"OUFTEFDPNFO[BS t {$SFFTRVFQPSMPHFOFSBMFO MPTDFOUSPTFTDPMBSFTSFJOBMB QB[PQPSFMDPOUSBSJPFYJTUFO HSBEPTEFWJPMFODJB t {2VÏNBOJGFTUBDJPOFTEF WJPMFODJBFODVFOUSBTFOMB TPDJFEBE t 4FHÞOUVQBSFDFS{DVÈMFTMB NFKPSNBOFSBEFTPMVDJPOBS VODPOnJDUP -"43&-"$*0/&4 */5&31&340/"-&4 y&TWJPMFOUBOVFTUSBTPDJFEBE "OUFFTUB QSFHVOUBBMHVOPTQFOTBEPSFTDPNP )FSÃDMJUP,BSM.BSYP3BMG%BISFOEPSGTF QSPOVODJBSPOEFNPEPBàSNBUJWP JOTJTUJFOEPFORVFFOFGFDUPFOMBTPDJFEBE QSFEPNJOBMBMVDIBZMBSJWBMJEBE 0USPTDPNP­NJMF%VSLIFJNP5BMDPUU 1BSTPOTFODBNCJPEFàFOEFOMBQPTUVSB DPOUSBSJBZBRVFBVORVFFOMBTPDJFEBETPO GSFDVFOUFTMBTTJUVBDJPOFTBOÓNBMBTZMPT DPNQPSUBNJFOUPTWJPMFOUPTFOÙMUJNP UÊSNJOPDBTJTJFNQSFBDBCB QSFWBMFDJFOEPFMDPOTFOTPTPCSFFMDPOáJDUP &TEFDJSMBTPDJFEBEUJFOEFNÃTCJFOBMB QB[MBBSNPOÎBZFMPSEFO -PTDPOUFOJEPTEFFTUB6OJEBETPO 7JWJSFTDPOWJWJS &MDPOáJDUP 4JHOJàDBEPTPDJBMEFMDPOáJDUP -BTPMVDJÓOEFMPTDPOáJDUPT " 4PMVDJPOFTIVNBOJ[BEBT #4PMVDJPOFTOPIVNBOJ[BEBT $$ÓNPOFHPDJBSQBSBSFTPMWFSDPOáJDUPT -BWJPMFODJB &MSFDIB[PEFMBWJPMFODJB 7*7*3&4$0/7*7*3 -BQFSTPOBBJTMBEBOPQVFEFFYJTUJS-PTTFSFTIVNBOPTQPSOB UVSBMF[BUFOFNPTRVFSFMBDJPOBSOPTVOPTDPOPUSPT&TUBTSFMB DJPOFTQVFEFODPOTJTUJSFOVOBBNQMJBWBSJFEBEEFJOUFSDBNCJPT 1PSFKFNQMPJOUFSDBNCJPTEFPCKFUPTNBUFSJBMFTDPNQSBWFOUB PSFHBMPEFPCKFUPT JOUFSDBNCJPEFBDUJWJEBEFTUSBCBKBSQBSB PUSBQFSTPOBFOTF×BSBPUSP JOUFSDBNCJPTEFJEFBTIBCMBSEJT DVUJSy JOUFSDBNCJPEFHFTUPTZTFOUJNJFOUPTNJSBEBTBNPS PEJPy JOUFSDBNCJPEFBDUJUVEFTÈOJNPPBMJFOUPBNFOB[BT TBMVEPTy FUDÏUFSB 1FSPBMMÓEPOEFFODPOUSFNPTTFSFTIVNBOPTMPTFODPOUSBSFNPT SFMBDJPOÈOEPTFDPOPUSPTTFSFTIVNBOPTPMPRVFFTMPNJTNP WJWJFOEPFOTPDJFEBE{2VÏTJHOJmDBFTUFIFDIP 4JHOJmDBRVF WJWJSFTDPOWJWJS $POGSFDVFODJBOPTTFOUJNPTJODMJOBEPTBDPODFCJSMBDPOWJWFODJB EFVONPEPGBWPSBCMFZQPTJUJWPDPNPDPPQFSBDJØOBSNPOÓB ZDPODPSEJB4JOFNCBSHPQVFEFTFSUBOUPBMHPQPTJUJWPDPNP OFHBUJWP-PTTFSFTIVNBOPTQPTFNPTQPSVOBQBSUFVOPTTFO UJNJFOUPTZVOBTJODMJOBDJPOFTRVFGBWPSFDFOMBDPOWJWFODJBMB DPPQFSBDJØOZFMPSEFOBNPSDPNQBTJØOBMUSVJTNP ZQPSPUSB TFOUJNJFOUPTFJODMJOBDJPOFTEFDBSÈDUFSPQVFTUPPEJPBWFSTJØO FHPÓTNPDPEJDJB RVFDPOUSJCVZFOBQSPNPWFSMBSJWBMJEBEMB PQPTJDJØOZFMDPOnJDUP 'JH "MMÓEPOEFFODPOUSFNPTTFSFTIVNBOPTMPT FODPOUSBSFNPTDPOWJWJFOEPDPOPUSPTTFSFTIVNBOPT &OFTUFTFOUJEP,BOUBMVEÓBBMBjJOTPDJBCMFTPDJBCJMJEBExEFMPT TFSFTIVNBOPTQVFTTFHÞOÏMFOUPEBTPDJFEBEDPFYJTUFMBCF OFmDFODJBZMBDSJNJOBMJEBEBNJHPTZFOFNJHPTBDUJUVEFTEF DPPQFSBDJØOZBDUJUVEFTEFDPOnJDUP $PNFOUBSJPEFUFYUP j/PFTVOBDVFTUJØOEFCVFOPTTFOUJNJFOUPTUBNQP DPEFHFOFSPTJEBEPEFDVBMRVJFSPUSBDPTBRVFQVFEB IBDFSGFMJ[BMQSØKJNP5BNQPDPFTVOQSPCMFNBEF NBMEBEPEFCPOEBE/JNVDIPNFOPTVOBDVFTUJØO EFWJPMFODJBPCJFOFTUBS /JTJRVJFSBEFNÈTPNFOPTCVFOBWPMVOUBE&TUBSKVO UPTWJWJSFOHSVQPTBCFSSFMBDJPOBSTFFTVOBVUÏOUJDPZ WFSEBEFSPBQSFOEJ[BKF&NQJF[BEFTEFFMOBDJNJFOUP EFTEFMBTQSJNFSBTSFMBDJPOFTEFMOJ×PDPOMBNBESF QBSBDPOUJOVBSEVSBOUFUPEBMBJOGBODJBDVBOEPQPDP BQPDPMBTQVMTJPOFTTPDJBMFTMFWBOEFTQMB[BOEPEF MPTQBESFTZFNQVKÈOEPMFIBDJBFMHSVQPEFMPTDPN QB×FSPT&TVOQSPDFTPMBSHPFOFMRVFFMOJ×PZMBOJ×B BERVJFSFOVODPOPDJNJFOUPEFTÓNJTNPTQPOJÏOEPTF BQSVFCBBMFODPOUSBSTFDPOMPTEFNÈTFYQMPSBOEP DPOFMMPTTVTDBQBDJEBEFTZTVNVOEPJOUFSJPS -BTPMFEBEEFMPTOJ×PTEFIPZMBBVTFODJBEFHSVQPT FTQPOUÈOFPTZPUSBTDBSBDUFSÓTUJDBTEFMBTPDJFEBEBD UVBMQVFEFOHFOFSBSQFMJHSPTPTWBDÓPTBDUJUVEFTEF DJOJTNPFJOEJGFSFODJBRVFTFDPOWJFSUBOEFTQVÏTFO VOUFKJEPTPDJBMEPOEFMPTWBMPSFTEFVOBDPOWJWFODJB UPMFSBOUFTFQJFSEBOQPDPBQPDPUSBOTGPSNÈOEPTF FOSFODPSZQFSF[BBGFDUJWBx %/07"3"Z&1"44&3*/*&EVDBDJØOTPDJPBGFDUJWB "WFSJHVBFMTJHOJmDBEPEFMPTUÏSNJOPT TJHVJFOUFTQVMTJØOQSPDFTPFTQPOUÈOFPZDJ OJTNP {$VÈOEPDPNFO[BNPTBBQSFOEFSBSFMB DJPOBSOPTZBWJWJSFOHSVQP {$ØNPDPOUJOÞB QPTUFSJPSNFOUF "UVQBSFDFS{RVÏTJHOJmDBBERVJSJSVO DPOPDJNJFOUPEFTÓNJTNP {$ØNPTFMPHSB {'BWPSFDFMBDPOWJWFODJBZMBTSFMBDJPOFT MBTPMFEBEEFMPTOJ×PT {1PSRVÏ 5PNBOPUB &-$0/'-*$50 -BQBMBCSBDPOnJDUPTJHOJmDBAFOGSFOUBNJFOUPPQPTJDJØOPEJTDSFQBODJB"TÓ QPEFNPTFOUFOEFSQPSDPOnJDUPUPEPDIPRVFUPEBEJTQVUBPUPEBQVHOB FOUSFEPTPNÈTQFSTPOBTPEPTPNÈTHSVQPTRVFEFmFOEFOJOUFSFTFTJEFBT WBMPSFTZQSJODJQJPTDPOUSBSJPTPJOUFOUBODPOTFHVJSmOFTEJWFSHFOUFT -BNFKPSNVFTUSBEFDPOnJDUPFTMBHVFSSB/PPCTUBOUFQPEFNPTQSFTFOUBS PUSPTNVDIPTUJQPTEFDPOnJDUPEFEJGFSFOUFTOJWFMFTEFJOUFOTJEBEHSBWFEBE ZTJHOJmDBEPQPSFKFNQMPMBQFOPTBTJUVBDJØOEFMPTSFGVHJBEPTEF%BSGVS4V EÈO VOBQPMÏNJDBFOUSFMPTMÓEFSFTQPMÓUJDPTVOBNBSDIBFTUVEJBOUJMDPOUSB FM.JOJTUFSJPEF&EVDBDJØOMBEJTDSJNJOBDJØORVFTPQPSUBOBMHVOBTQFSTPOBT MBBHSFTJØOTVGSJEBQPSVODJVEBEBOPMPTQSPCMFNBTTVSHJEPTFOFMEJWPSDJP EFVOBQBSFKBMBBDUJUVEEJTSVQUJWBEFVOBMVNOPVODBTPEFCVMMZJOHFM EFTBDVFSEPBMBIPSBEFWBMPSBSVOBQFMÓDVMBFUDÏUFSB %BSGVSFTVOBSFHJÓOTJUVBEB BMPFTUFEF4VEBO"MMÎEFTEF TFWJWFVOBHSBWF TJUVBDJÓOEFFOGSFOUBNJFOUP FOUSFWBSJBTUSJCVTZFUOJBTB DBVTBEFMBMVDIBQPSBDDFEFSB MPTFTDBTPTSFDVSTPTEFMB[POB BHVBZ[POBTEFQBTUPSFP "DPOTFDVFODJBEFFTUF DPOáJDUPBSNBEPIBTUBMB BDUVBMJEBEIBONVFSUPNÃTEF TFSFTIVNBOPTZNÃT EFWJWFOFODBNQPT EFSFGVHJBEPTEFNBOFSBNVZ QSFDBSJB 7FNPTQVFTRVFFMUÏSNJOPDPOnJDUPQPTFFVOTFOUJEPNVZBNQMJPRVF BCBSDBGFOØNFOPTEFUBOFTDBTPSFMJFWFDPNPFMEFTBDVFSEPBMBIPSBEFWB MPSBSVOBQFMÓDVMBPMBEJTDVTJØOTPCSFFMQFOBMUJQJUBEPFOVOQBSUJEPGÞUCPM DBTPTEFSFMJFWFNFEJPZPUSPTEFUBOBNQMJBFOUJEBEZTJHOJmDBEPDPNPVOB HVFSSBPMBTJUVBDJØOEFMPTSFGVHJBEPTEF%BSGVS $PNFOUBSJPEFUFYUP j&OVOGSÓPEÓBEFJOWJFSOPVOBNBOBEBEFQVFSDPFT QJOFTTFBHSVQBCBOFTUSFDIBNFOUFQBSBQSFTFSWBSTF NVUVBNFOUFEFMBUFNQFSBUVSBIFMBEBNFEJBOUFFM DBMPSEFTVTQSPQJPTDVFSQPT1FSPSFQFOUJOBNFOUF TJOUJFSPOMPTQJODIB[PTEFTVTQÞBT-PRVFMFTFNQVKØ BTFQBSBSTFVOPTEFPUSPT $VBOEPMBOFDFTJEBEEFDBMFOUBSTFMFTFNQVKØEF OVFWPBBQSPYJNBSTFWPMWJØBTVSHJSFMNJTNPJODPO WFOJFOUF%FUBMNBOFSBRVFVOBZPUSBWF[EFBRVÓ QBSBBMMÈPTDJMBCBOFOUSFBNCBTQFOBMJEBEFTIBTUB RVFFOVONPNFOUPEBEPUFSNJOBSPOQPSFODPOUSBS VOBQPTJDJØONFEJBRVFMFTMMFWØBVOBTJUVBDJØOTP QPSUBCMF "TÓMBOFDFTJEBEEFMBTPDJFEBEOBDJEBEFMBQSPQJB JOTVmDJFODJBEFMBTQFSTPOBTFNQVKBBMPTTFSFTIV NBOPTMPTVOPTIBDJBMPTPUSPT4JOFNCBSHPTVTOV NFSPTBTEFmDJFODJBTZTVTJOTPQPSUBCMFTEFGFDUPTMPT EJTQFSTBEFOVFWP-BEJTUBODJBNFEJBRVFBDBCBO FODPOUSBOEPZQPSNFEJPEFMBDVBMSFTVMUBQPTJCMFMB WJEBFODPNÞOFTMBDPSUFTÓBZMPTCVFOPTNPEBMFTx "4$)01&/)"6&31BOFSHBZ1BSBMJQPNFOB 'JH j-BOFDFTJEBEEFDBMFOUBSTFMFTFNQVKØEF OVFWPBBQSPYJNBSTFx {1BSBRVÏTFBHSVQBCBMBNBOBEBEFQVFS DPFTQJOFT {1FSPRVÏMFTPDVSSÓBDVBOEPFT UBCBOKVOUPT :FOUPODFT{RVÏIBDÓBO &OMBTPDJFEBE{RVÏFTMPRVFFNQVKBB VOPTTFSFTIVNBOPTIBDJBPUSPT 1FSP{RVÏ PDVSSFUBNCJÏOFOFTUFDBTP 'JOBMNFOUF{RVÏUFSNJOØPDVSSJFOEP {$VÈMFTMBFOTF×BO[BQSJODJQBMEFMUFYUP 4JHOJàDBEPTPDJBMEFMDPOáJDUP -PTDPOnJDUPTJOUFSQFSTPOBMFTTPOJOFWJUBCMFTFTEFDJSSFTVMUBOPSNBMRVFFO MBDPOWJWFODJBEFMPTTFSFTIVNBOPTTVSKBOTJUVBDJPOFTDPOnJDUJWBT -BSB[ØOFTNVZTFODJMMBUPEPTMPTTFSFTIVNBOPTJOUFO UBNPTDPOTFHVJSEFUFSNJOBEBTNFUBTEFUFSNJOBEPTm OFT1PSFKFNQMPBQSPCBSOVFTUSPTFTUVEJPTUFOFSÏYJUP MBCPSBMWJWJSUSBORVJMPTWJBKBSyFOEFmOJUJWBEJTGSVUBS EFMBWJEB "IPSBCJFODPOGSFDVFODJBMBTNFUBTZMPTmOFTQSPQVFT UPTQPSVOBTQFSTPOBTDIPDBOPJOUFSmFSFODPOMPTRVFTF IBOQSPQVFTUPPUSBTBTÓFMEFTFPEFBQSPCBSEFVOBMVN OPQVFEFDIPDBSDPOFMOJWFMFYJHJEPQPSFMQSPGFTPSBEP FMEFTFPEFBTDFOEFSFOVOBFNQSFTBEFVOBFNQMFBEB QVFEFUSPQF[BSDPOFMEFTFPEFPUSBFUDÏUFSB 'JH .BSUJO-VUIFS,JOH MÓEFSSFMJHJPTP OPSUFBNFSJDBOPZEFGFOTPSEFMPTEFSFDIPTIVNBOPT j)FNPTBQSFOEJEPBWPMBSDPNPQÈKBSPTZBOBEBSDPNP MPTQFDFTQFSPOPIFNPTBQSFOEJEPFMTFODJMMPBSUFEF WJWJSDPNPIFSNBOPTx "GPSUVOBEBNFOUFFOMBNBZPSÓBEFMPTDBTPTTFUSBUBEF JODJEFOUFTDPOUSBEJDDJPOFTPTJUVBDJPOFTDPOnJDUJWBTEF VOBSFMFWBODJBFTDBTBPNPEFSBEBRVFDPOVOQPDPEF CVFOBWPMVOUBETFSFTVFMWFOQBDÓmDBNFOUFEFNBOFSB JONFEJBUBUSBTVOBCSFWFEJTDVTJØO 1PSFKFNQMPEFTBDVFSEPTFOUSFBNJHPTFOUSFMPTQBESFTP MBTNBESFTZTVTIJKPTFOUSFFMBMVNOBEPZFMQSPGFTPSBEP MBTEJTQVUBTQPMÓUJDBTZTJOEJDBMFTFOUSFEJTUJOUPTFNQMFBEPT EFVOBNJTNBFNQSFTBFUDÏUFSB 5BNCJÏOQVFEFPDVSSJSRVFDVBOEPEFUFSNJOBEBTQFSTPOBTMPHSBOQPOFSTF EFBDVFSEPFOEFUFSNJOBEBTNFUBTFTUÏOTJOFNCBSHPFOEFTBDVFSEPFO MPTNFEJPTPQSPDFEJNJFOUPTQBSBMPHSBSMBT1PSFKFNQMPDBTJMBUPUBMJEBEEFM QSPGFTPSBEPZEFMBMVNOBEPEFTFBRVFTVJOTUJUVUPPTVDPMFHJPGVODJPOFOEF NPEPDPSSFDUP4JOFNCBSHPBMBIPSBEFEFUFSNJOBSDVÈMFTFMNFKPSDBNJOP QBSBMPHSBSMP-VJT"EFMBZ.BSUBQSPQPOHBOMPTNFEJPTY.FSDFEFT1JMBS (BCSJFMZ"EPMGPMPTNFEJPT[-FPWJHJMEPZ1BRVJUBMPTNFEJPTZFUDÏUFSB 'JH &MBNPSMBBNJTUBEZFM TFOUJEPEFMEFCFSTVFMFO BMMBOBSNVDIPTDBNJOPT 1PSÞMUJNPOVNFSPTPTDPOnJDUPTTVSHFODPNPDPOTFDVFODJBEFBDDJEFOUFTZ TVDFTPTJNQSFWJTUPT1PSFKFNQMPFMWFDJOPEFMQJTPEFBCBKPTFIBFOGBEBEP DPOOPTPUSPTQPSRVFTFOPTIBFTDBQBEPFMBHVBEFMMBWBWBKJMMBTZMFIFNPT PDBTJPOBEPVOFTUSPQJDJPZOVNFSPTBTNPMFTUJBT -"40-6$*»/%&-04$0/'-*$504 4FHÞOVOSFGSÈOFTQB×PMjOPIBZNBMRVFDJFOB×PTEVSFxZBMHPQBSFDJEP QPESÓBEFDJSTFEFMPTDPOnJDUPT&OFGFDUPNÈTQSPOUPPNÈTUBSEFEFVOBV PUSBNBOFSBUPEPTTFTPMVDJPOBOUPEPTMMFHBOBTVmO "IPSBCJFOQPEFNPTEJTUJOHVJSEPTUJQPTEFTPMVDJPOFTTPMVDJPOFTIVNBOJ [BEBTZTPMVDJPOFTOPIVNBOJ[BEBT " 40-6$*0/&4)6."/*;"%"4 4PMVDJPOFTIVNBOJ[BEBTEFMPTDPOnJDUPTTPOBRVFMMBTFOMPTRVFÏTUPTTF SFTVFMWFOEFNBOFSBQBDÓmDBZDPOMBBQSPCBDJØOFYQMÓDJUBPJNQMÓDJUBEF UPEPTMPTJNQMJDBEPT &YJTUFVOBBNQMJBWBSJFEBEEFTPMVDJPOFTEFFTUFUJQP1PSFKFNQMPFMPMWJEP EFMQSPCMFNBMBSFOVODJBBSFDMBNBSMPTEFSFDIPTFMDBNCJPEFTJUVBDJØOFUD 1FSPFMNPEPNÈTBEFDVBEPZDPSSFDUPEFTPMVDJPOBSFTMBOFHPDJBDJØO &MPCKFUJWPQSJODJQBMEFUPEBOFHPDJBDJØOIBEFTFSFMEFFODPOUSBSVOBTP MVDJØOKVTUBZTBUJTGBDUPSJBQBSBUPEBTMBTQFSTPOBTJNQMJDBEBT:QBSBFMMP SFTVMUBJNQSFTDJOEJCMFRVFMBTNJTNBTBEPQUFOVOBBDUJUVEIPOFTUBFWJUBOEP QPTUVSBTFOHB×PTBTZBDUVBDJPOFTEFNBMBGF &OUSFMBWJPMFODJBNÈT QSFPDVQBOUFEFOVFTUSPUJFNQP mHVSBFMCVMMZJOHRVFDPOTJTUFFO QFSTFHVJSWFKBSZNBMUSBUBSGÓTJDB PWFSCBMNFOUFBDPNQB×FSPTP DPNQB×FSBT 6OBOFHPDJBDJØODPSSFDUBEFCFDPODMVJS DPOVOCVFOBDVFSEPZMBTBUJTGBDDJØOEF UPEBTMBTQFSTPOBTJNQMJDBEBTFOFMMB 'JH 'JH 4FHÞOBMHVOPTTPDJØMPHPTFOFTUPTDBTPTFMDPOnJDUPQVFEFUFOFSVOPTFGFD UPTQPTJUJWPT{1PSRVÏ 1PSRVFQVFEFDPOUSJCVJSBMEFTDVCSJNJFOUPEFOVF WBTJOTUJUVDJPOFTOVFWPTWBMPSFTZOVFWPTQSJODJQJPTTPDJBMFTBMBDSFBDJØOEF OVFWBTWÓBTEFDPNVOJDBDJØOZDPPQFSBDJØOFOUSFMPTEJGFSFOUFTJOEJWJEVPTZ MPTEJWFSTPTHSVQPTIVNBOPTZBMFTUBCMFDJNJFOUPEFVOBTOVFWBTSFMBDJPOFT TPDJBMFTNÈTBSNØOJDBTZEVSBEFSBT # 40-6$*0/&4/0)6."/*;"%"4 &ODVBOUPBMBTTPMVDJPOFTOPIVNBOJ[BEBTTFSÈOMBTRVFTFSFTVFMWBOEF NBOFSBWJPMFOUBFJOKVTUBFTEFDJSNFEJBOUFMBJNQPTJDJØOZMBDPBDDJØOJMFHBM PBSCJUSBSJBEFVOBQFSTPOBPVOHSVQPTPCSFPUSBTVPUSPT &OUBMFTDJSDVOTUBODJBTFOMVHBSTPMVDJPOBSVODPOnJDUPOPTIBMMBSFNPTBOUF VOBDPNQMJDBDJØOVOBFYBDFSCBDJØOPVOBJOUFOTJmDBDJØOEFMNJTNP $ $».0/&(0$*"31"3"3&40-7&3$0/'-*$504 &OVOBOFHPDJBDJØOQPEFNPTBEPQUBSMPTTJHVJFOUFTQBTPTPNPNFOUPT 5PNBOPUB -BTPMVDJÓOIVNBOJ[BEBEFMPT DPOáJDUPTFTBRVFMMBFOMBRVF ÊTUPTTFSFTVFMWFOEFNBOFSB QBDÎàDBZDPOMBBQSPCBDJÓOEF UPEBTMBTQFSTPOBTJNQMJDBEBT &MNÊUPEPNÃTBEFDVBEPB FTUFSFTQFDUPFTMBOFHPDJBDJÓO BCJFSUBTJODFSBZTJO TVCUFSGVHJPTFOHBÒPTPT %FUFDDJØOEFMDPOnJDUP4FUSBUBEFFTUBCMFDFSFORVÏDPOTJTUFEJTUJO HVJFOEPMPTEJGFSFOUFTFMFNFOUPTRVFMPDPOTUJUVZFO1PSFKFNQMPVOB EFVEBVOBDPOGSPOUBDJØOEFJEFBTPQBSFDFSFT 7BMPSBDJØO$POTJTUFFOSFDPOPDFSMPTDPOUFOJEPTJOUFSFTFTZWBMPSFTRVF IBZFOKVFHPQPSFKFNQMPDJODVFOUBFVSPTVOBPQJOJØOQPMÓUJDB 1SFTFOUBDJØOEFMPTEJGFSFOUFTQVOUPTEFWJTUBEFMBTQFSTPOBTJN QMJDBEBTBTÓDPNPMPRVFDBEBVOBBTQJSBBDPOTFHVJS&OFTUFQVOUPMP OPSNBMFTRVFTVSKBODSÓUJDBTZEFTBDVFSEPTFOUSFMBTQBSUFTOPPCTUBO UFDPOWJFOFFWJUBSMBTQPTUVSBTSÓHJEBTMBTNBOJGFTUBDJPOFTIPTUJMFTZMBT EFTDBMJmDBDJPOFTDPOUVOEFOUFTZBRVFUBMFTBDUJUVEFTTVFMFODPOUSJCVJS BFODPOBSMPTDPOnJDUPTZBPSJHJOBSVOBNBZPSSJWBMJEBE &YBNFOEFMBTBMUFSOBUJWBTQPTJCMFT&MBSUFEFOFHPDJBSDPOTJTUFFO CVTDBSVOBDVFSEPRVFTBUJTGBHBBUPEPT&ODPOTFDVFODJBTFUSBUBSÈEF WFSTJDBEBQFSTPOBQVFEFDPOTFHVJSTVEFTFPQSJODJQBMPCUFOFSBRVFMMP RVFNÈTEFTFB BDBNCJPEFDFEFSFOMPRVFMFQBSFDFNFOPTJNQPSUBOUF $POTJEFSBSMPRVFQVFEFEBSZMPRVFQVFEFSFDJCJSMPTCFOFmDJPTZMPT QFSKVJDJPTFUD-PJEFBMTFSÓBQSFTFOUBSEJGFSFOUFTTPMVDJPOFTPEJGFSFOUFT QPTJCJMJEBEFTEFFOUFOEJNJFOUP &MFDDJØOEFMBTPMVDJØONÈTJEØOFB0TFBMBNÈTDPOWFOJFOUFQBSBUPEPT ZTPCSFUPEPBRVFMMBFOMBRVFFTUÏOEFBDVFSEPUPEPTMPTJOUFSFTBEPTMP DVBMDBTJOVODBFTGÈDJM )BDFSMBFGFDUJWB&TEFDJSMMFWBSMBBMBQSÈDUJDBBMBSFBMJEBE $BTPQSÃDUJDP *NBHJOBFMTJHVJFOUFDPOnJDUP 6OHSVQPEFBMVNOPTFTUÈQMBOUFBOEP VOWJBKFQFSPOPTFQPOFOEFBDVFSEP TPCSFFMMVHBS 6OPTEFTFBOVOWJBKFBVUÏOUJDBNFOUF DVMUVSBMZQBSBFMMPIBOQFOTBEPFO *UBMJB2VJFSFODPOPDFSFM'PSPZPUSPT NPOVNFOUPTSPNBOPTBTÓDPNPMBT PCSBT EF .JHVFM «OHFM #SVOFMMFTDIJ 3BGBFMZPUSPTHSBOEFTBSUJTUBT 0USPTTJOFNCBSHPQSFmFSFOBMHPNÈT MÞEJDPZSFMBKBOUFZTFJODMJOBOQPSBM HÞOMVHBSDPOQMBZBTZEJTDPUFDBT1JFO TBORVFEFTQVÏTEFIBCFSFTUBEPUPEP FMB×PFTUVEJBOEPIBMMFHBEPMBIPSBEF EFKBSBMNBSHFOMBDVMUVSBjTFSJBx 3FBMJ[BVOFTRVFNBDPOMPTQBTPTRVF EFCFSÓBOEFTFHVJSQBSBMMFWBSBDBCP VOBOFHPDJBDJØORVFSFTPMWJFSBFMDPO nJDUPEFNBOFSBSBDJPOBMZIVNBOJ[BEB 5SBUBEFFMFHJSVOBTPMVDJØORVFTBUJTGB HBBBNCBTQBSUFT 'JH )BZRVFBQSFOEFSBOFHPDJBSQBSBMMFHBSBVOBTPMVDJØORVFTBUJTGBHB BUPEPT &/130'6/%*%"% &MCVMMZJOH #VMMZJOHFTVOUÏSNJOPJOHMÏTRVFDBSFDFEFUSBEVDDJØO QSFDJTBFODBTUFMMBOPQFSPRVFTFFNQMFBQBSBBMVEJSB EJGFSFOUFTBDUJUVEFTBHSFTJWBTZWJPMFOUBTDPNPQPSFKFN QMPCVSMBTBCVTPTBUBRVFTFJOTVMUPTRVFDJFSUPTOJ×PTZ BEPMFTDFOUFTMMFWBOBDBCPDPOUSBPUSPTKØWFOFT 4FHÞOBMHVOPTQTJDØMPHPTQBSBRVFVODPNQPSUBNJFO UPTFBDPOTJEFSBEPQSPQJBNFOUFDPNPCVMMZJOHIBEF SFVOJSMPTEPTDPOEJDJPOFTTJHVJFOUFTVOEFTFRVJMJCSJP EFQPEFSFOUSFMPTBHSFTPSFTZMBWÓDUJNBZMBSFQFUJDJØO GSFDVFOUFEFEJDIBDPOEVDUB "UFOEJFOEPBMQSJNFSBTQFDUPFYJTUFCVMMZJOHTJFNQSF RVFVOBWÓDUJNBEFMBWJPMFODJBUJFOFEJmDVMUBEFTQBSB EFGFOEFSTFCJFOBDBVTBEFTVEFCJMJEBEGÓTJDBPQTÓRVJ DBCJFOBDBVTBEFMBTVQFSJPSJEBEOVNÏSJDBEFMPTBHSF TPSFT1PSUBOUPVOBTJNQMFQFMFBFOUSFJHVBMFTBVORVF UFOHBMVHBSDPOBHSFTJWJEBEZWJPMFODJBOPQVFEFTFS DPOTJEFSBEBDPNPCVMMZJOH USBUBEFVOBWJPMFODJBJOUFODJPOBEBZSFJUFSBEBFTEFDJS MMFWBEBBDBCPEFVONPEPNÈTPNFOPTDPOTUBOUFZ TJTUFNÈUJDP &MCVMMZJOHNÈTFWJEFOUFFTMBBHSFTJØOGÓTJDBRVFQVFEF DPOTJTUJSFOVOBBHSFTJØOGÓTJDBEJSFDUBHPMQFTQBUBEBT QV×FUB[PT TPCSFMBQSPQJBQFSTPOBPFOVOBBHSFTJØO GÓTJDBJOEJSFDUBBHSFTJPOFTBMPTMJCSPTBMBDBSUFSBBMBT SPQBTZBPUSBTQSPQJFEBEFTEFMBWÓDUJNB 1FSPUBNCJÏOQVFEFDPOTJTUJSFOBHSFTJPOFTQTJDPMØHJDBT BNFOB[BTEFTQSFDJPTNBOJmFTUPTBDUJUVEFTJSØOJDBT MBO[BNJFOUPEFDBMVNOJBTBDFOUVBDJØOEFMPTEFGFD UPT WFSCBMFTJOTVMUPTJNQSPQFSJPTPEFTDBMJmDBDJPOFT PSBMFT FTDSJUBTDBSUBTNFOTBKFTEFUFYUPDPSSFPFMFD USØOJDPFUD PFOBDUPTEFEJTDSJNJOBDJØOPBJTMBNJFOUP TPDJBMJHOPSBSMBQSFTFODJBEFMBWÓDUJNBOPDPOUBSDPO FMMBQBSBOBEBPOPEFKBSMFQBSUJDJQBSEFMPTKVFHPTZMBT BDUJWJEBEFTEFMHSVQPFUDÏUFSB &ODVBOUPBMBSFQFUJDJØOTFSFmFSFBRVFFMCVMMZJOHOP DPOTJTUFFOVOIFDIPDJSDVOTUBODJBMZBJTMBEPTJOPRVFTF 'JH 4ØMPMPTHSVQPTEFDPCBSEFTQSBDUJDBOCVMMZJOHIBDJBTVTDPNQB×FSPT B "WFSJHVBFMTJHOJmDBEPEFMPTTJHVJFOUFTUÏS NJOPTQTÓRVJDPEJTDSJNJOBDJØOFJNQSPQFSJPT F {2VÏPUSPTBDUPTEFCVMMZJOHTVFMFOEJTUJOHVJS TF 4F×BMBFORVÏDPOTJTUFDBEBVOP C {2VÏEPTDPOEJDJPOFTCÈTJDBTIBEFSFVOJSFM CVMMZJOH G 4FHÞOUVPQJOJØO{FYJTUFCVMMZJOHFOUVDFO USP {FTGSFDVFOUF {BRVÏTFEFCF {RVÏTPMVDJP OFTTFUFPDVSSFO D "UVQBSFDFS{FORVÏDPOTJTUFMBEFCJMJEBEQTÓ RVJDB E {$VÈM FT FM BDUP EF CVMMZJOH NÈT FWJEFOUF {2VÏEPTNPEBMJEBEFTQVFEFBEPQUBS H &TFWJEFOUFRVFFODBTPEFWJPMFODJBTJFNQSF EFCFNPTQPOFSOPTEFMMBEPEFMBWÓDUJNB{QFSP RVFBDUVBDJPOFTTFUFPDVSSFOBMSFTQFDUP 5PNBOPUB 5PEPTMPTBOJNBMFTTPO BHSFTJWPTZFOWJSUVEEF TVBHSFTJWJEBECVTDBO TVTBMJNFOUPTZBUBDBODPO NBZPSPNFOPSÎNQFUVBTVT FOFNJHPT/PPCTUBOUFVOPT TPONÃTBHSFTJWPTRVFPUSPT QPSFKFNQMPFMUJHSFFTNÃT BHSFTJWPRVFMBHBDFMBFMUPSP EFMJEJBNÃTRVFFMCVFZFM BMDPUÃONÃTRVFMBQBMPNB &ODBNCJPMPTTFSFTIVNBOPT QPEFNPTTFSBHSFTJWPTZ WJPMFOUPT -PDVSJPTPFTRVFFOOVFTUSP DBTPQVFEFEBSTFMBQBSBEPKB EFRVFJOEJWJEVPTDPOVO NÎOJNPEFBHSFTJWJEBETFBO QSPGFTJPOBMFTEFMBWJPMFODJB "FTUFSFTQFDUPTVFMFEFDJSTF RVFMPTTPMEBEPTQSPGFTJPOBMFT TVFMFOTFSMPTRVFNFKPS DPOUSPMBOTVBHSFTJWJEBE ZQPSUBOUPMPTRVFNFOPT BHSFTJWJEBENBOJàFTUBO 'JH -"7*0-&/$*" 1PEFNPTEFmOJSMBWJPMFODJBDPNPUPEBDPOEVDUBNFEJBOUFMBDVBMVOBT QFSTPOBTJOUFOUBOEPNJOBSFJNQPOFSTFBPUSBTQPSMBGVFS[BPCMJHÈOEPMBTB IBDFSBMHPRVFOPEFTFBOIBDFS "MHVOPTQTJDØMPHPTEJTUJOHVFOFOUSFBHSFTJWJEBEZWJPMFODJB4FHÞOUBMEJTUJO DJØOMBBHSFTJWJEBEFTVOBUFOEFODJBOBUVSBMEFDBSÈDUFSJOTUJOUJWPNJFOUSBT RVFMBWJPMFODJBFTVOBDPOEVDUBBQSFOEJEBRVFTFUSBTNJUFEFVOBTQFS TPOBTBPUSBTQPSNFEJPEFMBDVMUVSBMPTVTPTZMBTDPTUVNCSFTTPDJBMFT"TÓ QPEFNPTEFDJSRVFUPEPTMPTBOJNBMFTFTUÈOEPUBEPTEFVOBNBZPSPNFOPS BHSFTJWJEBE1FSPTØMPMPTTFSFTIVNBOPTTPNPTWJPMFOUPT {1PSRVÏ 1PSRVFÞOJDBNFOUFMPTTFSFTIVNBOPTUFOEFNPTBNPEJmDBSOVFT USBBHSFTJWJEBEOBUVSBMZBPSJFOUBSMBTVCMJNBSMBJODSFNFOUBSMBPSFEVDJSMBEF BDVFSEPDPOMBTDPTUVNCSFTZMBTFOTF×BO[BTSFDJCJEBT 1PSFKFNQMPFYJTUFBHSFTJWJEBEFOFMDPNQPSUBNJFOUPEFMMFØODVBOEPBUBDB ZNBUBBMBTDFCSBTFOMBTBCFKBTDVBOEPBSSFNFUFODPOUSBRVJFOFTTFBDFSDBO BTVTDPMNFOBTFOFMUPSPDVBOEPFNCJTUFFUD1FSPIBCMBOEPDPOQSPQJFEBE OJFMDPNQPSUBNJFOUPEFMMFØOOJFMEFMBTBCFKBTOJFMEFMUPSPEFMJEJBTPO EFQPSTÓWJPMFOUPT -BBHSFTJWJEBECJFODBOBMJ[BEBQVFEFTFS NVZÞUJMFOMPTEFQPSUFT &ODBNCJPFTWJPMFOUBMBDPOEVDUBEFVOEJDUBEPSRVFEJSJHFEFNPEPEFTQØ UJDPVO&TUBEPMBEFVOBUSBDBEPSRVFTFBQSPQJBEFMEJOFSPEFTVTWÓDUJNBT MBEFMQBESFBVUPSJUBSJPRVFBOVMBMBWPMVOUBEEFTVIJKPMBEFMBMVNOPRVF TFCVSMBEFVODPNQB×FSPMBEFMHSVQPEFQBOEJMMFSPTRVFJNQPOFOTVMFZ FOVOCBSSJPFUDÏUFSB "EFNÈTQPEFNPTFODPOUSBSTJUVBDJPOFTEFHSBOWJPMFODJBZVOBEPTJTNÓOJ NBEFBHSFTJWJEBE1PSFKFNQMPFOFMDBTPEFMBBDUVBDJØOGSÓBQSPGFTJPOBMZ NFUØEJDBEFMTJDBSJPRVFBTFTJOBBTVWÓDUJNBFOFMEFMDBQJUÈORVFNBOEB VOQFMPUØOEFGVTJMBNJFOUPZTFMJNJUBBDVNQMJSMBTPSEFOBO[BTZGPSNVMBSJPT QSPQJPTEFMDBTPPFOFMEFMUFSSPSJTUBRVFDPNQMFUBNFOUFUSBORVJMPZTFSFOP DPMPDBVOBCPNCBVOBVUPCÞTFUDÏUFSB &MSFDIB[PEFMBWJPMFODJB 7JWJNPTFOVOBTPDJFEBEFOMBRVFMBWJPMFODJBTFIBMMBQSFTFOUFQPSUPEPT MPTMBEPTFOMPTEFQPSUFTZFTQFDUÈDVMPTFOMPTJOGPSNBUJWPTEFUFMFWJTJØOZ SBEJPFOFMDJOFZFOMPTWJEFPKVFHPTZDPOGSFDVFODJBBQBSFDFFOMBTBDUVB DJPOFTEFMPTMÓEFSFTQPMÓUJDPTFOFMBNCJFOUFEFMBTDJVEBEFTFOMPTDFOUSPT FTDPMBSFTZFOFMTFOPEFOPQPDBTGBNJMJBT &OTFNFKBOUFBNCJFOUFTFEBMBQBSBEPKBEFRVFJODMVTPFOQFMÓDVMBTFTQFD UÈDVMPTZMFDUVSBTFOMBTRVFTFJOUFOUBSFTBMUBSFMFTQÓSJUVEFQB[OPTFSFDVSSF BQFSTPOBTBNBCMFTZQBDJmDBTTJOPBIÏSPFTJOUSÏQJEPTBHSFTJWPTZWBMJFOUFT RVFBDUÞBODPNPKVTUJDJFSPTWFOHBEPSFTEFMBJOKVTUJDJBZEFGFOTPSFTEFMB SB[ØOEFTVSB[ØO QBSBMPDVBMOPEVEBOFOSFDVSSJSBBDUVBDJPOFTDPOUVO EFOUFTWBMJFOUFTZBHSFTJWBT'SFOUFBUBMBNCJFOUF{RVÏQPEFNPTIBDFS t &OQSJNFSMVHBSUPNBSQBSUJEPFODPOUSBEFMBWJPMFODJB1PSFKFNQMPTJQFSTP OBFTBHSFEJEBEFCFNPTBDUVBSEFVONPEPVPUSPDPOUSBFMBHSFTPS&OFTUPT DBTPTQFSNBOFDFSOFVUSBMOPUPNBSQBSUJEPTJHOJmDBBQPZBSBMWJPMFOUP t &OTFHVOEPTJFNQSFRVFTFBQPTJCMFIBDFSWFSBMPTWJPMFOUPTRVFFTUB NPTFODPNQMFUPEFTBDVFSEPDPOTVDPOEVDUBDPOTVTBDUVBDJPOFTTVT QSPDFEJNJFOUPTZDVBMRVJFSPUSBNBOJGFTUBDJØOEFFTUFUJQP t &OUFSDFSPVOJSOPTDPOPUSBTQFSTPOBTZEFOVODJBSMBTBHSFTJPOFTZMPTIF DIPTWJPMFOUPTBOUFMBBVUPSJEBEDPSSFTQPOEJFOUFTJONJFEPBRVFBMHVJFO OPTMMBNFDIJWBUPTPOPTDVFOUFGBMTBTIJTUPSJBTEFIPNCSÓBDPNQB×FSJTNP ZIPOPSBCJMJEBE "MHVOPTQSPHSBNBTUFMFWJTJWPT TPOFMSFnFKPEFMBTPDJFEBE WJPMFOUBFORVFWJWJNPT 'JH t :FODVBSUPVUJMJ[BSBMHVOPTEFMPTSFDVSTPTRVFOPTQSPQPSDJPOBOVFTUSB TPDJFEBEmKBSDBSUFMFTEFEFOVODJBSFBMJ[BSDPODFOUSBDJPOFTQBDÓmDBTZTJ MFODJPTBTEJTUSJCVJSPDUBWJMMBTEFTJHOPDPODJMJBEPSFJOUFHSBEPSFUDÏUFSB $PNFOUBSJPEFUFYUP j4FSFTQFDUBEPSEFDBMBNJEBEFTRVFUJFOFOMVHBSFO PUSPQBÓTFTVOBFYQFSJFODJBJOUSÓOTFDBEFMBNPEFSOJ EBEMBPGSFOEBBDVNVMBUJWBEFNÈTEFTJHMPZNFEJP EFBDUJWJEBEEFFTUPTUVSJTUBTFTQFDJBMJ[BEPTZQSPGF TJPOBMFTMMBNBEPTQFSJPEJTUBT-BTHVFSSBTTPOBIPSB UBNCJÏOWJTUBTZFTDVDIBEBTFOMBTTBMBTEFFTUBS {$SFFTRVFBIPSBDPOMPTNFEJPTEFDP NVOJDBDJØOFYJTUFOUFTTBCFNPTNÈTEFDPO nJDUPTZWJPMFODJBFOFMNVOEPRVFBOUFT "UVQBSFDFS{DPOPDJNJFOUPZOPUJDJBTTPO MPNJTNPPTPOEPTDPTBTEJTUJOUBT &OMBJOGPSNBDJØOEFMPRVFFTUÈTVDFEJFOEPFOPUSB QBSUFMMBNBEBiOPUJDJBTwEFTUBDBOMPTDPOnJDUPTZMB WJPMFODJBiTJIBZTBOHSFWBFODBCF[BwSF[BMBWF UVTUBEJSFDUSJ[EFMBQSFOTBTFOTBDJPOBMJTUBZEFMPT QSPHSBNBTEFOPUJDJBTRVFFNJUFOUJUVMBSFTMBTWFJOUJ DVBUSPIPSBTBMPTRVFTFSFTQPOEFDPOJOEJHOBDJØO DPNQBTJØOFYDJUBDJØOPBQSPCBDJØONJFOUSBTDBEB NJTFSJBTFFYIJCFBOUFMBWJTUBx 464"/40/5"("OUFFMEPMPSEFMPTEFNÈT {$ØNPEFmOFOMPTQFSJPEJTUBTFOFMUFY UP $PNFOUBFTUBEFmOJDJØOZB×BEFBMHVOBT DBSBDUFSÓTUJDBTNÈT j4JIBZTBOHSFWBFODBCF[Bx{2VÏTJHOJ mDBFTUBEJSFDUSJ[ {2VJÏOMBFNQMFB 'JH j&OMBJOGPSNBDJØOEFMPRVFFTUÈTVDFEJFOEP FOPUSBQBSUFEFTUBDBOMPTDPOnJDUPTZMB WJPMFODJBx "$5*7*%"%&4 "%FàOFZFYQMJDB "GFDUJWP $PBDDJØO $PPQFSBDJØO %JHOJEBE *OUFSDBNCJP 7JHFODJB %5FNBEFEFCBUF )BDFEVOBQFRVF×BSFEBDDJØOZQPTUFSJPSNFOUFSFBMJ [BSVOEFCBUFTPCSFMBDVFTUJØOTJHVJFOUF j/VFTUSBTPDJFEBEFTWJPMFOUBx &TUBCMF[DBNPTEPTHSVQPT"Z# #"OBMJ[BMPTQFOTBNJFOUPTTJHVJFOUFT j-BNBZPSQBSUFEFMPTDPOnJDUPTTFEFCFBMBHFOUF RVFRVJFSFTFSJNQPSUBOUFx 54&-*05 QPFUBZFEJUPSJOHMÏT j&MQSJNFSQSJODJQJPEFMBFEVDBDJØODPOTJTUFFOQSF EJDBSDPOFMFKFNQMPx +563(05 FDPOPNJTUBGSBODÏT j-PTKØWFOFTIPZFOEÓBTPOVOPTUJSBOPT$POUSB EJDFOBTVTQBESFTEFWPSBOTVDPNJEBZMFTGBMUBOBM SFTQFUPBTVTNBFTUSPTx 4»$3"5&4B$ mMØTPGPHSJFHP $3FáFYJPOBZSFTQPOEF {"RVÏTFSFGFSÓBFMmMØTPGP,BOUDVBOEPBMVEÓBB MBjJOTPDJBCMFTPDJBCJMJEBExEFMPTTFSFTIVNBOPT {2VÏTJHOJmDBFMUÏSNJOPDPOnJDUP {1PTFFOUP EPTMPTDPOnJDUPTMBNJTNBFOUJEBE {1PSRVÏ %FBDVFSEPDPOUVPQJOJØO{QPSRVÏTVSHFOMPT DPOnJDUPTFOUSFMPTTFSFTIVNBOPT {2VÏFOUFOEFNPTQPSTPMVDJPOFTIVNBOJ[BEBT EFMPTDPOnJDUPT {2VÏNPEBMJEBEFTTVFMFOBEPQ UBSÏTUBT %FFMMBT{DVÈMFTMBNÈTJNQPSUBOUF {1PS RVÏ {$VÈMFTFMPCKFUJWPQSJODJQBMEFUPEBOFHPDJB DJØO *OEJDBUSFTNPNFOUPTEFMBNJTNBFYQMJDBOEP FORVFDPOTJTUFDBEBVOP {2VÏTFFOUJFOEFQPSWJPMFODJB {&TMPNJTNP WJPMFODJBRVFBHSFTJWJEBE {1PSRVÏ *MVTUSBUVFY QMJDBDJØODPOBMHÞOFKFNQMP 4FHÞOUVQBSFDFSMBTQFSTPOBTOPSNBMFTZDP SSJFOUFTDPNPUÞPDPNPZP{RVÏQPEFNPTIBDFS QBSBDPMBCPSBSFOMBSFEVDDJØOEFMBWJPMFODJB &MHSVQP"UPNBSÈVOBQPTUVSBBmSNBUJWBEFGFOEJFO EPRVFFOFGFDUPOVFTUSBTPDJFEBEFTWJPMFOUB&OFTUF TFOUJEPQPESÓBBMFHBS t -BFTQFDUBDVMBSJ[BDJØOEFMBWJPMFODJB&TEFDJSFMIF DIPRVFMPTNFEJPTEFDPNVOJDBDJØOZTPCSFUPEPFM DJOFZMBUFMFWJTJØOSFTBMUFODBTJTJFNQSFMPTFTQFDUÈ DVMPTWJPMFOUPTZDPOGSFDVFODJBPGSF[DBOJNÈHFOFT EFTBOHSF t -BFYJTUFODJBFOOVFTUSBTPDJFEBEEFUPEPUJQPEF WJPMFODJBBUSBDPTSPCPTWJPMFODJBEFMPTIPNCSFT TPCSFMBTNVKFSFT t -BFYJTUFODJBEFEFQPSUJTUBTEFÏMJUFDPOPDJEPTZ BENJSBEPTQPSUPEPTRVFBWFDFTTFDPOEVDFOEF NBOFSBNÈTPNFOPTDPOnJDUJWB t -BWJPMFODJBWFSCBMRVFEFWF[FODVBOEPVUJMJ[BO BMHVOPTQPMÓUJDPTDPOUSBTVTSJWBMFT &MHSVQP#BMDPOUSBSJPEFGFOEFSÈRVFOVFTUSBTPDJFEBE OPFTWJPMFOUB1BSBMPRVFQPESÓBBQPSUBSMPTTJHVJFOUFT BSHVNFOUPT t -BFEVDBDJØO&MIFDIPEFRVFFOMPTDPMFHJPTBD UVBMFTTFJOTJTUBFOMPOFHBUJWPEFUPEBTMBTBDDJPOFT WJPMFOUBT t -BSFBDDJØOFODPOUSBEFMBWJPMFODJBRVFBWFDFT TVSHFEFNBOFSBFTQPOUÈOFBFOUSFOVFTUSPTNFEJPT TPDJBMFT t -BUFOEFODJBBTPMJEBSJ[BSTFDPOUSBRVJFOFTTPOWÓD UJNBTEFJOKVTUJDJBTPEFWJPMFODJB t -BTNBOJGFTUBDJPOFTQPSMBQB[RVFEFWF[FODVBOEP TFPSHBOJ[BOFOOVFTUSBTDJVEBEFT 1PSÞMUJNPmKBEQPSFTDSJUPMBTDPODMVTJPOFTBMBTRVF IBZÈJTMMFHBEP &5BSFBTEFJOWFTUJHBDJÓO &OMPTUJFNQPTQBTBEPTOVFTUSBTPDJBMJ[BDJØOFTEFDJS OVFTUSBFEVDBDJØOEFQFOEÓBQSJODJQBMNFOUFEFOVFT USPTQBESFTOVFTUSPTDPMFHJPTZOVFTUSPTBNJHPTQFSP FOMBBDUVBMJEBETPOMBUFMFWJTJØOZMPTQSPHSBNBTUFMFWJ TJWPTMPTRVFNÈTJOnVZFOFOOVFTUSBTDPTUVNCSFTZFO OVFTUSBTNBOFSBTEFTFSZEFDPNQPSUBSOPT5FOJFOEP FTUPFODVFOUBEFTDSJCFEFRVÏUSBUBOMPTQSPHSBNBT EFUFMFWJTJØORVFTFWFOFOUVDBTBEÓBBEÓBEVSBOUFMB QSØYJNBTFNBOB 1VFEFTBHSVQBSMPTFOMPTTJHVJFOUFTUFNBTJOGPSNBUJWP DJFOUÓmDPJOGBOUJMIVNPSÓTUJDPNVTJDBMEFQPSUJWPTFSJFT ZQFMÓDVMBTSFBMJUZTIPX "DUJWJEBEQSJODJQBM7BMPSBMBWJPMFODJBMPTBDUPTWJP MFOUPTZFMHSBEPEFWJPMFODJB RVFBQBSFDFFODBEBVOP FMMPT"FTUPTFGFDUPTBUJFOEFFTQFDJBMNFOUFBMPTEF DBSÈDUFSEFQPSUJWPBMPTJOGBOUJMFTZBMPTNVTJDBMFT $PODMVTJØO{2VÏHSBEPEFWJPMFODJBBMUPCBKPNFEJP OVMP TFOPTNVFTUSBFOMB57 {1PSRVÏ '-BJNBHFO ($PNFOUBSJPEFUFYUP -BFTDVFMBFTVOFTMBCØOFTFODJBMFOMBGPSNBDJØOJOUFMFDUVBM ZWJUBMEFMBEPMFTDFOUF&MDFOUSPFTDPMBSFTVOBGVFOUFEFEFT DVCSJNJFOUPTZFYQFSJFODJBTEFÏYJUPTZEFDFQDJPOFT"MMÓIBDF TVTQSJNFSBTBNJTUBEFTTØMJEBTBQSFOEFBJOUFSBDUVBSEFOUSP EFVOHSVQPDPNQMFKPEPOEFTFFOUSFDSV[BOUFNQFSBNFOUPT ZTFOTJCJMJEBEFTEJTUJOUBT 1FSPFTPOPTJHOJmDBRVFMPTQBESFTQVFEBOEFMFHBSMPUPEP FOMBFTDVFMBZFDIBSMFMVFHPMBTDVMQBTTJBMHPWBNBSDIBNBM "VORVFFMBEPMFTDFOUFQBTFNÈTIPSBTBMMÓRVFFOTVDBTBFM QSJNFSNPEFMPFEVDBUJWPEFCFUFOFSMPFOFMIPHBS 4PCSFFTUBDVFTUJØOFMDBUFESÈUJDPEF1TJRVJBUSÓB&OSJRVF3P KBTBmSNBj&EVDBSFTDPOWFSUJSBBMHVJFOFOVOBQFSTPOBMJCSF FJOEFQFOEJFOUF&OFTUFTFOUJEPMPTQBESFTTPOMPTQSJNFSPT FEVDBEPSFTZFEVDBONÈTDPOMPRVFIBDFORVFDPOMPRVF EJDFOx ²TFFTVODPODFQUPJOUFSFTBOUFZBRVFMPTBEPMFTDFOUFTOP TFEFKBOBMFDDJPOBSGÈDJMNFOUFQFSPTÓTPOTFOTJCMFTBMPT WBMPSFTZQBVUBTEFDPNQPSUBNJFOUPRVFWFOFOFMFOUPSOP GBNJMJBS "WFSJHVBFMTJHOJmDBEPEFMPTTJHVJFOUFTUÏSNJ OPTJOUFSBDUVBSHSVQPDPNQMFKPUFNQFSBNFOUPZ TFOTJCJMJEBEFT {2VÏFTVOBEPMFTDFOUF {2VÏSFMBDJØOHVBSEBO MPTBEPMFTDFOUFTDPOjMBFTDVFMBx {%ØOEFEFCFUFOFSFMQSJNFSNPEFMPFEVDBUJWP FMBEPMFTDFOUF &ODPOTFDVFODJB{RVJÏOFTTPOMPT QSJNFSPTFEVDBEPSFT {:DØNPFEVDBO 4FHÞOFMUFYUP{BRVÏEPTFMFNFOUPTTPOFT QFDJBMNFOUFTFOTJCMFTMPTBEPMFDFOUFT {&TUÈTEF BDVFSEPPFOEFTBDVFSEPDPOEJDIBPQJOJØO {1PS RVÏ {2VÏWFTFOFMUFYUP &MUFYUPBmSNBRVFMPTBEPMFTDFOUFTjOPTFEFKBO BMFDDJPOBSGÈDJMNFOUFx{2VÏTJHOJmDBFOFTUFQÈSSB GPBMFDDJPOBS {&TUÈTEFBDVFSEPDPOUBMBmSNBDJØO 3B[POBUVSFTQVFTUB 4JVOPEFMPTEPTOPFDIBNBSDIBBUSÈT{DVÈMTFSÈ FMTJHVJFOUFQBTP "UVQBSFDFS{RVJÏOQVFEFTFSFMRVFFDIFNBSDIB BUSÈTFMNÈTDPCBSEFPFMNÈTTFOTBUP {1PSRVÏ {&ORVÏDPOTJTUFMBDPCBSEÓB {:FORVÏDPOTJTUFMBTFOTBUF[