DBSBDUFSÓTUJDBTEFTVOVFWP BDPOEJDJPOBEPSEFBJSF t 0GFSUBEF7FSBOP'SFTDP &OFTPTEÓBTTPGPDBOUFTZOPDIFTMBSHBTJORVJFUBTOPIBZNFKPSFTDBQFEFMDBMPSRVFMB DPNPEJEBEGSFTDBEFDBTB4VOVFWPBDPOEJDPOBEPSEFBJSFQPOFOGJOBEÓBTBHPUBEPSFT EFWFSBOPDBMVSPTPZMFQFSNJUFEFTDBOTBS&TUFWFSBOPMVDIFDPOUSBFMDBMPSDPOTVQSPQJP BDPOEJDJPOBEPSEFBJSF t 4JTUFNBEF$PTUP&GJDJFOUF 4VOVFWPBDPOEJDJPOBEPSEFBJSFOPTØMPQSPQPSDJPOBNÈYJNBFOFSHÓBEFSFGSJHFSBDJØOFO FMWFSBOPTJOPUBNCJÏOFTVONÏUPEPFGJDJFOUFEFDBMFGBDDJØOFOFMJOWJFSOPDPOFMTJTUFNB BWBO[BEPi#PNCBEFDBMFGBDDJØOw&MTJTUFNBi#PNCBEFDBMFGBDDJØOwFTWFDFTNÈTFGJDJFOUF FODPNQBSBDJØODPOPUSPBQBSBUPFMÏDUSJDPEFDBMFGBDDJØO%FNPEPRVFQVFEFSFEVDJSDPTUPEF GVODJPOBNJFOUP"IPSBUJFOFVTUFEVOBDPOEJDJPOBEPSEFBJSFQBSBNVDIPTB×PT t 6OB.JSBEBQBSB5PEBT1BSUFT &MEJTF×PFMFHBOUFZBSNPOJPTPEBQSJPSJEBEBMBTFTUÏUJDBTEFTVFTQBDJPZDPNQMFNFOUB DVBMRVJFSBEFTVEFDPSBDJØOJOUFSJPSFYJTUFOUF$POTVDPMPSTVBWFZGPSNBEFCPSEF SFEPOEPFMOVFWPBDPOEJDJPOBEPSEFBJSFB×BEFFTUJMPBDBEBDVBSUP%JTGSVUFEFMPRVFTV BDPOEJPOBEPSEFBJSFMFPGSF[DBUBOUPGVODJPOBMNFOUFDPNPFTUÏUJDBNFOUF t 'VODJØO -BGVODJØO MFQFSNJUFDPOGJHVSBSVOBUFNQFSBUVSBDØNPEBEFEPSNJS"TÓRVF QVFEFBIPSSBSFOFSHÓBZEPSNJSCJFO 1BSBSFGFSFODJBGÈDJMFOFMGVUVSPBOPUFFMOÞNFSPEFNPEFMP ZTFSJF-PDBMJ[BSÈFMOÞNFSPEFNPEFMPBMBEFSFDIBEFM BDPOEJDJPOBEPSEFBJSF @ DBSBDUFSÓTUJDBT .PEFMP 4FSJF JOGPSNBDJØOEFTFHVSJEBE 1BSBQSFWFOJSEFTDBSHBFMÏDUSJDBEFTDPOFDUFMBFOFSHÓBBOUFTEFSFQBSBSMJNQJBSFJOTUBMBSMBVOJEBE */'03."$*»/%&4&(63*%"% "OUFTEFVTBSTVOVFWPBDPOEJDJPOBEPSEFBJSFMFBFTUFNBOVBMCJFOQBSBBTFHVSBSRVFTBCFDØNPPQFSBS EFNBOFSBTFHVSBZFGJDJFOUFMBTDBSBDUFSÓTUJDBTZGVODJPOFTFYUFOTJWBTEFTVOVFWPBQBSBUP 4ÓNCPMPTJNQPSUBOUFTEFTFHVSJEBEZQSFDBVDJPOFT "%7&35&/$*" 13&$"6$*»/ 13&$"6$*»/ 1FMJHSPTPQSÈDUJDBTJOTFHVSBTRVFQPESÓBOQSPWPDBSIFSJEBQFSTPOBMTFWFSB PNVFSUF 1FMJHSPTPQSÈDUJDBTJOTFHVSBTRVFQPESÓBOQSPWPDBSNFOPSIFSJEBQFSTPOBM PEB×PEFQSPQJFEBE 1BSBSFEVDJSFMSJFTHPEFJODFOEJPFYQMPTJØOEFTDBSHBFMÏDUSJDBPIFSJEB QFSTPOBMBMVUJMJ[BSTVBDPOEJDJPOBEPSEFBJSFTJHBMBTTJHVJFOUFTJOTUSVDDJPOFT CÈTJDBTEFTFHVSJEBE /0MPJOUFOUF /0EFTNPOUF /0UPRVF 4JHBEJSFDDJPOFTDPOBUFODJØO %FTFODIVGFMBFOFSHÓBEFMBUPNBEFDPSSJFOUFEFQBSFE "TFHÞSFTFEFRVFMBNÈRVJOBFTUÏDPOFDUBEBBUJFSSBQBSBQSFWFOJSEFTDBSHBFMÏDUSJDB -MBNFFMDFOUSPEFDPOUBDUPQPSBZVEB /PUB &TUPTTJHOPTEFBEWFSUFODJBTJSWFOQBSBQSFWFOJSEB×PBVTUFEZPUSPT 4ÓHBMPTCJFO %FTQVÏTEFMFFSFTUBTFDDJØODPOTÏSWFMBFOVOMVHBSTFHVSPQPSSFGFSFODJBFOFMGVUVSP JOGPSNBDJØOEFTFHVSJEBE@ &41"º0- $PNPMBTTJHVJFOUFTJOTUSVDDJPOFTEFPQFSBDJØODVCSFOWBSJPTNPEFMPTMBTDBSBDUFSÓTUJDBTEFTV BDPOEJDJPOBEPSEFBJSFQPESÓBOEJGFSJSVOQPDPEFMBTEFTDSJUBTFOFTUFNBOVBM4JUJFOFEVEBTMMBNFBTV DFOUSPEFDPOUBDUPDFSDBOPPQJEBBZVEBFJOGPSNBDJØOFOMÓOFBFOXXXTBNTVOHDPN JOGPSNBDJØOEFTFHVSJEBE "%7&35&/$*" 4*(/04%&"%7&35&/$*"44&7&3"4 /PDPMPRVFFMBDPOEJDJPOBEPSEFBJSFDFSDBEFTVTUBODJBTPFRVJQPT QFMJHSPTPTRVFQSPEV[DBOMMBNBTMJCSFTQBSBFWJUBSJODFOEJPFYQMPTJØOP EB×PT t 3JFTHPQPUFODJBMEFQFMJHSPEFJODFOEJPPFYQMPTJØO /PJOTUBMFMBVOJEBEFYUFSOBFOVOMVHBSJOFTUBCMFPTVQFSGJDJFFMFWBEB EPOEFIBZSJFTHPQPUFODJBMEFDBÓEB t 4JMBVOJEBEFYUFSOBOPGVODJPOBQPESÓBQSPWPDBSEB×PPQÏSEJEBEFQSPQJFEBE 'BMMPPEB×PQPESÓBPDVSSJSTJTFFGFDUÞBDVBMRVJFSDBNCJPPNPEJGJDBDJØO OPQFSNJUJEPFOFMNBOVBMEFJOTUBMBDJØO&OFTUFDBTPFMVTVBSJPTFSÈ SFTQPOTBCMFQPSHBTUPTEFSFQBSBDJØO *OTUBMFFMBDPOEJDJPOBEPSEFBJSFMFKPTEFFYQPTJDJØOEJSFDUBBMBMV[EFTPM BQBSBUPEFDBMFGBDDJØOZMVHBSFTIÞNFEPT t $VFMHVFVOBDPSUJOBQBSBNFKPSBSMBFGJDJFODJBEFSFGSJHFSBDJØOZQBSBFWJUBSFMDPOTVNP EFNBZPSFOFSHJB /PDPSUFFMFODIVGFEFFOFSHÓBZDPOFDUFBVODBCMFEFFOFSHÓBEJGFSFOUF /PUJSFFMDBCMFEFFOFSHÓBOJUPRVFFMFODIVGFEFFOFSHÓBDPONBOPT NPKBEBT t 3JFTHPQPUFODJBMEFJODFOEJPPEFTDBSHBFMÏDUSJDB /VODBVUJMJDFVOFODIVGFEFFOFSHÓBDBCMFEFFOFSHÓBEB×BEPTP UPNBDPSSJFOUFGMPKP t 3JFTHPQPUFODJBMEFJODFOEJPPEFTDBSHBFMÏDUSJDB *OTUBMFVOJOUFSSVQUPSEFDJSDVJUPFYDMVTJWPFJOUFSSVQUPSEFDJSDVJUPDPSUP QBSBFMBDPOEJDJPOBEPSEFBJSF t 3JFTHPQPUFODJBMEFEFTDBSHBFMÏDUSJDBPJODFOEJP /PJOTFSUFDVBMRVJFSDPTBDPNPEFEPTPSBNBTFOMBTSFKJMMBTEFM BDPOEJDJPOBEPSEFBJSFDVBOEPFMBDPOEJDJPOBEPSEFBJSFFTUÈGVODJPOBOEP t .BOUFOHBMPTOJ×PTMFKPTEFMBDPOEJDJPOBEPSEFBJSFQBSBQSFWFOJSMPTEFQPOFSTVTEFEPT FOFMBDPOEJDJPOBEPSEFBJSF3JFTHPQPUFODJBMEFIFSJEBQFSTPOBM "TFHVSFTFEFRVFOPFOUSFBHVBFOFMBDPOEJDJPOBEPSEFBJSF t 3JFTHPQPUFODJBMEFJODFOEJPPEFTDBSHBFMÏDUSJDB t 4JFMBHVBQFOFUSBFOFMBDPOEJDJPOBEPSEFBJSFBQBHVFZEFTFODIVGFMBGVFOUFEF FOFSHÓBJONFEJBUBNFOUF "QBHVFFMBDPOEJDJPOBEPSEFBJSFVUJMJ[BOEPFMDPOUSPMSFNPUPQSPQPSDJPOBEP PBDDFTPSJPEFDPOUSPMTJQSPQPSDJPOBEP /PEFTFODIVGFMBFOFSHÓBQBSB BQBHBSMBVOJEBEBNFOPTRVFIBZBVOQFMJHSPJONFEJBUP /PIBHBGVODJPOBSFMBDPOEJDJPOBEPSEFBJSFQPSVOQFSÓPEPMBSHPEF UJFNQPFOVODVBSUPDPOMBQVFSUBDFSSBEBPDPOCFCÏTQFSTPOBTWJFKBTP EJTDBQBDJUBEBT t "CSBMBQVFSUBPWFOUBOBTQBSBWFOUJMBSTVDVBSUPQPSMPNFOPTVOBIPSBQBSBQSFWFOJS FTDBTF[EFPYÓHFOP &MBDPOEJDJPOBEPSEFBJSFFTUÈDPNQVFTUPEFQJF[BTQPSUÈUJMFT.BOUFOHBB OJ×PTMFKPTEFMBVOJEBEQBSBFWJUBSIFSJEBGÓTJDB @ JOGPSNBDJØOEFTFHVSJEBE "TFHÞSFTFEFRVFMPTOJ×PTUPNFOQSFDBVDJPOFTDPOUSBBDDFTPBM BDPOEJDJPOBEPSEFBJSFZOPKVFHVFODPOMBVOJEBE /PMJNQJFFMJOUFSJPSEFBDPOEJDJPOBEPSEFBJSFVTUFENJTNP t 1PESÓBEB×BSMBTQJF[BTZQSPWPDBSEFTDBSHBFMÏDUSJDBPJODFOEJP t $POTVMUFFMDFOUSPEFDPOUBDUPQPSDØNPMJNQJBSFMJOUFSJPSEFMBDPOEJDJPOBEPSEFBJSF /PDPOFDUFFMBDPOEJDJPOBEPSEFBJSFDPOBQBSBUPEFDBMFGBDDJØOPOP JOUFOUFEFTNPOUBSSFNPEFMBSPSFQBSBSMPVTUFENJTNP $POTVMUFFMMVHBSEFDPNQSBPDFOUSPEFDPOUBDUPQBSBJOTUBMBSSFJOTUBMBSP EFTNPOUBSFMBDPOEJDJPOBEPSEFBJSF t *OTUBMBDJØOJOBEFDVBEBQSPWPDBVOSJFTHPEFNBMGVODJPOBNJFOUPEFMBVOJEBEFTDBQF EFBHVBEFTDBSHBFMÏDUSJDBPJODFOEJP t 4JTFJOTUBMBFOÈSFBTFTQFDJBMFTDPNPVODPNQMFKPEFGÈCSJDBPÈSFBTBMJOBEFDPTUB DPOTVMUFFMMVHBSEFDPNQSBPDFOUSPEFDPOUBDUPQPSEFUBMMFTFTQFDÓGJDPTEFJOTUBMBDJØO t -BTVOJEBEFTEFCFOJOTUBMBSTFTFHÞOEJTUBODJBTEFDMBSBEBTQBSBQFSNJUJSBDDFTPEFPUSP MBEPQBSBHBSBOUJ[BSPQFSBDJØODPSSFDUBEFNBOUFOJNJFOUPPSFQBSBDJØOEFQSPEVDUPT -BTQJF[BTEFMBVOJEBEEFCFOTFSBMDBO[BCMFTZEFTNPOUBCMFTCBKPDPOEJDJØOEF TFHVSJEBEQBSBQFSTPOBTPDPTBT $POTVMUFBVOEJTUSJCVJEPSSFTQFDUPBMBTNFEJBTBQSPQJBEBTEFDØNP NBOUFOFSMBDPODFOUSBDJØOQFSNJUJCMF t 4JTFTBMFFMSFGSJHFSBOUFFMDVBMQSPWPDBFMMJNJUFEFDPODFOUSBDJPOBFYDFEFSZQPESJB PDVSSJSQFMJHSPEFCJEPBFTDBTF[EFPYJHFOPFOFMDVBSUP 4JMBVOJEBEJOUFSOBFTUÈNPKBEBEFTFODIVGFMBFOFSHÓBJONFEJBUBNFOUFZ MMBNFBMDFOUSPEFDPOUBDUPNÈTDFSDBOP t 3JFTHPQPUFODJBMEFJODFOEJPPEFTDBSHBFMÏDUSJDB 4JFNQSFBTFHÞSFTFEFRVFMBBMJNFOUBDJØOFMÏDUSJDBTFDPOGPSNFDPO FTUÈOEBSFTBDUVBMFTEFTFHVSJEBE4JNQSFJOTUBMFFMBDPOEJDJPOBEPSEFBJSF TFHÞOFTUÈOEBSFTBDUVBMFTEFTFHVSJEBEMPDBM $PNQSVFCFRVFMBUFOTJØOZGSFDVFODJBEFMBBMJNFOUBDJØOFMÏDUSJDBDVNQMBO DPOMBTFTQFDJGJDBDJPOFTZRVFMBFOFSHÓBJOTUBMBEBTFBTVGJDJFOUFQBSB HBSBOUJ[BSFMGVODJPOBNJFOUPEFDVBMRVJFSPUSPBQBSBUPEPNÏTUJDPDPOFDUBEP BMBTNJTNBTMÓOFBTFMÏDUSJDBT 6UJMJDFVOJOUFSSVQUPSEFDJSDVJUPOPNJOBMTØMP t /VODBVUJMJDFBMBNCSFTEFBDFSPPDPCSFDPNPVOJOUFSSVQUPSEFDJSDVJUP1PESÓBQSPWPDBS JODFOEJPPNBMGVODJPOBNJFOUPEFVOJEBE /PDPMPRVFQSFTJØOJOBEFDVBEBFOFMDBCMFEFFOFSHÓBOJDPMPRVFPCKFUPT QFTBEPTFOÏTUF /PDVSWFFMDBCMFEFFOFSHÓBFYDFTJWBNFOUF t 3JFTHPQPUFODJBMEFJODFOEJPPEFTDBSHBFMÏDUSJDB 1BSBQSPUFHFSFMQSPEVDUPEFBHVBZEFTDBSHBQPTJCMFEFCFNBOUFOFSFM DBCMFFMÏDUSJDPZFMDPSEØOEFDPOFYJØOEFMBVOJEBEJOUFSOBZFYUFSOBFOFM UVCPEFQSPUFDDJØO "MBCSJSPDFSSBSFMQBOFMEFMBOUFSPVTFVOCBODPFTUBCMFZUFOHBDVJEBEP DPOTVTQBTPT %FTDPOFDUFFMBDPOEJDJPOBEPSEFBJSFEFMBBMJNFOUBDJØOFMÏDUSJDBBOUFTEF SFQBSBSPEFTNPOUBSMP -JNQJFFMBDPOEJDJPOBEPSEFBJSFEFTQVÏTEFRVFFMWFOUJMBEPSJOUFSOPQBSF EFGVODJPOBS t 3JFTHPQPUFODJBMEFEB×PPEFTDBSHBFMÏDUSJDB JOGPSNBDJØOEFTFHVSJEBE@ &41"º0- t 3JFTHPQPUFODJBMEFNBMGVODJPOBNJFOUPEFTDBSHBFMÏDUSJDBPJODFOEJP4JTFSFRVJFSF SFQBSBDJØODPOTVMUFFMDFOUSPEFDPOUBDUP JOGPSNBDJØOEFTFHVSJEBE "%7&35&/$*" 4*(/04%&"%7&35&/$*"44&7&3"4$0/5*/6"%0 6UJMJDFVOUPNBDPSSJFOUFRVFUFOHBVOUFSNJOBMBUJFSSB&MUPNBDPSSJFOUF EFCFVUJMJ[BSTFFYDMVTJWBNFOUFQBSBFMBDPOEJDJPOBEPSEFBJSF t -BDPOFYJØOFMÏDUSJDBJOBEFDVBEBBUJFSSBQPESÓBQSPWPDBSEFTDBSHBFMÏDUSJDBPJODFOEJP "TFHÞSFTFEFRVFMBDPOFYJØOBQSPQJBEBBUJFSSBFTUÏFTUBCMFDJEBBMJOTUBMBS FMBDPOEJDJPOBEPSEFBJSF t 4JMBVOJEBEOPFTUÈDPOFDUBEBBUJFSSBDPSSFDUBNFOUFVOBEFTDBSHBFMÏDUSJDBQPESJBPDVSSJS 4JIVFMFBQMÈTUJDPRVFNBEPPZFTPOJEPTFYUSB×PTPWFIVNPWJOJFOEPEF MBVOJEBEEFTFODIVGFFMBDPOEJDJPOBEPSEFBJSFJONFEJBUBNFOUFZMMBNFB VODFOUSPEFDPOUBDUP t 3JFTHPQPUFODJBMEFJODFOEJPPEFTDBSHBFMÏDUSJDB 13&$"6$*»/ 4*(/04%&13&$"6$*»/ /PCMPRVFFOJDPMPRVFBSUÓDVMPTEFMBOUFEFMBDPOEJDJPOBEPSEFBJSF/PQJTF DVFMHVFPDPMPRVFBSUÓDVMPTQFTBEPTFOFMBDPOEJDJPOBEPSEFBJSF t 3JFTHPQPUFODJBMEFEB×PQFSTPOBM 4JGBMMBPEB×PPDVSSFFOMBTDPOEJDJPOFTEFVTPJOBEFDVBEPRVFFM NBOVBMEFJOTUBMBDJØOOPQFSNJUFIBCSÈVOBMBCPSFYUSBQBSBJOTUBMBDJØOZ DPOTUSVDDJØO t 3JFTHPQPUFODJBMEFNBMGVODJPOBNJFOUPEFTDBSHBFMÏDUSJDBPJODFOEJPTJVOUÏDOJDPOP DVBMJGJDBEPEFTFSWJDJPJOUFOUBSFQBSBSPJOTUBMBS /PFDIFHBTFTJOGMBNBCMFTDPNPJOTFDUJDJEBDFSDBEFMBDPOEJDJPOBEPSEFBJSF t 3JFTHPQPUFODJBMEFEFTDBSHBFMÏDUSJDBJODFOEJPPNBMGVODJPOBNJFOUPEFVOJEBE /PBCSBMBSFKJMMBEFMBOUFSBEVSBOUFMBPQFSBDJØO t 3JFTHPQPUFODJBMEFEFTDBSHBFMÏDUSJDBPNBMGVODJPOBNJFOUPEFVOJEBE "JSFGSÓPOPEFCFGMVJSEJSFDUBNFOUFIBDJBHFOUFBOJNBMFTZQMBOUBT t &TQFSKVEJDJBMQBSBTVTBMVEBOJNBMFTZQMBOUBT /PUPNFBHVBEFMBDPOEJDJPOBEPSEFBJSF t 3JFTHPQPUFODJBMEFQFMJHSPEFTBMVE /PEFKFBMPTOJ×PTTVCJSFOFMBDPOEJDJPOBEPSEFBJSF /PVUJMJDFFMBDPOEJDJPOBEPSEFBJSFDPNPVOJOTUSVNFOUPEFSFGSJHFSBDJØO QBSBDPNJEBBOJNBMFTQMBOUBTDPTNÏUJDPTPNÈRVJOB /PUJSFPEFHPMQFFYDFTJWPBMBDPOEJDJPOBEPSEFBJSF t 3JFTHPQPUFODJBMEFJODFOEJPPNBMGVODJPOBNJFOUPEFVOJEBEZIBZSJFTHPEFIFSJEB QFSTPOBMQPSRVFMBVOJEBEQPESÓBDBFSTF /PFDIFBHVBEJSFDUBNFOUFFOFMBDPOEJDJPOBEPSEFBJSFPVUJMJDFCFODFOP EJTPMWFOUFPBMDPIPMQBSBMJNQJBSMBTVQFSGJDJFEFMBVOJEBE t 3JFTHPQPUFODJBMEFEFTDBSHBFMÏDUSJDBPJODFOEJP t 3JFTHPQPUFODJBMEFEB×PBMBDPOEJDJPOBEPSEFBJSF /PDPMPRVFWBTPTDPOMÓRVJEPVPUSPTPCKFUPTFOMBVOJEBE @ JOGPSNBDJØOEFTFHVSJEBE /PUPRVFFMUVCPDPOFDUBEPBMBDPOEJDJPOBEPSEFBJSF *OTUBMFMBVOJEBEJOUFSOBMFKPTEFBQBSBUPEFJMVNJOBDJØOVTBOEPFMCBMBTUSP t 4JVTBFMDPOUSPMSFNPUPJOBMÈNCSJDPFSSPSEFSFDFQDJØOQPESÓBPDVSSJSEFCJEPBMCBMBTUSF EFBQBSBUPEFJMVNJOBDJØO *OTUBMFMBVOJEBEFYUFSOBEPOEFFMSVJEPZWJCSBDJØOEFGVODJPOBNJFOUPOP NPMFTUFOBTVTWFDJOPTZFTUÏCJFOWFOUJMBEPTJOPCTUÈDVMP t 3JFTHPQPUFODJBMEFNBMGVODJPOBNJFOUP t 3VJEPEFGVODJPOBNJFOUPQPESÓBNPMFTUBSBTVTWFDJOPT t 7FOUJMBDJØOJOTVGJDJFOUFQPESÓBSFTVMUBSFOSFOEJNJFOUPCBKP 4JFMDBCMFPDPSEØOEFFOFSHÓBFTUÈEB×BEPFMGBCSJDBUOFVOUÏDOJDP DVBMJGJDBEPEFTFSWJDJPEFCFSFFNQMB[BSMPQBSBFWJUBSVOSJFTHPQPUFODJBM 4JTVDFEFFTDBTF[EFFOFSHÓBNJFOUSBTRVFFMBDPOEJDJPOBEPSEFBJSFFTUÏ GVODJPOBOEPBQBHVFMBGVFOUFEFFOFSHÓBJONFEJBUBNFOUF $PSSJFOUFNÈYJNBTFNJEFTFHÞO*&$FTUÈOEBSQBSBTFHVSJEBEZDPSSJFOUFTF NJEFTFHÞO*40FTUÈOEBSQBSBFGJDJFODJBEFFOFSHÓB $PNQSVFCFFMEB×PFOFMFOWÓP4JFTUÈEB×BEPOPJOTUBMFFMBDPOEJDJPOBEPS EFBJSFZMMBNFBMMVHBSEFDPNQSBJONFEJBUBNFOUF .BOUFOHBMBUFNQFSBUVSBEFMJOUFSJPSFTUBCMFZOPFYUSFNBEBNFOUFGSÓB FTQFDJBMNFOUFEPOEFIBZBOJ×PTQFSTPOBTWJFKBTPEJTDBQBDJUBEBT &MNBUFSJBMEFFNCBMBKFZCBUFSÓBTVTBEBTEFMDPOUSPMSFNPUPPQDJPOBM EFCF FDIBSTFTFHÞOMPTFTUÈOEBSFTOBDJPOBMFT &MSFGSJHFSBOUFVUJMJ[BEPFOFMBDPOEJDJPOBEPSEFBJSFEFCFUSBUBSTFDPNP SFTJEVPRVÓNJDP$BSHVFFMSFGSJHFSBOUFTFHÞOFTUÈOEBSFTOBDJPOBMFT 6OUÏDOJDPDVBMJGJDBEPEFTFSWJDJPEFCFJOTUBMBSFMBDPOEJDJPOBEPSEFBJSFZ FGFDUVBSVOBPQFSBDJØOEFQSVFCB $POFDUFCJFOMBNBOHVFSBEFESFOBKFBMBDPOEJDJPOBEPSEFBJSFQPSVO ESFOBKFBQSPQJBEPEFBHVB $IFRVFFMBVOJEBEFYUFSOBQPSMPNFOPTVOBWF[BMB×P t 3JFTHPQPUFODJBMEFIFSJEBQFSTPOBMPQÏSEJEBEFQSPQJFEBE "TFHÞSFTFEFVUJMJ[BSFMDPOUSPMSFNPUPJOBMÈNCSJDPIBTUBVOBEJTUBODJBEF BQSPYJNBEBNFOUFNEFMTFOTPSEFMDPOUSPMSFNPUPEFMBDPOEJDJPOBEPSEF BJSF 4JFMDPOUSPMSFNPUPOPTFVTBQPSVOMBSHPQFSÓPEPEFUJFNQPTBRVFMBT CBUFSÓBTQBSBQSFWFOJSFTDBQFEFFMFDUSPMJUP "MMJNQJBSMBVOJEBEFYUFSOBUPRVFMBTBMFUBTEFMSBEJBEPSEFJOUFSDBNCJBEPS EFDBMPSDPONVDIPDVJEBEP t -MFWBSHVBOUFTHSVFTPTQBSBQSPUFHFSTVTNBOPT "TFHÞSFTFEFRVFFMBHVBDPOEFOTBEBEFNBOHVFSBEFESFOBKFTBMHBEF NBOFSBBEFDVBEBZTFHVSB &MBQBSBUPOPTJSWFQBSBVTPQPSQFSTPOBTJODMVZFOEPOJ×PT DPODBQBDJEBE SFEVDJEBGÓTJDBTFOTPSJBMPNFOUBMPGBMUBEFFYQFSJFODJBZDPOPDJNJFOUP BNFOPTRVFMFTIBZBOEBEPTVQFSWJTJØOPJOTUSVDDJØOTPCSFVTPEFM BQBSBUPQPSVOBQFSTPOBSFTQPOTBCMFEFTVTFHVSJEBE/J×PTEFCFOTFS TVQFSWJTBEPTQBSBBTFHVSBSRVFOPKVFHVFODPOFMBQBSBUP JOGPSNBDJØOEFTFHVSJEBE@ &41"º0- "TFHÞSFTFEFRVFMBUBQBPDVBMRVJFSPCTUÈDVMPOPFTUÏDFSDBEFM BDPOEJDJPOBEPSEFBJSF %FTVGJDJFOUFFTQBDJPQBSBFMBDPOEJDJPOBEPSEFBJSF JOGPSNBDJØOEFTFHVSJEBE 13&$"6$*»/ 4*(/04%&13&$"6$*»/$0/5*/6"%0 6OUÏDOJDPDBMJGJDBEPEFTFSWJDJPEFCFJOTQFDDJPOBSMBDPOEJDJØO DPOFYJPOFTFMÏDUSJDBTUVCPTZDBKBFYUFSOBEFMBDPOEJDJPOBEPSEFBJSFDPO SFHVMBSJEBE /PBCSBQVFSUBTZWFOUBOBTFOFMDVBSUPTJFOEPSFGSFTDÈOEPTFEVSBOUF PQFSBDJØOBNFOPTRVFTFBOFDFTBSJP /PCMPRVFFMBTSFKJMMBTEFWFOUJMBDJØOEFMBDPOEJDJPOBEPSEFBJSF4JPCKFUPT CMPRVFBOFMGMVKPEFBJSFQPESÓBQSPWPDBSNBMGVODJPOBNJFOUPEFBJSFP SFOEJNJFOUPCBKP "TFHÞSFTFEFRVFOPIBZBPCTUÈDVMPTCBKPMBVOJEBEJOUFSOB t 3JFTHPQPUFODJBMEFJODFOEJPPQÏSEJEBEFQSPQJFEBE "TFHÞSFTFEFRVFMPTJOUFSSVQUPSFTEFFODFOEJEPZBQBHBEPZQSPUFDDJØO FTUÏOCJFOJOTUBMBEPT /PVUJMJDFFMBDPOEJDJPOBEPSEFBJSFTJFTUÈEB×BEP4JFYJTUFO QSPCMFNBTQBSFJONFEJBUBNFOUFMBPQFSBDJPOZEFTDPOFDUFFMFODIVGFEFMB BMJNFOUBDJPOFMFDUSJDB 4JFMBDPOEJDJPOBEPSEFBJSFOPTFVUJMJ[BQPSVOMBSHPQFSÓPEPEFUJFNQPQPS FKFNQMPQPSVOPTNFTFT EFTFODIVGFMBFOFSHÓBEFMBQBSFE -MBNFBMMVHBSEFDPNQSBPVODFOUSPEFDPOUBDUPTJTFSFRVJFSFSFQBSBDJØO t 3JFTHPQPUFODJBMEFJODFOEJPPEFTDBSHBFMÏDUSJDBTJVOUÏDOJDPOPDVBMJGJDBEPEFTFSWJDJP JOUFOUBEFTNPOUBSPSFQBSBSFMBDPOEJDJPOBEPSEFBJSF @ JOGPSNBDJØOEFTFHVSJEBE DPOUFOJEPT 7&346"$0/%*$*0/"%03%&"*3& $IFRVFBSMBVOJEBEJOUFSOBZQBOUBMMBEJHJUBM 01&3"3'6/$*»/#«4*$" &ODFOEFSZBQBHBSFMBDPOEJDJPOBEPSEFBJSF &MFHJSNPEPEFGVODJPOBNJFOUP "VUP 3FGSJHFSBS 4FDBS 7FOUJMBS $BMFOUBS "KVTUBSMBEJSFDDJØOEFGMVKPEFBJSF 'MVKPEFBJSFWFSUJDBM 'MVKPEFBJSFIPSJ[POUBM 64"3'6/$*0/&4"7"/;"%"4 6TBSMBGVODJØOUVSCP $POGJHVSBSUFNQPSJ[BEPS 5FNQPSJ[BEPSEFFODFOEJEP 5FNQPSJ[BEPSEFBQBHBEP $PNCJOBS5FNQPSJ[BEPSEFFODFOEJEPZ 5FNQPSJ[BEPSEFBQBHBEP .PEP 5FNQFSBUVSBDBNCJBFONPEP 6TBSMBGVODJØO4NBSU4BWFS -*.1*"3:."/5&/&3&- -JNQJBSFMFYUFSJPS "$0/%*$*0/"%03%&"*3& -JNQJBSFMGJMUSP "/&90 'JMUSPEFBJSF .BOUFOFSTVBDPOEJDJPOBEPSEFBJSF $IFRVFPTQFSJØEJDPT 1SPUFDDJPOFTJOUFSOBTWÓBFMTJTUFNBEF DPOUSPMEFVOJEBE 3FTPMVDJØOEFQSPCMFNBT 3BOHPTEFGVODJPOBNJFOUP &TUFQSPEVDUPIBTJEPBQSPCBEPDPOGPSNFB%JSFDUJWBEF5FOTJØO#BKB&$ Z%JSFDUJWBEF$PNQBUJCJMJEBE &MFDUSPNBHOÏUJDB&&$ EFMB6OJØO&VSPQFB &MJNJOBDJØODPSSFDUBEFFTUFQSPEVDUP 3FTJEVPTEFBQBSBUPTFMÏDUSJDPTZFMFDUSØOJDPT "QMJDBCMFFOMB6OJØO&VSPQFBZFOQBÓTFTFVSPQFPTDPOTJTUFNBTEFSFDPHJEBTFMFDUJWBEFSFTJEVPT -BQSFTFODJBEFFTUFTÓNCPMPFOFMQSPEVDUPBDDFTPSJPTPNBUFSJBMJOGPSNBUJWPRVFMPBDPNQB×BOJOEJDBRVFBMGJOBMJ[BSTVWJEBÞUJM OJFMQSPEVDUPOJTVTBDDFTPSJPTFMFDUSØOJDPTDPNPFMDBSHBEPSDBTDPTDBCMF64# EFCFSÈOFMJNJOBSTFKVOUPDPOPUSPTSFTJEVPT EPNÏTUJDPT1BSBFWJUBSMPTQPTJCMFTEB×PTBMNFEJPBNCJFOUFPBMBTBMVEIVNBOBRVFSFQSFTFOUBMBFMJNJOBDJØOJODPOUSPMBEBEF SFTJEVPTTFQBSFFTUPTQSPEVDUPTEFPUSPTUJQPTEFSFTJEVPTZSFDÓDMFMPTDPSSFDUBNFOUF%FFTUBGPSNBTFQSPNVFWFMBSFVUJMJ[BDJØO TPTUFOJCMFEFSFDVSTPTNBUFSJBMFT -PTVTVBSJPTQBSUJDVMBSFTQVFEFODPOUBDUBSDPOFMFTUBCMFDJNJFOUPEPOEFBERVJSJFSPOFMQSPEVDUPPDPOMBTBVUPSJEBEFTMPDBMFT QFSUJOFOUFTQBSBJOGPSNBSTFTPCSFDØNPZEØOEFQVFEFOMMFWBSMPQBSBRVFTFBTPNFUJEPBVOSFDJDMBKFFDPMØHJDPZTFHVSP -PTVTVBSJPTDPNFSDJBMFTQVFEFODPOUBDUBSDPOTVQSPWFFEPSZDPOTVMUBSMBTDPOEJDJPOFTEFMDPOUSBUPEFDPNQSB&TUFQSPEVDUPZ TVTBDDFTPSJPTFMFDUSØOJDPTOPEFCFOFMJNJOBSTFKVOUPBPUSPTSFTJEVPTDPNFSDJBMFT DPOUFOJEPT@ &41"º0- 1JF[BTQSJODJQBMFT 1BOUBMMB "CSJSFMQBOFMEFMBOUFSP #PUØOEFFOFSHÓBZTFOTPSEFUFNQFSBUVSBEFDVBSUP $IFRVFBSMBVOJEBEFYUFSOB $IFRVFBSFMDPOUSPMSFNPUP 1BOUBMMBEFDPOUSPMSFNPUP 6TBSFMDPOUSPMSFNPUP *OTUBMBSMBTCBUFSÓBT WFSTVBDPOEJDJPOBEPSEFBJSF &OIPSBCVFOBQPSDPNQSBSFMBDPOEJDJPOBEPSEFBJSF&TQFSBNPTRVFMFHVTUFOMBTDBSBDUFSÓTUJDBTEFTV BDPOEJPOBEPSEFBJSFZTFOUJSTFGSFTDPPUFNQMBEPDPOFGJDJFODJBØQUJNB -FBFMNBOVBMEFVTVBSJPQBSBDPNFO[BSZBQSPWFDIBSCJFOFMBDPOEJPOBEPSEFBJSF $)&26&"3-"6/*%"%*/5&3/":1"/5"--"%*(*5"%FTFNCBMFDPOBUFODJØOTVBDPOEJDJPOBEPSEFBJSFZDIFRVFFMBVOJEBEQBSBBTFHVSBSRVFOPFTUÏEB×BEB 1JF[BTQSJODJQBMFT 'JMUSPEFBJSFCBKPFMQBOFM &OUSBEBEFBJSF )PKBEFGMVKPEFBJSF BSSJCBZBCBKP 1BMBODBEFDMBWJKBEFIPKB )PKBEFGMVKPEFBJSF J[RVJFSEBZ EFSFDIB 1BOUBMMB 3FDFQUPSEF$POUSPM3FNPUP *OEJDBEPSEFGVODJPOBNJFOUP *OEJDBEPSEFUFNQPSJ[BEPS *OEJDBEPS4NBSU4BWFS #PUØOEF&OFSHÓB 4VBDPOEJDJPOBEPSEFBJSFQPESÓBTFSVOQPDPEJGFSFOUFEFJMVTUSBDJØOFYIJCJEB EFQFOEJFOEPEFTVTVNPEFMP @SFWJTBS "#3*3&-1"/&-%&-"/5&30 5PNFCJFOMBQBSUFEFMBOUFSBEFMQBOFMEFMBOUFSPZFMFWFFMQBOFMQBSBBCSJS-VFHPFMFWFVOQPDPFMQBOFM IBTUBRVFFMQBOFMTFGJKFCJFOFOMPTHBODIPTEFMBVOJEBE &41"º0- #PUØOEFFOFSHÓBZTFOTPSEFUFNQFSBUVSBEFDVBSUP 1VFEFMPDBMJ[BSFMCPUØO&OFSHÓB FOMBQBSUFJOGFSJPSEFSFDIBEFMBDPOEJDJPOBEPSEFBJSF4JFM QBOFMEFMBOUFSPFTUÈBCJFSUPQVFEFDIFRVFBSFMTFOTPSEFUFNQFSBUVSBEFDVBSUP 1VFEFFODFOEFSFMBDPOEJDJPOBEPSEFBJSFTJOFMDPOUSPMSFNPUPQSFTJPOBOEPFMCPUØO&OFSHÓB &MTFOTPSEFUFNQFSBUVSBEFDVBSUPNJEFMBUFNQFSBUVSBEFDVBSUPJOUFSOP "TFHÞSFTFEFRVFFMTFOTPSEFUFNQFSBUVSBZIVNFEBEEFDVBSUPOPFTUÏEB×BEP 13&$"6$*»/ 4FOTPSEF UFNQFSBUVSBEF DVBSUP #PUØOEFFOFSHÓB $)&26&"3-"6/*%"%&95&3/" 4FSJFT"23 4FSJFT"264FSJFT"26 &OUSBEBEF"JSF 1BSUF5SBTFSB &OUSBEBEF"JSF 1BSUF5SBTFSB 7ÈMWVMBEFDPOFYJØO 7ÈMWVMBEFDPOFYJØO 4BMJEBEFBJSF 4BMJEBEFBJSF 4FSJFT"26 4FSJFT"26 &OUSBEBEF"JSF 1BSUF5SBTFSB &OUSBEBEF"JSF 1BSUF5SBTFSB 7ÈMWVMBEFDPOFYJØO 4BMJEBEFBJSF 4BMJEBEFBJSF 7ÈMWVMBEFDPOFYJØO SFWJTBS@ WFSTVBDPOEJDJPOBEPSEFBJSF $)&26&"3&-$0/530-3&.050 1VFEFBDUJWBSTVBDPOEJDJPOBEPSEFBJSFBQVOUBOEPFMDPOUSPMSFNPUPEFTEFMFKPT"MVTBSFMDPOUSPMSFNPUP TJFNQSFBQÞOUFMPEJSFDUBNFOUFFOFMBDPOEJDJPOBEPSEFBJSF 1BOUBMMBEFDPOUSPMSFNPUP 5VSCP &OFSHÓB 1BSBFODFOEFSBQBHBSFM BDPOEJDJPOBEPSEFBJSF .PEP $POGJHVSBSVOPEFMPTNPEPTEF GVODJPOBNJFOUP7FBQÈHJOBT_ QPSJOTUSVDDJPOFT 7FOUJMBEPSvw "KVTUFFMGMVKPEFBJSFRVFQBTB QPSFMBDPOEJDJPOBEPSEFBJSFDPO WFMPDJEBEFTEJGFSFOUFTDPNP "VUP#BKB.FEJB"MUB 4NBSU4BWFS $POQPDPDPOTVNPEFFOFSHÓB QVFEFSFGSFTDBSTVFTQBDJPFOUSFFM SBOHPEFUFNQFSBUVSB$_$ 5FNQPSJ[BEPSEF&ODFOEJEP 1BSBBDUJWBSFM5FNQPSJ[BEPSEF&ODFOEJEP "KVTUFFMUFNQPSJ[BEPSEFFODFOEJEP 0QFSBSFOWFMPDJEBEBVUPEFWFOUJMBEPS QBSBSFGSJHFSBSDBMFOUBSSÈQJEBNFOUF #BMBODFPEFBJSF 1BSBBDUJWBSEFTBDUJWBSFMNPWJNJFOUPEF IPKBEFGMVKPEFBJSFIBDJBBSSJCBZBCBKP BVUPNÈUJDBNFOUF 5FNQrs 1BSB4VCJS#BKBSMBUFNQFSBUVSBQPS$ 1BSBBDUJWBSFMNPEP $POGJHVSBS$BODFMBS 1BSB$POGJHVSBS$BODFMBSMBGVODJØOEF UFNQPSJ[BEPS 5FNQPSJ[BEPSEF"QBHBEP 1BSBBDUJWBSFM5FNQPSJ[BEPSEF"QBHBEP "KVTUFFMUFNQPSJ[BEPSEFBQBHBEP $VBOEPQSFTJPOFFTUFCPUØOVOQJUJEPDPSUPTPOBSÈZVOJOEJDBEPSEFUSBOTNJTJØO BQBSFDFSÈFOMBQBOUBMMBEFDPOUSPMSFNPUP @ SFWJTBS 1BOUBMMBEFDPOUSPMSFNPUP *OEJDBEPSEFNPEPEF GVODJPOBNJFOUP *OEJDBEPSEFUFNQPSJ[BEPS EFFODFOEJEP *OEJDBEPS *OEJDBEPSEFUFNQPSJ[BEPS EFBQBHBEP *OEJDBEPSEFUSBOTNJTJØO $POGJHVSBSJOEJDBEPS EFUFNQFSBUVSBIPSB *OEJDBEPSEFWFMPDJEBEEF WFOUJMBEPS *OEJDBEPS5VSCP "VUP5VSCP *OEJDBEPS4NBSU4BWFS #BKB *OEJDBEPSEF #BMBODFPEF"JSF .FEJB "MUB 6TBSFMDPOUSPMSFNPUP t"QVOUFFMDPOUSPMSFNPUPIBDJBFMTFOTPSEFMDPOUSPMSFNPUPEFMBVOJEBEWFBQÈHJOB QPSMBMPDBMJEBEEFSFDFQUPSEFDPOUSPMSFNPUP t4JQSFTJPOBFMCPUØOFOFMDPOUSPMSFNPUPPJSÈFMTPOJEPEFQJUJEPEFTEFMBVOJEBE t-BTF×BMQPESÓBOPTFSSFDJCJEBCJFOFOMBTCPNCJMMBTGMVPSFTDFOUFTEFUJQPFMFDUSØOJDP DPNPCPNCJMMBTGMVPSFTDFOUFTEFJOWFSTPSFTUÈOFOFMNJTNPFTQBDJP t4JPUSPTQSPEVDUPTFMÏDUSJDPTGVODJPOBODPOFMDPOUSPMSFNPUPMMBNFTVDFOUSPEF DPOUBDUPDFSDBOP *OTUBMBSMBTCBUFSÓBT &NQVKFMBQBMBODB DVBOEPGMFDIBJOEJDB FOMBQBSUFUSBTFSB EFMDPOUSPMSFNPUPZ FMÏWFMB *OTUBMFEPTCBUFSÓBT""" $JFSSFMBUBQBEFTMJ[ÈOEPMB IBDJBBUSÈTBTVQPTJDJØO $PNQSVFCFZIBHB PSJHJOBM KVFHPMPTTJHOPTiwZiw BQSPQJBEBNFOUF"TFHÞSFTF %FCFPJSTPOJEPEFDMJD EFIBCFSJOTUBMBEPMBT DVBOEPMBUBQBFTUÏ CBUFSÓBTFOEJSFDDJØODPSSFDUB CMPRVFBEBBQSPQJBEBNFOUF &MJNJOBDJØODPSSFDUBEFMBTCBUFSÓBTEFFTUFQSPEVDUP "QMJDBCMFFOMB6OJØO&VSPQFBZFOPUSPTQBÓTFTFVSPQFPTDPOTJTUFNBTEFSFDPHJEBTFMFDUJWBEF CBUFSÓBT -BQSFTFODJBEFFTUBNBSDBFOMBTCBUFSÓBTFMNBOVBMPFMQBRVFUFEFMQSPEVDUPJOEJDBRVF DVBOEPIBZBGJOBMJ[BEPMBWJEBÞUJMEFMBTCBUFSÓBTOPEFCFSÈOFMJNJOBSTFKVOUPDPOPUSPTSFTJEVPT EPNÏTUJDPT-PTTÓNCPMPTRVÓNJDPT)H$EP1CTJBQBSFDFOJOEJDBORVFMBCBUFSÓBDPOUJFOF NFSDVSJPDBENJPPQMPNPFOOJWFMFTTVQFSJPSFTBMPTWBMPSFTEFSFGFSFODJBBENJUJEPTQPSMB %JSFDUJWBEFMB6OJØO&VSPQFB4JMBTCBUFSÓBTOPTFEFTFDIBODPOWFOJFOUFNFOUFFTUBT TVTUBODJBTQPESÓBOQSPWPDBSMFTJPOFTQFSTPOBMFTPEB×BSFMNFEJPBNCJFOUF 1BSBQSPUFHFSMPTSFDVSTPTOBUVSBMFTZQSPNPWFSFMSFDJDMBKFTFQBSFMBTCBUFSÓBTEFMPTEFNÈT SFTJEVPTZSFDÓDMFMBTNFEJBOUFFMTJTUFNBEFSFDPHJEBHSBUVJUPEFTVMPDBMJEBE SFWJTBS@ &41"º0- *OEJDBEPSEFCBUFSÓB CBKB PQFSBSGVODJØOCÈTJDB &/$&/%&3:"1"("3&-"$0/%*$*0/"%03%&"*3& 1SFTJPOFFMCPUØO&OFSHÓB FOFMDPOUSPMSFNPUP 0JSÈVOTPOJEPEFUJNCSFZMBIPKBEFGMVKPEFBJSFTFNPWFSÈIBDJB BSSJCBZBCBKPBVUPNÈUJDBNFOUFDVBOEPFMBDPOEJDJPOBEPSEFBJSF FTUÏFODFOEJEP &MBDPOEJDJPOBEPSEFBJSFGVODJPOBSÈFOFMNPEPNÈTSFDJFOUF VUJMJ[BEPPNPEP"VUP $VBOEPBQBHVFFMBDPOEJDJPOBEPSEFBJSFMBIPKBEFGMVKPEFBJSF QBSBSÈEFNPWFSZNBOUJFOFDFSSBEB &ODFOEFSBQBHBSTVBDPOEJDJPOBEPSEFBJSFTJOFMDPOUSPMSFNPUP 1VFEFPQFSBSTVBDPOEJDJPOBEPSEFBJSFQSFTJPOBOEPFMCPUØO&OFSHÓB FOMBQBSUFJOGFSJPSEFSFDIB EFMBDPOEJDJPOBEPSEFBJSF &-&(*3.0%0%&'6/$*0/".*&/50 "VUP &ONPEP"VUPFMBDPOEJDJPOBEPSEFBJSFDPOGJHVSBSÈBVUPNÈUJDBNFOUFMBUFNQFSBUVSBZMB WFMPDJEBEEFWFOUJMBEPSEFQFOEJFOEPEFUFNQFSBUVSBEFDVBSUPEFUFDUBEBQPSFMTFOTPSEF UFNQFSBUVSBEFDVBSUP &ODJFOEBFMBDPOEJDJPOBEPSEFBJSF 1SFTJPOFFMCPUØO&OFSHÓB FOFMDPOUSPMSFNPUP $POGJHVSFFMNPEPEFGVODJPOBNJFOUP 1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPIBTUB RVFFMNPEP"VUPZ"VUPJOEJDBEPSEFWFMPDJEBEEF WFOUJMBEPSBQBSF[DBOFOMBQBOUBMMBEFMDPOUSPMSFNPUP &MBDPOEJDJPOBEPSEFBJSFDPOGJHVSBSÈBVUPNÈUJDBNFOUF FMNPEPEFGVODJPOBNJFOUPB3FGSFTDBSP$BMFOUBS EFQFOEJFOEPEFUFNQFSBUVSBEFDVBSUP $BEBWF[RVFQSFTJPOBFMCPUØO.PEPFMNPEP DBNCJBSÈFOPSEFOEF"VUP3FGSFTDBS4FDBS7FOUJMBSZ$BMFOUBS "KVTUFMBUFNQFSBUVSBTJOFDFTJUBTVCJSPCBKBSMB UFNQFSBUVSBEFDVBSUP 1SFTJPOFMB5FNQr Ps FOFMDPOUSPMSFNPUPQBSBCBKBS PTVCJSMBUFNQFSBUVSBEFTFBEB 1VFEFDPOGJHVSBSMBUFNQFSBUVSBEFTFBEBFOUSFFM SBOHPEF$_$ 1VFEFCBKBSTVCJSMBUFNQFSBUVSBQPS$ t $VBOEPFMBDPOEJDJPOBEPSZBFTUÏGVODJPOBOEPFOPUSPNPEPQSFTJPOFFMCPUØO.PEP IBTUB"VUPJOEJDBEPSEFNPEPBQBSF[DBFOMBQBOUBMMBEFMDPOUSPMSFNPUP t "MVTBSFMDPOUSPMSFNPUPBTFHÞSFTFEFRVFFMJOEJDBEPSDPSSFDUPRVFDPSSFTQPOEFBTV TFMFDDJØOBQBSF[DBFOMBQBOUBMMBEFDPOUSPMSFNPUP t 'MVKPEFBJSFQVFEFTFSBKVTUBEPNBOVBMNFOUF7FBQÈHJOBQPSJOTUSVDDJPOFT @PQFSBDJØO 3FGSJHFSBS &ONPEP3FGSJHFSBSFMBDPOEJDJPOBEPSEFBJSFSFGSFTDBSÈTVDVBSUP1VFEFBKVTUBSMBUFNQFSBUVSB ZMBWFMPDJEBEEFWFOUJMBEPSQBSBTFOUJSTFNÈTGSFTDPFOFTUBDJØODBMVSPTB &ODJFOEBFMBDPOEJDJPOBEPSEFBJSF 1SFTJPOFFMCPUØO&OFSHÓB FOFMDPOUSPMSFNPUP $POGJHVSFFMNPEPEFGVODJPOBNJFOUP 1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPIBTUBRVF FMJOEJDBEPSEFNPEP3FGSJHFSBSBQBSF[DBFOMBQBOUBMMB EFMDPOUSPMSFNPUP &MBDPOEJDJPOBEPSEFBJSFGVODJPOBFONPEP3FGSJHFSBS ZCBKBSÈMBUFNQFSBUVSBFOTVDVBSUP &41"º0- $BEBWF[RVFQSFTJPOBFMCPUØO.PEPFMNPEP DBNCJBSÈFOPSEFOEF"VUP3FGSFTDBS4FDBS7FOUJMBSZ$BMFOUBS $POGJHVSFMBUFNQFSBUVSB 1SFTJPOF5FNQr PsFOFMDPOUSPMSFNPUPQBSBCBKBSP TVCJSMBUFNQFSBUVSBEFTFBEB 1VFEFDPOGJHVSBSMBUFNQFSBUVSBEFTFBEBFOUSFFM SBOHPEF$_$ 1VFEFCBKBSTVCJSMBUFNQFSBUVSBQPS$ $POGJHVSFMBWFMPDJEBEEFWFOUJMBEPS 1SFTJPOFFMCPUØO7FOUJMBSvPwFOFMDPOUSPMSFNPUP QBSBDPOGJHVSBSMBWFMPDJEBEEFWFOUJMBEPSEFTFBEB 4JMBUFNQFSBUVSBEFDVBSUPMMFHBBMWBMPSEFTFBEPFM BDPOEJDJPOBEPSEFBJSFQBSBSÈEFSFGSFTDBSQPSVOSBUP ZTØMPFMWFOUJMBEPSGVODJPOB $BEBWF[RVFQSFTJPOBFMCPUØO7FOUJMBSvPwMB WFMPDJEBEEFWFOUJMBDJØODBNCJBSÈFOPSEFOEF"VUP #BKP.FEJPZ"MUP t "MVTBSFMDPOUSPMSFNPUPBTFHÞSFTFEFRVFFMJOEJDBEPSDPSSFDUPRVFDPSSFTQPOEFBTV TFMFDDJØOBQBSF[DBFOMBQBOUBMMBEFDPOUSPMSFNPUP t 'MVKPEFBJSFQVFEFBKVTUBSTFNBOVBMNFOUF7FBQÈHJOBQPSJOTUSVDDJPOFT t4JMBTUFNQFSBUVSBTBDUVBMFTEFMFYUFSJPSFTUÈONVDIPNÈTBMUBTRVFMBUFNQFSBUVSB TFMFDDJPOBEBEFJOUFSJPSQPESÓBUBSEBSUJFNQPFOCBKBSMBUFNQFSBUVSBBMBEFTFBEB PQFSBDJØO@ PQFSBSGVODJØOCÈTJDB &-&(*3.0%0%&'6/$*0/".*&/50 4FDBS &MBDPOEJDJPOBEPSEFBJSFFONPEP4FDBSGVODJPOBDPNPVOEFTIVNJEJGJDBEPSRVJUBOEP IVNFEBEEFMBJSFJOUFSOP&MNPEP4FDBSSFGSFTDBFMBJSFFOVODMJNBIÞNFEP &ODJFOEBFMBDPOEJDJPOBEPSEFBJSF 1SFTJPOFFMCPUØO&OFSHÓB FOFMDPOUSPMSFNPUP $POGJHVSFFMNPEPEFGVODJPOBNJFOUP 1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPIBTUBRVF FMJOEJDBEPSEFNPEP4FDBSBQBSF[DBFOMBQBOUBMMBEFM DPOUSPMSFNPUP &MBDPOEJDJPOBEPSEFBJSFGVODJPOBFONPEP4FDBSZ BVUPNÈUJDBNFOUFBKVTUBMBWFMPDJEBEEFWFOUJMBEPSB "VUP $BEBWF[RVFQSFTJPOBFMCPUØO.PEPFMNPEPDBNCJBSÈFOPSEFOEF"VUP3FGSFTDBS 4FDBS7FOUJMBSZ$BMFOUBS $POGJHVSFMBUFNQFSBUVSB 1SFTJPOF5FNQr PsFOFMDPOUSPMSFNPUPQBSBCBKBSP TVCJSMBUFNQFSBUVSBEFTFBEB 1VFEFDPOGJHVSBSMBUFNQFSBUVSBEFTFBEBFOUSFFM SBOHPEF$_$ 1VFEFCBKBSTVCJSMBUFNQFSBUVSBQPS$ t "MVTBSFMDPOUSPMSFNPUPBTFHÞSFTFEFRVFFMJOEJDBEPSDPSSFDUPRVFDPSSFTQPOEFBTV TFMFDDJØOBQBSF[DBFOMBQBOUBMMBEFDPOUSPMSFNPUP t 'MVKPEFBJSFQVFEFBKVTUBSTFNBOVBMNFOUF7FBQÈHJOBQPSJOTUSVDDJPOFT @PQFSBDJØO 7FOUJMBS 1VFEFFMFHJSFMNPEPEFWFOUJMBEPSQBSBWFOUJMBSTVDVBSUP&MNPEPEFWFOUJMBEPSTFSÈÞUJMQBSB SFGSFTDBSFMBJSFOPGSFTDPFOTVDVBSUP &ODJFOEBFMBDPOEJDJPOBEPSEFBJSF 1SFTJPOFFMCPUØO&OFSHÓB FOFMDPOUSPMSFNPUP $POGJHVSFFMNPEPEFGVODJPOBNJFOUP 1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPIBTUB RVFFMJOEJDBEPSEFNPEPEF7FOUJMBSBQBSF[DBFOMB QBOUBMMBEFMDPOUSPMSFNPUP &MBDPOEJDJPOBEPSEFBJSFGVODJPOBFONPEPEF7FOUJMBS ZDJSDVMBFMBJSFEFMJOUFSJPS &41"º0- $BEBWF[RVFQSFTJPOBFMCPUØO.PEPFMNPEP DBNCJBSÈFOPSEFOEF"VUP3FGSFTDBS4FDBS7FOUJMBSZ$BMFOUBS $POGJHVSFMBWFMPDJEBEEFWFOUJMBEPS 1SFTJPOFFMCPUØO7FOUJMBSvPwFOFMDPOUSPMSFNPUP QBSBDPOGJHVSBSMBWFMPDJEBEEFWFOUJMBEPSEFTFBEB $BEBWF[RVFQSFTJPOBFMCPUØO7FOUJMBSvPwMB WFMPDJEBEEFWFOUJMBDJØODBNCJBSÈFOPSEFOEF#BKP .FEJPZ"MUP t "MVTBSFMDPOUSPMSFNPUPBTFHÞSFTFEFRVFFMJOEJDBEPSDPSSFDUPRVFDPSSFTQPOEFBTV TFMFDDJØOBQBSF[DBFOMBQBOUBMMBEFDPOUSPMSFNPUP t 'MVKPEFBJSFQVFEFBKVTUBSTFNBOVBMNFOUF7FBQÈHJOBQPSJOTUSVDDJPOFT PQFSBDJØO@ PQFSBSGVODJØOCÈTJDB &-&(*3.0%0%&'6/$*0/".*&/50 $BMFOUBS &MBDPOEJDJPOBEPSEFBJSFDBMJFOUBDPNPSFGSJHFSB$BMJFOUFTVDVBSUPDPOFTUFBQBSBUPWFSTÈUJMFO FMJOWJFSOPGSÓP &ODJFOEBFMBDPOEJDJPOBEPSEFBJSF 1SFTJPOFFMCPUØO&OFSHÓB FOFMDPOUSPMSFNPUP $POGJHVSFFMNPEPEFGVODJPOBNJFOUP 1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPIBTUBRVF FMJOEJDBEPS$BMFOUBSBQBSF[DBFOMBQBOUBMMBEFMDPOUSPM SFNPUP &MBDPOEJDJPOBEPSEFBJSFGVODJPOBFONPEP$BMFOUBSZ DBMJFOUBTVDVBSUP BEBWF[RVFQSFTJPOBFMCPUØO.PEPFMNPEP $ DBNCJBSÈFOPSEFOEF"VUP3FGSFTDBS4FDBS7FOUJMBSZ$BMFOUBS $POGJHVSFMBUFNQFSBUVSB 1SFTJPOF5FNQr PsFOFMDPOUSPMSFNPUPQBSBCBKBS PTVCJSMBUFNQFSBUVSBEFTFBEB 1VFEFDPOGJHVSBSMBUFNQFSBUVSBEFTFBEBFOUSFFM SBOHPEF$_$ 1VFEFCBKBSTVCJSMBUFNQFSBUVSBQPS$ $POGJHVSFMBWFMPDJEBEEFWFOUJMBEPS 1SFTJPOFFMCPUØO7FOUJMBSvPwFOFMDPOUSPMSFNPUP QBSBDPOGJHVSBSMBWFMPDJEBEEFWFOUJMBEPSEFTFBEB 4JMBUFNQFSBUVSBEFDVBSUPBMDBO[BBMWBMPSEFTFBEP DBMFGBDDJØOQBSBSÈQPSVOSBUP t$BEBWF[RVFQSFTJPOBFMCPUØO7FOUJMBSvPw MBWFMPDJEBEEFWFOUJMBDJØODBNCJBSÈFOPSEFOEF "VUP#BKP.FEJPZ"MUP t7FOUJMBEPSQVFEFOPGVODJPOBSQPS_NJOVUPTBM DPNJFO[PQBSBQSFWFOJSFMGSÓPSFQFOUJOPDVBOEPFM BDPOEJDJPOBEPSEFBJSFFTUÏDBMFOUBOEP t 'MVKPEFBJSFQVFEFBKVTUBSTFNBOVBMNFOUF7FBQÈHJOBQPSJOTUSVDDJPOFT t $PNPFMBDPOEJDJPOBEPSEFBJSFDBMJFOUBFMDVBSUPRVJUBOEPMBFOFSHÓBEFDBMPSEFMBJSF FYUFSOPMBDBQBDJEBEEFDBMFGBDDJØOQVFEFCBKBSDVBOEPMBTUFNQFSBUVSBTFYUFSOBT FTUÏOFYUSFNBEBNFOUFGSÓBT4JTJFOUFRVFFMBDPOEJDJPOBEPSEFBJSFDBMJFOUBEFNBOFSB JOTVGJDJFOUFTFSFDPNJFOEBVTBSVOBQBSBUPBEJDJPOBMEFDBMFGBDDJØOFODPNCJOBDJØODPO FMBDPOEJDJPOBEPSEFBJSF @PQFSBDJØO "+645"3-"%*3&$$*»/%&'-6+0%&"*3& &MGMVKPEFBJSFQVFEFHVJBSTFBTVQPTJDJØOEFTFBEB 'MVKPEFBJSFWFSUJDBM -BTIPKBTEFGMVKPEFBJSFTFNVFWFOIBDJBBSSJCBZBCBKP 1SFTJPOFFMCPUØO#BMBODFPEFBJSF FOFMDPOUSPMSFNPUP &MJOEJDBEPSEFCBMBODFPEFBJSFTFFODFOEFSÈZMBTIPKBTEFGMVKPEFBJSFTFNVFWFOIBDJB BSSJCBZBCBKPDPOUJOVBNFOUFQBSBDJSDVMBSFMBJSF 1BSBNBOUFOFSMBEJSFDDJØOEFGMVKPEFBJSFFOVOBQPTJDJØODPOTUBOUFQSFTJPOFFMCPUØO #BMBODFPEFBJSF FOFMDPOUSPMSFNPUPEFOVFWP 'MVKPEFBJSFIPSJ[POUBM "TFHÞSFTFEFRVFVOBEFMBTDMBWJKBTEFIPKBRVFTBMHBEFMBTIPKBTEFMGMVKPEFBJSFOPFTUÏSPUB .VFWBMBQBMBODBEFQJOEFIPKBBMBJ[RVJFSEBPEFSFDIBQBSBNBOUFOFSMBEJSFDDJØOEFGMVKP EFBJSFFOVOBQPTJDJØODPOTUBOUFRVFQSFGJFSF 1BMBODFEFQJOEFIPKB 13&$"6$*»/ 5FOHBDVJEBEPFYUSFNBEPDPOTVTEFEPTBMBKVTUBSMBEJSFDDJØOEFGMVKPEFBJSFIPSJ[POUBM )BZVOSJFTHPQPUFODJBMEFEB×PQFSTPOBMDVBOEPOPTFNBOFKFCJFOMBVOJEBE PQFSBDJØO@ &41"º0- VTBSGVODJPOFTBWBO[BEBT 64"3-"'6/$*»/563#0 -BGVODJØO5VSCPTFSÈÞUJMQBSBSFGSJHFSBSZDBMFOUBSTVDVBSUPSÈQJEBZFGJDJFOUFNFOUFTJFMBDPOEJDJPOBEPSEF BJSFGVODJPOBFOWFMPDJEBENÈYJNBEFWFOUJMBEPSQPSNJOVUPT &ODJFOEBFMBDPOEJDJPOBEPSEFBJSF 1SFTJPOFFMCPUØO&OFSHÓB FOFMDPOUSPMSFNPUP $POGJHVSFFMNPEPEFGVODJPOBNJFOUP 1SFTJPOFFMCPUØO5VSCP FOFMDPOUSPMSFNPUPIBTUB RVFFMJOEJDBEPS5VSCPBQBSF[DBFOMBQBOUBMMBEFMDPOUSPM SFNPUP &MBDPOEJDJPOBEPSEFBJSFGVODJPOBFOWFMPDJEBE EFWFOUJMBEPS5VSCPZBVUPNÈUJDBNFOUFBKVTUBMB UFNQFSBUVSBTFHÞOMBUFNQFSBUVSBBDUVBMEFDVBSUP -BVOJEBEGVODJPOBQPSNJOVUPTZMVFHPGVODJPOB FOFMÞMUJNPNPEPVUJMJ[BEPPFONPEP"VUPTJNPEP 4FDBS7FOUJMBSFTFMNPEPSFDJÏOVUJMJ[BEP -BGVODJØO5VSCPTØMPFTUÈEJTQPOJCMFFONPEP"VUP3FGSJHFSBS$BMFOUBS 4JTFFMJKFMBGVODJØO5VSCPFONPEP4FDBS7FOUJMBSFMNPEPEFGVODJPOBNJFOUPDBNCJBB"VUP 1BSBEFTBDUJWBSMBGVODJØO5VSCP 1SFTJPOFFMCPUØO5VSCP FOFMDPOUSPMSFNPUPDVBOEPMBGVODJØO5VSCPFTUÈBDUJWBEB &MBDPOEJDJPOBEPSEFBJSFGVODJPOBFOFMÞMUJNPNPEPVUJMJ[BEPPFONPEP"VUPTJNPEP 4FDBS7FOUJMBSFTFMNPEPSFDJÏOVUJMJ[BEP t "MVTBSFMDPOUSPMSFNPUPBTFHÞSFTFEFRVFFMJOEJDBEPSDPSSFDUPRVFDPSSFTQPOEFBTV TFMFDDJØOBQBSF[DBFOMBQBOUBMMBEFDPOUSPMSFNPUP t -BUFNQFSBUVSB7FMPDJEBEEFWFOUJMBEPSOPTFQVFEFBKVTUBSBMVUJMJ[BSFTUBGVODJØO t 'MVKPEFBJSFTFQVFEFBKVTUBSNBOVBMNFOUF7FBQÈHJOBQPSJOTUSVDDJPOFT t 4JQSFTJPOBFMCPUØO.PEPDVBOEPMBGVODJØO5VSCPFTUÈBDUJWBEBTFDBODFMBSÈMB GVODJØO @VTBSGVODJPOFTBWBO[BEBT $0/'*(63"35&.103*;"%03 &TUBGVODJØOBWBO[BEB5FNQPSJ[BEPSMFQFSNJUFFODFOEFSBQBHBSTVBDPOEJDJPOBEPSEFBJSFBVUPNÈUJDBNFOUFBVORVF FTUÏBVTFOUF4JNQMFNFOUFDPOGJHVSFMBIPSBZTVBDPOEJDJPOBEPSEFBJSFTFFODFOEFSÈBQBHBSÈBVUPNÈUJDBNFOUF 5FNQPSJ[BEPSEFFODFOEJEP &TUBGVODJØOMFQFSNJUFFODFOEFSBMBDPOEJDJPOBEPSEF BJSFBVUPNÈUJDBNFOUFEFOUSPEFMSBOHPEFIPSBT 5FNQPSJ[BEPSEFFODFOEJEPFTUÈEJTQPOJCMFDVBOEPTV BDPOEJDJPOBEPSFTUÏBQBHBEP &41"º0- 1SFTJPOFFMCPUØO0O5JNFSFOFMDPOUSPMSFNPUP &MJOEJDBEPS5FNQPSJ[BEPSEFFODFOEJEPQBSQBEFBFO MBQBOUBMMBEFMDPOUSPMSFNPUP $POGJHVSFMBIPSBDVBOEPRVJFSBRVFFMBDPOEJDJPOBEPS TFFODJFOEBBVUPNÈUJDBNFOUF 1SFTJPOFFMCPUØO0O5JNFSFOFMDPOUSPMSFNPUP QBSBDBNCJBSFMBKVTUFEFIPSBDVBOEPFMJOEJDBEPS 5FNQPSJ[BEPSEFFODFOEJEPFTUÏQBSQBEFBOEP1VFEF DPOGJHVSBSMBIPSBIBTUBIPSBTBVNFOUBOEPFO NJOVUPVOJEBEIBTUBMBTQSJNFSBTIPSBTFOVOJEBE IPSBSJBEFTQVÏTEFMBTQSJNFSBTIPSBT 1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPMSFNPUPQBSBBDUJWBS &OMBQBOUBMMBEFDPOUSPMSFNPUPTFFYIJCJSÈO MBT IPSBT RVFIBDPOGJHVSBEPQPS TFHVOEPTZTFFYIJCSÈMBUFNQFSBUVSBDPOGJHVSBEB &MBDPOEJDJPOBEPSEFBJSFGVODJPOBSÈBVUPNÈUJDBNFOUFBMBIPSBDPOGJHVSBEBZMVFHPFM JOEJDBEPSEFUFNQPSJ[BEPSEF&ODFOEJEPQBSBEFQBSQBEFBSZNBOUJFOFFODFOEJEP4J UFNQPSJ[BEPSEF&ODFOEJEPOPTFDPOGJHVSBFOTFHVOEPTFMBDPOEJDJPOBEPSEFBJSF UFSNJOBSÈBKVTUF $POGJHVSFFMNPEPEFGVODJPOBNJFOUP 1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPIBTUBRVFFM NPEPEFTFBEPBQBSF[DBFOMBQBOUBMMBEFMDPOUSPMSFNPUP &MBDPOEJDJPOBEPSEFBJSFGVODJPOBSÈFOFMNPEPRVF IBDPOGJHVSBEP -BGVODJPO5FNQPSJ[BEPSEFFODFOEJEPFTUÈ EJTQPOJCMFFONPEP"VUP3FGSJHFSBS4FDBS7FOUJMBS $BMFOUBS t 5BNCJÏOTFQVFEFBKVTUBSMBUFNQFSBUVSB7FBQBTPFOQÈHJOBQPSJOTUSVDDJPOFT t 5PEPTMPTJOEJDBEPSFTFYDFQUP5FNQPSJ[BEPSEF&ODFOEJEPEFTBQBSFDFSÈOBQSPYJNBEBNFOUF EFTQVÏTEFTFHVOEPTEFTQVÏTEFBKVTUF t $VBOEP5FNQPSJ[BEPSEF&ODFOEJEPTFIBDPOGJHVSBEPQVFEFQSFTJPOBSFMCPUØO0O 5JNFSEFOVFWPQBSBDBNCJBSMBIPSBQSFDPOGJHVSBEB1SFTJPOFFMCPUØO0O5JNFSQBSB DBNCJBSFMBKVTUFEFBIPSBZMVFHPQSFTJPOFFMCPUØO$POGJHVSBS$BODFMBSQBSBBDUJWBS 1BSBEFTBDUJWBSFM5FNQPSJ[BEPSEFFODFOEJEP 1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPMSFNPUPDVBOEP5FNQPSJ[BEPSEF &ODFOEJEPFTUÈBDUJWBEP 5FNQPSJ[BEPSEFFODFOEJEPRVFIBDPOGJHVSBEPTFDBODFMBSÈFJOEJDBEPSEFUFNQPSJ[BEPS EF&ODFOEJEPEFTBQBSFDFSÈ VTBSGVODJPOFTBWBO[BEBT@ VTBSGVODJPOFTBWBO[BEBT $0/'*(63"35&.103*;"%03 5FNQPSJ[BEPSEFBQBHBEP &TUBGVODJØOMFQFSNJUFBQBHBSFMBDPOEJDJPOBEPSEFBJSFBVUPNÈUJDBNFOUFEFOUSPEFMSBOHPEF IPSBT&MUFNQPSJ[BEPSEFBQBHBEPUJFOFFGFDUPDVBOEPMBVOJEBEFTUÏGVODJPOBOEP 1SFTJPOFFMCPUØO0GG5JNFSFOFMDPOUSPMSFNPUP &MJOEJDBEPSEFUFNQPSJ[BEPSEFBQBHBEPQBSQBEFBFO MBQBOUBMMBEFMDPOUSPMSFNPUP $POGJHVSFMBIPSBDVBOEPRVJFSFRVFFMBDPOEJDJPOBEPS EFBJSFTFBQBHVFBVUPNÈUJDBNFOUF 1SFTJPOFFMCPUØO0GG5JNFSFOFMDPOUSPMSFNPUP QBSBDBNCJBSFMBKVTUFEFIPSBDVBOEPFMJOEJDBEPSEF UFNQPSJ[BEPSEFBQBHBEPFTUÏQBSQBEFBOEP1VFEF DPOGJHVSBSFMUJFNQPIBTUBIPSBTBVNFOUBOEPFO NJOVUPVOJEBEIBTUBMBTQSJNFSBTIPSBTZFOVOJEBE IPSBSJBEFTQVÏTEFMBTQSJNFSBTIPSBT 1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPMSFNPUPQBSBBDUJWBSMP &OMBQBOUBMMBEFDPOUSPMSFNPUPTFFYIJCJSÈO MBT IPSBT RVFIBDPOGJHVSBEPQPS TFHVOEPTZTFFYIJCJSÈUFNQFSBUVSBEFTFBEB &MBDPOEJDJPOBEPSEFBJSFGVODJPOBSÈBVUPNÈUJDBNFOUFBMBIPSBDPOGJHVSBEBZMVFHP JOEJDBEPSEFUFNQPSJ[BEPSEF"QBHBEPQBSBEFQBSQBEFBSZNBOUJFOFFODFOEJEP4J UFNQPSJ[BEPSEF"QBHBEPOPTFDPOGJHVSBFOTFHVOEPTFMBDPOEJDJPOBEPSEFBJSF UFSNJOBSÈBKVTUF t $VBOEPFM5FNQPSJ[BEPSEF"QBHBEPTFIBDPOGJHVSBEPQVFEFQSFTJPOBSFMCPUØO0GG 5JNFSEFOVFWPQBSBDBNCJBSMBIPSBQSFDPOGJHVSBEB 1SFTJPOFFMCPUØO0GG5JNFSQBSBDBNCJBSFMBKVTUFEFBIPSBZMVFHPQSFTJPOFFMCPUØO $POGJHVSBS$BODFMBSQBSBBDUJWBS t 1VFEFDPNCJOBSMBGVODJØOEFUFNQPSJ[BEPSEFBQBHBEPDPOMBGVODJØOEFUFNQPSJ[BEPS EFFODFOEJEPQBSBFODFOEFSZBQBHBSFMBDPOEJDJPOBEPSEFBJSFBMBIPSBEFTFBEB7FB QÈHJOBQPSJOTUSVDDJPOFT 1BSBEFTBDUJWBSFM5FNQPSJ[BEPSEFBQBHBEP 1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPMSFNPUPDVBOEP5FNQPSJ[BEPSEF "QBHBEPFTUÈBDUJWBEP 5FNQPSJ[BEPSEFBQBHBEPRVFIBDPOGJHVSBEPTFDBODFMBSÈFJOEJDBEPSEFUFNQPSJ[BEPSEF "QBHBEPEFTBQBSFDFSÈ @VTBSGVODJPOFTBWBO[BEBT $PNCJOBS5FNQPSJ[BEPSEFFODFOEJEPZ5FNQPSJ[BEPSEFBQBHBEP 1VFEFDPNCJOBSFM5FNQPSJ[BEPSEFFODFOEJEPZ5FNQPSJ[BEPSEFBQBHBEPQPSVTPNÈT DPOWFOJFOUFEFMBGVODJØOEFUFNQPSJ[BEPS &41"º0- $POGJHVSFFM5FNQPSJ[BEPSEFFODFOEJEP 1SFTJPOFFMCPUØO0O5JNFS $POGJHVSFMBIPSBDPOCPUØO0O5JNFS 1SFTJPOF$POGJHVSBS$BODFMBSQBSBBDUJWBSFM 5FNQPSJ[BEPSEFFODFOEJEP 7FBQÈHJOBQPSNÈTJOTUSVDDJPOFTEFUBMMBEBT BDFSDBEF5FNQPSJ[BEPSEFFODFOEJEP $POGJHVSFFMUFNQPSJ[BEPSEF"QBHBEP 1SFTJPOFFMCPUØO0GG5JNFS $POGJHVSFMBIPSBDPOCPUØO0GG5JNFS 1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSQBSBBDUJWBSFM5FNQPSJ[BEPSEFBQBHBEP $VBOEPDPOGJHVSFMBIPSBUJFOFEPTPQDJPOFTQPTJCMFT )PSBQSFDPOGJHVSBEBEF5FNQPSJ[BEPSEF&ODFOEJEPFTNÈTDPSUBRVF 5FNQPSJ[BEPSEF"QBHBEP &MBDPOEJDJPOBEPSEFBJSFTFFODFOEFSÈZBQBHBSÈ BVUPNÈUJDBNFOUF&MBKVTUFTFEFCFFGFDUVBSDVBOEP FMBDPOEJDJPOBSEFBJSFFTUÏBQBHBEP FKFNQMP 4JMBIPSBQSFDPOGJHVSBEBEF5FNQPSJ[BEPS EF&ODFOEJEPFTIPSBTZFM5FNQPSJ[BEPSEF "QBHBEPFTIPSBTFMBDPOEJDJPOBEPSEFBJSF TFFODFOEFSÈEFTQVÏTEFIPSBTEFTEFFM NPNFOUPRVFIBDPOGJHVSBEPFMUFNQPSJ[BEPS4V BDPOEJDJPOBEPSEFBJSFTFHVJSÈFODFOEJEPQPSIPSBT ZMVFHPTFBQBHBSÈBVUPNÈUJDBNFOUF )PSBQSFDPOGJHVSBEBEF5FNQPSJ[BEPSEF&ODFOEJEPFTNÈTMBSHBRVF 5FNQPSJ[BEPSEF"QBHBEP &MBDPOEJDJPOBEPSEFBJSFTFBQBHBSÈBVUPNÈUJDBNFOUF ZMVFHPTFFODFOEFSÈBVUPNÈUJDBNFOUF&MBKVTUF EFCFFGFDUVBSTFDVBOEPFMBDPOEJDJPOBSEFBJSFFTUÏ GVODJPOBOEP FKFNQMP 4JMBIPSBQSFDPOGJHVSBEBEFM5FNQPSJ[BEPS EF&ODFOEJEPFTIPSBTZFM5FNQPSJ[BEPSEF "QBHBEPFTIPSBFMBDPOEJDJPOBEPSEFBJSFTF BQBHBSÈEFTQVÏTEFMNPNFOUPRVFIBDPOGJHVSBEP FMUFNQPSJ[BEPS4VBDPOEJDJPOBEPSEFBJSFTFHVJSÈ BQBHBEPQPSEPTIPSBTZMVFHPTFFODFOEFSÈBVUPNÈUJDBNFOUF 7FBQÈHJOBQPSNÈTJOTUSVDDJPOFTEFUBMMBEBTBMDPOGJHVSBSFMUFNQPSJ[BEPSEF"QBHBEP 1BSBEFTBDUJWBSMBDPNCJOBDJØOEFUFNQPSJ[BEPS 1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPMSFNPUPDVBOEPMBDPNCJOBDJØOEF UFNQPSJ[BEPSFTUÈBDUJWBEB BOUPFM5FNQPSJ[BEPSEFFODFOEJEPDPNPFMEFBQBHBEPTFDBODFMBSÈZMPTJOEJDBEPSFT 5 EFTBQBSFDFSÈO VTBSGVODJPOFTBWBO[BEBT@ VTBSGVODJPOFTBWBO[BEBT $0/'*(63"35&.103*;"%03 .PEP &MNPEP MFQFSNJUFDPOGJHVSBSVOBUFNQFSBUVSBDØNPEBEFEPSNJSZQVFEFBIPSSBS FOFSHÓBZEPSNJSCJFO&MNPEP QVFEFDPOGJHVSBSTFDVBOEPFMBDPOEJDJPOBEPSEFBJSF FTUÏFODFOEJEP $POGJHVSFFMNPEPEFGVODJPOBNJFOUP 1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPIBTUBRVF 3FGSJHFSBS$BMFOUBSBQBSF[DBFOMBQBOUBMMBEFMDPOUSPM SFNPUP TØMPFTUÈEJTQPOJCMFFONPEP3FGSJHFSBS $BMFOUBS 1SFTJPOFFMCPUØO FOFMDPOUSPMSFNPUP &MJOEJDBEPS BQBSFDFZFMJOEJDBEPSEF 5FNQPSJ[BEPSEFBQBHBEPDPNJFO[BBQBSQBEFBSFOMB QBOUBMMBEFMDPOUSPMSFNPUP $POGJHVSFMBEVSBDJØORVFRVJFSBRVFFMBDPOEJDJPOBEPS EFBJSFFTUÏFODFOEJEP QPSEFGFDUPFTIPSBT1SFTJPOF &MUJFNQP FMCPUØO FOFMDPOUSPMSFNPUPQBSB DBNCJBSFMBKVTUFEFUJFNQPDVBOEPFMJOEJDBEPSEF 5FNQPSJ[BEPSEFBQBHBEPFTUÏQBSQBEFBOEP 1VFEFDPOGJHVSBSMBIPSBIBTUBIPSBTBVNFOUBOEP FONJOVUPVOJEBEIBTUBMBTQSJNFSBTIPSBTZFO VOJEBEIPSBSJBEFTQVÏTEFMBTQSJNFSBTIPSBT 1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPMSFNPUP QBSBBDUJWBS &OMBQBOUBMMBEFMDPOUSPMSFNPUPTFFYIJCJSÈMBIPSBRVFIB DPOGJHVSBEP $VBOEPIBZBQBTBEPMBIPSBDPOGJHVSBEBFMBDPOEJDJPOBEPSEF EFTBQBSFDF BJSFTFBQBHBSÈBVUPNÈUJDBNFOUFZMVFHPFMJOEJDBEPS 4JFMNPEP OPFTUÈDPOGJHVSBEPFOTFHVOEPTFMBDPOEJDJPOBEPSEFBJSFQBSBSÈBKVTUF t 4FQVFEFBKVTUBS5FNQFSBUVSB7FMPDJEBEEFWFOUJMBEPS#BMBODFPEFBJSFEFTQVÏTEF DPOGJHVSBS FONPEP$BMFOUBS t -BUFNQFSBUVSBTFQVFEFBKVTUBSZFMBDPOEJDJPOBEPSEFBJSFBKVTUBSÈBVUPNÈUJDBNFOUF MBWFMPDJEBEEFWFOUJMBEPS#BMBODFPEFBJSEFTQVÏTEFDPOGJHVSBS FONPEP 3FGSJHFSBS t 4JQSFTJPOBFMCPUØO.PEPDVBOEPFMNPEP FTUÈBDUJWBEBTFDBODFMBSÈFM NPEP @VTBSGVODJPOFTBWBO[BEBT 5FNQFSBUVSBDBNCJBFONPEP 1BSBQSFWFOJSSFGSJHFSBDJØODBMFGBDDJØOFYDFTJWBEVSBOUFSFQPTPFMNPEP NPEJGJDB BVUPNÈUJDBNFOUFFMBKVTUFEFUFNQFSBUVSBTFHÞOFMBKVTUFEFIPSB5FNQFSBUVSBZBJSFDBNCJBO TFHÞOMBTUSFTFUBQBT$PODJMJBSFMTVF×P%PSNJSQSPGVOEBNFOUFZ%FTQFSUBSTFEFNPEP ZMVFHPFMBDPOEJDJPOBEPSEFBJSFTFBQBHBSÈBVUPNÈUJDBNFOUFDVBOEPMBIPSB DPOGJHVSBEBTFIBZBQBTBEP -BTUSFTFUBQBT MFQSFWJFOFOEFUFOFSEJGJDVMUBEEFEPSNJSFOOPDIFEFWFSBOPJOWJFSOP &41"º0- ① $PODJMJBSFMTVF×P-FBZVEBBDPODJMJBSFMTVF×PCBKBOEPMBUFNQFSBUVSB ② %PSNJSQSPGVOEBNFOUF-FBZVEBBSFMBKBSTVDVFSQPZFMFWBUFNQFSBUVSBVOQPDP ③ %FTQFSUBSTFEFMNPEP -FQFSNJUFEFTQFSUBSTFEFBJSFDØNPEPJOUFSNJUFOUFZMFEFKBTFOUJSTFGSFTDP NÈTEFIPSBT/PQVFEF t$POGJHVSFUFNQPSJ[BEPSEF"QBHBEPFONPEP EPSNJSCJFOTJ FTUÈDPOGJHVSBEPEFNBTJBEPDPSUPPMBSHPZBRVFFMBKVTUFQPS EFGFDUPFTIPSBPQFSBDJØO t4JFMNPEP FTUÈDPOGJHVSBEPNFOPTEFIPSBTMBPQFSBDJØOQBSBSÈBMBIPSB DPOGJHVSBEB FTUÈDPOGJHVSBEPNÈTEFIPSBTGVODJPOBSÈDPNPFUBQBEF 4JFMNPEP %FTQFSUBSTFQPSMBÞMUJNBIPSBBOUFTEFQBSBS t5FNQFSBUVSBDPOGJHVSBEBSFDPNFOEBEBFTFOUSF$_$QBSBSFGSJHFSBSZ$_$ QBSBDBMFOUBS 1BSBEFTBDUJWBSFMNPEP 1SFTJPOFFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPMSFNPUPDVBOEPFMNPEP FTUÈBDUJWBEB &MNPEP RVFIBDPOGJHVSBEPTFDBODFMBSÈFJOEJDBEPS EFTBQBSFDFSÈ VTBSGVODJPOFTBWBO[BEBT@ VTBSGVODJPOFTBWBO[BEBT 64"3-"'6/$*»/4."354"7&3 &TUBGVODJØODPOGJHVSBSÈFMMÓNJUFEFSBOHPEFUFNQFSBUVSBQBSBBZVEBSMFBBIPSSBSFOFSHÓBNJFOUSBTRVFFM BDPOEJDJPOBEPSEFBJSFFTUÏGVODJPOBOEPFONPEP3FGSJHFSBS 1SFTJPOFFMCPUØO4NBSU4BWFSFOFMDPOUSPM SFNPUPNJFOUSBTRVFFMBDPOEJDJPOBEPSEFBJSFFTUÏ GVODJPOBOEPFONPEP3FGSJHFSBS *OEJDBEPS4NBSU4BWFSFJOEJDBEPSEFCBMBODFPEFBJSF BQBSFDFOBVUPNÈUJDBNFOUFFOMBQBOUBMMBEFDPOUSPM SFNPUP-BTIPKBTEFGMVKPEFBJSFTFNVFWFOIBDJBBSSJCB ZBCBKP 4JMBUFNQFSBUVSBBDUVBMDPOGJHVSBEBFTUÈNÈTCBKBRVF $TVCJSÈBVUPNÈUJDBNFOUFB$ t -BGVODJØO4NBSU4BWFSTØMPFTUÈEJTQPOJCMFFONPEP3FGSFTDBS t $VBOEPTFBDUJWBMBGVODJØO4NBSU4BWFSFMSBOHPEFUFNQFSBUVSBTFSÈMJNJUBEPB $_$ t 4JMBUFNQFSBUVSBEFTFBEBFTNFOPTRVF$EFTBDUJWFMBGVODJØO4NBSU4BWFS QSFTJPOBOEPFMCPUØO4NBSU4BWFSPUSBWF[ t 5FNQFSBUVSB7FMPDJEBEEFWFOUJMBEPSUBNCJÏOTFQVFEFOBKVTUBS7FBQBTP_FO QÈHJOBQPSJOTUSVDDJPOFT t 'MVKPEFBJSFQVFEFBKVTUBSTFNBOVBMNFOUF7FBQÈHJOBQPSJOTUSVDDJPOFT t 4JQSFTJPOBFMCPUØO.PEPDVBOEPMBGVODJØO4NBSU4BWFSFTUÈBDUJWBEBTFDBODFMBSÈMB GVODJØO 1BSBEFTBDUJWBSMBGVODJØO4NBSU4BWFS 1SFTJPOFFMCPUØO4NBSU4BWFSFOFMDPOUSPMSFNPUPDVBOEPMBGVODJØO4NBSU4BWFSFTUÈ BDUJWBEB -BGVODJØO4NBSU4BWFSRVFIBDPOGJHVSBEPTFDBODFMBSÈFJOEJDBEPSEF4NBSU4BWFS EFTBQBSFDFSÈFOMBQBOUBMMBEFDPOUSPMSFNPUP @VTBSGVODJPOFTBWBO[BEBT MJNQJBSZNBOUFOFSFM BDPOEJDJPOBEPSEFBJSF -*.1*"3&-&95&3*03 -JNQJFMBTVQFSGJDJFEFMBVOJEBEDPOVOBUFMBVOQPDP NPKBEBPTFDBTJOFDFTBSJP 13&$"6$*»/ /PVUJMJDF#FODFOP%JTPMWFOUFP$MPSPY5. 1VFEFOEB×BSMBTVQFSGJDJFEFMBDPOEJDJPOBEPSEF -*.1*"3&-'*-530 "MMJNQJBSFMGJMUSPBTFHÞSFTFEFEFTFODIVGBSMBFOFSHÓBEFMBVOJEBE/PTFSFRVJFSFOIFSSBNJFOUBTFTQFDJBMFT QBSBMJNQJBSMP 'JMUSPEFBJSF 'JMUSPEFBJSFEFFTQVNBMJNQJBCMFDBQUVSBQBSUÓDVMBTHSBOEFTEFMBJSF&MGJMUSPTFMJNQJBDPOVOB BTQJSBEPSBPMJNQJBSBNBOP "CSJSFMQBOFMEFMBOUFSP 5PNFCJFOMBQBSUFEFMBOUFSBEFMQBOFMEFMBOUFSPZFMFWFFMQBOFMQBSBBCSJS -VFHPFNQVKFVOQPDPFMQBOFMIBDJBBSSJCBIBTUBRVFFMQBOFMTFGJKFFOMPTHBODIPTEFMB VOJEBE 5PNFMBNBOJMMBZFMÏWFMB-VFHPUJSFFMGJMUSPEFBJSFIBDJBVTUFEZEFTMÓDFMPIBDJBBCBKP 'JMUSPEFBJSF -JNQJFFMGJMUSPEFBJSFDPOVOBBTQJSBEPSBPDFQJMMPTVBWF4JFTUÈEFNBTJBEPQFTBEP MÓNQJFMPDPOBHVBDPSSJFOUFZTÏRVFMPFOVOÈSFBWFOUJMBEB t 1PSMBTNFKPSFTDPOEJDJPOFTSFQJUBDBEBEPTTFNBOB t 4JFMGJMUSPEFBJSFTFTFDBFOVOÈSFBDPOGJOBEBPIÞNFEB PMPSFTQPESÓBOHFOFSBSTF4J FTUPPDVSSFSFMJNQJFZTÏRVFMPFOVOÈSFBCJFOWFOUJMBEB *OTFSUFFMGJMUSPEFBJSFFOTVQPTJDJØOPSJHJOBM $JFSSFFMQBOFMEFMBOUFSP MJNQJBSZNBOUFOFS@ &41"º0- "TFHÞSFTFEFRVFMBFOFSHÓBFTUÏBQBHBEBZEFTFODIVGBEBEFMUPNBDPSSJFOUFEFQBSFEBM 13&$"6$*»/ MJNQJBSFMBDPOEJDJPOBEPSEFBJSF 4JFMTJTUFNBUJFOFLHPNÈTEFHBTFTGMVPSJOBEPTJOWFSOBEFSPTFOFTUFDBTPEFCFDPNQSPCBSFMFTDBQF QPSMPNFOPTVOBWF[DBEBNFTFTTFHÞOSFHVMBDJØOO¡4ØMPQFSTPOBMDVBMJGJDBEPEFCFSFBMJ[BS FTUBBDUJWJEBE &OFMDBTPBSSJCBVOMJCSPEFNBOUFOJNJFOUPEFCFFTUBSEJTQPOJCMFQBSBDBEBVOJEBEJOTUBMBEB MJNQJBSZNBOUFOFSFM BDPOEJDJPOBEPSEFBJSF ."/5&/&346"$0/%*$*0/"%03%&"*3& 4JFMBDPOEJDJPOBEPSEFBJSFOPTFVTBQPSVOQFSÓPEPMBSHPEFUJFNQPTFRVFFMBDPOEJDJPOBEPSEFBJSF QBSBNBOUFOFSMPFOCVFOFTUBEP 4FRVFCJFOFMBDPOEJDJPOBEPSEFBJSFGVODJPOBOEPFONPEP7FOUJMBSQPSBIPSBTZ EFTDPOFDUFMBFOFSHÓB)BCSÈEB×PTJOUFSOPTTJIVNFEBETFQSPEVDFFODPNQPOFOUFT "OUFTEFVTBSFMBDPOEJDJPOBEPSEFBJSFEFOVFWPTFRVFMPTDPNQPOFOUFTJOUFSOPTEFM BDPOEJDJPOBEPSEFBJSFEFOVFWPGVODJPOBOEPFONPEPEF7FOUJMBSQPSBIPSBT&TUPMF BZVEBBRVJUBSPMPSFTRVFQPESÓBIBCFSHFOFSBEPEFIVNFEBE $IFRVFPTQFSJØEJDPT 3FGJÏSBTFBMBMJTUBTJHVJFOUFQBSBNBOUFOFSFMBDPOEJDJPOBEPSEFBJSFBEFDVBEBNFOUF 5JQP %FTDSJQDJØO -JNQJFFMGJMUSPEFBJSF 6OJEBEEF JOUFSJPS $BEB TFNBOBT $BEB NFTFT $BEB NFTFT 6OBWF[ BMB×P ● -JNQJFMBCBOEFKBQBSBSFDJCJSFMESFOBKF EFDPOEFOTBDJØO ● -JNQJFBGPOEPBDBNCJBEPSEFDBMPS ● -JNQJFFMUVCPEFEFTBHàFDPOEFOTBDJØO ● 4VCTUJUVZBMBTCBUFSÓBTEFMDPOUSPMSFNPUP -JNQJFBDBNCJBEPSEFDBMPSFOFM FYUFSJPSEFMBVOJEBE 6OJEBEEF FYUFSJPS ● ● -JNQJFBDBNCJBEPSEFDBMPSFOFM JOUFSJPSEFMBVOJEBE ● -JNQJFMPTDPNQPOFOUFTFMÏDUSJDPTDPO MPTKFUTEFMBJSF ● 7FSJGJRVFRVFUPEPTMPTDPNQPOFOUFT FMÏDUSJDPTFTUÏOBQSFUBEPTGJSNFNFOUF ● -JNQJFFMWFOUJMBEPS ● 7FSJGJRVFRVFUPEPFMNPOUBKFEF WFOUJMBEPSFTUÏBQSFUBEPGJSNFNFOUF ● -JNQJFMBCBOEFKBQBSBSFDJCJSFMESFOBKF EFDPOEFOTBDJØO ● ● 4FSFRVJFSFDIFRVFBSMBVOJEBEJOUFSOBFYUFSOBQFSJØEJDBNFOUFTJHVJFOEPMBEFTDSJQDJØO QBSBNBOUFOFSFMBDPOEJDJPOBEPSEFBJSFBEFDVBEBNFOUF -BTSFWJTJPOFTZMBTPQFSBDJPOFTEFMNBOUFOJNJFOUPEFTDSJUBTTPOFTFODJBMFTHBSBOUJ[BS MBFGJDBDJBEFMBJSFBDPOEJDJPOBEP-BGSFDVFODJBEFFTUBTPQFSBDJPOFTWBSÓBTFHÞOMBT DBSBDUFSÓTUJDBTEFMÈSFBMBDBOUJEBEEFQPMWPZFUD -BTPQFSBDJPOFTEFTDSJUBTTFEFCFOSFBMJ[BSNÈTDPOGSFDVFODJBTJFMÈSFBEFMB JOTUBMBDJØOFTNVZQPMWPSJFOUB &TUBTPQFSBDJPOFTTFEFCFOSFBMJ[BSTJFNQSFQPSFMQFSTPOBMDVBMJGJDBEP1BSBVOB JOGPSNBDJØONÈTEFUBMMBEBWFBFMNBOVBMEFMBJOTUBMBDJØO @ MJNQJBSZNBOUFOFS 1SPUFDDJPOFTJOUFSOBTWÓBFMTJTUFNBEFDPOUSPMEFVOJEBE &TUBQSPUFDDJØOJOUFSOBGVODJPOBTJVOBGBMUBJOUFSOBPDVSSFFOFMBDPOEJDJPOBEPSEFBJSF 5JQP $POUSBBJSFGSÓP %FTDSJQDJØO &MWFOUJMBEPSJOUFSOPTFBQBHBSÈQBSBQSFWFOJSBJSFGSÓPDVBOEPMB CPNCBEFDBMFGBDDJØOFTUÏDBMFOUBOEP &MWFOUJMBEPSJOUFSOPTFBQBHBSÈQBSBQSFWFOJSFMBJSFGSÓPDVBOEPMB CPNCBEFDBMFGBDDJØOFTUÏDBMFOUBOEP "OUJQSPUFDDJØOEF CBUFSÓBJOUFSOB &MDPNQSFTPSTFBQBHBSÈQBSBQSPUFHFSMBCBUFSÓBJOUFSOBDVBOEPFM BDPOEJDJPOBEPSEFBJSFGVODJPOBFONPEP3FGSFTDBS 1SPUFHFSDPNQSFTPS &MBDPOEJDJPOBEPSEFBJSFOPGVODJPOBJONFEJBNFOUFQBSBQSPUFHFSFM DPNQSFTPSEFMBVOJEBEFYUFSOBEFTQVÏTEFFODFOEFSMP 4JMBCPNCBEFDBMFGBDDJØOGVODJPOBFONPEPEF$BMFOUBSDJDMPEFEFTIFMBSTFBDUJWBQBSB RVJUBSMBFTDBSDIBEFMBVOJEBEFYUFSOBRVFQPESÓBIBCFSHFOFSBEPFOUFNQFSBUVSBTCBKBT &MWFOUJMBEPSJOUFSOPTFBQBHBBVUPNÈUJDBNFOUFZTFFODJFOEFEFOVFWPTØMPEFTQVÏTEF RVFDJDMPEFEFTIFMBSUFSNJOF MJNQJBSZNBOUFOFS@ &41"º0- $JDMPEFEFTIFMBS BOFYP 3&40-6$*»/%&130#-&."4 3FGJÏSBTFBMBMJTUBTJHVJFOUFTJFMBDPOEJDJPOBEPSEFBJSFGVODJPOBBOPSNBMNFOUF&TUPQPESÓBBIPSSBSUJFNQP ZDPTUPTJOOFDFTBSJPT 130#-&." 40-6$*»/ t 1PSFMNFDBOJNTPQSPUFDUPSFMBQBSBUPOPDPNJFO[BBGVODJPOBS &MBDPOEJDJPOBEPS JONFEJBUBNFOUFQBSBQSFWFOJSMBVOJEBEEFTPCSFDBSHB&MBDPOEJDJPOBEPS EFBJSFOPGVODJPOB EFBJSFGVODJPOBSÈFONJOVUPT JONFEJBUBNFOUFEFTQVÏT EFSFFODFOEJEP &MBDPOEJDJPOBEPSEFBJSF t $PNQSVFCFTJFMFODIVGFEFFOFSHÓBFTUÈCJBODPOFDUBEP*OTFSUFFM OPGVODJPOB FODIVGFEFFOFSHÓBFOMBUPNBEFDPSSJFOUFEFQBSFEEFNBOFSBDPSSFDUB t $PNQSVFCFTJFMJOUFSSVQUPSEFDJSDVJUPFTUÈBQBHBEP t $PNQSVFCFTJIBZVOBGBMMBEFFOFSHÓB t $PNQSVFCFTVGVTJCMF"TFHÞSFTFEFRVFOPFTUÏSPUP -BUFNQFSBUVSBOP DBNCJB t $PNQSVFCFTJIBFMFHJEPFMNPEP7FOUJMBS 1SFTJPOFFMCPUØO.PEPFOFMDPOUSPMSFNPUPQBSBFMFHJSPUSPNPEP &MBJSFGSFTDP UFNQMBEP OPWJFOFEFM BDPOEJDJPOBEPSEFBJSF t $PNQSVFCFTJMBUFNQFSBUVSBDPOGJHVSBEBFTUÈNÈTBMUBCBKB RVFMB UFNQFSBUVSBBDUVBM1SFTJPOFFMCPUØO5FNQrPsFOFMDPOUSPMSFNPUP QBSBDBNCJBSMBUFNQFSBUVSBDPOGJHVSBEB1SFTJPOF5FNQrPsQBSB CBKBSPTVCJSMBUFNQFSBUVSB t $PNQSVFCFTJFMGJMUSPEFBJSFFTUÈCMPRVFBEPQPSQPMWP-JNQJFFMGJMUSPEF BJSFDBEBEPTTFNBOBT t $PNQSVFCFTJFMBDPOEJDJPOBEPSEFBJSFTFIBFODFOEJEP4JFTUÈ FODFOEJEPFTQFSFNJOVUPT -BWFMPDJEBEEF WFOUJMBEPSOPDBNCJB t $PNQSVFCFTJIBFMFHJEPNPEP"VUPP4FDBS &MBDPOEJDJPOBEPSEFBJSFBKVTUBBVUPNÈUJDBNFOUFMBWFMPDJEBEEF WFOUJMBEPSB"VUPFONPEP"VUP4FDBS -BGVODJØOEF UFNQPSJ[BEPSOPFTUÈ DPOGJHVSBEB t $PNQSVFCFTJQSFTJPOBFMCPUØO$POGJHVSBS$BODFMBSFOFMDPOUSPM SFNPUPEFTQVÏTEFIBCFSDPOGJHVSBEPMBIPSB 0MPSFTQFSNBOFDFO FOFMDVBSUPEVSBOUFMB PQFSBDJØO t $PNQSVFCFTJFMBQBSBUPFTUÈGVODJPOBOEPFOVOÈSFBMMFOBEFIVNPPTJ IBZIVNPWJOJFOEPEFMFYUFSJPS)BHBFMBDPOEJDJPOBSPEFBJSFGVODJPOBSFO NPEP7FOUJMBSPBCSBMBTWFOUBOBTQBSBRVFFMBJSFTBMHBEFMDVBSUP &MBDPOEJDJPOBEPSEFBJSF t 6OTPOJEPSFCPTBOUFQPESÓBPJSTFDVBOEPFMSFGSJHFSBOUFFTUÏDJSDVMBOEPQPSFM IBDFVOSVJEPSFCPTBOUF DPNQSFTPS%FKFFMBDPOEJDJPOBEPSEFBJSFGVODJPOBSFOVONPEPTFMFDDJPOBEP "HVBFTUÈHPUFBOEPEF MBTIPKBTEFGMVKPEFBJSF t $PNQSVFCFTJFMBDPOEJDJPOBEPSEFBJSFIBTJEPSFGSJHFSBEPQPSVOMBSHP QFSÓPEPEFUJFNQPDPOMBTIPKBTEFGMVKPEFBJSFBQVOUBEBTIBDJBBCBKP $POEFOTBDJØOQPESÓBHFOFSBSTFEFCJEPBMBEJGFSFODJBFOUFNQFSBUVSB &MDPOUSPMSFNPUPOP GVODJPOB t $PNQSVFCFTJTVTCBUFSÓBTFTUÈOBHPUBEBT t "TFHÞSFTFEFRVFMBTCBUFSÓBTFTUÏOCJFOJOTUBMBEBT t "TFHÞSFTFEFRVFOJOHVOBDPTBFTUÏCMPRVFBOEPTVTFOTPSEFMDPOUSPMSFNPUP t $PNQSVFCFTJIBZBQBSBUPEFJMVNJOBDJØOGVFSUFDFSDBEFMBDPOEJDJPOBEPS EFBJSF*MVNJOBDJØOGVFSUFRVFWJFOFEFMBTCPNCJMMBTGMVPSFTDFOUFTPTJHOPT EFOFØOQPESÓBJOUFSSVNQJSMBTPOEBTFMÏDUSJDBT @BOFYP 3"/(04%&'6/$*0/".*&/50 -BUBCMBBCBKPJOEJDBSBOHPTEFUFNQFSBUVSBZIVNFEBEEFMGVODJPOBNJFOUPEFMBDPOEJDJPOBEPSEFBJSF 3FGJÏSBTFBMBUBCMBQPSVTPFGJDJFOUF .0%0 5&.1&3"563"'6/$*0/"#-& 4*'6&3"%&$0/%*$*0/&4 $B$ PNFOPT $POEFOTBDJØOQPESÓBPDVSSJSFO MBVOJEBEJOUFSOBDPOSJFTHPEF UFOFSBHVBPHPUJUBTFOFMTVFMP $PNFOPT $B$ 1SPUFDDJØOJOUFSOBGVODJPOBZFM BDPOEJDJPOBEPSEFBJSFQBSBSÈ $B$ $B$ $POEFOTBDJØOQPESÓBPDVSSJSFO MBVOJEBEJOUFSOBDPOSJFTHPEF UFOFSBHVBPHPUJUBTFOFMTVFMP &95&3*03 3&'3&4$"3 $B$ $"-&/5"3 4&$"3 -BUFNQFSBUVSBFTUBOEBSJ[BEBQBSBDBMFOUBSFT$4JMBUFNQFSBUVSBFYUFSOBCBKBB$PNFOPTMB DBQBDJEBEEFDBMFGBDDJØOQPESÓBSFEVDJSEFQFOEJFOEPEFMBDPOEJDJØOEFUFNQFSBUVSB 4JMBPQFSBDJØOEFSFGSFTDBSTFVTBFONÈTEF$UFNQFSBUVSBJOUFSOB OPSFGSFTDBFOTVDBQBDJEBE NÈYJNB BOFYP@ &41"º0- )6.&%"%*/5&3/" */5&3*03