`Vi 7JTJØODJFOUÓGJDBEFMNVOEP {$ØNPUSBCBKBVODJFOUÓGJDP )JTUPSJBEFMBDJFODJB#FDRVFSFMZMPTFMFNFOUPT SBEJBDUJWPT )JQØUFTJTZUFPSÓBT &MFYQFSJNFOUP -BUFDOPMPHÓB {2VÏFTUVEJBMBGÓTJDB $JFODJBUFDOPMPHÓBZTPDJFEBE*OWFTUJHBDJØO ZTFHVSJEBEWJBM )JTUPSJBEFMBDJFODJB-BJOWFTUJHBDJØOBMPMBSHP EFMUJFNQP {2VÏBQSFOEÓ .BHOJUVEFTGÓTJDBTZTVNFEJDJØO {2VÏNJEFOMPTGÓTJDPT .BHOJUVEFTGVOEBNFOUBMFTZNBHOJUVEFTEFSJWBEBT {2VÏRVJFSFEFDJSNFEJS .ÞMUJQMPTZTVCNÞMUJQMPT -POHJUVE «SFBZWPMVNFO .BTB )JTUPSJBEFMBDJFODJB-BWFMPDJEBEEFMBMV[ %FOTJEBE 5JFNQP $JFODJBUFDOPMPHÓBZTPDJFEBE-BFWPMVDJØO EFMSFMPK {2VÏBQSFOEÓ -BNFEJEBZMPTTJTUFNBTEFVOJEBEFT 1BUSPOFTEFNFEJEB )JTUPSJBEFMBDJFODJB&WPMVDJØOEFMPTTJTUFNBT EFVOJEBEFT &M4JTUFNB*OUFSOBDJPOBM 1SFGJKPTEFNÞMUJQMPTZTVCNÞMUJQMPT 6OJEBEFTEFSJWBEBT $POWFSTJØOEFVOJEBEFT /PUBDJØODJFOUÓGJDB $JFODJBUFDOPMPHÓBZTPDJFEBE0USPTTJTUFNBT EFVOJEBEFT .ÈTDPOWFSTJØOEFVOJEBEFT {2VÏBQSFOEÓ *OTUSVNFOUPTEFNFEJEBZNFEJDJØO -BNFEJDJØOZMPTFSSPSFT $JGSBTTJHOJGJDBUJWBT* $JGSBTTJHOJGJDBUJWBT** )JTUPSJBEFMBDJFODJB-BFWPMVDJØOEFMPT JOTUSVNFOUPTEFNFEJDJØO $JFODJBUFDOPMPHÓBZTPDJFEBE-BTNFEJDJPOFT ZMBNFEJDJOBEFMEFQPSUF )JTUPSJBEFMBDJFODJB-BNFEJEBEFMB5JFSSB &SSPSFTEFNFEJEB *OUSPEVDDJØOBMVTPEFHSÈGJDPT &TUJNBDJØOZØSEFOFTEFNBHOJUVE {2VÏBQSFOEÓ 'ÓTJDBFOMB"SHFOUJOB &OSJRVF(BWJPMBQJPOFSPEFMBGÓTJDB FOOVFTUSPQBÓT 4VDBSSFSB 4VPCSB 'ÓTJDBDPUJEJBOB &M4JTUFNB.ÏUSJDP-FHBM"SHFOUJOP4*.&-" -BIPSBPGJDJBMFOMB"SHFOUJOB 4FDDJØO**&MNPWJNJFOUPEFMPTDVFSQPT &MNPWJNJFOUP {2VÏTFNVFWF )JTUPSJBEFMBDJFODJB-PTNPEFMPTDPTNPMØHJDPT 5SBZFDUPSJBZEFTQMB[BNJFOUP -BWFMPDJEBE $JFODJBUFDOPMPHÓBZTPDJFEBE&MSFHJTUSP EFMNPWJNJFOUP {2VÏBQSFOEÓ &MNPWJNJFOUPSFDUJMÓOFP -BEFTDSJQDJØOEFMNPWJNJFOUP 7FDUPSFT 3FQSFTFOUBDJØOEFWFDUPSFT 0QFSBDJPOFTDPOWFDUPSFT $JFODJBUFDOPMPHÓBZTPDJFEBE-BTVNBEFWFDUPSFT FOVOCVFOQBTF {2VÏBQSFOEÓ ª4BOUJMMBOB4"1SPIJCJEBTVGPUPDPQJB-FZ 4FDDJØO**OUSPEVDDJØOBMBTQSPQJFEBEFT GÓTJDBTZTVNFEJDJØO 0USPTNPWJNJFOUPT -FZEFMBHSBWJUBDJØOVOJWFSTBM .PWJNJFOUPBDFMFSBEP )JTUPSJBEFMBDJFODJB(BMJMFP(BMJMFJ ZMBEFTDSJQDJØOEFMNPWJNJFOUP &MDÈMDVMPEFMBBDFMFSBDJØO $JFODJBUFDOPMPHÓBZTPDJFEBE-BTNFEJEBT EFTFHVSJEBEFOMPTBVUPNØWJMFT %FTDSJQDJØONBUFNÈUJDBEFMPT.6" (SÈGJDPTEFNPWJNJFOUP $BÓEBMJCSF )JTUPSJBEFMBDJFODJB(BMJMFP(BMJMFJ ZMBDBÓEBEFMPTDVFSQPT $JFODJBUFDOPMPHÓBZTPDJFEBE3FTJTUFODJBEFMBJSF ZEFTBDFMFSBDJØO {2VÏBQSFOEÓ &MNPWJNJFOUPEFMPTBTUSPTNPEFMPHFPDÏOUSJDP 6OOVFWPNPEFMPQBSBFMNPWJNJFOUPQMBOFUBSJP IFMJPDFOUSJTNP )JTUPSJBEFMBDJFODJB5ZDIP#SBIF ZMBFYBDUJUVEEFMPTEBUPTBTUSPOØNJDPT -FZFTEF,FQMFS* -FZFTEF,FQMFS** -PTEFTDVCSJNJFOUPTEF(BMJMFP $JFODJBUFDOPMPHÓBZTPDJFEBE-BJOTUJUVDJPOBMJ[BDJØO EFMBDJFODJB 6OJGJDBDJØOEFMBTMFZFT/FXUPOZMBMFZ EFMBHSBWJUBDJØOVOJWFSTBM )JTUPSJBEFMBDJFODJB/FXUPOZMBEFTDSJQDJØO EFNPWJNJFOUPTFOFM6OJWFSTP -BFYQFSJFODJBEF$BWFOEJTI $JFODJBUFDOPMPHÓBZTPDJFEBE6UJMJEBEFT EFMWBMPSEFH -BHSBWJUBDJØOZMBOPDJØOEFQVOUPNBUFSJBM $JFODJBUFDOPMPHÓBZTPDJFEBE-BTUSBOTNJTJPOFT WÓBTBUÏMJUF &MQFTPZMBHSBWFEBE {2VÏBQSFOEÓ -BTGVFS[BTZTVTFGFDUPT {2VÏIBDFRVFVODVFSQPFNQJFDFBNPWFSTF -PTFGFDUPTEFVOBGVFS[B -BGVFS[BFTVOWFDUPS &MQFTPFTVOBGVFS[B {$ØNPTFNJEFMBGVFS[B $JFODJBUFDOPMPHÓBZTPDJFEBE-BJOWFTUJHBDJØO FOFMFTQBDJPFYUFSJPS )JTUPSJBEFMBDJFODJB&MQSJODJQJPEF"SRVÓNFEFT -BGSJDDJØOFTVOBGVFS[B {2VÏBQSFOEÓ -BTMFZFTEFMNPWJNJFOUP ª4BOUJMMBOB4"1SPIJCJEBTVGPUPDPQJB-FZ 1SJNFSBMFZEF/FXUPO )JTUPSJBEFMBDJFODJB(BMJMFP/FXUPO ZFMDPODFQUPEFJOFSDJB $JFODJBUFDOPMPHÓBZTPDJFEBE-BJOFSDJB ZMBTFHVSJEBEWJBM -BJOFSDJBTFQVFEFNFEJS -BEFUFSNJOBDJØOEFMBNBTBEFVOPCKFUP 4FHVOEBMFZEF/FXUPO -BGVFS[BEFHSBWFEBEZFMQFTPEFMPTDVFSQPT )JTUPSJBEFMBDJFODJB-FZFTEF/FXUPO ZTBUÏMJUFTBSUJGJDJBMFT 5FSDFSBMFZEF/FXUPO $JFODJBUFDOPMPHÓBZTPDJFEBE-BUFSDFSBMFZ EF/FXUPOZFMNPWJNJFOUP {2VÏBQSFOEÓ 'ÓTJDBFOMB"SHFOUJOB +PTÏ"OUPOJP#BMTFJSPGÓTJDPOVDMFBS 4VDBSSFSB &M*OTUJUVUP#BMTFJSP 'ÓTJDBDPUJEJBOB -B0SHBOJ[BDJØO&VSPQFB QBSBMB*OWFTUJHBDJØO/VDMFBS {2VÏTFIBDFFOFM$&3/ 4FDDJØO***-BFOFSHÓBZTVDPOTFSWBDJØO -BFOFSHÓBNFDÈOJDB $PODFQUPEFFOFSHÓB $JFODJBUFDOPMPHÓBZTPDJFEBE-BTOPDJPOFTBDFSDB EFMBFOFSHÓB -BFOFSHÓBDJOÏUJDB )JTUPSJBEFMBDJFODJB-BWJTWJWB ZMBFOFSHÓBDJOÏUJDB -BFOFSHÓBQPUFODJBM -BFOFSHÓBQPUFODJBMFMÈTUJDB &MUSBCBKPNFDÈOJDPZMBQPUFODJB {$ØNPTFUSBOTGJFSFFOFSHÓBBVODVFSQP {$ØNPTFNJEFFMUSBCBKPNFDÈOJDP 3FMBDJØOFOUSFUSBCBKPNFDÈOJDPZFOFSHÓB )JTUPSJBEFMBDJFODJB-BFRVJWBMFODJBFOUSF MBTFOFSHÓBTNFDÈOJDBZDBMØSJDB )JTUPSJBEFMBDJFODJB&MDBCBMMPWBQPS $JFODJBUFDOPMPHÓBZTPDJFEBE&MLJMPWBUJPIPSB {2VÏBQSFOEÓ -BUFNQFSBUVSBFMDBMPSZTVTFGFDUPT &MDBMPSZMBUFNQFSBUVSB &MNPEFMPDJOÏUJDPNPMFDVMBS -BFOFSHÓBJOUFSOBEFVOTJTUFNB -BDBOUJEBEEFDBMPS &MDBMPSFTQFDÓGJDP )JTUPSJBEFMBDJFODJB-BTUFPSÓBTBDFSDBEFMDBMPS &MFRVJMJCSJPUÏSNJDP -BUFNQFSBUVSBEFFRVJMJCSJPUÏSNJDP -BFYQBOTJØOUÏSNJDB %JMBUBDJØOMJOFBMTVQFSGJDJBMZWPMVNÏUSJDB $JFODJBUFDOPMPHÓBZTPDJFEBE-BFYQBOTJØOUÏSNJDB FOFMFOUPSOP &MDPNQPSUBNJFOUPBOØNBMPEFMBHVB &TDBMBTUFSNPNÏUSJDBT &TDBMB,FMWJOZFTDBMB'BISFOIFJU -BQSPQBHBDJØOEFMDBMPS $POEVDDJØOEFMDBMPS $POWFDDJØOEFMDBMPS 1SPQBHBDJØOEFMDBMPSQPSSBEJBDJØO $JFODJBUFDOPMPHÓBZTPDJFEBE&MFGFDUPJOWFSOBEFSP ZFMDBNCJPDMJNÈUJDP {2VÏBQSFOEÓ 5SBOTGPSNBDJPOFTZUSBOTGFSFODJBT EFFOFSHÓB &MDBMPSZMBDPOTFSWBDJØOEFMBFOFSHÓB -BUSBOTGFSFODJBEFDBMPSFOUSFVOTJTUFNB ZFMBNCJFOUF &MFRVJWBMFOUFNFDÈOJDPEFMDBMPS &MQSJNFSQSJODJQJPEFMBUFSNPEJOÈNJDB -PTQBSÈNFUSPTEFFTUBEPEFVOTJTUFNB &WPMVDJØOJTPUÏSNJDBPBUFNQFSBUVSB DPOTUBOUF &WPMVDJØOJTPCÈSJDBPBQSFTJØODPOTUBOUF &WPMVDJØOJTPNÏUSJDBJTPDØSJDBPBWPMVNFO DPOTUBOUF -BTUSBOTGPSNBDJPOFTBEJBCÈUJDBT $JFODJBUFDOPMPHÓBZTPDJFEBE&MWJFOUP;POEB ZMPTQSPDFTPTBEJBCÈUJDPT &MTFHVOEPQSJODJQJPEFMBUFSNPEJOÈNJDB -BFOUSPQÓB -BTNÈRVJOBTUÏSNJDBT &MSFOEJNJFOUPPFGJDJFODJB EFVOBNÈRVJOBUÏSNJDB )JTUPSJBEFMBDJFODJB-BJOWFODJØOEFMBVUPNØWJM $JFODJBUFDOPMPHÓBZTPDJFEBE-PTNPUPSFT EFDPNCVTUJØOJOUFSOB -BSFGSJHFSBDJØO {2VÏBQSFOEÓ 'ÓTJDBFOMB"SHFOUJOB -B$PNJTJØO/BDJPOBMEF&OFSHÓB"UØNJDB -BGPSNBDJØOQSPGFTJPOBMFOUFNBTOVDMFBSFT -PTSFBDUPSFTOVDMFBSFTFYQFSJNFOUBMFT 'ÓTJDBDPUJEJBOB %PTJOWFODJPOFTRVFDBNCJBSPOFMNVOEP &MUSBOTJTUPS &MMÈTFS ª4BOUJMMBOB4"1SPIJCJEBTVGPUPDPQJB-FZ $JFODJBUFDOPMPHÓBZTPDJFEBE-BFOFSHÓB FOFMEFQPSUF $PMJTJPOFTZDBOUJEBEEFNPWJNJFOUP )JTUPSJBEFMBDJFODJB¶NQFUVTZDBOUJEBE EFNPWJNJFOUP &MJNQVMTPEFVOBGVFS[B $JFODJBUFDOPMPHÓBZTPDJFEBE-BGÓTJDB ZMBTFHVSJEBEWJBM -FZFTEFDPOTFSWBDJØOEFMBFOFSHÓB $JFODJBUFDOPMPHÓBZTPDJFEBE-BFOFSHÓBFOMBT BDUJWJEBEFTFYUSFNBT $PMJTJPOFTFMÈTUJDBT $PMJTJPOFTJOFMÈTUJDBTPQMÈTUJDBT )JTUPSJBEFMBDJFODJB-BFYQMJDBDJØO EFMBTDPMJTJPOFT %JTJQBDJØOEFMBFOFSHÓB $JFODJBUFDOPMPHÓBZTPDJFEBE$POTFSWBDJØOEF MBFOFSHÓBFOQFMPUBTQBSBEJTUJOUPTEFQPSUFT {2VÏBQSFOEÓ ª4BOUJMMBOB4"1SPIJCJEBTVGPUPDPQJB-FZ 4FDDJØO*7-BFMFDUSJDJEBEZFMNBHOFUJTNP -BDPSSJFOUFFMÏDUSJDB -BFMFDUSJDJEBE "USBDDJØOZSFQVMTJØO FOUSFPCKFUPTFMFDUSJ[BEPT -BDPOTUJUVDJØOEFMBNBUFSJB -BTGVFS[BTFMÏDUSJDBT .BUFSJBMFTDPOEVDUPSFTZEJFMÏDUSJDPT )JTUPSJBEFMBDJFODJB-BFWPMVDJØO EFMDPOPDJNJFOUPBDFSDBEFMBFMFDUSJDJEBE $JSDVJUPTFMÏDUSJDPT {2VÏVOJEBEFTVTBNPTFOFMFDUSJDJEBE 3FTJTUFODJBTFOTFSJFZFOQBSBMFMP -FZEF0IN $JFODJBUFDOPMPHÓBZTPDJFEBE-BHFOFSBDJØO EFFOFSHÓBFMÏDUSJDB #BUFSÓBTZQJMBT $JSDVJUPTFMÏDUSJDPTFOTFSJFZFOQBSBMFMP 3FTPMVDJØOEFDJSDVJUPT -BFOFSHÓBZMBQPUFODJBFMÏDUSJDBT $JFODJBUFDOPMPHÓBZTPDJFEBE-BFOFSHÓBFØMJDB {2VÏBQSFOEÓ *OUFSBDDJPOFTFMÏDUSJDBT 'VFS[BTFMÏDUSJDBTZDBSHBTFMÏDUSJDBT -BGVFS[BFMÏDUSJDBFOGVODJØOEFMBEJTUBODJB 4VQFSQPTJDJØOEFGVFS[BTFMÏDUSJDBT $BNQPTFMÏDUSJDPT )JTUPSJBEFMBDJFODJB-BCSÞKVMBTVPSJHFO ZTVFWPMVDJØO *NBOFTOBUVSBMFTZBSUJGJDJBMFTQFSNBOFOUFT ZUFNQPSBSJPT &MNBHOFUJTNPUFSSFTUSF )JQØUFTJTEFMNBHOFUJTNPUFSSFTUSF *OUFSBDDJPOFTNBHOÏUJDBT $BSHBTFMÏDUSJDBTFJNBOFTFONPWJNJFOUP -BJOUFOTJEBEEFMDBNQPNBHOÏUJDP {2VÏBQSFOEÓ &MFDUSPNBHOFUJTNPZPOEBT &MNPEFMPPOEVMBUPSJP {2VÏTPOMBTPOEBT -BTPOEBTTFQSPQBHBO 0OEBTNFDÈOJDBTZPOEBTFMFDUSPNBHOÏUJDBT 0OEBTMPOHJUVEJOBMFTZUSBOTWFSTBMFT "NQMJUVEZGSFDVFODJB -BMPOHJUVEEFPOEB 7FMPDJEBEEFQSPQBHBDJØO 'SFDVFODJBZFOFSHÓB )JTUPSJBEFMBDJFODJB-BWFMPDJEBEEFMBMV[ &MDBNQPFMFDUSPNBHOÏUJDP $BSBDUFSÓTUJDBTEFMBTPOEBT FMFDUSPNBHOÏUJDBT -BMV[ $JFODJBUFDOPMPHÓBZTPDJFEBE)JTUPSJBEFMBUFMF &MFTQFDUSPFMFDUSPNBHOÏUJDP {2VÏBQSFOEÓ -BMV[ {2VÏFTMBMV[ )JTUPSJBEFMBDJFODJB-PTNPEFMPT EFJOUFSQSFUBDJØOEFMBMV[ 0CKFUPTUSBOTQBSFOUFTUSBOTMÞDJEPTZPQBDPT -PTFTQFKPT {$ØNPSFCPUBOMPTSBZPTMVNJOPTPT &TQFKPTFTGÏSJDPT -BGPSNBDJØOEFJNÈHFOFT FOMPTFTQFKPTFTGÏSJDPT )JTUPSJBEFMBDJFODJB"SRVÓNFEFT ZMPTFTQFKPTFTGÏSJDPT 3FGSBDDJØOEFMBMV[ -BSFGMFYJØOUPUBMJOUFSOB &MQSJTNBVUJMJ[BEPDPNPFTQFKP -BTMFOUFT -BGPSNBDJØOEFMBJNBHFO &MDPMPS $JFODJBUFDOPMPHÓBZTPDJFEBE-PT-&% {JMVNJOBDJØOEFMGVUVSP {2VÏBQSFOEÓ 'ÓTJDBFOMB"SHFOUJOB -BTBTPDJBDJPOFTQSPGFTJPOBMFT EFGÓTJDBFOMB"SHFOUJOB -B"TPDJBDJØO'ÓTJDB"SHFOUJOB -PTUBMFOUPTKVWFOJMFTFOGÓTJDB 'ÓTJDBDPUJEJBOB -BGÓTJDBGPSFOTF &M(SVQPEF'ÓTJDB'PSFOTFFOFM$"# ¶OEJDFBOBMÓUJDP ¶OEJDFPOPNÈTUJDP