Gestione Energia 3-2012 by Rivista Sfogliabile

gestione energia LANEK@E?K @E EJBKNI=VEKJA PA?JE?= LAN CHE AJANCU I=J=CAN

'LUHWWRUH UHVSRQVDELOH -=KHK !A -=O?=HE &RPLWDWR VFLHQWLÀFR 2CK EH=N@K AO=NA KBB= !=NEK DAHHK 0ANCEK $=NNE>>= 2CK #=NEJAHHE 0ANCEK #ANN=NE $EKR=JJE )AHHE &RPLWDWR WHFQLFR 4=HPAN =NE=JE #N=J?AO?K E=IL= -=KHK !A -=O?=HE *=NEK !A /AJVEK !=NEK !E 0=JPK 4AJ $QK $EQOALLA 1KI=OOAPPE 5HGD]LRQH *E?=AH= J?KN= 'LUH]LRQH ),5( 3E= #H=IEJE= /KI= PAH B=T 5HGD]LRQH ),5( 3E= JCQEHH=NAOA 0 *=NE= @E $=HANE= Ġ/*

PAH B=T =J?KN=ĤCAOPEKJAAJANCE= ?KI SSS łNA EP=HE= KNC

3E= H=NE?A *=NAO?KPPE /KI= 3XEEOLFLWj H &RPXQLFD]LRQH APPEJ= 0EN=?QO= PAH ? OEN=?QO=ĤCAOPEKJAAJANCE= ?KI *UDÀFD LPSDJLQD]LRQH H VWDPSD NPE $N=ł?DA )=JC ONH $AJKR= 5LYLVWD WULPHVWUDOH JJK 5&&& + /ACEOPN=VEKJA LNAOOK EH 1NE>QJ=HA @E OPE J` @AH >>KJ=IAJPK =JJQ=HAġ &P=HE= "QNK "OPANK "QNK KOPK ?KLE=ġ "QNK KLEA =NNAPN=PAġ "QNK ?=@ -V[V JV]LY! NLU[PSTLU[L JVUJLZZH KH ,5,(

*=JKO?NEPPE BKPKCN=łA A @EOACJE JKJ NE?DEAOPE =J?DA OA JKJ LQ>>HE?=PE JKJ RAJCKJK NAOPEPQEPE )A KLEJEKJE A E CEQ@EVE LQ>>HE?=PE EILACJ=JK AO?HQOER=IAJPA CHE =QPKNE 1QPPE E @ENEPPE OKJK NEOANR=PE ¥ REAP=P= KCJE NELNK@QVEKJA OAJV= LANIAOOK O?NEPPK @AHH "@EPKNA

^^^ ÄYL P[HSPH VYN .,:;065, ,5,9.0( u \U»PUPaPH[P]H LKP[VYPHSL TH[\YH[H ULNSP HUUP UV]HU[H HSS»PU[LYUV KLSS»67,; 6YNHUPZH[PVUZ MVY [OL 7YVTV[PVU VM ,ULYN` ;LJOUVSVNPLZ YL[L KLSSL VYNHUPaaHaPVUP PU[LYLZZH[L HSSH KPM M\ZPVUL KLSS»LMÄJPLUaH LULYNL[PJH ULP WHLZP KLSS»<UPVUL ,\YVWLH WYVTVZZH KHSSH *VTTPZZPVUL ,\YVWLH 3H YP]PZ[H ZP u H]]HSZH ÄU KHSS»PUPaPV KLP JVU[YPI\[P ,5,( 0:56=( L -09, L KLS Z\WWVY[V KP -HIPHUV ,KP[VYL +HS .LZ[PVUL ,ULYNPH KP]LU[H VYNHUV \MÄ JPHSL KP JVT\UPJHaPVUL KLSSH -09, L KHS ZP WYLZLU[H JVU \U WYVNL[[V YPUUV]H[V JVU SH ZVJPL[n .LZ[PVUL ,ULYNPH ZYS 0UKPYPaaH[H WYPUJPWHSTLU[L HP ZVNNL[[P JOL VWLYHUV ULS JHTWV KLSSH NLZ[PVUL KLSS»LULYNPH X\HSP LULYN` THUHNLY LK ,:*V .LZ[PVUL ,ULYNPH ZP YP]VSNL HUJOL H KPYPNLU[P L M\UaPVUHYP KP HaPLUKL LK LU[P PU[LYLZZH[P HSS»LMÄJPLUaH LULYNL[PJH ¶ ZPH SH[V KVTHUKH ZPH SH[V VMMLY[H ¶ WYV K\[[VYP KP [LJUVSVNPL HaPLUKL WYVK\[[YPJP KP LSL[[YPJP[n L JHSVYL \UP ]LYZP[n L VYNHUPZTP KP YPJLYJH L PUUV]HaPVUL 7LYZLN\L \UH K\WSPJL ÄUHSP[n! KH \UH WHY[L PU[LUKL LZZLYL \UV Z[Y\TLU[V KP PUMVYTHaPVUL [LJUPJH L [LJUPJV NLZ[PVUHSL KHSS»HS[YH ]\VSL JVU[YPI\PYL HS KPIH[[P[V Z\P [LTP NLULYHSP KP WVSP[PJH [LJUPJH JOL PU[LYLZZHUV H[[\HSTLU[L PS ZL[[VYL LULYNL[PJV ULS X\HKYV WP JVTWSLZZP]V KLSSL WVSP[PJOL LJV UVTPJOL LK HTIPLU[HSP 0 JVU[LU\[P KLSSH YP]PZ[H UL MHUUV \U YPML YPTLU[V WLY JOP VWLYH ULS ZL[[VYL L ]VNSPH LZZLYL PUMVYTH[V Z\SSL UV]P[n SLNPZSH[P]L L [LJUVSVNPJOL SLNNLYL SL VWPUPVUP KP LZWLY[P KLS ZL[[VYL KLSS»LULYNPH ZLN\PYL SL KPUHTPJOL KLS TLYJH[V L ZLN\PYL SL H[[P]P[n KLSSH -09, -09, -LKLYHaPVUL 0[HSPHUH WLY S»\ZV 9HaPVUHSL KLSS»,ULYNPH u \U»HZZVJPHaPVUL [LJUPJV ZJPLU[PÄJH ZLUaH ZJVWV KP S\JYV WLY SH WYVTVaPVUL KLSS»LMÄJPLUaH LULYNL[PJH H ]HU[HNNPV KLSS»HTIPLU[L L KLNSP \[LU[P ÄUHSP 3H -LKLYHaPVUL Z\WWVY[H H[[YH]LYZV SL H[[P]P[n PZ[P [\aPVUHSP L P ZLY]PaP LYVNH[P JOP VWLYH ULS ZL[[VYL L MH]VYPZJL \U»L]VS\ aPVUL WVZP[P]H KLS X\HKYV SLNPZSH[P]V L YLNVSH[VYPV JVSSHIVYHUKV JVU SL WYPUJPWHSP PZ[P[\aPVUP 3H JVTWHNPUL HZZVJPH[P]H u \UV KLP W\U[P KP MVYaH KLSSH -LKLYHaPVUL PU X\HU[V JVPU]VSNL LZWVULU[P KP [\[[H SH ÄSPLYH KLSS»LULYNPH KHP WYVK\[[VYP KP ]L[[VYP L [LJUVSVNPL HSSL ZVJPL[n KP ZLY]PaP L PUNLNULYPH KHNSP LULYN` THUHNLY HNSP \[LU[P ÄUHSP KP TL KPH L NYHUKL KPTLUZPVUL 3H -09, NLZ[PZJL KHS Z\ PUJHYPJV H [P[VSV UVU VULYVZV KLS 4PUPZ[LYV KLSSV :]PS\WWV ,JVUVTPJV SH YL[L KLNSP LULYN` THUHNLY PUKP]PK\H[P HP ZLUZP KLSSH 3LNNL L ULS OH H]]PH[V PS :LJLT ^^^ ZLJLT L\ ¶ HJJYLKP[H[V (* *9,+0( ¶ WLY SH JLY[PÄJHaPVUL KLNSP ,., ZLJVUKV SH UVYTH <50 -YH SL H[[P]P[n Z]VS[L KHSSH -LKLYHaPVUL ZP ZLNUHSHUV X\LSSL KP JVT\UPJHaPVUL L KPMM\ZPVUL HUJOL Z\ JVTTLZZH SH MVYTHaPVUL HUJOL PU JVSSHIVYHaPVUL JVU S»,5,( ZVJPV MVUKH[VYL KP -09, SH YP]PZ[H [YPTLZ[YHSL ¸.LZ[PVUL ,ULYNPH¹ L SH W\IISPJHaPVUL HUU\HSL ¸0 YLZWVUZHIPSP WLY S»\ZV KLSS»LULYNPH PU 0[HSPH¹ Z[\KP KP ZL[[VYL L KP TLY JH[V WYVNL[[P UHaPVUHSP L L\YVWLP 0UMV! ^^^ ÄYL P[HSPH VYN

$"01&,+" "+"/$& ONH RE= H=NE?A *=NAO?KPPE /KI= 1AH #=T

3H Z[YH[LNPH LULYNL[PJH UHaPVUHSL KLS .P\ZLWWL ;VTHZZL[[P

,MÄJPLUaH LULYNL[PJH SL WYVZWL[[P]L TPUPZ[LYPHSP L SL WYPVYP[n PU WYVNYHTTH 0U[LY]PZ[H KP 4PJHLSH (UJVYH H ;\SSPV -HULSSP :V[[VZLNYL[HYPV KP :[H[V 4PUPZ[LYV KLSS»(TIPLU[L L KLSSH ;\[LSH KLS ;LYYP[VYPV L KLS 4HYL

0S WYVNL[[V L\YVWLV :(=, (., 3VYLUaV -u :[\KPV ;LJUPJV (ZZVJPH[V :PJ\YPUNLNULYPH

3L TPJYV[\YIPUL! \UH YPZWVZ[H NPn JVUJYL[H 3\PNP 3L[V <UP]LYZP[n KLNSP :[\KP KP .LUV]H 4HYJV AHTILSSP ,5,(

-6*<:

#KPKRKHP=E?K A OKH=NA PANIE?K 0S ZVSHYL [LYTVKPUHTPJV L PS MV[V]VS[HPJV! Z[H[V KLSS»HY[L L WYVZWL[[P]L M\[\YL

:VTTHYPV

+HYPV +P :HU[V +PYL[[VYL -09,

,ULYNPH ZVSHYL H TLKPH [LTWLYH[\YH! HWWSPJHaPVUP L UVYTH[P]H .PHJVIIL )YHJJPV =PUJLUaV :HIH[LSSP ,5,(

0S ZVSHYL [LYTPJV PU 0[HSPH! PUJLU[P]P VIISPNV L X\HSPÄJHaPVUL KLNSP PUZ[HSSH[VYP =HSLYPH =LYNH :LNYL[HYPV NLULYHSL (ZZVS[LYT

0S TLYJH[V MV[V]VS[HPJV PU ,\YVWH L PU 0[HSPH .PVYNPV .YHKP[P 9LZWVUZHIPSL 3HIVYH[VYPV ;LJUVSVNPL -V[V]VS[HPJOL ,5,( *LU[YV 9PJLYJOL 7VY[PJP

-V[V]VS[HPJV! PS M\[\YV VS[YL NSP PUJLU[P]P (UKYLH AHNOP 9LZWVUZHIPSL *LU[YV :[\KP (WLY

3»PUK\Z[YPH MV[V]VS[HPJH WYVPL[[H[H ]LYZV PS M\[\YV =HSLYPV 5H[HSPaPH 7YLZPKLU[L (50, .0-0

.SP PTWH[[P KLSSH WYVK\aPVUL KH MVU[P YPUUV]HIPSP ULS TLYJH[V LSL[[YPJV :P[\HaPV UL H[[\HSL L ZJLUHYP M\[\YP :[LMHUV (SHPTV +PYL[[VYL =PJHYPV +PYLaPVUL 4LYJH[P .4,

0[HSPH [LYaH ULSSH JSHZZPÄJH KLSS»LMÄJPLUaH LULYNL[PJH WYPTH SH .YHU )YL[HNUH 9LKHaPVUL 7YVTL[LV (KURYVUVZ

9PJLYJH L PUUV]HaPVUL ULS ZL[[VYL LULYNPH <U HNNPVYUHTLU[V Z\SSL WYPUJPWHSP VWWVY[\UP[n KP ÄUHUaPHTLU[V L\YVWLL ,SLUH .HS]HNUV 7HVSH 3HPVSV 0U[LZH :HU 7HVSV ,\YVKLZR

(NNP\KPJH[V PS WYPTV *VU[YH[[V PU 0[HSPH WLY PS 9PZWHYTPV ,ULYNL[PJV ULNSP ,U[P 7\IISPJP JVU .HYHUaPH KP 9PZ\S[H[V :LYNPV AHIV[ +PYL[[VYL ZL[[VYL 8\HSP[n KLSS»HYPH 9\TVYL LK ,ULYNPH 7YV]PUJPH KP 4PSHUV

5V[H PUMVYTH[P]H! 5\V]H +PYL[[P]H ,\YVWLH Z\SS»,MÄJPLUaH ,ULYNL[PJH 5L^Z! 5.:OPW! NHZ UH[\YHSL L JLSSL H JVTI\Z[PIPSL WLY UH]P KH JHYPJV WP LJVSVNPJOL 3H JYPZP UVU WPLNH PS JVTWHY[V KLSS»LUNPULLYPUN

(WW\U[HTLU[P 5VYTH[P]H! +LSPILYL L JVT\UPJHaPVUP KLSS»(\[VYP[n WLY S»LULYNPH LSL[[YPJH L PS NHZ KLS 4PUPZ[LYV KLSSV :]PS\WWV LJVUVTPJV L KP HS[YL PZ[P[\aPVUP

3L YPZWVZ[L HP :VJP

,KP[VYPHSL

)= OPN=PACE= AJANCAPE?= J=VEKJ=HA @AH $EQOALLA 1KI=OOAPPE

S V[[VIYL ZJVYZV u Z[H[H W\IISPJH[H SH :,5 V Z[YH[L

Z\SSL [HYPMML KLP JVUZ\TH[VYP ZWLJPL PU \U TVTLU[V KP JYPZP VJ

NPH LULYNL[PJH UHaPVUHSL +P JOL ZP [YH[[H& 7\~ LZZLYL \[PSL

J\WHaPVUHSL

KLKPJHY]P H[[LUaPVUL L HUHSPZP& 0S NP\KPaPV KPWLUKL ZPH KHS

6NNP X\LZ[V KVJ\TLU[V u KPZWVUPIPSL WLY SH KPZJ\ZZPVUL L SH

JVU[LU\[V ZPH KHS JVU[LZ[V [LTWVYHSL

]HS\[HaPVUL KLSSL ]HYPL WYVWVZ[L L KLP ]HYP PU[LYLZZP PU NPVJV L JV

5LNSP HUUP L M\YVUV HWWYV]H[P ILU 7PHUP ,ULYNL[PJP 5H

Z[P[\PZJL \U WVZZPIPSL YPMLYPTLU[V WLY S»VWLYH[V KLSSL PZ[P[\aPVUP 0S

aPVUHSP V 7,5 7YLWHYH[P KHS 40*( 4PUPZ[LYV WLY S»PUK\Z[YPH

KVJ\TLU[V PU[LNYHSL u KPZWVUPIPSL HS SPUR! O[[W! ^^^ Z]PS\WWV

X\LZ[P YPN\HYKH]HUV WYPUJPWHSTLU[L SH WYVK\aPVUL KP LSL[[YPJP[n

LJVUVTPJV NV] P[ PTHNLZ Z[VYPLZ KVJ\TLU[P :,5

]PZ[V JOL PS TPUPZ[LYV H]L]H JVTWL[LUaL ZVSV Z\SS»,5,3 TLU[YL

+VJ\TLU[VFKPFJVUZ\S[HaPVUL WKM

090 LK ,50 KPWLUKL]HUV KHS 4PUPZ[LYV KLSSL WHY[LJPWHaPVUP Z[H

3H -09, Z[H HUHSPaaHUKV PS KVJ\TLU[V L YP[PLUL JOL ZPH \U WHZ

[HSP 0 7,5 WHZZH]HUV WLY PS *07, JOL KV]L]H WYVNYHTTHYL SL

ZV \[PSL L PU[LYLZZHU[L HUJOL ZL UVU JLY[V YPZVS\[P]V ZWLJPL WLY

YPZVYZL ÄUHUaPHYPL 7LY SL JLU[YHSP U\JSLHYP ZP KV]L]H ZJLNSPLYL SH

SL JHYLUaL ULSS»PUKP]PK\HaPVUL KLSSL ZVS\aPVUP KLP Y\VSP KLP ]HYP

[PWVSVNPH ZLUaH NHYH W\IISPJH MYH PS MVYUP[VYL 090 SPJLUaH YLH[[V

VYNHUPZTP WLY MH]VYPYL S»VWLYH[P]P[n KLP TLJJHUPZTP KP WYVTV

YL IVSSLU[L .LULYHS ,SLJ[YPJ V PS MVYUP[VYL -PH[ SPJLUaH YLH[[VYL

aPVUL KP MVYTHaPVUL KP PUJLU[P]HaPVUL L KP JVU[YVSSV 0S WHYLYL

WYLZZ\YPaaH[V >LZ[PUNOV\ZL " PS JVTI\Z[PIPSL ZWL[[H]H HSS»,50

KLSSH -LKLYHaPVUL ZHYn WYLZLU[H[V HS TPUPZ[LYV L PU \U ZLJVUKV

TH LYH HJX\PZ[H[V KPYL[[HTLU[L KHSS»,5,3 JVTWYVWYPL[HYPV

TVTLU[V ZHYn YLZV KPZWVUPIPSL WLY SH JVUZ\S[HaPVUL HUJOL HP

KLSS»PTWPHU[V KP ;YPJHZ[PU :P Z\ZZLN\PYVUV ]HYP 7,5 WYPTH KP

ZVJP L HP SL[[VYP KLSSH YP]PZ[H 0U X\LZ[H ZLKL JP ZP SPTP[H HK HSJ\UP

HYYP]HYL SH 7<5 WYVNL[[V \UPÄJH[V UHaPVUHSL IHZH[V Z\S YLH[

HJJLUUP

[VYL WYLZZ\YPaaH[V TH JVU JVTTLZZL Z\KKP]PZL MYH (UZHSKV L

3»PTWVZ[HaPVUL KLS KVJ\TLU[V WLY S»PUKP]PK\HaPVUL KLNSP VI

-PH[ JVU SH WYPTH YLHSPaaHaPVUL WYL]PZ[H H ;VYPUV 8\LZ[V IYL]L

IPL[[P]P HUHSPaaHUKV PU TVKV PU[LNYH[V SL ]HYPL MVU[P KP LULY

YPJOPHTV KP Z[VYPH PUK\Z[YPHSL u YPJVYKH[V WLY HSSVU[HUHYL VNUP

NPH P ]PUJVSP KLSSL KLJPZPVUP KLSSH < , Z\SSH KLJHYIVUPaaHaPVUL

YPTWPHU[V KLSSH WHZZH[H LZWLYPLUaH KLSSH ¸WPHUPÄJHaPVUL¹ YPZWL[

KLSS»LJVUVTPH P ]PUJVSP Z\SSH ZVZ[LUPIPSP[n LJVUVTPJH WLY PS WHL

[V HSSL PUHKLN\H[LaaL KLSS»H[[\HSL ¸TLYJH[V¹

ZL PU \U WLYPVKV KP YLJLZZPVUL ZVUV PU SHYNH WHY[L JVUKP]PKPIPSP

3H :,5 HWWHYL HSS»PUPaPV KP X\LZ[H SLNPZSH[\YH ULS KLJYL[V Z]P

0S KPIH[[P[V MYH NSP VWLYH[VYP L P KLJPZVYP WVSP[PJP H SP]LSSV JLU[YHSL

S\WWV KLS KLSS»HSSVYH TPUPZ[YV :JHQVSH" PS KLJYL[V [YH

L SVJHSL Z\ X\LZ[P [LTP WV[YLIIL MHYL ZVSV ILUL HS WHLZL HP\

S»HS[YV WYL]LKL]H SH JVU]VJHaPVUL KP \UH JVUMLYLUaH UHaPVUHSL

[HYL H KPMMVUKLYL \U TPUPTV KP JVUVZJLUaH Z\SSL JVTWSLZZL

Z\SS»LULYNPH L HTIPLU[L JVTL WYVWLKL\[PJH HSSH KLÄUPaPVUL KP

PU[LYHaPVUP KLSSL ZJLS[L HP\[HYL H JOPHYPYL PS Y\VSV L SH M\UaPVUL

WYPVYP[n H IYL]L L TLKPV [LYTPUL L KLSSL TPZ\YL WLY JVUZLN\P

KLNSP LZWLY[P

YL NSP VIPL[[P]P WYL]PZ[P HUJOL H[[YH]LYZV TLJJHUPZTP KP TLYJH

+V]L PU]LJL PS KVJ\TLU[V HWWHYL JHYLU[L u ULSS»HUHSPZP L ULS

[V ,YH WYL]PZ[V \U WLYPVKV KP ZLP TLZP WLY JVTWSL[HYL [\[[V PS

SH ]HS\[HaPVUL KLSSH JHWHJP[n KP VWLYHaPVUL L KP ]LYPÄJH KLSSL

WLYJVYZV! HWWYV]HaPVUL KLS KLJYL[V WYLWHYHaPVUL KLSSH JVU

Z[Y\[[\YL WYLWVZ[L :L H KPZ[HUaH KP WP KP TLZP KHSSH WYV

MLYLUaH WYLWHYHYL LK LSHIVYHYL \UH :,5 L PUÄUL KLJPKLYL SH

T\SNHaPVUL KLSSH SLNNL U KLS ZVUV HUJVYH H[[LZP

SVJHSPaaHaPVUL L S»PUPaPV KLP SH]VYP WLY HSJ\UL JLU[YHSP U\JSLHYP

U\TLYVZP KLJYL[P H[[\H[P]P ZPNUPÄJH JOL SL Z[Y\[[\YL JLU[YHSP WYL

3H WYL]PZPVUL [LTWVYHSL LYH KLS [\[[V PUHKLN\H[H" SL ]PJLUKL

WVZ[L UVU ZVUV H[[\HSTLU[L PU NYHKV KP NLZ[PYL KPUHTPJHTLU[L

WLYZVUHSP KLS TPUPZ[YV MLJLYV KPTLU[PJHYL KLS [\[[V SH X\LZ[PVUL

[LTP JVZy JVTWSLZZP JOL YPJOPLKVUV JVZy [HU[L TLZZL H W\U[V

KLSSH Z[YH[LNPH LULYNL[PJH KH WHY[L KLP TPUPZ[YP Z\JJLK\[PZP )LY

:L PS JVU[PU\V Å\ZZV KP UVYTH[P]L Z\SSL JHYH[[LYPZ[PJOL LULYNL

S\ZJVUP L 9VTHUP

[PJOL KLNSP LKPÄJP UVU u THP HJJVTWHNUH[V KH YPZVYZL WLY SH

3H :,5 u Z[H[H YPSHUJPH[H KHS TPUPZ[YV 7HZZLYH KLSS»H[[\HSL

MVYTHaPVUL KLSSL WLYZVUL KLSSL HTTPUPZ[YHaPVUP JLU[YHSP L SVJHSP

NV]LYUV [LJUPJV PS HWYPSL ULS WPLUV KLSSL KPZJ\ZZPVUP

L WLY TVUP[VYHYL SL HWWSPJHaPVUP ZPNUPÄJH JOL JP ZP HJJVU[LU[H

Z\SSL KLJPZPVUP JOL ISVJJH]HUV NSP PUJLU[P]P WLY PS MV[V]VS[HPJV

KP WYVT\SNHYL \UH UVYTH L UVU KP H[[\HYSH 0S TLJJHUPZTV KLP

;HSP PUJLU[P]P KLJPZP ZLUaH H]LYL \U X\HKYV NSVIHSL KP Z[YH[LNPH

;,, u \U TV[P]V KP TLYP[V P[HSPHUV" ZL H KPZ[HUaH KP ZVSP NPVYUP

ZVUV YPZ\S[H[P WVP [YVWWV NLULYVZP YPZWL[[V HP JVZ[P JHSHU[P KLSSH

KHSSH ZJHKLUaH H ÄUL UVU ZVUV HUJVYH Z[H[P KLÄUP[P NSP

[LJUVSVNPH WVJV ZVZ[LUPIPSP WLY S»LJVUVTPH UHaPVUHSL WLY PS WYL

VIIPL[[P]P KH YHNNP\UNLYL KHS PU WVP ]\VS KPYL JOL WYL]HS

KVTPUHYL KLSSL PTWVY[HaPVUP KHSSH *PUH LK PUÄUL [YVWWV WLZHU[P

NVUV P JVU[YHZ[P MYH PZ[P[\aPVUP

35,0$ 3$*,1$ 35,0$ 3$*,1$ 35,0$ 3$*,1$ 35,0$ 3$*,1$ 35,0$ 3$*,1$ 35,0$ 3$*,1$ 35

@E *E?=AH= J?KN=

"Bł?EAJV= "JANCAPE?= HA LNKOLAPPERA IEJEOPANE=HE A HA LNEKNEP¸ EJ LNKCN=II= &JPANREOP= = 1QHHEK #=JAHHE 0KPPKOACNAP=NEK @E 0P=PK *EJEOPANK @AHH I>EAJPA A @AHH= 1QPAH= @AH 1ANNEPKNEK A @AH *=NA

L’efficienza energetica è stata indicata come priorità dal Governo: quali sono gli obiettivi e gli strumenti che si pensa di adottare? L’obiettivo della SEN, forse il più qualificante per le sue evidenti connessioni con il necessario sviluppo economico del Paese, è un forte recupero di efficienza nell’utilizzo dell’energia, ben oltre gli obiettivi indicati dall’Europa. Ciò comporterà naturalmente minori emissioni di combustibili fossili, ma soprattutto contribuirà a restituire competitività alle imprese e reddito disponibile ai cittadini. Tali obiettivi potranno essere conseguiti a condizione di costruire un sistema normativo chiaro e stabile che si basi su quattro strumenti fondamentali. Il primo è una serie di standard obbligatori di efficienza da applicarsi, con la necessaria gradualità, ad alcuni settori specifici, come ad esempio l’edilizia e i trasporti; il secondo è uno stabile meccanismo di detrazioni fiscali, dedicato essenzialmente al settore civile; il terzo è uno strumento di mercato, ovvero i certificati bianchi, dedicato principalmente al settore industriale; infine il quarto è un sistema di incentivi dedicato al settore pubblico. Quali novità riguardano i certificati bianchi e le detrazioni fiscali? Dove interverrà il nuovo “conto termico”? Per quanto riguarda i certificati bianchi, che, come dicevo, costituiscono lo strumento di promozione dell’efficienza energetica dedicato al settore industriale e a quello dei servizi, la via che verrà percorsa è quella di rafforzarne

JHVWLRQH HQHUJLD

gli obiettivi e il meccanismo; ciò, comunque, dovrà avvenire anche tenendo conto della prossima direttiva comunitaria sull’efficienza energetica che è ormai completa e dovrà essere recepita in tempi relativamente brevi. Le detrazioni fiscali costituiscono un meccanismo automatico, che non richiede particolari trafile ed adempimenti; ciò le rende particolarmente adatte agli interventi di efficienza energetica nelle abitazioni. La questione centrale è quella di renderle strutturali, ma rimodulandole al fine di conseguire maggiore efficacia ed efficienza in termini di costi-benefici. Per adesso questa stabilizzazione non si è ancora potuta realizzare per questioni di finanza pubblica, anche se fino ad ora si è scongiurato il rischio di una soppressione del cosiddetto “55 per cento”, pure più volte paventato per le stesse ragioni di copertura finanziaria. Con il progressivo allentamento del rigore, che speriamo si possa realizzare in un futuro non troppo lontano, questa stabilizzazione costituirebbe un indubbio passo avanti per la promozione dell’efficienza energetica, anche con significative ricadute sulle imprese. Inoltre si intende rafforzare il modello delle ESCO, migliorare l’azione di controllo e della implementazione delle misure e le azioni di comunicazione e sensibilizzazione sia verso il consumatore finale che verso la pubblica amministrazione. Una parola a parte va spesa per l’intenzione di introdurre forme di incentivazione diretta per la pubblica amministrazione. Si tratta di misure che potranno avere effetti significativi, perché la pubblica amministrazione non va intesa solo come amministrazione centrale dello Stato, ma anche e soprattutto, come amministrazione locale.

1$ 35,0$ 3$*,1$ 35,0$ 3$*,1$ 35,0$ 3$*,1$ 35,0$ 3$*,1$ 35,0$ 3$*,1$ 35,0$ 3$*,1$

Non sempre le finanze locali consentono gli interventi che sarebbero necessari, anche laddove i vincoli del patto di stabilità permettessero l’utilizzo degli eventuali fondi disponibili. Il potenziale di risparmio che potrà essere generato da interventi sulla Pubblica amministrazione, inoltre, è il maggiore in termini di resa a parità di intervento, perché, in linea di massima, il patrimonio pubblico, già non particolarmente moderno, è quello su cui storicamente si è investito di meno. E non si tratta di una situazione esclusivamente italiana: non a caso, la già citata nuova direttiva comunitaria sull’efficienza energetica pone la pubblica amministrazione tra i settori su cui intervenire maggiormente. In genere nel nostro Paese si trascurano le misure di accompagnamento (informazione, monitoraggio, statistiche, etc.). Del resto esistono componenti tariffarie che finanziano la ricerca, ma non queste azioni altrettanto importanti. Cosa ne pensa? Non è del tutto vero che fino ad oggi le cosiddette misure di accompagnamento siano state trascurate; semmai è vero che tali attività sono state svolte, senza il necessario coordinamento, in modo frammentato ed episodico. Concordo quindi sul fatto che sia opportuno insistere con campagne divulgative e di informazione verso il largo pubblico e la pubblica amministrazione, ma mi pare necessario che le attività di monitoraggio e statistiche, spesso svolte da soggetti pubblici o con una missione pubblica, come Enea e Gestore dei servizi energetici, siano svolte nell’ambito di un piano ben definito e coordinato. Tanto più che queste azioni costituiscono obblighi nei confronti dell’unione europea. Ci si lamenta spesso della mancanza di incentivi, ma si fa poco per utilizzare i fondi strutturali (vedi POin

energia) e i programmi europei. Possibile che non si possa fare di più? È certamente vero che in termini di impegni pubblici, fino ad oggi il grosso sforzo è stato concentrato sul fronte della produzione di energia da fonti rinnovabili, va comunque ricordato il notevole apporto che, accanto ai certificati bianchi, è stato dato all’efficienza energetica delle detrazioni fiscali del 55%, che hanno comunque consentito investimenti di circa tre miliardi di euro l’anno. Cionondimeno, resta vero che sull’uso dei fondi strutturali si potrà e dovrà fare di più, anche attraverso un auspicabile maggiore attenzione da parte delle amministrazioni regionali, chiamate spesso in causa in prima persona da questi strumenti. È essenziale tuttavia che venga evitata ogni sovrapposizione con ogni strumento di incentivazione. Cosa possono fare le Associazioni di settore, siano esse tecnico-scientifiche o di categoria, per supportare le azioni del Governo a favore dell’efficienza energetica? Certamente, il primo ruolo delle associazioni, specie quelle di natura tecnico scientifica, è di essere protagonisti, nell’ambito di un piano ben coordinato, cui accennavo prima, dell’azione di massima diffusione delle informazioni verso il pubblico, soprattutto in relazione alle tecnologie e agli strumenti economico finanziari che la normativa pone a supporto dell’efficienza energetica. L’altro grande ruolo, poi, è di prospettare al decisore pubblico le possibili evoluzioni sia della tecnologia, sia delle modalità legislative e amministrative di supporto alla diffusione delle migliori pratiche, perché l’efficienza energetica è un obiettivo dinamico, che deve adattarsi alle continue evoluzioni dello sviluppo tecnologico e dell’organizzazione industriale e sociale.

-694(A065, 796-,::065,

,O SURJHWWR HXURSHR 6$9( $*( 3VYLUaV -u :[\KPV ;LJUPJV (ZZVJPH[V :PJ\YPUNLNULYPH

:(=, (., u SH WYPTH PUPaPH[P]H WYVTVZZH KHSSH *VTTPZ ZPVUL ,\YVWLH TPYH[H HSS»HUHSPZP KLP WYVISLTP KP LMÄJPLUaH LULYNL[PJH HSS»PU[LYUV KP JHZL KP YPWVZV V WP NLULYPJH TLU[L 9:( HSSV ZJVWV KP WVYYL H[[LUaPVUL Z\ X\HU[V WYLUKLYZP J\YH KLP UVZ[YP HUaPHUP ¸JVZ[P¹ PU [LYTPUP KP LULY NPH 3V ZJVWV KLS WYVNL[[V u X\LSSV KP WVYYL H[[LUaPVUL HNSP ZWYLJOP WYLZLU[P H[[\HSTLU[L HSS»PU[LYUV KLSSL Z[Y\[[\YL ZHUP[HYPL PUJLU[P]HUKV S»HKVaPVUL KP JVTWVY[HTLU[P HKL N\H[P L I\VUL WYHZZP [LJUVSVNPJOL L JVTWVY[HTLU[HSP :(=, (., JVPU]VSNL HaPLUKL Z\S [LYYP[VYPV L\YVWLV Z\KKP]PZL MYH JVUZ\SLU[P LZWLY[P KLS ZL[[VYL LK HaPLUKL W\IISPJOL ZHUP[HYPL 0S WYVNL[[V H]]PH[V ULSS»HWYPSL KLS ZP JVUJS\KLYn ULS THNNPV LK H]Yn S»VIPL[[P ]V KP HUHSPaaHYL LK PUKP]PK\HYL SL JVUKPaPVUP LULYNL[PJOL KP JHZL KP YPWVZV JHTWPVUL PU [\[[H ,\YVWH :\ [HSL IHZL ZP PUKP]PK\LYHUUV P W\U[P KLIVSP JVT\UP Z\P X\HSP WV [LY THZZPTPaaHYL PS YPZWHYTPV LULYNL[PJV UVUJOt TL[VKP [LJUVSVNPL L I\VUP JVTWVY[HTLU[P KH HKV[[HYL WLY V[[L ULYL \U TPNSPVYHTLU[V KLSS»LMÄJPLUaH LULYNL[PJH HSS»PU[LY UV KLSSL JHZL KP YPWVZV KP [\[[H ,\YVWH :\S [LYYP[VYPV P[HSPHUV KP ZLN\P[V S»LSLUJV KLP WHY[ULY JOL OHUUV HKLYP[V HSS»PUPaPH[P]H TL[[LUKVZP H KPZWVZPaPVUL WLY PS WYVNL[[V

JHVWLRQH HQHUJLD

0S *LU[YV 9LZPKLUaPHSL 4HY[LSSP -PNSPUL =HSKHYUV (aPLUKH 7\ISPJH KP :LY]PaP HSSH 7LYZVUH :HU +VTLUPJV 7LZJPH 7; *HZH KP 9PWVZV -VZZVTIYVUP = (YLaaV (:7 7PV *HTWHUH :LYH]LaaH *LU[YV KP KLNLUaH +VT\Z TLYPKPHUH 3HP]LZ )A (:7 :HU[H *OPHYH =VS[LYYH (:7 7PH *VUMYH[LYUP[H KLSSH 4PZLYPJVYKPH .HPVSL PU *OPHU[P :PLUH (:7 .PV]HUUP ??000 )VSVNUH (:7 0Z[P[\[V 4HYPH 9LKKP[P :PUHS\UNH :PLUH *HZH KP YPWVZV 0Z[P[\[V *HZH -HTPNSPH 0U]HSPKP HS SH]VYV *L[VUH :PLUH (:7 6WLYH 7PH 0TWY\UL[H -PYLUaL 0S WYPTV Z[LW u JVUZPZ[P[V ULSS»HUHSPZP LULYNL[PJV KLSSL Z[Y\[[\YL ÄZZHUKV JPVu PS W\U[V ¸aLYV¹ V]]LYV SH ZP[\HaPVUL LULYNL[PJH KP WHY[LUaH 3»HUHSPZP OH JVUZLU[P[V TLKPHU[L PS SH]VYV KP [\[[P P WHY[ ULYZ KLS WYVNL[[V KP JVZ[Y\PYL \U TVKLSSV TH[LTH[PJV L JVUMYVU[HYUL P YPZ\S[H[P H[[LZP LK P KH[P WYV]LUPLU[P KH \U JHTWPVUL KP Z[Y\[[\YL PU [\[[V PS WHUVYHTH L\YVWLV 5L KLYP]H \UV Z[Y\TLU[V KP ILUJOTHYR TVS[V ZLTWSPJL KH \[PSPaaHYL L YPHZZ\U[V KHS WYPTV ZJOLTH

-694(A065, 796-,::065,

*K@AHHK I=PAI=PE?K ?DA ?KJBNKJP= E NEOQHP=PE =PPAOE A@ E @=PE LNKRAJEAJPE @= QJ ?=ILEKJA @E OPNQPPQNA EJ PQPPK EH L=JKN=I= AQNKLAK 3V Z[Y\TLU[V KP ILUJOTHYR YPJOPLKL S»PTTPZZPVUL KLP KH[P HSSH Z[Y\[[\YH PUKPJH[P ULSSH WHY[L PU HS[V! JVUZ\TV LULY NL[PJV NYHKP NPVYUV HYLH YPZJHSKH[H HUUV KP JVZ[Y\aPVUL KLSS»LKPÄJPV U\TLYV KP YLZPKLU[P LK PTWPLNH[P 3H ZLJVUKH WHY[L WYL]LKL SV Z[Y\TLU[V TLKPHU[L HUHSPZP Z[H[PZ[PJH JOL YLZ[P[\PZJL X\H[[YV PUKPJH[VYP KP WLYMVYTHUJL LULYNL[PJH ,<0 P X\HSP WLYTL[[LYHUUV KP JVUMYVU[HYL SH WYVWYPH WLYMVYTHUJL LULYNL[PJH JVU ]HSVYP H[[LZP 0 YPZ\S[H[P ZHYHUUV TVZ[YH[P PU NYHÄJP JVTL KP ZLN\P[V TL[[LUKV H JVUMYVU[V PS ]HSVYL LMML[[P]V KLSS»PUKPJL JVU X\HU[V H[[LZV 3V Z[Y\TLU[V KP ILUJOTHYR JVZ[P[\PZJL \U PTWVY[HU[L Z[Y\TLU[V PU NYHKV KP PUJ\YPVZPYL S»\[PSPaaH[VYL Z[PTVSHU KVSV HK H]]PJPUHYZP HP JVUJL[[P WYVWYP KLSS»LMÄJPLUaH LULY NL[PJH 0S ILUJOTHYR W\~ MVYUPYL HUJOL HS[YP \[PSP ZW\U[P KP HUHSPZP TLKPHU[L \U JVUMYVU[V MYH P PUKPJP WYVKV[[P ,<0 ,<0 PUKP]PK\HUKV SL WYPVYP[n THNNPVYP WLY PS TPNSPVYH TLU[V KLSS»LMÄJPLUaH L KLS JVTMVY[ KLSSH Z[Y\[[\YH -PUV HK VNNP UVU LYH THP Z[H[V YLHSPaaH[V \UV Z[Y\TLU[V PU NYHKV ¸H]]PJPUHYL¹ Z[Y\[[\YL ZHUP[HYPL HS [LTH KLSS»LM ÄJPLUaH LULYNL[PJH \U NHW JOL ZP u [LU[H[V KP JVSTHYL WYVWYPV JVU PS WYVNL[[V :(=, (., 0S WHUVYHTH P[HSPHUV 7\Y[YVWWV SH ZP[\HaPVUL PUKP]PK\H[H Z\S [LYYP[VYPV UVU u JVUMVY[HU[L 3»HUHSPZP JVUKV[[H L]PKLUaPH JVTL PS ZL[[VYL ZHUP[HYPV HIIPH MYH P WP HS[P JVZ[P KP LZLYJPaPV WLY VZWP[L PTW\[HIPSP HP JVZ[P LULYNL[PJP 8\LZ[V JVZ[P[\PZJL JOPHYH TLU[L \U HZZ\YKV LZZLUKV X\LSSV P[HSPHUV MYH P WHLZP JVU PS JSPTH WP TP[L ;HSP JVZ[P KL]VUV VIISPNH[VYPHTLU[L LZ

ZLYL YPJVUKV[[P HSSH MH[PZJLUaH KP NYHU WHY[L KLSSL Z[Y\[[\YL 3H THNNPVY WHY[L KLSSL JVZ[Y\aPVUP HUHSPaaH[L ZVUV KP UVU YLJLU[L YLHSPaaHaPVUL ZWLZZV ZP [YH[[H KP LKPÄJP W\IISP JP Z[VYPJP ]LJJOP TVUHZ[LYP JOL JVZ[P[\PZJVUV X\HZP SH TL[n KLSSL Z[Y\[[\YL LZPZ[LU[P :VSV PS KLSSL Z[Y\[[\YL OH TLUV KP HUUP L X\LZ[V JVZ[P[\PZJL PS WYPTV VZ[H JVSV HSS»LMÄJPLUaH <U»VWLYH KP YPZ[Y\[[\YHaPVUL ÄUHSPaaH[H HSSH YPX\HSPÄJHaPVUL LULYNL[PJH u TVS[V KPZWLUKPVZH WLY SL LJVUVTPL KP \UH Z[Y\[[\YH ZHUP[HYPH H TLUV KP PUJLU [P]P JOL WYVIHIPSTLU[L HYYP]LYHUUV JVU PS YLJLU[L KLJYL[V Z]PS\WWV .SP PUÄZZP TVZ[YHUV ULS KLP JHZP HTWP THY NPUP KP TPNSPVYHTLU[V P KVWWP ]L[YP ZVUV WVJV WYLZLU[P V HKKPYP[[\YH HZZLU[P 5VU u HZZVS\[HTLU[L JVT\UL S»\ZV KLP ]L[YP VZJ\YH[P H SPTP[HYL S»PYYHNNPHTLU[V LZ[P]V JVU UV [L]VSP WYVISLTP WLY SH MHJJPH[L LZWVZ[L H Z\K PU LZ[H[L (S[YV NYVZZV VZ[HJVSV YPN\HYKH SH WVJH KPMM\ZPVUL KP PT WPHU[P ZVSHYP [LYTPJP V MV[V]VS[HPJP 3»HKVaPVUL u PU JLY[P JHZP JVTWSL[HTLU[L WYLJS\ZH HSSL Z[Y\[[\YL KHSSL ZV]YHPU [LUKLUaL JVT\UHSP ULS JHZV KP LKPÄJP ZVNNL[[P H ]PUJVSV WHLZHNNPZ[PJV HZZHP MYLX\LU[L ULS WHUVYHTH P[HSPHUV 7LY UVU WHYSHYL KLSSH JVNLULYHaPVUL [LJUVSVNPH JOL JVU ZLU[PYLIIL HSSL 9:( WYVK\aPVUL KP HJX\H JHSKH LK LSL[ [YPJP[n :W\U[P WLY PS TPNSPVYHTLU[V 4L[[LYL PU WYH[PJH NSP LUVYTP WV[LUaPHSP JOL PS WHUVYHTH P[HSPHUV OH TVZ[YH[V u \UH ZÄKH HTTPUPZ[YH[P]HTLU[L L [LJUPJHTLU[L WLY U\SSH ZLTWSPJL :(=, (., OH LSHIVYH [V Z\ IHZL L\YVWLH \U LSLUJV KP I\VUL WYHZZP WLY PUKP]P

-694(A065, 796-,::065,

KJBNKJPK @AHH= LANBKNI=J?A AJANCAPE?=

K\HYL P JVTWVY[HTLU[P L SL [LJUPJOL \[PSPaaHIPSP PU X\LZ[V WLYJVYZV :VUV Z[H[P KLZJYP[[P LZLTWP WYH[PJP KP PTWSLTLU[HaPVUL KLSSL ZLN\LU[P [LJUVSVNPL! :VSHYL [LYTPJV 0SS\TPUHaPVUL 3,+ =LU[PSHaPVUL MVYaH[H JVU ZJHTIPV KP JHSVYL 0ZVSHTLU[V [LYTPJV

JHVWLRQH HQHUJLD

4PNSPVYHTLU[V LMÄJPLUaH KP J\JPUL L SH]HUKLYPL 4PJYV JVNLULYHaPVUL *VUKPaPVUHTLU[V 4VKLSSP KP NLZ[PVUL LULYNPH ;\[[P ZVUV SPILYHTLU[L ZJHYPJHIPSP KHS ZP[V ^^^ ZH]LH NL L\ 0S WYVNL[[V OH PUVS[YL HUHSPaaH[V WLY JPHZJ\U HTIP[V SL TPNSPVYP [LJUVSVNPL H[[\HSTLU[L KPZWVUPIPSP Z\S TLYJH[V

PUKP]PK\HUKV P ¸WYVKV[[P KLS M\[\YV¹ JOL WV[YHUUV HP\[HYJP PU X\LZ[V WYVJLZZV KP TPNSPVYHTLU[V KLSS»LMÄJPLUaH LULY NL[PJH =PLUL WYVTVZZH S»HKVaPVUL KP TPZ\YL H JVZ[V aLYV HUJOL TLKPHU[L S»HWWVZPaPVUL KP ZLTWSPJL JHY[LSSVUPZ[PJH HSSV ZJVWV KP ]PNPSHYL Z\ VWLYH[VYP LK HUaPHUP ULSS»HKVaPVUL KP \U JVTWVY[HTLU[V WP JVYYL[[V :(=, (., Z[PTH JVU X\LZ[L ZLTWSPJP TPZ\YL JVTWVY[H TLU[HSP \U WV[LUaPHSL YPZWHYTPV KLS 0U 0[HSPH JP Z[PHTV VJJ\WHUKV KP KPMMVUKLYL PS WYVNL[[V HU JOL ULSSL ZJ\VSL PU]P[HUKV P UVZ[YP WPJJVSP HZJVS[H[VYP H MVYT\SHYL SL SVYV WYVWVZ[L :(=, (., OH VYNHUPaaH[V K\L L]LU[P KP WYVWHNHUKH 0S WYPTV OH H]\[V S\VNV PU HWYPSL H )VSaHUV LK PS ZLJVUKV

PU THNNPV H )VSVNUH PU VJJHZPVUL KP ,_WV :HUP[n 0S Z\J JLZZV KLSS»L]LU[V u Z[H[V I\VUV L ULSS»VJJHZPVUL u Z[H[H WYVWVZ[H \U»HKLZPVUL ]VSVU[HYPH TLKPHU[L ZV[[VZJYPaPVUL KP \U TLTVYHUK\T JOL YHWWYLZLU[H \U PTWLNUV ]VSVU [HYPV KLSS»VYNHUPaaHaPVUL HS TPNSPVYHTLU[V KLSS»LMÄJPLUaH LULYNL[PJH LK HSSH ZVZ[LUPIPSP[n LULYNL[PJH 0S TLTVYHUK\T YHWWYLZLU[H SH WYPTH TVZZH JOL SH JV T\UP[n L\YVWLH JVTWPYn PU M\[\YV HS ÄUL KP JVPU]VSNLYL NSP Z[H[P TLTIYP Z\S [LTH LULYNPH HK PUPaPHYL KHSSL H[[P]P[n H THNNPVY MHIIPZVNUV LULYNL[PJV 3»,\YVWH JP Z[H PUKPJHUKV SH Z[YHKH KH ZLN\PYL L ZHYn WLY [\[[P NSP :[H[P TLTIYP \UH NYHUKL ZÄKH WLYZLN\PYSH 5VU u WP PTTHNPUHIPSL JVU[PU\HYL H JOPLKLYL HSSH [LY YH X\LSSV JOL VNNP Z[PHTV JOPLKLUKV LK PS JHTIPHTLU[V KV]Yn WHY[PYL KH [\[[P UVP WLYJOt KVWV[\[[V VNUP NPVYUV HIP[PHTV L JVZ[Y\PHTV SH UVZ[YH ]P[H Z\ X\LZ[H ¸WPL[YH JHSKH¹ \UH NLTTH WYLaPVZH X\HU[V JHV[PJH ULS MYLKKV L ZPSLUaPVZV \UP]LYZV¯

(IÀFLHQ]D HQHUJHWLFD D SRUWDWD GL FKHFN XS OҋLQQRYD]LRQH GL $%% ,WDOLD ,SPHUH )HY\MÄ L 3\JH AHULSSH ,ULYN` ,MÄJPLUJ` KP ()) :W(

\S MYVU[L KLSS»LULYNPH PS TVUKV ZP [YV]H HK HMMYVU [HYL \U ZLYPV WYVISLTH! S»HWWYV]]PNPVUHTLU[V ZP J\YV L H JVZ[V JVU[LU\[V KLSSL YPZVYZL PU YPZWVZ[H HSS»PUJYLTLU[V KLSSH KVTHUKH L SH JYLZJLU[L WYLVJJ\WH aPVUL WLY SH [\[LSH KLSS»HTIPLU[L

K\aPVUL KLSSL LTPZZPVUP L \UP[HTLU[L HSS»\[PSPaaV KP MVU[P YPUUV]HIPSP WV[YLIIL HIIH[[LYL SL LTPZZPVUP KP *6 KLS LU[YV PS

:LJVUKV SL Z[PTL KLSS»(NLUaPH 0U[LYUHaPVUHSL WLY S»,ULY NPH 0,( JOL YPÅL[[VUV SH JYLZJP[H LJVUVTPJH NSVIHSL L S»PUUHSaHTLU[V KLNSP Z[HUKHYK KP ]P[H Z\SSH IHZL KLSSL H[ [\HSP WVSP[PJOL [YH PS L PS SH KVTHUKH LULYNL[PJH u KLZ[PUH[H HK H\TLU[HYL KLS YLNPZ[YHUKV \UH ]L SVJP[n KP JYLZJP[H WP JOL KVWWPH 3»PUJYLTLU[V THNNPVYL H]]LYYn ZVWYH[[\[[V ULP WHLZP LTLYNLU[P JVTL SH *PUH KV]L P JVUZ\TP WV[YLIILYV HKKPYP[[\YH [YPWSPJHYL 5LS JVU[LZ[V KLSSL H[[\HSP WVSP[PJOL [HSL JYLZJP[H KL[LY TPULYLIIL \U PUJYLTLU[V ULSSL LTPZZPVUP KP *6 WHYP HS \U ]LYV L WYVWYPV JVSWV KP NYHaPH HNSP ZMVYaP WYVM\ZP WLY YHSSLU[HYL P JHTIPHTLU[P JSPTH[PJP

+H HUUP ()) u H[[LU[H HS [LTH KLSSH ZVZ[LUPIPSP[n L KLSS»LM ÄJPLUaH LULYNL[PJH 5LS ()) OH YLHSPaaH[V PS YHWWVY [V ¸;YLUK NSVIHSP ULSS»LMÄJPLUaH LULYNL[PJH ¹ WVP HN NPVYUH[V ULS JOL YHWWYLZLU[H PS KVJ\TLU[V KP YPMLYP TLU[V Z\SS»LMÄJPLUaH LULYNL[PJH WLY ()) LK u PUJLU[YH[V Z\SSL [LUKLUaL ULS ZL[[VYL PUK\Z[YPHSL L KLSSL \[PSP[` PS J\P VIPL[[P]V u HJJYLZJLYL SH JVUZHWL]VSLaaH Z\SSH JLU[YHSP[n KP X\LZ[V [LTH ULSSH Z[YH[LNPH KP JYLZJP[H ZVZ[LUPIPSL KLS ZPZ[LTH TVUKPHSL 0S YLWVY[ u HY[PJVSH[V PU K\L ZLaPVUP 3H WYPTH u Z[H[H YLH SPaaH[H KHSS»,JVUVTPZ[ 0U[LSSPNLUJL <UP[ JOL ZP u VJJ\WH[H KP YLHSPaaHYL \U ZVUKHNNPV JVUKV[[V H SP]LSSV TVUKPHSL [YH ZLUPVY L_LJ\[P]L KLSS»PUK\Z[YPH L KLSSL \[PSP[` JVU S»VIPL[[P]V KP TPZ\YHYL L HUHSPaaHYL SL [LUKLUaL L SL WYV ZWL[[P]L KLSSL HaPLUKL PU [\[[V PS TVUKV PU YLSHaPVUL HSS»\[P

3»0,( HMMLYTH JOL S»LMÄJPLUaH LULYNL[PJH MVYUPYn \U JVU [YPI\[V KLJPZP]V WLY PS JVUZLN\PTLU[V KLNSP VIPL[[P]P KP YP

()) L S»LMÄJPLUaH LULYNL[PJH

SPaaV WP LMÄJPLU[L KLSS»LULYNPH 3H ZLJVUKH WHY[L u Z[H[H JVTTPZZPVUH[H H ,ULYKH[H \UH ZVJPL[n KP JVUZ\SLUaH ZWLJPHSPaaH[H ULS ZL[[VYL NSV IHSL KLSS»LULYNPH 6S[YL HNSP ZJLUHYP NSVIHSP SH YPJLYJH KP MVJHSPaaH Z\P WHLZP KLS . JOL YHWWYLZLU[HUV JPYJH [YL X\HY[P KLS JVUZ\TV LULYNL[PJV TVUKPHSL [YH J\P S»0[HSPH 0S YLWVY[ u JVUZ\S[HIPSL HS ZP[V! ^^^ HII P[ LULYN`LMÄJPLUJ` +HS YHWWVY[V LTLYNL JVTL ULSS»HYJV KLNSP \S[PTP HUUP ZPHUV Z[H[P MH[[P UV[L]VSP WHZZP H]HU[P Z\S MYVU[L KLSS»LMÄ JPLUaH LULYNL[PJH ULP ZL[[VYP JOL MHUUV \U \ZV PU[LUZP ]V KLSS»LULYNPH TH u L]PKLU[L JVTL LZPZ[H \U UV[L]VSL WV[LUaPHSL ZVWYH[[\[[V PU ]PY[ KP \UH ZWPU[H WP KLJPZH JVUZHWL]VSL L PUMVYTH[H Z\P ILULÄJP JOL S»LMÄJPLUaH LULYNL[PJH WVZZVUV HWWVY[HYL Z\S MYVU[L HTIPLU[HSL TH ZVWYH[[\[[V Z\ X\LSSV LJVUVTPJV LZZLUKV S»LMÄJPLUaH LULYNL[PJH \UH ZJLS[H JOL Z\WWVY[H PS TVUKV KLSSL PUK\ Z[YPL L KLSSL \[PSP[` H YHMMVYaHYL SH WYVWYPH JVTWL[P[P]P[n KP S\UNV [LYTPUL 3»\ZV KLSS»LULYNPH ULSS»PUK\Z[YPH PU 0[HSPH JVTL PU TVS [L WHY[P KLS TVUKV u SVU[HUV KHSS»LZZLYL LMÄJPLU[L L JP ZVUV HTWP ZWHaP WLY TPNSPVYHTLU[P 7LY X\LZ[V S»LMÄJPLU aH LULYNL[PJH ¶ JVZy JVTL LZWYLZZV KHP ZLUPVY L_L J\[P]L PU[LY]PZ[H[P HUJOL HSSH S\JL KP \U HJJLZZV YPZ[YL[[V HSS»LULYNPH L HSSL WYLVJJ\WHaPVUP SLNH[P HP JHTIPHTLU[P JSP TH[PJP UVU u WP JVUZPKLYH[H \UH ZJLS[H VWaPVUHSL ILUZy

\U PYYPU\UJPHIPSL WYL YLX\PZP[V WLY SH JYLZJP[H ÄUHUaPHYPH H S\UNV [LYTPUL L WLY PS TPNSPVYHTLU[V KLSSH JVTWL[P[P]P[n ZVWYH[[\[[V PU ZL[[VYP LULYN` PU[LUZP]L 3»LMÄJPLUaH LULYNL[PJH u ]PZ[H HUJOL JVTL \UV Z[PTVSV HSS»PUUV]HaPVUL [LJUVSVNPJH W\Y ULSSH JVUZHWL]VSLaaH JOL P WYPUJPWHSP TPNSPVYHTLU[P HYYP]LYHUUV KHSS»V[[PTPa aHaPVUL KLP WYVJLZZP WYVK\[[P]P L ZVWYH[[\[[V KHSS»PU[YV K\aPVUL KP [LJUVSVNPL NPn HJJLZZPIPSP L [LZ[H[L JP[HUKV [YH X\LZ[L PU WHY[PJVSHYL P TV[VYP HK HS[H LMÄJPLUaH L NSP PU]LY[LY <U»HUHSPZP KLSS»PTWH[[V KP X\LZ[L [LJUVSVNPL OH KPTVZ[YH[V HTWPHTLU[L JOL S»LMÄJPLUaH LULYNL[PJH u \U PU]LZ[PTLU[V JOL ZP YPWHNH KH Zt :\S MYVU[L KLS YP[VYUV ÄUHUaPHYPV KLNSP PU]LZ[PTLU[P PU LM ÄJPLUaH LULYNL[PJH S» KLS JHTWPVUL PU[LY]PZ[H[V YP JVUVZJL S»LMÄJPLUaH LULYNL[PJH JVTL MH[[VYL I\ZPULZZ JYP[PJHS TH ZVSV PS OH PU]LZ[P[V PU X\LZ[V HTIP[V ULNSP \S[PTP HUUP X\V[H JOL ZJLUKL HS ULSS»PUK\Z[YPL H \ZV PU[LUZP]V KLSS»LULYNPH :VSV SH TL[n KLS JHTWPVUL OH TLZZV H W\U[V ZPZ[LTP KP NLZ[PVUL KLSS»LULYNPH L ZVSV \U [LYaV OH LZLN\P[V H\ KP[ LULYNL[PJP Z\SS»PU[LYH Z[Y\[[\YH WYVK\[[P]H L VWLYH[P]H 4LUV KLSSH TL[n OH H[[P]H[V \U ZPZ[LTH WLY \U TVUP[V YHNNPV JVU[PU\V KLP WYVNYLZZP PU LMÄJPLUaH LULYNL[PJH 8\LZ[V KP]HYPV [YH JVUZHWL]VSLaaH L HaPVUL u JH\ZH[V WYPUJPWHSTLU[L KH \UH THUJHUaH KP PUMVYTHaPVUL 0S

) EJPANB=??E= @AHH= LE=PP=BKNI= ?KJ H= @AO?NEVEKJA @AE LNK?AOOE HAC=PE =HH =Q@EP AJANCAPE?K KJHEJA

KLS JHTWPVUL KLU\UJPH \UH THUJHUaH KP JOPHYLaaH ULS TL[VKV WLY PUKP]PK\HYL PS YP[VYUV Ã&#x201E;UHUaPHYPV KLNSP PU]L Z[PTLU[P ZVWYH[[\[[V SLNH[H HSSÂ»HZZLUaH KP ILUJOTHYR KP YPMLYPTLU[V WLY PS ZL[[VYL PUK\Z[YPHSL PU J\P VWLYHUV :VSV PS JP[H SH THUJHUaH KP MVUKP JVTL \UH KLSSL IHYYPLYL HSSÂ»PU]LZ[PTLU[V :\ X\LZ[P JYP[LYP ZP IHZH SV Z]PS\WWV KLS WYVNL[[V Â¸7PH[ [HMVYTH WLY NSP (\KP[ LULYNL[PJPÂ¹ YLHSPaaH[V KH ()) 0[HSPH JOL OH JVTL VIPL[[P]V X\LSSV KP Z]PS\WWHYL WYVT\V]LYL L YLHSPaaHYL Z[Y\TLU[P L WYVJLZZP PUUV]H[P]P UVUJOt JVUJYL[P H Z\WWVY[V KLSSL KLJPZPVUP PU X\LZ[H KPYLaPVUL KH WHY[L KP PUK\Z[YPL \[PSP[PLZ NYHUKP PUMYHZ[Y\[[\YL L [LYaPHYPV TL[[LU KV H MY\[[V SÂ»LZWLYPLUaH L SH JHWHJP[n JVUZ\SLUaPHSL KLS WYVWYPV WLYZVUHSL 8\LZ[P Z[Y\TLU[P PU WHY[PJVSHYL ZP JVUJYL[PaaHUV PU \UH WPH[[HMVYTH VUSPUL JOL JVUZLU[L SH YLHSPaaHaPVUL KP H\ KP[ ZJHSHIPSP PU M\UaPVUL KLSSH JVTWSLZZP[n KLSSL YLHS[n JOL ]HUUV HK HUHSPaaHYL Â¶ PU NYHKV KP! Â&#x2039; 0KLU[PÃ&#x201E;JHYL SL HYLL KP PU[LY]LU[V WYPVYP[HYPL Â&#x2039; 0KLU[PÃ&#x201E;JHYL VWWVY[\UP[n WLYZVUHSPaaH[L H[[YH]LYZV WVZ ZPIPSP ZVS\aPVUP KP PU[LY]LU[V Â&#x2039; =HSVYPaaHYL PS YP[VYUV KLNSP PU]LZ[PTLU[P PU LMÃ&#x201E;JPLUaH LULYNL[PJH Â&#x2039; :[HIPSPYL JYP[LYP WHYHTL[YP L WYVJLK\YL ZPZ[LTH[PaaH [P WLY SH TPZ\YH ULS [LTWV KLS YHNNP\UNPTLU[V KLNSP VIPL[[P]P WYLÃ&#x201E;ZZH[P (SSH IHZL KP X\LZ[H WPH[[HMVYTH \U PTWVY[HU[L WYVNL[[V KP YPJLYJH L Z]PS\WWV Ã&#x201E;YTH[V ()) 0[HSPH JOL OH YPJOPLZ[V TLZP KP KLZPNU PTWSLTLU[HaPVUL L [LZ[ SV Z]PS\WWV KP VS[YL WHNPUL ^LI SÂ»LSHIVYHaPVUL KP HSNVYP[TP PU[LNYH[P H[[P H Z\WWVY[HYL PS WYVJLZZV KLJPZPVUHSL IHZH[V Z\SSL ZVS\aPVUP KLÃ&#x201E;UP[L 3Â»PUULNHIPSL ]HSVYL HNNP\U[V KLSSH WPH[[HMVYTH OH WVY[H[V HSSH KLJPZPVUL KH WHY[L KLSSH OVS KPUN KP LZ[LUKLYL SÂ»HWWSPJHaPVUL KLS WYVNL[[V KHSSÂ»0[HSPH Â¶ KV]L OH H]\[V VYPNPUL Â¶ H [\[[V PS .Y\WWV ()) JVU [YHK\ aPVUP PU HS[YL SPUN\L 3Â»H\KP[ W\~ LZZLYL LMML[[\H[V PU [\[[P P ZL[[VYP \[PSP[PLZ PU K\Z[YPHSL [LYaPHYPV L I\PSKPUN L PU [\[[P NSP HTIPLU[P HYLL WYVK\[[P]L JVWLY[L L ZJVWLY[L HYLL SVNPZ[PJOL \[PSP[PLZ L I\PSKPUN 3Â»HUHSPZP u LZLN\P[H Z\P ]L[[VYP WYVJLZZP LULYNL [PJP! LULYNPH LSL[[YPJH NHZ L JVTI\Z[PIPSP PU NLULYL HYPH L HJX\H HUHSPaaHUKV P ZPZ[LTP LSL[[YPJP L [LYTVKPUHTPJP KHS W\U[V KP ]PZ[H [LJUPJV LJVUVTPJV LK VYNHUPaaH[P]V 3L ZVS\aPVUP ZVUV YHNNY\WWH[L PU WYPUJPWHSP HYLL KP PU[LY ]LU[V! WYVKV[[P ZPZ[LTP [LJUVSVNPL KP WYVJLZZV JVU[YH[[P LULYNL[PJP HMÃ&#x201E;KHIPSP[n L V[[PTPaaHaPVUL 3L HYLL KP PU[LY]LU[V Z\NNLYP[L WVZZVUV ZWHaPHYL KHSSÂ»HW WSPJHaPVUL KP WYVKV[[P L ZPZ[LTP HK HS[H LMÃ&#x201E;JPLUaH JVTL HK LZLTWPV P TV[VYP JSHZZPÃ&#x201E;JH[P ,-- V NSP PU]LY[LY PU NYHKV KP V[[PTPaaHYL P JVUZ\TP KLP TV[VYP Ã&#x201E;UV HK HYYP]HYL HK \UH YPJVUÃ&#x201E;N\YHaPVUL KLP WPHUP JVU[YH[[\HSP KP HJX\PZ[V

KLSSÂ»LULYNPH V HSSÂ»V[[PTPaaHaPVUL L HS JVU[YVSSV KP WHYHTL [YP WYVK\[[P]P JOL WVZZHUV X\PUKP HIIH[[LYL P JVUZ\TP V JVUZLU[PYL PS YP\[PSPaaV KP YPZVYZL PU NYHKV KP NLULYHYL U\V]H LULYNPH 3Â»\[PSPaaV KP X\LZ[P Z[Y\TLU[P KP H\KP[ SH J\P KPZWVUPIPSP[n u Z[H[H HTWPHTLU[L WYVTVZZH H[[YH]LYZV H[[P]P[n TPYH[L u VNNP HSSH IHZL KLSSH WVSP[PJH KP LMÃ&#x201E;JPLUaH LULYNL[PJH KP U\TLYVZL PTWYLZL JOL PU[LYHNPZJVUV JVU PS ZPZ[LTH WLY YLHSPaaHYL VUSPUL X\LP JOLJR \W JOL YHWWYLZLU[HUV PS WYP TV WHZZV WLY H]]PHYL \U WYVJLZZV JVTWSL[V KP LMÃ&#x201E;JPLU [HTLU[V 0UVS[YL ()) OH H]]PH[V \U WYVNYHTTH WLY KPMMVUKLYL SH J\S[\YH KLSSÂ»LMÃ&#x201E;JPLUaH LULYNL[PJH H [\[[P P WYVWYP JSPLU[P HSSL HZZVJPHaPVUP KP JH[LNVYPH HSSL \[PSP[` HNSP VWLYH[VYP KP LULY NPL L H [\[[L SL HaPLUKL PU[LYLZZH[L L OH YLHSPaaH[V WYV NYHTTP KP MVYTHaPVUL ZWLJPHSPaaH[H KLKPJH[H HSSH Ã&#x201E;N\YH KLSSÂ»LULYN` THUHNLY .YHaPL HS Z\V PTWLNUV ULS JHTWV KLSSÂ»LMÃ&#x201E;JPLUaH LULYNL [PJH JVUJYL[PaaH[V HUJOL H[[YH]LYZV \UH Z[YL[[H JVSSHIVYH aPVUL JVU P [LJUPJP KLS 4PUPZ[LYV KLSSV :]PS\WWV ,JVUVTP JV WLY SV Z]PS\WWV KLS ZPZ[LTH KP PUJLU[P]P SLNH[P HSSH Ã&#x201E;UHU aPHYPH KLS ()) 0[HSPH u Z[H[H WYLTPH[H ULS KHSSH *VTTPZZPVUL ,\YVWLH K\YHU[L SH ZLZ[H Â¸0U[LYUH[PVUHS *VUMLYLUJL VU ,ULYN` ,MÃ&#x201E;JPLUJ` PU 4V[VY +YP]LU7SHU[ZÂ¹ WLY SH JH[LNVYPH Â¸:VZ[LUP[VYPÂ¹ 0S WYLTPV YPJVUVZJL SÂ»PTWL NUV KP ()) ULS Z\WWVY[HYL PS 4V[VY *OHSSLUNL 7YVNYHT TL SHUJPH[V WLY HP\[HYL SL HaPLUKL H TPNSPVYHYL SÂ»LMÃ&#x201E;JPLUaH LULYNL[PJH KLP SVYV HaPVUHTLU[P LSL[[YPJP 3L VYNHUPaaHaPV UP ZVZ[LUP[YPJP Z]VSNVUV \U Y\VSV H[[P]V ULSSH WYVTVaPVUL KLSSH J\S[\YH L KLSSL PUPaPH[P]L SLNH[L HSSÂ»LMÃ&#x201E;JPLUaH LULYNL[P JH PUJVYHNNPHUKV SL PTWYLZL HK HKLYPYL HS WYVNYHTTH L HS JVU[LTWV NHYHU[LUKV SVYV PS ULJLZZHYPV ZVZ[LNUV ULS JVUZLN\PTLU[V KLNSP VIPL[[P]P WYLWVZ[P 5LS JVYZV KLNSP HUUP ()) OH Z\WWVY[H[V TVS[L HaPLU KL ULSSÂ»V[[PTPaaHaPVUL KLP SVYV PTWPHU[P L OH PZ[P[\P[V WLY P WYVWYP JSPLU[P PS WYLTPV Â¸()) ,ULYN` ,MÃ&#x201E;JPLUJ` (^HYKÂ¹ VNNP NP\U[V HSSH Z\H X\PU[H LKPaPVUL JOL WYLTPH HW W\U[V SL HaPLUKL JOL HIIPHUV PU]LZ[P[V PU LMÃ&#x201E;JPLUaH LULYNL[PJH V[[LULUKV YPZ\S[H[P JVUJYL[P NYHaPL HSSÂ»HWWSPJH aPVUL KLSSH TL[VKVSVNPH L KLP WYVKV[[P ()) .Pn X\PUKPJP HaPLUKL ZVUV Z[H[L PUZPNUP[L KP X\LZ[V YPJVUVZJPTLU[V! )H`LY 0]LJV ;LUHYPZ -PH[ *VZ[H *YVJPLYL ULS L ULS -PVY\JJP (JJLU[\YL 9-; -PLYH 4PSHUV <UPJHSJL 5LY]PHUV 4LKPJHS:JPLUJLZ :J\VSH 7YPTHYPH Â¸<UP[n KÂ»0[H SPHÂ¹ KP 7PVILZP 7PYLSSP (\ZS 9PTPUP L (JJPHPLYPL KP *HS]PZHUV <U ZLNUV JOL PUKPJH JOL SÂ»PUUV]HaPVUL ULSSÂ»LMÃ&#x201E;JPLUaH LULYNL[PJH WHZZH H[[YH]LYZV \UH WVSP[PJH ILU WYLJPZH JOL W\~ LZZLYL MH[[H ZPH KH WPJJVSP JOL KH NYHUKP WHZZP TH ZVWYH[[\[[V ZVZ[LU\[H KH \UH ]PZPVUL L KH \UH Z[YH[LNPH ]VS[H HK PUKP]PK\HYL TPZ\YHYL L ]HSVYPaaHYL P YPZ\S[H[P JVU JYL[P KLNSP PU[LY]LU[P YLHSPaaH[P

;,*5636.0, 050A0(; ( 0=,

/H PLFURWXUELQH XQD ULVSRVWD JLj FRQFUHWD 3\PNP 3L[V <UP]LYZP[n KLNSP :[\KP KP .LUV]H ,5,( 4HYJV AHTILSSP ,5,(

VSSVJHaPVUL ULSS»H[[\HSL ZP[\HaPVUL LULYNL[PJH

5LS JVYZV KLSS»HUUV WYLJLKLU[L PU 0[HSPH ZVUV Z[H[P JVUZ\TH[P JVTI\Z[PIPSP MVZZPSP WLY X\HZP 4[VL PT WVY[H[P KHSS»LZ[LYV WLY VS[YL PS WLY \U LZIVYZV KP VS[YL TPSPHYKP KP L\YV JPYJH PS KLS 703 " KP X\LZ[P VS[YL PS JPYJH 4[VL LYH YHWWYLZLU[H[V KH NHZ UH[\YHSL JOL u Z[H[V \[PSPaaH[V WYL]HSLU[LTLU[L ULS ZL[[VYL JP]PSL YLZPKLUaPHSL L [LYaPHYPV WLY SH JVWLY[\YH KP VS[YL PS KLP YLSH[P]P JVUZ\TP ÄUHSP KP LULYNPH L WYPUJPWHSTLU[L KP LSL[ [YPJP[n L JHSVYL PU WYPTH HWWYVZZPTHaPVUL ZP W\~ WLUZHYL JOL X\LZ[L ]VJP ZP LX\P]HSNHUV 3H WYVK\aPVUL KP LSL[[YPJP[n TLKPHU[L NHZ UH[\YHSL ZP YL HSPaaH ZVSP[HTLU[L PU NYHUKP PTWPHU[P HWWHY[LULU[P H MH TPNSPL! P JPJSP [\YIVNHZ L P JPJSP JVTIPUH[P NHZ ]HWVYL .SP PTWPHU[P [\YIVNHZ HS[YV UVU ZVUV JOL ZPZ[LTP JVU [\YIPUL KP NYVZZH [HNSPH KLSS»VYKPUL KLSSL JLU[PUHPH KP 4> JOL WYVK\JVUV LSL[[YPJP[n JVU YLUKPTLU[P TLKP UL[[P KLSS»VYKP UL KLS " JP~ ZPNUPÄJH JOL ZVSV PS KLS JVU[LU\[V LULYNL[PJV KLS JVTI\Z[PIPSL PU PUNYLZZV u LMML[[P]HTLU[L [YHZMVYTH[V PU LSL[[YPJP[n TLU[YL PS YLZ[HU[L u KPZWLY

JHVWLRQH HQHUJLD

ZV ULSS»HTIPLU[L ZV[[V MVYTH KP LULYNPH [LYTPJH :VSV ZHS[\HYPHTLU[L WLY SH WYLZLUaH KP \UH NYVZZH \[LUaH [LYTPJH ULSSL ]PJPUHUaL ZPH LZZH \UH YL[L KP [LSLYPZJHSKH TLU[V V \UH PUK\Z[YPH LULYNP]VYH u WVZZPIPSL YLJ\WLYHYL PU THUPLYH WP V TLUV JVUZPZ[LU[L X\LZ[V JHSVYL V[[L ULUKV JVZy \U TPNSPVYL \[PSPaaV KLS JVTI\Z[PIPSL L X\PUKP \U YLUKPTLU[V NSVIHSL WP LSL]H[V .SP PTWPHU[P KLUV TPUH[P ¸H JPJSV JVTIPUH[V¹ ZVUV YLHSPaaH[P HJJVWWPHUKV \U PTWPHU[V [\YIVNHZ KP NYHUKL [HNSPH JVU \U PTWPHU[V H ]HWVYL PS JHSVYL KLP M\TP PU \ZJP[H KHS [\YIVNHZ ]PLUL YLJ\WLYH[V WLY WYVK\YYL ]HWVYL 8\LZ[H THNNPVYL JVT WSPJHaPVUL PTWPHU[PZ[PJH JVUZLU[L KP V[[LULYL YLUKPTLU [P LSL[[YPJP JOL WVZZVUV YHNNP\UNLYL PS Z\WLYPVYP HP TVKLYUP PTWPHU[P H ]HWVYL TH HUJVYH PS KP LULYNPH UVU u \[PSPaaH[H LK u YPSHZJPH[H HSS»HTIPLU[L ZL UVU VW WVY[\UHTLU[L \[PSPaaH[H ULSSL JVUKPaPVUP NPn ZWLJPÄJH[L WLY NSP PTWPHU[P [\YIVNHZ" PU LU[YHTIP P JHZP ZP WYVK\JL LULYNPH PU TVKV JVZPKKL[[V ¸JLU[YHSPaaH[V¹ V ¸SVJHSPa aH[V¹ 3»PTWVZZPIPSP[n KP \ZHYL PU THUPLYH HWWYLaaHIPSL PS JVU[LU\[V LULYNL[PJV KLS JVTI\Z[PIPSL UVU [YHZMVYTH[V PU LSL[[YPJP[n UVUJOt SL WLYKP[L WLY PS [YHZWVY[V KLSS»LSL[[YP

;,*5636.0, 050A0(; ( 0=,

#ECQN= 0L=??=PK @E QJ= QJEP¸ ?KJ IE?NKPQN>EJA ĥBKJPAġ SSS CN? J=O= CKRR KLLQNA CN?EI=CAJAP CN? J=O= CKR9

JP[n PTTLZZH ULSSH YL[L ZPUV HSSL \[LUaL ÄUHSP JOL TL KPHTLU[L ZP HZZ\TVUV LZZLYL WHYP H JPYJH PS UL JVZ[P[\PZJVUV P W\U[P JYP[PJP 7LY X\HU[V YPN\HYKH PU]LJL SH WYVK\aPVUL KP JHSVYL ZPH JOL ZP [YH[[P KP JHSVYL KP WYVJLZZV HK HS[H LU[HSWPH JOL KP JHSVYL H IHZZH LU[HSWPH HK \ZV [PWPJV KLS YPZJHSKHTLU[V VNNP H]]PLUL JVU YLUKPTLU[P Z\WLYPVYP HS JVU JHSKH PL KP WPJJVSH V NYHUKL [HNSPH L SH ZP[\HaPVUL u TLUV JYP[PJH YPZWL[[V HSSH WYVK\aPVUL LSL[[YPJH HUJOL ZL NSP H\TLU[P KLP

[\YIVNHZ KP WV[LUaH JVTWYLZH MYH P L R> JVU \UH JVZWPJ\H WYLZLUaH KP TVKLSSP ULS YHUNL [YH P L P R> L ZVUV PU H]HUaH[H MHZL KP Z]PS\WWV ZPZ[LTP KP WPJJVSPZZPTH [HNSPH KLSS»VYKPUL KLP R> MHJPSTLU[L PUZ[HS SHIPSP ULP JVT\UP HWWHY[HTLU[P L JOL PUVS[YL WV[YLIILYV LZZLYL HJJVWWPH[L H ZPZ[LTP JVU JLSSL H JVTI\Z[PIPSL YL HSPaaHUKV JVZy ZPZ[LTP PU NYHKV KP WYVK\YYL LSL[[YPJP[n JVU LMÄJPLUaH LSL[[YPJH NSVIHSL Z\WLYPVYL HS [LVYPJHTLU [L ZPUV HSS» 7YPUJPWHSP JHYH[[LYPZ[PJOL [LJUPJOL 3L TPJYV[\YIPUL ]LYL L WYVWYPL ZVUV WPJJVSL [\YIVTHJ JOPUL YHKPHSP KPHTL[YV KP HSJ\UP WVSSPJP JVZ[Y\[[P]HTLU[L ZPTPSP HSSL [\YIPUL H NHZ JLU[YPM\NOL [YHKPaPVUHSP TVUV V IPZ[HKPV H IHZZV YHWWVY[V KP LZWHUZPVUL YV[HU[P H ]LSV JP[n LSL]H[PZZPTL ZPUV H NPYP HS TPU\[V " ZWLZZV

#ECQN= "OAILEK @E NKPKNA IKJK=H>ANK @E QJ= QJEP¸ IE?NKPQN>KC=O =LOPKJA ĥBKJPAġ SSS IE?NKLKSANAQNKLA ?KI9

JVZ[P KLP JVTI\Z[PIPSP \UP[P HK \UH THNNPVYL ZLUZPIPSP[n HTIPLU[HSL PUK\JVUV HSSH YPJLYJH KP ZVS\aPVUP JOL YPK\JH UV NSP ZWYLJOP L SL WLYKP[L ( X\LZ[L YPJOPLZ[L W\~ KHYL \U JVU[YPI\[V S»L]VS\aPVUL [LJUVSVNPJH KLNSP \S[PTP HUUP JHWHJL KP TL[[LYL NPn H KP ZWVZPaPVUL ZPZ[LTP JVU [\YIPUL KP [HNSPL WP WPJJVSL TPUP V TPJYV[\YIPUL JOL HJJVWWPH[L H PKVULP YLJ\WLYH[VYP KP JH SVYL JVUZLU[VUV LMÄJPLUaL JVTWSLZZP]L LSL[[YPJP[n JHSV YL \[PSL KLSS»VYKPUL KLSS» 8\LZ[L THJJOPUL WVZZVUV LZZLYL \[PSPaaH[L WLY SH JVNLULYHaPVUL KP LSL[[YPJP[n L JHSV YL PU WPJJVSL L TLKPL YLHS[n PUK\Z[YPHSP KP ]HYPV [PWV NHSSLYPL JVTTLYJPHSP HSILYNOP JLU[YP ILULZZLYL PU VZWLKHSP L PU HWWSPJHaPVUP YLZPKLUaPHSP KHP NYHUKP JVUKVTPUP ÄUV HSSL ZPUNVSL HIP[HaPVUP L K\UX\L WVZZVUV LZZLYL KPZWLYZL ULS [LYYP[VYPV WYVWYPV KV]L ZLY]VUV YLHSPaaHUKV PU [HS TVKV \UH WYVK\aPVUL KP [PWV ¸KPZ[YPI\P[V¹ JVU PUULNHIPSP ]HU [HNNP X\HSP HK LZLTWPV SH YPK\aPVUL KLSSL WLYKP[L WLY PS [YH ZWVY[V KLSS»LULYNPH LSL[[YPJH PS TPNSPVY \[PSPaaV KLSS»LULYNPH JVU[LU\[H ULS JVTI\Z[PIPSL JVNLULYHaPVUL Z\S WVZ[V PS YPKV[[V L TLNSPV KPZ[YPI\P[V PTWH[[V HTIPLU[HSL 6NNP ZVUV KPZWVUPIPSP Z\S TLYJH[V PTWPHU[P TPUP L TPJYV

WLY~ JVU PS [LYTPUL TPJYV[\YIPUH ZP ZV[[PU[LUKL PS JVT WSLZZP]V KLSSH YLSH[P]H \UP[n [LYTPJH JVTWVZ[H KH TPJYV [\YIVNY\WWV JVTWYLZZVYL [\YIPUH TPJYVJVTI\Z[VYL YPNLULYH[VYL L ZPZ[LTH KP WYVK\aPVUL L JVUKPaPVUHTLU[V KLSSH WV[LUaH [YHTP[L PS X\HSL u WVZZPIPSL V[[LULYL LULYNPH LSL[[YPJH H]LU[L JHYH[[LYPZ[PJOL PKVULL WLY LZZLYL PTTLZ ZH PU YL[L *VTL WLY P [YHKPaPVUHSP L WP NYHUKP PTWPHU[P [\YIVNHZ PS JPJSV [LYTVKPUHTPJV KP YPMLYPTLU[V KLP ZPZ[LTP H TPJYV[\Y IPUH u PS JPJSV )YH`[VU 1V\SL JOL W\~ LZZLYL X\PUKP HWLY[V V JOP\ZV ZLTWSPJL V YPNLULYH[P]V 0S YPNLULYH[VYL u MVUKH TLU[HSL WLY PUUHSaHYL H ]HSVYP JVTWL[P[P]P PS YLUKPTLU[V LK u WYLZLU[L ULSSH X\HZP [V[HSP[n KLSSL \UP[n VNNP WYVKV[[L HUJOL ZL JP~ JVU[YPI\PZJL HK H\TLU[HYUL P JVZ[P L SL KP TLUZPVUP 3H [LTWLYH[\YH KLP NHZ PU PUNYLZZV ULS TPJYV [\YIVLZWHUZVYL u NLULYHSTLU[L JVTWYLZH [YH * L * LZZLUKV KP MH[[V SPTP[H[H KHSSH [LU\[H TLJJHUPJH KLP JVTWVULU[P 7VPJOt H X\LZ[V W\U[V PS JVU[LU\[V LU[HSWPJV KLP NHZ KP ZJHYPJV u HUJVYH LSL]H[V HSJ\UP WYVK\[[VYP WYL]LKVUV V S»PUZLYPTLU[V KP \U YLJ\WLYH[VYL ULSSH MHZL KP JVZ[Y\aPV

;,*5636.0, 050A0(; ( 0=,

UL VWW\YL SH WVZZPIPSP[n KP \U PUZLYPTLU[V Z\JJLZZP]V H YPJOPLZ[H JP~ PU X\HU[V PS JVZ[V KLS YLJ\WLYH[VYL UVU u [YHZJ\YHIPSL *VZ[Y\[[P]HTLU[L PS TPJYVJVTWYLZZVYL LK PS NLULYH[VYL LSL[[YPJV ZVUV NLULYHSTLU[L JHSL[[H[P Z\SSV Z[LZZV HSILYV KLSSH TPJYV[\YIPUH L Y\V[HUV HSSH ]LSVJP[n KH LZZH Z[LZZH PTWVZ[H HZZPJ\YHUKV TPUVYP WHY[P PU TV]PTLU[V YLSH[P]V L YPKV[[L LTPZZPVUP HJ\Z[PJOL" SH JVUÄN\YHaPVUL H KVWWPV HZZL HZZPJ\YH THNNPVYP WVZZPIPSP[n KP YLNVSHaPVUL TH VI ISPNH HK H]LYL WP LSLTLU[P PU YV[HaPVUL KPMMLYLU[P YLNPTP ULJLZZP[n KP \U YPK\[[VYL KLS U\TLYV KP NPYP L V]]PHTLU[L WYLZLU[H JVZ[P WP LSL]H[P ,ZZLUKV SL LMÄJPLUaL LSL[[YPJOL KLSSL \UP[n TPJYV[\YIVNHZ ]HYPHIPSP PU M\UaPVUL KLS JHYPJV L KLP WHYHTL[YP HTIPLU[HSP WYL]HSLU[LTLU[L KL[LYTPUH[P KHSSH [LTWLYH[\YH HUJOL ULP TVKLSSP TVUVHSILYV ULP X\HSP SH ]LSVJP[n KP YV[HaPVUL UVU u KPYL[[HTLU[L KL[LYTPUH[H KHSSH MYLX\LUaH KP YL[L PS YLNPTL KP LZLYJPaPV W\~ LZZLYL LZ[YLTHTLU[L ÅLZZPIPSL L ZLN\PYL PS JHYPJV JVU JVU[PU\P[n WV[LUKV PU [HS TVKV H[[L U\HYL PS WLNNPVYHTLU[V KLSSL WYLZ[HaPVUP ULSSL JVUKPaPVUP KP VMM KLZPNU JOL u PU]LJL [PWPJV KLNSP PTWPHU[P [\YIVNHZ [YHKPaPVUHSP (K VNUP TVKV ZPZ[LTP JVU YHWWVY[P KP JVT WYLZZPVUL JVTWYLZP [YH L WYLZLU[HUV LMÄJPLUaL LSL[[YPJOL ULSSL JVUKPaPVUP KP WYVNL[[V NLULYHSTLU[L JVT WYLZL [YH L :LIILUL KH \UH WHY[L SL KPTLUZPVUP YPKV[[L L SH NLVTL[YPH Z[LZZH KLSSL [\YIVTHJJOPUL UVU WLYTL[[VUV KP ZWPUNLYZP ]LYZV [LTWLYH[\YL Z\WLYPVYP KHSS»HS[YH WYVWYPV S»HZZLUaH KP ZVÄZ[PJH[P ZPZ[LTP KP YHMMYLKKHTLU[V JVU[YPI\PZJL H YLUKL YL [HSL THJJOPUH HUJVYH WP ZLTWSPJL L KP IHZZV JVZ[V

7LY SH WYVNL[[HaPVUL KLSSL WHY[P WP JHSKL KLSSH THJJOPUH JP ZP W\~ H]]HSLYL VNNP KLP WYVNYLZZP YHNNP\U[P ULSSL HW WSPJHaPVUP KLP TH[LYPHSP JLYHTPJP" \S[LYPVYP Z[\KP YPN\HYKHUV PS TPNSPVYHTLU[V Å\PKVKPUHTPJV KLP JVTWVULU[P SV Z[\KPV KLSSH JVTI\Z[PVUL S»H\TLU[V KLSS»HMÄKHIPSP[n PU ZWLJPHS TVKV KLP J\ZJPUL[[P SH JHYH[[LYPaaHaPVUL L S»V[[PTPaaHaPV UL KP JPJSP PUUV]H[P]P LK PUÄUL [\[[L SL HS[YL WYVISLTH[PJOL JOL SH WYVK\aPVUL KP LULYNPH IHZH[H Z\ JVTWVULU[P JVZy WPJJVSP W\~ JVTWVY[HYL 0U KLÄUP[P]H SL TPJYV[\YIPUL YPZ\S[HUV TVS[V H[[YHLU[P WLY SL SVYV WHY[PJVSHYP JHYH[[LYPZ[PJOL! YPKV[[L LTPZZPVUP 56_ # WWT] IHZZP JVZ[P KP PUZ[HSSHaPVUL L THU\[LUaPVUL LK LZLYJPaPV MHJPSP[n KP H]]PHTLU[V L ZWLNUPTLU[V" [HSP ]HU[HNNP KP]LU[HUV YPSL]HU[P WYVWYPV SHKKV]L PS JVZ[V L PS [LTWV KP YLJ\WLYV KLSS»PU]LZ[PTLU[V WVZZVUV LZZLYL SL KPZJYPTPUHU[P WYPUJPWHSP ,SLTLU[P JVTTLYJPHSP ;YH SL WYPUJPWHSP HaPLUKL WYVK\[[YPJP KP ZPZ[LTP JVU TPJYV [\YIPUL WLY HWWSPJHaPVUP Z[HaPVUHYPL HSJ\UL KP LZZL ZP L]P KLUaPHUV WLY SH ]HYPL[n KP TVKLSSP VNNP YLZP KPZWVUPIPSP HS TLYJH[V L WLY S»VYPNPUHSP[n KLSSL ZVS\aPVUP JVZ[Y\[[P]L HKV[ [H[L HSJ\UL HUJVYH PU MHZL KP ZWLYPTLU[HaPVUL 8\HZP [\[[L SL \UP[n ZVUV VYTHP WYVNL[[H[L WLY M\UaPVUH YL ULSSL JVUKPaPVUP KP VWLYH[P]P[n JVU[PU\H L VU KLTHUK Z[HUK HSVUL L V NYPK JVUULJ[ K\HS TVKL JVU YLNVSH aPVUL KLS JHYPJV JVU[PU\H H ]VS[L ULS YHUNL ¼

JVU PUPaPV KLSSH NLULYHaPVUL H JPYJH SH TL[n KLS YLNPTL KP YV[HaPVUL UVTPUHSL WVZZPIPSP[n KP LZZLYL HSPTLU[H[L KH

#ECQN= $NQLLK PQN>K?KILNAOOKNA ?KI>QOPKNA @AHH QJEP¸ IE?NK %- *11 ĥBKJPAġ SSS IPP AQ ?KI9

JHVWLRQH HQHUJLD

;,*5636.0, 050A0(; ( 0=,

#ECQN= "OAILEK @E EJPACN=VEKJA @E QJ OEOPAI= IE?NK %- =HH EJPANJK @E QJ =LL=NP=IAJPK ĥBKJPAġ SSS IPP AQ ?KI9

\UH NYHUKL ]HYPL[n KP JVTI\Z[PIPSP JVTL NHZ UH[\YHSL Z`UNHZ WYVWHUV KPLZLS JOLYVZLUL 7LY YPK\YYL P [LTWP KP MLYTV THJJOPUH WLY THU\[LUaPVUL u Z[H[H WYVWVZ[H S»HWWSPJHaPVUL KP J\ZJPUL[[P HK HYPH JOL WYLZLU[HUV WLY~ KLP WYVISLTP KV]\[P HSS»H[[YP[V [YH SL WHY[P KLSSH THJJOPUH PU TV[V YLSH[P]V ZWLJPHSTLU[L K\YHU[L SL MHZP KP H]]PHTLU[V L ZWLNUPTLU[V TH ZVUV LZLU[P KHSSL JVTWSPJHaPVUP PT WPHU[PZ[PJOL KLYP]HU[P KHS ZPZ[LTH KP WVTWHNNPV L YLMYPNL YHaPVUL KLSS»VSPV L KLSSH THU\[LUaPVUL YLSH[P]H ( SP]LSSV KPTLUZPVUHSL P ZPZ[LTP TPJYV[\YIVNHZ ZP WYLZLU [HUV H]LUKV \U KLZPNU LZ[YLTHTLU[L JVTWH[[V 7LY MHYL \U LZLTWPV \U ZPZ[LTH KH R> W\~ H]LYL KPTLUZPVUP KP _ _ L WLZV KP JPYJH RN 5VU THUJHUV ]LYZPVUP WP WPJJVSL L WHY[PJVSHYP JVU [HNSPL ZPUV H R> WLY HWWSPJHaPVUP JVNLULYH[P]L ULP TLYJH[P YLZPKLUaPHSL L [YHZWVY[P 7LY PS YPZJHSKHTLU[V KVTLZ[PJV u HSSV Z[\KPV \U ZPZ[LTH PUUV]H[P]V IHZH[V Z\ \UH TP JYV[\YIPUH KH R> LSL[[YPJP L JPYJH R> [LYTPJP JOL KV]YLIIL ZVZ[P[\PYL SL JHSKHPL YLZPKLUaPHSP JVU]LUaPVUHSP L HUJO»LZZV M\UaPVUHYL JVU \U»HTWPH NHTTH KP JVTI\ Z[PIPSP SH J\P LMÄJPLUaH LSL[[YPJH YHNNP\UNL ULSSH Z\H JVU ÄN\YHaPVUL TPUPTH L HSSL JVUKPaPVUP 0:( PS ¼

PU JPJSV ZLTWSPJL L ULSSL ]LYZPVUP WP H]HUaH[L WV[YLIIL HYYP]HYL HUJOL HS TLU[YL S»LMÄJPLUaH NSVIHSL YPZ\S[H JVTWYLZH [YH L ;HSL \UP[n ZP IHZH Z\ \UH JVUÄN\YHaPVUL JVU JHTLYH KP JVTI\Z[PVUL YV[H[P]H JVTIPUH[H HS TPJYVJVTWYLZZVYL JOL SPTP[LYLIIL P [PWPJP LMML[[P KP ZJHSH [YHÄSHTLU[P WLYKP[L

[LYTPJOL H[[YP[P ]PZJVZP LK LSPTPULYLIIL PUVS[YL PS KPMM\ ZVYL KLS JVTWYLZZVYL 3H YPJLYJH u H[[\HSTLU[L MVJHSPa aH[H Z\ \U YV[VYL KH TT KP KPHTL[YV L WV[LUaH PU \ZJP[H WHYP HK R>L H YWT ( [HS YPN\HYKV ULS TLZL KP THYaV L ULSS»HTIP[V KLS 7YV NYHTTH ,\YVWLV ,<9,2( K\L PTWVY[HU[P PZ[P[\[P OHUUV HUU\UJPH[V KP H]LY YHNNP\U[V \U HJJVYKV KP JVSSHIVYHaPV UL WLY S»V[[PTPaaHaPVUL KLP ZPZ[LTP TPJYV*/7 H TPJYV[\Y IPUH HSPTLU[H[P JVU NHZVSPV KH YPZJHSKHTLU[V 3L H[[P]P[n KP Z]PS\WWV ZVUV VYPLU[H[L ]LYZV SH YPK\aPVUL KLP JVZ[P THU[LULUKV SL H[[\HSP JVUKPaPVUP VWLYH[P]L 7LY \U WPJJVSV ZPZ[LTH JVTL X\LZ[V PS [LTWV KP YP[VYUV KLSS»PU]LZ[PTLU[V WV[YLIIL LZZLYL JVTWYLZV [YH L HUUP KPWLUKLUKV PU TPZ\YH YPSL]HU[L KHS WYVÄSV KLS JVU Z\TH[VYL L KHS JVZ[V KLSS»LULYNPH LSL[[YPJH LZJS\KLUKV NSP L]LU[\HSP H\ZPSP LJVUVTPJP [LYYP[VYPHSP

:0;6.9(-0(

^^^ NYJ UHZH NV]

^^^ TPJYVWV^LYL\YVWL JVT

^^^ JHWZ[VUL[\YIPUL JVT

^^^ T[[ L\ JVT

^^^ V^P HHJOLU KL

*64(< \U»HaPLUKH JOL N\HYKH HS M\[\YV 0U[LY]PZ[H H 7HVSV :LNYL[V L*VTH\ :HSLZ 4HYRL[PUN" ,ULYN` 4HUHNLY KLNSP Z[HIPSPTLU[P *VTH\ KP .Y\NSPHZJV

0UN :LNYL[V W\~ KLSPULHYL P WVZZPIPSP ]HU[HNNP KLYP]HU[P KHSS»PTWSLTLU[HaPVUL KP \U ZPZ[LTH KP NLZ[PVUL KLSS»LULYNPH JVUMVYTL HSSH UVYTH 0:6 & *VTH\ HaPLUKH KLS .Y\WWV -PH[ u Z[H[H SH WYPTH YL HS[n PUK\Z[YPHSL P[HSPHUH H YPJL]LYL SH JLY[PÄJHaPVUL ,5 JOL OH WVP LZ[LZV H [\[[P P WHLZP KV]L VWLYH PUJS\ZV 5VYK L :\K (TLYPJH 0UKPH LJJ 0S ]HU[HNNPV SVNPJV WLY \U»HaPLUKH JVTL SH UVZ[YH JOL KH [LTWV u H[[LU[H HNSP HZWL[[P HTIPLU[HSP LK LULYNL[PJP u X\LSSV KP H]LYL KLSSL SPULL N\PKH JVT\UP JOL ]HSNVUV UVU ZVSV WLY SH aVUH ,\YVWH TH HUJOL WLY [\[[P P Z\VP Z[HIPSPTLU[P ULS TVUKV :\S KPZJVYZV KLSSH JLY[PÄJHaPVUL *VTH\ OH K\UX\L HU[PJPWH[V P [LTWP L SH Z[LZZH 0:6 V[[LU\[H HK HWYPSL u ZVSV \UV KLP WHZZHNNP KLSSH JVY Y YL[[H WVSP[PJH PU[LYUH KP NLZ[PVUL KLSS»LULYNPH L ]H KP

WHYP WHZZV JVU S»VMMLY[H YP]VS[H HS JSPLU[L *VTH\ VMMYL WYVKV[[P L ZLY]PaP HK \U TLYJH[V ZLTWYL WP H[[LU[V HP [LTP KP LMÄJPLUaH LULYNL[PJH L KP PTWH[[V HTIPLU [HSL +\UX\L SH JLY[PÄJHaPVUL 0:6 u Zy \U IL ULÄJPV PU[LYUV TH JVUZLN\PYSH PU V[[PJH KP Z]PS\WWV KLS TLYJH[V u PTWVY[HU[L HUJOL WLY PUKPYPaaHYL SL ZJLS[L HaPLUKHSP M\[\YL KLP UVZ[YP JSPLU[P P X\HSP JVU Z\S[HUKV P UVZ[YP JH[HSVNOP WVZZVUV [YV]HYL WYVKV[[P L ZVS\aPVUP JVU [LJUVSVNPL ZVZ[LUPIPSP JOL TPNSPVYHUV SL WLYMVYTHUJL LULYNL[PJOL KP WYVK\aPVUL 5LSSV ZWLJPÄJV KP JVZH ZP VJJ\WH SH Z\H HaPLU KH L JVTL ZP PUZLYPZJL ULS TLYJH[V LULYNL[PJV& *VTH\ WYVNL[[H L YLHSPaaH ZPZ[LTP KP WYVK\aPVUL SH]VYHaPVUL L TVU[HNNPV L ]HU[H \UH WYLZLUaH ]L YHTLU[L NSVIHSL JVU ZLKP PU WHLZP JOL JP JVU ZLU[L KP VMMYPYL ZVS\aPVUP WLYZVUHSPaaH[L L Z\WWVY[V

SVJHSPaaH[V H U\TLYVZP ZL[[VYP PUK\Z[YPHSP (SS»PU[LYUV KP *VTH\ u Z[H[H JYLH[H \UH KP]PZPVUL JOPHTH[H L*VTH\ YP]VS[H HSSL HaPLUKL JOL ]VNSPVUV TPNSPVYHYL SL SVYV WLYMVYTHUJL LULYNL[PJOL L JOL MVY Y UPZJL SVYV ZPH JVUZ\SLUaH JOL [LJUVSVNPL [YH J\P PS ¸.YLLU -P[ ¹ JOL WLYTL[[L KP PU[LY]LUPYL Z\ PTWPHU[P LZPZ[LU[P JVU [LJUVSVNPL PUUV]H[P]L 0S UVZ[YV VIPL[[P]V u KP Z\WWVY[HYL P JSPLU[P ULS TPNSPV YHYL P WYVWYP WYVJLZZP WYVK\[[P]P H\[VTH[PaaH[P TLU [YL YPK\JVUV P JVUZ\TP LULYNL[PJP 8\PUKP ZP WYVWVUL \U ZLY]PaPV KP JVUZ\SLUaH Z\S SH[V PUK\Z[YPHSL L ULSSV ZWLJPÄJV Z\SSL TPNSPVYP ZVS\aPVUP [LJUVSVNPJOL LJV LMÄJPLU[P 3»P[LY WYL]LKL H WHY[PYL KHSS»H\KP[ KP HUHSPa aHYL SL M\UaPVUP HWWSPJHIPSP ZPT\SHUKVSL PTWSLTLU [HUKVSL WLY WVP HYYP]HYL HSSH MHZL KLS TVUP[VYHNNPV 5VU ZPHTV \U LU[L JLY[PÄJH[VYL TH Z\WWVY[PHTV SL U\TLYVZL HaPLUKL JOL ]VNSPVUV PTWSLTLU[HYL \U ZP Z[LTH KP NLZ[PVUL KLSS»LULYNPH PU HJJVYKV JVU SL ZWL JPÄJOL KLSSH 0:6 (K LZLTWPV YLSH[P]HTLU[L HSS»HJX\PZ[V KP [LJUVSVNPL ZVZ[LUPIPSP L*VTH\ W\~ JVU[YPI\PYL HSSH Z[LZ\YH KLP JHWP[VSH[P [LJUPJP L KP HJ X\PZ[V .YLLU 7YVJ\YLTLU[ 8\HSP ZVS\aPVUP WYVWVUL& 0S MH[[V KP WV[LY HKH[[HYL SL ZPUNVSL ZWLJPÄJP[n WHLZL WLY WHLZL OH WLYTLZZV KP H]LYL \UH WVSP[PJH LULYNL [PJH JOPHYH L JVUKP]PZH ZPH PU[LYUHTLU[L ZPH ]LYZV P JSPLU[P 8\LZ[V u ZPJ\YHTLU[L \U NYHUKL ]HU[HNNPV JVLYLU[L JVU NSP VIPL[[P]P KP ZVZ[LUPIPSP[n KLS .Y\WWV -0(; WLY WV[LY NLZ[PYL L TVUP[VYHYL KHS W\U[V KP ]PZ[H TL[VKVSVNPJV P [HYNL[ KP HIIH[[PTLU[V KLP JVUZ\TP

LULYNL[PJP .SP VIPL[[P]P KLSS»HaPLUKH ZVUV ZVWYH[[\[[V KP JHYH[[LYL HTIPLU[HSL LK LJVUVTPJV 0U YLSHaPVUL HSSH 0:6 ]H ZV[[VSPULH[V JOL PS TPNSPVYHTLU[V KLSSL WYLZ[HaPVUP LULYNL[PJOL UVU W\~ JOL TPNSPVYHYL SH JVTWL[P[P]P[n KLSSL HaPLUKL Z[LZZL *VZH WLUZH KLSS»H[[\HSL ZJLUHYPV LULYNL[PJV L Z\SSH IHZL KP X\LZ[V JVZH ZP WYVWVUL L*VTH\ WLY PS M\[\YV& 0U M\[\YV SL UVYTH[P]L L JLY[PÄJHaPVUP ZHYHUUV ZLT WYL WP Z[YPUNLU[P L SL HaPLUKL JOL H]YHUUV TLZZV PU H[[V \U LMÄJHJL ZPZ[LTH KP NLZ[PVUL KLSS»LULYNPH ZHYHUUV H]]HU[HNNPH[L PU \U TLYJH[V ZLTWYL WP JVTWL[P[P]V L H[[LU[V HSSL [LTH[PJOL HTIPLU[HSP LK LULYNL[PJOL 8\LZ[V ZJLUHYPV JVPU]VSNLYn [\[[L SL HaPLUKL PUJS\ZL X\LSSL WPJJVSL L TLKPL 0S YP[VYUV KLSS»PU]LZ[PTLU[V u K\UX\L \U W\U[V KLJPZPVUHSL JOPH]L Ï ULJLZZHYPV ]HS\[HYL JHZV WLY JHZV L JVUJVYKHYL JVU P JSPLU[P JVTL PU[LY]LUPYL ZWPLNHUKV X\HSP ZH YHUUV NSP PU[LY]LU[P YLHSPaaH[P PU V[[PJH KP VWWVY[\UP[n M\[\YL 7LY PS M\[\YV WYVZLN\PYLTV ULSSV Z]PS\WWV KP WYVKV[[P WYVJLZZP L ZLY]PaP PUUV]H[P]P WLY ZVKKPZMHYL LK HKKP YP[[\YH HU[PJPWHYL SL HZWL[[H[P]L KLP JSPLU[P PU VNUP MHZL

#KPKRKHP=E?K A OKH=NA PANIE?K

!=NEK !E 0=JPK #&/"

+N UQNCTG VGTOQFKPCOKEQ G KN HQVQXQNVCKEQ UVCVQ FGNNŏCTVG G RTQURGVVKXG HWVWTG L’energia solare ha sempre affascinato l’uomo: ci dà la luce, ci riscalda (e ci raffresca coi giusti accorgimenti), fa crescere le piante e quindi gli animali e noi stessi, ha creato in tempi lunghi quegli idrocarburi che ci hanno affrancato da essa per un breve periodo e a un alto costo, presiede al micro e al macro clima e ci delizia con albe e tramonti. Farne buon uso è un imperativo oltreché un’opportunità. Se le forme indirette di energia solare – in particolare legna, carbone, idrocarburi, acqua e vento – hanno costituito la parte del leone nel corso dei secoli, il tentativo di utilizzare direttamente la radiazione solare è sempre stata un’ambizione degli ingegneri, resa complessa dalla scarsa densità di potenza dell’irraggiamento. Negli ultimi decenni le tecnologie ideate per rispondere a questo fine hanno fatto grandi passi avanti, merito dei nuovi materiali, delle nanotecnologie e delle esperienza maturate. Il solare termico a bassa temperatura ha raggiunto una maturità e un’affidabilità che lo rendono interessante – direi quasi obbligato – in diverse applicazioni. Il solare termico a media e alta temperatura, soluzione più recente e meno conosciuta

JHVWLRQH HQHUJLD

per impieghi industriali, può rivelarsi un’alternativa rispetto a scelte convenzionali. Il fotovoltaico ha visto un’evoluzione tecnologica e un calo di prezzi eccezionale, avvicinandosi alla cosiddetta grid parity. Il solare termodinamico sta cercando di trovare la sua via dopo gli esperimenti di inizio novecento. Il focus di questo numero vuole fare un punto della situazione, in parte tecnico, in parte regolatorio. Archiviata in diversi Paesi la fase degli incentivi eccessivi e delle correlate bolle speculative (per alcune tecnologie), le aziende serie – purtroppo penalizzate dagli andamenti altalenanti della legislazione – stanno sviluppando nuovi modelli di business sostenibili, capaci di traghettarci verso una nuova economia basata di più sugli usi diretti e meno inquinanti della fonte solare, sempre più raccordata con l’efficienza negli usi finali. Ed è proprio qui una delle trasformazioni più interessanti: senza incentivi distorsivi le fonti rinnovabili rendono tanto più quanto più si eliminano gli sprechi, si efficientano gli impianti e si collega la produzione all’uso effettivo. Una sinergia che non potrà mancare di portare benefici.

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

#KPKRKHP=E?K A OKH=NA PANIE?K

- 6 * < : -6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

#KPKRKHP=E?K A OKH=NA PANIE?K

$E=?K>>A N=??EK 3EJ?AJVK 0=>=PAHHE "+"

'PGTIKC UQNCTG C OGFKC VGORGTCVWTC CRRNKEC\KQPK G PQTOCVKXC

/=BłCQN=VEKJA O?DAI=PE?= @E QJ ?KJ?AJPN=PKNA L=N=>KHE?K HEJA=NA

:JLUHYPV KP YPMLYPTLU[V TLYJH[V L WYVZWL[[P]L 0S ZL[[VYL KLS ZVSHYL [LYTPJV ZP [YV]H PU \U TVTLU[V KP NYHUKL KPMM\ZPVUL L W\~ JVU[YPI\PYL PU TVKV ZPNUPÄJH [P]V HSSH JVWLY[\YH KLP JVUZ\TP ÄUHSP WLY \ZV [LYTPJV 0U ,\YVWH PUMH[[P ILU PS KLP JVUZ\TP ÄUHSP YPN\HY KH S»LULYNPH [LYTPJH +P X\LZ[V PS YPN\HYKH PS ZVSV JHSVYL HSSL IHZZL [LTWLYH[\YL L ILU PS KLP MHIIPZVNUP [V[HSP X\LZ[V ZP YPMLYPZJL HS ZL[[VYL YLZPKLUaPHSL 0U 0[HSPH W\Y LZZLUKV [HSP WLYJLU[\HSP WP IHZZL PS ZVSV JVUZ\TV KP LULYNPH ÄUHSL WLY \ZV YLZPKLUaPHSL HTTVU[H H JPYJH 4[LW Z\ JVTWSLZZP]P WLY[HU[V PS ZVSHYL [LYTPJV YHWWYLZLU [H \UH [LJUVSVNPH PU NYHKV KP PUJPKLYL PU THUPLYH ZPNUPÄJH[P]H Z\S YHNNP\UNP TLU[V KLNSP VIPL[[P]P KLSS»(J[PVU 7SHU UHaPVUHSL JOL WYL]LKL HS \UH JVWLY[\YH KLS KLP JVUZ\TP ÄUHSP JVU LULYNPH KH MVU[P YPUUV]HIPSP :\SSH IHZL KLP KH[P W\IISPJH[P KHSS»,:;0- ,\YVWLHU :VSHY ;OLYTHS 0UK\Z[Y` -LKLYH[PVU ULS Z\V \S[PTV YHWWVY[V Z\SSV Z[H[V KLS TLYJH[V L\ YVWLV KLS ZVSHYL [LYTPJV VNNP PU [\[ [H ,\YVWH ZVUV PUZ[HSSH[P PU [V[HSL WP KP TPSPVUP KP Tõ KP JVSSL[[VYP ZVSHYP [LYTPJP JVYYPZWVUKLU[P HK \UH WV [LUaH PUZ[HSSH[H KP JPYJH .>[O KP J\P JPYJH PS PU .LYTHUPH 0S TLYJH[V L\YVWLV HUJOL H JH\ZH KLNSP LMML[[P KLSSH JYPZP LJVUVTPJH OH YLNPZ[YH[V ULS \UH \S[LYPVYL ÅLZ ZPVUL HUJOL ZL PU TPZ\YH WP JVU[L U\[H YPZWL[[V HS H[[LZ[HUKVZP H ]HSVYP KLSS»PUZ[HSSH[V JVTWSLZZP]V KP JPYJH TPSPVUP KP Tõ WHYP H .>[O 0U 0[HSPH PS ZL[[VYL KLS ZVSHYL [LYTPJV W\Y JVUMLYTHUKVZP JVTL PS ZLJVUKV

"OAILEK @E EJOP=HH=VEKJA EJ QJ =NA= @E L=NCDACCEK @E ?KJ?AJPN=PKNE L=N=>KHE?E HEJA=NE KHE?E

JHVWLRQH HQHUJLD

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

#KPKRKHP=E?K A OKH=NA PANIE?K

- 6 * < :

/=BłCQN=VEKJA O?DAI=PE?= @E QJ ?KJ?AJPN=PKNA HEJA=NA @E #NAOJAH

[LJUPJH 0U X\LZ[»HTIP[V SL H[[P]P[n KP YPJLYJH L Z]PS\WWV ZVUV ]VS[L H TPNSPVYHYL P ZPZ[LTP KP JVU[YVSSV KP HJJ\T\SV [LYTPJV LK P TLaaP [LYTV ]L[[VYP UVUJOt HK V[[LULYL \UP[n WP LMÄJPLU[P L JVTWH[[L 3V Z]PS\WWV KP THJJOPUL WLY SH JSPTH[PaaHaPVUL LSPV HZZPZ[P[H KP WPJJVSH [HNSPH # KP R>[O W\~ PUMH[[P KP]LUPYL SH ZVS\aPV UL KHS W\U[V KP ]PZ[H LULYNL[PJV L HTIPLU[HSL WP ]HU[HNNPVZH WLY HZ ZLJVUKHYL SH JYLZJLU[L YPJOPLZ[H KP JVUKPaPVUH[VYP LSL[[YPJP KLJLU[YHSPaaH [P KP WPJJVSH [HNSPH JVWYLUKV ZPT\S

"OAILEK @E EJOP=HH=VEKJA OQ PAPPK @E QJ ?KJ?AJPN=PKNA @E #NAOJAH

TLYJH[V L\YVWLV JVU \U PUZ[HSSH[V HUU\V KP JPYJH Tõ OH YL NPZ[YH[V \U JHSV KLS YPZWL[[V HS WVY[HUKV S»PUZ[HSSH[V JVTWSLZ ZP]V H TPSPVUP KP Tõ ]HSVYL HUJV YH SVU[HUV KHNSP VIPL[[P]P KLSS»(J[PVU 7SHU UHaPVUHSL 0U X\LZ[»HTIP[V L UVUVZ[HU[L SH JVUNP\U[\YH LJVUVTPJV ÄUHUaPHYPH Z\ZZPZ[VUV JVUKPaPVUP MH]VYL]VSP WLY SV Z]PS\WWV KP ÄSPLYL WYVK\[[P]L KLS ZVSHYL [LYTPJV PU JVUZLN\LUaH ZPH KLS JVZ[V JYLZJLU[L KLSSL MVU[P MVZZP SP ZPH KLSSL VYTHP PTWLSSLU[P LZPNLUaL HTIPLU[HSP JOL PTWVUNVUV \U ZLT WYL THNNPVY YPJVYZV HSSL MVU[P TLUV PUX\PUHU[P L JVU YPKV[[V PTWH[[V JSP TH[PJV 7HYHSSLSHTLU[L ZVUV Z[H[P YHNNP\U[P YPSL]HU[P WYVNYLZZP HUJOL KHS W\U[V KP ]PZ[H [LJUVSVNPJV [HU [V JOL SH [LJUVSVNPH ZVSHYL [LYTPJH

YPZ\S[H VNNP MVY[LTLU[L JVTWL[P[P]H PU U\TLYVZL HWWSPJHaPVUP ZVWYH[[\[[V PU HTIP[V YLZPKLUaPHSL ZPH WLY SH WYV K\aPVUL KP HJX\H JHSKH ZHUP[HYPH ZPH WLY SH JSPTH[PaaHaPVUL PU]LYUHSL LK LZ[P]H KLNSP HTIPLU[P H[[YH]LYZV ZP Z[LTP JVTIPUH[P L ZPZ[LTP PUUV]H[P]P KP ZVSHY JVVSPUN JOL WVZZVUV YPJVY YLYL [YH S»HS[YV H ZPZ[LTP ZVSHYP [LY TPJP H TLKPH [LTWLYH[\YH \[PSPaaHU[P JVSSL[[VYP H JVUJLU[YHaPVUL KP ]HYPH [PWVSVNPH *7* JVUJLU[YH[VYP WHYH IVSPJP SPULHYP JVUJLU[YH[VYP H ZWLJ JOP SPULHYP KP -YLZULS PU YLSHaPVUL HSSL [LTWLYH[\YL YPJOPLZ[L KHS JPJSV MYPNV YPMLYV \[PSPaaH[V 3L HWWSPJHaPVUP KP ZVSHY JVVSPUN YHW WYLZLU[HUV \U ZL[[VYL KHSSL LUVYTP WV[LUaPHSP[n KP Z]PS\WWV JOL ULJLZ ZP[H KP YHNNP\UNLYL SH JVTWL[P[P]P [n LJVUVTPJH UVUJOt SH TH[\YP[n

[HULHTLU[L SH KVTHUKH KP YPZJHSKH TLU[V L JVUKPaPVUHTLU[V <U \S[LYPVYL JHTWV KP HWWSPJHaPVUL KHSSL MVY[P WV[LUaPHSP[n KP Z]PS\WWV u YHWWYLZLU[H[V KHSS»\[PSPaaV KLSSL [LJ UVSVNPL ZVSHYP H JVUJLU[YHaPVUL WLY SH WYVK\aPVUL KP JHSVYL KP WYVJLZZV KH KLZ[PUHYZP HK PUK\Z[YPL SL J\P H[ [P]P[n WYVK\[[P]L ZVUV JHYH[[LYPaaH[L KH \UH KVTHUKH KP LULYNPH [LYTPJH JVU [LTWLYH[\YL JVTWYLZL [YH L * ([[\HSTLU[L S»\[PSPaaV KLSSL [LJUVSVNPL ZVSHYP H JVUJLU[YHaPVUL PU WYVJLZZP PUK\Z[YPHSP H TLKPH [LT WLYH[\YH H]]PLUL ZVSV Z\ TVKLZ[H ZJHSH LK OH \UH UH[\YH WLY SV WP ZWLYPTLU[HSL 8\LZ[V UVUVZ[HU[L PS MHIIPZVNUV LULYNL[PJV KLS ZL[ [VYL PUK\Z[YPHSL JOL ULP WHLZP PUK\ Z[YPHSPaaH[P YHWWYLZLU[H JPYJH PS KLSS»PU[LYV MHIIPZVNUV UHaPVUHSL L

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

#KPKRKHP=E?K A OKH=NA PANIE?K

1AILAN=PQNA ?=N=PPANEOPE?DA @E =H?QJE LNK?AOOE EJ@QOPNE=HE NA=HEVV=>EHE ?KJ PA?JKHKCE= OKH=NA = IA@E= PAILAN= PQN=

P J\P K\L [LYaP ZVUV YLSH[P]P HSSL ZVSL MVYUP[\YL KP JHSVYL JOL WLY SH THNNPVY WHY[L YPZ\S[HUV LZZLYL H [LTWLYH[\YL PUMLYPVYP H * 0S ZVSHYL [LYTPJV W\~ PUMH[[P LZZLYL PU[LNYH[V H KP]LYZP WYVJLZZP PUK\ Z[YPHSP ]LKP [HILSSH WYLJLKLU[L ! [P WPJHTLU[L SL HWWSPJHaPVUP WYPUJPWHSP YPN\HYKHUV PS YPZJHSKHTLU[V KLP Å\PKP KP SH]VYV L SH WYVK\aPVUL KP ]HWVYL HK HS[H [LTWLYH[\YH 0 ZL[[VYP PUK\ Z[YPHSP KV]L u THNNPVYL SH WYVIHIPSP[n KP KPMM\ZPVUL KLS ZVSHYL [LYTPJV ZVUV YHWWYLZLU[H[P KHS ZL[[VYL KLS MVVK IL]LYHNL KH X\LSSV [LZZPSL KH X\LS SV JOPTPJV L UVU \S[PTV X\LSSV KLSSH KPZZHSHaPVUL KLSS»HJX\H WLY \ZP JP]PSP L PUK\Z[YPHSP 0S ZL[[VYL JOL THUPMLZ[H PS WP HS[V WV[LUaPHSL YPZ\S[H LZZLYL X\LSSV HNYV HSPTLU[HYL PS J\P JHSVYL u \[PSPaaH[V ZVWYH[[\[[V ULP WYVJLZZP KP Z[LYPSPaaHaPVUL PU X\LSSP KP MLYTLU [HaPVUL L ULP WYVJLZZP KP WHZ[VYPaaH aPVUL L JV[[\YH KLP JPIP 7HY[LUKV KH Z[PTL LMML[[\H[L KHSS»,5,( IHZH[L Z\S TLYJH[V L\YV WLV \UV ZJLUHYPV WSH\ZPIPSL WYL]L

JHVWLRQH HQHUJLD

KL LU[YV PS PS ZVKKPZMHJPTLU[V KLS ¼ KLS MHIIPZVNUV [LYTPJV KLSS»PUK\Z[YPH P[HSPHUH [YHTP[L SL [LJ UVSVNPL ZVSHYP! X\LZ[V JVYYPZWVUKL YLIIL HSS»PUZ[HSSHaPVUL KP JPYJH TPSPVUP KP Tõ KP Z\WLYÄJPL ZVSHYL JVU \UH WV[LUaH KP VS[YL .>[O +H[V SV ZJHYZV YPJVYZV HSSL [LJUVSV NPL ZVSHYP H JVUJLU[YHaPVUL ULS ZL[[V YL PUK\Z[YPHSL HK VNNP PS TLYJH[V KLS ZVSHYL [LYTPJV H TLKPH [LTWLYH[\YH u KH JVUZPKLYHYZP \U TLYJH[V KP [PWV LTIYPVUHSL JOL ZP JVSSVJH H TL[n Z[YHKH [YH PS ZL[[VYL KLS ZVSHYL [LYTP JV H IHZZH [LTWLYH[\YL SL J\P [LJ UVSVNPL WVZZVUV LZZLYL JVUZPKLYH[L VYTHP TH[\YL L KP HTWPH KPMM\ZPVUL L X\LSSV KLSSL [LJUVSVNPL ZVSHYP WLY SH WYVK\aPVUL KP WV[LUaH ZVSHYL [LY TVKPUHTPJV PS J\P TLYJH[V HK VNNP Z[LU[H HUJVYH H KLJVSSHYL UVUVZ[HU [L SL MVY[P WV[LUaPHSP[n KP Z]PS\WWV L SH WYLZLUaH H[[P]H KLSS»PUK\Z[YPH P[HSPHUH 0U X\LZ[»HTIP[V SV Z]PS\WWV KP [LJUV SVNPL H JVUJLU[YHaPVUL KP WPJJVSH [H NSPH TPUP L TPJYV *:7 ZPZ[LTP IHZH[P Z\ JVUJLU[YH[VYP SPULHYP KP -YLZULS

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

HWYPYLIIL ZPJ\YHTLU[L SH Z[YHKH HK HWWSPJHaPVUP KP WP HTWPH ZJHSH L KPMM\ZPVUL JVTTLYJPHSL 0UMH[[P PS TPUVYL PUNVTIYV YPZWL[[V H ZPZ[LTP [LYTVKPUHTPJP KP NYVZZH [HNSPH YLU KL [HSP [LJUVSVNPL WHY[PJVSHYTLU[L HWWL[PIPSP WLY SL \[LUaL JVTTLYJPHSP LK PUK\Z[YPHSP 0UVS[YL [HSP ZPZ[LTP YP Z\S[LYLIILYV WHY[PJVSHYTLU[L HKH[[P LK LJVUVTPJHTLU[L JVTWL[P[P]P PU HWWSPJHaPVUP KP [PWV JV NLULYH[P]V V [YP NLULYH[P]V PU J\P PS JHSVYL UVU \[P SPaaH[V WLY SH WYVK\aPVUL KP LULYNPH LSL[[YPJH WV[YLIIL LZZLYL ZMY\[[H[V WLY HSPTLU[HYL WYVJLZZP H TLKPH [LTWLYH[\YH L V WLY WYVK\YYL MYLK KV TLKPHU[L JPJSP HK HZZVYIPTLU[V +H[L SL WPJJVSL [HNSPL PU NPVJV SH WYVK\aPVUL KP LSL[[YPJP[n JVU X\L Z[P ZPZ[LTP WHZZLYLIIL H[[YH]LYZV S»\[PSPaaV KP TPJYV [\YIPUL HK HS[H LM ÄJPLUaH V [\YIPUL H Å\PKV VYNHUPJV 69* 6YNHUPJ 9HURPUL *`JSL WHY[PJVSHYTLU[L HKH[[L HSSV ZMY\[[H TLU[V KLS JHSVYL H TLKPH [LTWL YH[\YH WYVKV[[V KH PTWPHU[P ZVSHYP H JVUJLU[YHaPVUL

JOL KP MH[[V LZ[LUKL S»HWWSPJHIPSP[n KLSSH Z\KKL[[H UVYTH HP JVSSL[[VYP H JVUJLU[YHaPVUL JVU V ZLUaH ZPZ[LTH HK PUZLN\PTLU[V JVUZLU[LUKV H [HSP [LJUVSVNPL KP HJJLKLYL HSSL KP]LYZL MVYTL KP PUJLU[P]HaPVUL ]PNLU[P PU HT IP[V UHaPVUHSL <U»HWWVZP[H JPYJVSHYL KLSS»(NLUaPH KLSSL ,U[YH[L 9PZ , KLS MLIIYHPV OH PUVS[YL YLNV SHTLU[H[V SH KPZJPWSPUH KLNSP PUJLU[P]P ÄZJHSP WLY [HSP [PWVSVNPL KP ZPZ[LTP ZV SHYP JVPU]VSNLUKV PUVS[YL S»,5,( KLS Y\VSV KP JLY[PÄJH[VYL KLSSL WYLZ[HaPVUP KP X\LP ZPZ[LTP ZVSHYP [LYTVKPUHTP JP JOL WYVK\JVUV JVUNP\U[HTLU[L LSL[[YPJP[n L JHSVYL 0U [HS JHZV WV[Yn LZZLYL VNNL[[V KP KL[YHaPVUL ÄZJHSL SH ZVSH WHY[L KLSS»PTWPHU[V YPMLYPIPSL HSSH WYVK\aPVUL KP LULYNPH [LYTPJH 3HIVYH[VYPV ,5,( WLY SH X\HSPÄJH KP JVSSL[[VYP H TLKPH [LTWLYH[\YH ( ZVZ[LNUV KP [HSL ZJLUHYPV JOL ]LKL SL [LJUVSVNPL ZVSHYP [LYTPJOL WHY[PJVSHYTLU[L MH]VYP[L LK PU H[[LZH KLS ]HYV KLP U\V]P Z[Y\TLU[P KP PUJLU [P]HaPVUL WYL]PZ[P KHS +SNZ *VU[V ,ULYNPH WLY SL YPUUV]HIPSP [LY TPJOL WLY HJJLKLYL HSSL H[[\HSP L M\ [\YL MVYTL KP PUJLU[P]HaPVUL u X\HU [V THP PTWVY[HU[L JOL NSP VWLYH[VYP KLS ZL[[VYL ZP H]]HSNHUV KP Z[Y\[[\YL HJJYLKP[H[L WLY SH JLY[PÄJHaPVUL KLS SH JVUMVYTP[n KLP WYVKV[[P ZVSHYP HNSP Z[HUKHYK L\YVWLP ,5,( VWLYH KH

#KPKRKHP=E?K A OKH=NA PANIE?K

- 6 * < :

8\HKYV UVYTH[P]V (ZWL[[V JOPH]L WLY SH KPMM\ZPVUL KLSSH [LJUVSVNPH ZVSHYL [LYTPJH u JLY[H TLU[L YHWWYLZLU[H[V KHSSH KPZWVUP IPSP[n KP UVYTH[P]H [LJUPJH PU NYHKV KP ]HS\[HYL SH X\HSP[n KLP WYVKV[[P PTTLZZP Z\S TLYJH[V ZPH PU [LYTPUP KP YLZH [LYTPJH JOL KP HMÄKHIPSP[n L K\YH[H ULS [LTWV 7LY X\HU[V JVUJLYUL SL [LJUVSVNPL YLSH[P]L HP ZL[[VYP KP \[PSPaaV [YHKP aPVUHSP SH UVYTH[P]H KP YPMLYPTLU[V JVZ[P[\P[H KHSSL UVYTL L\YVWLL ,5 ,5 LK ,5 YHWWYLZLU[HUV \U ]HSPKV Z[Y\TLU[V WLY NHYHU[PYL SH X\HSP[n KLP JVTWV ULU[P PTTLZZP Z\S TLYJH[V WLY JVU ZLU[PYL S»HJJLZZV HP ]HYP Z[Y\TLU[P KP PUJLU[P]HaPVUL KPZWVUPIPSP UVUJOt WLY V[[LULYL SL JLY[PÄJHaPVUP KP WYV KV[[V :VSHY 2L`THYR ZLTWYL WP YP JOPLZ[L H SP]LSSV L\YVWLV L UHaPVUHSL 9LSH[P]HTLU[L HSSL [LJUVSVNPL UVU JVWLY[L KHNSP H[[\HSP Z[HUKHYK ZPZ[L TP PIYPKP [LYTV MV[V]VS[HPJP JVSSL[[VYP WVSPTLYPJP JVSSL[[VYP WLY HWWSPJHaPVUP H TLKPH LK HS[H [LTWLYH[\YH ZVUV PU JVYZV PU HTIP[V *,5 ;* H[[P]P[n ÄUHSPaaH[L H KLÄUPYL YLX\PZP[P L WYVJLK\YL KP [LZ[ WLY U\V]L UVY TH[P]L KH HWWSPJHYL H [HSP [LJUVSVNPL LTLYNLU[P 5LSSL TVYL KLSS»LTHUH aPVUP KP [HSP UVYTH[P]L ZWLJPÄJOL ULS JVYZV KLS u Z[H[V HWWYV]H[V \U LTLUKHTLU[V HSSH ,5

VS[YL KPLJP HUUP ULS ZL[[VYL KLS ZVSHYL [LYTPJV L YHWWYLZLU[H \U YPMLYPTLU[V UHaPVUHSL ULSSH JLY[PÄJHaPVUL L X\H SPÄJHaPVUL KLSSL [LJUVSVNPL ZVSHYP UVU ZVSV H IHZZH [LTWLYH[\YH TH HUJOL H TLKPH [LTWLYH[\YH 0UMH[[P NYHaPL HSSL H[[P]P[n KP 9 : KLS 3HIVYH[VYPV KP 8\HSPÄJHaPVUL *VT WVULU[P :VSHYP KLS *LU[YV ,5,( KLS SH ;YPZHPH u Z[H[V YLHSPaaH[V PS WYPTV PTWPHU[V KP WYV]H WLY SH JHYH[[LYPa aHaPVUL KP JVSSL[[VYP ZVSHYP H JVUJLU [YHaPVUL JOL \[PSPaaH VSPV KPH[LYTPJV JVTL Å\PKV ]L[[VYL :P [YH[[H KLS WYPTV SHIVYH[VYPV PU 0[HSPH PU NYHKV KP JHYH[[LYPaaHYL L JLY[PÄJHYL JVSSL[[VYP ZVSHYP H JVUJLU[YHaPVUL KH PTWPLNH YL PU KP]LYZP WYVJLZZP PUK\Z[YPHSP WLY WYVK\YYL JHSVYL KP WYVJLZZV ]HWVYL V WLY HSPTLU[HYL JPJSP [LYTPJP WLY SH WYVK\aPVUL KP MYLKKV V WLY PS YHMMYL ZJHTLU[V KLNSP HTIPLU[P 0S SHIVYH[V YPV KLSSH ;YPZHPH JVZy WV[LUaPH[V VS[YL HK VMMYPYL \U ZLY]PaPV KP JLY[PÄJHaPVUL L X\HSPÄJHaPVUL KP JVTWVULU[P L ZP Z[LTP u PU NYHKV KP VMMYPYL \U Z\W WVY[V [LJUPJV ZJPLU[PÄJV HSSV Z]PS\W WV LK S»V[[PTPaaHaPVUL LULYNL[PJH KP JVSSL[[VYP JVTTLYJPHSP V WYV[V[PWHSP KP]LULUKV W\U[V KP YPMLYPTLU[V WLY SL HaPLUKL KP ZL[[VYL LU[P KP YPJLYJH LK HS[YP VWLYH[VYP JOL OHUUV JVTL VIPL[[P]V S»PUUV]HaPVUL [LJUVSVNPJH HIIPUH[H HK LSL]H[P Z[HUKHYK KP X\H SP[n ZPJ\YLaaH L YPZWHYTPV

NA= AOPANJ= @AH )=>KN=PKNEK OKH=NA = IA@E= PAILAN=PQN= @AH / "+" 1NEO=E=

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

#KPKRKHP=E?K A OKH=NA PANIE?K

3=HANE= 3ANC= 0ACNAP=NEK CAJAN=HA OOKHPANI

+N UQNCTG VGTOKEQ KP +VCNKC KPEGPVKXK QDDNKIQ G SWCNKſEC\KQPG FGINK KPUVCNNCVQTK

0S TLYJH[V 0S TLYJH[V P[HSPHUV KLS ZVSHYL [LYTPJV OH Z\IP[V ULS \U JHSV UVU [YH ZJ\YHIPSL JOL SV OH WVY[H[V WVJV HS KP ZV[[V KP T PUZ[HSSH[P 4>[O 3H JHWHJP[n [V[HSL PUZ[HSSH [H u KP JPYJH TPSPVUP KP T WHYP H .>[O 0S [YLUK ULNH[P]V YPJOPLKL \U»H[[LU[H YPÅLZZPVUL Z\ X\HSP ZPHUV Z[H[L SL JH\ZL L X\HSP ZPHUV SL TPZ\ YL WP PKVULL KH TL[[LYL PU H[[V WLY WYVK\YYL \U»PU]LYZPVUL KP [LUKLUaH 7YLTLZZV JOL UVU ZM\NNL H ULZZ\ UV JOL SH JYPZP LJVUVTPJH UVU W\~ JLY[V H]LY YPZWHYTPH[V PS UVZ[YV ZL[ [VYL u L]PKLU[L JOL SL JH\ZL ]HUUV JLYJH[L HS[YV]L +L[YHaPVUP ÄZJHSP L JVU[V LULYNPH [LYTPJV 3V ZJVYZV S\NSPV PS ¸+3 Z\SSH JYLZJP [H¹ u Z[H[V JVU]LY[P[V KLÄUP[P]HTLU[L

JHVWLRQH HQHUJLD

PU 3LNNL 3H U\V]H UVYTH OH HSaH[V KHS HS SL KL[YHaPVUP ÄZJH SP WLY SL YPZ[Y\[[\YHaPVUP LKPSPaPL L OH WYVYVNH[V SL KL[YHaPVUP ÄZJHSP WLY SL TPZ\YL KP YPX\HSPÄJHaPVUL LULYNL[PJH KLNSP LKPÄJP JOL KV]L]HUV ZJHKLYL HSSH ÄUL KP X\LZ[»HUUV ÄUV HS NP\ NUV KLS X\PUKP KP ZVSP TLZP ZLUaH ZVZ[HUaPHSP TVKPÄJOL Ï L]P KLU[L JOL S»PUUHSaHTLU[V KLS

u Z[H[V ]VS\[V WLY HP\[HYL S»LKPSPaPH WYVMVUKHTLU[L PU JYPZP 4H PU X\LZ[V TVKV LX\PWHYHUKV S»LMÄJPLU[HTLU [V LULYNL[PJV HSSH YPZ[Y\[[\YHaPVUL UVU ZP W\U[H Z\SSH X\HSP[n L Z\SS»LMÄ JPLUaH LULYNL[PJH L ZVWYH[[\[[V ZP WLYKL SH WVZZPIPSP[n KP TVUP[VYHYL L THWWHYL P YPZ\S[H[P KHS W\U[V KP ]PZ[H KLS YPZWHYTPV LULYNL[PJV JVZy JVTL YPJOPLZ[V KHSSL KPYL[[P]L L\YVWLL :PHTV MVYZL L ÄUHSTLU[L HNSP \S[P TP H[[P KP \UH Z[VYPH K\YH[H WP KP \U

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

HUUV +HP TPUPZ[LYP JVTWL[LU[P PUMH[[P HYYP]HUV UV[PaPL PUJVYHNNPHU[P Z\SS»PT TPULU[L W\IISPJHaPVUL KLS KLJYL[V H[[\H[P]V JOL KV]YLIIL H]]PHYL PS U\V]V PUJLU[P]V WYL]PZ[V HSS»HY[PJVSV *VU[YPI\[P WLY SH WYVK\aPVUL KP LULYNPH [LYTPJH KH MVU[P YPUUV]HIPSP L WLY PU[LY]LU[P KP LMÄJPLUaH LULYNL[PJH KP WPJJVSL KPTLUZPVUP KLS + 3NZ KLS 0S U\V]V TLJJHUPZTV KP PUJLU[P]HaPVUL KV]YLIIL PS JVU KPaPVUHSL u K»VIISPNV WYL]LKLYL \U HTTVU[HYL JVTWSLZZP]V HUU\V WHYP H TPSPVUP KP L\YV L YP]VSNLYZP ZPH HP ZVNNL[[P W\IISPJP JOL H X\LSSP WYP ]H[P WLY X\HU[V YPN\HYKH SL YPUUV]HIPSP [LYTPJOL L ZVSV HS W\IISPJV WLY SL TP Z\YL KP LMÄJPLUaH LULYNL[PJH S»PKLH u JOL WLY X\LZ[L \S[PTL Z\S ]LYZHU[L KLP ZVNNL[[P WYP]H[P ZPHUV THU[LU\[L SL KL[YHaPVUP ÄZJHSP WLY SH YPX\HSPÄJH aPVUL LULYNL[PJH KLNSP LKPÄJP 7LY X\HU[V YPN\HYKH PS ZVSHYL [LYTPJV S»PUJLU[P]V KV]YLIIL LZZLYL YPJVUV ZJP\[V H TX KP Z\WLYÄJPL \[PSL PUZ[HS SH[H JVU \U WLYPVKV KP KPYP[[V HSS»PU JLU[P]V KP HUUP WLY P WPJJVSP PTWPHU[P L KP HUUP WLY NSP PTWPHU[P HS KP ZVWYH KLP T +H WHY[L UVZ[YH JP HZWL[[PHTV JOL! PS KLJYL[V ]LUNH ]LYHTLU[L W\I ISPJH[V PU [LTWP YHWPKP WLYJOt PS TLYJH[V Z[H ZVMMYLUKV ZVWYH[[\[[V H JH\ZH KP \U X\HKYV SLNPZSH[P]V JOL THUJH KP JVLYLUaH HMÄKHIPSP[n L KP \U VYPaaVU[L [LTWVYHSL Z\MÄ JPLU[LTLU[L S\UNV" WYL]LKH \U PUJLU[P]V JOL ZPH HSTL UV WHYP HS KLSS»PU]LZ[PTLU[V PUPaPHSL L JOL ZPH H[[YPI\P[V Z\ \U U\TLYV KP HUUP JVTWYLZV [YH P L P HUUP 8\LSSV JOL PUMH[[P UVU YLUKL HWWL[PIPSP VNNP SL KL[YHaPVUP ÄZJHSP KLS u PS YLJ\WLYV PU HUUP \U WLYPVKV [YVWWV S\UNV ZVWYH[[\[[V PU X\LZ[V TVTLU[V KP JYPZP" WYL]LKH HSTLUV WLY P WPJJVSP PT WPHU[P \UH WYVJLK\YH Z\MÄJPLU [LTLU[L ZLTWSPÄJH[H JOL TL[[H P JP[[HKPUP HUJOL P JVZPKKL[[P ¸PUJH WPLU[P¹ JOL UVU WVZZVUV H]]HSLYZP KLSSL KL[YHaPVUP ÄZJHSP ULSSL JVU KPaPVUP KP MY\PYL PU TVKV HNL]VSL KLSS»PUJLU[P]V WLY PUZ[HSSHYZP PU JHZH \U PTWPHU[V ZVSHYL [LYTPJV" ZPH HJJVTWHNUH[V KH \UH JHTWH NUH KP JVT\UPJHaPVUL PUMVYTHaPV UL L ZLUZPIPSPaaHaPVUL JOL TL[[H [\[[P P WVZZPIPSP MY\P[VYP PU NYHKV KP JVUVZJLYL L \[PSPaaHYL PS U\V]V PU JLU[P]V 7LY X\HU[V YPN\HYKH S»LU[P[n KLNSP

3»VIISPNV KP YPUUV]HIPSP ULSSL U\V]L JVZ[Y\aPVUP 7LY X\HU[V YPN\HYKH S»VIISPNV KP YPU UV]HIPSP ULNSP LKPÄJP PU[YVKV[[V KHS +LJYL[V KH ZL[[LTIYL KLSS»HUUV ZJVYZV u PU ]PNVYL S»VIISPNV KP JV WLY[\YH KLS KP (*: TLU[YL SV ZJVYZV THNNPV u LU[YH[V PU ]PNVYL S»VIISPNV KP JVWLY[\YH KLS KLSSH ZVTTH KLP JVUZ\TP KP (*: YPZJHS KHTLU[V L YHMMYLZJHTLU[V ;HSL VI

ISPNV KHS ZHSPYn HS ÄUV HK HYYP]HYL HS ULS 3»VIPL[[P]V JOL ZP WVUL SH UVYTH u ZPJ\YHTLU[L JVUKP]PZPIPSL TH ULJLZZP[H H UVZ[YV WHYLYL KP HSJ\UL TVKPÄJOL 0S MH[[V WLY LZLTWPV JOL S»VIISPNV ZP HWWSP JOP ZVSV HSSL YPZ[Y\[[\YHaPVUP YPSL]HU[P SPTP[H UV[L]VSTLU[L PS JHTWV KP HW WSPJHaPVUL :P KV]YLIIL [VYUHYL HS ¸WP YHNPVUL]VSL¹ KL[[H[V KLS + 3NZ KV]L S»VIISPNV ZP HWWSPJH]H HUJOL HSSH YPZ[Y\[[\YHaPVUL KLSS»PT WPHU[V [LYTPJV LZPZ[LU[L =H KL[[V JVT\UX\L JOL WLY X\HU [V YPN\HYKH S»VIISPNV KLS NPn PU ]PNVYL KH NP\NUV PS MH[[V JOL NYHaPL HNSP Z[HUKHYK LULYNL[PJP TPUPTP VI ISPNH[VYP WYL]PZ[P WLY P U\V]P LKPÄJP JVUZ\TP TLKP WLY YPZJHSKHTLU[V L YHMMYLZJHTLU[V KLNSP Z[LZZP YPZ\S[HUV ZLUZPIPSTLU[L WP JVU[LU\[P YPZWL[[V HS WHZZH[V JVUZLU[L HSSH [LJUVSVNPH KLS ZVSHYL [LYTPJV KP LZWYPTLYL [\[[H SH Z\H WV[LUaPHSP[n JVWYLUKV HUJOL JVU \UH Z\WLYÄJPL KP JVSSL[[VYP UVU LJJLZZP]H SH X\V[H KP JVUZ\TP WYL ]PZ[H KHSS»VIISPNV 9P[LUPHTV WLY~ JOL S»HSSLNH[V KLS +LJYL[V ]HKH YP]PZ[V WLYJOt SL WLYJLU[\HSP WP HS[L JOL LU[YLYHUUV PU ]PNVYL PU [LTWP HIIHZ[HUaH YHWPKP ZVUV WVJV YLHSP

#KPKRKHP=E?K A OKH=NA PANIE?K

- 6 * < :

PUJLU[P]P TLZZP PU JHTWV YP[LUPHTV JOL WLY MHYL KLSSL ZJLS[L LMÄJPLU[P LK LMÄJHJP ZPH ULJLZZHYPV ]HS\[HYL P JVZ[P L P ILULÄJP KLSSL [LJUVSVNPL 0U WHY[PJVSHYL PS ZVSHYL [LYTPJV JYLH YPJJOLaaH L T\V]L S»LJVUVTPH H SP ]LSSV SVJHSL! S» KLP WYVKV[[P u KP WYV]LUPLUaH L\YVWLH KP J\P PS KP WYV]LUPLUaH P[HSPHUH WLY UVU WHYSHYL KLSSH JVTWVULU[PZ[PJH L KLSSH TH UVKVWLYH JOL JYLHUV YPJJOLaaH LK VJJ\WHaPVUL H SP]LSSV SVJHSL 0UVS[YL ULNSP \S[PTP HUUP HK \UH JVU[YHaPVUL KLS TLYJH[V P[HSPHUV u JVYYPZWVZ[V \U [YLUK WVZP[P]V KLSSL LZWVY[HaPVUP H [LZ[PTVUPHUaH KP \UH [LJUVSVNPH L KP \U»PUK\Z[YPH JOL J»u L JOL u WLY~ JVZ[YL[[H H JLYJHYZP HS[YP TLYJH[P WP Z[HIPSP L HMÄKHIPSP

Z[PJOL L YPZJOPHUV KP MH]VYPYL HSJ\UL [LJUVSVNPL JOL UVU ZLTWYL OHUUV PS TPNSPVY YHWWVY[V JVZ[P ILULÄJP 3H X\HSPÄJHaPVUL L JLY[PÄJHaPV UL KLNSP PUZ[HSSH[VYP *VUZPKLYPHTV KH ZLTWYL X\LSSV KLSSH X\HSPÄJHaPVUL KLNSP PUZ[HSSH[VYP \U [LTH JY\JPHSL JOL u Z[H[V ÄUVYH ÄU [YVWWV [YHZJ\YH[V 7YVWYPV WLY X\LZ[V TV[P]V HU[PJPWHUKV KP MH[ [V X\HU[V YPJOPLZ[V ULSSH +PYL[[P]H WVP YLJLWP[V KHS + 3NZ HIIPHTV WYVNL[[H[V L [LZ[H[V \U WYVNYHTTH KP X\HSPÄJHaPVUL L JLY [PÄJHaPVUL WLY NSP PUZ[HSSH[VYP KP PT WPHU[P ZVSHYP [LYTPJP WLY THNNPVYP PUMVYTHaPVUP ZP ]LKH PS ZP[V O[[W! ZV SHYWHZZ HZZVS[LYT P[ 9P[LUPHTV JOL ZWL[[P HSSL HZZVJPHaPVUP JOL HS WYV WYPV PU[LYUV OHUUV SL JVTWL[LUaL L SL YPZVYZL [LJUPJOL WLY WV[LYSV MHYL NLZ[PYL PS WYVJLZZV KP MVYTHaPVUL KLP MVYTH[VYP L KP YPSHZJPV KP \U»H[[LZ[H aPVUL KLSSL JVTWL[LUaL HJX\PZP[L =H KL[[V PUVS[YL JOL ZP KV]YHUUV ]HS\[HYL SL TVKHSP[n TPNSPVYP WLY ]HSV YPaaHYL S»LZWLYPLUaH L SL JVTWL[LUaL TH[\YH[L Z\S JHTWV KH WHY[L KLSSL HaPLUKL KLS ZL[[VYL WYVWYPV ULS JHT WV KLSSH MVYTHaPVUL KLNSP PUZ[HSSH[VYP

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

#KPKRKHP=E?K A OKH=NA PANIE?K

$EKNCEK $N=@EPE /AOLKJO=>EHA )=>KN=PKNEK 1A?JKHKCEA #KPKRKHP=E?DA "+" AJPNK /E?AN?DA -KNPE?E

+N OGTECVQ HQVQXQNVCKEQ KP 'WTQRC G KP +VCNKC

0S MV[V]VS[HPJV JVZ[P[\PZJL ZLUaH HS J\U K\IIPV \U»VWaPVUL LULYNL[PJH KP WYPTHYPH PTWVY[HUaH WLY PS YHN NP\UNPTLU[V KLSSH X\V[H JVTWSLZZP ]H KP WYVK\aPVUL KP LULYNPH KH MVU[P YPUUV]HIPSP PU HJJVYKV HNSP VIPL[[P]P L\YVWLP ÄZZH[P WLY PS 5LS ZVUV Z[H[P PUZ[HSSH[P ULS TVUKV X\H ZP .> KP U\V]P PTWPHU[P .> PU ,\YVWH YHNNP\UNLUKV JVZy \UH WV[LUaH JVTWSLZZP]H KPZWVUPIPSL KP .> 3»,\YVWH YP]LZ[L WLY[HU[V \UH WVZP aPVUL KP SLHKLYZOPW ULS TLYJH[V TVU KPHSL KLS MV[V]VS[HPJV JVU \UH X\V[H Z\WLYPVYL HS KLP U\V]P HSSHJJPH TLU[P YLHSPaaH[P ULS 0 TLYJH[P WP HTWP YPZ\S[HUV 0[HSPH L .LYTHUPH JVU JPYJH S» KLSSL PUZ[HSSHaPVUP 0U WHY[PJVSHYL S»0[HSPH JVU .> KP WV [LUaH JVUULZZH L SH .LYTHUPH JVU .> JVWYVUV JVTWSLZZP]HTLU[L PS KLS TLYJH[V NSVIHSL KLS B D (S Z\JJLZZV KLS MV[V]VS[HPJV PU ,\YVWH JVUJVYYVUV WYL]HSLU[L TLU[L K\L MH[[VYP! S»PU[YVK\aPVUL KLP ZPZ[LTP KP PUJLU[P]HaPVUL MLLK PU JOL OHUUV MH]VYP[V SV Z]PS\WWV KP \U TLYJH[V KP ZJHSH L SH YPSL]HU[L YPK\ aPVUL KLS WYLaaV KLP TVK\SP JOL OH JVUZLU[P[V S»HJJLZZV HSSH [LJUVSVNPH KP \U U\TLYV THNNPVYL KP JVUZ\ TH[VYP B D ;\[[H]PH HUJOL ZL S»H[[\HSL ZP[\HaPVUL KP TLYJH[V WYLTPH HUJV YH S»,\YVWH u KH L]PKLUaPHYL JOL ZP Z[HUUV WYLWV[LU[LTLU[L HMMHJJPHU KV Z\SSH ZJLUH HS[YP TLYJH[P X\HSP *PUH L <:( .SP <:( OHUUV YHKKVW

JHVWLRQH HQHUJLD

WPH[V ULS JVYZV KLSS»\S[PTV HUUV SL PUZ[HSSHaPVUP KP PTWPHU[P MV[V]VS[HPJP JVU UV[L]VSP WYVZWL[[P]L KP JYLZJP[H WLY NSP HUUP H]]LUPYL 7LY SH ÄUL KLS SL Z[PTL KL NSP VWLYH[VYP KLS ZL[[VYL WYL]LKVUV \U PUJYLTLU[V KLS YPZWL[[V HS KLS ]HSVYL KLSSH WV[LUaH MV [V]VS[HPJH JVTWSLZZP]H PUZ[HSSH[H HS TVUKV JVU SH JVUULZZPVUL PU YL[L KP JPYJH .> 3H WV[LUaH MV[V]VS [HPJH J\T\SH[H LK LZLYJP[H Z\ ZJH SH TVUKPHSL KV]YLIIL JVZy ZÄVYHYL P .> LU[YV PS B D 0U 0[HSPH PS [V[HSL KLNSP PTWPHU[P PU LZLYJPaPV H ÄUL YPZ\S[H]H WHYP H \UP[n WLY \UH WV[LUaH PUZ[HSSH[H KP .> -PN 3H WYVK\aPVUL KP LULYNPH ZVSHYL ULS u Z[H[H KP VS[YL ;>O JVU \UH JVWLY[\YH KP JPYJH PS KLS MHIIPZVNUV LSL[[YPJV UHaPVUHSL ULS ( TL[n V[[VIYL YPZ\S[HUV PU LZLYJPaPV PU 0[HSPH JPYJH PT WPHU[P WLY \UH WV[LUaH JVTWSLZZP]H PUZ[HSSH[H KP VS[YL .> L WLY \U JVZ[V HUU\V KP PUJLU[P]P LYVNH[P KP JPYJH 4SKÁ +LS [V[HSL KLSSH WV [LUaH KPZ[YPI\P[H Z\S [LYYP[VYPV P[HSPHUV JPYJH SH TL[n u JVZ[P[\P[H KH PTWPHU[P H [LYYH WVJV TLUV KLSSH TL[n KH PTWPHU[P Z\ LKPÄJP \UH WPJJVSH WLYJLU[\HSL KH PTWPHU[P PUZ[HSSH[P Z\ ZLYYL L WLUZPSPUL V Z\ HS [YP LSLTLU[P KP HYYLKV \YIHUV JVTL IHYYPLYL HJ\Z[PJOL Z[YHKHSP YPZWL[[P ]HTLU[L L 3H KPZ[YPI\aPVUL WLY YLNPVUL KLSSH

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

WV[LUaH L KLSSH U\TLYVZP[n KLNSP PT WPHU[P PUZ[HSSH[P Z\S [LYYP[VYPV UHaPVUHSL u KPZVTVNLULH -PN 0S U\TLYV WP LSL]H[V KP PTWPHU[P ZP YPZJVU[YH HS 5VYK PU WHY[PJVSHYL PU 3VTIHYKPH L PU =LUL[V YPZWL[[P]HTLU[L JPYJH L PTWPHU[P 0U [LYTPUP KP WV[LUaH PUZ[HSSH[H SH 7\NSPH KL[PLUL PS WYPTH[V JVU JPYJH .> PUZ[HSSH[P 3H KPTLUZPVUL TLKPH THNNPVYL KL NSP PTWPHU[P u PU 7\NSPH JVU R> ZLN\VUV PS 4VSPZL R> SL 4HY JOL R> SH )HZPSPJH[H R> S»(IY\aaV R> " SH WP IHZZH u PU =HSSL K»(VZ[H R> B D +HS W\U[V KP ]PZ[H KLSSH [PWVSVNPH HWWSPJH[P]H ULSSL YLNPVUP KLS :\K SH THNNPVY WHY[L KLSSH WV[LUaH u PU Z[HSSH[H H [LYYH 7\NSPH TLU[YL ULSSL YLNPVUP KLS 5VYK WYL]HSNVUV SL PUZ[HSSHaPVUP Z\ LKPÄJP ;YLU[PUV (S[V (KPNL 0U :HYKLNUH *HSHIYPH L 3PN\YPH ZP JVUJLU[YHUV WYL]HSLU [LTLU[L SL PUZ[HSSHaPVUP Z\ ZLYYL L WLUZPSPUL B D <U JVU[YPI\[V LZZLUaPHSL HS [YLUK WVZP[P]V KP JYLZJP[H KLSSH WV[LUaH MV [V]VS[HPJH PUZ[HSSH[H u YHWWYLZLU[H[V KHSSH JVU[PU\H L YHWPKH YPK\aPVUL KLP WYLaaP" PS JVZ[V KLS ZPSPJPV H TL[n KLS u KPTPU\P[V ZPUV H YHNNP\UNLYL JPYJH RN L HUJOL WLY P KP]LYZP JVTWVULU[P KP PTWPHU[V PU WHY[P JVSHYL P TVK\SP ZP u YLNPZ[YH[H \UH ZPNUPÄJH[P]H YPK\aPVUL KLS WYLaaV 0S JHSV KLP WYLaaP ZP u H[[LZ[H[V PU [VYUV HS WLY P TVK\SP PU ZPSPJPV WVSP JYPZ[HSSPUV L HS WLY P TVK\SP PU ZPSPJPV TVUV JYPZ[HSSPUV 7LY NSP PU ]LY[LY ZP u YLNPZ[YH[V ULS JVYZV KLS WLYPVKV \U [YLUK TL KPV KP YPK\aPVUL KLS WYLaaV KP JPYJH PS ( ZLN\P[V KLSSH YPK\aPVUL KLS JVZ[V KLP ZPUNVSP JVTWVULU[P KP PTWPHU[V TVK\SP PU]LY[LY Z[Y\[[\YL KP Z\WWVY[V L[J HUJOL PS WYLaaV JOPH]P PU THUV KLSS»PTWPHU[V ZP u YP KV[[V ZPNUPÄJH[P]HTLU[L ZLN\LUKV WLY PS TLYJH[V UHaPVUHSL ULS PS [YLUK KP ZLN\P[V YPWVY[H[V! ULS ZL[[VYL YLZPKLUaPHSL NSP PTWPHU[P KP WPJJVSH TLKPH [HNSPH KH X\HS JOL R> H X\HSJOL JLU[PUHPH KP R> ZVUV WHZZH[P KH \U WYLaaV TLKPV KP Á > HK \UV KP Á >" NSP PTWPHU[P KP NYHUKL [HNSPH KH X\HSJOL 4> H X\HSJOL KLJPUH KP 4> ZVUV WHZZH[P KH \U WYLaaV TLKPV KP Á > HK \U WYLaaV KP Á > 0U \S[PTV u KH L]PKLUaPHYL JVTL SH JYLZJP[H LZWVULUaPHSL KLS ZL[[VYL MV

- 6 * < :

#KPKRKHP=E?K A OKH=NA PANIE?K

#EC "RKHQVEKJA @AHH= LKPAJV= A @AHH= JQIANKOEPÂ¸ @ACHE EILE=JPE BKPKRKHP=E?E EJ &P=HE= Ä $0" /=LLKNPK OP=PEOPE?K

[V]VS[HPJV YLNPZ[YH[HZP PU X\LZ[P \S[PTP JPUX\L HUUP OH H]\[V YPWLYJ\ZZPVUP WVZP[P]L HUJOL ZV[[V PS WYVÃ&#x201E;SV PUK\ Z[YPHSL UHaPVUHSL JVU SÂ»PUZLYPTLU[V KP HKKL[[P KPYL[[P JOL KP]LU[HUV

X\HZP ZL ZP JVUZPKLYH SÂ»PU[L YV PUKV[[V JVPU]VS[V B D ,]VS\aPVUL [LJUVSVNPJH L YPJLYJH 3H WYVK\aPVUL KP LULYNPH KH MVU

[L ZVSHYL WLY LMML[[V MV[V]VS[HPJV u VYTHP \UH [LJUVSVNPH TH[\YH LK HMÃ&#x201E;KHIPSL 0 JVTWVULU[P WYPUJPWHSP KP PTWPHU[V VZZPH P TVK\SP MV[V]VS[HPJP ZVUV PUMH[[P NHYHU[P[P WLY \UH ]P[H

#EC !EOPNE>QVEKJA NACEKJ=HA @AHH= JQIANKOEPÂ¸ A @AHH= LKPAJV= = Å&#x201A;JA Ä $0" /=LLKNPK OP=PEOPE?K

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

#KPKRKHP=E?K A OKH=NA PANIE?K

\[PSL KP VS[YL HUUP PU JVUKPaPVUP VWLYH[P]L HUJOL LZ[YLTL 0U [LYTPUP KP YPJLYJH \U»PTWVY[HU[L ZLNTLU[V u X\LSSV JVUKV[[V WYL]H SLU[LTLU[L HSS»PU[LYUV KLSSL HaPLUKL WYVK\[[YPJP JVU S»VIPL[[P]V WYPVYP[HYPV KP YPZWVUKLYL HSSL Z[YH[LNPL PUK\Z[YPH SP L JVTTLYJPHSP WLY HJJYLZJLYL SL X\V[L KP TLYJH[V :P [YH[[H KP HaPVUP WPHUPÄJH[L JVU \UV ZJLUHYPV KP IYL ]L K\YH[H VYPLU[H[L ZVWYH[[\[[V HSSH PUUV]HaPVUL LK HS TPNSPVYHTLU[V KLS WYVKV[[V JVTTLYJPHSL ,ZPZ[L HU JOL \U»H[[P]P[n KP YPJLYJH KP S\UNV WLYPVKV JOL ZP IHZH ZWLZZV Z\ HW WYVJJP KP]LYZP KH X\LSSP ZWLJPÄJH[H TLU[L PUK\Z[YPHSP L JOL PU]LJL TPYH HSSV Z]PS\WWV KP TH[LYPHSP L [LJUVSVNPL PUUV]H[P]L L V KP U\V]H NLULYHaPVUL ( YPN\HYKV [HSL [LTH ]PLUL ZWLZZV HUHSPaaH[V YPJVYKHUKV PS JVUJL[[V KP JLSSL KP U\V]H NLULYHaPVUL PU[YVKV[ [V WLY SH WYPTH ]VS[H HNSP PUPaP KLNSP HUUP KH 4HY[PU .YLLU PS X\HSL YHMÄN\YH]H \UV ZJLUHYPV KP Z]PS\WWV KLS MV[V]VS[HPJV IHZH[V Z\ [YL KP]LY ZL NLULYHaPVUP ¸[LJUVSVNPJOL¹ 4 ( .YLLU ;OPYK .LULYH[PVU 7OV[V]VS[HP JZ! <S[YH OPNO JVU]LYZPVUL LMÄJPLUJ` H[ SV^ JVZ[ 7YVNYLZZ PU 7OV[V]VS [HPJ 9LZLHYJO HUK (WWSPJH[PVUZ ]VS 3H WYPTH NLULYHaPVUL JV

Z[P[\P[H KH TVK\SP IHZH[P Z\ JLSSL HS ZP SPJPV JYPZ[HSSPUV :P L JHYH[[LYPaaH[P KH JVZ[P WHYP H JPYJH Á >W JVU LMÄJPLU aL KP JVU]LYZPVUL TLKPL KLS " SH ZLJVUKH YLHSPaaH[H JVU KPZWVZP[P]P H ÄST ZV[[PSL ZPSPJPV HTVYMV *0.: *K;L L[J JVU JVZ[P KP JPYJH Á >W LK LMÄJPLUaL TLKPL KLS LK \UH [LYaH KHP JVZ[P ZPTPSP HSSH ZLJVU KH TH JVU LMÄJPLUaL TVS[V Z\WLYPV YP PU TLKPH WHYP HS ;HI 0 B D 3V Z]PS\WWV JVTWL[P[P]V KP KPZWVZP [P]P KP [LYaH NLULYHaPVUL ZLJVUKV SV ZJLUHYPV KP .YLLU H]YLIIL KV]\[V JVUZLU[PYL HS MV[V]VS[HPJV KP KP]LUPYL \UH YLHSL HS[LYUH[P]H LULYNL[PJH ZLU aH SH ULJLZZP[n KP YPJVYYLYL HS Z\W WVY[V KP Z[Y\TLU[P KP PUJLU[P]HaPVUL LJVUVTPJH KPYL[[H L V PUKPYL[[H Ï PTWVY[HU[L L]PKLUaPHYL JOL HUJOL ZL .YLLU UVU UL WHYSH LZWSPJP[HTLU [L PS JVUJL[[V KP U\V]H NLULYHaPVUL JVTWVY[H]H K\UX\L SH WVZZPIPSL ¸HIKPJHaPVUL¹ KLSSH [LJUVSVNPH KLS ZPSPJPV JYPZ[HSSPUV H MH]VYL KHWWYPTH KLSSH ZLJVUKH NLULYHaPVUL L Z\J JLZZP]HTLU[L KLSSH [LYaH ;\[[H]PH KVWV KPLJP HUUP SV ZJLUHYPV u YHKP JHSTLU[L JHTIPH[V 0S MV[V]VS[HPJV H IHZL KP ZPSPJPV JYPZ[HSSPUV KL[PLUL HUJVYH VNNP ZHSKHTLU[L VS[YL S» KLSSL X\V[L KP TLYJH[V JVU JVZ[P

KP TVK\SV JVTWYLZP [YH Á >W L Á >W LK LMÄJPLUaL KP JVU]LYZPVUL WYVZZPTL HS ;YH SL [LJUVSVNPL KP ZLJVUKH NLULYHaPVUL ZVS[HU[V PS *K;L OH YHNNP\U[V SL WYL]PZPVUP KP JVZ[V LK LMÄJPLUaH H[[LZL JVU \UH X\V[H KP TLYJH[V JOL ZP u H[[LZ[H[H PU[VYUV HS ULS 3L YLZ[HU[P [LJUVSVNPL H ÄST ZV[[PSL ZVUV YPTHZ[L ILU SVU[HUL KHSSL HZWL[[H[P]L WLY YH NPVUP YPJVUK\JPIPSP ZVZ[HUaPHSTLU[L HP IHZZP ]HSVYP KP LMÄJPLUaH L V HP JVZ[P LSL]H[P B D ;YH NSP HWWYVJJP H]]PH[P ULS ZL[[VYL KLSSL [LJUVSVNPL KP [LYaH NLULYH aPVUL X\LSSV JOL HWWHYL WP WYV TL[[LU[L YPN\HYKH SL JLSSL T\S[P NP\UaPVUL 41 ULSSL X\HSP JPHZJ\UV Z[YH[V ]PLUL V[[PTPaaH[V HS ÄUL KP THZZPTPaaHYL SH YHJJVS[H KLSSH YHKPH aPVUL KP \UH WVYaPVUL ZWLJPÄJH KLSSV ZWL[[YV ZVSHYL ;HSP KPZWVZP[P]P OHUUV NPn YHNNP\U[V LMÄJPLUaL KP JVU]LY ZPVUL Z\WLYPVYP HS TH ZVUV HUJVYH JHYH[[LYPaaH[P KH JVZ[P TVS[V LSL]H[P L HMÄKHIPSP[n KH ]HS\[HYL ULS S\UNV WLYPVKV" WLY[HU[V HSSV Z[H[V H[[\HSL ZVUV YPZLY]H[P HS TLYJH[V KLS MV[V]VS[HPJV H JVUJLU[YHaPVUL JOL HK VNNP WYLZLU[H JVZ[P JVTWSLZZP ]P KP PTWPHU[V KP JPYJH Á >W 3H [LJUVSVNPH KLSSL JLSSL KP [LYaH NLUL

7HFQRORJLD

(I¿FLHQ]D

$UHD FP

9RF 9

-VF P$ FP

))

&HQWUR GL WHVW H GDWD

7LWRODUH

6L FULVWDOOLQR

6DQGLD

816: 3(5/

6L PXOWLFULVWDOOLQR

15(/

)K* ,6(

*D$V

15(/

$OWD 'HYLFHV

*D$V PXOWLFULVWDOOLQR

15(/

57,

,Q3

15(/

6SLUH

&,*6

15(/

&,*6 PLQL PRGXOR

)K* ,6(

6ROLEUR

&G7H FHOOD

15(/

)LUVW 6RODU

6L DPRUIR

15(/

2HUOLNRQ 6RODU 1HXFKDWHO

'66&

$,67

6KDUS

'66& PLQL PRGXOR

$,67

6RQ\

2UJDQLFR

$,67

0LWVXELVKL &KHPLFDO

2UJDQLFR PLQL PRGXOR

$,67

6XPLWRPR

,Q*D3 *D$V ,Q*D$V

$,67

6KDUS

D 6L QF 6L QF 6L

15(/

8QLWHG 6RODU

D 6L QF 6L PLQL PRGXOR

$,67

.DQHND

1=> & "Bł?EAJVA NA?KN@ @E ?AHHA A IEJE IK@QHE IEOQN=PA EJ ?KJ@EVEKJE OP=J@=N@ ĠOLAPPNK OKH=NA * 4 I 1 `

JHVWLRQH HQHUJLD

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

0UJLU[P]HaPVUL! = *VU[V ,ULYNPH 0S S\NSPV u Z[H[V LTHUH[V PS +4 KLS = *VU[V ,ULYNPH LU[YH[V PU ]PNVYL PS HNVZ[V JVTL WYL]PZ[V KHSSV Z[LZZV +4 KVWV NPVYUP KHS SH KH[H KP YHNNP\UNPTLU[V KLS ]HSVYL J\T\SH[V HUU\V KP 4SKร KP PUJLU [P]P .SP HZWL[[P ZHSPLU[P KLS = *VU[V ,ULYNPH YPN\HYKHUV B D! ย SยปPU[YVK\aPVUL KP \U [L[[V KP JVZ[V HUU\V J\T\SH[V WHYP H 4SKร PU ZLN\P[V HS X\HSL PS +LJYL[V JLZZLYn KP HWWSPJHYZP" ย SยปHJJLZZV KPYL[[V HSSL [HYPMML PUJLU [P]HU[P WLY HSJ\UL [PWVSVNPL KP PT WPHU[P! JVU WV[LUaH ร UV H R> YLH SPaaH[P Z\ LKPร JP JVU ZVZ[P[\aPVUL HTPHU[V" JVU WV[LUaH ร UV H R>" PTWPHU[P PU[LNYH[P PUUV]H[P]P H JVUJLU[YHaPVUL PUZ[HSSH[P KHSSH W\IISPJH HTTPUPZ[YHaPVUL SPTP [H[HTLU[L HS YHNNP\UNPTLU[V KP 4SUร KP PUJLU[P]P WLY JPHZJ\UH JH[LNVYPH" JVU WV[LUaH [YH R> L R> JOL YPJOPLKVUV \UH [HYPMMH YPKV[[H KLS " ย SยปPU[YVK\aPVUL KP \U ยธYLNPZ[YVยน WLY NSP PTWPHU[P KP WV[LUaH Z\WLYPVYL H R>" PS ย YLNPZ[YV OH \U [L[[V KP 4SUร PS ย KP 4SUร LK P Z\JJLZZP]P 4SUร " ย YPK\aPVUL KLSSL [HYPMML PUJLU[P]HU[P JVTL KLร UP[L KHS +LJYL[V" ย PU[YVK\aPVUL KLSSH JLY[Pร JHaPVUL LULYNL[PJH JVTL YLX\PZP[V PUKP ZWLUZHIPSL WLY NSP LKPร JP Z\P X\HSP JVZ[Y\PYL SยปPTWPHU[V MV[V]VS[HPJV :VUV Z[H[P THU[LU\[P HSJ\UP JYP[LYP WLY PS NVKPTLU[V KP WYLTP HNNP\U[P ]P HSSH [HYPMMH IHZL HWWHYLJJOPH[\YL JVTWVULU[P L\YVWLL P YPTVaPVUL HTPHU[V ZLYYL WLYNVSL L[J L SH J\T\SHIPSP[n JVU HS[YP PUJLU[P]P JVU[V JHWP[HSL ร JHTIPH[H Z[Y\[[\YHSTLU [L SยปPUJLU[P]HaPVUL WHZZHUKV KH \U ZPZ[LTH ยธMLLK PU WYLTP\Tยน JVU [HYPM MH PUJLU[P]HU[L HNNP\U[P]H HS YPJH]V KLSSH ]LUKP[H ZJHTIPV Z\S WVZ[V HK \U ZPZ[LTH [PWV ยธMLLK PU [HYPMยน V]]LYV JVU [HYPMMH VUUPJVTWYLUZP]H PUJS\ZP ]H KLSSยปPUJLU[P]V ZPZ[LTH JVUNY\LU [L JVU P JYP[LYP KP PUJLU[P]HaPVUL KLSSL -,9 Z[HIPSP[L KHS +LJYL[V 9PUUV]HIPSP +3 0S = *VU[V ,ULYNPH WYL]LKL YPZWL[[V HS 0= *VU[V ,ULYNPH \UH KLJ\Y[HaPV UL KLSSL [HYPMML PUJLU[P]HU[P JOL H ZL JVUKH KLSSH [HNSPH ]H KH \U TPUPTV KLS WLY NSP PTWPHU[P KH R> HS

#KPKRKHP=E?K A OKH=NA PANIE?K

- 6 * < :

YHaPVUL WV[Yn WYLZ\TPIPSTLU[L LM ML[[\HYL \U JVUJYL[V WHZZV PU H]HU[P TLKPHU[L SV Z]PS\WWV KP KPZWVZP[P]P JHWHJP KP ZMY\[[HYL SH WHY[L KP LULYNPH KLSSV ZWL[[YV ZVSHYL JOL UVYTHSTLU [L ]PLUL KPZZPWH[H [LYTPJHTLU[L ;\[[H]PH u JVYYL[[V ZV[[VSPULHYL JOL SยปHMร KHIPSP[n KLS MV[V]VS[HPJV HS ZPSPJPV u VYTHP HTWPHTLU[L KPTVZ[YH[H L NHYHU[P[H WLY HUUP TLU[YL WLY P KPZWVZP[P]P KP [LYaH NLULYHaPVUL JOL ZVUV ZVZ[HUaPHSTLU[L HUJVYH JVUร UH[P H SP]LSSV KP SHIVYH[VYPV UVU u WVZZPIPSL KHYL PUKPJHaPVUP Z\SSH SVYV HMร KHIPSP[n WLY ZJHSL [LTWVYHSP KP S\U NV WLYPVKV ,ZPZ[VUV HUJOL HWWYVJ JP KP YPJLYJH WPย KP IHZL PU J\P PS JVZ[V u L KL]L LZZLYL JVUZPKLYH[V ZVSV \U LSLTLU[V THYNPUHSL ร X\LZ[V HK LZLTWPV PS JHZV KLSSL JLSSL VYNHUP JOL [PWVSVNPH JOL JVTWYLUKL [\[[P P KPZWVZP[P]P MV[V]VS[HPJP JOL PTWPLNH UV PU X\HSJOL TVKV JVTWVZ[P KLS JHYIVUPV JVTL TH[LYPHSL H[[P]V :P [YH[[H HK VNNP KP KPZWVZP[P]P Z]PS\W WH[P ZVS[HU[V H SP]LSSV KP SHIVYH[VYPV JVU LMร JPLUaL Z\ WPJJVSH HYLH KLS JVU SยปVIPL[[P]V WYPVYP[HYPV KP PUKP]PK\HYL PS TP_ KLP TH[LYPHSP WV SPTLYPJP L SL Z[Y\[[\YL KP JLSSH PKVULP WLY LZZLYL PTWSLTLU[H[L PU WYVJLZZP KP WYVK\aPVUL PUK\Z[YPHSL 5LSSH JH[L NVYPH KLP U\V]P KPZWVZP[P]P MV[V]VS[HPJP YPLU[YHUV HUJOL SL JLSSL H IHZL KP NYHMLUL JOL WLY SL Z\L JHYH[[LYPZ[P JOL KP V[[PTH JVUK\JPIPSP[n LSL[[YPJH L HS[H [YHZWHYLUaH V[[PJH HWWHYL \U JHUKPKH[V PKLHSL WLY SH YLHSPaaHaPVUL KP LSL[[YVKP [YHZWHYLU[P L JVUK\[[VYP JVU PTWVY[HU[P YPJHK\[L ULS ZL[[VYL MV[V]VS[HPJV B D (S[YL[[HU[V PTWVY[HU[L u SH YPJLYJH Z\P ZPZ[LTP L JVTWVULU[P KP PTWPHU [V )V: )HSHUJL VM :`Z[LT PU J\P THZZPTH WYPVYP[n ZP Kn HSSV Z]PS\WWV KP TVK\SP ยธPU[LSSPNLU[Pยน JVU M\UaPVUHSP [n HNNP\U[P]L TVUP[VYHNNPV KPHNUV Z[PJH HU[PM\Y[V H\[VJVUร N\YHaPVUL L[J L KP PU]LY[LY L TPJYV PU]LY[LY KP U\V]H NLULYHaPVUL H[[P HK VMMYPYL ZLY]PaP H]HUaH[P KP YL[L PU \UยปV[[PJH ยธZTHY[ NYPKยน 3L WYVZWL[[P]L KP TLY JH[V KLS ZVSHYL ULP WYVZZPTP HUUP WYL]LKVUV VS[YL TPSPVUP KP PU]LY[LY WYVKV[[P L ]LUK\[P HS " ZP WYL]L KL JOL PS TLYJH[V KLNSP PU]LY[LY WLY PUZ[HSSHaPVUP KP NYHUKL [HNSPH YPTHYYn Z[HIPSL TLU[YL PS [YLUK KP JYLZJP [H ZHYn WVZP[P]V WLY NSP PU]LY[LY LK P TPJYV PU]LY[LY KLZ[PUH[P HK HWWSPJH aPVUP ULS JHTWV KLSSยปLKPSPaPH \YIHUH LK PUK\Z[YPHSL

WLY PTWPHU[P KP WV[LUaH JVT WYLZH [YH L R> HS WLY NSP PTWPHU[P [YH R> L 4> ร UV HK \U THZZPTV KLS WLY NSP PTWPHU[P ZVWYH 4> B D 3L HUHSPZP LMML[[\H[L KHSSยป,ULY N` :[YH[LN` .YV\W KLS 7VSP[LJUP JV KP 4PSHUV L]PKLUaPHUV JVTL SH THZZPTH WV[LUaH PUJLU[P]HIPSL HSSH ร UL KLS WLYPVKV u WHYP H .> 3ยปPTWH[[V KLS YLNPZ[YV WLZLYn TVS[V Z\S TLYJH[V P[HSPHUV ]PZ[V JOL NSP PT WPHU[P JVU WV[LUaH Z\WLYPVYL HP R> H ร UL LYHUV WHYP H KLS [V[HSL WLY \UH WV[LUaH KP .> KLS [V[HSL J\T\ SH[V B D 3H JOP\Z\YH KLS ย YLNPZ[YV SH J\P NYHK\H[VYPH u Z[H[H W\IISPJH[H SV ZJVYZV ZL[[LTIYL OH TVZ[YH [V \U WYPTV LMML[[V KP ยธJVU[YHaPVUL KLS TLYJH[Vยน PU X\HU[V KLP 4SUร TLZZP H KPZWVZPaPVUL UL ZVUV Z[H [P HZZLNUH[P ZVSV 4SUร WVJV WPย KLS WLY \U [V[HSL KP JPYJH 4> KP WV[LUaH PUJLU[P]H[H 3L TV[P]HaPVUP YPZHSNVUV ZVWYH[[\[[V HP YPKV[[P [LTWP WYVJLK\YHSP L HSSL THN NPVYP JVTWSPJHaPVUP PU[YVKV[[L ULSSH KVJ\TLU[HaPVUL YPJOPLZ[H JOL OH [YV]H[V PTWYLWHYH[P SH THNNPVY WHY[L KLNSP VWLYH[VYP 0S ยธJVU[H[VYL MV[V]VS[HPJVยน KLNSP PU JLU[P]P KPZWVUPIPSL Z\S ZP[V KLS .:, .LZ[VYL :LY]PaP ,ULYNL[PJP YPWVY[H H TL[n V[[VIYL WLY PS ZVSV = *VU[V ,ULYNPH JPYJH PTWPHU[P PU LZLYJPaPV JVU \UH WV[LUaH PUZ[HSSH [H KP 4> LK \U JVZ[V HUU\V WHYP H 4SUร " TLU[YL PU [LYTPUP JVT WSLZZP]P PUKPJH VS[YL PTWPHU[P PU LZLYJPaPV WLY \UH WV[LUaH JVT WSLZZP]H KP .> LK \U JVZ[V HU U\V J\T\SH[V KP JPYJH 4SKร (SSH S\JL KP X\LZ[P KH[P ZVS[HU[V 4SUร THUJHUV HS YHNNP\UNPTLU[V KLSSH MH[PKPJH ZVNSPH KLP 4SKร JOL ZL NULYn SH ร UL KLS = *VU[V ,ULYNPH B D

9,-,9,5A, B D ,70( .SVIHS THYRL[ V\[SVVR B D :VSHY ,ULYN` 9LWVY[ (WYPSL B D ,ULYNPH :VSHYL -= 5 B D 0S ZVSHYL MV[V]VS[HPJV PU 0[HSPH .:, YHWWVY[V Z[H[PZ[PJV B D 4HY[PU .YLLU L[ HS *LSSL LMร JPLUJ` [HISLZ 7YVN PU 7OV[V ]VS[HPJ 9LZ (WWS B D .:, ^LIZP[L! ^^^ NZL P[ B D 8\HKLYUV ยธ-V[V]VS[HPJVยน ,5,( 3\NSPV

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

#KPKRKHP=E?K A OKH=NA PANIE?K

J@NA= 7=CDE /AOLKJO=>EHA AJPNK 0PQ@E LAN

(QVQXQNVCKEQ KN HWVWTQ QNVTG INK KPEGPVKXK ( KPZ[HUaH KP HUUP KHS WYPTV *VU[V ,ULYNPH PS MV[V]VS[HPJV u KP]LU[H[V SH ZLJVUKH MVU[L YPUUV]HIPSL WP YHW WYLZLU[H[P]H KVWV S»PKYVLSL[[YPJV 3H ÄSPLYH KLSS»LULYNPH ZVSHYL u VNNP \UH ZVSPKH YLHS[n MH[[H KP PTWYLZL JOL VWLYHUV KHSSH WYVK\aPVUL KP WHUULSSP ZLIILUL SH X\V[H KP PTWVY[ ZPH HU JVYH WYLKVTPUHU[L H X\LSSH KP PU]LY [LY L HS[YP JVTWVULU[P L P U\TLYP SV KPTVZ[YHUV HTWPHTLU[L 3»0[HSPH u Z[H[H ULS PS WYPUJPWHSL H[[VYL Z\SSH ZJLUH TVUKPHSL JVU .> KP U\V]H WV[LUaH JVUULZZH PU YL[L ZLN\P[H PU ,\YVWH KHSSH .LYTH UPH H X\V[H .> KHSSH -YHUJPH H L KHS 9LNUV <UP[V H TLU [YL M\VYP KHSS»,\YVWH ZVUV SH *PUH JVU .> NSP <ZH JVU .> L PS .PHWWVUL JVU .> P TLYJH[P SLH KLY 0S UVZ[YV 7HLZL ZP u JVZy PUZLKPH [V PU ZLJVUKH WVZPaPVUL ULS TVUKV WLY WV[LUaH J\T\SH[H PUZ[HSSH[H .> PS KH[V H ÄUL KPL[YV HSSH ZVSH .LYTHUPH JOL H ÄUL LYH NPn NP\U[H H X\HZP .> 5LS PUVS[YL ZP Z[H WYVÄSHUKV \U HS[YV PT WVY[HU[L ZHS[V PU H]HU[P! P KH[P KLS JVU [H[VYL .:, PUKPJHUV JVTL ULS TLZL KP V[[VIYL ZP ZPHUV Z\WLYH[P P .> 7LY X\HU[V YPN\HYKH WVP SH WYVK\ aPVUL KP LULYNPH LSL[[YPJH MV[V]VS[HP JH ULS u Z[H[V YHNNP\U[V \U ]VS\TL JVTWSLZZP]V WHYP H X\HZP .>O JPVu WVJV TLUV KP ]VS[L PS KH[V KLS X\HUKV LYH UV Z[H[P WYVKV[[P JPYJH .>O 5H[\YHSTLU[L HUJOL PU X\LZ[V JHZV SH JYLZJP[H u JVU[PU\H[H ULP WYPTP

TLZP KLS ! JVU X\HZP .>O ZP u WYVKV[[V PS PU WP YP ZWL[[V HSSV Z[LZZV WLYPVKV KLSS»HUUV WYLJLKLU[L Ï WVZZPIPSL K\UX\L HMMLYTHYL ZLU aH [PTVYL KP ZTLU[P[H JOL u UH[V \U U\V]V ZL[[VYL PUK\Z[YPHSL JOL WYVK\ JL 7PS VJJ\WHaPVUL L JVTWL[LUaL L JOL JVU[YPI\PZJL PU THUPLYH KL [LYTPUHU[L HS YHNNP\UNPTLU[V KLNSP VIPL[[P]P L\YVWLP KLÄUP[P KHS 7HJJOL[ [V *SPTH ,ULYNPH 3L KP]LYZL UVYTH [P]L PUJLU[P]HU[P Z\ZZLN\P[LZP PU X\L Z[P HUUP L S»PTWLNUV L SH JHWHJP[n KP VWLYH[VYP TV[P]H[P OHUUV WLYTLZZV SH UHZJP[H L SV Z]PS\WWV KP \U ZL[[VYL JOL ÄUV H X\HSJOL HUUV MH KP MH[[V LYH X\HZP PULZPZ[LU[L ;\[[H]PH S»LUULZPTV T\[HTLU[V UVYTH[P]V PU[YVKV[[V KHS = *VU[V ,ULYNPH LTHUH[V SV ZJVYZV S\NSPV YPZJOPH KP JVTWYVTL[[LYL HSTLUV PU WHY[L X\HU[V KP I\VUV YLHSPaaH [V ÄUV HK VNNP :LIILUL PS JVZ[V K»PU]LZ[PTLU[V ZP ZPH YPKV[[V UV[L ]VSTLU[L ULNSP \S[PTP HUUP SH NYPK WHYP[` UVU u HUJVYH YLHS[n 0S UL[[V [HNSPV KLNSP PUJLU[P]P KHS HS PU TLUV YPZWL[[V HS 0= JVU[V WLY NSP PTWPHU[P JOL LU[YLYHUUV PU LZLYJP aPV ULP WYVZZPTP TLZP PUZPLTL HSSL JVTWSLZZL WYVJLK\YL I\YVJYH[PJOL L HSS»PU[YVK\aPVUL KLP ¸YLNPZ[YP¹ ISVJ JOLYHUUV KP MH[[V S»\S[LYPVYL Z]PS\W WV KLS MV[V]VS[HPJV WYVWYPV X\HUKV THUJH]H VYTHP WVJV HK \UH WPLUH JVTWL[P[P]P[n YPZWL[[V HSSL MVU[P MVZZPSP 0U [HSL X\HKYV ZP Z]PS\WWLYHUUV WYPU JPWHSTLU[L NSP PTWPHU[P KP [HNSPH TVS

[V YPKV[[H ZV[[V P R> LZVULYH[P KHP YLNPZ[YP L JVU \UH [HYPMMH MLLK PU L NSP PTWPHU[P JVTTPZZPVUH[P KH 7\I ISPJOL (TTPUPZ[YHaPVUP JOL ILUL ÄJLYHUUV KLSSL [HYPMML KLS 0= *, ÄUV H ÄUL HUUV L JOL ZHYHUUV LZLU[H[P KHP YLNPZ[YP H WHY[PYL KHS NLUUHPV LU[YV \U WSHMVUK KLKPJH[V WHYP H TPSPVUP KP L\YV KP ZWLZH HUU\H 0S = *VU[V ,ULYNPH H]Yn WLY~ ]P[H IYL]L! SH THNNPVY WHY[L KLNSP VWLYH [VYP UL WYL]LKL SH ÄUL LU[YV S»LZ[H[L *VZH Z\JJLKLYn PU ZLN\P[V u X\LZ[PVUL KP KPIH[[P[V VYTHP X\V[PKPH UV :LIILUL YLJLU[P Y\TVYZ TPUPZ[L YPHSP HIIPHUV HWLY[V \UV ZWPYHNSPV Z\ \U WVZZPIPSL =0 *VU[V ,ULYNPH VYPLU [H[V PU WHY[PJVSHY TVKV HSS»PUJLU [P]HaPVUL KLNSP PTWPHU[P YLZPKLUaPHSP THUJH H [\[[»VNNP \UH ZLYPH WYV ZWL[[P]H WLY HYYP]HYL HSSH NYPK WHYP[` +P]LYZP Z[Y\TLU[P WV[YLIILYV HNL]V SHYL PS WLYPVKV KP [YHUZPaPVUL ULS TLY JH[V WVZ[ PUJLU[P]V 0U WYPTH HUHSPZP ZP H[[LUKL JOL PS .V]LYUV L S»(,,. WVY[PUV H JVTWP TLU[V S»HKVaPVUL KP HKLN\H[P WYV] ]LKPTLU[P UVYTH[P]P WLY SH ]LUKP[H KP YL[[H KLSS»LULYNPH JVTL HK LZLTWPV P :PZ[LTP ,MÄJPLU[P KP <[LUaH :,< 8\LZ[P ZPZ[LTP ZVUV IHZH[P Z\SSH JLZZPVUL KP LULYNPH YPUUV]HIPSL KP PTWPHU[P ÄUV H 4> [YH \U WYVK\[ [VYL LK \U JVUZ\TH[VYL I`WHZZHU KV SH YL[L W\IISPJH LK P Z\VP VULYP 0 :,< WV[YLIILYV YHWWYLZLU[HYL \UH NYHUKL VWWVY[\UP[n KP \S[LYPVYL Z]P S\WWV WLY SL LULYNPL YPUUV]HIPSP LK PU WHY[PJVSHYL WLY X\LSSL MVU[P HMÄUP HSSH NLULYHaPVUL KPZ[YPI\P[H L HSS»H\[V JVUZ\TV [YH SL X\HSP PS MV[V]VS[HPJV u ZPJ\YHTLU[L SH WYPUJPWHSL 3»PT WSLTLU[HaPVUL KLP :,< WV[YLIIL YHWWYLZLU[HYL SH UH[\YHSL L]VS\aPVUL KLS TLYJH[V MV[V]VS[HPJV JYLHUKV \UH ]PY[\VZH ZPULYNPH [YH PS TVUKV KLSSL ,:*6 L X\LSSV KLP WYVK\[[VYP KH MVU[P YPUUV]HIPSP" PU HS[YP [LYTPUP JP~ WV[YLIIL JVUZLU[PYL SV Z]PS\WWV KP VWLYH[VYP PUK\Z[YPHSP JOL HUKYLIILYV H YLHSPaaHYL PU ÄUHUaPHTLU[V [YHTP[L [LYaP PTWPHU[P MV[V]VS[HPJP H ZLY]PaPV KP \[LUaL KP PTWYLZL PUK\Z[YPHSP PTWYL ZL JVTTLYJPHSP L JSPLU[P YLZPKLUaPHSP H MYVU[L KLSSH ]LUKP[H KLSS»LULYNPH WYV KV[[H KHS TLKLZPTV PTWPHU[V HK \U WYLaaV PUMLYPVYL H X\LSSV UVYTHSTLU [L WHNH[V WLY S»HJX\PZ[V KHSSH YL[L L ZLUaH HSJ\U PU]LZ[PTLU[V ZVZ[LU\[V

&II=CEJE OF= I>EAJPA &P=HE= C ? -"/

JHVWLRQH HQHUJLD

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

\U»L]VS\aPVUL X\HSP[H[P]H [YHTP[L SH KPMM\ZPVUL KP ZVS\aPVUP ¸PU[LSSPNLU[P¹ JK ZTHY[ NYPK PU NYHKV JPVu KP NL Z[PYL PU TVKV LMÄJPLU[L LK LMÄJHJL PS JVUJVYZV KP [\[[L SL MVU[P HSSH WYVK\ aPVUL UHaPVUHSL :P [YH[[H PU HS[YP [LY TPUP KP PU[YVK\YYL \U U\V]V TVKV KP Z]PS\WWHYL L NLZ[PYL SL YL[P LSL[[YPJOL WYPUJPWHSTLU[L KP KPZ[YPI\aPVUL WLY THZZPTPaaHYL SH WV[LUaH JVUUL[[PIP SL H WHYP[n KP PUMYHZ[Y\[[\YL KPZWVUPIPSP H[[YH]LYZV \U MVY[L YPWLUZHTLU[V KLP JYP[LYP KP WPHUPÄJHaPVUL LK LZLYJPaPV LK \U JVPU]VSNPTLU[V ZLTWYL WP ZWPU[V KLSS»\[LUaH KPMM\ZH WHZZP]H H[[P]H V TPZ[H ULSS»H[[P]P[n KP JVUK\ aPVUL KLSSL YL[P ;HSL U\V]H TVKHSP[n WHZZH ULJLZZH YPHTLU[L WLY \UH YL]PZPVUL UVYTH[P ]H L YLNVSH[VYPH TH HUJOL WLY \UV Z]PS\WWV PUK\Z[YPHSL KLSSL ZVS\aPVUP KP J\P ZVSV HSJ\UL ZVUV NPn WYVU[L WLY PS TLYJH[V HK LZ P JVU[H[VYP LSL[ [YVUPJP NPn PUZ[HSSH[P PU [\[[L SL JHZL KLNSP P[HSPHUP TLU[YL HS[YL JVTL SL IH[[LYPL LSL[[YVJOPTPJOL WV[YLIILYV LZZLYSV H IYL]L ZL ]LYYHUUV JVUKV[ [P P ULJLZZHYP PU]LZ[PTLU[P WLY PS SVYV Z]PS\WWV Ï WVZP[P]V H [HS WYVWVZP[V

#KPKRKHP=E?K A OKH=NA PANIE?K

- 6 * < :

KHSSV Z[LZZV WYVWYPL[HYPV KLSS»PTTV IPSL ;\[[H]PH ÄUV HK VNNP PS TLYJH[V KLP :,< ZLIILUL NPn WYL]PZ[V KH UVYTL UHaPVUHSP + 3NZ THUJH KLSSL KPZWVZPaPVUP H[[\H[P]L KH WHY[L KLSS»(\[VYP[n WLY S»,ULYNPH JOL SP KPZJPWSPUP PU THUPLYH KL[[HNSPH[H <U \S[LYPVYL Z[Y\TLU[V ULJLZZHYPV HS MV[V]VS[HPJV WLY HNL]VSHYL PS WHZ ZHNNPV HK \U M\[\YV ZLUaH PUJLU[P]P u YHWWYLZLU[H[V KHSSH YPJVUMLYTH KLSSV ZJHTIPV Z\S WVZ[V ULP NPVYUP ZJVYZP ZVUV ZJHK\[P P [LYTPUP WLY SH WYVJLK\YH KP JVUZ\S[HaPVUL KLSS»(, ,. JOL JVZ[P[\PYn SH IHZL WLY \UH YL]PZPVUL KLSSL TVKHSP[n KP JHSJVSV KLS JVU[YPI\[V PU JVU[V ZJHTIPV L KHSS»LZ[LUZPVUL KLSSH ZVNSPH KP HWWSP JHIPSP[n KH R> H 4> 0UMH[[P PS WV[LUaPHTLU[V KP \U TVKLSSV ZLT WSPJL LMÄJHJL L HS[LYUH[P]V HS JVU[V LULYNPH X\HSL SV ZJHTIPV Z\S WVZ[V KHYLIIL HS MV[V]VS[HPJV KP KPTLUZPVUP THNNPVYP SH WVZZPIPSP[n KP VWLYHYL ZV Z[HUaPHSTLU[L PU NYPK WHYP[` *LY[HTLU[L HMÄUJOt SV Z]PS\WWV KLS ZL[[VYL WVZZH WYVZLN\PYL ZLU aH PU[LYY\aPVUP ZHYn ULJLZZHYPV VS[YL HSS»PTWSLTLU[HaPVUL KP TPZ\YL ¸Z\SS»PTWPHU[V¹ PU[YVK\YYL SL TVKH SP[n WP PKVULL WLY MH]VYPYL L UVU VZ[HJVSHYL S»PU[LNYHaPVUL KLSS»LULY NPH MV[V]VS[HPJH ULSSH YL[L LSL[[YPJH 5VUVZ[HU[L SH WYL]LKPIPSP[n HIIPH YHNNP\U[V SP]LSSP YHNN\HYKL]VSP P ZLY ]PaP TL[LVYVSVNPJP OHUUV THYNPUP KP LYYVYL VYTHP LZ[YLTHTLU[L YPKV[[P SH MVU[L ZVSHYL UVU u WYVNYHTTHIPSL JVTL SL MVU[P MVZZPSP PS JOL PTWSPJH HSSV Z[H[V H[[\HSL \UH ZLYPL KP VUL YP ¶ VNNP H JHYPJV KLP JVUZ\TH[VYP TH KHS ZLTWYL WP H JHYPJV KLP WYVK\[[VYP MV[V]VS[HPJP JVUULZ ZP HS THU[LUPTLU[V KLSS»LX\PSPIYPV [YH LULYNPH PTTLZZH L WYLSL]H[H ZPH Z\SSL YL[P KP [YHZTPZZPVUL JOL KP KP Z[YPI\aPVUL 0UVS[YL SH MVY[L JYLZJP[H WYVK\[[P]H JVUJLU[YH[H PU HSJ\UL HYLL KLS Z\K KV]L SH MVU[L ZVSHYL u THNNPVYTLU[L KPZWVUPIPSL ZP u PUUL Z[H[H Z\ YL[P LSL[[YPJOL UVU ZLTWYL WYLWHYH[L HK HJJVNSPLYL S»LULYNPH HS W\U[V JOL u Z[H[H PU[YVKV[[H WLY P NLZ[VYP KP YL[L SH MHJVS[n KP KPZ[HJJV KLNSP PTWPHU[P YPUUV]HIPSP 7YVWYPV WLY TPUPTPaaHYL NSP VULYP L MH]VYPYL \U WPLUV \[PSPaaV KLSS»LULYNPH MV[V]VS[HPJH L KLSSL HS[YL LULYNPL YPU UV]HIPSP PU HYTVUPH JVU SL HS[YL MVU[P VJJVYYLYn X\PUKP PU]LZ[PYL THNNPVY TLU[L ZPH Z\SSH WVY[H[H X\HU[P[H[P]H KLSSL YL[P LSL[[YPJOL ZPH ULS MH]VYPYUL

JOL ;LYUH HIIPH PU JHU[PLYL \U HT IPaPVZV WPHUV KP PU]LZ[PTLU[V PU HJ J\T\SP LSL[[YVJOPTPJP JOL WV[YLIIL ZISVJJHYL PU [LTWP YLSH[P]HTLU[L IYL]P ¶ L JVT\UX\L WP IYL]P YPZWL[ [V HSSH JVZ[Y\aPVUL KP U\V]L SPULL HSJ\UL JVUNLZ[PVUP KP YL[L +P MYVU[L H X\LZ[L ]LU[HNSPV KP HaPVUP WLY MH]VYPYL \S[LYPVYTLU[L SV Z]PS\WWV KLS MV[V]VS[HPJV HUJOL PU HZZLUaH KP PUJLU[P]P KPYL[[P UVU ZLTIYH WLY~ LZ ZLYJP \UH NYHUKL ZLUZPIPSP[n KH WHY[L KLS WVSPJ` THRLY 7YV]H UL u Z[H[H S»\S[PTV *VU[V ,ULYNPH JOL UVU OH WYL]PZ[V ULZZ\UH TPZ\YH PU [HS ZLUZV L HUJVY KP WP SH :[YH[LNPH ,ULYNL[PJH 5HaPVUHSL HWWLUH WVZ[H PU JVUZ\S[H aPVUL KHS 4P:, PU J\P KH \U SH[V ZP Z[HIPSPZJVUV VIPL[[P]P WLY SL YPUUV]H IPSP LSL[[YPJOL WP HTIPaPVZP KP X\HU[V PUKPJH[V ULS 7(5,9 L KHSS»HS[YV SH[V UVU ZP ZJVYNVUV NSP Z[Y\TLU[P H[[\H[P]P WLY YHNNP\UNLYSP 3H ZWLYHUaH u JOL PS WYVJLZZV KP HZJVS[V KLNSP Z[HRLOVS KLY JOL K\YLYn ÄUV HS UV]LTIYL ZLY]H H YLUKLYL PS KVJ\TLU[V WP JVLYLU[L L KP THNNPVYL \[PSP[n WLY PS WPLUV Z]PS\WWV KLSSL MVU[P YPUUV]HIPSP ULS UVZ[YV ZPZ[LTH LSL[[YPJV

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

#KPKRKHP=E?K A OKH=NA PANIE?K

3=HANEK +=P=HEVE= -NAOE@AJPA +&" $&#&

.ŏKPFWUVTKC HQVQXQNVCKEC RTQKGVVCVC XGTUQ KN HWVWTQ

0S ZL[[VYL MV[V]VS[HPJV ZP u Z]PS\WWH[V PU 0[HSPH NYHaPL HS TLJJHUPZTV PUJLU [P]HU[L KLUVTPUH[V *VU[V ,ULYNPH *, 0S WYPTV *, ]LKL SH S\JL ULS TH ULS L ULS PS SL NPZSH[VYL u JVZ[YL[[V H TVKPÄJOL PU JVYZV K»VWLYH WLY HWWVY[HYL SL TP NSPVYPL ULJLZZHYPL YPJOPLZ[L KHSS»PUK\ Z[YPH :L[[L HUUP KVWV ZPHTV HYYP]H[P HSSH X\PU[H ]LYZPVUL KLS *, JVU \U TLYJH[V JOL H SP]LSSV KP WV[LUaH J\ T\SH[H u ZLJVUKV ZVSHTLU[L HSSH .LYTHUPH L JOL ULS OH MH[[V YLNPZ[YHYL PS WYPTH[V WLY WV[LUaH HU U\HSL JVSSLNH[H HSSH YL[L LSL[[YPJH 5VUVZ[HU[L X\LZ[P U\TLYP u KV]LYV ZV ZV[[VSPULHYL JOL S»HUKHTLU[V KLS TLYJH[V u Z[H[V [\[[»HS[YV JOL WYL]L KPIPSL 0UMH[[P H JH\ZH KLP MYLX\LU[P JHTIPHTLU[P ZPH H SP]LSSV SLNPZSH[P]V JOL H SP]LSSV UVYTH[P]V PS TLYJH[V OH ]PZZ\[V PU X\LZ[P HUUP U\TLYVZP ºZ[VW HUK NV» NLULYHUKV \U JVU[LZ[V UVU MH]VYL]VSL HSS»PUK\Z[YPH PU [LYTPUP KP WPHUPÄJHaPVUL KP TLKPV [LYTPUL KLNSP PU]LZ[PTLU[P .YHaPL HSSV Z]PS\WWV KLS MV[V]VS[HPJV S»0[HSPH u Z\SSH I\VUH Z[YHKH WLY YHN NP\UNLYL NSP VIPL[[P]P JVT\UP[HYP KLS PU TH[LYPH KP YPUUV]HIPSP LSL[[YP JOL 0S MV[V]VS[HPJV OH PS TLYP[V KP H]LY NLULYH[V MH[[VYP MVUKHTLU[HSP Z\P X\HSP IHZHYL SH YPWYLZH LJVUVTPJH KLS 7HLZL! S»PUJYLTLU[V KLS WYVKV[[V PU[LYUV SVYKV S»H\TLU[V KLS NL[[P[V ÄZJHSL S»H\TLU[V KLSS»VJJ\WHaPVUL SH KPTPU\aPVUL KLS WPJJV NPVYUHSPLYV KLSSH KVTHUKH LULYNL[PJH L PS TPNSPV YHTLU[V KLSSH IPSHUJPH JVTTLYJPHSL ;\[[V X\LZ[V ZLUaH THP KPTLU[PJHYL P ILULÄJP Z\SS»HTIPLU[L L Z\SSH ZHS\[L

JHVWLRQH HQHUJLD

PU [LYTPUP KP YPK\aPVUL KLSSL LTPZZPVUP UVJP]L 5LS KL[[HNSPV PU 0[HSPH SV Z]PS\WWV KLS TLYJH[V MV[V]VS[HPJV OH WVY[H[V HK \UH JYLZJP[H UV[L]VSL KLNSP PU]LZ[P TLU[P WYP]H[P TPSPHYKP KP L\YV ULS ULS ZL[[VYL L KLS U\TLYV KP VJJ\WH[P KPYL[[P JOL ULS OHUUV ]PZ[V \UH SLNNLYH ÅLZZPVUL YPZWL[[V HS WYLJLKLU[L HUUV WLY LMML[[V KP \UH JVUJVTP[HUaH KP MH[[VYP UVU MH]VYL ]VSP! JYPZP ÄUHUaPHYPH PUZ[HIPSP[n UVY TH[P]H YHWPKH YPK\aPVUL KLP THYNPUP VWLYH[P]P <U [YLUK JOL u W\Y[YVWWV JVUMLYTH[V HUJOL ULS 0UMH[[P S»LUULZPTV JHTIPV UVYTH[P]V *, HIIPUH[V HK \U YLWLU[PUV JHSV KLP WYLaaP KLP JVTWVULU[P MV[V]VS[HPJP WYPUJPWHSTLU[L KLP TVK\SP Z[H TL[ [LUKV PU JYPZP TVS[L HaPLUKL JOL ZP ]LKVUV JVZ[YL[[L H KPTPU\PYL WLYZV UHSL L PU JHZP LZ[YLTP HUJOL H YPJVY YLYL HSSH JHZZH PU[LNYHaPVUL H ZLN\P[V KLSSH JOP\Z\YH KLNSP Z[HIPSPTLU[P :L ULNSP \S[PTP [YL HUUP TVS[H KLSSH U\V]H WV[LUaH PUZ[HSSH[H u Z[H[H YHW WYLZLU[HU[H KH PTWPHU[P KP TLKPH NYHUKL KPTLUZPVUL % 4> KP WV [LUaH UVTPUHSL PS [YLUK u KLZ[PUH[V H JHTIPHYL 0S *VU[V ,ULYNPH MVYUP ZJL JOPHYL PUKPJHaPVUP Z\S ZLNTLU[V KP TLYJH[V JOL PS SLNPZSH[VYL ]\VSL WYVT\V]LYL V]]LYV X\LSSV YLZPKLU aPHSL ÄUV H R> KP WV[LUaH UVTP UHSL ,K P WYPTP LMML[[P NPn ZP ZVUV ]PZ[P HUJOL ULS WYPTV ZLTLZ[YL KLSS»HUUV PU JVYZV 3H ÄSPLYH UHaPVUHSL 3V Z]PS\WWV KLS ZL[[VYL MV[V]VS[HPJV OH WLYTLZZV H TVS[L WPJJVSL L TL

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

KPL PTWYLZL KP LZWSVYHYL U\V]P ZIVJ JOP [LJUVSVNPJP YPJVU]LY[LUKV SH WYV WYPH WYVK\aPVUL KHUKV ]P[H H U\V]L HaPLUKL L KPWHY[PTLU[P ZWLJPHSPaaH[P L Z]VSNLUKV \UH M\UaPVUL HU[PJPJSPJH WLY \ZJPYL KHSSH JYPZP LJVUVTPJH 3»PUK\Z[YPH P[HSPHUH ZJVU[H \UH WYL ZLUaH SPTP[H[H ULSSL MHZP H TVU[L ML LKZ[VJR L JLSSL PUMH[[V NSP VWLYH[VYP UHaPVUHSP ZVUV MVJHSPaaH[P Z\P ZLN TLU[P H ]HSSL ZVWYH[[\[[V Z\SS»PUZ[HS SHaPVUL KP PTWPHU[P PU ]LZ[L KP ,7* 0UVS[YL SH ZV]YHJJHWHJP[n WYVK\[[P ]H ULSS»LZ[ HZPH[PJV L ULNSP <:( L PS JHYH[[LYL JHWP[HS PU[LUZP]L KLS JVT WHY[V YLUKVUV TVS[V KPMÄJPSL \UH ZP NUPÄJH[P]H WYLZLUaH P[HSPHUH :VSV \U ZHS[V [LJUVSVNPJV YPSL]HU[L WV[YLIIL YPHWYPYL P NPVJOP (UJOL WLY SH MHIIYPJHaPVUL KP TVK\ SP PS TLYJH[V P[HSPHUV u PU NYHU WHY[L VJJ\WH[V KHP WSH`LY NSVIHSP PU WHY [PJVSHYL HZPH[PJP :P Z[PTH JOL SH WYV K\aPVUL UHaPVUHSL ZPH PS JPYJH KLSS»PUZ[HSSH[V ¸:HS]H (SJVH¹ LZJS\ZV 3L PTWYLZL P[HSPHUL PUPaPHUV WLY~ HK PU]LZ[PYL HSS»LZ[LYV ;\[[H]PH SH MYLUH[H KLSSH KVTHUKH L\YVWLH L PS JYVSSV KLP WYLaaP YPZJOPH KP WLUHSPa aHYL THNNPVYTLU[L SL PTWYLZL JOL VWLYHUV Z\ ZJHSH TPUVYL YPZWL[[V HP NYHUKP JVTWL[P[VY PU[LYUHaPVUHSP WLY J\P HSJ\UL HaPLUKL P[HSPHUL OHUUV PU]LZ[P[V ULSS»PUUV]HaPVUL JYLHUKV WYVKV[[P WP HKH[[P HSS»PU[LNYHaPVUL HY JOP[L[[VUPJH V W\U[HUKV Z\SS»HMÄKHIP SP[n KLS ZPZ[LTH WYVKV[[V ZLY]PaPV 7\U[P MVYaH KLSS»PUK\Z[YPH P[HSPHUH 3»PUK\Z[YPH P[HSPHUH u MVY[L PU X\LSSL HYLL KV]L NPn ]HU[H]H \UH [YHKPaPV UL WYVK\[[P]H ZLIILUL KLZ[PUH[H HK HS[YP JVTWHY[P Ï PS JHZV KLNSP PU]LY[LY THKL PU 0[HS` KV]L JVWYL PS JPY JH KLSSH WYVK\aPVUL TVUKPHSL JVU X\HZP .> MHIIYPJH[P PU 0[HSPH .YHaPL HS RUV^ OV^ JVUZVSPKH[V IYHUK HMMLYTH[P WYVKV[[P [LJUVSV NPJHTLU[L H]HUaH[P L PU]LZ[PTLU[P ULSSH YPJLYJH SL HaPLUKL UHaPVUHSP LK LZ[LYL JVU ZLKP WYVK\[[P]L ULS UV Z[YV 7HLZL OHUUV YPSL]HU[P X\V[L KP TLYJH[V L W\U[HUV HUJOL ]LYZV SL LJVUVTPL LTLYNLU[P 5LSSL MHZP H ]HSSL ZP YPSL]H SH THNNPVYL JVUJLU[YHaPVUL KP HaPLUKL KVTLZ[P JOL PU WHY[PJVSHYL ULSSH NLULYHaPVUL L PUZ[HSSHaPVUL JVTL ,7* JVU[YHJ [VY 8\LZ[P WSH`LY JHTIPHUV SL Z[YH [LNPL W\U[HUKV Z\NSP PTWPHU[P Z\ JVWLY[\YH L PU[LYUHaPVUHSPaaHUKVZP 7LY WYLZPKPHYL PS TLYJH[V KVTLZ[PJV

:JLUHYP KP Z]PS\WWV 6S[YL .> KP WV[LUaH MV[V]VS[HP JH JVSSLNH[P HSSH YL[L LSL[[YPJH UHaPV UHSL Z[HUUV HS[YLZy JVU[YPI\LUKV PU THUPLYH ZVZ[HUaPHSL HK \U YPWLU ZHTLU[V KLSSL YLNVSL KLS TLYJH[V LSL[[YPJV L KLSSH PUMYHZ[Y\[[\YH [LJUV SVNPJH JOL NLZ[PZJL SH [YHZTPZZPVUL SH KPZ[YPI\aPVUL LK PS KPZWHJJPHTLU[V KLSS»LULYNPH Ï PU H[[V PS JHTIPHTLU [V KP WHYHKPNTH JOL WVY[LYn HSSH KL JHYIVUPaaHaPVUL KLSSL NLULYHaPVUL LSL[[YPJH! MVU[P YPUUV]HIPSP L NLULYH aPVUL KPZ[YPI\P[H 0S JVU[YPI\[V KLS MV[V]VS[HPJV PU 0[H SPH PUÅ\PZJL Z\S ZPZ[LTH KLP WYLaaP PU THUPLYH PTWVY[HU[L! ZL WYPTH PS KPMML

YLUaPHSL KP JVZ[V [YH SL VYL KP WPJJV L X\LSSL ZLYHSP LYH KLS VYH ZP u YPKV[[V KLS 0S 4PUPZ[LYV WLY SV :]PS\WWV ,JVUVTPJV OH YLZV UV[V JOL ULS SV Z]PS\WWV KLSSL YPUUV]HIPSP LSL[[YPJOL OH JVUZLU[P[V KP YPK\YYL SL PTWVY[HaPVUP KP NHZ WLY ILU TPSPHYKP KP Á 5LSSV Z[LZZV WLYPVKV WLY LMML[[V WLHR ZOH]PUN SH IVSSL[[H LSL[[YPJH ZP u YPKV[[H KP TPSPVUP KP Á 4H UVU ZVSV 3»PTTPZZPVUL PU YL[L KP LULYNPH UVU WYVNYHTTHIPSL TH HTWPHTLU[L WYL]LKPIPSL NYHaPL HU JOL HP ZPZ[LTP KP HJJ\T\SV PUK\JL \UV Z]PS\WWV [LJUVSVNPJV KLSSH YL[L LSL[[YPJH L KLP JVTWVULU[P HZZLY]P[P 3H ZÄKH [LJUVSVNPJH KLSSL YL[P PU[LS SPNLU[P JHWHJP KP NLZ[PYL Å\ZZP T\S[P KPYLaPVUHSP KP LSL[[YPJP[n YHWWYLZLU[H WLY PS :PZ[LTH 7HLZL \UH PTTHUJH IPSL VWWVY[\UP[n KP YPSHUJPV LJVUVTP

#KPKRKHP=E?K A OKH=NA PANIE?K

- 6 * < :

VMMYVUV ZVS\aPVUP ¸M\SS ZLY]PJL¹ JVT WYLUZP]L KP THU\[LUaPVUL HZZPZ[LU aH L [LSLJVU[YVSSV

JV L PUK\Z[YPHSL <UH WYVZWL[[P]H TVS[V PU[LYLZZHU [L WLY S»PUK\Z[YPH u YHWWYLZLU[H[H ZLUaH VTIYH KP K\IIPV KLS [HZZLSSV THUJHU[L WLY SH YLHSPaaHaPVUL KLSSH WPLUH SPILYHSPaaHaPVUL KLS TLYJH[V LSL[[YPJV 3H WVZZPIPSP[n KP ]LUKLYL S»LULYNPH LSL[[YPJH NLULYH[H KHSS»PT WPHU[V KPYL[[HTLU[L HS JSPLU[L PU NLYNV :PZ[LTP ,MÄJPLU[P KP <[LUaH :,< L 9L[P 0U[LYUL KP <[LUaH 90< 0U [LVYPH SH SLNPZSHaPVUL JOL WYL]LKL X\LZ[H VWaPVUL NPn LZPZ[L ULSSH WYH [PJH THUJH SH YLNVSHaPVUL V]]LYV SL KLSPILYHaPVUP KLSS»(\[VYP[n WLY S»,ULY NPH ,SL[[YPJH LK PS .HZ (,,. *VTL (50, .0-0 HIIPHTV S»VIPL[[P]V KP KHYL PS UVZ[YV JVU[YPI\[V HSS»H[[\HaPV UL KP TLJJHUPZTP ZLTWSPJP L LMÄJHJP ULSS»V[[PJH KP JVU[PU\HYL H Z\WWVY[HYL S»PUK\Z[YPH UHaPVUHSL

-6*<: #KPKRKHP=E?K A OKH=NA PANIE?K

4,9*(;6 -05(5A(

*OL LPSDWWL GHOOD SURGX]LRQH GD IRQWL ULQQRYDELOL QHO PHUFDWR HOHWWULFR 6LWXD]LRQH DWWXDOH H VFHQDUL IXWXUL :[LMHUV (SHPTV +PYL[[VYL =PJHYPV +PYLaPVUL 4LYJH[P .4,

S TLYJH[V LSL[[YPJV u Z[H[V JHYH[[LYPaaH[V ULNSP \S[PTP TLZP KH \U UV[L]VSL PUJYLTLU[V KLSSH JHWHJP[n WYV K\[[P]H PUZ[HSSH[H YLSH[P]H HK PTWPHU[P HSPTLU[H[P KH MVU[P YPUUV]HIPSP UVU WYVNYHTTHIPSP PU WYPTV S\VNV ZVSL L ]LU [V HYYP]H[H H YHWWYLZLU[HYL JPYJH PS Z\S [V[HSL PUZ[HS SH[V JPYJH .> Z\ \U [V[HSL KP JPYJH .> 0 SP]LSSP KP PUJLU[P]HaPVUL NHYHU[P[P KHS JVU[V LULYNPH L KHS ZP Z[LTH KLP JLY[PÄJH[P ]LYKP OHUUV ZVZ[LU\[V \U PUJYLTLU[V KLSSH X\V[H KLSSL YPUUV]HIPSP JVU[YPI\LUKV H THU[LULYL S»0[HSPH Z\ \U WLYJVYZV ]PY[\VZV YPZWL[[V HNSP VIPL[[P]P HT IPLU[HSP HS JVU[LU\[P ULS WHJJOL[[V JSPTH LULYNPH ;\[[H]PH SH THNNPVY WYVK\aPVUL KH MVU[P YPUUV]HIPSP PU WHY [PJVSHYL ULSSL VYL KP\YUL X\HUKV PS MV[V]VS[HPJV MVYUPZJL PS THNNPVY JVU[YPI\[V OH PU[YVKV[[V \UH ZLYPL KP JYP[PJP[n Z\S TLYJH[V LSL[[YPJV KLNUL KP H[[LUaPVUL 0U WYPTV S\VNV S»LMML[[V JVTIPUH[V KLSS»LJJLZZV KP VMMLY[H KP JHWHJP[n WYVK\[[P]H L KP \UH KVTHUKH KLIVSL WLY LM ML[[V KLSSH JYPZP LJVUVTPJH Z[H WYVK\JLUKV \UH ZWPU[H HS

JHVWLRQH HQHUJLD

YPIHZZV KLP WYLaaP ULSSL VYL JLU[YHSP KLSSH NPVYUH[H 0U X\LZ[L VYL NSP PTWPHU[P HSPTLU[H[P H MVU[P YPUUV]HIPSP UVU WYVNYHTTHIPSP PU WHY[PJVSHYL PS MV[V]VS[HPJV WYVK\JVUV H JVZ[P THYNPUHSP WHYP H aLYV LK ZVUV PU NYHKV KP ZWPHaaHYL S»VMMLY[H JVU]LUaPVUHSL 0 WYLaaP Z\IPZJVUV \UH ZWPU[H ]LY ZV PS IHZZV JVTWYPTLUKV SV ZWHYR ZWYLHK JOL PU HSJ\UP K WLYPVKP KLS u HYYP]H[V HK HZZ\TLYL ]HSVYP ULNH[P]P +P JVUZLN\LUaH P WYVK\[[VYP KH MVU[P JVU]LUaPVUHSP VMMYV UV ULSSL VYL ZLYHSP S»LULYNPH H WYLaaP WP HS[P X\HUKV SH WYVK\aPVUL MV[V]VS[HPJH UVU u WYLZLU[L PU IVYZH ( WHY[PYL KHS S»LMML[[V Z\P WYLaaP YLNPZ[YH[P Z\S TLY JH[V KLS NPVYUV WYPTH NLZ[P[V KHS .4, u Z[H[V YPSL]HU[L 0UMH[[P TLU[YL Z[VYPJHTLU[L P WYLaaP ULSSL VYL KP WPJJV ZVUV Z[H[P ZLTWYL Z\WLYPVYP HP WYLaaP ULSSL VYL M\VYP WPJJV YHWWVY[V THNNPVYL KP ULNSP \S[PTP TLZP [HSL YHWWVY[V ZP u ZLTWYL WP H]]PJPUH[V HK HYYP]HUKV H ]VS[L HK HZZ\ TLYL ]HSVYP PUMLYPVYP HSS»\UP[n JVU P WYLaaP ULSSL VYL JLU[YHSP KLSSH NPVYUH[H PUMLYPVYP HP WYLaaP YLNPZ[YH[P ULSSL VYL ZLYHSP

4,9*(;6 -05(5A(

#KJPAġ "H=>KN=VEKJA $*"

(S[YH JVUZLN\LUaH KLSS»PUJYLTLU[V KLSSL YPUUV]HIPSP UVU WYVNYHTTHIPSP ULSSH JVTWVZPaPVUL KLS WHYJV WYVK\[[P]V u SH THNNPVYL ULJLZZP[n KP YPZVYZL WLY NHYHU[PYL SH ZPJ\YLaaH KLS ZPZ[LTH *VU S»H\TLU[V KLS WLZV KLSSH WYVK\aPVUL UVU WYVNYHTTHIPSL H\TLU[H S»PTWYL]LKPIPSP[n KLSSH WYV

K\aPVUL Z[LZZH L SH WVZZPIPSP[n JOL PS WYVNYHTTH ZPH KP]LY ZV KHSSH WYVK\aPVUL ULS [LTWV YLHSL +P X\P SH ULJLZZP[n WLY PS NLZ[VYL KLSSH YL[L KP WV[LY JVU [HYL Z\ \UH KPZWVUPIPSP[n KP JHWHJP[n KP TVK\SHaPVUL VYH PU LJJLZZV WLY LMML[[V KLSSV ¸ZWPHaaHTLU[V¹ JH\ZH[V KHSSH

#KJPAġ "H=>KN=VEKJA $*"

4,9*(;6 -05(5A(

#KJPAġ "H=>KN=VEKJA $*"

ZP[\HaPVUL KP LJJLZZV KP VMMLY[H TH JOL WV[YLIIL UVU YP]LSHYZP Z\MÄJPLU[L THU THUV JOL SH WLYJLU[\HSL KP WYV K\aPVUL YPUUV]HIPSL HUKYn H JYLZJLYL \S[LYPVYTLU[L *VUULZZV HSS»H\TLU[V KLSS»PTWYL]LKPIPSP[n ]P u \U \S[L YPVYL LMML[[V YPN\HYKHU[L S»H\TLU[V KLNSP VULYP KP IPSHUJPH TLU[V :[HU[L SH WVZZPIPSP[n KP ZIPSHUJPHYL YPZWL[[V HP WYVNYHTTP ZLUaH VULYP KP ZIPSHUJPHTLU[V WLY P WYVK\[[VYP KH MVU[P YPUUV]HIPSP UVU WYVNYHTTHIPSP PS U\V]V ZJLUHYPV OH WVY [H[V HK \U PUJYLTLU[V KLSSV ZJVZ[HTLU[V [YH WYVNYHTTP L PTTPZZPVUP JVU \U HNNYH]PV KLP JVZ[P 5LSSH WYVZWL[[P]H KP \S[LYPVYL H\TLU[V KLS WLZV KLSSL YPU UV]HIPSP PU WHY[PJVSHY KLSSL UVU WYVNYHTTHIPSP PU SPULH JVU P Z\JJP[H[P VIPL[[P]P SL JYP[PJP[n JVT\UP H X\HZP [\[[P P WHLZP L\YVWLP P JVZ[P WV[YHUUV HKKPYP[[\YH H\ TLU[HYL 7LY YPK\YYL PS MLUVTLUV S»(,,. OH NPn WYV]]LK\[V HK LTHUHYL \UH KLSPILYH U H[[YH]LYZV SH X\H SL PU[YVK\JL PS WHNHTLU[V KLNSP VULYP HUJOL WLY SL MVU[P YPUUV]HIPSP UVU WYVNYHTTHIPSP ÄUV HK VYH LZLU[H[L ULS TVTLU[V PU J\P SV ZIPSHUJPHTLU[V KV]LZZL YPZ\S[HYL THN NPVYL KP \UH JLY[H WLYJLU[\HSL KLS WYVNYHTTH ]PUJVSHU[L KP PTTPZZPVUL YPZWL[[V HSSL PTTPZZPVUP H WHY[PYL KHS NLUUHPV ÄUV HS NP\NUV KHS S\NSPV HS KPJLTIYL 0U [HS ZLUZV \U KPZPUJLU[P]V LJVUVTPJV WV[YLIIL WVY [HYL P WYVWYPL[HYP KP PTWPHU[P UVU WYVNYHTTHIPSP H MVYUPYL WYVNYHTTP KP PTTPZZPVUL WP WYLJPZP KP X\HU[V UVU ZPH H]]LU\[V ULS WHZZH[V 0U V[[PJH WYVZWL[[PJH \UH Z[YHKH JOL WV[YLIIL LZZLYL WLYZLN\P[H WLY SPTP[HYL SV ZIPSHUJPHTLU[V L NSP VULYP HK LZZV JVUULZZP YPN\HYKH S»HNNP\Z[HTLU[V KPUHTPJV KLSSH

JHVWLRQH HQHUJLD

KVTHUKH YPZWL[[V HSS»VMMLY[H H[[YH]LYZV SH WYL]PZPVUL ULS KPZLNUV KLS TLYJH[V LSL[[YPJV KP \U Y\VSV H[[P]V KLSSH KV THUKH HIIPUH[H HK \UV Z]PS\WWV KLSSL ZTHY[ NYPK .Pn KH [LTWV PU [\[[H ,\YVWH ZVUV UH[P PUMH[[P KLP WYV NL[[P WPSV[H JOL OHUUV S»VIPL[[P]V KP Z[\KPHYL S»PU[LNYHaPVUL KLSSL YL[P PU[LSSPNLU[P ULS TLYJH[V LSL[[YPJV ;YH X\LZ[P PS WYV NL[[V ,< ,JVNYPK ^^^ L\ LJVNYPK UL[ WYL]LKL KP ZWL N YPTLU[HYL S»PZ[P[\aPVUL KP \U ¸TLYJH[V KLS [LTWV YLHSL¹ VYNHUPaaH[V TPU\[P WYPTH KLS TVTLU[V KP WYVK\aPVUL L JVUZ\TV H J\P WHY[LJPWHUV H[[P]HTLU[L P JVUZ\TH[VYP ÄUHSP 0S WYPUJPWPV u JOL H[[YH]LYZV SH ZTHY[ NYPK L NSP K ZTHY[ TL[LYZ PUZ[HSSH[P WYLZZV NSP \[LU[P ÄUHSP X\LZ[P WVZZHUV PTWVZ[HYL P SVYV JVUZ\TP H ZLJVUKH KLP ZLNUHSP KP WYLaaV JOL HYYP]HUV KHS TLYJH[V LSL[[YPJV" PU TVKV H\[VTH[PJV SV ZTHY[ TL[LY Y KLP JPHZJ\U \[LU[L ÄUHSL JVUULZZV HSSH ZTHY[ NYPK K PU]PH \UH YPZWVZ[H JVUZ\TV V UVU JVUZ\TV L SL YPZWVZ[L NLZ[P[L KH KP]LYZP ¸HNNYLNH[VYP¹ ]LUNVUV PU]PH[L U\V]HTLU[L HS TLYJH[V LSL[[YPJV 0U [HS TVKV ZP ]LYYLIIL H JYLHYL \UH ZP[\HaPVUL PU J\P ULS TVTLU[V KP LJJLZZV KP WYVK\aPVUL L WYLaaP ]LYVZP TPSTLU[L IHZZP SH KVTHUKH YPZWVUKL PUJYLTLU[HUKV P JVUZ\TP L KPTPU\LUKV X\PUKP SH KPMMLYLUaH [YH KVTHUKH L VMMLY[H JVU LMML[[P WVZP[P]P Z\NSP VULYP KP ZIPSHUJPHTLU[V (UHSVNHTLU[L X\HUKV SH WYVK\aPVUL u ZJHYZH YPZWL[ [V HSSH KVTHUKH LK P WYLaaP PU YPZWVZ[H HSSH ZP[\HaPVUL KP TLYJH[V ZVUV WP HS[P P JVUZ\TH[VYP WYVIHIPSTLU[L WVZZVUV YPZWVUKLYL KPTPU\LUKV PS JHYPJV L YPK\JLUKV SH KPMMLYLUaH [YH WYVK\aPVUL L JVUZ\TV 3»HMMLYTHaPVUL KLSSL ZTHY[ NYPK K L ZTHY[ TL[LYZ WV[YLIIL X\PUKP MHJPSP[HYL SH KPMM\ZPVUL KP U\V]L [LJUVSVNPL HK HS[V WV[LUaPHSL KP YPZWHYTPV LULYNL[PJV MH]VYLUKV PS YHNNP\U NPTLU[V KLNSP VIPL[[P]P HTIPLU[HSP HK \U TPUVY JVZ[V WLY PS ZPZ[LTH

4,9*(;6 -05(5A(

&P=HE= PANV= JAHH= ?H=OOEł?= @AHH ABł?EAJV= AJANCAPE?= LNEI= H= $N=J NAP=CJ=

/·

266(59$725,2

/A@=VEKJA -NKIAPAK @JGNKJKO 5LSSH JSHZZPÄJH KLSS»LMÄJPLUaH LULYNL[PJH

TPSPHYKP S»HUUV HSS»0[HSPH 9PK\YYL KLS P

ZWHYTPHYL Z\SSL IVSSL[[L PU [\[[H ,\YVWH

KLSSL THNNPVYP LJVUVTPL KLS TVUKV

JVUZ\TP NYHaPL HSS»LMÄJPLUaH LULYNL[PJH

L KP YLUKLYL WP ÅLZZPIPSP P ÄUHUaPHTLU[P

S»0[HSPH ZP JVSSVJH HS [LYaV WVZ[V KPL[YV H

JVUZLU[PYLIIL KP YPZWHYTPHYL TPSPHY

WLY S»LMÄJPLUaH WLY LZLTWPV JVU MVUKP

.YHU )YL[HNUH L .LYTHUPH TH KH]HU[P

KP S»HUUV JVU ILULÄJP WLY PS 7HLZL L WLY

YV[H[P]P L KLYVNOL HS WH[[V KP Z[HIPSP[n

H :[H[P <UP[P .PHWWVUL -YHUJPH L *PUH

S»HTIPLU[L

WLY NSP LU[P SVJHSP 4H HUJOL PU [LTH KP

3V YP]LSH PS YHWWVY[V 0U[LYUH[PVUHS ,ULYN`

7LY WYVT\V]LYL S»LMÄJPLUaH LULYNL[PJH

LMÄJPLUaH LULYNL[PJH UVU THUJHUV SL

,MÄJPLUJ` :JVYLJHYK J\YH[V KH (JLLL

PU 0[HSPH NSP :[H[P NLULYHSP KLSSH NYLLU LJV

J\YPVZP[n :LJVUKV \U ZVUKHNNPV YLH

(TLYPJHU *V\UJPS MVY HU ,ULYN` ,MÄJPLU[

UVT` PU ]PZ[H KLSS»HWW\U[HTLU[V JOL ZP

SPaaH[V KH :LUHM X\HUKV ZP [YH[[H KP PU

,JVUVT` <U WPHaaHTLU[V WP JOL VUV

[LYYn H 9PTPUP H UV]LTIYL PU VJJHZPV

[LY]LU[P WLY TPNSPVYHYL SH YLZH LULYNL[PJH

YL]VSL WLY PS UVZ[YV 7HLZL HUJOL ZL TVS

UL KLSSH ÄLYH ,JVTVUKV WYVWVUNVUV

KLSSH WYVWYPH JHZH NSP \VTPUP ZVUV TVS[V

[V YLZ[H HUJVYH KH MHYL )HZ[P WLUZHYL

PU[LY]LU[P 0S WYPTV W\U[V KLSSH SPZ[H

WP H[[LU[P L PU[LYLZZH[P KLSSL SVYV JVT

JOL JPYJH PS KLS WH[YPTVUPV LKPSPaPV

u PUJYLTLU[HYL NSP PUJLU[P]P WLYJOt NSP

WHNUL :LJVUKV X\HU[V YHJJVU[H[V KHS

LZPZ[LU[L YPZHSL H WYPTH KLSS»LU[YH[H PU ]P

PU]LZ[PTLU[P ULS JHTWV KLSS»LMÄJPLUaH

JHTWPVUL KP X\HZP WYVMLZZPVUPZ[P

NVYL KLSSH SLNNL º5VYTL WLY

HWWVY[HUV ILULÄJP PU [LYTPUP KP LU[YH[L

KLSSH ZVZ[LUPIPSP[n ULSS»PTWPHU[PZ[PJH L

PS JVU[LUPTLU[V KLS JVUZ\TV LULYNL[PJV

ÄZJHSP KHS HS WP LSL]H[P YPZWL[

ULSS»LKPSPaPH PUMH[[P VS[YL PS KLSSL YP

WLY \ZP [LYTPJP ULNSP LKPÄJP» L KLSSH SLN

[V HP JVYYPZWVUKLU[P JVU[YPI\[P Z[H[HSP

JOPLZ[L KP PU[LY]LU[V ºPU JOPH]L LJVZV

º5VYTL WLY S»H[[\HaPVUL KLS

0S ZLJVUKV W\U[V ]LKL SH ULJLZZP[n KP

Z[LUPIPSL» WYV]PLUL KH \UH JSPLU[LSH TH

7PHUV LULYNL[PJV UHaPVUHSL PU TH[LYPH KP

¸\U MVY[L YHJJVYKV VYNHUPaaH[P]V¹ [YH SH

ZJOPSL TLU[YL SH MHZJPH K»L[n WP º]LYKL»

\ZV YHaPVUHSL KLSS»LULYNPH KP YPZWHYTPV

TPYPHKL KP HZZVJPHaPVUP KLSSH NYLLU LJV

u X\LSSH JVTWYLZH [YH P L P HUUP

LULYNL[PJV L KP Z]PS\WWV KLSSL MVU[P YPUUV

UVT` PUKPZWLUZHIPSL WLY HJJYLZJLYL SH

7VJOPZZPTP WLY~ ZLTIYHUV JVUVZJLYL

]HIPSP KP LULYNPH»

MVYaH JVU[YH[[\HSL KLSSL PTWYLZL ]LYZV PS

HWWYVMVUKP[HTLU[L KP JVZH ZP WHYSP 0U

( MHYL \U WV» VYKPUL WLY~ JP OH WLUZH[V

.V]LYUV 3L TVZZL Z\JJLZZP]L PU]LJL

MH[[P WLY NSP VWLYH[VYP KLS ZL[[VYL ZVSV

S»<UPVUL L\YVWLH! H WHY[PYL KHS NSP

]LY[VUV Z\SSH YPX\HSPÄJHaPVUL LULYNL[PJH

PS KP JOP YPJOPLKL \U PU[LY]LU[V KP

:[H[P TLTIYP KV]YHUUV YPX\HSPÄJHYL HS

KLNSP LKPÄJP , UVU ZVSV .SP :[H[P NLUL

YPX\HSPÄJHaPVUL LULYNL[PJH OH \UH I\VUH

TLUV PS HUU\V KLP WYVWYP LKPÄJP W\I

YHSP PUVS[YL WYVWVUNVUV KP Z[HIPSPaaHYL

WYLWHYHaPVUL PU TH[LYPH 5VUVZ[HU[L SH

ISPJP Ï \UV KLNSP PTWLNUP WVY[H[P H]HU[P PU

SL KL[YHaPVUP ÄZJHSP WLY SL YPX\HSPÄJHaPVUP

ZJHYZH JVUVZJLUaH ZWLJPÄJH L SL KPMML

ZLKL JVT\UP[HYPH JVU SH U\V]H KPYL[[P]H

LULYNL[PJOL PU WHY[PJVSHYL YPWYPZ[PUHUKV PS

YLUaL ºKP NLULYL» L KP L[n LULYNPL YPUUV

PU TH[LYPH KP LMÄJPLUaH LULYNL[PJH HS ÄUL

IVU\Z KLS L KP LZ[LUKLYL HS PS

]HIPSP L [LJUVSVNPL HK HS[H LMÄJPLUaH ZVUV

KP YHNNP\UNLYL PS [YHN\HYKV KLSSH YPK\

ZPZ[LTH KLP *LY[PÄJH[P IPHUJOP ¸SH WYPUJP

VYTHP ZVS\aPVUP SHYNHTLU[L HWWYLaaH[L L

aPVUL KLS JVUZ\TV LULYNL[PJV KLS

WHSL HYTH WLY S»LMÄJPLUaH JOL WV[Yn JVU

YPJOPLZ[L KHNSP P[HSPHUP (MMLYTHaPVUL JOL

WLY PS <U WH[YPTVUPV PTTVIPSPHYL

ZLU[PYL \U YPZWHYTPV HUU\V HS KP

[YV]H YPZJVU[YV ULS KLNSP VWLYH[VYP

]HZ[PZZPTV KH J\P WVZZVUV KLYP]HYL YP

TPSPVUP KP [VUULSSH[L LX\P]HSLU[P KP

PU[LY]PZ[H[P WLY J\P ULS NSP PU[LY]LU

ZWHYTP LULYNL[PJP L VWWVY[\UP[n KP JYL

WL[YVSPV¹ 0S KLJHSVNV PUÄUL Z\NNLYPZJL

[P WLY TPNSPVYHYL S»LMÄJPLUaH LULYNL[PJH

ZJP[H WLY PS TLYJH[V 0 KH[P WHYSHUV JOPHYV!

K»PU[LY]LUPYL ULS ZL[[VYL KLSS»PSS\TPUHaPV

OHUUV YHWWYLZLU[H[V VS[YL SH TL[n KLS

SL PTWVY[HaPVUP LULYNL[PJOL JVZ[HUV

UL W\IISPJH L WYP]H[H TPSPHYKP KH YP

[V[HSL KLSSL JVTTLZZL LMML[[\H[L

JHVWLRQH HQHUJLD

7630;0*/, 796.9(440 5694(;0=,

5LFHUFD H LQQRYD]LRQH QHO VHWWRUH HQHUJLD 8Q DJJLRUQDPHQWR VXOOH SULQFLSDOL RSSRUWXQLWj GL Ã&#x20AC;QDQ]LDPHQWR HXURSHH ,SLUH .HS]HNUV L 7HVSH 3HPVSV Â&#x2039; 0U[LZH :HU 7HVSV ,\YVKLZR

TPNSPVYHYL SÂ»HJJLZZV HP Ã&#x201E;UHUaPHTLU[P WLY SH YPJLYJH L SÂ»PUUV]HaPVUL Z[PTVSHUKV SH [YHZMVYTHaPVUL KLSSL PKLL PUUV]H[P]L PU U\V]P WYVKV[[P L ZLY]PaP [HSP JOL MHJJPHUV KH [YHPUV H JYLZJP[H L VJJ\WHaPVUL Â&#x2039; ,\YVWH LMÃ&#x201E;JPLU[L ZV[[V PS WYVÃ&#x201E;SV KLSSL YPZVYZL! TPZ\YL JVUJYL[L WLY JVU[YPI\PYL H MH]VYPYL PS WHZZHNNPV ]LYZV \UÂ»LJVUVTPH H IHZZL LTPZZPVUP KP JHYIVUPV X\HSP SH TVKLYUPaaHaPVUL L ÂºKL JHYIVUPaaHaPVULÂ» KLS ZL[[VYL KLP [YHZWVY[P" SÂ»H[[\HaPVUL KP WYVNL[[P Z[YH[LNPJP H SP]LSSV KP JP[[n WVY[P WPH[[HMVYTL SVNPZ[PJOL" PS JVTWSL[HTLU [V KLS TLYJH[V PU[LYUV KLSSÂ»LULYNPH L SÂ»H[[\HaPVUL KLS WPHUV Z[YH[LNPJV L\YVWLV WLY SL [LJUVSVNPL LULYNL[PJOL :,; " PS WV[LUaPHTLU[V KLSSL YL[P LULYNL[PJOL [YHUZ L\YVWLL" SH WYVTVaPVUL KP \U WYVNYHTTH ZVZ[HUaPHSL WLY SÂ»\ZV LMÃ&#x201E;JPLU[L KLSSL YPZVYZL L KLSSL H[[P]P[n KP YPJLYJH L PUUV]HaPVUL [LJUVSVNPJH Z\SSL LULYNPL YPUUV]HIPSP

7LY PS YHNNP\UNPTLU[V KP [HSP VIPL[[P]P SÂ»<, OH WYLZLU[H[V \UH ZLYPL KP ÂºPUPaPH[P]L MHYVÂ» V Ã&#x2026;HNZOPW PUP[PH[P]LZ ]VS[L H PUKP]PK\HYL TPZ\YL JVUJYL[L KH PTWSLTLU[HYL ULS TLKPV WLYPVKV ;YH X\LZ[L ZP ZLNUHSHUV JVTL WHY[PJVSHYTLU[L YPSL]HU[P! Â&#x2039; <UPVUL KLSSÂ»PUUV]HaPVUL! \UH ZLYPL KP HaPVUP ]VS[L H

.SP Z[Y\TLU[P KP Ã&#x201E;UHUaPHTLU[V L\YVWLP

UL ,\YVWLH WLY YPSHUJPHYL PS ZPZ[LTH LJVUVTPJV L WYVT\V]LYL \UH JYLZJP[H PU[LSSPNLU[L ZVZ[LUPIPSL L PU JS\ZP]H KLNSP :[H[P TLTIYP HUUV]LYH [YH P JPUX\L VIPL[[P]P KH YLHSPaaHYL ULP WYVZZPTP KPLJP HUUP HUJOL HTIPaPVZP [YH N\HYKP PU TH[LYPH KP JVUZ\TP LULYNL[PJP L JHTIPHTLU[V JSPTH[PJV 0U WHY[PJVSHYL ZVUV [YL NSP VIPL[[P]P X\HU[P[H[P]P JOL SÂ»<UPVUL ,\YVWLH <, ZP WYLÃ&#x201E;NNL KP YHNNP\UNLYL LU[YV PS PU [HSP HTIP[P! Â&#x2039; \UH YPK\aPVUL KP LTPZZPVUP KP NHZ ZLYYH KLSSÂ»<, KP HSTL UV PS YPZWL[[V HP SP]LSSP KLS " Â&#x2039; PS KLS JVUZ\TV KP LULYNPH KLSSÂ»<, NLULYH[V KH MVU[P YPUUV]HIPSP" Â&#x2039; \UH YPK\aPVUL KLS ULS JVUZ\TV KP LULYNPH WYPTHYPH YPZWL[[V HP SP]LSSP H[[\HSP

JHVWLRQH HQHUJLD

.SP VIPL[[P]P PU TH[LYPH LULYNL[PJH L HTIPLU[HSL WV[YHUUV LZZLYL YHNNP\U[P ZVSV H JVUKPaPVUL KP HJJLSLYHYL SV Z]P S\WWV L SH KPMM\ZPVUL KP [LJUVSVNPL KP U\V]H NLULYHaPVUL JHWHJP KP YLUKLYL SÂ»,\YVWH TLUV KPWLUKLU[L KHP JVT

7630;0*/, 796.9(440 5694(;0=,

I\Z[PIPSP MVZZPSP L PU NYHKV KP NHYHU[PYL \U I\VU YHWWVY[V JVZ[P ILULÄJP :VUV U\TLYVZP NSP Z[Y\TLU[P KP ÄUHUaPHTLU[V H MVUKV WLYK\[V JOL SH *VTTPZZPVUL L\YVWLH TL[[L H KPZWVZP aPVUL KP LU[P W\IISPJP L WYP]H[P H Z\WWVY[V KP WYVNL[[P KP YPJLYJH PUUV]HaPVUL [LJUVSVNPJH L H[[P]P[n KP MVYTHaPVUL L ZLUZPIPSPaaHaPVUL Z\P [LTP LULYNL[PJP L HTIPLU[HSP 0S 7YVNYHTTH 8\HKYV WLY SH 9PJLYJH L SV :]PS\WWV ;LJUVSVNPJV 78 KV[H[V KP VS[YL TPSPHYKP KP ,\YV KP Z[YPI\P[P PU ZL[[L HUUP WLY ÄUHUaPHYL WYVNL[[P KP YPJLYJH WYL JVTWL[P[P]H WYVTVZZP KH JVUZVYaP PU[LYUH aPVUHSP KP PTWYLZL <UP]LYZP[n L *LU[YP KP YPJLYJH W\IISPJP L WYP]H[P KP J\P JPYJH TPSPHYKP KP ,\YV ZWLJPÄJHTLU[L KLKPJH[P HSS»HYLH [LTH[PJH ,ULYNPH Ï WYL]PZ[H WLY S\NSPV S»\S[PTH [VYUH[H KP IHUKP ULSS»HTIP[V KLS 78 WLY \U HTTVU[HYL KP JPYJH TPSPHYKP KP ,\YV JMY )V_ ¶ )\KNL[ )YLHRKV^U -7 7LY SH WYPVYP[n ,ULYNPH ZHYHUUV ÄUHUaPH[P WYVNL[[P KP YPJLYJH HMMLYLU[P HSSL ZLN\LU[P HYLL [LTH[PJOL ! NLULYHaPVUL KP LULYNPH KH MVU[P YPUUV]HIPSP PU WHY[PJVSHYL MV[V]VS[HPJV LVSPJV NLV[LYTPJV LULYNPH KHNSP VJLHUP " WYVK\aPVUL KP IPVJHYI\YHU[P KH IPVTHZZL" ZVSHYL [LYTPJV L LK LMÄJPLUaH LULYNL[PJH KLNSP LKPÄJP" JH[[\YH L Z[VJJHNNPV KP *6 " YL[P LULYNL[PJOL PU[LSSPNLU[P" [LJUVSVNPL WLY S»LMÄJPLUaH LULYNL[PJH" H[[P]P[n VYPaaVU[HSP L KP WVSPJ` THRPUN 0S 7YVNYHTTH 8\HKYV *VTWL[P[P]P[n L 0UUV]HaPVUL *07 JOL ÄUHUaPH WLY JPYJH TPSPHYKP KP ,\YV KPZ[YPI\P[P ULSS»HYJV [LTWVYHSL HaPVUP KP PUZLYPTLU[V ULS TLYJH [V KP [LJUVSVNPL PUUV]H[P]L SH J\P LMÄJHJPH ZPH NPn Z[H[H KPTVZ[YH[H VS[YL JOL KP MVYTHaPVUL ZLUZPIPSPaaHaPVUL HYTVUPaaHaPVUL SLNPZSH[P]H 0U WHY[PJVSHYL ULSS»HTIP[V KLS 7YVNYHTTH *07 PS WYVNYHTTH 0U[LSSPNLU[ ,ULYN` ,\YVWL ,0, OH \U MVJ\Z ZWLJPÄJV Z\P [LTP KLSSL LULYNPL YPUUV]H IPSP KLS YPZWHYTPV LULYNL[PJV L KLP [YHZWVY[P W\SP[P

3H WYVNYHTTHaPVUL ¶ ZHYn PU]LJL JHYH[[LYPa aH[H KH \U \UPJV WYVNYHTTH KP ÄUHUaPHTLU[V PU[LNYH[V L\YVWLV KLZ[PUH[V HSSL H[[P]P[n KP YPJLYJH L PUUV]HaPVUL /VYPaVU ULS X\HSL JVUÅ\PYHUUV SL H[[P]P[n H[[\HS TLU[L Z\WWVY[H[L KHS 7YVNYHTTH 8\HKYV WLY SH 9P JLYJH L SV :]PS\WWV ;LJUVSVNPJV KHS 7YVNYHTTH 8\HKYV WLY SH *VTWL[P[P]P[n L S»0UUV]HaPVUL *07 L KHSSV ,\YVWL HU 0UZ[P[\[L VM 0UUV]H[PVU HUK ;LJOUVSVN` ,0; /VYPaVU WLY PS X\HSL u Z[H[V WYVWVZ[V \U I\KNL[ ZL[[LUUHSL KP JPYJH TPSPHYKP KP ,\YV JPYJH TPSPHYKP KP ,\YV PU WP YPZWL[[V HS 78 ZHYn HY[PJVSH[V PU [YL THJYV VIPL[[P]P Z[YH[LNPJP! ,JJLSSLUaH ZJPLU[PÄJH NHYHU[PYL PS WYPTH[V KLSS»,\YVWH ULS ZL[[VYL ZJPLU[PÄJV H SP]LSSV TVUKPHSL " 3LHKLYZOPW PUK\Z[YPHSL ZVZ[LULYL SH YPJLYJH L S»PUUV]H aPVUL KLSS»PUK\Z[YPH L\YVWLH JVU \UH MVY[L H[[LUaPVUL ]LYZV SL [LJUVSVNPL HIPSP[HU[P L NSP PU]LZ[PTLU[P H MH]VYL KLSSL WPJJVSL PTWYLZL " :ÄKL KLSSH ZVJPL[n YPZWVUKLYL HSSL ZÄKL ULP ZL[[V YP KLSSH ZHS\[L L KLS JHTIPHTLU[V KLTVNYHÄJV" KLSSH ZPJ\YLaaH KLSS»HSPTLU[HaPVUL HNYPJVS[\YH ZVZ[LUPIPSL IPV LJVUVTPH" KLSS»LULYNPH ZPJ\YH W\SP[H LK LMÄJPLU[L" KLP [YHZWVY[P PU[LSSPNLU[P ¸]LYKP¹ L PU[LNYH[P" KLSSL HaPVUP JSPTH[PJOL LK LMÄJPLUaH KLSSL YPZVYZL PUJS\ZL TH[LYPL WYPTL " KP \UH ZVJPL[n PUJS\ZP]H PUUV]H[P]H L ZPJ\YH 5LSSH WYVNYHTTHaPVUL ¶ HZZ\TLYHUUV PUVS[YL WHY[PJVSHYL YPSL]HUaH P JVZPKKL[[P 7HY[LUHYPH[P ,\YVWLP WLY S»0UUV]HaPVUL ,07 ¶ ,\YVWLHU 0UUV]H[PVU 7HY[ULYZOPWZ WHY[ULYZOPW W\IISPJV WYP]H[L JOL YHJJVNSPLYHUUV H[[VYP HJJHKLTPJP L PUK\Z[YPHSP WLY HMMYVU[HYL PU THUPLYH ZPULYNP JH SL NYHUKP ZÄKL ZVJPHSP JVU J\P S»<, ZP KV]Yn JVUMYVU[HYL ULS TLKPV S\UNV WLYPVKV <UH KP X\LZ[L ,07 ZHYn ZWLJPÄ JHTLU[L KLKPJH[H HSSL :THY[ *P[PLZ L TPYLYn H JVVYKPUH YL NSP ZMVYaP KP YPJLYJH L PUUV]HaPVUL H SP]LSSV L\YVWLV Z\S [LTH KLSSL JP[[n PU[LSSPNLU[P JVU MVJ\Z Z\SS»PU[LNYHaPVUL KP LMÄJPLUaH LULYNL[PJH [YHZWVY[P W\SP[P L HJJLZZV HSS»PU[LYUL[ ]LSVJL

7630;0*/, 796.9(440 5694(;0=,

<U LZLTWPV KP WYVNL[[V JV Ã&#x201E;UHUaPH[V KHSSÂ»<,! =, 9@:*/663 =,9@:*/663 u \U WYVNL[[V L\YVWLV JV Ã&#x201E;UHUaPH[V KHSSH *VTTPZZPVUL L\YVWLH ULSSÂ»HTIP[V KLS 7YVNYHTTH *VT WL[P[P]P[n L 0UUV]HaPVUL *07 L JVPU]VSNL KVKPJP WHY[ULY WYV]LUPLU[P KH V[[V KP]LYZP 7HLZP KLSSÂ»<UPVUL ,\YVWLH JVVYKPUH[P KHSSÂ»(NLUaPH WLY SÂ»,ULYNPH L SV :]PS\WWV :VZ[L UPIPSL KP 4VKLUH 0U WHY[PJVSHYL [YH P WHY[ULY HJJHKLTPJP Ã&#x201E;N\YHUV PS *VT W\[LY HUK (\[VTH[PVU 9LZLHYJO 0UZ[P[\[L KLSSÂ»(JJHKL

JHVWLRQH HQHUJLD

TPH <UNOLYLZL KLSSL :JPLUaL L SÂ»<UP]LYZP[n KP )LSNYHKV TLU[YL [YH SL 740 MVYUP[YPJP KP [LJUVSVNPH YPLU[YHUV +620 ,5,90; L 0,: :VUV PUVS[YL Z[H[P JVPU]VS[P PU X\HSP[n KP LUK \ZLYZ PS *VT\UL KP .LUV]H SÂ»(NLUaPH ,ULYNL[PJH KP 7SV]KP] L PS +PYL[[VYH[V UHaPVUHSL WLY SÂ»LK\JHaPVUL KP (U RHYH 3H JVUZ\SLUaH Z\NSP HZWL[[P [LJUVSVNPJP ZHYn MVYUP[H KH +Â»(WWVSVUPH TLU[YL NSP HZWL[[P Ã&#x201E;UHUaPHYP L KP I\ZP ULZZ ZVUV HMÃ&#x201E;KH[P H 0U[LZH :HUWHVSV ,\YVKLZR L H :,3- ,:*6 WVY[VNOLZL 0S WYVNL[[V OH SÂ»VIPL[[P]V KP Z]PS\WWHYL ZVS\aPVUP 0*; HK

7630;0*/, 796.9(440 5694(;0=,

WYVNL[[V u SH JVTWYLUZPVUL KLSS»VYNH UPaaHaPVUL L KLP JVTWVY[HTLU[P KLSSL WLYZVUL :HYn PUMH[[P HMÄKH[V HNSP PUZL NUH[P L HNSP Z[\KLU[P PS JVTWP[V WYPUJPWH SL KP ¸SLHYUPUN \ZLYZ¹ HMÄUJOt WVZZH UV HWWYLUKLYL P ]HU[HNNP KLS WYVNL[[V L MVYUPYL JVTTLU[P L JVU[YPI\[P 3H ]HSPKHaPVUL KLS 5H]PNH[VYL ,ULYNL [PJV ZHYn LMML[[\H[H WYLZZV X\H[[YV LKP ÄJP ZJVSHZ[PJP \[PSPaaH[P JVTL JHZP WPSV[H! K\L SVJHSPaaH[P PU 0[HSPH 3LZH L .LUV]H \UV PU )\SNHYPH 7SV]KP] L \UV PU 7VY [VNHSSV 3PZIVUH

OVJ WLY SH NLZ[PVUL KLP JVUZ\TP LULYNL[PJP KLSSL ZJ\VSL Ï PUMH[[P LTLYZV JOL S»LMÄJPLU[HTLU[V LULYNL[PJV PU Z[Y\[ [\YL X\HSP NSP LKPÄJP ZJVSHZ[PJP WLYTL[[L \U JVUZPKLYL]VSL YPZWHYTPV PU [LYTPUP KP LULYNPH [LYTPJH ÄUV HS L KP LULYNPH LSL[[YPJH ÄUV HS JVU \U JVUZLN\LU[L YP ZWHYTPV LJVUVTPJV JOL WLYTL[[L KP SPILYHYL YPZVYZL KH KLZ[PUHYL HSSL H[[P]P[n KPKH[[PJOL LK LK\JH[P]L 0UVS[YL SL ZJ\VSL PU X\HU[V S\VNOP PU J\P ZP LK\JHUV SL M\[\YL NLULYHaPVUP WVZZVUV YHWWYLZLU[HYL \U ]LPJVSV TVS[V LMÄJHJL KP ZLUZPIPSPaaHaPVUL Z\S [LTH KLS YPZWHYTPV LULYNL[PJV =,9@:*/663 ZHYn ÄUHSPaaH[V HSSV Z]PS\WWV KP \U 5H]P NH[VYL ,ULYNL[PJV ,ULYN` (J[PVU 5H]PNH[VY ,(5 L HSSH Z\H ]HSPKHaPVUL Z\ \U NY\WWV KP LKPÄJP ZJVSHZ[PJP WPSV[H 3»,(5 u \UH WPH[[HMVYTH PUMVYTH[PJH JOL PU[LNYH [LJUV SVNPL OHYK^HYL L ZVM[^HYL NPn LZPZ[LU[P Z\S TLYJH[V JVU S»VIPL[[P]V KP JVUUL[[LYL [\[[P P ZVNNL[[P JVPU]VS[P ULSSL KL JPZPVUP L ULSSH NLZ[PVUL LULYNL[PJH KLNSP LKPÄJP ZJVSHZ[PJP L KP N\PKHYSP ULSS»H[[\HaPVUL KP ¸ZJLUHYP V[[PTPaaH[P¹ 6: Z\NNLYLUKV HaPVUP TPYH[L WLY TPNSPVYHYL S»LMÄJPLUaH LULY NL[PJH KP IYL]L TLKPV L S\UNV WLYPVKV ;\[[V JP~ VWLYH ULS X\HKYV KLS U\V]V Z[HUKHYK 0:6 3L HaPVUP KP THUHNLTLU[ ZVUV NLZ[P[L H[[YH]LY ZV \U WYVJLZZV KP JVU[YVSSV HK HULSSV JOP\ZV KLUVTPUH[V 7+*( 7SHU +V *OLJR (J[ *Y\JPHSL WLY PS Z\JJLZZV KLS

56;, 0UMVYTHaPVUP KL[[HNSPH[L Z\P [LTP Z\P X\HSP KV ]YHUUV LZZLYL Z]PS\WWH[L SL WYVWVZ[L WYVNL[ [\HSP ZVUV YLWLYPIPSP ULSS»6YPLU[H[PVU 7HWLY ,ULYN` W\IISPJH[V Z\S 7HY[PJPWHU[ 7VY[HS KLS SH *VTTPZZPVUL L\YVWLH O[[W! LJ L\YVWH L\ YLZLHYJO WHY[PJPWHU[Z WVY[HS :OV^+VJ ,_[LUZPVUZ 9LWVZP[VY` .LULYHS +VJ\TLU[H[PVU 6YPLU[H[PVU WHWLYZ *VVWLYH[PVU MW LULY N` VYPLU[H[PVU WHWLYFLU WKM

7HY[PJVSHYL H[[LUaPVUL ZHYn PUVS[YL H[[YP I\P[H HNSP HZWL[[P LJVUVTPJP L ÄUHUaPHYP! 0U[LZH :HUWHVSV ,\YVKLZR Z\WWVY[LYn P WHY[ULY WYVNL[[\HSP ULSS»PKLU[PÄJHaPVUL KLP TVKLSSP KP I\ZPULZZ L ÄUHUaPHTLU[V WYL]HSLU[P HKV[[H[P KHSSL ZJ\VSL L WYV T\V]LYn SH KPZJ\ZZPVUL Z\SSV Z]PS\WWV KP Z[Y\TLU[P ÄUHUaPHYP PUUV]H[P]P WLY S»HKVaPVUL KP [LJUVSVNPL KP LMÄJPLUaH LULYNL[PJH 4HNNPVYP PUMVYTHaPVUP Z\S WYVNL[[V ZVUV KPZWVUPIPSP HS ZLN\LU[L SPUR! O[[W! ^^^ ]LY`ZJOVVS L\ PUKL_ WOW

0U[LZH :HUWHVSV ,\YVKLZR 0U[LZH :HUWHVSV ,\YVKLZR :WYS u SH ZVJPL[n KLS .Y\WWV 0U[LZH :HUWHVSV JOL HZZPZ[L SL PTWYLZL P[HSPHUL ULSS»HJ JLZZV HP ÄUHUaPHTLU[P H MVUKV WLYK\[V LYVNH[P KPYL[[H TLU[L KHSSH *VTTPZZPVUL ,\YVWLH JHYH[[LYPaaH[P KH \UH ZVZ[HUaPVZH KV[HaPVUL ÄUHUaPHYPH L KHSSH JVTWSLZZP[n KLP TLJJHUPZTP KP HJJLZZV 3H ZVJPL[n u ZWLJPHSPaaH[H ULS MVYUPYL HSSL PTWYLZL \UH JVUZ\SLUaH [LJUPJH LK PZ[P[\aPV UHSL ULSS»HJJLZZV HP 7YVNYHTTP KP ÄUHUaPHTLU[V L\YVWLP JVU WHY[PJVSHYL MVJ\Z Z\ X\LSSP KLKPJH[P HSSH YPJLYJH HSSV Z]PS\WWV [LJUVSVNPJV LK HSS»PUUV]HaPVUL 0U[LZH :HUWHVSV ,\YVKLZR WHY[LJPWH PUVS[YL JVTL WHY[ULY H WYVNL[[P JV ÄUHUaPH[P KHSS»<UPVUL L\YVWLH ULSS»HTIP[V KLP X\HSP Z]VSNL H[[P]P[n KP KPZZLTPUHaPVUL KLP YPZ\S[H[P L KP KLÄUPaPVUL KLP TVKLSSP KP I\ZPULZZ L ÄUHUaPHYP 7LY \U»PUMVYTHaPVUL HNNPVYUH[H Z\SSL WVSP[PJOL L P ÄUHUaPH TLU[P L\YVWLP PU TH[LYPH KP YPJLYJH L PUUV]HaPVUL u WVZ ZPIPSL ]PZP[HYL PS ZP[V O[[W! ^^^ PU[LZHZHUWHVSVL\YVKLZR JVT [PRP PUKL_ WOW&WHNL$/VTL L YLNPZ[YHYZP NYH[\P[H TLU[L HP X\H[[YV KLZR ZL[[VYPHSP KLKPJH[P H -VVK )PV [LJO ,ULYN` ,U]PYVUTLU[ 0*; 4HU\MHJ[\YPUN :VJPHS 0UUV]H[PVU 0U[LYUH[PVUHS *VVWLYH[PVU

7630;0*/, 796.9(440 5694(;0=,

$JJLXGLFDWR LO SULPR &RQWUDWWR LQ ,WDOLD SHU LO 5LVSDUPLR (QHUJHWLFR QHJOL (GLÃ&#x20AC;FL 3XEEOLFL FRQ *DUDQ]LD GL 5LVXOWDWR :LYNPV AHIV[ Â&#x2039; +PYL[[VYL ZL[[VYL 8\HSP[n KLSSÂ»HYPH 9\TVYL LK ,ULYNPH 7YV]PUJPH KP 4PSHUV

KP \UH ,ULYN` :LY]PJL *VTWHU` ,:*6 WLY SH YP X\HSPÃ&#x201E;JHaPVUL LULYNL[PJH L SH NLZ[PVUL KP LKPÃ&#x201E;JP W\IISPJP PU WYL]HSLUaH ZJ\VSL KP WYVWYPL[n KP *VT\UP KLSSÂ»OPU[LYSHUK TPSHULZL JOL OHUUV HKLYP[V HS 7H[[V KLP :PUKHJP 3H NHYH WLY SÂ»HZZLNUHaPVUL KP \UH JVUJLZZPVUL JVU SH MVYT\SH KLS -PUHUaPHTLU[V ;YHTP[L ;LYaP u Z[H[H NLZ[P[H KHSSH 7YV]PUJPH KP 4PSHUV L JVUZLU[PYn HP *VT\UP KP YP X\HSPÃ&#x201E;JHYL P WYVWYP LKPÃ&#x201E;JP W\IISPJP ZLUaH ZWLUKLYL \U ,\YV L KP YPZWHYTPHYL Z\P JVZ[P KP HWWYV]]PNPVUHTLU[V KP NHZ L KP LULYNPH LSL[[YPJH 3Â»PU]LZ[PTLU[V JVTWSL[HTLU[L H JHYPJV KP \U JVUZVYaPV KP PTWYLZL JVZ[P[\P[V KH X\H[[YV ,ULYN` :LY]PJL *VTWH UPLZ ,:*6Z 6SPJHY *HYIV[LYTV ,]VS]L L 7YPTH=LYH HTTVU[H H 4PSPVUP KP L\YV L WYL]LKL SÂ»PZVSHTLU[V KLNSP PU]VS\JYP LKPSPaP SH ZVZ[P[\aPVUL KLNSP PTWPHU[P [LYTPJP LK LSL[[YPJP JVU SÂ»HKVaPVUL KP 4PJYV *VNLULYH[VYP L 7VTWL KP *HSVYL SH YLHSPaaHaPVUL KP PTWPHU[P ZVSHYP WLY SH WYVK\aPVUL KP HJX\H JHSKH ZHUP[HYPH SH NLZ[PVUL KLNSP PTWPHU[P [YHTP[L [LSLJVU[YVSSV

JHVWLRQH HQHUJLD

0S YPZWHYTPV HUU\HSL NHYHU[P[V KHSSL ,:*6Z u KP VS[YL TPSPVUP KP ,\YV WHYP HS YPZWL[[V HP JVZ[P H[[\HSP KLP X\HSP PS YLZ[LYn Ã&#x201E;U KHS WYPTV HUUV KP JVUJLZZPVUL ULSSL KPZWVUPIPSP[n KLP *VT\UP PU [LYTPUP KP YPK\aPVUL KP ZWLZH H ]HSLYL Z\P IPSHUJP JVT\UHSP 0S Ã&#x201E;UHUaPHTLU[V KLSSL VWLYL u HZZPJ\YH[V KH \U WYLZ[P[V HNL]VSH[V KLSSH )HUJH ,\YVWLH WLY NSP 0U]LZ[PTLU[P ),0 LYVNH[V KPYL[[HTLU[L HSSH ,:*6 0S TLJJHUPZTV JVU [YH[[\HSL JVUZLU[PYn KP YPWHNHYL PS WYLZ[P[V HSSH ),0 JVU SH X\V[H WYL]HSLU[L KLP YPZWHYTP JOL ZP V[[LYYHUUV JVU NSP PU[LY]LU[P KP YPX\HSPÃ&#x201E;JHaPVUL LULYNL[PJH (SSH JVUJS\ZPVUL KLS JVU[YH[[V JOL K\YLYn HUUP PS KLS Â¸YPZWHYTPVÂ¹ ZHYn KP JVTWL[LUaH KLP *VT\UP 8\LZ[H u ZVSV SH WYPTH MHZL KP \U WYVNYHTTH KÂ»PU]LZ[P TLU[V KP TPSPVUP KP ,\YV WLY PS X\HSL SH 7YV]PUJPH KP 4PSHUV \Z\MY\PZJL KLS WYVNYHTTH KP (ZZPZ[LUaH ;LJUPJH KLUVTPUH[V Â¸,SLUHÂ¹ ,\YVWLHU 3VJHS ,ULYN` (ZZPZ[HUJL H[[P]H[V KHSSH *VTTPZZPVUL L\YVWLH NLZ[P[V KHSSH ),0 L KLZ[PUH[V H JV Ã&#x201E;UHUaPHYL SH NLZ[PVUL KLS WYVNYHTTH L SH WYLKPZWVZPaPVUL [\[[H SH KVJ\TLU[HaPVUL ULJLZZHYPH HSSH YLHSPaaHaPVUL KLS WYVNYHTTH [YH J\P! SH KLÃ&#x201E;UPaPVUL KLP

7630;0*/, 796.9(440 5694(;0=,

JYP[LYP KP ZLSLaPVUL KLSSL 0TWYLZL SH YLKHaPV UL KLSSL KPHNUVZP LULYNL[PJOL SH Z[LZ\YH KP JHWP[VSH[P L IHUKP KP NHYH SH KLÃ&#x201E;UPaPVUL KLS ZPZ[LTH KP ]HS\[HaPVUL KLSSL VMMLY[L PS TVUP [VYHNNPV KLP YPZ\S[H[P SÂ»H\KP[PUN Ã&#x201E;UHUaPHYPV SH KPZZLTPUHaPVUL KLP YPZ\S[H[P :LJVUKV NSP VYPLU[HTLU[P JVUZVSPKH[P KLSSH NP\YPZWY\KLUaH JVT\UP[HYPH LK HTTPUPZ[YH [P]H SÂ»H[[P]P[n KLSSL ,:*6 u Z[H[H PUX\HKYH[H PU YHNPVUL KLSSÂ»HZZ\UaPVUL KLS YPZJOPV PT WYLUKP[VYPHSL KLSSÂ»PUPaPH[P]H X\HSL *VUJLZ ZPVUL L UVU JVTL (WWHS[V 0U WHY[PJVSHYL PS -PUHUaPHTLU[V ;YHTP[L ;LYaP - ; ; u Z[H [V JVUÃ&#x201E;N\YH[V X\HSL JVUJLZZPVUL TPZ[H KP ILUP L ZLY]PaP WVPJOt SH ,:*6 HZZ\TLUKV Z\ KP Zt PS YPZJOPV PTWYLUKP[VYPHSL YLSH[P]V HSSV Z]VSNPTLU[V KLSSÂ»H[[P]P[n KP TPNSPVYHTLU[V KLSSÂ»LMÃ&#x201E;JPLUaH LULYNL[PJH KLP ILUP KLSSÂ»HT TPUPZ[YHaPVUL \[PSPaaH PU ]PH LZJS\ZP]H [HSP ILUP VWLYHUKV PU]LZ[PTLU[P Z\ KP LZZP H ZJVWV KP WYVÃ&#x201E;[[V MVYULUKV PUKPYL[[HTLU[L \U ]HU[HNNPV HSSÂ»HTTPUPZ[YHaPVUL [P[VSHYL 3H ,:*6 KP]LU[H JVZy SÂ»\UPJV ZVNNL[[V YLZWVUZHIPSL ]LY ZV P ZPUNVSP *VT\UP L ZP VJJ\WH KP [\[[L SL MHZP PU J\P ZP JVTWVUL SV ZJOLTH -;;! Â&#x2039; -H[[PIPSP[n LJVUVTPJV Ã&#x201E;UHUaPHYPH Â&#x2039; 7YVNL[[HaPVUL KLNSP PU[LY]LU[P Â&#x2039; 9PX\HSPÃ&#x201E;JHaPVUL LULYNL[PJH KLNSP LKPÃ&#x201E;JP L KLNSP PTWPHU[P Â&#x2039; *VUK\aPVUL L THU\[LUaPVUL KLNSP PTWPHU[P Â&#x2039; *VWLY[\YH Ã&#x201E;UHUaPHYPH 0U X\LZ[V TVKV PS YPZJOPV H [V[HSL JHYPJV KLSSH ,:*6 YP N\HYKH ZPH SÂ»HZWL[[V Ã&#x201E;UHUaPHYPV YLSH[P]V HSSÂ»PU]LZ[PTLU[V ZPH PS THUJH[V YHNNP\UNPTLU[V KLNSP VIPL[[P]P KP YPZWHYTPV LULYNL[PJV +H YPSL]HYL JOL SL MVYUP[\YL KLS *VTI\Z[PIPSL L KLSSÂ»,ULY NPH ,SL[[YPJH ZVUV LZJS\ZL KHSSH JVUJLZZPVUL WLY SL X\HSP P *VT\UP ZVUV [LU\[P HK HWWYV]]PNPVUHYZP H[[YH]LYZV NSP Z[Y\TLU[P KP HJX\PZ[V L KP ULNVaPHaPVUL TLZZP H KPZWV ZPaPVUL KH *VUZPW : W ( V KHSSL JLU[YHSP KP JVTTP[[LUaH YLNPVUHSP JVTL WLYHS[YV KPZWVZ[V KHS YLJLU[L +LJYL[V 3LNNL S\NSPV U HY[ JVTTH 0S TLJJHUPZTV JVU[YH[[\HSL u YLSH[P]HTLU[L ZLTWSPJL! H MYVU[L KLSSH YPX\HSPÃ&#x201E;JHaPVUL LULYNL[PJH KLNSP LKPÃ&#x201E;JP L KLSSH SVYV NLZ[PVUL PS *VT\UL KH \UH WHY[L WHNH KPYL[[HTLU[L PS JVTI\Z[PIPSL L SÂ»LULYNPH LSL[[YPJH L KHSSÂ»HS[YH WHY[L JVYYP ZWVUKL HSSH ,:*6 \U JHUVUL JOL ]PLUL Z[HIPSP[V KP HUUV PU HUUV Z\SSH IHZL KP \U JVZPKKL[[V Â¸:HSKV KP 7LYPVKVÂ¹ :L PS YPZWHYTPV LULYNL[PJV LMML[[P]V u TPUVYL KLS YPZWHYTPV LULYNL[PJV NHYHU[P[V PS JVT\UL [YH[[LYYn SH KPMMLYLUaH KHS JHUVUL" ULS JHZV JVU[YHYPV L H\ZWPJH[V PU J\P PS YPZWHYTPV LMML[[P]V ZPH THNNPVYL KLS YPZWHYTPV NHYHU[P[V P THNNPV YP ILULÃ&#x201E;JP JVUZLN\P[P ZHYHUUV YPWHY[P[P [YH PS *VT\UL L SH ,:*6 0 *VT\UP \Z\MY\PZJVUV JVT\UX\L KP \UV ZNYH]PV KP IP SHUJPV KLS KLS YPZWHYTPV NHYHU[P[V WLY [\[[H SH K\YH[H KLSSH JVUJLZZPVUL [YHTP[L SH ZV[[VZJYPaPVUL KH WHY[L KLSSH ,:*6 KP \U 7LYMVYTHUJL )VUK V]]LYV KP \UÂ»HZZPJ\YH aPVUL Z\SSL WYLZ[HaPVUP KLNSP PU[LY]LU[P KP YPX\HSPÃ&#x201E;JHaPVUL LULYNL[PJH (UJOL P JYP[LYP KP HNNP\KPJHaPVUL KLSSL JVUJLZZPVUP ZVUV PUUV]H[P]P L YPJHSJHUV SL SPULL N\PKH Z]PS\WWH[L KHSSÂ»(NLU

aPH WLY SÂ»,ULYNPH KP )LYSPUV L HTWPHTLU[L KPMM\ZL PU .LY THUPH L PU (\Z[YPH 0S ZPZ[LTH KP HNNP\KPJHaPVUL WLY X\HU[V YPN\HYKH SH WHY[L LJVUVTPJH u IHZH[V Z\P ZLN\LU[P JYP[LYP! Â&#x2039; PS ]HSVYL H[[\HSL KLSSV ZNYH]PV KP IPSHUJPV WLY P JVT\UP K\YHU[L SH JVUJLZZPVUL" Â&#x2039; PS ]HSVYL H[[\HSL KLSSV ZNYH]PV KP IPSHUJPV WLY P JVT\UP KVWV SH JVUJLZZPVUL" Â&#x2039; SH WLYJLU[\HSL KP YPZWHYTPV JVUKP]PZV JOL PS JVUJLZZPV UHYPV YPJVUVZJL HP JVT\UP" Â&#x2039; PS ]HSVYL KLSSÂ»PU]LZ[PTLU[V JOL PS JVUJLZZPVUHYPV ZP PTWL NUH H YLHSPaaHYL 7LY SH YLHSPaaHaPVUL KLSSÂ»PU[LYV WYVNL[[V SH 7YV]PUJPH OH PZ[P[\P[V \UÂ»HWWVZP[H \UP[n KP WYVNL[[V KPYL[[H KHS :L[[VYL ,ULYNPH PU JVSSHIVYHaPVUL JVU PS :L[[VYL (WWHS[P 3Â»\UP[n u MVYTH[H KH M\UaPVUHYP KLP ZL[[VYP (WWHS[P L ,ULYNPH L PUJS\ KL LZWLY[P ULSSL KPZJPWSPUL PUNLNULYPZ[PJOL LJVUVTPJOL L SLNHSP HWWVZP[HTLU[L HZZ\U[P WLY [\[[H SH K\YH[H KLS WYV NL[[V 0UVS[YL 0UMV,ULYNPH ZVJPL[n JVUZVY[PSL Â¸PU OV\ZLÂ¹ KLSSH 7YV]PUJPH JV VYKPUH SL KPHNUVZP LULYNL[PJOL Z]VS[L KH Z[\KP WYVMLZZPVUHSP LZ[LYUP 0UÃ&#x201E;UL NYHaPL HP MVUKP KLS WYVNYHTTH KP HZZPZ[LUaH [LJUPJH ,SLUH u Z[H[V WVZZPIPSL KPZWVYYL KLSSV Z[\KPV .PHUUP 6YPNVUP 7HY[ULYZ WLY SÂ»HZ ZPZ[LUaH HSSH YLKHaPVUL KLSSH KVJ\TLU[HaPVUL KP NHYH L WLY SH NLZ[PVUL KLNSP L]LU[\HSP JVU[LUaPVZP (S[YL K\L NHYL JVU SL Z[LZZL JHYH[[LYPZ[PJOL ZVUV WYVU[L H WHY[PYL L \UH [LYaH PU WYLWHYHaPVUL YPN\HYKH \UH ]LU[PUH KP ZJ\VSL KLS *VT\UL KP 4PSHUV JVU J\P u Z[H[H H]]PH[H \UH JVSSHIVYHaPVUL Ã&#x201E;UHSPaaH[H H YPK\YYL P JVZ[P KP YPZJHSKH TLU[V L PSS\TPUHaPVUL 56;, )HZPHUV *HULNYH[L *LZHUV )VZJVUL *VYZPJV +HPYHNV .HNNPHUV 0UaHNV 4HZH[L 4V[[H =P ZJVU[P 7H\SSV 7YLNUHUH 4PSHULZL 9LZJHSKPUH :L[[HSH :L[[PTV 4PSHULZL ;YLaaHUV Z\S 5H]PNSPV =HUaHNOLSSV *65;9(*;05. 3,0;-(+,5 -l9 k--,5;30*/, 30,.,5:*/(-;,5 /LZZPZJOLZ 4PUPZ[LYP\T MÂ&#x2026;Y <T^LS[ ,ULYNPL 1\NLUK -HTPSPL \UK .LZ\UKOLP[ Â¶ 4HP

56;( 05-694(;0=(

+" 4 0

1XRYD 'LUHWWLYD (XURSHD VXOOҋ(IÀFLHQ]D (QHUJHWLFD ),5( FRQ OR VYLOXSSR GHL 6LVWHPL GL *HVWLRQH GHOOҋ(QHUJLD 6*( LQ ,WDOLD PLOLDUGL GL (XUR GL ULVSDUPLR DOOҋDQQR VXOOD EROOHWWD HQHUJHWLFD QD]LRQDOH H OD FUHVFLWD GL XQD ÀOLHUD FKH SXz UDSSUHVHQWDUH XQD YDOLGD ULVSRVWD DO FDOR GHOOҋRFFXSD]LRQH

H U\V]H +PYL[[P]H *VT\UP[HYPH Z\SS»LMÄJPLU aH LULYNL[PJH PU[YVK\JL \UH ZLYPL KP TPZ\YL ]VS[L H MHJPSP[HYL ULP 7HLZP TLTIYP PS YHNNP\UNPTLU[V KLP [HYNL[ HS 8\LZ[V WLY S»0[HSPH ZPNUPÄJH! YPK\YYL P JVUZ\TP KP JPYJH TPSPVUP KP [VUULS SH[L LX\P]HSLU[P KP WL[YVSPV" VWLYHYL ULS ZL[[VYL PU]LZ[PTLU[P Z[PTH[P MYH P L P TPSPHYKP KP L\YV" YPZWHYTPHYL Z\SSH IVSSL[[H LULYNL[PJH UH aPVUHSL JPYJH TPSPHYKP S»HUUV" MHY JYLZJLYL \UH ÄSPLYH KLSS»LMÄJPLUaH LULYNL[PJH JVU PT WVY[HU[P WVZZPIPSP[n KP Z]PS\WWV KLSSL UVZ[YL PTWYLZL PU [LYTPUP KP JYLZJP[H LJVUVTPJH L VJ J\WHaPVUL <UV KLNSP Z[Y\TLU[P JOL KP]LU[LYHUUV VIISPNH[VYP JVU SH U\V]H +PYL[[P]H u \UH KPHNUVZP LULYNL[PJH X\HKYPLUUHSL WLY SL NYHUKP PTWYLZL VIISPNV JOL WV[YLIIL WP JVU]LUPLU[LTLU[L LZZLYL JVUZLN\P[V PTWSLTLU[HUKV ULSSL PTWYLZL \U :PZ[LTH KP .L Z[PVUL KLSS»,ULYNPH :., JLY[PÄJH[V ZLJVUKV SH UVYTH 0:6 *VTL HU[PJPWHYL \U VIISPNV SL KPHNUVZP WLY JVNSPL YL \U»VWWVY[\UP[n PS ZPZ[LTH KP NLZ[PVUL KLSS»LULYNPH :., u S»PU]P[V \ZJP[V KHSSH *VUMLYLUaH ¸.LZ[PVUL ,ULYNPH! 0:6 LK ,ULYN` 4HUHNLTLU[¹ VYNHUPaaH[V H 4PSHUV KH -09, -LKLYHaPVUL 0[H SPHUH WLY S»<ZV 9HaPVUHSL KLSS»,ULYNPH ¶ JOL KH HUUP VWLYH WLY WYVT\V]LYL S»LMÄJPLUaH LULYNL[PJH L KHS NLZ[PZJL Z\ PUJHYPJV H [P[V SV UVU VULYVZV KLS 4PUPZ[LYV KLSSV :]PS\WWV ,JVUV TPJV SH YL[L KLNSP ,ULYN` 4HUHNLY P[HSPHUP ¶ PU JVSSHIVYHaPVUL JVU .LZ[PVUL ,ULYNPH :VJPL[n ZWL JPHSPaaH[H ULSS»LKP[VYPH LULYNL[PJH :V[[VSPULH +HYPV +P :HU[V +PYL[[VYL -09,! ¸3L LZWLYPLUaL Z]VS[L ULP 7HLZP JOL OHUUV UVYTL Z\ NSP :., PU ]PNVYL KH VS[YL \U KLJLUUPV KPTVZ[YHUV JVTL ZP [YH[[P KP \UV Z[Y\TLU[V JHWHJL KP WVY[HYL JVZWPJ\P ILULÄJP HSSL HaPLUKL L KP JVUZLN\LUaH HS 7HLZL 0U 0YSHUKH HK LZLTWPV SL HaPLUKL PUK\ Z[YPHSP KV[H[L KP \U :., OHUUV YPZWHYTPH[V PU X\PU KPJP HUUP X\HZP PS KLSS»LULYNPH YPZWL[[V HSSH IH ZLSPUL KLS KP J\P VS[YL SH TL[n MYH PS L PS 8\LZ[V ZPNUPÄJH JOL SH WYLZLUaH KP \U :., OH HP\[H[V SL PTWYLZL JOL S»OHUUV HKV[[H[V KH \U

SH[V H YLHNPYL HSS»PTWLUUH[H KLP WYLaaP KLS WL[YVSPV L KHSS»HS[YV H JVU[YHZ[HYL SH JYPZP NLULYHSL¹ 0U 0[HSPH HS JVU[YHYPV KLP 7HLZP L\YVWLP KV]L SH JLY [PÄJHaPVUL 0:6 M\UaPVUH NPn KH HUUP THUJH W\Y[YVWWV \U Z\WWVY[V LJVUVTPJV WLY SH JLY[PÄJH aPVUL KLSSL PTWYLZL KH WHY[L KLS .V]LYUV 0S YPZ\S [H[V u JOL PU .LYTHUPH HK LZLTWPV JP ZVUV HaPLUKL JLY[PÄJH[L 0:6 JVU[YV SL PU 0[HSPH UVUVZ[HU[L SH UVZ[YH UHaPVUL HIIPH \U 703 PUMLYPVYL H X\LSSV [LKLZJV ZVSV KLS ¹<U»HKLN\H[H PUJLU[P]HaPVUL KH WHY[L KLSSV :[H[V ]LYZV SH JLY[PÄJHaPVUL KLSSL PTWYLZL ¶ WYVZLN\L +HYPV +P :HU[V JYLH KLP TLJJHUPZTP ]PY[\VZP L YLHSP KP LMÄJPLUaH LULYNL[PJH :HYLIIL VWWVY[\UV JOL \U PKVULV Z\WWVY[V WVZZH [YV]HYL ZWHaPV HSS»PU [LYUV KLS WV[LUaPHTLU[V KLS TLJJHUPZTV KLP JLY Y [PÄJH[P IPHUJOP WYL]PZ[V KHS + 3NZ L KHSSH YLJLU[L :[YH[LNPH ,ULYNL[PJH 5HaPVUHSL :,5 ¹ 3H [H]VSH YV[VUKH PZ[P[\aPVUHSL J\P OHUUV WYLZV WHY[L LZWVULU[P KLS 4PUPZ[LYV :]PS\WWV ,JVUVTPJV 9L NPVUL 3VTIHYKPH (JJYLKPH ,5,( (ZZVSVTIHYKH L *VUMHY[PNPHUH[V TVTLU[V JLU[YHSL KLSSH *VUMLYLUaH -09, OH L]PKLUaPH[V S»PTWVY[HUaH KLSSL 740 ULS ZPZ[L TH KLSSH NYLLU LJVUVT` L ULSS»LMÄJPLUaH LULYNL[PJH 3H ZVSH (ZZVSVTIHYKH OH JLUZP[V ILU PTWYLZL H[[P]L Z\ X\LZ[V [LTH L *VUMHY[PNPHUH[V OH ZLNUHSH[V JVTL TVS[L WPJJVSL HaPLUKL Z[PHUV JLYJHUKV KP JYLH YL \U U\V]V TVKLSSV KP I\ZPULZZ PU X\LZ[V TLYJH[V ¸:P MH ZLTWYL WP JYLZJLU[L S»LZPNLUaH KP [YV]HYL Z[Y\TLU[P PU NYHKV KP Z\WWVY[HYL SL WPJJVSL PTWYL ZL ZWLZZV LZJS\ZL KHNSP ZJOLTP PUJLU[P]HU[PP ¶ OH JVTTLU[H[V -YHUJLZJH :HIH[PUP KP *VUMHY[P NPHUH[V 3VTIHYKPH ¶ L H X\LZ[V WYVWVZP[V HWWHYL \UV Z[Y\TLU[V PU[LYLZZHU[L JOL WV[YLIIL \[PSTLU [L LZZLYL HNNP\U[V HSSH :,5 S»PKLH KP \U MVUKV KP NHYHUaPH PKVULV H WYVT\V]LYL PU[LY]LU[P KP ,:*6 PU ÄUHUaPHTLU[V [YHTP[L [LYaP¹ .SP HWWYVMVUKPTLU[P SL ZVS\aPVUP PUUV]H[P]L L P JHZP Z[\KPV [YH[[H[P ULS WVTLYPNNPV KLSSH NPVYUH[H ZVUV KP ZWVUPIPSP JVTL ]HSPKV H\ZPSPV WLY KLJPZVYP VWLYH[VYP KP TLYJH[V LK LULYN` THUHNLY ULS ZP[V ^LI ^^^ ÄYL P[HSPH VYN

+"40

1*6KLS JDV QDWXUDOH H FHOOH D FRPEXVWLELOH SHU QDYL GD FDULFR SL HFRORJLFKH 0UUV]HaPVUP PTWVY[HU[P ZP WYVZWL[ [HUV WLY PS M\[\YV KLS [YHZWVY[V TH YP[[PTV HUJOL ZV[[V SH ZWPU[H KLSSL U\V]L UVYTH[P]L PU[LYUHaPVUHSP 046 JOL PTWVUNVUV H WHY[PYL KHS \UH KYHZ[PJH YPK\aPVUL KLNSP HNLU[P PUX\PUHU[P KLYP]HU[P KHSSH WYVW\SZPVUL UH]HSL <U»PU[LYLZZHU[L ZVS\aPVUL HYYP]H KHS -YP\SP =LULaPH .P\SPH KV]L NYHaPL H \U WYVNL[[V KP YPJLYJH PUK\ Z[YPHSL JVÄUHUaPH[V KHS 769 -,:9 \U NY\WWV KP PTWYLZL \UP]LYZP[n L JLU[YP KP YPJLYJH OH YLH SPaaH[V \U U\V]V JVUJLW[ KP UH]L H NHZ UH[\YHSL SPX\LMH[[V .53 LJVSV NPJH PU NYHKV KP LSPTPUHYL [V[HSTLU [L S»LTPZZPVUL PU H[TVZMLYH KP VZZPKP KP aVSMV L WHY[PJVSH[V L KP YPK\YYL SL LTPZZPVUP KP *6 L VZZPKP K»HaV[V YP ZWL[[P]HTLU[L KLS L KLSS» 0S NY\WWV KP YPJLYJH JVVYKPUH[V KH >pY[ZPSp 0[HSPH JHWVÄSH L JVTWVZ[V KH S»<UP]LYZP[n KP ;YPLZ[L L KP <KPUL (9,( :JPLUJL 7HYR 905( :LY]PJLZ

*LULYN` 5H]HSWYVNL[[P LK ,ULYN` (\[VTH[PVU ZP u WVZ[V S»VIPL[[P]V KP HMMYVU[HYL SH KVWWPH ZÄKH JOL ZP [YV ]H VNNP H MYVU[LNNPHYL PS JVTWHY[V +H \U SH[V [HNSPHYL PS JVZ[V KLS YPMVY UPTLU[V JVUP JHYI\YHU[P [YHKPaPVUHSP H IHZL KP VSPV JVTI\Z[PIPSL PS J\P YPU JHYV WV[YLIIL YHNNP\UNLYL H IYL]L PS JVU \UH ZWLZH HNNP\U[P]H KP KVSSHYP WLY [VUULSSH[H +HSS»HS[YV S»LZPNLUaH KP ZHS]HN\HYKHYL S»HT IPLU[L JVU SH KYHZ[PJH YPK\aPVUL KLNSP PUX\PUHU[P KHS WYPTH ULS SL JVZPKKL[[L aVUL ,*( ,TPZZPVU *VU[YVSSLK (YLH JVTWYLUKLU[P PS THY )HS[PJV L SL JVZ[L <:( JVU \U WVZZPIPSL HTWSPHTLU[V HS 4LKP[LY YHULV HK HSJ\UP KLP WP PTWVY[HU [P WVY[P HZPH[PJP JVTL :PUNHWVYL L HSS»6JLHUPH ¶ WVP KHS PU [\[[V PS TVUKV 0S WYVNL[[V u Z[H[V IH[[La aH[V 5.:OP7 L OH WVY[H[V HSSH YLHSPa aHaPVUL KLS WYPTV Z[\KPV KP MH[[PIPSP[n L KP JVU]LUPLUaH LJVUVTPJH KP \U

PTWPHU[V H NHZ UH[\YHSL SPX\LMH[[V WLY \UH UH]L KH JHYPJV KP TLKPL KP TLUZPVUP H S\UNV YHNNPV 3L PUUV]HaPVUP PU[YVKV[[L KHS WYV NL[[V WYL]LKVUV S»PUZ[HSSHaPVUL KP \U ZLYIH[VPV H[TVZMLYPJV PUKPWLUKLU[L PU NYHKV KP JVUZLU[PYL SV Z[VJJHN NPV KP NYHUKP X\HU[P[H[P]P KP .53 S»HZZLUaH KP JVTWYLZZVYP JYPVNLUPJP JOL JVTWVY[LYLIILYV \U HNNYH]PV KLP JVZ[P L PU WHY[PJVSHYL PS JVTWSL [V \[PSPaaV KLS )6. )VPS 6MM .HZ PS TL[HUV PU MVYTH NHZZVZH UH[\YHS TLU[L WYVKV[[V KHSSV Z[VJJHNNPV KP .53 WLY SH WYVK\aPVUL KP LULYNPH LSL[[YPJH TLKPHU[L S»PUZ[HSSHaPVUL KP JLSSL H JVTI\Z[PIPSL 8\LZ[»\S[PTH ZVS\aPVUL JVUZLU[L KP ZVWWLYPYL HP MHIIPZVNUP LULYNL[PJP KLSSH UH]L ULSSL JVUKPaPVUP KP UH]PNHaPVUL L KP WLYTHULUaH PU WVY[V YHKH ZLUaH SH ULJLZZP[n KLSS»\[PSPaaV KP NLULYH[VYP YPK\JLUKV \S[LYPVYTLU[L SL LTPZZPVUP PUX\PUHU[P

/D FULVL QRQ SLHJD LO FRPSDUWR GHOOҋHQJLQHHULQJ 0S JVTWHY[V KLSS»LUNPULLYPUN UVU u Z[H[V WHY[PJVSHYTLU[L PUÅ\LUaH[V KHSSH JVU[PUNLUaH LJVUVTPJH JOL OH PU[LYLZZH[V X\HZP [\[[P P ZL[[VYP LJVUVTPJP PU[LYUHaPVUHSP *P~ LTLY NL KHSSH :HSHY` .\PKL \U»PU KHNPUL Z]VS[H H SP]LSSV UHaPVUHSL Z\ KP \U JHTWPVUL KP WYVMLZZPVUPZ[P L HaPLUKL 5VU WVZZPHTV JLY [V HMMLYTHYL JOL PS WLYPVKV LJVUVTP JV ZPH KLP TPNSPVYP TH SH ZP[\HaPVUL UVU u JVZy HSSHYTHU[L JVTL ZLTIYH WLY P WYVMLZZPVUPZ[P KLS ZL[[VYL LU NPULLYPUN :LJVUKV P KH[P KLSS»PUKH NPUL PUMH[[P SL HaPLUKL UVU OHUUV ZTLZZV KP HZZ\TLYL TH OHUUV ZLTWSPJLTLU[L HSaH[V PS ¸[PYV KLS SH ZLSLaPVUL¹! ZL PU]LZ[VUV Z\ \UH YPZVYZH ]VNSPVUV LZZLYL ZPJ\YL KP H]LY ZJLS[V PS JHUKPKH[V WLYML[[V 3L ZVJPL[n ZVUV KP]LU[H[L WP LZPNLU[P L ZP PU[LYLZZHUV ZVSHTLU[L H WYV MLZZPVUPZ[P JVU \U IHJRNYV\UK \S[YH ZWLJPHSPaaH[V¶ ZWLJPL WLY X\HU[V YP N\HYKH NSP HTIP[P [LJUPJP , S»PKLU[PRP[ KLS JHUKPKH[V WLYML[[V ZP JVTWSL[H JVU SH WHKYVUHUaH KP HSTLUV \UH SPUN\H Z[YHUPLYH LZWLYPLUaH WS\ YPLUUHSL L KPZWVUPIPSP[n KP [YHZMLY[L HSS»LZ[LYV ¶ HUJOL KP S\UNV WLYPVKV 9PZWL[[V HSS»HUUV WYLJLKLU[L [YH P

JHVWLRQH HQHUJLD

WYVÄSP THNNPVYTLU[L YPJOPLZ[P KHSSL HaPLUKL ZWPJJHUV P 8\HSP[` 4HUHNLY ULS ZL[[VYL (\[VTV[P]L P 7YVNL[[PZ[P 4LJJHUPJP L P WYVMLZZPVUPZ[P ZWLJPH SPaaH[P PU 9 + , WYVWYPV SH YPWYLZH KLSSH ZLSLaPVUL PU HTIP[V ¸9PJLYJH L :]PS\WWV¹ u PUKPJH[P]H! SL HaPLUKL Z[HUUV PU]LZ[LUKV Z\ U\V]P WYVNL[ [P L WYVKV[[P JVUZLN\LU[LTLU[L N\HYKHUV JVU \U JLY[V V[[PTPZTV HS M\[\YV +P WYHZZP \UH JLY[H ]P]H JP[n PU HYLH 9 + HU[PJPWH KP X\HSJOL [LTWV \UH YPWYLZH LJVUVTPJH WP ZVSPKH =PLUL YLNPZ[YH[V \UV ZJHYZV PU[LYLZZL WLY WYVÄSP SLNH[P HS HSS»HYLH JOPTPJH! JOL ZVSP[HTLU[L SL HaPLUKL P[HSPHUL [LUKVUV H KL SVJHSPaaHYL HSS»LZ[LYV 0UÄUL 7YVNL[[PZ[P *VT TLYJPHSP L ;LJUPJP SLNH[P HSSL LULY NPL YPUUV]HIPSP L HSSH JVNLULYHaPVUL KLSSL IPVTHZZL ZVUV [YH P JHUKPKH[P WP KPMÄJPSP KH PUKP]PK\HYL! X\LZ[V WLYJOt PU 0[HSPH PS ZL[[VYL ¸NYLLU LULYN`¹ ]PLUL JVUZPKLYH[V HUJVYH JVTL ¸U\V]V¹ L ¸KP UPJJOPH¹ 5VU ZP UV[H[V ZPNUPÄJH[P]L ]HYPHaPVUP PU HTIP[V ZHSHYPHSL! NSP Z[PWLUKP ZVUV PU SPULH JVU PS [HZZV K»PUÅHaPVUL L WP KLSSH TL[n KLSSL HaPLUKL KLS ZL[[VYL WYVWVUL \UH JVTWVULU [L ]HYPHIPSL ULP JVTWLUZP 8\LZ[V

WLYTL[[L HSSL HaPLUKL KP H]LYL \UV Z[Y\TLU[V KP JVU[YVSSV Z\P JVZ[P HU U\HSP L HS JVU[LTWV HP WYVMLZZPVUP Z[P KP LZZLYL TV[P]H[P L YHNNP\UNLYL P WYVWYP VIPL[[P]P KP I\ZPULZZ <U MVY[L RUV^ OV^ PU \U ZL[[VYL ZWLJPÄJV W\~ LZZLYL \ZH[V KHP WYVMLZZPVUPZ[P KLS ZL[[VYL WLY JVU[YH[[HYL \U»VMMLY[H LJVUVTPJH WP HS[H YPZWL[[V HSSH TL KPH 0U 0[HSPH ZP YLNPZ[YHUV KPMMLYLUaL KH \U W\U[V KP ]PZ[H KLSSL YL[YPI\ aPVUP H JH\ZH KP \U WP LSL]H[V JV Z[V KLSSH ]P[H ULSSL KP]LYZL JP[[n! ULS 5VYK ¶ KV]L PUVS[YL SH JVUJVYYLUaH u WP HNN\LYYP[H SL YL[YPI\aPVUP ZVUV WP HS[L YPZWL[[V HS *LU[YV L HS :\K 0[HSPH 7\U[V MVUKHTLU[HSL JOL LTLYNL KHSS»PUKHNPUL /H`Z u PS YHWWVY[V KLP SH]VYH[VYP KLS JVTWHY[V JVU P ILULÄ[ UVU ÄUHUaPHYP 7YLZLU[P PU NYHUKL TPZ\YH PU 0[HSPH ]LUNVUV VMMLY[P KH HaPLUKL Z\ P ILULÄ[ ZVUV JVUZPKLYH[P JVTL PS WYPUJPWHSL Z[Y\TLU[V WLY [YH[[LULYL P TPNSPVYP WYVMLZZPVUPZ[P KPZWVUPIPSP Z\S TLYJH [V HSS»PU[LYUV KLSSH WYVWYPH HaPLUKH (S WYPTV WVZ[V [YH P ILULÄ[ THN NPVYTLU[L VMMLY[P YPJOPLZ[P ZP WPHaaH PS S»H\[V HaPLUKHSL WLY S» ZL N\P[V KHSS»HZZPJ\YHaPVUL ZHUP[HYPH L [LSLMVUV JLSS\SHYL

$SUH L EDWWHQWL OD ´6FXROD GHOOH (QHUJLHµ GHOOD 3URYLQFLD GL 5RPD H (1($ =LQJDUHWWL H /HOOL LQDXJXUDQR LO QXRYR SROR IRUPDWLYR SHU RSHUDWRUL GHOOҋHQHUJLD

7YLZZV PS *LU[YV 9PJLYJOL ,5,( KLSSH *HZHJJPH ULP WYLZZP KP 9VTH OH HWLY[V P IH[[LU[P SH :J\VSH KLSSL ,ULYNPL \U ]LYV L WYVWYPV WVSV MVYTH[P]V JOL JVZ[P[\PYn \U YPMLYPTLU[V WLY PS [LYYP [VYPV KP 9VTH L WYV]PUJPH WLY SH JLY[PÄJHaPVUL KLSSL U\V]L ÄN\YL WYVMLZZPVUHSP ULS JHTWV KLSS»LMÄJPLUaH LULYNL[PJH L KLSSL YPUUV ]HIPSP ZL[[VYP KLSSH ¸NYLLU LJVUVT`¹ PU YHWPKV Z]PS\WWV ULS UVZ[YV 7HLZL JOL WVZZVUV VMMYPYL U\V]L VWWVY[\UP[n KP VJJ\WHaPVUL *VU \UH JLYPTVUPH KP PUH\N\YHaPVUL PS 7YLZPKLU[L KLSSH 7YV]PU JPH KP 9VTH 5PJVSH APUNHYL[[P KHS *VTTPZZHYPV KLSS»,5,( .PV]HUUP 3LSSP PUZPLTL HSS»(ZZLZZVYL WYV]PUJPHSL HS 3H]VYV L HSSH -VYTHaPVUL 4HZZPTPSPHUV :TLYPNSPV OHUUV WYLZLU[H[V SL ÄUHSP[n KLSSH :J\VSH KLSSL ,ULYNPL 3»,5,( NHYHU[PZJL SH JLY[PÄJHaPVUL WYVMLZZPVUHSL L MVYUPZJL Z\WWVY[V HSSL YLNPVUP WLY SH KLÄUPaPVUL KLS WYVJLZZV KP JLY[PÄJH aPVUL HUJOL Z\SSH IHZL KLSSL Z\L JVTWL[LUaL NPn Z]PS\WWH[L PU X\LZ[V ZL[[VYL HUJOL ULSS»HTIP[V KP WYVNL[[P L\YVWLP 8\LZ[P JVYZP ZVUV JVUMVYTP HNSP Z[HUKHYK L\YVWLP L OHUUV SH WYLYVNH[P]H KP H]LY HKV[[H[V WLY WYPTP ZWLJPÄJP JYP[LYP KP X\HSP[n PS J\P ZJVWV u KP MVYUPYL \UH NHYHUaPH KP JVTWL[LUaH WYVMLZZPVUHSL HP JP[[HKPUP JOL \Z\MY\PYHUUV KLSSL WYLZ[HaPVUP KLNSP VWLYH[VYP MVYTH[P WYLZZV SH :J\VSH KLSSL ,ULYNPL <U MVY[L PU[LYLZZL u Z[H[V THUPMLZ[H[V KHSSL PTWYLZL JOL YP[LUNVUV SH MVYTHaPVUL KLS SVYV WLYZVUHSL MH[[VYL KP JVTWL[P[P]P[n L KP JYLZJP[H 3H JLY[PÄJHaPVUL KP U\V]L WYVMLZZPVUHSP[n ULS ZL[[VYL KLSS»LULYNPH WV[Yn VMMYPYL THNNPVYP VWWVY[\UP[n KP SH]VYV Z\S TLYJH[V KLS SH]VYV X\HSPÄJH[V PU 0[HSPH L ULNSP HS[YP WHLZP KLSS»<UPVUL ,\YVWLH 0 WYP TP JVYZP KP MVYTHaPVUL WLY WYVMLZZPVUPZ[P KLSS»LULYNPH VYNHUPaaH[P

KHSSH 7YV]PUJPH KP 9VTH WHY[PYHUUV NPn ULS TLZL KP UV]LTIYL 3»LKPÄJPV JOL HJJVNSPL SH ZJ\VSH u Z[H[V YLHSPaaH[V KHSS»,5,( JVU JYP[LYP KP HS[H LMÄJPLUaH LULYNL[PJH KPZWVUL KP \UH OHSS [LJUVSV NPJH KP H\SL L KP PTWPHU[P ¸H ]PZ[H¹ LK u Z[H[V JVUJLWP[V JVTL \U SHIVYH[VYPV WLY S»HWWSPJHaPVUL KP U\V]L ZVS\aPVUP PTWPHU[PZ[P JOL WLY PS YPZJHSKHTLU[V L PS JVUKPaPVUHTLU[V KLSS»HYPH HZZPZ[P[L KH MVU[P YPUUV]HIPSP 3L KV[HaPVUP PTWPHU[PZ[PJOL KP J\P KPZWVUL SH :J\VSH ZVUV YHWWYLZLU[H[L KH! PTWPHU[V KP ZVSHY OLH[PUN L JV VSPUN JOL YLHSPaaH PS YPZJHSKHTLU[V PU]LYUHSL L PS YHMMYLZJHTLU[V LZ[P]V" PTWPHU[V KP JSPTH[PaaHaPVUL JVU WVTWH KP JHSVYL H *6 KP [PWV WVSP]HSLU[L" PTWPHU[V KP JSPTH[PaaHaPVUL JVU 9VVM [VW H *6 .YHaPL H [HSP KV[HaPVUP PTWPHU[PZ[PJOL ]LYYn VMMLY[H HNSP Z[\KLU [P S»VWWVY[\UP[n KP HMÄHUJHYL HSSH KPKH[[PJH [YHKPaPVUHSL HUJOL SH WYH[PJH KPYL[[HTLU[L Z\NSP PTWPHU[P 0U HNNP\U[H H X\LZ[P PTWPHU[P ZVUV Z[H[P YLZP KPZWVUPIPSP HSJ\UP JVTWVULU[P KP PTWPHU[V JVU PS Z\WWVY[V KP WHY[ULY L KP HaPLUKL WYP]H[L PU TVKV KH JVZ[P[\PYL KLP ]LYP L WYVWYP ¸IHUJOP KP WYV]H¹ Z\ J\P JPTLU[HYZP WLY HJX\PZPYL SL JVTWL[LUaL ULJLZZHYPL KLNSP PUZ[HSSH[VYP KP PTWPHU[P KH MVU[L YPUUV]HIPSL 3»HSSLZ[PTLU[V KLSSL H\SL KPKH[[PJOL u Z[H[V YLHSPaaH[V KHSSH 7YV ]PUJPH KP 9VTH JOL PU[LUKL \[PSPaaHYL SH ZJ\VSH KLSSL LULYNPL JVTL UVKV JLU[YHSL KLSSH MVYTHaPVUL LULYNL[PJH KP [\[[H SH WYV ]PUJPH .SP Z[\KLU[P ZHYHUUV HNNPVYUH[P Z\SS»PTWPLNV KLSSL U\V]L [LJUVSVNPL WLY S»LMÄJPLUaH LULYNL[PJH L WLY S»\[PSPaaV KLSSL MVU[P LULYNL[PJOL YPUUV]HIPSP L H]YHUUV HUJOL PUMVYTHaPVUP KP IHZL Z\SSH YLSH[P]H SLNPZSHaPVUL L UVYTH[P]H [LJUPJH 3H WHY[LJPWHaPVUL HP JVYZP J\YH[H KHSSH 7YV]PUJPH KP 9VTH H[ [YH]LYZV ZWLJPÄJP IHUKP u HWLY[H ZPH H JOP KL]L HUJVYH JVTWSL [HYL S»VIISPNV MVYTH[P]V JOL H KPWSVTH[P L SH\YLH[P KPZVJJ\WH[P V NPn H[[P]P L WLYTL[[L KP JVUZLN\PYL SL X\HSPÄJOL KP WYVNL[[PZ[P L KP PUZ[HSSH[VYP KP PTWPHU[P HZZPZ[P[P KH MVU[P YPUUV]HIPSP KP WYVNL[ [PZ[P WLY SH YPX\HSPÄJHaPVUL LULYNL[PJH KLNSP LKPÄJP KP YLZWVUZHIPSP L KP [LJUPJP HKKL[[P HSS»PUZ[HSSHaPVUL KP PTWPHU[P JOL PU[LNYHUV KP]LYZL [LJUVSVNPL KP LM ÄJPLUaH LULYNL[PJH L KP MVU[P YPUUV]HIPSP KP LULYNPL 7YLZZV SH :J\VSH KLSSL ,ULYNPL ZP [LYYHUUV HUJOL JVYZP WLY SH MVYTHaPVUL KLP MVYTH[VYP WLY TPNSPVYH YL S»VMMLY[H MVYTH[P]H KLNSP LU[P KP MVYTHaPVUL NPn HJ JYLKP[H[P KHSSH YLNPVUL

--2+1 *"+1& JKR "?KIKJ@K I= #EAN= &JPANJ=VEKJ=HA @AH /A?QLANK @E *=PANE= A@ "JANCEA A 0REHQLLK 0KOPAJE>EHA (AUAJANCU = #EAN= &JPANJ=VEKJ=HA LAN H "JANCE= A H= *K>EHEP¸ 0KOPAJE>EHA /EIEJE &JBKġ SSS A?KIKJ@K ?KI JKR ļ"JANCU "Bł?EAJ?U /ALKNP +KRAI>NA KJRACJK "JANCU 0PN=PACU $NKQL *EH=JK &JBKġ SSS AJANCUOPN=PACU EP JKR "2/,*"! #K?QO OQHH A?K A@EHEVE= =HH= 5&& A@EVEKJA @ACHE &J?KJPNE @ BB=NE "QNK *A@EPANN=JAE *=NOECHE= &JBKġ DPPLġ ??EB I=NOAEHHA ?KI CAJ (HEI=DKQOA ` #EAN= EJPANJ=VEKJ=HA OLA?E=HEVV=P= LAN H ABł?EAJV= AJANCAPE?= A H= OKOPAJE>EHEP¸ EJ A@EHEVE= KHV=JK &JBKġ SSS łAN=>KHV=JK EP GHEI=DKQOA I=N 0"- $NAAJ / ARKHQPEKJ #EAN= EJPANJ=VEKJ=HA @AHHA PA?JKHKCEA LAN H= LNKPAVEKJA @AHH =I>EAJPA -=@KR= &JBKġ SSS OALKJHEJA EP =LN "JANCUIA@ ` "@EVEKJA *KOPN= KJRACJK OQHHA #KJPE /EJJKR=>EHE A H "Bł?EAJV= "JANCAPE?= JAH *A@EPANN=JAK +=LKHE &JBKġ SSS AJANCUIA@ EP

+,/* 1 & 3

(\[VYP[n WLY S»LULYNPH LSL[[YPJH L KLS NHZ +LSPILYH V[[VIYL 9 LMY +PZWVZPaPVUP LZZLUaPHSP HP ÄUP KLSSH YPWHY[PaPVUL KLNSP VIPL[ [P]P UHaPVUHSP KH JVUZLN\PYZP ULSS»HTIP[V KLS TLJJHUPZTV KLP [P[VSP KP LMÄJPLUaH LULYNL [PJH WLY S»HUUV +LSPILYH V[[VIYL 9 NHZ *YP[LYP WLY SH KLÄUPaPVUL KLS JVYYPZWL[[P]V \UH [HU[\T WLY SH JVWLY[\YH KLNSP VULYP KP NHYH WLY S»HMÄKHTLU[V KLS ZLY]PaPV KP KPZ[YPI\aPVUL KLS NHZ UH[\YHSL +LSPILYH V[[VIYL 9 LLS +L[LYTPUHaPVUL KLP WYLTP L KLSSL WLUHSP[n YLSH[P]P HSSH X\H SP[n KLS ZLY]PaPV KP [YHZTPZZPV UL KLSS»LULYNPH LSL[[YPJH WLY S»HUUV +LSPILYH V[[VIYL 9 LLS +L[LYTPUHaPVUP PU TH[LYPH KP PTWPHU[P LZZLUaPHSP L TVKPÄ JOL LK PU[LNYHaPVUP HSSH KPZJP WSPUH KP YPMLYPTLU[V KP J\P HSSH KLSPILYHaPVUL KLSS»(\[VYP[n WLY S»LULYNPH LSL[[YPJH L PS NHZ

0AIEJ=NE #&/"

+LSPILYH V[[VIYL , JVT

0AIEJ=NEK #&/" ļ)= LNAOAJP=VEKJA @AE LNKCAPPE LAN H KPPAJEIAJPK @E ?ANPEł?=PE >E=J?DE +KRAI>NA

(]]PV KP WYVJLKPTLU[V WLY S»HKVaPVUL KLS U\V]V YLNV SHTLU[V KLSSV :WVY[LSSV WLY PS JVUZ\TH[VYL KP LULYNPH

KNOE @E BKNI=VEKJA A =CCEKNJ=IAJPK LNKBAOOEKJ=HA LAN "JANCU *=J=CAN A@ "OLANPE EJ $AOPEKJA @AHH "JANCE= "+" #&/" +=LKHE JKRAI>NA -KN@AJKJA @E?AI>NA AOAJ= BA>>N=EK KHKCJ= I=NVK ,NEOP=JK I=CCEK &JBK OQġ SSS łNA EP=HE= KNC

+LSPILYH ZL[[LTIYL 9 JVT :LTWSPÄJHaPVUL KLSSL TVKH SP[n KP W\IISPJHaPVUL KLSSL [H ILSSL KP JVTWHYHaPVUL YLSH[P]L HP WYLaaP KP MVYUP[\YH KP LULYNPH LSL[[YPJH L KP NHZ UH[\YHSL

+LSPILYH ZL[[LTIYL 9 NHZ 0U[YVK\aPVUL KP \UH JSH\ZVSH KP ZHS]HN\HYKPH PU TH[LYPH KP YLT\ULYHaPVUL KLNSP PU]LZ[P TLU[P LMML[[\H[P KH U\V]L PT WYLZL KP Z[VJJHNNPV +LSPILYH ZL[[LTIYL 9 LMY =LYPÄJH KLS JVUZLN\PTLU[V KH WHY[L KLP KPZ[YPI\[VYP VI ISPNH[P WLY S»HUUV KLNSP VIPL[[P]P ZWLJPÄJP HNNPVYUH[P KP YPZWHYTPV LULYNL[PJV L KPZWV ZPaPVUP HSSH *HZZH JVUN\HNSPV WLY PS ZL[[VYL LSL[[YPJV PU TH [LYPH KP LYVNHaPVUL KLS YLSH[P]V JVU[YPI\[V [HYPMMHYPV +LSPILYH HNVZ[V YKZ 0UKP]PK\HaPVUL KLNSP LZWLY[P WLY SH ]LYPÄJH KLSSH JVUNY\P[n WLY[PULUaH L HTTPZZPIPSP[n KLSSL ZWLZL KVJ\TLU[H[L L KLP YPZ\S[H[P ÄUHSP JVUZLN\P[P ULSS»HTIP[V KLP WYVNL[[P KLS WPHUV KP YLHSPaaHaPVUL KLSS»HJJVYKV KP WYV NYHTTH [YH 4PUPZ[LYV KLSSV :]PS\WWV ,JVUVTPJV L *VUZP NSPV 5HaPVUHSL KLSSL 9PJLYJOL .LZ[VYL ZLY]PaP LSL[[YPJP 9LNVSHTLU[V KLSSL WYVJLK\YL JVUJVYYLUaPHSP WLY SH ZLSLaPV UL KLNSP Z[VJJH[VYP ]PY[\HSP Z\ ILU[YHU[P WLY S»HUUV Z[VJJHN NPV ¶ KP J\P HSSH KLSPILYHaPVUL KLSS»H\[VYP[n WLY S»LULYNPH LSL[[YPJH L PS NHZ NP\NUV HYN NHZ 4PUPZ[LYV KLSSV :]PS\WWV ,JVUVTPJV +,*9,;6 HNVZ[V 4VKPÄJH KLSSH KLÄUPaPVUL KP ¸YPMHJPTLU[V¹ WLY NSP PTWPHU[P KP JVNLULYHaPVUL JVU[LU\ [H ULS KLJYL[V ZL[[LTIYL ( .< U KLS

Le risposte ai Soci '

5 5

&RVD RIIULDPR