.ÃTBMMÃEFMBDSJTJT 7JTJÓOEFBMVNOPTZQSPGFTPSFT EFMBFTDVFMBTFDVOEBSJBBSHFOUJOB *OÊT%VTTFM "OESFB#SJUP1FESP/ÙÒF[ %VTTFM*OÏT .ÈTBMMÈEFMBDSJTJTWJTJØOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJB BSHFOUJOB*OÏT%VTTFM"OESFB#SJUP1FESP/Þ×F[BFE#VFOPT "JSFT4BOUJMMBOB QYDN *4#/ &EVDBDJØO.FEJB*#SJUP"OESFB**/Þ×F[1FESP***5ÓUVMP $%% *4#/ ª'VOEBDJØO4BOUJMMBOB "W-FBOESP/"MFN$""1 $JVEBE"VUØOPNBEF#VFOPT"JSFT 3FQÞCMJDB"SHFOUJOB 2VFEBIFDIPFMEFQØTJUPRVFNBSDBMBMFZ *NQSFTPFO"SHFOUJOB1SJOUFEJO"SHFOUJOB .ÃTBMMÃEFMBDSJTJT 7JTJÓOEFBMVNOPTZQSPGFTPSFT EFMBFTDVFMBTFDVOEBSJBBSHFOUJOB *OÊT%VTTFM "OESFB#SJUP1FESP/ÙÒF[ "HSBEFDJNJFOUPT "MB'VOEBDJÓO4BOUJMMBOBFTQFDJBMNFOUFB&NJMJBOP.BSUÎOF[ %BWJE%FMHBEPEF3PCMFT)FSNJOJB.ÊSFHBZ(MBEZT&TQFSBO[B RVFOPTDPOWPDBSPOBJOWFTUJHBSFTUBQSPCMFNÃUJDBZDPOàBSPOFO OVFTUSBDBQBDJEBEQBSBBQPSUBSVOBOVFWBNJSBEB "M$&*"$FOUSPEF&TUBEÎTUJDBF*OGPSNÃUJDB"QMJDBEB EFM¦SFB &DPOPNÎBZ5FDOPMPHÎBEF'-"$40"SHFOUJOBTPCSFUPEPB+PPO )#BOH-VJT"DPTUBZ.BHEBMFOB.BSMPXRVFEJTFÒÓMBNVFTUSBZ SFBMJ[ÓFMSFMFWBNJFOUPZQSPDFTBNJFOUPEFMBJOGPSNBDJÓO "MBTFTDVFMBTQSPGFTPSFTZBMVNOPTEFMBTFTDVFMBTEFUPEPFM QBÎTEPOEFSFBMJ[BNPTMBJOWFTUJHBDJÓO "MB%JOJFDFEFM.JOJTUFSJPEF&EVDBDJÓO$JFODJBZ5FDOP MPHÎBEFMB/BDJÓORVFOPTGBDJMJUÓMBJOGPSNBDJÓOEFCBTFQBSB TFMFDDJPOBSMBTFTDVFMBT "(BCSJFM,FTTMFSRVFBDUVÓDPNPDPOTVMUPSFOUPEPFMQSP DFTPBQPSUBOEPJEFBTMJUFSBUVSBTVHFSFODJBTZDPSSFDDJPOFTNÃT RVFCJFOWFOJEBT "-VDÎB-JUJDIFWFSQBSUFJOUFHSBOUFEFMFRVJQPPSJHJOBMRVF GVFNBNÃEF&NBBNFEJBEPTEFMBJOWFTUJHBDJÓOZQPSFTPOP QBSUJDJQÓFOMBSFEBDDJÓOEFFTUFMJCSP ".BSJBOB/ÓCJMFRVFTVHJSJÓWBMJPTBTJEFBTQBSBFMDBQÎUVMP TPCSFMPTBMVNOPT "MPTBNJHPTZDPMFHBTEFMÃSFB&EVDBDJÓOEF'-"$40"SHFO UJOBEPOEFUSBCBKBNPTQPSEBSOPTVONBSDPEFEJTDVTJÓOMÙDJEPZ TJFNQSFFTUJNVMBOUFTPCSFMBFEVDBDJÓOBSHFOUJOB "OVFTUSBTGBNJMJBTQPSFMDBSJÒPFMBMJFOUPZMBQBDJFODJB %FEJDBNPTFTUFMJCSPB&NBZ+VMJÈORVFUBNCJÏOMMFHØBMBWJEB EF1FESP/Þ×F[EVSBOUFMBJOWFTUJHBDJØO ZBMPTIJKPTRVFWFOESÈO DPOHBOBTEFRVFDVBOEPWBZBOBMBFTDVFMBQVFEBOWBMPSBSZBQSFO EFSNVDIBTDPTBTUBOUBTPNÈTRVFMBTRVFIPZFODPOUSBNPTFOFTUF FTUVEJP ¶OEJDF "ĘģĒĕĖĔĚĞĚĖğĥĠĤ *ğĥģĠĕĦĔĔĚŭğ $ĒġŧĥĦĝĠ -ĠĤġģĠėĖĤĠģĖĤĪĝĒĖĤĔĦĖĝĒĤĖĔĦğĕĒģĚĒ ĚĕĖĒĝĖĤģĖĒĝĚĕĒĕĖĤĪĖĤġĖģĒğīĒĤ $ĒġŧĥĦĝĠ -ĠĤĒĝĦĞğĠĤĪĝĒĖĤĔĦĖĝĒĤĖĔĦğĕĒģĚĒ ħĚĤĚŭğĚğĤĥģĦĞĖğĥĒĝĪĔĠğėĚĒğīĒĖĤĥģĒĥţĘĚĔĒ $ĒġŧĥĦĝĠ %ĠĔĖğĥĖĤĪĒĝĦĞğĠĤĖğġĖģĤġĖĔĥĚħĒĔĠĞġĒģĒĕĒ ĔĠĞĦğĚĕĒĕĔĠğħĚħĖğĔĚĒĪĔĠğėģĠğĥĒĔĚŭğ ĖğĝĒĖĤĔĦĖĝĒĤĖĔĦğĕĒģĚĒ $ĒġŧĥĦĝĠ .ĚģĒĕĒĤęĒĔĚĒĕĖĝĒğĥĖĝĒĖĤĔĦĖĝĒĚĕĖĒĝ "ğĖĩĠǺ "ğĖĩĠǻ "ğĖĩĠǼ #ĚēĝĚĠĘģĒėŧĒ *OUSPEVDDJØO &TUFMJCSPQSFTFOUBMPTSFTVMUBEPTEFVOBJOWFTUJHBDJØOEF BMDBODFOBDJPOBMDPOMBRVFTFCVTDØSFMFWBSMBTQFSDFQDJPOFTEF QSPGFTPSFTZFTUVEJBOUFTTPCSFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 5PEBJOWFTUJHBDJØOTVSHFEFVOBGPSNVMBDJØOEFQSPCMFNBTZ FYJHFEFmOJSBMHVOPTDBNJOPTFTQFDÓmDPTEFJOEBHBDJØO1BS UJFOEPEFMEJBHOØTUJDPEFMBDSJTJTZEFMBUSBOTGPSNBDJØOEFM OJWFMTFDVOEBSJPFMFTUVEJPTFQSFHVOUØTPCSFMBFWBMVBDJØO RVFIBDFOMPTBDUPSFTEFTVTFTDVFMBTMPTFMFNFOUPTRVFWBMP SBOMBTDSÓUJDBTRVFMFTGPSNVMBOZMBTEFNBOEBTRVFQMBOUFBO &OFTUBJOUSPEVDDJØORVFSFNPTTF×BMBSFMQBOPSBNBHFOFSBM EFMBFTDVFMBTFDVOEBSJBFOFMDVBMTFJOTDSJCFOVFTUSPUSBCBKP ZMBTEFmOJDJPOFTDPODFQUVBMFTZNFUPEPMØHJDBTRVFFTUÈOFO MBCBTFEFMBJOWFTUJHBDJØO -BFTDVFMBTFDVOEBSJBFOUSBOTJDJØO -BFTDVFMBTFDVOEBSJBFTUÈFOFMDFOUSPEFMBBHFOEBEFMB EJTDVTJØOZMBSFGPSNBFEVDBUJWB1PSVOMBEPTPOOPUPSJPT MPT DBNCJPT SFDJFOUFT JOUSPEVDJEPT QPS MB -FZ /BDJPOBM EF &EVDBDJØORVFWVFMWFOBJOUFHSBSFMOJWFMTVQFSJPSEFMBFTDP MBSJEBECÈTJDBDPOFM1PMJNPEBMFOVOTPMPFTQBDJPDVSSJDVMBSF JOTUJUVDJPOBMFOMPRVFBMHVOPTMMBNBSPOiMBWVFMUBEFMTFDVO EBSJPw1PSPUSPMBEPQSPMJGFSBOMPTFTUVEJPTZQVCMJDBDJPOFT TPCSFMBTJUVBDJØOEFMBFTDVFMBTFDVOEBSJBFOUSFFMMPT,FTTMFS 5FOUJ5JSBNPOUJ+BDJOUP(BMMBSU RVFJOUFOUBOEJBHOPTUJDBSZQSFDJTBSMPTDPOUPSOPTEF VOB JOTUJUVDJØO RVF BQBSFDF iFTUBMMBEBw iGSBHNFOUBEBw iWB DJBEBEFDPOUFOJEPTwPiKBRVFBEBwQPSNÞMUJQMFTEFNBOEBT &TUBDFOUSBMJEBETFWJODVMBBMIFDIPEFRVFTJOMVHBSB EVEBTFMOJWFMNFEJPFTVOPEFMPTNÈTDSÓUJDPTZDPNQMFKPT EFMTJTUFNBFEVDBUJWPBSHFOUJOPUBMDPNPTVDFEFFONVDIPT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB PUSPTQBÓTFT"MBQFSDFQDJØOEFRVFMBFEVDBDJØOUJFOFTFSJBT GBMFODJBTFOTVGVODJPOBNJFOUPUBOUPFOMBTEFTJHVBMEBEFT TPDJBMFT Z DVMUVSBMFT RVF QSPEVDF Z SFQSPEVDF DPNP FO MB DBMJEBEEFMBTFYQFSJFODJBTFEVDBUJWBTRVFQSPQPOFTFTVNB VOEJBHOØTUJDPFTQFDÓmDPRVFVCJDBBMBFTDVFMBTFDVOEBSJB DPNPVOÈNCJUPQBSUJDVMBSNFOUFBRVFKBEPQPSMBiQÏSEJEB EFTFOUJEPwEFMBJOTUJUVDJØOFTDPMBS5FOUJ -PTJOEJ DBEPSFTEFSFQFUJDJØOZEFTFSDJØOMPTEFmDJFOUFTSFTVMUBEPT EFQSVFCBTBDBEÏNJDBTZMBTOPUBOBJTMBEBTFYQFSJFODJBTEF WJPMFODJB Z EFTFTUSVDUVSBDJØO JOTUJUVDJPOBM TPO NVFTUSB EF FMMPoBVODVBOEPIBCMFOEFGFOØNFOPTEJTUJOUPTo4FEJDF RVFMBFTDVFMBTFDVOEBSJBZBOPFOTF×BRVFIBQFSEJEPTV SVNCPRVFOPQSFQBSBBMPTKØWFOFTQBSBFMNVOEPEFIPZ &TRVJ[ÈTFMIFDIPEFRVFTFEJSJKBBMPTKØWFOFTFMFTQBDJP HFOFSBDJPOBMRVFNÈTBDVTBSFDJCPEFMPTDBNCJPTTPDJBMFT FDPOØNJDPT DVMUVSBMFT Z QPMÓUJDPT SFDJFOUFT FM RVF MMFWB B RVF MB DSJTJT EF MB FTDVFMB TFDVOEBSJB OP TFB VO GFOØNFOP BSHFOUJOPZBRVFTFFTDVDIFOBOÈMJTJTTJNJMBSFTFOEJWFSTBT QBSUFTEFMNVOEP#SBTMBWTLZ &MEJBHOØTUJDPEFMBDSJTJTOPFTOVFWPZFTUVWPFOMBCBTF EFMBTSFGPSNBTFEVDBUJWBTRVFTFJNQMFNFOUBSPOFOMB"SHFO UJOBFOMBEÏDBEBEFMOPWFOUB&OFTFQFSÓPEPTFQSPEVKFSPO BMHVOPTDBNCJPTJNQPSUBOUFTFOUSFMPTRVFEFTUBDBNPTMBFY UFOTJØOEFMBPCMJHBUPSJFEBEMBJODPSQPSBDJØOEFTFDUPSFTTP DJBMFTRVFFTUBCBOUSBEJDJPOBMNFOUFFYDMVJEPTEFMOJWFMNFEJP MBBSUJDVMBDJØOEFMBQSJNBSJBDPOMBTFDVOEBSJBoFOGVODJØO EFMBTEJWFSTBTTPMVDJPOFTBEPQUBEBTQBSBFMUFSDFSDJDMPEFMB &(#o MB DSFBDJØO EFM 1PMJNPEBM Z TV BSUJDVMBDJØO DPO MBT USBEJDJPOBMFTNPEBMJEBEFTEFMBFTDVFMBTFDVOEBSJBMBUSBOT GPSNBDJØO EF MBT GPSNBT EF SFHVMBDJØO EFM &TUBEP OBDJPOBM ZMBBQBSJDJØOEFOVFWPTGPSNBUPTJOTUJUVDJPOBMFTSFTVMUBOUFT EFFTUBTBEPQDJPOFTZBEBQUBDJPOFT5PEPTFMMPTDPOmHVSBSPO VOBDBSUPHSBGÓBEFMBFEVDBDJØOTFDVOEBSJBNVZEJGFSFOUFEF MBRVFIBCÓBNPTDPOPDJEPBMPMBSHPEFMTJHMPĩĩRVFIBCÓB *öüú÷ìýëëñħö WJTUPNÈTDPOUJOVJEBEFTZBNQMJBDJPOFTEFMBNJTNBNBUSJ[ RVFSVQUVSBT1VJHHSØT%VTTFM {$VÈMFSBFTBNBUSJ[RVFRVFSÓBUSBOTGPSNBSTFNFEJBOUFMBT SFGPSNBT %PTIJTUPSJBEPSFTOPSUFBNFSJDBOPT%BWJE5ZBDLZ -BSSZ$VCBO IBOQSPQVFTUPMBIJQØUFTJTEFRVFIBZ VOBHSBNÈUJDBEFMBFTDVFMBRVFTJHVFJOBMUFSBCMFEFTEFIBDF VOTJHMPZNFEJP%FTDSJCFOMBHSBNÈUJDBFTDPMBSDPNPFMDPO KVOUPEFSFHMBTRVFEFmOFMBTGPSNBTFORVFMBTFTDVFMBTEJ WJEFOFMUJFNQPZFMFTQBDJPDMBTJmDBOBMPTFTUVEJBOUFTZMPT BTJHOBOBDMBTFTDPOGPSNBOFMTBCFSRVFEFCFTFSFOTF×BEPZ FTUSVDUVSBOMBTGPSNBTEFQSPNPDJØOZBDSFEJUBDJØO&TUBTGPS NBTTPOTFHÞO5ZBDLZ$VCBOVOTVTUSBUPEFBMUBQFSEVSBCJ MJEBEFOFMUJFNQPZFMFTQBDJPFTUBCMFDJFOEPRVÏTFFOUJFOEF QPSFTDVFMBQPSCVFOBMVNOPZCVFOEPDFOUFZRVFSFTJTUFB CVFOBQBSUFEFMPTJOUFOUPTEFDBNCJP&TUBIJQØUFTJTIBTJEP NVZEJTDVUJEBFOUSFPUSPTQPS7J×BP'SBHP QFSPOPT JOUFSFTBSFNBSDBSTVGFSUJMJEBEQBSBQFOTBSMBDPOUJOVJEBEEF MBNBUSJ[EFMBFTDVFMBTFDVOEBSJBFOMB"SHFOUJOBZFMIFDIP EFRVFMPTBDUPSFTFEVDBUJWPTTJHBOTPTUFOJFOEPBMHVOBTEFTVT DBSBDUFSÓTUJDBTDPNPNPEFMPEFVOBiCVFOBFTDVFMBw &OUSF MPT FMFNFOUPT EF FTB HSBNÈUJDB P NBUSJ[ RVF QFS EVSBSPOEVSBOUFMBNBZPSQBSUFEFMDPOWVMTJPOBEPTJHMPRVF BDBCBEFUFSNJOBSQVFEFOEFTUBDBSTFMBPSHBOJ[BDJØODFOUSB MJ[BEBEFMOJWFMRVFIBTUBEFQFOEÓBFOHSBOQBSUFEFM .JOJTUFSJP /BDJPOBM EF &EVDBDJØO FM DVSSÓDVMP IVNBOJTUB FODJDMPQÏEJDPDPNPQVOUBMEFMBKFSBSRVÓBEFTBCFSFTRVFFT UBCMFDÓBMBFTDVFMBMBPSHBOJ[BDJØOEFBVMBTSJUVBMFTZEJTDJQMJ OBFTDPMBSRVFTFHVÓBGPSNBTSÓHJEBTDFOUSBEBTFOMPTBEVMUPT ZQFOTBEBTQBSBMBGPSNBDJØOEFMBFMJUFMBFTUSVDUVSBEFIP SBSJPT Z SFDSFPT RVF QFSQFUVBCB MB GSBHNFOUBDJØO EFM TBCFS Z MB EFTBSUJDVMBDJØO EF MB QSPQVFTUB GPSNBUJWB FO QFRVF×PT HBKPT1FSPTPCSFUPEPIBZVOBTQFDUPRVFFTUÈQPSGVFSBEF MPRVF5ZBDLZ$VCBOTF×BMBOQBSBFMDBTPOPSUFBNFSJDBOP .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB QFSP RVF EFmOF VOB QBSUF JNQPSUBOUF EF MP RVF NBOUFOÓB VOBJEFOUJEBEEFMBTFTDVFMBTTFDVOEBSJBTBSHFOUJOBTEVSBOUF UPEPFTFUJFNQPQFSEVSØVOBTFOTBDJØOEFiQFSUFOFDFSwBVO HSVQPEFmOJEPZTFMFDUPZTFDSFÓBRVFFTBQFSUFOFODJBQFS NJUÓBBDDFEFSBVOBGPSNBDJØORVFEBCBVODJFSUPFTQÓSJUVF JEFOUJEBEBTVTBDUPSFTRVFVOJmDBCBBEPDFOUFTZBMVNOPT FOMBQFSDFQDJØOEFFTUBSIBDJFOEPBMHPTJHOJmDBUJWPQBSBTVT WJEBTZQBSBMBEFMQBÓT 7FBNPTBNPEPEFJMVTUSBDJØOFMSFMBUPRVFFTDSJCJØ'MP SFODJP&TDBSEØSFDPOPDJEPNÏEJDPQFEJBUSBBSHFOUJOPBDFSDB EFTVTEÓBTFOFM$PMFHJP/BDJPOBMEF#VFOPT"JSFT4VTSF DVFSEPTBQPSUBONVDIPTFMFNFOUPTEFFTBHSBNÈUJDBFTDPMBS EFMBRVFIBCMÈCBNPT i-BFTDVFMBBQBSFDÓBDPNPVOFTQBDJPSÓHJEPDBTJDBSDF MBSJP RVF QFSNJUÓB DPOGSPOUBS PQPOFSTF Z UBNCJÏO SF DPOPDFSTFPQSPZFDUBSTFFOFTFFTQFKPEFEJGFSFODJBDJØOF JEFOUJmDBDJØORVFDPOTUJUVZFMBTVCKFUJWJEBEBEPMFTDFOUF ,BODZQFS &MFTUBSPCMJHBEPTBFTUVEJBSDVNQMJS IPSBSJPT FTUSJDUPT SFBMJ[BS JOOVNFSBCMFT UBSFBT FTDPMBSFT IBDÓB RVF NVDIBT WFDFT &TDBSEØ Z TVT DPNQB×FSPT TJO UJFSBOMBWJEBFTDPMBSDPNPAJOTPQPSUBCMF&OUPODFTAMBT SBCPOBTMBTFTDBQBEBTMBTCSPNBTUSFNFOEBTZFTUÞQJEBT <FSBO>MBTOFDFTBSJBTDPNQFOTBDJPOFTEFFTBUFOTJØOWJUBM NBMDBOBMJ[BEBJOBEFDVBEBTQFSPMØHJDBTGPSNBTEFMBSF CFMEÓBw&TDBSEØQ -BTFOTBDJØOEFTFSiNVDIBDIPTEJTGSB[BEPTEFIPNCSFTw EFEFTDPOTJEFSBDJØOEFMNPNFOUPWJUBMEFMBBEPMFTDFODJBZ EFUPUBMTFQBSBDJØOEFMBWJEBDPOUFNQPSÈOFBFODPOEJDJPOFT WJWJEBTDPNPFODJFSSPDPFYJTUÓBDPOVOTFOUJNJFOUPEFQFS UFOFODJBBVOFTQÓSJUVEJTUJOUPTVQFSJPSEFTUJOBEPBHSBOEFT UBSFBT&TDBSEØPCTFSWBRVFTVFTDVFMBUSBOTDVSSJØBMBQBSRVF MB1SJNFSB(VFSSB.VOEJBMZMPTMFWBOUBNJFOUPTZNBTBDSFT *öüú÷ìýëëñħö EFQFSPTFTPSQSFOEFBMSFTF×BSRVFOBEBEFFTPFO USBCBBMBFTDVFMBQPSDPNFOUBSJPTEFMPTQSPGFTPSFTMJCSPT EFUFYUPPNBUFSJBMFTEFMFDUVSB3FDVFSEBBMHPTPSQSFOEJ EPRVFNVDIPTEFTVTDPNQB×FSPTEFBVMBNJMJUBCBOFOMB -JHB1BUSJØUJDB"SHFOUJOBVONPWJNJFOUPQSPUPGBTDJTUBEF MBEÏDBEBEFZTFQSFHVOUBMÞDJEBNFOUFQPSRVÏFO VOÈNCJUPEFGPSNBDJØOMJCFSBMDPNPFMRVFTFQSPQPOÓBFM DPMFHJP OVODB TF QVTP FO EJTDVTJØO MB BDDJØO YFOØGPCB Z BVUPSJUBSJBEFFTUPTFTUVEJBOUFT&TUBFTDJTJØOFOUSFTBCFSFT FTDPMBSFTWJEBDPOUFNQPSÈOFBZGPSNBDJØOQPMÓUJDBTFQSP MPOHBSÓBIBTUBCJFOFOUSBEPFMTJHMPĩĩDVBOEPMBSFBMJEBETF iDPMBSÓBwQPSQSFTJPOFTFTUVEJBOUJMFTZUBNCJÏOQPSMBTJOEJ DBMJ[BDJØONBHJTUFSJBM 0USPFMFNFOUPDFOUSBMEFFTBHSBNÈUJDBFTDPMBSFSBMBTF QBSBDJØO DPO SFTQFDUP B MBT GBNJMJBT 4J MB FTDVFMB QSJNBSJB FSBNÈTNBUFSOBMZiDPOUFOFEPSBwMBTFDVOEBSJBEFCÓBTFSFO DBNCJPNÈTQBUSJBSDBMWFSUJDBMFJNQFSTPOBM&TDBSEØSFDVFS EBBOÏDEPUBTBMSFTQFDUPRVFOPQFSEJFSPOUPUBMWJHFODJBFOMBT FTDVFMBTBDUVBMFT i1JFOTP RVF PUSP GBDUPS RVF OPT IBDÓB WJWJS B SBUPT FM $PMFHJP DPNP VOB DÈSDFM FSB MB UPUBM JODPNVOJDBDJØO DPSEJBMRVFFYJTUÓBFOUSFÏMZOVFTUSPTQBESFT/PTPUSPT NJTNPTÏSBNPTFMTPMPZÞOJDPQVFOUFQPTJCMFFOUSFMB DBTBZMBFTDVFMB$VBOEPÏTUBMMBNBCBBVOQBESFFSB JOFWJUBCMFNFOUF QBSB OPUJmDBSMF RVF TV IJKP BOEBCB NBMZMFFTDSJCÓBUBOTPMPQBSBIBDFSMFTBCFSRVFIBCÓB TJEPDBTUJHBEP{1PSRVÏOVODBQBSBGFMJDJUBSMPTJBOEB CBCJFO {1PSRVÏOPQBSBJOWJUBSMPBMBTDFMFCSBDJPOFT QBUSJBT %FFTFNPEPTPMPFMJOUFSÏTEFMBGBNJMJBIBDÓB QPTJCMF RVF MB WJEB FTDPMBS Z TVT QSPGVOEBT WJWFODJBT UVWJFTFOSFBMJEBEFOFMTFOPEFMBDBTBEFQBSUFEFM$P MFHJPTPMPMMFHBCBOMBTOPUJDJBTOFHBUJWBTPDBUBTUSØmDBTw &TDBSEØQ .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB &TJOUFSFTBOUFPCTFSWBSUBNCJÏODVÈMFTFSBOMBTGPSNBTEF MBUSBOTHSFTJØOFOMBWJEBFTUVEJBOUJM-BTSBCPOBTFTDBQBEBT ZCSPNBTQFTBEBTOPMPFSBOUPEP-PRVFSFDVFSEB&TDBSEØ OPFTVOPSEFOJONBDVMBEPPJODVFTUJPOBCMFTJOPVOBPSHB OJ[BDJØORVFCVTDBCBJOTUBMBSFOMPTBMVNOPTTPMJEBSJEBEFT JEFOUJEBEFT Z DPNQPSUBNJFOUPT RVF MPT JCBO B VOJS FO TVT WJEBTGVUVSBTZRVFFTUBTTPMJEBSJEBEFTTFFYUFOEÓBOEFTEFMPT BMVNOPT IBDJB FM DVFSQP EF QSPGFTPSFT7ÏBTF QPS FKFNQMP RVÏQBTBCBDPOFMDJHBSSJMMPVOFMFNFOUPDMÈTJDPEFMBEJTQVUB FOUSFHFOFSBDJPOFTFOMBFTDVFMBTFDVOEBSJB i'VNBSDPOTUJUVÓBVOBDPNQVMTJØOJODPOUSBTUBCMFDPO USBMBRVFMBTQSPIJCJDJPOFT<y>TØMPDPOTFHVÓBORVJO UBFTFODJBSFMJOHFOJPEFMBUSBOTHSFTJØO&OMBTDMBTFTEF MPTQSPGFTPSFTEJTUSBÓEPTPNVZCFOÏWPMPTTFGVNBCBEF VONPEPDMBOEFTUJOPZUPMFSBEPTPMPFOMPTCBODPTEF MBÞMUJNBmMBRVFBMDBO[BCBOBTÓMBDBUFHPSÓBEFGVNPJS BMRVFTFBDDFEÓBQPSSJHVSPTPUVSOPZBRVFIBCÓBRVF FTUBCMFDFSVOBDVJEBEPTBmYUVSFEFOUSPEFMIPSBSJPEF MPTEPDFOUFTGVNBCMFTBTÓOPFSBSBSPRVFFONFEJPEF VOBEJTFSUBDJØOJNQPSUBOUFVOBOVCFEFIVNPTVSHJFTF QFTBEBFJNQSFDJTBEFTEFFMGPOEPEFMBVMB&WJEFOUF NFOUFFOUSFMPTIPNCSFTFYJTUFVOBQSPGVOEBTPMJEBSJ EBEUBCBDBMQPSRVFOPSFDVFSEPRVFKBNÈTVOQSPGFTPS TBODJPOBSBBVOFTUVEJBOUFQPSGVNBS<y>"MHVOBWF[ FMOPCMFZFMFHBOUF(JNÏOF[1BTUPSEJKPTJNQMFNFOUF o#VFOPBCSBOMBTWFOUBOBT :MVFHPEFVOBQBVTB o" NFOPT RVF QSFmFSBO FM IVNP BM GSÓPw &TDBSEØ Q (JNÏOF[1BTUPSWBMFBDMBSBSMPOPFSBVOQSPGFTPSNBSHJ OBMPEFTQSFDJBEPQPSTVTFTUVEJBOUFT"VUPSEFWBSJPTFTUV EJPTEFIJTUPSJBEFMBMJUFSBUVSBSFEBDUØVOPEFMPTQSPHSBNBT NÈTJOUFSFTBOUFTEFFOTF×BO[BEFMBMJUFSBUVSBRVFSFDVFSEFO *öüú÷ìýëëñħö MBTFTDVFMBTTFDVOEBSJBTBSHFOUJOBTDG%VTTFM#PNCJ OJ -PRVF(JNÏOF[1BTUPSDSFÓBFSBRVFMBGPSNBDJØO EFMDPMFHJPEFCÓBDPOTJEFSBSBTVTBMVNOPTDPNPGVUVSPTEJSJ HFOUFTBEVMUPTFODJFSOFRVFUFOÓBORVFBQSFOEFSBiTFSQBSUF EFwVOFTQÓSJUVMJCSFZTVQFSJPS&TUBOPDJØOEFFEVDBSQBSB MB EJTUJODJØO Z MB KFSBSRVÓB TPDJBM TF NBOUVWP QSFTFOUF BVO DVBOEPMBTBVMBTTFQPCMBSPOEFBMVNOPTRVFOPQFSUFOFDÓBO ZBBMBFMJUFZDVBOEPMBTGPSNBTEFEJTUJOHVJSTFZEFSFMBDJP OBSTFIBCÓBODBNCJBEPQSPGVOEBNFOUF 7PMWBNPTBMQSFTFOUF{$VÈOUPEFFTUBNBUSJ[TJHVFWJHFOUFZ DVÈOUPTFIBUSBOTGPSNBEP -BTJNÈHFOFTRVFQMBOUFB&TDBSEØZB OPQBSFDFODPSSFTQPOEFSTFDPOMBTFTDVFMBTTFDVOEBSJBTBSHFOUJ OBTRVFIPZDPOPDFNPTQPSMPNFOPTFOTVHSBONBZPSÓB"VO RVFBMHVOBTFTDVFMBTTJHVFOBGFSSBEBTBDJFSUPTSJUVBMFTZQBVUBT EJTDJQMJOBSJBTSÓHJEBTOPTFQFSDJCFQPSMPHFOFSBMRVFTFTJFOUB BMBFTDVFMBDPNPVOBJOTUJUVDJØODBSDFMBSJBOJRVFMBTBVUPSJEB EFTPMPTIPSBSJPTTFBOUPUBMNFOUFJOnFYJCMFT%JTUJOUPTFTUVEJPT 5JSBNPOUJ(BMMBSU FOGBUJ[BOMBTDBSBDUFSÓTUJDBTEF OFHPDJBDJØOTJOHVMBSRVFTFFTUBCMFDFOFODBEBFTDVFMBFOQBSUJ DVMBS"MNJTNPUJFNQPIBZRVFEFTUBDBSRVFTÓTFNBOUJFOFO BMHVOBTDBSBDUFSÓTUJDBTDPNPMBPSHBOJ[BDJØODVSSJDVMBSFODJDMP QÏEJDBZGSBHNFOUBSJBPVOBFTUSVDUVSBJOTUJUVDJPOBMRVFQBSFDF QPDPBEFDVBEBQBSBMBTUBSFBTRVFIPZUPDBSFTPMWFS:UBNCJÏO RVFPUSBTDBSBDUFSÓTUJDBTTFSFTJHOJmDBODPNPMBTFQBSBDJØOFOUSF MBFTDVFMBZMBTGBNJMJBTPFOUSFMBDVMUVSBFTDPMBSZMBWJEBDPOUFN QPSÈOFB2VJ[ÈTFTFTUFEFTGBTBKFFOUSFPSHBOJ[BDJØOJOTUJUVDJPOBM ZDVSSJDVMBSQPSVOMBEPZGPSNBTEFSFMBDJØOEFBVUPSJEBEZ IPSJ[POUFTEFFYQFDUBUJWBQPSPUSPMPRVFDBVTBNÈTQSPCMFNBT ZMFEBNÈTDPNQMFKJEBEBMBFTDVFMBTFDVOEBSJBBDUVBM $PNPTF×BMBNPTBOUFSJPSNFOUFWJWJNPTVOUJFNQPEFUSBOT GPSNBDJPOFTMFHBMFTQFEBHØHJDBTZQPMÓUJDBTFOFMOJWFMNFEJP -B -FZ 'FEFSBM EF &EVDBDJØO TBODJPOBEB FO USBOTGPSNØ SBEJDBMNFOUFMBFTUSVDUVSBEFMBTFTDVFMBTTFDVOEBSJBTBMTFQBSBS .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB MPT DJODP B×PT EF FTDPMBSJEBE FO EPT DJDMPT VOP BTPDJBEP DPO MB FTDPMBSJEBE CÈTJDB Z PUSP PSHBOJ[BEP DPNP VO OJWFM OVFWP FM1PMJNPEBM4VSHJØVOBPSHBOJ[BDJØODPOFTQBDJPTDVSSJDVMBSFT RVFEFCÓBOTFSEFmOJEPTQPSMBTJOTUJUVDJPOFTBMBQBSRVFBQB SFDJFSPOOVFWBTPSJFOUBDJPOFTGPSNBUJWBTZUSBZFDUPTUÏDOJDPQSP GFTJPOBMFTRVFJNQMJDBSPOEFTBGÓPTJNQPSUBOUFTQBSBMBTFTDVFMBT 1BSBBMHVOPTMPTDBNCJPTJNQMJDBSPOMBiQSJNBSJ[BDJØOwEFMPT QSJNFSPTB×PTEFMBFTDVFMBTFDVOEBSJBDPOVOEFUFSJPSPEFMB FOTF×BO[BZVOBJOGBOUJMJ[BDJØOEFMPTBEPMFTDFOUFT1BSBPUSPT FODBNCJPTJHOJmDBSPOMBQPTJCJMJEBEEFBCSJSFMDVSSÓDVMPBPUSBT PSJFOUBDJPOFTEFJOUSPEVDJSnFYJCJMJEBEPSHBOJ[BUJWBZEFBTPDJBS MBFTDVFMBDPOFMNVOEPEFMUSBCBKP.ÈTBMMÈEFMBFWBMVBDJØO RVFTFIBHBMPDJFSUPFTRVFMBUSBOTGPSNBDJØOGÓTJDBOVNÏSJDBZ PSHBOJ[BUJWBEFMOJWFMGVFNVZJNQPSUBOUF 4VNBEPBFMMBTIBZRVFDPOTJEFSBSFMJNQBDUPEFMBQSPGVO EBDSJTJTFDPOØNJDBQPMÓUJDBZTPDJBMRVFTVGSJØMB"SHFOUJOBFO FMÞMUJNPMVTUSPRVFUBNCJÏOQSPEVKPFGFDUPTEVSBEFSPTFOMBT GPSNBTZDBSBDUFSÓTUJDBTEFMBFTDPMBSJEBETFDVOEBSJB-PTBMVN OPTRVFTFJODPSQPSBSPOEVSBOUFMBEÏDBEBEFMOPWFOUBMPIJ DJFSPOQPTUVMBOEPOVFWBTEFNBOEBTZQSPCMFNBTBMBTFTDVFMBT $BCF TF×BMBS RVF IVCP EPT KVSJTEJDDJPOFT RVF OP MMFWBSPO BEFMBOUF MB SFGPSNB EFM OJWFM NFEJP MB $JVEBE EF #VFOPT "JSFT Z MB QSPWJODJB EF /FVRVÏO -BDPCFSUVSBEFMOJWFMNFEJPDSFDJØDBTJQVOUPTFOUSFZ &TUFBVNFOUPTFQSPEVKPTPCSFUPEPFOMPTTFDUPSFTQPCSFTEFMBTPDJFEBE BVORVF UBNCJÏO CFOFmDJØ B MPT TFDUPSFT BMUPT RVF DBTJ VOJWFSTBMJ[BSPO TVQBSUJDJQBDJØOFOMBFTDVFMBTFDVOEBSJB%BUPTFMBCPSBEPTFO'-"$40 QPS MB -JD /BODZ .POUFT UPNBOEP DJGSBT EFM 4*5&"- TF×BMBO RVF MPTKØWFOFTEFFOUSFZB×PTRVFFTUÈOFOFMNÈTQPCSFEFMB TPDJFEBEQBTBSPOEFMEFBTJTUFODJBBMBFTDVFMBTFDVOEBSJBBM FOUSF Z &T EFDJS FTUPT TFDUPSFT BVNFOUBSPO TV BTJTUFODJB B MBFTDVFMBFOVONJFOUSBTRVFFMNÈTSJDPDSFDJØEFNPEP NFOPTBDFMFSBEPCBTBEPFOFMTBMUPEFMFOBM FO -BT UBTBT EF FTDPMBSJ[BDJØO FO BNCPT TFDUPSFT TJO FNCBSHP TJHVFO TJFOEP NVZ EJTÓNJMFT DPO DBTJ QVOUPT EF EJGFSFODJB FOUSF FM NÈTBMUPZFMNÈTQPCSFEFMBTPDJFEBE *öüú÷ìýëëñħö 1PSFKFNQMPFTDFOBTEFDPNFEPSFTFTDPMBSFTBENJOJTUSBDJØOEF TVCTJEJPTBMJNFOUBSJPTZCFDBTPTJUVBDJPOFTEFNBZPSWJPMFODJB FJMFHBMJEBEFNQF[BSPOBTFSDPNVOFTFOJOTUJUVDJPOFTTFDVOEB SJBTRVFIBTUBFOUPODFTMBTEFTDPOPDÓBOQPSRVFBUFOEÓBOBQP CMBDJPOFTNÈTJOUFHSBEBTFDPOØNJDBZTPDJBMNFOUF-BJSSVQDJØO EFOVFWPTTVKFUPTPCMJHØBEFNÈTZBGPSUVOBEBNFOUFBSFWJTBS MBTGPSNBTZDPOUFOJEPTEFMBUSBOTNJTJØOQBSBIBDFSMVHBSBMB FYQFSJFODJB KVWFOJM Z QBSBSFQFOTBS MPT QFSmMFT Z GVODJPOFT EFM OJWFMNFEJPDPODFCJEPIBTUBFOUPODFTFOUÏSNJOPTNÈTFMJUJTUBT 1PSPUSBQBSUFMBUSBOTGPSNBDJØOEFMQBQFMEFM&TUBEPOBDJPOBMZ QSPWJODJBMFOMBSFHVMBDJØOEFMBTBDUJWJEBEFTEFMBTJOTUJUVDJPOFT FTDPMBSFTUBNCJÏOTFIJ[PTFOUJSBMNJTNPUJFNQPTFBmSNØMB FYQBOTJØOEFMBFTDPMBSJEBEQSJWBEBFOFMOJWFMNFEJPTPCSFUPEP FOMBSFHJØONFUSPQPMJUBOB5PEPTFTPTGFOØNFOPTMMFWBOBRVF IPZTFBNÈTDPNÞOFODPOUSBSFTDVFMBTDPODPOTJEFSBCMFOJWFMEF BVUPOPNÓBQFEBHØHJDBBVORVFOPUFOHBOMBNJTNBBVUPOPNÓB BENJOJTUSBUJWBPmOBODJFSB"MHVOPTWFOFOFTUPQPDPNÈTRVF VOB NPEB QFEBHØHJDB P VOB EFDJTJØO QPMÓUJDPJEFPMØHJDB WJO DVMBEBBMOFPMJCFSBMJTNPQFSPIBCSÓBRVFQPOFSFTUBTUSBOTGPS NBDJPOFTFOMÓOFBDPOMBEFCJMJEBEEFMBTGPSNBTEFSFHVMBDJØO ZDPOUSPMQPSQBSUFEFM&TUBEPDFOUSBMZDPOTVEJmDVMUBEQBSB PUPSHBSSFDVSTPTZEBSSFTQVFTUBBEFNBOEBT )BZRVFEFTUBDBSRVFMBiBVUPOPNÓBEFIFDIPwUJFOFFGFDUPT EJWFSTPTTPCSFUPEPQPSRVFFTUÈBUSBWFTBEBQPSVOBNBSDBEB EFTJHVBMEBE TPDJBM 6OP EF MPT GFOØNFOPT NÈT JNQBDUBOUFT EFM EFTBSSPMMP SFDJFOUF EF MB FEVDBDJØO BSHFOUJOB FT RVF MP IJ[PFOVONPWJNJFOUPRVFIBTJEPMMBNBEPiDPOUSBDÓDMJDPw BVNFOUØ MB NBUSÓDVMB TF FYQBOEJFSPO MPT OJWFMFT TVQFSJPSFT EFMTJTUFNBBMBQBSRVFUFOÓBMVHBSVOBEFMBTQFPSFTDSJTJT TPDJPFDPOØNJDBTZQPMÓUJDBTEFMBIJTUPSJBBSHFOUJOB'FJKØP "TÓOPFTFYUSB×PRVFFTUBiBVUPOPNÓBEFIFDIPwEF MBTFTDVFMBTTFDVOEBSJBTWFOHBBDPNQB×BEBQPSVOFMFNFOUP RVFEFTUBDBOUPEPTMPTFTUVEJPTSFDJFOUFTMBQSPGVOEJ[BDJØO EFMBGSBHNFOUBDJØOEFMBPGFSUBFEVDBUJWBDPOVOBNBSDBEB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB TFHNFOUBDJØORVFOPTPMPTFPSHBOJ[BQPSTFDUPSFTTPDJPFDP OØNJDPT EJGFSFODJBEPT TJOP RVF UBNCJÏO TF FYQMJDB QPS MB FNFSHFODJB EF QFSmMFT JOTUJUVDJPOBMFT NVZ EJWFSTPT RVF TF DBSBDUFSJ[BOFOUSFPUSPTBTQFDUPTQPSJEFPMPHÓBTJOTUJUVDJPOB MFTFTUJMPTEFHFTUJØOZDBQBDJEBEEFNPWJMJ[BSiDBQJUBMTPDJBMw NBSDBEBNFOUFEJTÓNJMFT %FFTBNBOFSBQBSBTFDUPSFTTPDJBMFTTJNJMBSFTZFOUFSSJUP SJPTWFDJOPTQVFEFOFODPOUSBSTFJOTUJUVDJPOFTEFOJWFMNFEJP DPO FTUJMPT JOTUJUVDJPOBMFT Z IPSJ[POUFT EF FYQFDUBUJWBT NVZ EJTUJOUPT-BTMÓOFBTEFDMJWBKFZEFEJTUJODJØOQBSFDFOPSHB OJ[BSTFFOGPSNBNVZEJTUJOUBEFBRVFMMBFOMBRVFMPIBDÓBO BOUFSJPSNFOUFFOMBÏQPDBEF&TDBSEØZFOPUSBTDVBOEPMBT NPEBMJEBEFTCBDIJMMFSBUPDPNFSDJBMZUÏDOJDBSFNJUÓBOBTB CFSFTZTFDUPSFTTPDJBMFTEJGFSFODJBEPTZDVBOEPMBQSFTFODJB EFiDPMFHJPDFOUSBMwWFSTVTiDPMFHJPEFCBSSJPwIBCMBCBEFKF SBSRVÓBTZMVHBSFTDMBSBNFOUFEFmOJEPT*ODMVTPMBEJGFSFODJB DJØOFOUSFJOTUJUVDJPOFTSFMJHJPTBTZOPSFMJHJPTBTBQBSFDFIPZ NFOPTDMBSB5JSBNPOUJ0DBNQP )BCSÓBRVF WFSUBNCJÏOFOFTUFCPSSBNJFOUPEFMBEJGFSFODJBDJØOSÓHJEB VOFGFDUPEFUSBOTGPSNBDJPOFTNÈTHFOFSBMFTEFMBTPDJFEBEZ MBDVMUVSBRVFZBOPTFPSHBOJ[BFOGPSNBiTØMJEBwTJOPiMÓ RVJEBwZnVJEBDPNPEJDF;ZHNVOU#BVNBO ZEPOEFMBT UPQPHSBGÓBT EF BEFOUSPBGVFSB FYQMJDBO NVZ QPDP BDFSDB EF MBWFMPDJEBEMBNF[DMBMBIJCSJEBDJØOZMBJONFEJBUF[RVFTF EBOFOMPTUJFNQPTEFMBHMPCBMJ[BDJØO3JDIBSE &TUPT DBNCJPTUBNCJÏOTFFWJEFODJBOFOMBPSHBOJ[BDJØOEFMBTJOT UJUVDJPOFT FEVDBUJWBTTPNFUJEBTBOFHPDJBDJPOFTDVFTUJPOB NJFOUPTnVDUVBDJPOFTZNPWJMJEBEFTRVFBOUFTOPDPOPDÓBO &MFTUVEJPEJSJHJEPQPS(VJMMFSNJOB5JSBNPOUJEFTUBDBRVFBEJGFSFODJB EFMBBOUFSJPSTFHNFOUBDJØOEFMTJTUFNBFEVDBUJWPFTUBNPTFOQSFTFODJB EFVODPOHMPNFSBEPEFiGSBHNFOUPTwRVFZBOPTFEFmOFOFOSFMBDJØO DPOFMDPOKVOUPTJOPRVFTPOFTQBDJPTBVUPSSFGFSJEPTTJOVODFOUSPRVFMPT DPPSEJOF5JSBNPOUJQ *öüú÷ìýëëñħö -BiBVUPOPNÓBEFIFDIPwFOUPODFTFTUÈBUSBWFTBEBQPSOVF WBTMÓOFBTEFEJGFSFODJBDJØOZEFTJHVBMEBEQPSOVFWPTSJUNPTZ UPQPHSBGÓBT1FSPUBNCJÏOIBZPUSPFMFNFOUPRVFFTQSFDJTPDPO TJEFSBSFOFTUPTDBNCJPTMBQSPQJBJEFBEFiTJTUFNBFEVDBUJWPw FTFBTQFDUPUBODFOUSBMRVFIBDÓBTFOUJSTFQBSUFEFBMHPNÈTHSBO EFNÈTHFOFSBMZDPOVOBPSJFOUBDJØOEFmOJEBMPRVFQBSFDF FTUBSSFEFmOJÏOEPTF/VFWBNFOUFIBZRVFTF×BMBSRVFÏTUFOP FTTPMPVOGFOØNFOPBSHFOUJOPMBTJOTUJUVDJPOFTPDDJEFOUBMFTFO TVTQBVUBTZGPSNBTEFPSHBOJ[BDJØOIPZTFJEFOUJmDBONÈTDPO MBT SFEFT Z MPT nVKPT EF JOGPSNBDJØO RVF DPO SÓHJEPT TJTUFNBT UPQEPXOWFSUJDBMJTUBTZDFOUSBMJ[BEPT7J×BP'SBHP 1FSP TÓIBZBMHVOPTFMFNFOUPTNÈTBVUØDUPOPTRVFMFEBOPUSBEJNFO TJØOBFTUFCPSSBNJFOUPEFMIPSJ[POUFTJTUÏNJDPZRVFUJFOFORVF WFSDPOMBSFFTUSVDUVSBDJØOEFMBBVUPSJEBEQPMÓUJDBEFM&TUBEPZ MBDSJTJTEFHPCFSOBCJMJEBEEFMBTJOTUJUVDJPOFTFOOVFTUSPQBÓT $PNPTF×BMB$SJTUJOB%BWJOJFOVOBOÈMJTJTSFDJFOUFTPCSFMBGPS NBDJØOEPDFOUFFOMB"SHFOUJOBFOMBTSFQSFTFOUBDJPOFTEFMPT EPDFOUFTTFQJFOTBOMBTiTPMVDJPOFTwZBMUFSOBUJWBTBMPTQSPCMFNBT FEVDBUJWPTFOUÏSNJOPTJOEJWJEVBMFTZDBTJEFNPEPFYDMVZFOUF EFTEFMBJOTUJUVDJØOFOMBRVFBDBEBVOPMFUPDBUSBCBKBS%BWJOJ -BQFSTQFDUJWBEFJOUFHSBDJØOTJTUÏNJDBBQBSFDFEFTEJCV KBEBZMBTJEFBTZBDDJPOFTEFMPTBDUPSFTBQBSFDFOMJNJUBEBTQPS MPRVFMBJOTUJUVDJØOQBSFDFFTUBSFODPOEJDJPOFTEFIBDFS-BT VOJEBEFTZBTFBOJOEJWJEVPTPJOTUJUVDJPOFTQBSFDFODPODFOUSBS UPEPFMQFTPEFMBTEFDJTJPOFTZMBSFTQPOTBCJMJEBEEFMBTFMFD DJPOFTZMPTSFTVMUBEPT/PFTFYUSB×PRVFMBTEFNBOEBTRVFTF GPSNVMBOBMBFTDVFMBUFOHBOIPSJ[POUFTNÈTDFSDBOPTZNFOPT BNCJDJPTPT1BSFDFIBCFSDJFSUBSFTJHOBDJØOEFMBTEFNBOEBTNÈT BDFQUBDJØOEFMTUBUVRVPZNFOPTFYQFDUBUJWBTEFDBNCJPTSBEJDB MFTZQFSEVSBCMFTDPNPWFSFNPTFOFMDBQÓUVMPmOBM {$VÈM FT FM QBOPSBNB RVF FNFSHF EF FTUB EFTDSJQDJØO 4JO EVEBMBTFTDVFMBTTFDVOEBSJBTIBOTVGSJEPDBNCJPTWBSJBEPTBM HVOPTQSPQJPTEFMBJOTUJUVDJØOFTDPMBSZFMTJTUFNBFEVDBUJWP ZPUSPTNÈTHFOFSBMFTRVFBGFDUBOBUPEPTMPTTVKFUPTZMBTJOT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB UJUVDJPOFTEFFTUFUJFNQP5PEBWÓBOPTFMPHSBDPNQSFOEFSEFM UPEPMPTFGFDUPTEFFTUPTDBNCJPT4FIBCMBEFGSBHNFOUBDJØOZ EFNVMUJQMJDJEBEEFTFOUJEPTEFEFTJOUFHSBDJØOTJTUÏNJDBQFSP OPRVFEBDMBSPTJMBFTDVFMBTFDVOEBSJBIBQFSEJEPUPEBDBQBDJ EBEEFJNQBDUBSTPCSFMBTDPOEVDUBTZDSFFODJBTEFMPTBMVNOPT TJIBZUBOUPTTFOUJEPTDPNPFTDVFMBTGVODJPOBOEPZTJMPTWJFKPT NBOEBUPTIBOEFDMJOBEPFOTVFmDBDJBFOVODJBUJWBFTUPFTFO TVQPUFODJBQBSBPSHBOJ[BSMBTQFSDFQDJPOFTZWBMPSBDJPOFTEFMPT TVKFUPT-BQSFHVOUBRVFTVSHFNVDIBTWFDFTFT{UJFOFTFOUJEP UPEBWÓBIBCMBSTPCSFiMBFTDVFMBTFDVOEBSJBw -BJOWFTUJHBDJØORVFQSFTFOUBNPTFOFTUFMJCSPQBSUJØEFFT UBTQSFNJTBTZEFFTUFEJBHOØTUJDPZCVTDØQSPQPSDJPOBSOVFWBT JOUFSQSFUBDJPOFTTPCSFMPTFGFDUPTEFFTUPTDBNCJPTSFDJFOUFT-P IJ[P DPOTDJFOUF EF RVF UPEB JOWFTUJHBDJØO IBCJMJUB BMHVOPT DB NJOPTEFJOEBHBDJØOBUSBWÏTEFTVTQSFHVOUBTZTVTNÏUPEPT EFJOWFTUJHBDJØOZDJFSSBPUSPT/VFTUSPFTUVEJPTPCSFMBTQFS DFQDJPOFTEFMPTBDUPSFTSFTQFDUPEFTVTFTDVFMBTEFMPTDBNCJPT TVTQFSTQFDUJWBTQBTBEBTZMBTGVUVSBTQFSNJUFSFnFYJPOBSTPCSF FMOJWFMEFMPTEJTDVSTPTZMBTPQJOJPOFTZOPUBOUPTPCSFFMEF MBTQSÈDUJDBToBVORVFDPNPTPTUFOESFNPTNÈTBEFMBOUFBNCPT OJWFMFTOPFTUÈOEFTDPOFDUBEPTo1BSBOPDBFSFOFMSJFTHPEFMB TPCSFJOUFSQSFUBDJØO EF MB JOUFSQSFUBDJØO MJHFSB P EFTNFTVSBEB FYQMJDJUBSFNPT B DPOUJOVBDJØO MBT EFDJTJPOFT NFUPEPMØHJDBT Z DPODFQUVBMFTRVFTFUPNBSPOZRVFQMBOUFBOMPTBMDBODFTQPTJ CJMJEBEFTZMÓNJUFTEFOVFTUSBBQSPYJNBDJØO -BTQSFHVOUBTZMBNFUPEPMPHÓB EFMBJOWFTUJHBDJØO 4PCSFFTUFQBOPSBNBHFOFSBMEFUSBOTGPSNBDJØOQFSQMFKJ EBE Z EFCBUF OPT QSPQVTJNPT EFTBSSPMMBS VOB JOWFTUJHBDJØO OBDJPOBM TPCSF MBT QFSDFQDJPOFT Z FYQFDUBUJWBT EF QSPGFTPSFT ZBMVNOPTEFMBTFTDVFMBTTFDVOEBSJBTBSHFOUJOBT)BCJFOEP UBOUBT JOWFTUJHBDJPOFT TPCSF MB FTDVFMB TFDVOEBSJB BSHFOUJOB *öüú÷ìýëëñħö {QPSRVÏSFBMJ[BSVOBNÈT %PTDBSBDUFSÓTUJDBTEFMFTUVEJPMP EJGFSFODJBOEFPUSPTSFBMJ[BEPTSFDJFOUFNFOUF /PTQBSFDJØJNQPSUBOUFFOQSJNFSMVHBSQPTUVMBSMBOFDFTJ EBEEFVOBJOWFTUJHBDJØOOBDJPOBMRVFTBMJFSBEFMPTMÓNJUFTEFMB $JVEBEEF#VFOPT"JSFTZFM$POVSCBOPBMPTRVFMBNBZPSÓBEF MPTFTUVEJPTTFSFTUSJOHFOUBOUPQPSMBDPODFOUSBDJØOEFJOWFTUJ HBEPSFTDPNPQPSMBMJNJUBDJØOEFMPTQSFTVQVFTUPTDPORVFTF DVFOUB-BTIJQØUFTJTTPCSFMBQÏSEJEBEFMBJOUFHSJEBETJTUÏNJDB QVFEFOBOBMJ[BSTFNFKPSTJVOPJOUFSSPHBZDPOWFSTBDPOBDUPSFT FEVDBUJWPTEFUPEPFMQBÓTRVFTJMPIBDFTPMBNFOUFEFTEFFMDFO USPFDPOØNJDPZQPMÓUJDPEPOEFMBFYQFSJFODJBEFMBQÏSEJEBZMB DBÓEBDPOSFTQFDUPBMQBTBEPSFDJFOUFFTNÈTBHVEB &OTFHVOEPMVHBSUBNCJÏOOPTQBSFDJØJNQPSUBOUFCVTDBS MBQBMBCSBEFMPTQSPGFTPSFTZMPTFTUVEJBOUFTFOVOSFMFWBNJFOUP TJTUFNÈUJDPFOEJTUJOUBTQSPWJODJBTQSFHVOUÈOEPMFTTPCSFMBT NJTNBTDVFTUJPOFTZCVTDBOEPTVTPQJOJPOFTiFOFTQFKPwMPT EPDFOUFTTPCSFMPTFTUVEJBOUFTMPTFTUVEJBOUFTTPCSFMPTEP DFOUFT "MHVOBT EF MBT QSFHVOUBT RVF OPT PSJFOUBCBO FSBO {2VÏFTQFSBOFMMPTEFMBFTDVFMBTFDVOEBSJB {$ØNPTFMBQFS DJCF {2VÏ FMFNFOUPT TF EFTUBDBO DPNP QPTJUJWPT Z DVÈMFT DPNP OFHBUJWPT {$VÈMFT TPO MBT FYQFSJFODJBT RVF QSPEVDFO NÈTJNQBDUPFOMPTKØWFOFT {2VÏWBMPSBODPNPBQSFOEJ[BKFT EFMBFTDVFMB {2VÏWBMPSBOTVTQSPGFTPSFT {2VÏQSPQVFTUBT IBDFOQBSBRVFMBFTDVFMBTFBNFKPS $POFTUPTPCKFUJWPTZBMDBODFTFMFTUVEJPJODMVZØFODVFTUBT BEPDFOUFT ZFTUVEJBOUFT RVFGVFSPOBENJOJTUSBEBT FOMVHBSFTEJGFSFOUFTEFMQBÓTZFOUSFWJTUBTHSVQBMFTFO &TUPTQVOUPTNVFTUSBTFFMJHJFSPOUFOJFOEPFODVFOUBTVSFQSFTFOUBUJWJEBE FO SFMBDJØO DPO MBT SFHJPOFT QSJODJQBMFT EFM QBÓT SFHJØO NFUSPQPMJUBOB $JVEBEEF#VFOPT"JSFTZQBSUJEPTEFMDPOVSCBOPCPOBFSFOTF SFHJØO QBNQFBOB$VZP/PSPFTUF/PSFTUFZSFHJØOQBUBHØOJDB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB HSVQPT GPDBMFT PSHBOJ[BEBT FO MPDBMJEBEFT EJTUJOUBT SFHJØO NFUSPQPMJUBOBEF#VFOPT"JSFTDJVEBEEF$PSSJFOUFTZDJVEBE EF.FOEP[B -BJOUFODJØOGVFDPOUBSDPOVOBTFSJFTJHOJmDB UJWB EF PQJOJPOFT RVF QFSNJUJFSB DPOUSBTUBS MBT QFSDFQDJPOFT Z FYQFDUBUJWBTEFEPDFOUFTZBMVNOPTZDPNQBSBSMBTQPSSFHJPOFT TFDUPSFTTPDJPFDPOØNJDPTHÏOFSPZFEBEFT/PTJOUFSFTØFOQBS UJDVMBSQPOFSFOEJTDVTJØOMBIJQØUFTJTEFRVFOPTFQVFEFIBCMBS EFiVOBwEPDFODJBPEFMiFTUVEJBOUBEPwZBRVFMBTDBUFHPSÓBTEF iBMVNOPwPiQSPGFTPSwTFFODPOUSBSÓBOFTUBMMBEBT{/PIBZNÈT PQJOJPOFTVOJGPSNFTPDPNVOFT :TJFMMPTVDFEF{MPIBDFQPS JHVBMFOUPEPTMPTUFNBT {$ØNPTFPSHBOJ[BOMBTEJGFSFODJBTJO USBHSVQP :TPCSFUPEP{DØNPFYQMJDBSMBT &T JNQPSUBOUF SFBMJ[BS VOB BDMBSBDJØO NFUPEPMØHJDBDPO DFQUVBM4BCFNPTRVFMBTPQJOJPOFTEFMPTTVKFUPTOPSFnFKBOFO GPSNBUSBOTQBSFOUFMBSFBMJEBE/PSFMFWBNPTTVQFSDFQDJØOCVT DBOEPVOEJBHOØTUJDPiDFSUFSPwTJUBMDPTBFYJTUF EFMBFTDVFMB TFDVOEBSJBQFSPDSFFNPTRVFTVQBMBCSBOPEFCFEFTFTUJNBSTF QPSRVFIBCMBEFMPTMÓNJUFTZQPTJCJMJEBEFTEFMBTSFQSFTFOUBDJP OFTEFMPTBDUPSFT-BTDJFODJBTTPDJBMFTDPJODJEFOFOBmSNBSRVF FOEFmOJUJWBJNQPSUBUBOUPMPRVFFGFDUJWBNFOUFTVDFEFDPNPMP RVFMBHFOUFDSFFRVFTVDFEFQPSRVFFOFTBDPOTUSVDDJØOEFTFO UJEPTPCSFMBFYQFSJFODJBFTEPOEFTFEFmOFOIPSJ[POUFTTFPSHB OJ[BOFTUSBUFHJBTZTFBTJHOBWBMPSBMBTDPTBT&TPBTVUVSOPUJFOF VOJNQBDUPFOMBBDDJØOTPDJBMFOMBWJEBEFMBTJOTUJUVDJPOFTZ FOMBUSBNBEFTPDJBCJMJEBERVFFTEFGVOEBNFOUBMJNQPSUBODJB 4JCJFOFTJNQPSUBOUFEJTUJOHVJSiSFBMJEBEwEFiQFSDFQDJØOEFMB SFBMJEBEwMPDJFSUPFTRVFFTUBQFSDFQDJØONÈTPNFOPTBKVTUBEB BPUSPTJOEJDBEPSFTEFFTBiSFBMJEBEwQSPWFFJOEJDJPTNVZJNQPS UBOUFTTPCSFMBWJEBTPDJBM &MEJTF×PEFMBNVFTUSBZFMSFMFWBNJFOUPEFMPTEBUPTGVFSPOSFBMJ[BEPTQPSFM $FOUSPEF&TUBEÓTUJDBF*OGPSNÈUJDB"QMJDBEB$&*" EF'-"$40"SHFOUJOB CBKPMBDPPSEJOBDJØOEFM-JD+PPO)#BOH&OFMBOFYPQSFTFOUBNPTDPO NBZPSEFUBMMFMBTPSJFOUBDJPOFTNFUPEPMØHJDBTEFMFTUVEJP *öüú÷ìýëëñħö $POTDJFOUFTEFFTUBTMJNJUBDJPOFTQFSPUBNCJÏOEFTVTQP TJCJMJEBEFTCVTDBNPTJODMVJSMPTMÓNJUFTEFMPTJOTUSVNFOUPT EFJOWFTUJHBDJØOFOFMBOÈMJTJTRVFQSFTFOUBNPTFOMPTDBQÓ UVMPTRVFTJHVFONBUJ[BOEPBRVÓZBMMÈMBTBmSNBDJPOFTRVF TFIBDFOFOFODVFTUBTZHSVQPTGPDBMFT6OPEFMPTQSJNFSPT DVFTUJPOBNJFOUPTRVFOPTIJDJNPTGVFDVÈOUPiDPOmBSwFOMB PQJOJØOEFMPTBDUPSFT1PSFKFNQMP{RVÏOPTJOEJDBSÓBVOB PQJOJØO VMUSBDSÓUJDB EF MPT KØWFOFT TPCSF MB FTDVFMB $PNP TF×BMB VO FYQFSUP FO FM UFNB MB FTDVFMB TFDVOEBSJB TFHVSB NFOUFOVODBBQSPCBSÈVOUFTUEFQPQVMBSJEBEDPOMPTBEPMFT DFOUFT-BBEPMFTDFODJBFTVOBFUBQBEFDSFDJNJFOUPRVFNV DIBTWFDFTTFBmSNBDPOUSBMPRVFEJDFOMPTBEVMUPTQPSFTP TFDPOTJEFSBBMPTBEPMFTDFOUFTDPNPVOPEFMPTQÞCMJDPTNÈT EJGÓDJMFTEFBHSBEBSOPTPMPQPSMBFTDVFMB1FSPDPOTJEFSBNPT RVFEBSMFTMBQBMBCSBZDPNQBSBSMBDPOMBEFMPTBEVMUPTRVF DPNQBSUFO TV UJFNQP FO MB FTDVFMB QVFEF QFSNJUJS JODMVJS TVT QFSTQFDUJWBT EF NBOFSBT NÈT FmDBDFT UBOUP FO UÏSNJOPT QFEBHØHJDPT DPNP DVMUVSBMFT Z QPMÓUJDPT 1FEBHØHJDBNFOUF QPSRVFMBTFTDVFMBTEFCFOSFDPOPDFSRVFMPTKØWFOFTBQSFOEFO EFTEFVOMVHBSQSPQJPiBDUJWPwoQPSEFDJSMPFOUÏSNJOPTEF MB QTJDPQFEBHPHÓB FO CPHBo Z EFTEF TVT DVMUVSBT Z NBSDPT EFSFGFSFODJBDVMUVSBMNFOUFQPSRVFMBFTDVFMBEFCFEJBMPHBS DPOMBTPDJFEBEDPOUFNQPSÈOFBZMPTGFOØNFOPTRVFFYQSF TBOMPTKØWFOFTTPOVOBQBSUFJNQPSUBOUFEFFMMBZQPMÓUJDB NFOUFQPSRVFTJRVFSFNPTDPOUSJCVJSBRVFQVFEBOFKFSDFS FOQMFOJUVETVDPOEJDJØOEFDJVEBEBOPTEFCFNPTFTDVDIBS TVTPQJOJPOFTEFNBOFSBTBCJFSUBTZEFNPDSÈUJDBTEJBMPHBOEP DPO FMMBT EJTDVUJÏOEPMBT DVBOEP MP DPOTJEFSFNPT OFDFTBSJP QFSPFOVONBSDPEFEJHOJEBEZSFTQFUPQPSMBQBMBCSBEFMPT PUSPT 1PSPUSBQBSUFBEFMBOUBOEPBMHVOBTEFMBTDPODMVTJPOFTB MBTRVFBSSJCBNPTFODPOUSBNPTRVFMPTBMVNOPTFSBONFOPT ,FTTMFS(4PDJPMPHÓBEFMEFMJUPBNBUFVS#VFOPT"JSFT1BJEØT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB DSÓUJDPTRVFMPRVFFTQFSÈCBNPToZRVFMPRVFMBTFTUBEÓTUJ DBT FEVDBUJWBT TF FNQF×BO FO TF×BMBS TPCSF MB TJUVBDJØO EF MBTFTDVFMBTTFDVOEBSJBTo&TUFiEBUPwDPOWPDBBMBSFnFYJØO Z BM BOÈMJTJT &T QPTJCMF RVF FO FTUF BQBSFOUF DPOGPSNJTNP EFTFNQF×FBMHÞOSPMMPRVFZBFOJOWFTUJHBDJPOFTTPCSFKØWF OFTFO*UBMJBFOMPTB×PTTFUFOUBTFMMBNØiQFSCFOJTNPwVOB EJTDPSEBODJBFOUSFVOBBETDSJQDJØONBZPSBGSBTFTZSFQSFTFO UBDJPOFTDPOGPSNJTUBTSFTQFDUPEFMBTJOTUJUVDJPOFTZFMPSEFO TPDJBMZMBTQSÈDUJDBTRVFFGFDUJWBNFOUFMMFWBCBOBDBCPRVF FSBONÈTDPOUFTUBUBSJBT%FBRVÓTFDPODMVZØRVFFONVDIPT DBTPTMBTQSÈDUJDBTZBDDJPOFTUSBOTHSFTPSBTEVSBOUFMBBEPMFT DFODJBBOUFDFEFOBMBFMBCPSBDJØOEFVOEJTDVSTPDSÓUJDPRVF MBTMFHJUJNFGSFOUFBMNVOEPBEVMUP.BSSBEJ"SDIFOUJZ1JP WBOJ "FTUPTFQPESÓBBHSFHBSVOBMJNJUBDJØOJOUSÓOTFDB EFMBTFODVFTUBTEFFTUFUJQPRVFFTMBDPNQSPCBEBUFOEFODJB EFMPTFOUSFWJTUBEPTBEFDMBSBSDPNPQSPQJBTMBTPQJOJPOFTRVF DSFFODPOWFOJFOUFTZDPNQBSUJEBTQPSMBNBZPSÓB&TUFGFOØ NFOPRVFNVFTUSBFMQFTPEFMBDVMUVSBTPCSFFMJOEJWJEVPZ RVFTFDPOPDFDPNPiEFTFBCJMJEBETPDJBMw$PSCFUUB QPTJCMFNFOUFFYQMJRVFQBSUFEFMBBQSFDJBDJØOQFSTPOBMBMSF GFSJSTF B JOTUJUVDJPOFT Z QSÈDUJDBT UBO WBMPSBEBT TPDJBMNFOUF DPNPMBFTDVFMBZMBFEVDBDJØOFOHFOFSBM 1FSPUBNCJÏOQVFEFOBSSJFTHBSTFBMHVOBTPUSBTQSFHVOUBT RVFIBCMBOEFMPTDBNCJPTZDPOUJOVJEBEFTEFFTUBHFOFSBDJØO EFKØWFOFTSFTQFDUPEFMBTBOUFSJPSFT{4FSÈRVFMBTGPSNBTEF MBUSBOTHSFTJØOZBOPTFFYQSFTBODPNPFOMBÏQPDBEF'MP SFODJP&TDBSEØFOUÏSNJOPTEFPQPTJDJPOFTDMBSBT {4FSÈRVF FODVFOUSBOBEVMUPTUBOEFTHBTUBEPTZDBOTBEPTRVFNÈTCJFO TF PQPOFO EFTEF FM PQUJNJTNP -B FTDVFMB BDUVBM {TF DPO WJSUJØFOVOBJOTUJUVDJØOUBOEÏCJMZMBYBRVFZBOPJOWJUBB DPOGSPOUBS "MNJTNPUJFNQPOPFTTPMPMBEJTUBODJBTJOPMB QSPYJNJEBEEFPQJOJPOFTMPRVFIBZRVFFYQMJDBSTF&TMMBNB &TVOUÏSNJOPJUBMJBOPRVFTFIBUSBEVDJEPEFFTUBNBOFSB *öüú÷ìýëëñħö UJWBMBDPJODJEFODJBFOBMHVOBTPQJOJPOFTFOUSFQSPGFTPSFTZ FTUVEJBOUFT{)BZBMHVOBDSFFODJBDPNÞORVFTJHVFUFOJFOEP FmDBDJBFOVODJBUJWBDPNQBSUJEBQPSEPDFOUFTZBMVNOPTTP CSFFMMVHBSEFMBFTDVFMB -BHSBNÈUJDBFTDPMBS{TJHVFUPEBWÓB UFOJFOEPQPUFODJBQBSBEFUFSNJOBSMPRVFMBTEJTUJOUBTHFOF SBDJPOFTQJFOTBORVFFTVOBiCVFOBFTDVFMBw 5PEBTFTUBTQSF HVOUBTTPOJNQPSUBOUFTZDFOUSBMFTQBSBFOUFOEFSMBNBHOJUVE EFMFODVFOUSPPEFTFODVFOUSPFOUSFBEVMUPTZKØWFOFTFOMBT FTDVFMBTTFDVOEBSJBT &O MP RVF SFTQFDUB B CVTDBS MB QBMBCSB EF MPT QSPGFTPSFT QVFEFOIBDFSTFPUSPTDVFTUJPOBNJFOUPT-BQBMBCSBEFMPTQSP GFTPSFTIBTJEPiUSBOTJUBEBwPiSFDPSSJEBwQPSOVNFSPTBTJOWFT UJHBDJPOFTFOMBTÞMUJNBTEÏDBEBTBTÓFONVDIBTPDBTJPOFT MBTFOUSFWJTUBTBEPDFOUFTTPOFTQBDJPTEPOEFBQBSFDFFMiEFCFS TFSwMBSFTQVFTUBGPSNVMBSJBZFTQFSBCMFMBiEFTFBCJMJEBETP DJBMw B MB RVF BOUFT IJDJNPT SFGFSFODJB BOUFT RVF PQJOJPOFT NÈT MJCSFT Z EFTFTUSVDUVSBEBT NÈT iBVUÏOUJDBTw BVO DPOTJ EFSBOEPRVFMBFOUSFWJTUBFTVOHÏOFSPFOFMRVFMBBVUFOUJ DJEBEBQBSFDFNFEJBEBQPSNÞMUJQMFTFMFNFOUPTDPNPCJFO TF×BMB"SGVDI<> 4JOFNCBSHPMPRVFFODPOUSBNPTFO MBTFODVFTUBTZFOUSFWJTUBTHSVQBMFTUBNCJÏOOPTTPSQSFOEJØ -BTFOTBDJØOEFNBMFTUBSZBCBUJNJFOUPRVFUJFOFONVDIPT QSPGFTPSFT QSPEVDUP EFM FTUSÏT MBCPSBM EF DBSSFSBT EPDFOUFT GSVTUSBOUFTNBMBTDPOEJDJPOFTEFUSBCBKPZFTDBTPTIPSJ[PO UFTEFDBNCJPQFSNFØCVFOBQBSUFEFMBTJOUFSBDDJPOFTRVF TF EJFSPO FO MPT HSVQPT GPDBMFT RVF PSHBOJ[BNPT EVSBOUF MB JOWFTUJHBDJØO1FSPDVBOEPTFMPTDPOWPDØBSFTQPOEFSBFO DVFTUBTJOTUSVNFOUPTBOØOJNPTFJOEJWJEVBMFT MPTEPDFOUFT DPOUFTUBSPOFOGPSNBNÈTPQUJNJTUBZNFOPTDSÓUJDB &TUBEJTUBODJBFOUSFSFTQVFTUBTFOHSVQPTGPDBMFTZSFTQVFT UBTBFODVFTUBTFTMMBNBUJWBZOPTVSHJØBQFOTBSZBOBMJ[BSMBT SB[POFT EF FTUB EJTQBSJEBE "EFMBOUBOEP BMHVOPT BSHVNFO UPTRVFQSFTFOUBSFNPTFOFMDBQÓUVMPTJHVJFOUFEJSFNPTRVF .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB MPRVFBQBSFDFFTMBDPOWJWFODJBFOUSFVOEJTDVSTPFMBCPSBEP EFTEFFMNBMFTUBSTPCSFMBTDPOEJDJPOFTQSFTFOUFTZVONBO EBUPQFSTJTUFOUFEFMBEPDFODJBRVFTJHVFFTUBCMFDJFOEPWBMP SFTPSJFOUBDJPOFTZQBVUBTQBSBMBBDDJØO&OPUSBTQBMBCSBT FMiEFCFSTFSwEFMPTEPDFOUFTOPTFIBFTGVNBEPZBQBSFDF FOMBTSFTQVFTUBTEFMBTFODVFTUBTFOUPEBTVFYUFOTJØODPO MPT DPOUPSOPT NÈT P NFOPT DPOPDJEPT QFSP FNFSHFO PUSPT QSPCMFNBTSFMBUPTZDPOTUSVDDJPOFTEFTFOUJEPRVFIBCMBOEF MBEJmDVMUBEEFBDPNPEBSZEFIBDFSGSFOUFBSFBMJEBEFTNÈT DPNQMFKBT NÈT EFTBmBOUFT Z NVDIP NÈT IFUFSPHÏOFBT RVF MPRVFTVTFYQFDUBUJWBTJOJDJBMFTQMBOUFBCBO&OFTUBBQBSFOUF DPOUSBEJDDJØOTFHÞODVÈMTFBMBFTDFOBTJUVBDJPOBMEFFOVODJB DJØOEFMPTEPDFOUFTQVFEFMFFSTFMBDPOKVODJØOEFQSPDFTPT EJTUJOUPT&OQSJNFSMVHBSMBNJSBEBDSÓUJDBHFOFSBMTPCSFMPT KØWFOFTEFOPUBMBQSFHOBODJBEFMPTEJTDVSTPTBDUVBMFTTPCSFMB iQÏSEJEBEFWBMPSFTwEFMBKVWFOUVEBDUVBM/PFTUBNPTDBCF BHSFHBSGSFOUFBVOIFDIPJOÏEJUPDBEBHFOFSBDJØOUJFOEFB DPOTJEFSBSBMBKVWFOUVEEFMNPNFOUPDPOVOEÏmDJUNPSBM SFTQFDUPEFTVTQBSFTEFMQBTBEPRVFTPOKVTUBNFOUFMPTBEVM UPTRVFMPTKV[HBOIPZ"TÓTJFOMPTKØWFOFTMBJOnVFODJBEF MBiEFTFBCJMJEBETPDJBMwTFBEWFSUÓBFOMBToVOUBOUPTPSQSFO EFOUFToWBMPSBDJPOFTUBOQPTJUJWBTEFMBFTDVFMBFOFMDBTPEF MPTQSPGFTPSFTUBMEFTFBCJMJEBEQPESÓBMFFSTFFOTVBETDSJQDJØO DPNPBEVMUPTBMBDSÓUJDBBMBKVWFOUVEBDUVBM$BCFBHSFHBS UBNCJÏO VO EFUBMMF JNQPSUBOUF MBT JNÈHFOFT OFHBUJWBT RVF MPTEPDFOUFTUJFOFOEFMPTKØWFOFTTFBUFOÞBOZMBTQPTJUJWBT TF JODSFNFOUBO DVBOEP TF SFmFSFO B TVT QSPQJPT BMVNOPT FO DBTJ UPEPT MPT DBTPT FMMPT TPO NFKPSFT RVF FM QSPNFEJP &OFTUBEJWFSHFODJBWBMPSBUJWBQVFEFBEWFSUJSTFVOQSPDFTPFO QBSUFDPNQBSBCMFBMPRVF#BOmFME MMBNØiGBNJMJTNP BNPSBMwVOBNFOPSDFOTVSBBMBUSBOTHSFTJØOEFMBTOPSNBT DVBOEPMBQSPUBHPOJ[BCBONJFNCSPTEFMPTDÓSDVMPTGBNJMJB SFT&OFTUFDBTPTFPCTFSWBVOiGBNJMJTNPwFOMBEJGFSFODJB DJØOEFKVJDJPTOFHBUJWPTFOUSFDFSDBOPTZEFTDPOPDJEPTDPO MBDPOTUSVDDJØOEFJNÈHFOFTNÈTDPNQMBDJFOUFTBMSFGFSJSTFB *öüú÷ìýëëñħö SFMBDJPOFTDFSDBOBTFOFTUFDBTPTVTQSPQJPTBMVNOPT1PSÞM UJNPFTNVZQPTJCMFRVFJOnVZBFOFTUBEJWFSHFODJBMBGVFS[B EFMPOPSNBUJWPFOMBJEFOUJEBEQSPGFTJPOBMEPDFOUFBMmOZ BMDBCPiTBMWBSwBMPTQSPQJPTBMVNOPTFTDPOEJDJØODBTJOFDF TBSJBQBSBWBMPSBSFMQSPQJPSPMZMBUBSFBEFTBSSPMMBEB )BZ PUSB BDMBSBDJØO NFUPEPMØHJDPDPODFQUVBM RVF FT OF DFTBSJP SFBMJ[BS BOUFT EF QBTBS BM BOÈMJTJT5BOUP FO MB QBMBCSB EFMPTEPDFOUFTDPNPFOMBEFMPTFTUVEJBOUFTBQBSFDFOJODPO TJTUFODJBTDPOUSBEJDDJPOFTZTVQFSQPTJDJPOFT.VDIBTWFDFTMB JOWFTUJHBDJØOUSBUØEFSFEVDJSFTUBTDPOUSBEJDDJPOFTPMBTDPO TJEFSØQSPCMFNBTWJODVMBEPTBUÏDOJDBTEFSFMFWBNJFOUPJOTVm DJFOUFTPJODPSSFDUBT&OMBUFPSÓBTPDJBMSFDJFOUFTJOFNCBSHP DPNJFO[BBIBCMBSTFEFMBOFDFTJEBEEFDPODFQUVBMJ[BSMBT1PS FKFNQMPFMTPDJØMPHPGSBODÏT#FSOBSE-BIJSFQMBOUFBRVFZBOP TFQVFEFQFOTBSBMPTBDUPSFTTPDJBMFTDPNPTVKFUPTDPOTJTUFOUFT ZIPNPHÏOFPT&OTVPCSB-BDVMUVSBEFMPTJOEJWJEVPT1BSÓT EJTDVUFDPO1JFSSF#PVSEJFVMBJEFBEFRVFMPTDPOTVNPT DVMUVSBMFTQVFEFOBUSJCVJSTFBDMBTFTIPNPHÏOFBTZEFmOJEBT" USBWÏTEFFYUFOTBTFOUSFWJTUBTFOQSPGVOEJEBENVFTUSBRVFMPT JOEJWJEVPTIPZiDPOTUSVZFOwVOBTVFSUFEFQFSmMPSJHJOBMRVF QVFEFDPNCJOBSFMHVTUPQPSMBØQFSBDPOMBMFDUVSBEFMJUFSBUV SBiCBKBwMBQSFEJMFDDJØOQPSSFBMJUZTIPXTPFMGBOBUJTNPQPS .BEPOOBPBMHÞOÓEPMPQPQ &O VOB MÓOFB TJNJMBS FM BSHFOUJOP 1BCMP 4FNÈO FO TVT USBCBKPTTPCSFMBSFMJHJPTJEBEQPQVMBSEFTUBDBRVFMBDVMUVSB QPQVMBS TF DPNCJOB DPO FMFNFOUPT NVZ EJTÓNJMFT "TÓ PC TFSWBDBTPTFOMPTRVFBMHVJFORVFTFEFmOFDPNPQFOUFDPTUBM QVFEFTJOFNCBSHPJSBMMVHBSEFDVMUPEFMTBOUPEFMCBSSJPZ UBNCJÏOBDVEJSBMNÏEJDPTJMFEVFMFBMHP5BNCJÏOFTUVEJBB $POTJEFSBDJØORVFOPEFCFTVCFTUJNBSTFFMBMFSUBTPCSFMBTMJNJUBDJPOFTF JOTVmDJFODJBTEFMBTQSPQJBTUÏDOJDBTEFCFNBOUFOFSTFTJTFUSBUBEFSFBMJ[BS VOBJOEBHBDJØOIPOFTUBZSJHVSPTBJOUFMFDUVBMNFOUF .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB MPTMFDUPSFTEF1BVMP$PFMIPZFODVFOUSBRVFFOUSFFMMPTIBZ NVDIBTQFSTPOBTDPOGPSNBDJØOVOJWFSTJUBSJB&OFTPTDBTPT MBTKFSBSRVÓBTMJUFSBSJBTEFMBDVMUVSBMFUSBEBFOUSBOFODPMJTJØO QFSP UBNCJÏO DPOWJWFO DPO MBT WJTJPOFT DPTNPMØHJDBT IP MJTUBTZSFMBDJPOBMFTEFMBSFMJHJPTJEBEQPQVMBS4FNÈOTF×BMB RVFFTUBDPNCJOBDJØOOPQVFEFBOBMJ[BSTFFOUÏSNJOPTEFVO EÏmDJUEFDPOPDJNJFOUPPVOBFTUSVDUVSBBUSBTBEBPJHOPSBO UFNÈTCJFOIBZRVFWFSBMMÓiFMFGFDUPEFVOBDPTNPWJTJØO RVFIBDFEFMPTTVQVFTUPTDBNJOPTQBSBMFMPTZFYDMVZFOUFTVO DPOKVOUP KFSBSRVJ[BEP EF SFDVSTPTw 4FNÈO Q 1SFDJTBNFOUFMPRVFFMBOÈMJTJTTPDJBMEFCFSÓBFYQMJDBSFTFTB PSHBOJ[BDJØO FTQFDÓmDB EF MPT SFDVSTPT FTB BQFMBDJØO B FMF NFOUPTEJTÓNJMFTTJOBQMJDBSMFTBFTBTQSÈDUJDBTVOQSJODJQJP DVMUVSBMFYUFSJPSFUOPDÏOUSJDPEJTUJOHVJFOEPZKFSBSRVJ[BOEP QPSFKFNQMPMBTQSÈDUJDBTSFMJHJPTBTZMBTTFDVMBSFTDVBOEPFO SFBMJEBEDPOWJWFOFOQBSJEBE &OOVFTUSPDBTPTFUSBUBEFFOUFOEFSMBTJODPOTJTUFODJBTZ DPOUSBEJDDJPOFTFOMPTEJTDVSTPTEFMPTFTUVEJBOUFTZMPTQSP GFTPSFTTJOSFEVDJSMBTBJHOPSBODJBGBMUBEFGPSNBDJØOSFTJT UFODJBBMPTDBNCJPTPJONBEVSF[$SFFNPTRVFFTJNQPSUBOUF BOBMJ[BSMBBDUJWJEBEQFSTJTUFOUFEFMBHSBNÈUJDBFTDPMBSFOMB EFmOJDJØOEFSPMFTFYQFDUBUJWBTZEJTDVSTPTEFMPTBDUPSFTBTÓ DPNP UBNCJÏO IBZ RVF JOUFSSPHBSTF TPCSF MP OVFWP MP RVF FNFSHF Z BÞO OP MPHSB FTUSVDUVSBSTF QMFOBNFOUF DPNP EJT DVSTP DPIFSFOUF 4PTQFDIBNPT RVF FO FTBT JODPOTJTUFODJBT ZSFBEBQUBDJPOFTFOFTBNPWJMJ[BDJØOEFEJTDVSTPTEJTÓNJMFT Z IBTUB DPOUSBEJDUPSJPT QVFEFO FOUFOEFSTF MBT MØHJDBT EF MB BDDJØOMBTTFOTJCJMJEBEFTZMBTFTUSBUFHJBTRVFEFTQMJFHBOMPT BDUPSFTEFMBFTDVFMBTFDVOEBSJB &OMPTDBQÓUVMPTTJHVJFOUFTQSFTFOUBSFNPTFMBOÈMJTJTEFMBT QFSDFQDJPOFT EF EPDFOUFT Z FTUVEJBOUFT TPCSF MB FTDVFMB TF DVOEBSJBBSHFOUJOB&OQSJNFSMVHBSOPTEFUFOESFNPTFOMB PQJOJØOEFMPTEPDFOUFTJEFOUJmDBOEPTVTQFSDFQDJPOFTTPCSF *öüú÷ìýëëñħö MBFTDVFMBRVFUJFOFOZMBFTDVFMBRVFRVJFSFOMPRVFWBMPSBO EFTVUSBCBKPMPRVFDPOTJEFSBORVFBQSFOEFOTVTBMVNOPTZ MPRVFDSFFORVFEFCFSÓBOBQSFOEFSFMMPTNJTNPT&OTFHVOEP MVHBSBOBMJ[BSFNPTMBTQFSDFQDJPOFTEFMPTBMVNOPTBDFSDBEF MBFEVDBDJØOFOHFOFSBMZTVJOTUJUVDJØOFOQBSUJDVMBSQSFHVO UÈOEPOPTQPSMPTTFOUJEPTRVFBERVJFSFFMFTUBSFOMBFTDVFMB TFDVOEBSJBIPZMBTSFMBDJPOFTDPOMPTEPDFOUFTZDPOMPTDPOP DJNJFOUPTMPTQSPCMFNBTRVFJOUVZFOTVTEFNBOEBTZDSÓUJ DBTBTÓDPNPMBTJNÈHFOFTRVFDPOTUSVZFOTPCSFFMGVUVSP&O UFSDFSMVHBSCVTDBSFNPTDPNQBSBSMBTPQJOJPOFTEFBNCPTFO UPSOPBUFNÈUJDBTTJNJMBSFTQBSBBOBMJ[BSTJQPEFNPTIBCMBS EFVOBNJTNBDPNVOJEBEEJTDVSTJWBFOMBFTDVFMBPEFVOB GSBDUVSBFWJEFOUFFOUSFMBTHFOFSBDJPOFTZFOUPSOPBRVÏUF NBT&ODVBSUPMVHBSQSFTFOUBSFNPTMBTWJTJPOFTEFQSPGFTPSFT ZFTUVEJBOUFTDPOMBJOUFODJØOEFRVFTJSWBOQBSBFMEFCBUF TPCSFRVÏFTUÈQBTBOEPIPZDPOMBFTDVFMBTFDVOEBSJBZEØOEF BQPZBSTFQBSBUFOFSJOTUJUVDJPOFTNÈTKVTUBTZNÈTSFMFWBOUFT FOUÏSNJOPTEFMPTTBCFSFTRVFQSPHSFTFO $"1¶56-0 -PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB JEFBMFTSFBMJEBEFTZFTQFSBO[BT {2VÏQJFOTBOMPTQSPGFTPSFTEFFTDVFMBTFDVOEBSJBTPCSFMBJOT UJUVDJØOFOMBRVFUSBCBKBOTPCSFTÓNJTNPTZTPCSFTVTBMVNOPT &OFTUFDBQÓUVMPQSFTFOUBSFNPTBMHVOBTIJQØUFTJTFJEFBTBDFSDB EFMBTPQJOJPOFTSFMFWBEBTFOHSVQPTGPDBMFTZFOFODVFTUBTFO MBTRVFMPTJOUFSSPHBNPTTPCSFFTUBTDVFTUJPOFT"CPSEBSFNPTFO QSJNFSMVHBSVOBEJTDVTJØOTPCSFTJFTQPTJCMFTFHVJSIBCMBOEP EFMPTiQSPGFTPSFTwPMPTiEPDFOUFTwDPNPDBUFHPSÓBTVOJGPSNFT ZMVFHPQSFTFOUBSFNPTBMHVOBTDBSBDUFSÓTUJDBTEFMBNVFTUSBTFMFD DJPOBEB/VFTUSPBOÈMJTJTTFEFUFOESÈFOMBTPQJOJPOFTEFMPTEP DFOUFTTPCSFMBFTDVFMBBDUVBMZTVGVODJØOTPDJBMMBQFSDFQDJØOZ SFMBDJØODPOTVTBMVNOPTZMBTGBNJMJBTTVWJTJØOTPCSFMPTTBCFSFT RVFFOTF×BMBFTDVFMBZDVÈMFTEFCFSÓBFOTF×BSZmOBMNFOUFOPT EFUFOESFNPT FO MB QFSDFQDJØO TPCSF TFOUJNJFOUPT Z SFMBDJPOFT WJODVMBSFTFOMBFTDVFMBRVFBQBSFDFDPNPVOBTQFDUPJNQPSUBO UFQFSPEFTDVJEBEPFOMBSFnFYJØOZMBTQPMÓUJDBTFEVDBUJWBT {$ØNPIBCMBSEFMBEPDFODJBIPZ $POWFOESÓBJOJDJBMNFOUFBMFSUBSZBDPSEBSFMQVOUPEFTEF FM DVBM QBSUJSFNPT QBSB BCPSEBS MBT PQJOJPOFT EF MPT QSPGF TPSFT:FTRVFEFDJSIPZiMPTEPDFOUFTwJNQMJDBCPSEFBSVO SJFTHPJOUFSQSFUBUJWPBRVFMRVFQBSUFEFVOTVQVFTUPDPNÞO ZDPNQBSUJEPTPCSFMBJEFOUJEBEEFBRVFMMPTRVFBTVNFOMB UBSFBEFFOTF×BO[B -PTEFCBUFTBDUVBMFTTF×BMBORVFVOPEFMPTSBTHPTNÈTEFTUB DBEPTZEFTFTUSVDUVSBOUFTEFMOVFWPNBQBQPMÓUJDPTPDJBMZDVMUV SBMDPOmHVSBEPEFTEFIBDFBMHVOBTEÏDBEBTQPESÓBMPDBMJ[BSTFTJ MPDBMJ[BSTFFTFMWFSCPDPSSFDUP FOFMFTUBMMJEPJEFOUJUBSJP%VCBS .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 4FQMBOUFBOOVFWPTFTDFOBSJPTDPOOVFWBTJEFOUJEBEFTEPO EFUBMDPNPMPEFNVFTUSBOMPTWÓODVMPTWJSUVBMFTIBTUBMBTJNV MBDJØOWBMFFOMPTQSPDFTPTEFDPOmHVSBDJØOTPDJBM:iTFSMPRVF TFBwQPTFFNÞMUJQMFTTJHOJmDBEPTTVQFSQVFTUPTZOPFYDMVZFOUFT 5FOJFOEPFODVFOUBFTUPTDBNCJPTOPTJOUFSFTBEFUFOFSOPT FORVÏTJHOJmDBIBCMBSIPZEFMBJEFOUJEBEEFiMPTEPDFOUFTw TJO EBS QPS TVQVFTUBT OJ MB JONVUBCJMJEBE EF TV DPOmHVSB DJØOIPNPHÏOFBOJUBNQPDPVOFGFDUPEFUPUBMFTUBMMJEPFO TV DPOTUJUVDJØO &T DMBSP RVF MB JEFOUJEBE EF MPT EPDFOUFT DPNPDVBMRVJFSPUSBJEFOUJEBENVUBBUSBWÏTEFMUJFNQPZ IPZFODVFOUSBEJGFSFODJBTTFHÞODVÈMFTTFBOMBTDPOEJDJPOFTZ MBTSFHMBTEFMPTDPOUFYUPTTPDJBMFTFOMPTDVBMFTTFDPOTUSVZF 4JOFNCBSHPSFTVMUBBSSJFTHBEPEFDJSRVFFTJNQPTJCMFSFDP OPDFSUSB[PTDPNVOFTFOMBJEFOUJEBERVFBmSNBOMPTEPDFO UFTFOFOUSFWJTUBTZFODVFTUBT.ÈTCJFODPNPTFWFSÈFOFTUF DBQÓUVMPBQBSFDFOFMFNFOUPTDPNVOFTFOEJTUJOUBTHFPHSBGÓBT HSVQPTFUBSJPTZDPOUSBZFDUPSJBTNÈTMBSHBTPNÈTDPSUBTFOMB EPDFODJB&TPOPTMMFWBBTFSNÈTDBVUPTBMTFOUFODJBSRVFIBZ VOQSPDFTPHFOFSBMEFEJTPMVDJØOZNVMUJQMJDJEBEEFMBJEFO UJEBEEPDFOUFZNÈTCJFOBOBMJ[BSMPTEBUPTFODPOUSBEPTFO FTUBJOWFTUJHBDJØOEFTEFVOBQSFHVOUBPSJFOUBEPSB{FTQPTJCMF IBCMBSEFUBOUPTEPDFOUFTDPNPSFBMJEBEFTFTDPMBSFTFYJTUFOP BVOIPZMBJEFOUJEBEEPDFOUFSFTJTUFBMPTFGFDUPTEJBTQØSJDPT ZDFOUSÓGVHPTQSPQJPTEFFTUPTUJFNQPT 4FUSBUBEFQBTBSEFMB BmSNBDJØOEFMFTUBMMJEPEFMBJEFOUJEBEDPNPEBUPBQFOTBSMB DPNPIJQØUFTJTQPOFSMBBQSVFCBFOMBTBmSNBDJPOFTFODPO USBEBTZTPNFUFSMBBMUBNJ[EFiMPFNQÓSJDPw /PIBCMBNPTEFiMPFNQÓSJDPwDSFZFOEPRVFFMMPDPOTUSVZFEBUPTJSSFGVUBCMFT Z BM NBSHFO EF MBT QFSTQFDUJWBT EF MPT JOWFTUJHBEPSFT $PNP TF×BMBNPT FO MB JOUSPEVDDJØO DSFFNPT RVF MBT QSFHVOUBT EF MB JOWFTUJHBDJØO EFmOFO FO HSBO NFEJEB MPT QSPCMFNBT Z iEBUPTw RVF VOP iFODVFOUSBw 1FSP FTP OP TJHOJmDB SFOVODJBSBQSFHVOUBSTFRVÏFTMPRVFOPTQFSNJUFOWFSFTUBTGPSNBTZQSFHVOUBTZ RVÏOPOPTQFSNJUFOWFSFJOUFSSPHBSMPTTVQVFTUPTDPOPUSPTEBUPTZQFSTQFDUJWBT RVFOPTBZVEFOBNFKPSBSMPTBSHVNFOUPT$G-BIJSF $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB &MFHJNPT VOB QSFHVOUB QFOEVMBS QPSRVF MPT EBUPT SFMF WBEPT FO FTUB JOWFTUJHBDJØO OPT PSJFOUBO B MFDUVSBT HVJBEBT QPSUFOTJPOFTZPTDJMBDJPOFTRVFOPTIBCMBOEFVOQSPDFTPEF USBOTJDJØOFOFMRVFWBMFMBQFOBEFUFOFSTF &OFTUFTFOUJEPFTQPTJCMFBEWFSUJSFOMBTSFTQVFTUBTVOB QSJNFSB UFOTJØO FOUSF MB JEFOUJEBE iQSFTDSJQUBw Z MB JEFOUJ EBEiSFBMwEFMPTEPDFOUFT{"RVÏOPTSFGFSJNPTDPOFTUP &M QFTPZWBMPSTPDJBMEFMBEPDFODJBTPCSFUPEPEFMQSPGFTPSBEP TFDVOEBSJPRVFPUSPSBSFDPOPDÓBFOUSFTVTmMBTBMPTJOUFMFD UVBMFTKVSJTUBTZDJFOUÓmDPTNÈTJNQPSUBOUFTEFMQBÓTIBDBN CJBEPNVDIP-BEPDFODJBQSPWFÓBVOBJEFOUJEBEIPNPHÏOFB FIJTUØSJDBNFOUFDPOTUSVJEBEFTEFFMNPNFOUPGVOEBOUFEFM TJTUFNBFEVDBUJWPBSHFOUJOPRVFEFmOÓBBMQSPGFTPSEFFTDVFMB NFEJB DPNP FM GVODJPOBSJP EFM &TUBEP FTQFDJBMJ[BEP FO VO DBNQPEFDPOPDJNJFOUPSFQSFTFOUBOUFEFMBDVMUVSBDJFOUÓmDB ZMFHÓUJNBZNPEFMPJOUFMFDUVBMZNPSBMEFMBTGVUVSBTHFOF SBDJPOFT-BNBTJmDBDJØOEFMOJWFMMBBQBSJDJØOEFJOTUJUVDJP OFTEFGPSNBDJØOEFMQSPGFTPSBEPDPOMBQSPGFTJPOBMJ[BDJØO Z DSFEFODJBMJ[BDJØO EFM PmDJP Z MPT DBNCJPT FDPOØNJDPT Z EFM NFSDBEP EF USBCBKP IBO QSPEVDJEP VO DBNCJP JNQPS UBOUÓTJNPFOMBDPNQPTJDJØOZDBSBDUFSÓTUJDBTEFMQSPGFTPSBEP TFDVOEBSJPDG#JSHJOFOUSFNVDIPTPUSPTUSBCBKPTRVF IBCMBOEFFMMP )PZBEFNÈTFOFMNBSDPEFMBiDSJTJTwEFMBFTDVFMBNFEJB MPTEPDFOUFTTPQPSUBOZUSBUBOEFSFTQPOEFSBMBBDVNVMBDJØO EFEFNBOEBTGPSNVMBEBTEFTEFEJTUJOUPTTFDUPSFTSFDMBNBOEP RVFMBFTDVFMBWVFMWBBTFSMPRVFFSB"TÓTFMFTFYJHFFMDVN QMJNJFOUP EF MBT GVODJPOFT EF TJFNQSF TJHVJFOEP MBT SFHMBT Z DPNQPSUBNJFOUPT EFM QSPGFTPS SFDPOPDJEPT TPDJBMNFOUF QFSPBEFNÈTTFMFTiFODBSHBwMBSFTQPOTBCJMJEBEEFSFWFSUJSFM DVBESPEFEFDBEFODJBHFOFSBMRVFQBSFDFBGFDUBSBMBFTDVFMB )BDFQPDPUJFNQPFOVOBFODVFTUBTPCSFESPHBEJDDJØOQV CMJDBEBFOFMEJBSJP$MBSÓOVOBNBZPSÓBEFQBESFTNBOJGFTUB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB CBRVFFTQFSBCBRVFMPTEPDFOUFTIBCMBSBOEFMUFNBDPOTVT IJKPTBOUFTRVFIBDFSMPFMMPT$MBSÓOEFGFCSFSPEF "MBQBSEFFOTF×BSMPTTBCFSFTDMÈTJDPTTFMFTQJEFIPZBMPT EPDFOUFTRVFDPOUFOHBOBTJTUBOIBCMFOEFDVFTUJPOFTDFOUSB MFTEFMBWJEBFTUJNVMFOJOUFSFTFOZBQBTJPOFO-PTEPDFOUFT TFTJFOUFONVDIBTWFDFTEFTCPSEBEPTGSFOUFBFTUBTEFNBOEBT EF QPS TÓ JNQPTJCMFT EF DVNQMJS FO TV UPUBMJEBE Z BM NJT NPUJFNQP ZPTDJMBOiFOUSFMBPCTUJOBDJØOZFMEFTBTPTJFHPw DPNPMPGPSNVMBMÞDJEBNFOUF1BUSJDJB3FEPOEP &TUPEJCVKBVOQBOPSBNBDPNQMFKPFOFMDVBMEFCFOEFTFO WPMWFSTFMPTEPDFOUFT4JOEFTDPOPDFSMBTDSÓUJDBTBMBTOPDJPOFTEF DPSUFGVODJPOBMJTUBEFFTUBUVTZSPMMBEFmOJDJØOFMFHJEBQPS-JO UPO QVFEFMMFHBSBTFSEFVUJMJEBEQBSBQFOTBSMBTJUVBDJØO EFMPTEPDFOUFT1BSB-JOUPOFMFTUBUVTFTMBEFmOJDJØOOPSNBUJWB EFVOBEFUFSNJOBEBQPTJDJØOPDVQBDJPOBMMPTCFOFmDJPTFDPOØ NJDPTFTQFSBEPTFMQSFTUJHJPTPDJBMEJTQFOTBEPNJFOUSBTRVFFM SPMFTMBTJUVBDJØOSFBMNFOUFFYJTUFOUF"QBSUJSEFUBMFTDBUFHPSÓBT QPESÓBDBSBDUFSJ[BSTFFMEFSSPUFSPEFMPTEPDFOUFTFOMBTÞMUJNBT EÏDBEBTDPNPVOQBVMBUJOPEJTUBODJBNJFOUPEFMSPMSFTQFDUPEFM FTUBUVT&OFGFDUPQFSEVSBBQFTBSEFMBTUSBOTGPSNBDJPOFTIB CJEBTVOBGVFSUFBETDSJQDJØOQFSTPOBMBFTFFTUBUVTUSBEJDJPOBM NJFOUSBTRVFMBFYQFSJFODJBFGFDUJWBoFMSPMoZBTFBQPSMBEF QSFDJBDJØOEFMPTJOHSFTPTMBEFWBMVBDJØOEFMQSFTUJHJPTPDJBMZ MBQFSDFQDJØOEFNFOPSSFTQFUPQPSQBSUFEFMPTBMVNOPTZTVT QBESFTTFBMFKBDBEBWF[NÈTEFUBMEFmOJDJØOOPSNBUJWB%FFTUF NPEPQBSUFEFMNBMFTUBSEPDFOUFQVFEFJMVTUSBSTFDPNPVOQSP HSFTJWPEJTUBODJBNJFOUPEFFTUBUVTZSPM4FUSBUBEFVOBUFOTJØO RVFSFEVOEBFOVOQSPDFTPEFNÈTJODFSUJEVNCSFZQSFDBSJFEBE EFMBUBSFBEFBWBODFEFMEFTÈOJNPZEFMEFTBMJFOUPDVZBTNBSDBT IPSBEBOMBQFSDFQDJØOEFMUSBCBKPQSPQJPEFTVTQPTJCJMJEBEFTEF IBDFSZEFTVTFYQFDUBUJWBTTPCSFTVTBMVNOPT &OSFMBDJØODPOMPBOUFSJPSFTQPTJCMFJEFOUJmDBSVOBTFHVOEB UFOTJØOFOMBTSFTQVFTUBTEFMPTQSPGFTPSFTFOUSFFTUBEFmOJDJØO $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB USBEJDJPOBMEFMBEPDFODJBZMBBQFSUVSBBMPTDBNCJPTZOVFWPT USB[PTFOMBEFmOJDJØOEFTVGVODJØO-PTEPDFOUFTEFFTDVFMB TFDVOEBSJBFODVFTUBEPTFOFTUBJOWFTUJHBDJØOSFDPOPDFOZFYQMJDJ UBOMBJODPSQPSBDJØOEFOVFWBTUBSFBTZTVBEBQUBDJØOBFMMBTBUSB WÏTEFMBJODMVTJØOZBTFBQPSFTUVEJPTJTUFNÈUJDPPQPSFMFOTBZP DPUJEJBOPEFOVFWBTFTUSBUFHJBTZQSPQVFTUBT&TUFOVFWPiIBDFSw TFNBOJmFTUBFOVOEJTDVSTPSFOPWBEPRVFDPNPWFSFNPTFT FMSFTVMUBEPEFVOBZVYUBQPTJDJØORVFFODVFOUSBGVFOUFTFOFM EJTDVSTPQFEBHØHJDPZPUSPTEJTDVSTPTTPDJBMFT1FSPMBEFTPSJFO UBDJØOFMNBMFTUBSZMBTPMFEBERVFNVDIBTWFDFTQSPEVDFMPEJm DVMUPTPEFMBOVFWBFTDFOBFTDPMBSQSPWPDBFMSFUPSOPSFDVSSFOUF EFSFBDDJPOFTZSFTQVFTUBTRVFSFGVFS[BOVOBJEFOUJEBEEPDFOUF NÈTUSBEJDJPOBM&OFTUFTFOUJEPQPESÓBNPTIBCMBSEFVOBTVFSUF EFSFQMJFHVFJEFOUJUBSJPRVFFOVOJOUFOUPEFGFOTJWPZEFBVUP TPTUFOJNJFOUPSFmSNBBRVFMMPRVFIJTUØSJDBNFOUFDPOmHVSØFM SPMEPDFOUFFOMBTTPDJFEBEFT4FUSBUBEFVOFGFDUPEFSFQMJFHVFZ EFSFGPS[BNJFOUPQSPQJPEFMPTQSPDFTPTEFGSBHNFOUBDJØOTPDJBM NÈTHFOFSBMFTFOMPTRVFMBFYBDFSCBDJØOEFMBJEFOUJEBEJOEJWJ EVBMDPOTUJUVZFVOBTVFSUFEFSFBDDJØOBMGFOØNFOPEFEFTJOUF HSBDJØOEFMMB[PTPDJBMEFMRVFBOUFTFTBJEFOUJEBEFSBDPOTUJUVUJWB .BSUÓO#BSCFSP &OFMDBTPEFMBEPDFODJBFTUBEFGFOTBTPTUFOJEBQSPWPDB FGFDUPT UBNCJÏO PTDJMBOUFT FM SFGPS[BNJFOUP EF MP RVF TF FT PEFMPRVFTFTVQPTFS FOUFOEJEPEFVONPEPIPNPHÏOFP PmDJBEFBODMBPEFBNBSSFFOVODPOUFYUPEPOEFTFFODVFO USBOQPDBTSFGFSFODJBTQFSPUBNCJÏOFTDJFSUPRVFFTUFNJTNP SFGPS[BNJFOUPFONVDIBTPDBTJPOFTTPMPDPOTJHVFBDFOUVBS FMEFTFODVFOUSPFOUSFMBTFYQFDUBUJWBTZMPRVFDPODSFUBNFOUF TVDFEFFOMBTFTDVFMBT-FKPTEFTFSVOiQVFSUPTFHVSPwUFSNJ OBHFOFSBOEPNÈTBOTJFEBEFTZNBMFTUBS 1FOTBNPT RVF BUFOEFS B FTUBT DVFTUJPOFT FT DFOUSBM B MB IPSBEFFTDVDIBSMPRVFMPTEPDFOUFTQJFOTBOTPCSFMBFTDVF MBTFDVOEBSJBTPCSFTVTBMVNOPTZTPCSFTVQSPQJBUBSFB&T .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB DFOUSBM QPSRVF FO FTBT PQJOJPOFT SFTVFOB DPO JOTJTUFODJB FM NBOEBUPIJTUØSJDPEFBRVFMMPRVFTVQPOFiTFSEPDFOUFEFFT DVFMBNFEJBwZRVFUJFOFVOGVFSUFQFTPBMBIPSBEFPSHBOJ[BS FYQFDUBUJWBTEFmOJSMPRVFFTEFTFBCMFZPUPSHBSMFTFOUJEPZ WBMPSBMBFYQFSJFODJB "DFQUBSFTUFBMFSUBFOMBMFDUVSBSFRVJFSFBUFOEFSBVOBUFS DFSBUFOTJØOFTUBWF[SFMBUJWBBMBNFUPEPMPHÓBRVFBEPQUBNPT QBSBFTUBJOEBHBDJØOQFSPRVFTFBSUJDVMBDPOFTUBTUFOTJPOFT EFMBJEFOUJEBEEPDFOUFRVFWFOJNPTTF×BMBOEP&OMBJOUSP EVDDJØOIBCMBNPTTPCSFMBEJGFSFODJBRVFFODPOUSBNPTFOUSF MBTSFTQVFTUBTEPDFOUFTBFODVFTUBTBOØOJNBTFJOEJWJEVBMFT Z MPT JOUFSDBNCJPT FO MBT FOUSFWJTUBT HSVQBMFT RVF TPTUVWJ NPT DPO QSPGFTPSFT &O MBT FODVFTUBT BQBSFDF NÈT DMBSP FM EJTDVSTPOPSNBUJWPPSJFOUBEPBMiEFCFSTFSwZFOSBJ[BEPFO UPEPTBRVFMMPTQSJODJQJPTTVQVFTUPTZKVTUJmDBDJPOFTQSPQJPT EFMIBDFSZEFMEFDJSEPDFOUFIJTUØSJDBNFOUFBTPDJBEPTDPOFM FKFSDJDJPWPDBDJPOBMEFVOBQSPGFTJØOTPDJBMNFOUFWBMPSBEBMP RVF NBSDBNPT DPNP FM IPSJ[POUF EF iEFTFBCJMJEBE TPDJBMw 4JOFNCBSHPFOMBJOEBHBDJØOEFUJQPDVBMJUBUJWPSFBMJ[BEB BUSBWÏTEFHSVQPTGPDBMFTFNFSHFVOEJTDVSTPEJTUJOUPFOFM RVFTVSHFZTFBNQMJmDBEBEBMBEJOÈNJDBHSVQBMVOBTFO TBDJØOEFNBMFTUBSZTVGSJNJFOUPDPUJEJBOPNÈTDFSDBOPBMB WJDUJNJ[BDJØO&OFTUBTTJUVBDJPOFTEFFOUSFWJTUBHSVQBMBQB SFDFOMPTDMJDIÏTSFTQFDUPEFMBDSJTJTBDUVBMEFMBTPDJFEBEZ EFMBFEVDBDJØOZMPTFGFDUPTRVFÏTUBDPOMMFWBFOMPTKØWFOFT :UBNCJÏOMVFHPEFMBRVFKBTFNBOJmFTUBVOBTFOTBDJØOEF FTGVFS[PJOEJWJEVBMZTPMFEBE"UFOEFNPTBFTUBDVFTUJØOZB RVFNÈTBMMÈEFMBTFTQFDJmDJEBEFTEFMPTJOTUSVNFOUPTQBSB SFMFWBSJOGPSNBDJØOVUJMJ[BEPTFOFTUBJOWFTUJHBDJØOZEFTVT FGFDUPTFOMPTUJQPTEFSFTQVFTUBTZSFBDDJPOFTRVFQSPNVFWFO FTQPTJCMFBEWFSUJSVOBPTDJMBDJØOFOFMEJTDVSTPEPDFOUFRVF EBDVFOUBEFVODBNCJPVOQBTBKFFOFMDBNJOPJEFOUJUBSJPEF VOBQSPGFTJØORVFFOUSFUFKJFOEPIVFMMBTEFMQBTBEPZOVFWBT GPSNBTIPZEFCFEBSDVFOUBEFPUSBDPOmHVSBDJØO $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB /PT QBSFDF JNQPSUBOUF UFOFS FO DVFOUB FTUB DVFTUJØO QPSRVF FO MB VSHFODJB QPS FODPOUSBS SFTQVFTUBT B MB DSJ TJT FEVDBUJWB HFOFSBMNFOUF MPT QSJNFSPT QSJWJMFHJBEPT TPO MPTBMVNOPTPCKFUPTEFNÞMUJQMFTBOÈMJTJTZEFPUSBTUBOUBT QSPQVFTUBT:FOFTUFDVBESPMPTEPDFOUFTTVFMFOPDVQBSFM MVHBSEFiWBSJBCMFEFBKVTUFwQBSBMBTTPMVDJPOFT²TUBTQVF EFOBQVOUBSBMBBDUVBMJ[BDJØOBDBEÏNJDBZEJEÈDUJDBEFMPT EPDFOUFT B USBWÏT EF MB DBQBDJUBDJØO QSPNPWFS MB SFWJTJØO EFMBGPSNBDJØOJOJDJBMEFMPTEPDFOUFTQMBOUFBSMBNFKPSB ZSFPSHBOJ[BDJØOEFMBTDPOEJDJPOFTMBCPSBMFTPCJFOQSPQP OFSFTUSBUFHJBTQBSBQSPNPWFSMBSFnFYJØOZFMDPOPDJNJFO UPQSPGFTJPOBM)BZRVFEFTUBDBSFMGVFSUFQSFEPNJOJPEFMB DBQBDJUBDJØOEPDFOUFDPNPVOBFTQFDJFEFiWBSJUBNÈHJDBw RVFSFTPMWFSÈMPTQSPCMFNBTEFMBTFTDVFMBTQPSRVFWVFMWFB QPOFSTPCSFMPTIPNCSPTEFMPTQSPGFTPSFTMBSFTQPOTBCJMJEBE EFMBNFKPSB1BSFDJFSBRVFUPEPEFQFOEFEFTVDBQBDJEBEEF BEBQUBDJØO B OVFWBT DPOEJDJPOFT EF USBCBKP $SFFNPT RVF FTB TPMVDJØO UJFOF QBUBT DPSUBT TJ OP TF JOUFSSPHB TPCSF MB QFSTJTUFODJBEFPUSPTFMFNFOUPTRVFMMFWBOBQFOTBSZBDUVBS FO MB FEVDBDJØO EF MB NBOFSB FO RVF TF MP IBDF Z RVF MB FYDFTJWBJOEJWJEVBMJ[BDJØOMMFWBBTPMVDJPOFTWPMVOUBSJTUBTP CJFODÓOJDBT4JOEFTQSFDJBSMPRVFFTUBTSFGPSNBTUJFOFOQBSB PGSFDFSRVFTJOEVEBFTNVDIPDSFFNPTRVFIBZDVFTUJPOFT FTUSVDUVSBMFT RVF SFWJTBS Z EFTBOEBS QBSB MVFHP QFOTBS FO BMUFSOBUJWBTEFTPMVDJØORVFBVORVFDPOTJEFSFOMPTNJTNPT DBNJOPTZQSPQVFTUBTDPOMMFWFODMBWFTEFMFDUVSBZBOÈMJTJT NÈTDPNQMFKBTZDPOUFYUVBMJ[BEBTRVFQFSNJUBOEBSDVFOUB EFMPTRVJFCSFTZUFOTJPOFTRVFIPZEFmOFOMBTGPSNBTEFTFS EPDFOUFZEFIBDFSEPDFODJBZEBSMFTNFKPSDBVDF 1PSFMMPDSFFNPTRVFFTJNQPSUBOUFFTDVDIBSMPRVFFYQMJ DBOMPTEPDFOUFTTPCSFFMDPOnJDUJWPMVHBSEFTPTUÏORVFiMFT UPDBw DVNQMJS &TUP JNQMJDB SFWJTBS RVÏ TVQVFTUPT UFOFNPT TPCSFFMIBDFSEPDFOUFQBSBFOUFOEFSRVÏIBZEFUSÈTEFFTF EJTDVSTPQBSBEØKJDPEFRVFKBRVFBMBWF[QBSFDFBVUPBmSNBS .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB TFFOWBMPSFTFJEFBMFTIJTUØSJDPT5BNCJÏOTFUSBUBEFDPOUFY UVBMJ[BSFTFEFDJSZMBTNBOJGFTUBDJPOFTEFNBMFTUBSFOFMIBDFS EJBSJPFOVODVBESPEFTVGSJNJFOUPZQFSQMFKJEBETPDJBMNÈT HFOFSBMZBMBWF[FOMBTQBSUJDVMBSJEBEFTEFMPTUSBZFDUPTMBCP SBMFTSFDPSSJEPTZEFMPTEJWFSTPTFTDFOBSJPTFOMPTRVFUSBCBKBO DPUJEJBOBNFOUF $PO FTUBT QFSTQFDUJWBT NÈT HFOFSBMFT QSFTFOUBSFNPT TVT PQJOJPOFTZNJSBEBTTPCSFMBFTDVFMBTFDVOEBSJB"EFMBOUBOEP MBPSHBOJ[BDJØORVFBEPQUBSÈFTUFDBQÓUVMPOPTJOUFSFTBJOUFO UBSBMHVOBTFYQMJDBDJPOFTTPCSFFMJNBHJOBSJPRVFTVTUFOUBTVT PQJOJPOFTZFYQFDUBUJWBTSFTQFDUPEFFTUFOJWFMEFFOTF×BO[B TVTMFDUVSBTZTFOTBDJPOFTTPCSFMPRVFBDPOUFDFBEJBSJPFOMB FTDVFMBZMBTDPOWJDDJPOFTZEFTPSJFOUBDJPOFTRVFPSJFOUBOTV UBSFB Z RVF NBSDBO OVFWBT QSFHVOUBT TPCSF FM TFOUJEP EF MB FTDVFMBTFDVOEBSJB -BTDBSBDUFSÓTUJDBTEFMBNVFTUSB $PNP TF TF×BMØ FO MB JOUSPEVDDJØO Z TF FYQMJDJUB FO FM BOFYPMBFODVFTUBTFBENJOJTUSØBEPDFOUFTFOQVO UPTNVFTUSB B MP MBSHP EFM QBÓT -B SFQSFTFOUBUJWJEBE EF MPT EPDFOUFTFODVFTUBEPTEFBDVFSEPDPOTVEJTUSJCVDJØOSFHJP OBMFTEFEPDFOUFTEFMBSFHJØONFUSPQPMJUBOB EPDFOUFTEFMBSFHJØO$VZPEPDFOUFTEFM/&" EFM/0"EFMBSFHJØOQBNQFBOBZEFMBSFHJØO QBUBHØOJDB&OMPRVFSFTQFDUBBTVEJTUSJCVDJØOQPSUJQPEF HFTUJØO DPOUBNPT DPO EPDFOUFT EF FTDVFMBT EF HFT UJØOQÞCMJDBZEFMTFDUPSQSJWBEPEFMPTQSPGF TPSFTFODVFTUBEPTGVFSPONVKFSFTZWBSPOFT&ODVBOUP B MB GPSNBDJØO EF MPT FODVFTUBEPT MB NVFTUSB JODMVZØ B VO EPDFOUFT FHSFTBEPT EF QSPGFTPSBEPT EF OJWFM UFSDJBSJP FHSFTBEPTEFFTUFOJWFMQFSPDPOFTUVEJPTVOJWFSTJUBSJPT DPNQMFNFOUBSJPTFHSFTBEPTEFQSPGFTPSBEPTEFOJWFM VOJWFSTJUBSJPZEPDFOUFTRVFFKFSDÓBODPOUÓUVMPVOJWFS $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB TJUBSJPIBCJMJUBOUFVOEFMPTEPDFOUFTFSBOFHSFTBEPTEF PUSPUJQPEFGPSNBDJØO6OEFMPTFODVFTUBEPTSFBMJ[Ø FTUVEJPTEFQPTHSBEPZVOOPEJTQPOÓBEFUBMGPSNB DJØO&OMPSFGFSFOUFBFTUVEJPTEFDBQBDJUBDJØOVOEF MPTEPDFOUFTFODVFTUBEPTIBQBSUJDJQBEPEFUBMFTJOTUBODJBTEF GPSNBDJØODPOUJOVBZVOOPMPIBIFDIP -PTHSVQPTGPDBMFTGVFSPOPSHBOJ[BEPTFOKVSJTEJDDJP OFTEJGFSFOUFTSFHJØONFUSPQPMJUBOBEF#VFOPT"JSFTDJVEBE EF$PSSJFOUFTZDJVEBEEF.FOEP[B FODBEBVOBEFMBTDVBMFT TFQSFWJFSPOEPTHSVQPTVOPEFQSPGFTPSFTRVFFKFSDFOGVO EBNFOUBMNFOUF FO FTDVFMBT QÞCMJDBT Z PUSP EF BRVFMMPT RVF USBCBKBOTPCSFUPEPFOFTDVFMBTQSJWBEBT-PTHSVQPTUVWJFSPO FOUSFZQBSUJDJQBOUFT4FCVTDØBEFNÈTRVFFODBEBHSV QP IVCJFTF VOB NF[DMB EF EJTUJOUBT NBUFSJBT )VNBOJEBEFT Z$JFODJBT4PDJBMFT$JFODJBT&YBDUBTZ/BUVSBMFTBSUÓTUJDBT *EJPNBTZ&EVDBDJØO'ÓTJDB -BFTDVFMBRVFGVFZMBFTDVFMB RVFRVJFSFOMPTEPDFOUFT i:PUSBCBKPFOVOBFTDVFMBEFVOCBSSJPNBSHJOBMZWJFOFO MPTDIJDPTDPOQSPCMFNBTHSBWFTFOUPODFTDPNPRVFOPUJF OFOHBOBTEFFTUVEJBSZMPEJDFOEJSFDUBNFOUFA{1BSBRVÏ WPZBFTUVEJBS {QBSBRVÏNFTJSWF :PNFRVFEPUSBO RVJMBQPSRVFZPTÏRVFMFTTJSWFDPNPQFSTPOBTQSJNFSPZ FTPZBFTNVDIP"MPNFKPSFOFTUFNPNFOUPDPNPIBZ UBOUBDPNQFUFODJBVOUÓUVMPTFDVOEBSJPOPFTOBEBZOPMF EBQPTJCJMJEBETBMWPMBQPTJCJMJEBEEFTFHVJSFTUVEJBOEP 1FSPZPNFRVFEPUSBORVJMBFOFMTFOUJEPEFRVFÏMTFFTUÈ GPSNBOEPQSJNFSPDPNPQFSTPOBw 1SPGFTPSBEFFTDVFMBQÞCMJDB.FOEP[B -BT PQJOJPOFT EF FTUB QSPGFTPSB NBSDBO FM EFCBUF QFSP UBNCJÏO MB BQVFTUB TPDJBM RVF IBDFO QSPGFTPSFT Z BMVNOPT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB DVBOEP SFBmSNBO MB FTDPMBSJEBE TFDVOEBSJB {1BSB RVÏ TJSWF VO UÓUVMP IPZ {2VÏ FGFDUPT UJFOFO MBT OVFWBT DPPSEFOBEBT EFMNBQBTPDJBMFOMBFWBMVBDJØORVFTFIBDFTPCSFMBFTDVFMB TFDVOEBSJB :BEFNÈTDPNPFMMBMPBmSNB{FTFMUÓUVMPUPEP MPRVFUJFOFQBSBPGSFDFSMBFTDVFMBNFEJB "OBMJDFNPTMBPQJ OJØOEFMPTEPDFOUFTSFTQFDUPEFMBGVODJØOTPDJBMEFMBFTDVFMB TFDVOEBSJBBDUVBM $VBESP 0QJOJPOFTEFMPTQSPGFTPSFTTPCSFMBGVODJØOEFMBFTDVFMB TFDVOEBSJB 0QDJØO 0QDJØO -BFTDVFMBTFDVOEBSJBGPSNBQBSB TFHVJSFTUVEJBOEPFOMBVOJWFSTJEBEP FOFMUFSDJBSJP 1BSBDPOTFHVJSVOUSBCBKP 1BSBUFOFSDVMUVSBHFOFSBM 1BSBNBOFKBSTFDPOJOEFQFOEFODJBZ BVUPOPNÓB 1BSBTBCFSSFMBDJPOBSTFDPOPUSPT 1BSBUFOFSVOBNJSBEBDSÓUJDB 1BSBOJOHVOPEFFTUPTBTQFDUPT 1BSBNFKPSBSMPTQSPCMFNBTEFMQBÓT 5PUBM "OJWFMHFOFSBMMBTFYQFDUBUJWBTBTPDJBEBTIJTUØSJDBNFOUF DPO FM TFOUJEP QSPQFEÏVUJDP EFM OJWFM TFDVOEBSJP TJHVFO UF OJFOEPGVFSUFQFTPZBQBSFDFOQSJPSJ[BEBTFOMBTSFQSFTFOUB -B QSFHVOUB GVF i1FOTBOEP FO MB FTDVFMB TFDVOEBSJB FO HFOFSBM {MF QBSFDFRVFMBFTDVFMBTFDVOEBSJBGPSNBBMPTFTUVEJBOUFTQBSB 4F×BMF EPTPQDJPOFT w $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB DJPOFTEFMPTEPDFOUFT-FTTJHVFOFOPSEFOEFJNQPSUBODJB MBDPOTJEFSBDJØOEFMBFTDVFMBTFDVOEBSJBDPNPQPTJCJMJEBEEF JOTFSDJØOFOFMNFSDBEPMBCPSBMZBMBQBSDPNPJOTUBODJBEF GPSNBDJØOEFVOBDVMUVSBHFOFSBM&TUBTUFOEFODJBTQSFTFOUBO BMHVOBTEJGFSFODJBTFOUSFMPTEPDFOUFTFODVFTUBEPTFOQBSUJ DVMBSDVBOEPTFBOBMJ[BOMPTEBUPTTFHÞOMBTSFHJPOFTEFMQBÓT ZBRVFTFBMUFSOBFMPSEFOEFQSJPSJEBEEFMBTUSFTGVODJPOFT QSJODJQBMFTJEFOUJmDBEBT4POMBTDBSBDUFSÓTUJDBTEFDBEBDPO UFYUPoTPCSFUPEPMBTRVFIBDFOBMPTJOEJDBEPSFTTPDJBMFTEF MBQPCMBDJØOBMBTDBSBDUFSÓTUJDBTEFMNFSDBEPEFUSBCBKPBMB PGFSUB EF FTUVEJPT UFSDJBSJPT P VOJWFSTJUBSJPTo MBT RVF TFHV SBNFOUF EFmOFO MB PQJOJØO Z FYQFDUBUJWB EF MPT QSPGFTPSFT FO DBEB VOBEF FMMBT5JSBNPOUJ (BMMBSU 1PS FKFNQMP MB SFGFSFODJB B TFHVJS FTUVEJBOEP FT NVZ GVFSUF FO MBSFHJØOQBNQFBOBZFM/PSFTUFZFONFOPSNFEJEBFOFM /PSPFTUF Z FO MB SFHJØO NFUSPQPMJUBOB EF #VFOPT "JSFT FO DBNCJPMBGPSNBDJØOQBSBFMUSBCBKPBQBSFDFQSJPSJ[BEBFOMB SFHJØOQBUBHØOJDBZFO$VZPWÏBTFFMBOFYPDVBESP &TJNQPSUBOUFEFTUBDBSMBWJHFODJBEFMPTTFOUJEPTiNÓUJDPTw BTPDJBEPTDPOFMNPNFOUPGVOEBOUFEFMOJWFMNFEJPFOOVFTUSP QBÓT3FTVFOBUPEBWÓBFMQSJODJQJPPSJHJOBSJPEFMBFTDVFMBTFDVO EBSJBBSHFOUJOBGVFSUFNFOUFMJHBEPZBSUJDVMBEPFOTPMVDJØOEF DPOUJOVJEBEBMOJWFMVOJWFSTJUBSJP5FEFTDP 4JOFNCBSHP UBMDPNPMPTF×BMBMBQSPGFTPSBRVFDJUBNPTBMDPNJFO[PEFFTUF BQBSUBEPFTUFTFOUJEPNÓUJDPQBSFDJFSBDPOUFYUVBMJ[BSTFFOSFMB DJØODPOMPQPTJCMFFOFMFTDFOBSJPBDUVBM&OFTUFDPOUFYUPFM WBMPSQSPQFEÏVUJDPEFTFHVJSFTUVEJBOEPQPESÓBFODVBESBSTFFO MBNPSBUPSJBRVFFOFMDBTPEFMPTKØWFOFTQPCSFTTPTUJFOFVO QSPCBCMFGVUVSPEFFYDMVTJØO "TPDJBEBDPOFTUFQSJNFSTFOUJEPFTQPTJCMFJEFOUJmDBSMBGVO DJØOEFGPSNBDJØODVMUVSBMRVFEFTEFTVTJOJDJPTBTVNJØFMOJWFM TFDVOEBSJPDPOVOBGVFSUFJNQSPOUBEFMIVNBOJTNPEFmOFTEFM TJHMPĩĚĩ)BCMBNPTEFVODVSSÓDVMPFTDPMBSCBTBEPFOMBDVMUVSB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB IVNBOJTUBZEFTVDPODSFDJØOFOVODBOPOEFGVFSUFKFSBSRVJ[BDJØO EFMPTTBCFSFTEFMBFMJUFMFUSBEBDPTNPQPMJUBNÈTCJFODPOTFSWBEPS ZRVFEFTQSFDJBCBMPTTBCFSFTEFMUSBCBKPMBDVMUVSBDPOUFNQPSÈOFB ZMBTWPDFTNÈTQMVSBMFT%VTTFM &TJNQPSUBOUFSFDPSEBSFTUP ZBRVFMBBmSNBDJØOEFRVFMBFTDVFMBEFCFPUPSHBSiDVMUVSBHFOFSBMw BQBSFDFQPDPQSPCMFNBUJ[BEBFOMPTEFCBUFTTPCSFMBiGBMUBEFDVMUV SBwEFMPTKØWFOFT&OFTUBTPDBTJPOFTTVFMFDPOTJEFSÈSTFMBDPNPVO MJTUBEPEFJOGPSNBDJØOQPSFKFNQMPOPDJPOFTEFHFPHSBGÓBVOJWFS TBM PCJFODPNPVOBTFSJFEFEJTQPTJDJPOFTFTUÏUJDBTFJOUFMFDUVBMFT iTFSFEVDBEPw DVZBVCJDVJEBEZWBMPSQBSBUPEPUJFNQPZMVHBS QVFEFOTFSDVFTUJPOBEPT&ODVBMRVJFSDBTPZQSPCBCMFNFOUFDPNP SFTQVFTUBBVUPEFGFOTJWBGSFOUFBMPTFNCBUFTTPDJBMFTRVFEFOVODJBO MBEFDBEFODJBDVMUVSBMEFMBFTDVFMBTFDVOEBSJBMBGVODJØOEFGPSNB DJØODVMUVSBMIJTUØSJDBNFOUFBTJHOBEBTJHVFTJFOEPTPTUFOJEBQPSMPT EPDFOUFTDPNPCBTUJØOEFJEFOUJEBEEFMOJWFMZUBNCJÏODPNPBMHP RVFFGFDUJWBNFOUFMBFTDVFMBFTUÈDPODSFUBOEP 1PSÞMUJNPDPNPUFSDFSFMFNFOUPEFTUBDBEPFOMBGVODJØO BDUVBMEFMBFTDVFMBTFDVOEBSJBTF×BMBNPTMBJNQSPOUBEFPUSP EFMPTTFOUJEPTRVFEFKBSPOIVFMMBTFOFMJEFBSJPTPCSFMBFTDVFMB TFDVOEBSJBMBQPTJCJMJEBEEFJOTFSDJØOFOFMNFSDBEPMBCPSBM &ONBSDBEBFOMBTFYQFDUBUJWBTEFBTDFOTPTPDJBMZFOTVTFGFDUPT FOMPTQSPDFTPTEFNBTJmDBDJØOFTDPMBSEFFTUFOJWFMQSPQJPTEF NJUBEEFTJHMPMBDSFFODJBTPDJBMFOMBFTUSFDIBSFMBDJØOFOUSF GPSNBDJØOTFDVOEBSJBJOTFSDJØOFOFMNVOEPEFMUSBCBKPTJHVF UFOJFOEPGVFSUFTFGFDUPTTJNCØMJDPTBQFTBSEFoPDPOoMPTDBN CJPTNÈTSFDJFOUFTEFMNBQBFDPOØNJDPNVOEJBM "TÓMBQSFEPNJOBODJBEFMBTGVODJPOFTBTPDJBEBTDPOMBTUSBEJ DJPOFTIJTUØSJDBTZGVOEBOUFTEFMOJWFMTFDVOEBSJPDPOEFOTBEBFO FTUPTUSFTBTQFDUPToDPOUJOVJEBEEFFTUVEJPTGPSNBDJØOFODVMUV SBHFOFSBMFJODMVTJØOFOFMNVOEPMBCPSBMoDPOEJDFUBMDPNPMP NVFTUSBOMPTSFTVMUBEPTEFMBFODVFTUBZUBNCJÏOMPTUFTUJNPOJPT SFMFWBEPTFOMPTHSVQPTGPDBMFTDPOMBTFOTBDJØOEFOPTUBMHJBZNF MBODPMÓBDPOMBRVFMPTEPDFOUFTNJSBOFMQBTBEPHMPSJPTPEFMOJWFM $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB ZTVEFWBMVBDJØOBDUVBM&TUPFTQBSFDFSÓBRVFMPTEPDFOUFTTJHVFO JEFOUJmDBOEPZWBMPSBOEPMBTGVODJPOFTRVFDPOmHVSBSPOFMTFOUJ EPEFMBFTDVFMBTFDVOEBSJBZQPSMPUBOUPFMQFSmMEFMPTBMVNOPT RVFFMMBFTUBCBEFTUJOBEBBGPSNBSQPSTPCSFPUSPTOVFWPTQPTJCMFT TFOUJEPTNÈTBDPSEFTDPOMPRVFMPTOVFWPTFTDFOBSJPTTPDJBMFTQMBO UFBODPNPQPTJCMFQBSBMBJOTFSDJØOTPDJBMEFMPTKØWFOFTZUBNCJÏO DPOMPRVFFTQFSBOPSFTVMUBSÓBQSPNJTPSJPQBSBMPTOVFWPTKØWFOFT RVFIPZIBCJUBOFTPTFTDFOBSJPT%FTEFBMMÓRVJ[ÈQVFEBFYQMJDBSTF FMFTDBTPSFDPOPDJNJFOUPEFMBQPSUFEFMBFTDVFMBTFDVOEBSJBDPNP JOTUBODJBEFGPSNBDJØOQBSBMBSFMBDJØODPOPUSPTQBSBNBOFKBSTF DPOBVUPOPNÓBZFOFTQFDJBMQBSBVOBNJSBEBDSÓUJDB%FBDVFSEP DPOMPSFMFWBEPFOMPTHSVQPTGPDBMFTQBSFDJFSBRVFFMBDFOUPTJHVF FTUBOEPFOMBEJNFOTJØOJOUFMFDUVBMUSBEJDJPOBMNFOUFFOUFOEJEB FTEFDJSMJHBEBBMBTGPSNBTEFQSPEVDDJØOZDJSDVMBDJØOEFMDPOP DJNJFOUPDJFOUÓmDPQSPQJBTEFMQSPHSBNBNPEFSOPQPSTPCSFMB QPTJCJMJEBEEFEFTBSSPMMBSPUSBTTFOTJCJMJEBEFTRVFMFTQFSNJUBOB MPTKØWFOFTJOUFSBDUVBSZDPOTUSVJSDPOPUSPTFOFMFTDFOBSJPTPDJBM BDUVBM/PFTUBNPTEJDJFOEPDPOFTUPRVFMPTEPDFOUFTOPDPOTJ EFSFOOFDFTBSJPTFTUPTPUSPTBTQFDUPTTJOPNÈTCJFOTF×BMBOEPMB FmDBDJBEFMBGVODJØOTJNCØMJDBUSBEJDJPOBMNFOUFBTJHOBEBBMOJWFM BMNFOPTFOFMEJTDVSTPEFRVJFOFTUJFOFOBTVDBSHPMBSFTQPOTB CJMJEBEEFTVFKFSDJDJP 1PSPUSBQBSUFMMBNBMBBUFODJØOMBOVMBSFGFSFODJBBMBQPSUF EFMBFTDVFMBTFDVOEBSJBQBSBFMNFKPSBNJFOUPEFMPTQSPCMFNBT EFMQBÓTDPOTJEFSBOEPMBGVFSUFJNQSPOUBRVFUJFOFOMPTEJTDVS TPTTPDJBMFTBDUVBMFTTPCSFUPEPMPTNFEJÈUJDPTFOMBDPOWJDDJØO EFRVFMBFEVDBDJØOFTMBWÓBQSJWJMFHJBEBQBSBFMNFKPSBNJFOUP GVUVSPEFMBTTJUVBDJPOFTDSÓUJDBTBOJWFMOBDJPOBM"MHVOBTJEFBT QVFEFOBZVEBSBMBJOUFSQSFUBDJØOEFFTUFEBUP1PSVOMBEPQP ESÓBNPTIJQPUFUJ[BSRVFFTUBTPQJOJPOFTSFTJHOJmDBOMPTTFOUJEPT USBEJDJPOBMFTEFMBFTDVFMBTFDVOEBSJBFOFMNBSDPEFMPTQSPDFTPT TPDJBMFTBDUVBMFT&TEFDJSFOVOFTDFOBSJPTPDJBMEPOEFFMQSPHSF TPZBOPDPOTUJUVZFVOBFNQSFTBDPMFDUJWBTJOPJOEJWJEVBM#BV NBO MBQPTJCJMJEBEEFDPOUJOVBSFTUVEJPTZPEFDPOTFHVJS .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB VOUSBCBKPDPOTUJUVZFVOBDBSUBWBMJPTBFOFMKVFHPQFSTPOBMQBSB FMMPHSPEFMBJODMVTJØOTPDJBM&ODBNCJPFOFMNBSDPEFGVFSUFT QSPDFTPT EF JOEJWJEVBMJ[BDJØO QJFSEFO WBMPS FNQSFTBT DPMFDUJWBT BTPDJBEBTDPOFMDPODFQUPEFiJOUFSÏTDPNÞOwEFOUSPEFMBTDVBMFT QPESÓBFODVBESBSTFFMBQPSUFEFMBFEVDBDJØOBVOQSPZFDUPEFQBÓT BGVUVSP0USBPQDJØOJOUFSQSFUBUJWBBQVOUBBMSFDPOPDJNJFOUPEF MPTGBDUPSFTFYØHFOPTBMTJTUFNBFEVDBUJWPUBMFTDPNPMBQPCSF[B ZMBFYDMVTJØORVFFYDFEFOMBTQPTJCJMJEBEFTZMBTTPMVDJPOFTRVF QVFEFOBQPSUBSTFEFTEFMBJOUFSWFODJØOFEVDBUJWB4JFTUBIJQØUFTJT GVFSBTØMJEBMBFTDBTBBEIFTJØOBMQPTUVMBEPEFRVFMBFTDVFMBTJSWF QBSBNFKPSBSMBTJUVBDJØOEFMQBÓTFTUBSÓBIBCMBOEPEFMBQFSDFQDJØO EFMPTQSPGFTPSFTEFRVFMBGPSNBDJØOEFMBFTDVFMBTFDVOEBSJBQPDP QVFEFIBDFSQBSBDPOUSBSSFTUBSMBGVFS[BEFMPTQSPCMFNBTTPDJBMFT RVFIPZBGFDUBOBMBNBZPSQBSUFEFMBQPCMBDJØOEFMQBÓT 4JOFNCBSHPZDPJODJEJFOEPDPOMPSFMFWBEPFOPUSPTFTUV EJPT1PMJBL QVFEFPCTFSWBSTFRVFTJHVFPQFSBOEPFOFM EJTDVSTP EF MPT QSPGFTPSFT MB DSFFODJB FO FM NJUP JHVBMJUBSJP EF MBFEVDBDJØO"TÓQFSTJTUFVOBTVFSUFEFPQUJNJTNPQFEBHØHJDP DPOEFOTBEPFOVOPEFMPTTFOUJEPTUSBEJDJPOBMFTMBBTPDJBDJØO FEVDBDJØOJHVBMEBEEFPQPSUVOJEBEFT $VBESP 1FSDFQDJPOFTEFMPTQSPGFTPSFTTPCSFFMWBMPSEFMBFEVDBDJØO -BFEVDBDJØOBZVEBBRVFUPEPT UFOHBNPTMBTNJTNBTPQPSUVOJEBEFT %FBDVFSEP &OEFTBDVFSEP /4/$ 5PUBM -BFTDVFMBTFDVOEBSJBMFTFOTF×BBMPT KØWFOFTBDPOPDFSTVTEFSFDIPT 5PUBM %FBDVFSEP &OEFTBDVFSEP /4/$ -BQSFHVOUBGVFi.FHVTUBSÓBTBCFSTJVTUFEFTUÈEFBDVFSEPPFTUÈFO EFTBDVFSEPDPOMBTTJHVJFOUFTGSBTFTyw $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB "QBSFDFUBNCJÏOVOFMFNFOUPNÈTOPWFEPTPMBFTDVFMBOP TPMPBZVEBBJHVBMBSMBTPQPSUVOJEBEFTTJOPRVFMPIBDFFOTF×BO EPBMPTKØWFOFTDVÈMFTTPOTVTEFSFDIPT"USBWÏTEFMBFTDVFMB UPEBWÓBQBSFDFSÓBQPTJCMFEBSMVHBSBMiMJUJHJPQPSMBJHVBMEBEw4J FTUPTVDFEFRVJ[ÈTFBQPSRVFÏTUBBÞODPOTFSWBBMHPSFGFSJEPB VOQSJODJQJPVOJWFSTBM'JOPDDIJP RVFQFSNJUFTPTUFOFS FOFMNBSDPEFMPSJHFONÓUJDPFTDPMBSMPRVFTPDJBMNFOUFFTVOB mDDJØO0USBWF[SFNJUJNPTBMBTQBMBCSBTEFMBQSPGFTPSBDJUBEBT BMDPNJFO[PEFMBQBSUBEPQPEFNPTFOTF×BSMFTBTFSNFKPSFTQFS TPOBTZFTUPZBFTVOQBTPJNQPSUBOUF 'JOBMNFOUFFTJNQPSUBOUFSFNBSDBSRVFFMUPOPEFMEJT DVSTPEFMPTQSPGFTPSFTTPCSFUPEPFOMBTFOUSFWJTUBTHSVQBMFT QFSPUBNCJÏOFOMBTFODVFTUBTFTNBSDBEBNFOUFOPTUÈMHJDP /PTPMPTFTJHVFOTPTUFOJFOEPMPTNJTNPTJEFBMFTZGVODJPOFT RVF BOUB×P TJOP RVF UBNCJÏO TF QJFOTB RVF MB FTDVFMB iFSB PUSBDPTBw $VBESP 1FSDFQDJPOFTEFMPTQSPGFTPSFTTPCSFMBFTDVFMBBDUVBMFO SFMBDJØODPOMBFTDVFMBEFMQBTBEP -BFTDVFMBNFEJBBDUVBMFTNFKPSRVF BOUFT 5PUBM %FBDVFSEP &OEFTBDVFSEP /4/$ $PNPTFWJFOFTF×BMBOEPIBDFUJFNQPMBNJSBEBOPTUÈMHJDB TPCSFWVFMBFMEJBHOØTUJDPEFMOJWFMNFEJPIPZFOQBSUJDVMBSQBSB MPTQSPGFTPSFTDPONBZPSUJFNQPEFBOUJHàFEBEFOMBEPDFODJBMB FTDVFMBTFDVOEBSJBZBOPFTMPRVFFSB5BNQPDPMPTPOMBGBNJMJB ZMBTPDJFEBEDPNPMPTF×BMBOMPTUFTUJNPOJPTEFMPTHSVQPTGP DBMFTPMBTQPTJCJMJEBEFTEFQSPHSFTPZVOBDBMJEBEEFWJEBNFKPS QBSBMPTKØWFOFT%FBMMÓRVFJOTJTUBNPTFOMBFmDBDJBQSFTDSJQUJWB EFMPTJEFBMFTBMBOBMJ[BSMBTPQJOJPOFTEFMPTQSPGFTPSFTTPCSFMP .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB RVFMBFTDVFMBTFDVOEBSJBIBDFPMPRVFEFCFSÓBIBDFSZBRVF BVOIPZTJHVFOSFTPOBOEPMPTQSJODJQJPTNÓUJDPTZGVOEBOUFTRVF EJFSPOPSJHFOZTFOUJEPBMOJWFMFOMBNJSBEBTPCSFMPRVFTFSÓB EFTFBCMF%FFTPOPTPDVQBSFNPTFOFMTJHVJFOUFBQBSUBEP -BFTDVFMBRVFIBZZMBFTDVFMBEFTFBEB &OFTUFBQBSUBEPOPTBEFOUSBSFNPTFOFMEFTFODVFOUSPFO USFMPTJEFBMFTZMBTSFBMJEBEFT&OFMEJTDVSTPEFMPTQSPGFTPSFT BQBSFDFVOBCSFDIBDPOTJEFSBCMFFOUSFMPRVFJNBHJOBODPNP EFTFBCMF FO SFMBDJØO DPO MB FTDVFMB MPT BMVNOPT Z UBNCJÏO TPCSFFMMPTNJTNPTZMPRVFFGFDUJWBNFOUFFODVFOUSBOEÓBB EÓBFOMBTFTDVFMBT&OFTFEFTDVCSJNJFOUPTFPSJHJOBONVDIBT EFMBTTFOTBDJPOFTEFGSVTUSBDJØOZNBMFTUBSRVFBQBSFDFOIPZ FOFMEJTDVSTPEPDFOUF 7FBNPTQPSFKFNQMPMBTPQJOJPOFTEFMPTEPDFOUFTDVBO EPTFMPTDPOTVMUBFOFOUSFWJTUBTHSVQBMFTTPCSFRVÏQJFOTBO DVBOEPWBOIBDJBMBFTDVFMB i:PWPZQFOTBOEP{-MFHBSÏBEBSMPRVFRVJFSPEBS {EBSÏ IPZMPRVFFTUÈQMBOJmDBEP w 1SPGFTPSEFFTDVFMBQSJWBEB$JVEBEEF#VFOPT"JSFT i)BZEÓBTFORVFNFRVJFSPWPMWFSw 1SPGFTPSBEFFTDVFMBQÞCMJDB.FOEP[B i{2VÏNFWPZBFODPOUSBS /PWFOESÈNÈTUBMDIJDPw 1SPGFTPSBEFFTDVFMBQÞCMJDB$JVEBEEF#VFOPT"JSFT i.FFTQFSBVOBBSEVBUBSFBw 1SPGFTPSEFFTDVFMBQSJWBEB.FOEP[B i2VFWPZBIBDFSUPEPMPRVFQVFEBQFSPWPZBUFSNJOBS NVZDBOTBEBTFHVSBNFOUFw 1SPGFTPSBEFFTDVFMBQÞCMJDB$JVEBEEF#VFOPT"JSFT $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB -BJODFSUJEVNCSFEFMEÓBBEÓBQBSFDFUF×JEBEFVODPMPS OFHBUJWPEPOEFMBTTPSQSFTBTTØMPQVFEFOTFSNBMBTOPUJDJBTZ EPOEFMPRVFFTTFHVSPFTRVFUPEPDPTUBSÈNVDIPUSBCBKP&T FTUFTFOUJNJFOUPRVFOPUJFOFOBEBEFGSÓPTJOPRVFFTVOB GSVTUSBDJØO iDBMJFOUFw RVF TF SFBDUJWB B EJBSJP DPOTUSVJEP EFTEFVOBJEFOUJEBERVFTPTUJFOFDJFSUPTJEFBMFTQFSPRVFOF HPDJBEÏCJMNFOUFDPOFMMPTDPOSFBMJEBEFTRVFTPMPTFNJSBO EFTEFTVEJTUBODJBBMJEFBMFMRVFIBCSÓBRVFBOBMJ[BSNÈTFO QSPGVOEJEBEQBSBBZVEBSBEFTBOVEBSMPEBSMFPUSPTDBVDFTZ OPEFKBSRVFTFFODBTJMMFFOFMEFTÈOJNP *NÈHFOFTRVFOPTPO BMVNOPTZQSPGFTPSFTFOVOKVFHPEFFTQFKPT i:PDSFPRVFIBZDPNPVOEFTFODBOUPFOMBGVODJØOFEVDBUJWB ZFOFTUFEFTFODBOUPUPEPFTWÈMJEPUPEPTFSFDMBNB5PEPT UFOFNPTEFTFODBOUPMBTJOTUJUVDJPOFTMBTPDJFEBEIBDJBMBFT DVFMBMPTQBESFTIBDJBMPTEPDFOUFTFMEPDFOUFDPOFMBMVNOP FMBMVNOPIBDJBFMEPDFOUFNFQBSFDFRVFZBQBTØMBGSPOUFSB &M EFTFODBOUP FTUÈ FO RVF FM TJTUFNB BDUÞB EF FTB NBOFSB FOUPODFT{QPSRVÏWPZBIBDFSFTUP %FÞMUJNBTJVOBHPMPO ESJOBOPIBDFWFSBOPOPMPIBHP{1PSRVÏWPZBIBDFSFTUPTJ NJTVQFSJPSUBNQPDPFTNPEFMPNÓP &OUPODFTOPMPIBHPw 1SPGFTPSBEFFTDVFMBQSJWBEB$PSSJFOUFT &MEFTFODBOUPBUSBWJFTBMBFYQFSJFODJBEFFTUBQSPGFTPSBZEFNV DIPTPUSPTRVFFOUSFWJTUBNPT:UBNCJÏOFMEFNVDIPTPUSPTQSPGF TPSFTEFMBFTDVFMBNFEJB{2VÏQSPEVDFFMEFTFODBOUP -BTQBMBCSBT DJUBEBTOPTEBOWBSJBTQJTUBTFOSFMBDJØODPOFTUBQSFHVOUBMBBV TFODJBEFSFGFSFOUFTZNPEFMPTMBUSBOTHSFTJØOEFQBDUPTDPNVOFT MBEFDJTJØOJOEJWJEVBMZMBSFOVODJBBIBDFSBMHP5BNCJÏOBQBSFDF ZRVJ[ÈNÈTGVFSUFRVFUPEPVOBEJTPMVDJØOEFMPTMB[PTGPSKBEPT FOMBTDSFFODJBTZFYQFDUBUJWBTDPNVOFTTPCSFFMPUSP$PNPTF×BMB %VCFU MBEFTBDSBMJ[BDJØOEFMTBOUVBSJPFTDPMBSEFMQSPHSBNB EFMBFTDVFMBNPEFSOBUBNCJÏODPOMMFWBVOBQÏSEJEBFOUÏSNJOPT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB EFMBEFmOJDJØOEFMPTTVKFUPTEFMBTJEFOUJEBEFTQSPGFTJPOBMFTZEF MPTMB[PTTJNCØMJDPTRVFNBOUFOÓBOVOJEPTZBOEBOEPBUPEPTMPT BDUPSFTFTDPMBSFT&TDPNPTJFMiEFTFODBOUBNJFOUPEFMNVOEPwEFM RVFIBCMBCB8FCFSBQSJODJQJPTEFMTJHMPĩĩDPOMBTFDVMBSJ[BDJØO DSFDJFOUFEF0DDJEFOUFZDPOMBCVSPDSBUJ[BDJØOEFMBTTPDJFEBEFT mOBMNFOUFIVCJFSBBWBO[BEPTPCSFMPTTJTUFNBTFEVDBUJWPTZIVCJFSB iEFTBOHFMBEPwiEFTFTQJSJUVBMJ[BEPwNFUÈGPSBTUPEBTNVZDBSHBEBT QFSPRVFSFTVMUBOÞUJMFTQBSBEFTUBDBSFTUBEJNFOTJØOTJNCØMJDB MB NJTJØOQBTUPSBMZSFEFOUPSBEFMPTEPDFOUFT /PTEFUFOESFNPTFOFTUFÞMUJNPBTVOUPZBRVFFTUÈNVZSF MBDJPOBEPDPOVOPEFMPTOVFWPTSBTHPTEFMUSBCBKPEPDFOUFFM NBMFTUBS1BSBFMMPDPNFO[BSFNPTBOBMJ[BOEPRVÏFTMPRVFMPT QSPGFTPSFTDPOTJEFSBORVFIBDFBVOCVFOEPDFOUF $VBESP 1FSDFQDJPOFTEFMPTQSPGFTPSFTTPCSFMBTDBSBDUFSÓTUJDBTEF VOCVFOEPDFOUF 2VFTFQBEFMBNBUFSJBRVFEB 2VFTFQBFYQMJDBSBMPTBMVNOPT 2VFMFHVTUFMPRVFFOTF×BZMPEFNVFTUSF 2VFQSPQPOHBBDUJWJEBEFTJOUFSFTBOUFTZRVFBZVEF BMPTBMVNOPT 2VFUFOHBiCVFOBPOEBw 2VFUSBOTNJUBWBMPSFTQBSBTFSCVFOBQFSTPOB 2VFTFBFYJHFOUF 2VFUSBUFBUPEPTQPSJHVBM 2VFUFOHBBVUPSJEBE 505"- -BQSFHVOUBGVFi{2VÏFTQBSBVTUFETFSVOCVFOEPDFOUF 4F×BMFUSFT DBSBDUFSÓTUJDBTFOPSEFOEFJNQPSUBODJBw&OFMDVBESPTPMPTFDPOTJEFSBMB QSJNFSBSFTQVFTUB*ODMVJNPTMBDBUFHPSÓBiRVFUFOHBCVFOBPOEBwQFTFBMP EJGVTPEFTVGPSNVMBDJØOQBSBQSFTFOUBSVOBPQDJØOEFMEPDFOUFTFEVDUPS ZDBSJTNÈUJDPRVFQMBOUFBFMUSBUPBNJHBCMFDPNPQSJNFSBDBSBDUFSÓTUJDB $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB -PTEBUPTDPMPDBOUBOUPBMEPNJOJPEFVOTBCFSDPNPBM HVTUPZEFNPTUSBDJØOEFFTFTBCFSFOFMQSJNFSMVHBSEFMBT WBMPSBDJPOFTBDFSDBEFMPRVFTFDPOTJEFSBVOCVFOEPDFOUF &O FTUB FTDBMB EF WBMPSBDJØO TF FYQSFTB MB DPOmSNBDJØO EF VOPEFMPTSBTHPTNÈTUSBEJDJPOBMFTDPOMPTRVFTFJEFOUJmDB MBUBSFBEFFOTF×BO[BMBQPTFTJØOEFMTBCFSJEFOUJmDBEBFO NBZPSNFEJEBQPSBRVFMMPTQSPGFTPSFTDPOGPSNBDJØOVOJ WFSTJUBSJB oZ QPS MPT EPDFOUFT RVF FOTF×BO FO FTDVFMBT EF HFTUJØO QÞCMJDBo QPS TPCSF BRVFMMP EF GPSNBDJØO UFSDJBSJB OPVOJWFSTJUBSJB 3FTBMUBNPTMPRVFQBSFDFPCWJPQPSEPTSB[POFTRVFHVBS EBO FTUSFDIB SFMBDJØO DPO MB DVFTUJØO EF MB JEFOUJEBE &O QSJNFS MVHBS QPSRVF FT MB QPTFTJØO EFM TBCFS MB RVF IJTUØ SJDBNFOUF DPOTUJUVZØ VOP EF MPT FKFT FTUSVDUVSBOUFT EF MB BVUPSJEBEQFEBHØHJDBZDVMUVSBMEFMPTEPDFOUFT:FTUPEJP QBSUJDVMBSFTQFDJmDJEBEBMDBTPEFMPTQSPGFTPSFTEFMBFTDVFMB TFDVOEBSJBJEFOUJmDBEPTEFTEFFMJOJDJPEFMTJTUFNBFEVDBUJWP DPOMBJEFBEFiBMUBDVMUVSBwZMBQPTFTJØOEFVODPOPDJNJFOUP FTQFDJBMJ[BEP-BOH &O TFHVOEP MVHBS Z EFTEF VOB QFSTQFDUJWB EJGFSFOUF FO MPTBDUVBMFTUJFNQPTEFJOFTUBCJMJEBEJEFOUJUBSJBFTMBJEFOUJ mDBDJØODBSUFTJBOBEFMDPOPDJNJFOUPDPOMBSFBMJEBEZFMTFO UJEPQSPQJBEFMBSB[ØONPEFSOBZFODBSOBEBTPCSFUPEPFO MB JEFOUJEBE EFM NBFTUSP FM SFDVSTP DPOPDJEP BM RVF QVFEF BQFMBSTFQBSBFODPOUSBSQVOUPTEFTPTUÏOGSFOUFBVOQBOPSB NBEFJODFSUJEVNCSFZBTVKFUPTBUSBWFTBEPTQPSMBPTDJMBDJØO .BSUÓO#BSCFSP $PMBCPSBOEPDPOFTUBTFHVOEBSB [ØO FT JOUFSFTBOUF WFS RVF MBT DBSBDUFSÓTUJDBT NÈT WBMPSBEBT FOVOCVFOEPDFOUFTPOMBTRVFNFOPTSFMBDJØOQBSFDFOFT UBCMFDFS DPO MPT BMVNOPTJOUFSMPDVUPSFT .ÈT CJFO FTBT DB SBDUFSÓTUJDBT TF BVUPSSFGFSFODJBO FO FM TBCFSTF QPTFFEPSFT EF DPOPDJNJFOUP Z FO MB TBUJTGBDDJØO RVF PUPSHB FM EJTGSVUBSMP ZEFNPTUSBSMP&MWÓODVMPDPOMPTBMVNOPTBUSBWÏTEFMTBCFS .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB oDPODSFUBEPFOMBWBMPSBDJØOEFMBTBDUJWJEBEFTQSPQVFTUBTP FO MB FYJHFODJBo BQBSFDF FO TFHVOEP MVHBS Z BMFKBEP EF MBT UFOEFODJBTNÈTGVFSUFTRVFEFmOFOBVOiCVFOEPDFOUFw $POCBKBSFQSFTFOUBUJWJEBEZFODVBSUPPSEFOEFQSJPSJEBE BQBSFDFMBUSBOTNJTJØOEFMPTWBMPSFTDPNPDBSBDUFSÓTUJDBEFVO CVFOEPDFOUF²TUBFTVOBDVFTUJØORVFDPNPWFSFNPTMVFHP TVSHJSÈDPONÈTGVFS[BDVBOEPQSFHVOUBEPTQPSMPTBTQFDUPT RVFMFTEBOTBUJTGBDDJØOFOTVUBSFBBQBSF[DBFOQSJNFSMVHBS MBUSBOTNJTJØOEFWBMPSFT1BSBFYQMJDBSFTUBEJGFSFODJBFTÞUJM BQFMBSBVOBEFMBTUFOTJPOFTTF×BMBEBTBMDPNJFO[PBRVFMMB RVFSFmFSFBMQBSJEFOUJEBEQSFTDSJQUJWBJEFOUJEBESFBM1MBO UFBNPT FTUP QFOTBOEP FO RVF RVJ[È MB USBOTNJTJØO EF MPT WBMPSFTOPSFTVMUBVOBDBSBDUFSÓTUJDBRVFFOMBBDUVBMJEBETF DPOTJEFSFRVFEFCBEFmOJSMBDPOmHVSBDJØOEFVOCVFOEP DFOUFQFSPRVFFOFMFTDFOBSJPFTDPMBSSFBMZGSFOUFBMBTTJUVB DJPOFTRVFEBODVFOUBEFMBBVTFODJBEFDJFSUPTQSJODJQJPTEF PSEFONPSBMZEFMBQÏSEJEBEFSFGFSFODJBTDPNVOFTTFBVOB DBSBDUFSÓTUJDBDVZPFKFSDJDJPCSJOEBTBUJTGBDDJØO 5BNCJÏO MMBNB MB BUFODJØO RVF FM UFNB EF MB BVUPSJEBE DVZP FTUBEP EF DSJTJT GVFSB DPOTJEFSBEP DPNP VO QSPCMFNB FOMBTDPOWFSTBDJPOFTNBOUFOJEBTDPOMPTEPDFOUFTBQBSF[DB QPDP SFQSFTFOUBEP FO MP RVF TFSÓB VO SBTHP EFmOJUPSJP EFM CVFOEPDFOUF4JOFNCBSHPFMEBUPQVFEFFOUFOEFSTFDVBOEP TF JOEBHBO MBT MFDUVSBT F JOUFSQSFUBDJPOFT RVF MPT QSPGFTPSFT IBDFO EF FTUF GFOØNFOP &O TVT EJTDVSTPT MB BVUPSJEBE OP FT VO BTQFDUP BVTFOUF FO MB QSPQJB JEFOUJEBE TJOP RVF QPS FMDPOUSBSJPMBEPDFODJBQBSFDFSÓBDPOMMFWBSOBUVSBMNFOUFMB JEFBEFBVUPSJEBE%FMPRVFTFUSBUBFTNÈTCJFOEFVOBT QFDUPOPSFDPOPDJEPEFTEFGVFSB:FTUPTVDFEFQPSRVFDPNP BOBMJ[BSFNPTFOVOBQBSUBEPQPTUFSJPSMPTQSPGFTPSFTFOUJFO EFOFMQSPCMFNBEFMOPSFDPOPDJNJFOUPEFMBBVUPSJEBEFOFM NBSDPEFVOQSPCMFNBTPDJBMNÈTHFOFSBMRVFTFMPDBMJ[BFO MBT USBOTGPSNBDJPOFT GBNJMJBSFT &M QSPCMFNB EF MB DSJTJT EF $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB BVUPSJEBEUJFOFPSJHFOFYUFSOPBMBFTDVFMBZGSFOUFBÏMMBBV UPSJEBEEPDFOUFQBSFDFUPSOBSTFNÈTWVMOFSBCMFQFSPOPQPS FMMPEFKBEFDPOmHVSBSFTUSVDUVSBMNFOUFFJEFOUJmDBSBVORVF TFBQPSBVTFODJBMPRVFTFFOUJFOEFQPSiTFSEPDFOUFw 1BSBQSPGVOEJ[BSFOFMBOÈMJTJTEFMKVFHPEFDPOTUSVDDJØO EF JEFOUJEBEFT SFTVMUB JNQPSUBOUF JOEBHBS DVÈM FT FM JNBHJ OBSJPEFiCVFOBMVNOPwQBSBFMRVFTFEFmOFZDPOTUSVZFMB JEFOUJEBEEFVOiCVFOEPDFOUFw&OFTUFQVOUPOPTFODPO USBNPTDPOMBTTJHVJFOUFTPQJOJPOFT $VBESP 1FSDFQDJPOFTEFMPTQSPGFTPSFTTPCSFMBTDBSBDUFSÓTUJDBTEF VOCVFOBMVNOP 2VFEFNVFTUSFFTGVFS[P 2VFTFBFTUVEJPTP 2VFDVFOUFDPOFMBQPZPEFMBGBNJMJB 2VFDVNQMBDPOMBTUBSFBT 2VFTFBBVUØOPNP 2VFTFBSFTQFUVPTPEFMBBVUPSJEBE 2VFTFBCVFODPNQB×FSP 2VFQSFTUFBUFODJØO 2VFTFBJOUFMJHFOUF 2VFUFOHBCVFOBQSFTFOUBDJØOQFSTPOBM 2VFTFQBi[BGBSw 5PUBM -BQSFHVOUBGVFi%FMMJTUBEPEFFTUBUBSKFUBQFOTBOEPFOFTUBFTDVFMB {DVÈMFTTPOMBTUSFTDBSBDUFSÓTUJDBTRVFDPOTJEFSBRVFVOKPWFOEFCFUFOFS QBSB TFS VO CVFO BMVNOP IBTUB USFT PQDJPOFT w $PNP TPO PQDJPOFT NÞMUJQMFTOPTFPGSFDFVOUPUBM .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB -BEFNPTUSBDJØOEFMFTGVFS[PFTMBDBSBDUFSÓTUJDBSFDPOPDJEB FOGPSNBNBZPSJUBSJBFOMBEFmOJDJØOEFVOiCVFOBMVNOPw &OFTUBFMFDDJØOOPBQBSFDFONBZPSFTEJTUJODJPOFTFOUSFEP DFOUFTEFEJTUJOUBTSFHJPOFTOJTFEJTUJOHVFOMBTSFTQVFTUBTQPS MBBOUJHàFEBEEFTVDBSSFSBEPDFOUFBVORVFTÓMMBNBUJWBNFO UF FT TFMFDDJPOBEB DPNP EFmOJUPSJB QPS MPT QSPGFTPSFT NÈT KØWFOFTZQPSMPTEPDFOUFTRVFUSBCBKBOFOFTDVFMBTEFHFTUJØO QSJWBEB²TUBFTVOBUFOEFODJBQBSUJDVMBSZBRVFMBQSJNFSB BTPDJBDJØORVFBQBSFDFFOUSFFTGVFS[PZFTDVFMBFTMBWJODVMBEB BMBÏUJDBQSPUFTUBOUFEFMUSBCBKP)JNBOFO RVFFTUÈFO MBCBTFEFMBEJOÈNJDBFTDPMBSEFTEFTVPSJHFOZRVFEFCFSÓB TFSNÈTGVFSUFFOMPTEPDFOUFTDPONBZPSBOUJHàFEBE-PRVF FTUB DBSBDUFSÓTUJDB TF×BMB FT UBNCJÏO RVF MP RVF WBMPSBO MPT EPDFOUFTFTVOBBDUJUVERVFTFQPOFBSPEBSFOFMKVFHPFTDP MBSi%FNPTUSBSFTGVFS[PwQBSFDFSÓBEBSDVFOUBEFVOBUSJCV UPFYJHJEPEFTEFMBTSFHMBTJNQMÓDJUBNFOUFDPNQBSUJEBTEFMB HSBNÈUJDBFTDPMBSVODPNQPSUBNJFOUPOFDFTBSJPQBSBBTVNJS MBDPOEJDJØOEFBMVNOPZEFTEFBMMÓDPOUSJCVJSBTPTUFOFSMBT GPSNBTEFMBBQBSJFODJBFTDPMBS'JOPDDIJP "DFQUBSFM KVFHPEFSFHMBTZEFMFOHVBKFRVFQSPQPOFMBFTDVFMBÏTBQB SFDFTFSMBDPOEJDJØONÈTJNQPSUBOUFQBSBEFmOJSRVÏFTVO CVFOBMVNOP2VJ[ÈTFTMBNÈTWPUBEBQPSRVFQSFDJTBNFOUF FTBBDFQUBDJØOZBOPFTVOiEBUPwVOFMFNFOUPEFmOJEPEF BOUFNBOPTJOPRVFEFCFOFHPDJBSTFZDPORVJTUBSTFEÓBBEÓB 1PSPUSPMBEPMBJEFBEFFTGVFS[PBTPDJBEBDPOFMiFTUVEJPw TFHVOEBDBSBDUFSÓTUJDBJEFOUJmDBEBQVFEFMFFSTFFOMBDMBWFNÈT DMÈTJDBEFMPRVFTJFNQSFTFFOUFOEJØQPSiCVFOBMVNOPw-PT SBTHPTZBDPOPDJEPTTFSFTJHOJmDBOFOGVODJØOEFMPSFRVFSJEP QBSBTPTUFOFSZiKVHBSwMBFTDFOBFTDPMBSBDUVBM&OFTUFTFOUJEP QVFEFMFFSTFFMBQPZPEFMBTGBNJMJBTDPNPVOBUSJCVUPEFMiCVFO BMVNOPwFOQBSUJDVMBSUPNBOEPFODVFOUBMPTFGFDUPTRVFUJFOF TVBVTFODJBTPCSFFMDPUJEJBOPFTDPMBS4PCSFFTUFUFNBWPMWFSFNPT NÈTBEFMBOUFQFSPDBCFBDMBSBSRVFFTUFÓUFNEFMBQPZPGBNJMJBS UJFOF NÈT QFTP FO MPT EPDFOUFT EF FTDVFMBT QÞCMJDBT5BNCJÏO $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB WBMFMBQFOBEFTUBDBSMBWJHFODJBEFDBSBDUFSÓTUJDBTNÈTDMÈTJDBT UBMFTDPNPFMDVNQMJNJFOUPEFMBTUBSFBTBTÓDPNPUBNCJÏOMB WBMPSBDJØOEFPUSBTRVFFODVFOUSBOJEFOUJmDBDJØOFOEJTDVSTPT NÈTSFDJFOUFTDPNPFTFMDBTPEFMBiBVUPOPNÓBw {2VÏPUSBTOPUBTDPOmHVSBOFTUFQFSmMEFMiCVFOBMVNOPwBM EFDJSEFMPTQSPGFTPSFT "VORVFFONFOPSNFEJEBFMSFTQFUPB MBBVUPSJEBEFMDPNQB×FSJTNPZMBBUFODJØOTPOSBTHPTRVFUBN CJÏOUSB[BOMBmHVSBEFBRVFMMPRVFTFDPOTJEFSBOFDFTBSJP 1BSBEBSNÈTEJNFOTJØOBMBEJTUBODJBFOUSFFMJEFBMZMPRVF QFSDJCFO RVF TPO TVT SFBMJEBEFT QSFHVOUBNPT B MPT EPDFOUFT DØNPTPOTVTBMVNOPTZDØNPTPOMPTKØWFOFTFOHFOFSBM&O MBTSFTQVFTUBTTFFWJEFODJBRVFMBTDBSBDUFSÓTUJDBTNÈTWBMPSBEBT FOVOCVFOBMVNOPoFMFTGVFS[PZFMFTUVEJPoDPOTUJUVZFOMPT BUSJCVUPTRVFTFHÞOMBPQJOJØOEFMPTEPDFOUFTTFSÓBOMPTNFOPT EJTQPOJCMFTFOMPTKØWFOFTEFMBBDUVBMJEBE$BTJMBNJUBE EFMPTQSPGFTPSFTFODVFTUBEPTTF×BMBRVFMPTBMVNOPTEFMBQSP QJBFTDVFMBTPOQPDPFTUVEJPTPTDJGSBRVFTVCFTJHOJmDBUJWBNFO UFDVBOEPIBCMBOEFMPTKØWFOFTFOHFOFSBM %FNPEP DPNQMFNFOUBSJPDPOBMHVOBTEJGFSFODJBTTFHÞOMPTVOJWFSTPTEF KØWFOFT DPOTJEFSBEPT BRVFMMPT BUSJCVUPT RVF QPESÓBO BTPDJBSTF DPOMBDVMUVSBEFMFTGVFS[POFDFTBSJBQBSBFKFSDFSFMPmDJPEFCVFO BMVNOPSFTQPOTBCJMJEBEQBSUJDJQBDJØOFOUVTJBTNP OPTPOFMF NFOUPTRVFTFEFTUBRVFOFOUSFMBDBSBDUFSJ[BDJØOEFMPTKØWFOFT BDUVBMFTFODBNCJPNVDIPTPQJOBORVFMPTBUSJCVUPTRVFBUFO UBSÓBODPOUSBFTUFFTGVFS[PWBMPSBEPJSSFTQPOTBCJMJEBEWBHBODJB TPONVZDPNVOFTFOMPTKØWFOFTEFIPZ3FTQFDUPEFBMHVOPTEF MPTPUSPTBUSJCVUPTEFTUBDBEPTFOFMJEFBMEFBMVNOPQPESÓBNPT EFDJSRVFFMDPNQB×FSJTNPFTQFSBEPTFDPSSFTQPOEFSÓBDPODJFSUP OJWFMEFTPMJEBSJEBESFDPOPDJEPFOMPTKØWFOFT5BNQPDPDSFFO RVFTVTBMVNOPTPMPTKØWFOFTEFIPZTFBOBVUØOPNPTMPRVF OPEFCFSÓBTPSQSFOEFSMPTZBRVFFOUSFMBTGVODJPOFTEFMBFTDVFMB NFEJBJEFOUJmDBEBTBMDPNJFO[PMBGPSNBDJØOQBSBMBBVUPOPNÓB mHVSBFOGPSNBNVZNJOPSJUBSJB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $VBESP 1FSDFQDJPOFTEFMPTQSPGFTPSFTTPCSFMBTDBSBDUFSÓTUJDBTEF MPTBMVNOPTFOFTUBFTDVFMBZFOHFOFSBM $BSBDUFSÓTUJDBTEF $BSBDUFSÓTUJDBTEF MPTBMVNOPTEF MPTBMVNOPTFO FTUBFTDVFMB HFOFSBM #VFOPT 4PMJEBSJPT 1BSUJDJQBUJWPT 3FTQFUVPTPT $SFBUJWPT 3FTQPOTBCMFT &OUVTJBTUBT )POFTUPT *OUFMJHFOUFT "VUØOPNPT 1PDPFTUVEJPTPT 7BHPT *SSFTQPOTBCMFT 7JPMFOUPT $POQSPCMFNBTEFBEJDDJØO &HPÓTUBT /JOHVOBPUSBDBSBDUFSÓTUJDB 0USBT /4/$ -B QSFHVOUB GVF i%F FTUB MJTUB {DVÈMFT TPO MBT USFT DBSBDUFSÓTUJDBT EF MPT BMVNOPT EF FTUB FTDVFMB w i"IPSB MF QJEP RVF NFODJPOF MBT USFT DBSBDUFSÓTUJDBTRVFMFQBSFDFRVFUJFOFOMPTBMVNOPTEFMBFTDVFMBTFDVOEBSJB FOHFOFSBMNÈTBMMÈEFFTUBFTDVFMBw $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB $PNPTF×BMBNPTFOMBJOUSPEVDDJØOFOMBTSFTQVFTUBTEF MPT EPDFOUFT TF FWJEFODJB MB DPOTJEFSBDJØO NÈT QPTJUJWB EF MP QSPQJP Z DFSDBOP Z MB WJTJØO OFHBUJWB TPCSF MB KVWFOUVE FOHFOFSBM*OJDJBMNFOUFEJKJNPTRVFFMMPTFWJODVMBUBOUPB GFOØNFOPT NÈT HFOFSBMFT RVF BQBSFDFO FO NVDIBT FODVFT UBT $PSCFUUB DPNP B DVFTUJPOFT SFMBDJPOBEBT DPO MB EFmOJDJØOSFEFOUPSJTUBEFMPmDJPEPDFOUFQPSTVQSPQJBJN QMJDBODJBBGFDUJWBFOFMWÓODVMPDPOMPTFTUVEJBOUFTZQPSMB OFDFTJEBEEFQSFTFSWBSFMTFOUJEPEFTVUSBCBKP&ODVBOUPB MBTPQJOJPOFTTPCSFMBiKVWFOUVEwBQBSFDFOFONBZPSNFEJ EBMPTDMJDIÏTZFTUFSFPUJQPT&MTFOUJEPDPNÞOTPTUFOJEPFO MBJEFBVOJWFSTBMEFiMPTKØWFOFTwDPNPTVKFUPTCVFOPTQFSP JSSFTQPOTBCMFTQPDPFTUVEJPTPTWBHPTBGFDUBEPTFOBMHVOPT DBTPTQPSQSPCMFNBTEFWJPMFODJBZBEJDDJPOFTZFTDBTBNFOUF QBSUJDJQBUJWPTZTPMJEBSJPTDPOTUJUVZFVOBEFMBTFUJRVFUBTRVF TFJNQSJNFOTPDJBMNFOUFTPCSFMBKVWFOUVEBDUVBMZRVFSF TVFOBDPOFGFDUPTPCSFMBDBMJmDBDJØOEFMPTBMVNOPTRVFIPZ IBCJUBOMBTFTDVFMBT .ÈTBMMÈEFFTUBEJGFSFODJBDJØOFTFWJEFOUFMBEJTUBODJBFO USFBRVFMMPRVFMPTEPDFOUFTDPOTJEFSBORVFEFCFDBSBDUFSJ[BS BVOiCVFOBMVNOPwZDØNPQJFOTBORVFTPOFGFDUJWBNFOUF MPTKØWFOFTRVFIPZBTJTUFOBMBFTDVFMBTFDVOEBSJB1PSDJFSUP MBUFOTJØOFOUSFVOBJEFOUJEBEQSFTDSJQUJWBEFKPWFOBMVNOP ZPUSBSFBMOPTFYQMJDBQBSUFEFFTFNBMFTUBSRVFMPTEPDFOUFT TJFOUFODVBOEPDBEBEÓBUSBCBKBOFOMBTFTDVFMBT &M DBSÈDUFS JOOFHBCMF EF FTUB EJTUBODJB UBNCJÏO QPESÓB FYQMJDBSOPTMBNBZPSWBMPSBDJØOEFBRVFMMPTSBTHPTEFMCVFO EPDFOUFRVFQSJPSJ[BOMBBVUPSSFGFSFODJBFOFMEPNJOJPEFVO TBCFSQPSTPCSFTVQPTJCJMJEBEEFUSBOTNJTJØOBPUSPT$PNP WFÓBNPT MB QPTFTJØO EF DPOPDJNJFOUP SBTHP DMÈTJDP EF MB JEFOUJEBE EPDFOUF QBSFDF TFHVJS TJFOEP VOP EF MPT QJMBSFT RVFTPTUJFOFOMBDPOWJDDJØOFOMBQSPQJBUBSFBQPSTPCSFBRVF MMPTBMPTRVFFTUÈEFTUJOBEB:FTRVFMPTEFTUJOBUBSJPTSFBMFT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB QBSBRVJFOFTFTUFCVFOEPDFOUFEFEJDBTVUBSFBEFUSBOTNJTJØO EFM TBCFS OP TF DPSSFTQPOEFO DPO MP RVF FTF iCVFO EPDFO UFwFTQFSBEFFMMPT-PTKØWFOFTRVFFOMBBDUVBMJEBEIBCJUBO MBTFTDVFMBTQBSFDFOEJTUBODJBSTFEFMBJNBHFOEFFTPTTVKFUPT EFMDPOPDJNJFOUPZEFSB[ØOQBSBRVJFOFTMBFTDVFMBNPEFS OBEJTF×ØTVQSPZFDUPEFMDVBMFMEPDFOUFGVFSFQSFTFOUBOUF 1PSPUSPMBEPFOFTUBBVUPSSFGFSFODJBZFOFTUBJEFBEFMTBCFS DPNPDPTBPCKFUPRVFTFQPTFFQSJNBOVOBJEFBSÓHJEBTPCSF FMDPOPDJNJFOUPZVOBQFSTQFDUJWBQPDPSFMBDJPOBM)BZVOB EVBMJEBE SFMBDJPOFTDPOPDJNJFOUP RVF FTUÈ JOTUBMBEB EFTEF IBDFNVDIPFOMBFEVDBDJØOFOFMPmDJPEPDFOUFQFSPUBN CJÏOFOFMTBCFSQFEBHØHJDPRVFFODBSOBFOFTUBWJTJØOEFM CVFO EPDFOUF DPNP EFQPTJUBSJP EF TBCFSFT /ØWPB FMFNFOUPTPCSFFMDVBMWPMWFSFNPTNÈTBEFMBOUF &OTÓOUFTJTFMKVFHPEFFTQFKPTRVFSFGSBDUBOBRVFMMPRVF TF FTQFSB Z BRVFMMP RVF SFBMNFOUF FT EFWVFMWF JNÈHFOFT EFTFODPOUSBEBT HFOFSBOEP EFTFODBOUP FO MPT QSPGFTPSFT -PTBMVNOPTFTQFSBEPTOPTFDPSSFTQPOEFODPOMPTBMVN OPTSFBMFTZFTUPSFTVFOBFOMPRVFTFDPOTJEFSBDPNPCVFO EPDFOUF&MEFTFODBOUPSFnFKBEPFOMBTQBMBCSBTEFMBQSP GFTPSBRVFSFTBMUÈCBNPTBMJOJDJPEFMBQBSUBEPUJFOFRVFWFS DPOFTUPTEFTFODVFOUSPTZTFBNQMJmDBDPOPUSPTRVFFOFM IBDFSDPUJEJBOPEFMBFTDVFMBEFTDPMPDBOMPTSBTHPTDPOPDJ EPTEFMBJEFOUJEBEEFMBFOTF×BO[B4PCSFFTUFQVOUPOPT EFUFOESFNPTBDPOUJOVBDJØO "MJBO[BTSPUBTMPTQSPCMFNBTFOUSFGBNJMJBZFTDVFMB i&TFMBMJFOUPQSPNJTPSJPEFUPEBTPDJFEBEBIÓFTUÈMBGVFS [BEFMBFEBE&MEFTBGÓPQBSBMPTEPDFOUFTFTHSBOEÓTJNP QPSRVFOPMMFHÈTEFMBNJTNBNBOFSBRVFIBDFB×PT BUSÈTUFOÏTRVFMMFHBSQBSBEPEFPUSBNBOFSBQFSPBMNJT NPUJFNQPOFDFTJUÈTNVDIPNÈTBQPZPRVFBOUFT"IPSB FNQF[ÈTBWFSRVFBNFEJEBRVFQBTBOMPTB×PTZRVFOP $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB TFIBIFDIPVOUSBCBKPmOPIBZDIJDPTEFTCBOEBEPTRVFB MPNFKPSDVBOEPFTUÈOFTUSFMMBEPTDPOUSBVOBQBSFEQPSBIÓ UFMFWBOUBOMBWJTUBZUFEJDFOARVJFSPQFSPOPQVFEPAZP RVJFSPBQSPCBSQFSPOPTÏDØNPQPSRVFOPTBCFOTFOUBSTF OJNJOVUPTEFMBOUFEFVOMJCSPOBEJFMFTFOTF×ØBIB DFSMPFOUPODFTDVBOEPRVJFSFOOPTBCFO4PODIJDPTTJO DPOUFODJØOBGFDUJWBOPUJFOFOQBESFTEFUJFNQPDPNQMFUP OPUJFOFODBSJ×POPUJFOFOMÓNJUFTOPIBOUFOJEPSJFO EBTFOUPODFTFTUÈOEFTCBOEBEPTZFMMPTNJTNPTFTUSFMMBEPT NJSBOIBDJBBSSJCBBWFSRVJÏOMFTUJFOEFMBNBOP&TPFT NBSBWJMMPTPMPRVFQBTBFTRVFVOPTPMPOPQVFEFw 1SPGFTPSBEFFTDVFMBQSJWBEB.FOEP[B i<>UFOÏTRVFMMFHBSQBSBEPEFPUSBNBOFSBQFSPBMNJT NP UJFNQP OFDFTJUÈT NVDIP NÈT BQPZP RVF BOUFTw FT VOB BmSNBDJØOQPUFOUFRVFJMVTUSBMBWJTJØOEFMPTQSPGFTPSFTTP CSFTVUSBCBKPBDUVBMFOMBFTDVFMBTFDVOEBSJBOPTFUSBUBEF SFTJHOBSMBBQVFTUBTJOPNÈTCJFOEFSFDPOPDFSMBOFDFTJEBE EFPUSPTNPEPTEFKVHBSMB&OFTUBZFOPUSBTPQJOJPOFTMPT QSPGFTPSFTNBOJmFTUBOMBOFDFTJEBEEFDPNQB×ÓBQBSBTPTUF OFSTFFOVOBQPTJDJØOEFEBSDBVDFBMPOVFWP $PNP WFÓBNPT FM EFTFODVFOUSP FOUSF MBT JNÈHFOFT EF BMVNOPTZEPDFOUFTSFUPSOBFOEFTFODBOUPFOMBUBSFBEJBSJBEF MPTQSPGFTPSFT1FSPBMNFOPTEFTEFMPFTDVDIBEPFOMPTHSV QPTGPDBMFTMBTFOTBDJØODPOUJHVBBMEFTFODBOUPOPFTFMFOPKP DPOFTPTKØWFOFTSFBMFTTJOPDPNPWFSFNPTNÈTBEFMBOUFMB DPOmBO[BFOMBQPTJCJMJEBEEFMWÓODVMPDPOTVTBMVNOPT : FT RVF MPT QSPGFTPSFT OP DVMQBO B MPT BMVNOPT QPS FTUF EFTFODVFOUSP TJOP RVF JONFEJBUBNFOUF EFTQVÏT EF MB NBOJ GFTUBDJØOEFMEFTFODBOUPZIBDJÏOEPMPDSFDFSBQBSFDFMBDPOUFY UVBMJ[BDJØOFOVOQSPCMFNBNBZPSRVFJOWPMVDSBBMBDSJTJTTPDJBM HFOFSBMZFTQFDÓmDBFJOTJTUFOUFNFOUFBMBDSJTJTGBNJMJBS&OFTUPT QVOUPTDSÓUJDPTTFFODVBESBMBJNBHFOiBCBOEØOJDBwQBSBVTBS .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB VOUÏSNJOPiQTJw DPOMBRVFMBQSPGFTPSBEFTDSJCFBFTFBMVNOP BRVJFOFTOFDFTBSJPUFOEFSMFMBNBOPHFTUPQBSBFMDVBMUBNCJÏO FMMBOFDFTJUBBQPZP4VBmSNBDJØODPOEFOTBEFNBOFSBBDFSUBEB MBTFOTBDJØOEFMPTQSPGFTPSFTTFHÞOMBDVBMMBTFTDVFMBTQBSFDFO WPMWFSTFDBKBTEFSFTPOBODJBEFMPTQSPCMFNBTEFSJWBEPTEFMBEFT DPNQPTJDJØOGBNJMJBSFOVODPOUFYUPEFDBNCJPTTPDJBMFTNÈT BNQMJPTRVFBGFDUBOFOQBSUJDVMBSMBTSFMBDJPOFTFOUSFEPDFOUFT BEVMUPTZBMVNOPTKØWFOFT {%FRVÏNPEPTFQFSDJCFFTUBBGFDDJØO 1PSVOMBEPZUBM DPNP FOGBUJ[BO MBT QBMBCSBT EF MB QSPGFTPSB MPT EPDFOUFT TF RVFKBOEFMUSBTMBEPBMBTFTDVFMBTEFMPTQSPCMFNBTZOFDFTJEB EFTEFMPTKØWFOFTOPTBMEBEBTFOFMÈNCJUPGBNJMJBSRVFBM UFSBOMBGVODJØOJOTUSVDDJPOBMEFMBTJOTUJUVDJPOFT&TUPTVFMF BQBSFDFSFOMBTFTDVFMBTDPNPMBDVFTUJØOEFMBiDPOUFODJØOw 1PSPUSPMBEPTFUSBOTmFSFOBMÈNCJUPFTDPMBSMPTQSPCMFNBT EFSJWBEPTEFMBGBMUBEFSFGFSFODJBTOPSNBUJWBTTPDJBMFTZGBNJ MJBSFTQSPWPDBOEPFMEFTBGÓPZUSBOTHSFTJØOEFMBBVUPSJEBEEF MPTEPDFOUFT"RVÓFOUSBEFMMFOPMBTFOTBDJØOEFEFTMFHJUJNB DJØOZEFDSJTJTEFBVUPSJEBERVFQFSDJCFOMPTEPDFOUFT -BQSJNFSBDVFTUJØOoMBiDPOUFODJØOwoBQBSFDFFOGPSNB SFDVSSFOUFBVORVFDPOBMHVOBTEJGFSFODJBTTFHÞOMPTHSVQPT TPDJBMFTDPOMPTDVBMFTMPTEPDFOUFTUSBCBKBO"MBDPNÞOOF DFTJEBEEFMPTBMVNOPTTJOEJTUJODJØOEFTFDUPSFTTPDJBMFTEF BRVFMMPTDVJEBEPTMJHBEPTBMBGFDUPTFBHSFHBMBOFDFTJEBEEF BQPZPNBUFSJBMBUSBWÏTEFBMJNFOUPZWFTUJNFOUBFOFMDBTP EFBRVFMMPTRVFSFRVJFSFODVJEBEPFOMBFTDVFMBQPSMBDSÓUJDB TJUVBDJØOFDPOØNJDBRVFBUSBWJFTBOTVTGBNJMJBTVOUFNBRVF BQBSFDFEFTEFIBDFSBUPFOMBQSFPDVQBDJØOEFMPTEPDFOUFTEF FTUBTFTDVFMBT,FTTMFS &OMPTHSVQPTGPDBMFTSFBMJ[BEPT FOMBTQSPWJODJBTEF$PSSJFOUFTZ.FOEP[BZFOMB$JVEBEEF #VFOPT"JSFTFMUFNBEFMBDPOUFODJØOTVSHJØDPOJOTJTUFODJB FOMBTWPDFTEFMPTEPDFOUFTDPOGPSNBTEJTDVSTJWBTNVZTJNJ MBSFTFOMBTUSFTKVSJTEJDDJPOFT7FBNPTBMHVOPTFKFNQMPT $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB i:PWFPBMBFTDVFMBTFDVOEBSJBIPZDPNPVOEFQØTJUPEF OJ×PTQPSRVFEBEBMBBNQMJUVEEFUBSFBTZRVFFMQBESF ZMBNBESFUJFOFORVFUSBCBKBSEFKBOBMBEPMFTDFOUFQBSB RVFTFBBUFOEJEP:NÈTTJFMDPMFHJPFTQSJWBEPw 1SPGFTPSBEFFTDVFMBQSJWBEB.FOEP[B i:OPTIBODPOWFSUJEPFODPOUFOFEPSFTǟǠMPTEJSFDUJWPT UBNQPDP UF BQPZBO QPSRVF MB FTDVFMB TF IB USBOTGPSNB EPCÈTJDBNFOUFFOVOBHVBSEFSÓBEPOEFMPTDIJDPTFTUÈO QBSBRVFOPFTUÏOIBDJFOEPDPTBTRVFOPEFCFOFOMBDBMMF FOUPODFT MPT UFOFNPT RVF BQSPCBS TJ OP FTUVEJBO QPSRVF UBNQPDPMPTQPEÏTUFOFSNVDIPUJFNQPFOFMNJTNPB×P &OUPODFTCBKBOMBTFYJHFODJBTCBKBOMPTDPOUFOJEPTZCBKB MBDBMJEBEEFMBFEVDBDJØOw 1SPGFTPSBEFFTDVFMBQÞCMJDB.FOEP[B i-BFTDVFMBFTDPOUFOFEPSBEFMPTBMVNOPTBGFDUJWBNFOUF UBNCJÏOGBNJMJBTTJOQBESFTDIJDPTTJOGBNJMJBw 1SPGFTPSEFFTDVFMBQSJWBEB$PSSJFOUFT i:PBIPSBTPZNFEJPQTJDØMPHBZNFEJPQSPGFTPSBw 1SPGFTPSBEFFTDVFMBQÞCMJDB$PSSJFOUFT i&O$BQJUBMNÈTBMMÈEFEBSEFDPNFSMBDPOUFODJØOOP QBTBQPSMBDPNJEBTJOPRVFQBTBQPSRVFTFTFQBSØNJQBQÈ TFKVOUØ&MQSPGFTPSQBTBBTFSBNJHPDPOmEFOUFBTFTPS QTJDØMPHPw 1SPGFTPSEFFTDVFMBQSJWBEB$JVEBEEF#VFOPT"JSFT 6OBQSJNFSBDVFTUJØOQSPCMFNÈUJDBFOUPODFTFTUÈSFGFSJ EBBMBEFTBSUJDVMBDJØOFTDVFMBGBNJMJBZBTVTOFHBUJWPTFGFDUPT TPCSFMBDPOmHVSBDJØOEFMBBDUJWJEBEEPDFOUF1FSPFMQVOUP NÈTÈMHJEPQBSFDFQSPWFOJSEFMBEJSFDUBJOUFSQFMBDJØOEFMBT GBNJMJBTBMBBVUPSJEBEEPDFOUF"TÓMPTQSPGFTPSFTNBOJmFT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB UBORVFTFTJFOUFOQSFTJPOBEPTZDPOEJDJPOBEPTFOTVIBDFS BOUFMBDPOTUBOUFEFNBOEBEFMPTQBESFT&OFTUFTFOUJEPMPT EPDFOUFTFOUSFWJTUBEPTFOMPTHSVQPTGPDBMFTQFSUFOFDJFOUFTB FTDVFMBTEFHFTUJØOQÞCMJDBZQSJWBEBEFEJTUJOUBTSFHJPOFTEFM QBÓTIBOSFWFMBEPBMUBDPJODJEFODJB i-BGBMUBEFDPOUFODJØOGBNJMJBSQSJODJQBMNFOUFTFWFDVBO EPFMQBQÈZMBNBNÈUSBCBKBOGVFSBEFMBDBTBZBIÓMPT DIJDPTOPUJFOFODPOUSPMQPSRVFMPTQBESFTWJFOFOBIBCMBS DPOOPTPUSPTDVBOEPFMDIJDPZBTFMMFWBMBNBUFSJBUFWJFOFO BIPSBDVBOEPFMDIJDPZBFTUÈDPOFMBHVBBMDVFMMPw 1SPGFTPSEFFTDVFMBQÞCMJDB$PSSJFOUFT i:PWFPFTPFONJÏQPDBNFTBDBCBVOBOPUBCBKBZNJ NBNÈOPJCBBWFSBMQSPGFTPSNFBHBSSBCBBNÓw 1SPGFTPSEFFTDVFMBQSJWBEB$JVEBEEF#VFOPT"JSFT i-PTQBESFTUBNCJÏOTFFOHBODIBSPOFOFTUFTJNQMJTNPFM OFOFMMFHBCBBMBDBTBZMFEFDÓBAo-BQSPGFTPSBEF)JTUPSJB NFQVTPSFHVMBSFOUPODFTBMPUSPEÓBFMQBQÈFTUBCBFOMB FTDVFMBBHSFEJFOEPOPQSFHVOUBOEPQPSRVÏFMSFHVMBSw 1SPGFTPSEFFTDVFMBQSJWBEB.FOEP[B i&MPUSPEÓBVOBNBESFWJOPBIBDFSFMQMBOUFPEFQPSRVÏ TFWFÓBOUBOQPDBTDPTBTFODMBTFEJKPRVFEFDVBSFOUBZ DJODPNJOVUPTTFQFSEÓBOWFJOUFIBCMBOEPEFDPTBTRVFB MBIJKBOPMFJOUFSFTBOQFSP{DØNPMFIBDÏTFOUFOEFSBFTB NBNÈRVFTPODBTPTEJTUJOUPT &TDPNQMJDBEPw 1SPGFTPSBEFFTDVFMBQÞCMJDB$JVEBEEF#VFOPT"JSFT 3FDBQJUVMBOEPUBOUPMBTUBSFBTBTPDJBEBTDPOMBDPOUFODJØO DPNPBRVFMMBTRVFTFBSUJDVMBOFOSFMBDJØODPOMBTEFNBOEBTZ SFDMBNPTEFMBTGBNJMJBTQBSFDFOEJTMPDBSMBDPOmHVSBDJØOEFMUSB CBKPEPDFOUFZQSPWPDBSNBMFTUBSFJODPNPEJEBEBMUSBOTGPSNBS TVIBDFSDPUJEJBOP"NCBTDVFTUJPOFTDPONVFWFOMBFTUBCJMJEBE $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB EFMBJEFOUJEBEEPDFOUFUSBEJDJPOBMNFOUFFOUFOEJEBQSPEVDJFO EPVOBTFOTBDJØOEFEFTCPSEFGSFOUFBMPJNQSFWJTJCMFZUBNCJÏO EFEFTHBTUFBOUFMBGBMUBEFSFDVSTPTDPOPDJEPTBMPTRVFBQFMBS 3FUPNBOEPMBJEFBEFMBDBÓEBEFMBFTDVFMBDPNPTBOUVBSJP DPOmHVSBEPSB EFM QSPHSBNB JOTUJUVDJPOBM EF MB NPEFSOJEBE %VCFU MPT UFTUJNPOJPT EF MPT EPDFOUFT EBO DVFOUB EFMBQSFTFODJBJOFWJUBCMFEFMPTQSPCMFNBTTPDJBMFTEFMPTRVF MBJOTUJUVDJØOFTDPMBSFTUVWPTJFNQSFQSPUFHJEB4PTUFOJFOEP DPOmSNF[BMPTQJMBSFTEFBCTUSBDDJØOEFMNVOEPZMBTSFHMBT EFGVODJPOBNJFOUPTPMPQBSBBRVFMMPTFMFHJEPTRVFFTUVWJFSBO FODPOEJDJPOFTEFDVNQMJSMBTIJTUØSJDBNFOUFMBFTDVFMBMPHSØ QPOFSBGVFSBFYUFSOBMJ[BS MPTQSPCMFNBTEFMBTPDJFEBE4JO FNCBSHP IPZ MPT QSPCMFNBT EF MB TPDJFEBE JSSVNQFO FO MB FTDVFMBEFMBNBOPEFMPTBMVNOPTZEFTVTGBNJMJBTQFSPBM QBSFDFSOVODBEFTEFMPTEPDFOUFTFYQMÓDJUBPJNQMÓDJUBNFO UF EFTBmBOEPMBBVUPSJEBEEPDFOUFBUSBWÏTEFMBFYJHFODJBEF SFTQVFTUBTZEFMBEFNBOEBEFBUFODJØO %FWBMVBEPTMPTNBSDPTEFVOBJOTUJUVDJØOTPTUFOJEBFOWB MPSFTJODVFTUJPOBCMFTMBJEFBEFEPDFODJBDPNPQSPGFTJØOZOP ZBDPNPiWPDBDJØOwFTMBRVFTFEFKBFOUSFWFSFOFMSFDMBNPEF MBTGBNJMJBTGVFSUFNFOUFEFOVODJBEPQPSMPTQSPGFTPSFT&TUB QSPGFTJØO BIPSB QVFEF VCJDBSTF FO FM MVHBS EF SFOEJDJØO EF DVFOUBTZEFNBOEBQPSMBFmDBDJB 3FTVMUBTVHFTUJWPRVFTFBOMBTEFDJTJPOFTSFMBUJWBTBMBFWB MVBDJØOBRVFMMBTEPOEFEFNPEPNÈTDPOnJDUJWPQBSFDFODPO DFOUSBSTF FTB EFNBOEB Z MB QSFTJØO TPCSF MPT QSPGFTPSFT &T BRVÓEPOEFQBSFDFSÓBQFSDJCJSTFFMNBZPSHSBEPEFJOWBTJØOB MBBVUPOPNÓBEFMPTEPDFOUFTZBRVFTPOMBTGBNJMJBTMBTRVF NVDIBTWFDFTBNQBSBEBTQPSMPTOJWFMFTEJSFDUJWPTEFMBTJOTUJ UVDJPOFTQBSFDFSÓBOFTUBSFODPOEJDJPOFTEFDVFTUJPOBSSFDMB NBSZIBDFSNPEJmDBSMBTEFDJTJPOFTSFMBUJWBTBMBDBMJmDBDJØO ZBDSFEJUBDJØOEFMPTBQSFOEJ[BKFTEFMPTBMVNOPT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB &TÏTUFVOQVOUPBUFOEJCMFTJUFOFNPTFODVFOUBRVFFM iFYBNFOw Z FM TJTUFNB FWBMVBUJWP FO HFOFSBM GVFSPO VOP EFMPTQSJODJQBMFTOVEPTEPOEFVOJWFSTBMNFOUFTFDPOEFO TØFMDBSÈDUFSTFMFDUJWPEFMBFTDVFMBNFEJB'FSOÈOEF[&O HVJUB(BHMJBOP &MEPDFOUFGVFRVJFOIJTUØ SJDBNFOUFEFUFOUØMBBVUPSJEBEQBSBFKFSDFSMBTEFDJTJPOFT SFMBUJWBTBMBDPOUJOVJEBEEFMPTBMVNOPTFOMBUSBZFDUPSJB FTDPMBS ²TUB FSB VOB EF MBT WÓBT NÈT QPEFSPTBT Z FmDBDFT QBSBHBSBOUJ[BSFMUSÈOTJUPEFMPTiFMFHJEPTwQPSFMTJTUFNB FTDPMBS4JOFNCBSHPFMDPOUSPMTPCSFFTUPTQSPDFEJNJFO UPT QPS QBSUF EF EJSFDUJWPT Z QBESFT FTUBSÓB FWJEFODJBOEP MB QVFTUB FO DVFTUJØO EF FTB BVUPOPNÓB Z FTB BVUPSJEBE EPDFOUFT-BOH5FOUJ'BOGBOJ 1BSFDJFSBRVF FMFYBNFOZTVTEFSJWBEPTFWBMVBUJWPTIVCJFTFOTJEPEFTFO NBTDBSBEPTEFTVBQBSJFODJBOFVUSBMZOBUVSBMZEFTEFBMMÓ ZFOVONBSDPEFMVDIBTDPOTUJUVZFTFOEFDJTJPOFTiSFWJTB CMFTwBEFNBOEB&OSFMBDJØODPOMPTQSPDFTPTEFJODMVTJØO NBTJmDBEBFTUBQFSNBOFOUFSFWJTJØODBNCJBMBTQJF[BTEFM FTDFOBSJPFTDPMBSDPOPDJEP {2VÏPQJOJØOUJFOFOMPTEPDFOUFTTPCSFMBIFUFSPHFOFJEBE EF MPT BMVNOPT RVF SFDJCFO &T DMBSP RVF TVT BMVNOPT OP TPO TPMP MPT FMFHJEPT OJ MPT RVF FMMPT DPOTJEFSBO CVFOPT FT UVEJBOUFT 1SFHVOUBNPT DVÈMFT TPO MPT BTQFDUPT RVF QVFEFO EJmDVMUBSFMUSBCBKPFOFMBVMB/PTJOUFSFTBCBSFMFWBSWBSJBT DVFTUJPOFTFOQSJNFSMVHBSMBTDPODFQDJPOFTTPCSFMBIFUFSP HFOFJEBEiBDFQUBCMFwZMBiOPBDFQUBCMFwMBTMÓOFBTEFEJTDSJ NJOBDJØOTJMBTIBCÓB ZMBJEFOUJmDBDJØOEFEØOEFFTUBCBO MPTNBZPSFTDVFTUJPOBNJFOUPTQBSBTVUSBCBKPEPDFOUF&OVO NBSDPEPOEFTFBENJUFOQPDBTEJmDVMUBEFTZEFTBGÓPTFTUP TFHVSBNFOUFMJHBEPBMFGFDUPEFiEFTFBCJMJEBEwZiDPSSFDDJØO QPMÓUJDBw RVF PSJFOUB MBT SFTQVFTUBT BQBSFDFO TJO FNCBSHP EPTBTQFDUPTFOMPTRVFIBZNBZPSQFSDFQDJØOEFEJmDVMUBE MBEJWFSTJEBEFOMPTOJWFMFTEFDPOPDJNJFOUPZFMOJWFMTPDJPFDPOØ NJDPCBKPEFMPTBMVNOPT $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB $VBESP 1FSDFQDJPOFTEFMPTEPDFOUFTTPCSFMBTDBSBDUFSÓTUJDBTEFMPT BMVNOPTRVFNBZPSFTEJmDVMUBEFTMFTQMBOUFBO %JmDVMUBNJUSBCBKP 2VFUFOHBO EJTUJOUPTOJWFMFTEFDPOPDJNJFOUP 2VFTFBOEFOJWFMTPDJPFDPOØNJDP CBKP 4Ó /P 5PUBM 4Ó /P 5PUBM 4Ó 2VFUFOHBOBDUJWJEBEQPMÓUJDB /P 5PUBM 4Ó 2VFFTUÏOFNCBSB[BEBT /P 5PUBM 2VFWFOHBOEFQBÓTFTNÈTMFKBOPT /P /P 5PUBM 4Ó /P 5PUBM 2VFQFSUFOF[DBOBDPNVOJEBEFT JOEÓHFOBT 4Ó 2VFTFBOIPNPTFYVBMFT 4Ó 5PUBM 2VFWFOHBOEFQBÓTFTMJNÓUSPGFT 4Ó /P 5PUBM -BQSFHVOUBGVFi{1JFOTBVTUFERVFTVUSBCBKPTFWFEJmDVMUBEPQPSFM IFDIPEFRVFFOFMBVMBIBZBBMVNOPTy w .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 2VFUFOHBOVOBSFMJHJØOEJTUJOUBEF MBNBZPSJUBSJB 4Ó /P 5PUBM 4Ó 2VFWFOHBOEFPUSBTQSPWJODJBT /P 5PUBM -PTKØWFOFTRVFIPZBTJTUFOBMBFTDVFMBTFDVOEBSJBQBSFDFO FTDBQBSTFHÞOMBWJTJØOEFTVTEPDFOUFTBMBQPTJCJMJEBEEFDPO UFODJØOEFTEFMBQSPQVFTUBFTDPMBSIPNPHÏOFB:FTUPQSPWPDB JODPNPEJEBEFTQSFHVOUBTZDPOTUBOUFTEFTBGÓPTBMBTDFSUJEVN CSFTQFEBHØHJDBTCBTFEFMIBDFSDPUJEJBOPEFMPTEPDFOUFT $MBSPRVFFTUBJEFOUJmDBDJØOSFDPOPDFQVOUPTNÈTÈMHJEPT TFHÞOMPTDPOUFYUPTZSFDPSSJEPTEFMPTQSPGFTPSFTFOMBIJTUP SJB EPDFOUF 3FTQFDUP EF MPT QSJNFSPT BNCPT FMFNFOUPT TF JEFOUJmDBODPNQSFOTJCMFNFOUFFONBZPSQSPQPSDJØOFOMBT PQJOJPOFTEFMPTEPDFOUFTEFMBTSFHJPOFTEPOEFTFQSFTFOUBO BMUPTÓOEJDFTEFQPCSF[BFMOPSPFTUFZFMOPSFTUFBSHFOUJOPT ZEPOEFMBUSBEJDJØOFMJUJTUBEFMBFTDVFMBNFEJBTFTPTUVWPNÈT JODØMVNFBMPMBSHPEFMTJHMPĩĩ&OFMDBTPEFMTF×BMBNJFOUP EFMBTEJmDVMUBEFTRVFPDBTJPOBFMCBKPOJWFMTPDJPFDPOØNJDP UBNCJÏOFTNÈTNBSDBEPFOMPTEPDFOUFTEFFTDVFMBTEFHFTUJØO QÞCMJDB&OSFMBDJØODPOMBBOUJHàFEBEFOMBEPDFODJBUBOUP FMOJWFMTPDJPFDPOØNJDPCBKPDPNPMBEJWFSTJEBEEFOJWFMFTEF DPOPDJNJFOUPIBOTJEPNÈTSFDPOPDJEPTQPSMPTEPDFOUFTDPO NFOPSDBOUJEBEEFB×PTEFBOUJHàFEBEFOMBEPDFODJBDPNP GBDUPSFTRVFEJmDVMUBOFMUSBCBKPFOFMBVMB&TUFDBTPQPESÓB FYQMJDBSTF EFTEF MB NFOPS FYQFSJFODJB EF USBCBKP FO FM BVMB QBSB BGSPOUBS TJUVBDJPOFT EF MB QSÈDUJDB BMFKBEBT EFM TFOUJEP JEFBM Z IPNPHÏOFP QSFEPNJOBOUF FO MB GPSNBDJØO EPDFOUF JOJDJBM -P TF×BMBCMF FT RVF FTUB JEFOUJmDBDJØO EFTDJFOEF FO MPTEPDFOUFTRVFUJFOFOFOUSFZB×PTEFBOUJHàFEBEQBSB BTDFOEFSOVFWBNFOUFFOMPTDBTPTEFBRVFMMPTDPONÈTEF $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB B×PTEFFYQFSJFODJBEPDFOUFFORVJFOFTTFHVSBNFOUFJOnV ZFOFMDBOTBODJPZFMEFTHBTUFEFMBUSBZFDUPSJBWÏBTFBOFYP DVBESP 1PSÞMUJNPMBEJWFSTJEBEEFDPOPDJNJFOUPTFT VOFMFNFOUPRVFQSFTFOUBNBZPSOJWFMEFEJmDVMUBEQBSBMBT EPDFOUFTEFTFYPGFNFOJOPBVORVFFTJHVBMNFOUFSFQSFTFOUB UJWPTFHÞOMBFTDVFMBTFBEFHFTUJØOQÞCMJDBPQSJWBEB .ÈTBMMÈEFMPTNBUJDFTTFUSBUBEFEPTTJUVBDJPOFTQSPQJBT EFMOVFWPFTDFOBSJPFTDPMBSRVFEFTBGÓBOMPTSFDVSTPTEJTQP OJCMFTZMBTQSFWJTJPOFTVTVBMFTDPORVFMPTQSPGFTPSFTNBOF KBOTVUBSFBDPUJEJBOB4JHVJFOEPMBMFDUVSBEFMBJOGPSNBDJØO EFTEFFTUBQFSTQFDUJWBFTQFSUJOFOUFDPNQMFNFOUBSFMBOÈMJTJT DPOMBTSB[POFTBMBTRVFMPTEPDFOUFTBUSJCVZFOFMBCBOEPOP FTDPMBSQPSQBSUFEFTVTBMVNOPT $VBESP 1FSDFQDJPOFTEFMPTQSPGFTPSFTTPCSFMBTSB[POFTEFBCBOEPOP EFMBFTDVFMBQPSQBSUFEFBMVNOPTSFTQVFTUBTNÞMUJQMFT "CBOEPOBO MPTBMVNOPTEFGBNJMJBTNVZDPOnJDUJWBT -PTRVFUJFOFORVFUSBCBKBS -PTRVFUJFOFONVDIPTQSPCMFNBTEFBQSFOEJ[BKF -PTRVFSFQJUFO -PTRVFOPSFTQFUBOMBTOPSNBT -PTNÈTQPCSFT -PTRVFUJFOFOQSPCMFNBTEFBEJDDJPOFT -PTRVFTFBCVSSFOFOMBFTDVFMB -PTRVFUVWJFSPOVOIJKP -PTRVFEFMJORVFO 0USPT -BQSFHVOUBGVFi1FOTBOEPFOMBFTDVFMBTFDVOEBSJBFOHFOFSBM{RVJÏOFT DPOTJEFSBRVFBCBOEPOBOMBFTDVFMBTFDVOEBSJB SFTQVFTUBNÞMUJQMF w .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $POBEIFTJØONBZPSJUBSJBZTJOHSBOEFTEJTUJODJPOFTFOUSF SFHJPOFTEFMQBÓTMPTEPDFOUFTBUSJCVZFOFMBCBOEPOPEFMBFT DVFMBTFDVOEBSJBQPSQBSUFEFMPTKØWFOFTBMOJWFMEFDPOnJDUJWJ EBEEFMBTGBNJMJBTZBMBOFDFTJEBEEFTBMJSBUSBCBKBSoDVFTUJØO BTPDJBCMFDPOFMOJWFMTPDJPFDPOØNJDPCBKPo&TUPTEPTBUSJ CVUPTQBSFDFOTFSMPTRVFEFmOFOBMPTiBMVNOPTFOSJFTHPw MPRVFDPOEFOTBDVFTUJPOFTFDPOØNJDBTQPMÓUJDBTDVMUVSBMFT ZIBTUBNPSBMFTEFTEFMBQFSTQFDUJWBEPDFOUF&OSFMBDJØODPO MPQSJNFSPSFDPSEFNPTRVFFMBQPZPEFMBTGBNJMJBTFTTFHÞO MPTEPDFOUFTVOBEFMBTQSJODJQBMFTDBSBDUFSÓTUJDBTRVFUSB[BO MB JNBHFO EFM iCVFO BMVNOPw Z RVF MB SFMBDJØO EJmDVMUPTB DPO ÏTUBT DPOTUJUVZF VOP EF MPT BTQFDUPT EF NBMFTUBS FO TV UBSFB QBSUJDVMBSNFOUF TF×BMBEP Z SFQFUJEP QPS MPT EPDFOUFT EFFTDVFMBTQÞCMJDBT&OUSFFMTFHVOEPUJQPEFSB[POFTRVFMPT EPDFOUFTBUSJCVZFOBMBEFTFSDJØOFTDPMBSFOFMOJWFMNFEJPTF DPOTJEFSBOMPTQSPCMFNBTFOFMBQSFOEJ[BKFZQPESÓBNPTEFDJS FOGPSNBBTPDJBEBMBSFQFUJDJØOBNCPTFMFNFOUPTJEFOUJmDB EPTDPONBZPSÏOGBTJTFOMBTEPDFOUFTNVKFSFT&OUFSDFSMVHBS EFJNQPSUBODJBMPTEPDFOUFTQJFOTBORVFMBGBMUBEFSFTQFUPB MBTOPSNBTZMBQPCSF[BoFTUPÞMUJNPJEFOUJmDBEPTPCSFUPEP QPSMPTEPDFOUFTEFMHÏOFSPNBTDVMJOPZFONBZPSNFEJEB QPSMPTQSPGFTPSFTEFFTDVFMBTQSJWBEBToDPOTUJUVZFOPUSPHSV QPEFSB[POFTRVFFYQMJDBSÓBOFMBCBOEPOPFTDPMBS-FTJHVFO MPTQSPCMFNBTEFBEJDDJPOFTFMBCVSSJNJFOUPEFMPTKØWFOFTFO MBFTDVFMBZMBTTJUVBDJPOFTEFNBUFSOJEBEPQBUFSOJEBEEFMPT BMVNOPTBTQFDUPFTUFÞMUJNPNÈTTF×BMBEPQPSMPTEPDFOUFT EFFTDVFMBTQÞCMJDBTRVFQSJWBEBT %FUFOHÈNPOPTFOMBSFMBDJØOFOUSFFTUPTEPTÞMUJNPTHSV QPTEFPQJOJPOFTBOBMJ[BEPTZFOTBZFNPTVOBQPTJCMFMFDUVSB {FT QPTJCMF QFOTBS RVF BRVFMMP RVF TF DPOTJEFSB DPNP EJm DVMUPTPEFMUSBCBKPFOFMBVMBSFEVOEBMVFHPFODBVTBFYQMJ DBUJWBEFMBCBOEPOPFTDPMBS 4JHVJFOEPFTUBMÓOFBQPEFNPT DPOUJOVBSQSFHVOUÈOEPOPT{RVÏTVDFEFEVSBOUFFTFQSPDFTP *OUFOUBOEPSFTQPOEFSOPTEFTEFFMEFDJSEFMPTEPDFOUFTOPT $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB BSSJFTHBNPTVCJDBOEPBMMÓTVTJOUFOUPTQPSNBOFKBSTJUVBDJP OFTRVFFYDFEFOTVTDPOPDJNJFOUPTZFTUSBUFHJBTQFEBHØHJDBT TVTFOTBZPTQBSBTPSUFBSFTDFOBTFOMBTRVFMPTKØWFOFTQMBO UFBOQSPCMFNBTZQSFHVOUBTRVFQPDPUJFOFORVFWFSDPOMP FTDPMBS USBEJDJPOBMNFOUF FOUFOEJEP TVT JODPNPEJEBEFT QPS USBCBKBSEJBSJBNFOUFEFTEFTPTUFOFTQSPGFTJPOBMFTQPDPTFHV SPT5BNCJÏOTVTGSVTUSBDJPOFTBMSFDPOPDFSRVFOPOFDFTBSJB NFOUFFMDPOUSPMEFFTUBTTJUVBDJPOFTQSPCMFNÈUJDBTEFSJWBFO ÏYJUPDPOUFOFSMBTFTDFOBTDPUJEJBOBTFTDPMBSFTOPHBSBOUJ[BOJ VOBTPMVDJØOFTUBCMFoFOUBOUPNVDIPUJFOFORVFWFSDPOGBD UPSFTFYØHFOPTRVFFYDFEFOBMBFTDVFMBoOJVOBQMBDBNJFOUP EFMBEFNBOEBTPDJBMZGBNJMJBSOJUBNQPDPBTFHVSBFMUSBZFD UPFYJUPTPEFMPTBMVNOPTFOFMGVUVSP &M DBNCJP NÈT HFOFSBM FO MB DPODFQDJØO EF USBCBKP JN QSJNF TV NPWJNJFOUP Z NBSDB GVFSUFT IVFMMBT FO FM DBTP EF MBEPDFODJBFOGSFOUBSTFBMBTOVFWBTTJUVBDJPOFTRVFKBRVFBO MBJNBHFOIJTUØSJDBEFVOBFTDVFMBTVTBVMBTZTVTBMVNOPT TVQPOFFODBSBSFMIBDFSEJBSJPBCBOEPOBOEPMBJEFBEFDPO USPMZBTVNJFOEPNÈTCJFOMBEFFOTBZP&OMPTUJFNQPTRVF WJWJNPTFMUSBCBKPTFBMFKBEFTVDPODFQDJØONPEFSOBMJHBEB BMPSEFOZBVOBTFDVFODJBQSFEFDJCMFQBSBBDFSDBSTFBMÈNCJUP EFMKVFHPDPOTVQPTJCJMJEBEEFQSFWJTJØOTPMPBDPSUPQMB[PZ TVTUJOUFTEFB[BSZEFTPSQSFTB#BVNBO &OFTUFNBSDPTFSFTJHOJmDBMBJEFBEFiDPOUFODJØOwJOTJT UFOUFNFOUFQSFTFOUFFOFMEJTDVSTPEFMPTQSPGFTPSFTZNÈTFO BRVFMMPTRVFUSBCBKBOFOFTDFOBSJPTEFQPCSF[BZBRVFBTV QSJNFSBBTPDJBDJØODPOMBEJNFOTJØOBGFDUJWBRVFMBQBMBCSB JNQMJDBDPNPFTDVDIBZBUFODJØOEFMPUSPZUBNCJÏODPNP DVJEBEP NBUFSJBM TF BHSFHB MB TFOTBDJØO NÈT MJHBEB B FWJUBS FMEFTCPSEFEFVOBFTDFOBEFTDPOPDJEBZQBSBDVZPEPNJOJP TFDVFOUBDPOQPDBTIFSSBNJFOUBT&TUPTFFWJEFODJBDVBOEP TFMFTQSFHVOUBBMPTEPDFOUFTTPCSFDVÈMFTTPOMPTUFNBTRVF EFCFSÓBOUSBCBKBSEFNPEPQSJPSJUBSJPBOJWFMJOTUJUVDJPOBM .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $VBESP 5FNBTQSJPSJUBSJPTBOJWFMJOTUJUVDJPOBMRVFEFCFSÓBUSBCBKBSFM FRVJQPEPDFOUF $POWJWFODJBZOPSNBT 1SPCMFNÈUJDBTBEPMFTDFOUFTZWBMPSFT 1SPZFDUPTJOTUJUVDJPOBMFTZDVSSJDVMBSFT $BMJEBEFEVDBUJWBZOJWFMEFGPSNBDJØO $BQBDJUBDJØOFONFUPEPMPHÓBTEFFOTF×BO[B /BEB $PNVOJDBDJØOFOUSFMPTBDUPSFTJOTUJUVDJPOBMFT *OGSBFTUSVDUVSBZNBOUFOJNJFOUPEFMFEJmDJP 0USPT -BDPOWJWFODJBMBTOPSNBTZMBTQBVUBTEFDPOEVDUBDPOT UJUVZFOFMQSJNFSHSVQPEFUFNBTRVFTFDPOTJEFSBOFDFTBSJP BCPSEBSFOMBTJOTUJUVDJPOFTTFHVJEPEFMUSBCBKPTPCSFMPTQSP CMFNBT TPDJBMFT RVF IPZ WJWFO MPT BEPMFTDFOUFT EJTDSJNJOB DJØO WJPMFODJB BEJDDJPOFT GBMUB EF FEVDBDJØO TFYVBM Z MB FODPOTFDVFODJBOFDFTBSJBiSFQPTJDJØOEFWBMPSFTw&OBNCPT DBTPTTFUSBUBEFUFNÈUJDBTSFMBDJPOBEBTDPOMBTEJmDVMUBEFTF JODØHOJUBTRVFMPTEPDFOUFTTFFODVFOUSBOFOTVUSBCBKPEJB SJP TPCSF UPEP FO FM FODVFOUSP DPO FTPT KØWFOFT RVF QPDP UJFOFORVFWFSDPOMPFTQFSBEPZBEFDVBEPBMDPOUFYUPFTDPMBS &OUFSDFSMVHBSPDVQBBMPTQSPGFTPSFTMBOFDFTJEBEEFEFTBSSP MMBSQSPZFDUPTEFFOTF×BO[BFODPOKVOUPQBSBMVFHPEFmOJS MBJNQPSUBODJBBVORVFFONFOPSNFEJEBEFDFOUSBSTFFOMB BDUVBMJ[BDJØOEFTVTNFUPEPMPHÓBTEFFOTF×BO[BZFOMBNFKP -BQSFHVOUBGVFi{2VÏUFNBSFMBUJWPBFTUBFTDVFMBDPOTJEFSBOFDFTBSJP USBCBKBSBOJWFMJOTUJUVDJPOBMDPOFMFRVJQPEPDFOUFEFMBNJTNB wBCJFSUB ZDPOQPTJCJMJEBEFTEFNÞMUJQMFTSFTQVFTUBT $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB SBEFMBPGFSUBEFMBDBMJEBEFEVDBUJWBZFMOJWFMEFGPSNBDJØO QSPQVFTUPQPSMBTJOTUJUVDJPOFT &OFTUBTEFNBOEBTQVFEFOFODPOUSBSTFEJGFSFODJBTFOMBT SFTQVFTUBTEFBDVFSEPDPOMBUSBZFDUPSJBEPDFOUF&OMBDVFT UJØOEFMBDPOWJWFODJBZMBTOPSNBTEFEJTDJQMJOBZEFDPO EVDUBVOPEFMPTTÓOUPNBTQSJODJQBMFTBUSBWÏTEFMPTDVBMFT TFNBOJmFTUBOMPTQSPCMFNBTEFMOVFWPFTDFOBSJPFTDPMBSMPT EPDFOUFTRVFUJFOFONBZPSDBSHBIPSBSJBEFUSBCBKPTFNBOBM oHFOFSBM Z FO MB FTDVFMBo TPO RVJFOFT NÈT MP EFNBOEBO: TPO TFHVSBNFOUF MB FWJEFODJB Z MPT FGFDUPT EFM QSPCMFNB FO VOBDPUJEJBOJEBEMBCPSBMEFNBZPSFTGVFS[PZEFEJDBDJØOMPT RVF QVFEFOFTUBSSFTBMUBOEPMBJNQPSUBODJBEFMBCPSEBKFEF FTUF UFNB Z EF TV NFKPSB B OJWFM JOTUJUVDJPOBM &TUF NBZPS QFTPUBNCJÏOTFQPOFEFNBOJmFTUPFOMPTDBTPTEFMPTEP DFOUFTDPONFOPSZNBZPSBOUJHàFEBEZOPFOFMEFMPTEF BOUJHàFEBENFEJB&OFMQSJNFSDBTPDBCFMBQPTJCJMJEBEEF QFOTBS FO MB GBMUB EF IFSSBNJFOUBT QBSB NBOFKBS TJUVBDJPOFT NÈTDPOnJDUJWBTSFMBUJWBTBMBDPOWJWFODJBEJBSJBZMBOFDFTJ EBEEFDPOUBSDPOVOSFTQBMEPJOTUJUVDJPOBMQBSBTVBCPSEBKF QPSFMDPOUSBSJPFOMPTEPDFOUFTDPONBZPSBOUJHàFEBERVJ[È KVFHBFMEFTHBTUFEFVOSFDPSSJEPNÈTFYUFOTPRVFVOQSPCMF NBDPNPFMEFMBTOPSNBTWJFOFBDPNQMFKJ[BS&OFMDBTPEF MBTEJGFSFOUFTSFHJPOFTEFMQBÓTMBDVFTUJØOEFMBDPOWJWFODJB Z MBT OPSNBT QSFPDVQB FO NBZPS NFEJEB B MPT EPDFOUFT EF MBSFHJØONFUSPQPMJUBOBZEFMOPSUFBSHFOUJOPBVORVFTFSÓB JOUFSFTBOUFJOEBHBSTJTPOMBTNJTNBTSB[POFTMBTRVFPSJFOUBO FTUB QSFPDVQBDJØO TFHÞO MBT USBEJDJPOFT Z SFBMJEBEFT EF MPT EJTUJOUPTDPOUFYUPTWÏBTFBOFYPDVBESP &O TÓOUFTJT EFTEF FTUB NJSBEB MB DPOUFODJØO QPOF FO BDDJØOMPTBUSJCVUPTNÈTDPOPDJEPTEFMBJEFOUJEBEEPDFOUF MJHBEPT B MB QPTJCJMJEBE EF EBS BGFDUP Z DVJEBEP QFSP UBN CJÏODPOmHVSBPUSPTOVFWPTSFMBDJPOBEPTDPOMBUBSFBEFJN QSPWJTBDJØOZQSVFCBGSFOUFBVOBTTJUVBDJPOFTRVFEFNPEP .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB QFSNBOFOUF BNFOB[BO EFTCPSEBSTF QSPWPDBOEP QFTJNJTNP Z DBOTBODJP FO MPT QSPGFTPSFT 3FUPNBOEP MPT QMBOUFPT RVF IJDJÏSBNPTBMDPNJFO[PMBUFOTJØOFOUSFMBGVFS[BQSFTDSJQUJWB EFVOBJEFOUJEBEBMBRVFDBEBWF[TFMFEFMFHBONÈTUBSFBT ZEFTBGÓPTZMBEVSF[BEFVOFTDFOBSJPEPOEFFTUBTUBSFBTFO DVFOUSBOEJmDVMUBEQBSBSFBMJ[BSTFIBDFRVFIPZMBEPDFODJB TFB B EJGFSFODJB EF TV JNBHFO IJTUØSJDB VO USBCBKP RVF TF QFSDJCFDPNPQSFDBSJPEFWBMVBEPTPDJBMNFOUFZRVFQSPWPDB VOHSBEPJNQPSUBOUFEFNBMFTUBSQFSTPOBM /PPCTUBOUFFTPZDPOmSNBOEPMBGVFS[BEFMBJEFOUJEBEGVO EBOUFFTQPTJCMFBEWFSUJSMBWJHFODJBEFPUSPTSBTHPTRVFDPFYJTUFO DPOMPTBOUFSJPSFTFOUFOTJØOZBWFDFTFOBCJFSUBDPOUSBEJDDJØO &TUBSFOMBFTDVFMBTFOTBDJPOFT ZQBMBCSBTBDFSDBEFMDPUJEJBOP i5PEBTMBTNB×BOBTDVBOEPWPZBMBFTDVFMBTJFOUPDPN QSPNJTPZGFMJDJEBEw 1SPGFTPSBEFFTDVFMBQSJWBEB$PSSJFOUFT )BTUBBIPSBIFNPTSFBMJ[BEPVOSFDPSSJEPDBSBDUFSJ[BEPQPS MBEJTUBODJBFOUSFMPTJEFBMFTZMPRVFTFQFSDJCFRVFFGFDUJWBNFOUF TVDFEFDPOFTUBTFYQFDUBUJWBT6OJEPBFTUFEFTFODVFOUSPBQBSF DJØFMEFTFODBOUPQPSBRVFMMPRVFiZBOPFTwFOMBUBSFBEPDFOUFZ QPSMPRVFDPOGPSNBVOOVFWPQFSmMEFQSPGFTPSEFFTDVFMBNF EJBNÈTBTPDJBEPDPOMBJODFSUJEVNCSFZFMBCBOEPOPPCMJHBEP EFDJFSUPTTVQVFTUPT -BMØHJDBEFFTUFSFDPSSJEPQPESÓBIBDFSOPTTVQPOFSFMFO DVFOUSPEFVOPTDVSPQBOPSBNBBMJOEBHBSMBPQJOJØOEFMPT EPDFOUFTTPCSFTVFTUBSFOMBFTDVFMB"MHPEFFTPTVSHJØDVBO EPJOUFSSPHBNPTBMPTHSVQPTGPDBMFTTPCSFMPTQFOTBNJFOUPT PTFOUJNJFOUPTDVBOEPWBOIBDJBMBFTDVFMBRVFDPNFOUBNPT BMJOJDJPEFFTUBTFDDJØO4JOFNCBSHPDVBOEPQSFHVOUBNPT $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB FO MB FODVFTUB B MPT EPDFOUFT DØNP TF TJFOUFO FO TV QSPQJB FTDVFMBTVSHFOPUSPTFMFNFOUPT $VBESP 1BMBCSBTRVFEFTDSJCFODØNPTFTJFOUFFMEPDFOUFFOTV FTDVFMB $PNPEJEBEZTBUJTGBDDJØO $POUFODJØOZQFSUFOFODJB $PNQSPNJTPZFOUVTJBTNP -JCFSUBEZBVUPOPNÓB 'SVTUSBDJØOZFOPKP 4PCSFDBSHBMBCPSBMZDBOTBODJP $POUSPMZDVFTUJPOBNJFOUP /PSFDPOPDJEPJHOPSBEP 0USPT /4/$ -BT TFOTBDJPOFT QPTJUJWBT TPO MBT NÈT JEFOUJmDBEBT QPS MPT QSPGFTPSFTQBSBEFmOJSTVFTUBSFOMBFTDVFMB&OQSJNFSMVHBS FODPOUSBNPTBRVFMMBTMJHBEBTBMBDPNPEJEBEZBMBTBUJTGBDDJØO TFHVJEBTQPSMBQFSDFQDJØOEFVODMJNBEFDPOUFODJØOZTFOUJ NJFOUPEFQFSUFOFODJBBMBFTDVFMBDPNPUBNCJÏOEFVOBBDUJUVE EFDPNQSPNJTPZFOUVTJBTNPFOFMUSBCBKP4FOTBDJPOFTOFHBUJWBT DPNPMBGSVTUSBDJØOPFMFOPKPBQBSFDFOFODVBSUPMVHBSBMBQBS RVFMBQFSDFQDJØOEFMJCFSUBEZBVUPOPNÓBFOMBUBSFB -BQSFHVOUBGVFi"IPSBWBNPTBDPOWFSTBSTPCSFMBNBOFSBFOMBRVFTF PSHBOJ[BFTUBFTDVFMB&OQSJNFSMVHBSRVJTJFSBRVFQPSGBWPSNFDVFOUF DØNPTFTJFOUFVTUFEFOFMMB1PSFTPMFWPZBQFEJSRVFFMJKBUSFTQBMBCSBT QBSB EFTDSJCJS DØNP TF TJFOUF VTUFE FO FTUB FTDVFMByw -BT SFTQVFTUBT GVFSPOBCJFSUBTZTFMBTBHSVQØFODBUFHPSÓBTEFBDVFSEPDPOTVQSPYJNJEBE TFNÈOUJDB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $BCFTF×BMBSRVFTPCSFFTUFHSVQPEFPQJOJPOFTTPMPFTQPTJ CMFBQSFDJBSBMHVOBTQFRVF×BTEJGFSFODJBTTFHÞOMBTSFHJPOFTEFM QBÓTZUBNCJÏOFOMPTEPDFOUFTDPOEJGFSFOUFBOUJHàFEBEFOFM FKFSDJDJPEPDFOUFZBRVFMBTTFOTBDJPOFTEFGSVTUSBDJØOPFOPKP DVFOUBODPOVOBMFWFNBZPSÓBFOMPTEPDFOUFTEFNBZPSSFDP SSJEPFOMPTRVFEFNBOFSBDPOTJTUFOUFEFTDJFOEFOMPTWBMPSFT MJHBEPTBMBDPNPEJEBEZBMBTBUJTGBDDJØO &OFTUFDBTPTFUSBUB QPTJCMFNFOUFEFSFnFKPTEFMNBZPSEFTHBTUFFOMBUBSFB .ÈTBMMÈEFFTUBTEJGFSFODJBTZDPNPMPIBOTF×BMBEPPUSPTFT UVEJPT1PMJBL FTJNQPSUBOUFDPOTJEFSBSFMQSFEPNJOJPEF MBTTFOTBDJPOFTQPTJUJWBTDPOMBTRVFTFJEFOUJmDBMBDPUJEJBOJEBE FTDPMBS:BMHPTJNJMBSPDVSSFDVBOEPBOBMJ[BNPTMPTEBUPTSFGFSJ EPTBMBJNBHFOPQBMBCSBDPOMBRVFMPTEPDFOUFTJEFOUJmDBSÓBOB TVFTDVFMBFOMPTRVFFODPOUSBNPTMBTTJHVJFOUFTUFOEFODJBT $VBESP *NBHFOPQBMBCSBDPOMBRVFFMEPDFOUFJEFOUJmDBBTV FTDVFMB 1SPUFDDJØODPOUFODJØOZQFSUFOFODJB 5SBCBKPZDPNQSPNJTP $BMJEBEFEVDBUJWBZGPSNBDJØO %FDBEFODJBSVJOBQPCSF[BDBSFODJB 0SEFOZEJTDJQMJOB "SNPOÓB $BNCJPZDSFDJNJFOUP %FTPSEFOFJOEJTDJQMJOB -B QSFHVOUB GVF i{$PO RVÏ JNBHFO P QBMBCSB JEFOUJmDBSÓB B FTUB FTDVFMB wBCJFSUB $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB %F NBOFSB DPJODJEFOUF Z TJO HSBOEFT EJGFSFODJBT FOUSF MBT EJTUJOUBTSFHJPOFTEFMQBÓTMBTJNÈHFOFTEFQFSUFOFODJBTPOQSF EPNJOBOUFTZQSJPSJUBSJBNFOUFJEFOUJmDBEBTQPSMPTEPDFOUFTDPO JNÈHFOFTPQBMBCSBTSFMBUJWBTBMBJEFBEFQSPUFDDJØOZDPOUFODJØO iDPNPNJIPHBSwiDPNPEJEBEwiTPMJEBSJEBEwiNJTFHVOEPIP HBSwiNJGBNJMJBwiDPNVOJEBEwiJODMVTJØOwiQBSUFJNQPSUBOUF EF NJ WJEBw iQSPUFDUPSBw iTFHVSJEBEw iDÈMJEBw iDPOUFODJØOw iDBSJ×PwiQFSUFOFODJBwFOUSFPUSBT &TUBUFOEFODJBFTTJNJMBSFO FMDBTPEFEPDFOUFTEFEJTUJOUBFEBEPBOUJHàFEBEFOMBEPDFO DJBZOPSFDPOPDFWBSJBDJPOFTQBSBBRVFMMPTDPOEJTUJOUBDBSHB MBCPSBMPNÈTUJFNQPEFUSBCBKPFOMBFTDVFMBFOMBRVFGVFSPO FODVFTUBEPTBVORVFNVFTUSBNBZPSQSFEPNJOJPFOFMDBTPEFMBT EPDFOUFTEFHÏOFSPGFNFOJOP -BGVFS[BEFFTUPTEBUPTOPTTF×BMBBMHVOPTQVOUPT&OQSJNFS MVHBSZDPOGSPOUBOEPFTUBTUFOEFODJBTDPOMBTFYQSFTJPOFTOFHB UJWBTSFMBUBEBTFOFMBQBSUBEPBOUFSJPSOPFTUÈEFNÈTSFDPOPDFS RVFMBTDPOUSBEJDDJPOFTZTFOTBDJPOFTFODPOUSBEBTBUSBWJFTBOFM EJTDVSTPZMBQSÈDUJDBEPDFOUFSBTHPPCWJPQFSPRVFFTOFDFTBSJP EFTUBDBSGSFOUFBMBTFEVDDJØORVFOPTQSPWPDBOMBIPNPHFOFJ EBEZMBJNBHFOTJORVJFCSFTEFMBEPDFODJB-PTQSPGFTPSFTTFFO GSFOUBOBEJBSJPBTJUVBDJPOFTEFEFTHBTUFZNBMFTUBSoTFOTBDJPOFT TPCSFMBTRVFTFPZFDPOGSFDVFODJBoQFSPUBNCJÏOSFDPOPDFOZ FODVFOUSBOSBTHPTQPTJUJWPTFOTVUSBCBKPDPUJEJBOP &OTFHVOEPMVHBSDSFFNPTRVFFMQSFEPNJOJPEFFTUBTJNÈ HFOFTQPTJUJWBTOPTMMFWBBSFQFOTBSFMBMDBODFEFMBDVFTUJØOEF MBDPOUFODJØORVFWFOJNPTBOBMJ[BOEP$PNPEFDÓBNPTMBDPO UFODJØOEFMPTBMVNOPTSFTVMUBVOFMFNFOUPEFDMBSBEPDPNPVO PCTUÈDVMPQBSBMBUBSFBEPDFOUFQFSPRVFBMBTVNJSTFDBTJDPNP VOFGFDUPJSSFWFSTJCMFEFMFTDFOBSJPTPDJBMBDUVBMQBTBBUSBOTGPS NBSTFFODFOUSBMFOFMIBDFSEPDFOUF&TUBDFOUSBMJEBESFBDUJWB TVEJNFOTJØOBGFDUJWBQBSUFFTUSVDUVSBOUFEFMPTEJTDVSTPTWP DBDJPOBMFTZEFMBNBUSJ[SFEFOUPSJTUBZQBTUPSBMEFMBEPDFODJB 1PQLFXJU[ 5BNCJÏOZOPFOGPSNBFYDMVZFOUFIBDÓB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB NPTKVHBSMBJEFBEFDPOUFODJØOBTPDJBEBOFHBUJWBNFOUFDPOFM EFTCPSEFFTEFDJSDPNPTPTUFOJNJFOUPDPUJEJBOPEFFTDFOBTEF FTDBTBQSFWJTJCJMJEBEZQBSBMPDVBMTFDVFOUBDPOIFSSBNJFOUBTFT DBTBTPJOBEFDVBEBTDPNPQPSFKFNQMPFMSFDMBNPEFMBTGBNJMJBT PMBOVFWBDPNQPTJDJØOEFMBTBVMBT 1FSPMPTEBUPTRVFFWJEFODJBOMBTPQJOJPOFTEFMPTEPDFO UFTSFTQFDUPEFTVTTFOTBDJPOFTZPJNÈHFOFTEFMBFTDVFMBEBO DVFOUBEFVOBDPOUFODJØORVFOPQBSFDFSÓBFTUBSBDUVBOEPP TJFOEPEFNBOEBEBTPMPEFTEFFMVOJWFSTPEFMPTBMVNOPTZTVT GBNJMJBTTJOPUBNCJÏOQPSMPTNJTNPTQSPGFTPSFT-BSFnFYJØO RVF BRVÓ DBCF FOUPODFT FT TPCSF VOB JOTUJUVDJØO RVF TJHVF SFTVMUBOEPQBSBNVDIPTJODMVJEPTMPTEPDFOUFTFMSFGVHJPEF VOBTJUVBDJØOTPDJBMMJHBEBBMBEFTQSPUFDDJØOZBMEFTBNQBSP 3FTVMUBPCWJPEFDJSMPQFSPMPTFGFDUPTEFVOFTDFOBSJPEFFY DMVTJØOTPDJBMOPSFDPOPDFOEJGFSFODJBTNBSDBEBTQPSDSJUFSJPT FTDPMBSFTFTUPFTOPEJTUJOHVFOFOUSFBMVNOPTZEPDFOUFTBMB IPSBEFDPOUBSMPTEBNOJmDBEPTQPSMBDPONPDJPOBOUFDSJTJT QPMÓUJDBTPDJBMZFDPOØNJDBEF1PSPUSPMBEPMPTFTQBDJPT DPOUFOJEPTZDPODJFSUBTSFHMBTDPNPMBFTDVFMBTFTJHVFOQFSDJ CJFOEPDPNPiQVFSUPTEFSFTHVBSEPwGSFOUFBMPTBWBUBSFTEFMB NPEFSOJEBEMÓRVJEB#BVNBO 2VJ[ÈUBNCJÏOIBZBRVF IBDFSFOUSBSFOMBMFDUVSBMBTEJGÓDJMFTTJUVBDJPOFTQFSTPOBMFTZ GBNJMJBSFTFOMBWJEBEFMPTEPDFOUFTRVFQSPCBCMFNFOUFIBHBO RVFÏTUPTSFDPOP[DBOBMBFTDVFMBDPNPVOFTQBDJPEFDPOUFO DJØOZMBJEFOUJmRVFODPNPQBSUFEFMBNJTNBGBNJMJB 5BNCJÏOFTJNQPSUBOUFTF×BMBSRVFFOFMEFDJSEFMPTQSPGF TPSFTMBTSFGFSFODJBTBMBJEFOUJEBEEFMEPDFOUFDPNPUSBCBKBEPS BTBMBSJBEPTPOFTDBTBTZFOFMDBTPFORVFTFQSFTFOUBOFTUÈO DFOUSBEBTFOMBEFWBMVBDJØOEFMBJNBHFOTPDJBMEFQSFTUJHJPZ KFSBSRVÓBTPDJBMRVFIJTUØSJDBNFOUFTFBUSJCVZØBMBQSPGFTJØO EPDFOUF-PTQSPGFTPSFTOPTPMPTFTJFOUFODVFTUJPOBEPTQPSMBT NÞMUJQMFT EFNBOEBT TPDJBMFT TJOP RVF QBSBMFMBNFOUF DBSHBO DPOFMQFTPEFVOBRVFKBTPDJBMQPSDPOTFSWBSDJFSUBTDPOEJDJP $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB OFTEFUSBCBKPRVFIPZZBOPSJHFOQBSBFMSFTUPEFMPTUSBCBKB EPSFTMBTTPDJBMNFOUFJOTUBMBEBTFOFMEJTDVSTPiWBDBDJPOFTEF USFTNFTFTwMBFTUBCJMJEBEFOFMQVFTUPEFUSBCBKPMPTCFOFmDJPT TPDJBMFTFUD &OFTUFTFOUJEPQBSFDJFSBRVFMBEFNBOEBTPDJBM TFMFHJUJNBGSFOUFBMBDPOTFSWBDJØOEFFTUBTSFHMBTMBCPSBMFTQBSB MPTEPDFOUFTRVFFODPNQBSBDJØODPOFMSFTUPTFSÓBONÈTWFO UBKPTBT4JOFNCBSHPFMMPTDPOTJEFSBORVFFTUBEFNBOEBTPDJBM OPUPNBFODVFOUBPUSPTNVDIPTGBDUPSFTRVFIBDFOBMBUSBOT GPSNBDJØOEFMBTDPOEJDJPOFTMBCPSBMFToFOUSFFMMBTFMDBNCJPZ TVSHJNJFOUPEFOVFWBTGVODJPOFTFOOVFWPTDPOUFYUPToZRVF QPESÓBOMFFSTFFOMBNJTNBDMBWFEFQSFDBSJ[BDJØOMBCPSBMRVF BGFDUBBMSFTUPEFMPTBTBMBSJBEPT &TJNQPSUBOUFTF×BMBSRVFGSFOUFBFTUBTFOTBDJØOEFTPMFEBE ZEFTBNQBSPRVFTFIBDFWJTJCMFFOMBTDPOEJDJPOFTMBCPSBMFTEF MPTEPDFOUFTZEFNPTUSBCMFFOTVTFOTBDJØOZFYQSFTJØOEFNB MFTUBSOPBQBSFDFMBJEFOUJmDBDJØODPMFDUJWBFODPOUSBEBUJFNQP BUSÈTFOMBTPSHBOJ[BDJPOFTTJOEJDBMFTRVFTFWFÓBODPNPFMMV HBS QBSB VOB BMUFSOBUJWB EF SFTJTUFODJB Z QSPQVFTUB DPOKVOUBT Z QPS FOEF EF DPOTUSVDDJØO EF MB[PT EF TPMJEBSJEBE #JSHJO 'JMNVTZ5JSBNPOUJ &TUPFTUBMDPNPFTQPTJ CMFDPNQSPCBSFOPUSPTÈNCJUPTMBCPSBMFTZBOJWFMHMPCBMMBT TFOTBDJPOFTEFNJFEPPBOTJFEBEQSPWPDBEBTQPSMPTDBNCJPT FOMBSFHVMBDJØOEFMUSBCBKPZFOMBTDPOEJDJPOFTEFFNQMFPOP QBSFDFOBTVNJSMBGPSNBEFiDBVTBDPNÞOwOJNJUJHBSTFFOMB QPTJCJMJEBE EF PSHBOJ[BDJØO P SFDMBNP B USBWÏT EF MBT GPSNBT USBEJDJPOBMFTEFBDDJØOTJOEJDBMTJOPRVFNÈTCJFOTFQSPDFTBO BOJWFMJOEJWJEVBM#BVNBO )PZFMNBMFTUBSDPUJEJBOP TFDPSQPSJ[BFOFMEJTDVSTPEPDFOUFDPNPVOBRVFKBJOEJWJEVBM PBMPTVNPDPNPBEIFTJØOZEFGFOTBBOUFTJUVBDJPOFTMBCPSB MFTJOKVTUBTPEJGÓDJMFTWJWJEBTQPSDPMFHBTDFSDBOPTZDPOPDJEPT QFSPQBSFDFFTUBSMFKPTEFMBQPTJCJMJEBEEFBVOBSTFFOVOEJT DVSTPDPNÞOZFOVOBNPWJMJ[BDJØOJEFOUJUBSJB&OFTUFNBSDP MBTPMJEBSJEBEZMPTMB[PTBOJWFMMPDBMFOFMJOUFSJPSEFDBEBJOTUJ UVDJØOGVODJPOBODPNPDPOUFODJØOEFMPTQSPDFTPTEFNBMFTUBS .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB ZTVGSJNJFOUPEFMPTQSPQJPTEPDFOUFTUFKJFOEPVOBSFEEFQFS UFOFODJB%FIFDIPFTUPIBDFUBNCJÏORVFIBZBVOBQÏSEJEB EFiJOUFHSJEBETJTUÏNJDBwEFiIPSJ[POUFEFTJTUFNBFEVDBUJWPw BMRVFIJDJNPTSFGFSFODJBFOMBJOUSPEVDDJØO &TUBTJUVBDJØODPOWPDBBQFOTBSTPCSFMBTFTDVFMBTDPNPMVHBS JEFOUJmDBEPQPSMPTEPDFOUFTQBSBMBDPOUFODJØOMBTFHVSJEBEZ MBTPMJEBSJEBE'SFOUFBMBTGVFSUFTDSÓUJDBTBMBTRVFTFTPNFUFBMB FTDVFMBEFTEFIBDFUJFNQPTFSÓBWBMJPTPBOBMJ[BSRVÏBTQFDUPTEF MBDVMUVSBFTDPMBSTPCSFUPEPBRVFMMPTSFMBUJWPTBMPTWÓODVMPTZSF MBDJPOFTTJHVFOIPZHFOFSBOEPFGFDUPTQPTJUJWPTFOFMFTUBSEFMPT EPDFOUFTZEFPUSPTTVKFUPTFOMBTJOTUJUVDJPOFT4JOCÞTRVFEB EFDPOTVFMPTOJEFBGFSSBNJFOUPBGPSNBTDBEVDBTRVJ[ÈWBMHBMB QFOBJOEBHBSZSFUPNBSRVÏQBSUFEFMPTWÓODVMPTFOFMNBSDPFT DPMBSTJHVFCSJOEBOEPDPNPWFSFNPTNÈTBEFMBOUFDPOSFGFSFO DJBBMBTSFMBDJPOFTFOUSFBMVNOPTZEPDFOUFTDJFSUBUSBORVJMJEBE /PTF×BMBNPTFTUPFOQMBOEFDPOWFSUJSBMBFTDVFMBFOVOFTQBDJP EFiBVUPBZVEBwOÞDMFPEFNBOJGFTUBDJPOFTQSPQJBTEFMBBDUVBM DVMUVSBEFMBFNQBUÓBZEFMBTVQFSBDJØOQFSTPOBMOJUBNQPDPEF OFHBSFMTVGSJNJFOUPRVFUBNCJÏODPOMMFWBIPZFMUSBCBKPEPDFO UFFMFNFOUPTPCSFFMRVFOPTEFUVWJNPTBOUFSJPSNFOUF4FUSBUB NÈTCJFOEFDPNFO[BSBDPOmHVSBSVOBOVFWBJEFBEFMPRVFFT IPZZBGVUVSPiTFSEPDFOUFwPUSBCBKBSDPNPUBM&MEJTDVSTPEF MBRVFKBMBEFOVODJBEFMBTNBMBTDPOEJDJPOFTEFUSBCBKPTPCSF DVZBKVTUJDJBOPEVEBNPT MBJOTUBMBDJØOFOTFOUJNJFOUPTPJNÈ HFOFTEPMPSPTBTOPEFCFSÓBIBDFSOPTPMWJEBSRVFMBEPDFODJBOP FTTPMPFTPZOPTFTPTUJFOFÞOJDBNFOUFBQBSUJSEFFTP &O MB QTJDPBOBMJTUB 4JMWJB #MFJDINBS TPTUFOÓB RVF IBZ VO EJTDVSTP EFMBRVFKBJOTUBMBEPFOMBTPDJFEBEBSHFOUJOB4FHÞOFMMBBMBTHFOFSBDJPOFT BEVMUBTIPZMFTDVFTUBJNBHJOBSBMHÞOGVUVSPNFKPSZFTPQSPEVDFVOiNBMFTUBS TPCSBOUFwVONBMFTUBSRVFBHSBWBFMZBFYJTUFOUFQPSRVFOPQFSNJUFOJTJRVJFSB JNBHJOBS PUSB DPTB #MFJDINBS " MB NBOFSB QTJDPBOBMÓUJDB DBCSÓB IBDFSTFBMHVOBTQSFHVOUBTJODØNPEBTQFSPOFDFTBSJBT{$VÈMFTFMHPDFRVFTF PCUJFOFEFMBSFQSPEVDDJØOEFMEJTDVSTPEFMBRVFKB {$VÈMFTFMCFOFmDJPRVF TFDPOTJHVFEFQFSQFUVBSTFFOFMMVHBSEFMBWÓDUJNB $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB -BT QFSTQFDUJWBT IBDJB FM GVUVSP TVKFUPT ZTBCFSFTFOMBSFEFmOJDJØOEFMBFTDVFMB TFDVOEBSJB i$SFPRVFMBEFDBEFODJBFTEFMTFSIVNBOPFMQSPCMFNBEF MBFEVDBDJØOFTRVFOPFOGSFOUBTVTDBNCJPT"NÓNFDVFTUB FOUSBSFOFMNJTNPJEJPNBRVFMPTDIJDPTNFGBMUBOIFSSB NJFOUBTQBSBQPOFSNFBMBBMUVSBEFFMMPT:POPUPRVFIBZ DJFSUBTDPTBTRVFFTUÈOQBTBOEPMBHFOUFTFFTUÈDVFTUJPOBOEP DPTBTw 1SPGFTPSBEFFTDVFMBQSJWBEB$PSSJFOUFT &OFTUFBQBSUBEPOPTDFOUSBSFNPTFOFMBOÈMJTJTEFMBTPQJOJP OFTEFMPTEPDFOUFTFOQSPTQFDUJWBFTUPFTQBSUJFOEPEFTVTNJSB EBTZKVJDJPTTPCSFBMHVOPTBTQFDUPTEFMBFTDVFMBBDUVBMFJEFOUJm DBOEPMPTDBNJOPTZIPSJ[POUFTIBDJBMPTRVFFMMPTFOUJFOEFORVF TFSÓBOFDFTBSJPPSJFOUBSTF-BSFGFSFODJBFTQBDJBMZUFNQPSBMOPT SFTVMUBÞUJMQBSBBOBMJ[BSVOPEFMPTQVOUPTDFOUSBMFTBUSBWÏTEF MPTDVBMFTDPOTJEFSBNPTOFDFTBSJPQSPCMFNBUJ[BSMPTDBNCJPTEF MBJEFOUJEBEEPDFOUFMBUSBOTNJTJØOEFMBDVMUVSB&TÞUJMQPSRVF FTUFQVOUPTFFODVFOUSBIPZBUSBWFTBEPQPSMBJEFBEFEJTUBODJB QSPQJBEFMBSVQUVSBHFOFSBDJPOBMQSPWPDBEBQPSMPTJNQBDUBOUFT DBNCJPTDVMUVSBMFTEFMBTÞMUJNBTEÏDBEBT%FFTBEJTUBODJBoFO USFEPTNVOEPToZEFMBEFTPSJFOUBDJØOQBSBBDPSUBSMBOPTIBCMB MBQSPGFTPSBBMBRVFMFiDVFTUBFOUSBSFOFMNJTNPJEJPNBRVF MPTDIJDPTw &MEFT JOUFSÏTEFMPTBMVNOPT $PNPWJNPTBOUFSJPSNFOUFMPTEPDFOUFTQFSDJCFORVFMPT DBNCJPTFOTVUBSFBUJFOFOVOPSJHFOFYUFSOPMBDSJTJTEFMBT GBNJMJBTMBDSJTJTTPDJBM "IPSBCJFOFMÞMUJNPHPMQFEFFTUB DBEFOBEFFGFDUPTQBSFDFDPOEFOTBSTFFOMPRVFFGFDUJWBNFOUF QBTBFOMBTBVMBTBMBIPSBEFDPODSFUBSMBGVODJØONÈTQVSBZ USBEJDJPOBMNFOUFFEVDBUJWBMBFOTF×BO[BZFMBQSFOEJ[BKF&O FTUBTFTDFOBTMPTKØWFOFTIBTUBBIPSBTPMPSFQSFTFOUBOUFTJOEJ .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB SFDUPTEFMBDSJTJTHFOFSBMTFSFDPMPDBOiDVFSQPBDVFSQPwDPO MPTEPDFOUFTZQBSFDFOBTVNJSFOGPSNBEJSFDUBFMiFOGSFOUB NJFOUPZDVFTUJPOBNJFOUPwEFMBGVFSBIBDJBMBFTDVFMB"RVÓ FMEJTDVSTPBMNFOPTFOFMDPNJFO[PSFTVMUBBOUBHØOJDPNB OJGFTUBEPFOFTQFDJBMBUSBWÏTEFMDIPRVFFOUSFBRVFMMPRVFMPT EPDFOUFTDSFFORVFUJFOFOQBSBPGSFDFSoFMDPOPDJNJFOUPoZ BRVFMMPRVFMPTBMVNOPTFTUÈOEJTQVFTUPTBSFDJCJS &TUBOPDPSSFTQPOEFODJBFODVFOUSBFYQMJDBDJØOFOMBJNQP TJCJMJEBEEFiIBCMBSTPCSFMPNJTNPwQPSRVFTFHÞOMPTQSPGF TPSFTMPTDIJDPTOPDVFOUBODPOMPTDPOPDJNJFOUPTOFDFTBSJPT QBSBBDDFEFSBPUSPTOVFWPToZMBDVMQBCJMJ[BDJØOEFFTUPWVFM WFTPCSFFMOJWFMQSJNBSJPoOJUJFOFOFMOFDFTBSJPSFTQFUPQPSMB BVUPSJEBEEPDFOUFTFOUBEBTPCSFMBTCBTFTEFMDPOPDJNJFOUP 5BNCJÏOZTVNBOEPBSHVNFOUPTMPTQSPGFTPSFTFODVFOUSBO FYQMJDBDJPOFTFOMBDVMUVSBEFFTUPTUJFNQPTiGBDJMJTUBw RVF FTUBSÓBBUFOUBOEPDPOUSBMBDVMUVSBEFMFTGVFS[PRVFTVQPOFFM BDDFTPBMTBCFSoDPNPWFÓBNPTSBTHPNVZWBMPSBEPFOMBWJEB FTDPMBSoZDPOUSBMBWBMPSBDJØOEFMDPOPDJNJFOUPDPNPCJFOZ TJOØOJNPEFQSPHSFTPTPDJBM $POMBTFYQFDUBUJWBTPQBDBEBTZMFKPTEFMJEFBMEFMiCVFO BMVNOPw MB BCVMJB FM EFTJOUFSÏT MB EFTNPUJWBDJØO QBSFDFO TFSMPTSBTHPTRVFEFmOFOZQSFTFOUBOBMPTBMVNOPTEFIPZ 7FBNPTBMHVOBTPQJOJPOFTEFMPTEPDFOUFTFOMPTHSVQPTGP DBMFTFOEPOEFBQBSFDFDPONBZPSGVFS[BFMDMJDIÏSFJUFSBEP TPCSFMBKVWFOUVEBDUVBMRVFDPNCJOBFMFNFOUPTEFTBODJØO TPDJBMEFMBEFTJHVBMEBEEJTDVSTPTQFEBHØHJDPTZUBNCJÏOVO TFOUJNJFOUPEFGSVTUSBDJØOQPSOPTBCFSiQPSEØOEFwTFQVFEF QMBOUFBSVOBDFSDBNJFOUPBMPTKØWFOFT i&MEFOJWFMTPDJPFDPOØNJDPCBKPOPUJFOFNPUJWBDJØOFTUÈ UPUBMNFOUFEFTNPUJWBEPQPSRVFOPFYJTUFMBDPOUFODJØOGB NJMJBSw 1SPGFTPSEFFTDVFMBQÞCMJDB$PSSJFOUFT $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB i"NÓNFQBTBFONJNBUFSJBRVFZPSFDJCPDIJDPTRVF OPTBCFOMFFSZFTDSJCJS:BWJFOFEFBSSBTUSFEFMBQSJ NBSJBw 1SPGFTPSEFFTDVFMBQSJWBEB$JVEBEEF#VFOPT"JSFT i:PDSFPRVFUPEPQBSUFEFTEFFMPCKFUJWPRVFUJFOFDBEB BMVNOP QBSB TV GVUVSP FM RVF UJFOF DPNP PCKFUJWP VOB DBSSFSB VOJWFSTJUBSJB FOUPODFT UJFOF MBT DPTBT DMBSBT Z MF EBZMFEB"BRVFMDVZPGVUVSPFTIPZZMPRVFWBBQBTBS NB×BOBOPMFJOUFSFTBOPIBZOBEBRVFMPNPUJWFw 1SPGFTPSEFFTDVFMBQSJWBEB$JVEBEEF#VFOPT"JSFT i:PBWFDFTEJHP{ZTJNFQPOHPZPEFMBOUFEFMBDMBTFQBSB IBDFSMPNJTNPRVFFMMPTUJFOFORVFIBDFSBWFSTJMPTNP UJWP w 1SPGFTPSBEFFTDVFMBQÞCMJDB.FOEP[B &OFTUFHSVQPEFSFTQVFTUBTBQBSFDFDMBSPRVFFMQSPCMFNB FTFMKPWFOZTVGBNJMJBRVFIBZVOBTJUVBDJØOEFIFDIPTPCSF MBRVFMPTQSPGFTPSFTQVFEFOIBDFSQPDPZOBEB&ODBNCJP FOMBÞMUJNBSFTQVFTUBTFBWJ[PSBVOBEPDFOUFRVFCVTDBRVÏ IBDFSRVFQJFOTBFTUSBUFHJBTRVFTFQSFHVOUBTJOPWBMESÓBMB QFOBFOTBZBSPUSBTBMUFSOBUJWBT 7FBNPTPUSPHSVQPEFPQJOJPOFTFOMBTRVFTFFWJEFODJB NFKPSDVÈMFTTPOMPTDPOUFOJEPTEFMBQSPQVFTUBFTDPMBSRVF OPQBSFDFOGVODJPOBSDPOMPTBMVNOPTBDUVBMFT i)BZDIJDPTRVFTPODPNPBCÞMJDPTQBSFDFRVFOBEBMFTJO UFSFTBSB:PRVFUFOHPRVFTFMFDDJPOBSUFYUPTQBSBMFDUVSB EJHPA/PMFTWPZBQFEJSFM2VJKPUFWBNPTBCVTDBSVOB OPWFMBEFIBDFB×PTDPOVOUFNBEFBIPSB&OUPODFT MFTCVTDPVOBOPWFMBRVFUJFOFVOBTJUVBDJØOEFEFTBQBSF DJEPTFTVOUFNBNÈTRVFBDUVBMIBZDIJDPTRVFQPSVOB DVFTUJØOGBNJMJBSRVFIBCÓBOUFOJEPVOQSPCMFNBFOTV .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB GBNJMJBGVFSPOMPTRVFMFZFSPOQFSPMPTPUSPTA`"ZRVÏ BCVSSJEPQSPGFTPSB0UFEJDFOA1SPGFTPSB{TJMPWFNPT QPSUFMFWJTJØOQBSBRVÏMPWBNPTBMFFS w 1SPGFTPSBEFFTDVFMBQÞCMJDB.FOEP[B i$BEBWF[EBTNFOPTEFCJEPBRVFMPTUFNBTTFIBDFOMBS HPTQPSRVFUFOÏTRVFWPMWFSZWPMWFS:PEPZDMBTFFOTFHVO EPB×PEF1PMJNPEBMMFTGBMUBVOB×PQBSBMBGBDVMUBEZ MFTEJHPA$IJDPTQBSBNB×BOBMFBOFTUPTVCSBZFOJEFBT QSJODJQBMFTZIBHBOOPUBTNBSHJOBMFTZOPFOUJFOEFOMP RVFEJDFFMQÈSSBGPMFTUFOÏTRVFUSBEVDJSRVÏTJHOJmDBw 1SPGFTPSBEFFTDVFMBQSJWBEB$JVEBEEF#VFOPT"JSFT i:PRVJTJFSBTBCFSDØNPWBBFTUBSGPSNBEPVOQBSUJEPQP MÓUJDPQFSPUBNQPDPMFTJOUFSFTBTBCFSMPRVFQBTØBZFSQBSB FMGVUVSP:PEPZMPTQPEFSFT1PEFS&KFDVUJWP-FHJTMBUJWPZ +VEJDJBMMFTQJEPRVFBWFSJHàFOMPTOPNCSFTEFDBEBVOPEF FTUPTDVBESPT/PTBCFOOBEBQPSRVFIVCPDBTPTFOMPTRVF NFQVTJFSPORVFFMWJDFQSFTJEFOUFFTMBFTQPTBEF,JSDIOFS 1FSPOPMFTJOUFSFTBOBEBEFOBEB1FSPTJFMMPTOPDPOPDFO EFMBIJTUPSJBOPQVFEFOGPSKBSVOGVUVSPw 1SPGFTPSEFFTDVFMBQÞCMJDB$JVEBEEF#VFOPT"JSFT -BT USFT PQJOJPOFT IBCMBO EF VO EFTFODVFOUSP FOUSF FM DPOPDJNJFOUPRVFMPTEPDFOUFTPGSFDFOZMPRVFMPTBMVNOPT FTQFSBO&OFMDBQÓUVMPTJHVJFOUFWFSFNPTRVFMPTKØWFOFTOP TFNVFTUSBOEFTJOUFSFTBEPTQPSFMTBCFSRVFUSBOTNJUFOMPT QSPGFTPSFTQFSPFTPOPFYDMVZFFMKVJDJPFMDVFTUJPOBNJFOUP MBBDFQUBDJØOPFMSFDIB[PEFMTBCFSEJTQPOJCMFFOMBFTDVF MB1BSBFMMPTVOCVFOEPDFOUFFTBRVFMRVFTBCFFYQMJDBSB MPTBMVNOPTFTEFDJSBRVFMRVFQPTFFDJFSUBTDBSBDUFSÓTUJDBT QBSB QPOFS BEJTQPTJDJØOZPGSFDFSNPEPTEFBQSPQJBSTFFM TBCFS4FUSBUBEFVOBWBMPSBDJØOOPDPSSFTQPOEJEBFOGPSNB FRVJUBUJWB QPS MPT QSPGFTPSFT ZB RVF SFDPSEFNPT QBSB ÏT UPTMBQSJPSJEBEFTUÈQVFTUBFOMBQPTFTJØOEFDJFSUPDVFSQP $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB EF TBCFSFT QPS TPCSF TV USBOTNJTJØO -B USBOTNJTJØO B MPT BMVNOPTEFTEFFTUBQFSTQFDUJWBQPESÓBTFSMFÓEBDPNPVO FGFDUP SFGSBDUBSJP VO DPSPMBSJP EFM TVQVFTUP WPDBDJPOBM EF MBEPDFODJBMPTBMVNOPTBDDFEFOBMPTWBMPSFTBTPDJBEPTDPO FMDPOPDJNJFOUPBUSBWÏTEFMBJEFOUJmDBDJØODPORVJFOMPT FODBSOBFTUPFTFMQSPGFTPS4FUSBUBEFVOQSJODJQJPQSP QJPEFMQSPHSBNBJOTUJUVDJPOBMEFMBFTDVFMBNPEFSOBRVF DPNPWFNPTBÞOSFTVFOBFOMBGPSNBFORVFMPTEPDFOUFT QJFOTBOTVMVHBSSFTQFDUPEFMTBCFSZEFTVUSBOTNJTJØOMB EPDFODJBFONBSDBEBFOMBJEFBEFVOBFTDVFMBDPOWBMPSFTZ QSJODJQJPTTJUVBEPTiGVFSBEFMNVOEPw%VCFU VOB BVUPSJEBE MFHJUJNBEB FO VOB DPODFQDJØO USBTDFOEFOUF EFM DPOPDJNJFOUP &MQSPGFTPSRVFiGSBDBTBwBVORVFIBCSÓBRVFVTBSFTBQBMB CSBDPONVDIBDBVUFMBZBRVFMPTFGFDUPTEFTVFOTF×BO[BOP QVFEFSNFEJSTFUBOSÈQJEBZDPOUVOEFOUFNFOUFDPNPÏMNJT NPMPFTQFSB FOFOTF×BSMBEJWJTJØOEFQPEFSFTBDMBSBSRVJÏO FTFMWJDFQSFTJEFOUFPUSBOTNJUJSMFTVOBQSFPDVQBDJØOQPMÓUJDB QPESÓBNÈTCJFOQSFHVOUBSTFTJFTUBOWBMJPTPQBSBMBGPSNB DJØOEFVOBTFOTJCJMJEBEZVOBWJTJØOQPMÓUJDBFMBQSFOEJ[BKF MFHBMJTUBZMPTOPNCSFTEFMPTGVODJPOBSJPT*EFOUJmDBSDJFSUBT DBSBDUFSÓTUJDBTPFOGPRVFTEFMDPOPDJNJFOUPDPOFMTBCFSFOTÓ NJTNPUFSNJOBTJFOEPVOFTDPMMPQBSBJOUFOUBSPUSBTWÓBTEF BDFSDBNJFOUPBMQSPCMFNB-BEPDFOUFRVFTÓTFQMBOUFBDØNP IBDFQBSBJOUFSFTBSBTVTFTUVEJBOUFTFOMBMJUFSBUVSBRVFCVTDB UFNBTSFDJFOUFTZRVFJOUFOUBiIBCMBSTVMFOHVBKFwTJOFNCBS HPiTVDVNCFwBOUFMBDPNQFUFODJBEFMBUFMFWJTJØOZEFDMBSB MB CBUBMMB QFSEJEB 1PS ÞMUJNP MB QSPGFTPSB RVF EJDF RVF FM QSPCMFNBFTRVFMPTDIJDPTOPTBCFOMFFSQPSRVFOPFOUJFOEFO MPTQÈSSBGPTOPEBTJHOPTEFRVFQVFEBJNBHJOBSRVFMBFTDVF MBFOTVDPOKVOUPQPESÓBQFOTBSFOFTUSBUFHJBTZNPEBMJEBEFT QBSBBCPSEBSFTUBEJmDVMUBEPRVFTFQVFEFOIBDFSPUSBTDPTBT DPOVOUFYUPRVFMFFSMPQBSBTVCSBZBSMBJEFBQSJODJQBM"TÓMB DVFTUJØOEFKBSÓBEFTFSVOQSPCMFNBEFiFTUPTDIJDPTRVFOP .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB TBCFOEFDPEJmDBSVOUFYUPwTJOPEFVOBFTDVFMBRVFEFCFSÓB JOUFOUBSQPSPUSBTWÓBTZDPOPUSPTSFDVSTPTTFHVSBNFOUFNV DIPNFKPSEPUBEBZNÈTBDPNQB×BEB VOBDFSDBNJFOUPBMB MFDUVSBZMBFTDSJUVSBNÈTQSPEVDUJWPZNÈTSFMFWBOUFQBSBMBT WJEBTEFFTPTKØWFOFT -P RVF QBSFDF QSJNBS UBOUP FO MPT HSVQPT GPDBMFT DPNP FOMBTSFTQVFTUBTBMBTFODVFTUBTFTVOBWJTJØORVFQPDBTWFDFT QPOFMBNJSBEBTPCSFMBQSPQJBQSÈDUJDBPBMNFOPTTJMPIBDF OPTFQFSNJUFIBDFSMPFOQÞCMJDPZNFOPTBOUFMBNJSBEBEF MPTJOWFTUJHBEPSFT 2VJ[ÈTFUSBUFDPNPWFOJNPTTF×BMBOEP EFDØNPPQFSBFMJEFBMFOSFMBDJØODPOMPSFBMTJUPEBMBBD DJØOEPDFOUFTFFWBMÞBQPSMBEJTUBODJBFOUSFBNCPTFOUPODFT TFPTDVSFDFMBQPTJCJMJEBEEFBOÈMJTJTEFBRVFMMPRVFBDPOUFDF FOFTBCSFDIB/ØWPB&[QFMFUB 4F×BMBNPTFTUB ÞMUJNBDVFTUJØOQPSRVFTPCSFWVFMBOFHBUJWBNFOUFFOMBNJ SBEBDSÓUJDBEFMPTEPDFOUFTTPCSFTVQSPQJBUBSFBTPCSFTVT BMVNOPT Z TPCSF MB SFBMJEBE FTDPMBS &O FM DBTP FO RVF OPT FTUBNPTEFUFOJFOEPQPSFKFNQMPFTUBJOnVFODJBEFMEJTDVSTP QFEBHØHJDPPQFSBFOMBMFDUVSBTFTHBEBEFMQSPCMFNBMBDBVTB EFM EFTJOUFSÏT EF MPT BMVNOPT OP FTUÈ FO MB FTDVFMB oZ QPS FOEFOPDBCFOMBTQSFHVOUBTTPCSFTVQSPQVFTUBoTJOPRVF SFTQPOEFBMPTFGFDUPTEFVOBDSJTJTFYUFSOBRVFSFEVOEBFO EFNBOEBTBMPTEPDFOUFT 6OFMFNFOUPRVFBQBSFDFFOVOBEFMBTPQJOJPOFTEF MPT EPDFOUFT MB RVF IBDF SFGFSFODJB B MBT EFNBOEBT RVF QMBOUFBVOBKVWFOUVEiNFEJÈUJDBwFEVDBEBQPSMPTSJUNPT Z FTUJMPT EF MB57 EFCFSÓB BOBMJ[BSTF DPO NVDIP NBZPS QSPGVOEJEBE &M iEFTFODVFOUSPw FOUSF MP RVF QSPQPOFO MPT QSPGFTPSFT Z MP RVF EFNBOEBO P FTQFSBO MPT BMVN OPTIBCMBOPTPMPEFVODPOGMJDUPJOUFSHFOFSBDJPOBMTJOP UBNCJÏOEFVODIPRVFDVMUVSBMFOUSFKFSBSRVÓBTZQPTJDJP OFTGSFOUFBMTBCFSNVZEJGFSFOUFT%FFMMPOPTPDVQBNPT BDPOUJOVBDJØO $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB 6ODIPRVFFOUSFEPTNVOEPT MBDVMUVSBFTDPMBSFODVFTUJØO -BQFSDFQDJØOZFMSFDPOPDJNJFOUPEFMDIPRVFFOUSFBMVN OPTZEPDFOUFTFOMBFTDVFMBTFDVOEBSJBOPTPOOVFWPT&OMBJO USPEVDDJØOSFDVQFSBNPTMBTNFNPSJBTEF'MPSFODJP&TDBSEØEF TVTEÓBTFOFM$PMFHJP/BDJPOBMEF#VFOPT"JSFTEPOEFSFMBUBCB MBPQPTJDJØOZDPOGSPOUBDJØORVFQBSBEØKJDBNFOUFMPVOÓBOB TVTQSPGFTPSFT&OUFOEJEPEFTEFMPTNBSDPTEFMDPOnJDUPHFOFSB DJPOBMFMKVFHPEFDPOGSPOUBDJØOPCMJHBEPFOUSFBRVFMMPRVFMPT QSPGFTPSFTPGSFDFOZMPRVFMPTBMVNOPTQJEFOPSFDIB[BODBSBD UFSJ[BMBDVMUVSBFTDPMBSZBUSBWJFTBMBTCJPHSBGÓBTEFUPEPTBRVFMMPT RVFSFDPSSJFSPOFMDBNJOPEFMOJWFMNFEJPEFMBFOTF×BO[B &TUB DPOGSPOUBDJØO FT FTUSVDUVSBOUF EF MB GPSNB FO RVF MB FTDVFMB GVF QFOTBEB Z TF EFTBSSPMMØ IJTUØSJDBNFOUF -B JEFB EF USBOTNJTJØODVMUVSBMRVFPSJFOUØMBDSFBDJØOEFMPTTJTUFNBTFEV DBUJWPTZFOQBSUJDVMBSMBFTDVFMBTFDVOEBSJBTFBTFOUØTPCSFMPT TVQVFTUPTEFMBJODPNQMFUVEZBVTFODJBEFQBVUBTDVMUVSBMFTQSP QJBTQPSQBSUFEFOJ×PTZKØWFOFT5BNCJÏOTFEFTBSSPMMØTPCSF MB CBTF EF DPODFQDJPOFT VOÓWPDBT EF MB DVMUVSB BEVMUB TVKFUPT TVQVFTUBNFOUFIPNPHÏOFPTTPCSFMBFTUBCJMJEBEEFMBTGPSNBT EFQSPEVDDJØOEFMDPOPDJNJFOUPZEFMBTFTDVFMBTDPNPQSJODJQBM WÓBEFUSBOTGFSFODJBDVMUVSBM#SBTMBWTLZ 5PEPTFTUPTTV QVFTUPTEJTF×BSPOVOBFTDVFMBTFDVOEBSJBSFTJTUFOUFBSFDPOPDFS MPFTQFDÓmDPZBMBWF[EJWFSTPEFVOHSVQPDVMUVSBMZQSPEVKFSPO JOUFOUPTSFDVSSFOUFTEFMPTKØWFOFTRVFTFSFCFMBCBOQBSBFTDBQBS BMFODPSTFUBNJFOUPFTDPMBS(BHMJBOP %FTEFIBDFBMHVOBTEÏDBEBTQFSPNÈTDMBSBNFOUFFOMPTÞM UJNPTRVJODFB×PTFTFPSEFODVMUVSBMFTUÈMFKPTEFMBJEFBEF FTUBCJMJEBEFJONVUBCJMJEBE1PSFMDPOUSBSJPMPTDBNCJPTDVM UVSBMFTTFQSPEVDFOBSJUNPTFYQPOFODJBMFTQSPEVDJFOEPVOB SFWPMVDJØO FO MPT NPEPT EF QSPEVDDJØO DJSDVMBDJØO Z BQSP QJBDJØOEFMTBCFS.BSUÓO#BSCFSP ZIBDFOUSBTUBCJMMBSB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB MBBVUPSJEBEDVMUVSBMEFMBFTDVFMB-PTBOBMJTUBTIBCMBOEFVO QSPDFTPEFSFWPMVDJØODVMUVSBMFOFMRVFMBJOOPWBDJØOUÏDOJ DBNBSDBCVFOBQBSUFEFMSVNCP/VFWPTNPEPTZMFOHVBKFT NPEFMBO GPSNBT EF VTP EF MB UÏDOJDB Z EJTQBSBO PUSBT UBOUBT EFBQSPQJBDJØOQFSPFODVBMRVJFSDBTPFMEPNJOJPZDFSDBOÓB BFMMPTFTUBOUPNÈTDFSDBOPZGBNJMJBSQBSBMPTKØWFOFTDVBOUP NÈTMFKBOPZFYUSB×PQBSBMPTBEVMUPT.FJSJFV 7BMFMBQFOBEFUFOFSTFBQFOTBSBDFSDBEFMMVHBSEFMBUÏDOJDB FOOVFTUSBTPDJFEBEZTPCSFUPEPFOTVSFMBDJØODPOMPTTBCFSFT FTDPMBSFTZMBBVUPSJEBEDVMUVSBMRVFÏTUPTDPOTUSVZFOZSFQSP EVDFO1PSFKFNQMPFOMPTDBNCJPTDVMUVSBMFTEFMBTEÏDBEBTEFM WFJOUFZEFMUSFJOUBFOMB"SHFOUJOBFTQPTJCMFBEWFSUJSRVFMBJO OPWBDJØOUÏDOJDBDVNQMJØVOBEPCMFGVODJØOQPSVOMBEPEF NPEFSOJ[BDJØODVMUVSBMZQPSPUSPEFDPNQFOTBDJØOEFEJGFSFO DJBTDVMUVSBMFTZBRVFMBUÏDOJDBDPNQFOTØMBBVTFODJBEFDVMUVSB MFUSBEBFODJFSUPTTFDUPSFT1SPNPWJEBTEFTEFSFWJTUBTZEJBSJPTFO FMFTQBDJPEFMBDSFDJFOUFJOEVTUSJBDVMUVSBMMBTOVFWBTiUÏDOJDBTw oBTPDJBEBTDPOVOiTBCFSIBDFSwQSÈDUJDPRVFFSBBMUFSOBUJWPBM DJSDVJUP FTDPMBS USBEJDJPOBMo TVQVTJFSPO VO BDUP EF BWBODF TP CSF MB DVMUVSB RVF SFPSHBOJ[Ø TV KFSBSRVÓB IBTUB FTF NPNFOUP NPOPQPMJ[BEBQPSVOBFMJUF#FBUSJ[4BSMPMMBNBBFTUFDVFSQP EFOVFWPTTBCFSFTMPTiTBCFSFTEFMQPCSFwEFMJOWFOUPSEFMBV UPEJEBDUBRVFQVFEFFWJUBSMBBDSFEJUBDJØOUSBEJDJPOBMZQVFEF BCSJSTFDBNJOPQPSPUSBTWÓBT4BSMP 6OBSFPSHBOJ[BDJØO DVMUVSBMEJBMPHBCBDPOVOQSPDFTPEFSFBDPNPEBNJFOUPTPDJBMFO FMBDDFTPZEJTUSJCVDJØOBVODVFSQPDVMUVSBMZMBFTDVFMBFOFTF NBSDPNBOUFOÓBmSNFTTVTNVSPTFOEFGFOTBEFMNPOPQPMJPEF VOBDVMUVSBMFUSBEBEFTUJOBEBBVOPTQPDPT )PZ VOB OVFWB SFPSHBOJ[BDJØO DVMUVSBM UBNCJÏO QSPWP DB VO OVFWP SFBDPNPEBNJFOUP P BM NFOPT MP JOJDJB QFSP TFQSPEVDFCÈTJDBNFOUFFOMBEJNFOTJØOEFMPHFOFSBDJPOBM oBVORVF DMBSP FTUÈ FO EJÈMPHP DPO MP TPDJBMo HFOFSBOEP PUSPTDIPRVFTZEJTQVUBTFOSFMBDJØODPOFMBDDFTPZMBEJTUSJ $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB CVDJØODVMUVSBMFT:FOVODPOUFYUPEFNVSPTEFCJMJUBEPTMB FTDVFMBZMPTQSPGFTPSFTTFWVFMWFOWVMOFSBCMFTFOMBEFGFOTBZ NBOUFOJNJFOUPEFMBGVODJØOEFFOTF×BO[B &MEJÈMPHPFOUSFFTUPTQSPGFTPSFTFYQSFTBCJFOUBMDPOnJDUP ZMPTFGFDUPTEFEFTPSJFOUBDJØOFOTVUBSFB io&MCFOFmDJPEFMBTDPNQVUBEPSBTTFOPUBFOMBCÞTRVFEBEF MBJOGPSNBDJØOQFSPQBSBFTPFMEPDFOUFMFUJFOFRVFFOTF×BS o:OPTFRVFEBDPOVOTPMPMJCSJUPFMDIJDPQVFEFTFMFD DJPOBSNBUFSJBM o:POPMFQVFEPFOTF×BSBNJBMVNOPDPOFMDFMVMBSFTUÈT IBCMBOEPZTVFOBFMUFMÏGPOP"QBSUFFMDFMVMBSRVFBIPSB UJFOFOMPTDIJDPTUJFOF*OUFSOFUPUFTBDBOVOBGPUP o$VBMRVJFSNBUFSJBQVFEFUSBCBKBSDPOMBTDPNQVUBEPSBT F*OUFSOFU:PEPZBSUÓTUJDBZMPTMMFWPBCVTDBSMPTNPWJ NJFOUPTBSUÓTUJDPTFO*OUFSOFUZMFTFODBOUB o$SFPRVFDPOFTUFCBHBKFEFUFDOPMPHÓBBDDFTJCMFBUPEPT MPRVFIBZRVFFOTF×BSMFBMDIJDPFTBTFSSFTQPOTBCMF o5FOFNPTRVFDBQBDJUBSOPTOPTPUSPTUBNCJÏO o-PTDBNCJPTGVFSPONVZSÈQJEPT o&MQSPCMFNBEFMBUFDOPMPHÓBFTRVFFMMPTTBCFONÈTRVFMPT EPDFOUFTFMMPTUFEBOWVFMUB&MPUSPEÓBNFEJDFOA²TFFTVO SFQSPEVDUPSEFNQ:ZPQSFHVOUPA{%ØOEFQPOÏTFM$% A`/PQSPGFTPSBNFEJDFO1BSF[DPVOBCSVUB{RVÏMFTWBT BQSPIJCJSRVFVTFOTJFMMPTTBCFONÈTRVFOPTPUSPT w 1SPGFTPSFTEFFTDVFMBTQÞCMJDBT$PSSJFOUFT &MJOUFSDBNCJPFOUSFFTUPTEPDFOUFTIBCMBUBOUPEFDJFSUBSFMB DJØOEFiNBSBWJMMBwDPOMPUÏDOJDPMPNBSBWJMMPTPEFMBJOWFODJØO UFDOPMØHJDB DPNPUBNCJÏOEFMBEJTUBODJBRVFSFDPOPDFOTPCSF TVTVTPTZQPTJCJMJEBEFT3FDPOPDJFOEPFTUPTDBNCJPTZMBFYJT UFODJBEFVODPOnJDUPRVFEBODMBSPTMPTFGFDUPTEFEJTMPDBDJØO RVFMBTOVFWBTUFDOPMPHÓBTDPOMMFWBOTPCSFMBKFSBSRVÓBEFMBFT DVFMBZEFMNBFTUSPFOMBEJTUSJCVDJØOTPDJBMEFMTBCFS .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB &OUSFFTPTFGFDUPTOPTJOUFSFTBSFNBSDBSFMQBSUJDVMBSHPMQFBMB FTUBCJMJEBEEFMBJEFOUJEBEEPDFOUFEFMQSPGFTPSTFDVOEBSJP$PO TFDVFOUFDPOFMJEFBSJPFMJUJTUBZTFMFDUJWPRVFEJPPSJHFOBMOJWFM NFEJPMBJEFOUJEBEEFMQSPGFTPSEFMOJWFMTFDVOEBSJPIBFTUBEP IJTUØSJDBNFOUFBTFOUBEBBMSFEFEPSEFMBJEFBEFiIPNCSFDVMUPw -BOH 1FSPFTGÈDJMJNBHJOBSTFMPTEFSSVNCFTEFFTUBJNB HFOTJDPOTJEFSBNPTRVFMPTQSPDFTPTEFEFTDFOUSBNJFOUPZEFTMP DBMJ[BDJØOEFMTBCFSQSPEVDJEPTFOFMOVFWPFTDFOBSJPDVMUVSBMOP TPMPTBDVEFOMBTDFSUF[BTEFMBUSBEJDJØOIVNBOJTUBEFMBFTDVFMB TFDVOEBSJBTJOPZFOGPSNBBTPDJBEBMBNJTNBJEFBEFDVMUVSB RVFMBTPTUFOÓBMBDMBTJmDBDJØOEFMPTTBCFSFTFOEJTDJQMJOBTZTV PSHBOJ[BDJØODPNPVODVFSQPFTUSVDUVSBEPSÓHJEPZEFmOJEP 2VFSFNPTSFNBSDBSMBFOWFSHBEVSBEFFTUFUJFNQPEFUSBOTJ DJØODVMUVSBMZBRVFQPSMPHFOFSBMFMQSPCMFNBEFMEFTFODVFOUSP FOUSFKØWFOFTZBEVMUPTFOMBFTDFOBFTDPMBSTFFYQMJDBSÈQJEBNFO UFEFTEFMBDPNQFUFODJBRVFMBFTDVFMBQBSFDFSÓBFTUBSQFSEJFOEP GSFOUFBOVFWBTBHFODJBTZBHFOUFTDVMUVSBMFTRVFDPOQPUFODJB FEVDBUJWBZFMGBDUPSBUSBZFOUFEFDBSBDUFSÓTUJDBTQSPQJBTEFFTUPT UJFNQPTFKFSDFSÓBONBZPSJOnVFODJBTPCSFMBTOVFWBTHFOFSBDJP OFTBMMÓDBCFFOUFOEFSQPSFKFNQMPMBQSFHVOUBEFMBQSPGFTPSB NFOEPDJOBTPCSFDØNPDPNQJUFDPOMBUFMFWJTJØONFODJPOBEBFO FMBQBSUBEPBOUFSJPS :GSFOUFBFTUBFYQMJDBDJØOUBNCJÏOSÈQJEB NFOUFTFQSPQPOFOTPMVDJPOFTUFOEJFOUFTBRVFTFBOMPTQSPGFTP SFTRVJFOFTSFDVQFSFOTVMVHBSFOMBBTJNFUSÓBDVMUVSBMQBSBPUSB WF[BTVNJSMBFOTF×BO[BBMBTOVFWBTHFOFSBDJPOFT4JOFNCBSHP FTOFDFTBSJPBOBMJ[BSDVÈOUPTFEJNFOTJPOBEFFTBiDPNQFUFODJBw ZDVÈOUPIBZEFDPOGVTJØOZEFTPSJFOUBDJØOGSFOUFBMDBNCJP 1SVFCBEFFTBDPNQSFOTJCMFEFTPSJFOUBDJØOUBNCJÏOIPZFT USVDUVSBOUF EF MB JEFOUJEBE EPDFOUF FT MB QPTJDJØO GSFOUF B MB QSPQVFTUBDVMUVSBMEFMBFTDVFMBTFDVOEBSJBDPOWJTUBBMGVUVSP &OFTUFQVOUPMPTEPDFOUFTSFDPOPDFOFMDBNCJPDVMUVSBM EFMRVFMPTKØWFOFTQBSFDFOTFSQPSUBEPSFTZQPSFTPIBZVO $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB SFDPOPDJNJFOUPEFMBJNQPSUBODJBEFTVBQFSUVSBEFTEFMBFT DVFMB&OFTUBMÓOFBQVFEFFOUFOEFSTFMBPQJOJØODPJODJEFOUF TPCSF MB OFDFTBSJB JODMVTJØO EF MBT OVFWBT UFDOPMPHÓBT EF MB JOGPSNBDJØOFOMBFTDVFMBVOBUFOEFODJBRVFSFTVMUBTJNJMBS FOMBTEJTUJOUBTSFHJPOFTEFMQBÓTBVORVFDPONBZPSBEIFTJØO FOUSFMPTEPDFOUFTDPONFOPSBOUJHàFEBEFOMBEPDFODJB $VBESP 0QJOJØOEFMPTQSPGFTPSFTTPCSFMBJODMVTJØOEFMBTOVFWBT UFDOPMPHÓBTEFMBDPNVOJDBDJØOFOMBFTDVFMBTFDVOEBSJB &TOFDFTBSJPJNQPSUBOUF &TQPDPOFDFTBSJPJNQPSUBOUF /PFTOFDFTBSJPJNQPSUBOUF /4/$ 5PUBM .ÈTBMMÈEFMDPOTFOTPFOMBOFDFTJEBEEFJODMVTJØOTF SÓBJNQPSUBOUFJOEBHBSEFTEFEØOEFTFMBQJFOTBFTEFDJS TJ MBT OVFWBT UFDOPMPHÓBT TF DPOTJEFSBO DPNP DPOUFOJEPT FTDPMBSFTBTJNJMBCMFTBMPTZBFYJTUFOUFTPTJCJFOEFTEFMB QFSTQFDUJWBNÈTHFOFSBMEFVOSFPSEFOBNJFOUPEFMBDVMUV SBEPOEFMBNJTNBJEFBEFTBCFSFTUÈFODBNCJPBTÓDPNP UBNCJÏO FM MVHBS EF MPT EPDFOUFT QBSB TV USBOTNJTJØO -B EJGFSFODJBFOUSFFMBMUPSFDPOPDJNJFOUPEFMBJODPSQPSBDJØO EFMBTUFDOPMPHÓBTFOSFMBDJØODPOMBTEJTUJOUBTNBUFSJBTZ MBNFOPSJEFOUJmDBDJØOEFFTBJODMVTJØOFOFMÈNCJUPQFS TPOBM QPESÓB FTUBS EBOEP DVFOUB EF FTUBT QPTJCMFT Z EJGF SFOUFTGPSNBTEFFOUFOEFSMBTUSBOTGPSNBDJPOFTDVMUVSBMFT BDUVBMFT -B QSFHVOUB GVF i{-F QBSFDF OFDFTBSJPJNQPSUBOUF RVF MBT OVFWBT UFDOPMPHÓBT EF MB JOGPSNBDJØO Z EF MB DPNVOJDBDJØO TF JODMVZBO FO MB FOTF×BO[BTFDVOEBSJB w .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $VBESP 0QJOJPOFTEFMPTQSPGFTPSFTTPCSFEØOEFJODMVJSMBTOVFWBT UFDOPMPHÓBTEFMBDPNVOJDBDJØOSFTQVFTUBNÞMUJQMF &OMBFOTF×BO[BEFUPEBTMBTNBUFSJBT &OVOFTQBDJPNBUFSJBFTQFDÓmDBEFMBQSPQVFTUB DVSSJDVMBS &OMBGPSNBDJØODBQBDJUBDJØOEFMPTEPDFOUFTEFMOJWFM &OFMVTPEFMPTEPDFOUFTFOTVWJEBQFSTPOBMZ QSPGFTJPOBM 0USPT /4/$ &OPUSPNPNFOUPEFMBFODVFTUBTPMJDJUBNPTBMPTQSPGF TPSFTRVFOPTTF×BMBSBODVÈMFTFSBOMPTBTQFDUPTRVFEFCFSÓBO NPEJmDBSTFFOMBQSPQVFTUBQFEBHØHJDBEFMBFTDVFMBTFDVOEB SJB"MMÓUBNCJÏOBQBSFDFDPOTFOTPFOUPSOPBMBOFDFTJEBEEF VODBNCJP&MBTQFDUPFOFMRVFNÈTTFBDVFSEBFTFODBNCJBS MBWJHFODJBZBDUVBMJ[BDJØOEFMPTDPOUFOJEPTFTDPMBSFT $VBESP 0QJOJPOFTEFMPTQSPGFTPSFTTPCSFMPTBTQFDUPTBNPEJmDBSFO MBFTDVFMBTFDVOEBSJBBDUVBM -BWJHFODJBBDUVBMJ[BDJØOEFMPTDPOUFOJEPT -BDBQBDJUBDJØOEFMPTQSPGFTPSFT -BTNFUPEPMPHÓBTEFFOTF×BO[B -BGPSNBEFFWBMVBSMPTTBCFSFTEFMPTBMVNOPT -BPSHBOJ[BDJØOJOTUJUVDJPOBMIPSBSJPTNBUFSJBT FUDÏUFSB 0USPT /4/$ 5PUBM -BQSFHVOUBGVFi1FOTBOEPFOMBFTDVFMBTFDVOEBSJBFOHFOFSBM{RVÏ BTQFDUP MF QBSFDF OFDFTBSJP NPEJmDBS EF MB QSPQVFTUB QFEBHØHJDB EF MB FTDVFMBTFDVOEBSJBFOHFOFSBM w $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB -MBNBMBBUFODJØORVFEPTBTQFDUPTHFOFSBMNFOUFDVFTUJP OBEPTDPNPMBGPSNBEFFWBMVBDJØOZMBPSHBOJ[BDJØOJOTUJ UVDJPOBMEFMOJWFMTPCSFUPEPFMTFHVOEPEBEBTVBTPDJBDJØO DPOMBPSHBOJ[BDJØOMBCPSBMEFMPTEPDFOUFTOPPDVQFOMVHB SFTQSJPSJUBSJPTBMBIPSBEFQFOTBSFOMPTBTQFDUPTEFMBFTDVFMB TFDVOEBSJBRVFEFCFSÓBONPEJmDBSTF 3FTQFDUP EF FTUB FTDBMB EF WBMPSBDJPOFT FT QPTJCMF TF×BMBS BMHVOBTEJGFSFODJBTDFOUSBEBTFOMBBOUJHàFEBEEFMPTEPDFOUFT FODVFTUBEPT-PTQSPGFTPSFTDPONFOPSBOUJHàFEBEFOMBEP DFODJBTPOMPTRVFSFDPOPDFOFOMBDBQBDJUBDJØOEPDFOUFFMBT QFDUPNÈTJNQPSUBOUFRVFTFEFCFUFOFSFODVFOUBFOMBNFKPSB EF MB QSPQVFTUB EFM OJWFM TFDVOEBSJP QSPCBCMFNFOUF QPSRVF CVTDBOBMMÓFTUSBUFHJBTRVFDPMBCPSFOFOTVIBDFSDPUJEJBOP1PS PUSBQBSUFMPTEPDFOUFTEFVOBBOUJHàFEBEJOUFSNFEJBQSJPSJ [BOMBOFDFTJEBEEFSFWJTJØOEFMPTDPOUFOJEPTFTDPMBSFTZTPO MPTRVFNÈTSFDPOPDFOMBOFDFTJEBEEFSFWJTBSMBPSHBOJ[BDJØO JOTUJUVDJPOBMQBSBFMOJWFM"VORVFFONFOPSNFEJEBÏTUFFT VOPEFMPTQVOUPTUBNCJÏOEFTUBDBEPTQPSMPTEPDFOUFTEFNÈT BOUJHàFEBEKVOUPDPOMBOFDFTJEBEEFMUSBCBKPTPCSFMBTNFUP EPMPHÓBTEFFOTF×BO[BWÏBTFBOFYPDVBESP 5BNCJÏOBQBSFDFOBMHVOBTEJGFSFODJBTTFHÞOMBTSFHJPOFTEFM QBÓTBMBTRVFQFSUFOFDFOMPTEPDFOUFT&OFTUFTFOUJEPZFOVOB FTDBMBDPONBUJDFTMBDBQBDJUBDJØOFTFMBTQFDUPNÈTEFNBOEBEP FOMBFTDBMBEFQSJPSJEBEFTEFMPTEPDFOUFTEFMBSFHJØOQBNQFBOB NJFOUSBTRVFTPOMPTEFMBSFHJØOQBUBHØOJDBMPTRVFQSJPSJ[BOMPT DPOUFOJEPTEFMBQSPQVFTUBQFEBHØHJDBEFMOJWFMWÏBTFBOFYP DVBESP 1PSÞMUJNPZTJHVJFOEPDPOMPTNBUJDFTFTFTUFÞMUJNP QVOUPFMNÈTSFDPOPDJEPQPSMPTQSPGFTPSFTEFFTDVFMBTEFHFTUJØO QÞCMJDBNJFOUSBTRVFMPTRVFTFEFTFNQF×BOFOFTDVFMBTEFHFT UJØOQSJWBEBQSJPSJ[BOMBOFDFTJEBEEFDBQBDJUBDJØO " QFTBS EF MB SFDPOPDJEB OFDFTJEBE EF NPEJmDBS MB QSP QVFTUBQFEBHØHJDBEFMOJWFMTFDVOEBSJPTPCSFUPEPFOFMQMB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB OP EF MPT DPOUFOJEPT FTDPMBSFT MBT DPOUSBEJDDJPOFT WVFMWFO BBQBSFDFSDVBOEPMBJOEBHBDJØOBQVOUBBMBQSJPSJ[BDJØOFT QPOUÈOFBEFDVÈMFTTFSÓBOMPTUFNBTRVFTFSÓBOFDFTBSJPJODMVJS ZRVFBDUVBMNFOUFOPTFFOTF×BOFOMBFTDVFMBTFDVOEBSJB: FTRVFBMSFEFEPSEFFTUFQVOUPWVFMWFOBSFTPOBSMBTIVFMMBT IFSFEBEBTEFMBUSBEJDJØOFTDPMBSZTFDPNCJOBODPOOVFWPT BJSFTFOMBCÞTRVFEBEFSFTQVFTUBTBMPTQSPCMFNBTBDUVBMFT EFMOJWFM $VBESP "TQFDUPTRVFEFCFSÓBFOTF×BSMBFTDVFMBTFDVOEBSJBRVF BDUVBMNFOUFOPFOTF×BFOPQJOJØOEFMPTQSPGFTPSFT 7BMPSFT &EVDBDJØOTFYVBMZQBSBMBTBMVE $POUFOJEPTEJTDJQMJOBTFTDPMBSFTFYJTUFOUFT 5SBCBKPZUFDOPMPHÓB "SUFZUBMMFSFTFYQSFTJWPTFTUÏUJDPT 1FOTBNJFOUPSB[POBNJFOUPDSÓUJDP 5ÏDOJDBTEFFTUVEJPNFUPEPMPHÓBTEFFTUVEJP *EJPNBT $PNQVUBDJØO 1SFWFODJØOBUFODJØOWJPMFODJBNBMUSBUP %FQPSUFTZSFDSFBDJØO 5FNBTEFBDUVBMJEBEZQPMÓUJDB 0USPT /BEBNÈT /4/$ 5PUBM -BQSFHVOUBGVFi1FOTBOEPFOMBFTDVFMBTFDVOEBSJBFOHFOFSBM{RVÏMF QBSFDFSÓBOFDFTBSJPFOTF×BSRVFBDUVBMNFOUFOPTFFOTF×B wBCJFSUB $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB &TUPTSFTVMUBEPTQVFEFOGVODJPOBSDPNPVOBMFOUFDPOMB DVBMFOUJFNQPTEFEFTPSEFODVMUVSBMBOBMJ[BSRVÏTFQJFOTB TPCSFMBQSPQVFTUBFTDPMBSZFOQBSUJDVMBSMBSFGFSJEBBMBFT DVFMBTFDVOEBSJB1BSBFTPUFOHBNPTFODVFOUBMPTUSFTQVOUPT QSJODJQBMFTRVFMPTQSPGFTPSFTDPOTJEFSBORVFOPTFJODMVZFO BDUVBMNFOUFZRVFEFCFSÓBOJODMVJSTFFOFMOJWFMNFEJPMPT WBMPSFT MB FEVDBDJØO TFYVBM QBSB MB TBMVE Z MPT DPOUFOJEPT BTPDJBEPT DPO DBNQPT EF DPOPDJNJFOUP DJFOUÓmDP "SUFT -FOHVB$JFODJBT4PDJBMFT.BUFNÈUJDB$JFODJBT#JPMØHJDBT 'JMPTPGÓB5FDOPMPHÓB*EJPNBT*OGPSNÈUJDB %FTUBDBNPTFTUPTUSFTQVOUPTQPSRVFNVFTUSBOVOBJO UFSFTBOUF[POBEFDPOKVODJØOFOMBRVFDPOWJWFOEJGFSFOUFT EJTDVSTPTZTFBSUJDVMBOEJTUJOUBTOFDFTJEBEFTZQSJPSJEBEFT TJORVFOFDFTBSJBNFOUFFYJTUBDPIFSFODJBJOUFSOBPVOTFO UJEPFTQFDÓmDPZDPNÞORVFTFDPOTJEFSBOFDFTBSJPJNQSJ NJS B MB FTDVFMB TFDVOEBSJB &O QSJNFS MVHBS MB DVFTUJØO EFMPTWBMPSFTEJNFOTJØORVFBOBMJ[BSFNPTFOFMQSØYJNP BQBSUBEPDPCSBOVFWPTFOUJEPQPSFMJNQBDUPEFMEFTPSEF OBNJFOUPDVMUVSBMBOUFMBJNQPTJCJMJEBEEFWJTMVNCSBSBÞO BMUFSOBUJWBTQBSBQFOTBSMBUSBOTNJTJØOTFSFGVFS[BMPRVFTF DSFFRVFSFTUBVSBMBDFSUF[BZMPTWBMPSFTQFSEJEPT 1PSPUSPMBEPTFIBDFOFDFTBSJBMBJODMVTJØOEFMBFEVDB DJØOTFYVBMZQBSBMBTBMVEQSPCBCMFNFOUFEBEPTMPTNÞMUJ QMFTQSPCMFNBTRVFTFBHMVUJOBODPOFTUBUFNÈUJDB"EFNÈT EF MB FYJTUFODJB DPODSFUB Z SFBM EF FTUPT QSPCMFNBT FO MBT FTDVFMBTSFDPSEFNPTRVFTFUSBUBEFVOUFNBJOTUBMBEPQP MÓUJDBNFOUFBOJWFMOBDJPOBMZEFQBSUJDVMBSEJGVTJØOFOFM NPNFOUP EF SFBMJ[BSTF MB JOEBHBDJØO DVBOEP TF EJTDVUÓB MBMFZRVFDSFBFM1SPHSBNB/BDJPOBMEF&EVDBDJØO4FYVBM *OUFHSBMMFZ &OPQJOJØOEFMPTQSPGFTPSFTMBFTDVFMBTFDVOEBSJBFTUB SÓBOFDFTJUBOEPJODMVJSNÈTDPOUFOJEPTEFTEFMBMØHJDBUSBEJ .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB DJPOBMNFOUFFOUFOEJEBFTUPFTBUSBWÏTEFMBTEJTDJQMJOBTFT DPMBSFTRVFIJTUØSJDBNFOUFPSHBOJ[BSPOMBQSPQVFTUBEFMOJWFM Z FTUSVDUVSBSPO TV DBSÈDUFS FODJDMPQFEJTUB RVF FOUFOEFNPT BDUVBMJ[BEPTTJSFUPNBNPTFTUFQVOUPBOUFTTF×BMBEP &O MB FTDBMB EF UFNBT RVF EFCFO TFS JODPSQPSBEPT FT QPTJCMFBQSFDJBSBMHVOBTEJGFSFODJBTTJTFDPNQBSBOMBTSF HJPOFTEFMQBÓTBMBTRVFQFSUFOFDFOMPTEPDFOUFTFODVFTUB EPT-PTEPDFOUFTEFMBSFHJØOEFMOPSUFBSHFOUJOPMFEBO VOB BUFODJØO QSJPSJUBSJB B MB FEVDBDJØO TFYVBM Z QBSB MB TBMVE DPNP DPOUFOJEP B JODPSQPSBS FO MB FTDVFMB TFDVO EBSJB "TJNJTNP MB DVFTUJØO EF MPT WBMPSFT UJFOF NBZPS SFQSFTFOUBUJWJEBEFOMBSFHJØOEFMOPSFTUFBSHFOUJOPTFHVJ EBEF$VZPFMTVSZFMOPSUFEFMQBÓT"RVÓFTJNQPSUBO UFDPOTJEFSBSMBTDBSBDUFSÓTUJDBTEFMPTDPOUFYUPTMPDBMFTMB QFSTJTUFODJBEFUSBEJDJPOFTSFMJHJPTBTGVFSUFTZMBQSFTFODJB IJTUØSJDB EF VOB EJNFOTJØO WBMPSBUJWB DPNP DPOTUJUVUJWB EFTVTTPDJFEBEFTFMFNFOUPRVFBQBSFDJØFOMBTDPOWFSTB DJPOFTNBOUFOJEBTFOMPTHSVQPTGPDBMFTDPOMPTEPDFOUFT &OSFMBDJØODPOMBEFNBOEBEFNÈTDPOUFOJEPTFTDPMBSFT FTTJHOJmDBUJWBNFOUFNÈTGVFSUFFOMBTSFHJPOFTEF$VZPZ QBUBHØOJDBRVFTJCJFOTPO[POBTSFMBUJWBNFOUFiOVFWBTw FOMBPSHBOJ[BDJØOEFM&TUBEPOBDJPOBMSFDPOPDFOVOBUSB EJDJØOEFEPDVNFOUPTDVSSJDVMBSFTZDPSSJFOUFTQFEBHØHJ DBTJNQPSUBOUFTZPSJHJOBMFT 6OFMFNFOUPHFOFSBMRVFIBZRVFEFTUBDBSFTFMBMUPOJ WFMEFEJTQFSTJØOFOMBTSFTQVFTUBTPCUFOJEBTEFMPTEPDFOUFT 1PESÓB BTPDJBSTF FTUB EFNBOEB EF FEVDBDJØO TFYVBM FO FM /0" DPO MB QSFPDVQBDJØOQPSMPTBMUPTÓOEJDFTEFFNCBSB[PBEPMFTDFOUFZEFNPSUBMJEBE JOGBOUJMFOMBSFHJØO4JOFNCBSHPDPNPNVFTUSBEFRVFMBTEFNBOEBTJNQMJDBO BMHP NÈT RVF iDPOPDJNJFOUP FTUBEÓTUJDPw P BVO QSFPDVQBDJØO TPDJBM CBTUB DPNQBSBSMBTJUVBDJØOFOFM/&"DPOÓOEJDFTRVFUBNCJÏOTPOBMUPTFONPSUBMJEBE JOGBOUJMZFNCBSB[PBEPMFTDFOUFZEPOEFTJOFNCBSHPOPIBZNBOJGFTUBDJPOFT UBODMBSBTEFEFNBOEBTEFNÈTFEVDBDJØOTFYVBMFOMBTFTDVFMBT $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB RVFBHSVQBNPTFOiPUSPTw RVFEFBMHÞONPEPUSBOTNJ UFO MB BVTFODJB EF DSJUFSJP DPNQBSUJEP TPCSF BRVFMMP RVF EFCJFSBDPOGPSNBSFMDVFSQPDVMUVSBMRVFTFEFCFPGSFDFSB MPT KØWFOFT FO MB FTDVFMB TFDVOEBSJB 4J MP USBEJDJPOBM IPZ DBSFDFEFWJHFODJBTPDJBMZOPUJFOFTFOUJEPQBSBMPTBMVN OPTQFSPUBNQPDPFTDMBSBMBJEFBEFBRVFMMPRVFMBFTDVFMB EFCFSÓBBTVNJSEFTEFTVMVHBSFTQFDÓmDPEFUSBOTNJTJØOFT DPNQSFOTJCMFFOUFOEFSRVFMPTQSPGFTPSFTEFTEFTVFYJHFO DJBEFSFTQVFTUBDPUJEJBOBDPOmHVSFOVODSJUFSJPQFSTPOBM ZOPOFDFTBSJBNFOUFDPIFSFOUFBDFSDBEFMPRVFQVFEFPGSF DÏSTFMFTDVMUVSBMNFOUFBMPTBMVNOPT .JFOUSBTUBOUPPUSPTTPOMPTNPEPTEFBDFSDBSMBTEJTUBODJBT -PTWÓODVMPTZMBTQPTJCJMJEBEFTEFFODVFOUSP )BTUB BIPSB USBOTJUBNPT VO SFDPSSJEP NBSDBEP QPS WBJ WFOFT -PT [JH[BHVFPT EFM PmDJP QBSFDFO PSHBOJ[BEPT QPS MB EFTB[ØOEFMPTQSPGFTPSFTEFFTDVFMBTFDVOEBSJBFOVOBDBS UPHSBGÓBFTDPMBSQPDPDPOPDJEBRVFTJHVFGVODJPOBOEPDPNP FTQBDJPEFJEFOUJmDBDJØOZFTUBCJMJEBE-BTPTDJMBDJPOFTBMUFS OBOMBSFTJTUFODJBBSFDPOPDFSMBQSFTFODJBEFOVFWPTKØWFOFT ZOVFWBTGBNJMJBTDPOMBJNQPUFODJBEFOPQPEFSSFWFSUJSMBT TJUVBDJPOFTTPDJBMFTEJGÓDJMFTRVFMBNBZPSÓBEFFMMPTWJWFO :FTRVFDPNPEJKJNPTFMUSBCBKPEPDFOUFBDUVBMTFNVFWFZ EFmOFFOUSFUFOTJPOFT&OFTUFQVOUPBOBMJ[BSFNPTVOBNÈTMB ÞMUJNBBRVFMMBRVFQBSUFEFMBEFOVODJBEFMEFTJOUFSÏTZBCVMJB EFMPTKØWFOFTGSFOUFBMDPOPDJNJFOUPFTDPMBSZRVFSFDPOPDJFOEP MBOFDFTJEBEEFVODBNCJPQSPQPOFFMWÓODVMPBGFDUJWPDPOMPT BMVNOPTDPNPNPEPEFSFQBSBSVOBEJTUBODJB -FTQSFHVOUBNPTBMPTEPDFOUFTDVÈMFTTPOMPTBTQFDUPTRVF CSJOEBOTBUJTGBDDJØOBMPTQSPGFTPSFTFOTVUBSFBDPUJEJBOB²T UBTTPOTVTSFTQVFTUBT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $VBESP 0QJOJPOFTEFMPTQSPGFTPSFTTPCSFRVÏMFTEBNÈTTBUJTGBDDJP OFTFOTVUSBCBKPEPDFOUFNÞMUJQMF 5SBOTNJUJSWBMPSFTBNJTFTUVEJBOUFT &OTF×BSZUSBOTNJUJSDPOPDJNJFOUP )BCMBSJOUFSBDUVBSSFMBDJPOBSNFDPOMPTBMVNOPT &KFSDFSNJWPDBDJØOEPDFOUF 5SBCBKBSFJOUFSBDUVBSDPOPUSPTEPDFOUFT 4FSWJSBNJQBÓT .BOUFOFSDPOUBDUPZUSBCBKBSDPOMBDPNVOJEBEZ MBTGBNJMJBT 0USPT $PNP WFNPT DPOTFDVFOUFNFOUF DPO MP BOBMJ[BEP FO FM BQBSUBEPBOUFSJPSFTFMDPOUBDUPDPOMBTGBNJMJBTZFMiBGVFSBw EFMBFTDVFMBFMBTQFDUPRVFNFOPTHSBUJmDBDJØOMFTCSJOEBTJO HSBOEFTEJGFSFODJBTFOUSFWBSPOFTNVKFSFTSFHJØOHFPHSÈmDBZ BOUJHàFEBEFOMBEPDFODJB&OFMFYUSFNPPQVFTUPMBEJNFO TJØOWBMPSBUJWBFTFMBTQFDUPNÈTSFDPOPDJEPTFHVJEPQPSMB USBOTNJTJØOEFDPOPDJNJFOUPZQPSMBQPTJCJMJEBEEFJOUFSBD UVBSDPOTVTBMVNOPT-FTVDFEFOFMFKFSDJDJPEFMBWPDBDJØO EPDFOUFZFMUSBCBKPDPODPMFHBT &O UPSOP B FTUBT WBMPSBDJPOFT FT QPTJCMF BEWFSUJS RVF DPOWJWFOEJTDVSTPTZDBSBDUFSÓTUJDBTRVFBCSFWBOFOEJTUJOUBT GVFOUFTZÏQPDBTEFMEJTDVSTPQFEBHØHJDP.VFTUSBEFFTUPFT MB DPNCJOBDJØO EFM FKFSDJDJP EF MB WPDBDJØO EPDFOUF oSBTHP QSPQJPZGVOEBDJPOBMEFMPmDJPoDPOQPSFKFNQMPMBWBMPSB DJØOEFMBDPNVOJDBDJØODPOMPTBMVNOPTZDPOPUSPTDPMFHBT oSBTHPQSPDFEFOUFEFEJTDVSTPTNÈTSFDJFOUFTBDFSDBEFMUSBCB KPEFFOTF×BO[Bo"NCBTDVFTUJPOFTUJFOFOBTVWF[NBZPS QSFEPNJOBODJBFOMPTQSPGFTPSFTDPOGPSNBDJØOUFSDJBSJBRVF QBSFDFNÈTQFSNFBCMFBMJNQBDUPEFMPTEJTDVSTPTEFMDBNQP $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB QFEBHØHJDPFODBNCJPMPTEPDFOUFTDPOGPSNBDJØOVOJWFSTJ UBSJBDPOTFDVFOUFDPOMBUSBEJDJØOWBMPSBUJWBEFMOJWFMQSJP SJ[BOMBUSBOTNJTJØOEFDPOPDJNJFOUP5BNCJÏOFTJOUFSFTBOUF PCTFSWBSMBTEJGFSFODJBTFOUSFEPDFOUFTEFEJTUJOUBBOUJHàFEBE RVFFWJEFODJBRVFIBZEJTDVSTPTRVFQFSNFBSPONÈTDJFSUBT FUBQBTRVFPUSBTZRVFTFDPNCJOBOEFNBOFSBQBSUJDVMBSDPO MBFYQFSJFODJBEPDFOUFWÏBTFBOFYPDVBESP -BIJCSJEB DJØOZMBBQSPQJBDJØOEFEJTDVSTPTOPTQBSFDFVOQVOUPJN QPSUBOUF QBSB DPOTJEFSBS MPT FGFDUPT EFM DBNQP QFEBHØHJDP TPCSFFMQFOTBSZIBDFSEFMPTEPDFOUFTFOQBSUJDVMBSDVBOEP TFUSBUBEFBOBMJ[BSMBQSPQJBQSÈDUJDBQSPGFTJPOBM 1PS PUSB QBSUF MMBNB MB BUFODJØO RVF MB DVFTUJØO EF MPT WBMPSFToFTDBTBNFOUFSFDPOPDJEBEFOUSPEFMBTDBSBDUFSÓTUJDBT EFVOiCVFOEPDFOUFwRVFBOBMJ[ÈSBNPTFOFMDVBESPoFTMB EJNFOTJØORVFNÈTQSFTFODJBUJFOFDVBOEPTFUSBUBEFFWBMVBS MBTBUJTGBDDJØORVFEBMBQSPQJBUBSFB&TBTÓRVFUSBOTNJUJSWB MPSFTBMPTFTUVEJBOUFTMFTFTUBSÓBCSJOEBOEPBMPTEPDFOUFTNÈT HSBUJmDBDJØORVFMBFOTF×BO[BZUSBOTNJTJØOEFMDPOPDJNJFO UP BTQFDUP RVF TJ CJFO DPO GVFSUF QSFTFODJB PDVQB FO FTUB FTDBMBWBMPSBUJWBFMTFHVOEPMVHBS4JCJFOBNCPTFMFNFOUPT SFmFSFOBMBJEFBEFUSBOTNJTJØOWBMFIBDFSOPUBSMBEJGFSFODJB TF×BMBEB -B USBOTNJTJØO EF WBMPSFT OP FT VOB DVFTUJØO OVFWB FO FMIBDFSEPDFOUFNÈTCJFOFTVOBTQFDUPGVOEBDJPOBMEFTV JEFOUJEBE -P RVF NBSDB VOB EJGFSFODJB FO TV WJHFODJB BD UVBMFTFMQBTBKFEFMBNPEFMBDJØOJNQMÓDJUBQVFTUBFOKVFHP BUSBWÏTEFMBJNBHFONPSBMFJEFBMEFMEPDFOUFBMBQVFTUB FOKVFHPFYQMÓDJUBEFFTPTWBMPSFTFOTVFKFSDJDJPZFOTF×BO[B %FBMHVOBNBOFSBMPTEPDFOUFTQPSUBOZTFTVNBOMBUBSFBEF USBOTGFSJSMPTWBMPSFTRVFIPZTPOOFDFTBSJPTQBSBFOGSFOUBSMB MVDIBTPDJBMRVFUPEPTBUSBWFTBNPTBTVNJFOEPEFVONPEP WPMVOUBSJTUBFMMVHBSEFiÞMUJNBUSJODIFSBw/JDPMB[[P %VTTFM %FVOBNBOFSBVPUSBMBEJNFOTJØOWBMPSBUJWB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB FODBSOBEBFOMBJEFOUJEBEEFMPTEPDFOUFTFTUBSÓBEFWPMWJFOEP B ÏTUPT QBSUF EF MB BVUPSJEBE QFSEJEB 1FTF BM EFCJMJUBNJFO UP FT QPTJCMF SFTHVBSEBSTF FO MB mHVSB EFM BRVFM RVF QPSUB ZFODBSOBWBMPSFTZDPNPUBMDPOTFSWBMBTDPOEJDJPOFTQBSB USBOTNJUJSMPT .VDIPT EPDFOUFT FODVFTUBEPT TF BSSPHBO VOB OVFWBGVODJØOMBEFEFKBSTF×BTTPCSFMPTWBMPSFTWJUBMFTFO TVTBMVNOPT /POPTQBSFDFNFOPSFTUFQVOUPFOFTQFDJBMUFOJFOEPFO DVFOUBRVFTVQFSBBMBTBUJTGBDDJØOPCUFOJEBQPSMBUSBOTNJ TJØOEFMDPOPDJNJFOUPZTJCJFOFTUFUFNBPDVQBVOTFHVOEP Z QSJPSJUBSJP MVHBS OP TF DPSSFTQPOEF DPO MB JEFOUJmDBDJØO DPNPSBTHPDFOUSBMEFMiCVFOEPDFOUFw&TUBJOWFSTJØOFOMB FTDBMBEFWBMPSBDJPOFTEFMPTQSPGFTPSFTQVFEFFONBSDBSTFFO FTBTOVFWBTGVODJPOFTEFMIBDFSEPDFOUFEFOUSPEFMBTDVB MFTMBDPOUFODJØOFTDPOTJEFSBEBQPSMPTQSPGFTPSFTDPNPVOB UBSFBQSJPSJUBSJBZOFDFTBSJBNFOUFQSFWJBBMBUSBOTNJTJØOEFM TBCFS-BGVODJØOEFDPOUFODJØOPUPSHBBMPTWBMPSFTVOBJN QPSUBODJBDFOUSBM &OFTUFTFOUJEPBMHPEFMPOPMPHSBEPEFMBWPDBDJØOEP DFOUFSFMBUJWPBMMVHBSEFMDPOPDJNJFOUPZTVUSBOTNJTJØOFO QBSUFFYQMJDBEPQPSRVFMPTBMVNOPTOPDVFOUBODPOMBTDB SBDUFSÓTUJDBTPMBEJTQPTJDJØOQBSBSFDJCJSMPTFSÓBSFFNQMB[BEP QPSFTFPUSPBTQFDUPNÈTMJHBEPBMBEJNFOTJØONPSBMZWBMP SBUJWBUBNCJÏODPOTUJUVUJWPBVORVFJNQMÓDJUPEFMBJEFOUJEBE USBEJDJPOBM EFM EPDFOUF &TUB EJNFOTJØO QBSFDF BERVJSJS UBM JNQPSUBODJBRVFDPNPWFÓBNPTFOFMBQBSUBEPBOUFSJPSMPT QSPGFTPSFTMPSFNBSDBODPNPVOPEFMPTUFNBTRVFIBZRVF JODPSQPSBSoPTFHVJSJODPSQPSBOEPoFOMBFTDVFMBTFDVOEBSJB :BVORVFTVFOFMMBNBUJWPFOFMNBSDPEFMEFTFODVFOUSP RVFBOUFTBOBMJ[ÈCBNPTFOUSFMBTJNÈHFOFTEFMBMVNOPFTQF SBEPZFMBMVNOPSFBMMPTQSPGFTPSFTNBOJmFTUBOTPCSFUPEP MBT EPDFOUFT NVKFSFT RVF FODVFOUSBO TBUJTGBDDJØO FO FM JO $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB UFSDBNCJPEJÈMPHPFJOUFSBDDJØODPOTVTBMVNOPT%FDJNPT MMBNBUJWPQPSRVFQBSFDFSÓBRVFFMCVFOWÓODVMPDPOMPTBMVN OPTSFTVFMWFPEJMVZFFMQSPCMFNBEFMEFTFODVFOUSPEFPSEFO DVMUVSBMZMPTWBMPSFTTFSÓBOFMBTQFDUPRVFTPCSFQPOJÏOEPTF BMEFTJOUFSÏTZBMBBQBUÓBEFMPTBMVNOPTBOVEBSÓBFTFMB[P 1PSFTPFTQPTJCMFDPNQSFOEFSMBSÈQJEBEJTPMVDJØOEFFTB RVFKBJOJDJBMDPOMBRVFMPTEPDFOUFTEFTDSJCFOFMTVQVFTUP FOGSFOUBNJFOUPFOUSFTVTBCFSZFMSFDIB[PEFMPTBMVNOPT -VFHPEFMBEFOVODJBQPSFTUBGBMUBEFDPSSFTQPOEFODJBFOUSF iJOUFSFTFTwRVFQPOFFODVFTUJØOMBFTUBCJMJEBEEFMBJEFOUJ EBEEPDFOUFMBBUFODJØOWVFMWFBDFOUSBSTFSÈQJEBNFOUFFO iFMBGVFSBwDPNPJOTUBODJBSFTQPOTBCMFEFFTUFFGFDUPEFiSF DIB[PwEFMPTBMVNOPTQPSFMDPOPDJNJFOUPFTDPMBSMBQÏSEJ EBEFWBMPSFTEFNPEFMPTEFSFGFSFOUFTEFOPSNBTEFSFT QFUPFOMBTGBNJMJBTZFOMBTPDJFEBEDPOGPSNBVOBWF[NÈT MBFYQMJDBDJØORVFBZVEBBFOUFOEFSRVFTJUPEPFTUÈQFSEJ EPFOFMBGVFSBQPSFOEFMPTKØWFOFTTVGSFODPOTFDVFODJBT &TUBiWJDUJNJ[BDJØOwEFMPTKØWFOFTRVFOPOFDFTBSJBNFOUF FTSFBMJ[BEBEFMBNJTNBNBOFSBZFOFTFHSBEPQPSMPTQSPGF TPSFTIBZRVJFOFTFMJHFODSJNJOBMJ[BSMPTDPOTJEFSBSMPTVOB BNFOB[BPVOQSPCMFNBJSSFTPMVCMF MFTQPTJCJMJUBQMBOUFBSTF VOBOVFWBGVODJØO"MMÓBQBSFDFOBTPDJBEBTDPOMBJEFBEFMB DPOUFODJØOMBTQPTJCJMJEBEFTEFSFGPS[BSFMWÓODVMPEFTEFFM BGFDUPFMDBSJ×PZDPOFMMPQPOFSBEJTQPTJDJØOMPTWBMPSFT ZMÓNJUFTRVFMPTKØWFOFTOPUJFOFOZQBSFDFOJSBQFEJSMF B MBFTDVFMB6OBTVFSUFEFDPNQFOTBDJØOZDPOUFODJØOBGFDUJ WBTSFQBSBEPSBTEFMBTDBSFODJBTEFMPTKØWFOFTBDUVBMFTRVF QBSFDFSÓBEJTPDJBCMFZQSFWJBBMBUBSFBEFFOTF×BO[B"CSB NPXTLJ 7FBNPTBMHVOBTPQJOJPOFTRVFTVSHJFSPOFO MBTFOUSFWJTUBTHSVQBMFT i4FSÓBJNQPSUBOUFMMFHBSBUSBWÏTEFUVNBUFSJBFTPUBN CJÏO JOTQJSB DJFSUP SFTQFUP:P TPZ MB CSVKB EF 2VÓNJDB QFSPUFOHPCVFOBSFMBDJØODPOFMMPT4PZMBCSVKBQPSRVF .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB OPMFTHVTUBNJNBUFSJB:PNFDPOTJEFSPCBTUBOUFIJODIB TPZMBCSVKBQFSPCJFOZBTBCFODVÈMFTTPONJTQBVUBTZMBT DVNQMFOBMPTDIJDPTIBZRVFMMFWBSMPTBMBSFBMJEBEIB CMBSMFT"WFDFTQBSFDFRVFOPFTDVDIBOQFSPFTDVDIBOIBZ RVFEBSMFTFKFNQMPTEFWJEBZEFDJSMFTMBTDPTBTDPNPTPOZ OPNFOUJSMFTw 1SPGFTPSBEFFTDVFMBQSJWBEB.FOEP[B i-PTDIJDPTTFBDFSDBONVDIPNÈTDVBOEPTFEBODVFO UBEFRVFWPTFTUÈTQFOEJFOUFEFFMMPTEFMPRVFIJDJF SPO&MMPTTJFNQSFFTQFSBODPTJUBTEFMQSPGFTPS"NÓNF HVTUB MP RVF ZP IBHP FOUPODFT VO MVOFT MFT QSFHVOUP DØNPMFTGVFFOFMGJOEFTFNBOBZFMWJFSOFTMFTEJHP RVFMPQBTFOCJFOFOGBNJMJB1FSPUBNCJÏOFTUÈOMPT PUSPTQSPGFTPSFTw 1SPGFTPSEFFTDVFMBQSJWBEB$PSSJFOUFT i"MRVFMFDPTUØNÈTIBZRVFEBSMFVOBNBOPBZVEBSMPOP SFÓSTF&MMPTWFORVFOPTPUSPTMPTUSBUBNPTNFKPSZFMMPTOPT DVFOUBO o&MMPTTFmKBOFOMBTDPTBTDIJRVJUBT o&MMPTOFDFTJUBORVFWPTFTUÏTDPOFMMPT o4PCSF UPEP OFDFTJUBO RVF MPT JODFOUJWFT :P IF UFOJEP BMVNOPTRVFOPSFTQPOEÓBOQBSBOBEBZMFTIFEJDIPRVF FSBOCVFOPTBVORVFGVFSBFOVOBUPOUFSBZFTPNFTJSWJØ QBSBRVFFMDIJDPUPNBSBJOUFSÏTFOMBNBUFSJB/FDFTJUBO RVFMFTEJHBTMPCVFOPRVFUJFOFOZOPMPNBMPRVFUJFOFO o:FMSFTQFUPIBDJBFMPUSPGPSNBQBSUFEFUVUSBCBKPw 1SPGFTPSFTEFFTDVFMBTQÞCMJDBT.FOEP[B -BBGFDUJWJEBEOPFTVOSBTHPOVFWPFOMBJEFOUJEBEEP DFOUF 1PS FM DPOUSBSJP MB FTUSVDUVSØ IJTUØSJDBNFOUF QP UFODJÈOEPTFFOFMDPOnJDUJWPKVFHPQFEBHØHJDPEFMBUSBOT NJTJØODVMUVSBM1JOFBV &MBGFDUPZFMDBSJ×PIBO TJEPEFTEFTJFNQSFBUSJCVUPTDPOTUJUVUJWPTEFMBWPDBDJØO $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB EPDFOUFBTPDJBEPTDPNPTBCFNPTDPOMBGVODJØOEFDVJ EBEP DPO MB RVF GÈDJMNFOUF TF IB JEFOUJmDBEP B MB mHVSB GFNFOJOB FODBSOBEB FO iMB NBFTUSBw 6O JNBHJOBSJP EF HSBO GVFS[B QSFTDSJQUJWB RVF TJHVF KVHBOEP QPS FKFNQMP DVBOEPWFNPTMBNBZPSJEFOUJmDBDJØORVFÏTUBTIBDFOEF MBQPTJCJMJEBEEFJOUFSBDDJØODPOMPTBMVNOPTDPNPSBTHP EFHSBUJmDBDJØOFOMBUBSFBPEFMBNBZPSWBMPSBDJØOEFVO CVFOWÓODVMPDPOTVTBMVNOPTSFTQFDUPEFMPTEPDFOUFTEF HÏOFSPNBTDVMJOP 4JOFNCBSHPFOFMNBSDPEFPUSBTDPPSEFOBEBTFTDPMBSFT ZEFTVTFGFDUPTFOMBGPSNBEFFOUFOEFSZIBDFSFMUSBCBKPEF FOTF×BO[BTFQFSmMBVODBNCJPEFFKFFOFMSBTHPBNPSPTPEF MBEPDFODJBEFMPRVFOPTIBCMBOMPTGSBHNFOUPTDJUBEPT 1PS VO MBEP FODVBESBOEP FM BGFDUP EPDFOUF FO VO QB OPSBNBNÈTHFOFSBMFMÏOGBTJTFOMBOFDFTJEBEEFFTUBCMFDFS VO MB[P BGFDUJWP DPO MPT BMVNOPT QVFEF FOUFOEFSTF EFTEF FM QSPUBHPOJTNP RVF MBT SFMBDJPOFT BERVJFSFO GSFOUF B MPT GVFSUFTQSPDFTPTEFJOEJWJEVBMJ[BDJØO&OFMNBSDPEFWÓODV MPTRVFZBOPTPOmKPTOJFTUBCMFTMBTSFMBDJPOFTTFDPMPDBO FOFMDFOUSPEFCÞTRVFEBEFVOBTBUJTGBDDJØOOPBMDBO[BEB Z TV FODVFOUSP EFQFOEF EFM FTGVFS[P QFSTPOBM Z MB QSPQJB QFSTJTUFODJB#BVNBO &OFMDBTPEFMBEPDFODJBFTUP SFEPCMBMPTSBTHPTSFEFOUPSFTEFMPmDJP:FOFTUBCÞTRVFEB UBMDPNPMPNVFTUSBOMPTSFMBUPTEFMPTQSPGFTPSFTBDFSDBEF TVTFTUSBUFHJBTQBSBBDFSDBSTFBTVTBMVNOPTMBTSFHMBTZBDVFS EPTEFFTPTWÓODVMPTTFWVFMWFOiEJTDVSTJWPTw#FDLZ#FDL (FSOTIFJN FTEFDJSSFTVMUBOPCKFUPEFDPOWFSTBDJØO OFHPDJBDJØO BDVFSEP EF TFTHP DPZVOUVSBM Z QPS UBOUP EF FTDBTBFTUBCJMJEBE/PIBZEVEBEFRVFFTUBGPSNBEFSFMB DJØOQPOFFOKBRVFMBmSNF[BEFMBBVUPSJEBEEPDFOUFQFSP FT DJFSUP RVF UBNCJÏO MF EB OVFWPT UFSSFOPT TPCSF MPT RVF EFTQMFHBSTFMBJOUFSJPSJEBEMPTTFOUJNJFOUPTMBTDBSBDUFSÓT UJDBTEFMBTQFSTPOBT%VTTFM .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 1PS PUSP MBEP FT JNQPSUBOUF BOBMJ[BS DØNP FTUBT GPSNBT EFFOUFOEFSFMWÓODVMPBGFDUJWPCPSEFBOSJFTHPTBNFOUFFMQBUFS OBMJTNPZMBNJSBEBEFTQSFDJBUJWBIBDJBFMPUSPFOFTUFDBTPFM BMVNOP BMRVFTFWFQPSUBEPSEFVOBEFTJHVBMEBEJSSFNFEJBCMF %VTTFM "MMÓUBNCJÏOTFBDUVBMJ[BZBNQMJmDBFMSBTHP SFEFOUPSQSPQJPEFMBmHVSBEPDFOUFRVFWFÓBBMPTOJ×PTTP CSFUPEPBMPTOJ×PTQPCSFTDPNPPCKFUPTBTBMWBSQFSPOVODB DPNPTVKFUPTJHVBMFTDBQBDFTEFDSFBSTVQSPQJPEFTUJOP %FDVBMRVJFSNBOFSBDSFFNPTRVFFTJNQPSUBOUFNBOUF OFSTFBMFKBEPEFNJSBEBTDPOEFOBUPSJBT-PWJODVMBSSFBQBSFDF EFTQVÏTEFEPTEÏDBEBTEFGVFSUFTFQBSBDJØOFOUSFMPRVFTF TVQPOF FT FM DPOPDJNJFOUP Z MP RVF TF TVQPOF TPO MBT SFMB DJPOFTIVNBOBT/ØWPB -BSFFNFSHFODJBEFMMVHBSZ WBMPSEFMPTWÓODVMPTIBCMBEFRVFIPZTVDFEFOPUSBTDPTBTFO MB FTDVFMB NFEJB RVF EFCFSÓBO FTDVDIBSTF Z PCTFSWBSTF DPO DBVUFMB /P TF USBUB P BM NFOPT OP TF USBUB TPMBNFOUF EF RVFIBZBVOBFTDVFMBiWBDJBEBEFDPOUFOJEPTwTFUSBUBEFVOB JOTUJUVDJØORVFFTUÈBUSBWFTBEBQPSPUSBTMØHJDBTTPDJBMFTRVF FTUBCMFDFOSFMBDJPOFTQPEFSPTBTFOUSFMPTTVKFUPT1PSFTPTF USBUBEFDPOUFYUVBMJ[BSZFOUFOEFSMBTGPSNBTEFMBGFDUPRVF GPSUBMFDFOMPTWÓODVMPTFOUSFBMVNOPTZQSPGFTPSFTBVOTBCJFO EP RVF DPNP WJNPT FO MPT EBUPT DJUBEPT TV FYJTUFODJB MPT HSBUJmDBQFSPOPMPTDPOGPSNB"OUFMPZ"MMJBVE -PT QSPGFTPSFT FODVFTUBEPT SFDPOPDFO MB JNQPSUBODJB EF QPEFS IBDFSMB[PDPOTVTBMVNOPTQFSPDPOFMMPZDPOMPTPKPTQVFT UPTFOMPTQSPCMFNBTRVFIPZWJWFOZTJFOUFODPUJEJBOBNFOUF TBCFORVFPUSPNPWJNJFOUPFTOFDFTBSJP &OUJFNQPTEFUSBOTJDJØODVMUVSBMZEFFTDBTBDMBSJEBEFO MPTIPSJ[POUFTZDBNJOPTQBSBIBDFSKVHBSMBUSBOTNJTJØOBMBT OVFWBTHFOFSBDJPOFTMBFYJTUFODJBEFWÓODVMPTRVFEFBMHÞO NPEPBDFSRVFOMPTiEPTNVOEPTwEFMPTRVFIBCMBCBMBQSP GFTPSBBMSFGFSJSTFBMVOJWFSTPEFMPTKØWFOFTOPFTQPDP2VJ[È TFBOÏTUPTMPTRVFTPTUJFOFOMBBQBSJFODJBFTDPMBSRVFIBDFRVF $ĒġŧĥĦĝĠ-PTQSPGFTPSFTZMBFTDVFMBTFDVOEBSJB MBFTDVFMBTJHBTJFOEPVOFTQBDJPEFTJHOJmDBDJØOUBOUPQBSB MPTEPDFOUFTDPNPQBSBMPTBMVNOPT &TUPOPFYJNFEFMBJNQPSUBODJBEFQPOFSFOFMDFOUSPMB UBSFBDVMUVSBMEFMBRVFMPTBEVMUPTTPOSFTQPOTBCMFTZTPCSFMB RVFMBFTDVFMBQBSFDFTFHVJSUFOJFOEPJOKFSFODJB1FSPRVJ[ÈT IBZBRVFQBSUJSEFMBFYJTUFODJBEFFTPTWÓODVMPTQBSBEFTEF BMMÓUSBCBKBSFOMBJEFBEFUSBOTNJTJØODVMUVSBMDPNPVOBBD DJØOEFDVJEBEPIBDJBMBTOVFWBTHFOFSBDJPOFTRVFJODMVZFFM TBCFSQFSPRVFOPFYQVMTBMPTNÞMUJQMFTBTQFDUPTRVFIBDFOB MBTSFMBDJPOFTFOUSFMBTHFOFSBDJPOFT $"1¶56-0 -PTBMVNOPTZMBFTDVFMB TFDVOEBSJBWJTJØOJOTUSVNFOUBM ZDPOmBO[BFTUSBUÏHJDB 4F×BMBNPTJOJDJBMNFOUFRVFVOPEFMPTPCKFUJWPTEFFTUBJO WFTUJHBDJØOGVFDPOTJEFSBSDPOKVOUBNFOUFMBPQJOJØOEFEPDFO UFTZBMVNOPTCVTDBOEPBOBMJ[BSTVTQFSDFQDJPOFTEFNBOEBT ZFYQFDUBUJWBTFOUÏSNJOPTDPNQBSBEPT&TFMUVSOPBIPSBEF BOBMJ[BSMBTQFSDFQDJPOFTEFMPTFTUVEJBOUFTBDFSDBEFMBFEVDB DJØOFOHFOFSBMZEFTVFTDVFMBFOQBSUJDVMBSTVTSFMBDJPOFTDPO MPTEPDFOUFTZDPOFMDPOPDJNJFOUPZUBNCJÏOTVTTFOUJNJFOUPT ZQSFPDVQBDJPOFTDVBOEPBTJTUFOBMBFTDVFMB{2VÏFTMBFEVDB DJØOQBSBFMMPT {$ØNPFWBMÞBOBTVTEPDFOUFTZMPTDPOUFOJEPT RVFMFTJNQBSUFO {1BSBRVÏDSFFORVFMFTTJSWFFTUBSFOMBFTDVF MB {2VÏWBMPSBOEFMUSÈOTJUPQPSMBFTDVFMB 5BNCJÏO FYBNJOBSFNPT MBT QFSDFQDJPOFT EF MPT KØWFOFT TPCSF MB TPDJFEBE MBT USBZFDUPSJBT TPDJBMFT RVF JOUVZFO Z MBT JNÈHFOFTRVFUJFOFOEFMGVUVSP&OUPEPTMPTDBTPTJOUFOUB NPTBNQMJBSFMBMDBODFUSBEJDJPOBMEFMPTFTUVEJPTZQPEFSEBS DVFOUBEFMBTEJGFSFODJBTSFHJPOBMFTEFHÏOFSPQPSFMUJQPEF FTUBCMFDJNJFOUPBMDVBMDPODVSSFOZQPSOJWFMFTTPDJPFDPOØ NJDPT$PNPNFODJPOBNPTFOFMDBQÓUVMPBOUFSJPSFOMBTP DJFEBEDPOUFNQPSÈOFBMBTJEFOUJEBEFTDPMFDUJWBTBQBSFDFOiFO DSJTJTw P iFTUBMMBEBTw Z MBT JEFOUJEBEFT QSPGFTJPOBMFT DPNP MBEPDFODJB QBSFDFOUFOFSNFOPTFmDBDJBFOVODJBUJWB&OFM BOÈMJTJTSFDPOPDJNPTRVFFOFMDBTPEFMPTEPDFOUFTBÞOUJF OFOVOBQPUFODJBQBSBNPMEFBSJEFBMFTWBMPSFTZTFOUJEPTTP CSFMBFYQFSJFODJB"IPSBFTFMUVSOPEFJOUFSSPHBSOPTTPCSFMB DPOEJDJØOEFiBMVNOPwRVF1FSSFOPVETFBOJNØBMMBNBSVO iPmDJPw RVFPUSPSBUFOÓBDPOEVDUBTZWBMPSFTFTUSJDUPTBTPDJB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB EPTDPOFMSPM{4JHVFTJFOEPVOBJEFOUJEBEQPEFSPTBZVOJGPS NFMBEFiBMVNOPw {&ODPOUSBNPTNPEPTEJTUJOUPTEFPQJOBS TPCSFMBFTDVFMBTPCSFTVWBMPSTVTDPOUFOJEPTZTVTGPSNBT FOEJTUJOUBTSFHJPOFTEFMQBÓT {)BZEJGFSFODJBTFOUSFBMVNOPT RVF DPODVSSFO B FTDVFMBT EFM TFDUPS QSJWBEP Z BRVFMMPT RVF WBOBFTDVFMBTEFHFTUJØOQÞCMJDB {)BZIFUFSPHFOFJEBEFOMPT NPEPTEFTFSBMVNOPZEFTFSKPWFO ²TUBTTPOMBTQSFHVOUBT RVFFTUSVDUVSBOFTUFDBQÓUVMP $BSBDUFSÓTUJDBTEFMBNVFTUSB &OFMDBTPEFMPTBMVNOPTTFVUJMJ[BSPOEPTJOTUSVNFOUPT EFJOEBHBDJØO&OQSJNFSMVHBSTFBENJOJTUSØVOBFODVFTUBB BMVNOPTEFB×PP1PMJNPEBM&OUSFFMMPTFM BTJTUFBFTDVFMBTQÞCMJDBTZFMBFTUBCMFDJNJFOUPTQSJ WBEPT&MEFMPTFODVFTUBEPTTPONVKFSFTZFM WBSPOFT &O DVBOUP B MB EJTUSJCVDJØO SFHJPOBM FM EF MBTFODVFTUBTTFSFBMJ[ØFOMBSFHJØONFUSPQPMJUBOBEF#VFOPT "JSFTFMFO$VZPFMFOFM/&"VOFO FM/0"FMDPSSFTQPOEFBMBSFHJØOQBNQFBOBZFM BMBSFHJØOQBUBHØOJDB &O SFMBDJØO DPO MBT DBSBDUFSÓTUJDBT EFM OÞDMFP GBNJMJBS FM EF MPT BMVNOPT FODVFTUBEPT WJWF DPO MB NBESF Z FM DPOFMQBESF&MWJWFUBNCJÏODPOTVTBCVFMPT UÓPT QSJNPT V PUSPT GBNJMJBSFT TJO EJGFSFODJBT TJHOJmDBUJWBT FOUSFMBSFHJØONFUSPQPMJUBOBZMBTSFTUBOUFT &MOJWFMFEVDB UJWPEFMPTQBESFTEFMPTBMVNOPTFTEFTFDVOEBSJBDPNQMFUBP NÈTQBSBFMEFMPTDBTPTNJFOUSBTRVFFMOJWFMFEVDBUJ WPEFTVTNBESFTFTBMHPNFOPSDPOVOEFNBESFTRVF UFSNJOBSPOFMOJWFMNFEJP &MOJWFMTPDJPFDPOØNJDPEFMPTBMVNOPTGVFPSHBOJ[BEP FOCBKPNFEJPZBMUPUPNBOEPFODVFOUBMBPDVQBDJØOEFM TPTUÏOEFMIPHBSZFMOJWFMFEVDBUJWPEFMPTQBESFTEBEPRVF $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB OPTFJODMVZFSPOFOFMDVFTUJPOBSJPQSFHVOUBTTPCSFMPTJO HSFTPTPDBSBDUFSÓTUJDBTEFMBWJWJFOEB&TUFÓOEJDFRVFEFCF DPOTJEFSBSTF VO WBMPS BQSPYJNBEP PSHBOJ[B MB NVFTUSB FO USFT HSVQPT OJWFM TPDJPFDPOØNJDP CBKP OJWFM TP DJPFDPOØNJDPNFEJP ZOJWFMTPDJPFDPOØNJDPBMUP 1PSPUSBQBSUFFMEFMPTKØWFOFTEFOJWFMFT TPDJPFDPOØNJDPTCBKPTFODVFTUBEPTUSBCBKBNJFOUSBTRVFFO MPTTFDUPSFTNFEJPTFMQPSDFOUBKFTFSFEVDFBMZFOMPT TFDUPSFTBMUPTBM&MEFFTUFHSVQPTPDJPFDPOØ NJDPIBDFUBSFBTEFMBDBTBDVJEBBMPTIJKPTPBZVEBBMPT GBNJMJBSFTGSFOUFBMEFMPTTFDUPSFTNFEJPTZBM EFMPTTFDUPSFTBMUPTSFTQFDUJWBNFOUFRVFSFBMJ[BFTUFUJQP EF UBSFBT &T FMPDVFOUF MB EJWJTJØO EFM USBCBKP QPS HÏOFSP FOUSFMPTBMVNOPTFODVFTUBEPTNJFOUSBTTPONÈTMBTNVKF SFTFM RVFMPTWBSPOFT RVFDPMBCPSBOFOMB DBTBMPTTFHVOEPTUSBCBKBOFOVOBQSPQPSDJØONBZPSGVFSB EFMIPHBSWT 5BNCJÏOOPTJOUFSFTØSFMFWBSMBUSBZFDUPSJBFTDPMBSEFMPT FTUVEJBOUFT DPO MB IJQØUFTJT EF RVF DVBOUP QFPS GVFSB FM SFOEJNJFOUPFTDPMBSNÈTOFHBUJWBTTFSÓBOMBTPQJOJPOFTTP CSF MB FTDVFMB &M EF MPT FODVFTUBEPT EFKØ MB FTDVFMB TFDVOEBSJB BMHVOB WF[ Z MVFHP MB SFUPNØ &M EF MB NVFTUSB SFQJUJØ VO HSBEP FO MB QSJNBSJB Z FM VO B×P FO MB TFDVOEBSJB &M TF MMFWØ BMHVOB NBUFSJB FM B×PQBTBEPOPTSFGFSJNPTBMNPNFOUPFORVFTFUPNØMB FODVFTUB ZFOUSFFMMPTFMTFMMFWØNÈTEFEPT$PO FTUBTWBSJBCMFTDPOTUSVJNPTVOBOVFWBRVFMMBNBNPTiUSB ZFDUPSJBFTDPMBSTJOTPCSFTBMUPTwOPSFQJUJØZTFMMFWØNB UFSJBTPNFOPTBEJDJFNCSFPNBS[P ZiUSBZFDUPSJBFTDPMBS DPOTPCSFTBMUPTwBCBOEPOØPSFQJUJØBMHVOBWF[ZTFMMFWØ NÈTEFNBUFSJBTBEJDJFNCSFPNBS[P 4JDSV[BNPTUSBZFD UPSJBFTDPMBSDPOOJWFMTPDJPFDPOØNJDPTFNBOJmFTUBRVFFM EFMPTFODVFTUBEPTRVFQFSUFOFDFOBMOJWFMTPDJPFDP OØNJDPCBKPBTJTUFBFTDVFMBTQÞCMJDBTGSFOUFBVOZ .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB VOSFTQFDUJWBNFOUFEFMPTTFDUPSFTNFEJPTZBMUPT &MZFMEFMPTTFDUPSFTCBKPTSFQJUJØMBQSJNB SJB P &(# Z MB TFDVOEBSJB P 1PMJNPEBM SFTQFDUJWBNFOUF DPOUSBVOZVOEFMPTOJWFMFTNFEJPTZVO ZEFMPTBMUPTRVFBUSBWFTØQPSVOBTJUVBDJØO TFNFKBOUF&OFTBEJSFDDJØOMBTDBSBDUFSÓTUJDBTEFMBNVFTUSB TPODPOTJTUFOUFTDPOMPRVFTF×BMBMBJOWFTUJHBDJØOFEVDBUJWB TPCSFÏYJUPFTDPMBSZOJWFMTPDJPFDPOØNJDP &ODVBOUPBMBJOEBHBDJØODVBMJUBUJWBTFEFTBSSPMMBSPO HSVQPTGPDBMFTDPOKØWFOFTEFZB×PZZEF1P MJNPEBMEFBDVFSEPDPOMBTEJGFSFOUFTEFOPNJOBDJPOFTFOMBT QSPWJODJBT EFEJTUJOUPTOJWFMFTTPDJPFDPOØNJDPTFOKVSJT EJDDJPOFTEJGFSFOUFTSFHJØONFUSPQPMJUBOBEF#VFOPT"JSFT DJVEBEEF$PSSJFOUFTZDJVEBEEF.FOEP[B &OFTPTHSVQPT QBSUJDJQBSPOFOUSFZKØWFOFT &MWBMPSEFMBFEVDBDJØO i4JFMQBÓTFTUÈBMIPSOPTJOFTDVFMBTZByMPQPDPRVFMF RVFEBBMQBÓTEFMBHFOUFRVFFTUÈUSBUBOEPEFQPOFSIVF WPTFTNBOEBSMPTDIJDPTBMDPMFHJPQBSBRVFMPTFEVRVFO 1PSRVFFOFMDPMFHJPOPTPMPBQSFOEÏTUFFEVDÈTUFIBDÏT QFSTPOBw 7BSØOSFHJØONFUSPQPMJUBOBEF #VFOPT"JSFTFTDVFMBQÞCMJDB &M TFOUJEP DPNÞO TVFMF DPOTJEFSBS RVF B MPT DIJDPT iOP MFT JNQPSUB OBEBw $PNP WJNPT FO FM DBQÓUVMP BOUFSJPS MPT EPDFOUFTUBNCJÏODSFFOBMHPEFFTUPTPCSFUPEPDVBOEPTFMFT QSFHVOUBTPCSFMPTKØWFOFTFOHFOFSBMZOPTPCSFTVTBMVNOPT &OMBDJWJMJ[BDJØOEFMBWFMPDJEBEPFOFMiDBQJUBMJTNPEFTF EVDDJØOwDPNPMPMMBNBOBMHVOPT3JDIBSE MBFTDVFMB BQBSFDFDPNPVOBJOTUJUVDJØOQPDPWBMJPTBQFTBEBMJHBEBB WBMPSFTZFTUSVDUVSBTEFMQBTBEP $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB 4JO FNCBSHP DVBOEP TF MFT QSFHVOUB TPCSF MB GVODJØO Z FM WBMPS EF MB FTDVFMB NFEJB MPT KØWFOFT SFTQPOEFO EF NBOFSB TPSQSFOEFOUFFOUÏSNJOPTNVZTJNJMBSFTBMPTEFMPTBEVMUPT" HSBOEFTSBTHPTMPTEBUPTEFMBFODVFTUBSFnFKBORVFQBSBMBTOVF WBTHFOFSBDJPOFTMBFEVDBDJØODPOUJOÞBUFOJFOEPVOWBMPSTJN CØMJDPGVOEBNFOUBM"VORVFTFHVSBNFOUFFOGPSNBNÈTGSÈHJM RVFBOUFTMBFTDVFMBSFQSFTFOUBMBQPTJCJMJEBEEFiTFSBMHVJFOwMB CÞTRVFEBEFVOFTQBDJPEFTVQFSBDJØOVOBGSPOUFSBRVFEJGFSFO DJBFOUSFRVJFOUJFOFFTUVEJPTEFBRVFMRVFEFCFBCBOEPOBSMPT QFSPUBNCJÏOBRVFMMBJOTUJUVDJØORVFQSPNFUFZRVJ[ÈCSJOEFB NVDIPTMBTFOTBDJØOEFTFSJHVBMBMPUSP6OBNVFTUSBEFFMMP FTMBSFTQVFTUBBMBQSFHVOUBTPCSFTJFTUÈOEFBDVFSEPPOPDPO MBGSBTFi-BFEVDBDJØOBZVEBBRVFUPEPTUFOHBNPTMBTNJTNBT PQPSUVOJEBEFTwFOVODJBEPRVFSFQSFTFOUBFMPQUJNJTNPQFEB HØHJDPRVFFTUVWPFOMBCBTFEFMBFYQBOTJØOFEVDBUJWB&M EFMPTBMVNOPTFODVFTUBEPTTFNVFTUSBEFBDVFSEPNÈTJODMVTP RVFMPRVFPQJOBOMPTEPDFOUFT &TUBBmSNBDJØODPODFOUSBVO BNQMJPDPOTFOTPUBOUPSFHJPOBMDPNPQPSHÏOFSPZUJFOFQPS DFOUBKFTTJNJMBSFTFOBMVNOPTEFFTDVFMBTQÞCMJDBTZQSJWBEBTZFO MPTEJTUJOUPTOJWFMFTTPDJPFDPOØNJDPT&MOPSUFEFMQBÓTSFÞOFMPT WBMPSFTNÈTBMUPTEFDPJODJEFODJBDPOMBGSBTFUBOUPFM/0"DPO FMDPNPFM/&" TPOMBTSFHJPOFTRVFSFÞOFOFM QPSDFOUBKFEFSFTQVFTUBTBmSNBUJWBTNÈTFMFWBEPBMBTDVBMFTTF BHSFHB$VZP WFSDVBESPEFMBOFYP $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTPCSFFMWBMPSEFMBFEVDBDJØO -BFEVDBDJØOBZVEBBRVFUPEPT UFOHBNPTMBTNJTNBTPQPSUVOJEBEFT 5PUBM %FBDVFSEP &OEFTBDVFSEP /4/$ -B QSFHVOUB GVF i.F HVTUBSÓB TBCFS TJ FTUÈT EF BDVFSEP P FTUÈT FO EFTBDVFSEPDPOMBTTJHVJFOUFTGSBTFTyw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $PNPTFWFSÈNÈTBEFMBOUFUBNCJÏODBMJmDBOFOUÏSNJOPT QPTJUJWPTBTVTFTDVFMBTTVTQSPGFTPSFTMPTDPOUFOJEPTRVFMFT FOTF×BOZMBTDBSBDUFSÓTUJDBTEFMBFOTF×BO[B -PJOUFSFTBOUFFTRVFTVEJTDVSTPTFBMFKBEFMUPOPOPTUÈM HJDPRVFFOBSCPMBONVDIPTBEVMUPT)BZRVFEFTUBDBSRVFFO MPTÞMUJNPTUJFNQPTFMEFCBUFFOFMÈNCJUPFEVDBUJWPTFFO DVFOUSBTFTHBEPQPSMBBMVTJØOBVOQBTBEPJEÓMJDPEFMBFEVDB DJØO6OSFQBTPQPSMBTEJTDVTJPOFTFOPUSBTMBUJUVEFTQFSNJUF FODPOUSBSQFTFBMBTEJGFSFODJBTEFDPOUFYUPSBTHPTTJNJMBSFT &O&TQB×BMPTEJBSJPTNÈTJNQPSUBOUFTSFnFKBOMBQSFPDVQB DJØOQPSMBDPOWJWFODJBFOMBTBVMBTMPTOJWFMFTEFWJPMFODJB FOUSFMPTBMVNOPTZEFFMMPTIBDJBTVTQSPGFTPSFTZMPTQSP CMFNBTFOMBGPSNBDJØODPNPFMFNFOUPTEFGFOØNFOPTRVF iBOUFTOPQBTBCBOw1PSTVQBSUF'SBOÎPJT%VCFU TF×B MBQBSBFMDBTPGSBODÏTMBHFOFSBMJ[BDJØOEFVOTFOUJNJFOUPEF DSJTJTRVFFOHFOESBVOBTFOTBDJØOEFOPTUBMHJBQPSMBFTDVFMB EFMQBTBEPPMWJEBOEPQBVMBUJOBNFOUFTVTEFGFDUPT&MBVUPS OPT SFDVFSEB RVF MPT USBCBKPT EF #PVSEJFV Z 1BTTFSPO RVF EFOVODJBSPOFOMPTB×PTTFUFOUBMBDPNQMJDJEBEEFMTJTUFNB FTDPMBSDPOMBSFQSPEVDDJØOEFMBTEFTJHVBMEBEFTTPDJBMFTIBO JEPEFTBQBSFDJFOEPEFMJNBHJOBSJPDPMFDUJWPFOCFOFmDJPEF VOBNJSBEBRVFFNCFMMFDFFMQBTBEPEFiMPTCVFOPTZWJFKPT UJFNQPTw {2VÏ FOUJEBE UJFOF FO MPT BDUVBMFT BMVNOPT FTUB NJSBEB JEÓMJDBEFMQBTBEP {$VÈOUPEFFMMBTFmMUSBFOMPTEJTDVSTPTEF MPTFTUVEJBOUFT {)BTUBRVÏQVOUPDPNQBSUFOMPTEJBHOØTUJDPT FMBCPSBEPTBDFSDBEFMBTJUVBDJØOEFMBFTDVFMBTFDVOEBSJB 6OB GPSNBEFBEFOUSBSOPTFOMBEJTDVTJØOFTDPOUSBQPOJFOEPMBT TFOTBDJPOFTEFKØWFOFTZBEVMUPTFOUPSOPBMBTJUVBDJØOBDUVBM EF MB FTDVFMB NFEJB5BM DPNP NVFTUSB FM TJHVJFOUF DVBESP FOMÓOFBTHFOFSBMFTMPTBMVNOPTFTUÈOEJWJEJEPTSFTQFDUPEFTJ MBFTDVFMBBDUVBMFTNFKPSPQFPSRVFBOUFT"OUFMBDPOTVMUB TPCSFTJiMBFTDVFMBNFEJBBDUVBMFTNFKPSRVFBOUFTwFMTF $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB NVFTUSBEFBDVFSEPDPOMBGSBTFDPOUSBVORVFFYQSFTB TVEFTBDVFSEPWFSDVBESPEFMBOFYP $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTPCSFMBFTDVFMBBDUVBMFO SFMBDJØODPOMBFTDVFMBEFMQBTBEP -BFTDVFMBNFEJBBDUVBMFTNFKPSRVF BOUFT 5PUBM %FBDVFSEP &OEFTBDVFSEP /4/$ 4JOEVEBMPTBMVNOPTTPTUJFOFOVOBBQSFDJBDJØONÈTQP TJUJWBEFMBFTDVFMBBDUVBMRVFMPTBEVMUPTRVFPQJOBCBONB ZPSJUBSJBNFOUFFODPOUSBEFMNJTNPFOVODJBEP 4J PCTFSWBNPTRVJÏOFTTPOMPTRVFKV[HBONÈTEFNPEPQPTJUJWP B MB FTDVFMB BQBSFDFO SB[POFT NÈT DMBSBT 4JHVJFOEP VOB MÓ OFBTJNJMBSBMBRVFEFTUBDBNPTQBSBMBBOUFSJPSFTFMOPSUF EFMQBÓTMB[POBEPOEFTFDPODFOUSBOMPTNBZPSFTQPSDFOUBKFT EFSFTQVFTUBTQPTJUJWBT"TÓUBOUPFM/&" DPNPFM /0" SFÞOFOVOBMUPOÞNFSPEFSFTQVFTUBTBmSNB UJWBT1PSFMDPOUSBSJPFOMBSFHJØOQBUBHØOJDBZFOMBSFHJØO QBNQFBOBFODPOUSBNPTMPTNFOPSFTQPSDFOUBKFTFMZ FMSFTQFDUJWBNFOUF"MDPNQBSBSTFHÞOFMUJQPEFFTUB CMFDJNJFOUPOPUBNPTRVFFTFOUSFMPTBMVNOPTRVFBTJTUFOB FTDVFMBTQÞCMJDBTEPOEFOPUBNPTNBZPSOJWFMEFDPJODJEFODJB DPOMBGSBTFFOSFMBDJØODPOMBTPQJOJPOFTEFMPTFTUVEJBOUFT RVF DPODVSSFO B FTDVFMBT QSJWBEBT RVF UJFOEFO B DSFFS RVF IPZMBTFTDVFMBTOPTPONFKPSFTFOEFTBDVFSEP /PBQBSFDFOEJGFSFODJBTTJHOJmDBUJWBTQPSHÏOFSPQFSPTÓ IBZDPOUSBTUFTDMBSPTBMBOBMJ[BSMPTEBUPTTFHÞOFMUJQPEFUSB -B QSFHVOUB GVF i.F HVTUBSÓB TBCFS TJ FTUÈT EF BDVFSEP P FTUÈT FO EFTBDVFSEPDPOMBTTJHVJFOUFTGSBTFTyw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB ZFDUPSJBFEVDBUJWBZFMOJWFMTPDJPFDPOØNJDPEFMPTBMVNOPT 1PSVOMBEPTPSQSFOEFRVFQBSBDBTJMBNJUBEFM EF BRVFMMPT BMVNOPT RVF UJFOFO USBZFDUPSJB FTDPMBS DPO TPCSF TBMUPTMBFTDVFMBNFEJBFTNFKPSBIPSBRVFBOUFTDPOUSBVO EF PQJOJPOFT FNJUJEBT QPS RVJFOFT UJFOFO VOB USB ZFDUPSJB TJO TPCSFTBMUPT EBUP RVF JOEJDB MB DPOUJOVJEBE EF MB DPOmBO[B FO MB FEVDBDJØO JODMVTP FOUSF RVJFOFT NBZPSFT EJmDVMUBEFTFODVFOUSBOFOTVQBTPQPSMBTBVMBT"MBOBMJ[BS MBTSFTQVFTUBTEFBDVFSEPDPOMPTOJWFMFTTPDJPFDPOØNJDPTPC TFSWBNPTRVFFTFOMPTTFDUPSFTQPQVMBSFTEPOEFMBGSBTFSFÞOF NBZPSFTBQPZPTGSFOUFBMEFTFDUPSFTNFEJPTZ FMFOTFDUPSFTBMUPT &MIFDIPEFRVFDBTJMBNJUBEEFMPTKØWFOFTFODVFTUBEPT TPTUFOHB RVF MB FTDVFMB TFDVOEBSJB FT NFKPS BIPSB RVF BO UFTZRVFMPTQPSDFOUBKFTNÈTBMUPTTFEFOFOMBTSFHJPOFTEFM OPSUF/0"Z/&" FOUSFBRVFMMPTDPOUSBZFDUPSJBFTDPMBS DPOTPCSFTBMUPTZFOMPTOJWFMFTTPDJPFDPOØNJDPTCBKPTQBSF DFCSJOEBSFMFNFOUPTQBSBBmSNBSMBIJQØUFTJTEFRVFFYJTUF FO FTUB GSBOKB EF KØWFOFT VOB TFOTBDJØO EF QSJWJMFHJP QPS MB PQPSUVOJEBEEFBDDFEFSBMTFDVOEBSJPUBOUPFOSFMBDJØODPO PUSPTKØWFOFTRVFFMMPTDPOPDFODPNPFODPNQBSBDJØODPOMBT PQPSUVOJEBEFTEFTVGBNJMJB &TUFBTQFDUPOPTQBSFDFNVZJNQPSUBOUFQBSBFMBOÈMJTJT {$PORVÏQBTBEPTFDPNQBSBPDPORVÏWBSBTFFTUBCMFDFMB DPNQBSBDJØO 4JFMQVOUPEFQBSUJEBFTNÈTCBKPOPIBZUBO UPTNPUJWPTQBSBBEIFSJSBEJTDVSTPTOPTUÈMHJDPTOJQBSBSFNF NPSBSQBTBEPTHMPSJPTPT&OFMDBTPEFNVDIPTEFMPTKØWFOFT FODVFTUBEPTTPOMPTQSJNFSPTFOTVTGBNJMJBTRVFBDDFEFOBM OJWFMTFDVOEBSJPPRVFFTUÈOFODBNJOPEFUFSNJOBSMP&OFM DPOKVOUP EF MB NVFTUSB EF BRVFMMPT KØWFOFT QFSUFOFDJFOUFT B MPT OJWFMFT TPDJPFDPOØNJDPT CBKPT UBO TPMP FM EF TVT NBESFTZFMEFTVTQBESFTDPNQMFUØFTUVEJPTTFDVOEB SJPT NJFOUSBT FO MPT OJWFMFT NFEJPT Z BMUPT MPT QPSDFOUBKFT $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB BVNFOUBOEFNPEPDPOTJEFSBCMFEFNBESFTZ EFQBESFTEFMPTTFDUPSFTNFEJPTZEFNBESFTZ EFQBESFTEFMPTTFDUPSFTBMUPTDVFOUBDPOFTUVEJPTTFDVOEBSJPT UFSNJOBEPT $SFFNPTRVFFTUFQVOUPNVDIBTWFDFTFTTVCFT UJNBEP UBOUP QPS FM EJTDVSTP DPNÞO EPDFOUF DPNP QPS MPT BOÈMJTJTEFMBTPDJPMPHÓBEFMBFEVDBDJØO &OFTUFTFOUJEPDBCFSFWJTBSMPTFMFNFOUPTRVFEFmOÓBOFM TFOUJEPEFMBFTDVFMBTFDVOEBSJB&MMBGVFVODBOBMJNQPSUBO UF EF NPWJMJEBE TPDJBM RVF BVORVF OP TJFNQSF DVNQMÓB BM NFOPTQSPNFUÓBVOIPSJ[POUFEFJOUFHSBDJØOTPDJBM.VDIPT BOBMJTUBTTF×BMBORVFFMEFTBSSPMMPUFNQSBOPEFMTJTUFNBFEV DBUJWPBSHFOUJOPDPOUSJCVZØBMBDPOGPSNBDJØOEFVOBQPEF SPTBDMBTFNFEJBRVFBTVWF[WFSUFCSØVOBTPDJFEBEDPOQBV UBTNFOPTDMBTJTUBTNFOPTTFHNFOUBEBTZNÈTJOUFHSBEBTRVF PUSBT EF "NÏSJDB MBUJOB 5FEFTDP 5JSBNPOUJ &MMPEBCBBMBFTDVFMBTFDVOEBSJBVODBSÈDUFSDBTJTBHSBEPZ TFOUØMBTCBTFTEFVODPOTFOTPFYUFOEJEPTPCSFTVTDBSBDUF SÓTUJDBT"TÓEVSBOUFCVFOBQBSUFEFMTJHMPĩĩTFMVDIØQPSMB BNQMJBDJØOEFMDVSSÓDVMPIVNBOJTUBQFSDJCJEPDPNPFMNÈT EFNPDSÈUJDP QPS FTB DMBTF NFEJB FO BTDFOTP BOUFT RVF QPS VOBEJWFSTJmDBDJØOEFPGFSUBTGPSNBUJWBT%VTTFM &TUB GVODJØO EF NPWJMJEBE TPDJBM BTDFOEFOUF TF TPTUVWP NJFOUSBT FMNFSDBEPEFUSBCBKPTFGVFBNQMJBOEPZMPTEF SFDIPTTPDJBMFTGVFSPOHBOBOEPUFSSFOP-BTÞMUJNBTEÏDBEBT TJOFNCBSHPTFIBODBSBDUFSJ[BEPQPSDSJTJTFDPOØNJDBBMUPT ÓOEJDFT EF EFTFNQMFP SFDFTJØO FDPOØNJDB Z nFYJCJMJ[BDJØO EFMNFSDBEPEFUSBCBKP{2VÏTFOUJEPBERVJFSFFMFTUBSFOMB FTDVFMBTFDVOEBSJBFONPNFOUPTEFQSFDBSJFEBEEFMNFSDBEP EFUSBCBKP {%FRVÏNBOFSBTFBSUJDVMBOMBTQPTJCJMJEBEFTEF USBOTJUBSEVSBOUFNÈTB×PTMBFTDPMBSJEBEZMBQFSTQFDUJWBEF RVFFMQBTPQPSMBFTDVFMBOPJNQMJRVFBTDFOEFSTPDJBMNFOUF 4JFTPBQBSFDFFOBMHVOBNFEJEBFOMBTPQJOJPOFTEFMPTEP DFOUFTRVFTBCFORVFZBOPQVFEFOHBSBOUJ[BSMFTBTVTBMVN .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB OPTMBPCUFODJØOEFVOFNQMFPDPOFMUÓUVMPTFDVOEBSJPZQPS FTPTFWVFMDBOFONVDIPTDBTPTBPCKFUJWPTNÈTQFSTPOBMFT iRVFTFBOCVFOBTQFSTPOBTw FMUFNBBERVJFSFNBZPSHSBWJ UBDJØOQBSBMPTFTUVEJBOUFTFODVFTUBEPTRVFBEFNÈTDVSTBOFM BOUFÞMUJNPB×PEFTVFTDPMBSJEBE .VDIPTEFMPTKØWFOFTFODVFTUBEPTQBSFDFOTFSDPOTDJFOUFT EFRVFMBNPWJMJEBEFEVDBUJWBRVFMPHSBSÈODPNPBMVNOPT QFSNBOFDJFOEPNÈTUJFNQPRVFTVTQBESFTFOMBTBVMBTOP OFDFTBSJBNFOUFUSBFSÈBQBSFKBEBNPWJMJEBETPDJBM4BCFORVF FMQBTPQPSMBFTDVFMBNFEJBOPHBSBOUJ[BEFNBOFSBBVUPNÈ UJDBMBDPODSFDJØOEFFTUBJMVTJØO0USPTGBDUPSFTEFNPWJMJEBE TPDJBMUBMFTDPNPMPTDBQJUBMFTRVFVOPQVFEBQPOFSFOKVFHP QBSFDFOSFDPCSBSQSFQPOEFSBODJB &TUBHFOFSBDJØOQBSFDFUSBOTJUBSMBFTDVFMBDPOJEFBTEJTUJOUBT EFMBTRVFUVWJFSPOPUSBTHFOFSBDJPOFT1FSPMPRVFRVJTJÏSBNPT FOGBUJ[BSFTRVFBMDPOUSBSJPEFMPRVFDSFFONVDIPTBEVMUPTFTP OPRVJFSFEFDJSRVFOPMBWBMPSFO-BDPNCJOBDJØOEFNPWJMJ EBEFEVDBUJWBTJOQPTJCJMJEBEFTEFBTDFOTPTPDJBMOPJNQMJDBRVF FMQBTPQPSMBTBVMBTQJFSEBTFOUJEP.ÈTBVOQVFEFPCTFSWBSTF RVFUPEBWÓBQFSTJTUFOTFOUJEPTDMÈTJDPT.VDIPTBMVNOPTDSFFO RVFMBFTDVFMBEFCFCSJOEBSJHVBMEBEEFPQPSUVOJEBEFT1FTFB MBEFTWBMPSJ[BDJØOEFMBTDSFEFODJBMFTFTUÈODPOWFODJEPTEFRVF MBQPTFTJØOEFMUÓUVMPTFDVOEBSJPEFNBSDBGSPOUFSBTUSBZFDUPSJBT EJGFSFOUFTDBNJOPT$SFFORVFFSJHFZEFmOFEJTUJOUBTJNÈHFOFT TPCSFFMGVUVSPUFOFSPOPUSBCBKPQPEFSFTUVEJBSUSBCBKBSFOMP RVFMFHVTUBPQBSBMPDVBMTFQSFQBSØUSBCBKBSQBSBHBOBSEJOFSPP QPSRVFMPOFDFTJUBTFSCFOFmDJBSJPEFVOQMBOTPDJBMEFTUJOPRVF MPTKØWFOFTSFTFSWBOQBSBRVJFOFTOPMPHSBODPODMVJSMPTFTUVEJPT 5BMDPNPFOGBUJ[BFMKPWFODPOFMDVBMJOJDJBNPTFTUFBQBSUBEPFO VOQBÓTRVFUJFOEFBQFOTBSTFFODSJTJTQFSNBOFOUFTFSFWBMPSJ[B FMFTGVFS[PRVFJNQMJDBMBBTJTUFODJBZQFSNBOFODJBFOMBTBVMBT &TRVFKVTUBNFOUFFOVODPOUFYUPEFDSFDJFOUFJOEJWJEVBMJ[B DJØOMBDPNQBSBDJØOVOPBVOPZMBDPNQFUFODJBDPOMPTQBSFT $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB BDSFDJFOUBOFMWBMPSEFMBQPTFTJØOEFMUÓUVMPTFDVOEBSJPBTÓDPNP MBTFMFDDJPOFTRVFMBQFSTPOBQVFEBSFBMJ[BS 0USPT EBUPT SFGVFS[BO FTUF BOÈMJTJT 1PS FKFNQMP DVBOEP TFMFTQSFHVOUBBMPTKØWFOFTTJTVTFTDVFMBTMFTFOTF×BOUFNBT JOUFSFTBOUFTZÞUJMFTFMDPOTJEFSBRVFTÓ1PSTVQBSUF FMEFMPTFTUVEJBOUFTTPTUJFOFRVFFOMBTFTDVFMBTBQSFO EFOBQFOTBSZBUFOFSPQJOJPOFTQSPQJBT&OBNCBTQSFHVOUBT OPBQSFDJBNPTEJTQBSJEBEFTSFHJPOBMFTMMBNBUJWBTFTMFWFNFO UFTVQFSJPSMBDPJODJEFODJBDPOMBGSBTFFOMBTNVKFSFTTPCSF MPTWBSPOFTQFSPFYJTUFVOBBCTPMVUBQBSJEBEFOUSFMBTFTDVFMBT QÞCMJDBTZMBTQSJWBEBTFOMPTDVBESPTZEFMBOFYPTFJO DMVZFOMBTEJGFSFODJBTSFHJPOBMFTQPSHÏOFSPZQPSTFDUPS $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTPCSFMPRVFFOTF×BMBFTDVFMB &OHFOFSBMFOFTUBFTDVFMBTFFOTF×BB QFOTBSZUFOFSPQJOJØOQSPQJB %FBDVFSEP &OEFTBDVFSEP /JEFBDVFSEP OJFOEFTBDVFSEP 5PUBM %FBDVFSEP &OHFOFSBMFOFTUBFTDVFMBTFFOTF×BO UFNBTJOUFSFTBOUFTZÞUJMFT 5PUBM &OEFTBDVFSEP /JEFBDVFSEP OJFOEFTBDVFSEP {2VÏGVODJØOMFPUPSHBOMPTKØWFOFTBMBFTDVFMBTFDVOEBSJB {2VÏTVDFEFDPOMBQSPNFTBEFMBBSUJDVMBDJØOFOUSFFTDVFMBUSB CBKP &MEFMUPUBMEFFODVFTUBEPTTF×BMØRVFFMQBTPQPSMB FTDVFMBNFEJBTJSWFQBSBiTFHVJSFTUVEJBOEPFOMBVOJWFSTJEBEP -B QSFHVOUB GVF i.F HVTUBSÓB TBCFS TJ FTUÈT EF BDVFSEP P FTUÈT FO EFTBDVFSEPDPOMBTTJHVJFOUFTGSBTFTyw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB UFSDJBSJPwPQDJØOQSJPSJ[BEBQPSMBTNVKFSFT QPSBMVN OPTEFFTDVFMBTQSJWBEBT FOMBSFHJØONFUSPQPMJUBOBEF #VFOPT"JSFT ZQPSMPTTFDUPSFTTPDJPFDPOØNJDPTNFEJPTZ BMUPTZ 7ÏBTFFMDVBESPEFMBOFYP $VBESP 0QJOJPOFTEFMPTFTUVEJBOUFTTPCSFMBGVODJØOEFMBFTDVFMB TFDVOEBSJB -BFTDVFMBTFDVOEBSJBGPSNBQBSBTFHVJSFTUVEJBOEPFO MBVOJWFSTJEBEPUFSDJBSJP 1BSBDPOTFHVJSVOUSBCBKP 1BSBUFOFSDVMUVSBHFOFSBM 1BSBNBOFKBSTFDPOJOEFQFOEFODJBZBVUPOPNÓB 1BSBTBCFSSFMBDJPOBSTFDPOPUSPT 1BSBUFOFSVOBNJSBEBDSÓUJDB 1BSBNFKPSBSMPTQSPCMFNBTEFMQBÓT /JOHVOPEFFTUPTBTQFDUPT 5PUBM &OTFHVOEPMVHBSIBMMBNPTRVFQBSBMPTFTUVEJBOUFTFODVFT UBEPTMBFTDVFMBTJSWFQBSBiDPOTFHVJSVOUSBCBKPwTF×BMBEPQPS FMEFMUPUBM&TUFQVOUPFTFMFHJEPFONBZPSNFEJEBQPS KØWFOFTRVFDPODVSSFOBFTUBCMFDJNJFOUPTQÞCMJDPT ZFO MPTTFDUPSFTTPDJPFDPOØNJDPTCBKPT &OFTUBTDVFTUJPOFT OPUBNPTVOBEJGFSFODJBDJØOEFDBNJOPTPUSBZFDUPSJBTRVFQB SFDJFSBEFCFSTFNÈTBMBTQPTJCJMJEBEFTFDPOØNJDBTRVFBMUJQPEF FTDVFMBBMRVFBTJTUFO1PSTVQBSUFTJVOBEFMBTGVODJPOFTEFM OJWFMTFDVOEBSJPBMNFOPTEFTEFBMHVOBTDPSSJFOUFTQFEBHØHJDBT -B QSFHVOUB GVF i1FOTBOEP FO MB FTDVFMB TFDVOEBSJB FO HFOFSBM {UF QBSFDFRVFMBFTDVFMBTFDVOEBSJBGPSNBBMPTFTUVEJBOUFTQBSB w4F×BMBS EPTPQDJPOFT 5PNBNPTMBQSJNFSBPQDJØOQBSBFMDVBESP &OFMDVBESPEFMBOFYPTFQSFTFOUBOMBTEJGFSFODJBDJPOFTTPDJPFDP OØNJDBTEFHÏOFSPZTFDUPSQÞCMJDPQSJWBEP $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB FTMBEFGPSNBSVOTVKFUPBVUØOPNPZDSÓUJDPGVODJPOFTDPNP BQSFOEFSBiNBOFKBSTFDPOJOEFQFOEFODJBZBVUPOPNÓBwiTBCFS SFMBDJPOBSTFDPOPUSPTwiUFOFSVOBNJSBEBDSÓUJDBwZiNFKPSBSMPT QSPCMFNBTEFMQBÓTwDBTJTJOEJTUJODJPOFTGVFSPOTFMFDDJPOBEBT QPSVOOÞNFSPNFOPSEFBMVNOPT &TOPUPSJBMBEJTNJOVDJØOSFTQFDUPEFMPTEPDFOUFTFOMBGSF DVFODJBEFMBPQDJØOQPSiUFOFSDVMUVSBHFOFSBMw&MUFSDFSMVHBS MFKPTEFMPTEPTQSJNFSPTJOUSPEVDFVOEFCBUFJOUFSFTBOUFRVF EFCFSÓBQSPGVOEJ[BSTFFOOVFWPTFTUVEJPT{$VÈMFTTPOMPTTBCFSFT MFHÓUJNPTFOMBFTDVFMBTFDVOEBSJB {"RVÏOPTSFGFSJNPTDVBOEP QFOTBNPTFOMBDVMUVSBHFOFSBM {4VBQFMBDJØOJNQMJDBMPNJTNP QBSBMBTEJTUJOUBTHFOFSBDJPOFT $PNPWFSFNPTNÈTBEFMBOUFIBZ SFTQVFTUBTEFMPTFTUVEJBOUFTRVFIBCMBOEFTFOUJEPTDPNQBSUJEPT DPOMPTBEVMUPTFOFTQFDJBMDVBOEPTFMFTQSFHVOUBBDFSDBEFRVÏ EFCFSÓBFOTF×BSMBFTDVFMBRVFIPZOPFOTF×B 1FSPUBNCJÏOBQB SFDFOPQDJPOFTNÈTBMFKBEBTEFMDBOPOIVNBOJTUBFODJDMPQÏEJDP RVFTFJEFOUJmDBDPOMBFTDVFMBUSBEJDJPOBM$MBSBNFOUFOPFT VOBPQDJØOWBMPSBEBQPSMBNBZPSÓBEFMPTFTUVEJBOUFT 1VFEFOCPTRVFKBSTFBMHVOBTFYQMJDBDJPOFTQBSBFTUBQFSTJTUFO DJBEFMBGVODJØOUSBEJDJPOBMEFMBFTDVFMBTFDVOEBSJB&OQSJNFS MVHBS MBT SFTQVFTUBT B MB FODVFTUB SFnFKBO VOB FYQSFTJØO JEFBM BSUJDVMBOEFTFPTZSFBMJEBEFT&MTBCFSTFFOVONVOEPEFPQPSUV OJEBEFTSFTUSJOHJEBTOPJNQMJDBOFDFTBSJBNFOUFRVFVOPQJFOTF RVF OP QPESÈ TPSUFBS MBT EJmDVMUBEFT TJOP RVF BM SFWÏT RVJ[È DPOWJFSUBBMBFTDVFMBFOFMEFQØTJUPEFDPOmBO[BEFQPEFSiUPSDFS FMEFTUJOPw&OMBFODVFTUBMPTBMVNOPTUJFOEFOBPSJFOUBSTVT ²TUB QBSFDF TFS QPS PUSB QBSUF MB HSBO BQVFTUB EF MBT GBNJMJBT EF TFDUPSFT TPDJPFDPOØNJDPTCBKPTRVFIBDFOHSBOEFTFTGVFS[PTQBSBNBOEBSBTVTIJKPTB MBFTDVFMB-BFTDVFMBZMBGBNJMJBBQBSFDFODPNPMPTSFTHVBSEPTQPTJCMFTGSFOUF BVONVOEPBNFOB[BOUF"MHPTJNJMBSEJDF1BCMP4FNÈODVBOEPIBCMBEFMB SFMJHJPTJEBEQPQVMBSZEFMBBEPQDJØOEFQBVUBTEFDSJBO[BRVFMFTEFOPUSBT PQDJPOFT RVF MB NBSHJOBMJEBE i4FOTJCJMJ[BSMPT GSFOUF B MBT SFTQPOTBCJMJEBEFT GBNJMJBSFTFTMBWÓBSFBMQPSMBDVBMMBWJPMFODJBDPNJFO[BBTFSFWJUBEBw4FNÈO Q .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB SFTQVFTUBTBEBQUÈOEPMBTBFOGBUJ[BSDVFTUJPOFTRVFTFFTQFSBRVF MB JOTUJUVDJØO FGFDUJWBNFOUF SFBMJDF BRVFMMP RVF MB JOTUJUVDJØO UFOESÓBRVFHBSBOUJ[BSRVFDPJODJEFDPOFMNBOEBUPTPDJBMRVF PUPSHBBMBFEVDBDJØOMBGVODJØOUBOUPEFBTFHVSBSMBJHVBMEBEEF PQPSUVOJEBEFTDPNPEFQPTJCJMJUBSFMBTDFOTPTPDJBM &OFTUFTFOUJEPMPTBMUPTQPSDFOUBKFTEFSFTQVFTUBTRVF TF×BMBO RVF MB FTDVFMB TFDVOEBSJB TJSWF QBSB TFHVJS FTUV EJBOEPFOMBVOJWFSTJEBEPFOVOUFSDJBSJPPQBSBDPOTFHVJS VOUSBCBKPQBSFDFOFTUBSIBCMBOEPEFVOBSFMBDJØOJOTUSV NFOUBMEFMPTKØWFOFTDPOMBJOTUJUVDJØO&OEFmOJUJWBFMMPT ZFMMBTDPONBZPSÏOGBTJTFOFMUSBCBKPMPTWBSPOFTZFOMPT FTUVEJPTTVQFSJPSFTMBTNVKFSFTQFSDJCFOBMBFTDVFMBDPNP FUBQBGVOEBNFOUBMEFGPSNBDJØOOPPSJFOUBEBBVOTBCFS FO QBSUJDVMBS TJOP NÈT CJFO FOUFOEJEB DPNP VO USÈNJUF JOEJTQFOTBCMF QBSB BDDFEFS BM NVOEP MBCPSBM $POUJOÞB QSFTFOUFFOTVTEJTDVSTPTMBDSFFODJBEFRVFTJOPFYJTUJFSB MB FTDVFMB NFEJB iUFOESÓBT NFOPT DIBODFT FO FM USBCBKPw &OUPEPDBTPFOMBTPQJOJPOFTEFMPTFTUVEJBOUFTBQBSFDF NVDIPNÈTWBMPSBDJØOZMFHJUJNJEBEEFMBJOTUJUVDJØOFTDP MBSRVFMPRVFTFSÓBFTQFSBCMFFODPOUSBSTJVOPTFHVÓBQPS MPTEJTDVSTPTBEVMUPTTPCSFMBFTDVFMBNFEJB/VFWBNFOUF JOTJTUJNPTFORVFRVJ[ÈMPRVFFTUÈPDVSSJFOEPFTRVFIBZ VOBWJTJØONÈTJOTUSVNFOUBMZNÈTMJHBEBBTVTUSBZFDUPSJBT GBNJMJBSFTFJOEJWJEVBMFT-BQSFTFODJBEFVOBQFSDFQDJØO NÈTQPTJUJWBTPCSFTVWBMPSZGVODJØOOPTJHOJmDBOFDFTB SJBNFOUF RVF MB JOTUJUVDJØO DVNQMB DPO FM TPTUFOJNJFOUP EFVOBNBUSJ[EFJOUFHSBDJØOPMPHSFMPTPCKFUJWPTRVFTF QSPQPOFQBSBMBQPCMBDJØORVFBTJTUF4JOFNCBSHPPUPS HBSMFVOWBMPSZTFHVJSBQPTUBOEPBMBDBSSFSBFTDPMBSQBSB NFKPSBSMBWJEBOPFTQPDBDPTB &OMBJOUSPEVDDJØONFODJPOBNPTMPTDBNCJPTTJHOJmDBUJWPTFOFMOJWFMEF DPCFSUVSBFTDPMBSQBSBMPTKØWFOFTEFFOUSFZB×PTWÏBTFOPUB $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB 4FOTBDJPOFTZQBMBCSBTEFMPTBMVNOPT CVTDBOEPBTJSFMTFOUJEPEFMBFYQFSJFODJB FTDPMBS $PNPTF×BMBNPTJOJDJBMNFOUFTPONVZDPNVOFTMPTEJT DVSTPTTPCSFMBDSJTJTEFMOJWFMTFDVOEBSJPMBEJTNJOVDJØOEF MBJNQPSUBODJBBTJHOBEBBMPTDPOUFOJEPTMBOFDFTJEBEEFDPO UFOFSMBOVFWBTJUVBDJØOTPDJBMFMFYDFTPEFBTJTUFODJBMJTNP MBGBMUBEFBVUPSJEBEFMSPMEPDFOUFFOEFDMJWFMBBVTFODJBEF DPOUSPMTPCSFMBTGPSNBTEFWFTUJSIBCMBSPDPNQPSUBSTFEFMPT KØWFOFTFOSFTVNFOTPONVDIBTMBTDSÓUJDBTBTVTGPSNBTEF IBDFSFOVODPOUFYUPEFUSBOTGPSNBDJPOFTOPTPMPEFMBJOTUJ UVDJØOFTDPMBSTJOPEFMNJTNPFTDFOBSJPFORVFMBFYQFSJFODJB FEVDBUJWBEFMBTOVFWBTHFOFSBDJPOFTUJFOFMVHBS 1FSP{RVÏEJDFOMPTBMVNOPTTPCSFTVQSPQJBFTDVFMB -B FYQMPSBDJØOFOMBTQFSDFQDJPOFTEFMPTKØWFOFTSFTQFDUPEFMP RVFJNQMJDBFMQBTPQPSMBFTDVFMBNFEJBUBMWF[TFBVOPEFMPT QVOUPT NFOPT EFTUBDBEPT FO FM NPNFOUP EF MB FMBCPSBDJØO EFEJBHOØTUJDPTTPCSFTVTJUVBDJØO{2VÏTJFOUFOBMFTUBSFO MBFTDVFMB {2VÏQBMBCSBTVUJMJ[BOQBSBSFGFSJSTFBTVQBTPQPS MBTBVMBT $BCFEFTUBDBSRVFMBTQSFHVOUBTPSJFOUBEBTBMBJOEBHBDJØO FOMPTTFOUJEPTRVFBERVJFSFMBFYQFSJFODJBFTDPMBSKVWFOJMOP TPOOPWFEPTBT)BDJBDPNJFO[PTEFMBEÏDBEBEFMOPWFOUBFO VOBJOWFTUJHBDJØOFOCBSSJPTEFMB[POBTVSEFM(SBO#VFOPT "JSFT+BWJFS"VZFSP SFUSBUBCBVOBFTDVFMBTFDVOEBSJB iQBSBRVFOPwiQBSBRVFOPUFQBTFOQPSBSSJCBwQBSBEFGFO EFSTFiTBCFSIBCMBSwVOBJOTUJUVDJØORVFOPDBQBDJUBCBQBSB FMUSBCBKPQFSPCSJOEBCBDPNQFUFODJBTCÈTJDBTQBSBMBJOUFSBD DJØOFOFMNVOEPMBCPSBM4JMWJB%VTDIBU[LZ IBCMBCB EFMBiFTDVFMBDPNPGSPOUFSBwDBTJDPNPUSJODIFSBQBSBTPTUF OFSBMHVOPTMPHSPTTJNCØMJDPTFODPOUFYUPTEJGÓDJMFT"TJNJT NP(BCSJFM,FTTMFS MMBNØMBBUFODJØOTPCSFMPTEJGF .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB SFOUFTTFOUJEPTEFMBFTDPMBSJEBEQBSBMBTOVFWBTHFOFSBDJPOFT RVFMMFWBOBMPRVFÏMEFOPNJOBVOBiFYQFSJFODJBFEVDBUJWB EFCBKBJOUFOTJEBEw&MUSBCBKPEF(VJMMFSNJOB5JSBNPOUJZ TVFRVJQPEFJOWFTUJHBDJØOUBNCJÏOBOBMJ[BMPTTFOUJEPTEFMB FTDVFMBNFEJBRVFFODVFOUSBGSBHNFOUBEPTFOTFOUJEPTDPT NPQPMJUBTZEJSJHFODJBMFTTFOUJEPTEFDPOTFSWBDJØOEFMBFMJUF USBEJDJPOBMTFOUJEPTEFDPOUFODJØOZDPOUSPMEFMSJFTHPTPDJBM ZTFOUJEPTNÈTQPMÓUJDPTZDPMFDUJWPTFOUSFPUSPT5JSBNPOUJ 5PEPTFMMPTIBCMBOEFDBNCJPTFOMPTTFOUJEPTEFMB FYQFSJFODJBFTDPMBSKVWFOJMEPOEFDPOWJWFOBMHVOBTUSBOTGPS NBDJPOFT DPO OP QPDBT DPOUJOVJEBEFT 4JHVJFOEP FTUB MÓOFB EFJOWFTUJHBDJØOZCVTDBOEPFYQBOEJSUBOUPFOUÏSNJOPTEFM BMDBODFOBDJPOBMDPNPEFMBDPOTUSVDDJØOBDUVBMEFMPTTFOUJ EPTRVFSFNPTTF×BMBSBMHVOBTUFOEFODJBTRVFTFQSPEVDFOFO FMUSÈOTJUPEFMPTBMVNOPTQPSMBFTDVFMBTFDVOEBSJB 6OBWÓBEFBQSPYJNBDJØOBFTUBTDVFTUJPOFTFTQPSNFEJP EF JOEBHBS TPCSF MBT FOTF×BO[BT Z MPT BQSFOEJ[BKFT 6OB EF MBTQSFHVOUBTEFMBFODVFTUBMFTTPMJDJUBCBRVFTF×BMBSBOEPT FMFNFOUPT P BQSFOEJ[BKFT RVF IVCJFSBO BQSFOEJEP FO MB FT DVFMB &SB VOB QSFHVOUB BCJFSUB DPO MB JOUFODJØO EF QPEFS BUFOEFSBMMFOHVBKFMBTQBMBCSBTFMFHJEBTZMBTQSJPSJEBEFTRVF FMMPTNJTNPTTF×BMBO4BCFNPTRVFFTPOPFTOFDFTBSJBNFOUF JOEJDBUJWPEFUPEPMPRVFBQSFOEJFSPOFOMBFTDVFMBRVFQPS PUSB QBSUF OP FT BMHP RVF TPMP TF NJEB P TF DPODFQUVBMJDF NJFOUSBTFTUÈTVDFEJFOEP 1FSPDSFFNPTRVFFTVOJOEJDBEPS EFMBTDVFTUJPOFTRVFWBMPSBOZRVFKFSBSRVJ[BOFOFMDPUJEJBOP FTDPMBS/PTJOUFSFTBCBBEFNÈTWFSDVÈOUPEFMiDPOPDJNJFOUP FTDPMBSwBQBSFDÓBFOTVTSFTQVFTUBTMPRVFQPSTÓTPMPQPESÓB IBCMBSEFVONBZPSFODVFOUSPPEFTFODVFOUSPFOUSFMBQSP QVFTUBFTDPMBSZMPRVFFTQFSBOZEFNBOEBOMPTKØWFOFT "HSVQBNPTMBTSFTQVFTUBTFODVBUSPHSVQPTEFUFNBT&O QSJNFSMVHBSMPTUFNBTRVFMPTBMVNOPTFOGBUJ[BSPOGVFSPO BRVFMMPTWJODVMBEPTBMPRVFBRVÓIFNPTEBEPFOMMBNBSiSF $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB MBDJPOFTPEJTQPTJDJPOFTTPDJBMFTwDPODFOUSBOEPFM-PT BMVNOPTFODVFTUBEPTWBMPSBOQSJODJQBMNFOUFEFTVQBTPQPS MBTFTDVFMBTFMIBCFSBQSFOEJEPBDPNQBSUJSDPOWJWJSSFMBDJP OBSTFPTPDJBMJ[BSTFDPOPUSPT4JFOUFORVFMBFTDVFMBTFDVO EBSJB CSJOEB MB QPTJCJMJEBE UBOUP EF IBDFS BNJHPT DPNP EF JOUFSBDUVBSDPOQFSTPOBTEJGFSFOUFT&ODPOUSBSTFDPODPNQB ×FSPTQFSPUBNCJÏOUFOFSZEFGFOEFSPQJOJPOFTFJEFBTQSP QJBTBQSFOEFSBDVNQMJSMBTOPSNBTNBEVSBSNBOFKBSTFFO MB WJEB 1BSB FMMPT FTUBT TFOTBDJPOFT MMFOBO EF DPOUFOJEP BM USÈOTJUPQPSMBFTDVFMBNFEJB&TUFQVOUPDPODFOUSBFOMBSF HJØONFUSPQPMJUBOBEF#VFOPT"JSFTFMEFSFTQVFTUBT TFHVJEPQPSFMOPSUFEFMQBÓTFM/&"DPOFMZFM/0" DPOFM"TVWF[OPFODPOUSBNPTEJGFSFODJBTEFBDVFS EPDPOFMOJWFMTPDJPFDPOØNJDPZMBTSFTQVFTUBTTFTJUÞBOBM SFEFEPSEFMWÏBTFFMDVBESPEFMBOFYP $VBESP {2VÏFTMPNÈTJNQPSUBOUFRVFBQSFOEJTUFFOMBFTDVFMB TFDVOEBSJB 3FMBDJPOFTZEJTQPTJDJPOFTTPDJBMFT )FSSBNJFOUBTJOUFMFDUVBMFT 7BMPSFTZBDUJUVEFT $POUFOJEPTWJODVMBEPTBMBTEJTDJQMJOBTFTDPMBSFT 0USPT /4/$ 5PUBM -BTFHVOEBPQDJØODPOFMGVFMBNFODJØOEFBM HÞO DPOUFOJEP P NBUFSJB FO QBSUJDVMBS TFB )JTUPSJB .BUF NÈUJDB'ÓTJDB1TJDPMPHÓB$PNQVUBDJØOMBFEVDBDJØOTFYVBM -B QSFHVOUB GVF i{$VÈMFT TPO MBT EPT DPTBT NÈT JNQPSUBOUFT RVF BQSFOEJTUFIBTUBBIPSBFOMBFTDVFMBTFDVOEBSJB w .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB MPTUBMMFSFTFOMBTFTDVFMBTUÏDOJDBT FMDPOPDFSTPCSFDVMUVSB HFOFSBMPUFNBTSFMBDJPOBEPTDPOMBBDUVBMJEBE&TUBPQDJØO FTNÈTBMUBFOMPTBMVNOPTEFTFDUPSFTQPQVMBSFT MVF HPFOMPTNFEJPT ZmOBMNFOUFFOMPTBMUPT /VFWBNFOUF TPCSFTBMF MB SFHJØO QBNQFBOB DPO VO NJFOUSBTFOFTUBQSFHVOUBMBSFHJØONFUSPQPMJUBOBEF#VFOPT "JSFTDPODFOUSBMPTOJWFMFTNÈTCBKPT -PT WBMPSFT DPNP FM SFTQFUP MB SFTQPOTBCJMJEBE BRVFMMPT WJODVMBEPTBMPNPSBMPMBTPMJEBSJEBETVSHFODPNPMBUFSDFSB PQDJØOTF×BMBEBQPSFMEFMPTFODVFTUBEPT-PTEBUPT TPOTJNJMBSFTQPSOJWFMTPDJPFDPOØNJDPZTFVCJDBOBMSFEFEPS EFM3FHJPOBMNFOUFFODPOUSBNPTMPTUPQFTFOMBSFHJØO QBNQFBOBTFHVJEBQPSFM/0"ZMBSFHJØOQBUBHØOJDB &MQVOUPRVFNFOPSQPSDFOUBKFSFVOJØDPOFMGVF FMRVFEFOPNJOBNPTiIFSSBNJFOUBTJOUFMFDUVBMFTwFOFMRVF TFEFTUBDBFMBMUPOÞNFSPEFSFTQVFTUBTPCUFOJEPFO$VZP -BSFHJØORVFMFTJHVFFTMBNFUSPQPMJUBOBDPOFM &O FTUF DBTP UBNCJÏO IBMMBNPT EJGFSFODJBT TJHOJm DBUJWBTQPSOJWFMTPDJPFDPOØNJDPVOEFMPTBMVNOPT EFTFDUPSFTBMUPTMBQSJPSJ[BODPOUSBVOEFMPTTFDUP SFTCBKPT4POFTUPTBMVNOPTRVJFOFTWBMPSBONÈTFMDSFDFS FODVBOUPBMPTDPOPDJNJFOUPTBQSFOEJ[BKFTZDPOUFOJEPT FM FTUVEJBS P MB JODPSQPSBDJØO EF UÏDOJDBT Z NFUPEPMPHÓBT 1PESÓBTF×BMBSTFMBTJNJMJUVEEFBMHVOBTEFMBTSFTQVFTUBTEFFTUBPQDJØO i7BMPSFTw DPO MBT EFM QSJNFS HSVQP i3FMBDJPOFT Z EJTQPTJDJPOFT TPDJBMFTw 1FSP DSFFNPT RVF BNCBT IBCMBO EF DVFTUJPOFT EJTUJOUBT Z SFmFSFO B DPNQFUFODJBT EJGFSFOUFT .JFOUSBT RVF MPT WBMPSFT BQBSFDFO mKPT Z BJTMBEPT FM iBQSFOEFS B DPNQBSUJSw Z iSFMBDJPOBSNF DPO PUSPTw BVORVF EPUBEPT EF TJHOP QPTJUJWP FO UBM TFOUJEP WBMPSFT IBCMBO EF VO IBDFS DPO PUSPT EF VOB EJTQPTJDJØO TPDJBM &O HFOFSBM PQUBNPT QPS DMBTJmDBS FO FM QSJNFS HSVQP UPEB WF[ RVF BQBSFDÓB BMHÞO WFSCP NFODJPOBEP FO MB SFTQVFTUB RVF IBDF SFGFSFODJB B VOB BDDJØO TPDJBM BOUFTRVFBVOWBMPSmKP $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB EF FTUVEJP &TUF ÓUFN JODMVZF UBNCJÏO MB TFOTBDJØO EF MPT BMVNOPTEFRVFFOTVTFTDVFMBTBQSFOEFOBFYQSFTBSTFNFKPS SB[POBSSFnFYJPOBSPDPNQSFOEFSVOUFNBUBOUPDPNPBPS HBOJ[BSTFPQSFQBSBSTFQBSBMBGBDVMUBE&OFMBQBSUBEPBOUF SJPSIFNPTWJTUPRVFTPOFTUPTTFDUPSFTTPDJPFDPOØNJDPTMPT RVFDSFFOFONBZPSOÞNFSPRVFMBFTDVFMBMPTQSFQBSBQBSB MPT FTUVEJPT TVQFSJPSFT 4PO UBNCJÏO RVJFOFT WBMPSBO NÈT MBBERVJTJDJØOEFIFSSBNJFOUBTJOUFMFDUVBMFTJOEJTQFOTBCMFT QBSBFMQBTPQPSFMUFSDJBSJPPMBVOJWFSTJEBE &TUBSFTQVFTUBUJFOFVOBTQFDUPQBSBEØKJDPQPSRVFFTSB [POBCMFTPTQFDIBSRVFMPTTFDUPSFTBMUPTZNFEJPTTPOMPTRVF NFOPTOFDFTJUBOBQSFOEFSMBTQVFTUPRVFFOHFOFSBMZBMBTBE RVJSJFSPOFOTVTGBNJMJBT6OBPCTFSWBDJØOEF#PVSEJFVOPT QBSFDFJMVTUSBUJWBEFFTUFQVOUPi4FTBCFRVFVOPEFMPTHSBO EFT GBDUPSFT EF MB EJGFSFODJB FT MB NBFTUSÓB EFTJHVBM QPSRVF TFUSBOTNJUFEFTJHVBMNFOUFJNQMÓDJUBPFYQMÓDJUBNFOUF FOMB GBNJMJBMBTUÏDOJDBTEFMUSBCBKPJOUFMFDUVBMZFMBSUFEFPSHBOJ [BSFMBQSFOEJ[BKF-BTGBNJMJBTDVMUJWBEBTDPOBMUPOJWFMFEV DBUJWP EFTFNQF×BOVOQBQFMEFUFSNJOBOUFFMMBTPSHBOJ[BOFM USBCBKPFOTF×BOBMPTIJKPTFMBSUFEFPSHBOJ[BSTVUSBCBKPEF PSHBOJ[BSTVUJFNQPMFTEBOMPTVUFOTJMJPTMPTJOTUSVNFOUPT MBTUÏDOJDBTEFUSBCBKP<>IBZDPTBTEFMBTDVBMFTUPEPFMNVO EPIBDFDPNPTJUPEPTMBTQPTFZFSBONJFOUSBTRVFTPMBNFOUF BMHVOPTMBTEPNJOBOQPSFKFNQMPFMIFDIPEFTBCFSUPNBS OPUBTFMIFDIPEFTBCFSIBDFSVOBmDIBVUJMJ[BSVOEJDDJPOB SJPFMVTPEFMBTBCSFWJBUVSBTMBSFUØSJDBEFMBDPNVOJDBDJØO <> -B UFDOPMPHÓB EFM USBCBKP JOUFMFDUVBM OP TPMBNFOUF OP TFOPTFOTF×BTJOPRVFFTNFOPTQSFDJBEBw#PVSEJFV Q &TUFDPOPDJNJFOUPUBOJNQPSUBOUFQBSBUFOFSÏYJUP FOMBFTDVFMBZUBOEFUFSNJOBEPQPSFMDBQJUBMDVMUVSBMEFMBT GBNJMJBTFTTJOFNCBSHPPCKFUPEFFTDBTBPOVMBSFnFYJØOF JOUFSWFODJØOFTQFDÓmDBQPSFMTJTUFNBFTDPMBSRVFMPEBQPS TFOUBEP -P MMBNBUJWP FT RVF FO FTUF DBTP MPT BMVNOPT EF TFDUPSFTTPDJBMFTGBWPSFDJEPTIBDFOFYQMÓDJUPTVWBMPSZNBOJ .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB mFTUBOIBCFSMPBQSFOEJEPFOMBFTDVFMB4FSÓBOOFDFTBSJBTNÈT JOEBHBDJPOFTQBSBEFUFSNJOBSFMBMDBODFEFFTUBQFSDFQDJØOZ TVTDPOTFDVFODJBTFOUÏSNJOPTEFMPRVFEFNBOEBOZFODVFO USBOFOMBTFTDVFMBT -PRVFQBSFDFRVFEBSDMBSPFTRVFMBWBMPSBDJØOEFMPRVFFT JNQPSUBOUFSFDPOPDFGVFSUFTEJGFSFODJBTTFHÞOFMTFDUPSTPDJBM EFRVFTFUSBUF&MFYBNJOBSMBTDVFTUJPOFTRVFWBMPSBOPUPSHB FMFNFOUPTJNQPSUBOUFTQBSBBOBMJ[BSMPTTFOUJEPTRVFMBFEVDB DJØOBERVJFSFQBSBMBTOVFWBTHFOFSBDJPOFT&OBMHVOPTDBTPT MPT BQSFOEJ[BKFT TF FODVFOUSBO NÈT BQFHBEPT B TBCFSFT QBSUJ DVMBSFTZFOPUSPTTFWBMPSBMBJODPSQPSBDJØOEFIBCJMJEBEFTZ DBQBDJEBEFTJOUFMFDUVBMFT"TJNJTNPMPTBMUPTQPSDFOUBKFTRVF MPT EJGFSFOUFT OJWFMFT TPDJPFDPOØNJDPT Z MPT BMVNOPT EF EJT UJOUBTSFHJPOFTMFTBTJHOBOBMPTUFNBTiSFMBDJPOFTEJTQPTJDJPOFT TPDJBMFTwDPNPBiWBMPSFTwNVFTUSBVOBmHVSBEFBMVNOPRVF QSJPSJ[B MB DPOTUSVDDJØO EF WÓODVMPT Z FM BQSFOEJ[BKF EF SFMB DJPOFTDPOFMPUSP1SJWJMFHJBFOEFmOJUJWBMBTPDJBMJ[BDJØORVF CSJOEBFMUSÈOTJUPQPSMBFTDVFMBTFDVOEBSJB 1PSPUSPMBEPOPRVFSFNPTEBSMBJNQSFTJØOEFRVFIBZ VOBQFSDFQDJØOIPNPHÏOFBNFOUFQPTJUJWBTPCSFMBFTDVFMBP RVFOPTFJEFOUJmDBOQSPCMFNBTNBMFTUBSFTPDVFTUJPOFTRVF TFEFCFOSFWJTBS&OUPEPDBTPMPRVFOPTQBSFDFNVZTJHOJ mDBUJWP EF MBT PQJOJPOFT EF MPT FTUVEJBOUFT FT RVF BQBSFDFO NBUJDFTWBMPSBDJPOFTQBSDJBMFTWJTJPOFTJOTUSVNFOUBMFTQFSP UBNCJÏOFTUSBUÏHJDBTRVFOPBEIJFSFOBVOQBOPSBNBOFHSP P B VOB IFDBUPNCF UPUBM EF MBT JOTUJUVDJPOFT DPNP B WFDFT TFFTDVDIBFOMPTEJTDVSTPTBEVMUPT$POWFOESÓBIBCMBSNÈT CJFOEFTFOUJEPTIÓCSJEPTTFOUJEPTRVFBSUJDVMBODVFTUJPOFT EJWFSTBTRVFTF×BMBOMPCVFOPZMPNBMPZRVFUSBUBOEFFO DPOUSBSVODBNJOPQPTJUJWPFOFTFNBSDP 1BSBBNQMJBSMBJOEBHBDJØOTPCSFFMTFOUJEPRVFDPOTUSVZFO MPTFTUVEJBOUFTTPCSFTVFTDPMBSJEBEMFTQFEJNPTRVFEFTDSJCJF $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB SBODPOUSFTQBMBCSBTBTVFTDVFMB4FUSBUBCBEFVOBQSFHVOUB BCJFSUBRVFTVTDJUØVOBHSBOBNQMJUVEEFSFTQVFTUBT/VFWB NFOUFBHSVQBNPTMBWBSJFEBEEFQBMBCSBTVUJMJ[BEBTQPSMPT KØWFOFT%BEBMBHSBOEJTQFSTJØOEFSFTQVFTUBTFOFMDVBESP NPTUSBNPTTPMPBRVFMMBTRVFNBZPSFTBQPZPTMPHSBSPO $VBESP 1BMBCSBTEFMPTFTUVEJBOUFTQBSBEFmOJSBTVFTDVFMB 3FmFSFOBMBDBMJEBEFEVDBUJWBZMBGPSNBDJØO 3FmFSFOBMBQSPUFDDJØOZMBDPOUFODJØO 3FmFSFOBMEFTPSEFOZMBJOEJTDJQMJOB 3FmFSFOBMPSEFOZMBEJTDJQMJOB 3FmFSFOBMBTDBSBDUFSÓTUJDBTEFMFTUBCMFDJNJFOUP 3FmFSFOBMBBSNPOÓB 3FmFSFOBVOBPSJFOUBDJØOBDBEÏNJDBFOQBSUJDVMBS 3FmFSFOBMBCVSSJNJFOUP -BTEFTDSJQDJPOFTEFMPTBMVNOPTTPCSFTVTFTDVFMBTTF×BMBO MBQSFWBMFODJBEFMBGPSNBDJØOQFSPMBTTJHVFONVZEFDFSDB MPTBTQFDUPTSFMBDJPOBMFTZWJODVMBSFT&OQSJNFSMVHBSMPTKØ WFOFTTF×BMBORVFFOFTUFUJQPEFJOTUJUVDJPOFTFODVFOUSBOMP RVFTFTVQPOFRVFEFCFEBSMBFTDVFMBDPNPDVFTUJØODFOUSBM DBMJEBEFEVDBUJWBZGPSNBDJØO-BTQBMBCSBTRVFBQBSFDFOTPO DFOUSPEFFTUVEJPTCVFOBFTDVFMBDBMJEBEFYJHFOUF&M EFMUPUBMEFBMVNOPTFODVFTUBEPTTJOEJGFSFODJBTQPSOJWFMFT TPDJPFDPOØNJDPT OJ SFHJPOBMFT TF×BMB FTUB PQDJØO WÏBTF FM DVBESPEFMBOFYP -MBNBMBBUFODJØOFMCBKPQPSDFOUBKF FOMBSFHJØOQBNQFBOBDVZBTNPUJWBDJPOFTEFCFSÓBOTFSPC KFUPEFPUSPTFTUVEJPT1FSPQPSPUSBQBSUFTJTFSFDVFSEBOMBT -B QSFHVOUB GVF i{$PO RVÏ JNBHFO P QBMBCSB JEFOUJmDBSÓBT B FTUB FTDVFMB w .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB SFTQVFTUBTEFMPTEPDFOUFTFOUSFRVJFOFTMBTQBMBCSBTWJODV MBEBTBMBFOTF×BO[BZMBDBMJEBETPONVDIPNÈTNJOPSJUBSJBT OP EFKB EF MMBNBS MB BUFODJØO FTUB SFTQVFTUB EF MPT KØWFOFT &O TFHVOEP MVHBS NVZ DFSDB EFM QPSDFOUBKF BOUFSJPS VO EFMUPUBMEFFODVFTUBEPTTF×BMBRVFTVTFTDVFMBTPGSFDFO TPCSFUPEPDPOUFODJØOZQFSUFOFODJBZFTUPFTQBSUJDVMBSNFOUF TJHOJmDBUJWPFOMPTOJWFMFTTPDJPFDPOØNJDPTCBKPTZFOFM/0" &TUPTKØWFOFTWBMPSBOMBDPOUFODJØOFMFTUBSTFHVSPT1BMBCSBT DPNPTFHVOEPIPHBSBNJTUBEDPOUFOFEPSBQSPUFDUPSBBQP ZPSFTQFUPDPNQB×FSJTNPTPOMBTBHSVQBEBTFOFTUBDBUFHPSÓB &TUPTFSFMBDJPOBQPSPUSBQBSUFDPOMPRVFPUSPTFTUVEJPT5J SBNPOUJ(BMMBSU TF×BMBOBMSFTQFDUP -PTDPOUSBSJPTPSEFOZEJTDJQMJOBTFSJBPSHBOJ[BEBEJTDJQMJ OBEBFTUSJDUB ZEFTPSEFOFJOEJTDJQMJOBJSSFTQPOTBCMFEFUFSJP SBEBEFTDVJEBEBEFTPSHBOJ[BEB NVFTUSBOQPSDFOUBKFTTJNJMBSFT DFSDBOPTBMEFMUPUBM&TMMBNBUJWPTJOPTHVJBNPTQPSMPT EJTDVSTPTFOCPHBRVFDBTJPUSPEFKØWFOFTTF×BMFRVFFOTVT FTDVFMBTFODVFOUSBBSNPOÓBUSBORVJMBBMFHSFMJOEBVOJEBBHSB EBCMF -BUFPSÓBQPMÓUJDBOPTBZVEBBMSFDPSEBSOPTRVFMBTFOTB DJØOZMBNJTNBFYJTUFODJBEFSFMBDJPOFTBSNØOJDBTOPJNQMJDBO MBBVTFODJBEFQBSDJBMJEBEFTFOFMUSBUPOJHBSBOUJ[BOFOTÓNJTNBT MBJNQBSDJBMJEBEFOFMKVJDJP-BBSNPOÓBQVFEFDPOWJWJSUBOUP DPOEFTJHVBMEBEFTDPNPDPOGBWPSJUJTNPTEFEJTUJOUPDPSUF1FSP OPTFQVFEFEFKBSEFTF×BMBSRVFVOBQPSDJØOEFMPTFTUVEJBOUFT FMJHFQBMBCSBTWJODVMBEBTBMBOPDJØOEFBSNPOÓBQBSBSFGFSJSTFB TVTTFOTBDJPOFTFOMBFTDVFMB .FOPTEFVOEFMPTBMVNOPTFODVFTUBEPTSFGFSFODJBTV FTDVFMBBQBSUJSEFVOBNBUFSJB4FUSBUBTPCSFUPEPEFMBTFTDVF MBTDPONPEBMJEBEFTDPOQFSmMEJTUJOUJWPFTDVFMBUÏDOJDBFTDVFMB DPOPSJFOUBDJØOBSUÓTUJDBFTDVFMBEFQPSUJWB6OMBEFTDSJCF QPSTVTDBSBDUFSÓTUJDBTDIJDBHSBOEFUÓQJDBDPNÞO $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB 1PSÞMUJNPEFCFNPTBDMBSBSRVFJODMVJNPTFOFMDVBESPFM ÓUFNiBCVSSJEPwQFTFBMCBKPQPSDFOUBKFEFSFTQVFTUBTSFVOJEP&T VOMVHBSDPNÞOTF×BMBSRVFMPTKØWFOFTTFBCVSSFOFOMBFTDVF MB"OUFMPZ"CSBNPXTLJ -PTQSPQJPTBMVNOPTBQFMBO NVDIBTWFDFTBFTUFUJQPEFBEKFUJWPQBSBFOGBUJ[BSBMHVOBTTFOTB DJPOFTEVSBOUFMBTDMBTFT$BSBTMBSHBTCPTUF[PTDPOUPSTJPOFTEF MPTDVFSQPTTPOUPEBTJNÈHFOFTRVFDVBMRVJFSQFSTPOBRVFIBZB UFOJEPDPOUBDUPDPOBMHÞOOJWFMEFMTJTUFNBFEVDBUJWPIBWJTUP /POPTTPSQSFOEFSÓBQVFTRVFMPTBMVNOPTFODVFTUBEPTTFSFm SJFSBOBTVTTFOTBDJPOFTFOMBTBVMBTVUJMJ[BOEPEJDIPBEKFUJWP 4JOFNCBSHPQBSBRVJFOFTGVFSPOFODVFTUBEPTFOFTUFFTUV EJPMBFTDVFMBFOUBOUPUSBOTJDJØOPSEFOBEPSBOPFTMVHBSQBSB EJWFSUJSTFZQPSFTPFMJHFOOPEFTDSJCJSMBDPNPiBCVSSJEBw1BSB FMMPTMPTPQVFTUPTOPTFFTUSVDUVSBOFOUSFBCVSSJNJFOUPEJWFSTJØO TJOPFOUSFNPOPUPOÓBNPUJWBDJØO1PESÓBNPTTF×BMBSFOUPODFT RVFQBSBFTUPTKØWFOFTMBFTDVFMBOPFTVOMVHBSBCVSSJEPQFSP EFQFOEFEFDØNPMFTFOTF×FO&OMPTHSVQPTGPDBMFTMPTKØWFOFT NBOJGFTUBSPORVFFMMPTBTQJSBOBOUFTRVFBMBiEJWFSTJØOFOMB FTDVFMBwRVFMPHSFHFOFSBSTFiNPUJWBDJØOIBDJBMBFTDVFMBw"TÓ EFTUBDBOFOTVTEJTDVSTPTi4JUFHVTUBZWBTDPOHBOBTFTUÈCVF OPwWBSØO$PSSJFOUFT Pi/PFTBCVSSJEPIBZNBUFSJBTRVFUF EBOHBOBTEFBQSFOEFSQPSRVFUFFYQMJDBOQFSPBMHVOBTFTTJFN QSFMPNJTNPZUFBCVSSÓTwWBSØOSFHJØONFUSPQPMJUBOBEF#VF OPT"JSFT 1BSBFMMPTZFMMBTiMPOFDFTBSJPFTRVFUFEFOCJFOMBT DMBTFTZUFEFOHBOBTEFJSwNVKFS$PSSJFOUFT 6OFMFNFOUPRVFBQBSFDFDPOGVFS[BUBOUPFOMBTFODVFTUBT DPNP FO MPT HSVQPT GPDBMFT FT FM SFDPOPDJNJFOUP EF RVF MB FTDVFMBNFEJBFTVOFTQBDJPEFTPDJBCJMJEBEZBQSFOEJ[BKFEFMB SFMBDJØODPOPUSPT)BZRVFEFTUBDBSRVFFOFTUFFTQBDJPEPOEF QSJNBMBDPOUJOVJEBEEFMFODVFOUSPFOUSFQBSFTOPTFUSBUBEF VOiFTUBSKVOUPTwTJONÈT4FUSBUBEFFTUBSKVOUPTBUSBWFTBOEP VOBTFSJFEFQSPDFTPTRVFTPOQSPQJPTEFTVFEBEZTFUSBUB UBNCJÏOEFFTUBSKVOUPTFOVOFTQBDJPGPSNBUJWP .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB {2VJÏOFTTPOFTPTPUSPT "OUFUPEPTPOPUSPTBEPMFTDFOUFT TPOMPTQBSFT%JWFSTPTFTUVEJPTIBONPTUSBEPRVFMBFTDVFMB TFDVOEBSJBTPCSFUPEPBQBSUJSEFMBTFHVOEBNJUBEEFMTJHMP ĩĩTFDPOTUJUVZØFOFMFTQBDJPFOFMDVBMMPTKØWFOFTTFSFMBDJP OBCBOMBNBZPSQBSUFEFMUJFNQPFOUSFFMMPTBVORVFDPNQBS UJFSBOFMNJTNPFTQBDJPDPOMPTBEVMUPT1BTTFSJOJ -BT JOUFSBDDJPOFTRVFTVDFEFOFOTVJOUFSJPSUJFOEFODBEBWF[NÈT BQSPEVDJSTFFOUSFJHVBMFTFOGBUJ[BOEPMBEJGFSFODJBDJØODPOFM NVOEPBEVMUP-BJEFBEFiWÓODVMPTGSBUFSOPTwNÈTIPSJ[POUB MFTDPCSBSFMFWBODJB%F-BKPORVJÒSF -BFTDVFMBNFEJB TFUSBOTGPSNBFOVOFTQBDJPEFJEFOUJmDBDJØODPOQBSFTEFPS HBOJ[BDJØOEFSFEFTTPDJBMFTFOHSVQPTHFOFSBDJPOBMFT &OFMDBTPEFMPTBMVNOPTEFOVFTUSBJOWFTUJHBDJØOFMQBTP QPS FM OJWFM TFDVOEBSJP OP TPMP TJHOJmDB MB PQPSUVOJEBE EF JODPSQPSBSTBCFSFTZIFSSBNJFOUBTJOEJTQFOTBCMFTQBSBEFTFN QF×BSTFFOVOUSBCBKPZPBDDFEFSBFTUVEJPTTVQFSJPSFTRVF DPNP IFNPT WJTUP TJHVFO TJFOEP MBT GVODJPOFT QSJODJQBMFT RVFMFBUSJCVZFOMPTKØWFOFTBMBQBSEFMPTBEVMUPT TJOPRVF JNQMJDBUBNCJÏOMBQPTJCJMJEBEEFSFMBDJPOBSTFDPOPUSPT&TUF QVOUPOPEFCFSÓBSFEVDJSTFTPMBNFOUFBMBTQFDUPWJODVMBSB MBDVFTUJØOEFMBTSFMBDJPOFTBGFDUJWBTJOWPMVDSBBQSFOEJ[BKFT DJVEBEBOPTZUBNCJÏOIFSSBNJFOUBTJOUFMFDUVBMFTJNQPSUBOUFT ZTJHOJmDBUJWBTQBSBFMNVOEPBEVMUP 1PSFTPVOBEFMBTJNÈHFOFTNÈTBUSBDUJWBTQBSBSFnFKBSBMB FTDVFMBNFEJBFTWFSMBDPNPFMMVHBSEPOEFFMFODVFOUSPDPOMPT FYUSB×PTFTQPTJCMF4JOEJTUJODJPOFTDMBSBTEFBDVFSEPDPOFMUJQP EFJOTUJUVDJØOBMBRVFDPODVSSFOMBTQBMBCSBTEFMPTFTUVEJBOUFT DPJODJEFOFOEFmOJSMBTDPTBTRVFNÈTEJTGSVUBOZNÈTMFTHVT UBOBMJSBMDPMFHJPVCJDBOEPFOFMDFOUSPEFMBFYQFSJFODJBFEV DBUJWBFMBQSFOEJ[BKFEFMBSFMBDJØODPOMPTPUSPT-PTEJTDVSTPT RVFFMBCPSBOSFJOUSPEVDFOMBTSFMBDJPOFTQFSTPOBMFTRVFFTUSVD UVSBOBMTVKFUPFOMBTTFOTBDJPOFTFYQFSJNFOUBEBTFOMBFTDPMBSJ [BDJØONFEJB)BCSÓBFOUPODFTRVFQMBOUFBSGSPOUFSBTNFOPT $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB DMBSBTFOUSFMPQÞCMJDPZMPQSJWBEPMPBGFDUJWPZMPDPHOJUJWP MBTFOTJCJMJEBEZMBSB[ØO$PNPMPTF×BMB-FPOPS"SGVDIRVF FTUVEJBFMQFTPEFMBTQBTJPOFTFOMBWJEBDPOUFNQPSÈOFBiMB DVFTUJØOEFMPTBGFDUPTWJFOFBQSPCMFNBUJ[BSVOBWF[NÈTMB WJFKBEJTUJODJØOFOUSFQÞCMJDPZQSJWBEPDPNPDPOUSBQPTJDJØO FOUSFMPSBDJPOBMZMPBGFDUJWPTF×BMBOEPOVFWBTWÓBTJOUFSQSFUB UJWBTQBSBFMBOÈMJTJTEFMPTGFOØNFOPTTPDJBMFTJEFOUJmDBDJPOFT BHSVQBNJFOUPT QFSUFOFODJBT NFNPSJBT DPMFDUJWBTw "SGVDI Q -PTBGFDUPTZMBFYJHFODJBMBTDPNQB×ÓBTUBOUP DPNPMBOFDFTJEBEEFJODPSQPSBSDPOPDJNJFOUPTDPOTUJUVZFO VOBTVNBUPSJBEFDVFTUJPOFTRVFGPSNBOQBSUFEFBRVFMMPRVF MBTOVFWBTHFOFSBDJPOFTCVTDBOZNVDIBTWFDFTFODVFOUSBOFO MBFTDVFMBTFDVOEBSJB /VFWBNFOUFRVFSFNPTFOGBUJ[BSRVFFTUPTTF×BMBNJFOUPT EFCFODPOTJEFSBSTFUFOEFODJBTZOPEJBHOØTUJDPTEFmOJUJWPT -BT JOTUJUVDJPOFT FO UBOUP QSPEVDUP EFM EFWFOJS IJTUØSJDP DBNCJBOTFUSBOTGPSNBOZFOTVUSBOTGPSNBDJØODPNCJOBO GVODJPOFTUSBEJDJPOBMFTDPOPUSBTOPWFEPTBTQSPQJBTEFEJGF SFOUFT UJFNQPT $VBOEP IBCMBNPT EF MB JNQPSUBODJB EF MPT WÓODVMPTZMBTSFMBDJPOFTDPOPUSPTOPRVFSFNPTEFDJSRVFMB FOTF×BO[BEFDPOUFOJEPTQJFSEBÏOGBTJTQFSPTÓTFBHSFHBPUSB EJNFOTJØORVFDPNQMFKJ[BMBWJFKBEJTDVTJØOFOUSFJOTUSVDDJØO ZFEVDBDJØOPFOUSFTPDJBMJ[BDJØOZFOTF×BO[B &OMBNJTNBMÓOFBEFJOEBHBDJØOTVNBNPTPUSBTSFTQVFT UBTEFMPTKØWFOFTBMBTQSFHVOUBTEFMBJOWFTUJHBDJØO-PTFT UVEJBOUFTSFTDBUBOMBFTDVFMBDPNPFTQBDJPEFSFDPOPDJNJFOUP EFEFSFDIPTEFEFTBSSPMMPQFSTPOBMZEFUJFNQPWJUBMJNQPS UBOUF-PTKØWFOFTEFTUBDBORVFMBFTDVFMBJNQMJDBPCMJHBDJØO ZSVUJOBQFSPFTPSFTVMUBDPOUFOFEPSZPSEFOBEPS&TVOFT QBDJPRVFTFDPOTJEFSBGVOEBNFOUBMDPNPUSBOTJDJØOBMBWJEB BEVMUBZBEFDVBEPDPNPVOFOTBZPQFSTPOBMGVFSBEFMOÞDMFP TPDJBMQSJNBSJP1PSMPUBOUPFOVOBTFHVOEBEFmOJDJØOMB FTDVFMB BQBSFDF DPNP VOB FUBQB EF USBOTJDJØO Z DPOTUSVDDJØO .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB JEFOUJUBSJB &O FMMB BQSFOEFSÈO B FTUBS DPO PUSPT MPHSBSÈO IFSSBNJFOUBTÞUJMFTQBSBEFTFNQF×BSTFFOFMNVOEPBEVMUP BUSBWFTBSÈOVOBTFSJFEFJODFSUJEVNCSFTZCÞTRVFEBTJEFOUJ UBSJBTEFCFSÈOMJEJBSDPOQSPCMFNBTQSPQJPTEFTVDPOEJDJØO BEPMFTDFOUFJNBHJOBSÈOGVUVSPTNÈTWFOUVSPTPT &TJOUFSFTBOUFRVFMPTBEPMFTDFOUFTTF×BMFOBMBFTDVFMBTFDVO EBSJB DPNP VOB FUBQB IBDJFOEP SFGFSFODJB FYQMÓDJUB B TV UFN QPSBMJEBEBTVTMÓNJUFTDPODSFUPTZBTVDBSÈDUFSEFUSBOTJDJØO IBDJBBMHP1BVM8JMMJT EFOPNJOBUSBOTJDJPOFTBMUFSOBUJWBT B FTBT NBOFSBT FO RVF MPT KØWFOFT QJFOTBO TV SFMBDJØO DPO MBT JOTUJUVDJPOFT&TFQVOUPEFMMFHBEBFTBMHPDBNCJBOUFFMNVO EPBEVMUPZBOPFTMBÞOJDBSFGFSFODJBEPOEFTFDPOTUSVZFOMBT JNÈHFOFTEFTFBEBTQBSBMBUSBZFDUPSJBKVWFOJMMPDVBMBCSFEJTUJO UPTTFOUJEPTBMUSÈOTJUP"TJNJTNPMPTQVOUPTEFMMFHBEBTPOUBO EJWFSTPTRVFMBQSPQJBIFUFSPHFOFJEBEQFSNJUFJOUVJSEJGFSFOUFT DBNJOPTBVORVFQFSEVSBDPNPVOSBTHPDPNÞOMBTFOTBDJØOEF RVF DVBMRVJFSBRVFTFUPNFmOBMNFOUFIBZRVFUSBOTJUBSVOB FUBQBDPNQBSUJEBFOUSFQBSFT %F NBOFSB DPJODJEFOUF FO MPT HSVQPT GPDBMFT SFBMJ[BEPT FOMBTUSFTMPDBMJEBEFTNFODJPOBEBTMPTBMVNOPTTJOEJTUJO DJPOFTQPSHÏOFSPOJQPSTFDUPSFTTPDJPFDPOØNJDPTEFTUBDBO MBFTDVFMBTFDVOEBSJBDPNPVOBFUBQBVOBTVFSUFEFSJUPEF QBTPiMBFUBQBNFEJBEFUPEPw&TFOFMMBEPOEFiWBTDSFDJFO EPw iIBDJFOEP BNJHPTw iBQSFOEJFOEPw FUBQB GVOEBNFOUBM QPSRVFTJOPiTFSÓBTVOJOÞUJMw5SÈOTJUPIBDJBMBBEVMUF[RVF EFCFOTPSUFBSDBTJDPNPPCMJHBDJØOZBRVFiOFDFTJUÈTFTUVEJP TFDVOEBSJPQBSBDVBMRVJFSDPTBw 1FSPFTFUSÈOTJUPOPFTDVBMRVJFSUSÈOTJUP-BFTDVFMBNFEJB FMMBNJTNBFOUSBOTJDJØOQFSNÓUBTFOPTFMKVFHPEFQBMBCSBT NBOUJFOFTJOFNCBSHPVODBSÈDUFSPSEFOBEPSFTUSVDUVSBEPS QBSBMPTTVKFUPT-PRVFBMPTPKPTEFNVDIPTBEVMUPTFOMBT FTDVFMBTZGVFSBEFFMMBT BQBSFDFDPNPUPUBMEFTPSHBOJ[BDJØO $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB FTQFSDJCJEPQPSMPTFTUVEJBOUFTBMNFOPTQPSVOBNBZPSÓB DPNPVOFTQBDJPRVFPSHBOJ[BZFTUSVDUVSB6OPEFMPTKØWF OFTRVFQBSUJDJQBSPOFOMPTHSVQPTGPDBMFTEFTBSSPMMBEPTFOMB DJVEBEEF$PSSJFOUFTEJDFNVZDMBSBNFOUFi4JOPNFFYJHJF SBOOPFTUVEJBSÓBTJOPNFPCMJHBOBMFFSOPMFPZIBZMJCSPT RVFUFEFKBOVONPOUØOEFDPTBTw4VTQBMBCSBTEBODVFOUB EFVOBFTDVFMBRVFHVÓBZPSEFOBRVJ[ÈTFYQSFTJØOEFBRVF MMPRVFFOMBTSFQSFTFOUBDJPOFTDJSDVMBOUFTMBJOTUJUVDJØOEFCF IBDFS&TUBNBOFSBEFSFQSFTFOUBSQFSDJCJSBMBFTDVFMBNFEJB MMFWB B RVF QBSB WBSJPT TFB iJNQPTJCMF JNBHJOBS MB WJEB TJO FTDVFMBwFOHSBOQBSUFZUBMDPNPTF×BMBNPTBOUFSJPSNFOUF QPSTFSVOFTQBDJPEFFODVFOUSPDPOMPTBNJHPTQFSPUBNCJÏO QPSRVF iOP UFOESÓBO PCMJHBDJPOFTw MPT iNBOEBSÓBO B IBDFS BMHPPBUSBCBKBSwZQFSEFSÓBOiFMBQSFOEJ[BKFwZBRVFDPJODJ EFOFOBmSNBSiMBFTDVFMBFTNVZJNQPSUBOUFw -B QFSTQFDUJWB EF RVF MB FTDVFMB CSJOEB VOB FTQFDJF EF iNPSBUPSJB TPDJBMw EF UJFNQP B TBMWP EF MBT JODMFNFODJBT EFMNFSDBEPEFUSBCBKPEFMBBVUPSJEBEGBNJMJBSZEFPUSBT DVFTUJPOFTRVFTFQFSDJCFODPNPPQSFTJWBTPQFMJHSPTBTTF IBHFOFSBMJ[BEPFOMBTOVFWBTHFOFSBDJPOFT"MPTBMVNOPT EFEJTUJOUPTTFDUPSFTTPDJPFDPOØNJDPTTFMPTJOUFSQFMBDPNP FTUVEJBOUFTZDPNPKØWFOFTQPSNÈTRVFEFTBSSPMMFOPUSPT SPMFT GVFSB EF MB FTDVFMB $PNP TF×BMB 'JOPDDIJP FTFTUBBQBSJFODJBFTDPMBSRVFUPEPTTBCFOmDDJØOQFSPRVF JHVBMUJFOFFGFDUPTMPRVFFYQMJDBQBSUFEFTVQFSTJTUFODJBZ EFTVNBOUFOFSTFFOQJFQFTFBUPEPTMPTFNCBUFT&MÏYJUP EFMBBNQMJBDJØOEFMBDPCFSUVSBEFMOJWFMTFDVOEBSJPFTFM ÏYJUPEFMBHFOFSBMJ[BDJØOEFMBKVWFOUVEDMBSPRVFOPQBSB UPEPTQPSJHVBM5SBCBKFOEFOUSPPGVFSBEFTVTIPHBSFTTFBO QBESFTPDPMBCPSFODPOTVTGBNJMJBSFTMPTKØWFOFTTFTJFO UFOUSBOTJUBOEPVOBFUBQBTJOEFNBTJBEBTSFTQPOTBCJMJEBEFT 3FDVÏSEFOTF MPT EBUPT TPCSF MB DBOUJEBE EF KØWFOFT RVF USBCBKBO NFODJPOBEPTFOMBQSJNFSBQBSUFEFFTUFDBQÓUVMP .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB FOMBDVBMMBFTDVFMBFTFTQBDJPEFFODVFOUSPZQSFQBSBDJØO QBSB MB WJEB BEVMUB &O UBOUP FUBQB EF QBTP FM TFOUJEP FT TJHOJmDBUJWPi4JOPFYJTUJFSBMBFTDVFMBUFBCVSSJSÓBTEFOP IBDFS OBEB QFSEFSÓBT UV BEPMFTDFODJB TF OPT DBFSÓB MB SFT QPOTBCJMJEBEFODJNBNVZEFSFQFOUFw0USPKPWFOFOFTUF DBTPEF$PSSJFOUFTSFTBMUBBQFMBOEPBVOEJTDVSTPEFTFTHP FWPMVDJPOJTUBRVFTJOPGVFSBOBMBFTDVFMBiTFSÓBNPTDPNP BOJNBMFTw&OTVTEJTDVSTPTTFFODVFOUSBQSFTFOUFDJFSUBOB UVSBMJ[BDJØO EF TV MVHBS FO MB FTDVFMB FM BSHVNFOUP TFSÓB BMHP BTÓ DPNP FT MØHJDP Z OBUVSBM RVF EFCB BUSBWFTBS FTUB FUBQBEFMBWJEBZBRVFEFOPIBDFSMPiFTDPNPRVFQFSEÏT UVBEPMFTDFODJBw/PFTFMNPNFOUPQBSBBTVNJSSFTQPOTB CJMJEBEFTOJDPOUSBFSDPNQSPNJTPTFTMBÏQPDBQBSBIBDFSEF BEPMFTDFOUFZQBSBFTPIBZRVFFTUBSFOMBFTDVFMB )BZRVFEFTUBDBSRVFFMFTQBDJPEFFODVFOUSPZEFUSÈO TJUPRVFFTMBFTDVFMBTFDVOEBSJBUPNBDBSBDUFSÓTUJDBTEJGF SFOUFTEFBDVFSEPDPOFMTFDUPSTPDJBMEFQFSUFOFODJB-PT KØWFOFTEFTFDUPSFTNFEJPTZBMUPTFOGBUJ[BOTFOTBDJPOFTZ FNPDJPOFTRVFBEFNÈTEFJODMVJSMBQPTJCJMJEBEEFSFMBDJP OBSTFDPOBNJHPTTVNBOMBDPOTUSVDDJØOEFWÓODVMPTDPO MPTQSPGFTPSFTFOUPSOPBMBUSBOTNJTJØOEFDPOPDJNJFOUP FO MBT NBUFSJBT 1BSB FMMPTBT FO MBT NBUFSJBT MPT iQSPGF TPSFTUJFOFOCVFOBEJTQPTJDJØOQBSBUSBCBKBSwBMVNOBEF .FOEP[B iTPO FYJHFOUFTw $PSSJFOUFT ZB RVF iFO FTUBT JOTUJUVDJPOFTQSJPSJ[BOMBFEVDBDJØOwSFHJØONFUSPQPMJUB OBEF#VFOPT"JSFT 4FEFMJOFBFOFTUPTDBTPTVOBFTDVFMB FYJHFOUF FO MB DVBM B MB WF[ TF SFDPOPDF DPNP WBMJPTB MB SFMBDJØODPOMPTDPNQB×FSPTZMPTQSPGFTPSFT &O FM DBTP EF MPT OJWFMFT TPDJPFDPOØNJDPT CBKPT MBT SF MBDJPOFTTPDJBMFTUJFOFONÈTRVFWFSDPOFMDVJEBEPMBDPO UFODJØO MB QSPUFDDJØO Z TPO NÈT IPSJ[POUBMFT %F NBOFSB DPJODJEFOUFFOMPTHSVQPTGPDBMFTEFFTUPTOJWFMFTTPDJPFDPOØ NJDPTSFBMJ[BEPTFOUSFTMPDBMJEBEFT$PSSJFOUFT.FOEP[BZMB $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB SFHJØONFUSPQPMJUBOBEF#VFOPT"JSFTMPTKØWFOFTQSJPSJ[BO MPTWÓODVMPTQFSTPOBMFTZMBSFMBDJØODPOFMPUSPQPSTPCSFMB USBOTNJTJØOEFDPOPDJNJFOUPT-PTBQSFOEJ[BKFTNÈTWBMJPTPT TPOQBSBFMMPTMPTiWBMPSFTwMBiTPMJEBSJEBEwFMiSFTQFUPwFM iTBCFSDPNQBSUJSwZBERVJFSFTVNBJNQPSUBODJBMBDVFTUJØO WJODVMBS DPO PUSPT EFTDPOPDJEPT %F FTUF NPEP TF HFOFSB BVORVFQPSDBNJOPTEJGFSFOUFTEFMPTBOUFSJPSNFOUFTF×BMB EPTFOMBTFTDVFMBTBMBTRVFBTJTUFOKØWFOFTQFSUFOFDJFOUFTB FTUPTTFDUPSFTTPDJPFDPOØNJDPTVOFTQBDJPRVFQFSNJUFiUF OFSCVFOBSFMBDJØODPOMPTDPNQB×FSPTZQSPGFTPSFTwSFHJØO NFUSPQPMJUBOBEF#VFOPT"JSFT $PNPWJNPTTJOFNCBSHP BMBIPSBEFEFDJSRVÏBQSFOEJFSPOFOMBFTDVFMBSFmFSFOFO HSBONFEJEBBDPOUFOJEPTFTDPMBSFT -PTSBTHPTQSJODJQBMFTRVFBERVJFSFMBFYQFSJFODJBFEVDB UJWB EF FTUB HFOFSBDJØO MMFWBO FO MPT BMVNOPT B FOGBUJ[BS FM IFDIP EF DPNQBSUJSFM FTUBSDPOPUSPT"TJNJTNPEFTUBDBO DPNPQPTJUJWPFMUSBOTJUBSFOGPSNBDPOKVOUBVODBNJOPRVF TFQSFTFOUBTJNJMBSEVSBOUFB×PTTJHOJmDBUJWPTBVORVFMPTTB CFO MJNJUBEPT /P EFKBO QPS FTP EF DSFFS RVF QPESÈO EJGF SFODJBSTFZFMBCPSBSTVQSPQJPDBNJOPHSBDJBTBMBPCUFODJØO EFMUÓUVMPTFDVOEBSJP/PQBSFDFOSFOFHBSEFMPTTBCFSFTRVF TFMFTUSBOTNJUFOQFSPQBSBDPOPDFSNÈTTPCSFFTUPTBTQFDUPT SFTVMUB OFDFTBSJP FYBNJOBS MB SFMBDJØO RVF FOUBCMBO DPO MPT DPOUFOJEPTZMPTQSPGFTPSFTZMBTQSFPDVQBDJPOFTRVFFNFS HFOFOFMEÓBBEÓBFTDPMBS -PTDPOUFOJEPTZMBSFMBDJØO DPOMPTQSPGFTPSFT /PT JOUFSFTB BIPSB EFUFOFSOPT FO MBT QFSDFQDJPOFT EF MPTFTUVEJBOUFTBDFSDBEFMPTDPOUFOJEPTZMBTNFUPEPMPHÓBT EFFOTF×BO[BFOMBFTDVFMB{2VÏFTQBSBMPTBMVNOPTTFS VO CVFO EPDFOUF {$ØNP FWBMÞBO MPT DPOUFOJEPT RVF TF FOTF×BOPMBQSFQBSBDJØOEFMPTQSPGFTPSFT .VDIBTWFDFT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB MPTEJBHOØTUJDPTTPCSFMBFEVDBDJØOTFDVOEBSJBFOGBUJ[BOMB GBMUB EF QSFQBSBDJØO P NPUJWBDJØO EF MPT BMVNOPT &O MB JOWFTUJHBDJØOOPTJOUFSFTØJOWFSUJSFMÈOHVMPEFMBQFSTQFD UJWBZWFSDØNPWFOFMMPTBTVTFTDVFMBTBTVTEPDFOUFTZ MPTDPOUFOJEPTRVFMFTFOTF×BO -FTTPMJDJUBNPTBMPTKØWFOFTRVFDBMJmDBSBOBTVFTDVFMB FOSFMBDJØODPOMPTQSPGFTPSFTMPTDPOUFOJEPTFMFEJmDJP MBCJCMJPUFDBMPTNBUFSJBMFTEFFOTF×BO[BZMBSFMBDJØODPO MPTEPDFOUFTZMPTEJSFDUJWPT"OUJDJQÈCBNPTRVFTFSÓBOEV SPT KVFDFT FO FTUB DBMJmDBDJØO QSPDFTBOEP TV SFCFMEÓB P QPOJFOEP FO QBMBCSBT MPT TFOUJNJFOUPT EF DPOGSPOUBDJØO RVF UJFOFO IBCJUVBMNFOUF 4JO FNCBSHP MPT BEPMFTDFOUFT GVFSPODBTJUBOQPTJUJWPTFOTVTKVJDJPTDPNPMPTEPDFOUFT WÏBTFFMDBQÓUVMPTJHVJFOUF 1PSFKFNQMPFMEFMUPUBM EFFODVFTUBEPTFWBMÞBDPNPCVFOPTUBOUPMPTDPOUFOJEPT RVFTFFOTF×BODPNPMBQSFQBSBDJØOEFMPTQSPGFTPSFT $VBESP 1FSDFQDJPOFTEFMPTBMVNOPTTPCSFBTQFDUPTEFTVFTDVFMB $BMJmDBDJØOEFMBQSFQBSBDJØOEFMPT QSPGFTPSFT #VFOB 3FHVMBS .BMB /4/$ 5PUBM $BMJmDBDJØOEFMPTDPOUFOJEPTRVFTF FOTF×BO #VFOB 3FHVMBS .BMB /4/$ 5PUBM -BQSFHVOUBGVFi"ZVEÈOEPUFDPOFTUBUBSKFUBy{DØNPDBMJmDBSÓBTMPT TJHVJFOUFTBTQFDUPTEFUVFTDVFMBy w $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB &TFOMBSFHJØONFUSPQPMJUBOBEF#VFOPT"JSFTEPOEFNFKPS TFDBMJmDBMBQSFQBSBDJØOEFMPTQSPGFTPSFT DPOUSBVOB NFEJBEFMSFTUPEFMQBÓTRVFTFTJUÞBFOFM"MBOBMJ[BSMPT EBUPTQSFTUBOEPBUFODJØOBMBTQBSUJDVMBSJEBEFTEFHÏOFSPZQPS UJQPEFJOTUJUVDJØOFODPOUSBNPTRVFTPOMBTNVKFSFTZBRVFMMPT RVFBTJTUFOBFTUBCMFDJNJFOUPTQSJWBEPTRVJFOFTQMBOUFBOVOB NFKPSDBMJmDBDJØOEFBNCBTDVFTUJPOFT&OFMQSJNFSDBTPQBSB FMMPTDPOUFOJEPTTPOCVFOPTNJFOUSBTRVFFM DBMJmDBEFMBNJTNBNBOFSBMBQSFQBSBDJØOEFTVTQSPGFTPSFT 1PSFMMBEPEFMPTKØWFOFTRVFFTUVEJBOFOFTDVFMBTQSJWBEBTFM ZFMEFTUBDBDPNPCVFOPTBNCPTUFNBTFOFTB FWBMVBDJØOWÏBOTFMPTDVBESPTZEFMBOFYP 2VFSFNPTEFTUBDBSRVFMBNFKPSQFSDFQDJØOPDBMJmDBDJØO EFMBFTDVFMBQPSQBSUFEFMPTBMVNOPTOPTEJDFQPDPTPCSFMBT DBSBDUFSÓTUJDBTFGFDUJWBTEFFTBFOTF×BO[B/PFTDPNPSFnFKP EF MB SFBMJEBE RVF EFCFO MFFSTF FTUBT SFTQVFTUBT .ÈT CJFO IBCSÓBRVFWFSQPSVOBQBSUFMPTFGFDUPTEFVOFTUBCMFDJNJFO UP FTDPMBS FO HFOFSBS BEIFTJØO F JEFOUJmDBDJØO FO TVT FTUV EJBOUFTUBNCJÏODBCSÓBQSFHVOUBSTFDVÈOUPIBZEFJOnVKPEF MPTEJTDVSTPTQSJWBUJTUBTEFMPTÞMUJNPTB×PTFOMBDBMJmDBDJØO BMUBNFOUF QPTJUJWB EF MPT BMVNOPT EF FTDVFMBT QSJWBEBT %F DVBMRVJFS NBOFSB OP TPO EBUPT QBSB TVCFTUJNBS FM RVF MPT BMVNOPTEFFTDVFMBTQÞCMJDBTZMPTWBSPOFTTFBORVJFOFTQFPS DBMJmDBO B TVT FTDVFMBT BVO DVBOEP EFCF SFDPSEBSTF RVF FM QSPNFEJPHFOFSBMEBNÈTRVFiBQSPCBEPw {$ØNPFTMBSFMBDJØODPOMPTEPDFOUFT {2VÏWBMPSBOEF FMMPT {2VÏDBSBDUFSÓTUJDBTEFCFSÓBOUFOFS 6OBEFMBTNBZPSFT QSFPDVQBDJPOFT RVF QPS FTUPT UJFNQPT TPCSFWVFMBO BM OJWFM NFEJPEFMTJTUFNBFEVDBUJWPTFSFMBDJPOBDPOFMUJQPEFWÓODV MPTDPOTUSVJEPTFOUSFBMVNOPTZEPDFOUFT%JWFSTPTUSBCBKPT FOGBUJ[BOMBDSJTJTEFBVUPSJEBERVFBUSBWJFTBFOQBSUJDVMBSBMB FTDVFMBTFDVOEBSJB-PTFTUVEJPTFYJTUFOUFTUJFOEFOBSFTBMUBS MB QSFTFODJB EF VOB EJWFSHFODJB EF JOUFSFTFT RVF EJmDVMUBO .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB DVBOEP OP JNQPTJCJMJUBO FM TPTUFOJNJFOUP EF FYQFDUBUJWBT DPNQBSUJEBTTPCSFBRVFMMPRVFEFCFSÓBPDVSSJSFOMBTBVMBT 1BSB QSPGVOEJ[BS FO FTUBT PQJOJPOFT SFTPMWJNPT JODMVJS BMHVOBT QSFHVOUBT TPCSF RVÏ DVBMJEBEFT EFCF UFOFS QBSB MPT BMVNOPT VO EPDFOUF FT EFDJS RVÏ IBDF B VOB QFSTPOB VO CVFOEPDFOUFZTJMPTQSPGFTPSFTEFTVFTDVFMBSFÞOFOFTBTDB SBDUFSÓTUJDBTZFORVÏQSPQPSDJØO5BNCJÏOMFTQFEJNPTBMPT KØWFOFTRVFDBMJmDBSBOMBTFYQMJDBDJPOFTEFTVTQSPGFTPSFT 7BMFMBQFOBEFUFOFSOPTDPONBZPSEFUBMMFFOMBQSJNFSBDVFT UJØOTF×BMBEB{2VÏFTQBSBMPTBMVNOPTVOCVFOEPDFOUF &O QSJNFSMVHBSBEJGFSFODJBEFMPRVFPDVSSFDPOMPTEPDFOUFTWÏBTF FMDVBESPEFMDBQÓUVMPBOUFSJPS MPTFTUVEJBOUFTDPOTJEFSBORVF BMHVJFOFTVOCVFOEPDFOUFDVBOEPTBCFFYQMJDBSCJFOBMPTBMVN OPTPQDJØOEFTUBDBEBQPSFMEFMPTKØWFOFT&OTFHVOEP MVHBSMPTBMVNOPTTF×BMBORVFVOCVFOEPDFOUFFTRVJFODPOPDF MBNBUFSJBRVFEBJOUSPEVDJFOEPVOBEJNFOTJØORVFFYQSFTBMB BENJSBDJØO JODMVTP MB DPOmBO[B FO FTF BMHVJFO FODBSHBEP EF USBOTNJUJSTVDPOPDJNJFOUP6OEFFTUVEJBOUFTQSJPSJ[Ø FTUBPQDJØO"MTVNBSBNCBTDVFTUJPOFTIBMMBNPTRVFNÈTEFM EFMBTSFTQVFTUBTTFPSJFOUBOBMTBCFS-PTBMVNOPTSFTQFUBO ZWBMPSBOFMDPOPDJNJFOUPZUBNCJÏOFMNPEPDPNPTFMPUSBOT NJUF"QSFDJBOMBDBQBDJEBEEFEFTQFSUBSFOFMPUSPFMQMBDFSQPS FMDPOPDFSFTBDVMUVSBTVFSUFEFMFHBEPDPNÞO -PTBMVNOPTFOGBUJ[BORVFMPTCVFOPTEPDFOUFTTPOBRVFMMPTB RVJFOFTMFTHVTUBMPRVFFOTF×BOZMPEFNVFTUSBO&TUFQVOUPSFÞOF FMEFMBTSFTQVFTUBT/PTFUSBUBQVFTEFQPTFFSTPMPDBQB DJEBEJOUFMFDUVBMTJOPEFEFNPTUSBSQBTJØOQPSFTFDPOPDJNJFOUP &OBMHÞOTFOUJEPMPTFTUVEJBOUFTQBSFDFOUFOFSNÈTSFTQFUPQPS MBTBDUJUVEFTPTFOUJEPTBTPDJBEPTDPOMBWPDBDJØOPFMEFTFNQF×P EPDFOUFRVFQPSVOQSPGFTPSFSVEJUP-PTBMVNOPTRVJFSFORVFMFT FYQMJRVFOCJFORVFFMEPDFOUFTFQBZRVFEFNVFTUSFQBTJØOUBOUP QPSBRVFMMPRVFDPOPDFDPNPFOFMNPNFOUPEFUSBOTNJUJSMP $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBTDBSBDUFSÓTUJDBTEFVO CVFOEPDFOUF 2VFTFQBEFMBNBUFSJBRVFEB 2VFTFQBFYQMJDBSBMPTBMVNOPT 2VFMFHVTUFMPRVFFOTF×BZMPEFNVFTUSF 2VFQSPQPOHBBDUJWJEBEFTJOUFSFTBOUFTZRVFBZVEF BMPTBMVNOPT 2VFUFOHBiCVFOBPOEBw 2VFUSBOTNJUBWBMPSFTQBSBTFSCVFOBQFSTPOB 2VFTFBFYJHFOUF 2VFUSBUFBUPEPTQPSJHVBM 2VFUFOHBBVUPSJEBE 2VFDVJEFZDPOUFOHB 5PUBM &ODVBSUPMVHBSFODPOUSBNPTFMÓUFNiRVFQSPQPOHBBDUJ WJEBEFTJOUFSFTBOUFTwDPOFMEFMBTSFTQVFTUBT&ORVJOUP MVHBSMBTPQJOJPOFTEFMPTBMVNOPTTF×BMBORVFVOCVFOEP DFOUFFTRVJFOiUSBUBBUPEPTQPSJHVBMw&TUFQVOUPFTDPIF SFOUFDPOMBTFOTBDJØOEFRVFMBFEVDBDJØOCSJOEBBUPEPTMBT NJTNBTPQPSUVOJEBEFTQPSMPUBOUPBRVFMMBmHVSBFODBSHBEB EFBDFSDÈSTFMBTEFCFIBDFSMPTJOQSFGFSFODJBT3FmFSFBTÓBMB EFNBOEBEFMBDPOTUSVDDJØOEFVOPSEFOKVTUPFOMBTFTDVF MBTFOMBDVBMMBQSPNFTBEFMBJHVBMEBEEFPQPSUVOJEBEFTTF -B QSFHVOUB GVF i{2VÏ FT QBSB WPT TFS VO CVFO EPDFOUF 1PS GBWPS BZVEÈOEPUF DPO FTUB MJTUB EFDJNF MBT USFT DBSBDUFSÓTUJDBT FO PSEFO EF JNQPSUBODJB RVF EFCF UFOFS VO CVFO EPDFOUFw &O FM DVBESP TPMP TF DPOTJEFSB MB QSJNFSB SFTQVFTUB $BCF TF×BMBS RVF OP IVCP EJGFSFODJBT TJHOJmDBUJWBTFOUSFMBTUSFTPQDJPOFT 7ÏBTFMBOPUBFOFMDBQÓUVMPBOUFSJPSEPOEFFYQMJDBNPTFMQPSRVÏEFMB JODMVTJØOEFFTUBDBUFHPSÓB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB WFBFGFDUJWBNFOUFSFnFKBEB4FFWJEFODJBUBNCJÏOBRVÓFMQFTP GVFSUFEFMBDPOmBO[BFOMBFTDVFMBZMBWJHFODJBEFVODPO TFOTPJNQPSUBOUFTPCSFTVTDBSBDUFSÓTUJDBT &OSFMBDJØODPOMBFOTF×BO[BEFWBMPSFTRVFFOPUSBTQSFHVO UBTBQBSFDÓBDPNPVOPEFMPTBQSFOEJ[BKFTNÈTTJHOJmDBUJWPTEFM QBTPQPSMBFTDVFMBMPTKØWFOFTOPQBSFDFOFTUBSQJEJÏOEPMFTB TVTQSPGFTPSFTRVFTFBCPRVFONÈTBTVFOTF×BO[B&OFTUFDBTP OPTFEFNBOEBBMEPDFOUFRVFUSBOTNJUBWBMPSFTQBSBTFSCVFOB QFSTPOBTJOPRVFMBBERVJTJDJØOEFFTPTBQSFOEJ[BKFTQBSFDFFTUBS MJHBEBBMPRVFTFBQSFOEFFOMBSFMBDJØODPOPUSPTUBOUPQBSFT DPNPBEVMUPT-BmHVSBEFMEPDFOUFDPOUJOÞBDPODFOUSBOEPFM TBCFSZFOÏMPFMMBQBSFDFDPSQPSJ[BSTFMBJNBHFOEFMBQFSTPOB FODBSHBEBEFBDFSDBSMFTFMTBCFSBEFNÈTEFVOBNBOFSBDMBSB FTEFDJSTBCJFOEPDØNPFYQMJDBSMP-PTEJTDVSTPTEFMPTKØWFOFT FOGBUJ[BOMBOFDFTJEBEEFRVFMPTEPDFOUFTTFPDVQFOEFBRVFMMB GVODJØOQSJNPSEJBMMBUSBOTNJTJØOEFDPOPDJNJFOUPT "EFNÈTEFMBJNBHFOEFMEPDFOUFJEFBMMFTQFEJNPTBMPT KØWFOFTRVFDBMJmDBSBOMBTFYQMJDBDJPOFTEFMPTEPDFOUFT"RVÓ FTUÈOMPTSFTVMUBEPT $VBESP $BMJmDBDJPOFTEFMPTFTUVEJBOUFTTPCSFMBFYQMJDBDJØOEFMPT QSPGFTPSFT .VZCVFOBT #VFOBT 3FHVMBSFT .BMBT .VZNBMBT 5PUBM -BQSFHVOUBGVFi"ZVEÈOEPUFDPOFTUBUBSKFUBy{DØNPDBMJmDBSÓBTFO HFOFSBMMPTTJHVJFOUFTBTQFDUPTEFMBTDMBTFTEFUVFTDVFMB w $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB &MMBTEFmOJØDPNPNVZCVFOBTZFMDPNP CVFOBT-BTVNBEFMPTEBUPTNVFTUSBRVFUSFTDVBSUBTQBSUFT EF MPT FTUVEJBOUFT TF NBOJmFTUBO DPOGPSNFT DPO MB NBOFSB FORVFMFTUSBOTNJUFOMPTDPOPDJNJFOUPT$JFSUPFTRVFOPT EJDFQPDPBDFSDBEFMUJQPEFDPOUFOJEPTRVFTFFOTF×BOQFSP OPFTVOUFNBNFOPSRVFMBTFYQMJDBDJPOFTMBDBQBDJEBEEF USBOTNJUJSBPUSPBRVFMMPRVFNFSFDFTFSDPNQBSUJEPSFÞOBO OJWFMFTDPOTJEFSBCMFTEFTBUJTGBDDJØOFOMBTSFTQVFTUBTEFMPT FTUVEJBOUFT DVFTUJPOFT RVF QFSNJUFO BWFOUVSBS RVF MB SFMB DJØO FOUSF MBT HFOFSBDJPOFT EJTUB EF FODPOUSBSTF UPUBMNFOUF GSBDUVSBEB 1PSÞMUJNPOPTJOUFSFTBCBDPOPDFSTJMPTBMVNOPTDPOTJ EFSBORVFFOTVTFTDVFMBTIBZCVFOPTEPDFOUFT&TRVFFYJTUF VOBHSBOEJGFSFODJBFOUSFSFDPOPDFSMBTDVBMJEBEFTRVFBMHVJFO EFCFUFOFSQBSBPDVQBSFTFMVHBSZTF×BMBSRVFRVJFOFTFTUÈO BM GSFOUF EF TVT BVMBT MBT SFÞOBO &M EF MPT BMVNOPT JOEJDØRVFMPTQSPGFTPSFTEFTVTFTDVFMBTUJFOFOFTBTWJSUVEFT 4JOFNCBSHPBMQSFHVOUBSMFTDVÈOUPTTPOMMBNBMBBUFODJØO RVFMBTSFTQVFTUBTUJFOEFOBSFGFSJSFMÓUFNi"MHVOPTwFMDVBM PCUVWPFMZiVOPTQPDPTw{2VÏJNQMJDBFTFBM HVOPT {%FRVÏNBOFSBTFDPOTUSVZFVOIPSJ[POUFEFFYQFDUB UJWBTTJTPMPBMHVOPTEFMPTEPDFOUFTBDFSDBOFTFDPOPDJNJFOUP WBMPSBEP &OQSJNFSMVHBSDBCFBDMBSBSRVFMBSFTQVFTUBOPTF FODVFOUSBFYFOUBEFMØHJDBZBRVFFTQSÈDUJDBNFOUFJNQPTJ CMFRVFUPEPTMPTEPDFOUFTEFVONJTNPFTUBCMFDJNJFOUPFTUÏO CJFO DBQBDJUBEPT 1PS PUSB QBSUF FM iBMHVOPTw OP JOEJDB VO QPSDFOUBKF%FDVBMRVJFSNPEPQPEFNPTIJQPUFUJ[BSBMHVOBT DVFTUJPOFTSFTQFDUPEFFTUBWBMPSBDJØOEFiBMHVOPTwQSPGFTPSFT EFMBFTDVFMB *ODMVJNPT BNCBT PQDJPOFT BVORVF TPO JNQSFDJTBT ZB RVF QFSNJUFO TBMJSTFEFMBSFTQVFTUBQSPNFEJPZEJTUJOHVJSFOUSFMBFTDBTF[ZMBQSFTFODJB TJHOJmDBUJWBBVORVFOPUPUBM .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $VBESP 0QJOJPOFTEFMPTFTUVEJBOUFTTPCSFMBQSFTFODJBEFCVFOPT EPDFOUFTFOTVTFTDVFMBT 5PEPT "MHVOPT 6OPTQPDPT "QBSFDFO BRVÓ PUSPT FMFNFOUPT QBSB QFOTBS MBT USBOTGPS NBDJPOFTEFMBBVUPSJEBEEFMPTEPDFOUFT4FTBCFCJFORVF MB BVUPSJEBE JOTUJUVDJPOBM OP TPMP FO MB FTDVFMB TFDVOEBSJB QBSFDJFSBEFCJMJUBSTFFOFTUPTUJFNQPTQSJWJMFHJBOEPFMTVSHJ NJFOUPEFMBRVFDPOTUSVZFVOMÓEFSRVFTFEFTUBRVFQPSTPCSF MPTEFNÈTMPRVF8FCFSEFOPNJOBCBiBVUPSJEBEDBSJTNÈUJ DBwZ/FMMZ3JDIBSEMMBNBiDBQJUBMJTNPEFMBTFEVDDJØOw &O NPNFOUPTFORVFOFDFTJEBEZEFQFOEFODJBTFQJFOTBOEFTEF TVBDFQDJØOOFHBUJWBQFEJSBZVEBFTTJOØOJNPEFEFCJMJEBE -B EFQFOEFODJB UBO WBMPSBEB FO FM ÈNCJUP QSJWBEP TF WJWF DPOWFSHàFO[BFOFMFTQBDJPQÞCMJDP&TUPTDBNCJPTMMFWBOB RVFFOVONBSDPEFDSJTJTEFMFHJUJNJEBETPTUFOFSMBQSPQJB BVUPSJEBE TF UPSOF VO QSPDFTP EJmDVMUPTP &TF BMHVOPT RVF FOGBUJ[BO MPT BMVNOPT NVFTUSB VOB SFGFSFODJB JOEJWJEVBM B DJFSUPTEPDFOUFTZOPBMBJOTUJUVDJØO4JOQPSFMMPDPMBQTBS MBBVUPSJEBEEFMBJOTUJUVDJØODPNPDFOUSPEFMTBCFSTFFSP TJPOBZTVSHFOFODBNCJPBVUPSJEBEFTNÈTQBSUJDVMBSFTRVF TFKVFHBONÈTJOEJWJEVBMNFOUFQBSBDBEBEPDFOUFZQBSBDBEB HSVQP 6OB WF[ NÈT IBZ RVF IBDFS SFGFSFODJB B MB JEFB EF OFHPDJBDJØOQFSNBOFOUFZQBSUJDVMBSRVFPSHBOJ[BMPTJOUFS DBNCJPTFOMBFTDVFMBNFEJBDPNPMPIBOTF×BMBEPMBTJOWFT UJHBDJPOFTEF5JSBNPOUJZ(BMMBSUZBNFODJPOBEBT -BQSFHVOUBGVFi{$VÈOUPTEFMPTQSPGFTPSFTEFUVFTDVFMBUJFOFOFTBT DBSBDUFSÓTUJDBT w $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB &TUFQSPDFTPPDVSSFFONPNFOUPTFORVFFMOJWFMTFDVO EBSJPZBOPDPODFOUSBFMNPOPQPMJPEFMBDVMUVSBMFHJUJNBEB 1FSPQFTFBMEFCJMJUBNJFOUPEFMDBSÈDUFSTBHSBEPEFMPTTBCFSFT RVFTFFOTF×BOZBQSFOEFOFOMBFTDVFMBEFCJEPFOQBSUFBMB GBDJMJEBEEFBDDFEFSBPUSPTTBCFSFTZBTFBBUSBWÏTEFMBTOVFWBT UFDOPMPHÓBTPQPSMBEJTQBSJEBEEFBVUPSJEBEFTDVMUVSBMFTFTUP OPMMFWBBVOSFDIB[PQPSQBSUFEFMPTBMVNOPTEFMPTDPOUFOJEPT RVFTFMFTUSBOTNJUFO&OMÓOFBTHFOFSBMFTFOMBTPQJOJPOFTEF MPTBMVNOPTBQBSFDFOCBKPTOJWFMFTEFDSÓUJDBTPCSFTVFTDVFMB ZFTDBTPTDVFTUJPOBNJFOUPTBDFSDBEFMUJQPEFDPOUFOJEPTRVF TFFOTF×BO$PNPTF×BMBNPTFOMBJOUSPEVDDJØOFTUPQVFEF EFCFSTFBMFGFDUPEFMiQFSCFOJTNPwEFMBEJmDVMUBEQBSBBS UJDVMBS EJTDVSTPT DSÓUJDPT Z OP UBOUP QBSB BDUVBS DPOEVDUBT USBOTHSFTPSBT P UBNCJÏO BM FGFDUP EF iEFTFBCJMJEBE TPDJBMw RVFQSPEVDFOMBTQSPQJBTFODVFTUBT1FSPEBEBMBDPOTJTUFODJB DPOPUSBTJOWFTUJHBDJPOFTRVFUBNCJÏOTF×BMBOVOOJWFMJN QPSUBOUFEFBDVFSEPEFMPTKØWFOFTDPOSFTQFDUPBMBQSPQVFTUB FTDPMBS(BMMBSU DSFFNPTRVFIBZRVFFTCP[BSUBNCJÏO BMHVOBTPUSBTFYQMJDBDJPOFT2VJ[ÈTIBCSÓBRVFEFDJSDPNPMP TF×BMBOBMHVOPTFTUVEJPTPTEFMBKVWFOUVERVFGSFOUFBVOB JOTUBODJBMFHJUJNBEBEFUSBOTNJTJØOEFMTBCFSMPTKØWFOFTFT UBCMFDFOSFMBDJPOFTDPOUSBEJDUPSJBTEFJOUFHSBDJØOZDPOnJDUP 'FJYB 4JIBTUBBIPSBTFFOGBUJ[ØNÈTFMDPOnJDUPFOMB MFDUVSBEFMBBDUJUVEEFMPTKØWFOFTIBDJBMBFTDVFMBIBCSÓBRVF WFSUBNCJÏODØNPTFJODMVZFTVQFSTQFDUJWBNÈTJOUFHSBEBZ DPOGPSNJTUB 4F×BMBEBTFTUBTDVFTUJPOFTRVFEBQPSDPOPDFSIBDJBEØOEF TFPSJFOUBOTVTEFNBOEBT-PTBMVNOPTEFTUBDBORVFMPTJN QBDUBONÈTMBTDMBTFTFOMBTDVBMFTTFVUJMJ[BOTPQPSUFTUFDOPMØ HJDPTZFYJTUFJOUFSDBNCJPEFPQJOJPOFT-BTDSÓUJDBTRVFFTCP [BOTFFODBV[BONÈTCJFOBMBGPSNBEFFTUSVDUVSBSMBTDMBTFT ZBMBTBDUJWJEBEFTQSPQVFTUBTBOUFTRVFBGPSNVMBSBMUFSOBUJ WBTFODVBOUPBMPTDPOUFOJEPT-BTEFNBOEBTTFFODVFOUSBO PSJFOUBEBTBMNPEPFORVFTFQSPEVDFMBUSBOTNJTJØOEFDP .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB OPDJNJFOUPTZTPOQMBOUFBEBTDPOEJTUJOUBJOUFOTJEBEZÏO GBTJTFOMPTEJGFSFOUFTHSVQPTTPDJPFDPOØNJDPT-PTBMVNOPT EFTFDUPSFTTPDJPFDPOØNJDPTNFEJPTZBMUPTTJORVFFYJTUBO EJGFSFODJBT SFHJPOBMFT DSJUJDBO MPT FTUJMPT QFEBHØHJDPT QPDP BDUVBMJ[BEPTZEJTUBOUFTEFMBFYQFSJFODJBQSÈDUJDBZDPUJEJBOB 5BNCJÏOBMHVOPTDPOUFOJEPTEFMDVSSÓDVMPZFMFTUJMPBVUPSJ UBSJPEFBMHVOPTQSPGFTPSFT4FOTBDJPOFTRVFTF×BMBOFOTFD UPSFTTPDJBMFTNFEJPBMUPTMBEFNBOEBEFVOBBSHVNFOUBDJØO DPOWJODFOUFZEFEJÈMPHPZSFTQFUP&MMPTWBMPSBOZSFDVFS EBONÈTBRVJFOFTEFTQMJFHBOFOMBTBVMBTJOUFOUPTEJGFSFOUFT Z EJOÈNJDPT QBSB MB USBOTNJTJØO EF DPOPDJNJFOUPT B BRVF MMPTiQSPGFTPSFTDPOHBOBTEFFOTF×BSwWBSØO.FOEP[B FO DMBTFTEPOEFiIBZBEJÈMPHPJOUFSDBNCJPwNVKFS$PSSJFOUFT ZFOMBTDVBMFTMPTQSPGFTPSFTQBSBTFSSFTQFUBEPTUJFOFORVF iSFTQFUBSMBPQJOJØOEFMPTBMVNOPTwZiDPNQSFOEFSwNVKFS SFHJØONFUSPQPMJUBOBEF#VFOPT"JSFT &O MBT FOUSFWJTUBT HSVQBMFT MPT BMVNOPT EF TFDUPSFT TP DJPFDPOØNJDPT CBKPT EFTDSJCFO FO HFOFSBM VOB FTDVFMB FN QPCSFDJEB FO DPOUFOJEPT Z FYJHFODJB RVF SFGVFS[B JNÈHFOFT EFNBSHJOBDJØOTPDJBMZEJTDSJNJOBDJØOZFOMBRVFTFQSFTUB QPDBBUFODJØOBDØNPBWBO[BOFOTVTBQSFOEJ[BKFT&TUPTKØ WFOFTTFNVFTUSBOQSFPDVQBEPTQPSRVFMFTFOTF×FOZMFTFYJ KBONÈT&OUSFMBTQSJODJQBMFTEFNBOEBTDPODSFUBTFODPOUSB NPTRVFBMHVOPTQJEFORVFMFTEFONÈTIPSBTFOMPTQSJNFSPT B×PTPUSPTRVFMPTQSFQBSFOCJFOQBSBMBVOJWFSTJEBEPQBSB FMUSBCBKPQFSPGVOEBNFOUBMNFOUFTPMJDJUBORVFiMPTQSPGFTP SFTUFOHBOHBOBTEFFOTF×BSRVFFOTF×FOUPEPFMQSPHSBNBw PiMPNJTNPFOQSPWJODJBRVFFODBQJUBMwDPNPFYQSFTBOEPT KØWFOFTWBSPOFTEFMHSVQPGPDBMSFBMJ[BEPFOMBSFHJØONFUSP QPMJUBOBEF#VFOPT"JSFT4PODPOTDJFOUFTEFRVFIBZPGFSUBT FEVDBUJWBT EF DBMJEBE EJTÓNJM Z EF RVF OP MFT FTUÈ UPDBOEP MBNFKPSQBSUF-BTPQJOJPOFTTPOTJNJMBSFTFOPUSBTSFHJPOFT EFMQBÓT-PTFTUVEJBOUFTTF×BMBORVFFOUSFMPTEPDFOUFTiIBZ BMHVOPTRVFEFDØNPEPTOPTEFKBOIBDFSMPRVFRVFSFNPTw $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB WBSØO$PSSJFOUFT NJFOUSBTPUSPTiWJFOFOZTFTJFOUBOZOP IBDFOOBEBwNVKFS.FOEP[B 4POFTPTQSPGFTPSFTMPTRVF iSPCBOMBDMBTFwWBSØOSFHJØONFUSPQPMJUBOBEF#VFOPT"J SFT BMQPOFSTFBIBCMBSEFDVBMRVJFSUFNBDVBOEPMMFHBOBM BVMB &TUBTPQJOJPOFTTJOFNCBSHPOPTFSFnFKBOFOMBTFODVFT UBTEPOEFTVDFEFBMHPTJNJMBSBMPTF×BMBEPFOSFMBDJØODPO MPTEPDFOUFTBQBSFDFOBMMÓNBZPSFTOJWFMFTEFDPOGPSNJEBEZ EFQFSDFQDJPOFTQPTJUJWBTWÏBTFMBJOUSPEVDDJØO -PTEBUPT EFTDSJCFOVOBNBOFSBQBSUJDVMBSEFQFOTBSMBFEVDBDJØODPO CBKPT OJWFMFT EF DSÓUJDB Z HSBEPT DPOTJEFSBCMFT EF DPOmBO[B FOMBJOTUJUVDJØOFTDPMBS&TUBNPTQVFTBOUFVOBFTDVFMBTF DVOEBSJB RVF BERVJFSF VO TFOUJEP DPODSFUP QBSB MBT OVFWBT HFOFSBDJPOFT FT FTQBDJP EF TPDJBCJMJEBE Z FODVFOUSP DPO FM PUSPTFFODVFOUSBBMUBNFOUFWBMPSBEBFOTVTDPOUFOJEPTFO MBQSFQBSBDJØOEFMPTQSPGFTPSFTZMFHJUJNBEBFOTVQSFUFOTJØO EFCSJOEBSBUPEPTMBTNJTNBTPQPSUVOJEBEFT-PTBMVNOPT NÈT RVF DVFTUJPOBS MB MFHJUJNJEBE EF MPT DPOUFOJEPT RVF TF FOTF×BOQJEFORVFMFTFYJKBONÈT5BNCJÏOOPUBNPTRVFTJ FOUÏSNJOPTHFOFSBMFTMPTFTUVEJBOUFTWBMPSBOQPTJUJWBNFOUF TVFTDVFMBIBZBTQFDUPTRVFDSJUJDBODPOEJGFSFOUFÏOGBTJTTF HÞOFMOJWFMTPDJPFDPOØNJDPBMDVBMQFSUFOF[DBOQBSBRVFTV GPSNBDJØOTFBNFKPS 0USBWF[OPTQSFHVOUBNPTTPCSFDØNPFYQMJDBSFTUFCBKP OJWFMEFDSÓUJDB{&TUBNPTGSFOUFBVOBHFOFSBDJØODPOGPSNJT UB .ÈTCJFOQSFGFSJNPTEFDJSRVFMPTBMVNOPTTFNBOJmFTUBO DPOGPSNFT DPO MP RVF FODVFOUSBO FO MBT BVMBT -B TBUJTGBD DJØODPOMPRVFPDVSSFQVFSUBTBEFOUSPQVFEFEFCFSTFBEJ WFSTBT DJSDVOTUBODJBT 1PS VO MBEP FO MB WBMPSBDJØO QPTJUJWB QVFEFOWFSTFMPTFGFDUPTEFMBGPSNBFTDPMBSEFMBHSBNÈUJDB EFMBFTDVFMBRVFIBDFRVFQFSTJTUBOMBTNJTNBTDBUFHPSÓBTZ DPODFQUPT QBSB EFmOJS RVÏ FT VOB CVFOB FTDVFMB 1PS PUSP SFDPSEFNPTRVFMPTKØWFOFTWBMPSBOEFNPEPNBZPSJUBSJPBMB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB FTDVFMBDPNPVOFTQBDJPEFSFTHVBSEPDPNPVOUJFNQPQSP UFHJEP&YJTUFVOBSFMBDJØOEJSFDUBNFOUFQSPQPSDJPOBMFOUSF WBMPSBDJØOEFMBFTDVFMBDPNPUSBOTJDJØOZMPTCBKPTOJWFMFTEF DSÓUJDB"NBZPSWBMPSBDJØOEFMBQSPQJBJOTUJUVDJØONFOPSFT OJWFMFTEFSFQSPDIFTFOTVJOUFSJPS 1PSPUSPMBEPFMDVFTUJPOBNJFOUPZMBUSBOTHSFTJØOQBSF DFOPSJFOUBSTFNÈTFOUÏSNJOPTEFBDUJUVEFTJOEJWJEVBMFTZOP DPMFDUJWBT&YJTUFOQPDPTEFTBGÓPTBMBJOTUJUVDJØOFOGVODJØO EFTVQSPQVFTUBHFOFSBMZEFTVFTUSVDUVSB)BZBMMÓBMHVOPT SBTHPTHFOFSBDJPOBMFTRVFFTJNQPSUBOUFUFOFSFODVFOUB-BT OVFWBTHFOFSBDJPOFTTJHVJFOEPFMDMJNBDVMUVSBMEFMBÏQPDB TFFODVFOUSBOQPDPJOWPMVDSBEBTFOBMHVOBTEJNFOTJPOFTEF MBWJEBTPDJBMPRVJ[ÈNFKPSEJDIPFTUÏOJOUFSFTBEBTQPSEJGF SFOUFTDVFTUJPOFT:UJFOEFOBBTVNJSTVGSBDBTPPEJmDVMUBEFT DPNPBMHPJOEJWJEVBMRVFTFPSJHJOBFOFMMBTNJTNBT1PSFTP OPEFCFTPSQSFOEFSOPTRVFOPIBZBEJGFSFODJBTTJHOJmDBUJWBT FOMBWBMPSBDJØOEFMPTDPOUFOJEPTZGPSNBTEFMBFOTF×BO[B FOUSFRVJFOFTUJFOFOVOBUSBZFDUPSJBFTDPMBSTJOTPCSFTBMUPTZ RVJFOFTIBOQBTBEPQPSMBFYQFSJFODJBEFMBCBOEPOPFTDPMBS SFQJUJFSPOBMHÞOB×PPTFMMFWBONVDIBTNBUFSJBTBFYBNFO &TPT ÞMUJNPT QBSFDFO IBCFS JOUFSOBMJ[BEP MB JEFB EF RVF FM GSBDBTPFTDVMQBTVZBZOPFMQSPCMFNBEFVOBJOTUJUVDJØORVF OPQVFEFWFSRVÏBTQFDUPTEFTVQSPQVFTUBOPFTUÈOGVODJP OBOEP&OUÏSNJOPTEFVOBTFTUVEJPTBTFTQB×PMBTMPTBMVN OPTIBOJOUFSOBMJ[BEPVOBiJEFOUJEBEFTDPMBSEFmDJUBSJBwRVF QPOFTPCSFTVTIPNCSPTFYDMVTJWBNFOUFMBTDBVTBTZMBTTPMV DJPOFTBMGSBDBTPFTDPMBS4VTJOPTZPUSPT -PT BMVNOPT UBNQPDP UJFOFO BDUJUVEFT RVF TF BTFNFKFO B BRVFMMBT EFTDSJQUBTFOEJWFSTPTFTUVEJPTFO&TQB×BEVSBOUFMPTB×PTPDIFOUBCBKP FMOPNCSFEFQBTPUJTNPKØWFOFTRVFiQBTBCBOEFUPEPwOJDSFFNPTRVF TFBOTVKFUPTDBMDVMBEPSFTRVFTJOJNQMJDBSTFEFNBTJBEPFOTVQBTPQPSMBT BVMBTEJTGSVUBOEFMCFOFmDJPEFFTUBSFOMBFTDVFMBEFMBPCUFODJØOEFM UÓUVMPDPNPTPTUJFOFODJFSUPTBOÈMJTJTNÈTFDPOPNJDJTUBT $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB 1FSPQPSPUSBQBSUFUBNCJÏOFTOFDFTBSJPFOGBUJ[BSDPNP UFOEFODJBHFOFSBMMBGBMUBEFNFDBOJTNPTFOMBTJOTUJUVDJPOFT RVFJOTUFOBMPTBMVNOPTBQBSUJDJQBSMBBVTFODJBEFVOBQSP NPDJØOEFMB[PTFOUSFFTDVFMBZDPNVOJEBEZMBDPOTPMJEB DJØOEFFTUSVDUVSBTFYDFTJWBNFOUFKFSÈSRVJDBTRVFEJmDVMUBO MBUFOEFODJBBDPNQSPNFUFSTFNÈTFOFMEÓBBEÓBFTDPMBS4J DPNCJOBNPTBMHVOBTDBSBDUFSÓTUJDBTTPDJBMFTZDVMUVSBMFTDPO MBDVMUVSBFTDPMBSNÈTUÓQJDBRVFOPIBDFEFNBTJBEPMVHBSB MPTKØWFOFTOPEFCFFYUSB×BSOPTFOUPODFTRVFOPBQBSF[DBO GPSNVMBDJPOFT EFTBmBOUFT TPCSF MPT DPOUFOJEPT P MB DVMUVSB FTDPMBS 'JOBMNFOUFEFCFSFDPSEBSTFFMWBMPSEFMBTDVFTUJPOFTWJO DVMBSFTRVFDPNPWJNPTTPOMBTRVFEFmOFONBZPSNFOUF MPRVFBDPOUFDFFOMBTBVMBT-BTEFNBOEBTZDSÓUJDBTEFMPT KØWFOFTTFEJSJHFONVDIPNÈTIBDJBMBTDBSBDUFSÓTUJDBTKVTUBTP JOKVTUBTEFMBBVUPSJEBEPBMBEJTDSJNJOBDJØORVFWFOFOTVT FTDVFMBTRVFIBDJBMPTDPOUFOJEPTZGPSNBTEFMBFOTF×BO[B FTDPMBS4PCSFFTUFUFNBOPTEFUFOESFNPTBDPOUJOVBDJØO -BQSFPDVQBDJØOQPSMBDPOWJWFODJB -PTCBKPTOJWFMFTEFDSÓUJDBTOPJNQMJDBORVFFMUSÈOTJUPQPS MBTBVMBTTFBVODBNJOPTJOEJmDVMUBEFT-PTEJTDVSTPTEFMPT BMVNOPTSFnFKBORVFFYJTUFOQSFPDVQBDJPOFTRVFQBSFDJFSBO PSJFOUBSTFBPUSBTDVFTUJPOFTZÈSFBTEFMBWJEBFTDPMBSZOPBM DVFTUJPOBNJFOUPPMBQSPCMFNBUJ[BDJØOEFBTVOUPTWJODVMBEPT BMBTGVODJPOFTNÈTUSBEJDJPOBMFTEFFOTF×BO[B &OUSFFTBTDVFTUJPOFTFODPOUSBNPTMBDVFTUJØOEFMBDPOWJ WFODJB&TUFUFNBIBHBOBEPUFSSFOPFOMPTÞMUJNPTB×PTEFMB NBOPEFMBBQBSJDJØOEFNÈTGFOØNFOPTEFEFTFTUSVDUVSBDJØO JOTUJUVDJPOBMEFFQJTPEJPTEFWJPMFODJBZTPCSFUPEPEFNPWJ NJFOUPTRVFEJTDVUFOEFOUSPZGVFSBEFMBFTDVFMBTVTDBSBDUFSÓT UJDBTEFNPDSÈUJDBTPBVUPSJUBSJBT1PSFMMPMBDSFBDJØOEFÈNCJUPT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB DBSBDUFSJ[BEPT QPS VO CVFO DMJNB P QPS QBVUBT EF JOUFSBDDJØO SFTQFUVPTBTUBOUPFOMBTBVMBTDPNPGVFSBEFFMMBTFTVOBEFMBT DVFTUJPOFTRVFNÈTQSFPDVQBOBMPTEPDFOUFTMPTQBESFTZMPT BMVNOPT1PSTVQBSUFEFTEFMBTBVUPSJEBEFTNJOJTUFSJBMFTTFGP NFOUØ MB DPODSFDJØO EF OVFWBT NBOFSBT EF FTUSVDUVSBS MB EJT DJQMJOBBUSBWÏTEF$POTFKPTZ3FHMBNFOUPTEF$POWJWFODJBFM JNQVMTP B MBT mHVSBT EF UVUPSFT P NFEJBEPSFT Z FM SFFNQMB[P EFMBTBNPOFTUBDJPOFTQPSTJTUFNBTNÈTFTDBMPOBEPTZSFnFYJWPT RVFUSBUBEFDSFBSVONFKPSDMJNBEFUSBCBKPFOMBTFTDVFMBT {2VÏQJFOTBOMPTKØWFOFTTPCSFMPRVFPDVSSFDPOMBDPOWJ WFODJB FO TVT BVMBT &M EF MPT FODVFTUBEPT EFTUBDB RVF MBDPOWJWFODJBFOTVTFTDVFMBTFTCVFOB/PFYJTUFOEJGFSFODJBT TJHOJmDBUJWBTQPSOJWFMFTTPDJPFDPOØNJDPTOJQPSHÏOFSP&OFTUB QSJNFSBQSFHVOUBMBTEJGFSFODJBTNÈTOPUPSJBTTFEBOQPSFMUJQP EFFTUBCMFDJNJFOUPBMDVBMDPODVSSFOMPTBMVNOPTFMEF RVJFOFTBTJTUFOBFTDVFMBTQSJWBEBTNBOJmFTUBRVFMBTSFMBDJPOFT FOUSFBMVNOPTZEPDFOUFTTPOCVFOBTDPOUSBTPMPVORVF MPBmSNBFOUSFRVJFOFTDPODVSSFOBFTDVFMBTQÞCMJDBTWÏBTFDVB ESPBOFYP %FDVBMRVJFSNBOFSBEFCFSFDPSEBSTFRVFFT FMQSJNFSÓUFNFOFMRVFBQBSFDFVOOÞNFSPJNQPSUBOUFNÈTEF VOUFSDJP EFFTUVEJBOUFTRVFDBMJmDBBMHÞOBTQFDUPEFTVFTDVFMB FOUÏSNJOPTiSFHVMBSFTw²TUFOPFTVOEBUPNFOPS $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBDPOWJWFODJBFOTV FTDVFMB $BMJmDBDJØO$POWJWFODJBFOHFOFSBM #VFOB 3FHVMBS .BMB /4/$ -BQSFHVOUBGVFi{$ØNPDBMJmDBSÓBTMPTTJHVJFOUFTBTQFDUPTEFUVFTDVFMB -BDPOWJWFODJBFOHFOFSBMw $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB -BTSFMBDJPOFTFOUSFFTUVEJBOUFTZQSPGFTPSFTTPOPUSPNP UJWPEFQSFPDVQBDJØO{%FRVÏNBOFSBTFQFSDJCFOMBTSFMBDJP OFTFOUSFBNCPT {$ØNPTFWJODVMBOMPTBMVNOPTFOUSFTÓ -B NJUBE EF MPT BMVNOPT FODVFTUBEPT TF×BMB RVF MBT SFMBDJPOFT TPOCVFOBTDVFTUJØOFOGBUJ[BEBFOMBTFTDVFMBTQSJWBEBT5BN QPDPTFNBOJmFTUBOFOFTUFDBTPEJTQBSJEBEFTTJHOJmDBUJWBTQPS HÏOFSP 3FTQFDUP EF MBT SFMBDJPOFT FOUSF BMVNOPT OP FYJTUFO EJGFSFODJBTTVTUBODJBMFTQPSFMUJQPEFFTUBCMFDJNJFOUPQFSPTPO MPTWBSPOFT ZMPTKØWFOFTEFOJWFMFTTPDJPFDPOØNJDPT CBKPT RVJFOFTNBZPSQPSDFOUBKFEFSFTQVFTUBTQPTJUJWBT EJFSPOBOUFMBDPOTVMUBWÏBOTFDVBESPTZBOFYP $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBTSFMBDJPOFTEFOUSP EFMBFTDVFMB #VFOB $BMJmDBDJØO7ÓODVMPTFOUSFBMVNOPTZ 3FHVMBS EPDFOUFT .BMB /4/$ $BMJmDBDJØO3FMBDJØOFOUSFMPT FTUVEJBOUFT #VFOB 3FHVMBS .BMB /4/$ -PT EBUPT DPOUSJCVZFO B EJCVKBS VO QFSmM JOTUJUVDJPOBM FOFMDVBMMPTKØWFOFTEFTUBDBODPNPCVFOBTMBDPOWJWFODJBZ MBTSFMBDJPOFTDPOFMPUSPUBOUPTVTQBSFTDPNPMPTEPDFOUFT FOTVTFTDVFMBTMBTBUJTGBDDJØOSFTQFDUPEFMBSFMBDJØODPOMPT EPDFOUFTFTNFOPSRVFMBRVFPCUJFOFOEFMBSFMBDJØOFOUSF MPTFTUVEJBOUFT1FSPUBNCJÏOEFCFEFTUBDBSTFRVFBQBSFDFVO -B QSFHVOUB GVF i{$ØNP DBMJmDBSÓBT MPT TJHVJFOUFT BTQFDUPT EF UV FTDVFMB -PT WÓODVMPT FOUSF BMVNOPT Z EPDFOUFT -B SFMBDJØO FOUSF MPT FTUVEJBOUFTw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB OÞNFSPNVZDPOTJEFSBCMFRVFDSFFRVFFTPTWÓODVMPTOPTPO EFMUPEPTBUJTGBDUPSJPT&TQFDJBMNFOUFFOMBSFMBDJØODPOMPT EPDFOUFTBVNFOUBFMOÞNFSPEFSFTQVFTUBTDSÓUJDBT-BDPOWJ WFODJBTFTBCFOPFTUÈFYFOUBEFDPOnJDUP -PRVFTÓQBSFDFFNFSHFSDPOVODPOTFOTPFYUFOEJEPFTMB JEFBEFMBFTDVFMBDPNPSFGVHJPMBFTDVFMBDPNPVOFTQBDJP EPOEFFTQPTJCMFIBCMBSZFOUFOEFSTF$POWJFOFBRVÓSFDPSEBS BMHVOBTEFMBTJNÈHFOFTNÈTGVFSUFTRVFDJSDVMBOFOUPSOPB MPTBEPMFTDFOUFTZMPTKØWFOFT&MMPTIBOTJEPOPUJDJBÞMUJNB NFOUFQPSDVFTUJPOFTUSÈHJDBTFOVOSFHPDJKPNFMPESBNÈUJDP RVFZBIFNPTTF×BMBEP$SPNB×ØOMPTDBTPTEFHBUJMMPGÈDJM MBWJPMFODJBFOUSFQBSFTPFMIFDIPEFRVFTPOFMHSVQPFUBSJP RVFFODBCF[BMBTFTUBEÓTUJDBTQPSDBTPTQPSNVFSUFTWJPMFOUBT #POBMEJ QFSPUBNCJÏOIFDIPTESBNÈUJDPTIBOSP[BEP MBT JOTUJUVDJPOFT FTDPMBSFT DPNP FM DBTP EF $BSNFO EF 1B UBHPOFTPEFMPTBMVNOPTEFMDPMFHJP&DPTRVFUVWJFSPOVO BDDJEFOUFFOMBSVUBNJFOUSBTSFHSFTBCBOEFVOWJBKFTPMJEB SJP"OUFMBJODFSUJEVNCSFEFMiBGVFSBwMBFTDVFMBTFDVOEBSJB UJFOEFBDPOWFSUJSTFFOBRVFMMBJOTUJUVDJØOFOMBDVBMQVFEFO UPNBSMBQBMBCSBJODMVTPQBSBFYQSFTBSMPTUFNPSFTFOGPSNB MFHÓUJNB -BT JNÈHFOFT RVF EFWVFMWF VO BGVFSB QMBHBEP EF JODFSUJEVNCSFTNVDIBTWFDFTQSPQJDJBOFMJOUFSÏTEFOUSPEF MBFTDVFMBQPSHFOFSBSWÓODVMPTQSØYJNPTTFHVSPTEFCVFOB DPOWJWFODJB 1FSPFTUFQSPDFTPUJFOFQPSDJFSUPTVTSJFTHPT&MQSJODJQBM RVJ[ÈTFBRVFMBBQFMBDJØOBVOBCVFOBDPOWJWFODJBEFSJWFFO MB DPOTUSVDDJØO EF FTUFSFPUJQPT EF KØWFOFT BEBQUBCMFT B FTB DPOWJWFODJB Z EF PUSPT RVF OP QPESÈO JOUFHSBSTF &TUP JN QMJDBSÓBRVFUPEPBRVFMBMRVFTFUJMEBEFSBSPEJGFSFOUFTFB TF×BMBEP DPNP QPDP BEBQUBCMF B MB DPNVOJEBE DPOTUJUVJEB EFUSÈT EF BRVFMMP EFOPNJOBEP DPOWJWFODJB " TV WF[ QVF EFMMFWBSBRVFDVBMRVJFSBDUPEFJOEJTDJQMJOBTFDPOTJEFSFEF WJPMFODJB -B DPOWJWFODJB QFOTBEB DPNP QPTJDJØO EFGFOTJWB $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB GSFOUFBVONVOEPIPTUJMQVFEFDMBVTVSBSJOUFSDBNCJPTNÈT EFNPDSÈUJDPTZVOBEJWFSTJEBEEFWPDFT&MQSPDFTBNJFOUPEF MPTDPOnJDUPTMBQSFTFOUBDJØOEFMPTEJTFOTPTZFMSFTQFUPEF MBTEJGFSFODJBTTPOTVTUBODJBMFTQBSBMBDPOTPMJEBDJØOEFVOB JEFBEFNPDSÈUJDBWJODVMBEBBMBKVTUJDJB -PDJFSUPFTRVFMPTKØWFOFTSFDPOPDFOZWBMPSBOMBDVFT UJØOEFMPTEFSFDIPTEFOUSPEFMBTFTDVFMBT&TUPFTQPSDJFSUP VO UFNB OPWFEPTP JOTUBMBEP FO MPT ÞMUJNPT B×PT FO MBT FTDVFMBT TFDVOEBSJBT 4PSQSFOEF Z HSBUJmDB FTUF DPOTFOTP FO WBMPSBSBMBFTDVFMBDPNPVOFTQBDJPEPOEFTFBQSFOEFOZTF EFTQMJFHBOEFSFDIPT $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFFMBQSFOEJ[BKFEFMPT EFSFDIPTFOMBFTDVFMB -BFTDVFMBTFDVOEBSJBMFTFOTF×BBMPT KØWFOFTBDPOPDFSTVTEFSFDIPT 5PUBM %FBDVFSEP &OEFTBDVFSEP /4/$ &OTÓOUFTJTMPTKØWFOFTWBMPSBOMBTSFMBDJPOFTDPOQBSFTZ DPOEPDFOUFTFOMBTFTDVFMBTBVORVFQFSDJCFOEJmDVMUBEFTFO MBTSFMBDJPOFTDPOMPTEPDFOUFTZFONFOPSNFEJEBFOUSFMPT FTUVEJBOUFT"MNJTNPUJFNQPSFDPOPDFORVFFOMBFTDVFMB TFFOTF×BOMPTEFSFDIPTZRVFFTVOFTQBDJPEPOEFQVFEFO IBCMBSZTFSFTDVDIBEPT$PNPEFDÓBNPTBOUFSJPSNFOUFFTUPT BTQFDUPTWJODVMBSFTOPEFCFODPOTJEFSBSTFEFNBOFSBTFQBSB EBEFMPTBTQFDUPTEFFOTF×BO[BIFSSBNJFOUBTJOUFMFDUVBMFTP EJTQPTJDJPOFTDJVEBEBOBT&TUPBQBSFDFVOJEPFOFMEJTDVSTP EFMPTKØWFOFTEFIPZ -B QSFHVOUB GVF i.F HVTUBSÓB TBCFS TJ FTUÈT EF BDVFSEP P FTUÈT FO EFTBDVFSEPDPOMBTTJHVJFOUFTGSBTFTyw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB -BFTDVFMBQSPQJBFODPNQBSBDJØO EJTUJODJPOFTZKFSBSRVÓBT 7PMWBNPTBMBSFnFYJØOTPCSFMBFTDVFMBDPNPDPOKVOUP&M SFGSÈOEFRVFiFMQBTUPEFMWFDJOPTJFNQSFFTUÈNÈTWFSEFZNFKPS DPSUBEPwFTCJFODPOPDJEP1FSPUBNCJÏOTVDFEFMPDPOUSBSJPMB DPNQBSBDJØODPORVJFOUFOFNPTBOVFTUSPMBEPFOFMUSBCBKP MBFTDVFMBPFMCBSSJPQVFEFMMFWBSBSFBmSNBSVOBNJSBEBBVUP DPNQMBDJFOUF%JWFSTPTFTUVEJPTSFBMJ[BEPTFOCBSSJPTIBCJUBEPT QPSTFDUPSFTQPQVMBSFTEFTUBDBORVFMPTEJTDVSTPTEFMPTTVKFUPT TJFNQSFTF×BMBOBBMHVJFORVFFTUÈFOQFPSTJUVBDJØO1PSMPHF OFSBMFTFOFMGPOEPEFMCBSSJPBUSÈTPDFSDBEFMBSSPZPFMCBSSJP WFDJOPEPOEFIBZNBZPSFTOJWFMFTEFQPCSF[BQSÈDUJDBTQPMÓUJDBT DMJFOUFMBSFTPTFFODVFOUSBOMBT[POBTNÈTQFMJHSPTBT-BTDMBTFT NFEJBTUJFOEFOBBDFOUVBSMBEJTUJODJØOQPSMBBVUPOPNÓBEFTVT FMFDDJPOFTMBJOEFQFOEFODJBMBCPSBMPMBTFTUSBUFHJBTFEVDBUJWBT RVFBEPQUBSPO-PTTFDUPSFTBMUPTIBMMBSPOFOMPTCBSSJPTZDPMF HJPTQSJWBEPTOVFWBTGPSNBTEFEJGFSFODJBDJØO /PTQBSFDJØJNQPSUBOUFBOBMJ[BSDØNPTFQFSDJCFOMPTFT UVEJBOUFTZMPTEPDFOUFTFOSFMBDJØODPOPUSPTEFMQBÓTZEF TVDJVEBE$POTJEFSBNPTRVFTVTSFTQVFTUBTQPESÓBOEBSOPT FMFNFOUPTQBSBWFSDØNPTFBOBMJ[BODPOSFTQFDUPBMDPOKVO UP.ÈTBMMÈEFMBQÏSEJEBEFMIPSJ[POUFEFiTJTUFNBwRVFTF FWJEFODJBFOMBTJOTUJUVDJPOFTFTDPMBSFTRVFTVFMFODPODFCJS TFDPNPJOTUJUVDJPOFTBJTMBEBTZRVFQFMFBOFOTPMJUBSJPQPS TVTVQFSWJWFODJBCVTDBNPTQSFHVOUBSTPCSFDØNPTFNJEFO FTUVEJBOUFT Z QSPGFTPSFT FO SFMBDJØO DPO FM DPOKVOUP &TUP QFSNJUF NBUJ[BS MBT IJQØUFTJT TPCSF MB UPUBM EFTBQBSJDJØO EF VONBSDPHFOFSBMQBSBFMTJTUFNBFEVDBUJWPZUBNCJÏOJOUF SSPHBSTFTPCSFDVÈMFTTPOMBTKFSBSRVÓBTZEFTJHVBMEBEFTRVFTF FTUÈODPOTUSVZFOEPFOFTUFOVFWPFTDFOBSJP &OQSJNFSMVHBSMFTQSFHVOUBNPTBMPTBMVNOPTTJMBFT DVFMBBMBDVBMDPODVSSFOFTCJFODPOPDJEBQPSTVQSFTUJHJPZ $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB CVFOBSFQVUBDJØO&MEFMPTBMVNOPTBDVFSEBDPO FTUB BmSNBDJØO -PT NBZPSFT OJWFMFT EF DPJODJEFODJB TF FODVFOUSBO FO MB SFHJØO DVZBOB Z FOUSF RVJFOFT BTJTUFO B FTDVFMBT QSJWBEBT &M EF MPT KØWFOFT RVF FTUVEJBFOFTUFUJQPEFFTUBCMFDJNJFOUPTDPOTJEFSBRVFTV FTDVFMBUJFOFQSFTUJHJPZCVFOBSFQVUBDJØODPOUSBFM EF RVJFOFT BTJTUFO B FTDVFMBT QÞCMJDBT QPSDFOUBKF RVF SF QSFTFOUBNÈTEFMBNJUBEEFMPTBMVNOPTFODVFTUBEPT"TJ NJTNPPCTFSWBOEPMPTEBUPTTFHÞOFMUJQPEFUSBZFDUPSJB FTDPMBSIBMMBNPTRVFTPORVJFOFTOPQBTBSPOQPSTPCSFTBM UPTFOTVUSÈOTJUPQPSMBTBVMBT MPTRVFDSFFOBTJTUJS BFTDVFMBTDPOUBMFTDBSBDUFSÓTUJDBTDPOUSBTUFMMBNBUJWPDPO MPT KØWFOFT DPO USBZFDUPSJB FTDPMBS TJOVPTB 1PS TVQBSUFMPTBMVNOPTRVFQFSUFOFDFOBTFDUPSFTTPDJPFDP OØNJDPT BMUPT NVFTUSBO VO SFDPOPDJNJFOUP EFM QSFTUJHJP EFTVTFTDVFMBTRVFTFVCJDBNÈTEFMQPSFODJNBEF BRVFMMPTQSPWFOJFOUFTEFMPTTFDUPSFTQPQVMBSFTWÏBTFDVB ESPBOFYP $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFFMQSFTUJHJPEFTV FTDVFMB &OHFOFSBMFTUBFTDVFMBFTDPOPDJEB QPSTVQSFTUJHJPZCVFOBSFQVUBDJØO %FBDVFSEP &OEFTBDVFSEP /JEFBDVFSEP OJFOEFTBDVFSEP /4/$ 5PUBM &OPUSBTFDDJØOEFMBFODVFTUBMFTTPMJDJUBNPTBMPTFTUV EJBOUFT RVF DBMJmDBSBO B TV QSPQJB FTDVFMB FO SFMBDJØO DPO -B QSFHVOUB GVF i.F HVTUBSÓB TBCFS TJ FTUÈT EF BDVFSEP P FTUÈT FO EFTBDVFSEPDPOMBTTJHVJFOUFTGSBTFTyw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB MBT FTDVFMBT TFDVOEBSJBT EF TV DJVEBE Z EFM QBÓT &O BNCBT QSFHVOUBT MBT SFTQVFTUBT NBOUJFOFO VOB UØOJDB TJNJMBS B MBT BOUFSJPSFTMPTWBMPSFTNÈTBMUPTEFTBUJTGBDDJØODPOTVTFTDVF MBTTFEBOFOMPTFTUBCMFDJNJFOUPTQSJWBEPTZ SFTQFDUJWBNFOUFGSFOUFBMZFOMPTEFM&TUBEP QÞCMJDPT ZFOMBSFHJØONFUSPQPMJUBOBEF#VFOPT"JSFTGSFOUF BM SFTUP EFM QBÓT Z -PT BMVNOPT EF OJWFMFT TPDJPFDPOØNJDPTNFEJPTZBMUPTTF×BMBOUBOUPRVFTVTFTDVF MBTTPONFKPSFTRVFMBTEFTVNJTNBDJVEBEDPNPFOMBDPN QBSBDJØODPOFTDVFMBTTFDVOEBSJBTEFMQBÓTNFEJPTZ BMUPTBOUFFMEFCBKPTFOMBQSJNFSBZZ NFEJPTZBMUPTBOUFFMEFCBKPTFOMBTFHVOEB /PFODPOUSBNPTEJGFSFODJBTQPSHÏOFSPOJQPSFMUJQPEFUSB ZFDUPSJBFTDPMBSWÏBOTFDVBESPTZBOFYP $VBESP $BMJmDBDJØOEFMPTFTUVEJBOUFTEFTVFTDVFMBSFTQFDUPEFMBT FTDVFMBTEFTVDJVEBEZEFMQBÓT &TDVFMBSFTQFDUP EFMBTFTDVFMBT TFDVOEBSJBTEFMB DJVEBE &TDVFMBSFTQFDUP EFMBTFTDVFMBT TFDVOEBSJBTEFM QBÓT .FKPS *HVBM 1FPS /4/$ 5PUBM &OFTUBTSFTQVFTUBTTFEFTUBDBMBNFKPSQFSDFQDJØOSFMBUJWB EFMBFTDVFMBFOSFMBDJØODPOMBTFTDVFMBTEFMBDJVEBEZVO -B QSFHVOUB GVF i.F HVTUBSÓB TBCFS TJ FTUÈT EF BDVFSEP P FTUÈT FO EFTBDVFSEPDPOMBTTJHVJFOUFTGSBTFTyw $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB QPSDFOUBKFTJHOJmDBUJWBNFOUFNFOPSRVFFTNÈTDBVUPZNP EFSBEPBMBIPSBEFDPNQBSBSTFDPOMBTFTDVFMBTEFMQBÓT-BT SFTQVFTUBTEFMPTFTUVEJBOUFTSFDPOPDFOEJGFSFODJBTTJHOJmDB UJWBTFOUSFMPTBMVNOPTTFHÞOTVUSBZFDUPSJBFTDPMBSZTFHÞO TV OJWFM TPDJPFDPOØNJDP &O BNCPT DBTPT BTJTUFO FO NBZPS OÞNFSPBFTDVFMBTRVFTFHÞODPOTJEFSBOUJFOFOQPDPQSFTUJ HJPZSFQVUBDJØO &TUFQSPDFTPEFDPODFOUSBDJØOEFEFTJHVBMEBEFTCBKPTJO HSFTPTFTDVFMBQPDPQSFTUJHJPTBUSBZFDUPSJBFTDPMBSDPOTPCSF TBMUPT FOEFUFSNJOBEPTHSVQPTFTDPJODJEFOUFDPOFMBOÈMJTJT RVFSFBMJ[B4BSBWJ &MBVUPSBOUFMBDSFDJFOUFBMBSNB FYUFOEJEB VOPT B×PT BUSÈT QPS MB EJGVTJØO EFM EBUP EF RVF QSÈDUJDBNFOUF FM EF MB QPCMBDJØO FOUSF Z B×PT DPNQVFTUBFOFTFNPNFOUPQPSJOEJWJEVPT OP USBCBKBOPCVTDBFNQMFPOPFTUVEJBOJSFBMJ[BUBSFBTEPNÏT UJDBTTFQSFPDVQØQPSEFTFOUSB×BSMBDPNQPTJDJØOEFFTUFHSV QP 4V USBCBKP SFNBSDB SFUPNBOEP FM DPODFQUP EF iFTUBUVT DFSPwEF8JMMJBNTPOMBIFUFSPHFOFJEBEEFMBDPNQPTJDJØOEF FTUFHSVQPBOUFFMSFUJSPEFJOTUJUVDJPOFTDMBWFFOFMQSPDFTPEF JOUFHSBDJØOTPDJBMDPNPFMUSBCBKPZMBFTDVFMB4VBSHVNFOUP FTRVFFOSFBMJEBEFMQPSDFOUBKFHFOFSBMEJTNJOVZØQFSPTF WPMWJØNÈTIPNPHÏOFPDPODFOUSBOEPMBTEFTWFOUBKBTFOVO EFKØWFOFT&OOVFTUSPDBTPQPEFNPTWFSVOBDPODFOUSB DJØOEFEFTWFOUBKBTFOVOQPSDFOUBKFNFOPSQFSPTJHOJmDBUJWP EFKØWFOFT -P RVF BQBSFDF FT VOB FTDVFMB RVF TJ CJFO FT NÈT DFS DBOB FTUÈ NÈT BUFOUB B MBT EJmDVMUBEFT Z QSPHSFTPT EF MPT FTUVEJBOUFTZMFTFOTF×BTVTEFSFDIPTBMNJTNPUJFNQPOP &OMBJOUSPEVDDJØOBFTUFDBQÓUVMPTF×BMBNPTFOUSFMBTDBSBDUFSÓTUJDBTEF MBNVFTUSBRVFMBNBZPSQBSUFEFMPTBMVNOPTFODVFTUBEPTQFSUFOFDJFOUFT BMOJWFMTPDJPFDPOØNJDPCBKPBTJTUFOBFTDVFMBTQÞCMJDBTZUJFOFONÈTBMUPT ÓOEJDFTEFSFQFUJDJØOZEFTFSDJØORVFMPTEFTFDUPSFTNFEJPTZBMUPT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB MPHSBJOUFSSVNQJSMPTQSPDFTPTEFGSBHNFOUBDJØOTPDJBMRVF TFWJWFOFOMBTPDJFEBEFOTVDPOKVOUP1BSBMPTTFDUPSFTTP DJPFDPOØNJDPTCBKPTMBTQFSDFQDJPOFTEFMWBMPSEFMBQSPQJB FTDVFMBBMBRVFDPNPWJNPTFOUÏSNJOPTHFOFSBMFTTFDB MJmDBQPTJUJWBNFOUF EFDSFDFODVBOEPTFUSBUBEFNJSBSTFFO SFMBDJØO DPO FM DPOKVOUP NJFOUSBT RVF DSFDFO DVBOEP MPT RVFTFNJSBOBTÓNJTNPTTPOMPTTFDUPSFTBMUPTZMPTEFMB SFHJØONFUSPQPMJUBOB"RVÓTFQPOFOFOKVFHPMBEJGFSFODJB DJØOTPDJBMZMBQSPQJBQFSDFQDJØOEFMDBQJUBMDVMUVSBMZTPDJBM DPORVFDVFOUBO)BZRVFMFFSFTUPTEBUPTKVOUBNFOUFDPO MPRVF5JSBNPOUJ MMBNBGSBHNFOUBDJØOEFMTJTUFNB QBSB EJNFOTJPOBS IBTUB RVÏ QVOUP MB DPOmHVSBDJØO BDUVBM UJFOFRVFWFSDPOMBTFTUSBUFHJBTFEVDBUJWBTRVFTFEJFSPOMBT OVFWBT DMBTFT NFEJBT B MB QBS EFM BTDFOTP Z DPOTPMJEBDJØO TPDJBM %FM $VFUP Z IBTUB RVÏ QVOUP TF SBUJmDB FM QSPDFTPEFJOTVMBSJ[BDJØO"OESFOVDDJ ZEFMBTFHSF HBDJØOTPDJPFTQBDJBM4BSBWJ QPSFMRVFBUSBWJFTBOMPT CBSSJPTQPQVMBSFTTFHÞOEØOEFTFPSJFOUFMBMFOUF-PDJFSUP FTRVFMBFEVDBDJØOBDPNQB×BMBDPOTPMJEBDJØOEFBRVFMMBT GPSNBTTFMFDUJWBTEFTPDJBMJ[BDJØORVFZBBDPNJFO[PTEFMB EÏDBEB EFM OPWFOUB SFHJTUSBCB (BSDÓB $BODMJOJ Z UBNCJÏO TJFOUF MPT FGFDUPT EF MPT OVFWPT QSPDFTPT EF GSBH NFOUBDJØOTPDJBMBQBSUJSEFMBTUFOEFODJBTEFMBDMBTFNFEJB ZNFEJBBMUBBHFOFSBSFTQBDJPTQBSUJDVMBSFTEFMPTRVFMPT USBCBKPT EF .BSJTUFMMB 4WBNQB FOUSF PUSPT EJFSPO DVFOUB -BTWJTJPOFTEFGVUVSP {2VÏ JNBHJOBO MPT KØWFOFT QBSB TV GVUVSP /PT JOUFSFTØ SFMFWBSFTUFBTQFDUPQBSBFWBMVBSRVÏSPMMFEBOBMBFTDVFMBZB MPTTBCFSFTRVFBQSFOEJFSPOBMMÓFOFMEJTF×PBGVUVSP -BDVFTUJØOEFMGVUVSPTJFNQSFGVFQSPCMFNÈUJDBQBSBMPT TFSFTIVNBOPT.JUPTSFMJHJPOFTQJUPOJTBTZPSÈDVMPTBDPN $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB QB×BOEFTEFUFNQSBOPBMBIVNBOJEBEQBSBBZVEBSBMJEJBS DPOMPBCJFSUPEFMQPSWFOJS1FSPBEFNÈTFOFMDPOUFYUPEF MB iDVMUVSB EFM OVFWP DBQJUBMJTNPw DPNP MB MMBNB 3JDIBSE 4FOOFUU QBSFDF IBCFS OJWFMFT NÈT BMUPT EF BOTJFEBE BMSFTQFDUPQPSFMJODSFNFOUPEFMBWFMPDJEBEMBWBMPSBDJØO EFMDBNCJPQFSNBOFOUFZFMOVFWPMVHBSEFMBJODFSUJEVNCSF ZFMSJFTHP%FMNVOEPEFM&TUBEPEFCJFOFTUBSZEFMUSBCBKP GPSEJTUBDPONÈTFTUBCJMJEBEZDFSUF[BTTFQBTØBPUSPDBSBD UFSJ[BEPQPSWÓODVMPTMÈCJMFTUSBCBKPTQSFDBSJPTPUSBOTJUPSJPT QFSNBOFOUFNFOUFBEBQUÈOEPTFBPUSPTEFBDVFSEPDPOFMOJ WFMTPDJPFDPOØNJDPBMRVFTFQFSUFOF[DB &OMB"SHFOUJOBSFDJFOUFTJHOBEBQPSDSJTJTFJOFTUBCJMJEB EFTWBSJBTVOBEFMBTNBZPSFTEJmDVMUBEFTRVFBUSBWJFTBOMPT TVKFUPTZMBTJOTUJUVDJPOFTFTDPOTUSVJSOJWFMFTEFDPOmBO[BZ QMBOFTDPNVOFTRVFTFFYUJFOEBOBMNFEJBOPZMBSHPQMB[P -BJEFBEFDSJTJTQFSNBOFOUFTPMPQFSNJUFQFOTBSFOFMDPSUP QMB[PZTFBDPSUBFMIPSJ[POUFEFFYQFDUBUJWBTFOFMDVBMMPT TVKFUPTTFJNBHJOBO &OMPTFTUVEJBOUFTFOUSFWJTUBEPTOPUBNPTMBQSFTFODJBEF QSPZFDUPT EF GVUVSP RVF BM JHVBM RVF FO PUSPT ÈNCJUPT TF EFmOFODPNPFYQFSJFODJBQFSTPOBMDPNPBRVFMMPRVFMPTWBB USBOTGPSNBSPJNQBDUBSEFNBOFSBQBSUJDVMBSBOUFTRVFDPNP DPMFDUJWP1SFHVOUBNPTBMPTKØWFOFTDØNPTFWFOFOSFMBDJØO DPOMBHFOFSBDJØOEFTVTQBESFTFMMPTKV[HBORVFFTUÈONFKPS FODVBOUPBMBTQPTJCJMJEBEFTEFDPOUBSDPOJOGPSNBDJØOTPCSF MPRVFQBTBFOFMNVOEP EFFTUVEJBS ZEF EJTGSVUBSEFMBMJCFSUBEQFSTPOBM BVORVFTF×BMBORVF MBQFSTQFDUJWBFTQFPSFODVBOUPBUFOFSNBZPSTFHVSJEBEFO MBDBMMF EFCJEPBMBTEJmDVMUBEFTMBCPSBMFT EFPCUFOFSVOBWJWJFOEBQSPQJB PMPHSBSCVFOPTJO HSFTPT &T EFDJS FM ÈNCJUP EF MBT MJCFSUBEFT QBSFDF BNQMJBSTFQFSPFMEFMBTTFHVSJEBEFTNBUFSJBMFTZWJUBMFTQBSF DFFTUSFDIBSTF .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $VBESP 1FSDFQDJØOEFMPTKØWFOFTSFTQFDUPEFMBHFOFSBDJØOEFTVT QBESFT .FKPS *HVBM 1FPS -JCFSUBEQFSTPOBM 5PMFSBODJBBMBTEJGFSFODJBT 1PTJCJMJEBEEFFTUVEJBS 1PTJCJMJEBEEFUSBCBKBS 1PTJCJMJEBEEFPCUFOFSVOB WJWJFOEBQSPQJB 5FOFSCVFOPTJOHSFTPT *OGPSNBDJØOTPCSFMPRVF QBTBFOFMNVOEP 5FOFSNBZPSTFHVSJEBEFOMB DBMMF .VDIBTEFMBTBmSNBDJPOFTEFMPTKØWFOFTFOMPTHSVQPT GPDBMFTFYQSFTBSPOVOBUFOEFODJBBBUSBWFTBSMPTQSPDFTPTTP DJBMFT EF VOB NBOFSB DSFDJFOUFNFOUF JOEJWJEVBMJ[BEB -PT KØWFOFTEFFTUPTUJFNQPTQBSFDFOFODPOUSBSTFJNCVJEPTQPS VOPQUJNJTNPJOEJWJEVBMQFSPUBNCJÏOQPSVOQFTJNJTNP TPCSFDVFTUJPOFTTPDJBMFTTJOQPSFTPEFKBSEFJOUFSFTBSTFQPS MBiDPTBDPNÞOw6OBTFSJFEFJOWFTUJHBDJPOFTEFTBSSPMMBEBT FOMPTÞMUJNPTB×PTTF×BMBOFTUPTFMFNFOUPTQBSBPUSPTHSV QPTEFKØWFOFT1BCMP#POBMEJ FOTVUSBCBKPTPCSF MBSFMBDJØOEFMPTKØWFOFTZMBQPMÓUJDBSFBMJ[BEBFOUPSOPEF MBBHSVQBDJØO)*+04EBDVFOUBEFKØWFOFTRVFCVTDBORVF MBQPMÓUJDBMPTJNQBDUFEFNBOFSBQFSTPOBMZZBOPDBNCJBS -B QSFHVOUB GVF i&O SFMBDJØO DPO MB HFOFSBDJØO EF UVT QBESFTy {UF QBSFDFRVFMPTKØWFOFTEFIPZFTUÈONFKPSJHVBMPQFPSFOSFMBDJØODPOMPT TJHVJFOUFTBTQFDUPT w $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB FMNVOEP&OMBTDPOmHVSBDJPOFTQPMÓUJDBTSFTVMUBOUFTJN QPSUBMBQPMÓUJDBFOUBOUPFYQFSJFODJBQFSTPOBMEFBMMÓRVFTF HFOFSBOMB[PTDPOMPQSØYJNPZMPDFSDBOPZTFEJmDVMUBMB DPOTUSVDDJØOEFVODPMFDUJWPNBZPS"TVWF[MBQFSUFOFO DJBBHSVQPTDFSSBEPTPCTUBDVMJ[BMBQPTJCJMJEBEEFQMBOUFBS EJTFOTPT%FNBOFSBTJNJMBSFOVOBJOWFTUJHBDJØOTPCSFEJ WFSTPTHSVQPTEFKØWFOFTFOMBDJVEBEEF-B1MBUB.BSJBOB $IBWFT TF×BMB RVF DPO TV BETDSJQDJØO B MPT FTUJMPT KVWFOJMFTMPTKØWFOFTNÈTRVFDBNCJBSFMTJTUFNBCVTDBOTFS iBMHVJFOFOFMTJTUFNBw&TUBEJGFSFODJBOPFTNFOPSWBEFMB DPOUSBDVMUVSBBMFTUBSJOUFHSBEPBVORVFFODPOnJDUPDPNP TF×BMÈCBNPTBOUFSJPSNFOUF "QBSFDFOUBNCJÏOMB[PTIPSJ[POUBMFTNÈTGVFSUFTZGSBUFS OJEBEFTNÈTQSFTFOUFT4WBNQB TF×BMBMBJNQPSUBODJB EFMPTHSVQPTEFBmOJEBEQBSBFOUFOEFSMBNPWJMJ[BDJØOQPMÓUJ DBBDUVBMTPCSFUPEPMBmHVSBEFMBDUJWJTUBDVMUVSBMRVFQVFEF NPWJMJ[BSTFFOUSFEJWFSTBTDBVTBTZHSVQPT1PSTVQBSUF+VMJF UB2VJSØT FOTVQPMÏNJDPUSBCBKPFOCBSSJPTQPQVMBSFT EFMB[POBTVSEFM(SBO#VFOPT"JSFTEJTDVUFMBJEFBEFRVF IBZBVOBiJEFOUJEBEQJRVFUFSBwZIBCMBNÈTCJFOEFMQSFEP NJOJPEFMiFTUBSDPOMPTQJRVFUFSPTw4VUSBCBKPQSPQPOJFOEP JEFOUJEBEFTNÈTEJGVTBTZNFOPTBCTPMVUBTRVFMBJEFOUJEBE EFmOJEB EF VOB WF[ Z QBSB TJFNQSF CSJOEB MB PQPSUVOJEBE EFSFnFYJPOBSFOUPSOPBMBUSBNBEFSFMBDJPOFTTPDJBMFTFOMBT DVBMFTTFFODVFOUSBOJOTFSUPTMPTTVKFUPT &OEFmOJUJWBQPSVOMBEPQBSFDJÏSBNPTUSBOTJUBSIBDJBVO QSPDFTPEFJOEJWJEVBMJ[BDJØOEFMBQPMÓUJDBNJFOUSBTQPSPUSB QBSUF DPOWFSHFNPT IBDJB MB DPOGPSNBDJØO EF DPNVOJEBEFT SFTUSJOHJEBT FO EPOEF MB DPOmBO[B TF SFEVDF BM DÓSDVMP EF QFSUFOFODJB"OUFFTUFFTDFOBSJPQPEFNPTTF×BMBSRVFFOMPT KØWFOFTOPTFODPOUSBNPTBHSBOEFTSBTHPTBOUFEPTUFOEFO DJBTRVFQBSFDJFSBODPOUSBEJDUPSJBTQFSPTFSFGVFS[BONVUVB NFOUF1PSVOMBEPTFBTVNFODPOOBUVSBMJEBEJEFOUJEBEFT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB NÞMUJQMFTDPOTÓNCPMPTZQFSUFOFODJBTWBSJBEPTZFDMÏDUJDPT 1PSPUSPMBEPTFSFGVFS[BOTJHOJmDBEPTZTFOUJEPTJEFOUJUBSJPT VOJUBSJPT DFSSBEPTDBTJQPESÓBNPTEFDJSFODBQTVMBEPT RVF EJmDVMUBOMBSFMBDJØODPOMPTPUSPT4FEFmFOEFMBMJCFSUBEEF FMFHJSMPRVFRVJFSFOIBDFSBVORVFTFEJmDVMUBQPEFSDPNQB UJCJMJ[BSMBTMJCFSUBEFTEFUPEPT {2VÏQJFOTBOEFMGVUVSPMPTKØWFOFTRVFTFFODVFOUSBOFO MBTBVMBT {$ØNPTFJNBHJOBOVOBWF[RVFDVMNJOFOTVTFTUV EJPTTFDVOEBSJPT -PTEBUPTEFMBFODVFTUBQFSNJUFOSBTUSFBS TVT QFSDFQDJPOFT TPCSF FTUBT DVFTUJPOFT7FBNPT RVÏ FOGBUJ [BO -B PQDJØO RVF NBZPS QPSDFOUBKF EF SFTQVFTUBT PCUVWP GVFiUSBCBKBOEPFOBMHPRVFMFHVTUBwDPOFM-BTF HVOEBPQDJØOiUSBCBKBOEPZFTUVEJBOEPBMBWF[wDPODFOUSØ FMEFSFTQVFTUBTNJFOUSBTRVFFOUFSDFSMVHBSFODPO USBNPTiUSBCBKBOEPFOBMHPSFMBDJPOBEPDPOMPRVFFTUVEJØw DPOFMFMFHJEBNÈTQPSMBTNVKFSFT QPSRVJF OFTFTUVEJBOFOFTDVFMBTQSJWBEBT ZQPSMPTTFDUPSFT NFEJPT EF NBOFSB DPJODJEFOUF DPO MB QFSDFQDJØO RVFFTUPTHSVQPTNPTUSBSPOFOFMDVBESPBOUFSJPSEFRVFMB FTDVFMBTJSWFQBSBTFHVJSFTUVEJBOEP-BPQDJØOiFTUVEJBOEPw SFVOJØFMEFSFTQVFTUBT'JOBMNFOUFFMUPUBMEFKØWFOFT RVFTFWFOiUSBCBKBOEPQPSRVFOFDFTJUBOHBOBSQMBUBw PCUJFOFVOCBKPQPSDFOUBKFEFSFTQVFTUBT 1PSFMDPOUSBSJPEFTQVÏTEFRVFEVSBOUFBMHVOPTB×PTVO QPSDFOUBKFEFKØWFOFTNJHSBSBOIBDJBPUSPTQBÓTFTFOCÞTRVF EB EF NFKPSFT PQPSUVOJEBEFT FT OPUPSJP RVF MBT PQDJPOFT iUSBCBKBOEPFOFMFYUSBOKFSPwZiFTUVEJBOEPFOFMFYUSBOKFSPw DPODFOUSFOWBMPSFTNÓOJNPTZSFTQFDUJWBNFOUF1VF EF IBCMBSTF EF MBT EJmDVMUBEFT EF JNBHJOBSTF FO GPSNB NÈT NØWJM Z nFYJCMF 5JSBNPOUJ TF×BMB RVF FTB QPTJCJMJEBE TPMP FTBDDFTJCMFQBSBMPTTFDUPSFTTPDJBMFTNÈTBMUPT QFSPBEFNÈT FTUÈ IBCMBOEP EF VOB NBZPS DPOmBO[B FO RVF MBT QSJNFSBT PQDJPOFTTFSÈOQPTJCMFTEFDVNQMJS $ĒġŧĥĦĝĠ-PTBMVNOPTZMBFTDVFMBTFDVOEBSJB $VBESP $ØNPTFJNBHJOBOMPTKØWFOFTFOFMGVUVSP 5PUBM 5SBCBKBOEPFOBMHPRVFUFHVTUB 5SBCBKBOEPEFBMHPSFMBDJPOBEPDPOMPRVFFTUVEJBTUF 5SBCBKBOEPQPSRVFOFDFTJUÈTHBOBSQMBUB 5SBCBKBOEPFOFMFYUSBOKFSP 5SBCBKBOEPFOPUSBDJVEBE &TUVEJBOEP &TUVEJBOEPFOFMFYUSBOKFSP &TUVEJBOEPFOPUSBDJVEBE 5SBCBKBOEPZFTUVEJBOEPTJNVMUÈOFBNFOUF 0DVQÈOEPUFEFMBDBTBZMBGBNJMJB &MTFSDPOTDJFOUFEFBUSBWFTBSVOBFUBQBEFUSBOTJDJØOBTÓ DPNPUFOFSFTQFSBO[BFOFMGVUVSPOPJNQMJDBRVFFMDBNJOP IBDJBFMQVOUPEFMMFHBEBEFKFEFWJWJSTFEFNBOFSBBOHVTUJBOUF PRVFTFOJFHVFOMBTEJmDVMUBEFT1SFHVOUBEPTTPCSFDVFTUJP OFTTPDJBMFTMPTKØWFOFTTF×BMBOMBQPCSF[BZFMIBNCSFDPNP FMQSJODJQBMQSPCMFNBEFMQBÓTEFMBNVFTUSB TFHVJ EPTQPSMBEFTPDVQBDJØO MBDPSSVQDJØO ZMB JOTFHVSJEBE -BFEVDBDJØOPDVQBFMRVJOUPMVHBSEF FTUBMJTUB"OUFFTUBTQFSDFQDJPOFTOPFTFYUSB×PRVFMPTUFNP SFTFTUÏOWJODVMBEPTBMmOBMEFMBFTDPMBSJ[BDJØOBMRVÏQBTBSÈ DVBOEPmOBMJDFOFMTFDVOEBSJP-PTKØWFOFTFOUSFWJTUBEPTNB OJmFTUBOiNJFEPBOPBEBQUBSTFwPiNJFEPBUFOFSRVFWPMWFS BUSÈTw NJFOUSBTNVDIPTPUSPTiOPTBCFORVÏWBOBTFHVJSw &TJOUFSFTBOUFTF×BMBSRVFFMNVOEPEFMFTUVEJPBTVTUBNÈT RVFFMEFMUSBCBKPBVORVFFTUÏEPUBEPEFNÈTHSBUJmDBDJPOFT 4FHVSBNFOUFQPSRVFFOFTFÈNCJUPMBSFTQPOTBCJMJEBEQPSFM EFTFNQF×PFTUÈPUSBWF[NÈTJOEJWJEVBMJ[BEB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 1BSB TJOUFUJ[BS MP BSHVNFOUBEP B MP MBSHP EFM DBQÓUVMP EJSFNPT RVF MPT TFOUJEPT RVF NBOJmFTUBO MPT KØWFOFT TPCSF TVFYQFSJFODJBFTDPMBSTPOEJTUJOUPTEFMBMFDUVSBEFMiBCVSSJ NJFOUPw FM EFTJOUFSÏT P MB BQBUÓB KVWFOJMFT 1FSP BM NJTNP UJFNQP TVSHFO FMFNFOUPT DPOUSBEJDUPSJPT Z WBSJPT NBUJDFT RVFIBCMBOEFMBDPNQMFKJEBEEFMBTQPTJDJPOFTEFJOUFHSBDJØO Z DPOnJDUP FO SFMBDJØO DPO MBT JOTUJUVDJPOFT Z HFOFSBDJPOFT BEVMUBT4JQPSVOMBEPDPNFO[BNPTFTUFDBQÓUVMPTF×BMBOEP MB JNQPSUBODJB BTJHOBEB B MB FEVDBDJØO MPT BMUPT OJWFMFT EF DPOmBO[B FO MBT FTDVFMBT MB WBMPSJ[BDJØO EF MPT DPOUFOJEPT RVF BQSFOEFO Z EF TVT EPDFOUFT Z UBNCJÏO MB DPOUJOVJEBE EFVOBNBUSJ[EFJOUFHSBDJØOBVORVFEFCJMJUBEBRVFJOUFOUB BSUJDVMBSFTDVFMBZUSBCBKPBQBSUJSEFMBFYQFSJNFOUBDJØOEFM FTQBDJPFTDPMBSDPNPUSBOTJDJØOFTUPTÞMUJNPTFMFNFOUPTRVF IBCMBO EF DØNP JNBHJOBO FM GVUVSP NVFTUSBO B VOB HFOF SBDJØO NFEJBOBNFOUF FTQFSBO[BEB FO MPHSBS BRVFMMP RVF MB FTDVFMBNFEJBQSPNFUF"TVWF[QFTFBVODPOUFYUPNÈTJOFT UBCMFBERVJFSFODSFDJFOUFWBMPSBDJØOFOFMJNBHJOBSJPKVWFOJM FMFTGVFS[PFMTBDSJmDJPZMBQBTJØORVFVOPQVFEBJNQSJNJSMF BMUJFNQPRVFUSBOTDVSSFFOMBTBVMBTZQBTJMMPT&TUPTNBUJDFT ZÏOGBTJTQBSUJDVMBSFTBSUJDVMBOMPJOEJWJEVBMDPOMPDPMFDUJWP MPQSPQJPEFMÈNCJUPFTDPMBSZMPQSPQJPEFFTUBÏQPDBRVF QSPNFUFOVFWBTMJCFSUBEFTQFSPUBNCJÏOPUPSHBNFOPTTVFMPT TFHVSPTEPOEFJSBQPZÈOEPTFQBSBDSFDFS $"1¶56-0 %PDFOUFTZBMVNOPTFOQFSTQFDUJWB DPNQBSBEBDPNVOJEBEDPOWJWFODJB ZDPOGSPOUBDJØOFOMBFTDVFMB TFDVOEBSJB 4F×BMÈCBNPT JOJDJBMNFOUF RVF VOP EF MPT PCKFUJWPT EF MB JOWFTUJHBDJØO GVF DPNQBSBS MBT PQJOJPOFT EF QSPGFTPSFT Z BMVNOPTFOSFMBDJØODPOMBFYQFSJFODJBFTDPMBS/PTJOUFSFTØ DPOPDFSFORVÏNFEJEBTVTQFSDFQDJPOFTTPCSFMPRVFTVDFEF FOMBFTDVFMBTFBDFSDBOPTFEJTUBODJBOZTPCSFRVÏBTQFDUPT {4FQVFEFTFHVJSIBCMBOEPEFVOBFTDVFMBPTFUSBUBEFFY QFSJFODJBTEJTÓNJMFT {)BZEJTDVSTPTZFWBMVBDJPOFTDPNVOFT TPCSFMPRVFTVDFEFFOFMBVMB ²TUBTGVFSPOQSFHVOUBTDFOUSB MFTQBSBMBJOWFTUJHBDJØORVFCVTDBNPTQPOFSBQSVFCBFOMBT FOUSFWJTUBTZFODVFTUBTDPOBMVNOPTZQSPGFTPSFT &TUBTQSFHVOUBTFTUBCBOJOnVJEBTQPSBMHVOPTFTUVEJPTQSFWJPT RVFBQVOUBCBOFOFTBEJSFDDJØO)BDFBMHVOPTB×PTVOQFEBHPHP BVTUSBMJBOPFTDSJCJØVOBSUÓDVMPRVFTFMMBNØi&YUSBUFSSFTUSFTFOFM TBMØOEFDMBTFw(SFFO RVFSFGFSÓBBMTFOUJNJFOUPEFNV DIPTEPDFOUFTBMFOUSBSBMBVMBZFODPOUSBSTFDPOTVKFUPTBRVJFOFT OPDPNQSFOEÓBOOJFOTVTGPSNBTEFIBCMBSOJFOTVTWBMPSFTZRVF TFMFTBQBSFDÓBODBTJDPNPTFSFTEFPUSPQMBOFUB&TUBJEFBEFMEFTFO UFOEJNJFOUPEFTFODVFOUSPPJODPNQSFOTJØOBQBSFDJØFOSFJUFSBEBT PDBTJPOFTFOMBTFOUSFWJTUBTBEPDFOUFTi/PMPTFOUJFOEPwiOPNF FOUJFOEFOwiOPTÏQPSEØOEFFOUSBSMFTwTPODPNFOUBSJPTRVFTF FTDVDIBSPONVDIBTWFDFToZOPTPMPEFOUSPEFFTUFFTUVEJP 1VFEF TF×BMBSTF RVF FTUF EFTFODVFOUSP SFDSFB FO OVFWPT FTDFOBSJPTVOUFNBDPNÞOBEJTUJOUBTÏQPDBTMBSFMBDJØOFO .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB USF MBTHFOFSBDJPOFTRVFTVFMFEBSTFNÈTFOUÏSNJOPTEFDPO GSPOUBDJØOHFOFSBDJPOBMRVFEFSFMFWPBSNPOJPTPZTJOUFOTJPOFT $PNPTF×BMBFMQTJDPBOBMJTUB-VJT,BODZQFSiFMEFTBTJNJFOUPEF MBBVUPSJEBEQBSFOUBMZGSBUFSOBMFTVOBPQFSBDJØOOFDFTBSJBQFSP UBNCJÏOBOHVTUJBOUFEFMEFTBSSPMMPIVNBOPwZFOFTUBOFDFTJEBE ZBOHVTUJBDFOUSBMFOFMQFSÓPEPEFMBBEPMFTDFODJBTFKVFHBOMB BERVJTJDJØOZMBQMBTNBDJØOEFVOBJEFOUJEBEJOEJWJEVBMZTPDJBM EJGFSFODJBEBEFMHSVQPQSJNBSJP,BODZQFSQ -BQP TJCJMJEBEEFEJTDSJNJOBSTFEFMPTQSPHFOJUPSFTZIFSNBOPTFOMB RVFGPS[PTBNFOUFBQBSFDFOMBBHSFTJØOZMBDPOmSNBDJØOFTMP RVFQFSNJUFFTUSVDUVSBSTFDPNPVOTVKFUPQBSUJDVMBSEJTUJOUPEF MPRVFPUSPTFTQFSBO&OFTBEJSFDDJØOUBOUPMBTFWFSJEBEFYDFTJWB EFMPTBEVMUPTRVFSFQSJNFZBOVMBUPEPDVFTUJPOBNJFOUPDPNP FMDPOTFOUJNJFOUPUPUBMRVFOPIBCJMJUBMBTFQBSBDJØOZMBDPO GSPOUBDJØOEJmDVMUBOMBDPOGPSNBDJØOEFVOTVKFUPRVFTFBOJNF BTBMJSBMNVOEPQBSBFTDSJCJSTVQSPQJBIJTUPSJB $BCSÓBBOBMJ[BSDPNPMPIBDFO,BODZQFSZPUSPTUBOUPT DØNPTFEBIPZFTBDPOGSPOUBDJØOHFOFSBDJPOBMFOUSFBEVMUPT ZBEPMFTDFOUFT*ODMVTPIBCSÓBRVFJOUFSSPHBSTFDPO-FBOESP EF-BKPORVJÒSF TJMBDPOGSPOUBDJØOFTUÈUFOJFOEPMV HBSZBRVFMPTBEVMUPTQBSFDFOIBCFSOFHBEPTVMVHBSEFBEVM UPTBOUFFMUFNPSBGSBDBTBSZQSFmFSFOFODFSSBEPTFOTVQSP QJPOBSDJTJTNPEFMFHBSFOPUSPTQTJDØMPHPTQTJDPQFEBHPHPT FEVDBEPSFTPBVOMPTQSPQJPTOJ×PTZBEPMFTDFOUFT MBHVÓBZ FEVDBDJØOEFTVTIJKPT'SFOUFBBEVMUPTEÏCJMFTZEFTBNQBSB EPTTFIBDFEJGÓDJMSFCFMBSTFZBRVFNVDIBTWFDFTMBSFMBDJØO EFEFQFOEFODJBTFSFWJFSUFZTPOMPTQBESFTMPTRVFDPOWPDBO BMPTIJKPTBDVJEBSMPTZQSPUFHFSMPT1FSPUBNCJÏOTVDFEFRVF IBZQBESFTZBEVMUPTRVFJOTJTUFODPOQBVUBTEFTPDJBMJ[BDJØO RVFOPUJFOFOFODVFOUBMBTSFMBDJPOFTNÈTIPSJ[POUBMFTZEF NPDSÈUJDBTFOMBTPDJFEBEZMBTGBNJMJBTOJMBTSFMBDJPOFTDPOFM TBCFSZDPOFMNVOEPRVFFTUSVDUVSBOMPTKØWFOFT"MMÓBQBSFDF NÈTDMBSBNFOUFMBJNBHFOEFiFYUSBUFSSFTUSFTwPFMEFTFODVFO USPEFMRVFIBCMÈCBNPTBOUFT $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB &TUPTDBNCJPTFOMBTPDJBMJ[BDJØOZFOMBTSFMBDJPOFTEFBV UPSJEBEFOUSFMBTHFOFSBDJPOFTWJFOFOTJFOEPTF×BMBEPTEFTEF IBDFWBSJBTEÏDBEBTQPSMPTFTUVEJPTPTEFMBDVMUVSB1PSFKFN QMPMBBOUSPQØMPHB.BSHBSFU.FBEEFDÓBFOFOTVMJCSP $VMUVSB Z DPNQSPNJTP RVF FTUBNPT BTJTUJFOEP B VOB DVMUVSB QSFmHVSBUJWBEPOEFMPTQBSFTSFFNQMB[BOBMPTQBESFTDPNP NPEFMPTEFDPOEVDUBEPOEFIBZNFOPTTF×BMFTZSFGFSFODJBT QBSBNPWFSTFZEPOEFMPRVFTFJNQPOFFTNÈTMBFYQMPSBDJØO &TBSVQUVSBHFOFSBDJPOBMEJDFOBMHVOPTOPUJFOFQBSBOHØO FOMBIJTUPSJB4JHVJFOEPFTUBMÓOFB+FTÞT.BSUÓO#BSCFSPVO BOBMJTUBNVZMÞDJEPEFMBDVMUVSBMBUJOPBNFSJDBOBDPOUFNQP SÈOFBTF×BMBFMMVHBSQBSUJDVMBSRVFiDPSQPSJ[BOwMPTKØWFOFT i"EFNÈTEFAMBFTQFSBO[BEFMGVUVSPMPTKØWFOFTDPOTUJ UVZFOIPZFMQVOUPEFFNFSHFODJBEFVOBDVMUVSBPUSB RVFSPNQFUBOUPDPOMBDVMUVSBCBTBEBFOFMTBCFSZMB NFNPSJB EF MPT BODJBOPT DPNP FO BRVFMMB DVZPT SF GFSFOUFT BVORVF NPWFEJ[PT MJHBCBO MPT QBUSPOFT EF DPNQPSUBNJFOUP EF MPT KØWFOFT B MPT EF QBESFT RVF DPO BMHVOBT WBSJBDJPOFT SFDPHÓBO Z BEBQUBCBO MPT EF MPT BCVFMPT "M NBSDBS FM DBNCJP RVF DVMUVSBMNFOUF BUSBWJFTBOMPTKØWFOFTDPNPSVQUVSBTFOPTFTUÈOTF×B MBOEPBMHVOBTDMBWFTTPCSFMPTPCTUÈDVMPTZMBVSHFODJB EFDPNQSFOEFSMPTFTUPFTTPCSFMBFOWFSHBEVSBBOUSP QPMØHJDBZOPTPMPTPDJPMØHJDBEFMBTUSBOTGPSNBDJPOFT FONBSDIBw.BSUÓO#BSCFSPQ 1BSB.BSUÓO#BSCFSPMPTKØWFOFTFYQSFTBOFMEFTPSEFOB NJFOUPEFMBDVMUVSBFMUSBTUPDBNJFOUPEFMBTKFSBSRVÓBTEFTB CFSFTZMBSFPSHBOJ[BDJØOQSPGVOEBEFMPTNPEFMPTEFTPDJBMJ [BDJØODVZBTDPOTFDVFODJBTBÞOOPBMDBO[BNPTBWJTMVNCSBS 1BSBÏMBEFNÈTFTFDBSÈDUFSEFiSFGSBDDJØOwZiBNQMJmDBDJØOw EFMPTDBNCJPTIBDFRVFMPTKØWFOFTDPSQPSJDFOUBNCJÏOMPT NJFEPTZFTUSFNFDJNJFOUPTEFMNVOEPBEVMUPGSFOUFBMDBN CJPEFÏQPDB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB /P QSFUFOEFNPT OFHBS MB NBHOJUVE EF FTUPT DBNCJPT RVF CJFO MP EJDF .BSUÓO#BSCFSP UJFOFO VOB EJNFOTJØO BOUSPQPMØHJDBZOPTPMPTPDJPMØHJDB1PEFNPTUSBFSBMHVOPT FKFNQMPTQBSBHSBmDBSFTUFDBNCJPJNQBDUBOUF-BTOVFWBT HFOFSBDJPOFTTPOMBTQSJNFSBTRVFDSFDFSÈOIBCJFOEPWJTUP BM NFOPT FO BMHVOPT DBTPT TV QSPQJP OBDJNJFOUP NFSDFE BMEFTBSSPMMPEFMBTUFDOPMPHÓBTZUBNCJÏOBMBFYUFOTJØOEF DJFSUP WPZFVSJTNP RVF FYQBOEFO MPT NFEJPT NBTJWPT5BN CJÏOTFSÈOMBTQSJNFSBTRVFDSFDFSÈODPOMBQFSTQFDUJWBEF MB DMPOBDJØO EF TFSFT IVNBOPT TJ OP FO MB SFBMJEBE FO FM IPSJ[POUFEFMPQPTJCMFMPDJFSUPFTRVFMBCJPUFDOPMPHÓBMB DJSVHÓB Z MB GBSNBDPMPHÓB FTUÈO SFEFmOJFOEP MPT MÓNJUFT EF MP IVNBOP -PT OJ×PT Z KØWFOFT EF IPZ UBNCJÏO TFSÈO EF MBTQSJNFSBTHFOFSBDJPOFTEFIVNBOPTRVFDSF[DBOFOUFSB NFOUFFOMBiTPDJFEBEEFMFTQFDUÈDVMPwFOMBRVFUPEPTJO EJMBDJØOZDPOQPDBTNFEJBDJPOFTFTQBTJCMFEFDPOWFSUJSTF FOOPUJDJBZFOMMFHBSBOVFTUSBDBTB)BDFQPDPTB×PT4V TBO4POUBHSFDMBNBCBVOBEJTDVTJØOQPMÓUJDBZNPSBMTPCSF FMFGFDUPEFNPTUSBSUSBHFEJBTIVNBOBTDPNPMBHVFSSBZMB NVFSUFQPSMBUFMFWJTJØOiFOWJWPZFOEJSFDUPwDPNPVOB OPUJDJBFTQFDUBDVMBSNÈTBMQVOUPRVFTFDPOWJFSUFOFOVO EBUPDPNQMFUBNFOUFCBOBM4POUBH {2VÏFGFDUPTUFOESÈOFTUBTUSBOTGPSNBDJPOFTFOMBTVCKFUJ WJEBE {$ØNPTFQSPDFTBSÈUPEPFTPFOMBTJOTUJUVDJPOFTZFO MBSFMBDJØOFOUSFMBTHFOFSBDJPOFT &MQTJDPBOBMJTUB+VBO7BTFO RVFUSBCBKBFOMBDMÓOJDBEFOJ×PTZBEPMFTDFOUFTSFnFYJPOB CBIBDFQPDPi-PTTFNFKBOUFTQJFSEFODPOTJTUFODJBBOUFFTUB NFEJBUJ[BDJØO6OOJ×PMFEJDFBTVQBESFDVBOEPGSFOBFO VOBFTRVJOBA1BQÈTJQJTBNPTBMBWJFKJUBHBOBNPTVOCPOVT EF NJM QVOUPT 6OB OJ×JUB SFTJTUF MB PSEFO EF JS B EPSNJS RVFMFJNQBSUFTVNBESFNJFOUSBTNJSBEFTEFMBWFOUBOBEF TVDBTBBVOBQBSFKBRVFQPOFQFSUFOFODJBTFOFMUFDIPEFTV BVUPRVFFTUÈBQVOUPEFTFSBSSBTUSBEPQPSVOBJOVOEBDJØO A`.BNÈFTQFSÈVOQPDPRVFRVJFSPTBCFSDØNPUFSNJOB $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB &SB FM QFEJEP EF VOB FTQFDUBEPSB DVSJPTB OP EF VOB OJ×B BOHVTUJBEB QPS MB TVFSUF EF MPT JOVOEBEPTw 7BTFO Q -B FYUFOTJØO EF MB DPOEJDJØO EF FTQFDUBEPSFT IBTUB BCBSDBS MB QSPQJB WJEB TFHVSBNFOUF UFOESÈ JNQBDUPT GVFSUFT FOMBSFMBDJØODPOTJHPNJTNPDPOMPTPUSPTZDPOMBSFBMJEBE TPDJBM1FSPFTPTJNQBDUPTUPEBWÓBFTUÈOTJFOEPQPDPQFOTB EPTZNVDIPNFOPTEJSJHJEPTEFTEFPUSBTJOTUJUVDJPOFTRVF OPTFBOFMNFSDBEPEFMDPOTVNPZMPTNFEJPTBVEJPWJTVBMFT 4F×BMB$ISJTUJBO'FSSFSRVFIBZVOEFTGBTBKFFOUSFMBTUSBOT GPSNBDJPOFT UFDOPMØHJDPDVMUVSBMFT Z MBT JOTUJUVDJPOFT DPO UFYUPTQFEBHØHJDPTPMFOHVBKFTFODPNÞORVFTPTUJFOFOiBMB QFSTPOBMJEBEFOUJFNQPTEFUSBHFEJBPEFWVMOFSBDJØOTVCKF UJWBw'FSSFSQ 1PESÓBNPTBHSFHBSRVFOPTPMPFO UJFNQPTEFUSBHFEJBPWVMOFSBDJØOUBNCJÏOFOFMEÓBBEÓBMPT IVNBOPTQBSFDFNPTBOEBSNBMFRVJQBEPTQBSBMJEJBSDPOMBT GSVTUSBDJPOFTMBTBNCJHàFEBEFTZFMDBSÈDUFSiOPFTQFDUBDVMBSw EFMPDPUJEJBOP {$ØNPTFFYQSFTBOFTUPTDBNCJPTZEFTGBTBKFTFOMBTSFMB DJPOFTFOUSFBEVMUPTZBEPMFTDFOUFTFOMBFTDVFMBTFDVOEBSJB 3FUPNFNPTZBNQMJFNPTMPTBSHVNFOUPTEFTBSSPMMBEPTFOMPT DBQÓUVMPTBOUFSJPSFT&OFMDBQÓUVMPEPOEFBOBMJ[BNPTMBT PQJOJPOFTEFMPTQSPGFTPSFTTFQVTJFSPOFOFWJEFODJBMBTEJm DVMUBEFTEFMPTEPDFOUFTBMFOGSFOUBSBBEPMFTDFOUFTFOMBTBV MBT4JOFNCBSHPFOFMDBQÓUVMPFOFMRVFTFBOBMJ[BSPOMBT PQJOJPOFTEFMPTFTUVEJBOUFTBQBSFDJFSPOPQJOJPOFTNÈTNB UJ[BEBTZVOBWBMPSBDJØOEFMPTFTQBDJPTEFTPDJBMJ[BDJØONÈT QBVTBEPTZNÈTQSPUFHJEPTRVFQSPQPOFMBFTDVFMB5BNCJÏO DMBSPFTUÈVOBDSÓUJDBBMPTQSPGFTPSFTiRVFSPCBOMBDMBTFwZ BMPTBEVMUPTRVFOPFTUÈOEJTQVFTUPTBFTDVDIBS-PTKØWFOFT FODVFTUBEPTOPQBSFDFOTFSMPTiFYUSBUFSSFTUSFTFOFMBVMBwEF MPTRVFIBCMBCBOMPTFTUVEJPTIBDFVOBEÏDBEB1PSPUSBQBSUF OPFTUÈEFNÈTEFDJSBVORVFQBSF[DBFWJEFOUFRVFMBEJmDVM UBEEFSFDPOPDFSRVJÏOFTUÈFOGSFOUFQBSFDFSFDBFSNÈTEFMMBEPEF MPTBEVMUPTRVFEFMEFMPTKØWFOFT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB &TFMUVSOPFOUPODFTEFQPOFSMBEPBMBEPTVTPQJOJPOFT TPCSFMBFEVDBDJØOFOHFOFSBMTPCSFTVTFTDVFMBTTPCSFRVÏDB SBDUFSÓTUJDBTEFmOFOBVOCVFOEPDFOUFZBVOCVFOBMVNOPZ TVTDBMJmDBDJPOFTTPCSFBMHVOPTBTQFDUPTEFMBSFBMJEBEFTDPMBS &OFTUFDBQÓUVMPUBNCJÏOOPTEFUFOESFNPTFOTVTiEFNBO EBTwZQSFPDVQBDJPOFTRVÏUFNBTEFCFSÓBFOTF×BSMBFTDVFMB TFDVOEBSJBRVFIPZOPFOTF×BRVÏWBMPSBOEFMPBQSFOEJEP RVÏMFTEBNJFEPFOMBFTDVFMBDØNPTFTJFOUFOBMMÓ 2VFSFNPTEFTUBDBSRVFVOPEFMPTSFTVMUBEPTRVFNÈTOPT TPSQSFOEJFSPOFOFTUFFTUVEJPGVFFODPOUSBSNVDIBTNÈTDPO UJOVJEBEFTZTJNJMJUVEFTFOUSFEPDFOUFTZBMVNOPTRVFMPRVF FTQFSÈCBNPT"QBSFDFVOBDPNVOJEBEEFPQJOJPOFTZTFOTB DJPOFTTPCSFFMQBÓTZTPCSFMBFTDVFMB.ÈTBMMÈEFMBTEJGFSFO DJBTZMPTNBUJDFTRVFTPOJNQPSUBOUFTFOBMHVOPTBTQFDUPT FTQFDJBMNFOUF FO DVBOUP B MB DPOWJWFODJB Z MB KVTUJDJB FO MB FTDVFMB BQBSFDFO FOVODJBEPT NVZ TJNJMBSFT Z DPNQBSUJEPT TPCSFFMQBÓTZTPCSFTVTFTDVFMBT.VDIBTWFDFTMBKFSBSRVÓB ZPSHBOJ[BDJØOEFMBTSFTQVFTUBTTPOTJNJMBSFT4VSHFOEJTDVS TPTNÈTVOJmDBEPTZIPNPHÏOFPTRVFMPRVFTFSÓBEFTFBCMF FTQFSBSFOVOQBOPSBNBEFNBZPSGSBHNFOUBDJØOZEFTBSUJ DVMBDJØO TPDJBM "QBSFDFO IPSJ[POUFT DPNVOFT FOVODJBEPT RVFUJFOFOMBNJTNBGVFS[BFOEJTUJOUPTDPOUFYUPTZRVFTPO TPTUFOJEPTQPSBEVMUPTZKØWFOFT {$ØNPMFFSFTUBTDPOUJOVJEBEFT {2VJFSFEFDJSFTUPRVFUPEP FO MB FTDVFMB NFEJB WB CJFO {"MDBO[B DPO MB DPOGPSNJEBE EF EPDFOUFT Z FTUVEJBOUFT DPO MB TJUVBDJØO BDUVBM QBSB EFKBSOPT USBORVJMPT -FKPT FTUÈ EF OVFTUSB JOUFODJØO BCPOBS FM DBNJOP EFMBDFMFCSBDJØOPEFMPQUJNJTNPJOHFOVP4BCFNPTQPSFTUF Z PUSPT FTUVEJPT RVF MB FTDVFMB TFDVOEBSJB UJFOF JOOVNFSBCMFT QSPCMFNBTRVFMBPSHBOJ[BDJØOFTDPMBSFODJDMPQÏEJDBZDPOUBO UBEJTQFSTJØOIPSBSJBNVFTUSBTVBHPUBNJFOUPZRVFIBZTÓOUP NBTEFVOBUSBOTJDJØOBHVEBIBDJBPUSBFTUSVDUVSBFTDPMBSFOMBT EJTDPOGPSNJEBEFTTPCSFMBFWBMVBDJØOMBQSFTFOUBDJØOQFSTPOBM $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB ZMBEJTDJQMJOBRVFBQBSFDFOFONVDIBTFTDVFMBT5BNCJÏOTPO TÓOUPNBT HSBWFT EFM BHPUBNJFOUP EF VOB QSPQVFTUB FTDPMBS MPT BMUPTQPSDFOUBKFTEFSFQFUJDJØOZEFBCBOEPOPEFMBFTDVFMBFOFM OJWFMNFEJPZTVFOPSNFEFTJHVBMEBEFOUSFTFDUPSFTTPDJBMFTEB UPTRVFEFCFSÓBOTFSNPUJWPEFFTDÈOEBMPTPDJBMZOPMPTPO1FSP OPRVFSFNPTTVCFTUJNBSMBQFSTJTUFODJBEFVOBHSBNÈUJDBFTDPMBS NÈTQSPGVOEBRVFTJHVFUFOJFOEPDPOTFOTPZRVFTJHVFEFm OJFOEPRVÏTFFOUJFOEFQPSVOBCVFOBFTDVFMBTVTDPOUFOJEPTZ TVTGPSNBTEFUSBCBKP/PTQBSFDFRVFFOMPTEJTDVSTPTTPCSFMB DSJTJTFTDPMBSTFOJFHBOFTUBTDPOUJOVJEBEFTZTPCSFUPEPTFQJFSEF EF WJTUB MB OFDFTJEBE EF USBCBKBS TPCSF BRVFMMP RVF QFSNBOFDF DPNPiBQBSJFODJBFTDPMBSw'JOPDDIJP ZRVFTJHVFTPTUF OJFOEPBMPTBDUPSFTFONFEJPEFMBTUPSNFOUBTDPNPTF×BMB NPTFOFMDBQÓUVMP1MBOUFBNPTRVFTJRVFSFNPTQSPEVDJSVOB JOTUJUVDJØONFKPSNÈTSFMFWBOUFZNÈTEFNPDSÈUJDBIBCSÈRVF QSPDFEFSBVOUSBCBKPTFSJPTPTUFOJEPZBMBSHPQMB[PTPCSFFTUBT QFSDFQDJPOFTFJNBHJOBSJPTTPCSFFTUBHSBNÈUJDBRVFOPQBSFDF BMNFOPTEFTEFOVFTUSBMFDUVSBEFMPRVFFODPOUSBNPTFOFTUB JOWFTUJHBDJØOUBODBÓEBEFSSVNCBEBPFOGSBODBSFUJSBEB:QPS PUSPMBEPIBCSÈRVFSFDVQFSBSEFMEJTDVSTPEFMPTBDUPSFTEFMB FTDVFMBDVÈMFTTPOMPTBTQFDUPTRVFTÓMPTHSBUJmDBORVÏFMFNFOUPT WBMPSBOZQPSRVÏZDØNPBQPZBSTFFOFMMPTQBSBQSPEVDJSMPT DBNCJPTEFTFBEPT -BTPQJOJPOFTTPCSFFMQBÓTZTPCSFMBFEVDB DJØOFOCVTDBEFTFOUJEPTDPNQBSUJEPT &OMBÞMUJNBTFDDJØOEFMBFODVFTUBTPMJDJUBNPTBEPDFO UFTZBMVNOPTRVFQMBOUFBSBOTVWJTJØOTPCSFMPTQSPCMFNBT EFOVFTUSPQBÓTZRVFFWBMVBSBOBMBHFOFSBDJØOEFKØWFOFT FOSFMBDJØODPOMBHFOFSBDJØOEFTVTQBESFT/PTJOUFSFTBCB BDFSDBSOPTBMBQFSDFQDJØOEFMPTQSPCMFNBTTPDJBMFTFORVFTF JOTDSJCFMBBDDJØOEFMBFTDVFMBTFDVOEBSJBZUBNCJÏOBOBMJ[BS FORVÏNFEJEBIBZVOBDPOUJOVJEBEEFPQJOJPOFTFOUSFMBT EJTUJOUBTHFOFSBDJPOFTRVFFTUÈOFOMBFTDVFMB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $VBESP 1FSDFQDJPOFTEFMPTQSPGFTPSFTTPCSFMBTDBSBDUFSÓTUJDBTEF MPTBMVNOPTFOFTUBFTDVFMBZFOHFOFSBM %PDFOUFT "MVNOPT -BQPCSF[BZFMIBNCSF -BEFTPDVQBDJØO -BDPSSVQDJØO -BJOTFHVSJEBE -BTESPHBT -BFEVDBDJØO -BEFTJHVBMEBE -BTBMVE -BKVTUJDJB 0USPT 5PUBM &MNFEJPBNCJFOUF &OTVTSFTQVFTUBTIBZVOBEJGFSFODJBOPUPSJBFOMBDBO UJEBEEFBMVNOPTZEPDFOUFTRVFBTJHOBOBMBQPCSF[BZFM IBNCSFMBDPOEJDJØOEFTFSFMQSPCMFNBNÈTHSBWFEFMQBÓT 4JOFNCBSHPOPTFEFCFEFKBSEFEFTUBDBSRVFMPTUSFTQSJ NFSPTQSPCMFNBTTPOMPTNJTNPTZDBTJNBOUJFOFOFMPSEFO TBMWPQPSVOBMJHFSBJOWFSTJØODBTJFNQBUFEFMBEFTPDVQB DJØOZMBDPSSVQDJØOFOFMDBTPEFMPTQSPGFTPSFT &TOPUBCMF RVF MB JOTFHVSJEBE Z MBT ESPHBT BQBSF[DBO DPO QPSDFOUBKFT NVDIPNFOPSFTBVODVBOEPTPOQBSUFEFMEJTDVSTPNFEJÈ UJDP RVF JOTJTUFOUFNFOUF MPT FOGBUJ[B DPNP MPT QSPCMFNBT NÈTBDVDJBOUFT1BSFDFQFSTJTUJSVOEJTDVSTPiTPDJBMwJODMVTP $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB FOUSFMPTTFDUPSFTNÈTQSJWJMFHJBEPTWÏBTFFMDVBESPBOFYP QBSB FM DBTP EF MPT BMVNOPT RVF JEFOUJmDB B MB QPCSF[B DPNPMBQSJODJQBMDVFTUJØORVFIBZRVFSFTPMWFS&OFMDBTP EFMPTBMVNOPTMBQFSDFQDJØOEFMPTQSPCMFNBTQBSFDFFTUBS PSJFOUBEB QPS FM iQPTUFTDVFMBw FT EFDJS MB JODFSUJEVNCSF TPCSFRVÏQBTBSÈDVBOEPmOBMJDFOFMTFDVOEBSJP-BQPTJCJ MJEBEEFOPUFOFSUSBCBKPOPTBCFSCJFODØNPTFHVJSUBOUP DPNPFMUFNPSBFRVJWPDBSTFFOMBFMFDDJØOEFMDBNJOPPMB DBSSFSB UFSDJBSJB P VOJWFSTJUBSJB HFOFSB FO WBSJPT iNJFEP B OPBEBQUBSTFwPiNJFEPBUFOFSRVFWPMWFSBUSÈTw%FBIÓRVF FMNJFEPBMBQPCSF[BZBMIBNCSFBQBSF[DBDPONVDIPNÈT GSFDVFODJBRVFFOMPTBEVMUPT {$ØNPFWBMÞBOBMBTOVFWBTHFOFSBDJPOFTFOSFMBDJØODPO TVTBOUFQBTBEPT /PTJOUFSFTØFOFTUFDBTPBCSJSMBTSFTQVFTUBT FO EJTUJOUPT ÓUFNT QBSB QPTJCJMJUBS MB FNFSHFODJB EF KVJDJPT NÈT CBMBODFBEPT TPCSF RVÏ TF HBOB Z RVÏ TF QJFSEF DPO MBT USBOTGPSNBDJPOFTBDUVBMFT4JCJFOMBQSFHVOUBNBOUJFOFVOB BNCJHàFEBE TPCSF RVÏ iHFOFSBDJPOFTw FTUBSÓBO DPOUFOJEBT FOMBiHFOFSBDJØOEFMPTQBESFTwQVFEFUSBUBSTFEFQBESFTEF PB×PTZFTBTEJGFSFODJBTFOMB"SHFOUJOBSFDJFOUF NBSDBOMBEJTUBODJBFOUSFEFNPDSBDJBZEJDUBEVSBDSFDJNJFO UPFDPOØNJDPPSFDFTJØO DSFFNPTRVFFOQSPNFEJPIBCMBO EFVOBVCJDBDJØOTJFNQSFTVCKFUJWBEFMBHFOFSBDJØOBDUVBM DPOSFTQFDUPBMBTRVFMBBOUFDFEJFSPO/VFWBNFOUFTFUSBUB NFOPTEFQMBOUFBSMBDPSSFTQPOEFODJBEFFTFFOVODJBEPDPO MBSFBMJEBEIJTUØSJDBDPOWFOESÓBFOFTFDBTPBOBMJ[BSMBFWP MVDJØOEFMFZFTPEFMPTJOEJDBEPSFTEFTBMBSJPSFBMZEJTUSJCV DJØOEFMJOHSFTP RVFEFNJSBSMBDPOTUSVDDJØOEFVOBJNBHFO BVUPJNBHFOFOFMDBTPEFMPTKØWFOFT EFVOBHFOFSBDJØOFO SFMBDJØODPOMBTPUSBT &OQSJNFSMVHBSMFTQSFHVOUBNPTBQSPGFTPSFTZBMVNOPT TJ DPOTJEFSBO RVF MPT KØWFOFT IPZ UJFOFO NBZPS MJCFSUBE FO UÏSNJOPTQFSTPOBMFTRVFMBRVFUVWJFSPOTVTQBESFT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $VBESP 1FSDFQDJØOEFMBMJCFSUBEQFSTPOBMEFMPTKØWFOFTSFTQFDUP EFMBHFOFSBDJØOEFTVTQBESFT .FKPS *HVBM 1FPS /4/$ 5PUBM %PDFOUFT "MVNOPT "RVÓBQBSFDFVOBTJNJMJUVEDBTJJEÏOUJDBFOMBTSFTQVFTUBT .ÈTEFMBNJUBEEFMPTEPDFOUFTZMPTKØWFOFTDSFFORVFMBKV WFOUVEFTUÈNFKPSRVFPUSBTHFOFSBDJPOFTFOMPRVFSFTQFDUBB TVMJCFSUBEQFSTPOBM-BNBZPSQPTJCJMJEBEEFEFmOJSTVTQSP QJBTPSJFOUBDJPOFTEFDBNJOBSMJCSFNFOUFEFFYQSFTBSTFZEF SFMBDJPOBSTFFTVOFMFNFOUPSFTBMUBEPEFNBOFSBDPJODJEFOUF QPSBEVMUPTZBEPMFTDFOUFTFOMBFTDVFMBTFDVOEBSJB 1BSBEØKJDBNFOUFOPFTUBOBMUBMBQFSDFQDJØOEFRVFIBZNÈT UPMFSBODJBBMBTEJGFSFODJBTRVFEFCFSÓBTFSVODPSSFMBUPEFMBMJ CFSUBEQFSTPOBM4JCJFOFOUSFRVJFOFTDSFFORVFMBTJUVBDJØOFT NFKPSZRVJFOFTDSFFORVFFTJHVBMRVFBOUFTBMDBO[BOBNÈTEFM FOMPTEPTDBTPTFTTPSQSFOEFOUFNFOUFNFOPSMBDBOUJEBE EFEPDFOUFTZBMVNOPTRVFBEIJFSFOBMBJEFOUJmDBDJØOEFNÈT UPMFSBODJBFOSFMBDJØODPOHFOFSBDJPOFTBOUFSJPSFT $VBESP 1FSDFQDJØOEFMBUPMFSBODJBBMBTEJGFSFODJBTEFMPTKØWFOFT SFTQFDUPEFMBHFOFSBDJØOEFTVTQBESFT .FKPS *HVBM 1FPS /4/$ 5PUBM %PDFOUFT "MVNOPT 1VFEF MFFSTF FTUB QFSDFQDJØO DPNP FM SFTVMUBEP EF VOB BNQMJBDJØOEFMBFTGFSBEFMBTMJCFSUBEFTQFSTPOBMFTQFSPVOB NFOPSBNQMJBDJØOEFQBVUBTUPMFSBOUFTEFJOUFSBDDJØOTPDJBM $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB "MHPEFFTUPQPESÓBWJODVMBSTFBMBDSFDJFOUFWJTJCJMJEBEEFMPT DBTPTEFEJTDSJNJOBDJØOZBTFBTPDJBMTFYVBMSBDJBMSFMJHJPTB P QPS NPUJWPTEFEJTDBQBDJEBEPFOGFSNFEBE RVFTPOEF OVODJBEPTFONBZPSNFEJEBRVFBOUFT1FSPFTUFNJTNPEBUP EFCFSÓBBMFSUBSOPTTPCSFFMIFDIPEFRVFQBSFDFIBCFSNBZPS DPODJFODJBEFRVFMBEJTDSJNJOBDJØOFTVOBQSÈDUJDBRVFEFCF TFSDVFTUJPOBEBZEFOVODJBEB-PTEPDFOUFTQBSFDFOQFSDJCJS FTUPFONBZPSNFEJEBRVFMPTBMVNOPTBMTFSNÈTiPQUJNJT UBTwSFTQFDUPEFMWBMPSRVFUJFOFFOUSFMPTKØWFOFTMBUPMFSBODJB BMBTEJGFSFODJBT-PTNJTNPTKØWFOFTFODBNCJPTFQFSDJCFO DPNP QPDP UPMFSBOUFT TFHVSBNFOUF QPSRVF TV IPSJ[POUF FT NFOPTFMQBTBEPRVFFMQSFTFOUFFOFMRVFOPUBOBÞOJOUPMF SBODJBZEJTDSJNJOBDJØO &OMPRVFSFTQFDUBBMBQPTJCJMJEBEEFFTUVEJBSMBTDPJODJ EFODJBTFOUSFKØWFOFTZBEVMUPTTPOOVFWBNFOUFJNQPSUBOUFT $VBESP 1FSDFQDJØOEFMBQPTJCJMJEBEEFFTUVEJBSEFMPTKØWFOFT SFTQFDUPEFMBHFOFSBDJØOEFTVTQBESFT .FKPS *HVBM 1FPS /4/$ 5PUBM %PDFOUFT "MVNOPT &T JOUFSFTBOUF SFDVQFSBS FM BOÈMJTJT RVF FM GBMMFDJEP /PSCFSU -FDIOFS IJDJFSB TPCSF MB DVMUVSB KVWFOJM DIJMFOB "OBMJ[BOEP MBT SFTQVFTUBT EF KØWFOFTBFODVFTUBTEFM1/6%TPCSFEFTBSSPMMPIVNBOPFODVFOUSBRVF DPFYJTUFOVONBZPSOJWFMEFQMVSBMJTNPZUPMFSBODJBDPOVOBMUPNJFEP BMDPOnJDUPZEFTDPOmBO[BJOUFSQFSTPOBM1VFEFOTFSNÈTUPMFSBOUFTIBDJB MPT FYUSBOKFSPT P MPT IPNPTFYVBMFT QFSP DPOTJEFSBO RVF MBT EJTDVTJPOFT BDBSSFBO DPOnJDUPT Z RVF MB EJWFSTJEBE FT VO WBMPS QBSB NBOUFOFS DPO FYUSB×PTZOPFOVODÓSDVMPÓOUJNPMPRVF-FDIOFSMMBNØMBiQSJWBUJ[BDJØOw EFMBTPDJFEBE -PTKØWFOFTQBSFDFOFTUBSQFPSFRVJQBEPTQBSBNBOFKBS MBT UFOTJPOFT TPDJBMFT RVF WJFOFO DPO FM iWJWJS KVOUPTw DPO PUSPT TFSFT EJGFSFOUFT-FDIOFS "MHPTJNJMBSQVFEFFTUBSNBOJGFTUÈOEPTFFO MBTSFTQVFTUBTEFMPTKØWFOFTBSHFOUJOPTBOVFTUSBFODVFTUB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $PNPZBMPTF×BMBNPTNVDIPTEFMPTBMVNOPTRVFDPODV SSFOBMBFTDVFMBNFEJBTPOMPTQSJNFSPTFOIBDFSMPFOTVTOÞDMFPT GBNJMJBSFT1BSFDFIBCFSNVDIPDPOTFOTPQPSPUSBQBSUFBQPZBEP FOMBFYQBOTJØOSFBMEFMBNBUSÓDVMBFTDPMBSFORVFMBTOVFWBTHF OFSBDJPOFTUJFOFONBZPSFTQPTJCJMJEBEFTEFBDDFTPBOJWFMFTNÈT BMUPTEFMTJTUFNBFEVDBUJWP-PTEPDFOUFTTPOBMHPNFOPTPQUJ NJTUBTTPCSFFTUPTMPHSPTRVFMPTKØWFOFTRVJ[ÈDPNPQSPEVDUP EFMBWJTJØOEFRVFMBDBMJEBEFEVDBUJWBIBEFTDFOEJEP 4JOFNCBSHPDVBOEPTFUSBUBEFFWBMVBSMBTQPTJCJMJEBEFT EFBDDFTPBCJFOFTNBUFSJBMFTBMUSBCBKPMBWJWJFOEBQSPQJBZ MPTJOHSFTPTMBFWBMVBDJØOEFMBTQPTJCJMJEBEFTEFMPTKØWFOFT EFTDJFOEFEFNPEPDPOTJEFSBCMFFOBNCPTHSVQPT $VBESP 1FSDFQDJØOEFMBQPTJCJMJEBEEFUSBCBKBSEFMPTKØWFOFT SFTQFDUPEFMBHFOFSBDJØOEFTVTQBESFT .FKPS *HVBM 1FPS /4/$ 5PUBM %PDFOUFT "MVNOPT &OFMDBTPEFMUSBCBKPDPOWFSUJEPFOMPTÞMUJNPTB×PTFOVO CJFOFTDBTPFOFTQFDJBMQBSBMPTKØWFOFTMBPQDJØONÈTFMFHJEB GVFMBRVFTF×BMBRVFMBTJUVBDJØOIBFNQFPSBEPQBSBMBTOVFWBT HFOFSBDJPOFT/PFTVOEBUPNFOPSTJOFNCBSHPMBEJGFSFODJB FOUSFMPRVFQFSDJCFOMPTBEVMUPTDBTJFMKV[HBRVFMBTJ UVBDJØOFTQFPS ZMPRVFQFSDJCFOMPTKØWFOFTNÈTEFMBNJUBE EFMPTDVBMFTQSFmFSFQFOTBSRVFMBTJUVBDJØOFTJHVBMPNFKPS "RVÓQVFEFOBEWFSUJSTFDJFSUPPQUJNJTNPZFTQFSBO[BBMBIPSB EFFOGSFOUBSFMNFSDBEPEFUSBCBKPDPJODJEFOUFTQPSPUSBQBSUF DPOMBFWBMVBDJØOEFMPTQSPQJPTKØWFOFTTPCSFDØNPTFJNBHJOBO FOFMGVUVSPNBZPSJUBSJBNFOUFiUSBCBKBOEPFOMPRVFNFHVTUBw P iUSBCBKBOEP Z FTUVEJBOEP EF NBOFSB TJNVMUÈOFBw 5BNCJÏO IBCSÈRVFFWBMVBSFOPUSPTFTUVEJPTZDPONBZPSQSFDJTJØODPO $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB RVJÏOFTTFFTUÈODPNQBSBOEPMPTBMVNOPTRVFDSFFORVFFTUBSÈO NFKPSRVFTVTQBESFTZDPORVJÏOFTDPNQBSBOMPTEPDFOUFT-PT ÓOEJDFTEFEFTPDVQBDJØOZQSFDBSJ[BDJØOMBCPSBMOPTBMFSUBOTPCSF MBFYUFOTJØOEFMBTEJmDVMUBEFTMBCPSBMFTFOCVFOBQBSUFEFMBQP CMBDJØOTPCSFUPEPFOMPTTFDUPSFTTPDJBMFTNÈTCBKPT-PTEPDFO UFTFODBNCJPQFSUFOFDFOBMPRVFBMHVOPTBOBMJTUBTMMBNBOFM iÞMUJNPCBTUJØOEFMTBMBSJBEPwFNQMFPTCBTUBOUFTFHVSPTFTUBCMFT ZDPOCFOFmDJPTTPDJBMFTEFMPTDVBMFTRVFEBOQPDPTFOFMNFS DBEPMBCPSBM"TÓTJFMQBUSØOEFDPNQBSBDJØOFTDPOTVQSPQJB TJUVBDJØOTFHVSBNFOUFQFSDJCJSÈORVFMPTKØWFOFTFTUBSÈOQFPS RVFFMMPT4FSÓBJOUFSFTBOUFGPSNVMBSMBNJTNBQSFHVOUBBBEVMUPT FNQMFBEPTFOPUSPTTFDUPSFTEFMNFSDBEPEFFNQMFP 1PS PUSB QBSUF TF MFT QSFHVOUØ B EPDFOUFT Z FTUVEJBOUFT TJ MPT KØWFOFT UFOESÈO NFKPSFT P QFPSFT QPTJCJMJEBEFT EF UF OFS CVFOPT JOHSFTPT RVF TVT QBESFT /VFWBNFOUF DPNP FO SFMBDJØODPOFMUSBCBKPMBQFSDFQDJØODPNQBSUJEBFTRVFMPT KØWFOFTFTUÈOQFPSRVFMBTHFOFSBDJPOFTQBTBEBT1FSPQVFEFO TF×BMBSTFMBTNJTNBTDPOTJEFSBDJPOFTIFDIBTQBSBMBQPTJCJMJ EBEEFUFOFSNFKPSFTFNQMFPT-PTKØWFOFTTPONÈTPQUJNJT UBTSFTQFDUPEFTVGVUVSPRVFMPRVFTPOMPTBEVMUPT $VBESP 1FSDFQDJØOEFMBQPTJCJMJEBEEFUFOFSCVFOPTJOHSFTPT SFTQFDUPEFMBHFOFSBDJØOEFTVTQBESFT .FKPS %PDFOUFT "MVNOPT *HVBM 1FPS /4/$ 5PUBM "DPOUJOVBDJØOJODMVJNPTVOBQSFHVOUBTPCSFMBNFKPSBP FNQFPSBNJFOUPEFMBTDPOEJDJPOFTEFTFHVSJEBEFOMBTDBMMFT&O MBTFHVSJEBEVSCBOBBQBSFDFODPJODJEFODJBTJNQPSUBOUFTBMQVO UPRVFIBZDBTJVOBBMJOFBDJØOEFMBTSFTQVFTUBTFOWBMPSFTTJNJMB SFT"RVÓQVFEFWFSTFUBNCJÏOMBJOnVFODJBEFEJTDVSTPTTPDJBMFT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB TPCSFMBBHFOEBEFQSPCMFNBTRVFQMBOUFBOMBJOTFHVSJEBEDPNP VOBTQFDUPDSÓUJDPZVSHFOUF-BHFOFSBMJ[BDJØOEFFTUPTFOVODJB EPTBÞONBZPSJUBSJPTFODJVEBEFTQFRVF×BTEPOEFMPTÓOEJDFT EFDSJNJOBMJEBEOPTFIBONPEJmDBEPEFNBOFSBTJHOJmDBUJWB IBCMBEFMBQSFHOBODJBEFVOBSFUØSJDBNFEJÈUJDB-PDJFSUPFT RVFMBTTFOTBDJPOFTEFJOTFHVSJEBEIPZSPEFBOMBBDDJØOEFMPT KØWFOFTFOMBDBMMFZIBZUSBOTGPSNBDJPOFTJNQPSUBOUFTFOMPT DSJUFSJPTZQBVUBTEFDSJBO[BRVFTFIBOiQSJWBUJ[BEPwFTNFOPT IBCJUVBMKVHBSFOMBTDBMMFTBMNFOPTFOMBTHSBOEFTDJVEBEFT ZTFIBOWVFMUPNÈTFOEPHÈNJDBTZFODMBVTUSBEBTOPTPMPFOMB "SHFOUJOB#BVNBO $VBESP 1FSDFQDJØOEFMBTFHVSJEBEVSCBOBEFMPTKØWFOFTSFTQFDUP EFMBHFOFSBDJØOEFTVTQBESFT .FKPS *HVBM 1FPS /4/$ 5PUBM %PDFOUFT "MVNOPT 'JOBMNFOUFQFEJNPTBEPDFOUFTZBMVNOPTRVFFWBMVBSBO DØNPFTUÈOMPTKØWFOFTSFTQFDUPEFMBHFOFSBDJØOEFTVTQBESFT FOSFMBDJØODPOMBJOGPSNBDJØORVFUJFOFOTPCSFFMNVOEP &O BNCPT DBTPTBMNFOPTUSFTDVBSUBTQBSUFTEFMBNVFTUSB DPOTJEFSB RVF MBT OVFWBT HFOFSBDJPOFT UJFOFO NÈT JOGPSNB DJØOTPCSFFMNVOEP"RVÓMBQFSTQFDUJWBEFMPTEPDFOUFTFT MJHFSBNFOUFNÈTQPTJUJWBRVFMBEFMPTBMVNOPT $VBESP 1FSDFQDJØOEFMBJOGPSNBDJØOTPCSFFMNVOEPRVFUJFOFO MPTKØWFOFTSFTQFDUPEFMBHFOFSBDJØOEFTVTQBESFT .FKPS *HVBM 1FPS /4/$ 5PUBM %PDFOUFT "MVNOPT $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB $MBSP RVF iJOGPSNBDJØO TPCSF FM NVOEPw OP RVJFSF EFDJS DPOPDJNJFOUP OJ BVO QBVUBT EF BDDJØO QBSB NPWFSTF FO FTF NVOEP1FSPIBZQPDBTEVEBTBDFSDBEFRVFMBFYQBOTJØOEF MPTNFEJPTEFDPNVOJDBDJØONBTJWPTZTVHMPCBMJ[BDJØOQSP EVDF IPZ WJTJPOFT TPCSF FM NVOEP NÈT BNQMJBT Z FYUFOEJEBT RVFMBTRVFUFOÓBOHFOFSBDJPOFTBOUFSJPSFT)BCSÓBRVFBEWFSUJS TJOFNCBSHPRVFTFEBMBQBSBEPKBEFUFOFSTJNVMUÈOFBNFOUF JOGPSNBDJØOZBDDFTPBVONVOEPNÈTBNQMJPQFSPUBNCJÏO QBVUBTEFNPWJMJEBENÈTMJNJUBEBTUBOUPQPSMBTSFTUSJDDJPOFT FOFMBDDFTPBMPTCJFOFTNBUFSJBMFTDPNPQPSMBDVFTUJØOEFMB TFHVSJEBEVSCBOBRVFWVFMWFNÈTQSJWBEPTMPTJOUFSDBNCJPT &OMBJOWFTUJHBDJØOOPTJOUFSFTØUBNCJÏOJOEBHBSTPCSFFM BDVFSEPPEFTBDVFSEPEFDJFSUPTFOVODJBEPTDMÈTJDPTTPCSFFM WBMPSEFMBFEVDBDJØO&OMPTDBQÓUVMPTBOUFSJPSFTTF×BMBNPT MBQFSTJTUFODJBEFMBDPOmBO[BFOFTUBTBmSNBDJPOFT7FBNPT BIPSBDØNPTFDPNQBSBOQSPGFTPSFTZFTUVEJBOUFTBMBIPSBEF KV[HBSFMWBMPSEFMBFTDVFMB $VBESP 1FSDFQDJPOFTEFMPTQSPGFTPSFTZFTUVEJBOUFTTPCSFFMWBMPSEFMB FEVDBDJØO %PDFOUFT -BFEVDBDJØO BZVEBBRVFUPEPT UFOHBNPTMBTNJTNBT PQPSUVOJEBEFT %FBDVFSEP &OEFTBDVFSEP /4/$ 5PUBM %FBDVFSEP -BFTDVFMBTFDVOEBSJB MFTFOTF×BBMPTKØWFOFT &OEFTBDVFSEP BDPOPDFSTVTEFSFDIPT /4/$ 5PUBM "MVNOPT &OFTUFDBTPDPNPFOCVFOBQBSUFEFMPTBOUFSJPSFTIBZ VOBDPOUJOVJEBEGVFSUFFOFMJNBHJOBSJPEFEPDFOUFTZBMVN .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB OPTTPCSFFMWBMPSEFMBFEVDBDJØO5BNCJÏOFYJTUFVOSFDP OPDJNJFOUP EF RVF TF IB BCJFSUP QBTP FM BQSFOEJ[BKF EF MPT EFSFDIPTVOFMFNFOUPOPWFEPTPRVFUSBKFSPOMPTHPCJFSOPT DPOTUJUVDJPOBMFTFOMBTÞMUJNBTEPTEÏDBEBT1VFEFMFFSTFFTUB BEIFTJØO DPNP MB BmSNBDJØO EF VOB EFGFOTB DPSQPSBUJWB EF EPDFOUFT ZBMVNOPTEFTVTJOTUJUVDJPOFTEFUSBCBKPPEF BQSFOEJ[BKFoMPRVFFOSFBMJEBEQPESÓBQSFEJDBSTFNÈTEFMPT EPDFOUFTRVFEFMPTBMVNOPTo1FSPTJTVNBNPTBFTUFDPO TFOTPTJHOJmDBUJWPFMBVNFOUPEFMBTUBTBTEFFTDPMBSJ[BDJØO NVZNBSDBEPFOMBTEPTÞMUJNBTEÏDBEBTDSFFNPTRVFIBCSÓB RVFIBCMBSNÈTCJFOEFMBQFSTJTUFODJBEFVOBDPOmBO[BTP DJBMFOMBFTDVFMBRVFTFFYQSFTBFOMBBQVFTUBEFMBTGBNJMJBT BMNBOEBSBTVTIJKPTBMBFTDVFMBFOMBDPOmBO[BEFMPTBMVN OPTZUBNCJÏOBVORVFFOVOHSBEPVOQPDPNFOPSFOMBEF MPTEPDFOUFTFOMBMFHJUJNJEBEEFMBFTDVFMB"VODVBOEPTF MBKV[HVFFODSJTJTZEFUFSJPSBEBTFTJHVFDPOmBOEPFORVFMB FEVDBDJØONFKPSBMBTJUVBDJØOEFEFTJHVBMEBETPDJBMOJWFMBOEP MBTPQPSUVOJEBEFTZRVFBQPSUBBMBBNQMJBDJØOEFMDPOPDJ NJFOUPEFMPTEFSFDIPT -BFTDVFMBTFDVOEBSJB WJTJPOFTDPNQBSUJEBTÏOGBTJTEJGFSFOUFT "TÓ DPNP OPT JOUFSFTØ DPOPDFS MB JNBHFO P BVUPJNBHFO EFMBHFOFSBDJØOEFKØWFOFTDPOSFTQFDUPBHFOFSBDJPOFTBO UFSJPSFTCVTDBNPTUBNCJÏOJOEBHBSTPCSFMBQFSDFQDJØOEFMB FTDVFMBBDUVBMFOSFMBDJØODPOFMQBTBEP/PTJOUFSFTBCBDPO GSPOUBSMBQSFTFODJBEFVOBWJTJØOOPTUÈMHJDBTPCSFMBFTDVFMB NFEJBNVZQSFTFOUFFOFMEJTDVSTPEFMPTQSPGFTPSFTDPOMB &O MPT DBQÓUVMPT BOUFSJPSFT OPT FYUFOEJNPT FO DPOTJEFSBDJPOFT DPO SFTQFDUPBMWBMPSRVFUBOUPEPDFOUFTDPNPBMVNOPTPUPSHBOBMBFEVDBDJØO 3FNJUJNPT B FTBT QÈHJOBT QBSB FODPOUSBS BSHVNFOUPT NÈT EFUBMMBEPT BM SFTQFDUP&OFTUBTFDDJØOOPTJOUFSFTBDPODFOUSBSOPTFOMBDPNQBSBDJØO EFBNCPTHSVQPTNÈTRVFFOFMEFTBSSPMMPEFDBEBVOPEFMPTUFNBT&TUB BDMBSBDJØOWBMFQBSBMPTPUSPTBTQFDUPTRVFUSBUBNPTFOFTUFDBQÓUVMP $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB PQJOJØOEFMPTBMVNOPT1PSFTPQSFHVOUBNPTBEPDFOUFTZ BMVNOPTTJDSFFORVFMBFTDVFMBBDUVBMFTNFKPSJHVBMPQFPS RVFMBFTDVFMBEFBOUFT&OFTUFDBTPTÓBQBSFDFOEJGFSFODJBT TJHOJmDBUJWBTFOUSFBEVMUPTZKØWFOFT $VBESP 1FSDFQDJPOFTEFMPTQSPGFTPSFTZMPTFTUVEJBOUFTTPCSF MBFTDVFMBBDUVBMFOSFMBDJØODPOMBFTDVFMBEFMQBTBEP %PDFOUFT -BFTDVFMBNFEJB BDUVBMFTNFKPSRVF BOUFT 5PUBM "MVNOPT %FBDVFSEP &OEFTBDVFSEP /4/$ 1FTF B RVF MB NBZPSÓB FO BNCPT DBTPT TF JODMJOB QPS FM EFTBDVFSEPDPOMBBmSNBDJØOTF×BMBOEPEFFTUBNBOFSBRVFMB FTDVFMBFSBNFKPSiBOUFTwMPTQSPGFTPSFTMPIBDFOFOGPSNBBCSV NBEPSB DPOUSBNFOPTEFMBNJUBEEFMPTFTUVEJBOUFT&O FMDBTPEFMPTKØWFOFTDBTJTFEJWJEFOQPSNJUBEFTRVJFOFTDPOTJ EFSBORVFMBFTDVFMBBDUVBMFTNFKPSRVFBOUFTZRVJFOFTQJFOTBO MPDPOUSBSJP"QBSFDFUBNCJÏOVOEFiJOEFDJTPTwVOWBMPS NVDIPNÈTBMUPRVFFOMBTQSFHVOUBTBOUFSJPSFT&OFMBQBSUBEP BOUFSJPSTF×BMBNPTRVFQVFEFFTUBSKVHBOEPUBNCJÏOFMIPSJ[PO UFDPOUSBFMDVBMTFDPNQBSBOFMBOUFTZFMBIPSBDPOTJEFSBOEP RVFNVDIPTBMVNOPTFODVFTUBEPTFTUÈOBDDFEJFOEPZBBVOBO UFTEFUFSNJOBSBNÈTB×PTEFFTDPMBSJEBERVFTVTQBESFTTVT PQJOJPOFTTFSÈOTFHVSBNFOUFNÈTPQUJNJTUBTRVFMBTEFPUSPT QBSBRVJFOFTMBFYQFSJFODJBTFPSHBOJ[BDPNPQÏSEJEBZEFUFSJPSP TJNCØMJDPZNBUFSJBM1FSPFOUPEPDBTPMPRVFTVHJFSFMBMFDUVSB EJWJEJEBFOUSFMPTKØWFOFTFTRVFIBZVOBFWBMVBDJØOUPEBWÓBFO EJTQVUBPFODPOTUSVDDJØOBEJGFSFODJBEFMBEFMPTQSPGFTPSFT EPOEFZBQBSFDFIBCFSVOEJBHOØTUJDPDFSSBEPZCBTUBOUFOFHBUJ WPTPCSFFMFTUBEPBDUVBMEFMBFTDVFMBTFDVOEBSJB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 4JOFNCBSHPFTFEJBHOØTUJDPHFOFSBMOFHBUJWPOPTFUSBTMBEB EFNBOFSBVOJGPSNFDVBOEPTFSFMFWBDPONÈTEFUBMMFQBSBRVÏ TJSWFMBFTDVFMBDVBOEPIBCMBOEFMPRVFDPOTJEFSBOVOCVFO EPDFOUFZVOCVFOBMVNOPZTPCSFUPEPDVBOEPSFmFSFODØNP TFTJFOUFOZRVÏWBMPSBOEFTVUSBCBKP&OMBTQÈHJOBTRVFTJHVFO OPTEFUFOESFNPTFOFTUPTBTQFDUPTBTÓDPNPFOVOBDPNQBSB DJØONÈTFYIBVTUJWBEFDØNPDBMJmDBOFOTVTEJTUJOUPTBTQFDUPTB MBTJOTUJUVDJPOFTFOMBTRVFFOTF×BOZBQSFOEFO &OSFMBDJØODPOMBGVODJØOEFMBFTDVFMBTFDVOEBSJBTFFO DVFOUSBO DPOUJOVJEBEFT GVFSUFT FOUSF QSPGFTPSFT Z FTUVEJBOUFT -FTEJNPTMBQPTJCJMJEBEEFFMFHJSEPTPQDJPOFTFOPSEFOEFKF SBSRVÓBQBSBBDFSDBSOPTBMBQMVSBMJEBEEFGVODJPOFTRVFTFMF BTJHOBBMBFTDVFMB $VBESP 0QJOJPOFTEFMPTBMVNOPTZMPTQSPGFTPSFTTPCSFMBGVODJØO EFMBFTDVFMBTFDVOEBSJBEPTPQDJPOFT %PDFOUFT "MVNOPT $POTFHVJSVOUSBCBKP 4FHVJSFTUVEJBOEP FOMBVOJWFSTJEBEP UFSDJBSJP 5FOFSDVMUVSBHFOFSBM 4BCFSSFMBDJPOBSTFDPO PUSPT .BOFKBSTFDPO JOEFQFOEFODJBZ BVUPOPNÓB 5FOFSVOBNJSBEB DSÓUJDB .FKPSBSMPT QSPCMFNBTEFMQBÓT /JOHVOPEFFTUPT BTQFDUPT 5PUBM $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB $PNPQVFEFPCTFSWBSTFEPDFOUFTZBMVNOPTDPJODJEFOFOTV QSJNFSBZTFHVOEBPQDJØOFORVFMBGVODJØOQSJODJQBMEFMBFTDVFMB NFEJBFTGPSNBSBMPTBMVNOPTQBSBTFHVJSFTUVEJBOEP&TUBGVODJØO QSPQFEÏVUJDBIBTJEPEFTEFTVTJOJDJPTDPNPOJWFMFTQFDÓmDPZEJGF SFODJBEPEFMBVOJWFSTJEBEBNFEJBEPTEFMTJHMPĩĚĩMBUBSFBQSJODJQBM RVFTFMFBTJHOØ%VTTFM -BDPOUJOVJEBEEFFTUFJNBHJOBSJPFT OPUBCMFQFTFBRVFQSPCBCMFNFOUFNFOPTEFMBNJUBEEFTVTBMVN OPTTJHBOFTUVEJBOEP&OTFHVOEPMVHBSBQBSFDFMBGPSNBDJØOQBSB DPOTFHVJSVOUSBCBKPNÈTJNQPSUBOUFQBSBMPTFTUVEJBOUFTEBEBMB SFMBDJØOEFUJQPJOTUSVNFOUBMRVFQMBOUFBOFOSFMBDJØODPOMBFTDVFMB NFEJB1PSPUSPMBEPFMGPSNBSQBSBiUFOFSDVMUVSBHFOFSBMwBQBSFDF NÈTTFMFDDJPOBEPQPSMPTQSPGFTPSFTRVFQPSMPTFTUVEJBOUFTRVFMF BTJHOBOVOWBMPSNVDIPNFOPS&TMMBNBUJWPRVFMBQSJNFSBTFHVO EBZUFSDFSBPQDJØOTJHBOFMNJTNPPSEFOFOUSFQSPGFTPSFTZFTUV EJBOUFTFWJEFOUFNFOUFIBZVOJNBHJOBSJPDPNQBSUJEPSFTQFDUPEF MPRVFEFCFIBDFSMBFTDVFMBTFDVOEBSJB&OFMDBTPEFMPTQSPGFTPSFT UBNCJÏOBQBSFDFOMBTIVFMMBTEFEJTDVSTPTQFEBHØHJDPTRVFWBMPSBO MBBVUPOPNÓBMBNJSBEBDSÓUJDBZFMTBCFSSFMBDJPOBSTFDPOPUSPTRVF UBNCJÏOBQBSFDFOBVORVFFONFOPSNFEJEBFOMPTFTUVEJBOUFT1PS ÞMUJNPMMBNBMBBUFODJØORVFMBPQDJØOEFDPOUSJCVJSBMBNFKPSB EFMPTQSPCMFNBTEFMQBÓTOPDPODJUFBEIFTJØO&MIPSJ[POUFEFMBT GVODJPOFTTPDJBMFTQBSFDFIBCFSTFJOEJWJEVBMJ[BEPZTFNJEFQPSMP RVFMBJOTUJUVDJØOQVFEFBQPSUBSMFBDBEBTVKFUPZOPBMBTPDJFEBEFO HFOFSBMDPNPTF×BMBNPTFOFMDBQÓUVMPBOUFSJPS #VTDBOEPQSPGVOEJ[BSFOFMJNBHJOBSJPTPCSFMBFTDVFMBQSF HVOUBNPTDVÈMFTTPOMBTDBSBDUFSÓTUJDBTEFVOCVFOEPDFOUFZEFVO CVFOBMVNOP7FBNPTFOQSJNFSMVHBSDØNPPQJOBOEPDFOUFTZ BMVNOPTBDFSDBEFDØNPTFEFmOFVOiCVFOEPDFOUFw&OFTUFDBTP QSFTFOUBNPTUSFTPQDJPOFTFOVOBCBOJDPEFDBUFHPSÓBTDPOMBTRVF TFJOUFOUBCBDBQUBSMBTVUJMF[BEFMPTÏOGBTJTFOFMDPOPDJNJFOUPFO MBDVFTUJØOSFMBDJPOBMFOMBDPOUFODJØOFOFMiBNJHVJTNPwFOMB NFUPEPMPHÓBFOUSFPUSPTBTQFDUPT&OFMDVBESPRVFTJHVFJODMVJNPT MBTUSFTPQDJPOFTQBSBBNCPTDBTPTQSPGFTPSFTZFTUVEJBOUFTZBRVF QFSNJUFOBOBMJ[BSNFKPSMBEJTQFSTJØOEFMBTSFTQVFTUBTRVFEJFSPO 2VFQSPQPOHBBDUJWJEBEFTJOUFSFTBOUFTZRVFBZVEFBMPTBMVNOPT 2VFUFOHBiCVFOBPOEBw 2VFUSBOTNJUBWBMPSFTQBSBTFSCVFOBQFSTPOB 2VFTFBFYJHFOUF 2VFUSBUFBUPEPTQPSJHVBM 2VFUFOHBBVUPSJEBE 2VFDVJEFZDPOUFOHB 5PUBM 2VFMFHVTUFMPRVFFOTF×BZMPEFNVFTUSF 2VFTFQBFYQMJDBSBMPTBMVNOPT 5FSDFSB PQDJØO 4FHVOEB PQDJØO 2VFTFQBEFMBNBUFSJBRVFEB 1SJNFSB PQDJØO %PDFOUFT $VBESP 0QJOJPOFTEFMPTQSPGFTPSFTZMPTBMVNOPTTPCSFFMiCVFOEPDFOUFwPQDJPOFT 1SJNFSB PQDJØO 4FHVOEB PQDJØO "MVNOPT 5FSDFSB PQDJØO .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB &OSFMBDJØODPOFMiCVFOEPDFOUFwQBSFDFIBCFSNÈTEJT QFSTJØOZNFOPTDPJODJEFODJBTFOUSFEPDFOUFTZBMVNOPT&O FMDBTPEFMPTQSPGFTPSFTDPNPTF×BMBNPTFOFMDBQÓUVMPMPT CVFOPTEPDFOUFTQBSFDFOEFmOJSTFEFNBOFSBNÈTBVUPSSFGF SFODJBMFTEFDJSQPSMBTDBSBDUFSÓTUJDBTRVFQPTFFOZEFNVFT USBONÈTRVFQPSMBJOUFSBDDJØODPOMPTBMVNOPTBVORVFFO MBTFHVOEBPQDJØOBQBSFDFMBDBQBDJEBEQBSBQSPQPOFSBDUJWJ EBEFTJOUFSFTBOUFTZBZVEBSBMPTBMVNOPTBVORVFNFOPTWP UBEBRVFMPTPUSPTBUSJCVUPT 5BNCJÏOJNQPSUBRVFUSBOTNJUB WBMPSFTQBSBTFSCVFOBQFSTPOBFMFNFOUPRVFSFDPSEFNPTMPT EPDFOUFTEFTUBDBOZWBMPSBOFOTVQSPQJBQSÈDUJDBDPNPGVFOUF EFTBUJTGBDDJØO&OFTUFDBTPMPTEPDFOUFTQBSFDFOSFDPOTUSVJS BMHPEFTVJNBHFOEFUFSJPSBEBQPSWÓBEFMBQPTJCJMJEBEEFVOB iTVQFSJPSJEBENPSBMwEFVOBDBQBDJEBEEFFEVDBSZHVJBSB VOBHFOFSBDJØORVFFOTVEJTDVSTPQBSFDFIBCFSQFSEJEPFM SVNCP1PSPUSPMBEPFTUPTFBQPZBZBMBWF[SFGVFS[BMBWJFKB WJTJØOQBTUPSBMZSFEFOUPSJTUBEFMBEPDFODJBRVFEFCÓBHVJBSZ DPOEVDJSBMSFCB×PEFBMVNOPTBMBTBMWBDJØOEFMBJHOPSBODJB ZEFMBEFDBEFODJBNPSBM1PQLFXJU[)VOUFS 1PESÓBEFDJSTFEFMMBEPQPTJUJWPRVFIBZVOBBNQMJBDJØOEF MBT FYQFDUBUJWBT EF MB EPDFODJB RVF EFKB EF MBEP VOB WJTJØO NÈTUFDOPDSÈUJDBEFiHFTUPSEFDPOPDJNJFOUPTwZVOBWBMPSB DJØOEFMPTBTQFDUPTJOUFSQFSTPOBMFTZEFSFMBDJPOFTIVNBOBT FOMBFTDVFMB -PTBMVNOPTFODBNCJPWBMPSBOFOQSJNFSZTFHVOEPMVHBS RVFFMEPDFOUFTFQBFYQMJDBSBMPTBMVNOPTZFOUFSDFSMVHBSiRVF UFOHBBVUPSJEBEwEFmOJEBDBTJDPNPVOBUSJCVUPEFMBQFSTPOB "VORVFDPNPWJNPTFOFMDBQÓUVMPBOUFSJPSWBMPSBORVFMPTEP DFOUFTMFTFOTF×FOBTFSiCVFOBTQFSTPOBTwOPPUPSHBOQSJPSJEBE BMBPQDJØOEFGPSNBSFOWBMPSFT1BSFDFOEFNBOEBSNÈTCJFO RVFMFTFOTF×FORVFDPOP[DBOMBNBUFSJBRVFTFQBOFYQMJDBSMB ZRVFMPTUFOHBOFODVFOUBBMBIPSBEFPSHBOJ[BSTVTDMBTFT&MJ HFONVZQPDPMBTPQDJPOFTRVFQMBOUFBCBOJNÈHFOFTEFEPDFOUFT iBNJHPTwPiDPOUFOFEPSFTw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB "M SFTQFDUP FT JOUFSFTBOUF OPUBS MB FTDBTB BEIFTJØO B MBT DBSBDUFSÓTUJDBTWJODVMBEBTBMBDPOUFODJØOZFMDVJEBEPRVFTÓ BQBSFDFONVZGVFSUFNFOUFFOMBWBMPSBDJØOEFMBTQSÈDUJDBTDP UJEJBOBTFOMBTFTDVFMBTUBOUPFOQSPGFTPSFTDPNPFOBMVNOPT DPNPTF×BMBNPTFOMPTDBQÓUVMPTBOUFSJPSFT-BDFOUSBMJEBEEF MBDPOUFODJØOFOMBQSÈDUJDBOPTFWFSFnFKBEBFODØNPTFDPO DFQUVBMJ[BBVOCVFOEPDFOUF&MJNBHJOBSJPEFMiCVFOEPDFO UFwTFTJHVFFTUSVDUVSBOEPFOSFMBDJØODPOFMDPOPDJNJFOUPRVF QPSUBZDPOTVDBQBDJEBEEFFSJHJSTFFOBVUPSJEBEDPOWJODFOUF FOMBDMBTF&TUPWBMFUBOUPQBSBEPDFOUFTDPNPQBSBBMVNOPT BVORVFEFCFOTF×BMBSTFMBTEJGFSFODJBTZBNFODJPOBEBT {2VÏQBTBFOSFMBDJØODPOFMiCVFOBMVNOPw "RVÓFSBFTQF SBCMFFODPOUSBSNÈTDPOUSBTUFTFOUSFEPDFOUFTZFTUVEJBOUFT&O FTUFDBTPQSFHVOUBNPTUBOUPRVÏDBSBDUFSÓTUJDBTUJFOFVOiCVFO BMVNOPwFOHFOFSBMDPNPRVÏDBSBDUFSÓTUJDBTUJFOFBRVFMBRVJFO MFWBCJFOFOMBFTDVFMB"QVOUÈCBNPTDPOFTUBEJTUJODJØOBBOBMJ [BSTJIBZEJGFSFODJBTFOUSFFMJEFBMOPSNBUJWPEFMBMVNOPZMPRVF MBFTDVFMBSFBMBRVFMMBRVFBQBSFDFUBODSJUJDBEBFOMPTEJTDVSTPT HFOFSBMFT TBODJPOBDPNPFYJUPTP7FBNPTMBTSFTQVFTUBT $VBESP 0QJOJPOFTEFMPTQSPGFTPSFTZMPTBMVNOPTTPCSFFMiCVFO BMVNOPwPQDJØONÞMUJQMF #VFOBMVNOP FOHFOFSBM %PDFOUFT "MVNOPT "RVJÏOMFWBCJFOFO MBFTDVFMBNFEJB %PDFOUFT "MVNOPT 2VFEFNVFTUSF FTGVFS[P 2VFTFBFTUVEJPTP 2VFDVFOUFDPOFM BQPZPEFMBGBNJMJB 2VFDVNQMBDPOMBT UBSFBT 2VFTFBBVUØOPNP $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB #VFOBMVNOP FOHFOFSBM "RVJÏOMFWBCJFOFO MBFTDVFMBNFEJB %PDFOUFT "MVNOPT %PDFOUFT "MVNOPT 2VFTFBSFTQFUVPTP EFMBBVUPSJEBE 2VFTFBCVFO DPNQB×FSP 2VFQSFTUFBUFODJØO 2VFTFBJOUFMJHFOUF 2VFUFOHBCVFOB QSFTFOUBDJØOQFSTPOBM 2VFTFQBi[BGBSw &OMPTDBQÓUVMPTBOUFSJPSFTIFNPTBOBMJ[BEPMBTPQJOJPOFTEF EPDFOUFTZBMVNOPTDPOSFTQFDUPBDØNPTFDPOTUSVZFOTVTQSP QJPTMVHBSFTFJEFOUJEBEFT/PSFJUFSBSFNPTBRVÓMPTBSHVNFOUPT -PJOUFSFTBOUFFTNJSBSMPTiFOFTQFKPwMPTBUSJCVUPTEFVOCVFO BMVNOPOPTPOJHVBMFTQBSBVOPTZPUSPT4JOFNCBSHPBQF TBSEFMBEJTQFSTJØOEFSFTQVFTUBTZEFMMBNBUJWPTDPOUSBTUFTRVF BOBMJ[BSFNPTBDPOUJOVBDJØOEFCFEFTUBDBSTFRVFMBTPQDJPOFT NÈTWPUBEBTTPOMBTNJTNBTQBSBQSPGFTPSFTZBMVNOPTFOMBNB ZPSÓBEFMPTDBTPT4JTFNJSBOQPSFKFNQMPMBTQSJNFSBTDVBUSP PQDJPOFTMJTUBEBTFOFMDVBESPMPTWBMPSFTTPOTJNJMBSFT"QBSF DFOEJGFSFODJBTNVZNBSDBEBTFOMBBVUPOPNÓBWBMPSBEBQPSMPT QSPGFTPSFTQPDPTJHOJmDBUJWBQBSBMPTBMVNOPT FOFMSFTQFUPB MBBVUPSJEBEQSJNFSBPQDJØOQBSBMPTBMVNOPTFOMBEFmOJDJØO EFMJEFBMNFOPTJNQPSUBOUFQBSBMPTEPDFOUFT ZFOFMiQSFTUBS BUFODJØOwRVFOPFTVOBUSJCVUPEFVOCVFOBMVNOPFOHFOFSBM QBSBMPTBMVNOPTBVORVFTÓTFDPOWJFSUFFOQSJNFSBPQDJØOEFM BMVNOPFYJUPTPFOMBFTDVFMBSFBM 1BSBMPTEPDFOUFTUBOUPFOMBEFmOJDJØOJEFBMDPNPFOMB EFmOJDJØOEFMPRVFDPOTUJUVZFBVOBMVNOPFYJUPTPFOMBFT DVFMBBDUVBMmHVSBFOQSJNFSMVHBSiRVFEFNVFTUSFFTGVFS[Pw 4FUSBUBEFVOBMVNOPiRVFTFQSFTUFBMKVFHPwRVFiQBSF[DBw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB NÈTRVFTFB/PJNQPSUBOUBOUPMPTSFTVMUBEPTDPNPMBWPMVO UBEEFTVNBSTFBMWÓODVMPRVFQSPQPOFFMEPDFOUF&MFTGVFS [PBEFNÈTIBDFSFGFSFODJBBMBÏUJDBQSPUFTUBOUFEFMUSBCBKP EFMTBDSJmDBSTFQBSBPCUFOFSMPHSPTRVFQPSPUSBQBSUFBQBSFDF FOSFUJSBEBFOFMDPOKVOUPEFMBTPDJFEBE)JNBOFO %FBMHVOBNBOFSBMPTBMVNOPTQMBOUFBOBMHPTJNJMBSBVORVF iJOWFSUJEPwFODVBOUPBTVWBMPSBDJØOoNFOPTQPTJUJWBoDSFFO RVFFMCVFOBMVNOPFTBRVFMRVFFTSFTQFUVPTPEFMBBVUPSJ EBEBMHPRVFMPTEPDFOUFTTFHVSBNFOUFOPTVTDSJCFONBTJWB NFOUFQPSDPOTJEFSBSTFVOBPQDJØONÈTBVUPSJUBSJBZNFOPT iDPOTUSVDUJWJTUBw ZBRVFMBMRVFMFWBCJFOFTQPSRVFQSFTUB BUFODJØO&OBNCPTDBTPTQBSFDFPQFSBSMBNJTNBEFmOJDJØO EFMCVFOBMVNOPFTFMRVFJOHSFTBFOFMKVFHP4PSQSFOEFRVF OPIBZBVOBEFmOJDJØODPOUSBSJBQPSQBSUFEFMPTBMVNOPT DPNPTJOPGVFSBQPTJCMFQFOTBSQPSGVFSBEFMBHSBNÈUJDBRVF EFmOFMPTMVHBSFTZMPTBUSJCVUPT-BPQDJØOEFiTFSCVFODPN QB×FSPwBVORVFBQBSFDFNÈTWBMPSBEBFOMBTFHVOEBDPMVNOB BRVJÏOMFWBCJFO UJFOFDPOTJEFSBCMFNFOUFNFOPTBEIFTJØO RVFPUSBT-BBVUPOPNÓBUBNQPDPFTVOBUSJCVUPRVFMPTFT UVEJBOUFTDPOTJEFSFOWBMJPTP4VTQSFGFSFODJBTIBCMBOEFVOB EFmOJDJØOIBTUBFYBDFSCBEBEFMPTBUSJCVUPTUSBEJDJPOBMFTEFM PmDJPEFBMVNOP{$PNQMBDFODJBZBEIFTJØOBMBEFmOJDJØO FTDPMBS P NÈT CJFO EFOVODJB EF RVF MB FTDVFMB TFDVOEBSJB QFTFBTVEFDMBNBDJØOEFMJCFSUBEBVUPOPNÓBZQFOTBNJFOUP DSÓUJDPTJHVFWBMPSBOEPZTBODJPOBOEPMPNJTNPRVFBOUFT 2VFEBMBQSFHVOUBQBSBGVUVSBTJOEBHBDJPOFT 4J TF NJSBO BMHVOPT EFTQMB[BNJFOUPT FOUSF FM iBMVNOP JEFBMwZFMBMVNOPiFYJUPTPFOMBWJEBSFBMwUBNCJÏOBQBSFDFO DPJODJEFODJBTFOUSFQSPGFTPSFTZFTUVEJBOUFTBERVJFSFOSFMF 7ÏBTF FM USBCBKP EF 7JSHJOJB (JOPDDIJP TPCSF MB EFmOJDJØO EFM iCVFOBMVNOPwDPNPBRVFMiPCFEJFOUFQSPMJKPZBTFBEPwFOMBTFTDVFMBT QSJNBSJBTCPOBFSFOTFTEFmOFTEFMTJHMPĩĚĩ{$VÈOUPEFFTUFJNBHJOBSJP QFSEVSBBÞOFOMBTFTDVFMBTBSHFOUJOBT $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB WBODJBFMQSFTUBSBUFODJØOMBQSFTFOUBDJØOQFSTPOBMZFMiTBCFS [BGBSw FO MPT BMVNOPT NÈT RVF FO MPT EPDFOUFT MP RVF FT FOUFOEJCMFZBRVFOPFTVOBUSJCVUPiDPOGFTBCMFwOJMFHÓUJNP EFTEFMBØQUJDBEFMPTBEVMUPTFOMBFTDVFMB $PNPEJKJNPTTF USBUBEFBUSJCVUPTNÈTiQPTJDJPOBMFTwZSFMBDJPOBMFTEFmOFOMB FOUSBEBZMBBDFQUBDJØOEFMBTSFHMBTEFKVFHPFTDPMBSFT$SFDF UBNCJÏOMBJNQPSUBODJBEFMBJOUFMJHFODJBEFMPTBMVNOPTZ UBNCJÏODPCSBTFOUJEPFMBMUPWBMPSEFMBBVUPOPNÓBQBSBMPT EPDFOUFT RVF OP DBNCJB FOUSF FM JEFBM Z FM SFBM EF BMHV OBNBOFSBTPCSFUPEPQBSBMPTEPDFOUFTTFFOUJFOEFRVFFM BMVNOPBMRVFMFWBCJFOFTQPSRVFTBCFBSSFHMÈSTFMBTNÈTTPMP PDPOMPRVFUSBFMBiJOUFMJHFODJBw &TMMBNBUJWBUBNCJÏOMB DBÓEBEFMBPQDJØOiRVFDVFOUBDPOFMBQPZPEFMBTGBNJMJBTw EFMBEFmOJDJØOJEFBMBMPRVFFGFDUJWBNFOUFTFTBODJPOBDPNP FYJUPTPFOFTUFDBTPUBNCJÏOQBSFDFIBCFSDPODJFODJBEFRVF MBGBNJMJBOPFTDPOWPDBEBOJFTJNQPSUBOUFQBSBFMÏYJUPFO MBFTDVFMBTFDVOEBSJB -BJNBHFOEFMBQSPQJBFTDVFMB FOQSPGFTPSFTZFTUVEJBOUFT )BTUBBRVÓBOBMJ[BNPTMBTSFTQVFTUBTEFQSPGFTPSFTZFTUV EJBOUFTTPCSFMBFEVDBDJØOZMBFTDVFMBNFEJBFOHFOFSBM1FSP {RVÏPQJOBOTPCSFTVQSPQJBFTDVFMB {$ØNPMBDBMJmDBOFO SFMBDJØODPOPUSBT {2VÏPQJOJØOUJFOFOEFMPTEJTUJOUPTBT QFDUPTEFMBJOTUJUVDJØO {$ØNPTFTJFOUFO {-FUJFOFONJFEP BBMHPFOMBFTDVFMB &OMPRVFTJHVFQSFTFOUBNPTMBDPNQB SBDJØOEFTVTQFSDFQDJPOFTSFTQFDUPEFFTUPTUFNBT %PTEFMBTQSFHVOUBTEFMBFODVFTUBTFPSJFOUBSPOBSFMF WBS DØNP DBMJmDBO B TVT JOTUJUVDJPOFT FO SFMBDJØO DPO PUSBT FTDVFMBTEFTVDJVEBEZDPOPUSBTFTDVFMBTEFMQBÓT7PMWFNPT BPCTFSWBSHSBOEFTDPOUJOVJEBEFTFOMBQFSDFQDJØOEFTVVCJ DBDJØOSFMBUJWB7ÏBTFFOQSJNFSMVHBSDØNPTFQFSDJCFOFO MPRVFSFTQFDUBBMBTFTDVFMBTEFTVDJVEBE .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $VBESP 1FSDFQDJØOEFQSPGFTPSFTZBMVNOPTTPCSFTVFTDVFMBFO SFMBDJØODPOMBTFTDVFMBTEFTVDJVEBE .FKPS *HVBM 1FPS /4/$ 5PUBM %PDFOUFT "MVNOPT -BBCSVNBEPSBNBZPSÓBEFMPTEPDFOUFTZMPTFTUVEJBOUFT KV[HBORVFTVFTDVFMBFTJHVBMPNFKPSRVFMBTFTDVFMBTEFTV DJVEBE-PTBMVNOPTTPOMJHFSBNFOUFNÈTDSÓUJDPTRVFMPTEP DFOUFTQFSPMBUFOEFODJBHFOFSBMOPDBNCJB$PNPTF×BMBNPT FOMPTDBQÓUVMPTBOUFSJPSFTMPTFODVFTUBEPTTVFMFOSFGFSJSTFB TVQSPQJBSFBMJEBEFONFKPSFTUÏSNJOPTRVFMPRVFTFSFmFSFO BMQBOPSBNBHFOFSBMWÏBTFMBJOUSPEVDDJØO 4JOFNCBSHPIBZVONBUJ[JNQPSUBOUFFOUSFFTUPTWBMPSFT ZMPTRVFTFPCTFSWBOFOFMDVBESPTJHVJFOUFRVFMFTQJEFRVF TFDPNQBSFODPOMBTFTDVFMBTEFMQBÓT&OFMDBQÓUVMPBOUFSJPS NFODJPOBNPTRVFMPTBMVNOPTEFFTDVFMBTQSJWBEBTZMPTEF MBSFHJØONFUSPQPMJUBOBEF#VFOPT"JSFTTPORVJFOFTDPOTJEF SBORVFTVTFTDVFMBTTPONFKPSFTRVFMBTPUSBTMPTEFFTDVFMBT QÞCMJDBT Z MPT EFM JOUFSJPS EFM QBÓT FO DBNCJP UJFOFO VOB BVUPQFSDFQDJØONFOPTQPTJUJWB $VBESP 1FSDFQDJØOEFQSPGFTPSFTZBMVNOPTTPCSFTVFTDVFMBFO SFMBDJØODPOMBTFTDVFMBTEFMQBÓT .FKPS *HVBM %PDFOUFT "MVNOPT 1FPS /4/$ 5PUBM $PNPTFWFUBNCJÏOFOFTUFDBTPMPTBMVNOPTTPOMJHFSB NFOUFNÈTDSÓUJDPTRVFMPTEPDFOUFTDPONÈTEFMRVF $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB PQUBOQPSEFDJSRVFTVTFTDVFMBTTPOQFPSFTRVFFMSFTUPEFM QBÓTUSFTWFDFTNÈTRVFFOFMDBTPBOUFSJPSDVBOEPTFDPNQB SBCBODPOTVDJVEBE %FDVBMRVJFSNBOFSBMBTKFSBSRVÓBTTPO MBTNJTNBTZMPTWBMPSFTTJNJMBSFTQBSBEPDFOUFTZBMVNOPT " DPOUJOVBDJØO TF QSFTFOUBO BMHVOBT SFTQVFTUBT RVF IB CMBOEFMBTJNÈHFOFTPQBMBCSBTDPORVFEPDFOUFTZBMVNOPT JEFOUJmDBOBTVTFTDVFMBTZRVFEFTDSJCFODØNPTFTJFOUFOFO FMMBT&OMPTEPTDBTPTTFUSBUØEFQSFHVOUBTBCJFSUBTZTFMFT EJPMBQPTJCJMJEBEEFVTBSIBTUBUSFTQBMBCSBTPJNÈHFOFTQBSB SFGFSJSTVTPQJOJPOFT &OFMDBTPEFMBQBMBCSBPJNBHFODPORVFJEFOUJmDBSÓBO B TV FTDVFMB IBZ DPOUSBTUFT JNQPSUBOUFT FOUSF QSPGFTPSFT Z FTUVEJBOUFT -MBNBUJWBNFOUF MPT EPDFOUFT IBDFO NÈT SFGF SFODJBBMPTWBMPSFTEFQSPUFDDJØODPOUFODJØOZQFSUFOFODJB RVFMFTQSPQPSDJPOBTVJOTUJUVDJØOZMPTBMVNOPTIBCMBONÈT EFMBDBMJEBEEFMBGPSNBDJØORVFSFDJCFOBVORVFFMMPTUBN CJÏOWBMPSBOMBQSPUFDDJØOZMBDPOUFODJØORVFSFDJCFOFOVOB QSPQPSDJØODPOTJEFSBCMF-BFTDVFMBTFJEFOUJmDBDMBSBNFOUF DPNPVOFTQBDJPEFGPSNBDJØOQBSBMPTBMVNOPT1BSBMPTEP DFOUFTFODBNCJPFTVOFTQBDJPEFUSBCBKPFOFMRVFWBMPSBO FMDMJNBBNJHBCMFZMBTFHVSJEBERVFMFTCSJOEB $VBESP *NBHFOPQBMBCSBDPOMBRVFJEFOUJmDBBTVFTDVFMB %PDFOUFT "MVNOPT 1SPUFDDJØODPOUFODJØOZQFSUFOFODJB 5SBCBKPZDPNQSPNJTP $BMJEBEFEVDBUJWBZGPSNBDJØO %FDBEFODJBSVJOBQPCSF[BDBSFODJB 0SEFOZEJTDJQMJOB "SNPOÓB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB %PDFOUFT "MVNOPT $BNCJPZDSFDJNJFOUP 0SJFOUBDJØOBDBEÏNJDBQBSUJDVMBS $BSBDUFSÓTUJDBTEFMFTUBCMFDJNJFOUP %FTPSEFOFJOEJTDJQMJOB "CVSSJNJFOUP &ODVBOUPBMBTQBMBCSBTRVFVTBOQBSBEFTDSJCJSDØNPTF TJFOUFOFOMBFTDVFMBQSFEPNJOBOFOQSPGFTPSFTZBMVNOPTMPT UÏSNJOPTQPTJUJWPT-BTEPTQSJNFSBTPQDJPOFTTPOTJNJMBSFT Z IBDFO SFGFSFODJB B MBT JNÈHFOFT P QBMBCSBT RVF IBCMBO EF MBDPNPEJEBEPTBUJTGBDDJØORVFTJFOUFOFOMBFTDVFMBTBUJT GFDIPCJFOUSBORVJMPBHVTUPEJWFSUJEP ZEFMTFOUJNJFOUP EFQFSUFOFODJBZEFQSPUFDDJØOZDPOUFODJØORVFFODVFOUSBO TPTUFOJEPDPOUFOJEPDBSJ×PDBMJEF[BGFDUP -PTEPDFOUFT SB[POBCMFNFOUF IBCMBO NÈT EFM DPNQSPNJTP Z FOUVTJBTNP RVFTJFOUFOFOTVUSBCBKP"MSFEFEPSEFVOEFQSPGFTPSFT ZBMVNOPTSFmFSFOBMBEFTJMVTJØOPGSVTUSBDJØORVFTJFOUFOFO TVFTDVFMBFOFMDBTPEFMPTBMVNOPTTFRVFKBOEFMBFYJHFODJB ZMBTPCSFDBSHBEFUBSFBTRVFMMFWBBMDBOTBODJP6OEF MPTBMVNOPTNFODJPOBMBQBMBCSBiBCVSSJEPwQBSBSFGFSJSTFB TVTTFOUJNJFOUPTFOMBFTDVFMBNJFOUSBTRVFFTBPQDJØOOPFT NFODJPOBEBQPSOJOHÞOEPDFOUF6OEFMPTBMVNOPTTF ×BMBMBCVFOBQSFQBSBDJØORVFSFDJCFFOTVFTDVFMBFMFNFOUP RVFOPEFTUBDBOJOHVOPEFMPTQSPGFTPSFTBVODVBOEPIBCSÓB RVFDPOTJEFSBSRVFVOTFOUJNJFOUPFRVJWBMFOUFFMFOUVTJBTNP QPSMBUBSFBFMBQSFOEJ[BKFRVFSFBMJ[BO GVFDPNQVUBEPFOMB UFSDFSBPQDJØOFOJNQPSUBODJBDPNQSPNJTPZFOUVTJBTNP &O TVNB NÈT BMMÈ EF MPT NBUJDFT OP IBZ EJTDPSEBODJBT GVFSUFT FOUSF BNCPT HSVQPT .BZPSJUBSJBNFOUF TF JODMJOBO IBDJBTFOUJNJFOUPTQPTJUJWPTVTBOEPJODMVTPMBTNJTNBTQBMB CSBTQBSBSFGFSJSTFBTVTTFOTBDJPOFTFOMBJOTUJUVDJØOFTDPMBS $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB $VBESP *NBHFOPQBMBCSBQBSBEFTDSJCJSDØNPTFTJFOUFFOTVFTDVFMB %PDFOUFT "MVNOPT $PNPEJEBEZTBUJTGBDDJØO $POUFODJØOZQFSUFOFODJB $PNQSPNJTPZFOUVTJBTNP -JCFSUBEZBVUPOPNÓB 'SVTUSBDJØOFOPKPEFTJMVTJØO 4PCSFDBSHBFYJHFODJBDBOTBODJP $POUSPMZDVFTUJPOBNJFOUP "CVSSJNJFOUP #VFOBQSFQBSBDJØOPGPSNBDJØO /PSFDPOPDJEPJHOPSBEPJOTFHVSP 1SFHVOUBNPTBBNCPTHSVQPTFORVÏMVHBSEFMBFTDVFMBTF TJFOUFONÈTDØNPEPT/PTJOUFSFTBCBSFMFWBSRVÏBQSPQJBDJØO EFMPTFTQBDJPTTFQSPEVDFFOMBFTDVFMBDPNPVOJOEJDBEPS EFMBDPOTUSVDDJØOEFMPQÞCMJDPZMPDPNÞOFOMBJOTUJUVDJØO FTDPMBS7FBNPTMPRVFSFTQPOEFOQSPGFTPSFTZFTUVEJBOUFT $VBESP &TQBDJPFOFMRVFTFTJFOUFDØNPEPFOTVFTDVFMBPQDJØONÞMUJQMF %PDFOUFT "MVNOPT &MBVMB -BTBMBEFQSPGFTPSFT -BCJCMJPUFDB &MCVĊFUCBS &MUBMMFSMBCPSBUPSJPTBMBEFDPNQVUBDJØO &MQBUJPHJNOBTJP 0USPTFTQBDJPT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB &TTJHOJmDBUJWPRVFFMFTQBDJPNÈTWBMPSBEPQPSBNCPTTFBFM BVMBRVFFTFMFTQBDJPDPNQBSUJEPZEPOEFBEFNÈTTFEFTBSSPMMBO MBFOTF×BO[BZFMBQSFOEJ[BKF%FBMHVOBNBOFSBFTPJOEJDBRVFMB FTDVFMBOPQBSFDFVOMVHBSUBOiJOIBCJUBCMFwDPNPMPQJOUBOBMHV OBTJNÈHFOFTRVFDJSDVMBOFOMBTFTDVFMBTPRVFBQBSFDJFSPOFOMPT HSVQPTGPDBMFTEVSBOUFFTUBJOWFTUJHBDJØO&OFMDBTPEFMPTFTUVEJBO UFTFMQBUJPPHJNOBTJPMPTJHVFEFDFSDBMPRVFEFNVFTUSBFMQFTP RVFMBTPDJBMJ[BDJØOFOUSFQBSFTUJFOFFOMBEFmOJDJØOEFVOTFOUJEP QBSBMBFTDVFMBZUBNCJÏOFOMBWBMPSBDJØOEFMDPUJEJBOPFTDPMBS&M QBUJPFTVOFTQBDJPNÈTQSPQJPEFMPTBMVNOPTEPOEFMPTQSPGFTP SFTOPUJFOFODBTJKVSJTEJDDJØO-PTEPDFOUFTBTVUVSOPWBMPSBOMB TBMBEFQSPGFTPSFTDPNPMVHBSTFHVSPZDØNPEP-MBNBMBBUFODJØO UBNCJÏOMBWBMPSBDJØORVFSFDJCFOMBTBMBEFDPNQVUBDJØOZMBCJ CMJPUFDBBVORVFFTUÈONVZMFKPTEFMBTQSJNFSBTPQDJPOFT 4JHVJFOEPDPOFMSFMFWBNJFOUPEFTFOUJNJFOUPTPTFOTBDJPOFT QSFHVOUBNPTBEPDFOUFTZBMVNOPTTJMFUJFOFONJFEPBBMHPPB BMHVJFOFOMBFTDVFMB$PNPVOBFTQFDJFEFWBMJEBDJØOEFMBTQSF HVOUBTBOUFSJPSFTCVTDBNPTJOEBHBSTJIBCÓBTFOUJNJFOUPTEFNB MFTUBSPUFNPSBMJSBMBFTDVFMB/PTJOUFSFTBCBBEFNÈTDPOGSPOUBS FTUFTFOUJNJFOUPDPOMPRVFTFQFSDJCFDPNPDMJNBHFOFSBMFOMB TPDJFEBE&OMPTÞMUJNPTUJFNQPTBMHVOPTBVUPSFTPCTFSWBOFMMVHBS EFMNJFEPFOMBSFHVMBDJØOEFMBWJEBMPDBMPDVQBOEPFMFTQBDJPRVF BOUFTEFTFNQF×BCBFMUSBCBKPGBCSJMDPNPQSJODJQJPPSHBOJ[BEPSZ SFHVMBEPS,FTTMFS 1BSBFMBVUPSFMUFNPSDPNQBSUJEPSFHV MBIPSBSJPTEFFOUSBEBZTBMJEBEFMIPHBSEFUFSNJOBBMHVOPTDBNJ OPTMMFWBBFWJUBSPUSPTZHFOFSBMÓNJUFTEJGÓDJMFTEFGSBORVFBS1FSP UBNCJÏOUJFOFVOMVHBSQSPEVDUJWP4F×BMB&TQØTJUP BQBSUJS EFMBMFDUVSBEF)PCCFTRVFQBSBFMUFØSJDPJOHMÏTFMNJFEPOPTF FODVFOUSBDPOmOBEPBMVOJWFSTPEFMBUJSBOÓBZFMEFTQPUJTNPTJOP RVFFTFMMVHBSGVOEBDJPOBMEFMEFSFDIPZMBNPSBMFOFMNFKPSEFMPT SFHÓNFOFT%FBMMÓRVFFMNJFEPBRVFMMBFNPDJØOIVNBOBRVFUFO EFNPTBQFOTBSDPNPJSSBDJPOBMUJFOFVOBDBSHBOPTPMPEFTUSVDUJWB TJOPDPOTUSVDUJWBZEFUFSNJOBSFMBDJØOZVOJØO4JHVJFOEPFTUBT JEFBTRVFSFNPTQFOTBSBMNJFEPEFOUSPEFMBTFTDVFMBT{"RVÏMF $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB UJFOFONJFEPBMVNOPTZQSPGFTPSFTFOMBFTDVFMBTFDVOEBSJB {2VÏ FYQSFTBOFTUPTUFNPSFT {)BTUBRVÏQVOUPTVQSFTFODJBOPQSPWPDB BDFSDBNJFOUPTZQSPQJDJBFMTPTUFOJNJFOUPEFMBTSFMBDJPOFT {2VÏ UJQPEFGPSNBUPFTDPMBSMBQSFTFODJBEFMNJFEPBZVEBBDPOTPMJEBS $VBESP {-FUJFOFNJFEPBBMHPPBBMHVJFOFOMBFTDVFMB %PDFOUFT "MVNOPT 4Ó /P 5PUBM $PNPTFWFMBHSBONBZPSÓBEFMPTFODVFTUBEPTOPNBOJmFTUB TFOUJSNJFEPBMJSBMBFTDVFMB&TUPZBDPOTUJUVZFVOEBUPJOUFSF TBOUFTPCSFMBFTDVFMBDPNPPSHBOJ[BDJØOTPDJBM/PBQBSFDFBMMÓ QSJNBSJBNFOUFFMNJFEPBSFMBDJPOBSTFDPOPUSPTQPSPUSPMBEP EBNÈTDPOTJTUFODJBBMBSFTQVFTUBTPCSFMBTTFOTBDJPOFTQSFEPNJ OBOUFNFOUFQPTJUJWBTRVFJEFOUJmDBOEPDFOUFTZBMVNOPT -BTEJGFSFODJBTTVSHFODVBOEPTFQSFHVOUBBRVÏMFUJFOFNJF EPDBEBVOPEFMPTHSVQPT-BTSFTQVFTUBTSFmFSFOTPMPBRVJF OFTDPOUFTUBSPOEFNBOFSBBmSNBUJWBFOFMQSJNFSDBTPFTEFDJS BCBSDBOBBQSPYJNBEBNFOUFVOBTFYUBQBSUFEFMBNVFTUSBFOFM DBTPEFQSPGFTPSFTZBMVNOPT $VBESP "RVÏMFUJFOFONJFEPMPTQSPGFTPSFTBCJFSUB "QSPCMFNBTEFWJPMFODJBZBEJDDJPOFT "QSPCMFNBTMBCPSBMFT "MBQÏSEJEBEFWBMPSFT "RVFTFBDDJEFOUFVOBMVNOP "MBGBMUBEFSFTQPOTBCJMJEBEZDPNQSPNJTP 0USPT 5PUBM .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB -PT UFNPSFT EF MPT EPDFOUFT TF WJODVMBO B QSPCMFNBT EF BEJDDJPOFT Z WJPMFODJB FO MB FTDVFMB DPSQPSJ[BEPT NÈT CJFO FOMPTBMVNOPT ZFOTFHVOEPMVHBSBVORVFMFKPTBQSPCMF NBTMBCPSBMFT"NCBTDVFTUJPOFTIBDFOSFGFSFODJBBBTQFDUPT RVFQPESÓBODVFTUJPOBSTVFTUBCJMJEBEEPDFOUFPTVBVUPSJEBE PTFHVSJEBEQFSTPOBM%FDVBMRVJFSNBOFSBTJTFQPOEFSBMB SFTQVFTUBWJODVMÈOEPMBBMDPOKVOUPEFMBNVFTUSBFMUFNPSB FQJTPEJPTEFWJPMFODJBBQBSFDFNBOJmFTUPFOFMPEFMPT QSPGFTPSFT FODVFTUBEPT &TUB QSFTFODJB FT TJHOJmDBUJWBNFOUF NFOPS RVF MP RVF BQBSFDJØ FO MPT HSVQPT GPDBMFT EPOEF MB QSFTFODJBEFMUFNPSZFMNJFEPQBSFDJØNÈTJNQPSUBOUF &O FM DBTP EF MPT BMVNOPT MFT PGSFDJNPT PQDJPOFT NÞM UJQMFTDFSSBEBTQBSBEBSDVFOUBEFTVTUFNPSFTFOMBFTDVFMB ²TUBTTPOTVTSFTQVFTUBT $VBESP "RVÏMFUJFOFONJFEPMPTBMVNOPTBCJFSUB -FUJFOF NJFEP "OPQBTBSEFB×P "MMFWBSTFNBUFSJBT "OPQPEFSTFHVJSFTUVEJBOEP "RVFOPMFTJSWBQBSBOBEBDVBOEPUFSNJOF "BMHÞOEPDFOUF "MEJSFDUPS "BMHÞODPNQB×FSP "RVFMPEFKFOEFMBEP "MBWJPMFODJB "MNBMUSBUP "OPTFSDPOTJEFSBEPSFDPOPDJEP "TFSEJTDSJNJOBEP "RVFMPTBODJPOFOPFYQVMTFO -PTNJFEPTEFMPTBMVNOPTTFPSJFOUBOIBDJBBRVFMMBTDVFT UJPOFTRVFTPONÈTUSBEJDJPOBMFTEFMGPSNBUPFTDPMBSFMNJFEPB OPQBTBSEFB×P ZBMMFWBSTFNBUFSJBT SFVOJFSPO $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB NÈTEFMEFSFTQVFTUBT"EFNÈTFMNBOJGFTUØNJFEP BRVFMPTBODJPOBSBOPFYQVMTBSBONVFTUSBEFMBDPOUJOVJEBEEF VOBNBUSJ[EFJOUFHSBDJØOCBTBEBFOFMDVNQMJNJFOUPEFMBTOPS NBTZFMUFNPSBMBTBODJØO"VORVFSFJUFSBNPTTFUSBUBEFVO HSVQPNJOPSJUBSJPFOMBNVFTUSBFODVFTUBEBFMRVFBmSNØ UFOFSMFNJFEPBBMHPFOMBFTDVFMB IBZRVFTF×BMBSRVFFMUFNPS NÈTGVFSUFTFWJODVMBBQFSEFSMBDPOEJDJØOEFBMVNOPZBOP TFSVOCVFOBMVNOPPUSPJOEJDJPEFRVFMPTEJTDVSTPTTPCSFMBFT DVFMBZMPTMB[PTRVFBUBOBFMMBTJHVFOUFOJFOEPDJFSUBFmDBDJB 0USPDPOKVOUPEFUFNPSFTTFWJODVMBBMGVUVSPFYQSFTBEPEF EPTNPEPTEJGFSFOUFT1PSVOMBEPFMEJKPUFOFSNJFEPB RVFOPMFTJSWBQBSBOBEBDVBOEPUFSNJOFTF×BMBOEPMBQPDBDPO mBO[BFORVFFMQBTPQPSMBFTDPMBSJEBEEFQBSFNBZPSDBQBDJEBE FOVOGVUVSPMBCPSBMPQSPGFTJPOBMFTEFDJSFOFMNFEJBEPQMB[P NJFOUSBTFMNPTUSØBOHVTUJBTWJODVMBEBTBMDPSUPQMB[PBM EFTUBDBS RVF UJFOF NJFEP B OP QPEFS TFHVJS FTUVEJBOEP &TUPT NJFEPTBQBSFDFONÈTDMBSBNFOUFFOMPTBMVNOPTEFTFDUPSFTNF EJPTEPOEFTVQFSBOFMEFMPTDBTPT-PTUFNPSFTDFOUSBEPT FOBMHVOBQFSTPOBFOQBSUJDVMBSSFVOJFSPOFMZTFFODVFO USBOFOGPDBEPTFOMBTmHVSBTBEVMUBTQSJNFSPFMNJFEPBMEJSFDUPS ZMVFHPBBMHÞOEPDFOUF BOUFTRVFBBMHÞODPN QB×FSP &MUFNPSBOPTFSDPOTJEFSBEPQBSUFEFMHSVQP OPTFOUJSTFJOUFHSBEPPTFSFYDMVJEPQPSBMHVOBSB[ØOQBSFDJFSB UBNCJÏOQSFPDVQBSBMPTBMVNOPT&MNBOJGFTUØTVNJFEP BTFSEJTDSJNJOBEPNVDIPNÈTBMUPFOTFDUPSFTTPDJPFDPOØNJDPT CBKPTEPOEFTVQFSBFM FMBRVFMPEFKFOEFMBEP FMBMNBMUSBUPNJFOUSBTBMMPBUFNPSJ[BOPTFSSFDP OPDJEPSFTQFUBEP'JOBMNFOUFMBQSFTFODJBEFMBWJPMFODJBFOMB FTDVFMBMFQSFPDVQBBMEFMPTBMVNOPTFODVFTUBEPTDPOVO QFTPTJHOJmDBUJWPFOMPTTFDUPSFTNFEJPTDPOUSBEF GSFDVFODJBFOMPTTFDUPSFTCBKPTZFOMPTTFDUPSFTBMUPT &MQBOPSBNBHFOFSBMFTTJOFNCBSHPEFNÈTQSPUFDDJØOZ TFHVSJEBERVFMPRVFTFSÓBFTQFSBCMFTJTFUPNBSBOÞOJDBNFOUF .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB FO DVFOUB MBT PQJOJPOFT RVF BQBSFDJFSPO FO HSVQPT GPDBMFT -PTNJFEPTOPUJFOFOVOBQSFTFODJBTJHOJmDBUJWBFOMBFTDVFMB PBMNFOPTOPTFDPOmFTBO&OUPEPDBTPOPQBSFDFOFTUSVD UVSBSMPTEJTDVSTPTRVFFOVODJBOMPTBDUPSFTTPCSFMBFTDVFMB TFDVOEBSJB 1PS ÞMUJNP QFEJNPT B MPT FTUVEJBOUFT Z B MPT QSPGFTPSFT RVFDBMJmDBSBOEJTUJOUPTBTQFDUPTEFTVFTDVFMBFMFTUBEPFEJMJ DJPMPTNBUFSJBMFTEFBQPZPMPTDPOUFOJEPTMBQSFQBSBDJØOEF MPTQSPGFTPSFTMBDPOWJWFODJBMBTBDUJWJEBEFTSFDSFBUJWBTMPT WÓODVMPTEPDFOUFTBMVNOPTMPTWÓODVMPTFOUSFMPTBMVNOPTZ FMDPNQSPNJTPEFMBTGBNJMJBT-BDBMJmDBDJØOQPEÓBIBDFSTF FOCVFOBSFHVMBSPNBMB-BHSBONBZPSÓBEFMPTDBMJmDBUJWPT GVFFOUÏSNJOPTEFiCVFOBw7ÏBTFFMTJHVJFOUFDVBESP $VBESP $BMJmDBDJØOEFMPTQSPGFTPSFTZMPTFTUVEJBOUFTTPCSF EJTUJOUPTBTQFDUPTEFTVFTDVFMB $BMJmDBDJØOEFM FTUBEPEFMFEJmDJP %PDFOUFT "MVNOPT #VFOB 3FHVMBS .BMB 5PUBM #VFOB $BMJmDBDJØOEFMPT 3FHVMBS NBUFSJBMFTEFBQPZP .BMB MJCSPTNBQBT /4/$ QSPZFDUPSFT $BMJmDBDJØOEFMB QSFQBSBDJØOEFMPT QSPGFTPSFT 5PUBM #VFOB 3FHVMBS .BMB /4/$ 5PUBM $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB %PDFOUFT $BMJmDBDJØOEFMPT DPOUFOJEPTRVFTF FOTF×BO #VFOB 3FHVMBS .BMB /4/$ 5PUBM $BMJmDBDJØOEF MBTBDUJWJEBEFT SFDSFBUJWBT 3FHVMBS .BMB /PIBZ /4/$ 3FHVMBS .BMB /4/$ #VFOB 3FHVMBS .BMB /4/$ #VFOB 3FHVMBS .BMB /4/$ 5PUBM $BMJmDBDJØOEFM DPNQSPNJTPEFMBT GBNJMJBT #VFOB 5PUBM $BMJmDBDJØOEFMB SFMBDJØOFOUSFMPT FTUVEJBOUFT 5PUBM $BMJmDBDJØOEF MPTWÓODVMPTFOUSF BMVNOPTZEPDFOUFT #VFOB 5PUBM $BMJmDBDJØOEF MBDPOWJWFODJBFO HFOFSBM "MVNOPT #VFOB 3FHVMBS .BMB /PIBZ /4/$ 5PUBM .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB &MFEJmDJPSFDJCFDBMJmDBDJPOFTDPOTJTUFOUFTFOUSFBMVNOPTZ EPDFOUFT&OBNCPTDBTPTDFSDBEFMBNJUBEPQJOBRVFTVFTUBEP FT CVFOP Z BMSFEFEPS EF VO RVF FT NBMP -PT BMVNOPT TPONÈTDSÓUJDPTRVFMPTEPDFOUFTMBPQDJØONÈTTFMFDDJPOBEBMPT DBMJmDBDPNPiSFHVMBSFTw-PTNBUFSJBMFTEFBQPZPMJCSPTNBQBT FUD TPODBMJmDBEPTDPNPCVFOPTFONÈTEFMEFMPTDBTPT MPRVFTPSQSFOEFEBEBMBFTDBTF[EFMJCSPTZSFDVSTPTFOMBTFTDVF MBTTF×BMEFRVFMBTDBMJmDBDJPOFTOPIBCMBOOFDFTBSJBNFOUFEF MBSFBMJEBETJOPEFVOIPSJ[POUFEFFYQFDUBUJWBTDPOUSBFMDVBMTF EFNBOEBMPRVFOPIBZZEFCFSÓBIBCFS1PSPUSBQBSUFFTFOFTUF SVCSPEPOEFNÈTTFOPUBFMBQPZPGBNJMJBSIBCSÓBRVFWFSRVÏ FTUÈODPNQVUBOEPFOFTUFÓUFN -BQSFQBSBDJØOEFMPTQSPGFTPSFTSFDJCFNFKPSFTDBMJmDBDJP OFTRVFFMFEJmDJPTVNBOEPNÈTEFMFOBNCPTDBTPT 6OEFMPTBMVNOPTDPOTJEFSBRVFFTSFHVMBSDPOUSBVO EFMPTQSPGFTPSFT-PTDPOUFOJEPTRVFFOTF×BOUBNCJÏO SFDJCFOVOBCVFOBDBMJmDBDJØOBVORVFCBKBMFWFNFOUFFOFM DBTPEFMPTBMVNOPTRVFQBSFDFOSFTDBUBSNÈTMBGPSNBDJØO EFTVTQSPGFTPSFTRVFMBTNBUFSJBTFOTF×BEBT -BTBDUJWJEBEFT SFDSFBUJWBTRVFQSPQPOFMBFTDVFMBTPODBMJmDBEBTDPNPCVF OBTQPSMBNJUBEEFMPTQSPGFTPSFTZFMEFMPTBMVNOPT 5BNCJÏOFOFTUFDBTPIBZTJNJMJUVEFTFOUSFMBTPQJOJPOFTEF VOPTZPUSPT &OSFMBDJØODPOMBDPOWJWFODJBBQBSFDFOFWBMVBDJPOFTNÈT EJTÓNJMFT-PTQSPGFTPSFTPQJOBORVFFTCVFOBFOVOEF MPTDBTPTNJFOUSBTRVFMPTFTUVEJBOUFTMPIBDFOFOVO&M EFMPTBMVNOPTPQJOBRVFFTSFHVMBSFMEPCMFEFMQPSDFO UBKFEFMPTQSPGFTPSFT"MHPTJNJMBSPDVSSFTPCSFMBWBMPSBDJØO EFMPTWÓODVMPTFOUSFEPDFOUFTZBMVNOPT-PTQSPGFTPSFTUJF OFONFKPSFTQFSDFQDJPOFTTPCSFFTUBTSFMBDJPOFTRVFMPTBMVN OPTRVFTFJODMJOBONÈTBDBMJmDBSMPTDPNPSFHVMBSFTPNBMPT DBTJMBNJUBEEFMBNVFTUSB -BSFMBDJØOFOUSFMPTFTUVEJBOUFT FTDBMJmDBEBFOUÏSNJOPTTJNJMBSFTQPSBNCPT $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB 0USPFMFNFOUPEJTDPSEBOUFBQBSFDFFOMBFWBMVBDJØOEFMDPN QSPNJTPEFMBTGBNJMJBT&TÏTUFFMÞOJDPBTQFDUPFORVFMBDBMJ mDBDJØOFTPQVFTUBFOUSFQSPGFTPSFTZFTUVEJBOUFT-PTEPDFOUFT KV[HBORVFFMDPNQSPNJTPEFMBTGBNJMJBTFTCVFOPFOVO NJFOUSBT RVF FM DSFF RVF FT SFHVMBS NBMP P RVF OP IBZ DPNQSPNJTP&TNVZMMBNBUJWBMBEJGFSFODJBFOUSFMPTEPDFOUFT RVFUSBCBKBOFOFTDVFMBTEFHFTUJØOQÞCMJDBZMPTRVFMPIBDFO FOFTDVFMBTEFHFTUJØOQSJWBEB&OFMQSJNFSDBTPDBMJmDBODPNP iCVFOPwFMDPNQSPNJTPFOVOZDPNPNBMPFOVO &OFMDBTPEFMBTFTDVFMBTQSJWBEBTTFJOWJFSUFMBDBMJmDBDJØOVO EFMPTEPDFOUFTDSFFRVFFMDPNQSPNJTPGBNJMJBSFTCVF OPZVORVFFTNBMP&WJEFOUFNFOUFMBFTDVFMBQSJWBEB WBMPSBZPSHBOJ[BVOFODVFOUSPDPOMPTQBESFTPCJFODPODJUBB QBESFTRVFTFDSFFODPOEFSFDIPZPQDJPOFTQBSBQBSUJDJQBSEFMB FEVDBDJØOEFTVTIJKPT$BCFFTQFDVMBSRVFOPFTNFOPSFOFTUB SFMBDJØOMBDVFTUJØOEFMBDVPUBPFMQBHPRVFMPTWJODVMBBMBFT DVFMBFOTVDPOEJDJØOEFDMJFOUFTQFSPTFHVSBNFOUFOPTFBHPUB FOFMMBFMWÓODVMPRVFTFFTUBCMFDFDPOMBFTDVFMBTJHOBEPEFTEFMB FMFDDJØODPNPVOBPQDJØOGBNJMJBSEFJNQPSUBODJB &O FM DBTP EF MPT FTUVEJBOUFT DBTJ FM DBMJmDB DPNP CVFOPFMDPNQSPNJTPVODPNPSFHVMBSZTPMPVO EJDFRVFFTNBMPPRVFOPIBZ&TUPTWBMPSFTJOWJFSUFOMBKFSBS RVÓBRVFQMBOUFBOMPTEPDFOUFT 1FSNÓUBTFOPTEFUFOFSOPTVOQPDPFOFTUFEFTFODVFOUSPFM RVFRVJ[ÈTBQBSFDFNÈTDMBSBNFOUFFOMPRVFIFNPTSFMBUBEP IBTUBBIPSB.VDIPTFIBIBCMBEPEFMBSVQUVSBEFMBBMJBO[B FOUSF MB FTDVFMB Z MB GBNJMJB RVF FTUVWP FO MB CBTF EF MB FY QBOTJØOEFMTJTUFNBFTDPMBSNPEFSOP/BSPEPXTLJ " NFEJBEPTEFMTJHMPĩĚĩMBFTDVFMBTFQSPQVTPVOBBMJBO[BGVFS UFDPOMBTGBNJMJBTQBSBFEVDBSBTVTIJKPT&TBBMJBO[BFTUBCB MJEFSBEBQPSMBFTDVFMBRVFTFQSPQPOÓBOPTPMPJOTUSVJSBMPT OJ×PTTJOPUBNCJÏODJWJMJ[BSBMPTNJFNCSPTEFMBTGBNJMJBT EBSMFT QBVUBT EF IJHJFOF NPSBM Z DPOEVDUB RVF MPT DPOWJS .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB UJFSBO FO TVKFUPT JOUFHSBEPT B MB TPDJFEBE OBDJPOBM CVFOPT USBCBKBEPSFTZCVFOPTDJVEBEBOPT )PZ TJO FNCBSHP MBT GBNJMJBT OP QBSFDFO FYQSFTBS FM NJT NP OJWFM EF DPOmBO[B FO MBT FTDVFMBT $PNP TF×BMBNPT FO FM DBQÓUVMPSFmSJÏOEPOPTBMBTJNQSFTJPOFTEFMPTEPDFOUFTMPT QBESFTTVFMFOBMJBSTFBMPTIJKPTFOMBTEJTDVTJPOFTZOFHPDJBDJPOFT TPCSFMBFWBMVBDJØOMBTQBVUBTEFDPOEVDUBPMPTDPOUFOJEPT-PT EPDFOUFT TJFOUFO RVF MFT DBSHBO MB UBSFB EF FEVDBS B MPT IJKPT BVODVBOEPMPTQSPQJPTQSPHFOJUPSFTOPRVJFSBOQPOFSMÓNJUFTP IBDFSiMBQBSUFRVFMFTUPDBwoFOMBWJTJØOEPDFOUF 4JOFNCBSHPDPOWFOESÓBJSVOQPDPNÈTBMMÈEFMBJEFBEFMB SVQUVSBEFMBBMJBO[B1PSVOMBEPIBZRVFSFDPOPDFSRVFMBTGBNJ MJBTUJFOFOVOMVHBSNÈTJNQPSUBOUFRVFBOUFTSFDPOPDJEPZMFHJ UJNBEP&OMBJOUSPEVDDJØOBFTUFMJCSPDJUBNPTMPTSFDVFSEPTEF 'MPSFODJP&TDBSEØEFTVTB×PTFOFM$PMFHJP/BDJPOBMEF#VFOPT "JSFTFOMPTRVFMBTGBNJMJBTFSBOHSBOEFTBVTFOUFTEFMBTFTDVFMBT NFEJBT4JCJFOTJHVFIBCJFOEPVOQBUSØODPNÞOIPZTFFTQFSB NVDIPNÈTBQPZPZQSFTFODJBEFMBGBNJMJBTFMBSFDMBNBTFMB EFNBOEBTFMFFYJHF-BTGBNJMJBTQJEFONÈTEFMBTFTDVFMBTQFSP UBNCJÏOMBTFTDVFMBTQJEFONÈTEFMBTGBNJMJBTBVORVFEFTQVÏTOP OFDFTBSJBNFOUFBZVEFOBRVFTFQPOHBFOKVFHPDPNPWFÓBNPT FOMBEFmOJDJØOEFMCVFOBMVNOPJEFBMCVFOBMVNOPSFBM 1PSPUSPMBEPMBGBNJMJBUSBFBMBFTDVFMBMBDVFTUJØOEFMPTEF SFDIPTZBRVÓDBCFBDMBSBSRVFTJFOFMDBTPEFMBTFTDVFMBTQSJWB EBTQVFEFOBSUJDVMBSTFDPNPEFSFDIPTEFMPTDPOTVNJEPSFTFOMB NBZPSÓBBQBSFDFODPNPEFSFDIPTBTFSUSBUBEPDPOKVTUJDJBZBEBS DVFOUBEFMPTBDUPTQFEBHØHJDPT&MBVTUSBMJBOP*BO)VOUFSQMBOUFB FO3FQFOTBSMBFTDVFMB RVFTJBOUFTMBFTDVFMBGVFQFOTBEB DPNPJOTUSVNFOUPEFDJWJMJ[BDJØOZEJTDJQMJOBNJFOUPEFMBTGBNJ MJBTBIPSBTFIBJOWFSUJEPFMQBOPSBNBZFTMBGBNJMJBMBRVFUJFOF RVFEJTDJQMJOBSZiDJWJMJ[BSwFOOVFWPTWBMPSFTMPTEFMNFSDBEPZMB BDDPVOUBCJMJUZFMSFOEJSDVFOUBTEFMPTQSPQJPTBDUPT BMBFTDVFMB $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB &TMBGBNJMJBMBRVFJOUSPEVDFVOBMØHJDBRVFJOUFSSVNQFMBPSHBOJ [BDJØOCVSPDSÈUJDBEFMBFTDVFMBMBDBSSFSBEPDFOUFFTUBCMFDJEBQPS BOUJHàFEBEFMKVJDJPEFMPTQSPQJPTQBSFTPNÈTCJFOEFMPTTVQF SJPSFTDPNPFMÞOJDPWÈMJEP&OFTBEJSFDDJØOOPQBSFDFDBTVBMRVF IBZBUBMOJWFMEFEFTFODVFOUSPFOUSFFTDVFMBTZGBNJMJBT "MNJTNPUJFNQPEFCFFYQMJDBSTFQPSRVÏMBGBNJMJBFTUBOWB MJPTBQBSBMPTFTUVEJBOUFT0USBQSFHVOUBFTUBWF[GPSNVMBEBBFMMPT FYDMVTJWBNFOUFEBDVFOUBEFTVTSB[POFTRVJÏOFTTPOMBTQFSTPOBT NÈTTJHOJmDBUJWBTFOTVTFTUVEJPT&MTF×BMBRVFMBNBESFFTMB QFSTPOBNÈTTJHOJmDBUJWBQBSBTVTFTUVEJPTTFHVJEPQPSFMQBESFDPO FM&MEJSFDUPSOPMPHSBVOQPSDFOUBKFEFTUBDBCMFUBOTPMPFM NJFOUSBTRVFBMHÞOQSPGFTPSPNBFTUSPPCUJFOFFMNVZ DFSDBEFIFSNBOPTZBNJHPT-BFTDVFMBFOHFOFSBMSFÞOFFM HSBDJBTBMBBMUBQFSDFQDJØOFOMBSFHJØOQBNQFBOBZFOMB QBUBHØOJDB )BZFTDBTBTEJGFSFODJBTFOUSFMPTBMVNOPTRVF DPODVSSFOBFTDVFMBTEFHFTUJØOQÞCMJDBZRVJFOFTBTJTUFOBFTDVFMBT EFHFTUJØOQSJWBEB-BTNVKFSFTFOHFOFSBMWBMPSBONÈTFMBQPZPEF MBFTDVFMBZMPTWBSPOFTFMEFTVNBNÈZTVQBQÈ $VBESP 0QJOJØOEFMPTBMVNOPTTPCSFMBQFSTPOBNÈTTJHOJmDBUJWB FOTVTFTUVEJPT 5PUBM 5VQBQÈ 5VNBNÈ "MHÞOIFSNBOPB "MHÞOBNJHPB &MOPWJPB "MHÞONBFTUSPBQSPGFTPSB &MMBEJSFDUPSB "MHÞOQSFDFQUPSB -BFTDVFMBFOHFOFSBM 0USBT&TQFDJmDBS /BEJF .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 1BSFDJFSBFOUPODFTRVFFYJTUFVOBUFOTJØOFOUSFFMJEFBM EFBMVNOPBVUØOPNPJOEJWJEVBMIFUFSØOPNPRVFTFEFT MJHBEFTVFUBQBEFTPDJBMJ[BDJØOQSJNBSJBRVFTFSÓBFMRVF WBMPSBMBFTDVFMBTFDVOEBSJBZMPTEBUPTRVFOPTNVFTUSBO FMJNQBDUPBUSJCVJEPQPSMPTNJTNPTKØWFOFTEFTVQSPQJB GBNJMJB FO MB FYQFSJFODJB FTDPMBS "TÓ NJFOUSBT EPDFOUFT Z EJSFDUJWPT TF×BMBO MB QPDB QSFTFODJB Z DPNQSPNJTP EF MBT GBNJMJBTPEFTUBDBODVFTUJPOFTiTPDJPBNCJFOUBMFTwQBSBFY QMJDBSMPTDPNQPSUBNJFOUPTEFMPTKØWFOFTMPTBMVNOPTFO DBNCJPSFDPOPDFOZWBMPSBOFMBQPZPEFTVHSVQPGBNJMJBS FOMPTFTUVEJPTZFMDPNQSPNJTPEFMBTGBNJMJBTDPOTVFEV DBDJØO4JTFUSBUBEFSFQFOTBSFTUFEFTFODVFOUSPIBCSÓBRVF WFS FO RVÏ DPOEJDJPOFT Z FO RVÏ DJSDVOTUBODJBT FT QPTJCMF BSUJDVMBSVOOVFWPQBDUPPBMJBO[BFOUSFFTDVFMBTFDVOEBSJB Z GBNJMJB RVF MBT SFDPOP[DB DPNP QBSUF GVOEBNFOUBM EFM ÏYJUP EF MB UBSFB FEVDBUJWB Z WBMPSF Z SFDPOP[DB UBNCJÏO MBFTQFDJmDJEBEEFTBCFSFTZEFQBVUBTEFTPDJBMJ[BDJØORVF USBOTNJUFMBFTDVFMB -BTEFNBOEBTEFMPTQSPGFTPSFTZBMVNOPT EFMBFTDVFMBSFBMBMBFTDVFMBEFTFBEB )BTUBBRVÓOPTIFNPTPDVQBEPEFMBTPQJOJPOFTEFEP DFOUFTZBMVNOPTTPCSFMBFTDVFMBBDUVBM2VJTJÏSBNPTBDPOUJ OVBDJØOSFGFSJSOPTBTVTSFTQVFTUBTFOUPSOPBRVÏIBCSÓBRVF DBNCJBSPFOGBUJ[BSNÈTFOMBFTDVFMBBDUVBM*ODMVJNPTFOFTUB TFDDJØOTVTPQJOJPOFTTPCSFDVFTUJPOFTTPCSFMBTRVFEFCFSÓB IBDFSNÈTIJODBQJÏMBFTDVFMBTFDVOEBSJBZMPTDPOUFOJEPTRVF EFCFSÓBOFOTF×BSTFRVFIPZOPTFFOTF×BO &OQSJNFSMVHBSDPOTJEFSBSFNPTMBTSFTQVFTUBTBVOBQSF HVOUBDPOMBRVFTFCVTDØSFMFWBSMBPQJOJØOTPCSFMPTÏOGBTJT DVSSJDVMBSFT EF MB FTDVFMB NFEJB *ODMVJNPT DPNP PQDJPOFT DPOUFOJEPTWJODVMBEPTBMBTEJTDJQMJOBTUSBEJDJPOBMFTPSUPHSB GÓBZTJOUBYJTBMHPSJUNPTZGØSNVMBTNBUFNÈUJDBTIJTUPSJBOB $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB DJPOBM PUSPTSFMBDJPOBEPTDPOOVFWBTUFNÈUJDBTFEVDBDJØO TFYVBMTPDJFEBEDPOUFNQPSÈOFB ZVOUFSDFSHSVQPWJODVMB EPBMBHSBNÈUJDBEFMPTDPNQPSUBNJFOUPTFOMBFTDVFMBDFO USBMNFOUFFMSFTQFUPBMPTTÓNCPMPTQBUSJPTRVFPSHBOJ[BFO UÏSNJOPTEFSJUVBMFTEFTBMVEPBMBCBOEFSBZBDUPTFTDPMBSFT VOBSFMBDJØODPOMBOBDJØODPOMBBVUPSJEBEZDPOMPTDVFS QPT ZFMSFTQFUPBMPTIPSBSJPT-BTSFTQVFTUBTTPODPJODJEFO UFTFOMBNBZPSÓBEFMBTPQDJPOFT $VBESP 0QJOJØOEFQSPGFTPSFTZBMVNOPTTPCSFUFNÈUJDBTFOMBT RVFMBFTDVFMBEFCFSÓBIBDFSIJODBQJÏ &MSFTQFUPBMPTTÓNCPMPTQBUSJPT &MSFTQFUPBMPTIPSBSJPT %PDFOUFT "MVNOPT -BFEVDBDJØOTFYVBM -BTPDJFEBEDPOUFNQPSÈOFB -BIJTUPSJBEFOVFTUSPQBÓT -BPSUPHSBGÓBZMBTJOUBYJT -PTBMHPSJUNPTZGØSNVMBTNBUFNÈUJDBT /JOHVOB /4/$ 5PUBM 2VJ[ÈTFMFMFNFOUPRVFNÈTTPSQSFOEFFTMBBMUBWBMPSBDJØO RVFFMSFTQFUPBMPTTÓNCPMPTQBUSJPTUJFOFOPTPMPFOUSFQSP GFTPSFTTJOPUBNCJÏOFOUSFMPTFTUVEJBOUFT{$ØNPFYQMJDBSMB JNQPSUBODJBPUPSHBEBBMSFTQFUPEFMPTTÓNCPMPTQBUSJPT {2VÏ OVFWBTGPSNBTBERVJFSFMBJEFBEFOBDJØOFOVOFTQBDJPDPO TJEFSBEPDMBWFQBSBMBGPSNBDJØOEFVOBJEFOUJEBEOBDJPOBM {$ØNPDPOWJWFMBJOTJTUFODJBFOFMBQSFOEJ[BKFZSFTQFUPEFMPT TÓNCPMPTQBUSJPTDPOMBEJWFSTJEBERVFSFDPSSFMBTBVMBT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB -BSFWJHPSJ[BDJØOEFMBJEFBEFOBDJØOFOFMDPOUFYUPQPTUFSJPS BMBDSJTJTEFIBTJEPTF×BMBEBQPSWBSJPTBOBMJTUBT(SJNTPO 4FNÈO -BQSPMJGFSBDJØOEFCBOEFSBTBSHFOUJOBTZ MBOBDJPOBMJ[BDJØOEFBMHVOPTDPOnJDUPTQPSFKFNQMPMBDVFT UJØOBNCJFOUBMEFMQSPCMFNBEFMBTQBQFMFSBTFO(VBMFHVBZDIÞ PMBFNFSHFODJBEFSFUØSJDBTZTÓNCPMPTOBDJPOBMFTFOFMiSPDL DIBCØOwBTÓDPNPFMÏYJUPEFMPTMJCSPTEFEJWVMHBDJØONBTJWB EFMBIJTUPSJBOBDJPOBMIBCMBOEFMBWVFMUBIBDJBMBOBDJØOQBSB FODPOUSBSSFTQVFTUBTZTBMJEBT BMBDSJTJT4FNBO &TMMB NBUJWPFOFMDBTPEFMPTBMVNOPTRVFTFBOMPTWBSPOFTMPTRVF NÈTTF×BMFOFTUBPQDJØOMBQBUSJBFTNBTDVMJOBTFBSUJDVMBDPO FMGÞUCPMFMSPDLMBDBODIBMBDBMMF5BNCJÏOMMBNBMBBUFODJØO RVFFTUBPQDJØOTFBNÈTBMUBFOFMDBTPEFMPTBMVNOPTEFMJOUF SJPSEFMQBÓTRVFFOMPTEFMBSFHJØONFUSPQPMJUBOBEF#VFOPT "JSFTZFOUSFBMVNOPTEFFTDVFMBTQÞCMJDBTRVFFOUSFBMVNOPT EFFTDVFMBTQSJWBEBT4JOFNCBSHPOPBQBSFDFOEJGFSFODJBTTJHOJ mDBUJWBTDPOTJEFSBOEPFMOJWFMTPDJPFDPOØNJDPEFMPTBMVNOPT TJFOEPMFWFNFOUFTVQFSJPSQBSBFMTFDUPSNFEJP&OFMDBTPEFMPT QSPGFTPSFTTVQSFEJMFDDJØOQPSMBDVFTUJØOEFMPTTÓNCPMPTQBUSJPT IBCMBUBNCJÏOEFMiSFQMJFHVFJEFOUJUBSJPwRVFTF×BMBNPTFOFMDB QÓUVMPDPSSFTQPOEJFOUF-BQBUSJBDPOWPDBEFEJTUJOUBTNBOFSBT MPTWBMPSFTUSBEJDJPOBMFTEFMBFTDVFMBBRVFMMPRVFMBWFSUFCSBCB DPNPJOTUJUVDJØOOPSNBUJWB5BNCJÏOIBCMBDJFSUBNFOUFEFMB OFDFTJEBEEFSFGFSFODJBEFVOQVOUPPSFGFSFODJBDPNÞO-PRVF FOBNCPTDBTPTBQBSFDFDPODMBSJEBEFTMBDPOUJOVJEBEEFMBBE IFTJØOBVOJNBHJOBSJPEFFTDVFMBRVFTFQMBOUFBDPNPFKFWFSUF CSBMEFMBOBDJØO-BQSJPSJEBEPUPSHBEBBFTUPTTÓNCPMPTIBCMB QBSBOPTPUSPTEFMBFmDBDJBFOVODJBUJWBEFMBHSBNÈUJDBFTDPMBS USBEJDJPOBMEFMBFTDVFMBBSHFOUJOBRVFBÞOTJHVFEFmOJFOEPMPT IPSJ[POUFTEFMPRVFTFDPOTJEFSBBQSPQJBEPZWBMJPTP &OFMDBTPEFMPTQSPGFTPSFTMBTFHVOEBPQDJØOFMFHJEBFT MBPSUPHSBGÓBZMBTJOUBYJTTFHVSBNFOUFWJODVMBEBBMPRVFTF KV[HBFTMBEFCJMJEBEEFMPTKØWFOFTQBSBMFFSZFTDSJCJSDPSSFD UBNFOUFDPNPFGFDUPEFMVTPEFMBTOVFWBTUFDOPMPHÓBT&TUF $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB EJTDVSTPJOTUBMBEPGVFSUFNFOUFFOFMTFOUJEPDPNÞOTFUSBTMBEB FOGPSNBBDSÓUJDBBDVBMRVJFSOJWFMEFMBFTDPMBSJEBEZBRVFMB QSFHVOUBRVFDBCFFTTJMBFTDVFMBTFDVOEBSJBFTMBSFTQPOTBCMFEF USBOTNJUJSMBPSUPHSBGÓBZMBTJOUBYJTPMFDBCFOPUSBTUBSFBTFOSFMB DJØODPOMBFOTF×BO[BEFMBMFOHVBNÈTDPNQMFKBTZEFTBmBOUFT 5BNCJÏOFOFTUFDBTPTFUSBUBEFDPOUFOJEPTFTUSVDUVSBOUFTEFM TJTUFNBFEVDBUJWPZBTPDJBEPTDPOVOBGVFSUFDBSHBJEFPMØHJDBZ DPOVOQSPGVOEPTFOUJEPEFEJTDJQMJOBNJFOUP &MUFSDFSHSVQPEFDPOUFOJEPTRVFTFMFDDJPOBOMPTEPDFOUFT oFEVDBDJØOTFYVBMoFTFMRVFBQBSFDFDPNPNÈTDPOUFYUVBMJ [BEPBMPTUJFNQPTBDUVBMFT-BSFTQVFTUBQVFEFMFFSTFDPNP FMiFDPwEFEJTDVTJPOFTBDUVBMFTQBSUJDVMBSNFOUFBMNPNFOUP EFUPNBSTFMBFODVFTUBDVBOEPTFEJTDVUÓBMBMFZRVFDSFØFM 1SPHSBNB/BDJPOBMEF&EVDBDJØO4FYVBM*OUFHSBM ZUBNCJÏO DPNPVOBSFTQVFTUBBMBTEFNBOEBTEFMPTFTUVEJBOUFT $PJODJEFOUFNFOUF FO FM DBTP EF MPT BMVNOPT MB TFHVO EBPQDJØOFTMBFEVDBDJØOTFYVBM -BTUFNÈUJDBTNÈT WJODVMBEBTBDPOUFOJEPTDPNPMBFOTF×BO[BEFMBIJTUPSJBEF OVFTUSP QBÓT MB PSUPHSBGÓB Z MB TJOUBYJT FM DPOPDJNJFOUPEFMBTPDJFEBEDPOUFNQPSÈOFB PMBFOTF ×BO[BEFMPTBMHPSJUNPTZGØSNVMBTNBUFNÈUJDBT UJF OFOQPSDFOUBKFTNFOPSFTMPRVFJOEJDBSÓBVOBQSFPDVQBDJØO QPSQBSUFEFMPTBMVNOPTFOMBGPSNBDJØOFOWBMPSFTBOUFTRVF SFTQFDUPEFDPOUFOJEPTQVOUVBMFT &MSFTQFUPEFMPTIPSBSJPTPDVQBFMDVBSUPMVHBSDPODFOUSBO EPFMEFMBTSFTQVFTUBTEBUPRVFNVFTUSBMBJODPSQPSBDJØO QPSQBSUFEFMPTBMVNOPTEFVOBQBVUBSFHVMBEPSBDFOUSBMFOMB JOTUJUVDJØOFTDPMBSDPNPFTMBSFGFSJEBBMBEJTUSJCVDJØOEFMPT UJFNQPT4POMBTNVKFSFTRVJFOFTNÈTTFMFDDJPOBOFTUBPQDJØO "TVWF[TFTBCFRVFÏTUFFTVOPEFMPTQVOUPTNÈTTBODJPOBEPT FOMBTFTDVFMBT1PSPUSPMBEPOPTQSFHVOUBNPTTJFOFTUFDBTPOP IBCSÓBRVFMFFSVOBEFNBOEBEFMPTBMVNOPTEFRVFTFSFTQFUFO .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB MPTIPSBSJPTRVFMPTQSPGFTPSFTBTJTUBOBMBTDMBTFTZRVFMBFTDVFMB FTUÏNFKPSPSHBOJ[BEBFMFNFOUPRVFBVORVFOPFOGPSNBNB TJWBBQBSFDJØFOMPTHSVQPTGPDBMFTZFOPUSBTSFTQVFTUBTEFMPT FTUVEJBOUFT &TUBTSFTQVFTUBTQVFEFOBNQMJBSTFZFOBMHÞOTFOUJEPDPOGSPO UBSTFDPOPUSBQSFHVOUBRVFGPSNVMBNPT1FEJNPTBEPDFOUFTZ BMVNOPTRVFTF×BMBSBOEPTBTQFDUPTPDPOUFOJEPTRVFMBFTDVFMB EFCFSÓBFOTF×BSZBDUVBMNFOUFOPFOTF×B-BQSFHVOUBGVFBCJFS UBZFOFMDVBESPTJHVJFOUFQSFTFOUBNPTMBQSJNFSBPQDJØOQBSB MPTDBTPTEFQSPGFTPSFTZFTUVEJBOUFT $VBESP "TQFDUPTRVFEFCFSÓBFOTF×BSMBFTDVFMBTFDVOEBSJBRVFBDUVBM NFOUFOPFOTF×BFOPQJOJØOEFMPTQSPGFTPSFTZMPTFTUVEJBOUFT %PDFOUFT "MVNOPT 7BMPSFT &EVDBDJØOTFYVBMZQBSBMBTBMVE $POUFOJEPTEJTDJQMJOBTFTDPMBSFTFYJTUFOUFT 5SBCBKPZUFDOPMPHÓB "SUFZUBMMFSFTFYQSFTJWPTFTUÏUJDPT 1FOTBNJFOUPSB[POBNJFOUPDSÓUJDP 5ÏDOJDBTEFFTUVEJPNFUPEPMPHÓBTEFFTUVEJP *EJPNBT $PNQVUBDJØO 1SFWFODJØOBUFODJØOWJPMFODJBNBMUSBUP %FQPSUFTZSFDSFBDJØO 5FNBTEFBDUVBMJEBEZQPMÓUJDB 0USPT /BEBNÈT /4/$ 5PUBM $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB -PQSJNFSPRVFQVFEFTF×BMBSTFFTRVFIBZVOBEJTQFSTJØO JNQPSUBOUF FO MBT SFTQVFTUBT TPCSF UPEP FO MPT BMVNOPT Z RVFMBTPSJFOUBDJPOFTEFMBTEFNBOEBTEFMPTEPTHSVQPTEJ WFSHFOIBDJBEJSFDDJPOFTTJOPDPOUSBSJBTBMNFOPTEJTUBOUFT -PTEPDFOUFTQBSFDFOFOGPDBSTFEFNBOFSBNÈTDMBSBIBDJBMB DVFTUJØOEFMPTWBMPSFTMBFEVDBDJØOTFYVBMTFHVSBNFOUFDPO VOBDBSHBWBMØSJDBGVFSUFBTPDJBEB ZMBBNQMJBDJØOEFMPTDPO UFOJEPTFTDPMBSFTFYJTUFOUFTFOBMHVOPTDBTPTQPSFKFNQMPTF QJEFONBUFSJBTRVFTFEJDUBOFOPUSBTNPEBMJEBEFTRVFMBTRVF PGSFDFMBFTDVFMB $PNPZBIFNPTTF×BMBEPMPTEPDFOUFTQB SFDFOSFDPOTUSVJSTVSPMEFTEFMBBmSNBDJØOEFMMVHBSEFHVÓBT NPSBMFTEFFOTF×BSMFTBMPTBMVNOPTBTFSNFKPSFTQFSTPOBT )BCSÓBRVFFTUBSBUFOUPTBRVÏTFQPOFFOKVFHPFOMBDVFTUJØO EFMPTWBMPSFTFOMBSFMBDJØOFOUSFBEVMUPTZBEPMFTDFOUFT/P TF USBUB TPMP EF RVF FT VOB TPDJFEBE FTUSVDUVSBEB FO GPSNB UBMRVFFMBEVMUPFTMBSFGFSFODJBFMMVHBSJEFBMFTUPFTVOB TPDJFEBEBEVMUPDÏOUSJDBTJOPRVFMBNJTNBJEFBEFUSBOTNJ UJSWBMPSFTJNQSFHOBBMBBDDJØOEPDFOUFEFVOBTVQFSJPSJEBE NPSBMRVFBZVEBBEFTDBMJmDBSMPTTBCFSFTEFMPTBMVNOPTP EJTNJOVJS TV JNQPSUBODJB DVBOEP TVQFSBO FM DPOPDJNJFOUP EFMPTEPDFOUFTDPNPTVDFEFFOFMDBTPEFMBTOVFWBTUFDOP MPHÓBT 4FWFUBNCJÏODØNPDPOnVZFOFOFTBPSHBOJ[BDJØOZ KFSBSRVJ[BDJØOEFWBMPSFTZTBCFSFTMPTEJTDVSTPTEFMBiKVWFOUVE FOSJFTHPwRVFWFOTPMPQSPCMFNBTBNFOB[BTZQFMJHSPTESPHB QSPTUJUVDJØOFNCBSB[PTQSFNBUVSPTPMBTEFTVJDJEJPTEJBHOØT UJDPTEFBQBUÓBTPDJPQPMÓUJDBFJOEJWJEVBMJTNP "MNJTNPUJFNQPUBNCJÏOBQBSFDFOMPTDPOUFOJEPTFTDP MBSFTZMPTTBCFSFTFYJTUFOUFT&TUPFTDPOTJTUFOUFDPOMPTF×BMB EPFOFMDVBESPBOUFSJPSEPOEFBQBSFDFSFTBMUBEPFMMVHBSEF MBFTDVFMBFOMBGPSNBDJØOFODPOUFOJEPTZBJODPSQPSBEPT &OFMDBTPEFMPTBMVNOPTFODBNCJPTFJODMJOBOQPSEF NBOEBS NÈT UBMMFSFT BSUÓTUJDPFYQSFTJWPT Z MB JODPSQPSBDJØO EFEJTDJQMJOBTFTUÏUJDBTWJFKBTZOVFWBTNÞTJDBDBOUPUFBUSP .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB DJOF &M BSUF FT VO FTQBDJP JNQPSUBOUF EPOEF TF PSHBOJ[B MB QSPEVDDJØOEFMPOVFWPEPOEFTFQVFEFOFYQSFTBSZTJNCPMJ[BS FYQFSJFODJBT-BTOVFWBTHFOFSBDJPOFTIBCMBOUBNCJÏOEFMJN QBDUPDSFDJFOUFEFMBTJOEVTUSJBTDVMUVSBMFTNBTJWBTRVFQPOFO BMBMDBODFEFUPEPTMPRVFBOUFTBQBSFDÓBDPNPQBUSJNPOJPEF MB FMJUF 1PS PUSP MBEP MB FYQFSJFODJB EF MPT UBMMFSFT BSUÓTUJDPT Z FYQSFTJWPT FO MBT FTDVFMBT TVFMF SFGFSJS B NBZPSFT HSBEPT EF MJCFSUBEZEFBVUPOPNÓBBTBMJSTFEFMBFTUSVDUVSBDJØOSÓHJEBEF IPSBSJPTZDPOUFOJEPT-PNJTNPQPESÓBEFDJSTFEFMBEFNBOEB QPSNÈTQSFTFODJBEFMPTEFQPSUFTZBDUJWJEBEFTSFDSFBUJWBTDPS QPSBMFT&OFTUFDBTPQVFEFMFFSTFMBEFNBOEBDPNPVOQFEJEP EFNÈTMJCFSUBEZEFPUSPTTBCFSFTFOMBFTDVFMB 5BNCJÏOQJEFODPNQVUBDJØOFJEJPNBTMPTEPTBTQFDUPT RVFFMNFSDBEPTBODJPOBDPNPOFDFTBSJPTQBSBDPOTFHVJSVO CVFOUSBCBKP&OFTUPTDBTPTTFQJEFRVFMBFTDVFMBTFBDUVB MJDF FO TV QSPQVFTUB Z QSFTUF BUFODJØO B BRVFMMP RVF TF EF NBOEBEFMPTTVKFUPT$PJODJEFDPOMPBOUFTTF×BMBEPTPCSF MB SFMBDJØO JOTUSVNFOUBM DPO MB FTDVFMB NFEJB QPS QBSUF EF MPTKØWFOFT:UBNCJÏOQVFEFTF×BMBSTFRVFMBTEFNBOEBTEFM NFSDBEPFOUSBONÈTQPSMBTGBNJMJBTZQPSMPTKØWFOFTRVFQPS MPT QSPGFTPSFT $PNP TF×BMBNPT BOUFSJPSNFOUF MBT GBNJMJBT IPZQBSFDFODPOWPDBEBTBEJTDJQMJOBSBMBFTDVFMBFOMBMØHJDB EFMNFSDBEP 5BNCJÏOFTJNQPSUBOUFFMOÞNFSPEFBMVNOPTZEFEP DFOUFTRVFSFDMBNBONÈTWJODVMBDJØODPOFMNVOEPEFMUSB CBKPZMBUFDOPMPHÓB"QBSFDFVOBTVFSUFEFFTQFSBO[BFORVF TJ BQSFOEFO BMHP MB FTDVFMB TFSWJSÈ DPNP USÈOTJUP IBDJB FM NVOEPEFMUSBCBKPUBNCJÏODMBSPMBWJTJØONÈTJOTUSVNFO UBMEFFODPOUSBSBMHÞOTBCFSQBSUJDVMBSTPCSFFMUFNBRVFMPT QPTJDJPOFNFKPSQBSBFMFNQMFP 'JOBMNFOUFFTCBKPFMQPSDFOUBKFEFEPDFOUFTZEFBMVN OPT RVF RVJFSFO DPOUFOJEPT QBSB BUFODJØO EF MB WJPMFODJB Z $ĒġŧĥĦĝĠ%PDFOUFTZBMVNOPTFOQFSTQFDUJWBDPNQBSBEB MBT BEJDDJPOFT RVF WJNPT BOUFT FSB FM QSJNFS NJFEP FOUSF MPT EPDFOUFT &MMP NBSDB UBNCJÏO VO MÓNJUF DMBSP QBSB FTUB QSFPDVQBDJØOMBDPSSFEFMMVHBSQSJODJQBMZBZVEBBDPOUFY UVBMJ[BS EJTDVSTPT TPCSF MPT KØWFOFT WJPMFOUPT P MB QSFTFODJB EFMBWJPMFODJBFOMBTBVMBT5BNCJÏOFTCBKBMBQSFTFODJBEF MBEFNBOEBEFUFNBTEFBDUVBMJEBEZUFNBTQPMÓUJDPTTJCJFO FOFTUFDBTPQVFEFJOnVJSMBiNBMBQSFOTBwEFMBBDUJWJEBEQP MÓUJDB FTUB EFCJMJEBE DPOUSBTUB DPO MB WBMPSBDJØO RVF IBDFO KØWFOFTZBEVMUPTEFMBGPSNBDJØOFOEFSFDIPTDPNPBTQFDUP JNQPSUBOUFZWBMJPTPEFTVFTDVFMBTFDVOEBSJB &OTÓOUFTJTFOFTUBTEFNBOEBTOPBQBSFDFODVFTUJPOBNJFO UPTBCTPMVUPTPUBYBUJWPTEFMBTFTDVFMBTPEFMUSBCBKPEPDFOUF QFSP TÓ TVSHFO FYQFDUBUJWBT EJGFSFOUFT TPCSF MPT TBCFSFT RVF EFCFUSBOTNJUJSMBFTDVFMBZTVSPMDPNPBVUPSJEBEDVMUVSBM -PTQSPGFTPSFTQBSFDFOFTQFSBSDPOWFSUJSTFFOHVÓBTEFVOPT BMVNOPTRVFEFCFOTFSiDJWJMJ[BEPTwNPTUSBSMFTMBTCPOEBEFT EFDJFSUPTWBMPSFTZFOTF×BSMFTMBTDPOEVDUBTBQSPQJBEBT-PT BMVNOPTFOUBOUPQBSFDFOFTQFSBSFTDVFMBTZQSPGFTPSFTRVF MFTEFOIFSSBNJFOUBTQBSUJDVMBSFTRVFMPTBZVEFOBFYQSFTBSTF ZRVFMFTQSPQPSDJPOFOMPTTBCFSFTRVFSFRVJFSFOFMNVOEPEFM USBCBKPZMBWJEBDPOUFNQPSÈOFB&TFOFTUBTQSFHVOUBTEPOEF NÈTBQBSFDFFMEFTFODVFOUSPFOUSFEPDFOUFTZBMVNOPT1BSB MPT QSJNFSPT TF USBUB EF SFJUFSBS MB DPOWPDBUPSJB USBEJDJPOBM EFMBFTDVFMBBTFSDJWJMJ[BEPTZPSJFOUBEPTTFHÞOMBBVUPSJEBE DVMUVSBM DMÈTJDB EFM DVSSÓDVMP 1BSB MPT BMVNOPT FO DBNCJP TFUSBUBEFVOBSFMBDJØOJOTUSVNFOUBMEFVOKVFHPBDPUBEPZ QBSUJDVMBSBMRVFBDFQUBOTPNFUFSTFBDBNCJPEFRVFMFTEFO MPRVFGVFSPOBCVTDBSVOFTQBDJPWJUBMDVJEBEPZQSPUFHJEP MBQPTJCJMJEBEEFFYQSFTBSTFZBOJWFMEFMPTDPOUFOJEPTMPTTB CFSFTJOTUSVNFOUBMFTRVFMBTPDJFEBETBODJPOBDPNPWBMJPTPT FOFMNFSDBEPEFUSBCBKP 2VJ[ÈEFMPRVFTFUSBUBFTEFSFEFmOJSFTUBTEFNBOEBTFO PUSBTEJSFDDJPOFT1FEJSJEJPNBTZDPNQVUBDJØOOPFTUÈNBM .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB TJFNQSFRVFFTPTTBCFSFTUBNCJÏOJNQMJRVFOFMEFTBSSPMMPEF IFSSBNJFOUBTJOUFMFDUVBMFTZBNQMÓFOMBTQPTJCJMJEBEFTEFNP WFSTFNFKPSFOFMNVOEPOPTPMPFOFMNVOEPEFMUSBCBKP )BCSÓB FOUPODFT RVF BNQMJBS MPT IPSJ[POUFT TF×BMBS PUSBT PQDJPOFTJODMVJSFMBSUFDPNPQPTJCJMJEBEEFDPOPDJNJFOUPEF TÓNJTNPZEFMNVOEPZOPTPMBNFOUFEFSFDSFBDJØOJODMVJS FMDVFSQPDPNPBDUPSJNQPSUBOUFFOMBGPSNBDJØOZSFQFOTBS MPTTBCFSFTEJTDJQMJOBSJPTQBSBRVFOPTFBTFNFKFOBDPTBTWJF KBTZDPOTFOUJEPÞOJDBNFOUFEFOUSPEFMBFTDVFMBTJOPDPNP DPOPDJNJFOUPTRVFEFCFOTFSTPNFUJEPTBMUBNJ[EFTVWBMPS TPDJBMEFTVDBQBDJEBEQBSBSFTQPOEFSWJFKBTZOVFWBTQSFHVO UBTEFMBTTPDJFEBEFTIVNBOBT $"1¶56-0 .JSBEBTIBDJBEFMBOUF MBFTDVFMBJEFBM &OMBÞMUJNBTFDDJØOEFMBFODVFTUBTFMFTQJEJØBQSPGF TPSFT Z FTUVEJBOUFT RVF EFTDSJCJFSBO MP RVF FMMPT DPOTJEFSBO DPNPiVOBFTDVFMBJEFBMw&SBVOBQSFHVOUBBCJFSUBZEFMJCF SBEBNFOUFBNCJHVBRVFFTQFSBCBSFMFWBSMBTSFQSFTFOUBDJPOFT TPCSFDØNPEFCFSÓBTFSMBFTDVFMBZRVÏBTQFDUPTIBCSÓBRVF DBNCJBSEFMBWJEBFTDPMBSBDUVBM 5PNBNPTMBQSFHVOUBTPCSFiMBFTDVFMBJEFBMwEFVOFTUV EJPJOHMÏTSFBMJ[BEPFOFMB×PRVFTFCBTØFOVOBFO DVFTUBEFMQFSJØEJDPDzF(VBSEJBOBOJ×PTZBEPMFTDFOUFTEFM 3FJOP6OJEP&OFTUBFODVFTUBVODPODVSTPBCJFSUP TFQFEÓB VOFOTBZPFTDSJUPPEJCVKBEPTPCSFMBFTDVFMBRVFMFTHVTUBSÓB #VSLFZ(SPTWFOPS &OFMBOÈMJTJTEFMBTSFTQVFTUBTMPT BVUPSFTEFMFTUVEJP*BO(SPTWFOPSZ$BUIFSJOF#VSLFTF×B MBORVFiMBJNBHJOBDJØOEFMBTQPTJCJMJEBEFTEFMBFEVDBDJØO FTUÈNPMEFBEBQPSMBTSFBMJEBEFTEFMQSFTFOUFZMBTNJUPMPHÓBT EFMQBTBEPw#VSLFZ(SPTWFOPSQ -BiFTDVFMBJEFBMwFOUPODFTOPTVSHFEFMBOBEBFTVOB DSFBDJØONÈTPNFOPTPSJHJOBMPNÈTPNFOPTFTUBOEBSJ[BEB RVFTFBMJNFOUBEFMBTQFSDFQDJPOFTEFMQSFTFOUFZEFMBSF DPOTUSVDDJØOEFMBFYQFSJFODJBQBTBEB)BCMBNÈTEFMQSFTFO UFZEFMQBTBEPRVFEFMGVUVSPRVFVOPFTDBQB[EFJNBHJOBS 1FSNJUF CPTRVFKBS VO iIPSJ[POUF EF FYQFDUBUJWBTw RVF IBDF WJTJCMFTBMHVOBTDPTBTZPDVMUBPWVFMWFCPSSPTBTPUSBTQPTJ CJMJEBEFT-BQSFHVOUBQPSMBFTDVFMBJEFBMQFSNJUFEBSMFNÈT DPOUPSOPTBFTBJNBHJOBDJØOVCJDBOEPDPONBZPSQSFDJTJØO MPTUFNBTRVFDPONVFWFOZMBTQFSDFQDJPOFTTPCSFMPTQSPCMF .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB NBTRVFEFCFODBNCJBSTFQBSBFTUBSNÈTBHVTUP1PSFTPOPT QBSFDJØRVFQPEÓBBQPSUBSVOFMFNFOUPOPWFEPTPZPSJHJOBMB OVFTUSBJOWFTUJHBDJØOTPCSFMBTPQJOJPOFTEFEPDFOUFTZBMVN OPTTPCSFMBFTDVFMBTFDVOEBSJB )BZPUSBDVFTUJØORVFEFTUBDBFMFTUVEJPEF(SPTWFOPSZ#VS LF Z RVF FT NVZ JOUFSFTBOUF QBSB OVFTUSB JOWFTUJHBDJØO &O FM DBTPJOHMÏTMBFODVFTUBEFCVTDØSFQMJDBSPUSBIFDIBQPS VOQFSJØEJDPTJNJMBSFO&YQMÓDJUBNFOUFTFUSBUØEFDPO USBTUBSMPTDBNCJPTFOMBiJNBHJOBDJØOQFEBHØHJDBwTF×BMBOEP MBTEJGFSFODJBTEFUPOPZEFQPTJDJØOEFOJ×PTZBEPMFTDFOUFTFO MPT B×PT USBOTDVSSJEPT -PT BVUPSFT FODVFOUSBO EJGFSFODJBT TJHOJmDBUJWBT&OMBEÏDBEBEFMTFTFOUBIBCÓBHSBODPOmBO[BFO RVFFSBQPTJCMFZOFDFTBSJPUSBOTGPSNBSMBTFTDVFMBT1PSFKFNQMP VOBBEPMFTDFOUFEFB×PTEFDÓBi`-PTOJ×PTIBODBNCJBEPZ MBTFTDVFMBTEFCFSÓBODBNCJBSUBNCJÏO-BFTDVFMBEFCFSÓBFTUBS MMFOB EF PCKFUPTFJOWFOUPTEFFTUFTJHMP%FCFSÓBFOTF×BSNÈT TPCSFFMGVUVSPZNFOPTTPCSFFMQBTBEPw0USBPQJOBCBi/P WBBIBCFSNÈTBVMBTOJUJNCSFTPDBNQBOBTRVFJOUFSSVNQBO /PWBBIBCFSNÈTNJFEPBMPTFYÈNFOFTMPTFYÈNFOFTOPWBO BFYJTUJSNÈTw&ODBNCJPMPTDIJDPTEFNPTUSBCBONFOPT PQUJNJTNPTPCSFMBQPTJCJMJEBEEFDBNCJBSZVOBFWBMVBDJØONÈT SFBMJTUBTPCSFMBDPOUJOVJEBEEFMBFTUSVDUVSBFTDPMBS1PSFKFNQMP VOBDIJDBEFB×PTEFDÓBi5PEBWÓBFOFMTJHMPĩĩĚOPTTFHVJNPT TFOUBOEPDPNPFOMBÏQPDBWJDUPSJBOBmOFTEFMTJHMPĩĚĩ 4ØMP QPEÏTIBCMBSDPOMBQFSTPOBRVFUFOÏTBMMBEPQPSFTPQSPCB CMFNFOUFMPTEPDFOUFTOPTTJFOUBOBTÓ FTUPTJHOJmDBRVFFOFM USBCBKPEFEJTDVTJØORVFFTNVZJNQPSUBOUFFOMBTPDJFEBEEF IPZMBTJEFBTZMBTTVHFSFODJBTOPBQBSFDFOSÈQJEPPGÈDJMw#VSLF Z(SPTWFOPSQQZ &OOVFTUSPDBTPOPUFOFNPTVOBSDIJWPEFEBUPTDPNQBSBCMF QBSBDPOUSBTUBSDPOMPRVFTF×BMBSPOQSPGFTPSFTZFTUVEJBOUFTFO 4JOFNCBSHPFODPOUSBNPTRVFUBNCJÏOUJFOFQFTPFTUB iFWBMVBDJØO SFBMJTUBw EF MBT QPTJCJMJEBEFT EF DBNCJP EF MBT RVF $ĒġŧĥĦĝĠ.JSBEBTIBDJBEFMBOUFMBFTDVFMBJEFBM IBCMBOMPTJOWFTUJHBEPSFTJOHMFTFT-PTQFSmMFTEFFTDVFMBJEFBMZ MBTQSPQVFTUBTEFDBNCJPTPOUÓNJEBTFOHFOFSBMZQMBOUFBOBM HVOBTDVFTUJPOFTNÈTBHVEBNFOUFNJFOUSBTEFKBOEFDPOTJEFSBS PUSPTBTQFDUPTEFMBFTDPMBSJEBERVFZBQBSFDFOJONPEJmDBCMFT /BEJFJNBHJOBVOBiBOUJFTDVFMBwVOBFTDVFMBTJOQBSFEFTPVOB FTDVFMBTJOEPDFOUFTPHPCFSOBEBQPSMPTDIJDPT"MPTVNPQVF EFQFOTBSTFVOBFTDVFMBTJOVOJGPSNFTNVDIPNÈTDØNPEBDPO TFSWJDJPEFCBSDPOBJSFBDPOEJDJPOBEPQFSPMBNBZPSÓBEFMPTBT QFDUPTEFMBHSBNÈUJDBFTDPMBSOPTFDVFTUJPOBOQSPGVOEBNFOUF 7FBNPTFOQSJNFSMVHBSMBTPQJOJPOFTEFMPTEPDFOUFTTP CSFMBFTDVFMBRVFMFTHVTUBSÓBUFOFS-BNBZPSÓBIBDFSFGFSFO DJBBNFKPSBTFOMBJOGSBFTUSVDUVSBFEJMJDJBMPTNBUFSJBMFTZMBT DPOEJDJPOFTMBCPSBMFTMPDVBMIBCMBEFVOBQPTJDJØONVDIP NÈTEFmOJEBMBFTDVFMBFTQBSBFMMPTBOUFTRVFOBEBVOFTQB DJPEFUSBCBKP1SFTFOUBNPTBMHVOPTFKFNQMPT i&TDVFMBDPOMBTDPNPEJEBEFTGÓTJDBTOFDFTBSJBTBJSFBDPO EJDJPOBEPBVMBTDØNPEBT5FOFSVOBCJCMJPUFDBDPONV DIPNBUFSJBMBDUVBMJ[BEPRVFMPTBMVNOPTQVFEBOVUJMJ[BS MJCSFNFOUF2VFWVFMWBBUFOFSFTQBDJPTDVSSJDVMBSFTDPNP IJTUPSJBRVÓNJDBFUD2VFMPTQMBOFTEFFTUVEJPTFBOVOJ GPSNFTFOUPEPFMQBÓTw 1SPGFTPSBEF4PDJPMPHÓBFTDVFMBQÞCMJDBSFHJØONFUSP QPMJUBOBEF#VFOPT"JSFT &MQSPDFTBNJFOUPEFMBTSFTQVFTUBTBFTUBQSFHVOUBUBOUPFOFMDBTPEFMPT EPDFOUFTDPNPFOFMEFMPTBMVNOPTOPCVTDØDPEJmDBSMBTZDBUFHPSJ[BSMBT -BTUPNBNPTDPNPQFRVF×BTOBSSBUJWBTRVFJOUFOUBNPTPSHBOJ[BSTFHÞOTF SFmSJFSBOBMFEJmDJPMBTDPOEJDJPOFTMBCPSBMFTMBKVTUJDJBFTDPMBSMPTDPOUFOJEPT Z PUSBT DBSBDUFSÓTUJDBT NÈT BCJFSUBT /P RVFSFNPT EBS MB JNQSFTJØO EF DPOTJTUFODJBUPUBMFOMBTSFTQVFTUBTIBZDPOUSBEJDDJPOFTZIBZJODPOTJTUFODJBT 1FSP DPOTJEFSBNPT RVF MFÓEBT FO DPOKVOUP OPT QSPWFFO JOEJDJPT EF MBT EFNBOEBTEFDBNCJPEFQSPGFTPSFTZFTUVEJBOUFT&OFTUFDBQÓUVMPQSFTFOUBNPT VOBTFMFDDJØOEFBMHVOBTSFTQVFTUBTNÈTTJHOJmDBUJWBTQPSRVFFYQSFTBONFKPS MP RVF BQBSFDF FO NVDIBT PUSBT EF NPEP NÈT GSBHNFOUBSJP FMFHJNPT USBOTDSJCJSMBTDPNQMFUBTQBSBEBSDVFOUBEFTVGPSNVMBDJØOPSJHJOBM .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB i$PODPODFOUSBDJØOIPSBSJBQBSBFMQSPGFTPS5FOFSIPSBT BTJHOBEBTQBSBDPSSFHJSUSBCBKPT5PUBMNFOUFDMJNBUJ[BEB FOWFSBOPDFSDBOBBNJEPNJDJMJPDPOUPEBTMBTDPNPEJ EBEFTQBSBMPTBMVNOPTTBMBTCBODPTNBUFSJBMEJEÈDUJDP DPOCB×PTIJHJÏOJDPTTFSWJDJPEFCBSCVąFUZOBEBNÈTw 1SPGFTPSBEF(FPHSBGÓBFTDVFMBQÞCMJDB4BOUJBHPEFM&TUFSP i2VFMBFTUSVDUVSBFEJMJDJBTFBBDPSEFQBSBFTUJNVMBSNÈT BMPTBMVNOPTRVFOPTQSPWFBOEFNBUFSJBMEJEÈDUJDPCJ CMJPUFDBDPNQVUBEPSBT*OUFSOFU ZRVFMPTEJSFDUJWPTQVF EBO HVJBS EF MB NFKPS NBOFSB CVFO USBUP DPO QFSTPOBM EPDFOUF 1BSUJDJQBDJØOEFMBJOTUJUVDJØOFOMBDPNVOJEBE .BZPSUSBCBKPJOUFSEJTDJQMJOBSJPw 1SPGFTPSBEF.FEJPTEF$PNVOJDBDJØOFTDVFMBQSJWB EB5VDVNÈO i$POBVMBTDØNPEBTRVFUFOHBOBJSFBDPOEJDJPOBEP#VFO DVFSQP EPDFOUF CVFO NBUFSJBM EF FTUVEJPT UFDOPMPHÓB BM BMDBODFEFUPEPTMPTDIJDPT1BESFTZEPDFOUFTDPOTVFMEPEF TFOBEPSFTZTFOBEPSFTDPOTVFMEPEFEPDFOUFTw 1SPGFTPSEF$JFODJBT2VÓNJDBTZ/BUVSBMFTFTDVFMBQSJ WBEB$PSSJFOUFT -BDVFTUJØOEFMFEJmDJPMBTDPNPEJEBEFTEFUSBCBKPMBDMJNB UJ[BDJØOVOFMFNFOUPRVFJOnVZFNVDIPFOFMEÓBBEÓBFTDPMBS TPOFMFNFOUPTRVFTFSFJUFSBOFOCVFOBQBSUFEFMBTGPSNVMBDJPOFT EFEPDFOUFTFONBZPSNFEJEBRVFFOUSFMPTFTUVEJBOUFT&MMPMMB NBMBBUFODJØOTPCSFBTQFDUPTEFMBWJEBJOTUJUVDJPOBMRVFTVFMFO UFOFSTFQPDPFODVFOUB1BSFDJFSBRVFMBTFTDVFMBTTPOJOTUJUVDJP OFTEFFOTF×BO[BZBQSFOEJ[BKFJONBUFSJBMFTBTVOUPTNFSBNFOUF FTQJSJUVBMFTRVFQVFEFOEFTBSSPMMBSTFCBKPVOÈSCPMPEFOUSPEF VOBDBTBTJORVFFTUFDBNCJPMBTBGFDUFEFNBOFSBTVTUBODJBM1FSP DBCSÓBDPOTJEFSBSTFSJBNFOUFMBDVFTUJØOEFMBNBUFSJBMJEBEEFMPT PCKFUPTFEJmDJPTZUFDOPMPHÓBTEFRVFEJTQPOFMBFTDVFMB&MMPT FTUSVDUVSBOQBVUBTEFDPNVOJDBDJØOPSHBOJ[BOJOUFSDBNCJPTZ $ĒġŧĥĦĝĠ.JSBEBTIBDJBEFMBOUFMBFTDVFMBJEFBM GBDJMJUBOVPCTUBDVMJ[BOQSPDFTPT-BXOZ(SPTWFOPS%VT TFMZ$BSVTP -PTQSPGFTPSFTRVFIBCMBOEFMFEJmDJPZEF MBTBVMBTMPIBDFODPOWFODJEPTEFRVFFMMPIBDFBVOBNFKPSFT USVDUVSBFEVDBUJWB&OTVTEFNBOEBTOPBQBSFDFOEJTPDJBEPTMPT PCKFUPTPFMEJTF×PBSRVJUFDUØOJDPEFMVTPRVFMFTRVJTJFSBOEBSZ RVFIPZTFWFEJmDVMUBEPQPSMBEJTQPTJDJØOGÓTJDBEFMBFTDVFMB &TMMBNBUJWPRVFMPTEPDFOUFTIBHBOSFGFSFODJBBMBDPNP EJEBEDPNPVOWBMPSRVFEFCFSÓBUFOFSMBFTDVFMBJEFBMZRVF TPTQFDIBNPTFTUÈBVTFOUFFOMBTFTDVFMBTEFIPZ&OFTUBTEF NBOEBTNVDIPNÈTRVFFOMBTSFTQVFTUBTBMPTDVFTUJPOBSJPT RVFZBBOBMJ[BNPTBQBSFDFVOBTFOTBDJØOEFNFOPSIPTQJUB MJEBEEFNFOPSTBUJTGBDDJØOZQSPUFDDJØORVFMBRVFBQBSFDÓB QPS FKFNQMP DVBOEP TF MFT QFEÓB RVF EFTDSJCJFSBO DPO VOB QBMBCSBPJNBHFOTVTTFOTBDJPOFTFOMBFTDVFMB-PTQSPGFTP SFTQBSFDFOFTUBSIBCMBOEPEFMBEJmDVMUBEEFBQSPQJBSTFEFM FTQBDJP JOTUJUVDJPOBM EF FODPOUSBS VO MVHBS NÈT TJOHVMBS Z iBQSPQJBEPwOPTPMPFOUÏSNJOPTEFQSPQJFEBEPQFSUFOFODJB TJOPUBNCJÏOFOFMTFOUJEPEFMJNQJPDØNPEPBEFDVBEPBTV VTP FOMBFTUSVDUVSBDJØOBDUVBMEFMBFTDVFMB 1PSPUSPMBEPFTDMBSPRVFMBTEFNBOEBTFEJMJDJBTZNBUF SJBMFTWBOEFMBNBOPEFDBNCJPTFOMBTDPOEJDJPOFTEFUSBCB KP7FBNPTPUSBTFSJFEFSFTQVFTUBTTPCSFiMBFTDVFMBJEFBMwRVF GPSNVMBOFMQSPCMFNBNÈTDMBSBNFOUF i&MQSPGFTPSEFCFSÓBFTUBSFOVOBTPMBFTDVFMBBMPTVNP FOEPTFTDVFMBT$POIPSBSJPTZBUFODJØOJOEJWJEVBMJ[BEB QBSBMPTBMVNOPT&MFNFOUPTUÏDOJDPTBEFDVBEPTBMBÏQPDB ZTFHÞOMBDBOUJEBEEFBMVNOPTRVFUFOHBMBFTDVFMBw 1SPGFTPSBEF1TJDPMPHÓBFTDVFMBQÞCMJDBSFHJØONFUSP QPMJUBOBEF#VFOPT"JSFT i$POVODVFSQPEFEPDFOUFTDPODBQBDJEBECJFOSFNVOF SBEPBMVNOPTDPOMÓNJUFTFEJmDJPFODPOEJDJPOFTEFIBCJ .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB UBCJMJEBENFKPSEJTUSJCVDJØOEFMBDBSHBIPSBSJBEFMPTEP DFOUFTDSFBDJØOEFVOTJTUFNBPQPMÓUJDBEFTBMJEBMBCPSBM DPOUSPMEFMBTBVUPSJEBEFTEFMGVODJPOBNJFOUPEFMDPMFHJP DPOUFOJEPTBDUVBMJ[BEPTDPOMPTUJFNQPTRVFWJWJNPTw 1SPGFTPSEF$POUBCJMJEBEFTDVFMBQSJWBEBSFHJØONF USPQPMJUBOBEF#VFOPT"JSFT i%POEF MPT DIJDPT USBCBKFO DPO QSPZFDUPT EF JOUFSÏT Z MPT EPDFOUFTUSBCBKFOFOHSVQPGPSNBOEPVOWFSEBEFSPFRVJQP ZMBDPOEVDDJØOBMJFOUFZGPNFOUFFTUBGPSNBEFUSBCBKP 2VFMPTEPDFOUFTUFOHBOUÓUVMPTVOJWFSTJUBSJPTZMPTEJSFDUJ WPTUFOHBOVOUÓUVMPSFMBDJPOBEPDPOMBHFTUJØOFTDPMBSw 1SPGFTPSBEF&EVDBDJØO'ÓTJDBFTDVFMBQSJWBEBSFHJØO NFUSPQPMJUBOBEF#VFOPT"JSFT i%POEFMPTKØWFOFTFTUVEJFOTFQSFQBSFOQBSBFMGVUVSPTF USBCBKFDPOWBMPSFT%POEFOPIBZBEJTDSJNJOBDJØO$VS TPTEFPBMVNOPTRVFQVFEBOUPEPTUFOFSFMNBUFSJBM PBDDFEFSBÏMQBSBQPEFSUSBCBKBSNFKPSw 1SPGFTPSBEF-FOHVBZ-JUFSBUVSBFTDVFMBQSJWBEB$IVCVU -BQPTJCJMJEBEEFNBZPSDPODFOUSBDJØOIPSBSJBFOVOBFT DVFMBFTVOBDPOEJDJØOCÈTJDBQBSBQPEFSEFTBSSPMMBSVONBZPS DPNQSPNJTPJOTUJUVDJPOBMDPOPDFSNFKPSBMPTBMVNOPTFJO UFHSBSTFBQMBOFTZQSPZFDUPTEFDBEBFTDVFMB&TUPFTDPOPDJEP QPSMPTEPDFOUFTZQPSMBTBVUPSJEBEFTEFMPTNJOJTUFSJPTRVFFO BMHVOPTDBTPTIBOUSBUBEPEFNPEJmDBSMBTQMBOUBTGVODJPOBMFT EF MBT FTDVFMBT QBSB BTFHVSBS NBZPS DBOUJEBE EF IPSBT EF MPT QSPGFTPSFTFOMBJOTUJUVDJØO4JOFNCBSHPFTUPOPIBTJEPTFODJ MMP6OBEFMBTEJmDVMUBEFTNÈTJNQPSUBOUFTQBSBMMFWBSBEFMBOUF FTUBSFGPSNBBEFNÈTEFMDPTUPFDPOØNJDPEFMBSFBTJHOBDJØOEF EPDFOUFTFTFMDBSÈDUFSFODJDMPQÏEJDPZGSBHNFOUBEPEFMDVSSÓDV MPEFMBFTDVFMBTFDVOEBSJBRVFMMFWBBRVFNVDIPTQSPGFTPSFT UFOHBOQPDBTIPSBTFODBEBJOTUJUVDJØOZBRVFTFPQPOHBOBMB DPODFOUSBDJØOIPSBSJBQPSRVFFTPJNQMJDBSÓBQFSEFSFTBTQPDBT $ĒġŧĥĦĝĠ.JSBEBTIBDJBEFMBOUFMBFTDVFMBJEFBM IPSBT4FUSBUBTPCSFUPEPEFQSPGFTPSFTEFMBTNBUFSJBTNFOPT DFOUSBMFTEFMDVSSÓDVMPMBTRVFUJFOFONFOPSDBSHBIPSBSJBQPS TFNBOBZRVFTPORVJFOFTTFFODVFOUSBONÈTSFQBSUJEPTFOUSF EJTUJOUPTDVSTPT0USBEJmDVMUBETFFODPOUSØDVBOEPTFUSBUØEF MMFWBSFTBSFGPSNBBFTDVFMBTTFDVOEBSJBTEFDJVEBEFTQFRVF×BT PQVFCMPTFOFMMBTMBDPODFOUSBDJØOIPSBSJBSFTVMUBJNQSBDUJ DBCMFZBRVFNVDIPTQSPGFTPSFTTPOQSPGFTJPOBMFTEFEJTUJOUPT ÈNCJUPTRVFUJFOFOMBEPDFODJBDPNPTFHVOEBPUFSDFSBPDV QBDJØO&TUPTPCTUÈDVMPTOPJNQMJDBORVFMBSFGPSNBOPQVFEB MMFWBSTFBDBCPMPRVFTVHJFSFFTBFYQFSJFODJBBÞOQPDPEPDV NFOUBEBFTRVFTFSFRVJFSFTJNVMUÈOFBNFOUFNVDIPEJOFSP HSBOEFDJTJØOQPMÓUJDBZVODBNCJPDVSSJDVMBSRVFDPMBCPSFB RVFMBDPODFOUSBDJØOIPSBSJBFOVOBPEPTJOTUJUVDJPOFTTFWVFM WBQSBDUJDBCMF 1PS PUSB QBSUF MPT EPDFOUFT NFODJPOBO FOUSF TVT DPOEJ DJPOFT EF USBCBKP MB QSFTFODJB EF FRVJQPT EJSFDUJWPT GPSNB EPTZEFVOBEJTUSJCVDJØOEFMBTUBSFBTRVFPSHBOJDFEFNFKPS NBOFSBMBWJEBFTDPMBS-BTDVFTUJPOFTWJODVMBSFTZBGFDUJWBT RVFIBDFOBMDMJNBEFUSBCBKPBQBSFDFOEFTUBDBEBTDPNPFMF NFOUPTJNQPSUBOUFTEFVOBCVFOBFTDVFMBMPRVFSFBmSNBFM BOÈMJTJTRVFWFOJNPTSFBMJ[BOEPTPCSFFMQFTPGVOEBNFOUBMEF FTUFBTQFDUPFOMBDPOmHVSBDJØOEFMBFTDVFMBNFEJBBDUVBM 0USBDVFTUJØOTF×BMBEBFOFMQFSmMEFiFTDVFMBJEFBMwIBDF SFGFSFODJBBMBOFDFTJEBEEFDPOUFYUPTNÈTnFYJCMFTZEFNP DSÈUJDPT7FBNPTQPSFKFNQMPMBTJHVJFOUFQSPQVFTUB i6OFEJmDJPNPEFSOPBUSBDUJWPDPOMBUFDOPMPHÓBBMBM DBODFDPOEPDFOUFTEFUJFNQPDPNQMFUPRVFJOUFSBDUÞFDPO MBDPNVOJEBEEPOEFFMQPEFSMPDPOTUSVZBOFOUSFUPEPT DPOVOMVHBSQBSBMPTQBESFTEPOEFMPTDBSHPTEJSFDUJWPT SPUFORVFUBNCJÏOTFBDFSRVFBMNVOEPEFMUSBCBKPw 1SPGFTPSBEF*OHMÏTZEF'JMPTPGÓBFTDVFMBQSJWBEBSF HJØONFUSPQPMJUBOBEF#VFOPT"JSFT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB -BQSFTFODJBEFMNVOEPEFMUSBCBKPZBIBCÓBBQBSFDJEPFO MBTSFTQVFTUBTBMPTDPOUFOJEPTRVFMBFTDVFMBTFDVOEBSJBEF CFSÓBFOTF×BSZRVFIPZOPFOTF×B "RVÓBQBSFDFNÈTDMBSB NFOUFTVSFMBDJØODPOMBJEFBEFiBCSJSwMBJOTUJUVDJØOBCSJSMB B PUSPT TVKFUPT EPDFOUFT EF UJFNQP DPNQMFUP DPNVOJEBE QBESFTQPEFSDPOTUSVJEPFOUSFUPEPT ZBPUSPTTBCFSFTUSB CBKPUFDOPMPHÓB ZUBNCJÏOJOUSPEVDJSMBSPUBUJWJEBEFOMPT DBSHPTVOBJEFBRVFIBTUBBIPSBOPTFIBDPOTJEFSBEPFOMBT QSPQVFTUBTEFSFGPSNB &O MBT SFTQVFTUBT TPCSF MB FTDVFMB JEFBM UBNCJÏO BQBSFDF BVORVFFONFOPSNFEJEBVOBEFNBOEBEFNÈTEFNPDSBDJB ZVOBQSFHVOUBQPSMBKVTUJDJBFTDPMBS-BTTJHVJFOUFTTPOSFT QVFTUBTRVFIBCMBOEFMBJHVBMEBEUBOUPTPDJBMJODMVTJØOEF TFDUPSFTTPDJBMFTQPTUFSHBEPT DPNPFOFMUSBUPZFOMBEJTUSJ CVDJØOEFMQPEFSEFOUSPEFMBFTDVFMB i2VF MPT BMVNOPT UFOHBO MBT NJTNBT PQPSUVOJEBEFT 2VFOPMFTGBMUFONBUFSJBMFT2VFTFMPTUSBUFBUPEPTQPS JHVBMw 1SPGFTPSBEF-FOHVBZ-JUFSBUVSBFTDVFMBQÞCMJDBSF HJØONFUSPQPMJUBOBEF#VFOPT"JSFT 6OBFTDVFMBBCJFSUBBMPTDBNCJPT&RVJQBEBEFNPDSÈUJ DB:PRVJTJFSBRVFMBFTDVFMBUFOHBVOBCPMTBEFUSBCBKP QBSBMPTBMVNOPTRVFFHSFTBORVFFMTJTUFNBEFCFDBTTFB SFWJTBEP QBSB RVF MB PCUFOHB FM BMVNOP RVF SFBMNFOUF RVJFSBFTUVEJBS2VFFMDPMFHJPBERVJFSBCFDBTEFM&TUBEP QBSB RVF MPT BMVNOPT DPOUJOÞFO TVT FTUVEJPT UFSDJBSJPT P VOJWFSTJUBSJPTw 1SPGFTPSBEF)JTUPSJBFTDVFMBQÞCMJDB4BOUJBHPEFM&TUFSP i2VFUFOHBODPNQSPNJTPDPOMBFTDVFMBUPEPTMPTOJWFMFT RVFTFBBCBTUFDJEBDPOUPEPTMPTNBUFSJBMFTOFDFTBSJPTQBSB USBCBKBSMPHSBSVOBDPOWJWFODJBFOUSFEPDFOUFTBVUPSJEB $ĒġŧĥĦĝĠ.JSBEBTIBDJBEFMBOUFMBFTDVFMBJEFBM EFTBMVNOPTZRVFFMBMVNOPWFOHBDPOFOUVTJBTNPZB RVFMBFTDVFMBMFCSJOEBMPRVFBFMMPTMFTHVTUBw 1SPGFTPSB EF #JPMPHÓB 4BMVE Z "EPMFTDFODJB FTDVFMB QÞCMJDBSFHJØONFUSPQPMJUBOBEF#VFOPT"JSFT i$PO EPDFOUFT DPNQSPNFUJEPT SFTQPOTBCMFT Z EJSFDUJWPT RVFDVNQMBOMBGVODJØORVFMFTGVFBTJHOBEB$PODPNV OJDBDJØOnVJEBFOUSFEPDFOUFTZEJSFDUJWPTRVFTFDVNQMB DPOMBTOPSNBTNÓOJNBTEFDPOWJWFODJBRVFTFBQMJRVFO TBODJPOFTUBOUPQBSBFMBMVNOPDPNPQBSBFMEPDFOUFw 1SPGFTPSBEF(FPHSBGÓBFTDVFMBQÞCMJDBSFHJØONFUSP QPMJUBOBEF#VFOPT"JSFT i$POBMVNOPTDPOMBTNJTNBTPQPSUVOJEBEFTDPOQSPGF TPSFTTJOUBOUBDBSHBIPSBSJBZDPOEFEJDBDJØOFYDMVTJWBFO DBEBJOTUJUVDJØOZRVFTFBODPOTJEFSBEPTDPNPQSPGFTJPOB MFTEFMBFEVDBDJØOw 1SPGFTPSBEF%JTF×PZ"SUF1PTBEBT &TUFDPOKVOUPEFSFTQVFTUBTQVFEFOBCSJSTFFOEJSFDDJPOFT EJTUJOUBT1PSVOMBEPBQBSFDFSFJUFSBEBNFOUFMBDVFTUJØOEF MBJHVBMEBEFOFMUSBUPBEPDFOUFTZBMVNOPTFTUPTEPDFOUFT TFDPOWJFSUFOFOiQPSUBWPDFTwEFMBFYDMVTJØOEFMPTBMVNOPT EFMBBSCJUSBSJFEBEEFDSJUFSJPTEFMBJOKVTUJDJBFTDPMBS"MHP BTÓDPNPMBWBSBDPORVFTFKV[HBBMPTBMVNOPTEFCFSÓBBQMJ DBSTFUBNCJÏOBMPTEPDFOUFT1FSPUBNCJÏOTPOiQPSUBWPDFTw EFVOBEFOVODJBEFMBEFTJHVBMEBETPDJBMDPOMPTQFEJEPTEF CFDBTDPOMBEFNBOEBEFJODMVTJØOEFUPEPTZEFJHVBMEBE EFPQPSUVOJEBEFT)BZFOFTUBTSFTQVFTUBTVOBNJSBEBNÈT DSÓUJDBTPCSFMBQSÈDUJDBEPDFOUFMBEFNBOEBOPFTTPMPIB DJBFMBGVFSBTJOPIBDJBMPTQSPQJPTDPMFHBTZIBDJBMBGPSNB EFPSHBOJ[BDJØOFTDPMBSRVFEFKBBGVFSBMPRVFSFRVJFSFOMPT BMVNOPTUBOUPFOUÏSNJOPTEFDPOUFOJEPTZEJTDJQMJOBDPNP EFBTJTUFODJBFDPOØNJDBPEFBZVEBFOMBUSBOTJDJØOIBDJBFM NVOEPEFMUSBCBKP&OFTUBTiGBMUBTwTFBWJ[PSBVOQBOPSBNB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB NÈTDPNQMFKPEFUSBOTGPSNBDJPOFTRVFFTOFDFTBSJPQSPEVDJS EFOUSPEFMBTFTDVFMBT $PNPTF×BMBNPTBOUFSJPSNFOUFOJOHVOBEFFTUBTSFGPSNBT TFQMBOUFBVOBSVQUVSBSBEJDBMDPOMBFTDVFMBTFDVOEBSJBBDUVBM /PTFGPSNVMBOQSPQVFTUBTEFSFEVDDJØOEFNBUFSJBTEFSFPSJFO UBDJPOFTDVSSJDVMBSFTEFPQUBUJWJEBEFTDBNCJPTFOMBGPSNBEF PSHBOJ[BSMPTDVSTPTPJODMVTPDBNCJPTFOMBEJTQPTJDJØOEFMBVMB -PTMÓNJUFTEFMBJNBHJOBDJØOSFJUFSBNPTBQBSFDFONPMEFBEPT QPSMBFYQFSJFODJBQBTBEBZQPSVOBQFSTQFDUJWBiSFBMJTUBwPNÈT CJFOUÓNJEBEFDBNCJPTPDJBM-PRVFTÓBQBSFDFFTMBEFNBOEB EFDBNCJPTRVFWBONÈTBMMÈEFDBEBFTDVFMBFOQBSUJDVMBSMBT DPOEJDJPOFTEFUSBCBKPQPSFKFNQMPTPOSFGPSNBTRVFBUB×FOBM TJTUFNBFOTVDPOKVOUP)BZFOFTUFDBTPVOOJWFMEFQFSDFQDJØO EFMTJTUFNBFEVDBUJWPRVFOPQBSFDFIBCFSEFTBQBSFDJEPEFMUPEP DPNPTFEJTDVUÓBFOMBJOUSPEVDDJØOBFTUFMJCSP {2VÏTVDFEFFOFMDBTPEFMPTBMVNOPT 5BNCJÏOQVFEFWFS TFVOBiFWBMVBDJØOSFBMJTUBwEFMBTQPTJCJMJEBEFTEFDBNCJP7FB NPTFOQSJNFSMVHBSBMHVOBTSFTQVFTUBTRVFIBDFOSFGFSFODJB BMBDVFTUJØOFEJMJDJBZEFMBNBUFSJBMJEBEEFMBFTDVFMBRVFFO HFOFSBMWJFOFBDPNQB×BEBQPSQSPQVFTUBTEFPUSPUFOPS i2VFMBFTDVFMBFTUÏFOCVFOBTDPOEJDJPOFTBVMBTCB×PT CBODPTUFDIPTFUD-PTQSPGFTPSFTUJFOFORVFTFSSFTQFUVPTPT DPOMPTBMVNOPTZWJDFWFSTB)BDFSDVNQMJSMBTSFHMBTEFM FTUBCMFDJNJFOUPw "MVNOPEFFTDVFMBQÞCMJDB5VDVNÈO i2VFUFOHBVOBCVFOBDPOTUSVDDJØO2VFUFOHBNBUFSJBMFT QBSB USBCBKBS 2VF MPT CBODPT OP GBMUFO #VFOB MJNQJF [B2VFMPTQSPGFTPSFTTFQBOMPTQSPCMFNBTEFDBEBBMVNOP QBSBQPEFSBZVEBSMP6OBSFDUPSBCPOJUB/BEBNÈTw "MVNOPEFFTDVFMBQÞCMJDB4BOUJBHPEFM&TUFSP $ĒġŧĥĦĝĠ.JSBEBTIBDJBEFMBOUFMBFTDVFMBJEFBM i2VFUFOHBTBMBTEFDPNQVUBDJØOUBMMFSFTEFJEJPNBVOB CVFOBCJCMJPUFDB%PDFOUFTCJFODBQBDJUBEPTRVFOPIBZB EJTDSJNJOBDJØOw "MVNOBEFFTDVFMBQÞCMJDB1BSBOÈ i2VFMBFTDVFMBUFOHBVOBDBGFUFSÓBZTBMØONVMUJVTPw "MVNOBEFFTDVFMBQÞCMJDB$IVCVU i2VFTFBJHVBMBÏTUBQFSPDPOVOCVFOHJNOBTJPw "MVNOPEFFTDVFMBQÞCMJDB$IVCVU i2VFIBZBUBMMFSFTEFDBSQJOUFSÓBFMFDUSJDJEBEFMFDUSØOJ DB2VFIBZBNÈTFTQBDJPNÈTHSBOEFTMBTBVMBT2VFTF NFKPSFFMBTQFDUPEFMBFTDVFMBMPTCB×PTMBQJOUVSBw "MVNOP EF FTDVFMB QSJWBEB SFHJØO NFUSPQPMJUBOB EF #VFOPT"JSFT i2VFUFOHBDPNFEPSHSBUVJUP2VFTFBBSCPMBEPFMQBUJP 2VFFTUÏMJNQJBZRVFIBZBFTQBDJPTVmDJFOUFQBSBEFTBSSP MMBSUPEBTMBTBDUJWJEBEFTFOFMDPMFHJPw "MVNOBEFFTDVFMBQÞCMJDB1PTBEBT i4BMBTEFUFBUSPDVSTPTEFUFBUSPRVFUFOHBJEJPNBTRVF FTUÏNÈTBSSFHMBEBRVFUFOHBNÈTWJEBRVFFMDPMFHJPFTUÏ QJOUBEPw "MVNOB EF FTDVFMB QSJWBEB SFHJØO NFUSPQPMJUBOB EF #VFOPT"JSFT -B NBZPSÓB EF MBT SFTQVFTUBT FO FM DBTP EF MPT BMVNOPT TÓ QBSFDFO UFOFS VO IPSJ[POUF NÈT BDPUBEP FM EF TV QSPQJB FTDVFMB FM EF MB JOTUJUVDJØO B MB RVF BTJTUFO &O MBT ÞMUJNBT SFTQVFTUBTBQBSFDFVOFMFNFOUPJOUFSFTBOUFZEJGFSFOUFEFMP RVFQMBOUFBCBOMPTQSPGFTPSFTMBFTUÏUJDBDPNPVOTJHOPEF RVFIBZWJUBMJEBEEFRVFIBZDSFBUJWJEBEEFRVFTFEBMVHBS BDVFTUJPOFTOVFWBT-BQSFTFODJBEFÈSCPMFTZMBQJOUVSBEFM .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB DPMFHJPQBSFDFOEBUPTOJNJPTGSFOUFBPUSBTDBSFODJBTNVDIP NÈTBDVDJBOUFTTJOFNCBSHPFTUPTBMVNOPTQBSFDFOFTUBSEJ DJFOEPRVFTPOTJHOPTJNQPSUBOUFTEFDVJEBEPZEFWJUBMJEBE RVFOPIBCSÓBRVFTVCFTUJNBS-BFTUÏUJDBEFTBGÓBZNPUJWB HFOFSBPUSBTFYQFDUBUJWBTQBSBJSBDMBTFZTPCSFUPEPIBCMBEF VODVJEBEPZVOBBQSPQJBDJØOEFMFTQBDJPRVFFTNÈTSFMFWBO UFRVFMPRVFTVFMFQFOTBSTF "QBSFDFODPONVDIBGVFS[BSFDMBNPTBMPTEPDFOUFTZEJSFD UJWPTFOSFMBDJØODPOMBBUFODJØOMBFTDVDIBFMTFHVJNJFOUPZFM DPNQSPNJTPDPOFMFOTF×BS4POEFNBOEBTRVJ[ÈEFNBTJBEPPQ UJNJTUBTIBTUBFYDFTJWBTFOFMQFEJEPEFiDPOUFODJØOUPUBMwQFSP RVFNVFTUSBORVFTJHVFIBCJFOEPVOBDPOmBO[BZVOQFEJEPEF DVJEBEPZEFTPTUÏOBMPTBEVMUPTEFMBFTDVFMB i&OTF×BO[BNÈTQFSTPOBMJ[BEBDPOHSVQPTEFNFOPTBMVN OPTTJOQSPGFTPSFTDIBOUBTRVFDVJEFOFMNPCJMJBSJPw "MVNOPEFFTDVFMBQÞCMJDB.FOEP[B i5FOFSMBNJTNBFEVDBDJØORVFBIPSB7FOJSTJOVOJGPS NFQSPGFTPSFTCVFOBPOEBRVFWFOHBOBMBFTDVFMBEFUP EPTMPTOJWFMFTOPTPMPMPTSJDPT2VFMPTEJSFDUJWPTTFBONÈT BNJHBCMFTDPOMPTBMVNOPTZOBEBNÈTw "MVNOBEFFTDVFMBQSJWBEB4BOUJBHPEFM&TUFSP i6OBFTDVFMBNPEFSOB$POEJSFDUJWPTKØWFOFTQPSMBUPMF SBODJB6OCVFOOJWFMEFQSPGFTPSFT5FOFSUPEPTMPTNBUF SJBMFTCJCMJPHSÈmDPTNBQBTFUD5FOFSVOBCVFOBTBMBEF DPNQVUBDJØO6ORVJPTDPDPOWBSJFEBEFTEFQSPEVDUPT-PT SFDSFPTVOQPDPNÈTMBSHPT/BEBNÈTw "MVNOBEFFTDVFMBQSJWBEB4BOUJBHPEFM&TUFSP i6O MVHBS EPOEF MPT BMVNOPT UFOHBO NVDIBT HBOBT EF BQSFOEFS$POQSPGFTPSFTRVFTFJOUFSFTFOFOTBUJTGBDFSMBT OFDFTJEBEFTEFMPTBMVNOPT$VCSJFOEPUPEBTMBTJORVJF $ĒġŧĥĦĝĠ.JSBEBTIBDJBEFMBOUFMBFTDVFMBJEFBM UVEFT2VFFMDPMFHJPEFTBSSPMMFBDUJWJEBEFTEFGPSNBDJØO QSÈDUJDBOPTPMPUFØSJDBQBSBRVFQPEBNPTEFTFNQF×BSOPT FOMBWJEBBQMJDBOEPMPBQSFOEJEPw "MVNOPEFFTDVFMBQÞCMJDB1BSBOÈ i$POQSPGFTPSFTNVDIPNÈTDBQBDJUBEPTNÈTSFTQFUVPTPTNÈT KVTUPTZDPOEJSFDUJWBTNÈTFYJHFOUFTDPOUPEPTDPOMPTEPDFOUFT ZDPOMPTBMVNOPT$POCVFODMJNBTJOWJPMFODJBTJOQSPCMF NBTEFSFMBDJPOFTFOUSFMBHFOUF$POEPDFOUFTRVFOPNBMUSB UFOBMPTBMVNOPTRVFMPTSFTQFUFORVFMPTFTDVDIFOw "MVNOP EF FTDVFMB QSJWBEB SFHJØO NFUSPQPMJUBOB EF #VFOPT"JSFT 5BNCJÏO IBZ BMHVOBT WPDFT TPCSF UPEP FO FM OPSPFTUF EFM QBÓTRVFWVFMWFOMBNJSBEBTPCSFMPTQSPQJPTBMVNOPTZSFDMBNBO RVFTFDPNQPSUFOiNFKPSwDPOSFTQFUPZDVNQMJNJFOUPEFMBT OPSNBT&OFTUBTWJTJPOFTEFMBFTDVFMBJEFBMTFBWJ[PSBVOEJBH OØTUJDPEFRVFMPRVFGBMMBFOMBBDUVBMJEBEFTFMDPNQSPNJTP EFMPTBMVNOPTZOPMBJOTUJUVDJØOFTDPMBSPTVTBEVMUPT)BZFO FTUPTDBTPTVOBJOUFSOBMJ[BDJØOEFVOBiJEFOUJEBEEFmDJUBSJBwB MBRVFIJDJNPTSFGFSFODJBFOFMDBQÓUVMP i6OBFTDVFMBEPOEFMPTDIJDPTSFTQFUFOMBTOPSNBTDVN QMBODPOFMVOJGPSNFRVFOPTFBOWJPMFOUPTOPFTDSJCBO FOMBTQBSFEFTOPSPNQBOMPTCBODPTRVFNBOUFOHBOMB IJHJFOF EFM DPMFHJP Z TF SFTQFUFO VOPT B PUSPT 2VF UFOHB QJMFUBEFOBUBDJØOQBSBQSÈDUJDBTEFBMVNOPTw "MVNOBEFFTDVFMBQÞCMJDB4BOUJBHPEFM&TUFSP i2VFUFOHBQSPGFTPSFTCJFODBQBDJUBEPTZRVFTFQBOFOTF ×BS2VFUFOHBONÈTDPOUSPMTPCSFMPTBMVNOPT1PSFKFN QMPTJBMHVJFOEJDFRVFTFFTUÈOESPHBOEPRVFMPTTJHBOZ BDPOTFKFO 2VF FM FTUBCMFDJNJFOUP FTUÏ FO DPOEJDJPOFT Z RVFUFOHBUPEPTMPTNBUFSJBMFTQBSBUSBCBKBSw "MVNOPEFFTDVFMBQÞCMJDB5VDVNÈO .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB "MHVOPT BMVNOPT BVORVF OP TPO NVDIPT TF BOJNBO B DVFTUJPOBSMPTDPOUFOJEPTPBQSPQPOFSOVFWBTJODPSQPSBDJP OFTEFTBCFSFTPEFBDUJWJEBEFT-BNBZPSÓBEFMPTRVFGPSNV MBOQSPQVFTUBTFOFTUBEJSFDDJØOTPOFTUVEJBOUFTEFMBSFHJØO NFUSPQPMJUBOB EF #VFOPT "JSFT Z EF MB SFHJØO QBUBHØOJDB 7FBNPTBMHVOPTFKFNQMPT i2VFTFDVNQMBOMBTSFHMBT2VFUFOHBOQSPGFTPSFTDPOJO UFSÏTFOTPMVDJPOBSUPEPUJQPEFQSPCMFNBTRVFIBZBVOB FEVDBDJØONÈTQBSBWJWJSFEVDBDJØOTFYVBMDØNPQSFQB SBSTFQBSBMBVOJWFSTJEBEw "MVNOP EF FTDVFMB QSJWBEB SFHJØO NFUSPQPMJUBOB EF #VFOPT"JSFT i2VF MPT QSPGFTPSFT TF QFSGFDDJPOFO QBSB EBS UFNBT NÈT OVFWPTNÈTEFBDUVBMJEBE2VFIBZBNÈTTBMJEBTQBSBDP OPDFSMVHBSFTOVFWPTNÈTQPTJCJMJEBEFTEFMFWBOUBSOPUB RVFOPIBZBVOJGPSNFTBDUJWJEBEFTNÈTSFDSFBUJWBTw "MVNOB EF FTDVFMB QSJWBEB SFHJØO NFUSPQPMJUBOB EF #VFOPT"JSFT i2VFMPTQSPGFTPSFTTFBONÈTDSFBUJWPTFODVBOUPBMBTBD UJWJEBEFTRVFEBORVFTFIBHBONÈTUBMMFSFTQPSFKFNQMP EFDPOWJWFODJBZEFNÞTJDBw "MVNOBEFFTDVFMBQÞCMJDB$IVCVU i2VFMPTQSPGFTPSFTUFOHBOCVFOBPOEBZRVFTFQBOFYQMJ DBSRVFTFIBHBOSFTQFUBSRVFMPTDPOUFOJEPTTFBOJOUFSF TBOUFTZRVFTFQBNPTQBSBRVÏTJSWFO2VFUPEPTMPTQJCFT TFSFTQFUFOFOUSFTÓ5FOFSVOBDVMUVSBHFOFSBMNÈTBNQMJB ZNPEFSOBEFDJOFMJUFSBUVSBBSUFZNÞTJDB$POVOQBUJP BNQMJPZVOHJNOBTJPQBSBQPEFSIBDFSDØNPEPMBTBDUJWJ EBEFT2VFUFGPSNFONÓOJNBNFOUFFOEFQPSUFTw "MVNOP EF FTDVFMB QSJWBEB SFHJØO NFUSPQPMJUBOB EF #VFOPT"JSFT $ĒġŧĥĦĝĠ.JSBEBTIBDJBEFMBOUFMBFTDVFMBJEFBM i2VFUFFOTF×FOMPRVFUFOÏTRVFFTUVEJBSQFSPRVFUBN CJÏOTFmKFOFOMBQFSTPOB5JFOFORVFFOTF×BSBTFSNFKPS QFSTPOBBSFMBDJPOBSUFDPOMPTDPNQB×FSPT/PTFUJFOFO RVFRVFEBSTPMPFOMPTDPOPDJNJFOUPTTJOPmKBSTFFODBEB VOPEFOPTPUSPTDPNPQFSTPOBTZBZVEBSOPTBDSFDFSZBTFS NFKPSFTQFSTPOBTw "MVNOB EF FTDVFMB QSJWBEB SFHJØO NFUSPQPMJUBOB EF #VFOPT"JSFT &OFTUPTDBTPTTFQSPQPOFVOBBNQMJBDJØOQPESÓBNPTTFHVJS DBMJmDÈOEPMBDPNPiUÓNJEBw EFMDVSSÓDVMPFTDPMBSBUSBWÏTEFMB JOUSPEVDDJØO EF MB WJEB DPOUFNQPSÈOFB EF DPOUFOJEPT WJODV MBEPTBMUSBCBKPJEJPNBTZDPNQVUBDJØO EFOVFWBTEJTDJQMJOBT FTUÏUJDBTZEFVOBGPSNBDJØORVFEÏIFSSBNJFOUBTiQBSBTFSNF KPSQFSTPOBw&MMPFTDPOTJTUFOUFDPOMPRVFQSPQVTJFSPOMPTFT UVEJBOUFTRVFEFCFJODPSQPSBSTFDPNPDPOUFOJEPTBMBFTDVFMB TFDVOEBSJBBDUVBMWÏBTFMBÞMUJNBTFDDJØOEFMDBQÓUVMPBOUFSJPS 1FSPTPCSFUPEPOPTJOUFSFTBEFTUBDBSSFUPNBOEPMPTTF×BMBNJFO UPTRVFIJDJNPTFOMBJOUSPEVDDJØORVFTFQJEFRVFMBFTDVFMBEÏ NÈTSFGFSFODJBTQBSBVONVOEPDPNQMFKPZRVFFRVJQFNFKPS QBSBMJEJBSDPOMBWVMOFSBCJMJEBEZMBJODFSUJEVNCSF$BCFEJT DVUJSDVÈOUPEFFTUBUBSFBMFDPSSFTQPOEFBMBFTDVFMBZDVÈOUP BPUSPTBDUPSFTFJOTUJUVDJPOFTQBESFTNFEJPTEFDPNVOJDBDJØO &TUBEPFOUSFPUSPT QFSPOPIBZEVEBEFRVFMPTKØWFOFTTJHVFO QJEJFOEPBMBFTDVFMBRVFMFTQSPQPSDJPOFCSÞKVMBTZRVFBDUÞF DPNPVOBTVFSUFEFCJUÈDPSBQBSBBQSFOEFSBNPWFSTFNFKPSFO FMNVOEP 0USPDPOKVOUPEFSFTQVFTUBTIBDFSFGFSFODJBFYQMÓDJUBBMBKVT UJDJBFTDPMBSRVFDPNPFOFMDBTPEFMPTEPDFOUFTDPNCJOBDVFT UJPOFTEFJODMVTJØOTPDJBMZEFJHVBMEBEFOFMUSBUPZMBEJTDJQMJOB "RVÓMPTUFTUJNPOJPTFTUÈONÈTSFQBSUJEPTBMPMBSHPEFMQBÓT i2VFTFBODIJDPTRVFUFOHBOSFTQFUPDPOMPTEPDFOUFTRVF UFOHBOVOBFEVDBDJØOJHVBMFOUPEPTMPTDPMFHJPTOPTFEJT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB DSJNJOFBMPTFYUSBOKFSPTBZVEBSMPTBIBCMBSBFTUVEJBS RVFMPTDIJDPTQVFEBOBZVEBSBMDPMFHJPBQJOUBSZBDVJEBS MPTNBUFSJBMFTw "MVNOB EF FTDVFMB QSJWBEB SFHJØO NFUSPQPMJUBOB EF #VFOPT"JSFT i2VF MPT BMVNOPT FTUÏO NÈT JOUFHSBEPT BM DPMFHJP 2VF IBZB NÈT JHVBMEBE EFOUSP EFM DPMFHJP 2VF IBHBO DPTBT QBSBRVFMPTBMVNOPTQJFOTFONÈTUSBCBKPTQSÈDUJDPTw "MVNOPEFFTDVFMBQÞCMJDB.FOEP[B i4JO EJTDSJNJOBDJØO $PO VO OJWFM EF FYJHFODJB BDPSEF BUPEPTMPTBMVNOPTEPOEFOPIBZBEJGFSFODJBEPOEFTF WVFMWB B IBDFS IJODBQJÏ FO FM SFTQFUP %POEF UPEPT MPT BMVNOPTFOSFBMJEBEBQSFOEBO%POEFFYJTUBOTJFNQSFMB DPNQSFOTJØOZMBDPOUFODJØOEFMPTQSPGFTPSFT2VFFYJTUBO MPTNBUFSJBMFTEJEÈDUJDPTFOUPEBTMBTFTDVFMBTQBSBBQSFO EFSEFMBGPSNBJOEJDBEBw "MVNOBEFFTDVFMBQÞCMJDB1PTBEBT i2VFTFDVNQMBOMBTSFHMBTBTÓQVFEFIBCFSPSEFOZUPEPT DPOWJWFONFKPSEFOUSPEFMBJOTUJUVDJØO2VFMPTQSPGFTPSFT IBHBONÈTJOUFSFTBOUFMBDMBTFQBSBJODFOUJWBSBMPTBMVN OPT$PONÈTUBMMFSFTEFBSUFZNÞTJDBw "MVNOBEFFTDVFMBQSJWBEB5VDVNÈO i2VFIBZBMJCSFFYQSFTJØO2VFQVFEBTFMFHJSMBTNBUFSJBT RVFWBTBDVSTBS"SNBSVOPFMQBRVFUFEFNBUFSJBTBFTUV EJBS.ÈTIVNBOJEBEFTZNFOPTRVÓNJDBZNBUFNÈUJDBw "MVNOB EF FTDVFMB QSJWBEB SFHJØO NFUSPQPMJUBOB EF #VFOPT"JSFT i4JOEJTDSJNJOBDJPOFT$POBMVNOPTRVFQVFEBOQBSUJDJQBS EFMBTDMBTFTTJORVFTFCVSMFOEFÏM$POHSVQPTNÈTVOJEPTw "MVNOPEFFTDVFMBQSJWBEB1BSBOÈ $ĒġŧĥĦĝĠ.JSBEBTIBDJBEFMBOUFMBFTDVFMBJEFBM &OMBNBZPSÓBEFFTUBTSFTQVFTUBTOPBQBSFDFVODVFTUJP OBNJFOUPEFMBTSFHMBTFYJTUFOUFTTJOPVOBEFNBOEBEFRVFTF DVNQMBOPTFBQMJRVFOFOGPSNBJHVBMJUBSJB-PTGVOEBNFO UPTEFFTFTJTUFNBEFKVTUJDJBTVTDSJUFSJPTPTVTTBODJPOFTOP BQBSFDFODVFTUJPOBEPT)BZTPMBNFOUFVODBTPFOFMDVBMTF IBCMBEFPQUBUJWJEBEFOMBTNBUFSJBTZEFNBZPSMJCFSUBEEF FYQSFTJØO &OTÓOUFTJTFOMBiFWBMVBDJØOSFBMJTUBwRVFPSHBOJ[BFMQFSmM EFMBFTDVFMBJEFBMIBZFMFNFOUPTDPJODJEFOUFTFOUSFQSPGFTPSFT ZFTUVEJBOUFTFOMPRVFSFTQFDUBBUSBOTGPSNBSBMBFTDVFMBTF DVOEBSJBFOVOFTQBDJPNÈTDPOGPSUBCMFNÈTBNJHBCMFZNÈT KVTUP-PTEPDFOUFTSFDMBNBONFKPSFTDPOEJDJPOFTEFUSBCBKP RVFMFTQFSNJUBONÈTDPNQSPNJTPZNFKPSPSHBOJ[BDJØOEFTV UBSFB-PTBMVNOPTBHSFHBODVFTUJPOFTWJODVMBEBTBMPTDPOUF OJEPTDPNPMPTEFQPSUFTFMBSUFPMPTUBMMFSFTEFDPOWJWFODJB F JOTJTUFO FO VO USBUP NÈT KVTUP F JHVBMJUBSJP $JFSUBNFOUF OPFOBSCPMBOVOBiDPOUSBDVMUVSBwRVFTFBJNQPTJCMFEFJOUF HSBSFOMBFTDVFMBFYJTUFOUF-PTEPDFOUFTTPCSFUPEPBDUÞBO DPNPQPSUBWPDFTGSFOUFBMBFYDMVTJØOTPDJBMEFMPTBMVNOPT ZQJEFOVOTJTUFNBEFCFDBTZEFBTJTUFODJBRVFBZVEFBRVJF OFTWJFOFOEFIPHBSFTNÈTQPTUFSHBEPT&OFMMPTBQBSFDFVO FUIPT JHVBMJUBSJTUB RVF FTUVWP FO MB CBTF EF MB FYQBOTJØO EF MB FTDVFMB BSHFOUJOB Z RVF UPEBWÓB QFSTJTUF FO FM JNBHJOBSJP EFMPTQSPGFTPSFTZUBNCJÏOFOFMEFMPTBMVNOPT"QBSFDFO QMBOUFBEPTMPTQSPCMFNBTEFKVTUJDJBEFNPDSBDJBSFMFWBODJBF JODMVTJØORVFTPOUFNBTDFOUSBMFTEFMBBHFOEB1SPGFTPSFTZ BMVNOPTIBCMBOEFFMMPTZFTPFTVOTJHOPBVTQJDJPTPQBSBMPT UJFNQPTRVFWJFOFO )BZUBNCJÏODVFTUJPOFTRVFQBSFDFOIBCFSTFWVFMUPiJNQP TJCMFTEFFYBNJOBSwPEFDVFTUJPOBSBMEFDJSEF&SJDB.D8JMMJBN OPTBCFNPTTJQPSRVFTFWPMWJFSPOJOWJTJCMFTPQPSRVFTF IJ[PNÈTEÏCJMMBQPTJCJMJEBEEFSFDMBNPBMDPOKVOUPEFMTJTUFNB -BTSFHMBTRVFPSHBOJ[BOMBHSBNÈUJDBFTDPMBSMBDMBTJmDBDJØOEF .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB MPT TBCFSFT MB PSHBOJ[BDJØO EFM FTQBDJP Z FM UJFNQP MB PSHBOJ [BDJØOFOHSVQPTEFMPTBMVNOPTMPTDSJUFSJPTEFQSPNPDJØOZ FWBMVBDJØO OPBQBSFDFODPNPDVFTUJPOFTBCJFSUBTBMBEJTDVTJØO PDPNPQBTJCMFTEFSFGPSNBT/JOHÞOFTUVEJBOUFEJKPRVFRVJFSF VOBFTDVFMBTJOFYÈNFOFTPVOBFTDVFMBTJOEPDFOUFT/JOHÞO EPDFOUFEJKPRVFRVJFSFVOBFTDVFMBDPOPUSPTIPSBSJPTDPOEJT UJOUPTDSJUFSJPTEFBHSVQBNJFOUPQBSBMPTFTUVEJBOUFTPVOBFT USVDUVSBDVSSJDVMBSPSJHJOBM&OFMJHVBMJUBSJTNPRVFQMBOUFBOMPT EPDFOUFTRVFCVTDBJODMVJSBMPTBMVNOPTNÈTQPCSFTNFEJBOUF CFDBTPRVFQJEFJHVBMEBEEFPQPSUVOJEBEFTOPIBZVOBQSFHVO UBRVFWVFMWBTPCSFMBFTDVFMBZMBEFTJHVBMEBERVFFMMBNJTNB QSPEVDFQPSFKFNQMPDVBOEPFOTF×BDPOUFOJEPTTFOTJCMFNFOUF EJGFSFODJBEPTBBMVNOPTSJDPTZQPCSFTDVBOEPOPTJHVFBMPT BMVNOPTDPOQSPCMFNBTFOMBFTDVFMBPDVBOEPEFTPZFMPRVF FYQSFTBOMPTBMUPTÓOEJDFTEFSFQFUJDJØOZEFBCBOEPOPFTDPMBS&O MBFTDVFMBJEFBMRVFBQBSFDFFOMBTSFTQVFTUBTEFQSPGFTPSFTZFT UVEJBOUFTTFUSBUBEFSFGPSNBSFMDVSSÓDVMPNÈTQPSiBHSFHBDJØOw EFDPOUFOJEPTZEFOVFWBTNFUPEPMPHÓBT RVFQPSDBNCJPEFTVT MØHJDBTFTUSVDUVSBOUFTEFWPMWFSNÈTKVTUBTMBTNJTNBTOPSNBT EFJODMVJSBMPTFYDMVJEPTFOMBNJTNBQSPQVFTUB /PRVFSFNPTTVCFTUJNBSMBJNQPSUBODJBEFFTUPTDBNCJPT TJOEVEBIBSÓBOEFMBFTDVFMBBDUVBMVOFTQBDJPNVDIPNÈT BHSBEBCMFNÈTSFMFWBOUFZNÈTKVTUPRVFMPRVFFTBDUVBMNFO UF$PNPZBEJKJNPTTPOUFNBTGVOEBNFOUBMFTQBSBFMEFCBUF QÞCMJDPTPCSFMBFTDVFMBTFDVOEBSJBZTPODMBWFQBSBQFOTBS DØNPDBNCJBSMB1FSPTPTQFDIBNPTRVFOPBMDBO[BDPOFTUB GPSNVMBDJØOQPSRVFMBTQSPQVFTUBTEFDBNCJPOPBENJUFOMB QPTJCJMJEBEEFRVFTFBMBQSPQJBHSBNÈUJDBFTDPMBSMBRVFQSP EVKPFMBDUVBMFTUBEPEFDPTBTZQPSFTPNJTNPNÈTRVFQBSUF EFMBTPMVDJØOIBDJFOEPRVFGVODJPOFNÈTBDFJUBEBNFOUF RVJ[ÈEFCBDPOTJEFSBSTFDPNPQBSUFEFMQSPCMFNB {/PTFSÈRVFFTUBNPTQJEJFOEPEFNBTJBEPBMBTEFNBOEBT EFQSPGFTPSFTZFTUVEJBOUFT 1PESÓBEFDJSTFRVFIBZVOMÓNJUF $ĒġŧĥĦĝĠ.JSBEBTIBDJBEFMBOUFMBFTDVFMBJEFBM GVFSUFBMBQPTJCJMJEBEEFJNBHJOBSDBNCJPTTJHOJmDBUJWPTEFT EFFMJOUFSJPSEFMBTFTDVFMBTMPTEPDFOUFTQPSRVFEFmFOEFO TVTUSBCBKPTBDUVBMFT{ZRVJÏOQPESÓBDSJUJDBSMPTFOVODPO UFYUPJOFTUBCMFDPNPFMOVFTUSP ZMPTBMVNOPTQPSRVFFT QSPCBCMF RVF OP DPOP[DBO PUSBT QPTJCJMJEBEFT EJGÓDJMNFOUF FOBSCPMFOQSPQVFTUBTSBEJDBMNFOUFEJGFSFOUFTEFMBTZBFYJT UFOUFT4VJNBHJOBDJØOQFEBHØHJDBFTUÈUSBNBEBFOZQPSMB HSBNÈUJDBFYJTUFOUF6OPEFMPTSFTVMUBEPTNÈTDMBSPTEFFTUB JOWFTUJHBDJØOFTRVFFTBHSBNÈUJDBQFTFBMBNVFSUFPFMEF DMJWFRVFMFBVHVSBONVDIPTUJFOFUPEBWÓBFmDBDJBZQPUFODJB QBSBHFOFSBSEJTDVSTPTZQBSBQSPNPWFSDPOEVDUBT &TUPOPRVJFSFEFDJSRVFFTUFNPTDPOEFOBEPTBMBSFQFUJ DJØOEFMPNJTNP$PNPTF×BMBNPTBMQSJODJQJPFOWBSJBTEF MBTPQJOJPOFTZEFNBOEBTEFQSPGFTPSFTZFTUVEJBOUFTTFQFS DJCFVOQFEJEPEFNÈTWJUBMJEBEDPNPEJEBEIPTQJUBMJEBEZ MJCFSUBE)BCSÈRVFDPOTJEFSBSEFTEFEØOEFZDØNPQPESÈO FTUSVDUVSBSTFQSPQVFTUBTSFOPWBEPSBTRVFIBHBOEFMBFTDVFMB BMHP NÈT QBSFDJEPBMPRVFSFDMBNBOQSPGFTPSFTZBMVNOPT BUFOEJFOEP B MP RVF MPT NPWJMJ[B Z MPT DPONVFWF5BNCJÏO TFSÈ OFDFTBSJP QFOTBS DØNP QPEFNPT DPOUSJCVJS EFTEF MPT NPWJNJFOUPTEPDFOUFTPFTUVEJBOUJMFTEFTEFMBJOWFTUJHBDJØO EFTEFMBTQPMÓUJDBTFEVDBUJWBTZEFTEFMBDVMUVSBBRVFBRVFMMP RVFTFIBWVFMUPJOWJTJCMFQVFEBWPMWFSBMBMV[ZTFSPCKFUPEF EFCBUFZEJTDVTJØO1PSÞMUJNPIBZPUSPFMFNFOUPRVFBQBSF DFEFNPEPNVZTJHOJmDBUJWPFOTVTSFTQVFTUBTBMRVFDBCSÓB EBSMFNÈTSFMFWBODJBFMMVHBSEFMPNBUFSJBMEFMFTQBDJPEFM EÓB B EÓB DPO TVT BGFDUPT TVT WÓODVMPT Z TVT MPHSPT &O FTF TFOUJEPUBNCJÏODSFFNPTJNQPSUBOUFBUFOEFSBDØNPMBTQSP QVFTUBTEFDBNCJPNVDIBTWFDFTQSFUFODJPTBTZMMFOBTEFQSF DJPTJTNPTUÏDOJDPTDPOnVZFOZTFBSUJDVMBODPOMBTEFNBOEBT DPODSFUBTEFVOBDPUJEJBOJEBENÈTBNJHBCMF&MIJTUPSJBEPS FTQB×PM"OUPOJP7J×BP'SBHPBMFSUØIBDFVOPTB×PTBDFSDB EFRVFFMUJFNQPEFMPTSFGPSNBEPSFTOPFTFMUJFNQPEFMBT FTDVFMBTBDFSDBSMPTQBSBRVFMBFTDVFMBTFDVOEBSJBQVFEBWFS .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB UBNCJÏOPUSPTQVOUPTEFWJTUBQVFEBJOUFSSPHBSTFBTÓNJTNB TPCSFMPRVFQSPEVDFZMPRVFIBCJMJUBZMPRVFFTUÈEFKBOEP EFIBDFSQBSFDFVOBUBSFBJNQPSUBOUFFOFTUFNPNFOUP0KB MÈFTUBJOWFTUJHBDJØOTFBVOQFRVF×PBQPSUFFOFTBEJSFDDJØO "/&90 .FUPEPMPHÓB &MEJTF×PBQMJDBEPFOFTUFFTUVEJPJODMVZØFOGPSNBDPNQMF NFOUBSJBEPTSFMFWBNJFOUPTEFEBUPTQSJNBSJPTVOPDVBMJUBUJWP Z PUSP DVBOUJUBUJWP &M SFMFWBNJFOUP DVBMJUBUJWP TF EFTBSSPMMØ B QBSUJSEFMBSFBMJ[BDJØOEFHSVQPTGPDBMFTBBMVNOPTZEPDFOUFT EF FTDVFMB TFDVOEBSJB FO USFT BHMPNFSBEPT TFMFDDJPOBEPT «SFB .FUSPQPMJUBOBEFMB$JVEBE"VUØOPNBEF#VFOPT"JSFT$BQJUBM 'FEFSBMZTVDPOVSCBOP .FOEP[BZ$PSSJFOUFT 1PSTVQBSUFFMSFMFWBNJFOUPDVBOUJUBUJWPGVFSFBMJ[BEPBTV WF[QPSNFEJPEFMBJNQMFNFOUBDJØOEFEPTFODVFTUBTBOJWFM OBDJPOBMVOBBBMVNOPTZPUSBBEPDFOUFTEFOJWFMEFFEVDBDJØO NFEJB &TUB QBSUF EFM FTUVEJP CVTDBCB JEFOUJmDBS QFSDFQDJPOFT ZEFNBOEBTSFGFSJEBTBMBFTDVFMBTFDVOEBSJBFOUSFFTUVEJBOUFTZ QSPGFTPSFTZQPSPUSPMBEPDVBOUJmDBSBTQFDUPTZBDPOPDJEPT1PS ÞMUJNPMBFTUSBUFHJBDVBOUJUBUJWBUFOÓBDPNPPCKFUPQPTJCJMJUBSMB EFTDSJQDJØOZBOÈMJTJTEFMBTEJGFSFODJBTEFFTUBTQFSDFQDJPOFTZ EFNBOEBTFOUSFMBTEJTUJOUBTSFHJPOFTEFMQBÓT 3FMFWBNJFOUP DVBMJUBUJWP 3FMFWBNJFOUP DVBOUJUBUJWP (SVQPTGPDBMFT BMVNOPT (SVQPTGPDBMFT EPDFOUFT «SFB.FUSPQPMJUBOBEFMB$JVEBE "VUØOPNBEF#VFOPT"JSFT .FOEP[BZ$PSSJFOUFT &ODVFTUBBMVNOPT &ODVFTUBEPDFOUFT .VFTUSBOBDJPOBM &TUF BOFYP GVF QSFQBSBEP QPS FM $FOUSP EF &TUBEÓTUJDBT F *OGPSNÈUJDB "QMJDBEB QFSUFOFDJFOUF BM «SFB EF &DPOPNÓB Z5FDOPMPHÓB EF '-"$40 "SHFOUJOB EJSJHJEP QPS FM -JD +PPO ) #BOH RVJFO UVWP B TV DBSHP FM SFMFWBNJFOUPZQSPDFTBNJFOUPEFMBJOGPSNBDJØO .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 4PCSFFMSFMFWBNJFOUPDVBMJUBUJWP -PT HSVQPT GPDBMFT UVWJFSPO DPNP PCKFUJWP QSJODJQBM MB JOEBHBDJØODVBMJUBUJWBSFTQFDUPEFMBTSFQSFTFOUBDJPOFTBDUJ UVEFT Z QPTUVSBT EF BMVNOPT Z EPDFOUFT SFGFSJEBT B MPT FKFT EFM FTUVEJP Z QPS PUSP MBEP MB JEFOUJmDBDJØO EF QSPCMFNBT QBTJCMFT EF TFS DVBOUJmDBEPT EVSBOUF FM SFMFWBNJFOUP DVBO UJUBUJWP&OFMDBTPEFMPTBMVNOPTMPTPCKFUJWPTHFOFSBMFTTF PSJFOUBSPOB t 3FBMJ[BSVOEJBHOØTUJDPEFMBTJUVBDJØOEFMBFTDVFMBTF DVOEBSJBEFTEFMBQFSTQFDUJWBEFMPTFTUVEJBOUFT t "OBMJ[BSEFTEFMBQFSTQFDUJWBEFMPTBMVNOPT t &MSPMEFMBFTDVFMBTFDVOEBSJBFOMBWJEBEFMPTBEP MFTDFOUFT t -BTDBSBDUFSÓTUJDBTEFMBTJOTUJUVDJPOFTFTDPMBSFTQÞ CMJDBTZQSJWBEBT t 4VTQSJODJQBMFTGPSUBMF[BTZEFCJMJEBEFT t &MQFSmMEFMPTEPDFOUFT t %FUFDUBSMPTQSPCMFNBTDPOTJEFSBEPTNÈTVSHFOUFTEFT EFMBNJSBEBEFMPTQSPQJPTBMVNOPT 1PS PUSP MBEP MPT HSVQPT GPDBMFT EF EPDFOUFT FTUVWJFSPO EJSJHJEPTB t -MFWBSBDBCPVOEJBHOØTUJDPEFMBFTDVFMBTFDVOEBSJB EFTEFFMQVOUPEFWJTUBEFMPTQSPGFTPSFTEFFTFOJWFM t "OBMJ[BSEFTEFMBQFSTQFDUJWBEFMPTEPDFOUFT t -PTDBNCJPTRVFIBFYQFSJNFOUBEPMBFTDVFMBTFDVO EBSJBFOMPTÞMUJNPTB×PT t &MSPMJOTUJUVDJPOBMEFMPTFEVDBEPSFT4VTDBSBDUFSÓT UJDBTBMDBODFTZMJNJUBDJPOFT t *EFOUJmDBS MPT QSPCMFNBT NÈT SFMFWBOUFT EFM TJTUFNB FEVDBUJWPEFTEFMBQFSTQFDUJWBEFMPTQSPGFTPSFT &OUÏSNJOPTPQFSBUJWPTQBSBDVNQMJSDPOFTUPTPCKFUJWPT TFSFBMJ[BSPOFOUPUBMEPDFHSVQPTGPDBMFTEFBMVNOPTZTFJTEF "OFYP.FUPEPMPHÓB EPDFOUFT&ODBEBBHMPNFSBEPTFMMFWBSPOBEFMBOUFFTRVFNBTEF DPOGPSNBDJØOEFHSVQPTRVFTFEFUBMMBOFOMPTDVBESPTZ $VBESP $POGPSNBDJØOEFMPTHSVQPTGPDBMFTEFBMVNOPT (SVQP $BSBDUFSÓTUJDBT 5JQPEF JOTUJUVDJØO (ÏOFSP "MVNOPTEFDPMFHJPT TFDVOEBSJPTZB×P /JWFMFTTPDJPFDPOØNJDPT NFEJPZBMUP 1ÞCMJDBZ QSJWBEB 'FNFOJOP "MVNOPTEFDPMFHJPT TFDVOEBSJPTZB×P /JWFMFTTPDJPFDPOØNJDPT NFEJPZBMUP 1ÞCMJDBZ QSJWBEB .BTDVMJOP "MVNOPTEFDPMFHJPT TFDVOEBSJPTZB×P /JWFMTPDJPFDPOØNJDPCBKP 1ÞCMJDBZ QSJWBEB 'FNFOJOP "MVNOPTEFDPMFHJPT TFDVOEBSJPTZB×P /JWFMTPDJPFDPOØNJDPCBKP 1ÞCMJDBZ QSJWBEB .BTDVMJOP $VBESP $POGPSNBDJØOEFMPTHSVQPTGPDBMFTEFEPDFOUFT (SVQP $BSBDUFSÓTUJDBT 1SPGFTPSFTEFDPMFHJPT TFDVOEBSJPTZB×P 1SPGFTPSFTEFDPMFHJPT TFDVOEBSJPTZB×P 5JQPEF JOTUJUVDJØO (ÏOFSP 1ÞCMJDB .JYUPT 1SJWBEB .JYUPT -PTQBSUJDJQBOUFTEFMPTHSVQPTGVFSPOJOWJUBEPTBUSBWÏTEF SFDMVUBEPSFTQSPGFTJPOBMFTRVFOPTPMPUVWJFSPODPNPDPOTJH .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB OBMPTFTRVFNBTEFDPOGPSNBDJØOEFHSVQPTTJOPRVFBEJDJP OBMNFOUFTFMFTTPMJDJUØRVFMPTQBSUJDJQBOUFTUBOUPBMVNOPT DPNP EPDFOUFT QFSUFOFDJFSBO B EJTUJOUPT UVSOPT Z FTUBCMF DJNJFOUPT FEVDBUJWPT &O FM DBTP EF MPT EPDFOUFT TF CVTDØ BEFNÈT RVF FO DBEB HSVQP IVCJFTF VOB NF[DMB EF EJTUJOUBT NBUFSJBT)VNBOJEBEFTZ$JFODJBT4PDJBMFT$JFODJBT&YBDUBT Z/BUVSBMFTBSUÓTUJDBT*EJPNBTZ&EVDBDJØO'ÓTJDB -BTTFTJPOFTEFHSVQPTFMMFWBSPOBDBCPFOUSFFMZFM EFPDUVCSFEF 4PCSFFMSFMFWBNJFOUPDVBOUJUBUJWP &MSFMFWBNJFOUPDVBOUJUBUJWPFTUVWPCBTBEPFOVOBNVFTUSB OBDJPOBMGVOEBNFOUBEBFOVOBTFMFDDJØOEFFTUBCMFDJNJFOUPT EF FEVDBDJØO NFEJB RVF QFSNJUJØ IBDFS VO SFMFWBNJFOUP B EPTNVFTUSBTEFBMVNOPTZEPDFOUFTRVFBTVWF[QFSNJUJF SPO FM DÈMDVMP EF FTUJNBDJPOFT UBOUP B OJWFM OBDJPOBM DPNP SFHJPOBMQBSBBNCBTQPCMBDJPOFT 1BSB FM EJTF×P Z FMBCPSBDJØO EF MB NVFTUSB TF VUJMJ[Ø DPNPNBSDPEFNVFTUSFPVOMJTUBEPRVFDPOUFOÓBMBJEFO UJmDBDJØO EF UPEPT MPT FTUBCMFDJNJFOUPT EF OJWFM NFEJP DPOFTQFDJmDBDJØOEFMUBNB×PEFTVNBUSÓDVMBZMBDBOUJ EBEEFIPSBTDÈUFESB&TUFMJTUBEPFMBCPSBEPQPSMB%JSFD DJØO/BDJPOBMEF*OGPSNBDJØOZ&WBMVBDJØOEFMB$BMJEBE &EVDBUJWB%JOJFDF EFM.JOJTUFSJPEF&EVDBDJØO$JFODJB Z 5FDOPMPHÓB EF MB /BDJØO DPOUFOÓB MPT EBUPT EF FTUBCMFDJNJFOUPT EF OJWFM TFDVOEBSJP EF UPEP FM QBÓT %F FTUFUPUBMOPDPOTJHOBCBOJOGPSNBDJØOSFTQFDUPEFMB NBUSÓDVMBZSFTQFDUPEFMBTIPSBTDÈUFESB&OFMDVB ESPTFEJTUSJCVZFOMPTFTUBCMFDJNJFOUPTNFEJPTZ QPMJNPEBMFTTFHÞOFMDSJUFSJPEFSFHJPOBMJ[BDJØOFNQMFBEP VTVBMNFOUF QPS FM */%&$ Z TF DPOTJHOBO MPT UPUBMFT EF BMVNOPTNBUSJDVMBEPTZEFIPSBTDÈUFESB "OFYP.FUPEPMPHÓB $VBESP %JTUSJCVDJØO EF MPT FTUBCMFDJNJFOUPT FEVDBUJWPT JODMVJEPT FOFMNBSDPNVFTUSBMNBUSÓDVMBZIPSBTDÈUFESBQPSSFHJØO 3FHJØO $VZP &TUBCMFDJNJFOUPT .BUSÓDVMB )PSBTDÈUFESB /&" /0" 1BNQFBOB 1BUBHØOJDB .FUSPQPMJUBOB 5PUBM "TVWF[MPTFTUBCMFDJNJFOUPTEFDBEBSFHJØOEJTDSJNJOB EPTTFHÞOTFDUPSTFEFUBMMBOFOFMDVBESP $VBESP %JTUSJCVDJØO EF MPT FTUBCMFDJNJFOUPT FEVDBUJWPT EF OJWFM NFEJPEFMNBSDPNVFTUSBMQPSTFDUPSTFHÞOSFHJPOFT 4FDUPS $VZP .FUSP /&" /0" 1BNQFBOB QPMJUBOB 1BUBHØOJDB 5PUBM &TUBUBM 1SJWBEP 5PUBM %FFTUFNBSDPNVFTUSBMTFTFMFDDJPOØVOBNVFTUSBEF FTUBCMFDJNJFOUPT EF FOTF×BO[B TFDVOEBSJB P 1PMJNPEBM FO BHMPNFSBEPTVSCBOPTEJTUSJCVJEPTFOMBTTFJTSFHJPOFT%FFT UPT FTUBCMFDJNJFOUPT GVFSPO TFMFDDJPOBEPT FO FM ÈSFB NFUSPQPMJUBOBZFOFMSFTUPEFMBTSFHJPOFTBSB[ØOEF FTUBCMFDJNJFOUPTQPSSFHJØO .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB &OFMÈSFBNFUSPQPMJUBOBMPTFTUBCMFDJNJFOUPTBTJHOB EPTTFEJTUSJCVZFSPOFOUSFMB$JVEBEEF#VFOPT"JSFT Z MPTQBSUJEPTEFTVDPOVSCBOP -PTDSJUFSJPTEFTFMFD DJØOUVWJFSPOFODPOTJEFSBDJØOFMUBNB×PEFMBNBUSÓDVMBZ FMTFDUPSEFQFSUFOFODJBQÞCMJDPQSJWBEP &OFTUBSFHJØOFM UBNB×PQSFWJTUPEFMBNVFTUSBQFSNJUJØDPOTJEFSBSEFOUSPEFM TFDUPS QSJWBEP FM DBSÈDUFS DPOGFTJPOBM P OP EF MPT FTUBCMFDJ NJFOUPTQSJWBEPT &OMBTSFHJPOFTSFTUBOUFTTFTFMFDDJPOBSPOFOQSJNFSMVHBS KVSJTEJDDJPOFTTFHÞOFMEFUBMMFJODMVJEPFOFMDVBESP $VBESP %JTUSJCVDJØO EF MPT FTUBCMFDJNJFOUPT FEVDBUJWPT EF OJWFM NFEJPEFMNBSDPNVFTUSBMQPSTFDUPSTFHÞOSFHJPOFT 3FHJØO "HMPNFSBEPTSFMFWBEPT $VZP .FOEP[BEFQBSUBNFOUPT$BQJUBM(PEPZ$SV[ -BT)FSBT-VKÈOEF$VZP.BJQÞ 4BO-VJT /&" $PSSJFOUFT .JTJPOFT /0" 4BOUJBHPEFM&TUFSP 5VDVNÈO 1BNQFBOB #BIÓB#MBODB &OUSF3ÓPT 1BUBHØOJDB $PNPEPSP3JWBEBWJB 3ÓP(BMMFHPT &ODBEBVOBEFFTUBTKVSJTEJDDJPOFTTFTFMFDDJPOBSPOFTUB CMFDJNJFOUPTEFFOTF×BO[BTFDVOEBSJB-PTDSJUFSJPTEFTFMFDDJØO FOFTUFDBTPBMJHVBMRVFFOMBSFHJØONFUSPQPMJUBOBUVWJFSPOFO DPOTJEFSBDJØOFMUBNB×PEFMBNBUSÓDVMBZFMTFDUPSEFQFSUFOFO DJBQÞCMJDPFTUBCMFDJNJFOUPTQSJWBEPFTUBCMFDJNJFOUP 1PS ÞMUJNP FO DBEB VOP EF MPT FTUBCMFDJNJFOUPT RVF JOUFHSBSPOMBNVFTUSBmOBMTFSFMFWBSPOEPTUVSOPTZFODBEB "OFYP.FUPEPMPHÓB VOPTFTFMFDDJPOBSPOEFNBOFSBBMFBUPSJBBMVNOPTEF B×PPEFM1PMJNPEBM ZEFTVTQSPGFTPSFT&MSFTVMUBEP EFFTUPTQSPDFEJNJFOUPTGVFVOBNVFTUSBEFBMVNOPTZ PUSBEFQSPGFTPSFT "NCBTNVFTUSBTGVFSPOFYQBOEJEBTDPOFMPCKFUPEFPCUF OFSFTUJNBDJPOFTQPCMBDJPOBMFTBTJHOBOEPQFTPTEJGFSFODJBEPT TFHÞOSFHJØOZUJQPEFFTUBCMFDJNJFOUP&MUBNB×PEFMBNB USÓDVMBTFVUJMJ[ØQBSBMBFYQBOTJØOEFMBNVFTUSBEFBMVNOPT ZMBDBOUJEBEEFIPSBTDÈUFESBQBSBFMEFMPTEPDFOUFT&OFTUF ÞMUJNPDBTPFTBWBSJBCMFTFVUJMJ[ØDPOTJEFSBOEPTVEJTUSJCV DJØODPNPQSPYZEFMBEJTUSJCVDJØOEFEPDFOUFTTFHÞOSFHJØO Z UJQP EF FTUBCMFDJNJFOUP JOGPSNBDJØO OP EJTQPOJCMF FO FM NPNFOUPEFMEJTF×PEFMBNVFTUSB-BQPTUFSJPSQVCMJDBDJØO QPSQBSUFEFM.JOJTUFSJPEF&EVDBDJØOEFMBCBTFVTVBSJPEFM $FOTP/BDJPOBMEF%PDFOUFTEFMB×PQFSNJUJØDPSSP CPSBSFYQPTUMPBEFDVBEPEFFTUFDSJUFSJPBMOPFODPOUSBSTF EJGFSFODJBTTJHOJmDBUJWBTFOUSFBNCBTEJTUSJCVDJPOFT &MUSBCBKPEFDBNQPGVFSFBMJ[BEPDPOFODVFTUBEPSFTQSP GFTJPOBMFT EVSBOUF OPWJFNCSF EF -PT EBUPT SFMFWBEPT GVFSPOTVQFSWJTBEPTFOUFSSFOPQPSTVQFSWJTPSFTQSPGFTJPOBMFT ZMBDPOGFDDJØOEFMBTCBTFTEFEBUPTmOBMFTQSPDFTBEBTZBOB MJ[BEBT JODMVZØ UBSFBT EF FEJDJØO DPEJmDBDJØO Z HSBCBDJØO RVFTFMMFWBSPOBDBCPFOGPSNBDFOUSBMJ[BEB "ğĖĩĠǻ "/&90 $VBESP 0QJOJPOFTEFMPTQSPGFTPSFTTPCSFMBGVODJØOEFMBFTDVFMB TFDVOEBSJBEBUPTUPUBMFT 5PUBM $POTFHVJSVOUSBCBKP 4FHVJSFTUVEJBOEPFOMB VOJWFSTJEBEPUFSDJBSJP 5FOFSDVMUVSBHFOFSBM 4BCFSSFMBDJPOBSTFDPOPUSPT .BOFKBSTFDPOJOEFQFOEFODJBZ BVUPOPNÓB 5FOFSVOBNJSBEBDSÓUJDB .FKPSBSMPTQSPCMFNBTEFMQBÓT /JOHVOPEFFTUPTBTQFDUPT 5PUBM -B QSFHVOUB GVF i1FOTBOEP FO MB FTDVFMB TFDVOEBSJB FO HFOFSBM {MF QBSFDFRVFMBFTDVFMBTFDVOEBSJBGPSNBBMPTFTUVEJBOUFTQBSB 4F×BMF EPTPQDJPOFT w .FKPSBSMPTQSPCMFNBTEFMQBÓT /JOHVOPEFFTUPTBTQFDUPT 5FOFSVOBNJSBEBDSÓUJDB 5PUBM .BOFKBSTFDPOJOEFQFOEFODJB ZBVUPOPNÓB 5FOFSDVMUVSBHFOFSBM 4FHVJSFTUVEJBOEPFOMB VOJWFSTJEBEPUFSDJBSJP 4BCFSSFMBDJPOBSTFDPOPUSPT $POTFHVJSVOUSBCBKP .FUSPQPMJUBOB $VZP /&" /0" 1BNQFBOB 0QJOJPOFTEFMPTQSPGFTPSFTTPCSFMBGVODJØOEFMBFTDVFMBTFDVOEBSJBQPSSFHJPOFTEFMQBÓT 1BUBHØOJDB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB "ğĖĩĠǻ $VBESP 1FSDFQDJPOFTEFMPTEPDFOUFTTPCSFMBTDBSBDUFSÓTUJDBTEF MPTBMVNOPTRVFNBZPSFTEJmDVMUBEFTMFTQMBOUFBOEBUPT UPUBMFT 5PUBM %FOJWFM TPDJPFDPOØNJDP CBKP 4Ó /P 5PUBM 1FSDFQDJPOFTEFMPTEPDFOUFTTPCSFMBTDBSBDUFSÓTUJDBTEFMPT BMVNOPTRVFNBZPSFTEJmDVMUBEFTMFTQMBOUFBOQPSSFHJPOFT EFMQBÓT .FUSP $VZP QPMJUBOB /&" /0" 1BN 1BUBHØ QFBOB OJDB 4Ó %FOJWFM TPDJPFDPOØ /P NJDPCBKP 5PUBM 1FSDFQDJPOFTEFMPTEPDFOUFTTPCSFMBTDBSBDUFSÓTUJDBTEFMPT BMVNOPTRVFNBZPSFTEJmDVMUBEFTMFTQMBOUFBOQPSTFDUPS EFHFTUJØO 4FDUPS 1ÞCMJDP %FOJWFM TPDJPFDPOØNJDP CBKP 1SJWBEP 4Ó /P 5PUBM -BQSFHVOUBGVFi{1JFOTBVTUFERVFTVUSBCBKPTFWFEJmDVMUBEPQPSFM IFDIPEFRVFFOFMBVMBIBZBBMVNOPTy w .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 1FSDFQDJPOFTEFMPTEPDFOUFTTPCSFMBTDBSBDUFSÓTUJDBTEFMPT BMVNOPTRVFNBZPSFTEJmDVMUBEFTMFTQMBOUFBOQPSB×PTEF BOUJHàFEBEFOMBEPDFODJB "OUJHàFEBEFOMBEPDFODJB )BTUBB×PT &OUSFZB×PT B×PTZNÈT 4Ó %FOJWFM TPDJPFDPOØNJDP /P CBKP 5PUBM 1FSDFQDJPOFTEFMPTEPDFOUFTTPCSFMBTDBSBDUFSÓTUJDBTEFMPT BMVNOPTRVFNBZPSFTEJmDVMUBEFTMFTQMBOUFBOQPSHÏOFSP (ÏOFSP 4Ó %FOJWFM TPDJPFDPOØNJDP /P CBKP 5PUBM 'FNFOJOP .BTDVMJOP 1FSDFQDJPOFTEFMPTEPDFOUFTTPCSFMBTDBSBDUFSÓTUJDBTEF MPTBMVNOPTRVFNBZPSFTEJmDVMUBEFTMFTQMBOUFBOEBUPT UPUBMFT 5PUBM 2VFUFOHBO EJTUJOUPTOJWFMFT EFDPOPDJNJFOUP 4Ó /P 5PUBM -BQSFHVOUBGVFi{1JFOTBVTUFERVFTVUSBCBKPTFWFEJmDVMUBEPQPSFM IFDIPEFRVFFOFMBVMBIBZBBMVNOPTy w "ğĖĩĠǻ 1FSDFQDJPOFTEFMPTEPDFOUFTTPCSFMBTDBSBDUFSÓTUJDBTEFMPT BMVNOPTRVFNBZPSFTEJmDVMUBEFTMFTQMBOUFBOQPSSFHJPOFT EFMQBÓT .FUSP $VZP QPMJUBOB /&" /0" 1BN 1BUBHØ QFBOB OJDB 2VFUFOHBO 4Ó EJTUJOUPT /P OJWFMFTEF DPOPDJNJFOUP 5PUBM 1FSDFQDJPOFTEFMPTEPDFOUFTTPCSFMBTDBSBDUFSÓTUJDBTEFMPT BMVNOPTRVFNBZPSFTEJmDVMUBEFTMFTQMBOUFBOQPSTFDUPS EFHFTUJØO 4FDUPS 1ÞCMJDP 2VFUFOHBO EJTUJOUPTOJWFMFT EFDPOPDJNJFOUP 1SJWBEP 4Ó /P 5PUBM 1FSDFQDJPOFTEFMPTEPDFOUFTTPCSFMBTDBSBDUFSÓTUJDBTEFMPT BMVNOPTRVFNBZPSFTEJmDVMUBEFTMFTQMBOUFBOQPSB×PTEF BOUJHàFEBEFOMBEPDFODJB "OUJHàFEBEFOMBEPDFODJB )BTUBB×PT &OUSFZB×PT B×PTZNÈT 2VFUFOHBO EJTUJOUPT OJWFMFTEF DPOPDJNJFOUP 4Ó /P 5PUBM .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 1FSDFQDJPOFTEFMPTEPDFOUFTTPCSFMBTDBSBDUFSÓTUJDBTEFMPT BMVNOPTRVFNBZPSFTEJmDVMUBEFTMFTQMBOUFBOQPSHÏOFSP (ÏOFSP 2VFUFOHBO EJTUJOUPT OJWFMFTEF DPOPDJNJFOUP 'FNFOJOP .BTDVMJOP 4Ó /P 5PUBM "ğĖĩĠǻ $VBESP 5FNBTQSJPSJUBSJPTBOJWFMJOTUJUVDJPOBMRVFEFCFSÓBUSBCBKBS FMFRVJQPEPDFOUFQPSDBSHBIPSBSJBTFNBOBMUPUBM $BSHBIPSBSJBTFNBOBMUPUBM )BTUBIPSBT IPSBTZNÈT 1SPCMFNÈUJDBTBEPMFTDFOUFTZ WBMPSFT $POWJWFODJBZOPSNBT 1SPZFDUPT JOTUJUVDJPOBMFTZDVSSJDVMBSFT $PNVOJDBDJØOFOUSFMPTBDUPSFT JOTUJUVDJPOBMFT $BQBDJUBDJØOFONFUPEPMPHÓBT EFFOTF×BO[B $BMJEBEFEVDBUJWBZOJWFM EFGPSNBDJØO *OGSBFTUSVDUVSBZNBOUFOJNJFOUP EFMFEJmDJP 0USPT /BEB -BQSFHVOUBGVFi{2VÏUFNBSFMBUJWPBFTUBFTDVFMBDPOTJEFSBOFDFTBSJP USBCBKBSBOJWFMJOTUJUVDJPOBMDPOFMFRVJQPEPDFOUFEFMBNJTNB w"CJFSUB ZDPOQPTJCJMJEBEFTEFNÞMUJQMFTSFTQVFTUBT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 5FNBTQSJPSJUBSJPTBOJWFMJOTUJUVDJPOBMRVFEFCFSÓB USBCBKBSFMFRVJQPEPDFOUFQPSDBSHBIPSBSJBTFNBOBM FOFTUBFTDVFMB $BSHBIPSBSJBTFNBOBMUPUBM )BTUBIPSBT IPSBTZNÈT 1SPCMFNÈUJDBTBEPMFTDFOUFTZ WBMPSFT $POWJWFODJBZOPSNBT 1SPZFDUPT JOTUJUVDJPOBMFTZDVSSJDVMBSFT $PNVOJDBDJØOFOUSFMPTBDUPSFT JOTUJUVDJPOBMFT $BQBDJUBDJØOFONFUPEPMPHÓBT EFFOTF×BO[B $BMJEBEFEVDBUJWBZOJWFM EFGPSNBDJØO *OGSBFTUSVDUVSBZNBOUFOJNJFOUP EFMFEJmDJP 0USPT /BEB "ğĖĩĠǻ 5FNBTQSJPSJUBSJPTBOJWFMJOTUJUVDJPOBMRVFEFCFSÓBUSBCBKBS FMFRVJQPEPDFOUFQPSB×PTEFBOUJHàFEBEFOMBEPDFODJB "OUJHàFEBEFOMBEPDFODJB )BTUB B×PT &OUSF ZB×PT B×PT ZNÈT 1SPCMFNÈUJDBT BEPMFTDFOUFTZWBMPSFT $POWJWFODJBZOPSNBT 1SPZFDUPT JOTUJUVDJPOBMFTZ DVSSJDVMBSFT $PNVOJDBDJØOFOUSFMPT BDUPSFTJOTUJUVDJPOBMFT $BQBDJUBDJØOFO NFUPEPMPHÓBT EFFOTF×BO[B $BMJEBEFEVDBUJWBZ OJWFMEFGPSNBDJØO *OGSBFTUSVDUVSBZ NBOUFOJNJFOUPEFM FEJmDJP 0USPT /BEB 1SPCMFNÈUJDBTBEPMFTDFOUFTZ WBMPSFT $POWJWFODJBZOPSNBT 1SPZFDUPTJOTUJUVDJPOBMFTZ DVSSJDVMBSFT $PNVOJDBDJØOFOUSFMPT BDUPSFTJOTUJUVDJPOBMFT $BQBDJUBDJØOFONFUPEPMPHÓBT EFFOTF×BO[B $BMJEBEFEVDBUJWBZOJWFMEF GPSNBDJØO *OGSBFTUSVDUVSBZ NBOUFOJNJFOUPEFMFEJmDJP 0USPT /BEB .FUSPQPMJUBOB $VZP /&" /0" 1BNQFBOB 5FNBTQSJPSJUBSJPTBOJWFMJOTUJUVDJPOBMRVFEFCFSÓBUSBCBKBSFMFRVJQPEPDFOUFQPSSFHJPOFTEFMQBÓT 1BUBHØOJDB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB "ğĖĩĠǻ $VBESP 0QJOJPOFTEFMPTQSPGFTPSFTTPCSFBTQFDUPTBNPEJmDBSFO MBFTDVFMBTFDVOEBSJBBDUVBMEBUPTUPUBMFT 5PUBM -BWJHFODJBBDUVBMJ[BDJØOEFMPTDPOUFOJEPT -BDBQBDJUBDJØOEFMPTQSPGFTPSFT -BPSHBOJ[BDJØOJOTUJUVDJPOBMIPSBSJPTNBUFSJBTFUDÏUFSB -BTNFUPEPMPHÓBTEFFOTF×BO[B -BGPSNBEFFWBMVBSMPTTBCFSFTEFMPTBMVNOPT /JOHVOP 0USPT 5PUBM 0QJOJPOFTEFMPTQSPGFTPSFTTPCSFBTQFDUPTBNPEJmDBSFOMB FTDVFMBTFDVOEBSJBBDUVBMQPSB×PTEFBOUJHàFEBEFOMBEPDFODJB "OUJHàFEBEFOMBEPDFODJB )BTUB B×PT &OUSF ZB×PT B×PT ZNÈT -BWJHFODJBBDUVBMJ[BDJØOEFMPT DPOUFOJEPT -BDBQBDJUBDJØOEFMPTQSPGFTPSFT -BPSHBOJ[BDJØOJOTUJUVDJPOBM IPSBSJPTNBUFSJBTFUDÏUFSB -BTNFUPEPMPHÓBTEFFOTF×BO[B -BGPSNBEFFWBMVBSMPTTBCFSFT EFMPTBMVNOPT /JOHVOP 0USPT 5PUBM -B QSFHVOUB GVF i1FOTBOEP FO MB FTDVFMB TFDVOEBSJB FO HFOFSBM {RVÏ BTQFDUP MF QBSFDF OFDFTBSJP NPEJmDBS EF MB QSPQVFTUB QFEBHØHJDB EF MB FTDVFMBTFDVOEBSJBFOHFOFSBM w .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 0QJOJPOFTEFMPTQSPGFTPSFTTPCSFBTQFDUPTBNPEJmDBSFO MBFTDVFMBTFDVOEBSJBBDUVBMQPSTFDUPSEFHFTUJØO 4FDUPS 1ÞCMJDP 1SJWBEP -BWJHFODJBBDUVBMJ[BDJØOEFMPT DPOUFOJEPT -BDBQBDJUBDJØOEFMPTQSPGFTPSFT -BPSHBOJ[BDJØOJOTUJUVDJPOBM IPSBSJPTNBUFSJBTFUDÏUFSB -BTNFUPEPMPHÓBTEFFOTF×BO[B -BGPSNBEFFWBMVBSMPTTBCFSFTEF MPTBMVNOPT 0USPT /4/$ 5PUBM -BPSHBOJ[BDJØOJOTUJUVDJPOBM IPSBSJPTNBUFSJBTFUDÏUFSB -BTNFUPEPMPHÓBTEF FOTF×BO[B -BGPSNBEFFWBMVBSMPT TBCFSFTEFMPTBMVNOPT 0USPT /4/$ -BDBQBDJUBDJØOEFMPT QSPGFTPSFT 5PUBM -BWJHFODJBBDUVBMJ[BDJØOEF MPTDPOUFOJEPT .FUSPQPMJUBOB $VZP /&" /0" 1BNQFBOB 0QJOJPOFTEFMPTQSPGFTPSFTTPCSFBTQFDUPTBNPEJmDBSFOMBFTDVFMBTFDVOEBSJBBDUVBMQPSSFHJPOFTEFMQBÓT 1BUBHØOJDB "ğĖĩĠǻ .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $VBESP 0QJOJPOFTEFMPTQSPGFTPSFTTPCSFRVÏMFTEBNÈT TBUJTGBDDJPOFTFOTVUSBCBKPEPDFOUFQPSUJQPEF UÓUVMPEFCBTF 5ÓUVMPEFCBTF 1SPGUFSDJBSJP 6OJWFSTJUBSJP 5SBOTNJUJSWBMPSFTBNJTFTUVEJBOUFT &OTF×BSZUSBOTNJUJSDPOPDJNJFOUP 5SBCBKBSFJOUFSBDUVBSDPOPUSPT EPDFOUFT )BCMBSJOUFSBDUVBSSFMBDJPOBSNF DPOMPTBMVNOPT .BOUFOFSDPOUBDUPZUSBCBKBSDPO MBDPNVOJEBEZMBTGBNJMJBT 4FSWJSBNJQBÓT 0USPT &KFSDFSNJWPDBDJØOEPDFOUF -BQSFHVOUBGVFi"ZVEÈOEPTFDPOFTUBUBSKFUB{RVÏMFEBNÈTTBUJTGBDDJPOFT FOTVUSBCBKPEPDFOUF w.ÞMUJQMF "ğĖĩĠǻ 4BUJTGBDDJPOFTFOTVUSBCBKPEPDFOUFQPSB×PTEFBOUJHàFEBE FOMBEPDFODJB "OUJHàFEBEFOMBEPDFODJB )BTUB B×PT &OUSF ZB×PT B×PT ZNÈT 5SBOTNJUJSWBMPSFTBNJT FTUVEJBOUFT &OTF×BSZUSBOTNJUJS DPOPDJNJFOUP 5SBCBKBSFJOUFSBDUVBSDPOPUSPT EPDFOUFT )BCMBSJOUFSBDUVBS SFMBDJPOBSNFDPOMPTBMVNOPT &KFSDFSNJWPDBDJØOEPDFOUF 4FSWJSBNJQBÓT .BOUFOFSDPOUBDUPZUSBCBKBS DPOMBDPNVOJEBEZMBTGBNJMJBT 0USPT "/&90 $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFFMWBMPSEFMBFEVDBDJØO EBUPTUPUBMFT %FBDVFSEP 5PUBM &OEFTBDVFSEP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFFMWBMPSEFMBFEVDBDJØO TFHÞOFMUJQPEFFTUBCMFDJNJFOUP %FBDVFSEP &OEFTBDVFSEP 1ÞCMJDP 1SJWBEP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFFMWBMPSEFMBFEVDBDJØO QPSSFHJPOFTEFMQBÓT %FBDVFSEP &OEFTBDVFSEP .FUSPQPMJUBOB $VZP /&" /0" 1BNQFBOB 1BUBHØOJDB -B QSFHVOUB GVF i.F HVTUBSÓB TBCFS TJ FTUÈT EF BDVFSEP P FTUÈT FO EFTBDVFSEP DPO MBT TJHVJFOUFT GSBTFT -B FEVDBDJØO BZVEB B RVF UPEPT UFOHBNPTMBTNJTNBTPQPSUVOJEBEFTyw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFFMWBMPSEFMBFEVDBDJØO QPSUJQPEFUSBZFDUPSJBFTDPMBS %FBDVFSEP &OEFTBDVFSEP $POTPCSFTBMUPT 4JOTPCSFTBMUPT 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFFMWBMPSEFMBFEVDBDJØO QPSOJWFMTPDJPFDPOØNJDP %FBDVFSEP &OEFTBDVFSEP /JWFMTPDJPFDPOØNJDPCBKP /JWFMTPDJPFDPOØNJDPNFEJP /JWFMTPDJPFDPOØNJDPBMUP "ğĖĩĠǼ $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBFTDVFMBBDUVBM FOSFMBDJØODPOMBFTDVFMBEFMQBTBEPEBUPTUPUBMFT %FBDVFSEP 5PUBM &OEFTBDVFSEP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBFTDVFMBBDUVBMFOSFMB DJØODPOMBFTDVFMBEFMQBTBEPTFHÞOFMUJQPEFFTUBCMFDJNJFOUP %FBDVFSEP &OEFTBDVFSEP 1ÞCMJDP 1SJWBEP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBFTDVFMBBDUVBMFOSFMB DJØODPOMBFTDVFMBEFMQBTBEPQPSSFHJPOFTEFMQBÓT %FBDVFSEP &OEFTBDVFSEP .FUSPQPMJUBOB $VZP /&" /0" 1BNQFBOB 1BUBHØOJDB -BQSFHVOUBGVFi.FHVTUBSÓBTBCFSTJFTUÈTEFBDVFSEPPFTUÈTFOEFTBDVFSEP DPOMBTTJHVJFOUFTGSBTFT-BFTDVFMBNFEJBBDUVBMFTNFKPSRVFBOUFTyw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBFTDVFMBBDUVBMFOSFMB DJØODPOMBFTDVFMBEFMQBTBEPQPSUJQPEFUSBZFDUPSJBFTDPMBS %FBDVFSEP &OEFTBDVFSEP $POTPCSFTBMUPT 4JOTPCSFTBMUPT 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBFTDVFMBBDUVBMFOSFMB DJØODPOMBFTDVFMBEFMQBTBEPQPSOJWFMTPDJPFDPOØNJDP %FBDVFSEP &OEFTBDVFSEP /JWFMTPDJPFDPOØNJDPCBKP /JWFMTPDJPFDPOØNJDPNFEJP /JWFMTPDJPFDPOØNJDPBMUP "ğĖĩĠǼ $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMPRVFFOTF×BMBFTDVFMB EBUPTUPUBMFT 4FFOTF×BBQFOTBSZUFOFSPQJOJØOQSPQJB 5PUBM %FBDVFSEP /JEF BDVFSEPOJFO EFTBDVFSEP &OEFTBDVFSEP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMPRVFFOTF×BMBFTDVFMB QPSHÏOFSP 4FFOTF×BBQFOTBSZUFOFSPQJOJØOQSPQJB %FBDVFSEP /JEF BDVFSEPOJFO EFTBDVFSEP &OEFTBDVFSEP 'FNFOJOP .BTDVMJOP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMPRVFFOTF×BMBFTDVFMB TFHÞOFMUJQPEFFTUBCMFDJNJFOUP 4FFOTF×BBQFOTBSZUFOFSPQJOJØOQSPQJB %FBDVFSEP /JEF BDVFSEPOJFO EFTBDVFSEP &OEFTBDVFSEP 1ÞCMJDP 1SJWBEP -B QSFHVOUB GVF i.F HVTUBSÓB TBCFS TJ FTUÈT EF BDVFSEP P FTUÈT FO EFTBDVFSEPDPOMBTTJHVJFOUFTGSBTFTyw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMPRVFFOTF×BMBFTDVFMB EBUPTUPUBMFT 4FFOTF×BOUFNBTJOUFSFTBOUFTZÞUJMFT 5PUBM %FBDVFSEP /JEF BDVFSEPOJFO EFTBDVFSEP &OEFTBDVFSEP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMPRVFFOTF×BMBFTDVFMB QPSHÏOFSP 4FFOTF×BBQFOTBSZUFOFSPQJOJØOQSPQJB %FBDVFSEP /JEF BDVFSEPOJFO EFTBDVFSEP 'FNFOJOP .BTDVMJOP &OEFTBDVFSEP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMPRVFFOTF×BMBFTDVFMB TFHÞOFMUJQPEFFTUBCMFDJNJFOUP 4FFOTF×BBQFOTBSZUFOFSPQJOJØOQSPQJB %FBDVFSEP /JEF BDVFSEPOJFO EFTBDVFSEP &OEFTBDVFSEP 1ÞCMJDP 1SJWBEP -B QSFHVOUB GVF i.F HVTUBSÓB TBCFS TJ FTUÈT EF BDVFSEP P FTUÈT FO EFTBDVFSEPDPOMBTTJHVJFOUFTGSBTFTyw "ğĖĩĠǼ $VBESP 0QJOJPOFTEFMPTFTUVEJBOUFTTPCSFMBGVODJØOEFMBFTDVFMB TFDVOEBSJBEBUPTUPUBMFT 5PUBM $POTFHVJSVOUSBCBKP 4FHVJSFTUVEJBOEPFOMBVOJWFSTJEBEPUFSDJBSJP 5FOFSDVMUVSBHFOFSBM 4BCFSSFMBDJPOBSTFDPOPUSPT .BOFKBSTFDPOJOEFQFOEFODJBZBVUPOPNÓB 5FOFSVOBNJSBEBDSÓUJDB .FKPSBSMPTQSPCMFNBTEFMQBÓT /JOHVOPEFFTUPTBTQFDUPT 0QJOJPOFTEFMPTFTUVEJBOUFTTPCSFMBGVODJØOEFMBFTDVFMB TFDVOEBSJBQPSHÏOFSP 'FNFOJOP .BTDVMJOP $POTFHVJSVOUSBCBKP 4FHVJSFTUVEJBOEPFOMBVOJWFSTJEBE PUFSDJBSJP 5FOFSDVMUVSBHFOFSBM 4BCFSSFMBDJPOBSTFDPOPUSPT .BOFKBSTFDPOJOEFQFOEFODJBZ BVUPOPNÓB 5FOFSVOBNJSBEBDSÓUJDB .FKPSBSMPTQSPCMFNBTEFMQBÓT /JOHVOPEFFTUPTBTQFDUPT -B QSFHVOUB GVF i1FOTBOEP FO MB FTDVFMB TFDVOEBSJB FO HFOFSBM {UF QBSFDFRVFMBFTDVFMBTFDVOEBSJBGPSNBBMPTFTUVEJBOUFTQBSB 4F×BMÈ EPTPQDJPOFT w5PNBNPTMBQSJNFSBPQDJØOQBSBFMDVBESP .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 0QJOJPOFTEFMPTFTUVEJBOUFTTPCSFMBGVODJØOEFMBFTDVFMB TFDVOEBSJBQPSOJWFMTPDJPFDPOØNJDP /JWFM TPDJP FDPOØNJDP CBKP /JWFM TPDJP FDPOØNJDP NFEJP /JWFM TPDJP FDPOØNJDP BMUP $POTFHVJSVOUSBCBKP 4FHVJSFTUVEJBOEPFOMB VOJWFSTJEBEPUFSDJBSJP 5FOFSDVMUVSBHFOFSBM 4BCFSSFMBDJPOBSTFDPO PUSPT .BOFKBSTFDPO JOEFQFOEFODJBZ BVUPOPNÓB 5FOFSVOBNJSBEB DSÓUJDB .FKPSBSMPTQSPCMFNBT EFMQBÓT /JOHVOPEFFTUPT BTQFDUPT 0QJOJPOFTEFMPTFTUVEJBOUFTTPCSFMBGVODJØOEFMBFTDVFMB TFDVOEBSJBTFHÞOFMUJQPEFFTUBCMFDJNJFOUP 1ÞCMJDP 1SJWBEP $POTFHVJSVOUSBCBKP 4FHVJSFTUVEJBOEPFOMBVOJWFSTJEBE PUFSDJBSJP 5FOFSDVMUVSBHFOFSBM 4BCFSSFMBDJPOBSTFDPOPUSPT .BOFKBSTFDPOJOEFQFOEFODJBZ BVUPOPNÓB 5FOFSVOBNJSBEBDSÓUJDB .FKPSBSMPTQSPCMFNBTEFMQBÓT /JOHVOPEFFTUPTBTQFDUPT "ğĖĩĠǼ $VBESP 0QJOJPOFTEFMPTFTUVEJBOUFTTPCSFMPRVFBQSFOEJFSPOFOMB FTDVFMBEBUPTUPUBMFT 5PUBM 3FMBDJPOFTZEJTQPTJDJPOFTTPDJBMFT )FSSBNJFOUBTJOUFMFDUVBMFT 7BMPSFT $POUFOJEPTFTDPMBSFT 0USPT /4/$ 5PUBM -B QSFHVOUB GVF i{$VÈMFT TPO MBT EPT DPTBT NÈT JNQPSUBOUFT RVF BQSFOEJTUFIBTUBBIPSBFOMBFTDVFMBTFDVOEBSJB w $POUFOJEPTFTDPMBSFT 5PUBM 7BMPSFT )FSSBNJFOUBTJOUFMFDUVBMFT 0USPT 3FMBDJPOFTEJTQPTJDJPOFT TPDJBMFT .FUSPQPMJUBOB $VZP /&" /0" 1BNQFBOB 0QJOJPOFTEFMPTQSPGFTPSFTTPCSFMBGVODJØOEFMBFTDVFMBTFDVOEBSJBQPSSFHJPOFTEFMQBÓT 1BUBHØOJDB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB "ğĖĩĠǼ 0QJOJPOFTEFMPTFTUVEJBOUFTTPCSFMPRVFBQSFOEJFSPOFOMB FTDVFMBQPSOJWFMTPDJPFDPOØNJDP /JWFMTPDJPFDPOØNJDP #BKP .FEJP "MUP 3FMBDJPOFTEJTQPTJDJPOFTTPDJBMFT )FSSBNJFOUBTJOUFMFDUVBMFT 7BMPSFT $POUFOJEPTFTDPMBSFT 0USPT 5PUBM .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $VBESP 1BMBCSBTEFMPTFTUVEJBOUFTQBSBEFmOJSDØNPTFTJFOUFO FOMBFTDVFMBTFDVOEBSJBEBUPTUPUBMFT 5PUBM 3FmFSFOBMBDBMJEBEFEVDBUJWBZMBGPSNBDJØO 3FmFSFOBMBQSPUFDDJØOZMBDPOUFODJØO 3FmFSFOBMEFTPSEFOZMBJOEJTDJQMJOB 3FmFSFOBMPSEFOZMBEJTDJQMJOB 3FmFSFOBMBTDBSBDUFSÓTUJDBTEFMFTUBCMFDJNJFOUP 3FmFSFOBMBBSNPOÓB 3FmFSFOBVOBPSJFOUBDJØOGPSNBUJWBFO QBSUJDVMBS 3FmFSFOBMBCVSSJNJFOUP -BQSFHVOUBGVFi2VJTJFSBRVFOPTEJHBTMBTUSFTQBMBCSBTDPOMBTRVF EFTDSJCÓTUVFTDVFMByw"HSVQBNPTMBTSFTQVFTUBTFOEJGFSFOUFTCMPRVFT 1BSB FM BOÈMJTJT EF MPT EBUPT TF DPOTJEFSB MB QSJNFSB PQDJØO "RVÓ QSFTFOUBNPTMBTNÈTTJHOJmDBUJWBT "ğĖĩĠǼ 1BMBCSBTEFMPTFTUVEJBOUFTQBSBEFmOJSDØNPTFTJFOUFOFOMB FTDVFMBTFDVOEBSJBQPSOJWFMTPDJPFDPOØNJDP /JWFMTPDJPFDPOØNJDP #BKP .FEJP "MUP 3FmFSFOBMBDBMJEBEFEVDBUJWBZ MBGPSNBDJØO 3FmFSFOBMBQSPUFDDJØOZMB DPOUFODJØO 3FmFSFOBMEFTPSEFOZMB JOEJTDJQMJOB 3FmFSFOBMPSEFOZMBEJTDJQMJOB 3FmFSFOBMBTDBSBDUFSÓTUJDBTEFM FTUBCMFDJNJFOUP 3FmFSFOBMBBSNPOÓB 3FmFSFOBVOBPSJFOUBDJØO GPSNBUJWBFOQBSUJDVMBS 3FmFSFOBMBCVSSJNJFOUP 3FmFSFOBMBDBMJEBE BDBEÏNJDBZMBGPSNBDJØO 3FmFSFOBMBQSPUFDDJØOZMB DPOUFODJØO 3FmFSFOBMEFTPSEFOZMB JOEJTDJQMJOB 3FmFSFOBMPSEFOZMB EJTDJQMJOB 3FmFSFOBMBTDBSBDUFSÓTUJDBT EFMFTUBCMFDJNJFOUP 3FmFSFOBMBBSNPOÓB 3FmFSFOBVOBPSJFOUBDJØO GPSNBUJWBFOQBSUJDVMBS 3FmFSFOBMBCVSSJNJFOUP .FUSPQPMJUBOB $VZP /&" /0" 1BNQFBOB 1BMBCSBTEFMPTFTUVEJBOUFTQBSBEFmOJSDØNPTFTJFOUFOFOMBFTDVFMBTFDVOEBSJBQPSSFHJPOFTEFMQBÓT 1BUBHØOJDB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB "ğĖĩĠǼ $VBESP 1FSDFQDJPOFTEFMPTBMVNOPTTPCSFBTQFDUPTEFTVFTDVFMB %BUPTUPUBMFT $BMJmDBDJØOQSFQBSBDJØOEFMPT QSPGFTPSFT 5PUBM #VFOB 3FHVMBS .BMB 1FSDFQDJPOFTEFMPTBMVNOPTTPCSFBTQFDUPTEFTVFTDVFMB QPSHÏOFSP $BMJmDBDJØOQSFQBSBDJØOEFMPT QSPGFTPSFT #VFOB 3FHVMBS 'FNFOJOP .BTDVMJOP .BMB 1FSDFQDJPOFTEFMPTBMVNOPTTPCSFBTQFDUPTEFTVFTDVFMB TFHÞOFMUJQPEFFTUBCMFDJNJFOUP $BMJmDBDJØOQSFQBSBDJØOEFMPT QSPGFTPSFT #VFOB 3FHVMBS 1ÞCMJDP 1SJWBEP .BMB -BQSFHVOUBGVFi"ZVEÈOEPUFDPOFTUBUBSKFUBy{DØNPDBMJmDBSÓBTMPT TJHVJFOUFT BTQFDUPT EF UV FTDVFMB -B QSFQBSBDJØO EF MPT QSPGFTPSFT -PT DPOUFOJEPTRVFTFFOTF×BOw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 1FSDFQDJPOFTEFMPTBMVNOPTTPCSFBTQFDUPTEFTVFTDVFMB SFHJØONFUSPQPMJUBOBWTSFTUPEFMQBÓT $BMJmDBDJØOQSFQBSBDJØOEFMPT QSPGFTPSFT #VFOB 3FHVMBS 3FTUPEFMQBÓT 3FHJØONFUSPQPMJUBOB .BMB "ğĖĩĠǼ $VBESP 1FSDFQDJPOFTEFMPTBMVNOPTTPCSFBTQFDUPTEFTVFTDVFMB EBUPTUPUBMFT $BMJmDBDJØODPOUFOJEPT RVFTFFOTF×BO #VFOB 5PUBM 3FHVMBS .BMB 1FSDFQDJPOFTEFMPTBMVNOPTTPCSFBTQFDUPTEFTVFTDVFMBQPS HÏOFSP $BMJmDBDJØODPOUFOJEPT RVFTFFOTF×BO #VFOB 3FHVMBS 'FNFOJOP .BTDVMJOP .BMB 1FSDFQDJPOFTEFMPTBMVNOPTTPCSFBTQFDUPTEFTVFTDVFMB TFHÞOFMUJQPEFFTUBCMFDJNJFOUP $BMJmDBDJØODPOUFOJEPT RVFTFFOTF×BO #VFOB 3FHVMBS .BMB 1ÞCMJDP 1SJWBEP -BQSFHVOUBGVFi"ZVEÈOEPUFDPOFTUBUBSKFUBy{DØNPDBMJmDBSÓBTMPT TJHVJFOUFT BTQFDUPT EF UV FTDVFMB -B QSFQBSBDJØO EF MPT QSPGFTPSFT -PT DPOUFOJEPTRVFTFFOTF×BOw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 1FSDFQDJPOFTEFMPTBMVNOPTTPCSFBTQFDUPTEFTVFTDVFMB SFHJØONFUSPQPMJUBOBWTPUSBTSFHJPOFT $BMJmDBDJØODPOUFOJEPT RVFTFFOTF×BO #VFOB 3FHVMBS .BMB 0USBTSFHJPOFT 3FHJØONFUSPQPMJUBOB "ğĖĩĠǼ $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBDPOWJWFODJBFOTV FTDVFMBEBUPTUPUBMFT 5PUBM $BMJmDBDJØO $POWJWFODJBFOTV FTDVFMBFOHFOFSBM #VFOB 3FHVMBS .BMB /4/$ 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBDPOWJWFODJBFOTV FTDVFMBTFHÞOFMUJQPEFFTUBCMFDJNJFOUP $BMJmDBDJØO $POWJWFODJBFOTV FTDVFMBFOHFOFSBM 1ÞCMJDB 1SJWBEB #VFOB 3FHVMBS .BMB /4/$ 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBDPOWJWFODJBFOTV FTDVFMBQPSHÏOFSP 'FNFOJOP $BMJmDBDJØO $POWJWFODJBFOTV FTDVFMBFOHFOFSBM .BTDVMJOP #VFOB 3FHVMBS .BMB /4/$ -BQSFHVOUBGVFi{$ØNPDBMJmDBSÓBTMPTTJHVJFOUFTBTQFDUPTEFUVFTDVFMB -BDPOWJWFODJBFOHFOFSBMw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBDPOWJWFODJBFOTV FTDVFMBQPSUJQPEFUSBZFDUPSJBFTDPMBS 5SBZFDUPSJBFTDPMBS 4JOTPCSFTBMUPT $BMJmDBDJØO $POWJWFODJB FOTVFTDVFMB FOHFOFSBM $POTPCSFTBMUPT #VFOB 3FHVMBS .BMB /PIBZ /4/$ 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBDPOWJWFODJBFOTV FTDVFMBQPSOJWFMTPDJPFDPOØNJDP /JWFMTPDJPFDPOØNJDP $BMJmDBDJØO $POWJWFODJB FOTVFTDVFMB FOHFOFSBM #BKP .FEJP "MUP #VFOB 3FHVMBS .BMB /PIBZ /4/$ "ğĖĩĠǼ $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMPTWÓODVMPTFOUSF BMVNOPTZEPDFOUFTEBUPTUPUBMFT 5PUBM $BMJmDBDJØO7ÓODVMPT FOUSFBMVNOPTZ EPDFOUFT #VFOB 3FHVMBS .BMB /4/$ 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMPTWÓODVMPTFOUSF BMVNOPTZEPDFOUFTEFBDVFSEPDPOFMUJQPEFFTUBCMFDJNJFOUP $BMJmDBDJØO7ÓODVMPT FOUSFBMVNOPTZ EPDFOUFT 1ÞCMJDB 1SJWBEB #VFOB 3FHVMBS .BMB /4/$ 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMPTWÓODVMPTFOUSF BMVNOPTZEPDFOUFTQPSHÏOFSP $BMJmDBDJØO 7ÓODVMPTFOUSF BMVNOPTZEPDFOUFT 'FNFOJOP .BTDVMJOP #VFOB 3FHVMBS .BMB /4/$ -BQSFHVOUBGVFi{$ØNPDBMJmDBSÓBTMPTTJHVJFOUFTBTQFDUPTEFUVFTDVFMB -PTWÓODVMPTFOUSFBMVNOPTZEPDFOUFTw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMPTWÓODVMPTFOUSF BMVNOPTZEPDFOUFTQPSUJQPEFUSBZFDUPSJBFTDPMBS 5SBZFDUPSJBFTDPMBS 4JOTPCSFTBMUPT $BMJmDBDJØO 7ÓODVMPTFOUSF BMVNOPTZ EPDFOUFT $POTPCSFTBMUPT #VFOB 3FHVMBS .BMB /PIBZ 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMPTWÓODVMPTFOUSF BMVNOPTZEPDFOUFTQPSOJWFMTPDJPFDPOØNJDP /JWFMTPDJPFDPOØNJDP $BMJmDBDJØO 7ÓODVMPTFOUSF BMVNOPTZ EPDFOUFT #BKP .FEJP "MUP #VFOB 3FHVMBS .BMB /4/$ "ğĖĩĠǼ $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBTSFMBDJPOFTFOUSF FTUVEJBOUFTEBUPTUPUBMFT 5PUBM $BMJmDBDJØO3FMBDJØO FOUSFMPTFTUVEJBOUFT #VFOB 3FHVMBS .BMB /4/$ 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBTSFMBDJPOFTFOUSFMPT FTUVEJBOUFTEFBDVFSEPDPOFMUJQPEFFTUBCMFDJNJFOUP $BMJmDBDJØO3FMBDJØO FOUSFMPTFTUVEJBOUFT 1ÞCMJDB 1SJWBEB #VFOB 3FHVMBS .BMB /4/$ 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBTSFMBDJPOFTFOUSFMPT FTUVEJBOUFTQPSHÏOFSP $BMJmDBDJØO3FMBDJØO FOUSFMPTFTUVEJBOUFT 'FNFOJOP .BTDVMJOP #VFOB 3FHVMBS .BMB /4/$ -BQSFHVOUBGVFi{$ØNPDBMJmDBSÓBTMPTTJHVJFOUFTBTQFDUPTEFUVFTDVFMB -BTSFMBDJPOFTFOUSFMPTFTUVEJBOUFTw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBTSFMBDJPOFTFOUSFMPT FTUVEJBOUFTQPSUJQPEFUSBZFDUPSJBFTDPMBS 5SBZFDUPSJBFTDPMBS 4JOTPCSFTBMUPT $BMJmDBDJØO 3FMBDJØOFOUSF MPTFTUVEJBOUFT $POTPCSFTBMUPT #VFOB 3FHVMBS .BMB /4/$ 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFMBTSFMBDJPOFTFOUSFMPT FTUVEJBOUFTQPSOJWFMTPDJPFDPOØNJDP /JWFMTPDJPFDPOØNJDP $BMJmDBDJØO 3FMBDJØOFOUSF MPTFTUVEJBOUFT #BKP .FEJP "MUP #VFOB 3FHVMBS .BMB /4/$ "ğĖĩĠǼ $VBESP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFFMQSFTUJHJPEFTVFTDVFMB EBUPTUPUBMFT &TUBFTDVFMBFTCJFODPOPDJEB QPSTVQSFTUJHJPZCVFOBSFQVUBDJØO 5PUBM %F BDVFSEP /JEFBDVFSEPOJ FOEFTBDVFSEP &O EFTBDVFSEP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFFMQSFTUJHJPEFTVFTDVFMB TFHÞOFMUJQPEFFTUBCMFDJNJFOUP &TUBFTDVFMBFTCJFODPOPDJEB QPSTVQSFTUJHJPZCVFOBSFQVUBDJØO %F BDVFSEP /JEFBDVFSEPOJ FOEFTBDVFSEP &O EFTBDVFSEP 1ÞCMJDP 1SJWBEP 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFFMQSFTUJHJPEFTVFTDVFMB QPSSFHJPOFTEFMQBÓT &TUBFTDVFMBFTCJFODPOPDJEB QPSTVQSFTUJHJPZCVFOBSFQVUBDJØO %F BDVFSEP /JEFBDVFSEPOJ FOEFTBDVFSEP &O EFTBDVFSEP .FUSPQPMJUBOB $VZP 1BUBHØOJDB /&" /0" 1BNQFBOB -B QSFHVOUB GVF i.F HVTUBSÓB TBCFS TJ FTUÈT EF BDVFSEP P FTUÈT FO EFTBDVFSEPDPOMBTTJHVJFOUFTGSBTFTyw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFFMQSFTUJHJPEFTVFTDVFMB QPSUJQPEFUSBZFDUPSJBFTDPMBS &TUBFTDVFMBFTCJFODPOPDJEB QPSTVQSFTUJHJPZCVFOBSFQVUBDJØO %F BDVFSEP /JEFBDVFSEPOJ FOEFTBDVFSEP &O EFTBDVFSEP 4JOTPCSFTBMUPT $POTPCSFTBMUPT 1FSDFQDJPOFTEFMPTFTUVEJBOUFTTPCSFFMQSFTUJHJPEFTVFTDVFMB QPSOJWFMTPDJPFDPOØNJDP &TUBFTDVFMBFTCJFODPOPDJEB QPSTVQSFTUJHJPZCVFOBSFQVUBDJØO %F BDVFSEP /JEFBDVFSEPOJ FOEFTBDVFSEP &O EFTBDVFSEP /JWFM TPDJPFDPOØNJDP CBKP /JWFM TPDJPFDPOØNJDP NFEJP /JWFM TPDJPFDPOØNJDP BMUP "ğĖĩĠǼ $VBESP $BMJmDBDJØOEFMPTFTUVEJBOUFTEFTVFTDVFMBSFTQFDUPEFMBT FTDVFMBTEFTVDJVEBEEBUPTUPUBMFT &TDVFMBSFTQFDUPEFMBTFTDVFMBT TFDVOEBSJBTEFFTUBDJVEBE 5PUBM .FKPS *HVBM 1FPS $BMJmDBDJØOEFMPTFTUVEJBOUFTEFTVFTDVFMBSFTQFDUPEFMBT FTDVFMBTEFTVDJVEBEQPSHÏOFSP &TDVFMBSFTQFDUPEFMBTFTDVFMBT TFDVOEBSJBTEFFTUBDJVEBE .FKPS *HVBM 1FPS 'FNFOJOP .BTDVMJOP $BMJmDBDJØOEFMPTFTUVEJBOUFTEFTVFTDVFMBSFTQFDUPEFMBT FTDVFMBTEFTVDJVEBETFHÞOFMUJQPEFFTUBCMFDJNJFOUP &TDVFMBSFTQFDUPEFMBTFTDVFMBT TFDVOEBSJBTEFFTUBDJVEBE .FKPS *HVBM 1FPS 1ÞCMJDP 1SJWBEP -B QSFHVOUB GVF i.F HVTUBSÓB TBCFS TJ FTUÈT EF BDVFSEP P FTUÈT FO EFTBDVFSEPDPOMBTTJHVJFOUFTGSBTFTyw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $BMJmDBDJØOEFMPTFTUVEJBOUFTEFTVFTDVFMBSFTQFDUPEFMBT FTDVFMBTEFTVDJVEBEQPSSFHJPOFTEFMQBÓT &TDVFMBSFTQFDUPEFMBTFTDVFMBT TFDVOEBSJBTEFFTUBDJVEBE .FKPS *HVBM 1FPS .FUSPQPMJUBOB $VZP 1BUBHØOJDB /&" /0" 1BNQFBOB $BMJmDBDJØOEFMPTFTUVEJBOUFTEFTVFTDVFMBSFTQFDUPEFMBT FTDVFMBTEFTVDJVEBEQPSUJQPEFUSBZFDUPSJBFTDPMBS &TDVFMBSFTQFDUPEFMBTFTDVFMBT TFDVOEBSJBTEFFTUBDJVEBE .FKPS *HVBM 1FPS 4JOTPCSFTBMUPT $POTPCSFTBMUPT $BMJmDBDJØOEFMPTFTUVEJBOUFTEFTVFTDVFMBSFTQFDUPEFMBT FTDVFMBTEFTVDJVEBEQPSOJWFMTPDJPFDPOØNJDP &TDVFMBSFTQFDUPEFMBTFTDVFMBT TFDVOEBSJBTEFFTUBDJVEBE .FKPS *HVBM 1FPS /JWFMTPDJPFDPOØNJDP CBKP /JWFMTPDJPFDPOØNJDP NFEJP /JWFMTPDJPFDPOØNJDP BMUP "ğĖĩĠǼ $VBESP $BMJmDBDJØOEFMPTFTUVEJBOUFTEFTVFTDVFMBSFTQFDUPEFMBT FTDVFMBTEFMQBÓTEBUPTUPUBMFT &TDVFMBSFTQFDUPEFMBTFTDVFMBT TFDVOEBSJBTEFMQBÓT 5PUBM .FKPS *HVBM 1FPS $BMJmDBDJØOEFMPTFTUVEJBOUFTEFTVFTDVFMBSFTQFDUPEFMBT FTDVFMBTEFMQBÓTQPSHÏOFSP &TDVFMBSFTQFDUPEFMBTFTDVFMBT TFDVOEBSJBTEFMQBÓT .FKPS *HVBM 1FPS 'FNFOJOP .BTDVMJOP $BMJmDBDJØOEFMPTFTUVEJBOUFTEFTVFTDVFMBSFTQFDUPEFMBT FTDVFMBTEFMQBÓTTFHÞOFMUJQPEFFTUBCMFDJNJFOUP &TDVFMBSFTQFDUPEFMBTFTDVFMBT TFDVOEBSJBTEFMQBÓT .FKPS *HVBM 1FPS 1ÞCMJDP 1SJWBEP -B QSFHVOUB GVF i.F HVTUBSÓB TBCFS TJ FTUÈT EF BDVFSEP P FTUÈT FO EFTBDVFSEPDPOMBTTJHVJFOUFTGSBTFTyw .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB $BMJmDBDJØOEFMPTFTUVEJBOUFTEFTVFTDVFMBSFTQFDUPEFMBT FTDVFMBTEFMQBÓTQPSSFHJPOFTEFMQBÓT &TDVFMBSFTQFDUPEFMBTFTDVFMBT TFDVOEBSJBTEFMQBÓT .FKPS *HVBM .FUSPQPMJUBOB $VZP 1BUBHØOJDB /&" /0" 1BNQFBOB 1FPS $BMJmDBDJØOEFMPTFTUVEJBOUFTEFTVFTDVFMBSFTQFDUPEFMBT FTDVFMBTEFMQBÓTQPSUJQPEFUSBZFDUPSJBFTDPMBS &TDVFMBSFTQFDUPEFMBTFTDVFMBT TFDVOEBSJBTEFMQBÓT .FKPS *HVBM 1FPS 4JOTPCSFTBMUPT $POTPCSFTBMUPT $BMJmDBDJØOEFMPTFTUVEJBOUFTEFTVFTDVFMBSFTQFDUPEFMBT FTDVFMBTEFMQBÓTQPSOJWFMTPDJPFDPOØNJDP &TDVFMBSFTQFDUPEFMBTFTDVFMBT TFDVOEBSJBTEFMQBÓT .FKPS *HVBM 1FPS /JWFMTPDJPFDPOØNJDP CBKP /JWFMTPDJPFDPOØNJDP NFEJP /JWFMTPDJPFDPOØNJDP BMUP #*#-*0(3"'¶" "CSBNPXTLJ"-i6OBNPSCJFOSFHVMBEPMPTBGFDUPTNB HJTUFSJBMFT FO MB FEVDBDJØOw &O 'SJHFSJP ( Z %JLFS ( DPNQ &EVDBSmHVSBTZFGFDUPTEFMBNPS#VFOPT"JSFT %FM&TUBOUF&EJUPSJBM "OESFOBDDJ-PSH $VFTUJØOTPDJBMZQPMÓUJDBTPDJBMFOFM(SBO #VFOPT"JSFT#VFOPT"JSFT6/(4&EJDJPOFTBM.BSHFO "OUFMP&Z"CSBNPXTLJ"&MSFOFHBSEFMBFTDVFMB3PTBSJP )PNP4BQJFOT "OUFMP & Z "MMJBVE " (SBOEF[BT Z NJTFSJBT EF MB UBSFB EF FOTF×BS#VFOPT"JSFTNJNFP "SGVDI - i*OUSPEVDDJØOw &O "SGVDI - DPNQ 1FOTBS FTUF UJFNQP &TQBDJPT BGFDUPT QFSUFOFODJBT #VFOPT "JSFT 1BJEØT "SGVDI--BFOUSFWJTUBVOBJOWFODJØOEJBMØHJDB#VFOPT"J SFT1BJEØT "VZFSP+0USBWF[FOMBWÓB/PUBTFJOUFSSPHBOUFTTPCSFMBKV WFOUVEEFTFDUPSFTQPQVMBSFT#VFOPT"JSFT&TQBDJP #BOmFME&.PSBM#BTJTPG#BDLXBSE4PDJFUZ/VFWB:PSLɨF 'SFF1SFTT #BVNBO ; .PEFSOJEBE MÓRVJEB #VFOPT "JSFT 'POEP EF $VMUVSB&DPOØNJDB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB #BVNBO;"NPSMÓRVJEP"DFSDBEFMBGSBHJMJEBEEFMPTWÓODV MPTIVNBOPT#VFOPT"JSFT'POEPEF$VMUVSB&DPOØNJDB #FDL6Z#FDL(FSOTIFJN&&MOPSNBMDBPTEFMBNPS-BTOVF WBTGPSNBTEFMBSFMBDJØOBNPSPTB#BSDFMPOB1BJEØT #JSHJO"&MUSBCBKPEFFOTF×BS&OUSFMBWPDBDJØOZFMNFSDBEP MBTOVFWBTSFHMBTEFKVFHP#VFOPT"JSFT5SPRVFM #POBMEJ1i&WPMVDJØOEFMBTNVFSUFTWJPMFOUBTFOMB"SHFOUJOB w&O(BZPM4Z,FTTMFS(DPNQ 7JPMFO DJBTEFMJUPTZKVTUJDJBTFOMB"SHFOUJOB#VFOPT"JSFT.BOBO UJBM6/(4 #POBMEJ 1 i)JKPT EF EFTBQBSFDJEPT &OUSF MB DPOTUSVDDJØO EFMBQPMÓUJDBZMBDPOTUSVDDJØOEFMBNFNPSJBw&O+FMJO &Z4FNQPM%DPNQ &MQBTBEPFOFMGVUVSPMPTNPWJ NJFOUPTKVWFOJMFT#VFOPT"JSFT4JHMP7FJOUJVOP&EJUPSFT *CFSPBNFSJDBOB4PDJBM4DJFODF3FTFBSDI$PVODJM #PVSEJFV1$BQJUBMDVMUVSBMFTDVFMBZFTQBDJPTPDJBM.ÏYJDP %'4JHMP99* #SBTMBWTLZ$i-PTQSPDFTPTDPOUFNQPSÈOFPTEFDBNCJPTEF MBFEVDBDJØOTFDVOEBSJBFO"NÏSJDBMBUJOB"OÈMJTJTEFDBTPT FO"NÏSJDBEFM4VSw&O#SBTMBWTLZ$PSH -BFEVDBDJØO TFDVOEBSJB {$BNCJP P JONVUBCJMJEBE "OÈMJTJT EF QSPDFTPT FVSPQFPT Z MBUJOPBNFSJDBOPT DPOUFNQPSÈOFPT #VFOPT "JSFT 4BOUJMMBOB #VSLF$Z(SPTWFOPS*DzF4DIPPM*E-JLF$IJMESFOBOE :PVOH1FPQMFT3FnFDUJPOTPOBO&EVDBUJPOGPSUIFTUDFO UVSZ-POEPO3PVUMFEHF'BSNFS #ĚēĝĚĠĘģĒėŧĒ $IBWFT .i-PT FTQBDJPT VSCBOPT EF KØWFOFT FO MB DJVEBE EF-B1MBUBw5FTJTEPDUPSBMQQ'BDVMUBEEF$JFODJBT /BUVSBMFT.VTFP6/-1 $PSCFUUB 1 .FUPEPMPHÓB Z UÏDOJDB EF MB JOWFTUJHBDJØO TPDJBM .BESJE.D(SBX)JMM %F-BKPORVJÒSF-i1TJDBOÈMJTF.PEFSOJEBEFF'SBUFSOJEB EF/PUBT*OUSPEVUØSJBTw&O,IFM.3FE "'VOÎÍP 'SBUFSOB3JPEF+BOFJSP3FMVNF%VNBSÈ %FM$VFUP$i&MFDDJPOFTFEVDBUJWBTEFMBTOVFWBTDMBTFTNF EJBT&EVDBDJØOZNPEFMPTEFTPDJBMJ[BDJØOFODPVOUSJFTZ CBSSJPTDFSSBEPTEFM(SBO#VFOPT"JSFTw3FW&TQJSBM/ WPM9*(VBEBMBKBSBTFQUJFNCSFEJDJFNCSFEF %VCBS$-BDSJTJTEFMBTJEFOUJEBEFT-BJOUFSQSFUBDJØOEFVOB NVUBDJØO#BSDFMPOB&EJDJPOFT#FMMBUFSSB %VCFU ' i{.VUBDJPOFT JOTUJUVDJPOBMFT ZP MJCFSBMJTNP w &O 5FOUJ'BOGBOJ&PSH (PCFSOBCJMJEBEEFMPTTJTUFNBTFEVDBUJ WPTFO"NÏSJDBMBUJOB#VFOPT"JSFT**1&6/&4$0 %VTDIBU[LZ4-BFTDVFMBDPNPGSPOUFSB#VFOPT"JSFT1BJEØT %VTTFM*i-BFTDVFMBZMBDSJTJTEFMBTJMVTJPOFTw&O%VTTFM* Z'JOPDDIJP4DPNQ &OTF×BSIPZ6OBJOUSPEVDDJØOBMB FTDVFMBFOUJFNQPTEFDSJTJT#VFOPT"JSFT'POEPEF$VMUVSB &DPOØNJDB %VTTFM*$VSSJDVMVNIVNBOJTNPZEFNPDSBDJBFOMBFOTF×BO [BNFEJB #VFOPT"JSFT0mDJOBEF1VCMJDB DJPOFTEFM$#$6#"'-"$40 .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB %VTTFM*i%FMBNPSZMBQFEBHPHÓB/PUBTTPCSFMBTEJmDVM UBEFTEFVOWÓODVMPw&O'SJHFSJP(Z%JLFS(DPNQ &EVDBSmHVSBTZFGFDUPTEFMBNPS#VFOPT"JSFT%FM&TUBO UF&EJUPSJBM %VTTFM*i*NQBDUPTEFMPTDBNCJPTFOFMDPOUFYUPTPDJBMZ PSHBOJ[BDJPOBMEFMPmDJPEPDFOUFw&O5FOUJ'BOGBOJ& DPNQ &MPmDJPEPDFOUF7PDBDJØOUSBCBKPZQSPGFTJØOFO FM TJHMP YYJ #VFOPT "JSFT **1&6/&4$0 'VOEBDJØO 04%&4JHMP99*&EJUPSFT %VTTFM*Z$BSVTP.-BJOWFODJØOEFMBVMB6OBHFOFBMPHÓB EFMBTGPSNBTEFFOTF×BS#VFOPT"JSFT4BOUJMMBOB &ISFOCFSH"-BGBUJHBEFTFSVOPNJTNP%FQSFTJØOZTPDJF EBE#VFOPT"JSFT/VFWB7JTJØO &TDBSEØ'-BDBTBOVFWB&WPDBDJPOFTEFM$PMFHJP/BDJPOBMEF #VFOPT"JSFT#VFOPT"JSFT&EJUPSJBM$BNQBOP &TQØTJUP3$PNNVOJUBT0SJHFOZEFTUJOPEFMBDPNVOJEBE #VFOPT"JSFT"NPSSPSUV &UDIFWFSSZ(+-BUSBHFEJBFEVDBUJWB#VFOPT"JSFT'POEP EF$VMUVSB&DPOØNJDB &[QFMFUB + i-B FTDVFMB Z MPT NBFTUSPT FOUSF FM TVQVFTUP Z MBEFEVDDJØOw1SPQVFTUB&EVDBUJWB/B×P#VFOPT "JSFT'-"$40BHPTUPEF 'FJKØP.EFM$&RVJEBETPDJBMZFEVDBDJØOFOMPTB×PT #VFOPT"JSFT**1&6/&4$0 'FJYB$%FKØWFOFTCBOEBTZUSJCVT#BSDFMPOB"SJFM #ĚēĝĚĠĘģĒėŧĒ 'FJYB$i%FMSFMPKEFBSFOBBMSFMPKEJHJUBMw+ØWFOFT3FWJTUB EF&TUVEJPTTPCSF+VWFOUVE/.ÏYJDP*OTUJUVUP.FYJ DBOPEFMB+VWFOUVEKVMJPEJDJFNCSFEF 'FSOÈOEF[&OHVJUB.*OUFHSBSPTFHSFHBS-BFOTF×BO[BTFDVO EBSJBFOMPTQBÓTFTJOEVTUSJBMJ[BEPT#BSDFMPOB-BJB 'FSSFS$I-BDVSWBQPSOPHSÈmDB&MTVGSJNJFOUPTJOTFOUJEP Z MB UFDOPMPHÓB -PHSP×P &EJUPSJBM 1FQJUBT EF $BMBCB[B 'JOPDDIJP 4 i"QBSJFODJB FTDPMBSw &O %VTTFM * Z 'JOPD DIJP4DPNQ &OTF×BSIPZ6OBJOUSPEVDDJØOBMBFEVDB DJØOFOUJFNQPTEFDSJTJT#VFOPT"JSFT'POEPEF$VMUVSB &DPOØNJDB 'SFEFSJD4#VFOPTWFDJOPTNBMPTQPMÓUJDPT#VFOPT"JSFT1SP NFUFP (JOPDDIJP7i0SEFOVOJGPSNJEBEZDPOUSPMMBQSFTDSJQDJØO FTUBUBMFOMBPSHBOJ[BDJØOEFMBFTDVFMBNPEFSOB1SPWJODJB EF#VFOPT"JSFT w5FTJTEFNBFTUSÓB.BFTUSÓB FO(FTUJØO&EVDBUJWB6OJWFSTJEBEEF4BO"OESÏT (SFFO#Z#JHVN$i"MJFOÓHFOBTOBTBMBEFBVMBw&O%B 4JMWB55 FE "MJFOÓHFOBT OB TBMB EF BVMB 1FUSØQPMJT &EJUPSB7P[FT-UEB (BHMJBOP3i-BBEPMFTDFODJBFOMB"SHFOUJOBw&O1VJHHSØT "DPNQ &TDVFMBEFNPDSBDJBZPSEFO #VF OPT"JSFT(BMFSOB (BHMJBOP 3 i"QPSUFT QBSB MB DPOTUSVDDJØO EF VOB IJTUPSJB DSÓUJDBEFMBBEPMFTDFODJBFOMB"SHFOUJOBw&O1VJHHSØT .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB "EJS &TDVFMBEFNPDSBDJBZPSEFO #VFOPT "JSFT&E(BMFSOB (BMMBSU."-BDPOTUSVDDJØOTPDJBMEFMBFTDVFMBNFEJB6OB BQSPYJNBDJØOJOTUJUVDJPOBM#VFOPT"JSFT&EJUPSJBM4UFMMB -B$SVKÓB (BSDÓB$BODMJOJ/$VMUVSBTIÓCSJEBT&TUSBUFHJBTQBSBFOUSBSZ TBMJSEFMBNPEFSOJEBE.ÏYJDP(SJKBMCP (SJNTPO"i-BOBDJØOEFTQVÏTEFMEFDPOTUSVDUJWJTNP-BFYQF SJFODJBBSHFOUJOBZTVTGBOUBTNBTw4PDJFEBE )JNBOFO 1 -B ÏUJDB EFM IBDLFS Z FM FTQÓSJUV EF MB FSB EF MB JOGPSNBDJØO#VFOPT"JSFT1MBOFUB )VOU"(PWFSOJOH.PSBMT"4PDJBM)JTUPSZPG.PSBM3FHVMB UJPO$BNCSJEHF6,Z/VFWB:PSL$BNCSJEHF6OJWFS TJUZ1SFTT +FMJO & 1BO Z BGFDUPT -BT USBOTGPSNBDJPOFT EF MBT GBNJMJBT #VFOPT"JSFT'POEPEF$VMUVSB&DPOØNJDB ,BODZQFS--BDPOGSPOUBDJØOHFOFSBDJPOBM&TUVEJPQTJDPBOB MÓUJDP#VFOPT"JSFT&EJUPSJBM-VNFO ,FTTMFS ( -B FYQFSJFODJB FTDPMBS GSBHNFOUBEB &TUVEJBOUFT Z EPDFOUFTFOMBFTDVFMBNFEJBFO#VFOPT"JSFT#VFOPT"JSFT **1&6/&4$0 ,FTTMFS(i&OUSFGSPOUFSBTEFTWBOFDJEBT-ØHJDBTEFBSUJDV MBDJØOEFBDUJWJEBEFTMFHBMFTFJMFHBMFTFOMPTKØWFOFTw&O (BZPM4Z,FTTMFS(DPNQ 7JPMFODJBTEFMJUPTZKVTUJ DJBTFOMB"SHFOUJOB#VFOPT"JSFT.BOBOUJBM6OJWFSTJEBE /BDJPOBMEF(FOFSBM4BSNJFOUPC #ĚēĝĚĠĘģĒėŧĒ -BIJSF # -B DVMUVSF EFT JOEJWJEVT %JTTPOBODFT DVMUVSFMMFT FU EJTUJODUJPOEFTPJ1BSÓT²E-B%ÏDPVWFSUF -BIJSF # &M FTQÓSJUV TPDJPMØHJDP #VFOPT "JSFT .BOBOUJBM -BOH7i-BDPOTUSVDDJØOTPDJBMEFMBTJEFOUJEBEFTQSPGFTJP OBMFT EF MPT EPDFOUFT FO 'SBODJB &OGPRVFT IJTUØSJDPT Z TPDJPMØHJDPTw&O5FOUJ'BOGBOJ&DPNQ &MPmDJPEP DFOUF7PDBDJØO USBCBKP Z QSPGFTJØO FO FM TJHMP YYJ #VFOPT "JSFT **1&6/&4$0 'VOEBDJØO 04%& 4JHMP 99* &EJUPSFT -BTDI$-BDVMUVSBEFMOBSDJTJTNP#BSDFMPOB&EJUPSJBM"O ESÏT#FMMP -BXO.Z(SPTWFOPS*DPNQ .BUFSJBMJUJFTPGTDIPPMJOH %FTJHO 5FDIOPMPHJFT 0CKFDUT 3PVUJOFT 0YGPSE 4ZNQP TJVN#PPLT -FDIOFS / i$VMUVSB KVWFOJM Z EFTBSSPMMP IVNBOPw &O +ØWFOFT3FWJTUBEF&TUVEJPTTPCSF+VWFOUVEB×P/P .ÏYJDP%'FOFSPKVOJPEF -JOUPO 3 DzF $VMUVSBM #BDLHSPVOE PG 1FSTPOBMJUZ /VFWB :PSL"QQMFUPO$FOUVSZ$SPGUT .BDIBEP1BJT+i&MGVUVSPy{FTEFUPEPTQPSJHVBMPEFVOPT NÈTRVFPUSPT $VMUVSBTKVWFOJMFTPDJPTZFTUJMPTEFWJEBw&O :PVOJT+FE /JEJGFSFOUFTOJJOEJGFSFOUFT-PTKØWFOFTFOFM NVOEPEFIPZ$BOBSJBT(PCJFSOPEF$BOBSJBT .BDIBEP1BJT+i-BCFSJOUPTEFWJEBQBSPKVWFOJMZSVUBTEF TBMJEBw 3FWJTUB EF &TUVEJPT EF +VWFOUVE / .BESJE *OKVWF .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB .BSSBEJ""SDIFOUJ/Z1JPWBOJ+*.FUPEPMPHÓBEFMBT $JFODJBT4PDJBMFT#VFOPT"JSFT&NFDÏ .BSUÓO#BSCFSP+-BFEVDBDJØOEFTEFMBDPNVOJDBDJØO#VF OPT"JSFT/PSNB .BSUÓO#BSCFSP+i$SJTJTJEFOUJUBSJBTZUSBOTGPSNBDJPOFTEF MBTVCKFUJWJEBEw&O-BWFSEF5PTDBOP./BWBSSFUF( Z;VMFUB1BSEP.DPNQ %FCBUFTTPCSFFMTVKFUP1FSTQFD UJWBTDPOUFNQPSÈOFBT#PHPUÈ6OJWFSTJEBE$FOUSBM%FQBS UBNFOUPEF*OWFTUJHBDJPOFT4JHMPEFM)PNCSF&EJUPSFT .BSUÓO#BSCFSP+<>i+ØWFOFTDPNVOJDBDJØOFJEFO UJEBEw1FOTBS*CFSPBNÏSJDB3FWJTUBEF$VMUVSBEFMB0&* /EJTQPOJCMFFOIUUQXXXPFJFTQFOTBSJCFSPBNFSJ DBSJDBIUNBDDFTPFONBS[PEF .BSUÓO#BSCFSP+i-BSB[ØOUÏDOJDBEFTBGÓBBMBSB[ØOFTDP MBSw&O/BSPEPXTLJ.0TQJOB)Z.BSUÓOF[#PPN "DPNQ -BSB[ØOUÏDOJDBEFTBGÓBBMBSB[ØOFTDPMBS$POT USVDDJØOEFJEFOUJEBEFTZTVCKFUJWJEBEFTQPMÓUJDBTFOMBGPSNB DJØO#VFOPT"JSFT/PWFEVD .D8JMMJBN&1FEBHPHJDBM1MFBTVSFT/VFWB:PSL1FUFS-BOH .FBE . $VMUVSB Z DPNQSPNJTP #VFOPT "JSFT (FEJTB .FJSFJV1i&MTJHOJmDBEPEFFEVDBSFOVONVOEPTJOSFGF SFODJBTw$POGFSFODJBCSJOEBEBFOFM.JOJTUFSJPEF&EVDB DJØO$JFODJBZ5FDOPMPHÓBEFMB/BDJØO"SHFOUJOB#VF OPT"JSFTKVOJPEF #ĚēĝĚĠĘģĒėŧĒ .FJSJFV1-FQÏEBHPHVFFUMFTESPJUTEFMFOGBOUIJTUPJSFEVONBM FOUFOEV $POEÏTVS/PJSFBV²EJUJPOTEV5SJDPSOF .FSLMFO%i1SFGBDJPw&O4FNÈO1#BKPDPOUJOVP&YQMP SBDJPOFTEFTDFOUSBEBTTPCSFDVMUVSBQPQVMBSZNBTJWB#VFOPT "JSFT&EJUPSJBM(PSMB .FZSPXJU[+/PTFOTFPGQMBDFDzFJNQBDUPGFMFDUSPOJDNFEJB PO TPDJBM CFIBWJPS /VFWB:PSL 0YGPSE 6OJWFSTJUZ 1SFTT /BSPEPXTLJ.Z#SBJMPWTLZ%FET %PMPSEFFTDVFMB#VF OPT"JSFT1SPNFUFP /BSPEPXTLJ.&TQFDVMBDJØOZDBTUJHPFOMBFTDVFMBTFDVOEBSJB 5BOEJMQSPWJODJBEF#VFOPT"JSFT6OJWFSTJEBE/BDJPOBM EFM$FOUSP /JDPMB[[P.i1SPGFTPSFTFOMB DSJTJT%VFMPTQPSJEFOUJEB EFTRVFOPTPOw5FTJTEFNBFTUSÓB'BDVMUBE-BUJOPBNFSJ DBOBEF$JFODJBT4PDJBMFT'-"$40"SHFOUJOB /ØWPB " 'PSNBÎÍP EF QSPGFTPSFT F USÈCBMIP QFEBHØHJDP -JT CPB6OJWFSTJEBEEF-JTCPB&EVDB /ØWPB"3FDFOTÍPEBPCSBEF+PSHF3BNPTEP» i0HPWFSOPEFTJNFTNP.PEFSOJEBEFQFEBHØHJDBFFO DFOBÎÜFTEJTDJQMJOBSFTEPBMVOPMJDFBMVMUJNPRVBSUFMEP TÏDĩĚĩNFBEPTEPTÏDĩĩ w-JTCPB&EVDB4ÓTJGP3FWJTUB EF$JFODJBTEB&EVDBÎÍPQQ$POTVMUB EPFOGFCSFSPEFFOIUUQTJTJGPGQDFVMQU 0DBNQP.i.ÈTBMMÈEFMBTGSPOUFSBT6OBNJSBEBTPCSFMB DVMUVSBFTDPMBSFOFTDVFMBTDBUØMJDBTQBSSPRVJBMFTEFEJGF .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB SFOUFTOJWFMFTTPDJPFDPOØNJDPTw5FTJTEFNBFTUSÓB&TDVF MBEF&EVDBDJØO6OJWFSTJEBEEF4BO"OESÏT 0%POOFMM(i-BTQPMJBSRVÓBTZMBJO FGFDUJWJEBEEFMBMFZ FO "NÏSJDB MBUJOBw &O .ÏOEF[ + & 0%POOFMM ( Z 1JOIFJSP14DPNQ -BJO FGFDUJWJEBEEFMBMFZZMBFY DMVTJØOFO"NÏSJDBMBUJOB#VFOPT"JSFT1BJEØT 0%POOFMM(i{:BNÓRVÏNJFSEBNFJNQPSUBw$POUSBQVO UPT#VFOPT"JSFT1BJEØT 1BTTFSJOJ-i-BKVWFOUVENFUÈGPSBEFMDBNCJPTPDJBMEPT EFCBUFTTPCSFMPTKØWFOFTFOMB*UBMJBGBTDJTUBZFOMPT&T UBEPT6OJEPTEVSBOUFMPTB×PTDJODVFOUBw&O-FWJ(Z 4DINJUU+$)JTUPSJBEFMPTKØWFOFT$BQÓUVMP**-BFEBE DPOUFNQPSÈOFB.BESJE&E5BVSVT 1JOFBV1i%FMBTFEVDDJØOFOFMBDUPQFEBHØHJDP.BSDBTFO MBDVMUVSBBSHFOUJOBw&O'SJHFSJP(Z%JLFS(DPNQ &EVDBSmHVSBTZFGFDUPTEFMBNPS#VFOPT"JSFT%FM&TUBO UF&EJUPSJBM 1PMJBL/i3FDPOmHVSBDJPOFTSFDJFOUFTFOMBFEVDBDJØONF EJBFTDVFMBTZQSPGFTPSFTFOVOBHFPHSBGÓBGSBHNFOUBEBw &O 5JSBNPOUJ ( DPNQ -B USBNB EF MB EFTJHVBMEBE FEVDBUJWB.VUBDJPOFTSFDJFOUFTEFMBFTDVFMBNFEJB#VFOPT "JSFT.BOBOUJBM 1VJHHSØT"{2VÏQBTØFOMBFEVDBDJØOBSHFOUJOB #VFOPT"J SFT&E,BQFMVT[ 2VJSØT+$SV[BOEPMB4BSNJFOUP-PTQJRVFUFSPTFOMBUSBNB TPDJBMEFMTVSEFM(SBO#VFOPT"JSFT$PMFDDJØOi4FSJF&UOP HSÈmDBw#VFOPT"JSFT&EJUPSJBM"OUSPQPGBHJBZ$FOUSPEF "OUSPQPMPHÓB4PDJBMEFM*%&4 #ĚēĝĚĠĘģĒėŧĒ 3FEPOEP 1 i&TDVFMBT Z QPCSF[B FOUSF FM EFTBTPTJFHP Z MB PCTUJOBDJØOw&O%VTTFM*Z'JOPDDIJP4&OTF×BSIPZ 6OBJOUSPEVDDJØOBMBFEVDBDJØOFOUJFNQPTEFDSJTJT#VFOPT "JSFT'POEPEF$VMUVSB&DPOØNJDB 3JDIBSE/-BJOTVCPSEJOBDJØOEFMPTTJHOPT$BNCJPQPMÓUJDP USBOTGPSNBDJPOFTDVMUVSBMFTZQPÏUJDBTEFMBDSJTJT4BOUJBHPEF $IJMF&EJUPSJBM$VBSUP1SPQJP 3PTF/1PXFSTPG'SFFEPN3FGSBNJOHQPMJUJDBMUIPVHIU$BNCSJE HF6,/FX:PSL$BNCSJEHF6OJWFSTJUZ1SFTT 4BOUJBHP'$IJDPTNBMPT6OJWFSTJEBE/BDJPOBMEF(FOFSBM 4BSNJFOUP*OTUJUVUPEFM$POVSCBOP 4BSBWJ(i&OUSFMBFWBTJØOZMBFYDMVTJØOTPDJBMKØWFOFTRVF OPFTUVEJBOOJUSBCBKBOw/VFWB4PDJFEBE/.ÏYJ DP 4BSBWJ(i4FHSFHBDJØOVSCBOBZFTQBDJPQÞCMJDPMPTKØWFOFT FOFODMBWFTEFQPCSF[BFTUSVDUVSBMw3FWJTUBEFMB$&1"- /4BOUJBHPEF$IJMFBHPTUPEF 4BSMP#-BJNBHJOBDJØOUÏDOJDB4VF×PTNPEFSOPTEFMBDVMUVSB BSHFOUJOB#VFOPT"JSFT/VFWB7JTJØO 4DPUU+0OMZQBSBEPYFTUPPąFS-POESFT)BSWBSE6OJWFSTJUZ 1SFTT 4FNÈO1#BKPDPOUJOVP&YQMPSBDJPOFTEFTDFOUSBEBTTPCSFDVMUV SBQPQVMBSZNBTJWB#VFOPT"JSFT&EJUPSJBM(PSMB 4FOOFUU 3 &M SFTQFUP 4PCSF MB EJHOJEBE EFM IPNCSF FO VO NVOEPEFEFTJHVBMEBE#BSDFMPOB"MGBHVBSB .ÃTBMMÃEFMBDSJTJT7JTJÓOEFBMVNOPTZQSPGFTPSFTEFMBFTDVFMBTFDVOEBSJBBSHFOUJOB 4FOOFUU3DzFDVMUVSFPGUIFOFXDBQJUBMJTN/VFWB:PSL:BMF 6OJWFSTJUZ1SFTT 4MPUFSEJKL14PCSFMBNFKPSBEFMBCVFOBOVFWB&MiRVJOUPw &WBOHFMJPTFHÞO/JFU[TDIF.BESJE4JSVFMB 4POUBH4"OUFFMEPMPSEFMPTEFNÈT#VFOPT"JSFT"MGBHVBSB 4VTJOPT 5 Z $BMWP 4BMWBEPS " iA:P OP WBMHP QBSB FTUV EJBSy6OBOÈMJTJTDSÓUJDPEFMBOBSSBDJØOEFMBTFYQFSJFO DJBTEFFYDMVTJØOTPDJBMw$POUFYUPT&EVDBUJWPT3FWJTUBEF &EVDBDJØO 6OJWFSTJEBE EF -B 3JPKB &TQB×B / %JTQPOJCMF FO IUUQEJBMOFUVOJSJPKBFTTFS WMFUFYUBSU DPEJHPBDDFTPGFCSFSPEF 4WBNQB.-BTPDJFEBEFYDMVZFOUF-B"SHFOUJOBCBKPFMTJHOP EFMOFPMJCFSBMJTNP#VFOPT"JSFT5BVSVT 5FEFTDP + $ &EVDBDJØO Z TPDJFEBE FO MB "SHFOUJOB #VFOPT"JSFT4PMBS 5FOUJ'BOGBOJ&i1SPGFTJPOBMJ[BDJØOEPDFOUFDPOTJEFSBDJP OFTTPDJPMØHJDBTw&O5FOUJ'BOGBOJ&DPNQ &MPmDJP EPDFOUF7PDBDJØOUSBCBKPZQSPGFTJØOFOFMTJHMPYYJ#VFOPT "JSFT **1&6/&4$0 'VOEBDJØO 04%& 4JHMP 99* &EJUPSFT 5FOUJ'BOGBOJ&&EVDBDJØONFEJBQBSBUPEPT-PTEFTBGÓPTEF MB EFNPDSBUJ[BDJØO EFM BDDFTP #VFOPT "JSFT 'VOEBDJØO 04%&**1&6OFTDP&EJUPSJBM"MUBNJSB 5JSBNPOUJ(DPNQ -BUSBNBEFMBEFTJHVBMEBEFEVDBUJWB .VUBDJPOFTSFDJFOUFTFOMBFTDVFMBNFEJB#VFOPT"JSFT.B OBOUJBM #ĚēĝĚĠĘģĒėŧĒ 5JSBNPOUJ({&MmOEFMBJMVTJØOFNBODJQBEPSB #VFOPT"J SFT5FNBT(SVQP&EJUPSJBM 5JSBNPOUJ(Z'JMNVT%4JOEJDBMJTNPEPDFOUFZSFGPSNBFO "NÏSJDBMBUJOB#VFOPT"JSFT'-"$405FNBT 7BTFO+i/J×PTQBESFTZNBFTUSPTIPZw&M.POJUPSEFMB &EVDBDJØO/.JOJTUFSJPEF&EVDBDJØO$JFODJBZ5FD OPMPHÓB 8JMMJT1iɨFZPVUISFWJFXwDzF#SJUJTI+PVSOBMPG4PDJPMPHZ WPM/ɨF-POEPO4DIPPMPG&DPOPNJDTBOE1P MJUJDBM4DJFODFNBS[PEF &TUBFEJDJØOTFUFSNJOØEF JNQSJNJSFOFMNFTEF"CSJM EFFO*OEVHSBG4" 4ÈODIF[EF-PSJB $JVEBEEF#VFOPT"JSFT 3FQÞCMJDB"SHFOUJOB .ÃTBMMÃEFMBDSJTJT 7JTJÓOEFBMVNOPTZQSPGFTPSFT EFMBFTDVFMBTFDVOEBSJBBSHFOUJOB {2VÏTVDFEFIPZFOMBFTDVFMBTFDVOEBSJB {2VÏFYQFDUBUJWBTEFNBOEBTZQSPQVFTUBTUJF OFOMPTBDUPSFTQSJODJQBMFTEFMBTFTDVFMBTTFDVOEBSJBTEFMQBÓT &MPCKFUJWPEFFTUFFTUVEJP FTQSPEVDJSDPOPDJNJFOUPTPCSFMBTQFSDFQDJPOFTZFYQFDUBUJWBTEFKØWFOFTZQSPGFTPSFTRVF FOTF×BOZBQSFOEFOFOMBFTDVFMBNFEJBBSHFOUJOB4FSFBMJ[ØVOBJOWFTUJHBDJØOOBDJPOBM FOEJFDJTÏJTMVHBSFTEFMQBÓTRVFSFMFWØNFEJBOUFFODVFTUBTZHSVQPTGPDBMFTMPRVFPQJOBO RVJFOFTFTUÈOFOMBTFTDVFMBTDPUJEJBOBNFOUF&MSFTVMUBEPDPOmSNBZTPSQSFOEFIBZNÈT QVOUPTEFDPOGPSNJTNPZWBMPSBDJØORVFEFSVQUVSBDPOMBTJUVBDJØOBDUVBM-PTEPDFOUFT TJCJFONVFTUSBOEFTÈOJNPZOPTUBMHJBNBOUJFOFOVOiEFCFSTFSwTJNJMBSBMEFPUSBTÏQPDBT ZVOBPQJOJØOQPTJUJWBTPCSFTVTFTDVFMBTZTVTBMVNOPT-PTKØWFOFTBTVUVSOPWBMPSBO MPTFTQBDJPTEFTPDJBMJ[BDJØOZEFBQSFOEJ[BKFRVFQSPQPOFMBFTDVFMB$POGSPOUBODVBOEPTF USBUBEFPQJOBSTPCSFMBKVTUJDJBFOMBFTDVFMBMBEJTDSJNJOBDJØOMBTSFMBDJPOFTDPOMPTBEVMUPT ZEFMBTFTDVFMBTDPOMBTGBNJMJBT-PRVFTVSHFFTVOBNJSBEBNÈTNBUJ[BEBZDPNQMFKBRVF MPRVFTVHJFSFOMPTEJBHOØTUJDPTEFVOBDSJTJTUFSNJOBMZOPTDPONJOBOBEBSDVFOUBOP UBOUPEFMEFDMJWFEFMBJOTUJUVDJØOTJOPEFTVFmDBDJBFOVODJBUJWBFTEFDJSEFTVDBQBDJEBE UPEBWÓBBDUJWBQBSBNPMEFBSWBMPSFTZEFNBOEBTQBSBHFOFSBSJEFOUJEBEFTZQBSBQMBOUFBS IPSJ[POUFTEFFYQFDUBUJWBT