Auktion 120 Künker by Fritz Rudolf Kuenker GmbH & Co. KG

&+' 5#//.70) *#05 9+.*'./ 9+'$' $4#0&'0$74) 24'755'0 +0 &'4 /+66' '7412#5 ņ 2'4510'0 '4'+)0+55' 70& &;0#56+5%*' 8'4$+0&70)'0 +/ 52+')'. &'4 /'&#+..'0-7056 *CPU 9KNJGNO 9KGDG ņ 2QTVT·V GKPGU 5COONGTU

*CPU 9KNJGNO 9KGDG UVCOOV CWU FGO 9GKEJUGNFGNVC FGO )GDKGV 9GUVRTGWGPU FCU PCEJ FGT RTGWKUEJGP 2TQXKP\ 1UVRTGWGP CPIGINKGFGTV YWTFG &QTV YCTGP FKG 9KGDGU \YKUEJGP /CTKGPDWTI WPF 'NDKPI UGKV )GPGTCVKQPGP CNU $CWGTP CPU·UUKI &KG 9KGDGU *CPU 9KNJGNO YCT /GPPQPKV UVCOOVGP WTURTÒPINKEJ CWU FGP 0KGFGTNCPFGP *CPU 9KNJGNO 9KGDG YWTFG \W $GIKPP FGU 4WNCPFHGNF\WIGU UEJYGT XGTYWPFGV WPF XGTNQT FCDGK GKP $GKP 0CEJ UGKPGT DCNF FCTCWH GTHQNIVGP 'PVNCUUWPI CWU FGT 9GJTOCEJV ÒDGTVTWIGP KJO UGKPG 'NVGTP FKG $GYKTVUEJCHVWPI FGU UGJT HTWEJVDCTGP ITQGNVGTNKEJGP *QHGU FGP UGKPG /WVVGT IGGTDV JCVVG +P FGP YGPKIGP ,CJTGP DKU \WT (NWEJV #PHCPI DGYKGU *CPU 9KNJGNO 9KGDG WPVGTPGJOGTKUEJGU )GUEJKEM WPF YCT CNU .CPFYKTV UGJT GTHQNITGKEJ JCVVGP FKG 9KGDGU )NÒEM KO 7PINÒEM GU IGNCPI FGP 'NVGTP RGT 5EJKHH OKV \CJNTGKEJGP 2HGTFGP 9CIGP WPF GKPGO 6GKN FGU *CWUTCVU KP FGP 9GUVGP \W MQOOGP &GT 5QJP *CPU 9KNJGNO JCVVG GDGPHCNNU )NÒEM CWH FGO .CPFYGI DGINGKVGV PWT XQP GKPGO HTCP\ÌUKUEJGP -TKGIUIGHCPIGPGP WPF UGKPGO ,CIFJWPF $KGNGHGNF YWTFG FGP 9KGDGU \WT PGWGP *GKOCV &KG (COKNKG ITÒPFGVG GKP (WJTIGUEJ·HV #WHVT·IG ICD GU KP FGT 0CEJMTKGIU\GKV IGPWI *CPU 9KNJGNO UWEJVG UGKP )NÒEM CNNGTFKPIU UR·VGT KP FGT 6GZVKNDTCPEJG WPF NKG UKEJ KP -TGHGNF \WO 6GZVKNMCWHOCPP CWUDKNFGP YCU UKEJ HÒT UGKP UR·VGTGU 'PICIGOGPV CNU 7PVGTPGJOGT KO GNVGTNKEJGP $GVTKGD UGKPGT (TCW )GTVTWF IGD 8GTUG YKGFGTWO CNU )NÒEMUHCNN JGTCWUUVGNNVG &KG $NWUGPHCDTKMCVKQP 8GTUG YWTFG WPVGT FGT .GKVWPI FGU 'JGRCCTGU 9KGDG GKP GTHQNITGKEJGU 7PVGTPGJOGP WPF YGKV ÒDGT FKG )TGP\GP &GWVUEJNCPFU DGMCPPV &GT -TKGI FKG (NWEJV CWU 1UVRTGWGP WPF FGT FCOKV XGTDWPFGPG 8GTNWUV HCUV FGU IGUCOVGP 8GTOÌIGPU JCDGP *CPU 9KNJGNO 9KGDG \GKVNGDGPU IGRT·IV &KG $GFTQJWPI FWTEJ FKG 5QYLGVWPKQP WPF FGP 9CTUEJCWGT 2CMV YCT HÒT KJP PKEJV PWT GKPG CDUVTCMVG WPXQTUVGNNDCTG )TÌG UQPFGTP DGUVKOOVG CWEJ UGKP *CPFGNP CNU 7PVGTPGJOGT +P -CPCFC GPICIKGTVG GT UKEJ HÒT FGP ō'TPUVHCNNŋ W C FWTEJ FGP -CWH GKPGU *QVGNU WPF XGTUEJKGFGPGT NCPFYKTVUEJCHVNKEJGT $GVTKGDG WPF +OOQDKNKGP 8

*CPU 9KNJGNO 9KGDG YCT CDGT PKEJV PWT CNU 7PVGTPGJOGT GTHQNITGKEJ 'T DGIGKUVGTVG UKEJ CWEJ HÒT FKG /CNGTGK FGU ,CJTJWPFGTVU FKG 'ZRTGUUKQPKUVGP YWTFGP UGKPG ITQG .GKFGPUEJCHV 5Q GPVUVCPF GKPG DGFGWVGPFG 5COONWPI FGU FGWVUEJGP 'ZRTGUUKQPKUOWU 8KGNG ,CJTG UR·VGT GT\·JNVG OKT *CPU 9KNJGNO 9KGDG KP UGKPGT JWOQTXQNNGP #TV FC GT UKEJ FKG $KNFGT HÒT FKG GT UKEJ KPVGTGUUKGTVG PKEJV OGJT NGKUVGP MÌPPG 5Q UGK GT FCTCWH IGMQOOGP /GFCKNNGP XQP $TCPFGPDWTI 2TGWGP \W UCOOGNP &GP GTUVGP #PUVQ ICD KJO 'TPUV $TCMGP UKGM FGT KJO FCU GTUVG 1DLGMV XGTMCWHVG 'U YCT GKPG )QNFOGFCKNNG CWH FGP )GDWTVUVCI FGT KO 'ZKN NGDGPFGP -ÌPKIKP /CTKG XQP *CPPQXGT FGT )GOCJNKP FGU WPINÒEMNKEJGP -ÌPKIU )GQTI 8 FGT KO $WPF OKV ¤UVGTTGKEJ FGP -TKGI XQP XGTNQTGP JCVVG &KG (QNIG YCT FKG #PPGZKQP XQP *CPPQXGT FCU \WT RTGWKUEJGP 2TQXKP\ YWTFG 9KG XKGNG 5COONGT UQ OWVG CWEJ *CPU 9KNJGNO 9KGDG UGKPGP 9GI DGKO #WHDCW FGT /GFCKNNGP 5COONWPI \WGTUV HKPFGP 'T JKGNV UKEJ FCDGK PKEJV PWT UVTGPI CP FKG /GFCKNNGP XQP $TCPFGPDWTI 2TGWGP UQPFGTP DG\QI CWEJ FKG (COKNKGPOKVINKGFGT FGT JQJGP\QNNGTKUEJGP (ÒTUVGP OKV GKP 5Q GPVUVCPF KO .CWHG XQP OGJT CNU \YGK ,CJT\GJPVGP GKPG JGTCWUTCIGPFG 5COONWPI FKG GU KP FKGUGT $GFGWVWPI \WOKPFGUV PCEJ FGO 9GNVMTKGI UQ PKEJV CWH FGO /CTMV IGIGDGP JCV /KV YGNEJGO 'KHGT GT UGKPG +PVGTGUUGP FWTEJ\WUGV\GP YWVG YKTF FWTEJ FGP ō#WMVKQPUDGTKEJVŋ UGKPGU (TGWPFGU *GNOWV 5VGRJCP GDGPHCNNU 1UVRTGWG FGWVNKEJ FGT ÒDGT GKPG #WMVKQP FGT /ÒP\GPJCPFNWPI *KTUEJ CWU FGO ,CJTG GKPGP UGJT JWOQTXQNNGP WPF FWTEJCWU OKV HGKPGT +TQPKG XGTUGJGPGP $GTKEJV \W FGO 'TYGTD FGT DGTÒJOVGP )GPGTCNU OGFCKNNG UKGJG -CVCNQIPT XGTHCVG &KG (COKNKG 9KGDG JCV UKEJ PWP GPVUEJNQUUGP FKG 5COONWPI KP FGP PWOKUOCVKUEJGP -TGKUNCWH \WTÒEMHNKGGP \W NCUUGP 9KT JCDGP OKV FKGUGO -CVCNQI XGTUWEJV FGO 5COONGT *CPU 9KNJGNO 9KGDG WPF UGKPGT /GFCKNNGPUCOONWPI GKP MNGKPGU &GPMOCN \W UGV\GP GKPGT NKGDGPUYGTVGP JWOQTXQNNGP CDGT CWEJ MCPVKIGP WPF DKUYGKNGP UVTGKVDCTGP 2GTUÌPNKEJMGKV FKG XQP FGT YGEJUGNXQNNGP FGWVUEJGP )GUEJKEJVG FGU ,CJTJWPFGTVU FWTEJ WPF FWTEJ IGRT·IV YCT 1UPCDTÒEM KO 0QXGODGT (TKV\ 4WFQNH -ÒPMGT

)1.&24 )70)'0 $4#0&'0$74) 24'755'0 &#5 -74ª456'067/ $4#0&'0$74) -WTHÒTUV (TKGFTKEJ 9KNJGNO FGT )TQG -WTHÒTUV &KG -KPFJGKV (TKGFTKEJ 9KNJGNOU FGU CO (GD TWCT KP %ÌNNP CP FGT 5RTGG IGDQTGPGP 5QJPGU FGU -WTHÒTUVGP )GQTI 9KNJGNO YCT FWTEJ FGP &TGKKIL·JTKIGP -TKGI WPF FWTEJ FKG *KNHNQUKIMGKV IGRT·IV OKV FGT $TCPFGPDWTI FKGUG UEJYGTG <GKV FWTEJNGKFGP OWVG &KG GKP\KIGP .KEJVDNKEMG YCTGP FKG *GNFGPIGUVCNV UGKPGU 1P MGNU )WUVCX ++ #FQNH FGUUGP .GKEJPCO GT KP 9QNICUV \W 5EJKHHG IGNGKVGV JCV WPF UGKP $KNFWPIUCWHGPVJCNV KP FGP 0KGFGTNCPFGP FKG KJO TGNKIKÌU RQNKVKUEJ WPF YKTVUEJCHV NKEJ \WO 8QTDKNF YWTFGP 0CEJ FGO 4GIKG TWPIUCPVTKVV DGICPP GT UGKV OKV FGO #WHDCW GKPGU UEJNCIMT·HVKIGP *GGTGU FCU \WT )TWPFNCIG FGT UR·VGTGP RTGWKUEJGP #TOGG YWTFG &WTEJ FGP 9GUVH·NKUEJGP (TKGFGP GTJKGNV $TCPFGPDWTI )GDKGVU\WYCEJU FWTEJ FKG CWHIG JQDGPGP $KUVÒOGT *CNDGTUVCFV /KPFGP /CIFG DWTI WPF -COOKP KO (TKGFGP XQP 1NKXC XQO /CK MQPPVG (TKGFTKEJ 9KNJGNO FKG RQN PKUEJG #PGTMGPPWPI UGKPGT 5QWXGT·PKV·V ÒDGT 2TGWGP GTTGKEJGP &KG FKXGTUGP +PVGTGUUGP UGK PGT YGKV CWUGKPCPFGTNKGIGPFGP )GDKGVG XGTCP NCVGP FGP -WTHÒTUVGP \W YGEJUGNPFGP -QCNKVK QPGP OKV FGP FCOCNKIGP )TQO·EJVGP 2QNGP ¤N CWH .GKPYCPF XQP #FTKCGP *CPPGOCPP WO *CDUDWTI (TCPMTGKEJ 0KGFGTNCPFG GKPG 2QNK 1TKIKPCN $GTNKP 5VKHVWPI 2TGWKUEJG 5EJNÌUUGT WPF VKM FKG CNU ōDTCPFGPDWTIKUEJGU 9GEJUGNHKGDGTŋ )·TVGP $GTNKP $TCPFGPDWTI 2CTM %JCTNQVVGPDWTI 5EJNQ DG\GKEJPGV YWTFG &GT ITÌVG )GIPGT YCT Y·J %JCTNQVVGPDWTI (QVQ ,ÌTI 2 #PFGTU TGPF UGKPGT 4GIKGTWPIU\GKV UVGVU 5EJYGFGP FGUUGP \CJNGPO·KI FGWVNKEJ ÒDGTNGIGPGU *GGT GT KP FGT 5EJNCEJV DGK (GJTDGNNKP DGUKGIGP MQPPVG 1DYQJN GT FCFWTEJ UGKP <KGN FKG 'TYGTDWPI FGU IGUCOVGP 2QOOGTPU PKEJV FCWGTJCHV GTTGKEJVG YWTFG GT UGKVFGO ōFGT )TQG -WTHÒTUVŋ IGPCPPV 0GDGP FGP DGFGWVGPFGP )GDKGVU\WY·EJUGP MQPPVG GT CWEJ 8GTYCNVWPI WPF 9KTVUEJCHV CWUDCWGP 0GDGP FGT #PUKGFNWPI XQP *WIGPQVVGP FGT 'TTKEJVWPI XQP -C P·NGP WPF /CPWHCMVWTGP UKPF KP FKGUGO <WUCOOGPJCPI CWEJ UGKPG MQNQPKCNGP 7PVGTPGJOWPIGP KP #HTKMC WPF FGT $CW GKPGT /CTKPG \W PGPPGP #WEJ JKGTDGK URKGNVGP FKG 0KGFGTNCPFG CNU 8QTDKNF GKPG 4QNNG HÒT (TKGFTKEJ 9KNJGNO FGT CO &G\GODGT FKG PKGFGTN·PFKUEJG 2TKP\GUUKP .WKUG *GPTKGVVG XQP 0CUUCW 1TCPKGP IGJGKTCVGV JCVVG #O /CK UVCTD FGT )TQG -WTHÒTUV FGT FWTEJ FKG 5V·TMWPI FGT MWTHÒTUVNKEJ DTCPFGPDWTIKUEJGP <GPVTCNIGYCNV PCEJ KPPGP WPF CWGP FGP )TWPFUVGKP HÒT FKG RTGWKUEJG )TQOCEJV IGNGIV JCVVG

2001

)QNFOGFCKNNG \W &WMCVGP Q , XQP , *ÌJP CWH FKG 7PVGTUVÒV\WPI FGT 5EJYGFGP IGIGP 2QNGP KP FGT 5EJNCEJV DGK 9CTUEJCW (4+& Û 9+.* Û &) Û /#4 Û '. Û $4#0& Û )GJCTPKUEJVGU $TWUVDKNF T OKV ITQGO -TCIGP WPF WOIGNGIVGO 1TFGPUDCPF 1275 *+% '4#6 #4$+641 Û /1: /1: 4'56+0)8+ +78#6 Û 7PVGT UVTCJNGPFGT 5QPPG GKP IGMTÌPVGT #FNGT OKV 5EJYGTV WPF 5EJKNF ÒDGT \YGK YGKVGTGP M·ORHGPFGP #FNGTP WPVGP GKPG DTGPPGPFG .CPFUEJCHV FKG FWTEJ FGP (NW 9GKEJUGN IGVTGPPV YKTF OO I $TQEMOCPP 8QP ITQGT 5GNVGPJGKV #VVTCMVKXGU 'ZGORNCT OKV JÒDUEJGT )QNFRCVKPC GKPIGRWP\VG 9GTV\CJN CWH FGT 8QTFGTUGKVG HCUV XQT\ÒINKEJ 'ZGORNCT FGT 5COONWPI -KNNKUEJ XQP *QTP #WMVKQP #FQNRJ *GUU 0CEJH (TCPMHWTV /CKP 0T WPF FGT 5COONWPI 5VTQVJGT 5 4QUGPDGTI (TCPMHWTV /CKP 0T

2002

1,5:1

)QNFOGFCKNNG \W &WMCVGP WPUKIPKGTV CWH FKG RTGWKUEJG 'TDJWNFKIWPI KP -ÌPKIUDGTI *CPF CWU 9QNMGP J·NV GKPG -TQPG ÒDGT <GRVGT WPF 5EJYGTV FKG IGMTGW\V WPF FWTEJ GKPGP .QTDGGTMTCP\ XGTDWP FGP CWH GKPGT 6CHGN UVGJGP QDGP UVTCJNGPFG 5QPPG #EJV <GKNGP 5EJTKHV FCTWPVGT ,CJTGU\CJN OO I $TQEMOCPP 44 (CUV XQT\ÒINKEJGU 'ZGORNCT 0CEJFGO FGT #PURTWEJ FGU )TQGP -WTHÒTUVGP CWH FCU *GT\QIVWO 2TGWGP FWTEJ 2QNGP CPGTMCPPV YQTFGP YCT GTNCPIVG GT KO (TKGFGP XQP 1NKXC FKG XQNNG 5QWXGT·PKV·V GTHQNIVG KP -ÌPKIUDGTI FKG 'TDJWNFKIWPI FGT RTGWKUEJGP .CPFUV·PFG $KU YCT 2TGWGP XQP 2QNGP CDJ·PIKI WPF DGK GKPGT *WNFKIWPI OWVG INGKEJ\GKVKI GKPG #PGTMGPPWPI HÒT FGP RQNPKUEJGP -ÌPKI GTHQNIGP

1,5:1

2003

)QNFOGFCKNNG \W &WMCVGP Q , XQP , *ÌJP CWH FGP 'KPHCNN FGT 5EJYGFGP KP $TCPFGPDWTI )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN WPF 1TFGPUDCPF #WH GKPGO OKV )T·UGTP WPF $NWOGP DGYCEJUGPGP )TWPF TWJV GKP .ÌYG T OKV YCEJUCOGP QHHGPGP #WIGP OO I $TQEMOCPP 8QP ITQGT 5GNVGPJGKV 5GJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT &KG 5[ODQNKM OKV FGO TWJGPFGP CDGT FGPPQEJ YCEJUCOGP .ÌYGP YKTF KP FGT /GFCKNNGPMWPUV KOOGT YKGFGT CWHIG ITKHHGP &GT ITQG UVCTMG .ÌYG JKGT FCU -WTHÒTUVGPVWO $TCPFGPDWTI KUV UVGVU YCEJUCO WPF UQ CWEJ FGO 'KPHCNN FGT 5EJYGFGP IGYCEJUGP

&#5 -¤0+)4'+%* 24'755'0 -ÌPKI (TKGFTKEJ + 0CEJ FGO -KPFUVQF FGU GKPL·JTKIGP 9KNJGNO *GKPTKEJ CO 1MVQDGT JCVVG FGT )TQG -WTHÒTUV ITQG *QHHPWPIGP KP UGKPGP \YGKVGP 5QJP -CTN 'OKN IGUGV\V FGT LGFQEJ CO &G\GODGT CWH GKPGO (GNF\WI KO 'NUC VÌFNKEJ XGTYWPFGV YWTFG &GO XGTYCEJUGPGP MNGKPGP NCDKNGP WPF NGKEJV XGTNGV\NKEJGP FTKVVGP 5QJP (TKGFTKEJ IGDQTGP CO KP -ÌPKIUDGTI VTCWVG FGT 8CVGT MCWO \W UGKPG GTHQNITGKEJG /CEJVRQNKVKM HQTV\WUGV\GP &KG \YGKVG )GOCJNKP (TKGFTKEJ 9KNJGNOU &QTQVJGC XQP *QNUVGKP )NÒEMUDWTI XGTUWEJVG FKGUG 5KVWCVKQP CWU\WPWV\GP WPF KJTG GKIGPGP -KPFGT CWH -QUVGP FGU 5VKGHUQJPU OKV 6GKNGP $TCPFGPDWTIU CWU\W UVCVVGP &CTCWU GPVUVCPF CWEJ GKP UEJYGTGT 5VTGKV \YK UEJGP FGO -WTRTKP\GP WPF UGKPGO 8CVGT FGUUGP 6GUVCOGPV XQP (TKGFTKEJ PKEJV CPGTMCPPV YWTFG 'U IGNCPI FGO UEJY·EJNKEJGP (TKGFTKEJ LGFQEJ DGK UGKPGO 4GIKGTWPIUCPVTKVV FWTEJ FKG #DHKPFWPI UGKPGT *CNDDTÒFGT FKG 'KPJGKV FGU -WTUVCCVGU \W GTJCNVGP &KG KOOGT OGJT CIITGUUKXG WPF GZRCPUKXG 2QNKVKM FGU HTCP \ÌUKUEJGP -ÌPKIU .WFYKI :+8 HÒJTVG \W GKPGT UVCTMGP #NNKCP\ IGIGP (TCPMTGKEJ &CDGK GPICIKGTVG UKEJ (TKGF TKEJ CWGPRQNKVKUEJ XQP UGKPGO NGKVGPFGP /KPKUVGT WPF GJGOCNKIGP .GJTGT 'DGTJCTF %JTKUVQRJ XQP &CPEMGN OCPP DGTCVGP XQT CNNGO CWH FGT 5GKVG FGU PCEJ FGT GPI NKUEJGP -TQPG UVTGDGPFGP 9KNJGNO XQP 1TCPKGP 9·JTGPF UKEJ &CPEMGNOCPP PGDGP FGT #WGPRQNKVKM CWEJ WO FGP KPPGTGP .CPFGUCWUDCW DGOÒJVG \ $ )TÒPFWPI FGT 7PKXGTUKV·V *CNNG MÒOOGTVG UKEJ FGT -WTHÒTUV ¤N CWH .GKPYCPF XQP (TKGFTKEJ 9KNJGNO 9KG JCWRVU·EJNKEJ WO 4GRT·UGPVCVKQP WPF JÌHKUEJG 2TWPM FGOCPP Q , 1TKIKPCN $GTNKP 5VKHVWPI 2TGWK GPVHCNVWPI YQFWTEJ $GTNKP \W GKPGO <GPVTWO DCTQEMGT UEJG 5EJNÌUUGT WPF )·TVGP $GTNKP $TCPFGPDWTI -WNVWT YWTFG &CDGK HÌTFGTVG UGKPG \YGKVG )GOCJNKP 2CTM %JCTNQVVGPDWTI 5EJNQ %JCTNQVVGPDWTI 5QRJKG %JCTNQVVG XQP $TCWPUEJYGKI .ÒPGDWTI FKG (TKGFTKEJ CO 1MVQDGT IGJGKTCVGV JCVVG WPF KJTGO )GOCJN CP +PVGNNKIGP\ DGK YGKVGO ÒDGTNGIGP YCT FCU DTCPFGPDWTIKUEJG $KNFWPIUYGUGP OCIGDNKEJ &CU \GKVV[RKUEJG 5VTGDGP PCEJ 4CPIGTJÌJWPI HÒJTVG KP 8GTDKPFWPI OKV (TKGFTKEJU RGTUÌPNKEJGT 'KVGNMGKV WPF FGT UEJQP GTHQNIVGP D\Y \W GTYCTVGPFGP 5VCPFGUGTJÌJWPI FGT *·WUGT 5CEJUGP RQNPKUEJG -TQPG WPF *CPPQXGT GPINKUEJG -TQPG FC\W FC GT UGNDUV FKG -ÌPKIUYÒTFG GTNCPIGP YQNNVG -CKUGT .GQRQNF GTVGKNVG UEJNKGNKEJ UGKPG <WUVKOOWPI FC (TKGFTKEJ KP FGO CWGTJCND FGT 4GKEJUITGP\GP NKGIGPFGP 2TGWGP -ÌPKI YGTFGP MQPPVG +O )GIGP\WI XGTURTCEJ FGT $TCPFGPDWTIGT FGP -CKUGT OKV 6TWRRGP HÒT FGP 5RCPKUEJGP 'TDHQNIGMTKGI \W WPVGTUVÒV\GP #O ,CPWCT UGV\VG (TKGFTKEJ UKEJ UGNDUV WPF UGKPGT )GOCJNKP 5QRJKG %JCTNQVVG KO -ÌPKIUDGTIGT 5EJNQ FKG -TQPG CWH WPF PCPPVG UKEJ (TKGFTKEJ + &GT -ÌPKI JKGNV UGKP 8GTURTGEJGP WPF WPVGTUVÒV\VG FKG #NNKCP\ IGIGP (TCPMTGKEJ YCU KJO \WU·V\NKEJG /KVVGN HÒT FKG UV·PFKI UVGKIGPFG *QHJCNVWPI GKPDTCEJVG &WTEJ FGP (TKGFGP XQP 7VTGEJV GTJKGNV 2TGWGP FKG 6GTTKVQTKGP .KPIGP /ÌTU )GNFGTP WPF 0GWGPDWTI 0GWEJ³VGN &GT GTUVG RTGWKUEJG -ÌPKI MQPPVG \YCT FKG 'KPJGKV FGU 5VCCVGU YCJTGP WPF FKG -ÌPKIUMTQPG GTYGTDGP LGFQEJ ÒDGTHQTFGTVGP UGKP 4GRT·UGPVCVKQPUDGFÒTHPKU FKG 5VCCVUMCUUG KP \WXQT WPIGMCPPVGO #WUOC #O (GDTWCT UVCTD -ÌPKI (TKGFTKEJ + L·JTKI KP $GTNKP

2004

1,5:1

2004

)QNFOGFCKNNG Q , XQP 4 (CNV\ CWH UGKPG -TÌPWPI \WO -ÌPKI -QRH T 8KGTHGNFKIGU 9CRRGP OKV /KVVGNUEJKNF WOJGT XKGT IGMTÌPVG 5RKGIGNKPKVKCNGP FC\YKUEJGP FGT $WEJUVCDG 4 4GZ OO I $TQEMOCPP FQTV KP 5KNDGT 5VGIWYGKV FQTV KP 5KNDGT 8QP ITÌVGT 5GNVGPJGKV 8QT\ÒINKEJ 'KPG YGKVGTG )QNFOGFCKNNG OKV $G\WI \W (TKGFTKEJ + HKPFGP 5KG WPVGT FGT 0T 13

-ÌPKI (TKGFTKEJ 9KNJGNO + FGT 5QNFCVGPMÌPKI (TKGFTKEJ 9KNJGNO MCO CO MWT\ PCEJ FGO 4GIKGTWPIUCPVTKVV UGKPGU 8CVGTU (TKGFTKEJ \WT 9GNV 5GKPG .GDGPUYGKUG UQNNVG UKEJ DCNF XQP FGPLGPKIGP UGK PGU XGTUEJYGPFGTKUEJGP 8CVGTU WPF UGKPGT MWPUVUKPPKIGP /WVVGT WPVGTUEJGKFGP 5GKV $GUKV\GT GKPGT &QO·PG UGKPGU UR·VGTGP .KGDNKPIUUKV\GU 9WUVGTJCWUGP DGK 2QVU FCO NGTPVG GT HTÒJ FKG 2TCZKU FGT .CPFYKTVUEJCHV UQYKG GKPG GKPHCEJG .GDGPUYGKUG MGPPGP 'T URÒTVG CNU /KV INKGF FGU )GJGKOGP 4CVGU FKG CWGPRQNKVKUEJG *KNHNQUKIMGKV 2TGWGPU FGUUGP /KNKV·T XQP UGKPGO 8CVGT XGTPCEJN·UUKIV YWTFG 0CEJ UGKPGO 4GIKGTWPIUCPVTKVV YCT FGT (ÒJTWPIUUVKN (TKGFTKEJ 9KNJGNOU IGRT·IV FWTEJ UGKP PÒEJVGTPGU RTCMVKUEJGU WPF RKGVKUVKUEJGU 2HNKEJVDG YWVUGKP 'T DGUEJPKVV \WGTUV FKG ÒDGTVTKGDGPGP *QH CWUICDGP WPF UQTIVG HÒT FKG #WHUVGNNWPI GKPGU CWUIG INKEJGPGP WPF UVTGPI MQPVTQNNKGTVGP 'VCVU 9GKVGTJKP TG HQTOKGTVG GT FKG 8GTYCNVWPI ITWPFNGIGPF WPF UEJWH FWTEJ UGKP GKIGPGU 8QTDKNF FGP 6[RWU FGU RHNKEJV DGYWVGP RTGWKUEJGP $GCOVGP &CDGK UGV\VG GT UKEJ PKEJV PWT IGIGPÒDGT FGO RTGWKUEJGP #FGN FWTEJ FGP GT FC\W \YCPI GKPG $CWGTP WPF $ÒTIGTUVGWGT \W GPVTKEJVGP UQPFGTP GT KIPQTKGTVG CWEJ FC GT XQP ¤N CWH .GKPYCPF XQP #PVQKPG 2GUPG 1TKIKPCN $GTNKP 5VKHVWPI 2TGWKUEJG 5EJNÌUUGT WPF )·TVGP UGKPGP DCTQEMGP 5VCPFGUIGPQUUGP YGIGP UGKPGU GKIGPGP $GTNKP $TCPFGPDWTI 2CTM %JCTNQVVGPDWTI 5EJNQ URCTVCPKUEJGP .GDGPUUVKNU DGN·EJGNV YWTFG <W FKGUGO #URGMV VTWI CWEJ FKG 8QTNKGDG FGU -ÌPKIU HÒT FCU %JCTNQVVGPDWTI /KNKV·T DGK FKG KJO UGKPGP $GKPCOGP GKPDTCEJVG WPF KP FGT 'TTKEJVWPI FGT .GKDICTFG FGT .CPIGP -GTNU UMWTTKNG (QTOGP GTTGKEJVG 5GKPG QHV DTWVCNGP 'T\KGJWPIUOGVJQFGP YCPFVG FGT 5QNFCVGPMÌPKI UQICT IGIGP UGKPGP GKIGPGP 5QJP CP FGT FKG *KPTKEJVWPI UGKPGU YGIGP 8GTTCVU \WO 6QFG XGTWTVGKNVGP (TGWPFGU -CVVG OKV CPUGJGP OWVG (TKGFTKEJ 9KNJGNO + JCV UGKP .CPF CWEJ YKTVUEJCHVNKEJ PKEJV \WNGV\V FWTEJ FKG #PUKGFGNWPI XQP EC 5CN\DWTIGT )NCWDGPUHNÒEJVNKPIGP PCEJ XQTPG IGDTCEJV &WTEJ UGKPG MQPUGSWGPVG 4GHQTORQNKVKM DGK FGT GT UKEJ KO )GIGPUCV\ \W WPUGTGP \GKVIGPÌUUKUEJGP 'PVUEJGKFWPIUVT·IGTP XQP MGKPGT .QDD[ITWRRG DGGKPHNWUUGP NKG JCV FGT 5QNFCVGPMÌPKI 2TGWGP FGP 9GI \WO DGFGWVGPFUVGP FGWVUEJGP 5VCCV IGGDPGV #NU GT CO KO #NVGT XQP ,CJTGP KP 2QVUFCO CP GKPGO *GT\NGKFGP UVCTD JKPVGTNKG GT UGKPGO 5QJP GKPGP 5VCCV OKV HWPMVKQPKGTGPFGT 8GTYCNVWPI CWUIGINKEJGPGO *CWUJCNV WPF IWV CWUIGDKNFGVGT #TOGG

2006 2005

2005

&WMCVGP $GTNKP CWH FKG *WNFKIWPI KP 5VGVVKP I (4+& Û 9+.* Û & Û ) Û 4': Û $14855 Û '. Û $4#0& Û )GJCTPKUEJVGU $TWUVDKNF T OKV 1TFGPUDCPF WPF <QRH FCTWPVGT . %JTKUVKCP (TKGFTKEJ .ÒFGTU /ÒP\OGKUVGT KP $GTNKP 0#%* &'/ 56'66+0 5#/$6 &'/ &+564+%6 <9+5%*'0 &'4 1&'4 70& &'4 2'*0' 810 &'0 5%*9'&'0 #0 24'755'0 %'&+'4'6 914&'0 *#$'0 &+' 706'46*#0'0 +*4' *7.&+)70) )'.'+56'6 &'0 Û #8) Û Û DQIKI CPIGQTFPGV $TQEMOCPP (D 8QP ITQGT 5GNVGPJGKV (CUV XQT\ÒINKEJGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T +O 0QTFKUEJGP -TKGI IGNCPI GU (TKGFTKEJ 9KNJGNO FGO 5QNFCVGPMÌPKI FCPM UGKPGT OKNKV·TKUEJGP #PUVTGPIWPIGP FKG 5EJYGFGP CWU 8QTRQOOGTP \W XGTVTGKDGP 'T GTQDGTVG FKG 2GGPGOÒPFGT 5EJCP\G 5VGVVKP YWTFG CNNGTFKPIU FWTEJ FKG <CJNWPI XQP 6CNGTP HTKGFNKEJ GTYQTDGP +O ,CJTG GTHQNIVG FCPP FKG *WNFKIWPI FKG FGT #PNC HÒT FKGUG 2T·IWPI YCT +P )QNF UKPF PWT YGPKIG 'ZGORNCTG DGMCPPV

)QNFOGFCKNNG \W &WMCVGP WPUKIPKGTV CWH FKG #WHPCJOG FGT 5CN\DWTIGT 'OKITCPVGP 8GTMN·TWPI %JTKUVK %JTKUVWU UVGJV JCNDN WPF UGIPGV GKPGP XQT KJO MPKGPFGP 'OKITCPVGP OO I $TQEMOCPP 4QNN /CTKGPD 5NI *GPEMGN FQTV KP 5KNDGT 5NI 9JKVKPI FQTV KP 5KNDGT .GKEJV IGYGNNV XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T &GT 'T\DKUEJQH XQP 5CN\DWTI .GQRQNF #PVQP 'NGWVJGTKWU )TCH (KTOKCP \YCPI EC UGKPGT RTQVGUVCP VKUEJGP 7PVGTVCPGP \WT 'OKITCVKQP 7PIGH·JT XQP KJPGP UKGFGNVGP UKEJ DGK .CWGPDWTI CP FGT 4GUV YWTFG KP 2TGWGP IGTP CWHIGPQOOGP

-ÌPKI (TKGFTKEJ ++ FGT )TQG &GT DGMCPPVGUVG RTGWKUEJG -ÌPKI YWTFG CO KP $GTNKP IGDQTGP 5GKPG ,WIGPF YCT IGRT·IV XQP FGO 7PVGTUEJKGF \YKUEJGP UGKPGT FGT DCTQEMGP -WNVWT XGT RHNKEJVGVGP /WVVGT 5QRJKC &QTQVJGC WPF FGO URCTVCPK UEJGP CWUUEJNKGNKEJ CO (WPMVKQPKGTGP XQP /KNKV·T WPF 8GTYCNVWPI KPVGTGUUKGTVGP 8CVGT FGO 5QNFCVGP MÌPKI &GT -QPHNKMV OKV FGO 8CVGT MWNOKPKGTVG CNU (TKGFTKEJ FKG *KPTKEJVWPI UGKPGU YGIGP 8GTTCVU \WO 6QFG XGTWTVGKNVGP (TGWPFGU -CVVG RGTUÌPNKEJ OKV CP UGJGP OWVG $GTGKVU KO ,CJT UGKPGU 4GIKGTWPIU CPVTKVVU DGICD UKEJ (TKGFTKEJ ++ PCEJ FGO 6QF -CTNU 8+ CWH FGT 5GKVG $C[GTPU KP FGP ¤UVGTTGKEJKUEJGP 'TDHQNIGMTKGI WPF GPVTK ¤UVGTTGKEJ FGO RGTOC PGPVGP CWGPRQNKVKUEJGP )GIPGT (TKGFTKEJU ++ KP FGP DGKFGP UEJNGUKUEJGP -TKGIGP WPF HCUV ICP\ 5EJNGUKGP WPF FKG )TCHUEJCHV )NCV\ 5GKV DGOÒJVGP UKEJ FKG YGIGP MQNQPKCNGT +P VGTGUUGP MQPMWTTKGTGPFGP )TQO·EJVG 'PINCPF WPF (TCPMTGKEJ WO 8GTDÒPFGVG 9·JTGPF UKEJ 2TGWGP 'PINCPF CPUEJNQ XGTDÒPFGVG UKEJ ¤UVGTTGKEJ OKV (TCPMTGKEJ WPF 4WUUNCPF DTCEJ FGT 5KGDGP L·JTKIG -TKGI CWU FGP 2TGWGP VTQV\ FGT ITQGP ¤N CWH .GKPYCPF XQP #PVQP )TCHH 1TKIKPCN $GTNKP 0KGFGTNCIG XQP -WPGTUFQTH QJPG ITQG 6GTTKVQTKCN 5VKHVWPI 2TGWKUEJG 5EJNÌUUGT WPF )·TVGP $GTNKP XGTNWUVG ÒDGTUVCPF +O ,CJT MQPPVG (TKGFTKEJ ++ $TCPFGPDWTI 2CTM %JCTNQVVGPDWTI 5EJNQ %JCT FWTEJ FKG XQP KJO KPKVKKGTVG GTUVG RQNPKUEJG 6GKNWPI NQVVGPDWTI (QVQ ,ÌTI 2 #PFGTU 9GUVRTGWGP WPF FCU 'TONCPF FGO RTGWKUEJGP 5VCCV GKPXGTNGKDGP FGT PWP GTUVOCNU GKPG FWTEJIGJGPFG .CPFXGTDKPFWPI CWHYKGU (TKGFTKEJ ++ FGT UEJQP UGKV XQP FGP <GKVIGPQUUGP ōFGT )TQGŋ IGPCPPV YWTFG GPVHCNVGVG UGKV GKPG TCUVNQUG 4GIKGTWPIUV·VKIMGKV DKU JKPGKP KP WPDGFGWVGPFG &GVCKNU WPF RT·IVG IGTCFG\W FGP 5VKN FGU CWHIGMN·TVGP #DUQNWVKUOWU 9·JTGPF GT FCU RTGWKUEJG 4GEJVUU[UVGO WPF FKG 9KTVUEJCHV KP UGKPGO .CPF TGHQTOKGTVG WPF HÌTFGTVG MQP\GPVTKGTVG GT UKEJ KO $GTGKEJ XQP -WNVWT WPF $KNFWPI HCUV CWUUEJNKGNKEJ CWH HTCP\ÌUKUEJG WPF ÒDGTJCWRV PKEJV CWH FGWVUEJG 8QTDKNFGT 'T DGUEJ·HVKIVG UKEJ RGTUÌPNKEJ IGTPG OKV /WUKM WPF 2JKNQUQRJKG YCT CDGT \WINGKEJ XQNN XQP 5MGRUKU <[PKUOWU WPF /GPUEJGPXGTCEJVWPI (TKGFTKEJ FGT )TQG FGT CO KP UGKPGO IGNKGDVGP 5EJNQ 5CPUUQWEK L·JTKI CP FGT 9CUUGTUWEJV UVCTD \·JNV \W FGP DGFGWVGPFUVGP WPF YKFGTURTÒEJNKEJUVGP 2GTUÌPNKEJMGKVGP FGT FGWVUEJGP )GUEJKEJVG

2007

2008

)QNFOGFCKNNG \W &WMCVGP WPUKIPKGTV XQP ) 9 -KVVGN CWH FKG *WNFKIWPI FGT UEJNGUKUEJGP 5V·PFG KP $TGUNCW )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO *GTOGNKP WPF 1TFGPUMTGW\ 5VGJGPFG $QTWUUKC OKV -TQPG WPF <GRVGT GORH·PIV XQP FGT XQT KJT MPKGPFGP 5KNGUKC FKG *GT\QIUMTQPG OO I ( W 5 1NF C 8QP ITQGT 5GNVGPJGKV 9KP\ -TCV\GT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT OKV JGTTNKEJGT )QNFRCVKPC

)QNFOGFCKNNG \W &WMCVGP WPUKIPKGTV XQP ) 9 -KVVGN CWH FGP (TKGFGP XQP $TGUNCW &KG IG MTÌPVGP OKVGKPCPFGT XGTDWPFGPGP 9CRRGP XQP 2TGWGP WPF ¤UVGTTGKEJ 7PICTP FCTÒDGT 6CWDG OKV ¤N\YGKI 5VTCJNGPFGU &TGKGEM ÒDGT HÒPH <GKNGP 5EJTKHV OO I ( W 5 FQTV KP 5KNDGT 1NF C 2CZ KP 0WOOKU FQTV KP 5KNDGT *GPMGNURWT MN 4CPFHGJNGT UGJT UEJÌP &KG +PUEJTKHV FGT 4ÒEMUGKVG FKGUGT /GFCKNNG GPVJ·NV FKG ,CJTGU\CJN CNU %JTQPQITCOO 9GKVGTG )QNFOGFCKNNGP OKV $G\WI \W (TKGFTKEJ ++ HKPFGP 5KG WPVGT FGP 0TP WPF

-ÌPKI (TKGFTKEJ 9KNJGNO ++ &C (TKGFTKEJ FGT )TQG MGKPG -KPFGT JKPVGTNKG TÒEMVG CNU 0CEJHQNIGT (TKGFTKEJ 9KNJGNO FGT CO IGDQTGPG 5QJP UGKPGU LÒPIGTGP $TWFGTU #WIWUV 9KNJGNO PCEJ &GT ŋCNVG (TKV\ŋ ·WGTVG IGIGPÒDGT UGKPGO /KPKUVGT )TCH *Q[O ō+EJ YGTFG +JO UCIGP YKG GU PCEJ OGKPGO 6QFG IGJGP YKTF GU YKTF GKP NWUVKIGU .GDGP CO *QHG YGTFGP OGKP 0GHHG YKTF FGP 5EJCV\ XGTUEJYGPFGP FKG #TOGG CWU CTVGP NCUUGP &KG 9GKDGT YGTFGP TGIKGTGP WPF FGT 5VCCV YKTF \WITWPFG IGJGP &CPP VTGVG 'T CWH WPF UCIŉ FGO -ÌPKI ō&CU IGJV PKEJV &GT 5EJCV\ KUV FGO .CPFG WPF PKEJV +JPGP ŋ 7PF YGPP OGKP 0GHHG CWHH·JTV FC UCIG 'T KJO ō+EJ JCDG GU UQ DGHQJNGP ŋ 8KGNNGKEJV JKNHV GU FGPP GT JCV MGKP DÌUGU *GT\ ŋ 6CVU·EJNKEJ XGTUEJNGWFGTVG (TKGFTKEJ 9KNJGNO ++ YGIGP UGKPGT /·VTGUUGPYKTVUEJCHV ITQG 6GKNG FGU XQP UGKPGP DGKFGP 8QTI·PIGTP CPIGUCOOGNVGP 5VCCVUUEJCV\GU #PFGTGTUGKVU HÌTFGTVG GT CWEJ FKG RTGWKUEJG -WNVWT WPF $KNFWPI WPF UQTIVG HÒT FGP MNCUUK\KUVKUEJGP #WUDCW $GTNKPU $CW FGU $TCPFGPDWT IGT 6QTU +O ,CJT MQPPVG GT XQO NGV\VGP #PUDCEJGT /CTMITCHGP #NGZCPFGT IGIGP GKPG ,CJTGUTGPVG FKG (ÒTUVGPVÒOGT #PUDCEJ WPF $C[TGWVJ GTYGTDGP #WGPRQNKVKUEJ UVGNNVG GT UKEJ \WP·EJUV CP FKG 5GKVG ¤UVGTTGKEJU IGIGP (TCPMTGKEJ OWVG CDGT HÒT FKG 'TJCNVWPI FGT RTGWKUEJGP )GDKGVG OKV (TCPMTGKEJ FGP 5QPFGTHTKGFGP XQP $CUGN UEJNKGGP #NU (TKGFTKEJ 9KNJGNO ++ CO KP 2QVUFCO CP FGT (COKNKGPMTCPMJGKV 9CUUGTUWEJV UVCTD JKPVGTNKG GT UGKPGO 5QJP GKP JQEJ XGT UEJWNFGVGU .CPF

2009

)QNFOGFCKNNG \W &WMCVGP WPUKIPKGTV XQP & ( .QQU CWH UGKPGP $GUWEJ CNU -TQPRTKP\ KP /K VCW )GJCTPKUEJVGU $TWUVDKNF FGU 2TKP\GP N OKV WOIGNGIVGO /CPVGN *GTMWNGU OKV -GWNG 5EJKNF WPF *GNO UKV\V N CWH GKPGO .ÌYGP XQT 2QUVCOGPV OO I 1NF FKGUGU 'ZGORNCT 5QOOGT # 8QP ITÌVGT 5GNVGPJGKV 5GJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2010

)QNFOGFCKNNG \W &WMCVGP XQP & ( .QQU CWH FKG *WNFKIWPI FGT -WTOCTM $TCPFGPDWTI KP $GTNKP )GJCTPKUEJVGU $TWUVDKNF N OKV WOIGNGIVGO *GTOGNKP 018# 52'5 4')0+ KP .QTDGGTMTCP\ FCTWPVGT FTGK YGKVGTG <GKNGP 5EJTKHV OO I /CTKGPD FQTV KP 5KNDGT 5QOOGT # 44 -N -TCV\GT WPF 4CPFHGJNGT HCUV XQT\ÒINKEJ

-ÌPKI (TKGFTKEJ 9KNJGNO +++ (TKGFTKEJ 9KNJGNO +++ IGDQTGP CO KP 2QVUFCO ÒDGTPCJO GKP XGTUEJWNFGVGU .CPF XQP UGKPGO 8CVGT FGUUGP XGTUEJYGPFGTKUEJG #TV UGKPGO GKIGPGP RHNKEJVVTGWGP PÒEJVGTPGP MQPUGTXCVKXGP WPF IGKUVKI PWT O·KI KPVGTGU UKGTVGP 0CVWTGNN YKFGTURTCEJ 'T RHNGIVG GKPGP DGKPCJG MNGKPDÒTIGTNKEJGP .GDGPUUVKN WPF IGYCPP UEJQP CNU -TQP RTKP\ OKV FGT .KGDGUJGKTCV FGT JÒDUEJGP OGEMNGPDWTIKUEJGP 2TKP\GUUKP .WKUG GKPG IGYKUUG 2QRWNCTKV·V 0CEJFGO GT FKG XQP UGKPGO 8CVGT OKV FGO (TKGFGP XQP $CUGN DGIQP PGPG HTCPMTGKEJHTGWPFNKEJG 2QNKVKM \WP·EJUV HQTVIGUGV\V JCVVG NKG GT UKEJ KP FGP -TKGI IGIGP 0CRQNGQP \KGJGP 0CEJ MCVCUVTQRJCNGP 0KGFGTNCIGP KP FGT &QRRGN UEJNCEJV XQP ,GPC WPF #WGTUVGFV DTCEJ FCU IGUCOVG RTGWK UEJG /KNKV·T WPF 5VCCVUU[UVGO \WUCOOGP &WTEJ FGP (TKGFGP XQP 6KNUKV FGUUGP $GFKPIWPIGP FKG -ÌPKIKP .WKUG OKV GKPGO RGTUÌPNKEJGP $GUWEJ DGK 0CRQNGQP \W OKNFGTP XGTUWEJV JCVVG XGTNQT 2TGWGP CNNG )GDKGVG YGUVNKEJ FGT 'NDG UQYKG FGP IGUCOVGP )GYKPP CWU FGT \YGKVGP WPF FTKVVGP RQNPKUEJGP 6GKNWPI &KGUG 0KGFGTNCIG WPF FGT HTÒJG 6QF UGKPGT IGNKGDVGP )GOCJNKP .WKUG IGJÌTVGP \W FGP UEJYGTUVGP /QOGPVGP KO .GDGP FGU -ÌPKIU +P FKGUGO /QOGPV FGT 5EJY·EJG NKG (TKGFTKEJ 9KNJGNO +++ FKG DG FGWVGPFGP 5VCCVUTGHQTOGP KP CNNGP $GTGKEJGP \W OKV FGPGP KPUDGUQPFGTG FKG 0COGP 5VGKP *CTFGPDGTI 5EJCTPJQTUV WPF )PGKUGPCW XGTDWPFGP UKPF 'TUV UEJNQ GT UKEJ )GO·NFG XQP ,WNKWU (TKGFTKEJ #PVQP 5EJTCFGT \ÌIGTNKEJ 4WNCPF CP &CU RTGWKUEJG /KNKV·T YCT UEJNKG 1TKIKPCN 0CVKQPCNICNGTKG 5VCCVNKEJG NKEJ OCIGDNKEJ CO 5KGI ÒDGT 0CRQNGQP KP FGT 5EJNCEJV DGK /WUGGP \W $GTNKP (QVQ ,ÒTIGP .KGRG 9CVGTNQQ DGVGKNKIV +O <WIG FGT 4GUVCWTCVKQP OCEJVG FGT -ÌPKI GKPGP 6GKN FGT 4GHQTOGP TÒEMI·PIKI WPF NÌUVG CWEJ UGKPG 8GTURTGEJGP GKPGT 8GTHCUUWPI PKEJV GKP &GT DGUEJGKFGPG -ÌPKI (TKGFTKEJ 9KNJGNO +++ FGUUGP *CWRVNGKUVWPI YQJN FGT #WHDCW GKPGT XQTDKNF NKEJGP 8GTYCNVWPI YCT UVCTD CO ,WPK KP $GTNKP FCU FWTEJ FGP #TEJKVGMVGP -CTN (TKGFTKEJ 5EJKPMGN GKP PGWGU )GUKEJV GTJCNVGP JCVVG

2011

2012

)QNFOGFCKNNG \W &WMCVGP XQP ( 9 .QQU CWH UGKPG *WNFKIWPI KP $GTNKP $TWUVDKNF N KP 7PK HQTO OKV 1TFGPUUVGTP &GT RTGWKUEJG #FNGT J·NV GKPGP 'KEJGPMTCP\ ÒDGT GKPGP 5VGKPDNQEM FGT OKV (CJPG 5EJYGTV $KDGN $KGPGPMQTD WPF <YGKIGP DGNGIV KUV OO I $QN\GPVJCN /CTKGPD 5QOOGT # 44 9KP\ 2TQDKGTURWT UGJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT XQP RQNKGTVGP 5VGORGNP

)QNFOGFCKNNG \W &WMCVGP WPUKIPKGTV XQP , .CPI CWH FCU $ÒPFPKU \YKUEJGP 2TGWGP ¤UVGT TGKEJ WPF 4WNCPF KO -CORH IGIGP (TCPMTGKEJ &KG DGNQTDGGTVGP $ÒUVGP XQP (TCP\ + XQP ¤UVGTTGKEJ #NGZCPFGT + XQP 4WNCPF WPF (TKGFTKEJ 9KNJGNO +++ PGDGPGKPCPFGT T 0GWP <GKNGP 5EJTKHV FCTWPVGT ,CJTGU\CJN OO I $QN\GPVJCN FQTV OKV 5KIPCVWT &KCMQX FQTV OKV 5KIPCVWT /CTKGPD FQTV KP 5KNDGT WPF OKV 5KIPCVWT 5NI /QPVGPWQXQ FQTV KP 5KNDGT )GUVQRHVGU .QEJ GVYCU ÒDGTCTDGKVGV UGJT UEJÌP 17

2013

)QNFOGFCKNNG \W &WMCVGP XQP # 9CRRGPUVGKP CWH FGP 5KGIGU\WI FGT #NNKKGTVGP KO -CORH IGIGP 0CRQNGQP WPF FGP (TKGFGPUUEJNW XQP 2CTKU #NGZCPFGT + XQP 4WNCPF (TCP\ + XQP ¤UVGTTGKEJ WPF (TKGFTKEJ 9KNJGNO +++ TGKVGP ÒDGT FGP 'TFDCNN CWH FGO '7412# \W NGUGP KUV QDGP (COC OKV 2Q UCWPG WPF .QTDGGTMTCP\ \YKUEJGP 9QNMGP 5VTCJNGPFGU )QVVGUCWIG XQP FTGK OKVGKPCPFGT XGTDWPFGPGP -TQPGP WOIGDGP WOJGT 9QNMGPDCPF OO I $QN\GPVJCN &KCMQX FQTV KP 5KNDGT /CTKGPD 2CZ KP 0WOOKU 5NI /QPVGPWQXQ FQTV KP 5KNDGT 44 8QT\ÒINKEJGU 'ZGORNCT

'ZGORNCT FGT #WMVKQP 7$5 $CUGN 0T

2014

2015

2016

)QNFOGFCKNNG \W &WMCVGP Q , XQP , . ,CEJVOCPP )TQG 5VCCVURTGKUOGFCKNNG $TWUVDKNF N KP 7PKHQTO )GMTÌPVG WPF IGHNÒIGNVG $QTWUUKC OKV (ÒNNJQTP WPF 5VGWGTTWFGT UKV\V X X CWH GKPGO -W DWU \W KJTGP (ÒGP FGT RTGWKUEJG #FNGT OO I $QN\GPVJCN FQTV OKV ,CJTGU\CJN *ÒUMGP 8QP ITQGT 5GNVGPJGKV -N 2TQDKGTURWT CO 4CPF YKP\ -TCV\GT XQT\ÒINKEJ

)QNFOGFCKNNG \W &WMCVGP XQP , 8 &ÌNN WPF & ( .QQU CWH FKG (GKGT KP $GTNKP CPN·NKEJ FGU (TKGFGPU XQP 2CTKU (TKGFGPUIÌVVKP OKV .QTDGGT\YGKI WPF (ÒNNJQTP UVGJV CWH 'TFDCNN KP 9QNMGP &KG 2GTUQPKHKMCVKQP FGU -TKGIGU YKTF XQP FGT /KPGTXC FWTEJ 8QTJCNVGP FGU )QTIQPGPUEJKNFGU GPVYCHH PGV OO I $QN\GPVJCN /CTKGPD FQTV KP 5KNDGT 2CZ KP 0WOOKU 5NI ,WNKWU 5QOOGT # 8QP ITQGT 5GNVGPJGKV 5GJT UEJÌPpXQT\ÒINKEJ

)QNFOGFCKNNG \W &WMCVGP XQP * ( $TCPFV CWH FKG ,CJTHGKGT FGT 4GHQTOCVKQP $TWUVDKN FGT /CTVKP .WVJGTU WPF , %CNXKPU PGDGPGKPCPFGT T #WHIGUEJNCIGPG $KDGN KP 5VTCJNGP OO I $QN\GPVJCN .GJPGTV FQTV KP 5KNDGT 5NI 9JKVKPI FQTV KP 5KNDGT +P 1TKIKPCNGVWK 9KP\ 4CPFHGJNGT XQT\ÒINKEJGU 'ZGORNCT OKV HGKPGT )QNFRCVKPC

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2017

)QNFOGFCKNNG \W &WMCVGP Q , WPUKIPKGTV XQP ) )QGV\G 2T·OKGPOGFCKNNG FGU 8GTGKPU \WT $GHÌTFGTWPI FGU )GYGTDGHNGKGU KP 2TGWGP (QTO )GHNÒIGNVGT )GPKWU OKV (CEMGN WPF .QT DGGTMTCP\ UEJTGKVGV T +P 'KEJGPNCWDMTCP\ \YGK <GKNGP )TCXWT *GTTP # X 21//'4 '5%*' WOJGT k &'4 8'4'+0 <74 $'(1'4&'470) &'5 )'9'4$'(.'+55'5 +0 24'755'0 OO I $QN\GPVJCN FQTV &WMCVGP *ÒUMGP 8QP ITQGT 5GNVGPJGKV /KP 4CPFHGJNGT YKP\ -TCV\GT XQT\ÒINKEJp5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2018

2019

2020

)QNFOGFCKNNG \W &WMCVGP Q , XQP % ( 8QKIV 2T·OKGPOGFCKNNG FGT -ÌPKINKEJGP 7PKXGTUK V·V $GTNKP -QRH N 'KEJGPNCWDMTCP\ OKV NGGTGO (GNF HÒT FKG 8GTNGKJWPIUITCXWT OO I $QN\GPVJCN *ÒUMGP 44 8QT\ÒINKEJGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

)QNFOGFCKNNG \W &WMCVGP Q , XQP , . ,CEJVOCPP -NGKPG 5VCCVURTGKUOGFCKNNG $ÒUVG N )GMTÌPVG WPF IGHNÒIGNVG $QTWUUKC OKV (ÒNNJQTP WPF 5VGWGTTWFGT UKV\V PCEJ N CWH GKPGO -WDWU \W KJ TGP (ÒGP FGT RTGWKUEJG #FNGT 8CTKCPVG OKV FGO /GFCKNNGWTUPCOGP WPVGT FGO *CNUCDUEJPKVV OO I $QN\GPVJCN XCT *ÒUMGP XCT 44 8QT\ÒINKEJGU 'ZGORNCT

)QNFOGFCKNNG \W &WMCVGP Q , ITCXKGTV XQP * ( $TCPFV 5VCCVURTGKUOGFCKNNG HÒT XC VGTN·PFKUEJG )GYGTDGGT\GWIPKUUG -QRH N OKV 5EJPWTTDCTV +P .QTDGGTMTCP\ 24'+5 &'0 *'44'0 *'05'. GKPITCXKGTV W 5%*7/#00 GKPITCXKGTV <7'4-#006 WOJGT #7556'..70) 8#6'4.#'0&+5%*'4 )'9'4$5'4<'7)0+55' 81/ ,#*4' FKG NGV\VGP DGKFGP <KHHGTP UKPF ITCXKGTV OO I $QN\GPVJCN *ÒUMGP .GJPGTV FQTV KP $TQP\G 8QP CNNGTITÌVGT 5GNVGPJGKV 9QJN FCU GKP\KIG DGMCPPVG 'ZGORNCT /KP 4CPFHGJNGT YKP\ -TCV\GT XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2021

)QNFOGFCKNNG \W &WMCVGP XQP * ( $TCPFV CWH UGKPGP 6QF -QRH N OKV 5EJPWTTDCTV +O (GNF '4+00'470) WOJGT 5EJTKHV OO I $QN\GPVJCN .GJPGTV FQTV KP 5KNDGT WPF $TQP\G /CTKGPD 5GJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT 'KPG )QNFOGFCKNNG XQP CWH FGP 6QFGUVCI FGT -ÌPKIKP .WKUG

)GOCJNKP (TKGFTKEJ 9KNJGNOU +++ HKPFGP 5KG WPVGT FGT 0T

-ÌPKI (TKGFTKEJ 9KNJGNO +8 (TKGFTKEJ 9KNJGNO IGDQTGP CO IGNCPIVG KO TGKHGP #NVGT XQP ,CJTGP CP FKG 4GIKGTWPI /KV KJO XGTDCPFGP UKEJ ITQG *QHHPWPIGP WPVGT FGP .KDGTCNGP CWH FKG 'KPNÌUWPI FGU 8GTHCUUWPIUXGT URTGEJGPU UGKPGU 8CVGTU UQYKG CWH FKG 'KPDGTWHWPI GKPGU .CPFVCIGU &GT -ÌPKI UEJKGP CWEJ \WP·EJUV GKPG 9GPFG FGT UVCTTGP 2QNKVKM UGKPGU 8CVGTU GKP\WNGKVGP $CNF LGFQEJ UVGNNVG UKEJ JGTCWU FC GT MGKPGU YGIU DGTGKV YCT UGKPGP GKIGPGP /CEJVWOHCPI \WIWPUVGP GKPGT MQPUVKVWVKQPGNN TGRT·UGPVCVKXGP 8QNMUXGT VTGVWPI \W TGFW\KGTGP 'TUV TKGH GT GKPGP .CPFVCI GKP WPF DGYKNNKIVG WPVGT FGO 'KPFTWEM FGT (G DTWCTTGXQNWVKQP KO /·T\ FKG NKDGTCNGP (QTFGTWPIGP +O (QNIGLCJT NGJPVG GT LGFQEJ FKG XQP FGT (TCPMHWTVGT 0CVKQPCNXGTUCOONWPI CPIGDQVGPG -CKUGTMTQPG CD GKPG ōCWU &TGEM WPF .GVVGP IGHGTVKIVG -TQPGŋ FKG FGP ō.WFGTIGTWEJ FGT 4GXQNWVKQPŋ VTCIG 0CEJ FGO 5EJGKVGTP FGT 4GXQNWVKQP NKG GT GKPG 8GTHCUUWPI QMVTQ[KGTGP FKG FGP .CPFVCI KP UGKPGP 4GEJVGP UVCTM DGUEJPKVV (TKGFTKEJ 9KNJGNO +8 GTNKVV KO ,WNK FGP GTUVGP XQP OGJTGTGP 5EJNCICPH·NNGP FKG \WT $GGKPVT·EJVKIWPI UGKPGU 5RTCEJXGT OÌIGPU WPF .·JOWPI CPFGTGT )GJKTPHWPMVKQPGP HÒJTVGP +O ,CJT XGTUEJNGEJVGTVG UKEJ FGT <WUVCPF FGU MKPFGTNQUGP -ÌPKIU FGTCTV FC UGKP LÒPIGTGT $TWFGT 9KNJGNO FKG 4GIKGTWPI ÒDGTPCJO #O GTNCI (TKGFTKEJ 9KNJGNO +8 UGKPGT UEJYGTGP -TCPMJGKV KO #NVGT XQP ,CJTGP

2022

)QNFOGFCKNNG \W &WMCVGP XQP , .ÌUEJ WPF $ 5VKINOC[GT CWH UGKPG 8GTO·JNWPI OKV 'NKUCDGVJ .WFQXKMC FGT XKGTVGP 6QEJVGT FGU DC[GTKUEJGP -ÌPKIU /CZKOKNKCP + ,QUGRJ -ÌRHG FGU $TCWVRCCTGU PGDGPGKPCPFGT T &KG RGTUQPKHK\KGTVG $GUV·PFKIMGKV XQP #OQT DGMT·P\V UKV\V KP GKPGO PCEJ N HCJTGP FGP 6TKWORJYCIGP OKV FGT 4GEJVGP WOHCV UKG GKPG 5·WNG FGT 9CIGP YKTF XQP FGO RTGWKUEJGP #F NGT WPF FGO DC[GTKUEJGP .ÌYGP IG\QIGP OO I $QN\GPVJCN /CTKGPD 9KVV +O (GNF FGT 4ÒEMUGKVG DGCTDGKVGV UQPUV XQT\ÒINKEJGU 'ZGORNCT &KG XKGTVG 6QEJVGT FGU -WTHÒTUVGP /CZKOKNKCP +8 ,QUGRJ FKG CO 0QXGODGT KP /ÒPEJGP IGDQTGPG 'NKUC DGVJ .WFQXKMC YWTFG CO 0QXGODGT KP $GTNKP OKV FGO -TQPRTKP\GP (TKGFTKEJ 9KNJGNO XGTO·JNV (ÒT FGP 'ORHCPI FGT DC[GTKUEJGP 2TKP\GUUKP GTTKEJVGVG OCP XQT FGT $GTNKPGT 5EJNQDTÒEMG GKPG 'JTGPRHQTVG &KG -ÌPKIKP UVCTD KO #NVGT XQP ,CJTGP CO &G\GODGT

2023

6TCIDCTG )QNFOGFCKNNG \W &WMCVGP XQP ( -ÌPKI CWH UGKPG 8GTO·JNWPI OKV 'NKUCDGVJ .WFQ XKMC FGT XKGTVGP 6QEJVGT FGU DC[GTKUEJGP -ÌPKIU /CZKOKNKCP + ,QUGRJ -ÌRHG FGU $TCWVRCCTGU PGDGP GKPCPFGT N *[OGP DGMT·P\V FCU $TCWVRCCT FCU UKEJ ÒDGT GKPGO #NVCT FKG *·PFG TGKEJV N RTGWKUEJGT #FNGT T DC[GTKUEJGT .ÌYG OO I /CTKGPD FQTV KP 5KNDGT 9KVV /KV \GKVIGPÌUUKUEJGO *GPMGN OKP 4CPFHGJNGT HCUV XQT\ÒINKEJ

2025

2024

2025

)QNFOGFCKNNG \W &WMCVGP XQP - (KUEJGT WPF %JT 2HGWHHGT CWH UGKPG *WNFKIWPI KP -ÌPKIU DGTI )TQG *WNFKIWPIUOGFCKNNG -QRH T &CU 'KUGTPG -TGW\ OKV FGO IGMTÌPVGP #FNGTUEJKNF DGNGIV FCXQT 5EJYGTV <GRVGT WPF 4GKEJUCRHGN IGMTGW\V WOJGT 1TFGPUMGVVG FKG OKV CEJV MNGKPGP 9CRRGPUEJKN FGP DGNGIV KUV /KV 4CPFRWP\G /QPQITCOO CWU # WPF 8 \YKUEJGP 5VGTP WPF -WIGN OO I $CPPKEMG 6GYGU KP $GKVT·IG \WT DTCPFGPDWTIKUEJ RTGWKUEJGP 0WOKUOCVKM 0* 0T /CTKGPD 5QOOGT 2 -N 4CPFHGJNGT XQT\ÒINKEJ

)QNFOGFCKNNG \W &WMCVGP XQP - (KUEJGT WPF %JT 2HGWHHGT CWH UGKPG *WNFKIWPI KP $GTNKP -NGKPG *WNFKIWPIUOGFCKNNG -QRH T &CU 'KUGTPG -TGW\ OKV FGO IGMTÌPVGP #FNGTUEJKNF DGNGIV FCXQT 5EJYGTV <GRVGT WPF 4GKEJUCRHGN IGMTGW\V WOJGT 1TFGPUMGVVG FKG OKV CEJV MNGKPGP 9CRRGPUEJKNFGP DGNGIV KUV OO I $CPPKEMG 6GYGU KP $GKVT·IG \WT DTCPFGPDWTIKUEJ RTGWKUEJGP 0WOKU OCVKM 0* 0T /CTKGPD 5QOOGT 2 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP &T $WUUQ 2GWU 0CEJH (TCPMHWTV /CKP 0T

2026

)QNFOGFCKNNG \W &WMCVGP Q , XQP , . ,CEJVOCPP WPF %JT 2HGWHHGT )TQG 5VCCVURTGKUOG FCKNNG HÒT 9KUUGPUEJCHV (QTO -QRH N WOJGT GKP DTGKVGU 4GNKGHDCPF CWH FGO KP XKGT (GNFGTP FKG XKGT (CMWNV·VGP 6JGQNQIKG #TEJ·QNQIKG /GFK\KP WPF ,WTC CNNGIQTKUEJ FCTIGUVGNNV UKPF \YKUEJGP FGP (GNFGTP 8GT\KGTWPIGP *GNKQU OKV 5QPPGPYCIGP FCTWPVGT 6KGTMTGKU CWH FGO UKGDGP *KOOGNU\GKEJGP FCTIGUVGNNV UKPF OO I *ÒUMGP 5QOOGT 2 44 8QT\ÒINKEJp5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP 2CTVKP $CPM /ÒPEJGP 0T

2027

)QNFOGFCKNNG \W &WMCVGP Q , XGTNKGJGP XQP %JT 2HGWHHGT #FNGT /GFCKNNG 'JTGPIG UEJGPM HÒT DGUQPFGTG 8GTFKGPUVG -QRH T #FNGT OKV 2CNO\YGKI KP FGP (·PIGP /KV 4CPFITCXWT *'04; $4#&$74; 0#674' 24+06+0) OO I $CPPKEMG 6GYGU KP $GK VT·IG \WT DTCPFGPDWTIKUEJ RTGWKUEJGP 0WOKUOCVKM 0* 0T *ÒUMGP 5QOOGT 2 'PVHGTPVGT *GPMGN XQT\ÒINKEJ

2028

)QNFOGFCKNNG \W &WMCVGP XQP %JT 2HGWHHGT 2T·OKG FGT #WUUVGNNWPI XCVGTN·PFKUEJGT )GYGT DGGT\GWIPKUUG KP $GTNKP -QRH T #PUKEJV FGU $GTNKPGT <GWIJCWUGU FCTWPVGT \ 6 ITCXKGTVG 9KFOWPI 24'+5 &'/ *'05'. W 5%*7/#00 +0 $'4.+0 <7'4-#006 OO I *ÒU MGP 5QOOGT 2 +P )QNF XQP ITÌVGT 5GNVGPJGKV 8QT\ÒINKEJ &KG )GPGTCNMQPHGTGP\ FGU <QNNXGTGKPU JCVVG $GTNKP CNU #WUUVGNNWPIUQTV DGUVKOOV &KG #WUUVGNNWPI HCPF XQO #W IWUV DKU \WO 1MVQDGT KP FGO CWH FGT 4ÒEMUGKVG FKGUGT /GFCKNNG FCTIGUVGNNVGP <GWIJCWU UVCVV 8QO &CORH DQQV WPF FGT .QMQOQVKXG DKU JKP \WO <YKTPUHCFGP YWTFGP FQTV 'T\GWIPKUUG CNNGT )GYGTDG IG\GKIV &KG #WUUVGNNWPI HCPF ITQGP <WURTWEJ KP FGT $GTNKPGT )GUEJ·HVUYGNV CDGT CWEJ DGKO $GTNKPGT 2WDNKMWO QDYQJN UKG KP GKPGT <GKV UEJYGTGT UQ\KCNGT 5RCPPWPIGP 9GDGTCWHUVCPF KP 5EJNGUKGP WPF YKTVUEJCHVNKEJGT -TKUGP #WUYCPFGTWPIUYGNNG PCEJ #OGTKMC UVCVVHCPF 5KG UQNNVG YKG GU KJT 9GKJGURTWEJ 8QTY·TVU OKV FGWVUEJGT -TCHV XGTMÒPFGVG GKPG RCVTKQVKUEJG &GOQPUVTCVKQP UGKP

2029

)QNFOGFCKNNG \W &WMCVGP Q , XQP %JT 2HGWHHGT -NGKPG 5VCCVURTGKUOGFCKNNG HÒT 9KUUGP UEJCHV (QTO -QRH N WOJGT GKP DTGKVGU 4GNKGHDCPF CWH FGO KP CNNGIQTKUEJGT &CTUVGNNWPI FKG XKGT (CMWNV·VGP 6JGQNQIKG #TEJ·QNQIKG /GFK\KP WPF ,WTC FCTIGUVGNNV UKPF *GNKQU OKV 5QPPGPYCIGP FCTWP VGT 6KGTMTGKU CWH FGO UKGDGP *KOOGNU\GKEJGP FCTIGUVGNNV UKPF OO I *ÒUMGP 5QOOGT 2 /KP (CUUWPIUURWTGP XQT\ÒINKEJ

2030

)QNFOGFCKNNG \W &WMCVGP Q , WPUKIPKGTV 5VCCVURTGKUOGFCKNNG HÒT IGYGTDNKEJG .GKUVWPIGP -QRH T WOJGT -TCP\ CWU UVKNKUKGTVGP $NÒVGP )GMTÌPVG $QTWUUKC OKV .QTDGGTMTCP\ WPF 5VCD YKTF XQP GKPGO #FNGT IGVTCIGP OO I *ÒUMGP 5GJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT 'ZGORNCT FGT 5COONWPI 4 ) 9QNH #WMVKQP 2GVGT 5CWGT 9KGP 0T

&KG 4ÒEMUGKVG FGT XQTNKGIGPFGP /GFCKNNG YWTFG XQP 2GVGT XQP %QTPGNKWU OQFGNNKGTV

2031

)QNFOGFCKNNG \W &WMCVGP XQP %JT 2HGWHHGT CWH UGKPG *WNFKIWPI KP *QJGP\QNNGTP -QRH T &GT IGMTÌPVG RTGWKUEJG #FNGT OKV <GRVGT WPF 4GKEJUCRHGN KP FGP (·PIGP CWH UGKPGT $TWUV FGT <QN NGTPUEJKNF OO I $CPPKEMG 6GYGU KP $GKVT·IG \WT DTCPFGPDWTIKUEJ RTGWKUEJGP 0WOKU OCVKM 0* 0T /CTKGPD FQTV KP 5KNDGT 5QOOGT 2 44 /KP 4CPFHGJNGT XQT\ÒINKEJ 'ZGORNCT FGT 5COONWPI *GTOCPP #WMVKQP /ÒP\GP WPF /GFCKNNGPJCPFNWPI 5QPPVCI 5VWVVICTV 0T

'NKUCDGVJ .WFQXKMC )GOCJNKP (TKGFTKEJ 9KNJGNOU +8 &KG XKGTVG 6QEJVGT FGU -WTHÒTUVGP /CZKOKNKCP +8 ,QUGRJ FKG CO 0QXGODGT KP /ÒPEJGP IG DQTGPG 'NKUCDGVJ .WFQXKMC YWTFG CO 0QXGODGT KP $GTNKP OKV FGO RTGWKUEJGP -TQPRTKP\GP WPF UR·VGTGP -ÌPKI (TKGFTKEJ 9KNJGNO +8 XGTO·JNV (ÒT FGP 'ORHCPI FGT DC[GTKUEJGP 2TKP\GUUKP GT TKEJVGVG OCP XQT FGT $GTNKPGT 5EJNQDTÒEMG GKPG 'JTGPRHQTVG &KG -ÌPKIKP UVCTD KO #NVGT XQP ,CJTGP CO &G\GODGT

2032

2032 1,5:1

)QNFOGFCKNNG \W &WMCVGP Q , ITCXKGTV XQP - (KUEJGT 2T·OKGPOGFCKNNG +JTGT /CLGUV·V -Ì PKIKP 'NKUCDGVJ -QRH FGT -ÌPKIKP N OKV &KCFGO 8GTNGKJWPIUITCXWT 0QXGODGT OO I *ÒUMGP /CTKGPD 44 4ÒEMUGKVG OKV )TCXWT XQT\ÒINKEJ

-ÌPKI 9KNJGNO + &GWVUEJGT -CKUGT UGKV 9KNJGNO FGT \YGKVG 5QJP (TKGFTKEJ 9KNJGNOU +++ WPF FGT -ÌPKIKP .WKUG IGDQTGP CO KP $GTNKP YWTFG OKNK V·TKUEJ GT\QIGP WPF XQP FGP 'KPFTÒEMGP FGT (TGKJGKVUMTKGIG IGRT·IV 'T YWTFG -QOOCPFGWT FGU )CTFGMQTRU WPF OWUUVG PCEJ FGO 8GTUWEJ FKG /·T\TGXQNWVKQP PKGFGT \WUEJNCIGP CNU ō-CTV·VUEJGPRTKP\ŋ DGUEJKORHV PCEJ 'PINCPF HNKGJGP 0CEJ UGKPGT 4ÒEMMGJT KO ,WPK WPVGTFTÒEMVG GT OKV RTGWKUEJGP 6TWRRGP FGP 2H·N\GT WPF FGP $CFKUEJGP #WHUVCPF +O INGKEJGP ,CJT YWTFG GT \WO )GPGTCNIQWXGTPGWT XQP 4JGKPNCPF WPF 9GUVHCNGP GTPCPPV WPF TGUKFKGTVG UGKVFGO KP -QDNGP\ 7PVGT FGO 'KPHNW UGKPGT FGO .KDGTCNKUOWU CWHIGUEJNQUUGPGP )GOCJNKP #WIWUVC IGTKGV GT KP -QPHNKMV OKV FGT MQPUGTXCVKXGP 4GIKGTWPI UGKPGU $TWFGTU (TKGFTKEJ 9KN JGNO +8 FGT UQ UVCTM GTMTCPMVG FCUU 9KNJGNO FKG 5VGNNXGTVTGVWPI WPF UGKV FKG 4GIGPVUEJCHV ÒDGTPCJO 0CEJ FGO 6QF FGU $TWFGTU WPF FGT 4GIKGTWPIUÒDGTPCJOG CO ,CPWCT DGTKGH FGT L·JTKIG GKP NKDGTCNGU /KPKUVGTKWO WPF N·WVGVG FCOKV FKG ō0GWG TCŋ GKP $CNF LGFQEJ IGTKGV GT KP FGP DGTÒJOVGP 8GTHCUUWPIUMQPHNKMV OKV FGT /GJTJGKV FGU 2CTNCOGPVGU &WTEJ FKG $GTWHWPI 1VVQ XQP $KUOCTEMU \WO /KPKUVGTRT·UKFGPVGP MQPPVG FKG DGTGKVU HGUV IGRNCPVG #DFCP MWPI 9KNJGNOU + \WIWPUVGP UGKPGU 5QJPGU (TKGFTKEJ XGTOKG FGP YGTFGP 9KNJGNO + WPF $KUOCTEM YCTGP GKP UVCTMGU (ÒJTWPIUIGURCPP WPF NGPMVGP 2TGWGP UKGITGKEJ FWTEJ FGP )GO·NFG XQP 2CWN 5VCPMKGYKE\ WO F·PKUEJGP FGWVUEJ ÌUVGTTGKEJKUEJGP WPF FGWVUEJ HTCP\ÌUKUEJGP 1TKIKPCN 2TKXCVDGUKV\ -TKGI 0CEJ FGO 5KGI ÒDGT (TCPMTGKEJ YWTFG 9KNJGNO + DGK FGT -CKUGTRTQMNCOCVKQP KO 5RKGIGNUCCN XQP 8GTUCKNNGU CO ,CPWCT \WO &GWVUEJGP -CKUGT CWUIGTWHGP &KG CNNIGOGKP CPGTMCPPVG TGURGMVKGTVG WPF XGTGJTVG 2GTUÌPNKEJMGKV FGU ōCNVGP -CKUGTUŋ FGT CO KP $GTNKP MWT\ XQT UGKPGO )GDWTVUVCI UVCTD YWTFG \W GKPGO 5KPPDKNF FGT 'KPJGKV WPF )TÌG FGU -CKUGTTGKEJGU

2033

)QNFOGFCKNNG \W &WMCVGP XQP %JT 2HGWHHGT XQP ( 9 -WNNTKEJ ÒDGTCTDGKVGV 'TKPPGTWPIUOG FCKNNG CWH FKG -TÌPWPI FGU -ÌPKIURCCTGU KP -ÌPKIUDGTI (QTO &KG IGMTÌPVGP $TWUVDKNFGT 9KNJGNOU + WPF UGKPGT )GOCJNKP #WIWUVC PGDGPGKPCPFGT T &CU 'KUGTPG -TGW\ OKV FGO IGMTÌPVGP #FNGTUEJKNF DGNGIV FCXQT 5EJYGTV <GRVGT WPF 4GKEJUCRHGN IGMTGW\V WOJGT 1TFGPUMGVVG FKG OKV CEJV MNGKPGP 9CRRGPUEJKNFGP DGNGIV KUV OO I $CPPKEMG 6GYGU KP $GKVT·IG \WT DTCPFGPDWTIKUEJ RTGWKUEJGP 0WOKUOCVKM 0* 0T *ÒUMGP 5QOOGT 2 4 +P 1TKIKPCNGVWK 2TCEJVGZGORNCT HCUV 5VGORGNINCP\

2034

)QNFOGFCKNNG \W &WMCVGP XQP %JT 2HGWHHGT XQP ( 9 -WNNTKEJ ÒDGTCTDGKVGV 'TKPPGTWPIU OGFCKNNG CWH FKG -TÌPWPI FGU -ÌPKIURCCTGU KP -ÌPKIUDGTI (QTO &KG IGMTÌPVGP $TWUVDKNFGT 9KN JGNOU + WPF UGKPGT )GOCJNKP #WIWUVC PGDGPGKPCPFGT T &CU 'KUGTPG -TGW\ OKV FGO IGMTÌPVGP #FNGTUEJKNF DGNGIV FCXQT 5EJYGTV <GRVGT WPF 4GKEJUCRHGN IGMTGW\V WOJGT 1TFGPUMGVVG FKG OKV CEJV MNGKPGP 9CRRGPUEJKNFGP DGNGIV KUV OO I $CPPKEMG 6GYGU KP $GKVT·IG \WT DTCPFGPDWT IKUEJ RTGWKUEJGP 0WOKUOCVKM 0* 0T *ÒUMGP 5QOOGT 2 4 4CPFHGJNGT XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP 2CTVKP $CPM /ÒPEJGP 0T

2036

2035

)QNFOGFCKNNG \W &WMCVGP Q , %JT 2HGWHHGT CWH UGKPG *WNFKIWPI -QRH T &CU 'KUGTPG -TGW\ OKV FGO IGMTÌPVGP #FNGTUEJKNF DGNGIV FCXQT 5EJYGTV <GRVGT WPF 4GKEJUCRHGN IGMTGW\V WOJGT 1TFGPUMGVVG FKG OKV CEJV MNGKPGP 9CRRGPUEJKNFGP DGNGIV KUV OO I $CPPKEMG 6GYGU KP $GKVT·IG \WT DTCPFGPDWTIKUEJ RTGWKUEJGP 0WOKUOCVKM 0* 0T *ÒUMGP 5QOOGT 2 8QT\ÒINKEJ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

1XCNG )QNFOGFCKNNG Q , WPUKIPKGTV )GUEJGPMOGFCKNNQP FGU -CKUGT WPF -ÌPKIURCCTGU 9KNJGNO + WPF #WIWUVC $GKFGT -ÌRHG PGDGPGKPCPFGT T )GMTÌPVGU /QPQITCOO 9 # CWU FGP 0COGPUKPKVKCNGP FGU *GTTUEJGTRCCTGU Z OO I *ÒUMGP 'PVHGTPVG 6TCIGÌUG HCUV XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP #FQNRJ *GUU #) <ÒTKEJ 0T

2037

2039

2038

)QNFOGFCKNNG \W &WMCVGP Q , ITCXKGTV XQP %JT 5EJPKV\URCJP 2T·OKGPOGFCKNNG (QTO -QRH T -TCP\ CWU 'HGWDN·VVGTP FCTKP 8GTNGKJWPIUITCXWT OO I *ÒUMGP 44 9KP\ 4CPFHGJNGT XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

)QNFOGFCKNNG \W &WMCVGP Q , XQP %JT 2HGWHHGT )TQG 5VCCVURTGKUOGFCKNNG HÒT -WPUV -QRH T WOJGT GKP DTGKVGU 4GNKGHDCPF CWH FGO KP XKGT (GNFGTP FKG -ÒPUVG /CNGTGK $CWMWPUV $KNFJCWGTGK WPF /WUKM CNNGIQTKUEJ FCTIGUVGNNV UKPF \YKUEJGP FGP (GNFGTP 8GT\KGTWPIGP #NVGU /WUGWO FCTÒDGT *GNKQU OKV 5QPPGPYCIGP WPVGT FGO )GD·WFG .[TC \YKUEJGP \YGK )TGKHGP OO I *ÒUMGP 5QOOGT 2 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

)QNFOGFCKNNG \W &WMCVGP Q , XQP ( 9 -WNNTKEJ 4ÒEMUGKVGPUVGORGN XQP %JT 2HGWHHGT IGHGTVKIV WPUKIPKGTV -NGKPG 5VCCVURTGKUOGFCKNNG HÒT -WPUV -QRH T WOJGT GKP DTGKVGU 4GNKGHDCPF CWH FGO KP XKGT (GNFGTP FKG -ÒPUVG /CNGTGK $CWMWPUV $KNFJCWGTGK WPF /WUKM CNNGIQTKUEJ FCTIGUVGNNV UKPF \YKUEJGP FGP (GNFGTP 8GT\KGTWPIGP #NVGU /WUGWO FCTÒDGT *GNKQU OKV 5QPPGPYCIGP WPVGT FGO )G D·WFG .[TC \YKUEJGP \YGK )TGKHGP OO I *ÒUMGP FQTV KTTVÒONKEJ CNU /GFCKNNGWT PWT %JT 2HGWHHGT CPIGIGDGP 5QOOGT 2 WPF - 4 2TCEJVGZGORNCT 8QT\ÒINKEJp5VGORGNINCP\

2040

)QNFOGFCKNNQP \W &WMCVGP XQP ' 9GKICPF WPF ( 9 -WNNTKEJ )GPGTCNUOGFCKNNG CWH FGP 5KGI ÒDGT (TCPMTGKEJ -QRH T WOJGT GKP DTGKVGU $CPF OKV FGP 0COGP FGT FGWVUEJGP )GPGT·NG FGU 4GKEJUMCP\NGTU XQP $KUOCTEM UQYKG FGU -TKGIU WPF /CTKPGOKPKUVGTU )TCH XQP 4QQP )GTOCPKC UKV\V X X CWH GKPGO 2QFGUV KP FGT 4GEJVGP GKP 5EJYGTV FKG .KPMG CWH GKPGP 5EJKNF IGUVÒV\V N FKG UVGJGPFG 5KGIGUIÌVVKP FKG GKPGP -TCP\ ÒDGT )GTOCPKC J·NV T FKG UVGJGPFG (TKGFGPIÌVVKP OKV 'KEJGPNCWD\YGKI WPF (ÒNNJQTP KO #DUEJPKVV FCU 'KUGTPG -TGW\ \YKUEJGP FGP ,CJTGU\CJNGP OO I *ÒUMGP 5QOOGT - WPF 9 +P )QNF PWT 'ZGORNCTG IGRT·IV 8QP ITÌVGT 5GNVGPJGKV 8QT\ÒINKEJGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

&CU JGTXQTTCIGPF IGUVCNVGVG /GFCKNNQP YWTFG KP )QNF NGFKINKEJ KP 'ZGORNCTGP IGRT·IV &CXQP YCTGP LGYGKNU GKP 'ZGORNCT HÒT FGP -CKUGT HÒT 4GKEJUMCP\NGT 1VVQ XQP $KUOCTEM WPF HÒT -TKGIU WPF /CTKPGOKPKUVGT #NDTGEJV XQP 4QQP UQYKG 'ZGORNCTG HÒT FKG CWH FGT /GFCKNNG IGPCPPVGP )GPGT·NG XQTIGUGJGP &CU 2QTVT·V FGU -CKUGTU GPVUVCPF PCEJ GKPGO )KRUOQFGNN FGU $GTNKPGT $KNFJCWGTU %CTN -GKN FKG 4ÒEMUGKVG GPVUVCPF PCEJ GKPGO 'PVYWTH FGU &TGUFGPGT 2TQHGUUQTU 6JGQFQT )TQUUG 'U JCPFGNV UKEJ WO GKPG FGT UGNVGPUVGP DGFGWVGPFUVGP WPF DGIGJTVGUVGP &QMWOGPVG FGT RTGWKUEJGP WPF FGWVUEJGP )GUEJKEJVG

<WT 8GTUVGKIGTWPI FKGUGT )GPGTCNUOGFCKNNG CO DGK )GTJCTF *KTUEJ 0CEJH /ÒPEJGP ICD *GNOWV 5VGRJCP GKP (TGWPF FGT (COKNKG 9KGDG HQNIGPFGP 5KVWCVKQPUDGTKEJV 9GPP 5KG INCWDGP GKP /CPP KP OGKPGO #NVGT GTNGDV PKEJVU OGJT YGPP 5KG INCWDGP GT KUV FC\W XGT FCOOV PWT PQEJ JKPVGTO 1HGP WPF XQTO (GTPUGJGT \W UKV\GP FCPP KTTGP 5KG UKEJ YGPP FKGUGT /CPP OKV *CPU 9KNJGNO 9KGDG DGHTGWPFGV KUV 'KPGU 6CIGU KO /CK HTCIVG GT OKEJ CO 6GNGHQP QD KEJ .WUV J·VVG KJP \W GKPGT ITQGP /ÒP\ WPF /G FCKNNGP #WMVKQP \W DGINGKVGP FKG XQO ņ /CK UVCVVHKPFGP UQNNVG WPF YQ GT UKEJ HÒT GKP RCCT 5VÒEMG KPVGTGUUKGTGP YÒTFG FKG \WT 8GTUVGKIGTWPI MCOGP ō0C MNCTŋ UCIVG KEJ ōKEJ DKP FCDGKŋ 0CEJFGO KEJ UEJQP DGK 5QVJGD[ŉU WPF %JTKUVKGŉU KP .QPFQP FCDGK IGYGUGP YCT YQNNVG KEJ FQEJ OCN UGJGP YKG /ÒP\GP WPF /GFCKNNGP WPVGT FGP *COOGT MQOOGP

#O /CK VTCHGP YKT WPU XQTO $C[GTKUEJGP *QH MWT\ XQT 7JT +EJ JCVVG OKEJ KP OGKPGO UEJÌP UVGP DNCWGP $NC\GT OKV UGJT JGNNGT *QUG IGMNGKFGV WPF *CPU 9KNJGNO IGPCWUQ FKG *QUG CNNGTFKPIU FWP MGNITCW WPUGT DGKFGT -TCYCVVGP PCVÒTNKEJ XQP *GTOGU 5R·VGT UQNNVGP YKT UGJGP FC OGJTGTG /KV 5VGK IGTGT UQICT KP ,GCPU MCOGP CNUQ YKTMNKEJ WPOÌINKEJ HÒT FKGUG )GNGIGPJGKV

&KG (KTOC *KTUEJ PKOOV FKG ICP\G 'VCIG GKPGU ITQGP )GUEJ·HVUJCWUGU PGDGP FGO *QVGN $C[GTKUEJGT *QH CO 2TQOGPCFG 2NCV\ GKP &KG )GUEJ·HVUHÒJTGTKP (TCW $GTPJGKOGT VTCHGP YKT KO MNGKPGP %CH¾ ō2CEGNNKŋ KO 0GDGPJCWU YQ YKT PQEJ GKPGP +ODK PCJOGP DGXQT GU FCPP WO 7JT \WT 8GTUVGK IGTWPI MCO

&GT GKIGPVNKEJG 8GTUVGKIGTWPIUTCWO YCT PQEJ HCUV NGGT CNU YKT MCOGP 'KP NCPIGT 6KUEJ ņ CWH LGFGT 5GKVG EC 5VÒJNG ņ WPF CO -QRHGPFG FGT 6KUEJ XQP (TCW $GTPJGKOGT FKG FKG 8GTUVGKIGTWPI NGKVGVG .CPIUCO MCOGP CPFGTG +PVGTGUUGPVGP W C EC ņ *GTTGP FKG UKEJ CNNG MCPPVGP WPF UKEJ UEJT·I IG IGPÒDGT XQP WPU UGV\VGP ō&CU UKPF *·PFNGTŋ HNÒUVGTVG *CPU 9KNJGNO OKT \W

*GWVG PCEJOKVVCI YCTGP PWT /GFCKNNGP FTCP ņ 'U IKPI NQU &CU 5VÒEM GTTGIVG *CPU 9KNJGNOU +P VGTGUUG WPF GT DGMCO GU HÒT &/ UVCVV 5EJ·V\RTGKU &KGUG /GFCKNNG YWTFG XQO )TQGP -WTHÒTUVGP IGURGPFGV CPN·NKEJ FGT $GUVCNNWPI UGKPGU 5QJPGU (TKGFTKEJ \WO 5VCVVJCNVGT FGT /CTM 0CEJ GKPGO ITÌGTGP <GKVURTWPI P·ONKEJ DKU MCWHVG *CPU 9KNJGNO FKG P·EJUVG /GFCKNNG .QU 0T FKGUOCN GKPG 5VGEMOGFCKNNG HÒT &/ DGKO 5EJ·V\RTGKU XQP 5KG \GKIV FKG FTGK /QPCTEJGP XQT FGO 6TKWORJDQIGP KP 2CTKU PCEJ FGO 5KGI ÒDGT 0CRQNGQP KPPGP 6GZVDGKNCIGP WPF MQNQ TKGTVG -WRHGTUVKEJG OKV 5EJNCEJVU\GPGP &CPP HQNIVG FGT -CWH GKPGT /GFCKNNG XQP .QU 0T CWH FGP 5KGI ÒDGT ¤UVGTTGKEJ FKG 9KNJGNO + UVKHVGVG *CPU 9KNJGNO UEJNWI DGK \W DGKO 5EJ·V\RTGKU XQP &/

&KG P·EJUVG -CVCNQIPWOOGT P·ONKEJ JCVVG GU KP UKEJ WPF KO 4CWO YWTFG GU NGDJCHVGT XQT CNNGO INCWDVG KEJ DGK FGP *GTTGP IGIGPÒDGT GKP )GVWUEJGN \W DGOGTMGP 'KP &KGPGT TGKEJVG FCU 5VÒEM \WO #P UGJGP JGTWO 'KP YKTMNKEJ JGTTNKEJGU 5VÒEM 9CU UKEJ KP FGP P·EJUVGP /KPWVGP CDURKGNVG NKG CP &TC OCVKM PKEJVU HGJNGP WPF OKT OGKPG NGV\VGP *CCTG \W $GTIG UVGJGP &GT 5EJ·V\RTGKU NCI DGK &/ HÒT FKG /GFCKNNG FKG 9KNJGNO FGT 'TUVG UGKPGP MQOOCPFKGTGPFGP )GPGT·NGP FGO -TKGIUOKPKUVGT 4QQP WPF PCVÒTNKEJ UGKPGO /KPKUVGTRT·UKFGPVGP WPF 4GKEJUMCP\NGT $KUOCTEM UEJGPMVG

&KG 8GTUVGKIGTWPI DGICPP OKV FGO *CPU 9KNJGNO ō ŋ GPVIGIGPTKGH 'KP *·PFNGT TKGH ō ŋ WPF UQ IKPI GU PWP 5EJNCI CWH 5EJNCI *CPU 9KNJGNOU ō ŋ ÒDGTDQV FGT )GIPGT OKV ō ŋ CWH *CPU 9KNJGNOU ō ŋ HQNIVG GKPG ō ŋ XQP FGO -GTN WPF DGK *CPU 9KNJGNOU MT·HVKIGT ō ŋ MQPPVG OCP FKG *·PFNGT FGP #VGO CPJCNVGP UGJGP 6TQV\FGO UGV\VG FGT (GKPF /KNNG FTCWH YCU *CPU 9KNJGNO DGYQI ō ŋ \W TWHGP WO CNU #PVYQTV WPXGTUEJ·OVG ō ŋ \W JÌTGP #NNGU JKGNV FGP #VGO CP CDGT FKG DGTÒJOVG 5VGEMPCFGN HKGN PKEJV *CPU 9KNJGNO UEJTKG UKGIGUUKEJGT ō ŋ WPF JCVVG FCOKV UGKPGO 9KFGTUCEJGT IG \GKIV YKG GKP 1UVRTGWG M·ORHV 'U MCO P·ONKEJ PKEJVU OGJT XQP FGT )GIGPUGKVG OCP JÌTVG PWT PQEJ FKG 5VKOOG FGT #WMVKQPCVQTKP ō\WO 'TUVGP \WO <YGKVGP WPF \WO &TKVVGPŋ &COKV YCT *CPU 9KNJGNO INÒEMNKEJGT $GUKV\GT GKPGT UEJÌPGP WPF FGT YGTVXQNNUVGP /GFCKNNG FKG KP &GWVUEJNCPF LG XGTUVGKIGTV YWTFG YKG GKP (CEJDNCVV HÒT /ÒP\UCOONGT UR·VGT UEJTKGD

&CU P·EJUVG 1DLGMV YCT GKP &WRNKMCV FGT &/ /GFCKNNG .QU 0T LGFQEJ KP 5KNDGT WPF YWTFG FGO )GIPGT CWEJ PKEJV ÒDGTNCUUGP YCU *CPU 9KNJGNO MQUVGVG DGKO 5EJ·V\RTGKU XQP 0QEJ GKPOCN DQV *CPU 9KNJGNO P·ONKEJ HÒT 1DLGMV FKG /GFCKNNG \GKIV -CKUGT 9KNJGNO ++ OKV -CKUGT (TCP\ ,QUGH XQP ¤UVGTTGKEJ GT DGMCO UKG HÒT &/

)NGKEJ FCTCWH RCEMVG GT -CVCNQI WPF UGKPG CPFGTGP 5CEJGP \WUCOOGP WPF OWTOGNVG ōYKT IGJGP ŋ 7PF YKT \QIGP JQEJGTJQDGPGP *CWRVGU FWTEJ FGP KP\YKUEJGP XQNNGP #WMVKQPUUCCN #NU YKT FKG *·PFNGT %NK SWG RCUUKGTVGP FGWVGVG GT OKV FGO -QRH CWH GKPGP FGT *·PFNGT WPF UCIVG \KGONKEJ NCWV ō&C UKV\V OGKP (GKPFŋ &GT /GUUGTUVKEJ KP FGP 4ÒEMGP MCO PKEJV WPF UGGNGPTWJKI URC\KGTVGP YKT FWTEJ FCU ICP\G )G UEJ·HVUIGD·WFG WPF YCTGP /KPWVGP UR·VGT YKGFGT WPVGT 0QTOCNDÒTIGTP CWH FGT 5VTCG

$GKFG *GTTGP YCTGP \W FKGUGO <GKVRWPMV ,CJTG CNV

2041

)QNFOGFCKNNG \W &WMCVGP WPUKIPKGTV XQP - 5EJYGP\GT CWH UGKPGP 'KP\WI KP 5VTCUUDWTI 9KNJGNO + KO -CKUGTQTPCV VJTQPV X X OKV GTJQDGPGO 5EJYGTV WPF 4GKEJUCRHGN &KG RGTUQPKHK\KGTVG 5VCFV OKV 2CNO\YGKI KP FGT 4GEJVGP UVGJV X X WPVGT GKPGO 2QTVCN \YKUEJGP \YGK 5EJKNFGP OO I /CTKGPD FQTV KP 5KNDGT 8QT\ÒINKEJGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP 7$5 <ÒTKEJ 0T

2042

)QNFOGFCKNNG \W &WMCVGP WPUKIPKGTV 2T·OKGPOGFCKNNG HÒT T\VG WPF 2HNGIGTKPPGP PCEJ FGO #VVGPVCV CWH FGP -CKUGT )GMTÌPVG +PKVKCNG 9 'TKPPGTWPI KP 'KEJGPMTCP\ OO I *ÒUMGP 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJp5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP 2CTVKP $CPM /ÒPEJGP 0T

&GT -NGORPGTIGUGNNG /CZ *ÌFGN UEJQ CO /CK CWH FGO $QWNGXCTF 7PVGT FGP .KPFGP KP $GTNKP CWH FGP -CKUGT QJPG KJP \W VTGHHGP *ÌFGN YWTFG GPVJCWRVGV -WT\G <GKV FCTCWH GTHQNIVG GKP YGKVGTGU #VVGPVCV CWH -CKUGT 9KN JGNO $KUOCTEM XGTUWEJVG FKG 'ORÌTWPI KP FGT $GXÌNMGTWPI ÒDGT FKG #VVGPVCVG HÒT UGKPG 2QNKVKM IGIGP FKG 5Q\KCNFG OQMTCVGP CWU\WPWV\GP QDYQJN DGKFG #VVGPV·VGT OKV FGT 5Q\KCNFGOQMTCVKUEJGP 2CTVGK PKEJVU \W VWP JCVVGP

2043

)QNFOGFCKNNG \W &WMCVGP Q , IGUVKHVGV XQP ( 9 -WNNTKEJ 2T·OKGPOGFCKNNG CNU )GUEJGPM HÒT 'JGNGWVG CPN·NKEJ KJTGT )QNFGPGP *QEJ\GKV &KG $TWUVDKNFGT FGU -CKUGTRCCTGU PGDGPGKPCPFGT T 5KGDGP <GKNGP 5EJTKHV OO I *ÒUMGP FQTV KP 5KNDGT 5QOOGT - FQTV KP 5KNDGT 8QP ITÌVGT 5GNVGPJGKV /KP 2TQDKGTURWT CO 4CPF XQT\ÒINKEJGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2044

)QNFOGFCKNNG \W &WMCVGP XQP ' 9GKICPF )GUEJGPM FGT (TGKOCWTGTNQIG 8KEVQTKC HÒT FGP $TWFGT , )TCDQYUMK WPF UGKPG )CVVKP 2 IGD /QQTGU KP 'TKPPGTWPI CP FKG )QNFGPG *QEJ\GKV -CKUGT 9KNJGNOU + WPF #WIWUVC &KG -ÌRHG FGU -CKUGTRCCTGU PGDGPGKPCPFGT T 0GWP <GKNGP 5EJTKHV IGRT·IVG 9KFOWPI OKV FGT ,CJTGU\CJN KP 'KEJGP WPF 'HGWMTCP\ QDGP +0 '4+00'470) #0 &'0 :+ ,70+ WPVGP <74 )1.&'0'0 *1%*<'+6 OO I *<% + /CTKGPD

XIN 5QOOGT 9 8QT\ÒINKEJp5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP 'ORQTKWO *CODWTI 0T

2045

)QNFOGFCKNNG XQP 9 7JNOCPP CWH FCU L·JTKIG ,WDKN·WO FGT -WPUVCWUUVGNNWPI KP $GTNKP $TWUVDKNF T FCXQT ,CJTGU\CJN $TWUVDKNF (TKGFTKEJU FGU )TQGP N FCXQT ,CJTGU\CJN OO I /CTKGPD 44 8QT\ÒINKEJ

#WIWUVC )GOCJNKP 9KNJGNOU + #WIWUVC /CTKG .WKUG -CVJCTKPG 9GKOCT Ó $GTNKP MCO PCEJ KJTGT 'JG UEJNKGWPI OKV 9KNJGNO XQP 2TGWGP PCEJ $GTNKP YQ UKG \WP·EJUV KO 5VCFVUEJNQ WPF UR·VGT KO #NVGP 2CNCKU YQJPVG #WIWUVC HÌTFGTVG FKG 9KUUGPUEJCHV -ÒPUVG WPF 9QJNV·VKIMGKVUGKPTKEJVWPIGP $GK KJTGO 8GTUWEJ ITÌGTGP 'KPHNW CWH FKG 2QNKVKM \W PGJOGP IGTKGV UKG KP )GIGPUCV\ \W 1VVQ XQP $KUOCTEM 8QP KJT IKPIGP W C #PTGIWPIGP HÒT FKG )GPHGT -QPXGPVKQP XQP ÒDGT FKG $GJCPFNWPI XQP 8GT YWPFGVGP WPF -TKGIUIGHCPIGPGP CWU +JT )TCD DGHKPFGV UKEJ KO /CWUQNGWO KO 5EJNQRCTM %JCTNQVVGP DWTI 5KG GTJKGNV KP $GTNKP XGTUEJKGFGPG 'JTWPIGP UQ YCT FCU -CKUGTKP #WIWUVC *QURKVCN KP FGT 5EJCTPJQTUVUVT PCEJ KJT DGPCPPV WPF YCT FKG )PCFGPMKTEJG UKGJG 0T CO +PXCNKFGP RCTM \WO )GFGPMGP CP FKG -CKUGTKP GPVUVCPFGP DGKFG )GD·WFG YWTFGP KO 9GNVMTKGI \GTUVÌTV +P 6KGTICTVGP VTCIGP FKG -CKUGTKP #WIWUVC #NNGG WPF FKG -CKUGTKP #WIWUVC $TÒEMG KJTGP 0COGP

2046

)QNFOGFCKNNG \W &WMCVGP Q , ITCXKGTV XQP %JT 5EJPKV\URCJP 2T·OKGPOGFCKNNG +JTGT /CLG UV·V -CKUGTKP WPF -ÌPKIKP #WIWUVC -QRH #WIWUVCU T 'HGWMTCP\ KP FGT /KVVG )TCXWT OO I *ÒUMGP 9KP\ -TCV\GT XQT\ÒINKEJp5VGORGNINCP\

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

1,5:1

2047

)QNFOGFCKNNG \W &WMCVGP Q , XQP 4 1VVQ PCEJ GKPGO 'PVYWTH FGT 8QTFGTUGKVG XQP , -QRH +ORGTCVTKZ 4GIKPC /GFCKNNG 2T·OKG FGT *[IKGPG #WUUVGNNWPI KP $GTNKP -QRH FGT -CKUGTKP WPF -ÌPKIKP #WIWUVC T )GMTÌPVGT 4GKEJUCFNGT OKV FGO 9CRRGP 2TGWGP 5CEJUGP CWH FGT $TWUV OO I *ÒUMGP 5NI $TGVVCWGT FQTV KP $TQP\G 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJ

2TKP\ (TKGFTKEJ -CTN #NGZCPFGT $TWFGT (TKGFTKEJ 9KNJGNOU +8 WPF 9KNJGNOU + (TKGFTKEJ -CTN #NGZCPFGT YWTFG CO CNU FTKVVGT 5QJP (TKGFTKEJ 9KNJGNOU +++ WPF FGT DGNKGD VGP -ÌPKIKP .WKUG IGDQTGP 'T JGKTCVGVG CO /CK 2TKP\GUUKP /CTKG XQP 5CEJUGP 9GKOCT 'KUGPCEJ +JT 5QJP (TKGFTKEJ -CTN URKGNVG CNU RTGWKUEJGT )GPGTCN GKPG DGFGWVGPFG 4QNNG KP FGP -TKGIGP XQP WPF (TKGFTKEJ -CTN #NGZCPFGT UVCTD CO KO #NVGT XQP ,CJTGP

2048

)QNFOGFCKNNG \W &WMCVGP OKV 5KIPCVWT #/ XGTOWVNKEJ # /GTVGPU 5VGORGNUEJPGKFGT KP $GTNKP DGK FGT 2T·IGCPUVCNV ) .QQU CWH UGKPGP )GDWTVUVCI -QRH N -TKGIUCTOCVWTGP WPF 1T FGP WOIGDGP XQP .QTDGGT WPF 'KEJGP\YGKI FCTCWH FGT RTGWKUEJG #FNGT FGP -QRH PCEJ N IGYCPFV OO I /CTKGPD FQTV KP 5KNDGT 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

-CKUGT WPF -ÌPKI (TKGFTKEJ +++ CD -TQPRTKP\ (TKGFTKEJ 9KNJGNO #NU (TKGFTKEJ 5QJP FGU UR·VGTGP -CKUGTU 9KNJGNO + WPF FGT #WIWUVC XQP 5CEJUGP 9GKOCT CO KP 2QVUFCO IGDQTGP YWTFG TGIKGTVG KP 2TGWGP UGKP )TQXCVGT -ÌPKI (TKGFTKEJ 9KNJGNO +++ 0CEJ OKNKV·TKUEJGT #WUDKNFWPI WPF 5VWFKWO CP FGT 7PKXGTUKV·V $QPP XGTVTCV (TKGFTKEJ KP FKGUGO 5KPPG UVCTM XQP UGKPGT /WVVGT WPF UGKV XQP UGKPGT )GOCJNKP 8KEVQTKC FGT 6QEJVGT FGT GPINKUEJGP -ÌPKIKP 8KEVQTKC DGGKPHNWV NKDGTCNG #PUKEJVGP &CJGT IGTKGV GT ņ CNU -TQPRTKP\ (TKGFTKEJ 9KNJGNO IG PCPPV ņ YKGFGTJQNV KP )GIGPUCV\ \W UGKPGO 8CVGT WPF \W $KUOCTEM (ÒT FKG NKDGTCNGP -TGKUG &GWVUEJ NCPFU ņ YKG \WO $GKURKGN FGP 5EJTKHVUVGNNGT )WUVCX (TG[VCI XGTMÌTRGTVG FGT -TQPRTKP\ IGTCFG\W FKG *QHHPWPIGP FKG UKG KP GKPGP RQNKVKUEJGP 5[UVGOYGEJUGN UGV\VGP 0CEJ FGT 6GKNPCJOG CO FGWVUEJ F·PKUEJGP -TKGI URKGNVG FGT -TQPRTKP\ GKPG GPVUEJGKFGPFG 4QNNG KP FGT 5EJNCEJV XQP -ÌPKIIT·V\ IGIGP ¤UVGTTGKEJ WPF KO -TKGI IGIGP (TCPMTGKEJ &CDGK VTWI FCU NGWVUGNKIG 9GUGP XQP WPUGT (TKV\ OCIGDNKEJ \W GKPGT CWEJ KP 5ÒFFGWVUEJNCPF IÒPUVKIGP 5VKOOWPI HÒT FKG 4GKEJUITÒPFWPI DGK 0CEJFGO GT UGKPGP 8CVGT XQTÒDGTIGJGPF XGTVTGVGP JCVVG MCO GT UEJNKGNKEJ PCEJ FGO 6QF 9KNJGNOU + CO PCEJ L·JTKIGT -TQPRTKP\GP\GKV CWH FGP 6JTQP &CDGK YCT FGT -CKUGT DGTGKVU VQFMTCPM 'T NKVV CP -GJNMQRHMTGDU FGT PKEJV TGEJV\GKVKI DGJCPFGNV YQTFGP YCT 'KPG 5VKOODCPFQRGTC VKQP JCVVG KJP FGT 5RTCEJG DGTCWDV 0CEJ PWT 6CIGP 4GIKGTWPI UVCTD (TKGFTKEJ +++ KO #NVGT XQP ,CJTGP CO KO 0GWGP 2CNCKU DGK 2QVUFCO PQEJ KO UGNDGP ,CJT YKG UGKP L·JTKIGT 8CVGT WPF OKV KJO YWTFGP FKG *QHHPWPIGP GKPGT IGUCOVGP PKEJV \WO <WIG IGMQOOGPGP )GPGTCVKQP \W )TCDG IGVTCIGP

2049

)QNFOGFCKNNG \W &WMCVGP XQP ( $TGJOGT CWH FKG .CPFYKTVUEJCHVNKEJG #WUUVGNNWPI KP $TGOGP -QRH FGU 2TQVGMVQTU FGT #WUUVGNNWPI -TQPRTKP\ (TKGFTKEJ 9KNJGNO N 5EJYGDGPFG YGKDNKEJG )GUVCNV OKV \YGK -T·P\GP FCPGDGP 5EJTKHVVCHGN OKV XGTVKGHVGT 5EJTKHV &'/ 8'4&+'056' 7/ &+' .#0&9+46*5%*#(6 OO I ,WPIM /CTKGPD FQTV KP 5KNDGT -N 4CPFHGJNGT MN -TCV\GT XQT\ÒINKEJ

2051

2050

)QNFOGFCKNNG \W &WMCVGP XQP , 9KGPGT CWH FKG +PVGTPCVKQPCNG )CTVGPDCW #WUUVGNNWPI KP -ÌNP -QRH FGU 2TQVGMVQTU FGT #WUUVGNNWPI -TQPRTKP\ (TKGFTKEJ 9KNJGNO N $GJGNOVGU 5VCFVYCRRGP XQP )TGKH WPF .ÌYG IGJCNVGP OO I /CTKGPD FQTV KP $TQP\G 9GKNGT FQTV KP 5KNDGT 2TQDKGTURWT CO 4CPF UGJT UEJÌPpXQT\ÒINKEJ

)QNFOGFCKNNG \W &WMCVGP WPUKIPKGTV CWH UGKPGP 6QF -QRH T \YKUEJGP )GDWTVU WPF 5VGTDG FCVGP )GMTÌPVG $QTWUUKC UKV\V X X CWH GKPGO 2QFGUV KP FGT 4GEJVGP GKP 5EJYGTV FKG .KPMG CWH GKPGP 5EJKNF IGUVÒV\V OO I /CTKGPD FQTV KP 5KNDGT 8QT\ÒINKEJ

-CKUGT WPF -ÌPKI 9KNJGNO ++ 9KNJGNO YWTFG CO KP 2QVUFCO CNU ·NVGUVGT 5QJP FGU -TQPRTKP\GP (TKGFTKEJ 9KNJGNO FGU UR·VGTGP -CKUGTU (TKGFTKEJ +++ WPF 8KEVQTKC IGDQTGP 0CEJFGO UGKP 8CVGT PCEJ PWT 6CIGP 4GIKGTWPI UGKPGT -GJNMQRHMTGDUGTMTCP MWPI GTNGIGP YCT ÒDGTPCJO FGT 'PMGN FGT GPINKUEJGP -ÌPK IKP 8KEVQTKC CO ,WPK OKV ,CJTGP FKG 4GIKGTWPI 5EJQP DCNF YCT UGKP 8GTJ·NVPKU \W $KUOCTEM FKGUGT IGYCN VKIGP 2GTUÌPNKEJMGKV OKV LCJT\GJPVGNCPIGT 'THCJTWPI FKG 9KN JGNO MGKPGP 2NCV\ HÒT GKPG GKIGPUV·PFKIG RQNKVKUEJG 4QNNG NKG FGTCTV IGUVÌTV FCUU GT KO /·T\ $KUOCTEMU 4ÒEMVTKVV GT\YCPI 0GDGP 9KNJGNOU UQ\KCNRQNKVKUEJGP +PKVKCVKXGP OKV FGPGP FGT -CKUGT FKG UEJPGNN YCEJUGPFG 5EJKEJV FGT #TDGKVGT UEJCHV CP UKEJ DKPFGP YQNNVG JCVVG $KUOCTEM KPUDGUQPFGTG 9KNJGNOU CWGPRQNKVKUEJG #ODKVKQPGP CDIGNGJPV 0GDGP OGJ TGTGP $ÒPFPKUYGEJUGNP YKTMVGP UKEJ CWEJ FKG QHVOCNU WP DGUQPPGPGP 4GFGP WPF 6CMVNQUKIMGKVGP FGU -CKUGTU PGICVKX CWH FKG CWGPRQNKVKUEJG 5VGNNWPI &GWVUEJNCPFU CWU #NU ITÌ VGU 7PINÒEM UQNNVG UKEJ LGFQEJ FKG XGTHGJNVG (NQVVGPRQNKVKM GTYGKUGP FKG KO #WUNCPF ņ KPUDGUQPFGTG KP 'PINCPF ņ ITQGU /KVTCWGP JGTXQTTKGH $GUQPFGTU WPVGT FGO 'KPHNW FGU 5VCCVUOKPKUVGTU WPF UR·VGTGP )TQCFOKTCNU #NHTGF XQP 6KTRKV\ XGTCDUEJKGFGVG 9KNJGNO ++ XQP DKU FKG (NQVVGP IGUGV\G WPF UEJWH FKG FGWVUEJG *QEJUGGHNQVVG FKG CNU \YGKV UV·TMUVG (NQVVG FGT 9GNV 'PINCPF XQP GKPGO -TKGI OKV &GWVUEJNCPF CDJCNVGP UQNNVG 0CEJ #WUDTWEJ FGU 'TUVGP 9GNVMTKGIGU HÒJNVG UKEJ FGT -CKUGT \YCT CNU QDGTUVGT -TKGIU JGTT WPF CNU +PVGITCVKQPUHKIWT KOOGT OGJT XQP FGT 1DGTUVGP ¤N CWH .GKPYCPF XQP .WFYKI 0QUVGT *GGTGUNGKVWPI GKPGTUGKVU WPF XQO 4GKEJUVCI CPFGTGTUGKVU 1TKIKPCN -ÌNP -ÌNPKUEJGU 5VCFVOWUGWO GPVOCEJVGV 5EJNKGNKEJ ICD 4GKEJUMCP\NGT /CZ XQP $CFGP (QVQ .WV\ $TCWP PCEJ FGO 8GTNWUV FGU MCVCUVTQRJCNGP -TKGIGU CO GKIGPO·EJVKI FGP 4ÒEMVTKVV -CKUGT 9KNJGNOU ++ DGMCPPV 9KNJGNO ++ GOKITKGTVG KP FKG 0KGFGTNCPFG WPF \QI UKEJ PCEJ *CWU &QQTP \WTÒEM QJPG LGOCNU *QHHPWPI WPF #PURTWEJ CWH FKG FGWVUEJG -CKUGTMTQPG CWHIGIGDGP \W JCDGP &GT NGV\VG FGWVUEJG -CKUGT FGT PCEJ FGT 2QITQOPCEJV XQO 0QXGODGT FKG 0CVKQPCNUQ\KCNKUVGP UEJCTH XGTWTVGKNVG UVCTD CO KO #NVGT XQP ,CJTGP KP *CWU &QQTP

2053

2052

)QNFOGFCKNNG \W &WMCVGP Q , XQP ' 9GKICPF 4ÒEMUGKVG PCEJ FGO 8QTDKNF XQP %JT 2HGWHHGT )TQG 'TKPPGTWPIUOGFCKNNG CWH UGKPGP 4GIKGTWPIUCPVTKVV -QRH T &CU 'KUGTPG -TGW\ OKV FGO IGMTÌPVGP #FNGTUEJKNF DGNGIV FCXQT 5EJYGTV <GRVGT WPF 4GKEJUCRHGN IGMTGW\V WOJGT 1TFGPUMGVVG FKG OKV CEJV MNGKPGP 9CRRGPUEJKNFGP DGNGIV KUV OO I $CPPKEMG 6GYGU KP $GKVT·IG \WT DTCPFGPDWTIKUEJ RTGWKUEJGP 0WOKUOCVKM 0* 0T /CTKGPD 5QOOGT 9 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

)QNFOGFCKNNG \W &WMCVGP Q , XQP ' 9GKICPF 4ÒEMUGKVG PCEJ FGO 8QTDKNF XQP %JT 2HGWH HGT -NGKPG 'TKPPGTWPIUOGFCKNNG CWH UGKPGP 4GIKGTWPIUCPVTKVV -QRH T &CU 'KUGTPG -TGW\ OKV FGO IG MTÌPVGP #FNGTUEJKNF DGNGIV FCXQT 5EJYGTV <GRVGT WPF 4GKEJUCRHGN IGMTGW\V WOJGT 1TFGPUMGVVG FKG OKV CEJV MNGKPGP 9CRRGPUEJKNFGP DGNGIV KUV OO I $CPPKEMG 6GYGU KP $GKVT·IG \WT DTCPFGPDWTIKUEJ RTGWKUEJGP 0WOKUOCVKM 0* 0T /CTKGPD 5QOOGT 9 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

2054

)QNFOGFCKNNG \W &WMCVGP Q , XQP 1 5EJWNV\ WPF %JT 2HGWHHGT )TQG 5VCCVURTGKUOGFCKNNG HÒT -WPUV $TWUVDKNF N KP 7PKHQTO OKV WOIGNGIVGO *GTOGNKP #NVGU /WUGWO FCTÒDGT *GNKQU OKV 5QPPGPYCIGP WPVGT FGO )GD·WFG .[TC \YKUEJGP \YGK )TGKHGP OO I *ÒUMGP 5QOOGT 2 4ÒEMUGKVG 44 8QT\ÒINKEJp5VGORGNINCP\ &KG 8QTFGTUGKVGP FKGUGT WPF FGT HQNIGPFGP DGKFGP /GFCKNNGP YWTFGP XQP *GKP\ *QHHOGKUVGT OQFGNNKGTV

2055 2056

2056

)QNFOGFCKNNG \W &WMCVGP Q , XQP 1 5EJWNV\ -NGKPG 5VCCVURTGKUOGFCKNNG HÒT -WPUV $TWUV DKNF N KP 7PKHQTO OKV WOIGNGIVGO *GTOGNKP #NVGU /WUGWO FCTÒDGT *GNKQU OKV 5QPPGPYCIGP WPVGT FGO )GD·WFG .[TC \YKUEJGP \YGK )TGKHGP OO I *ÒUMGP 44 (GKNURWT CO 4CPF XQT\ÒINKEJ

)QNFOGFCKNNG \W &WMCVGP Q , XQP 1 5EJWNV\ WPF %JT 2HGWHHGT )TQG 5VCCVURTGKUOGFCKNNG HÒT 9KUUGPUEJCHV $TWUVDKNF N KP 7PKHQTO OKV WOIGNGIVGO *GTOGNKP *GNKQU OKV 5QPPGPYCIGP FCTWPVGT 6KGTMTGKU CWH FGO UKGDGP *KOOGNU\GKEJGP \W UGJGP UKPF OO I *ÒUMGP 5QOOGT 2 4ÒEMUGKVG 44 9KP\ 2TQDKGTURWT CO 4CPF XQT\ÒINKEJ

2057

2058

-NGKPG )QNFOGFCKNNG KP /CTM )TÌG Q , XGTOWVNKEJ WPUKIPKGTV CWH FCU &TGKMCKUGTLCJT -QRH 9KNJGNOU ++ T &KG -ÌRHG 9KNJGNOU + WPF (TKGFTKEJU +++ PGDGPGKPCPFGT N OO I /CTKGPD (CUUWPIUURWTGP UGJT UEJÌPpXQT\ÒINKEJ

)QNFOGFCKNNG \W &WMCVGP Q , XQP ' 9GKICPF WPF %JT 2HGWHHGT #FNGT /GFCKNNG 'JTGPIG UEJGPM HÒT DGUQPFGTG 8GTFKGPUVG -QRH T #FNGT OKV 2CNO\YGKI KP FGP (·PIGP OO I $CPPKEMG 6GYGU KP $GKVT·IG \WT DTCPFGPDWTIKUEJ RTGWKUEJGP 0WOKUOCVKM 0* 0T *ÒUMGP 5QOOGT 9 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJp5VGORGNINCP\ &KG XQTNKGIGPFG /GFCKNNG YWTFG FWTEJ -ÌPKI (TKGFTKEJ 9KNJGNO +8 IGUVKHVGV WPF CNNG HÒPH ,CJTG HÒT FCU JGTXQTTC IGPFUVG 9GTM ÒDGT FGWVUEJG )GUEJKEJVG XGTNKGJGP &KG NGV\VG 8GTNGKJWPI HCPF FWTEJ -CKUGT 9KNJGNO ++ UVCVV

2059

2060

)QNFOGFCKNNG \W &WMCVGP Q , XQP ' 9GKICPF 2T·OKGPOGFCKNNG HÒT 8GTFKGPUVG WO FCU /C TKPG $TKGHVCWDGPYGUGP -QRH T .CPF\WPIG OKV .GWEJVVWTO WPF \YGK 5EJKHHGP CWH FGO /GGT FCTÒDGT GKPG PCEJ T HNKGIGPFG $TKGHVCWDG OO I *ÒUMGP 5QOOGT 9 44 +P )QNF PWT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

)QNFOGFCKNNG \W &WMCVGP XQP 1 5EJWNV\ -NGKPG 5VCCVURTGKUOGFCKNNG \WT ,WDKN·WOUMWPUV CWUUVGNNWPI $TWUVDKNFGT 9KNJGNOU ++ WPF (TKGFTKEJU + PGDGPGKPCPFGT T &KG RGTUQPKHK\KGTVG -WPUV OKV 2CNO\YGKI WPF -ÒPUVNGTWVGPUKNKGP UKV\V N KO *KPVGTITWPF CWHIGJGPFG 5QPPG WPF FGT RTGWKUEJG #FNGT ÒDGT FGO $GTNKPGT 5EJNQ OO I $CPPKEMG 6GYGU KP $GKVT·IG \WT DTCPFGPDWTIKUEJ RTGWKUEJGP 0WOKUOCVKM 0* 0T # *ÒUMGP +P )QNF PWT 'ZGORCTG IGRT·IV -N 4CPFHGJNGT HCUV XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP #FQNRJ *GUU #) <ÒTKEJ 0T &KG XQTNKGIGPFG /GFCKNNG YWTFG XQP 2CWN 5EJWN\ OQFGNNKGTV

2061

2062

)QNFOGFCKNNG XQP - )QGV\ CWH FGP 6QFGUVCI FGT -ÌPKIKP .WKUG 2TKP\GUUKP XQP /GEMNGP DWTI )GOCJNKP XQP (TKGFTKEJ 9KNJGNO +++ $TWUVDKNF .WKUGU JCNDT OKV &KCFGO -TQPG KP 5VTCJNGP ÒDGT (CEMGN WPF 4QUGP /KV 4CPFRWP\G $#;'4Ü *#726/ª0<#/6 H OO I -KGPCUV /CTKGPD 8QT\ÒINKEJ

-ÌPKIKP .WKUG FKG 7TITQOWVVGT XQP -CKUGT 9KNJGNO ++ YCT FKG GTUVG )GOCJNKP XQP -ÌPKI (TKGFTKEJ 9KNJGNO +++ 5KG GTTGKEJVG KP FGP (TKGFGPUXGTJCPFNWPIGP OKV 0CRQNGQP PCEJ FGT XGTJGGTGPFGP 0KGFGTNCIG XQP OKNFGTG $GFKP IWPIGP HÒT 2TGWGP KO (TKGFGP XQP 6KNUKV &GT HTCP\ÌUKUEJG -CKUGT UQNN XQP FGT LWPIGP RTGWKUEJGP -ÌPKIKP UGJT DGGKPFTWEMV IGYGUGP UGKP &KG -ÌPKIKP UVCTD KO #NVGT XQP ,CJTGP UGJT LWPI CP 6WDGTMWNQUG 5KG YWTFG KP 2TGWGP CWEJ ,CJTG PCEJ KJTGO 6QF JQEJ XGTGJTV

)QNFOGFCKNNG XQP - )QGV\ CWH FGP )GDWTVUVCI (TKGFTKEJU ++ FGU )TQGP $TWUVDKNF (TKGF TKEJU ++ T &TGK )TGPCFKGTG UEJTGKVGP N OO I -KGPCUV /CTKGPD 8QT\ÒINKEJ

2063

)QNFOGFCKNNG XQP ) /QTKP 5VCCVURTGKUOGFCKNNG HÒT XGTFKGPUVXQNNG .GKUVWPIGP KO $CW WPF 8GT MGJTUYGUGP 9GKDNKEJG )GUVCNV OKV <KTMGN WPF 5EJOKGF OKV *COOGT FGT XQT GKPGO #ODQ OKV 9CIGPTCF UVGJV UVGJGP UKEJ IGIGPÒDGT WPF XGTUEJT·PMGP FGP NKPMGP D\Y TGEJVGP #TO KO *KPVGTITWPF $TÒEMGPFCTUVGNNWPI OKV 7PVGTDCW N GKP *CWU &GT IGMTÌPVG RTGWKUEJG #FNGT OKV GKPGO .QTDGGTMTCP\ KP FGP (·PIGP KO *KPVGTITWPF 5VTCJNGP WPVGP XKGT <GKNGP 5EJTKHV OO I *ÒUMGP 8QT\ÒINKEJ 'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

2064

2065

-NGKPG )QNFOGFCKNNG KP /CTM )TÌG WPUKIPKGTV CWH FCU $ÒPFPKU \YKUEJGP FGO &GWVUEJGP 4GKEJ WPF ¤UVGTTGKEJ 7PICTP $TWUVDKNFGT XQP 9KNJGNO ++ WPF (TCP\ ,QUGH + PGDGPGKPCPFGT N 5VTCJNGPFGT 5VGTP ÒDGT \YGK -TQPGP OO I /CTKGPD 8QT\ÒINKEJ

#WIWUVG 8KMVQTKC )GOCJNKP 9KNJGNOU ++ #WIWUVG 8KMVQTKC YWTFG CO CNU ·NVGUVG 6QEJVGT FGU *GT\QIU (TKGFTKEJ 8+++ XQP 5EJNGUYKI *QNUVGKP #WIWUVGPDWTI IGDQTGP 0CEJ UVTGPI EJTKUVNKEJGT 'T\KGJWPI JGKTCVGVG UKG KO #NVGT XQP ,CJTGP CO KP $GTNKP FGP UR·VGTGP -CKUGT 9KNJGNO ++ FGO UKG UKGDGP -KPFGT IGDCT &WTEJ KJTGP CWU IGINKEJGPGP %JCTCMVGT MQPPVG UKG KJTGO )GOCJN DGUQPFGTU KP -TKUGP\GKVGP *CNV IGDGP 5KG WPVGTUVÒV\VG FKG 2QNKVKM 9KNJGNOU ++ QJPG 'KPUEJT·PMWPI WPF UCJ KJTG GKIGPG #WHICDG KP FGT #TOGPHÒTUQTIG WPF Y·JTGPF FGU -TKGIGU KP FGT 8GTYWPFGVGPRHNGIG &KG -CKUGTKP GOKITKGTVG OKV KJTGO )GOCJN KP FKG 0KGFGTNCPFG WPF UVCTD CO KP *CWU &QQTP KO #NVGT XQP ,CJTGP

)QNFOGFCKNNG XQP # -TÒIGT 2T·OKG FGT +PVGTPCVKQPCNGP #WUUVGNNWPI HÒT (GWGTUEJWV\ WPF (GWGT TGVVWPIUYGUGP KP $GTNKP $TWUVDKNF FGT -CKUGTKP #WIWUVG 8KMVQTKC T OKV &KCFGO WPF WOIGNGIVGO 1TFGPUDCPF 5KGDGP <GKNGP 5EJTKHV KP .QTDGGTMTCP\ OO I .CPIG /CTKGPD 5NI $TGVVCWGT 8QT\ÒINKEJp5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

&KG XQTNKGIGPFG /GFCKNNG YWTFG PCEJ GKPGO 'PVYWTH XQP 9 7JNOCPP 2T·IGCPUVCNV .QQU $GTNKP CPIGHGTVKIV

24'755+5%*' 2'45¤0.+%*-'+6'0 (ÒTUV 1VVQ XQP $KUOCTEM 5EJÌPJCWUGP Ó (TKGFTKEJUTWJ &GWVUEJGT 4GKEJMCP\NGT

2066

2067

)QNFOGFCKNNG \W &WMCVGP XQP ( 5EJCRGT CWH FGP )GDWTVUVCI FGU 4GKEJUITÒPFGTU IGYKFOGV XQP FGT 5VCFV *CODWTI $ÒUVG JCNDN FCPGDGP FCU *CODWTIGT 5VCFVYCRRGP $KUOCTEM CNU 5V )GQTI T \W 2HGTF GTUVKEJV FGP &TCEJGP OO I $GPPGTV FQTV KP 5KNDGT WPF $TQP\G )CGF 0CEJVTCI )GUEJKEJVG KP )QNF 8QT\ÒINKEJp5VGORGNINCP\

&GT &TCEJG U[ODQNKUKGTV FKG <YKGVTCEJV FKG FWTEJ $KUOCTEMU 4GKEJUITÒPFWPI ÒDGTYWPFGP YWTFG $KUOCTEM YCT FGT NGV\VG DGFGWVGPFG 2CNNCFKP 2TGWGPU

)QNFOGFCKNNG Q , XQP 1 )NÌEMNGT CWH FKG ,CJTHGKGT FGT 4GKEJUITÒPFWPI -ÌRHG XQP $KU OCTEMU WPF 2CWN XQP *KPFGPDWTI WPF $GPGEMGPFQTHHU PGDGPGKPCPFGT T #EJV <GKNGP 5EJTKHV KP 9CR RGPMTCP\ OO I 5EJN 8QT\ÒINKEJ

2CWN XQP *KPFGPDWTI WPF $GPGEMGPFQTHH 2QUGP Ó 0GWFGEM )GPGTCNHGNFOCTUEJCNN WPF 4GKEJURT·UKFGPV

2069

2068

)QNFOGFCKNNG XQP , $GTPJCTFV -QRH N <YGKHCEJ DGJGNOVGU XKGTHGNFKIGU 9CRRGP /KV 4CPF RWP\G 24'755 56##65/7'0<' Û )1.& ('+0 OO I 5EJN XCT (CUV 5VGORGNINCP\

)QNFOGFCKNNG XQP , $GTPJCTFV -QRH N <YGKHCEJ DGJGNOVGU XKGTHGNFKIGU 9CRRGP /KV 4CPF RWP\G 24'755 56##65/7'0<' )1.& -#4 OO I 5EJN +P 1TKIKPCNGVWK 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

&'765%*' 56##6'0 &#5 )4155*'4<1)67/ $#&'0 )TQJGT\QI (TKGFTKEJ + WPF UGKPG )GOCJNKP .WKUG 6QEJVGT 9KNJGNOU + XQP 2TGWGP (TKGFTKEJ + IGDQTGP CO KP -CTNUTWJG YCT FGT \YGKVG 5QJP FGU )TQJGT\QIU .GQRQNF 0CEJ 5VWFKGP KP $QPP WPF *GKFGNDGTI VTCV GT FKG 4GIGPVUEJCHV HÒT UGKPGP ·NVGTGP IGKUVGUMTCPMGP $TWFGT .WFYKI ++ IGUVQTDGP CP WPF ÒDGTPCJO GPFIÒNVKI FKG 4GIKGTWPI 0CEJ UGKPGT *QEJ\GKV OKV .WKUG FGT 6QEJVGT FGU UR·VGTGP RTGWKUEJGP -ÌPKIU 9KNJGNO + CO 5GRVGODGT WPVGTUVÒV\VG GT FKG 'KPKIWPI &GWVUEJNCPFU WPVGT RTGWKUEJGT (ÒJTWPI &CDGK XGTUWEJVG GT UGKPG NKDGTCNGP #PUKEJVGP CWEJ KP 2TGWGP FWTEJ\WUGV\GP YQDGK GT KO 'KPMNCPI OKV UGKPGO 5EJYCIGT FGO UR·VGTGP -CKUGT (TKGF TKEJ +++ UVCPF 9GKN )TQJGT\QI (TKGFTKEJ + FKG 2QNKVKM $KUOCTEMU GPVUEJKGFGP CDNGJPVG YCPFVG GT UKEJ KO FGWVUEJ FGWVUEJGP -TKGI IGIGP FKG (COKNKG UGKPGT )GOCJNKP FGT ÌUVGTTGKEJKUEJGP 5GKVG \W UEJNQ CDGT UQHQTV PCEJ FGT 0KGFGTNCIG DGK -ÌPKIIT·V\ GKP 5EJWV\ WPF 6TWV\DÒPFPKU OKV 2TGWGP FCU KO 'TPUVHCNN FGP $GHGJN FGU RTGWKUEJGP ÒDGT FCU DCFKUEJG *GGT DGFGWVGVG $GK FGP 8GTJCPFNWPIGP ÒDGT FKG 4GKEJUITÒPFWPI YKTMVG FGT )TQJGT\QI GPVUEJGKFGPF CWH FKG FGWVUEJGP XQT CNNGO FKG UÒFFGWVUEJGP (ÒTUVGP KO 5KPPG UGKPGU 5EJYKGIGTXCVGTU GKP WPF DTCEJVG DGK FGT -CKUGTRTQMNCOCVKQP FCU *QEJ CWH 9KNJGNO + CWU 0KEJV XGTICPIGP YCT LGFQEJ FKG #DPGKIWPI (TKGFTKEJU + IGIGP $KUOCTEM CP FGUUGP 5VWT\ FWTEJ UGKPGP 0GHHGP 9KNJGNO ++ GT DGVGKNKIV YCT 0CEJ FGT 4GKEJUITÒPFWPI YKFOGVG UKEJ (TKGFTKEJ + YGKVIGJGPF FGT -WNVWT WPF FGP 9KUUGPUEJCHVGP KP UGKPGO .CPF WPF HÌTFGTVG KPUDGUQPFGTG FGP #WUDCW FGT 7PKXGTUKV·VGP WPF *QEJUEJWNGP #O UVCTD (TKGFTKEJ + KO #NVGT XQP ,CJTGP CWH FGT +PUGN /CKPCW

2070

)QNFOGFCKNNG \W &WMCVGP XQP , - (KUEJGT CWH UGKPG 8GTO·JNWPI OKV .WKUG XQP 2TGWGP -ÌRHG FGU 2CCTGU PGDGPGKPCPFGT T *[OGP WPF 'TQU OKV *QEJ\GKVUHCEMGN -TCP\ $QIGP 2HGKN WPF -Ì EJGT UEJYGDGP N OO I 9KGNCPFV <GKV\ 8QP ITÌVGT 5GNVGPJGKV 2TCEJVGZGORNCT XQP UEJÌPUVGT 'TJCNVWPI HCUV 5VGORGNINCP\

2071

)QNFGPG *QJNOGFCKNNG Q , 8QTFGTUGKVG XQP . -CEJGN CWH FKG 8·VGT FGU )TQJGT\QINKEJGP $TCWVRCCTGU -CTN .GQRQNF (TKGFTKEJ 8CVGT (TKGFTKEJU + WPF 9KNJGNO + 8CVGT .WKUGU -QRH -CTN .GQRQNF (TKGFTKEJU T -QRH 9KNJGNOU + T OO I 9KGNCPFV <GKV\ 8QTFGTUGKVG UKGJG #WU \YGK )CNXCPQU \WUCOOGPIGUGV\VGU UR·VGTGU 2JCPVCUKGRTQFWMV 5GJT UEJÌP

2072

1XCNG )QNFOGFCKNNG XQP ) -CEJGN WPF - 5EJYGP\GT CWH FKG 5KNDGTJQEJ\GKV FGU ITQJGT\QINK EJGP 2CCTGU $TWUVDKNFGT (TKGFTKEJU + WPF UGKPGT )GOCJNKP .WKUG PGDGPGKPCPFGT N <YGK CPGKPCPFGTIG NGJPVG 9CRRGPUEJKNFG QDGP -TQPG WPVGP /GFCKNNQP OKV FGP KPGKPCPFGT XGTUEJNWPIGPGP $WEJUVCDGP (8. (TKGFTKEJ 8KMVQTKC .WKUG Z OO I 9KGNCPFV <GKV\ 0WT 'ZGORNCTG KP )QNF IGRT·IV 8QT\ÒINKEJ 'ZGORNCT FGT 5COONWPI *GTOCPP #WMVKQP /ÒP\GP WPF /GFCKNNGPJCPFNWPI 5QPPVCI 5VWVVICTV 0T

&+' /#4-)4#(5%*#(6 $4#0&'0$74) #05$#%*

&+' *1*'0<1..'40 +0 (4#0-'0 /CTMITCH ,QJCPP (TKGFTKEJ

2073

1XCNGT IQNFGPGT )PCFGPRHGPPKI Q , WPUKIPKGTV )GJCTPKUEJVGU LWIGPFNKEJGU $TWUVDKNF T OKV WOIG NGIVGO /CPVGN ªDGT GKPGT .CPFUEJCHV KP FGT N GKP 2TQRJGV XQT GKPGO 6GORGN RTGFKIV WPF T GKP .CPFOCPP RHNÒIV TCIGP \YGK *·PFG CWU 9QNMGP JGTXQT XQP FGPGP FKG NKPMG GKP 9GKJTCWEJHC UEJYKPIV FKG TGEJVG 5EJYGTV WPF 9CCIG J·NV FCTÒDGT VTCIGP \YGK 'PIGN GKP 5EJTKHVDCPF OKV FGT #WH UEJTKHV 2+'6#6' '6 +856+6+# WPVGT FGO 5EJTKHVDCPF 5VTCJNGP Z OO I (KUEJGT /CW¾ 5NI 9KNO (GKP \KUGNKGTVGT \GKVIGPÌUUKUEJGT )W 5GJT UEJÌPG #TDGKV )PCFGPRHGPPKIG FKGPVGP \WT $GNQJPWPI WPF #PGTMGPPWPI XQP 8GTFKGPUVGP WPF YWTFGP FGO 'ORH·PIGT KP )PCFGP ÒDGTTGKEJV 5KG DGUCGP PGDGP GKPGO JQJGP KFGGNNGP CWEJ GKPGP DGFGWVGPFGP OCVGTKGNNGP 9GTV )GVTCIGP YWTFGP FKGUG )PCFGPRHGPPKIG OKVWPVGT CP DTGKVGP UEJYGTGP )QNFMGVVGP FKG YKG GKPG (GNFDKPFG UEJT·I ÒDGT FGP 1DGTMÌTRGT IGNGIV YWTFGP )PCFGPRHGPPKIG GPVURTGEJGP FGP UR·VGTGP 8GTFKGPUVQTFGP

&#5 (ª456'067/ $4#705%*9'+) 91.('0$ª66'. *GT\QI #PVQP 7NTKEJ

2074

)QNFOGFCKNNG \W &WMCVGP WPUKIPKGTV XQP * 2 )TQMWTV CWH UGKPGP )GDWTVUVCI IGYKF OGV XQO 4CV FGT 5VCFV $TCWPUEJYGKI #0610+85 Ü 8.4+%85 Ü & Ü ) Ü &8: Ü $4 Ü '6 Ü .80 Ù )G JCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN 1$ 24+0%+2'/ 126+/8/ 5'48#68/ YGKN WPU FGT DGUVG (ÒTUV GTJCNVGP DNKGD $TWPUXKIC OKV (ÒNNJQTP WPF .ÌYGPUEJKNF QRHGTV CP GKPGO HNCOOGP FGP #NVCT KO *KPVGTITWPF 6GORGN CP FGUUGP )KGDGN GKPG 6CHGN OKV &'1 64+08 0+ FGO FTGKGK PKIGP )QVV J·PIV +O #DUEJPKVV 5EJTKHV $48058+% Ü %+8+6#5 +8 :8 1%6 Ù /&%%8+++ FKG 5VCFV $TCWPUEJYGKI CO 1MVQDGT OO I $TQEMOCPP 5GJT UEJÌPpXQT\ÒINKEJ &CU &CVWO KO #DUEJPKVV FGT 4ÒEMUGKVG YKTF JKGT UQYQJN PCEJ FGO ITGIQTKCPKUEJGP -CNGPFGT YKG CWEJ PCEJ FGO UQ IGPCPPVGP XGTDGUUGTVGP -CNGPFGT FGP FKG GXCPIGNKUEJGP 5V·PFG FGU &GWVUEJGP 4GKEJGU WO GKPIGHÒJTV JCVVGP CPIGIGDGP

&#5 (ª456'067/ $4#705%*9'+) %#.'0$'4) *#0018'4 #$ -74(ª456'067/ *#0018'4 #$ -¤0+)4'+%* *#0018'4 *GT\QI 'TPUV #WIWUV UGKV $KUEJQH XQP 1UPCDTÒEM UGKV -WTHÒTUV 8CVGT FGT GTUVGP RTGWKUEJGP -ÌPKIKP 5QRJKG %JCTNQVVG

2075

'TPUV #WIWUV YCT UGKV GXCPIGNKUEJGT (ÒTUVDKUEJQH XQP 1UPCDTÒEM WPF 'TDCWGT FGU 1UPCDTÒEMGT 5EJNQUUGU &WTEJ UGKPG 'JG OKV 5QRJKG &QTQVJGC XQP FGT 2HCN\ GTNCPIVG UGKP *CWU FKG #PYCTVUEJCHV CWH FGP GPINKUEJGP 6JTQP FGP UGKP 5QJP )GQTI .WFYKI CNU )GQTI + DGUVKGI VTCV 'TPUV #WIWUV FKG 0CEJHQNIG UGKPGU XGTUVQTDGPGP $TWFGTU ,QJCPP (TKGFTKEJ KP *CPPQXGT CP #WEJ OKV $TCPFGPDWTI 2TGWGP DGUVCPFGP GPIG XGTYCPFUEJCHVNKEJG $G\KGJWPIGP JGKTCVGVG FKG CWH 5EJNQUU +DWTI IGDQTGPG 6QEJVGT 'TPUV #WIWUVU 5QRJKG %JCTNQVVG FGP DTCPFGPDWTIKUEJGP -WTHÒTUVGP (TKGFTKEJ +++ YWTFG 5QRJKG %JCTNQVVG FKG GTUVG -ÌPKIKP 2TGWGPU YCU KJT 8CVGT 'TPUV #WIWUV CDGT PKEJV OGJT GTNGDVG GT UVCTD CO ,CPWCT KP *GTTGPJCWUGP )QNFOGFCKNNG \W &WMCVGP XQP #TXKF -CTNUVGGP '40 Ü #8)85685 Ü & Û ) Û '2 Û 15 Û &8: Û $4 Û '6 Û .80 Ü &TCRKGTVGU $TWUVDKNF KO *CTPKUEJ T '0 Û .#$14 Û '0 Û 24 /+8/ 5EJTKHVDCPF OKV FGT .GIGPFG UKGJG FKG #TDGKV UKGJG FGP 2TGKU ÒDGT 6TQRJ·G \YKUEJGP \YGK $·WO EJGP KO #DUEJPKVV FKG ,CJTGU\CJN OO I $TQEMOCPP 'KP /GKUVGTYGTM FGT /GFCKNNGPMWPUV FGU $CTQEM WPF KP )QNF XQP ITÌVGT 5GNVGPJGKV 8QT\ÒINKEJ GTJCNVGPGU -CDKPGVVUVÒEM 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

5QRJKC )GOCJNKP 'TPUV #WIWUVU /WVVGT FGT GTUVGP RTGWKUEJGP -ÌPKIKP 5QRJKG %JCTNQVVG 5QRJKC IGDQTGP CO KP *CCI YCT FKG 6QEJVGT (TKGFTKEJU 8 XQP FGT 2HCN\ FGU 9KPVGTMÌ PKIU UQYKG 'NKUCDGVJ 5VWCTVU 0CEJ GKPGT CWUIG\GKEJPGVGP #WUDKNFWPI XGTNQDVG UKG UKEJ OKV )GQTI 9KN JGNO XQP $TCWPUEJYGKI .ÒPGDWTI NÌUVG FKGUG 8GTDKPFWPI YKGFGT CWH WPF JGKTCVGVG UVCVVFGUUGP UGKPGP $TWFGT 'TPUV #WIWUV FGT UGKV GXCPIGNKUEJGT $KUEJQH XQP 1UPCDTÒEM YCT #NU 'PMGNKP FGU GPINKUEJGP -ÌPKIU ,COGU + JCVVG 5QRJKC #PURTWEJ CWH FKG GPINKUEJG -TQPG FGT PCEJ #WUUEJNW FGT -CVJQNKMGP XQP FGT 6JTQPHQNIG KO 6JTQPHQNIGIGUGV\ XQP CEV QH UGVVNGOGPV OCPKHGUVKGTV YWTFG WPF KJTGP 5QJP VCVU·EJNKEJ CNU )GQTI + CWH FGP GPINKUEJGP 6JTQP DTCEJVG 5QRJKC FKG KJTGP 9QJPUKV\ *GTTGPJCWUGP \W GKPGO <GPVTWO FGT -WNVWT WPF 9KUUGPUEJCHV IGOCEJV JCVVG UVCTD FQTV CO KO #NVGT XQP ,CJTGP

2076

)QNFOGFCKNNG \W &WMCVGP XQP 5 .CODGNGV CWH KJTG GPINKUEJG 6JTQPHQNIG $TWUVDKNF 5QRJKCU T OKV 9KVYGPUEJNGKGT $TWUVDKNF FGT *GT\QIKP /CVJKNFG 5VCOOWVVGT FGU $TCWPUEJYGKIGT *CWUGU T OO I $TQEMOCPP 'KOGT 5VGORGT 8QP ITQGT 5GNVGPJGKV -N 2TQDKGTURWT WPVGT FGO $TWUVDKNF FGT 8QTFGTUGKVG -TCV\GT UQPUV XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

&KG 7OUEJTKHV FGT 8QTFGTUGKVG FKGUGT KPVGTGUUCPVGP YGNHKUEJGP /GFCKNNG NCWVGV 5QRJKC CWU FGT 9WT\GN FGT -WTHÒTUVGP XQP FGT 2HCN\ 'PMGNKP ,CMQDU + -ÌPKI XQP )TQDTKVCPPKGP 9KVYG 'TPUV #WIWUVU -WTHÒTUV XQP $TCWPUEJYGKI WPF .ÒPGDWTI YWTFG \WT GPINKUEJGP 2TKP\GUUKP OKV FGO 4GEJV FGT 6JTQPHQNIG GTPCPPV <WT 5KEJGTWPI FGT RTQVG UVCPVKUEJGP 6JTQPHQNIG DGUEJNQ FCU GPINKUEJG 2CTNCOGPV FGP #EV QH 5GVVNGOGPV FGT DGUVKOOVG FC PCEJ FGO \W GTYCTVGPFGP MKPFGTNQUGP #DNGDGP 9KNJGNOU +++ WPF #PPCU FKG 0CEJMQOOGP 5QRJKCU FGP GPINKUEJGP 6JTQP DGUVGKIGP UQNNVGP WPVGT FGT $GFKPIWPI FC UKG RTQVGUVCPVKUEJ DNKGDGP &KG 4ÒEMUGKVG UQNN GKPG CNVG 8GTDKPFWPI \YK UEJGP FGP 9GNHGP WPF 'PINCPF CWH\GKIGP FKG 7OUEJTKHV JGKV /CVKNFG 6QEJVGT *GKPTKEJU ++ -ÌPKI XQP 'PINCPF )GOCJNKP *GKPTKEJU FGU .ÌYGP *GT\QI XQP $C[GTP WPF 5CEJUGP /WVVGT FGU -CKUGTU 1VVQ +8 XQTJGT *GT\QI XQP #SWKVCPKGP FGU 2HCN\ITCHGP DGK 4JGKP *GKPTKEJ WPF FGU *GT\QIU 9KNJGNO 5VCOOXCVGT FGU $TCWPUEJYGKIGT *CW UGU &GT 6KVGN XQP #SWKVCPKGP ÒDGTTCUEJV KP FKGUGO <WUCOOGPJCPI FQEJ JCVVG FKG /WVVGT 1VVQU +8 FKGUGP 6KVGN GKPIGDTCEJV FGP UKG XQP KJTGT /WVVGT 'NGQPQTG XQP #SWKVCPKGP JCVVG &C 5QRJKC \YGK /QPCVG XQT FGO #PHCNN FGT 'TDUEJCHV UVCTD YWTFG KJT 5QJP CNU )GQTI + -ÌPKI XQP )TQDTKVCPPKGP +JTG 6QEJVGT 5QRJKG %JCTNQVVG JGKTCVGVG FGP DTCPFGPDWTIKUEJGP -WTRTKP\GP (TKGFTKEJ UR·VGT -WTHÒTUV (TKGFTKEJ +++ KO ,CJTG WPF YWTFG FKG GTUVG -ÌPKIKP 2TGWGPU +JTG 'PMGNKP 5QRJKG &QTQVJGC JGKTCVGVG FGP 5QNFCVGPMÌPKI (TKGFTKEJ 9KNJGNO + &KGUG JQEJUGNVGPG /GFCKNNG FGOQPUVTKGTV KP DGUQPFGTGT 9GKUG FKG GPIG 8GTHNGEJVWPI FGT GWTQR·KUEJGP *GTTUEJGTJ·WUGT <YKUEJGP FGP 9GNHGP WPF FGP *QJGP\QNNGTP MCO FKG NGV\VG URGMVCMWN·TG 8GTDKPFWPI \WUVCPFG CNU 8KMVQTKC .WKUG FKG GKP\KIG 6QEJVGT -CKUGT 9KNJGNOU ++ WPF 'TPUV #WIWUV FGT NGV\VG TGIKGTGPFG *GT\QI XQP $TCWPUEJYGKI WPF .ÒPGDWTI RTWPMXQNN KP $GTNKP *QEJ\GKV JKGNVGP UKGJG 0T

/CTKC Ó )GOCJNKP )GQTIU 8

2077

)QNFOGFCKNNG \W &WMCVGP XQP * ,CWPGT CWH FKG 8QNNGPFWPI FGU .GDGPULCJTGU $TWUVDKNF /CTKCU T OKV *CWDG WPF WOIGNGIVGO *GTOGNKPOCPVGN )GMTÌPVGU 9CRRGP XQP IGMTÌPVGO .ÌYGP WPF 'KPJQTP IGJCNVGP FCTWPVGT 5EJTKHVDCPF OO I $TQEMOCPP 4 8QT\ÒINKEJ 'TYQTDGP XQP 'TPUV $TCMGPUKGM

&KG XQTNKGIGPFG )QNFOGFCKNNG YCT FCU \WGTUV GTYQTDGPG 5VÒEM FKGUGT 5COONWPI WPF HÒJTVG UEJNKGNKEJ \W FGT ªDGTNG IWPI *CPU 9KNJGNO 9KGDGU FKG 5COONWPI CWH $TCPFGPDWTI 2TGWGP \W URG\KCNKUKGTGP &KG /ÒP\GPUCOONGT 'TPUV $TCMGPUKGM WPF *CPU 9KNJGNO 9KGDG YCTGP FWTEJ KJT IGOGKPUCOGU *QDD[ HTGWPFUEJCHVNKEJ XGTDWPFGP 'TPUV $TC MGPUKGM JCV *CPU 9KJGNO 9KGDG DGKO #WHDCW FGT 5COONWPI DGTCVGP 5Q YCT FGT GJGT \WH·NNKIG 'TYGTD FKGUGT )QNFOGFCKNNG XQP *CPPQXGT FGT #PNC HÒT UGJT XKGN YGKVGTIGJGPFG ªDGTNGIWPIGP FGTGP 'TIGDPKU FKGUG 5COONWPI KUV

&+' 56#&6 *#/$74)

2078

)QNFOGFCKNNG \W &WMCVGP XQP 2 * )ÌFGEMG CWH FKG ,CJTHGKGT FGT #WIUDWTIGT -QPHGUUKQP $TWUVDKNF .WVJGTU T 'KP 6KUEJ OKV $KDGN -GT\G WPF -QPHGUUKQP OO I )CGF +++ )GUEJKEJVG KP )QNF 5NI 9JKVKPI -N 4CPFHGJNGT XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 2CTVKP $CPM /ÒPEJGP 0T

2079

$CPMRQTVWICNÌUGT \W &WMCVGP XQP %JT 2HGWHHGT CWH FCU PGWG $CPMIGD·WFG 5GEWTKVCU OKV 5VCD WPF (ÒNNJQTP UVGJV N CP 5·WNG CP FGT FCU 5VCFVYCRRGP J·PIV WOJGT )GIGPUV·PFG FGU $CPMIGYGT DGU #PUKEJV FGU $CPMIGD·WFGU OO I )CGF +++ )GUEJKEJVG KP )QNF 5QOOGT 2 8QT\ÒINKEJp5VGORGNINCP\

2080

2082

2081

$CPMRQTVWICNÌUGT \W &WMCVGP WPUKIPKGTV XQP * ( $TCPFV CWH FKG ,CJTHGKGT FGT DÒTIGT UEJCHVNKEJGP 8GTHCUUWPI &CU *CODWTIGT 5VCFVYCRRGP WOJGT GKP DTGKVGU 4GNKGHDCPF CWH FGO KP HÒPH (GNFGTP FKG 9CRRGP FGT -KTEJURKGNG FCTIGUVGNNV UKPF \YKUEJGP FGP (GNFGTP 8GT\KGTWPIGP 'KP 4CVUJGTT WPF XKGT -KTEJGPXQTUVGJGT UVGJGP WO GKPGP 5EJTGKP OO I )CGF +++ )GUEJKEJVG KP )QNF .GJPGTV 8QT\ÒINKEJ

7PVGT FGO 'KPFTWEM FGT 4GHQTOCVKQP GTHWJTGP FKG $GUVTGDWPIGP FGT $ÒTIGTUEJCHV 'KPHNW CWH FCU 5VCFVTGIKOGPV \W PGJOGP DGK FGT 4CVUYCJN FGU ,CJTGU GKPGP GTPGWVGP PWP PCEJJCNVKIGP #WHVTKGD &KG -KTEJURKGNUXGTVTGVGT UGV\VGP FKG 'KPTKEJVWPI UV·PFKIGT DÒTIGTNKEJGT -QPVTQNNHWPMVKQPGP IGIGPÒDGT FGO 4CV FWTEJ FGTGP 4GEJVG KP FGO .CPIGP 4G\G XQP HGUVIGNGIV YWTFGP &KGUGP GTUVGP WPF GTHQNITGKEJGP 8GTUWEJ FCU TGEJVNKEJG 8GTJ·NVPKU \YKUEJGP 4CV WPF $ÒTIGTUEJCHV \W TGIGNP RTKGUGP UR·VGTG )GPGTCVKQPGP CNU $GITÒPFWPI FGT GKIGPVNKEJGP DÒTIGTNKEJGP 8GTHCUUWPI *CODWTIU

$CPMRQTVWICNÌUGT \W &WMCVGP XQP * .QTGP\ CWH FKG 'TTKEJVWPI WPF 'KPYGKJWPI FGT 0GWGP $ÌTUG *COOQPKC OKV 4WFGT WPF #PMGT UKV\V T CP )NQDWU IGNGJPV WPF \GKIV OKV FGT .KPMGP CWH FCU PGWG )GD·WFG KO *KPVGTITWPF N FCU )GD·WFG FGT CNVGP $ÌTUG #EJV <GKNGP 5EJTKHV KP 'KEJGPNCWDMTCP\ OO I )CGF +++ )GUEJKEJVG KP )QNF -N -TCV\GT XQT\ÒINKEJ

)QNFOGFCKNNG \W &WMCVGP XQP * .QTGP\ CWH FKG ,CJTHGKGT FGT 'KPYGKJWPI FGT ITQGP 5V /KEJCGNKUMKTEJG #PUKEJV FGT -KTEJG FKG XQP FGT 5QPPG DGUVTCJNV YKTF $TWUVDKNF FGU $CWOGKUVGTU ' ) 5QPPKP N OKV &TGKURKV\ OO I )CGF +++ )GUEJKEJVG KP )QNF 8QT\ÒINKEJ

2083

2084

$CPMRQTVWICNÌUGT \W &WMCVGP XQP * .QTGP\ CWH FKG 'KPYGKJWPI FGT 5V 0KEQNCKMKTEJG 5EJYGDGPFGT 'PIGN OKV (NCOOGPUEJYGTV WPF 2CNO\YGKI KO *KPVGTITWPF N FKG DTGPPGPFG -KTEJG T FKG PGW GTDCWVG -KTEJG #PUKEJV FGT XQNNGPFGVGP -KTEJG /KV 4CPFRWP\G / OO I )CGF +++ )GUEJKEJVG KP )QNF 8QT\ÒINKEJp5VGORGNINCP\

)QNFOGFCKNNG \W &WMCVGP XQP , .QTGP\ CWH FKG 8QNNGPFWPI FGT 5V ,QJCPPKUMKTEJG KP *CTXG UVGJWFG *COOQPKC OKV FGO *CODWTIGT 5VCFVYCRRGP UKV\V N KP 8KGTRC #PUKEJV FGT XQNNGPFGVGP -KT EJG /KV 4CPFRWP\G * / )1.& OO I )CGF 0CEJVTCI )GUEJKEJVG KP )QNF 5VGORGNINCP\ 41

2085

2086

2087

)QNFOGFCKNNG \W &WMCVGP XQP , .QTGP\ CWH FGP )GDWTVUVCI XQP ,QJCPPGU $WIGPJCIGP )TÒPFGT FGT 5V ,QJCPPKUUEJWNG ,QJCPPGWO $TWUVDKNF $WIGPJCIGPU N $QIGPICPI FCJKPVGT *QH OKV FGO &GPMOCN $WIGPJCIGPU WPF #PUKEJV FGT .GJTCPUVCNV OO I )CGF 0CEJVTCI )GUEJKEJVG KP )QNF 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 2CTVKP $CPM /ÒPEJGP 0T

)QNFOGFCKNNG \W &WMCVGP XQP , .QTGP\ CWH FKG )TWPFUVGKPNGIWPI FGU PGWGP 4CVJCWUGU *COOQPKC OKV FGO *CODWTIGT 5VCFVYCRRGP UKV\V N KP 8KGTRC #PUKEJV FGU 4CVJCWUGU OO I )CGF 0CEJVTCI )GUEJKEJVG KP )QNF 5VGORGNINCP\

)QNFOGFCKNNG \W &WMCVGP WPUKIPKGTV XQP , XQP .CPIGT CWH FGP 'TYGKVGTWPIUDCW FGU 5VCFVJCW UGU <YGK .ÌYGP JCNVGP FCU DGJGNOVG 5VCFVYCRRGP #PUKEJV FGU 5VCFVJCWUGU /KV 4CPFRWP\G * / )1.& OO I )CGF 0CEJVTCI )GUEJKEJVG KP )QNF 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 2CTVKP $CPM /ÒPEJGP 0T

2088

2089

)QNFOGFCKNNG \W &WMCVGP XQP , .CPIC WPF 2 &[HGEMG CWH FKG ,CJTHGKGT FGT ªDGTICDG FGU 5EJNQUUGU 4KV\GDÒVVGN CP FKG 5VCFV *CODWTI $TWUVDKNFGT FGT $ÒTIGTOGKUVGT , 8GTUOCPP WPF - /KNGU PGDGPGKPCPFGT T \W FGP 5GKVGP KJTG 9CRRGP FCTWPVGT FKG ,CJTGU\CJNGP 5GIGNUEJKHH CWH /GGT KO *KPVGTITWPF FGT 6WTO XQP 0GWYGTM WPVGP 5VCFVYCRRGP OO I )CGF 0CEJVTCI )GUEJKEJVG KP )QNF 8QT\ÒINKEJ

)CGFGEJGPU DGOGTMV KP UGKPGO 0CEJVTCI FC FKG IQNFGPGP 'ZGORNCTG FKGUGT /GFCKNNG UR·VGTG XQO 5GPCV IGPGJOKIVG 2T·IWPIGP XQP FGP 1TKIKPCNUVGORGNP UKPF FKG \W )GUEJGPM\YGEMGP DGK ,WDKN·GP CP $GCOVG FGT 5VCFV CWUIGIGDGP YWTFGP

)QNFOGFCKNNG \W &WMCVGP XQP ( 5EJCRGT CWH FGP )GDWTVUVCI FGU 4GKEJUITÒPFGTU (ÒTUV 1VVQ XQP $KUOCTEM 5EJÌPJCWUGP Ó (TKGFTKEJUTWJ IGYKFOGV XQP FGT 5VCFV *CODWTI $ÒUVG JCNDN FCPGDGP FCU *CODWTIGT 5VCFVYCRRGP $KUOCTEM CNU 5V )GQTI T \W 2HGTF GTUVKEJV FGP &TCEJGP /KV 4CPFRWP\G * / )1.& OO I $GPPGTV )CGF 0CEJVTCI )G UEJKEJVG KP )QNF 8QT\ÒINKEJ 'ZGORNCT FGT #WMVKQP 2CTVKP $CPM /ÒPEJGP 0T

&GT &TCEJG U[ODQNKUKGTV FKG <YKGVTCEJV FKG FWTEJ $KUOCTEMU 4GKEJUITÒPFWPI ÒDGTYWPFGP YWTFG $KUOCTEM YCT FGT NGV\VG DGFGWVGPFG 2CNNCFKP 2TGWGPU

&#5 )4155*'4<1)67/ *'55'0 &#4/56#&6 )TQJGT\QI .WFYKI ++ 5EJYKGIGTXCVGT FGT 2TKP\GUUKP 'NKUCDGVJ XQP 2TGWGP

2090

)QNFOGFCKNNG \W &WMCVGP XQP # ( -ÌPKI CWH FKG 8GTO·JNWPI UGKPGU \YGKVGP 5QJPGU 2TKP\ %CTN OKV 2TKP\GUUKP 'NKUCDGVJ XQP 2TGWGP 0KEJVG XQP -ÌPKI (TKGFTKEJ 9KNJGNO +++ WPF %QWUKPG (TKGF TKEJ 9KNJGNOU +8 WPF 9KNJGNOU + $GKFGT $ÒUVGP PGDGPGKPCPFGT T *[OGP OKV (CEMGN WPF -TCP\ UVGJV X X N FGT RTGWKUEJG #FNGT WPF GKP )GPKWU FGT $NWOGP TGKEJV T FGT JGUUKUEJG .ÌYG WPF GKP YGKVG TGT )GPKWU FGT $NWOGP TGKEJV KO #DUEJPKVV FTGK <GKNGP 5EJTKHV OO I /CTKGPD

FQTV KP 5KNDGT 5EJÒV\ FQTV KP 5KNDGT 8QP CNNGTITÌVGT 5GNVGPJGKV 9QJN 7PKMWO -N 4CPFHGJNGT YKP\ -TCV\GT XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP 7$5 $CUGN 0T

&#5 -74(ª456'067/ *'55'0 -#55'. .CPFITCH (TKGFTKEJ 9KNJGNO Ó 7TGPMGN FGU -CUUGNGT .CPFITCHGP (TKGFTKEJ ++ )TQEQWUKP FGU -WTHÒTUVGP (TKGFTKEJ 9KNJGNO )GOCJN FGT RTGWKUEJGP 2TKP\GUUKP #PPC

2091

)QNFOGFCKNNG \W &WMCVGP XQP ( 9 -WNNTKEJ PCEJ GKPGO 'PVYWTH XQP 2 XQP %QTPGNKWU CWH UGKPG \YGKVG 8GTO·JNWPI OKV #PPC XQP 2TGWGP 'PMGNKP (TKGFTKEJ 9KNJGNOU +++ $GKFGT $ÒUVGP PGDGP GKPCPFGT T *[OGP OKV (CEMGN UVGJV X X WPF HÒJTV FGP T UVGJGPFGP (ÒTUVGP OKV FGO JGUUKUEJGP .ÌYGP \WT N VJTQPGPFGP CPVKM IGMNGKFGVGP 2TKP\GUUKP OKV FGO RTGWKUEJGP #FNGT PGDGP UKEJ OO I /CTKGPD FQTV KP 5KNDGT 5EJÒV\ 5QOOGT - 44 'PVHGTPVG 6TCIGÌUG UGJT UEJÌPpXQT\ÒINKEJ

&#5 -#+5'44'+%* ¤56'44'+%* -CKUGT (TCP\ +

2092

)QNFOGFCKNNG XQP * ( $TCPFV \WT 'TKPPGTWPI CP UGKPG )GF·EJVPKUHGKGT KP 9KGP $ÒUVG N 5KGDGP <GKNGP 5EJTKHV KP .QTDGGTMTCP\ OO I .GJPGTV 5NI /QPVGPWQXQ

FQTV KP 5KNDGT 4 2TCEJVGZGORNCT (CUV 5VGORGNINCP\ 43

'T\JGT\QI (TCP\ (GTFKPCPF 6JTQPHQNIGT FGU -CKUGTTGKEJGU ¤UVGTTGKEJ 'T\JGT\QI WPF 6JTQPHQNIGT (TCP\ (GTFKPCPF 'T\JGT\QI XQP ¤UVGTTGKEJ 'UVG YWTFG CO KP )TC\ IGDQTGP <WUCOOGP OKV UGKPGT )GOCJNKP 5QRJKG )T·HKP %JQVGM *GT\QIKP XQP *QJGPDGTI YWTFG GT CO KP 5CTCLGXQ GTOQTFGV &KGUGU 'TGKIPKU YKTF CNU #WUNÌUGT HÒT FGP $GIKPP FGU 'TUVGP 9GNVMTKGIGU CPIGUGJGP

2093

)QNFOGFCKNNG XQP 0 $CEJTCEJ 2T·OKG FGU 8GTGKPU \WT 8GTDTGKVWPI NCPFYKTVUEJCHVNKEJGT -GPPV PKUUG \WT KPVGTPCVKQPCNGP #WUUVGNNWPI KP 9KGP $TWUVDKNF FGU 6JTQPHQNIGTU 'T\JGT\QI (TCP\ (GTFKPCPF JCNDT KP 7PKHQTO 2GTUQPKHKMCVKQPGP FGT .CPFYKTVUEJCHV XGTVGKNGP )CDGP CP GKPG (COKNKG GKPGP -TCPMGP WPF CP GKPGP 5QNFCVGP KO #DUEJPKVV 9+'0 41670&' OO I 5NI $TGVVCWGT

FQTV KP 5KNDGT 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJp5VGORGNINCP\

'7412 +5%*' 56##6'0 &#5 8'4'+0+)6' -¤0+)4'+%* )4155$4+6#00+'0 -ÌPKIKP 8KEVQTKC 5EJYKGIGTOWVVGT (TKGFTKEJU +++ WPF )TQOWVVGT 9KNJGNOU ++ XQP 2TGWGP

8KEVQTKC IGDQTGP CO KO .QPFQPGT -GPUKPIVQP 2CNCEG YCT FKG 6QEJVGT XQP 8KEVQTKC XQP 5CEJUGP %QDWTI 5CCNHGNF WPF XQP 'FYCTF XQP -GPV FGO XKGTVGP 5QJP FGU GPINKUEJGP -ÌPKIU )GQTI +++ WPF LÒPIGTGP $TWFGT FGU GPINKUEJGP -ÌPKIU 9KNJGNO +8 #NU KJT 1PMGN 9KNJGNO +8 UVCTD DGUVKGI 8KEVQTKC KO #NVGT XQP ,CJTGP FGP DTKVKUEJGP 6JTQP WPF UQNNVG Y·JTGPF KJTGT L·JTKIGP 4GIKGTWPIU\GKV \W GKPGT FGT O·EJVKIUVGP (TCWGP FGT )GUEJKEJVG YGTFGP 5GKV OKV KJTGO %QWUKP #NDGTV XQP 5CEJUGP %QDWTI )QVJC XGTJGKTCVGV NGPMVG FKG -ÌPKIKP XQP )TQDTKVCPPKGP WPF +TNCPF FKG CWEJ -CKUGTKP XQP +PFKGP YWTFG PKEJV PWT OKV ITQGO )GUEJKEM WPF 'THQNI FCU $TKVKUJ 'ORKTG UQPFGTP IGDCT WPF GT\QI CWEJ PQEJ PGWP -KPFGT 'KP UEJYGTGT 5EJNCI HÒT FKG -ÌPKIKP YCT FGT 6QF KJTGU )GOCJNU FGT KO #NVGT XQP PWT ,CJTGP CP GKPGO -TGDUNGKFGP UVCTD 8KEVQTKC VTWI DKU CP KJT .GDGPUGPFG HCUV PWT PQEJ 9KVYGPVTCEJV WPF FTQJVG DGK &KHHGTGP\GP OKV FGT 4GIKGTWPI YKGFGTJQNV OKV #DFCPMWPI FC FKG -TQPG HÒT KJTG 6TCWGT GKPG UEJYGTG .CUV DGFGWVGVG +JT ·NVGUVGU -KPF 8KEVQTKC

8KEM[ JGKTCVGVG -TQPRTKP\ (TKGFTKEJ 9KNJGNO XQP 2TGWGP FGP UR·VGTGP -CKUGT (TKGFTKEJ +++ .GKFGT UQNNVG FKGUG F[PCUVKUEJG 8GTDKPFWPI PKEJV FGP #WUDTWEJ FGU 'TUVGP 9GNVMTKGIU XGTJKPFGTP 3WGGP 8KEVQTKC UVCTD CO ,CPWCT KO #NVGT XQP ,CJTGP KP 1UDQTPG *QWUG CWH FGT +UNG QH 9KIJV KP FGP #TOGP KJTGU 'PMGNU FGU FGWVUEJGP -CKUGTU 9KNJGNO ++

2094

)QNFOGFCKNNG XQP $ 2KUVTWEEK CWH KJTG -TÌPWPI CO ,WPK 1HHK\KGNNG 2T·IWPI FGT 4Q[CN /KPV $ÒUVG N OKV &KCFGO 8KEVQTKC VJTQPV N OKV 4GKEJUCRHGN WPF <GRVGT FCJKPVGT .ÌYG FCXQT $TKVCPPKC *KDGTPKC WPF 5EQVKC FKG KJT FKG -TQPG ÒDGTTGKEJGP KO #DUEJPKVV \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I 'KOGT 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJ

2095

)QNFOGFCKNNG XQP , ' $QGJO WPF ( .GKIJVQP CWH KJT L·JTKIGU 4GIKGTWPIULWDKN·WO 1HHK\KGNNG 2T·IWPI FGT 4Q[CN /KPV )GMTÌPVGU $TWUVDKNF N OKV 5EJNGKGT 9GKDNKEJG 2GTUQPKHKMCVKQP FGU $TKVKUJ 'ORKTG OKV 5EJYGTV WPF 4GKEJUCRHGN VJTQPV X X WOJGT FKG 2GTUQPKHKMCVKQP FGT 9KUUGPUEJCHV FGT -ÒP UVG FGT .CPFYKTVUEJCHV WPF FGT +PFWUVTKG \W KJTGP (ÒGP FGT FGP *CPFGN RGTUQPKH\KGTGPFG T NCIGTPFG /GTMWT WPF GKP FKG <GKV RGTUQPKHK\KGTGPFGT UKV\GPFGT IGHNÒIGNVGT )GPKWU QDGP \YGK UEJYGDGPFG 'PIGN OKV -T·P\GP WPF 5EJKNFGP KO #DUEJPKVV HÒPH 5EJKNFG FKG OKV FGP 0COGP FGT -QPVKPGPVG DGUEJTKHVGV UKPF OO I 'KOGT 2TCEJVGZGORNCT 0WT 'ZGORNCTG IGRT·IV +P 'VWK (CUV 5VGORGNINCP\

2096

&+' 8'4'+0+)6'0 0+'&'4.#0&' 'TDUVCVVJCNVGT 9KNJGNO 8 5EJYCIGT (TKGFTKEJ 9KNJGNOU +++ XQP 2TGWGP

2097

)QNFOGFCKNNG XQP ) XCP /QGNKPIGP CWH UGKPG 8GTO·JNWPI OKV (TKGFGTKMG 5QRJKC 9KNJGNOKPG XQP 2TGWGP &KG $TWUVDKNFGT FGU $TCWVRCCTGU PGDGPGKPCPFGT T 'KP OKV XGTUEJKGFGPGP 5KPPDKNFGTP IG UEJOÒEMVGT #NVCT FCTÒDGT \YGK .KGDGUIÌVVGT OKV \YGK DTGPPGPFGP *GT\GP -TCP\ WPF -TQPG KO #D UEJPKVV \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I 1NF 8GTX X .QQP FQTV KP 5KNDGT 44 8QT\ÒINKEJ

21.0+5%*' .'*'05*1*'+6 70& &'765%*'5 $ª4)'467/ &+' 56#&6 &#0<+)

2098

)QNFOGFCKNNG \W &WMCVGP Q , XQP , *ÌJP CWH FGP 9CHHGPUVKNNUVCPF OKV 5EJYGFGP KP 5VWJOUFQTH (KFGU WPF 2KGVCU TGKEJGP UKEJ FKG *·PFG KO *KPVGTITWPF 5VCFVCPUKEJV XQP &CP\KI QDGP UVTCJNGPFGU )QVVGUCWIG ,WUVKVKC OKV DGD·PFGTVGO 5EJYGTV WPF 2CZ OKV %CFWEGWU ¤N WPF 2CNO\YGKI WOCTOGP GKPCPFGT FCXQT 5EJTKHVVCHGN OO I &WVMQYUMK 5WEJCPGM D 2CZ KP 0WOOKU

FQTV KP 5KNDGT +P )QNF XQP CNNGTITÌVGT 5GNVGPJGKV 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

2099

)QNFOGFCKNNG XQP , *ÌJP CWH FKG ,CJTHGKGT FGU #DHCNNGU FGT 5VCFV &CP\KI XQP FGT 1TFGPU JGTTUEJCHV &GT RTGWKUEJG #FNGT OKV GTJQDGPGO 5EJYGTV UVGJV CWH 2QUVCOGPV XQT GKPGO 6GKN FGT 5VCFVCPUKEJV XQP &CP\KI WPF FGT 9GKEJUGNIGIGPF OKV FGT ªDGTUEJTKHV 24755+# FCTÒDGT FGT HNKGIGPFG IGMTÌPVG RQNPKUEJG #FNGT OKV IGUEJWNVGTVGO <GRVGT WPF FGT UVTCJNGPFG 0COG ,GJQXCU &CP\KIGT 9CRRGP ÒDGT <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I &WVMQYUMK 5WEJCPGM +P )QNF XQP ITQGT 5GNVGPJGKV (CUUWPIUURWTGP UGJT UEJÌP 'ZGORNCT FGT #WMVKQP #FQNRJ *GUU #) <ÒTKEJ 0T

&#5 -#+5'44'+%* 4755.#0& <CT #NGZCPFGT ++ 'PMGN (TKGFTKEJ 9KNJGNOU +++ WPF 0GHHG (TKGFTKEJ 9KNJGNOU +8 WPF 9KNJGNOU + XQP 2TGWGP

2100

)QNFOGFCKNNG XQP , 6UEJWMOCUUQHH WPF 8 #NGZGKGX CWH FGP 6QF UGKPGT /WVVGT #NGZCPFTC (GQ FQTQYPC )GOCJNKP FGU <CTGP 0KMQNCWU + $TWUVDKNF FGT 8GTUVQTDGPGP OKV &KCFGO WPF 5EJNGKGT T 'KP 'PIGN OKV -TGW\ UEJYGDV ÒDGT FGO )TCD FGT <CTKP FCTCWH GKPG MPKGPFG YGKDNKEJG )GUVCNV OKV -KPF WPF GKP MPKGPFGT )GPKWU FGT GKPG (CEMGN KP GKPGP 5EJNCPIGPTKPI FCU 5[ODQN FGT 'YKIMGKV J·NV QDGP UVTCJNGPFGU )QVVGUCWIG OO I 5OKTPQX 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJ &KG <CTKP #NGZCPFTC (GQFQTQYPC YWTFG CO ,WNK KP $GTNKP CNU 2TKP\GUUKP (TKGFGTKMG %JCTNQVVG 9KNJGNOKPG XQP 2TGWGP IGDQTGP %JCTNQVVG YCT FCU FTKVVG -KPF WPF FKG ·NVGUVG 6QEJVGT XQP -ÌPKI (TKGFTKEJ 9KNJGNO +++ WPF -ÌPKIKP .WKUG #O ,WNK YWTFG UKG CP KJTGO )GDWTVUVCI OKV 0KMQNCWU FGO LÒPIGTGP $TWFGT FGU <CTGP #NGZCPFGT + WPF UR·VGTGP <CTGP 0KMQNCWU + XGTJGKTCVGV 1DYQJN FKG *QEJ\GKV CNU RQNKVKUEJG /CPCJOG \WT $GMT·HVKIWPI FGU TWUUKUEJ RTGWKUEJGP $ÒPFPKUUGU GKPIGH·FGNV YWTFG YCT FKG 'JG UGJT INÒEMNKEJ WPF DTCEJVG UKGDGP -KPFGT JGTXQT %JCTNQVVG VTCV \WT TWUUKUEJ QTVJQFQZGP -KTEJG ÒDGT WPF YWTFG CNU )TQHÒTUVKP #NGZCPFTC (GQFQTQYPC IGPCPPV 5KG DNKGD \GKVNGDGPU OKV KJTGT RTGWKUEJGP *GKOCV XGTDWPFGP DGUWEJVG TGIGNO·KI KJTG (COKNKG WPF ICD FGT TWUUKUEJGP -QNQPKG KP 2QVUFCO KJTGP 0COGP #NGZCPFTQYMC 0CEJFGO DGTGKVU KJT )GOCJN <CT 0KMQNCWU + XGTUVQTDGP YCT UVCTD <CTKP #NGZCPFTC CO KP 5EJNQ <CTUMQLG 5GNQ KO #NVGT XQP ,CJTGP 9GKVGTG /GFCKNNGP OKV $G\WI \W 4WNCPF HKPFGP 5KG WPVGT FGP 0TP WPF

&#5 -¤0+)4'+%* 5%*9'&'0 -ÌPKI #FQNH (TKGFTKEJ 5EJYCIGT (TKGFTKEJU ++ XQP 2TGWGP #FQNH (TKGFTKEJ IGDQTGP CO KP )QVVQTH YCT FGT \YGKVG 5QJP XQP %JTKUVKCP XQP 5EJNGUYKI *QNUVGKP )QVVQTR WPF UGKPGT )GOCJNKP #NDGTVKPG XQP $CFGP &WTNCEJ 9GIGP UGKPGT XGTYCPFVUEJCHV NKEJGP $G\KGJWPIGP UGKP 5EJYCIGT YCT -ÌPKI -CTN :++ YWTFG #FQNH (TKGFTKEJ PCEJ FGO 6QF FGU UEJYGFKUEJGP -ÌPKIU (TGFGTKM + \WO 0CEJHQNIGT IGY·JNV #FQNH (TGFGTKM JCVVG CO FKG RTGWKUEJG 2TKP\GUUKP .WKUG 7NTKMG IGJGKTCVGV FKG UGEJUVG 6QEJVGT FGU 5QNFCVGPMÌPKIU (TKGFTKEJ 9KNJGNO + WPF LÒPIGTG 5EJYGUVGT (TKGFTKEJU ++ FGU )TQGP .WKUG 7NTKMG JKGNV KP 5EJNQ &TQVVPKPIJQNO GKPGP IN·P\GPFGP *QH WPF HÌTFGTVG -WPUV WPF 9KUUGPUEJCHVGP KP 5VQEMJQNO &KG -ÌPKIKP WPVGTUVÒV\VG CWEJ KJTGP )GOCJN FGT QHVOCNU KP -QPHNKMV OKV FGO 4GKEJUTCV WPF FGP RQNKVKUEJGP 2CTVGKGP 5EJYGFGPU UVCPF #FQNH (TGFGTKM UVCTD CO KP 5VQEMJQNO UGKPG )GOCJNKP ÒDGTNGDVG KJP PQEJ \GJP ,CJTG WPF UVCTD CO

1,5:1

2101

)QNFOGFCKNNG \W &WMCVGP XQP ) .KWPIDGTIGT CWH UGKPG 5KNDGTJQEJ\GKV OKV .WKUG 7NTKMG 5EJYGUVGT XQP (TKGFTKEJ ++ FGO )TQGP XQP 2TGWGP $GKFGT $TWUVDKNFGT PGDGPGKPCPFGT T *QEJ \GKVUIQVV OKV $NWOGP WPF (CEMGN UVGJV X X KO #DUEJPKVV ,CJTGU\CJN OO I *KNFGDTCPF ++ 5 FQTV KP 5KNDGT 1NF 44 8QT\ÒINKEJ

24 )70)'0 +0 5+.$'4 $4#0&'0$74) 24'755'0 &#5 -74ª456'067/ $4#0&'0$74) -WTHÒTUV ,QCEJKO ++ ,QCEJKO ++ IGDQTGP CO KP %ÌNNP CP FGT 5RTGG IGPQ GKPG JWOCPKUVKUEJG 'T\KGJWPI WPF #WU DKNFWPI CO *QH -CTNU 8 FGP GT CWH FGO 6ÒTMGP\WI DGINGKVGVG WPF MCO PCEJ FGO 6QF UGKPGU 8CVGTU ,QCEJKO + IGPCPPV 0GUVQT CP FKG 4GIKGTWPI 1DYQJN GT UGKPGO 8CVGT FKG $GKDGJCNVWPI FGT -CVJQNKUEJGP -QPHGUUKQP \WIGUKEJGTV JCVVG DGOÒJVG UKEJ ,QCEJKO ++ WO FGP MQPHGUUKQPGNNGP #WU INGKEJ KP UGKPGO .CPF /KV MCKUGTNKEJGT $KNNKIWPI XGTUWEJVG FGT -WTHÒTUV FGT FGP $GKPCOGP *GMVQT GT JKGNV GKPG ōEJTKUVNKEJGŋ -KTEJG CNU -QORTQOK \YKUEJGP GKPGT ōTÌOKUEJGPŋ WPF GKPGT ōYKVVGPDGTIK UEJGPŋ -KTEJG GKP\WHÒJTGP +O ,CJT VTCV ,QCEJKO ++ *GMVQT LGFQEJ \WT 4GHQTOCVKQP ÒDGT JQD FKG $KUVÒOGT $TCPFGPDWTI *CXGNDGTI WPF .GDWU CWH WPF GTNKG FKG XQP FGO RTQVGUVCPVKUEJGP 6JGQNQIGP ,QJCPP #ITKEQN GPVYQTHGPG -KTEJGPQTFWPI 'U IGNCPI KJO FGPPQEJ FCU IWVG 8GTJ·NVPKU \WO *CWU *CDUDWTI DGK\WDGJCNVGP OKV FGO GT PCEJ FGT 6GKNPCJOG CO 6ÒTMGP\WI XQP XGTUWEJVG FKG (QNIGP FGU 5EJOCNMCNFKUEJGP -TKGIGU \W OKNFGTP &KG RQNKVKUEJG 'PVUEJGKFWPIUHTGKJGKV ,QCEJKOU ++ YWTFG UVCTM GKPIGUEJT·PMV FWTEJ UGKPG OCNQUG (KPCP\YKTVUEJCHV FKG KJP \W WOHCPITGKEJGP <WIGUV·PFPKUUGP CP FKG .CPFUV·PFG \YCPI FKG YKGFGTWO OGJTHCEJ FGP 5VCCVUDCPMTQVV XGTJKPFGTVGP ,QCEJKO ++ *GMVQT UVCTD CO ,CPWCT KO #NVGT XQP ,CJTGP KP UGKPGO ,CIFUEJNQ -ÌRGPKEM

2102

5KNDGTOGFCKNNG 2T·IWPI CWU FGT GTUVGP *·NHVG FGU ,CJTJWPFGTVU WPUKIPKGTV $TWUVDKNF HCUV X X (ÒPH <GKNGP 5EJTKHV FCTWPVGT ,CJTGU\CJN OO I $TQEMOCPP XIN #PO 5R·VGTG 2T·IWPI 8QT\ÒINKEJGU 'ZGORNCT OKV UEJÌPGT 2CVKPC 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

9GKVGTG /GFCKNNGP OKV $G\WI \W ,QCEJKO ++ HKPFGP 5KG WPVGT FGP 0TP WPF

-WTHÒTUV ,QJCPP )GQTI 0CEJ UGKPGO 5VWFKWO KP FGT XQP UGKPGO )TQXCVGT ,QCEJKO + 0GUVQT IGITÒPFGVGP 7PKXGTUKV·V (TCPMHWTV CP FGT 1FGT PCJO ,QJCPP )GQTI IGDQTGP CO 5GRVGODGT KP %ÌNNP CP FGT 5RTGG CWH MCKUGTNKEJGT 5GKVG CP FGT 5EJNCEJV DGK /ÒJNDGTI VGKN 5GKV XGTYCNVGVG GT FKG XQP UGKPGO 8CVGT ,QC EJKO ++ *GMVQT CWHIGJQDGPGP -NÌUVGT *CXGNDGTI WPF .GDWU UGKV CWEJ $TCPFGPDWTI 0CEJ FGO 6QF UGKPGU 8CVGTU CO ,CPWCT ÒDGTPCJO ,QJCPP )GQTI FKG 4GIKGTWPI WPF GTDVG 6CIG UR·VGT PCEJ FGO 6QF UGKPGU 1PMGNU ,QJCPP + XQP $TCPFGPDWTI -ÒUVTKP CWEJ FGUUGP .CPF +O )GIGPUCV\ \W UGKPGO 8CVGT \GKEJPGVG UKEJ ,QJCPP )GQTI FWTEJ O·KIGP .GDGPUUVKN CWU GKP %JCTCMVGT\WI FGT UKEJ CWEJ KP FGT TKIQTQUGP 4GFW\KGTWPI FGT 5VCCVUCWUICDGP WPF HQNINKEJGP )GUWPFWPI FGT UVCCVNKEJGP (KPCP \GP DGOGTMDCT OCEJVG &CDGK JCNH CWEJ FKG #PUKGFGNWPI GKPGT ITQGP <CJN XQP PKGFGTN·PFKUEJGP )NCW DGPUHNÒEJVNKPIGP FKG FGT ÒDGT\GWIVG .WVJGTCPGT ,QJCPP )GQTI DGTGKVYKNNKI CWHPCJO #O ,CPWCT UVCTD FGT KO RGTUÌPNKEJGP )GPW O·KIG -WTHÒTUV KO #NVGT XQP ,CJTGP WPF GTTGKEJVG FCOKV FCU JÌEJ UVG .GDGPUCNVGT CNNGT -WTHÒTUVGP UGKPGU *CWUGU

2103

5KNDGTIWOGFCKNNG WPUKIPKGTV )GJCTPKUEJVGU *ÒHVDKNF N OKV WOIGNGIVGT (GNFDKPFG WPF -QOOCP FQUVCD KP FGT 4GEJVGP <GKNGP 5EJTKHV FCTWPVGT ,CJTGU\CJN OO I $TQEMOCPP <GKVIGPÌUUKUEJGT )W 5GJT UEJÌPG #TDGKV

5QRJKG 6QEJVGT ,QJCPP )GQTIU 5QRJKG IGDQTGP CO YCT FKG FTKVVG 6QEJVGT FGU -WTHÒTUVGP ,QJCPP )GQTI CWU UGKPGT \YGKVGP 'JG OKV 5CDKPG /CTMIT·HKP XQP $TCPFGPDWTI 6QEJVGT FGU /CTMITCHGP )GQTI XQP #PUDCEJ WPF $C[ TGWVJ 5KG JGKTCVGVG CO #RTKN %JTKUVKCP + XQP 5CEJUGP FGT PCEJ FGO 6QF UGKPGU 8CVGTU #WIWUV -WTHÒTUV YWTFG -WTHÒTUVKP 5QRJKG ÒDGTNGDVG KJTGP )GOCJN FGT KO #NVGT XQP PWT ,CJTGP UVCTD WO ,CJTG WPF UEJKGF CO KP &TGUFGP KO #NVGT XQP ,CJTGP CWU FGO .GDGP WPF YWTFG KO &QO \W (TGKDGTI DGKIGUGV\V

2104

1XCNG 5KNDGTOGFCKNNG WPUKIPKGTV CWH KJTGP 6QF $TWUVDKNF 5QRJKGU N (ÒPH <GKNGP 5EJTKHV FCTÒDGT IGHNÒIGNVGT 'PIGNUMQRH Z OO I $TQEMOCPP 4 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

'ZGORNCT FGT #WMVKQP 5EJYGK\GTKUEJGT $CPMXGTGKP $CUGN 0T

-WTHÒTUV ,QJCPP 5KIKUOWPF ,QJCPP 5KIKUOWPF FGT CO KP *CNNG IGDQTGPG 5QJP FGU -WTHÒTUVGP ,QCEJKO (TKGFTKEJ JGKTC VGVG CO 1MVQDGT #PPC 2TKP\GUUKP KP 2TGWGP 'T HÒJTVG KO *GT\QIVWO 2TGWGP YGKVIGJGPF FKG 4GIGPVUEJCHV HÒT UGKPGP IGKUVGUMTCPMGP 5EJYKGIGTXCVGT #NDTGEJV (TKGFTKEJ WPF HQNIVG PCEJ FGO 6QFG UGKPGU 8CVGTU CNU -WTHÒTUV XQP $TCPFGPDWTI PCEJ IGNCPI KJO KO LÒNKEJ MNGXKUEJGP 'TDHQNIG UVTGKV FGT 'TYGTD XQP -NGXG /CTM WPF 4CXGPUDGTI WPF YWTFG GT VTQV\ 9KFGTUVCPFGU FGT NWVJGTK UEJGP 5V·PFG *GT\QI XQP 2TGWGP &KG .WVJGTCPGT YCTGP FGO -WTHÒTUVGP IGIGPÒDGT OKUUVTCWKUEJ FC GT GPVIGIGP FGO UGKPGP )TQXCVGT ,QJCPP )GQTI IGNGKUVGVGP 8GTURTGEJGP \WO %CNXKPKUOWU ÒDGTIG VTGVGP YCT WPF CNU QDGTUVG IGKUVNKEJG $GJÌTFG KP $TCPFGPDWTI GKPGP TGHQTOKGTVGP -KTEJGPTCV GKPIGTKEJVGV JCVVG &KG GNHL·JTKIG 4GIKGTWPIU\GKV FGU -WTHÒTUVGP ,QJCPP 5KIKUOWPF FGT CO KP $GTNKP KO #NVGT XQP ,CJTGP UVCTD YCT YGIGP FGT VGTTKVQTKCNGP 'TYGTDWPIGP WPF YGIGP FGU -QPHGUUKQPU YGEJUGNU HÒT FCU .CPF XQP GPVUEJGKFGPFGT $GFGWVWPI

2105

6TCIDCTG QXCNG 5KNDGTIWOGFCKNNG WPUKIPKGTV 4GRT·UGPVCVKQPUUVÒEM PCEJ #TV FGT )PCFGPRHGPPKIG )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN -WTJWV ÒDGT XGT\KGTVGO 9CRRGP Z OO I $TQEMOCPP 4 /KV CWHIGNÌVGVGT 6TCIGÌUG #NVXGTIQNFGVGT \GKVIGPÌUUKUEJGT )W 5GJT UEJÌPG #TDGKV 'ZGORNCT FGT #WMVKQP 5EJYGK\GTKUEJGT $CPMXGTGKP $CUGN 0T

-WTHÒTUV )GQTI 9KNJGNO )GQTI 9KNJGNO FGT CO KP %ÌNNP IGDQTGPG ECNXKPKUVKUEJG 5QJP FGU -WTHÒTUVGP ,QJCPP 5KIKU OWPF IGTKGV UGKV CNU 5VCVVJCNVGT KP FGP GTYQTDGPGP TJGKPKUEJGP )GDKGVGP -NGXG /CTM WPF 4CXGPUDGTI TCUEJ WPVGT FGP 'KPHNW FGU MCVJQNKUEJGP )TCHGP #FCO XQP 5EJYCT\GPDGTI FGT PCEJ FGO 4GIKGTWPIUCPVTKVV FGU WPGPVUEJNQUUGPGP )GQTI 9KNJGNO YGKVIGJGPF FKG DTCPFGPDWTIKUEJG 2QNKVKM DGUVKOOVG /KV \YGK FGT \GPVTCNGP 2GTUÌPNKEJMGKVGP FGU &TGKKIL·JTKIGP -TKGIGU YCT )GQTI 9KNJGNO XGTUEJY·IGTV &WTEJ UGKPG CO ,WNK IGHGKGTVG *QEJ\GKV OKV 'NKUCDGVJ %JCTNQVVG XQP FGT 2HCN\ YCT GT 5EJYCIGT FGU 9KPVGTMÌPKIU (TKGFTKEJ 8 XQP FGT 2HCN\ WPF FWTEJ FKG XQP UGKPGT /WVVGT #PPC GKPIGH·FGNVGP *QEJ\GKV UGKPGT 5EJYGUVGT /CTKC 'NGQPQTG OKV )WUVCX ++ #FQNH CO &G\GODGT YWTFG GT 5EJYCIGT FGU ITQGP 5EJYGFGPMÌPKIU &GPPQEJ XGTUWEJVG FGT DTCPFGPDWTIKUEJG -WTHÒTUV FKG 0GWVTCNKV·V \W YCJTGP WPF UGKP .CPF CWU FGO )TQGP -TKGI JGTCWU\WJCNVGP 0CEJFGO FKG /CTM $TCP FGPDWTI UGKV XQP /CPUHGNF WPF 9CNNGPUVGKP XGTYÒUVGV YQTFGP YCT VTCV GT ņ CWEJ WPVGT FGO &TWEM 5EJYCT\GPDGTIU ņ CWH FKG MCKUGTNKEJG 5GKVG #NU UGKP 5EJYCIGT )WUVCX ++ #FQNH 2QOOGTP WPF FKG (GUVWPIGP (TCPMHWTV WPF $TCPFGPDWTI GTQDGTVG YGEJUGNVG )GQTI 9KNJGNO FKG 5GKVG WPF UEJNQ 8GTVT·IG OKV FGP 5EJYGFGP JKPIGIGP VTCV GT FGO FWTEJ FKG *CDUDWTIGT FKMVKGTVGP 2TCIGT (TKGFGP DGK YQTCWHJKP FKG 5EJYGFGP FKG /CTM DKU CWH -ÒUVTKP WPF 5RCPFCW DGUGV\VGP &KG YGKVIGJGPFG <GT UVÌTWPI FGU DTCPFGPDWTIKUEJGP 6GTTKVQTKWOU FWTEJ FGP -TKGI KUV KO YGUGPVNKEJGP FGT UEJYCEJGP 2GTUÌP NKEJMGKV WPF YCPMGNOÒVKIGP 2QNKVKM )GQTI 9KNJGNOU CP\WNCUVGP FGT UKEJ PCEJ 2TGWGP \WTÒEM\QI WPF CO &G\GODGT KP -ÌPKIUDGTI KO #NVGT XQP ,CJTGP CP FGT 9CUUGTUWEJV UVCTD

2106

5KNDGTOGFCKNNG XQP 5 &CFNGT CWH FGP 9CHHGPUVKNNUVCPF KP 2TGWGP )GQTI 9KNJGNO WPF UGKP 5QJP -WTRTKP\ (TKGFTKEJ 9KNJGNO DGKFG KO *CTPKUEJ UVGJGP PGDGPGKPCPFGT X X CP GKPGO 6KUEJ CWH FGO -WTJWV WPF <GRVGT NKGIGP CO $QFGP DGHKPFGP UKEJ FKG DGKFGP *GNOG &KG 2GTUQPKHKMCVKQP FGU (TKG FGPU OKV ¤N\YGKI WPF $WEJ UKV\V X X CWH \GTDTQEJGPGP 9CHHGP KO *KPVGTITWPF FKG #PUKEJV XQP -Ì PKIUDGTI WPF FKG RTGWKUEJG -ÒUVG OKV (KUEJJCWUGP 2KNNCW $CNIC WPF $TCPFGPDWTI OO I $TQEMOCPP 9KGEGM 5GJT CVVTCMVKXGU 'ZGORNCT OKV UEJÌPGT 2CVKPC (GNFGT \ 6 CNVIGIN·VVGV UGJT UEJÌP 'ZGORNCT FGT #WMVKQP )QTP[ WPF /QUEJ /ÒPEJGP 0T

-WTHÒTUV (TKGFTKEJ 9KNJGNO FGT )TQG -WTHÒTUV &KG -KPFJGKV (TKGFTKEJ 9KNJGNOU FGU CO (GD TWCT KP %ÌNNP CP FGT 5RTGG IGDQTGPGP 5QJPGU FGU -WTHÒTUVGP )GQTI 9KNJGNO YCT FWTEJ FGP &TGKKIL·JTKIGP -TKGI WPF FWTEJ FKG *KNHNQUKIMGKV IGRT·IV OKV FGT $TCPFGPDWTI FKGUG UEJYGTG <GKV FWTEJNGKFGP OWVG &KG GKP\KIGP .KEJVDNKEMG YCTGP FKG *GNFGPIGUVCNV UGKPGU 1P MGNU )WUVCX ++ #FQNH FGUUGP .GKEJPCO GT KP 9QNICUV \W 5EJKHHG IGNGKVGV JCV WPF UGKP $KNFWPIUCWHGPVJCNV KP FGP 0KGFGTNCPFGP FKG KJO TGNKIKÌU RQNKVKUEJ WPF YKTVUEJCHV NKEJ \WO 8QTDKNF YWTFGP 0CEJ FGO 4GIKG TWPIUCPVTKVV DGICPP GT UGKV OKV FGO #WHDCW GKPGU UEJNCIMT·HVKIGP *GGTGU FCU \WT )TWPFNCIG FGT UR·VGTGP RTGWKUEJGP #TOGG YWTFG &WTEJ FGP 9GUVH·NKUEJGP (TKGFGP GTJKGNV $TCPFGPDWTI )GDKGVU\WYCEJU FWTEJ FKG CWHIG JQDGPGP $KUVÒOGT *CNDGTUVCFV /KPFGP /CIFG DWTI WPF -COOKP KO (TKGFGP XQP 1NKXC XQO /CK MQPPVG (TKGFTKEJ 9KNJGNO FKG RQN PKUEJG #PGTMGPPWPI UGKPGT 5QWXGT·PKV·V ÒDGT 2TGWGP GTTGKEJGP &KG FKXGTUGP +PVGTGUUGP UGK PGT YGKV CWUGKPCPFGTNKGIGPFGP )GDKGVG XGTCP NCVGP FGP -WTHÒTUVGP \W YGEJUGNPFGP -QCNKVK ¤N CWH .GKPYCPF XQP #FTKCGP *CPPGOCPP WO QPGP OKV FGP FCOCNKIGP )TQO·EJVGP 2QNGP 1TKIKPCN $GTNKP 5VKHVWPI 2TGWKUEJG 5EJNÌUUGT WPF *CDUDWTI (TCPMTGKEJ 0KGFGTNCPFG GKPG 2QNK )·TVGP $GTNKP $TCPFGPDWTI 2CTM %JCTNQVVGPDWTI 5EJNQ VKM FKG CNU ōDTCPFGPDWTIKUEJGU 9GEJUGNHKGDGTŋ %JCTNQVVGPDWTI (QVQ ,ÌTI 2 #PFGTU DG\GKEJPGV YWTFG &GT ITÌVG )GIPGT YCT Y·J TGPF UGKPGT 4GIKGTWPIU\GKV UVGVU 5EJYGFGP FGUUGP \CJNGPO·KI FGWVNKEJ ÒDGTNGIGPGU *GGT GT KP FGT 5EJNCEJV DGK (GJTDGNNKP DGUKGIGP MQPPVG 1DYQJN GT FCFWTEJ UGKP <KGN FKG 'TYGTDWPI FGU IGUCOVGP 2QOOGTPU PKEJV FCWGTJCHV GTTGKEJVG YWTFG GT UGKVFGO ōFGT )TQG -WTHÒTUVŋ IGPCPPV 0GDGP FGP DGFGWVGPFGP )GDKGVU\WY·EJUGP MQPPVG GT CWEJ 8GTYCNVWPI WPF 9KTVUEJCHV CWUDCWGP 0GDGP FGT #PUKGFNWPI XQP *WIGPQVVGP FGT 'TTKEJVWPI XQP -C P·NGP WPF /CPWHCMVWTGP UKPF KP FKGUGO <WUCOOGPJCPI CWEJ UGKPG MQNQPKCNGP 7PVGTPGJOWPIGP KP #HTKMC WPF FGT $CW GKPGT /CTKPG \W PGPPGP #WEJ JKGTDGK URKGNVGP FKG 0KGFGTNCPFG CNU 8QTDKNF GKPG 4QNNG HÒT (TKGFTKEJ 9KNJGNO FGT CO &G\GODGT FKG PKGFGTN·PFKUEJG 2TKP\GUUKP .WKUG *GPTKGVVG XQP 0CUUCW 1TCPKGP IGJGKTCVGV JCVVG #O /CK UVCTD FGT )TQG -WTHÒTUV FGT FWTEJ FKG 5V·TMWPI FGT MWTHÒTUVNKEJ DTCPFGPDWTIKUEJGP <GPVTCNIGYCNV PCEJ KPPGP WPF CWGP FGP )TWPFUVGKP HÒT FKG RTGWKUEJG )TQOCEJV IGNGIV JCVVG

2107

5KNDGTOGFCKNNG Q , XQP , *ÌJP ,WPKQT CWH FKG 'TDJWNFKIWPI KP -ÌPKIUDGTI )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN &GT IGMTÌPVG RTGWKUEJGT #FNGT HNKGIV T ÒDGT FGT 'TFJCNDMWIGN QDGP UVTCJNGPFGU #WIG )QVVGU OKV FGT 8GTJGKUUWPI %1057.#/ 6+$+ 1%7.1 /'1 +EJ YGTFG FKEJ OKV OGKPGP #WIGP NGKVGP OO I $TQEMOCPP 4 9KP\ 4CPFHGJNGT XQT\ÒINKEJGU 'ZGORNCT OKV JÒDUEJGT 2CVKPC 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2108

5KNDGTOGFCKNNG Q , XQP 6 4GWUU CWH UGKPG 8GTO·JNWPI OKV .WKUG *GPTKGVVG XQP 0CUUCW 1TC PKGP &KG *ÒHVDKNFGT FGU 2CCTGU FCU UKEJ FKG *CPF TGKEJV X X KJTG *·WRVGT YGTFGP XQP \YGK CWU 9QNMGP MQOOGPFGP *·PFGP DGMTÌPV QDGP UVTCJNGPFGU )QVVGUCWIG 'KPG CWU 9QNMGP MQOOGPFG *CPF IKGV GKPGP $CWO KO *KPVGTITWPF 5VCFVCPUKEJV QDGP UVTCJNGPFGT 0COG ,GJQXCU OO I $TQEMOCPP 44 (CUV XQT\ÒINKEJGU 'ZGORNCT OKV CVVTCMVKXGT 2CVKPC 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2109

/GFCKNNQPCTVKIGU 2T·UGPV 5EJCWUVÒEM OKV FGP IGOCNVGP 2QTVT·VU FGU )TQGP -WTHÒUVGP WPF UGKPGT )G OCJNKP .WKUG *GPTKGVVG &KG XQP GKPGO H·JKIGP /KPKCVWTKUVGP IGUEJCHHGPGP $KNFPKUUG YWTFGP WO CWH FKG +PPGPHN·EJGP GKPGU #WIUDWTIGT 5EJTCWDVCNGTU )GRT·IG 6[R (QTUVGT KP HGKPGT RQN[ EJTQOGT /CNGTGK CWHIGVTCIGP &CU 2QTVT·V CWH FGT +PPGPUGKVG FGT 8QTFGTUGKVG FGU 5EJTCWDVCNGTU VT·IV FCU $TWUVDKNF FGU -WTHÒTUVGP KO #NVGT XQP EC ,CJTGP OKV UGKPGT V[RKUEJGP 2J[UKQIPQOKG UCOV FGT EJC TCMVGTKUVKUEJGP *CMGPPCUG WPF FWPMNGO UEJWNVGTNCPIGP *CCT XQT FWPMNGO *KPVGTITWPF &KG +PPGPHN·EJG FGT 4ÒEMUGKVG FGU 5EJTCWDVCNGTU \GKIV FCU $TWUVDKNF FGT LWPIGP \CTVGP WPF O·FEJGPJCHVGP -WTHÒTUVKP JCNDN XQT FWPMNGO *KPVGTITWPF KP GKPGO DNCWGP -NGKF OKV DTCWPGO *CCT WPF 2GTNGPUEJOWEM %NCWUU KP /KVVGKNWPIGP FGT $C[GTKUEJGP 0WOKUOCVKUEJGP )GUGNNUEJCHV ,I (ÌTUEJPGT /CTKGPD /GPCFKGT 2TGUUNGT 5NI *GPEMGN 5KOOGTO *QEJTGRT·UGPVCVKXGU KP UGKPGT HGKPGP #WUHÒJ TWPI UQYKG NGDGPUPCJGP OGJTHCTDKIGP &CTUVGNNWPI JQEJKPVGTGUUCPVGU WPF \WINGKEJ GKPOCNKIGU PWOKUOCVK UEJGU <GWIPKU FKGUGU DTCPFGPDWTIKUEJGP *GTTUEJGTRCCTGU 7PKMWO &KG OGVCNNGPG *ÒNNG UGJT UEJÌP XQT\ÒINKEJ FCU XQT\ÒINKEJ IGOCNVG 2QTVT·V FGU -WTHÒTUVGP OKV MNGKPGP -TCV\URWTGP FCU $KNFPKU FGT -WTHÒTUVKP KP HGKPUVGT 'TJCNVWPI #O 0QXGODGT XGTO·JNVG UKEJ FGT L·JTKIG -WTHÒTUV KO PKGFGTN·PFKUEJGP *CCI \YGKHGNUQJPG KO \YGEMIG TKEJVGVGP $NKEM CWH GKP RQNKVKUEJGU $ÒPFPKU OKV FGP )GPGTCNUVCCVGP OKV FGT L·JTKIGP 2TKP\GUUKP .WKUG *GPTKGVVG 6QEJVGT FGU 2TKP\GP (TKGFTKEJ *GKPTKEJ XQP 0CUUCW 1TCPKGP WPF UGKPGT )GOCJNKP #OCNKG XQP 5QNOU $TCWPHGNU &KG GJGNKEJG 8GTDKPFWPI XGTNKGH FWTEJCWU INÒEMNKEJ #WU FGT 'JG IKPIGP GKPG 6QEJVGT WPF HÒPH 5ÌJPG JGTXQT FCTWPVGT FGT UR·VGTG TGIKGTGPFG -WTHÒTUV WPF -ÌPKI (TKGFTKEJ -WTHÒTUVKP .WKUG *GPTKGVVG XGTUVCTD HTÒJ KO #NVGT XQP ,CJTGP CO ,WPK &GT #WHVTCIIGDGT FKGUGU HGKPGP 2T·UGPVUVÒEMU MÌPPVG FWTEJCWU CO DTCPFGPDWTIKUEJGP *QHG QFGT KP FGUUGP 7OHGNF \W UWEJGP UGKP &CDGK MÌPPVGP U·OVNKEJG *GTUVGNNWPIURTQ\GUUG KP #WIUDWTI LGPGO <GPVTWO FGT 5KNDGTFTGEJUNGTMWPUV WPF *CWRVRTQFWMVKQPUQTV XQP 5EJTCWDVCNGTP WPF OGFCKNNGP GTHQNIV UGKP #PFGTGTUGKVU KUV GU CDGT CWEJ FGPMDCT FC PWT FKG OGVCNNGPG *ÒNNG CNU *CNDHGTVKIRTQFWMV CWU #WIUDWTI DG\QIGP FKG /CNGTGK JKPIGIGP KO 7OMTGKU FGU #WHVTCIU QTVGU CWUIGHÒJTV YQTFGP KUV

2110

5KNDGTOGFCKNNG XQP 6 4GWUU CWH FKG 4ÒEMMGJT FGU -WTHÒTUVGP XQP UGKPGO $GUWEJ KP 2TCI &GT IGJCTPKUEJVG -WTHÒTUV OKV JQJGO (GFGTJWV TGKVGV T &KG )NÒEMUIÌVVKP OKV /GTMWTUVCD WPF (ÒNNJQTP UVGJV X X FGP -QRH PCEJ N IGYCPFV OO I $TQEMOCPP 4CPF WPF (GNFGT GVYCU DGCTDGKVGV FGPPQEJ CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

0CEJ FGO 9GUVH·NKUEJGP (TKGFGP GTJKGNV 2TGWGP CWU FGT 6GKNWPI 2QOOGTPU FCU )GDKGV *KPVGTRQOOGTP &KGUDG\ÒI NKEJ ICD GU OKV 5EJYGFGP KOOGT YKGFGT #WUGKPCPFGTUGV\WPIGP &GUJCND TGKUVG FGT -WTHÒTUV \WO -CKUGT PCEJ 2TCI YQ KJO FKGUGT UGKPG 7PVGTUVÒV\WPI \WUCIVG

2111

5KNDGTOGFCKNNG XQP 6 4GWUU CWH UGKPGP )GDWTVUVCI WPF FKG )GDWTV UGKPGU \YGKVGP 5QJPGU -CTN 'OKN &GT -WTHÒTUV WPF UGKPG )GOCJNGP .WKUG *GPTKGVVG UVGJGP X X WPF TGKEJGP GKPCPFGT FKG *CPF \YKUEJGP KJPGP UVGJV FGT MNGKPG -WTRTKP\ (ÒPH 2CCT DGVGPFG *·PFG QDGP UVTCJNGPFGT 0COG ,GJQXCU KP 9QNMGP OO I $TQEMOCPP -N 4CPFHGJNGT UGJT UEJÌPGU 'ZGORNCT OKV CVVTCMVKXGT 2CVKPC 'KPG 5KNDGTOGFCKNNG XQP OKV FGO 2QTVT·V -CTN 'OKNU HKPFGP 5KG WPVGT FGT 0T

2112

5KNDGTOGFCKNNG Q , XQP 6 4GWUU CWH FKG )GDWTV UGKPGU FTKVVGP 5QJPGU (TKGFTKEJ UR·VGT (TKGF TKEJ +++ D\Y (TKGFTKEJ + &GT -WTHÒTUV OKV -WTJWV /CPVGN <GRVGT WPF 5EJYGTV UKV\V CWH GKPGO PCEJ T URTKPIGPFGP 2HGTF KP .CPFUEJCHV &KG MWTHÒTUVNKEJG )GOCJNKP .WKUG *GPTKGVVG UVGJV JCNDN KP .CPFUEJCHV OKV KJTGT 4GEJVGP J·NV UKG FGP -WTRTKP\GP -CTN 'OKN CP FGT *CPF CWH KJTGO NKPMGP #TO VT·IV UKG FGP PGWIGDQTGPGP 2TKP\GP (TKGFTKEJ OO I $TQEMOCPP /GJTGTG 4CPFHGJNGT (GNFGT CNVIGIN·VVGV HCUV UGJT UEJÌP

2113

5KNDGTOGFCKNNG Q , XQT XQP , *ÌJP WPF % /GNEJKQT CNU )GUEJGPM HÒT HTGOFG )GUCPFVG +P GKPGT TGKEJ XGT\KGTVGP IGMTÌPVGP -CTVWUEJG FCU IGJCTPKUEJVG $TWUVDKNF HCUV X X OKV WOIGNGIVGO /CP VGN &GT OKV FGO -WTJWV DGMTÌPVG DTCPFGPDWTIKUEJG #FNGT CWH FGT $TWUV <GRVGTUEJKNF WPF CWH FGP 5EJYKPIGP FKG 9CRRGP FGT DTCPFGPDWTIKUEJGP .·PFGT OO I $TQEMOCPP 5GJT UEJÌPGU 'ZGORNCT OKV HGKPGT 2CVKPC 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

1GNTKEJ XGTOWVGV YQJN \W TGEJV FC FKG XQTNKGIGPFG /GFCKNNG XQT CNUQ XQT 'TNCPIWPI FGT RTGWKUEJGP 5QWXG T·PKV·V IGUEJCHHGP YQTFGP KUV &KG #WHHÒJTWPI CNNGT 6KVGN WPF 9CRRGP N·V FGP 5EJNW \W FC UKG CNU )GUEJGPM HÒT HTGOFG )GUCPFVG WPF 9ÒTFGPVT·IGT FKGPVG

2114

5KNDGTOGFCKNNG XQP , *ÌJP LWPKQT CWH FKG RTGWKUEJG 'TDJWNFKIWPI KP -ÌPKIUDGTI )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGT (GNFDKPFG WPF FGO $TWUVDCPF FGU *QUGPDCPFQTFGPU )GMTÌPVGT RTGWK UEJGT #FNGT OKV 5EJYGTV WPF *GT\QIUMTQPG KP FGP (·PIGP CWH FGT $TWUV FGT $TCPFGPDWTIGT <GRVGT UEJKNF CWH FGP 5EJYKPIGP UKV\GP \YGK MNGKPG #FNGT FKG MWTHÒTUVNKEJGP 2TKP\GP! KO *KPVGTITWPF 5VCFVCPUKEJV XQP -ÌPKIUDGTI FCXQT (GNFNCIGT OO I $TQEMOCPP 4 5GJT CVVTCMVKXGU 'ZGORNCT OKV HGKPGT 2CVKPC -N -TCV\GT XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP #FQNRJ *GUU #) <ÒTKEJ 0T

0CEJFGO FGT -WTHÒTUV XQP 2QNGP FKG XQNNG 5QWXGT·PKV·V ÒDGT 2TGWGP GTJCNVGP JCVVG FCWGTVG GU PQEJ UGEJU ,CJTG DKU FKG 5V·PFG KP -ÌPKIUDGTI KJO FKG 'TDJWNFKIWPI CO 1MVQDGT HGKGTNKEJ FCTDTCEJVGP +P FGP 1TFGP XQO *QUGPDCPF KUV GT UEJQP CWHIGPQOOGP YQTFGP

2115

5KNDGTOGFCKNNG XQP , *ÌJP CWH FKG RTGWKUEJG 'TDJWNFKIWPI KP -ÌPKIUDGTI *CPF )QVVGU J·NV -TQPG ÒDGT <GRVGT WPF 5EJYGTV FKG XQP GKPGO .QTDGGTMTCP\ \WUCOOGPIGJCNVGP YGTFGP QDGP 5VTCJ NGP #EJV <GKNGP 5EJTKHV FCTWPVGT ,CJTGU\CJN WOJGT -TCP\ OO I $TQEMOCPP 9KP\ 4CPFHGJNGT XQT\ÒINKEJGU 2TCEJVGZGORNCT OKV HGKPGT 2CVKPC

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2116

5KNDGTPG *QJNIWOGFCKNNG XQP 9 /WNNGT CWH FKG (TKGFGPUXGTOKVVNWPIGP FGU )TQGP -WHÒTUVGP \YKUEJGP FGP 0KGFGTNCPFGP WPF FGO $KUEJQH XQP /ÒPUVGT %JTKUVQRJ $GTPJCTF XQP )CNGP )TQGU $TWUVDKNF (TKGFTKEJ 9KNJGNOU HCUV X X \W FGP 5GKVGP UVGJGP \YGK -TKGIGT KP CPVKMGP 4ÒUVWPIGP FKG GKPGP .QTDGGTMTCP\ ÒDGT UGKP *CWRV JCNVGP &KG RGTUQPKHK\KGTVG $TKVCPPKC OKV 9CRRGPUEJKNF KP FGT 4GEJVGP WPF FKG RGTUQPKHK\KGTVG *QNNCPFKC OKV 2HGKNDÒPFGN WPF GKPGO .ÌYGP CO $CPF UVGJGP GKPCPFGT IGIGPÒDGT WPF JCNVGP LG GKPG 5VCPFCTVG OKV GKPGO 5EJKHHGTJWV CWH FGT 5RKV\G FCJKPVGT UVGJV GKPG YGKVGTG YGKDNKEJG )GUVCNV FKG FKG 5VCPFCTVGP OKV .QTDGGT \WUCOOGPDKPFGV I I $TQEMOCPP X .QQP ++ 5 2CZ KP 0WOOKU 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJG #TDGKV +P FKG MTKGIGTKUEJG #WUGKPCPFGTUGV\WPI \YKUEJGP 'PINCPF WPF FGP 0KGFGTNCPFGP OKUEJVG UKEJ CWEJ FGT $KUEJQH XQP /ÒPUVGT CMVKX GKP &C JKGTFWTEJ FKG DGPCEJDCTVGP ENGXKUEJGP .CPFG DGFTQJV YCTGP UEJNQ FGT -WTHÒTUV OKV FGP 0KG FGTN·PFGTP GKP $ÒPFPKU WPF XGTURTCEJ UGKPG 8GTOKVVNWPI 'T \YCPI FGP $KUEJQH \WT #PPCJOG GKPGU 7NVKOCVWOU &C FWTEJ IGPQ FGT -WTHÒTUV DGK FGP 0KGFGTN·PFGTP ITQG #EJVWPI WPF UKG YKFOGVGP KJO FKGUGU /GFCKNNQP

2117

5KNDGTOGFCKNNG Q , WPUKIPKGTV XGTOWVNKEJ XQP ) .G[IGDG CWH UGKPG \YGKVG 8GTOÂ·JNWPI OKV &QTQVJGC XQP *QNUVGKP )NÃ&#x2019;EMUDWTI )GJCTPKUEJVGU $TWUVDKNF (TKGFTKEJ 9KNJGNOU T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO /CPVGN $TWUVDKNF &QTQVJGCU N OO I $TQEMOCPP )GUVQRHVGU .QEJ 4CPF WPF (GNFGT Ã&#x2019;DGTCTDGKVGV FGPPQEJ UGJT CVVTCMVKXGU 'ZGORNCT (CUV XQT\Ã&#x2019;INKEJ 'ZGORNCT FGT #WMVKQP 5RKPM 6CKUGK 0WOKUOCVKEU .VF <Ã&#x2019;TKEJ 0T

0CEJ GKPGT ÂªDGTNKGHGTWPI CWU FGO ,CJTG UQNN FGT )TQÂG -WTHÃ&#x2019;TUV CWH FGO 5VGTDGDGVV UGKPGO 5QJP FGO -WT RTKP\GP (TKGFTKEJ +++ GKP IQNFGPGU 'ZGORNCT FKGUGU /GFCKNNGPV[RU KO )GYKEJV XQP &WMCVGP WPVGT 'TVGKNWPI UGKPGU XÂ·VGTNKEJGP 5GIGPU CNU NGV\VGU .KGDGURHCPF Ã&#x2019;DGTIGDGP JCDGP

2118

5KNDGTOGFCKNNG XQP ) .G[IGDG CWH FKG 4ÒEMMGJT FGU -WTHÒTUVGP CWU FGO *GT\QIVWO 2TGWGP IGYKFOGV XQP FGP O·TMKUEJGP 5V·PFGP &GT IGMTÌPVG WPF IGJCTPKUEJVG -WTHÒTUV OKV WOIGNGIVGO /CPVGN WPF OKV <GRVGT KP FGT 4GEJVGP TGKVGV T $QTWUUKC OKV /CWGTMTQPG UKV\V X X OKV -KPF CWH FGO 5EJQ WPF DNKEMV \W FGO RTGWKUEJGP #FNGT GORQT FGT GKPGP .QTDGGTMTCP\ KO 5EJPCDGN J·NV OKV FGT 4GEJVGP J·NV UKG GKP 5RTWEJDCPF OO I $TQEMOCPP *GPMGNURWT (GNFGT CNVIGIN·VVGV UGJT UEJÌPGU 'ZGORNCT OKV FWPMNGT 2CVKPC

&KG XQTNKGIGPFG /GFCKNNG HGKGTV FKG 4ÒEMMGJT FGU -WTHÒTUVGP CWU FGO *GT\QIVWO 2TGWGP KP FKG DTCPFGPDWTIKUEJG *CWRVUVCFV $GTNKP (TKGFTKEJ 9KNJGNO YCT KO 5R·VUQOOGT \WUCOOGP OKV UGKPGP DGKFGP ·NVGUVGP 5ÌJPGP WPF UGKPGT PGWXGTO·JNVGP )GOCJNKP &QTQVJGC XQP $GTNKP PCEJ -ÌPKIUDGTI IGTGKUV WO KO FQTVKIGP 5EJNQ CO 2TGIGN HÒT N·PIGTG <GKV \W TGUKFKGTGP 9·JTGPF FKGUGU #WHGPVJCNVU YWTFG KO ,WPK JKGT 2TKP\ 2JKNKRR 9KNJGNO CNU GTUVGU -KPF CWU FGT \YGKVGP 'JG FGU -WTHÒTUVGP IGDQTGP &KG 2T·UGP\ FGT MWTHÒTUVNKEJGP (COKNKG KO *GT\QIVWO 2TGWGP YCT \YGKHGNNQU GKP KPPGP WPF CWGPRQNKVKUEJGU 5KIPCN &GT )TQG -WTHÒTUV JCVVG FKG 5QWXGT·PKV·V FGU *GT\QIVWOU GTUV GKPKIG ,CJTG \WXQT KO IGUEJNQUUGPGP (TKGFGP XQP 1NKXC GTTWPIGP WPF FKG *WNFKIWPI UGKVGPU FGT RTGWKUEJGP 5V·PFG GTUV IWV FTGK ,CJTG PCEJ PFGTWPI FKGUGT PGWGP XGTHCUUWPIUO·KIGP 5KVWCVKQP KP -ÌPKIUDGTI GPVIGIGPPGJOGP MÌPPGP )GTCFG CWEJ CWU KPPGPRQNKVKUEJGP 'TY·IWPIGP YCT UQOKV FGT #WHGPVJCNV KP FGT RTGWKUEJGP *CWRVUVCFV UKPP XQNN \WOCN (TKGFTKEJ 9KNJGNO IGTCFG KP LGPGT <GKV IGIGPÒDGT FGP RTGWKUEJGP 7PVGTVCPGP KPUDGUQPFGTG UGKPG 5VGWGT RQNKVKM WPF UGKPGP 5VCCVUIGFCPMGP FGT OKV FGP VTCFKVKQPGNNGP UV·PFKUEJGP 2TKXKNGIKGP KP OCPEJGTNGK *KPUKEJV MQNNK FKGTVG FWTEJ\WUGV\GP JCVVG 5VGWGTNKEJG (QTFGTWPIGP JCVVGP DGTGKVU CWEJ KP FGT /CTM $TCPFGPDWTI \W OCUUKXGP 2TQVGUVGP IGHÒJTV $GK FGT 4ÒEMMGJT FGU *GTTUEJGTU XQP UGKPGO OGJTOQPCVKIGP RTGWKUEJGP #WHGPVJCNV PCEJ $GTNKP KO ,CJTG YCT FGT -QPHNKMV KP FGT /CTM YKGFGT DGKIGNGIV YQTFGP YCU UKEJ CWEJ CWH FGO XQTNKGIGPFGP 2T·UGPV UVÒEM KP $KNF WPF 5EJTKHV YKFGTURKGIGNV &KG 8QTFGTUGKVG \GKIV FGP -WTHÒTUVGP OKV CNNGP +PUKIPKGP UGKPGT /CEJV FGT $QFGP KUV OKV .QTDGGT WPF 2CNO\YGKIGP DGUVTGWV FGP 'ODNGOGP XQP 5KGI WPF (TKGFGP &KG +PUEJTKHV CWH FGO 5EJTKHVDCPF NCWVGV ÒDGTUGV\V 7PVGT )QVVGU (ÒJTWPI WPF FGU (TKGFGPU $GINGKVWPI MQOOV GT FGT -WTHÒTUV KOOGT \W TÒEM WPF PKOOV UQOKV FKTGMVGP $G\WI CWH FKG )GUEJGJPKUUG #WH FGT 4ÒEMUGKVG FKGUGU 5EJCWUVÒEMU DGMWPFGP FKG 7PVGTVCPGP KJTGO *GTTUEJGT KJT 8GTVTCWGP KP GKPGT XQP \YGK )GY·UUGTN·WHGP FWTEJ\QIGPGP .CPFUEJCHV MPKGV FCU RGTUQPKHK\KGTVG $TCPFGPDWTI GKP -KPF CNU 'ODNGO FGT PCEJYCEJUGPFGP )GTGTCVKQPGP KP FGP #TOGP JCNVGPF WPF \W GKPGO KP FGP .ÒHVGP UEJYGDGPFGP #FNGT GORQTDNKEMGPF &GT 8QIGN KUV CNU 8GTMÌTRGTWPI FGU *CWUGU $TCPFGPDWTI \W XGTUVGJGP GT VT·IV FGP 5KGIGUNQTDGGT WPF GKP 5EJTKHVDCPF FGUUGP +PUEJTKHV FKG KMQPQITCRJKUEJG #WUUCIG FGU $KNFGU XGTUV·TMV OKV FGP 9QTVGP 7PVGT &GKPGP 5EJYKPIGP KUV CNNGU .CPF WPF .GWVG KP &GKPGO 4GKEJ UKEJGT /ÌINKEJGT YGKUG UKPF FKG )GY·UUGT KO $KNFJKPVGTITWPF GKPG #PURKGNWPI CWH FGP /ÒNNTQUGT -CPCN FGT \YKUEJGP WPF CWH )GJGK (TKGFTKEJ 9KNJGNOU IGUEJCHHGP YWTFG WPF GKPG UEJKHHDCTG 8GTDKPFWPI \YKUEJGP 5RTGG D\Y 'NDG WPF 1FGT DKNFGVG GKP PGWGT 8GTMGJTUYGI FGT HQTVCP FKG 0QTFUGG OKV FGT 1UVUGG XGTDCPF #WH FKGUGT 9CUUGTUVTCG JCVVG FKG MWTHÒTUVNKEJG (COKNKG KO 5R·VUQOOGT KJTG 4GKUG PCEJ 2TGWGP CPIGVTGVGP

2119

5KNDGTOGFCKNNG XQP , *ÌJP WPF % )GGNJCCT )GJCTPKUEJVGU $TWUVDKNF T 'KP CWHIGUEJNCIGPGU $WEJ NKGIV CWH GKPGT #PUCOONWPI XQP 9CHHGP QDGP UVTCJNGPFG 5QPPG OKV )GUKEJV OO I $TQEMOCPP 44 +P GKPGT CNVGP XGT\KGTVGP (CUUWPI (GNF FGT 8QTFGTUGKVG ÒDGTCTDGKVGV UGJT UEJÌP &C FGT 5VGORGN HÒT FKG 8QTFGTUGKVG FKGUGT /GFCKNNG UEJQP DCNF GKPGP UVCTMGP 5VGORGNTK CWHYKGU YWTFG XQP FGP DGK FGP /GFCKNNGWTGP GKPG \YGKVG UKIPKGTVG #WUHÒJTWPI IGUEJCHHGP YQFWTEJ FKG <WYGKUWPI FKGUGU 5VÒEMGU CP ,QJCPP *ÌJP WPF %CURCT )GGNJCCT OÌINKEJ YWTFG UKGJG $TQEMOCPP

2120

5KNDGTOGFCKNNG XQP , *ÌJP CWH FKG 5EJNCEJV DGK (GJTDGNNKP &GT -WTHÒTUV TGKVGV N XQT KJO FGT XQP GKPGT -WIGN IGVTQHHGPG 5VCNNOGKUVGT (TQGDGP T GKP 4GKVGT WPVGT GKPGO $CWO KO *KPVGTITWPF &CT UVGNNWPI FGT 5EJNCEJV FCJKPVGT FGT (NW 4JKP WPF FGT 1TV (GJTDGNNKP <GKNGP 5EJTKHV OO I $TQEMOCPP (CUV XQT\ÒINKEJGU 'ZGORNCT OKV UEJÌPGT 2CVKPC

0CEJFGO GKP UEJYGFKUEJGU *GGT #PHCPI WPVGT (ÒJTWPI FGT )GDTÒFGT 9TCPIGN KP FKG PÌTFNKEJGP )GDKGVG GKPIG HCNNGP YCT TGMTWVKGTVG FGT -WTHÒTUV LGFGP YCHHGPH·JKIGP /CPP WPF UVGNNVG UQ GKPG #TV .CPFUVWTO CWH #O ,WPK UVGNNVGP UKEJ FKG \CJNGPO·KI YGKV ÒDGTNGIGPGP 5EJYGFGP \WT 5EJNCEJV FKG \YKUEJGP FGP &ÌTHGTP .KPWO WPF *CEMGN DGTI UVCVVHCPF 0CEJ JGHVKIGP 4GKVGTIGHGEJVGP OWVGP UKEJ FKG 5EJYGFGP \WTÒEM\KGJGP 5KG XGTNQTGP HCUV FKG *·NHVG KJTGU *GGTGU &KG 9KTMWPI FGU 5KGIGU IKPI YGKV ÒDGT FCU /KNKV·TKUEJG JKPCWU $TCPFGPDWTI 2TGWGP JCVVG PWP GPF IÒNVKI GKPGP 2NCV\ WPVGT FGP GWTQR·KUEJGP )TQO·EJVGP GKPIGPQOOGP (TKGFTKEJ 9KNJGNO YWTFG XQP PWP CP &GT )TQG -WTHÒTUV IGPCPPV

2121

5KNDGTOGFCKNNG Q , WO XQP , *ÌJP )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN #WH GKPGO (GNUGP ÒDGT FGO /GGT DGYCEJV GKP #FNGT UGKPG UGEJU ,WPIGP KO *QTUV OO I $TQEMOCPP 44 5EJÌPG 2CVKPC MN 4CPFXGTRT·IWPI MN 4CPFHGJNGT HCUV XQT\ÒINKEJGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

$GK FGT 4ÒEMUGKVGPFCTUVGNNWPI MÌPPVGP FKG UGEJU NGDGPFGP 2TKP\GP CWU FGP 'JGP OKV .WKUG *GPTKGVVG XQP 0CUUCW 1TCPKGP WPF PCEJ FGTGP 6QF OKV &QTQVJGC XQP *QNUVGKP )NÒEMUDWTI IGOGKPV UGKP

2122

5KNDGTOGFCKNNG XQP , *ÌJP CWH FKG 'KPPCJOG FGT 5VCFV 5VTCNUWPF )GJCTPKUEJVGU $TWUVDKNF T OKV .QT DGGTMTCP\ CWH FGT $TWUV /GFWUGPRTQVQO &GT DTCPFGPDWTIKUEJG #FNGT OKV 5EJTKHVDCPF WPF -TCP\ ÒDGT FGT 5VCFVCPUKEJV XQP 5VTCNUWPF OO I $TQEMOCPP 44 9KP\ -TCV\GT XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2123

5KNDGTOGFCKNNG XQP , *ÌJP CWH FKG 8GTVTGKDWPI FGT 5EJYGFGP CWU 1UVRTGWGP &GT UEJYG FKUEJG .ÌYG XGTUWEJV FGP DTCPFGPDWTIKUEJGP #FNGT FGT CWH GKPGO (GNUGPJQTUV UVGJV CP\WITGKHGP KO *KPVGTITWPF JGTCP\KGJGPFG 6TWRRGP FKG XQP FGT 5QPPG DGUVTCJNV YGTFGP &GT #FNGT UVÌV CWU UGKPGO *QTUV CWH FGP .ÌYGP JGTCD KO *KPVGTITWPF DGUVTCJNV FKG WPVGTIGJGPFG 5QPPG FKG HNÒEJVGPFGP 6TWRRGP CWU FGP 9QNMGP TCIV GKP IGJCTPKUEJVGT #TO OKV GKPGO <GRVGT /KV 4CPFUEJTKHV +75675 '5 &1/+0' '6 +756# 5706 +7&+%+# 67# È OO I $TQEMOCPP 4 5GJT UEJÌPGU 'ZGORNCT &GT RQNPKUEJG -ÌPKI ,QJCPP +++ 5QDKGUMK IGFCEJVG UKEJ OKV UEJYGFKUEJGT *KNHG FGT RTGWKUEJGP .CPFG YKGFGT DG O·EJVKIGP \W MÌPPGP 'PFG FGU ,CJTGU FTCPIGP UEJYGFKUEJG 6TWRRGP ÒDGT .KVCWGP PCEJ 2TGWGP GKP &GT -WT HÒTUV GKNVG KJPGP CWH DGUEJYGTNKEJGP 9GIGP GPVIGIGP 0CEJ GVNKEJGP -·ORHGP KP FGT 0·JG XQP 6KNUKV OWVGP UKEJ FKG 5EJYGFGP \WTÒEM\KGJGP

2125

2124

5KNDGTOGFCKNNG Q , XGTOWVNKEJ WPUKIPKGTV CWH UGKPG -TKGIUVCVGP )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN )GHNÒIGNVG 2QUCWPG FCTÒDGT /QPFUKEJGN WPF HÒPH 5VGTPG KP 9QNMGP OO I $TQEMOCPP 44 *ÒDUEJG 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

5CVKTKUEJG 5KNDGTOGFCKNNG Q , WPUKIPKGTV XQP % 5WETQ CWH FKG 8GTVTGKDWPI FGT 5EJYGFGP CWU 2TGWGP &GT CNU 'KUGPHTGUUGT DG\GKEJPGVG UEJYGFKUEJG (GNFOCTUEJCNN *GKPTKEJ *QTP OKV )GYGJT WPF )CDGN XGTHQNIV KP $CWONCPFUEJCHV GKPGP *CUGP FGT GKP *GT\ KO /CWN VT·IV <GKNGP 5EJTKHV OO I $TQEMOCPP %QNN (KGYGIGT 8QP ITQGT 5GNVGPJGKV -N 4CPFHGJNGT (GNFGT CNVIGIN·VVGV UGJT UEJÌP 'ZGORNCT FGT #WMVKQP &T $WUUQ 2GWU 0CEJH (TCPMHWTV /CKP 0T

&GT UEJYGFKUEJG (GNFOCTUEJCNN *GKPTKEJ *QTP HKGN KO 9KPVGT KP 1UVRTGWGP GKP OWVG UKEJ KO ,CPWCT LGFQEJ UEJO·JNKEJ IGUEJNCIGP OKV FGO 4GUV UGKPGU *GGTGU PCEJ .KXNCPF CDUGV\GP

2126

6CNGTHÌTOKIG 5KNDGTOGFCKNNG XQP , 'NGTU CWH FKG *WNFKIWPI XQP /CFIGDWTI <YGK CWU 9QNMGP MQOOGPFG *·PFG JCNVGP GKP NQTDGGTWOTCPFGVGU /GFCKNNQP OKV FGO $TWUVDKNF FGU -WTHÒTUVGP CP FGO 1XCN J·PIV CP FTGK -GVVGP FKG 5KNJQWGVVG FGT 5VCFV /CIFGDWTI 5VCFVIÌVVKP MPKGV T KP .CPFUEJCHV WPF GORH·PIV OKV GTJQDGPGP #TOGP FGP RTGWKUEJGP #FNGT FGT <GRVGT WPF (ÒNNJQTP VT·IV OO I $TQEMOCPP X 5EJT 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC +O 9GUVH·NKUEJGP (TKGFGP YCT HGUVIGNGIV YQTFGP FC /CIFGDWTI PCEJ FGO 6QF FGU #FOKPKUVTCVQTU #WIWUV XQP 5CEJUGP CNU GKP GTDNKEJGU *GT\QIVWO FGO *CWUG $TCPFGPDWTI CNU 'TUCV\ HÒT 2QOOGTP \WHCNNGP UQNNVG #NU FKGUGT (CNN GKPVTCV PCJO FGT )TQG -WTHÒTUV FCU PGWG *GT\QIVWO KP $GUKV\ WPF NKG UKEJ FQTV CO /CK JWNFKIGP

2127

1,5:1

5KNDGTOGFCKNNG XQP , $ 5EJWNV\ CWH FKG )TÒPFWPI FGT -QNQPKG )TQHTKGFTKEJUDGTI CO )QNH XQP )WKPGC )GJCTPKUEJVGU $TWUVDKNF T OKV *CNUVWEJ 5GIGNUEJKHHG CWH /GGT KO *KPVGTITWPF FKG -ÒUVG XQP )WKPGC KO 8QTFGTITWPF GKP -QORC CWH GKPGO 6KUEJ /KV 4CPFUEJTKHV %1'26# 0#8+)#6+1 #& 14#5 )7+0' #001 /&%.:::+ OO I $TQEMOCPP 8QP ITQGT 5GNVGPJGKV 2TCEJVGZGORNCT XQP XQT\ÒINKEJGT 'TJCNVWPI 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

&GT PKGFGTN·PFKUEJG 4GGFGT $GPLCOKP 4CWNG KPKVKKGTVG FKG 'ZRGFKVKQP WPVGT /CLQT 1VVQ (TKGFTKEJ XQP FGT )TQGDGP PCEJ )WKPGC /CP UEJNQ 8GTVT·IG OKV FGP 'KPIGDQTGPGP CD WPF MCWHVG .CPF #O ,CPWCT DTCEJVG OCP FKG MWTHÒTUVNKEJG (CJPG CP .CPF WPF NGIVG FGP )TWPFUVGKP HÒT FKG (GUVWPI )TQHTKGFTKEJUDGTI FGO UR·VGTGP )TQHTKGF TKEJUDWTI WPF FGO JGWVKIGP )JCPC #WEJ FKG #WURT·IWPI FGT )WKPGC &WMCVGP GTHQNIVG CWU FGO INGKEJGP #PNC

2128

5KNDGTOGFCKNNG XQP & 5 &QEMNGT CWH FKG 8GTVT·IG OKV FGP 0KGFGTNCPFGP WPF FGO -CKUGT )G JCTPKUEJVGU *ÒHVDKNF T OKV .QTDGGTMTCP\ KP FGT 4GEJVGP <GRVGT FKG .KPMG CWH FGP -WTJWV IGNGIV FGT XQT KJO CWH GKPGO XGTJÒNNVGP $NQEM NKGIV (TKGFGPUIÌVVKP OKV 2CNO\YGKI WPF 5KGIGUIÌVVKP OKV <GRVGT UVGJGP \W FGP 5GKVGP GKPGT WOTCPMVGP 5·WNG CWH FGTGP -CRKVGNN FGT RTGWKUEJG #FNGT $NKV\G CWH FGP CO $QFGP NKGIGPFGP -TKGIUIQVV /CTU WPF FGP RGTUQPKHK\KGTVGP 0GKF UEJKGV FGT #FNGT YKTF XQP IÌVVNKEJGT *CPF CWU 9QNMGP DGUEJKTOV OO I $TQEMOCPP 4CPFHGJNGT UGJT UEJÌPGU 'ZGORNCT OKV CNVGT 2CVKPC

'ZGORNCT FGT #WMVKQP 4KGVFKLM &GP *CCI 5EJGXGPKPIGP 0T &KG 4ÒEMUGKVGPWOUEJTKHV FKGUGT /GFCKNNG GPVJ·NV FKG ,CJTGU\CJN CNU %JTQPQITCOO &GT -WTHÒTUV JCVVG GKP #D MQOOGP OKV (TCPMTGKEJ IGUEJNQUUGP WO GKP )GIGPIGYKEJV \W FGP IGURCPPVGP $G\KGJWPIGP \W 5EJYGFGP \W DGMQOOGP #WGTFGO \CJNVG (TCPMTGKEJ L·JTNKEJ .KXTGU 5WDUKFKGP CP FGP -WTHÒTUVGP 5GEJU ,CJTG UR·VGT XGTNQT FKGUGT $WPF HÒT (TCPMTGKEJ CP 9GTV WPF (TKGFTKEJ 9KNJGNO YCPFVG UKEJ YKGFGT FGO -CKUGT WPF FGO CNVGP $ÒPFPKURCTVPGT FGP 0KGFGTNCPFGP \W

2129

5KNDGTOGFCKNNG Q , WPUKIPKGTV 2QTVT·VOGFCKNNG )GJCTPKUEJVGU $TWUVDKNF JCNDT OKV WOIGNGIVGO 1T FGPUDCPF &KG +PKVKCNG % WOUEJNKGV FCU /QPQITCOO (9 WOJGT .QTDGGTMTCP\ QDGP -WTJWV OO I $TQEMOCPP <GKVIGPÌUUKUEJGT )W 5GJT UEJÌPG #TDGKV

'ZGORNCT FGT #WMVKQP 5EJYGK\GTKUEJGT $CPMXGTGKP $CUGN 0T

2130

5KNDGTOGFCKNNG Q , WPUKIPKGTV CWH UGKPGP 6QF )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN #O $QFGP NKGIGP XGTUEJKGFGPG 9CHHGP FCTÒDGT 2'4'00#$+6 QDGP UKEJ KO *KOOGN URKGIGNPFG 9CHHGP FCTÒDGT (.14'$+6 OO I $TQEMOCPP $GTKGDGP UGJT UEJÌP &GT -WTHÒTUV UVCTD CO #RTKN KO 2QVUFCOGT 5EJNQ <W FGP 6TCWGTHGKGTNKEJMGKVGP CO 5GRVGODGT YWTFG KP $GTNKP KP FGT $TGKVGP 5VTCG GKPG 'JTGPRHQTVG GTTKEJVGV

2132

2131

2133

5KNDGTOGFCKNNG Q , OKV 5KIPCVWT '( XGTOWVNKEJ XQP , 4 'PIGNJCTFV CWH UGKPGP 6QF $TWUV DKNF HCUV X X OKV WOIGNGIVGO /CPVGN WPF ITQGT 2GTÒEMG 7PVGT FGO UVTCJNGPFGP 0COGP ,GJQXCU GKPG )CNGTKG OKV UKGDGP <[RTGUUGP KP FGT /KVVG GKP XGTJÒNNVGT 6KUEJ OKV FGP -TQPKPUKIPKGP OO I $TQEMOCPP FKGUGU 'ZGORNCT 44 *GTXQTTCIGPFGU $CTQEMRQTVT·V .GKEJV DGTKGDGP UGJT UEJÌP

9GKVGTG /GFCKNNGP OKV $G\WI \WO )TQGP -WTHÒTUVGP HKPFGP 5KG WPVGT FGP 0TP WPF -CTN 'OKN \YGKVGT 5QJP (TKGFTKEJ 9KNJGNOU FGU )TQGP -WTHÒTUVGP -CTN 'OKN YWTFG CO (GDTWCT CNU \YGKVGT 5QJP FGU )TQGP -WTHÒTUVGP KP $GTNKP IGDQTGP 'T XGTUVCTD KO #NVGT XQP ,CJTGP CO &G\GODGT CWH GKPGO YGKVGTGP (GNF\WI KO 'NUC WPF YWTFG KO &QO KP $GTNKP DGKIGUGV\V &C FGT GTUVIGDQTGPG 5QJP FGU )TQGP -WTHÒTUVGP 9KNJGNO *GKPTKEJ UEJQP KO -KPFGUDGVV IGUVQTDGP YCT DGUVKGI PCEJ UGKPGO 6QF FGT LÒPIGTG $TWFGT -CTN 'OKNU CNU -WT HÒTUV (TKGFTKEJ +++ FGP 6JTQP

1XCNG 5KNDGTOGFCKNNG XQP ) .G[IGDG CWH UGKPGP (GNF\WI KO 'NUC $TWUVDKNF FGU -TQPRTKP\GP T OKV *GNO &GT RTGWKUEJG #FNGT OKV 5EJYGTV WPF 2CNO\YGKI YKTF XQP GKPGT *CPF CWU 9QMGP DGMT·P\V WPVGP .CPFUEJCHV OKV 5VCFVCPUKEJV CO *QTK\QPV Z OO I $TQEMOCPP 8QP ITQGT 5GNVGPJGKV 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

'KPG 5KNDGTOGFCKNNG CWH FKG )GDWTV FGU 2TKP\GP -CTN 'OKN HKPFGP 5KG WPVGT FGT 0T

/CTKC #OCNKG 6QEJVGT (TKGFTKEJ 9KNJGNOU FGU )TQGP -WTHÒTUVGP /CTKC #OCNKG YWTFG CO 0QXGODGT CNU GTUVG 6QEJVGT CWU FGT \YGKVGP IGUEJNQUUGPGP 'JG FGU )TQGP -WTHÒTUVGP OKV &QTQVJGC XQP *QNUVGKP )NÒEMUDWTI IGDQTGP 5KG JGKTCVGVG CO #WIWUV FGP L·JTKIGP *GT\QI -CTN XQP /GEMNGPDWTI )ÒUVTQY 0CEJFGO FKGUGT FKG 'JG PWT GVYC UKGDGP /QPCVG ÒDGTNGDVG JGKTCVGVG UKG CO ,WNK FGP L·JTKIGP *GT\QI /QTKV\ 9KNJGNO XQP 5CEJUGP <GKV\ 5GKV YKGFGTWO 9KVYG UVCTD /CTKC #OCNKG CO MWT\ XQT KJTGO )GDWTVUVCI

5KNDGTOGFCKNNG XQP , $ 5EJWNV\ CWH KJTG 8GTO·JNWPI OKV 'TDRTKP\ -CTN XQP /GEMNGPDWTI )Ò UVTQY <YGK /GFCKNNQPU OKV FGP $TWUVDKNFGTP WPVGT $CNFCEJKP FCTWPVGT HÒPH <GKNGP 5EJTKHV WPF ,CJTGUCPICDG GKPIGRWP\V #7) , &GT PCEJ N CWHHNKGIGPFG IGMTÌPVG #FNGT OKV <GRVGT KP FGP (·PIGP WPVGP CO $QFGP NKGIGP $NKV\G WPF &QPPGTMGKN OO I $TQEMOCPP 44 -N 4CPFHGJNGT UGJT UEJÌP

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T FQTV KTTVÒONKEJ OKV #PICDG $TQEMOCPP

-WTHÒTUV (TKGFTKEJ +++ 0CEJ FGO -KPFUVQF FGU GKPL·JTKIGP 9KNJGNO *GKPTKEJ CO 1MVQDGT JCVVG FGT )TQG -WTHÒTUV ITQG *QHHPWPIGP KP UGKPGP \YGKVGP 5QJP -CTN 'OKN IGUGV\V FGT LGFQEJ CO &G\GODGT CWH GKPGO (GNF\WI KO 'NUC VÌFNKEJ XGTYWPFGV YWTFG &GO XGTYCEJUGPGP MNGKPGP NCDKNGP WPF NGKEJV XGTNGV\NK EJGP FTKVVGP 5QJP (TKGFTKEJ IGDQTGP CO KP -ÌPKIUDGTI VTCWVG FGT 8CVGT MCWO \W UGKPG GTHQNITGKEJG /CEJVRQNKVKM HQTV\WUGV\GP &KG \YGKVG )GOCJNKP (TKGFTKEJ 9KNJGNOU &QTQVJGC XQP *QN UVGKP )NÒEMUDWTI XGTUWEJVG FKGUG 5KVWCVKQP CWU\WPWV\GP WPF KJTG GKIGPGP -KPFGT CWH -QUVGP FGU 5VKGH UQJPU OKV 6GKNGP $TCPFGPDWTIU CWU\WUVCVVGP &CTCWU GPVUVCPF CWEJ GKP UEJYGTGT 5VTGKV \YKUEJGP FGO -WTRTKP\GP WPF UGKPGO 8CVGT FGUUGP 6GUVCOGPV XQP (TKGFTKEJ PKEJV CPGTMCPPV YWTFG 'U IGNCPI FGO UEJY·EJNKEJGP (TKGFTKEJ LGFQEJ DGK UGKPGO 4GIKGTWPIUCPVTKVV FWTEJ FKG #DHKPFWPI UGKPGT *CND DTÒFGT FKG 'KPJGKV FGU -WTUVCCVGU \W GTJCNVGP &KG KOOGT OGJT CIITGUUKXG WPF GZRCPUKXG 2QNKVKM FGU HTCP\ÌUKUEJGP -ÌPKIU .WFYKI :+8 HÒJTVG \W GKPGT UVCTMGP #NNKCP\ IGIGP (TCPMTGKEJ &CDGK GPICIKGTVG UKEJ (TKGFTKEJ CWGPRQNKVKUEJ XQP UGKPGO NGKVGPFGP /KPKUVGT WPF GJGOCNKIGP .GJTGT 'DGTJCTF %JTKUVQRJ XQP &CPEMGNOCPP DGTCVGP XQT CNNGO CWH FGT 5GKVG FGU PCEJ FGT GPINKUEJGP -TQPG UVTGDGPFGP 9KNJGNO XQP 1TCPKGP 9·JTGPF UKEJ &CPEMGNOCPP PGDGP FGT #WGPRQNKVKM CWEJ WO FGP KPPGTGP .CPFGUCWU DCW DGOÒJVG \ $ )TÒPFWPI FGT 7PKXGTUKV·V *CNNG MÒOOGTVG UKEJ FGT -WTHÒTUV JCWRVU·EJNKEJ WO 4GRT·UGPVCVKQP WPF JÌHKUEJG 2TWPMGPVHCNVWPI YQFWTEJ $GTNKP \W GKPGO <GPVTWO DCTQEMGT -WNVWT YWTFG &CDGK HÌTFGTVG UGKPG \YGKVG )GOCJNKP 5QRJKG %JCTNQVVG XQP $TCWPUEJYGKI .ÒPGDWTI FKG (TKGF TKEJ CO 1MVQDGT IGJGKTCVGV JCVVG WPF KJTGO )GOCJN CP +PVGNNKIGP\ DGK YGKVGO ÒDGTNGIGP YCT FCU DTCPFGPDWTIKUEJG $KNFWPIUYGUGP OCIGDNKEJ

2134

5KNDGTOGFCKNNG XQP ) .G[IGDG CWH UGKPG $GUVCNNWPI \WO 5VCVVJCNVGT FGT /CTM )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN ªDGT FGT 5VCFVCPUKEJV XQP $GTNKP UEJYGDV GKP #FNGT OKV .QTDGGT MTCP\ WPF 5EJYGTV WOIGDGP XQP GKPGO 5EJTKHVDCPF OKV FGT #WHUEJTKHV 588/ %8+38' QDGP UVTCJ NGPFGU )QVVGUCWIG OO I $TQEMOCPP 44 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

2135

5KNDGTOGFCKNNG Q , WPUKIPKGTV )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGT (GNFDKPFG WPF ITQGT 2GTÒEMG $TWUVDKNF UGKPGT )GOCJNKP 5QRJKG %JCTNQVVG 6QEJVGT 'TPUV #WIWUVU XQP $TCWPUEJYGKI %CNGPDGTI *CPPQXGT T OO I $TQEMOCPP 9KP\ -TCV\GT CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT 5QRJKG %JCTNQVVG 6QEJVGT FGU -WTHÒTUVGP 'TPUV #WIWUV WPF FGT 5QRJKG XQP FGT 2HCN\ 1MVQDGT CWH 5EJNQ +DWTI YWTFG CO KP *GTTGPJCWUGP OKV FGO XGTYKVYGVGP -TQPRTKP\GP (TKGFTKEJ XQP $TCPFGPDWTI 2TGWGP XGTO·JNV 5KG NKGDVG FKG 9KUUGPUEJCHVGP +JTG 8GTDKPFWPI \W ) 9 .GKDPK\ HÒJTVG \WT 5VKHVWPI FGT $GTNKPGT #MCFGOKG FGT -ÒPUVG WPF FGT 5QEKGV·V FGT 9KUUGPUEJCHVGP 5KG UVCTD CO (GDTWCT Y·JTGPF GKPGU $GUWEJU KP *CPPQXGT WPF YWTFG KO &QO KP $GTNKP DGKIGUGV\V

2136

5KNDGTOGFCKNNG XQP , *ÌJP CWH FKG *WNFKIWPI FGT /CTM $TCPFGPDWTI )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO *GTOGNKP WPF WOIGNGIVGO 1TFGPUDCPF WOJGT \YGK .QTDGGT\YGKIG 8KGT IGMTÌPVG &QRRGNOQPQITCOOG ( FC\YKUEJGP +++ KPU -TGW\ IGUVGNNV KO <GPVTWO QXCNGT 5EJKNF OKV <GRVGT OO I $TQEMOCPP #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT OKV HGKPGT 2CVKPC 'ZGORNCT FGT #WMVKQP 7$5 <ÒTKEJ 0T

&KG HGKGTNKEJG *WNFKIWPI FGT /CTM $TCPFGPDWTI HCPF CO ,WPK KP $GTNKP UVCVV

2137

2138

5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG *WNFKIWPI FGT /CTM $TCPFGPDWTI $TWUVDKNF T OKV WOIGNGIVGO /CPVGN 8KGT IGMTÌPVG &QRRGNOQPQITCOOG ( FC\YKUEJGP +++ KPU -TGW\ IGUVGNNV KO <GPVTWO QXC NGT 5EJKNF OKV <GRVGT OO I $TQEMOCPP #VVTCMVKXG 2CVKPC UGJT UEJÌP

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG )GDWTV UGKPGU GTUVGP 5QJPGU (TKGFTKEJ 9KNJGNO UR·VGT -ÌPKI (TKGFTKEJ 9KNJGNO + 4Q OKV FGO -QRH WPF FGP (NÒIGNP GKPGU #FNGTU URTKPIV N #EJV <GKNGP 5EJTKHV FCTÒDGT IGMTGW\VGT 2CNO WPF ¤N\YGKI OO I $TQEMOCPP 5GJT UEJÌPGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP -ÌNPGT /ÒP\MCDKPGVV -ÌNP 0T

&CU CWH FGT 8QTFGTUGKVG FKGUGT /GFCKNNG FCTIGUVGNNVG 6KGT UQNN GKPG 8GTDKPFWPI FGU YGNHKUEJGP 4QUUGU OKV FGO RTGWK UEJGP #FNGT U[ODQNKUKGTGP FC FKG /WVVGT FGU -TQPRTKP\GP 5QRJKG %JCTNQVVG FKG 6QEJVGT FGU *GT\QIU 'TPUV #WIWUV XQP $TCWPUEJYGKI %CNGPDGTI *CPPQXGT YCT

2139

5KNDGTOGFCKNNG XQP 4 (CNV\ CWH FKG 7PVGTUVÒV\WPI 9KNJGNOU XQP 1TCPKGP FWTEJ -WTHÒTUV (TKGF TKEJ +++ DGKO 'TYGTD FGT GPINKUEJGP -TQPG WPF DGKO $ÒPFPKUUEJNW )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN WPF 1TFGPUDCPF 8QP GKPGO #FNGT DGINGKVGV UVGJV $QTWUUKC FGP -QRH PCEJ N IG YCPFV CO /GGTGUWHGT OO I $TQEMOCPP 5VGIWYGKV 9GKNGT 5GJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP -ÌNPGT /ÒP\MCDKPGVV -ÌNP 0T

(TKGFTKEJ +++ UGV\VG FKG DGTGKVU FWTEJ UGKPGP 8CVGT IGUEJNQUUGPG 8GTDKPFWPI $TCPFGPDWTIU OKV FGO *CWUG 0CUUCW 1TCPKGP HQTV WPF WPVGTUVÒV\VG 9KNJGNO +++ RQNKVKUEJ WPF OKNKV·TKUEJ (ÒT FKG OKNKV·TKUEJG 7PVGTUVÒV\WPI YWTFG (TKGF TKEJ +++ \YGK ,CJTG UR·VGT FGT *QUGPDCPFQTFGP XGTNKGJGP &GT /GFCKNNGWT 4 (CNV\ UVGNNV FKG $QTWUUKC QFGT $TCPFGP DWTIKEC! CWH FGT 4ÒEMUGKVG FGT XQTNKGIGPFGP /GFCKNNG OKV GKPGT )GUVG FCT FKG XQTUKEJVKIGU 5VKNNUEJYGKIGP WPF UVCCVUO·PPKUEJG -NWIJGKV U[ODQNKUKGTV

2140

5KNDGTOGFCKNNG XQP 4 (CNV\ CWH FKG 5KGIG CO 0KGFGTTJGKP )GJCTPKUEJVGU $TWUVDKNF T OKV WOIG NGIVGO /CPVGN +P GKPGT .CPFUEJCHV NCIGTV FGT (NWIQVV FGU 4JGKP OKV 5VGWGTTWFGT PCEJ N FGP NKPMGP #TO CWH GKPG 9CUUGTWTPG IGNGJPV OO I $TQEMOCPP 5VGIWYGKV 9GKNGT 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC 'ZGORNCT FGT #WMVKQP -ÌNPGT /ÒP\MCDKPGVV -ÌNP 0T

2141

5KNDGTOGFCKNNG XQP , $ 5EJWNV\ CWH FGP 5KGI DGK -CKUGTUYGTVJ )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGT (GNFDKPFG &KG $GNCIGTWPI FGT (GUVWPI -CKUGTUYGTVJ CWU FGT 8QIGNRGTURGMVKXG KO 8QTFGT ITWPF XKGT HGWGTPFG $GNCIGTWPIUDCVVGTKGP KO *KPVGTITWPF FGT 4JGKP OKV *ÒIGNNCPFUEJCHV OO I $TQEMOCPP 9GKNGT 5GJT UEJÌP

&KG $TCPFGPDWTIGT 6TWRRGP DGNCIGTVGP FKG (GUVWPI -CKUGTUYGTVJ WPVGT FGO RGTUÌPNKEJGP $GHGJN FGU -WTHÒTUVGP &KG HTCP\ÌUKUEJG $GUCV\WPI GTICD UKEJ CO ,WPK

2142

1,5:1

5KNDGTOGFCKNNG WPUKIPKGTV XGTOWVNKEJ XQP 2 * /ÒNNGT QFGT ) *CWVUEJ CWH FKG 'TQDGTWPI FGT -WTMÌNPGT 5V·FVG 4JGKPDGTI -CKUGTUYGTVJ WPF $QPP )GJCTPKUEJVGU $TWUVDKNF HCUV X X OKV WOIGNGIVGO /CPVGN WPF 5RKV\GPVWEJ #WH -TKGIUYCHHGP KP FTGK QXCNGP /GFCKNNQPU FKG 5VCFVCPUKEJVGP XQP 4JGKPDGTI -CKUGTUYGTVJ WPF $QPP KO #DUEJPKVV \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I $TQEM OCPP 9GKNGT 8QP ITQGT 5GNVGPJGKV 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC HCUV 5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2143

5KNDGTOGFCKNNG XQP , $ 5EJWNV\ CWH FKG 'TQDGTWPI FGT 5VCFV $QPP )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN WPF ITQGT 2GTÒEMG #PUKEJV FGT DGNCIGTVGP 5VCFV $QPP FCTÒDGT FGT IGMTÌPVG RTGWKUEJG #FNGT OKV .QTDGGT\YGKIGP WOYWPFGPGP <GRVGT WPF 5EJYGTV UQYKG GKP 5EJTKHVDCPF KP FGP (·PIGP OO I $TQEMOCPP 9GKNGT 8QP ITQGT 5GNVGPJGKV (CUV XQT\ÒINKEJGU 'ZGORNCT OKV UEJÌPGT CNVGT 2CVKPC 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T #PHCPI ,WNK DGICPP FKG $GNCIGTWPI FGT UVCTM DGHGUVKIVGP 5VCFV 0CEJFGO FKG $GYQJPGT CWH FCU HTGKG (GNF GXC MWKGTV YCTGP DGUEJQUUGP FKG $GNCIGTGT FKG 5VCFV OKV TWPF -CPQPGP WPF /ÌTUGTP 5KG NGIVGP $QPP XÌNNKI KP 6TÒOOGT #O 1MVQDGT GTHQNIVG FCPP FKG ªDGTICDG FGT 5VCFV WPF FGT #D\WI FGT HTCP\ÌUKUEJGP $GUCV\WPI

2144

5KNDGTOGFCKNNG Q , XQP 2 * /ÒNNGT CWH FKG 'TQDGTWPI FGT 5VCFV $QPP )GJCTPKUEJVGU $TWUV DKNF T OKV WOIGNGIVGO /CPVGN WPF ITQGT 2GTÒEMG #PUKEJV FGT DGNCIGTVGP WPF XQP #TVKNNGTKG DGUEJQU UGPGP 5VCFV KO 8QTFGTITWPF CO 4JGKPWHGT )GUEJÒV\UVGNNWPI /KV 4CPFUEJTKHV c )#..' 8#.' /#.' Û (#..' /#.15 Û $10# $100# /#0'$1 Û Û (- (QTV OKV FKT (TCP\QUG $GVTÒIG FKG 5EJNGEJVGP +EJ YGTFG FCU IWVG $QPP DNGKDGP OO I $TQEMOCPP (QTUVGT 9GKNGT 4CPFHGJNGT FGPPQEJ UGJT UEJÌPGU CVVTCMVKXGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP &T $WUUQ 2GWU 0CEJH (TCPMHWTV /CKP 0T &KG 4CPFUEJTKHV UVCOOV XQP (TKGFTKEJ -NGKPGTV Ó FGT \WO GTUVGP /CN KP &GWVUEJNCPF FKG GTJCDGPG 5EJTKHV CWH FGT 4CPFMCPVG XGTYCPFVG

2145

5KNDGTOGFCKNNG XQP 4 (CNV\ CWH FGP OKNKV·TKUEJGP $GKUVCPF HÒT FKG 0KGFGTNCPFG )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN /KPGTXC OKV *GNO .CP\G WPF #FNGTUEJKNF UVGJV X X FGP -QRH PCEJ T IGYCPFV KP .CPFUEJCHV OKV 5VCFVCPUKEJV T FCPGDGP GKP .ÌYG OO I $TQEMOCPP 5VGIWYGKV 44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC 0CEJ FGT 8GTVTGKDWPI FGT (TCP\QUGP CWU FGO MWTMÌNPKUEJGP )GDKGV DGICD UKEJ -WTHÒTUV (TKGFTKEJ +++ OKV 5QNFCVGP KP FGP PKGFGTN·PFKUEJGP 4CWO WO UKEJ CWEJ FQTV FGP HTCP\ÌUKUEJGP 6TWRRGP GPVIGIGP \W UVGNNGP +P FKG 5EJNCEJV DGK (NGWT[ (NGTWU KO *GPPGICW CO ,WPK MQPPVG GT \YCT PKEJV GKPITGKHGP WO FGP 5KGI FGT (TCP \QUGP ÒDGT FKG FGWVUEJ PKGFGTN·PFKUEJG #TOGG \W XGTGKVGNP FQEJ FKG #PYGUGPJGKV FGT DTCPFGPDWTIKUEJGP 6TWRRGP KP FGP 0KGFGTNCPFGP XGTJKPFGTVG FC UKEJ FGT )GIPGT FQTV HGUVUGV\GP MQPPVG

2146

5KNDGTOGFCKNNG XQP , *ÌJP CWH FKG *WNFKIWPI KP -ÌPKIUDGTI -WTJWV <GRVGT 5EJYGTV WPF .QT DGGT\YGKI ÒDGT UKGDGP <GKNGP 5EJTKHV WPF ,CJTGU\CJN +P 9QNMGP UEJYGDV FGT IGMTÌPVG #FNGT OKV <GRVGT ÒDGT 'TFJCNDMWIGN OKV FGT #WHUEJTKHV 24755+# QDGP 5EJTKHVDCPF OKV CWUIGTQNNVGP 'PFGP OO I $TQEMOCPP -N 4CPFHGJNGT UGJT UEJÌP

2147

2148

2149

5KNDGTOGFCKNNG XQP , *ÌJP CWH FKG *WNFKIWPI KP -ÌPKIUDGTI -WTJWV <GRVGT 5EJYGTV WPF .QT DGGT\YGKI ÒDGT UKGDGP <GKNGP 5EJTKHV WPF ,CJTGU\CJN +P 9QNMGP UEJYGDV FGT IGMTÌPVG #FNGT OKV <GRVGT ÒDGT 'TFJCNDMWIGN OKV FGT #WHUEJTKHV 24755+# QDGP 5EJTKHVDCPF OKV GKPIGTQNNVGP 'PFGP OO I $TQEMOCPP #PO 5GJT UEJÌPpXQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T FQTV KTTVÒONKEJ 5NI *GPEMGN

5KNDGTOGFCKNNG WPUKIPKGTV CWH UGKPG *WNFKIWPI KP /CIFGDWTI 5VCFVCPUKEJV XQP /CIFGDWTI FCT ÒDGT GKP PCEJ N HNKGIGPFGT #FNGT OKV -TCP\ WPF <GRVGT KP FGP (·PIGP QDGP N GKP YGKVGTGT #FNGT FGT WPVGT UVTCJNGPFGT 5QPPG \WO *KOOGN HNKGIV &KG /CIFGDWTIGT 5VCFVIÌVVKP MPKGV X X KP .CPFUEJCHV WPF J·NV KJTG 5EJÒT\G GKPGO HNKGIGPFGP #FNGT GPVIGIGP FGT GKP <GRVGT WPF GKP (ÒNNJQTP J·NV CWU FGO (TÒEJVG JGTCWUHCNNGP OO I $TQEMOCPP 5GJT UEJÌP

'ZGORNCT FGT #WMVKQP -ÌNPGT /ÒP\MCDKPGVV -ÌNP 0T +O #PUEJNW CP FGP $GUWEJ DGK UGKPGP 6TWRRGP KP %NGXG WPF PCEJ GKPGO 6TGHHGP OKV FGO GPINKUEJGP -ÌPKI DGK .Ì YGP PCJO FGT -WTHÒTUV FKG *WNFKIWPI KP *CNDGTUVCFV CO 1MVQDGT WPF KP /CIFGDWTI CO 1MVQDGT GPVIGIGP (TKGFTKEJ +++ YCT KPUQYGKV \YGKVGT *GTTUEJGT KP /CIFGDWTI CNU UGKP 8CVGT (TKGFTKEJ 9KNJGNO FCU U·MWNCTKUKGTVG $KUVWO KP $GUKV\ IGPQOOGP JCVVG UKGJG 0T

5KNDGTOGFCKNNG WPUKIPKGTV CWH UGKPG *WNFKIWPI KP /CIFGDWTI <YGK CWU 9QNMGP MQOOGPFG *·PFG JCNVGP GKP NQTDGGTWOTCPFGVGU /GFCKNNQP OKV FGO $TWUVDKNF FGU -WTHÒTUVGP CP FGO 1XCN J·PIV CP FTGK -GVVGP FKG 5KNJQWGVVG FGT 5VCFV /CIFGDWTI +P GKPGT .CPFUEJCHV GKP ITQGT $CWO \YKUEJGP GKPGO CDIGDTQEJGPGO WPF GKPGO MNGKPGP 5VTCWEJ T FCXQP UKV\V FKG 5VCFVIÌVVKP XQP /CIFGDWTI OO I $TQEMOCPP 5GJT UEJÌP (ÒT UGKPGP 8CVGT -WTHÒTUV (TKGFTKEJ 9KNJGNO KUV KO ,CJTG GKPG *WNFKIWPIUOGFCKNNG IGRT·IV YQTFGP UKGJG 0T FGTGP 8QTFGTUGKVGPFCTUVGNNWPI FCU 8QTDKNF HÒT FCU XQTNKGIGPFG 5VÒEM IGYGUGP KUV

2150

5KNDGTOGFCKNNG XQP 4 (CNV\ CWH FGP $CW FGT .CPIGP $TÒEMG KP $GTNKP )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN WPF 1TFGPUDCPF #PUKEJV FGT PGWGP $TÒEMG OKV (KIWTGP IGUEJOÒEMV FCJKP VGT N FKG 1UVUGKVG FGU 5EJNQUUGU T *·WUGT\GKNG KO #DUEJPKVV XKGT <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I $TQEMOCPP 5VGIWYGKV #VVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT

8QP DKU GTTKEJVGVG 0GTKPI CNU GTUVGP OQPWOGPVCNGP $TÒEMGPDCW $GTNKPU FKG .CPIG $TÒEMG UR·VGT -WTHÒT UVGPDTÒEMG IGPCPPV JGWVG 4CVJCWUDTÒEMG CWU 2KTPCGT 5CPFUVGKP FKG GKPGP JÌN\GTPGP 8QTI·PIGTDCW GTUGV\VG +O ,CJTG YCT UKG XQP FGO $CWOGKUVGT 0GTKPI UQ YGKV GTTKEJVGV FC UKG DGPWV\V YGTFGP MQPPVG #P FGP XQTFGTGP 2HGKNGTP FGT $TÒEMG UVCPFGP WTURTÒPINKEJ \YÌNH (KIWTGP XQP 5GGIÌVVGTP WPF 0CLCFGP

2151

5KNDGTOGFCKNNG Q , XQP 4 (CNV\ CWH FKG 'TTKEJVWPI XQP )GUVÒVGP \WT 2HGTFG\WEJV )G JCTPKUEJVGU $TWUVDKNF T 'KP PCEJ T URTKPIGPFGU 2HGTF WPVGT 5EJTKHVDCPF KO #DUEJPKVV \YGK <GKNGP 5EJTKHV OO I $TQEMOCPP 5VGIWYGKV 44 .GKEJVG $GCTDGKVWPIUURWTGP KP FGP (GNFGTP WPF CO 4CPF UGJT UEJÌP 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

/KV \W FGP YKEJVKIUVGP #PIGNGIGPJGKVGP FGT FCOCNKIGP <GKV IGJÌTVG FKG #WH\WEJV FGT 2HGTFG HÒT FKG .CPFYKTVUEJCHV WPF FKG #TOGG

2152

5KNDGTOGFCKNNG XQP 4 (CNV\ CWH FKG )TÒPFWPI FGT 7PKXGTUKV·V *CNNG )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN WPF 1TFGPUDCPF /CTU WPF /KPGTXC TGKEJGP UKEJ FKG *CPF ÒDGT GKPGO TCW EJGPFGP #NVCT KO *KPVGTITWPF FKG 5VCFVCPUKEJV XQP *CNNG OO I $TQEMOCPP FQTV HCNUEJG 8QTFGTUGKVGPCDDKNFWPI 5VGIWYGKV #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT &KG 7PKXGTUKV·V FGT 5VCFV *CNNG KUV CWU FGT IGUEJCHHGPGP 4KVVGTCMCFGOKG JGTXQTIGICPIGP 0CEJFGO -CKUGT .GQ RQNF + FKG ªDGTVTCIDCTMGKV FGU 4GKEJURTKXKNGIKWOU FGT #MCFGOKG CWH GKPG 7PKXGTUKV·V CPGTMCPPV JCVVG GTJKGNV FGT /KPKUVGT &CPEMGNOCPP FKG #WHICDG VÒEJVKIG .GJTMT·HVG \W HKPFGP 7PVGT FGO -CP\NGT (TGKJGTT XQP 5GEMGPFQTH YWTFG FKG *QEJUEJWNG KO ,CJTG GKPIGYGKJV &C *CNNG WPVGT 0CRQNGQP FGO -ÌPKITGKEJ 9GUVRJCNGP GKPXGTNGKDV YWTFG IGTKGV FKGUG (TKGFGTKEKCPC \W $GIKPP FGU ,CJTJWPFGTVU KP 5EJYKGTKIMGKVGP &CU PGWG 7PKXGTUKV·VUIGD·WFG YWTFG GTTKEJVGV

2153

5KNDGTOGFCKNNG XQP 4 (CNV\ CWH FKG 'TYGKVGTWPI WPF 8GTUEJÌPGTWPI FGT 5VCFV $GTNKP )GJCT PKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN )TWPFTK XQP $GTNKP OKV FGP 5VCFVVGKNPCOGP &141 6*'0 56#6 (4+&' 4+%* 56#6 (4+&' 4+%*5 9'4&' %1..0 WPF $'4 .+0 KPPGTJCND XQP 5EJKNFGP OO I $TQEMOCPP 5VGIWYGKV 44 -N -TCV\GT MN 4CPFHGJNGT FGPPQEJ CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2154

5KNDGTOGFCKNNG Q , XQT XQP 4 (CNV\ 2TGKU FGT #MCFGOKG FGT -ÒPUVG WPF FGT #MCFGOKG FGT OGEJCPKUEJGP 9KUUGPUEJCHVGP )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN *GTCMNGU OKV .ÌYGP HGNN FGP IQNFGPGP RHGNP KP FGT 4GEJVGP WPF OKV -GWNG KP FGT .KPMGP FWTEJUEJTGKVGV N FGP )CTVGP FGT *GURGTKFGP KO *KPVGTITWPF WPVGT FGO #RHGNDCWO FGT GTNGIVG &TCEJG OO I $TQEMOCPP 5VGIWYGKV -N -TCV\GT CVVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT 9QNHICPI 5VGIWYGKV UEJTGKDV JKGT\W KP UGKPGT /QPQITCRJKG ÒDGT FGP $CTQEMOGFCKNNGWT 4CKOWPF (CNV\ &KG 4ÒEM UGKVGPFCTUVGNNWPI FKGUGT /GFCKNNG PKOOV $G\WI CWH GKPG DGNKGDVG *GNFGPUCIG FGT ITKGEJKUEJGP /[VJQNQIKG &GT *GTQU JCVVG IGIGP JGHVKIG 9KFGTUV·PFG WPF GTNKVVGPG 7PDKNN FKG IQNFGPGP RHGN FKG GKPUV *GTC WPF <GWU \WT *QEJ\GKV IG UEJGPMV DGMCOGP OKV XKGN 'KPUCV\ WPF CWEJ .KUV IGUKEJGTV WPF PCEJ /[MGPG IGDTCEJV &KG 5\GPG KUV CNU #NNWUKQP CWH (TKGFTKEJ +++ \W FGWVGP FGT UKEJ PCEJ FGP (GNF\ÒIGP FGT ,CJTG FGT (TÒEJVG UGKPGT 5KGIG GTHTGWGP UQNNVG <YCT VT·IV *GTMWNGU YGJTDGTGKV FKG -GWNG CDGT PWT KP FGT NKPMGP *CPF Y·JTGPF FKG CWUIGUVTGEMVG TGEJVG FKG IQNFG PGP RHGN CPDKGVGV GKPG #PURKGNWPI CWH FKG MWNVWTGNNGP #MVKXKV·VGP UGKV FGP GT ,CJTGP /GJTJGKVNKEJ YKTF FGT #PNC FKGUGT /GFCKNNG OKV #WU\GKEJPWPIU\YGEMGP FGT #MCFGOKG FGT -ÒPUVG WPF FGT 9KUUGPUEJCHVGP KP 8GTDKPFWPI IG DTCEJV QDYQJN FKG /GFCKNNG UGNDUV MGKPGP GKPFGWVKIGP *KPYGKU FCTCWH GPVJ·NV &KG <WYGKUWPI CNU 2TGKUOGFCKNNG IGJV CWH GKPG \GKVIGPÌUUKUEJG &CTUVGNNWPI KO /GTEWTG )CNCPV XQO (GDTWCT \WTÒEM PCEJ FGT FKG /GFCKNNG CWEJ )GNGJTVGP HÒT DGUQPFGTG 8GTFKGPUVG XGTNKGJGP YQTFGP YCT 'PVPQOOGP CWU #MCFGOKG FGT -ÒPUVG 5 'KPG YGKVGTG /GFCKNNG OKV $G\WI \W -WTHÒTUV (TKGFTKEJ +++ HKPFGP 5KG WPVGT FGT 0T

&#5 -¤0+)4'+%* 24'755'0 -ÌPKI (TKGFTKEJ +

&CU \GKVV[RKUEJG 5VTGDGP PCEJ 4CPIGTJÌJWPI HÒJTVG KP 8GTDKPFWPI OKV (TKGFTKEJU RGTUÌPNKEJGT 'KVGNMGKV WPF FGT UEJQP GTHQNIVGP D\Y \W GTYCTVGPFGP 5VCPFGU GTJÌJWPI FGT *·WUGT 5CEJUGP RQNPKUEJG -TQPG WPF *CPPQXGT GPINKUEJG -TQPG FC\W FC GT UGNDUV FKG -ÌPKIUYÒTFG GTNCPIGP YQNNVG -CKUGT .GQRQNF GTVGKNVG UEJNKGNKEJ UGKPG <WUVKOOWPI FC (TKGFTKEJ KP FGO CWGTJCND FGT 4GKEJUITGP\GP NKGIGPFGP 2TGWGP -ÌPKI YGTFGP MQPPVG +O )GIGP\WI XGTURTCEJ FGT $TCP FGPDWTIGT FGP -CKUGT OKV 6TWRRGP HÒT FGP 5RCPKUEJGP 'TDHQNIGMTKGI \W WPVGTUVÒV\GP #O ,CPWCT UGV\VG (TKGFTKEJ UKEJ UGNDUV WPF UGKPGT )GOCJNKP 5QRJKG %JCTNQVVG KO -ÌPKIUDGTIGT 5EJNQ FKG -TQPG CWH WPF PCPPVG UKEJ (TKGFTKEJ + &GT -ÌPKI JKGNV UGKP 8GT URTGEJGP WPF WPVGTUVÒV\VG FKG #NNKCP\ IGIGP (TCPM TGKEJ YCU KJO \WU·V\NKEJG /KVVGN HÒT FKG UV·PFKI UVGKIGPFG *QHJCNVWPI GKPDTCEJVG &WTEJ FGP (TKGFGP XQP 7VTGEJV GTJKGNV 2TGWGP FKG 6GTTKVQTKGP .KP IGP /ÌTU )GNFGTP WPF 0GWGPDWTI 0GWEJ³VGN &GT GTUVG RTGWKUEJG -ÌPKI MQPPVG \YCT FKG 'KPJGKV FGU 5VCCVGU YCJTGP WPF FKG -ÌPKIUMTQPG GTYGTDGP LGFQEJ ÒDGTHQTFGTVGP UGKP 4GRT·UGPVCVKQPUDGFÒTHPKU FKG 5VCCVU MCUUG KP \WXQT WPIGMCPPVGO #WUOC #O (GDTWCT UVCTD -ÌPKI (TKGFTKEJ + L·JTKI KP $GTNKP

2155

5KNDGTOGFCKNNG #001 + XQP , -KVVGN CWH UGKPG -TÌPWPI \WO -ÌPKI KP 2TGWGP &GT -ÌPKI KO XQNNGP 1TPCV OKV <GRVGT WPF 4GKEJUCRHGN UKV\V X X CWH GKPGO 6JTQP FGT XQP \YGK CWU 9QNMGP MQO OGPFGP *·PFGP IGJCNVGP YKTF \W FGP 5GKVGP 5RTWEJDCPF -TQPG OKV FGT #WHUEJTKHV 4')07/ FCU -Ì PKITGKEJ N -WTJWV T FKG 2GTUQPKHKMCVKQPGP XQP -NWIJGKV OKV \YGK 5EJNCPIGP WPF $GUV·PFKIMGKV OKV 5·WNG WPVGP DGHKPFGP UKEJ \YGK <GFGTP UQYKG FKG RGTUQPKHK\KGTVG )GTGEJVKIMGKV OKV 5EJYGTV WPF 9CCIG WPF GKP .CWDDCWO FGT XQP GKPGT 9GKPTGDG WOUEJNWPIGP KUV /KV 4CPFUEJTKHV +25# 510#06 4')+ (4+&'4+%1 %75# /'6#..# Ù 5+5 $1075 1 ('.+:37' 67+5 8+4)+.Ü Û+Ü -Ü OO I $TQEMOCPP 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC HCUV 5VGORGNINCP\

2156

5KNDGTOGFCKNNG XQP 2 * /ÒNNGT CWH UGKPG -TÌPWPI \WO -ÌPKI KP 2TGWGP 'KP IGMTÌPVGU /G FCKNNQP OKV FGO IGJCTPKUEJVGP $TWUVDKNF FGU -ÌPKIU YKTF XQP FGT UKV\GPFGP 2CNNCU OKV .CP\G WPF GKPGT UVGJGPFGP )ÌVVKP FKG GKP (ÒNNJQTP KO NKPMGP #TO VT·IV IGJCNVGP $QTWUUKC UKV\V N FGP $NKEM PCEJ JKPVGP \WT 2QUCWPG DNCUGPFGP (COC IGYCPFV WPF FGWVGV OKV FGT 4GEJVGP CWH FGP XQT KJT UVGJGPFGP IGMTÌPVGP RTGWKUEJGP 9CRRGPUEJKNF /KV 4CPFUEJTKHV OO I $TQEMOCPP (QTUVGT (CUV XQT\ÒINKEJ

2158

2157

5KNDGTOGFCKNNG Q , XQP , -KVVGN CWH UGKPG -TÌPWPI \WO -ÌPKI KP 2TGWGP )GMTÌPVGU WPF IG JCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN &CU <GRVGT UVGJV CWH GKPGO 5QEMGN CP FGO FGT RTGWK UEJG WPF FGT 4GKEJUUEJKNF NGJPGP OO I $TQEMOCPP ( W 5 5GJT UEJÌPpXQT\ÒINKEJ

5KNDGTOGFCKNNG XQP ) *CWVUEJ CWH UGKPG -TÌPWPI \WO -ÌPKI KP 2TGWGP )GJCTPKUEJVGU $TWUV DKNF T OKV WOIGNGIVGO /CPVGN WPF 1TFGPUDCPF )GTOCPKC ÒDGTTGKEJV FGO TÌOKUEJ IGJCTPKUEJVGP -Ì PKI FGT CP GKPGO CFNGTIGUEJOÒEMVGP 5QEMGN NGJPV FKG -ÌPKIUMTQPG /KV 4CPFUEJTKHV OO I $TQEMOCPP -N -TCV\GT UGJT UEJÌP

2159

5KNDGTOGFCKNNG XQP , $QUMCO CWH FKG 'KPPCJOG XQP )GNFGTP )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO /CPVGN &GT -ÌPKI VJTQPV N WPF YKTF XQP FGT JKPVGT KJO UVGJGPFGP 8KMVQTKC DGMT·P\V XQT KJO MPKGV FKG 2GTUQPKHKMCVKQP )GNFGTPU FKG KJO FKG 5VCFVUEJNÒUUGN ÒDGTTGKEJV KO *KPVGTITWPF #PUKEJV FGT WPVGT $GUEJW UVGJGPFGP 5VCFV OO I $TQEMOCPP X .QQP +8 5 44 -N -TCV\GT WPF 4CPFHGJNGT UGJT UEJÌP 'ZGORNCT FGT #WMVKQP -ÌNPGT /ÒP\MCDKPGVV -ÌNP 0T <W FGP 5EJCWRN·V\GP KO 5RCPKUEJGP 'TDHQNIGMTKGI \·JNVG CDGTOCNU CWEJ FKG 0KGFGTTJGKPIGIGPF $TCPFGPDWTI YCT CNU +PJCDGT FGU *GT\QIVWOU -NGXG WPOKVVGNDCT DGVTQHHGP 0CEJ GKPKIGP GTHQNITGKEJGP )GHGEJVGP \QIGP 6TWRRGP FGU 2TGW GPMÌPKIU WPVGT FGO -QOOCPFQ XQP )GPGTCNOCLQT (ÒTUV .GQRQNF XQP #PJCNV &GUUCW XQT FKG (GUVWPI )GNFGTP FKG UGKV \WUCOOGP OKV FGO UÒFNKEJGP 6GKN FGU GKPUVKIGP *GT\QIVWOU )GNFGTP FCU UQIGPCPPVG 1DGTSWCTVKGT )GNFGTP WPVGT URCPKUEJGT *GTTUEJCHV UVCPF &KG UVCTMG (GUVWPI JCVVG OCP \WXQT PQEJ PKG GTQDGTP MÌPPGP #WEJ FKG 2TGWGP MQPPVGP FGP 2NCV\ PKEJV FWTEJ 9CHHGP GTUVÒTOGP FKG 'KPPCJOG IGNCPI FGPPQEJ FC FKG IGIPGTKUEJG $GUCV\WPI KPHQNIG /CPIGNU CP .GDGPUOKVVGNP CO &G\GODGT MCRKVWNKGTVG &KG *GTTUEJCHV 2TGWGPU KO 1DGTSWCTVKGT )GNFGTP YWTFG KO (TKGFGP XQP 7VTGEJV HGUVIGUEJTKGDGP

2160

5KNDGTOGFCKNNG XQP %JT 9GTOWVJ CWH FKG 'TYGKVGTWPI WPF #WUUVCVVWPI FGU $GTNKPGT 5EJNQUUGU )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WOIGNGIVGO /CPVGN WPF 1TFGPUDCPF &CU $GTNKPGT 5EJNQ KP RGTURGMVKXKUEJGT 5KEJV WPVGT \YGK\GKNKIGT DQIKIGT 5EJTKHV KO #DUEJPKVV XKGT <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I $TQEMOCPP 9QJNHCJTV 44 +P CNVGT 5COVUEJCVWNNG 5GJT CVVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC &CU $GTNKPGT 5EJNQ JCVVG GKPG YGEJUGNXQNNG )GUEJKEJVG WPVGT -WTHÒTUV (TKGFTKEJ ++ DGIQPPGP YWTFG GU PKGFGTIGTKUUGP WPF FWTEJ %CURCT 6JGKU PGW GTDCWV 7PVGT (TKGFTKEJ + YWTFG FCU 5EJNQ FWTEJ FGP #TEJKVGMVGP 5EJNÒVGT GTYGKVGTV WPF FWTEJ $ÌJOG XQNNGPFGV 0CEJ FGO 9GNVMTKGI NKG FKG &&4 4GIKGTWPI FGP 6TCFKVKQPU DCW URTGPIGP FGT ÒDGT ,CJTJWPFGTVG FGP DTCPFGPDWTIKUEJGP -WTHÒTUVGP WPF RTGWKUEJGP -ÌPKIGP CNU 4GUKFGP\ IG FKGPV JCVVG 5GKV FGT 9KGFGTXGTGKPKIWPI IKDV GU 2N·PG \WO 9KGFGTCWHDCW FGT $GTNKPGT 5EJNQCPNCIG KO <GPVTWO XQP $GTNKP

2161

5KNDGTOGFCKNNG XQP ) *CWVUEJ CWH UGKPG 8GTO·JNWPI OKV 5QRJKG .WKUG 5EJYGUVGT (TKGFTKEJ 9KNJGNOU XQP /GEMNGPDWTI 5EJYGTKP )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN 8KGT <GKNGP 5EJTKHV KP .QTDGGTMTCP\ FGT OKV FGT -ÌPKIUMTQPG FGO -WT WPF FGO *GT\QIUJWV DGNGIV KUV /KV 4CPF UEJTKHV OO I $TQEMOCPP 5NI )CGVVGPU 4 -N 4CPFHGJNGT UGJT UEJÌP

5QRJKG .WKUG YCT FKG FTKVVG )GOCJNKP (TKGFTKEJU + &KG ,CJTGU\CJN GTIKDV UKEJ GDGPHCNNU CWU FGO %JTQPQITCOO KP FGT 4CPFUEJTKHV FGU XQTNKGIGPFGP 5VÒEMGU

2162

5KNDGTOGFCKNNG XQP % ( .ÒFGTU CWH UGKPG 8GTO·JNWPI OKV 5QRJKG .WKUG 5EJYGUVGT (TKGFTKEJ 9KNJGNOU XQP /GEMNGPDWTI 5EJYGTKP 'KPG CWU 9QNMGP MQOOGPFG *CPF HÒIV GKPG 2GTNG KP GKPG -TQPG GKP FKG CWH GKPGO 5QEMGN OKV -KUUGP NKGIV <GJP <GKNGP 5EJTKHV OO I $TQEMOCPP 5NI )CGVVGPU 4 5EJÌPG 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

1,5:1

2163

5KNDGTOGFCKNNG Q , XQP , ( *KNEMGP CWH UGKPG 8GTO·JNWPI OKV 5QRJKG .WKUG 5EJYGUVGT (TKGFTKEJ 9KNJGNOU XQP /GEMNGPDWTI 5EJYGTKP )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CP VGN 'KP .QTDGGTDCWO FGT CNU 5VCOODCWO FKGPV VT·IV CP FGP 'PFGP FGT NKPMGP UVG FKG 0COGP FGT 8QTHCJTGP FGU -ÌPKIU CO 'PFG FGT TGEJVGP UVG FKG FGT -ÌPKIKP CO (WG FGU $CWOGU NKGIGP FGT RTGWKUEJG <GRVGTUEJKNF WPF FGT OGEMNGPDWTIKUEJG )TGKHGPUEJKNF QDGP UVTCJNGPFGT 0COG ,GJQXCU OO I $TQEMOCPP 5NI )CGVVGPU 44 #VVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP #FQNRJ *GUU #) <ÒTKEJ 0T

2164

5KNDGTOGFCKNNG XQP , %JT -QEJ CWH UGKPGP 6QF $ÒUVG OKV NCPIGP .QEMGP T 5·WNGPVGORGN CWH (GNUGP KP FGT /KVVG FGU 6GORGNU J·PIV GKPG -TQPG OO I $CPPKEMG $TQEMOCPP 44 5GJT UEJÌPpXQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

&KG 4ÒEMUGKVGPWOUEJTKHV FKGUGT /GFCKNNG GPVJ·NV FKG ,CJTGU\CJN CNU %JTQPQITCOO 'NMG $CPPKEMG UEJTGKDV KP KJTGT /QPQITCRJKG ÒDGT FGP $CTQEMOGFCKNNGWT ,QJCPP %JTKUVKCP -QEJ \W FKGUGO 5VÒEM &KG TGRT·UGPVCVKXG /GFCKNNG CWH UGKPGP 6QF KUV UKEJGT HÒT -QEJ PKEJV PWT GKP #WHVTCI IGYGUGP GT MQPPVG FCOKV GKPGP &CPM CDVTCIGP HÒT UGKPG (ÌTFGTWPI FWTEJ FKGUGP MWPUVUKPPKIGP WPF PCEJ 4GRT·UGPVCVKQP UVTGDGPFGP *GTTUEJGT &GT CWH FGO (GNUGP UVGJGPFG 6GORGN FÒTHVG (TKGFTKEJ + WPF FCU XQP KJO IGUEJCHHGPG -ÌPKITGKEJ 2TGWGP XGTMÌTRGTP OKV FGUUGP )TÒPFWPI GT FGP 9GI GDPGVG HÒT GKP CWHUVTGDGPFGU 5VCCVUYGUGP KP $TCPFGPDWTI 2TGWGP &GT U·WNGPIGVTCIGPG 6GORGN WPF FGT (GNU U[ODQNKUKGTVGP &CWGTJCHVKIMGKV WPF (GUVKIMGKV KO YGKVGUVGP 5KPPG (TKGFTKEJ + YCT \WO <GKVRWPMV UGKPGU 6QFGU KO .GDGPULCJT &CU /GFCKNNGPRQTVT·V \GKIV KJP CDGT GJGT KP LWIGPFNKEJGTGO #NVGT UQ YKG KJP -QEJ KP UGKPGT $GTNKPGT <GKV GTNGDV JCV 9GKVGTG /GFCKNNGP OKV $G\WI \W (TKGFTKEJ + HKPFGP 5KG WPVGT FGP 0TP WPF

5QRJKG %JCTNQVVG \YGKVG )GOCJNKP (TKGFTKEJU +++ -WTHÒTUVKP WPF CD GTUVG RTGWKUEJG -ÌPKIKP 5QRJKG %JCTNQVVG 6QEJVGT FGU 1UPCDTÒEMGT $KUEJQHU WPF UR·VGTGP -WTHÒTUVGP 'TPUV #WIWUV XQP $TCWP UEJYGKI .ÒPGDWTI WPF FGT 5QRJKG XQP FGT 2HCN\ IGDQTGP CO CWH 5EJNQ +DWTI DGK 1UPC DTÒEM YWTFG PCEJ CWUIG\GKEJPGVGT 'T\KGJWPI CO 1MVQDGT KP 5EJNQ *GTTGPJCWUGP DGK *CPPQ XGT OKV -WTRTKP\ (TKGFTKEJ XGTJGKTCVGV PCEJFGO UGKPG GTUVG )GOCJNKP 'NKUCDGVJ *GPTKGVVG XQP *GUUGP -CUUGN CO ,WNK KP #NVGT XQP ,CJTGP IGUVQTDGP YCT 5QRJKG %JCTNQVVG YCT KJTGO )GOCJN CP +PVGNNKIGP\ FGWVNKEJ ÒDGTNGIGP HÌTFGTVG -WPUV WPF 9KUUGPUEJCHV INGKEJGTOCGP WPF ITÒPFGVG IGOGKPUCO OKV FGO XQP KJT DGTWHGPGP )QVVHTKGF 9KNJGNO .GKDPK\ FKG $GTNKPGT #MCFGOKG FGT 9KUUGPUEJCHVGP 5KG YCTD DGK GKPGT #P\CJN XQP (ÒTUVGP HÒT FKG #PGTMGPPWPI FGT RTGWKUEJGP -ÌPKIUYÒTFG PCEJFGO KJT )GOCJN KJT WPF UKEJ UGNDUV CO ,CPWCT KO -ÌPKIUDGTIGT 5EJNQ FKG -TQPG CWHU *CWRV IGUGV\V JCVVG &KG GTUVG RTGWKUEJG -ÌPKIKP FKG KP FGO XQP KJT UGNDUV GTDCWVGP 5EJNQ .KGV\GPDWTI PCEJ KJTGO 6QF KP %JCTNQVVGPDWTI WODGPCPPV TGUKFKGTVG YQNNVG CWU $GTNKP GKP GWTQR·KUEJGU -WNVWT\GPVTWO OCEJGP 5KG UVCTD CO (GDTWCT KO #NVGT XQP ,CJTGP Y·JTGPF GKPGU $GUWEJU KP *CPPQXGT WPF YWTFG KO $GTNKPGT &QO DGKIGUGV\V

2165

5KNDGTOGFCKNNG XQP # -CTNUVGGP $TWUVDKNF XQP 5QRJKG %JCTNQVVG T OKV WOIGNGIVGO /CPVGN 8KGT $KGPGPMÌTDG KP .CPFUEJCHV CWH FKG GKPG $KGPGPMÌPKIKP \WHNKGIV OO I $TQEMOCPP -N 4CPFHGJNGT UGJT UEJÌP 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2167

2166

5KNDGTOGFCKNNG XQP 4 (CNV\ $TWUVDKNF XQP 5QRJKG %JCTNQVVG T OKV WOIGNGIVGO /CPVGN &KG -WT HÒTUVKP VJTQPV N CWH KJTGO 5EJQ JCV UKG GKP -KPF FCU GKP <GRVGT UEJYKPIV OO I $TQEMOCPP 5VGIWYGKV 44 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP *CWEM #WHJ·WUGT /ÒPEJGP 0T

9QNHICPI 5VGIWYGKV UEJTGKDV JKGT\W KP UGKPGT /QPQITCRJKG ÒDGT FGP $CTQEMOGFCKNNGWT 4CKOWPF (CNV\ &KG -WRHGTUVKEJCDDKNFWPI DGK )ÒVVJGT YGKUV MGKPG ,CJTGU\CJN CWH YCU FGP #WVQT FC\W XGTCPNCVG GU JCPFGNG UKEJ WO GKPG /GFCKNNG CWH FKG )GDWTV FGU IGDQTGPGP -WTRTKP\GP (TKGFTKEJ 9KNJGNO 0CEJ FGT KO #DUEJPKVV GPVJCNVGPGP ,CJTGU\CJN MÌPPVG FGT #PNC FGT HÒPHVG )GDWTVUVCI FGU -WTRTKP\GP IGYGUGP UGKP #NNGTFKPIU YKTMV FGT CWH FGO 5EJQ UKV\GPFG -PCDG PQEJ TGEJV MNGKP &KG &CTUVGNNWPI KUV YQJN GJGT CNU #NNWUKQP CWH FKG -WTHÒTUVKP CNU *GTTUEJGTKP WPF NKGDGPFG /WVVGT \W FGWVGP

5KNDGTOGFCKNNG XQP %JT 9GTOWVJ CWH KJTGP 6QF $TWUVDKNF FGT -ÌPKIKP T #EJV <GKNGP 5EJTKHV FCTWPVGT ,CJTGU\CJN OO I $TQEMOCPP 9QJNHCJTV 5GJT UEJÌP

'ZGORNCT FGT #WMVKQP 7$5 <ÒTKEJ 0T

2168

5KNDGTOGFCKNNG XQP %JT 9GTOWVJ CWH KJTGP 6QF $TWUVDKNF FGT -ÌPKIKP T OKV ITQGT -TQPG WPF WOIGNGIVGO /CPVGN 'KPG TCWEJGPFG 7TPG UVGJV CWH GKPGO TWPFGP 5QEMGN OO I $TQEM OCPP 9QJNHCJTV 8QT\ÒINKEJ

-ÌPKI (TKGFTKEJ 9KNJGNO + FGT 5QNFCVGPMÌPKI (TKGFTKEJ 9KNJGNO MCO CO MWT\ PCEJ FGO 4GIKGTWPIUCPVTKVV UGKPGU 8CVGTU (TKGFTKEJ \WT 9GNV 5GKPG .GDGPUYGKUG UQNNVG UKEJ DCNF XQP FGPLGPKIGP UGK PGU XGTUEJYGPFGTKUEJGP 8CVGTU WPF UGKPGT MWPUVUKPPKIGP /WVVGT WPVGTUEJGKFGP 5GKV $GUKV\GT GKPGT &QO·PG UGKPGU UR·VGTGP .KGDNKPIUUKV\GU 9WUVGTJCWUGP DGK 2QVU FCO NGTPVG GT HTÒJ FKG 2TCZKU FGT .CPFYKTVUEJCHV UQYKG GKPG GKPHCEJG .GDGPUYGKUG MGPPGP 'T URÒTVG CNU /KV INKGF FGU )GJGKOGP 4CVGU FKG CWGPRQNKVKUEJG *KNHNQUKIMGKV 2TGWGPU FGUUGP /KNKV·T XQP UGKPGO 8CVGT XGTPCEJN·UUKIV YWTFG 0CEJ UGKPGO 4GIKGTWPIUCPVTKVV YCT FGT (ÒJTWPIUUVKN (TKGFTKEJ 9KNJGNOU IGRT·IV FWTEJ UGKP PÒEJVGTPGU RTCMVKUEJGU WPF RKGVKUVKUEJGU 2HNKEJVDG YWVUGKP 'T DGUEJPKVV \WGTUV FKG ÒDGTVTKGDGPGP *QH CWUICDGP WPF UQTIVG HÒT FKG #WHUVGNNWPI GKPGU CWUIG INKEJGPGP WPF UVTGPI MQPVTQNNKGTVGP 'VCVU 9GKVGTJKP TG HQTOKGTVG GT FKG 8GTYCNVWPI ITWPFNGIGPF WPF UEJWH FWTEJ UGKP GKIGPGU 8QTDKNF FGP 6[RWU FGU RHNKEJV DGYWVGP RTGWKUEJGP $GCOVGP &CDGK UGV\VG GT UKEJ PKEJV PWT IGIGPÒDGT FGO RTGWKUEJGP #FGN FWTEJ FGP GT FC\W \YCPI GKPG $CWGTP WPF $ÒTIGTUVGWGT \W GPVTKEJVGP UQPFGTP GT KIPQTKGTVG CWEJ FC GT XQP ¤N CWH .GKPYCPF XQP #PVQKPG 2GUPG 1TKIKPCN UGKPGP DCTQEMGP 5VCPFGUIGPQUUGP YGIGP UGKPGU GKIGPGP $GTNKP 5VKHVWPI 2TGWKUEJG 5EJNÌUUGT WPF )·TVGP URCTVCPKUEJGP .GDGPUUVKNU DGN·EJGNV YWTFG <W FKGUGO $GTNKP $TCPFGPDWTI 2CTM %JCTNQVVGPDWTI 5EJNQ #URGMV VTWI CWEJ FKG 8QTNKGDG FGU -ÌPKIU HÒT FCU %JCTNQVVGPDWTI /KNKV·T DGK FKG KJO UGKPGP $GKPCOGP GKPDTCEJVG WPF KP FGT 'TTKEJVWPI FGT .GKDICTFG FGT .CPIGP -GTNU UMWTTKNG (QTOGP GTTGKEJVG 5GKPG QHV DTWVCNGP 'T\KGJWPIUOGVJQFGP YCPFVG FGT 5QNFCVGPMÌPKI UQICT IGIGP UGKPGP GKIGPGP 5QJP CP FGT FKG *KPTKEJVWPI UGKPGU YGIGP 8GTTCVU \WO 6QFG XGTWTVGKNVGP (TGWPFGU -CVVG OKV CPUGJGP OWVG (TKGFTKEJ 9KNJGNO + JCV UGKP .CPF CWEJ YKTVUEJCHVNKEJ PKEJV \WNGV\V FWTEJ FKG #PUKGFGNWPI XQP EC 5CN\DWTIGT )NCWDGPUHNÒEJVNKPIGP PCEJ XQTPG IGDTCEJV &WTEJ UGKPG MQPUGSWGPVG 4GHQTORQNKVKM DGK FGT GT UKEJ KO )GIGPUCV\ \W WPUGTGP \GKVIGPÌUUKUEJGP 'PVUEJGKFWPIUVT·IGTP XQP MGKPGT .QDD[ITWRRG DGGKPHNWUUGP NKG JCV FGT 5QNFCVGPMÌPKI 2TGWGP FGP 9GI \WO DGFGWVGPFUVGP FGWVUEJGP 5VCCV IGGDPGV #NU GT CO KO #NVGT XQP ,CJTGP KP 2QVUFCO CP GKPGO *GT\NGKFGP UVCTD JKPVGTNKG GT UGKPGO 5QJP GKPGP 5VCCV OKV HWPMVKQPKGTGPFGT 8GTYCNVWPI CWUIGINKEJGPGO *CWUJCNV WPF IWV CWUIGDKNFGVGT #TOGG

2169

5EJCWVCNGT QJPG /ÒP\\GKEJGP $GTNKP XQP %JT ( .ÒFGTU CWH UGKPG *WNFKIWPI KP -ÌPKIU DGTI )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN 5KGDGP <GKNGP 5EJTKHV FCTWPVGT FKG ,CJTGU\CJN OO I $TQEMOCPP X 5EJT 5 #PO 5GNVGP KP FKGUGT 'TJCNVWPI *ÒDUEJG 2CVKPC XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2170

6CNGTHÌTOKIG 5KNDGTOGFCKNNG XQP %JT ( .ÒFGTU WPF -TÒIGT )GJCTPKUEJVGU $TWUVDKNF T OKV WO IGNGIVGO 1TFGPUDCPF )GMTÌPVGU /QPQITCOO (94 FCTWPVGT ,CJTGU\CJN OO I $TQEM OCPP X 5EJT D 8QP ITÌVGT 5GNVGPJGKV 2TCEJVGZGORNCT OKV HGKPGT 2CVKPC 9KP\ &TWEMUVGNNG XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

8QP 5EJTÌVVGT XGTOGTMV \W FKGUGT WPF XGTYCPFVGP 2T·IWPIGP &GT XQP $GTNKP GPVYKEJGPG 4GVGPFCPV (TCPEMG UQ JGTPCEJ KP &TGUFGP XGTJCHVGV WPF PCEJ 5RCPFCW IGDTCEJV YQTFGP NKG FKG 5VGORGN \W FKGUGP 6JCNGTP FWTEJ GKPGP XGTCTOVGP )QNFCTDGKVGT KP $GTNKP 0COGPU -TÒIGT CPHGTVKIGP YQ CDGT FKG 6JCNGT CWUIGRT·IV YQTFGP KUV PKGOCPFGP DGMCPPV IGYQTFGP #WU FGP #MVGP IGJV PQEJ JGTXQT FC (TCPEMG OKV FGP XQP KJO IGUVQJNGPGP /GFCKNNGPUUVGO RGNP FKG GT FWTEJ XGTCTOVG )QNFCTDGKVGT CWHHTKUEJGP NKG /GFCKNNGP RT·IGP NKG WPF FKGUG XGTMCWHVG YCJTUEJGKPNKEJ JCV GT FCDGK FKG UGJT WPIGUEJKEMVGP 7OUEJTKHVGP WPF XKGNNGKEJV CWEJ FKG -GJTUGKVGP FGT 6JCNGT OKV FGT ,CJTGU\CJN PGW CPHGTVKIGP NCUUGP

2171

5KNDGTPG 5EJTCWDOGFCKNNG Q , WPUKIPKGTV CWH FKG #WHPCJOG FGT 5CN\DWTIGT 'OKITCPVGP 'KPG PCEJ N \KGJGPFG 'OKITCPVGPHCOKNKG QDGP 5RTWEJDCPF &GT -ÌPKI VJTQPV X X WPVGT GKPGO $CNFCEJKP WPF GORH·PIV FKG T XQT KJO UVGJGPFGP 5CN\DWTIGT 'OKITCPVGP QDGP 5RTWEJDCPF OO +PJCNV XGTDWPFGPG MQNQTKGTVG -WRHGTUVKEJG FGU #WIUDWTIGT /GKUVGTU #DTCJCO 4GOUJCTF FKG 5\GPGP CWU FGT 'OK ITCVKQPUIGUEJKEJVG FCTUVGNNGP KP FGP &GEMGNKPPGPUGKVGP DGHKPFGP UKEJ MQNQTKGTVG .CPFMCTVGP XQP 2TGWGP WPF 5CN\DWTI UKIPKGTV XQP &CPKGN *ÌEMNKPIGT $TQEMOCPP 2TGNGT 4QNN 8QT\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 2TGW GP IGTP CWHIGPQOOGP

2172

5KNDGTPG 5EJTCWDOGFCKNNG Q , WPUKIPKGTV CWH FKG #WHPCJOG FGT 5CN\DWTIGT 'OKITCPVGP 'KPG PCEJ T \KGJGPFG 'OKITCPVGPHCOKNKG QDGP )QVVXCVGT KP 9QNMGP FCTÒDGT 5RTWEJDCPF &GT -ÌPKI OKV 5EJWV\DTKGH KP FGT .KPMGP UVGJV HCUV X X \YKUEJGP \YGK 1HHK\KGTGP WPF GTYCTVGV FKG KO *KPVGTITWPF N GTUEJGKPGPFGP 5CN\DWTIGT 'OKITCPVGP QDGP 5RTWEJDCPF OO +PJCNV OKVGKPCPFGT XGTDWPFGPG MQNQTKGTVG -WRHGTUVKEJG FGU #WIUDWTIGT /GKUVGTU #DTCJCO 4GOUJCTF FKG 5\GPGP CWU FGT 'OKITCVKQPU IGUEJKEJVG FCTUVGNNGP KP FGP &GEMGNKPPGPUGKVGP DGHKPFGP UKEJ MQNQTKGTVG .CPFMCTVGP XQP 5CN\DWTI WPF .KVCWGP $TQEMOCPP 2TGNGT 4QNN MN &TWEMUVGNNGP UGJT UEJÌP 'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

2173

5KNDGTPG 5EJTCWDOGFCKNNG Q , WPUKIPKGTV CWH FKG #WHPCJOG FGT 5CN\DWTIGT 'OKITCPVGP 'KPG PCEJ T \KGJGPFG 'OKITCPVGPHCOKNKG QDGP )QVVXCVGT KP 9QNMGP FCTÒDGT 5RTWEJDCPF &GT 'OKITCPVGP HÒJTGT ,QUGRJ 5EJCKFDGTIGT KO 2CUVQTGPIGYCPF UVGJV X X WPF YGKUV OKV FGT .KPMGP CWH FKG $KDGN FKG PGDGP KJO CWH GKPGO 6KUEJ UVGJV KO *KPVGTITWPF 6ÒTÌHHPWPI FWTEJ FKG OCP 'OKITCPVGP XQTDGK\KGJGP UKGJV OO +PJCNV \WO 6GKN OKVGKPCPFGT XGTDWPFGPG MQNQTKGTVG -WRHGTUVKEJG FGU #WIUDWTIGT /GKUVGTU #DTCJCO 4GOUJCTF FKG 5\GPGP CWU FGT 'OKITCVKQPUIGUEJKEJVG FCTUVGNNGP KP FGP &GEMGNKPPGP UGKVGP DGHKPFGP UKEJ MQNQTKGTVG .CPFMCTVGP XQP 5CN\DWTI WPF .KVCWGP $TQEMOCPP 2TGNGT 4QNN 44 8QT\ÒINKEJ 'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

&CU $KNF 5EJCKFDGTIGTU KUV PCEJ %NCWUU GKPG 0CEJDKNFWPI FGU XQP 2CWN &GEMGT WPF /CTVKP 'PIGNDTGEJV KP #WIUDWTI IGHGTVKIVGP 5EJCKFDGTIGT 2QTVT·VU &GT +TTVWO 5EJCKFDGTIGT CNU 2HCTTGT FC\WUVGNNGP KUV FCTCWH \WTÒEM\WHÒJTGP FC FKG #WIUDWTIGT -ÒPUVNGT KJP PWT CWU UGKPGO 5GPFDTKGH MCPPVGP

2174

5KNDGTOGFCKNNG XQP 2 2 9GTPGT CWH FKG #WHPCJOG FGT 5CN\DWTIGT 'OKITCPVGP )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO 1TFGPUDCPF $QTWUUKC OKV 5EJKNF GORH·PIV GKPG 'OKITCPVGPHCOKNKG FCTÒDGT UVTCJNGPFGU )QVVGUCWIG OO I $TQEMOCPP 4QNN 5GJT UEJÌPpXQT\ÒINKEJ

2175

5KNDGTOGFCKNNG XQP 2 2 9GTPGT CWH UGKPGP 6QF )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO 1T FGPUDCPF 'KPG 5VGKPR[TCOKFG CP FGT GKPG 6CHGN OKV XKGT <GKNGP 5EJTKHV J·PIV N GKP 5VCPFDKNF FGU -TKGIUIQVVGU /CTU T GKP 5VCPFDKNF FGT /KPGTXC )ÌVVKP FGT 9GKUJGKV WPF FGT 9KUUGPUEJCHVGP OO I $TQEMOCPP 44 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

9GKVGTG /GFCKNNGP OKV $G\WI \WO 5QNFCVGPMÌPKI HKPFGP 5KG WPVGT FGP 0TP WPF

5QRJKG &QTQVJGC )GOCJNKP (TKGFTKEJ 9KNJGNOU + 5QRJKG &QTQVJGC KP *CPPQXGT YCT FKG 6QEJVGT FGU -WTHÒTUVGP )GQTI .WFYKI XQP $TCWP UEJYGKI %CNGPDGTI *CPPQXGT WPF UGKPGT )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 XGTMÒPFGV WPF IGHGKGTV #NU -ÌPKIKP HÒJNVG UKEJ FKG DTCWPUEJYGK IKUEJG 2TKP\GUUKP FKG DCTQEMGO 4GRT·UGPVCVKQPUDGFÒTHPKU WPF DCTQEMGT -WNVWT XGTRHNKEJVGV YCT CO $GTNKPGT *QHG KJTGU RWTKVCPKUEJGP )CVVGP PKG TKEJVKI YQJN 5QRJKG &QTQVJGC UVCTD KO #NVGT XQP ,CJTGP CO ,WPK KO 5EJNQ /QPDKLQW KP $GTNKP WPF YWTFG KO $GTNKPGT &QO DGKIGUGV\V

2176

5KNDGTOGFCKNNG XQP ' *CPPKDCN CWH KJTG *QEJ\GKV OKV FGO -TQPRTKP\GP (TKGFTKEJ 9KNJGNO

UR·VGT -ÌPKI (TKGFTKEJ 9KNJGNO + &TCRKGTVGU $TWUVDKNF 5QRJKG &QTQVJGCU T OKV 2GTNGPUEJOWEM KO *CCT 4GIGPDQIGP ÒDGT /GGT CP FGUUGP *QTK\QPV FKG UVTCJNGPFG 5QPPG CWHIGJV KO 8QTFGTITWPF CO 7HGT )TCUDÒUEJGN WPF )GJÌN\ OO I $TQEMOCPP -TCV\GT 4CPFHGJNGT UGJT UEJÌP

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

-ÌPKI (TKGFTKEJ ++ FGT )TQG &GT DGMCPPVGUVG RTGWKUEJG -ÌPKI YWTFG CO KP $GTNKP IGDQTGP 5GKPG ,WIGPF YCT IGRT·IV XQP FGO 7PVGTUEJKGF \YKUEJGP UGKPGT FGT DCTQEMGP -WNVWT XGT RHNKEJVGVGP /WVVGT 5QRJKC &QTQVJGC WPF FGO URCTVCPK UEJGP CWUUEJNKGNKEJ CO (WPMVKQPKGTGP XQP /KNKV·T WPF 8GTYCNVWPI KPVGTGUUKGTVGP 8CVGT FGO 5QNFCVGP MÌPKI &GT -QPHNKMV OKV FGO 8CVGT MWNOKPKGTVG CNU (TKGFTKEJ FKG *KPTKEJVWPI UGKPGU YGIGP 8GTTCVU \WO 6QFG XGTWTVGKNVGP (TGWPFGU -CVVG RGTUÌPNKEJ OKV CP UGJGP OWVG $GTGKVU KO ,CJT UGKPGU 4GIKGTWPIU CPVTKVVU DGICD UKEJ (TKGFTKEJ ++ PCEJ FGO 6QF -CTNU 8+ CWH FGT 5GKVG $C[GTPU KP FGP ¤UVGTTGKEJKUEJGP 'TDHQNIGMTKGI WPF GPVTK ¤UVGTTGKEJ FGO RGTOC PGPVGP CWGPRQNKVKUEJGP )GIPGT (TKGFTKEJU ++ KP FGP DGKFGP UEJNGUKUEJGP -TKGIGP WPF HCUV ICP\ 5EJNGUKGP WPF FKG )TCHUEJCHV )NCV\ 5GKV DGOÒJVGP UKEJ FKG YGIGP MQNQPKCNGT +P VGTGUUGP MQPMWTTKGTGPFGP )TQO·EJVG 'PINCPF WPF (TCPMTGKEJ WO 8GTDÒPFGVG 9·JTGPF UKEJ 2TGWGP 'PINCPF CPUEJNQ XGTDÒPFGVG UKEJ ¤UVGTTGKEJ OKV (TCPMTGKEJ WPF 4WUUNCPF DTCEJ FGT 5KGDGP L·JTKIG -TKGI CWU FGP 2TGWGP VTQV\ FGT ITQGP 0KGFGTNCIG XQP -WPGTUFQTH QJPG ITQG 6GTTKVQTKCN ¤N CWH .GKPYCPF XQP #PVQP )TCHH 1TKIKPCN $GTNKP 5VKHVWPI 2TGWKUEJG 5EJNÌUUGT WPF )·TVGP $GTNKP XGTNWUVG ÒDGTUVCPF +O ,CJT MQPPVG (TKGFTKEJ ++ $TCPFGPDWTI 2CTM %JCTNQVVGPDWTI 5EJNQ %JCT FWTEJ FKG XQP KJO KPKVKKGTVG GTUVG RQNPKUEJG 6GKNWPI 9GUVRTGWGP WPF FCU 'TONCPF FGO RTGWKUEJGP 5VCCV NQVVGPDWTI (QVQ ,ÌTI 2 #PFGTU GKPXGTNGKDGP FGT PWP GTUVOCNU GKPG FWTEJIGJGPFG .CPFXGTDKPFWPI CWHYKGU (TKGFTKEJ ++ FGT UEJQP UGKV XQP FGP <GKVIGPQUUGP ōFGT )TQGŋ IGPCPPV YWTFG GPVHCNVGVG UGKV GKPG TCUVNQUG 4GIKGTWPIUV·VKIMGKV DKU JKPGKP KP WPDGFGWVGPFG &GVCKNU WPF RT·IVG IGTCFG\W FGP 5VKN FGU CWHIGMN·TVGP #DUQNWVKUOWU 9·JTGPF GT FCU RTGWKUEJG 4GEJVUU[UVGO WPF FKG 9KTVUEJCHV KP UGKPGO .CPF TGHQTOKGTVG WPF HÌTFGTVG MQP\GPVTKGTVG GT UKEJ KO $GTGKEJ XQP -WNVWT WPF $KNFWPI HCUV CWUUEJNKGNKEJ CWH HTCP\ÌUKUEJG WPF ÒDGTJCWRV PKEJV CWH FGWVUEJG 8QTDKNFGT 'T DGUEJ·HVKIVG UKEJ RGTUÌPNKEJ IGTPG OKV /WUKM WPF 2JKNQUQRJKG YCT CDGT \WINGKEJ XQNN XQP 5MGRUKU <[PKUOWU WPF /GPUEJGPXGTCEJVWPI (TKGFTKEJ FGT )TQG FGT CO KP UGKPGO IGNKGDVGP 5EJNQ 5CPUUQWEK L·JTKI CP FGT 9CUUGTUWEJV UVCTD \·JNV \W FGP DGFGWVGPFUVGP WPF YKFGTURTÒEJNKEJUVGP 2GTUÌPNKEJMGKVGP FGT FGWVUEJGP )GUEJKEJVG

2177

5KNDGTOGFCKNNG XQP . * $CTDKG\ CWH FKG *WNFKIWPI KP -ÌPKIUDGTI -QRH T ,WUVKVKC UVGJV N OKV UVTCJNGPFGT 5QPPG 5EJYGTV WPF 9CCIG KP .CPFUEJCHV OO I 1NF F 4 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2178

5KNDGTOGFCKNNG XQP . * $CTDKG\ CWH FKG *WNFKIWPI KP $GTNKP -QRH T 8'4+6#6+ '6 +856+6+ KO #DUEJPKVV FCTWPVGT \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I 1NF C (CUV XQT\ÒINKEJGU 'ZGORNCT

2179

5KNDGTOGFCKNNG XQP . * $CTDKG\ CWH FKG 'TQDGTWPI 5EJNGUKGPU )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN WPF 1TFGPUMTGW\ 0GWP <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I ( W 5 1NF 8QP ITÌVGT 5GNVGPJGKV FC PWT YGPKIG 'ZGORNCTG IGRT·IV 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T &KG $G\GKEJPWPI FGU /CK CNU 6CI FGU 4GIKGTWPIUCPVTKVVU (TKGFTKEJU DGTWJV CWH GKPGO +TTVWO (TKGFTKEJ ++ VTCV UGKPG 4GIKGTWPI CO /CK CP

2181

2180

5KNDGTOGFCKNNG Q , WPUKIPKGTV XQP ) 9 -KVVGN 5EJWNRT·OKG FGT 5VCFV $TGUNCW )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN WPF 1TFGPUDCPF $GJGNOVGU 5VCFVYCRRGP OO I ( W 5 1NF .GKEJV DGCTDGKVGV CO 4CPF DGTKGDGP UGJT UEJÌP

5KNDGTOGFCKNNG WPUKIPKGTV XQP ) 9 -KVVGN CWH FKG 5EJNCEJV DGK %JQVWUKV\ $ÒUVG T OKV .QTDGGT MTCP\ CWH 2QUVCOGPV FCJKPVGT CWH LGFGT 5GKVG FTGK (CJPGP WPF 9CHHGP 5EJNCEJVU\GPG KO #DUEJPKVV FTGK <GKNGP 5EJTKHV OO I ( W 5 1NF C 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

+O ,CJT OCTUEJKGTVGP ÌUVGTTGKEJKUEJG 6TWRRGP WPVGT (ÒJTWPI FGU *GT\QIU -CTN XQP .QVJTKPIGP 4KEJVWPI 2TCI WO FKG UVTCVGIKUEJ WPF HÒT FGP 0CEJUEJWD YKEJVKIG DÌJOKUEJG *CWRVUVCFV CP\WITGKHGP FKG XQP GKPGT )CTPKUQP FGT OKV 2TGWGP XGTDÒPFGVGP $C[GTP IGJCNVGP YWTFG (TKGFTKEJ ++ UVGNNVG UKEJ OKV /CPP GKNKI FGT GVYC INGKEJ UVCTMGP ÌUVGTTGKEJKUEJGP #TOGG KP FGP 9GI #O /QTIGP FGU /CK MCO GU DGK %JQVWUKV\ VUEJGEJ %JQVWUKEG KP $ÌJOGP \WT 5EJNCEJV FKG UEJQP IGIGP /KVVCI \WIWPUVGP 2TGWGPU GPVUEJKGFGP YCT 9·JTGPF (TKGFTKEJ /CPP XGTNQT \·JNVGP FKG ¤UVGTTGKEJGT 8GTNWUVG &KG $GFTQJWPI 2TCIU YCT FCOKV XQTGTUV DGUGKVKIV WPF FKG 8GTUQTIWPI FGT RTGWKUEJGP 8GTD·PFG YGKVGTJKP IGUKEJGTV &GT 'THQNI DGK %JQVWUKV\ DQV HÒT 2TGWGP GKPG IÒPUVKIG 8GTJCPFNWPIU RQUKVKQP DGKO #DUEJNW FGU $TGUNCWGT 8QTHTKGFGPU CO ,WPK FGU ,CJTGU KP FGO /CTKC 6JGTGUKC KJTGO )GIPGT (TKGFTKEJ FKG )TCHUEJCHV )NCV\ 0KGFGT WPF GKPKIG 6GKNG 1DGTUEJNGUKGPU ÒDGTNKG

2182

5KNDGTOGFCKNNG XQP . * $CTDKG\ CWH FKG 8QTXGTJCPFNWPIGP \WO (TKGFGP XQP $TGUNCW )GJCTPKUEJ VGU $TWUVDKNF T OKV WOIGNGIVGO *GTOGNKP WPF 1TFGPUMTGW\ #FNGT OKV ¤N\YGKI KP GKPGO (CPI UEJYGDV ÒDGT GKPGO CO $QFGP CWHIGUEJKEJVGVGP *CWHGP CWU 9CHHGPVTQRJ·GP OO I ( W 5 1NF 8QP ITQGT 5GNVGPJGKV #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T &GT 4ÒEMUGKVGPUVGORGN YWTFG W C CWEJ HÒT GKPG /GFCKNNG XGTYGPFGV FKG CWH FGT 8QTFGTUGKVG GKP 2QTVT·V XQP /CTKC 6JGTGUKC \GKIV

2183

5KNDGTOGFCKNNG XQP # 8GUVPGT CWH FGP (TKGFGP XQP $TGUNCW )GJCTPKUEJVGU $TWUVDKNF T OKV WO IGNGIVGO /CPVGN *GTMWNGU FGT UKEJ CWH UGKPG -GWNG UVÒV\V YKTF XQP GKPGO ÒDGT KJO UEJYGDGPFGP )GPKWU DGMT·P\V QDGP GKP \YGKVGT )GPKWU OKV <YGKI FGT PCEJ T \W CWHIGUVGNNVGP -TKGIUVTQRJ·GP UEJYGDV KO *KPVGTITWPF FKG 5VCFVCPUKEJV XQP $TGUNCW KO #DUEJPKVV \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I $GTPJGKOGT ( W 5 1NF 2CZ KP 0WOOKU 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

2184

2186

2185

'ZGORNCT FGT #WMVKQP &T $WUUQ 2GWU 0CEJH (TCPMHWTV /CKP 0T

5KNDGTOGFCKNNG XQP # 4 9GTPGT WPF , . 1GZNGKP CWH FGP (TKGFGP XQP $TGUNCW )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN WPF 1TFGPUMTGW\ )GJCTPKUEJVG $ÒUVG FGU )TQGP -WTHÒTUVGP OKV .QTDGGTMTCP\ N CWH 2QUVCOGPV FCTCWH FKG #WHUEJTKHV (4+&'4 9+.* /#)085 N FCXQT UEJYG DGPFG (COC KO #DUEJPKVV ,CJTGU\CJN OO I ( W 5 1NF 5GJT UEJÌPGU 'ZGORNCT OKV HGKPGT 2CVKPC

5KNDGTOGFCKNNG XQP . * $CTDKG\ CWH FKG 5EJNCEJV DGK *QJGPHTKGFDGTI )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO *GTOGNKP -ÌPKI TGKVGV N KO *KPVGTITWPF 5EJNCEJVU\GPG KO #DUEJPKVV &CVWO FGT 5EJNCEJV KP \YGK <GKNGP OO I ( W 5 1NF 4 *GPMGNURWT FGPPQEJ CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

'ZGORNCT FGT #WMVKQP -WTRH·N\KUEJG /ÒP\GPJCPFNWPI /CPPJGKO 0T

2187

5KNDGTOGFCKNNG XQP . * $CTDKG\ CWH FKG $GUGV\WPI XQP &TGUFGP KO \YGKVGP UEJNGUKUEJGP -TKGI )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO *GTOGNKP -PKGPFG 5VCFVIÌVVKP ÒDGTTGKEJV FGO KP TÌOKUEJGT +ORGTCVQTGPVTCEJV UVGJGPFGP -ÌPKI FKG 5VCFVUEJNÒUUGN KO *KPVGTITWPF FKG 5VCFV &TGU FGP OO I ( W 5 1NF 44 -N 4CPFHGJNGT WPF -TCV\GT XQT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

+P FGP 5COONWPIGP .ÌHHNGT WPF 5VTKGDQNN YCT XQP FKGUGT /GFCKNNG LGYGKNU PWT GKP #DIW XQTJCPFGP

2188

5KNDGTOGFCKNNG XQP , %JT /CTO¾ CWH FGP (TKGFGP XQP &TGUFGP )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WOIGNGIVGO *GTOGNKP WPF 1TFGPUMTGW\ 5VCFVCPUKEJV XQP &TGUFGP WOJGT HÒPH -CTVW UEJGP OKV &CTUVGNNWPIGP FGT 5EJNCEJVGP XQP /QNYK\ 5EJC\NCW (TKGFDGTI 9KNUFQTHH WPF 5QTT QDGP FGT IGMTÌPVG RTGWKUEJG #FNGT OKV .QTDGGT\YGKIGP KP FGP (·PIGP WPF KO 5EJPCDGN KO #DUEJPKVV XKGT <GK NGP 5EJTKHV OO I ( W 5 1NF 2CZ KP 0WOOKU 44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

2189

5KNDGTOGFCKNNG XQP , #DTCJCO CWH FKG ,CJTHGKGT FGT 5VCFV -ÌPKIUDGTI &KG 5VCFVCPUKEJV XQP -ÌPKIUDGTI FCTÒDGT WPVGT UVTCJNGPFGO )QVVGUCWIG FGT RTGWKUEJG #FNGT OKV FGP FTGK 9CRRGP FGU CNVGP -ÌPKIUDGTI #NVUVCFV .ÌDGPKEJV WPF -PGKRJQH KO #DUEJPKVV XKGT <GKNGP 5EJTKHV WPF ,CJTGU\CJN #WH GKPGT #PJÌJG N FKG 1TFGPUDWTI T CWHIGJGPFG 5QPPG ÒDGT FGO (NW 2TGIGN KO 8QTFGTITWPF GKP PCEJ T UKV\GPFGT -TKGIGT OKV .CP\G DÌJOKUEJGO 5EJKNF WPF GKPGO 2CNNCFKWO CWH FGT CWUIGUVTGEMVGP NKPMGP *CPF OO I *QHHOCPP 1NF 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

&KG 7OUEJTKHV FGT 8QTFGTUGKVG FKGUGT /GFCKNNG GPVJ·NV FKG ,CJTGU\CJN CNU %JTQPQITCOO FKG 4ÒEMUGKVGPWO UEJTKHV GPVJ·NV FKG ,CJTGU\CJN )TÒPFWPIULCJT FGT 5VCFV CNU %JTQPQITCOO &GT UKV\GPFG -TKGIGT WPVGTJCND FGT 1TFGPUDWTI KUV FWTEJ FGP .ÌYGPUEJKNF CNU -ÌPKI 1VVQMCT XQP $ÌJOGP IGMGPP\GKEJPGV

2190

2191

2192

5KNDGTOGFCKNNG XQP , #DTCJCO CWH FKG ,CJTHGKGT FGT 5VCFV -ÌPKIUDGTI 5VCFVIÌVVKP MPKGV XQT FGO PCEJ N VJTQPGPFGP -ÌPKI CO $QFGP GKP CWHIGUEJNCIGPGU $WEJ /GTMWTUVCD WPF GKP 5EJKNF OKV FGP FTGK 9CRRGP FGU CNVGP -ÌPKIUDGTI 'KP OKV .KNKGP DGRHNCP\VGT WPF OKV FGT -ÌPKIUMTQPG DGFGEMVGT $GTI FCTÒDGT KO *CNDMTGKU HÒPH <GKEJGP FGT YGEJUGNPFGP .CPFGUJGTTUEJCHVGP WPVGP HÒPH <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I *QHHOCPP 1NF 8QP ITQGT 5GNVGPJGKV (CUV XQT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

5KNDGTOGFCKNNG XQP / WPF , ) *QNV\JG[ CWH FKG -CRKVWNCVKQP FGT U·EJUKUEJGP 6TWRRGP DGK 2KTPC CO 1MVQDGT )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WOIGNGIVGO *GTOGNKP WPF 1TFGPU DCPF 2GTUGWU OKV 5EJKNF WPF /GFWUGPJCWRV UVGJV X X \YKUEJGP FGT UKV\GPFGP 5CZQPKC OKV 9CRRGP UEJKNF WPF FTGK DGUKGIVGP -TKGIGTP KO #DUEJPKVV \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I ( W 5 1NF 44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

5KNDGTOGFCKNNG XQP , ) *QNV\JG[ CWH FKG 5EJNCEJV DGK 2TCI )GJCTPKUEJVGU $TWUVDKNF T OKV .QT DGGTMTCP\ WPF 1TFGPUDCPF 8KEVQTKC OKV 5EJKNF KP FGT .KPMGP UEJNGWFGTV $NKV\G CWH FKG XQT KJT MPKGPFG $QJGOKC XQT KJT NKGIGP 6TQRJ·GP WPF \YGK (·UUGT CWH FGO $QFGP N GKP $CWO WPF HNKGJGPFG 4GKVGT KO #DUEJPKVV \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I ( W 5 1NF 44 #VVTCMVKXGU HCUV XQT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

2193

5KNDGTOGFCKNNG XQP , #DTCJCO CWH FKG 5EJNCEJV DGK 4QDCEJ &GT -ÌPKI OKV 5EJYGTV KP FGT 4GEJVGP TGKVGV T KO *KPVGTITWPF 5EJNCEJVU\GPG &GT RTGWKUEJG #FNGT UEJNGWFGTV $NKV\G IGIGP FGP ÌUVGTTGKEJKUEJGP &QRRGNCFNGT FGP ICNNKUEJGP *CJP WPF FKG FTGK 5RCV\GP FGT 4GKEJUCTOGG OO I ( W 5 *QHHOCPP 1NF -N 4CPFHGJNGT FGPPQEJ CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP -ÌNPGT /ÒP\MCDKPGVV 0QXGODGT 0T

2194

5KNDGTOGFCKNNG WPUKIPKGTV XQP , ) *QNV\JG[ CWH FKG 5EJNCEJV DGK 4QDCEJ )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WOIGNGIVGO *GTOGNKP WPF 1TFGPUDCPF #FNGT UEJOGVVGTV OKV $NKV\GP FKG HTCP\ÌUKUEJGP .KNKGP \W $QFGP N GKP 9CUUGT URGPFGPFGT -TWI T 6TQRJ·G OKV FGO MCKUGTNKEJGP WPF HTCP\ÌUKUEJGP 9CRRGPUEJKNF KP FGT /KVVG UVGJV *GTMWNGU OKV GTJQDGPGT -GWNG QDGP CWH 9QNMGP UKV\GP *GTC WPF <GWU OO I ( W 5 1NF #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT OKV HGKPGT 6ÌPWPI 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2195

5KNDGTOGFCKNNG XQP 0 )GQTIK CWH FGP 5KGI DGK .KUUC .GWVJGP CO &G\GODGT )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO *GTOGNKP WPF 1TFGPUMTGW\ /KPGTXC UKV\V N OKV 5EJKNF WPF .CP\G WPF FGWVGV OKV FGT 4GEJVGP CWH GKPG 2[TCOKFG FGTGP 5RKV\G FWTEJ GKPGP $NKV\ CDIGVTGPPV YKTF KO #DUEJPKVV \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I ( W 5 1NF 44 #VVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT

2196

2197

5KNDGTOGFCKNNG XQP ) * 5KPIGT WPF & 7NKVUEJ CWH FKG 5EJNCEJV DGK .KUUC 4GKVGTFGPMOCN FGU -ÌPKIU &GT RTGWKUEJG #FNGT XGTVTGKDV FGP ÌUVGTTGKEJKUEJGP &QRRGNCFNGT OKV $NKV\GP CWU FGO *QTUV KO *KPVGTITWPF FCU 5EJNCEJVHGNF WPF FKG 5VCFVCPUKEJV XQP $TGUNCW OO I ( W 5 1NF (GNFGT IGIN·VVGV UGJT UEJÌP

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

5KNDGTOGFCKNNG WPUKIPKGTV XQP , ) *QNV\JG[ CWH FKG 9KGFGTGKPPCJOG $TGUNCWU *ÒHVDKNF KP 7PK HQTO OKV 1TFGPUUVGTP N KP FGT 4GEJVGP (GNFJGTTGPUVCD 2GTUGWU TGKVGV CWH 2GICUWU OKV GKPGT (CJPG KP FGT *CPF PCEJ N WPVGT KJO 6TQRJ·GP WPF GKP 5EJKNF OKV FGT #WHUEJTKHV %#26+ 8+5 .'86* FCXQT FKG MPKGPFG 9TCVKUNCXKC OKV FGP 5VCFVUEJNÒUUGNP KP FGT *CPF PGDGP KJT GKP 5EJKNF OKV FGT #WHUEJTKHV 84#6+5. %#26+5 OO I ( W 5 1NF 44 (CUV XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2198

2199

2200

5KNDGTOGFCKNNG XQP 6 2KPIQ CWH FKG 5KGIG FGU ,CJTGU )GJCTPKUEJVGU $TWUVDKNF T OKV 1T FGPUMTGW\ 0CEJ N UEJTGKVGPFG 8KMVQTKC OKV 2CNO\YGKI DGMT·P\V GKPG 6TQRJ·G FCTÒDGT GKP UEJYGDGPFGT #FNGT KO #DUEJPKVV \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I ( W 5 1NF #VVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

'ZGORNCT FGT #WMVKQP #FQNRJ *GUU #) <ÒTKEJ 0T

5KNDGTOGFCKNNG XQP , #DTCJCO CWH FKG 5EJNCEJV DGK <QTPFQTH &GT -ÌPKI OKV 5EJYGTV TGKVGV T KP .CPFUEJCHV (COC OKV .QTDGGTMTCP\ WPF 2QUCWPG UEJYGDV T FCTWPVGT UKGDGP <GKNGP 5EJTKHV OO I *QHHOCPP 1NF /KP 4CPFHGJNGT UGJT UEJÌP 'ZGORNCT FGT #WMVKQP -ÌNPGT /ÒP\MCDKPGVV 0QXGODGT 0T

&KG 5EJTKHV CWH FGT 4ÒEMUGKVG GPVJ·NV FKG ,CJTGU\CJN CNU %JTQPQITCOO

5KNDGTOGFCKNNG XQP , #DTCJCO CWH FKG 5EJNCEJV DGK <QTPFQTH )GJCTPKUEJVGU $TWUVDKNF T FCT ÒDGT J·NV GKPG *CPF CWU 9QNMGP GKPGP .QTDGGTMTCP\ OKV :OC #PUKEJV FGU 5EJNCEJVHGNFGU OKV FGO DTGPPGPFGP <QTPFQTH T FKG DTGPPGPFG (GUVWPI -ÒUVTKP OO I ( W 5 *QHHOCPP 1NF 44 #VVTCMVKXGU 'ZGORNCT OKV JÒDUEJGT 2CVKPC XQT\ÒINKEJp5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

&KG \YKUEJGP GKPGO RTGWKUEJGP WPF GKPGO TWUUKUEJGP *GGT KO 8GTNCWH FGU 5KGDGPL·JTKIGP -TKGIGU CWUIGHQEJVGPG 5EJNCEJV GPFGVG CWH DGKFGP 5GKVGP OKV CWGTQTFGPVNKEJGP 8GTNWUVGP LGFQEJ QJPG 5KGIGT &KG /GFCKNNG HGKGTV JKPIGIGP GKPGP RTGWKUEJGP 5KGI &KG XQTNKGIGPFG 2T·IWPI KUV UQOKV GKP IWVGU $GKURKGN FCHÒT FC /GFCKNNGP CWEJ CNU /GFKWO RQNKVKUEJGT 2TQRCICPFC HWPIKGTVGP

2201

5KNDGTOGFCKNNG WPUKIPKGTV XQP , ) *QNV\JG[ CWH FKG 5EJNCEJV DGK <QTPFQTH )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WOIGNGIVGO *GTOGNKP WPF 1TFGPUMTGW\ +P GKPGT .CPFUEJCHV OKV $·WOGP UVGJV GKP .ÌYG 2TGWGP FGT GKPGP *WPF 4WNCPF \GTHNGKUEJV WOJGT HÒPH YGKVGTG KJP CPITGKHGPFG *WPFG FKG IGIPGTKUEJGP 5VCCVGP FKG FWTEJ FKG GKPIGRWP\VGP 9CRRGP XQP 5EJYGFGP 5CEJUGP (TCPM TGKEJ .QVJTKPIGP WPF ¤UVGTTGKEJ IGMGPP\GKEJPGV UKPF KO #DUEJPKVV FTGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I ( W 5 1NF 8QP ITQGT 5GNVGPJGKV (GKPG 2CVKPC XQT\ÒINKEJ

2202

5KNDGTPG 5EJTCWDOGFCKNNG XQP + / /ÌTKMQHGT CWH UGKPG 5KGIG )GJCTPKUEJVGU $TWUVDKNF N OKV WOIGNGIVGO *GTOGNKP WPF 1TFGPUMTGW\ 5KV\GPFG -NKQ UEJTGKDV KP GKP $WEJ FCU CWH FGP 5EJWNVGTP FGU T UKV\GPFGP 5CVWTPU NKGIV OO +PJCNV \WO 6GKN OKVGKPCPFGT XGTDWPFGPG UEJYCT\ YGKG -WR HGTUVKEJG OKV .CPFMCTVGP UQYKG $KNFGTP XQP 5EJNCEJVGP QFGT 5VCFVCPUKEJVGP OKV $GUEJTGKDWPIGP FGT 'T GKIPKUUG KP FGWVUEJGT 5EJTKHV FKG &GEMGNKPPGPUGKVGP UKPF NGGT NQUGT UEJYCT\ YGKGT -WRHGTUVKEJ XQT JCPFGP #DMÒT\WPIGP OKV $GFGWVWPI 1NF D 2TGNGT -N 4CPFHGJNGT &QUG NGKEJV FGHGMV UGJT UEJÌP

2203

5KNDGTPG 5EJTCWDOGFCKNNG XQP + / /ÌTKMQHGT CWH UGKPG 5KGIG )GJCTPKUEJVGU $TWUVDKNF N OKV WOIGNGIVGO *GTOGNKP 5KV\GPFG -NKQ UEJTGKDV KP GKP $WEJ FCU CWH FGP 5EJWNVGTP FGU T UKV\GPFGP 5CVWTPU NKGIV OO +PJCNV \WO 6GKN OKVGKPCPFGT XGTDWPFGPG UEJYCT\ YGKG -WRHGTUVKEJG OKV .CPFMCTVGP UQYKG $KNFGTP XQP 5EJNCEJVGP QFGT 5VCFVCPUKEJVGP OKV $GUEJTGKDWPIGP FGT 'TGKIPKUUG KP HTCP\ÌUKUEJGT 5EJTKHV KP FGP &GEMGNKPPGPUGKVGP DGHKPFGP UKEJ \YGK GKPIGMNGDVG UEJYCT\ YGKG -WRHGT UVKEJG &KG KP FGP 6GZVGP XQTMQOOGPFGP #DMÒT\WPIGP OKV $GFGWVWPI .CPFMCTVG 1NF D 2TGNGT 44 -QORNGVVGU 'ZGORNCT OKV RTCEJVXQNNGT 2CVKPC XQT\ÒINKEJ 87

2204

5KNDGTPG 5EJTCWDOGFCKNNG XQP + / /ÌTKMQHGT CWH UGKPG 5KGIG )GJCTPKUEJVGU $TWUVDKNF N OKV WOIGNGIVGO *GTOGNKP 5KV\GPFG -NKQ UEJTGKDV KP GKP $WEJ FCU CWH FGP 5EJWNVGTP FGU T UKV\GPFGP 5C VWTPU NKGIV OO +PJCNV \WO 6GKN OKVGKPCPFGT XGTDWPFGPG UEJYCT\ YGKG -WRHGTUVKEJG OKV .CPFMCTVGP UQYKG $KNFGTP XQP 5EJNCEJVGP QFGT 5VCFVCPUKEJVGP OKV $GUEJTGKDWPIGP FGT 'TGKIPKUUG KP HTCP\ÌUKUEJGT 5EJTKHV KP FGP &GEMGNKPPGPUGKVGP DGHKPFGP UKEJ \YGK GKPIGMNGDVG UEJYCT\ YGKG -WRHGT UVKEJG &KG KP FGP 6GZVGP XQTMQOOGPFGP #DMÒT\WPIGP OKV $GFGWVWPI .CPFMCTVG 1NF D 2TGNGT 44 -QORNGVVGU CNVXGTXQNFGVGU 'ZGORNCT XQP XQT\ÒINKEJGT 'TJCNVWPI

2205

5KNDGTOGFCKNNG XQP , #DTCJCO CWH FGP (TKGFGP XQP *CODWTI \YKUEJGP 2TGWGP 4WNCPF WPF 5EJYGFGP &KG IGJCTPKUEJVGP $TWUVDKNFGT 2GVGTU +++ XQP 4WNCPF OKV 'KEJGPMTCP\ WPF (TKGFTKEJU ++ OKV .QTDGGTMTCP\ GKPCPFGT IGIGPÒDGT /KPGTXC UKV\V CWH GKPGT 5RJKPZ WPF J·NV GKPG OKV ¤N\YGKI WOYWPFGPG .CP\G WPF GKPGP 5EJKNF FCTCWH FKG 9CRRGP XQP 2TGWGP #FNGT 4WNCPF &QRRGNCFNGT WPF 5EJYG FGP FTGK -TQPGP OO I &KCMQX *QHHOCPP 1NF 4 5GJT UEJÌP

2206

5KNDGTPG 5EJTCWDOGFCKNNG XQP , 6JK¾DCWF CWH FGP (TKGFGP XQP *WDGTVWUDWTI $ÒUVGP XQP (TCP\ + WPF /CTKC 6JGTGUKC XQP ¤UVGTTGKEJ (TKGFTKEJ #WIWUV +++ XQP 5CEJUGP UQYKG (TKGFTKEJ ++ PGDGPGKP CPFGT T )GTOCPKC OKV 5EJKNF WPF 2CZ OKV .QTDGGT\YGKI TGKEJGP GKPCPFGT XQT GKPGT OKV 2CNO\YGKIGP WOYWPFGPGP 5·WNG FKG *·PFG CWH FGT 5·WNG UVGJV GKPG 6CHGN OKV XKGT <GKNGP 5EJTKHV QDGP UVTCJNGPFGU )QVVGUCWIG OO +PJCNV PKEJV OKVGKPCPFGT XGTDWPFGPG 'KPNCIGP FKG MQNQTKGTVG -WRHGTUVKEJG QFGT 6GZV DGKPJCNVGP KP FGP &GEMGNKPPGPUGKVGP DGHKPFGP UKEJ \YGK YGKVGTG MQNQTKGTVG -WRHGTUVKEJG 1NF D 2CZ KP 0WOOKU 2TGNGT 5NI /GTUGD 5NI /QPVGPWQXQ 5GJT CVVTCMVKXGU UGJT UEJÌPGU 'ZGORNCT OKV HGKPGT 2CVKPC

2208

2207

5KNDGTOGFCKNNG XQP , . 1GZNGKP CWH FGP (TKGFGP XQP *WDGTVWUDWTI (COC OKV 2QUCWPG UEJYGDV T ÒDGT *WDGTVWUDWTIGT 5EJNQ )GPKWU OKV <GRVGT WPF JTG UVGJV X X KP .CPFUEJCHV KO *KPVGTITWPF RHNÒIGPFGT $CWGT OO I ( W 5 1NF 2CZ KP 0WOOKU 8QT\ÒINKEJ

5KNDGTOGFCKNNG XQP , #DTCJCO 2TGKU FGT #MCFGOKG FGT 9KUUGPUEJCHVGP )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO *GTOGNKP 8KGT <GKNGP 5EJTKHV KP .QTDGGTMTCP\ WPVGP ,CJTGU\CJN OO I *QHHOCPP 1NF *ÒDUEJG 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2209

5KNDGTOGFCKNNG XQP , / -TCHHV CWH UGKPGP $GUWEJ DGK -CKUGT ,QUGH ++ KO .CIGT XQP 0GWUVCFV KP /·JTGP -CKUGT WPF -ÌPKI TGKVGP T OKV )GHQNIG $ÒUVG ,QUGHU ++ T OKV .QTDGGTMTCP\ OO I 1NF 5NI /QPVGPWQXQ 5GJT UEJÌP

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2210

5KNDGTOGFCKNNG XQP , #DTCJCO CWH FKG ,CJTHGKGT FGT (TCP\ÌUKUEJGP )GOGKPFG KP $GTNKP &KG RGTUQPKHK\KGTVG .KGDG UKV\V T WPF J·NV GKP -KPF CWH FGO 5EJQ GKP YGKVGTGU UVGJV PGDGP KJT KJT TGEJVGT #TO NKGIV CWH GKPGO 5EJKNF CWH FGO GKPG -KTEJGPFCTUVGNNWPI \W UGJGP KUV T UVGJV FGT RGTUQPKHK\KGTVG )NCWDG OKV 'XCPIGNKWO KP FGT .KPMGP 0GWP <GKNGP 5EJTKHV FCTWPVGT ,CJTGU\CJN OO I *QHHOCPP 1NF 8CT (GKPG 2CVKPC XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2211

5KNDGTOGFCKNNG XQP , #DTCJCO CWH FKG *WNFKIWPI KP /CTKGPDWTI CPN·NKEJ FGT GTUVGP 6GKNWPI 2QNGPU )GJCTPKUEJVGU $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO /CPVGN &GT -ÌPKI UKV\V N KP CPVK MGO )GYCPF WPF UVÒV\V UKEJ OKV FGT .KPMGP CWH FKG 9CRRGPUEJKNFG XQP 2TGWGP WPF 2QOOGTP OKV FGT 4GEJVGP J·NV GT GKPG -CTVG OKV FGP PGW GTYQTDGPGP .CPFGUVGKNGP FKG GKPG XQT KJO MPKGPFG YGKDNKEJG )GUVCNV GPVTQNNV OO I *QHHOCPP 1NF #VVTCMVKXG 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2212

2213

2214

5KNDGTOGFCKNNG WPUKIPKGTV XQP # #DTCOUQP QFGT & ( .QQU CWH FGP $GUWEJ FGU )TQHÒTUVGP 2CWN XQP 4WNCPF KP $GTNKP &GT RTGWKUEJG )GPKWU GORH·PIV FCU /GFCKNNQPDKNF FGU )TQHÒTUVGP 2CWN WO GU KO 6GORGN FGT (TGWPFUEJCHV CWH\WJ·PIGP &TGK <GKNGP 5EJTKHV KP .QTDGGTMTCP\ FCTWPVGT XKGT <GKNGP 5EJTKHV OO I &KCMQX *QHHOCPP 1NF 5QOOGT # 4 #VVTCMVKXG 2CVKPC UGJT UEJÌP 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

&KGUG /GFCKNNG YKTF XQP 5QOOGT FGO /GFCKNNGWT .QQU \WIGUEJTKGDGP .CWV *QHHOCPP IKNV GU LGFQEJ CNU UKEJGT FC #DTCOUQP FKG 5VGORGN IGUEJPKVVGP JCV

5KNDGTOGFCKNNG XQP # #DTCOUQP CWH FGP (TKGFGP XQP 6GUEJGP )GJCTPKUEJVGU $TWUVDKNF N OKV .QTDGGTMTCP\ WPF WOIGNGIVGO /CPVGN /KPGTXC OKV FGO RTGWKUEJGP 5EJKNF UEJYGDV CWH 9QNMGP \WT 'TFG WPF UVÌV KJTG .CP\G KP FGP $QFGP CWU FGO GKP ¤N\YGKI URTKGV OO I ( W 5 XCT *QHHOCPP 1NF D 2CZ KP 0WOOKU *ÒDUEJG 2CVKPC MN 4CPFXGTRT·IWPI HCUV XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP & ( .QQU CWH FGP (TKGFGP XQP 6GUEJGP $ÒUVG T OKV .QTDGGTMTCP\ CWH 2QUVCOGPV OKV +PUEJTKHV N ,WUVKVKC T $GNNQPC FKG OKV FGO 5EJYGTV CWH GKPG -CTVG OKV $#8#4+# \GKIV 5KV\GPFG $GNNQPC UEJOÒEMV KJTGP *GNO OKV FGO .CWD FGU PGDGP KJT UVGJGPFGP ¤NDCWOU CO $QFGP 5EJYGTV WPF 5EJKNF OO I ( W 5 1NF 2CZ KP 0WOOKU 5QOOGT # *ÒDUEJG 2CVKPC YKP\ -TCV\GT HCUV XQT\ÒINKEJ

2215

5KNDGTOGFCKNNG WPUKIPKGTV XQP , %JT 4GKEJ CWH FGP (TKGFGP XQP 6GUEJGP &KG $TWUVDKNFGT ,QUGHU ++ XQP ¤UVGTTGKEJ WPF (TKGFTKEJU ++ KP 7PKHQTO GKPCPFGT IGIGPÒDGT QDGP GKP CWU .QTDGGTDN·VVGTP IG DKNFGVGT *CNDDQIGP <YGK 5·WNGP FKG OKV FGT ÌUVGTTGKEJKUEJGP D\Y FGT RTGWKUEJGP -TQPG DGNGIV UKPF UVGJGP WPVGT UVTCJNGPFGO &TGKGEM 5[ODQN FGT &TGKHCNVKIMGKV FKG NKPMG KUV OKV .QTDGGT\YGKIGP WOYWP FGP FKG TGEJVG OKV 2CNO\YGKIGP CP FGP 5GKVGP NGJPGP FKG 5EJKNFG XQP (TCPMTGKEJ D\Y 4WNCPF OO I ( W 5 1NF 2CZ KP 0WOOKU FQTV KP <KPP *ÒDUEJG 2CVKPC MN 4CPFHGJNGT UGJT UEJÌP

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2216

2217

2218

5KNDGTOGFCKNNG XQP , . 1GZNGKP CWH FGP (TKGFGP XQP 6GUEJGP (COC OKV 2QUCWPG UEJYGDV T ÒDGT 5VCFVCPUKEJV XQP 6GUEJGP (NQTC UVGJV T KP ÒRRKIGT .CPFUEJCHV WPF UEJOÒEMV UKEJ OKV $NWOGPIG YKPFGP QDGP T UEJYGDV 2CZ OKV (ÒNNJQTP WPF ¤N\YGKI OO I ( W 5 1NF 2CZ KP 0WOOKU -CDKPGVVUVÒEM *GTTNKEJG 2CVKPC HCUV 5VGORGNINCP\

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

5KNDGTOGFCKNNG XQP , ( 5VKGNGT CWH FGP (TKGFGP XQP 6GUEJGP <GTDTQEJGPG 5·WNG CWH 5EJNCEJV HGNF \W FGP 5GKVGP #TOCVWTGP 9KGFGTJGTIGUVGNNVG 5·WNG FKG OKV .QTDGGT WPF 2CNO\YGKI DGNGIV KUV WPF CP FGT GKP IGHNÒIGNVGT %CFWEGWU UQYKG GKPG .GKGT CPIGDTCEJV UKPF UVGJV KP DNÒJGPFGT .CPFUEJCHV KO *KPVGTITWPF RHNÒIGPFGT $CWGT OO I ( W 5 1NF 2CZ KP 0WOOKU (GKPG 2CVKPC XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP & ( .QQU CWH FKG ,CJTHGKGT FGU OGFK\KPKUEJGP 1DGT -QNNGIKWOU KP $GT NKP $TWUVDKNF T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO /CPVGN *[IKGKC UVGJV T WPF DGMT·P\V FCU /GFCKN NQPDKNF FGU )TQGP -WTHÒTUVGP FCU CWH GKPGO 2QUVCOGPV UVGJV OO I 1NF 5NI $TGVVCWGT 5QOOGT # 4 -N 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP -ÌNPGT /ÒP\MCDKPGVV -ÌNP 0T

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

(TKGFTKEJ 9KNJGNO FGT )TQG -WTHÒTUV UVKHVGVG KP $GTNKP FCU %QNNGIKWO /GFKEWO 'U ÒDGTYCEJVG FKG #WUDKN FWPI FGT T\VG WPF GTVGKNVG FKG $GTWHUGTNCWDPKU CP T\VG 9WPF·T\VG $CFGT #RQVJGMGT WPF *GDCOOGP -ÌPKI (TKGFTKEJ 9KNJGNO + TKEJVGVG KP LGFGT RTGWKUEJGP 2TQXKP\ GKP GKIGPGU %QNNGIKWO /GFKEWO GKP WPF ITÒPFGVG CNU ÒDGTIGQTFPGVG $GJÌTFG FCU /GFK\KPKUEJG 1DGT -QNNGIKWO

2219

5KNDGTOGFCKNNG XQP # #DTCOUQP CWH UGKPGP 6QF WPF FGP &GWVUEJGP (ÒTUVGPDWPF $TWUVDKNF N KP 7PKHQTO OKV 1TFGPUUVGTP WPF WOIGNGIVGO *GTOGNKP 'KP TÌOKUEJGT -TKGIGT WOUEJNKPIV OGJTGTG 4WVGP DÒPFGN OKV GKPGT ¤N\YGKIIKTNCPFG WPF NGJPV UKG CP FGP #NVCT FGT 'KPVTCEJV FGT FWTEJ \YGK XGTUEJNWP IGPG (ÒNNJÌTPGT IGMGPP\GKEJPGV KUV OO I *QHHOCPP 1NF *GTTNKEJG 2CVKPC XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2220

2221

2222

5KNDGTOGFCKNNG XQP , ) *QNV\JG[ CWH UGKPGP 6QF $TWUVDKNF N KP 7PKHQTO )GMTÌPVG TCWEJGPFG 7TPG CWH 2QUVCOGPV WOJGT 5[ODQNG FGU (TKGFGPU WPF FGU -TKGIGU QDGP HNKGIGPFGT #FNGT WPVGT UVTCJ NGPFGO 5VGTPGPMTCP\ OO I 1NF C #VVTCMVKXG 2CVKPC XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP & ( .QQU CWH UGKPGP 6QF $ÒUVG T OKV 5VTCJNGPMTQPG $QTWUUKC MPKGV T XQT HNCOOGPFGO #NVCT FGT OKV FGO IGMTÌPVGP RTGWKUEJGP #FNGT OKV <GRVGT WPF 4GKEJUCRHGN XGT\KGTV KUV QDGP 5VTCJNGP CWU 9QNMGP OO I 1NF 5QOOGT # *ÒDUEJG 2CVKPC XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP , ) 5VKGTNG CWH UGKPGP 6QF $ÒUVG N OKV .QTDGGTMTCP\ 6TCWGTPFG $GTQNKPC PGDGP 2QUVCOGPV OKV 7TPG WOJGT 5[ODQNG FGU (TKGFGPU FGU -TKGIGU FGU *CPFGNU WPF FGT -ÒPUVG OO I 1NF -N 4CPFHGJNGT HCUV XQT\ÒINKEJ

9GKVGTG /GFCKNNGP OKV $G\WI \W (TKGFTKEJ ++ HKPFGP 5KG WPVGT FGP 0TP WPF (TKGFTKEJ *GKPTKEJ .WFYKI FTKVVGT 5QJP (TKGFTKEJ 9KNJGNOU + $TWFGT (TKGFTKEJU ++ 2TKP\ (TKGFTKEJ *GKPTKEJ .WFYKI YWTFG CO KP $GTNKP IGDQTGP WPF UVCTD CO KP 4JGKPUDGTI 'T XGTO·JNVG UKEJ CO OKV 9KNJGNOKPG XQP *GUUGP -CUUGN &GP )GDWTVUVCI FGU 2TKP\GP CO ,CPWCT FGP UQIGPCPPVGP *GKPTKEJUVCI NKG (TKGFTKEJ ++ KP GKPGT ITQGP 2TCEJV L·JT NKEJ KO 5VCFVUEJNQ \W $GTNKP HGKGTP #WEJ WPVGT FGT 4GIKGTWPI (TKGFTKEJ 9KNJGNOU ++ YWTFG PQEJ FGT *GKPTKEJUVCI HGUVNKEJ DGICPIGP

2223

5KNDGTOGFCKNNG Q , XQP # #DTCOUQP CWH UGKPGP )GDWTVUVCI $TWUVDKNF FGU 2TKP\GP T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO /CPVGN 'KP *GNO OKV GKPGT 5RJKPZ CNU $WUEJVT·IGT NKGIV CWH FGO 5EJKNF FGT /KPGTXC OO I *QHHOCPP 1NF 4 (CUV XQT\ÒINKEJ

2225

2224

5KNDGTOGFCKNNG XQP # #DTCOUQP CWH UGKPG )GPGUWPI XQP GKPGT UEJYGTGP .WPIGPGPV\ÒPFWPI $ÒUVG FGU 2TKP\GP T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO /CPVGN 5KV\GPFG 2CT\G XGTMPÒRHV FGP CDIGTKU UGPGP .GDGPUHCFGP OKV FGO 4QEMGP 5RKPPIGT·V FGP FGT KJT IGIGPÒDGTUVGJGPFG )GPKWU FGU .GDGPU CWH GKPGT 5EJCNG GPVIGIGPJ·NV OO I *QHHOCPP 1NF 5NI $TGVVCWGT 2CVKPC MN 4CPFHGJNGT UGJT UEJÌP

5KNDGTOGFCKNNG WPUKIPKGTV XQP # #DTCOUQP CWH UGKPGP 6QF $ÒUVG FGU 2TKP\GP T $GMT·P\VG #TOCVWTGP NKGIGP CO $QFGP QDGP #FNGT FGT CWH GKPGP UVTCJNGPFGP 5VGTP \WHNKGIV OO I $QN\GPVJCN *QHHOCPP /CTKGPD 4 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP -WTRH·N\KUEJG /ÒP\JCPFNWPI /CPPJGKO 0T

2226

5KNDGTOGFCKNNG XQP # #DTCOUQP CWH UGKPGP 4GIKGTWPIUCPVTKVV CO #WIWUV )GJCTPKUEJVGU $TWUVDKNF N OKV WOIGNGIVGO *GTOGNKP &GT PCEJ T UKV\GPFG *GTMWNGU OKV GKPGT .GKGT PGDGP UKEJ GORH·PIV XQP FGT XQT KJO UVGJGPFGP /KPGTXC FCU 5VCCVUTWFGT OO I *QHHOCPP /CTKGPD 4 8QT\ÒINKEJ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2227

5KNDGTOGFCKNNG XQP & ( .QQU CWH UGKPGP 4GIKGTWPIUCPVTKVV CO #WIWUV )GJCTPKUEJVGU $TWUVDKNF N OKV WOIGNGIVGO /CPVGN 5VGJGPFG /KPGTXC OKV 5EJKNF WPF 5RGGT FCPGDGP ¤NDCWO OKV )GIGPUV·PFGP FGT -WPUV 9KUUGPUEJCHV WPF FGU )GYGTDGU OO I /CTKGPD 5QOOGT # .GKEJVG $GCTDGKVWPIUURWTGP MN -TCV\GT UGJT UEJÌP

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

2228

5KNDGTOGFCKNNG Q , XQP & ( .QQU CWH UGKPGP )GDWTVUVCI CO 5GRVGODGT )GJCTPKUEJ VGU $TWUVDKNF N OKV WOIGNGIVGO *GTOGNKP 'KPG 9CCIG UEJYGDV KP 9QNMGP KO #DUEJPKVV \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I /CTKGPD 5QOOGT # 5GJT UEJÌPpXQT\ÒINKEJ

2230

2229

5KNDGTOGFCKNNG XQP # -ÌPKI CWH FKG *WNFKIWPI FGT UEJNGUKUEJGP 5V·PFG KP $TGUNCW CO 1MVQ DGT )GJCTPKUEJVGU $TWUVDKNF N OKV WOIGNGIVGO 1TFGPUDCPF WPF 1TFGPUUVGTP 5KNGUKC MPKGV T WPF QRHGTV CP DTGPPGPFGO #NVCT CP FGO FGT UEJNGUKUEJG 9CRRGPUEJKNF NGJPV OO I ( W 5 /CTKGPD 4 4CPF WPF (GNFGT DGCTDGKVGV UGJT UEJÌP

5KNDGTOGFCKNNG XQP & ( .QQU CWH FKG *WNFKIWPI /CIFGDWTIU KP /CIFGDWTI CO 1MVQDGT )GJCTPKUEJVGU $TWUVDKNF N OKV WOIGNGIVGO *GTOGNKP &TGK <GKNGP 5EJTKHV KP .QTDGGTMTCP\ FCTWPVGT \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I /CTKGPD 5QOOGT # *ÒDUEJG 2CVKPC XQT\ÒINKEJ

2231

5KNDGTOGFCKNNG IGRT·IV XQP & ( .QQU )TQG 5VCCVURTGKUOGFCKNNG HÒT 9KUUGPUEJCHV )GJCT PKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO *GTOGNKP WPF FGO -NGKPQF FGU 1TFGPU XQO 5EJYCT\GP #FNGT 5%+'06+#47/ '6 .+66'4#47/ +0%4'/'061 KP .QTDGGTMTCP\ OO I *ÒUMGP 5QOOGT # 8QP ITQGT 5GNVGPJGKV /KP 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

2233

2232

2233

5KNDGTOGFCKNNG XQP & ( .QQU CWH FKG 7PVGTFTÒEMWPI FGT 7PTWJGP KP *QNNCPF )GJCTPKUEJVGU $TWUVDKNF N OKV WOIGNGIVGO *GTOGNKP WPF 1TFGPUDCPF )GMTÌPVG *QNNCPFKC UKV\V T FKG .KPMG CWH FGP JQNN·PFKUEJGP 5EJKNF IGNGIV QDGP HNKGIV FGT RTGWKUEJG #FNGT OKV ¤N\YGKI KO 5EJPCDGN WPF &QPPGTMGKN KP FGP (·PIGP KO #DUEJPKVV \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I 5QOOGT # 8GTX X .QQP 4 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

5KNDGTOGFCKNNG XQP # -ÌPKI CWH FKG (TKGFGPUUKEJGTWPI KP FGP 0KGFGTNCPFGP $TWUVDKNF N KP 7PK HQTO OKV WOIGNGIVGO 1TFGPUDCPF &GT CWHTGEJV UVGJGPFG PKGFGTN·PFKUEJG .ÌYG OKV PCEJ T HCNNGPFGT 5·WNG OKV 2HGKNDÒPFGN FCTÒDGT FGT IGMTÌPVG RTGWKUEJG #FNGT OKV .QTDGGT\YGKI WPF 5EJYGTV KP FGP (·PIGP OO I ( W 5 8GTX X .QQP 4 8QT\ÒINKEJ

2234

5KNDGTOGFCKNNG XQP & ( .QQU CWH FKG ,CJTHGKGT FGU HTCP\ÌUKUEJGP )[OPCUKWOU KP $GTNKP $TWUVDKNF KP )GYCPF N OKV WOIGNGIVGO *GTOGNKP /KPGTXC OKV *GNO WPF .CP\G J·NV GKPGP ,WPIGP CP FGT *CPF WPF \GKIV OKV KJTGT 4GEJVGP CWH GKPG $ÒUVG (TKGFTKEJU +++ FKG CWH GKPGO 2QUVCOGPV UVGJV FCTCWH GKP UEJYGDGPFGT #FNGT ÒDGT FGP 5KPPDKNFGTP FGU 9KUUGPU OO I /CTKGPD 5QOOGT # *ÒDUEJG 2CVKPC OKP 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ #O 1MVQDGT IGPGJOKIVG -WTHÒTUV (TKGFTKEJ +++ FKG 'TTKEJVWPI FGU %QNN½IG (TCP¼CKU FCU FGT 'T\KGJWPI FGT -KPFGT FGT HTCP\ÌUKUEJGP 4¾HWIK¾U FKGPGP UQNNVG 'U YWTFGP CDGT CWEJ FGWVUEJG 5EJÒNGT CWHIGPQOOGP WPF FGT 7PVGT TKEJV YCT MQUVGPNQU &KG 5EJWNG DGHCPF UKEJ KP FGT 0KGFGTNCIGYCNNUVTCG CWH FGO (TKGFTKEJUYGTFGT

2235

5KNDGTOGFCKNNG XQP , -KVVGN )PCFGPIGUEJGPM FGT 5VCFV $TGUNCW 'KP OKV FGO IGMTÌPVGP /QPQ ITCOO (9 WPF \YGK #FNGTP IGUEJOÒEMVGT 5QEMGN CWH FGO FKG $ÒUVG FGU -ÌPKIU UVGJV T FCXQT MPKGV FKG IGMTÌPVG 9TCVKUNCXKC 5VTCJNGPFG 5QPPG ÒDGT FGT 5VCFVCPUKEJV XQP $TGUNCW OO I ( W 5 /CTKGPD (GKPG 2CVKPC YKP\ -TCV\GT XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP &T $WUUQ 2GWU 0CEJH (TCPMHWTV /CKP 0T

2236

2238

2237

5KNDGTOGFCKNNG XQP , 9 *QGEMPGT CWH FKG <WUCOOGPMWPHV WPF FGP (TKGFGP XQP 2KNNPKV\ $TWUV DKNFGT .GQRQNFU ++ XQP ¤UVGTTGKEJ (TKGFTKEJ 9KNJGNOU ++ XQP 2TGWGP WPF (TKGFTKEJ #WIWUVU XQP 5CEJUGP PGDGPGKPCPFGT T 4GEJVU KO 8QTFGTITWPF UKV\V 5CZQPKC PCEJ N OKV (ÒNNJQTP WPF U·EJUKUEJGO 9CRRGPUEJKNF WPF FGWVGV OKV FGT 4GEJVGP CWH FCU KO *KPVGTITWPF NKGIGPFG 5EJNQ 2KNNPKV\ ÒDGT FGO FKG 5QPPG CWHIGJV OO I /CTKGPD 2CZ KP 0WOOKU 5NI /GTUGD 5NI /QPVGPWQXQ 8QT\ÒINKEJ

&GT (TKGFGP XQP 2KNNPKV\ YWTFG CO #WIWUV KO 5EJNQ FGU U·EJUKUEJGP -WTHÒTUVGP (TKGFTKEJ #WIWUV IGUEJNQUUGP

5KNDGTOGFCKNNG XQP % , -TÒIGT CWH FKG <WUCOOGPMWPHV WPF FGP (TKGFGP XQP 2KNNPKV\ $TWUVDKN FGT .GQRQNFU ++ XQP ¤UVGTTGKEJ (TKGFTKEJ 9KNJGNOU ++ XQP 2TGWGP WPF (TKGFTKEJ #WIWUVU XQP 5CEJ UGP PGDGPGKPCPFGT T .KPMU KO 8QTFGTITWPF UKV\V 5CZQPKC PCEJ T OKV U·EJUKUEJGO 9CRRGPUEJKNF WPF FGWVGV OKV FGT .KPMGP CWH FCU KO *KPVGTITWPF NKGIGPFG 5EJNQ 2KNNPKV\ OO I /CTKGPD 2CZ KP 0WOOKU 5NI /GTUGD 5NI /QPVGPWQXQ -N 4CPFHGJNGT UGJT UEJÌP

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

5KNDGTOGFCKNNG XQP # #DTCOUQP CWH FKG *WNFKIWPI #PUDCEJ $C[TGWVJU PCEJ FGT 8GTGKPKIWPI XQP $TCPFGPDWTI (TCPMGP OKV 2TGWGP )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN )GPKWU OKV GTJQDGPGT 4GEJVGP WPF (ÒNNJQTP UVGJV XQT DTGPPGPFGO #NVCT FGT OKV FGO RTGWKUEJGP #FNGT IG UEJOÒEMV KUV OO I *QHHOCPP /CTKGPD 5NI 9KNO 5GJT UEJÌPpXQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

&GT NGV\VG /CTMITCH #NGZCPFGT GKP 0GHHG (TKGFTKEJU FGU )TQGP VTCV FKG (ÒTUVGPVÒOGT CO &G\GODGT IGIGP GKPG ,CJTGUTGPVG CP (TKGFTKEJ 9KNJGNO ++ CD 8QP FGO \W #PUDCEJ TGUKFKGTGPFGP (TGKJGTTP XQP *CTFGPDGTI YWTFGP UKG CNU RTGWKUEJG 2TQXKP\GP XGTYCNVGV MCOGP CDGT UEJQP FWTEJ FGP 8GTVTCI XQP 5EJÌPDTWPP CP $C[GTP

2241

2239

2240

5KNDGTOGFCKNNG XQP 2 $CNFGPDCEJ CWH FKG 'KPVTCEJV \YKUEJGP ¤UVGTTGKEJ WPF 2TGWGP &KG $TWUV DKNFGT DGKFGT *GTTUEJGT GKPCPFGT IGIGPÒDGT 9GKDNKEJG )GUVCNV UKV\V N OKV /GTMWTUVCD WPF (ÒNNJQTP \YKUEJGP \YGK /KNKV·T\GKEJGP KO #DUEJPKVV ,CJTGU\CJN OO I /CTKGPD 44 *ÒDUEJG 2CVKPC MN 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

5KNDGTOGFCKNNG XQP # #DTCOUQP CWH FKG 'TPGWGTWPI FGU 1TFGPU XQO 4QVGP #FNGT )GJCTPKUEJ VGU $TWUVDKNF T OKV WOIGNGIVGO /CPVGN &GT 1TFGPUUVGTP KP 5EJTKHVMTGKU OO I /CTKGPD *QHHOCPP 4 (CUV XQT\ÒINKEJ

/KV FGO #PHCNN XQP $TCPFGPDWTI $C[TGWVJ MCO FGT *QEJHÒTUVNKEJ $TCPFGPDWTIKUEJG 4QVG #FNGT 1TFGP CP 2TGWGP WPF YWTFG CO FGT \YGKVG 4KVVGTQTFGP FGU -ÌPKITGKEJU #DTCOUQP \GKEJPGVG FGP #FNGT OKV PCEJ N IG YCPFVGO -QRH Y·JTGPF GT KP 9KTMNKEJMGKV XQP XQTP \W UGJGP KUV

5KNDGTOGFCKNNG XQP # #DTCOUQP CWH FKG *WNFKIWPI XQP 5ÒFRTGWGP )GJCTPKUEJVGU $TWUVDKNF T OKV 5EJWRRGPRCP\GT WPF WOIGNGIVGO /CPVGN 'KP PCEJ T UEJYGDGPFGT #FNGT FGP -QRH PCEJ N IG YCPFV OKV YGKV CWUIGDTGKVGVGP (NÒIGNP KO #DUEJPKVV \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I *QHHOCPP /CTKGPD 4 (CUV XQT\ÒINKEJ

2242

2243

5KNDGTOGFCKNNG XQP & ( WPF ( 9 .QQU CWH FKG 'KPPCJOG FGT 5VCFV /CKP\ FWTEJ RTGWKUEJG 6TWRRGP CO ,WNK $TWUVDKNF T KP 7PKHQTO OKV 1TFGPUUVGTP &GT RTGWKUEJG #FNGT UEJNGWFGTV $NKV\G CWH FKG DGNCIGTVG 5VCFV /CKP\ KO #DUEJPKVV FTGK <GKNGP 5EJTKHV OO I /CTKGPD 5NI 9CNVJGT 5QOOGT # 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

5KNDGTOGFCKNNG XQP & ( WPF ( 9 .QQU CWH UGKPG 4ÒEMMGJT XQO (TCPMTGKEJHGNF\WI PCEJ $GTNKP CO 0QXGODGT $TWUVDKNF T KP 7PKHQTO OKV 1TFGPUDCPF <GKNGP 5EJTKHV KP .QTDGGTMTCP\ FCTWPVGT \YGK <GKNGP 5EJTKHV OO I /CTKGPD 5QOOGT # 4CPF DGCTDGKVGV UGJT UEJÌPpXQT\ÒINKEJ

2247

2245

2244

5KNDGTOGFCKNNG XQP & ( .QQU CWH FGP (TKGFGP XQP $CUGN CO #RTKN $TWUVDKNF HCUV X X KP 7PKHQTO OKV WOIGNGIVGO 1TFGPUDCPF )GHNÒIGNVG -TKGIUIÌVVKP UVGJV T WPF ÒDGTTGKEJV FGO XQT KJT UKV\GPFGP -TKGIUIQVV /GTMWTUVCD WPF ¤N\YGKI KO *KPVGTITWPF 2CNOG WPF -TKGIUVTQRJ·GP OO I /CTKGPD 2CZ KP 0WOOKU 5QOOGT # (GKPG 2CVKPC OKP -TCV\GT XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP & ( .QQU CWH FGP (TKGFGP XQP $CUGN CO #RTKN )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO *GTOGNKP WPF 1TFGPUMTGW\ )GHNÒIGNVG -TKGIUIÌVVKP UVGJV T WPF ÒDGTTGKEJV FGO XQT KJT UKV\GPFGP -TKGIUIQVV /GTMWTUVCD WPF ¤N\YGKI KO *KPVGTITWPF 2CNOG WPF -TKGIUVTQRJ·GP OO I /CTKGPD 2CZ KP 0WOOKU 5QOOGT # (GKPG 2CVKPC YKP\ -TCV\GT XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP # -ÌPKI CWH FGP (TKGFGP XQP $CUGN CO #RTKN )GJCTPKUEJVGU $TWUVDKNF T KP 7PKHQTO OKV WOIGNGIVGO 1TFGPUDCPF (NKGIGPFGT #FNGT OKV ¤N\YGKI KO 5EJPCDGN WPF /GTMWTUVCD KP FGP (·PIGP UEJYGDV ÒDGT .CPFUEJCHV T GKP RHNÒIGPFGT $CWGT N GKP XQP FGT 5QPPG DGUVTCJNVGT 6GORGN OO I ( W 5 /CTKGPD FQTV CPFGTGT &WTEJOGUUGT 2CZ KP 0WOOKU (GKPG 2CVKPC YKP\ -TCV\GT XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP & ( QFGT ( 9 .QQU CWH UGKPGP 6QF $TWUVDKNF T OKV GKPGO $CPF WO FGP -QRH WPF WOIGNGIVGO /CPVGN 7OIGDGP XQP $·WOGP UVGJV CWH GKPGO 5QEMGN GKPG 7TPG CWU FGT GKP #FNGT GORQTUVGKIV ÒDGT FGT 7TPG GKP JGTCDJ·PIGPFGT *GTOGNKPOCPVGN CO 5QEMGNHW -TÌPWPIUKPUK IPKGP WPF GKPG PCEJ WPVGP J·PIGPFG (CEMGN OO I /CTKGPD 5QOOGT # *GTTNKEJG 2CVKPC YKP\ -TCV\GT XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

9GKVGTG /GFCKNNGP OKV $G\WI \W (TKGFTKEJ 9KNJGNO ++ HKPFGP 5KG WPVGT FGP 0TP WPF

(TKGFGTKMG 5QRJKG 9KNJGNOKPG 5EJYGUVGT (TKGFTKEJ 9KNJGNOU ++ (TKGFGTKMG 5QRJKG 9KNJGNOKPG IGDQTGP CO JGKTCVGVG CO 1MVQDGT 9KNJGNO 8 XQP 1TCPKGP FGP 5VCVVJCNVGT FGT 0KGFGTNCPFG 5KG ÒDGTNGDVG KJTGP )CVVGP ,CJTG WPF UVCTD CO

2248 1:1,5

5KNDGTOGFCKNNG XQP , # $GOOG CWH KJTGP 6QF $TWUVDKNF HCUV X X KP )GYCPF WPF OKV *CWDG 5CTMQRJCI CWH 2QUVCOGPV WPVGP N UKV\GPFG 2TWFGPVKC OKV 5RKGIGN WPF T UKV\GPFGT )NCWDG OKV $WEJ OO I (QTTGT 5 /CTKGPD 5NI *GPEMGN 4 )N·VVWPIUURWTGP YKP\ -TCV\GT XQT\ÒINKEJ

9GKVGTG /GFCKNNGP OKV FGO 2QTVT·V FGT RTGWKUEJGP 2TKP\GUUKP HKPFGP 5KG WPVGT FGP 0TP 99

2249

2250

5KNDGTOGFCKNNG XQP & ( WPF ( 9 .QQU CWH UGKPG 8GTO·JNWPI OKV .WKUG #WIWUVG 9KNJGNOKPG #OCNKG XQP /GEMNGPDWTI 5VTGNKV\ $TWUVDKNFGT FGU 2CCTGU PGDGPGKPCPFGT N &GT -TKGIUIQVV OKV 5EJKNF WPF .CP\G HÒJTV CP FGT *CPF GKPGP LWPIGP -TKGIGT KP CPVKMGO )GYCPF FGT CWH GKPGO 5QEMGN UKV\GPFGP )ÌVVKP FGT (TWEJVDCTMGKV \W OO I $QN\GPVJCN /CTKGPD 5QOOGT # 2TCEJVGZGORNCT *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T C

.WKUG FKG NGIGPF·TG RTGWKUEJG -ÌPKIKP FKG UKEJ KP FGP (TKGFGPUXGTJCPFNWPIGP OKV 0CRQNGQP CNU IGUEJKEMVG 8GT OKVVNGTKP GTYKGU UVCTD DGTGKVU CO KO #NVGT XQP ,CJTGP CP 6WDGTMQNQUG 5KG YCT FKG /WVVGT FGT UR·VGTGP -ÌPKIG (TKGFTKEJ 9KNJGNO +8 WPF 9KNJGNO +

100

5KNDGTOGFCKNNG XQP ( 9 .QQU WPF , 8 &ÌNN CWH UGKPGP 4GIKGTWPIUCPVTKVV $ÒUVG N OKV CPVKMGO *GNO FGT OKV GKPGO .QTDGGTMTCP\ IGUEJOÒEMV KUV 'KP -TKGIGT KO CPVKMGP *CTPKUEJ UVGJV HCUV X X \YKUEJGP \YGK 5QEMGNP WPF FGWVGV CWH FGP *GNO FGU /CTU OKV FGT 4GEJVGP J·NV GT FGP *GNO FGT /KPGTXC CO $QFGP NKGIGP 5EJKNF WPF )GIGPUV·PFG FGT -WPUV WPF FGT 9KUUGPUEJCHV KO #DUEJPKVV \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I $QN\GPVJCN /CTKGPD 5QOOGT # *ÒDUEJG 2CVKPC XQT\ÒINKEJ

2251

5KNDGTOGFCKNNG XQP # #DTCOUQP CWH UGKPGP 4GIKGTWPIUCPVTKVV $TWUVDKNF T KP 7PKHQTO OKV WO IGNGIVGO 1TFGPUDCPF 5KGDGP <GKNGP 5EJTKHV KP .QTDGGTMTCP\ OO I $QN\GPVJCN *QHHOCPP /CTKGPD (GKPG 2CVKPC OKP 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

2252

5KNDGTOGFCKNNG Q , XQP # #DTCOUQP 2TGKUOGFCKNNG HÒT -WPUV WPF )GYGTDG $TWUVDKNF N KP 7PKHQTO OKV FGO 5VGTP FGU 5EJYCT\GP #FNGT 1TFGPU )GHNÒIGNVGT )GPKWU UVGJV N OKV NCPIGO 2CNOYGFGN WPF \YGK -T·P\GP OO I $QN\GPVJCN *QHHOCPP /CTKGPD 8QP ITQGT 5GNVGPJGKV (GKPG 2CVKPC YKP\ -TCV\GT XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2253

5KNDGTOGFCKNNG XQP ( 9 .QQU WPF & ( .QQU )TQG 2TGKUOGFCKNNG FGT #MCFGOKG FGT 9KUUGP UEJCHVGP KP $GTNKP $TWUVDKNF T KP 7PKHQTO OKV WOIGNGIVGO *GTOGNKP 1TFGPUDCPF WPF 1T FGP 5%+'06+#47/ '6 .+66'4#47/ +0%4'/'061 KP .QTDGGTMTCP\ OO I $QN\GPVJCN .CXGTTGP\ /CTKGPD 5QOOGT # 8QP ITÌVGT 5GNVGPJGKV (CUV XQT\ÒINKEJGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

101

2254

5KNDGTOGFCKNNG XQP ( 9 .QQU CWH FGP $GUWEJ FGU RTGWKUEJGP -ÌPKIURCCTGU KP FGP UEJNGUKUEJGP $GTIYGTMGP KP 6CTPQYKV\ $TWUVDKNFGT FGU -ÌPKIURCCTGU PGDGPGKPCPFGT N CWH GKPGO 2QFGUV FGT OKV 4Q UGP WPF 'KEJGPDN·VVGTP IGUEJOÒEMV KUV 5KNGUKC UKV\V CWH GKPGO 5VGKPRQUVCOGPV WPF J·NV 'T\ CWH FGO 5EJQ UKG YKTF XQP GKPGO )GPKWU OKV )TWDGPNCORG GPVUEJNGKGTV \W DGKFGP 5GKVGP NKGIGPFG .ÌYGP OO I $QN\GPVJCN ( W 5 /CTKGPD /ÒUGNGT 5QOOGT # /KP 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

2256

102

2255

2257

5KNDGTOGFCKNNG XQP ( 9 .QQU CWH UGKPG *WNFKIWPI KP $GTNKP $TWUVDKNF N KP 7PKHQTO OKV 1T FGPUUVGTP &GT RTGWKUEJG #FNGT J·NV GKPGP 'KEJGPMTCP\ ÒDGT GKPGP 5VGKPDNQEM FGT OKV (CJPG 5EJYGTV $KDGN $KGPGPMQTD WPF <YGKIGP DGNGIV KUV OO I $QN\GPVJCN /CTKGPD 5QOOGT # (GKPG 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

5KNDGTOGFCKNNG XQP & ( .QQU WPF , 8 &ÌNN CWH FKG ,CJTJWPFGTVYGPFG $TWUVDKNF N KP 7PKHQTO OKV 1TFGPUUVGTP #FNGT OKV GKPGO ¤NMTCP\ KO 5EJPCDGN UKV\V CWH (TKGFGPUU[ODQNGP OO I $QN\GPVJCN /CTKGPD 5QOOGT # (GKPG 2CVKPC UGJT UEJÌPpXQT\ÒINKEJ

5KNDGTOGFCKNNG Q , XQP & ( WPF ( 9 .QQU CWH FKG ,CJTJWPFGTVYGPFG ,CPWUMQRH WPVGT FGO CNVGP )GUKEJV GKPG DTGPPGPFG (CEMGN WPVGT FGO LWPIGP )GUKEJV GKP (ÒNNJQTP ¤NDCWO KP .CPFUEJCHV XQT CWHIGJGPFGT 5QPPG CP FGO $CWO UKV\GPFGT 9CPFGTGT OKV (NÌVG OO I $QN\GPVJCN /CTKGPD 5QOOGT $ -T·HVKIG 2CVKPC HCUV XQT\ÒINKEJ

2258

5KNDGTOGFCKNNG XQP # #DTCOUQP CWH FKG ,CJTHGKGT FGU -ÌPKITGKEJU 2TGWGP CO ,CPWCT &KG $TWUVDKNFGT FGT GTUVGP HÒPH RTGWKUEJGP -ÌPKIG KP 7PKHQTO PGDGPGKPCPFGT T $QTWUUKC VJTQPV N KP FGT 4GEJVGP <GRVGT KP FGT CWUIGUVTGEMVGP 4GEJVGP 9CCIG \W KJTGP (ÒGP #NVCT FCTCWH 2HNWIUEJCT 5EJYGTV WPF GKP CWHIGUEJNCIGPGU $WEJ OO I $QN\GPVJCN *QHHOCPP /CTKGPD 44 .GKEJVG $GCTDGKVWPIUURWTGP CO 4CPF YKP\ 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

2259

5KNDGTOGFCKNNG XQP ( 9 .QQU CWH FCU L·JTKIG $GUVGJGP FGU -ÌPKITGKEJU 2TGWGP CO ,CPWCT &KG $TWUVDKNFGT FGT GTUVGP HÒPH RTGWKUEJGP -ÌPKIG PGDGPGKPCPFGT N &GT 5QPPGPIQVV KP 3WCFTKIC WOIGDGP XQP FGP *QTGP HQNIV #WTQTC WPF FGO /QTIGPUVGTP T WPVGP UKV\V FCU IGTÒUVGVG 2TGWGP OKV (ÒNNJQTP WPF 9CRRGPUEJKNF OO I $QN\GPVJCN /CTKGPD 5QOOGT # 8QT\ÒINKEJp5VGORGNINCP\

2260

2261

5KNDGTOGFCKNNG XQP & ( WPF ( 9 .QQU CWH FKG *WNFKIWPI FGU -ÌPKIURCCTGU CPN·NKEJ FGU L·JTKIGP $GUVGJGPU FGU -ÌPKITGKEJU CO ,CPWCT $TWUVDKNFGT (TKGFTKEJ 9KNJGNOU +++ WPF UGKPGT )GOCJNKP -ÌPKIKP .WKUG PGDGPGKPCPFGT N -TQPG KP 5VTCJNGP FCTWPVGT <GKNGP 5EJTKHV OO I $QN\GPVJCN /CTKGPD 5QOOGT # *ÒDUEJG 2CVKPC XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

5KNDGTOGFCKNNG XQP , , 5VKGTNG CWH FCU L·JTKIG $GUVGJGP FGU -ÌPKITGKEJU 2TGWGP CO ,CPWCT $QTWUUKC UKV\V N KP FGT 4GEJVGP .CP\G FGP NKPMGP #TO CWH FGP RTGWKUEJGP #FNGTUEJKNF IGNGIV N NCIGTV FGT (NWIQVV 2TGIGN 1UVRTGWGP OKV 9CUUGTWTPG -TQPG KP 5EJNCPIGPTKPI 5[ODQN FGT 'YKIMGKV OO I $QN\GPVJCN /CTKGPD 2TCEJVXQNNG 2CVKPC XQT\ÒINKEJ

103

2262

2263

5KNDGTOGFCKNNG XQP , 8 &ÌNN WPF & ( .QQU CWH FGP (TKGFGP XQP .WP¾XKNNG \YKUEJGP (TCPM TGKEJ WPF ¤UVGTTGKEJ CO (GDTWCT (TKGFGPUIÌVVKP OKV .QTDGGT\YGKI WPF (ÒNNJQTP UVGJV CWH 'TFDCNN KP 9QNMGP CWH FGO 'TFDCNN UKPF FKG 5V·FVGPCOGP 2CTKU WPF 9KGP \W NGUGP &KG 2GTUQPKHKMCVKQP FGU -TKGIGU YKTF XQP FGT /KPGTXC FWTEJ 8QTJCNVGP FGU )QTIQPGPUEJKNFGU GPVYCHHPGV OO I /CTKGPD 2CZ KP 0WOOKU 5NI ,WNKWU 5NI /QPVGPWQXQ 5QOOGT # (GKPG 2CVKPC XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP 7$5 <ÒTKEJ 0T

5KNDGTOGFCKNNG XQP & ( QFGT ( 9 .QQU CWH FGP (TKGFGP XQP .WP¾XKNNG \YKUEJGP (TCPMTGKEJ WPF ¤UVGTTGKEJ CO (GDTWCT &KG ÒDGT FGP 9QNMGP UEJYGDGPFG (TKGFGPUIÌVVKP UEJÒVVGV KJT (ÒNNJQTP ÒDGT FGT 'TFG CWU 5KGDGP <GKNGP 5EJTKHV KP GKPGO -TCP\ FGT CWU 6KGTMTGKU\GKEJGP IGDKNFGV KUV OO I /CTKGPD 2CZ KP 0WOOKU 5NI ,WNKWU 5NI /QPVGPWQXQ 5QOOGT # (GKPG 2CVKPC HCUV XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 7$5 <ÒTKEJ 0T

2264

2266

2265

5KNDGTOGFCKNNG XQP & ( QFGT ( 9 .QQU CWH FKG 8GTGKPKIWPI XQP 'KEJUHGNF 0QTFJCWUGP WPF /ÒJNJCWUGP OKV 2TGWGP WPF FKG FCTCWH GTHQNIVG *WNFKIWPI $TWUVDKNF (TKGFTKEJ 9KNJGNOU +++ KP 7PK HQTO N OKV WOIGNGIVGO *GTOGNKP $QTWUUKC UVGJV N OKV (CJPG FCXQT #NVCT OKV 'ODNGOGP FGU *CPFGNU FGT +PFWUVTKG FGT .CPFYKTVUEJCHV WPF FGT 9KUUGPUEJCHVGP OO I $QN\GPVJCN /CTKGPD 5QOOGT # 4 *ÒDUEJG 2CVKPC XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

104

5KNDGTOGFCKNNG XQP & ( QFGT ( 9 .QQU CWH FKG 8GTGKPKIWPI XQP 2CFGTDQTP OKV 2TGWGP WPF FKG FCTCWH GTHQNIVG *WNFKIWPI $TWUVDKNF (TKGFTKEJ 9KNJGNOU +++ KP 7PKHQTO N OKV WOIGNGIVGO *GTOG NKP $QTWUUKC UVGJV N OKV (CJPG FCXQT #NVCT OKV 'ODNGOGP FGU *CPFGNU FGT +PFWUVTKG FGT .CPFYKTV UEJCHV WPF FGT 9KUUGPUEJCHVGP OO I $QN\GPVJCN /CTKGPD 5QOOGT # *ÒDUEJG 2CVKPC YKP\ 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

5KNDGTOGFCKNNG Q , WO XQP ( 9 .QQU 2T·OKG FGT #MCFGOKG FGT 9KUUGPUEJCHVGP KP $GTNKP $TWUVDKNF N KP 7PKHQTO OKV WOIGNGIVGO *GTOGNKP #FNGT HNKGIV \WT 5QPPG WPVGP FKG 5VTCG 7PVGT FGP .KPFGP OO I $QN\GPVJCN /CTKGPD 5QOOGT # 44 8QT\ÒINKEJ

2267

5KNDGTOGFCKNNG XQP & ( .QQU ,CJTG $TCPFGPDWTI RTGWKUEJGT 5VCCVUTCV &GT DTCPFGPDWTIK UEJG -WTHÒTUV ,QCEJKO (TKGFTKEJ FGWVGV CWH FKG CWH GKPGO 5VGKPDNQEM NKGIGPFGP 5[ODQNG FGT 5VCCVUMNWI JGKV JKP KJO IGIGPÒDGT UVGJV $QTWUUKC OKV FGO RTGWKUEJGP 9CRRGPUEJKNF 8QT FGOUGNDGP 5VGKPDNQEM UVGJV T -ÌPKI (TKGFTKEJ 9KNJGNO +++ KP 7PKHQTO N FKG IGMTÌPVG $QTWUUKC OKV FGO 9CRRGPUEJKNF FC JKPVGT 5·WNG QDGP UVTCJNGPFG 5QPPG KO *KPVGTITWPF T 5GIGNUEJKHH OO I $QN\GPVJCN /CTKGPD 5QOOGT # *ÒDUEJG 2CVKPC XQT\ÒINKEJ

&KG /GFCKNNG IGHKGN FGO -ÌPKI UQ IWV FC GT FGO /GFCKNNGWT .QQU GKPG $GNQJPWPI XQP (TKGFTKEJU F QT CWU\CJNGP NKG +P FKGUGO <WUCOOJCPI YWTFG DGCPUVCPFGV FC FCU 1TFGPUDCPF FCU FGT FCTIGUVGNNVG -ÌPKI VT·IV CWH FGT HCN UEJGP FGT TGEJVGP 5EJWNVGT NKGIV .QQU DGTKEJVKIVG FGP 5VGORGN PCEJVT·INKEJ KPFGO GT FCU 1TFGPUDCPF CWH FKG NKPMG 5EJWNVGT UGV\VG -NCWU 5QOOGT MGPPV KP UGKPGT /QPQITCRJKG PWT FKG MQTTKIKGTVG #WUHÒJTWPI &KG XQTNKGIGPFG RJCNGTKUVKUEJ WPMQTTGMVG #WUHÒJTWPI YCT 5QOOGT PKEJV DGMCPPV WPF KUV XGTOWVNKEJ CWGTQTFGPVNKEJ UGNVGP /KV FGT )TÒPFWPI FGU )GJGKOTCVUMQNNGIKWOU JCV ,QCEJKO (TKGFTKEJ FKG )TWPFNCIG HÒT GKPG IGQTFPGVG 8GTYCNVWPI IGNGIV

2268

5KNDGTOGFCKNNG Q , XQP # #DTCOUQP 2T·OKG HÒT +ORH·T\VG $TWUVDKNF T KP 7PKHQTO OKV WOIGNGI VGO *GTOGNKP WPF 1TFGPUDCPF OKV FGO 5EJYCT\GP #FNGTQTFGP *[IKGKC UKV\V CWH GKPGT -WJ FKG UKG FWTEJU 9CUUGT \W GKPGT DNÒJGPFGP .CPFUEJCHV VT·IV KP FGT 4GEJVGP J·NV UKG GKPG 5EJCNG CWU FGT UKG GKPG 5EJNCPIG HÒVVGTV FKG UKEJ WO KJTGP #TO YKPFGV OO I $QN\GPVJCN *QHHOCPP /CTKGPD 5NI $TGVVCWGT 8QP ITQGT 5GNVGPJGKV 2TCEJVGZGORNCT -N 4CPFMGTDG HCUV 5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2269

5KNDGTOGFCKNNG XQP $ #PFTKGW , 2 &TQ\ WPF & 8 &GPQP CWH FGP (TKGFGP XQP 6KNUKV \YKUEJGP 2TGWGP 4WNCPF WPF (TCPMTGKEJ &KG $TWUVDKNFGT 0CRQNGQPU + #NGZCPFGTU + WPF (TKGFTKEJ 9KNJGNOU +++ PGDGPGKPCPFGT T &GT (NWIQVV 0KGOGP NCIGTV N FGP NKPMGP #TO CWH GKPGP CWUUVTÌOGPFGP 9CUUGT MTWI IGNGJPV KP FGT 4GEJVGP J·NV GT FCU /QFGNN FGU <GNVGU KP FGO FKG FTGK 4GIGPVGP \WUCOOGPMCOGP N ¤NDCWO OO I $QN\GPVJCN &KCMQX /CTKGPD 2CZ KP 0WOOKU 5NI ,WNKWU *GTTNKEJG 2CVKPC XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

105

2270

2271

2272

5KNDGTOGFCKNNG XQP # #DTCOUQP CWH FGP (TKGFGP XQP 6KNUKV \YKUEJGP 2TGWGP 4WNCPF WPF (TCPMTGKEJ $ÒUVGP #NGZCPFGTU + XQP 4WNCPF WPF (TKGFTKEJ 9KNJGNOU +++ PGDGPGKPCPFGT T KJPGP IG IGPÒDGT FKG $ÒUVG FGU HTCP\ÌUKUEJGP -CKUGTU 0CRQNGQP + N &KG ÒDGT FGO /GGT CWHIGJGPFG 5QPPG XGT VTGKDV FKG 9QNMGP OO I $QN\GPVJCN &KCMQX *QHHOCPP /CTKGPD 2CZ KP 0WOOKU 5NI ,WNKWU -T·HVKIG 2CVKPC XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP & ( QFGT ( 9 .QQU -CNGPFGTOGFCKNNG $TWUVDKNFGT (TKGFTKEJ 9KNJGNOU +++ WPF UGKPGT )GOCJNKP .WKUG XQP /GEMNGPDWTI 5VTGNKV\ PGDGPGKPCPFGT T WOJGT KP CDIGVGKNVGP -TGKUGP FKG #PICDG FGT /QPCVU WPF (GUVVCIG 6CDGNNCTKUEJGT -CNGPFGT HÒT WPVGT CPFGTGO OKV FGP #PIC DGP FGU #WH WPF 7PVGTICPIU FGT 5QPPG FGU /QPFYGEJUGNU UQYKG FGT )GDWTVUVCIG FGT MÌPKINKEJGP (COKNKG OO I $QN\GPVJCN /CTKGPD 5QOOGT # 4 *GTTNKEJG 2CVKPC XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP & ( .QQU CWH FCU $ÒPFPKU OKV 4WNCPF KO -CORH IGIGP (TCPMTGKEJ &KG $TWUVDKNFGT #NGZCPFGTU + XQP 4WNCPF WPF (TKGFTKEJ 9KNJGNOU +++ KP 7PKHQTO GKPCPFGT IGIGP ÒDGT &GPMUVGKP OKV FGP 9CRRGPUEJKNFGP XQP 4WNCPF WPF 2TGWGP FKG XQP GKPGT 'KEJGPIKTNCPFG WO TCPMV YGTFGP \W FGP 5GKVGP 9CHHGP OO I $QN\GPVJCN &KCMQX /CTKGPD 5QOOGT # -CDKPGVVUVÒEM XQP HGKPUVGT 'TJCNVWPI 2TCEJVXQNNG 2CVKPC 5VGORGNINCP\

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2273

106

5KNDGTOGFCKNNG XQP , .CPI CWH FCU $ÒPFPKU \YKUEJGP 2TGWGP ¤UVGTTGKEJ WPF 4WNCPF KO -CORH IGIGP (TCPMTGKEJ &KG DGNQTDGGTVGP $ÒUVGP XQP (TCP\ + XQP ¤UVGTTGKEJ #NGZCPFGT + XQP 4W NCPF WPF (TKGFTKEJ 9KNJGNO +++ PGDGPGKPCPFGT T 0GWP <GKNGP 5EJTKHV FCTWPVGT ,CJTGU\CJN OO I $QN\GPVJCN &KCMQX /CTKGPD 5NI /QPVGPWQXQ 4 2TCEJVXQNNG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

2274

5KNDGTOGFCKNNG XQP * -CTN CWH FKG 8ÌNMGTUEJNCEJV DGK .GKR\KI 8KMVQTKC UVGJV T FGP NKPMGP (W CWH GKPG 2NCVVG OKV \GTDTQEJGPGP HTCP\ÌUKUEJGP -TKGIUGODNGOGP IGUGV\V KP FGT .KPMGP J·NV UKG GKP NQT DGGTWOYWPFGPGU 5EJYGTV KP FGT 4GEJVGP GKPGP 2HGKN OKV FGO UKG .+25+# CWH GKPGP 5EJKNF GKPITC XKGTV <GJP <GKNGP 5EJTKHV \YKUEJGP .QTDGGT WPF 'KEJGP\YGKI OO I $QN\GPVJCN &KCMQX /CTKGPD 5NI /QPVGPWQXQ 8QP ITQGT 5GNVGPJGKV *ÒDUEJG 2CVKPC OKP 4CPFHGJNGT YKP\ -TCV\GT XQT\ÒINKEJ

2275

5KNDGTPG 5VGEMOGFCKNNG XQP , 6 5VGVVPGT CWH FKG $GHTGKWPIUMTKGIG WPF FKG 5KGIG FGT 8GTDÒPFG VGP 6GORGN OKV UKGDGP 5·WNGP CP FGPGP FKG 9CRRGPUEJKNFG FGT 8GTDÒPFGVGP CPIGDTCEJV UKPF &KG FTGK )ÌVVKPPGP FGT )GTGEJVKIMGKV FGT 9GKUJGKV WPF FGT 'KPKIMGKV UVGJGP PGDGPGKPCPFGT X X OO +PJCNV OKVGKPCPFGT XGTDWPFGPG FQRRGNUGKVKIG MQNQTKGTVG -WRHGTUVKEJG OKV &CTUVGNNWPIGP XQP 5EJNCEJVU\GPGP WPF $GUEJTGKDWPIGP FKG FGP <GKVTCWO XQO /CK DKU \WO &G\GODGT WOHCUUGP KP FGP &GEMGNKPPGPUGKVGP DGHKPFGP UKEJ \YGK GKPIGMNGDVG MQNQTKGTVG 5EJTKHVDN·VVGT 0GWP <GKNGP 5EJTKHV KP ITÒPGO .QTDGGTMTCP\ <GJP <GKNGP 5EJTKHV KP ITÒPGO .QTDGGTMTCP\ 2TGNGT 5NI 'TNCPIGT 5NI ,WNKWU (CUV XQT\ÒINKEJ

2276

5KNDGTPG 5VGEMOGFCKNNG XQP . *GWDGTIGT CWH FKG 5KGIG FGT #NNKKGTVGP ÒDGT 0CRQNGQP WPF FKG 'T ÌHHPWPI FGU 9KGPGT -QPITGUUGU 2CZ OKV 2CNO\YGKI KP FGT .KPMGP WPF 5VGTPGPMTCP\ KP FGT GTJQDGPGP 4GEJVGP UEJYGDV \YKUEJGP 9QNMGP ÒDGT 'TFJCNDMWIGN 8KGT KPGKPCPFGT XGTUEJNWPIGPG -T·P\G FKG LG YGKNU \YGK <GKNGP 5EJTKHV GPVJCNVGP OO +PJCNV \WO 6GKN OKVGKPCPFGT XGTDWPFGPG MQNQTKGTVG 'KPNCIGP OKV FGP 2QTVT·VU FGT 8GTDÒPFGVGP WPF FGTGP $GPGPPWPIGP #NNG 'KPNCIGP JCDGP ITÒPHCTDKIG $WEJUVCDGP CWH FGT 4ÒEMUGKVG FKG \WUCOOGP IGNGUGP FCU 9QTV ( ª 4 5V ' 0 8 ' 4 ' , 0 GTIGDGP +P FGP &GEMGNKPPGPUGKVGP DGHKPFGP UKEJ GKPIGMNGDVG $N·VVGT OKV LG XKGT <GKNGP 5EJTKHV 2TGNGT 5NI ,WNKWU 5NI /QPVGPWQXQ 44 -QORNGVVGU RTCEJVXQNN GTJCNVGPGU 'ZGORNCT XQP XQT\ÒINKEJGT 'TJCNVWPI

107

2277

5KNDGTPG 5VGEMOGFCKNNG WPUKIPKGTV CWH FGP 'KP\WI FGT UKGITGKEJGP 6TWRRGP KP 2CTKU #NGZCPFGT + XQP 4WNCPF (TCP\ + XQP ¤UVGTTGKEJ WPF (TKGFTKEJ 9KNJGNO +++ TGKVGP GKPGO 6TKWORJDQIGP GPVIGIGP QDGP 8KMVQTKC KP 9QNMGP 5KGDGP <GKNGP 5EJTKHV WPVGP HNCOOGPFGT #NVCT QDGP UVTCJNGPFGT 5VGTP WOJGT .QTDGGT WPF 2CNO\YGKI OO +PJCNV \WO 6GKN OKVGKPCPFGT XGTDWPFGPG MQNQTKGTVG 'KPNCIGP OKV FGP &CTUVGNNWPIGP XGTUEJKGFGPGT 5EJNCEJVGP D\Y FGTGP $GUEJTGKDWPIGP <YGK FKGUGT 'KPNCIGP UKPF KP FGP &GEMGNKPPGPUGKVGP GKPIGMNGDV 2TGNGT 5NI ,WNKWU 5NI /QPVGPWQXQ 44 #VVTCMVKXGU XQT\ÒINKEJ GTJCNVGPGU 'ZGORNCT

2279

2278

5KNDGTOGFCKNNG XQP # 9CRRGPUVGKP CWH FGP 5KGIGU\WI FGT #NNKKGTVGP KO -CORH IGIGP 0CRQNGQP WPF FGP (TKGFGPUUEJNW XQP 2CTKU #NGZCPFGT + XQP 4WNCPF (TCP\ + XQP ¤UVGTTGKEJ WPF (TKGFTKEJ 9KNJGNO +++ TGKVGP ÒDGT FGP 'TFDCNN CWH FGO '7412# \W NGUGP KUV QDGP (COC OKV 2QUCWPG WPF .QT DGGTMTCP\ \YKUEJGP 9QNMGP 5VTCJNGPFGU )QVVGUCWIG XQP FTGK OKVGKPCPFGT XGTDWPFGPGP -TQPGP WOIG DGP WOJGT 9QNMGPDCPF OO I $QN\GPVJCN &KCMQX /CTKGPD 2CZ KP 0WOOKU 5NI /QPVGPWQXQ 44 -N *GPMGNURWT UGJT UEJÌP

'ZGORNCT FGT #WMVKQP *GKFGNDGTIGT /ÒP\JCPFNWPI *GKFGNDGTI 0T

5KNDGTOGFCKNNG XQP & ( WPF ( 9 .QQU CWH FGP (TKGFGP XQP 2CTKU (TKGFGPUIÌVVKP UEJYGDV N CWH GKPGT 9QNMG KP FGP #TOGP J·NV UKG FGP )GPKWU FGU 4GKEJVWOU OKV .QTDGGT\YGKI FGT GKP (ÒNNJQTP CWUUEJÒVVGV -TKGIGT KP CPVKMGT -NGKFWPI MGJTGP \W KJTGP #PIGJÌTKIGP \WTÒEM QDGP UVTCJNGPFGU )QVVGU CWIG OO I $QN\GPVJCN /CTKGPD 2CZ KP 0WOOKU 5NI ,WNKWU 5QOOGT # 2TCEJVGZGORNCT *GTTNKEJG 2CVKPC HCUV 5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP 7$5 <ÒTKEJ 0T

108

2281

2280

5KNDGTOGFCKNNG XQP 4 )C[TCTF CWH FGP $GUWEJ FGU -ÌPKIU KP FGT 2CTKUGT /ÒP\G $TWUVDKNF FGU -ÌPKIU N KP 5VCCVUWPKHQTO 8KGT <GKNGP 5EJTKHV WPF ,CJTU\CJN OO I $QN\GPVJCN /CTKGPD 5NI ,WNKWU -N 5VGORGNHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

5KNDGTOGFCKNNG XQP ) )ÌV\G 9GTMUVCVV .QQU CWH )GDJCTF .GDGTGEJV (ÒTUV XQP $NÒEJGT WPF #TVJWT 9GNNGUNG[ *GT\QI XQP 9GNNKPIVQP FKG 5KGIGT FGT 5EJNCEJV DGK .C $GNNG #NNKCPEG 9CVGTNQQ CO ,WPK -ÌRHG $NÒEJGTU WPF 9GNNKPIVQPU GKPCPFGT IGIGPÒDGT KP .QTDGGTMTCP\ <GKNGP 5EJTKHV OO I $QN\GPVJCN /CTKGPD 5NI ,WNKWU 5QOOGT # -CDKPGVVUVÒEM *GTTNKEJG 2CVKPC 5VGORGNINCP\

'ZGORNCT FGT #WMVKQP &T $WUUQ 2GWU 0CEJH (TCPMHWTV /CKP 0T

2282

2283

5KNDGTOGFCKNNG XQP ) )ÌV\G WPF & .QQU CWH FKG 4ÒEMMGJT FGU -ÌPKIU PCEJ $GTNKP CO 1MVQDGT $ÒUVG T OKV .QTDGGTMTCP\ (TKGFGPUIÌVVKP UKV\V N OKV ¤N\YGKI WPF (ÒNNJQTP OO I $QN\GPVJCN /CTKGPD 5NI ,WNKWU 5QOOGT # 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

5KNDGTOGFCKNNG XQP & ( QFGT ( 9 .QQU CWH FKG 8GTGKPKIWPI XQP 5CCTNQWKU OKV 2TGWGP FWTEJ FGP \YGKVGP (TKGFGP XQP 2CTKU CO 0QXGODGT $ÒUVG T OKV .QTDGGTMTCP\ )GMTÌPVG 5VCFVIÌVVKP UKV\V X X OKV 9CRRGPUEJKNF N KO 8QTFGTITWPF PCEJ T NCIGTPFGT (NWIQVV 5CCT OKV 9CUUGTWTPG OO I $QN\GPVJCN /CTKGPD 2CZ KP 0WOOKU 5NI ,WNKWU 5QOOGT # (GKPG 2CVKPC HCUV XQT\ÒINKEJ

2284

5KNDGTOGFCKNNG XQP # ( -ÌPKI CWH FKG XQNNUV·PFKIG 8GTGKPKIWPI 2QOOGTPU WPF 4ÒIGPU OKV 2TGWGP FWTEJ FGP (TKGFGP XQP 2CTKU WPF FKG DGTGKVU KP FTGK ,CJTJWPFGTVGP WPF GTHQNIVG *WNFKIWPI 2QOOGTPU &KG $ÒUVGP FGU )TQGP -WTHÒTUVGP (TKGFTKEJ 9KNJGNO UQYKG FGT -ÌPKIG (TKGFTKEJ 9KNJGNO + WPF (TKGFTKEJ 9KNJGNO +++ PGDGPGKPCPFGT PCEJ N &KG IGMTÌPVG $QTWUUKC GORH·PIV XQP FGT 2QOOGTCPKC FCU )GNÌDPKU FGT 6TGWG DGKFG TGKEJGP UKEJ ÒDGT #NVCT FKG TGEJVG *CPF KO 8QTFGTITWPF FCU $CNVKUEJG /GGT N UKV\GPFGT 0GRVWP OKV &TGK\CEM WPF 5GGJWPF T UKV\GPFGT (NWIQVV 8KCFTWU 1FGT OKV 5VGWGTTWFGT WPF (ÒNNJQTP OO I $QN\GPVJCN /CTKGPD 44 (GKPG 2CVKPC YKP\ -TCV\GT XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T FQTV KTTVÒONKEJ CWH FKG ,CJTHGKGT

109

2286

2287

2285

5KNDGTOGFCKNNG XQP # ( -ÌPKI CWH UGKP L·JTKIGU 4GIKGTWPIULWDKN·WO $ÒUVG N OKV .QTDGGT MTCP\ 5VGJGPFGT )GPKWU OKV (ÒNNJQTP KO NKPMGP #TO J·NV OKV FGT 4GEJVGP GKPG 1RHGTUEJCNG ÒDGT GKPGP HNCOOGPFGP #NVCT OO I $QN\GPVJCN /CTKGPD *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

5KNDGTOGFCKNNG Q , WO XQP ) )QGV\G 2T·OKGPOGFCKNNG HÒT 8GTFKGPUVG WO FKG 5EJWV\KORHWPI -QRH T 'KP #T\V KP CPVKMGO )GYCPF KORHV GKPGP ,WPIGP FGP UGKPG /WVVGT CP FGT 5EJWNVGT J·NV OKV FGT .KPMGP WOHCV UKG FGP #TO GKPGU YGKVGTGP -KPFGU FCU UKEJ CP UKG FT·PIV KO *KPVGTITWPF GKPG -WJ WPF GKPG 9KGIG OKV GKPGO FTKVVGP -KPF OO I $QN\GPVJCN *ÒUMGP 5NI $TGVVCWGT -N 4CPFHGJNGT MN -TCV\GT HCUV XQT\ÒINKEJ

5KNDGTOGFCKNNG Q , IGUVKHVGV UR·VGTG 2T·IWPI XQP WPUKIPKGTV XQP ' 9GKICPF 'TKPPG TWPIUOGFCKNNG HÒT 4GVVWPI CWU )GHCJT $ÒUVG N (ª4 4'6670) #75 )'(#*4 KP 'KEJGPNCWD MTCP\ OO I $QN\GPVJCN XIN /CTKGPD XIN *ÒUMGP 5NI $TGVVCWGT XIN 5QOOGT 0WT 'ZGORNCTG IGRT·IV /KP 4CPFHGJNGT YKP\ -TCV\GT XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2288

110

2289

5KNDGTOGFCKNNG XQP # . *GNF CWH FKG 6TWRRGPUEJCW DGK -CNKUEJ &KG $ÒUVGP XQP (TKGFTKEJ 9KNJGNO +++ WPF XQP 0KMQNCWU + <CT XQP 4WNCPF PGDGPGKPCPFGT N 'KP RTGWKUEJGT WPF GKP TWUUK UEJGT 5QNFCV OKV KJTGP (CJPGP UVGJGP PGDGPGKPCPFGT KO *KPVGTITWPF <GNVNCIGT OO I $QN\GPVJCN XCT &KCMQX /CTKGPD *GTTNKEJG 2CVKPC OKP 4CPFHGJNGT XQT\ÒINKEJ

5KNDGTOGFCKNNG Q , XQP , . ,CEJVOCPP CWH FGP 6QFGUVCI UGKPGU )TQQPMGNU -ÌPKI (TKGFTKEJ ++ $ÒUVG (TKGFTKEJU FGU )TQGP T #FNGT X X OKV CWUIGDTGKVGVGP (NÒIGNP WPF 5EJTKHVTQNNG KP FGP (·PIGP QDGP %1'.+685 OO I /CTKGPD FQTV WPVGT (TKGFTKEJ ++ *GTTNKEJG 2CVKPC XQT\ÒINKEJ

2290

2292

2291

5KNDGTOGFCKNNG XQP %JT 2HGWHHGT CWH FKG ,CJTHGKGT FGT 4GHQTOCVKQP KP $GTNKP $TWUVDKNFGT XQP -WTHÒTUV ,QCEJKO ++ WPF (TKGFTKEJ 9KNJGNO +++ PGDGPGKPCPFGT N +P GKPGT -KTEJG 5\GPG FGU #DGPFOCJNU KP FGT /KVVG GKP )GKUVNKEJGT FGT FGP -GNEJ XGTVGKNV T UVGJV -WTHÒTUV ,QCEJKO ++ OO I $QN\GPVJCN /CTKGPD 5NI 9JKVKPI FQTV KP <KPP 5QOOGT 2 *ÒDUEJG 2CVKPC YKP\ 4CPFHGJNGT XQT\ÒINKEJ

5KNDGTOGFCKNNG Q , XQP # ( -ÌPKI CWH FKG ,CJTHGKGT FGT 4GHQTOCVKQP KP FGT /CTM $TCP FGPDWTI WPF FKG GTUVG -QOOWPKQP KP 5RCPFCW -WTHÒTUV ,QCEJKO ++ T KP XQNNUV·PFKIGO -WTQTPCV OKV -WTJWV IGUEJWNVGTVGO <GRVGT WPF 5EJYGTV +P GKPGT -KTEJG 5\GPG FGU #DGPFOCJNU KP FGT /KVVG FGT $KUEJQH XQP $TCPFGPDWTI FCXQT FGT MPKGPFG -WTHÒTUV WPF UGKPG /WVVGT 'NKUCDGVJ WOJGT )GKUVNKEJG 4·VG WPF (TCWGP KO #DUEJPKVV UGEJU <GKNGP 5EJTKHV OO I $QN\GPVJCN /CTKGPD 5NI 9JKVKPI *ÒDUEJG 2CVKPC MN 4CPFHGJNGT HCUV XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP %JT 2HGWHHGT CWH FGP ,CJTGUVCI FGU 4GIKGTWPIUDGIKPPU UGKPGU )TQQP MGNU (TKGFTKEJ ++ $TWUVDKNF (TKGFTKEJU FGU )TQGP JCNDN FGP -QRH PCEJ XQTP IGYCPFV KP 7PKHQTO OKV WOIGNGIVGO 1TFGPUDCPF WPF 1TFGPUUVGTP &CU 4GKVGTFGPMOCN HÒT (TKGFTKEJ ++ XQP %JT 4CWEJ KP $GTNKP 7PVGT FGP .KPFGP KO #DUEJPKVV \YGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I $QN\GPVJCN /CTKGPD 5QOOGT 2 (GKPG 2CVKPC XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2294

2293

2294

5KNDGTOGFCKNNG XQP * ( $TCPFV CWH UGKPGP 6QF 'TKPPGTWPIUOGFCKNNG HÒT FCU )CTFG %QTRU -QRH N OKV 5EJPWTTDCTV +O (GNF '4+00'470) WOJGT 5EJTKHV OO I $QN\GPVJCN .GJPGTV *ÒUMGP 0WT 'ZGORNCTG IGRT·IV *GTTNKEJG 2CVKPC XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

5KNDGTOGFCKNNG XQP # ( -ÌPKI CWH UGKPGP 6QF -QRH N OKV 5EJPWTTDCTV 6QFGUGPIGN UVGJV X X OKV IGUGPMVGT (CEMGN WPF YGPFGV KO $WEJ FGT RGTUQPKHK\KGTVGP )GUEJKEJVG FKG PGDGP KJO UKV\V GKP $NCVV WO OO I $QN\GPVJCN /CTKGPD *GTTNKEJG 2CVKPC OKP 4CPFHGJNGT XQT\ÒINKEJ

9GKVGTG /GFCKNNGP OKV $G\WI \W (TKGFTKEJ 9KNJGNO +++ HKPFGP 5KG WPVGT FGP 0TP WPF 111

.WKUG )GOCJNKP (TKGFTKEJ 9KNJGNOU +++ -ÌPKIKP .WKUG #WIWUVG 9KNJGNOKPG #OCNKG YWTFG CO /·T\ CNU 6QEJVGT FGU *GT\QIU -CTN ++ XQP /GEMNGPDWTI 5VTGNKV\ KP *CPPQXGT IGDQTGP &KG *QEJ\GKV OKV FGO -TQPRTKP\GP (TKGFTKEJ 9KNJGNO HCPF PQEJ XQT KJTGO )GDWTVUVCI CO &G\GODGT KP $GTNKP UVCVV 'U JCPFGNVG UKEJ WO GKPG .KGDGUJGKTCV WPF FKG JÒDUEJG RGTUÌPNKEJ UGJT DGUEJGKFGPG WPF KO 8QNM UGJT DGNKGDVG -ÌPKIKP IGDCT KJTGO )GOCJN \GJP -KPFGT FCTWPVGT FKG UR·VGTGP -ÌPKIG (TKGFTKEJ 9KNJGNO +8 WPF 9KNJGNO + .WKUG UVCTD CO ,WNK KO #NVGT XQP ,CJTGP CWH GKPGT 4GKUG FKG UKG CPIGVTGVGP JCVVG WO KJTGP 8CVGT \W DGUWEJGP

2295

5KNDGTOGFCKNNG XQP & ( WPF ( 9 .QQU CWH KJTGP GTUVGP ,CJTGUVCI CNU -ÌPKIKP $TWUVDKNF .WKUGU T #EJV <GKNGP 5EJTKHV KP GKPGO -TCP\ CWU 4QUGP OO I $QN\GPVJCN /CTKGPD 5QOOGT # 8QT\ÒINKEJp5VGORGNINCP\

2297

2296

2298

5KNDGTOGFCKNNG XQP # #DTCOUQP CWH KJTGP 6QF $TWUVDKNF FGT -ÌPKIKP T OKV IGHNQEJVGPGO *CCT 'KP KP FKG *ÌJG UVGKIGPFGT 5VGTP YKTHV UGKPG 5VTCJNGP CWH GKPG MNGKPG )TCDR[TCOKFG OO I $QN\GPVJCN XCT *QHHOCPP /CTKGPD 4 *ÒDUEJG 2CVKPC XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP & ( .QQU # -ÌPKI WPF # *QHHOCPP CWH KJTGP 6QF $ÒUVG FGT -ÌPKIKP T QDGP -TQPG 'KP 5VGKPDNQEM OKV FGO RTGWKUEJGP #FNGT KP .CPFUEJCHV FCTÒDGT VKGHJ·PIGPFG 9QNMGP (NCOOG WPF FGT UVTCJNGPFG 0COG ,GJQXCU OO I $QN\GPVJCN /CTKGPD 5QOOGT # 2TCEJVXQNNG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

5KNDGTOGFCKNNG XQP , 8 &ÌNN WPF &ÌNN LWP CWH KJTG $GKUGV\WPI KO /CWUQNGWO KP %JCTNQV VGPDWTI &KG -ÌPKIKP CWH FGO 2CTCFGDGVV 8QTFGTCPUKEJV FGU /CWUQNGWOU KO #DUEJPKVV FTGK <GKNGP 5EJTKHV WPF ,CJTGU\CJN OO I $QN\GPVJCN /CTKGPD 5QOOGT # 8QT\ÒINKEJ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

&C %JT & 4CWEJ GTUV OKV FGP #TDGKVGP CP FGO )TCDOCN DGICPP MCPP FKG XQTNKGIGPFG /GFCKNNG HTÒJGUVGPU GPVUVCPFGP UGKP 9GKVGTG /GFCKNNGP OKV $G\WI \W -ÌPKIKP .WKUG HKPFGP 5KG WPVGT FGP 0TP WPF

112

#WIWUVG \YGKVG )GOCJNKP (TKGFTKEJ 9KNJGNOU +++ #WIWUVG IGDQTGPG )T·HKP *CTTCEJ YWTFG CO #WIWUV CNU GKP\KIG 6QEJVGT FGU )TCHGP (GTFK PCPF XQP *CTTCEJ IGDQTGP WPF UVCTD CO ,WPK KP *QODWTI XQT FGT *ÌJG 5KG NGTPVG (TKGFTKEJ 9KNJGNO KP 6TGRPKV\ MGPPGP WPF HGUUGNVG KJP OKV KJTGT 5EJÌPJGKV WPF #POWV #O 0QXGODGT XGTO·JNVG UKEJ FGT -ÌPKI KP %JCTNQVVGPDWTI KP OQTICPCVKUEJGT 'JG OKV KJT WPF GTPCPPVG UKG \WT (ÒTUVKP XQP .KGIPKV\ WPF )T·HKP XQP *QJGP\QNNGTP &WTEJ KJTG $GUEJGKFGPJGKV .KGDGPUYÒTFKIMGKV WPF /KNFV· VKIMGKV YWVG UKG UKEJ FKG .KGDG FGU -ÌPKIU WPF UGKPGT (COKNKG \W GTJCNVGP WPF GTHTGWVG UKEJ CWEJ ITQGT $GNKGDVJGKV DGKO 8QNM 0CEJ FGO 6QF FGU -ÌPKIU NGDVG UKG KP UVKNNGT <WTÒEMIG\QIGPJGKV KP $GTNKP 2QVU FCO WPF CO )GPHGT 5GG 0CEJ KJTGO 6QF YWTFG 5KG KO /CWUQNGWO KP %JCTNQVVGPDWTI DGKIGUGV\V

2299

5KNDGTOGFCKNNG Q , XQP * )WDG $ÒUVG FGT )T·HKP N #75 &'4 9'4-56#'66' 810 ) .115 &#0 .115 51*0 +0 $'4.+0 OO I $QN\GPVJCN /CTKGPD

FQTV KP $TQP\G 4 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

(TKGFTKEJ .WFYKI -CTN \YGKVGT 5QJP (TKGFTKEJ 9KNJGNOU ++ $TWFGT (TKGFTKEJ 9KNJGNOU +++ (TKGFTKEJ .WFYKI -CTN FGT LÒPIGTG 5QJP (TKGFTKEJ 9KNJGNOU ++ IGDQTGP CO 0QXGODGT JGK TCVGVG CO &G\GODGT FKG L·JTKIG (TKGFGTKMG XQP /GEMNGPDWTI 5VTGNKV\ <YGK 6CIG \WXQT JCVVG UGKP ·NVGTGT $TWFGT -TQPRTKP\ (TKGFTKEJ 9KNJGNO (TKGFGTKMGU \YGK ,CJTG ·NVGTG 5EJYGUVGT .WKUG IGJGK TCVGV FKG CNU RTGWKUEJG -ÌPKIKP ITQG $GNKGDVJGKV GTTGKEJVG 9·JTGPF (TKGFTKEJ .WFYKI -CTN DGTGKVU CO KO #NVGT XQP ,CJTGP UVCTD ÒDGTNGDVG UGKPG )GOCJNKP (TKGFGTKMG UQYQJN KJTG 5EJYGUVGT .WKUG CNU CWEJ KJTGP 5EJYCIGT (TKGFTKEJ 9KNJGNO +++ WPF UVCTD CO KO #NVGT XQP ,CJTGP

2300

5KNDGTOGFCKNNG XQP & ( WPF ( 9 .QQU CWH UGKPG 8GTO·JNWPI OKV (TKGFGTKMG -CTQNKPG 5QRJKG XQP /GEMNGPDWTI 5VTGNKV\ $TWUVDKNFGT FGU 2CCTGU PGDGPGKPCPFGT N 'KP LWPIGT *GNF 2TKP\ (TKGFTKEJ .WFYKI TWJV PCEJ T CWH 6TQRJ·GP WPF GORH·PIV XQP #RJTQFKVG 2TKP\GUUKP (TKGFGTKMG FKG CWH 9QNMGP UEJYGDV GKPGP /[TVJGPMTCP\ OO I /CTKGPD 5QOOGT # 9KP\ 4CPFHGJNGT UGJT UEJÌP

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

113

2301

2302

2303

5KNDGTOGFCKNNG XQP * ( $TCPFV CWH UGKPG 8GTO·JNWPI OKV 'NKUCDGVJ .WFQXKMC 6QEJVGT /CZK OKNKCP + ,QUGRJU XQP $C[GTP -ÌRHG FGU $TCWVRCCTGU PGDGPGKPCPFGT T *[OGP UVGJV X X FKG 4GEJVG CWH FGP DC[GTKUEJGP WPF FGP RTGWKUEJGP 5EJKNF IGUVÒV\V KP FGT .KPMGP (CEMGN T JKPVGT KJO #NVCT OO I $QN\GPVJCN .GJPGTV /CTKGPD FQTV KP $TQP\G 9KVV 4 (GKPG 2CVKPC XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP ( -ÌPKI CWH UGKPG 8GTO·JNWPI OKV 'NKUCDGVJ .WFQXKMC 6QEJVGT /CZKOKNKCP + ,QUGRJU XQP $C[GTP -ÌRHG FGU $TCWVRCCTGU PGDGPGKPCPFGT N *[OGP DGMT·P\V $TCWVRCCT FCU UKEJ ÒDGT GKPGO #NVCT FKG *·PFG TGKEJV N RTGWKUEJGT #FNGT T DC[GTKUEJGT .ÌYG OO I $QN\GPVJCN /CTKGPD 9KVV 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

114

5KNDGTOGFCKNNG XQP , .ÌUEJ WPF $ 5VKINOC[GT CWH UGKPG 8GTO·JNWPI OKV 'NKUCDGVJ .WFQXKMC 6QEJVGT /CZKOKNKCP + ,QUGRJU XQP $C[GTP -ÌRHG FGU $TCWVRCCTGU PGDGPGKPCPFGT T &KG RGTUQPKHK\KGTVG $GUV·PFKIMGKV XQP #OQT DGMT·P\V UKV\V KP GKPGO PCEJ N HCJTGPFGP 6TKWORJYCIGP OKV FGT 4GEJVGP WOHCV UKG GKPG 5·WNG FGT 9CIGP YKTF XQP FGO RTGWKUEJGP #FNGT WPF FGO DC[GTKUEJGP .ÌYGP IG\Q IGP OO I $QN\GPVJCN /CTKGPD 9KVV *ÒDUEJG 2CVKPC XQT\ÒINKEJ

2304

2305

2306

5KNDGTOGFCKNNG XQP # ( -ÌPKI CWH UGKPG 6JTQPDGUVGKIWPI $ÒUVG T 2QUVCOGPV OKV CFNGTIG UEJOÒEMVGT &GEMG FCTCWH -KUUGP OKV <GRVGT 5EJYGTV 4GKEJUCRHGN WPF -TQPG OO I /CTKGPD 2TCEJVXQNNG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

5KNDGTOGFCKNNG Q , XQP , - (KUEJGT CWH UGKPGP 4GIKGTWPIUCPVTKVV $ÒUVG T $ÒUVG UGKPGT )G OCJNKP 'NKUCDGVJ .WFQXKMC XQP $C[GTP N OKV &KCFGO OO I /CTKGPD 4 (GKPG 2CVKPC HCUV 5VGORGNINCP\

5KNDGTOGFCKNNG XQP - (KUEJGT WPF %JT 2HGWHHGT CWH UGKPG *WNFKIWPI KP $GTNKP $ÒUVG T FCTWP VGT \YGK <GKNGP 5EJTKHV 'KUGTPGU -TGW\ OKV FGO IGMTÌPVGP #FNGTUEJKNF DGNGIV FCXQT 5EJYGTV <GRVGT WPF 4GKEJUCRHGN IGMTGW\V WOJGT 1TFGPUMGVVG FKG OKV CEJV MNGKPGP 9CRRGPUEJKNFGP DGNGIV KUV OO I /CTKGPD 5QOOGT 2 5GJT UEJÌP XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2308

2307

115

2309

2311

2310

5KNDGTOGFCKNNG WPUKIPKGTV XQP * .QTGP\ CWH FKG *WNFKIWPI KP -ÌPKIUDGTI WPF $GTNKP $ÒUVG T 6JTQPGPFGT -ÌPKI KO -TÌPWPIUQTPCV OKV <GRVGT FCXQT MPKGPFG $QTWUUKC OKV #FNGTUEJKNF FKG TGEJVG *CPF \WO 5EJYWT GTJQDGP OO I /CTKGPD 9KVV -N 4CPFHGJNGT XQT\ÒINKEJp5VGORGNINCP\

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

5KNDGTOGFCKNNG XQP * .QTGP\ WPF ' 5EJKNNKPI CWH FKG ,CJTHGKGT FGT 7PKXGTUKV·V -ÌPKIUDGTI &GT RTGWKUEJG #FNGT OKV CWUIGDTGKVGVGP (NÒIGNP FCXQT \YGK IGMTGW\VG <GRVGT \W FGP 5GKVGP \YGK /G FCKNNQPU KP FGPGP UKEJ FKG -ÌRHG FGU 5VKHVGTU FGT 7PKXGTUKV·V *GT\QI #NDTGEJV WPF (TKGFTKEJ 9KNJGNOU +8 DGHKPFGP WPVGP GKP CWHIGUEJNCIGPGU $WEJ 'KPG 6CHGN OKV FGO %QNNGIKWO #NDGTVKPWO WOJGT FTGK 0COGP DGTÒJOVGT .GJTGT FGT 7PKXGTUKV·V ) 5CDKPWU 4GMVQT 5 &CEJ &GWVUEJGT .KGFGTFKEJVGT WPF + -CPV 2JKNQUQRJ WPVGP FCU XQP \YGK $·TGP IGJCNVGPG -ÌPKIUDGTIGT 9CRRGP OO I .CXGTTGP\ /CTKGPD 4 (CUV XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 7$5 <ÒTKEJ 0T

5KNDGTOGFCKNNG Q , XQP %JT 2HGWHHGT WPF , . ,CEJVOCPP )TQG 2T·OKGPOGFCKNNG FGT #MC FGOKG FGT -ÒPUVG KP $GTNKP HÒT 'NGXGP WPF 5EJÒNGT -QRH T 5KV\GPFG YGKDNKEJG )GUVCNV OKV )TKHHGN WPF 2GTICOGPV N 2QUVCOGPV OKV CPVKMGT .CORG WPF 5·WNG OKV GKPGT 'WNG OO I *ÒUMGP 5QOOGT 2 4 -N 4CPFHGJNGT XQT\ÒINKEJp5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

&KG #MCFGOKG FGT -ÒPUVG XGTNKGJ CP KJTG DGUVGP 5EJÒNGT \YGK 2T·OKGPOGFCKNNGP FKG ITQG KP 5KNDGT WPF $TQP\G WPF GKPG MNGKPGTG KP 5KNDGT 5QOOGT 2

2312

116

5KNDGTOGFCKNNG XQP %JT 2HGWHHGT 9KFOWPI FGT /CPUHGNFGT $GTIYGTMUIGUGNNUEJCHVGP HÒT (TKGF TKEJ 9KNJGNO +8 $ÒUVG T ).ª%- #7( &'/ 5%*76<*'440 ÒDGT #PUKEJV FGT #PNCIGP WPF $GVTKGDUIGD·WFG FGT UGKV \W 2TGWGP IGJÌTGPFGP /CPUHGNFGT 5KNDGTITWDGP OO I /CTKGPD /ÒUGNGT 5QOOGT 2 +P 5KNDGT XQP ITQGT 5GNVGPJGKV (GKPG 2CVKPC HCUV XQT\ÒINKEJ

2314

2313

2315

5KNDGTOGFCKNNG XQP - (KUEJGT CWH UGKPG 5KNDGTJQEJ\GKV OKV 'NKUCDGVJ .WFQXKMC 6QEJVGT /CZKOK NKCP + ,QUGRJU XQP $C[GTP &KG $ÒUVGP FGU -ÌPKIURCCTGU PGDGPGKPCPFGT T #WH GKPGO (GNUDNQEM UKV\GP FGT )GPKWU OKV $QIGP J·NV OKV FGT 4GEJVGP FGP IGHGUUGNVGP 5CVWTP PKGFGT QDGP UVTCJNGPFGT 5VGTP OO I /CTKGPD 44 *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

5KNDGTOGFCKNNG XQP ' 5EJKNNKPI CWH FKG 'TÌHHPWPI FGU GTUVGP .CPFVCIGU KP $GTNKP -QRH T & ,#07#4 KP -TGKU WOJGT -TGKUG DGUVGJGPF CWU FGP 0COGP FGT #DIGQTFPGPVGP FGU $GTNK PGT .CPFVCIGU OO I /CTKGPD 4 *ÒDUEJG 2CVKPC MN 4CPFHGJNGT XQT\ÒINKEJ

5KNDGTOGFCKNNG Q , WPUKIPKGTV 5VCCVURTGKUOGFCKNNG HÒT IGYGTDNKEJG .GKUVWPIGP -QRH T WOJGT -TCP\ CWU UVKNKUKGTVGP $NÒVGP )GMTÌPVG $QTWUUKC OKV .QTDGGTMTCP\ WPF 5VCD YKTF XQP GKPGO #FNGT IG VTCIGP OO I *ÒUMGP 2TCEJVGZGORNCT *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

2316

5KNDGTOGFCKNNG Q , XQP %JT 2HGWHHGT 5VCCVURTGKUOGFCKNNG HÒT IGYGTDNKEJG .GKUVWPIGP -QRH T WOJGT GKP 4GNKGHDCPF FCU KP CEJV (GNFGT WPVGTVGKNV KUV WPF CDYGEJUGNPF IGDWPFGPG .QTDGGTMT·P\G D\Y &CTUVGNNWPIGP FGU )GYGTDGU \GKIV #NNGIQTKUEJG &CTUVGNNWPI FGU GTHQNITGKEJGP *CPFGNU *GRJCKUVQU TGKEJV #VJGPG FKG *CPF KO *KPVGTITWPF FKG IGHNÒIGNVG (QTVWPC CWH GKPGT -WIGN N WPVGP GKP $KGPGP UVQEM OO I *ÒUMGP 5QOOGT 2 4 (GKPG 2CVKPC XQT\ÒINKEJ

117

2317 Vorderseite

5KNDGTPGU /GFCKNNQP Q , )CNXCPQ XQP $ 2KUVTWEEK CWH FKG 5EJNCEJV DGK 9CVGTNQQ WPF FGP GPF IÒNVKIGP 5KGI FGT CNNKKGTVGP 6TWRRGP ÒDGT 0CRQNGQP &KG DGNQTDGGTVGP $ÒUVGP XQP )GQTIG +++ XQP 'PI NCPF (TCP\ + XQP ¤UVGTTGKEJ #NGZCPFGT + XQP 4WNCPF WPF (TKGFTKEJ 9KNJGNO +++ PGDGPGKPCPFGT N OKV WOIGNGIVGP /·PVGNP WOJGT &CTUVGNNWPIGP CWU FGT CPVKMGP /[VJQNQIKG *GNKQU +TKU WPF <GRJ[TQU *GTCMNGU 'TKPP[GP .WPC FKG 2CT\GP 6JGOKU WPF &KQUMWTGP &KG (GNFJGTTGP $NÒEJGT WPF 9GN NKPIVQP KP )GUVCNV CPVKMGT -TKGIGT TGKVGP N WPF DGUEJÒV\GP 8KMVQTKC QDGP )ÌVVGTXCVGT <GWU KP 3WCFTKIC WOJGT -CORH FGT 6KVCPGP WPF )KICPVGP OO I (QTTGT +8 5 8QP ITQGT 5GNVGPJGKV +P FWPMNGO .GFGTGVWK FGT (KTOC &TGKEGT %Q (KHVJ #XGPWG 0GY ;QTM 8QT\ÒINKEJGU 'ZGORNCT 'ZGORNCT FGT #WMVKQP 7$5 $CUGN 0T

&CU 9CVGTNQQ /GFCKNNQP KUV \YGKHGNNQU FCU /GKUVGTUVÒEM FGU CWGTIGYÌJPNKEJ DGICDVGP KVCNKGPKUEJGP /GFCKNNGWTU WPF )GOOGPUEJPGKFGTU $GPGFGVVQ 2KUVTWEEK FGT CNU 5VGORGNUEJPGKFGT CP FGT MÌPKINKEJGP /ÒP\G KP .QPFQP CTDGKVGVG &KG #TDGKV CP FGP 5VGORGNP FKGUGU UEJQP KP UGKPGT )TÌG CDGT CWEJ KP FGT (ÒNNG FGT FCTIGUVGNNVGP (KIWTGP GKP\KICTVKIGP 5VÒEMGU \QI UKEJ ÒDGT OGJT CNU ,CJTG JKP 2KUVTWEEK DGICPP FCOKV KO #NVGT XQP ,CJTGP WPF NKGHGTVG FKG /CVTK\GP GTUV CP UGKPGP #WHVTCIIGDGT FKG 4Q[CN /KPV CD &GT #WHVTCI YCT FGO KVCNKGPKUEJGP -ÒPUVNGT GTVGKNV YQTFGP WO KJO FGP 0CEJ\WI UGKPGT (COKNKG XQP 4QO PCEJ .QPFQP \W GTOÌINKEJGP 2KUVTWEEK GTJKGNV HÒT FKGUG #T DGKV 2HWPF YQXQP KJO 2HWPF CNU 8QTUEJW IGY·JTV YWTFGP &KG 4Q[CN /KPV JCVVG WTURTÒPINKEJ IGRNCPV FGP XKGT FCTIGUVGNNVGP #NNKKGTVGP LGYGKNU GKP 'ZGORNCT KP )QNF WPF FGP ÒDTKIGP CO 5KGI DGK 9CVGTNQQ DGVGKNKIVGP (ÒT UVGP LG GKP 'ZGORNCT KP 5KNDGT \W ÒDGTTGKEJGP ,GFQEJ XGT\KEJVGVG OCP CWH FKG VGWTG *GTUVGNNWPI XQP 5VGORGNP WPF DGIPÒIVG UKEJ OKV FGT #PHGTVKIWPI GKPGT IGTKPIGP #P\CJN XQP ICNXCPQRNCUVKUEJGP #DFTÒEMGP 9KT HTGWGP WPU +JPGP KO 4CJOGP FGT 5COONWPI 9KGDG FKG XKGNNGKEJV DGTÒJOVGUVG /GFCKNNG FGU ,CJTJWPFGTVU CPDKGVGP \W MÌPPGP

118

2317 Rückseite

2318

5KNDGTOGFCKNNG XQP ( 9 -WNNTKEJ CWH FCU 4GKVGTFGPMOCN (TKGFTKEJU FGU )TQGP CWH FGO $QWNG XCTF 7PVGT FGP .KPFGP KP $GTNKP &KG 4GKVGTUVCVWG T #PUKEJV FGU XQNNUV·PFKIGP &GPMOCNU OO I /CTKGPD 5QOOGT - 44 *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP *CTCNF /ÌNNGT -CUUGN 0T

(TKGFTKEJ 9KNJGNO +8 XQP -WNNTKEJU #TDGKV UGJT CPIGVCP MCWHVG FKG 5VGORGN WPF NKG FCOKV FKG \WO 8GTUEJGPMGP DGUVKOOVGP 'ZGORNCTG RT·IGP ,G GKPG /GFCKNNG KP )QNF 5KNDGT WPF $TQP\G ÒDGTTGKEJVG FGT -ÌPKI FGO 'TDCWGT FKG UGU &GPMOCNU %JTKUVKCP 4CWEJ DGK FGT 'PVJÒNNWPIUHGKGT &GT DGUUGTGP 4CWOCWUHÒNNWPI \WNKGDG N·V -WNNTKEJ FKG /·JPG FGU 2HGTFGU CWH FGT 8QTFGTUGKVG YGJGP 6CVU·EJNKEJ NKGIV UKG CO *CNUG CP

119

2319

5KNDGTOGFCKNNG XQP ( 9 -WNNTKEJ CWH FCU 4GKVGTFGPMOCN (TKGFTKEJU FGU )TQGP CWH FGO $QWNG XCTF 7PVGT FGP .KPFGP KP $GTNKP $TWUVDKNF (TKGFTKEJU ++ N OKV *WV WOIGNGIVGO *GTOGNKP WPF 1T FGPUUVGTP #PUKEJV FGU QDGTGP 6GKNU FGU &GPMOCNU OO I /CTKGPD 5QOOGT - *ÒDUEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

$GK FGT XQTCPIGICPIGPGP /GFCKNNG 5QOOGT - YWTFG DGCPUVCPFGV FC -WNNTKEJ CWH MGKPGT 5GKVG FGP -QRH FGU -Ì PKIU IG\GKIV J·VVG &GUJCND UEJWH -WNNTKEJ FKGUG /GFCKNNG

2320

5KNDGTOGFCKNNG XQP ' 5EJKNNKPI WPF $NCPMG 5EJÒV\GPRT·OKG IGRT·IV CPN·NKEJ FGT ,CJTHGKGT FGT 5EJÒV\GPIKNFG KP &CP\KI 8GT\KGTVGU /GFCKNNQP OKV FGT $ÒUVG (TKGFTKEJ 9KNJGNOU +8 T FCTÒDGT #FNGT WOJGT 'KEJGP\YGKIG WPVGP <KGNUEJGKDG WPF 5EJÒV\GPGODNGOG 8GT\KGTVGU /GFCKNNQP FCTKP FCU 5VCPFDKNF 9[PTKEJU XQP -PKRTQFG *QEJOGKUVGT FGU &GWVUEJGP 1TFGPU WPF 5VKHVGT FGT 5EJÒV \GPIKNFG OKV -TQPG 5EJYGTV 5EJKNF WPF WOIGNGIVGO /CPVGN OO I /CTKGPD 5NI 2GNV\GT 4 2TCEJVGZGORNCT *GTTNKEJG 2CVKPC HCUV 5VGORGNINCP\

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2321

5KNDGTOGFCKNNG XQP ( 9 -WNNTKEJ PCEJ GKPGO 'PVYWTH XQP . 4QUGPHGNFGT CWH FCU L·JTKIG 5VCFVLWDKN·WO XQP -ÌPKIUDGTI IGUVKHVGV XQO (GUVMQOKVGG 'KP TWPFGU /GFCKNNQP OKV FGO $TWUVDKNF (TKGFTKEJ 9KNJGNOU +8 T WOJGT HÒPH CEJVGEMKIG /GFCKNNQPU OKV FGP $TWUVDKNFGTP WPF 0COGP XQP .WFYKI XQP 'TNKEJUJCWUGP (TKGFTKEJ 9KNJGNO FGO )TQGP -WTHÒTUVGP (TKGFTKEJ FGO )TQGP #N DTGEJV XQP 2TGWGP WPF 9KPTKEJ XQP -PKRTQFG WOJGT .QTDGGT WPF 'KEJGP\YGKIG WPVGP FGT RTGWK UEJG 1TFGPU WPF FGT IGMTÌPVG -ÌPKIUUEJKNF &GT RTGWKUEJG #FNGT UKV\V CWH GKPGO 4CJOGP KP FGO FKG 5VCFVCPUKEJV XQP -ÌPKIUDGTI OKV FGO 5EJNQ FCTIGUVGNNV KUV WPVGP FKG 9CRRGP XQP -ÌPKIUDGTI .ÌDG PKEJV WPF -PGKRJQH CWH 'KEJGP\YGKIGP OO I /CTKGPD 5QOOGT - +P 5KNDGT XQP ITQGT 5GNVGPJGKV 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC HCUV 5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

120

2323

5KNDGTOGFCKNNG XQP ( 9 -WNNTKEJ IGRT·IV \W 'JTGP FGT (GNFOCTUEJ·NNG * & . ;QTM )TCH XQP 9CTVGPDGTI ) . $NÒEJGT (ÒTUV XQP 9CJNUVCVV WPF # )TCH )PGKUGPCW $ÒUVGP FGT FTGK )GPGT·NG PGDGPGKPCPFGT T WOJGT GKP 4GNKGHDCPF OKV 5\GPGP CWU FGP $GHTGKWPIUMTKGIGP 5VCPFDKNFGT FGT FTGK (GNFOCTUEJ·NNG CWH FGO $QWNGXCTF 7PVGT FGP .KPFGP KP $GTNKP FCTWPVGT IGMTÌPVGT #FNGT OO I /CTKGPD FQTV KP -WRHGT 5QOOGT - 4 2CVKPC (CUUWPIUURWTGP HCUV XQT\ÒINKEJ

2324

2322

5KNDGTOGFCKNNG WPUKIPKGTV YCJTUEJGKPNKEJ XQP ( 9 -WNNTKEJ 2TGKUOGFCKNNG FGT 6GEJPKUEJGP *QEJUEJWNG KP $GTNKP -QRH T KP 'KEJGPMTCP\ $QTWUUKC OKV -TCP\ WPF #FNGTUVCD VJTQPV N CWH GKPGO #FNGTUGUUGN FCXQT CPVKM IGMNGKFGVGT ,WPIG OKV <KTMGN WPF GKPGO $KNF YQTCWH GKPG .QMQOQVKXG IG\GKEJ PGV KUV +O #DUEJPKVV ITCXKGTV 9+.*'./ -4#0< OO I *ÒUMGP 5QOOGT - 4 -N 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ 9GKVGTG /GFCKNNGP OKV $G\WI \W (TKGFTKEJ 9KNJGNO +8 HKPFGP 5KG WPVGT FGP 0TP WPF (TKGFTKEJ -CTN #NGZCPFGT FTKVVGT 5QJP (TKGFTKEJ 9KNJGNOU +++ LÒPIGTGT $TWFGT (TKGFTKEJ 9KNJGNOU +8 WPF 9KNJGNOU +

2322

(TKGFTKEJ -CTN #NGZCPFGT YWTFG CO CNU FTKVVGT 5QJP (TKGFTKEJ 9KNJGNOU +++ WPF FGT DGNKGD VGP -ÌPKIKP .WKUG IGDQTGP 'T JGKTCVGVG CO /CK FKG 2TKP\GUUKP /CTKG XQP 5CEJUGP 9GKOCT 'KUGPCEJ +JT 5QJP (TKGFTKEJ -CTN URKGNVG CNU RTGWKUEJGT )GPGTCN GKPG DGFGWVGPFG 4QNNG KP FGP -TKGIGP XQP WPF (TKGFTKEJ -CTN #NGZCPFGT ÒDGTNGDVG CNNG UGKPG XKGT )GUEJYKUVGT WPF UVCTD CO KO #NVGT XQP ,CJTGP 5KNDGTOGFCKNNG XQP * )WDG CWH UGKPG 8GTO·JNWPI OKV /CTKC XQP 5CEJUGP 9GKOCT $GKFGT $TWUVDKNFGT PGDGPGKPCPFGT T &GT 2TKP\ KP CPVKMGT -NGKFWPI HÒJTV FKG 2TKP\GUUKP \W FGT XQO 6JTQP JGT WPVGTUVGKIGPFGP $QTWUUKC OO I $QN\GPVJCN (TGFG /CTKGPD 2TCEJVGZGORNCT *GTTNKEJG 2CVKPC HCUV 5VGORGNINCP\

'ZGORNCT FGT #WMVKQP &T $WUUQ 2GWU 0CEJH (TCPMHWTV /CKP 0T

121

(TKGFTKEJ -CTN 5QJP FGU 2TKP\GP (TKGFTKEJ -CTN #NGZCPFGT 0GHHG (TKGFTKEJ 9KNJGNOU +8 WPF 9KNJGNOU +

(TKGFTKEJ -CTN FGT 5QJP FGU 2TKP\GP (TKGFTKEJ -CTN #NGZCPFGT WPF FGT /CTKG XQP 5CEJUGP 9GKOCT 'KUGPCEJ IGDQTGP CO \GKEJPGVG UKEJ PCEJ UQTIH·NVKIGT OKNKV·TKUEJGT #WUDKNFWPI DGTGKVU KP FGP -·ORHGP KP &·PGOCTM WPF $CFGP CWU 'T NGKVGVG KO &GWVUEJ &·PKUEJGP -TKGI FGP 5VWTO CWH FKG &ÒRRGNGT 5EJCP\GP JCVVG GTJGDNKEJGP #PVGKN CO RTGWKUEJGP 5KGI IGIGP ¤UVGTTGKEJ DGK -ÌPKIIT·V\ WPF DTCEJVG GPVUEJNQUUGP FKG (GUVWPI /GV\ \W (CNN YCU KJO FGP 4CPI FGU )GPGTCNHGNFOCTUEJCNNU GKPVTWI 2TKP\ (TKGFTKEJ -CTN FGT /KVINKGF FGU 0QTFFGWVUEJGP 4GKEJUVCIGU YCT UVCTD CO DGK 2QVUFCO

2325

5KNDGTOGFCKNNG XQP ( 9 -WNNTKEJ PCEJ GKPGO 'PVYWTH XQP ' &CGIG CWH UGKPG 8GTO·JNWPI OKV FGT 2TKP\GUUKP /CTKC #PPC 6QEJVGT *GT\QI .GQRQNF (TKGFTKEJU XQP #PJCNV &GUUCW -ÌRHG FGU $TCWV RCCTGU PGDGPGKPCPFGT T &CU $TCWVRCCT KP CPVKMGT -NGKFWPI TGKEJV UKEJ XQT GKPGO #NVCT FGT OKV FGP 9CRRGP XQP 2TGWGP WPF #PJCNV IGUEJOÒEMV KUV FKG *CPF KO #DUEJPKVV -TCP\ OO I /CPP C /CTKGPD 5QOOGT - 44 (GKPG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T &KG *GTUVGNNWPI FKGUGT /GFCKNNG YWTFG CWH CNNGTJÌEJUVGP $GHGJN CWUIGHÒJTV

(TKGFTKEJ 9KNJGNO #WIWUV 0GHHG (TKGFTKEJU ++ FGU )TQGP (TKGFTKEJ 9KNJGNO #WIWUV YWTFG CO CNU LÒPIUVGU -KPF FGU 2TKP\GP (GTFKPCPF

Ó FGU LÒPIUVGP $TWFGTU (TKGFTKEJU FGU )TQGP IGDQTGP 'T UVCTD CO ,CJTG UR·VGT CNU UGKP 1PMGN FGT ōCNVG (TKV\ŋ

2326

5KNDGTOGFCKNNG XQP * ( $TCPFV CWH UGKPGP 6QF IGUVKHVGV XQP #TVKNNGTKG 1HHK\KGTGP -QRH N \YK UEJGP .QTDGGT\YGKIGP 'KEJGPMTCP\ OKV $·PFGTP FWTEJ\QIGP CWH FGPGP FKG 0COGP XQP )GHGEJVGP UVGJGP FGPGP FGT 2TKP\ DGKYQJPVG KP FGT /KVVG 5EJTKHV *'.&'0/76* 70& 2(.+%*664'7' OO I .GJPGTV /CTKGPD 44 *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

122

-ÌPKI 9KNJGNO + &GWVUEJGT -CKUGT UGKV 9KNJGNO FGT \YGKVG 5QJP (TKGFTKEJ 9KNJGNOU +++ WPF FGT -ÌPKIKP .WKUG IGDQTGP CO KP $GTNKP YWTFG OKNK V·TKUEJ GT\QIGP WPF XQP FGP 'KPFTÒEMGP FGT (TGKJGKVUMTKGIG IGRT·IV 'T YWTFG -QOOCPFGWT FGU )CTFGMQTRU WPF OWUUVG PCEJ FGO 8GTUWEJ FKG /·T\TGXQNWVKQP PKGFGT \WUEJNCIGP CNU ō-CTV·VUEJGPRTKP\ŋ DGUEJKORHV PCEJ 'PINCPF HNKGJGP 0CEJ UGKPGT 4ÒEMMGJT KO ,WPK WPVGTFTÒEMVG GT OKV RTGWKUEJGP 6TWRRGP FGP 2H·N\GT WPF FGP $CFKUEJGP #WHUVCPF +O INGKEJGP ,CJT YWTFG GT \WO )GPGTCNIQWXGTPGWT XQP 4JGKPNCPF WPF 9GUVHCNGP GTPCPPV WPF TGUKFKGTVG UGKVFGO KP -QDNGP\ 7PVGT FGO 'KPHNW UGKPGT FGO .KDGTCNKUOWU CWHIGUEJNQUUGPGP )GOCJNKP #WIWUVC IGTKGV GT KP -QPHNKMV OKV FGT MQPUGTXCVKXGP 4GIKGTWPI UGKPGU $TWFGTU (TKGFTKEJ 9KNN JGNO +8 FGT UQ UVCTM GTMTCPMVG FCUU 9KNJGNO FKG 5VGNNXGTVTGVWPI WPF UGKV FKG 4GIGPVUEJCHV ÒDGTPCJO 0CEJ FGO 6QF FGU $TWFGTU WPF FGT 4GIKGTWPIUÒDGTPCJOG CO ,CPWCT DGTKGH FGT L·JTKIG GKP NKDGTCNGU /KPKUVGTKWO WPF N·WVGVG FCOKV FKG ō0GWG TCŋ GKP $CNF LGFQEJ IGTKGV GT KP FGP DGTÒJOVGP 8GTHCUUWPIUMQPHNKMV OKV FGT /GJTJGKV FGU 2CTNCOGPVGU &WTEJ FKG $GTWHWPI 1VVQU XQP $KUOCTEM \WO /KPKUVGTRT·UKFGPVGP MQPPVG FKG DGTGKVU HGUV IGRNCPVG #DFCP MWPI 9KNJGNOU + \WIWPUVGP UGKPGU 5QJPGU (TKGFTKEJ XGTOKGFGP YGTFGP 9KNJGNO + WPF $KUOCTEM YCTGP GKP UVCTMGU (ÒJTWPIUIGURCPP WPF NGPMVGP 2TGWGP UKGITGKEJ FWTEJ FGP F·PKUEJGP FGWVUEJ FGWVUEJGP WPF FGWVUEJ HTCP\ÌUKUEJGP -TKGI 0CEJ FGO 5KGI ÒDGT (TCPMTGKEJ YWTFG 9KNJGNO + DGK FGT -CKUGTRTQMNCOC VKQP KO 5RKGIGNUCCN XQP 8GTUCKNNGU CO ,CPWCT \WO &GWVUEJGP -CKUGT CWUIGTWHGP &KG CNNIGOGKP CPGTMCPPVG TGURGMVKGTVG WPF XGTGJTVG 2GTUÌPNKEJMGKV FGU ōCNVGP -CKUGTUŋ FGT CO KP $GTNKP MWT\ XQT UGKPGO )GDWTVUVCI UVCTD YWTFG \W GKPGO 5KPPDKNF FGT 'KPJGKV WPF )TÌG FGU -CKUGTTGKEJGU

2327

5KNDGTOGFCKNNG XQP %JT 2HGWHHGT CWH UGKPG 8GTO·JNWPI OKV #WIWUVC XQP 5CEJUGP 9GKOCT &KG $TWUVDKNFGT FGU $TCWVRCCTGU PGDGKPCPFGT T #WH GKPGO #NVCTUVGKP FKG 9CRRGP XQP 2TGWGP WPF 5CEJ UGP 9GKOCT FCTÒDGT HÒPH <GKNGP 5EJTKHV WOJGT .QTDGGT WPF 4QUGP\YGKIG OO I (TGFG /CTKGPD 5QOOGT 2 5NI /GTUGD (GKPG 2CVKPC 4CPFHGJNGT MN &TWEMUVGNNGP XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP -ÌNPGT /ÒP\MCDKPGVV -ÌNP 0T

2328

5KNDGTOGFCKNNG XQP * .QTGP\ CWH UGKPG #WHPCJOG KP FGP (TGKOCWTGTQTFGP -QRH FGU -TQPRTKP \GP (TKGFTKEJ 9KNJGNO .WFYKI UR·VGT 9KNJGNO + N 'KEJGPUVCOO CWH FGO GKP -KUUGP OKV #VVTKDWVGP NKGIV XQT FGO 5VCOO NGJPGP FKG 5EJKNFG FGT FTGK ITQGP .QIGP QDGP UEJYGDV FGT IGMTÌPVG #FNGT OKV 2CNO\YGKI OO I $QN\GPVJCN *<% /CTKGPD 9KP\ 4CPFHGJNGT XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

-WT\ XQT UGKPGO 6QFG GTVGKNVG (TKGFTKEJ 9KNJGNO +++ UGKPGO \YGKVGP 5QJP 2TKP\ (TKGFTKEJ 9KNJGNO .WFYKI FKG 'TNCWDPKU \WO 'KPVTKVV KP FGP (TGKOCWTGTQTFGP WPVGT FGT $GFKPIWPI FC FGT 2TKP\ PKEJV GKPGT .QIG DGUQPFGTU UQP FGTP CNNGP .QIGP CNU FGTGP 2TQVGMVQT CPIGJÌTGP UQNNG &KG #WHPCJOG HCPF CO /CK KO 1TFGPUJCWUG FGT )TQGP .CPFGUNQIG FGT (TGKOCWTGT XQP &GWVUEJNCPF UVCVV WPF YWTFG XQP FGO FCOCNKIGP .CPFGUITQOGKUVGT $T )TCH *GPEMGN XQP &QPPGTUOCTEM XQNN\QIGP FGT FGO 2TKP\GP FKG FTGK GTUVGP )TCFG GTVGKNVG

123

2329

2330

2331

5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG 0KGFGTYGTHWPI FGU DCFKUEJGP #WHUVCPFGU 2TKP\ (TKGFTKEJ 9KNJGNO .WFYKI UR·VGT 9KNJGNO + TGKVGV N KP 7PKHQTO OKV IG\QIGPGO &GIGP KO *KPVGTITWPF 5EJNCEJVU\GPG &GT IGMTÌPVG RTGWKUEJG #FNGT CWH #TOCVWTGP QDGP 9 KP -TCP\ OO I /CTKGPD FQTV KP <KPP 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

5KNDGTOGFCKNNG XQP ( 9 -WNNTKEJ PCEJ GKPGO 'PVYWTH XQP ' &CGIG CWH UGKPG 5KNDGTJQEJ\GKV OKV 2TKP\GUUKP #WIWUVC XQP 5CEJUGP 9GKOCT $GKFGT $ÒUVGP PGDGPGKPCPFGT T &CU -TQPRTKP\GPRCCT TGKEJV UKEJ ÒDGT GKPGO #NVCT FKG *CPF \W FGP 5GKVGP $TCWVHÒJTGT WPF $TCWVLWPIHGT KP FGT /KVVG IGHNÒ IGNVGT )GPKWU FGT \YGK -T·P\G ÒDGT FCU 2CCT J·NV KO #DUEJPKVV FKG IGMTÌPVGP WPF XGTDWPFGPGP 9CR RGPUEJKNFG XQP 2TGWGP WPF 5CEJUGP OO I /CTKGPD 5QOOGT - *GTTNKEJG 2CVKPC YKP\ 4CPFHGJNGT XQT\ÒINKEJ 5VGORGNINCP\

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

5KNDGTOGFCKNNG XQP * $WDGTV WPF ' 5EJKNNKPI CWH FKG 'KPYGKJWPI FGU 4JGKP /QUGN -CPCNU KP -QDNGP\ CO ,WPK &KG $ÒUVGP FGU 2TKP\GPRCCTGU PGDGPGKPCPFGT N &GT (NWIQVV FGU 4JGKPU J·NV FKG 0CLCFG FGT /QUGN KO #TO DGKFG UKV\VGP CWH KJTGP OKV 0COGP DGUEJTKHVGVGP 7TPGP CWU FGPGP UKEJ FCU JGTCWUUVTÌOGPFG 9CUUGT XGTGKPKIV KO #DUEJPKVV 5VCFVYCRRGP OO I /CTKGPD 5NI *GPEMGN 8QP ITQGT 5GNVGPJGKV 2TCEJVXQNNG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2332

124

5KNDGTOGFCKNNG XQP ( 5VCWFKIGN WPF % (KUEJGT CWH FKG -TÌPWPI KP -ÌPKIUDGTI &KG $TWUVDKNFGT FGU -ÌPKIURCCTGU PGDGPGKPCPFGT T &CU IGMTÌPVG -ÌPKIURCCT KP -TÌPWPIUQTPCV UKV\V X X CWH GKPGO JQJGP 6JTQP CO (WG FGT RTGWKUEJG #FNGT OKV 5EJTKHVTQNNG WPF XGTVKGHVGT ,CJTGU\CJN KO 8QT FGTITWPF FKG MPKGPFG $QTWUUKC OKV GTJQDGPGP *·PFGP XQT GKPGT 1RHGTUEJCNG OKV XGTVKGHVGT +PUEJTKHV /+6 )76 70& $.76 \W FGP 5GKVGP 5·WNGP WPF -T·P\G OO I /CTKGPD

FQTV KP -WRHGT 4 2CVKPC -TCV\GT CWH FGT 8QTFGTUGKVG XQT\ÒINKEJ

2333

5KNDGTOGFCKNNG Q , XQP - (KUEJGT WPF , . ,CEJVOCPP 2T·OKGPOGFCKNNG FGT -ÌPKINKEJGP #MCFGOKG FGT -ÒPUVG KP $GTNKP $ÒUVG T 5KV\GPFG YGKDNKEJG )GUVCNV OKV )TKHHGN WPF 2GTICOGPV N 2QUVCOGPV OKV CPVKMGT .CORG WPF 5·WNG OKV GKPGT 'WNG KO #DUEJPKVV #0'4-'0070) & (.'+55'5 OO I *ÒUMGP 4 /KP &TWEMUVGNNG CO 4CPF XQT\ÒINKEJ

2334

5KNDGTOGFCKNNG Q , XQP # /GTVGPU WPF ' 5EJKNNKPI 2T·OKGPOGFCKNNG HÒT .GKUVWPIGP KO )CT VGPDCW 9GKDNKEJG )GUVCNV KP CPVKMGO )GYCPF UKV\V N OKV (ÒNNJQTP WPF 4GJOGUUGT N FCXQT )KGMCPPG WPF *CTMG XQT GKPGO $CWO &GT RTGWKUEJG #FNGT UKV\V X X FGP -QRH PCEJ N IGYCPFV OKV FTGK -T·P \GP KP FGP (·PIGP WOJGT -TCP\ CWU $NWOGP WPF (TÒEJVGP FGT OKV XKGT /GFCKNNQPU DGNGIV KUV KP FGPGP LGYGKNU GKP CPVKMGT -QRH CDIGDKNFGV KUV OO I *ÒUMGP 4 *ÒDUEJG 2CVKPC MN 4CPFHGJNGT XQT\ÒINKEJ

2335

5KNDGTOGFCKNNG XQP - (KUEJGT CWH FKG ,CJTHGKGT FGU FWTEJ UGKPGP 8CVGT (TKGFTKEJ 9KNJGNO +++ CWUIGTWHGPGP -TKGIGU IGIGP (TCPMTGKEJ OKV FGP 9QTVGP #P OGKP 8QNM -QRH (TKGFTKEJ 9KNJGNOU +++ T 0CEJ N UVÒTOGPFG )GTOCPKC OKV GTJQDGPGO 5EJYGTV WPF 5EJKNF \W FGP 5GKVGP +/ ,#*4' &'5 *'+.5 WOJGT &#5 81.- 56#0& #7( &'4 5674/ $4#%* .15 OO I /CTKGPD 4 -N 4CPFHGJNGT MN -TCV\GT XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

125

2336

5KNDGTPGU /GFCKNNQP XQP ( 9 -WNNTKEJ CWH FGP UKGITGKEJGP -TKGI IGIGP ¤UVGTTGKEJ -QRH T WOJGT DTGKVGT 4CPF OKV OCVVGP (GNFGTP WPF FGP 0COGP FGU /KPKUVGTRT·UKFGPVGP )TCH $KUOCTEM FGU -TKGIUOKPKUVGTU XQP 4QQP WPF FGT GNH MQOOCPFKGTGPFGP )GPGT·NG &KG 5KGIGUIÌVVKP 8KMQTKC OKV 2CNO \YGKI WPF -TCP\ KP FGT GTJQDGPGP 4GEJVGP UEJYGDV T OO I $GPPGTV FQTV KP $TQP\G /CTKGPD 5QOOGT - 44 0WT 'ZGORNCTG IGRT·IV -N 4CPFHGJNGT XQT\ÒINKEJ

2337

<KPP 5VGEMOGFCKNNG XQP ( -ÌPKI \WT 'TKPPGTWPI CP FKG INQTTGKEJGP 5KGIG FGU ,CJTGU )GTOCPKC VJTQPV X X OKV <GRVGT WPF 5EJKNF KO *KPVGTITWPF FCU IGMTÌPVG RTGWKUEJG 9CRRGP CWH 9CHHGP )GMTÌPVGT #FNGT CWH 9CHHGP KP 'KEJGPMTCP\ FCTWPVGT OO +PJCNV NQUG MQNQTKGTVG $KNFGT OKV )GHGEJVUFCTUVGNNWPIGP WPF $GUEJTGKDWPIGP FGU )GHGEJVU CWH FGT 4ÒEMUGKVG FKG &GEMGNKPPGP UGKVGP UKPF OKV UEJYCT\GO .GFGT CWUIGMNGKFGV 2TGNGT 4 8QT\ÒINKEJ 'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

126

2338

5KNDGTOGFCKNNG IGRT·IV XQP ( 9 -WNNTKEJ CWH FKG ,CJTHGKGT FGU -ÌNPGT &QODCWXGT GKPU -ÌRHG FGT 5EJKTOJGTTGP (TKGFTKEJ 9KNJGNO +8 WPF 9KNJGNO + PGDGPGKPCPFGT N #PUKEJV FGU &QOU KP WPHGTVKIGO <WUVCPF OO I /CTKGPD FQTV KP $TQP\G 5QOOGT - 9GKNGT 9KP\ -TCV\GT XQT\ÒINKEJ

2339

1,5:1

5KNDGTOGFCKNNG XQP ) &GUEJNGT CWH FGP $GKVTKVV FGT UÒFFGWVUEJGP 5VCCVGP \WO 0QTFFGWVUEJGP $WPF WPF FGP -TKGI IGIGP (TCPMTGKEJ +P FGT /KVVG &QRRGNCFNGT WOJGT HÒPH /GFCKNNQPU OKV FGP -ÌR HGP 9KNJGNOU + XQP 2TGWGP -CTNU XQP 9ÒTVVGODGTI .WFYKIU +++ XQP *GUUGP (TKGFTKEJU XQP $CFGP WPF .WFYKIU ++ XQP $C[GTP KP FGP 9KPMGNP FKG LGYGKNKIGP 9CRRGPUEJKNFG OKV .QTDGGT\YGKIGP IGUEJOÒEMV CWGP CWH OCVVGO 4CPF '+0+) /#%*6 56#4- )GTOCPKC OKV 5EJYGTV WPF 5EJKNF UVGJV X X KO *KPVGTITWPF 5VCFVCPUKEJV XQP 2CTKU OO I /CTKGPD FQTV KP <KPP <GKV\ FQTV KP $TQP\G 8QP ITÌVGT 5GNVGPJGKV 8QT\ÒINKEJp5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

&KG Y·JTGPF FGU FGWVUEJ HTCP\ÌUKUEJGP -TKGIGU KP /ÒPEJGP WPF 8GTUCKNNGU IGHÒJTVGP 8GTJCPFNWPIGP ÒDGT FGP $GKVTKVV FGT UÒFFGWVUEJGP 5VCCVGP \WO 0QTFFGWVUEJGP $WPF JCVVGP FCU <KGN GKP PGWGU MNGKPFGWVUEJGU 4GKEJ \W UEJCHHGP WPF YWTFGP OKV FGP UQIGPCPPVGP 0QXGODGTXGTVT·IGP DGGPFGV $CFGP WPF *GUUGP WPVGTUEJTKGDGP FKG 8GTVT·IG CO WPF $C[GTP WPF 9ÒTVVGODGTI CO 0QXGODGT

127

2340

5KNDGTPGU /GFCKNNQP XQP ' 9GKICPF WPF ( 9 -WNNTKEJ )GPGTCNUOGFCKNNG CWH FGP 5KGI ÒDGT (TCPMTGKEJ -QRH T WOJGT GKP DTGKVGU $CPF OKV FGP 0COGP FGT FGWVUEJGP )GPGT·NG FGU 4GKEJUMCP\ NGTU XQP $KUOCTEM UQYKG FGU -TKGIU WPF /CTKPGOKPKUVGTU )TCH XQP 4QQP )GTOCPKC UKV\V X X CWH GK PGO 2QFGUV KP FGT 4GEJVGP GKP 5EJYGTV FKG .KPMG CWH GKPGP 5EJKNF IGUVÒV\V N FKG UVGJGPFG 5KGIGUIÌVVKP FKG GKPGP -TCP\ ÒDGT )GTOCPKC J·NV T FKG UVGJGPFG (TKGFGPUIÌVVKP OKV 'KEJGPNCWD\YGKI WPF (ÒNN JQTP KO #DUEJPKVV FCU 'KUGTPG -TGW\ \YKUEJGP FGP ,CJTGU\CJNGP OO I *ÒUMGP 5QOOGT - 9 8QP ITQGT 5GNVGPJGKV 0WT 'ZGORNCTG IGRT·IV -N 4CPFHGJNGT XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

&CU 2QTVT·V FGU -CKUGTU GPVUVCPF PCEJ GKPGO )KRUOQFGNN FGU $GTNKPGT $KNFJCWGTU %CTN -GKN FKG 4ÒEMUGKVG GPVUVCPF PCEJ GKPGO 'PVYWTH FGU &TGUFGPGT 2TQHGUUQTU 6JGQFQT )TQUUG

2342 2341

2341

5KNDGTOGFCKNNG XQP ' 9GKICPF CWH FKG 9CHHGPDTÒFGTUEJCHV FGT 8GTDÒPFGVGP KO -TKGI IGIGP (TCPMTGKEJ -QRH T OKV .QTDGGTMTCP\ WOJGT OCVVGU 4GNKGH OKV FGP 0COGP FGT 5V·FVG WPF 1TVG FGT 5EJNCEJVGP 'KP RTGWKUEJGT (CJPGPVT·IGT UGV\V FGP (W CWH GKP \GTDTQEJGPGU HTCP\ÌUKUEJGU (GNF\GK EJGP WOJGT UVGJGP GKP U·EJUKUEJGT GKP DCFKUEJGT GKP DC[GTKUEJGT WPF GKP YÒTVVGODGTIKUEJGT 5QNFCV OO I /CTKGPD 5QOOGT 9 8QT\ÒINKEJp5VGORGNINCP\

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

5KNDGTOGFCKNNG XQP ( $TGJOGT CWH FGP UKGITGKEJGP -TKGI IGIGP (TCPMTGKEJ $TWUVDKNF JCNDT KP 7PKHQTO /KV FGT -CKUGTMTQPG IGMTÌPVG 2[TCOKFG CWU )GYGJTGP WPVGP #TOCVWTGP JKPVGT FGPGP FKG 5QPPG CWHIGJV \YKUEJGP FGP 5VTCJNGP UVGJGP KP <GKNGP FKG &CVGP FGU -TKGIGU OO I /CTKGPD *ÒDUEJG 2CVKPC MN 4CPFHGJNGT XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

128

2343

5KNDGTPGU /GFCKNNQP XQP ( 9 -WNNTKEJ PCEJ FGP 'PVYÒTHGP XQP # 9QNHH WPF 4 5KGOGTKPI CWH UGKPGP 'KP\WI OKV FGO UKGITGKEJGP *GGT KP $GTNKP $TWUVDKNF T KP 7PKHQTO )GMTÌPVG )GTOCPKC VJTQPV X X OKV <GRVGT \W FGP 5GKVGP #NUCVKC WPF .QVJCTKPIKC WOJGT DTGKVGU 4GNKGHDCPF OKV 5\GPGP FGU #WU\WIGU WPF FGU 'KP\WIGU FGT 5QNFCVGP OO I /CTKGPD 5QOOGT - 44 8QT\ÒINKEJp5VGORGNINCP\

2344

5KNDGTOGFCKNNG XQP ( 9 -WNNTKEJ WPF * 9GEMYGTVJ CWH FKG -CKUGTRTQMNCOCVKQP WPF FKG 4GKEJUITÒPFWPI -CKUGT 9KNJGNO + UVGJV X X KP 7PKHQTO WOIGDGP XQP \YÌNH FGWVUEJGP (ÒTUVGP KO #DUEJPKVV FTGK <GKNGP 5EJTKHV FCTÒDGT FKG ,CJTGU\CJN )GMTÌPVG ,CJTGU\CJN \YKUEJGP IGDWP FGPGO 2CNO WPF 'KEJGP\YGKI OO I /CTKGPD 5QOOGT - -N 4CPFHGJNGT XQT\ÒINKEJ

2345

5KNDGTOGFCKNNG Q , WPUKIPKGTV $TWUVDKNF T KP 7PKHQTO $TWUVDKNF FGU 4GKEJUMCP\NGTU 1VVQ XQP $KUOCTEM JCNDT KP 7PKHQTO WPF OKV /ÒV\G /KV 4CPFRWP\G 5+.$'4 OO I $GPPGTV /CTKGPD 8QT\ÒINKEJ

129

2346

2347

5KNDGTOGFCKNNG XQP ) QFGT % &TGPVYGVV CWH FKG ,CJTHGKGT FGT 8GTGKPKIWPI 9GUVRTGWGPU OKV FGO -ÌPKITGKEJ 2TGWGP KP /CTKGPDWTI #WH .QTDGGT WPF 'KEJGP\YGKIGP \YGK /GFCKNNQPU OKV FGP -ÌRHGP (TKGFTKEJU FGU )TQGP PCEJ T WPF 9KNJGNOU + PCEJ N QDGP WPF WPVGP CWH GKPGO 5RTWEJDCPF '4+00'470) #0 &#5 5'%7.#4('56 +0 /#4+'0$74) &GT 9CRRGPUEJKNF OKV FGO FGWVUEJGP 4GKEJUCFNGT -TQPG <GRVGT WPF 5EJYGTV CWH IGMTÌPVGO *GTOGNKPOCPVGN WOIGDGP XQP .QT DGGT WPF 'KEJGP\YGKI WOJGT 5RTWEJDCPF )166 /+6 705 OO I /CTKGPD *GTTNKEJG 2CVKPC XQT\ÒINKEJp5VGORGNINCP\

<KPPOGFCKNNG XQP ) QFGT % &TGPVYGVV CWH FKG ,CJTHGKGT FGT 8GTGKPKIWPI 9GUVRTGWGPU OKV FGO -ÌPKITGKEJ 2TGWGP KP /CTKGPDWTI #WH .QTDGGT WPF 'KEJGP\YGKIGP \YGK /GFCKNNQPU OKV FGP -ÌRHGP (TKGFTKEJU FGU )TQGP PCEJ T WPF 9KNJGNOU + PCEJ N QDGP WPF WPVGP CWH GKPGO 5RTWEJDCPF '4+00'470) #0 &#5 5'%7.#4('56 +0 /#4+'0$74) &GT 9CRRGPUEJKNF OKV FGO FGWVUEJGP 4GKEJUCFNGT -TQPG <GRVGT WPF 5EJYGTV CWH IGMTÌPVGO *GTOGNKPOCPVGN WOIGDGP XQP .QT DGGT WPF 'KEJGP\YGKI WOJGT 5RTWEJDCPF )166 /+6 705 OO /CTKGPD FQTV KP 5KNDGT 8QT\ÒINKEJp5VGORGNINCP\

2348

5KNDGTOGFCKNNG XGTOWVNKEJ XQP # /GTVGPU WPF ' 9GKICPF CWH FKG 'PVJÒNNWPI FGT 5KGIGUU·WNG KP $GTNKP -QRH N #PUKEJV FGT 5KGIGUU·WNG OO I /CTKGPD 5QOOGT 9 9KP\ 4CPFHGJNGT XQT\ÒINKEJp5VGORGNINCP\

2349

130

5KNDGTOGFCKNNG Q , WO XQP ( 9 -WNNTKEJ PCEJ GKPGO 'PVYWTH XQP 'F .WGTUUGP 2T·OKGP OGFCKNNG FGU 8GTGKPU \WT $GHÌTFGTWPI FGU )CTVGPDCWGU KP FGP MÌPKINKEJ RTGWKUEJGP 5VCCVGP KP $GTNKP 9GKDNKEJG )GUVCNV OKV -TCP\ WPF (ÒNNJQTP UKV\V X X PGDGP GKPGT 7TPG 'KP -TCP\ CWU )CTVGPHTÒEJVGP OO I *ÒUMGP 5QOOGT - /KP 4CPFHGJNGT YKP\ -TCV\GT XQT\ÒINKEJ

2350

2351

5KNDGTOGFCKNNG XQP ( 9 -WNNTKEJ CWH FKG )GYGTDGCWUUVGNNWPI KP -ÌPKIUDGTI &KG 5VCFVIÌVVKP UKV\V HCUV X X WPF J·NV KP LGFGT *CPF GKPGP -TCP\ WOJGT NKGIGP FKG )GIGPUV·PFG XGTUEJKGFGPGT )G YGTDG &GT RTGWKUEJG #FNGT UKV\V CWH GKPGO 4CJOGP KP FGO FCU #WUUVGNNWPIUIGD·WFG FCTIGUVGNNV KUV WPVGP FKG 9CRRGP XQP -ÌPKIUDGTI .ÌDGPKEJV WPF -PGKRJQH CWH 'KEJGP\YGKIGP OO I /CTKGPD 5QOOGT - -N 4CPFHGJNGT XQT\ÒINKEJ

5KNDGTOGFCKNNG WPUKIPKGTV XQP - 5EJYGP\GT CWH FGP 'KP\WI FGU -CKUGTU KP 5VTCUUDWTI 9KNJGNO + KO -CKUGTQTPCV VJTQPV X X OKV GTJQDGPGO 5EJYGTV WPF 4GKEJUCRHGN &KG RGTUQPKHK\KGTVG 5VCFV UVGJV X X WPVGT GKPGO 2QTVCN \YKUEJGP \YGK 5EJKNFGP KP FGT 4GEJVGP 2CNO\YGKI OO I /CTKGPD 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

2352

2353

5KNDGTOGFCKNNG XQP ' 9GKICPF CWH FKG 'TTGVVWPI FGU -CKUGTU XQO #VVGPVCV KP $GTNKP $ÒUVG T 5GEJU <GKNGP 5EJTKHV KP .QTDGGTMTCP\ OO I /CTKGPD 5QOOGT 9 8QT\ÒINKEJ 'ZGORNCT FGT #WMVKQP *GKPTKEJ 9KPVGT &ÒUUGNFQTH 0T

&GT -NGORPGTIGUGNNG /CZ *ÌFGN UEJQ CO /CK CWH FGO $QWNGXCTF 7PVGT FGP .KPFGP KP $GTNKP CWH FGP -CKUGT QJPG KJP \W VTGHHGP *ÌFGN YWTFG GPVJCWRVGV -WT\G <GKV FCTCWH GTHQNIVG GKP YGKVGTGU #VVGPVCV CWH -CKUGT 9KNJGNO $KUOCTEM XGTUWEJVG FKG 'ORÌTWPI KP FGT $GXÌNMGTWPI ÒDGT FKG #VVGPVCVG HÒT UGKPG 2QNKVKM IGIGP FKG 5Q\KCNFGOQMTCVGP CWU\WPWV\GP QDYQJN DGKFG #VVGPV·VGT OKV FGT 5Q\KCNFGOQMTCVKUEJGP 2CTVGK PKEJVU \W VWP JCVVGP

5KNDGTOGFCKNNG XQP ( 9 -WNNTKEJ CWH FKG 'TTKEJVWPI FGU 4GKVGTFGPMOCNU HÒT UGKPGP 8CVGT (TKGFTKEJ 9KNJGNO +++ CWH FGO *GWOCTMV KP -ÌNP $ÒUVGP 9KNJGNOU + WPF UGKPGT )GOCJNKP #WIWUVC XQP 5CEJUGP 9GKOCT PGDGPGKPCPFGT T #PUKEJV FGU &GPMOCNU OO I /CTKGPD 5QOOGT - 8QT\ÒINKEJ

131

2354

5KNDGTOGFCKNNG Q , IGUVKHVGV XQP ( 9 -WNNTKEJ 2T·OKGPOGFCKNNG CNU )GUEJGPM HÒT 'JGNGWVG CPN·NKEJ KJTGT )QNFGPGP *QEJ\GKV &KG $TWUVDKNFGT FGU -CKUGTRCCTGU PGDGPGKPCPFGT T 5KGDGP <GKNGP 5EJTKHV OO I *ÒUMGP 5QOOGT - -N -TCV\GT XQT\ÒINKEJ

2355

5KNDGTOGFCKNNG XQP , , .QTGP\ CWH FKG 8QNNGPFWPI FGU -ÌNPGT &QOU /GFCKNNQPU OKV FGP $TWUV DKNFGTP (TKGFTKEJ 9KNJGNOU +8 WPF 9KNJGNOU + DGKFG OKV WOIGNGIVGO *GTOGNKP GKPCPFGT IGIGPÒDGT QDGP GKP MNGKPGTGU /GFCKNNQP OKV FGO IGMTÌPVGP #FNGTUEJKNF WPVGP GKP YGKVGTGU OKV FGO -ÌNPGT 5VCFVYCRRGP FCU XQP GKPGO 'PIGN IGJCNVGP YKTF #PUKEJV FGT 9GUVHTQPV FGU &QOGU OO I /CTKGPD FQTV KP $TQP\G 9GKNGT 8QT\ÒINKEJ

2356

5KNDGTOGFCKNNG Q , XQP , 4 CWH FCU QDGTJCND XQP 4ÒFGUJGKO GTTKEJVGVG 0KGFGTYCNFFGPMOCN \WT 'TKPPGTWPI CP FGP FGWVUEJ HTCP\ÌUKUEJGP -TKGI $TWUVDKNF JCNDT KO -TÌPWPIUQTPCV #PUKEJV FGU &GPMOCNU OO I /CTKGPD 4ÒEMUGKVG UKGJG 8QT\ÒINKEJ 'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

132

2357

5KNDGTOGFCKNNG XQP 1 5EJWNV\ CWH UGKP L·JTKIGU 4GIKGTWPIULWDKN·WO $TWUVDKNF JCNDN KP 7PK HQTO &GT RTGWKUEJG #FNGT OKV FGP -TÌPWPIUKPUKIPKGP CWH FGT $TWUV FKG CWUIGDTGKVGVGP (NÒIGN UKPF OKV /KNKV·TFGPMOÒP\GP XQP &ÒRRGN WPF -ÌPKIIT·V\ FGT 5EJYCP\ OKV FGO 'KUGTPGP -TGW\ DGNGIV WOJGT FKG -GVVG FGU 1TFGPU XQO 5EJYCT\GP #FNGT OO I /CTKGPD 4 8QT\ÒINKEJ

2358

2360

2359

5KNDGTOGFCKNNG XQP 1 5EJWNV\ CWH FCU L·JTKIG ,WDKN·WO FGT -WPUVCWUUVGNNWPI KP $GTNKP $TWUV DKNF T KP 7PKHQTO OKV WOIGNGIVGO /CPVGN WPF 1TFGPUUVGTP $TWUVDKNF (TKGFTKEJU ++ FGU )TQGP KP 7PK HQTO N OKV WOIGNGIVGO /CPVGN WPF 1TFGPUUVGTP OO I /CTKGPD 8QT\ÒINKEJ

5KNDGTOGFCKNNG XQP # -TÒIGT CWH FGP 6QFGUVCI (TKGFTKEJU ++ FGU )TQGP $TWUVDKNF (TKGF TKEJU ++ N OKV *WV WOIGNGIVGO /CPVGN WPF 1TFGPUUVGTP 0CEJ N UEJTGKVGPFGT .ÌYG QDGP IGMTÌPVGU /QPQITCOO WPVGP KO #DUEJPKVV FGT RTGWKUEJG #FNGTUEJKNF \YKUEJGP OO I /CTKGPD 4 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

5KNDGTOGFCKNNG 9GTMUVCVV .QQU CWH FCU L·JTKIG &KGPUVLWDKN·WO FGU -CKUGTU $TWUVDKNF T KP 7PK HQTO &TGK <GKNGP 5EJTKHV KP 'KEJGPMTCP\ OO I /CTKGPD -TCV\GT XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

133

2361

5KNDGTOGFCKNNG XQP 1 5EJWNV\ CWH UGKPGP )GDWTVUVCI $TWUVDKNF T OKV -CKUGTMTQPG WOIG NGIVGO *GTOGNKP WPF 1TFGPUUVGTP 2CNNCU OKV 5RGGT .QTDGGTMTCP\ WPF 5EJKNF UKV\V T CP KJTGT 5GKVG #FNGT OO I /CTKGPD 8QT\Ã&#x2019;INKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -Ã&#x2019;PMGT 1UPCDTÃ&#x2019;EM 0T

2362

2362 1,5:1

5KNDGTOGFCKNNG Q , WPUKIPKGTV CWH FGP -CKUGT WPF UGKPG #JPJGTTGP $TWUVDKNF T OKV -CKUGT MTQPG WPF WOIGNGIVGO *GTOGNKP FCTWPVGT IGMTGW\VG .QTDGGT\YGKIG $TWUVDKNFGT UGKPGT 8QTHCJTGP (TKGFTKEJ ++ FGT )TQÂG WPF (TKGFTKEJ 9KNJGNO FGT )TQÂG -WTHÃ&#x2019;TUV PGDGPGKPCPFGT T OO I /CTKGPD FQTV KP $TQP\G 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2363

134

5KNDGTPGU /GFCKNNQP WPUKIPKGTV CWH UGKPGP 6QF -QRH T 5GEJU <GKNGP 5EJTKHV KP .QTDGGTMTCP\ OO I /CTKGPD 8QT\Ã&#x2019;INKEJ

2365

2364

5KNDGTPGU /GFCKNNQP XQP 1 5EJWNV\ CWH UGKPGP 6QF $TWUVDKNF T KP 7PKHQTO OKV .QTDGGTMTCP\ WOIGNGIVGO /CPVGN WPF 1TFGPUUVGTP +P GKPGT *CNNG FKG VTCWGTPFG )GTOCPKC FKG GKPGP -TCP\ CWH GKPGP 5CTMQRJCI PKGFGTNGIV KO 8QTFGTITWPF N UKV\V FGT 6QFGUGPIGN OKV IGUVÒT\VGT (CEMGN QDGP UEJYGDGPFGT )GPKWU OKV 2QUCWPG OO I /CTKGPD 8QT\ÒINKEJ

5KNDGTOGFCKNNG WPUKIPKGTV CWH UGKPGP 6QF $TWUVDKNF T OKV -TQPG WPF WOIGNGIVGO *GTOGNKP &TGK <GKNGP 5EJTKHV KP .QTDGGTMTCP\ OO I /CTKGPD FQTV KP 0KEMGN 8QT\ÒINKEJ

9GKVGTG /GFCKNNGP OKV $G\WI \W 9KNJGNO + HKPFGP 5KG WPVGT FGP 0TP WPF #WIWUVC )GOCJNKP 9KNJGNOU + #WIWUVC /CTKG .WKUG -CVJCTKPG 9GKOCT Ó $GTNKP MCO PCEJ KJTGT 'JG UEJNKGWPI OKV 9KNJGNO XQP 2TGWGP PCEJ $GTNKP YQ UKG \WP·EJUV KO 5VCFVUEJNQ WPF UR·VGT KO #NVGP 2CNCKU YQJPVG #WIWUVC HÌTFGTVG FKG 9KUUGPUEJCHV -ÒPUVG WPF 9QJNV·VKIMGKVUGKPTKEJVWPIGP $GK KJTGO 8GTUWEJ ITÌGTGP 'KPHNW CWH FKG 2QNKVKM \W PGJOGP IGTKGV UKG KP )GIGPUCV\ \W 1VVQ XQP $KUOCTEM 8QP KJT IKPIGP W C #PTGIWPIGP HÒT FKG )GPHGT -QPXGPVKQP XQP ÒDGT FKG $GJCPFNWPI XQP 8GT YWPFGVGP WPF -TKGIUIGHCPIGPGP CWU +JT )TCD DGHKPFGV UKEJ KO /CWUQNGWO KO 5EJNQRCTM %JCTNQVVGP DWTI 5KG GTJKGNV KP $GTNKP XGTUEJKGFGPG 'JTWPIGP UQ YCT FCU -CKUGTKP #WIWUVC *QURKVCN KP FGT 5EJCTPJQTUVUVT PCEJ KJT DGPCPPV WPF YCT FKG )PCFGPMKTEJG UKGJG 0T CO +PXCNKFGP RCTM \WO )GFGPMGP CP FKG -CKUGTKP GPVUVCPFGP DGKFG )GD·WFG YWTFGP KO 9GNVMTKGI \GTUVÌTV +P 6KGTICTVGP VTCIGP FKG -CKUGTKP #WIWUVC #NNGG WPF FKG -CKUGTKP #WIWUVC $TÒEMG KJTGP 0COGP

2366

5KNDGTOGFCKNNG Q , WPUKIPKGTV XQP 4 1VVQ -CKUGTKP #WIWUVC /GFCKNNG HÒT 8GTFKGPUVG WO FCU 4QVG -TGW\ -QRH FGT -CKUGTKP #WIWUVC T KP .QTDGGTMTCP\ )TQGU 4QVGU -TGW\ XQP .QTDGGT WPF 'KEJGP \YGKI WOIGDGP OO I *ÒUMGP 5NI $TGVVCWGT FQTV KP $TQP\G 4 4CPFHGJNGT XQT\ÒINKEJ

&CU KP )GPH IGITÒPFGVG 4QVG -TGW\ YWTFG UGJT DCNF XQP FGP HÒTUVNKEJGP &COGP KP KJTG 1DJWV IGPQOOGP ICP\ URG\KGNN KP 4WNCPF WPF )TQDTKVCPPKGP #DGT CWEJ FKG -CKUGTKP #WIWUVC WPVGTUVÒV\VG DGK KJTGP XKGNH·NVKIGP 9QJNV·VKI MGKVUWPVGTPGJOWPIGP FCU 4QVG -TGW\ VCVMT·HVKI

135

-CKUGT WPF -ÌPKI (TKGFTKEJ +++ CD -TQPRTKP\ (TKGFTKEJ 9KNJGNO #NU (TKGFTKEJ 5QJP FGU UR·VGTGP -CKUGTU 9KNJGNO + WPF FGT #WIWUVC XQP 5CEJUGP 9GKOCT CO KP 2QVUFCO IGDQTGP YWTFG TGIKGTVG KP 2TGWGP UGKP )TQXCVGT -ÌPKI (TKGFTKEJ 9KNJGNO +++ 0CEJ OKNKV·TKUEJGT #WUDKNFWPI WPF 5VWFKWO CP FGT 7PKXGTUKV·V $QPP XGTVTCV (TKGFTKEJ KP FKGUGO 5KPPG UVCTM XQP UGKPGT /WVVGT WPF UGKV XQP UGKPGT )GOCJNKP 8KEVQTKC FGT 6QEJVGT FGT GPINKUEJGP -ÌPKIKP 8KEVQTKC DGGKPHNWV NKDGTCNG #PUKEJVGP &CJGT IGTKGV GT ņ CNU -TQPRTKP\ (TKGFTKEJ 9KNJGNO IG PCPPV ņ YKGFGTJQNV KP )GIGPUCV\ \W UGKPGO 8CVGT WPF \W $KUOCTEM (ÒT FKG NKDGTCNGP -TGKUG &GWVUEJ NCPFU ņ YKG \WO $GKURKGN FGP 5EJTKHVUVGNNGT )WUVCX (TG[VCI XGTMÌTRGTVG FGT -TQPRTKP\ IGTCFG\W FKG *QHHPWPIGP FKG UKG KP GKPGP RQNKVKUEJGP 5[UVGOYGEJUGN UGV\VGP 0CEJ FGT 6GKNPCJOG CO FGWVUEJ F·PKUEJGP -TKGI URKGNVG FGT -TQPRTKP\ GKPG GPVUEJGKFGPFG 4QNNG KP FGT 5EJNCEJV XQP -ÌPKIIT·V\ IGIGP ¤UVGTTGKEJ WPF KO -TKGI IGIGP (TCPMTGKEJ &CDGK VTWI FCU NGWVUGNKIG 9GUGP XQP 7PUGT (TKV\ OCIGDNKEJ \W GKPGT CWEJ KP 5ÒFFGWVUEJNCPF IÒPUVKIGP 5VKOOWPI HÒT FKG 4GKEJUITÒPFWPI DGK 0CEJFGO GT UGKPGP 8CVGT XQTÒDGTIGJGPF XGTVTGVGP JCVVG MCO GT UEJNKGNKEJ PCEJ FGO 6QF 9KNJGNOU + CO PCEJ L·JTKIGT -TQPRTKP\GP\GKV CWH FGP 6JTQP &CDGK YCT FGT -CKUGT DGTGKVU VQFMTCPM 'T NKVV CP -GJNMQRHMTGDU FGT PKEJV TGEJV\GKVKI DGJCPFGNV YQTFGP YCT 'KPG 5VKOODCPF QRGTCVKQP JCVVG KJP FGT 5RTCEJG DGTCWDV 0CEJ PWT 6CIGP 4GIKGTWPI UVCTD (TKGFTKEJ +++ KO #NVGT XQP ,CJTGP CO KO 0GWGP 2CNCKU DGK 2QVUFCO PQEJ KO UGNDGP ,CJT YKG UGKP L·JTKIGT 8CVGT WPF OKV KJO YWTFGP FKG *QHHPWPIGP GKPGT IGUCOVGP PKEJV \WO <WIG IGMQOOGPGP )GPGTCVKQP \W )TCDG IGVTCIGP

2367

5KNDGTOGFCKNNG XQP . % 9[QP CWH UGKPG 8GTO·JNWPI OKV 8KEVQTKC 2TKP\GUUKP XQP )TQDTKVCP PKGP &KG $ÒUVGP FGU $TCWVRCCTGU PGDGPGKPCPFGT N &TGK <GKNGP 5EJTKHV KP $NWOGPMTCP\ OO I 'KOGT /CTKGPD FQTV KP $TQP\G -N -TCV\GT WPF 4CPFHGJNGT XQT\ÒINKEJ

2368

136

5KNDGTOGFCKNNG XQP ( 9 -WNNTKEJ CWH UGKPG 8GTO·JNWPI OKV 8KEVQTKC 2TKP\GUUKP XQP )TQDTK VCPPKGP &KG -ÌRHG FGU $TCWVRCCTGU PGDGPGKPCPFGT T &CU MPKGPFG $TCWVRCCT YGEJUGNV XQT GKPGO UVG JGPFGP 'PIGN FKG 4KPIG WPVGP FCU RTGWKUEJG WPF GPINKUEJG 9CRRGP OKV 5RTWEJDCPF OO I 'KOGT /CTKGPD 5QOOGT - 2TCEJVGZGORNCT XQP RQNKGTVGP 5VGORGNP 5VGORGNINCP\

2369

5KNDGTOGFCKNNG XQP ( 9 -WNNTKEJ CWH UGKPG 8GTO·JNWPI OKV 8KEVQTKC 2TKP\GUUKP XQP )TQDTK VCPPKGP #WH GKPGO 2QUVCOGPV FGT 'PIGN FGU .KEJVU FGT CP GKPGO $CPF \YGK /GFCKNNQPU OKV FGP -ÌRHGP FGU $TCWVRCCTGU J·NV WPVGP FKG 9CRRGPUEJKNFG XQP 'PINCPF WPF 2TGWGP &GT 2TKP\ HÒJTV UGKPG )GOCJNKP XQP GKPGO 5EJKHH FCU XQP GKPGO *[OGP IGUVGWGTV YKTF $QTWUUKC \W N UVGJV 5V )GQTI OKV FGO &TCEJGP FGT 5EJKHHUUEJPCDGN VT·IV FKG 0COGP FGT $TCWVGNVGTP OO I 'KOGT /CTKGPD 5QOOGT - 2TCEJVGZGORNCT 8QT\ÒINKEJ

2370

5KNDGTOGFCKNNG XQP # /GTVGPU WPF OKV 5KIPCVWT '5( 2TGKUOGFCKNNG FGT )GYGTDG WPF +PFW UVTKG #WUUVGNNWPI KP 5VGVVKP -QRH FGU 2TQVGMVQTU FGT #WUUVGNNWPI -TQPRTKP\ (TKGFTKEJ 9KNJGNO T #EJV <GKNGP 5EJTKHV WPF ,CJTGU\CJN KP .QTDGGT WPF 'KEJGPMTCP\ OO I *ÒUMGP /CTKGPD -N 4CPFHGJNGT UGJT UEJÌP XQT\ÒINKEJ

2371

2372

5KNDGTOGFCKNNG WPUKIPKGTV )GF·EJVPKU /ÒP\G CP FKG INQTTGKEJGP 5KGIG XQO ,CJT -QRH FGU -TQPRTKP\GP (TKGFTKEJ 9KNJGNO N *CODWTIGT 5VCFVYCRRGP KP 'KEJGP\YGKIGP FCTWPVGT n *#/ $74) n OO I /CTKGPD (CUV XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP ( $TGJOGT CWH FKG .CPFYKTVUEJCHVNKEJG #WUUVGNNWPI KP $TGOGP -QRH FGU 2TQVGMVQTU FGT #WUUVGNNWPI -TQPRTKP\ (TKGFTKEJ 9KNJGNO N 5EJYGDGPFG YGKDNKEJG )GUVCNV OKV \YGK -T·P\GP FCPGDGP 5EJTKHVVCHGN OKV XGTVKGHVGT 5EJTKHV &'/ 8'4&+'056' 7/ &+' .#0&9+46* 5%*#(6 OO I ,WPIM /CTKGPD 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

137

2373

5KNDGTOGFCKNNG XQP , 9KGPGT CWH FKG +PVGTPCVKQPCNG )CTVGPDCW #WUUVGNNWPI KP -ÌNP -QRH FGU 2TQVGMVQTU FGT #WUUVGNNWPI -TQPRTKP\ (TKGFTKEJ 9KNJGNO N $GJGNOVGU 5VCFVYCRRGP XQP )TGKH WPF .ÌYG IGJCNVGP OO I /CTKGPD FQTV KP $TQP\G 9GKNGT 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV HGKPGT 2CVKPC 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2374

5KNDGTOGFCKNNG XQP # 5EJYGP\GT CWH FKG +PVGTPCVKQPCNG (KUEJGTGKCWUUVGNNWPI KP $GTNKP )GJCT PKUEJVGU $TWUVDKNF FGU -TQPRTKP\GP (TKGFTKEJ 9KNJGNO N 9GKDNKEJG (KIWT OKV .QTDGGTMTCP\ 4WFGT WPF (KUEJGTPGV\ UKV\V N CWH GKPGO 5QEMGN XQT /GGT OKV 5EJKHHGP KO #DUEJPKVV GKP #CN \YKUEJGP \YGK (K UEJGP OO I /CTKGPD FQTV KP $TQP\G 44 /GJTGTG 4CPFHGJNGT XQT\ÒINKEJ

2375

5KNDGTOGFCKNNG XQP ' 9GKICPF WPF ( 9 -WNNTKEJ 2T·OKGPOGFCKNNG FGU -TQPRTKP\GPRCCTGU (TKGFTKEJ 9KNJGNO WPF 8KEVQTKC HÒT FKG (GTKGPMQNQPKG .QVVGTKG &KG -ÌRHG FGU -TQPRTKP\GPRCCTGU PG DGPGKPCPFGT N <YGK -KPFGT URKGNGP KO 5EJWV\G FGT *[IKGKC KO *KPVGTITWPF FCU /GGT OKV 5EJKHHGP WPF DCFGPFGP -KPFGTP KO #DUEJPKVV 5EJCNG \YKUEJGP \YGK 5EJNCPIGP OO I *ÒUMGP 5NI $TGVVCWGT 5QOOGT - WPF 9 -N 4CPFHGJNGT HCUV XQT\ÒINKEJ &KG XQTNKGIGPFG /GFCKNNG YWTFG CP XGTFKGPVG /KVCTDGKVGT WPF *GNHGT UQYKG CP ITQ\ÒIKIG (ÌTFGTGT FGU *KNHUYGTMGU XGTNKGJGP &KG (GTKGPMQNQPKGP FKG ITÌVGPVGKNU CWU FGO 'TNÌU FGT .QVVGTKG HKPCP\KGTV YWTFGP DGUVCPFGP CWU *GKOGP HÒT GTJQNWPIUDGFÒTHVKIG -KPFGT

138

2376

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH UGKPGP #WHGPVJCNV KP 5CP 4GOQ $TWUVDKNF FGU -TQPRTKP\GP (TKGFTKEJ 9KNJGNO T KP 7PKHQTO WPF OKV WOIGNGIVGO /CPVGN &GT )GPKWU FGT *QHHPWPI OKV #PMGT WPF 2CNO\YGKI MPKGV CWH GKPGO 5QEMGN JCNDT CP FGO 5QEMGN GKP -TCP\ OKV 5#0 4'/1 WPVGP GKP #FNGTUEJKNF CWH 'KEJGP\YGKIGP KO *KPVGTITWPF FCU /GGT WPF FKG 5VCFVCPUKEJV XQP 5CP 4GOQ OO I /CTKGPD 8QT\ÒINKEJ

2377

5KNDGTOGFCKNNG 9GTMUVCVV 1GTVGN $GTNKP CWH UGKPGP 4GIKGTWPIUCPVTKVV )GMTÌPVGU $TWUVDKNF T KP -TÌPWPIUQTPCV QDGP JGTWO GKP IQVKUEJGT $QIGP CP FGP 'PFGP N FGT FGWVUEJG 4GKEJUUEJKNF T FGT RTGWKUEJG #FNGTUEJKNF <YGK YGKDNKEJG )GUVCNVGP JCNVGP GKPGP .QTDGGTMTCP\ WPF GKPG XGT\KGTVG 5EJTKHV VCHGN OKV FGT #WHUEJTKHV -¤0+))4 6< 9¤46* 5'&#0 2#4+5 QDGP 5EJTKHVDCPF OKV (74%*6.15 70& $'*##4.+%* OO I /CTKGPD 2TCEJVGZGORNCT (CUV 5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2378

5KNDGTOGFCKNNG XQP 1 5EJWNV\ PCEJ GKPGO 'PVYWTH FGT 8QTFGTUGKVG XQP 9 7JNOCPP +ORGTCVQT 4GZ /GFCKNNG UGKPGT /CLGUV·V -CKUGT WPF -ÌPKI (TKGFTKEJ +++ )GJCTPKUEJVGU $TWUVDKNF T OKV WOIGNGIVGO *GTOGNKP WPF 1TFGPUDCPF OKV FGO 5EJYCT\GP #FNGTQTFGP )GMTÌPVGU 9CRRGP OKV FGO RTGWKUEJGP #FNGT WPF FGT -GVVG FGU 1TFGPU XQO 5EJYCT\GP #FNGT N WPF T LG GKPG .QTDGGT\YGKI OO I *ÒUMGP 5VGIWYGKV KP $GKVT·IG \WT DTCPFGPDWTIKUEJ RTGWKUEJGP 0WOKUOCVKM 0* 0T 44 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

139

2379

5KNDGTOGFCKNNG XQP / )WDG CWH UGKPGP 6QF $TWUVDKNF N KP 7PKHQTO WPF OKV WOIGNGIVGO *GT OGNKP -CKUGTMTQPG 5EJYGTV WPF <GRVGT OKV .QTDGGT WPF 2CNO\YGKIGP CWH GKPGO -KUUGP N KO *KPVGT ITWPF &TGKHW OKV DTGPPGPFGT 5EJCNG OO I /CTKGPD FQTV QJPG #PICDG FGT 5K IPCVWT -N -TCV\GT XQT\ÒINKEJ

9GKVGTG /GFCKNNGP OKV $G\WI \W (TKGFTKEJ +++ HKPFGP 5KG WPVGT FGP 0TP WPF 8KEVQTKC )GOCJNKP (TKGFTKEJU +++ PCEJ UGKPGO 6QF -CKUGTKP (TKGFTKEJ 8KEVQTKC #FGNJGKF /CTKC .WKUG IGDQTGP CO KP .QPFQP YCT FKG ·NVGUVG 6QEJVGT FGT GPINK UEJGP -Ì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ÒDGT\QI KJTGP 5QJP -CKUGT 9KNJGNO ++ OKV JGHVKIGT -TKVKM &KG -CKUGTKP (TKGFTKEJ UVCTD CO PWT GKP JCNDGU ,CJT PCEJ KJTGT /WVVGT KO #NVGT XQP ,CJTGP KP -TQPDGTI CO 6CWPWU

2380

5KNDGTOGFCKNNG Q , XQP 1 5EJWNV\ PCEJ GKPGO 'PVYWTH FGT 8QTFGTUGKVG XQP 9 7JNOCPP +O RGTCVTKZ 4GIKPC /GFCKNNG KJTGT /CLGUV·V -CKUGTKP (TKGFTKEJ (QTO $TWUVDKNF 8KEVQTKCU N OKV &KC FGO )GMTÌPVGU #NNKCP\YCRRGP 'PINCPF &GWVUEJNCPF IGUEJOÒEMV OKV .QTDGGT WPF 2CNO\YGKIGP WOJGT FKG -GVVG FGU 1TFGPU XQO 5EJYCT\GP #FNGT OO I *ÒUMGP 5VGIWYGKV KP $GKVT·IG \WT DTCPFGPDWTIKUEJ RTGWKUEJGP 0WOKUOCVKM 0* 0T 44 8QT\ÒINKEJ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

&KGUG /GFCKNNG HÒT FKG FKG -CKUGTKP (TKGFTKEJ RGTUÌPNKEJ FGP #WHVTCI GTVGKNV JCVVG YWTFG PWT KP UGJT YGPKIGP 'Z GORNCTGP XGTOWVNKEJ FGP $GNGIGZGORNCTGP FGT -ÒPUVNGT JGTIGUVGNNV &KG -CKUGTKP YWTFG PCEJ FGO 6QF KJTGU )G OCJNU KUQNKGTV WPF FKG XQTIGUGJGPG 2T·IWPI FGT /GFCKNNG MCO PKEJV OGJT \WT #WUHÒJTWPI &CU 5VÒEM \·JNV \W FGP ITQGP 4CTKV·VGP WPVGT FGP /GFCKNNGP FGU &GWVUEJGP 4GKEJU

2381

140

5KNDGTOGFCKNNG 9GTMUVCVV 1GTVGN $GTNKP CWH KJTGP 6QF $TWUVDKNF N OKV &KCFGO WPF 5EJNGKGT 8KGT <GKNGP 5EJTKHV PGDGP .QTDGGT\YGKI OO I /CTKGPD 8QT\ÒINKEJ

-CKUGT WPF -ÌPKI 9KNJGNO ++ 9KNJGNO YWTFG CO KP 2QVUFCO CNU ·NVGUVGT 5QJP FGU -TQPRTKP\GP (TKGFTKEJ 9KNJGNO FGU UR·VGTGP -CKUGTU (TKGFTKEJ +++ WPF 8KEVQTKC IGDQTGP 0CEJFGO UGKP 8CVGT PCEJ PWT 6CIGP 4GIKGTWPI UGKPGT -GJNMQRHMTGDUGTMTCP MWPI GTNGIGP YCT ÒDGTPCJO FGT 'PMGN FGT GPINKUEJGP -ÌPK IKP 8KEVQTKC CO ,WPK OKV ,CJTGP FKG 4GIKGTWPI 5EJQP DCNF YCT UGKP 8GTJ·NVPKU \W $KUOCTEM FKGUGT IGYCN VKIGP 2GTUÌPNKEJMGKV OKV LCJT\GJPVGNCPIGT 'THCJTWPI FKG 9KN JGNO MGKPGP 2NCV\ HÒT GKPG GKIGPUV·PFKIG RQNKVKUEJG 4QNNG NKG FGTCTV IGUVÌTV FCUU GT KO /·T\ $KUOCTEMU 4ÒEMVTKVV GT\YCPI 0GDGP 9KNJGNOU UQ\KCNRQNKVKUEJGP +PKVKCVKXGP OKV FGPGP FGT -CKUGT FKG UEJPGNN YCEJUGPFG 5EJKEJV FGT #TDGKVGT UEJCHV CP UKEJ DKPFGP YQNNVG JCVVG $KUOCTEM KPUDGUQPFGTG 9KNJGNOU CWGPRQNKVKUEJG #ODKVKQPGP CDIGNGJPV 0GDGP OGJ TGTGP $ÒPFPKUYGEJUGNP YKTMVGP UKEJ CWEJ FKG QHVOCNU WP DGUQPPGPGP 4GFGP WPF 6CMVNQUKIMGKVGP FGU -CKUGTU PGICVKX CWH FKG CWGPRQNKVKUEJG 5VGNNWPI &GWVUEJNCPFU CWU #NU ITÌ VGU 7PINÒEM UQNNVG UKEJ LGFQEJ FKG XGTHGJNVG (NQVVGPRQNKVKM GTYGKUGP FKG KO #WUNCPF ņ KPUDGUQPFGTG KP 'PINCPF ņ ITQGU /KVTCWGP JGTXQTTKGH $GUQPFGTU WPVGT FGO 'KPHNW FGU 5VCCVUOKPKUVGTU WPF UR·VGTGP )TQCFOKTCNU #NHTGF XQP 6KTRKV\ XGTCDUEJKGFGVG 9KNJGNO ++ XQP DKU FKG (NQVVGP IGUGV\G WPF UEJWH FKG FGWVUEJG *QEJUGGHNQVVG FKG CNU \YGKV UV·TMUVG (NQVVG FGT 9GNV 'PINCPF XQP GKPGO -TKGI OKV &GWVUEJNCPF CDJCNVGP UQNNVG 0CEJ #WUDTWEJ FGU 'TUVGP 9GNVMTKGIGU HÒJNVG UKEJ FGT -CKUGT \YCT CNU QDGTUVGT -TKGIU JGTT WPF CNU +PVGITCVKQPUHKIWT KOOGT OGJT XQP FGT 1DGTUVGP ¤N CWH .GKPYCPF XQP .WFYKI 0QUVGT GKPGTUGKVU WPF XQO 4GKEJUVCI CPFGTGTUGKVU 1TKIKPCN -ÌNP -ÌNPKUEJGU 5VCFVOWUGWO *GGTGUNGKVWPI GPVOCEJVGV 5EJNKGNKEJ ICD 4GKEJUMCP\NGT /CZ XQP $CFGP (QVQ .WV\ $TCWP PCEJ FGO 8GTNWUV FGU MCVCUVTQRJCNGP -TKGIGU CO GKIGPO·EJVKI FGP 4ÒEMVTKVV -CKUGT 9KNJGNOU ++ DGMCPPV 9KNJGNO ++ GOKITKGTVG KP FKG 0KGFGTNCPFG WPF \QI UKEJ PCEJ *CWU &QQTP \WTÒEM QJPG LGOCNU *QHHPWPI WPF #PURTWEJ CWH FKG FGWVUEJG -CKUGTMTQPG CWHIGIGDGP \W JCDGP &GT NGV\VG FGWVUEJG -CKUGT FGT PCEJ FGT 2QITQOPCEJV XQO 0QXGODGT FKG 0CVKQPCNUQ\KCNKUVGP UEJCTH XGTWTVGKNVG UVCTD CO KO #NVGT XQP ,CJTGP KP *CWU &QQTP

2382

5KNDGTOGFCKNNG XQP ( 9 -WNNTKEJ WPF 9 7JNOCPP PCEJ GKPGO 'PVYWTH XQP . $WTIGT CWH UGKPG 8GTO·JNWPI OKV #WIWUVG 8KMVQTKC 6QEJVGT (TKGFTKEJU 8+++ XQP 5EJNGUYKI *QNUVGKP #WIWUVGPDWTI &KG $TWUVDKNFGT FGU $TCWVRCCTGU GKPCPFGT IGIGPÒDGT QDGP -TQPG &CU $TCWVRCCT KP OKVVGNCNVGTNKEJGT 6TCEJV TGKEJV UKEJ FKG TGEJVG *CPF WOIGDGP XQP FTGK 2CIGP FKG LG GKP 9CRRGP XQP 2TGWGP &GWVUEJNCPF WPF 5EJNGUYKI *QNUVGKP VTCIGP OO I .CPIG C /CTKGPD 5QOOGT - 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI 5VGORGNINCP\

141

2384 2383

2383

5KNDGTOGFCKNNG XQP ( 9 -WNNTKEJ CWH UGKPG 8GTO·JNWPI OKV #WIWUVG 8KMVQTKC 6QEJVGT (TKGF TKEJU 8+++ XQP 5EJNGUYKI *QNUVGKP #WIWUVGPDWTI &KG $TWUVDKNFGT FGU $TCWVRCCTGU GKPCPFGT IGIGPÒDGT QDGP -TQPG )GMTÌPVGU 9CRRGP XQP 2TGWGP WPF 5EJNGUYKI *QNUVGKP \W FGP 5GKVGP FKG IGMTÌPVGP +P KVKCNGP 9 WPF #8 OO I .CPIG FQTV KP $TQP\G /CTKGPD 5QOOGT - 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV HGKPGT 2CVKPC 'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

#P FGT )GUVCNVWPI FGT XQTNKGIGPFGP /GFCKNNG JCV FKG -TQPRTKP\GUUKP 8KEVQTKC FKG /WVVGT 9KNJGNOU OKVIGCTDGKVGV #NU 8QTNCIG FKGPVG GKPG /GFCKNNG CWH FKG 8GTO·JNWPI KJTGT /WVVGT FGT -ÌPKIKP 8KEVQTKC XQP 'PINCPF

5KNDGTOGFCKNNG XQP 1 5EJWNV\ PCEJ GKPGO 'PVYWTH XQP 9 7JNOCPP CWH FCU &TGKMCKUGTLCJT $TWUVDKNF N KP 7PKHQTO FCTWPVGT FKG ,CJTGU\CJN &KG $TWUVDKNFGT 9KNJGNOU + WPF (TKGFTKEJU +++ PGDGP GKPCPFGT N WOJGT / 4< ,70+ OO I /CTKGPD FQTV QJPG #PICDG FGT 5K IPCVWT 8QT\ÒINKEJ

2385

142

2387

2386

5KNDGTOGFCKNNG WPUKIPKGTV CWH FCU &TGKMCKUGTLCJT &KG -ÌRHG 9KNJGNOU + (TKGFTKEJU +++ WPF 9KNJGNOU ++ PGDGPGKPCPFGT T FCTÒDGT -TQPG \W FGP 5GKVGP )GMTÌPVGU 9CRRGP WOJGT '4+00'470) #0 &#5 &4'+-#+5'4,#*4 OO OO /CTKGPD (CUV 5VGORGNINCP\

5KNDGTOGFCKNNG Q , WPUKIPKGTV $TWUVDKNF T KP 7PKHQTO OKV *GNO WPF /CPVGN )GMTÌPVGT #FNGT OKV 9CRRGPUEJKNF CWH FGT $TWUV WPF WOIGNGIVGT 1TFGPUMGVVG WOJGT GKP -TCP\ CWU 9CRRGP OO I /CTKGPD 5VGORGNINCP\

5KNDGTOGFCKNNG Q , XGTNKGJGP UGKV XQP ' 9GKICPF 2T·OKGPOGFCKNNG CNU )GUEJGPM HÒT 'JGNGWVG CPN·NKEJ KJTGT )QNFGPGP *QEJ\GKV &KG $TWUVDKNFGT 9KNJGNOU ++ WPF UGKPGT )GOCJNKP #WIWUVG 8KMVQTKC 6QEJVGT (TKGFTKEJU 8+++ XQP 5EJNGUYKI *QNUVGKP #WIWUVGPDWTI PGDGPGKPCPFGT T 5KGDGP <GKNGP 5EJTKHV OO I *ÒUMGP .CPIG 5QOOGT 9 +P 1TKIKPCNGVWK 5VGORGNINCP\

2388

2389

2391

2390

5KNDGTOGFCKNNG XQP 1 5EJWNV\ PCEJ GKPGO 'PVYWTH XQP * *QHHOGKUVGT CWH FKG #MCFGOKUEJG -WPUVCWUUVGNNWPI KP $GTNKP $TWUVDKNF 9KNJGNOU ++ N KP 7PKHQTO WPF WOIGNGIVGO *GTOGNKP $TWUV DKNFGT 9KNJGNOU + WPF (TKGFTKEJU +++ N KP 7PKHQTO WPF WOIGNGIVGO *GTOGNKP OO I /CTKGPD FQTV KP <KPP WPF QJPG #PICDG FGT 5KIPCVWT 'VYCU DGTKGDGP XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP * 9KPVGT &ÒUUGNFQTH 0T

5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG (TKGFGPUTGKUG FGU -CKUGTU -QRH T )GTOCPKC OKV -TCP\ WPF 2CNO\YGKI UEJYGDV PCEJ JCNDN CWH GKPGO #FNGT OO I /CTKGPD 2TCEJVGZGORNCT OKV HGKPGT 2CVKPC 5VGORGNINCP\

'ZGORNCT FGT (TCPMHWTVGT /ÒP\JCPFNWPI (TCPMHWTV /CKP 0T

5KNDGTOGFCKNNG WPUKIPKGTV CWH UGKPGP $GUWEJ KP 'PINCPF $TWUVDKNF T KP #FOKTCNUWPKHQTO (NQV VGPRCTCFG QDGP 6*' 0#8#. 4'8+'9 #6 52+6*'#& 6* #7)756 WPVGP KO 5EJKNH GKP #PMGT \YKUEJGP FGP 9CRRGPUEJKNFGP XQP 2TGWGP WPF )TQDTKVCPPKGP OO I 'KOGT /CTKGPD 44 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

5KNDGTOGFCKNNG WPUKIPKGTV CWH FGP $GUWEJ 9KNJGNOU ++ WPF UGKPGT )GOCJNKP #WIWUVG 8KMVQTKC 6QEJVGT (TKGFTKEJU 8+++ XQP 5EJNGUYKI *QNUVGKP #WIWUVGPDWTI KP /ÒPUVGT &KG $TWUVDKNFGT FGU -CK UGTRCCTGU PGDGPGKPCPFGT N 5V 2CWNWU OKV 5EJYGTV WPF $WEJ UVGJV JKPVGT FGO OÒPUVGTUEJGP 9CRRGP UEJKNF OO I .CPIG /CTKGPD XCT 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP * 9KPVGT &ÒUUGNFQTH 0T

2392

2393

5KNDGTOGFCKNNG XQP . 2WNUV 9GTMUVCVV 1GTVGN $GTNKP PCEJ GKPGO 'PVYWTH XQP ) )G[GT CWH FKG MCKUGTNKEJG (COKNKG <YGK 'PIGN JCNVGP 2CNO\YGKI WPF -TQPG ÒDGT FKG PCEJ N IGYCPFVGP $TWUVDKNFGT FGU -CKUGTRCCTGU WPVGP #FNGT &KG $TWUVDKNFGT FGT ·NVGUVGP FTGK 2TKP\GP X X WOJGT <YGKIG WPVGP -TQPG OO I /CTKGPD C 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI (CUV 5VGORGNINCP\

5KNDGTOGFCKNNG 9GTMUVCVV 1GTVGN $GTNKP CWH FGP 'TYGTD *GNIQNCPFU -QRH T )GPKWU OKV (NCIIG UEJYGDV PCEJ N ÒDGT FKG +PUGN OO I /CTKGPD 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

143

2394

2395

5KNDGTOGFCKNNG WPUKIPKGTV CWH FGP $GUWEJ 9KNJGNOU ++ WPF UGKPGT )GOCJNKP #WIWUVG 8KMVQTKC 6QEJVGT (TKGFTKEJU 8+++ XQP 5EJNGUYKI *QNUVGKP #WIWUVGPDWTI KP .QPFQP $TWUVDKNFGT FGU -CKUGTRCC TGU PGDGPGKPCPFGT N #WH .QTDGGT\YGKIGP FKG IGMTÌPVGP 9CRRGPUEJKNFG XQP )TQDTKVCPPKGP WPF &GWVUEJNCPF OO I 'KOGT .CPIG C /CTKGPD 8QT\ÒINKEJ

5KNDGTOGFCKNNG 9GTMUVCVV /C[GT 5VWVVICTV CWH FKG &GWVUEJG #WUUVGNNWPI KP .QPFQP $TWUVDKNF N KP 7PKHQTO OKV WOIGNGIVGO /CPVGN #PUKEJV FGU #WUUVGNNWPIUIGD·WFGU OO I /CTKGPD 8QT\ÒINKEJ

2396

144

5KNDGTPGU /GFCKNNQP Q , XGTNKGJGP CD WPUKIPKGTV )CNXCPQ IGHGTVKIV PCEJ FGO /QFGNN FGU $KNF JCWGTU ) ,CPGPUEJ 2T·OKG FGT -ÌPKINKEJ #MCFGOKUEJGP *QEJUEJWNG HÒT FKG DKNFGPGP -ÒPUVG KP $GTNKP $TWUVDKNF N KP 7PKHQTO N FKG FGWVUEJG -CKUGTMTQPG T FKG RTGWKUEJG -ÌPKIUMTQPG 'KP .GJTGT KP CP VKMGO )GYCPF UKV\V PCEJ N CWH GKPGO -WDWU WPF ÒDGTTGKEJV GKPGO 5EJÒNGT GKPGP .QTDGGTMTCP\ KO *KPVGT ITWPF UVGJGPFG /KPGTXC OKV 5EJKNF WPF 5RGGT 8GTNKGJGP CP 15-#4 *'..'4 FGT 0COG KUV KO 4CPF GKPITCXKGTV OO I $CPPKEMG 6GYGU KP $GKVT·IG \WT DTCPFGPDWTIKUEJ RTGWKUEJGP 0WOKU OCVKM 0* 0T FQTV KP $TQP\G *ÒUMGP +P 1TKIKPCNGVWK 8QT\ÒINKEJ GTJCNVGP

2397

5KNDGTOGFCKNNG Q , ITCXKGTV XQP * ,CWPGT CWH UGKPGP $GUWEJ KP 9KGP $TWUVDKNF N KP 7PKHQTO OKV WOIGNGIVGO /CPVGN $TWUVDKNF (TCP\ ,QUGHU + XQP ¤UVGTTGKEJ T KP 7PKHQTO OKV WOIGNGI VGO 1TFGPUDCPF /KV 4CPFITCXWT '4+00'470) #0 &'0 &+56#0<4+66 +/ 1%61$'4

2WP\G , Û % OO I /CTKGPD FQTV KP $TQP\G 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI (CUV 5VGORGNINCP\

2398

2399

5KNDGTOGFCKNNG 9GTMUVCVV 1GTVGN $GTNKP CWH FGP &TGKDWPF \YKUEJGP &GWVUEJNCPF ¤UVGTTGKEJ WPF +VCNKGP -ÌRHG 9KNJGNOU ++ XQP 2TGWGP (TCP\ ,QUGHU + XQP ¤UVGTTGKEJ WPF 7ODGTVQU + XQP +VCNKGP PGDGPGKPCPFGT T &KG 9CRRGPUEJKNFG FGT FTGK *GTTUEJGT CWH IGMTGW\VGP 'KEJGP\YGKIGP OO I /CTKGPD 8QT\ÒINKEJp5VGORGNINCP\

5KNDGTOGFCKNNG OKV 5KIPCVWT $ CWH UGKPG #WUUÌJPWPI OKV (ÒTUV 1VVQ XQP $KUOCTEM CO ,CPWCT &KG -ÌRHG XQP $KUOCTEMU WPF 9KNJGNOU ++ GKPCPFGT IGIGPÒDGT WOJGT .QTDGGTIKTNCPFG FKG QDGP XQP GKPGO 'PIGN IGJCNVGP YKTF #PUKEJV FGU 5EJNQUUGU KP $GTNKP QDGP N UVTCJNGPFG 5QPPG OO I $GPPGTV FQTV KP -WRHGT /CTKGPD 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI (CUV 5VGORGNINCP\

'ZGORNCT FGT #WMVKQP &T $WUUQ 2GWU 0CEJH (TCPMHWTV /CKP 0T

2401

2400

2401

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH UGKPG #WUUÌJPWPI OKV (ÒTUV 1VVQ XQP $KUOCTEM CO ,CPWCT $TWUVDKNF T KP 7PKHQTO OKV *GNO $TWUVDKNF XQP $KUOCTEMU T KP 7PKHQTO /KV 4CPFITCXWT '+0 )'& %*60+556*#.'4 FC\YKUEJGP 5VGTPEJGP WPF #TCDGUMGP OO I $GPPGTV

\W /CTKGPD 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI 5GJT UEJÌPpXQT\ÒINKEJ 5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG \YKUEJGP 4WNCPF WPF FGO &GWVUEJGP 4GKEJ CDIGUEJNQUUGPGP *CPFGNUXGTVT·IG CO /·T\ -ÌRHG FGU <CTGP #NGZCPFGT +++ XQP 4WNCPF WPF 9KNJGNOU ++ PGDGPGKPCPFGT T 5KGDGP <GKNGP M[TKNNKUEJG WPF UKGDGP <GKNGP FGWVUEJG 5EJTKHV FC\YKUEJGP 8GT\KGTWPI OO I /CTKGPD 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI 5VGORGNINCP\

145

2404

2403

2402

2404

5KNDGTOGFCKNNG WPUKIPKGTV CWH UGKPGP $GUWEJ KP 'PINCPF CO #WIWUV $TWUVDKNF X X KP 7PKHQTO OKV -CRRG $TWUVDKNF UGKPGT )TQOWVVGT -ÌPKIKP 8KEVQTKC XQP 'PINCPF WPF -CKUGTKP XQP +PFKGP N OKV -TQPG WPF 5EJNGKGT OO I 'KOGT /CTKGPD WPIGPCW (CUV XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

5KNDGTPGU /GFCKNNQP XQP - 5EJ·HGT CWH FKG 'KPYGKJWPI FGU 4GKEJUVCIUIGD·WFGU KP $GTNKP CO &G\GODGT $TWUVDKNF N KP 7PKHQTO OKV WOIGNGIVGO /CPVGN #PUKEJV FGU 4GKEJUVCIUIGD·WFGU OO I /CTKGPD 8QT\ÒINKEJGU 2TCEJVGZGORNCT

5KNDGTOGFCKNNG 9GTMUVCVV /C[GT 5VWVVICTV OQFGNNKGTV XQP * &ÒTTKEJ CWH FKG 'KPYGKJWPI FGU 4GKEJUVCIUIGD·WFGU KP $GTNKP CO &G\GODGT $TWUVDKNF N KP 7PKHQTO OKV WOIGNGIVGO /CPVGN #PUKEJV FGU 4GKEJUVCIUIGD·WFGU OO I /CTKGPD \W /CVVKGTVGU XQT\ÒINKEJGU 'ZGORNCT

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

146

2406

2405

5KNDGTOGFCKNNG 9GTMUVCVV 1GTVGN $GTNKP CWH FKG 'KPYGKJWPI FGU 4GKEJUVCIUIGD·WFGU KP $GTNKP CO &G\GODGT $TWUVDKNF N KP 7PKHQTO #PUKEJV FGU 4GKEJUVCIUIGD·WFGU /KV 4CPFITCXWT 241 ).14+# '6 2#64+# FC\YKUEJGP 5VGTPEJGP OO I /CTKGPD 8QT\ÒINKEJGU 2TCEJVGZGORNCT

5KNDGTOGFCKNNG 9GTMUVCVV /C[GT 5VWVVICTV CWH FKG 'KPYGKJWPI FGU 4GKEJUVCIUIGD·WFGU KP $GTNKP CO &G\GODGT -ÌRHG 9KNJGNOU ++ (TKGFTKEJU +++ WPF 9KNJGNOU N PGDGPGKPCPFGT T #PUKEJV FGU 4GKEJUVCIUIGD·WFGU OO I /CTKGPD 8QT\ÒINKEJ

2408

2407

5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG ,CJTHGKGT FGT 5KGIG KO -TKGI IGIGP (TCPMTGKEJ -ÌRHG (TKGFTKEJU +++ WPF 9KNJGNOU + PGDGPGKPCPFGT T &CU 'KUGTPG -TGW\ /KV 4CPFITCXWT ,7$+. 7/5 5')'05/ª0<' FC\YKUEJGP 5VGTPEJGP OO I /CTKGPD 8QT\ÒINKEJp5VGORGNINCP\

5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG ,CJTHGKGT FGT 5KGIG KO -TKGI IGIGP (TCPMTGKEJ &KG -ÌRHG 9KNJGNOU ++ 9KNJGNOU + WPF (TKGFTKEJU +++ PGDGPGKPCPFGT T #FNGT OKV 5EJKNF CWH FGT $TWUV FCTKP FKG ,CJTGU\CJNGP FCTCP J·PIV FCU 'KUGTPG -TGW\ CWH FGP 5EJYKPIGP FGU #FNGTU DGHKPFGP UKEJ FKG 9CRRGPUEJKNFG XQP 'NUC .QVJTKPIGP /KV 4CPFITCXWT ,7$+. 7/5 5')'05/ª0<' FC\YKUEJGP 5VGTPEJGP OO I /CTKGPD 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2409

5KNDGTOGFCKNNG XQP 1 5EJWNV\ OQF XQP ' *GTVGT CWH FKG (GKGT \WT 'TÌHHPWPI FGU 0QTF 1UVUGG -CPCNU &KG $TWUVDKNFGT 9KNJGNOU + (TKGFTKEJU +++ WPF 9KNJGNOU ++ KPU &TGKGEM IGUVGNNV KP FGP 9KP MGNP FGT 5EJKNF OKV FGO RTGWKUEJGP #FNGT CWH 'KEJGP\YGKI FGT *QJGP\QNNGTPUEJKNF CWH .QTDGGT\YGKI WPF GKP IGMTÌPVGT 5EJKNF OKV FGO 4GKEJUCFNGT ÒDGT IGMTGW\VGP 2CNO\YGKIGP &KG RGTUQPKHK\KGTVG 0QTFUGG OKV *CTRWPG #WUVGT *WOOGT WPF 6CUEJGPMTGDU TGKEJV FGT RGTUQPKHK\KGTVGP 1UVUGG FKG *CPF KO *KPVGTITWPF NKPMU WPF TGEJVU LG GKP .GWEJVVWTO OO I .CPIG C /CTKGPD

FQTV KP $TQP\G 44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

&KG 'TÌHHPWPIUHGKGT FGU 0QTF 1UVUGG -CPCNU HCPF XQO DKU \WO (GDTWCT UVCVV 8QP FGT XQTNKGIGPFGP /GFCKNNG YWTFGP IQNFGPG UKNDGTPG WPF DTQP\GPG 'ZGORNCTG IGRT·IV 8QP FGP 5KN DGTOGFCKNNGP YWTFGP 'ZGORNCTG FGP HÒTUVNKEJGP )·UVGP FGU -CKUGTU CNU 'TKPPGTWPI CP FKG 'TÌHHPWPI IGYKFOGV &KG ÒDTKIGP 5KNDGTOGFCKNNGP IGNCPIVGP CP FCU -CDKPGVV FGT -CKUGTKP WPF CP FCU 4GKEJUCOV FGU +PPGTP 0CEJVT·INKEJ YWTFGP PQEJ YGKVGTG 5KNDGTOGFCKNNGP HÒT FKG MCKUGTNKEJGP 2TKP\GP WPF FGP *GT\QI XQP 5CEJUGP #NVGPDWTI DGUVGNNV

147

2410

2411

2412

5KNDGTOGFCKNNG 9GTMUVCVV /C[GT 5VWVVICTV CWH FKG 'TÌHHPWPI FGU 0QTF 1UVUGG -CPCNU $ÒUVGP 9KNJGNOU ++ (TKGFTKEJU +++ WPF 9KNJGNOU + PGDGPGKPCPFGT T WOJGT .QTDGGTMTCP\ #PUKEJV FGU -C PCNU OKV FGT $TÒEMG DGK *QNVGPCW OKV GKPGO HCJTGPFGP 5EJKHH KO 8QTFGTITWPF KO *KPVGTITWPF UVTCJNGPFG 5QPPG OO I .CPIG /CTKGPD FQTV KP $TQP\G 4 8QT\ÒINKEJGU 'ZGORNCT

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

5KNDGTOGFCKNNG 9GTMUVCVV .QQU CWH FKG 'KPYGKJWPI FGT -CKUGT 9KNJGNO )GF·EJVPKUMKTEJG $TWUV DKNF 9KNJGNOU + T KP 7PKHQTO OKV WOIGNGIVGO /CPVGN &CU 'KUGTPG -TGW\ \W FGP 5GKVGP LG GKP 9CRRGPUEJKNF QDGP -TQPG OO I /CTKGPD 4 -N -TCV\GT XQT\ÒINKEJ

&KG -CKUGT 9KNJGNO )GF·EJVPKUMKTEJG YWTG KO 9GNVMTKGI UEJYGT DGUEJ·FKIV UVGJV JGWVG CNU 4WKPG WPF /CJPOCN KP $GTNKP KP FGT 0·JG XQP 6KGTICTVGP $CJPJQH <QQ WPF 'WTQRC %GPVGT WPF KUV GKPGU FGT DGMCPPVGUVGP 9CJT\GKEJGP $GTNKPU

)TCXKGTVG 5KNDGTOGFCKNNG Q , 9GTMUVCVV .QQU CWH FKG 'KPYGKJWPI FGT -CKUGT (TKGFTKEJ )G F·EJVPKUMKTEJG $ÒUVG (TKGFTKEJU +++ T )TCXWT &GT IGHNÒIGNVG 5V )GQTI UVGJV CWH FGO &TCEJGP WPF JCV FKG .CP\G \WO 5VQ DGTGKV \W FGP 5GKVGP LG GKP 9CRRGPUEJKNF KO (GNF 4CWVGPQTPCOGPVG WPVGP FCU 'KUGTPG -TGW\ CWH 2CNO\YGKIGP WOJGT 5EJTKHVDCPF OO I /CTKGPD /CVVKGTVGU XQT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI &KG -CKUGT (TKGFTKEJ )GF·EJVPKUMKTEJG DGHKPFGV UKEJ KO *CPUCXKGTVGN KP $GTNKP 6KGTICTVGP &GT $CW YWTFG \GT UVÌTV WPF CPN·NKEJ FGT +PVGTPCVKQPCNGP $CWCWUUVGNNWPI PGW GTTKEJVGV

2413

5KNDGTOGFCKNNG Q , 9GTMUVCVV .QQU CWH FKG 'KPYGKJWPI FGT )PCFGPMKTEJG -CKUGTKP #WIWUVC )GF·EJVPKUMKTEJG KP $GTNKP $TWUVDKNFGT 9KNJGNOU ++ WPF UGKPGT )GOCJNKP #WIWUVG 8KMVQTKC PGDGPGKP CPFGT T 9KNJGNO ++ WPF #WIWUVG 8KMVQTKC KP TKVVGTNKEJGT 6TCEJV UKV\GP GKPCPFGT IGIGPÒDGT WPF JCNVGP FCU -KTEJGPOQFGNN KP FGT 7OUEJTKHV QDGP -TQPG WPVGP WPF \W FGP 5GKVGP LG GKP 9CRRGPUEJKNF OO I .CPIG /CTKGPD 5GJT UEJÌPpXQT\ÒINKEJ &KG )PCFGPMKTEJG YWTFG \WO #PFGPMGP CP -CKUGTKP #WIWUVC CO +PXCNKFGPRCTM KP $GTNKP /KVVG GTTKEJVGV &CU )GD·WFG YWTFG KO 9GNVMTKGI \GTUVÌTV

148

2414

5KNDGTOGFCKNNG XQP * 9GEMYGTVJ CWH FKG ,CJTHGKGT FGT -CKUGTRTQMNCOCVKQP CO ,CPWCT &CTUVGNNWPI FGT -CKUGTRTQMNCOCVKQP KO 5RKGIGNUCCN FGU 5EJNQUUGU XQP 8GTUCKNNGU <GKNGP 5EJTKHV OO I /CTKGPD 8QTFGTUGKVG FQTV KP <KPP 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2415

2416

2417

5KNDGTOGFCKNNG WPUKIPKGTV CWH FCU L·JTKIG $GUVGJGP FGU &GWVUEJGP 4GKEJGU &KG -ÌRHG 9KN JGNOU ++ (TKGFTKEJU +++ WPF 9KNJGNOU + PGDGPGKPCPFGT T ÒDGT 2CNO WPF .QTDGGT\YGKI QDGP UVTCJ NGPFGT 5VGTP /GFCKNNQP OKV FGO FGWVUEJGP 4GKEJUCFNGT KP 5VTCJNGP WOJGT 'KEJGPNCWD WPVGP XKGT <GK NGP 5EJTKHV OO I /CTKGPD FQTV KP $TQP\G +P 5KNDGT UGJT UGNVGP 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI 5VGORGNINCP\

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

5KNDGTOGFCKNNG 9GTMUVCVV 1GTVGN $GTNKP CWH FCU L·JTKIG $GUVGJGP FGU &GWVUEJGP 4GKEJGU WPF FGP )GDWTVUVCI FGU 4GKEJUITÒPFGTU (ÒTUV 1VVQ XQP $KUOCTEM &KG -ÌRHG 9KNJGNOU ++ 9KNJGNOU + WPF (TKGFTKEJU +++ PGDGPGKPCPFGT T -QRH $KUOCTEMU T OO I $GPPGTV FQTV OKV 4CPFUEJTKHV /CTKGPD WPF FQTV OKV 4CPFUEJTKHV 2TCEJVGZGORNCT XQP RQNKGTVGP 5VGORGNP HCUV 5VGORGNINCP\

5KNDGTOGFCKNNG 9GTMUVCVV /C[GT 9KNJGNO 5VWVVICTV CWH FKG 'KPYGKJWPI FGU &GPMOCNU HÒT UGK PGP )TQXCVGT 9KNJGNO + KP (TCPMHWTV CO /CKP #PUKEJV FGU 4GKVGTUVCPFDKNFGU <GKNGP 5EJTKHV \YK UEJGP .QTDGGT WPF 'KEJGP\YGKI OO I , W ( /CTKGPD 4 8QT\ÒINKEJp5VGORGNINCP\

149

2418

2419

2420

5KNDGTOGFCKNNG XQP - 5 CWH FKG 'KPYGKJWPI FGU -[HHJ·WUGT &GPMOCNU HÒT UGKPGP )TQXCVGT 9KNJGNO + $TWUVDKNF 9KNJGNOU ++ T KP 7PKHQTO OKV #FNGTJGNO WPF WOIGNGIVGO /CPVGN #PUKEJV FGU &GPMOCNU OO I /CTKGPD -N 4CPFHGJNGT XQT\ÒINKEJ

5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG 'KPYGKJWPI FGU -[HHJ·WUGT &GPMOCNU HÒT UGKPGP )TQXCVGT 9KNJGNO + $TWUVDKNF 9KNJGNOU + N KO -TÌPWPIUQTPCV #PUKEJV FGU &GPMOCNU FCJKPVGT UVTCJNGPFG 5QPPG OO I /CTKGPD 8QT\ÒINKEJp5VGORGNINCP\

5KNDGTOGFCKNNG XQP ) 2PKQYGT CWH FKG 'KPYGKJWPI FGU -CKUGT 9KNJGNO &GPMOCNU KP $TGUNCW $GJGNO VGT UEJNGUKUEJGT 9CRRGPUEJKNF \W FGP 5GKVGP YKNFGT /CPP OKV (CJPG WPF 4KVVGT OKV (CJPG #PUKEJV FGU &GPMOCNU /KV 4CPFITCXWT i < '4+00'470) # & '06*ª..70) & -#+5'4 9+.*'./ &'0- /#.5 & 5 / -#+5'4 9+.*'./ ++ OO I ( W 5 /CTKGPD 8QT\ÒINKEJ

2421

5KNDGTOGFCKNNG XQP * &ÒTTKEJ CWH FCU $ÒPFPKU \YKUEJGP &GWVUEJNCPF ¤UVGTTGKEJ 7PICTP WPF +VCNKGP &KG FTGK $TWUVDKNFGT FGT *GTTUEJGT \YKUEJGP .QTDGGT WPF 2CNO\YGKIGP FCTÒDGT UVTCJNGPFG 5QPPG OKV +0 Û 64+0+6#6' 2#: (CDGNYGUGP OKV -GVVG CP FGT FKG FTGK 5KGIGN FGT $ÒPFPKUN·PFGT J·PIGP OO I /CTKGPD 5NI *QTUM[ 8QT\ÒINKEJ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

150

2422

5KNDGTOGFCKNNG XQP - 5 CWH FGP )GDWTVUVCI UGKPGU )TQÂXCVGTU 9KNJGNO + -QRH 9KNJGNOU + T WPVGP 'KEJGP\YGKI )GTOCPKC OKV UVTCJNGPFGT -CKUGTMTQPG UVGJV X X KP FGT GTJQDGPGP .KPMGP -TCP\ FCPGDGP -PCRRG OKV FGO FGWVUEJGP 4GKEJUUEJKNF KO *KPVGTITWPF 'ODNGOG FGU *CPFGNU WPF FGT +PFWUVTKG OO I /CTKGPD 8QT\Ã&#x2019;INKEJ

2423

5KNDGTOGFCKNNG WPUKIPKGTV CWH FGP )GDWTVUVCI UGKPGU )TQÂXCVGTU 9KNJGNO + $TWUVDKNF 9KN JGNOU + N KP 7PKHQTO OKV .QTDGGTMTCP\ WPF WOIGNGIVGO *GTOGNKP -KUUGP FCTCWH 5EJYGTV WPF <GRVGT IGMTGW\V FCTÃ&#x2019;DGT -TQPG \W FGP 5GKVGP 2CNO WPF 'KEJGP\YGKI OO I /CTKGPD 8QT\Ã&#x2019;INKEJ

2424

2425

5KNDGTOGFCKNNG WPUKIPKGTV CWH FGP )GDWTVUVCI UGKPGU )TQÂXCVGTU 9KNJGNO + $TWUVDKNF 9KN JGNOU + T OKV *GNO WPF WOIGNGIVGO /CPVGN 5GEJU <GKNGP 5EJTKHV Ã&#x2019;DGT .QTDGGT\YGKIGP FKG OKV -TQPG 4GKEJUCRHGN <GRVGT WPF 5EJYGTV DGNGIV UKPF OO I /CTKGPD (CUV XQT\Ã&#x2019;INKEJ

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0Ã&#x2019;TPDGTI CWH FGP )GDWTVUVCI UGKPGU )TQÂXCVGTU 9KNJGNO + $TWUVDKNF 9KNJGNOU + T KP 7PKHQTO WPF OKV /Ã&#x2019;V\G FGP -QRH PCEJ XQTP IGYCPFV 9KNJGNO + TGKVGV N FCPGDGP UVGJV GKPG YGKDNKEJG )GUVCNV OKV 2CNO\YGKI FKG FKG <Ã&#x2019;IGN JÂ·NV OO I /CTKGPD 8QT\Ã&#x2019;INKEJ

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /Ã&#x2019;PEJGP 0T

151

2426

2427

5KNDGTOGFCKNNG WPUKIPKGTV CWH FGP )GDWTVUVCI UGKPGU )TQXCVGTU 9KNJGNO + -QRH 9KNJGNOU + T \YKUEJGP $NÒVGP\YGKIGP 5VTCJNGPFGU 9 ÒDGT -CTVWUEJG OKV UKGDGP <GKNGP 5EJTKHV OO I /CTKGPD 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI 5VGORGNINCP\

5KNDGTOGFCKNNG WPUKIPKGTV CWH FGP )GDWTVUVCI UGKPGU )TQXCVGTU 9KNJGNO + -QRH 9KNJGNOU + T FCTWPVGT .QTDGGT\YGKI <YGK *·PFG JCNVGP UVTCJNGPFG -TQPG GORQT WPVGP IGMTGW\VG .QTDGGT \YGKIG OO I /CTKGPD 8QT\ÒINKEJ

2429

2428

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH FKG KP 0ÒTPDGTI CDIGJCNVGPG -CKUGTRCTCFG $TWUV DKNFGT FGU -CKUGTRCCTGU PGDGPGKPCPFGT N $TWUVDKNFGT .WKVRQNFU XQP $C[GTP #NDGTVU XQP 5CEJUGP WPF #NDTGEJVU XQP /GEMNGPDWTI PGDGPGKPCPFGT T OO I 'TNCPIGT .CPIG /CTKGPD 8QT\ÒINKEJ

5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG 2CN·UVKPCTGKUG FGU -CKUGTRCCTGU $TWUVDKNF N KP 6TQRGPWPK HQTO &CU 5EJKHH *QJGP\QNNGTP CWH FGO /GGT /KV 4CPFITCXWT 2#. 56+0# i 5')'05/ª0<' OO I /CTKGPD $GTKGDGP UGJT UEJÌP

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

'ZGORNCT FGT #WMVKQP (TCPMHWTVGT /ÒP\JCPFNWPI (TCPMHWTV /CKP 0T

2430

152

2431

5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG 'KPYGKJWPI FGT 'TNÌUGTMKTEJG KP ,GTWUCNGO $TWUVDKNF N KP 6TQ RGPWPKHQTO #PUKEJV FGT 'TNÌUGTMKTEJG /KV 4CPFITCXWT Ì 2#. 56+0# Ì 5')'05/ª0<' OO I /CTKGPD 8QT\ÒINKEJ

5KNDGTOGFCKNNG WPUKIPKGTV 2CN·UVKPC 4GKUG )GFGPMVCNGT IGRT·IV CWH FKG 'KPYGKJWPI FGT 'TNÌUGT MKTEJG KP ,GTWUCNGO $ÒUVG T #PUKEJV FGT 'TNÌUGTMKTEJG OO I /CTKGPD 5GJT UEJÌPpXQT\ÒINKEJ

2433

2432

5KNDGTOGFCKNNG XQP $ CWH FKG 'KPYGKJWPI FGT 'TNÌUGTMKTEJG KP ,GTWUCNGO Y·JTGPF FGT 2CN·UVK PCTGKUG FGU -CKUGTRCCTGU &GT -CKUGT KP 7PKHQTO TGKVGV T #PUKEJV FGT 'TNÌUGTMKTEJG OO I /CTKGPD 44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG 4ÒEMMGJT FGU -CKUGTRCCTGU XQP FGT 2CN·UVKPCTGKUG $GKFGT $Ò UVGP PGDGPGKPCPFGT T 9GKDNKEJG )GUVCNV X X OKV \YGK -T·P\GP OO I .CPIG FQTV KP $TQP\G /CTKGPD XIN 8QT\ÒINKEJ

2435

2434

5KNDGTOGFCKNNG $ * /C[GT CWH UGKP L·JTKIGU 4GIKGTWPIULWDKN·WO $TWUVDKNF T KP 7PKHQTO OKV WOIGNGIVGO /CPVGN (ÒPH <GKNGP 5EJTKHV KP 'KEJGPMTCP\ OO I /CTKGPD 4 -N -TCV\GT XQT\ÒINKEJ

5KNDGTOGFCKNNG Q , WPUKIPKGTV CWH FCU PGWG ,CJTJWPFGTV $ÒUVG T $ÒUVG UGKPGU )TQXCVGTU 9KNJGNO + T OO I /CTKGPD 5GJT UEJÌP

2436

2437

5KNDGTOGFCKNNG WPUKIPKGTV CWH FGP -TKGI $QZGTCWHUVCPF KP %JKPC $TWUVDKNF 9KNJGNOU ++ T KP #FOKTCNUWPKHQTO WPF OKV *WV .CPFMCTVG OKV FGO )GDKGV FGU )GNDGP /GGTGU W C GKPIG\GKEJPGV -KCWV UEJQW WPF 6UKPIVCW OO I /CTKGPD XCT 4 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI

5KNDGTOGFCKNNG 9GTMUVCVV 1GTVGN $GTNKP CWH FCU $QODCTFGOGPV FGT 6CMW (QTVU Y·JTGPF FGU -TKGIGU $QZGTCWHUVCPF KP %JKPC &CU -CPQPGPDQQV 5 / 5 +NVKU CWH 5GG #PUKEJV FGT .CPFUEJCHV CWU FGT 8QIGNRGTURGMVKXG OKV FGO (NW 2GKJQ WPF FGP CO 7HGT DGHKPFNKEJGP (GUVWPIGP OO I /CTKGPD 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

153

2438

2439

2440

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH FKG #PYGUGPJGKV FGU ÌUVGTTGKEJKUEJGP -CKUGTU (TCP\ ,QUGH + DGK FGT )TQL·JTKIMGKVUGTMN·TWPI FGU FGWVUEJGP -TQPRTKP\GP 9KNJGNO $TWUVDKNFGT (TCP\ ,QUGHU + WPF 9KNJGNOU ++ PGDGPGKPCPFGT T &KG CPGKPCPFGTIGNGJPVGP 9CRRGPUEJKNFG XQP ¤UVGTTGKEJ WPF 2TGWGP \YKUEJGP HÒPH <GKNGP 5EJTKHV OO I /CTKGPD 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI (CUV 5VGORGNINCP\

5KNDGTOGFCKNNG 9GTMUVCVV )QFGV $GTNKP CWH FKG ,CJTHGKGT FGU -ÌPKITGKEJU 2TGWGP $TWUVDKNF FGU GTUVGP -ÌPKIU (TKGFTKEJ + T OKV 1TFGPUMGVVG WPF WOIGNGIVGO *GTOGNKP \YKUEJGP 2CNO\YGK IGP 'PIGN OKV CWUIGDTGKVGVGP 5EJYKPIGP WPF -TÌPWPIUKPUKIPKGP CWH FGO #TO UEJTGKVGV X X GKPG 5VTCG GPVNCPI JKPVGT UGKPGP (ÒGP UVTCJNGPFG 5QPPG WPF 9QNMGP OO I /CTKGPD 8QT\ÒINKEJ

5KNDGTOGFCKNNG 9GTMUVCVV 1GTVGN $GTNKP CWH FKG ,CJTHGKGT FGU -ÌPKITGKEJU 2TGWGP &KG -ÌRHG (TKGFTKEJU + WPF 9KNJGNOU ++ PGDGPGKPCPFGT N )GPKWU OKV CWUIGDTGKVGVGP 5EJYKPIGP WPF CWUIG UVTGEMVGP #TOGP UVGJV JKPVGT GKPGO 5QEMGN CWH FGO GKPG -TQPG NKGIV CO $QFGP 5EJYGTV KO *KPVGT ITWPF 5VCFVCPUKEJV XQP -ÌPKIUDGTI OO I /CTKGPD 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2441

5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG ,CJTHGKGT FGU -ÌPKITGKEJU 2TGWGP &KG -ÌRHG FGU -CKUGT RCCTGU PGDGPGKPCPFGT T KP .QTDGGTMTCP\ #WH GKPGT -QPUQNG DGHKPFGP UKEJ \YGK /GFCKNNQPU FCU NKPMG \GKIV FKG $TWUVDKNFGT (TKGFTKEJU + WPF UGKPGT )GOCJNKP 5QRJKG %JCTNQVVG PGDGPGKPCPFGT T FCU TGEJVG FKG $TWUVDKNFGT 9KNJGNOU + WPF UGKPGT )GOCJNKP #WIWUVC PGDGPGKPCPFGT N QDGP IGMTÌPVGT #FNGT OKV <GRVGT WPF 4GKEJUCRHGN OO I .CPIG # FQTV KP $TQP\G /CTKGPD FQTV KP $TQP\G 2TCEJVGZGORNCT (CUV 5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

154

2443

2442

2444

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH FKG ,CJTHGKGT FGT 'KPINKGFGTWPI FGU 'KEJUHGNFU UQYKG FGT 5V·FVG 0QTFJCWUGP WPF /ÒJNJCWUGP KP FCU -ÌPKITGKEJ 2TGWGP $TWUVDKNFGT (TKGFTKEJ 9KN JGNOU +++ WPF 9KNJGNOU ++ PGDGPGKPCPFGT N $QTWUUKC OKV FGT RTGWKUEJGP (CJPG UVGJV CP #NVCT FGT OKV FGP 'ODNGOGP FGU *CPFGNU FGT +PFWUVTKG FGT .CPFYKTVUEJCHV WPF FGT 9KUUGPUEJCHVGP IGUEJOÒEMV KUV OO I /CTKGPD 8QT\ÒINKEJp5VGORGNINCP\

'ZGORNCT FGT #WMVKQP *GKPTKEJ 9KPVGT &ÒUUGNFQTH 0T

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH FGP $GUWEJ FGU -CKUGTRCCTGU KP 2QUGP WPF FKG CWU FKGUGO #PNC XGTCPUVCNVGVGP -CKUGTVCIG $TWUVDKNFGT FGU -CKUGTRCCTGU PGDGPGKPCPFGT N &CU 5VCFVYCRRGP XQP 2QUGP OO I /CTKGPD 4 -N 4CPFHGJNGT XQT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

6TCIDCTG 5KNDGTOGFCKNNG WPUKIPKGTV CWH FCU ,WDKN·WOUUEJKGGP CPN·NKEJ FGU L·JTKIGP $GUVG JGPU FGT 5EJÒV\GPIKNFG /CTKGPDWTI <YGK /GFCKNNQPU OKV FGP $TWUVDKNFGTP 9[PTKEJU XQP -PKRTQFG WPF 9KNJGNOU ++ QDGP FCU 9CRRGP FGU &GWVUEJGP 1TFGPU WPVGP FCU 9CRRGP XQP /CTKGPDWTI KO *KPVGT ITWPF .QTDGGT\YGKIG #PUKEJV FGT /CTKGPDWTI OO I /CTKGPD 5NI 2GNV\GT /KV 1TKIKPCNp6TCIGÌUG XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP *GKPTKEJ 9KPVGT &ÒUUGNFQTH 0T

2445

5KNDGTPGU /GFCKNNQP XQP ' 6QTHH CWH FKG 'KPYGKJWPI FGT $GTNKPGT &QOU $TWUVDKNFGT FGU -CK UGTRCCTGU PGDGPGKPCPFGT N /GFCKNNQP OKV FGT #PUKEJV FGU &QOU FCJKPVGT 5VTCJNGP WOJGT XKGT DNW OGPCTVKIG 1TPCOGPVG KP XGTVKGHVGP 5GIOGPVHGNFGTP OO I /CTKGPD 8QT\ÒINKEJ

155

2446

5KNDGTOGFCKNNG WPUKIPKGTV XQP # *WOOGN 9GTMUVCVV .CWGT 0Ã&#x2019;TPDGTI CWH FKG 'KPYGKJWPI FGU $GTNKPGT &QOU $TWUVDKNFGT FGU -CKUGTRCCTGU PGDGPGKPCPFGT N #PUKEJV FGU &QOU /KV 4CPFRWP\G 5+.$'4 OO I 'KOGT .CPIG /CTKGPD 8QT\Ã&#x2019;INKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /Ã&#x2019;PEJGP 0T

2447

5KNDGTOGFCKNNG 9GTMUVCVV )QFGV $GTNKP CWH FKG 'KPYGKJWPI FGU $GTNKPGT &QOU &KG $TWUVDKNFGT FGT FTGK -CKUGT 9KNJGNO + (TKGFTKEJ +++ WPF 9KNJGNO ++ PGDGPGKPCPFGT T Ã&#x2019;DGT \YGK .QTDGGT\YGKIGP QDGP FKG -CKUGTMTQPG 7PVGT UVTCJNGPFGT 6CWDG FKG #PUKEJV FGU &QOU KO 8QTFGTITWPF GKPG DGVGPFG )TWRRG OKV FGO 'XCPIGNKWO /KV 4CPFRWP\G OO I /CTKGPD FQTV KP 9GKÂOGVCNN WPF QJPG 5KIPCVWTCPICDG 8QT\Ã&#x2019;INKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

2448

156

5KNDGTPGU /GFCKNNQP XQP 9 XQP 4WGOCPP CWH FKG 'PVJÃ&#x2019;NNWPI FGU &GPMOCNU HÃ&#x2019;T UGKPGP )TQÂXC VGT 9KNJGNO + KP 0Ã&#x2019;TPDGTI )GJCTPKUEJVGU $TWUVDKNF 9KNJGNOU + T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO /CPVGN 9KNJGNO + TGKVGV T CWH GKPGT 9KGUG N KO (GNF FCU WPF 0Ã&#x2019;TPDGTIGT 5VCFVYCRRGP WPVGT -TQPG OO I 'TNCPIGT /CTKGPD 8QT\Ã&#x2019;INKEJ

2449

5KNDGTOGFCKNNG XQP * 9GEMYGTVJ CWH UGKPG 5KNDGTJQEJ\GKV OKV #WIWUVG 8KMVQTKC 6QEJVGT (TKGF TKEJU 8+++ XQP 5EJNGUYKI *QNUVGKP #WIWUVGPDWTI &KG $TWUVDKNFGT FGU -CKUGTRCCTGU PGDGPGKPCPFGT N FCTWPVGT -TQPG WPF 5EJTKHVVCHGN WOJGT FKG -QRHDKNFGT FGT UGEJU 2TKP\GP OKV 0COGP KP 'KEJGP\YGK IGP )GTOCPKC UKV\V X X CWH GKPGT OKV 8CUGP WPF $NCVVIGY·EJUGP IGUEJOÒEMVGP 4WJGDCPM OKV KJTGP CWUIGDTGKVGVGP #TOGP J·NV UKG KP LGFGT *CPF GKPGP /[TVGP\YGKI WPF FKG 9CRRGP XQP 2TGWGP WPF 5EJNGUYKI *QNUVGKP OO I .CPIG /CTKGPD 8QT\ÒINKEJ

2450

2451

5KNDGTOGFCKNNG WPUKIPKGTV CWH UGKPG 5KNDGTJQEJ\GKV OKV #WIWUVG 8KMVQTKC 6QEJVGT (TKGFTKEJU 8+++ XQP 5EJNGUYKI *QNUVGKP #WIWUVGPDWTI &KG $TWUVDKNFGT FGU -CKUGTRCCTGU PGDGPGKPCPFGT T &KG OKV FGT -TQPG DGFGEMVGP 9CRRGPUEJKNFG FGU &GWVUEJGP 4GKEJGU WPF XQP 5EJNGUYKI *QNUVGKP CPGKPCPFGTIGNGJPV KP FGT /KVVG FKG -GVVG FGU 1TFGPU XQO 5EJYCT\GP #FNGT WPVGP 5RTWEJDCPF OO I .CPIG /CTKGPD XIN 8QT\ÒINKEJ

2452

5KNDGTPG 2NCMGVVG XQP * <KOOGTOCPP 9GTMUVCVV /C[GT 9KNJGNO 5VWVVICTV CWH UGKPG 5KNDGT JQEJ\GKV OKV #WIWUVG 8KMVQTKC 6QEJVGT (TKGFTKEJU 8+++ XQP 5EJNGUYKI *QNUVGKP #WIWUVGPDWTI 7PVGT GKPGO .QTDGGTDQIGP KO XGTVKGHVGP (GNF FKG GTJCDGPGP $TWUVDKNFGT FGU -CKUGTRCCTGU PGDGPGKPCPFGT N WPVGP FGT IGMTÌPVG 4GKEJUCFNGT CWH 'KEJGP\YGKIGP \YKUEJGP XGTVKGHVGT 5EJTKHV #7)756' 8+%614+# 9+.*'./ ++ QDGP KP FGP 'EMGP XGTVKGHV 9GKDNKEJG )GUVCNV PCEJ T DGMT·P\V OKV GKPGT 4QUGPIKTNCPFG GKPG 6CHGN OKV FGT XGTVKGHVGP #WHUEJTKHV <84 ('+'4 &'4 5+.$'40'0 *1%*<'+6 ('$48#4 Z OO I .CPIG /CTKGPD FQTV KP $TQP\G 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

157

2453

2454

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH FKG )GDWTV UGKPGU 'PMGNU 2TKP\ 9KNJGNO 9KN JGNO ++ UKV\V JCNDT CWH GKPGO 5VWJN WPF J·NV UGKPGP 'PMGN KP FGP #TOGP FCJKPVGT UVGJV X X FGT -TQP RTKP\ (TKGFTKEJ 9KNJGNO T KO (GNF FGT IGMTÌPVG RGWKUEJG #FNGT N *744#* &4'+ -#+5'4 #PUKEJV FGU /CTOQT 2CNCKU /KV 4CPFRWP\G 5+.$'4 OO I /CTKGPD 8QT\ÒINKEJ

5KNDGTOGFCKNNG XQP 9 *CXGTMCOR CWH FKG 9KGFGTJGTUVGNNWPI WPF 'KPYGKJWPI FGT *QJMÌPKIU DWTI KO 'NUC )GJCTPKUEJVGU $TWUVDKNF N OKV WOIGNGIVGO /CPVGN WPF 1TFGPUMGVVG #PUKEJV FGT $WTI OO I /CTKGPD 4CPFHGJNGT UGJT UEJÌPpXQT\ÒINKEJ

&KG GJGOCNKIG 4GKEJUDWTI *QJMÌPKIUDWTI KO 'NUC NKGIV JGWVG KO HTCP\ÌUKUEJGP &¾RCTVGOGPV $CU 4JKP &KG CNVG 5VCWHGTDWTI UGKV GKPG 4WKPG HKGN PCEJ FGO &GWVUEJ (TCP\ÌUKUEJGP -TKGI CP FKG )GOGKPFG 5EJNGVVUVCFV FKG FKGUGU MQUVURKGNKIG $CWYGTM KO ,CJTG CP -CKUGT 9KNJGNO ++ XGTUEJGPMVG &GT -CKUGT ICD FCTCWHJKP FGP #WHVTCI \WT 9KGFGTJGTUVGNNWPI /KV FKGUGT #WHICDG DGVTCWVG GT FGP #TEJKVGMVGP $QFQ 'DJCTFV FGP DGUVGP #TEJK VGMVGP UGKPGT <GKV OKV FGO 9KGFGTCWHDCW XGTHCNNGPGT $WTICPNCIGP 2CWN 5EJGGRGTU DGCOVGVGT $CWOGKUVGT KP #PFGT PCEJ IGNCPIVG FWTEJ 'DJCTFV CP FGP 9KGFGTCWHDCW <W $GIKPP UGKPGT #TDGKV YWTFG GT CNU $CWOGKUVGT VKVWNKGTV UR·VGT 4GIKGTWPIUDCWOGKUVGT WPF \WO 5EJNW -TGKU $CWKPURGMVQT

2455

2456

5KNDGTOGFCKNNG WPUKIPKGTV CWH UGKPGP )GDWTVUVCI $TWUVDKNF T KP 7PKHQTO WPF OKV WOIGNGIVGO *GTOGNKP )GMTÌPVGU /QPQITCOO \YKUEJGP WPVGP ,#07#4 OO I /CTKGPD 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

158

5KNDGTOGFCKNNG WPUKIPKGTV CWH UGKPGP )GDWTVUVCI +P GKPGO XGTVKGHVGP -TGKU FCU GTJCDGPG $TWUVD HCUV X X KP 7PKHQTO QDGP )KTNCPFG OKV ,#07#4 WPVGP CWH XGTVKGHVGO 7P VGTITWPF 9+.*'./ ++ + 4 <YGK 2WVVGP JCNVGP FCU DGJGNOVG 9CRRGP FCTWPVGT CWH 'KEJGP\YGKIGP FKG #PUKEJVGP FGT 5EJNÌUUGT 5CPUUQWEK WPF $GTNKP 5VCFVUEJNQ UQYKG FGT $WTI *QJGP\QNNGTP DGK *G EJKPIGP OO I /CTKGPD 8QT\ÒINKEJ

2457

2458

2459

5KNDGTOGFCKNNG XQP - )QGV\ CWH FGP 6QFGUVCI FGT -ÌPKIKP .WKUG *GT\QIKP XQP /GEMNGP DWTI )GOCJNKP XQP (TKGFTKEJ 9KNJGNO +++ $TWUVDKNF .WKUGU OKV &KCFGO JCNDT -TQPG KP 5VTCJNGP ÒDGT (CEMGN WPF 4QUGP /KV 4CPFRWP\G $#;'4Ü *#726/ª0<#/6 Û ('+05+.$'4 OO I -KGPCUV /CTKGPD 8QT\ÒINKEJ

5KNDGTOGFCKNNG 9GTMUVCVV /C[GT 9KNJGNO 5VWVVICTV CWH FGP 6QFGUVCI FGT -ÌPKIKP .WKUG *GT\QIKP XQP /GEMNGPDWTI )GOCJNKP XQP (TKGFTKEJ 9KNJGNO +++ $TWUVDKNF .WKUGU OKV -QRHVWEJ N 5GEJU <GKNGP 5EJTKHV T IGDWPFGPGT .QTDGGT WPF 2CNO\YGKI /KV 4CPFRWP\G 5+.$'4 OO I /CTKGPD 8QT\ÒINKEJ

5KNDGTOGFCKNNG Q , OKV 5KIPCVWT $ \WT L·JTKIGP (TKGFGPUIGFGPMHGKGT WPF \WO )GFGPMGP CP FKG 5EJNCEJV DGK 9GKUUGPDWTI &GT -TQPRTKP\ (TKGFTKEJ +++ TGKVGV WOIGDGP XQP GKPGT LWDGNPFGP /GPUEJGPOGPIG FWTEJ FCU (TCP\ÌUKUEJG 6QT CWU FGT (GUVWPI .CPFCW )GFGPMUVGKP OKV FGO /GFCKN NQPDKNF (TKGFTKEJU +++ T \W FGP 5GKVGP FKG /GFCKNNQPDKNFGT FGT 2TKP\GP .GQRQNF WPF #TPWNH XQP $C[ GTP OO I /CTKGPD /CVVKGTVGU 'ZGORNCT XQT\ÒINKEJ GTJCNVGP

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2460

5KNDGTPG 2NCMGVVG XQP 9 *CXGTMCOR CWH FCU L·JTKIG $GUVGJGP FGU -KGNGT ;CEJVENWDU $TWUV DKNF T CNU -QOOQFQTG FGU -;% OKV /ÒV\G N 0GRVWP OKV &TGK\CEM NCIGTV PCEJ N KO *KPVGTITWPF \YGK 5EJKHHG DGK GKPGT 4GICVVC FKG GKPG $QLG RCUUKGTGP Z OO I /CTKGPD 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

159

2461

5KNDGTOGFCKNNG XQP * *QUCGWU CWH FCU L·JTKIG 4GIKGTWPIULWDKN·WO FGU -CKUGTU )GJCTPKUEJVGU $TWUVDKNF T KP 7PKHQTO OKV *GNO WPF .QTDGGTMTCP\ /KPGTXC UVGJV X X OKV -TCP\ WPF .CP\G CWH 2QUVCOGPV WOJGT FGT *GKNKIG *CKP FGT -ÒPUVG FCTWPVGT -¤0+).+%*' #-#&'/+' &'4 -ª056' <7 $'4.+0 OO I $GTNKPGT /ÒP\DN·VVGT 5 /CTKGPD 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP * 9KPVGT &ÒUUGNFQTH 0T 5GKVGPU FGT -ÌPKINKEJGP #MCFGOKG FGT -ÒPUVG KP $GTNKP YWTFG FGTGP /KVINKGF 2TQH *GTOCPP *QUCGWU KP $GTNKP OKV FGO 'PVYWTH FGT JKGT XQTNKGIGPFGP /GFCKNNG DGCWHVTCIV FKG KP FGT $GTNKPGT /GFCKNNGP /ÒP\G XQP 1 1GTVGN IGRT·IV YWTFG

2462

5KNDGTOGFCKNNG 9GTMUVCVV /C[GT 9KNJGNO 5VWVVICTV CWH FCU L·JTKIG 4GIKGTWPIULWDKN·WO FGU -CKUGTU $TWUVDKNF N OKV -CKUGTMTQPG WPF WOIGNGIVGO *GTOGNKP 5VGWGTOCPP UVGWGTV UGKP 5EJKHH N FWTEJ FKG 9QIGP /KV 4CPFRWP\G 5+.$'4 OO I $GTNKPGT /ÒP\DN·VVGT 5 /CTKGPD FQTV KP $TQP\G 8QT\ÒINKEJ

&KG 4ÒEMUGKVG FGT XQTNKGIGPFGP /GFCKNNG UQNN FGP )GFCPMGP \WO #WUFTWEM DTKPIGP YKG FGT -CKUGT FCU 5VCCVUUEJKHH ,CJTG NCPI FWTEJ CNNG (·JTNKEJMGKVGP OKV 'THQNI IGHÒJTV JCV

2463

160

5KNDGTOGFCKNNG XQP ' (KPMG CWH FCU L·JTKIG 4GIKGTWPIULWDKN·WO FGU -CKUGTU $TWUVDKNF JCNDT KP 7PKHQTO WOJGT CO 4CPF .QTDGGTMTCP\ +P GKPGO XGTVKGHVGP XKGTGEMKIGP (GNF FCU IGMTÌPVG /QPQ ITCOO OKV 4GKEJUKPUKIPKGP WOJGT CO 4CPF .QTDGGTMTCP\ OO I /CTKGPD 8QT\ÒINKEJ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2464

2465

2466

5KNDGTOGFCKNNG 9GTMUVCVV /C[GT 9KNJGNO 5VWVVICTV CWH FCU L·JTKIG 4GIKGTWPIULWDKN·WO FGU -CKUGTU $TWUVDKNF JCNDN KP 7PKHQTO +P GKPGO XGTVKGHVGP XKGTGEMKIGP (GNF FGT FGWVUEJG #FNGT FCTÒDGT -CKUGTMTQPG \W FGP 5GKVGP OO I $GTNKPGT /ÒP\DN·VVGT 5 /CTKGPD FQTV KP $TQP\G 8QT\ÒINKEJ

5KNDGTOGFCKNNG 9GTMUVCVV 1GTVGN $GTNKP CWH FCU L·JTKIG 4GIKGTWPIULWDKN·WO FGU -CKUGTU -QRH N WOJGT .QTDGGTMTCP\ -CKUGTMTQPG OKV 'KEJGP\YGKIGP KP FGT /KVVG +0 64'7' ('56 QDGP XKGT <GKNGP 5EJTKHV /KV 4CPFRWP\G 5+.$'4 OO I /CTKGPD (CUV XQT\ÒINKEJ

2467

2468

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH FCU L·JTKIG 4GIKGTWPIULWDKN·WO FGU -CKUGTU $TWUVDKNF N KP 7PKHQTO WPF OKV WOIGNGIVGO /CPVGN -CKUGTMTQPG FCTWPVGT /KV 4CPF RWP\G 5+.$'4 $GTNKPGT /ÒP\DN·VVGT 5 /CTKGPD 8QT\ÒINKEJ

5KNDGTOGFCKNNG 9GTMUVCVV /C[GT 9KNJGNO 5VWVVICTV CWH FKG ,CJTHGKGT FGT 8ÌNMGTUEJNCEJV DGK .GKR\KI )GJCTPKUEJVGU $TWUVDKNF N OKV WOIGNGIVGO /CPVGN WPF 1TFGPUMGVVG +O 8QTFGTITWPF T IGMTÌPVGT #FNGT CWH (GNUGP KO *KPVGTITWPF N CWHIGJGPFG 5QPPG JKPVGT FGO 8ÌNMGTUEJNCEJVFGPMOCN FCXQT FGT IGMTÌPVG RTGWKUEJG #FNGT OKV <GRVGT WPF 4GKEJUCRHGN KP FGP (·PIGP /KV 4CPFRWP\G 5+.$'4 OO I /CTKGPD (CUV XQT\ÒINKEJ

161

2469

2470 2469

5KNDGTOGFCKNNG XQP - )QGV\ CWH FKG ,CJTHGKGT FGT 8ÌNMGTUEJNCEJV DGK .GKR\KI )GJCTPKUEJVGU *ÒHVDKNF T OKV -QOOCPFQUVCD WPF 5EJYGTV 0CEMVGT ,ÒPINKPI N OKV 'KEJGP\YGKI FCPGDGP #FNGT OO I -KGPCUV /CTKGPD 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP * 9KPVGT &ÒUUGNFQTH 0T

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH FKG ,CJTHGKGT FGT $GHTGKWPIUMTKGIG #WH .QT DGGT\YGKIGP FTGK /GFCKNNQPU OKV FGP $TWUVDKNFGTP (TKGFTKEJ 9KNJGNOU +++ XQP 2TGWGP #NGZCPFGTU + XQP 4WNCPF WPF XQP (TCP\ + XQP ¤UVGTTGKEJ #PUKEJV FGT 'TUVÒTOWPI FGU )TKOOCKUEJGP 6QTGU KP .GKR\KI /KV 4CPFRWP\G 5+.$'4 OO I /CTKGPD 44 2TCEJVGZGORNCT XQP RQNKGTVGP 5VGORGNP 5VGORGNINCP\

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

2472

2471

5KNDGTOGFCKNNG XQP # )CNCODQU CWH UGKPG 4GFG \WT 'TÌHHPWPI FGU 4GKEJUVCIGU CO #WIWUV )GJCTPKUEJVGU $TWUVDKNF T OKV #FNGTJGNO #WHTGEJVGU 5EJYGTV \YKUEJGP HÒPH <GKNGP 5EJTKHV QDGP FKG 5EJYGTVURKV\G \YKUEJGP OO I <GV\OCPP 8QT\ÒINKEJGU 'ZGORNCT XQP RQNKGTVGP 5VGORGNP

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH UGKPG 4GFG \WT 'TÌHHPWPI FGU 4GKEJUVCIGU CO #WIWUV -QRH N #WH FGT 5RKV\G UVGJGPFGU 5EJYGTV \YKUEJGP XKGT <GKNGP 5EJTKHV WPVGT FGT 5EJYGTVURKV\G 0#%* &'4 6*4104'&' #/ #7)756 /KV 4CPFRWP\G 5+.$'4 OO I <GV\OCPP 8QT\ÒINKEJ

2473

2474

162

2474

5KNDGTOGFCKNNG 9GTMUVCVV 1GTVGN $GTNKP CWH UGKPG 4GFG \WT 'TÌHHPWPI FGU 4GKEJUVCIGU CO #W IWUV WPF FKG 'TPGWGTWPI FGU 'KUGTPGP -TGW\GU CO #WIWUV -QRH N \YKUEJGP #7) WPF VGKNYGKUG \YKUEJGP PGWP <GKNGP 5EJTKHV &CU 'KUGTPG -TGW\ /KV 4CPFRWP\G 5+.$'4 OO I <GV\OCPP 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI WPF XQP RQNKGTVGP 5VGORGNP (CUV 5VGORGNINCP\

1XCNG 5KNDGTOGFCKNNG XQP * -CWHOCPP CWH FGP #WUDTWEJ FGU 9GNVMTKGIGU WPF FKG FGWVUEJG /QDKNOCEJWPI -QRH N OKV #FNGTJGNO FCTWPVGT '+0'4 (ª4 #..' 'KP MPKGPFGT /CPP UEJOKGFGV CWH GKPGO #ODQU GKP 5EJYGTV N WPF T FCXQP UVGJV LGYGKNU GKP LWPIGT -TKGIGT OKV 5EJYGTV QDGP #..' (ª4 '+0'0 Z OO I <GV\OCPP -N 4CPFHGJNGT XQT\ÒINKEJ

2475

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH FCU $ÒPFPKU OKV ¤UVGTTGKEJ 7PICTP WPF FGP #WU DTWEJ FGU 9GNVMTKGIGU &KG $TWUVDKNFGT (TCP\ ,QUGHU + XQP ¤UVGTTGKEJ WPF 9KNJGNOU ++ PGDGPGKPCP FGT N KP 7PKHQTO 5EJKNF OKV \YGK #FNGTP &GWVUEJNCPF WPF ¤UVGTTGKEJ WOJGT UVGTPGPHÌTOKI CPIG QTFPGVG 5EJYGTVGT KP FGP <YKUEJGPT·WOGP Û 4+0)57/ Û Û ('+0&' Û /KV 4CPFRWP\G 5+.$'4 OO I <GV\OCPP 8QT\ÒINKEJ

2476

5KNDGTIWOGFCKNNG XQP - )QGV\ CWH FCU $ÒPFPKU OKV ¤UVGTTGKEJ 7PICTP WPF FGP #WUDTWEJ FGU 9GNVMTKGIGU &KG $TWUVDKNFGT (TCP\ ,QUGHU + XQP ¤UVGTTGKEJ WPF 9KNJGNOU ++ PGDGPGKPCPFGT N KP 7PKHQTO KO #DUEJPKVV FTGK <GKNGP 5EJTKHV 'KP FGWVUEJGT WPF GKP ÌUVGTTGKEJKUEJGT 5QNFCV UEJTGKVGP PG DGPGKPCPFGT PCEJ T WOJGT +%* Û *#66 '+0'0 Û -#/'4#&'0 '+0'0 $'55'40 Û (+0& 56 Û &7 Û 0+6 Û /KV 4CPFRWP\G $#;'4 *#72/ª0<#/6 Û ('+05+.$'4 OO I -KGPCUV <GV\OCPP 8QT\ÒINKEJGT )W

2477

2478

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH FKG 'TPGWGTWPI FGU 'KUGTPGP -TGW\GU CO #W IWUV WPF FGP 'KPUCV\ FGU -CKUGTRCCTGU KO 9GNVMTKGI $TWUVDKNFGT FGU -CKUGTRCCTGU PGDGPGKPCPFGT N &CU 'KUGTPG -TGW\ OKV FGO <GKEJGP FGT *KNHUQTICPKUCVKQP 4QVGU -TGW\ N GKPG *CPF OKV 5EJYGTV T GKPG *CPF OKV 4QUG /KV 4CPFRWP\G 5+.$'4 OO I <GV\OCPP (CUV 5VGORGNINCP\

5KNDGTOGFCKNNG XQP 4 0GWDGTIGT CWH FCU $ÒPFPKU OKV ¤UVGTTGKEJ 7PICTP &KG $TWUVDKNFGT (TCP\ ,QUGHU + XQP ¤UVGTTGKEJ WPF 9KNJGNOU ++ PGDGPGKPCPFGT N KP 7PKHQTO WPF OKV *WV QDGP )166 /+6 705 5VTCJNGPFGT 5VGTP ÒDGT FGT FGWVUEJGP WPF ÌUVGTTGKEJKUEJGP -TQPG FCTWPVGT WPF 'K EJGPIKTNCPFG QDGP XKTKDWU WPKVKU OO I 9WT\DCEJ <GV\OCPP -NGKPGT (NGEM XQT\ÒINKEJ

163

2479

2480

5KNDGTIWOGFCKNNG XQP 2 5VWTO CWH FCU $ÒPFPKU OKV ¤UVGTTGKEJ 7PICTP WPF FGT 6ÒTMGK &KG -ÌRHG FGT FTGK XGTDÒPFGVGP *GTTUEJGT 9KNJGNO ++ WPF (TCP\ ,QUGH + XQP ¤UVGTTGKEJ GKPCPFGT IGIGP ÒDGT WPVGP FGT VÒTMKUEJG 5WNVCP /QJCOOGF 8 X X QDGP 51.+ &'1 ).14+# #FNGT CWH 'KEJGP \YGKI FGP -QRH PCEJ N IGYCPFV \YKUEJGP FGP 5EJTKHV\ÒIGP &'765%* .#0& 1'564 Û 70)#40 6ª4-'+ QDGP 9#(('0$4ª&'45%*#(6 /KV 4CPFRWP\G 5+.$'4 OO I <GV\OCPP 8QT\ÒINKEJGT )W

5KNDGTOGFCKNNG 9GTMUVCVV /C[GT 9KNJGNO 5VWVVICTV CWH FKG -CORHDGTGKVUEJCHV KO 9GNVMTKGI $TWUVDKNF HCUV X X KP 7PKHQTO 'KP CPVKM IGMNGKFGVGT -TKGIGT OKV 5EJYGTV PCEJ T FGP -QRH \WTÒEMIG YCPFV WPF OKV UGKPGO NKPMGP #TO PCEJ T YGKUGPF #8( <8/ -#/2( /KV 4CPFRWP\G 5+.$'4 OO I /CTKGPD 9WT\DCEJ <GV\OCPP 8QT\ÒINKEJ

2481

2482

2483

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH FKG ,CJTHGKGT FGT 4GIKGTWPI FGU *CWUGU *Q JGP\QNNGTP $TWUVDKNF 9KNJGNOU ++ N KP 7PKHQTO $TWUVDKNF XQP -WTHÒTUV (TKGFTKEJ + JCNDN /KV 4CPF RWP\G OO I /CTKGPD 8QP RQNKGTVGP 5VGORGNP HCUV 5VGORGNINCP\

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

164

5KNDGTOGFCKNNG XQP 2 5VWTO CWH FKG ,CJTHGKGT FGT 4GIKGTWPI FGU *CWUGU *QJGP\QNNGTP &GT -CKUGT KP (GNFWPKHQTO CWH GKPGO 2HGTF PCEJ T WOJGT $NWOGPTCPMGP OKV FGO 9CJNURTWEJ )166 /+6 805 DGNGIV &GT IGMTÌPVG -WTHÒTUV (TKGFTKEJ + UVGJV X X KP HGUVNKEJGO )GYCPF OKV <GRVGT WPF 4GKEJUCRHGN \W FGP 5GKVGP KP LG GKPGO 8KGTGEM FCU $TWUVDKNF GKPGU 4KVVGTU WPF GKPGU )GKUVNKEJGP OKV 5EJTKHVD·PFGTP WOJGT FGT $GIKPP FGT 6TGWGKFHQTOGN WPF KO (GNF FKG 5EJNWHQTOGN /KV 4CPFRWP\G 5+.$'4 OO I /CTKGPD FQTV CNU $TQP\GIWOGFCKNNQP 8QT\ÒINKEJGU 'ZGORNCT XQP RQNKGTVGP 5VGORGNP

5KNDGTIWOGFCKNNG XQP 2 5VWTO CWH FKG ,CJTHGKGT FGT 4GIKGTWPI FGU *CWUGU *QJGP\QNNGTP &GT -CKUGT KP (GNFWPKHQTO CWH GKPGO 2HGTF PCEJ T WOJGT $NWOGPTCPMGP OKV FGO 9CJNURTWEJ )166 /+6 805 DGNGIV &GT IGMTÌPVG -WTHÒTUV (TKGFTKEJ + UVGJV X X KP HGUVNKEJGO )GYCPF OKV <GRVGT WPF 4GKEJUCRHGN \W FGP 5GKVGP KP LG GKPGO 8KGTGEM FCU $TWUVDKNF GKPGU 4KVVGTU WPF GKPGU )GKUVNKEJGP OKV 5EJTKHVD·PFGTP WOJGT FGT $GIKPP FGT 6TGWGKFHQTOGN WPF KO (GNF FKG 5EJNWHQTOGN /KV 4CPFRWP\G 5+.$'4 OO I 9WT\DCEJ FQTV CNU $TQP\GIWOGFCKNNQP 5GJT UEJÌPGT )W

2485

2484

5KNDGTOGFCKNNG WPUKIPKGTV 'TKPPGTWPIUOGFCKNNG CP UGKPGP $GUWEJ KP -QPUVCPVKPQRGN +UVCPDWN &GT IGMTÌPVG 4GKEJUCFNGT OKV 9CRRGPUEJKNF CWH FGT $TWUV WPF WOIGNGIVGT -GVVG FGU 1TFGPU XQO 5EJYCT\GP #FNGT WOJGT FQRRGNVGT 5EJTKHVMTGKU 0COGPU\WI FGU 5WNVCPU WOJGT VÒTMKUEJG 5EJTKHV OO I 2GTG 6ÒTMGK #WMVKQP 4 $CNN $GTNKP ,CPWCT 0T *ÒUMGP 44 0WT 'ZGORNCTG IGRT·IV 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 2CVKPC

&KG VÒTMKUEJG 4GIKGTWPI NKG \WO #PFGPMGP CP FGP $GUWEJ &GPMOÒP\GP HÒT 2GTUÌPNKEJMGKVGP FGU )GHQNIGU WPF FGU *QHUVCCVGU FGT /QPCTEJGP RT·IGP &CXQP YWTFGP 5VÒEM KP )QNF 5VÒEM KP 5KNDGT WPF 5VÒEM KP $TQP\G IGRT·IV

5KNDGTOGFCKNNG Q , WPUKIPKGTV 2TGKUOGFCKNNG FGT .CPFYKTVUEJCHVUMCOOGT HÒT FKG 2TQXKP\ 9GUVRTGWGP &GT IGMTÌPVG RTGWKUEJG #FNGT FGP -QRH PCEJ N IGYCPFV OKV <GRVGT WPF 4GKEJUCRHGN KP FGP (·P IGP '*4' 7 24'+5 &'4 64'7' &'/ (.'+55 KP .QTDGGTMTCP\ /KV 4CPFRWP\G 5+.$'4 OO I *ÒUMGP 8QT\ÒINKEJ

2486

5KNDGTOGFCKNNG WPUKIPKGTV XQP 2 5VWTO 5COCTKVGTOGFCKNNG )GMTÌPVGU $TWUVDKNF N KO (GNF N GKP -TGW\ 'KP 5CPKV·VGT XGTDKPFGV OKV *KNHG GKPGT 5EJYGUVGT FGP #TO GKPGU KP FGT /KVVG UVGJGPFGP 8GT YWPFGVGP /KV 4CPFRWP\G 5+.$'4 OO I *ÒUMGP XCT <GV\OCPP #PO 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T &KG XQTNKGIGPFG /GFCKNNG YWTFG FWTEJ #WIWUVG 8KMVQTKC CNU 'TKPPGTWPIU\GKEJGP HÒT -TCPMGPUEJYGUVGTP WPF 5CPKV·VURGTUQPCN FGU 4QVGP -TGW\GU WPF FGT (TGKYKNNKIGP *KNHUMQNQPPGP FGU 4QVGP -TGW\GU IGUVKHVGV 'KPG YGKVGTG /GFCKNNG OKV FGO 2QTVT·V FGT -CKUGTKP #WIWUVG 8KMVQTKC HKPFGP 5KG WPVGT FGT 0T

165

2TKP\ *GKPTKEJ $TWFGT 9KNJGNOU ++ *GKPTKEJ 5QJP (TKGFTKEJU +++ WPF 8KEVQTKC LÒPIGTGT $TWFGT 9KNJGNOU ++ YWTFG CO KP 2QVUFCO IGDQTGP /KV ,CJTGP IKPI GT \WT -TKGIUOCTKPG WPF ÒDGTPCJO FCU -QOOCPFQ ÒDGT FCU -TGW\GTIGUEJYCFGT KP 1UVCUKGP YWTFG #FOKTCN %JGH FGT CMVKXGP 5EJNCEJVHNQVVG WPF )TQCFOKTCN WPF )GPGTCNKPURGMVGWT FGT /CTKPG 9·JTGPF FGU 'TUVGP 9GNVMTKGIGU WPVGTUVCPFGP KJO FKG 5GGUVTGKVMT·HVG KP FGT 1UVUGG 2TKP\ *GKPTKEJ FGT CO /CK +TGPG XQP *GUUGP IGJGKTCVGV JCVVG UVCTD CO KP *GOOGNOCTM DGK 'EMGTPHÌTFG KO #NVGT XQP ,CJTGP

2488 2487

2487

5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG 0QTFFGWVUEJG )GYGTDGCWUUVGNNWPI KP -ÌPKIUDGTI $TWUVDKNF FGU 2TQVGMVQTU FGT #WUUVGNNWPI 2TKP\ *GKPTKEJ T WOJGT 5EJTKHV WPF 'KEJGPMTCP\ &KG RGTUQPKHK\KGTVG 5VCFV OKV -TQPG UVGJV X X CWH 9QNMGP WPF XGTVGKNV -T·P\G OO I /CTKGPD FQTV KP $TQP\G +P FWPMGNDNCWGO 1TKIKCPNGVWK 2TCEJVGZGORNCT XQP RQNKGTVGP 5VGORGNP (CUV 5VGORGNINCP\

'ZGORNCT FGT #WMVKQP 7$5 $CUGN 0T

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH FGP $GUWEJ FGU 2TKP\GP *GKPTKEJ KP #OGTKMC &GT COGTKMCPKUEJG 2T·UKFGPV 4QQUGXGNV WPF 2TKP\ *GKPTKEJ KP 7PKHQTO PGDGPGKPCPFGT N &GT .NQ[FFCORHGT -TQPRTKP\ 9KNJGNO CWH JQJGT 5GG /KV 4CPFRWP\G 5+.$'4 OO I /CTKGPD FQTV QJPG 5KIPCVWTCPICDG 8QT\ÒINKEJ

2489

2490

5KNDGTOGFCKNNG WPUKIPKGTV CWH FGP $GUWEJ FGU 2TKP\GP *GKPTKEJ KP #OGTKMC WPF FKG 6CWHG FGT -CKUGT[CEJV /GVGQT FWTEJ FKG 0KEJVG FGU COGTKMCPKUEJGP 2T·UKFGPVGP /KUU 'NGQPQTG 4QQUGXGNV $TWUVDKNF 2TKP\ *GKPTKEJU N KP #FOKTCNUWPKHQTO WPF *WV &GT COGTKMCPKUEJG #FNGT ÒDGT XKGT <GKNGP 5EJTKHV OO I /CTKGPD 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

166

5KNDGTOGFCKNNG XQP 8 & $TGPPGT CWH FGP $GUWEJ FGU 2TKP\GP *GKPTKEJ KP #OGTKMC IGUVKHVGV XQP FGT #OGTKECP 0WOKUOCVKE CPF #TEJCGQNQIKECN 5QEKGV[ 0GY ;QTM $TWUVDKNF 2TKP\ *GKPTKEJU N KP 7PK HQTO /GTMWT OKV $NWOGP /GTMWTUVCD WPF *GNO UEJYGDV T CWH 9QNMGP FGP -QRH PCEJ N IGYCPFV T KO (GNF FKG OKV GKPGO $CPF XGTDWPFGPGP 9CRRGP XQP 2TGWGP WPF #OGTKMC OO I /CTKGPD /CVVKGTVG 2T·IWPI XQT\ÒINKEJGU 'ZGORNCT

2491

5KNDGTOGFCKNNG Q , XQP - -QTUEJCPP CWH 2TKP\ *GKPTKEJ -QRH T )GMTÌPVGT #FNGT OKV <GRVGT WPF 4GKEJUCRHGN KP FGP (·PIGP CWH FGT $TWUV /QPQITCOO (4 WOJGT XGT\KGTVGT 8KGTRC OKV &'4 Û 9+..' Û +56 Û &+' Û Û 5''.' Û &'4 Û 6J#6 Û /KV 4CPFRWP\G 5+.$'4 OO I /CTKGPD 8QT\ÒINKEJ

-TQPRTKP\ 9KNJGNO 5QJP 9KNJGNOU ++ WPF FGUKIPKGTVGT 6JTQPHQNIGT #NU FGT ·NVGUVG 5QJP FGU UR·VGTGP -CKUGTU 9KNJGNO ++ WPF FGT #WIWUVG 8KMVQTKC CO KP 2QVUFCO IGDQTGP YWTFG TGIKGTVG UGKP 7TITQXCVGT 9KNJGNO + -TQPRTKP\ 9KNJGNO CDUQNXKGTVG GKPG OKNKV·TKUEJG #WUDKNFWPI +O 'TUVGP 9GNVMTKGI HÒJTVG GT \WP·EJUV FKG #TOGG WPF CD FKG *GGTGUITWRRG ō&GWVUEJGT -TQPRTKP\ŋ CP FGT 9GUVHTQPV 0CEJ FGT 0QXGODGTTGXQNWVKQP NGIVG 9KNJGNO UGKP -QOOCPFQ PKGFGT HQNIVG UGKPGP 'NVGTP CO KPU PKGFGTN·PFKUEJG 'ZKN WPF XGT\KEJVGVG CO CWH FKG 6JTQPHQNIG KO &GWVUEJGP 4GKEJ WPF KP 2TGWGP MGJTVG GT PCEJ &GWVUEJNCPF \WTÒEM NGDVG CDGT \WTÒEMIG\QIGP WPF XGT\KEJVGVG CWH RQNKVKUEJG #WHVTKVVG QDYQJN GT YKG UGKP 8CVGT CWH FKG 9KGFGTGKPUGV\WPI UGKPGT (COKNKG CNU FGWVUEJG -CKUGT JQHHVG &GT NGV\VG FGWVUEJG WPF RTGWKUEJG -TQPRTKP\ FGT UGKV FGO OKV %GEKNKG XQP /GEMNGPDWTI 5EJYGTKP XGTJGKTCVGV YCT UVCTD CO KP *GEJKPIGP KO #NVGT XQP ,CJTGP

2492

5KNDGTOGFCKNNG XQP ( 9 -WNNTKEJ CWH UGKPG )GDWTV &KG $ÒUVGP 9KNJGNOU + WPF UGKPGT )GOCJ NKP #WIWUVC PGDGPGKPCPFGT T FCTWPVGT FKG $ÒUVGP XQP (TKGFTKEJ +++ OKV UGKPGT )GOCJNKP 8KEVQTKC PGDGPGKPCPFGT T WPF FKG $ÒUVGP FGT 'NVGTP 9KNJGNO ++ WPF UGKPG )GOCJNKP #WIWUVG 8KMVQTKC PGDGP GKPCPFGT N 5EJYGDGPFGT 'PIGN OKV FGO -KPF CWH FGP #TOGP OO I /CTKGPD 5QOOGT - 44 2TCEJVGZGORNCT XQP RQNKGTVGP 5VGORGNP HCUV 5VGORGNINCP\

167

2493

8GTUKNDGTVG $TQP\GOGFCKNNG Q , XQP * 5EJYCDG CWH UGKPGP )GDWTVUVCI $TWUVDKNF FGU -TQPRTKP\GP KP *WUCTGPWPKHQTO OKV -CNRCM X X )GMTÌPVGT #FNGTUEJKNF KP 'KEJGPMTCP\ OO I /CTKGPD 8QT\ÒINKEJ

2495

2494

5KNDGTOGFCKNNG Q , WPUKIPKGTV CWH UGKPGP )GDWTVUVCI $TWUVDKNF FGU -TQPRTKP\GP KP *WUC TGPWPKHQTO OKV -CNRCM X X $TWUVDKNF FGT -CKUGTKP WPF /WVVGT FGU -TQPRTKP\GP #WIWUVG 8KMVQTKC KO -NGKF WPF OKV WOIGNGIVGT *CNUMGVVG T OO I /CTKGPD -N -TCV\GT HCUV XQT\ÒINKEJ

5KNDGTOGFCKNNG XQP / X -CYCE\[PUMK CWH UGKPGP )GDWTVUVCI WPF FKG 'TTGKEJWPI FGT 8QNN L·JTKIMGKV $TWUVDKNF FGU -TQPRTKP\GP HCUV X X KP 7PKHQTO 5KGDGP <GKNGP 5EJTKHV KP 'KEJGPMTCP\ WO JGT &'/ .+'$.+0)' 70& 561.< &'5 &'765%*'0 81.-'5 OO I /CTKGPD -N -TCV\GT HCUV XQT\ÒINKEJ

2496

168

2497

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH UGKPG 8GTO·JNWPI OKV %·EKNKG 6QEJVGT FGU )TQ JGT\QIU (TKGFTKEJ (TCP\ +++ XQP /GEMNGPDWTI 5EJYGTKP $GKFGT $TWUVDKNFGT X X #OQT UVGJV CP #O DQ WPF UEJOKGFGV GKP *GT\ GKP YGKVGTGU *GT\ NKGIV JKPVGT KJO KO (GWGT OO I /CTKGPD 8QT\ÒINKEJGU 'ZGORNCT XQP RQNKGTVGP 5VGORGNP

5KNDGTOGFCKNNG 9GTMUVCVV .QQU CWH UGKPG 8GTO·JNWPI OKV %·EKNKG 6QEJVGT FGU )TQJGT\QIU (TKGFTKEJ (TCP\ +++ XQP /GEMNGPDWTI 5EJYGTKP $GKFGT $TWUVDKNFGT PGDGPGKPCPFGT T &KG CPGKPCPFGT IGNGJPVGP 9CRRGP XQP 2TGWGP WPF /GEMNGPDWTI CWH <YGKIGP QDGP -TQPG OO I /CTK GPD /CVVKGTVG 2T·IWPI 8QT\ÒINKEJGU 'ZGORNCT

2499

2498

5KNDGTOGFCKNNG XQP 4 -Ã&#x2019;EJNGT CWH UGKPGP 5KGI KP FGT 5EJNCEJV DGK .QPIY[ $TWUVDKNF FGU -TQP RTKP\GP N KP *WUCTGPWPKHQTO &GT -TQPRTKP\ CNU /CTU OKV 5EJYGTV WPF 5EJKNF UEJTGKVGV T OO I <GV\OCPP /CVVKGTVGU XQT\Ã&#x2019;INKEJGU 'ZGORNCT

'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0Ã&#x2019;TPDGTI CWH UGKPGP 5KGI KP FGT 5EJNCEJV DGK .QPIY[ $TWUVDKNF FGU -TQPRTKP\GP N KP 7PKHQTO 5EJYGTV \YKUEJGP KP 'KEJGPMTCP\ OO I <GV\OCPP (CUV 5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

9GKVGTG /GFCKNNGP OKV $G\WI \W -TQPRTKP\ 9KNJGNO HKPFGP 5KG WPVGT FGP 0TP WPF

24'755'0 70& &'4 '456' 9'.6-4+')

2500

5KNDGTOGFCKNNG XQP 4 $CEJOCPP CWH FKG 8GTPKEJVWPI FGT GPINKUEJGP 2CP\GTMTGW\GT #DQWMKT *QIWG WPF %TGUU[ FWTEJ FCU FGWVUEJG 7PVGTUGGDQQV 7 WPVGT FGO -QOOCPFQ FGU -CRKVÂ·PNGWVPCPVU 1VVQ 9GFFKIGP

*GTHQTF Ã&#x201C; 0QTFUGG $TWUVDKNF FGU 7 $QQV -QOOCPFCPVGP 9GFFKIGP X X KP 7PKHQTO 8QP 6QTRGFQ IGVTQHHGPGT UKPMGPFGT 2CP\GTMTGW\GT FCJKPVGT \YGK YGKVGTG -TKGIUUEJKHHG /KV \YGK 4CPFRWP\GP -QRH WPF $NCVV OO I <GV\OCPP -N -TCV\GT HCUV XQT\Ã&#x2019;INKEJ

2501

2502

5KNDGTOGFCKNNG XQP / <KGINGT CWH FKG 8GTPKEJVWPI FGT GPINKUEJGP 2CP\GTMTGW\GT #DQWMKT *Q IWG WPF %TGUU[ FWTEJ FCU FGWVUEJG 7PVGTUGGDQQV 7 WPVGT FGO -QOOCPFQ FGU -CRKVÂ·PNGWVPCPVU 1VVQ 9GFFKIGP

*GTHQTF Ã&#x201C; 0QTFUGG $TWUVDKNF FGU 7 $QQV -QOOCPFCPVGP 9GFFKIGP X X KP 7PKHQTO 8QP 6QTRGFQ IGVTQHHGPGT UKPMGPFGT 2CP\GTMTGW\GT FCJKPVGT \YGK YGKVGTG -TKGIUUEJKHHG /KV 4CPFRWP\G 5+.$'4 OO I <GV\OCPP /CVVKGTVGU XQT\Ã&#x2019;INKEJGU 'ZGORNCT

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -Ã&#x2019;PMGT 1UPCDTÃ&#x2019;EM 0T

5KNDGTOGFCKNNG XQP # *WOOGN CWH FKG $GHTGKWPI 1UVRTGWÂGPU WPVGT FGT (Ã&#x2019;JTWPI FGU )GPGTCN HGNFOCTUEJCNNU 2CWN XQP *KPFGPDWTI WPF $GPGEMGPFQTHH

2QUGP Ã&#x201C; 0GWFGEM $TWUVDKNF *KP FGPDWTIU X X KP 7PKHQTO 0CEMVGT -TKGIGT OKV GTJQDGPGO 5EJYGTV UVGJV N XQT KJO NKGIV FGT TWUUKUEJG $Â·T CWH FGO 4Ã&#x2019;EMGP OO I <GV\OCPP 8QT\Ã&#x2019;INKEJ

169

2503

2504

5KNDGTOGFCKNNG XQP / <KGINGT CWH FKG 5GGUEJNCEJV DGK 5CPVC /CTKC WPVGT FGT (ÒJTWPI FGU #FOK TCNU /CZKOKNKCP )TCH XQP 5RGG

-QRGPJCIGP Ó (CNMNCPFKPUGNP $TWUVDKNF XQP 5RGGU HCUV X X KP 7PKHQTO &GWVUEJGT 2CP\GTMTGW\GT WPF \YGK UKPMGPFG GPINKUEJG -TGW\GT CWH 5GG /KV 4CPFRWP\G 5+.$'4 OO I <GV\OCPP 8QT\ÒINKEJp5VGORGNINCP\

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

5KNDGTOGFCKNNG XQP / <KGINGT CWH FGP 7PVGTICPI FGT 5 / 5 'OFGP $TWUVDKNF FGU -CRKV·PU FGU -TGW\GTU -CTN XQP /ÒNNGT

*CPPQXGT Ó $NCPMGPDWTI JCNDN KP 7PKHQTO &KG 5 / 5 'OFGP CWH 5GG WPVGP FCU 5VCFVYCRRGP XQP 'OFGP /KV 4CPFRWP\G 5+.$'4 OO I <GV\OCPP /CVVKGTVGU XQT\ÒINKEJGU 'ZGORNCT

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2505

5KNDGTOGFCKNNG XQP # *WOOGN CWH FKG *GNFGP XQP 6UKPIVCW 0CEMVGT -TKGIGT OKV -TKGIUHNCIIG WPF 5EJYGTV UVGJV PGDGP GKPGO CO $QFGP NKGIGPGP )GHCNNGPGP 5GEJU <GKNGP 5EJTKHV KP 'KEJGPMTCP\ /KV 4CPFRWP\G 5+.$'4 OO I <GV\OCPP 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

0CEJ FGT LCRCPKUEJGP -TKGIUGTMN·TWPI CP FCU &GWVUEJG 4GKEJ XQO #WIWUV XGTVGKFKIVG FKG TWPF /CPP UVCTMG FGWVUEJG )CTPKUQP WPVGTUVÒV\V XQP XKGT -CPQPGPDQQVGP GKPGO 6QTRGFQDQQV WPF FGO ÌUVGTTGKEJKUEJGP -TGW\GT -CKUGTKP 'NKUCDGVJ FKG (GUVWPI 6UKPIVCW GTHQNITGKEJ DKU \WT 'TUEJÌRHWPI FGT 8GTVGKFKIWPIUOKVVGN IGIGP FKG /CPP UVCTMGP LCRCPKUEJGP WPF DTKVKUEJGP XQP UVCTMGP /CTKPGGKPJGKVGP WPVGTUVÒV\VGP $GNCIGTWPIUVTWRRGP 'TUV CO 0QXGODGT WPVGT\GKEJPGVG FGT )QWXGTPGWT -CRKV·P \WT 5GG /G[GT 9CNFGEM FKG -CRKVWNCVKQP <W FGO GJGOCNKIGP FGWVUEJGP 2CEJVIGDKGV WPF (NQVVGPUVÒV\RWPMV KP %JKPC IGJÌTVGP FKG $WEJV XQP -KCWVUEJQW FKG *CNDKPUGN 6UKPIVCW WPF FKG *CNDKPUGN *CK UK &GT 6GZV KO 8QTFGTUGKVGPHGNF FKGUGT /GFCKNNG YCT KP FGO 6GNGITCOO \W NGUGP FCU FGT )QWXGTPGWT /G[GT 9CNFGEM DGK $GIKPP FGT $GNCIGTWPI 6UKPIVCWU CP -CKUGT 9KNJGNO ++ UCPFVG '+056'*' (ª4 2(.+%*6'4(ª..70) $+5 <7/ 755'456'0

2507 2506

5KNDGTOGFCKNNG XQP # .ÌYGPVCN CWH FKG 5KGIG FGU )GPGTCNHGNFOCTUEJCNNU #WIWUV XQP /CEMGPUGP

*CWU .GKRPKV\ -TGKU 9KVVGPDGTI Ó $WTIJQTP -TGKU %GNNG KP )CNK\KGP $TWUVDKNF XQP /CEMGPUGPU X X KP 7PKHQTO 0CEMVG O·PPNKEJG )GUVCNV \YKPIV GKPGP 5VKGT CP FGP *ÌTPGTP \W $QFGP /KV \YGK 4CPFRWP\GP &5 WPF 5+.$'4 OO I <GV\OCPP 8QT\ÒINKEJ

5KNDGTOGFCKNNG XQP # *WOOGN CWH FGP 5KGI CO 5MCIGTTCM WPVGT FGT (ÒJTWPI FGU #FOKTCNU 4GKPJCTF 5EJGGT

1DGTPMKTEJGP Ó /CTMVTGFYKV\ $TWUVDKNF 5EJGGTU HCUV X X KP 7PKHQTO &CTUVGNNWPI FGT 5GGUEJNCEJV /KV 4CPFRWP\G 5+.$'4 OO I <GV\OCPP 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

170

2506

24'755+5%*' 2'45¤0.+%*-'+6'0 (ÒTUV 1VVQ XQP $KUOCTEM 5EJÌPJCWUGP Ó (TKGFTKEJUTWJ &GWVUEJGT 4GKEJMCP\NGT

2508

5KNDGTPGU /GFCKNNQP 9GTMUVCVV /C[GT 5VWVVICTV OQFGNNKGTV XQP * &ÒTTKEJ CWH FKG 'KPYGKJWPI FGU 4GKEJUVCIUIGD·WFGU KP $GTNKP $TWUVDKNF XQP $KUOCTEMU N KP 7PKHQTO OKV *GNO N 'KEJGP WPF .QT DGGT\YGKI #PUKEJV FGU 4GKEJUVCIUIGD·WFGU OO I $GPPGTV /CTKGPD FQTV KP $TQP\G 8QT\ÒINKEJGU 2TCEJVGZGORNCT

171

2509

5KNDGTPGU /GFCKNNQP 9GTMUVCVV /C[GT 5VWVVICTV OQFGNNKGTV XQP %JTKUVCNNGT CWH UGKPGP 6QF $TWUVDKNF FGU 5VCCVUOCPPGU N KP 7PKHQTO OKV *GNO WOJGT 'KEJGPMTCP\ FGT OKV FTGK /GFCKNNQPU DGNGIV KUV 1DGP FCU LWIGPFNKEJG $TWUVDKNF $KUOCTEMU N $KUOCTEM CWH FGT 4GFPGTVTKDÃ&#x2019;PG T $KUOCTEM OKV -CK UGT 9KNJGNO ++ WPVGT FGO $TWUVDKNF DGHKPFGV UKEJ FCU (COKNKGPYCRRGP \YKUEJGP .QTDGGT\YGKIGP 4GKEJUCFNGT OKV 9CRRGPUEJKNF WPF 1TFGPUMGVVG CWH FGT $TWUV WOJGT .QTDGGT\YGKIG FKG OKV FTGK /G FCKNNQPU DGNGIV UKPF FKG FKG $TWUVDKNFGT 9KNJGNOU ++ 9KNJGNOU + WPF (TKGFTKEJU +++ \GKIGP WPVGP -TQPG OO I $GPPGTV /CTKGPD FQTV KP 9GKÂOGVCNN /CVVKGTVGU 'ZGORNCT 9KP\ 4CPFHGJNGT HCUV 5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP #FQNRJ *GUU #) <Ã&#x2019;TKEJ 0T

172

2510

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH UGKPGP )GDWTVUVCI $TWUVDKNF FGU 5VCCVUOCP PGU N KP 7PKHQTO OKV *GNO #PUKEJV FGT $KUOCTEM 5·WNG OKV FGT 4GKEJUMTQPG CO 5QEMGN /KV 4CPF RWP\G 5+.$'4 OO I $GPPGTV /CTKGPD <GV\OCPP /CVVKGTVGU 'ZGORNCT XQT\ÒINKEJ 2CWN XQP *KPFGPDWTI WPF $GPGEMGPFQTHH 2QUGP Ó 0GWFGEM )GPGTCNHGNFOCTUEJCNN WPF 4GKEJURT·UKFGPV

2511

5KNDGTOGFCKNNG XQP 1 )NÌEMNGT CWH FKG 'KPYGKJWPI FGU 6CPPGPDGTIFGPMOCNU -QRH N #PUKEJV FGU 6CPPGPDGTIFGPMOCNU OO I 8QT\ÒINKEJ *GNOWVJ -CTN $GTPJCTF XQP /QNVMG 2CTEJKO Ó $GTNKP 2TGWKUEJGT )GPGTCNHGNFOCTUEJCNN

2513

2512

5KNDGTOGFCKNNG XQP . 2WNUV CWH UGKPGP )GDWTVUVCI $TWUVDKNF XQP /QNVMGU N KP 7PKHQTO 8KEVQTKC OKV .QTDGGT WPF 2CNO\YGKI UEJYGDV X X ÒDGT 6TQRJ·GP OO I /CTKGPD

FQTV KP $TQP\G -N 4CPFHGJNGT XQT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

5KNDGTOGFCKNNG XQP # -TÒIGT CWH UGKPGP )GDWTVUVCI $TWUVDKNF XQP /QNVMGU T KP 7PK HQTO )GMTÌPVGU 9CRRGP KP .QTDGGTMTCP\ OO I /CTKGPD 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI (CUV 5VGORGNINCP\

'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

173

24'755+5%*' 56 &6' /CTKGPDWTI

2515

2514

5KNDGTOGFCKNNG 9GTMUVCVV .CWGT 0ÒTPDGTI CWH FKG 'KPYGKJWPI FGU PGWGP 4CVJCWUGU #PUKEJV FGU CNVGP 4CVJCWUGU #PUKEJV FGU PGWGP 4CVJCWUGU OO I 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP *GKPTKEJ 9KPVGT &ÒUUGNFQTH 0T

2516

6TCIDCTG 5KNDGTOGFCKNNG WPUKIPKGTV CWH FCU YGUVRTGWKUEJG $WPFGUUEJKGGP 5EJÒV\G OKV #TODTWUV T KP 'KEJGPMTCP\ 5VCFVCPUKEJV FCTWPVGT FCU 5VCFVYCRRGP CWH 'KEJGP\YGKIGP OO I 5GJT UEJÌP

/CTKGPYGTFGT

2517

174

8GTIQNFGVG $TQP\GOGFCKNNG WPUKIPKGTV CWH FCU ,WDKN·WOUUEJKGGP CPN·NKEJ FGU L·JTKIGP $G UVGJGPU FGT 5EJÒV\GPIKNFG 9KPTKEJ XQP -PKRTQFG )GJCTPKUEJVGU *ÒHVDKNF 9KPTKEJU XQP -PKRTQFG *QEJOGKUVGT FGU &GWVUEJGP 1TFGPU X X OKV *GNO 5EJYGTV WPF 5EJKNF 5KGDGP <GKNGP 5EJTKHV FCTWP VGT 'KEJGP\YGKIG OO 5NI 2GNV\GT 8QT\ÒINKEJ

2518

5KNDGTOGFCKNNG Q , ITCXKGTV WPUKIPKGTV XQP ( 9 -WNNTKEJ \WT 'TKPPGTWPI CP FKG 5KNDGTJQEJ \GKV UGKPGU )TQXCVGTU 2TKP\ 9KNJGNO CD 9KNJGNO + WPF FGT 2TKP\GUUKP #WIWUVC XQP 5CEJUGP 9GKOCT 'KUGPCEJ KO ,CJTG /KV ITCXKGTVGT 9KFOWPI FGT .QIG <WT )QNFGPGP *CTHG KP /CTKGP YGTFGT HÒT / )TWJN WPF )CVVKP IGD 4QJTDGEM \WT 5KNDGTJQEJ\GKV $ÒUVGP 9KNJGNOU WPF UGKPGT )GOCJNKP #WIWUVC PGDGPGKPCPFGT T .CWDMTCP\ FCTKP <GKNGP ITCXKGTVG 5EJTKHV OO I *<% 8+++ WPITCXKGTV 5QOOGT - FQTV CPFGTG )TCXWT 8QT\ÒINKEJ

&KG XQTNKGIGPFG /GFCKNNG YWTFG QHHGPUKEJVNKEJ CWUUEJNKGNKEJ CP .QIGPOKVINKGFGT \WT 5KNDGTPGP *QEJ\GKV XGTUEJGPMV WPF \YCT DKU KP FKG GT ,CJTG FGU ,CJTJWPFGTVU JKPGKP &KG GPVURTGEJGPFG 9KFOWPI YWTFG KP FCU HTGKG (GNF GKP ITCXKGTV

2520

2519

6TCIDCTG XGTUKNDGTVG $TQP\GOGFCKNNG WPUKIPKGTV CWH FCU 8++ YGUVRTGWKUEJG 2TQXKP\KCNUEJKGGP FGT 5EJÒV\GPIKNFG 9KPTKEJ XQP -PKRTQFG KP /CTKGPYGTFGT 8GT\KGTVGT 9CRRGPUEJKNF FCJKPVGT \YGK IG MTGW\VG )GYGJTG WPVGP IGMTGW\VG 'KEJGP\YGKIG 5KGDGP <GKNGP 5EJTKHV ÒDGT IGMTGW\VGP 'KEJGP\YGKIGP OO 5NI 2GNV\GT 8QT\ÒINKEJ

6TCIDCTG 5KNDGTOGFCKNNG 9GTMUVCVV 1GTVGN $GTNKP CWH FKG 'KPYGKJWPI FGT 5EJKGUV·PFG FGT 5EJÒV\GPIKNFG 9KPTKEJ XQP -PKRTQFG KP /CTKGPYGTFGT 9CRRGPUEJKNF CWH 'KEJGPNCWD 'KEJGPMTCP\ OKV 5EJÒV\GPJWV )GYGJT WPF 9CRRGPUEJKNF NGJPGP CP 'KEJGPUVCOO OO I /KV CPIGNÌVGVGT ¤UG XQT\ÒINKEJ

5VGVVKP

2521

5KNDGTOGFCKNNG Q , XQP ' 9GKICPF WPF ( 9 -WNNTKEJ CWH FKG 2HGTFG .QVVGTKG KP 5VGVVKP /KV /CW GTMTQPG DGNGIVGT 9CRRGPUEJKNF XQP 5VGVVKP 5KV\GPFG YGKDNKEJG )GUVCNV OKV XGTDWPFGPGP #WIGP \W FGP 5GKVGP LG GKP -KPF OKV .QVVGTKG .QUGP FCJKPVGT J·NV GKPG O·PPNKEJG )GUVCNV GKP 2HGTF OO I /CTKGPD 5QOOGT - WPF 9 8QT\ÒINKEJ

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

175

&'765%*' 56##6'0 &#5 )4155*'4<1)67/ $#&'0 )TQJGT\QI (TKGFTKEJ + WPF UGKPG )GOCJNKP .WKUG 6QEJVGT 9KNJGNOU + XQP 2TGWGP (TKGFTKEJ + IGDQTGP CO KP -CTNUTWJG YCT FGT \YGKVG 5QJP FGU )TQJGT\QIU .GQRQNF 0CEJ 5VWFKGP KP $QPP WPF *GKFGNDGTI VTCV GT FKG 4GIGPVUEJCHV HÒT UGKPGP ·NVGTGP IGKUVGUMTCPMGP $TWFGT .WFYKI ++ IGUVQTDGP CP WPF ÒDGTPCJO GPFIÒNVKI FKG 4GIKGTWPI 0CEJ UGKPGT *QEJ\GKV OKV .WKUG FGT 6QEJVGT FGU UR·VGTGP RTGWKUEJGP -ÌPKIU 9KNJGNO + CO 5GRVGODGT WPVGTUVÒV\VG GT FKG 'KPKIWPI &GWVUEJNCPFU WPVGT RTGWKUEJGT (ÒJTWPI &CDGK XGTUWEJVG GT UGKPG NKDGTCNGP #PUKEJVGP CWEJ KP 2TGWGP FWTEJ\WUGV\GP YQDGK GT KO 'KPMNCPI OKV UGKPGO 5EJYCIGT FGO UR·VGTGP -CKUGT (TKGF TKEJ +++ UVCPF 9GKN )TQJGT\QI (TKGFTKEJ + FKG 2QNKVKM $KUOCTEMU GPVUEJKGFGP CDNGJPVG YCPFVG GT UKEJ KO FGWVUEJ FGWVUEJGP -TKGI IGIGP FKG (COKNKG UGKPGT )GOCJNKP FGT ÌUVGTTGKEJKUEJGP 5GKVG \W UEJNQ CDGT UQHQTV PCEJ FGT 0KGFGTNCIG DGK -ÌPKIIT·V\ GKP 5EJWV\ WPF 6TWV\DÒPFPKU OKV 2TGWGP FCU KO 'TPUVHCNN FGP 1DGTDGHGJN FGU RTGWKUEJGP ÒDGT FCU DCFKUEJG *GGT DGFGWVGVG $GK FGP 8GTJCPFNWPIGP ÒDGT FKG 4GKEJUITÒPFWPI YKTMVG FGT )TQJGT\QI GPVUEJGKFGPF CWH FKG FGWVUEJGP XQT CNNGO FKG UÒFFGWVUEJGP (ÒTUVGP KO 5KPPG UGKPGU 5EJYKGIGTXCVGTU GKP WPF DTCEJVG DGK FGT -CKUGTRTQMNCOCVKQP FCU *QEJ CWH 9KNJGNO + CWU 0KEJV XGTICPIGP YCT LGFQEJ FKG #DPGKIWPI (TKGFTKEJU + IGIGP $KUOCTEM CP FGUUGP 5VWT\ FWTEJ UGKPGP 0GHHGP 9KNJGNO ++ GT DGVGKNKIV YCT 0CEJ FGT 4GKEJUITÒPFWPI YKFOGVG UKEJ (TKGFTKEJ + YGKVIGJGPF FGT -WNVWT WPF FGP 9KUUGPUEJCHVGP KP UGKPGO .CPF WPF HÌTFGTVG KPUDGUQPFGTG FGP #WUDCW FGT 7PKXGTUKV·VGP WPF *QEJUEJWNGP #O UVCTD (TKGFTKEJ + KO #NVGT XQP ,CJTGP CWH FGT +PUGN /CKPCW

2522

5KNDGTOGFCKNNG XQP , - (KUEJGT CWH UGKPG 8GTO·JNWPI OKV .WKUG XQP 2TGWGP $ÒUVGP FGU 2CC TGU PGDGPGKPCPFGT T *[OGP WPF 'TQU OKV *QEJ\GKVUHCEMGN -TCP\ $QIGP 2HGKN WPF -ÌEJGT UEJYGDGP N OO I /CTKGPD 9KGNCPFV <GKV\ 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI

2523

1XCNG 5KNDGTOGFCKNNG XQP - 5EJYGP\GT CWH UGKPG 5KNDGTJQEJ\GKV OKV .WKUG XQP 2TGWGP $TWUV DKNFGT FGU 2CCTGU PGDGPGKPCPFGT N )GMTÌPVG -CTVWUEJG FCTKP GKP /GFCKNNQP OKV FGP ,CJTGU\CJNGP WPF FKG CPGKPCPFGTIGNGJPVGP 9CRRGPUEJKNFG XQP $CFGP WPF 2TGWGP FCTWPVGT IGHNÒIGNVGT 'PIGNU MQRH ÒDGT -TCP\ FCTKP FKG KPGKPCPFGT XGTUEJNWPIGPGP /QPQITCOOG FGU 2CCTGU OO I /CTKGPD 9KGNCPFV <GKV\ 2TCEJVGZGORNCT XQP RQNKGTVGP 5VGORGNP 5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP &T $WUUQ 2GWU 0CEJH (TCPMHWTV /CKP 0T

)NGKEJ\GKVKI OKV FGT 5KNDGTPGP *QEJ\GKV XQP (TKGFTKEJ WPF .WKUG CO 5GRVGODGT YWTFGP FKG L·JTKIG 4GIKG TWPIU\GKV (TKGFTKEJU CNU )TQJGT\QI WPF FKG 8GTO·JNWPI UGKPGT 6QEJVGT 8KMVQTKC OKV FGO -TQPRTKP\GP )WUVCX XQP 5EJYGFGP WPF 0QTYGIGP IGHGKGTV 7PVGT FGP (GUVI·UVGP YCTGP -CKUGT 9KNJGNO + -TQPRTKP\ (TKGFTKEJ 9KNJGNO XQP 2TGWGP WPF FCU UEJYGFKUEJG -ÌPKIURCCT

176

&#5 *'4<1)67/ $4#705%*9'+) *GT\QI 'TPUV #WIWUV 5EJYKGIGTUQJP 9KNJGNOU ++ XQP 2TGWGP 'TPUV #WIWUV %JTKUVKCP )GQTI 0QXGODGT YCT FGT 5QJP FGU *GT\QIU 'TPUV #WIWUV XQP %WODGTNCPF *GT\QI XQP $TCWPUEJYGKI WPF .ÒPGDWTI WPF FGUUGP )GOCJNKP 6J[TC 2TKP\GUUKP XQP &· PGOCTM 'T XGTO·JNVG UKEJ CO /CK OKV 8KMVQTKC .WKUG 6QEJVGT -CKUGT 9KNJGNOU ++ WPF FGU UGP )GOCJNKP #WIWUVG 8KMVQTKC XQP 5EJNGUYKI *QNUVGKP 1DYQJN FGT 2TKP\ FGT MÌPKINKEJ JCPPQXGTUEJGP .KPKG GPVUVCOOVG MQPPVG GT PCEJ FGT *GKTCV OKV FGT RTGWKUEJGP 2TKP\GUUKP FKG 0CEJHQNIG KP $TCWP UEJYGKI CPVTGVGP +O 0QXGODGT OWVG GT CDFCPMGP 'T UVCTD CO ,CPWCT CWH 5EJNQ /C TKGPDWTI &KG 'JGUEJNKGWPI CWH FKG UKEJ WPUGT 5VÒEM DG\KGJV VTWI YGUGPVNKEJ \WT #WUUÌJPWPI \YK UEJGP FGP 9GNHGP WPF FGP *QJGP\QNNGTP DGK JCVVG 2TGWGP FCU -ÌPKITGKEJ *CPPQXGT CPPGMVKGTV

2524

5KNDGTOGFCKNNG XQP 4 2NCEJV CWH UGKPG 8GTO·JNWPI OKV 8KMVQTKC .WKUG XQP 2TGWGP $GKFGT $TWUVDKNFGT PGDGPGKPCPFGT T 7PVGT GKPGT -TQPG FKG 9CRRGPUEJKNFG XQP 'PINCPF *CPPQXGT WPF 2TGW GP WOJGT 4QUGP\YGKIG FKG WPVGP FWTEJ \YGK 'JGTKPIG IGUVGEMV UKPF OO I $TQEMOCPP /CTKGPD \W 8QT\ÒINKEJ

&#5 -#+5'44'+%* ¤56'44'+%* -CKUGT (TCP\ ,QUGH +

2525

1,5:1

5KNDGTOGFCKNNG WPUKIPKGTV CWH UGKPG #PYGUGPJGKV DGK FGT )TQL·JTKIMGKVUGTMN·TWPI FGU FGWVUEJGP -TQPRTKP\GP 9KNJGNO 5QJP 9KNJGNOU ++ CO /CK -QRH T OKV .QTDGGTMTCP\ 0GWP <GKNGP 5EJTKHV ÒDGT \YGK IGMTGW\VGP 'KEJGP\YGKIGP OO I /CTKGPD FQTV KP $TQP\G 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI

'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

177

'7412 +5%*' 56##6'0 &#5 8'4'+0+)6' -¤0+)4'+%* )4155$4+6#00+'0 -ÌPKIKP 8KEVQTKC 5EJYKGIGTOWVVGT (TKGFTKEJU +++ WPF )TQOWVVGT 9KNJGNOU ++ XQP 2TGWGP

2526

5KNDGTPGU /GFCKNNQP XQP $ 2KUVTWEEK CWH KJTG -TÌPWPI CO ,WPK $ÒUVG N OKV &KCFGO 8KGT <GKNGP 5EJTKHV FCTWPVGT ,CJTGU\CJN OO I 'KOGT 9KP\ -TCV\GT XQT\ÒINKEJ

$GPGFGVVQ 2KUVTWEEK YWTFG KP 4QO IGDQTGP GT UVCTD KP FGT 0·JG XQP 9KPFUQT 'T CTDGKVGVG ÒDGT NCPIG ,CJTG JKPYGI \WP·EJUV CNU 5VGKPUEJPGKFGT KP 4QO 2CTKU WPF .QPFQP +O ,CJTG YWTFG GT CP FGT MÌPKINKEJGP /ÒP\G KP .QPFQP CNU 'TUVGT 5VGORGNUEJPGKFGT CPIGUVGNNV WPF YCT FQTV KP FKGUGT 5VGNNWPI DKU DGUEJ·HVKIV 5R·VGT YCT GT FQTV DKU CWUUEJNKGNKEJ CNU /GFCKNNGWT V·VKI WPF FWTHVG FCPGDGP CWEJ CWH GKIGPG 4GEJPWPI -COGQU WPF )GOOGP UEJPGKFGP

2527

178

5KNDGTOGFCKNNG XQP %JT 5EJPKV\URCJP WPF , 9KGPGT CWH FKG 9GNVCWUUVGNNWPI KP .QPFQP $ÒUVG FGU +PKVKCVQTU FGT #WUUVGNNWPI 2TKP\ #NDGTV N #PUKEJV FGU #WUUVGNNWPIUIGD·WFGU OO I #WIWUVKP 'KOGT -N 4CPFHGJNGT WPF -TCV\GT XQT\ÒINKEJ

2528

5KNDGTOGFCKNNG XQP ) 9 FG 5CWNNGU PCEJ 6 $TQEM CWH KJT L·JTKIGU 4GIKGTWPIULWDKN·WO NVG TGU $TWUVDKNF 8KEVQTKCU N OKV 9KVYGPUEJNGKGT ,WPIG $ÒUVG 8KEVQTKCU N \YKUEJGP +PUEJTKHV FCTWPVGT .QT DGGT\YGKIG OO I 'KOGT C +P 1TKIKPCNGVWK 8QT\ÒINKEJ

&+' 8'4'+0+)6'0 0+'&'4.#0&' #$ -¤0+)4'+%* &'4 0+'&'4.#0&'

2529

5KNDGTPGU /GFCKNNQP XQP , XCP &KUJQGEMG CWH FGP (TKGFGP XQP 0KLOGIGP 5VCFVCPUKEJV XQP 0KLOGIGP WPF FGT (GUVWPI -PQVUGPDWTI KO 8QTFGTITWPF UKEJ DGITÒGPFG )GUCPFVG WPVGT KJPGP FGT )G UCPFVG XQP $TCPFGPDWTI QDGP 5VCFVYCRRGP \YKUEJGP 2CNO\YGKIGP WPF 5RTWEJDCPF 2CZ OKV 2CNOYG FGN WPF 5EJNCPIGPTKPI FCU 5[ODQN FGT 'YKIMGKV UVGJV KPOKVVGP FGT UKGDGP PKGFGTN·PFKUEJGP 9CRRGP CWH 9CHHGP KO *KPVGTITWPF FCU QHHGPG /GGT OKV 5GIGNUEJKHHGP OO I 2CZ KP 0WOOKU X .QQP +++ 5 44 2TCEJVGZGORNCT OKV JGTTNKEJGT 2CVKPC (CUV 5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

179

2530

5KNDGTPGU /GFCKNNQP Q , XGTOWVNKEJ XQP , 4QVVKGT CWH FGP (TKGFGP XQP 0KLOGIGP &KG RGTUQ PKHK\KGTVG 'KVGNMGKV DGVTCEJVGV UKEJ KO 5RKGIGN KP FGT .KPMGP J·NV UKG GKP 5GKN CP FGO UKG (QTVWPC OKV XGT DWPFGPGP #WIGP HÒJTV KO *KPVGTITWPF 5EJKHH CWH 5GG 5VCFVCPUKEJV XQP 0KLOGIGP FCXQT \YGK 2CNOGP CP FGPGP FKG 9CRRGPUEJKNFG FGT CP FGO (TKGFGP DGVGKNKIVGP .·PFGT CPIGDTCEJV UKPF KO 8QTFGTITWPF NKGIGP 9CHHGP OO I 2CZ KP 0WOOKU X .QQP +++ 5 44 2TCEJVGZGORNCT OKV HGKPGT 2CVKPC (CUV 5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

2531

5CVKTKUEJG 5KNDGTOGFCKNNG Q , PCEJ WPUKIPKGTV CWH FKG 7PVGTFTÒEMWPI FGT 2TQVGUVCPVGP KP (TCPM TGKEJ KPHQNIG FGU 4GXQNWVKQPUGFKMVGU XQP (QPVCKPGDNGCW FKG \WT (NWEJV FGT *WIGPQVVGP KPU HTCP\Ì UKUEJG #WUNCPF HÒJTVGP &GT 2CRUV OKV $NKV\ KP FGT 4GEJVGP WPF IGMTGW\VGP 5EJNÒUUGNP KP FGT .KPMGP UKV\V TKVVNKPIU CWH GKPGO OGJTMÌRHKIGP 7PVKGT FCU ÒDGT GKPGP /CPP GKPG (TCW WPF GKP -KPF JGTH·NNV \W FGP 5GKVGP UVGJGP GKP &TCIQPGT WPF GKP ,GUWKV 'KP &CTCIQPGT \W 2HGTF HÒJTV GKPKIG 4GHQTOKGTVG CP GKPGO 5VTKEM \WT )CNGGTG FCU 2HGTF UEJNGKHV GKPG PCEMVG (TCW JKPVGT UKEJ JGT N )CNIGP T CO $QFGP NKGIGPFG OKV -GVVGP IGHGUUGNVG O·PPNKEJG .GKEJG FKG XQP GKPGO *WPF WPF GKPGO 4CDGP CPIGHTGUUGP YKTF KO *KPVGTITWPF T 2TQ\GUUKQP OO I %QNN (KGYGIGT X .QQP +++ 5 44 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI (CUV 5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP )GTJCTF *KTUEJ 0CEJH /ÒPEJGP 0T

180

'TDUVCVVJCNVGT 9KNJGNO 8 5EJYCIGT (TKGFTKEJ 9KNJGNOU +++ XQP 2TGWGP

2532

2534

2533

5KNDGTOGFCKNNG XQP , #DTCJCO CWH UGKPG 8GTO·JNWPI OKV (TKGFGTKMG 5QRJKG 9KNJGNOKPG XQP 2TGWGP &KG $ÒUVGP FGU 2CCTGU PGDGPGKPCPFGT T &GT RTGWKUEJG #FNGT OKV 2GTNG KO 5EJPCDGN ÒDGT UKV\GPFGT *QNNCPFKC OKV .ÌYGPUEJKNF WPF (NÒIGNUVCD \W KJTGP (ÒGP FKG 5EJ·V\G +PFKGPU OO I *QHHOCPP 1NF 8GTX X .QQP (CUV XQT\ÒINKEJGU 'ZGORNCT OKV UEJÌPGT 6ÌPWPI

'ZGORNCT FGT #WMVKQP 4KGVFKLM &GP *CCI 5EJGXGPKPIGP 0T

5KNDGTOGFCKNNG XQP , ) *QNV\JG[ CWH UGKPG 8GTO·JNWPI OKV (TKGFGTKMG 5QRJKG 9KNJGNOKPG XQP 2TGWGP &KG $ÒUVGP FGU 2CCTGU GKPCPFGT IGIGPÒDGT &KG 9CRRGPUEJKNFG FGT 8GTO·JNVGP PGDGPGKPCPFGT CWH #NVCT FCJKPVGT FGT JQNN·PFKUEJG .ÌYG N OKV 2HGKNDÒPFGN KO 8QTFGTITWPF T UEJYGDGPFGT *[OGP OKV (CEMGN FGT OKV FGT 4GEJVGP FKG 9CRRGPUEJKNFG J·NV QDGP FGT IGMTÌPVG RTGWKUEJG #FNGT OKV -TCP\ WPF <GRVGT FCTÒDGT UVTCJNGPFGU #WIG OO I 1NF 8GTX X .QQP 2TCEJVGZGORNCT (CUV 5VGORGNINCP\

5KNDGTOGFCKNNG XQP ) XCP /QGNKPIGP CWH UGKPG 8GTO·JNWPI OKV (TKGFGTKMG 5QRJKG 9KNJGNOKPG XQP 2TGWGP &KG $TWUVDKNFGT FGU 2CCTGU PGDGPGKPCPFGT T #NVCT FGT OKV XGTUEJKGFGPGP 5KPPDKNFGTP IGUEJOÒEMV KUV FCTÒDGT UEJYGDGP \YGK )GPKGP OKV \YGK DTGPPGPFGP *GT\GP -TCP\ WPF -TQPG OO I 1NF 8GTX X .QQP #PO 4 (CUV XQT\ÒINKEJGU 'ZGORNCT OKV NGKEJVGT 2CVKPC

-ÌPKI 9KNJGNO +

2535

5KNDGTOGFCKNNG XQP , , ) 5VKGTNG CWH UGKPG 8GTO·JNWPI OKV (TKGFGTKMG .WKUG 9KNJGNOKPG XQP 2TGWGP $GKFGT $TWUVDKNFGT PGDGPGKPCPFGT N $QTWUUKC WPF *QNNCPFKC QRHGTP CP HNCOOGPFGO #NVCT FCTCP NGJPGP FKG IGMTÌPVGP 9CRRGP XQP 2TGWGP WPF FGP 0KGFGTNCPFGP OO I /CTKGPD 8GTX X .QQP -N -TCV\GT XQT\ÒINKEJ 'ZGORNCT FGT #WMVKQP &T $WUUQ 2GWU 0CEJH (TCPMHWTV /CKP 0T

(TKGFGTKMG .WKUG 9KNJGNOKPG Ó YCT FKG 6QEJVGT (TKGFTKEJ 9KNJGNOU ++ CWU \YGKVGT 'JG 9KNJGNO (TKGFTKEJ Ó UR·VGT -ÌPKI 9KNJGNO + FGT 0KGFGTNCPFG YCT XQP CWEJ )TQJGT\QI XQP .WZGODWTI

181

2537

2536

2TKP\ (TKGFTKEJ Ó1881, \YGKVGT 5QJP FGU PKGFGTN·PFKUEJGP -ÌPKIU 9KNJGNO + $TWFGT FGU PKGFGTN·PFKUEJGP -ÌPKIU 9KNJGNO ++

2538

5KNDGTOGFCKNNG XQP * )WDG CWH UGKPG 8GTO·JNWPI OKV .WKUG #WIWUVG 9KNJGNOKPG #OCNKG XQP 2TGWGP $GKFGT $TWUVDKNFGT PGDGPGKPCPFGT T 'KPG YGKDNKEJG )GUVCNV UEJYGDV T WPF UVTGWV $NWOGP PGDGP KJT #OQT OKV (CEMGN OO I $QN\GPVJCN /CTKGPD 8QT\ÒINKEJ 5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

21.0+5%*' .'*'05*1*'+6 70& &'765%*'5 $ª4)'467/ &+' 56 &6' &#0<+) 70& 6*140 &KG 5VCFV &CP\KI

5KNDGTOGFCKNNG Q , XQP , *ÌJP CWH FGP 9CHHGPUVKNNUVCPF OKV 5EJYGFGP KP 5VWJOUFQTH (KFGU WPF 2KGVCU TGKEJGP UKEJ FKG *·PFG KO *KPVGTITWPF 5VCFVCPUKEJV XQP &CP\KI QDGP UVTCJNGPFGT 0COG ,GJQXCU ,WUVKVKC OKV DGD·PFGTVGO 5EJYGTV WPF 2CZ OKV %CFWEGWU ¤N WPF 2CNO\YGKI WOCTOGP GKP CPFGT FCXQT 5EJTKHVVCHGN OO I &WVMQYUMK 5WEJCPGM XCT 2CZ KP 0WOOKU XCT 8QT\ÒINKEJGU 'ZGORNCT OKV UEJÌPGT 2CVKPC 'ZGORNCT FGT #WMVKQP #FQNRJ *GUU #) <ÒTKEJ 0T

5KNDGTOGFCKNNG Q , XQP 5 &CFNGT CWH FGP $GIKPP FGT (TKGFGPUXGTJCPFNWPIGP HÒT FGP 9GUVH· NKUEJGP (TKGFGP &KG -TKGIUIÌVVKP $GNNQPC M·ORHV OKV FGT (TKGFGPUIÌVVKP 2CZ WO FGP (TKGFGP CWH 'TFGP N GKPG 'TFMWIGN OKV /GTMWTUVCD 2CNO WPF ¤N\YGKI FKG XQP GKPGT *CPF FGP -·ORHGPFGP IGTGKEJV YKTF T FCU )QTIQPGKQP 5EJKNF FGT 2CNNCU #VJGPG OKV FGO )QTIQPGPJCWRV WPF GKPG .CP\G CP GKPGP ¤NDCWO IGNGJPV &KG (TKGFGPUIÌVVKP 2CZ UVGJV N CWH FGO CO $QFGP NKGIGPFGP -TKGIUIQVV /CTU KP FGT 4GEJVGP J·NV UKG GKPGP /GTMWTUVCD WPF FTGK JTGP KP FGT .KPMGP 2CNO .QTDGGT WPF ¤N\YGKI +O *KPVGTITWPF N GKPG .CPFUEJCHV XQT FGT 6JGOKU OKV 5EJYGTV WPF 9CCIG UVGJV T GKP RHNÒIGPFGT $CWGT WPF GKPG 5VCFVCPUKEJV XQT FGT #DWPFCPVKC OKV (ÒNNJQTP WPF ¤N\YGKI UVGJV OO I &GVJ 1TF 2CZ KP 0WOOKU 9KGEGM #PO 8QT\ÒINKEJGU 2TCEJVGZGORNCT 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

182

2539

5KNDGTOGFCKNNG XQP , *ÌJP CWH FGP $GUWEJ FGU RQNPKUEJGP -ÌPKIU ,QJCPP -CUKOKT KP FGT 5VCFV &CP\KI &KG RGTUQPKHK\KGTVG 'KPVTCEJV UVGJV X X \YKUEJGP \YGK DNÒJGPFGP 5VT·WEJGTP WPF J·NV CP HNCVVGTPFGP $N·VVGTP OKV FGT 4GEJVGP \YGK *GT\GP WPF OKV FGT .KPMGP FKG 9CRRGPUEJKNFG XQP 2QNGP WPF &CP\KI QDGP UEJYGDGP \YGK 'PIGN KP 9QNMGP WPF JCNVGP GKPG -TQPG )GMTÌPVGT #FNGT ÒDGT FGT 5VCFVCPUKEJV XQP &CP\KI KO *KPVGTITWPF QHHGPG 5GG OKV 5EJKHHGP QDGP UVTCJNGPFGT 0COG ,GJQXCU OO I &WVMQYUMK 5WEJCPGM C 8QT\ÒINKEJGU 'ZGORNCT OKV JGTTNKEJGT 2CVKPC

2540

5KNDGTPGU /GFCKNNQP Q , XQP , *ÌJP CWH FGP (TKGFGP XQP 1NKXC 9GKDNKEJG )GUVCNV MPKGV DG VGPF XQT GKPGO 1NKXGPDCWO KO *KPVGTITWPF 5VCFVCPUKEJV XQP &CP\KI T 5EJKHHG CWH 5GG N .CPFUEJCHV OKV RHNÒIGPFGP $CWGTP QDGP 5QPPG WPF /QPF KP 9QNMGP FC\YKUEJGP FGT UVTCJNGPFG 0COG ,GJQ XCU #PUKEJV FGU -NQUVGTU XQP 1NKXC KP .CPFUEJCHV KO *KPVGTITWPF FKG 6ÒTOG FGT 5VCFV &CP\KI QDGP \W FGP 5GKVGP LG GKP 'PIGN OKV .QTDGGT D\Y 2CNO\YGKI KP 9QNMGP GKP $CPF OKV XKGT *GT\GP

UVGNNXGTVTGVGPF HÒT 2QNGP 5EJYGFGP ¤UVGTTGKEJ WPF $TCPFGPDWTI JCNVGPF FCTÒDGT 6CWDG OKV ¤N\YGKI OO I &WVMQYUMK 5WEJCPGM C 44 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI 'ZGORNCT FGT #WMVKQP 7$5 $CUGN 0T

183

2541

5KNDGTPGU /GFCKNNQP Q , XQP , *ÌJP CWH FGP (TKGFGP XQP 1NKXC 5VCFVCPUKEJV OKV FGP (GUVWPIUYGTMGP WPF FGT 9GKEJUGN CWH FGT 5EJKHHG HCJTGP KO *KPVGTITWPF FKG 5GG FCTÒDGT YÌNDV UKEJ GKP 4GIGPDQIGP QDGP UVTCJNGPFG 5QPPG KP 9QNMGP KO 8QTFGTITWPF GKP WO\·WPVGU -QTPHGNF KP FGO 9CHHGP XGTDQTIGP NKGIGP <GKNGP 5EJTKHV FCTWPVGT JCNVGP \YGK .ÌYGP FCU IGMTÌPVG 5VCFVYCRRGP OO I &WVMQYUMK 5WEJCPGM C 44 2TCEJVGZGORNCT OKV HGKPGT 2CVKPC /KP 4CPFHGJNGT XQT\ÒINKEJp5VGORGNINCP\ 'ZGORNCT FGT #WMVKQP 7$5 $CUGN 0T

2542

184

5KNDGTPGU /GFCKNNQP WPUKIPKGTV CWH FKG ,CJTHGKGT FGU 5KGIGU FGT 5VCFV ÒDGT FKG 1TFGPUJGTT UEJCHV 5VCFVCPUKEJV OKV QHHGPGT 5GG KO *KPVGTITWPF FCTCWH 5EJKHHG KO 8QTFGTITWPF JCNVGP FGT IGMTÌPVG RTGWKUEJG #FNGT WPF FGT RQNPKUEJG #FNGT FCU 1TFGPUMTGW\ KP FGP (·PIGP <GKNGP 5EJTKHV FCTWPVGT JCNVGP \YGK .ÌYGP FCU 5VCFVYCRRGP OO I &WVMQYUMK 5WEJCPGM C 44 5GJT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

2543

5KNDGTPGU /GFCKNNQP XQP % 5 9GTOWVJ CWH FKG ,CJTHGKGT FGU &CP\KIGT )[OPCUKWOU )CTVGP OKV 5RTKPIDTWPPGP FCTKP XGTGFGNV GKP )·TVPGT GKPGP $CWO QDGP 5QPPGPUVTCJNGP 8KGT FWTEJ GKP $CPF XGTDWPFGPG 9CRRGPUEJKNFG FGT 8QTUVGJGT FGU )[OPCUKWOU FCTWPVGT HÒPH <GKNGP 5EJTKHV OO I &WVMQYUMK 5WEJCPGM 4 -N 4CPFHGJNGT CVVTCMVKXGU XQT\ÒINKEJGU 'ZGORNCT

2544

5KNDGTPGU /GFCKNNQP XQP , 2 .WVVOGT CWH FKG ,CJTHGKGT FGU (TKGFGPU XQP 1NKXC 5VCFVCPUKEJV OKV FGT 9GKEJUGN WPF FGT 1UVUGG KO *KPVGTITWPF FCTCWH 5EJKHHG WPVGP JCNVGP \YGK .ÌYGP FCU 5VCFVYCRRGP #PUKEJV FGU -NQUVGTU 1NKXC FCTÒDGT IGDWPFGPG <YGKIG ÒDGT PGWP <GKNGP 5EJTKHV OO I &WVMQYUMK 5WEJCPGM 2CZ KP 0WOOKU 8QT\ÒINKEJGU 'ZGORNCT OKV HGKPGT 6ÌPWPI 'ZGORNCT FGT #WMVKQP (TKV\ 4WFQNH -ÒPMGT 1UPCDTÒEM 0T

185

2545

$TQP\GOGFCKNNG Q , ITCXKGTV XQP / 5V W 5 KO 4CPF GKPIGRWP\V 2TGKUOGFCKNNG FGU 6WTP WPF 4GPPURQTVXGTGKPU HÒT FGP 2NCV\ KO /GVGT .CWH CO ,WNK 5VCFVCPUKEJV XQP &CP\KI WPVGP 'KEJGP\YGKIG )TCXWT 6 W 4 5 8 +++ K O .CWH OO 5GJT UEJÌP

&KG 5VCFV 6JQTP

1,5:1

2546

5KNDGTOGFCKNNG WPUKIPKGTV CWH FKG ,CJTHGKGT FGT 6TGPPWPI 6JQTPU XQP FGT *GTTUEJCHV FGU &GWVUEJGP 1TFGPU #PUKEJV FGU 1TFGPUUEJNQUUGU WPF FGT 5VCFV /CTKGPDWTI KO 8QTFGTITWPF ÒDGTDTKPIV GKP *GTQNF FGO *QEJOGKUVGT GKPGP #DUCIGDTKGH #PUKEJV FGT 5VCFV 6JQTP OKV DTGPPGPFGO 1TFGPU UEJNQ FCXQT FKG 9GKEJUGN OO I $CPPKEMG /CTKGPD FQTV XQP , % -QEJ 44 5GJT UEJÌP 'ZGORNCT FGT #WMVKQP #FQNRJ *GUU #) <ÒTKEJ 0T 'NMG $CPPKEMG ,QJCPP %JTKUVKCP -QEJ /GFCKNNGWT FGU $CTQEM UEJTGKDV JKGT\W $GK $CJTHGNFV 5NI /CTKGPDWTI KUV PCEJ\WNGUGP &KG /GFCKNNG DGNGIV FKG IGTKPIG -WPUVHGTVKIMGKV FGU WPDGMCPPVGP -ÒPUVNGTU CWEJ UQNN FGT 5VGORGN DCNF WPDTCWEJDCT IGYQTFGP WPF FGUJCND FGT /GFCKNNGWT -QEJ KP )QVJC DGCWHVTCIV YQTFGP UGKP GKPGP PGWGP 5VGORGN \W UEJPGKFGP &KGUGT NKGIV KP FGT PCEJUVGJGPFGP XQT FKG KPFGUUGP -QEJU 0COGP PKEJV VT·IV &C ,QJCPP %JTKUVKCP -QEJ DGTGKVU NCPIG XGTUVQTDGP YCT WPF FGUUGP 5QJP .WFYKI %JTKUVKCP CNU /ÒP\OGKUVGT KP )QVJC V·VKI YCT MQOOGP DGKFG CNU /GFCKNNGWTG PKEJV KP $GVTCEJV 'U OW UKEJ DGK FGT +PHQTOCVKQP $CJTHGNFVU WO GKPG 8GTYGEJUNWPI QFGT GKPGP +TTVWO JCPFGNP

186

&#5 -¤0+)4'+%* 5%*9'&'0 -ÌPKI )WUVCX ++ #FQNH 5EJYKGIGTUQJP ,QJCPP 5KIKUOWPFU WPF 5EJYCIGT )GQTI 9KNJGNOU XQP $TCPFGPDWTI

2547

)TCXKGTVG 5KNDGTIWOGFCKNNG WPUKIPKGTV )GJCTPKUEJVGU $TWUVDKNF FGU -ÌPKIU T OKV .QTDGGTMTCP\ WPF WOIGNGIVGO /CPVGN $TWUVDKNF UGKPGT )GOCJNKP /CTKC 'NGQPQTC XQP $TCPFGPDWTI N OKV ITQGO -TCIGP OO I $TQEMOCPP XCT *KNFGDTCPF + 5 D 44 #VVTCMVKXG UGJT UEJÌPG #TDGKV 'ZGORNCT FGT #WMVKQP 9#) &QTVOWPF 0T

-ÌPKI #FQNH (TKGFTKEJ 5EJYCIGT (TKGFTKEJU ++ XQP 2TGWGP #FQNH (TKGFTKEJ IGDQTGP CO KP )QVVQTH YCT FGT \YGKVG 5QJP XQP %JTKUVKCP XQP 5EJNGUYKI *QNUVGKP )QVVQTR WPF UGKPGT )GOCJNKP #NDGTVKPG XQP $CFGP &WTNCEJ 9GIGP UGKPGT XGTYCPFVUEJCHV NKEJGP $G\KGJWPIGP UGKP 5EJYCIGT YCT -ÌPKI -CTN :++ YWTFG #FQNH (TKGFTKEJ PCEJ FGO 6QF FGU UEJYGFKUEJGP -ÌPKIU (TGFGTKM + \WO 0CEJHQNIGT IGY·JNV #FQNH (TGFGTKM JCVVG CO FKG RTGWKUEJG 2TKP\GUUKP .WKUG 7NTKMG IGJGKTCVGV FKG UGEJUVG 6QEJVGT FGU 5QNFCVGPMÌPKIU (TKGFTKEJ 9KNJGNO + WPF LÒPIGTG 5EJYGUVGT (TKGFTKEJU ++ FGU )TQGP .WKUG 7NTKMG JKGNV KP 5EJNQ &TQVVPKPIJQNO GKPGP IN·P\GPFGP *QH WPF HÌTFGTVG -WPUV WPF 9KUUGPUEJCHVGP KP 5VQEMJQNO &KG -ÌPKIKP WPVGTUVÒV\VG CWEJ KJTGP )GOCJN FGT QHVOCNU KP -QPHNKMV OKV FGO 4GKEJUTCV WPF FGP RQNKVKUEJGP 2CTVGKGP 5EJYGFGPU UVCPF #FQNH (TGFGTKM UVCTD CO KP 5VQEMJQNO UGKPG )GOCJNKP ÒDGTNGDVG KJP PQEJ \GJP ,CJTG WPF UVCTD CO

2548

5KNDGTOGFCKNNG XQP & (GJTOCP CWH FKG )GDWTV UGKPGU 5QJPGU WPF 6JTQPHQNIGTU )WUVCX $TWUVDKNF #FQNH (TKGFTKEJU WPF UGKPGT )GOCJNKP .WKUG 7NTKMG XQP 2TGWGP PGDGPGKPCPFGT T 5WGEKC UKV\V X X CWH GKPGO (GNUGP KP FGT 4GEJVGP JTGPICTDG KP FGT .KPMGP 5EJKNF OKV /QPQITCOO FGU 6JTQPHQNIGTU T .ÌYG OO I *KNFGDTCPF ++ 5 1NF 8QT\ÒINKEJGU 2TCEJVGZGORNCT OKV HGKPGT 6ÌPWPI

187

007 2 r a u r b e F . 1 | n io t k 2. Berlin-Au r e k n 端 K lf o d u R z it r F Auktionshaus

2.- 4. Februar 2007 Ehrengast | Kazakhstan Mint Estrel Convention Center Sonnenallee 225, 12057 Berlin Freitag | 10-18 h Samstag | 10-18 h Sonntag | 10-16 h www.worldmoneyfair.de

NUMISMATISCHE AUSDRÜCKE 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 en 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 patine dorée joli siécle petit traces de corrosion rayure cuivre alliace légère gauche minimal imitation pièce magnifique de frappe molle défaut sur la tranche erreur sur la tranche inscription sur la tranche droite revers traces de légende flan Flan défectueux de frappe molle conservation rare année rare coin erreur de frappe conservation extraordinaire surfrappé inédit pièce unique doré 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 189

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

€ 1.500,--

€ 50,--

Die Ergebnisliste erscheint sofort nach der Auktion.

bis zu

€ 3.000,--

€ 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

190

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

€ 1.500,--

€ 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

€ 3.000,--

€ 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

191

NUMISMATISCHE BEARBEITUNG FOTOS LAYOUT DRUCK BILDNACHWEIS

Alexandra Spreu, Dr. des. Sebastian Steinbach, Jens Ulrich Thormann M. A., Manuela Weiß Lübke & Wiedemann, Stuttgart danner pc - gesteuerte systeme waiblingen media-print, Paderborn Bildarchiv Preußischer Kulturbesitz, Berlin 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

192

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