF DGUVQEJGP YWTFGP IGIGP KJP -TKGI \W HÒJTGP \WO #DDTWEJ FGU -TKGIGU KP -NGKPCUKGP IGPÌVKIV YWTFG #IGUKNCQU UQNN IGUCIV JCDGP FC KJP RGTUKUEJG $QIGPUEJÒV\GP CWU #UKGP XGTVTKGDGP J·VVGP &KG $QIGPUEJÒV\GP 6QZQVCK UVGJGP HÒT FKG &CTGK MGP FKG LC CWH FGO #XGTU GKPGP $QIGPUEJÒV\GP \GKIGP OKV FGPGP FKG 2QNKVKMGT KP #VJGP WPF 6JGDGP \WO -TKGI IGIGP 5RCTVC CPIGUVCEJGNV YWTFGP

5029

#');2675

2VQNGOCKQU 8+ X %JT HÒT #TUKPQÀ Ô 1MVQFTCEJOG #NGZCPFTKC I -QRH T OKV &KCFGO WPF 5EJNGKGT FCJKPVGT - &QRRGNHÒNNJQTP OKV 6CGPKG 50) %QR 5XQTQPQU 4 (CUV XQT\ÒINKEJ &KGUGU ITQG CPVKMG )QNFPQOKPCN YWTFG \WGTUV WPVGT 2VQNGOCKQU ++ X %JT PCEJ X %JT CWUIGRT·IV CNU GT UGKPG 5EJYGUVGTIGOCJNKP #TUKPQG ++ PCEJ KJTGO 6QF \W IÌVVNKEJGP 'JTGP CWHUVGKIGP NKG &KGUGT 6[R YWTFG KOOGT YKGFGT CWHIGITKHHGP UQ CWEJ WPVGT 2VQNGOCKQU 8+ 'KPG 1MVQFTCEJOG &TCEJOGP YCT FGT )GIGPYGTV XQP GKPGT /KPG F J &TCEJOGP KP 5KNDGT FCJGT CWEJ FGT CPVKMG 0COG /PCKCKQP FGT KP 2CR[TK OGJTHCEJ XQTMQOOV +P FGT ·I[RVKUEJGP -WRHGTY·JTWPI GPVURTCEJ FCU 5VÒEM 6CNGPVGP -WRHGT QFGT -WRHGTFTCEJOGP

5030

<'7)+6#0+#

5031

-#46*#)1 'N 5VCVGT X %JT I 6CPKVMQRH N OKV JTGPMTCP\ 2HGTF UVGJV T ,GP MKPU .GYKU )TWRRG 8+ XGTIN HH 5GJT UEJÌPpXQT\ÒINKEJ

'N 5VCVGT X %JT I 6CPKVMQRH N OKV JTGPMTCP\ 2HGTF UVGJV T ,GPMKPU .GYKU )TWRRG 8++ -N 5EJTÌVNKPIUTK 4CPF GVYCU DGHGKNV )TCHHKVK UGJT UEJÌP

4¤/+5%*' )1.&/ª0<'0

1,5:1

5032

1,5:1

/ª0<'0 &'4 4¤/+5%*'0 4'27$.+-

Ô #UUG PCEJ X %JT 4QO CPQP[O I $·TVKIGT /CTUMQRH OKV MQTKPVJKUEJGO *GNO T #FNGT CWH $NKV\ T WPVGP 41/# $/% %TCYH 5[F 8QT\ÒINKEJ

7POKVVGNDCTG 8QTDKNFGT HÒT FGP 6[R MÌPPVGP 2T·IWPIGP FGT $TGVVKGT CWU FGO 2WPKUEJGP -TKGI IGYGUGP UGKP 0CEJ PGWGUVGP 'TMGPPVPKUUGP # 4 /GCFQYU 6JG /CTU GCING CPF VJWPFGTDQNV IQNF CPF 2VQNGOCKE KPXQNXGOGPV KP %QKPU QH /CEGFQPKC CPF 4QOG 'UUC[U KP JQPQWT QH %JCTNGU *GTUJ UKPF \YGK 'OKUUKQPGP \W WPVGTUEJGKFGP GKPG XQT X %JT GKPG \YGKVG X %JT VGKNYGKUG YWTFGP FKG 5VÒEMG KP 5K\KNKGP IGRT·IV 9GIGP FGT 4ÒEMUGKVGP &CTUVGNNWPI #FNGT CWH $NKV\ YKTF GKPG RVQNGO·KUEJG 8GTDKPFWPI CPIGPQOOGP 'U YWTFGP ·I[RVKUEJG 5WDUKFKGP XGTOÒP\V OÌINKEJGTYGKUG DGTGKVU X %JT YCU WPUGT 5VÒEM CWH FKG GTUVGP &GPCTG WPF FKG 5GZVCPVCN $TQP\GP JGTCWHTÒEMGP YÒTFG 'U IKDV ªDGTRT·IWPIGP XQP &GPCTGP WPF $TQP\GP FKG FKGU OÌINKEJ GTUEJGKPGP NCUUGP #WU &CPMDCTMGKV WPF WO FKG 7PVGTUVÒV\WPI FWTEJ I[RVGP UKEJVDCT \W OCEJGP YWTFG FKG 4ÒEMUGKVGP &CTUVGNNWPI IG Y·JNV

5033

1,5:1

5033

+/2'4#614+5%*' 24 )70)'0

% ,WNKWU %CGUCT Ŏ X %JT Ô #WTGWU X %JT 4QO # *KTVKWU I 8GUVCMQRH T OKV 5EJNGKGT 2TKGUVGTIGT·VG $CD $/% %CNKEQ %TCYH 5GCT 5[F (GKPG )QNFRCVKPC UGJT UEJÌP *KTVKWU YCT GKP .GICV %CGUCTU 0CEJ FGUUGP 'TOQTFWPI DGMNGKFGVG GT FCU -QPUWNCV 'T XGTHCVG CWEJ FCU $WEJ FGU DGTÒJOVGP 9GTMGU FG DGNNQ ICNNKEQ

5034

Ô #WTGWU X %JT 4QO # *KTVKWU I 8GUVCMQRH T OKV 5EJNGKGT 2TKGUVGTIGT·VG $CD $/% %CNKEQ D %TCYH 5GCT 5[F 5EJÌP

5035

5035 1,5:1

1EVCXKCPWU Ô #WTGWU X %JT 4QO . %GUVKWU WPF % 0QTDCPWU I $ÒUVG FGT 5[DKNNG T %[DGNG CWH 6JTQP KP .ÌYGPDKIC N %TCYH 5GCT 5[F $CJTH 44 5GJT UEJÌP

+P FGT /KVVG FGU ,CJTGU X %JT JQHHVG FGT 5GPCV 4QO OKV FTGK .GIKQPGP IGIGP 1EVCXKCPWU XGTVGKFKIGP \W MÌPPGP 'U JCPFGNVG UKEJ WO GKPG KVCNKUEJG .GIKQP FKG 2CPUC \WT 8GTVGKFKIWPI FGT 5VCFV KP 4QO IGNCUUGP JCVVG UQYKG \YGK .GIKQPGP FKG FGT 5GPCV CWU #HTKEC \W *KNHG IGTWHGP JCVVG <YGK FGT OKV FGT 8GTVGKFKIWPI FGT 5VCFV DGCWHVTCIVGP 2TCGVQTGP . %GUVKWU WPF % 0QTDCPWU DGYGIVGP FKG .GIKQPGP FC\W \W 1EVCXKCP ÒDGT\WNCWHGP &CTCWHJKP TÒEMVG 1EVCXKCP KP 4QO GKP DGO·EJVKIVG UKEJ FGU 5VCCVUUEJCV\GU WPF NKG KO #WIWUV 5GRVGODGT X %JT KP FGT XQP %CGUCT PGW GKPIGTKEJVGVGP /ÒP\UV·VVG CO ,CPKEWNWO PKEJV KP FGT CNVGP OQPGVC /ÒP\GP RT·IGP WO FKG \W KJO ÒDGTIGNCWHGPGP .GIKQPGP HÒT KJTGP 8GTTCV CO 5GPCV \W DGNQJPGP *KGTDGK DGTKGH GT UKEJ UEJGKPJGKNKI CWH GKPGP 5GPCVUDGUEJNW FGT HTGKNKEJ XQP KJO GT\YWPIGP YQTFGP KUV 7PUGT 5VÒEM GJTV FKG KVCNKUEJG .GIKQP DGK FGT GU UKEJ YQJN WO FKG .GIKQ 8 WTDCPC JCPFGNP FÒTHVG

1,5:1

5036

1,5:1

/ª0<'0 &'4 4¤/+5%*'0 -#+5'4<'+6

#WIWUVWU X P %JT Ô #WTGWU X %JT KVCNKUEJG /ÒP\UV·VVG I -QRH T 8KEVQTKC UVGJV CWH )NQDWU X X -QRH N OKV -TCP\ WPF 8GZKNNWO $/% %CNKEQ FKGU 'ZGORNCT CDIG DKNFGV %QJ 4+%w 44 8QT\ÒINKEJ &GT 4GXGTU HGKGTV PKEJV PWT YKG FCU 8GZKNNWO CWH FGO 4GXGTU \GKIV FKG OKNKV·TKUEJGP 'THQNIG FGU #WIWUVWU UQPFGTP DKNFGV CWEJ GKPG 5VCVWG FGT 8KEVQTKC CD FKG CWH FGT %WTKC ,WNKC CPIGDTCEJV YCT

5037

5037 1,5:1

Ô #WTGWU X %JT I -QRH T OKV .QTDGGTMTCP\ )CKWU %CGUCT TGKVGV T OKV 5RGGT WPF 5EJKNF FCJKPVGT .GIKQPUCFNGT \YKUEJGP \YGK 5VCPFCTVGP $/% %CNKEQ %QJ 4+%w 4 )WVGU 2QTVT·V YKP\ &TWEMUVGNNGP CWH FGT 4ÒEMUGKVG UGJT UEJÌPpXQT\ÒINKEJ )CKWU %CGUCT GKPGT FGT 'PMGN FGU #WIWUVWU YWTFG XQP UGKPGO )TQXCVGT CNU 0CEJHQNIGT CWUGTMQTGP +O ,CJT X %JT PCJO )CKWU %CGUCT GTUVOCNU CP OKNKV·TKUEJGP 1RGTCVKQPGP VGKN YKG FGT 4GXGTU WPUGTGU #WTGWU GKPFTWEMUXQNN \GKIV X %JT XGTVGKNVG #WIWUVWU CWEJ )GNFIGUEJGPMG CP FKG 5QNFCVGP FGPGP OKV FKGUGP 5VÒEMGP MNCT FKG OKNKV·TK UEJG -CTTKGTG UGKPGU 'PMGNU XQT #WIGP IGHÒJTV YWTFG

5038

Ô #WTGWU X %JT .WIFWPWO I -QRH T OKV .QTDGGTMTCP\ )CKWU WPF .WEKWU %CGUCTGU UVGJGP X X OKV 5RGGTGP WPF 5EJKNFGP FCTÒDGT .KVWWU WPF 5KORWNWO $/% %CNKEQ %QJ 4+%w 4 5EJÌPpUGJT UEJÌP &GT 6[R KUV PKEJV YKG KO 4+%w CPIGIGDGP X P %JT \W FCVKGTGP FKGUG 5VÒEMG YWTFGP X %JT IGRT·IV YKG UKEJ CWU FGT 6CVUCEJG GTIKDV FC )CKWU %CGUCT KO ,CJT P %JT FGP -QPUWNCV KPPGJCVVG WPF UQOKV PKEJV OGJT FGUK IPKGTVGT -QPUWN YCT -GJPG <WT &CVKGTWPI FGT (WPFOÒP\GP CWU -CNMTKGUG KP 9KGIGNU 4CKPGT *TUI &KG (WPF OÒP\GP XQP -CNMTKGUG WPF FKG HTÒJMCKUGT\GKVNKEJG /ÒP\RT·IWPI /ÌJPGUGG 5 H 5KGJG \WT &CVKGTWPI WPF \WT &GWVWPI FGU 4GXGTUGU CWEJ 9QNVGTU )CKWU WPF .WEKWU %CGUCTGU CNU FGUKIPKGTVG -QPUWNP WPF RTKPEKRGU KWXGPVWVKU &KG NGZ 8CNGTKC %QTPGNKC WPF 4+% +w HH KP %JKTQP 5 HH

1,5:1

5039

1,5:1

6KDGTKWU Ô #WTGWU .WIFWPWO I -QRH T OKV .QTDGGTMTCP\ .KXKC CNU 2CZ UKV\V T OKV <GRVGT WPF <YGKI $/% %CNKEQ %QJ 4+%w 5GJT CVVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT OKV CWUFTWEMUXQNNGO 2QTVT·V /ÒP\UVGORGN FKGUGU 6[RU OKV .KXKC CNU 2CZ CWH FGO 4GXGTU CNUQ FGO 6[R FGU DGTÒJOVGP 6TKDWVG 2GPP[U FGT $KDGN YWTFGP MÒT\NKEJ KO .GIKQPUNCIGT 8KPFQPKUUC GPVFGEMV 0CEJ FGO CTEJ·QNQIKUEJGP $GHWPF KUV FCXQP CWU\WIG JGP FC KP 8KPFQPKUUC GKPG QHHK\KGNNG /ÒP\UV·VVG GZKUVKGTV JCV &KGUG UGPUCVKQPGNNG 'PVFGEMWPI UVGNNV XKGNG /ÒP\UV·V VGP\WYGKUWPIGP FGT HTÒJGP -CKUGT\GKV KP (TCIG FGPP GU KUV FCXQP CWU\WIGJGP FC CWEJ KP CPFGTGP .GIKQPUNCIGTP /ÒP\UV·VVGP GZKUVKGTV JCDGP

1,5:1

5040

1,5:1

0GTQ Ô #WTGWU 4QO I -QRH T OKV .QTDGGTMTCP\ 0GTQ UVGJV X X OKV 5VTCJ NGPDKPFG <YGKI WPF 8KEVQTKC CWH )NQDWU $/% %CNKEQ %QJ 4+%w 4 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV JGTTNKEJGT )QNFRCVKPC &KG CWGTIGYÌJPNKEJG 4GXGTUFCTUVGNNWPI DG\KGJV UKEJ CWH FKG 'THQNIG FGU )PCGWU &QOKVKWU %QTDWNQ KO 2CTVJGTMTKGI +O ,CJT JCVVG %QTDWNQ OKV GKPGO UVCTMGP *GGT FGP 'WRJTCV ÒDGTUEJTKVVGP WPF 6KTKFCVGU UEJNQ QJPG FC GU \W GKPGT 5EJNCEJV MCO (TKGFGP +P 4JCPFGC NGIVG GT XQT GKPGT 5VCVWG 0GTQU UGKPG -TQPG CD WPF XGTURTCEJ UKG PWT CWU FGT *CPF FGU -CKUGTU YKGFGT CP\WPGJOGP YCU KO ,CJT KP 4QO IGUEJCJ

1,5:1

5041

1,5:1

Ô #WTGWU 4QO I -QRH T OKV .QTDGGTMTCP\ ,WRKVGT UKV\V N OKV $NKV\ WPF <GRVGT $/% %CNKEQ %QJ 4+%w 9KP\ 2TÒHRWP\G CWH FGO 4GXGTU UGJT UEJÌP &GO +WRRKVGT %WUVQU YCT 0GTQ PCEJ FGT 'PVFGEMWPI FGT 8GTUEJYÌTWPI FGU 2KUQ KO #RTKN 6CEKVWU #PP :8 HH DGUQPFGTU XGTDWPFGP

5042

5043

Ô #WTGWU 4QO I -QRH T OKV .QTDGGTMTCP\ ,WRKVGT UKV\V N OKV $NKV\ WPF <GRVGT $/% %CNKEQ C %QJ 4+%w -N -TCV\GT UEJÌP

Ô #WTGWU 4QO I -QRH T OKV .QTDGGTMTCP\ %QPEQTFKC UKV\V N OKV 2CVGTC WPF (ÒNN JQTP $/% %CNKEQ %QJ 4+%w (CUUWPIUURWTGP UGJT UEJÌP

+O ,CJTG YWTFG 4QO XQP FGO ITQGP $TCPF XGTYÒUVGV HÒT FGP 0GTQ UEJNKGNKEJ FKG UVCFVTÌOKUEJGP %JTKUVGP XGTCPVYQTVNKEJ OCEJVG FQEJ FKG )GTÒEJVG FC 0GTQ UGNDUV FGP $TCPF NGIGP NKG XGTUVWOOVGP PKG &KG %QPEQTFKC CNUQ 'KPVTCEJV XQP FGT FKG 4ÒEMUGKVG FGT /ÒP\G URTKEJV YCT KP FGT 4GCNKV·V PKEJV IGIGDGP

5044

5044 1,5:1

)CNDC Ô #WTGWU 4QO I -QRH T 5234 1$ % 5 KP -TCP\ $/% %CNKEQ %QJ 4+%w 44 5GJT UEJÌPGU 'ZGORNCT

&KGUG #WUICDG OKV FGT EQTQPC EKXKEC $ÒTIGTMTQPG FÒTHVG DCNF PCEJ FGO 6QF 0GTQU IGRT·IV YQTFGP UGKP 9CPP )CNDC FKGUG #WU\GKEJPWPI GTJKGNV KUV WPIGYK 9CJTUEJGKPNKEJ YWTFG UKG KJO CDGT DGK FGP (GNF\ÒIGP WPVGT %CNKIWNC IGIGP FKG )GTOCPGP QFGT WPVGT %NCWFKWU KP $TKVCPPKGP XGTNKGJGP

5045

5046

8GURCUKCPWU Ô #WTGWU 6CTTCEQ I -QRH T OKV .QTDGGTMTCP\ /CTU IGJV T OKV 5RGGT WPF 6TQRJ·G $/% %CNKEQ %QJ 4+% 5GJT UEJÌP

Ô #WTGWU 4QO I -QRH T OKV .QTDGGTMTCP\ #PPQPC UKV\V N OKV JTGP $/% %CNKEQ %QJ 4+% -N -TCV\GT CWH FGO #XGTU HCUV XQT\ÒINKEJ

1,5:1

5047

1,5:1

HÒT 6KVWU Ô #WTGWU 4QO I -QRH T OKV .QTDGGTMTCP\ ,WPIMWJ FGU /[TQP T $/% %CNKEQ %QJ 4+% 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

#WH FGO 4GXGTU FKGUGT /ÒP\G KUV FCU DGTÒJOVGUVG -WPUVYGTM FGU /[TQP XQP 'NGWVJGTCK GKPGU 'T\IKGGTU FGU ,CJTJWPFGTVU XQT %JT FCTIGUVGNNV FKG ,WPIMWJ &KGUG JCV YKG YKT FWTEJ 2TQRGTVKWU YKUUGP #WIWUVWU PCEJ 4QO IGDTCEJV 8GURCUKCPWU NKG UKG KO 6GORGN FGT 2CZ CWHUVGNNGP 5EJNKGNKEJ IGNCPIVG FKGUGU -WPUVYGTM PCEJ %QPUVCP VKPQRQNKU YQ UKEJ UGKPG 5RWT XGTNKGTV

5048

6TCKCPWU Ô #WTGWU 4QO I &TCRKGTVG $ÒUVG T OKV .QTDGGTMTCP\ %GTGU UVGJV N OKV JTGP WPF (CEMGN $/% %CNKEQ D %QJ 4+% 5GJT UEJÌP

1,5:1

5049

1,5:1

*CFTKCPWU HÒT #GNKWU Ô #WTGWU 4QO I -QRH T 2KGVCU UVGJV T OKV 9GKJ TCWEJIGH· FCXQT #NVCT $/% %CNKEQ %QJ 4+% 4 #VVTCMVKXGU 2QTVT·V UGJT UEJÌPpXQT\ÒINKEJ *CFTKCP MGJTVG CWU FGO LÒFKUEJGP -TKGI \WTÒEM 5GKPG )GUWPFJGKV YCT CPIGITKHHGP UQ FC FGT -CKUGT KOOGTJKP ,CJTG CNV GKPG 0CEJHQNIGTGIGNWPI VTGHHGP OWVG *CFTKCPU 9CJN HKGN CWH . %GKQPKWU %QOOQFWU FGP GT CNU . #GNKWU 8GTWU \WO 0CEJHQNIGT DGUVKOOVG #GNKWU YCT \WO <GKVRWPMV UGKPGT 'TPGPPWPI %QPUWN QTFKPCTKWU JCVVG CDGT MGKPGTNGK OKNKV·TKUEJG 'THCJTWPI 'T UVCTD CO 0GWLCJTUVCI

1,5:1

5051

1,5:1

#PVQPKPWU + 2KWU HÒT &KXC (CWUVKPC OCVGT Ô #WTGWU PCEJ 4QO I &TCRKGTVG $ÒUVG T 2KGVCU QRHGTV N ÒDGT #NVCT $/% %CNKEQ %QJ 4+% C 8QT\ÒINKEJGU 2TCEJVGZGORNCT

1,5:1

Ô #WTGWU 4QO I -QRH N %QPEQTFKC UKV\V N OKV 2CVGTC FGP N #TO CWH (ÒNNJQTP IG UVÒV\V $/% %CNKEQ %QJ 4+% E 4 5GJT UEJÌP

1,5:1

5050

5052

1,5:1

#PVQPKPWU ++ /CTEWU #WTGNKWU Ô #WTGWU 4QO I &TCRKGTVG $ÒUVG T OKV .QT DGGTMTCP\ 8KEVQTKC UVGJV T OKV 2CNO\YGKI WPF DGHGUVKIV GKPGP 5EJKNF OKV FGT #WHUEJTKHV 8+% 2#4 CP GKPGO 2CNODCWO $/% %CNKEQ %QJ 4+% 44 -N -TCV\GT CWH FGO 4GXGTU HCUV XQT\ÒINKEJGU 'ZGORNCT &CU 5VÒEM HGKGTV FGP 5KGI FGU .WEKWU 8GTWU ÒDGT FKG 2CTVJGT &GT 6TKWORJ\WI FGT DGKFGP -CKUGT HCPF CO 1MVQDGT UVCVV +O 8GTNCWH FGU 2CTVJGTMTKGIGU YCT GU FGO )GPGTCN #XKFKWU %CUUKWU FGT UKEJ IGIGP /CTEWU #WTGNKWU GTJQD WPF FGP -CKUGTVKVGN CPPCJO IGNWPIGP PCEJ /GUQRQVCOKGP XQT\WFTKPIGP WPF FKG RCTVJKUEJG *CWRV UVCFV -VGUKRJQP GKP\WPGJOGP

5053

1,5:1

.WEKWU 8GTWU Ô #WTGWU 4QO I )GRCP\GTVG $ÒUVG T OKV .QTDGGTMTCP\ -CKUGT UKV\V N CWH 2NCVVHQTO \YKUEJGP 5QNFCV WPF 6QICVWU WPF MTÌPV 5QJCGOWU $/% %CNKEQ %QJ 4+% 44 (CUV XQT\ÒINKEJ .WEKWU 8GTWU YCT FGT 5QJP FGU #GNKWU *CFTKCP JCVVG UGKPG #FQRVKQP FWTEJ #PVQPKPWU + 2KWU FWTEJIGUGV\V &CU 5VÒEM HGKGTV FKG 'KPUGV\WPI FGU 5QJCGOWU CNU -ÌPKI KP #TOGPKGP

1,5:1

5054

1,5:1

HÒT .WEKNNC Ô #WTGWU 4QO I &TCRKGTVG $ÒUVG T 8GPWU UVGJV N OKV #RHGN WPF <GRVGT $/% %CNKEQ %QJ 4+% 4 8QT\ÒINKEJGU 'ZGORNCT JCVVG /CTEWU #WTGNKWU FKG 8GTNQDWPI UGKPGT 6QEJVGT .WEKNNC OKV UGKPGO /KVTGIGPVGP .WEKWU 8GTWU CTTCPIKGTV #WH FGO /CTUEJ KP FGP 2CTVJGTMTKGI YCT FKGUGT LGFQEJ KP 5O[TPC GKPGT IGYKUUGP 2CPVJGC XGTHCNNGP UQ FC FGT CNCTOKGTVG /CTEWU #WTGNKWU .WEKNNC WPXGT\ÒINKEJ KP FGP 1UVGP UCPFVG FKG *GKTCV XQP .WEKWU 8GTWU WPF .WEKNNC HCPF UEJNKGNKEJ KP 5O[TPC UVCVV IGTKGV UKG KP FGP 8GTFCEJV CP GKPGT 8GTUEJYÌTWPI IGIGP %QOOQFWU DGVGKNKIV \W UGKP YWTFG PCEJ %CRTK XGTDCPPV WPF UEJNKGNKEJ JKPIGTKEJVGV

5055

1,5:1

5GRVKOKWU 5GXGTWU HÒT ,WNKC &QOPC Ô #WTGWU 4QO I &TCRKGTVG $ÒUVG T +WPQ UVGJV N OKV 2CVGTC WPF <GRVGT FCXQT 2HCW $/% %CNKEQ %QJ 4+% 4 5GJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

5056

1,5:1

#PVQPKPWU +++ %CTCECNNC Ô #WTGWU .CQFKEGC I &TCRKGTVG $ÒUVG T OKV .QT DGGTMTCP\ 4QOC UKV\V N OKV 8KEVQTKC WPF <GRVGT $/% #PO %CNKEQ %QJ 4+% D 44 8QT\ÒINKEJGU 'ZGORNCT

5057

1,5:1

5058

#PVQPKPWU +8 'NCICDCN WPF 4JGUMWRQTKU +++ XQP $QURQTWU 'N 5VCVGT ,CJT

I &TCRKGTVG $ÒUVG T OKV .QTDGGTMTCP\ &TCRKGTVG $ÒUVG T OKV &KCFGO WPF <GRVGT (TQNQXC 2N :.8++ 5GJT UEJÌP

5GXGTWU #NGZCPFGT WPF 4JGUMWRQTKU +++ XQP $QURQTWU 'N 5VCVGT ,CJT

I -QRH T OKV .QTDGGTMTCP\ FCXQT 5VGTP &TCRKGTVG $ÒUVG T OKV &KCFGO (TQNQXC 2N :.+: 5GJT UEJÌP

1,5:1

5059

1,5:1

6TCKCPWU &GEKWU Ô #WTGWU 4QO I &TCRKGTVG $ÒUVG T OKV .QTDGGTMTCP\ 7DGTKVCU UVGJV N OKV $ÌTUG WPF (ÒNNJQTP %CNKEQ %QJ 4+% 4 (CUV XQT\ÒINKEJ 7DGTKVCU FGT 4GKEJVWO KUV GKPG RCUUGPFG 4ÒEMUGKVG HÒT GKPGP #WTGWU &KG FCOKV IGOGKPVG #WUUCIG HKPCP\KGNNGT ªDGTHNW FGU 4GKEJGU MÌPPGP FKG OGKUVGP PWT KTQPKUEJ XGTUVCPFGP JCDGP

1,5:1

5060

1,5:1

#WTGNKCPWU Ô #WTGWU /GFKQNCPWO 'OKUUKQP I &TCRKGTVG $ÒUVG T OKV .QT DGGTMTCP\ %QPEQTFKC UKV\V N OKV \YGK 5VCPFCTVGP %QJ %CNKEQ /+4 F 4+% 4 8QT\ÒINKEJGU 'ZGORNCT

0CEJ #WTGNKCPU 4GIKGTWPIUCPVTKVV UCJ UKEJ FGT -CKUGT IG\YWPIGP KP 0QTFKVCNKGP WPF CP FGT &QPCWHTQPV IGIGP 8CP FCNGP ,WVWPIGP WPF 5CTOCVGP \W M·ORHGP &GT &TWEM CWH FKG )TGP\GP FGU 4GKEJGU HÒJTVG \W OGJTGTGP 7UWTRCVKQPGP

5GRVKOKWU 7TDCPWU &QOKVKCPWU WPF YCJTUEJGKPNKEJ (GNKEKUUKOWU 9KG UQ QHV IKDV FGT 4GXGTU WPUGTGU 5VÒEMGU PKEJV FKG 4GCNKV·V YKGFGT XQP FGT 'KPVTCEJV FGT 5QNFCVGP MQPPVG HCMVKUEJ PKEJV FKG 4GFG UGKP

1,5:1

5061

1,5:1

Ô #WTGWU 4QO 'OKUUKQP I )GRCP\GTVG $ÒUVG T OKV .QTDGGTMTCP\ /CTU IGJV T OKV 5RGGT WPF 5VCPFCTVG FCXQT )GHCPIGPGT %QJ %CNKEQ /+4 S 4+% 4 8QT\ÒINKEJ &CU 5VÒEM HGKGTV FGP 6TKWORJ FGU -CKUGTU FGT 2CNO[TC DG\YWPIGP FCU ICNNKUEJG 5QPFGTTGKEJ \WT 4ÒEMMGJT KPU 4GKEJ IG\YWPIGP WPF UQOKV FKG 4GKEJUGKPJGKV YKGFGTJGTIGUVGNNV JCV &C FGT -CKUGT DKU \WNGV\V CP CNNGP -·ORHGP RGTUÌPNKEJ VGKNIGPQOOGP JCV TÒJOV FGT 4GXGTU UGKPG 6CRHGTMGKV \W 4GEJV 9KT HQNIGP DGK FGT &CVKGTWPI WPF FGT <WYGKUWPI \WT /ÒP\UV·VVG 4QO 4QDGTV )ÌDN 5[NXKCPG 'UVKQV QTFPGV FCU 5VÒEM FGT 'OKUUKQP XQP /GFKQNCPWO \W P %JT

1,5:1

5062

1,5:1

&KQENGVKCPWU Ô #WTGWU #PVKQEJKC I &TCRKGTVG $ÒUVG T OKV .QTDGGTMTCP\ ,WRKVGT UVGJV N OKV $NKV\ WPF <GRVGT %CNKEQ D 4+% /KP IGYGNNV YKP\ -TCV\GT CWH FGO #XGTU UGJT UEJÌPpXQT\ÒINKEJ &KQENGVKCP HÒJTVG FGP $GKPCOGP +QXKWU FKGU MQOOV CWH FGO 4GXGTU \WO #WUFTWEM

1,5:1

%QPUVCPVKWU + Ô #WTGWU #SWKNGKC I -QRH T OKV .QTDGGTMTCP\ (GNKEKVCU UKV\V N OKV %CFWEGWU WPF (ÒNNJQTP %CNKEQ 4+% 44 -N 5EJTÌVNKPIUHGJNGT CO 4CPF XQT\ÒINKEJ

1,5:1

5063

5064 1,5:1

%QPUVCPVKPWU + Ô #WTGWU #PVKQEJKC I -QRH T OKV .QTDGGTMTCP\ -CKUGT UVGJV N OKV )NQDWU WPF <GRVGT \YKUEJGP *CNDOQPF WPF 5VGTP %CNKEQ 4+% 4 8QT\ÒINKEJ &GT 4GXGTU IKDV GKPG CNVGTVÒONKEJG HCUV TGRWDNKMCPKUEJG *GTTUEJCHVUCWHHCUUWPI FGU -CKUGTU YKGFGT &KG EQPUWNCTKUEJG )GYCNV ÒDVG GT KP 4QO CWU FKG RTQEQPUWNCTKUEJG KP FGP 2TQXKP\GP

1,5:1

5065 1,5:1

Ô /GFCKNNQP \W 5QNKFK 0KEQOGFKC I &TCRKGTVG $ÒUVG T OKV .QTDGGTMTCP\ '38+5 41/#085 4ÌOKUEJGT 4KVVGT T OKV GTJQDGPGT 4GEJVGP 4+% 44 5GJT UEJÌPpXQT\ÒINKEJ #WH FGO 4GXGTU FGU UEJÌPGP /GFCKNNQPU KUV PKEJV FGT -CKUGT FCTIGUVGNNV UQPFGTP GKP TÌOKUEJGT 4KVVGT 'SWGU CNU 2GTUQPKHKMCVKQP FGU 4KVVGTUVCPFGU QTFQ GSWGUVGT %QPUVCPVKP WPVGTPCJO GKPGP 8GTUWEJ FGP 4KVVGTUVCPF \W TGHQTOKG TGP 'U GZKUVKGTGP CWU FGT UGNDGP <GKV CWEJ 2T·IWPIGP OKV 2GTUQPKHKMCVKQPGP FGU 5GPCVU WPF FGU )GPKWU 2QRWNK 4Q OCPK %QPUVCPVKP FGT )TQG \KGNVG OKV FGT 2T·IWPI FKGUGT 5VÒEMG CWH FKG MQPUGTXCVKXGP -TGKUG 4QOU CD FGPGP GT FKG FTGK 5·WNGP FGU CNVGP 4QO RT·UGPVKGTVG FKG HTGKNKEJ CWGTJCND FGT GYKIGP 5VCFV QJPG $GFGWVWPI YCTGP &GT -CKUGT JCVVG FGP 5GPCV WPF FKG CPFGTGP MQPUGTXCVKXGP -T·HVG 4QOU FWTEJ UGKPGP #DHCNN XQP FGP OQTGU OCKQTWO IGIGP UKEJ CWHIGDTCEJV WPF XGTUWEJVG UKG PWP W C OKV /GFCKNNQPU YKG WPUGTGO YGNEJG FKG CNVJGTIGDTCEJVGP 6TCFKVKQPGP 4QOU XGTJGTTNKEJVGP \W DGU·PHVKIGP 5KGJG JKGT\W #PFTGCU #NHÌNFK 1P VJG HQWPFCVKQP QH %QPUVCPVKPQRNG C HGY PQVGU KP ,45 :::8++ 5

1,5:1

5066

1,5:1

HÒT %QPUVCPVKPWU ++ Ô 5QNKFWU 6KEKPWO I %1056#06+085 +80 01$ % &TC RKGTVG $ÒUVG T OKV .QTDGGTMTCP\ 24+0%+2+ + 8 8'0686+5 2TKP\ UVGJV N OKV 5VCPFCTVG WPF 5VCD -QRH T T 5VCPFCTVG 4+% XGTIN 8QP ITQGT 5GNVGPJGKV 5EJGKPV WPGFKGTV 7PDGFGWVGPFG 5EJÒTHURWT CWH FGO 4GXGTU UQPUV XQT\ÒINKEJGU 2TCEJVGZGORNCT

5067

1,5:1

HÒT %QPUVCPVKWU ++ Ô 5QNKFWU 0KEQOGFKC I -QRH T OKV &KCFGO FGP $NKEM IGP *KOOGN IGTKEJVGV 8KEVQTKC IGJV N OKV -TCP\ WPF 2CNO\YGKI 4+% 4 8QT\ÒINKEJGU 'ZGORNCT +O \WO *KOOGN IGTKEJVGVGP $NKEM FGU %QPUVCPVKWU MQOOV PKEJV GVYC (TÌOOGNGK UQPFGTP FCU KP FGP #WIGP UGKPGT <GKVIGPQUUGP ÒDGTKTFKUEJG 9GUGP FGU 2TKP\GP \WO #WUFTWEM

5068

5069

5070

5071

%QPUVCPVKWU ++ Ô 5QNKFWU %QPUVCPVKPQRQNKU I )GRCP\GTVG $ÒUVG X X OKV *GNO 5RGGT WPF 5EJKNF 4QOC WPF %QPUVCPVKPQRQNKU UKV\GP GKPCPFGT IGIGPÒDGT WPF JCNVGP 5EJKNF OKV 816 ::: /8.6 :::: 4+% 4 5GJT UEJÌP

,WNKCPWU ++ #RQUVCVC Ô 5QNKFWU #PVKQEJKC 1HHK\KP I &TCRKGTVG $ÒUVG T OKV 2GTNFKCFGO 5QNFCV OKV 6TQRJ·G T NGIV *CPF CWH )GHCPIGPGP 4+% 4 .GKEJV DGUEJPKVVGP UGJT UEJÌP

8CNGPVKPKCPWU + Ô 5QNKFWU #PVKQEJKC 1HHK\KP I &TCRKGTVG $ÒUVG T OKV 2GTNFKCFGO -CKUGT UVGJV T OKV 5VCPFCTVG WPF 8KEVQTKC CWH )NQDWU 4+% C 8QT\ÒINKEJ UGJT UEJÌP

Ô 5QNKFWU 6TGXGTK I &TCRKGTVG $ÒUVG T OKV 4QUGVVGPFKCFGO <YGK -CKUGT UKV\GP X X OKV )NQDWU FCJKPVGT 8KEVQTKC 4+% D 5GJT UEJÌP

5072

5073

5074

5075

8CNGPU Ô 5QNKFWU #PVKQEJKC 1HHK\KP I &TCRKGTVG $ÒUVG T OKV 2GTNFKC FGO -CKUGT UVGJV T OKV .CDCTWO WPF 8KEVQTKC CWH )NQDWU N %JTKUVQITCOO 4+% F 5GJT UEJÌP

Ô 5QNKFWU #PVKQEJKC 1HHK\KP I &TCRKGTVG $ÒUVG T OKV 2GTNFKCFGO -CKUGT UVGJV T OKV .CDCTWO WPF 8KEVQTKC CWH )NQDWU N -TGW\ 4+% F 5GJT UEJÌP

8CNGPVKPKCPWU ++ Ô 5QNKFWU 6TGXGTK I &TCRKGTVG $ÒUVG T OKV 2GTNFKCFGO <YGK -CKUGT UKV\GP X X OKV )NQDWU FCJKPVGT 8KEVQTKC 4+% G 8QT\ÒINKEJ

Ô 5QNKFWU .WIFWPWO I &TCRKGTVG $ÒUVG T OKV 2GTNFKCFGO <YGK -CKUGT UKV\GP X X OKV )NQDWU FCJKPVGT 8KEVQTKC 4+% C 4 8QT\ÒINKEJ

5076

#TECFKWU Ô 5QNKFWU 5KTOKWO 1HHK\KP I &TCRKGTVG $ÒUVG T OKV 2GTNFKC FGO -CKUGT UVGJV T OKV 5VCPFCTVG WPF 8KEVQTKC CWH )NQDWU (W CWH )GHCPIGPGO 4+% (CUV XQT\ÒINKEJ

*QPQTKWU Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I )GRCP\GTVG $ÒUVG X X OKV *GNO 5RGGT WPF 5EJKNF %QPUVCPVKPQRQNKU UKV\V X X OKV <GRVGT WPF 8KEVQTKC CWH )NQDWU (W CWH 2TQTC 4+% 8QT\ÒINKEJ

6JGQFQUKWU ++ Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I )GRCP\GTVG $ÒUVG X X OKV *GNO 5RGGT WPF 5EJKNF %QPUVCPVKPQRQNKU UKV\V N OKV -TGW\INQDWU WPF <GRVGT FCJKPVGT 5VGTP 4+% 5GJT UEJÌP

5079

1,5:1

5078

5077

1,5:1

HÒT #GNKC 2WNEJGTKC Ô 5QNKFWU %QPUVCPVKPQRQNKU I &TCRKGTVG $ÒUVG T OKV &KCFGO IG MTÌPV XQP FGT *CPF )QVVGU 8KEVQTKC UKV\V T CWH 2CP\GT WPF UEJTGKDV %JTKUVQITCOO CWH 5EJKNF FCJKPVGT 5VGTP 4+% 4 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT #GNKC 2WNEJGTKC YCT FKG 5EJYGUVGT 6JGQFQUKWU ++ WPF HÒJTVG CPHCPIU HÒT KJTGP $TWFGT FKG 4GIKGTWPI 5R·VGT JGKTCVGVG UKG FGP -CKUGT /CTEKCPWU

5081

5080

5082

5083

5084

Ô 6TGOKUUKU %QPUVCPVKPQRQNKU I &TCRKGTVG $ÒUVG T OKV 2GTNFKCFGO -TGW\ KP -TCP\ 4+% 44 #VVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT

/CTEKCPWU Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I )GRCP\GTVG $ÒUVG X X OKV *GNO 5RGGT WPF 5EJKNF 8KEVQTKC UVGJV N OKV -TGW\UVCD T 5VGTP 4+% 4 -N )TCHHKVK CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I )GRCP\GTVG $ÒUVG X X OKV *GNO 5RGGT WPF 5EJKNF 8KEVQTKC UVGJV N OKV -TGW\UVCD T 5VGTP 4+% 4 (CUV XQT\ÒINKEJ UGJT UEJÌP

.GQ + Ô 6TGOKUUKU %QPUVCPVKPQRQNKU I &TCRKGTVG $ÒUVG T OKV &KCFGO 8KEVQTKC IGJV T OKV -TCP\ WPF -TGW\INQDWU T 5VGTP 4+% 4 5GJT UEJÌP

Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I )GRCP\GTVG $ÒUVG X X OKV *GNO 5RGGT WPF 5EJKNF 8KEVQTKC UVGJV N OKV -TGW\ FCJKPVGT 5VGTP 4+% )WVGU UGJT UEJÌP

5085

5086

5087

5088

Ô 5QNKFWU 6JGUUCNQPKEC I )GRCP\GTVG $ÒUVG X X OKV *GNO 5RGGT WPF 5EJKNF 8KEVQTKC UVGJV N OKV -TGW\ FCJKPVGT 5VGTP 4+% 4 -N -TCV\GT CWH FGO 4GXGTU UEJÌP UGJT UEJÌP

Ô 5QNKFWU KPFKUEJG +OKVCVKQP ,CJTJWPFGTV ! I -QRH T OKV &KCFGO -CKUGT UVGJV X X OKV -TGW\INQDWU WPF 5VCPFCTVG 4+% \W 8QP ITQGT 5GNVGPJGKV <YGKHCEJ IGNQEJV IWVGU UGJT UEJÌP

&KGUG KPFKUEJG +OKVCVKQP JCV GKPG CWGTQTFGPVNKEJ UGNVGPG 2T·IWPI FGU .GQ + CWU FGT /ÒP\UV·VVG /GFKQNCPWO \WO 8QTDKNF 9·JTGPF FGT 4GXGTU PQEJ TGEJV IGPCW PCEJ FGT 8QTNCIG IGUVCNVGV KUV YGKEJV FGT #XGTU FWTEJ FGP 9GIHCNN FGT &TCRKGTWPI FGT $ÒUVG WPF FGP UVCTM KPFKUEJ DGGKPHNWVGP 5VKN CD 'U KUV DGOGTMGPUYGTV FC GKPG GZVTGO UGNVGPG /ÒP\G CWU FGO 9GUVVGKN FGU 4GKEJGU KP +PFKGP KOKVKGTV YWTFG

.GQ ++ WPF <GPQ Ô 6TGOKUUKU %QPUVCPVKPQRQNKU I &TCRKGTVG $ÒUVG T OKV 2GTNFKC FGO 8KEVQTKC IGJV T OKV -TCP\ WPF -TGW\INQDWU T 5VGTP 4+% XGTIN 4 5GJT UEJÌP

<GPQ Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I )GRCP\GTVG $ÒUVG X X OKV *GNO 5RGGT WPF 5EJKNF 8KEVQTKC UVGJV N OKV -TGW\ T 5VGTP 4+% 9KP\ -TCV\GT CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

)1.&/ª0<'0 &'4 8¤.-'49#0&'470)

5090

5089

9'56)16'0

6JGQFGTKEJ Ô 5QNKFWU KO 0COGP FGU 8CNGPVKPKCPWU +++ ICNNKUEJG /ÒP\UV·VVG I &TC RKGTVG $ÒUVG T OKV 4QUGVVGPFKCFGO -CKUGT UVGJV X X OKV -TGW\UVCD WPF 8KEVQTKC CWH )NQDWU (W CWH OGPUEJGPMÌRHKIGT 5EJNCPIG 4+% XGTIN 5EJÌPpUGJT UEJÌP

&KG <WYGKUWPI KUV PKEJV IGUKEJGTV

156)16'0

#VJCNCTKEJ Ô 6TGOKUUKU KO 0COGP FGU +WUVKPKCPWU + 4CXGPPC I &TCRKGTVG $ÒUVG T OKV &KCFGO 8KEVQTKC IGJV T OKV -TCP\ WPF -TGW\ T 5VGTP -TCWU XGTIN HH *CJP /+$ XGTIN C /GVNKEJ 5GJT UEJÌP

&CU 5VÒEM YWTFG OÌINKEJGTYGKUG CWEJ WPVGT 6JGQFCJCV QFGT 9KVKIKU IGRT·IV

$;<#06+0+5%*' )1.&/ª0<'0

5091

5092

$;<#0<

,WUVKPWU + Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I )GRCP\GTVG $ÒUVG X X OKV *GNO 5RGGT WPF 5EJKNF 'PIGN UVGJV X X OKV -TGW\UVCD WPF -TGW\INQDWU T 5VGTP &1% H 5GCT 9KP\ -TCV\GT CWH FGO #XGTU CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

+WUVKPKCPWU + Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I )GRCP\GTVG $ÒUVG X X OKV *GNO -TGW\INQDWU WPF 5EJKNF 'PIGN UVGJV X X OKV %JTKUVQITCOOUVCD WPF -TGW\INQDWU T 5VGTP &1% C 5GCT 5EJTÌVNKPIUHGJNGT UGJT UEJÌP

5093

5094

5095

5096

,WUVKPWU ++ Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I )GRCP\GTVG $ÒUVG X X OKV *GNO 8KEVQTKC CWH )NQDWU WPF 5EJKNF %QPUVCPVKPQRQNKU UKV\V X X OKV <GRVGT WPF -TGW\INQDWU &1% F 5GCT )TCHHKVQ CWH FGO 4GXGTU UQPUV CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

/CWTKEKWU 6KDGTKWU Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I )GRCP\GTVG $ÒUVG X X OKV *GNO WPF -TGW\INQDWU 'PIGN UVGJV X X OKV %JTKUVQITCOOUVCD WPF -TGW\INQDWU &1% H 5GCT 5VGORGNHTKUEJGU 2TCEJVGZGORNCT

Ô 5QNKFWU +PFKEVKQP -CTVJCIQ I )GRCP\GTVG $ÒUVG X X OKV *GNO WPF -TGW\INQDWU 'PIGN UVGJV X X OKV %JTKUVQITCOOUVCD WPF -TGW\INQDWU &1% 5GCT 4 5GJT UEJÌP

2JQECU Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I )GRCP\GTVG $ÒUVG X X OKV -TQPG WPF -TGW\INQDWU 'PIGN UVGJV X X OKV %JTKUVQITCOOUVCD WPF -TGW\INQDWU &1% L 5GCT 5GNVGPG 8CTKCPVG (CUV XQT\ÒINKEJ

8CTKCPVG OKV #XGTUNGIGPFG F00

5098

5097

*GTCENKWU WPF *GTCENKWU %QPUVCPVKPWU Ô 5QNKFWU ,GTWUCNGO I $GKFGT $ÒUVGP X X FCTÒDGT -TGW\ -TGW\ CWH FTGK 5VWHGP &1% #NGZCPFTKC 5GCT 4 2T·IGUEJY·EJG CO 4CPF )TCHKVVQ CWH FGO 4GXGTU HCUV XQT\ÒINKEJ

Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I $GKFGT $ÒUVGP X X FCTÒDGT -TGW\ -TGW\ CWH FTGK 5VWHGP &1% F 5GCT .GKEJV IGFTÒEMV XQT\ÒINKEJ

5099

5100

5101

5102

%QPUVCPU ++ WPF %QPUVCPVKPWU +8 Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I $GKFGT $ÒUVGP X X FCTÒDGT -TGW\ -TGW\ CWH FTGK 5VWHGP &1% K 5GCT (CUV UVGORGNHTKUEJ

%QPUVCPVKPWU +8 OKV *GTCENKWU WPF 6KDGTKWU Ô 5QNKFWU %QPUVCPVKPQRQNKU 1HHK\KP I )GRCP\GTVG $ÒUVG X X OKV *GNO WPF 5RGGT 5VWHGPMTGW\ \YKUEJGP \YGK -CKUGTP &1% E 5GCT 8QT\ÒINKEJGU 'ZGORNCT

Ô 5QNKFWU %QPUVCPVKPQRQNKU I )GRCP\GTVG $ÒUVG X X OKV *GNO 5RGGT WPF 5EJKNF -TGW\ CWH FTGK 5VWHGP \YKUEJGP \YGK 2TKP\GP &1% 5GCT 2T·IGUEJY·EJG CO 4CPF XQT\ÒINKEJ

+WUVKPKCPWU ++ 4GIKGTWPI Ô 5QNKFWU %QPUVCPVKPQRQNKU I $ÒUVG %JTKUVK X X -CKUGT UVGJV X X OKV -TGW\ CWH FTGK 5VWHGP WPF #MCMKC &1% 5GCT 44 8QT\ÒINKEJ &KG GTUVG %JTKUVWUFCTUVGNNWPI CWH GKPGT /ÒP\G

5104

5103

5106

5105

#PCUVCUKWU ++ #TVGOKWU Ô 5QNKFWU %QPUVCPVKPQRQNKU I $ÒUVG X X OKV -TGW\INQDWU WPF #MCMKC -TGW\ CWH FTGK 5VWHGP &1% 5GCT 44 2T·IGUEJY·EJG CO 4CPF HCUV XQT\ÒINKEJ

#O ,WPK YWTFG 2JKNKRRKEWU XQP #PJ·PIGTP FGU #PCUVCUKWU ++ IGDNGPFGV WPF KPU 'ZKN IGUEJKEMV #O HQNIGPFGP 6CI DGUVKGI #PCUVCUKWU ++ FGP 6JTQP <YGK CP FGT #DUGV\WPI FGU 2JKNKRRKEWU OCIGDNKEJ DGVGKNKIVG /·PPGT 6JGQFQ TQU /[CEGU WPF )GQTIKQU $QWTCRJWU NKG FGT PGWG -CKUGT MWT\ FCTCWH GDGPHCNNU DNGPFGP WPF KPU 'ZKN UEJKEMGP #PCUVCUKWU ++ XGTUV·TMVG FKG $GHGUVKIWPIGP FGT *CWRVUVCFV WPF IKPI IGIGP FKG $GFTQJWPI FWTEJ FKG #TCDGT XQT &KG 5QNFCVGP GKPGT XQP KJO KP 4JQFQU UVCVKQPKGTVGP (NQVVG TGDGNNKGTVGP UEJNKGNKEJ WPF \YCPIGP KJP \WT #DFCPMWPI XGTUWEJVG GT OKV DWNICTKUEJGT 7PVGTUVÒV\WPI XGTIGDNKEJ FKG /CEJV \WTÒEM\WIGYKPPGP WPF YWTFG GPVJCWRVGV

.GQ +++ WPF %QPUVCPVKPWU 8 Ô 5QNKFWU %QPUVCPVKPQRQNKU I $GKFGTUGKVU $ÒUVG X X OKV -TGW\INQDWU WPF /CRRC &1% 5GCT -N )TCHHKVQ IWVGU UGJT UEJÌP

%QPUVCPVKPWU 8 WPF .GQ +8 Ô 5QNKFWU %QPUVCPVKPQRQNKU I $GKFGT $ÒUVGP X X $ÒUVG .GQU +++ X X OKV -TGW\ &1% C 5GCT -N 5VGORGNHGJNGT XQT\ÒINKEJ

Ô 5QNKFWU 5[TCMWU I $GKFGT $ÒUVGP X X $ÒUVG .GQU +++ X X &1% E 5GCT 4 -N &TWEMUVGNNG UGJT UEJÌPpXQT\ÒINKEJ

5107

5108

5109

0KEGRJQTWU + WPF 5VCWTCEKWU Ô 5QNKFWU %QPUVCPVKPQRQNKU I &TCRKGTVG $ÒUVG X X OKV -TQPG -TGW\ WPF #MCMKC &TCRKGTVG $ÒUVG X X OKV -TQPG -TGW\INQDWU WPF #MCMKC &1% E 5GCT 4 (CUV XQT\ÒINKEJ

6JGQRJKNWU 'N 5GOKUUKU 5[TCMWU I $GKFGTUGKVU $ÒUVG X X OKV -TGW\INQDWU &1% E 5GCT (CUV XQT\ÒINKEJ

OKV %QPUVCPVKPWU WPF /KEJCGN +++ Ô 5QNKFWU %QPUVCPVKPQRQNKU I $ÒUVG X X OKV 2CVTKCTEJGPMTGW\ WPF #MCMKC N 5VGTP <YGK $ÒUVGP X X QDGP -TGW\ &1% F 5GCT -N -TCV\GT CWH FGO 4GXGTU HCUV XQT\ÒINKEJ

5110

5111

Ô 5QNKFWU %QPUVCPVKPQRQNKU I $ÒUVG X X OKV 2CVTKCTEJGPMTGW\ WPF #MCMKC N 5VGTP <YGK $ÒUVGP X X QDGP -TGW\ &1% F 5GCT 5GJT UEJÌP

$CUKNKWU + WPF %QPUVCPVKPWU Ô 5QNKFWU %QPUVCPVKPQRQNKU I %JTKUVWU VJTQPV X X $GKFGT $ÒUVGP X X OKV 2CVTKCTEJGPMTGW\ &1% 5GCT )TCHHKVK IWVGU UGJT UEJÌP

5112

1,5:1

%QPUVCPVKPWU 8++ OKV 4QOCPWU + WPF %JTKUVQRJQTWU Ô 5QNKFWU %QPUVCPVKPQRQNKU I 4QOCPWU + UVGJV X X OKV -TGW\INQDWU WPF YKTF XQP %JTKUVWU IGMTÌPV $ÒUVGP %QPUVCPVKPU 8++ WPF FGU %JTKUVQRJQTWU X X OKV 2CVTKCTEJGPMTGW\ &1% 5GCT 8QP ITQGT 5GNVGPJGKV 5GJT UEJÌPpXQT\ÒINKEJ #PNC FGT 2T·IWPI FKGUGU CWGTIGYÌJPNKEJGP 5VÒEMGU YCT OÌINKEJGTYGKUG FKG -TÌPWPI FGU %JTKUVQRJQTWU CO /CK

5113

5114

5115

$CUKNKWU ++ WPF %QPUVCPVKPWU 8+++ Ô *KUVCOGPQP %QPUVCPVKPQRQNKU I $ÒUVG %JTKUVK X X $GKFGT $ÒUVGP X X OKV -TGW\ &1% 5GCT 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 5QVJGD[ U #P +ORQTVCPV 2TKXCVG %QNNGEVKQP QH $[\CPVKPG %QKPU 0GY ;QTM 0T

4QOCPWU +++ Ô *KUVCOGPQP %QPUVCPVKPQRQNKU I %JTKUVWU VJTQPV X X /CTKC MTÌPV -CKUGT &1% 5GCT (CUV XQT\ÒINKEJ

%QPUVCPVKPWU +: Ô *KUVCOGPQP 5E[RJCV %QPUVCPVKPQRQNKU I $ÒUVG %JTKUVK X X $ÒUVG X X OKV -TGW\\GRVGT WPF -TGW\INQDWU &1% 5GCT 8QT\ÒINKEJ

5116

5117

%QPUVCPVKPWU : Ô *KUVCOGPQP 5E[RJCV %QPUVCPVKPQRQNKU I %JTKUVWU VJTQPV X X -CKUGT UVGJV X X OKV .CDCTWO WPF -TGW\INQDWU &1% 5GCT /KP IGYGNNV UGJT UEJÌP

'WFQEKC OKV /KEJCGN 8++ WPF %QPUVCPVKWU Ô *KUVCOGPQP 5E[RJCV %QPUVCPVKPQRQNKU I %JTKUVWU VJTQPV X X -CKUGTKP UVGJV X X OKV <GRVGT \YKUEJGP KJTGP /KVTGIGPVGP &1% 5GCT 4 8QT\ÒINKEJ

5118

5119

5120

4QOCPWU +8 OKV /KEJCGN 8++ %QPUVCPVKWU #PFTQPKEWU WPF 'WFQEKC Ô *KUVCOGPQP

5E[RJCV %QPUVCPVKPQRQNKU I %JTKUVWU MTÌPV -CKUGTRCCT 2TKP\GP UVGJGP X X &1% 5GCT 8QT\ÒINKEJ UGJT UEJÌP

Ô *KUVCOGPQP 5E[RJCV %QPUVCPVKPQRQNKU I %JTKUVWU MTÌPV -CKUGTRCCT 2TKP\GP UVGJGP X X &1% 5GCT 5GJT UEJÌP

/KEJCGN 8++ Ô *KUVCOGPQP 5E[RJCV %QPUVCPVKPQRQNKU I %JTKUVWU VJTQPV X X $ÒUVG X X OKV .CDCTWO WPF -TGW\INQDWU &1% 5GCT 5GJT UEJÌP

'ZGORNCT FGT #WMVKQP #WEVKQPGU # ) $CUGN 0T

5121

5123

5122

#NGZKWU + Ô *[RGTR[TQP 5E[RJCV %QPUVCPVKPQRQNKU I %JTKUVWU VJTQPV X X -CKUGT UVGJV X X OKV .CDCTWO WPF -TGW\INQDWU &1% 5GCT .GKEJV IGYGNNV MN )TCHHKVK IWVGU UGJT UEJÌP

/CPWGN + Ô *[RGTR[TQP 5E[RJCV %QPUVCPVKPQRQNKU I $ÒUVG %JTKUVK X X -CKUGT UVGJV X X OKV .CDCTWO WPF 2CVTKCTEJGPMTGW\ CWH )NQDWU &1% C 5GCT -N -TCV\GT OKP IGYGNNV CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

&#5 .#6'+0+5%*' -#+5'44'+%* 810 %1056#06+012'.

$CNFWKP ++ XQP %QWTVGPC[ Ô *[RGTRGTQP 5E[RJCV PCEJ 6[R FGT *[RGTRGTC FGU ,QJCPPGU +++ &WMCU 8CVCV\GU XQP 0KMCKC %QPUVCPVKPQRQNKU I %JTKUVWU VJTQPV X X T ÒDGT FGO 6JTQP XKGT 2WPMVG /CTKC MTÌPV -CKUGT &1% H /GVECNHw XGTIN 5 H 5GCT 44 -N 5EJTÌVNKPIUTK UGJT UEJÌP

#WHITWPF FGT XGTVTCINKEJGP 8GTGKPDCTWPIGP \YKUEJGP FGO -CKUGTTGKEJ 0KMCKC WPF FGO .CVGKPKUEJGP -CKUGTTGKEJ XQP %QPUVCPVKPQRGN YCT GU DGKFGP 5GKVGP WPVGTUCIV /ÒP\GP FGU LGYGKNU CPFGTGP 5VCCVGU PCEJ\WRT·IGP $CNFWKP ++ XQP %QWTVGPC[ DTCEJ FKGUGP 8GTVTCI WPF NKG *[RGTRGTC OKV 0COGP WPF 6[R FGU ,QJCPPGU +++ &WMCU 8CVCV\GU XQP 0KMCKC RT·IGP 9KT MÌPPGP FCPM FGT 24#6+%# &'..# /'4%#674+# GPVUVCPFGP WO FGU (NQTGPVKPKUEJGP -CWH OCPPU (TCPEGUEQ $CNFWEEK 2GIQNQVVK FKG 2T·IWPIGP FGT .CVGKPGT KFGPVKHK\KGTGP FC 2GIQNQVVK KP UGKPGO *CPFDWEJ HÒT -CWHNGWVG FKG XQP FGP .CVGKPGTP XGTYGPFGVGP 5KINC CPHÒJTV YKG KO XQTNKGIGPFGP (CNN FKG )TWRRG XQP XKGT 2WPMVGP

JGTCNFKUEJ NKPMU CNUQ TGEJVU ÒDGT FGO 6JTQP

)1.&/ª0<'0 -4'7<(#*4'4

5124

,'475#.'/ -¤0+)4'+%*

#PQP[O 'N &KPCT #MMQ I /CNNQ[ 2TGUVQP 5GNVOCP H /GVECNHw

5GJT UEJÌP

14+'06#.+5%*' )1.&/ª0<'0

1,5:1 5125

5126

5127

1,5:1

-75*#0

8CUKUJMC Ô 5VCVGT -TKGIUOÒP\UV·VVG KO 0QTFYGUV 2CPFUEJCD I -ÌPKI UVGJV N 1GUJQ UVGJV N XQT $WEMGNUVKGT )ÌDN )WVGU UGJT UEJÌP

4CLCTCLC %JQNC Ô (CPCO I 6KIGT UKV\V T FCJKPVGT $QIGP FCXQT \YGK (KUEJG FCT ÒDGT 5EJKTO 5EJTKHV /KVEJKPGT HH 5GJT UEJÌP

%*1.#5 810 6#0,14'

#$#55+&'0 -#.+('0 +0 $#)&#&

*CTWP CN 4CUEJKF Ô &KPCT #* QJPG /ÒP\UV·VVGPCPICDG (WUVCV I -C\CP %QNN 5GJT UEJÌPpXQT\ÒINKEJ

5128

$7;+&'0

+\\ CF FCYNC $CMJVK[CT Ô &KPCT #* /CFKPCV CU 5CNCO 6TGCFYGNN /U ) 5GJT UEJÌP

5129

/74#$+6'0

#NK KDP ;WUWH OKV UGKPGO -TQPRTKP\GP 6CUJHKP KDP #NK Ô &KPCT #*

CN /CTK[C #NOGTKC I -C\CP .CXQKZ 4 4ÒEMUGKVGPUVGORGN NGKEJV MQTTQFKGTV UGJT UEJÌP

'7412 +5%*' )1.&/ª0<'0 70& /'&#+..'0

5132

5130

5131

#.$#0+'0

<QIW + (TCPMGP 4 4QO I (GKPIQNF (D 5EJN 8QT\ÒINKEJ (TCPMGP 8 9KGP 5MCPFGTDGI I (GKPIQNF (D 5EJN 8QT\ÒINKEJp5VGORGNINCP\ (TCPMGP 4 4QO I (GKPIQNF (D 5EJN (CUV 5VGORGNINCP\

5134

5135

5133

(TCPMGP 4QO CWH UGKP L·JTKIGU 4GIKGTWPIULWDKN·WO CNU -ÌPKI I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJp5VGORGNINCP\

(TCPMGP 4 4QO CWH FKG *QEJ\GKV OKV )T·HKP #RRÉP[K CO I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 5VGORGNINCP\

5Q\KCNKUVKUEJG 4GRWDNKM .GMG I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

5136

4+)# 56#&6

$#.6+-7/

&WMCV OKV 6KVGN 5VGRJCP $CVJQT[U I <YGK .ÌYGP JCNVGP FCU 5VCFVYCRRGP )GMTÌPVG WPF IGJCTPKUEJVG $ÒUVG T (D )WO 44 0GWOCPP 8QP ITÌVGT 5GNVGPJGKV )GNQEJV UGJT UEJÌP

5137

#069'42'0

5138

$'.)+'0

4'+%*5/ª0<56 66' .WFYKI FGT $C[GT %JCKUG F QT )QNFGPGT 5EJKNF Q ,

I &GNO (D FQTV WPVGT $C[GTP 5GJT UEJÌPpXQT\ÒINKEJ .WFYKI FGT $C[GT NKG 5WDUKFKGP FKG GT CWU 'PINCPF GTJCNVGP JCVVG KP FGT 4GKEJUOÒP\UV·VVG #PVYGTRGP KP )QNFGPG 5EJKNFG XGTOÒP\GP

$4#$#06

,QJCPPC WPF 9GP\GN /QWVQP F QT Q , 8KNXQTFG I &GNO (D 5EJÌPpUGJT UEJÌP

5139

5140

2KGVGT F QT Q , .QWXCKP I &GNO (D 5GJT CVVTCMVKXGU 'ZGORNCT OKV HGKPGT 6ÌPWPI HCUV XQT\ÒINKEJ

2KGVGT F QT Q , .QWXCKP I &GNO (D

/KP IGYGNNV XQT\ÒINKEJ

5142

5141

-CTN 8 -CTN + XQP 5RCPKGP 4GCN F QT Q , #PVYGTRGP I &GNO (D .GKEJV IGYGNNV UGJT UEJÌP

4GCN F QT Q , #PVYGTRGP I &GNO (D

5143

5GJT UEJÌPpXQT\ÒINKEJ

5144

2JKNKRR +8 XQP 5RCPKGP 5QWXGTCKP F QT $TÒUUGN I )GJCTPKUEJVGU $TWUVDKNF T OKV -TQPG WPF WOIGNGIVGT 1TFGPUMGVVG )GMTÌPVGU OGJTHGNFKIGU 9CRRGP WOJGT 1TFGPUMGVVG &GNO 4 (D 5GJT UEJÌP

5QWXGTCKP F QT #PVYGTRGP I &GNO (D -N -TCV\GT MN 4CPFHGJNGT UGJT UEJÌP

5145

5146

5147

.KQP F QT $TÒUUGN I &GNO (D .KQP F QT $TÒUUGN I &GNO (D

-CTN ++ XQP 5RCPKGP 5QWXGTCKP F QT $TÒUUGN I )GMTÌPVGU WPF IGJCT PKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN WPF FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU )GMTÌP VGU 9CRRGP WOJGT FKG -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU &GNO (D 4 ,WUVKGTV UGJT UEJÌP

-N 2T·IGUEJY·EJG UGJT UEJÌP 5GJT UEJÌP

5148

5149

(.#0&'40

.WFYKI XQP /CNG %JCKUG F QT Q , I &GT )TCH OKV -TQPG WPF 5EJYGTV VJTQPV X X KP IQVKUEJGT 'KPHCUUWPI FKG .KPMG CWH .ÌYGPUEJKNF IGNGIV 8KGTRC FCTKP $NWOGPMTGW\ KP FGP 9KP MGNP 4QUGVVGP &GNO (D 8QT\ÒINKEJ

%JCKUG F QT Q , I &GT )TCH OKV -TQPG WPF 5EJYGTV VJTQPV X X KP IQVKUEJGT 'KPHCUUWPI FKG .KPMG CWH .ÌYGPUEJKNF IGNGIV 8KGTRC FCTKP $NWOGPMTGW\ KP FGP 9KPMGNP 4QUGVVGP &GNO (D /KP IGYGNNV HCUV XQT\ÒINKEJ

5150

5152

5151

2JKNKRR FGT -ÒJPG %JCKUG F QT Q , I &GT )TCH OKV -TQPG WPF 5EJYGTV VJTQPV X X KP IQVKUEJGT 'KPHCUUWPI FKG .KPMG CWH .ÌYGPUEJKNF IGNGIV 8KGTRC FCTKP $NWOGPMTGW\ KP FGP 9KP MGNP 4QUGVVGP &GNO 4 (D (CUV XQT\ÒINKEJ

2JKNKRR FGT )WVG .KQP F QT Q , $TÒIIG I &GNO (D 5GJT UEJÌP

2JKNKRR ++ XQP 5RCPKGP 4GCN F QT Q , $TÒIIG I &GNO (D 5GJT UEJÌPGU 'ZGORNCT

5154

5153

2JKNKRR +8 XQP 5RCPKGP 5QWXGTCKP F QT $TÒIIG I )GJCTPKUEJVGU $TWUVDKNF T OKV -TQPG WPF WOIGNGIVGT 1TFGPUMGVVG )GMTÌPVGU OGJTHGNFKIGU 9CRRGP WOJGT 1TFGPUMGVVG &GNO 4 (D 4 5GJT UEJÌP

*#+0#76 *'00')#7

#NDGTV XQP $C[GTP %QWTQPPG F QT Q , 8CNGPEKGPPGU I )GMTÌPVGU XKGTHGNFKIGU DC[GTKUEJ JQNN·PFKUEJGU 9CRRGP $NWOGPMTGW\ KP 8KGTRC KP FGP 9KPMGNP -TQPGP &GNO 4 (D 9KVV 44 9KP\ -TCV\GT UGJT UEJÌP 31

5155

1,5:1

.ª66+%*

,QJCPP XQP *GKPUDGTI #PIGN F QT Q , *CUUGNV I c IOheS ¢ ePC ¤ LeODI ¤ DVX ¢ BVLOVe ¢ CO ¢ LOSS' 'PIGN OKV CWUIGDTGKVGVGP (NÒIGNP J·NV XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF c MOneTA ¢ nOVA ¢ FACTA ¢ In ¢ hASSeL ¢ 8GT\KGTVGU -TGW\ FCTCWH XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF (D &GNO /KIPQNGV 8QP ITQGT 5GNVGPJGKV 5GJT UEJÌP

5157

5156 1,5:1

(GTFKPCPF XQP $C[GTP 'EW F QT FG $QWKNNQP I )GMTÌPVGU 9CRRGP FCJKPVGT -TWOOUVCD WPF 5EJYGTV IGMTGW\V 1TPCOGPVGPMTGW\ OKV -WIGNP KP FGP 9KPMGNP KP FGT /KVVG 8KGT GEM FCTKP $ &GNO (D 44 -N -TCV\GT UGJT UEJÌP

/CZKOKNKCP *GKPTKEJ XQP $C[GTP &WMCV Q , .ÒVVKEJ I $TWUVDKNF T FCTWPVGT 2WP\G : )GMTÌPVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF &GNO (D 44 5GJT UEJÌP

5158

5161

5159

5160

5161

&WMCV .ÒVVKEJ I )GMTÌPVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF FCJKPVGT -TWOOUVCD WPF 5EJYGTV IGMTGW\V 8GT\KGTVG 6CHGN FCTKP XKGT <GKNGP 5EJTKHV &GNO (D 4 5GJT UEJÌP

5GFKUXCMCP\ &WMCV I $TWUVDKNF FGU JGKNKIGP .CODGTVWU N KO IGKUVNKEJGP 1TPCV 8KGT HGNFKIGU 9CRRGP OKV /KVVGNUEJKNF CWH IGMTÌPVGO *GTOGNKPOCPVGN &GNO 4 (D 44 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJp5VGORGNINCP\

5GFKUXCMCP\ &WMCV I $TWUVDKNF FGU JGKNKIGP .CODGTVWU N KO IGKUVNKEJGP 1TPCV 8KGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF CWH IGMTÌPVGO *GTOGNKPOCPVGN &GNO 4 (D 44 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

61740#+ 32

#NDGTV WPF +UCDGNNC &WMCVGP Q , I &GNO (D .GKEJV IGYGNNV UGJT UEJÌP

5163

5162

2JKNKRR +8 XQP 5RCPKGP 5QWXGTCKP F QT I )GJCTPKUEJVGU $TWUVDKNF T OKV -TQPG WPF WOIGNGIVGT 1TFGPUMGVVG )GMTÌPVGU OGJTHGNFKIGU 9CRRGP WOJGT 1TFGPUMGVVG &GNO (D (CUV XQT\ÒINKEJ

5QWXGTCKP F QT .KQP F QT I &GNO 4 (D

5GJT UEJÌP

ex 5165

5164

-¤0+)4'+%* $'.)+'0

.GQRQNF + (TCPEU $TÒUUGN CWH FKG 8GTO·JNWPI FGU 6JTQPHQNIGTU .GQRQNF

UR·VGT .GQRQNF ++ OKV 2TKP\GUUKP /CTKG *GPTKGVVG XQP ¤UVGTTGKEJ I (GKPIQNF (D /QTKP / 5EJN 0WT 'ZGORNCTG IGRT·IV 9KP\ 4CPFHGJNGT XQT\ÒINKEJ

(TCPEU $TÒUUGN I (GKPIQNF (D Z /QTKP Z 5EJN Z 5VÒEM 5GJT UEJÌPpXQT\ÒINKEJ

ex 5166

5167

ex 5168

5169

.GQRQNF ++ (TCPEU $TÒUUGN I (GKPIQNF (D Z /QTKP 5EJN 5VÒEM 4CPFHGJNGT HCUV XQT\ÒINKEJ

#NDGTV + (TCPEU $TÒUUGN 2TQDG OKV HTCP\ÌUKUEJGT 7OUEJTKHV I (D XIN /QTKP 5 5EJN 44 0WT YGPKIG 'ZGORNCTG IGRT·IV 8QT\ÒINKEJp5VGORGNINCP\

(TCPEU $TÒUUGN 8CTKCPVGP OKV HTCP\ÌUKUEJGT WPF HN·OKUEJGT 7OUEJTKHV I (GKPIQNF (D /QTKP 5EJN 5VÒEM 8QT\ÒINKEJp5VGORGNINCP\

$CWFQWKP + )QNFOGFCKNNG WPUKIPKGTV CWH FKG 'TTKEJVWPI FGU #VQOKWOU KP $TÒUUGN -QRH FGU 'TDCWGTU #PFTG 9CVGTMG[P T #PUKEJV FGU #VQOKWOU OO I +P 1TKIKPCNGVWK 5VGORGNINCP\

5170

-¤0+)4'+%*

1,5:1

& 0'/#4-

%JTKUVKCP 8 &WMCVGP -QRGPJCIGP I )GJCTPKUEJVGU $TWUVDKNF T OKV WOIG NGIVGO /CPVGN WPF 'NGHCPVGPQTFGP 5GIGNUEJKHH KO *CHGP XQP %JTKUVKCPUDQTI (D *GFG 44 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

5171

1,5:1

5171

5172

(TGFGTKM +8 &WMCVGP -QRGPJCIGP I )GJCTPKUEJVGU $TWUVDKNF T OKV WOIG NGIVGO /CPVGN WPF 'NGHCPVGPQTFGP #PUKEJV FGU *CHGPU XQP %JTKUVKCPUDQTI KO #DUEJPKVV +0 Û )7+0'# Û (D *GFG 4 (CUV XQT\ÒINKEJ

5175

&WMCV -QRGPJCIGP I )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN WPF 'NGHCPVGPQT FGP 5GIGNUEJKHH KO *CHGP XQP %JTKUVKCPUDQTI (D *GFG 44 5GJT UEJÌP

5172

5170

5173

5176

(TGFGTKM 8+ (TGFGTKM F QT #NVQPC I (GKPIQNF (D *GFG 5EJN 4 /KP 4CPFHGJNGT HCUV XQT\ÒINKEJGU 'ZGORNCT

)1.&/ª0<'0 .16 & 0'/#4-

&KXGTUG -TQPGPUVÒEMG FGU ,CJTJWPFGTVU -TQPGP Z -TQPGP Z +PUIGUCOV I (GKPIQNF 5VÒEM /GKUV XQT\ÒINKEJ

4GRWDNKM UGKV /CTMMCC *GNUKPMK I (GKPIQNF (D 5EJN 8QT\ÒINKEJp5VGORGNINCP\

/CTMMCC *GNUKPMK I (GKPIQNF (D 5EJN 9KP\ 4CPFHGJNGT XQT\ÒINKEJp5VGORGNINCP\

(+00.#0&

5177

1,5:1

5178

1,5:1

(4#0-4'+%*

/'419+0)'4

#RTCTKEKC 6TKGPU /ÒP\OGKUVGT 2#64+%+75 I $ÒUVG T -TGW\ CWH )NQDWU $GNHQTV #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

7PDGUVKOOVG /ÒP\UV·VVG 6TKGPU I 2UGWFQKORGTKCNG 2T·IWPI 6[R ,WUVKPKCPWU $TWUVDKNF N OKV &KCFGO CO *CNU GKPG -WIGN 5VKNKUKGTVG 8KEVQTKC OKV -TCP\ WPF -TGW\ $GNHQTV )TKGTUQP $NCEMDWTP 5GJT UEJÌP

5180

5179

-¤0+)4'+%* (4#0-4'+%*

2JKNKRRG 8+ 2CXKNNQP F QT Q , I &GT -ÌPKI VJTQPV X X OKV .KNKGP\GRVGT WPVGT $CNFCEJKP FGT OKV .KNKGP XGT\KGTV KUV $NWOGPMTGW\ KP 8KGTRC KP FGP 9KPMGNP LG GKPG -TQPG &WRNGUU[ (D 4 8QT\ÒINKEJ

%JCTNGU 8+ #IPGN F QT Q , 'OKUUKQP 5CKPV #PFT¾ FG 8KNNGPGWXG N½U #XKIPQP I &WRNGUU[ (D 4 5GJT UEJÌP

5181

5182

5183

5184

#IPGN F QT Q , 'OKUUKQP 6QWNQWUG I .COO OKV -TGW\HCJPG KP 8KGNRC $NWOGP MTGW\ KP 8KGTRC &WRNGUU[ (D 4 )WV CWUIGRT·IVGU UGJT UEJÌPGU 'ZGORNCT

#IPGN F QT Q , 'OKUUKQP 6QWTPCK I .COO OKV -TGW\HCJPG KP 8KGNRC $NWOGP MTGW\ KP 8KGTRC &WRNGUU[ (D 4 5GJT UEJÌP

#IPGN F QT Q , 'OKUUKQP #PIGTU I .COO OKV -TGW\HCJPG KP 8KGNRC $NWOGPMTGW\ KP 8KGTRC &WRNGUU[ % (D 4 5GJT UEJÌP

#IPGN F QT Q , 'OKUUKQP #PIGTU I &WRNGUU[ % (D

4 5GJT UEJÌP

5186

5185

'EW F QT ¯ NC EQWTQPPG Q , 'OKUUKQP 5CKPV .Ê I &WRNGUU[ # (D 8QT\ÒINKEJ

*GPTK 8+ F #PINGVGTTG 5CNWV F QT Q , 'OKUUKQP 4QWGP I &WRNGUU[ # (D 5GJT UEJÌPpXQT\ÒINKEJ

5187

5188

5189

5190

5CNWV F QT Q , 'OKUUKQP 5CKPV .Ê I &WRNGUU[ # (D #VVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT

%JCTNGU 8++ 'EW F QT ¯ NC EQWTQPPG Q , 'OKUUKQP 4QWGP I /KV )GJGKORWPMV WPVGT FGO $WEJUVCDGP CWH FGT 8QTFGT WPF WPVGT FGO $WEJUVCDGP CWH FGT 4ÒEM UGKVG UQYKG -TQPGP CO #PHCPI FGT .GIGPFGP &WRNGUU[ # XCT (D 44 5GJT UEJÌP

'EW F QT ¯ NC EQWTQPPG Q , 'OKUUKQP $QTFGCWZ I &WRNGUU[ ( (D 5GJT UEJÌP

.QWKU :+ 'EW F QT ¯ NC EQWTQPPG Q , 'OKUUKQP 6QWNQWUG I &WRNGUU[ (D (CUV XQT\ÒINKEJ

5191

5192

.QWKU :++ 'EW F QT CW RQTE ¾RKE FG $TGVCIPG Q , 0CPVGU I &WRNGUU[ (D 4 5GJT UEJÌP

(TCP¼QKU + 'EW F QT CW UQNGKN Q , 6[R 'OKUUKQP 4QWGP ! I /KV \YGK )GIGPUVGORGNP #% CWH FGT 8QTFGTUGKVG &WRNGUU[ (D $GUEJPKVVGP UEJÌP

5193

5194

'EW F QT CW UQNGKN FW &CWRJKP¾ Q , 6[R 'OKUUKQP %T¾OKGW I &WRNGUU[ (D /KP IGYGNNV UGJT UEJÌP

'EW F QT ¯ NC ETQKUGVVG Q , 6[R $ 4QWGP I &WRNGUU[ (D

5GJT UEJÌP

5196

5195

*GPTK +8 'EW F QT CW UQNGKN $ 4QWGP I )GMTÌPVGU 9CRRGP .KNKGPMTGW\ &WRNGUU[ # (D 44 #VVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT

.QWKU :+++ 'EW F QT CW UQNGKN $ 4QWGP I &WRNGUU[ # (D )CFQWT[ 5GJT UEJÌP

5198

5197

&QWDNG NQWKU F QT # 2CTKU I -QRH T OKV .QTDGGTMTCP\ 8KGT IGMTÌPVG /QPQITCOOG KPU -TGW\ IGUVGNNV &WRNGUU[ (D )CFQWT[ 4 (CUV XQT\ÒINKEJ

.QWKU F QT # 2CTKU I &WRNGUU[ (D )CFQWT[

-N -TCV\GT UGJT UEJÌP

5200

5199

.QWKU :8 .QWKU F QT ¯ NC ETQKZ FW 5CKPV 'URTKV & .[QP I &WRNGUU[ (D )CFQWT[ 9KP\ 5EJTÌVNKPIUHGJNGT XQT\ÒINKEJ

.QWKU F QT CWZ NWPGVVGU # 2CTKU I &WRNGUU[ (D )CFQWT[ 9KP\ 4CPFHGJNGT UGJT UEJÌP

5201

5202

5203

5204

.QWKU F QT CWZ NWPGVVGU # 2CTKU I &WRNGUU[ (D )CFQWT[

5EJÌPpUGJT UEJÌP

.QWKU F QT CWZ NWPGVVGU . $C[QPPG I &WRNGUU[ (D )CFQWT[ -N &TWEMUVGNNG CWH FGT 8QTFGTUGKVG UGJT UEJÌP

.QWKU F QT CW DCPFGCW # 2CTKU I &WRNGUU[ (D )CFQWT[ /KP LWUVKGTV XQT\ÒINKEJ

.QWKU F QT CW DCPFGCW . $C[QPPG I &WRNGUU[ (D )CFQWT[ 5GJT UEJÌPpXQT\ÒINKEJ

5205

5206

5207

5208

&QWDNG NQWKU F QT CW DCPFGCW /ÒP\\GKEJGP 4GPPGU I &WRNGUU[ (D )CFQWT[ 5EJTÌVNKPIUHGJNGT CO 4CPF XQT\ÒINKEJ

.QWKU F QT ¯ NC XKGKNNG V¿VG # 2CTKU I $ÒUVG N OKV .QTDGGTMTCP\ <YGK CPGKPCPFGTIGNGJPVG QXCNG 9CRRGPUEJKNFG FCTÒDGT -TQPG &WRNGUU[ (D )CFQWT[ .GKEJVGT (WPFDGNCI XQT\ÒINKEJGU 2TCEJVGZGORNCT

.QWKU :8+ .QWKU F QT CWZ NWPGVVGU 9 .KNNG I $TWUVDKNF N <YGK CPGKPCPFGT IGNGJPVG QXCNG 9CRRGPUEJKNFG FCTÒDGT -TQPG &WRNGUU[ (D )CFQWT[ 4 /KP 5EJTÌVNKPIUp WPF 4CPFHGJNGT 4ÒEMUGKVG LWUVKGTV HCUV XQT\ÒINKEJ

&QWDNG NQWKU F QT CWZ NWPGVVGU + .KOQIGU I $TWUVDKNF N <YGK CPGKPCPFGTIGNGJPVG QXCNG 9CRRGPUEJKNFG FCTÒDGT -TQPG &WRNGUU[ (D )CFQWT[ 5GJT UEJÌPpXQT\ÒINKEJ

5209

5210

5211

5212

.QWKU F QT CWZ NWPGVVGU # 2CTKU I $TWUVDKNF N <YGK CPGKPCPFGTIGNGJPVG QXCNG 9CRRGP UEJKNFG FCTÒDGT -TQPG &WRNGUU[ (D )CFQWT[ 5GJT UEJÌP

&QWDNG NQWKU F QT CWZ NWPGVVGU + .KOQIGU I $TWUVDKNF N <YGK CPGKPCPFGTIGNGJPVG QXCNG 9CRRGPUEJKNFG FCTÒDGT -TQPG &WRNGUU[ (D )CFQWT[ 4 ªDNKEJG 5EJTÌVNKPIUHGJNGT XQT\ÒINKEJ

&QWDNG NQWKU F QT ¯ NC V¿VG PWG + .KOQIGU I &WRNGUU[ (D )CFQWT[ .GKEJV LWUVKGTV UGJT UEJÌPpXQT\ÒINKEJ

%QPUWNCV (TCPEU #0 :+ # 2CTKU I (GKPIQNF (D )CFQWT[ /C\CTF 5EJN 5GNVGP KP FKGUGT 'TJCNVWPI (CUV XQT\ÒINKEJ

5213

5214

0CRQN¾QP + (TCPEU * .C 4QEJGNNG I (GKPIQNF (D )CFQWT[ /C\CTF 5EJN 4 5GJT UEJÌP

)QNFOGFCKNNG \W &WMCVGP XQP $ #PFTKGW CWH FKG )GDWTV XQP 0CRQNGQP (TCPEQKU ,QUGRJ %JCTNGU -ÌPKI XQP 4QO -ÌRHG XQP 0CRQN¾QP WPF /CTKG .QWKUG XQP ¤UVGTTGKEJ PGDGPGKPCPFGT T -QRH FGU -KPFGU N OO I 5NI ,WNKWU FQTV KP 5KNDGT 8QP ITQGT 5GNVGPJGKV -N -TCV\GT CWH FGT 4ÒEMUGKVG XQT\ÒINKEJ

5216

ex 5215

(TCPEU # 2CTKU I (GKPIQNF (D Z )CFQWT[ Z /C\CTF 5EJN 5VÒEM 5GJT UEJÌP

(TCPEU # 2CTKU I (GKPIQNF (D )CFQWT[ /C\CTF 5EJN 5GJT UGNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJp5VGORGNINCP\

5217

.QWKU :8+++ )QNFOGFCKNNG XQP $ #PFTKGW WPF 0 $TGPGV CWH UGKPG #PMWPHV KP 2CTKU $ÒUVG T 8QT GKPGO 6TKWORJDQIGP UVGJV FGT CNU TÌOKUEJGT (GNFJGTT IGMNGKFGVG .WFYKI :8+++ OKV UGKPGT )GOCJNKP KP $KIC PCEJ N FCXQT JGKV GKP CPVKM IGMNGKFGVGU 2CCT FGP -ÌPKI OKV GTJQDGPGP #TOGP YKNNMQOOGP FKG YGKDNKEJG )GUVCNV J·NV FGO -ÌPKI CWH GKPGO -KUUGP FKG 5EJNÒUUGN XQP 2CTKU GPVIGIGP QDGP 8KEVQTKC OKV 5KGIGTMTCP\ KO #DUEJPKVV \YGK <GKNGP 5EJTKHV OO I 5NI ,WNKWU FQTV KP 5KNDGT WPF $TQP\G <GKV\ FQTV KP $TQP\G 4 8QT\ÒINKEJGU 'ZGORNCT

5218

5219

(TCPEU 9 .KNNG I (GKPIQNF (D )CFQWT[ /C\CTF 5EJN 5GNVGP KP FKGUGT 'TJCNVWPI /KP LWUVKGTV XQT\ÒINKEJp5VGORGNINCP\

(TCPEU 9 .KNNG I (GKPIQNF (D )CFQWT[ /C\CTF 5EJN

5GJT UEJÌP

5220

5221

4GRWDNKM (TCPEU # 2CTKU I (GKPIQNF (D )CFQWT[ /C\CTF 5EJN 5GNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJp5VGORGNINCP\

(TCPEU # 2CTKU I (GKPIQNF (D )CFQWT[ /C\CTF 5EJN 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

5223

5222

0CRQN¾QP +++ )QNFOGFCKNNG Q , XQP # %CSW¾ -QRH 0CRQNGQPU +++ OKV .QTDGGTMTCP\ N .QTDGGTMTCP\ KP FGT /KVVG GKP (TGKHGNF /KV 4CPFRWP\G 14 OO I 2CIG &KXQ -N 4CPFHGJNGT GVYCU DGTKGDGP XQT\ÒINKEJ

(TCPEU # 2CTKU I (GKPIQNF (D )CFQWT[ /C\CTF 5EJN #VVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

5224

5225

5224

(TCPEU # 2CTKU I (GKPIQNF (D )CFQWT[ /C\CTF 5EJN 9KP\ 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

(TCPEU # 2CTKU I (GKPIQNF (D C )CFQWT[ /C\CTF 5EJN 5GNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJp5VGORGNINCP\

5226

5227

5228

5229

5230

(TCPEU # 2CTKU I (GKPIQNF (D C )CFQWT[ /C\CTF 5EJN 8QT\ÒINKEJ

(TCPEU # 2CTKU I (GKPIQNF (D C )CFQWT[ /C\CTF 5EJN 5GNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJp5VGORGNINCP\

(TCPEU # 2CTKU I (GKPIQNF (D C )CFQWT[ /C\CTF 5EJN 8QT\ÒINKEJ

5232

5231

(TCPEU $$ 5VTCDWTI I (GKPIQNF (D )CFQWT[ /C\CTF 5EJN 5GJT UEJÌP

(TCPEU $$ 5VTCDWTI I (GKPIQNF (D )CFQWT[ /C\CTF 5EJN 'VYCU DGTKGDGP HCUV XQT\ÒINKEJ

5234

5233

5235

5236

4GRWDNKM (TCPEU 2CTKU 2TQDG 'UUCK &KEMCDUEJNCI I )NCVVGT 4CPF OKV 2WP\G '55#+ 8GT\KGTWPI 14 -QRH FGT /CTKCPPG T OKV (TGKJGKVUOÒV\G FKG OKV 'KEJGPNCWD DGMT·P\V KUV &GT ICNNKUEJG *CJP UEJTGKVGV N (D \W )CFQWT[ \W /C\CTF C 5EJN 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJ

(TCPEU # 2CTKU I (GKPIQNF (D )CFQWT[ /C\CTF 5EJN

8QT\ÒINKEJ

(TCPEU # 2CTKU I (GKPIQNF (D )CFQWT[ /C\CTF 5EJN

8QT\ÒINKEJ

(TCPEU # 2CTKU I (GKPIQNF (D )CFQWT[ /C\CTF 5EJN 4 9KP\ -TCV\GT XQT\ÒINKEJ

)1.&/ª0<'0.16 (4#0-4'+%*

&KXGTUG )QNFOÒP\GP FGU ,CJTJWPFGTVU (TCPEU Z (TCPEU Z (TCPEU Z (TCPEU

Z +PUIGUCOV I (GKPIQNF 5VÒEM (CUV UGJT UEJÌPpXQT\ÒINKEJ

5238

$'5#0 10

(4#0-4'+%* ('1&#.'5

5VCFV 2KUVQNGP OKV 6KVGN -CTNU 8 I v %#41.85 Û 38+0685 Û +/2'4#614 -QRH T OKV .QTDGGTMTCP\ /10' Û #84'# Û %+8+ Û $+5806+0' Û 0KODKGTVGT &QRRGNCFNGT OKV 9CR RGP CWH FGT $TWUV %CTXCNJQ %NCKTCPF -KPF / (D FQTV CNU 2KUVQNGP DG\GKEJPGV 8QP ITQGT 5GNVGPJGKV 5GJT UEJÌPpXQT\ÒINKEJ +O ,CJTG JCV GKP #DIGUCPFVGT XQP $GUCP¼QP FGT FCOCNKIGP 4GKEJUUVCFV $KUCP\ FCU /ÒP\TGEJV XQP -CTN 8 GTYQTDGP FGUJCND GTUEJGKPV CWH CNNGP /ÒP\GP FGT 5VCFV FGT 6KVGN WPF OGKUVGPU CWEJ FCU $KNF -CTNU 8

5240

5239

2KUVQNG OKV 6KVGN -CTNU 8 I -QRH T OKV .QTDGGTMTCP\ 0KODKGTVGT &QRRGNCFNGT OKV 9CR RGP CWH FGT $TWUV %CTXCNJQ %NCKTCPF -KPF / (D FQTV CNU 2KUVQNGP 44 5GJT UEJÌP

&WMCV OKV 6KVGN -CTNU 8 I )GMTÌPVGT -CKUGT UVGJV T OKV 5EJYGTV IGUEJWNVGTVGO <GRVGT WPF 4GKEJUCRHGN 8GT\KGTVG 6CHGN OKV HÒPH <GKNGP 5EJTKHV %CTXCNJQ %NCKTCPF -KPF / (D \W 44 .GKEJV IGYGNNV UGJT UEJÌP

5241 1,5:1

1,5:1

$174)1)0' (TCPEJG %QOV¾

2JKNKRRG +8 XQP 5RCPKGP %QWTQPPG F QT &ÊNG I )GMTÌPVGU OGJTHGNFKIGU 9CRRGP \W FGP 5GKVGP \YGK IGMTÌPVG (GWGTGKUGP $NWOGPMTGW\ &GNO (D X ) * 8QP ITQGT 5GNVGPJGKV (CUV XQT\ÒINKEJ

5242

5243

%* 6'#7 4'0#7&

(TCP¼QKU XQP $QWTDQP WPF .QWKUG /CTIWGTKVG (NQTKP F QT Q , I (D 2QG[ F #XCPV XCT 7PTGIGNO·KIGT 5EJTÌVNKPI UGJT UEJÌP

14#0)'

4C[OQPF +++ QFGT 4C[OQPF +8 )QNFIWNFGP Q , (NQTGPVKPGT 6[R I (D )CODGTKPK XCT 2QG[ F #XCPV 4 5GJT UEJÌP

5245

5244

5245

2418'0%'

%JCTNGU + F #PLQW 5CNWV F QT Q , I <YGKHGNFKIGU 9CRRGP XQP ,GTWUCNGO WPF #P LQW QDGP NKGIGPFGT *CNDOQPF WOJGT UGEJU 5VGTPG WPF \YGK 4QUGVVGP 'T\GPIGN )CDTKGN WPF /CTKC UVGJGP GKPCPFGT IGIGPÒDGT WPVGP $NWOGP KP 8CUG $QWFGCW XCT (D 2QG[ F #XCPV 44 #VVTCMVKXGU 'ZGORNCT 5GJT UEJÌPpXQT\ÒINKEJ

,GCPPG FG 0GCRNGU (TCPE ¯ RKGF Q , I )GMTÌPVG )GUVCNV UVGJV X X OKV 5EJYGTV WPF <GRVGT WPVGT IQVKUEJGO $CNFCEJKP \W FGP 5GKVGP .KNKGP $NWOGPMTGW\ KP 8KGTRC KP FGP 9KPMGNP CDYGEJUGNPF -TQPGP WPF .KNKGP (D 2QG[ F #XCPV NGKEJV XCT 8QT\ÒINKEJ

5246

5247

564#55$74) 56#&6

(NQTKP Q , I 'PIGN .GJT (D

/'6< 56#&6

(4#0-4'+%* '.5#55 5GJT UEJÌP

(4#0-4'+%* .16*4+0)'0

)QNFIWNFGP I <YGKHGNFKIGU 5VCFVYCRRGP KP XGT\KGTVGO 5GEJURC 5V 5VGRJCP OKV 2CNO \YGKI N KP 1XCN \W FGP 5GKVGP + (NQP (D 4 5GJT UEJÌP

5248

)4+'%*'0.#0&

)GQTI + &TCEJOGP # 2CTKU I (GKPIQNF &KXQ (D 5EJN 5GJT UEJÌPpXQT\ÒINKEJ

5249

'0).#0&

5250

5251

)4155$4+6#00+'0

'FYCTF +++ 0QDNG Q , .QPFQP I &GT IGMTÌPVG WPF IGJCTPKUEJVG -ÌPKI X X KP 5EJKHH CWH 9GNNGP KP FGT 4GEJVGP 5EJYGTV OKV FGT .KPMGP FGP XKGTHGNFKIGP 5EJKNF XQT UKEJ JCNVGPF $NWOGPMTGW\ OKV IGMTÌPVGP .ÌYGP KP FGP 9KPMGNP (D 5GCD[ 5GJT UEJÌP

0QDNG Q , .QPFQP I &GT IGMTÌPVG WPF IGJCTPKUEJVG -ÌPKI X X KP 5EJKHH CWH 9GNNGP KP FGT 4GEJVGP 5EJYGTV OKV FGT .KPMGP FGP XKGTHGNFKIGP 5EJKNF XQT UKEJ JCNVGPF $NWOGPMTGW\ OKV IGMTÌPVGP .ÌYGP KP FGP 9KPMGNP KO <GPVTWO e (D 5GCD[ 4 5GJT CVVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT

4KEJCTF ++ 0QDNG Q , .QPFQP /ÒP\\GKEJGP &TGKDNCVV I &GT IGMTÌPVG WPF IGJCT PKUEJVG -ÌPKI X X KP 5EJKHH CWH 9GNNGP KP FGT 4GEJVGP 5EJYGTV OKV FGT .KPMGP FGP XKGTHGNFKIGP 5EJKNF XQT UKEJ JCNVGPF $NWOGPMTGW\ OKV IGMTÌPVGP .ÌYGP KP FGP 9KPMGNP (D 5GCD[ QFGT 9QQFJGCF XCT 4 4ÒEMUGKVG GVYCU XGTRT·IV UQPUV HCUV XQT\ÒINKEJ 43

5252

5253

5252

*GPT[ 8 0QDNG Q , I (D 5GCD[

'VYCU $GNCI UGJT UEJÌP

'FYCTF 8+ 5QXGTGKIP Q , 5QWVJYCTM /ÒP\\GKEJGP ' I &GT IGMTÌPVG -ÌPKI VJTQPV X X OKV WOIGNGIVGO /CPVGN KP FGT 4GEJVGP <GRVGT KP FGT .KPMGP 4GKEJUCRHGN .ÌYG WPF )TGKH JCNVGP FCU IGMTÌPVG XKGTHGNFKIG 9CRRGP FCTWPVGT FCU /ÒP\\GKEJGP ' URKGIGNXGT MGJTV (D 5GCD[ 44 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT OKV HGKPGT )QNFRCVKPC

5254

8'4'+0+)6'5 -¤0+)4'+%*

%JCTNGU + #PIGN 5JKNNKPIU Q , .QPFQP /ÒP\\GKEJGP $WTI I 5V /KEJCGN FGP &TCEJGP VÌVGPF 5GIGNUEJKHH (D 5GCD[ 5GJT UGNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI -N 4CPFHGJNGT UGJT UEJÌP

5255

5255 1,5:1

7PKVG 5JKNNKPIU Q , .QPFQP /ÒP\\GKEJGP *GT\ I )GMTÌPVGU WPF IGJCTPKUEJ VGU $TWUVDKNF N OKV WOIGNGIVGO /CPVGN FCJKPVGT FKG 9GTV\CJN :: )GMTÌPVGU 9CRRGP (D 5GCD[ 4 5GJT CVVTCMVKXGU 'ZGORNCT XQT\ÒINKEJ

5256

5256 1,5:1

7PKVG 5JKNNKPIU Q , .QPFQP /ÒP\OGKUVGT 0KEJQNCU $TKQV /ÒP\\GKEJGP $ WPF $NWOG I %#41.85 Û & Ù ) Û /#)0 Û $4+6#00 Û (4#0 Û '6 Û *+$'4 Û 4': /ÒP\\GKEJGP $ WPF $NWOG )GMTÌPVGU WPF IGJCTPKUEJVGU $TWUVDKNF N OKV WOIGNGIVGO /CPVGN FCJKPVGT FKG 9GTV\CJN Û::Û (.14'06 Û %10%14&+# Û 4')0# Û /ÒP\\GKEJGP $ )GMTÌPVGU 9CRRGP \W FGP 5GKVGP FKG IGMTÌPVGP $WEJUVCDGP % 4 (D 5GCD[ 44 8QT\ÒINKEJGU 'ZGORNCT

5257

7PKVG 5JKNNKPIU 1ZHQTF /ร P\\GKEJGP (GFGTDWUEJ I )GMTร PVGU WPF IGJCTPKUEJVGU $TWUVDKNF N OKV FGT .KPMGP GKPGP 1NKXGP\YGKI UEJWNVGTPF OKV FGT 4GEJVGP 5EJYGTV GORQTJCNVGPF JKPVGT FGO $TWUVDKNF FKG 9GTV\CJN :: 5EJTKHVDCPF OKV ร 4'.+) ร 2416 .') ร #0) .+$'4 ร 2#4 QDGP FTGK (GFGTDร UEJG WPVGP (D 5GCD[ 4 5GJT CVVTCMVKXGU 'ZGORNCT OKV JGTXQTTCIGPFGO 2QTVTยทV 9KP\ 5VGORGNHGJNGT XQT\ร INKEJ

5258

5259

.CWTGN 5JKNNKPIU 1ZHQTF /ร P\\GKEJGP (GFGTDWUEJ I )GMTร PVGU $TWUVDKNF N FC JKPVGT FKG 9GTV\CJN : 5EJTKHVDCPF OKV u 4'.+) u 2416 u .') u #0). u u .+$'4 u 2#4 QDGP FTGK (GFGTDร UEJG WPVGP (D 5GCD[ 44 -N 2TยทIGUEJYยทEJG UGJT UEJร P

,COGU ++ )WKPGCU .QPFQP I $ร UVG N OKV .QTDGGTMTCP\ 8KGT IGMTร PVG 9CRRGP KPU -TGW\ IGUVGNNV KP FGP 9KPMGNP LG GKP <GRVGT /KV 4CPFUEJTKHV ร &'%85 ร '6 ร 686#/'0 ร #001 ร 4')0+ ร 6'46+1 ร ยน ร ยน (D 5GCD[ # 5GJT UEJร P

5260

#PPG )WKPGCU .QPFQP I #00# ร &'+ ร )4#6+# ร $TWUVDKNF N OKV *CCTDCPF ร /#) ร $4+ ร (4 ร '6 ร *+$ ร 4') ร 8KGT IGMTร PVG 9CRRGP KPU -TGW\ IG UVGNNV KP FGP 9KPMGNP LG GKP <GRVGT KP FGT /KVVG -TGW\ KP 5VTCJNGPMTGKU /KV 4CPFUEJTKHV &'%85 ร '6 ร 686#/'0 ร #001 ร 4')0+ ร 38+061 (D 5GCD[ 2TCEJVGZGORNCT OKV HGKPGT )QNFVร PWPI 8QT\ร INKEJp5VGORGNINCP\

5261

)WKPGCU .QPFQP I $TWUVDKNF N OKV *CCTDCPF 8KGT IGMTร PVG 9CRRGP KPU -TGW\ IGUVGNNV KP FGP 9KPMGNP LG GKP <GRVGT KP FGT /KVVG -TGW\ KP 5VTCJNGPMTGKU (D 5GCD[ 4 8QT\ร INKEJ

5262

5263

)WKPGC .QPFQP I (D 5GCD[ )GQTIG + )WKPGC .QPFQP I (D 5GCD[

(CUV XQT\ÒINKEJ 5GJT UEJÌP

5265 5264

5266

)WKPGC .QPFQP I (D 5GCD[

8QT\ÒINKEJ

)GQTIG +++ )WKPGC .QPFQP I (D 5GCD[ -N &TWEMUVGNNG UGJT UEJÌP

8KEVQTKC 5QXGTGKIP .QPFQP I (GKPIQNF 5GCD[ & 5EJN (D G (CUV XQT\ÒINKEJ XQT\ÒINKEJ

5267

5268

5269

5271

5269

2QWPFU .QPFQP ,WDKNGG JGCF I (GKPIQNF (D 5EJN 5GCD[ 9KP\ &TWEMUVGNNG XQT\ÒINKEJ

2QWPFU .QPFQP 1NF JGCF I (GKPIQNF (D 5EJN 5GCD[ 8QT\ÒINKEJGU 'ZGORNCT

5QXGTGKIP .QPFQP 1NF JGCF I (GKPIQNF (D 5EJN 5GCD[

.QV 2QWPFU 5QXGTGKIP 5VGORGNPWOOGT 5VGORGNPWOOGT 5 #WUVTC NKGP 5QXGTGKIP 5VGORGNPWOOGT +PUIGUCOV I (GKPIQNF 5VÒEM (CUUWPIUURWTGP Z UGJT UEJÌP

8QT\ÒINKEJ

'FYCTF 8++ 2QWPFU .QPFQP I (GKPIQNF /CVVKGTVG 2T·IWPI /CVVG 2TQQH -QRH T 5V )GQTI FGP &TCEJGP VÌVGPF (D C 5EJN 5GCD[ /CVVKGTV XQT\ÒINKEJp5VGORGNINCP\

5272

5273

5272

2QWPFU .QPFQP I (GKPIQNF (D 5EJN 5GCD[

8QT\ÒINKEJ

5QXGTGKIP .QPFQP I (GKPIQNF /CVVKGTVG 2T·IWPI /CVVG 2TQQH (D C 5EJN 5GCD[ /CVVKGTV XQT\ÒINKEJp5VGORGNINCP\

5QXGTGKIP .QPFQP &C\W #WUVTCNKGP 5QXGTGKIP /GNDQWTPG I (GKPIQNF (D

WPVGT #WUVTCNKGP 5EJN 5GCD[ 5VÒEM -N 4CPFHGJNGT Z UGJT UEJÌPpXQT\ÒINKEJ

5276

5275

)GQTIG 8 2QWPFU .QPFQP I (GKPIQNF (D 5EJN 5GCD[ 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJGU 'ZGORNCT XQP RQNKGTVGP 5VGORGNP

5QXGTGKIP .QPFQP I (GKPIQNF (D 5EJN 5GCD[

.QV 5QXGTGKIP % -CPCFC Z 2QWPF 5# 5ÒFCHTKMC 5QXGTGKIP +PUIGUCOV I (GKPIQNF 5VÒEM 5GJT UEJÌPpXQT\ÒINKEJ

5VGORGNINCP\

5279

5278

)GQTIG 8+ 2QWPF .QPFQP I (GKPIQNF (D 5EJN 5GCD[ 2QNKGTVG 2NCVVG

5QXGTGKIP .QPFQP I (GKPIQNF (D 5EJN 5GCD[

'NK\CDGVJ ++ UGKV 5QXGTGKIP .QPFQP Z 2QWPFU $TKVCPPKC I (GKPIQNF (D Z 5EJN Z 5GCD[ Z 5VÒEM -N 4CPFHGJNGT Z XQT\ÒINKEJp5VGORGNINCP\

5281

2QNKGTVG 2NCVVG

5282

+5.#0&

4GRWDNKM UGKV -TQPWT -QRGPJCIGP )GDWTVUVCI XQP ,QP 5KIWTFUUQP I (GKP IQNF (D 5EJN 8QT\ÒINKEJp5VGORGNINCP\

-TQPWT -QRGPJCIGP CWH FGP ,CJTGUVCI FGT $GUKGFNWPI FWTEJ PQTYGIKUEJG 9KMKP IGT I (GKPIQNF (D 5EJN 5VGORGNINCP\

5283

+6#.+'0

('44#4#

#NHQPUQ ++ F 'UVG 5EWFQ F QTQ Q , I %0+ : 5 (D <CKPGPFG HCUV XQT\ÒINKEJ

5284

5285

5287

5286

(.14'0<

4GRWDNKM (KQTKPQ F QTQ Q , I /ÒP\\GKEJGP 5EJCWHGN $GTPQEEJK (D 5GJT UEJÌP

(KQTKPQ F QTQ Q , I /ÒP\\GKEJGP *CNDOQPF OKV 2WPMV $GTPQEEJK (D -N -TCV\GT HCUV UGJT UEJÌP

(KQTKPQ F QTQ Q , I /ÒP\\GKEJGP 9QNH WPF $WEJUVCDG 5 $GTPQEEJK (D /KP IGYGNNV UGJT UEJÌP

%QUKOQ +++ /GFKEK (KQTKPQ F QTQ I %0+ :++ 5 (D

5288

5289

5GJT UEJÌP

5291

5290

(KQTKPQ F QTQ I %0+ :++ 5 (D

.WFQXKEQ + FK $QTDQPG 4WURQPG <GEEJKPK (NQTGP\ I (GKPIQNF (D 2CICPK 5EJN 5GNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJ

.GKEJV IGYGNNV UGJT UEJÌP

4WURQPG <GEEJKPK (NQTGP\ I (GKPIQNF (D 2CICPK 5EJN

5GJT UEJÌP

8QT\ÒINKEJ

)'07# 48

#PQP[O )GPQXKPQ Q , I (D .WPCTFK

5292 1,5:1

5293

1,5:1 5293

5KOQPG $QEECPGITC + 3WCTVCTQNC Q , I (D FQTV CNU )GPQ XKPQ DG\GKEJPGV .WPCTFK 5GJT UEJÌPpXQT\ÒINKEJ

4GRWDNKM &QIK $KGPPCNK .KTG I )GMTÌPVGU 9CRRGP XQP \YGK )TGKHGP IGJCNVGP /CFQPPC OKV FGO -KPF CWH FGO NKPMGP #TO KP 9QNMGP (D .WPCTFK 8QT\ÒINKEJ

5296

5295

5294

5297

-+4%*'056##6

,QJCPPGU ::++ (KQTKPQ F QTQ Q , I (D FQTV WPVGT (TCPMTGKEJ /WPVQPK 8QT\ÒINKEJ

'WIGP +8 &WECVQ RCRCNG Q , 4QO I (D C /WPVQPK

0KEQNCWU 8 &WECVQ RCRCNG Q , 4QO I /KV /KVTC DGNGIVGU 9CRRGP 5V 2GVTWU UVGJV X X OKV 5EJNÒUUGN WPF $WEJ KP XKGTDQIKIGT 'KPHCUUWPI (D /WPVQPK (CUV XQT\ÒINKEJ

,WNKWU ++ &WECVQ Q , $QNQIPC I /KV /KVTC DGNGIVGU 9CRRGP KP 8KGTRC 5V 2GVTWU OKV 5EJNÒUUGN WPF $WEJ UVGJV X X \YKUEJGP FGP 9CRRGPUEJKNFGP XQP #NKFQUK WPF $QNQIPC (D /WPVQPK 4 5GJT UEJÌP

5GJT UEJÌP

5298

7TDCP 8+++ 3WCFTWRNC #XKIPQP I $TWUVDKNF T -CTFKPCNUYCRRGP CWH /CNVGUGTMTGW\ FCTÒDGT -CTFKPCNUJWV (D FQTV WPVGT (TCPMTGKEJ /WPVQPK 44 5GJT UEJÌPpXQT\ÒINKEJ 2CRUV 7TDCP 8+++ PGKIVG KO &TGKKIL·JTKIGP -TKGI CWU (WTEJV XQT FGT ªDGTOCEJV FGU *CWUGU *CDUDWTI FGUUGP 5GNDUVDGYWVUGKP FWTEJ FKG 'THQNIG -CKUGT (GTFKPCPFU ++ UVCTM IGUVKGIGP YCT WPF FKG 7PCDJ·PIKIMGKV FGU -KTEJGP UVCCVU DGFTQJVG OGJT (TCPMTGKEJ \W WPF WPVGTUVÒV\VG GU IGIGP ¤UVGTTGKEJ WPF 5RCPKGP *KGTFWTEJ YCT GT OKVXGTCPV YQTVNKEJ HÒT FGP PCEJVGKNKIGP #WUICPI FGU -TKGIGU HÒT FKG MCVJQNKUEJG -KTEJG 7TDCP 8+++ NKG CWGT KP #XKIPQP WPF 4QO CWEJ KP $QNQIPC WPF (GTTCTC RT·IGP

5299

5300

%NGOGPU :++ <GEEJKPQ 4QO I (D /WPVQPK

5EJÌPpUGJT UEJÌP

$GPGFKMV :+8 <GEEJKPQ 4QO I (D /WPVQPK E 5GJT UEJÌPpXQT\ÒINKEJ

5301

5302

5303

%NGOGPU :+8 <GEEJKPQ # + 4QO I (D /WPVQPK 5GJT UEJÌPpXQT\ÒINKEJ

<GEEJKPQ # + 4QO I (D /WPVQPK

)TGIQT :8+ 5EWFK #0 8 4 4QO I (GKPIQNF (D 2CICPK 5EJN 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

5304

5305

5307

-N -TCV\GT UGJT UEJÌP

5308

5306

2KWU +: 5EWFK #001 + $ $QNQIPC I (GKPIQNF (D 2CICPK 5EJN 8QT\ÒINKEJp5VGORGNINCP\

5EWFK #0 +: $ $QNQIPC I (GKPIQNF (D 2CICPK 5EJN (CUV 5VGORGNINCP\

5EWFQ F QTQ #0 +: 4 4QO I (GKPIQNF (D 2CICPK 5EJN 5GJT UEJÌPpXQT\ÒINKEJ

.KTG # ::++ 4QO I (GKPIQNF (D 2CICPK 5EJN 5GNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJp5VGORGNINCP\

.KTG # ::++ 4QO I (GKPIQNF (D 2CICPK 5EJN

5309

5310

5311

5GJT UEJÌPpXQT\ÒINKEJ

5313

5312

2KWU :+ .KTG #001 8+++ 4QO I (GKPIQNF (D 2CICPK 5EJN 8QT\ÒINKEJ

.KTG #001 8+++ 4QO I (GKPIQNF (D 2CICPK 5EJN

8QT\ÒINKEJ

.KTG #001 :+ 4QO I (GKPIQNF (D 2CICPK 5EJN 'VYCU DGTKGDGP XQT\ÒINKEJ

.KTG 4QO CWH FCU *GKNKIG ,CJT I (GKPIQNF (D 2CICPK 5EJN (CUV 5VGORGNINCP\

.KTG 4QO CWH FCU *GKNKIG ,CJT I (GKPIQNF (D 2CICPK 5EJN 8QT\ÒINKEJ

5315

5316

5314

5317

5318

.KTG #001 :+8 4QO I (GKPIQNF (D 2CICPK 5EJN

8QT\Ã&#x2019;INKEJ

.KTG #0 :8 4QO I (GKPIQNF (D 2CICPK 5EJN 8QT\Ã&#x2019;INKEJp5VGORGNINCP\

2KWU :++ .KTG #0 + 4QO I (GKPIQNF (D 2CICPK 5EJN 0WT 'ZGORNCTG IGRTÂ·IV 8QT\Ã&#x2019;INKEJ

.KTG # +++ 4QO I (GKPIQNF (D 2CICPK 5EJN 0WT 'ZGORNCTG IGRTÂ·IV (CUV 5VGORGNINCP\

.KTG # +++ 4QO I (GKPIQNF (D 2CICPK 5EJN 0WT 'ZGORNCTG IGRTÂ·IV -N 4CPFHGJNGT XQT\Ã&#x2019;INKEJ

5319

5320

5321

5322

5323

.KTG #001 8 4QO I (GKPIQNF (D 2CICPK 5EJN 44 0WT 'ZGORNCTG IGRTÂ·IV 8QT\Ã&#x2019;INKEJp5VGORGNINCP\

.KTG #001 8+ 4QO I (GKPIQNF (D 2CICPK 5EJN 44 0WT 'ZGORNCTG IGRTÂ·IV 8QT\Ã&#x2019;INKEJp5VGORGNINCP\

.KTG #001 8++ 4QO I (GKPIQNF (D 2CICPK 5EJN 44 0WT 'ZGORNCTG IGRTÂ·IV 8QT\Ã&#x2019;INKEJp5VGORGNINCP\

.KTG #001 8+++ 4QO I (GKPIQNF (D 2CICPK 5EJN 44 0WT 'ZGORNCTG IGRTÂ·IV 8QT\Ã&#x2019;INKEJp5VGORGNINCP\

.KTG #001 /%/. +8$ 4QO CWH FCU *GKNKIG ,CJT I (GKPIQNF (D 2CICPK 5EJN 0WT 'ZGORNCTG IGRTÂ·IV (CUV 5VGORGNINCP\

5324

5325

5326

.KTG #0 :+++ 4QO I (GKPIQNF (D 2CICPK 5EJN 0WT 'ZGORNCTG IGRTÂ·IV (CUV 5VGORGNINCP\

.KTG #0 :8 4QO I (GKPIQNF (D 2CICPK 5EJN 0WT 'ZGORNCTG IGRTÂ·IV (CUV 5VGORGNINCP\

.KTG #0 :8++ 4QO I (GKPIQNF (D 2CICPK 5EJN 0WT 'ZGORNCTG IGRTÂ·IV 5VGORGNINCP\

5327

5328

.KTG #0 :: 4QO I (GKPIQNF (D 2CICPK 5EJN 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJp5VGORGNINCP\

5331

5329

5330

.7%%#

4GRWDNKM <GEEJKPQ Q , I )GMTÌPVGT -QRH FGU JGKNKIGP 8WNVWU X X 5V /CTVKP TGKVGV N %0+ :+ 5 (D 4 5GJT UEJÌP

5EWFQ F QTQ FGN UQNG I %0+ :+ 5 (D

(KNKRRQ /CTKC 8KUEQPVK (KQTKPQ F QTQ Q , I (D %TKRRC %

5GJT UEJÌP

2JKNKRR ++ XQP 5RCPKGP &QRRKC I %TKRRC # (D 9KP\ 5EJTÌVNKPIUHGJNGT UGJT UEJÌP

&QRRKC I %TKRRC # (D

/#+.#0&

5333

5332

-N 5EJTÌVNKPIUHGJNGT UGJT UEJÌP

5334 1,5:1

2JKNKRR +8 XQP 5RCPKGP &QRRKC Q , I )GJCTPKUEJVGU $TWUVDKNF T OKV 5VTCJNGP MTQPG WPF ITQGT *CNUMTCWUG )GMTÌPVGU 9CRRGP %TKRRC $ (D 44 8QT\ÒINKEJGU 'ZGORNCT OKV UEJÌPGT )QNFVÌPWPI

5335

1,5:1

5335

&QRRKG I )GJCTPKUEJVGU $TWUVDKNF T OKV 5VTCJNGPMTQPG WPF ITQGT *CNUMTCWUG )G MTÌPVGU 9CRRGP %TKRRC % XCT (D 44 8QT\ÒINKEJGU 'ZGORNCT OKV UEJÌPGT )QNFRCVKPC

5336

1,5:1

/1&'0#

(TCPEGUEQ + F 'UVG 5EWFK Q , I $TWUVDKNF T FCTWPVGT FCU /ÒP\\GKEJGP ) ( / /CFQPPC OKV -KPF %0+ +: 5 XCT (D 44 -N 5EJTÌVNKPIUHGJNGT HCUV XQT\ÒINKEJ

1,5:1

5337

1,5:1

0'#2'. 70& 5+<+.+'0

(TKGFTKEJ ++ #WIWUVCNKU PCEJ $TKPFKUK I )GJCTPKUEJVGU $TWUVDKNF T OKV .QT DGGTMTCP\ WPF WOIGNGIVGO /CPVGN #FNGT FGP -QRH PCEJ T IGYCPFV (D -QYCNUMK ' $ 4 8QT\ÒINKEJ

+P FGP -QPUVKVWVKQPGP XQP /GNHK YGTFGP FKG #WIWUVCNGP \WO GTUVGP /CN IGPCPPV +O INGKEJGP ,CJT DGTKEJVGV FGT MCKUGTNKEJG 0QVCT 4KEJCTF XQP 5CP )GTOCPQ KO &G\GODGT 0WOOK CWTGK SWK CWIWUVCNGU XQECPVWT $TWPFWUKK GV /GU UKPC EWFWPVWT )QNFOÒP\GP FKG #WIWUVCNGP IGPCPPV YGTFGP UKPF KP $TKPFKUK WPF /GUUKPC IGRT·IV YQTFGP &GT 0COG #WIWUVCNKU HÒT FKGUG CWGTIGYÌJPNKEJG )QNFOÒP\G KUV CNUQ \GKVIGPÌUUKUEJ WPF QHHK\KGNN CWEJ FKG DGKFGP /ÒP\UV·VVGP YGTFGP DGPCPPV &KG &CTUVGNNWPI ITGKHV CPVKMG 8QTDKNFGT CWH QJPG FC GKP IGPCWGU /WUVGT UGK GU CWU FGT CWIWUVGKUEJGP QFGT EQPUVCPVKPKUEJGP /ÒP\RT·IWPI \W GTOKVVGNP KUV 8KGNNGKEJV YCT GKP ITQGT -COGQ OKV FGO $KNF FGU -CKUGTU #WIWUVWU FGT UKEJ FCOCNU KP #CEJGP DGHCPF WPF FGP (TKGFTKEJ ++ FQTV IGUGJGP JCDGP FÒTHVG FCU 8QTDKNF &CU INGKEJG IKNV HÒT FKG #FNGT 4ÒEMUGKVG &KGUG 2T·IWPI URKGIGNV KP CWUFTWEMUXQNNGT 9GKUG FCU )GUEJKEJVU XGTUV·PFPKU FGU NGV\VGP 5VCWHGTMCKUGTU YKFGT FGT UKEJ ICP\ DGYWV KP FGT -QPVKPWKV·V FGT TÌOKUEJGP -CKUGT UCJ WPF FKG 9GNV FGT #PVKMG PKEJV PWT DGK UGKPGP /ÒP\GP YKGFGT CWHIGITKHHGP JCV 5Q IGUGJGP MCPP OCP (TKGFTKEJ ++ FWTEJ CWU CNU 8QTN·WHGT FGT 4GPCKUUCPEG XGTUVGJGP 'U KUV CDGT PKEJV RTQRCICPFKUVKUEJG #DUKEJV FKG \WT *GTUVGNNWPI FKGUGT GTUVGP DGFGWVGPFGP GWTQR·KUEJGP )QNFRT·IWPI UGKV FGT #PVKMG HÒJTVG UQPFGTP YKTVUEJCHVNKEJG 0QVYGPFKIMGKV #WH UGKPGT ,GTWUCNGO 4GKUG JCVVG FGT -CKUGT FKG )QNFY·JTWPI FGT $[\CPVKPGT KP )GUVCNV FGT *[RGTR[TC WPF FKG &KPCTG FGT KUNCOKUEJGP &[PCUVKGP MGPPGPIGNGTPV <WTÒEMIGMGJTV QTFPGVG GT FKG 2T·IWPI FGT PGWGP )QNFOÒP\GP CP FKG GKP PGWGU <GKVCNVGT FGT )QNFY·JTWPI GKPNGKVGP UQNNVG WPF UR·VGT KJTGP *ÌJGRWPMV KP FGP )QNFOÒP\GP XQP (NQTGP\ WPF 8GPGFKI HCPF

1,5:1

5338

1,5:1

#WIWUVCNKU PCEJ /GUUKPC I )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGI VGO /CPVGN #FNGT FGP -QRH PCEJ T IGYCPFV (D FQTV WPVGT $TKPFKUK -QYCNUMK ) # 44 &KG 2QTVT·VUGKVG YWTFG OKV GKPGO TCWJGP 5VGORGN IGRT·IV *QEJKPVGTGUUCPVGU 'ZGORNCT XQP HCUV XQT\ÒINKEJGT 'TJCNVWPI

5339

#NHQPU + XQP #TCIQP &WECVQPG #NHQPUKPQ F QTQ Q , I 8KGTHGNFKIGU 9CRRGP &GT IGMTÌPVG WPF IGJCTPKUEJVG -ÌPKI TGKVGV T OKV 5EJYGTV KP FGT GTJQDGPGP 4GEJVGP %0+ :+: 5 XCT (D 5GJT UEJÌPpXQT\ÒINKEJ

5340 1,5:1

1,5:1

-CTN 8 5EWFK Q , I %#41.85 Û 8 Û 41/ Û +/2 )GJCTPKUEJVGU $TWUVDKNF T OKV 5VTCJNGPMTCP\ N KO (GNF +$4 NGIKGTV Û /#)0# Û 12'4# Û &1/+ Û &KG 2GTUQPKHK MCVKQP FGU (TKGFGPU UVGJV N OKV (ÒNNJQTP KP FGT .KPMGP KP FGT 4GEJVGP J·NV UKG GKPG (CEMGN OKV FGO UKG GKP $WEJ WPF 9CHHGP GPV\ÒPFGV %0+ :+: 5 (D 44 9KP\ &TWEMUVGNNG UGJT UEJÌPpXQT\ÒINKEJ &KG KPVGTGUUCPVG WPF UGJT UGNVGPG 2T·IWPI DG\KGJV UKEJ CWH FCU 'FKMV -CKUGT -CTNU 8 XQO 1MVQDGT FWTEJ FCU FKG 0GCRQNKVCPGT DGIPCFKIV YWTFGP FKG UKEJ FGP URCPKUEJGP 6TWRRGP OKV 9CHHGPIGYCNV YKFGTUGV\V JCVVGP &GT *GT\QI XQP 6QNGFQ JCVVG XGTUWEJV CWEJ KP 0GCRGN GKP +PSWKUKVKQPUVTKDWPCN \W KPUVCNNKGTGP &CU 'FKMV DGUV·VKIVG FKG DGTGKVU XQO URCPKUEJGP -ÌPKI (GTFKPCPF FGO -CVJQNKUEJGP CWUIGURTQEJGPG <WUCIG FC FKG +PSWKUKVKQP PKEJV KP 0GCRGN FWTEJIGHÒJTV YGTFGP UQNNG &GT /ÒP\OGKUVGT )KQXCP $CVVKUVC 4CXCUEJKGTK FGUUGP +PKVKCNGP PGDGP FGO $TWUVDKNF \W NGUGP UKPF YCT XQP DKU /ÒP\OGKUVGT KP 0GCRGN 'U JCPFGNV UKEJ WO GKPG FGT DGNKGDVGUVGP UÒFKVCNKGPKUEJGP 2T·IWPIGP OKV FGO 2QTVT·V FGU -CKUGTU WPF URCPKUEJGP -ÌPKIU -CTNU 8 KP FGUUGP 4GKEJ FKG 5QPPG PKGOCNU WPVGTIKPI

5342

5341

5343

5344

5EWFQ F QTQ Q , I )GMTÌPVGT &QRRGNCFNGT OKV XKGNHGNFKIGO 9CRRGP CWH FGT $TWUV $NWOGP MTGW\ CP FGP 'PFGP LG GKPG -TQPG %0+ :+: 5 XCT (D ·JPNKEJ FQTV WPVGT 2JKNKRR ++ 44 #VVTCMVKXGU 'ZGORNCT UGJT UEJÌPpXQT\ÒINKEJ

-CTN +++ XQP $QWTDQP &WECVK I %0+ :: 5 (D 5GJT UEJÌP

(GTFKPCPF +8 XQP $QWTDQP &WECVK I %0+ :: 5 XCT (D <CKPGPFG UGJT UEJÌP

&WECVK I %0+ :: 5 (D

5345

'VYCU LWUVKGTV XQT\ÒINKEJ

5346

,QCEJKO /WTCV -ÌPKI XQP 0GCRGN .KTG 0GCRGN I (GKPIQNF (D 2CICPK 5EJN 5GJT UEJÌP

.KTG 0GCRGN I (GKPIQNF (D 2CICPK I 5EJN

-N 4CPFHGJNGT UGJT UEJÌP

5348

5349

5347

(GTFKPCPF + &WECVK 0GCRGN I (GKPIQNF (D 2CICPK D 5EJN 8QT\ÒINKEJ

(TCP\ + &WECVK 0GCRGN I (GKPIQNF (D 2CICPK 5EJN 5GJT UGNVGP DGUQPFGTU KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJ

(GTFKPCPF ++ &WECVK 0GCRGN I (GKPIQNF (D 2CICPK 5EJN 8QT\ÒINKEJ

5350

2#4/#

/CTKC .QWKUC )QNFOGFCKNNG \W &WMCVGP XQP ) # 5CPVCTGNNK CWH FKG PGWG $TÒEMG ÒDGT FGP 6CTQ $ÒUVG T OKV &KCFGO #PUKEJV FGT PGWGP $TÒEMG OO I $TCOUGP 5NI ,WNKWU FQTV KP 5KNDGT 44 2TCEJVGZGORNCT 8QT\ÒINKEJp5VGORGNINCP\

5351

5352

5353

2+#%'0<#

4CPWEEKQ (CTPGUG + &QRRKG I %0+ +: 5 NGKEJV XCT (D 5GJT UEJÌP

1FQCTFQ (CTPGUG &QRRKG I )GJCTPKUEJVGU $TWUVDKNF T OKV ITQGO -TCIGP WPF WOIGNGIVGO /CPVGN 9ÌNHKP N FCJKPVGT <YGKIG QDGP -TQPG %0+ +: 5 (D /KP $GCTDGKVWPIUURWTGP UGJT UEJÌPpXQT\ÒINKEJ

2+'/106'

7PVGT 0CRQNGQP + XQP (TCPMTGKEJ (TCPEU 7 6WTKP I (GKPIQNF (D

FQTV WPVGT (TCPMTGKEJ )CFQWT[ /C\CTF 2CICPK 4 5GJT UEJÌP

5355

5354

5356

5357

5#4&+0+'0

-CTN 'OCPWGN +++ &QRRKGVVC UCTFC 6WTKP I (D 5KOQPGVVK .GKEJV LWUVKGTV HCUV XQT\ÒINKEJ

8KEVQT 'OCPWGN + .KTG 6WTKP I (GKPIQNF (D 2CICPK 5EJN (CUV XQT\ÒINKEJ

.KTG 6WTKP I (GKPIQNF (D 2CICPK 5EJN

-N 4CPFHGJNGT UGJT UEJÌP

-CTN (GNKZ .KTG 6WTKP I (GKPIQNF (D 2CICPK 5EJN 0WT 'ZGORNCTG IGRT·IV 5GJT UEJÌP

5358

5359

.KTG )GPWC I (GKPIQNF (D 2CICPK 5EJN 5GNVGPGT ,CJTICPI -N 4CPFHGJNGT HCUV XQT\ÒINKEJ

-CTN #NDGTV .KTG )GPWC I (GKPIQNF (D 2CICPK 5EJN 0WT 'ZGORNCTG IGRT·IV 4CPFHGJNGT DGTKGDGP UGJT UEJÌP

5360

5361

5362

5363

5#81;'0

%CTNQ 'OCPWGNG + &WECVQ 6WTKP I (D 5KOQPGVVK

5GJT UEJÌP

5+<+.+'0

(GTFKPCPFQ KN %CVVQNKEQ 6TKQPHQ Q , /GUUKPC I &GT IGMTÌPVG -ÌPKI VJTQPV X X OKV .KNKGP\GRVGT WPF 4GKEJUCRHGN )GMTÌPVGT #FNGT FGP -QRH PCEJ N IGYCPFV (D FQTV CNU &WMCV DG\GKEJPGV 8CTGUK XCT 4 (CUV XQT\ÒINKEJ

-CTN XQP $QWTDQP 1PEKC F QTQ 2CNGTOQ I (D XIN 8CTGUK 8QT\ÒINKEJ

1PEKC F QTQ 2CNGTOQ I (D 8CTGUK

5GJT UEJÌP

5364

5365

1PEKC F QTQ 2CNGTOQ I (D 8CTGUK 1PEKC F QTQ 2CNGTOQ I (D 8CTGUK

5GJT UEJÌP 5GJT UEJÌP

5366

74$+01

)WKFQDCNFQ ++ FGNNC 4QXGTG 5EWFQ F QTQ Q , 7TDKPQ I )GMTÌPVGU 9CRRGP 5V 'NGPC X X OKV ITQGO -TGW\ KP FGP #TOGP %CXKEEJK XCT CPFGTG 8QTFGTUGKVGPNGIGPFG (D 4 8QT\ÒINKEJ

5368

5367

5370

5369

8'0'&+)

(TCPEGUEQ &CPFQNQ &WECVQ Q , I (D )CODGTKPK #PFTGC &CPFQNQ &WECVQ Q , I (D )CODGTKPK /KEJGNG 5VGPQ &WECVQ Q , I (D )CODGTKPK &WECVQ Q , I (D )CODGTKPK

5371

5372

5373

5GJT UEJÌPpXQT\ÒINKEJ 5GJT UEJÌP 8QT\ÒINKEJ 8QT\ÒINKEJ

5374

5375

(TCPEGUEQ (QUECTK &WECVQ Q , I (D )CODGTKPK 5GJT UEJÌP #IQUVKPQ $CTDCTKIQ &WECVQ Q , I (D )CODGTKPK 5GJT UEJÌPpXQT\ÒINKEJ

2CUSWCNG %KEQIPC <GEEJKPQ Q , I (D )CODGTKPK 4 <CKPGPFG UGJT UEJÌPpXQT\ÒINKEJ

/CTKPQ )TKOCPK <GEEJKPQ Q , I (D )CODGTKPK 4 (CUV XQT\ÒINKEJ <GEEJKPQ Q , I (D )CODGTKPK 4 5GJT UEJÌPpXQT\ÒINKEJ

5378

5377

5376

5379

.GQPCTFQ &QPCVQ <GEEJKPQ Q , I (D )CODGTKPK 4 (CUV XQT\ÒINKEJ #PVQPKQ 2TKWNK <GEEJKPQ Q , I (D )CODGTKPK 4 8QT\ÒINKEJ /CTE #PVQPKQ )KWUVKPKCP <GEEJKPQ Q , I (D )CODGTKPK 8QT\ÒINKEJ #NXKUG ++ /QEGPKIQ <GEEJKPQ Q , I (D )CODGTKPK (CUV XQT\ÒINKEJ

5380

5381

5382

5383

<GEEJKPQ Q , I (D )CODGTKPK

8QT\ÒINKEJ

(TCPEGUEQ .QTGFCP <GEEJKPQ Q , I (D )CODGTKPK 4 (CUV XQT\ÒINKEJ

.QFQXKEQ /CPKP <GEEJKPQ Q , I (D )CODGTKPK -N 4CPFHGJNGT XQT\ÒINKEJp5VGORGNINCP\

<GEEJKPQ Q , I (D )CODGTKPK

.16 .QV XQP <GEEJKPGP FGT &QIGP /CTE #PVQPKQ )KWUVKPKCP )KQXCPPK %QTPGT WPF .WFQXKEQ /CPKP (D )CODGTKPK 5VÒEM 5GJT UEJÌP

5385

5387

4 (CUV XQT\ÒINKEJ

5388

-¤0+)4'+%* +6#.+'0

0CRQNGQP .KTG QJPG /ÒP\\GKEJGP / /CKNCPF I (GKPIQNF (D 2CICPK D 5EJN 4 5GJT UEJÌP

.KTG QJPG /ÒP\\GKEJGP / /CKNCPF I (GKPIQNF (D 2CICPK D 5EJN 4 -N -TCV\GT UGJT UEJÌP

.KTG / /CKNCPF I (GKPIQNF (D 2CICPK C 5EJN .KTG / /CKNCPF I (GKPIQNF (D 2CICPK C 5EJN

-N 4CPFHGJNGT UGJT UEJÌP 5GJT UEJÌPpXQT\ÒINKEJ

5389

8KEVQT 'OCPWGN ++ .KTG 6WTKP I I (GKPIQNF 8+6614+1 '/#07'.' ++ -QRH N CO *CNUCDUEJPKVV FGT /ÒP\OGKUVGTPCOG ('44#4+5 WPVGP 4')01 & +6#.+# )GMTÌPVGU 9CRRGP \YKUEJGP .QTDGGT\YGKIGP WPVGP FKG 9GTVCPICDG . Û \W FGP 5GKVGP N FCU /ÒP\UV·VVGP\GKEJGP HÒT 6WTKP T FKG +PKVKCNGP $0 (D 2CICPK 5EJN 8QP ITQGT 5GNVGPJGKV 0WT 'ZGORNCTG IGRT·IV 9KP\ (CUUWPIUURWTGP UGJT UEJÌP

5390

5392

5391

5393

7ODGTVQ + .KTG 4 4QO I (GKPIQNF (D 2CICPK 5EJN +P FKGUGT 'TJCNVWPI ·WGTUV UGNVGP 8QP UEJÌPUVGT 'TJCNVWPI 2QNKGTVG 2NCVVG

.KTG 4 4QO I (GKPIQNF (D 2CICPK 5EJN 0WT 'ZGORNCTG IGRT·IV (CUV XQT\ÒINKEJ

8KEVQT 'OCPWGN +++ .KTG 4 4QO I (GKPIQNF 8+6614+1 '/#07'.' +++ -QRH T FCTWPVGT FGT 0COG FGU /GFCKNNGWTU 52'4#0<# 4')01 & +6#.+# )GMTÌPVGT #FNGT OKV $TWUVUEJKNF FCTWPVGT 9GTVCPICDG /ÒP\UV·VVGP\GKEJGP WPF ,CJTGU\CJN (D 2CICPK 5EJN 44 0WT 'ZGORNCTG IGRT·IV /KP DGTKGDGP MN -TCV\GT XQT\ÒINKEJ

.KTG 4 4QO I (GKPIQNF (D 2CICPK 5EJN 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

5395

5396

5394

.KTG 4 4QO ,CJTG -ÌPKITGKEJ +VCNKGP I (GKPIQNF (D 2CICPK 5EJN 8QT\ÒINKEJ

.KTG +: 4 4QO I (GKPIQNF (D 2CICPK 5EJN .KTG : 4 4QO I (GKPIQNF (D 2CICPK 5EJN

8QT\ÒINKEJp5VGORGNINCP\ 8QT\ÒINKEJp5VGORGNINCP\

5397

5398

.KTG : 4 4QO I (GKPIQNF (D 2CICPK 5EJN .KTG +: 4 4QO I (GKPIQNF (D 2CICPK 5EJN .KTG : 4 4QO I (GKPIQNF (D 2CICPK 5EJN .KTG : 4 4QO I (GKPIQNF (D 2CICPK 5EJN

5400

8QT\ÒINKEJp5VGORGNINCP\ 8QT\ÒINKEJ 8QT\ÒINKEJp5VGORGNINCP\ 8QT\ÒINKEJp5VGORGNINCP\

5401

1,5:1

5399

1,5:1

.KTG :+8 4 4QO I (GKPIQNF -QRH N 'ODNGO OKV FGO TÌOKUEJGP #FNGT FGO 9CRRGP FGU -ÌPKITGKEJU WPF .KMVQTGPDÒPFGN (D 2CICPK 5EJN 8QP ITQGT 5GNVGPJGKV 0WT 'ZGORNCTG IGRT·IV (CUV 5VGORGNINCP\

5402

5404

5403

,7)15.#9+'0

-¤0+)4'+%*

#NGZCPFGT + &KPCTC $GNITCF I (GKPIQNF (D 5EJN 8QT\ÒINKEJp5VGORGNINCP\

&WMCVGP $GNITCF /KV 4GKPJGKVU )CTCPVKGUVGORGN JTG CWH FGT 8QTFGTUGKVG I (GKPIQNF (D 5EJN 8QT\ÒINKEJ

&WMCV $GNITCF /KV 4GKPJGKVU )CTCPVKGUVGORGN JTG CWH FGT 8QTFGTUGKVG I (GKPIQNF (D 5EJN (CUV 5VGORGNINCP\

5405

(ª456'067/

5406

.+'%*6'056'+0

,QJCPP ++ -TQPGP 9KGP I (GKPIQNF (D */< 5EJN 44 0WT 'ZGORNCTG IGRT·IV *GPMGNURWT UGJT UEJÌP

(TCP\ ,QUGRJ ++ (TCPMGP $GTP (ÒTUVGPRCCT I (GKPIQNF (D */< 5EJN 8QT\ÒINKEJ

)1.&/ª0<'0.16 .+'%*6'056'+0

-NGKPG 5GTKG 0GWRT·IWPIGP FGU ,CJTJWPFGTVU OGKUV KP )QNF IGRT·IV PCEJ FGP 8QTDKNFGTP .KGEJVGPUVGKPGT /ÒP\GP FGU ,CJTJWPFGTVU /ÒP\UV·VVG /ÒPEJGP &WMCVGP )QNF -NKRRG #DUEJNCI XQP FGP 5VGORGNP FGU )WNFGPVCNGTU &WMCVGP &WMCV )QNFCDUEJNCI XQP FGP 5VGORGNP FGU 8GTGKPUVCNGTU +PUIGUCOV I (GKPIQNF 5EJN &C\W 5KNDGT -NKRRG UKNDGTPGT 8GTGKPUVCNGT DGKFG 0GWRT·IWPIGP +P 1TKIKPCNUEJCVWNNG 2QNKGTVG 2NCVVG

5409

5408

,1*#00+6'414&'0

5408

/#.6#

4COQP 2GTGNNQU [ 4QEECHWN <GEEJKPK I (D 4GUVGNNK 44 )GNQEJV UQPUV XQT\ÒINKEJ

'OOCPWGN 2KPVQ 5EWFK I (D 4GUVGNNK

(CUV XQT\ÒINKEJ

5410

5411

#PIGNQ FG /QLCPC FK %QNQIPC 5QXTCPQ 4QO I (GKPIQNF (D C FQTV HCN UEJG $GUEJTGKDWPI 5EJN 2QNKGTVG 2NCVVG

5EWFK 4QO I (GKPIQNF (D 5EJN

9KP\ 4CPFHGJNGT XQT\ÒINKEJ

5412

(ª456'067/

5413

/10#%1

#NDGTV + (TCPEU # 2CTKU I (GKPIQNF FG /G[ (D 5EJN 4CPFHGJNGT UGJT UEJÌP

(TCPEU # 2CTKU I (GKPIQNF FG /G[ (D 5EJN

5414

(4+'5.#0&

-N 4CPFHGJNGT UGJT UEJÌP

5415

0+'&'4.#0&'

2TQXKP\ %CXCNKGT F QT I &GNO 4 (D

4 5GJT UEJÌP

5GJT UEJÌP

)'.&'40

*GT\QIVWO -CTN XQP 'IOQPF )QNFIWNFGP Q , I &GNO (D

5416

5417

5419

5418

)QNFIWNFGP (NQTKP F QT Q , 4GKVGTIQNFIWNFGP I &GNO (D FQTV #DDKNFWPI \W ITQ (CUV UGJT UEJÌP

2TQXKP\ %CXCNKGT F QT I &GNO 4 (D &WMCV I &GNO (D

4 5GJT UEJÌP -N *GPMGNURWT UGJT UEJÌP

*1..#0&

9KNJGNO 8+ XQP $C[GTP %JCKUG F QT Q , I &GNO (D

5420

5421

5422

5EJÌPpUGJT UEJÌP

5423

2TQXKP\ &WMCVGP I &GNO (D /KP 5EJTÌVNKPIUHGJNGT CO 4CPF UGJT UEJÌP &WMCV I &GNO (D 8QT\ÒINKEJ )WNFGP I &GNO (D 8QT\ÒINKEJ &WMCV I &GNO (D 8QT\ÒINKEJ

5424

5425

&WMCVGP #DUEJNCI XQP FGP 5VGORGNP FGU 5EJGGRLGUEJKNNKPI 5VÒDGT I &GNO (D -N -TCV\GT NGKEJV IGYGNNV XQT\ÒINKEJ

&WMCVGP I &GNO (D

5GJT UEJÌPpXQT\ÒINKEJ

5427

5426

5428

18'4+,55'.

2TQXKP\ )WNFGP I &GNO (D

8QT\ÒINKEJ

2TQXKP\ &WMCV )QNFCDUEJNCI XQP FGP 5VGORGNP FGU 5VWKXGTU I &GNO (D 8QT\ÒINKEJ

&WMCV I &GNO (D

8QT\ÒINKEJ

8QT\ÒINKEJ (CUV XQT\ÒINKEJ

764'%*6

5430

5429

<''.#0&

2TQXKP\ )WNFGP I (GKPIQNF &GNO (D )WNFGP I &GNO 4 (D

5432

5431

5433

5434

$#6#8+5%*' 4'27$.+-

&WMCV 7VTGEJV I (GKPIQNF (D 5EJN 5EJWNOCP .GKEJV IGYGNNV UGJT UEJÌPpXQT\ÒINKEJ

-¤0+)4'+%* *1..#0&

.WFYKI 0CRQNGQP &WMCV 7VTGEJV I (GKPIQNF (D 5EJN 5EJWNOCP D (CUV XQT\ÒINKEJ

&WMCV 7VTGEJV I (GKPIQNF (D 5EJN 5EJWNOCP C .GKEJV IGYGNNV YKP\ 5EJTÌVNKPIUHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

&WMCV 7VTGEJV I (GKPIQNF (D 5EJN 5EJWNOCP C

8QT\ÒINKEJ

5436

5435 1,5:1

&WMCV 7VTGEJV I (GKPIQNF (D 5EJN 5EJWNOCP 2TCEJVGZGORNCT 8QT\ÒINKEJp5VGORGNINCP\

&WMCV 7VTGEJV I (GKPIQNF (D 5EJN 5EJWNOCP -N 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

5437 5438

5439

-¤0+)4'+%* &'4 0+'&'4.#0&'

9KNJGNO + )WNFGP $ $TÒUUGN I (GKPIQNF (D 5EJN 5EJWNOCP 5GJT UGNVGP KP FKGUGT 'TJCNVWPI (CUV 5VGORGNINCP\

)WNFGP 7VTGEJV I (GKPIQNF (D 5EJN 5EJWNOCP )WNFGP 7VTGEJV I (GKPIQNF (D 5EJN 5EJWNOCP

1,5:1

5440

5441

5442

1,5:1

)WNFGP 7VTGEJV 2TQDGRT·IWPI QJPG 9GTVCPICDG I (GKPIQNF (D 5EJN 5EJWN OCP 44 0WT EC 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

1,5:1

9KNJGNO ++ )WNFGP 7VTGEJV I (GKPIQNF (D 5EJN 5EJWNOCP 4 8QT\ÒINKEJ

1,5:1

8QT\ÒINKEJ 8QT\ÒINKEJ

1,5:1

9KNJGNOKPC )WNFGP 7VTGEJV I (GKPIQNF (D 5EJN 5EJWNOCP 5GJT UGNVGP KP FKGUGT 'TJCNVWPI +P RQNKGTVGT 2NCVVG PWT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

)1.&/ª0<'0.165 0+'&'4.#0&'

&KXGTUG )WNFGP FGU ,CJTJWPFGTVU +PUIGUCOV I (GKPIQNF

5VÒEM /GKUV XQT\ÒINKEJ

.QV XQP &WMCVGP 4KVVGTFWMCV 7VTGEJV 4KVVGTFWMCV &C\W 8GPGFKI <GEEJKPG 5VÒEM 5GJT UEJÌP

5445

-¤0+)4'+%* 64

0149')'0

1UMCT ++ -TQPGP -QPIUDGTI I (GKPIQNF #JNUVTÌO (D 5EJN (CUV XQT\ÒINKEJ

5446 5447

5447

21.'0

-¤0+)4'+%*

#WIWUV +++ 6CNGT #WIWUV F QT QJPG /ÒP\\GKEJGP &TGUFGP I (D

FQTV WPVGT 5CEJUGP )WO 44 5GJT UEJÌP

5VCPKUNCWU #WIWUV )QNFOGFCKNNG \W &WMCVGP 5R·VGTG 2T·IWPI FGU ,CJTJWP FGTVU XQP 6 2KPIQ CWH UGKPG -TÌPWPI \WO -ÌPKI -QRH T -ÌPKIUMTQPG KP 5VTCJNGPMTCP\ KO #D UEJPKVV FTGK <GKNGP 5EJTKHV OO I * %\ XIN WGTUV UGNVGP (CUV 5VGORGNINCP\

5449

5448

#NGZCPFGT + XQP 4WNCPF <NQV[ +$ 9CTUEJCW I (GKPIQNF (D )WO 5EJN (CUV XQT\ÒINKEJ

4GXQNWVKQP &WMCV /ÒP\\GKEJGP #FNGT 2T·IWPI FGT #WHUV·PFKUEJGP I (GKP IQNF (D )WO 5EJN 8QT\ÒINKEJp5VGORGNINCP\

5450

5451

4GRWDNKM <NQV[ ,CJTG -ÌPKITGKEJ I (GKPIQNF (D 5EJN 8QT\ÒINKEJ

<NQV[ ,CJTG -ÌPKITGKEJ I (GKPIQNF (D 5EJN

<NQV[ <NQV[ ,CJTG -ÌPKITGKEJ +PUIGUCOV I (GKPIQNF (D 5EJN 5VÒEM 8QT\ÒINKEJ

5453

5454

5455

8QT\ÒINKEJ

5456

8QNMUTGRWDNKM <NQV[ /CTKC %WTKG I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW /KGU\MQ I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW -CUKOKT + I (GKPIQNF (D 5EJN 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW 9NCFKUNCY + *GTOCP I (GKPIQNF (D 5EJN 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

5457

5458

5459

5460

5461

<NQV[ 9CTUEJCW $QNGUNCY ++ I (GKPIQNF (D 5EJN 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

4GRWDNKM <NQV[ 9CTUEJCW 5VGRJCP $CVJQT[ I (GKPIQNF (D 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW 5KIKUOWPF +++ I (GKPIQNF (D 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW 9NCFKUNCY +8 I (GKPIQNF (D 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW $QNGUNCY %JQXT[ WPF 1VVQ +++ I (GKPIQNF (D 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

5462

5463

5464

5465

5466

<NQV[ 9CTUEJCW -ÌPKIKP ,CFYKIC I (GKPIQNF (D 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW ,QJCPP -CUKOKT I (GKPIQNF (D 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW 9NCFKUNCY + I (GKPIQNF (D 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW $QNGUNCY +++ I (GKPIQNF (D 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW -CUKOKT +++ I (GKPIQNF ;GQ 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

5467

5468

5469

<NQV[ 9CTUEJCW 9NCFKUNCY ++ ,CIKGNNQ I (GKPIQNF ;GQ 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW 9NCFKUNCY +++ I (GKPIQNF ;GQ 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW -CUKOKT +8 I (GKPIQNF ;GQ 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

5470

5471

5472

5473

<NQV[ 9CTUEJCW 2TGOU[N ++ I (GKPIQNF 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW 5KIKUOWPF + I (GKPIQNF 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW #WIWUV ++ I (GKPIQNF 4 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

<NQV[ 9CTUEJCW 5VCPKUNCY #WIWUV I (GKPIQNF

5474

4 2QNKGTVG 2NCVVG

5475

&#0<+)

5VCFV &WMCV OKV 6KVGN 5KIKUOWPFU +++ I <YGK .ÌYGP JCNVGP FCU 5VCFVYCRRGP )GMTÌPVGU WPF IGJCTPKUEJVGU $TWUVDKNF 5KIKUOWPFU +++ T /KV /ÒP\\GKEJGP $·TGPVCV\G CWH FGT 9CR RGPUGKVG WPF OKV &TGKDNCVV \YKUEJGP <YGKIGP ÒDGT FGO 5VCFVYCRRGP &WVMQYUMK 5WEJCPGM + D (D /KP IGYGNNV XQT\ÒINKEJ

&WMCV OKV 6KVGN 9NCFKUNCYU +8 I <YGK .ÌYGP JCNVGP FCU 5VCFVYCRRGP )GMTÌP VGU WPF IGJCTPKUEJVGU $TWUVDKNF 9NCFKUNCYU +8 T &WVMQYUMK 5WEJCPGM (D 4 8QT\ÒINKEJ

5476

-¤0+)4'+%*

21467)#.

/CPWGN + 2QTVWIW¿U %TW\CFQU Q , .KUUCDQP I v + Ù '/#08'. Û 4 Ù 21468)#.+' Ù #. Ú %Û8. Ú +0 Ù # Ú & Ù ) %Û0 Ú %Û '6*+12+' Ù #4#$+' Ù 2'45+' Ù + Ù )G MTÌPVGU OGJTHGNFKIGU 9CRRGP \W FGP 5GKVGP LG GKP 4KPIGN Ù +0 Ù Ù Ù *1% Ù Ù 5+)01 Ü Ù 8+0%'5 Ù -TGW\ CO QDGTGP -TGW\CTO \YGK 2WPMVG (D )QOGU ' XCT 8QP ITQGT 5GNVGPJGKV 5GJT UEJÌP -ÌPKI /CPWGN + HÒJTVG FKGUGP KPVGTGUUCPVGP /ÒP\V[R GKP FGT \WGTUV CD CNU 2QTVWIW¿U \W %TW\CFQU KO 9GTV XQP 4GKU WPF UGKV KO 9GTV XQP 4GKU IGRT·IV YWTFG -ÌPKI /CPWGN YCT )TQOGKUVGT FGU %JTK UVWUQTFGPU WPF UGV\VG FGUJCND FCU %JTKUVWUMTGW\ CWH FKG 4ÒEMUGKVG +P 2QTVWICN YWTFGP FKG 2QTVWIWG\ DKU IG RT·IV 5KG URKGIGNVGP FGP 4GKEJVWO 2QTVWICNU FWTEJ FGP *CPFGN OKV +PFKGP YKGFGT &KGUGT /ÒP\V[R YWTFG W C CWEJ KP &·PGOCTM GKPIGHÒJTV WPF YCT XQT CNNGO KP &GWVUEJNCPF UGJT GTHQNITGKEJ +P *CODWTI YWTFGP CD 2QTVWICNÌ UGT IGRT·IV WPF KP $TCPFGPDWTI WPF 0QEJ KO ,CJTJWPFGTV GTKPPGTVGP KP *CODWTI UQIGPCPPVG $CPM RQTVWICNGUGT FCU YCTGP )QNFOGFCKNNGP \W &WMCVGP CP FKG YGNVDGTÒJOVG /ÒP\G 2QTVWICNU CWU FGO ,CJTJWP FGTV

5477

5479

5478

5480

5GDCUVKCP 4GCKU Q , .KUUCDQP I (D )QOGU 5G D 4GCKU Q , .KUUCDQP I (D )QOGU 5G

.WFYKI + 4GKU .KUUCDQP I (GKPIQNF (D )QOGU . 5EJN 9KP\ (CUUWPIUURWTGP UGJT UEJÌPpXQT\ÒINKEJ

4GKU .KUUCDQP I (GKPIQNF (D )QOGU . 5EJN 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

5481

5GJT UEJÌP 5GJT UEJÌP

5483

5482

-¤0+)4'+%*

47/ 0+'0

-CTN + .GK $ $WMCTGUV I (GKPIQNF (D 4CWVC 5EJN -N 4CPFHGJNGT XQT\ÒINKEJ

.GK $TÒUUGN CWH FCU L·JTKIG 4GIKGTWPIULWDKN·WO I (GKPIQNF (D 4CWVC 5EJN 8QT\ÒINKEJp5VGORGNINCP\

.GK $TÒUUGN CWH FCU L·JTKIG 4GIKGTWPIULWDKN·WO I (GKPIQNF (D 4CWVC 5EJN (CUV XQT\ÒINKEJ

5484

5485

(GTFKPCPF + .GK 2CTKU CWH UGKPG -TÌPWPI \WO GTUVGP -ÌPKI FGT 4WO·PGP I (GKPIQNF (D 4CWVC 5EJN 8QT\ÒINKEJ

.GK 2CTKU CWH UGKPG -TÌPWPI \WO GTUVGP -ÌPKI FGT 4WO·PGP I (GKPIQNF (D 4CWVC 5EJN 8QT\ÒINKEJp5VGORGNINCP\

5486 1,5:1

1,5:1

4755.#0&

-#+5'44'+%*

/KEJCKN (GFQTQYKVUEJ 6UEJGTYQPG\ Q , I $GKFGTUGKVU IGMTÌPVGT &QRRGNCFNGT OKV FGO 5V )GQTIU 5EJKNF CWH FGT $TWUV (D FQTV CNU &WMCV DG\GKEJPGV -CKO 8QP ITQGT 5GNVGPJGKV .GKEJVG -PKEMURWTGP HCUV XQT\ÒINKEJ

5487

1,5:1

-CVJCTKPC + 4WDGN /QUMCW I $TWUVDKNF N 5V #PFTGCU FCU -TGW\ JKPVGT UKEJ JCNVGPF $KVMKP (D 44 -N &TWEMUVGNNG UGJT UEJÌP

5489

5488

5490

5491

'NKUCDGVJ 4WDGN /QUMCW I $KVMKP (D #VVTCMVKXGU 'ZGORNCT HCUV XQT\ÒINKEJ

4WDGN /QUMCW I $KVMKP (D 4WDGN /QUMCW I $KVMKP (D 4WDGN 2QNVKPC /QUMCW I $KVMKP (D

5492

5GJT UEJÌP 5GJT UEJÌP 8QT\ÒINKEJ

5493

-CVJCTKPC ++ 4WDGN 5V 2GVGTUDWTI I $TWUVDKNF T 8KGT IGMTÌPVG 5EJKNFG KPU -TGW\ IGUVGNNV KP FGT /KVVG #FNGTUEJKNF KP FGP 9KPMGNP FKG ,CJTGU\CJN $KVMKP (D C 5GJT UEJÌPpXQT\ÒINKEJ

4WDGN 5V 2GVGTUDWTI I $TWUVDKNF T 8KGT IGMTÌPVG 5EJKNFG KPU -TGW\ IGUVGNNV KP FGT /KVVG #FNGTUEJKNF KP FGP 9KPMGNP FKG ,CJTGU\CJN $KVMKP (D C 5GJT UEJÌPpXQT\ÒINKEJ 69

5495

5494

5496

4WDGN 5V 2GVGTUDWTI I )GMTÌPVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN 8KGT IGMTÌPVG 5EJKNFG KPU -TGW\ IGUVGNNV KP FGT /KVVG #FNGTUEJKNF KP FGP 9KPMGNP FKG ,CJTGU\CJN $KVMKP (D C 5GJT UEJÌPpXQT\ÒINKEJ

4WDGN 2QNVKPC 5V 2GVGTUDWTI I $KVMKP (D

4WDGN 5V 2GVGTUDWTI I )GMTÌPVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN 8KGT IGMTÌPVG 5EJKNFG KPU -TGW\ IGUVGNNV KP FGT /KVVG #FNGTUEJKNF KP FGP 9KPMGNP FKG ,CJTGU\CJN $KVMKP (D D (CUV XQT\ÒINKEJ

5497

5GJT UEJÌP

5499

5498

4WDGN 5V 2GVGTUDWTI +P 75 2NCUVKMJQNFGT FGT 0)% OKV FGT $GYGTVWPI #7 $KVMKP (D #VVTCMVKXGU 'ZGORNCT XQT\ÒINKEJ

4WDGN 5V 2GVGTUDWTI I $KVMKP (D

-N -TCV\GT UGJT UEJÌP

4WDGN 5V 2GVGTUDWTI I $KVMKP (D 8QTFGTUGKVG NGKEJV ÒDGTCTDGKVGV UGJT UEJÌP XQT\ÒINKEJ

5500 Pt

0KMQNCWU + 4WDGN 2NCVKP 5V 2GVGTUDWTI I )GMTÌPVGT &QRRGNCFNGT OKV 9CRRGP WPF 1TFGPUMGVVG CWH FGT $TWUV KP FGP (·PIGP <GRVGT WPF 4GKEJUCRHGN CWH FGP CWUIGDTGKVGVGP (NÒIGNP LG FTGK 9CRRGPUEJKNFG 5EJTKHV OKV 9GTV WPF ,CJTGUCPICDG $KVMKP (D 5EJN 2.#6+0 44 0WT 'ZGORNCTG IGRT·IV -N 4CPFHGJNGT XQT\ÒINKEJ

5501

5502

5503

5504

5505

4WDGN 5V 2GVGTUDWTI I (GKPIQNF $KVMKP (D 5EJN 9KP\ 4CPFHGJNGT UGJT UEJÌP

#NGZCPFGT ++ 4WDGN 5V 2GVGTUDWTI I (GKPIQNF $KVMKP (D 5EJN 9KP\ 4CPFHGJNGT UGJT UEJÌP

4WDGN 5V 2GVGTUDWTI I (GKPIQNF $KVMKP (D 5EJN 8QT\ÒINKEJ 4WDGN 5V 2GVGTUDWTI I (GKPIQNF $KVMKP (D 5EJN -N 4CPFHGJNGT XQT\ÒINKEJ 4WDGN 5V 2GVGTUDWTI I (GKPIQNF $KVMKP (D 5EJN (CUUWPIUURWTGP UGJT UEJÌP

5506

5507

5508

#NGZCPFGT +++ 4WDGN 5V 2GVGTUDWTI I (GKPIQNF $KVMKP (D 5EJN 8QT\Ã&#x2019;INKEJp5VGORGNINCP\

4WDGN 5V 2GVGTUDWTI I (GKPIQNF $KVMKP (D 5EJN

0KMQNCWU ++ 4WDGN 5V 2GVGTUDWTI I (GKPIQNF $KVMKP (D 5EJN 8QT\Ã&#x2019;INKEJ

5510

5509

8QT\Ã&#x2019;INKEJ

5QYLGVWPKQP )QNFOGFCKNNG Q , XQP * % CWH FGP )GDWTVUVCI FGU TWUUKUEJGP -QORQPKUVGP 2GVGT +NLKVUEJ 6UEJCKMQYUMK $Ã&#x2019;UVG 6UEJCKMQYUMKU JCNDT 0QVGPDNCVV FCTWPVGT /WUKMKP UVTWOGPVG WPVGP .[TC WOJGT 'KEJGPMTCP\ OO I 0KIIN XIN 2QNKGTVG 2NCVVG

)QNFOGFCKNNG CWH # # .GQPQY FGT GTUVG /GPUEJ HTGKUEJYGDGPF KO 9GNVTCWO -QRH T 5EJYGDGPFGT #UVTQPCWV FCJKPVGT 4CWOHÂ·JTG WPVGP HÃ&#x2019;PH <GKNGP 5EJTKHV OO I $WVVQP -CKUGT 2QNKGTVG 2NCVVG

.GQPQY OKV 9QUEJQF XGTNKGÂ CNU GTUVGT /GPUEJ CO GKP 4CWOUEJKHH YÂ·JTGPF FGU (NWIGU WPF JKGNV UKEJ EC /KPWVGP KO HTGKGP 9GNVTCWO CWH

5511

5512

5513

5514

4WDGN .GPKPITCF ,CJTG TWUUKUEJGT 'KPJGKVUUVCCV +XCP +++ I HGKP (D 5EJN 2#..#&+7/ 2QNKGTVG 2NCVVG

4WDGN .GPKPITCF ,CJTG TWUUKUEJGT 'KPJGKVUUVCCV 2GVGT FGT )TQÂG I HGKP (D C 5EJN 2#..#&+7/ 2QNKGTVG 2NCVVG

4GRWDNKM UGKV 4WDGN 5V 2GVGTUDWTI <GKVCNVGT FGT #WHMNÂ·TWPI <CTKP -CVJCTKPC ++ PCEJ GKPGO )GOÂ·NFG XQP & .GXKVUM[ I HGKP (D 5EJN 2#..#&+7/ 0WT 'ZGORNCTG IGRTÂ·IV 2QNKGTVG 2NCVVG

5516

5515 5516

4WDGN /QUMCW 4WUUKUEJGU $CNNGVV I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRTÂ·IV 2QNKGTVG 2NCVVG

4WDGN 5V 2GVGTUDWTI 4WUUKUEJG -WNVWT XQP 9GNVTCPI 2QTVTÂ·V XQP /QFGUV 2 /WUUQTIUMKL I HGKP (D 5EJN 2#..#&+7/ 0WT 'ZGORNCTG IGRTÂ·IV 2QNKGTVG 2NCVVG

5517

5519

5518

4WDGN 5V 2GVGTUDWTI 9GNVWOUGINWPI XQP , ( .KULCPUMKL WPF , ( -TWUGPUVGTP 5EJCNWRRG 0CFG\FC I HGKP (D 5EJN 2#..#&+7/ 0WT 'ZGORNCTG IGRTÂ·IV 2QNKGTVG 2NCVVG

4WDGN 5V 2GVGTUDWTI 9GNVWOUGINWPI XQP , ( .KULCPUMKL WPF , ( -TWUGPUVGTP 5EJCNWRRG 0GXC I HGKP (D 5EJN 2#..#&+7/ 0WT 'ZGORNCTG IGRTÂ·IV 2QNKGTVG 2NCVVG

4WDGN /QUMCW 4WUUKUEJGU $CNNGVV I (GKPIQNF (D

2QNKGTVG 2NCVVG

5522 5520

5521

5#0 /#4+01

4GRWDNKM .KTG 4 4QO I (GKPIQNF (D 2CICPK 5EJN -N -TCV\GT HCUV 5VGORGNINCP\

.KTG 4 4QO I (GKPIQNF (D 2CICPK 5EJN 5EWFQ 4QO &GOQMTCVKG I (GKPIQNF (D 5EJN

(CUV 5VGORGNINCP\ 5VGORGNINCP\

5523

5525

5524

5%*9'&'0

-¤0+)4'+%*

-CTN :8 %CTQNKP (TCPEU 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D 5EJN 5GNVGP KP FKGUGT 'TJCNVWPI (CUV 5VGORGNINCP\

1UMCT ++ -TQPGP 5VQEMJQNO I (GKPIQNF +P 75 2NCUVKMJQNFGT FGT 2%)5 OKV FGT $GYGTVWPI #7 #JNUVTÌO (D 5EJN 5GJT UEJÌPpXQT\ÒINKEJ

-TQPGP 5VQEMJQNO I (GKPIQNF +P 75 2NCUVKMJQNFGT FGT 2%)5 OKV FGT $GYGTVWPI #7 #JNUVTÌO (D 5EJN 8QT\ÒINKEJ

5528

5526

5530

5529

5531

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D 5EJN -TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D 5EJN

8QT\ÒINKEJ 5GJT UEJÌP

-TQPGP 5VQEMJQNO /KV /ÒP\OGKUVGT\GKEJGP 56 PGDGP FGO 9CRRGP I (GKPIQNF #JNUVTÌO (D 5EJN 44 8QT\ÒINKEJp5VGORGNINCP\

-TQPGP 5VQEMJQNO /KV /ÒP\OGKUVGT\GKEJGP '$ PGDGP FGO 9CRRGP I (GKPIQNF #JNUVTÌO (D 5EJN 8QT\ÒINKEJp5VGORGNINCP\

-TQPGP 5VQEMJQNO I (GKPIQNF +P 75 2NCUVKMJQNFGT FGT 2%)5 OKV FGT $GYGTVWPI #7 #JNUVTÌO (D C 5EJN 8QT\ÒINKEJ

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D 5EJN 8QT\ÒINKEJp5VGORGNINCP\

5534 5532

5535

-TQPGP 5VQEMJQNO I (GKPIQNF +P 75 2NCUVKMJQNFGT FGT 2%)5 OKV FGT $GYGTVWPI #7 #JNUVTÌO (D C 5EJN 8QT\ÒINKEJ

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D C 5EJN

-TQPGP 5VQEMJQNO I (GKPIQNF +P 75 2NCUVKMJQNFGT FGT 2%)5 OKV FGT $GYGTVWPI #7 #JNUVTÌO (D C 5EJN 5GNVGPGT ,CJTICPI 8QT\ÒINKEJ

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO C (D C 5EJN

8QT\ÒINKEJ

5539

5536

5538

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D C 5EJN 5GNVGPGT ,CJTICPI 8QT\ÒINKEJ

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D C 5EJN

-TQPGP 5VQEMJQNO I (GKPIQNF +P 75 2NCUVKMJQNFGT FGT 2%)5 OKV FGT $GYGTVWPI #7 #JNUVTÌO (D C 5EJN 5GNVGPGT ,CJTICPI -N -TCV\GT XQT\ÒINKEJ

5540

5544

5547

8QT\ÒINKEJ

5545

5546

-TQPGP 5VQEMJQNO I (GKPIQNF +P 75 2NCUVKMJQNFGT FGT 2%)5 OKV FGT $GYGTVWPI #7 #JNUVTÌO (D C 5EJN 5GNVGPGT ,CJTICPI 5GJT UEJÌPpXQT\ÒINKEJ

-TQPGP 5VQEMJQNO #JNUVTÌO (D Z 5EJN &C\W )WUVCX 8 -TQPGP 5VQEMJQNO (D +PUIGUCOV I (GKPIQNF 5VÒEM 8QT\ÒINKEJ

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D 5EJN 5GNVGPGT ,CJTICPI (CUV XQT\ÒINKEJ

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D 5EJN 5GNVGPGT ,CJTICPI -N 4CPFHGJNGT XQT\ÒINKEJ

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D C 5EJN

8QT\ÒINKEJ

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D C 5EJN 5GJT UGNVGPGT ,CJTICPI 8QT\ÒINKEJ

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D C 5EJN -TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D 5EJN

5548

5549

8QT\ÒINKEJ 8QT\ÒINKEJ

5550

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D C 5EJN 5GNVGPGT ,CJTICPI 8QT\ÒINKEJ

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D C 5EJN 8QT\ÒINKEJp5VGORGNINCP\

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D C 5EJN 9KP\ 4CPFHGJNGT XQT\ÒINKEJ

5553

5552

5554

5555

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D C 5EJN

8QT\ÒINKEJ

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D D 5EJN 8QT\ÒINKEJp5VGORGNINCP\

.QV -TQPGP 8CTKCPVGP 8CTKCPVGP 8CTKCPVGP #NNG /ÒP\UV·VVG 5VQEMJQNO +PUIGUCOV I (GKPIQNF (D Z C Z D 5VÒEM 8QT\ÒINKEJ WPF DGUUGT

5557

5558

)WUVCX 8 -TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D 5EJN 8QT\ÒINKEJ

-TQPGP 5VQEMJQNO I (GKPIQNF #JNUVTÌO (D 5EJN

8QT\ÒINKEJ

2TCEJVGZGORNCT (CUV 5VGORGNINCP\ (CUV XQT\ÒINKEJ

5559

5%*9'+<

$'40

5560

5VCFV &WRNQPG I & 6 C (D &WRNQPGP I & 6 (D

5562

5561

5562

)'0(

5VCFV 'EW 2KUVQNGV I )GMTÌPVGT &QRRGNCFNGT OKV \YGKHGNFKIGO 9CRRGP CWH FGT $TWUV 5QPPG KO <GPVTWO +*5 (D */< 4 5GJT UEJÌPpXQT\ÒINKEJ

5VCFV &WMCV I & 6 C (D C FQTV HCNUEJ DGUEJTKGDGP

<ª4+%* 8QT\ÒINKEJ

5564

5563

5564

'+&)'0155'05%*#(6

(TCPMGP $ $GTP I (GKPIQNF -QRH FGT .KDGTVCU N 9CRRGP XQP .QTDGGT WPF 'KEJGP NCWDMTCP\ WOIGDGP &KXQ (D 5EJN 5GJT UGNVGPGT ,CJTICPI 0WT 'ZGORNCTG IGRT·IV -N 4CPFHGJNGT UGJT UEJÌP

(TCPMGP 5EJÒV\GPHGUV KP .W\GTP I (GKPIQNF &KXQ 5 (D 5EJN (CUV 5VGORGNINCP\

)1.&/ª0<'0.16 5%*9'+<

&KXGTUG )QNFOÒP\GP FGU ,CJTJWPFGTVU (TCPMGP Z (TCPMGP Z +PUIGUCOV I (GKPIQNF 5VÒEM /GKUV XQT\ÒINKEJ

5567

5566

5568

5'4$+'0

/KNCP +8 1DTGPQYKVUEJ &KPCTC # 2CTKU I (GKPIQNF (D 5EJN 9KP\ 4CPFHGJNGT XQT\ÒINKEJ

&KPCTC 8 9KGP I (GKPIQNF (D 5EJN &KPCTC 8 9KGP I (GKPIQNF (D 5EJN

5570

-¤0+)4'+%*

5569

8QT\ÒINKEJ 8QT\ÒINKEJ

5571

52#0+'0

,WCP ++ -ÌPKI XQP -CUVKNKGP WPF .GQP &QDNC FG NC $CPFC Q , 5GXKNNC I % % (D 8QT\ÒINKEJ

'PTKSWG +8 %CUVGNNCPQ Q , $ $WTIQU I &TGKVÒTOKIGU 5EJNQ KP #EJVRC WPVGT FGO 5EJNQ /ÒP\UV·VVGP\GKEJGP $ .ÌYG N KP #EJVRC % % (D 4 5GJT UEJÌPpXQT\ÒINKEJ

&KG 4GIKGTWPIU\GKV *GKPTKEJU +8 YCT FWTEJ UV·PFKIG #WUGKPCPFGTUGV\WPIGP \YKUEJGP FGT UEJYCEJGP -TQPG WPF FGP QRRQUKVKQPGNNGP #FGNUITWRRGP IGRT·IV &GT -ÌPKI MQPPVG UKEJ FCDGK MCWO FWTEJUGV\GP YGUJCND GT FGP $GKPCOGP FGT 1JPO·EJVKIG GTJKGNV #NU UGKPG \YGKVG )GOCJNKP ,QJCPPC XQP 2QTVWICN GKPG 6QEJVGT IGDCT YWTFG FGTGP .GIKVKOKV·V CPIG\YGKHGNV WPF KJT FGT 0COG FGU .KGDJCDGTU FGT -ÌPKIKP DGKIGIGDGP 5EJNKGNKEJ OWVG *GKPTKEJ +8 FGT 1JPO·EJVKIG UGKPG 5EJYGUVGT +UCDGNNC TGI CNU 6JTQPGTDKP CPGTMGPPGP

%CUVGNNCPQ Q , /ÒP\\GKEJGP ,CEQDUOWUEJGN %QTWÇC I &TGKVÒTOKIGU 5EJNQ KP #EJVRC WPVGT FGO 5EJNQ /ÒP\UV·VVGP\GKEJGP ,CEQDUOWUEJGN .ÌYG N KP #EJVRC % % (D 44 -N 5EJTÌVNKPIUHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

5574 5573

5572

%CUVGNNCPQ Q , 5 5GXKNNC I &TGKVÒTOKIGU 5EJNQ KP #EJVRC WPVGT FGO 5EJNQ /ÒP\UV·VVGP \GKEJGP 5 .ÌYG N KP #EJVRC % % (D 4 -N 5EJTÌVNKPIUHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

%CUVGNNCPQ Q , 5 5GXKNNC I &TGKVÒTOKIGU 5EJNQ KP #EJVRC WPVGT FGO 5EJNQ /ÒP\UV·VVGP \GKEJGP 5 .ÌYG N KP #EJVRC % % (D 4 5GJT UEJÌP

%CUVGNNCPQ Q , /ÒP\\GKEJGP #SW·FWMV 5GIQXKC I &TGKVÒTOKIGU 5EJNQ KP #EJVRC WPVGT FGO 5EJNQ /ÒP\UV·VVGP\GKEJGP #SW·FWMV .ÌYG N KP #EJVRC % % (D 4 5EJTÌVNKPIUTKUUG HCUV UGJT UEJÌP

5576

5575

5577

(GTPCPFQ WPF +UCDGN &QRRGNVG 'ZEGNGPVG Q , 5GXKNNC I &KG IGMTÌPVGP $TWUVDKNFGT GKPCPFGT IGIGPÒDGT WPVGP 5 ÒDGT 5VGTP #FNGT FGP -QRH PCEJ N IGYCPFV FCXQT FCU IGMTÌPVG 9CRRGP % % 6 (D 5GJT UEJÌPpXQT\ÒINKEJ

&QRRGNVG 'ZEGNGPVG Q , 5GXKNNC I &KG IGMTÌPVGP $TWUVDKNFGT GKPCPFGT IGIGPÒDGT QDGP Û : Û WPVGP 5 #FNGT FGP -QRH PCEJ N IGYCPFV FCXQT FCU IGMTÌPVG 9CRRGP % % 6 C (D 5GJT UEJÌP

&QRRGNVG 'ZEGNGPVG Q , 6QNGFQ I % % 6 (D

5578

5GJT UEJÌP

5579

(GNKRG 8 'UEWFQU 2 5GXKNNC I )GMTÌPVGU OGJTHGNFKIGU 9CRRGP WOJGT 1TFGPUMGVVG -TGW\ KO 8KGTRC KP FGP 9KPMGNP FGU 8KGTRCUUGU 2 5 KP FGP 9KPMGN FGU -TGW\GU LG GKPG 8GT\KGTWPI % % 6 (D 4 5GJT UEJÌP

'UEWFQU 5 5 5GXKNNC I )GJCTPKUEJVGU $TWUVDKNF T )GMTÌPVGU 9CRRGP OKV /KVVGNUEJKNF WOJGT FKG -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU % % 6 (D 44 *GPMGNURWT UGJT UEJÌP 77

5580

%CTNQU +++ 'UEWFQU / 2, /CFTKF I )GJCTPKUEJVGU $TWUVDKNF T )GMTÌP VGU OGJTHGNFKIGU 9CRRGP WOJGT FKG -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU % % 6 (D 4 -N 4CPFHGJNGT UGJT UEJÌP

5581

'UEWFQU / ,& /CFTKF I %#41. Û +++ Û & Û ) Û *+52 Û '6 +0& Û 4 Û )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN WPVGP Û Û +0 Û 76413 Û ('.+: Û Û #752+%' Û &'1 Û )GMTÌPVGU OGJTHGNFKIGU 9CRRGP \W FGP 5GKVGP 5 WOJGT FKG -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU WPVGP FCU /ÒP\\GKEJGP / IGMTÌPV Û Û , Û & % % 6 (D 5GJT UGNVGPGT ,CJTICPI 5GJT UEJÌP

5582

5583

'UEWFQU / &8 /CFTKF I % % 6 (D 5GJT UEJÌPpXQT\ÒINKEJ %CTNQU +8 'UEWFQU / /( /CFTKF I % % 6 (D 5GJT UEJÌP XQT\ÒINKEJ

5584

5584 1,5:1

,QUGRJ 0CRQNGQP $QPCRCTVG 4GCNGU / #+ /CFTKF I (GKPIQNF Û +15'2* Û 0#2 Û & Û ) Û Û *+52 Û '6 Û +0& Û 4 Û -QRH N OKV -QRHDCPF FCTWPVGT FKG ,CJTGU\CJN Û #752+%' Û &'1 Û Û +0 Û 76413 Û ('.+: Û )GMTÌPVGU UGEJUHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF \W FGP 5GKVGP 45 WOJGT FKG -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU WPVGP /ÒP\UV·VVGP\GKEJGP IGMTÌPVGU / WPF 'PUC[CFQT +PKVKCNGP #+ #PVQPKQ 4CHCGN 0CTXCG\ WPF +UKFQTQ 4COQU FGN /CP\CPQ % % 6 (D 5EJN 44 8QT\ÒINKEJ

5585

5586

5587

5588

(GTPCPFQ 8++ 4GCNGU / 54 /CFTKF I (GKPIQNF % % 6 (D 5EJN (CUV UGJT UEJÌP

+UCDGNNC ++ 4GCNGU $ 25 $CTEGNQPC I (GKPIQNF % % 6 (D 5EJN (CUV XQT\ÒINKEJ

4GCNGU /CFTKF I (GKPIQNF % % 6 (D 5EJN 4GCNGU 5GXKNNC I (GKPIQNF % % 6 (D 5EJN

8QT\ÒINKEJ 8QT\ÒINKEJ

5590

5589

#NHQPUQ :++ 2GUGVCU &' / /CFTKF I (GKPIQNF % % 6 (D 5EJN 8QT\ÒINKEJp5VGORGNINCP\

#NHQPUQ :+++ 2GUGVCU /2 / /CFTKF $CD[MQRH I (GKPIQNF % % 6 (D 5EJN 8QT\ÒINKEJ

5592

5591

2GUGVCU 5) 8 /CFTKF 1HHK\KGNNG 0GWRT·IWPI I (GKPIQNF % % 6 (D 4 5EJN 44 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

2GUGVCU 5/ 8 /CFTKF I (GKPIQNF % % 6 (D 5EJN

5593

65%*'%*15.19#-'+

8QT\ÒINKEJ

5594

65%*'%*+'0

4GRWDNKM &WMCVGP -TGOPKV\ ,CJTGUVCI FGT 4GRWDNKM I (GKPIQNF (D 5EJN 8QT\ÒINKEJp5VGORGNINCP\

&WMCVGP -TGOPKV\ ,CJTGUVCI FGT 4GRWDNKM I (GKPIQNF (D 5EJN

8QT\ÒINKEJ

5595

5597

5596

5598

&WMCVGP -TGOPKV\ 5V 9GP\GN I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

&WMCVGP -TGOPKV\ 5V 9GP\GN I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 2TCEJVGZGORNCT 5VGORGNINCP\

&WMCVGP -TGOPKV\ 5V 9GP\GN I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

5599

5602

5600

5603

5601

&WMCVGP -TGOPKV\ ,CJTGUVCI FGT %JTKUVKCPKUKGTWPI $ÌJOGPU I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV (CUV 5VGORGNINCP\

&WMCVGP -TGOPKV\ ,CJTGUVCI FGT %JTKUVKCPKUKGTWPI $ÌJOGPU I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

&WMCVGP -TGOPKV\ ,CJTGUVCI FGT 'TOQTFWPI XQP 5V 9GP\GN I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

&WMCVGP -TGOPKV\ 5V 9GP\GN I (GKPIQNF (D 5EJN &WMCVGP -TGOPKV\ 5V 9GP\GN I (GKPIQNF (D 5EJN

8QT\ÒINKEJp5VGORGNINCP\ 8QT\ÒINKEJp5VGORGNINCP\

5604

5605

&WMCVGP -TGOPKV\ 5V 9GP\GN I (GKPIQNF +P 75 2NCUVKMJQNFGT FGT 0)% OKV FGT $GYGTVWPI /5 (D 5EJN 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJp5VGORGNINCP\

&WMCVGP -TGOPKV\ 5V 9GP\GN I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJp5VGORGNINCP\

5606

5608

5607

&WMCVGP -TGOPKV\ 5V 9GP\GN I (GKPIQNF (D 5EJN

8QT\ÒINKEJp5VGORGNINCP\

&WMCVGP -TGOPKV\ 5V 9GP\GN I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

&WMCVGP -TGOPKV\ 5V 9GP\GN I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJp5VGORGNINCP\

5609

5610

6ª4-'+

#DFWN *COKF ++ 2KCUVGT #* 4GIKGTWPIULCJT -QPUVCPVKPQRGN

+UVCPDWN I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV *GPMGNURWT UGJT UEJÌP

/QJCOOGF 8 2KCUVGT #* 4GIKGTWPIULCJT -QPUVCPVKPQRGN

+UVCPDWN .WZWURT·IWPI I (GKPIQNF (D 5EJN 9KP\ *GPMGNURWT XQT\ÒINKEJ

5611

5612

5613

2KCUVGT #* 4GIKGTWPIULCJT -QPUVCPVKPQRGN +UVCPDWN .WZWURT·IWPI I (GKPIQNF (D 5EJN 8QT\ÒINKEJ

2KCUVGT #* 4GIKGTWPIULCJT -QPUVCPVKPQRGN +UVCPDWN .WZWURT·IWPI I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

5614

5615

2KCUVGT #* 4GIKGTWPIULCJT -QPUVCPVKPQRGN +UVCPDWN .WZWURT·IWPI I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 5GJT UEJÌPpXQT\ÒINKEJ

4GRWDNKM UGKV 2KCUVGT -QPUVCPVKPQRGN +UVCPDWN .WZWURT·IWPI I (GKPIQNF (D 5EJN (CUV 5VGORGNINCP\

.QV &KXGTUG )QNFOÒP\GP \W WPF 2KCUVGT %C I (GKPIQNF 5VÒEM <WO 6GKN OKV (GJNGTP OGKUV UGJT UEJÌP

5617

5619

5618

5620

70)#40

-CTN 4QDGTV )QNFIWNFGP Q , (NQTGPVKPGT 6[R I (D 2QJN # C 4 5GJT UEJÌP

&CU XQTNKGIGPFG 5VÒEM KUV FGT GTUVG WPICTKUEJG )QNFIWNFGP 2QJN JCV DGYKGUGP FC FKG 5VÒEMG OKV FGO $GK\GKEJGP -TQPG PCEJ 7PICTP IGJÌTGP 'U JCPFGNV UKEJ WO FKG 5VGRJCPUMTQPG FCU WPICTKUEJG 5VCCVUU[ODQN +O 6GUVCOGPV FGU $KUEJQHU -QPTCF XQP 1NOÒV\ YGTFGP FGTCTVKIG /ÒP\GP GTY·JPV

.WFYKI + )QNFIWNFGP Q , $WFC (NQTGPVKPGT 6[R I -COOGTITCH .QTCPFWU (D 2QJN $ 5GJT UEJÌPpXQT\ÒINKEJ

,QJCPP *WP[CFK )QNFIWNFGP Q , 0CI[D±P[C I -COOGTITCHGP %JTKUVQRJQTWU WPF #PVQPKWU %\CVJ[ 8KGTHGNFKIGU 9CRRGP *GKNKIGT UVGJV X X OKV 5VTGKVCZV WPF 4GKEJU CRHGN \W FGP 5GKVGP LG GKP /ÒP\\GKEJGP (D 2QJN ) 44 #VVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

/CVVJKCU %QTXKPWU )QNFIWNFGP Q , -TGOPKV\ I (D 2QJN - 5GJT UEJÌP

5621

5622

5623

5624

)QNFIWNFGP Q , *GTOCPPUVCFV I -COOGTITCH 6JQOCU #NVGODGTIGT (D 2QJN - XCT (CUV XQT\ÒINKEJ

9NCFKUNCWU ++ )QNFIWNFGP *GTOCPPUVCFV I -COOGTITCH ,QJCPPGU .WNC[ FG $ÉN[C -ÌPKIUTKEJVGT (D 2QJN . #PO 4 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

)QNFIWNFGP *GTOCPPUVCFV I -COOGTITCH ,QJCPPGU .WNC[ FG $ÉN[C -ÌPKIUTKEJVGT (D 2QJN . #PO 4 /KP IGYGNNV UGJT UEJÌP

.WFYKI ++ )QNFIWNFGP *GTOCPPUVCFV I -COOGTITCH ,QJCPPGU .WNC[ FG $ÉN[C (D 2QJN / 4 5GJT UEJÌPpXQT\ÒINKEJ

5625

8QNMUTGRWDNKM (QTKPV $WFCRGUV CWH FGP )GDWTVUVCI XQP &T +IPC\ 5GO OGNYGKU I (GKPIQNF (D 5EJN 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

)1.&/ª0<'0 70& /'&#+..'0 #75 ª$'45''

5626

5627

5628

);26'0

(WCF 2KCUVGT #* I (GKPIQNF (D 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

2KCUVGT #* I (GKPIQNF (D 2KCUVGT #* I (GKPIQNF (D

5629

8QT\ÒINKEJ -N 4CPFHGJNGT UGJT UEJÌP

5631

5630

5632

2KCUVGT #* I (GKPIQNF (D (CTQWM 2KCUVGT #* *QEJ\GKV I (GKPIQNF (D

8QT\ÒINKEJ 8QT\ÒINKEJ

4GRWDNKM 2QWPF #* 5VTGKVYCIGP I (GKPIQNF (D 8QT\ÒINKEJp5VGORGNINCP\

2QWPF #* 5VTGKVYCIGP I (GKPIQNF (D

5GJT UEJÌPpXQT\ÒINKEJ

5634 5633

5633

8GTGKPKIVG #TCDKUEJG 4GRWDNKM 2QWPFU #* #UUWCP 5VCWFCOO I (GKPIQNF (D 8QT\ÒINKEJp5VGORGNINCP\

#TCDKUEJG 4GRWDNKM I[RVGP UGKV )QNFOGFCKNNG Q , WPUKIPKGTV CWH FKG GTUVG WPF FKG NGV\VG 2JCTCQPKP $ÒUVG XQP *CVUEJGRUWV T $ÒUVG XQP %NGQRCVTC N OO I 2QNKGTVG 2NCVVG

5636

5637

5638

5635

6*+12+'0

/GPGNKM ++ $KTT '' 2TQDG KP )QNF I )GMTÌPVGU $TWUVDKNF T .ÌYG N·WHV N OKV -TGW\HCJPG - / 2P 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJ

9CTM '' I (GKPIQNF (D 9CTM '' I (GKPIQNF (D

5VGORGNINCP\ 8QT\ÒINKEJp5VGORGNINCP\

*CKNG 5GNCUUKG WPF 9CTM '' I (GKPIQNF (D 4 8QT\ÒINKEJ

5640

5639

#()*#0+56#0

/WJCOOCF 0CFKT 5JCJ #HIJCPK #* #HIJCPKUVCP I (GKPIQNF (D 5VGORGNINCP\

#4)'06+0+'0

4GRWDNKM 2GUQU #TIGPVKPQ I (GKPIQNF (D 44 9KP\ 4CPFHGJNGT XQT\ÒINKEJp5VGORGNINCP\

5641

5642

5643

#7564#.+'0

8KEVQTKC 5QXGTGKIP 5[FPG[ I (GKPIQNF (D 5EJN 5GJT UGNVGPGT ,CJTICPI 5GJT UEJÌP

5QXGTGKIP 5[FPG[ I (GKPIQNF (D 5EJN 5QXGTGKIP 5[FPG[ I (GKPIQNF (D 5EJN

5644

5645

5GJT UEJÌP 5GJT UEJÌP

5646

5QXGTGKIP 5[FPG[ I (GKPIQNF (D 5EJN

-N 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

5QXGTGKIP 5[FPG[ I (GKPIQNF (D 5EJN

5GJT UEJÌP

%1%15 -''.+0) +5.#0&5

'NK\CDGVJ ++ UGKV 4WRGGU CWH FKG ,CJTHGKGT FGT $GUKGFGNWPI FGT +PUGNP FWTEJ ,QJP %NWPKGU 4QUU I (GKPIQNF - / 0WT 'ZGORNCTG IGRT·IV 5VGORGNINCP\

5647

$1.+8+'0

4GRWDNKM 'UEWFQ I (GKPIQNF (D

5GJT UEJÌPpXQT\ÒINKEJ

5648

5649

$4#5+.+'0

,QJCPP 8 4GKU / /KPCU )GTCKU I +1#00'5 Ü 8 Ü & Ü ) Ü 2146 Ü '6 Ü #.) Ü 4': Û -QRH T OKV .QTDGGTMTCP\ FCTWPVGT /ÒP\UV·VVGP\GKEJGP WPF ,CJTGU\CJN )GMTÌPVGU XGT\KGTVGU 9CRRGP (D )QOGU , 8QP ITQGT 5GNVGPJGKV 5GJT UEJÌP

/CTKC + WPF 2GFTQ +++ 4GKU 4 4KQ FG ,CPGKTQ I (D )QOGU /2 5GJT UEJÌPpXQT\ÒINKEJ

5650

5651

2GFTQ ++ 4GKU 4KQ FG ,CPGKTQ I (GKPIQNF (D

4GRWDNKM UGKV %TW\GKTQU I (GKPIQNF ,CJTGUVCI FGT 7PCDJ·PIKIMGKV (D (CUV 5VGORGNINCP\

5652

5653

5GJT UEJÌP

5654

%*+.'

(GTPCPFQ 8++ 'UEWFQU 51 (, 5CPVKCIQ I (GKPIQNF )TQGU $TWUVDKNF T KP 7PKHQTO WPF OKV WOIGNGIVGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU )GMTÌPVGU OGJTHGNFKIGU 9CRRGP WOJGT 1TFGPUMGVVG % % 6 (D 5EJN (CUV XQT\ÒINKEJ

'UEWFQU 5CPVKCIQ I (GKPIQNF (D 'UEWFQU 5CPVKCIQ I (GKPIQNF (D

4'27$.+-

8QT\ÒINKEJGU 'ZGORNCT OKV UEJÌPGT )QNFRCVKPC 9KP\ 5EJTÌVNKPIUHGJNGT XQT\ÒINKEJ

5655

5656

%*+0#

4GRWDNKM &QNNCT KP )QNF Q , CWH FGP $GIKPP FGT *WPI *UKGP 2GTKQFG ;WCP 5JKJ -CK #DUEJNCI XQP FGP 5VGORGNP FGU 5KNDGTFQNNCTU I 7PKHQTOKGTVGU $TWUVDKNF XQP ;WCP 5JKJ -CK X X &TCEJGP N &CX \W -CPP 8QP ITQGT 5GNVGPJGKV -N &TWEMUVGNNG KO (GNF XQT\ÒINKEJp5VGORGNINCP\

&QNNCT KP )QNF ,CJT #DUEJNCI XQP FGP 5VGORGNP FGU 5KNDGTFQNNCTU I $TWUVDKNF FGU 2T·UKFGPVGP ;WCP 5JKJ -CK N 9GTVCPICDG KP -TCP\ &CX \W (D -CPP 44 9KP\ 4CPFHGJNGT XQT\ÒINKEJ

5657

5658

5657

8QNMUTGRWDNKM 7P\G I (GKPIQNF - / : /$#

2QNKGTVG 2NCVVG

$GK FGO XQTNKGIGPFGP 5VÒEM JCPFGNV GU UKEJ WO FKG GTUVG #WUICDG FGT DGNKGDVGP )QNF 2CPFCU &KGUG /ÒP\G YWTFG PQEJ QJPG #PICDG FGU 0QOKPCNU IGRT·IV

&1/+0+-#0+5%*' 4'27$.+-

4GRWDNKM 2GUQU CWH FGP $GUWEJ XQP 2CRUV ,QJCPPGU 2CWN ++ I (GKPIQNF (D (CUV 5VGORGNINCP\

5660

5659

'%7#&14

5660

4GRWDNKM UGKV 'UEWFQU I (GKPIQNF (D 44 -TCV\GT CWH FGT 8QTFGTUGKVG HCUV UGJT UEJÌP

)7+0'#

4GRWDNKM (TCPEU 'EJPCVQP I (GKPIQNF (D 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

5661

5662

(TCPEU 4COUGU +++ I (GKPIQNF (D 0WT 'ZGORNCTG IGRT·IV 2QNKGTVG 2NCVVG

*#+6+

4GRWDNKM )QWTFGU CWH FGP ,CJTGUVCI FGT 4GXQNWVKQP /CTKG ,GCPPG I (GKPIQNF (D (CUV 5VGORGNINCP\ CWU RQNKGTVGT 2NCVVG

5664

5663

+0&+'0

8KEVQTKC 4WRGGU -CNMWVVC I (GKPIQNF (D 5EJN )GQTIG 8 4WRGGU -CNMWVVC I (GKPIQNF (D 5EJN

8QT\ÒINKEJ 8QT\ÒINKEJ

1UVKPFKUEJG -QORCPKG /QJWT #* CWUIGIGDGP I (D 8QT\ÒINKEJp5VGORGNINCP\

5665

5666

$'0)#.'0

*;&'4#$#&

/KT /CJDWD #NK -JCP ++ #UJTCHK #* I (GKPIQNF (D 5GJT UEJÌP

5668

5667

5669

64#8#0%14'

4COC 8CTOC +8 2CIQFCU I (GKPIQNF (D 2CIQFC I (GKPIQNF (D 2CIQFC I (GKPIQNF (D

ex 5671

5670

8QT\ÒINKEJ 8QT\ÒINKEJ 8QT\ÒINKEJ

5672

+4#0

(CVJ #NK 6QOCP #* I (GKPIQNF (D

0CUTGFKP 6QOCP #* 'ZGORNCTG +PUIGUCOV I (GKPIQNF (D 5VÒEM 5GJT UEJÌPpXQT\ÒINKEJ

6QOCP I (GKPIQNF (D \W

5674

8QT\ÒINKEJ

5673

5674

6QOCPU #* I (GKPIQNF (D $GCTDGKVWPIUURWTGP CO 4CPF UGJT UEJÌPpXQT\ÒINKEJ

4K\C -JCP 2CJNGXK 2CJNGXK 5* I (GKPIQNF (D

8QT\ÒINKEJ

5675

5676

5678

5677

/QJCOOGF 4K\C 2CJNGXK )QNFOGFCKNNG Q , WPUKIPKGTV CWH FKG ,CJTHGKGT FGU 2GTUKUEJGP 4GKEJGU KO ,CJTG $TWUVDKNFGT FGU *GTTUEJGTRCCTGU PGDGPGKPCPFGT N -TQPG Ã&#x2019;DGT 5EJTKHV OO I (CUV 5VGORGNINCP\

2CJNGXK 5* I (GKPIQNF (D 2CJNGXK 5* I (GKPIQNF (D 2CJNGXK 5* I (GKPIQNF (D

8QT\Ã&#x2019;INKEJ 8QT\Ã&#x2019;INKEJ 8QT\Ã&#x2019;INKEJ

5679

5680

2CJNGXK 5* I (GKPIQNF (D

(CUV 5VGORGNINCP\

4KCNU CWH FKG ,CJTHGKGT FGU 2GTUKUEJGP 4GKEJGU I (GKPIQNF (D 2QNKGTVG 2NCVVG

5681

5682

)QNFOGFCKNNG /5 WPUKIPKGTV <YGK WPKHQTOKGTVG $TWUVDKNFGT N 8KGT <GKNGP CTCDKUEJG 5EJTKHV FCTÃ&#x2019;DGT -PCDG WPF 'KPJQTP KP -TCP\ WPVGP OO I (CUV 5VGORGNINCP\

2CJNGXK /5 I (GKPIQNF (D

.QV 2CJNGXK 5* 2CJNGXK 5* 2CJNGXK (D Z Z +PUIGUCOV I (GKPIQNF 5VÃ&#x2019;EM 8QT\Ã&#x2019;INKEJ

(CUV 5VGORGNINCP\

5684

,#2#0

6GORQ TC )QT[QDCP Q , I (D ,CEQDU 8GTOGWNG $

5686

44 5GJT UEJÌPpXQT\ÒINKEJ

5687

5685

/WVUWJKVQ ;GP ,CJT /GKLK TC 1UCMC I (GKPIQNF (D ,CEQDU 8GTOGWNG 1 8QT\ÒINKEJ

;GP ,CJT /GKLK TC 1UCMC I (GKPIQNF (D ,CEQDU 8GTOGWNG 2 ;GP ,CJT /GKLK TC 1UCMC I (GKPIQNF (D ,CEQDU 8GTOGWNG 2

5688

5689

5690

8QT\ÒINKEJ 8QT\ÒINKEJ

5691

-#0#&#

)GQTIG 8 &QNNCTU 1VVCYC I (GKPIQNF (D 5EJN 9KP\ 4CPFHGJNGT XQT\ÒINKEJ

'NK\CDGVJ ++ UGKV &QNNCTU 1N[ORKUEJG 5RKGNG KP /QPVTGCN I (GKPIQNF (D (CUV 5VGORGNINCP\

&QNNCTU I (GKPIQNF +PVGTPCVKQPCNGU ,CJT FGU -KPFGU (D

8QT\ÒINKEJ

8KEVQTKC &QNNCTU I (GKPIQNF (D 5EJN -N -TCV\GT UGJT UEJÌPpXQT\ÒINKEJ

0'9(170&.#0& 90

5692

-1.7/$+'0

(GTPCPFQ 8+ 'UEWFQU 04 , 5CPVC (G I $TWUVDKNF T OKV WOIGNGIVGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU )GMTÌPVGU OGJTHGNFKIGU 9CRRGP WOJGT 1TFGPUMGVVG % % 6 (D 8QT\ÒINKEJ

5694

5693

%CTNQU +8 'UEWFQU 04 ,, 5CPVC (G I % % 6 (D 'VYCU (WPFDGNCI UGJT UEJÌP

4GRWDNKM 0WGXC )TCPCFC 2GUQ $QIQVC I (GKPIQNF (D

8QT\ÒINKEJ

-N 4CPFHGJNGT XQT\ÒINKEJ 8QT\ÒINKEJ

5696

5695

-7$#

4GRWDNKM UGKV 2GUQU I (GKPIQNF (D 2GUQU I (GKPIQNF (D

5697

5698

2GUQU I (GKPIQNF (D

8QT\ÒINKEJ

4GRWDNKM UGKV 4KPIIKV 2T·UKFGPV #DFWN 4CJOCP I (GKPIQNF (D 8QT\ÒINKEJp5VGORGNINCP\

/#.#;5+#

5699

5700

1,5:1

/#46+0+37'

$TCUKNKCPKUEJG )QNFOÒP\G \W 4GKU /CTKC + WPF 2GVGT +++ OKV )GIGPUVGORGN XQP /CTVKPKSWG CWH FGT 9CRRGPUGKVG ÒDGT #FNGT I (D XIN 5 8QP ITQGT 5GNVGPJGKV 7PGFKGTV 5GJT UEJÌP

/':+-1

%CTNQU +++ 'UEWFQ / /Q / /GZKEQ %KV[ I )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN )GMTÌPVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF (D )TQXG 4 5GJT UEJÌP

5701

5702

4GRWDNKM 'UEWFQU )# ,) )WCFCNCLCTC I (GKPIQNF (D )TQXG 5GJT UEJÌP

'UEWFQU /Q (* /GZKMQ %KV[ I (GKPIQNF (D )TQXG 5GJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

5703

5705

5704

4GRWDNKM 2GUQ / /Q /GZKEQ %KV[ I (GKPIQNF (D ,CJTICPI HGJNV )TQXG 8QT\ÒINKEJ

2GUQU )Q 5 )WCPCLWCVQ I (GKPIQNF (D )TQXG 2GUQU / /Q /GZKMQ %KV[ I (GKPIQNF (D )TQXG

5706

-¤0+)4'+%*

5707

5GJT UEJÌPpXQT\ÒINKEJ 4 8QT\ÒINKEJ

5706

0'2#.

6TKDJWXCPC /QJCT 85 I (GKPIQNF (D

4GRWDNKM (TCPEU 2TQDG 'UUCK I .ÌYG (D - / '

5VGORGNINCP\

44 2QNKGTVG 2NCVVG

0+)'4 92

5708

5710

5709

5711

2#27# 0'7 )7+0'#

4GRWDNKM -KPC CWH FKG GTNCPIVG 7PCDJ·PIKIMGKV I (GKPIQNF (D

5VGORGNINCP\

2'47

(GTPCPFQ 8++ 'UEWFQU /' ,2 .KOC I (GKPIQNF $TWUVDKNF T OKV .QTDGGT MTCP\ WPF WOIGNGIVGO /CPVGN )GMTÌPVGU OGJTHGNFKIGU 9CRRGP WOJGT 1TFGPUMGVVG % % 6 (D 5EJN (CUV XQT\ÒINKEJ

4GRWDNKM UGKV 5QNGU I (GKPIQNF (D 5GJT UEJÌP 5QNGU /CPEQ %CRQE I (GKPIQNF (D 5GNVGPGT ,CJTICPI 8QT\ÒINKEJp5VGORGNINCP\

5712

5713 Pt

5+0)#274

4GRWDNKM &QNNCTU ,CJTHGKGT FGT )TÒPFWPI I (GKPIQNF (D

(CUV 5VGORGNINCP\

51/#.+#

4GRWDNKM 5JKNNKPIU CWH FCU +ORHYGUGP WPF FKG 2JCTOC\GWVKUEJG (QTUEJWPI FWTEJ ) 9 /GTEM .QWKU 2CUVGWT WPF /CTEGN /GTNGWZ I HGKP (D - / 2.#6+0 2QNKGTVG 2NCVVG

5714

5715

5716

5ª&#(4+-#

5ÒFCHTKMCPKUEJG 4GRWDNKM 2QWPF I (GKPIQNF (D 5GJT UEJÌPpXQT\ÒINKEJ 2QWPF I (GKPIQNF (D 5GNVGP KP FKGUGT 'TJCNVWPI (CUV 5VGORGNINCP\ 2QWPF I (GKPIQNF (D 5GNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJp5VGORGNINCP\

5718

5717

2QWPF I (GKPIQNF (D 2QWPF I (GKPIQNF (D

8QT\ÒINKEJ 5GJT UEJÌP

5720

1,5:1

5719

6#+9#0

4GRWDNKM ;WCP ,CJT )GDWTVUVCI XQP &T 5WP ;CV UGP I (GKPIQNF (D +P 1TKIKPCNGVWK (CUV 5VGORGNINCP\

4COC +8 /QPIMWV 2KV $CJV Q , I (D ;GQ

6*#+.#0&

5721

5722

5723

44 8QT\ÒINKEJ

5724

5725

670'5+'0

7PVGT (TCPMTGKEJ 2KCUVGT (TCPEU #* 6WPKU I (GKPIQNF (D 5EJN 8QT\ÒINKEJ

2KCUVGT (TCPEU #* # 2CTKU I (GKPIQNF (D 5EJN 8QT\ÒINKEJ (TCPEU # 2CTKU I (GKPIQNF (D 5EJN 5GJT UEJÌPpXQT\ÒINKEJ

(TCPEU # 2CTKU I (GKPIQNF (D 5EJN 5GNVGP KP FKGUGT 'TJCNVWPI 8QT\ÒINKEJp5VGORGNINCP\

(TCPEU # 2CTKU I (GKPIQNF (D 5EJN 44 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

5726

5727

5728

(TCPEU QJPG /ÒP\\GKEJGP # 2CTKU I (GKPIQNF (D XIN 5EJN XIN 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJ

(TCPEU # 2CTKU I (GKPIQNF (D 5EJN 44 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

(TCPEU 2CTKU I (GKPIQNF (D 5EJN

8QT\ÒINKEJ

5729

5731

5730

8'0'<7'.#

4GRWDNKM 8GPG\QNCPQU $QNKXCTGU 2CTKU I (GKPIQNF (D 4 (CUV 5VGORGNINCP\ $QNKXCTGU %CTCECU I (GKPIQNF (D 5GJT UEJÌPpXQT\ÒINKEJ $QNKXCTGU 2CTKU I (GKPIQNF (D E 8QT\ÒINKEJp5VGORGNINCP\

5732

5733

8'4'+0+)6' 56##6'0 810 #/'4+-# 75#

(ÌFGTCVKQP &QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF (D &QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF (D

5734

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF (D

5736

&QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF (D &QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF (D

(CUV XQT\ÒINKEJ 5GJT UEJÌP

5735

5GJT UEJÌPpXQT\ÒINKEJ 5GJT UEJÌP

5737

4CPFHGJNGT UGJT UEJÌP 5GJT UEJÌP

5738

5739

&QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF /KV /QVVQ +0 )1& 9' 64756 (D /KP 4CPFHGJNGT UGJT UEJÌP

5740

5741

&QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF /KV /QVVQ +0 )1& 9' 64756 (D 5GJT UEJÌPpXQT\ÒINKEJ

&QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF /KV /QVVQ +0 )1& 9' 64756 (D 5GJT UEJÌP

5742

5743

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF /KV /QVVQ +0 )1& 9' 64756 (D 8QT\ÒINKEJ

&QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF /KV /QVVQ +0 )1& 9' 64756 (D 5GJT UEJÌP

5744

5745

&QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF /KV /QVVQ +0 )1& 9' 64756 (D 5GJT UEJÌP

5746

5747

&QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF /KV /QVVQ +0 )1& 9' 64756 (D 5GJT UEJÌPpXQT\ÒINKEJ

5748

5749

&QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF /KV /QVVQ +0 )1& 9' 64756 (D 5GJT UEJÌP

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF /KV /QVVQ +0 )1& 9' 64756 (D 8QT\ÒINKEJ

5750

5751

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF /KV /QVVQ +0 )1& 9' 64756 (D 8QT\ÒINKEJ

5752

5753

&QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF /KV /QVVQ +0 )1& 9' 64756 (D 8QT\ÒINKEJ

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF /KV /QVVQ +0 )1& 9' 64756 (D 5GJT UEJÌP

5754

5755

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF /KV /QVVQ +0 )1& 9' 64756 (D 8QT\ÒINKEJp5VGORGNINCP\

&QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF /KV /QVVQ +0 )1& 9' 64756 (D 5GJT UEJÌP

5757

5756

&QNNCTU 2JKNCFGNRJKC 5VCVWG I (GKPIQNF (D

8QT\ÒINKEJ

)QNFOGFCKNNG GKPGO &QNNCTU PCEJGORHWPFGP 5VCVWG #FNGT OO I 2QNKGTVG 2NCVVG

5758

5759

&QNNCTU 1 0GY 1TNGCPU .KDGTV[ I (GKPIQNF (D &QNNCTU 1 0GY 1TNGCPU .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D

5762

5760

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D

5761

$GTKGDGP HCUV UGJT UEJÌP 5EJÌP (CUV UGJT UEJÌP 5GJT UEJÌP

5763

5GJT UEJÌP 5GJT UEJÌP

5765

5764

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D

5767

5766

5771

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D

5774

5768

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D

5770

5GJT UEJÌPpXQT\ÒINKEJ 5GJT UEJÌP

&QNNCTU & &GPXGT +PFKCPGT I (GKPIQNF (D &QNNCTU & &GPXGT +PFKCPGT I (GKPIQNF (D

5769

5GJT UEJÌPpXQT\ÒINKEJ 5GJT UEJÌP 8QT\ÒINKEJ 5GJT UEJÌPpXQT\ÒINKEJ

5772

5773

8QT\ÒINKEJ 5GJT UEJÌPpXQT\ÒINKEJ 8QT\ÒINKEJ 5GJT UEJÌP

5775

8QT\ÒINKEJ (CUV XQT\ÒINKEJ

5776

5777

5778

5779

&QNNCTU 5 5CP (TCPEKUEQ +PFKCPGT I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC +PFKCPGT I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC +PFKCPGT I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC +PFKCPGT I (GKPIQNF (D

5781

5780

(CUV XQT\ÒINKEJ 8QT\ÒINKEJ 8QT\ÒINKEJ 8QT\ÒINKEJ

5782

5783

&QNNCTU 2JKNCFGNRJKC +PFKCPGT I (GKPIQNF (D &QNNCTU & &GPXGT +PFKCPGT I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC +PFKCPGT I (GKPIQNF (D

8QT\ÒINKEJ 8QT\ÒINKEJ 8QT\ÒINKEJp5VGORGNINCP\

&QNNCTU 2JKNCFGNRJKC +PFKCPGT I (GKPIQNF (D

2TCEJVGZGORNCT (CUV 5VGORGNINCP\

5785

5786

5787

5784

100

&QNNCTU 2JKNCFGNRJKC +PFKCPGT I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D

5784

8QT\ÒINKEJ 5GJT UEJÌP 5GJT UEJÌPpXQT\ÒINKEJ 8QT\ÒINKEJ

5789

5788

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF (D

5791

5790

5792

5793

5794

&QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF (D &QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF (D &QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF (D &QNNCTU %% %CTUQP %KV[ .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D

5796

5797

5798

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF (D

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D

5795

9KP\ 4CPFHGJNGT XQT\ÒINKEJ 5GJT UEJÌP 5GJT UEJÌP (CUV XQT\ÒINKEJ 5GJT UEJÌP

5799

5801

5GJT UEJÌP 5GJT UEJÌP 8QT\ÒINKEJ

5800

$GTKGDGP UGJT UEJÌP 5GJT UEJÌP 5GJT UEJÌPpXQT\ÒINKEJ 5GJT UEJÌP

-N 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

5802

5803

&QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF (D &QNNCTU 5 5CP (TCPEKUEQ .KDGTV[ I (GKPIQNF (D &QNNCTU & &GPXGT .KDGTV[ I (GKPIQNF (D

8QT\ÒINKEJ 5GJT UEJÌP 5GJT UEJÌPpXQT\ÒINKEJ

&QNNCTU & &GPXGT .KDGTV[ &C\W &QNNCTU 2JKNCFGNRJKC +PUIGUCOV I (GKPIQNF (D 5VÒEM -TCV\GT Z UGJT UEJÌP

101

5806

5805

5808

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU & &GPXGT +PFKCPGT I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC +PFKCPGT I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC +PFKCPGT I (GKPIQNF (D

8QT\ÒINKEJ (CUV XQT\ÒINKEJ 5GJT UEJÌPpXQT\ÒINKEJ 5GJT UEJÌPpXQT\ÒINKEJ

5810

5809

5807

&QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCTU 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D

ex 5812

5811

5GJT UEJÌPpXQT\ÒINKEJ 9KP\ 4CPFHGJNGT UGJT UEJÌP 5GJT UEJÌP

5816

5813

&QNNCTU 2JKNCFGNRJKC +PFKCPGT +PUIGUCOV I (GKPIQNF (D 5VÒEM -N 4CPFHGJNGT Z MN -TCV\GT Z UGJT UEJÌPpXQT\ÒINKEJ

&QNNCTU 2JKNCFGNRJKC +PFKCPGT I (GKPIQNF (D

5GJT UEJÌPpXQT\ÒINKEJ

&QNNCTU 2JKNCFGNRJKC +PFKCPGT +PUIGUCOV I (GKPIQNF (D 5VÒEM 5GJT UEJÌP

&QNNCTU & &GPXGT +PFKCPGT &C\W &QNNCTU 2JKNCFGNRJKC +PFKCPGT +PUIGUCOV I (GKPIQNF (D 5VÒEM 5GJT UEJÌPpXQT\ÒINKEJ

&QNNCTU 2JKNCFGNRJKC 5GUSWKEGPVGPPKCN QH #OGTKECP +PFGRGPFGPEG I (GKPIQNF (D ;GQ 5 8QT\ÒINKEJ

5817

102

5818

5819

&QNNCT 1 0GY 1TNGCPU .KDGTV[ I (GKPIQNF (D &QNNCT 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCT 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCT 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCT 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D

5820

5821

5GJT UEJÌP 5GJT UEJÌP -TCV\GT XQT\ÒINKEJ 5GJT UEJÌP 8QT\ÒINKEJ

5822

5824

5823

&QNNCT 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCT 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D

5825

5GJT UEJÌP 8QT\ÒINKEJ

5827

5826

&QNNCT 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCT 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCT 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCT 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D &QNNCT 2JKNCFGNRJKC .KDGTV[ I (GKPIQNF (D

5828

9KP\ 4CPFHGJNGT XQT\ÒINKEJ 5GJT UEJÌPpXQT\ÒINKEJ 5GJT UEJÌPpXQT\ÒINKEJ 9KP\ 4CPFHGJNGT XQT\ÒINKEJ 9KP\ 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

ex 5830

5829

5CWFK 2QWPFU Q , 2JKNCFGNRJKC HÒT 5CWFK #TCDKGP I (GKPIQNF (D -N 2TQDKGTURWT CO 4CPF UGJT UEJÌPpXQT\ÒINKEJ

5GTKG XQP FTGK )QNFOGFCKNNGP CWH FKG 7PVGT\GKEJPWPI FGU $ÒTIGTTGEJVUIGUGV\GU \WT #WHJGDWPI FGT 4CUUGPVTGPPWPI FWTEJ 2T·UKFGPV .[PFQP $ ,QJPUQP CO ,WNK KP 9CUJKPIVQP $TWUVDKNF FGU $ÒTIGT TGEJVNGTU /CTVKP .WVJGT -KPI JCNDN WOJGT 5EJTKHV #TO OKV (CEMGN T FCPGDGP #FNGT OKV 9CRRGP UEJKNF WPF FCU &CVWO OO I OO I OO I 5VÒEM 5VGORGNINCP\

5831 5832

#00#/

5832

8+'60#/

/KPJ /CPI 6KGP Q , I (D 5EJTQGFGT 9KP\ (CUUWPIUURWTGP HCUV XQT\ÒINKEJ

6JKGW 6TK 6KGP Q , I (D 5EJTQGFGT

5GJT UEJÌPpXQT\ÒINKEJ

5833

<'064#.#/'4+-#0+5%*' 4'27$.+-

4GRWDNKM UGKV 2GUQ I (GKPIQNF (D

5GJT UEJÌP

103

*#$5$74)+5%*' '4$.#0&' ¤56'44'+%*

1,5:1

5834 1,5:1

56'+'4/#4- *'4<1)67/

#NDTGEJV ++ )QNFIWNFGP Q , ,WFGPDWTI (NQTGPVKPGT 6[R I .KNKG 5V ,QJCPPGU OKV GTJQDGPGT 4GEJVGP WPF -TGW\UVCD KP FGT .KPMGP UVGJV X X %0# ' (D 8QT\ÒINKEJGU 2TCEJVGZGORNCT

5835

1,5:1

4¤/+5%* &'765%*'5 4'+%*

(TKGFTKEJ +++ )QNFIWNFGP Q , )TC\ I ‡ FRIDRICVS u ROMAn Æ u IMPe Æ 4GKEJUCRHGN KP &TGKRC MOnÆ u nOVÆ u AVRÆ u IyGÆ 5V ,QJCPPGU UVGJV X X OKV .COO \YKUEJGP FGP (ÒGP FGU *GKNKIGP DGHKPFGV UKEJ FCU /ÒP\OGKUVGT\GKEJGP *CNDOQPF *CPU 9KG NCPF XQP 9GUGN #NTCO 8CT %0# + ( D XCT (D 8QP ITÌVGT 5GNVGPJGKV 9KP\ -TCV\GT HCUV XQT\ÒINKEJ

5836

1,5:1

(GTFKPCPF + &WMCV CWH UGKPG $GKUGV\WPI KP 2TCI KO &QO 5V 8GKV I )GMTÌPVGU WPF IGJCTPKUEJVGU $TWUVDKNF T (ÒPH <GKNGP 5EJTKHV FCTWPVGT FKG ,CJTGU\CJN &QPGD /CTMN 5NI /QPVGPWQXQ XCT 44 5GJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

5837

104

4WFQNH ++ &WMCV 9KGP I (D / \ # 5 /KP 4CPFHGJNGT UGJT UEJÌP

5838

(ÒPHHCEJG &WMCVGPMNKRRG CWH FKG 'KPPCJOG XQP 5VWJNYGKUUGPDWTI FWTEJ MCKUGTNKEJG 5VTGKVMT·HVG I 6JTQP OKV 5EJYGTV <GRVGT WPF -TQPG KP FGT /KVVG \W FGP 5GKVGP 5678. 9'+5 5'0 $84) #EJV <GKNGP 5EJTKHV WPVGT 8GT\KGTWPI WPVGP FKG ,CJTGU\CJN 5NI *QTUM[ XIN 5NI ,WNKWU XIN 5NI /QPVGPWQXQ 44 9KP\ *GPMGNURWT FGPPQEJ CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT 5VWJNYGKGPDWTI WPICT 5\¾MGUHGJ¾TX±T YWTFG KO ,CJTJWPFGTV XQP -ÌPKI 5VGRJCP + FGO *GKNKIGP \WT -TÌ PWPIUUVCFV GTJQDGP WPF YCT FKG *CWRUVCFV 7PICTPU DKU \WO ,CJTJWPFGTV CNU $GNC +8 FKG 4GUKFGP\ PCEJ 1HGP XGTNGIVG &KG OGKUVGP WPICTKUEJGP -ÌPKIG FGU /KVVGNCNVGTU UKPF CWEJ KP FGT CWH NCVGKPKUEJ #NDC 4GIKC IGPCPPVGP 5VCFV DGUVCVVGV +O ,CJT HKGN FKG CNVG -ÌPKIUUVCFV FWTEJ -CRKVWNCVKQP CP FKG 6ÒTMGP #O 5GRVGODGT MQPPVGP FKG 6TWRRGP 4WFQNHU ++ 5VWJNYGKGPDWTI GKPPGJOGP DGTGKVU HKGN GU LGFQEJ FWTEJ GKPG /GWVGTGK FGT $GUCV\WPIUVTWR RGP YKGFGT CP FKG 6ÒTMGP FKG GTUV KO .CWHG FGU HÒPHVGP 6ÒTMGPMTKGIGU GPFIÒNVKI CWU FGT 5VCFV XGTVTKGDGP YGT FGP MQPPVGP &KG RT·EJVKIG )QNFRT·IWPI XGTFGWVNKEJV CWH FGT 8QTFGTUGKVG OKV FGO 6JTQP FGT 5VGRJCPUMTQPG FGP +PUKIPKGP WPF FGO WPICTKUEJGP 9CRRGP FGP 5VCVWU XQP 5VWJNYGKGPDWTI CNU WPICTKUEJG -ÌPKIU WPF -TÌPWPIUUVCFV &KG 4ÒEMUGKVG OCEJV FGWVNKEJ FC UKEJ 5ÒNG[OCP FGT 2T·EJVKIG QJPG VCRHGTGP -CORH FGT 5VCFV DGO·EJVKIV JCVVG Y·JTGPF UKG -CKUGT 4WFQNH ++ OKV OWVKIGO 'KPUCV\ FGU 5EJYGTVU \WTÒEMIGYCPP

5840

5839

5841

'T\JGT\QI /CZKOKNKCP CNU *QEJOGKUVGT FGU &GWVUEJGP 1TFGPU &WMCV Q , *CNN I (D / 6 0GWOCPP .GKEJV IGYGNNV UGJT UEJÌP

(GTFKPCPF ++ &WMCVGP $TGUNCW I /ÒP\OGKUVGT ,QJCPP <KGUNGT 9CTFGKP *CPU 4KGFGN )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ ITQGT *CNUMTCWUG WPF 5EJWNVGTCITCHHG WPVGT FGO $TWUVDKNF 4CPMG )GMTÌPVGT &QRRGNCFNGT OKV -QRHUEJGKPGP KP FGP (·PIGP 5EJYGTV WPF <GRVGT CWH FGT $TWUV FGT XKGTHGNFKIG 5EJKNF 7PICTP $ÌJOGP OKV IGVGKNVGO /KVVGNUEJKNF ¤UVGTTGKEJ $WTIWPF WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU (D ( W 5 / \ # 5NI .ÌHHNGT 5NI 5VTKGDQNN 44 -N 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

&WMCVGP $TGUNCW I /ÒP\OGKUVGT ,QJCPP <KGUNGT 9CTFGKP *CPU 4KGFGN )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ ITQGT *CNUMTCWUG WPF 5EJWNVGTCITCHHG WPVGT FGO $TWUVDKNF 4CPMG )GMTÌPVGT &QRRGNCFNGT OKV -QRHUEJGKPGP KP FGP (·PIGP 5EJYGTV WPF <GRVGT CWH FGT $TWUV FGT XKGTHGNFKIG 5EJKNF 7PICTP $ÌJOGP OKV IGVGKNVGO /KVVGNUEJKNF ¤UVGTTGKEJ $WTIWPF WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU (D ( W 5 / \ # 5NI .ÌHHNGT 5NI 5VTKGDQNN 44 .GKEJVG (CUUWPIUURWTGP UGJT UEJÌPpXQT\ÒINKEJ

105

5842

5843

&WMCVGP 5V 8GKV I &GT IGMTÌPVG WPF IGJCTPKUEJVG -CKUGT UVGJV JCNDT OKV 5EJYGTV OKV FGT 4GEJVGP FCU <GRVGT UEJWNVGTPF KP FGT .KPMGP 4GKEJUCRHGN )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP CWH FGT $TWUV 9CRRGP WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU (D *GTKPGM 4 5GJT UEJÌPpXQT\ÒINKEJ

&WMCVGP 2TCI /ÒP\OGKUVGT 6QDKCU 5EJWUVGT I ('4&+0#0&85 Û ++ Û & ) 4 Û + Û 5 Û # Û ) Û * Û $1 Û 4': ß &GT IGMTÌPVG WPF IGJCTPKUEJVG -ÌPKI UVGJV HCUV X X KP FGT 4GEJVGP <GRVGT KP FGT .KPMGP 4GKEJUCRHGN \W FGP 5GKVGP FGT IGMTÌPVG DÌJOKUEJG WPF FGT IGMTÌPVG WPICTKUEJG 9CRRGP UEJKNF Û #4%*+ &8: Ú #85 Û &8: $84) Ú /#4 Ú /14 Ú Ú )GMTÌPVGT &QRRGNCFNGT OKV IGMTÌPVGO ÌUVGTTGKEJKUEJ DWTIWPFKUEJGP 9CRRGPUEJKNF CWH FGT $TWUV WPVGP /ÒP\OGKUVGT\GKEJGP

6QDKCU 5EJWUVGT /ÒP\OGKUVGT KP 2TCI &KGVKMGT (D FQTV WPVGT $ÌJOGP *CNCEMC 44 #VVTCMVKXGU 'ZGORNCT UGJT UEJÌP

5844

5845

(GTFKPCPF +++ &WMCVGP CWH UGKPG -TÌPWPI \WO -ÌPKI XQP $ÌJOGP I (ÒPH <GKNGP 5EJTKHV FCTÒDGT -TQPG OKV \YGK 2CNO\YGKIGP WPVGP 8GT\KGTWPIGP 9CCIG FGTGP QDGTGT 6GKN GKP -TGW\ OKV FGO IGMTGW\KIVGP *GKNCPF FCTUVGNNV WOJGT GKP $CPF OKV FGT #WHUEJTKHV 2+'6#6' Û '6 +856+6+# Ú &QPGD XIN (D 5NI *QTUM[ 5NI /QPVGPWQXQ XIN FQTV CNU &WMCV 44 .GKEJV DGCTDGKVGV UGJT UEJÌPpXQT\ÒINKEJ

&WMCVGP 2TCI /ÒP\OGKUVGT ,CMQD 9 9QNMGT I )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGI VGO /CPVGN )GMTÌPVGT &QRRGNCFNGT OKV DÌJOKUEJGO /KVVGNUEJKNF &KGVKMGT (D *CNCEMC 44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

5846

106

&WMCVGP 9KGP I r ('4&+0#0&85 +++ Û & Ú ) Ú Ú 4 Ú + Ú 5 Ú # Ú )* Ú $ Ú 4': )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WOIGNGIVGO /CPVGN WPF FGT -GVVG FGU 1TFGPU XQO )QNFG PGP 8NKGU WPVGP KP FGT 7OUEJTKHV /ÒP\OGKUVGT\GKEJGP 8QIGN * , 5VCFNGT /ÒP\OGKUVGT KP 9KGP #4%*+& Ú #85 Ú &8: Û $84 Ú %1 Û 6;4 Ú % Ú )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP \YKUEJGP FGP -ÌRHGP 4GKEJUCRHGN CWH FGT $TWUV OGJTHGNFKIGU 9CR RGP XQP 1TFGPUMGVVG WOIGDGP WPVGP KP FGT 7OUEJTKHV MNGKPGT IGMTÌPVGT 9CRRGPUEJKNF (D *GTKPGM 44 -N 4CPFHGJNGT XQT\ÒINKEJGU 'ZGORNCT OKV UEJÌPGT )QNFVÌPWPI

5847

&WMCVGP 9KGP I /ÒP\OGKUVGT +UCKCU ,GUUKPUMK /ÒP\OGKUVGT\GKEJGP 5VQTEJ 9CTFGKP * , 5VCFNGT )GJCTPKUEJVGU $TWUVDKNF T OKV ITQGO -TCIGP .QTDGGTMTCP\ WPF WO IGNGIVGO /CPVGN WPVGP -TGKU FCTKP FCU /ÒP\OGKUVGT\GKEJGP )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP CWH FGT $TWUV FCU 9CRRGP FGU )GUCOVJCWUGU WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU (D *GTKPGM 5GNVGPGT ,CJTICPI 5GJT UEJÌP

5848

&WMCV )NCV\ I ('4& Ú +++ Û & Ù ) Û 4 Û + Û 5 Û # Û ) Û * Û $ Û 4': &GT IGMTÌPVG WPF IGJCTPKUEJVG -CKUGT UVGJV JCNDT OKV WOIGNGIVGO /CPVGN OKV FGT 4GEJVGP FCU <GRVGT UEJWNVGTPF KP FGT .KPMGP 4GKEJUCRHGN #4%*+& # &8: $ 84 %1 6;4 )9 )GQTI 9GTPGT /ÒP\R·EJVGT KP )NCV\ )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP CWH FGT $TWUV 9CR RGPUEJKNF WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU (D XIN ( W 5 *CNCEMC *GTKPGM / \ # 5CWTOC ,GNVUEJ 8QP ITÌVGT 5GNVGPJGKV YCJTUEJGKPNKEJ 7PKMWO 8QT\ÒINKEJ

5849

&WMCVGP 5V 8GKV )QNFCDUEJNCI XQP FGP 5VGORGNP FGU 2T·UGPVVCNGTU FGT -·TPVPGT 5V·PFG I &+5'5 '4<*'4<1)68/$ - 40&6'0 4')+'4'0&6 .ÌYG WPF )TGKH JCNVGP FGP -·TPVGPGT 9CRRGPUEJKNF FCTÒDGT 'T\JGT\QIUJWV *'44 $84))4#(( 80& *'4'0 8'414&'06'0 &KG UGEJU (COKNKGPYCRRGP FGT 5V·PFGXGTQTFPGVGP \W GKPGO 1XCN CPIGQTFPGV WPF OKV #TCDGUMGP XGT DWPFGP (D *GTKPGM 8QINJ XIN +P FKGUGO )GYKEJV YCJTUEJGKPNKEJ 7PKMWO 8QT\ÒINKEJ

5850

&WMCVGP /+ $TGUNCW )QNFCDUEJNCI XQP FGP 5VGORGNP FGU *CNDVCNGTU I )GMTÌPVGU WPF IGJCTPKUEJVGU $TWUVDKNF T )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP CWH FGT $TWUV FGT XKGTHGNFKIG 5EJKNF 7PICTP $ÌJOGP OKV IGVGKNVGO /KVVGNUEJKNF ¤UVGTTGKEJ $WTIWPF WOJGT FKG -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU WPVGP \W FGP 5GKVGP FCU /ÒP\OGKUVGT\GKEJGP / + /KEJCGN ,CP /ÒP\OGKUVGT KP $TGUNCW (D ( W 5 / \ # 5 5NI .ÌHHNGT 5NI 5VTKGDQNN 8QP ITQGT 5GNVGPJGKV (CUV XQT\ÒINKEJGU 'ZGORNCT 107

5851

&WMCVGP 9KGP I /ÒP\OGKUVGT , % 4KEJVJCWUGP /ÒP\OGKUVGT\GKEJGP &TGKGEM )GJCTPKUEJVGU $TWUVDKNF T OKV ITQGO -TCIGP .QTDGGTMTCP\ WPF WOIGNGIVGO /CPVGN WPVGP -TGKU FCTKP FCU /ÒP\OGKUVGT\GKEJGP )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP CWH FGT $TWUV FCU 9CRRGP FGU )GUCOVJCWUGU WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU (D *GTKPGM 4 -N 5EJTÌVNKPIUHGJNGT CO 4CPF XQT\ÒINKEJ

&WMCV 9KGP I /ÒP\OGKUVGT , % 4KEJVJCWUGP /ÒP\OGKUVGT\GKEJGP &TGKGEM )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WOIGNGIVGO /CPVGN WPF FGT -GVVG FGU 1TFGPU XQO )QNFG PGP 8NKGU WPVGP -TGKU FCTKP FCU /ÒP\OGKUVGT\GKEJGP )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP CWH FGT $TWUV FCU 9CRRGP FGU )GUCOVJCWUGU WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU (D *GTKPGM 8QP ITÌVGT 5GNVGPJGKV DGMCPPVGU 'ZGORNCT .GKEJVGT &QRRGNUEJNCI XQT\ÒINKEJ

5852

5853

.GQRQNF + &WMCVGP 2TCI I /ÒP\OGKUVGT #PVQP XQP ,CPKPCNNK )GJCT PKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WOIGNGIVGO /CPVGN WPF FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP CWH FGT $TWUV FGT DÌJOKUEJG 5EJKNF WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO IQNFGPGP 8NKGU &KGVKMGT (D *CNCEMC 44 (CUUWPIUp WPF 6TCIGURWTGP UEJÌPpUGJT UEJÌP

5854

&WMCVGP 9KGP I .'121.&85 Û & Ù ) Ù Ú 41/ Ù +/2 Ù 5 Ù # Ù )'4 Ù *8 Ù $1 Ù 4': Û )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WOIGNGIVGO /CPVGN WPF FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU e #4%*+&8: e #856 e &8: e $84 e %1/ e 6;4 e )GMTÌPVGT &QRRGN CFNGT OKV 5EJYGTV WPF <GRVGT KP FGP (·PIGP CWH FGT $TWUV 9CRRGPUEJKNF WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU WPVGP -CTVWUEJG OKV FGO /ÒP\OGKUVGT\GKEJGP // /CVVJKCU /KVVGT OC[GT /ÒP\OGKUVGT KP 9KGP (D *GTKPGM 8QP ITÌVGT 5GNVGPJGKV 9CJTUEJGKPNKEJ DGMCPPVGU 'ZGORNCT -N 5EJTÌVNKPIUHGJNGT CO 4CPF HCUV XQT\ÒINKEJ *GTKPGM MCPPVG PWT FCU 'ZGORNCT FGU 9KGPGT /ÒP\MCDKPGVVU

108

5855

5856

5857

5858

&WMCV $TGUNCW I (D *GTKPGM

5GJT UEJÌPpXQT\ÒINKEJ

,QUGH + &WMCV -$ -TGOPKV\ I &GT IGMTÌPVG WPF IGJCTPKUEJVG -CKUGT UVGJV T OKV WOIGNGIVGO /CPVGN KP FGP *·PFGP <GRVGT WPF 4GKEJUCRHGN /CFQPPC OKV -KPF CWH /QPFUKEJGN (D *GTKPGM 8QP ITQGT 5GNVGPJGKV 5GJT UEJÌPpXQT\ÒINKEJ

-CTN 8+ &WMCV 0 $ 0CI[D±P[C I (D *GTKPGM 4 (CUV XQT\ÒINKEJ

/CTKC 6JGTGUKC )QNFOGFCKNNG \W &WMCVGP XQP # 9KFGOCPP CWH FKG WPICTKUEJG -TÌPWPI KP 2TGDWTI CO ,WPK $TWUVDKNF T &KG -CKUGTKP OKV 5EJYGTV KP FGT GTJQDGPGP 4GEJVGP TGKVGV PCEJ N KO *KPVGTITWPF FKG 5VCFVCPUKEJV XQP 2TGDWTI OO I 5NI /QPVGPWQXQ

XIN /KV \GKVIGPÌUUKUEJGO *GPMGN XQT\ÒINKEJ

&WMCV -$ -TGOPKV\ I '[RGNVCWGT (D

&WMCV #WUDGWVGRT·IWPI I &KG IGMTÌPVGP $TWUVDKNFGT XQP /CTKC 6JGTGUKC WPF (TCP\ + GKPCPFGT IGIGPÒDGT 5GEJU <GKNGP 5EJTKHV FCTWPVGT 5EJN·IG WPF 'KUGP IGMTGW\V (D /ÒUGNGT 5NI ,WNKWU 5NI /QPVGPWQXQ 4 2TCEJVGZGORNCT OKV HGKPGT )QNFRCVKPC (CUV 5VGORGNINCP\

&WMCV -$ -TGOPKV\ I '[RGNVCWGT (D

5860

5859

5861

-N -TCV\GT UGJT UEJÌP

8QT\ÒINKEJp5VGORGNINCP\

5863

5862

&WMCVGP 9KGP I / Û 6*'4'5+# & Û ) Û 4 Û +/2 Û )' Û *7 Û $1 Û 4') Û $TWUVDKNF T OKV &KCFGO #4%*+& Û #756 Û &7: Û $74) Û %1/ Û 6;4 Û Û )GMTÌPVGT &QRRGNCFNGT CWH FGT $TWUV IGMTÌPVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF WPVGP 9GTV\CJN 8 KP -NCOOGTP '[RGNVCWGT (D 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJ

&WMCVGP 9KGP I $TWUVDKNF T OKV &KCFGO )GMTÌPVGT &QRRGNCFNGT CWH FGT $TWUV IG MTÌPVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF WPVGP 9GTV\CJN 8 KP -NCOOGTP '[RGNVCWGT (D 8QP ITQGT 5GNVGPJGKV 5GJT UEJÌP XQT\ÒINKEJ 109

5865

5866

5864

5QWXGTCKP F QT $TÒUUGN I &GNO '[RGNVCWGT (D &WMCV * ) -CTNUDWTI I '[RGNVCWGT (D &WMCV -CTNUDWTI I '[RGNVCWGT C (D

5GJT UEJÌP 5GJT UEJÌPpXQT\ÒINKEJ 8QT\ÒINKEJ

5867 5869

5868

&WMCV -CTNUDWTI I '[RGNVCWGT (D (TCP\ + &WMCV 9KGP I (D *GTKPGM &WMCV $ + - -TGOPKV\ I (D *GTKPGM

5870

5871

5872

8QT\ÒINKEJp5VGORGNINCP\ (CUV UGJT UEJÌP (CUV XQT\ÒINKEJ

5873

5874

,QUGH ++ &WMCVGP ' * ) -CTNUDWTI I (D *GTKPGM &WMCV ' * ) -CTNUDWTI I (D *GTKPGM

&WMCVGP ' *) -CTNUDWTI HÒT 5KGDGPDÒTIGP I (D *GTKPGM 8QT\ÒINKEJp5VGORGNINCP\

&QRRKC . $ /CKNCPF I (D , <GEEJKPQ . $ /CKNCPF I (D ,

5875

5GJT UEJÌP (CUV XQT\ÒINKEJ

4 5GJT UEJÌP XQT\ÒINKEJ 44 9KP\ 4CPFHGJNGT HCUV XQT\ÒINKEJ

5876

1,5:1

&WMCVGP -TGOPKV\ I (D ,

5QXTCPQ QJPG /ÒP\\GKEJGP $TÒUUGN QFGT /CKNCPF I $ÒUVG T OKV .QTDGGTMTCP\ )GMTÌP VGU QXCNGU 9CRRGP FGT ÌUVGTTGKEJKUEJGP 0KGFGTNCPFG WOJGT FKG -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU FCJKPVGT #PFTGCUMTGW\ (D D , 44 8QT\ÒINKEJ

110

5EJÌPpUGJT UEJÌP

5877

5878

5879

&WMCVGP # 9KGP I (D , 5QXTCPQ / /CKNCPF I (D C ,

8QT\ÒINKEJ -N -TCV\GT UGJT UEJÌP

$GNIKUEJGT #WHUVCPF .KQP F QT $TÒUUGN I .ÌYG N OKV 5EJYGTV UVÒV\V UKEJ CWH GKPGP 5EJKNF CWH FGO .+ $'4 6#5 \W NGUGP KUV 5VTCJNGPFG 5QPPG WOJGT -TCP\ IGDKNFGV CWU FGP 9CRRGP FGT XGTGKPVGP 2TQXKP\GP (D , 4 8QT\ÒINKEJ

8QP FGP WTURTÒPINKEJ IGRT·IVGP 'ZGORNCTGP FKGUGU .KQP F QTU UKPF 5VÒEMG YKGFGT GKPIGUEJOQN\GP YQTFGP

5880

1,5:1

(TCP\ ++ &WMCVGP CWH UGKPG -TÌPWPI \WO TÌOKUEJGP -CKUGT KP (TCPMHWTV I &KG 5VCFVIÌVVKP (TCPEQHWTVKC OKV /CWGTMTQPG J·NV GKPGP -TCP\ ÒDGT -CKUGTMTQPG WPF 5EJYGTV CWH #NVCT -QRH XQP (TCP\ ++ T OKV .QTDGGTMTCP\ (ÌTUEJPGT (D , W ( 2TCEJVGZGORNCT 44 5VGORGNINCP\ &KGUG JQEJUGNVGPG -TÌPWPIUOÒP\G KUV KP (TCPMHWTV IGRT·IV YQTFGP

5882

5881

&WMCVGP # 9KGP I (GKPIQNF (D , 5EJN

.GKEJV DGCTDGKVGV UGJT UEJÌP

-#+5'44'+%* ¤56'44'+%*

(TCP\ + &WMCVGP # 9KGP I (GKPIQNF (D , 5EJN 5GJT UEJÌPpXQT\ÒINKEJ

111

5883

5884

&WMCV $ -TGOPKV\ I (GKPIQNF (D , 5EJN

)QNFOGFCKNNG \W &WMCVGP WPUKIPKGTV CWH UGKPG 8GTO·JNWPI OKV %CTQNKPC #WIWUVC 6QEJVGT /CZKOKNKCPU + ,QUGRJU XQP $C[GTP 5GEJU <GKNGP 5EJTKHV \YKUEJGP 2CNO\YGKIGP QDGP GKP 5VGTP <YGK (ÒNNJÌTPGT CWH IGHNÒIGNVGO 5EJNCPIGPUVCD OO I 5NI /QPVGPWQXQ FQTV KP 5KNDGT 9KVV 4 2TCEJVGZGORNCT 5VGORGNINCP\

5886

5887

5GJT UEJÌPpXQT\ÒINKEJ

5888

5885

&WMCVGP # 9KGP I (GKPIQNF (D , 5EJN 2TCEJVGZGORNCT 9KP\ -TCV\GT XQT\ÒINKEJp5VGORGNINCP\

5QXTCPQ / /CKNCPF I (GKPIQNF (D F , 5EJN

(GTFKPCPF + &WMCV ' -CTNUDWTI I (GKPIQNF (D , 5EJN 8QT\ÒINKEJp5VGORGNINCP\

5QXTCPQ / /CKNCPF I (GKPIQNF (D I , 5EJN

5GJT UEJÌP

8QT\ÒINKEJ

5889

5890

&WMCVGP # 9KGP I (GKPIQNF $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGIVGT -GVVG )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV <GRVGT WPF 4GKEJUCRHGN KP FGP (·PIGP CWH FGT $TWUV 9CRRGP WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU (D , 5EJN 8QT\ÒINKEJ

)QNFOGFCKNNG \W &WMCVGP XQP - .CPIG CWH FCU &GPMOCN HÒT -CKUGT (TCP\ + KP 9KGP -QRH FGU -CKUGTU T OKV .QTDGGTMTCP\ #PUKEJV FGU &GPMOCNU OO I 5NI *QTUM[ FQTV KP 5KNDGT 5NI ,WNKWU FQTV KP 5KNDGT 5NI /QPVGPWQXQ FQTV KP 5KNDGT 8QT\ÒINKEJ

112

1,5:1

5891

1,5:1

(TCP\ ,QUGH + 5QXTCPQ / /CKNCPF I (GKPIQNF -QRH T OKV .QTDGGTMTCP\ )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV <GRVGT WPF 4GKEJUCRHGN KP FGP (·PIGP CWH FGT $TWUV 9CRRGP WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU (D L FQTV WPVGT +VCNKGP , 5EJN 4 8QT\ÒINKEJ

5892

1,5:1

&WMCV 8 8GPGFKI I (GKPIQNF -QRH T OKV .QTDGGTMTCP\ )GMTÌPVGT &QRRGNCFNGT OKV 5EJYGTV <GRVGT WPF 4GKEJUCRHGN KP FGP (·PIGP CWH FGT $TWUV 9CRRGP WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU (D , 5EJN 44 8QT\ÒINKEJGU 2TCEJVGZGORNCT

ex 5894

5893

&WMCVGP # 9KGP I (GKPIQNF (D , C 5EJN (CUUWPIUURWTGP MNGKPG IGUVQRHVG .ÌEJGT HCUV XQT\ÒINKEJ

&WMCV 9KGP +PUIGUCOV I (GKPIQNF (D Z , Z 5EJN 5VÒEM 8QT\ÒINKEJp5VGORGNINCP\

5895

5896

&WMCVGP 9KGP I (GKPIQNF (D , 5EJN

5GJT UEJÌPpXQT\ÒINKEJ

)QNFOGFCKNNG \W &WMCVGP XQP # 5EJCTHH 2TGKUOGFCKNNG FGT 6JGTGUKCPKUEJGP #MCFGOKG $·TVK IGT -QRH OKV .QTDGGTMTCP\ T 8KGT <GKNGP 5EJTKHV WPF ,CJTGUCPICDG KP 2CNO\YGKIGP WOJGT GDGPHCNNU 5EJTKHV /KV 4CPFRWP\G # OO I 5GTHCU +P 1TKIKPCNGVWK /CVVKGTV OKP 4CPFHGJNGT HCUV 5VGORGNINCP\

113

5898

5897

&WMCVGP 9KGP I (GKPIQNF (D , 5EJN &WMCVGP 9KGP I (GKPIQNF (D , 5EJN

5899

5GJT UEJÌPpXQT\ÒINKEJ -TCV\GT UGJT UEJÌPpXQT\ÒINKEJ

5900

-TQPGP -$ -TGOPKV\ CWH FCU L·JTKIG -TÌPWPIULWDKN·WO CNU -ÌPKI XQP 7PICTP I (GKPIQNF (D , 5EJN 8QT\ÒINKEJ

-TQPGP -$ -TGOPKV\ 1HHK\KGNNG 0CEJRT·IWPI I (GKPIQNF (D 4 , \W 5EJN (CUV 5VGORGNINCP\

5901

5902

-TQPGP 9KGP CWH UGKP L·JTKIGU 4GIKGTWPIULWDKN·WO I (GKPIQNF (D , 5EJN 8QT\ÒINKEJ

5903

5905

5904

-TQPGP 9KGP CWH UGKP L·JTKIGU 4GIKGTWPIULWDKN·WO I (GKPIQNF (D , 5EJN 8QT\ÒINKEJ

-TQPGP 9KGP I (GKPIQNF (D , 5EJN 0WT 'ZGORNCTG IGRT·IV 9KP\ -TCV\GT XQT\ÒINKEJ

-TQPGP 9KGP I (GKPIQNF (D , 5EJN

114

4 8QT\ÒINKEJ

5906

5907

5908

-TQPGP 9KGP I (GKPIQNF (D , 5EJN 2TCEJVGZGORNCT XQP RQNKGTVGP 5VGORGNP (CUV 5VGORGNINCP\

-TQPGP 9KGP I (GKPIQNF (D , 5EJN 0WT 'ZGORNCTG IGRT·IV 9KP\ -TCV\GT HCUV XQT\ÒINKEJ

-TQPGP 9KGP I (GKPIQNF (D , 5EJN 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

.QV -TQPGP Z -TQPGP Z /ÒP\UV·VVG -TGOPKV\ +PUIGUCOV I (GKPIQNF 5VÒEM 5GJT UEJÌPpXQT\ÒINKEJ

.QV (TCPMGP (QTKPV /ÒP\UV·VVG -TGOPKV\ -TQPGP /ÒP\UV·VVG 9KGP -TQPGP Z /ÒP\UV·VVG 9KGP +PUIGUCOV I (GKPIQNF 5VÒEM 5GJT UEJÌPpXQT\ÒINKEJ

5912

5911

5914

4'27$.+- ¤56'44'+%*

4GRWDNKM -TQPGP 9KGP I (GKPIQNF )GMTÌPVGT #FNGT FGP -QRH PCEJ N IGYCPFV KP FGP (·PIGP FKG 5[ODQNG FGU $CWGTP WPF #TDGKVGTUVCPFGU CWH FGT $TWUV .CPFGUYCRRGP 9GTV KP .QTDGGTMTCP\ (D , 5EJN 44 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJp5VGORGNINCP\

5EJKNNKPI 9KGP I (GKPIQNF (D , 5EJN 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

5EJKNNKPI 9KGP I (GKPIQNF (D Z , Z 5EJN Z 5VÒEM /KP 4CPFHGJNGT Z XQT\ÒINKEJp5VGORGNINCP\

5EJKNNKPI 9KGP I (GKPIQNF (D , 5EJN 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

115

5915

5916

5917

5EJKNNKPI 9KGP I (GKPIQNF (D , 5EJN 5GNVGPGT ,CJTICPI 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

5EJKNNKPI 9KGP I (GKPIQNF (D , 5EJN 5GNVGPGT ,CJTICPI 8QT\ÒINKEJp5VGORGNINCP\

5EJKNNKPI 9KGP /CFQPPC XQP /CTKC\GNN I (GKPIQNF (D , 5EJN 5GJT UGNVGPGT ,CJTICPI (CUV 5VGORGNINCP\

5918

1,5:1

5EJKNNKPI 9KGP 5V .GQRQNF I (GKPIQNF (D , 5EJN

8QT\ÒINKEJ

5919

&+' )'+56.+%*-'+6 +0 &'0 *#$5$74)+5%*'0 '4$.#0&'0 1./ª6< $+567/

116

-CTN ++ XQP .KGEJVGPUVGKP &WMCVGP I Ú %#41.Æ & Ù ) Û '285 Û 1.1/8%'05+5 Û &8: Û 5 Û 4 Û + Û 2%'25 Û $TWUVDKNF T KO IGKUVNKEJGP 1TPCV r 4') Ù %#2 Ù $1*' Ù '6 Û &' /ÒP\\GKEJGP KP -NCOOGTP .+'%*6'056#+0 %1 / /KV /KVTC WPF (ÒTUVGPJWV DGNGIVGU 9CRRGP FCJKPVGT -TWOOUVCD WPF 5EJYGTV IGMTGW\V (D 5WEJQOGN 8KFGOCP 4 (CUV XQT\ÒINKEJ

5920 1,5:1

1,5:1

&#5 (ª456'067/ 5+'$'0$ª4)'0

5KIKUOWPF $CVJQT[ &WMCV *GTOCPPUVCFV I 5V .CFKUNCWU KO *CTPKUEJ WPF OKV -TQPG UVGJV X X KP FGT 4GEJVGP *GNNGDCTFG KP FGT .KPMGP 4GKEJUCRHGN \W FGP 5GKVGP /CFQPPC OKV -KPF UKV\V X X CWH /QPFUKEJGN (D 4GUEJ 8QT\ÒINKEJGU 2TCEJVGZGORNCT

5922

5921 1,5:1

&WMCV ,CJTGU\CJN KO 5VGORGN CWU IG·PFGTV 0$ 0CI[D±P[C I (D 4GUEJ 2T·IGUEJY·EJG HCUV XQT\ÒINKEJ

)GQTI 4CMQE\K + &WMCV #+ 9GKUUGPDWTI I )GJCTPKUEJVGU $TWUVDKNF T OKV 2GN\OÒV\G OKV FGT 4GEJVGP FCU <GRVGT UEJWNVGTPF FKG .KPMG CO 5EJYGTVITKHH &GT IGMTÌPVG 4CEMQE\K UEJG #FNGT OKV CWUIGDTGKVGVGP (NÒIGNP WPF 5·DGN KP FGT TGEJVGP -NCWG UVGJV N CWH .GKUVG \W FGP 5GKVGP # + WPVGP \W FGP 5GKVGP FGT N -NCWG #38 +.# FCTWPVGT UKGDGP CPGKPCPFGTIGTGKJVG $WT IGP WPF -TGW\ \YKUEJGP \YGK 2WPMVGP (D 4GUEJ 8QT\ÒINKEJGU 2TCEJVGZGORNCT

ex 5923

)1.&/ª0<'0.165 *#$5$74)

)QNFOGFCKNNG CWH /CTKC XQP $WTIWPF Z $TWUVDKNF OKV 5RKV\GPJCWDG N \W FGP 5GKVGP '6# 6+5 Û 0GWP 9CRRGPUEJKNFG FCTÒDGT ,CJTGU\CJN /KV 4CPFITCXWT $4+:.'))'4 #75$'76' IGMTGW\VG *·OOGT $4+:.'))'4 5VGORGN #75$'76' IGMTGW\VG *·OOGT OO WPF OO I WPF I )QNFOGFCKNNG CWH /CZKOKNKCP + Z $TWUVDKNF T OKV .QTDGGTMTCP\ \W FGP 5GKVGP '6# 6+5 Û Û 0GWP 9CRRGPUEJKNFG FCTÒDGT FKG ,CJTGU\CJNGP /KV 4CPFITCXWT $4+:.'))'4 #75$'76' IGMTGW\VG *·OOGT $4+:.'))'4

5VGORGN #75$'76' IGMTGW\VG *·OOGT OO WPF OO I WPF I )QNFOGFCKNNG CWH .GQRQNF + $TWUVDKNF T OKV .QTDGGTMTCP\ )GMTÌPVGT #FNGT OKV 'JTGPMTCP\ QDGP FKG ,CJTGU\CJNGP /KV 4CPFITCXWT $4+:.'))'4 #75$'76' IGMTGW\VG *·OOGT 5VGORGN $4+:.'))'4 #75$'76' IGMTGW\VG *·OOGT OO I -NGKPG )QNFOG FCKNNG Q , CWH /CTKC 6JGTGUKC $TWUVDKNF N )GMTÌPVGT &QRRGNCFNGT OKV 9CRRGPUEJKNF CWH FGT $TWUV WPVGP OKV 5VGORGN OO I +PUIGUCOV I (GKPIQNF 5VÒEM /GKUV XQT\ÒINKEJ

,QUGH ++ 5QWXGTCKP F QT ( *CNN HÒT FKG 0KGFGTNCPFG (D (TCP\ ,QUGH + )WNFGP (TCPMGP 1HHK\KGNNG 0GWRT·IWPI (D 4 Z -TQPGP 1HHK\KGNNG 0GWRT·IWPI (D 4 +PUIGUCOV I (GKPIQNF 5VÒEM (CUUWPIUURWTGP Z UQPUV XQT\ÒINKEJ

117

&'765%*' )1.&/ª0<'0 70& /'&#+..'0

5925

5925 1,5:1

#0*#.6 #0*#.6 $'40$74) (ª456'067/ 5'+6 *'4<1)67/

#NGZKWU (TKGFTKEJ %JTKUVKCP &WMCV #WUDGWVG FGT CPJCNVKUEJGP )TWDGP I &KXQ 5 (D 5EJN 44 0WT 'ZGORNCTG IGRT·IV 5GJT UEJÌPpXQT\ÒINKEJ

5927

5926

5928

5929

#7)5$74)

56#&6

)QNFIWNFGP Q , OKV 6KVGN -CTNU 8 I (QTUVGT XCT (D

&WMCV OKV 6KVGN (GTFKPCPFU +++ I (QTUVGT (D

5GJT UEJÌP

/KP IGYGNNV XQT\ÒINKEJGU 'ZGORNCT

&WMCV OKV 6KVGN (GTFKPCPFU +++ I (QTUVGT (D

<CKPGPFG XQT\ÒINKEJ

&WMCV CWH FKG ,CJTHGKGT FGT ªDGTICDG FGT #WIUDWTIGT -QPHGUUKQP I (QTUVGT (D 5NI 9JKVKPI 4 (CUV XQT\ÒINKEJ

5930

1,5:1

118

1,5:1

&WMCV OKV 6KVGN -CTNU 8+ I 5VCFVR[T \YKUEJGP FGP (NWIÌVVGTP .GEJ WPF 9GTVCEJ )GJCT PKUEJVGU $TWUVDKNF -CTNU 8+ T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO /CPVGN 8CTKCPVG OKV YGKDNKEJ FCTIG UVGNNVGT 9GTVCEJ (QTUVGT (D 8QT\ÒINKEJGU 2TCEJVGZGORNCT

5931

5932

5933

5934

$#&'0 $#&'0 &74.#%* /#4-)4#(5%*#(6 5'+6 -74(ª456'067/ 5'+6 )4155*'4<1)67/

-CTN .GQRQNF (TKGFTKEJ &WMCV 4JGKPIQNF I &KXQ 5 (D 5EJN 8QT\ÒINKEJ 5GKV RT·IVG $CFGP 4JGKPIQNFFWMCVGP INGKEJDNGKDGPFGP 6[RU \W -CTCV )T·P HGKP &KGU GPVURTCEJ PKEJV FGO IGUGV\NKEJGP (GKPIGJCNV XQP HÒT &WMCVGP FCJGT YWTFGP FKG 5VÒEMG UEJYGTGT CWUIGDTCEJV UQ FC FGT 9GTV PQTOCNGP &WMCVGP GPVURTCEJ

$#;'40 *'4<1)67/ 5'+6 -74(ª456'067/ 5'+6 -¤0+)4'+%*

-CTN #NDGTV -CTQNKP /ÒPEJGP I (D *CJP

5GJT UEJÌP

/CZKOKNKCP +++ ,QUGRJ &WMCV /ÒPEJGP I (D *CJP 9KVV 4 8QT\ÒINKEJ

/CZKOKNKCP + +8 ,QUGRJ )QNFIWNFGP Q , 0GWLCJTUIQNFIWNFGP 2T·UGPV FGT 5VCFV 9ÒT\DWTI I &KXQ 5 FQTV WPVGT 9ÒT\DWTI (D 5EJN FQTV WPVGT 9ÒT\DWTI 9KP\ 5EJTÌVNKPIUHGJNGT XQT\ÒINKEJ &KG 5VCFV 9ÒT\DWTI YCT UGKV FGO ,CJTJWPFGTV XGTRHNKEJVGV KJTGO LGYGKNKIGP .CPFGUJGTTGP CNU *GT\QI XQP (TCP MGP GKPG <CJNWPI XQP )QNFIWNFGP \WO 0GWLCJT GKPGU LGFGP ,CJTGU \W NGKUVGP XGTOWVNKEJ KP #DNÌUWPI GKPGT CNVGP 0CVWTCNCDICDG #WEJ PCEJFGO 9ÒT\DWTI CP $C[GTP IGHCNNGP YCT YWTFG FKGUGT $TCWEJ DGKDGJCNVGP

5935

5936

5937

5938

&WMCV I &KXQ 5 (D 5EJN

8QT\ÒINKEJ

.WFYKI + &WMCV &QPCWIQNF I -QRH T &GT (NWIQVV NCIGTV PCEJ N OKV FGO TGEJVGP #TO CWH GKPG 9CUUGTWTPG IGNGJPV FGT NKPMG #TO NKGIV CWH FGO DC[GTKUEJGP 9CRRGP PGDGP UGKPGP (ÒGP 5EJKNH /KV NCVGKPKUEJGT .GIGPFG CWH FGT 8QTFGTUGKVG &KXQ 5 (D 5EJN 44 8QT\ÒINKEJ &KG 4ÒEMUGKVGPFCTUVGNNWPI FKGUGU &WMCVGP KUV CWU FGO ,CJTJWPFGTV ÒDGTPQOOGP YQTFGP 5KG NGJPV UKEJ CP TÌOK UEJG 8QTDKNFGT CP

&WMCV 4JGKPIQNF I -QRH T 4JGKPNCPFUEJCHV OKV 6GKNCPUKEJV FGT 5VCFV 5RG[GT WPF FGO &QO CO TGEJVGP 4JGKPWHGT GKP 5EJKHH &KXQ 5 (D 5EJN 8QT\ÒINKEJ 9·JTGPF CWH FGP PQTOCNGP &WMCVGP N·PIUV \WT FGWVUEJGP 6KVWNCVWT ÒDGTIGICPIGP YQTFGP YCT DGJKGNV $C[GTP DGK FGP 4JGKPIQNFFWMCVGP DKU \WO 5EJNW FGT 2T·IWPI FKG NCVGKPKUEJG 5EJTGKDYGKUG DGK

/CZKOKNKCP ++ &WMCV 4JGKPIQNF I -QRH T 4JGKPNCPFUEJCHV OKV 6GKNCPUKEJV FGT 5VCFV 5RG[GT WPF FGO &QO CO TGEJVGP 4JGKPWHGT GKP 5EJKHH &KXQ 5 (D 5EJN %C 'ZGORNCTG IGRT·IV 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI (CUV 5VGORGNINCP\

119

5939

$4#0&'0$74) +0 (4#0-'0 $4#0&'0$74) $#;4'76* /#4-)4#(5%*#(6

%JTKUVKCP &WMCV ,CJTGU\CJN KO 5VGORGN CWU IG·PFGTV 0ÒTPDGTI I (D 5NI 9KNO 'VYCU WPTGIGNO·KIGT 5EJTÌVNKPI NGKEJV IGYGNNV XQT\ÒINKEJ

5940 1,5:1

1,5:1

$4#0&'0$74) 24'755'0 $4#0&'0$74) /#4-)4#(5%*#(6 5'+6 &'/ ,#*4*70&'46 -74(ª456'067/

)GQTI 9KNJGNO &WMCV -ÌPKIUDGTI I $TWUVDKNF T KO -WTQTPCV WPF OKV -WTJWV -WTJWV ÒDGT XKGTHGNFKIGO 9CRRGP OKV /KVVGNUEJKNF \W FGP 5GKVGP FKG IGVGKNVG ,CJTGU\CJN CO 'PFG FGT 4ÒEMUGKVGPWOUEJTKHV FCU 9CTFGKP\GKEJGP -TGW\ ÒDGT *GT\ 'TPUV 2HCJNGT 9CTFGKP KP -ÌPKIUDGTI (D /CTKGPD 1NF C 8QP ITQGT 5GNVGPJGKV 5GJT CVVTCMVKXGU 'ZGORNCT OKP IGYGNNV XQT\ÒINKEJ

5941

5941 1,5:1

(TKGFTKEJ 9KNJGNO FGT )TQG -WTHÒTUV &WMCVGP Q , -ÌPKIUDGTI 5VGO RGNUEJPGKFGT 0QCJ $TGVVUEJPGKFGT WPF /ÒP\OGKUVGT &CPKGN -QEJ I &GT -WTHÒTUV KO -WTQTPCV TGKVGV T KP FGT 4GEJVGP <GRVGT JCNVGPF 'KPG XQP QDGP IGUGJGPG IGÌHHPGVG 4QUGPDNÒVG DGNGIV OKV FGO -WTUEJKNF WOJGT 9CRRGPUEJKNFG FGT DTCPFGPDWTIKUEJGP $GUKV\WPIGP (D X 5EJT D 44 5GJT UEJÌP

5942

120

&WMCVGP #$ $GTNKP I &GT IGJCTPKUEJVG -WTHÒTUV UVGJV HCUV X X CWH IGV·HGNVGO $QFGP OKV FGT 4GEJVGP FCU <GRVGT UEJWNVGTPF FKG .KPMG CWH GKPGP 6KUEJ IGNGIV FCTCWH *GNO N 5·WNG WPF 8QTJCPI HGNFKIGU 9CRRGP OKV /KVVGNUEJKNF QDGP FKG ,CJTGU\CJN \W FGP 5GKVGP FGU 9CRRGPU FCU /ÒP\OGK UVGT\GKEJGP # $ #PFTGCU $GTNKP /ÒP\OGKUVGT KP $GTNKP (D X 5EJT 44 .GKEJV IGYGNNV UGJT UEJÌPpXQT\ÒINKEJ

5943

1,5:1

24'755'0 -¤0+)4'+%*

(TKGFTKEJ + &WMCV *(* /CIFGDWTI CWH FKG *QEJ\GKV FGU -TQPRTKP\GP (TKGFTKEJ 9KNJGNO UR·VGT -ÌPKI (TKGFTKEJ 9KNJGNO + OKV 5QRJKG &QTQVJGC 2TKP\GUUKP XQP *CPPQXGT I $GKFGT $TWUVDKNFGT PGDGPGKPCPFGT N #EJV <GKNGP 5EJTKHV FCTÒDGT -TGW\ \YKUEJGP \YGK 4QUGVVGP (D X 5EJT 44 8QT\ÒINKEJ 5QRJKG &QTQVJGC KP *CPPQXGT YCT FKG 6QEJVGT FGU -WTHÒTUVGP )GQTI .WFYKI XQP $TCWPUEJYGKI %CNGPDGTI *CPPQXGT WPF FGUUGP )GOCJNKP 5QRJKG &QTQVJGC #O ,WPK MCO (TKGFTKEJ + CNU $TCWVYGTDGT HÒT UGKPGP 5QJP (TKGFTKEJ 9KNJGNO RGTUÌPNKEJ PCEJ *CPPQXGT #O ,WPK YWTFG FCPP FKG 8GTNQDWPI KP HGUVNKEJGT (QTO XGT MÒPFGV WPF IGHGKGTV 5QRJKG &QTQVJGC UVCTD CO ,WPK KO 5EJNQ /QPDKLQW KP $GTNKP WPF YWTFG KO $GTNKPGT &QO DGKIGUGV\V

5944

5946

5945

(TKGFTKEJ 9KNJGNO + FGT 5QNFCVGPMÌPKI &WMCV ')0 $GTNKP I (D X 5EJT 9KP\ 2TQDKGTURWT CO 4CPF NGKEJV IGYGNNV UGJT UEJÌP

&WMCV ')0 $GTNKP I (D X 5EJT

(TKGFTKEJ ++ FGT )TQG (TKGFTKEJU F QT ')0 $GTNKP I )GJCTPKUEJVGU $TWUV DKNF T OKV WOIGNGIVGO *GTOGNKPOCPVGN #FNGT \YKUEJGP #TOCVWTGP QDGP -TQPG KO #DUEJPKVV ' Ü ) Ü 0 Ü (D 1NF D 5NI *GPEMGN 5NI -KNNKUEJ X 5EJT 44 8QTFGTp WPF 4ÒEMUGKVG ÒDGTCTDGKVGV UGJT UEJÌP

(CUV XQT\ÒINKEJ

&GT ,CJTICPI KUV ·WGTUV UGNVGP

5948

5947

5949

5947

&QRRGNVGT (TKGFTKEJU F QT # $GTNKP I -QRH T OKV .QTDGGTMTCP\ )GMTÌPVGT #FNGT CWH #TOCVWTGP (D 1NF X 5EJT 4 5GJT UEJÌPpXQT\ÒINKEJ

(TKGFTKEJU F QT # $GTNKP I -QRH T OKV .QTDGGTMTCP\ )GMTÌPVGT #FNGT CWH #TOCVWTGP (D 1NF X 5EJT 8QT\ÒINKEJ

(TKGFTKEJU F QT # $GTNKP I (D 1NF X 5EJT 9KP\ -TCV\GT WPF 4CPFHGJNGT UGJT UEJÌP

121

5950 5952

5951

(TKGFTKEJ 9KNJGNO ++ &WMCV # $GTNKP *CPFGNUOÒP\G I (D , 5GJT UEJÌPpXQT\ÒINKEJ &KG QHHK\KGNNGP )QNFOÒP\GP 2TGWGPU YCTGP FKG 2KUVQNGP (TKGFTKEJU F QT \W 6CNGTP +P XKGNGP 6GKNGP 'WTQRCU

PQTFFGWVUEJG -ÒUVGPN·PFGT 5ÒFFGWVUEJNCPF 0KGFGTNCPFG WPF 1UVGWTQRC YCT LGFQEJ FGT &WMCV FKG I·PIKIG )QNF OÒP\G &GT *CPFGN OKV FKGUGP .·PFGTP HÒJTVG FCJGT \WT #WURT·IWPI XQP &WMCVGP

(TKGFTKEJ 9KNJGNO +++ (TKGFTKEJU F QT # $GTNKP I (D , 9KP\ 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

(TKGFTKEJU F QT # I &KXQ 5 (D 5EJN -N 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

5953

5954

5955

(TKGFTKEJU F QT # I &KXQ 5 (D 5EJN (TKGFTKEJU F QT # I &KXQ 5 (D 5EJN

5GJT UEJÌPpXQT\ÒINKEJ 5GJT UEJÌP

&QRRGNVGT (TKGFTKEJU F QT # I &KXQ 5 (D 5EJN 5GJT UGNVGPGT ,CJTICPI (CUV XQT\ÒINKEJ

5956

5957

)QNFOGFCKNNG \W &WMCVGP Q , XQP & ( QFGT ( 9 .QQU CWH FKG 'JG $CTQEMGT (KPIGTTKPI CWH FGUUGP 2NCVVG \YGK KPGKPCPFGT XGTUEJNWPIGPG *·PFG \W UGJGP UKPF QDGP UVTCJNGPFGT 0COG ,GJQXCU -TGW\ XQP 4QUGP WOYWPFGP OO I /CTKGPD 5NI )QRRGN XIN XQP 2 * /ÒNNGT 5QOOGT 8QP ITQGT 5GNVGPJGKV /KP IGYGNNV XQT\ÒINKEJGU 'ZGORNCT

9KNJGNO ++ )QNFOGFCKNNG \W &WMCVGP Q , XQP 1 5EJWNV\ WPF % 2HGWHHGT )TQG 5VCCVURTGKUOGFCKNNG HÒT -WPUV $TWUVDKNF N KP 7PKHQTO OKV WOIGNGIVGO /CPVGN #NVGU /WUGWO FCT ÒDGT *GNKQU OKV 5QPPGPYCIGP WPVGT FGO )GD·WFG .[TC \YKUEJGP \YGK )TGKHGP OO I *ÒUMGP 44 /KP -TCV\GT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT &KG 8QTFGTUGKVG FKGUGT /GFCKNNG YWTFG XQP *GKP\ *QHHOGKUVGT OQFGNNKGTV

122

5959

5960

5958

$4#705%*9'+) 70& .ª0'$74) $4#705%*9'+) 91.('0$ª66'. (ª456'067/

#WIWUV FGT ,ÒPIGTG &WMCV )QUNCT QFGT <GNNGTHGNF I (D 9GNVGT 4 .GKEJVG (CUUWPIUURWTGP UGJT UEJÌP

.WFYKI 4WFQNH UGKV KP $NCPMGPDWTI &WMCV $TCWPUEJYGKI I (D 9GNVGT 8QT\ÒINKEJ

&WMCV $TCWPUEJYGKI )QNFCDUEJNCI XQP FGP 5VGORGNP FGU 2HGPPKIU I 9GNVGT 8QT\ÒINKEJ

5961

5962

5963

5964

-CTN + 6CNGT $TCWPUEJYGKI I (D 9GNVGT

6CNGT $TCWPUEJYGKI I )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN 4Q N (D 9GNVGT 8QT\ÒINKEJGU 'ZGORNCT OKV UEJÌPGT )QNFVÌPWPI

-CTN 9KNJGNO (GTFKPCPF 6CNGT $TCWPUEJYGKI I (D 9GNVGT 5GJT UEJÌPpXQT\ÒINKEJ

6CNGT /% I &KXQ 5 (D 5EJN 5GJT UGNVGPGT ,CJTICPI 5GJT UEJÌPpXQT\ÒINKEJ

1,5:1

(CUV UGJT UEJÌP

5965 1,5:1

(TKGFTKEJ 9KNJGNO 6CNGT (4 I &KXQ 5 (D 5EJN 44 8QT\ÒINKEJ

5966

9KNJGNO 6CNGT %X% I &KXQ 5 (D 5EJN 2TCEJVGZGORNCT XQP HGKPUVGT 'TJCNVWPI /KP LWUVKGTV 5VGORGNINCP\

123

5967

5969

5968

$4#705%*9'+) %#.'0$'4) *#0018'4 #$ -74(ª456'067/ *#0018'4 #$ -¤0+)4'+%* *#0018'4

)GQTI ++ )QNFIWNFGP 6CNGT *CPPQXGT I (D 9GNVGT 8QT\ÒINKEJ

'TPUV #WIWUV 6CNGT $ I &KXQ 5 (D 5EJN 5GJT UEJÌPpXQT\ÒINKEJ

)GQTI 8 6CNGT $ *CT\IQNF I &KXQ 5 (D 5EJN

8QT\ÒINKEJ

5972 5971

5970

6CNGT $ I &KXQ 5 (D 5EJN 8GTGKPUMTQPG $ I &KXQ 5 (D 5EJN

8GTGKPUMTQPG $ I &KXQ 5 (D \W 5EJN 4 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

1,5:1

56#&6

5973

8QT\ÒINKEJ 8QT\ÒINKEJ

1,5:1

$4'/'0

&WMCV OKV 6KVGN -CTNU 8+ I )GMTÌPVGU 9CRRGP XQP \YGK .ÌYGP IGJCNVGP )GMTÌPVGT &QRRGNCFNGT (D ,WPIM 44 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

5974

56#&6

124

$4'5.#7

)QNFOGFCKNNG \W &WMCVGP Q , XQP , $WEJJGKO CWH FKG .KGDG WPF FKG 'JG 'KP UKEJ MÒUUGPFGU 2CCT KP .QTDGGT\YGKIGP <YGK UEJP·DGNPFG 6CWDGP CWH GKPGO <YGKI OO I ( W 5 FQTV KP 5KNDGT 5NI )QRRGN FQTV KP 5KNDGT 44 *GPMGNURWT MN 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

5975

&'765%*'4 14&'0 &'765%*'4 14&'0 +0 /'4)'06*'+/

'T\JGT\QI /CZKOKNKCP XQP ¤UVGTTGKEJ &WMCVGP *CNN I /#: Ù & ) Ù #4%* Ù #856 Ù &8: Ù $84 Ù /#) Ù 2485 Ù #& Ù &GT *QEJOGKUVGT UVGJV X X KP XQNNGT 4Ò UVWPI OKV FGT 4GEJVGP FCU 5EJYGTV JCNVGPF N $KPFGPUEJKNF OKV .ÌYG T 6WTPKGTJGNO OKV 2HCWGPURKG IGN WPVGP \W FGP 5GKVGP FCU /ÒP\OGKUVGT\GKEJGP ß % ¤ ß %JTKUVQH ¤TDGT /ÒP\OGKUVGT UGKV 6WTPKGTTGKVGT T FCTWPVGT 1TFGPUYCRRGP FCTÒDGT \W FGP 5GKVGP WOJGT MNGKPG 9CRRGP UEJKNFG (D H / 6 XIN 0GWOCPP C 8QP ITÌVGT 5GNVGPJGKV /KP $GCTDGKVWPIUURWTGP XQT\ÒINKEJGU 'ZGORNCT

5978 5976

5977

4'+%*5/ª0<56 66'

(4#0-(746

5KIKUOWPF XQP .WZGODWTI -ÌPKI /ÒP\UV·VVGPR·EJVGT ,CMQD 2TQINKP )QNFIWNFGP Q ,

I (D , W ( .GKEJV IGTGKPKIV UGJT UEJÌP

/CZKOKNKCP + XQP ¤UVGTTGKEJ -ÌPKI 2HCPFKPJCDGT 'DGTJCTF +8 XQP 'RRUVGKP -ÌPKI UVGKP /ÒP\GPDGTI )QNFIWNFGP I (D , W ( 9KP\ 5EJTÌVNKPIUTK OKP IGYGNNV UGJT UEJÌP

56#&6

&WMCV Q , CWH FKG -CKUGTMTÌPWPI -CTNU 8+ I (ÌTUEJPGT (D , W ( C 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJp5VGORGNINCP\

5979

#$6'+ 5'+6 $+567/

5980

(7.&#

*GKPTKEJ 8+++ XQP $KDTC &WMCV I $WEJQPKC (D 4 .GKEJV IGYGNNV UGJT UEJÌP

56#&6

*#/$74)

)QNFIWNFGP Q , XQP )GNFGTP #TPQNF XQP 'IOQPV OKV )GIGPUVGORGN XQP *CODWTI CWH FGT 8QTFGTUGKVG 0GUUGNDNCVV I &GNO 4 (D -TWU[ * 5GJT UEJÌP

125

5981

$CPMRQTVWICNÌUGT \W &WMCVGP XQP , 4GVGEMG CWH FGP 2KPPGDGTIKUEJGP +PVGTKOU 4G\G XQO 0QXGODGT $GTIYGTMUFCTUVGNNWPI \YKUEJGP \YGK #NVCTU·WNGP CWH FGT NKPMGP 5·WNG FGT 0COG )QVVGU CWH UVTCJNGPFGO *GT\ CWH FGT TGEJVGP *GT\ OKV -QRH WPF /COOQP <YKUEJGP /GTMWT WPF 0GRVWP GKP 6KUEJ OKV -CWHOCPPUWVGPUKNKGP FCTWPVGT FCU *CODWTIGT 9CRRGP \YKUEJGP )GNFVTWJG )GNF U·EMEJGP WPF 5KNDGTIGUEJKTT I )CGF XIN ++ CNU &WMCVGP )GUEJKEJVG KP )QNF 8QP ITÌVGT 5GNVGPJGKV YCJTUEJGKPNKEJ KP )QNF PWT FKGUGU 'ZGORNCT DGMCPPV 8QT\ÒINKEJGU 'ZGORNCT

5982

)QNFOGFCKNNG \W &WMCVGP Q , XQP , 4GVGEMG )NWEMJGPPGPOGFCKNNG )NWEMJGPPG OKV -ÒMGP WPVGT GKPGO (GKIGPDCWO FGT XQP 9GKPTGDGP WOTCPMV KUV 2GTUQPKHK\KGTVG )GTGEJVKIMGKV OKV 5EJYGTV 9CCIG WPF 2CNO\YGKI WPF RGTUQPKHK\KGTVGT (NGK OKV $KGPGPMQTD UVGJGP CP #NVCT CWH FGO GKP CWHIGUEJNCIGPGU $WEJ NKGIV QDGP )QVVGUPCOG KP UVTCJNGPFGO 2GTNMTGKU OO I )CGF )GUEJKEJVG KP )QNF NGKEJV XCT 44 -N 4CPFHGJNGT XQT\ÒINKEJ

5984

5983

$CPMRQTVWICNÌUGT \W &WMCVGP CWH FKG ,CJTHGKGT FGT ªDGTICDG FGT #WIUDWTIGT -QPHGUUKQP #FNGT UEJÒV\V #NVCT OKV FGO 5VCFVYCRRGP WPF XKGT $ÒTIGTOGKUVGTYCRRGP XQT UVTCJNGPFGT 5QPPG 5KV\GPFG *COOQPKC OKV $WEJ WPF (TGKJGKVUUVCD I )CGF +++ XCT )GUEJKEJVG KP )QNF 5NI 9JKVKPI 8QT\ÒINKEJ

$CPMRQTVWICNÌUGT \W &WMCVGP XQP 2 * )ÌFGEMG CWH FKG ,CJTHGKGT FGT #WIUDWTIGT -QPHGUUKQP $TWUVDKNF .WVJGTU T 'KP 6KUEJ OKV $KDGN -GT\G WPF -QPHGUUKQP I )CGF +++ )GUEJKEJVG KP )QNF 5NI 9JKVKPI 9KP\ &TWEMUVGNNG XQT\ÒINKEJ

126

5985

$CPMRQTVWICNÌUGT \W &WMCVGP Q , XQP 2 * )ÌFGEMG CWH FKG )GDWTV XQP ,QUGH ++ GTUVGT 5QJP /CTKC 6JGTGUKCU -CKUGTKP XQP ¤UVGTTGKEJ CO /·T\ /#4+# Ü 6*'4 Û & ) Û 4') Û *80) Û $1* Û #4 %*& XGTDWPFGP Ù #856 Û )GMTÌPVGU $TWUVDKNF T OKV VKGHGO &GMQNNGV¾ CO #TOCDUEJPKVV FKG /GFCKNNGWTUUKIPCVWT 2 Û * Û ) Û 2CWN *GKPTKEJ )ÌFGEMG 5VGORGNUEJPGKFGT KP *CODWTI '+0 0'7'4 56#/ Ü &74%* +*4' (.#/ 'KP CWU 9QNMGP MQOOGPFGT #TO GPV\ÒPFGV OKV GKPGT (CEMGN GKPG .CORG FKG CWH GKPGO 2QUVCOGPV OKV FGO ÌUVGTTGKEJKUEJGP 5EJKNF UVGJV FCPGDGP GKP XGTFQTTVGT $CWOUVWORH CWU FGO GKP PGWGT 6TKGD Y·EJUV KO #DUEJPKVV FCU /GFCKN NGWTU\GKEJGP 2 Ü * Ü ) Ü OO I )CGF ++ 5 )GUEJKEJVG KP )QNF 'KP\KIGU DGMCPPVGU 'ZGORNCT 8QT\ÒINKEJ

5986 5987

5987

&WMCV OKV 6KVGN XQP (TCP\ + I (D )CGF

$CPMRQTVWICNÌUGT \W &WMCVGP WPUKIPKGTV #FOKTCNKV·VU 2QTVWICNÌUGT CWH FCU PGWG ,CJTJWPFGTV 5CVWTP OKV 5GPUG WPF 5EJNCPIGPTKPI KP FGT .KPMGP J·NV OKV FGT 4GEJVGP GKPGP -TCP\ ÒDGT GKPGP 5EJKNF FGT CP GKPGT 5·WNG J·PIV FKG OKV FKXGTUGP 5EJKHHUUEJP·DGNP DGUVGEMV KUV T CO $QFGP (ÒNNJQTP 4WFGT 5EJNCPIGPUVCD WPF IGHNÒIGNVGT *WV #EJV <GKNGP 5EJTKHV KP 'KEJGP WPF 2CNOMTCP\ OO I )CGF )GUEJKEJVG KP )QNF 2TCEJVGZGORNCT 5VGORGNINCP\

5988

8QT\ÒINKEJ

5989

&WMCV I &KXQ 5 (D 5EJN &WMCV I &KXQ 5 (D 5EJN

8QT\ÒINKEJ 8QT\ÒINKEJp5VGORGNINCP\

5990 1,5:1

1,5:1

*#0#7 *#0#7 .+%*6'0$'4) )4#(5%*#(6

,QJCPP 4GKPJCTF )QNFIWNFGP 9ÌTVJ OKV 6KVGN XQP /CVVJKCU I 8GT\KGTVGU XKGT HGNFKIGU 9CRRGP OKV /KVVGNUEJKNF FCTÒDGT ,CJTGU\CJN )GMTÌPVGT &QRRGNCFNGT (D C 5WEJKGT 4 5GJT UEJÌP

127

5992

5991

*'55'0 *'55'0 -#55'. .#0&)4#(5%*#(6 5'+6 -74(ª456'067/

(TKGFTKEJ ++ (TKGFTKEJU F QT 6CNGT -CUUGN 5VGTPRKUVQNG I (D 5EJÒV\ 4 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

*'55'0 &#4/56#&6 .#0&)4#(5%*#(6 5'+6 )4155*'4<1)67/

'TPUV .WFYKI &WMCV &CTOUVCFV I (D 5EJÒV\ .GKEJV IGYGNNV HCUV XQT\ÒINKEJ

5993

1,5:1

,ª.+%* -.'8' $'4) ,ª.+%* $'4) *'4<1)67/

,QJCPP 9KNJGNO ++ &WMCV &ÒUUGNFQTH CWH FCU 8KMCTKCV I -QRH T &QRRGN CFNGT CWH FGT $TWUV \YGK 9CRRGPUEJKNFG FCTÒDGT -TQPG WPVGP \W FGP 5GKVGP FGT 5EJYCP\HGFGTP FCU /ÒP\OGKUVGT\GKEJGP 0 2 0KMQNCWU 2TÒEM /ÒP\OGKUVGT KP &ÒUUGNFQTH (D 5NI /GOOGUJ 0QUU 44 8QT\ÒINKEJ ,QJCPP 9KNJGNO ÒDGTPCJO KP ,ÒNKEJ $GTI DGTGKVU FKG 4GIKGTWPI XQP UGKPGO 8CVGT 2JKNKRR 9KNJGNO FGT CNU RH·N\KUEJGT -WTHÒTUV DKU \W UGKPGO 6QF TGIKGTVG 0CEJ FGO 4GIKGTWPIUCPVTKVV KP FGT 2HCN\ YCT ,QJCPP 9KNJGNO KP FGP 2H·N\GT WPF KP FGP 5RCPKUEJGP 'TDHQNIGMTKGI XGTYKEMGNV #NU GPVUEJKGFGPGT (ÌTFGTGT FGT )GIGPTGHQTOCVKQP UEJWH GT UKEJ XQT CNNGO WPVGT FGP RTQVGUVCPVKUEJGP 4GKEJUHÒTUVGP \CJNTGKEJG (GKPFG +P UGKPGO GKIGPGP .CPF OCEJVG UKEJ ,CP 9GNNGO YKG FGT -WTHÒTUV KO 8QNMUOWPF KP ,ÒNKEJ $GTI IGPCPPV YWTFG W C FWTEJ FKG 'KPTKEJVWPI GKPGT -WPUVUCOONWPI KP FGT 4GUKFGP\ &ÒUUGNFQTH FWTEJ FGP 0GWDCW FGT *GKFGNDGTIGT 7PKXGTUKV·V WPF FGP 9KGFGTCWHDCW /CPPJGKOU XGTFKGPV 'U YCT KJO GKPG DGUQPFGTG 'JTG PCEJ FGO 6QF ,QUGRJU + FCU 4GKEJUXKMCTKCV \W HÒJTGP 'T HGKGTVG FKGUGU #OV OKV OGJTGTGP /ÒP\GP WPF /GFCKNNGP YKG FGO XQTNKGIGPFGP JÒDUEJGP &WMCVGP FGT GKP CWUUCIG MT·HVKIGU &QMWOGPV FGT FGWVUEJGP 8GTHCUUWPIUIGUEJKEJVG KUV

5994

1,5:1 1,5:1

128

-CTN 6JGQFQT &WMCVGP &ÒUUGNFQTH I )GJCTPKUEJVGU $TWUVDKNF T OKV *GT OGNKPOCPVGN FCTWPVGT FKG 5VGORGNUEJPGKFGTKPKVKCNGP 5 WPF & 5EJ·HGT KP /CPPJGKO WPF %JTKUVKCP &KGV\ 5VGORGNUEJPGKFGT KP &ÒUUGNFQTH &TGK CPGKPCPFGTIGNGJPVG 9CRRGP KP IGMTÌPVGT -CTVWUEJG CO WPVGTGP 9CRRGP FKG -GVVG FGU *WDGTVWUQTFGPU OKV -TGW\ WPVGP \W FGP 5GKVGP FCU /ÒP\OGKUVGT\GK EJGP #- #PVQP -CORJCWUGP /ÒP\OGKUVGT KP &ÒUUGNFQTH (D 0QUU 44 2TCEJVGZGORNCT XQP UEJÌPUVGT 'TJCNVWPI (CUV 5VGORGNINCP\

5995

5995 1,5:1

-'/26'0

56#&6

&WMCV CWH FKG ,CJTHGKGT FGT ªDGTICDG FGT #WIUDWTIGT -QPHGUUKQP I 'KP IGMTÌPVGT 1DGNKUM XQP .QTDGGT\YGKI WOYWPFGP \W FGP 5GKVGP LG GKP 9CRRGPUEJKNF $WTICPNCIG CWH GKPGO $GTI FCTÒDGT FCU UVTCJNGPFG #WIG )QVVGU WPVGP ,CJTGU\CJN KP XGT\KGTVGT -CTVWUEJG (D 0CW 5NI 9JKVKPI FQTV KP 5KNDGT 4 8QT\ÒINKEJ

5996

'4<$+567/

5997

5998

5999

-¤.0

&KGVTKEJ ++ XQP /QGTU )QNFIWNFGP Q , 4KGN I (D 0QUU XCT /KP 5EJTÌVNKPIUHGJNGT CO 4CPF UGJT UEJÌP

*GTOCPP +8 XQP *GUUGP )QNFIWNFGP QJPG #PICDG FGT /ÒP\UV·VVG &GWV\ I (D 0QUU 4 5GJT UEJÌP

*GTOCPP 8 XQP 9KGF )QNFIWNFGP WPDGMCPPVG /\UV I %JTKUVWU UKV\V X X CWH IQVKUEJGO 6JTQP OKV UGIPGPFGT 4GEJVGP WPF IGUEJNQUUGPGO $WEJ WPVGP FGT -ÌNPGT 5EJKNF 5RKV \GT &TGKRC KP FGT /KVVG FGT 5VKHVUUEJKNF DGNGIV OKV FGO 9CRRGP XQP 9KGF KP FGP 'EMGP FKG 5EJKNFG XQP /CKP\ 6TKGT WPF FGT 2HCN\ (D \W 0QUU 8QP ITQGT 5GNVGPJGKV 5GJT UEJÌP *GTOCPP IGD YCT FGT XKGTVG 5QJP FGU )TCHGP (TKGFTKEJ + XQP 9KGF UGKP LÒPIGTGT $TWFGT (TKGFTKEJ YWTFG $KUEJQH XQP /ÒPUVGT &CU RQNKVKUEJG WPF MKTEJNKEJG 9KTMGP *GTOCPPU FGT CWEJ $KUEJQH XQP 2CFGTDQTP YWTFG N·V UKEJ KP \YGK 2JCUGP WPVGTVGKNGP &KG GTUVG 2JCUG DKU YCT XQP YKEJVKIGP 4GHQTO OCPCJOGP KP FGT .CPFGUJGTTUEJCHV XQP GKPGT MCKUGTVTGWGP 4GKEJURQNKVKM WPF XQP MQPUGSWGPVGT #DYGJT FGT TGHQT OCVQTKUEJGP $GYGIWPI IGRT·IV YQDGK GT OCIGDNKEJ XQP UGKPGO /KVCTDGKVGT WPF $GTCVGT FGO 5QGUVGT 6JGQNQIGP WPF ,WTKUVGP ,QJCPPGU %TQRRGT WPVGTUVÒV\V YWTFG +P FGT \YGKVGP 2JCUG ICD GT LGFQEJ FKG KPPGTMKTEJNK EJGP 4GHQTODGOÒJWPIGP CWH WPF YWTFG UEJNKGNKEJ FGT GTUVG $KUEJQH KO 4GKEJ FGT FKG 4GHQTOCVKQP KP UGKPGP DGKFGP 5RTGPIGNP GKPHÒJTGP YQNNVG 'T DGTKGH FKG 4GHQTOCVQTGP /GNCPEJVJQP WPF $WEGT PCEJ -ÌNP \W $GTCVWPIGP ÒDGT FKG 4GHQTO UGKPGT $KUVÒOGT NGV\VGTGT RTGFKIVG UQICT KO $QPPGT /ÒPUVGT 5GKPG \CJNTGKEJGP )GIPGT KO &QOMCRKVGN WPF FGT GT\DKUEJÌHNKEJGP -WTKG UEJNQUUGP UKEJ WPVGT (ÒJTWPI XQP *GTOCPPU CNVGO 9GIIGH·JTVGP ,QJCPPGU %TQRRGT \W UCOOGP WPF GTJQDGP #PMNCIG DGK -CKUGT WPF 2CRUV 2CRUV 2CWN +++ WPF -CKUGT -CTN 8 FGP 'T\DKUEJQH *GTOCPP UGNDUV CO 1MVQDGT \WO 4ÌOKUEJGP -ÌPKI IGMTÌPV JCVVG GPVJQDGP FGP TGHQTOCVKQPUHTGWPFNKEJGP -WTHÒTUVGP UGKPGT DGKFGP OVGT *GTOCPP TGUKIPKGTVG 'PFG ,CPWCT KP -ÌNP WPF 2CFGTDQTP WPF \QI UKEJ PCEJ 9KGF \WTÒEM YQ GT HÒPH ,CJTG UR·VGT UVCTD /KV UGKPGO 0GHHGP (TKGFTKEJ UQNNVG XQP DKU PQEJ GKP \YGKVGU /CN GKP 8GT VTGVGT FGU *CWUGU 9KGF FCU 'T\DKUVWO -ÌNP TGIKGTGP 9KT HTGWGP WPU +JPGP FTGK UGJT UGNVGPG )QNFIWNFGP FGU FGT 4GHQTOCVKQP \WIGPGKIVGP -WTHÒTUVGP CPDKGVGP \W MÌPPGP XQP FGPGP \YGK UQICT #NHTGF 0QUU WPDGMCPPV YCTGP

)QNFIWNFGP WPDGMCPPVG /\UV I %JTKUVWU UKV\V X X CWH IQVKUEJGO 6JTQP OKV UGIPGPFGT 4GEJVGP WPF IGUEJNQUUGPGO $WEJ WPVGP FGT -ÌNPGT 5EJKNF 5RKV\GT &TGKRC KP FGT /KVVG FGT 5VKHVU UEJKNF DGNGIV OKV FGO 9CRRGP XQP 9KGF KP FGP 'EMGP FKG 5EJKNFG XQP /CKP\ 6TKGT WPF FGT 2HCN\ (D 0QUU 8QP ITQGT 5GNVGPJGKV 5GJT UEJÌP 0QUU JCV FKGUGP UGNVGPGP ,CJTICPI PKEJV XGT\GKEJPGV

129

6000

6001

6002

56#&6

)QNFIWNFGP Q , I (D 0QUU

5GJT UEJÌP

&WMCV OKV 6KVGN (GTFKPCPFU +++ I (D \W 0QUU 5GNVGPGT ,CJTICPI #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

6003

.ª$'%-

56#&6

&WMCV I $GJTGPU C (D

'4<$+567/

6004

8QT\ÒINKEJ

/#+0<

-QPTCF +++ XQP &JCWP )QNFIWNFGP Q , $KPIGP OKV )GIGPUVGORGN XQP .ÒDGEM CWH FGT 8QTFGTUGKVG &QRRGNCFNGT I (D (TKGFGTKEJ 5NI 9CNVJGT XCT 8QP ITQGT 5GNVGPJGKV 5GJT UEJÌP

6005

6006

6007

7PVGT UEJYGFKUEJGT $GUCV\WPI FWTEJ )WUVCX #FQNH &WMCV /CKP\ I #JNUVTÌO (D D 5NI 9CNVJGT 4 8QT\ÒINKEJ

#PUGNO %CUKOKT 9CODQNFV XQP 7OUVCFV &WMCVGP /CKP\ I (D 5NI 9CNVJGT .GKEJV IGYGNNV UGJT UEJÌP

,QJCPP 2JKNKRR XQP 5EJÌPDQTP &WMCV /CKP\ I (D 5NI 9CNVJGT 9KP\ 2T·IGUEJY·EJG UGJT UEJÌPpXQT\ÒINKEJ

130

6009

6008

.QVJCT (TCP\ XQP 5EJÌPDQTP &WMCV Q , $CODGTI CWH FGP (TKGFGP XQP 4KLUYKLM I (D 5NI 9CNVJGT 8QT\ÒINKEJ

2JKNKRR -CTN XQP 'NV\ -GORGPKEJ &WMCVGP I $TWUVDKNF T KO *GTOGNKP #WH IGMTÌPVGO 9CRRGPOCPVGN FCU XKGTHGNFKIG 4QMQMQUEJKNF OKV FGO 9CRRGP XQP /CKP\ WPF 'NV\ OKV 5EJYGTV WPF -TWOOUVCD DGUVGEMV WPVGP ,CJTGU\CJN (D 5NI 9CNVJGT 44 5GJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

6010

6010 1,5:1

/#05('.& /#05('.& $14056'&6 )4#(5%*#(6

-CTN #FCO &WMCVGP 'KUNGDGP I <YGKHCEJ DGJGNOVGU XKGTHGNFKIGU 9CR RGP QDGP PGDGP FGO *GNOUEJOWEM FCU /ÒP\OGKUVGT\GKEJGP *2 - *CPU 2JKNKRR -QDWTIGT /ÒP\ OGKUVGT KP 'KUNGDGP 5V )GQTI FGP &TCEJGP VÌVGPF (D 6QTPCW 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJ

6012 6013

6011

/'%-.'0$74) /'%-.'0$74) )ª56419 *'4<1)67/

)WUVCX #FQNH &WMCV 9KUOCT I )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN 5GEJUHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF WPVGT (ÒTUVGPJWV (D -WP\GN # C 44 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

(TKGFTKEJ 9KNJGNO &WMCV Q , 5EJYGTKP I (D -WP\GN $ C 5GJT UEJÌP

&WMCV 5EJYGTKP I )GMTÌPVGU 5RKGIGNOQPQITCOO (9 )GMTÌPVGU XGT\KGTVGU UGEJUHGN FKIGU $CTQEMYCRRGP OKV /KVVGNUEJKNF WOJGT 2418+&' '6 %1056#06'4 8QTUQTIGPF WPF UVCPF JCHV WPVGP \W FGP 5GKVGP FKG ,CJTGU\CJN KO #DUEJPKVV FCU /ÒP\OGKUVGT\GKEJGP Î < Û & Û - Ï

<CEJCTKCU &CPKGN -GNR /ÒP\OGKUVGT KP 5EJYGTKP (D -WP\GN 44 #VVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

/'%-.'0$74) 5%*9'4+0 *'4<1)67/ 5'+6 )4155*'4<1)67/

131

6014 1,5:1

1,5:1

(TKGFTKEJ (TCP\ + 6CNGT 2KUVQNG I -QRH N $GJGNOVGU UGEJUHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF CWH IGMTÌPVGO *GTOGNKPOCPVGN &KXQ 5 (D 5EJN 44 0WT 'ZGORNCTG IGRT·IV 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

6016 6015

6017

2CWN (TKGFTKEJ 6CNGT 2KUVQNG I &KXQ 5 (D 5EJN 44 0WT 'ZGORNCTG IGRT·IV 5GJT UEJÌPpXQT\ÒINKEJ

6CNGT 2KUVQNG I &KXQ 5 (D 5EJN 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJp5VGORGNINCP\

/'%-.'0$74) 564'.+6< *'4<1)67/ 5'+6 )4155*'4<1)67/

#FQNH (TKGFTKEJ +++ 6CNGT 2KUVQNG 5VCTICTF QFGT 0GWUVTGNKV\ I (D -WP\GN # C (CUV XQT\ÒINKEJ

6018

1,5:1

)4#(5%*#(6

/1'45

(TKGFTKEJ +++ #IPGN F QT Q , +OKVCVKQP FGT #IPGN F QT FGU HTCP\ÌUKUEJGP -ÌPKIU %JCTNGU 8+ I .COO OKV \WTÒEMIGYCPFVGO -QRH N KP 8KGNRC FCXQT -TGW\HCJPG WPVGP (4 4: $NWOGPMTGW\ KP 8KGTRC KP FGP -TGW\YKPMGNP .KNKGP &WRNGUU[ &JGPKP .GU KOKVCVKQPU FG N CIPGN F QT FG %JCTNGU 8+ KP 2TQEGGFKPIU QH VJG +PVGTPCVKQPCN 0WOKUOCVKE 5[ORQUKWO $WFCRGUV 5 6H ::+8 FKGUGU 'ZGORNCT 0QUU 8QP CNNGTITÌVGT 5GNVGPJGKV 8GTOWVNKEJ DGMCPPVGU 'ZGORNCT 5GJT UEJÌP &KG #IPGN F QT FGU HTCP\ÌUKUEJGP -ÌPKIU %JCTNGU 8+ UKGJG 0TP WPF YWTFGP KP FGP 0KGFGTNCPFGP XQO *GT\QI XQP $TCDCPV UQYKG XQP FGP *GTTGP XQP 4WOOGP WPF FGP *GTTGP XQP 4GEMJGKO KOKVKGTV 0GDGP FKGUGP 5V·PFGP JCV CWEJ )TCH (TKGFTKEJ +++ XQP /ÌTU FKGUGP DGNKGDVGP HTCP\ÌUKUEJGP /ÒP\V[R PCEJIGCJOV )TCH 2JKNKRR FGT )WVG XQP (NCPFGTP XGTTKGH OKV FGT 8GTQTFPWPI XQO 0QXGODGT FKG OQWVQPU EQPVGTHCK\ FG /GWTU &W RNGUU[ WPF &JGPKP MCPPVGP PWT FTGK 'ZGORNCTG FKGUGT /ÌTUGT 2T·IWPI FCTWPVGT FCU XQTNKGIGPFG 5VÒEM FCU CWU FGT 5COONWPI /CFCOG 8GWXG 4QWUGNNG #WMVKQP %KCPK 2CTKU /·T\ 0T UVCOOV

132

6020

6019

4'+%*5/ª0<56 66'

6021

0¤4&.+0)'0

2JKNKRR XQP 9GKPUDGTI )QNFIWNFGP Q , OKV 6KVGN (TKGFTKEJU +++ I (D *GT\HGNFGT 2T·IGUEJY·EJG UGJT UEJÌP

)QNFIWNFGP Q , OKV 6KVGN (TKGFTKEJU +++ I (D *GT\HGNFGT -N 2T·IGUEJY·EJG UGJT UEJÌP

)QNFIWNFGP OKV 6KVGN /CZKOKNKCPU + I (D *GT\HGNFGT C 5CWDGT CWUIGRT·IVGU 'ZGORNCT UGJT UEJÌPpXQT\ÒINKEJ

6022

6023

6025

&WMCV I (D -GNNPGT &WMCV I (D -GNNPGT &WMCV (TKGFGPUYWPUEJFWMCV I (D -GNNPGT &WMCV .COORT·IWPI I -GNNPGT (D &WMCV .COORT·IWPI I (D -GNNPGT

6027

6030

6026

0ª40$'4)

56#&6

6024

6029

4 /KP IGYGNNV XQT\ÒINKEJ &TWEMUVGNNGP UEJÌPpUGJT UEJÌP &TWEMUVGNNG CO 4CPF UGJT UEJÌP 8QT\ÒINKEJp5VGORGNINCP\ 5GJT UEJÌP

6028

6030

&WMCVGPMNKRRG IGRT·IV .COORT·IWPI I (D -GNNPGT (CUUWPIUURWTGP DGTKGDGP UGJT UEJÌP

&WMCVGPMNKRRG .COORT·IWPI I (D -GNNPGT 8QT\ÒINKEJp5VGORGNINCP\ &WMCV .COORT·IWPI I (D -GNNPGT /KP IGYGNNV UGJT UEJÌPpXQT\ÒINKEJ

&WMCVGP .COORT·IWPI I &TGK 9CRRGPUEJKNFG KP FGT /KVVG FCU /ÒP\OGKUVGT\GKEJGP ) ( 0 Û )GQTI (TKGFTKEJ 0ÒTPDGTIGT /ÒP\OGKUVGT KP 0ÒTPDGTI .COO OKV (TKGFGPUHCJPG UVGJV N CWH 'TFJCNDMWIGN (D -GNNPGT 44 8QT\ÒINKEJ 133

6031

6032

&WMCV CWH FKG ,CJTHGKGT FGT 4GHQTOCVKQP I (D 5NI 'TNCPIGT 5NI 9JKVKPI 8QT\ÒINKEJ

)QNFOGFCKNNG \W &WMCVGP Q , XQP , . 1GZNGKP CWH FKG 6CWHG 6CWHG %JTKUVK KO ,QTFCP 2TKGUVGT VCWHV GKP -KPF WOJGT UVGJGP FKG 2GTUQPKHKMCVKQPGP XQP )NCWDG .KGDG WPF *QHHPWPI OO I 5NI 'TNCPIGT 5NI )QRRGN FQTV KP 5KNDGT 8QT\ÒINKEJ

6033

6033 1,5:1

1.&'0$74) )4#(5%*#(6 5'+6 *'4<1)67/ #$ )4155*'4<1)67/

(TKGFTKEJ #WIWUV $KUEJQH XQP .ÒDGEM 2KUVQNG 6CNGT #NVQPC I )GJCTPKUEJVGU $TWUVDKNF N FCTWPVGT 5KIPCVWT $ ,QJCPP 'RJTCKO $CWGTV 5VGORGNUEJPGKFGT KP -QRGPJC IGP 8KGTHGNFKIGU 9CRRGP OKV FGO /KVVGNUEJKNF FGU $KUVWOU .ÒDGEM CWH IGMTÌPVGO 9CR RGPOCPVGN (D -CNXGNCIG 6TKRRNGT 44 8QT\ÒINKEJ

6034

6035

6036

6037

156(4+'5.#0& 156(4+'5.#0& )4#(5%*#(6 5'+6 (ª456'067/

'PPQ + )QNFIWNFGP Q , 'OFGP OKV 6KVGN (TKGFTKEJU +++ I 5V ,QJCPPGU UVGJV X X OKV UGIPGPFGT 4GEJVGP WPF .COO JKPVGT XKGTHGNFKIGO 9CRRGP 4GKEJUCRHGN KP &TGKRC (D -CRRGNJQHH 6GTICUV /GKGT + 8QP ITQGT 5GNVGPJGKV -N 5EJTÌVNKPIUTK UGJT UEJÌP

2(#.< -74(ª456'067/

2(#.<

.WFYKI +++ )QNFIWNFGP Q , PCEJ $CEJCTCEJ I (D 5NI /GOOGUJ 5GJT UEJÌPpXQT\ÒINKEJ

)QNFIWNFGP Q , 0GWUVCFV CP FGT 9GKPUVTCG I 2HCN\ITCH UVGJV X X OKV FGT 4GEJ VGP FCU 5EJYGTV UEJWNVGTPF \YKUEJGP FGP (ÒGP 4QUGVVG 8KGTHGNFKIGU 9CRRGP KP &TGKRC (D 5NI /GOOGUJ 5NI 0QUU NGKEJV XCT 8QP ITQGT 5GNVGPJGKV -N 2T·IGUEJY·EJG UGJT UEJÌP

.WFYKI +8 )QNFIWNFGP Q , $CEJCTCEJ I (D 5NI /GOOGUJ 5GJT UEJÌP

134

6038

6040

6039

-CTN 2JKNKRR -CTQNKP *GKFGNDGTI ! I $ÒUVG T FCTWPVGT ,CJTGU\CJN 8KGT IGMTÌPVG /QPQITCOOG KPU -TGW\ IGUVGNNV KP FGT /KVVG 9CRRGP (D NGKEJV XCT *CCU # 5NI /GOOGUJ NGKEJV XCT 44 #VVTCMVKXGU 'ZGORNCT UGJT UEJÌP -CTQNKPG OKV FGT ,CJTGU\CJN UKPF WTURTÒPINKEJ KP *GKFGNDGTI IGRT·IV YQTFGP 'KP MCKUGTNKEJGU 5EJTGKDGP XQP UQNNVG FKG #WUICDG FKGUGT IGTKPIJCNVKIGP /ÒP\GP LGFQEJ GKPUVGNNGP #WH #PYGKUWPI FGU -WTHÒTUVGP YWTFGP PQEJ KO UGNDGP ,CJT JGKONKEJ YGKVGTG 5VÒEMG OKV FGT ,CJTGU\CJN KP /CPPJGKO JGTIGUVGNNV #WGTFGO DGJCWRVGVG FKG MWTMÌNPKUEJG 4GIKGTWPI KP $QPP FC CWEJ KP &ÒUUGNFQTH -CTQNKPG OKV FKGUGT ,CJTGU\CJN IGRT·IV YQTFGP UGKGP &KG *GTMWPHV FGT 5VÒEMG YWTFG LGFQEJ XGTUEJNGKGTV #WU FKGUGO )TWPF MCPP FGT XQTNKGIGPFG -CTQNKP MGKPGT /ÒP\UV·VVG GKPFGWVKI \WIGYKGUGP YGTFGP

-CTQNKP *GKFGNDGTI ! I (D NGKEJV XCT *CCU # 5NI /GOOGUJ NGKEJV XCT 44 5EJÌPpUGJT UEJÌP

2(#.< <9'+$4ª%-'0 *'4<1)67/

,QJCPP ++ )QNFIWNFGP Q , <YGKDTÒEMGP I (D 5NI /GOOGUJ #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

6041

6042

56#&6

6042

4')'05$74)

&WMCV CWH FKG DÌJOKUEJG -ÌPKIUMTÌPWPI (GTFKPCPFU +8 KP 4GIGPUDWTI I (D 2NCVQ XCT 5NI /QPVGPWQXQ 8QT\ÒINKEJ

56#&6

41561%-

&WMCV OKV 6KVGN XQP (TCP\ ++ I (D -WP\GN # C

8QT\ÒINKEJ

6043

5#%*5'0 -74(ª456'067/

5#%*5'0

,QJCPP )GQTI + &WMCV 5QRJKGPFWMCV 2T·IWPI CWU FGO ,CJTJWPFGTV I (D \W 5NI /GTUGD 5EJN 5GJT UEJÌP

135

6045

6044

&WMCVGP &TGUFGP CWH FKG ,CJTHGKGT FGT ªDGTICDG FGT #WIUDWTIGT -QPHGUUKQP #DUEJNCI XQP FGP 5VGORGNP FGU 4GKEJUVCNGTU I $TWUVDKNF ,QJCPP )GQTIU + T KO -WTQTPCV OKV FGT 4GEJ VGP FCU 5EJYGTV UEJWNVGTPF WPVGP 9CRRGP $TWUVDKNF FGU -WTHÒTUVGP ,QJCPP T KO -WTQTPCV OKV FGT 4GEJVGP FCU 5EJYGTV UEJWNVGTPF KP FGT 7OUEJTKHV XKGT MNGKPG 9CRRGP (D 5NI /GTUGD 5NI 9JKVKPI XCT 44 5GJT UEJÌP

(TKGFTKEJ #WIWUV + #WIWUV FGT 5VCTMG )QNFOGFCKNNG \W &WMCVGP WPUKIPKGTV XQP ) 9 8GUVPGT CWH FKG ,CJTHGKGT FGT 4GHQTOCVKQP #NVCT OKV CWHIGUEJNCIGPGO $WEJ N (TKGF TKEJ FGT 9GKUG OKV 5EJYGTV WPF GTJQDGPGT .KPMGP T .WVJGT OKV -GT\G QDGP UVTCJNGPFGT 0COG ,GJQXCU (ÒPH <GKNGP 5EJTKHV KP .QTDGGTMTCP\ QDGP WPF WPVGP LG GKP -TGW\ I $GTPJGKOGT 8U 4U (D 5NI /GTUGD 5NI 9JKVKPI \W FQTV KP <KPP +P )QNF UGJT UGNVGP (CUV XQT\ÒINKEJ &CU %JTQPQITCOO CWH FGT 4ÒEMUGKVG KUV PKEJV TKEJVKI FCTIGUVGNNV FC FCU & KP &'5 PKEJV JGTXQTIGJQDGP KUV

6047

6048

6046

5#%*5'0 -¤0+)4'+%*

(TKGFTKEJ #WIWUV + 6CNGT &QRRGNVGT #WIWUV F QT 5)* I &KXQ 5 (D 5EJN (CUV XQT\ÒINKEJ

)QNFCDUEJNCI XQP FGP 5VGORGNP FGU 6CNGTU )TQUEJGP +)5 KO )GYKEJV GKPGU &WMCVGP I #-5 #PO , \W 5EJN 4 .GKEJV IGYGNNV YKP\ &TWEMUVGNNG HCUV XQT\ÒINKEJ

5#%*5'0 9'+/#4 *'4<1)67/ #$ 5#%*5'0 9'+/#4 '+5'0#%*

'TPUV #WIWUV %QPUVCPVKP DKU WPVGT 8QTOWPFUEJCHV (TKGFTKEJU +++ XQP )QVJC &WMCV 'KUGPCEJ CWH FKG *WNFKIWPI FGT 5VCFV 'KUGPCEJ I $TWUVDKNF T 5VCFVCPUKEJV XQP 'KUGPCEJ OKV FGT 9CTVDWTI (D 5NI /GTUGD 44 .GKEJV LWUVKGTV XQT\ÒINKEJ

6049

6049 1,5:1

136

#PPC #OCNKC 4GIGPVKP 6CNGT 'KUGPCEJ I $TWUVDKNF N OKV WOIGNGIVGO /CPVGN WPVGT FGO $TWUVDKNF 5VGORGNUEJPGKFGT\GKEJGP - ,QJCPP #PVQP &CXKF -NKPIJCOOGT 5VGORGNUEJPGK FGT KP 'KUGPCEJ )GMTÌPVGU OGJTHGNFKIGU 9CRRGP \W FGP 5GKVGP FKG ,CJTGU\CJN KO #DUEJPKVV 9GTVCPICDG WPF FCU /ÒP\OGKUVGT\GKEJGP (5 (TKGFTKEJ 5EJ·HGT /ÒP\OGKUVGT KP 'KUGPCEJ CD &CUUFQTH (D 5NI /GTUGD 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJGU 'ZGORNCT

6051

6050

5#%*5'0 5##.('.& *'4<1)67/ #$ 5#%*5'0 %1$74) 5##.('.&

%JTKUVKCP 'TPUV CNNGKP &WMCV Q , 5CCNHGNF CWH UGKPGP 6QF I (D )TCUUGT C -Q\KPQYUMK 1VVQ 4W XCT 5NI /GTUGD 5GJT UEJÌP

5%*.'5+'0

.+')0+6< $4+') *'4<1)67/

)GQTI +++ .WFYKI WPF %JTKUVKCP &WMCV $TKGI I (D ( W 5 4 8QT\ÒINKEJ

6052 6053

6053 1,5:1

1,5:1

/ª056'4$'4) 1'.5 *'4<1)67/

-CTN + &WMCV 4GKEJGPUVGKP #WUDGWVG FGT 4GKEJGPUVGKPGT )TWDGP I 8KGTHGNFK IGU 9CRRGP 5V %JTKUVQRJGTWU OKV FGO ,GUWUMKPF CWH UGKPGT NKPMGP 5EJWNVGT UVGJV X X KP FGT 4GEJ VGP J·NV GT GKPGP $CWOUVCOO CNU 5VQEM (D ( W 5 /ÒUGNGT 8QT\ÒINKEJp5VGORGNINCP\

)QNFOGFCKNNG \W GKPGO &WMCV Q , WPUKIPKGTV CWH FKG (TGWPFUEJCHV 'KP $CWO OKV FGP 0COGP XQP &CXKF WPF ,QPCVJCP <YGK CWU 9QNMGP MQOOGPFG #TOG TGKEJGP UKEJ FKG *·PFG ÒDGT .CPFUEJCHV FCTÒDGT UVTCJNGPFGU )QVVGUCWIG OO I ( W 5 XIN 5NI )QRRGN XIN (CUV XQT\ÒINKEJ

'+0' 5%*.'5+5%*' )1.&/'&#+..'

6054

1,5:1

5%*.'59+) *1.56'+0 -¤0+).+%* & 0+5%*'4 #06'+.

%JTKUVKCP 8 &WMCV )NÒEMUVCFV I )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGT MTCP\ WOIGNGIVGO /CPVGN WPF 'NGHCPVGPQTFGP &TGK KPGKPCPFGT XGTUEJNWPIGPG IGMTÌPVG /QPQ ITCOOG % (D FQTV WPVGT &·PGOCTM *GFG .CPIG 44 8QT\ÒINKEJ %JTKUVKCP 8 KO 5EJNQ (NGPUDWTI YCT FGT ·NVGUVG 5QJP (TKGFTKEJU +++ 'T YCT GKP (ÒTUV XQP UEJYCEJGO )GKUV CDGT GKIGPYKNNKI WPF JGTTUEJUÒEJVKI 'T YWTFG CWH FGO 4GKEJUVCI KP -QRGPJCIGP \WO 6JTQPHQNIGT XQP &·PGOCTM WPF 0QTYGIGP IGY·JNV %JTKUVKCP XGTO·JNVG UKEJ CO ,WPK OKV %JCTNQVVG #OCNKG 6QEJVGT FGU .CPFITCHGP 9KNJGNO 8+ XQP *GUUGP -CUUGN 0CEJ FGO 6QF UGKPGU 8CVGTU CO (GDTWCT YWTFG GT -ÌPKI XQP &·PGOCTM WPF 0QTYGIGP *GT\QI XQP 5EJNGUYKI WPF *QNUVGKP MÌPKINKEJGT #PVGKN 'T MCO KP FGP #NNGKPDGUKV\ XQP 1NFGPDWTI WPF &GNOGPJQTUV PCEJFGO UKEJ *GT\QI ,QCEJKO 'TPUV XQP 2NÌP FGT FKG )TCHUEJCHVGP DGCPURTWEJVG OKV KJO XGTINKEJGP JCVVG WPF PCEJFGO %JTKUVKCP #NDTGEJV XQP *QNUVGKP )QVVQTR FGP )TCH #PVQP )ÒPVGT XQP 1NFGP DWTI CNU /KVGTDG FGU -ÌPKIU GKPIGUGV\V JCVVG NGGT CWUIGICPIGP YCT %JTKUVKCP 8 UVCTD CO #WIWUV KO 5EJNQ -QRGPJCIGP CP FGP (QNIGP GKPGT 8GTYWPFWPI FKG KJO CWH GKPGT 2CTHQTEGLCIF XQP GKPGO *KTUEJ DGKIGDTCEJV YQTFGP YCT

137

6055 6057

6056

%JTKUVKCP 8++ -WTCPV &WMCV /CTM #NVQPC I (D *GFG $ 5EJN 4 8QT\ÒINKEJ

(TKGFTKEJ 8+ (TKGFTKEJU F QT #NVQPC I (D FQTV WPVGT &·PGOCTM *GFG # .CPIG 5EJN FQTV WPVGT &·PGOCTM (CUV XQT\ÒINKEJ

5%*9 $+5%* *#..

56#&6

&WMCV CWH FGP (TKGFGP XQP $CFGP I (D 2CZ KP 0WOOKU FQTV KP 5KNDGT 4CHH 8QT\ÒINKEJ

6058 1,5:1

(ª456'067/

1,5:1

5%*9#4<'0$'4)

,QJCPP #FQNH &WMCV 9KGP I $TWUVDKNF T OKV NCPIGO *CCT WOIGNGIVGO /CPVGN WPF FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU )GMTÌPVGU XKGTHGNFKIGU 9CRRGP WOIGDGP XQP FGT -GVVG FGU 1TFGPU XQO )QNFGPGP 8NKGU QDGP FKG ,CJTGU\CJN (D FQTV WPVGT $ÌJOGP 6CPPKEJ 44 #VVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

6059

6060

6061

561.$'4) 561.$'4) 9'40+)'41&' )4#(5%*#(6

%JTKUVKCP 'TPUV &WMCV 5VQNDGTI I (D (TKGFGTKEJ .GKEJV IGYGNNV XQT\ÒINKEJ

%JTKUVKCP (TKGFTKEJ &WMCV 5VQNDGTI I (TKGFGTKEJ (D .GKEJV IGYGNNV XQT\ÒINKEJ

561.$'4) 561.$'4) 70& 561.$'4) 4155.# )4#(5%*#(6'0 138

%JTKUVQH .WFYKI ++ WPF (TKGFTKEJ $QVJQ &WMCV 5VQNDGTI I (D (TKG FGTKEJ 8QT\ÒINKEJ

6062

6064

6063

6065

64+'4

'4<$+567/

-WPQ ++ XQP (CNMGPUVGKP )QNFIWNFGP Q , -QDNGP\ I (D 0QUU D 5GJT UEJÌPpXQT\ÒINKEJ

9GTPGT XQP (CNMGPUVGKP )QNFIWNFGP Q , 9GUGN I (D 0QUU N I .GKEJV IGYGNNV MN 4CPFHGJNGT XQT\ÒINKEJ

7./

56#&6

&WMCV CWH FKG ,CJTHGKGT FGT ªDGTICDG FGT #WIUDWTIGT -QPHGUUKQP I (D 0CW 5 5NI 9JKVKPI 44 *GPMGNURWT (GNFGT IGIN·VVGV UGJT UEJÌP

-¤0+)4'+%*

)4#(5%*#(6

9'56(#.'0

*KGTQP[OWU 0CRQNGQP 6CNGT $ I &KXQ 5 (D 5EJN 44 (CUV XQT\ÒINKEJ

1,5:1

6066 1,5:1

91.(56'+0

%JTKUVKCP #NDTGEJV &WMCV 0ÒTPDGTI CWH FKG )TÒPFWPI FGT 5EJNQMKTEJG KP 1DGT UWN\DÒTI I )GJCTPKUEJVGU $TWUVDKNF T #PUKEJV FGT 5EJNQMKTEJG WPVGT UVTCJNGPFGT &TGKHCNVKIMGKV KO #DUEJPKVV FKG ,CJTGU\CJN (D XIN FQTV CNU &QRRGNFWMCV -WNN KP /$0) ::+8 5NI 'TNCPIGT ++ FQTV KP 5KNDGT 8QP ITÌVGT 5GNVGPJGKV 9CJTUEJGKPNKEJ DGMCPPVGU 'ZGORNCT #VVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

1,5:1

6067

1,5:1

9ª466'/$'4) 9ª466'/$'4) *'4<1)67/ 5'+6 -¤0+)4'+%*

'DGTJCTF .WFYKI )QNFIWNFGP Q , 5VWVVICTV I &GT IGJCTPKUEJVG *GT\QI TGKVGV N OKV -QOOCPFQUVCD WPF WOIGNGIVGT (GNFDKPFG WPVGP 4GKEJUCRHGN (ÒPHHCEJ DGJGNOVGU XKGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF (D -NGKP 4CHH D 44 8QT\ÒINKEJ 139

6068 1,5:1

1,5:1

&WMCVGP 5VWVVICTV I '$'4* Û .7& Û & Û ) Û &7: 9746'/$ Û $TWUVDKNF T KO TÌOKUEJGP 2CP\GT WPF OKV WOIGNGIVGO /CPVGN FCTWPVGT 5VGORGNUEJPGKFGT\GKEJGP 5VGTP 2JKNKRR *GKPTKEJ /ÒNNGT 5VGORGNUEJPGKFGT KP #WIUDWTI HÒT 'DGTJCTF .WFYKI XQP V·VKI m %7/ &'1 '6 &+' m /KV (ÒTUVGPJWV DGFGEMVGU XKGTHGNFKIGU 9CRRGP \YKUEJGP \YGK 2CNO\YGKIGP WPVGP FKG IGVGKNVG ,CJTGU\CJN WPF FCU /ÒP\OGKUVGT\GKEJGP \YGK IGMTGW\VG JTGP ,QJCPP &CXKF $CWT /ÒP\OGKUVGT KP 5VWVVICTV (QTUVGT (D -NGKP 4CHH 8QP ITÌVGT 5GNVGPJGKV 8QT\ÒINKEJGU 'ZGORNCT

6070 6071

6069

-CTN #NGZCPFGT -CTQNKP 5VWVVICTV I (D -NGKP 4CHH D XCT 5GJT UEJÌP

9KNJGNO + )WNFGP I -QRH T )GMTÌPVGU 9CRRGP \YKUEJGP 'KEJGP WPF .QTDGGT\YGKI WPVGP FKG ,CJTGU\CJN /KV KPMWUGT 4CPFUEJTKHV (74%*6.15 70& 64'7 &KXQ 5 (D 5EJN 44 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

&WMCV I &KXQ 5 (D 5EJN

5GJT UEJÌPpXQT\ÒINKEJ

/'&#+..'0

6072

6073

/14#.

6073

/+5%'..#0'#

)QNFOGFCKNNG \W GKPGO &WMCVGP Q , WPUKIPKGTV CWH FKG /CEJV FGT )GYQJPJGKV )TCDGPFGT .CPFOCPP <YGK -CXCNKGTG CO 5RKGNVKUEJ OO I 5NI )QRRGN FQTV KP 5KNDGT -N 5VGORGNHGJNGT XQT\ÒINKEJ

6#7(' 70& (+4/70)

140

)QNFOGFCKNNG \W &WMCVGP Q , ,CJTJWPFGTV 6CWHG %JTKUVK KP DGTIKIGT .CPFUEJCHV %JTKUVWU UVGJV X X OKV -TGW\ KP .CPFUEJCHV XQP 2WVVGP WOIGDGP WPF URGKUV $CEJ OKV FGO $NWV CWU UGKPGP 9WP FGP OO I 5NI )QRRGN FQTV KP 5KNDGT 44 #VVTCMVKXGU 'ZGORNCT OKV HGKPGT )QNFVÌPWPI

)1.&,'6105

&TGK MNGKPG )QNFLGVQPU \WUCOOGP I OKV XGTUEJKGFGPGP 6JGOGP &C\W -CKUGTTGKEJ ¤UVGTTGKEJ &WMCV 0GWRT·IWPI I (GKPIQNF (D 5EJN 5VÒEM <WO 6GKN DGUEJ·FKIV UGJT UEJÌP

6076

6075

6077

)1'6< /'&#+..'0

)QNFOGFCKNNG & /ÒPEJGP CWH FGP )GDWTVUVCI FGU 4GKEJURT·UKFGPVGP 2CWN XQP *KPFGPDWTI -QRH XQP *KPFGPDWTI T N /ÒP\\GKEJGP & <YGKHCEJ DGJGNOVGU XKGTHGNFKIGU (COKNKGPYCRRGP FCT ÒDGT #FNGTUEJKNF /KV 4CPFITCXWT $#;'4 *#726/ª0<#/6 H OO I -KGPCUV 5EJN 8QT\ÒINKEJ

)QNFOGFCKNNG & /ÒPEJGP CWH FGP )GDWTVUVCI FGU 4GKEJURT·UKFGPVGP 2CWN XQP *KPFGPDWTI -QRH XQP *KPFGPDWTI T N /ÒP\\GKEJGP & <YGKHCEJ DGJGNOVGU XKGTHGNFKIGU (COKNKGPYCRRGP FCTÒDGT #FNGTUEJKNF /KV 4CPFITCXWT $#;'4 *#726/ª0<#/6 H OO I -KGPCUV XCT 5EJN 8QT\ÒINKEJ CWU RQNKGTVGT 2NCVVG

6078

6080

6079

)QNFOGFCKNNG CWH FGP 6QFGUVCI FGU FGWVUEJGP &KEJVGTU ,QJCPP 9QNHICPI XQP )QGVJG (TCPMHWTV Ó 9GKOCT -QRH N #EJV <GKNGP 5EJTKHV /KV 4CPFRWP\G $ *#726/ª0<#/6 ('+05+.$'4 OO I -KGPCUV 5EJN 8QT\ÒINKEJp5VGORGNINCP\

.7(6(#*46

)QNFOGFCKNNG \W &WMCVGP XQP # *QNN <4 +++ )GFGPMOGFCKNNG $TWUVDKNF (GTFKPCPFU )TCH XQP <GRRGNKP T KP 7PKHQTO &CU .WHVUEJKHH .< HNKGIV N ÒDGT 0GY ;QTM OO I -CKUGT 5VGORGNINCP\

)QNFOGFCKNNG XQP 1 )NÌEMNGT CWH FKG 9GNVTWPFHCJTV FGU .< $ÒUVGP XQP <GRRGNKP FGO 5EJÌRHGT WPF 'EMGPGT FGO (ÒJTGT PGDGPGKPCPFGT N &CU .WHVUEJKHH N KP 9QNMGP ÒDGT /GGT /KV 4CPFITCXWT 24'755 56##65/7'0<' )1.& -#4 OO I -CKUGT 5EJN 8QT\ÒINKEJ

141

6081

ex 6082

)QNFOGFCKNNG XQP 1 )NÌEMNGT CWH FKG 9GNVTWPFHCJTV FGU .< $ÒUVGP XQP <GRRGNKP FGO 5EJÌRHGT 'EMGPGT FGO (ÒJTGT WPF &ÒTT FGO 'TDCWGT PGDGPGKPCPFGT N )NQDWU OKV FGP GKPIGVTCIGPGP 5VCVKQPGP WPF &CVGP FGT 9GNVHCJTV WPF 4ÒEMHCJTV .CMGJWTUV (TKGFTKEJUJCHGP /KV 4CPFITCXWT 24'755 56##65/7'0<' )1.& -#4 OO I -CKUGT 5EJN 8QT\ÒINKEJp5VGORGNINCP\

<9'+ )1.&/'&#+..'0

ex 6082

4#7/(#*46

)QNFOGFCKNNG CWH FKG #RQNNQ /KUUKQP FKG GTUVG /QPFNCPFWPI $ÒUVGP FGT FTGK #UVTQPCWVGP 'FYKP ' #NFTKP 0GKN # #TOUVTQPI WPF /KEJCGN %QNNKPU JCNDN #UVTQPCWV DGKO #WHUVGNNGP FGU 5VGT PGPDCPPGTU FCJKPVGT #UVTQPCWV DGKO 'KPUCOOGNP XQP /QPFIGUVGKP XQT /QPFNCPFGH·JTG KO *KPVGT ITWPF 'TFG OO I )QNFOGFCKNNG CWH FKG #RQNNQ /KUUKQP FKG XKGTVG /QPFNCP FWPI $ÒUVGP FGT FTGK #UVTQPCWVGP , +TYKP # 9QTFGP WPF & 5EQVV JCNDN &TGK UVKNKUKGTVG 5EJYCNDGP KP (QTOCVKQP N KO *KPVGTITWPF /QPFINQDWU OO I -CKUGT 5VÒEM 8QT\ÒINKEJ

/ª0<5%*/7%-

6083

)QNFGPG $TQUEJG \WO #PUVGEMGP DGUVGJGPF CWU IQNFGPGP /CTM 5VÒEMGP XQP , $C[GTP WPF , *GUUGP FC\YKUEJGP HKNKITCPG 8GT\KGTWPIGP WPVGP CP GKPGT MNGKPGP JGTCDJ·PIGPFGP -GVVG KUV GKP TQVGT 5VGKP DGHGUVKIV +P 'VWK 8QT\ÒINKEJG #TDGKV

)1.&/ª0<'0.165 70& 5#//.70)'0

#NNIGOGKP -QORNGVVG 5COONWPI 4GVVGV FKG 0CVWT &KG KP <WUCOOGPCTDGKV OKV FGO 9QTNF 9KNFNKHG (WPF 99( FGT DTKVKUEJGP 4Q[CN /KPV UQYKG FGT GPINKUEJGP /ÒP\GPJCPFNWPI 5RKPM MQP\KRKGTVG %QPUGTXCVKQP %QKP %QNNGEVKQP WOHCV /ÒP\GPUGVU CWU UÒFCOGTKMCPKUEJGP CUKCVKUEJGP CTCDKUEJGP WPF CHTKMCPKUEJGP .·PFGTP FKG CWU LGYGKNU GKPGT )QNFOÒP\G I (GKPIGYKEJV WPF \YGK 5KNDGT OÒP\GP DGUVGJGP &GT 5COONWPI DGKIGHÒIV UKPF CWHY·PFKI IGUVCNVGVG (CTDDTQUEJÒTGP WPF MCVCNQIG OKV FGVCKNNKGTVGP *KPVGTITWPFKPHQTOCVKQPGP +PUIGUCOV I (GKPIQNF 5GJT CVVTCMVKXGU 1DLGMV OKV \CJN TGKEJGP 6KGTOQVKXGP )QNF WPF 5KNDGTOÒP\GP +P 'VWKU 5VGORGNINCP\ WPF 2QNKGTVG 2NCVVG

#WUNCPF &KXGTUG CWUN·PFKUEJG )QNFOÒP\GP XGTUEJKGFGPGT ,CJTJWPFGTVG WPF 'RQEJGP W C XQP $TCUK NKGP 4WO·PKGP 4WNCPF 5ÒFCHTKMC 8GPGFKI GVE (GKPIGYKEJV KPUIGUCOV I 5VÒEM <WO 6GKN OKV (GJNGTP OGKUV UGJT UEJÌP

$GNIKGP (TCPEU (TCPMTGKEJ (TCPEU )TQDTKVCPPKGP 5QXGTGKIP 5# 0KGFGTNCPFG )WNFGP 5EJYGK\ (TCPMGP 5ÒFCHTKMC 2QPF 4CPF 75# &QNNCTU 5 +PFKCPGT %C I (GKPIQNF 5VÒEM 5GJT UEJÌP

142

5#.<$74) '+0' 5#//.70) #75 #.6'/ 24+8#6$'5+6<

6088

6087

6089

6090

)1.&/ª0<'0 &'5 '4<$+567/5 5#.<$74)

.GQPJCTF XQP -GWVUEJCEJ )QNFIWNFGP I (D 2TQDU\V 4 2T·IGUEJY·EJG UGJT UEJÌP

)QNFIWNFGP I (D 2TQDU\V 4 5GJT UEJÌP &WMCV I (D 2TQDU\V 4 8QT\ÒINKEJ /CVVJ·WU .CPI XQP 9GNNGPDWTI &WMCV I (D 2TQDU\V 5GJT UEJÌP

6091

6092

6094

6093

6095

&WMCV I (D 2TQDU\V .GKEJV IGYGNNV UGJT UEJÌP 'TPUV XQP $C[GTP &WMCV I (D 2TQDU\V .GKEJV IGYGNNV XQT\ÒINKEJ /KEJCGN XQP -ÒGPDWTI &WMCV I (D 2TQDU\V 44 5GJT UEJÌP

,QJCPP ,CMQD -JWGP XQP $GNCUK &WMCVGP I (D 2TQDU\V .GKEJV IGYGNNV UGJT UEJÌP

&WMCV I 5V 4WFDGTVWU OKV /KVTC 5CN\IGH· WPF -TWOOUVCD UVGJV X X \YKUEJGP 5 4 XQT KJO XKGTHGNFKIGU 9CRRGP &QRRGNCFNGT \YKUEJGP FGP *·NUGP GKP -TGW\ QDGP -TQPG (D 2TQDU\V 4 8QT\ÒINKEJGU 2TCEJVGZGORNCT

6096

6097

&WMCVGP OKV 6KVGN 4WFQNHU ++ I 5V 4WFDGTVWU OKV /KVTC 5CN\IGH· WPF -TWOOUVCD UVGJV X X \YKUEJGP 5 4 XQT KJO XKGTHGNFKIGU 9CRRGP &QRRGNCFNGT \YKUEJGP FGP *·NUGP GKP -TGW\ QDGP -TQPG (D 2TQDU\V 2TCEJVGZGORNCT (CUV 5VGORGNINCP\ 9QNH &KGVTKEJ XQP 4CKVGPCW &WMCVGP I (D 2TQDU\V 2TQDKGTURWT CO 4CPF FGPPQEJ CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

143

6099

6098

&WMCVGP I (D 2TQDU\V

#VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

/CTMWU 5KVVKMWU XQP *QJGPGOU &WMCV I 9CRRGP WPVGT .GICVGPJWV 5V 4WFDGTVWU OKV /KVTC 5CN\IGH· WPF -TWOOUVCD VJTQPV X X (D 2TQDU\V 44 (CUV XQT\ÒINKEJ

6100

2CTKU XQP .QFTQP &WMCVGP CWH FKG &QOYGKJG I 5V 4WFDGTVWU WPF 5V 8KTIKNKWU UKV\GP X X OKV -TWOOUV·DGP WPF JCNVGP GKP &QOOQFGNN WPVGP .GICVGPJWV ÒDGT 9CRRGP 8QP CEJV $KUEJÌHGP IGVTCIGPGT 4GNKSWKGPUEJTGKP WPVGP \YGK 'PIGN OKV 4CWEJHC (D 2TQDU\V 5NI &QNGP\ 9KP\ -TCV\GT HCUV XQT\ÒINKEJ

6102

6103

6101

&WMCVGP -NKRRG I 9CRRGP WPVGT .GICVGPJWV 5V 4WFDGTVWU OKV /KVTC 5CN\IGH· WPF -TWOOUVCD VJTQPV X X (D 2TQDU\V 44 8QT\ÒINKEJ

&WMCV I (D 2TQDU\V

6105

6104

)GYGNNV UGJT UEJÌP

4 8QT\ÒINKEJ

6106

6104

)WKFQDCNF XQP 6JWP WPF *QJGPUVGKP &WMCVGP CWH FKG #WHUVGNNWPI FGT 5CNXCVQT UVCVWG CWH FGO )KGDGN FGT &QOHCUUCFG I 5GEJUHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF WPVGT .GICVGP JWV 5V 4WFDGTVWU WPF 5V 8KTIKNKWU JCNVGP &QOHCUUCFG FCTWPVGT 5CN\IGH· FTGK 'PIGNUMÌRHG WPF -KTEJGPOQFGNN (D 2TQDU\V 5NI &QNGP\ 9GTV\CJN ++++ CWH FGT 4ÒEMUGKVG GKPIGTKV\V HCUV XQT\ÒINKEJ

&WMCV I (D 2TQDU\V

5GJT UEJÌP

/CZ )CPFQNRJ XQP -ÒGPDWTI &WMCV I (D 2TQDU\V .GKEJV IGYGNNV UGJT UEJÌPpXQT\ÒINKEJ

144

6107

6108

6110

6111

6109

&WMCV I (D FQTV KTTVÒONKEJ CNU &WMCV DG\GKEJPGV 2TQDU\V 5GJT UEJÌPpXQT\ÒINKEJ

&WMCV I (D FQTV KTTVÒONKEJ CNU &WMCV DG\GKEJPGV 2TQDU\V &WMCV I (D 2TQDU\V &WMCV I (D 2TQDU\V &WMCV I (D FQTV KTTVÒONKEJ CNU &WMCV DG\GKEJPGV 2TQDU\V

5GJT UEJÌP 8QT\ÒINKEJ 8QT\ÒINKEJ 8QT\ÒINKEJ

6112

,QJCPP 'TPUV XQP 6JWP WPF *QJGPUVGKP &WMCVGP -NKRRG I e +1#0 u '40'5675 & u ) u #4%*+'2 u '6 2425 · 5#.+5$ u 5 u 5'& u #2 u .') u 5GEJUHGNFKIGU XGT\KGTVGU 9CRRGP WPVGT .GICVGPJWV f 55 u 48&$'4675 e '6 e 8+4)+.+75 e 2#6410+ e 5#.+5$74)'0 5'5 e &KG DGKFGP 5VKHVUJGKNKIGP 4WFDGTVWU WPF 8KTIKNKWU OKV -TWOOUV·DGP WPF &QOOQFGNN UKV\GP GKPCPFGT \WIGYCPFV CWH 9QNMGP (D 2TQDU\V 5NI &QNGP\ 8QP ITÌVGT 5GNVGPJGKV 9QJN 7PKMWO 5EJGKPV WPGFKGTV 'KPIGTKV\VG 9GTV\CJN XQT\ÒINKEJ &KG XQTNKGIGPFG &WMCVGP -NKRRG NKG ,QJCPP 'TPUV XQP 6JWP WPF *QJGPUVGKP \W UGKPGT 9CJN CNU 'T\DKUEJQH XQP 5CN\DWTI RT·IGP 'T YCT FGT \YGKVG UGKPGU )GUEJNGEJVU FGT KO ,CJTJWPFGTV FCU 'T\UVKHV TGIKGTVG UGKP 5VKGHDTWFGT )WKFQDCNF YCT 'T\DKUEJQH IGYGUGP 9KG FKGUGT YCT GT GKP ITQGT (ÌTFGTGT FGT -ÒPUVG 'T DGTKGH FGP DGTÒJOVGP $CWOGKUVGT ,QJCPP $GTPJCTF (KUEJGT XQP 'TNCEJ PCEJ 5CN\DWTI ,QJCPP 'TPUV NKG W C FKG (GNUGPTGKV UEJWNG JGWVG GKP 1TV FGT L·JTNKEJGP 5CN\DWTIGT (GUVURKGNG GTTKEJVGP 'T NKG FKG 2HGTFGD·PFKIGT XQT FGT 5EJYGOOG WPF FKG 5VCVWGP FGT #RQUVGNHÒTUVGP XQT FGO &QO CWHUVGNNGP #NU NGKFGPUEJCHVNKEJGT ,·IGT XGTHQNIVG GT 9KNFGTGT OKV ·WGTUVGT *·TVG #NU GT GTDNKPFGV WPF UEJYCEJUKPPKI UVCTD IKPI FKG ITQG <GKV 5CN\DWTIU WPF KJTGT $CTQEMHÒT UVGP \W 'PFG #WUFTWEM FKGUGT DCTQEMGP TGRT·UGPVCVKXGP 2TCEJVNKGDG UKPF CWEJ FKG OGJTHCEJGP &WMCVGP YKG FCU JKGT XQTNKGIGPFG 5VÒEM #P WPUGTGT &WMCVGP -NKRRG H·NNV DGUQPFGTU FCU (GJNGP FGT *GKNKIGPUEJGKPG FGT 5VKHVUJGKNKIGP CWH &KG WPU DGMCPPVGP CPFGTGP )GUEJGPMUVÒEMG \WT 9CJN FGU ,QJCPP 'TPUV XQP 6JWP WPF *QJGPUVGKP \WO 'T\DK UEJQH \GKIGP 5V 4WFDGTVWU WPF 5V 8KTIKNKWU OKV *GKNKIGPUEJGKP LGFQEJ IKDV GU 2T·IWPIGP FGU /CZ )CPFQNRJ XQP -ÒGPDWTI FKG FCU 4GXGTUOQVKX WPUGTGU 5VÒEMGU GDGPHCNNU QJPG *GKNKIGPUEJGKPG \GKIGP \ $ 5NI *KPVGTUVQKUUGT #WMVKQP *GNDKPI /ÒPEJGP 0T /ÌINKEJGTYGKUG YWTFG \WT 2T·IWPI FGU XQTNKGIGPFGP 5VÒEMGU GKP CNVGT 4GXGTUUVGORGN XGTYGPFGV KP FKGUGO (CNN IGJÌTV GU \YGKHGNNQU ICP\ CP FGP #PHCPI FGT /ÒP\RT·IWPI FGU PGWGP 'T\DKUEJQHU

6114 6113

6115

&WMCVGP I (D 2TQDU\V

&WMCV CWH FGP $GUWEJ FGU -CKUGTRCCTGU KP 5CN\DWTI I (D 2TQDU\V 4 8QT\ÒINKEJp5VGORGNINCP\

)GYGNNV HCUV XQT\ÒINKEJ

&WMCV I (D 2TQDU\V

-NGKPGU .QEJ HCUV XQT\ÒINKEJ

145

6117 6116

6118

&WMCV I (D 2TQDU\V &WMCV I (D 2TQDU\V

(TCP\ #PVQP XQP *CTTCEJ )QNFOGFCKNNG \W &WMCVGP Q , WPUKIPKGTV XQP 2 * /ÒNNGT $TWUVDKNF T KP IGKUVNKEJGT 6TCEJV 'KPG *CPF CWU 9QNMGP J·NV GKP PCEJ T URTKPIGPFGU 2HGTF CO <ÒIGN OO I $ 4 (QTUVGT 5NI &QNGP\ 8QT\ÒINKEJ

6120

5GJT UEJÌP 5GJT UEJÌP

6119

6121

&WMCV I (D 2TQDU\V

&WMCV I 9CRRGP WPVGT .GICVGPJWV 5V 4WFDGTVWU OKV /KVTC 5CN\IGH· WPF -TWOOUVCD VJTQPV X X (D 2TQDU\V 4 8QT\ÒINKEJ

&WMCV I (D 2TQDU\V

6122

4 8QT\ÒINKEJ

8QT\ÒINKEJ

6123

6124

&WMCV I (D 2TQDU\V 44 2TQDKGTURWTGP CO 4CPF NGKEJV IGYGNNV UGJT UEJÌPpXQT\ÒINKEJ

&WMCV I /KV 7 KP 47&$'4675 CDGT OKV WPIGVGKNVGT ,CJTGU\CJN (D 2TQDU\V #PO XCT 4 (CUV XQT\ÒINKEJ

&WMCV I (D 2TQDU\V

6126

44 (GNFGT RQNKGTV UQPUV XQT\ÒINKEJ

6125

6127

.GQRQNF #PVQP 'NGWVJGTKWU XQP (KTOKCP &WMCV I (D 2TQDU\V 4 8QT\ÒINKEJ

&WMCV I (D 2TQDU\V &WMCV I (D 2TQDU\V

6128

146

&WMCV I (D 2TQDU\V &WMCV I (D 2TQDU\V &WMCV I (D 2TQDU\V

8QT\ÒINKEJ (CUV XQT\ÒINKEJ

6130

6129

5GJT UEJÌPpXQT\ÒINKEJ 4 2TCEJVGZGORNCT 5VGORGNINCP\ 8QT\ÒINKEJ

6133

6131

6132

,CMQD 'TPUV XQP .KGEJVGPUVGKP &WMCV I (D 2TQDU\V 4 8QT\ÒINKEJ

&WMCV I (D 2TQDU\V &WMCV I (D 2TQDU\V

4 /KP IGYGNNV XQT\ÒINKEJ 44 8QT\ÒINKEJ

6136

6134

6135

&WMCV I $TWUVDKNF T 9CRRGP WPVGT .GICVGPJWV (D 2TQDU\V 44 8QT\ÒINKEJp5VGORGNINCP\

#PFTGCU ,CMQD XQP &KGVTKEJUVGKP &WMCV I (D 2TQDU\V 4 5GJT UEJÌPpXQT\ÒINKEJ

&WMCV I (D 2TQDU\V

44 8QT\ÒINKEJp5VGORGNINCP\

6137 1,5:1

1,5:1

&WMCVGP I $TWUVDKNF T FCTWPVGT /ÒP\OGKUVGT\GKEJGP Ü / Û - Ü (TCP\ :CXGT /CV\GP MQRH 5CN\DWTIGT /ÒP\OGKUVGT EC 9CRRGP FCTÒDGT -TGW\ FCJKPVGT -TWOOUVCD WPF 5EJYGTV IGMTGW\V QDGP .GICVGPJWV (D 2TQDU\V 44 8QT\ÒINKEJGU 'ZGORNCT

6138

6139

6140

&WMCV I $TWUVDKNF T .GICVGPJWV ÒDGT 9CRRGP (D 2TQDU\V 4 8QT\ÒINKEJ &WMCV I (D 2TQDU\V 44 8QT\ÒINKEJp5VGORGNINCP\

5KIKUOWPF +++ XQP 5EJTCVVGPDCEJ &WMCV I 9CRRGP FCTÒDGT -TGW\ FCJKPVGT -TWOOUVCD WPF 5EJYGTV IGMTGW\V QDGP .GICVGPJWV 5V 4WFDGTVWU OKV /KVTC 5CN\IGH· WPF -TWOO UVCD UKV\V X X (D 2TQDU\V 8QT\ÒINKEJ

6141 6142

6143

&WMCV I (D 2TQDU\V

4 8QT\ÒINKEJp5VGORGNINCP\

&WMCVGP I $TWUVDKNF T OKV WOIGNGIVGO /CPVGN WPF -TGW\ 8GT\KGTVGU OGJTHGNFKIGU 9CRRGP FCTÒDGT -TGW\ FCJKPVGT -TWOOUVCD WPF 5EJYGTV IGMTGW\V QDGP .GICVGPJWV (D 2TQDU\V 8QT\ÒINKEJ

&WMCV I (D 2TQDU\V

-TCV\GT CWH FGT 8QTFGTUGKVG UGJT UEJÌP

147

6144

&WMCV I (D 2TQDU\V &WMCV I (D 2TQDU\V &WMCV I (D 2TQDU\V

6147

6146

6145

'VYCU XGTRT·IV XQT\ÒINKEJ -NGKPGT 5EJTÌVNKPIUHGJNGT HCUV XQT\ÒINKEJ 5GJT UEJÌP

6148

6149

&WMCV I (D 2TQDU\V &WMCV I (D 2TQDU\V &WMCV I (D 2TQDU\V &WMCVGP I (D 2TQDU\V

6150

8QT\ÒINKEJ 8QT\ÒINKEJ 44 *GPMGNURWT UGJT UEJÌP 4 8QT\ÒINKEJ

6151

6152

6153

&WMCV 8CTKCPVG OKV MNGKPGO $TWUVDKNF I (D 2TQDU\V 44 8QT\ÒINKEJp5VGORGNINCP\

5GFKUXCMCP\ &WMCV I (D 2TQDU\V <GRGTPKEM 4 -NGKPGU .QEJ UGJT UEJÌPpXQT\ÒINKEJ

*KGTQP[OWU XQP %QNNQTGFQ &WMCV I (D 2TQDU\V

6154

6156

6157

&WMCV I (D 2TQDU\V &WMCV I (D 2TQDU\V &WMCV I (D 2TQDU\V &WMCV I (D 2TQDU\V

(GTFKPCPF &WMCV I (D 2TQDU\V

8QT\ÒINKEJ

6158

6155

4 8QT\ÒINKEJ 4 8QT\ÒINKEJ 8QT\ÒINKEJ 8QT\ÒINKEJp5VGORGNINCP\

4 8QT\ÒINKEJ

'+0' )1.&/ª0<' &'5 -74(ª456'067/5 5#.<$74) 148

6159 6160

6160

5+.$'4/ª0<'0 &'5 '4<$+56/5 5#.<$74)

.GQPJCTF XQP -GWVUEJCEJ <GJPGT 2TQDU\V )WNFKPGTMNKRRG 2TQDU\V

6162

44 *GPMGNURWT UGJT UEJÌP 44 *GPMGNURWT UGJT UEJÌP

6162

6161

/CVVJ·WU .CPI XQP 9GNNGPDWTI &QRRGNVGT )WNFKPGT CWH FKG 'KPYGKJWPI FGT 4C FKCPCMCRGNNG KP 9GNNGPDWTI I $TWUVDKNF N OKV $KTGVV &KG JN 4CFKCPC UVGJV HCUV X X WPF YKTF XQP \YGK 9ÌNHGP CPIGHCNNGP KO *KPVGTITWPF .CPFUEJCHV OKV $·WOGP N WPF 5EJNQ 9GNNGPDWTI T &CX 2TQDU\V 44 (CUV XQT\ÒINKEJ

)WNFKPGT 2TQDU\V

6163

8QP ITQGT 5GNVGPJGKV (CUUWPIUURWTGP HCUV UGJT UEJÌP

6164

6165

)WNFKPGT I $TWUVDKNF N OKV $KTGVV 8KGTHGNFKIGU 9CRRGP WPVGT -CTFKPCNUJWV &CX 2TQDU\V 44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

)WNFKPGT I $TWUVDKNF N OKV $KTGVV &KG DGKFGP 5VKHVUJGKNKIGP 5V 4WFDGTVWU WPF 5V 8KTIK NKWU UKV\GP X X OKV -TWOOUV·DGP FKG -ÌRHG GKPCPFGT \WIGYCPFV FCXQT -KTEJGPOQFGNN &CX 2TQDU\V 44 -N 4CPFp WPF 5EJTÌVNKPIUHGJNGT UGJT UEJÌP

$TGKVGT )WNFKPGT #DUEJNCI XQP FGP 5VGORGNP FGU )WNFKPGTU I $TWUVDKNF N OKV $KTGVV 8KGTHGNFKIGU 9CRRGP WPVGT -CTFKPCNUJWV 2TQDU\V 8QP ITQGT 5GNVGPJGKV -TCV\GT CWH FGT 8QTFGTUGKVG <CKPGPFG FGPPQEJ CVVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT

149

6167

6166

-TGW\GT 2TQDU\V

2T·IGUEJY·EJG UGJT UEJÌP

)WNFKPGT I 5VKHVU WPF (COKNKGPYCRRGP PGDGPGKPCPFGT WPVGT -CTFKPCNUJWV FCTWPVGT /&:::8+ 5V 4WFDGTVWU UKV\V X X OKV /KVTC 5CN\IGH· WPF -TWOOUVCD &CX 2TQDU\V 8QP ITQGT 5GNVGPJGKV /KP 5EJTÌVNKPIUHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

6168

6169

'TPUV XQP $C[GTP )WNFKPGT &CX 2TQDU\V

5GJT UEJÌP

'TPUV ,WPK YCT FGT FTKVVG 5QJP *GT\QI #NDGTVU +8 'T YWTFG $KUEJQH XQP 2CUUCW 'T\DKUEJQH XQP 5CN\DWTI &C GT FKG #PPCJOG FGT 9GKJGP CWEJ PCEJ GKPGT KJO IGUVGNNVGP (TKUV XQP ,CJTGP YGKVGTJKP CDNGJPVG NGIVG GT CO ,WNK UGKPG 9ÒTFGP PKGFGT WPF \QI UKEJ \WGTUV PCEJ *CNNGKP UR·VGT CWH FKG XQP KJO GTYQT DGPG )TCHUEJCHV )NCV\ KP 5EJNGUKGP \WTÒEM YQ GT CO &G\GODGT UVCTD

)WNFKPGT &CX 2TQDU\V

8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

6170

150

6171

)WNFKPGT &CX 2TQDU\V /KEJCGN XQP -ÒGPDWTI )WNFKPGT &CX 2TQDU\V

6172

)WNFKPGT &CX 2TQDU\V )WNFKPGT &CX 2TQDU\V

(CUV XQT\ÒINKEJ 5GJT UEJÌP

5GJT UEJÌPpXQT\ÒINKEJ 5GJT UEJÌPpXQT\ÒINKEJ

6173

6174

6175

,QJCPP ,CMQD -JWGP XQP $GNCUK 6CNGT Q , &CX # 2TQDU\V -N )TCHHKVK UGJT UEJร P

6CNGT Q , &CX % 2TQDU\V

5GJT UEJร P

5GJT UEJร P 5GJT UEJร PpXQT\ร INKEJ

6176

6177

6CNGT &CX 2TQDU\V 6CNGT &CX 2TQDU\V

6179 6178

6178

6CNGT &CX 2TQDU\V

4GKEJUVCNGTMNKRRG I &TGK KPU -NGGDNCVV IGUVGNNVG 9CRRGP 5V 4WFDGTVWU OKV /KVTC 5CN\IGHยทยญ WPF -TWOOUVCD VJTQPV X X 2TQDU\V 44 5GJT UEJร P

6180

(CUV XQT\ร INKEJ

6181

)WNFGPVCNGT -TGW\GT OKV 6KVGN /CZKOKNKCPU ++ &CX 2TQDU\V 5GJT UGNVGPGT /ร P\V[R 2TQDKGTURWT CO 4CPF OGJTGTG -TCV\GT UGJT UEJร P

)WNFGPVCNGT -TGW\GT OKV 6KVGN /CZKOKNKCPU ++ &CX 2TQDU\V

5GJT UEJร P

151

6183

6182

)WNFGPVCNGT -TGW\GT OKV 6KVGN /CZKOKNKCPU ++ &CX 2TQDU\V /KP MQTTQFKGTV MN 5EJTÌVNKPIUTKUUG HCUV UGJT UEJÌP

)WNFGPVCNGT -TGW\GT OKV 6KVGN 4WFQNHU ++ 2TQDU\V

6184

44 *GPMGNURWT UGJT UEJÌP

6186

6185

)WNFGPVCNGT -TGW\GT OKV 6KVGN 4WFQNHU ++ &CX 2TQDU\V (CUV XQT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

)GQTI XQP -ÒGPDWTI 4GKEJUVCNGTMNKRRG Q , I 8KGTHGNFKIGU 9CRRGP WPVGT .G ICVGPJWV 5V 4WFDGTVWU WPF 5V 8KTIKNKWU UKV\GP GKPCPFGT \WIGYCPFV 2TQDU\V 44 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC

4GKEJUVCNGTMNKRRG 2TQDU\V

6187

44 *GPMGNURWT (GNFGT IGIN·VVGV UGJT UEJÌP

6188

9QNH &KGVTKEJ XQP 4CKVGPCW 4GKEJUVCNGT Q , &CX 2TQDU\V -N 5EJTÌVNKPIUTK XQT\ÒINKEJ

4GKEJUVCNGT Q , &CX 2TQDU\V

152

5GJT UEJÌP

6190

6189

6191

4GKEJUVCNGT Q , I &CX 2TQDU\V 4GKEJUVCNGTMNKRRG Q , 2TQDU\V 4GKEJUVCNGTMNKRRG Q , 2TQDU\V

5GJT UEJÌP 4 *GPMGNURWT ! HCUV XQT\ÒINKEJ *GPMGNURWT UGJT UEJÌP

6193

6192

4GKEJUVCNGT Q , 2TQDU\V 4GKEJUVCNGT Q , 2TQDU\V

5GJT UEJÌP 5GJT UEJÌP

6194

6196

6195

6196

4GKEJUVCNGT Q , 2TQDU\V 44 8QT\ÒINKEJ 4GKEJUVCNGT Q , 2TQDU\V #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT &QRRGNVG 4GKEJUVCNGTMNKRRG 6WTORT·IWPI I &CX #PO 2TQDU\V 5GJT UEJÌP

153

6198

6197

4GKEJUVCNGTMNKRRG 6WTORT·IWPI &CX #PO 2TQDU\V *GPMGNURWT (GNFGT IGIN·VVGV UGJT UEJÌP

4GKEJUVCNGTMNKRRG Q , 6WTORT·IWPI 2TQDU\V

)GUVQRHVGU .QEJ UGJT UEJÌP

6199

6200

6CNGT 6WTORT·IWPI I &KG DGKFGP 5VKHVUJGKNKIGP 5V 4WFDGTVWU WPF 5V 8KTIKNKWU VJTQ PGP PGDGP 9CRRGP WPVGT .GICVGPJWV 6WTO KP 9GNNGP XQO 9KPF DGUVÒTOV QDGP *CIGN CWU 9QNMGP 2TQDU\V 5GJT UEJÌPpXQT\ÒINKEJ

4GKEJUVCNGTMNKRRG Q , &CX #PO 2TQDU\V

154

(GNFGT CNVIGIN·VVGV UGJT UEJÌP

6202

6201

4GKEJUVCNGT Q , &CX 2TQDU\V \W FQTV CNU -NKRRG 4GKEJUVCNGT Q , &CX 2TQDU\V \W FQTV CNU -NKRRG

5GJT UEJÌP 5GJT UEJÌP

6204

6203

4GKEJUVCNGTMNKRRG Q , 2TQDU\V XCT 4GKEJUVCNGTMNKRRG Q , 2TQDU\V

44 *GPMGNURWT UGJT UEJÌP 4 5GJT UEJÌP

6205

6206

4GKEJUVCNGT Q , 2TQDU\V 4GKEJUVCNGTMNKRRG Q , 2TQDU\V

6206

8QT\ÒINKEJ 5GJT UEJÌP

155

6208 6207

6207

4GKEJUVCNGTMNKRRG Q , 2TQDU\V 6CNGT 1TVUVCNGT Q , 2TQDU\V

4 5GJT UEJÌPpXQT\ÒINKEJ 44 -N 4CPFHGJNGT UGJT UEJÌP

6210

6209

/CTMWU 5KVVKMWU XQP *QJGPGOU 4GKEJUVCNGTMNKRRG 2TQDU\V 44 )GNQEJV UGJT UEJÌP

4GKEJUVCNGT 2TQDU\V 8QP ITQGT 5GNVGPJGKV 'VYCU IGYGNNV CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

ex 6211 6212

6212

-NKRRGPHÌTOKIGT 4GEJGPRHGPPKI 2TQDU\V 4GKEJUVCNGTMNKRRG Q , <YKVVGTRT·IWPI 2TQDU\V

5VÒEM 5GJT UEJÌP )GNQEJV UGJT UEJÌP

6214

6213

156

4GKEJUVCNGTMNKRRG &CX 2TQDU\V 4GKEJUVCNGT 2TQDU\V

6213

4 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT 44 5GJT UEJÌPpXQT\ÒINKEJ

6216 6215

6215

4GKEJUVCNGTMNKRRG 2TQDU\V 4GKEJUVCNGT 2TQDU\V

*GPMGNURWT UGJT UEJÌP 44 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

6218 6217

6217

4GKEJUVCNGT &CX 2TQDU\V

4GKEJUVCNGT I 9CRRGP WPVGT .GICVGPJWV 5V 4WFDGTVWU OKV /KVTC 5CN\IGH· WPF -TWOOUVCD VJTQPV X X 2TQDU\V \W FQTV CNU -NKRRG 7PGFKGTV 8QT\ÒINKEJ

4CPFHGJNGT HCUV XQT\ÒINKEJ

6220

6219

2CTKU XQP .QFTQP 4GKEJUVCNGTMNKRRG 2TQDU\V 44 #VVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT

4GKEJUVCNGT 2TQDU\V

6221

4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V

8QP ITQGT 5GNVGPJGKV (CUV XQT\ÒINKEJ

6222

8QT\ÒINKEJ .GKEJVG -TCV\GT XQT\ÒINKEJ

157

6224 6223

6223

4GKEJUVCNGTMNKRRG 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V

*GPMGNURWT DGTKGDGP UGJT UEJÌP 5GJT UEJÌPpXQT\ÒINKEJ

6225

6226

4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V

4 *GPMGNURWT ! UGJT UEJÌP -N 5VGORGNHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

6228 6227

6227

4GKEJUVCNGTMNKRRG 2TQDU\V 4GKEJUVCNGT 2TQDU\V

*GPMGNURWT HCUV UGJT UEJÌP 44 8QT\ÒINKEJ

6229

6230

158

6CNGT 2TQDU\V 4GKEJUVCNGT CWH FKG &QOYGKJG &CX 2TQDU\V

6230

(CUV UGJT UEJÌP 8QT\ÒINKEJ

6232

6231

4GKEJUVCNGT CWH FKG &QOYGKJG 2TQDU\V 6CNGT 2TQDU\V

8QT\ÒINKEJ (CUV UGJT UEJÌP

6233

6234

4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGTMNKRRG &CX #PO 2TQDU\V

6235

6CNGT 2TQDU\V 4GKEJUVCNGT 2TQDU\V

6236

4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V

6237

5EJTÌVNKPIUHGJNGT UGJT UEJÌP 4 *GPMGNURWT UGJT UEJÌP

8QT\ÒINKEJ 5GJT UEJÌP

5GJT UEJÌP 5GJT UEJÌP

6238

159

6240

6239

4GKEJUVCNGTMNKRRG 2TQDU\V 6CNGTMNKRRG 2TQDU\V

6241

8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI (CUV XQT\ÒINKEJ

6243

6242

6244

)WKFQDCNF XQP 6JWP WPF *QJGPUVGKP 4GKEJUVCNGT &CX 2TQDU\V 8QT\ÒINKEJ

6CNGTMNKRRG 2TQDU\V 6CNGTMNKRRG 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V

6245

5GJT UEJÌP *GPMGNURWT ! UGJT UEJÌP (CUV XQT\ÒINKEJ

6246

6245

4GKEJUVCNGT 2TQDU\V

8QT\ÒINKEJ

/CZ )CPFQNRJ XQP -ÒGPDWTI 4GKEJUVCNGT 2TQDU\V 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJ

160

6247

6248

4GKEJUVCNGT 2TQDU\V 6CNGTMNKRRG 2TQDU\V

8QT\ÒINKEJ 5GJT UEJÌPpXQT\ÒINKEJ

6250

6249

4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT 2TQDU\V

6251

5GJT UEJÌP 8QT\ÒINKEJ

6252

6253

4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V

8QT\ÒINKEJ 8QT\ÒINKEJ

4GKEJUVCNGT CWH FCU L·JTKIG ,WDKN·WO FGU 'T\UVKHVGU &CX # 2TQDU\V 2TCEJVGZGORNCT OKV HGKPGT 2CVKPC HCUV 5VGORGNINCP\

161

6255

6254

4GKEJUVCNGT CWH FCU L·JTKIG ,WDKN·WO FGU 'T\UVKHVGU 2TQDU\V C 4GKEJUVCNGT CWH FCU L·JTKIG ,WDKN·WO FGU 'T\UVKHVGU 2TQDU\V C

8QT\ÒINKEJ 5GJT UEJÌP

6257 6256

6259

6258

4GKEJUVCNGTMNKRRG 2TQDU\V -TGW\GT 2TQDU\V

*GPMGNURWT UGJT UEJÌP 5GJT UEJÌP

,QJCPP 'TPUV XQP 6JWP WPF *QJGPUVGKP 4GKEJUVCNGT 2TQDU\V -N 4CPFHGJNGT XQT\ÒINKEJ

4GKEJUVCNGTMNKRRG 2TQDU\V

6260

162

6CNGTMNKRRG 2TQDU\V 6CNGTMNKRRG 2TQDU\V 6CNGTMNKRRG 2TQDU\V

*GPMGNURWT UGJT UEJÌP

6261

6262

5GJT UEJÌPpXQT\ÒINKEJ 5GJT UEJÌPpXQT\ÒINKEJ *GPMGNURWT UGJT UEJÌP

6264

6263

4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V

4GKEJUVCNGT 2TQDU\V 4GKEJUVCNGT 2TQDU\V

6268

6267

8QT\ÒINKEJp5VGORGNINCP\ 4 5GJT UEJÌP

6267

4GKEJUVCNGT 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V

6269

6266

6265

8QT\ÒINKEJ 8QT\ÒINKEJ

6270

8QT\ÒINKEJ 8QT\ÒINKEJ

6272

6271

4GKEJUVCNGT CWH FGP $GUWEJ FGU -CKUGTRCCTGU KP 5CN\DWTI 2TQDU\V 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

6CNGT CWH FGP $GUWEJ FGU -CKUGTRCCTGU KP 5CN\DWTI 2TQDU\V 4 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

6CNGT CWH FGP $GUWEJ FGU -CKUGTRCCTGU KP 5CN\DWTI 2TQDU\V 44 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI 5VGORGNINCP\

4GKEJUVCNGT 2TQDU\V

5GJT UEJÌP

163

6273

6274

4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT 2TQDU\V

6277

6276

6275

2TCEJVGZGORNCT (CUV 5VGORGNINCP\ 2TCEJVGZGORNCT 8QT\ÒINKEJp5VGORGNINCP\ (CUV XQT\ÒINKEJ 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

6278

6281

6280

4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT 2TQDU\V .QV -TGW\GT 2TQDU\V

9KP\ 4CPFHGJNGT XQT\ÒINKEJ (CUV XQT\ÒINKEJ 5VÒEM 5GJT UEJÌP WPF DGUUGT

(TCP\ #PVQP XQP *CTTCEJ 4GKEJUVCNGT &CX 2TQDU\V 4 8QT\ÒINKEJGU 2TCEJVGZGORNCT

4GKEJUVCNGT 2TQDU\V

164

4 (CUV XQT\ÒINKEJ

6282

6283

4GKEJUVCNGT 2TQDU\V 4GKEJUVCNGT 2TQDU\V

6288

4GKEJUVCNGT 2TQDU\V 4GKEJUVCNGT 2TQDU\V

6290

6285

4GKEJUVCNGT 2TQDU\V 4 *ÒDUEJG 2CVKPC OKP 5EJTÌVNKPIUHGJNGT CO 4CPF XQT\ÒINKEJ 4GKEJUVCNGT &CX 2TQDU\V 4 5GJT UEJÌP HCUV XQT\ÒINKEJ 4GKEJUVCNGT &CX 2TQDU\V 4 5GJT UEJÌP 4GKEJUVCNGT 2TQDU\V (GNFGT IGIN·VVGV UGJT UEJÌP

6286

6284

4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V

6287

5GJT UEJÌPpXQT\ÒINKEJ 4 (CUV XQT\ÒINKEJ

6289

4 -N -TCV\GT UGJT UEJÌP (GNFGT IGIN·VVGV UGJT UEJÌP

6291

8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC 8QT\ÒINKEJ

165

6293

6292

4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V

6297

4 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI 44 (CUV XQT\ÒINKEJGU 'ZGORNCT

6295

6294

8QT\ÒINKEJ 5GJT UEJÌP

6296

6298

.GQRQNF #PVQP 'NGWVJGTKWU XQP (KTOKCP 4GKEJUVCNGT I $TWUVDKNF T FCTWPVGT 5VGORGNUEJPGKFGT\GKEJGP $ 2JKNKRR %JTKUVQRJ XQP $GEMGT 5VGORGNUEJPGKFGT KP 9KGP 5GEJUHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF FCTÒDGT .GICVGPJWV WPF -TGW\ FCJKPVGT -TWOOUVCD WPF 5EJYGTV IGMTGW\V &CX 2TQDU\V 44 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI

4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V

166

8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI 5GJT UEJÌP

6299

4GKEJUVCNGT 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT 2TQDU\V

6304

6301

6300

6302

44 (CUV XQT\ÒINKEJ 5EJÌPG 6ÌPWPI YKP\ -TCV\GT HCUV XQT\ÒINKEJ 5GJT UEJÌP 44 8QT\ÒINKEJ

6303

6305

5KNDGTOGFCKNNG XQP 2 2 9GTPGT CWH FKG #WHPCJOG FGT 5CN\DWTIGT 'OKITCPVGP KP 2TGWGP )GJCTPKUEJVGU $TWUVDKNF (TKGFTKEJ 9KNJGNOU + XQP $TCPFGPDWTI 2TGWGP T $QTWUUKC OKV 5EJKNF GORH·PIV GKPG 'OKITCPVGPHCOKNKG FCTÒDGT UVTCJNGPFGU )QVVGUCWIG OO I $TQEMOCPP 4QNN 5GJT UEJÌPpXQT\ÒINKEJ

&GT 'T\DKUEJQH XQP 5CN\DWTI .GQRQNF #PVQP 'NGWVJGTKWU )TCH (KTOKCP \YCPI EC UGKPGT RTQVGUVCPVK UEJGP 7PVGTVCPGP \WT 'OKITCVKQP 7PIGH·JT XQP KJPGP UKGFGNVGP UKEJ DGK .CWGPDWTI CP FGT 4GUV YWTFG KP 2TGWGP IGTP CWHIGPQOOGP

4GKEJUVCNGT &CX 2TQDU\V 4GKEJUVCNGT &CX 2TQDU\V

(CUV XQT\ÒINKEJ 8QT\ÒINKEJ

167

6306

6307

6309

6308

6309

4GKEJUVCNGT &CX 2TQDU\V

8QT\ÒINKEJ

,CMQD 'TPUV XQP .KGEJVGPUVGKP 4GKEJUVCNGT &CX 2TQDU\V 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

4GKEJUVCNGT &CX 2TQDU\V $CV\GP 2TQDU\V

6310

8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI 8QT\ÒINKEJ

6311

6312

4GKEJUVCNGT I $TWUVDKNF T 5GEJUHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF FCTÒDGT .GICVGPJWV WPF -TGW\ FCJKPVGT -TWOOUVCD WPF 5EJYGTV IGMTGW\V &CX 2TQDU\V 44 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

#PFTGCU ,CMQD XQP &KGVTKEJUVGKP 4GKEJUVCNGT &CX 2TQDU\V 4 5GJT UEJÌP

4GKEJUVCNGT &CX 2TQDU\V

168

4 5GJT UEJÌP

6313

4GKEJUVCNGT 2TQDU\V &CX 4GKEJUVCNGT 2TQDU\V &CX

6314

44 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI 8QT\ÒINKEJ

6316

6315

5KIKUOWPF +++ XQP 5EJTCVVGPDCEJ 5KNDGTOGFCKNNG XQP ( /CV\GPMQRH CWH UGKPG +P VJTQPKUCVKQP $TWUVDKNF T KO IGKUVNKEJGP 1TPCV ,WUVKVKC UVGJV X X KP FGT 4GEJVGP 9CCIG FKG .KPMG CWH GKP 2QUVCOGPV OKV 9CRRGP IGNGIV CWH FGO GKP 5EJYGTV WPF GKP )GUGV\DWEJ NKGIGP N UEJÒVVGV 2WVVQ GKP (ÒNNJQTP OKV /GFCKNNGP CWU OO I $ 4 FQTV HCNUEJG 8QTFGTUGKVGPDGUEJTGKDWPI 44 -N 4CPFHGJNGT XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP ( /CV\GPMQRH CWH UGKPG +PVJTQPKUCVKQP $TWUVDKNF T KO IGKUVNKEJGP 1TPCV 5GEJU HGNFKIGU 9CRRGP OKV /KVVGNUEJKNF FCTÒDGT .GICVGPJWV WPF -TGW\ FCJKPVGT -TWOOUVCD WPF 5EJYGTV IGMTGW\V \W FGP 5GKVGP \YGK UVGJGPFG YGKDNKEJG (KIWTGP OKV 5EJYGTV D\Y .CP\G FKG UKEJ ÒDGT FGO 9CRRGP FKG *CPF TGKEJGP OO I $ 4 44 -N 4CPFHGJNGT HCUV XQT\ÒINKEJ

6318

-QPX 6CNGT &CX 2TQDU\V -TGW\GT 2TQDU\V

6317

6318

8QT\ÒINKEJ 8QT\ÒINKEJ

169

6320

6319

-QPX 6CNGT &CX 2TQDU\V -QPX 6CNGT 2TQDU\V

8QT\ÒINKEJ 5GJT UEJÌPpXQT\ÒINKEJ

6322

6321

-QPX 6CNGT &CX 2TQDU\V -QPX 6CNGT &CX 2TQDU\V

6323

170

-QPX 6CNGT &CX 2TQDU\V -QPX 6CNGT &CX 2TQDU\V -QPX 6CNGT &CX 2TQDU\V

(CUV XQT\ÒINKEJ 5GJT UEJÌPpXQT\ÒINKEJ

6324

6325

5EJTÌVNKPIUHGJNGT KO )GUKEJV UGJT UEJÌPpXQT\ÒINKEJ (GNFGT IGIN·VVGV UGJT UEJÌP -N -TCV\GT UGJT UEJÌP

6327

6326

-QPX 6CNGT &CX 2TQDU\V

5GJT UEJÌP

-QPX 6CNGT &CX 2TQDU\V 8QTFGTUGKVG XCT 4ÒEMUGKVG C 4 -N -TCV\GT UGJT UEJÌP

6329

6328

-QPX 6CNGT &CX 2TQDU\V -QPX 6CNGT &CX 2TQDU\V

(GKPG 2CVKPC XQT\ÒINKEJ 5GJT UEJÌP

6331

6330

-QPX 6CNGT &CX 2TQDU\V

5GJT UEJÌPpXQT\ÒINKEJ

5KNDGTOGFCKNNG XQP ( /CV\GPMQRH CWH FKG #WHUVGNNWPI FGU PGWGP 2T·IGYGTMGU KP FGT /ÒP\G $TWUVDKNF T KO IGKUVNKEJGP 1TPCV <YGK /ÒP\GT DGK FGT #TDGKV CO PGWGP 2T·IGYGTM OO I $ 4 2TQDU\V 44 8QT\ÒINKEJ

6333 6332

-QPX 6CNGT &CX 2TQDU\V -TGW\GT 2TQDU\V

6332

8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC (CUV XQT\ÒINKEJ

171

6334

6337

6335

6336

5KNDGTOGFCKNNG XQP ( /CV\GPMQRH CWH FKG 8QNNGPFWPI FGU 5KIKUOWPFVQTGU $TWUVDKNF T KO IGKUV NKEJGP 1TPCV &CU 5KIKUOWPFVQT \YKUEJGP \YGK 2[TCOKFGP OO I $ 4 (GNFGT IGIN·VVGV UGJT UEJÌP

-QPX 6CNGT /KV 4CPFUEJTKHV 577/ %7+37' FC\YKUEJGP #TCDGUMGP &CX 2TQDU\V 5GJT UEJÌP

-QPX 6CNGT 2TQDU\V

-QPX 6CNGT /KV 4CPFUEJTKHV 577/ %7+37' FC\YKUEJGP #TCDGUMGP &CX 2TQDU\V 4 5GJT UEJÌPpXQT\ÒINKEJ

(CUV UGJT UEJÌP

6339 6338

6338

-QPX 6CNGT 2TQDU\V -TGW\GT 2TQDU\V

5GJT UEJÌPpXQT\ÒINKEJ 8QT\ÒINKEJ

6341

6340

-QPX 6CNGT &CX 2TQDU\V -TGW\GT 2TQDU\V

5GJT UEJÌPpXQT\ÒINKEJ (CUV XQT\ÒINKEJ

.QV -QPX 6CNGT &CX 2TQDU\V 5VÒEM -N <CKPGPFG Z UGJT UEJÌP

172

6343

6344

6345

5GFKUXCMCP\ 5KNDGTOGFCKNNG XQP ( /CV\GPMQRH *ร HVDKNF FGU 5V 4WFDGTVWU X X OKV /KVTC 5CN\IGHยทยญ WPF $KUEJQHUUVCD CWH 2QUVCOGPV FCXQT -CRKVGNYCRRGP QDGP -TQPG WOJGT FKG 9CRRGP XQP &QOJGTTGP *ร HVDKNF FGU 5V 8KTIKNKWU JCNDN OKV /KVTC /QFGNN FGT &QOMKTEJG WPF $KUEJQHUUVCD CWH 2QUVCOGPV QDGP -TQPG WOJGT FKG 9CRRGP FGT ร DTKIGP &QOJGTTGP OO I 5NI /QPVGPWQXQ <GRGTPKEM 8QT\ร INKEJGU 2TCEJVGZGORNCT OKV HGKPGT 6ร PWPI

5KNDGTOGFCKNNG XQP ( /CV\GPMQRH *ร HVDKNF FGU 5V 4WFDGTVWU X X OKV /KVTC 5CN\IGHยทยญ WPF $KUEJQHUUVCD CWH 2QUVCOGPV FCXQT -CRKVGNYCRRGP QDGP -TQPG WOJGT FKG 9CRRGP XQP &QOJGTTGP *ร HVDKNF FGU 5V 8KTIKNKWU JCNDN OKV /KVTC /QFGNN FGT &QOMKTEJG WPF $KUEJQHUUVCD CWH 2QUVCOGPV QDGP -TQPG WOJGT FKG 9CRRGP FGT ร DTKIGP &QOJGTTGP OO I 5NI /QPVGPWQXQ <GRGTPKEM 8QT\ร INKEJ

*KGTQP[OWU XQP %QNNQTGFQ 5KNDGTOGFCKNNG XQP , / -TCHHV CWH UGKPG 9CJN $TWUV DKNF T KO IGKUVNKEJGP 1TPCV 9GKDNKEJG )GUVCNV UKV\V T OKV 5EJNCPIGPUVCD WPF ,CPWUUEJKNF WPVGP (ร NN JQTP KO *KPVGTITWPF 5VCFVCPUKEJV XQP 5CN\DWTI OO I $ 4 4 (CUV XQT\ร INKEJ

6346

6347

5KNDGTOGFCKNNG XQP ( /CV\GPMQRH LWP CWH FKG ,CJTHGKGT FGU 'T\UVKHVGU $TWUVDKNF T KO IGKUV NKEJGP 1TPCV 6GORGN OO I $ 4 8QT\ร INKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

-QPX 6CNGT 2TQDU\V

4 8QT\ร INKEJ

173

6348

6350

6349

6351

-QPX 6CNGT &CX 2TQDU\V -QPX 6CNGT &CX 2TQDU\V -QPX 6CNGT &CX 2TQDU\V -TGW\GT 2TQDU\V

6352

8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI 8QT\ÒINKEJ 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC 8QT\ÒINKEJ

6354

6353

-TGW\GT 2TQDU\V -QPX 6CNGT 2TQDU\V -TGW\GT 2TQDU\V

6355

174

-QPX 6CNGT &CX 2TQDU\V -QPX 6CNGT &CX 2TQDU\V

4 8QT\ÒINKEJ 5GJT UEJÌPpXQT\ÒINKEJ 4 8QT\ÒINKEJ

6356

2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI (CUV 5VGORGNINCP\ 8QT\ÒINKEJ

6357

6358

6359

6360

-QPX 6CNGT 2TQDU\V -QPX 6CNGT 2TQDU\V -QPX 6CNGT 2TQDU\V -TGW\GT 2TQDU\V

5GJT UEJÌP 8QT\ÒINKEJ /KP DGTKGDGP XQT\ÒINKEJ 8QT\ÒINKEJ

.QV -TGW\GT Z 2TQDU\V Z 5VÒEM /GKUV XQT\ÒINKEJ

.QV -QPX 6CNGT &C\W 2CTKU XQP .QFTQP 4GKEJUVCNGT &CX 2TQDU\V 5VÒEM 5GJT UEJÌP WPF DGUUGT

.165 5#.<$74)

2CTKU XQP .QFTQP 4GKEJUVCNGT CWH FKG &QOYGKJG 5KIKUOWPF +++ XQP 5EJTCVVGPDCEJ -QPX 6CNGT *KGTQP[OWU XQP %QNNQTGFQ -QPX 6CNGT 5VÒEM <WO 6GKN OKV MN (GJNGTP UGJT UEJÌP

)TQGU .QV XQP EC /ÒP\GP WPF /GFCKNNGP XQP 5CN\DWTI FCTWPVGT 6CNGT *CNDVCNGT /GFCKN NGP WPF EC 6GKNUVÒEMG WPF -NGKPOÒP\GP %C 5VÒEM 7PVGTUEJKGFNKEJ GTJCNVGP \WO 6GKN DGUEJ·FKIV FGT )GUCOVGKPFTWEM KUV HCUV UGJT UEJÌP

6366 6365

6365

5+.$'4/ª0<'0 &'5 -74(ª456'067/5 5#.<$74)

(GTFKPCPF -QPX 6CNGT &CX 2TQDU\V 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

-TGW\GT 2TQDU\V

6367

-TGW\GT 2TQDU\V -TGW\GT 2TQDU\V

8QT\ÒINKEJp5VGORGNINCP\

6368

6367

4 (CUV XQT\ÒINKEJ 4 8QT\ÒINKEJp5VGORGNINCP\

&CU .KVGTCVWTXGT\GKEJPKU \W WPUGTGP #WMVKQPGP HKPFGP 5KG KO +PVGTPGV WPVGT YYY MWGPMGT FG 175

5#//.70) /ª0<9##)'0 70& )'9+%*6' #75 5ª&&'765%*'/ 24+8#6$'5+6< .KVGTCVWTXGT\GKEJPKU %TCYHQTVJ / # 9GKIJKPI %QKPU 'PINKUJ HQNFKPI IQNF DCNCPEGU QH VJG VJ CPF VJ EGPVWTKGU .QPFQP 5QXGTGKIP DCNCPEGU UVCPFCTF TQEMGTU Q 1 -KUEJ $ )GYKEJVG WPF 9CCIGOCEJGT KO CNVGP -ÌNP ,CJTJWPFGTV -ÌNP .CXCIPG ( ) $CNCPEKGTU 'VCNNQPPGWTU NGWTU OCTSWGU NGWTU RQKP¼QPU /QPVRGNNKGT .QEMPGT * 2 &KG /GTM\GKEJGP FGT 0ÒTPDGTIGT 4QVUEJOKGFG /ÒPEJGP /C\\C ( + RGUK OQPGVCTK FK OQPGVG OKNCPGUK /KNCPQ /WUJCO , ( 5JGRRCTF 6 /QPG[ 5ECNGU CPF 9GKIJVU 4GRTKPV XQP 5RKPM 5QP .VF .QPFQP 6GYGU . &KG )GUEJKEJVG FGT $GTNKPGT )QNFOÒP\YCCIGP ņ KJTG (CDTKMCVKQP WPF 'KEJWPI KP $GKVT·IG \WT DTCPFGPDWTIKUEJ RTGWKUEJGP 0WOKUOCVKM 0WOKUOCVKUEJG *GHVG $GTNKP 5 7PUJGNO ) &KG )QNFYCCIGPHGTVKIWPI KO *GT\QIVWO $GTI WPF KP FGT )TCHUEJCHV /CTM KP 'UUGPGT 9CCIGP #WMVKQP 'UUGP 9KVVQR -QPKPI & # *QWDGP ) / / LCCT IGYKEJVGP KP FG 0GFGTNCPFGP .QEJGO <CXCVVQPK ) $KNCPEG G UVTWOGPVK RGT RGUCTG NG OQPGVG OGVC :8++ :: UGEQNQ FK WPC EQNNG\KQPG RTKXCVC /KNCPQ

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/KEJCGN )TGXGPDGTI -ÌNP *·NHVG FGU ,CJTJWPFGTVU /ÒP\YCCIG WO 4GEJVGEMKIGT -CUVGP CWU $KTPDCWOJQN\ OKV GKPGT GTI·P\VGP /KVVGNUEJNKGG DGTI O·TM *GTMWPHV CWGP OKV \CJN TGKEJGP 8GT\KGTWPIGP CWH FGO &GEMGN WPF 4KNNGP CP FGP 5GKVGP /CG Z Z OO &CU /GKUVG TGVKMGVV XGTUEJOWV\V OKV (GJNUVGNNGP KUV CWH FGO &GEMGNUEJWDGT CPIGDTCEJV 'U \GKIV FCU 9CRRGP XQP )TGXGPDGTI $GTI QDGP KP GKPGT -CTVWUEJG FCTWPVGT <GKNGP 5EJTKHV 4GEJVU FCXQP UVGJV ,WUVKVKC OKV 9CCIG WPF 5EJYGTV NKPMU %QPUEKGPVKC QFGT 8CPKVCU OKV 9CCIG WPF (CEMGN FCJKPVGT FGT 6QF OKV 5VWPFGPINCU 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF GKPGT TWPFGP WPF GKPGT FTGKGEMKIGP 5EJCNG CP ITÒPGP $·PFGTP &KG &TGKGEMUUEJCNG KUV QJPG /GKUVGT\GKEJGP 7PVGT FGO &GEMGNUEJWDGT NKGIGP KP FGT .CFG KPUIGUCOV )GYKEJVG OKV /ÒP\DKNFGTP &GT MNGKPG *QN\UEJWDGT ÒDGT FGP )TWDGP HÒT FKG #WUINGKEJUIGYKEJVG HGJNV #WUINGKEJUIGYKEJVG UKPF PKEJV OGJT XQTJCPFGP ªDGT FGP )TWDGP 0QOKPCN DG\GKEJPWPIGP KP UEJYCT\GT (CTDG 4 5GJT UEJÌPGU 'ZGORNCT

8QP /KEJCGN )TGXGPDGTI UKPF PWT YGPKIG 'ZGORNCTG DGMCPPV 5KG VTCIGP MGKPG ,CJTGU\CJN KO 'VKMGVV

176

,QJCPP -KTEJ -ÌNP Ó /Ò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ÒPGP $·PFGTP +P FGT &TGKGEMUEJCNG KUV FCU /GKUVGT\GKEJGP + - \YKUEJGP -KTEJG GKP IGRWP\V -KUEJ 6CHGN + 0T 7PVGT FGO &GEMGNUEJWDGT NKGIGP KP FGT .CFG KPUIGUCOV )GYKEJVG OKV /ÒP\DKNFGTP FCXQP FGT %CTNKPGT FWTEJ GKP 2KUVQN )GYKEJV GTI·P\V 7PVGT FGO MNGKPGP *QN\UEJWDGT NKGIGP #WUINGKEJUIGYKEJVG XQP XGTUEJKGFGPGP (GTVKIGTP ªDGT FGP )TWDGP 0QOK PCNDG\GKEJPWPIGP KP UEJYCT\GT (CTDG 5GJT UEJÌPGU 'ZGORNCT

/CVVJKCU /GVVOCPP -ÌNP Ó /ÒP\YCCIG 4GEJVGEMKIGT -CUVGP CWU $KTPDCWOJQN\ OKV

CDIGDTQEJGPGP /GUUKPIUEJNKGGP CWGP WPF KPPGP OKV \CJNTGKEJGP 8GT\KGTWPIGP /CG Z Z OO #WH FGO &GEMGNUEJWDGT KUV OKV UEJYCT\GT 6KPVG FKG /GKUVGTUKIPCVWT XGTOGTMV &KG .CFG VT·IV FCU 5EJTGKPGTOGKUVGT\GKEJGP 5KGJG -KUEJ 6CHGN +++ 0T FCU CWEJ CWH .CFGP XQP $GTPFV 1FGPFCNN -ÌNP 2 *GTEM #PVYGTRGP WPF , & $QFTKPIGP 4QVVGTFCO \YKUEJGP WPF PCEJYGKUDCT KUV WPF CWH FGP 'ZRQTV -ÌNPGT .CFGP -·UVEJGP KP FKG 0KGFGTNCPFG JKPYGKUV 9CCIG CWU 5VCJN OKV 5EJYC PGPJCNUGPFGP WPF GKPGT TWPFGP WPF GKPGT FTGKGEMKIGP 5EJCNG CP ITÒPGP $·PFGTP +P DGKFGP 5EJCNGP KUV FCU /GKUVGT\GKEJGP XQP 6QDKCU /CTVKP -QND 0ÒTPDGTI *GT\GP .QEMPGT 0T GKPIGUEJNCIGP &KGUGU <GKEJGP FCU -QND GTJKGNV KUV GKP *KPYGKU FCTCWH FC FKG 9CCIG UR·VGT GTI·P\V YWTFG 7PVGT FGO &GEMGNUEJWDGT NKGIGP XQP WTURTÒPINKEJ KO -CUVGPDQFGP WPF KP FGT $QFGPNCIG KPUIGUCOV )GYKEJVG OKV /ÒP\DKNFGTP FCXQP 'TI·P\WPIGP &KG )GYKEJVG VTCIGP CWH FGT 4ÒEMUGKVG PQEJ MGKPG /GKUVGTOCTMG FC / /GVVOCPP GTUV \WO 'KEJOGKUVGT IGY·JNV YWTFG &GT MNGKPG *QN\UEJWDGT ÒDGT FGT )TWDG HÒT FKG #WUINGKEJUIGYKEJVG HGJNV #WUINGKEJUIGYKEJVG UKPF PKEJV OGJT XQT JCPFGP ªDGT FGP )TWDGP 0QOKPCNDG\GKEJPWPIGP KP UEJYCT\GT (CTDG 4 (CUV XQT\ÒINKEJGU 'ZGORNCT 8QP /CVVJKCU /GVVOCPP UKPF 9CCIGP CWU FGT <GKV XQP DKU DGMCPPV /GVVOCPP YWTFG KP FGT 4CVUUKV\WPI XQO /·T\ \WO 'KEJOGKUVGT IGY·JNV PCEJFGO UGKP 8QTI·PIGT 6ÌPPKGU XQP #CEJGP KP FKGUGT 5VGNNWPI KP FGTUGNDGP 5KV\WPI YGIGP PCEJIGYKGUGPGT 8GTHGJNWPIGP UGKPGU #OVGU GPVJQDGP YQTFGP YCT

177

6373

6374

2GVTWU 4ÌOGT -ÌNP EC /ÒP\YCCIG WO 4GEJVGEMKIGT FWPMGN IGDGK\VGT -CUVGP OKV /GUUKPIUEJNKGGP CWGP OKV $QTFÒTGP XGT\KGTV /CG Z Z OO 9CCIG <ÒPINGKP CDIGDTQ EJGP CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF GKPGT TWPFGP WPF GKPGT FTGKGEMKIGP 5EJCNG CP ITÒPGP

GTPGWGTVGP $·PFGTP +P FGT &TGKGEMUEJCNG KUV FCU /GKUVGT\GKEJGP XQP 4ÌOGT GKPIGRWP\V -KUEJ 6CHGN + 0T 8QP FGP WTURTÒPINKEJ )GYKEJVGP UKPF PQEJ XQTJCPFGP FCU &WECVIGYKEJV HGJNV &KG )GYKEJVG VTCIGP )TKHHUV·DEJGP WPF /ÒP\PCOGP CP FGP 'EMGP UKPF MNGKPG 5VGTPEJGP GKPIGRWP\V +P FKGUGT #TV KUV GKPG JPNKEJMGKV OKV DGTIKUEJGP 9CCIGP FGTGP 2TQFWMVKQP WO GKPUGV\V GTMGPPDCT 7PVGT FGO MNGKPGP *QN\UEJWDGT DGHKPFGP UKEJ #WUINGKEJUIGYKEJVG 'KPG $GUEJTKHVWPI FGT )TWDGP KUV PKEJV OGJT GTMGPPPDCT 5GJT UEJÌPGU 'ZGORNCT

8QP 2GVTWU 4ÌOGT UKPF 9CCIGP \YKUEJGP WPF DGMCPPV

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178

,QJCPP 2GVGT #GEMGTUDGTI KP 9KEJNKPIJCWUGP Ó KP 9KEJNKPIJCWUGP /ÒP\YCCIG 4GEJVGEMKIGT -CUVGP CWU #JQTPJQN\ OKV GKPGT /KVVGNUEJNKGG /CG Z Z OO &CU &GEMGNKPPGTG KUV OKV FGO /GKUVGTGVKMGVV CWUIGHÒNNV 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF OKV TWPFGP /GUUKPIUEJCNGP CP VÒTMKU IGNDHCTDGPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV )GYKEJVGP FKG #WUINGKEJUIGYKEJVG HGJNGP ªDGT FGP )TWDGP 0QOKPCNDG\GKEJPWPIGP KP TQVGT (CTDG (CUV XQT\ÒINKEJGU 'ZGORNCT

/ÒP\YCCIG 4GEJVGEMKIGT -CUVGP CWU #JQTPJQN\ OKV 5EJNKGGP /CG Z Z OO &CU /GKUVGTGVKMGVV KUV KP FGT /KVVG FGU &GEMGNKPPGTGP CPIGDTCEJV 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF OKV TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV )GYKEJVGP 7PVGT FGO /GUUKPIRN·VVEJGP #WUINGKEJUIGYKEJVG XQP XGTUEJKGFGPGP 9CCIGP ªDGT FGP )TWDGP 0QOKPCNDG \GKEJPWPIGP KP TQVGT (CTDG 8QT\ÒINKEJGU 'ZGORNCT

6377

6376

,QJCPP &CPKGN XQO $GTI .GPPGR Ó /ÒP\YCCIG 4GEJVGEMKIGT -CUVGP CWU #JQTP JQN\ OKV 5EJNKGGP /CG Z Z OO &CU &GEMGNKPPGTG KUV OKV FGO /GKUVGTGVKMGVV CWUIGHÒNNV 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF OKV TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP 8QP FGP )GYKEJVGP UKPF GTI·P\V XQP -TWUG 'NDGTHGNF PGW 7PVGT FGO /GUUKPIMN·RREJGP #WU INGKEJUIGYKEJVG ªDGT FGP )TWDGP 0QOKPCNDG\GKEJPWPIGP KP TQVGT (CTDG 5GJT UEJÌPGU 'ZGORNCT

,QJCPP 2GVGT $TCU U GNOCPP 9KEJNKPIJCWUGP IGVCWHV Ó /ÒP\YCCIG 4GEJVGEMKIGT -CUVGP CWU #JQTPJQN\ OKV GKPGT /KVVGNUEJNKGG /CG Z Z OO &CU &GEMGNKP PGTG KUV OKV FGO /GKUVGTGVKMGVV CWUIGHÒNNV 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF OKV TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV )GYKEJVGP CNNG OKV FGO DGTIK UEJGP .ÌYGP IGRWP\V 7PVGT FGO /GUUKPIMN·RREJGP #WUINGKEJUIGYKEJV ªDGT FGP )TWDGP 0QOKPCN DG\GKEJPWPIGP KP TQVGT (CTDG 8QT\ÒINKEJGU 'ZGORNCT

,QJCPP 9KNJGNO (QTUVJQHH LT 5QNKPIGP Ó /ÒP\YCCIG Q , PCEJ 4GEJV GEMKIGT -CUVGP CWU #JQTPJQN\ OKV 5EJNKGGP FKG 1TKIKPCNUEJNKGGP UKPF CWGTIGYÌJPNKEJ XGT\KGTV /CG Z Z OO &CU &GEMGNKPPGTG KUV OKV FGO /GKUVGTGVKMGVV CWUIGHÒNNV 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF OKV TWPFGP /GUUKPIUEJCNGP CP JGNNITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV )GYKEJVGP FKG CNNG OKV FGO DTGKVGP DGTIKUEJGP .ÌYGP IGRWP\V UKPF OKV #WUPCJOG FGT #5 WPF 05 .U FQT )GYKEJVG ÒDNKEJ 7PVGT FGO /GUUKPIMN·RREJGP #WUINGKEJUIGYKEJVG FCXQP OKV 5 HÒT 5QNKPIGP IGRWP\V 4 8QT\ÒINKEJGU 'ZGORNCT

179

,QJCPP 2JKNKRR *GTDGTVU UGP 5QNKPIGP WO Ó /ÒP\YCCIG 4GEJVGEMKIGT -CUVGP CWU #JQTPJQN\ OKV GKPGT /KVVGNUEJNKGG ¤UG HGJNV /CG Z Z OO &CU /GKUVGTGVKMGVV KUV KP FGT /KVVG FGU &GEMGNKPPGTGP CPIGDTCEJV 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF OKV TWP FGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV )GYKEJVGP KPMNWUKXG GKPGO %CTNKP 7PVGTIGYKEJV 7PVGT FGO FCVKGTVGP /GUUKPIMN·RREJGP #WUINGKEJUIGYKEJVG &KG )TW DGP UKPF YKG DGK FGP 9CCIGP FGT *GTDGTVU (COKNKG KP FGT 4GIGN QJPG $GUEJTKHVWPI 4 8QT\ÒINKEJGU 'ZGORNCT

, 2J *GTDGTVU KUV FGT $GITÒPFGT FGT 9CCIGPOCEJGTHCOKNKG 5GKPG 5ÌJPG , #DTCJCO , 2JKNKRR WPF , 9KNJGNO JCDGP GDGPHCNNU FCU *CPFYGTM CWUIGÒDV 'KPG 6QEJVGT YCT OKV FGO $TWFGT FGU 9CCIGPOCEJGTU ,QJCPP 9KNJGNO (QTUVJQHH UGP XGTJGKTCVGV FGT DGK *GTDGTVU FCU *CPFYGTM GTNGTPVG

6380

180

6381

,QJCPP /GNEJKQT -TWUG UGP KP 'NDGTHGNF Ó /ÒP\YCCIG Q , PCEJ 4GEJV GEMKIGT -CUVGP CWU #JQTPJQN\ OKV 5EJNKGGP /CG Z Z OO &CU &GEMGNKPPGTG KUV OKV FGO /GKUVGTGVKMGVV CWUIGHÒNNV &KGUGU \GKIV FCU IGMTÌPVG 9CRRGP FGU -WTHÒTUVGP -CTN 6JGQFQT CWU FGT .KPKG 2HCN\ 5WN\DCEJ FCTWPVGT 1TFGPUMGVVGP \W FGP 5GKVGP <GKNGP 5EJTKHV 9CCIG CWU 5VCJN OKV 5EJYC PGPJCNUGPFGP WPF OKV TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV )G YKEJVGP FKG CNNG OKV FGO DGTIKUEJGP .ÌYGP IGRWP\V UKPF #WUINGKEJUIGYKEJVG HGJNGP ªDGT FGP )TWDGP 0QOKPCNDG\GKEJPWPIGP KP TQVGT (CTDG 4 8QT\ÒINKEJGU 'ZGORNCT

,QJCPP %CURCT /KVVGNUVGPUEJGKF .GPPGR Ó /ÒP\YCCIG 4GEJVGEMKIGT -CUVGP CWU #JQTPJQN\ OKV 5EJNKGGP /CG Z Z OO &CU &GEMGNKPPGTG KUV OKV FGO /GKUVGTGVKMGVV CWUIGHÒNNV 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF OKV TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·P FGTP &KG 9CCIG KUV MQORNGVV OKV )GYKEJVGP FKG CNNG OKV FGO UEJNCPMGP DGTIKUEJGP .ÌYGP IG RWP\V UKPF FCU &WECVGPIGYKEJV KUV GTI·P\V 7PVGT FGP /GUUKPIMN·RREJGP #WUINGKEJUIGYKEJVG WPF #RQVJGMGT )TCPIGYKEJV ªDGT FGP )TWDGP 0QOKPCNDG\GKEJPWPIGP KP TQVGT (CTDG 8QT\ÒINKEJGU 'ZGORNCT

6382

6383

/ÒP\YCCIG 4GEJVGEMKIGT -CUVGP CWU #JQTPJQN\ OKV 5EJNKGGP /CG Z Z OO &CU &GEMGNKPPGTG KUV OKV FGO /GKUVGTGVKMGVV CWUIGHÒNNV 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF OKV TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV )GYKEJVGP FKG CNNG OKV FGO UEJNCPMGP DGTIKUEJGP .ÌYGP IGRWP\V UKPF OKV #WUPCJOG FGT #5 W 05 .U FQT )GYKEJVG 7PVGT FGO /GUUKPIMN·RREJGP #WUINGKEJUIGYKEJVG ªDGT FGP )TWDGP 0QOKPCNDG\GKEJPWPIGP KP TQVGT (CTDG 8QT\ÒINKEJGU 'ZGORNCT

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#DTCJCO -TWUG OCEJVG UGKPG .GJTG DGK , 2 #GEMGTUDGTI KP 9KEJNKPIJCWUGP 'T GTJKGNV CO XQO RTGWK UEJGP -ÌPKI FCU 2TKXKNGI WPF YCT FGT $GITÒPFGT FGT O·TMKUEJGP )QNFYCCIGPRTQFWMVKQP 5GKP $TWFGT ,QJCPP /GN EJKQT -TWUG CTDGKVGVG CNU )QNFYCCIGPHGTVKIGT KP 'NDGTHGNF

)GDTÒFGT &KGFGTKEJ 2GVGT %CURCT &KGFGTKEJ WPF 2GVGT %CURCT 2QRRGPDGTI KO #OV $NCPEMGPUVGKP DGK 5RTQEMJÌXGN /ÒP\YCCIG WO 4GEJVGEMKIGT -CUVGP CWU #JQTPJQN\ OKV 5EJNKGGP /CG Z Z OO &CU &GEMGNKPPGTG KUV OKV FGO /GKUVGTGVKMGVV CWUIGHÒNNV 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF OKV TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV )GYKEJVGP FKG DKU CWH FKG 05 .5 FQT )GYKEJVG OKV FGT .KNKG IGRWP\V UKPF 7PVGT FGO /GUUKPI MN·RREJGP #WUINGKEJUIGYKEJV ªDGT FGP )TWDGP 0QOKPCNDG\GKEJPWPIGP KP TQVGT (CTDG 4 8QT\ÒINKEJGU 'ZGORNCT

181

/ÒP\YCCIG WO 4GEJVGEMKIGT -CUVGP CWU #JQTPJQN\ OKV GKPGT 5EJNKGG /CG Z Z OO &CU &GEMGNKPPGTG KUV OKV FGO /GKUVGTGVKMGVV CWUIGHÒNNV 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF OKV TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP 8QP FGP )GYKEJVGP UKPF OKV FGT .KNKG OKV FGO DGTIKUEJGP .ÌYGP 5QW 2KUV WPF &WECV 7PVGTIGYKEJV IGRWP\V FKG 05 .U FQT QJPG 2WP\G ÒDNKEJ 7PVGT FGO /GUUKPIMN·RREJGP #WUINGKEJUIGYKEJVG ªDGT FGP )TWDGP 0QOKPCNDG\GKEJ PWPIGP KP TQVGT (CTDG 4 (CUV XQT\ÒINKEJGU 'ZGORNCT

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ÒDNKEJ FGP DTGKVGP DGTIKUEJGP .ÌYGP FGU *GTUVGNNGTU ,QJCPP 9KNJGNO (QTUVJQHH &GT /ÒP\TCVJ $WPUGP JCV CWH CNNGP )GYKEJVGP DKU CWH FCU 2KUVQN )GYKEJV GTI·P\V! FGP (TCPMHWTVGT #FNGT GKPIGRWP\V 7PVGT FGO /GUUKPIMN·RREJGP #WUINGKEJUIGYKEJVG CWU XGTUEJKGFGPGP 9CCIGP FCXQP OKV FGO (TCPMHWTVGT #FNGT IGRWP\V ªDGT FGP )TWDGP 0QOKPCNDG\GKEJPWPIGP KP TQVGT XGTDNCVGT (CTDG 4 8QT\ÒINKEJGU 'ZGORNCT ,QJCPP )GQTI $WPUGP GTUGV\VG KO ,CJTG UGKPGP 8CVGT CNU /ÒP\OGKUVGT KP (TCPMHWTV WPF GTJKGNV FGP 6KVGN /ÒP\ TCVJ $WPUGP YWTFG CO KP (TCPMHWTV IGDQTGP YQ GT CO UVCTD 3WGNNG ,QUGRJ 2 (GNNPGT ' &KG /ÒP\GP XQP (TCPMHWTV CO /CKP (TCPMHWTV

182

0ª40$'4) 56#&6

#FQNH &GKPGTV /ÒP\YCCIG Q , 4GEJVGEMKIGT -CUVGP CWU 0WDCWOJQN\ OKV GKPGT 5EJNKGG /CG Z Z OO #WH FGO #WGPFGEMGN KUV QDGP OKVVKI FCU /GKUVGT\GKEJGP 4CF OKV # & KP FGP WPVG TGP 5RGKEJGP GKPIGRWP\V KO +PPGPFGEMGN 4GEJV CDIG\QIGP GKPIGDTCPPV 9CCIG CWU 5VCJN OKV TWPFGP /GUUKPIUEJCNGP CP ITÒPGP DGUEJ·FKIVGP $·PFGTP +P DGKFGP 5EJCNGP KUV FCU 4CF GKPIGUEJNCIGP 8QP FGP )GYKEJVGP OKV )TKHHUVCD UKPF OKV /ÒP\DKNFGTP FCXQP QTKIKPCN OKV 2WP\G 4CF XQP # &GK PGTV )GYKEJVG VTCIGP /ÒP\PCOGP 7PVGT FGO MNGKPGP *QN\UEJWDGT NKGIV GKP #WUINGKEJUIGYKEJV ªDGT FGP )TWDGP UKPF 0QOKPCNDG\GKEJPWPIGP GKPIGUEJNCIGP (CUV UGJT UEJÌPGU 'ZGORNCT

#FQNH &GKPGTV .QEMPGT 0T YWTFG /GKUVGT UGKPG 5EJCHHGPU\GKV GPFGV WO 5GKP 5QJP ,QJCPP -QPTCF &GKPGTV .QEMPGT 0T YCT GDGPHCNNU )QNFYCCIGPOCEJGT

2CWNWU &GKPGTV Ó /ÒP\YCCIG PCEJ 4GEJVGEMKIGT FWPMGN IGDGK\VGT -CUVGP OKV GKPGT /GU UKPIUEJNKGG /CG Z Z OO #WH FGO #WGPFGEMGN KUV QDGP OKVVKI FCU /GKUVGT\GKEJGP 2& WPVGT 5EJTÌRHMQRH GKPIGRT·IV 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF GKPGT TWPFGP WPF GKPGT FTGKGEMKIGP /GUUKPIUEJCNG CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV )GYKEJVGP &KGUG JCDGP /ÒP\DG\GKEJPWPIGP GKPIGUEJNCIGP #WUINGKEJUIGYKEJVG HGJNGP 8QT\ÒINKEJGU 'ZGORNCT

183

6QDKCU /CTVKP -QND IGUV XQT /ÒP\YCCIG Q , &GT UEJYCT\ NCEMKGTVG -CUVGP /CG Z Z OO JCV QDGP KO JKPVGTGP 6GKN OKVVKI GKPGP *QN\UQEMGN OKV 5EJTCWDIGYKPFG GKPIGUGV\V *KGT YKTF FKG /GUUKPIUVCPFU·WNG GKPIGUEJTCWDV #WH FGT 5VCPFU·WNG KUV GKP FTCEJGP·JPNKEJGU IGHNÒIGNVGU )GDKNFG CPIGDTCEJV 8QP FGUUGO JKPVGTGP 6GKN YKTF GKPG DNCITÒPG 5EJPWT FWTEJ FKG 5VCPFU·WNG \W GKPGO .ÌYGP IGHÒJTV +O XQTFGTGP 6GKN YKTF FKG 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF GKPGT TWPFGP WPF GKPGT FTGKGEMKIGP 5EJCNG CWHIGJ·PIV +P FGT FTGKGEMKIGP 5EJCNG KUV FCU /GKUVGT\GKEJGP 6/- ÒDGT *GT\GP WPF KP FGT TWPFGP 5EJCNG FKG 5VCFVOCTMG XQP 0ÒTPDGTI GKPIGRWP\V <KGJV OCP CP FGO .ÌYGP JGDV UKEJ FKG 9CCIG HCUV GTUEJÒVVGTWPIUHTGK 5Q MCPP OCP DGSWGO GKP ITQG #P\CJN XQP /ÒP\GP YKGIGP WPF OW PKEJV YCTVGP DKU FKG 9CCIG CWUIGRGPFGNV KUV +O -CUVGP KUV GKPG ITQG .CFG GKPIGUEJQDGP KP FGT KP DGUQPFGTGP 8GTVKGHWPIGP FKG 5VCPFU·WNG FKG 9CCIG FGT .ÌYG WPF /ÒP\IGYKEJVG NKGIGP 8QP FGP )GYKEJVGP UKPF PQEJ 1TKIKPCNG XQTJCPFGP 5KG JCDGP )TKHHUV·DEJGP WPF VTCIGP /ÒP\PCOGP WPF FCU 0ÒTPDGTIGT 5VCFVYCRRGP CNU 2WP\G #WH +JTGT 4ÒEMUGKVG UKPF 0WOOGTP GKPIGRWP\V &KGUG FKGPGP \WT DGUUGTGP 'KPUQTVKGTWPI KP FKG GDGPHCNNU OKV 0WOOGTP XGTUGJGPGP )TWDGP 8QP FGP PKEJV WT URTÒPINKEJGP )GYKEJVGP OKV )TKHHUVCD UKPF QJPG $GUEJTKHVWPI GKPU OKV FGT 0T HÒT (TCPEU! WPF FCU JCV /ÒP\PCOGP WPF FCU 0ÒTPDGTIGT 5VCFVYCRRGP GKPIGMNGDVG <GVVGN OKV JCPFUEJTKHVNKEJGT 0QVKGTWPI (TCPEU WPF (TCPEU IGDGP *KPYGKU CWH FGP NCPIGP )GDTCWEJ FKGUGT .ÌYGPYCCIG FC (TCPEU /ÒP\GP GTUV KP 7ONCWH MCOGP 7PVGT FGO OKV #5 DG\GKEJPGVGP /GUUKPIMN·RREJGP NKG IGP #WUINGKEJUIGYKEJVG 44 8QT\ÒINKEJGU 'ZGORNCT .ÌYGPYCCIGP UKPF PGDGP FGP &WECVGPYCCIGP GKP URG\KGNNGU 0ÒTPDGTIGT 2TQFWMV 5KG YWTFGP ÒDGTYKGIGPF XQP )GNFYGEJUNGTP WPF $CPMKGTU IGPWV\V WPF IGNVGP CNU ·WGTUV UGNVGP 6QDKCU /CTVKP -QND .QEMPGT 0T YCT 9CCIOCEJGT WPF 'KEJOGKUVGT HÒT 9CCIGP WPF )GYKEJVG /GKUVGT UGKV XGTUVQTDGP XQT 8GTOWVNKEJ 5EJYKGIGTXCVGT XQP /CVVJ·WU 5KGINGT .QEMPGT 0T

184

6390

6391

,QJCPP .Q Ó &WECVGPYCCIG Q , /ÒP\YCCIG KP 8KQNKPM·UVEJGP CWU 0WDCWOJQN\ OKV GKPGT /GUUKPIUEJNKGG /CG Z Z OO #WH FGO #WGPFGEMGN UKPF FCU &WECVGPO·PPNGKP WPF GKPG URCPKUEJG 2KUVQNG QFGT &WRNQPG GKPIGRT·IV +O +PPGPFGEMGN KUV FCU /GKUVGTGVKMGVV GKPIGMNGDV KP GKPGT 8QNWVGPMCTVWUEJG <GKNGP 5EJTKHV FCTÒDGT FCU /GKUVGT\GKEJGP 5EJTÌRHMQRH WPVGTJCND ,QJCPP .QU 9CCIG CWU 5VCJN OKV 5RCVGNGPFGP XQP GKPGT $CNMGPUGKVG \WO <ÒPINGKP GKP /GUUKPIDQIGP OKV 'KPMGTDWPIGP HÒT FKG # 'KPVGKNWPI #WH FGP DGKFGP TWPFGP /GUUKPIUEJCNGP KUV GKPG WO GKPGP &WECVGP UEJYGTGTG OKV FGO &WECVGPO·PPEJGP IGRWP\V +P FGO OKV TQV OCTOQTKGTVGP 2CRKGT CWUIGNGIVGP -C UVGPDQFGP KUV GKP <GVVGN OKV <GKNGP 5EJTKHV 9CP OCP FCU )GYKEJV CWH NGIGV UQ MCPP OCP &QRQNQ PGP YKGIGP 44 8QT\ÒINKEJGU 'ZGORNCT

%JTKUVQRJ /CPIQNF /QPIQNV Ó /ÒP\YCCIG Q , WO 4GEJVGEMKIGT FWPMGN DTCWPGT -CUVGP CWU 0WDCWOJQN\ OKV /GUUKPIUEJNKGGP CWH FGT 8QTFGTUGKVG /CG Z Z OO 9CCIG CWU 5VCJN OKV HNCEJGP 'PFGP KP FKG .ÌEJGT \WT #WHPCJOG FGU CEJVGTHÌTOKIGP *CMGPU DGHGUVKIV UKPF &KG TWPFGP /GUUKPIUEJCNGP UKPF OKV FGT /GKUVGTOCTMG %/ KO -TGKU IGRWP\V WPF J·PIGP CP ITÒPGP GTPGWGTVGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV )GYKEJVGP OKV /ÒP\DKNFGTP 7PVGT FGO MNGKPGP *QN\UEJWDGT NKGIGP #WUINGKEJUIGYKEJVG ªDGT FGP )TWDGP UKPF 0QOKPCNDG\GKEJ PWPIGP GKPIGUEJNCIGP (CUV XQT\ÒINKEJGU 'ZGORNCT

,QJCPP .Q .QEMPGT 0T YCT /GKUVGT UGKV 5GKP <GKEJGP KUV FGT .Q QFGT 5EJTÌRHMQRH OKV +.

%JT /CPIQNF YWTFG IGDQTGP /GKUVGT WPF )GUEJYQTGPGT 5GKP <GKEJGP JCV GT KP FGT /GKUVGT TQNNG CWHIGUEJNCIGP .QEMPGT 0T

,QJCPP (TKGFTKEJ /C[GT /G[GT /GKUVGT /ÒP\YCCIG Q , PCEJ )GUEJYWPIGPGT -CUVGP CWGP OKV TQVDTCWPGO QTPCOGPVKGTVGP .GFGT KPPGP OKV TQVGO 9CUEJNGFGT ÒDGT\QIGP /CG Z Z OO 9CCIG CWU 5VCJN OKV $QZHQTOGPFGP WPF TWPFGP /GUUKPIUEJCNGP KP FGT GKPGP FKG /GKUVGTOCTMG /CPP OKV 5KEJGN WPF +(/ FKG CPFGTG FCU 5VCFVYCRRGP XQP 0ÒTPDGTI GKPIGRWP\V CP MT·HVKIGP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV TWPFGP )GYKEJVGP OKV )TKHHUV·DEJGP WPF /ÒP\ DG\GKEJPWPIGP &KG #WUINGKEJUIGYKEJVG WPVGT FGO /GUUKPIMN·RREJGP HGJNGP 8QT\ÒINKEJGU 'ZGORNCT

, ( /C[GT NGIVG CO 1MVQDGT UGKP /GKUVGTUVÒEM XQT WPF YCT XGTOWVNKEJ DKU V·VKI .QEMPGT 0T

185

6393

6394

/ÒP\YCCIG Q , PCEJ 4GEJVGEMKIGT FWPMGNDTCWPGT -CUVGP CWU 0WDCWOJQN\ OKV MT·HVKIGP UVQTEJGPUEJPCDGN·JPNKEJGP 5EJNKGGP WPF UQTIH·NVKI IGCTDGKVGVGP 5EJCTPKGTGP /CG Z Z OO 9CCIG CWU 5VCJN OKV $QZHQTOGPFGP WPF GKPGT TWPFGP WPF GKPGT FTGKGEMKIGP 5EJCNG CP ITÒPGP $·P FGTP +P FGT FTGKGEMKIGP 5EJCNG KUV FKG /GKUVGTOCTMG XQP /C[GT /CPP OKV 5KEJGN WPF +(/ KP FGT TWPFGP 5EJCNG FCU 5VCFVYCRRGP XQP 0ÒTPDGTI GKPIGRWP\V &KG 9CCIG KUV MQORNGVV OKV SWCFTCVKUEJGP )GYKEJVGP OKV )TKHHUV·DEJGP /ÒP\DG\GKEJPWPIGP WPF FGO GKPIGRWP\VGP 0ÒTPDGTIGT 5VCFVYCRRGP 7P VGT FGO /GUUKPIMN·RREJGP NKGIV GKP MQORNGVVGT 5CV\ #WUINGKEJUIGYKEJVG 8QT\ÒINKEJGU 'ZGORNCT

,QJCPP )CDTKGN 5KGINGT /GKUVGT UGKV )GUEJYQTGPGT /ÒP\YCCIG Q , XQT 4GEJV GEMKIGT UEJYCT\IGDGK\VGT -CUVGP CWU #JQTPJQN\ OKV GKPGT /GUUKPIUEJNKGG /CG Z Z OO #WH FGO #WGPFGEMGN KUV QDGP OKVVKI FCU /GKUVGT\GKEJGP 5EJTÌRHMQRH ÒDGT +)5 GKPIGRT·IV 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF GKPGT TWPFGP WPF GKPGT FTGKGKEMKIGP WTURTÒPINKEJ XGTUKNDGTVGP /GUUKPIUEJCNG CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV )GYKEJVGP OKV /ÒP\DG\GKEJPWPIGP DKU CWH )GYKEJV OKV )TKHHUV·DGP &KG #WUINGKEJUIGYKEJVG WPVGT FGO /GUUKPIMN·RREJGP HGJNGP 8QT\ÒINKEJGU 'ZGORNCT

0KEJV KFGPVKHK\KGTDCTGT /GKUVGT &WECVGPYCCIG Q , /ÒP\YCCIG KP 8KQNKPM·UVEJGP CWU 0WDCWO JQN\ OKV GKPGT /GUUKPIUEJNKGG /CG Z Z OO #WH FGO #WGPFGEMGN KUV FCU &WECVGPO·PPNGKP GKPIGRT·IV +O +PPGPFGEMGN FCU DGUEJ·FKIVG /GKUVGTGVKMGVV OKV <GKNGP 5EJTKHV 9CCIG CWU 5VCJN OKV 5RCVGNGPFGP XQP GKPGT $CNMGPUGKVG \WO <ÒPINGKP GKP 5VCJNDQIGP OKV 'KPMGT DWPIGP HÒT FKG # 'KPVGKNWPI &KG DGKFGP TWPFGP /GUUKPIUEJCNGP J·PIGP CP ITÒPGP $·PFGTP 'KPG KUV OKV FGO &WECVGPO·PPNGKP IGRWP\V WPF WO GKPGP &WECVGP UEJYGTGT &GT -CUVGPDQFGP KUV OKV XGTIKND VGO TQV OCTOQTKGTVGP 2CRKGT CWUIGNGIV 4 5GJT UEJÌPGU 'ZGORNCT

, ) 5KINGT YWTFG /GKUVGT WPF )GUEJYQTGPGT .QEMPGT 0T

186

/ÒP\YCCIG Q , PCEJ 4GEJVGEMKIGT UEJYCT\IGDGK\VGT -CUVGP OKV 8QTFGTUEJNKGGP HGJNV /CG Z Z OO 9CCIG CWU 5VCJN OKV $QZHQTOGPFGP WPF TWPFGP /GUUKPIUEJCNGP CP DNCITÒPGP DGUEJ·FKIVGP $·PFGTP 8QP FGP WTURTÒPINKEJ )GYKEJVGP HGJNGP )GYKEJV GTI·P\V WPF FCU \WIGJÌTKIG 5QXGTCKPIGYKEJV NKGIV NQUG DGK 7PVGT FGO /GUUKPIMN·RREJGP NKGIV #WUINGKEJUIG YKEJV 44 (CUV XQT\ÒINKEJGU 'ZGORNCT

0ÒTPDGTIGT 9CCIGP OKV )GYKEJVGP UKPF ·WGTUV UGNVGP 'KPG FGTCTVKIG 8KGN\CJN CP /ÒP\PQOKPCNGP MQOOV KP FGT 4GIGN PWT DGK FGP .ÌYGPYCCIGP XQT

24'755'0

0KEJV KFGPVKHK\KGTDCTGT /GKUVGT $GTNKPGT /ÒP\YCCIG Q , WO *CNDQXCNGT OKV FWPMGNDTCWPGO .GFGT ÒDGT\QIGPGT WPF KPPGP OKV JGNNGO 9CUEJNGFGT CWUIGUEJNCIGPGT *QN\MCUVGP OKV 8QTFGTUEJNKG GP /CG Z Z OO 9CCIG CWU /GUUKPI OKV HNCEJGP 'PFGP WPF TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV TWPFGP )GYKEJVGP OKV )TKHHUV·DEJGP WPF /ÒP\DG\GKEJ PWPIGP 7PVGT FGO .QWKU )GYKEJV NKGIGP #WUINGKEJUIGYKEJVG 8QT\ÒINKEJGU 'ZGORNCT

187

$GTNKPGT /ÒP\YCCIG Q , WO *CNDQXCNGT OKV FWPMGNDTCWPGO .GFGT DGUVQGP ÒDGT\QIGPGT WPF KPPGP OKV TQVGO .GKPGP CWUIGUEJNCIGPGT *QN\MCUVGP OKV 8QTFGTUEJNKGGP /CG Z Z OO 9CCIG CWU /GUUKPI OKV HNCEJGP 'PFGP WPF TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP &KG 9CCIG JCV TWPFG )GYKEJVG OKV )TKHHUV·DEJGP WPF /ÒP\DG\GKEJPWPIGP &CU 9 &7% )GYKEJV VT·IV FKG /GKUVGTOCTMG %* #WUINGKEJUIGYKEJVG UKPF PKEJV OGJT XQTJCPFGP 5GJT UEJÌPGU 'ZGORNCT

6399

6400

188

$GTNKPGT /ÒP\YCCIG Q , WO 4GEJVGEMKIGT -CUVGP OKV GKPGT 8QTFGTUEJNKGG CWGP OKV UEJYCT \GO VGKNQTPCOKGTVGP 2CRKGT ÒDGT\QIGP KPPGP OKV XKQNGVVGO XGTDNCVGP 5COV CWUIGUEJNCIGP /CG Z Z OO 9CCIG CWU /GUUKPI OKV HNCEJGP 'PFGP WPF TWPFGP /GUUKPIUEJCNGP CP DNCWGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV TWPFGP )GYKEJVGP OKV )TKHHUV·DEJGP WPF /ÒP\DG\GKEJPWPIGP 8QT\ÒINKEJGU 'ZGORNCT

$GTNKPGT /ÒP\YCCIG Q , PCEJ 4GEJVGEMKIGT -CUVGP OKV &TWEMMPQRH CNU 8GTUEJNW CWGP OKV UEJYCT\GO VGKNYGKUG QTPCOGPVKGTVGP 2CRKGT ÒDGT\QIGP KPPGP OKV UEJYCT\GO 5COV CWUIGUEJNCIGP /CG Z Z OO 9CCIG CWU /GUUKPI OKV HNCEJGP 'PFGP WPF TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV TWPFGP )GYKEJVGP OKV )TKHHUV·DEJGP WPF /ÒP\DG\GKEJ PWPIGP 5GJT UEJÌPGUpXQT\ÒINKEJGU 'ZGORNCT

(ÒT )GQTI <GKFNGT $GTNKP /ÒP\YCCIG Q , WO 4GEJVGEMKIGT -CUVGP OKV GKPGT 8QTFGTUEJNKGG CWGP OKV TQVGO QTPCOGPVKGTVGP 2CRKGT ÒDGT\QIGP KPPGP OKV ITÒPGO .GKPGP CWUIGUEJNCIGP /CG Z Z OO 9CCIG CWU /GUUKPI OKV HNCEJGP 'PFGP WPF TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·P FGTP &KG 9CCIG KUV MQORNGVV OKV TWPFGP )GYKEJVGP OKV )TKHHUV·DEJGP /ÒP\DG\GKEJPWPIGP WPF /GKUVGTOCTMG )< KP 1XCN 5GJT UEJÌPGUpXQT\ÒINKEJGU 'ZGORNCT

5#%*5'0

&TGUFGP 0ÒTPDGTIGT /ÒP\YCCIG XQP ,QJCPP 5KINGT HÒT FGP 'ZRQTV PCEJ &TGUFGP +P GKPGO DTCWPGP .GFGTUEJWDGT CWGP OKV WONCWHGPFGT )QNFXGT\KGTWPI WPF .KNKGP IGRT·IV KPPGP OKV TQVITÒPGO 8QTUCV\RCRKGT CWUIGUEJNCIGP KUV FGT 9CCIMCUVGP IGUEJÒV\V WPVGTIGDTCEJV &GT -CUVGP KUV CWU DTCWP IGDGK\VGO #JQTP OKV XGT\KGTVGP 8QTFGTUEJNKGGP /CG Z Z OO &CU +PPGPVGKN KUV OKV TQV OCTOQTKGTVGO 2CRKGT ÒDGT\QIGP +O &GEMGNKPPGTGP KUV KP <GKNGP JCPFUEJTKHVNKEJ XGTOGTMV #WH FGT %JWT HÒTUVN 5·EJU /ÒPV\G TKEJVKI CDIG\QIGP &TGUFGP FGP (GDT &KG 9CCIG KUV CWU /GUUKPI OKV 5EJYCPGPJCNUGPFGP GKP 'PFG KUV CP GKPGT CNVIGNÌVGVGP $TWEJUVGNNG YKGFGT CDIGDTQEJGP 5KG JCV GKPG TWPFG WPF GKPG FTGKGEMKIG XGTUKNDGTVG /GUUKPIUEJCNG CP JGNNITÒPGP $·PFGTP +P FGT &TGKGEMUEJCNG FKG /GKUVGTOCTMG 5KINGT 2HGKNG IGMTGW\V OKV + 5 8QP FGP WTURTÒPINKEJ )GYKEJVGP UKPF XQTJCP FGP 5KG UKPF SWCFTCVKUEJ OKV )TKHHUV·DEJGP WPF /ÒP\DG\GKEJPWPIGP 7PVGT FGO MNGKPGP *QN\UEJWDGT NKGIGP #WUINGKEJUIGYKEJVG ªDGT FGP )TWDGP UKPF OKV UEJYCT\GT (CTDG FKG 0QOKPCNDG\GKEJPWPIGP XGTOGTMV 44 8QT\ÒINKEJGU 'ZGORNCT ,QJCPP 5KGINGT D\Y 5KEJNGT YWTFG 9CCIOCEJGT .QEMPGT 0T

189

*CKPKEJGP %JTKUVKCP )QVVNKGD -CWHOCPP 0CFNGT \W *CKPKEJGP /ÒP\YCCIG Q , WO 4GEJV GEMKIGT TÌVNKEJ DTCWP IGDGK\VGT -CUVGP OKV 9WTOICPI OKV &GEMGNUEJNKGGP WPF GKPGT 8QTFGT UEJNKGG FKG INGKEJ\GKVKI CNU 2KP\GVVG FKGPV WPF FCU /GKUVGT\GKEJGP VT·IV /CG Z Z OO 9CCIG CWU 5VCJN OKV $QZHQTOGPFGP WPF GKPGT TWPFGP WPF GKPGT FTGKGEMKIGP XGTUKNDGTVGP /GUUKPI UEJCNG CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV TGEJVGEMKIGP )GYKEJVGP OKV )TKHHUV·DEJGP /ÒP\DG\GKEJPWPIGP WPF FGT /GKUVGTOCTMG PCEJ TGEJVU UEJTGKVGPFGT N·PINKEJGT .ÌYG #NU 8GTUEJNW HÒT FCU .CIGT FGT #WUINGKEJUIGYKEJVG XQTJCPFGP FKGPV GKP TGEJVGEMKIGU /GUUKPIRN·VVEJGP OKV )TKHH UVCD WPF GKPIGUEJNCIGPGO *GTUVGNNGTJKPYGKU % ) -CWHOCPP 0CFNGT \W *G[PKEJGP &KG )TWDGP ÒDGT FGP )GYKEJVGP UKPF PKEJV DGUEJTKHVGV 44 (CUV XQT\ÒINKEJGU 'ZGORNCT % ) -CWHOCPP YCT XQP $GTWH 0CFGNOCEJGT WPF 9CCIOCEJGT +P GKPGT UGKPGT 9CCIGP KUV \W NGUGP 8GTHGTFKIGV XQP %JTKUVKCP )QVVNKGD -CWHOCPP KP *C[PKEJGP /ÌINKEJGTYGKUG DGUVGJGP CWEJ XGTYCPFVUEJCHVNK EJG $G\KGJWPIGP \W ,QJCPP -CWHOCPP 0ÒTPDGTI 9CCIGPOCEJGTOGKUVGT .QEMPGT 0T

/ª0<9##)'0 /+6 0+%*6 )'5+%*'46'0 <75%*4'+$70)'0

/ÒP\YCCIG Q , XQT 4GEJVGEMKIGT -CUVGP CWU 0WDCWO OKV XGT\KGTVGP /GUUKPIUEJNKGGP CWH FGO &GEMGN /CG Z Z OO 9CCIG CWU /GUUKPI OKV IGUEJYWPIGPGP $CNMGPGPFGP WPF TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV SWCFTCVKUEJGP )GYKEJVGP OKV )TKHHUV·DEJGP WPF /ÒP\DG\GKEJPWPIGP #WUINGKEJUIGYKEJVG HGJNGP &KG )TWDGP UKPF PKEJV DGUEJTKHVGV 8QT\ÒINKEJGU 'ZGORNCT #WH GKPGT 9CCIG INGKEJGP 6[RU KUV CWH FGO /GUUKPIMN·RREJGP GKPIGUEJNCIGP , ) *#46/#00

190

/ÒP\YCCIG Q , WO 4GEJVGEMKIGT -CUVGP CWU 0WDCWOJQN\ OKV XGT\KGTVGP /GUUKPIUEJNKGGP CWH FGO &GEMGN /CG Z Z OO 9CCIG CWU 5VCJN OKV $QZHQTOGPFGP WPF TWPFGP /GU UKPIUEJCNGP CP ITÒPGP $·PFGTP #WH FGO 9CCIDCNMGP GKPIGUEJNCIGP )4 )GQTI 4GZ -ÌPKI XQP *CPPQXGT &KGUG 9CCIG KUV XGTOWVNKEJ PKEJV \WIGJÌTKI &KG 9CCIG XGTHÒIV NGFKINKEJ ÒDGT GKP (CEJ HÒT #WUINGKEJUIGYKEJVG 5QPUV GPVURTKEJV FKG 9CCIG FGO 6[R .QU 0T (CUV XQT\ÒINKEJGU 'ZGORNCT

6406

6407

/ÒP\YCCIG Q , XQT 4GEJVGEMKIGT -CUVGP OKV NGKEJV IGTWPFGVGP -CPVGP CWU 0WDCWOJQN\ OKV GKPGT DGUQPFGTU JÒDUEJ IGCTDGKVGVGP /KVVGNUEJNKGG CWH FGO &GEMGN /CG Z Z OO $GUQP FGTU \KGTNKEJ IGCTDGKVGVG /GUUKPIYCCIG OKV IGUEJYWPIGPGP 'PFGP WPF GKPGO TGKEJ XGT\KGTVGP <ÒPINGKP KP FGT (QTO GKPGU 7JT\GKIGTU FGU ,CJTJWPFGTVU &KG TWPFGP /GUUKPIUEJCNGP J·PIGP CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV )GYKEJVGP OKV )TKHHUV·DEJGP WPF /ÒP\DG\GKEJPWPIGP 7PVGT FGO MNGKPGP *QN\UEJWDGT #WUINGKEJUIGYKEJV &KG )TWDGP UKPF PKEJV DGUEJTKHVGV 8QT\ÒINKEJGU 'ZGORNCT

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191

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6410

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&4+66'5 4'+%*

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192

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(4#0-4'+%*

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, $NCPE YCT )GUEJYQTGPGT WPF 0CEJ #WUTWHWPI FGU 'FKMVU XQP 0CPVGU GT YCT 2TQVGUVCPV IKPI GT PCEJ )GPH KPU 'ZKN WPF CTDGKVGVG FQTV XQP DKU .CXCIPG 0T (

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193

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6416

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2#4+5 0KEJQNCU ! %JGOKP TWG FG NC (GTTQPPGTKG /ÒP\YCCIG Q , PCEJ 'NGICPVGT TGEJVGEMKIGT /CJCIQPKMCUVGP OKV CDIGTWPFGVGP 'EMGP WPF CP FGT 8QTUGKVG CPIGDTCEJVGP 5EJNKGGP /CG Z Z OO +O +PPGPFGEMGN KUV OKVVKI FCU /GKUVGTGVKMGVV GKPIGMNGDV 9CCIG CWU 5VCJN OKV JÒDUEJ XGT\KGTVGP 'PFGP WPF TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP -QORNGVVGU VGKNKIGU 'KPUCV\IGYKEJV OKV )TQUCPICDGP 7PVGT FGO *QN\UEJWDGT )TCPIGYKEJVG .CXCIPG 0T ( 4 8QT\ÒINKEJGU CVVTCMVKXGU 'ZGORNCT

2#4+5 ( # ,GEMGT TWG FGU /CTOQWUGVU 5EJPGNNYCCIG Q , WO 5EJOCNGT TGEJVGEMKIGT /CJCIQPKMCUVGP /CG Z Z OO +O &GEMGNKPPGTGP KUV GKPG 6CDGNNG OKV )G DTCWEJUCPYGKUWPI HÒT FKG \W YKGIGPFGP )QNF WPF 5KNDGTOÒP\GP 0CEJ FGO ¤HHPGP KUV FKG WPINGKEJCT OKIG $CNMGPYCCIG CWU /GUUKPI OKV GKPGO *CPFITKHH JQEJ\W\KGJGP 5KG VT·IV CO MÒT\GTGP #TO FKG 5KIPCVWT FGU /GKUVGTU WPF CO N·PIGTGP GKP XGTUEJKGDDCTGU )GIGPIGYKEJV FCU UKEJ CWH GKPGT 5MCNC DG YGIV &CU GKP\WJ·PIGPFG <WUCV\IGYKEJV HGJNV 5GJT UEJÌPGUpXQT\ÒINKEJGU 'ZGORNCT

,GEMGT CTDGKVGVG DGK 4COUFGP KP .QPFQP 7O ITÒPFGVG GT GKPG GKIGPG 9GTMUVCVV KP 2CTKU &QTV UVGNNVG GT FKGUG 9CCIGP XQO 6[R 9+.-+0510 -KTMD[ WPF 1TOUMKTM 'PINCPF JGT

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2#4+5 2QWTKP TWG &GPKU /ÒP\YCCIG Q , PCEJ 1XCNGT *QN\MCUVGP OKV CP FGT 8QTFGTUGKVG CPIGDTCEJVGP /GUUKPIUEJNKGGP NKPMG FGHGMV /CG Z Z OO +O &GEMGNKPPGTGP FCU /GKUVGTGVKMGVV OKV GKPGT 6CDGNNG HÒT )QNF WPF 5KNDGTOÒP\GP 9CCIG CWU 5VCJN OKV JÒDUEJ XGT\KGTVGP 'PFGP WPF TWPFGP /GUUKPIUEJCNGP CP DTCWPGP $·PFGTP &KG 9CCIG XGTHÒIV ÒDGT MQORNGVVG 'KPUCV\ IGYKEJVG PCEJ FGO CNVGP WPF PGWGP OGVTKUEJGP 5[UVGO 7PVGT FGO TGEJVGP *QN\UEJWDGT NKGIGP VGKN YGKUG XKGNHCEJ IGRWP\VG #WUINGKEJUIGYKEJVG &GT NKPMG *QN\UEJWDGT HGJNV 4 8QT\ÒINKEJGU 'ZGORNCT

2QWTKP YCT 9CCIOCEJGT ,WUVKGTGT WPF 'KEJOGKUVGT HÒT CNNG #TVGP XQP 9CCIGP .CXCIPG (

194

6419 6421

0KEJV KFGPVKHK\KGTDCTG /GKUVGT /ÒP\YCCIG Q , XQT 1XCNGT *QN\MCUVGP OKV 8QTFGTUEJNKG GP /CG Z Z OO +O +PPGPFGEMGN 'VKMGVV OKV GKPGT 6CDGNNG HÒT )QNFOÒP\GP 9CCIG CWU 5VCJN OKV HNCEJGP 'PFGP WPF TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP -QORNGVVGU VGKNKIGU 'KPUCV\ IGYKEJV WPF #WUINGKEJUIGYKEJV &GT *QN\UEJWDGT ÒDGT FGO #WUINGKEJUIGYKEJV HGJNV 5GJT UEJÌPGUpXQT\ÒINKEJGU 'ZGORNCT

/ÒP\YCCIG Q , PCEJ 1XCNGT *QN\MCUVGP OKV 8QTFGTUEJNKGGP /CG Z Z OO +O +PPGPFGEMGN 'VKMGVV OKV GKPGT 6CDGNNG HÒT )QNFOÒP\GP 9CCIG CWU 5VCJN OKV TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP -QORNGVVGU VGKNKIGU 'KPUCV\IGYKEJV WPF #WUINGKEJUIGYKEJVG &GT *QN\UEJWDGT ÒDGT FGP #WUINGKEJUIGYKEJVGP HGJNV (CUV XQT\ÒINKEJGU 'ZGORNCT

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6422

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195

6423 6424

5CNQOQP *GPT[ EC /ÒP\YCCIG Q , WO #WH FGT N·PINKEJGP /GUUKPIRNCVVG OKV CDIG TWPFGVGP -CPVGP /CG Z Z OO KUV GKPG WPINGKEJCTOKIG 9CCIG CWHIGUVGNNV #WH FKGUGO $CUKUIGUVGNN KUV NKPMU FKG /GKUVGTUKIPCVWT WPVGT -TQPG 5 *'04; +08'0614 TGEJVU $; 41;#. 2#6'06 GKPIGRT·IV &GT NKPMG 6GKN FGU 9CCIDCNMGPU JCV GKP 5EJKGDGIGYKEJV FGT TGEJVG 6GKN GKPG #WHNCIGHN·EJG HÒT FKG /ÒP\G &CU )GYKEJV MCPP FWTEJ GKPGP #TTGVKGTWPIUOGEJCPKUOWU GTUEJÒVVGTWPIU HTGKGT GTOKVVGNV YGTFGP <WU·V\NKEJ XGTHÒIV FKG 9CCIG ÒDGT GKPG .GJTG \WT 2TÒHWPI FGT /ÒP\FKEMG WPF FGU &WTEJOGUUGTU HÒT WPF )WKPGCOÒP\GP 44 8QT\ÒINKEJGU 'ZGORNCT

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6425

6426

,COGU 9KNUQP WO /ÒP\YCCIG Q , WO CWEJ J[FTQUVCVKUEJG 9CCIG IGPCPPV .·PINKEJGT *QN\MCUVGP OKV CDIGTWPFGVGP 'PFGP WPF GKPGT 8QTFGTUEJNKGG FGHGMV /CG Z Z OO +O +PPGPFGEMGN JCPFUEJTKHVNKEJGT )GDTCWEJUJKPYGKU OKV *GTUVGNNGTCPICDG 9CCIG CWU 5VCJN OKV 5EJYCPGP JCNUGPFGP WPF TWPFGP /GUUKPIUEJCNGP CP JGNNGP $·PFGTP #P GKPGT 5EJCNG KUV CP FGT 7PVGTUGKVG GKP HÌTOKIGT /GUUKPIJCMGP DGHGUVKIV &GT 9CCIDCNMGP YKTF CWH GKPGO 5VCVKX CWU 5VCJN FCU KO &GEMGNDQFGP GKPIGUEJTCWDV YKTF GKPIGNGIV +O -CUVGPDQFGP UKPF TWPFG )TWDGP XQP FGT FKG NKPMG OKV GKPGT /GU UKPIRNCVVG IGUEJNQUUGP YKTF +P FGP )TWDGP NKGIGP KPUIGUCOV )GYKEJVG OKV /ÒP\DG\GKEJPWPIGP WPF #WUINGKEJUIGYKEJVG 4 (CUV XQT\ÒINKEJGU 'ZGORNCT

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6427

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196

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6428

,QJP #UJVQP 9JKVNG[ #UJVQP PGCT 9CTTKPIVQP .CPECUJKTG /ÒP\YCCIG Q , WO 4GEJVGEMKIGT /CJCIQPKMCUVGP /CG Z Z OO OKV GKPGO &TWEMMPQRHXGTUEJNW CP FGT 8QTFGTUGKVG +O +PPGPFGEMGN FCU NGKEJV DGUEJ·FKIVG /GKUVGTGVKMGVV KO -CUVGPDQFGP GKPG )GDTCWEJUCP YGKUWPI $GK ¤HHPWPI TKEJVGV UKEJ FKG 9CCIG CWH #O 'PFG FGU NKPMGP $CNMGPU GKP TWPFGU 5EJ·WHGNEJGP HÒT FKG )GYKEJVG CO TGEJVGP $CNMGPGPFG GKP TGEJVGEMKIGU 5EJ·WHGNEJGP HÒT FKG /ÒP\G +O NKPMGP 6GKN FGU -CUVGPDQFGPU )TWDGP \WT #WHPCJOG XQP LGYGKNU ÒDGTGKPCPFGTIGUVGEMVGP )GYKEJVGP \WO 9KGIGP XQP )WKPGC WPF 5QXGTGKIP /ÒP\GP 4 5GJT UEJÌPGUpXQT\ÒINKEJGU 'ZGORNCT

6429

#PVJQP[ 9KNMKPUQP 1TOUMKTM PGCT .KXGTRQQN WO Ó )WKPGC 9CCIG KP TGEJVGEMKIGO /CICJQPKMCUVGP /CG Z Z OO OKV GKPGO &TWEMXGTUEJNW CP FGT 8QTFGTUGKVG +O -CUVGP DQFGP FCU /GKUVGTGVKMGVV WPF )GDTCWEJUCPYGKUWPI FKGUG UGV\V UKEJ KO +PPGPFGEMGN HQTV (CUV XQT\ÒINKEJGU 'ZGORNCT

6430

0KEJV KFGPVKHK\KGTDCTGT /GKUVGT /ÒP\YCCIG WO 4GEJVGEMKIGU /GUUKPIIGJ·WUG OKV &TWEMXGT UEJNW CP FGT 8QTFGTUGKVG /CG Z Z OO +O -CUVGPDQFGP GKPG )GDTCWEJUCPYGKUWPI #WH FGO -CUVGPIGJ·WUG GKPG /CGKPVGKNWPI WPF ,/ *KGTDGK MÌPPVG GU UKEJ WO GKP $GUKV\GT\GKEJGP QFGT CDGT WO FGP *GTUVGNNGT ,QJP /QWPVHQTF EC JCPFGNP FGT KP $KTOKPIJCO 0QTVJYQQF 5VTGGV YQJPVG WPF 5QJP FGU )GNDIKGGTU WPF )WKPC 9CCIGPJGTUVGNNGTU 9KNNKCO / YCT 4 8QT\ÒINKEJGU 'ZGORNCT

6431

)4155$4+6#00+'0 518'4'+)0 9##)'0 4QEMGT

5COWGN *CTTKUQP $KTOKPIJCO 5QXGTGKIP 4QEMGT Q , KO DTCWPGP NGFGTÒDGT\QIGPGP 'VWK OKV CWHIGMNGDVGO ITÒPGP *GTUVGNNGTGVKMGVV /CG Z Z OO #WH GKPGO $CUKUIGUVGNN GKPG WPINGKEJCTOKIG 5EJPGNNYCCIG CWU /GUUKPI .·PIG OO &GT MWT\G $CNMGP VT·IV FCU )GIGPIGYKEJV WPF KUV OKV GKPGT -TQPG UQYKG *#44+510 WPF $75%* . IGRWP\V &GT N·PIGTG $CNMGP JCV TWPFG 5EJCNGP OKV 5EJNKV\ HÒT WPF 5QXGTGKIP /ÒP\GP 8QT\ÒINKEJGU 'ZGORNCT

5 /QTFCP %Q .QPFQP UGKV 4QEMGT HÒT 5QXGTGKIP WPF 5KNDGTOÒP\GP 4GEJVGEMKIGT OKVVGN DTCWPGT *QN\MCUVGP OKV 8QTFGTUEJNKGGP /CG Z Z OO KPPGP OKV XGTDNKEJGPGO TQVGP 5COV CWUIGUEJNCIGP &CU $CUKUIGUVGNN FGT WPINGKEJCTOKIGP 5EJPGNNYCCIG KUV KO -CUVGPDQFGP CTTGVKGTV &CU MWT\G $CNMGPGPFG VT·IV FCU )GIGPIGYKEJV WPF KUV OKV FGT *GTUVGNNGTOCTMG 5 /14&#0 %1 .QPFQP IGRWP\V &GT N·PIGTG $CNMGP JCV 5EJNKV\G DG\GKEJPGV WPF 5QXGTGKIP 5 ) 5 5 WPF & $GKNKGIGPF GKPG %TQYP /ÒP\G 44 8QT\ÒINKEJGU 'ZGORNCT

197

6JQOCU 5KOOGPU $KTOKPIJCO 0GY ,QJP 5VTGGV 5QXGTGKIP 4QEMGT Q , #WH GKPGO $CUKUIGUVGNN CWU /GUUKPI GKPG WPINGKEJCTOKIG 5EJPGNNYCCIG CWU /GUUKPI .·PIG OO &GT MWT\G $CNMGP VT·IV FCU )GIGPIGYKEJV WPF KUV OKV GKPGT -TQPG IGRWP\V ªDGT FGT #EJUG 6 5 6JQOCU 5KO OGPU GKPIGRWP\V &GT N·PIGTG $CNMGP JCV TWPFG 5EJCNGP OKV 5EJNKV\ HÒT WPF 5QXGTGKIP /ÒP\GP 8QT\ÒINKEJGU 'ZGORNCT

6434

+6#.+'0

198

$+'..# 1DGTKVCNKGP )KQ $CVVC )KQXCPPK $CVVKUVC /GUUGTCPQ /ÒP\YCCIG XQP UQIGPCPP VGT )GNFYGEJUNGTMCUVGP PCEJ 6WTKPGT #TV 4GEJVGEMKIGT XQTPG IGUEJYWPIGPGT -CUVGP CWU 0WDCWO JQN\ OKV &TWEMMPQRHUEJNKGG /CG Z Z OO &CU &GEMGNKPPGTG HÒNNV GKPG 6CDGNNG FGT )QNF WPF 5KNDGTOÒP\GP CWU +O QDGTGP 6GKN JCPFUEJTKHVNKEJ 2KQ $CVVC /GUUGTCPQ (CDTKECVQTG FC 2GUK FC 1TQ GF QIPK SWCNKV¯ KP $GNNC &KG 9CCIG KUV CWU 5VCJN OKV HNCEJGP 'PFGP WPVGTJCND FGU &TGJRWPMVGU GKPIGRWP\V WPF 5VGTP ÒDGT % WPF JCV TWPFG /GUUKPIUEJCNGP IGRWP\V OKV -TQPG D\Y -TQPG ÒDGT 8' CP ITÒPGP $·PFGTP 8QP FGP WTURTÒPINKEJ )GYKEJVGP OKV /ÒP\DG\GKEJPWPI UKPF PQEJ XQTJCPFGP XQP KJPGP VTCIGP FKG 2WP\G FGU IGMTÌPVGP KPGKPCPFGTXGTUEJT·PMVGP % %CTNQ 'OCPWGNG +++ ! FGP 5CXQ[CTFKUEJGP #FNGT 7PVGT FGO MNGKPGP *QN\UEJWDGT NKGIGP #WUINGKEJU IGYKEJVG 4 (CUV XQT\ÒINKEJGU 'ZGORNCT

6435

/#+.#0& 0KEJV KFGPVKHK\KGTDCTGT /GKUVGT /Ã&#x2019;P\YCCIG Q , ,CJTJWPFGTV 4GEJVGEMKIGT OKV UEJYCT\GO .GFGT Ã&#x2019;DGT\QIGPGT -CUVGP OKV 8QTFGTUEJNKGÂGP /CÂG Z Z OO &CU -CUVGPKP PGTG KUV OKV JGNNGO 9CUEJNGFGT CWUIGUEJNCIGP 9CCIG CWU /GUUKPI OKV HNCEJGP 'PFGP WPF TWPFGP /GUUKPIUEJCNGP CP ITÃ&#x2019;PGP $Â·PFGTP TWPFG )GYKEJVG OKV /Ã&#x2019;P\DKNFGTP FKG #WUINGKEJUIGYKEJVG HGJ NGP (CUV XQT\Ã&#x2019;INKEJGU 'ZGORNCT

6436

,CP #FTKCGPU\ XCP -GWNGP KP FG 1WFG *QQIUVTCCV KP FG .GNKG KP FG $CNCPU #OUVGTFCO /Ã&#x2019;P\YCCIG 4GEJVGEMKIGT -CUVGP CWU $KTPDCWOJQN\ ! OKV NGKEJV CDIGUEJTÂ·IVGP 'EMGP WPF &GEMGNUEJNKGÂGP /CÂG Z Z OO &GT CDIGVTGRRVG -CUVGPFGEMGN KUV CWH FGT 1DGTHNÂ·EJG OKV \WO 6GKN HNQTCNGP 1TPCOGPVDQTFÃ&#x2019;TGP TGKEJ XGT\KGTV +O +PPGPFGEMGN KUV GKP -WRHGTUVKEJ GKPIGMNGDV 7PVGT FGO 9CRRGP XQP #OUVGTFCO KUV GKPG )GNFYGEJUNGTU\GPG \W UGJGP TGEJVU FGT )GNFYGEJUNGT KP FGT /KVVG GKPG (TCW WPF NKPMU GKP 5MGNGVV OKV 5VWPFGPINCU WPF IGUEJYWPIGPGT .CP\G +P FGT NKPMGP $KNFUGKVG WPF KP FGT TGEJVGP $KNFUGKVG /Ã&#x2019;P\IGYKEJVUCDDKNFWPIGP OKV $G\GKEJPWPIGP 7PVGP TGEJVU GKP $KDGNURTWEJ +O -CUVGPDQFGP KUV CWH FGT JKPVGTGP .GKUVG FKG /GKUVGTUKIPCVWT KP *CPFUEJTKHV XGT OGTMV )GOCGEV DKL #FTKCGPU\ +P FG QWFG *QQIUVTCGV KP FG NGNKL KP DCNCPU .KPMU WPF TGEJVU FGT #WUPGJOWPI HÃ&#x2019;T FKG 9CCIUEJCNGP LG GKP .CFGPOCEJGT\GKEJGP UKGJG -KUEJ 0T 6CHGN +++ &KGUGU <GKEJGP MQOOV CWEJ CWH 9CCIGPNCFGP XQP ) FG 0GXG &TKGNGPDWTEJ ,CP -CGP ,CP ,CPE\ WPF . X F )JGGTG CNNG #OUVGTFCO \YKUEJGP WPF XQT &KG 9CCIG HGJNV 8QP FGP )GYKEJ VGP NKGIGP LG KO -CUVGPDQFGP WPF KP FGT 'KPUEJWDNCFG 5KG VTCIGP CNNG FKG /CTMG XQP 9QWVGT -QGPGP CWH FGT 4Ã&#x2019;EMUGKVG 7PVGT FGO OKV GKPGO 5VKHV CTTGVKGTVGP MNGKPGP *QN\UEJWDGT NKGIGP #WUINGKEJUIG YKEJVG ÂªDGT FGP )TWDGP UKPF OKV UEJYCT\GT (CTDG FKG 0QOKPCNDG\GKEJPWPIGP XGTOGTMV 8QP ITQÂGT 5GNVGPJGKV /WUGCNGU 'ZGORNCT GKPGT #OUVGTFCOGT 9CCIG ,CP #FTKCGPU\ YWTFG IGDQTGP WPF JGKTCVGVG )GGTVKG ,CPU 'T YCT DKU \W UGKPGO 6QF CO 0QXGODGT 'KEJOGKUVGT 9- * 0T 9QWVGT -QGPGP YWTFG KP &CNJGKO IGDQTGP WPF JGKTCVGVG KP #OUVGTFCO 9- * 0T

199

6437

,CEQD &TKGNGPDWTIJ KP FG *CNUVGGIJ KP V )QWVIGYKEJV #OUVGTFCO /ÒP\YCCIG 4GEJVGEMK IGT -CUVGP CWU $KTPDCWOJQN\ ! OKV NGKEJV CDIGUEJT·IVGP 'PFGP WPF GKPGT &GEMGNUEJNKGG HGJNV /CG Z Z OO &GT CDIGVTGRRVG -CUVGPFGEMGN KUV CWH FGT 1DGTHN·EJG OKV \WO 6GKN HNQTCNGP 1TPCOGPVGP TGKEJ XGT\KGTV WPF CWEJ FGT +PPGPFGEMGN JCV GKPIGRT·IVG 8GT\KGTWPIGP 'KP 6GKN FGT NKPMGP ·WGTGP 5GKVGPNGKUVG KUV PKEJV OGJT XQTJCPFGP &CU CWH FGP &GEMGNNCFGP WTURTÒPINKEJ IGMNGDVG /GKUVGTG VKMGVV HGJNV &KG 9CCIG KUV CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP FCU VGKNYGKUG CDIGDTQEJGPG <ÒPINGKP KUV CP FGT $CUKU JÒDUEJ QTPCOGPVKGTV &KG 9CCIG JCV GKPG TWPFG WPF GKPG FTGKGEMKIG XGTUKNDGTVG /GUUKPIUEJCNG CP ITÒPGP $·PFGTP &KG 9CCIG JCV KPUIGUCOV )GYKEJVG +P FGT &GEMGNNCFG KO -CUVGPDQFGP WPF KP FGT $QFGPNCFG )GYKEJVG )GYKEJVG JCDGP CWH FGT 4ÒEMUGKVG FKG /GKUVGTOCTMG XQP &TKG NGPDWTIJ UKPF QJPG /CTMG 7PVGT FGO MNGKPGP *QN\UEJWDGT NKGIGP #WUINGKEJUIGYKEJVG 8QP ITQGT 5GNVGPJGKV /WUGCNGU 'ZGORNCT GKPGT #OUVGTFCOGT 9CCIG ,CEQD &TKGNGPDWTIJ YWTFG KP #OUVGTFCO IGDQTGP JGKTCVGVG WPF UVCTD CO 9- * 0T

6438

6439

52#0+'0

200

0KEJV KFGPVKHK\KGTDCTG /GKUVGT /ÒP\YCCIG Q , 1XCNGT -CUVGP CWU 5RCPJQN\ /CG Z Z OO +O +PPGPFGEMGN KUV GKP 'VKMGVV OKV HGKPGT #PNGKVWPI \WO 9KGIGP FGT )QNFOÒP\GP GKPIGMNGDV -T·H VKIG 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP &KG 'KPJGKVGP FGT )GYKEJVG YGTFGP FWTEJ -TKPIGN CPIG\GKIV 5GJT UEJÌPGU 'ZGORNCT

/ÒP\YCCIG FCVKGTV $CTEGNQPC 4GEJVGEMKIGT -CUVGP CWU RQNKGTVGO 0WDCWOJQN\ OKV GKPGT 8QT FGTUEJNKGG +O +PPGPFGEMGN KUV GKPG )GDTCWEJUCPYGKUWPI OKV 1TV $CTEGNQPC GKPIGMNGDV 9CCIG CWU /GUUKPI OKV HNCEJGP 'PFGP WPF TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQO RNGVV OKV )GYKEJVGP 1P\C WPF &WTQU WPVGT FGO /GUUKPIMN·RREJGP GKP MQORNGVVGT 5CV\ #WU INGKEJUIGYKEJVG 8QT\ÒINKEJGU 'ZGORNCT

6443

6445 1:1 6440

6ª4-'+

5EJPGNNYCCIG Q , ,CJTJWPFGTV CWU $GKP \WUCOOGPMNCRRDCT .·PIG OO +P CWHIGMNCRRVGO <WUVCPF MCPP OCP OKV LGFGT $CNMGPUGKVG /ÒP\GKPJGKVGP YKGIGP 5KG VTCIGP HQNIGPFG <KHHGTP WPF 2KCUVTG WPF .KTG WPF 2KCUVTG WPF VÒTMKUEJG .KTC WPF 2KCUVTG WPF 5QXTCPQ 8QT\ÒINKEJGU 'ZGORNCT

5EJPGNNYCCIG Q , ,CJTJWPFGTV CWU $TQP\G \WUCOOGPMNCRRDCT .·PIG OO +P CWHIGMNCRRVGO <WUVCPF MCPP OCP OKV LGFGT $CNMGPUGKVG /ÒP\GKPJGKVGP YKGIGP &KGUG UKPF CTCDKUEJ DGUEJTKHVGV FÒTH VGP CDGT YKG .QU 0T XGTINGKEJDCT UGKP 8QT\ÒINKEJGU 'ZGORNCT

5EJPGNNYCCIG Q , 2CVGPV XQP CWU 0KEMGN \WUCOOGPMNCRRDCT .·PIG OO /KV GKPGT &TGJ UEJGKDG MÌPPGP XGTUEJKGFGPG VÒTMKUEJG WPF GWTQR·KUEJG )QNFOÒP\GP DGUVKOOV WPF CWH FGT IGIGPÒDGT NKGIGPFGP $CNMGPUGKVG CDIGYQIGP YGTFGP #WH FGO $CNMGPGPFG GKPIGRT·IV #4&#%*'5 6'46<#-+#0 %105 2.' (CUV XQT\ÒINKEJGU 'ZGORNCT

#216*'-'4 $4+'( 12+7/ 70& 6''9##)'0 #216*'-'49##)'0

.[PEJ %Q .QPFQP #RQVJGMGTYCCIG Q , ,CJTJWPFGTV 4GEJVGEMKIGT -CUVGP CWU RQNKGTVGO /CJCIQPK ! JQN\ OKV FGHGMVGT 8QTFGTUEJNKGG /CG Z Z OO #WH FGT -CUVGPQDGTUGKVG *GTUVGNNGTOCTMG CWU $GKP GKPIGNGIV &GT -CUVGPDQFGP KUV OKV FWPMGNDNCWGO 5COV CWUIGUEJNCIGP 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF OKV TWPFGP )NCUUEJCNGP CP ITÒPGP $·PFGTP +P GKPGO CDIGVGKN VGP (CEJ NKGIGP #RQVJGMGTIGYKEJVG WPF )TCPIGYKEJVG 8QT\ÒINKEJGU 'ZGORNCT

0KEJV KFGPVKHK\KGTDCTGT *GTUVGNNGT #RQVJGMGTYCCIG Q , ,CJTJWPFGTV 4GEJVGEMKIGT FWPMGN IGDGK\VGT *QN\MCUVGP OKV GKPGT 8QTFGTUEJNKGG /CG Z Z OO &GT -CUVGPDQFGP KUV OKV ITÒPGO 5COV CWUIGUEJNCIGP 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF TWPFGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP +P CDIGVGKNVGP (·EJGTP NKGIGP #RQVJGMGT WPF )TCPIGYKEJVG 8QT\ÒINKEJGU 'ZGORNCT

$4+'(9##)'0

0KEJV KFGPVKHK\KGTDCTGT *GTUVGNNGT 'PINKUEJG /KPKDTKGHYCCIG OKV 6CTKHCPICDG XQP 4GIK UVTKGT 0T &KG 9CCIG KUV CWU PKEMGNRNCVVKGTVGO /GUUKPI FGTGP 4ÒEMUGKVG XQP GKPGT YKG GKP $TKGHWOUEJNCI IGHQTOVGP -NCRRG IGDKNFGV YKTF FKG DGKO ¤HHPGP FGP (GFGT\WIOGEJCPKUOWU HTGKIKDV &GT *QJNTCWO FKGPV \WT #WHPCJOG XQP $TKGHOCTMGP )GJ·WUGOCG Z OO 44 8QT\ÒINKEJGU 'ZGORNCT

201

6446 1:1

6451

,QJP 5JGNFQP $KTOKPIJCO WO 'PINKUEJG /KPK\WIYCCIG KP FTGJDNGKUVKHV·JPNKEJGT *ÒNUG OO CWU XGTUKNDGTVGO 0KEMGN 0CEJ #DFTGJGP FGT WPVGTGP *·NHVG YKTF FKG GKPITCXKGTVG 5MCNC XQP 59 F DKU F WPF FGO )GYKEJV XQP 1< DKU \W 1< HTGK &KGUG #PICDGP DG\KGJGP UKEJ CWH 2QUVIGDÒJ TGP FKG XQP ICNVGP &WTEJ FCU *GTCWUUEJKGDGP GKPGT KPPGTGP *ÒNUG YKTF GKP *CMGP HTGKIG IGDGP 44 8QT\ÒINKEJGU 'ZGORNCT

, %QQMG 5QPU .QPFQP 5GNDUVCP\GKIGPFG 0GKIWPIUYCCIG RGPFWNWO NGVVGT UECNG PCEJ FGO 2CVGPV 0 4 *#..5 XQP /GUUKPIYCCIG OKV OCVVKGTVGT 1DGTHN·EJG 5MCNC OKV GKPGT 'KPVGKNWPI WPF 1< 8QT\ÒINKEJGU 'ZGORNCT

2GTT[ %Q .QPFQP 9CCIG 5[UVGO 4QDGTXCN 4GEJVGEMKIGT XQTPG IGUEJYGKHVGT JGNNDTCWPGT *QN\ UQEMGN OKV 8GTVKGHWPIGP HÒT FKG XQTJCPFGPGP UEJÒUUGNHÌTOKIGP )GYKEJVG \W WPF 1< /CG Z Z O 9CCIG CWU /GUUKPI OKV GKPGT TWPFGP WPF GKPGT QXCNGP 2NCVVHQTO #WH FGO $CNMGP *GTUVGNNGTCPICDG 8QT\ÒINKEJGU 'ZGORNCT

5 6WTPGT U 2CVGPV $TKGH WPF 2CMGVYCCIG #WH GKPGO $CUKUIGUVGNN CWU JGNNGO 'KEJGP ! JQN\ /CG Z Z OO KUV FKG /GUUKPIYCCIG DGHGUVKIV .KPMU GKPG 2NCVVHQTO /CG Z OO OKV *GT UVGNNGTCPICDG TGEJVU GKPG SWCFTCVKUEJG *ÒNUG OKV 5MCNGP 1< WPF WPF & UQYKG 5 6740'4 5 2#6'06 +P FKGUG *ÒNUG YKTF FCU GDGPHCNNU SWCFTCVKUEJG 5EJKGDGIGYKEJV GKPIGUEJQDGP &CU 9CCIGPIGUVGNN OW IGTKEJVGV YGTFGP 5GJT UEJÌPGU 'ZGORNCT

)'64'+&'24ª('4

)TQDTKVCPPKGP 'PINKUEJG -QTPYCCIG QJPG *GTUVGNNGTCPICDG 4GEJVGEMKIGT -CUVGP CWU RQNKGTVGO /CJCIQPKJQN\ OKV 8QTFGTUEJNKGGP /CG Z Z OO +O +PPGPFGEMGN KUV FKG )GDTCWEJUCP YGKUWPI GKPIGMNGDV &KG 9CCIG CWU /GUUKPI WPF 5VCJN YKTF CWH GKPGO KO -CUVGPDQFGP OKVVGNU 5EJCTPKGT DGHGUVKIVGP /GUUKPIHW GKPIGJ·PIV &KG ITCXKGTVG 5MCNC TGKEJV XQP ! )GVTGKFGDGJ·NVGT CWU /GU UKPI FGT #DUVTGKEJGT KUV GKP 4WPFJQN\ 8QT\ÒINKEJGU 'ZGORNCT

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202

0KEJV KFGPVKHK\KGTDCTGT *GTUVGNNGT -CTCVYCCIG HTCP\ÌUKUEJGT *GTMWPHV *GNNGT -CUVGP CWU 0W ! DCWO JQN\ OKV GKPGT 8QTFGTUEJNKGG OKV CDIGTWPFGVGP -CPVGP /CG Z Z OO #WHIGMNCRRV TKEJVGV UKEJ KO /KVVGNVGKN GKPG XGTEJTQOVG 5·WNG CWH GKPGT XGTEJTQOVGP $CUKU OKV &TGJMPQRH CWH +P FKGUG YKTF FKG XGTEJTQOVG 9CCIG XQTPG GKPIGJ·PIV &KGUG JCV TWPFG XGTVKGHVG WPF XGTEJTQOVG 5EJCNGP CP JGNNGP $·PFGTP +O NKPMGP 6GKN FGU -CUVGPDQFGPU UKPF FKG #WUPGJOWPIGP \WT #WHPCJOG FGU 9CCIDCNMGPU WPF FGT 5EJCNGP +O TGEJVGP 6GKN YKTF KP GKPG .CFG FGT VGKNKIG XQTOGVTKUEJG )GYKEJVUUCV\ OKV FGP /KNNKITCOOIGYKEJVGP GKPIGUEJQDGP &KG 2KP\GVVG HGJNV 5GJT UEJÌPGU 'ZGORNCT

5VCPFYCCIG KO FWPMGN IGDGK\VGP *QN\MCUVGP Z Z EO OKV )NCU /GUUKPIUVCPFU·WNG *ÌJG EO 9CCIDCNMGP JQEJINCP\ XGTEJTQOV .·PIG EO FKG TWPFGP VKGHGP 9CCIUEJCNGP OKV 5EJCWHGNGKP UCV\ J·PIGP CP FTGK 5EJPÒTGP 1JPG )GYKEJVG 8QT\ÒINKEJ GTJCNVGP

6454

6453

8QTOGVTKUEJG -CTCVYCCIG GPINKUEJGT *GTMWPHV 4GEJVGEMKIGT -CUVGP CWU /CJCIQPKJQN\ OKV GKPGO &TWEMXGTUEJNW CWH FGT 8QTFGTUGKVG /CG Z Z OO 9CCIG CWU XGTEJTQOVGO 5VCJN OKV TWPFGP XGTEJTQOVGP VKGHGP 5EJCNGP CP ITÒPGP $·PFGTP &KG 9CCIG KUV MQORNGVV OKV XGTEJTQOVGP )GYKEJVGP WPF 6GKNIGYKEJVGP WPVGT FGO XGTEJTQOVGP -N·RREJGP +O +PPGPFGEMGN KUV GKPG 2KP\GVVG OKV 5EJ·WHGNEJGP GKPIGUEJQDGP 8QT\ÒINKEJGU 'ZGORNCT

9 6 #XGT[ $KTOKPIJCO -CTCVYCCIG 4GEJVGEMKIGT -CUVGP CWU /CJCIQPKJQN\ OKV GKPGO &TWEM XGTUEJNW CWH FGT 8QTFGTUGKVG /CG Z Z OO +O +PPGPFGEMGN KUV GKP 'VKMGVV OKV )GYKEJVUVC DGNNG WPF *GTUVGNNGTPCOG GKPIGMNGDV 9CCIG CWU XGTEJTQOVGP 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF TWP FGP VKGHGP /GUUKPIUEJCNGP CP ITÒPGP $·PFGTP 7PVGT GKPGO *QN\MN·RREJGP NKGIGP XQP WTURTÒPINKEJ )GYKEJVGP 7PVGT FGO -CTCVIGYKEJV KUV GKPG )TWDG HÒT FKG PQEJ XQTJCPFGPGP 6GKNIGYKEJVG +O $QFGP KUV GKPG 2KP\GVVG OKV 5EJ·WHGNEJGP GKPIGUVGEMV 5GJT UEJÌPGUpXQT\ÒINKEJGU 'ZGORNCT

#216*'-'4 $4+'( 12+7/ 70& 6''9##)'0 12+7/9##)'0

$WTOC 6JCKNCPF 1RKWOYCCIG ,CJTJWPFGTV /KV &TCEJGP WPF 5EJNCPIGP TGKEJ XGT\KGTVGT FWPMGN DTCWP NCEMKGTVGT -CUVGP KP (QTO GKPGT 5EJPGEMG /CG Z Z OO 9CCIG CWU $TQP\G OKV URKV\ \WNCWHGPFGP 'PFGP WPF TWPFGP /GUUKPIUEJCNGP CP FWPMNGP $·PFGTP 8QT\ÒINKEJGU 'ZGORNCT

%JKPC 1RKWOYCCIG ,CJTJWPFGTV VGKNKIGT IGKIGPHÌTOKIGT *QN\MCUVGP CO *CNU GKP &TGJIGNGPM FWTEJ FCU FKG DGKFGP *·NHVGP OKVGKPCPFGT XGTDWPFGP UKPF FGT 8GTUEJNW GTHQNIV FWTEJ GKPGP IGHNQEJVG PGP 4KPI FGT CWH FGO *CNU \WO FKEMGTGP 'PFG JKP XGTUEJQDGP YKTF /CG Z Z OO &GT 9CCIDCNMGP KUV CWU 'NHGPDGKP OKV XGTUEJKGFGPGP 5MCNGP &KG TWPFG /GUUKPIYCCIUEJCNG WPF FCU TGEJV GEMKIG 5EJKGDGIGYKEJV J·PIGP CP FWPMNGP $·PFGTP 5GJT UEJÌPGU 'ZGORNCT

1RKWOYCCIG ,CJTJWPFGTV VGKNKIGT IGKIGPHÌTOKIGT *QN\MCUVGP CO *CNU GKP &TGJIGNGPM FWTEJ FCU FKG DGKFGP *·NHVGP OKVGKPCPFGT XGTDWPFGP UKPF FGT 8GTUEJNW GTHQNIV FWTEJ GKPGP IGHNQEJVGPGP 4KPI FGT CWH FGO *CNU \WO FKEMGTGP 'PFG JKP XGTUEJQDGP YKTF /CG Z Z OO &GT 9CCIDCNMGP KUV CWU 'NHGPDGKP OKV XGTUEJKGFGPGP 5MCNGP &KG TWPFG /GUUKPIYCCIUEJCNG WPF FCU TGEJVGEMKIG 5EJKG DGIGYKEJV J·PIGP CP TQVGP $·PFGTP 5GJT UEJÌPGU 'ZGORNCT

51056+)' 9##)'0

.QV XQP 9CCIGP #RQVJGMGT 5VCPFYCCIG KO -CUVGP OKV 5EJWDHCEJ /CG Z Z OO +O -CUVGPDQFGP NKGIGP FKG CWH FGO &GEMGN CWHUEJTCWDDCTG 5VCPFU·WNG FKG 9CCIG OKV /GUUKPIUEJCNGP WPF -PQRHIGYKEJVG /QFGTPG TWUUKUEJG 5VCPFYCCIG OKV -WPUVUVQHHUEJCNGP WPF GKPGO -CUVGP CWU -WPUVUVQHH OKV -PQRH WPF /KNNKITCOOIGYKEJVGP UQYKG 2KP\GVVG /CG Z Z OO 5QQN YCCIG KP TWPFGO 2CRR\[NKPFGT .·PIG OO

.QV XQP \YGK 9CCIGP 2GTUKUEJ #HIJCPKUEJG *CPFGNUYCCIG KO CWGP WPF KPPGP DGOCNVGP *QN\MC UVGP /CG Z Z OO 9CCIG CWU 5VCJN OKV 5EJYCPGPJCNUGPFGP WPF TWPFGP VKGHGP /GUUKPI UEJCNGP CP FWPMNGP $·PFGTP TWPFG WPF CEJVGEMKIG )GYKEJVG 2GTUKUEJG *CPFYCCIG CWU 5VCJN .·PIG OO UQTIH·NVKI IGCTDGKVGV OKV TWPFGP /GUUKPIUEJCNGP CP MT·HVKIGP IGHNQEJVGPGP $·PFGTP

.QV XQP (GFGTYCCIGP 5CNVGT U 5RTKPI $CNCPEG .DU D[ 2QWPF 4WPFGU /GUUKPI\KHHGTDNCVV &WTEJOGUUGT OO OKV <GKIGT CWU 5VCJN 5CNVGT U +/2418'& %+4%7.#4 524+0) $#.#0<' VQ YGKIJ .DU D[ 1WPGGU 4GEJVGEMKIG /GUUKPIRNCVVG OKV RTQHKNKGTVGP -CPVGP OKVVKI <KHHGTDNCVV /CG Z OO %*#6+..105 +/2418'& 524+0) $#.#0%' 0GY ;QTM /GUUKPIRNCVVG OKV RTQHKNKGTVGP -CPVGP WPF 5MCNC /CG Z OO

203

.QV XQP (GFGTYCCIGP /QPFYCCIGP OKV XGTUEJKGFGPGP 5MCNGP <WIHGFGTYCCIG KP /GUUKPI JÒNUG *GTUVGNNGT /14)#06' OKV 5MCNGP .·PIG OO QJPG *CMGP

.QV XQP 5VCPIGPYCCIGP CWU *QN\ 5EJYGK\GT 9CCIG .·PIG FGU *QN\UVCDGU OO &WTEJOGUUGT OO #WH FGO XGTFKEMVGP -PCWH GKPIGUEJNCIGP 5EJYGK\GTMTGW\ WPF WPIGFGWVGVG /CTMG &KG 9CCIG JCV 5MCNGP WPF ! 5EJKGDGIGYKEJV OKV PKEJV IGFGWVGVGP /CTMGP .CUVJCMGP UQTI·NVKI IGUEJOKGFGV 5EJYGK\ ¤UVGTTGKEJ .·PIG FGU *QN\UVCDGU OO &WTEJOGUUGT OO 9KGIGDGTGKEJG 9CCIG KUV MQORNGVV OKV 5EJKGDGIGYKEJV GKPG /CTMG KUV PKEJV GTMGPPDCT

.QV XQP 5VCPIGPYCCIGP CWU 'KUGP WPF .CWHIGYKEJV 9CCIG XQP 2'4-10+) -NCIGPHWTV OKV .CWHIGYKEJV .·PIG OO 9CCIG ,CJTJWPFGTV 4WNCPF OKV 'KEJOCTMGP CWH $CNMGP WPF 5EJKGDGIGYKEJV .·PIG OO 9CCIG X # 24765%*'4 6GEJP 9GTMUV·VV 5QPVJQHGP #NNI·W PKEJV MQORNGVV .·PIG OO 1UOCPKUEJG 9CCIG ,CJTJWPFGTV OKV OGUUKPIXGTDNGKVGO .CWHIG YKEJV WPF IGUEJOKGFGVGP 'KUGPMGVVGP HÒT .CUVIWV 9KGIGDGTGKEJG MQORNGVV .·PIG OO <KGTNKEJG UQTIH·NVKI IGCTDGKVGVG QUOCPKUEJG 9CCIG QJPG .CWHIGYKEJV .·PIG OO 1UOCPK UEJGU JÒDUEJ XGT\KGTVGU .CWHIGYKEJV

6464

'PINKUEJG 5EJPGNNYCCIG CWU /GUUKPI OKV 'KUGPJCMGP FCVKGTV .·PIG OO /KV 9KGIGDGTGK EJGP WPF $TQP\GUEJKGDGIGYKEJV (CUV XQT\ÒINKEJGU 'ZGORNCT

.QV XQP 9CCIGP XQO 6[R $GUGOGT $KUOCT *QN\DGUGOGT 1UVUGGTCWO .·PIG OO OKV UQTIH·NVKI IGCTDGKVGVGO -PCWH 4WUUKUEJGT $GUGOGT CWU /GUUKPI FCVKGTV OKV 5EJKGDGIGYKEJV #WH FGO $CNMGP GKPIGUEJNCIGP 4'755 .·PIG OO 6JCKNCPF 5KCO ! $KUOCT CWU *QN\ OKV UQTIH·NVKI QTPCOGPVKGTVGO )GIGPIGYKEJV CWU $NGK ! .·PIG OO OKV .CUVJCMGP 6JCKNCPF 5KCO

! GKP ·JPNKEJGU 'ZGORNCT .·PIG OO

%1/276+0) 5%#.' 9 6 #XGT[ NVF $GUEJTKHVWPI '56+/#6+0) $#.#0%' 2#6'06 &KG CWH GKPGT CDIGVTGRRVGP *QN\RNCVVG /CG Z Z OO OQPVKGTVG 9CCIG KUV CWU /GUUKPIDTQP\G ! WPF JCV HQNIGPFG 9KGIGUMCNGP )TCKPU OKV *KPYGKU #EVWCN 9GKIJV QH 5S +PEJ )TCKPU OKV *KPYGKU #EVWCN YGKIJV QH 5S +PEJ )TCOOGU YGKIJV RGT 5S OGVTG &CU 5EJKGDGIGYKEJV CWH FGP 5MCNGP HGJNV 7PVGT FGO 5MCNGPDGTGKEJ J·PIV FKG QXCNG 9CCIUEJCNG 4 5GJT UEJÌPGUpXQT\ÒINKEJGU 'ZGORNCT

#0#.;5')'9+%*6'

)'9+%*6'

)GYKEJVUUCV\ FGT (C .KGDTKEJ KP )KGUUGP KP RQNKGTVGO TGEJVGEMKIGP -CUVGP /CG Z Z OO OKV &TWEMMPQRHXGTUEJNW )GYKEJVG XQP I )GYKEJVG \W LG I HGJNGP #WGTFGO OI )GYKEJVG WPF 2KP\GVVG OKV 5EJ·WHGNEJGP )GYKEJVUUCV\ QJPG *GTUVGNNGTCPICDG KP RQNKGTVGO TGEJVGEMKIGP -CUVGP /CG Z Z OO OKV &TWEMMPQRHXGTUEJNW -QORNGVVGT )GYKEJVUUCV\ XGTIQNFGVGT )GYKEJVG XQP Z I 5VEM UQYKG OI )GYKEJVG WPF 2KP\GVVG 6GKNG 5GJT UEJÌPGUpXQT\ÒINKEJG 'ZGORNCTG

$#0- '&'./'6#.. 70& #5*#06+ )'9+%*6'

204

&GWVUEJGT $CPMIGYKEJVUUCV\ +P GKPGO TGEJVGEMKIGP DTCWPGP *QN\DNQEM /CG Z Z OO 'KP MQORNGVVGT 5CV\ )QNFOÒP\IGYKEJVG XQP 5VÒEM \W WPF / CTM WO 4 5GJT UEJÌPGU 'ZGORNCT 'PINKUEJG $CPMIGYKEJVG \W 2HWPF $TQP\G 2HWPF 5KNDGT WPF 2HWPF (+(6; 2GPP[ 5VÒEM 5GJT UEJÌPGpXQT\ÒINKEJG 'ZGORNCTG

6470

(C 1'46.+0) .QPFQP -QORNGVVGT 5CV\ &965 )GYKEJVG XQP 5VÒEM )40 WPF &965 +O TGEJVGEMKIGP RQNKGTVGP /CJCIQPKMCUVGP /CG Z Z OO 8QT\ÒINKEJGU 'ZGORNCT

#UJCPVK )QNFUVCWDIGYKEJVG .QV XQP 5VÒEM OKV IGQOGVTKUEJGP /WUVGTP

5GJT UEJÌPG 'ZGORNCTG

*#0&'.5)'9+%*6'

&·PGOCTM +O TGEJVGEMKIGP *QN\MCUVGP /CG Z Z OO 'KP MQORNGVVGT 5CV\ XQP MQPKUEJGP )GYKEJVGP XQP )TCO .GV\VGKEJWPI 8QT\ÒINKEJGU 'ZGORNCT

6473

)TQDTKVCPPKGP -QPVTQNNIGYKEJVUUCV\ FGT 5VCFV &GTD[ 4GEJVGEMKIGT FWPMNGT /CJCIQPKMCUVGP OKV &TWEMXGTUEJNW /CG Z Z OO #WH FGT &GEMGNQDGTUGKVG GKPIGNCUUGPG /GUUKPIRNCVVG OKV FGT 0T OKV FGT CWEJ CNNG UEJÒUUGNHÌTOKIGP )GYKEJVG IGRWP\V UKPF &KG )GYKEJVG UKPF XKGNHCEJ IGGKEJV 4 8QT\ÒINKEJGU 'ZGORNCT

.QV XQP )GYKEJVGP 5CV\ XQP )NQEMGPIGYKEJVGP \W 1< ND 8KEVQTKC )GYKEJVG

%JCORCIPGTMQTMGP 6[R \W 1< WPF .D U 5EJÒUUGN 5VCRGNIGYKEJVG \W WPF 1< WPF .D U 5GJT UEJÌPG 'ZGORNCTG

5EJYGK\ 5RCPKGP .QV XQP 6GKNGP VGKNKIGT )GYKEJVUUCV\ XQP 5EJCHHJCWUGP 5EJYGK\ KP UEJYCT\GO *QN\DNQEM /CG Z Z OO XQP ) FKG ITQGP IGGKEJV (KUEJIGYKEJVG CWU $CTEGNQPC \W I OKV FKX /CTMGP 5GJT UEJÌPG 'ZGORNCTG

205

2GTUKGP +PFKGP $WTOC 6JCKNCPF .QV XQP 6GKNGP CEJVGEMKIG 'KUGPIGYKEJVG OKV -PQRH CWU 2GTUKGP KP XGTUEJKGFGPGT )TÌG SWCFTCVKUEJG 5VCRGNIGYKEJVG CWU +PFKGP \W WPF 1< XGTUEJKG FGPG 6KGTIGYKEJVG CWU $WTOC 6JCKNCPF 5GJT UEJÌPG 'ZGORNCTG

,CRCP 8KQNKP )GYKEJVG \W WPF 6C·N I I OKV XGTUEJKGFGPGP 5VGORGNWPIGP 4 8QT\ÒINKEJGU 'ZGORNCT

6478 1:1

'+05#6<)'9+%*6' &'765%*'4 4#7/

$C[GTP 'KPUCV\IGYKEJV \W 2HWPF /GKUVGT\GKEJGP HGJNV .KPMU XQO 8GTUEJNWDÒIGN 2HWPF WPF $ TGEJVU 0 ÒDGT 9CRRGP XQP $C[GTP )GJ·WUG WPF 'KPU·V\G CNNG OKV FGO 9CRRGP XQP $C[GTP IGRWP\V 5GJT UEJÌPGU 'ZGORNCT

/GUUKPI 'KPUCV\IGYKEJV \W I .KPMU XQO 8GTUEJNWDÒIGN I TGEJVU $C[GTKUEJG 'KEJOCTMG WPF 'KEJCOV 0ÒTPDGTI 5GGDCNFGT 5GKVG 0GDGP FGO )GJ·WUG UKPF 'KPU·V\G XQTJCPFGP CNNG OKV FGO XQTIGPCPPVGP 'KEJUVGORGN &CU I )GYKEJV VT·IV CWGTFGO GKPGP $CPF UVGORGN -$ 0ÌTFNKPIGP .GV\VGKEJWPI 'U HGJNV NGFKINKEJ FCU I 5EJNWIGYKEJV 5GJT UEJÌPGU 'ZGORNCT

0ÒTPDGTI 'KPUCV\IGYKEJV \W .QV .KPMU XQO 8GTUEJNWDÒIGN WPF 2 TGEJVU XQO $ÒIGN -GNEJ OCTMG 0GDGP FGO )GJ·WUG UKPF 'KPU·V\G XQTJCPFGP 5GJT UEJÌPGU 'ZGORNCT

6481

6482

#75.#0&

206

)TQDTKVCPPKGP 'KPUCV\IGYKEJV OKV 5EJTCWDXGTUEJNW \W #$ 8KGTVGN ,CJTJWPFGTV 0GDGP FGO )GJ·WUG UKPF 'KPU·V\G XQTJCPFGP +O &GEMGNDQFGP WPF FGP HQNIGPFGP 'KPU·V\GP UKPF GKPIG UEJNCIGP IGMTÌPVGU ) )GQTI # -CHHGGRQVV WPF 5EJYGTV KO XQTNGV\VGP 'KPUCV\ # -CHHGGRQVV WPF 5EJYGTV KO NGV\VGP 'KPUCV\ -CHHGGRQVV WPF 5EJYGTV 4 5GJT UEJÌPGU 'ZGORNCT

'KPUCV\IGYKEJV QJPG )GJ·WUG MQORNGVV XQP DKU 1< VGKNKIGU 6TQ[ )GYKEJV 4 8QT\ÒINKEJGU 'ZGORNCT

6483

+VCNKGP .QODCTFGK 8GPGVQ ! -QORNGVVGU /CTM 2HWPF 'KPUCV\IGYKEJV XQP %JTKUVQRJ ,QDUV 4QVJGPDGTIGT 0ÒTPDGTI 5GJT UEJÌP WPF TGKEJ XGT\KGTVGU RTQHKNKGTVGU MQPKUEJGU )GJ·WUG CWU $TQP\G /CG QJPG #WHDCW *ÌJG OO $TGKVG OO FWPMGN RCVKPKGTV #WH FGT &GEMGNHN·EJG NKPMU XQO 8GTUEJNWDÒIGN / TGEJVU XQO 8GTUEJNWDÒIGN *CJP WPF WPIGFGWVGVG /CTMGP XGTOWV NKEJ *KPYGKUG CWH FKG ,CJTG FGT 'KEJWPI +O )GJ·WUGDQFGP WPF KP CNNGP $ÌFGP FGT 'KPU·V\G \CJNTGKEJG QHHGPUKEJVNKEJ KFGPVKUEJG 'KEJOCTMGP GDGPUQ YKG CWH FGT 1DGTUGKVG FGU 5EJNWUVGKPU &CU 'KPUCV\IG YKEJV YWTFG XGTOWVNKEJ DKU KPU 8KGTVGN FGU ,CJTJWPFGTVU IGGKEJV #WHITWPF FGT 8KGN\CJN FGT 2WP \GP FKG VGKNYGKUG ÒDGTGKPCPFGT IGUEJNCIGP YWTFGP KUV GKPG IGPCWG 2TÒHWPI FGU <GKVTCWOGU FGT 'KEJWP IGP \GKVCWHYGPFKI #WH FKG OGJTHCEJGP $GTKEJVKIWPIGP FGU )GYKEJVGU FGWVGP FKG TÒEMUGKVKIGP 'KP MGTDWPIGP WPF XKGNGP 2HTQRHGP KP FGP $ÌFGP FGT 'KPU·V\G JKP &CU 'KPUCV\IGYKEJV UEJGKPV CNU 0QTOCN GKPGU 'KEJCOVGU IGFKGPV \W JCDGP &CU )GYKEJV FGU 5EJNWUVGKPGU WPF FGU NGV\VGP 'KPUCV\GU DGVT·IV D\Y I FCU FGU P·EJUVHQNIGPFGP I WPF FCTCP CPUEJNKGGPF I *QEJIGTGEJPGV YÒTFG FCU 2HWPF DGK TWPF I NKGIGP #WHITWPF FGT XKGNGP WPVGTUEJKGFNKEJGP KVCNKGPKUEJGP )GYKEJVU GKPJGKVGP KUV GKPG MQPMTGVG <WQTFPWPI \ <V PKEJV OÌINKEJ 44 (CUV XQT\ÒINKEJGU 'ZGORNCT 4QVJGPDGTIGT YWTFG /GKUVGT .QEMPGT 0T

6484

¤UVGTTGKEJ 'KPUCV\IGYKEJV \W 9KGPGT 2HWPF .KPMU XQO 8GTUEJNWDÒIGN WPF 9 TGEJVU WPF ÌUVGTTGKEJKUEJGT &QRRGNCFNGT 0GDGP FGO )GJ·WUG UKPF 'KPU·V\G XQTJCPFGP CNNG OKV FGT ,CJTGU\CJN IGRWP\V 5GJT UEJÌPGU 'ZGORNCT

/101)4#2*+'0

.+6'4#674

.'721.& , 6JGCVTWO UVCVKEWO &CU KUV 5EJCW 2NCV\ FGT )GYKEJV -WPUV WPF 9CCIG 6GKNG KP $F /KV -WRHGTVCHGNP FCXQP KO 0CEJFTWEM .R\ <WPMGN (QN $++ FCXQP KO 0CEJFTWEM 5 $++ 'TUVG #WUICDG 'PVJ·NV PGDGP 9CCIGP CNNGT #TV CWEJ EJGOKUEJG 2TQDKGTYCCIGP <GKIV HGTPGT FKG XQO 8GTHCUUGT GTHWPFGPG .GKR\KIGT *GWYCCIG UQYKG XGTUEJKGFGPG $CT *[ITQ WPF 6JGTOQ OGVGT 0GWGT .GFGTGKPDCPF YGPKIG 5GKVGP HCEJO·PPKUEJ TGUVCWTKGTV 5GJT UGNVGPGU WPF IGUWEJVGU 9GTM

&CU .KVGTCVWTXGT\GKEJPKU \W WPUGTGP #WMVKQPGP HKPFGP 5KG KO +PVGTPGV WPVGT YYY MWGPMGT FG 207

STICHWORTVERZEICHNIS GENERALINDEX

#CEJGP #CTICW #DCUUKFGP #ECTPCPKC #EJCGC #GIKPC I[RVGP #GI[RVWU #GQNKU VJKQRKGP #HIJCPKUVCP #HTKMC #NDCPKGP #NNKKGTVG $GUGV\WPI #NVDWP\NCW #PJCNV #PPCO #PVYGTRGP #RRGP\GNN #WUUGTTJQFGP #RTCTKEKC #RWNKC #TCDKC #TIGPVKPKGP #TOGPKGP #TSWCVC #TVWSKFGP KP /CTFKP #VVKEC #WIUDWTI #WUDGWVG #WUVTCNKGP

$CEVTKC $CFGP $CNVKMWO $CODGTI $CT $CTEGNQPC $CUGN $CVCXKUEJG 4GRWDNKM $CVVJ[CPK $C[GTP $GNCIGTWPI $GUCV\WPI $GUGV\WPI 208

$GNIKEC $GNIKGP $GNIKQLQUQ $GPICNGP $GPVJGKO $GTP $GUCP¼QP $KGNGHGNF $KVJ[PKC $ÌJOGP /·JTGP $QGQVKC $QJGOKC $QNKXKGP $QNQIPC $QURQTWU $QWKNNQP WPF 5GFCP $QWTIQIPG (TCPEJG %QOV¾ $TCDCPV $TCPFGPDWTI KP (TCPMGP $TCPFGPDWTI 2TGWUUGP $TCUKNKGP $TCWPUEJYGKI $TCWPUEJYGKI WPF .ÒPGDWTI $TGKUCEJ $TGOGP $TGUNCW $TKVCPPKC $TWVVKWO $ÒTGP $W[KFGP $[\CPVKPKUEJG /ÒP\GP

%CNCDTKC %CORCPKC %CORGP %CRRCFQEKC %CTKC %CTOCIPQNC %CUCNG /QPVHGTTCV %JCTVTGU %J³VGCW 4GPCWF %JKNG %JKPC %JQNCU XQP 6CPLQTG %KNKEKC %QEQU -GGNKPI +UNCPFU %QNOCT 5VCFV %QOOCIGPG

%QOOQPYGCNVJ %QTKPVJKC %QTTGIIKQ

&CEKC &·PGOCTM &CP\KI &GUCPC 2KGOQPVG &GWVUEJ 1UVCHTKMC &GWVUEJ 0GW )WKPGC &GWVUEJG &GOQMTCVKUEJG 4GRWDNKM &GWVUEJG -QNQPKGP &GWVUEJG /ÒP\GP CD &GWVUEJG /ÒP\GP WPF /GFCKNNGP &GWVUEJGT 1TFGP &QODGU &QOKPKMCPKUEJG 4GRWDNKM &QOMCRKVGN &QPCWYÌTVJ &QTVOWPF &TKVVGU 4GKEJ &WKUDWTI

'EWCFQT 'IIGPDGTI 'KEJUV·VV 'KUGPDCJP .QMQOQVKXG 'KUNGDGP 'NDKPI 'OFGP 'PINCPF 'RKTWU 'THWTV 'WDQGC 'WTQR·KUEJG /ÒP\GP WPF /GFCKNNGP

(·TÌGT +PUGNP (GTTCTC (KPPNCPF (NCPFGTP (NQTGP\ (QUFKPQXQ (T·PMKUEJGT -TGKU (TCPMHWTV (TCPMTGKEJ (TCPMTGKEJ 'NUCUU (TCPMTGKEJ (GQFCNGU (TCPMTGKEJ -CTQNKPIGT (TCPMTGKEJ .QVJTKPIGP (TCPMTGKEJ /GTQYKPIGT (TGEMGPJQTUV -TGKU 9CTGPFQTH (TGKOCWTGT .QIG (TKGFDGTI (TKGFGP WPF (TKGFGPUYWPUEJ (TKGUNCPF (ÒTUVGPDGTI (WNFC

)CNNKC )CNNKC %KUCNRKPC )GDKGV &GU 1DGTDGHGJNUJCDGTU 1UV )GIGPUVGORGN )GNFGTP )GNPJCWUGP )GPH )GPWC )GTOCPKC )GYKEJVG UKGJG /ÒP\YCIGP WPF )GYKEJVG )QGV\ /GFCKNNGP )QNFOÒP\GPNQVU )TGKHUYCNF )TKGEJGPNCPF )TKGEJKUEJG /ÒP\GP )TQPKPIGP )TQUUDTKVCPPKGP )WKPGC

*CDUDWTIKUEJG 'TDNCPFG ¤UVGTTGKEJ *CKPCWV *GPPGICW *CKVK *CNDGTUVCFV *CODWTI *COGNP *CPCW *CT\ *GKPUDGTI *GPPGDGTI *GPPGICW *GTTGP XQP #NUNGDGP *GTUHGNF *GUUGP *KNFGUJGKO *KURCPKC *QEJ\GKV 8GTO·JNWPI *ÌEJUV·FV *QJGPNQJG *QJGP\QNNGTP *QJPUVGKP *QNNCPF *QNUVGKP UKGJG 5EJNGUYKI *QNUVGKP *QPI -QPI *[FGTCDCF

+NN[TKEWO +ORGTCVQTKUEJG 2T·IWPIGP +PFKGP +PFQPGUKGP +QPKC +QPKUEJG +PUGNP +TCP +UGPDWTI

209

+UNCPF +UP[ +VCNKGP +WFCGC

,·IGTPFQTH ,CRCP ,GTWUCNGO ,GXGT ,QJCPPKVGT CWH 4JQFQU ,QJCPPKVGTQTFGP ,ÒNKEJ -NGXG $GTI ,ÒNKEJGT 2HCPFDGUKV\ ,WIQUNCYKGP

-CODQFUEJC -CPCFC -GNVKUEJG /ÒP\GP -GORVGP -JGXGPJÒNNGT /GVUEJ -KTEJGPUVCCV -ÌNP -QNWODKGP -QPUVCP\ -QTGC -TCMCW -TGHGNF -TGOPKV\ -TGW\HCJTGT -TQCVKGP -WDC -WTNCPF -WUJCP

.CPFCW .CVGKPKUEJGU -CKUGTTGKEJ XQP %QPUVCPVKPQRGN .CWGPDWTI .CWHGPDWTI .GKPKPIGP .GWEJVGPDGTI .G[FGP .KGEJVGPUVGKP .KGIPKV\ $TKGI .KPFCW .KRRG .KVCWGP .KVGTCVWT .QCPQ .ÌYGPUVGKP .QODCTFGK .WECPKC .WEEC .ÒDGEM .ÒPGDWTI .ÒVVKEJ .WHVHCJTV .WZGODWTI .W\GTP .[EKC .[FKC 210

/CEGFQPKC /CIFGDWTI /CKNCPF /CKP\ /CNC[UKC /CNVC /CPUHGNF /CTM /CTVKPKSWG /GEMNGPDWTI /GFCKNNGWTG #DTCOUQP # #JNDQTP . #PFTKGW $ $CTT¾ , , $CWGTV , ) $GTPJCTF . $GTV 2 $KCPEJK ( $NWO , $TGJOGT ( $TGPGV 0 $TGVVUEJPGKFGT 0 $WEJJGKO , $WUEJ , %JT $WUEJPKEM ) , % * %CSW¾ # %CXKPQ ) %GTDCTC ) %KPICPGNNK 2 %QWTVQV , &CFNGT 5 &GKPJCTF , ) &QDKEJV 9 &QPPGT / &ÒTTKEJ * 'XGTVU , )CUU , $ )CVVCWZ ' )GQTIK 0 )NÌEMNGT 1 )ÌFGEMG 2 * )QGV\ - )ÌV\KPIGT , 5 )TKEJKNNGU # )TQMWTV * 2 )WDG * * + . *CPH , # *CWVUEJ ) *GNHTKEJV ( ( *ÌJP , *QNN # *QNV\JG[ / +YCPQHH 6 ,WFKP 5 - 1 -CEJGN . -GVVGNGT ' -N·JTGP * XQP FGT -QEJ , %

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213

214

215

216

217

218

219

220

NUMISMATISCHE BEGRIFFE EXPRESSIONS NUMISMATIQUES NUMISMATIC TERMS TERMINI DI NUMISMATICA DEUTSCH

ENGLISCH

FRANÇAIS

ITALIANO

Abschlag Am Rand Berieben Blei Dezentriert Doppelschlag Einfassung Einseitig Emailliert Erhaltung Etwas Exemplar Fassungsspuren Fehlprägung Feld(er) Fundexemplar Gedenkmünze Geglättet Gelocht Geprägt Gewellt Goldpatina Hübsch Jahrh. = Jahrhundert. Kl. = klein Korrosionsspuren Kratzer Kupfer Legierung Leicht(e) l. = links Min. = minimal Nachahmung Prachtexemplar Prägeschwäche Randdelle Randfehler Randschrift r. = rechts Rückseite Schriftspuren Schrötling Schrötlingsfehler Schwach ausgeprägt Selten in dieser Erhaltung Seltener Jahrgang Stempel Stempelfehler Überdurchschnittlich erhalten Überprägt Unediert Unikum Vergoldet Von aller größter Seltenheit Vorderseite Winz.= winzig Zain Zierrand Zinn Ziseliert

struck at the rim/border slightly polished lead uncentered double struck frame uniface enamelled condition/preservation slightly specimen, copy trace of mounting mis-strike field(s) specimen from a hoard commemorative coin tooled holed minted bent golden patina attractive century small traces of corrosion scratch(es) copper alloy slightly left minimal imitation attractive, perfect piece weakly struck edge nick edge faults lettered edge to right reverse traces of inscription flan flan defect weakly struck rare in this condition rare year die(s) mistake in the die extraordinary condition overstruck unpublished unique specimen gilt extremely rare head tiny flan ornamental border tin chased

frappe au tranche frotté plomb decentré double frappe encadrement uniface émaillé conservation un peu exemplaire traces de monture défaut de frappe champ de trésor monnaie commemorative lissé troué frappé ondulé patina doré jolie siécle petit traces de corrosion rayure cuivre alliace légère gauche minimal imitation pièce magnifique de frappe molle défaut sur la tranche erreur a la tranche inscription sur la tranche droite revers traces de légende flan erreur de flan de frappe molle conservation rare année rare estampe erreur de frappe Conservation extraordinaire surfrappé inédit pièce unique dorée très rare en face petit flan tranche ornée étain ciselé

coniazione al bordo trattato piombo non centrato ribattitura cornice uniface smaltato conservazione un poco esemplare tracce di montatura difetto di coniazione campo da tesoretto moneta commemorativa liscio bucato coniato ondolato patina d´oro carino secolo piccolo segni di corrosione graffio(i) rame lega leggero sinistra minimamente contraffazzione esemplare magnifico conio stanco ammaccatura al bordo errore nel bordo inscrizione sul bordo destra rovescio tracce di leggenda tondello errore di tondello conio stanco conservazione rara annata rara conio errore di conio conservazione estraordinaria ribattuto inedito pezzo unico dorato di estrema raritá diritto veramente piccolo tondello taglio ornato stagno cesellato

221

VERSTEIGERUNGSBEDINGUNGEN Die Versteigerung erfolgt im Auftrag und für Rechnung der Eigentümer unter Einhaltung der sich aus der Versteigerungsordnung (BGB1 I 1976, 1346) ergebenden und für Kommissionäre geltenden gesetzlichen Bestimmungen des BGB und HGB gegen Barzahlung des Kaufpreises in €-Währung. Durch Abgabe eines Gebotes werden die Versteigerungsbedingungen anerkannt, dies gilt auch für die schriftlichen Gebote. Der Zuschlagpreis ist Nettopreis im Sinne des Mehrwertsteuergesetzes und bildet die Berechnungsgrundlage für das vom Käufer zu zahlende Aufgeld in Höhe von 15 %. Auf den daraus entstehenden Gesamtpreis (Zuschlag + Aufgeld) wird die zur Zeit gültige, ermäßigte Mehrwertsteuer von 7 % erhoben. Papiergeld unterliegt ebenfalls dem ermäßigten Steuersatz. Goldmünzen, bei denen Zuschlagpreis und Aufgeld geringer ist als das zweieinhalbfache des Metallpreises, unterliegen dem normalen Mehrwertsteuersatz von zur Zeit 16%, ebenso historische Wertpapiere. Goldmünzen, die als Anlagegold gelten, sind mehrwertsteuerfrei. Ausländischen Käufern aus Ländern der europäischen Gemeinschaft wird die in Deutschlang gültige Umsatzsteuer berechnet. Anderen ausländischen Käufern (aus Drittländern) wird, sofern die Münzen durch uns exportiert werden, ein Aufgeld von 15 % netto auf den Zuschlagpreis berechnet; sie erhalten die Lieferung nur gegen Zahlung des Kaufpreises in € - Währung, bankspesenfrei. Ausländischen Münzhändlern aus Ländern der europäischen Gemeinschaft wird bei Nachweis der Umsatzsteuer-Identifikationsnummer (§ 27 a USTG) und der sonstigen Voraussetzungen gemäß § 4 Nr. 1 b USTG in Verbindung mit § 6 a USTG die Lieferung ohne Umsatzsteuer berechnet. Sofern nichts anderes vereinbart wird, ist die Zahlung der Auktionsrechnung bei anwesenden Käufern sofort, bei schriftlichen Bietern spätestens 20 Tage nach Erhalt fällig. Bei Zahlungsverzug werden Zinsen von 1 % pro Monat berechnet. Wird die Zahlung nicht sofort an den Versteigerer geleistet oder die Abnahme der zugeschlagenen Sache verweigert, so findet die Übergabe der Sache an den Ersteigerer nicht statt. Der Ersteigerer verliert vielmehr seine Rechte aus dem Zuschlag, und die Sache kann auf seine Kosten erneut versteigert werden. In diesem Fall haftet der Ersteigerer für den Ausfall, dagegen hat er auf dem Mehrerlös keinen Anspruch. Der Zuschlag erfolgt nach dreimaligem Ausruf des höchsten Gebotes und verpflichtet zur Abnahme und Zahlung. Bei Meinungsverschiedenheiten über den Zuschlag wird die Nummer noch einmal ausgerufen. Der Versteigerer ist berechtigt, Nummern zu vereinigen oder zu trennen. Eine Vorausnahme von Nummern erfolgt nicht. Der Zutritt zur Versteigerung ist nur Interessenten gestattet, die einen Katalog besitzen. Die Mindeststeigerungsstufen für das Bietungsverfahren betragen: Mindestangebote

werden. Schriftliche Gebote können nur bis 24 Stunden vor Auktionsbeginn verbindlich berücksichtigt werden. Im Bedarfsfall ist der Auktionator berechtigt, die Limits um 3 – 5 % zu überschreiten. Bei mehreren gleichhohen Geboten erhält das zuerst eingegangene den Zuschlag. Unlimitierte Aufträge haben keinen Anspruch auf unbedingte Ausführung. Telefonisches Bieten ist nur in Ausnahmefällen möglich. Telefonische Bieter müssen sich mindestens einen Tag vor der Auktion voranmelden. Der Versand geht zu Lasten und auf Risiko des Ersteigerers bzw. Empfängers. Das Auktionsgut bleibt bis zur vollständigen Bezahlung aller Forderungen aus Anlaß der Versteigerung Eigentum des Verkäufers. Ist der Käufer Vollkaufmann, so ist Osnabrück als Gerichtsstand vereinbart. Für das Mahnverfahren gilt die Zuständigkeit des Amtsgerichts Osnabrück auch in allen anderen Fällen als vereinbart. Ansonsten ist es Osnabrück nur, wenn nur die Firma Fritz Rudolf Künker ihren allgemeinen Gerichtsstand in der BRD hat, oder wenn alle Ansprüche im Wege des Mahnverfahrens geltend gemacht werden, oder wenn die im Klageweg in Anspruch zu nehmende Vertragspartei nach Vertragsabschluß ihren gewöhnlichen Aufenthaltsort aus dem Geltungsbereich der BRD verlegt hat, oder ihr Wohnsitz oder gewöhnlicher Aufenthaltsort zum Zeitpunkt der Klage nicht bekannt ist. Die Beschreibung im Katalog ist gewissenhaft durchgeführt. Sie begründet jedoch keine Rechts- oder Sachmängelhaftung gemäß §§ 434, 459 ff BGB. Die Angabe der Erhaltung ist streng nach den im deutschen Münzhandel üblichen Erhaltungseinstufungen vorgenommen und gilt als persönliche Beurteilung. Bei der Auktion anwesende Käufer kaufen grundsätzlich „wie besehen“. Da durch Vorbesichtigung Gelegenheit gegeben ist, sich vom Erhaltungszustand des Versteigerungsgutes zu überzeugen, können nach erfolgtem Zuschlag Reklamationen nur bei irrtümlich übersehener Henkel- oder Fassungsspur oder gestopftem Loch berücksichtigt werden. Bei Losen mit mehreren Stücken sind die Stückzahlen nur Circa-Angaben, irrtümliche Zuschreibungen sind im Einzelfall nicht ausgeschlossen. Diese Lose sind nach erfolgtem Zuschlag von jeder Reklamation ausgeschlossen. Der Versteigerer kann bei eventuellen Meinungsverschiedenheiten bzw. Beanstandungen einen vereidigten Sachverständiger seiner Wahl (die Kosten trägt der unterliegende Teil) beauftragen. Eventuelle Beanstandungen können nur innerhalb von 8 Tagen nach der Auktion bzw. nach Erhalt der ersteigerten Stücke berücksichtigt werden. Die Echtheit der Stücke wird bis zur Höhe des Kaufpreises garantiert. Die beigedruckten Preise sind Schätzpreise, die unter- oder überschritten werden können. Aufträge, die unter 80 % des Schätzpreises liegen, können nicht bearbeitet werden.

Ausländische Kunden kaufen nach den Devisen-, Zoll- und Steuerbestimmungen ihres Landes. Versandformalitäten werden vom Versteigerer erledigt.

Mindeststeigerungsstufe Soweit nicht anders vermerkt, gelten im übrigen die allgemeinen Versteigerungsbestimmungen und – auch im Verhältnis zu ausländischen Kunden – gilt Deutsches Recht.

bis zu

€ 100,--

€ 5,--

bis zu

€ 300,--

€ 10,--

bis zu

€ 1.000,--

€ 20,--

Für Büchersendungen und Sendungen ins Ausland werden Versandkosten nach Aufwand in Rechnung gestellt.

bis zu

€ 2.000,--

€ 50,--

Die Ergebnisliste erscheint sofort nach der Auktion.

bis zu

€ 5.000,--

€ 100,--

bis zu

€ 10.000,--

€ 200,--

bis zu

€ 20.000,--

€ 500,--

€ 20.000,--

€ 1.000,--

DIE VERSTEIGERER:

FRITZ RUDOLF KÜNKER DR. ANDREAS KAISER ARNE KIRSCH OLIVER KÖPP

Schriftliche Aufträge werden von uns ohne Auftragsprovision gewissenhaft ausgeführt. Aufträge von uns unbekannten Sammlern können nur ausgeführt werden, wenn ein Depot hinterlegt wird oder Referenzen benannt

222

TERMS AND CONDITIONS OF AUCTION The auction is conducted on behalf and for the account of the appropiate proprietors of the goods and is subject to the federal Auction Regulation (Versteigerungsordnung, BGB1 I 1976, 1346) published in the Federal Law GazetteVol. I, 1976, 1346 and the relevant provisions for factors in accordance with the German Cicil Code (BGB) and Commercial Code (HGB). Payment of the hammer-price has to be made in cash and in Euro. The submission of an offer implies the express acknowledgement of these Terms and Conditions of Auction; the same applies to the submission of an offer in writing. The hammer-price is exclusive of applicable German VAT according to the prevailing VAT – legislation and represents the basis for calculating the surcharge of 15 percent payable by the puchaser. The total price so calculated (hammerprice plus surcharge) is subject to the reduced VAT (value added tax=Mehrwertsteuer) of 7 per cent as presently applicable, which is payabel additionally. The reduced VAT applies also to paper-money. Gold coins for which the hammer-price plus surcharge is less than two and ohne half times the intrinsic gold price, are subject to the normal VAT rate of presently 16 per cent. The same applies to historical bonds. Gold coins which are considered as a gold investment are free of VAT. Purchasers from abroad will be charged a surcharge of 15 per cent net on the hammer-price, provided the export of the coins is undertaken by the auctioneer. Buyers in European Community (EEC) countries (other than Germany) will be charged Value Added Tax at the rates prevailing in Germany. Dealers from EEC countries (other than Germany) will receive goods free of tax upon presentation of their VAT I.D. number, and upon fulfillment of the other conditions set forth in Paragraph 4, Nr. 1 b, and Paragraph 6 a of the GermanTurnover Tax Law. Buyers from other countries are not charged Value Added Tax. Delivery will be made against payment in Euro with no bank charges to the auctioneer. Unless mutually agreed otherwise, payment of the auction bill from purchasers present at the auction is due immediately. From purchaser who have submitted a bid in writing, payment is due within 20 days after receipt of the goods. Defaulted payments shall bear an interest charge of 1 % per month in the amount in default. Should payment to the auctioneer not be made immediately or should the acceptance of the awardet item be refused, such item shall not be handed overt to the purchaser. Instead the purchaser shall forfeit all right and title in and to such item from the award and the item may again be put to auction at this buyer’s cost. In this event the buyer shall be liable for any shortfall, while he shall have no right or claim towards any excess proceeds. An item will be knocked down after the highest bid has been called three times. The award shall be a binding commitment and liability on the part of the bidder to take acceptance and delivery of the item or items so awarded. In the event of any dispute with regard to the award the lot will be put up again for bidding. The auctioneer reserves the right to combine or to seperate lots. Lots will not be called out of sequence. Access to the auction will only be permitted to interested persons who are in possession of the catalogue.

price or prices for a given lot, the bid first received by the auctioneer shall be given the award. Unlimited bids shall not oblige the auctioneer to consider, accept or carry out such order. Telephone bidding is generally an option for lots of substantial value only. The registration is required at the latest a day before auction. Shipment (by mail or otherwise) of the goods shall be for the sole cost and risk of the purchaser or receipient, resp. The auctioned goods remain the sole and exclusiv property of the vendor until full payment and settlement of any and all dues and claims in connection with the auction. In the event the purchaser is a merchant (in the sende of the German commercial laws) Osnabrück shall be the agreed and exclusive place of jurisdiction. The competence of the District Court (Amtsgericht) of Osnabrück is agreed in respect of summary proceedings for the collection of defaulted payments (Mahnverfahren) as well as in any and all other cases. Should the purchaser not be a merchant Osnabrück shall be the place of jurisdiction with the District Court of Osnabrück’s competence, if only the auctioneer has his ordinary legal domicil in the Federal Republic of Germany or if claims are made by way of summary proceedings of collection (Mahnverfahren) or if the defendant has moved his ordinary legal domicil outside the jurisdiction of the Federal Republik of Germany or if the legal domicil of the defendant is unknown to the auctioneer at the time of filing a suit. To the exclusion of any other legislation German law, as in force at the time, shall be applied for the settlement of any and all legal or judicial matters. The specifications and descriptions in the catalogue have been prepared diligently and in good faith do, however, not constitute the acceptance by the auctioneer of any warranty or liability in respect of defect in material or title. The state of preservation of items is strictly assessed in accordance with the grades accepted by the German coin trade and only represents an individual and personal assessment. Purchasers present at the auction acquire items strictly on the basis of “as is where is” and “as inspected”. In view of the opportunity of prior inspection to ascertain the state and condition of the auction lots, complaints and objections made after the sale will only be considered, if by obvious error or mistake loop or traces or moutings, traces of trimmings or settings, or the plugging of a hole (eyelet) have remained unnoticed. If and when auctioned in lots, the quantities of individual pieces given, only represent an approximate figure. An error in the allocation of indivdual pieces to a certain lot cannot be excluded. Such lots are, therefore, excluded from any complaintes or objections after the lot is knocked down. In the event of disputes or complaints as to the quality of an item the auctioneer may call upon a gernerally sworn expert of the trade, which the auctioneer may choose at his sole discretin, for assessment an the rendering of a decision as to the justification of such dispute or complaint. The costs of such expert shall be borne by the party loosing the dispute according to the expert’s decision. Complaints or objections, if justified, will only be considered if made and received by the auctioneer within 8 days after the auction or after receipt the lots, respectively. The authenticity of the coins is warranted. Warranted up to the total purchase price. The prices set out in the catalogue are estimates only, which may bei exceeded or undercut. Orders for less than 80 per cent of the estimated price cannot accepted.

The minimum rates of increase for the bidding procedure are: for minimum offers

minimum increase rate

Purchasers from abroad will have to observe all applicable laws and regulations in respect of foreign exchange, customs duties and taxation of their country. The auctioneer will only dischare such formalities, which have to be observed, in the Federal Republic of Germany in connection with the export of the purchased item(s).

up to

€ 100,--

€ 5,--

up to

€ 300,--

€ 10,--

up to

€ 1.000,--

€ 20,--

up to

€ 2.000,--

€ 50,--

Unless stipulated otherwise herein, the general rules regulations for auctions applicable in Germany shall govern any transaction in respect of the auction; German Law shall also be applicable in relation to purchasers form abroad. Only the German text has legal forde.

up to

€ 5.000,--

€ 100,--

Shipment to foreign countries and shipment of books we charge upon expenses.

up to

€ 10.000,--

€ 200,--

The prices realized will be published in the form of a list immediately after the auction.

up to

€ 20.000,--

€ 500,--

above

€ 20.000,--

€ 1.000,--

Orders submitted in writing will be carried out diligently and without charge of an extra commission. Orders from collectors unknown to the auctioneer can only be accepted and carried out if a deposit or references to the satisfaction on the auctioneer are given. To be bindingly accepted, written bids need to be received at least 24 hours befor auction. If necessary, the auctioneer is alloweed to increase the bids by 3-5%. Should several bids be obtained in writing bidding the same

THE AUCTIONEERS:

FRITZ RUDOLF KÜNKER DR. ANDREAS KAISER ARNE KIRSCH OLIVER KÖPP

223

NUMISMATISCHE BEARBEITUNG FOTOS LAYOUT DRUCK

Alexandra Putz, Sebastian Steinbach M. A., Jens Ulrich Thormann M. A., Manuela Weiß Lübke & Wiedemann, Stuttgart danner pc - gesteuerte systeme waiblingen media-print, Paderborn Jeglicher Nachdruck, auch auszugsweise, bedarf der Genehmigung des Auktionshauses

BANKVERBINDUNGEN DEUTSCHE BANK OSNABRÜCK DRESDNER BANK OSNABRÜCK SPARKASSE OSNABRÜCK VOLKSBANK BORGLOH-HILTER E. G. BANKHAUS LAMPE KG BIELEFELD POSTBANK HANNOVER CREDIT SUISSE

BLZ 265 700 90, Konto 0 177 006 BLZ 265 800 70, Konto 780 520 200 BLZ 265 501 05, Konto 247 320 BLZ 265 624 90, Konto 1 200 222 400 BLZ 480 201 51, Konto 174 076 BLZ 250 100 30, Konto 2900 60 - 308 Konto 135 494 - 42 - 1

Zahlungen aus dem Ausland - Foreign payments SPARKASSE OSNABRÜCK DEUTSCHE BANK OSNABRÜCK POSTBANK HANNOVER CREDIT CARDS

IBAN: DE50 2655 0105 0000 2473 20 SWIFT-CODE: NOLADE22XXX IBAN: DE11 2657 0090 0017 7006 00 SWIFT-CODE: DEUTDE3B265 IBAN: DE73 2501 0030 0290 0603 08 SWIFT-CODE: PBNKDEFF We do accept VISA and MASTERCARD Service charge: 4,5 %

ERHALTUNGS- UND SELTENHEITSGRADE ERHALTUNGSGRADE/ GRADING TERMS DEGRÉS DE CONSERVATION GRADI DI CONSERVAZIONE

SELTENHEITSGRADE

224

Polierte Platte Proof

Flan bruni Fondo specchio

Stempelglanz Uncirculated

Fleur de coin Fior di conio

Vorzüglich Extremely fine

Superbe Splendido

Sehr schön Very fine

Très beau Bellissimo

Schön Fine

Beau Molto Bello

Gering erhalten Very good

Très bien conservé Bello

R = Selten Von großer Seltenheit

RR = Sehr selten Von größter Seltenheit