%*"+.)!!0$+/ !*0.+ !^0% 1*%2!./% (!.0+$1.0 + %/!.*%)%!*0+^0%+ !HAJPNK@A^PE?=@AH=1JERANOE@=@H>ANPK$QNP=@KLQ>HE?=LANEä@E?=IAJPAQJ>NARA%JBKNIA!PDKOKBNA?EAJ@K QJ=HA?PQN=ÛPE?=@AQJPAI=@AEJPANÛOJ=?EKJ=HL=N==UQ@=NAJAH@EO?ANJEIEAJPK@AQJFQE?EKIKN=HNAOLKJO=>HA ?KJREOP=O=QJ==??EäJ?KDANAJPA /A=@KLP=AHIÛPK@KECJ=?E=JK@AHPNELHAL=OKATLANEAJ?E=DA?DKNAATEäJOQ ?KILNAJOEäJAEILHE?=?EKJAOÛPE?=O=??EäJAHAIAJPKOL=N=AH@EO?ANJEIEAJPKQJ=NAATEäJOK>NAH=ATLANEAJ?E= ?KJIEN=O=QJ==??EäJ?KJOA?QAJPA %//* *v !H$A?DK (=I=UKNß=@AH=O@A?EOEKJAOÛPE?=OAJH=RE@=?KPE@E=J=JK?KJOEO PAJP=JPKAJKLP=NAJPNAQJI=HUQJ>EAJ?Q=JPKAJH=EILHAIAJP= ?EäJ@AQJ>EAJKAHNA?D=VK@AQJI=HAJQJ=OEPQ=?EäJ?KJ?NAP=U ?KILHAF= !JAOPAPANNAJKATEOPAIQ?D=ORA?AOH=EJ?ANPE@QI>NABNAJ PA=H=@A?EOEäJLNb?PE?=LKNMQAOAAOPbBNAJPA=QJ@EHAI=@KJ@AJK ?=>AQJ=NAOLQAOP=OAJ?EHH= !JL=H=>N=O@A/=JPK0KIbO@AMQEJK !J H=O ?KO=O LNb?PE?=O OA AJ?QAJPN= IQ?D= EJ?ANPE@QI>NA LKNMQA AH=?PQ=NOK>NAOEPQ=?EKJAOOEJCQH=NAOU?KJPEJCAJPAOLKNOQIEOI= R=NE=>EHE@=@NAOQHP=JEJ?EANP=O !J AH ?KJPATPK @A H=O OK?EA@=@AO =>EANP=O U LHQN=HAO AH @EO?ANJE IEAJPKNAOQHP=?H=RALKNMQAOARERA?=@=RAV?KJIbOBQANV=HKEJ ?EANPK (=NAOLQAOP=ÛPE?=BNAJPA=AOPALHQN=HEOIK?QHPQN=HLQA@A?KJ OEOPENAJH=>éOMQA@=@AOACQNE@=@=LKU=@=AJAHNÛCEIAJ@AH=HAU ?KIKHQC=NO=HRß?K@AHKOACQNKU@AHK?EANPK +PN==HPANJ=PER=AOAH NAH=PEREOIKNA@Q?EAJ@KHKÛPE?K=HKLNER=@KU=H=KL?EäJEJ@ERE@Q=H OEJ>QO?=NQJI=N?KÛPE?K?KIéJAJH=OK?EA@=@ !JAHBKJ@KAHLNK>HAI=AO@AIÛPK@Kz?äIKHHAC=N=QJFQE?EK ÛPE?Kz(=OACQNE@=@@AH=HAUMQA@E?P=HK>QAJKUHKI=HKKAHEJ@ERE @Q=HEOIKÛPE?KMQANA?D=V=QJDKNEVKJPAJKNI=PERK?KIéJ KILNAJOEäJ@AHDA?DK !PEIKHäCE?=IAJPAIÛPK@K@ANER=@AH=OL=H=>N=OIAPbD=?E=U K@äO?=IEJKULKN?KJOECQEAJPA@E?ANAH=?EäJ=H?=IEJK=NA?KNNAN L=N=?KJOACQENQJNAOQHP=@K@APANIEJ=@K !JKPN=OL=H=>N=OH=IAPK @KHKCß=AOQJ=AOPNQ?PQN=KLAN=PER=MQALANIEPAOEOPAI=PEV=N@AO= NNKHH=NU?KIQJE?=NQJ?KJK?EIEAJPKL=NPE?QH=N !HIÛPK@KAJH=ÛPE?=NAOLKJ@A=H=LNACQJP=OK>NAAH?äIKHHAC=N= QJFQE?EKIKN=HN=VKJ=>HAUK>FAPERK ,KNP=JPK=QJFQE?EKU=MQAJK OAPN=P=@AQJ@EO?QNOK@AO?NELPERKOEJKJKNI=PERKAHPKI=NLKOPQN= BNAJPA=QJ=OEPQ=?EäJ?KJ?NAP=>N=VKJ=>HAU=MQAOA=?Q@A=H=NA ATEäJL=N=LK@AN?KILNAJ@ANAR=HQ=NU@A?E@ENOK>NAHK?KNNA?PKU ?K>FAPERK=H>QO?=NMQAPK@=LANOKJ=AJH=IEOI=OEPQ=?EäJHHAC=N= =H=IEOI=?KJ?HQOEäJ !JAH?=OK@AH=ÛPE?=?NEOPE=J=H=LNACQJP=LKNH=IAPK@KHKCß=AO AHEJPANNKC=JPAOK>NAAH?äIKHHAC=N=QJFQE?EKIKN=HN=VKJ=>HA=?KN @A=HKO?NEPANEKO@AH!R=JCAHEKPN=JOIEPE@KOAJH=0N=@E?EäJU?KJN I=@KOLKNAH)=CEOPANEK@AH=%CHAOE= !H@AO=BßK?KJOEOPAAJ>QO?=NU AJ?KJPN=NQJ=AOPNQ?PQN=MQALK@Nß=AILHA=NOAL=N=@EOPEJPKO?KJPA JE@KOAJ@EBANAJPAO?KJPATPKO ,ANK=@AIbOH=LNAK?QL=?EäJLKNAHIÛPK@KPEAJAQJ=NAH=?EäJ@E NA?P=?KJH=?KILNAJOEäJ@AH=J=HE@=@@AH=ÛPE?=?NEOPE=J= OßQJ= IAJP=HE@=@HAC=HEOP=PEAJ@A=NA@Q?ENQJEH=PAN=HIAJPAAHOACQEIEAJPK @ANEOPK=H?QILHEIEAJPK@AHAUAO@AP=HI=JAN=MQAAHOACQEIEAJPK OA AJPEAJ@A AT?HQOER=IAJPA AJ PÛNIEJKO @A ?QILHEIEAJPK AOPNE?PK @AHAUAOIKN=HAO !JAOPA?=OKH=AH=>KN=?EäJ@AH@EO?QNOKIKN=HLNE REHACE=H=BKNIQH=?EäJ@AJKNI=OLNA?EO=OU?H=N=OL=N==OACQN=NAH ?QILHEIEAJPK@AH=ÛPE?=?NEOPE=J= +PNK B=?PKN ?H=RA AO H= R=HKN=?EäJ @AH OQFAPK ÛPE?K LKN L=NPA @A =MQAHMQAAH=>KN=AH@EO?QNOKIKN=H !JH=IA@E@=MQAAHOQFAPKAO LAN?E>E@K?KIKQJJEãKÛPE?KEJ@ALAJ@EAJPA@AOQA@=@ULKNP=JPK EJ?=L=V@AAFAN?ANNAOLKJO=>HAULHAJ=IAJPAOQFQE?EKÛPE?KLNA@K IEJ=NbAH@EO?QNOKLNAO?NELPERKAJPÛNIEJKO@AJKNI=OUHAUAOU=MQA OA @AO?KJBß= @AH NA?PK QOK @A OQ HE>ANP=@ ?KJ@E?EäJ EJ@EOLAJO=>HA L=N=?KJCQN=NH=APE?E@=@@AQJ=?PK ,KNKPN=L=NPAAOLNA?EOKNA ?KN@=NMQAAHPN=PKAJQJ=NAH=?EäJ?KJ@E?EKJ=BQANPAIAJPA=HOQFAPK !O@A?ENOEAHOQFAPKAOPN=P=@K?KIKQJJEãKHKIbOLNK>=>HAAOMQA =H=H=NC=NA=??EKJA?KIKP=H=QJMQAOA=QJ=@QHPK !JPAN?ANHQC=NQJ?KNNA?PK=JbHEOEO@AH?KJPATPK?QHPQN=H@AJPNK @AH?Q=HOAAJ?QAJPN=AHOQFAPKÛPE?K 1J=JbHEOEOMQAHHAC==H=?KJ ?HQOEäJMQAH=?NEOEOIKN=H@AH=ÛLK?==?PQ=HOA@A>ALNEJ?EL=HIAJPA =H@AO?KJK?EIEAJPKKH=?KJBQOEäJBNAJPA=H=JKNI=OQ>N=U=NbAJ ?KJOA?QAJ?E= QJ @EO?QNOK JKNI=PERK >=O=@K AJ HAUAO IKN=HAO /EJ AI>=NCK OE H= ?QHPQN= ?QAOPEKJ= AH OAJPE@K @A H= IEOI= JKNI= P=H @EO?QNOK NAOQHP= ?QHPQN=HIAJPA ENNAHAR=JPA U= MQA ?KJOPEPQUA QJ= LNKLQAOP=MQAJKNAOLKJ@A=H=LNACQJP=LH=JPA=@= H=RAVH=@EOPEJ?EäJJA?AO=NE=AJPNAAHIÛPK@KUAH?KJPAJE@KNA OEOPA?Q=HMQEANEJPAJPK@AOAL=N=?EäJU=MQANAOQHP=J?KILHAIAJP= NEKOLQAOPKMQAQJKEJQUA@ENA?P=IAJPAAJAHKPNK OßH=LNACQJP= LKNHKBQJ@=IAJP=HUHKBQJ@=JPA@AH?KJPAJE@KI=N?=AH?=IEJKHKO =?EANPKOUHKOHßIEPAO@AQJIÛPK@KLKNKPN=L=NPAH=KL?EäJLKNQJ @APANIEJ=@KIÛPK@KAH?äIKEJ?E@ENb@ENA?P=IAJPAAJH=?KILNAJ OEäJ@AH?KJPAJE@KAHMQÛUOQLNEKNEV=?EäJ PßPQHK@AAFAILHKQJ @APANIEJ=@KRANH=NA=HE@=@IÛPK@KLNEKNEV=NbQJ?KJPAJE@KOK>NA KPNKAJAHIKIAJPK@AH=?PQ=N ,ANKP=I>EÛJQJAOMQAI=@AHFQE?EK ?KJPAJE@K@ENECAAHRANAJQJ=@ENA??EäJ@APANIEJ=@= ,KNéHPEIKH=LNACQJP=LKNH=BKNI=?EäJ@AHFQE?EKÛPE?KPEAJAQJ= @K>HA@EIAJOEäJU=MQAJKOAHEIEP=OäHK=HLNK?AOK?KCJEPERKAH?äIK OAHHAC==AIEPENQJFQE?EKÛPE?KOEJKP=I>EÛJEILHE?=QJ=AOPNQ?PQN= ARKHQPER= @A AOPA IEOIK LNK?AOK AH ?NA?EIEAJPK AJ H= IKPER=?EäJ ?KIKAOPNQ?PQN=@AN=?EKJ=HE@=@AJH=BKNIQH=?EäJ@AQJFQE?EK éJ IbOCAJAN=HIAJPAH=NAATEäJÛPE?=JKOAD=DA?DK?=NCK@AH=?KI LHAIAJP=NEA@=@AJPNAH==BA?PERE@=@UH=N=?EKJ=HE@=@AJAHFQE?EKÛPE?K !J H= DEOPKNE= @A H= ÛPE?= D=J LNA@KIEJ=@K @KO ?KNNEAJPAO MQA KBNA?AJL=N=@ECI=O@EOPEJPKO?KJNAOLA?PK=HIÛPK@KH=@AKJPKHK Cß=UH=PAHAKHKCß= !JAHBKJ@K=I>KOAJBKMQAOPEAJAJ=H=HAU?KIK NABANAJPALNEJ?EL=HUOA@EOPEJCQAJLKNAHHQC=NMQAOAHAKPKNC=AJAH FQE?EKÛPE?K?KJ?NAPK=H=@AKJPKHäCE?=MQAAOP=>HA?AH=R=HE@AV@AH= JKNI=EJ@ALAJ@EAJPAIAJPA@A?Q=HMQEAN?EN?QJOP=J?E=MQAOALQA@= LNAOAJP=NU>H=PAHAKHäCE?=MQA=PEAJ@A=H=O?KJOA?QAJ?E=OLNAREOE >HAO@AQJ==??EäJAJAHIKIAJPK@ANA?QNNEN=H=JKNI= !H@A>=PA=?PQ=HAJPNAH=O@KOLKOPQN=OOAOEPé=AJAH?KJPATPK@A H==?ALP=?EäJ@AH=JA?AOE@=@@AH=JKNI=H=@EBANAJ?E=NAOE@AAJH= I=JAN=@A=LHE?=NH==H=OEPQ=?EäJ?KJ?NAP= ,KNP=JPKOKJ@EBANAJ?E=O @A=?AJPKJKLKNAHHKIAJKONAHAR=JPAU=MQAAJPAJ@E@=O@AI=JA N=LKH=NEV=@=OKJÛPE?=IAJPAEJOKOPAJE>HAO (=LANOLA?PER=@AKJPKHäCE?=FQJPK?KJI=JPAJANHKEJPNßJOA?= IAJPA I=HK @AF= HQC=N L=N= H=O AT?AL?EKJAO K NA?QNNA = LNEJ?ELEKO EJPANLNAP=PERKOMQA=OQIAJH=EILKNP=J?E=@AH=O?EN?QJOP=J?E=O?KJ ?NAP=O?KIKLKNAFAILHKAHLNEJ?ELEK@A@K>HAABA?PKUH=ALEMQAU= L=N=NAOKHRANLNK>HAI=OÛPE?KO?KJE?PERKO OßPN=@E?EKJ=HIAJPAH= LNKDE>E?EäJIKN=H@AHJKI=P=NNA?E>AH=OAT?AL?EKJAO@AH=HACßPE I=@ABAJO=H=CQANN=FQOP=H=IQANPA@AHPEN=JKUH=LAJ=@AIQANPA OßP=I>EÛJH=LKOPQN=PAHAKHäCE?=?=AAJLQNK?KJOA?QAJ?E=HEOIKOE @AO?KJK?AAH@EO?QNOKK>FAPERK@AH=JKNI=LKNMQANA@Q?AH=ÛPE?== QJ==LNA?E=?EäJOQ>FAPER==L=NPEN@AH=OOKH=O?EN?QJOP=J?E=OJAC=J @KH=LKOE>EHE@=@@AAH=>KN=NQJ@EO?QNOK?KDANAJPA?=L=V@AKNEAJP=N =HOQFAPKAJH=O@EOPEJP=OOEPQ=?EKJAO OßOEJJAC=NH=@ERANOE@=@@AI=PE?AOAJQJ=UKPN=PAJ@AJ?E=OA EILKJAQJ=?KILNAJOEäJPAHAKHäCE?=@AH=OJKNI=O@AKJPKHäCE?=O ?=L=V@A@EO?ANJENH=@A>E@=EILKNP=J?E=@AH=?EN?QJOP=J?E=?KJ?NAP= OEJJAC=NH=QJERANO=HE@=@@AH=JKNI=KAJPÛNIEJKOPN=@E?EKJ=HAO ?=L=V@AAR=HQ=NOEH=O?KJ@E?EKJAO@AH=OEPQ=?EäJ?KJ?NAP=?=I>E=J AHK>FAPK@AH=?PKLKNAFAILHKAJH=OEPQ=?EäJ@AQJ=CQANN=FQOP= ?Q=J@KOAOQOLAJ@AAHJKI=P=NLKNN=VäJ@AH@ANA?DK=H=LNKLE= @ABAJO=MQAPEAJAJHKOLQA>HKO I>=OLKOPQN=O?AJPN=JOQNAATEäJLNEJ?EL=HIAJPAAJH==??EäJ IKN=H@AKJPKHKCß=KAJOQO?KJOA?QAJ?E=OPAHAKHKCß=IbOMQAAJAH OQFAPKIKN=H HF=NOAQJEH=PAN=HIAJPAAJH==??EäJOA?KNNAAHLAHECNK @AOQ>N=U=NAT?AOER=IAJPAH=JKNI=MQAFQOP=IAJPAPELE?=H==??EäJ !JAOPA?=OKP=I>EÛJOA?KNNAAHLAHECNK@AJK@AF=NAJ?H=NKH=BQJ?EäJ LA@=CäCE?=JA?AO=NE=LANKF=IbOO=HRß?=?B #bH=P=O %ILHE?=?EKJAOÛPE?=O ?PQ=HIAJPAAJAOPAEJPAJPK@A?KILHAIAJP=N=I>=OLKOPQN=O OALNKLKJAQJ=ÛPE?=@A@EO?ANJEIEAJPKMQA?AJPN=H=NAATEäJIKN=H AJAHOQFAPKNAO?=P=J@K=H=RAVH=BQJ?EäJLA@=CäCE?=@AH=HAUOEJ NAILH=V=NH=?AJPN=HE@=@@AH=?KJ?EAJ?E= (=RAN@=@AN=@ECJE@=@@AH DKI>NANAMQEANAMQAÛH=?PéAOACéJOQ?KJ?EAJ?E=UHE>NAAHA??EäJ AO@A?ENIKRE@KUCQE=@KLKNQJ=?KJRE??EäJLANOKJ=HAEJPANJ=U JKLKNQJ?EACKEILQHOKEJPANEKNQK>HEC=@KLKNIAN=?K=??EäJATPA NEKN=@=QJKLQAO@A>ANb@A@=N?QAJP=@AOQLNKLE=RE@==JPAAH PNE>QJ=H@A EKOOACéJOQO>QAJ=OKOQOI=H=O=??EKJAO ,KN?KJOE CQEAJPAKPN=LKOE>EHE@=@@AEJPANLNAP=NÛPE?=IAJPAH=NA=HE@=@AOAH NA?QNOK=HLNK?AOK@A@EO?ANJEIEAJPK@KJ@AAHNABANAJPALNEJ?EL=HAO H=AOLENEPQ=HE@=@ !HNA?QNOK=?Q=HMQEANIÛPK@KAJPN=ã=OQOLAHECNKO ,KNQJ=L=NPA H=HAUJKLQA@A?K@E?=NJE?Q>NENPK@=OH=OOEPQ=?EKJAOLKOE>HAO ,KN KPN=L=NPANAOQHP=ARE@AJPAH=JA?AOE@=@@AHKJKNI=PERK?KIKLNE IAN=AP=L=AJAH?NA?EIEAJPK@APK@=LANOKJ=LKNMQAAJPÛNIEJKO LOE?KOK?EKHäCE?KOAHLNEJ?ELEK@ANA=HE@=@LKJAHßIEPAO=HEJ@ERE@QK =B=RKN@AH=?KJRERAJ?E=U?KJPN=AHOEILHALNEJ?ELEK@ALH=?ANK@A ?=LNE?DK OEIEOIK JK OA LQA@A JAC=N AH LAHECNK @AH =QPKAJC=ãK AJ QJ OQ>FAPEREOIKMQA>QO?=H=LNKLE=?KJRAJEAJ?E=UMQEVbOEJ?KJO?EAJ PAIAJPA H= O=PEOB=??EäJ @A HKO LNKLEKO EJPANAOAO ,ANK P=ILK?K OA LQA@A KHRE@=N AH KPNK LAHECNK @AH HAC=HEOIK MQA BQJ@=IAJP= AJ AH ?QILHEIEAJPK AO?NQLQHKOK @A H= HAU H= LNKLE= OACQNE@=@ U H= =QPK FQOPE?=?EäJBNAJPA=H=O=HR=?EäJCN=PQEP=RANH=L=Nb>KH=@AHB=NEOAK UAHLQ>HE?=JKAJ(? AO@AQJ=LANOLA?PER=?NEOPE=J=H=?KILNAJOEäJ@AHLNK?AOK@A @EO?ANJEIEAJPKÛPE?KEILHE?==AHK>FAPKUAHK>FAPERK@AH@EO?ANJE IEAJPKÛPE?KAOH=RKHQJP=@@A EKO?B .KIIA@E=JPAH=>éO MQA@= @A HK >QAJK HK =CN=@=>HA U HK LANBA?PK ?B .KI L=N= NA=HEV=NOEAILNAHKIAFKN?B "HL>H=J=HE@=@@AH=HAUAOLA@= CäCE?=AJ?Q=JPK=UQ@==H@EO?ANJEIEAJPKLANKAJJEJCéJIKIAJPK LQA@AOQOPEPQENHKU=MQAAJAOPA?=OKJKOANß=QJ=@A?EOEäJHE>NAJE NAOLKJO=>HA?B #bH?AH@EO?ANJEIEAJPKBKNI=L=NPA@AH= AOPNQ?PQN=ÛPE?=@AHOQFAPKLKNMQA@E?ANAH=?EäJ=OQNAOLKJO=>EHE@=@ OAOEPé=AJAHbI>EPK@AH=KL?EäJBQJ@=IAJP=HU?KJOPEPQUAAHAFAN?E ?EK@AH=?KJ?EAJ?E=@H=@A?EOEäJÛPE?=AOBNQPK@AHLNK?AOK@AH@EO ?ANJEIEAJPKUAAH@EO?QNOKÛPE?KOK>NAAH@EO?ANJEIEAJPKPEAJAOQO N=ß?AODEOPäNE?=OAJH=RENPQ@@AH=LNQ@AJ?E= !H@EO?ANJEIEAJPKÛPE?KAJPKNJK=QJ=@A?EOEäJL=NPE?QH=N?KJO PEPQUAQJLNK?AOKAJAH?Q=HOALQA@AJ@EOPEJCQENOECQEAJ@KH=PN= @E?EäJPKIEOP=OK>NAH=OPNAOL=NPAO@AH=LNQ@AJ?E=?KJOEHEQIEQ@E ?EQILN=A?ALPQIPNAOAP=L=O (= AHE>AN=?EäJH=?KILNAJOEäJÛPE?=@A=MQAHHKMQAOALNKLKJA =H==?PQ=?EäJEILHE?=H=>éOMQA@=@AHR=HKNK@AHKOR=HKNAOMQAAO PbJAJFQACK@AJPNK@AH=OEPQ=?EäJ?KJ?NAP=U?KJNABANAJ?E==H=O LANOKJ=OEJRKHQ?N=@=O !JAHBKJ@KOAPN=P=@AAO?H=NA?ANAHOECJE ?=@K@AH=OEPQ=?EäJ !JAOPK=UQ@=H=ATLANEAJ?E=LANOKJ=H@AOEPQ= ?EKJAOOAIAF=JPAOU=RERE@=OUH=ATLANEAJ?E=@AKPNKOMQAD=JOE@K ?K@E?=@=OAJJKNI=O !H&QE?EKH=JKNI=AOH=?KJ?NA?EäJDEOPäNE?=@AHR=HKNU?KJOPE PQUAQJ=IA@E=?EäJAJPNAAHFQE?EKLNb?PE?KUAHR=HKNMQAOA>QO?= EILHAIAJP=N ,KNP=JPKAHL=LAHLA@=CäCE?K@AH=JKNI=EHQIEJ=AH FQE?EKLANKJKHKOQOPEPQUALKNMQAÛOPA>QO?=H=NA=HEV=?EäJ@AHR=HKN AJQJ=OEPQ=?EäJ?KJPEJCAJPAUL=NPE?QH=N (=QJERANO=HE@=@K>FAPER= @AH=JKNI=JKOEAILNA?KEJ?E@A?KJH=NAOLKJO=>EHE@=@LANOKJ=HAJ H=L=NPE?QH=NE@=@@AH=OEPQ=?EäJ (=?PQ=?EäJAJLNEJ?ELEKJKATEOPAQJ=@EBANAJ?E=AJPNAAHFQE ?EKUH==?PQ=?EäJ?KJOA?QAJPA /EJAI>=NCKAOLKOE>HAMQAJKOA= ?KJRAJEAJPAL=O=NEJIA@E=P=IAJPA=H==??EäJAJH=AOLAN=@A?KJ@E ?EKJAOIAFKNAOKMQAQJIEOIKFQE?EKPAJC=R=NE=O=?PQ=?EKJAO?KJ ?=PAJ=@=O !JAHIKIAJPK@AH==?PQ=?EäJAJPN=JJQARKOAHAIAJPKO H=?KJRAJEAJ?E=H=A?=?E=H=O?KJOA?QAJ?E=O@ENA?P=OAEJ@ENA?P=O H=NAH=?EäJAJPNAAHAOBQANVKNA=HEV=@KUAHNAOQHP=@KK>PAJE@KH=NA H=?EäJAJPNAHKOABA?PKO>QAJKOEJPAJ?EKJ=@KOUHKOI=HKO=?ALP=@KO ?KIK?KJOA?QAJ?E=EJ@ENA?P=H=NAH=?EäJAJPNAAH>EAJLANOKJ=HUAH >EAJ?KIQJEP=NEKH=NAH=?EäJAJPNAHKOK>FAPERKOUNAOQHP=@KO=?KNPK IA@E=JKUH=NCKLH=VK !H@EO?ANJEIEAJPKÛPE?KRANO=OK>NAHKOIA@EKOMQA?KJ@Q?AJ=H J *KOA@EO?EANJAAHJAHDKNEVKJPA@AHKOR=HKNAOOEJKOALNACQJ P=OK>NAHKOIA@EKOMQA?KJ@Q?AJ=HJH=NA=HEV=?EäJDEOPäNE?=@AH R=HKNAJQJ=OEPQ=?EäJ?KJ?NAP=U@APANIEJ=@= !JKPN=OL=H=>N=OAH @EO?ANJEIEAJPKÛPE?K@E?ANAH=?EäJ=HJOEPQ=@KH=NA=HEV=?EäJ@AHJ AJQJ?KJPATPKDEOPäNE?K !HAIAJPKOL=N=AH@EO?ANJEIEAJPK !HIÛPK@K@AH@EO?ANJEIEAJPKÛPE?KJK?KJOPEPQUAJEJCQJ=JKRA @=@AJAHLAJO=IEAJPKA?HAOE=H 5=&Q=J44%%%AJ )=PANAP)=CEOPN= AO?NE>A(KOLNEJ?ELEKOCAJAN=HAO@AQJ=@K?PNEJ=OK?E=HOAHHA R=J=H=LNb?PE?=?KIéJIAJPAIA@E=JPAPNAOB=OAOLNEIAN=AT=IAJ ?KILHAPK@AHRAN@=@ANKAOP=@K@AH=OEPQ=?EäJOACQJ@=R=HKN=?EäJ AT=?P=@AAOP=OEPQ=?EäJ=H=HQV@AHKOLNEJ?ELEKOUPAN?AN=@APANIE J=?EäJ@AHKLKOE>HAK@AHKK>HEC=PKNEKL=N==LHE?=NHKOLNEJ?ELEKO@A =?QAN@K?KJH=O?EN?QJOP=J?E=O@APEAILKU@AHQC=N /KJPNAOB=OAO@A QJIEOIKLNK?AOKMQAOQAHAJATLNAO=NOA?KJAOPKOPNAORAN>KORAN FQVC=NU=?PQ=N*K !OPA IÛPK@K BQA P=I>EÛJ =OQIE@K LKN ,=>HK 2% AJ H= AJ?ß?HE?= +?PKCAOEI=@RAJEAJO %J?QI>A=H=O?KIQJE@=@AO?NEOPE=J=O =J=HEV=N?KJK>FAPERE@=@H=OEPQ=?EäJLNKLE=@AOQL=ßOAO?H=NA?ANH= IA@E=JPAH=HQV@AH=L=H=>N=EJ=HPAN=>HA@AH!R=JCAHEK@A@Q?ENLNEJ ?ELEKO@ANAATEäJJKNI=O@AFQE?EKU@ENA?PNE?AO@A=??EäJOACéJH=O AJOAã=JV=OOK?E=HAO@AH=%CHAOE=P=H?KIKD=JOE@KAH=>KN=@=O=HK H=NCK@AH=DEOPKNE=*K !HIÛPK@KLNKLQAOPK@A@EO?ANJEIEAJPKÛPE?K?KJOPEPQUAQJLNK ?AOK AJ ?Q=PNK AP=L=O = %JOP=J?E= AILßNE?= QJ= =?H=N=?EäJ U QJ= LNA?EOEäJ PAIbPE?= z?QbH AO AT=?P=IAJPA AH DA?DK > %JOP=J?E= EJPAN@EO?ELHEJ=NE=H=?KILNAJOEäJ@AH=PAIbPE?=?KJOE@AN=J@KOQO EILHE?=?EKJAOUOQO?KJOA?QAJ?E=OzMQÛOECJE?=AHDA?DK?%JO P=J?E= PAKHäCE?KÛPE?= H= >éOMQA@= @A HKO R=HKNAO EILHE?=@KO AJ H= PAIbPE?=zMQÛR=HKNAOAOPÛJAJ@EO?QOEäJU@%JOP=J?E=LNb?PE?= AHAOP=>HA?EIEAJPK@AH=LNEKNE@=@=TEKHäCE?=AJBQJ?EäJ=H==??EäJ ?KJ?NAP=zMQÛ?KNNAOLKJ@AD=?AN ,KNP=JPKAHLNK?AOK@A@EO?ANJEIEAJPKÛPE?KOANA=HEV=IA@E=J PA=H==?H=N=?EäJ@AHDA?DKOEPQ=?EäJLQJPQ=H>OQIbTEI=?KI LNAJOEäJAJOQ?KJPATPKIbO=ILHEK?H=NAATEäJOK>NAHKOR=HKNAO EILHE?=@KOU@AHLNK?A@EIEAJPK=QJ=@A?EOEäJ?KJ?NAP=MQAIAFKN NA=HEV=AHR=HKNAJH=OEPQ=?EäJ?KJ?NAP= ,KN?KJOECQEAJPAL=N=AJBNAJP=NÛPE?=IAJPAHKOLNK>HAI=OMQA OQNCAJ@AQJ=I=JAN=NAATER=OALQA@ANA?QNNEN=QJ=IAPK@KHKCß= MQA?KJOP=@A?Q=PNKIKIAJPKO=@AHEIEP=NAHDA?DK>?KILNAJ @AN ?=>=HIAJPA AH DA?DK ? @AO?Q>NEN HKO R=HKNAO EILHE?=@KO AJ AH DA?DKU@L=O=N=H=@A?EOEäJÛPE?= 1J=ÛPE?=@A@EO?ANJEIEAJPKPEAJAOQBQAJPAAJAHLAJO=IEAJPK L=QHEJK U LKOPANEKNIAJPA BQA @AO=NNKHH=@= LKN %CJ=?EK @A (KUKH= ?KJOE@AN=@KAHéHPEIKI=AOPNK@AH=@EO?NA?EäJ@AAOLßNE PQOUAHIbO@A?EOERKL=N=H=ÛLK?=OECQEAJPA /EJAI>=NCKOQ=LHE ?=?EäJJKOAHEIEP==H@EO?QNOK?NEOPE=JKLKNMQAAHLNK?AOKLQA@ABKN IQH=NOAP=I>EÛJAJPÛNIEJKON=?EKJ=HAO@AQJ=HKOKBß=DQI=JEOP= /=JPK0KIbO@AMQEJK/QI=0AKHäCE?=%%%M =NP %JNA>QO=QPAI=CAJ@EOIQHP=EJ?ANPEPQ@KEJRAJEPQNMQE==?PEKJAOOQJP?EN?=OEJCQH=NE= ?KJPEJCAJPE=MQ=ALNKLPANOQER=NE=>EHEP=PAIEJ?ANP=OQJP !HLNEJ?ELEK@A@K>HAABA?PKAOP=>HA?AOQLKJAQJ?KJPATPKAJAH?Q=HQJ==??EäJ@APANIEJ=@=LNKRK?=OEIQHPbJA=IAJPA@KO?KJOA?QAJ?E=O@A H=O?Q=HAOQJ=AOLKOEPER=IEAJPN=OMQAH=KPN=OA=JAC=PER= !JAOP=OOEPQ=?EKJAOOAAOP=>HA?AJ?Q=PNK?KJ@E?EKJAO=H=>KJ@=@K=HIAJKOH=EJ @EBANAJ?E=IKN=H@AH==??EäJ>H=DKJAOPE@=@@AHJ?H=EJ@ALAJ@AJ?E=@AHABA?PK>QAJK@AHI=HKU@QJ=N=VäJLNKLKN?EKJ=HIAJPACN=RA !H LNEJ?ELEK@AH=ALEMQAU=PEAJAQJP=H=JPAÛPE?KFQNß@E?K@=@KMQALNAOQLKJAQJ=OEPQ=?EäJ@KJ@AH=LANOLA?PER=IKN=HJK?KEJ?E@A?KJH=FQNß@E?= RECAJPA /APN=P=@AQJ=OEPQ=?EäJ?KJ?NAP=JKLNAREOP=JELNAREOE>HALKNAHHACEOH=@KNMQAEJ@Q?A=HHAC=N=QJFQE?EKIKN=HLNb?PE?K@ERANOK@A=MQAH BKNIQH=@KLKNAHHACEOH=@KNFQOP=IAJPAL=N=LK@ANOANAH=HAOLßNEPQ@AHHACEOH=@KN?KJPAJE@KAJH=HAULNKIQHC=@= (=AJ?ß?HE?=2ANEP=PEO/LHAJ@KNMQA@AAJ@AH=LKOPQN=@AKJPKHäCE?==@IEPAMQAH=ÛPE?=?NEOPE=J=MQALNEREHACE=H==PAJ?EäJ=HK>FAPKIKN=HJK NA?D=V=?KJOE@AN=NH=PAHAKHKCß=EJPANEKN@AHK>N=NAJ?Q=JPKKNEAJP=@K=LNKIKRANAHRAN@=@ANK>EAJ@AH=LANOKJ=OEJKMQANA?KJK?AMQAÛOPA OäHKOALNAPAJ@ANA=HIAJPA?Q=J@KOANAOLAP=JHKOAHAIAJPKOAOAJ?E=HAO@AH=J=PQN=HAV=DQI=J= @AIbOFQJPK?KJAOP=>HA?ANMQAATEOPAJ=? PKOMQAOKJEJPNßJOA?=IAJPAI=HKOOEAILNAULKNOßIEOIKOAO@A?ENLKNOQK>FAPKEJ@ALAJ@EAJPAIAJPA@AH=OQHPANEKNAOEJPAJ?EKJAO@AMQEAJ =?Pé=U@AH=O?EN?QJOP=J?E=O=ã=@AMQAOEJJAC=NAJ=>OKHQPKAHEJQFKMQAOK>NAH=IKN=HE@=@PEAJAJH=O?EN?QJOP=J?E=OUOK>NAPK@KH=OEJ PAJ?EKJAO?B *KOU B 2ANEP=PEO/LHAJ@KN*KO !HDKI>NAJKOAFQOPE?=LKNH=OK>N=O@AH=(AUOEJKOäHKLKNH=BAAJ&AOQ?NEOPK#bH KJ?EHEK2=PE?=JK%%#=Q@EQIAP/LAO*K B NKOPäPAHAO!PE?==*E?äI=?K>=O=JPK0KIbO@AMQEJK/QI=0AKHäCE?=%%%%M =NP UM $×NEJC"NAA=J@"=EPDBQH EJDNEOP%*AS5KNG/A=>QNU,NAOOLL & .KMQA&QJCAOMQAOP=K@K@EO?ANJEIAJPKÛPE?KAJ)=N?EK"=>NE@KOJFKO!@ 0A I=OH=PEJK=IANE?=JKO@AÛPE?=L=NA?E@=/=JPQbNEKL 2AN$ *K>HA(A@EO?ANJAIAJP@AH=?KJO?EAJ?A,=NßO, (APDEAHHAQTMQA?KJOE@AN=H=OPNAOL=NPAO@AH=LNQ@AJ?E=?KIKAP=L=O@AH@EO?AN JEIEAJPKH=B=OA@AHE>AN=PER=@AH?KJOAFKH=B=OANAOKHQPKNE=@AHFQE?EKUH=B=OAEILAN=PER=@AH=ONA=HEV=?EKJAO 2AN& .KMQA&QJCAOKJ?EAJ?E=U@EO?ANJEIEAJPK.KI=,KJPE?E=1JERANOE@=@#NACKNE=J=LL HCQJKOIKN=HEOP=OLNKLKJAJQJ=?KILNAJOEäJIAJKOFQNß@E?=@AH=ALEMQAU=L=N=OEPQ=NH=AJH=O@A?EOEKJAO?KPE@E=J=O 2AN! $=IAH!LEMQAU= AJ( .KOOEU 2=HOA??DE!@O E??EKJ=NEKAJ?E?HKLÛ@E?K@APAKHKCß=IKN=H)=@NE@,=QHEJ=OLL B O=JPK0KIbO@AMQEJK/QI=0AKHäCE?=%%%%M =NP =@U=NP !OPAIÛPK@KOA>=O=AJH=@EJbIE?=ECJ=?E=J=@AATLANEAJ?E=NAATEäJ=??EäJAO@A?ENOANAATEKJ=OK>NAH=ATLANEAJ?E=L=N=LNK?A@AN=QJ= =??EäJ?KJOA?QAJPAU?KDANAJPA 0=I>EÛJOAEJOLEN=AJANJ=N@(KJANC=JO F )APDK@EJ0DAKHKCU0KNKJPK1JERANOEPUKB0KNKJPK,NAOOAH KNECEJ=HAO@AH=ãKMQEAJLKOPQH=HKO?Q=PNKJERAHAOALEOPAIKHäCE?KOOQ?AOERKOUNAH=?EKJ=@KOLANK?Q=HEP=PER=IAJPA@EOPEJPKO@AH=ATLA NEAJ?E=H=?KILNAJOEäJAHFQE?EKUH=@A?EOEäJ $=UMQAIAJ?EKJ=N=&Q=J=OE=JKAHNABKNI=@KN@AHIKJ=MQEOIKK??E@AJP=HMQEAJBQAAHLNEIANKAJ?KKN@EJ=NAJQJ==ILHE=REOEäJ @A?KJFQJPKH=@K?PNEJ==O?ÛPE?=UIßOPE?=@AHKO=JPECQKOIKJFAO@A!CELPK !JKHH=PEKJAOPN=P=@AI=JAN=ATPAJO=AHPAI=@AH=@EO ?NA?EäJ@AAOLßNEPQO ! 'HEJCAN EO?NA?EäJ@AAOLßNEPQOAJ 22 /=?N=IAJPQI)QJ@E%%=N?AHKJ=$AN@AN?KH %*"+.)!!0$+/ AJPNK@A^PE?= HIEN=JPA=NNKOK/=JPE=CK 0AHÛBKJK"=T /EPEKSA>DPPLAPE?= Q=DQNP=@K ?H OEJSSS (KO%JBKNIAO!PDKOJKLNAPAJ@AJ=CKP=NQJPAI=?KIKP=ILK?K LNKJQJ?E=NQJ=L=H=>N=?KJ?HQOER= /QLNKLäOEPKAOLKJAN@ANAHEARA H=@EIAJOEäJÛPE?=AJH=@EO?QOEäJOK>NAPAI=OMQAEJ?E@AJAJH=RE@= ?EQ@=@=J= ,KNAHHKJKOALNAPAJ@ALAJO=NÛPE?=IAJPALKNKPNKOOEJK AOPEIQH=N=KPNKOL=N=LAJO=NÛPE?=IAJPA (KO%JBKNIAOOKJAH=>KN= @KOLKN0KJU)EBOQ@O F =LKU=@KLKNAHAMQELK@AHAJPNK@A^PE?= !HHE>NK A?EOEKJAO.AOLKJO=>HAO !HEV=>APD(EN= ENA?PKN=2ANäJE?=JCQEP=J@NÛO/QbNAV QJ=ÛPE?=@AH@EO?ANJEIEAJPK?KILAJ @EK@AHKOLNEIANKO%JBKNIAO!PDKO AOPb=H=RAJP=AJ(E>NANß=)AP=HAO ,AO=@KOSSS IAP=HAOLAO=@KO ?H