3FWJTUB
CJNFTUSBM
QBSB
BEVMUPT
%JTDPWFS
1VCMJTIFS
#7
1BÓTFT
#BKPT

(3"5*4
/ÞNFSP

EF


&O
FTUF
OÞNFSP $BSUB
FO
VO
QBQFMJMMP

5ØSSJEP
WFSBOP

&O
FM

QVCMJDBNPT
iMB
TPMVDJØO
WFSEF
BM
MBESJMMB[Pw
&O
BRVFMMPT
B
DVBMRVJFS
CBSSJP
Z
MPT
DIBWBMFT
MFT
EBO

VOPT
SVEJNFOUPT
EF
FDPOPNÓB
CÈTJDB

NPNFOUPT
IBCMBS
EF
CVSCVKB
JONPCJMJBSJB
FSB
QPDP
DPNÞO
QSPQPOFS
$PTBT
TFODJMMBT
$PNP
RVF
MBT
EFVEBT

DPNP
TPMVDJØO
EFTQFOBMJ[BS
MB
NBSJIVBOB
TPOBCB
B
EFMJSJP
VUØQJDP
IBZ
RVF
QBHBSMBT
P
UF
NFUFT
FO
KBMFPT

1SVFCB
NBTJWB
EF
BVUP
GMPSFDJFOUFT
%FTEF
FOUPODFT
DBEB
B×P
IFNPT
BDPO MB
NBOHB
Z
BDBCB
NFUJEP
FO
VO
MÓP
-B
CVSCVKB
JONPCJMJBSJB
-BT
8IJUF
%XBSG
TPO
MBT
BVUPGMPSFDJFOUFT
EF
TFKBEP
B
OVFTUSPT
MFDUPSFT
TPCSF
MB
BDUVBM
"MHVOPT
QBHBO
B
CBTF
EF
WFOEFS
CJFOFT
&M
QSJODJQBM
QSPCMFNB
EF
&TQB×B
FT
RVF

QSJNFSB
HFOFSBDJØO
NÈT
DPOPDJEBT
FO
FM
NFS EFCBDMF
EFM
MBESJMMP
Z
IFNPT
SFWJTBEP
OVF QSFDJBEPT
PUSPT
DPOEVDFO
DPDIFT
QFUB FTUÈ
QJODIBOEP
VOB
USFNFOEB
CVSCVKB

DBEP
IJTQBOP
&O
FTUF
BSUÓDVMP
QSFTFOUBNPT
TUSBT
QSFWJTJPOFT
&M
GJOBM
ZB
TF
BDFSDB
QPS
EPT
EF
NBUFSJBM
FODBSHVJUPT
RVF
OBEJF
JONPCJMJBSJB
$VBMRVJFS
UJQP
EF
CVSCVKB

VOB
QSVFCB
B
GPOEP
FO
MB
RVF
TF
UFTUBSPO
NÈT
MP
RVF
FT
VO
NPNFOUP
FYDFMFOUF
QBSB
VO
RVJFSF
:B
MPT
SPNBOPT
FOUFOEÓBO
RVF
MB
QBTB
QPS
MBT
FUBQBT
RVF
BOBMJ[Ø
.JOTLZ

QFRVF×P
SFTVNFO
EF
FTUF
QFSJPEP
IJTUØSJDP EFVEB
FT
FTDMBWJUVE
Z
BM
RVF
OP
QBHBCB
B
TBCFS


%FTQMB[BNJFOUP
TF
QSPEVDF

EF

TFNJMMBT
GFNJOJ[BEBT
EF
8IJUF
%XBSG

MP
NBOEBCBO
BM
NFSDBEP
EF
FTDMBWPT
VOB
OPWFEBE
BMHP
DBNCJB


MPT
QSF
USBT
MP
DVBM
TF
QVFEF
IBCMBS
DPO
QSFDJTJØO
EF
-B
QJGJB &O
MB
DBMMF
UPEPT
TBCFO
MP
RVF
FT
VOB
DJPT
FNQJF[BO
B
TVCJS


$SÏEJUP
GÈDJM
FO

TVT
WFOUBKBT
Z
EF
TVT
JODPOWFOJFOUFT

 5PEP
FM
NVOEP
DPOPDF
B
BMHVJFO
RVF
QJGJB
1PS
MP
WJTUP
OVFTUSPT
QPMÓUJDPT
Z

QJMMB
EF
GJBEP
FTUJSB
NÈT
FM
CSB[P
RVF
DPNVOJDBEPSFT
OP
"
WFS
TJ
TF
BDFSDBO

4JHVF
FO
QÈHJOB

5BNCJÏO
FO
FTUF
OÞNFSP
$BSUB
FO
VO
QBQFMJMMP 
(BTQBS
'SBHB 
)PMB
4PGU
4FDSFUT 
$PQBT
$BOOBCJDBT 
1SPEVDUPT

*OUFSOFU 
'FSUJMJ[BDJØO 
-B
DPTFDIB
EF
%JOBGFN 
-B
DPTFDIB
EF
$IVNBKFL 
)B[
UV
TQBDF
DBLF 
4XFFU
4FFET 
/JSWBOB 
"EWBODFE
/VUSJFOUT 
4FNJOBSJP
$BOOB 
$PQB
)JHIMJGF 
'BDFCPPL 
3PTFOUIBM 
4USBJO
SFQPSU 
-VHBSFT
EF
FOTVF×P 
$FSWBOUFT 
#BSSZ
$PPQFS 
5PQ
5FO
.JYUBQFT 
0G
4POBS
 
-B
IFSNBOEBE 
-BUJOPBNFSJDB 

(?XC!SRMK?RGA
"CQR!SRMK?RGA%TCP@W$GL?DCK
U U U B G L ? DC K  M PE
 
7JFOF
EF
MB
QSJNFSB
QÈHJOB QBSB
RVF
OP
DBJHB
FO
MB
RVJFCSB
QFSP

OP
UPMFSBSÈ
FTUF
TBRVFP
HFOFSBMJ[BEP

MBT
CVSCVKBT
TJFNQSF
IBZ
DSÏEJUP
GÈDJM


EF
MBT
BSDBT
QÞCMJDBT
4F
BDBCØ
MB
MJRVJ
4PCSFDPNQSB
FNQJF[BO
B
MMFHBS
FTQFDV EF[
QBSB
UPEPT
WPMWFSÈO
MPT
UJFNQPT

MBEPSFT
OPWBUPT
BUSBÓEPT
QPS
MBT
QSPNF EFM
DSÏEJUP
OPSNBM
SBDJPOBM
Z
MJNJUBEP

TBT
EF
HSBOEFT
CFOFGJDJPT
Z
FM
DSÏEJUP
GÈDJM



&VGPSJB
QBSFDF
RVF
FM
EJOFSP
FT
HSBUJT
Z
&M
B×P
RVF
WJFOF
TF
KVOUBSBO
VOB
TFSJF

MPT
QSFDJPT
OP
TF
EFUFOESÈO
OVODB


-PT
EF
GBDUPSFT
RVF
QSPWPDBSBO
FM
QJODIB[P

FYQFSUPT
SFDPHFO
CFOFGJDJPT
MB
HFOUF
RVF
EFGJOJUJWP
1PS
FM
MBEP
EF
MB
EFNBOEB
MPT

MMFWBCB
NVDIPT
B×PT
FO
FM
TFDUPS
BOUFT
EF
ÞMUJNPT
TPMWFOUFT
DPNQSBO
BIPSB
QBSB

MB
CVSCVKB
SFDVFSEBO
PUSPT
UJFNQPT
Z
DPO
BIPSSBS
MB
TVCJEB
EFM
*7"
Z
OP
QFSEFS

MBT
QSJNFSBT
TF×BMFT
EF
EFCJMJEBE
SFDPHFO
EFTHSBWBDJPOFT
"EFNÈT
IBCSÈ
VO
DPSUF

CFOFGJDJPT


'VFHP
BMHVJFO
HSJUB
GVFHP
EF
DSÏEJUP
MP
RVF
EJGJDVMUBSÈ
SFVOJS
MPT

Z
UPEPT
DPSSFO
B
MB
TBMJEB
EF
FNFSHFODJB
SFRVJTJUPT
QBSB
UFOFS
BDDFTP
BM
DSÏEJUP

EFNBTJBEP
UBSEF
OBEJF
RVJFSF
DPNQSBS
Z
IJQPUFDBSJP
1PS
FM
MBEP
EF
MB
PGFSUB
IBZ

UPEPT
RVJFSFO
WFOEFS
MPT
QSFDJPT
DBFO
FO
QSPCMFNBT
EF
WFOUB
EFTEF
FM

DBEB

QJDBEP
&TUB
SVQUVSB
QVFEF
PDBTJPOBSTF
WF[
IBZ
NÈT
QSPNPUPSFT
EJTQVFTUPT
B

QPS
WBSJPT
NPUJWPT
FO
&TQB×B
TF
EBO
JODSFNFOUBS
TVT
SFCBKBT
&TUB
TJUVBDJØO

UPEPT
EFTEF
FM
DJFSSF
EFM
DSÏEJUP
IBTUB
MB
FTUBMMBSÈ
FO
FM

QPS
MP
RVF
FO
FTUF

GBMUB
EF
EFNBOEB
NPNFOUP
FT
OFGBTUB
JEFB
DPNQSBS

-FZ
#PZFS
FNQJF[B
MB
DBSSFSB -B
JOUFSWFODJØO
EF
&TQB×B
MMFHB
B
IVS

+BNBJDBO
%SFBN &M
QSJODJQJP
EF
MB
CVSCVKB
JONPCJMJBSJB
MP

NBSDB
MB
-FZ
#PZFS
SFTQPOTBCMF
EF
FMJNJ
UBEJMMBT
/BEJF
RVJFSF
RVF
MB
DIJTQB

FTQB×PMB
JODFOEJF
MB
QSBEFSB
NVOEJBM


OBS
MPT
EFSFDIPT
EF
MPT
JORVJMJOPT
EF
GPSNB
2VFEØ
DMBSP
DVBOEP
FM
QSFTJEFOUF
EF

RVF
TF
JOJDJB
VOB
IVJEB
IBDJB
MB
DPNQSB
-B
$IJOB
Z
FM
EF
&TUBEPT
6OJEPT
MMBNBSPO
B

HFOFSBDJØO
EF
FTQB×PMFT
RVF
TF
BDFSDB
;BQBUFSP
FM
EÓB
BOUFT
EF
RVF
BOVODJBSB

BIPSB
B
MB
KVCJMBDJØO
TPO
MPT
HBOBEPSF
MBT
NFEJEBT
EF
SFDPSUF

5VWJFSPO
TVT
QJTPT
B
QSFDJPT
CBKPT
P
JODMV
TP
TFNJHSBUVJUPT
EBEB
MB
QPMÓUJDB
TPDJBM
EF
"M
PCTFSWBS
FM
HSÈGJDP
EF
MB
CPMTB
DPN
WJWJFOEB
EFM
GSBORVJTNP
&O
DBNCJP
MPT
QBSBEP
DPO
FM
EF
QSPEVDDJØO
JOEVTUSJBM

WFOEJFSPO
B
TVT
IJKPT
DBSÓTJNPT
-B
EFVEB
TF
QSFTFOUB
VOB
TJUVBDJØO
JOTPTUFOJCMF
&M

FTQB×PMB
CBUF
SFDPSET
FO
&VSPQB
Z
QPESÓB
HSÈGJDP
EF
MP

GBCSJDBEP
QPS
MBT
FNQSFTBT

EFTFTUBCJMJ[BS
FM
TJTUFNB
NVOEJBM
JHVBM
DBZØ
CSVTDBNFOUF
Z
TF
NBOUJFOF
FTUBCMF

RVF
VOB
CVSCVKB
JONPCJMJBSJB
FO
'MPSJEB
QFSP
TJO
SFDVQFSBSTF
FO
GPSNB
EF
i-w
&M

GVF
QSFDFEFOUF
EFM
DSBDL
EFM
 HSÈGJDP
EF
MP
RVF
WBMFO
FTBT
FNQSFTBT
TF

SFDVQFSØ
EF
QSPOUP
FO
GPSNB
EF
i7w
-PT

"IPSB
IBZ
RVF
QBHBS
TF
OFDFTJUB
HBOBS
WBMPSFT
FTUVWJFSPO
DBZFOEP
DPO
NVDIÓTJ
DPNQFUJUJWJEBE
QBSB
QPEFS
FYQPSUBS
NB
GVFS[B
IBTUB
RVF
FNQF[BSPO
B
SFCP
6OB
GPSNB
FT
VTBS
MP
RVF
EFKB
MB
CVS UBS
FO
UPSOP
B
MPT

QVOUPT
-B
MØHJDB

CVKB
5SBT
MB
CVSCVKB
EF
MPT
UVMJQBOFT
EFM
JOEJDB
RVF
TF
WPMWFSÈO
B
WFS
FTPT


TJHMP
97**

)PMBOEB
TF
DPOWJFSUF
FO
VOB
QVOUPT
&TUÈ
QPS
WFS
TJ

TF
DPOGJSNBSÈ
FM

QPUFODJB
NVOEJBM
EFM
DVMUJWP
EF
FTUB
GMPS
TVFMP
Z
WPMWFSÈ
B
SFCPUBS
P
BÞO
WFSFNPT

5SBT
MB
CVSCVKB
EFM
GFSSPDBSSJM
&TUBEPT
DBÓEBT
NÈT
GVFSUFT

6OJEPT
UVWP
VOB
HSBO
SFE
GFSSPWJBSJB

QBSB
TV
USBOTQPSUF
&O
FTUPT
NPNFOUPT
%F
$BMJGPSOJB
B
&TQB×B
FO
&TQB×B
MP
RVF
TPCSB
FT
MBESJMMP
F
&O
FM

QBSFDÓB
DPTB
EF
MPDPT
QSF
JOGSBFTUSVDUVSBT
)BZ
RVF
DPMPDBS
UPEBT
UFOEFS
RVF
&TQB×B
WJWJSÓB
VOB
TJUVB
FTUBT
QPTJCJMJEBEFT
B
MB
CÞTRVFEB
EF
DJØO
DFSDBOB
B
MB
RVJFCSB
Z
RVF
TFSÓB

DBQJUBM
QBSB
UBQBS
FM
JONFOTP
BHVKFSP
CVFOB
PDBTJØO
QBSB
QMBOUFBS
MB
EFTQF
-B
SFCBKB
EF
MPT
QSFDJPT
EFM
MBESJMMP
QFS OBMJ[BDJØO
EF
MB
NBSJIVBOB
&O
$BMJGPSOJB

NJUF
BMRVJMFSFT
F
IJQPUFDBT
NÈT
CBSBUBT
FTUÈO
BM
CPSEF
EF
MB
RVJFCSB
Z
MB
EFTQF
QPS
MP
RVF
MB
HFOUF
QVFEF
BDFQUBS
TBMB OBMJ[BDJØO
EFM
DBOOBCJT
FT
VOB
EF
MBT

SJPT
JOGFSJPSFT
BM
FTUBS
TVT
OFDFTJEBEFT
NFEJEBT
RVF
BGSPOUBO
5SBT
VO
QFSJPEP

CÈTJDBT
DVCJFSUBT
QPS
NFOPT
EJOFSP
EF
UPMFSBODJB
HSBDJBT
B
MPT
DMVCT
BIPSB
MB

+BNBJDBO
%SFBN
FT
VOB
QMBOUB
EF
PSJHFO
KBNBJ DJVEBEBOÓB
WPUBSÈ
FO
OPWJFNCSF
TPCSF

DBOP
%F
DPHPMMP
DPNQBDUP
Z
SFTJOPTP
FT
VOB
&M
QJODIB[P
JONPCJMJBSJP
 MB
QPTJCJMJEBE
EF
VOB
EFTQFOBMJ[BDJØO

QMBOUB
EF
TBCPS
BHSBEBCMF
Z
EVMDF
4V
DBSBDUFSÓT &M
QSPDFTP
EF
DPSSFDDJØO
EF
QSFDJPT
UPUBM
&E
3PTFOUIBM
DPNFOUØ
FO
MB
QSF
UJDB
NÈT
JNQPSUBOUF
TV
GMPSBDJØO
EVSB
UBO
TØMP
JONPCJMJBSJPT
FT
MFOUP
MMFWBNPT
EFTEF
TFOUBDJØO
EF
MB
ÞMUJNB
)JHIMJGF
$VQ
iIF


EÓBT
FO
JOUFSJPS
&O
FYUFSJPS
UBNCJÏO
FT
SBQJ FM

FNCBSSBEPT
FO
TVT
QSFMJNJOBSFT

WFOJEP
B
EFDJS
RVF
WBNPT
B
DPOTFHVJSMP

EÓTJNB
SFDPHJÏOEPTF
B
GJOBMFT
EF
4FQUJFNCSF
&O
MB
BDUVBMJEBE
HSBO
QBSUF
EF
MB
ÞMUJNB
&O
$BMJGPSOJB
WBNPT
B
DPOTFHVJS
QPEFS

EFNBOEB
TPMWFOUF
SFDJCF
MB
UFOUBDJØO
DVMUJWBS
Z
WFOEFS
NBSJIVBOB
DPO
UPUBM

4V
FGFDUP
FT
NVZ
GVFSUF
Z
TBUJWP
FVGØSJDP
Z

EF
iDIPMMPT
WBSJPTw
"
FTUP
TF
VOF
MB
TVCJ MJCFSUBE
7BNPT
B
DPOTFHVJS
FM
DBOOBCJT

NVZ
BDUJWP

4J
FSFT
BGJDJPOBEP
BM
IBDIÓT
FT
VOB
EB
EFM
*7"
Z
FM
GJO
EF
MBT
EFEVDDJPOFT
MP
UPUBMNFOUF
MJCSFw
QMBOUB
FYDFMFOUF
QBSB
IBDFS
FYUSBDDJPOFT
ZB
RVF
RVF
JNQVMTB
B
DPNQSBS
BIPSB
B
MPT
RVF

QSPEVDF
NVDIP
USJDPNB
EF
DBMJEBE
BÞO
TF
BUSFWFO
&O
&TQB×B
MB
TJUVBDJØO
QVFEF
TFS
TJNJMBS

5FOFNPT
VO
DMJNB
DÈMJEP
Z
VOB
BNQMJB

(FOÏUJDB

4BUJWB

*OEJDB
&M
DBTP
FTQB×PM
UJFOF
VO
DPNQPOFOUF
DVMUVSB
DBOOÈCJDB
RVF
JODMVZF
UPMFSBODJB

ÞOJDP
MBT
DBKBT
EF
BIPSSPT
4F
USBUB
TPDJBM
Z
MB
FYQFSJFODJB
EF
DMVCT
5BNCJÏO

/JWFM
5)$

EF
FTUSVDUVSBT
GJOBODJFSBT
QÞCMJDP
MMFHBSÈ
MB
TJUVBDJØO
EF
TFNJRVJFCSB
QVFT

1FSÓPEP
EF
GMPSBDJØO

TFNBOBT

SFHJPOBMFT
DPOUSPMBEBT
QPS
DBDJRVFT
FTUB
EFVEB
FT
JONFOTB
)BZ
RVF
QMBOUFBS

$PTFDIB
FO
FYUFSJPS
GJOBMFT
4FQUJFNCSF SFHJPOBMFT
EF
QBSUJEPT
TJOEJDBUPT
Z
TJ
DPOWJFOF
IBDFS
SFDPSUFT
TPDJBMFT
P
DPO
1SPEVDDJØO


—

HSN
FO
JOUFSJPS
QSJWJMFHJBEPT
WBSJPT
&TUP
GBWPSFDF
VOB
WJFOF
EFTQFOBMJ[BS
FM
DBOOBCJT
"IPSB



HS
FYUFSJPS JONFOTB
DPSSVQDJØO
Z
DSÏEJUP
EFTDPO NÈT
RVF
OVODB
TF
QVFEF
FYQMJDBS
RVF
MB

USPMBEP
"M
TFS
FOUFT
QÞCMJDPT
BM
GJOBM
QSPIJCJDJØO
OP
GVODJPOB
Z
FT
NVZ
DBSB
&M

'PUP
&WB
4FFET MPT
SFTQPOTBCMFT
TPO
UPEPT
MPT
FTQB×P USJVOGP
FTUÈ
FO
FYQMJDBS
FTUP
DPO
MB
CPDB

MFT
&TUP
TF
BDBCB
-B
6OJØO
&VSPQFB
NJFOUSBT

QMBOUBNPT
FM
NB×BOB
B
EPT

FTUÈ
EJTQVFTUB
B
TPTUFOFS
B
&TQB×B
NBOPT
-B
DPTFDIB
OPT
FTQFSB

 -04
'6/%"%03&4 
-PT
JOJDJPT
EFM
GVOEBEPS
EFM
QFSJPEJTNP
DBOOÈCJDP
FO
MB
QFOÓOTVMB UFSDFSB
HBMFSÓB
QPOFSTF
B
WFS
MPT
JOHSFTPT

RVF
MMFHBCBO
B
FTB
IPSB
"
WFS
TJ
WFOJB

(BTQBS
'SBHB
SFDVFSEPT
BMHÞO
BNJHP
DPOPDJEP
P
BMHÞO
BEWFSTB
SJP
DPO
FM
RVF
IVCJFSB
WFOEFUB
MPT
DVB
ESBO
FO
GJMB
EFTEF
FM
DFOUSP
B
MB
HBMFSÓB
%F

SFQFOUF
WFP
FO
MB
IJMFSB
EF
QSFTPT
SFDJÏO

JOHSFTBEPT
B
VO
OFHSBUB
NVMBUP
BMUP
DPO

-PT
GVOEBEPSFT
EFM
NPWJNJFOUP
DBOOÈCJDP
TF
OPT
WBO
'VFSPO
MPT
QSJ MPT
EFEPT
FO
GPSNB
EF
BSP
iDPO
FM
EFEP
VO
BCSJHP
EF
QJFM
IBTUB
MPT
QJFT
DVBOEP

ÓOEJDF
B
MB
BMUVSB
EF
MPT
PKPT
NÏUBMP
VTUFE
MMFHB
B
MB
PGJDJOB
EF
JOHSFTPT
EPOEF
MPT

NFSPT
FO
TVGSJS
MB
QSPIJCJDJØO
Z
MPT
QSJNFSPT
FO
SFCFMBSFT
1PSRVF
BOUF
QPS
BRVÓ
&TP
QPS
MB
NB×BOB
EFTQVÏT
EF
EJTUSJCVZFO
DFMEB
B
DFMEB
ZP
MF
SFDPOP[DP

UPEP
GVFSPO
VOPT
SFCFMEFT
(BTQBS
'SBHB
Z
+BDL
)FSFS
OPT
IBO
EFKBEP
QBTBS
VOB
OPDIF
FO
WFMB
FO
MPT
DBMBCP[PT
Z
MF
EJHP
iDP×P
TJ
FT

)FOSZ
4UFQIFOw
4F

SFDJFOUFNFOUF
IBTUB
FM
ÞMUJNP
NPNFOUP
FTUVWJFSPO
BDUJWPT
'VF
VO
EF
MBT
4BMFTBT
EF
.BESJE
i$BNJOF
FO
MÓOFB
RVFEB
BTÓ
FO
FTF
NPNFOUP
FSB
DPOPDJEP

SFDUB
VO
QJF
EFMBOUF
Z
MVFHP
EF
QVOUJMMBT
QPSRVF
UFOÓB
FO
FM
UPQ
UFO
iNJ
MJNØO

EFTUJOP
CÓCMJDP

HVJBS
BM
QVFCMP
IBTUB
MB
UJFSSB
QSPNFUJEB
Z
NPSJS
QPS
FTUB
MÓOFB
JNBHJOBSJBw
%JDUBNJOØ
RVF
NJ
MJNPOFSP
FOUFSP
NF
HVTUB
NÈTw
.F

IBTUB
EF
BMDBO[BSMB
&MMPT
OP
FTUBSÈO
QFSP
TV
USBCBKP
TJHVF
Z

OPTPUSPT
ZP
FSB
ESPHBEJDUP
DPOTVNJEPS
EF
IBDIÓT
QPOHP
B
DBOUBSMP
UPEB
MB
HBMFSÓB
TF
QPOF

ZP
BMVDJOF
DMBSP
NF
JOUFSOBSPO
VUJMJ[BOEP
B
DBOUBSMP
FOUPODFT
FM
UÓP
TBMF
EF
MB
GJMB

TJ
MMFHBSFNPT
OPTPUSPT
TJ
WFSFNPT
MB
EFTQFOBMJ[BDJØO
"
DPOUJOVBDJØO
MB
MFZ
EF
QFMJHSPTJEBE
TPDJBM
Z
EFMJODVFODJB
TF
EFTQPKB
EFM
BCSJHP
EF
QJFMFT
Z
TF
QPOF

QVCMJDP
VO
FYUSBDUP
EF
VOB
FOUSFWJTUB
RVF
MF
SFBMJDÏ
DPO
NPUJWP
EF
VOB
2VF
EFDÓB
RVF
B
MPT
ESPHBEJDUPT
IBCÓB
RVF
WJDUPSJPTP
iNJ
MJNØO
NJ
MJNPOFSPw
GVF

JOWFTUJHBDJØO
BDBEÏNJDB

TPCSF
FM
QFSJPEJTNP
DBOOÈCJDP
FODFSSBSMPT
QPS
QFSJPEPT
EF
USFT
NFTFT
FO
EF
QVUB
NBESF
&OUPODFT
FOUSØ
UBNCJÏO

DBTBT
EF
UFNQMBO[B
RVF
OP
FYJTUÓBO
QPS
FM
BDUVBM
.JHVFM
3ÓPT
FOUPODFT
FSB
.JLF

BRVFM
FOUPODFT
MBT
DBTBT
EF
UFNQMBO[B
3ÓPT
5PEPT
QPS
GVNBS
UPEPT
QPS
GVNBS



6O
BNJHP
NÓP
NVZ
HPMGP
NF
EJKP
LJMP
Z
PUSP
NFEJP
LJMP
OPT
MP
MMFWÈCBNPT
TJOP
RVF
TFSWÓBO
MPT
NBOJDPNJPT
P
GSF IBDIÓT
"M
NJTNP
UJFNQP
FTUBCB
FO
FM
UBMF
iPZF
WBNPT
B
DPNQSBS
QJUJMMPT
EF
MB
SJTB
BM
OPTPUSPT
B
.BESJE
Z
OPT
MPT
SFQBSUÓB OPQÈUJDPT
QBSB
FTP
NF
JOUFSOBSPO
FO
FM
HP
.BSDFMJOP
$BNBDIP
WBSJPT
EF
MB
&5"

CBSSJP
EF
-BWBQJÏTw
B
MB
TBMJEB
EFM
NFUSP
NPT
FOUSF
MPT
BNJHPT
%FTQVÏT
EF
VOP
QTJRVJÈUSJDP
QFOJUFODJBSJP
EF
$BSBCBODIFM
FTUBCB
VOP
EFM
NPWJNJFOUP
.1"*"$
DBOB
VOB
DFSWFDFSÓB
NVZ
HSBOEF
RVF
IBCÓB
EF
FTPT
WJBKFT
FM
ÞMUJNP
ZP
ZB
OP
UFOÓB
BOFYP
B
MB
NPEFMP
EF
$BSBCBODIFM
EFT SJP
EF
NPEP
RVF
MB
DÈSDFM
FSB
NVZ
EJWFSUJ
RVF
EFCF
FYJTUJS
BÞO
UPEBWÓB
Z
RVF
QPS
VO
OJ
DIPDPMBUF
FODJNB
MP
ÞOJDP
RVF
UFOÓB
QVÏT
NF
QBTBSPO
NJFOUSBT
MMFHBCB
FM
KVJDJP
EB
Z
FSB
EJWFSUJEB
FO
UPEPT
MP
TFOUJEPT
TJ

EVSP
UF
EBCBO
VO
QJUJMMJUP
EF
MB
SJTB
$PO
FSB
VOB
QMBOUJUB
FO
MB
DBMMF
$BEBSTP
FO
DPO
)BDJFOEB
B
MB
DÈSDFM
.J
BCPHBEP
GVF
RVF
FSB
NÈT
VOJWFSTJEBE
RVF
MB
DBMMF

FM
DVBM
FSB
NVZ
HSVFTP
MJNQJÈOEPMP
EF
.BESJE
FOGSFOUF
EFM
UFBUSP
VOJWFSTJUBSJP
NVZ
MJTUP
Z
MFT
EJKP
iVTUFEFT
OP
IBO
JOUFS
QBMJUPT
TFNJMMBT
DPDPT
UF
QPEÓBT
IBDFS
VO
VOB
QMBOUJUB
FTDVÈMJEB
RVF
VO
EÓB
VOB
WFOJEP
OBEB
QPS
UBOUP
OP
IBZ
MVHBS
B
MVDSP
'VNBS
BMMÓ
FO
FTF
NPNFOUP
FSB
QPTJCMF

QBS
EF
QPSSPT
QVSPT
EF
HSJGB
NBSJIVBOB
Z
UBSEF
ZP
DPO
NJ
DIJMBCB
NBSSPRVÓ
QPSRVF
OJ
NVMUB
OJ
JOUFSWFODJØO
EF
DPOUSBCBOEPw
`OP
UF
JCBT
B
QPOFS
B
GVNBS
BMMÓ
TJ
UF
IBCÓBO

CVFOP
QVFT
FTP
VO
QBS
EF
WFDFT
RVF
GVJ
IBDÓB
QPDP
RVF
IBCÓB
WVFMUP
TFOUBEP
B
NJ
.J
BNJHP
OP
DPNP
MF
QJMMBSPO
DPO
IBDIÓT
NFUJEP
FO
MB
DÈSDFM
QPS
FTP
QFSP
FO
FTF

DPO
+VBOFMF
RVF
TF
MMBNBCB
FTUF
DIJDP
&TP
NÈRVJOB
EF
FTDSJCJS
FO
NJ
EFTQBDIJUP
FO
DPOUJOVØ
EVSBOUF
VOPT
TFJT
NFTFT
Z
QPS NPNFOUP
VO
MJUSP
EF
WJOP
BTRVFSPTP


EFCJØ
TFS
DPO
RVJODF
EJFDJTÏJT
B×PT
BÞO
FM
QJTP
EF
$BEBSTP
.J
NVKFS
NF
EJKP
iPZF
RVF
UFOJB
NBOP
RVF
TJ
OP
IVCJFSB
FTUBEP
DPTUBCB

QFMBT
VOB
CPUFMMB
EF
XIJTLZ

FTUBCB
FTUVEJBOEP
FO
FM
DPMFHJP
-B
TFHVO RVF
IBZ
BRVÓ
EPT
TF×PSFTw
:P
ZB
TVQF
MP
NÈT
UJFNQP
FODFSSBEP +POIZ
8BMLFS

TJ
RVFSÓBT
VOB
QVUB
UF

EB
WF[
RVF
QSPCÏ
Z
ZB
QSPCÏ
NBSJIVBOB
RVF
NF
EFDÓB
Z
MF
EJKF
iQVFT
CVFO
IB[MPT
MB
MMFWBCBO
IBTUB
MB
QVFSUB
EPOEF
QPEÓBT

DBMJGPSOJBOB
MB
QSPCÏ
DPO

+VBO
&SBTNP
QBTBSw
&MMB
NJTNB
TF
FODBSHØ
EF
QBTBSMF
.F
FODPOUSÏ
FO
MB
.PEFMP
FO
PDUVCSF
GPMMÈSUFMB
QBHBOEP
Z
TJ
RVFSÓBT
DIPDPMBUF

i.PDIJw
FM
DBOUBOUF
NBMMPSRVÓO
RVF
FSB
MB
QMBOUB
BM
WFDJOP
EF
BM
MBEP
EF
CBMDØO
B
EF

"
MBT
PDIP
EF
MB
UBSEF
IBCÓB
UBNCJÏO
:P
QBTÏ
QPSRVF
OP
FSB
FM
NPNFO
BNJHP
NÓP
Z
IBCÓBNPT
BMRVJMBEP
VO
BQBS CBMDØO
MVFHP
MP
WJ
FO
CBKBSTF
BM
NPSP
RVF
MB
DPTUVNCSF
EF
UPEPT
MPT
QSFTPT
EF
MB
UP
FO
NJ
WJEB
BM
DBCP
GVJ
MJCFSBEP
Z
GVF

UBNFOUP
FO
MB
UPSSF
EF
.BESJE
OPT
IBCÓBO
TVDFEF
JHVBM
DPO
FM
DVSB
BRVFM
EF
MB
UFSSB
EBEP
VO
BQBSUBNFOUP
FO
FM
QJTP

Z
OPT
[B
QFSP
FTUP
FT
SFBM
NF
QBTP
B
NÓ

TVCJFSPO
BM
QJTP
ÞMUJNP
BM

FT
FM
DÞM
NFO
EF
MB
5PSSF
EF
.BESJE
FO
MB
1MB[B
EF
.F
FOTF×BSPO
GPUPHSBGÓBT
NÓBT
EPOEF
ZP

&TQB×B
&O
FM
BQBSUBNFOUP
EF
BM
MBEP
WJWÓB
FTUBCB
FO
DIJMBCB
DPO
VO
TFCTJ
GVNBOEP

VO
UJQP
MMBNBEP
"OUPOJP
EFM
"NP
RVF
OPT
FO
FM
DBGÏ
4QPSU
EF
5ÈOHFS
KVOUP
B
NJ

EJP
B
QSPCBS
NBSJIVBOB
DBMJGPSOJBOB
MVFHP
BNJHP
"
NJ
BNJHP
MF
IBCÓBO
QJMMBEP
FO

ZB
IBTUB
MMFHBS
B
1BSÓT
OP
WPMWÓ
B
GVNBS
TJOP
VOB
GJFTUB
RVF
IJ[P
DPO
MPT
BNJHVFUFT
FO

IBDIÓT
OP
IBCÓB
NBSJIVBOB TV
DBTB
FO
MB
QMB[B
2VFWFEP
EF
.BESJE
-F

IBCÓB
EFOVODJBEP

FM
WFDJOP
QPS
CSPODB



1VFEP
EFDJS
RVF
TPZ
VO
NÈSUJS
OP
NF
IBCÓB
MMFHBEP
MB
QPMJDÓB
IBCÓB
JOUFSWFOJEP

GBTUJEJFT

OP
DPOP[DP
B
OBEJF
NÈT
RVF
ZP
IBCÓBO
QJMMBEP
USJQJT
EF
UPEP
MP
RVF
IBCÓB

DPO
NJ
DBTP
MB
QSJNFSB
BQMJDBDJØO
EF
MB
FO
BRVFM
NPNFOUP
Z
TPCSF
UPEP
DIPDPMB
MFZ
EF
TFHVSJEBE
TPDJBM
Z
EFMJODVFODJB
NF
UF
QFSP
ZP
OP
UFOÓB
OBEB
:
DMBSP
MF
WJFSPO

MB
IJDJFSPO

B
NÓ
FO

Ø

QBTF
QPS
MBT
GPUPT
Z
MF
EJKFSPO
Z
{FTUF
PUSP
RVJÏO
FT

MB
DÈSDFM
NPEFMP
EF
$BSBCBODIFMM
EPOEF
:
FTF
PUSP
FSB
ZP

FTUVWF
USFT
NFTFT
OP
NFKPS
EJDIP

EÓBT

FO
FM
QTJRVJÈUSJDP
BEZBDFOUF
DPO
NBKBSBT
&OUPODFT
DMBSP
WJOJFSPO
B
QPS
NÓ
Z
NF
MMF
RVF
IBCÓBO
NBUBEP
B
TV
NBESF
RVF
IBCÓB
WBSPO
B
MB
1VFSUB
EFM
4PM
RVF
FSB
MB
KFGBUVSB

NBUBEP
EF
VO
IBDIB[P
B
PUSB
QFSTPOB
RVF
DFOUSBM
EF
FOUPODFT
&O

FM
FEJGJDJP
BRVFM

IBCÓB
EFTDFSSBKBEP
VO
UJSP
EF
FTDPQFUB
B
EF
MB
1VFSUB
EFM
4PM
NF
FTUVWJFSPO
JOUFSSP
VO
HVBSEJB
GPSFTUBM
QPSRVF
MF
QJMMP
DB[BOEP
HBOEP
ZP
FO
NJT
USFDF
TF
QVTJFSPO
QFTB
GVFSB
EF
WFEB
&O
FM
NJTNP
EPSNJUPSJP
EPT
NF
IJDJFSPO
OP
TF
DPNP
TF
MMBNBCB

DPNÞO
RVF
MFT
FOUSBCBO
BUBRVFT
EF
FQJ UJSBCBO
HBSCBO[PT
QPS
FM
TVFMP
UF
DPHÓBT

MFQTJB
B
MBT
UBOUBT
EF
MB
NB×BOB
RVF
EBCB
MPT
QBOUBMPOFT
Z
B
DVBUSP
QBUBT
UFOJBT
RVF

NJFEP
WFSMPT
QPSRVF
QPEÓBO
BTFTJOBSUF
DBNJOBS
TPCSF
FMMPT
DPO
VO
QPMJDÓB
NPOUB
UBNCJÏO

EÓBT
-VFHP
QBTF
ZB
B
MB
NPEF EP
FODJNB
EF
UJ
FSB
VOP
EF
MPT
NÏUPEPT
EF

MP
&TP
GVF
FO
PDUVCSF
OPWJFNCSF
EJDJFN UPSUVSB
RVF
VUJMJ[BCBO
FOUPODFT
1BTF
VOB

CSF

EFM
B×P

DVBOEP
TF
IJ[P
MB
QSJNFSB
OPDIF
FO
FM
DBMBCP[P
EF
MB
QVFSUB
EFM
TPM
Z

BQMJDBDJØO
EF
MB
MFZ
EF
QFMJHSPTJEBE
TPDJBM
Z
FYUSB×BNFOUF
NF
TPMUBSPO
.F
EJKFSPO
RVF

EFMJODVFODJB

6OB
BDUVBMJ[BDJØO
EF
MB
MFZ
EF
UFOÓB
DJUB
QBSB
VOB
TFNBOB
EFTQVÏT
WFSNF

WBHPT
Z
NBMFBOUFT
FO
WJHFODJB
DPO
'SBODP DPO
FMMPT
.F
MMFWBSPO
VOB
TFNBOB
EFTQVÏT

B
MBT
4BMFTBT
Z
FO
FM
NJTNP
DBMBCP[P
WJOP
B

$JODP
B×PT
EFTQVÏT
EF
WJWJS
FO
'SBODJB
WFSNF
VO
QFSJUP
RVF
QBSFDÓB
BRVFM
EFUFDUJ
UVWF
VOB
ÏQPDB
GJOBMFT
EFM

IBTUB
GJOBM
WF
TFNJUVFSUP
FM
EF
HBCBSEJOB
EF
MBT
QFMÓ
EFM
WFSBOP
EFM

RVF
DPO
VO
BNJHP
DVMBT
BNFSJDBOBT
&M
EFUFDUJWF
$PMPNCP

QBTÈCBNPT
QPS
.BSCFMMB
EPOEF
MB
NBESF
QBSFDÓB
FTF
NJTNP
DPO
VOB
HBCBSEJOB

EF
VO
BNJHP
OVFTUSP
OPT
EBCB
EJOFSP
TFNFKBOUF
NF
IJ[P
VOB
QSVFCB
RVF
FT
VO

QBSB
JS
B
DPNQSBS
VO
LJMP
EF
DIPDPMBUF
B
UFTU
EF
FRVJMJCSJP
QBSB
MPT
BMDPIØMJDPT
NF

5ÈOHFS
B
MB
WVFMUB
MF
FOUSFHÈCBNPT
NFEJP
EFDÓB
DBNJOF
VTUFE
SFDUP
-VFHP
QPOÓB
(BTQBS
'SBHB
BSDIJWP
EF
$È×BNP

DVBOEP
FODPOUSÏ
USBCBKP
DPO
$FTBS
-VDBT
TJEBE
NF
GVJ
B
MB
CJCMJPUFDB
EFM
*OTUJUVUP
FO
MB
2VJOUB
"WFOJEB
EF
/VFWB
:PSL
NF
B
VOB
SFWJTUB
RVF
UFOJB
VO
BNJHP
RVF

"
USBWÏT
EF
VO
BNJHP
NÓP
RVF
IBCÓB
"NFSJDBOP
EJTDPHSÈGJDB
GJMNPHSBGÓB
Z
GVJ
B
WFSMF
IBCMÈCBNPT
FO
GSBODÏT
.F
TF
MMBNBCB
.VOEP
.VTJDBM
FO
7BMFODJB

IFDIP
MB
NJMJ
DPONJHP
:P
IBCÓB
WFOJEP
FT
MB
QSJNFSB
CJPHSBGÓB
EF
&MWJT
1SFTMFZ
FO
EJKP
iPZF
NJSB
FTUP
WB
B
TFS
NVZ
EJGÓDJM
BVORVF
EFTEF
FTF
PTUSBDJTNP
TFHVÓ
QVCMJ
QPSRVF
NF
MMBNØ
NJ
NBESF
RVF
NF
IBCÓB
DBTUFMMBOP
FO
FM
NVOEP

`MÏFUFMB
QPSRVF
UV
FSFT
VO
iQFUJU
IPNNFw
Z
MB
3$"
DBOEP
Z
QVTF
FO
DSÓUJDB

NVTJDBM
B
VOPT
Z

WFOJEP
MB
HVBSEJB
DJWJM
B
CVTDBS
RVF
TJOP
FT
MB
3$"w
%JHP
ZP
wCVFOP
WBNPT
B
WFSMPw

B
PUSPT
$SÓUJDB
QPTJUJWB

NF
QSFTFOUBCB
B
GJMBT
JCB
B
TFS
EFTFSUPS
1FSP
NF
RVFEP
FM
BRVFM
Z
EJKF
NF
DBHP
:P
MF
IBCÓB
MMFWBEP
EF
NPUV
QSPQJP
MBT

"TÓ
RVF
NF
QSFTFOUÏ
Z
DPOPDÓ
B
NJ
BNJHP
FO
MB
NBS
ZP
RVJFSP
FTDSJCJS
MP
EF
;BQQB
WFOUBT
EFM
UFDOP

5BLF
OP
1SJTJPOFST
FO
&OUPODFT
QBSBMFMBNFOUF
TF
NF
PDVSSJØ

+VBONB
RVF
WFOÓB
EF
7FOF[VFMB
EPOEF
&OUPODFT
EF
NJ
QSPQJP
CPMTJMMP
NF
QVTF
"VTUSBMJB
+BQØO
&VSPQB

&TUBEPT
6OJEPT
Z
IBDFS
VOB
DPMFDDJØO
RVF
UJUVMÏ
-BGMBNNB

IBCÓB
FTUBEP
WJWJFOEP
DVBUSP
B×PT
$PNP
B
FEJUBS
MB
DPMFDDJØO
3PDL
$PNJY
DVZP
4VEBNÏSJDB
Z
MB
EFNBOEB

TPMBNFOUF
EFM
$VZPT
USFT
QSJNFSPT
UÓUVMPT
TPO
VO
SFMB
ZP
USBÓB
DIPDPMBUF
EF
1BSÓT
B
NJ
NFKPS
QSJNFS
OÞNFSP
GVF

'SBOL
;BQQB
CBKP


QPS
QMBHJP
NF
IBDJB
NJMMPOBSJP
QBSB
UP
JOÏEJUP

EF
8JMMJBN
#VSSPVHIUT
VOB

BNJHP
RVF
GVF
ÏTUF
Z
B
PUSP
RVF
MP
MMBNÈ 'SBODP
UPEBWÓB
1BSB
QPEFS
IBDFSMPT
TF
UPEB
MB
WJEB
1FRVÏ
EF
BWBSJDJB
FM
/B[BSJP
SFDPQJMBDJØO
JOÏEJUB
EF
UFYUPT
DPSUPT
EF

CBNPT
FM
$IVOHP
DPO
FMMPT
GVNÈCBNPT
OFDFTJUBCB
VOB
SFRVJTJUPSJB
RVF
ZP
OP
NF
B[V[BCB
QPSRVF
FSB
VO
QBTUØO
NF
$BTUBOFEB
DPO
JMVTUSBDJPOFT
EF
4QBJO

FO
FM
DVBSUFM
Z
MB
HFOUF
OP
TF
FOUFSBCB
EF
UFOJB
VO
BNJHP
NÓP
FEJUPS
NF
EJP
NF
QBSFDF
RVF
MP
UFOHP
QPS
BIÓ
UPEBWÓB
FM
3PESJHVF[
VO
DIJDBOP
BNFSJDBOP
EF

OBEB
QPSRVF
OP
MP
DPOPDÓBO
OJ
TJRVJFSB
QSFTUØ
TV
UJUVMBDJØO
EF
MP
EFNÈT
NF
HSÈGJDP
EF
MBT
WFOUBT
FO
UPEP
FM
NVOEP
$BMJGPSOJB
RVF
FSB
VO
EJCVKBOUF
RVF
UF

EF
PMPS
OJ
EF
PTUJBT
.F
IVCJFSB
QJMMBEP
FM
FODBSHVÏ
ZP
EFQØTJUP
MFHBM
EJSFDDJØO
DBHBT
Z
DPNP
UFSDFS
UÓUVMP

FYUSBÓEP
Z

UFOJFOUF
"MFNBOZ
RVF
WFOÓB
EF
MB
MFHJØO
DPNQBHJOBDJØO
USBEVDDJØO
UPEP
FTDSJUP
-B
QSJNFSB
WJTJUB
GVF
FO
FM

MB
WJTJUB
BM
USBEVDJEP
QPS
NÓ
EF
iMBT
MJDJUBT
F
JMÓDJUBT

QFSP
EFMBOUF
EF
ÏM
OP
GVNÈCBNPT QPS
NÓ
FYDFQUP
RVF
QVTF
VOB
FOUSFWJTUB
BCPHBEP
ÏTUF
FSB
BCPHBEP
UBNCJÏO
EF
MB
ESPHBTw
EF
MB
VOJØO
EF
DPOTVNJEPSFT
Z


EF
&OSJD
#PSBV
Z
UBNCJÏO
FOUSFWJTUÏ
B
SFWJTUB
EF
UFBUSP

7BSJFUZ
RVF
FT
VO
DMÈTJDP
VTVBSJPT
BNFSJDBOPT
EF



UJUVMB
&TUF
BNJHP
NJ
NF
EJKP
iPZF
FTUPZ
USBCB ;BQQB
QBSB
FM
DBOBM

EF
UFMFWJTJØO
FTQB EF
#SPBEXBZ
WPMWÓ
Z
FOUSFNFEJBT
UVWF
EP
i{.BSJIVBOB
GVFSB
EF
MB
MFZ w
&O
FTF

KBOEP
EF
GPUP
GJKB
EF
GPUP
EF
QMBUØ

FO
×PMB
-PT
FODVFOUSBT
FO
JOUFSOFU
DPTUBCB
RVF
IBDFS
EFQØTJUP
FO
MB
#JCMJPUFDB
EFM
NPNFOUP
TBDØ
"KPCMBODP
FM
QSJNFS
OÞNF
"MNFSÓB
TJ
UF
JOUFSFTB
UF
QVFEP
DPMPDBSw

QFMBT
FO
TV
FEJDJØO
PSJHJOBM
Z
MPT
$POHSFTP
"NFSJDBOP
QPSRVF
TPO
VOPT
SP
EFEJDBEP
B

MB
NBSJIVBOB

EJHP
iEF
QVUB
NBESFw
.F
GVJ
B
"MNFSÓB
F
FODVFOUSBT
FO
JOUFSOFU
B
 
V

FVSPT QJSBUBT
/P
BDFQUBO
BVORVF
MMFWFT
FM
*4#/

IJDF
USFT
QFMÓDVMBT
EF
GPUØHSBGP
EF
QMBUØ
VO
DØEJHP
FTUÈOEBS
RVF
FMMPT
IBO
GJSNBEP
:P
UFOJB
VO
JNQSFOUB
RVF
FSB
VOB
NÈRVJ
EPT
FSBO
EFM
0FTUF
Z
MB
PUSB
VOB
IJTUPSJB
OP
TF
MP
DSFFO
Z
OP
UF
IBDFO
DBTP
IBTUB
OB
EF
DJDMPTUJM
IBDÓB
MB
QBHJOBDJØO

MMFWB
EF
DPDIFT
RVF
TF
QFSEÓBO
QPS
BIÓ
Z
OJ
NF
RVF
IBDFT
FM
EFQØTJUP
FO
8BTIJOHUPO
CB
B
QJDBS
MPT
UFYUPT
B
*#

B
VO
UBMMFS
RVF

BDVFSEP
VOB
EF
FMMBT
FTUBCB
CJFO FO
MB
#JCMJPUFDB
/BDJPOBM
EFM
$POHSFTP
UFOÓBO
FOUPODFT
MPT
SFDPSUBCB
MPT
QFHBCB

"NFSJDBOP
RVF
FT
FM
EFQØTJUP
MFHBM
EF
MPT
MBT
JMVTUSBDJPOFT
UBNCJÏO
MBT
SFDPSUBCB
Z


&O

MB
QSJNBWFSB
EF

NF
MMBNB
$FTBS
OPSUFBNFSJDBOPT
QJSBUBT

MBT
QFHBCB
"TÓ
FTUÈ
IFDIP
-P
IBDÓB
UPEP

-VDBT
Z
NF
EJDF
PZF
RVF
FTUPZ
EF
GPUP
GJKB
EFM
QSJODJQJP
BM
GJOBM
JODMVTP
MP
FTDSJCÓB

FO
MB
QFMÓDVMB
1BUUPO
RVF
TF
FTUÈ
SPEBOEP
#VFOP
SFRVJTJUP
IFDIP
EPT
B×PT
EFTQVÏT
FEJUPS
Z
BVUPS
&M
DVBSUP
UÓUVMP
EF
FTB

FO
"MNFSÓB
&TUBCBO

DPO
MB
QBSUF
EF
DVBO WPMWÓ
B
QSFTFOUBS
FM
QMFJUP
BOUF
MB
DPSUF
DPMFDDJØO
-BGMBNNB
RVF
RVJTF
FEJUBS
FSB

EP
FOUSBSPO
DPO
USPQBT
Z
UBORVFT
MPT
BNF EF
/VFWB
:PSL
NF
EJP
FM
QBMP

BM
TFS
ZP
TPCSF
MB
CBOEB
#BBEFS
Z
.FJOIPG
6O

SJDBOPT
FO
1BMFSNP
$VBOEP
SPEÈCBNPT
EFNBOEBOUF
FYUSBOKFSP
DPOUSB
VOB
FNQSF UFYUP
EFM
QSFNJP
/ØCFM
BMFNÈO
FM
EFM

FM
NPNFOUP
FO
RVF
FM
PCJTQP
Z
UPEBT
MBT
TB
DPNP
MB
3$"
Z
NF
QJEJFSPO
VO
EFQPTJUP
QBZBTP
+VTUJGJDB
FTF
NPWJNJFOUP
BSNBEP

BVUPSJEBEFT
TBMFO
B
MB
QVFSUB
EF
MB
DBUF EF
DBTJ
EF
USFT
NJMMPOFT
EF
QFTFUBT
RVF
FM
FKÏSDJUP
SPKP
SFDPQJMBOEP
UFYUPT
EF
FTUB

ESBM
B
SFDJCJS
B
1BUUPO
RVF
TF
QSFTFOUB
BOUF
BRVFMMP
FSB
MB
QSJNB
EF
VO
GVUCPMJTUB
EF
MB
CBOEB

QSFQBSÏ
VO
MJCSP
.F
MMBNB
NJ

FMMPT
WJDUPSJPTP
VO
DBNBSØO
EF
MB
PTUJB
ÏQPDB
-F
EJHP
B

NJ
BCPHBEP
iMP
TJFOUP

BNJHP
FM
BCPHBEP
Z
NF
EJDF
iPZF
(BTQBS


'SBOLMZO
+
4DIBGGOFS
FM
EJSFDUPS
BM
MBEP
EF
ZP
OP
QBHPw
WPMWÓ
QBSB
&TQB×B
.F
MMBNB
WFO
QBSB
BDÈw
ÏSBNPT
WJFKPT
BNJHPT
.F

MB
DÈNBSB
VOB
1BOBGMFY
DPO
TV
USÓQPEF
FM
EJSFDUPS
DPNFSDJBM
EF
MB
3$"
FO
.BESJE
EJDF
iUV
FTUÈT
MPDP
OP
TPMP
UF
QPOFT
B

$ÏTBS
-VDBT
BRVÓ
UPNBOEP
GPUPT
Z
FSB
VOB
QBSB
EFDJSNF
RVF
FTUBCBO
B
QVOUP
EF
TBDBS
FEJUBS
{.BSJIVBOB
GVFSB
EF
MB
MFZ
TJOP

UFSSB[B
RVF
TF
BMBCFBCB
NF
EJDF
$ÏTBS w
FO
&TQB×B
FM
5BLF
OP
1SJTJPOFST
Z
MF
EJHP
RVF
UBNCJÏO
UF
QPOFT
B
FEJUBS
TPCSF
VOB

MB
CPMTB
EF
MPT
DBSSFUFT
RVF
MB

IBT
EFKBEP
(BTQBS
TJFNQSF
FO
MB
NFNPSJB
BSDIJWP
i{DPO
RVÏ
QPSUBEB w
.F
EJDF
iDPO
MB
QPS CBOEB
EF
UFSSPSJTUBT
BMFNBOFT
%ÏKBMP

FO
FM
DPDIF
`WFUFw
Z
EJHP
ZP
iZB
CBKPw
EF
$È×BNP UBEB
PSJHJOBMw

i{DPO
MB
QPSUBEB
EF
/B[BSJP

iQFSP
DPSSJFOEPw
:
TBMHP
DPSSJFOEP
QPS
MB
iOP
OP
FO
CBTUBOUFT
MÓPT
OPT
IBT
NFUJEPw
:P
DSFP
RVF
FM
QFSJPEJTNP
DBOOÈCJDP
TVSHF

UFSSB[B
RVF
FNQJF[B
B
UFNCMBS
MB
DÈNBSB
&TB
GVF
NJ
QSJNFSB
FEJDJØO
B
QBSUJS
EF
FTB
4F
EJFSPO
DVFOUB
EF
RVF
DPO
FTB
EFNBOEB
FO
MB
QFOÓOTVMB
DPO
{.BSJIVBOB
GVFSB
EF

RVF
TF
NVFWF
Z
EF
QSPOUP
FM
EJSFDUPS
RVF
DPMFDDJØO
RVF
EFOPNJOÏ
3PDL
$PNJY
Z
FO
&TQB×B
ZP
MB
HBOBCB
Z
IB

FTUBEP

MB
MFZ

EF

NJ
DPMFDDJØO
-BGMBNNB
UPEB
FNQJF[B
B
HSJUBSi{RVJÏO
FT
FTF
RVF
MP
RVF
GVF
VO
GPSNBUP
NBT
MJCSJUP
DBODJP B×PT
DPO
VOB
GPUP
EF

-PV
3FFE
RVF
UPNØ
WÓB
IBZ
BMHVOPT
FKFNQMBSFT
RVF
QPS
BIÓ

FDIFO
B
FTF
IJKP
EF
QVUB
OP
NÈT
BRVÓ
RVF
OFT
JMVTUSBEBT
QPS

.BY
QPS
/B[BSJP
QPS
FO
VO
DPODJFSUP
.BSUÓO
+
-VJT
FM
EF
1PQVMBS
SVFEBO
1FSP
UBNCJÏO
TVSHF
EFM
"KPCMBODP

OP
WVFMWBw
:
MF
IBCÓB
KPEJEP
MPT
NFUSPT
EF
.BSUÓ
QPS
$FTFQF
MPT
EFM
6OEFSHSPVOE
VOP
BNJHP
NÓP
FM

5BLF
OP
1SJTJPOFST
RVF
GVF
VOB
SFWJTUB
RVF
EVSBOUF
BMHÞO

QFMÓDVMB
RVF
FSBO
QSFDJTBNFOUF
MB
FOUSBEB
RVF
EFDÓBNPT
RVF
ZP
FTUBCB
DPO
FMMPT
EPCMF
TJO
MB
QPSUBEB

EF
/B[BSJP UJFNQP
DPNP
FM
(VBEJBOB
BQBSFDÓB
Z

EF
UBORVFT
Z
EF
JOGBOUFSÓB
Z
FM
PCJTQP
$BEB
DBODJØO
USBEVDJEB
Z
EJCVKBEB
4BRVF
EFTBQBSFDÓB
&O
TV
QSJNFSB
ÏQPDB
RVF

TBMJFOEP
UPEP
B
UPNBS
QPS
FM
DVMP

i{UÞ

V

OÞNFSPT
,JOH
,SJNTPO
1JOL
'MPZE
.FUJEPT
FO
FTBT
FEJDJPOFT
Z
B
QFTBS
EF
FSB
VO
UBCMPJEF
QBSFDJEP
BM
%JTDPFYQSFTT

TBCFT
MP
RVF
WBMF
FTP
{UÞ
TBCFT
MP
RVF
3PDL
%VSP
SPDL
DBMJGPSOJBOP
SPDL
DBUBMÈ
FTPT
BWBUBSFT
ZP

NPOUÏ
NJ
QSPQJB
JNQSFO FO
CMBODP
Z
OFHSP
ZB
QVCMJDØ
TPCSF
MB

WBMF
FTP w
NF
EFDÓB
$ÏTBS
-VDBT

"IÓ
QFSEÓ
-PV
3FFE
BOE
5IF
7FMWFU UB
FEJUPSJBM
FOGSFOUF
EF
EPOEF
FTUBCB
PUSP
NBSJIVBOB
)BZ
PUSP
BOUFDFEFOUF

UBN
FM
DPOUBDUP
DPO
MB
GPUP
GJKB JOGPSNBOUF
EFM
0SJPM
3PNBOÓ

RVF
UFOÓB
CJÏO
QPS
FTB
ÏQPDB
&M
(MPCP
-B
SFWJTUB

&M
-PV
3FE
QMBHJØ
MB
QPSUBEB
EF
FTUF
OÞNF MB
UJFOEB
;BQ
$PNJY
Z
CBKBCB
DPO
USJQJT
&M
(MPCP
RVF
WB
FEJUBS
USFT
OÞNFSPT
&M


-MFHVÏ
FO
FM

B
#BSDFMPOB
Z
NF
DPMP SP
RVF
ZP
FEJUÏ

MB
QPSUBEB
EF
/B[BSJP

Z
EF
QVUB
NBESF
DPO
DPNJY
VOEFSHPSVOE
FEJUPS
GVF
EFUFOJEP
QPS
USÈGJDP
EF
ESPHBT

RVÏ
B
USBWÏT
MB
FEJUPSJBM
+VWFOUVE
QBSB
CPSSBSPO

TV
GJSNB

QBSB
IBDFS
-PV
3FFE
BNFSJDBOPT
MPT
iGVSSZ
GSFBL
CSPUIFSTw
MPT
-PT
SFQPSUBKFT
RVF
QVCMJDØ
"KPCMBODP
FO

DPSSFDUPS
EF
HBMFSBEBT
B
USFT
QFTFUBT
MB
TV

5BLF
OP
1SJTJPOFST
EPCMF
-1
FO

DPOPDÓ
ZP
BMMÓ
5FOÓB
FM
DIJSJOHVJUP
FOGSFOUF
TV
QSJNFSB
ÏQPDB
FO
TV
TFHVOEB
ÏQPDB


QÈHJOB
OP
NVDIP
QFSP
CVFOP
EB
JHVBM
NF
NFUÓ
FO
VO
QMFJUP
DPO
MB
GJMJBM
EF
3$"

EF
NJ
JNQSFOUB
FEJUPSJBM
1FOTÏ
WPZ
B
FO
TV
UFSDFSB
ÏQPDB
GVFSPO
JNQPSUBOUFT


QPEÓB
IBDFSMP
FO
MB
DBNB
Z
BTÓ
TVCTJT -PT
BCPHBEPT
EF
3$"
NF
NBOEBCBO
VOBT
IBDFS
JHVBM
QFSP
VOB
FEJDJØO
JEFBM
EF
1VCMJDØ
SFQPSUBKFT
FO
QSP
EF
MB
NBSJIVBOB

UÓBNPT
Z
QVEJNPT
UFOFS
FM
IJKP
QSJNFSP
DBSUBT
EFM
CVGFUF
OFPZPSRVJOP
RVF
QPOÓBO
UPDBS
MBT
QFMPUBT
ZB
RVF
FTUBNPT
&M
FEJUPS
Z
B
GBWPS
EF
TV
MFHBMJ[BDJØO

.BSJBOP
"OUPMÓO
3BUP
FTUBCB
BM
DBSHP
EF
DPO
MFUSBT
FO
SFMJFWF
+PLJOHT
+PLJOHT
BOE
WJPMFOUP
DBCSFBEP
QPS
EF
QSPOUP
FSB
GSF
MB
DPMFDDJØO
i-PT
KVHMBSFTw
FNQF[Ø
DPO
"JSNPSF
"M
NBSHFO
J[RVJFSEP
DPOUÏ

FMBODF
ZB
IBCÓB
FTDSJUP
QBSB
%JTDPFYQSÏT
)BTUB
RVF
QBSFDF
$È×BNP
BOUFT
FM
)JHI

#PC
%ZMBO
Z
TJHVJFSPO

3BJNPO
MPT
4UPOFT
BCPHBEPT
BTJTUFOUFT
EFM
KFGF Z
PUSPT

&O

TF
PSHBOJ[B
FM
QSJNFS
&TQB×B
EF
.BESJE
VOB
DPQJB
GPUPDPQJBT


MPT
#FBUMFT
.F
QJEJØ
DPMBCPSBDJØO
Z
ZP
MF
GFTUJWBM
EF
SPDL

FO
$BUBMV×B
PSHBOJ[BEP
FODBSUBEBT
KVOUP
DPO
FM
)JHI
5JNFT
RVF

EJKF
i.BSJBOP
MP
RVF
RVJFSP
FT
BTVNJS
VOB

:P
OJ
DPSUP
OJ
QFSF[PTP
NF
CVTRVF
VO
QPS

MB
5SJODB
P
TFB
MPT
IFSNBOPT
.BJOBU
FSB
EJTUSJCVJEPS
EF
BRVÓ
QBSB
&TQB×B

CJPHSBGÓB
EF

'SBOL
;BQQB
Z
MBT
NBESFT
EF
BCPHBEP
EF
/VFWB
:PSL
RVF
FSB
BM
UJFNQP

MPT
BDUVBMFT
(FTUNVTJD
Z
TV
iUFMFCBTVSBw
FODBSUBEBT
QVFT


Ø

QBHJOBT
EFM

MB
JOWFODJØOw
i7BNPT
(BTQBS
OP
NF
KPEBT
BCPHBEP
EF
MB
GVOEBDJØO

8JMIFJN
3FJDI
'VF
FO
VO
DBNQP
B
NFEJP
BSBS
WBMMBEP
OÞNFSP
RVF
EJTUSJCVZB

USBEVDJEP
BM
DBT
FTP
OP
MP
DPOPDF
OJ
%JPT
UÞ
MP
RVF
UJFOFT
BMVNOP
NBMEJUP
EF
'SFVE
GVOEBEPS
EF
MB
QJDPMFUPT
WJHJMBOEP
QPS
GVFSB
EFM
WBMMBEP
UFMMBOP
FM
JOUFOUP
RVF
NF
HVTUØ
NVDIP

RVF
IBDFS
FT
FTDSJCJS
VOB
CJPHSBGÓB
EF
&MWJT
TFY
QPMJUJD
EFTDVCSJEPS
EFM
BDVNVMBEPS
DPO
FM
;
TUBS
BRVFMMB
NFUSBMMFUB
%FOUSP
EF
.VOEP
)JHI
TF
RVFEØ
FO
FTP
JOUFO
1SFTMFZw

i{6OB
CJPHSBGÓB
EF
&MWJT
1SFTMFZ
EF
PSHPOFT

5JFOF
PCSBT
DPNP
i-B
DSVDJ BDUVBCB
1BV
3JWB
Z
UBM
Z
MB
WFSEBE
RVF
UP
-VFHP


DVBOEP
FTUÈCBNPT
OPTPUSPT

QFSP
TJ
OP
NF
HVTUB
ZB
4J
QFSP
UÞ
DPNP
GJYJØO
EF
$SJTUPw
P
i²DPVUF
QFUJU
IPNNFw

SPDL
MB
WFSEBE
OP
FSB
NVZ
SPDL
Z
MP
UJUVMÏ
NPOUBOEP
$È×BNP
BQBSFDJØ
1JSJOEPMP

ZP
IFNPT
WJWJEP
FM
&MWJT
EF
TVT
JOTUBOUFT
Z
iFTDVDIB
IPNCSFDJUPw
FT
VO
UÓP
RVF
FM
'#*
iVO
DBNQP
EF
DPODFOUSBDJØO
TJO
SPDLw
NJ
CVFO
BNJHP
Z
WJFKP
BNJHP
&TUFCBO

TVQPOHP
RVF
UÞ
DPNP
ZP
IBCSÈT
TJEP
GBO
MP
EFOPNJOØ
MPDP
QFMJHSPTP
Z
RVF
NVSJØ
-MFHP
B
MPT
PÓEPT
Z
MB
WJTUB

EF
MPT
.BJOBSEJ
&TDPCBS
EF
5VEFMB
Z
VOBT
GFDIBT
BOUFT
EF

TVZPw
iZB
QFSP
FTP
RVFEP
NVZ
BUSÈTw
5PUBM
FO

FO
MB
DÈSDFM
4V
GVOEBDJØO
FTUB
iGVFSB
FTF
UÓP
OP
MP
RVJFSP
WFS
ZP
NÈTw
BQBSFDFS
$È×BNP
ÏM
TBDP
&M
$PHPMMP
Z
ÏM

RVF
NF
QPOHP
B
FTDSJCJS
MP
IJDF

FO
VO
FO
$BOBEÈ
BM
PUSP
MBEP
EF
MB
GSPOUFSB
Z
FM
{TPZ
VO
NBMEJUP

P
OP
{DVÈOUBT
WFDFT
UJFOF
B
QSFDJP
EF
EFDJS
RVF
MP
TBDØ
BOUFT

NFT
EF
BHPTUP
`DPO
VO
DBMPS
QPS
OFDF BCPHBEP
EF
FTB
GVOEBDJØO
UJFOF
CVGFUF
NF
IB
QBTBEP 
5VWF
RVF
JSNF
B
QVCMJDBS
RVF
OPTPUSPT
#VFOP
QVFT
NVZ
CJFO



`"UFODJØO
VMUJWBEPSFT

EF
(VFSSJMMB
{2VJFSFT
HBOBS
TFNJMMBT
'&.*/*;"%"4
EF

%*/"'&.
&OWÓBOPT
VOB
JNBHFO
EF
UV
DVBSUP

EF
DVMUJWP
P
EF
UV
NFKPS
QMBOUB
EF
DBOOBCJT

JODMVZFOEP
VOB
DPQJB
WJTJCMF
EF
4PGU
4FDSFUT
Z

%*/"'&.
UF
IBSÈ
MMFHBS

Y

TFNJMMBT
GFNJOJ
[BEBT
4J
FO
MB
GPUP
BQBSFDF
UV
IFSNPTB
NVKFS
P

OPWJB
WJTUJFOEP
VO
NJDSPCJRVJOJ
TFYZ
P
MFODFSÓB

BUSBDUJWB
SFDJCJSÈT

Y

TFNJMMBT
GFNJOJ[BEBT
:

MB
JNBHFO
FMFHJEB
DPNP
'PUP
EFM
.FT
SFDJCJSÈ

Y


TFNJMMBT
GFNJOJ[BEBT
EF
MB
NFKPS
DBMJEBE
$PO

MPT
NFKPSFT
EFTFPT
EF
4PGU
4FDSFUT
Z
%*/"'&.



&OWÓB
UVT
GPUPT
QPS
FNBJM
B
TQBJO!TPGUTFDSFUTOM


P
QPS
DPSSFP
B
OVFTUSP
BQBSUBEP
QPTUBM
1PS
GBWPS

UFO
FO
DVFOUB
RVF
UPEP
FM
NBUFSJBM
SFDJCJEP
TF

USBUB
DPO
MB
NÈYJNB
EJTDSFDJØO
/P
QVCMJDB
NPT
GPUPT
EFTFOGPDBEBT
Z
UBNQPDP
OPT
HVTUBO

EFNBTJBEP
MBT
GPUPT
EF
QMBOUBT
FO
FTUBEP
WFHF
UBUJWP
-P
RVF
RVFSFNPT
WFS
TPO
DPHPMMPT
HPSEPT

Z
CFMMBT
EBNBT
`#VFOB
TVFSUF
"RVÓ
NBOEP
VOBT
GPUPT
QBSB
RVF
FMJKBO
(PO[BMP
"MJDBOUF
&NBJM

TQBJO!TPGUTFDSFUTOM
%JGÓDJM
FMFHJS
FOUSF
UBOUB
DBMJEBE
DPNP
BMHVOB
IBZ
RVF
FMFHJS
QVCMJDBNPT
FTUB
BVORVF
UPEBT
MP
NFSFDÓBO

)PMB
ÏTUF
FT
NJ
QSJNFS
DVMUJWP
MB
QMBOUB
EF
MB
EFSFDIB
FT
VOB
-PX
(JSM
MB
EF

BCBKP
VO
8IJUF
%XBSG
BNCBT
BVUPGMPSFDJFOUFT
Z
B
QVOUP
EF
DPTFDIBS
-BT

"MFKBOESP QMBOUÏ
B
GJOBMFT
EF
NBS[P
Z
GVFSPO
DPTFDIBEBT
IBDF
VOB
TFNBOB

 

0T
NBOEP
VOB
GPUP
DPO
NJT
BVUPGMPSFDJFOUFT
GFNJOFJ[BEBT

HSBTT0NBUJD
NBYJ
SFDJÏO
BSSBODBEBT
&M
SFTUP
TPO
4LVOL


EF
4FOTJ
4FFET
-B
NBZPSÓB
EF
MBT
TFNJMMBT
GVFSPO
TFNCSBEBT
B

QSJNFSPT
EF
NBS[P
EF

FO
JOUFSJPS
FM
SFTUP
VO
NFT
EFTQVÏT

"M
NFT
P
NFT
Z
NFEJP
MBT
QBTÏ
B
JOWFSOBEFSP
$VSJPTBNFOUF
MB

DPTFDIB
EF
MBT
BVUPGMPSFDJFOUFT
IB
TJEP
B
MPT

EÓBT
Z
OP
B

MPT

RVF
UF
EJDFO
FO
MB
QVCMJDJEBE
EF
MBT
TFNJMMBT
-B
DPTF 0T
FOWÓP
VOB
JNBHFO
EF
MBT
NFKPSFT
QMBOUBT
RVF
IF
MPHSBEP
PCUFOFS
QPS
BIPSB
FO
NJ
DVMUJWP

DIB
EF
MBT
4LVOL
DBMDVMP
RVF
TFSÈ
FO
PDUVCSF

&T
NJ
QSJNFSB
WF[
EF
JOUFSJPS
4PO
USFT
FTRVFKFT
EF
4XFFU
"GHBOJ
%FMJDJPVT
WJFOFO
EF
USFT
NBESFT
EJGFSFOUFT

DVMUJWBOEP
Z
MB
SB[ØO
FT
QPS
NPUJWPT
NÏEJDPT
&TQFSP
QFSGFDDJP QBSB
TFMFDDJPOBS
VOB
EF
FMMBT
5SBT
FOSBJ[BS
QBTBSPO

EÓBT
CBKP
VO
GPDP
$'-
EF
8
QBSB

OBS
MB
UÏDOJDB
Z
TFHVJS
BQSFOEJFOEP EFTQVÏT
QBTBS
B
GMPSFDFS
CBKP
VO
)14
EF
8
)F
VUJMJ[BEP
BCPOPT
Z
TVTUSBUP
EF
$BOOB

&EV
5PMFEP FO
NBDFUBT
EF

MJUSPT
)BO
FTUBEP
FO
GMPSBDJØO
EVSBOUF
EJF[
TFNBOBT
VOB
P
EPT
TFNBOBT

NÈT
EF
MBT
SFDPNFOEBEBT
QPS
FM
CBODP

&TUBSÓB
FODBOUBEP
TJ
QVCMJDBTFJT
NJ
GPUPHSBGÓB
FO
MB

"VORVF
VOB
NBSDB
FO
DPODSFUP
UF
EFDFQDJPOF
OP
TJHOJGJDB
RVF
SFWJTUB
QPSRVF
USBT
NFTFT
EF
FOTBZPFSSPS
NF
TJFOUP
BMUBNFOUF
TBUJTGFDIP
DPO
FTUF
SFTVMUB
GVODJPOFO
NBM
UPEBT
MBT
BVUPGMPSFDJFOUFT
FO
FTUF
NJTNP
OÞNFSP
EP
BVORVF
TFHVSP
RVF
DPOTFHVJSÏ
NFKPSBSMP
QVCMJDBNPT
VO
SFQPSUBKF
TPCSF
VO
DVMUJWP
FYUFOTJWP
EF
BVUPGMPSF &MPZ
«MBWB

DJFOUFT
B
QBSUJS
EFM
DVBM
TF
TBDBO
DPODMVTJPOFT
CBTUBOUF
GJBCMFT

)BZ
NBSDBT
RVF
PGSFDFO
WBSJFEBEFT
RVF
DVNQMFO
GMPSFDFS
FO

&TF
FT
FM
FTQÓSJUV
UFOFS
BVUPDSÓUJDB
OP
EBSTF
QPS
TBUJTGFDIP
TJ
TF
QVFEF
DPOTFHVJS
BMHP
NFKPS
BQSFOEFS
Z

TFNBOBT
EFTEF
RVF
HFSNJOBO BWBO[BS
4JHVF
BEFMBOUF
DPO
FTB
GJMPTPGÓB
EF
OP
QBSBS
"TÓ
WBT
CJFO

-VDBT

)PMB
0T
FOWÓP
VO
GPUP
EF
VO
DPHPMMB[P
QSJODJQBM
EF
VOB
FOBOB
BVUPGMPSFDJFOUF


EFM
CBODP
#VEEIB
4FFET
$SFP
RVF
FT
VOB
i%FJNPTw
PMPS
GVFSUF
F
JOUFOTP
UJFOFO

BIPSB
NJTNP

EÓBT
Z
FTUPZ
B
QVOUP
EF
DPSUBSMBT
1MBOUBEB
FO
5FSSB
1SPGFTJPOBM



)VNVT

Z

MBWB
WPMDÈOJDB
BCPOBEB
DPO
5FSSB
7FHB
Z
5FSSB
'MPSFT

/P
FTUÈ
OBEB
NBM
MBT
BVUPNÈUJDBT
EF
OVFWB
HFOFSBDJØO
DBEB
WF[
SFTVMUBO
NÈT
JOUFSFTBOUFT



$PO
UPEP
OVFTUSP
DBSJ×P
PT
NBOEBNPT
VOBT
GPUPT
EF
OVFT
USBT
QSFDJPTBT

8IJUF

8JEPX
-BJB
Z
'POTJ
,

#JFO
CPOJUB
Z
SFTJOBEB
TF
OPUB
RVF
MB
GPUP
WB
DPO
DBSJ×P
Z

HMBNPVS

#VFOP
BOUF
UPEP
FOIPSBCVFOB
QPS
FTUF
USBCBKP
UBO
DVSSBEP
RVF
IBDÏJT
0T
NBOEP
NJT

4PNBOHP
B

GBMUB
EF
EÓBT
QBSB
MB
DPTFDIB
FT
MB
QSJNFSB
WF[
RVF
DPTFDIP
FO
VO
JOEPPS
BTÓ
RVF
OP
QVFEP
RVFKBSNF
*HPS
#J[ *BO

1BSB
OBEB
QVFEFT
RVFKBSUF
6OB
QSJNFSB
DPTFDIB
FYDFMFOUF
OP
UF
DPOGÓFT
Z
DPOUJOVB
BQSFOEJFOEP
Z
BWBO
[BOEP
MMFHBSÈT
B
JODSFÓCMFT
SFTVMUBEPT

%FDJS
BOUF
UPEP
RVF
FOIPSBCVFOB
QPS

FM
QFSJØEJDP
&T
VOB
CVFOB
GVFOUF
EF

JOGPSNBDJØO
QBSB
MPT
KØWFOFT
BQSFO
EJDFT
Z
HFOUF
DPO
FYQFSJFODJB
Z
DPO

NVZ
CVFOPT
BSUÓDVMPT
$PNFOUBSPT
RVF

EFTEF
IBDF
VO
UJFNQP
RVFSÓB
QBSUJDJQBS

BQPSUBOEP
BMHVOB
GPUP
NÓB
DPO
FTUB

SFWJTUB
QVFT
FTUBSÓB
FODBOUBEP
EF
WFS

NJ
DBSB
QPS
VO
QFSJØEJDP
BTÓ

/BUB
"MJDBOUF

1BSB
OBEB
QVFEFT
RVFKBSUF
6OB
QSJNFSB

DPTFDIB
FYDFMFOUF
OP
UF
DPOGÓFT
Z
DPOUJ
OVB
BQSFOEJFOEP
Z
BWBO[BOEP
MMFHBSÈT
B

JODSFÓCMFT
SFTVMUBEPT

0T
NBOEP
FTUB
GPUP
EF
UPSP
NJ
NFKPS
BNJHP
Z
NJT

OJ×BT
&TQFSP
RVF
PT
HVTUF
&TQF
   












(,%-.-10(01$+ )"-+


(,
(,
#+, &$
-/12$15$





 



#+,*#-#(*
(3#%

1 +(  ,, * &/-, $,$/ *
(-!(77 $0( #3 ,"$#
6/- $1/-.


6#/-.-,("0 6#/-.-,("0


! ,"-0
#$
0$+(** 0
$,
01-")

(, %$+ .("$
-%
(%$ -+
$$#0 /$$,
-20$ $,0(
$$#0 '(1$
 !$*

-/*#
-%
$$#0 *6(,&
21"'+
6(,&
2 ,  / #(0$
$$#0 /,$60
 /+ (/3 , 
$,$1("0

$/(-20
$$#0 21"'
 00(-, (&
2##' -(,1
-"1-/0

-(,1
 -6 *
2$$, 4$$1
$$#0

3
$$#0 "$
$$#0 21-%$+ / 00-+ 1(" '(1$
4 /% 6/ +(#
$$#0

#3 ,"$#
$$#0  ,, !(
0$$#0 -4*(%$ $,0(
$$#0 $#("
$$#0 -0(1/-,("0

((
%
&, *#%

-%,#.(
1
)*! *'%#
)*
,-
"*(/

 ',
0%-+#.

,# '+

 

2


"RVÓ
PT
EFKP

DMPOFT
EF
-FNPO
4LVOL
EF
VOB
TFNJMMB
SFHVMBS
%/"
HFOFUJDT
$FSP
EÓBT
EF
DSFDJNJFOUP
Z

EF
)BDF
NFTFT
NF
SFHBMBTUFJT
VOBT
TFNJMMBT
EF
&BSMZ

GMPSBDJØO
VOB
CVFOB
TPNCSB
EF
QJWØO
Z
MB
CBUBMMB
DPOUJOVB
(JSM
RVF
NF
IBO
EBEP
VOB
CVFOB
HFOÏUJDB
"RVÓ

4NJMFNBO

CBSSJP UFOÏJT
FM
SFTVMUBEP
.VDIBT
HSBDJBT
QPS
UPEP
+BWJFS
$BTUFMMØO

&TUB
UÏDOJDB
TBMF
NFKPS
TJ
IBDFT
FM
USBOTQMBOUF
EFGJOJUJWP
BM
QBTBSMBT
CBKP
FM
GPDP
FO
FTF
NPNFOUP
FT
NFKPS
EBS
MFT
TFJT
EÓBT
QBSB
RVF
TF
BEBQUFO
NFKPS
BÞO
TJ
MPT
FTRVFKFT
ZB
WJFOF
CJFO
FOSBJ[BEPT
CBKP
GMVPSFTDFOUF
FO
VOB
&YDFMFOUF
SFTVMUBEP
TVFSUF
DPO
MP
RVF
UF
NBOEÏ

NBDFUB
JOGFSJPS
&O
UPEP
DBTP
HSBO
USBCBKP
Z
CVFOB
DPNQPTJDJØO %JOBGFN
TFHVSP
RVF
UBNCJÏO
UF
MMFWBT
VOB
TPSQSFTB

/JDPMBT
$BEJ[

$VMUJWP

J[RVJFSEB
#MBDL
+BDL
DFOUSP
1TJDPEFMJDJB
EFSFDIB
4"%
4VTUSBUP
NF[DMB
EF
DPDP
DPO
UJFSSB
WFHFUBM
EF
EPS

NJEFSP
EF
PWFKBT
SFQMFUP
EF
MPNCSJDFT
IF
BCPOBEP
DPO
$BOOB
5FSSB
'MPSFT
Z
1,
-PT
DPHPMMPT
TPO
EF
#MBDL
+BDL
QBSB
NJ

HVTUP
MB
NFKPS
EF
MBT
USFT
6O
TBMVEP
Z
MB
SFWJTUB
FT
EF
MP
NFKPS
RVF
TF
QVFEF
MFFS
+VBOGSBO
$PSEPCB

6O
DVMUJWP
FYDFMFOUF
TF
OPUB
FM
TPM
EF
$ØSEPCB
DPNP
DPNFOUBNPT
FO
FTUF
OÞNFSP
FM
TPM
FT
VOP
EF
MPT
QSJODJQBMFT
BMJ

NFOUPT
EF
MBT
QMBOUBT

 

5SJOJ

-FT
FOWÓP
VO
TBMVEP
Z
BMHVOBT
GPUPT
EFTEF
3PTBSJP
"SHFOUJOB
&TQFSP
MFT
HVTUFO
Z
GFMJDJUBDJPOFT
QPS
MB
QVCMJDBDJØO
RVF

DPNP
WFO
UBNCJÏO
MMFHB
IBTUB
BRVJ
4BMVEPT

)ESGVOL
3PTBSJP

&TF
FT
FM
FTQÓSJUV
UFOFS
BVUPDSÓUJDB
OP
EBSTF
QPS
TBUJTGFDIP
TJ
TF
QVFEF
DPOTFHVJS
BMHP
NFKPS
BQSFOEFS
Z
BWBO[BS
4JHVF
BEFMBOUF

DPO
FTB
GJMPTPGÓB
EF
OP
QBSBS
"TÓ
WBT
CJFO
$FTBS

"SHFOUJOB

"RVÓ
PT
NBOEP
NJ
CFMMF[B
EF
QMBOUBT
4PO
)PMB
BNJHPT
"RVÓ
PT
NBOEP
MBT
GPUPT
EF
NJT
OJ×BT 
$SFBN
$BSBNFM
Z

"GHBOJ

.PCZ
%JDL
Z
4BOUB
4BUJWB %FMJDJPVT
$PNP
WFSÏJT
IBO
TJEP
DVMUJWBEBT
DPO
MÈNQBSB
EF
CBKP
DPOTVNP
EF

+ X
TJO
FYUSBDUPS
OJ
WFOUJMBDJØO
0T
NBOEP
MB
GPUJUP
EF
NJ
BSNBSJP
EF
DBSUØO
FT

SFBM
TPMBNFOUF
VUJMJ[BOEP
VO
GFSUJMJ[BOUF
EF
DSFDJNJFOUP
"MHB
(SPX

Z
BHVB
EFM

1BSB
CFMMF[B
Z
FYVCFSBODJB
MB
UVZB
RVF
HSJGP
EF
WBMFODJB
&TP
TJ
DPO
NVDIÓTJNP
DBSJ×P
Z
DPNQB×ÓB
-B
WFSEBE
RVF
OJ
FO

UPEP
MP
RVF
TF
EJHB
FT
RVFEBSTF
DPSUP
&O
NJT
NFKPSFT
TVF×PT
QFOTÏ
DPOTFHVJS
BMHP
BTÓ
`4PJT
VOPT
QVUPT
DSBDLT
4FHVJE
BTÓ

UPEP
DBTP
BUFODJØO
BM
UVCP
EF
FYUSBDDJØO

6O
TBMVEP
EF
VO
BNJHP
WBMFODJBOP
MP
UJFOFT
DPO
WBSJPT
QMJFHVFT
QPS
MP
RVF
$BSMPT
7BMFODJB
QJFSEF
NVDIB
FGJDBDJB
EFCF
JS
B
MB
TBMJEB

MP
NÈT
SFDUP
QPTJCMF -B
WFSEBE
RVF
UPEP
UJFOF
VOB
QJOUB
FYDFMFOUF
&O
MP
SFGFSFOUF
BM
DVMUJWP
TF
UF
BDBCBSÈ
FM

DIPMMP
QPS
FM
DBMPS
SFBMNFOUF
OFDFTJUBT
NFKPSBS
UV
JOTUBMBDJØO
BVORVF
FTUB
QSJNFSB
WF[

IBZBT
PCUFOJEP
SFTVMUBEPT
NVZ
BDFQUBCMFT


$PQBT
EF
MB
NBSJIVBOB
 OPUBCMF
DPTFDIB
EFM
QBTBEP


Z
RVF

FM
DVMUJWP
EF
JOUFSJPS
HP[B
EF
CVFOB
TBMVE

QVFT
TF
MMFWØ
MPT
USFT
QSJNFSPT
QSFNJPT

5SBT
MB
FOUSFHB
EF
QSFNJPT
TF
GVF
EJTJQBO
***
$PQB
$BUBMVOZB
(SPXT SJP
1PS
MB
OPDIF
WBSJPT
DPODJFSUPT
FOUSF
MPT
.BOEBMB
EF
4BOUBOEFS
BM
UJFNQP
RVF
VO
EP
MB
HFOUF
DPNP
FM
EFOTP
IVNP
EF
VO

-B

$PQB
$BUBMVOZB
HSPXT
TVQVTP
MB
EFTUBDØ
FM
CSVUBM
EJSFDUP
EF
MB
,JOLZ
#FBU
DPODJFSUP
EF
5PNBTJUP
IVCP
NÈT
EF

CVFO
DBOVUP
MFOUB
Z
QMBDFOUFSBNFOUFw
DPOTPMJEBDJØO
EF
FTUF
FWFOUP
PSHBOJ[BEP
-B
PSHBOJ[BDJØO
FTQFSBCB
TPCSF

QFSTP QFSTPOBT
UPEP
VO
SFDPSE
EF
BTJTUFOUFT


QPS
FM
(SFNJ
EF
$PNFSDJBOUT
EF
1SPEVDUFT
OBT
Z
TF
FODPOUSØ
DPO
VOBT

B
QFTBS
EF
**
$PQB
$PTUB
5SPQJDBM
QFS
M"VUPDVMUJV
EFM
$BOOBCJT
&T
VOB
DPN MP
DVBM
TBDØ
MB
GJFTUB
BEFMBOUF &M
QSJNFS
QSFNJP
GVF
PUSP
B×P
NÈT
QBSB
-B
DJUB
GVF
FO
VOB
GJODB
SÞTUJDB
DPO
QBFMMB

QFUJDJØO
QBSB
MPT
DVMUJWBEPSFT
BNBUFVS
MB
$SJUJDBM
#JMCP
QFSP
VOB
4PVUI
"GSJDBO
Z
QBSSJMMBEB
BEFSF[BSPO
MB
DPNJEB
BCVO
FO
FM
RVF
UPNBO
QBSUF
MPT
DMJFOUFT
EF
MBT

1PS
TVQVFTUP
FM
QVOUP
ÈMHJEP
GVF
MB
FOUSF ,XB[VMV
DBTJ
TF
MP
BSSFCBUB
TJO
EVEB
EBODJB
EF
DBUBT
)VCP
VOB
DIBSMB
EF
BDUJ
UJFOEBT
BHSFNJBEBT
&O
FTUB
PDBTJØO
FM
HB
EF
QSFNJPT
&O
JOUFSJPS
QSJNFS
QSF FTUB
QMBOUB
GVF
MB
TPSQSFTB
EFM
DFSUBNÏO
WJTNP
B
DBSHP
EF
'FSOBOEB
Z
$BSMPT
EF
MB

MVHBS
FMFHJEP
QBSB
MB
FOUSFHB
EF
QSFNJPT
NJP
B
%BODFIBMM
EF
3FHHBF
4FFET
QSF QPS
TV
HSBO
DBMJEBE
Z
DBSÈDUFS
OVFWP
BM
"34&$"
Z
PUSB
DIBSMB
EF
DVMUJWP
B
DBSHP
EF

GVF
EF
MVKP
MB
TBMB
EF
DPODJFSUPT
4JSBDVTB
TFOUBEB
QPS
&M
#SVJYPU
TFHVOEP
QSFNJP
GJOBM
RVFEØ
TFHVOEB
5FSDFS
QSFNJP
VOB
*×BLJ
EF
$BOOB

FO
5POB
/PSNBM
RVF
TF
CVTDBSB
VO
TJUJP
.PSOJOH
(MPSZ
EF
#BSOFZT
QSFTFOUBEB
QPS
8IJUF
4JCFSJBO
4FSJPVT
4FFET
MMFHBEB

BNQMJP
ZB
RVF
B
MB
FOUSFHB
EF
NVFTUSBT
4FTRVFJY
UFSDFS
QSFNJP
B
1SPUPUJQP
:
EF
EFTEF
3FJOPTB

&O
FM
KVSBEP
UPNBSPO
QBSUF
'FSOBOEB

BDVEJFSPO
NÈT
EF

QFSTPOBT
RVF
EFKB .FEJDBM
4FFET

&O
FYUFSJPS
QSJNFSB
GVF
MB
"34&$"

*×BLJ
$BOOB

1BUP
,BOOBCJB

SPO
NÈT
EF

NVFTUSBT


EF
FYUFSJPS
$SJUJDBM

EF
1PTJUSPOJDT
TFHVOEB
+VBOJUB
9
,BMBNV
&HVOB 4FFET

Z
'SBODJT
EVF×P
EF
%PO
$B×BNØO


EF
JOUFSJPS
Z

EF
SFTJOBT
-B
PDBTJØO
MP
MB
MBHSJNPTB
EF
3FHHBF
4FFET
QSFTFO -B
HFOUF
EF
MB
(PJLP
&TLPMB
DVNQMJØ
SFBMJ HSPX
PSHBOJ[BEPSB
EFM
FWFOUP




NFSFDÓB
QVFT
FM
QSJNFS
QSFNJP
EF
DBUFHP UBEB
QPS
&MJUF
TFFET
CBODP
EF
TFNJMMBT
[Ø
FTUF
B×P
MB
9
FEJDJØO
EF
TV
DPQB

SÓB
DPOTJHVJØ
VO
WJBKF
B
«NTUFSEBN
NÈT
RVF
PGSFDF
VOB
WFSTJØO
GFNJOJ[BEB
EF

,BMBNV
&HVOB
4F
USBUB
EF
VOB
'BTU
*OEJDB
*OUFSJPS
QSJNFS
QSFNJP
.B[BS
EF


FVSPT
QBSB
HBTUBS
FO
FM
HSPX
RVF
MP
MB
+VBOJUB
UFSDFS
QSFNJP

MB
4VHBS
#MBDL
DVQ
FO
MB
RVF
TF
IBDF
MB
SFDPHJEB
Z
FOUSF %VUDI
1BTTJØO
QPS
3VCJP
TFHVOEP
QSF
QSFTFOUB
5BNCJÏO
IVCP
WBMFT
EF
NBUFSJBM
3PTF
QSFTFOUBEB
QPS
%FMJDJPVT
4FFET
&O
HB
EF
QSFNJPT
FO
VOB
KPSOBEB
-B
MFD NJP
.,
6MUSB
EF
5)
4FFET
QSFTFOUBEB

QPS

FVSPT
QBSB
MPT
TFHVOEPT
QSFNJPT
IBTI
QSJNFS
QSFNJP
B
$SJUJDBM
Y
-BWFOEFS
DJØO
EF
DVMUJWP
WJOP
B
DBSHP
EF
)VHP
EF
QPS
1FSWFS
UFSDFS
QSFNJP
4"%
EF
4XFFU

Z
EF

QBSB
MPT
TFHVOEPT

EF
4JCBSJUBT
(SPX
TFHVOEP
B
*DF
#MVF
EF
3FDPHF
Z
4JFNCSB
NVZ
RVFSJEP
FO
FTUB
4FFET
QPS
.JDIFM
4BUJWB
EF
JOUFSJPS

1MBOUBU
Z
UFSDFSP
MB
FYUSBDDJØO
EF
7FOFOP
DPQB
1SJNFS
QSFNJP
$SJUJDBM
.BOHP
EF
QSJNFS
QSFNJP
BM
DSVDF
QSPQJP
#BSØO

$PO
MB
BDUVBDJØO
FO
EJSFDUP
EFM
3FHHBF
EF
&WB
4FFET
IFDIB
QPS
-B
.BSJB
EF
7BMMT
-VYVSZ
4FFET
TFHVOEP
QSFNJP
$IFFTF
IFDIP
$IF
TFHVOEP
QSFNJP
/FGFSUJUJ

4LB
EF
%JTDJQVMPT
EF
0UJMJB
TF
EBO
MPT
QSF EF
1VNVLZ
UFSDFS
QSFNJP
MB
.PCZ
%JDL
EF
1ZSBNJE
4FFET
QSFTFOUBEB
QPS

NJPT
EF
MB
DBUFHPSÓB
SFTJOBT
1SJNFS
QSFNJP
7***
$PQB
EF
DVMUJWBEPSFT
%JOBGFN

DVMUJWBEB
QPS
%PEZ
3VCJP
UFSDFS
QSFNJP
MB
1BOBNB
+BDL
EF

/BEJFO
QPS
&M
3BDØ
&DPMÛHJD
DPO
FM
IBDIÓT
NPOUB×FTFT $BOOBCJPHFO

*OEJDB
EF
&YUFSJPS
1SJNFS

11
TFHVOEP
QSFNJP
4FOTZ
QPS
-MVN
7FSEB
6O
DFSUBNFO
FO
GBNJMJB
QBSB
MPT
DVMUJ 4FHÞO
OPT
DPNFOUB
MB
BTBNCMFB
EF
MB
QSFNJP
QBSB
"OHFM
QPS
4FOTJ
4UBS
EF

DPO

UFSDFS
MVHBS
$PDPTLVOL
QPS
WBEPSFT
EF
$BOUBCSJB
Z
BMSFEFEPSFT
-B
(PJLP
i/P
GBMUBSPO
MPT
EVMDFT
GSVUBT
Z
1BSBEJTF
4FFET
4FHVOEP
Z
UFSDFS

QSFNJP

M)PSU
EFMT
4PNOJT
GJFTUB
FT
PSHBOJ[BEB
QPS
FM
NÓUJDP
+VBOJUP
SFQPTUFSÓB
DBTFSB
FMBCPSBEB
DPO
MB
DPTF QBSB
.JDIFM
QPS
$SJUJDBM
EF
%JOBGFN
Z

.BOPWFSEF
EF
%S
$PHPMMP
4BOUBOEFS
FM
DIB
EFM

OJ
FM
IVNPS
EF
MB
NBOP
EF

.,
6MUSB
EF
5I
4FFET
4BUJWB
EF
FYUFSJPS

5SBT
FTUB
FOUSFHB
DPOUJOVØ
FM
TIPX
EF
EJT USJDBNQFØO
EF
$BOUBCSJB
ÞOJDP
FO
&TQB×B
+VMFO
DPO
NVZ
CVFOB
DBSBDUFSJ[BDJØO
EF
1SJNFS
QSFNJP
QBSB
1BLJUP
QPS
-FNPO

DÓQVMPT
EF
0UJMJB
TFHVJEP
EF
VOPT
BQFSJUJ FO
HBOBS
MB
DPQB
)JHIMJGF
USFT
B×PT
TFHVJ &VHFOJP
FM
IVNPSJTUB
DBUBMÈO

BEFNÈT
4LVOL
EF
(SFFO
)PVTF
4FFET
TFHVOEP

WPT
-B
FOUSFHB
EF
QSFNJPT
EF
FYUFSJPS
F
EPT
5SBT
FM
GJO
EF
TFNBOB
EF
SFDPHJEB
EF
MB
NÞTJDB
EFM
DPMFDUJWP
.*95
EF
#BJPOB
QSFNJP
QBSB
.JDIFM
QPS

EF
.FEJDBM

JOUFSJPS
GVF
FM
QMBUP
GVFSUF
EF
MB
OPDIF

&O
NVFTUSBT
TF
QSPDFEJØ
B
MB
DBUB
NFUJDVMP DPNP
TJFNQSF
EF
NVDIB
DBMJEBE
4J
BMHP
4FFET
Z
UFSDFSP
QBSB
1FQF
(SFFO
QPS

JOUFSJPS
QSJNFS
QSFNJP
&VHFOJ
QPS
.PVOU
TB
-B
FOUSFHB
EF
QSFNJPT
GVF
FO
FM
#BS
QPEFNPT
EFTUBDBS
FTUF
B×P
FT
TJO
EVEB
MB
$BOOBMPQF
)B[F
EF
%/"
(FOFUJDT

;JPO
DPO
(SBQFGSVJU
TFHVOEP
QSFNJP

'SFFNBO
QPS
;FSP
;FSP
DPO
1JDBOUPOB

UFSDFSP
4UFXZ
QPS
-B
(SPX

DPO
$SJUJDBM
&O

FYUFSJPS
QSJNFS
QSFNJP
/BDIP
QPS
-MVN

7FSEB
DPO
$SFBN
$BSBNFM

7***
$PQB
"MBDBOOBCJT
5BNCJÏO
MB
BTPDJBDJØO
"MBDBOOBCJT
TF

FTGPS[Ø
B
GPOEP
QBSB
DFMFCSBS
TV
DPQB
ZB

RVF
DPJODJEÓB
DPO
FM
9
BOJWFSTBSJP
EF
MB

"TPDJBDJØO
)VCP
USFT
[POBT
DPO
MB
QMB[B

EF
UPSPT
FM
EPNP
Z
MB
[POB
DVCJFSUB
QBSB

DPOGFSFODJBT

1PS
FM
EÓB
IVCP
WBSJBT
DIBSMBT

KVSÓEJDB
DPO
)FDUPS
#SPUPOT
TPCSF
DMVCT

DPO
+PTF
EF
MB
.BDB
Z
TPCSF
DBUB
EF
DBOOB
CJT
DPO
+VBO
3PCMFEP

5BNCJÏO
IVCP
VOB

QBFMMB
HJHBOUF
Z
UBSUB
FTQFDJBM
9
BOJWFSTB 1BFMMB
HJHBOUF
'PUP
EF
"MBDBOOBCJT %PNP
EF
EÓB
'PUP
EF
"MBDBOOBCJT
130%6$504 
1PTJUJWF
1VCMJTIFS 1MBOU
7JUBMMJUZ
1MVT
-B
FEJUPSJBM
IPMBOEFTB
1PTJUJWF
1VCMJTIFST
FT
-B
FNQSFTB
IPMBOEFTB
#"$

DPOPDJEB
FO
FM
NFSDBEP
FVSPQFP
QPS
NVDIPT
PGSFDF
FO
TV
DBUÈMPHP
1MBOU

EF
TVT
MJCSPT
ZB
RVF
FTUÈO
USBEVDJEPT
B
WBSJPT
7JUBMMJUZ
1MVT
&TUF
QSPEVDUP

JEJPNBT
-B
FTUSFMMB
EF
MB
FEJUPSJBM
FT
TV
DPMFD FT
QPS
VO
MBEP
VO
FTUJNVMB
DJØO
i&M
KBSEÓO
JOUFSJPSw
DPO
UJUVMPT
DPNP
iDVMUJ EPS
GPMJBS
QBSB
QMBOUBT
Z
QPS

WBS
FO
MBOB
EF
SPDBw
iDVMUJWBS
FO
DPDPw
P
iDVMUJ PUSP
VO
FGFDUJWP
JOTFDUJDJEB

WBS
FO
UJFSSBw
TPO
MJCSPT
TFODJMMPT
RVF
FYQMJDBO
DPOUSB
MB
BSB×B
SPKB
Z
PUSPT

QBTP
B
QBTP
DPNP
NBOFKBS
VO
JOUFSJPS
QSFTV JOTFDUPT
&MJNJOB
MB
BSB×B

QVFTUPT
NPOUBKF
FMFNFOUPT
Z
QPS
TVQVFTUP
FM
SPKB
DPO
VOB
BQMJDBDJØO
TF

DVMUJWP
EFTEF
MB
HFSNJOBDJØO
IBTUB
MB
DPTFDIB
SFDPNJFOEB
USBUBS
MB
QBSUF

TVQFSJPS
EFM
TVTUSBUP
Z
SFBMJ
0USP
DMÈTJDP
FT
i*
MPWF
*Uw
TF
USBUB
EF
VO
MJCSP
[BS
VOB
TFHVOEB
BQMJDBDJØO
QBSB
QSFWFOJS
BM
DBCP
EF
VOPT
EÓBT


DPO
GPUPHSBGÓBT

EF
DBMJEBE
B
UPEP
DPMPS

Z
HSBO
GPSNBUP
FO
FM
RVF
FM
BVUPS
IBDF
XXXEJPTBQMBOUBDPN
VO
TFHVJNJFOUP
EF
TV
QSJNFS
DVMUJWP
6OB

SFGFSFODJB
EF
MB
GPUPHSBGÓB
DBOOÈCJDB
DPO

NVDIB
JOGPSNBDJØO
QBSB
MPT
OPWBUPT

&O

UPEP
DBTP
FM
MJCSP
NÈT
EFTUBDBCMF
EF
FTUB
FEJUPSJBM
FT
i.BSJIVBOB
$VMUJWP
EF
)ZESPQPOJDT
$VQ

JOUFSJPSw
VO
DPNQMFUÓTJNP
NBOVBM
DPO
UPEB

MB
JOGPSNBDJØO
OFDFTBSJB
QBSB
SFBMJ[BS
VO
1ZSJOFFT

JOUFSJPS
EF
DVBMRVJFS
UJQP
&TUF
MJCSP
DPOUJFOF

UPEB
MB
JOGPSNBDJØO
RVF
OFDFTJUB
VO
OPWBUP
:B
DBTJ
FTUÈ
DFSSBEB
MB
)ZESPQPOJDT
$VQ

QBSB
DPOWFSUJSTF
FO
VO
FYQFSUP
DVMUJWBEPS
1ZSJOFFT
VOB
BVUÏOUJDB
GJFTUBT
DBOOÈCJDB
B

OJWFM
FVSPQFP
NF[DMB
EF
GFTUJWBM
EF
3FHHBF

"
QBSUJS
EF
BIPSB
4PGU
4FDSFUT
FT
MB
SFQSFTFO DPQB
EF
MB
NBSJIVBOB
Z
NVDIBT
DPTBT
NÈT
&O

UBOUF
FO
&TQB×B
EF
1PTJUJWF
1VCMJTIFST
UPEBT
FM
DBSUFM
TF
NF[DMBO
HSBOEFT
OPNCSFT
JOUFS
MBT
UJFOEBT
RVF
RVJFSBO
WFOEFS
FTUPT
MJCSPT
TPMP
OBDJPOBMFT
DPNP
4J[[MB
$IF[JEFL
-ZSJDTPO

UJFOF
RVF
DPOUBDUBS
DPO
OVFTUSB
PGJDJOB
EPOEF
P
3PPU
$POFDUJPO
KVOUP
B
BSUJTUBT
FTQB×PMFT

HVTUPTBNFOUF
MFT
BUFOEFSÈO
5BNCJÏO
TF
DPNP
FM
)FSNBOP
-
QVFEFO
TPMJDJUBS
FTUPT
MJCSPT
B
MB
EJTUSJCVJEPSB

)FNQ
5SBEJOH
XXXGFTUIZESPDVQDPN

XXXQPTJUJWFQVCMJTIFSTDPN
DBOEJE!TPGUTFDSFUTCDODPN


XXXIFNQUSBEJOHDPN
.BDFUBT
FDPNBHJD
3PMM

(P (SPX
4PMVUJPOT
EJTQPOF
EF
MB
QSJNFSB

NBDFUB
DVBESBEB
CMBODB
EFM
NFSDBEP

RVF
OP
EFKB
QBTBS
MB
MV[
'BCSJDBEB

6UJMJ[BEP
FO

JOWFSOBEFSPT
FM
3PMM

(P
FT
VO
OPWFEPTP
QSPEVDUP
RVF
GBDJMJUB
MBT

QBSB
(SPX
4PMVUJPOT
FO
FYDMVTJWB
DPO

UBSFBT
EF
SJFHP
FO
FM
DVMUJWP
JODMVTP
B
OJWFM
DBTFSP
&T
VO
TVFMP
EF

DN
EF
BODIP

VOB
GPSNVMBDJØO
FTUVEJBEB
Z
PQUJNJ[B
DPO
CPSEFT
EF

DN
RVF
TF
DPSUB
B
MB
MPOHJUVE
EFTFBEB
Z
TF
DJFSSB
DPO
VOBT
CSJEBT

EB
QBSB
HBSBOUJ[BS
MB
PQBDJEBE
MP
RVF

&TUP
QFSNJUF
DSFBS
VO
SFDJQJFOUF
EF

DN
EF
BMUP

EF
BODIP
Z
MB
MPOHJUVE
EFM
DVM
VOJEP
BM
NBZPS
ESFOBKF
DPOWJFSUFO
B
MBT

UJWP
FO
FM
RVF
TF
QPOFO
MBT
NBDFUBT
DPO
MBT

NBDFUBT
FDPNBHJD
FO
MB
ÞOJDB
PQDJØO

QMBOUBT
4JSWF
UBOUP
QBSB
SFHBSMBT
UPEBT
KVOUBT

FGJDB[
FO
NBDFUB
DVBESBEB
CMBODB

QPS
JOVOEBDJØO
SFEVDJFOEP
TVTUBODJBMNFO
'BCSJDBEB
DPO
QWD
RVF
OP
TF
BTUJMMB
QPS

UF
FM
UJFNQP
EFEJDBEP
BM
SJFHP

DPNP
QBSB

DBÓEB
P
BQJMBNJFOUP
VO
ESFOBKF
SÈQJEP
Z
MB
GPSNVMBDJØO
FTQFDJGJDB
QBSB
HBSBOUJ[BS
MB

SFDPHFS
FM
BHVB
TPCSBOUF
EF
UPEBT
MBT
QMBOUBT

PQBDJEBE
EF
FTUB
NBOFSB
TF
QSPUFHFO
MBT
SBÓDFT
EF
DBNCJPT
EF
UFNQFSBUVSB
Z
EF
MB

KVOUBT
DVBOEP
TF
SFBMJ[BO
PUSP
UJQP
EF
SJFHPT

FOUSBEB
EF
MB
MV[
Z
TF
FWJUBO
EFUFSJPSPT
FO
FM
DSFDJNJFOUP
ZB
RVF
FM
DPMPS
CMBODP
SFGMF
"EFNÈT
QSPUFHF
Z
BÓTMB
FM
TVFMP
P
MB
TVQFSGJ
KB
NFKPS
MPT
SBZPT
JOGSBSSPKPT
EFM
TPM
RVF
VO
FYUFSJPS
OFHSP
Z
NJOJNJ[B
BTÓ
MB
DBSHB
EF

DJF
EFM
DVMUJWP
EF
IVNFEBEFT
Z
SPDFT
UFNQFSBUVSB
EFM
TVCTUSBUP
FO
MB
[POB
EF
DPOUBDUP
DPO
MB
QBSFE
EF
MB
NBDFUB
`$BMJEBE

FTUVEJBEB
EFTEF
FM
QSJODJQJP
IBTUB
FM
GJOBM
QBSB
TV
ÏYJUP
HMPCBM
XXXEJPTBQMBOUBDPN
XXXHSPXTPMVUJPOTFT

#*0#*;;
45"35&34
1"$,
2VÏ
TFSÈ
)JESPDVMUJWP
FO

TFSÈ
PSHÈOJDP
XJMM
CF
XJMM
CF -B
NBZPSÓB
EF
MB
HFOUF
JEFOUJGJDB
FM
OPNCSF
EF
1MBHSPO
DPO
QSPEVDUPT
CJPMØHJDPT
Z

TVTUSBUPT
"VORVF
1MBHSPO
DVFOUB
DPO
VOB
EJMBUBEB
FYQFSJFODJB
FO
TJTUFNBT
QSPGF
-BT
DPDJOBT
EF
#JP#J[[
FTUÈO
DPNQMFUBNFOUF

TJPOBMFT
EF
IJESPDVMUJWP

PQFSBUJWBT
EFTEF
IBDF
ZB
BMHVOPT
NFTFT

FTUBNPT
CVTDBOEP
MB
DPNCJOBDJØO
FTQFDJBM
&M
B×P
QBTBEP
1MBHSPO
DPNFSDJBMJ[Ø
EPT
QSPEVDUPT
QBSB
BGJDJPOBEPT
BM
IJESPDVMUJ
EF
JOHSFEJFOUFT
RVF
BTFHVSF
MB
NFKPS
DPNJEB
WP
EF
QMBOUBT

/BUVSBMNFOUF
OP
TPO
TJNQMFT
QSPEVDUPT
MMFWBO
DVBMRVJFS
DVMUJWP

QBSB
UVT
DVMUJWPT
-PT
JOHSFEJFOUFT
OP
TPO
VO
IJESPQØOJDP
B
VO
OVFWP
OJWFM

TFDSFUP
TØMP
UJFOFT
RVF
FDIBS
VO
WJTUB[P
B
MB

MÓOFB
EF
QSPEVDUPT
EF
#JP#J[[
4JO
FNCBSHP
):%301"$,4
%&
1-"(30/


MB
DPNJEB
BÞO
OP
FTUÈ
MJTUB
Z
MP
ÞOJDP
RVF
&M
QSJNFS
QSPEVDUP
FT
FM
)ZESPQBDL
&T
VO
GFSUJMJ[BOUF
IJESPQØOJDP
RVF
FT
ÞOJDP
F

QPEFNPT
EFDJSUF
FT
RVF
UFOESÈ
VOB
QSF JOOPWBEPS
FO
NVDIPT
BTQFDUPT
1PS
MBT
TJHVJFOUFT
SB[POFT

TFOUBDJØO
UBO
NBOFKBCMF
DPNP
BTFRVJCMF

-PT
)ZESPQBDLT
EF
1MBHSPO
TPO
MPT
QSJNFSPT
GFSUJMJ[BOUFT
IJESPQØOJDPT
DPO
DFS
&TUBNPT
BTFHVSÈOEPOPT
EF
RVF
BRVFMMPT
RVF
UJGJDBDJØO
EF
MB
6OJØO
&VSPQFB
&TUB
DFSUJGJDBDJØO
PGSFDF
HBSBOUÓBT
B
DPOTVNJEPSFT

MB
BERVJFSBO
OP
TF
BSSFQJFOUBO
EF
FMMP
FM
Z
QSPWFFEPSFT
FO
DVBOUP
B
QVSF[B
DPNQPTJDJØO
DPODFOUSBDJPOFT
Z
FUJRVFUBEP
&T

4UBSUFST
1BDL
EF
#JP#J[[
TF
TFSWJSÈ
DPNP
FM
BEFNÈT
MB
ÞOJDB
DFSUJGJDBDJØO
DPO
WBMJEF[
FO
DVBMRVJFS
QBÓT
EFOUSP
EF
MB
6&
GFTUÓO
NÈT
DPNQMFUP
RVF
QVFEB
FODPOUSBSTF

-PT
)ZESPQBDLT
EF
1MBHSPO
DPOUJFOFO
UPEPT
MPT
PMJHPFMFNFOUPT
FO
GPSNB
EF

$VBOEP
FM
DIFG
EJHB
RVF
FTUÈ
MJTUP
MP
BOVO RVFMBUP
&O
QSÈDUJDBNFOUF
UPEPT
MPT
PUSPT
OVUSJFOUFT
TØMP
FM
PMJHPFMFNFOUP
IJFSSP
TF

DJBSFNPT
.JFOUSBT
UBOUP
QVFEFT
TFHVJS
MPT
FODVFOUSB
FO
GPSNB
EF
RVFMBUP
6O
BHFOUF
RVFMBOUF
FODJFSSB
VO
FMFNFOUP
OVUSJFOUF

EFUBMMFT
EFM
QSPDFTP
FO
XXXCJPCJ[[DPN Z
QPS
UBOUP
BDFMFSB
TV
USBOTQPSUF
QPS
MBT
SBÓDFT
&M
BHFOUF
RVFMBOUF
HBSBOUJ[B
BEFNÈT

VO
BMNBDFOBNJFOUP
QSPMPOHBEP
EVSBOUF
B×PT
Z
QSFWJFOF
MB
PYJEBDJØO
FO
TJTUFNBT

#JPIFBWFO
QPUFODJBEPS
PSHÈOJDP
EF
FOFSHÓB BFSPQØOJDPT
Z
VMUSBQØOJDPT
1FSP
FM
GBDUPS
NÈT
JNQPSUBOUF
FT
RVF
HSBDJBT
B
TV
UPUBM

#JP)FBWFO
FT
VO
QPUFODJBEPS
EF
FOFSHÓB
RVF
FTUÈ
GPSNVMBEP
FTQFDJBMNFOUF
QBSB
RVFMBDJØO
FM
SBOHP
EF
Q)
FO
FM
RVF
TF
BCTPSCFO
MPT
OVUSJFOUFT
FT
NÈT
BNQMJP
RVF

QMBOUBT
$POUJFOF
FTUJNVMBEPSFT
CJPMØHJDPT
DVJEBEPTBNFOUF
TFMFDDJPOBEPT
DPNP
DPO
VOB
TPMB
RVFMBDJØO
DPO
MP
DVBM
TF
PCUJFOFO
NFKPSFT
SFTVMUBEPT
DPO
FM
OVUSJFOUF

FT
FM
DBTP
EF
MPT
BNJOPÈDJEPT
-PT
BNJOPÈDJEPT
TPO
VO
DPNQPOFOUF
CÈTJDP
FO
FM
RVF
DPO
PUSPT
QBSB
FWJUBS
EFGJDJFODJBT
EFTBSSPMMP
EF
MBT
QSPUFÓOBT
Z
FO[JNBT
MBT
DVBMFT
TPO
FTFODJBMFT
QBSB
MB
FTUSVDUVSB
Z

-PT
)ZESPQBDLT
EF
1MBHSPO
TPO
BCTPSCJEPT
DPO
NÈT
SBQJEF[
Z
NÈT
FGJDJFODJB
QPS

FM
NFUBCPMJTNP
EF
MBT
QMBOUBT
(SBDJBT
B
FTUP
#JP)FBWFO
BVNFOUB
MB
BDUJWJEBE
Z
MB
MBT
QMBOUBT
HSBDJBT
B
MB
UPUBM
RVFMBDJØO
BOUFSJPSNFOUF
EJDIB
Z
BM
FGFDUP
BNPSUJHVBEPS

NPWJMJEBE
EF
MPT
OVUSJFOUFT
FO
MB
NF[DMB
EF
GFSUJMJ[BOUF
Z
FO
MBT
IPKBT
Z
FTUJNVMB
FM
SFGPS[BEP
RVF
NBOUJFOF
FTUBCMF
FM
WBMPS
EF
Q)
TJTUFNB
BOUJPYJEBOUF
EF
MB
QMBOUB
-JCFSB
B
MB
QMBOUB
EF
UPYJOBT
BDVNVMBEBT
EVSBOUF

-PT
)ZESPQBDLT
EF
1MBHSPO
TPO
VOP
EF
MPT
IJESPGFSUJMJ[BOUFT
NÈT
BMUBNFOUF
DPO
MPT
QFSJPEPT
EF
UFOTJØO
SFQBSB
TV
DMPSPGJMB
Z
GBWPSFDF
FM
EFTBSSPMMP
EF
MB
QMBOUB
FO
DFOUSBEPT
o
Z
VOP
EF
MPT
NÈT
FDPOØNJDPT

HFOFSBM
&TUPT
QSPDFTPT
IBDFO
RVF
BVNFOUF
MB
DBOUJEBE
EF
FMFNFOUPT
OVUSJUJWPT

-PT
)ZESPQBDLT
EF
1MBHSPO
DVNQMFO
MPT
SFRVJTJUPT
EF
DBMJEBE
NÈT
FYJHFOUFT
FO

JNQPSUBOUFT
RVF
QVFEFO
JODPSQPSBSTF
B
MBT
DÏMVMBT
EF
MB
QMBOUB
DVBOUP
B
DPODFOUSBDJØO
QFSJPEP
EF
WBMJEF[
DFSUJGJDBDJØO
Z
BCTPSDJØO
$PO
FM
MBO[B
NJFOUP
EF
FTUF
QSPEVDUP
ÞOJDP
B
VO
QSFDJP
UBO
CBKP
RVF
EFKB
NVZ
BUSÈT
B
OVFTUSPT

7FOUBKBT
DPNQFUJEPSFT
FO
1MBHSPO
DSFFNPT
RVF
FTUBNPT
GBDJMJUBOEP
B
MPT
DVMUJWBEPSFT

t
&T
NVZ
DPODFOUSBEP
IJESPQØOJDPT
BM
UJFNQP
RVF
NFKPSBNPT
TVT
SFTVMUBEPT


t
'BDJMJUB
VOB
EPTJGJDBDJØO
SÈQJEB
Z
DPNQMFUB
EF
OVUSJFOUFT
CÈTJDPT
t
"DUÞB
DPNP
BHFOUF
RVFMBUBOUF
GBDJMJUBOEP
MB
BTJNJ
&630'0".
%&
1-"(30/
MBDJØO
EF
MPT
NBDSPOVUSJFOUFT
Z
MPT
NJDSPOVUSJFOUFT
&M
TFHVOEP
QSPEVDUP
FT
&VSPGPBN
4F
USBUB
EF
VO
NFEJP
IJESPMØHJDP
DPO
VO
QFRVF
FTFODJBMFT ×P
BNPSUJHVBEPS
EF
Q)
RVF
FT
QSÈDUJDBNFOUF
TJO
OVUSJFOUFT
Z
RVF
DPOTJTUF
FO
VOB

t
"VNFOUB
MB
DBMJEBE
Z
MB
DBOUJEBE
EF
MB
DPTFDIB NF[DMB
EF
DPQPT
EF
MBOB
EF
SPDB
Z
FTQVNB
EF
QPMJVSFUBOP
&VSPGPBN
FT
TJNJMBS
BM

t
.FKPSB
MB
SFUFODJØO
EF
MÓRVJEPT
Z
SFEVDF
TV
BDVNVMB .BQJUP
DPO
MB
FYDFQDJØO
EF
RVF
.BQJUP
IB
TJEP
SFDJDMBEP
QBSDJBMNFOUF
MP
RVF
TJHOJ
DJØO
QPS
FYDFTP GJDB
RVF
UJFOF
VOB
DBMJEBE
NFOPT
FTUBCMF
&VSPGPBN
EF
1MBHSPO
OP
IB
TJEP
SFDJDMBEP

t
&TUJNVMB
MPT
TJTUFNBT
FO[JNÈUJDPT
EF
MBT
QMBOUBT
QPS
MP
RVF
UJFOF
VOB
DBMJEBE
DPNQMFUBNFOUF
FTUBCMF
$BSBDUFSÓTUJDBT
FO
TÓOUFTJT
NFKPSBOEP
TV
USBOTQJSBDJØO
t
1SPWFF
EF
VOB
WBMJPTB
GVFOUF
EF
DBSCPOP
QBSB
MPT
&VSPGPBN
TF
EFCF
VUJMJ[BS
EF
MB
NJTNB
GPSNB
RVF
DVBMRVJFS
PUSP
NFEJP
IJESPMØHJ
NJDSPPSHBOJTNPT
EFM
TVTUSBUP DP
DPNP
MB
MBOB
EF
SPDB
.BQJUP
FTQVNB
EF
QPMJVSFUBOP
HSÈOVMPT
EF
BSDJMMB
P
QFS
t
&T
DPNQBUJCMF
DPO
UPEP
UJQP
EF
QSPHSBNBT
Z
GFSUJMJ[BO MJUB
$PNP
TV
TVCTUSBUP
UJFOF
VOB
GPSNB
EF
DPQP
TF
QVFEF
VUJMJ[BS
QBSB
DVBMRVJFS

UFT
UBOUP
CJPMØHJDPT
DPNP
CJPNJOFSBMFT
P
TJOUÏUJDPT UBNB×P
EF
DPOUFOFEPS
EF
QMBOUB
(SBDJBT
B
RVF
MB
NF[DMB
DPNCJOB
MBT
NFKPSFT

QSPQJFEBEFT
EF
MB
MBOB
EF
SPDB
Z
MB
FTQVNB
EF
QMÈTUJDP
MB
QSPQPSDJØO
EF
BJSFBHVB

XXXCJPCJ[[DPN Z
FM
ESFOBKF
TPO
NFKPSFT
RVF
DPO
TVTUSBUPT
ÞOJDPT
&M
SÈQJEP
ESFOBKF
Z
MBT
QPTJCJ
MJEBEFT
EF
FMJNJOBDJØO
EFM
FYDFTP
EF
OVUSJFOUFT
QSPQPSDJPOBO
B
MPT
DVMUJWBEPSFT

EF
QMBOUBT
VO
DPOUSPM
UPUBM
EF
MPT
WBMPSFT
EF
Q)
NJFOUSBT
RVF
FM
QFRVF×P
BNPSUJ
1MBHSPO
"MMNJY
"IPSB
UBNCJÏO
FO
HVBEPS
EF
Q)
FTUBCJMJ[B
HSBOEFT
EJGFSFODJBT
EF
VOB
TPMB
WF[
:
FM
WBMPS
&$
TF
QVFEF

JODSFNFOUBS
DPO
GBDJMJEBE
QPS
FM
DVMUJWBEPS
EF
QMBOUBT
TJ
MB
QMBOUB
MP
OFDFTJUB
CPMTBT
EF

MJUSPT "EFNÈT
&VSPGPBN
OP
EFTQSFOEF
OJOHÞO
QPMWP
OJ
JSSJUB
MBT
NBOPT
B
EJGFSFODJB

EF
MB
IBCJUVBM
MBOB
EF
SPDB
P
.BQJUP
&VSPGPBN
FT
DMBSBNFOUF
FYUSFNBEBNFOUF

1MBHSPO
"MMNJY
NF[DMB
EF
UJFSSB
CJPMØHJDB
QBSB
UPEP
FM
DJDMP
EF
DSFDJNJFOUP
*HVBM
WFSTÈUJM
Z
TF
QVFEF
VUJMJ[BS
FO
UPEP
UJQP
EF
TJTUFNBT
IJESPQØOJDPT
VMUSBQØOJDPT
Z

RVF
UPEBT
MBT
NF[DMBT
EF
1MBHSPO
1MBHSPO
"MMNJY
FT
VOB
UJFSSB
NVZ
GFSUJMJ[BEB
-PT
BFSPQØOJDPT
FO
BNCPT
DBTPT
DPO
SFDJDMBKF
Z
SFDPHJEB
EFM
ESFOBKF

EJTUJOUPT
UJQPT
EF
UVSCB
EF
DBMJEBE
FTQFDJBMNFOUF
FMFWBEB
IBO
TJEP
FOSJRVFDJEPT

DPO
IVNVT
EF
MPNCSJ[
GFSUJMJ[BOUF
CJPMØHJDP
Z
QFSMJUB
QBSB
HBSBOUJ[BS
MB
MJHFSF[B
XXXQMBHSPODPN
Z
VO
OJWFM
EF
PYÓHFOP
EF
DBMJEBE
JOJHVBMBCMF
1MBHSPO
"MMNJY
DPOUJFOF
UPEPT
MPT

OVUSJFOUFT
QBSB
UPEP
FM
DJDMP
EF
DSFDJNJFOUP
Z

HBSBOUJ[B
VO
DSFDJNJFOUP
TBOP
Z
FYVCFSBOUF
BTJ

DPNP
VOB
NÈYJNB
SFTJTUFODJB
DPOUSB
MBT
FOGFSNF
EBEFT
Z
MPT
IPOHPT

-B
FTUSVDUVSB
VMUSBGJOB
EF
1MBHSPO
"MMNJY
FT
FYDFQ
DJPOBMNFOUF
BQUB
QBSB
FM
DVMUJWP
FO
NBDFUB
&T

TVGJDJFOUF
SFHBS
TPMBNFOUF
DPO
BHVB
EVSBOUF
MBT

QSJNFSBT
TFJT
TFNBOBT
%FTQVÏT
EF
FTUF
QFSÓPEP

MB
BEJDJØO
EF
OVUSJFOUFT
QVFEF
QSPEVDJS
NFKPSFT

SFTVMUBEPT
1BSB
VO
TFHVOEP
DJDMP
DPOWJFOF
QBTBS

B
UJFSSB
DPO
#JP4VQFSNJY
&TQFDJBMNFOUF
QBSB
MPT

DVMUJWBEPSFT
BGJDJPOBEPT
1MBHSPO
"MMNJY
BIPSB

UBNCJÏO
FTUÈ
EJTQPOJCMF
FO
CPMTBT
EF

MJUSPT

XXXQMBHSPODPN
 BBBB $ 0 6 7 ( 5 ' $ 0 BBBB

 

  
 



%OXH0\VWLF    6KRUW5LGHU
%XEEOHOLFLRXV -RFN+RUURU
1RUWKHUQ/LJKWV

ZZZQLUYDQDQO

`/07&%"%
&/
&6301"
%F
MPT
QSPEVDUPSFT
EJTQPOJCMF
BDUVBMNFOUF
TØMP
FO
MB
6&
B
USBWÏT
EF
EF
4KBNBBO
6O

QBTP
BEFMBOUF
FO
MB
UFDOPMPHÓB
EFM
GVNBEP
-MFOBE
GVNBE
NF[
DMBE
FZFDUBE
Z
MJNQJBE
MB
DB[PMFUB
DPNP
OVODB
BOUFT
&T
VO
DPN
EF
&KFDUB#PXM5.
`MBT
QJQBT
EF
VOB
TPMB
DBMBEB
QMFNFOUP
FYUSBPSEJOBSJP
QBSB
UV
QJQB
EF
BHVB
P
CPOH
Z
TF
BEBQUB

NÈT
GÈDJMFT
EF
VTBS
EFM
.6/%0 B
MB
NBZPS
QBSUF
EF
NPEFMPT
EF
CPOHT
EF
WJESJP
P
BDSÓMJDPT
FO
FM

NFSDBEP

%JTQPOJCMF
DPO
UVCPT
EF
WJESJP
EF
EJGFSFOUFT
UBNB×PT

DPO
DB[PMFUB
EF
WJESJP
CPSPTJMJDBUP
EF
EPT
FTQFTPSFT
FO
VOB
HBNB

%F
4KBNBBO
8IPMFTBMF
#7
QSFTFOUB
PUSPT
EPT
OVFWPT

EF
MJOEPT
Z
WJWPT
DPMPSFT
&KFDUB#PXMUN
FTUÈ
UBNCJÏO
EJTQPOJCMF

Z
FYUSBPSEJOBSJPT
QSPEVDUPT
EF
MPT
QSPEVDUPSFT
EF

FO
BMVNJOJP
BFSPFTQBDJBM
BOPEJ[BEP
FO
VOB
BNQMJB
HBNB
EF
DPMP
&KFDUB#PXMUN
RVF
IBDFO
EFM
GVNBS
MB
QJQB
EF
VOB

SFT
NPOPDSPNÈUJDPT
P
EF
EPT
UPOPT
TPMB
DBMBEB
BMHP
NÈT
GÈDJM
EF
MP
RVF
TF
QVFEF
JNBHJ
OBS
#FUUFS#BUUN
FT
MB
OVFWB
TPMVDJØO
EFTFDIBCMF
QBSB

&M
PUSP
OPWFEPTP
QSPEVDUP
FT
$IJMMFSTUN
MBT
GVNBEBT
EF
VOB
TPMB
DBMBEB
`MB
QJQB
EF
FTUF
UJQP

5PEPT
TBCFNPT
RVF
FM
IVNP
GSÓP
TBCF
NFKPS
-PT
DVCJUPT
EF
IJFMP
EF
MPT
NPMEFT
EF

NÈT
GÈDJM
EF
VTBS
EFM
NFSDBEP

`&T
TJO
EVEB
VOB
NBSB
TJMJDPOB
$IJMMFSTUN
PGSFDFO
MB
NÈYJNB
TVQFSGJDJF
FOGSJBEB
QPTJCMF
FO
FM
CPOH
P
MB
QJQB

WJMMB
POFIJU
0GSFDF
B
MPT
VTVBSJPT
VO
NÏUPEP
SÈQJEP

EF
BHVB
$IJMMFSTUN
TF
IB
EJTF×BEP
FTQFDJBMNFOUF
QBSB
BEBQUBSTF
B
MB
NBZPS
QBSUF
EF

Z
TFHVSP
QBSB
WBDJBS
MB
DB[PMFUB
#FUUFS#BUUN
FTUÈ
MJTUB

QJQBT
EF
BHVB
Z
CPOHT
FO
FM
NFSDBEP

-PT
DVCJUPT
EF
IJFMP
EF
$IJMMFSTUN
NBYJNJ[BO

QBSB
WPMWFSTF
B
VTBS
NÈT
SÈQJEBNFOUF
RVF
DVBMRVJFS
PUSB
QJQB
FO
FM
NFSDBEP

)FDIB

MB
TVQFSGJDJF
FOGSJBEB
QBSB
TVBWJ[BS
MB
GVNBEB
Z
IBDFSPT
EJTGSVUBS
BÞO
NÈT
EF
WVFT
EF
BMVNJOJP
BFSPFTQBDJBM
BOPEJ[BEP
Z
EJTQPOJCMF
FO
GPSNBUPT
EF

Z

DN
DBEB
VOP

USPT
NPNFOUPT
EF
SFMBY
`1PS
GJO
DVCJUPT
EF
IJFMP
RVF
DBCFO
FO
UPEPT
MPT
CPOHT
-PT

FO

FYVCFSBOUFT
DPMPSFT
5XJTUB1JQFUN
FT
PUSP
EJTF×P
SFWPMVDJPOBSJP
EF
MPT
QSPEVD
DVCJUPT
EF
IJFMP
$IJMMFSTUN
TF
TBDBO
VOP
B
VOP
QBSB
DBSHBS
FM
CPOH
TJO
QÏSEJEBT
Z
TJO

UPSFT
EF
&KFDUB#PXMUN
5JFOF
VO
EJTF×P
OVFWP
F
JOOPWBEPS
RVF
QFSNJUF
BM
VTVBSJP

DVCPT
BHSJFUBEPT
EFDJEJS
DVÈOUP
EFTFB
DBSHBS
Z
GVNBS

0GSFDF
MB
MJCFSUBE
EF
EFDJEJS
RVÏ
UBO
QSPGVOEB

TF
EFTFB
MB
DB[PMFUB
Z
BM
JHVBM
RVF
DPO
&KFDUB#PXMUN
Z
#FUUFS#BUUN
MB
5XJTUB1JQFUN

3FGSFTDB
UVT
NPNFOUPT
EF
QMBDFS
VTBOEP
MB
DJFODJB
`Z
DPO
DMBTF

QFSNJUF
TBDBS
MB
DFOJ[B
NJFOUSBT
TF
GVNB
)FDIPT

EF
TJMJDPOB
HSBEP
BMJNFOUBSJP
QBSB
VO
MBWBEP
TFHVSP
FO
MBWBWBKJMMBT
Z

EJTQPOJCMFT
FO

DPMPSFT
5XJTUB1JQFUN
TF
DJFSSB
HJSÈOEPMB
SÈQJEBNFO
UF
TF
DBSHB
TF
GVNB
Z
TF
HJSB
EF
OVFWP

%F
4KBNBBO
CVTDB
NBZPSJTUBT
QBSB
FTUPT
QSPEVDUPT
FO
UPEB
MB
6OJØO
&VSPQFB

QBSB
TBDBS
MBT
DFOJ[BT
NJFOUSBT
TF
QSPDFEF

&KFDUB#PXMUN
Z
$IJMMFSTUN
FTUBSÈO
EJTQPOJCMFT
B
QBSUJS
EF

5BNCJÏO
FTUF
QSPEVDUP
FTUÈ
IFDIP
FO
BMV
NFEJBEPT
EF
BHPTUP
EF

`OP
UBSEÏJT
FO
SFTFSWBSMPT
NJOJP
BFSPFTQBDJBM
BOPEJ[BEP
Z
FTUÈ
EJTQP
OJCMF
FO

GBOUÈTUJDPT
DPMPSFT
1BSB
NBZPS
JOGPSNBDJØO
XXXTKBNBBOXIPMFTBMFOM


XIPMFTBMF!TKBNBBODPN

UFM

&O
XXX
&+&$5B#08-5.
`/07&%"%
&/
&6301"
FKFDUBCPXMFV
FODPOUSBSÏJT
UBNCJÏO
JOGPSNBDJØO
TPCSF
FM

QSPEVDUP
`$BSHB
UVSCP
QBSB
UV
QJQB
EF
BHVB
")03"
%F
4KBNBBO
8IPMFTBMF
#7
%F
4KBNBBO
8IPMFTBMF
#7
QSFTFOUB
EPT
OVFWPT
Z
FYUSBPSEJOBSJPT
QSPEVDUPT
RVF
$FMTJVTXFH

"
IBDFO
EFM
GVNBS
MB
IJFSCB
VOB
FYQFSJFODJB
BÞO
NÈT
BHSBEBCMF
EF
MP
RVF
MP
FT
ZB


19
&KFDUB#PXMUN
FT
VO
OVFWP
F
JOOPWBEPS
QSPEVDUP
EF
$BOBEÈ
QBSB
VOB
DBSHB
UVSCP
&MTU
(ME

EF
UV
QJQB
EF
BHVB
&KFDUB#PXMUN
MB
OVFWB
TPMVDJØO
QBSB
FM
GVNBEP
FZFDUBCMF
FTUÈ
1BÓTFT
#BKPT

-&%
4QFDUSB
6OJU
QPXFS


6OB
WF[
NÈT
%VUDI
(SFFO
(SPXMJHIUT
IB
DSFBEP
VOB
OPWFEBE
NVOEJBM
MB
MÈNQBSB
EF
DVMUJWP
QBUFOUBEB
QBSB

&VSPQB
-&%
4QFDUSB
6OJU
QPXFS

MB
QSJNFSB
MÈNQBSB
EF
DVMUJWP
EF
-&%
DPO

8
EF
QPUFODJB
-&%

$JFOUPT
EF
DVMUJWBEPSFT
TBUJTGFDIPT
FO
UPEP
FM
NVOEP
VTBO
MB
-&%
4QFDUSB
6OJU
QBSB
PCUFOFS
GMPSBDJPOFT

JOTVQFSBCMFT
HSBDJBT
BM
TJTUFNB
ÞOJDP
Z
QBUFOUBEP
EF
-&%
DPO
-&%
DSFBEPT
FTQFDÓGJDBNFOUF
-B
MÈNQBSB
-&%

4QFDUSB
6OJU
FT
UBO
ÞOJDB
RVF
%((
MB
IB
QBUFOUBEP
QBSB
&VSPQB
Z
QSFTFOUB
OVNFSPTBT
WFOUBKBT
FNQMFB
FM


EF
FOFSHÓB
NFOPT
QSFTFOUB
VO
SFOEJNJFOUP
NBZPS
FO
UÏSNJOPT
EF
DPTFDIB
QPS
WBUJP
UJFOF
VO
CBKP

JNQBDUP
BDÞTUJDP
DVFOUB
DPO
BMJNFOUBDJØO
JOUFHSB
EB
CBKB
EJTQFSTJØO
EF
DBMPS
UJFOF
VOJEBEFT
RVF
TF

TVTUJUVZFO
GÈDJMNFOUF
Z
EJNFOTJPOFT
SFEVDJEBT


-B
MÈNQBSB
-FE
4QFDUSB
6OJU
FTUÈ
EJTQPOJCMF

FYDMVTJWBNFOUF
FO
MPT
QVOUPT
EF
WFOUB
JOEJDB
EPT
FO
FM
TJUJP
XFC
EF
%((

XXXEVUDIHSFFOHSPXMJHIUTFV
 *//07"$*»/ 
&M
TFOEFSP
B
NB×BOB DPO
ÏOGBTJT
FO
CVTDBS
MB
DBMJEBE
Z

DSVDFT
EF
TBCPSFT
FYRVJTJUPT
BEFNÈT

EF
IBDFSTF
USBCBKPT
EF
QSFTFSWBDJØO

EF
EJGFSFOUFT
WBSJFEBEFT
B
MB
WF[
RVF

BQBSFDFO
BOUJHVPT
USBCBKPT
EF
MPT

%FTEF
FM
JOJDJP
EFM
BVUPDVMUJWP
FO
MB
IJTQBOJB
DBOOBCJDVN
IBTUB
FM
UJMBDJØO
P
FO
UFNQPSJ[BS
MBT
MVNJOBSJBT
QJPOFSPT
Z
MMFHBO
OVFWBT
PMBT
EFTEF

0USP
HSBO
BWBODF
TPO
MPT
FYUSBDUPSFT
&TUBEPT
6OJEPT

NPNFOUP
BDUVBM
IBO
FWPMVDJPOBEP
MBT
UÏDOJDBT
Z
TJTUFNBT
EF
DVMUJWP
DPO
UFSNPTUBUP
JODPSQPSBEP
DBQBDFT

"
DPOUJOVBDJØO
VO
CSFWF
SFTVNFO
EF
BMHVOPT
BTQFDUPT

+
4FBSDIFS EF
BDUJWBSTF
TPMP
DVBOEP
MB
UFNQFSBUV &M
NFSDBEP
EF
MBT
GFNJOJ[BEBT
IB
UFOJEP

SB
MMFHB
B
VO
SBOHP
FTUBCMFDJEP
UBNCJÏO
VO
JODSFÓCMF
EFTBSSPMMP
"M
QSJO
*OUFSOFU 0USP
HSBO
BWBODF
TPO
MBT
QSPQVFTUBT
DJQJP
IBCÓB
QPDBT
WBSJFEBEFT
Z
EBCBO

4J
BMHP
IB
SFWPMVDJPOBEP
FM
NVOEP
EF
CBKP
DPOTVNP
QBSB
FM
DSFDJNJFOUP
0USP
HSBO
BWBODF
TPO
MPT
TJTUFNBT
EF
NVDIPT
QSPCMFNBT
"IPSB
NJTNP
IBZ
VOB

EFM
DVMUJWP
FT
*OUFSOFU
"OUFT
FSB
EJGÓDJM
F
JODMVTP
QBSB
MB
GMPSBDJØO
&O
FTUPT
$0
DBEB
WF[
NÈT
TFODJMMPT
EF
VTBS
Z
DPO
HSBO
DBOUJEBE
EF
WBSJFEBEFT
GFNJOJ[BEBT

BDDFEFS
B
VO
PSEFOBEPS
DPO
*OUFSOFU
Z
NPNFOUPT
MPT
NFKPSFT
SFTVMUBEPT
QBSB
NFKPSFT
DPOUSPMBEPSFT
5BNCJÏO
FT
QPTJ EJTQPOJCMFT
DPO
VOB
BQBSJDJØO
NVZ
CBKB

IBCÓB
FTDBTP
NBUFSJBM
TPCSF
FM
DBOOB MBT
QSJNFSBT
FUBQBT
WJFOFO
EF
MPT
TJTUF CMF
BDDFEFS
B
QFRVF×PT
TJTUFNBT
QFOTB EF
IFSNBGSPEJUBT
FO
DPOEJDJPOFT
OPSNB
CJT
"IPSB
ZB
OP
TF
OFDFTJUB
BDVEJS
B
NBT
EF
GMVPSFTDFOUFT
DPNQBDUPT
HSB EPT
QBSB
FM
DVMUJWBEPS
EPNÏTUJDP
MFT
BEFNÈT
EF
CVFOBT
DBMJEBEFT

OJOHÞO
HVSV
QBSB
RVF
UF
JMVNJOF
TPCSF
DJBT
B
MPT
DVBMFT
TF
NBOUJFOFO
NBESFT

FM
DBOOBCJT
)BZ
NVMUJUVE
EF
QÈHJ FTRVFKFT
Z
QMBOUBT
FO
DSFDJNJFOUP
0USB
'FSUJMJ[BDJØO -BT
BVUPGMPSFDJFOUFT
FTUÈO
FO
QMFOB

OBT
Z
MVHBSFT
EPOEF
MPT
DVMUJWBEPSFT
OPWFEBE
TPO
MPT
-&%
MVNJOBSJBT
RVF
&O
MB
GFSUJMJ[BDJØO
RVÓNJDB
IBZ
RVF
EFTUB FWPMVDJØO
:B
FT
OPWFEBE
FM
HSBO
TBMUP

DPNQBSUFO
JOGPSNBDJØO
QÈHJOBT
EF
NVDIPT
QSFTFOUBO
DPNP
FM
GVUVSP
EFM
DBS
MPT
FTUJNVMBEPSFT
DPO
TVQMFNFOUPT
EF
EF
FTUBT
HFOÏUJDBT
QVFT
IBDF
B×PT

HSPXT
QBSB
QFEJS
UPEP
EFTEF
UV
DBTB
DVMUJWP
EF
NPNFOUP
MFT
GBMUB
NFKPSBS
HJCFMFSJOBT
Z
DJUPRVJOJOBT
DPO
SFTVMUBEPT
TPMP
IBCÓB
VOBT
3VEFMBSJT
CÈTJDBT

$BEB
NBSDB
UJFOF
TV
QÈHJOB
EPOEF
FO
TV
SFMBDJØO
DBMJEBE
QSFDJP
QFSP
ZB
DPNQSPCBEPT
&M
NVOEP
EF
MB
DBOOBCJ BIPSB
FT
QPTJCMF
DPOTFHVJS
NVDIBT

FT
QPTJCMF
DPOTVMUBS
EFUBMMFT
TPCSF
QPTJCJMJUBO
PCUFOFS
FYDFMFOUFT
DPTF DVMUVSB
CJP
IB
UFOJEP
VO
HSBO
BWBODF
TF
WBSJFEBEFT
GFNJOJ[BEBT
DPO
EJTUJOUBT

MPT
QSPEVDUPT
Z
PUSBT
JOGPSNBDJPOFT
DIBT
DPO
QPDP
HBTUP
FMÏDUSJDP
USBUB
EF
UPEPT
MPT
QSPEVDUPT
PSJFOUBEPT
B
DBSBDUFSÓTUJDBT
BVORVF
UPEBT
DPO
MB

4PGU
4FDSFUT
UBNCJJÏO
PGSFDF
UPEB
TV
FTUJNVMBS
MB
WJEB
EFM
TVFMP
EF
FTUB
GPSNB
DBQBDJEBE
EF
BVUPGMPSFDFS
DPO
EÓBT

DPMFDDJØO
FO
QEG
BEFNÈT
EF
VO
CMPH
&M
EFTBSSPMMP
EF
MPT
TJTUFNBT
EF
IJESP TF
GPSNB
VO
TJTUFNB
SBEJDVMBS
NÈT
GVFSUF
MBSHPT
.JFOUSBT
RVF
MBT
QMBOUBT
EF
MB

EF
BDUVBMJ[BDJØO
DPOUJOVB
GBDFCPPL
QPOÓB
OPT
IB
MMFWBEP
IBTUB
MPT
TJTUFNBT
Z
TBOP
DPO
DBQBDJEBE
EF
BMJNFOUBS
B
MB
QSJNFSB
PMB
EBCBO
QPDB
QSPEVDDJØO

Z
UXJUFS
4JO
EVEB
FTUB
FT
MB
QSJNFSB
Z
EF
DVMUJWP
FO
WFSUJDBM
&O
FTUPT
TJTUFNBT
QMBOUB
NÈT
Z
NFKPS
BEFNÈT
EF
NÈT
SFTJT EF
DBMJEBE
NFEJB
CBKB
MBT
WBSJFEBEFT

QSJODJQBM
OPWFEBE
B
MB
RVF
ZB
EFEJDB TF
NBOUJFOF
MB
MVNJOBSJB
FO
FM
DFOUSP
UFODJB
B
JOGFDDJPOFT
Z
BUBRVFT
EF
OVFWB
PMB
NFKPSBO
DBEB
B×P
QPS

NPT
PUSPT
BSUÓDVMPT
FO
FTUF
OÞNFSP EFM
DVMUJWP
EJTQVFTUB
FO
GPSNB
WFSUJDBM
MP
RVF
FTQFSBNPT
RVF
QSPOUP
IBZB

DPO
MBT
QMBOUBT
FO
UPSSF
SPEFÈOEPMB
-PT
BSNBSJPT EJTQPOJCMFT
WBSJFEBEFT
EPOEF
MB
QSP
$MVCT
Z
DSJTJT
FDPOØNJDB %F
FTUB
GPSNB
TF
DPOTJHVF
VO
NÈYJ -PT
QSJNFSPT
BSNBSJPT
FSBO
DBSPT
EJGÓDJMFT
EVDDJØO
Z
DBMJEBE
TFBO
NFEJB
BMUB

6O
EFUPOBOUF
EFM
BDUJWJTNP
FTQB×PM
GVF
NP
BQSPWFDIBNJFOUP
EFM
FTQBDJP
Z
MB
EF
NPOUBS
QFTBEPT
P
NVZ
GSÈHJMFT
&O

MB
DPOEFOB
B
MB
"34&$
QPS
TV
QSJNFSB
FOFSHÓB
"OUFT
EF
VTBS
FTUPT
TJTUFNBT
BRVFMMPT
UJFNQPT
IBCÓB
BCVOEBOUF
MJUF .BEF
JO
4QBJO
QMBOUBDJØO
DPMFDUJWB
B
QSJODJQJPT
EF
MPT
DPOWJFOF
FTUBS
FYQFSJNFOUBEP
FO
FM
SBUVSB
EFTUJOBEB
B
DPOTUSVJS
UV
QSPQJP
"M
QSJODJQJP
EFM
BVUPDVMUJWP
IBCÓB
VOB


"
FTUBT
BMUVSBT
FM
DPOPDJNJFOUP
MFHBM
DVMUJWP
IJESPQØOJDP
BVORVF
IBZ
SFTVM BSNBSJP
"IPSB
FT
UPUBMNFOUF
JOOFDFTBSJP
HSBO
EFQFOEFODJB
EFM
NBUFSJBM
IPMBO
FT
NVDIP
NÈT
QSPGVOEP
PQFSBO
FO
UBEPT
TPSQSFOEFOUFT
DPOTFHVJEPT
QPS
FT
QPTJCMF
BERVJSJS
B
NVZ
CVFO
QSFDJP
EÏT
FO
UPEPT
MPT
OJWFMFT
"
FTUBT
BMUVSBT

&TQB×B
WBSJPT
DMVCT
EF
DVMUJWP
DPMFDUJWP
OPWBUPT
DPO
BTFTPSBNJFOUP
FYQFSUP
BSNBSJPT
GÈDJMFT
EF
NPOUBS
Z
USBOTQPSUBS
MPT
CBODPT
EF
TFNJMMBT
FTQB×PMBT
ZB

WBSJPT
EF
FMMPT
BCTVFMUPT
USBT
JOUFSWFO EJTF×BEPT
QBSB
VOB
BJSFBDJØO
DPSSFDUB
Z
MJEFSBO
FM
NFSDBEP
EF
GFNJOJ[BEBT
Z

DJPOFT
QPMJDJBMFT
7FOUJMBDJØO
BVUPNBUJ[BDJØO
Z
$0 DBQBDFT
EF
SFOEJS
VOB
CVFOB
DPTFDIB
B
BVUPGMPSFDJFODJFOUFT
&M
NVOEP
EF
MPT

-B
MVNJOBSJB
FT
FM
BTQFDUP
RVF
NÈT
VO
OPWBUP
)BZ
RVF
PQUBS
QPS
NPEFMPT
EF
GFSUJMJ[BOUFT
FT
NÈT
DPNQMFKP
QPS
MPT

-B
DSJTJT
FDPOØNJDB
USBF
VO
QPUFOUF
MMBNB
MB
BUFODJØO
QFSP
QBSB
MB
QMBOUB
HSPXT
EF
DPOGJBO[B
QVFT
EFTBQSFOTJWPT
BMUPT
DPTUFT
EF
MPHÓTUJDB
QFSP
DBEB
WF[

BSHVNFOUP
BM
BDUJWJTNP
&M
EJTDVSTP
EF
SFTVMUB
JHVBM
EF
JNQPSUBOUF
UPEP
MP
IBO
MMFHBEP
B
WFOEFS
BSNBSJPT
UØYJDPT
TF
JOUFOUB
DPO
NFKPSFT
SFTVMUBEPT
QPS

MPT
EFSFDIPT
IVNBOPT
IB
SFOEJEP
TVT
SFMBDJPOBEP
DPO
MB
WFOUJMBDJØO
&M
DPO RVF
FOWFOFOBO
B
MBT
QMBOUBT
MP
RVF
OP
FT
EFTDBSUBCMF
RVF
BMHVOB

GSVUPT
FTUPT
B×PT
"IPSB
UPDB
QPOFS
EF
USPM
BVUPNBUJ[BEP
EF
MB
WFOUJMBDJØO
TF
NBSDB
EF
GFSUJMJ[BDJØO
FTQB×PMB
DPOTJHB

SFMFWBODJB
FM
BTQFDUP
FDPOØNJDP
-B
IBDF
DBEB
WF[
NÈT
QSFDJTP
TFODJMMP
Z
3FHVMBSFT
GFNJOJ[BEBT
BVUP IBDFSTF
VO
BVUÏOUJDP
OPNCSF
FO
FM
NFS
QSPIJCJDJØO
BEFNÈT
EF
DSVFM
F
JOFGJDB[
CBSBUP
-BT
DBKBT
EF
DPOUSPM
DBEB
WF[
GMPSFDJFOUFT DBEP
"
EFTUBDBS
UBNCJÏO
MB
QBSBGFSOBMJB

FT
VO
MVKP
DBSÓTJNP
TPO
NÈT
BDDFTJCMFT
VOBT
TPO
EF
DPO -BT
WBSJFEBEFT
EJTQPOJCMFT
UBNCJÏO
EF
DBMJEBE
FTQB×PMB
DPNP
MB
#PY
P
FM

USPM
UPUBM
DPO
UPEPT
MPT
QBSÈNFUSPT
EFM
IBO
FWPMVDJPOBEP
%FOUSP
EF
MBT
SFHV 2VJDL
(SJOEFS
USBUBEPT
FO
FM
BQBSUBEP

-VNJOBSJBT DVMUJWP
0USB
FTUÈO
DFOUSBEBT
FO
MB
WFO MBSFT
DBEB
WF[
BQBSFDFO
NÈT
CBODPT
EFM
&VSPQFBO
1SPEVDU
"XBSE

&M
EFTBSSPMMP
EF
MBT
MVDFT
IB
TJEP
VOP

EF
MPT
NÈT
EFTUBDBCMFT
FO
FTUPT
B×PT

-BT
QSJNFSBT
MVNJOBSJBT
QSPOUP
IBO

TJEP
TVTUJUVJEBT
QPS
PUSBT
NÈT
CBSBUBT

Z
FGFDUJWBT
6O
HSBO
QSJNFS
BWBODF
GVF

FM
iDPPM
UVCFw
RVF
FYUSBF
FM
BJSF
EJSFD
UBNFOUF
EF
VO
UVCP
RVF
FOWVFMWF
B

MB
MVNJOBSJB
%F
FTUB
GPSNB
TF
QVFEFO

NBOUFOFS
SFGSJHFSBEPT
BSNBSJPT
FO
MPT

RVF
MB
UFNQFSBUVSB
TF
EJTQBSBSÓB
&O

UPEP
DBTP
FM
DPPM
UVCF
OP
FT
BEFDVBEP

QBSB
FM
DVMUJWP
FO
IBCJUBDJPOFT
EPOEF

SFTVMUBO
NÈT
FGFDUJWPT
MPT
TJTUFNBT

UJQP
"EKVTU
"
8JOH
EF
BMBT
HSBEVB
CMFT
DPO
MPT
RVF
TF
QVFEF
BEBQUBS
FM

FTQBDJP
JMVNJOBEP
B
MBT
OFDFTJEBEFT

EF
DBEB
NPNFOUP

&M
JOWFOUPS
EF
MPT
DPPM
UVCF
EFTBSSP

MMØ
MVFHP
VOB
MVNJOBSJB
EFOPNJOBEB

i%JBNPOEw
FO
GPSNB
EF
EJBNBOUF
EFT
UJOBEB
B
EJTUSJCVJS
MB
MV[
EF
MB
GPSNB

NÈT
FGFDUJWB
QPTJCMF
"IPSB
BDBCB
EF

TBDBS
MB
iDPPM
%JBNPOEw
VOB
NF[DMB
EF

BNCBT
MVNJOBSJBT
EF
GPSNB
RVF
BÞOB

MBT
WFOUBKBT
EF
EJTUSJCVDJØO
EF
DBMPS
EF

MB
%JBNPOE
DPO
MBT
WFOUBKBT
EF
FYUSBD
DJØO
EFM
DBMPS
EFM
DPPM
UVCF
$VMUJWP
EF
$BSBNFMJDF
DPO
MPT
ÞMUJNPT
BWBODFT

1BTFP
$BOOÈCJDP
QPS
*OUFSOFU

OPWFEBEFT
Z
DPNQSBT
VO
MPUF
DPNQMFUP
DPO
UPEBT
MBT
WBSJFEB $MVC
QBSB
QSFHVOUBT
Z
DPNQBSUJS

&O
4PGU
4FDSFUT
&TQB×B
FTUBNPT
POMJOF
DPO
OVFTUSP
CMPH
EJTQPOJ EFT
EF
&WB
4FFET
Z
QBSB
MB
HBOBEPSB
DPOPDJNJFOUPT
TPCSF
TVT
QSPEVDUPT

BEFNÈT
EFM
MPUF
EF
TFNJMMBT
VO
QSFNJP
EF
BCPOP
5FSSB
FM
"RVB
QBSB
IJESP
CMF
FO
XXXTPGUTFDSFUTFT
Z
OVFTUSP
'BDFCPPL

4QBJO4PGU4FDSFUT
Z
EF
NJM

&6304


QØOJDPT
Z
NÈT
DPTBT
DPNP
FM
IZESP
P

4PGU4FDSFUT

Z
5XJUUFS
4PGU4FDSFUT#MPH


DPO
NVDIPT
BNJHPT

DPN MPT
BEJUJWPT
#JPDBOOB
QPS
FM
DPOUSBSJP

QBSUJFOEP
Z
DPOPDJÏOEPOPT
RVF
EF
FTP
TF
USBUBO
MBT
SFEFT
TPDJBMFT
.ÈT
BMMÈ
EF
FTUB
DPOWPDBUPSJB
OPT
HVTUØ
TV
NÈT
TFODJMMB
XFC
UJFOF
GPUPT
BMHVOB
OPUJDJB
Z
MBT
OVF
5F
JOWJUBNPT
B
QBSUJDJQBS
EF
OVFTUSP
DBOBM
EF
:PV5VCF
EF
WÓEFPT
WBT
WBSJFEBEFT
EFM

DPNP
MB
+BNBJDBO
(SPX
4PMVUJPOT
QBSB
QSPGFTJPOBMFT
DPNQBSUJFOEP
UVT
WJEFPT
QPS
'BDFCPPL
Z
UPEB
NVFTUSB
EF
JNBHFO
%SFBN

"TPNCSBO
TVT
NVDIPT
QVOUPT
-B
XFC
EF
FTUB
EJTUSJCVJEPSB
FT
TPMP

EF
WFOUB
Z
EJTUSJCVJEPSFT
FO
&TQB×B
6,
QBSB
QSPGFTJPOBMFT
EF
GPSNB
RVF
QBSB

BSUÓTUJDB
P
EJTF×P
BSUF
DBOOÈCJDP
QBSB
OVFTUSB
QSØYJNB
HBMFSÓB
-B
*UBMJB
4VJ[B
Z
&TQB×B
&M
TFHVJNJFOUP
QPEFS
WFSMB
FO
TV
UPUBMJEBE
IBZ
RVF

JEFB
FT
QSFNJBS
B
MPT
NFKPSFT
3VUI
7 EF
WBSJFEBEFT
FT
FOMB[BEP
BM
GPSP
EF
MB
FTUBS
SFHJTUSBEP
DPNP
UJFOEB
0GSFDF

NBSJIVBOB
Z
FTQFSFNPT
QSØYJNBNFOUF
B
QBSB
FM
DPNFSDJBOUF
VO
DBUBMPHP
NVZ

&T
QPS
FTP
RVF
DPNP
FTUBNPT
NVZ
DJCFS
EF
FOWÓP
HSBUJT
&O
OPWFEBEFT
UBN OVFTUSP
4PGU
4FDSFUT
#MPH BNQMJP
QBSB
IBDFS
TVT
QFEJEPT
Z
BCP
FO
FTUF
OÞNFSP
EFDJEJNPT
IBDFS
VO
QBTFP
CJÏO
UJFOFO
VO
QBDL
DPMFDDJPOJTUB
EF
OPT
SFGSJHFSBEPT

DBOOÈCJDP
QPS
*OUFSOFU
QBSB
JOTQFDDJPOBS
TVT
OVFWBT
WBSJFEBEFT
%PVCMF
8IJUF
"EWBODFETFFETDPN
UF
FOWÓB
B
EPOEF

MBT
QÈHJOBT
XFC
EF
JNQPSUBOUFT
P
MBT
4XFFU
$IFFTF

Z
4OPX
'SVJU
P
TFJT
RVJFSBT
Z
IBTUB
TF
QVFEF
QBHBS
FO
/JSWBOBOM
TJFNQSF
EF
SFCBKBT
Z
EFT
NFKPSFT
FNQSFTBT
DBOOÈCJDBT
&T
DPNP
TFNJMMBT
QPS
DVBSFOUB
Z
DJODP
FVSPT
1BZ1BM DVFOUPT
NBZPSJTUBT
TBMJS
EF
DPNQSBT
QFSP
POMJOF
)BZ
SFCBKBT
4PMBNFOUF
IBDFNPT
FOWÓPT
B
&TQB×B
-B
XFC
EF
MPT
RVF
UJFOFO
MB
QMBOUB
+BDL
-P
DBSBDUFSÓTUJDP
EF
MB
XFC
FT
MB
DPMPSJEB

EFTDVFOUPT
DPODVSTPT
EFTDBSHBT
QBDL
*UBMJB
*OHMBUFSSB
4VJ[B
)PMBOEB
)FSFS
FOUSF
PUSBT
DPNP
MB
$SJUJDBM
MB
#MBDL
UJFOEB
EF
/JSWBOB
DPO
SFCBKBT
MPT
WJFSOFT

EF
DPMFDDJPOJTUBT
Z
IBTUB
BQMJDBDJPOFT
"VTUSJB $BOBEÈ
*SMBOEB
Z
MB
3FQÞCMJDB
%JFTFM
P
WBSJBT
BVUPGMPSFDJFOUFT
QPS
TFJT
Z
EFTDVFOUPT
QPS
QBRVFUF
1PS
FKFNQMP

QBSB
NØWJMFT
&OUÏSBUF
EF
RVJÏO
PGSFDF
Z
$IFDB
/PT
HVTUØ
RVF
TF
QVFEBO
EFT V
PDIP
FVSPT
TØMP
BDFQUBO
SFFNCPMTP
VOB
.BTUFS
,VTI
EF
EJF[
TFNJMMBT
TPO
EJF
FOWÓB
B
EØOEF
DØNP
Z
B
DVÈOUP
DBSHBS
GPUPT
MPHPT
FUD QBSB
&TQB×B
1PSUVHBM
"MFNBOJB

'SBODJB
DJTJFUF
FVSPT

4ØMP
WFOEFO
BM
QPS
NBZPS

3FJOP
6OJEP
"VTUSJB
Z
4VJ[B
DPNP
TJ
GVFSB
Z
UJFOFO
UJFOEB
BCJFSUB
BM
QÞCMJDP
FO
MB

"UBNJDPN
NPMP
NPHPMMØO -PT
$IJDPT
EF
4XFFU
4FFET
FTUÈO
NVZ
QPDP

"MHP
EFTUBDBCMF
EF
MB
XFC
FT
RVF
NFDB
ZB
TBCFO
"NTUFSEBN
&T
NVZ
QSP
/PT
FODBOUØ
RVF
FO
EFTDBS DPOFDUBEPT
B
MPT
GPSPT
EF
*OUFSOFU
FTUF
BDFQUB
JOHSFTP
USBOTGFSFODJB
Z
1BZ1BM

HBT
P
EPXOMPBE
UF
QVFEFT
EFTDBSHBS
B×P
IBO
PSHBOJ[BEP
VO
DPODVSTP
EF
JNQSFTDJOEJCMF
QBSB
MPT
RVF
DPNQSBNPT
2VJDLHSJOEFSDPN
DPNP
VOBT
GJDIJUBT
Z
UBCMBT
QPS
TFNBOBT
TFHVJNJFOUPT
FO
EJWFSTPT
GPSPT
DPO
FOUSF Z
QBHBNPT
FO
*OUFSOFU


:
TF
TVQPOF
RVF
-B
QÈHJOB
EF
MPT
HSBOEFS
RVF
TF
WBDJBO

QBSB
MP
RVF
UJFOFT
RVF
JS
QPOJÏOEPMF
FO
HB
EF
QSFNJPT
FO
MB
SFDJFOUF
)JHIMJGF
EF
QPS
DPSSFP
FOWÓB
B
DVBMRVJFS
QBÓT TPMPT
DPO
BCVOEBOUF
JOGPSNBDJØO
EF
FTUF

DBOUJEBEFT
Z
UJFNQP
B
MB
QMBUB
FTP
TÓ
FO
«NTUFSEBN
$PO
QSFNJPT
DPNP
VO
WJBKF
JOHFOJP
IJTQBOP

JOHMÏT
QPS
BIPSB
"MVDJOB
DPNP
QVFEFT
B
MB
)JHIMJGF
B
HBTUPT
QBHBEPT
NFSFDF
MB
0USB
DPTB
JOUFSFTBOUF
FT
RVF
QVFEFT
SFB
WFS
FO
FM
NBQB
RVF
WFOEFO
FO
UPEPT
QFOB
BQVOUBSTF
B
FTUPT
DPODVSTPT
MJ[BS
VOB
DPOTVMUB
QJODIBOEP
FO
RVF
DBEB
)FTJOM
BUÓQJDB
MPT
DPOUJOFOUFT
EFM
NVOEP
:
FT
RVF
FM
VOB
EF
TVT
WBSJFEBEFT
SFMMFOBOEP
VO
GPS 4V
HSÈGJDB
DPO
VOB
SBOJUB
FT
HSBDJPTB
Z

GFSUJMJ[BOUF
0OF
QBSU
FT
CBSBUP
GÈDJM
EF
&WBTFFETDPN
CVTDB
TV
DIJDB
i&WBw
NVMBSJP PGSFDFO
IBTUB
VO
KVFHVJUP
POMJOF

%JDFO

VTBS
Z
FGFDUJWP &M
CBODP
EF
TFNJMMBT
IB
JOJDJBEP
VOB
DBN IVNJMEFNFOUF
VOB
FNQSFTB
FO
FYQBO
QB×B
RVF
IBTUB
GJOBMFT
EF
OPWJFNCSF
#JPDBOOB
Z
$BOOBFT TJØO
QFSP
MPT
UÓPT
EJTUSJCVZFO
IBTUB
FO

4XFFUTFFETFT

QSÈDUJDB
Z
DPO
WFOUBKBT CVTDBSÈ
MB
NPEFMP
QBSB
TV
OVFWB
QVCMJ -B
XFC
EF
$BOOB
FT
FTQFDUBDVMBS
UJFOF
+BQØO
P
*TSBFM
{TF
JNBHJOBO
VO
BTJÈUJDP

5PEBT
MBT
WBSJFEBEFT
EF
4XFFU
4FFET
DJEBE
EFM

-BT
DBOEJEBUBT
EFCFSÈO
DBMDVMBEPSB
EF
GFSUJMJ[BOUF
QBSB
DBM GVNBEP
$IJTUF
PCWJP

TPO
FTQFDJBMNFOUF
EVMDFT
BSPNÈUJDBT
FOWJBS
GPUPT
B
DIJDBFWB!FWBTFFETDPN
DVMBS
BHVB
DPOEVDUJWJEBE
Z
MB
EPTJT

Z
BHSBEBCMFT
BM
QBMBEBS
1FSP
FT
RVF
Z
UFOFS
TVFSUF JEFBM
*OGP1BQFST
DPO
JOGPSNBDJØO
TPCSF
#JPOPWBOM
EFTHMPTF
EF
QSPEVDUPT
Z

BEFNÈT
EF
TFNJMMBT
MB
UJFOEB
POMJOF
FYQFSUPT
TPCSF
DVMUJWP
5BNCJÏO
FM
DPOTFKPT
EF
BQMJDBDJØO
PGSFDF
EF
UPEP

1PS
DBEB
QFEJEP
TVQF &O
MB
QSØYJNB
GFSJB
4QBOOBCJT

TF
#PMFUÓO
*OGPSNBUJWP
VOB
TFSJF
EF
GPMMF /P
UJFOF
UJFOEB
POMJOF
DPNP
MB
NBZPSÓB

SJPS
B
DJODVFOUB
FVSPT
UF
SFHBMBO
TFNJ DFMFCSBSÈ
MB
GJOBM
FOUSF
MBT
EJF[
DIJDBT
UPT
TPCSF

MBT
FOGFSNFEBEFT
DBSFODJBMFT
EF
GBCSJDBOUFT
EF
OVUSJFOUFT
QFSP
TJ

MMBT
HSBUJT
VOB
DBNJTFUB
Z
MPT
DPTUPT
TFMFDDJPOBEBT

1BSB
MBT
GJOBMJTUBT
IBCSÈ
NÈT
DPNVOFT
EF
MB
QMBOUB
EF
DBOOBCJT
EFTHMPTF
EF
QSPEVDUPT
DPO
TVT
DPO
TFKPT
EF
BQMJDBDJØO
UJQP
FTRVFNB
-BT

CPUFMMBT
WFSEFT
EF
#JPOPWB
TPO
VO
DMÈ
TJDP
EFM
NFSDBEP
FTQB×PM
5JFOFO
VOB

HBNB
NVZ
BNQMJB
RVF
JODMVZF
GFSUJMJ
[BOUFT
QBSB
UPEBT
MBT
OFDFTJEBEFT
Z
TJT
UFNBT
EF
DVMUJWP
-B
XFC
FTUÈ
FO
WBSJPT

RVF
EJHP
NVDIPT
JEJPNBT

#JPCJ[[OM
QBUSPDJOBEPS
RVFSJEP
6OB
EF
MBT
HSBOEFT
CB[BT
EF
#JPCJ[[

FT
RVF
TVT
QSPEVDUPT
TPO
UPUBMNFOUF

OBUVSBMFT
UBM
Z
DPNP
EFNVFTUSBO
DPO

MPT
DFSUJGJDBEPT
0.3*
Z
FM
$POUSPM
6OJPO

$FSUJGJDBUJPOT
&M
"MM
.JY
FT
VOP
EF
TVT

QSPEVDUPT
FTUSFMMB
&TUF
TVTUSBUP
EF
DVM
UJWP
FT
VOP
EF
MPT
NÈT
RVFSJEPT
FOUSF
MPT

DVMUJWBEPSFT
EF
MB
QFOÓOTVMB
"EFNÈT
TF

MFT
BQSFDJB
QPSRVF
QBUSPDJOBO
FWFOUPT

DPNP
MB
"MBDBOOBCJT
$VQ

P
&YQPTVS

DPNP
TF
QVFEF
MFFS
FO
TVT
OPUJDJBT

)FN1BTJPODPN
VOB
EJTUSJCVJEPSB

NVZ
DPNQMFUJUB
0USB
EJTUSJCVJEPSB
EF
HSBOEFT
NBSDBT
Z

IFSNPTBT
DBNJTFUBT
RVF
NFSFDF
MB
QFOB

$BMDVMBEPSB
QBSB
NØWJMFT
FO
MB
QÈHJOB
XFC
EF
"EWBODFE
/VUSJFOUT &WB
4FFET
CVTDB
TV
DIJDB
&WB WFS
-MFWBO
4BNTBSB
4FFET

%FMJDJPVT
Z

 

"OJNBDJØO
GMBTI
DPO
MB
SBOJUB
EF
MPT
GFSUJMJ[BOUFT
)FTJ 0GFSUB
EF
USBCBKP
FO
*CJ[B
FO
MB
XFC
EF
.BHJD
5SVGGMFT

8PSM
PG
4FFET
BQBSUF
EF
MB
QBSBGFSOBMJB
NBZPSJTUBT
EF
NBSDBT
DPNP
$BOOB
MPT
DVMUJWBEPSFT
UFOÓBO
EPT
PQDJPOFT
QBSB
4VT
OVFWBT
WBSJFEBEFT
EF
FTUF
B×P
TPO
MB

Z
EFNÈT
BSUÓDVMPT
EF
DVMUJWP %VUDI
1BTTJPO
%JOBGFN
.FEJDBM
4FFET
B×BEJS
$0
FO
TVT
JOWFSOBEFSPT
UBORVFT
)BNNFS)FBE
MB
.BMBLPGG
MB
/P
/BNF
Z

#"$
1SJNB
,MJNB
/PT
FOUFSBNPT
QPS
EF
$0
P
HFOFSBEPSFT
"NCPT
UJFOFO
TVT
MB
%FWJM
'SVJU
1BSBEJTFTFFETDPN
QÈHJOB
DPNVOJUBSJB 'BDFCPPL
RVF
IBO
JODPSQPSBEP
B
TV
EFTWFOUBKBT
MPT
UBORVFT
TPO
TPTQFDIPTPT

5BNCJÏO
DPO
UJFOEB
POMJOF
Z
BMHV DBUÈMPHP
OVFWPT
QMÈTUJDPT
SFGMFDUBOUFT
Z
QFTBEPT
NJFOUSBT
RVF
MPT
HFOFSBEPSFT
%FMJDJPVTTFFETDPN
TJUJP
FDPMØHJDP
Z
VO

OPT
DPOTFKPT
CÈTJDPT
EF
DVMUJWP
QBSB
-JHIUJUF
%JBNPOE
-JHIUJUF
4JMWFS
Z
EFM
EF
SFRVJFSFO
VOB
MMBNB
FODFOEJEB
Z
QSPEV QPDP
QTJDPEÏMJDP
TVT
WBSJFEBEFT
DPNP
4FOTJ
4UBS
Z
EPCMF
DBQB
CMBODP
Z
OFHSP DFO
DBMPS 5JFOFO
FM
TJUF
BMPKBEP
FO
VO
DFOUSP
EF

%FMBIB[F
UJFOF
GPUPT
EF
DVMUJWBEPSFT

EBUPT
FDPMØHJDPT
UBNCJÏO
DPNP
FO

GPUPT
EF
TV
QSFTFODJB
FO
FYQPTJDJP #BSOFZTGBSNDPN
{EØOEF
OP
WFOEF  $0#PPTU
FT
VO
HFOFSBEPS
EF
$0
%JOBGFN
TF
QVFEF
CBKBS
TV
DBUÈMPHP
POMJ
OFT
DPNP
MB
)JHIMJGF
Z
QBDL
EF
TFNJ 7FOEF
B
3VTJB
"VTUSJB
$BOBEÈ
3FQÞCMJDB
OBUVSBM
RVF
QSPWFF
B
MB
[POB
EF
DVMUJWP
OF
Z
DPNP
OPWFEBE
UJFOFO
UJFOEB
POMJOF


MMBT
EFTEF
DVBSFOUB
FVSPT
BTÓ
DPNP
$IFDB
%JOBNBSDB
*SMBOEB
*TSBFM
*UBMJB
EF
VO
TVNJOJTUSP
DPOUJOVP
EF
$0
TJO
5JFOFO
QBDLT
EF
TFNJMMBT
NVZ
CBSBUJUPT

TFNJMMBT
BQUBT
QBSB
VTP
NFEJDJOBM

4F
1BÓTFT
#BKPT
&TMPWFOJB
&TQB×B
4VJ[B
QFTBEBT
CPUFMMBT
EF
HBT
DBMPS
IVNFEBE
QPS
FKFNQMP
USFT
QPS
RVJODF
FVSPT
-PT

QVFEF
QBHBS
QPS
USBOTGFSFODJB

P
FO
6DSBOJB
Z
FM
3FJOP
6OJEP
4VT
HBOBEPSBT
P
MMBNBT
FODFOEJEBT
4V
)PSUJDVMUVSB
FOWBTFT
EF
TFNJMMBT
HJSBOEP
FO
VO
GMBTI

FGFDUJWP
-B
BEWFSUFODJB
EF
RVF
OP
TPO
7BOJMMB
,VTI
-4%
Z
"DBQVMDP
(PME
:
UÏDOJDB
BCBSDB
IFSSBNJFOUBT
Z
BDDFTP TMJEFTIPX
UF
EFKBO
VO
QPDP
MPDB
BDFQUBO
NPOFEBT
FO
FM
TPCSF
EF
MB
UJFOFO
OVFWBT
DPNP
MB
1JOFBQQMF
$IVOL
P
SJPT
SJFHP
TVTUSBUPT
USBUBNJFOUPT
EF

DBSUB
FT
GSBODBNFOUF
EJWFSUJEB
{IBCSÈ
MB
'MPXFS
1PXFS
-B
XFC
FT
PSHÈOJDB
Z
FO
PMPSFT
MVDIB
CJPMØHJDB
FUD #VEEIB4FFET#BOLDPN
NÞTJDB
DIJMM
PVU
GVNPOFT
RVF
IBZBO
JOUFOUBEP
QBHBS
MPT
JDPOPT
EF
BSSJCB
QSFTFOUB
BMHVOPT
DPO #VEEIB
4FFET
#BOL
QSFTFOUB
EPT
OVFWBT

DPO
NPOFEBT
QPS
DPSSFP  TFKPT
"QBSUF
BM
TFS
WFOUB

B
EJTUSJCVJEPSFT
.FEJDBMTFFETOFU
SPKP
FOGFSNFSB
TFYZ WBSJFEBEFT
2VBTBS
Z
MB
OVFWB
BVUPGMPSF
OP
PGSFDF
NVDIB
JOGPSNBDJØO
0KP
RVF
5JFOF
VOB
NVZ
QSÈDUJDB
Z
DPNQMFUB
QÈHJ DJFOUF
%FJNPT

Z
ZB
QVFEFT
QBHBS
DPO

%JOBGFNTFFETDPN
NVZ
B
MB
ÞMUJNB EFTEF
FM
TBGBSJ
OP
GVODJPOB
FM
DPOUBDUP
OB
DPO
TVT
QBDLT
EF
TFNJMMBT
NFEJDJOBMFT

UBSKFUB
EF
DSÏEJUP
$PO
EPT
QBRVFUFT
EF

-PT
EF
%JOBGFN
MB
UJFOFO
DMBSB
FO
QFSP
UJFOFO
IBTUB
PGFSUBT
EF
USBCBKP 4V
$IBOOFM
HBOØ
FM
QSJNFS
QSFNJP
EF
MB
8IJUF
%XBSG
3FHVMBS
P
'FNJOJ[BEB

UF

*OUFSOFU

6OB
QÈHJOB
DPPM

DPO
GPSPT

4QBOOBCJT

FO
MB
DBUFHPSÓB
FYUSBD PGSFDFO
MPT
HBTUPT
EF
FOWÓP
HSBUJT
MJCSPT
EF
WJTJUBT

UJFOEB

Z
QPS
TVQVFTUP
)PSUJUFDFT
B
GVMM
DPO
FM
$0#PPTU DJØO
5BNCJÏO
HBMFSÓBT
Z
DPOTFKPT
QBSB
MB

TV
GBNPTB

Z
HBOBEPSB
EF
DPQBT
.PCZ
%JTUSJCVJEPS
TPMP
QBSB
QSPGFTJPOBMFT
P
FYUSBDDJØO
EF
IBDIÓT

"EFNÈT
EF
QSPT 3PZBMRVFFOTFFETDPN
RVF
NPOBEB

%JDL

/P
WFOEFO
QPS
VOJEBE

Z
MPT
UJFOEBT
BOVODJB
FO
TV
QÈHJOB
FM
MBO[B QFDUP
QBSB
FM
VTP
UFSBQÏVUJDP
/PT
HVTUØ
EF
MPHP
QBRVFUFT
EF
USFT
TFNJMMBT
WBO
EF
WFJOUF
NJFOUP
EFM
$0#PPTU
%VSBOUF
FTUPT
B×PT
RVF
FO
MBT
WBSJFEBEFT
JOEJRVF
FM
FGFDUP
&OWÓBO
B
#ÏMHJDB
$BOBEÈ
%JOBNBSDB

Z
EPT
FVSPT
B
USFJOUB
Z
TFJT
0GSFDFO

VOB
DBKJUB
NVZ
NPOB
EF
DPMFDDJPOJT
UB
DPO
TFJT
TFNJMMBT
RVF
TFSÓBO
EPT

3PBE3VOOFS
EPT
$IFFTF
Z
EPT
8IJUF

4JCFSJBO
QPS
DJODVFOUB
Z
DVBUSP
FVSPT

1VFEFT
CVTDBS
UV
OVFWB
OJ×B
QPS
DPN

QPTJDJØO
5)$
$#%
BMUVSB
FO
FYUFSJPS
Z

QSFDJP
BOUFT
EF
IBDFS
VTP
EFM
DBSSJUP
/PT

FODBOUBSPO
TVT
CMPHT
DPO
EJBSJPT
EF
DVMUJ
WP
Z
DPOTFKPT
P
HBMFSÓBT
EF
GPUPT

1MBHSPOOM
FYQBOEJFOEP
QPS
&VSPQB
5JFOFO
VOB
4FFE
#PY

Z
VOP
)ZESP
1BDLT

EF
MPT
RVF
QSPNFUFO
DPMHBS
JOGPSNBDJØO

QSPOUP
$POPDJEB
FT
TV
DBKJUB
EF
5PQ
(SPX

DPO
TVT
DPODFQUP
EF
UJFSSB
Z
DPDP
BEFNÈT

EF
TVT
GFSUJMJ[BOUFT
CJP
NJOFSBMFT
FTUJNV
MBEPSFT
PSHÈOJDPT
MÓRVJEPT
DPSSFDUPSFT

EF
DBSFODJBT
BEJUJWPT
Z
TVCTUSBUPT
5JFOFO

NVDIPT
QVOUPT
EF
WFOUB
DPNP
NVFTUSB
FM

NBQB
TPCSF
UPEP
FO
&VSPQB

%JPTBQMBOUBDPN
B×BEF
SFGMFDUBOUFT
&T
VOB
EJTUSJCVJEPSB
B
UJFOEBT
EF
TFNJ 4JTUFNB
EF
BGJMJBDJØO
POMJOF
FO
MB
QÈHJOB
XFC

MMBT

QBSBGFSOBMJB

TPO
EJTUSJCVJEPSFT
EF
,BOOBCJB 3FCBKBT
MPT
WJFSOFT
FO
FM
TJUF
EF
/JSWBOB

%& 1XWULHQWVΠHVWi FRQIRUPDGR GH FRPSR
QHQWHV SURYHQLHQWHV GH VDOHV PLQHUDOHV GH DOWD
FDOLGDG GH JUDGR WpFQLFR \ DOLPHQWLFLR FRQ
IRUPXODV HVWDEOHV \ EDODQFHDGDV TXH SURGXFHQ
QLYHOHVEDMRVGHDFXPXODFLyQGHVDOHVHQORVVLV
(OPDOHWLQGHLQLFLDFLyQ/DUHFHWDGHOp[LWR6WDUWHU.LW/5'(HVLGHDO
SDUDHOMDUGLQHURLQH[SHUWR\HOH[SHULPHQWDGRSRULJXDO(VWHPDOHWLQHVFRQWHQLGRSRUGLH]
SURGXFWRVH[FHSFLRQDOHVTXHLQFOX\HQWRGRORQHFHVDULRSDUDOOHYDUDDVXMDUGtQSRUHOFD
PLQRGHOH[LWR/DUHFHWDGHOp[LWR6WDUWHU.LWFRQVWDGHPOGH%&%ORRP%&%RRVW\
%&*URZPOGH7KULYH$OLYH%5RMR\7KULYH$OLYH%9HUGHPOGH$ZHVRPH
%ORVVRPVPOGH0DJL&DOPOGH6XJDU'DGG\POGH5RRWJUDPRVGH
5RRWHFK*HOGH&ORQDFLyQ\ODFXDUWLOODFRQIDPRVDUHFHWDSDUDHOp[LWRGHPH]FODGH
QXWULHQWHV/D5HFHWDPXHVWUDODFyPRXWLOL]DUFRQp[LWRORVQXWULHQWHVHQFRQMXQWR
SDUDHOPi[LPREHQH¿FLRGHVGHODVHWDSDGHFORQDFLyQDWUDYpVGHODHWDSDYHJHWD
WLYDKDVWDODGHÀRUDFLyQ
5227 ΠHV XQD PH]FOD
GH QXWULHQWHV RUJi
QLFRV FRPSXHVWD SRU
7KULYH $OLYH %Π5RMR \ 7KULYH $OLYH
H[WUDFWR GH DOJDV
%Π9HUGHVHSXHGHQXVDUFRPRURFLDGRIR
PDULQDV PLFURPLQH
OLDU \ UDGLFXODU HVWD DGHFXDGR SDUD WRGR WLSR
UDOHV \ GLVDFiULGRV
GHVXVWUDWRV(VWLPXODHOFUHFLPLHQWRGHOWDOOR
3URPXHYHHOGHVDUUR
EURWHV\UDt]1RDOWHUDORVQLYHOHVGH3+7KUL
OOR GH XQ VLVWHPD UDGLFXODU ELHQ EDODQFHD
YH$OLYH %Π5RMR HVWi FRPSXHVWR GH WUHV
GRVLHQGRpVWHHOHOHPHQWRIXQGDPHQWDOHQ
YDULHGDGHVGHDOJDViFLGRVK~PLFRV\YLWDPL
HOFUHFLPLHQWR\UHQGLPLHQWRJHQHUDOGHOD
QD%WDPELpQQXWULHQWHVGHVDOHVPLQHUDOHV
SODQWD$OPRPHQWRGHWUDVSODQWDUSURSLFLD
DGHPiV GH XQD KRUPRQD GH FUHFLPLHQWR VLQ
HOHVWDEOHFLPLHQWRGHSOiQWXODV\HVTXHMHV
WpWLFD\UHJXODGRU7KULYH$OLYH%Œ9HUGH
WHPDV\HVWDIRUPXODGRQRDPRUWLJXDGRSDUD
PLQLPL]DUODÀXFWXDFLyQ
0DJL&DOΠHV XQD IyUPXOD IHUWLOL]DQWH VXSOH
PHQWDULD DOWDPHQWH FRQFHQWUDGD IRUPDGD SRU
FRPSRQHQWHVGHVDOHVGHPDJQHVLR\FDOFLRGH
PD\RU VROXELOLGDG \ GLVSRQLELOLGDG DVt FRPR
TXHODWRGHKLHUURHQIRUPD('7$6HLQFRUSR
UDIiFLOPHQWHDXQSURJUDPDGHIHUWLOL]DFLyQHV
DOWDPHQWHVROXEOH\TXtPLFDPHQWHHVWDEOH(VWL
PXODODSURGXFFLyQ\OLEHUDFLyQGHDFHLWHVHVHQ
FLDOHVPHMRUDQGRODIUDJDQFLDVDERU\¿UPH]D
GHIUXWDV\ÀRUHV
\DTXHHVWLPXODHOGHVDUUROORGHUDtFHV
$ZHVRPH %ORV
VRPVΠHV XQD
IyUPXOD GH ÀR
UDFLyQ DOWDPHQ
WH FRQFHQWUDGD
FRPSXHVWD SRU
FRPSRQHQWHV GH VDOHV PLQHUDOHV GH JUDGR
WpFQLFR\DOLPHQWLFLR(VSHFt¿FDPHQWHHVWD
IyUPXODFRQWLHQHVDOHVGHIRVIDWRGHVROXEL
OLGDG VXSHULRU \ GLVSRQLELOLGDG FRPR WDP
ELpQPLFURQXWULHQWHV\iFLGRVK~PLFRVTXH
SHUPLWHQ XQD PHMRU DEVRUFLyQ GH ORV DOWRV
QLYHOHVGHVDOHV6HLQFRUSRUDIiFLOPHQWHHQ
XQ SURJUDPD GH IHUWLOL]DFLyQ (VWLPXOD OD
SURGXFFLyQ\OLEHUDFLyQGHDFHLWHVHVHQFLD
OHVPHMRUDQGRODIUDJDQFLDVDERU\¿UPH]D
HQSODQWDVIUXWDV\ÀRUHV$XPHQWDODFDQ
WLGDGGH]RQDVHQÀRUDFLyQ\ODSURGXFFLyQ
GHODFRVHFKD
5RRWHFK&ORQLQJ*HOΠHVHOJHOFOyQLFRPiVIXHUWHGHOPHU
HVWD FRPSXHVWR GH WUHV YDULHGDGHV GLIHUHQWHV
GHDOJDViFLGRVK~PLFRV\YLWDPLQD%
6XJDU'DGG\Œ
HV XQD IyUPXOD
~QLFDVXSOHPHQ
WDULD GH QXWULHQ
WHVIRUPDGDSRU
FRPSRQHQWHV GH JUDGR WpFQLFR \
DOLPHQWLFLRFRQXQDURPDVXDYHFRQWLHQHKL
GUDWRVGHFDUERQRHQIRUPDGHD]~FDUHVVDOHV
PLQHUDOHVYLWDPLQDVKLHUUR\WRGRVORVDPL
QRiFLGRV QHFHVDULRV SDUD OD VtQWHVLV SURWHLFD
$OWDPHQWH VROXEOH \ TXtPLFDPHQWH HVWDEOH
QR VH DVRFLDUi FRQ RWURV QXWULHQWHV HQ VROX
FLyQVLQDOWHUDUFRQVLGHUDEOHPHQWHORVQLYHOHV
GH (&  0D[LPL]D HO SRWHQFLDO ELRJHQpWLFR
VXPLQLVWUDQGRSUHFXUVRUHVSDUDXQIXQFLRQD
PLHQWR PHWDEyOLFR VDOXGDEOH ,QFUHPHQWD HO
VDERU\DURPDGHSODQWDVIUXWDOHV\GHÀRU
FDGRDFRQFHQWUDFLyQGHDFLGRLQGROEXWtULFR$,%GHJUDGR
WpFQLFR5RRWHFKŒHVXQDIRUPXODHVSHVD\ULFDTXHQRVHGHVSHJD
DSHVDUGHOULHJR&RQWLHQHXQFRPSOHPHQWRGHYLWDPLQDV\PLQH
UDOHVVHSXHGHGLOXLUHQDJXD\XVDU
HQPDTXLQDVGHSURSDJDFLyQ
 
ZB
TBCFT
5BNCJÏO
IBZ
PUSBT
PQDJPOFT

DPNP
'VOLZ.VOLFZOM

(SFFOMJGFTFFETDPN
FO
EØMBSFT
Z
DPO

UBSKFUB
EF
DSÏEJUP
(FOÏUJDB
DBOBEJFOTF
TV
QÈHJOB
BEFNÈT
EF

TFNJMMBT
PGSFDF
WJEFPT
Z
BSUÓDVMPT
7FOEFO

QBDLT
EF
EPDF
TFNJMMBT
QPS
OPWFOUB
EØMB
SFT
FO
TV
UJFOEB
POMJOF
4F
TVQPOF
FTUÈO

EJTQPOJCMFT
QPS
UPEP
FM
NVOEP
TF
QVFEF

QBHBS
DPO
UBSKFUB
EF
DSÏEJUP
Z
UJFOFO
FTQF
DJBMJEBEFT
NFEJDJOBMFT

4QFDJBMNJYOM
FUJRVFUB
EF
PSP
4F
DPOTJEFSB
FO
TV
XFC
FUJRVFUB
EPSB
EB
P
MPT
NFKPSFT
TVTUSBUPT
QBSB
DVMUJWP

IJESPQØOJDP
%JTUSJCVZFO
FO
&VSPQB
Z

&UJRVFUB
EPSBEB
FO
MB
XFC
EF
4QFDJBM
.JY 1BDL
Z
DBKJUB
EF
EJTF×P
NPEFSOJTUB
EF
5FDIOBGMPSB /PSUF
"NÏSJDB
FO
&TQB×B
)PSUJUFD
TØMP

FTUÈ
FO
JOHMÏT

'JOMBOEJB
'SBODJB
(SFDJB
*SMBOEB
*UBMJB
NVDIPT
EF
MPT
RVF
QSFGJFSFO
QSFQBSBS
1ZSBNJE4FFETDPN %VUDIQSPOM

:VHPTMBWJB
4FSWJB
$SPBDJB
-JUVBOJB
MB
UJFSSB
NBESF
Z
QMBOUBS
EJSFDUBNFOUF
4J
WFOEFO
TFNJMMBT
TVFMUBT
EF
WBSJFEBEFT
/PT
HVTUB
QPEFS
QJODIBS
FO
MBT
CPUFMMJUBT

"VTUSJB
1PMPOJB
1PSUVHBM
&TMPWFOJB
&M
QSPEVDUP
QSJODJQBM
EF
(VBOPLBMPOH
DPNP
TV
TFMFDDJØO

+BDL
)FSFS
Y
)B[F
FO
MB
WFSEFT
Z
EFTDVCSJS
TVT
GFSUJMJ[BOUFT
NVZ

3FJOP
6OJEP
4VJ[B
FOUSF
PUSPT
QBÓTFT
FT
FM
HVBOP
EF
NVSDJÏMBHP
EF
BMUB
DBMJ -FOOPO
RVF
UF
FOTF×BO
DPNP
DVMUJWBS
:
FTQFDÓGJDPT
QBSB
FM
QI
GPMJBSFT
FUD
5F
QVF
'BDJMJEBEFT
EF
QBHP
QBDL
EF
TFNJMMBT
Z
EBE
SFDPMFDUBEP
FO
*OEPOFTJB
TJ
FOWÓBT
VOB
GPUP
EF
UV
QMBOUBT
FOUSBT
FO
EFT
EFTDBSHBS
FM
EJBHSBNB
EF
DVMUJWP
OP
FO

BMHVOBT
WBSJFEBEFT
HBOBEPSBT
DPNP
MB
TV
DPODVSTP
PQUBOEP
B
HBOBS
MB
DPMFDDJØO
MP
DBOOÈCJDP
QFSP
EJDF
TV
XFC
RVF
MMFWBO

"NOFTJB
)B[F
"EFNÈT
USFT
QPS
WFJOUF
(FOFIUJLDPN
MBT
TFNJMMBT
EF
0SUVF EF
UPEBT
TVT
WBSJFEBEFT
.PMB
RVF
SFDP FO
FTUP
EF
MBT
QMBOUBT
NÈT
EF
WFJOUF
B×PT
FVSPT
OP
FTUÈ
OBEB
NBM -MFWBO
EFTEF
GJOBMFT
EF
MPT
B×PT
NJFOEBO
MB
XFC
EF
MB
TFSJF
QPS
*OUFSOFU

OPWFOUB
NBOUFOJFOEP
WBSJFEBEFT
NVZ
EF
EFTFNQMFBEPT
GVNFUBT
BOEBMVDFT
'FSSPOV
QPUFODJBEPSFT
MJNQJBEPSFT
Z

"EWBODFEOVUSJFOUTDPN
NVDIP
NÈT
FTQFDJBMFT
BVUFOUJDBT
DBNQFPOBT
FO
.BMWJWJFOEP OVUSJFOUFT
RVF
VOB
XFC NVDIPT
DBTPT
4PO
MPT
DIJDPT
WBTDPT
EFM
3FHVMBEPSFT
EF
QI
MJNQJBEPSFT
QPUFO
&TUPT
BCPOPT
DBOBEJFOTFT
WJFOFO
DPO
HSPX
DPO
UJFOEB
POMJOF
0SUVF
5BNCJÏO
%S6OEFSHSPVOEDPN
PGFSUBT
NFOTVB DJBEPSFT
OPSNBMFT
Z
TV
FTQFDJBMJEBE
MPT

DBMDVMBEPSB
EF
OVUSJFOUFT
Z
VOB
QÈHJOB
DPOUBNPT
DPO
FM
MFHBEP
EF
HFOÏUJDB
MFT
Z
FOWÓP
B
UPEP
FM
NVOEP QPUFODJBEPSFT
EF
BOÈMJTJT
FTQFDUBDVMBS
RVF
JODMVZF
MB
EFTDBSHB
EF
DBOBEJFOTF
EF
BMUB
DBMJEBE
EFM
CSFFEFS
5JFOF
PGFSUJMMBT
FO
KVOJP
QPS
FKFNQMP
EPT

VO
EPDVNFOUP
QBSB
IBDFS
DSFDFS
FOPS 45&7&
41*$&
0'
-*'&
4&&%4

HSBDJBT
BM
TFNJMMBT
,JOH
,POH
QPS
RVJODF
FVSPT
5FDIOBGMPSBFT
QSPEVDUPT
Z
VOB
SFDFUB

NFT
DPHPMMPT
-B
DBMDVMBEPSB
QSØYJNB DVBM
JODMVZFO
QMBOUBT
EF
MÓOFB
#-6&
FO
EJTF×P
NPEFSOJTUB
NFOUF
FTUBSÈ
EJTQPOJCMF
QBSB
NØWJMFT
TV
DBUÈMPHP &OWÓBO
B
UPEBT
QBSUFT
EFM
NVOEP
NFOPT
0GSFDF
FO
TV
XFC
TV
QSFDJPTB
DBKJUB
EF

:
QPS
TJ
GVFSB
QPDP
UBNCJÏO
QVFEFT
B
$IJMF
QPS
QSPCMFNBT
DPO
BEVBOB
-PT
EJTF×P
NPEFSOJTUB
DPO
VO
QBDL
EF
EJF[

EFTDBSHBSUF
GPOEPT
EF
QBOUBMMB
DBOOÈ 8PSMEPGTFFETFV
HVÓBT
NÏEJDBT
Z
HBTUPT
EF
FOWÓP
TPO
WBSJBCMFT
TFHÞO
EJTUJOUPT
OVUSJFOUFT
Z
GFSUJMJ[BOUFT
"VORVF

CJDPT
Z
MFFS
BSUÓDVMPT
FO
TV
FODJDMPQFEJB
CPUÈOJDBT DBOUJEBEFT
QBSB
QFEJEPT
TVQFSJPSFT
B
TF
EJTUSJCVZF
FO
&TQB×B
FT
VOB
FNQSFTB

EF
DVMUJWP
IJESPQØOJDP &OUSBT
Z
MFFT
RVF
TPO
VOB
JOTUJUVDJØO
Ƚ
HBTUPT
EF
FOWÓP
HSBUJT

/P
SFDP DBOBEJFOTF
CBTBEB
FO
7BODPVWFS
5JFOF

GPSNBEB
QPS
VO
HSVQP
EF
QFSTPOBT
NJFOEBO
WFOEFS
OVFTUSBT
TFNJMMBT
TVFM UJFOEB
POMJOF
4BNTBSBTFFETDPN
TF
TBMF BNBOUFT
EF
MB
OBUVSBMF[B
Z
EF
MB
DJFO UBT
EF
BIÓ
RVF
MBT
DPNFSDJBMJDFNPT
FO

5JFOF
VOB
XFC
NPEFSOB
DPO
DBUÈMPHP
DJB
RVF
GPSNBNPT
VO
FRVJQP
TVNJEFSP
QBRVFUFT
EF


Z

VOJEBEFT
"MHVOPT
1TZDPEFMJDFDPN
Z
.BHJD5SVGGMFTDPN

FO
QEG
Z
'BDFCPPL

`"SSJCB
&TQB×B
EF
VO
NBS
EF
DVMUVSBT
Z

QSPDFEFODJBT
EF
MPT
OVFWPT
QSPEVDUPT
DPNP
MB
,JMMFS
LJUT
EF
DVMUJWP
EF
TFUBT
NÈHJDBT
OP
QPS
TFS
OBDJPOBMJTUB
QFSP
OVFTUSBT
DPOGPSNBEP
QPS
DVMUJWBEPSFT
FYQFS .JY

ZB
FTUÈO
BHPUBEPT -PT
QSJNFSPT
FO
TV
UJFOEB
POMJOF
EFT
WBSJBT
XFCT
FTQB×PMBT
TVQFSBO
B
MBT
UPT
CJØMPHPT
RVÓNJDPT

GBSNBDÏVUJ UBDBO
MBT
TFUBT
NÈHJDBT
EF
.ÏYJDP

FYUSBOKFSBT
1FSP
FT
RVF
IBTUB
JODMVZFO
DPT
HFOFUJTUBT
Z
UF
RVFEBT
GMJQBEB
3FTJOTFFETOFU
FTUSFOB
XFC P
&DVBEPS
4V
NJOJ
JOWFSOBEFSP
NF

VO
WJEFP
DPSUPNFUSBKF
FO
BOJNBDJØO
4F
JOUFSFTBO
FO
FM
DBOOBCJT
TVT
BQMJDB $PO
OVFWB
XFC
EFTEF
FM

EF
KVOJP
TV
FODBOUB
-PT
TFHVOEPT
WBO
B
BCSJS

HFOJBM

/P
FT
DBSP
UJFOFO
USFT
TFNJMMBT
DJPOFT
ZB
FYJTUFOUFT
DPNP
BOUJFNÏUJDP
$BOOBUPOJD
HBOB
QSFNJPT
Z
DPNP
DVSJP UJFOEB
FO
*CJ[B
QFSP
OP
FTUÈO
FO
FTQB
EFTEF
RVJODF
FVSPT
DPO
TVT
EJWFSUJ Z
BOBMHÏTJDP
FO
NFEJDJOB
QBMJBUJWB
Z
TJEBE
PGSFDFO
UFTU
EF
MBCPSBUPSJP
EF
VO
×PM
TPO

IPMBOEFTFT
Z
QPS
DJFSUP
FTUÈO

EPT
OPNCSFT
&M
"MRVJNJTUB
P
4QJSJUVBM
FO
TVT
QPTJCMFT
BQMJDBDJPOFT
GVUVSBT
JODSFÓCMF

$#%
EF
MB
4QBOOBCJT
CVTDBOEP
QFSTPOBM
QBSB
FTUB
BQFSUVSB

1VOLJ

:
TFHÞO
MB
UJFOEB
FOWÓBO
B
DPNP
QPUFOUF
BHFOUF
BOUJPYJEBOUF
Z
"×BEFO
TVT
NFODJPOFT
FO
QSFOTB
Z
QSØYJ "TÓ
RVF
ZB
TBCFO
UPEP
FM
NVOEP BOUJFTQBTNØEJDP
BEFNÈT
EF
NFODJP NBNFOUF
UFOESÈO
CJP
EF
DVMUJWP
Z
DBOOB
OBS
MPT
SJFTHPT
QSPEVDJEPT
QPS
MPT
VTPT
CJT
NFEJDJOBM ,BOOBCJBFT
FOWÓB
HSBUJT
Z
UF
EB
CPOVT

'MZJOH
EVUDINFODPN
MJCSPT
Z
FODJDMP Z
BCVTPT
DPNP
QMBOUB
SFDSFBUJWB TJ
UF
BGJMJBT
QFEJB
QBSB
DVMUJWP
IJESPQØOJDP CPYFT
FYUSBDDJØO
QBTJWB
IBDJB
FM
5JFOEB
EF
TFNJMMBT
POMJOF
DPO
QMBOFT

7FOEFO
TFNJMMBT
EF
(SFFO)PVTF
&O
GJO
CBODP
EF
TFNJMMBT
DPO
UJFOEB
Z
BOTJBEP
EPCMF
DFSP EF
BGJMJBDJØO
FT
EFDJS
UF
EBO
EJF[
FVSPT

8IJUF-BCFM
%VUDI
1BTTJPO
4FOTJ
4FFET
BIPSB
PGSFDF
VOB
QSPNPDJØO

DMÈTJDB
FM
-B
#09
FT
VOB
DBKB
EF
DFESP
QBSB
QPS
JOTDSJCJSUF
Z
VO

TJ
USBFT
VO

4FSJPVT
4FFET
F
JODMVTP
MJCSPT
QBSB
VTP
``3BTDB
Z
(BOB
*OUSPEVDJFOEP
FM
1*/ DVSBS
MB
NBSJIVBOB
DPO
VOB
NBMMB
FO
BNJHP
&OWÓBO
HSBUJT
B
DVBMRVJFS
QBSUF

NFEJDJOBM $0%&
RVF
FODPOUSBSÈT
FO
TVT
QBDLT
FM
GPOEP
EF
MB
DBKB
RVF
GJMUSB
MPT
USJDP EFM
NVOEP
QVFEFT
HBOBS
EFTEF
VO
QBDL
EF
TFNJ NBT
NÈT
NBEVSPT
EFTQSFOEJEPT
EFM

1PTJUSPOJD4FFETDPN MMBT
EF
DVBMRVJFSB
EF
OVFTUSBT
FTQFDJFT
WFHFUBM
EVSBOUF
FM
DVSBEP
&YUSBDDJØO
#BDPOMJOFOM

1SFNJBEPT
DPNP
FM
NFKPS
CBODP
EF
TFNJ IBTUB
VO
WJBKF
B
"NTUFSEBN
EF
GJO
EF
QBTJWB
P
FM
QSFDJBEP
EPCMF
DFSP

7FOEF
OVUSJFOUFT
NJOFSBMFT
PSHÈOJDPT
Z

MMBT
FO
&YQPDBOOBCJT
4VS
.ÈMBHB

$BUÈMPHP
TFNBOB
QBSB

QFSTPOBT
:
IBTUB
PGSF 5BNCJÏO
VO
IJHSØNFUSP
QBSB
DPOUSPMBS
TVTUSBUPT
FTUJNVMBEPSFT
Z
QPUFODJBEPSFT

POMJOF
Z
MB
OVFWB
WBSJFEBE
$VN
-BVEF
FO
DFO
VO
DBMFOEBSJP
MVOBS
EFTDBSHBCMF
MB
IVNFEBE
KVOUP
DPO
VO
IVNJGJDBEPS

%JWFSTPT
DPNFOUBSJPT
TPCSF
FM
VTP
EF
TVT

IPOPS
BM
EPDUPS
"OUPOJP
&TDPIPUBEP
4V
(VÓB
NÏEJDB

Z
CPUÈOJDB
HFOJBM
Z
UPEP
1PS
BMHP
EFCF
RVFEB
DPNP
FM
NFKPS
QSPEVDUPT

$BSBNFMJDF
UBNCJÏO
HBOØ
FM
TFHVOEP
QSF TPCSF
DBOOBCJT QSPEVDUP
EF
&TQB×B
Z
TFHVOEP
NFKPS

NJP
EF
MB
4QBOOBCJT
 EF
&VSPQB
FO
FM
&VSPQFBO
1SPEVDUT
5PQ;FFQDPN
NBOFSBT
EF
FYUSBFS

,JMMFSCPNCDPN
QBSB
BNBOUFT
EF
CJDIJ "XBSET
EF
MB
)JHIMJGF QPMFO
(VBOPLBMPOHOM
FM
NVSDJÏMBHP UPT
F
JOTFDUPT %FTEF
UBNCPSFT
EF
MJUSPT
QPS
USFT

NJOJNBMJTUB /VFTUSB
EJWFSUJEB
QÈHJOB
EF

JOTFDUPT
Z
,BUTVOM
$PGGFF
4IPQ DJFOUPT
FVSPT
B
EF
NBOP
QPS
RVJODF


%F
XFC
TFODJMMB
FO
MB
HSBO
FTDFOB
ÈDBSPT
EFQSFEBEPSFT
OBUVSBMFT
EF
MPT
-B
QÈHJOB
EFM
QPQVMBS
DPGGFF
TIPQ
FO
5JFOFO
VO
NPEFMP
OVFWP
RVF
GVODJPOB

EF
QPUFOUFT
DPNQB×ÓBT
IPMBOEFTBT
EF
WFDUPSFT
iQMBHBTw
RVF
BGFDUBO
B
UPEP
UJQP
«NTUFSEBN
RVF
PGSFDF
WFJOUF
DMBTFT
DPO
BHVB
Z
IJFMP
-B
XFC
FTUÈ
FO
WBSJPT

GFSUJMJ[BOUFT
VOB
NPEFTUB
DPNQB×ÓB
EF
DVMUJWPT
:P
MBT
QSPCÏ
Z
GVODJPOBO
Z
EJTUJOUBT
EF
NBSJIVBOB
Z
NÈT
EF
RVJO JEJPNBT
Z
UJFOF
VO
EFTBSSPMMBEP
TJTUF
DPNP
(VBOPLBMPOH
P
MB
FNQSFTB
EFM
BEFNÈT
NPMB
FM
SPMMP
FTUBS
DPO
MB
MVQB
DF
EF
IBDIÓT
5JFOF
1JO#BMM
DBGÏ
Z
[POB
NB
GMBTI
4J
TF
UF
QJFSEF
BMHVOB
QJF[B

NVSDJÏMBHP
IB
TBCJEP
CVTDBS
TV
TJUJP
FTUVEJBOEP
MPT
CJDIJUPT
5JFOFO
WJEFPT
EF
MFDUVSB
4J
QBTBT
QPS
MB
DJVEBE
EF
MB
SFQPOFO
4F
DPNQSB
QPS
NBJM
Z
UFMÏ
&O
MB
BDUVBMJEBE
FT
MB
NBSDB
GBWPSJUB
EF
QBSB
FOTF×BS
DPNP
VTBS
TVT
QSPEVDUPT MBT
CJDJT
MB
NBSJIVBOB
Z
MPT
UVMJQBOFT
GPOP
FO
FGFDUJWP
P
DPOUSB
SFFNCPMTP
 (6¶"
%&
7"3*&%"%&4 
-B
8IJUF
%XBSG
B
GPOEP
GVF
#MBDL
(PME
VO
QSPEVDUP
FMBCPSBEP

QPS
MB
FNQSFTB
FTQB×PMB
#JPQSPUFD

.FEJUFSSBOFB
DPO
CBTF
PCUFOJEB
EFM

IVNVT
EF
MPNCSJ[
QPS
FYUSBDDJØO
FO

GSÓP
B
FTUB
CBTF
TF
B×BEFO
VOB
TFSJF

$BEB
WF[
TF
DVMUJWB
Z
IBCMB
NÈT
EF
MBT
BVUPGMPSFDJFOUFT
BVORVF
MBT
OP
&TUF
NÏUPEP
EJSFDUP
FT
FM
USBEJDJPOBM
EF
DPNQMFNFOUPT
DPO
FM
PCKFUJWP
EF

FO
MB
BHSJDVMUVSB
QPS
MP
RVF
OP
EFCFSÓB
DPOTFHVJS
VOB
GMPSBDJØO
NÈT
SÈQJEB

QSPQJFEBEFT
EF
MB
3VEFMBSJBT
TF
DPOPDFO
EFTEF
IBDF
B×PT
OP
FT
IBTUB
PGSFDFS
OJOHÞO
QSPCMFNB
"VORVF
IBZB
F
JOUFOTB
&M
#MBDL
(PME
SFTVMUB
ÞUJM

VOB
GFDIB
SFDJFOUF
RVF
MBT
BVUPGMPSFDJFOUFT
TF
FNQJF[BO
B
EJGVOEJS
NVDIPT
DVMUJWBEPSFT
RVF
QSFPDVQB DPNP
GFSUJMJ[BOUF
EF
DSFDJNJFOUP
B


+
4FBSDIFS EPT
QPS
FM
QSFDJP
EF
MB
TJNJFOUF
QSF CBKBT
EPTJT
BVORVF
TV
VTP
QSJODJQBM

GJFSFO
EBSMF
VO
HFSNJOBEP
DVJEBEPTP
FT
DPNP
BCPOP
EF
GMPSBDJØO
"EFNÈT

-B
NBSDB
RVF
BCSJØ
FM
NFSDBEP
BM
QÞCMJDP
MB
DPTUB
NFEJUFSSÈOFB
&TUF
DVMUJWBEPS
4F
FOUFSSBSPO
MBT
TFNJMMBT
FO
MB
UJFSSB
EF
BMJNFOUBS
MBT
QMBOUBT
FTUJNVMB
TVT

GVF
#VEEIB
4FFET
DPO
TV
8IJUF
%XBSG
IB
IFDIP
SFDJFOUFNFOUF
EPT
QSVFCBT
NPKBEB
QPS
IJMFSBT
EFKBOEP

DFOUÓ QSPDFTPT
OBUVSBMFT
Z
MB
WJEB
EFM
TVFMP

SFMBDJPOBEB
DPO
FM
BODFTUSP
EF
UPEB
NBTJWBT
EF
BVUPGMPSFDJFOUFT
GFNJOJ[B NFUSPT
FOUSF
DBEB
QMBOUB
"M
QSJODJQJP
MPT
SFTVMUBEPT
GJOBMFT
TPO
MPT
EF
VO

FTUB
OVFWB
PMB
EF
BVUPGMPSFDJFOUFT
MB
EBT
EFM
CBODP
#VEEIB
4FFET
&O
FTUB
UBSEBSPO
NVDIP
FO
BQBSFDFS
VOPT

FYDFMFOUF
BCPOP
Z
FTUJNVMBEPS
EF
GMP
-PXSZEFS
-B
FTDBTB
EJTUSJCVDJØO
Z
QSFDJP
DBQJUVMP
IBCMBSFNPT
EF
TV
QSVFCB
EF
EÓBT
"M
GJOBM
TVSHJFSPO
EJSFDUBNFOUF
EF
SBDJØO
&O
VOB
TPMB
CPUFMMB
VOF
WBSJBT

BMUP
EF
MB
-PXSZEFS
IJ[P
RVF
FM
NFSDBEP
MB
-PXSZEFS
EPOEF
HFSNJOØ
VOBT

MB
UJFSSB
TJO
QSPCMFNB
DPO
VO
QSPNFEJP
GVODJPOFT
EFTEF
MB
BZVEB
FO
FM
USBOT
FTQB×PM
TF
JODMJOBSB
B
MB
8IJUF
%XBSG
TFNJMMBT
&O
FM
TJHVJFOUF
USBUBSFNPT
TVT
EF
ÏYJUP
NVZ
BMUP
FO
UPSOP
BM

MP
QMBOUF
B
MB
BMJNFOUBDJØO
JODSFNFOUP

NVZ
TJNJMBS
NVDIP
NÈT
EJTQPOJCMF
Z
DPODMVTJPOFT
TPCSF
MB
%FJNPT
VO
DSVDF
RVF
EBEP
MP
SVEJNFOUBSJP
EFM
NÏUPEP
Z
BEFMBOUP
EF
MB
GMPSBDJØO
BTÓ
NFKPSB


NÈT
CBSBUB
0USP
HSBO
QBTP
EF
8IJUF
EF
/PSUIFSO
-JHIU
QPS
BVUPGMPSFDJFOUFT
FT
VO
ÏYJUP
DPOTJEFSBCMF

%VSBOUF
EPT
EFM
TJTUFNB
JONVOPMØHJDP
EF
MB
QMBOUB

%XBSG
GVF
PGSFDFS
HFOÏUJDBT
GFNJOJ[BEBT
DPO
SFTVMUBEP
EF
QMBOUBT
NÈT
QSPEVDUJ TFNBOBT
TF
DFOUSBSPO
FO
FM
DSFDJNJFOUP
4JO
EVEB
FO
FTUB
QSVFCB
EFNPTUSØ
TVT

ZB
RVF
FTUBT
WBSJFEBEFT
BM
QSJODJQJP
FSBO
WBT
NÈT
QPUFOUFT
Z
EF
NFKPS
TBCPS EFTQVÏT
UVWJFSPO
PUSP
QFSJPEP
EF
USBO DVBMJEBEFT
ZB
RVF
MBT
QMBOUBT
FOHPS
TPMP
OPSNBMFT
DPO
NBDIPT
Z
IFNCSBT
TJDJØO
FO
FM
RVF
SPNQFO
B
GMPSFDFS
&O
EBSPO
B
Z
SFTJOBSPO
B
GPOEP
EFOUSP
EF

$VMUJWP
UPUBM
EFTEF
RVF
OBDFO
IBTUB
FM
EÓB
EF
MB
TVT
QPTJCJMJEBEFT

&TUBT
QMBOUBT
EF
MB
QSJNFSB
HFOFSBDJØO
1SFQBSØ
MB
UJFSSB
DPO
NVDIP
IVNVT
EF
DPTFDIB
UBSEBSPO
VOBT
TFJT
TFNBOBT


TPO
MBT
RVF
DSFBSPO
MB
GBNB
EF
MBT
WFO MPNCSJ[
FTUJÏSDPM
EF
PWFKB
Z
VO
QPDP
EF
$PODMVTJPOFT
UBKBT
Z
EFGFDUPT
EF
MB
BVUPGMPSFDJFOUF
FTUJÏSDPM
EF
DBCBMMP
&M
DVMUJWP
FNQF[Ø
'FSUJMJ[BDJØO -BT
DPODMVTJPOFT
EF
FTUB
QSVFCB
QVF
"VORVF
B
EÓB
EF
IPZ
FTUÈO
TVQFSBEBT
FO
FM
NFT
EF
GFCSFSP
QPS
UBOUP
FM
FTUJÏS "
MB
IPSB
EF
BCPOBS
TF
EBO
SJFHPT
B
EFO
DPOTJEFSBSTF
CBTUBOUF
EFGJOJUJWBT

QPS
OVFWBT
HFOFSBDJPOFT
EF
BVUPGMP DPM
EF
DBCBMMP
FT
VO
BQPSUF
NVZ
JOUF GPOEP
EF
VOPT

MJUSPT
DBEB
WF[
FO
TPCSF
MB
WBSJFEBE
ZB
RVF
TF
QMBOUBSPO

SFDJFOUFT
DPOWJFOF
DPOPDFSMBT
QBSB
SFTBOUF
ZB
RVF
OP
UJFOF
TPMP
GVODJØO
MPT
RVF
TF
B×BEF
VOPT
NMM
EF
QSP 
FKFNQMBSFT
FO
VO
TVFMP
CJFO
QSF
FOUFOEFS
MB
FWPMVDJØO
EF
FTUF
NFSDBEP
OVUSJUJWB
UBNCJÏO
TJSWF
QBSB
DBMFOUBS
MB
EVDUP
"CPOBSPO
BQSPYJNBEBNFOUF
QBSBEP
DPO
CVFO
DMJNBT
Z
CVFOB
GFSUJMJ
BTÓ
DPNP
FM
GVODJPOBNJFOUP
CÈTJDP
EF
UJFSSB
"QBSUF

B×BEJØ
QBKB
MP
RVF
NFKP DBEB
EJF[
EÓBT
EFTEF
FM
QSJODJQJP
EF
[BDJØO
Z
DVJEBEPT
FTUBT
HFOÏUJDBT
$PO
ÈOJNP
EF
USBUBS
SB
MB
FTUSVDUVSB
EFM
TVFMP
MB
GMPSBDJØO
VO
UPUBM
EF
DVBUSP
BCP
UPEP
FTUF
OVFWP
GFOØNFOP
Z
TVT
EJT OBEBT
&O
DSFDJNJFOUP
OP
OFDFTJUBSPO
-B
WFOUBKB
QSJODJQBM
EF
MBT
BVUPGMPSF
UJOUBT
PMBT
GVJNPT
B
WJTJUBS
B
,
VO
DVM (FSNJOØ
MBT
TFNJMMBT
EJSFDUBNFOUF
FO
FM
BMJNFOUP
QVFT
FM
TVFMP
FTUBCB
NVZ
DJFOUFT
FT
TV
QPTJCJMJEBE
EF
GMPSFDFS
EF

UJWBEPS
EFM
4VS
EF
&TQB×B
BGJODBEP
FO
TVFMP
FO
TVSDPT
QSBDUJDBEPT
FO
FM
UFSSF CJFO
QSFQBSBEP
&M
GFSUJMJ[BOUF
FMFHJEP
GPSNB
JOEFQFOEJFOUF
EFM
GPUPQFSJPEP

1VFEFO
TBMJS
BMHVOPT
FKFNQMBSFT
NVZ

1MBOUFM
EF
8IJUF
%XBSG
MB
QSJNFSB
TFNBOB
EF
GMPSBDJØO &O
MB
TFHVOEB
TFNBOB
EF
GMPSBDJØO
ZB
UJFOF
CVFO
BTQFDUP QFRVF×PT


&O
MB
ÞMUJNB
TFNBOB
EF
GMPSBDJØO
MB
NFEJB
EF
BMUVSB
FTUÈ
DFSDBOB
BM
CJEØO
EF


MJUSPT
EF
GFSUJMJ[BOUF

0CTÏSWFTF
FM
QFRVF×ÓTJNP
UBNB×P 7JTUB
HFOFSBM
EFM
QMBOUFM
FO
MB
ÞMUJNB
TFNBOB
EF
GMPSBDJØO

-BT
QMBOUBT
OPSNBMFT
TPMP
FOUSBO
FO
B
MBT
QMBOUBT
OPSNBMFT
FOUSBS
FO
GMP #VEEIB
4FFET
DVNQMF
MP
RVF
QSPNFUF
FTUBT
QMBOUBT
QSFTFOUBSPO
QSFEPNJ
GMPSBDJØO
DVBOEP
MPT
EÓBT
TF
IBDFO
NÈT
SBDJØO
0USB
WFOUBKB
BEJDJPOBM
FT
RVF
UPEBT
GVFSPO
IFNCSBT
Z
UPEBT
GVFSPO
OBODJB

EF
QTJDPBDUJWJEBE
NFEJB
CBKB

DPSUPT
Z
MBT
OPDIFT
NÈT
MBSHBT
&TUBT
TPO
QMBOUBT
QFRVF×BT
Z
NBOFKBCMFT
BVUPGMPSFDJFOUFT
&OUSF
MBT

TFNJMMBT
Z
TBCPS
OPSNBMJMMP
"VORVF
QVFEFO

QMBOUBT
TPO
DBQBDFT
EF
GMPSFDFS
DPO
GÈDJMFT
EF
FTDPOEFS
QPS
UBOUPT QMBOUBEBT
OP
IVCP
OJ
VOB
TPMB
RVF
GVFSB
TBMJS
FKFNQMBSFT
EFTUBDBEPT
UBNCJÏO

OPDIFT
DPSUBT
TJO
OJOHÞO
QSPCMFNB
NBDIP
P
OP
BVUPGMPSFDJFSB
&TUP
ZB
FT
QVFEF
EBSTF
FM
DBTP
EF
RVF
TBMHBO

QPS
MP
RVF
QVFEF
VTBS
MPT
MBSHPT
EÓBT

(SBDJBT
BM
VTP
EF
#MBDL
(PME
TF
DPOTJ VO
QVOUP
B
GBWPS
EF
MB
NBSDB
5BNCJÏO
QMBOUJUBT
SJEÓDVMBT
DBTJ
DPHPMMJUPT

EFM
WFSBOP
QBSB
IBDFS
CVFOPT
DPHP HVJØ
TBDBS
NVDIB
SFTJOB
EF
FTUB
HFOÏ IBZ
RVF
EFTUBDBS
VO
BMUÓTJNP
QPSDFOUBKF
QMBOUBEPT
FO
MB
UJFSSB
-PT
SFTVMUB
MMPT
4F
DPOTJHVF
BEFNÈT
VOB
DPTFDIB
UJDB
IBZ
RVF
EFTUBDBS
MB
DBMJEBE
EF
FTUF
EF
HFSNJOBDJØO
BQSPYJNBEBNFOUF
VO
EPT
EF
%FJNPT
DSVDF
EF
8IJUF
%XBSG

FYUSB
5BNCJÏO
SFTVMUBO
VOB
FYDFMFOUF
BCPOP
ZB
RVF
OP
TF
USBUB
EF
VOB
WBSJF 
FO
HFSNJOBDJØO
EJSFDUB
BM
TVFMP
Z
/PSUIFSO
-JHIUT
GVFSPO
NVDIP

CB[B
QBSB
DVMUJWPT
VSCBOPT
FO
CBMDP EBE
UFOEFOUF
B
SFTJOBS
NVDIP
NFKPSFT
FO
PMPS
TBCPS
QSPEVDDJØO
Z

OFT
Z
MVHBSFT
TJNJMBSFT
EPOEF
MB
MV[
-PT
QSJODJQBMFT
JODPOWFOJFOUFT
GVFSPO
QPUFODJB
1FSP
EF
FTP
IBCMBSFNPT
FO

EF
GBSPMBT
Z
PUSPT
FMFNFOUPT
JNQJEF
&O
QSJNFS
MVHBS
IBZ
RVF
EFDJS
RVF
SFGFSJEPT
BM
TBCPS
Z
MB
QPUFODJB
ZB
RVF
FM
QSØYJNP
DBQJUVMP

&O
MB
DVBSUB
TFNBOB
EF
GMPSBDJØO
ZB
WB
NVZ
BWBO[BEB $PHPMMP
FO
MB
DVBSUB
TFNBOB
EF
GMPSBDJØO 7JTUB
HFOFSBM
EF
MBT
IJMFSBT



!!"#!#


$$$!%"! 


 !%"! 


 

  
 




  
 3LQHDSSOH&KXQN
 
 
  
 
  



9DQLOOD.XVK /6'


 


  

 $6-5*70
%&
&95&3*03

'FSUJMJ[B
HSBUJT
DPO
MV[
BHVB
Z
DBSCPOP

-B
GFSUJMJ[BDJØO
FO
FYUFSJPS
QMBOUB
BCSF
MPT
FTUPNBT
QBSB
USBOTQJSBS
Z
UFOFS
FO
DVFOUB
RVF
DVBOEP
VOB
QMBOUB

6OB
GFSUJMJ[BDJØO
CJFO
QSPHSBNBEB
FT
VOB
EF
MBT
DMBWFT
QBSB
VOB
CVFOB
MBT
SBÓDFT
CPNCFBO
B
QMFOP
SFOEJNJFOUP
SFDJCF
NVDIP
TPM
USBOTQJSB
NVDIP
QBSB

$VBOEP
TF
IBDFO
NVDIPT
SJFHPT
IBZ
RVF
DPNQFOTBS
QPS
UBOUP
OFDFTJUBSÈ
NVDIPT

DPTFDIB
&O
FM
BOUFSJPS
OÞNFSP
SFQBTBNPT
MBT
QSJODJQBMFT
NBSDBT
EF
B×BEJS
FM
BCPOP
NÈT
EJTVFMUP
EF
GPSNB
SJFHPT
QBSB
FWJUBS
BDVNVMBDJPOFT
EF
TBMFT

GFSUJMJ[BOUFT
FO
FTUB
PDBTJØO
WBNPT
B
USBUBS
DPNP
TF
FNQMFBO RVF
OP
TF
QSPEV[DBO
BDVNVMBDJPOFT
EF
TF
BCPOBSÈO
DPO
NFOPT
DPODFOUSBDJØO
EF


+
4FBSDIFS TBMFT

GFSUJMJ[BOUFT
&YJTUFO
EJWFSTPT
DPNQVFTUPT

FO[ZNBUJDPT
Z
EF
PUSBT
CBTFT
QBSB
SPNQFS

{2VÏ
FOUFOEFNPT
QPS
DBMJEBE
"OUF
UPEP
QFRVF×BT
SFGFSFODJBT
QSFWJBT
BM
QSPDF
$VBOEP
IBZ
GSÓP
Z
IVNFEBE
MB
QMBOUB
BCSF
MBT
BDVNVMBDJPOFT
EF
TBMFT
QFSP
MB
NBZP
IBZ
RVF
QMBOUFBSTF
MPT
PCKFUJWPT
QVFT
TP
QBSB
QPEFS
FYQMJDBS
DPO
DPIFSFODJB
NFOPT
TVT
FTUPNBT
USBOTQJSB
NFOPT
QPS
SÓB
FTUÈO
EFTUJOBEPT
B
BSSBTBS
DPO
UPEP
MP

OP
FT
MP
NJTNP
QSFUFOEFS
TBDBS
VO
TBCPS
UPEP
FM
UFNB
EF
MB
OVUSJDJØO
WFHFUBM
UBOUP
OFDFTJUB
NFOPT
SJFHP
QVFT
EF
MP
RVF
QJMMBO
QPS
MP
RVF
BGFDUBO
FM
SFTVMUBEP

FYRVJTJUP
RVF
VOB
HSBO
QSPEVDDJØO
&O
DPOUSBSJP
MB
QSFTJØO
EF
SBÓDFT
FT
NBZPS
EF

DPNQVFTUPT
EFTUJOBEPT
B
BVNFOUBS
MB

UPEP
DBTP
MB
NBZPSÓB
EF
MPT
DVMUJWBEPSFT
&M
QSJODJQBM
BMJNFOUP
EF
MBT
QMBOUBT
OP
RVF
MB
USBOTQJSBDJØO
DSFDFO
QMBOUBT
DPO
WJEB
EFM
TVFMP
P
NJDPSSJ[BS
MB
QMBOUB

CVTDB
FTUF
PCKFUJWP
FM
NÈT
EJGÓDJM
UPEBWÓB
FT
OJUSØHFOP
GØTGPSP
P
QPUBTJP
DVBOEP
CSPUFT
IJODIBEPT
EF
UBMMPT
EFNBTJBEPT

QPS
MP
RVF
FM
DSJUFSJP
EF
DBMJEBE
NÈT
TFHVJ TF
RVFNB
VOB
QMBOUB
Z
TF
BOBMJ[BO
TVT
KVHPTPT
Z
QSPQFOTBT
B
MBT
FOGFSNFEBEFT
1BSB
NBOUFOFS
FM
TVTUSBUP
ESFOBEP
Z
MB

EP
TFSÓB
TBDBS
MB
NÈYJNB
QSPEVDDJØO
TJO
SFTUPT
OP
IBZ
UBOUP
EF
FTUPT
FMFNFOUPT
SBÓ[
TBOB
DPOWJFOF
VO
SJFHP
QBVTBEP
Z

TBDSJGJDBS
FM
TBCPS
-B
BMJNFOUBDJØO
CÈTJDB
FT
FM
DBSCPOP
1SPEVDUPT
NJMBHSP
SFHVMBS
EF
GPSNB
RVF
OVODB
TF
MMFHVF
B

RVF
PCUJFOF
FO
MB
GPUPTÓOUFTJT
B
QBSUJS
&TUP
FYQMJDB
QPSRVF
VOB
QMBOUB
RVF
SFDJCF
TFDBS
IBTUB
VO
OJWFM
EF
TVGSJNJFOUP
QBSB
MB

&M
BCPOBEP
FYDFTJWP
OP
TPMP
FTUSPQFB
FM
EFM
$0
QPS
UBOUP
QPEFNPT
EFDJS
RVF
NVDIB
MV[

JOUFOTB
QVFEF
EBS
HSBOEFT
QMBOUB
MP
RVF
BEFNÈT
EB×B
MB
FTUSVDUVSB

TBCPS
PUSP
QSPCMFNB

FT
RVF
MBT
GMPSFT
MB
CPDB
EF
MBT
QMBOUBT
OP
FTUÈ
FO
MBT
SBÓ SFTVMUBEPT
DPO
QPDP
GFSUJMJ[BOUF
NJFOUSBT
EFM
TVTUSBUP
5BNQPDP
IBZ
RVF
JS
B
PUSP

TF
DPOWJFSUFO
DBTJ
FO
NBEFSB
MPT
DÈMJDFT
DFT
DPNP
QJFOTBO
NVDIPT
DVMUJWBEPSFT
RVF
PUSB
DPO
QPDB

MV[
EJSFDUB
EBSÈ
NFOPT
FYUSFNP
VO
TVTUSBUP
FNCBSSBEP
FO
FM
RVF

TF
BHJHBOUBO
Z
BQFMPUPOBO
MPT
DPHPMMPT
TJOP
FO
MBT
IPKBT
DPTFDIB
Z
EF
QFPS
DBMJEBE
QPS
NVDIP
MB
QMBOUB
OP
QVFEB
SFTQJSBS
OJ
EFTBSSPMMBS

GJOBMFT
TPO
EVSPT
DPNP
QJFESBT
Z
FO
TV
NFHBNBYJFTUJNVMBEPS
RVF
SFDJCB
TV
SBÓ[

JOUFSJPS
QSFTFOUBO
UPOPT
CMBORVFDJOPT
-PT
FTUPNBT

&TUBT
GMPSFT
FTUÈO
IJODIBEBT
FT
QVSP
DVM &TUBT
CPDBT
EF
MBT
QMBOUBT
TF
EFOPNJOBO
.VDIBT
IPSBT
EF
QMFOP
F
JOUFOTP
TPM
Z
&M
SJFHP
UVSJTNP
WFHFUBM FTUPNBT
TPO
QFRVF×PT
QPSPT
TJUVBEPT
VO
SJFHP
SFHVMBS
DPO
BHVB
BEFDVBEB
TPO
"M
SFHBS
NFKPS
IBDFSMP
QPDP
B
QPDP
DPO

FO
MBT
IPKBT
QPS
MP
RVF
MB
QMBOUB
QVFEF
GBDUPSFT
NVZ
JNQPSUBOUFT
FO
MB
BMJNFOUB QBVTBT
EF
GPSNB
RVF
FM
TVTUSBUP
UFOHB

1BSB
IBDFS
VOB
CVFOB
GFSUJMJ[BDJØO
MP
QSJ BCSJSMPT
Z
DFSSBSMPT
"M
FTUBS
BCJFSUPT
DJØO
EF
MB
QMBOUB
JNQPTJCMFT
EF
TVQMJS
DPO
UJFNQP
EF
BTJNJMBS
FM
BQPSUF
EF
GPSNB

NFSP
FT
FOUFOEFS
VOB
TFSJF
EF
GBDUPSFT
EF
MPT
FTUPNBT
MBT
IPKBT
TVFMUBO
WBQPS
BCPOBEPT

"
MB
IPSB
EF
FMFHJS
BCPOP
IBZ
IPNPHÏOFB
%F
SFHBS
SÈQJEP
MB
QSFTJØO

GPSNB
RVF
QVFEBT
TBDBS
UVT
QSPQJBT
DPO EF
BHVB
FTUB
USBOTQJSBDJØO
DSFBO
VOB
RVF
UFOFS
FO
DVFOUB
RVF
MPT
NJMBHSPT
OP
IBDF
RVF
FM
BHVB
CVTRVF
MBT
WÓBT
NÈT
GÈDJ
DMVTJPOFT
/P
IBZ
UBOUBT
NPMÏDVMBT
SFMB QSFTJØO
OFHBUJWB
QPS
MP
RVF
FM
BHVB
TF
FYJTUFO
Z
NFOPT
EF
GPSNB
BDVNVMBUJWB
MFT
EF
TBMJEB
MP
RVF
SFQFSDVUF
FO
RVF
BUSB
DJPOBEBT
DPO
MB
OVUSJDJØO
WFHFUBM
FTQF BCTPSCF
QPS
MBT
SBÓDFT
1BSB
FYQMJDBSMP
QPS
VTBS
VO
BCPOP
RVF
QSPNFUB
EVQMJDBS
WJFTB
FM
TVTUSBUP
EFKBOEP
TFDBT
BNQMJBT

DJBMNFOUF
FO
FM
NVOEP
EF
MP
RVÓNJDP
QPS
DPO
VOB
NFUÈGPSB
DBOOÈCJDB
MB
DJSDVMB MB
QSPEVDDJØO
KVOUP
DPO
VOB
RVF
QSPNFUB
[POBT
&M
HPUB
B
HPUB
FM
SJFHP
B
NBOUB
FM

MP
RVF
MBT
EJGFSFODJBT
FOUSF
VO
DVMUJWP
Z
DJØO
FT
TFNFKBOUF
B
MB
EF
VO
CPOH
BM
BVNFOUBSMB
FO
VO

OP
WBNPT
B
TBDBS
SJFHP
B
NBOP
DPO
MB
DFCPMMFUB
FO
MB
SFHB
PUSP
OP
MBT
TVFMFO
NBSDBS
MBT
EJGFSFODJBT
DIVQBS
FM
IVNP
QPS
BSSJCB
MB
QSFTJØO
VO

NÈT
OJ
OBEB
QBSFDJEP
*ODMVTP
EFSB
IBZ
NVDIPT
TJTUFNBT
MP
JNQPSUBOUF

FOUSF
MPT
BCPOPT
TJOP
MB
FGJDJFODJB
FO
MB
OFHBUJWB
IBDF
FOUSBS
BJSF
QPS
BCBKP QVFEF
TFS
NFOPS
P
EF
QFPS
DBMJEBE
BM
FT
IBDFS
MBT
DPTBT
DPO
SFHVMBSJEBE
Z
NFEJ
GPUPTÓOUFTJT
Z
MB
DBMJEBE
EFM
BHVB
QSPEVDJSTF
FO
MB
QMBOUB
VOB
JOUPYJDBDJØO
EB
4J
VO
TVTUSBUP
IB
RVFEBEP
NVZ
TFDP

-PT
FTUPNBT
QFSNBOFDFO
BCJFSUPT
QPS
FM
QPS
FYDFTP
EF
QPUBTJP
TF
QVFEF
SFIJESBUBS
NFEJBOUF
FM
SJFHP

5BOUP
FO
FM
UFNB
EF
MB
GPUPTÓOUFTJT
EÓB
Z
TF
DJFSSBO
QPS
MB
OPDIF
4J
IBDF
NVDIP
JOGFSJPS
EFKÈOEPMP
FO
VOB
CBOEFKB
MMFOB

DPNP
FO
FM
EFM
BHVB
Z
FM
SJFHP
ZB
IFNPT
DBMPS
MPT
BCSFO
QBSB
BVNFOUBS
MB
USBOTQJSB $PNP
ZB
DPNFOUBNPT
FM
OÞNFSP
EF
EF
BHVB
PUSB
GPSNB
FT
SFHBS
DPO
BMHÞO

JODJEJEP
FO
BOUFSJPSFT
OÞNFSP
UBN DJØO
Z
SFGSJHFSBSTF
4J
FM
TVTUSBUP
FTUÈ
NVZ
NPMÏDVMBT
FO
RVF
TF
CBTB
MB
OVUSJDJØO
QSPEVDUP
RVF
SPNQB
MB
UFOTJØO
TVQFSGJDJBM

CJÏO
MB
FNQSFTB
EF
GFSUJMJ[BOUFT
$BOOB
TFDP
MPT
DJFSSBO
QBSB
OP
BDBCBS
EFTIJESB WFHFUBM
FT
CBTUBOUF
SFEVDJEP
QPS
MP
RVF
EFM
BHVB
DPNP
VOBT
HPUBT
EF
KBCØO
EF

MPT
USBUB
B
GPOEP
FO
TVT
TFNJOBSJPT
UBEBT
&M
PCKFUJWP
FT
RVF
VOB
QMBOUB
UFOHB
MB
NBZPSÓB
EF
MBT
GØSNVMBT
EF
GMPSBDJØO
TF
QPUBTB
P
MPT
FYUSBDUPT
EF
ZVDB
0USP
TJTUF
QSVFCB
EF
RVF
FT
VO
UFNB
DMBWF
QBSB
BCVOEBODJB
EF
FTUPNBT
Z
TF
NBOUFOHBO
CBTBO
FO
NBDSPEPTJT
EF
QPUBTJP
"QJMBSMBT
NB
FT
BM
QSJODJQJP
QVMWFSJ[BS
MB
UJFSSB
QBSB

VOB
BMJNFOUBDJØO
DPSSFDUB
4FHVJSFNPT
BCJFSUPT
EF
GPSNB
RVF
TF
QSPEV[DB
VOB
FT
DPNP
CFCFSTF
VOPT
DPNCJOBEPT
EF
RVF
TF
IVNFEF[DB
Z
MVFHP
SFHBS
NVZ

EFEJDÈOEPMFT
BSUÓDVMPT
B
GPOEP
QVFT
DJSDVMBDJØO
DPOUJOVB
FO
MBT
IPSBT
EJVS DB[BMMB
HJOFCSB
WPELB
Z
BHVBSEJFOUF
MFOUBNFOUF
&M
NFKPS
TJTUFNB
FT
SFHBS
DPO

TPO
UFNBT
B
USBUBS
FO
QSPGVOEJEBE
&O
OBT
1BSB
FMMP
MBT
DPOEJDJPOFT
JEØOFBT
TPO
SFHVMBSJEBE
Z
OPSNBMJEBE
QBSB
OP
UFOFS

UPEP
DBTP
TJFNQSF
IBZ
RVF
IBDFS
VOBT
NVDIBT
IPSBT
EF
TPM
Z
VO
CVFO
SJFHP
-B
&M
TVTUSBUP
Z
MB
SBÓ[ RVF
SFDVSSJS
B
FTUBT
TPMVDJPOFT
EF
VSHFO
1PS
TVQVFTUP
QBSB
BQMJDBS
VOB
CVFOB
GFS DJB
FO
QMBO
CPDB
B
CPDB
/J
IVNBOPT

UJMJ[BDJØO
FT
BCTPMVUBNFOUF
OFDFTBSJP
OJ
QMBOUBT
QVFEFO
UFOFS
VOB
WJEB
TBOB
Z

DPNQSFOEFS
MP
RVF
PDVSSF
FO
MB
SBÓ[
VOB
OPSNBM
FO
UBMFT
DPOEJDJPOFT
WF[
DBQUBEB
MB
SFMFWBODJB
EF
MPT
FTUPNBT

%FTEF
MB
SBÓ[
TF
CPNCFB
FM
BHVB
DPO
5SBOTQMBOUFT
FTUJNVMBEPSFT
EF

OVUSJFOUFT
EJMVJEPT
RVF
JOUFSWJFOF
FO
MB
SBÓ[
Z
NJDPSSJ[BT
GPUPTÓOUFTJT
UBNCJÏO
EFTEF
MB
SBÓ[
MB
QMBO )BZ
RVF
VTBS
TVTUSBUPT
MP
NÈT
ESFOBEPT

UB
SFTQJSB
Z
DBQUB
PYJHFOP
QPTJCMFT
EF
GPSNB
RVF
MB
SBÓ[
MP
UFOHB
TFO
DJMMP
QBSB
EFTBSSPMMBSTF
ZB
RVF
FTUB
QMBOUB

-B
SBÓ[
GVODJPOB
QPS
VO
QSPDFTP
EF
PTNP FT
EF
TJTUFNB
SBEJDVMBS
VO
QPDP
QFSF[PTP

TJT
&T
DPNP
VOB
NFNCSBOB
BM
EFUFDUBS
"EFNÈT
VO
TJTUFNB
SBEJDVMBS
QSPGVTP
FO

RVF
EFOUSP
EF
MB
QMBOUB
IBZ
NÈT
TBMFT
RVF
VO
TVTUSBUP
ESFOBEP
FTUÈ
DBQBDJUBEP
QBSB

GVFSB
EFKB
QBTBS
FM
BHVB
BM
JOUFSJPS
EF
MB
DBQUBS
NVDIP
PYÓHFOP
QPS
MP
RVF
MB
QMBO
QMBOUB
"M
PCTFSWBS
FTUF
QSPDFTP
TF
QVFEF
UB
SFTQJSB
Z
WJWF
NVDIP
NFKPS

FOUFOEFS
MB
JNQPSUBODJB
EF
OP
EFKBS
RVF

TF
QSPEV[DB
VOB
BDVNVMBDJØO
EF
TBMFT
-BT
IPSNPOBT
EF
FOSBJ[BNJFOUP
TF
VUJMJ
FO
FM
TVTUSBUP
ZB
RVF
TJ
IBZ
NÈT
TBMFT
[BO
QBSB
FTUJNVMBS
MB
QSPEVDDJØO
EF
SBÓ[

GVFSB
RVF
EFOUSP
MB
QMBOUB
QVFEF
PQUBS
FO
FTRVFKFT
VOB
WF[
RVF
FTUB
SBÓ[
BQBSFDF

QPS
TBDBS
FM
BHVB
IBDJB
GVFSB
QPS
MP
RVF
MP
RVF
TF
QBTB
B
VUJMJ[BS
TPO
MPT
FTUJNVMB
NVFSF
EFTIJESBUBEB
QPS
NVDIP
BHVB
RVF
EPSFT
EF
SBÓ[
4F
SFDPNJFOEB
VO
NÓOJNP

TF
MF
QSPQPSDJPOF
EF
EPT
USBOTQMBOUFT
BOUFT
EF
QBTBS
B
MB

QMBOUB
BM
DPOUFOFEPS
EFGJOJUJWP
&M
PCKFUJ
-BT
BDVNVMBDJPOFT
EF
TBMFT
TF
TVFMFO
QSP WP
FT
DPOTFHVJS
NBYJNJ[BS
MB
NBTB
SBEJ
EVDJS
QPS
BHVBT
EF
NBMB
DBMJEBE
P
TVT DVMBS
MB
CBTF
EF
VOB
QMBOUB
TBOB
1PS
FTP

6O
UFSSFOB
ESFOBEP
Z
CJFO
QSFQBSBEP
NVDIP
TPM
Z
CVFOPT
SJFHPT USBUPT
EF
NBMB
DBMJEBE
5BNCJÏO
IBZ
RVF
TF
BQMJDBSÈ
FTUJNVMBEPS
EF
SBÓ[
EFTQVÏT
EF

 
DJØO
&O
FTUF
DBTP
TF
VTB
BM
QSJODJQJP
FM
FTBT
USFT
P
DVBUSP
TFNBOBT
BOUFT
EF
MB

BCPOP
EF
DSFDJNJFOUP
DPO
BMUP
DPOUF DPTFDIB
DPO
MB
GMPSBDJØO
NVZ
BWBO[BEB

OJEP
FO
OJUSØHFOP

QBSB
MVFHP
QBTBS
BM
TF
QSPQPSDJPOB
B
MBT
QMBOUBT

P

SJFHPT

EF
GMPSBDJØO
RVF
UJFOF
NÈT
QSPQPSDJØO
EF
DPNQMFNFOUP
DPO
BMUB
EPTJT
EF
1,

EF
1,
BVORVF
NBOUFOJFOEP
BMHP
EF

EF
PSJHFO
RVÓNJDP
MP
NÈT
QVSP

OJUSØHFOP
QVFT
MBT
QMBOUBT
TJHVFO
DSF QPTJCMF
%F
FTUB
GPSNB
TF
DPOTJHVFO

DJFOEP
IBTUB
FM
GJOBM
SFTVMUBEP
EF
TBCPS
JNQFDBCMF
QFSP
DPO

VO
OPUBCMF
BVNFOUP
EF
MB
DPTFDIB

-PT
FTUJNVMBEPSFT
B
CBTF
EF
1,
-B
NBZPSÓB
EF
MPT
FTUJNVMBEPSFT
EF
GMP )BZ
DVMUJWBEPSFT
RVF
IBDFO
CVSSBEBT
DPO

SBDJØO
MMFWBO
BMUBT
EPTJT
EF
1,
ZB
RVF
FM
1,

P
DPO
PUSPT
DPNQMFNFOUPT

TPO
OVUSJFOUFT
RVF
MB
QMBOUB
EFNBOEB
EF
GMPSBDJØO
MVFHP
MPT
DPHPMMPT
RVFEBO

FO
GMPSBDJØO
"VORVF
DPNP
ZB
IFNPT
BSSVJOBEPT
EF
TBCPS
Z
IBTUB
TVFMUBO
DIJT
DPNFOUBEP
TJ
OP
IBZ
TPM
EF
OBEB
TJSWF
QBT
BM
GVNBSMPT
5BNCJÏO
TF
QVFEF
EB×BS

JOUFOUBS
TVQMJSMP
B
CBTF
EF
BCPOPT
&M
MBT
QMBOUBT
Z
BDBCBS
TBDBOEP
NFOPT
QSP
NÈT
DPOPDJEP
FT
FM
1,

BVORVF
EVDDJØO
ZB
RVF
MBT
QMBOUBT
RVFNBEBT
EBO

IBZ
PUSBT
WBSJBDJPOFT
GØSNVMBT
NÈT
DPHPMMPT
SBRVÓUJDPT

DPNQMFKBT
RVF
JODMVZFO
PUSPT
JOHSF
EJFOUFT
CJPMØHJDPT

4F
DBSBDUFSJ[BO
QPS
.FKPSBEPSFT
EFM
TBCPS
OP
UFOFS
OJUSØHFOP
4F
TVFMFO
VTBS
FO
)BZ
FO
FM
NFSDBEP
WBSJPT
QSPEVDUPT
EFT
DPNCJOBDJØO
DPO
VO
BCPOP
EF
GMPSBDJØO
UJOBEPT
B
NFKPSBS
FM
TBCPS
EF
MB
DPTFDIB

3FTVMUBEP
VOB
QMBOUB
RVF
DSFDF
NPOTUSVPTB ZB
RVF
OP
TJSWFO
DPNP
BCPOP
CBTF
4F
GJOBM
1BSB
FTUP
OP
IBZ
OBEB
NFKPS
RVF
VO

QVFEF
FNQMFBS
EF
EPT
GPSNBT
6O
TJT CVFO
MBWBEP
EF
SBÓDFT
Z
EFKBS
B
MB
QMBOUB

UFNB
FT
FO
DPNCJOBDJØO
DPO
FM
BCPOP
DPNP
NÓOJNP
MBT
EPT
ÞMUJNBT
TFNBOBT
TJO

DBEB
USBOTQMBOUF
UBNCJÏO
EVSBOUF
UPEB
MB
MMBEBT
QBSB
IJESPQPOÓB
EBO
FYDFMFOUFT
EF
GMPSBDJØO
EVSBOUF
UPEP
FM
QFSJPEP
BCPOBS
"
FTUP
TF
QVFEF
B×BEJS

FM
VTP
EF

QSJNFSB
GBTF
EF
WJEB
EF
MBT
QMBOUBT
&TUPT
SFTVMUBEPT
FO
UJFSSB
QPS
MP
RVF
UBNCJÏO
EF
FTUB
GPSNB
TF
FNQJF[B
DPO
DBOUJEBE
FTUPT
DPNQVFTUPT
TVFMFO
TFS
TPCSF
UPEP

SJFHPT
FT
NFKPS
IBDFSMPT
TPMP
DPO
FTUJNV MPT
QVFEFT
VTBS
QBSB
UV
DVMUJWP
EF
FYUF CBKB
EF
1,

B
QBSUJS
EF
MB
TFHVOEB
B
CBTF
EF
NFMB[BT
TJ
DPOTJHVFO
VO
TBCPS

MBEPS
EF
SBÓ[
QBSB
RVF
UFOHB
NÈT
FGFDUP
SJPS
1SPDVSB
RVF
TFBO
NBSDBT
EF
DBMJEBE
TFNBOB
EF
GMPSBDJØO
 
NMM

TF
NÈT
EVMDF
JODMVTP
UBQBS
FYDFTPT
EF
DVMUJ
RVF
EFKFO
MPT
NÓOJNPT
SBTUSPT
EF
TBMFT
JODSFNFOUB
FM
1,

DBEB
TFNBOB
WPT
DPO
EFNBTJBEP
GFSUJMJ[BOUF

"QBSUF
FTUÈO
MPT
FTUJNVMBEPSFT
EF
SBÓ[
QPTJCMFT
Z
DPNCÓOBMPT
DPO
FO[ZNBT
EF
B
NFEJEB
RVF
MB
QMBOUB
TF
BDPTUVNCSB

EFTUJOBEPT
B
BDUJWBS
MB
WJEB
EFM
TVFMP
QBSB
DBMJEBE
4JFNQSF
RVF
TF
VTFO
GFSUJMJ[BO FTUF
TJTUFNB
QVFEF
QSPEVDJS
TPCSFTBUV -ØHJDB
Z
SFTQFUP
GBDJMJUBS
MB
JOUFSBDDJØO
DPO
FM
TJTUFNB
SBEJ UFT
NJOFSBMFT
DPOWJFOF
RVF
FM
TVTUSBUP
SBDJØO
Z
FYDFTPT
P
BGFDUBS
BM
TBCPS

&O
FTUF
BSUJDVMP
IFNPT
WJTUP
DPNP
VTBS

DVMBS
%FOUSP
EF
FTUB
GBNJMJB
EFTUBDBO
MPT
TFB
MP
NÈT
ESFOBEP
QPTJCMF
EF
GPSNB
EJTUJOUBT
GBNJMJBT
EF
GFSUJMJ[BOUFT
FO

DPNQVFTUPT
EF
NJDPSSJ[BT
Z
PUSPT
IPOHPT
RVF
TF
QVFEBO
EBS
BCVOEBOUFT
SJFHPT
$BOOB
SFDPNJFOEB
VTBS
FM
1,

UPEP
DBTP
MP
NÈT
JNQPSUBOUF
FT
FYQMJ
Z
CBDUFSJBT
CFOFGJDJPTBT
TVFMFO
BQMJDBSTF
EF
BMJNFOUBDJØO
EVSBOUF
VOPT

EÓBT
USFT
TFNBOBT
BOUFT
DBS
MBT
DPTBT
EFTEF
MB
DJFODJB
Z
MB
MØHJDB

FO
FM
NPNFOUP
EFM
USBOTQMBOUF
-B
GVO EF
MB
GMPSBDJØO
EF
GPSNB
RVF
OP
FYJTUBO
QFSP
UBNCJÏO
FM
SFTQFUP
B
MB
WJEB
-P

DJØO
FT
DPOTFHVJS
RVF
MB
SBÓ[
NBYJNJDF
'FSUJMJ[BOUFT
EF
DSFDJNJFOUP
Z
FTPT
SJFTHPT
EF
TPCSFGFSUJMJ[BDJØO
&TUF
RVF
TF
IB
WFOJEP
B
MMBNBS
FM
TFOUJEP

TVT
QSFTUBDJPOFT
QPS
FKFNQMP
BMHVOBT
GMPSBDJØO DPOTFKP
EF
$BOOB
EB
QJF
B
VOB
DPNCJ DPNÞO
&O
MB
BMJNFOUBDJØO
EF
MBT
QMBO
QVFEFO
GBDJMJUBS
FM
BDDFTP
P
EJHFTUJØO
EF
/P
IBZ
RVF
DPOGVOEJS
MPT
BCPOPT
FO
EPT
OBDJØO
CBTUBOUF
DPOPDJEB
$POTJTUF
FO
UBT
UBNCJÏO
TPO
GBDUPSFT
QSJODJQBMFT

EFUFSNJOBEPT
OVUSJFOUFT
PUSBT
CMPRVFBO
QBSUFT
DJUBEPT
BOUFSJPSNFOUF
EPOEF
BCPOBS
UPEB
MB
DPTFDIB
DPO
VO
BCPOP
TPO
NVDIBT
IPSBT
EF
TPM
JOUFOTP
VO

EFUFSNJOBEBT
JOGFDDJPOFT
-B
DVFTUJØO
FT
TF
VTBO
EPT
CPUFMMBT
EFTEF
FM
QSJODJQJP
CJP
P
JODMVTP
OP
BCPOBS
EF
GPSNB
MJRVJ SJFHP
MFOUP
Z
SFHVMBS
TVTUSBUP
ESFOBEP

RVF
QSFTUBO
VO
TFSWJDJP
B
MB
QMBOUB
DPO
MPT
BCPOPT
EF
DSFDJNJFOUP
Z
GMPSB EB
Z
EFKBS
FM
TVFMP
NVZ
QSFQBSBEP
+VTUP
Z
BJSFBEP
Z
CVFO
TJTUFNB
SBEJDVMBS

6O
CVFO
TVTUSBUP
WBSJPT
USBOTQMBOUFT
Z

SJFHP
BEFDVBEP
TPO
MPT
QSJNFSPT
GBDUP
SFT
EF
JOGMVFODJB
FO
MB
SBÓ[
&O
TFHVOEP

MVHBS
FM
VTP
EF
FTUJNVMBEPSFT
EF
MB
SBÓ[

Z
EF
MB
WJEB
EFM
TVFMP
UBNCJÏO
BZVEBO

$PO
FM
DPOUSPM
EF
UPEBT
FTUBT
DVFTUJPOFT

TF
QVFEF
DPOTFHVJS
VO
TJTUFNB
SBEJDV
MBS
GPSNJEBCMF
EF
GPSNB
RVF
MBT
QMBOUBT

UFOHBO
VOB
CBTF
FYDFMFOUF
TPCSF
MB
RVF

EFTBSSPMMBSTF

"CPOPT
FO
VOB
EPT
P
USFT
QBSUFT
"
EJGFSFODJB
EF
MPT
FTUJNVMBEPSFT
B
CBTF

EF
1,
MPT
BCPOPT
FO
VOB
QBSUF
FTUÈO

EFTUJOBEPT
B
BMJNFOUBS
B
MB
QMBOUB
EVSBOUF

UPEP
FM
DJDMP
TJO
OFDFTJEBE
EF
NÈT
TVQMF
NFOUP
"QBSUF
EF
MPT
NBDSPFMFNFOUPT

TVFMFO
DPOUFOFS
VO
DPNCJOBEP
EF
NJDSP
FMFNFOUPT
F
JOHSFEJFOUFT
EFTUJOBEPT
B

BMJNFOUBS
MB
WJEB
EFM
TVTUSBUP

&TUF
UJQP

EF
GFSUJMJ[BOUFT
TPO
NVZ
DØNPEPT
QBSB
FM

DVMUJWBEPS
OPWBUP
ZB
RVF
OP
OFDFTJUB
NÈT

RVF
VO
TPMP
CPUF
-B
NBZPSÓB
SFDPNJFO
EBO
BVNFOUBS
MB
EPTJT
TFHÞO
USBOTDVSSF

MB
GMPSBDJØO
BVORVF
BMHVOPT
TPO
EF
EPTJT

GJKB
"VORVF
UBNCJÏO
MFT
QVFEF
WFOJS
CJFO

VO
FNQVKPODJUP

-PT
BCPOPT
FO
EPT
QBSUFT
Z
USFT
QBSUFT

FTUÈO
NÈT
PSJFOUBEPT
B
MB
IJESPQPOÓB

EPOEF
OP
IBZ
QSFTFODJB
EF
OJOHÞO
FMF
NFOUP
FO
FM
TVTUSBUP
QPS
MP
RVF
IBZ
RVF

BQPSUBSMPT
UPEP
MP
RVF
SFTVMUB
EJGÓDJM
FO

VOB
TPMB

CPUFMMB
ZB
RVF
QSFDJQJUBSÓBO

"
QFTBS
EF
RVF
TPO
GPSNVMBT
EFTBSSP $PO
DPHPMMPT
EVSPT
DPNP
QJFESBT
-B
#FMMB
"GSPEJUB

1IPUP
8PSME
PG
4FFET
 2
(9
18

6,67(0$'(
6,67(0$'(
&5(&,0,(172
&5(&,0,(172
:,/0$
:,/0$

6,67(0$'(
&5(&,0,(172 6,67(0$'(
:,/0$ &5(&,0,(172
:,/0$

W D V N H U Z L Q # D W D P L  F R P                        L   : : :  $ 7 $ 0 ,  & 2 0

 $6-5*7"
$0/
%*/"'&. 
$PTFDIB

{2VJFSFT
RVF
TFB

IJTUØSJDB
)FNPT
DPOTVMUBEP
B
VOP
EF
MPT
DSFBEPSFT
EF
%JOBGFN
Z
WFUFSBOP
EF

MBT
iHVFSSJMMBT
DBOOÈCJDBTw
FO
MBT
NPOUB×BT
EF
)JTQBOJB
DPOPDJEP

DPNP
i%S
%FEPWFSEFw
BDFSDB
EF
RVF
DPOTFKPT
FMFNFOUBMFT
OPT
EBSÓB

QBSB
DPOTFHVJS
RVF
MB
DPTFDIB
EF
FTUF
B×P
TFB
FYDFQDJPOBM
4V
SFT
QVFTUBT
OPT
IBO
QBSFDJEP
NÈT
RVF
JOUFSFTBOUFT
QBSB
UPEPT
BRVFMMPT

RVF
RVJFSBO
WFS
TVT
FTGVFS[PT
DPNP
DVMUJWBEPSFT
SFDPNQFOTBEPT
DPO

DSFDFT
UFOHBO
NÈT
P
NFOPT
FYQFSJFODJB

&O
QSJNFS
MVHBS
DPOWFOESÓB
SFDPSEBS
FYQFSJFODJB
UJFOEFO
B
QSFDJQJUBSTF
B
MB

RVF
VOB
DPTFDIB
DPOTJEFSBEB
iIJTUØSJDBw
IPSB
EF
TFNCSBS
QFOTBOEP
RVF
VOB

UBOUP
TJ
IBCMBNPT
EF
$BOOBCJT
DPNP
FO
QSJNFSB
GBTF
EF
MB
QSJNBWFSB
CVFOB

FM
DBTP
EF
MPT
WJ×FEPT
Z
PUSPT
DVMUJWPT
HBSBOUJ[B
VO
CVFO
GJOBM
EF
MB
NJTNB
Z

IVNBOPT
FTUBDJPOBMFT
FT
BMHP
RVF
WB
B
VO
QSJODJQJP
EF
WFSBOP
DPO
DPOEJDJPOFT

FTUBS
TJFNQSF
EFUFSNJOBEP
QPS
MBT
DPO PQUJNBT
DVBOEP
OP
FT
OFDFTBSJBNFOUF

EJDJPOFT
EFM
DMJNB
FO
FTF
NJTNP
B×P
&T
BTÓZ
DPNP
FTUBNPT
QVEJFOEP
DPN
EFDJS
QPESFNPT
QPOFS
EF
OVFTUSB
QBSUF
QSPCBS
FTUF
NJTNP
B×P
FM
SFGSÈO
QPQV
MP
NFKPS
DVJEBS
BM
NÈYJNP
OVFTUSBT
QMBO MBS
RVF
EJDF
RVF
IBTUB
FM

EF
NBZP

UBT
EFTEF
FM
QSJODJQJP
IBTUB
FM
GJOBMQFSP
OP
OPT
RVJUFNPT
FM
TBZP
QVFEF
TFS
NÈT
%FUBMMF
EF
VOB
$IFFTF
EF
%JOBGFN
CJFO
NBEVSB
FO
VO
DVMUJWP
FO
FYUFSJPS
MPT
SFTVMUBEPT
RVF
DJFSUP

6OB
QMBOUB
RVF
TVGSF
EVSBO
TJFNQSF
FTUBSÈO
EFUFSNJOBEPT
Z
GVFSUF UF
TVT
QSJNFSBT
GBTFT

NÈT
GSÓP
P
NFOPT

NFOUF
NBSDBEPT
QPS
FM
DPNQPSUBNJFOUP
DBMPS
EFM
EFTFBEP
QBSB
MB
UFNQPSBEB
RVF
FO
DVBOUP
IBZB
VOBT
DPOEJDJP NVDIP
NFOPT
FO
MB
DPTFDIB
5BNCJÏO

EFM
DMJNB
B
MP
MBSHP
EF
UPEP
FTF
NJTNP
TPQPSUBS
UPSNFOUBT
Z
MMVWJBT
UPSSFODJB OFT
NÓOJNBT
SB[POBCMFT
MP
NFKPS
FT
IBZ
HFOUF
RVF
EFKB
FO
FTUB
MJOFB
DSFDFS

QSPDFTP
EF
DVMUJWP
/P
BTÓ
FO
JOUFSJPS
MFT
FUD


DPSSF
NÈT
SJFTHPT
EF
FOGFSNBS
TFNCSBS
DVBOUP
BOUFT
QBSB
BTÓ
PCUFOFS
EFNBTJBEP
MBT
QMBOUBT
Z
BDBCBO
MMB
DMBSP
EPOEF
DPNP
TJ
GVÏSBNPT
QFRVF P
OP
SFOEJS
EF
MB
NJTNB
NBOFSB
FO
BEF TVQVFTUBNFOUF
VOB
NBZPS
QSPEVDDJØO
NBOEP
MB
BUFODJØO
B
TVT
WFDJOPT
HSBDJBT

×PT
EJPTFT
EF
OVFTUSP
BSNBSJP
DPOUSP MBOUF
OP
QVEJFOEP
FO
DVBMRVJFS
DBTP
:
FTUP
UJFOF
BMHP
EF
WFSEBE
QFSP
UBN B
VOB
TFMWB
JODPOUSPMBCMF
RVF
DSFDF
FO

MBNPT
Z
EFUFSNJOBNPT
MBT
DPOEJDJPOFT
BQSPWFDIBS
P
SFOEJS
EFCJEBNFOUF
FO
CJÏO
BMHP
EF
GBMUB
EF
FYQFSJFODJB
DPO
MB
TV
KBSEÓO
P
TJNQMFNFOUF
GBMMBO
IBDJFO
EF
UFNQFSBUVSB
IVNFEBE
IPSBT
EF
MV[
FTF
UJFNQP
RVF
QPS
UBOUP
FT
VO
UJFNQP
QMBOUBZ
FT
RVF
FO
FGFDUP
FO
BMHVOBT
EP
TVGSJS
B
TVT
QMBOUBT
EFNBTJBEP
BOUFT

F
JOUFOTJEBE
EF
MB
NJTNB
FUD
1PS
UBOUP
QFSEJEP
P
NBM
BQSPWFDIBEP
w
DPOEJDJPOFT
JEFBMFT
Z
DPO
EFUFSNJOBEBT
EF
FOUSBS
FO
GMPSBDJØO
QPS
MPT
SJHPSFT

FM
QSJNFS
DPOTFKP
RVF
OPT
EB
IPZ
FM
%S
WBSJFEBEFT
FTUP
QVFEF
GVODJPOBS
Z
MBT
EF
VO
DMJNB
DBNCJBOUFQPS
UPEP
FMMP

%FEPWFSEF
FT
FM
TJHVJFOUF
3FMBDJPOBEP
DPO
FTUP
EF
OP
QSFDJQJUBSTF
QMBOUBT
DSFDFSÈO
TBMWBKFNFOUF
EVSBOUF
SFDPNJFOEP
OP
QSFDJQJUBSTF
Z
UFOFS
MB

EF
DBSB
B
MB
TJFNCSB
OPT
FODPOUSB MB
QSJNBWFSB
TJFOEP
ZB
FOPSNFT
NPOT QBDJFODJB
OFDFTBSJB
TJ
RVFSFNPT
RVF

i
)BZ
RVF
TBCFS
JOUFSQSFUBS
CJFO
FM
DMJNB
NPT
UBNCJÏO
VO
FSSPS
NVZ
GSFDVFOUF
USVPT
DVBOEP
FOUSBO
FO
GMPSBDJØOZ
TJO
FM
SFTVMUBEP
TFB
CVFOP
Z
DPOUVOEFOUFw

RVF
UFOFNPT
DBEB
UFNQPSBEB
MP
RVF
EF
MPT
QSJNFSJ[PT
UBM
Z
DPNP
FM
%S
FNCBSHP
DPO
PUSBT
WBSJFEBEFT
EF
QSF :
FTP
FT
QSFDJTBNFOUF
MP
RVF
UPEP
FM

OPT
QFSNJUJSÈ
FMFHJS
B
TV
WF[
FM
NFKPS
%FEPWFSEF
OPT
SFDVFSEB

i)BZ
BMHV EPNJOBODJB
JOEJDB
QPS
FKFNQMP
MB
EJGF NVOEP
RVJFSF
VO
SFTVMUBEP
DPOUVO
NPNFOUP
QBSB
MB
TJFNCSB
.VDIPT
OPT
DVMUJWBEPSFT
RVF
FO
TVT
QSJNFSBT
SFODJB
FOUSF
UFOFSMBT
NFTFT
DSFDJFOEP
P
EFOUFZ
EFMJDJPTP
1PS
FTP
FM
DPOTFKP
EF

DVMUJWBEPSFT
JNQBDJFOUFT
P
DPO
NFOPT
FYQFSJFODJBT
FO
FYUFSJPS
QSFTVQPOFO
TJNQMFNFOUF
NFOPT
UJFNQP
TF
OPUBSÈ
%S
%FEPWFSEF
FT
DMBSP
FO
FTUF
TFOUJEP
i

&M
EFCBUF
FOUSF
QSPEVDDJØO
EF
DBMJEBE
Z

DBOUJEBE
OP
UJFOF
RVF
WFSTF
DPNP
VOB

DPOUSBEJDDJØO
OP
FOUJFOEP
FTPT
UÏSNJ
OPT
DPNP
DPOUSBEJDUPSJPT
OP
TF×PS
TF
QVFEFO
PCUFOFS
SFTVMUBEPT
FYDFQ
DJPOBMFT
VTBOEP
NÏUPEPT
NÈT
P
NFOPT

USBEJDJPOBMFT
EF
BHSJDVMUVSB
FDPMØHJDB
Z

SFTQFUVPTB
DPO
FM
NFEJP
.J
SFDPNFO
EBDJØO
FT
FO
DVBMRVJFS
DBTP
RVF
BRVFM

RVF
RVJFSB
PCUFOFS
MBT
NFKPSFT
DVBMJ
EBEFT
BSPNÈUJDBT
Z
NFEJDJOBMFT
EF
TV

IJFSCB
PQUF
QPS
VTBS
TVTUSBUPT
Z
BCPOPT

CJPMØHJDPT
DVMUJWBOEP
EF
NBOFSB
RVF

MB
WJEB
PSHÈOJDB
FRVJMJCSBEB
EFM
NFEJP

EF
DVMUJWP
TFB
MB
RVF
EF
B
MB
QMBOUB
VO

TBCPS
EFMJDJPTP
FYUSFNPw

/P
PCTUBOUF
FM
VTBS
NÏUPEPT
USBEJDJP

OBMFT
EF
DVMUJWP
OP
TJHOJGJDB
SFOVODJBS

B
BMHVOPT
BEFMBOUPT
EF
MBT
UÏDOJDBT

DPOUFNQPSÈOFBT
EF
BHSJDVMUVSB
FDPMØ
HJDB

Z
FO
MPT
DBEB
WF[
NÈT
OVNFSPTPT

HSPXT
EF
MB
QFOÓOTVMB
FODPOUSBSFNPT

NVMUJUVE
EF
QSPEVDUPT
EF
HSBO
WBMPS

QBSB
BZVEBSOPT
B
PCUFOFS
VOB
NFKPS

DPTFDIB

i
1PEFNPT
SFDPNFOEBS
FM

VTP
EF
TVTUSBUPT
EF
BMUB
DBMJEBE
QBSB

MB
NF[DMB
EFM
UFSSFOPT
TJ
DVMUJWBNPT

FO
IVFSUB

Z
MPT
SFDPNFOEBNPT
UPUBM
NFOUF
QBSB
MPT
RVF
PQUBO
QPS
DPOUF
1BSUJFOEP
EF
TFNJMMBT

UFOESFNPT
RVF
DPOUSPMBS
WJTVBMNFOUF
MB
NBEVSBDJØO
EF
DBEB
FKFNQMBS
EF
NBOFSB
QFSTPOBMJ[BEB
OFEPSFT
P
UJFTUPT
FO
UFSSB[BFO
FTUF



RVF
BZVEBO
B
MB
EFTJOUF

UFOFS


QPS
MP
RVF
MB


UFOFNPT
RVF
BQSFOEFS
B
MJNQJBS


TF
IBDF
B
QSJNFSB
IPSB
EF
MB


DPO
MPT
QSJNFSPT
SBZPT
EF
TPM


NVDIB
HFOUF
NF
IB
QSFHVOUBEP


Z

$BOOB[ZN
FMFHJS
VO
EÓB
TFDP
B
TFS
QPTJCMF
HSBDJØO
Z
BCTPSDJØO
EF
MPT
OVUSJFOUFT
FO
DVFOUB
RVF
MB
QSPEVDDJØO
EF
BDFJUFT

BDVNVMBEPT
FO
FM
TVTUSBUP
Z
MB
QMBOUB

FTFODJBMFT
BSPNÈUJDPT
EFM
$BOOBCJT
TF

"EFNÈT
EF
DVMUJWBS
DPO
OVUSJFOUFT
OP
BDUJWB
EVSBOUF
MB
OPDIF
BHSFTJWPT
DPO
MB
QMBOUB
Z
FM
NFEJP
EF
NFKPS
DPTFDIB
TFSÈ
BRVFMMB
RVF
BEF
DVMUJWP
NÈT
EF
FO
FM
NPNFOUP
KVTUP
EF
NBEV
Z
BNBSJMMFBS
BEFDVBEBNFOUF
MB
QMBOUB
SBDJØO
QBSB
QPEFS
PCUFOFS
FTF
TBCPS
EFMJDJPTP
NB×BOB
DPO
FM
RVF
UPEPT
TP×BNPT
6OB
ÞMUJNB
EF
VO
EÓB
TFDP
&TB
TFSÈ
WVFTUSB
DPTF
DPTB
DIB
IJTUØSJDB
`4VFSUF
B
UPEPTw
QPS
FM
NFKPS
NPNFOUP
QBSB
DPSUBS
TJFNQSF
MFT
SFDVFSEP
MP
NJTNP
IBZ
RVF
XXXEJOBGFNPSH

6O
DBMJ[
NÈT
RVF
NBEVSP
IJODIBEP
Z
DPO
FM
QJTUJMP
EF
VO
DPMPS
BOBSBOKBEP
Z
FOWFKFDJEP

DBNQP
MPT
FYQFSJNFOUPT
DPO
HBTFPTB
FMFHJS
FM
NPNFOUP
EFM
DPSUF
QBSUJFOEP

QPS
GBWPSVTBOEP
VO
TVTUSBUP
QSPGF EF
MB
FYQFSJFODJB
EF
MPT
DVMUJWBEPSFT

TJPOBM
EF
DBMJEBE
Z
FTUFSJMJ[BEP
PT
BIP RVF
IBO
TFMFDDJPOBEP
Z
QSPCBEP
FTPT

SSBSFJT
NVDIPT
RVFCSBEFSPT
EF
DBCF[B
NJTNP
DMPOFT
EVSBOUF
WBSJBT
HFOFSB
DPNP
FOGFSNFEBEFT
EFM
TJTUFNB
EF
DJPOFT
1BSUJFOEP
EF
TFNJMMB
FO
DBNCJP

SBÓ[
QMBHBT
FUD*HVBMNFOUF
QSFWFOJS
MP
NFKPS
FT
UFOFS
FO
DVFOUB
MPT
DPOTF
FT
NFKPS
RVF
DVSBS
DPNP
ZB
TBCSÏJT
BTÓ
KPT
P
SFDPNFOEBDJPOFT
BM
SFTQFDUP
RVF

RVF
VTBS
QSPEVDUPT
QSFWFOUJWPT
DPNP
OPT
EBO
MPT
DSFBEPSFT
EF
MB
WBSJFEBE

FM
BDFJUF
EF
/FFN
P
JOJDJBS
DPOUSPM
EF
QFSP
TBCJFOEP
RVF
EBEB
MB
BNQMJUVE

QMBHBT
CJPMØHJDP
DVBOEP
EFUFDUFNPT
MB
EFM
QBDL
HFOÏUJDP
EF
NVDIPT
IÓCSJ
QSFTFODJB
EF
JOTFDUPT
OPDJWPT
BOUFT
EF
EPT
EJTQPOJCMFT
FO
FM
NFSDBEP
SFDP
RVF
TF
DPOWJFSUBO
FO
QMBHB
FT
MP
NÈT
NFOEBNPT
FO
DVBMRVJFS
DBTP
TFHVJS

SFDPNFOEBCMF
"TJNJTNP
VO
TVTUSBUP
BUFOUB
Z
QFSTPOBMNFOUF
MB
NBEVSBDJØO

EF
DBMJEBE
QSFQBSBEP
QBSB
FM
$BOOBCJT
EF
DBEB
QMBOUB
EF
NBOFSB
WJTVBM
Z
GSF
OPT
BZVEBSÈ
FO
DPNCJOBDJØO
DPO
MPT
DVFOUF
"VORVF
BMHVOPT
BGJSNBO
RVF

OVUSJFOUFT
Z
FTUJNVMBEPSFT
CJPMØHJDPT
FT
JNQPTJCMF
TBCFS
DVBOEP
IB
NBEVSB
RVF
TFBO
OFDFTBSJPT
QBSB
PCUFOFS
FTF
EP
DPSSFDUBNFOUF
VOB
QMBOUB
TJO
NJSBS

EFTFBEP
PCKFUJWP
EF
VOPT
DPHPMMPT
DPO
EFUBMMF
TVT
USJDPNBT
Z
TV
DPMPSBDJØO

SFTJOPTPT
Z
CSJMMBOUFT
RVF
UFOHBO
VO
DPO
MVQB
P
NJDSPTDPQJP
MP
DJFSUP
FT

CVFO
TBCPS
Z
DPMPDØO
TJO
OFDFTJEBE
EF
RVF
BMHVOBT
EF
MBT
NFKPSFT
IJFSCBT

DVSBEPT
JOBDBCBCMFTw RVF
IF
QSPCBEP
IBO
TJEP
DPSUBEBT
NÈT

P
NFOPT
iB
PKPw
QPS
DVMUJWBEPSFT
EF

:
QPS
ÞMUJNP
IFNPT
QFEJEP
BM
%S
HVFSSJMMB
DPO
HSBO
FYQFSJFODJB
DBQB
%FEPWFSEF
RVF
OPT
IBCMF
EF
MPT
ÞMUJ DFT
EF
EFUFDUBS
WJTVBMNFOUF
QPS
MBT

NPT
EFUBMMFT
RVF
VO
CVFO
DVMUJWBEPS
DBSBDUFSÓTUJDBT
EF
MB
QMBOUB
DPODSFUB

EFCF
UFOFS
FO
NFOUF
DVBOEP
TF
BDFS o
EÓBT
EF
DVMUJWP
FOHPSEF
EF
MPT
DÈMJDFT

DB
FM
NPNFOUP
EF
MB
DPTFDIB
&TPT
Z
DBNCJP
EF
DPMPS
P
FOWFKFDJNJFOUP

QPDPT
EFUBMMFT
GJOBMFT
RVF
EFUFSNJOB EF
MPT
QJTUJMPT
SFTJOB
B
TJNQMF
WJTUB
Z

SÈO
VOB
DPTFDIB
BDFSUBEB
CJFO
IFDIB
PUSPT
FM
NPNFOUP
BEFDVBEP
QBSB
FM

Z
TJO
QSFDJQJUBSTF
EF
DBMJEBE
Z
FO
TV
DPSUF
:
QFOTBOEP
QSFDJTBNFOUF
FO
FM

NFKPS
NPNFOUP

i$BEB
QMBOUB
UJFOF
DPSUF
BMHP
RVF
IBZ
RVF
IBDFS
BOUFT
FT

TV
NPNFOUP
JEØOFP
EF
NBEVSBDJØO
TJFNQSF
MJNQJBS
CJFO
MB
QMBOUB
SFHBO
EVSBOUF
VOPT
EÓBT
DPODSFUPT
4J
QBSUJ EP
MBT
ÞMUJNBT
TFNBOBT
TPMP
DPO
BHVB

NPT
EF
FTRVFKFT
DPOPDJEPT
FT
NÈT
GÈDJM
P
DPO
TPMVDJPOFT
EF
QSPEVDUPT
DPNP
5SJDPNBT
P
HMBOEVMBT
EF
SFTJOB
DBNCJBO
EF
DPMPS
EVSBOUF
MB
NBEVSBDJØO
 A×A
 %SP
A×O
NTADEL
NDICA
0LA
EGORIA)
)TALIA
#AT
U E RTES v
IO 3EED#
UP
SM É S F

3EGUN
DOPREM
L A S ·N DICA
h5NA D E
š ITASv
S I 3 T A R ESUSTR
E S H A Z EFAVOR
3EN A S I
l C ADOLA$
ELAHA Z E E N T R

C L
ADORE SHAN
YCULTIV š
F U M A DORES
L A H A Z E
h-UCHO
S
$E
š
M A R I A
!UTO IDAv
YRÉP
RACIØNMU
h&LO
I O N I S T A
E C O L E CC DAS

  
0ACK D ICAS P RE M I A
CONUN

E·ND QUETE
 3 A T I V A S E × O P A
A L U C I NANTES ADENUNPEQU

    

_ 
VARIED MILLAS



D E C A D A E
MILLAS TOTALDES
  


 S E 

$!
    

).):!
  

% -
!,%3
% & ,,!3
3%-


.  /2- /
,,!3 /.
3%-) #+#
)/.
!
 

 . 0
%.5
%#4


# / , ,    
 

3%%$ RDAM(
OLLAND


% 3 4 T E


M S
). !*!
&
 
X   


 

0O S T B O  SCOM
E E D S"6 FAX ARADISE SEED


E 3  WWP
0ARADIS TEL EEDSCOMW


E S
ARADIS
INFO P
 -"
$04&$)"

$POTFKPT
EF
$IV
.BKFL
QBSB
MB

DPTFDIB
$IV
NBKFL
FT
VOB
UJFOEB
DBOBSJB
RVF
FOWÓB
TJNJFOUF

B
UPEP
FM
NVOEP
EF
FTBT
GMPSFT
FT
VOB
CBSSJHVJUB
PWBSJP

TFDPT
)BZ
RVF
FOUFOEFS
RVF
TJ
FM
DPHP
DPO
HBSBOUÓB
EF
DBMJEBE
EFTEF
IBDF
B×PT
"IPSB
QSFTFOUBO
MB
OPWFEBE
Z
NBEVSB

EPT
QFMPT
QJTUJMP

B
WFDFT
QBSB
WFS
MP

RVF
FTUÈ
MB
QMBOUB
OP
IBZ
RVF

MMP
FT
VOB
GMPS
ZB
NÈT
OP
WB
B
NFKPSBS
Z

TØMP
MF
RVFEB
FNQFPSBS
Z
BOUFT
EF
RVF

EF
VOB
DFOUSBM
FO
.BESJE
EF
GPSNB
RVF
BIPSB
MPT
FOWJPT
TF
QSPDFTBO
NJSBS
FM
DPOKVOUP
EF
GMPSFT
RVF
TPO
FM
MP
IBHB
`NBDIFUF
OP
TF
QVFEF
FTQFSBS

EF
VOB
GPSNB
NVDIP
NÈT
SÈQJEB
Z
DFOUSBMJ[BEB
"EFNÈT
UJFOFO
VO
DPHPMMP
TJOP
IBZ
RVF
NJSBS
JOEJWJEVBM B
RVF
TF
TFRVFO
DBTJ
UPEPT
MPT
QFMPT

NFOUF
DBEB
PWBSJP
Z
TVT
EPT
QJTUJMPT
DPNP
FTUBCB
MB
$IFFTF

EF
MB
GPUP

RVF

GPSP
EPOEF
TVT
DMJFOUFT
Z
BNJHPT
FYQPOFO
EVEBT
Z
DPNQBSUFO
FYQF TFHÞO
FM
WJHPS
EF
MPT
QJTUJMPT
MP
IJODIB TF
DPSUØ
IBDF
QPDP
1FTF
B
IBCFS
UFOJEP

SJFODJBT
VOP
EF
MPT
QPTU
NÈT
GBNPTPT
FT
FM
EFTUJOBEP
B
SFDPNFOEBS
FM
EPT
RVF
FTUÏO
MPT
PWBSJPT
Z
UBNCJÏO
NÈT
SFTJOB
Z
PMPS
RVF
PUSB
$IFFTF
FTUB

QVOUP
KVTUP
QBSB
DPSUBS
VOB
QMBOUB
1BSB
DFMFCSBS
MB
BQFSUVSB
EF
FTUF
TFHÞO
FM
FTUBEP
EF
MB
SFTJOB
TBCSFNPT
TJ

MB
QMBOUB
FTUÈ
MJTUB
P
OP

OP
HVTUBCB
QPS
UFOFS
VO
DPMPDØO
BMHP

NÈT
GMPKP
Z
BCVSSJEP
OVFWP
QSPZFDUP
OPT
NBOEBO
VO
SFTVNFO
EF
TV
QVOUP
EF
WJTUB
QBSB

DPSUBS
DPO
VOB
JMVTUSBUJWB
TFSJF
EF
GPUPT
-PT
QJTUJMPT 0USBT
QMBOUBT
GMPSFDFO
DPO
GPSNBT
NÈT

-PT
QJTUJMPT
QFMPT

QVFEFO
TFDBSTF
DVBO JSSFHVMBSFT
EPOEF
MPT
DPHPMMPT
TBMFO
DPNP

EP
TF
QVMWFSJ[B
MB
QMBOUB
DVBOEP
TF
NPKB
NPOUPOFT
EF
UPSSFDJMMBT
P
DVFSOPT
DVBO
&O
FM
DVMUJWP
EFM
DBOOBCJT
IBZ
NVDIPT
DVBEPT
TF
DPOTJHVF
RVF
MB
QMBOUB
IVFMB
DVBOEP
QBTB
TFE
DVBOEP
MF
DBF
QPMFO
EP
MBT
QMBOUBT
TPO
BTÓ
OP
UF
QVFEFT
GJKBS
FO

QBTPT
JNQPSUBOUFT
RVF
NBSDBO
FM
SFTVMUB NVDIP
Z
UFOHB
VOB
TBCPS
RVF
UF
MMFOF
FUD
FUD
IBZ
NVDIBT
DPTBT
RVF
OBEB
UJFOF
FM
WJHPS
EF
MPT
QFMPT
CMBODPT
TJOP
RVF
IBZ

EP
GJOBM
QFSP
FOUSF
UPEPT
FM
NÈT
EFDJTJWP
MB
CPDB
VO
DPMPDØO
RVF
TF
TJFOUF
FO
RVF
WFS
DPO
FM
RVF
FTUÏO
NBEVSPT
Z
QVF GJKBSTF
FO
DVBOUPT
QFMPT
TFDPT
IBZ
FT
TJO
EVEB
BDFSUBS
FM
FM
NPNFOUP
EF
DVFSQP
Z
NFOUF
Z
TØMP
BTÓ
TBCSÈ
Z
DPMP EFO
EFHSBEBS
MPT
DPHPMMPT
Z
OP
EFCFNPT

DPSUF
GBMMBS
FO
FTF
JOTUBOUF
TFSÓB
GBUBM
Z
DBSÈ
DPNP
EFCF
DPMPDBS
FTB
WBSJFEBE
DPOGVOEJSOPT
QFSP
OPSNBMNFOUF
FM
RVF
4J

IVCJFSB
EFKBEP
MB
#JH
#VE
EF
MB
GPUP


QPESÓB
IBDFS
RVF
VOB
DPTFDIB
FYDFMFOUF
QPS
PUSP
MBEP
EB
JHVBM
MP
CVFOB
RVF
TFB
TF
FTUÏO
TFDBOEP
JOEJDB
RVF
FTUÈ
MMFHBOEP
NÈT
UJFNQP
TF
IBCSÓBO
TFHVJEP
FTUJSBOEP

BDBCF
TJFOEP
VOPT
DPHPMMPT
EFM
NPOUØO
MB
SB[B
RVF
DVMUJWBT
QPSRVF
TJ
MB
DPSUBT
MB
NBEVSBDJØO
QFSP
FO
SFBMJEBE
FO
MPT
iMPT
DVFSOPTw
RVF
MF
TBMFO
DPO
NÈT
QFMPT

UBO
TØMP
QPS
DPSUBS

EÓBT
BOUFT
P
EFTQVÏT
BOUFT
P
EFTQVÏT
ZB
OP
UFOESÈ
OBEB
RVF
QFMPT
RVF
UFOFNPT
RVF
GJKBSOPT
FT
FO
MPT
OVFWPT
-B
#JH
#VE
EF
MB
OÞNFSP

TF

EFM
EÓB
QFSGFDUP WFS
DPO
MP
RVF
QPESÓB
TFS RVF
RVFEFO
CMBODPT
TJ
FTUPT
QFMPT
TJHVFO
DPSUØ
QFSGFDUB
QFSP
TJ
TF
IVCJFSB
DPSUBEP

CBTUBOUF
UJFTPT
FT
RVF
QPTJCMFNFOUF
BÞO

EÓBT
BOUFT
UBNQPDP
IBCSÓB
TBMJEP
NBM

)BZ
RVF
DPSUBS
FO
TV
NPNFOUP
QPSRVF
{$ØNP
TBCFS
DVBOEP
FTUÈ
MJTUB
MF
RVFEF
DPNP
B
MB
QMBOUB
EF
MB
GPUP
 -BT
QMBOUBT
RVF
FODPHPMMBO
DPO
GPSNB
EF

TØMP
BTÓ
TF
DPOTJHVF
FM
TBCPS
UJQP
EF
DPMP QBSB
DPSUBS DVFSOPT
MP
BEFDVBEP
TFSÓB
DPSUBSMBT
DVBO
DØO
Z
QPUFODJB
RVF
MB
QMBOUB
QSPNFUF
FT
5PEP
FM
NVOEP
TBCSÓB
SFDPOPDFS
FO
VO
"MHVOBT
QMBOUBT
UJFOFO
DBCF[BT
NÈT
P
EP
ZB
TF
WFBO
NÈT
QFMPT
TFDPT
RVF
MPT
RVF

VO
FSSPS
FTP
EF
DPSUBS
VOB
TFNBOB
BOUFT
SPTB
P
FO
DBTJ
DVBMRVJFS
GMPS
DVBM
FT
FM
NFOPT
SFEPOEFBEBT
EPOEF
MB
QMBOUB
EFKB
RVFEBO
CMBODPT
QBSB
UFOFS
VO
DPMPDØO
NÈT
DFSFCSBM
P
VOB
NPNFOUP
EF
NÈYJNB
NBEVSF[
KVTUP
EF
TBDBS
OVFWPT
QJTUJMPT
BOUFT
EF
FTUBS

TFNBOB
EFTQVÏT
QBSB
UFOFS
VO
DPMPDØO
DVBOEP
FNQJF[B
B
EBS
TÓOUPNBT
EF
RVF
MJTUB
MVFHP
TF
FNQJF[BO
B
EFHSBEBS
FTPT
-BT
CBSSJHBT
PWBSJPT

BM
QSJODJQJP
TPO

NÈT
GÓTJDP
QPSRVF
VOB
QMBOUB
OP
UJFOF
FNQJF[B
B
FTUSPQFBSTF
BMHVOPT
QÏUBMPT
QFMPT
NÈT
P
NFOPT
BM
NJTNP
UJFNQP
NVZ
QFRVF×PT
Z
TF
WBO
IJODIBOEP
DPO
MB


TFNBOBT
EF
NBSHFO
QBSB
TFS
DPSUBEB
FO
FM
DBOOBCJT
QBTB
MP
NJTNP
Z
DVBOEP
DPNP
FTUB
/ÏCVMB
RVF
TJ
TF
EFKBCB
NÈT
NBEVSF[
$VBOEP
ZB
MB
QMBOUB
FTUÈ
QBTBEB

QVFEF
UFOFS
FOUSF

EÓBT
DPNP
NÈYJNP
MPT
DPHPMMPT
DPNP
GMPSFT
RVF
TPO
MMFHVFO
TF
QBTBCB
EF
NBEVSB
BVORVF
MFT
DVFTUF
JODMVTP
QBSFDFSÈ
RVF
UJFOFO
TFNJMMBT
EFO
FOUSF
FM
QSJNFS
EÓB
BDFQUBCMF
Z
FM
ÞMUJNP
BM
NÈYJNP
EF
TV
FTQMFOEPS
Z
WBZBO
B
DSFFSMP
MB
QMBOUB
EF
MB
GPUP

FTUÈ
NÈT
USP
EF
MP
HPSEPT
RVF
TF
WFO
DPNP
FO
MB

UFOJFOEP
FO
DVFOUB
RVF
FM
DFOUSBM
TFSÓB
FM
FNQF[BS
B
EFDBFS
KVTUP
FO
FTF
NPNFOUP
NBEVSB
RVF
MB
GPUP
BOUFSJPS
$ISPOJD
EF
MB
GPUP

RVF
TF
DPSUØ
QBTBEB
EÓB
QFSGFDUP
TJ
MB
DPSUBT
VOPT
EÓBT
BOUFT
FT
DVBOEP
NÈT
IVFMF
UJFOF
TV
NBZPS
&TUP
QBTB
TPCSF
UPEP
DPO
MBT
RVF
TBDBO

TV
DPMPDØO
TFSÓB
VO
QPDP
NÈT
DFSFCSBM
Z
TJ
DBOUJEBE
EF
5)$
Z
MB
NFKPS
QSPQPSDJØO
"RVÓ
FT
NVZ
JNQPSUBOUF
GJKBSTF
FO
FM
DPHPMMPT
DPO
GPSNB
EF
DVFSOPT
FO

MP
DPSUBT
VOPT
EÓBT
NÈT
UBSEF
UFOESÈT
VO
FOUSF
MPT
EJGFSFOUFT
DBOOBCJOPJEFT
-PT
WJHPS
EF
MPT
QFMPT
Z
NJFOUSBT
TJHBO
UJF MB
GPUP
BÞO
FTUBOEP
QBTBEB
UPEBWÓB

DPMPDØO
BMHP
NÈT
GÓTJDP
QFSP
MP
JEFBM
TJFN DPHPMMPT
DVFTUB
WFSMPT
DPNP
VOB
GMPS
TPT
OP
TF
DPSUB
DVBOEP
TF
FNQJFDFO
TFHVÓB
TBDBOEP
QFMPT
OVFWPT
QFSP

QSF
TFSÓB
BDFSUBS
Z
DPSUBS
FO
FM
EÓB
FYBDUP QPSRVF
FO
SFBMJEBE
TPO
BDVNVMBDJPOFT
B
EPCMBS
DPNP
FO
MB
GPUP
OP
TF
QVFEF
FTPT
PWBSJPT
UBO
IJODIBEPT
FSBO
TÓOUP
4ØMP
DVBOEP
TF
DPSUB
FO
MPT
EÓBT
BEF EF
NVDIBT
GMPSFT
QFRVF×BT
Z
DBEB
VOB
FTQFSBS
NVDIP
NÈT
B
WFS
NÈT
QFMPT
NB
EF
RVF
ZB
FTUBCBO
QBTBEBT

$PO
MPT
QJTUJMPT
RVF
RVFEFO
CMBODPT
BÞO
UJFTPT
MB
QMBOUB

OP
FTUÈ
NBEVSB /FCVMB
B
QVOUP
NÈT
NBEVSB
RVF
FM
FKFNQMBS
EF
MB
GPUP
 $IFFTF
TPCSFNBEVSBEB
QFSEJØ
HSBDJB
 
EFDÓB
RVF
TÓ
MF
RVFEB
UJFNQP
&T
RVF
MP

NÈT
UÓQJDP
FO
FM
DVMUJWP
FT
DPSUBS
EFTQVÏT

P
NVZ
EFTQVÏT
JODMVTP
NÈT
EF
VO
NFT

EFTQVÏT
EF
DVBOEP
EFCÓB
5BM
WF[
FTQF
SBOEP
B
RVF
MPT
DPHPMMPT
MMFHVFO
B
DJFSUP

UBNB×P
QFSP
FTP
FT
QFSEFS
FM
UJFNQP
Z
MB

DPTFDIB
QPSRVF
MPT
DPHPMMPT
EFTQVÏT
EF

FTUBS
MJTUPT
QSBDUJDBNFOUF
OP
FOHPSEBO

NÈT
QPS
NVDIP
RVF
MPT
EFKFT

$VBOEP
DPSUBT
VOB
QMBOUB
EFTQVÏT
EF
TV

NPNFOUP
JEFBM
QJFSEF
UPUBMNFOUF
TV
iDIJT
QBw
VOB
WBSJFEBE
RVF
EFCFSÓB
EBS
VO
DPMP
DØO
EJWFSUJEP
Z
BDUJWP
TF
DPOWJFSUF
FO
VO

DPMPDØO
BCVSSJEP
Z
EFQSJNFOUF
UF
TJFOUFT

FOTJNJTNBEP
TJO
HBOBT
EF
IBCMBS
OJ
SFMB
DJPOBSUF
"MHVOBT
QMBOUBT
TØMP
QPS
TFS
DPSUB
EBT

EÓBT
EFTQVÏT
EF
TV
NPNFOUP
JEFBM
UF

EBSÓBO
VO
DPMPDØO
NBDIBDØO
QFTBEP
RVF

IBCSÈ
HFOUF
RVF
UBM
WF[
DVBOEP
MP
GVNF
MB

QSJNFSB
WF[
EJSÈO
RVF
FT
NVZ
QPUFOUF
QFSP

EFTEF
RVF
FTUÏT
VO
UJFNQP
GVNBOEP
FTPT

DPHPMMPT
ZB
FTUBSÈT
BCVSSJEP
EF
FTF
DPMPDØO

UBO
GBMUP
EF
HSBDJB
QPSRVF
OP
TØMP
FT
RVF

TFB
GVFSUF
Z
QFTBEP
FT
RVF
OP
FT
EJWFSUJEP

#JH
#VE
QFSGFDUB
QBSB
DPSUBS $ISPOJD
ZB
QBTBEB
EF
NBEVSBDJØO BMFHSF
BDUJWP
PDVSSFOUF
FUD



-P
NÈT
JNQPSUBOUF
B
UFOFS
FO
DVFOUB
DPNP
FO
MB
GPUP
QFSEJØ
MB
HSBDJB
EF
TV
{2VÏ
QBTB
TJ
DPSUBT
BOUFT
EF
UJFNQP "QSFOEFS
B
SFDPOPDFS
TJ
VOB
QMBOUB
FTUÈ

BQBSUF
EF
MPT
QJTUJMPT
FT
BM
DBNCJP
EF
DPMPDØO
EF
4BUJWB
"VORVF
DPMPDBCB
TV
4J
MPT
DPHPMMPT
TF
DPSUBSBO
WBSJBT
TFNBOBT
QBSB
DPSUBS
OP
FT
OBEB
GÈDJM
4PCSF
UPEP

MPT
USJDPNBT
DVBOEP
ZB
GBMUB
QPDP
QBSB
DPMPDØO
OP
HVTUBCB
QPS
TFS
BCVSSJEP
TJ
TF
P
JODMVTP
VO
NFT
BOUFT
EF
RVF
FTUÏO
QBSB
MPT
RVF
ZB
UJFOFO
DMBSP
RVF
QBSB

DPSUBS
TF
OPUB
RVF
MPT
QFRVF×PT
DIVQB IVCJFSB
DPSUBEP
JHOPSBOEP
MB
UFPSÓB
EFM
MJTUPT
BVORVF
BQBSFOUFNFOUF
TFBO
DPHP DPSUBS
IBZ
RVF
DPOUBS
QFMPT
TFDPT
P
NJSBS

DIVQT
RVF
IBZ
TPCSF
DPHPMMPT
Z
IPKBT
TPO
NJDSP
TF
IBCSÓB
DPSUBEP
FO
TV
NPNFOUP
MMPT
F
JODMVTP
QVFEBO
PMFS
FO
FM
NPNFOUP
QPS
FM
NJDSP
ZB
RVF
OP
NJSBO
MBT
QMBO
NVDIP
NÈT
GÈDJMFT
EF
EJTUJOHVJS
B
TJNQMF
iQFSP
FM
NJDSP
EFDÓB
RVF
MF
GBMUBCBw
DVBO EFM
DPSUF
BDBCBSÈO
PMJFOEP
TBCJFOEP
Z
UBT
TØMP
TF
GJKBO
FO
DVBOUPT
QFMPT
TFDPT

WJTUB
EJHBNPT
RVF
UBOUP
FM
QBMJUP
DPNP
EP
FO
SFBMJEBE
MP
RVF
QBTB
FT
RVF
MB
UFPSÓB
DPMPDBOEP
DPNP
TJ
GVFSBO
TJNQMFT
IPKBT
IBZ
P
DPNP
TF
WFO
MPT
USJDPNBT
$VBOEP

MB
DBCF[B
TPO
NÈT
HSBOEFT
UBNCJÏO
FT
EF
DVBOUPT
USJDPNBT
TF
EFCFO
WFS
EF
DBEB
UFOESÈO
VO
FOPSNF
TBCPS
B
OVUSJFOUFT
Z
NJSBT
BMHP
BTÓ
OP
BQSFOEFT
B
WFS
MB
QMBOUB

NVDIP
NÈT
CSJMMBOUF
DPNP
TF
QVFEF
WFS
DPMPS
OP
FT
DPSSFDUB
BVORVF
IBZB
RVJFO
DPMPDBSÈO
OBEB
P
NVZ
QPDP
Z
NBM
FTUP
FT
SFBMNFOUF
5BNCJÏO
IBZ
RVF
BQSFOEFS
B

FO
MB
GPUP



&TUB
8BZBGBOUB
TF
QVTP
BTÓ
DSFB
RVF
FT
VOB
WFSEBE
BCTPMVUB MP
RVF
GVNBO
MPT
MBESPOFT
EF
QMBOUBT
SFDPOPDFS
TJ
TF
DPSUBSPO
FO
TV
QVOUP
P
OP

EFTEF
VOB
TFNBOB
BOUFT
EF
FTUBS
MJTUB
BM
GVNBSMPT
FOUPODFT
TBCSFNPT
SFDPOPDFS

Z
TØMP
DVBOEP
FTUBNPT
BMSFEFEPS
EF
MB
5BNCJÏO
UPEBWÓB
IBZ
HFOUF
RVF
QBSB
DPS $VBOEP
DPSUBT
VOB
QMBOUB
VOB
TFNBOB
TJ
BDFSUBNPT
P
OP
DVBOEP
MPT
DPSUBNPT

GFDIB
BEFDVBEB
TF
OPUB
UBOUP
MB
SFTJOB
B
UBS
MBT
QMBOUBT
TJNQMFNFOUF
NBSDB
VOB
BOUFT
EF
TV
NPNFOUP
UF
EBSÈT
DVFOUB
RVF
IBZ
RVF
TBCFS
RVF
TJ
DVMUJWBNPT
VOB
QMBO
TJNQMF
WJTUB
$VBOEP
MB
QMBOUB
FTUÈ
QBTB GFDIB
FO
FM
BMNBOBRVF
QPSRVF
MB
MVOB
FTF
FTPT
DPHPMMPT
iOP
QPOFOw
MPT
GVNBT
Z
BVO UB
RVF
BQBSFOUFNFOUF
FTUBCB
NVZ
CJFO

EB
MPT
USJDPNBT
FNQJF[BO
B
IBDFSTF
NÈT
EÓB
FTUÈ
EF
UBM
NBOFSB
P
QBTB
QPS
UBM
TJHOP
RVF
MMFHVF
B
DPMPDBS
OP
FT
VO
DPMPDØO
RVF
UFOÓB
SFTJOB
PMÓB
Z
MVFHP
SFTVMUB
RVF
B
MB

QFRVF×PT
Z
QJFSEFO
TV
CSJMMP EFM
[PEJBDP
Z
MB
JOGMVFODJB
MVOBS
IBDF
RVF
UF
BDBCF
SFBMNFOUF
EFKBOEP
TBUJTGFDIP
Z
IPSB
EF
GVNBSMB
OP
HVTUB
P
DPMPDB
DPNP

FTF
EÓB
TFB
FM
NFKPS
QBSB
DPSUBS
QFSP
TF
WB
NVZ
SÈQJEP
Z
FO
FM
TBCPS
OPUBSÈT
EFCFSÓB
FTB
QMBOUB
OP
FT
RVF
GVFSB
NBMB

&M
NJDSPTDPQJP
TF
QVFEF
VTBS
QBSB
WFS
OP
MFT
SFDPNJFOEP
QBSB
OBEB
RVF
TJHBO
RVF
OP
MMFOB
MB
CPDB
Z
UF
QVFEFT
GVNBS
FT
RVF
OP
TF
BDFSUØ
DPO
MB
GFDIB
EF
DPSUF

NFKPS
FM
DPMPS
EF
MPT
USJDPNBT
QFSP
OP
FT
FTUPT
NÏUPEPT
IBZ
RVF
DPSUBS
DVBOEP
VO
QPSSP
FOUFSP
TJO
QFOTÈSUFMP
NVDIP
Z

OJ
EF
MFKPT
MB
IFSSBNJFOUB
iQSFDJTBw
RVF
MB
QMBOUB
FTUÏ
FTUÏ
DVBOEP
FTUÏ
Z
MB
MVOB
FOTFHVJEB
RVFSSÈT
GVNBS
PUSP
QFSP
B
TFS
)BZ
NVDIB
HFOUF
RVF
TJHVF
VTBOEP
MBT

IBDF
GBMUB
QBSB
EFDJEJS
TJ
VOB
QMBOUB
FTUÈ
MMFHB
DVBOEP
MF
UPDB
MMFHBS
Z
OP
UJFOF
QPTJCMF
EF
PUSB
WBSJFEBE UÏDOJDBT
EF
DPOUBS
MPT
QFMPT
TFDPT
P
NJSBS

P
OP
QBSB
DPSUBS
&YJTUF
VOB
UFPSÓB
NVZ
OBEB
RVF
WFS
DPO
MB
NBEVSF[
EF
MB
QMBOUB
DPO
FM
NJDSP
"VORVF
NVDIBT
WFDFT
OP

TFODJMMB
RVF
EJDF
RVF
DVBOEP
B
MB
QMBOUB
5BNQPDP
WB
B
WBSJBS
MB
DBMJEBE
EF
MB
DPTF {2VÏ
QBTB
TJ
DPSUBT
EFTQVÏT
EF
UJFNQP MFT
TBMHB
CJFO
Z
MBT
QMBOUBT
OP
EFO
MP
RVF

MF
GBMUB
TF
WFO
TPCSF
UPEP
USJDPNBT
USBOT DIB
QPSRVF
BM
TFS
DPSUBEB
FTUÏ
MB
MVOB
P
MB
)F
WJTUP
DJFOUPT
EF
WFDFT
FO
JOUFSOFU
EFCFSÓBO
EBS
FO
MVHBS
EF
EBSTF
DVFOUB
EF

QBSFOUFT
DVBOEP
FTUÈ
MJTUB
TF
EFCFO
WFS
NBSFB
FO
VO
MVHBS
V
PUSP
/P
WB
B
NFKPSBS
DPNP
QPOFO
GPUPT
EF
QMBOUBT
NVZ
QBTB RVF
GBMMBSPO
DPO
MB
GFDIB
EF
DPSUF
MP
RVF

NVDIPT
USJDPNBT
DPMPS
MFDIPTP
BMHVOPT
OJ
FNQFPSBS
MP
JNQPSUBOUF
FT
BDFSUBS
DPO
EBT
RVF
ZB
MMFWBO
TFNBOBT
EF
NÈT
Z
FM
EFEVDFO
FT
RVF
MB
QMBOUB
OP
FSB
CVFOB
USBOTQBSFOUF
Z
BMHVOPT
ÈNCBS
Z
DVBO MB
GFDIB
EF
DPSUF
TØMP
BTÓ
TF
UFOESÈ
FM
DVMUJWBEPS
BÞO
TF
QJFOTB
TJ
EFKBSMB
iVOB

EP
FTUÈ
QBTBEB
TF
WFO
NVDIPT
ÈNCBS

NFKPS
SFTVMUBEP
EF
FTPT
DPHPMMPT P
EPT
TFNBOBT
NÈTw
Z
UPEP
FM
NVOEP
MF
XXXDIVNBKFLFT
1FSP
FO
MP
RVF
FT
MB
QSBDUJDB
OP
TJFNQSF

TF
WF
EF
BMHVOB
EF
MBT
GPSNBT
RVF
EJDF

MB
UFPSÓB
BEFNÈT
SFTVMUB
CBTUBOUF
DPN
QMJDBEP
TBCFS
JEFOUJGJDBS
CJFO
FM
DPMPS

EF
MPT
USJDPNBT
P
DVBOUPT
IBZ
EF
VOPT

V
PUSPT
TFSÓB
DPNP
NJSBS
MB
DBMMF
EFTEF

VO
P
QJTP
Z
TBCFS
EF
VOB
TPMB
NJSBEB

DVBOUPT
SVCJPT
NPSFOPT
Z
QFMJSSPKPT

IBZ
"EFNÈT
FO
MB
NBZPSÓB
EF
MPT
DBTPT

RVF
TF
VTB
FM
NJDSPTDPQJP
QBSB
DPSUBS

VUJMJ[BOEP
iMB
UFPSÓBw
TF
BDBCB
DPSUBOEP

NVZ
QBTBEBT
QPSRVF
BÞO
FTUBOEP
BTÓ
TF

TJHVFO
WJFOEP
USJDPNBT
USBOTQBSFOUFT

{DØNP
MPT
WFO
FO
MB
GPUP

{/P
EJSÓBO
RVF
MB
NBZPSÓB
FTUÈO
USBOTQB

SFOUFT
QVFT
FTUB
GPUP
FT
EF
MB
$IPDPMPQF

RVF
BQBSFDF
FO
MB
GPSP
OÞNFSP


4FHÞO

MB
UFPSÓB
EFM
NJDSPTDPQJP
MF
GBMUBCB
QPSRVF

TF
WFÓBO
NVDIPT
USJDPNBT
USBOTQBSFOUFT

QFSP
FO
SFBMJEBE
VOB
TFNBOB
BOUFT
ZB

IBCÓB
MMFHBEP
B
TV
NÈYJNP
FTQMFOEPS
Z
&TUB
8BZBGBOUB
TF
QVTP
BTÓ
EFTEF
5SJDPNBT
EF
$IPDPMPQF
TPCSFNBEVSBEB
RVF
$IPDPMPQF
TPCSFNBEVSBEB
QFSEJØ

QBSUJS
EF
BIÓ
FNQF[Ø
B
EFDBFS
$PSUÈOEPMB
VOB
TFNBOB
BOUFT
EF
FTUBS
MJTUB BQBSFDF
FO
MB
GPUP
OÞNFSP
 HSBDJB
(?XC!SRMK?RGA
"CQR!SRMK?RGA%TCP







"# "!#$
 
 






 



 %*: 
&O
MB
DPDJOB
FM
TQBDF
DBLF
DPO

`NBOUFRVJMMB
B
MBT
IJFSCBT
&M
TQBDF
DBLF
TF
QVFEF
QSFQBSBS
BHSFHBOEP
TJNQMFNFOUF
IBDIÓT
P

DÈ×BNP
B
MB
NBTB
EF
VO
QBTUFM
OPSNBM
QFSP
QSFQBSBS
MB
iNBOUF
RVJMMB
B
MBT
IJFSCBTw
UJFOF
MB
WFOUBKB
EF
IBDFSOPT
JOHFSJS
TØMP
MPT

DBOOBCJOPJEFT
QBSB
PCUFOFS
VO
DPMPDØO
NÈT
QVSP
MB
SB[ØO
FT
RVF

MPT
DBOOBCJOPJEFT
OP
TF
EFTMÓFO
FO
BHVB
TJOP
RVF
TF
VOFO
GJSNFNFO
UF
B
MB
HSBTB
BOJNBM
EF
MB
NBOUFRVJMMB
BVUÏOUJDB
-B
iNBOUFRVJMMB

B
MBT
IJFSCBTw
QVFEF
DPOTFSWBSTF
NVDIP
UJFNQP
FO
FM
GSJHP
P
FO
FM

DPOHFMBEPS
6TBOEP
FTUF
UJQP
EF
NBOUFRVJMMB
Z
SFTQFUBOEP
TJFNQSF

MBT
NJTNBT
EPTJT
TF
QVFEFO
QSFQBSBS
QBTUFMFT
TJFNQSF
DPO
MB
NJTNB

QPUFODJB
FWJUBOEP
BTÓ
EFTBHSBEBCMFT
TPSQSFTBT
-B
NBOUFRVJMMB
B
MBT

IJFSCBT
QVFEF
VUJMJ[BSTF
UBNCJÏO
QBSB
DPDJOBS
FO
MB
TBSUÏO
P
GSFÓS

QBSB
DVBMRVJFS
UJQP
EF
QPTUSFT
P
HBMMFUBT
`P
JODMVTP
QBSB
FTQBSDJSMP

TFODJMMBNFOUF
FO
FM
QBO
8FSOBSE
#SVJOJOH

1BSB
IBDFS
MB
NBOUFRVJMMB
B
MBT
IJFSCBT
TF
SFRVJFSF

)BDFS
IFSWJS
B
GVFHP
MFOUP
EVSBOUF
VOB
IPSB
Z
EFKBS
FOGSJBS
MVFHP
IBTUB
RVF
TF
GPSNF

VOB
DBQB
TVQFSGJDJBM
EF
NBOUFRVJMMB
DVBKBEB

6OB
PMMB
HSBOEF
VO
GJMUSP
QBSB
UÏ
EPT
CMPRVFT
EF
NBOUFRVJMMB
Z

HSBNPT
EF
DÈ×BNP

3FDPHFS
MB
NBOUFRVJMMB
DVBKBEB
Z
QPOFSMB
FO
VOB
DBDFSPMB
B
DBMFOUBS
BM
CB×P
.BSÓB

-MFOBS
MB
PMMB
EF
BHVB
%FTNFOV[BS
CJFO
MB
IJFSCB
Z
FDIBSMB
FO
MB
PMMB
KVOUP
B
MB
NBOUFRVJMMB
IBTUB
RVF
TF
EFSSJUB



5PNBS
VO
QSFQBSBEP
QBSB
QBTUFMFT
EF
DBKB
EF
MPT
RVF
TF
FODVFOUSBO
OPSNBM
NFOUF
FO
MPT
TVQFSNFSDBEPT

Z
TFHVJS
MBT
JOTUSVDDJPOFT
QBSB
MB
QSFQBSBDJØO

VUJMJ[BOEP
MB
NBOUFRVJMMB
B
MBT
IJFSCBT
FO
MVHBS
EF
MB
NBOUFRVJMMB
OPSNBM

'JMUSBS
MB
NBOUFRVJMMB
EFSSFUJEB
DPO
VO
GJMUSP
QBSB
UÏ
Z
FMJNJOBS
MPT
ÞMUJNPT
SFTUPT
EF
IJFSCB

.F[DMBS
CJFO
MB
NBTB
Z
FDIBSMB
FO
VO
NPMEF
QBSB
IPSOFBS
QSFWJBNFOUF
FOHSB
TBEP
DPO
NBOUFRVJMMB

$PDFS
EVSBOUF
FM
UJFNQP
JOEJDBEP
&M
TQBDF
DBLF
IB
RVFEBEP
MJTUP
`$PNP
QPEÏJT

WFS
ZB
IBCÓBNPT
DPNJEP
NVDIP
BOUFT
EF
RVF
NF
BDPSEBSB
EF
RVF
OP
IBCÓB

%FKBS
DVBKBS
EF
OVFWP
MB
NBOUFRVJMMB
GJMUSBEB
RVF
BIPSB
EFCFSÈ
QSFTFOUBS
VO
DPMPS
VOJGPSNF
TBDBEP
BÞO
MBT
GPUPT
QBSB
FTUF
BSUÓDVMP


 "/92/ %-.8*
%.)3; 09*
.78.( 2)336
.< 98)336
.< 6.8.(&0

 
 
 
 
 
 
 
 
 
 
 

E E E E E E E E E E E  E

  
  
 

  
  
  
E E  E E  E E  E E  E E  E  E


(* 3;*6
03;*6 69.8
"4.6.8 368-*62
.,-8 "-.2.2,
".0:*6
&>* 12*7.&
&>* !3=&0
-**7*


 
 
 
 
 
 
 
 
 
 
 
 
 

E  E E  E E  E E  E E  E E E E  E

  
  
  
  
  
  
  
E  E
 E  E
 E  E
 E  E
 E  E
 E E  E  E


"4*(.&0
97-
 "4*(.&0
9**2
 !3=&0
3'= &7=
9) 9.(/
2* !3=&0
9831&8.( !3=&0
;&6+


 
 
 
 
 
 
 
 
 
 
 
 
 

E  E  E E E E E E  E E E  E  E
 E 

  
  
  
  
  
  
  
E E E  E  E  E  E E  E E  E  E
 E  E 

"#!$!"

#0+



 #0+



 #0+



 #0+





!3=&0
9**2
"**)7


  




.2+363=&059**27**)7(31

;;;63=&059**27**)7(31
 3&4&º"
%&
4)014

130%6$504 
,BUTV
VO
EFMFJUF
QBSB
FM
GVNBEPS

FO
«NTUFSEBN

6OB
WF[
RVF
IBO
MMFHBEP
B
MB
NFDB
NVOEJBM
EFM
DBOOBCJT
NVDIBT
EF

MBT
QFSTPOBT
RVF
WJTJUBO
«NTUFSEBN
WBO
EJSFDUBNFOUF
BM
ÈSFB
RVF

SPEFB
$FOUSBM
4UBUJPO
:
RVÏ
MÈTUJNB
«NTUFSEBN
UJFOF
NVDIP
NÈT

RVF
PGSFDFS
RVF
MBT
EJWFSTJPOFT
DPNVOFT
Z
MPT
DBGÏT
QBSB
UVSJTUBT
EFM

#BSSJP
3PKP
Z
TVT
BMSFEFEPSFT
-B
HFOUF
EF
«NTUFSEBN
RVF
TBCF
CJFO

EØOEF
FODPOUSBS
MP
NFKPS
QSFGJFSF
CVTDBS
MB
EJWFSTJØO
FO
PUSPT
TJUJPT

&O
1JKQ
QPS
FKFNQMP
EPOEF
VOB
EF
MBT
QFSMBT
NÈT
QSFDJBEBT
EF
MB

DBQJUBM
EFM
DBOOBCJT
FTQFSB
B
TFS
EFTDVCJFSUB
FM
DBGÏ
,BUTV
-B
QBMBCSB
,BUTV
TJHOJGJDB
iHBOBEPSw
FO
QVFSUBT
IBDF

B×PT
5PEP
FTUP
UJFOF

KBQPOÏT
Z
MB
DBOUJEBE
EF
QSFNJPT
RVF
IB
NVDIB
MØHJDB
QVFTUP
RVF
VOP
OP
TF
NFUF

HBOBEP
FM
DBGÏ
FO
DPNQFUFODJBT
JOUFSOB DPO
MPT
NPOVNFOUPT
DJPOBMFT
EF
DBOOBCJT
EFNVFTUSB
RVF
GVF
VO
EFTUJOP
OP
JEFOUJGJDBEP
FO
VOB
OBWF
EFT
FYDMVTJWBT
EF
IJFSCB
Z

EF
IBDIÓT

VOB
CVFOB
FMFDDJØO
-BT
QFRVF×BT
QFSP
1PMMFO
/FQBM FTQBDJBM
"
EJGFSFODJB
EF
"C
EF
SFQFOUF
EF
MBT
DVBMFT
WBSJBT
TPO
EJGÓDJMFT
EF
DPO
TPGJTUJDBEBT
JOTUBMBDJPOFT
TF
FODVFOUSBO
&M
TFDSFUP
EF
,BUTV
FT
VOB
MFHÓUJNB
B
NÓ
ZB
OP
NF
RVFEBO
HBOBT
EF
USBCBKBS
TFHVJS
FO
PUSBT
QBSUFT
JODMVTP
EFOUSP
EFM

KVTUP
FO
FM
DPSB[ØO
EFM
ÈSFB
NÈT
BOJNBEB
QBTJØO
QPS
MPT
NBSBWJMMPTPT
QSPEVD +P
{EF
WFSEBE
FT
KBNBJRVJOB QBSBÓTP
EFM
DBOOBCJT
RVF
FT
«NTUFSEBN
EF
1JKQ
VO
BOUJHVP
CBSSJP
EF
DMBTF
USBCBKB UPT
EFM
DBOOBCJT
-PT
EVF×PT
+PIO
Z

EPSB
RVF
FO
B×PT
SFDJFOUFT
TF
IB
USBOTGPS "C
TPO
GFSWJFOUFT
BNBOUFT
EF
UPEP
MP
6OB
MV[
BDPHFEPSB "EFNÈT
UJFOFO
WBSJFEBEFT
IPMBOEF
NBEP
FO
VO
DFOUSP
DPO
VOB
WJEB
OPDUVSOB
FYDFMFOUF
RVF
QVFEF
PGSFDFS
FM
DBOOB &O
VOB
BOJNBEB
DBMMF
MBUFSBM
EFM
NFSDBEP
TBT
EF
IJFSCB‰BMHVOBT
EF
VOB
SBSF[B

DBEB
WF[
NÈT
WJCSBOUF CJT
/BUVSBMNFOUF
WFOEFS
DBOOBCJT
FT
"MCFSU
$VZQ
Z
HSBDJBT
BM
BMFHSF
TF×BMB FYDFQDJPOBM‰EJWJEJEBT
FO
PSEFO
QPS

TV
USBCBKP
QFSP
OP
UF
EBO
FTB
JNQSF NJFOUP
EF
TV
GBDIBEB
FT
EJGÓDJM
OP
EBS
*OEJDB
*OEJDB4BUJWB
Z
QSJODJQBMNFOUF

&M
ÈSFB
FTUÈ
BUJCPSSBEB
EF
UJFOEBT
ÞOJ TJØO
*ODMVTP
EFTQVÏT
EF
UBOUPT
B×PT
DPO
,BUTV
6OB
WF[
EFOUSP
TJFOUFT
RVF
UF
4BUJWB
$BEB
WBSJFEBE
WB
BDPNQB×BEB

DBT
SFTUBVSBOUFT
FMFHBOUFT
BVORVF
BTF TV
FOUVTJBTNP
TJHVF
TJFOEP
UBO
HSBO FOWVFMWF
VOB
TFOTBDJØO
EF
QB[
$PO
UBO EF
EFTDSJQDJPOFT
TVDJOUBT
EF
TV
FGFDUP
Z

RVJCMFT
Z
DBGÏT
NPEFSOPT
NJFOUSBT
TF
EF
DPNP
TJFNQSF
5PEP
MP
RVF
PGSFDFO
UPT
CBSFT
EF
NPEB
BMSFEFEPS
,BUTV
UJFOF
TBCPS
-BT
WBSJFEBEFT
EFM
FYUSBOKFSP
TPO

QVFEF
MMFHBS
BOEBOEP
B
MVHBSFT
UVSÓTUJ FTUPT
EPT
DBCBMMFSPT
IB
TJEP
QSPCBEP
FM
JNQBDUP
EF
VO
PBTJT
FUFSOP
&M
JOUFSJPS
JHVBM
EF
FYDMVTJWBT
DPNP
MB
ZB
NFODJP
DPT
DPNP
3JKLTNVTFVN
FM
.VTFP
EF
7BO
DPO
SJHPS
B
GJO
EF
RVF
DVNQMB
DPO
TVT
QBSFDF
IBCFS
DBNCJBEP
NVZ
QPDP
FO
OBEB
1PMMFO
/FQBM
(PHI
Z
7POEFMQBSL
BEFNÈT
EF
NVDIPT
BMUPT
FTUÈOEBSFT
Z
FT
MJUFSBMNFOUF
QVFT 
B×PT
Z
DPO
FM
QBTBS
EF
MPT
B×PT
TF
IB

IPUFMFT
B
QSFDJPT
NÈT
BTFRVJCMFT
-B
UP
CBKP
FM
NJDSPTDPQJP
4ØMP
MP
NFKPS
FT
DSFBEP
VOB
MV[
DÈMJEB
Z
BDPHFEPSB
DPNP
4J
QSFGJFSFT
OP
GJBSUF
EF
OVFTUSB
QBMBCSB

BSUFSJB
QSJODJQBM
EFM
EJTUSJUP
FT
FM
GBNPTP
MP
CBTUBOUF
CVFOP PSP
WJFKP
&M
BNCJFOUF
FT
DPNP
FM
EF
UV
WF
BM
MJCSP
EF
WJTJUBT
EF
MB
QÈHJOB
XFC
EF

NFSDBEP
"MCFSU
$VZQ
RVF
OPT
NVFTUSB
DBGÏ
MPDBM
QSFGFSJEP
EPOEF
UPEP
NVOEP
,BUTV
i&T
FM
NFKPS
MVHBS
QBSB
DPNQSBS

VOB
JNBHFO
TJFNQSF
TPSQSFOEFOUF
EFM
"C
NF
NPTUSØ
BMHVOBT
EF
MBT
NBDSPGP TF
DPOPDF
QFSP
MPT
OVFWPT
UBNCJÏO
TPO
IJFSCB
FO
«NTUFSEBN
&M
QFSTPOBM
FT

NVMUJDVMUVSBMJTNP
EF
«NTUFSEBN
UPHSBGÓBT
RVF
IB
UPNBEP
i.JSB
FTUP
FT
CJFO
SFDJCJEPT
i1BSB
NVDIPT
DMJFOUFT
FM
NVZ
BNBCMF
IBZ
VOB
WJCSB
FYDFMFOUF

&O
VOB
[POB
FO
MB
RVF
UBOUP
IB
DBNCJBEP
/FQBMFTF
1PMFO
FT
GFOPNFOBM
QFSGFD DBGÏ
FT
VOB
FYUFOTJØO
EF
TV
TBMB
JODMVTP
Z
VOB
IJFSCB
GFOPNFOBM
B
CVFO
QSF
FO
MPT
ÞMUJNPT
B×PT
,BUTV
TJHVF
BGFSSÈO UP
QBSB
GVNBS
FO
VOB
QJQB
QFRVF×Bw
QBSB
QFSTPOBT
RVF
OP
GVNBOw
EJDF
"C DJP
1SVFCB
"NOFTJB
)B[F
P
/PSUIFSO

EPTF
B
OP
DBNCJBS
EFTEF
RVF
BCSJØ
TVT
"QBSFDFO
USJDPNBT
UBO
HSBOEFT
DPNP
-JHIUT
4JMWFS
1FBSM
BNCBT
EBO
VO
DPMP
MB
UPSSF
&JGGFM
i)BDFNPT
OVFTUSP
NFKPS
$PNP
BMUFSOBUJWB
B
MPT
QPSSPT
EF
UBCB DØO
FTUVQFOEPw
:
TFHÞO
VO
UBM
%PO

FTGVFS[P
QPS
DPOWFODFS
B
MB
HFOUF
EF
DP‰iVOB
MÈTUJNB
DPO
QSPEVDUPT
BTÓ
EF
4JNØO
i`)BDFO
RVF
NFSF[DB
MB
QFOB

,BUTV RVF
GVNF
QSPEVDUP
QVSPw
FYQMJDB
"C
CVFOPTw‰IBZ
WBSJPT
WBQPSJ[BEPSFT
EF
TBMJS
EFM
DFOUSPw
Z
TV
SFDPNFOEBDJØO
FT

&FSTUF
WBO
EFS
) FMTUTUSBBU
 NJFOUSBT
NF
FOUSFHB
VO
DBOVUP
HPSEP
Z
&WFSU
FM
QJPOFSP
IPMBOEÏT
EF
MPT
WBQP TØMP
VOB
FOUSF
NVDIBT

/;
«NTUFSEBN QPS
TVQVFTUP
QVSP
+BNBJRVJOB
QFSGFDUB
SJ[BEPSFT
MJTUPT
QBSB
TFS
VUJMJ[BEPT
.VZ

*OUFSOFU
XXXLBUTVOM
QBSB
GVNBS
EVSBOUF
FM
EÓB
FO
FM
USBCB TZNQB
`Z
RVÏ
TBCSPTPT
1VFEFT
EFKBS
$POTJÏOUFUF
DPO
MP
BVUÏOUJDP
"TFHÞSBUF

KP
SFGMFYJPOB
)BZ
RVF
BDPTUVNCSBSTF
QBTBS
MBT
IPSBT
GFMJ[
Z
SFMBKBEP
BRVÓ
QFSP
EF
RVF
MB
QSØYJNB
WF[
RVF
WJTJUFT

) PSBSJPT
MVOFT
B
KVFWFT
EF

B

B
GVNBS
FM
QSPEVDUP
QVSP
QPSRVF
EF
UBNCJÏO
QVFEFT
FTUVEJBSUF
FM
NFOÞ
Z
«NTUFSEBN
OP
EFKFT
QBTBS
MB
PQPSUV

7JFSOFT
Z
TÈCBEP
EF

B

JONFEJBUP
NF
WJFOF
VO
BUBRVF
EF
UPT
FOMPRVFDFSUF
DPO
MB
FOPSNF
WBSJFEBE
EF
OJEBE
EF
EFTDVCSJS
VOP
EF
MPT
TFDSFUPT


%PNJOHP
EF

B

4JFOUP
DPNP
TJ
IVCJFSB
TJEP
MBO[BEP
B
PQDJPOFT
4JFNQSF
IBZ
VOBT

WBSJFEB NFKPS
HVBSEBEPT
EF
MB
DJVEBE

4FOTJ[ZN
"EWBODFE
7PPEP
+VJDF

/VUSJFOUT "EWBODFE
/VUSJFOUT
&TUF
QSFQBSBEP
FTUÈ
DPNQVFTUP
QPS
NÈT
EF
%FTBSSPMMBEP
QPS
VO
FRVJQP
EF
EPT
EPDUPSFT


FO[JNBT
DPO
EJGFSFOUFT
GVODJPOFT
QFSP
FO
#JPMPHÓB
7PPEP
+VJJDF
JODMVZF
DJODP
UJQPT
EF

UPEBT
DFOUSBEBT
FO
BZVEBS
B
MB
QMBOUB
"MHVOBT
NJDSPCJPT
DPMPOJ[BO
FM
TJTUFNB
EF
MB
QMBOUB
GBDJ
EFTDPNQPOFO
MB
NBUFSJB
PSHÈOJDB
EF
MBT
SBÓDFT
MJUBOEP
MB
BTJNJMBDJØO
EF
OVUSJFOUFT
VOP
EF
FMMPT

NVFSUBT
QFSP
PUSBT
TF
DFOUSBO
FO
QSPNPWFS
FM
FT
DBQB[
EF
GJKBS
FM
OJUSØHFOP
'BDJMJUB
VO
EFTBSSP
EFTBSSPMMP
EF
MB
SBÓ[
Z
EF
MB
QMBOUB
FOUFSB MMP
FYQMPTJWP
EFM
TJTUFNB
EF
SBÓDFT
Z
VOB
NFKPS

BTJNJMBDJØO
EF
OVUSJFOUFT

XXXBEWBODFEOVUSJFOUTFV
XXXBEWBODFEOVUSJFOUTFT XXXBEWBODFEOVUSJFOUTFV
XXXBEWBODFEOVUSJFOUTFT
 48&&5
4&&%4
)*()-*'&
&91&3*&/$&

6O
HSBO
BDPOUFDJNJFOUP
RVF
IB
MMFWBEP
B
MPT

HBOBEPSFT
B
«NTUFSEBN
QBSB
SFDJCJS
TVT
DPQBT

FO
MB
)JHI
-JGF
$VQ


FS
$PODVSTP
EF
4FHVJNJFOUPT

4XFFU
4FFET
&O
VOB
JOJDJBUJWB
TJOHVMBS
DPO
MB
DPMBCPSBDJØO
EF
4PGU
4FDSFUT
FM

CBODP
EF
TFNJMMBT
4XFFU
4FFET
EFDJEJØ
SFQBSUJS
NÈT
EF
EPT
NJM

TFNJMMBT
FOUSF
GPSFSPT
EF

EF
MPT
NÈT
QSFTUJHJPTPT
GPSPT
DBOOÈCJDPT

EF
JOUFSOFU
$BOOBCJT$BGF
Z
VL
$PO
DFSDB
EF

DPODVSTBOUFT

FTQB×PMFT
Z
PUSPT
UBOUPT
JOHMFTFT
MBT
DPNQFUJDJPOFT
IBO
FTUBEP

NVZ
SF×JEBT
IBTUB
FM
GJOBM
DPO
NVDIPT
DPODVSTBOUFT
EBOEP
MP

NFKPS
EF
TV
BMNB
EF
DVMUJWBEPSFT
QBSB
HBOBS
UBO
EFTFBEP
MVHBS
FO

FM
WVFMP
EF
MPT
MPDPT
GVNBEPT
IBDJB
«NTUFSEBN

&M
QSFNJP
QBSB
MPT

NFKPSFT
EFEPT
WFSEFT
MP
QBTBSPO
EF
MVKP
FO
VO
FWFOUP
NVZ
CJFO

JODMVÓB
FM
QBTBKF
EF
BWJØO
EFTEF
DVBMRVJFS
PSHBOJ[BEP
DPO
FOUSBEB
SFTUSJOHJEB
TPMP

MVHBS


OPDIFT
FO
VO
)PUFM
FO
FM
DFOUSP
QBSB
JOWJUBEPT
)BCÓBO
VOBT

QFSTPOBT
NJOBOEP
DPO
VOB
DFOB
NVZ
GVNBEB
FO

EF
«NTUFSEBN
BM
MBEP
EFM
7POEFMQBSL
FM
Z
FOUSF
FMMBT
VO
NPOUØO
EF
QFSTPOBKFT
#BSOFZT
QPS
TVQVFTUP
UBNCJÏO
DPO
CBSSB

NBZPS
Z
NÈT
BGBNBEP
KBSEÓO
EF
MB
DBQJUBM
CBTUBOUF
DPOPDJEPT
FO
MB
FTDFOB
DBOOÈCJ MJCSF
Z
NVDIB
DPNJEB
TFSWJEB
QPS
DBNB
IPMBOEFTB

Z
FOUSBEB
FO
MB
)JHI
-JGF
$VQ
DB
JOUFSOBDJPOBM SFSPT
NVZ
BUFOUPT
Z
TJNQÈUJDPT
"EFNÈT



'FTUJWBM
&EJUJPO

DPO
DFOB
Z
CBSSB
QPS
TJ
UPEP
FTP
OP
GVFTF
TVGJDJFOUF
FM

MJCSF
UPEB
MB
UBSEF
Z
OPDIF
&O
FTB
NJTNB
&O
FM
TFHVOEP
EÓB
MPT
HBOBEPSFT
IBO
QSFNJP
UBNCJÏO
JODMVÓB

FVSPT
FO

OPDIF
IBO
UFOJEP
VOB
TPSQSFTB
NÈT
MPT

QBSUJDJQBEP
KVOUBNFOUF
DPO
FM
FRVJQP
NFUÈMJDP
QBSB
HBTUPT
QFSTPOBMFT
6O
GJO

IBO
TVCJEP
BM
QBMDP
EF
MB
)JHI
-JGF
QBSB
EF
4XFFU
4FFET
FO
VO
QBTFP
FO
FM
CBSDP
EF
TFNBOB
JOPMWJEBCMF
QBSB
UPEPT
SFDJCJS
TVT
DPQBT
EF
NBOFSB
RVF
MB
FYQF EF
4PGU
4FDSFUT
QPS
MPT
DBOBMFT
EF
MB
TVTP &O
$BOOBCJT$BGF
MB
DBMJEBE
EF
MPT
TFHVJ
SJFODJB
TF
IB
RVFEBEP
NVZ
DPNQMFUB
F
EJDIB
DJVEBE
DPO
BMNVFS[P
Z
CBSSB
MJCSF
B
NJFOUPT
EF
DVMUJWP
GVF
UBO
CVFOB
RVF

JOPMWJEBCMF
%F
FTUB
GPSNB
FM
QSJNFS
EÓB
CPSEP
EFTEF
MBT
I
IBTUB
MBT
I

UFS TVQFSØ
MBT
FYQFDUBUJWBT
EF
4XFFU
4FFET

 

QPS
FTUF
NPUJWP
EFDJEJFSPO
EPCMBS
MPT
%FMJDJPVT
4V
QFRVF×P
BSNBSJP
TF
IB
IFDIP

QSFNJPT
BTÓ
RVF
EFM
GPSP
FTQB×PM

DVM HSBOEF
Z
TF
IB
RVFEBEP
DPNQMFUBNFOUF

UJWBEPSFT
IBO
UFOJEP
MB
PQPSUVOJEBE
EF
MMFOP
EF
CFMMBT
GMPSFT
5BNCJÏO
IBZ
RVF

WJBKBS
B
)PMBOEB
DVBOEP
FM
DPNQSPNJTP
DPOTVMUBS
TV
TFHVJNJFOUP
OP
TPMP
QPS
MB

EF
4XFFU
4FFET
FSB
MMFWBS
TPMP
B

QSPEVDDJØO
RVF
IB
PCUFOJEP
TJOP
UBNCJÏO

QPS
MPT
NÏUPEPT
EF
DVMUJWP
VUJMJ[BEPT
Z
MBT

1FSP
UBNCJÏO
MPT
QSFNJPT
QBSB
FM
GPUPT
EF
HSBO
DBMJEBE
RVF
IB
DPNQBSUJEP

TFHVOEP
Z
UFSDFS
MVHBS
IBO
TJEP
EPCMB DPO
OPTPUSPT
FO
FTQFDJBM
TVT
NBDSPT
&M
UFS
EPT

DVMUJWBEPSFT
TF
IBO
RVFEBEP
DFS
HBOBEPS
IB
MMFHBEP
EFTEF
*OHMBUFSSB
TV

DPO
Ƚ
Z
PUSPT

DPO
Ƚ
DBEB
VOP
OPNCSF
FT
4,
Z
FT
VO
GPSFSP
EF
VL
RVF

QBSB
HBTUBS
FO
QSPEVDUPT
EF
MBT
UJFO IB
DVMUJWBEP

$SFBN
$BSBNFM
Z

4"%
FO

EBT
EF
4XFFU
4FFET
IJESPQØOJDP
Z
IB
DPNQBSUJEP
DPO
OPTPUSPT

VO
TFHVJNJFOUP
UBNCJÏO
NVZ
CJFO
USBCBKB
%FM
GPSP
JOHMÏT
PUSP
DVMUJWBEPS
IB
HBOBEP
EP
Z
QFSGFDUBNFOUF
JMVTUSBEP
FM
WJBKF
B
«NTUFSEBN
Z
GVF
VO
QMBDFS
UFOFS

MP
B
ÏM
Z
B
TV
OPWJB
FO
MB
)JHI
-JGF
"EFNÈT
&M
DPODVSTP
FNQF[Ø
B
GJOBMFT
EF
%JDJFNCSF

PUSPT

DPODVSTBOUFT
EF
$BOOBCJT$BGF
Z
FM

EF
.BZP
GVF
MB
GFDIB
MÓNJUF
QBSB

Z

EF
VL
DPO
TFHVJNJFOUPT
EF
DVM UFSNJOBS
FM
TFHVJNJFOUP
DPO
DPTFDIB
EF

UJWP
UBNCJÏO
EF
NVZ
CVFOB
DBMJEBE
IBO
MBT
QMBOUBT
DBUB
Z
DPNFOUBSJPT
EF
DBEB

HBOBEP
VO
MPUF
EF
SFHBMP
EF
4XFFU
4FFET
WBSJFEBE
"MHVOPT
DPODVSTBOUFT
BEFNÈT

DPNQVFTUP
QPS

QBRVFUFT
EF
TFNJMMBT
EF
DPNQBSUJS
TV
TFHVJNJFOUP
BM
GJOBM
IBO

B
FMFHJS

DBNJTFUBT

HPSSBT
NFDIFSPT
DPNQBSUJEP
UBNCJÏO
PUSBT
FYQFSJFODJBT

QFHBUJOBT
Z
QPTUFST
"
MPT
DPODVSTBOUFT
TF
DPNP
FYUSBDDJPOFT
EF
IBDIÓT
Z
BDFJUF

MFT
QFEÓB
QMBOUBT
FO
CVFO
FTUBEP
VO
DVBS UÏ
DBOOÈCJDP
NBOUFRVJMMB
DBOOÈCJDB
Z

UP
EF
DVMUJWP
BTFBEP
Z
DPO
CVFO
BTQFDUP
UBOUBT
PUSBT
DPTBT
NÈT
RVF
IBO
IFDIP

NVDIBT
GPUPT
DPO
DBMJEBE
PSJHJOBMJEBE
FO
EF
FTUF
DPODVSTP
UPEP
VO
ÏYJUP
Z
QPS

MPT
SFDVSTPT
BQMJDBEPT
Z
MB
NBZPS
GSFDVFO FTP
PT
JOWJUBNPT
B
DPOTVMUBS
FM
GPSP
QBSB

DJB
EF
QPTUFP
QPTJCMF WFS
MPT
SFDJÏO
UFSNJOBEPT
TFHVJNJFOUPT

EF
DVMUJWP
6O
ÏYJUP
UPUBM
UBNCJÏO
EFTEF

6OP
EF
MPT
HBOBEPSFT
FTQB×PMFT
5POJ
VOB
QFSTQFDUJWB
FEVDBUJWB
DPO
EPDFOBT

EF
MB
BTPDJBDJØO
5)$
7BMFODJB

BGJDJP EF
DVMUJWBEPSFT
DPNQBSUJFOEP
DPOPDJ
OBEP
EF
MBT
%JFTFM
EFDJEJØ
DVMUJWBS

NJFOUPT
TPCSF
NÏUPEPT
EF
DVMUJWP
QFSP

*DF
$PPM
WBSJFEBE
EFTBSSPMMBEB
B
QBSUJS
UBNCJÏO
VO
ÏYJUP
FO
UÏSNJOPT
TPDJBMFT
ZB

EF
VOB
MÓOFB
EF
/:$
%JFTFM

MP
RVF
MF
RVF
IB
QFSNJUJEP
B
BMHVOPT
DVMUJWBEPSFT

IB
QFSNJUJEP
NÈT
IPNPHFOFJEBE
FO
MB
DPOPDFSTF
FO
FM
NJTNÓTJNP
NPNFOUP
FO

BMUVSB
EF
MBT
QMBOUBT
Z
VOPT
DPHPMMPOFT
RVF
TF
MFT
IB
QSPQPSDJPOBEP
VOB
WJTJØO

RVF
IBZ
RVF
FDIBS
VO
WJTUB[P
B
TV
TFHVJ EF
«NTUFSEBN
EFTEF
VO
QVOUP
EF
WJTUB

NJFOUP
FO
FM
TVCGPSP
EF
4XFFU
4FFET
FO
DPNQMFUBNFOUF
EJGFSFOUF
FM
WFSEBEFSP

$BOOBCJT$BGF
QBSB
IBDFSTF
VOB
JEFB
EF
VOB
DJVEBE
EFMJDJPTBNFOUF
EVMDF
0USP
HBOBEPS
5PNNZ
FTDPHJØ

8JME

3PTF

$SFBN
$BSBNFM
Z

4XFFU
"GHBOJ

XXXTXFFUTFFETFT
%   0 





!



"








 '
%
 
!
#%


!"
! 





!

!


!&
"

 
%



"

 


 
 
  
!!
!



!

#%


!

 
!


 

!
"


!


!



$ 
 
%
!


!








 
%

 
!

#%



!
!


#%




 
!
! 
 



!&






#%

$ 
#%
!

 
!
!
 
"
!  

 


!
 "



 

 


 



  

* 








    

 






 









 


 
      
       
  

   



    
 
  
 

         
  
  
   

  ! 
  
      
  
  "

 
   

 
    
     
 
  
# 
 
  

           
 


 $
  
 
   

 

 

            !"
   


          !"        


          ! 



   
  

      
     #
 

$

 %
 

   
 &  
  & 
 
 )


 

 

  '(() 
 
  


   

%

 $'
 
  
  
 
 '  

  (
 




  
 
 





  "(  






 
 
 
%
$

  

 

 


   
"



 *

   

'  





 



  +   # 

 

 





 
  





  
 

 
 


 
  

 
  
    
 


 
  










 


 






 







  

 
 !   "

 
   



  
  

 
   


# 
$
  % &%
'()
   


*%
+,,,,

 -


    
 
 

 



  ./(/


 

 



      



  




  
  
  


. "

 




   



    
     
 


  



    


&
 $

111
 


 
/JSWBOB
4FFET
&TUBCMFDJEP
FO

/JSWBOB
4FFET
TF
IB
DPOWFSUJEP
FO
VOP
EF
MPT

QSJODJQBMFT
DVMUJWBEPSFT
EF
TFNJMMBT
EF
DBOOBCJT
EF
MPT
1BÓTFT
#BKPT

)PZ
FM
FTUBEPVOJEFOTF
#VEEZ
EJSJHF
/JSWBOB
EFTEF
TV
UJFOEB
EF

WFOUB
BM
QPS
NBZPS
FO
FM
DFOUSP
EF
«NTUFSEBN
4PGU
4FDSFUT
MP
MPDBMJ[Ø

BIÓ
QBSB
IBCMBS
EF
MBT
OVFWBT
WBSJFEBEFT
EF
TFNJMMBT
EF
MB
DPNQB×ÓB

Z
FO
RVÏ
GPSNB
IB
DBNCJBEP
FM
OFHPDJP
HSBDJBT
B
MB
DSFDJFOUF
QSPGFTJP
OBMJ[BDJØO
Z
MB
HMPCBMJ[BDJØO
1PS
+VMFT
.BSTIBMM

4PGU
4FDSFUT
{$ØNP
UF
NFUJTUF
FO
FM
IBDFS
WBSJFEBEFT
NÈT
BEFMBOUF
/P
TF

OFHPDJP
EF
MBT
TFNJMMBT QVFEFO
DSFBS
WBSJFEBEFT
EF
MBT
'
TV

#VEEZ
)BDF

B×PT
NF
NVEÏ
EF
QSPEVDUP
FT
UPUBMNFOUF
JOFTUBCMF
"MFNBOJB
B
«NTUFSEBN‰NJ
FTQPTB

Z
ZP
WFOÓBNPT
DBEB
GJO
EF
TFNBOB
{2VÏ
FT
MP
NÈT
EFTUBDBCMF
EF
/JSWBOB

4J
FT
TBCSPTB
MB
DPNFSDJBMJ[BNPT
DPNP
'
EF
MP
DPOUSBSJP
MB
IJCSJEBNPT
DJODP

EF
GJFTUB‰Z
GVF
QPS
DPJODJEFODJB
RVF
RVF
TF
IBZB
WFOEJEP
CJFO
P
RVF
MPT

WFDFT
QBSB
FTUBCJMJ[BSMB
FOUSÏ
BM
OFHPDJP
.J
QSJNFS
QJTP
FTUB MFDUPSFT
RVJ[ÈT
IBZBO
VTBEP
CB
B
QPDBT
QVFSUBT
EF
MB
BOUJHVB
UJFO %FTEF
RVF
USBCBKP
BRVÓ
IFNPT
HBOBEP

EB
EF
/JSWBOB
BTÓ
RVF
GVF
VOP
EF
MPT
QSFNJPT
QPS
$SZTUBM
.BTUFS
,VTI
Z
OVFT OP
UFOHB
IPOHPT
IBDFO
VO
BOÈMJ OBUVSBMFT
QPSRVF
B
BMHVOBT
QFSTPOBT
MFT

QSJNFSPT
MVHBSFT
B
MPT
RVF
GVJ
1PS
USB
3PZBM
'MVTI TJT
NJDSPTDØQJDP
Z
UPEP
FTUP
QPS HVTUB
DSFBS
WBSJFEBEFT
B
PUSBT
OP
MFT

TFS
BNFSJDBOP
UBSEÏ
VOPT
PDIP
NFTFT
RVF
FT
NFEJDJOBM
-P
FTUÈO
USBUBOEP
HVTUB
MB
GPSNB
FO
RVF
MBT
TFNJMMBT
TPO

QBSB
DPOTFHVJS
VO
QFSNJTP
EF
USBCBKP

{$ØNP
GVF
NPOUBEB
MB
FNQSFTB
PSJHJ DBTJ
DPNP
VO
QSPEVDUP
GBSNBDÏVUJDP
USBUBEBT
DPO
RVÓNJDPT
&M
TPEJP
UIZ
OP
TÏ

Z
EVSBOUF
FTF
UJFNQP
UVWF
RVF
HBOBS OBMNFOUF Z
PGSFDFO
VOB
BNQMJB
WBSJFEBE
EF
RVÏ
Z
FM
OJUSBUP
EF
QMBUB
TPO
NVZ
WFOF
NF
MB
WJEB
EF
NBOFSB
JOGPSNBM
Z
BIÓ
.BV
TPMÓB
USBCBKBS
QBSB
8FSOBSE
#SVJOJOH

HBMMFUBT
EVMDFT
Z
NBOUFRVJMMBT
QBSB
OPTPT
1SÈDUJDBNFOUF
NBUBO
MB
QMBOUB

GVF
DVBOEP
FNQFDÏ
B
DVMUJWBS
`5FOÓB
FO
1PTJUSPOJDT
MB
QSJNFSB
HSPX
TIPQ
EF
OP
GVNBEPSFT
{$SFFT
RVF
FM
IFDIP
QFSP
MB
GVFS[BO
B
IBDFSTF
iIFSNBGSPEJUBw

RVF
DPNFS
.JT
QMBOFT
OP
FSBO
DVMUJWBS
«NTUFSEBN
Z
QSPCBCMFNFOUF
EF
UPEB
EF
RVF
BRVÓ
MBT
MFZFT
TFBO
NÈT
USBO Z
EFKB
MBT
GMPSFT
TJO
DSPNPTPNBT
NBT
IJFSCB
Z
FO
FM
DBGÏ
QBSB
FM
RVF
DVMUJWB &VSPQB
²M
FTUBCB
B
DBSHP
EF
MBT
TFNJMMBT
RVJMBT
FO
DVBOUP
B
GVNBS
TJHOJGJDB
DVMJOPT
&TB
FT
MB
UFPSÓB
QFSP
TF
UJFOF

CB
DPOPDÓBO
B
.BV
EVF×P
Z
GVOEBEPS
1PTJUSPOJDT
Z
DVBOEP
8FSOBSE
DFSSØ
FM
RVF
OP
IB
FYJTUJEP
MB
NJTNB
QSFTJØO
RVF
QSPCBS
NVDIP
/P
TF
QVFEF
IBDFS

EF
/JSWBOB

Z
DVBOEP
DPOTFHVÓ
NJ
OFHPDJP
.BV
BCSJØ
/JSWBOB
FO
 EF
JOOPWBS
P
EF
DPOUSPMBS
MB
DBMJEBE DPO
DVBMRVJFS
QMBOUB
"OUFT
OFDFTJUBT

OÞNFSP
40'*
QFSNJTP
EF
USBCBKP

ÏM
&T
WFSEBE
QFSP
&TUBEPT
6OJEPT
OP
VOB
IFNCSB
QFSGFDUBNFOUF
QSPCBEB
OP

FTUBCB
CVTDBOEP
VO
OVFWP
HFSFOUF
Z
{«NTUFSEBN
TJHVF
TJFOEP
DPOTJEFSB FTUPZ
EF
BDVFSEP
DPO
FM
QVOUP
EF
WJTUB
QVFEF
TFS
IFSNBGSPEJUB
QPS
TÓ
TPMB
QBSB

NF
EJP
FM
USBCBKP
/VODB
BOUFT
IBCÓB
EP
VO
DFOUSP
QSJODJQBM
EF
TFNJMMBT iNÏEJDPw
5PEBT
MBT
QFSTPOBT
RVF
DPOP[ TFS
DBOEJEBUB
QBSB
MPT
RVÓNJDPT
-B
JEFB

DVMUJWBEP
MFÓB
)JHI
5JNFT
Z
TJFNQSF
:P
DPOTJEFSP
RVF
DPNP
BRVÓ
UFOFNPT
DP
GVNBO
QPSRVF
MFT
HVTUB
`OP
QPSRVF
GVF
EFM
EPDUPS
%BWJE
8BTTPO
RVF
IBDÓB

UVWF
MB
JOUFODJØO
EF
IBDFSMP
"TÓ
RVF
DBGÏT
FTB
FT
MB
QSVFCB
NÈT
JNQPSUBOUF
FTUÈO
FOGFSNPT
:
OP
NF
HVTUB
MB
JEFB
JOWFTUJHBDJPOFT
DPO
FM
DÈ×BNP
NJFOUSBT

NF
QVTF
B
MFFS
UPEP
UJQP
EF
MJCSPT
Z
NF
QBSB
VOB
WBSJFEBE
QPSRVF
QVFEF
TFS
EF
UFOFS
RVF
GJOHJS
QBSB
DPOTFHVJS
VOB
WJWÓB
DPO
MPT
IFSNBOPT
)BZFT
BIPSB

NFUÓ
EF
MMFOP FWBMVBEB
EF
VOB
GPSNB
SFMBKBEB
Z
TV
QSF SFDFUB WJWF
FO
«NTUFSEBN

)J[P
MBT
QSJNFSBT

DJP
TF
CBTB
FO
FM
NFSDBEP
BCJFSUP
Z
OP
FO
JOWFTUJHBDJPOFT
IBDF

B×PT
5BNCJÏO

{$VÈOUPT
FNQMFBEPT
UJFOFT
B
UV
FM
NFSDBEP
OFHSP
1FSP
MBT
DPTBT
QBTBO
{7JTUF
VO
FQJTPEJP
SFDJFOUF
EF
4PVUI
IB
IFDIP
FTUVEJPT
EF
TFNJMMBT
IFNCSBT

DBSHP
NVDIP
NÈT
SÈQJEP
Z
TF
IBDFO
NFKPS
FO
1BSL
FO
FM
RVF
BCSJFSPO
VO
EJTQFOTB FT
EFDJS
FO
IBDFS
RVF
VOB
QMBOUB
NBDIP

$VBUSP
P
DJODP
EF
UJFNQP
DPNQMFUP
VO
NFSDBEP
BCJFSUP
SJP
EF
NBSJIVBOB
FO
MB
DJVEBE
1PMMP
QSPEV[DB
TFNJMMBT
IFNCSB
&T
DPNP
VO

FNQBRVFUBOEP
'SJUP
.FEJDJOBM

NFOUPS
QBSB
NÓ
FTUVWF
FO
TV
DBTB
IBDF

TFNJMMBT
Z
RVJ[ÈT
&M
QBESF
EF
4UBO
VOBT
TFNBOBT
IBCMBOEP
TPCSF
MB
DJFODJB

WFJOUF
DVMUJWB *ODMVTP
FO
#PMJWJB
QVFEFT
MMFWBS
FO
UV
QPTF TF
QSPWPDB
DÈODFS
EFUSÈT
EF
UPEP
FTUP
EPSFT
JOEFQFO
EJFOUFT
DPO
MPT

TJØO
IBTUB

HSBNPT
EF
NBSJIVBOB
TJFNQSF
QBSB
QPEFS
VTBS
MP {1BSB
RVÏ
TJSWFO
UPEPT
MPT
NBDIPT
RVF
USBCBKBNPT
Z
DVBOEP
OP
DBSHVFT
DPDBÓOB /P
IF
WJTUP
FM
FQJ &T
NVZ
ÞUJM
Z
UBNCJÏO
FT
EJGÓDJM
TBCFS
RVÏ

5FOFNPT
VO
TBMØO
TPEJP
QFSP
MB
GPSNB
FT
MB
QMBOUB
NBDIP
/P
QSPEVDF
5)$

QSJODJQBM
Z
MPT
DPO FO
MB
RVF
&&66
MP
QFSP
TJ
MB
USBUBT
DPO
RVÓNJDPT
Z
PCUJFOFT

USBUJTUBT
TF
FODBSHBO
EF
UPEP
FM
DVMUJWP
FTUÈ
BCPSEBOEP
FT
DPOUSBEJDUPSJB
TPO
DPHPMMPT
UF
EBSÈT
VOB
JEFB
EF
MBT
DVBMJEB
/PTPUSPT
OPT
FODBSHBNPT
EF
OVFTUSP
&O
&TQB×B
MB
HFOUF
DVMUJWB
IJFSCB
FO
UJFOEBT
EF
TBMVE
QFSP
MPT
EJTQFOTBSJPT
EFT
RVF
QPTFF
QSPQJP
EFTBSSPMMP
Z
QSVFCBT TVT
KBSEJOFT
QPS
UPEBT
QBSUFT
QFSP
OP
UJFOFO
NFTBT
EF
QPPM
/VODB
IF
JEP
B

IBZ
DPOUSPM
EF
DBMJEBE
4ØMP
DVMUJWBO
Z
VOB
GBSNBDJB
FO
MB
RVF
IBZB
VOB
NFTB
5BNCJÏO
WFOEFT
TFNJMMBT
BVUPGMP
{1VFEFT
FYQMJDBS
DØNP
TF
IBDF
VOB
WFOEFO
"RVÓ
MPT
DBGÏT
OP
DPNQSBO
TJ
EF
QPPM
{TBCFT
1FSP
TVQPOHP
RVF
FT
VO
SFDJFOUFT
{FT
VOB
JOOPWBDJØO
NÈT

OVFWB
WBSJFEBE FM
QSPEVDUP
OP
FT
CVFOP
:
BRVÓ
IBZ
FTDFOBSJP
RVF
UFOFNPT
RVF
DPOTJEFSBS
SFDJFOUF
1PS
MP
HFOFSBM
QPS
NFEJP
EF
BNJHPT
P
UBOUP
UVSJTNP
RVF
DPOTVNF
ESPHBT
RVF
QPSRVF
BMMÈ
UPEP
FT
VOB
MPDVSB 4Ó
PUSB
OVFWB
UFOEFODJB
RVF
FO
MP
QFSTP
OPTPUSPT
NJTNPT
OPT
EBO
VOB
TFNJMMB
FM
SFTVMUBEP
FT
VOB
JOUFOTB
FWBMVBDJØO
EF
OBM
OP
NF
HVTUB
QPSRVF
DPOUJFOF
HFOFT

Z
MB
DVMUJWBNPT
MB
NF[DMBNPT
DPO
VOP
MBT
WBSJFEBEFT
EF
«NTUFSEBN
&O
&TQB×B
{$VÈOEP
GVF
MB
QSJNFSB
WF[
RVF
EF
SVEFSBMJT
RVF
MB
PCMJHB
B
GMPSFDFS
BVUP
EF
OVFTUSPT
NBDIPT
4J
FT
TBCSPTB
MB
MB
NBZPSÓB
EF
MPT
RVF
GVNBO
TV
IJFSCB
/JSWBOB
EFTBSSPMMØ
TFNJMMBT
GFNJOJ NÈUJDBNFOUF
QFSP
RVF
UBNCJÏO
DPOUJFOF

DPNFSDJBMJ[BNPT
DPNP
'
EF
MP
DPO TPO
MPT
FTQB×PMFT
BTÓ
RVF
OP
IBZ
NVDIB
[BEBT NVDIPT
$#%
Z
$#/
FT
DPNP
VOB
IJFSCB

USBSJP
MB
IJCSJEBNPT
DJODP
WFDFT
QBSB
SFUSPBMJNFOUBDJØO )BDF
TFJT
P
TJFUF
B×PT
UFOÓBNPT
VOBT
QBSB
FM
EPMPS
EF
DBCF[B
-B
BVUPGMPSBDJØO

FTUBCJMJ[BSMB TFJT
WBSJFEBEFT
QFSP
FSB
FM
JOJDJP
EF
MBT
UJFOF
VO
QSFDJP
FM
DPMPDØO
OP
FT
UBO
DMBSP

«NTUFSEBN
DPNP
IB
TJEP
USBEJDJPOBM TFNJMMBT
GFNJOJ[BEBT
Z
FM
DBNJOP
OP
FSB
DPNP
DPO
MBT
PUSBT
WBSJFEBEFT
{:
DVÈOUP
UJFNQP
UBSEB
FM
QSPDFTP
NFOUF
DPO
MBT
GMPSFT
Z
MBT
WFSEVSBT
FT
GÈDJM
1FSP
OPT
FTGPS[BNPT
DPOUSBUBNPT

DPNQMFUP
EFTEF
MB
TJFNCSB
EF
MB
QSJ VO
QVOUP
DFOUSBM DJFOUÓGJDPT
QBSB
RVF
MBT
EFTBSSPMMBSBO
Z
{$VÈMFT
TPO
MBT
WFOUBKBT
NFSB
TFNJMMB
IBTUB
WFOEFS
TVT
HFOFT
4Ó
BEFNÈT
FTUÈ
FM
BFSPQVFSUP
EF
4DIJQIPM
BIPSB
WB
CJFO
5PEBT
OVFTUSBT
TFNJMMBT
-BT
WBSJFEBEFT
DSFDFO
CJFO
FO
MBUJUVEFT

FO
FM
NFSDBEP RVF
OP
TF
WB
B
NPWFS
EF
TV
TJUJP
)BZ
IJFS FTUÈO
GFNJOJ[BEBT FYUSFNBT
EFM
OPSUF
P
TVS

FO
%JOBNBSDB

&T
GÈDJM
DPO
MBT
'
UBSEB
VOPT
DVBOUPT
CB
FO
PUSPT
MVHBSFT
QFSP
TJFNQSF
IBCSÈ
4VFDJB
P
$BOBEÈ
TF
QVFEFO
QMBOUBS
FO

NFTFT
-BT
FTUBCJMJ[BEBT
QVFEFO
UBSEBS
VO
TJUJP
RVF
TF
EJTUJOHB
TPCSF
MPT
EFNÈT {-BT
TFNJMMBT
GFNJOJ[BEBT
SFQSFTFOUBO
FM
KBSEÓO
Z
DPTFDIBS
BOUFT
EF
MB
QSJNFSB

EF
VOP
B
EPT
B×PT FM
GVUVSP
IFMBEB
4J
WJWFT
FO
VO
MVHBS
UFNQMBEP
OP

"MHVOBT
GBSNBDJBT
EF
$BMJGPSOJB
QBSF &YJTUF
VO
NFSDBEP
QBSB
FMMBT
QFSP
OPT
EFCFSÓBT
DVMUJWBSMBT
{2VÏ
UBO
JNQPSUBOUF
FT
MB
IJCSJEBDJØO DFO
UFOFS
VOB
GPSNB
NVZ
EJGFSFO FTUBNPT
EBOEP
DVFOUB
EF
RVF
TJFN
.VDIP
QPSRVF
BTÓ
MB
QPEFNPT
VTBS
QBSB
UF
EF
WFS
FM
QSPEVDUP
WFSJGJDBO
RVF
QSF
IBCSÈ
VO
NFSDBEP
QBSB
MBT
TFNJMMBT
{$ØNP
IB
DBNCJBEP
JOUFSOFU
FM
OFHP

DJP
EF
MBT
TFNJMMBT 4VQPOHP
RVF
TJFNQSF
TF
QVFEF
WPM {1BSB
IBDFS
WBSJFEBEFT
P
QBSB
DVMUJWBS SFHSFTBO
EF
TVT
FTUVEJPT
FNQSFTBSJBMFT

3FWPMVDJPOØ
FM
OFHPDJP
EFTEF
IBDF
WFS
B
WFOEFSMBT
DPNP
BMJNFOUP
QBSB
1BSB
UPEP
-P
IBO
FTUBEP
IBDJFOEP
DPO
FOUSBO
B
FTUF
OFHPDJP
"IPSB
MPT
HSB
BQSPYJNBEBNFOUF
PDIP
P
OVFWF
B×PT
DBOBSJPT FM
UBCBDP
Z
FT
MP
CBTUBOUF
TFODJMMP
QBSB
EVBEPT
FTUÈO
HFTUJPOBOEP
IFBE
TIPQT
Z

-B
UJFOEB
EF
TFNJMMBT
(ZQTZ
/JSWBOB
EF
4Ó
P
DPNJEB
QBSB
QFDFT WPMWFSMP
B
IBDFS
DPO
MB
IJFSCB DFOUSPT
EF
EJTUSJCVDJØO
$BEB
WF[
FT
NÈT

*OHMBUFSSB
EJP
JOJDJP
B
UPEP
"OUFT
EF
FTP
FTUSJDUP
&TP
FT
CVFOP
ZB
RVF
BM
QSJODJQJP

MB
HFOUF
DPOEVDÓB
IBTUB
«NTUFSEBN
P
4JFNQSF
QBSFDFO
FTUBS
BNFOB[BOEP
-BT
USFT
OVFWBT
WBSJFEBEFT
RVF
NFO UPEP
FSB
VO
UBOUP
EFTDVJEBEP
SFTQPOEÓB
BOVODJPT
EF
MBT
QPDBT
SFWJT DPO
DBNCJBS
MB
MFZ
FO
MPT
1BÓTFT
#BKPT
DJPOÏ
BOUFT
UPEBWÓB
OJ
TJRVJFSB
UJFOFO

UBT
EF
NBSJIVBOB
RVF
IBCÓB
FO
FTF
{) BZ
BMHVOB
EJSJHJEB
B
UV
OFHPDJP
P
MB
OPNCSF
Z
EFCP
UFOFS
DVJEBEP
"
VOB
:
MPT
QJPOFSPT
TF
FTUÈO
KVCJMBOEP
ZB

NPNFOUP
%FTEF
JOUFSOFU
FM
OFHPDJP
NBZPSÓB
UJFOFO
RVF
WFS
DPO
MPT
DBGÏT WBSJFEBE
MB
MMBNÏ
8IJUF
$BTUMF
Z
SFDJCÓ
IJDJFSPO
TV
MBCPS
TF
IB
NVMUJQMJDBEP
QPS
EJF[
TJO
EVEB
/P
NF
QSFPDVQB
QPSRVF
QBSB
DBN VOB
DBSUB
EF
VOPT
BCPHBEPT
RVF
SFDMB :
MB
TJHVJFOUF
HFOFSBDJØO
MB
(FOFSBDJØO

BMHVOB
:
FT
RVF
FT
EFNBTJBEP
GÈDJM
CJBS
DVBMRVJFS
DPTB
SFMBDJPOBEB
DPO
NBCB
VOB
WJPMBDJØO
EF
MB
NBSDB
SFHJT EF
*OUFSOFU
RVJFSF
CVFOP
TJ
NJT
EJT
MBT
TFNJMMBT
TPO
UBO
QFRVF×BT
RVF
TPO
MBT
TFNJMMBT
UJFOFO
RVF
DBNCJBS
BMHV USBEB
/J
TJRVJFSB
TBCÓB
RVF
IVCJFSB
VOB
USJCVJEPSFT
OP
SFDJCFO
TVT
QFEJEPT

DPOTJEFSBEBT
DPSSFP
PSEJOBSJP OPT
USBUBEPT
JOUFSOBDJPOBMFT
JNQPS DBEFOB
EF
IBNCVSHVFTBT
8IJUF
$BTUMF
FO
NFOPT
EF

IPSBT
TF
FOGBEBO

UBOUFT
DPTB
RVF
OP
TVDFEFSÈ
OVODB
FO
MPT
&TUBEPT
6OJEPT
&TDSJCÓ
EJDJFOEP
DPONJHP
-P
RVJFSFO
SÈQJEP
Z
QSFDJ
{1FSP
UPEBWÓB
TF
UJFOFO
RVF
UPNBS
QSF /J
TJRVJFSB
MB
-FZ
EFM
0QJP
IPMBOEFTB

RVF
OP
WFÓB
MB
DPNQFUFODJB
FOUSF
VOB
TP
"EFNÈT
IBZ
UBOUB
DPNQFUFODJB

DBVDJPOFT
QBSB
FOWJBS
B
PUSPT
QBÓTFT IB
TJEP
NPEJGJDBEB
EFTEF
MB
EÏDBEB
WBSJFEBE
EF
NBSJIVBOB
Z
VOB
IBN IPZ
FO
EÓB
RVF
UFOFNPT
RVF
DVNQMJS

)BDF
GBMUB
QPDP
NÈT
RVF
NFUFSMBT
B
VO
EF

5FOESÓBO
RVF
BEBQUBSMB
$SFP
CVSHVFTB
"TÓ
RVF
FTUPZ
JOWFTUJHBOEP
)BDF

B×PT
IBCÓB
VOPT

CBODPT

TPCSF
&O
MB
NBZPSÓB
EF
MPT
QBÓTFT
MB
MFZ
RVF
MPT
MÓEFSFT
NVOEJBMFT
UJFOFO
DPTBT
BOUFT
EF
QPOFS
OPNCSF
B
DVBMRVJFS
EF
TFNJMMBT
BIPSB
EFCF
IBCFS

FO

QSPIÓCF
BCSJSMPT
&T
OFDFTBSJB
VOB
PSEFO
NÈT
JNQPSUBOUFT
RVF
IBDFS
"EFNÈT
WBSJFEBE
OVFWB
ZB
RVF
IFNPT
UFOJEP
UPEP
FM
NVOEP
:B
OP
FYDMVTJWBNFO
KVEJDJBM
B
EJGFSFODJB
EF
MPT
QBRVFUFT
5V
OP
TF
QVFEF
EFUF UF
FO
)PMBOEB
&M

QSJWBDJEBE
EFQFOEF
EF
MB
JOGPSNBDJØO
OFS
B
MB
HFOUF
QPS
NPOPQPMJP
UFS
RVF
QPTFBT QPTFFS
TFNJMMBT
NJOØ
Z
BIPSB
TÓ

QPSRVF
OP
DPOUJF
$PO
MPT
B×PT
MB
DSFBDJØO
EF
WBSJFEBEFT

TF
IB
RVF
UFOFNPT
RVF

{"MHVOPT
QBÓTFT
FTUÈO
UFOEJFOEP
B
OFO
ESPHBT
Z
OP
USBOTGPSNBEP
FO
VO
NVOEP
GPSNBM
DPO
BCP HBOBSOPT
FM
QBO

TVBWJ[BS
MBT
SFTUSJDDJPOFT
QBSB
FM
DVMUJ QVFEFT
EFUFOFS
"OUFT
TPMÓB
TFS

WP
EF
TFNJMMBT
QPS
DVFOUB
QSPQJB B
BMHVJFO
QPS
VO

HBEPT
Z
NBSDBT
SFHJTUSBEBT
Z
EJTUSJCVJEPSFT
GÈDJM
IBCÓB
DJODP

4Ó
FO
UPEP
FM
NVOEP
5PEBT
MBT
OPDIFT
EFMJUP
RVF
OP
IB
RVF
MVDIBO
QPS
MPT
UFSSJUPSJPT P
TFJT
FNQSFTBT

JOWFTUJHP
QPS
JOUFSOFU
1SÈDUJDBNFOUF
TJEP
DPNFUJEP
Z
ÏSBNPT
NVZ

FO
UPEP
4VEBNÏSJDB
TF
IB
EFTQFOBMJ QFSF[PTPT
-B

[BEP
UPEPT
TF
FTUÈO
EBOEP
DVFOUB
EF
{$PNP
BGFDUBSÓB
BM
OFHPDJP
MB
MFHBMJ[B RVF
DBNCJBS
BMHVOPT
OPNCSFT
QPS
WJP HFOUF
UFOÓB
RVF
FTQFSBS
IBTUB
RVF
OPT

RVF
MBT
QSJTJPOFT
OP
OFDFTJUBO
FTUBS
DJØO
EF
MB
NBSJIVBOB MBDJØO
EF
MB
NBSDB
SFHJTUSBEB
-PT
PUSPT
EJFSB
MB
HBOB
FOWJBS
MBT
DPTBT
"IPSB

MMFOBT
EF
VTVBSJPT
EF
DBOOBCJT
&T
VOB
&TUBNPT
FO
DPOUSB
QPSRVF
FM
TJTUFNB
CBODPT
EF
TFNJMMBT
FTUÈO
QSPUFHJEPT
&TQB×B
UJFOF
DJODP
P
TFJT
FNQSF
FTUVQJEF[
*ODMVTP
FO
#PMJWJB
QVFEFT
IPMBOEÏT
IB
NBOUFOJEP
FM
OFHPDJP
QPS
EFSFDIPT
EF
BVUPS TBT
HSBOEFT
FO
DPNQFUFODJB
DPO
MBT

MMFWBS
FO
UV
QPTFTJØO
IBTUB

HSBNPT
QFRVF×P
-BT
DPSQPSBDJPOFT
HSBOEFT
MBT
FNQSFTBT
IPMBOEFTBT
*OHMBUFSSB
UJFOF

EF
NBSJIVBOB
TJFNQSF
Z
DVBOEP
OP
DBS UBCBDBMFSBT
Z
MBT
GBSNBDÏVUJDBT
WFOESÈO
&OUPODFT
MB
TJUVBDJØO
MJCSF
Z
GÈDJM
RVF
VOB
P
EPT
IBZ
VO
QBS
FO
4VJ[B
"VTUSJB

HVFT
DPDBÓOB
4J
MMFWBT
NBSJIVBOB
KVOUP
DPO
TVT
NJMFT
EF
NJMMPOFT
Z
UPNBSÈO
FM
EFTDSJCÓ
BOUFT
ZB
FT
BOUJDVBEB UJFOF
VOB
B
PUSBT
ESPHBT
FT
JMFHBM
1FSP
QPS
TÓ
TPMB
QPEFS
.JFOUSBT
UBOUP
DPNP
TF
FODVFO 4Ó
ZB
IFNPT
DBNCJBEP

P

OPNCSFT

OP
&T
VO
HJSP
SBSP
FO
MB
MFZ USB
FO
VO
ÈSFB
HSJT
FTUBT
HSBOEFT
FNQSF DPNP
#VCCMFHVN
P
#MVFCFSSZ
EFCJEP
B
{&O
&VSPQB
EFM
&TUF
IBZ
BMHP
TBT
OP
MP
UPDBO
&TQFSP
RVF
TJHB
EFTQFOB DBSUBT
EF
BCPHBEPT
"MHVJFO
ZB
IB
SFHJT -B
3FQÞCMJDB
$IFDB
BDBCB
EF
DBNCJBS

{) BZ
QMBOFT
B
GVUVSP
EF
BNQMJBS
FM
MJ[BEB
QFSP
OP
MFHBMJ[BEB USBEP
FTUPT
OPNCSFT
1PS
FTP
UFOFNPT
TVT
MFZFT
Z
MBT
QFSTPOBT
QVFEFO
QPTFFS

OFHPDJP
B
PUSBT
QMBOUBT
P
QSPEVDUPT #VCCMJDJPVT
Z
#MVF
.ZTUJD
$PO
MPT
B×PT
MB
DVBUSP
QMBOUBT
&O
#VMHBSJB
FM
OFHPDJP
WB

4PMÓBNPT
UFOFS
DFSWF[B
Z
WJOP
EF
DBOOB 6OB
DPTB
RVF
NF
MMBNØ
MB
BUFODJØO
CJFO
6DSBOJB
Z
3VTJB
TPO
NVZ
JNQPSUBO
CJT
DVBOEP
FM
OFHPDJP
EF
MBT
TFNJMMBT
FSB
GVF
MB
SFMBUJWB
MJCFSUBE
QBSB
QSPEVDJS
UFT
/P
WJWJFSPO
MB
DPOUSBDVMUVSB
EF
MPT


QFRVF×P
BOUFT
EF
JOUFSOFU
/PT
IJDJFSPO
WBSJFEBEFT
EF
TFNJMMBT
&O
FM
QBTBEP
QPS
FM
5FMØO
EF
"DFSP
Z
FTUÈO
QBTBOEP

RVFCSBS
/P
UFOÓBNPT
MBT
JOTUBMBDJPOFT
MPT
DVMUJWBEPSFT
IBO
TJEP
NVZ
HFOF QPS
MB
FUBQB
FYQFSJNFOUBM
DPO
MBT
ESPHBT

BEFDVBEBT
ZB
RVF
MPT
GBCSJDÈCBNPT
FO
SPTPT
DPO
SFTQFDUP
BM
JOUFSDBNCJP
EF
EFTEF
IBDF
DJODP
P
TFJT
B×PT
MB
UJFOEB
/PTPUSPT
NJTNPT
FNCPUFMMÈCB MÓOFBT
HFSNJOBMFT
&TUP
OP
PDVSSF
FO
FM

NPT
FM
WJOP
%JKFSPO
RVF
OFDFTJUÈCBNPT
OFHPDJP
IBCJUVBM
EF
MB
BHSJDVMUVSB
FO
"EFNÈT
FTUÈ
MB
FTDFOB
3BWF
EF

JOTUBMBDJPOFT
BEFDVBEBT FM
RVF
UPEP
FTUÈ
QBUFOUBEP IFDIP

B×PT
EF
DVMUVSB
BMUFSOB
&YBDUP
2VFEBSÓB
FO
NBOPT
EF
MPT
HSBOEFT
UJWB
PDDJEFOUBM
BQFMPUPOBEB
FO
VOB

{2VÏ
PUSBT
JOOPWBDJPOFT
QPEFNPT
Z
MPT
QFRVF×PT
RVFEBSÓBO
GVFSB
&M
QSFDJP
FTDFOB
HJHBOUFTDB
FTQFSBS
FO
MPT
TJHVJFOUFT
B×PT CBKBSÓB
Z
ZB
OP
TFSÓB
UBO
HMBNPVSPTP
4FSÓB
&YBDUP
"EFNÈT
FTUÈO
FNQF[BOEP
B

%VSBOUF
MPT
ÞMUJNPT

NFTFT
IFNPT
DPNP
WFOEFS
TFNJMMBT
EF
UPNBUF EBSTF
DVFOUB
EFM
EB×P
RVF
IB
FTUBEP

FTUBEP
MVDIBOEP
QPS
TBDBS
BM
NFSDB IBDJFOEP
FM
BMDPIPM
B
TVT
QBÓTFT
Z
FM

EP
UPEBT
OVFTUSBT
TFNJMMBT
IFNCSB
Z
6O
BSUÓDVMP
SFDJFOUF
FO
3PMMJOH
4UPOF
DBOOBCJT
IPZ
FO
EÓB
FT
WJTUP
DPNP

QPS
GJO
MP
IFNPT
DPOTFHVJEP
FO
MBT
TPCSF
FM
OFHPDJP
EF
MB
IJFSCB
FO
VOB
BMUFSOBUJWB
NFOPT
EB×JOB
-PT

TJHVJFOUFT
TFNBOBT
FTUBSFNPT
JOUSPEV $BMJGPSOJB
MMFHBCB
B
MB
DPODMVTJØO
EF
KØWFOFT
WFO
B
TVT
QBESFT
EFTUSP[BEPT

DJFOEP
PUSBT
USFT
WBSJFEBEFT
EF
BVUP RVF
JODMVTP
DPO
MB
MFHBMJ[BDJØO
IBCSÓB
QPS
FM
WPELB
Z
OP
RVJFSFO
TFS
BTÓ

GMPSFDJFOUFT
Z
DSFP
RVF
ZB
OPT
IFNPT
MVHBS
QBSB
FM
QFRVF×P
OJDIP
EF
DVMUJ -P
JOUFSFTBOUF
FT
RVF
IBDF

B×PT

QVFTUP
BM
DPSSJFOUF
&TUBT
TPO
MBT
UFO WBEPSFT
RVF
TF
PDVQBO
EF
MB
TFDDJØO
UFOÓBT
RVF
MFFSUF
VO
MJCSP
Z
WPMBS
B

EFODJBT
QBSB
MPT
TJHVJFOUFT
B×PT
/P
TF
HPVSNFU
EFM
NFSDBEP
4JFNQSF
IBCSÈ
«NTUFSEBN
B
DPNQSBS
TFNJMMBT
"IPSB

QVFEF
BWBO[BS
NÈT
"MHVOBT
FNQSF MVHBS
QBSB
MPT
RVF
UJFOFO
MB
UÏDOJDB
FT
UBO
GÈDJM
QVFEFT
EFTDBSHBS
MB
JOGPS
TBT
IBO
FTUBEP
DVCSJFOEP
MBT
TFNJMMBT
Z
QBDJFODJB
OFDFTBSJB
QBSB
DVMUJWBS
NBDJØO
RVF
OFDFTJUBT
EF
JOUFSOFU

QFSP
OPTPUSPT
OP
MBT
NBOUFOESFNPT
IJFSCB
EF
FYDFMFOUF
DBMJEBE QFEJS
MBT
TFNJMMBT
DPO
UV
UBSKFUB
EF

OBUVSBMFT
4F
USBUB
EF
VOB
DPEJGJDBDJØO
&T
TJNJMBS
BM
DBTP
EFM
WJOP
-BT
CPEF DSÏEJUP
FODFOEFS
MPT
SFGMFDUPSFT
Z
FO

EF
DPMPS
BTÓ
MBT
WBSJFEBEFT
EF
TFNJ HBT
HSBOEFT
BCBTUFDFO
B
MPT
TVQFS DVFTUJØO
EF
EÓBT
EFTQVÏT
EF
EFDJEJS

MMBT
OP
TF
DPOGVOEFO
VOBT
DPO
PUSBT
NFSDBEPT
QFSP
TJFNQSF
IBZ
QFRVF DSFBDJØO
EF
WBSJFEBEFT
EF
TFNJMMBT
TF
IB
DVMUJWBS
FTUBS
FO
NBSDIB
BEFNÈT
EF
RVF
DPOUJFOFO
VOB
FO[JNB
×BT
GJODBT
DBEB
DFSSP
UJFOF
VO
TBCPS
USBOTGPSNBEP
FO
VO
NVOEP
GPSNBM
DPO

EF
HFSNJOBDJØO
1FSP
IF
PÓEP
RVF
EJGFSFOUF
4JFNQSF
IBCSÈ
VOB
JOEVT BCPHBEPT
Z
NBSDBT
SFHJTUSBEBT
Z
EJTUSJ
OP
TPO
QFSNJUJEBT
FO
FM
3FJOP
6OJEP
USJB
EF
DPOPDFEPSFT
Z
IBSÈ
TVT
QSPQJBT
CVJEPSFT
RVF
MVDIBO
QPS
MPT
UFSSJUPSJPT

QPSRVF
EFKBO
EF
TFS
DPOTJEFSBEBT
VO
WBSJFEBEFT
&T
NVZ
GÈDJM
%F
WFSEBE
*ODMVTP
OPT
QSPIJCJFSPO
MB
FOUSBEB
B
MB
GFSJB
/JSWBOB
TPVWFOJS
4J
DPOUJFOF
VOB
FO[JNB
EF
FTQFSP
RVF
OP
MFHBMJDFO
MB
JOEVTUSJB
4QBOOBCJT
EF
&TQB×B
/P
RVFSÓBO
RVF
WFO 4U
"OUPOJFCSFFTUSBBU

HFSNJOBDJØO
FT
QPSRVF
FT
QBSB
DVM QFSP
FT
VO
CVFO
NPNFOUP
QBSB
FMMP
EJÏSBNPT
TFNJMMBT
QPSRVF
TFHÞO
FMMPT
FTB
"NTUFSEBN
UJWBSMB
&O
SFBMJEBE
QBSB
FM
36
UFOF -BT
DPNQB×ÓBT
UBCBDBMFSBT
TF
TJFO FT
MB
MBCPS
EF
MPT
EJTUSJCVJEPSFT
FTQB×PMFT 5FM






NPT
RVF
VTBS
VO
FNCBMBKF
FTQFDJBM
TJO
UFO
BNFOB[BEBT
Z
FTUÈO
UPUBMNFOUF

EFTDSJQDJØO
TØMP
DPO
FM
OPNCSF
6OB
B
GBWPS
EF
SFFNQMB[BS
FTB
QSFTJØO
Z
{&T
EFDJS
RVF
DPO
MB
BDFQUBDJØO
MMFHB
XXXOJSWBOBHMPCBMDPN
EFTDSJQDJØO
FT
EFNBTJBEP
QBSB
FM
36
WPMWFS
B
HBOBS
EJOFSP
5JFOFO
JOTUBMB PUSB
TFSJF
EF
QSPCMFNBT XXXOJSWBOBOM
FO
FTUF
NPNFOUP DJPOFT
MJTUBT
QBSB
FTP $MBSP
IBZ
QFSTPOBT
RVF
UBO
QSPOUP



$"//"4563

(*+»/
$BMMF
'FMJQF
**
OP
$1
(*+»/
41"*/
5MG

DBOOBTUVS!IPUNBJMDPN

50%0
40#3&
-"
1-"/5"

.«4
7&3%&
%&-
1"3"¶40

/"563"-

"4563
(308

  
*/%*,"
56%&-"
(*+»/
0$
.VSDIBOUF
OP

CBKPT
$
(BTQBS
(BSDJB
-BWJBOB
$1

56%&-"
41"*/
GBTF

QPSUBM

$1

(*+»/
41"*/  5MG

JOGP!JOEJLBHSPXTIPQPSH
5MG

BTUVSHSPX!IPUNBJMDPN $)".«/
(308 26*&/
4*&.#3"
3&$0(&
%*453*#6¸%03
0'*$*"-
1"-&/$*"
%&
3%(
3PZBM
%VUDI
$
"MGPOTP
7***

OP

(FOFUJDT
$1

1"-&/$*"

41"*/
5MG



DIBNBOHSPX!ZBIPPFT

&/
1"-&/$*"

i$0/
i1w

$)"."/
56
(308
t t
5PEP
MP
RVF
OFDFTJUBT
QBSB
UVT
DVMUJWPT



N
EF
FYQPTJDJØO




 t
)6.0";6-
.»450-&4
`.VDIBT
TFNJMMBT




%F

WBSJFEBEFT

.»450-&4
$
$JE
$BNQFBEPS
OP



$FOUSP
$PNFSDJBM
"SDF

MPDBM
FYUFSJPS

$1

.»450-&4

."%3*%

41"*/ 
5MG



 (3&&/
(3"444
JOGP!IVNPB[VMFT ."%3*%
XXXIVNPB[VMFT
$
4BO
$MBVEJP
OP

-PDBM

50%0
&/
$"//"#*$6-563" $1

."%3*%
7"--&$"4

 
41"*/
5MG



HSFFOHSBTTT!MJWFDPN

 56
(308
&/
."%3*%
$0/


"º04
%&
&91&3*&/$*"
."3*"
%&
-"
+6"/"
4&7*--"
"WFOJEB
$PSUJKP
EF
MBT
$BTJMMBT
-PDBM

"
$1

1*/0
.0/5"/0

4&7*--"

41"*/
5MG

JOGP!NBSJBEFMBKVBOBDPN
XXXNBSJBEFMBKVBOBDPN

 
4*/4&.*--"
4&7*--"
 
$
+FTÞT
EFM
(SBO
1PEFS
OP


$1

4&7*--"
41"*/
5MG

KPSHFHSPX!IPUNBJMDPN
XXXTJOTFNJMMBTFWJMMBDPN


$"//"$"35)"(0

$"35"(&/"
$
«OHFM
#SVOB
OP

$1

$"35"(&/"

41"*/
  5MG


(308
73
4)01
'BY

$"//"463 #6&/"
3"." DBOOBDBSUIBHP!ZBIPPFT
4&7*--" "-.&3¶" XXX
DBOOBDBSUIBHP!ZBIPPFT
$
3JDP
$FKVEP
OP

"WFOJEB
$BSMPT
***
OP

$1

4FWJMMB $1

"(6"%6-$&

"º04
%&
&91&3*&/$*"

5FM



 "-.&3¶"

41"*/
DBOOBTVS!IPUNBJMDPN 5MG



CVFOBSBNB!IPUNBJMFT
XXXCVFOBSBNBFT

-0
.&+03
1"3"
564

1-"/5"4
&/
*/5&3*03
:

&95&3*03
 

/"563"-*"
(3084)01
#"%"-0/"

4"/5"
."3*"
(3084)01

$
4BOU
#SV
OP
 #"3$&-0/"

#"%"-0/"

#"3$&-0/"
41"*/
$
$JSFSB
OP

5FM



 $1

#"3$&-0/"
41"*/
5FM




 5MG

OBUVSBMJBHSPX!ZBIPPFT JOGP!TBOUBNBSJBHSPXTIPQDPN
XXXOBUVSBMJBHSPXDPN XXXTBOUBNBSJBHSPXTIPQDPN

%&53«4
%&-
.64&0
1*$"440
&-
13*.&3
:
Á/*$0
(308
%&-
#03/



."8*
1-"/5
."8*
1-"/5
."/3&4"
$
#BMNFT
OP

$1

."/3&4"
#$/



41"*/ -"
.05"
#"3$&-0/"
5MG



 $
(VËSEJB
OP

#BJYPT
NBXJQMBOU!IPUNBJMDPN $1

#"3$&-0/"
41"*/
XXXNBXJQMBOUFT 5MG

BHVTBMM!IPUNBJMFT
56
(308
&/
."/3&4" i1"4*»/
103
-0
/"563"-w
4*45&."4
%&
*-6.*/"$*»/
7&/5*-"$*»/
:
$6-5*70
(&/&3040

 
  
 
-)035
%&-4
40./*4

5033&%&.#"33"
$
-MFJEB
OP

CBJYPT
$1

5033&%&.#"33"

5"33"(0/"

41"*/
5MG

IPSUTPNOJT!IPUNBJMDPN



 (3084)01

#"450/&5

 
 -"
7"--
%6*9»
$
.BUJMEF
#FM
OP

CBJYPT
$1

-"
7"--
%6*9»

(3&&/
%0(
-"-$Á%*"

%&
$3&41*/4
$"45&--»

41"*/ $
7FOUB
EFM

$PNUF
OP



5MG



 
-"-$Á%*"

%&
$3&41*/4

&-
5&6
(308
4)01
%&
7"-&/$*"

-"
1-"/"
#"*9" 5FM












GFSNJOQBTUPSTPMFS!IPUNBJMDPN

HSPXTIPQCBTUPOFU!IPUNBJMDPN


XXXFMCBTUPOFUHSPXTIPQDPN



5)&
(308
)064&

.63$*"
"WFOJEB
3FZFT
$BUØMJDPT
TO


KVOUP
BM
DFOUSP
EF
TBMVE
4*#"3*5"4
$"-1&
$1

5033&4
%&
1MB[B
*'"$)
&EJm
DJP
(BSWJNBS

$05*--"4
.63$*"

41"*/ GBTF

CBKPT
5MG
 $1

$"-1&
41"*/
BHSPEPN!IPUNBJMDPN 5MG



JOGP!TJCBSJUBTHSPXDPN
4&.*--"4
46453"504
XXXTJCBSJUBTHSPXDPN
'&35*-*;"/5&4
03(«/*$04

:
1"3"'&3/«-*"

$ØNP
VUJMJ[BS
NÏUPEPT
PSHÈOJDPT

FO
TJTUFNBT
IJESPQØOJDPT
QBSB

MPHSBS
VO
DBOOBCJT
NÈT
QPUFOUF
$PNP
UPEP
DVMUJWBEPS
IJESPQØOJDP
RVF
EFTFB
PCUFOFS
FM
NÈYJNP
MPT
GFSUJMJ[BOUFT
PSHÈOJDPT
Z
MPT
TJOUÏUJDPT
OJDPT
QBSB
RVF
MBT
GMPSFT
TF
IJODIFO
DPNP

TF
MMFWB
QSPEVDJFOEP
EFTEF
IBDF
EÏDBEBT
EFTFBNPT
.J
SFDFUB
QBSB
DSFBS
VOB
[POB

EF
WBMPS
FGJDBDJB
Z
DBMJEBE
EF
TV
QMBOUBDJØO
CVTDBNPT
BRVFMMP
RVF
QFSP
BMHVOPT
EBUPT
FTUÈO
BIPSB
FO
EJTDV EF
SBÓDFT
NÈT
OBUVSBM
RVF
QSPQPSDJPOFT

GVODJPOF
EF
WFSEBE
QBSB
QSPEVDJS
EF
GPSNB
DPOTUBOUF
VO
DBOOOBCJT
TJØO
6OP
EF
FMMPT
FT
RVF
VOB
GØSNVMB
CBTF
NÈT
TBCPS
DBMJEBE
Z
QPUFODJB
B
NJT
GMPSFT

TFHVSP
BSPNÈUJDP
Z
EF
BMUB
DBMJEBE
QPS
4UFWF
%BWJT QBSB
GMPSBDJØO
PSHÈOJDB
CJFO
DPNQSPCBEB
Z
EF
DBOOBCJT
JODMVZF
FM
VTP
EF
WBSJBT
GØSNV
FMBCPSBEB
QVFEF
QSPEVDJS
BM
NJTNP
P
DBTJ
MBT
$BEB
WF[
TPO
NÈT
QPQVMBSFT
Z
TF
DPOTJ
BM
NJTNP
OJWFM
RVF
MPT
NFKPSFT
OVUSJFOUFT
HVFO
NÈT
GÈDJMNFOUF
FO
UPEB
&VSPQB
6OB

1PS
FMMP
SFTVMUB
FTUJNVMBOUF
EFTDVCSJS
EB×JOPT
DPNP
FM
QZUIJVN
QVESFSBÓDFT

CÈTJDPT
QBSB
GMPSBDJØO
TJOUÏUJDPT
&TUP
MP
IF
EF
FMMBT
FT
VOB
GØSNVMB
MÓRVJEB
EF
CBDUFSJBT

DØNP
VUJMJ[BS
NÏUPEPT
PSHÈOJDPT
FO
UPEP
Z
FM
GVTBSJVN
RVF
QVFEFO
UFOFS
FGFDUPT
DPNQSPCBEP
FO
NJ
QMBOUBDJØO
QSPGFTJPOBM
CFOFGJDJPTBT
QBSB
MB
[POB
EF
SBÓDFT
MMBNBEB

UJQP
EF
TJTUFNBT
IJESPQØOJDPT
Z
[POBT
EF
EFWBTUBEPSFT
QBSB
MB
QMBOUBDJØO
4PCSF
Z
FO
PUSBT
NVDIBT
5BNCJÏO
IF
EFTDVCJFS 7PPEPP
+VJDF
&T
ÞOJDB
QBSB
QSPQPSDJPOBS

SBÓ[
QBSB
BVNFOUBS
MB
TBMVE
EF
MB
QMBOUB
UPEP
MPT
NJDSPCJPT
CFOFGJDJPTPT
BZVEBO
UP
RVF
FT
NVZ
JNQPSUBOUF
RVÏ
CBTF
EF
FTQFDJFT
NJDSPCJBOBT
EJTF×BEBT
Z
TFMFDDJP
TV
BSPNB
GMPSBM
Z
PUSPT
TBCSPTPT
CFOFGJDJPT
B
MBT
SBÓDFT
B
TPQPSUBS
FM
FTUSÏT
QSPWPDBEP
GMPSBDJØO
PSHÈOJDB
VUJMJ[BNPT
6OB
EF
MBT
OBEBT
QBSB
FOWPMWFS
QSPUFHFS
Z
NFKPSBS
BM

EFM
DVMUJWP
PSHÈOJDP
BEFNÈT
EF
MPHSBS
QPS
MBT
UFNQFSBUVSBT
FYUSFNBT
MB
TFRVÓB
QSJODJQBMFT
SB[POFT
EF
FMMP
FT
RVF
MB
NBZP NÈYJNP
MBT
SBÓDFT
EFM
DBOOBCJT
UBNCJÏO
RVF
MB
QMBOUBDJØO
TFB
NÈT
TFHVSB
Z
MPT
QSPCMFNBT
EF
OVUSJFOUFT
"EFNÈT
SÓB
EF
CBTFT
EF
GMPSBDJØO
PSHÈOJDBT
TPO

Z
QSPEVDUJWB EF
B×BEJS
CBDUFSJBT
Z
IPOHPT
CFOFGJDJPTPT
EFNBTJBEP
EFOTBT
QBSB
FM
TJTUFNB
EF
SJFHP
5BNCJÏO
DPOUBNPT
DPO
VO
QSPEVDUP
FO[J
B
OVFTUSB
[POB
EF
SBÓDFT
QBSB
DSFBS
VO
IJESPQØOJDP
/P
GMVZFO
DPSSFDUBNFOUF
Z
NÈUJDP
MMBNBEP
4FOTJ;ZN
EFM
RVF
TF
IB

:B
RVF
BGSPOUÏNPTMP
BTÓ
DPNP
BQSFDJB FOUPSOP
NÈT
OBUVSBM
Z
VO
BVNFOUP
EFM
PCTUSVZFO
MPT
HPUFSPT DPNQSPCBEP
RVF
UJFOF
MB
WJEB
NFEJB
NÈT

NPT
FM
NPEP
FO
RVF
MBT
GØSNVMBT
TJO SFOEJNJFOUP
UBNCJÏO
B×BEJNPT
FO[JNBT
MBSHB
VOB
HBNB
NÈT
BNQMJB
EF
FO[JNBT
Z

UÏUJDBT
FOWÓBO
OVUSJFOUFT
RVFMBUBEPT
EF
-BT
FO[JNBT
TPO
DBUBMJ[BEPSFT
RVF
HFOFSBO
0USP
QSPCMFNB
DPSSJFOUF
DPO
MB
NBZPSÓB
EF
NBZPSFT
QPSDFOUBKFT
EF
DPODFOUSBDJØO
EF

QSPDFEFODJB
RVÓNJDB
B
OVFTUSBT
QMBOUBT
SFBDDJPOFT
CJPRVÓNJDBT
QBSB
FTUJNVMBS
MPT
CBTFT
EF
GMPSBDJØO
FT
RVF
OP
TF
QSPDFTBO
FO[JNBT
$PNP
UPRVF
GJOBM
SFDPNJFOEP

EF
VOB
NBOFSB
NVZ
FGJDB[
UBNCJÏO
SFDP QSPDFTPT
OFDFTBSJPT
FO
MBT
[POBT
EF
SBÓDFT
QBSB
FMJNJOBS
MPT
PMPSFT
NÈT
EFTBHSBEBCMFT
MB
CBTF
GFSUJMJ[BOUF
*HVBOB
+VJDF
#MPPN

OPDFNPT
RVF
IBZ
DPTBT
RVF
MB
RVÓNJDB
OP
EF
OVFTUSBT
QMBOUBT
&TUPT
QSPDFTPT
JODMV QPS
MP
RVF
QVFEFO
IBDFS
RVF
MBT
QMBOUBDJP QPSRVF
GVODJPOB
CJFO
DPO
MPT
TJTUFNBT

QVFEF
IBDFS ZFO
MB
SÈQJEB
EFTDPNQPTJDJØO
EF
MB
NBUFSJB
OFT
Z
BMSFEFEPSFT
IVFMBO
NVZ
NBM
"EFNÈT
IJESPQØOJDPT
EF
JOUFSJPS
Z
QPUFODJB
DPTF
WJFKB
EF
MBT
SBÓDFT
MBT
TVTUBODJBT
PSHÈOJDBT
EF
FTUP
MBT
CBTFT
OBUVSBMFT
QBSB
GMPSBDJØO
DIBT
FYRVJTJUBT
)BZ
RVF
B×BEJS
TJFNQSF

6OB
EF
FTBT
DPTBT
FT
QSPQPSDJPOBS
VO
Z
PUSBT
RVF
EF
MP
DPOUSBSJP
FOTVDJBSÓBO
MBT
EFCFO
TFS
QSPCBEBT
DVJEBEPTBNFOUF
Z
VOB
GØSNVMB
EF
DBSCPIJESBUPT
B
MB
[POB

FOUPSOP
OBUVSBM
FO
MBT
[POBT
SBEJDVMBS
[POBT
EF
SBÓDFT
Z
RVF
OP
UJFOFO
VUJMJEBE
EJTF×BEBT
FTQFDÓGJDBNFOUF
QBSB
DBOOB EF
SBÓDFT
DVBOEP
TF
VUJMJ[BO
QSPEVDUPT

RVF
NFKPSF
FM
UBNB×P
Z
DSFDJNJFOUP
EF
BMHVOB
QBSB
OVFTUSBT
QMBOUBT
TJ
BDBTP
TPO
CJT
EF
MP
DPOUSBSJP
SFRVFSJSÈO
DBOUJEBEFT
EF
NJDSPCJPT
CFOÏGJDPT
MPT
DBSCPIJESBUPT

MBT
SBÓDFT
EF
OVFTUSBT
QMBOUBT
-B
DVFTUJØO
EB×JOBT
"EFNÈT
MBT
FO[JNBT
BZVEBO
B
RVF
BEFDVBEBT
Z
GÈDJMNFOUF
CJPEJTQPOJCMFT
EF
BMJNFOUBO
B
MPT
NJDSPCJPT

FT
RVF
MBT
QMBOUBT
TF
IBCJUÞBO
B
DSFDFS
BM
FTUPT
NBUFSJBMFT
TF
DPOWJFSUBO
FO
CJPEJTQP QPUBTJP
Z
GØTGPSP
-B
CVFOB
OPUJDJB
FT
RVF

BJSF
MJCSF
FO
VOB
UJFSSB
SJDB
GÏSUJM
Z
CJFO
OJCMFT
QBSB
MBT
QMBOUBT
DPNP
OVUSJFOUFT
-PT
DVBOEP
VUJMJ[BNPT
VOB
CBTF
PSHÈOJDB
EF
5BNCJÏO
IBZ
RVF
BTFHVSBSTF
EF
DPOUSPMBS

ESFOBEB
RVF
DPOUJFOF
CBDUFSJBT
Z
IPOHPT
DVMUJWBEPSFT
VUJMJ[BO
MBT
FO[JNBT
QBSB
MJN GMPSBDJØO
DPSSFDUBNFOUF
FMBCPSBEB
PCUF FM
OJWFM
TVQFSJPS
EF
OVFTUSP
NFEJP
FO

CFOFGJDJPTPT QJBS
MB
MBOB
EF
SPDB
Z
PUSPT
NFEJPT
EF
SBÓDFT
OFNPT
VO
GFSUJMJ[BOUF
RVF
GMVZF
NVZ
CJFO
MB
[POB
EF
SBÓDFT
QBSB
HBSBOUJ[BS
MB
OP

NVFSUBT
QBSB
RVF
QVFEBO
TFS
SFVUJMJ[BEPT
FO
OVFTUSP
TJTUFNB
Z
QSPQPSDJPOB
B
MBT
TBUVSBDJØO
EF
JOHSFEJFOUFT
PSHÈOJDPT
OJ
MB

$VBOEP
MBT
USBTMBEBNPT
B
JOUFSJPS
Z
MBT
DVM EFTQVÏT
EF
VO
DJDMP
EF
DVMUJWP QMBOUBT
UPEB
MB
OVUSJDJØO
RVF
OFDFTJUBO
QBSB
EF
BHVB
MP
RVF
QPESÓB
DBVTBS
MB
BQBSJDJØO

UJWBNPT
FO
MBOB
EF
SPDB
IZESPUPO
BFSP DSFBS
GMPSFT
HSBOEFT
Z
QFHBKPTBT
5BNCJÏO
EF
IPOHPT
RVF
BCTPSCFO
MB
FOFSHÓB
Z
QSP
QPOÓB
V
PUSBT
DBUFHPSÓBT
IJESPQØOJDBT
FO
&TUF
TJTUFNB
QBSB
BIPSSBS
EJOFSP
FT
SFTQF PCUFOFNPT
IPSNPOBT
OBUVSBMFT
DBSCPIJ EVDUJWJEBE
EF
MB
QMBOUB
MB
[POB
EF
SBÓDFT
OP
FTUÈO
FYQVFTUBT
B
FTPT
UVPTP
DPO
FM
NFEJP
BNCJFOUF
FO
WF[
EF
ESBUPT
FTUJNVMBOUFT
EF
DBOOBCJOPJEFT
Z

NJDSPCJPT
CFOFGJDJPTPT
{2VÏ
MFT
IBDFO
EFTDBSUBS
MPT
NFEJPT
VTBEPT
TF
SFDJDMBO
QSPUFDUPSFT
EF
MB
QMBOUB
RVF
OP
TF
FODVFO "IPSB
RVF
IFNPT
BQSFOEJEP
DØNP
VUJ
B
MBT
SBÓDFT
FTPT
NJDSPCJPT
1FOFUSBO
Z
EFTQVÏT
EF
VUJMJ[BS
FO[JNBT
DPNP
BHFOUF
USBO
FO
MPT
GFSUJMJ[BOUFT
TJOUÏUJDPT MJ[BS
QSPEVDUPT
PSHÈOJDPT
FO
OVFTUSB

FOWVFMWFO
MBT
SBÓDFT
QBSB
GPSNBS
VOB
TJN MJNQJBEPS
CJPMØHJDP
)BTUB
BIPSB
IFNPT
6OB
WF[
RVF
IFNPT
TPCSFDBSHBEP
MB
[POB
QMBOUBDJØO
IJESPQØOJDB
QPEFNPT
DPOUBS

CJPTJT
RVF
BVNFOUB
MB
NBTB
EF
MB
SBÓ[
EF
FTUBEP
IBCMBOEP
EF
GPSNBT
OP
RVÓNJDBT
EF
SBÓDFT
DPO
NJDSPCJPT
Z
FO[JNBT
CFOF DPO
FOPSNFT
TPOSJTBT
FO
FM
NPNFOUP
EF

NPEP
RVF
BCTPSCF
DPO
NÈT
SBQJEF[
MPT
EF
NFKPSBS
MBT
SBÓDFT
Z
MB
[POB
EF
SBÓDFT
GJDJPTPT
PCUFOFNPT
SBÓDFT
NÈT
GVFSUFT
Z
MB
DPTFDIB
DVBOEP
WFBNPT
FTBT
DPTF
OVUSJFOUFT
Z
FM
BHVB
:
OP
TØMP
FTP
UBN QFSP
QSPCBCMFNFOUF
PT
QSFHVOUÏJT
QPS
MPT
VOB
[POB
DBUBMJ[BEB
FO[JNÈUJDBNFOUF
RVF
DIBT
NÈT
BSPNÈUJDBT
EF
NBZPS
DBMJEBE
Z

CJÏO
QSPUFHFO
B
MBT
SBÓDFT
EF
NJDSPCJPT
GFSUJMJ[BOUFT
OP
TJOUÏUJDPT
&M
EFCBUF
FOUSF
QSPDFTB
DPO
SBQJEF[
MPT
JOHSFEJFOUFT
PSHÈ NVDIP
NÈT
SFOEJNJFOUP
"NOFTJB
)B[F

1IPUP
3PZBM
2VFFO
4FFET
 '*-.

2VFFS
QPSO
GFNJOJTUB
.JB
&OHCFSH
DPO
TV
$PNF
5PHFUIFS

DPSPOBOEP
FM
QSPZFDUP
-PT
SFRVJTJUPT

%JSUZ
%JBSJFT

FSBO
RVF
MPT
BDUPSFT
GVFSBO
NBZP
SFT
EF
FEBE
RVF
GVFSBO
DPOTDJFOUFT

EF
RVF
UPEP
TF
GJMNBCB
ÞOJDBNFOUF

DPO
MPT
NØWJMFT
Z
EVSBOUF
OP
NÈT
EF

RVJODF
NJOVUPT
&M
SFTVMUBEP
FT
VO
NJY

/P
IB
TJEP
QPDB
MB
QPMÏNJDB
TPCSF
MPT
USFDF
DPSUPNFUSBKFT
QPSOP
QSP EF
IBSEDPSF
TPGUDPSF
BSUF
BDUJWJTNP

FYIJCJDJPOJTNP
Z
TBEPNBTPRVJTNP
EF

EVDJEPT
QPS
MB
TVFDB
.JB
&OHCFSH
"M
QBSFDFS
TPO
PCTDFOPT
EFNBTJBEP

NJOVUPT

BSUÓTUJDPT
Z
MP
RVF
FT
QFPS
`QBHBEPT
DPO
EJOFSP
EF
MPT
DPOUSJCVZFOUFT
&M

%7%
RVF
MPT
SFDPHF
FTUBSÈ
QSPOUP
EJTQPOJCMF

5FYUP
"SKBO
WBO
4PSHF 4LJO
1PS
FKFNQMP
FO
'MBTIFS
(JSM
0O
5PVS

VOB
NVKFS
WFTUJEB
FO
GPSNB
QSPWP
/P
IBZ
RVF
TPSQSFOEFSTF
EF
RVF
EFUSÈT
&M
GFFECBDL
GVF
NÈT
RVF
OBEB
OFHBUJ DBOUF
TF
BDBSJDJB
FO
MB
FTUBDJØO
FO

EF
UPEP
FTUP
IBZB
NVDIP
NÈT
EF
IFDIP
WP
QFSP
BM
GJOBM
.JB
&OHCFSH
BSSJNB
FM
FM
QBSRVF
FO
VO
UBYJ
-PT
FYIJCJDJP
.JB
&OHCFSH
OP
MF
UFNF
BM
WPDFP
FO
MB
BTDVB
B
TV
TBSEJOB
i"MHVOBT
SFBDDJPOFT
OJTUBT
HFOFSBMNFOUF
TF
BSSFTUBO
QPS

TBMB
OJ
SFIÞZF
MB
QVCMJDJEBE
&T
VOB
UÓQJ EFNVFTUSBO
RVF
OVFTUSB
NBOFSB
EF
NVDIP
NFOPT
QFSP
FMMB
DPOTJHVJØ

DB
RVFFS
VOEFSHSPVOEGJMNFS
PCTFTJP QFOTBS
TF
IB
RVFEBEP
FO
MB
ÏQPDB
FO
RVJÏO
TBCF
DØNP
TBMJSTF
DPO
MB
TVZB

OBEB
DPO
DPODFQUPT
DPNP
FM
QPEFS
FM
MB
RVF
MB
TFYVBMJEBE
EF
VOB
NVKFS
UFOÓB
&O
#SPXO
$PDL
VOB
NBOP
EFTBQBSFDF

HÏOFSP
Z
MB
EFTJHVBMEBE
TPDJBM
+VOUP
B
RVF
TBUJTGBDFS
MPT
HVTUPT
EF
RVJFO
MB
EFOUSP
EF
VO
ØSHBOP
GFNFOJOP
FO

MB
DBTB
QSPEVDUPSB
JOEFQFOEJFOUF
4FYZ
NJSBCB
Z
OP
EF
TÓ
NJTNBw
4FHÞO
MBT
"VUIPSJUZ
VOB
BSUJTUB
DBMMFKFSB
VTB
VOB

'JMN
SFBMJ[B
Z
WFOEF
QFMÓDVMBT
FSØUJDBT
SFBDDJPOFT
NÈT
DPNVOFT
DBTJ
UPEBT
EF
BHFOUF
EF
QPMJDÓB
DPNP
DFOJDFSP
MB

RVFFS
Z
UPDB
FM
CBKP
FO
MB
CBOEB
EF
IPNCSFT

FM
QSPZFDUP
FOUFSP
FSB
FTUÏ IBDF
MBNFS
MPT
[BQBUPT
Z
MB
QFOFUSB
EF
NFEJP
NJMMØO
EF
DPSPOBT
VOPT

IBSEDPSF
TLB
GFNJOJTUB
7BHJOB
(SBOEF
UJDBNFOUF
GFP
MBT
NVKFSFT
OP
FTUBCBO
DPO
FM
CBTUØO
4LJO
OPT
NVFTUSB
EPT

FVSPT
/P
UPEPT
IBO
BQSFDJB
%FGJOJUJWBNFOUF
VOB
NVKFS
RVF
CVTDB
TVGJDJFOUFNFOUF
NBRVJMMBEBT
JODMVTP
DVFSQPT
WFTUJEPT
PDVQBEPT
FO
BDUPT
EP
FTUF
IFDIP
TF
IB
EJDIP
RVF
MB

MB
DPOUSPWFSTJB
FO
MPT
NÈYJNPT
NPNFOUPT
EF
QMBDFS
NVZ
FSØUJDPT
RVF
TF
WBO
MJCFSBOEP
JOEVTUSJB
AOPSNBM
EFM
QPSOP
OVODB
IB

QPDP
B
QPDP
EF
TV
WFTUVBSJP
FYUSFNB SFDJCJEP
VO
DÏOUJNP
EF
TVCTJEJP
Z
RVF

$PO
FM
NØWJM .JY NFOUF
BEIFSFOUF
DPO
VOB
DBODJØO
EF
FM
EJOFSP
FNQMFBEP
FO
MB
QSPEVDDJØO

)BDF
B×PT
SFBMJ[Ø
FM
DPSUPNFUSBKF
$PNF
`.FKPS
UPEBWÓB
»QUJNB
SB[ØO
QBSB
GPOEP
NVZ
BQSPQJBEB
EF
#PTUPO
#PZT
EF
%JSUZ
%JBSJFT
SFQSFTFOUB
QPS
UBOUP

5PHFUIFS
QBSB
FM
'FTUJWBM
EF
$JOF
EF
EPDF
QFMÓDVMBT
QPSOP
DSFBEBT
QPS
BSUJT )BZ
QBSB
UPEPT
MPT
HVTUPT DPNQFUFODJB
EFTMFBM
0USPT
FO
DBN
&TUPDPMNP
NVKFSFT
RVF
TF
GJMNBCBO
UBT
Z
BDUJWJTUBT
FO
FM
DBNQP
EFM
GFNJOJT CJP
DPOGVUBO
RVF
MPT
NPUJWPT
USBT
MB

DPO
FM
NØWJM
EVSBOUF
MB
NBTUVSCBDJØO
NP
TFMFDDJPOBEBT
QFSTPOBMNFOUF
QPS
"OVODJP DSFBDJØO
EF
EPDF
DPSUPNFUSBKFT
GFNJ
$PNP
MP
RVJFSF
MB
NÈT
DMÈTJDB
USBEJDJØO
OJTUBT
TPO
DPNQMFUBNFOUF
EJGFSFOUFT

FTDBOEJOBWB
MBT
QFMÓDVMBT
WBO
BDPNQB×B EF
MB
JOEVTUSJB
EFM
QPSOP
&M
*OTUJUVUP

EBT
QPS
VO
BOVODJP
EFM
RVF
OBUVSBMNFOUF
EF
$JOF
4VFDP
IB
PUPSHBEP
MPT
TVCTJ
PT
QPOFNPT
BM
DPSSJFOUF
EJPT
ZB
RVF
DPOTJEFSB
%JSUZ
%JBSJFT
VO

JOUFOUP
EF
EBS
VOB
OVFWB
GPSNB
B
MB


TPNPT
CFMMBT
UBM
Z
DPNP
TPNPT TFYVBMJEBE
GFNFOJOB



MVDIBE
QPS
FM
EFSFDIP
B
WVFTUSP
EFTFP

TFYVBM &M
NFOTBKF

6OB
DIJDB
CVFOB
FT
VOB
DIJDB
NBMB %JSUZ
%JBSJFT
WJFOF
BDPNQB×BEB
EF
VO


MVDIB
DPOUSB
FM
DBQJUBMJTNP
Z
DPOUSB
FM
GPMMFUP
DPO
GPUPT
Z
FOUSFWJTUBT
EF
MBT

QBUSJBSDBEP
BSUJTUBT
EPOEF
EBO
FYQMJDBDJPOFT
NÈT


TPNPT
TVDJBT
Z
QFSWFSUJEBT
DVBOUP
OPT
EFUBMMBEBT
TPCSF
FM
NFOTBKF
ZB
EF
QPS

QBSFDF TÓ
DMBSP
EF
MB
QFMÓDVMB
-B
DBMJEBE
EFT

FM
BCPSUP
HSBUVJUP
Z
MFHBMJ[BEP
FT
VO
HSBOBEB
EF
MPT
DPSUPNFUSBKFT
B
WFDFT

EFSFDIP
IVNBOP FT
TPSQSFOEFOUFNFOUF
BMUB
FT
MB
EF
MPT


DPNCBUJE
BM
FOFNJHP
SFBM NØWJMFT
4POZ
&SJDTTPO
MPT
NÈT
VTBEPT


TFE
RVFFS FO
4VFDJB
"MHP
RVF
TBMUB
B
MPT
PKPT
FT


QSBDUJDBE
TFYP
TFHVSP RVF
UPEPT
TPO
EF
SB[B
CMBODB
RVJ[È


IBDFEMP
WPTPUSBT
NJTNBT EFTEF
FTF
QVOUP
EF
WJTUB
TF
SFRVJFSF

PUSP
UJQP
EF
MJCFSBDJØO


{6OB
OVFWB
GPSNB
&M
*OTUJUVUP
EF
$JOF
4VFDP
4'*

IB
XXXEJSUZEJBSJFTTF
GJOBODJBEP
%JSUZ
%JBSJFT
QPS
VO
WBMPS

 #"/$04
%&
4&.*--"4

%FTDVCSF
MBT
OVFWBT
%FMJDJPVT
4FFET
BVUPGMPSFDJFOUFT

6O
OVFWP
QSFTFOUF
$PO
MBT
OVFWBT
HFOFSBDJØOFT
EF
TFNJMMBT
4VQFSBVUPNÈUJDBT
MBT

QMBOUBT
BVUPGMPSFDJFOUFT
IBO
EFKBEP
EF
TFS
MB
TFHVOEB
EJWJTJØO
EFM

DBOOBCJT

"
QBSUJS
EF
BIPSB
QPESÈT
DPNCJOBS
TVT
USBEJDJPOBMFT
DBSBD
UFSÓTUJDBT
QPTJUJWBT
DPO
VOB
NBZPS
DBMJEBE
Z
WFSTBUJMJEBE

-BT
QMBOUBT
BVUPGMPSFDJFOUFT
OP
SFRVJF EFOTPT
DPHPMMPT
DVCJFSUPT
EF
HMÈO

SFO
EF
MPT
DJDMPT
EF
MV[
Z
PTDVSJEBE
EVMBT
EF
SFTJOB
EFTQSFOEFO
PMPSFT

JNQSFTDJOEJCMFT
QBSB
MBT
DPOWFODJP DPO
NBUJDFT
UÓQJDPT
BGHBOPT
&TUB
CFMMB

OBMFT
QPS
MP
RVF
QVFEFO
DVMUJWBSTF
EBNB
FTUBSÈ
MJTUB
FOUSF


EÓBT

DØNPEBNFOUF
FO
CBMDPOFT
FYUFSJPSFT
EFTEF
MB
TJFNCSB
4V
VTP
QVFEF
TFS

"EFNÈT
OP
FTUÈO
TVKFUBT
BM
DBMFOEBSJP
UBOUP
MÞEJDP
DPNP
NFEJDJOBM
HSBDJBT
B

UÓQJDP
EF
DVMUJWP
*NBHJOB
VO
GVUVSP
FO
TV
OJWFM
EF
5ID
EFM

FM
RVF
QPESÈT
EJTGSVUBS
EF
UVT
BVUPDVM
UJWPT
FO
DVBMRVJFS
ÏQPDB
EFM
B×P
.VZ
-B
NVTB
QSPOUP
WBT
B
WJWJSMP 1MBOUB
BVUPNÈUJDB
QSPDFEFOUF
EF

(FOFUJDB
SVEFMBSJT
CJFO
BMJ×BEBT
DPO

.ÈT
BMUBT
Z
DPO
DPHPMMPT
EF
NBZPS
VO
TFOTBDJPOBM
SFTFSWB
TFMFDDJPOBEP
Z

EFOTJEBE
MBT
OVFWBT
%FMJDJPVT
4FFET
HVBSEBEP
FO
OVFTUSBT
CPEFHBT
EFTEF

NBYJNJ[BO
MBT
WJSUVEFT
EF
MBT
QSJNF IBDF
VO
UJFNQP
(SFBU
8IJUF
4IBSL

SBT
HFOFSBDJPOFT
EF
QMBOUBT
BVUPGMPSF &TUF
DSVDF
PGSFDF
MPT
HSBOEFT
SFOEJ
DJFOUFT
$PO
TV
FMFWBEP
OJWFM
EF
5ID
NJFOUPT
QPUFODJB
Z
TBCPS
UÓQJDPT
EF

TPO
TFNJMMBT
BQUBT
QBSB
VTP
NFEJDJOBM
MB
GBNJMJB
8IJUF
Z
4LVOLZ
FO
WFSTJØO

4PCSF
FTUB
OVFWB
HFOFSBDJØO
FM
CBODP
BVUPNÈUJDB
&TUB
TFNJMMB
DVMUJWBEB
FO

DPNFOUB
i4JFNCSB
UVT
%FMJDJPVT
4FFET
CVFOBT
DPOEJDJPOFT
TF
EFTBSSPMMBSÈ
FO

PCTFSWB
BENJSBEP
DØNP
MBT
QMBOUBT
VOB
QMBOUB
EF

B
DN
EF
BMUVSB
RVF

HFSNJOBO
Z
BMDBO[BO
IBTUB
FM
NFUSP
MPHSBSÈ
HSBOEFT
SFOEJNJFOUPT
FOUSF

WFJOUF
EF
BMUVSB
Z
DPTÏDIBMBT
B
MPT

Z

HSBNPT
QPS
NFUSP
FO
DVMUJWP

EPT
NFTFT
KVTUPT
5V
GVUVSP
WB
B
TFS
VO
MV[
BSUJGJDJBM
FOUSF

Z

HSBNPT
QPS

QSFTFOUF
EF
EJTGSVUF
UPUBM
EF
TBCPSFT
QMBOUB
FYUFSJPS
:
FO
VO
UJFNQP
DPN
Z
TFOTBDJPOFT
%FMJDJPVT
%ÏKBUF
TPS QSFOEJEP
FOUSF
MPT

Z

EÓBT
EFTEF

QSFOEFS
QPS
FTUB
OVFWB
HFOFSBDJØO
EF
MB
HFSNJOBDJØO
EF
MB
TFNJMMB
4V
VTP

BVUPNÈUJDBT

MMFOBSÈO
EF
BMFHSÓB
UV
QVFEF
TFS
UBOUP
MÞEJDP
DPNP
NFEJDJOBM

DBTB
DBEB
USFT
NFTFTw HSBDJBT
B
TV
OJWFM
EF
5)$
EFM

5F

TPSQSFOEFSÈ
QPS
TV
DVMUJWP
VMUSBSÈQJEP

-B
GSVUUB
EJ
WFOVT TVT
HSBOEFT
SFOEJNJFOUPT
Z
TV
JOUFOTP

%FMJDJPVT
TFFET
QPOF
B
UV
EJTQPTJDJØO
TBCPS
EVMDF
BGSVUBEP
VOB
OVFWB
HFOFSBDJØO
EF
QMBOUBT
BVUP
-B
NVTB
NÈUJDBT
DPO
TBCPSFT
Z
UFYUVSBT
ÞOJDBT

6O
DSVDF
EF
VOB
TFMFDDJØO
EF
WFSEBEF
SBT
4LVOLT
DPO
VO
MJOBKF
QSPWFOJFOUF

EF
"MBTLB
DPO
HFO
BVUPNÈUJDP

BQPS
UB
TBCPSFT
Z
NBUJDFT
OVFWPT
B
FTUB

OVFWB
HFOFSBDJØO
EF
QMBOUBT
BVUPNÈ
UJDBT
NÈT
BMUBT
EF
NBZPS
QSPEVDDJØO
Z

FYUSFNBEB
QPUFODJB
.BUJDFT
B
DIPDP
MBUF
BNBSHP
Z
SFHBMJ[
MMFOBSBO
UV
CPDB

EF
VO
FYUSB×P
F
JOUFOTP
QMBDFS
RVF
EF

JONFEJBUP
UF
SFDPSSFSÈ
UPEP
FM
DVFSQP

&TUB
QMBOUB
NBEVSBSÈ
TVT
GSVUPT
FOUSF



EÓBT
EFTEF
MB
TJFNCSB
EBOEP

VOB
QSPEVDDJØO
EF
FOUSF

IBTUB

HS
NFUSP
DVBESBEP
Z
HS
QPS

QMBOUB
FO
FYUFSJPS
4V
VTP
QVFEF
TFS

UBOUP
MÞEJDP
DPNP
NFEJDJOBM
HSBDJBT
B

TV
OJWFM
EF
5ID
EFM


-B
#FMMB
"GSPEJUB
&TUB
QMBOUB
FT
VOB
BVUPGMPSFDJFOUF
EF

HSBO
UBNB×P
VOB
%JBWPMP
DSV[BEB
DPO

VOB
"L
BVUPNÈUJDB

$POTUJUVZF
VOB

JOOPWBEPSB
WBSJFEBE
RVF
BOUJDJQB
VOB

OVFWB
HFOFSBDJØO
EF
QMBOUBT
BVUP
NÈUJDBT
NÈT
HSBOEFT
Z
DPO
NBZPSFT

SFOEJNJFOUPT
RVF
TVT
QSFEFDFTPSBT

%FTEF

IBTUB
HS
N
DVBESBEPT

Z
HS
QPS
QMBOUB
FO
FYUFSJPS
4PO

QMBOUBT
RVF
QVFEFO
BMDBO[BS
EFTEF

MPT
DN
IBTUB
MPT
DN
Z
QSPEVDFO

MBSHBT
SBNBT
DBSHBEBT
EF
MBSHPT
Z
-B
CFMMB
"GSPEJUB -B
GSVUUB
EJ
WFOVT


'PUP

"SDIJWP
EF
4PGU
4FDSFUT

 4&.*/"3*04
%&
$6-5*70

4FNJOBSJPT
$BOOB

"
QSJODJQJPT
EF
FTUF
B×P
FO
MPT
NFTFT
EF
.BS[P
"CSJM
Z
.BZP

TF

DFMFCSBSPO
MPT
TFNJOBSJPT
$BOOB

$VSTPT
RVF
ZB
TPO
VO
SFGFSFOUF

UBOUP
QBSB
MPT
DVMUJWBEPSFT
OPWFMFT
DPNP
QBSB
MPT
NÈT
FYQFSUPT

.ÈMBHB
#JMCBP
7BMFODJB
#BSDFMPOB
Z
GBDUPSFT
DPNP
FM
DPMPS
EF
MB
MV[
FM
HSBEP

.BESJE
GVFSPO
MBT
DJVEBEFT
FO
MBT
RVF
TF
EF
IVNFEBE
EFM
TVTUSBUP
MB
DBOUJEBE
EF

DFMFCSBSPO
BUSBZFOEP
B
QFSTPOBT
EF
WBSJPT
CJPNBTB
IPKBT

EF
MB
QMBOUB
MB
EJGFSFODJB

LJMØNFUSPT
B
MB
SFEPOEB
Z
DPNQMFUBOEP
FO
EF
UFNQFSBUVSB
FOUSF
FM
EÓB
Z
MB
OPDIF
MB

UPEPT
MPT
DBTPT
FM
BGPSP
EJTQPOJCMF
MMFHBO IVNFEBE
BNCJFOUBM
Z
MB
DPODFOUSBDJØO
EF

EP
B
QSFTFOUBSTF
VO
UPUBM
EF
NÈT
EF

TBMFT
EFM
TVTUSBUP
UBNCJÏO
JOGMVZFO
FO
RVF

BTJTUFOUFT
"
FTUPT
IBZ
RVF
TVNBS
FM
FRVJQP
MB
QMBOUB
EJSJKB
TV
EFTBSSPMMP
IBDJB
FM
FTUBEP

EF
$BOOB
&TQB×B
PSHBOJ[BEPS
Z
DPPSEJOB HFOFSBUJWP
GPSNBDJØO
EF
GMPSFT

P
WFHFUB
EPS
EFM
FWFOUP
BTÓ
DPNP
MPT
UÏDOJDPT
EF
UJWP
DSFDJNJFOUP

6O
DPMPS
EF
MV[
SPKJ[P
VO

&TQB×B
Z
)PMBOEB
RVF
TF
FODBSHBSPO
EF
TVTUSBUP
TFDP
VOB
DPODFOUSBDJØO
BMUB
EF

EBS
MPT
EJGFSFOUFT
UFNBT
UBNCJÏO
B
&OSJRVF
GFSUJMJ[BOUF
VOB
QPDB
DBOUJEBE
EF
IPKBT
Z

7BMWFSEF
FO
.ÈMBHB
Z
BM
BCPHBEP
.BSUÓ
SBNBT
VOB
EJGFSFODJB
EF
UFNQFSBUVSB
FOUSF

$BOBWÏT
FODBSHBEPT
EF
MBT
DIBSMB
EF
BTP EÓB
Z
OPDIF
BMUB

Z
DPNP
OP
VOBT

IPSBT

DJBDJPOJTNP
Z
MFHBM
SFTQFDUJWBNFOUF TFHVJEBT
EF
PTDVSJEBE
TPO
MPT
GBDUPSFT
RVF

QSFEJTQPOFO
B
MB
QMBOUB
IBDJB

MB
GMPSBDJØO
&M
TFNJOBSJP
TF
BCSJØ
EBOEP
VOPT
DPODFQ
UPT
TPCSF
MB
GPUPTÓOUFTJT
&T
JNQSFTDJOEJCMF
4F
DPOUJOVØ
IBCMBOEP
EF
MB
FMFDUSPDPO
DPOPDFS
FTUF
QSPDFTP
GVOEBNFOUBM
QBSB
EVDUJWJEBE
&$

QBSÈNFUSP
SFMBDJPOBEP
NFSJFOEB
QSPQJB
EF
MB
BMUÓTJNB
DBMJEBE
EF
DVMUJWP
.BT
RVF
VOB
DIBSMB
TPCSF
MPT
QSP
FM
CVFO
EFTBSSPMMP
EF
MBT
QMBOUBT
ZB
RVF
EJSFDUBNFOUF
DPO
MB
DBOUJEBE
EF
OVUSJFOUFT
MPT
IPUFMFT
EPOEF
TF
SFBMJ[B
FTUF
FWFOUP
EVDUPT
FO
TJ
FM
UFNB
FTUBCB
EJSJHJEP
B
EBS

TJ
MB
GPUPTÓOUFTJT
TF
WF
BMUFSBEB
MB
DPTFDIB
RVF
BQMJDBNPT
B
OVFTUSBT
QMBOUBT
%F
DPNP
&TUF
FT
VO
HSBO
NPNFOUP
RVF
TJFNQSF
FT
B
DPOPDFS
FM
QPSRVF
EF
DBEB
QSPEVDUP
Z
EF

TF
WFSB
NFSNBEB
FO
DBMJEBE
Z
DBOUJEBE
:
MB
BCTPSDJØO
EF
BHVB
B
USBWÏT
EF
MB
SBÓ[
FTUÏ
BQSPWFDIBEP
QPS
UPEPT
QBSB
JOUFSDBNCJBS
DPNP
VTBSMPT
QBSB
PCUFOFS
FM
NFKPS
SFTVM
IBCMBOEP
EF
MB
JOGMVFODJB
EF
MB
MV[
TPCSF
DPOEJDJPOBEB
QPS
MB
USBOTQJSBDJØO
EF
BHVB
FYQFSJFODJBT
JEFBT
QSPCMFNBT
FUD
UBEP
5BNCJÏO
TF
IJ[P
IJODBQJÏ
FO
FM
IFDIP

MBT
QMBOUBT
WJNPT
DPNP
FTUBT
BUJFOEFO

BM
QPS
MPT
FTUPNBT
FO
MBT
IPKBT
Z
QPS
FM
HSBEP
EF
OP
NF[DMBS
QSPEVDUPT
EF
EJGFSFOUFT
NBS
OÞNFSP
TFHVJEP
EF
IPSBT
EF
PTDVSJEBE
EF
IVNFEBE
EFM
TVTUSBUP
&OUFOEJEP
FTUF
3FDVQFSBEBT
MBT
GVFS[BT
TF
QBTØ
B
IBCMBS
DBT
ZB
RVF
FO
NVDIPT
DBTPT
OP
TBCFNPT

QBSB
JOJDJBS
MB
GMPSBDJØO
Z
OP
BM
EF
MV[
DPODFQUP
TF
DPNQSFOEJØ
DPNP
FO
DPOEJ TPCSF
MB
JOGMVFODJB
EFM
DMJNB
TPCSF
FM
DPN DPO
DFSUF[B
DVBMFT
TFSÈO
MBT
DPOTFDVFODJBT

BTQFDUP
RVF
ZB
FSB
CJFO
DPOPDJEP
QPS
DJPOFT
FO
MPT
RVF
MB
USBOTQJSBDJØO
FT
NVZ
QPSUBNJFOUP
EF
MBT
QMBOUBT
Z
EF
DPNP
EFM
VTP
EF
QSFQBSBEPT
RVF
OP
IBO
TJEP

NVDIPT
4JO
FNCBSHP
BQSFOEJNPT
RVF
BMUB
MB
DPODFOUSBDJØO
EF
TBMFT
RVF
EFCF DPOUSPMÈOEPMP
QPEFNPT
QPS
FKFNQMP

EJTF×BEBT
QBSB
TFS
NF[DMBEBT
FOUSF
TJ

IPSBT
EF
PTDVSJEBE
TFHVJEBT
OP
FT
FM
NPT
BQMJDBS
B
OVFTUSBT
QMBOUBT
FT
NFOPS
EJSJHJS
MB
GPSNBDJØO
EF
GMPSFT
IBDJB
VOB

ÞOJDP
GBDUPS
RVF
QSFEJTQPOF
B
MB
QMBOUB
RVF
FO
DPOEJDJPOFT
EF
CBKB
USBOTQJSBDJØO UFYUVSB
NÈT
BJSFBEB
P
NÈT
BQSFUBEB 1BSB
GJOBMJ[BS
FM
TFNJOBSJP
UVWJNPT
FO

B
GMPSFDFS
BVORVF
TJ
FM
NÈT
JNQPSUBOUF
"DBCBEP
FTUF
UFNB
TF
IJ[P
VOB
QBVTB
FO
&M
UFNB
GJOBM
TF
EFEJDØ
B
IBDFS
VO
SFQBTP
EF
.ÈMBHB
FM
QMBDFS
EF
DPOUBS
DPO
MB
DIBSMB

FO
MBT
OP
BVUPGMPSFDJFOUFT

ZB
RVF
PUSPT
MB
RVF
TF
QVEP
EJTGSVUBS
EF
VOB
FTUVQFOEB
MPT
QSPEVDUPT
RVF
EJTQPOF
$BOOB
QBSB
FM
EF
&OSJRVF
7BMWFSEF
RVJFO
OPT
USBOTNJUJØ

FM
EFDÈMPHP
FMBCPSBEP
QPS
MB
'FEFSBDJØO

EF
"TPDJBDJPOFT
$BOOÈCJDBT
'"$

FO
SFMB
DJØO
B
MPT
DMVCFT
EF
DPOTVNJEPSFT
EF

DBOOBCJT
&O
FM
SFTUP
EF
MPDBMJEBEFT
FM

BCPHBEP
.BSUÓ
$BOBWÏT
SFTPMWJØ
MBT
EVEBT

MFHBMFT
RVF
BGFDUBO
B
UPEPT

BRVFMMPT
RVF

DVMUJWBO
QBSB
TV
BVUPDPOTVNP

1PS
ÞMUJNP
BHSBEFDFS
EFTEF
BRVÓ
B

UPEPT
MPT
BTJTUFOUFT
TV
DPNQPSUBNJFO
UP
FKFNQMBS
Z
FM
JOUFSÏT
RVF
QSFTUBSPO

B
MPT
UFNBT
ZB
RVF
QVEJNPT
EJTGSV
UBS
UPEPT
EF
VOBT
UBSEFT
RVF
TVQFSB
SPO
HSBUBNFOUF
UPEBT
MBT
FYQFDUBUJWB

`)BTUB
MPT
QSØYJNPT
TFNJOBSJPT
   
% -
0$,'5+70
&'
+0
07#

&'4#330--#3
-04
.',03'4
('35+-+:#/5'4

9
130.0503'4
&'-
%3'%+.+'/50
7')'5#-
1#3#
0$5'/'3
-#
.',03
%04'%*#
104+$-'
#4@/&0/04
'/
%0.1-',04
'456&+04
9
#C04
&'
'81'3+'/%+#
13@%5+%#
/6'45304
130('4+0/#-'4
4#$'/
26A
130&6%504
0
4645#/%+#4
(6/%+0/#/
.',03
/
/6'4530
.0&'3/0
-#$03#503+0
'-
%#5@-0)0
&'
130&6%504
+0
07#
'4
%0/5+/6#.'/5'
3'7+4#&0
3'(+/#&0
9
.',03#&0
0405304
1307''.04
-#
+/7'45+)#%+D/

9
'-
%0/0%+.+'/50
645'&
0$5+'/'
.@4
7'3&03
9
$'/'(+%+04

!"

" )
; >
3'.+0
%6-5+70
+0
01#

+)*
+('
#3%'-0/#



('35+-+:#/5'4
9
5+'33#
+0
07#
; >
3'.+0
01#
+)*
+('
 
  
   
 
 

  

'/'3#-


#
356'

%0.0
'.13'4#
&'
%6-5+70   


; >
3'.+0
%6-5+70
+0
01#

+)*
+('
#3%'-0/#


"'3&#&'3#.'/5'
%#&#
130&6%50
&'
% '4
6/#
.':%-#
#-26B.+%#
&'
-04
('35+-+:#/5'4
9
5+'33#
+0
07# .',03'4
+/)3'&+'/5'4
9
.#5'3+#4
13+.#4
&+410/+$-'4
'/
/6'4530
1-#/'5#
; >
3'.+0
/5'3+03
+&30
1-+%#&0
#
46
%6-5+70
/6'45304
130&6%504
%0/&6%'/
/#563#-.'/5'
#
-04

#//#$+4
*#.1+0/461


.',03'4
3'46-5#&04
%0/
'-
.B/+.0
'4(6'3:0
%#&#
7':

#
#&3'
#563#-':#
63)04

   


    (


 
 ! &    ! "  

!'-#8




 !'-






! "   !' #8




!'-





;
#8




&.'5'3%6-5+704-*05.#+-%0.

   
!'-#8





  
&   
!'-







 
)JHIMJGF
$VQ


&M
HSBO
HBOBEPS
FT
MB
WBSJFEBE

"NOFTJB
)B[F

1PS
TFHVOEB
WF[
DPOTFDVUJWB
%F
7SPMJKLF
(BQFS
EF
(PSJODIFN
IB
TJEP
TJHB
BWBO[BOEP
IBDJB
MB
MFHBMJ[BDJØO

EFM
DBOOBCJT
&O
OPWJFNCSF
TF
WPUBSÈ

FM
HBOBEPS
BCTPMVUP
EF
MB
)JHIMJGF
$VQ
DPO
TV
"NOFTJB
1PS
TFHVOEB
BM
SFTQFDUP
1FSP
3PTFOUIBM
FYDMBNB

+VSBEP
EF
MB
)JHIMJGF
$VQ
WF[
DPOTFDVUJWB
QPS
UBOUP
FTUF
TJOHVMBS
DPGGFF
TIPQ
UJFOF
FO
TVT
i"IPSB
FTUBNPT
FO
)PMBOEB
Z
ZP
BNP

NBOPT
MB
NFKPS
IJFSCB
EF
)PMBOEB
4V
"NOFTJB
WFODFEPSB
FTUBCB
FTUF
QBÓT
`-JCFSUBE
FT
EF
FTUP
EF
MP
RVF
-PT
PSHBOJ[BEPSFT
BHSBEFDFO
B
MBT
TJHVJFO
IBCMBNPTw
5BNCJÏO
NVDIPT
JOWJUBEPT
UFT
QFSTPOBT
QPS
TV
FNQF×P
DPNP
NJFN
JOTDSJUB
FO
MB
DBUFHPSÓB
)B[F
)ZESP
5BNCJÏO
FO

FTUF
DPGGFF
TIPQ
FYUSBOKFSPT
QSFTFOUFT
FO
MB
QSFNJBDJØO

CSPT
EFM
KVSBEP
FO
MB
)JHIMJGF
$VQ

IBCÓB
DPORVJTUBEP
FM
QSJNFS
QSFNJP
DPO
PUSB
WBSJFEBE
EFM
UJQP
)B[F
&1"
FMPHJBSPO
FM
DMJNB
EF
MJCFSUBE
EF

MPT
1BÓTFT
#BKPT
&O
WBSJPT
QBCFMMPOFT
MBT

MB
4VQFS
4JMWFS
)B[F
`4PGU
4FDSFUT
GFMJDJUB
B
%F
7SPMJKLF
(BQFS
QPS
FTUF
FNQSFTBT
QSPWFOJFOUFT
EF
&TQB×B
(SBO
t
$MJGG
$SFNFS
4PGU
4FDSFUT
QSFTJEFOUF

FYUSBPSEJOBSJP
SFTVMUBEP
'PUPT
$MJGG
8IB[[VQ

'FJKF #SFUB×B
'SBODJB
"MFNBOJB
1PMPOJB
t
8FSOBSE
#SVJOJOH
)JHIMJGF4PGU
4FDSFUT

3FQÞCMJDB
$IFDB
4VJ[B
"VTUSJB
Z
OBUV t
+BO
4FOOFNB
)JHIMJGF
4PGU
4FDSFUT
1PS
TFHVOEB
WF[
MB
FOUSFHB
EF
MPT
QSF VOJGPSNF
EF
DBQJUÈO
QIBOUBTZ
NBSJKVBOB
SBMNFOUF
MPT
1BÓTFT
#BKPT
QSFTFOUBSPO

NJPT
EF
MB
)JHIMJGF
$VQ
IB
UFOJEP
MVHBS
DPOUSJCVZØ
B
IBDFS
UBOUP
EF
MB
QSFNJB TVT
NFKPSFT
QSPEVDUPT
EF
DBOOBCJT
2VF

t
'FJKF
F
.BSJBO
)JHIMJGF4PGU
4FDSFUT
FO
FM
QJOUPSFTDP
QVFCMP
EF
3VJHPPSE
FO
DJØO
&1"
DPNP
EF
MB
QSFNJBDJØO
)JHIMJGF
FM
DBOOBCJT
IBHB
GSBUFSOJ[BS
GVF
BMHP
t
5IFP
F
.JDIBFM
)Z4VQQMZ
MPT
BMSFEFEPSFT
EF
«NTUFSEBN
.VDIPT
$VQ
VO
BVUÏOUJDP
TIPX
&E
3PTFOUIBM
TF
FWJEFOUF
HSBDJBT
B
MPT
OVNFSPTPT
DPO t
3PC
1MBHSPO
EF
MPT
WJTJUBOUFT
FM
B×P
QBTBEP
IBCÓBO
SFDPOPDF
B
OJWFM
NVOEJBM
DPNP
VOB
EF
UBDUPT
JOUFSOBDJPOBMFT
DSFBEPT
t
$VSU
"EWBODFE
/VUSJFOUT
PQJOBEP
RVF
FM
MVHBS
FSB
QFSGFDUP
Z
UBN MBT
BVUPSJEBEFT
NÈT
JNQPSUBOUFT
FO
FM

CJÏO
MPT
PSHBOJ[BEPSFT
TF
IBMMBSPO
QFS DBNQP
EFM
DVMUJWP
EF
NBSJIVBOB
Z
QPS
5BSFB
EJGÓDJM
QBSB
FM
KVSBEP t
3PO
DPGGFFTIPQ
EF
%BNQLSJOH
GFDUBNFOUF
B
HVTUP
FOUSF
MPT
EFTFOGSFOB UBOUP
FSB
MB
QFSTPOB
NÈT
JOEJDBEB
QBSB
1FSP
IBCMBOEP
IPOFTUBNFOUF
MB
NBZPS
t
+VMFT
4JOUVSFM
4PGU
4FDSFUT
'SBODF
EPT
EF
3VJHPPSE
&TUF
B×P
TJO
FNCBSHP
QSFTFOUBS
MB
QSFNJBDJØO
3PTFOUIBM
IJ[P
QBSUF
EF
MPT
WJTJUBOUFT
IPMBOEFTFT
WJOP
t
%BOOZ
(SFFOGJOHFST
4PGU
4FDSFUT
6,
IVCP
VO
OÞNFSP
NBZPS
EF
WJTJUBOUFT
EJWFSUJS
BM
QÞCMJDP
FO
WBSJBT
PDBTJPOFT
TPCSF
UPEP
QBSB
MB
FOUSFHB
EF
MB
MFHFO t

)BOT
1MPNQ
Z
MPT
NJFNCSPT
EFM
KVSBEP

TPCSF
UPEP
QPSRVF
BOUFT
EF
MB
DFSFNPOJB
%FTQVÏT
EF
PÓS
RVF
PUSP
3PTFOUIBM
IBCÓB
EBSJB
)JHIMJGF
$VQ
.VDIPT
DPGGFF
TIPQT

EF
3VJHPPSE
EF
QSFNJBDJØO
EF
MB
)JHIMJGF
$VQ
UVWP
JOUFOUBEP
WBSJBT
WFDFT
GPSNBS
VO
HPCJFS IBCÓBO
FOWJBEP
TVT
NFKPSFT
NVFTUSBT

MVHBS
MB
QSJNFSB
FEJDJØO
EF
MPT
&VSPQFBO
OP
FO
)PMBOEB
BGJSNØ
RVF
IBCSÓB
TJEP
QBSB
QBSUJDJQBS
FO
MBT
TFJT
DBUFHPSÓBT
FO
t
/PM
WBO
4DIBJL
8JMMJF
8PSUFM
1SPEVDU
"XBSET
&1"

&TUF
OÞNFSP
JODMV NFKPS
BTJHOBS
B
ÏM
EJDIB
UBSFB
3PTFOUIBM
DPODVSTP
)ZESP
#JP
$VMUJWP
EF
FYUFSJPS
t
+BJS
,+
1SPEVDUT
ZF
JOGPSNBDJØO
EFUBMMBEB
UBNCJÏO
TPCSF
i`)BCSÓB
SFHBMBEP
B
FTPT
QPMÓUJDPT
VOB
)BDIÓT
)B[F
)ZESP
Z
)B[F
#JP
6O
KVSBEP
t

'FSOBOEP
#PSKB
Z
$PSSBEP
)JHI
2VBMJUZ

FTUF
UFNB HSBO
OPDIF
DPO
VOB
CVFOB
GVNBEB
Z
BTÓ
EF
FYQFSUPT
JOJDJØ
FOUPODFT
MB
FWBMVBDJØO

4FFE
#BOL
"NTUFSEBN
IBCSÓBNPT
UFOJEP
TJO
MVHBS
B
EVEBT
VO
TJO
EFTDVJEBS
OBUVSBMNFOUF
GBDUPSFT
DPNP

&E
3PTFOUIBM CVFO
HPCJFSOP
FO
FTUF
CFMMP
QBÓTw
FM
BTQFDUP
FM
PMPS
FM
TBCPS
Z
FM
FGFDUP
t
,BSFM
.JDIJFMT

+PT
/JKTUFO

&M
JOWJUBEP
EF
IPOPS
EF
MB
OPDIF
GVF
FM
t
"SUIVS
7BOEFOCFSH
.PVOUBJO
)JHI
GBNPTP
HVSÞ
FTUBEPVOJEFOTF
EFM
DVMUJWP
Z
`-JCFSUBE &M
OVFWP
NJFNCSP
EFM
KVSBEP
BDBCBEP
EF
t
-FPO
DPGGFF
TIPQ
(FOFTJT
EF
(FMFFO
DPMBCPSBEPS
EF
4PGU
4FDSFUT
&E
3PTFOUIBM
-VFHP
DPNFOUØ
UBNCJÏO
MB
TJUVBDJØO
OPNCSBS
-FPO
EFM
DPGGFF
TIPQ
(FOFTJT
EF
t
.JDIJFM
MP
TUVDDBUPSF
&E
WJBKØ
EFTEF
-PT
«OHFMFT
FTQFDÓGJDB EFM
DBOOBCJT
FO
TV
QBÓT
MPT
&TUBEPT
(FMFFO
OPT
DPOGJSNØ
RVF
FTUB
UBSFB
OP
FT

NFOUF
QBSB
MB
PDBTJØO
Z
TV
FOUVTJBTNP
6OJEPT
4F
EFDMBSØ
FOUVTJBTUB
FO
DVBOUP
QBSB
OBEB
GÈDJM
"
QFTBS
EF
IBCFS
HBOBEP

t
%+
$PCVT
TF
OPUBCB
B
MFHVBT
DPO
VOB
FTQFDJF
EF
B
MBT
QPTJCJMJEBEFT
EF
RVF
$BMJGPSOJB
WBSJPT
QSFNJPT
FO
MB
)JHIMJGF
$VQ
FO
SFQF
UJEBT
PDBTJPOFT
FTUF
B×P
TF
QFSEJØ
MB
DJUB
:
UPEPT
MPT
NJFNCSPT
AGVNBEPSFT
BHSFHB
QPS
OP
IBCFS
FOWJBEP
OJOHVOB
NVFTUSB
EPT
EFM
KVSBEP
RVF
PMWJEBNPT
NFODJPOBS
(JSM
PG
UIF
:FBS 6OB
PDBTJØO
EF
PSP
QPS
UBOUP
QBSB
FM

QSFTJEFOUF
EFM
KVSBEP
$MJGG
$SFNFS
QBSB

&O
VOB
QSFTFOUBDJØO
TFQBSBEB
MB
(JSM
PG
UIF
:FBS
TF
QSFNJBSPO
EPT
FNQSFTBT
EF
VTBS
MBT
DPNQFUFODJBT
EF
-FPO
IBDJÏO MB
FMFDDJØO
EFM
WFODFEPS
BCTPMVUP
FM

TFNJMMBT
&M
QSFNJP
(JSM
PG
UIF
:FBS
FT
GSVUP
EF
MB
4PGU
4FDSFUT
FTQB×PMB
$PO
FTUF
EPMP
GPSNBS
QBSUF
EFM
KVSBEP
-FPO
EF
DBNQFØO
EF
DBNQFPOFT
'VF
VOB
WF[

IFDIP
NBOFKB
DPGGFF
TIPQT
EFTEF
IBDF
NÈT
%F
7SPMJKLF
(BQFS
EF
(PSJODIFN

QSFNJP
TF
SFDPOPDJØ
MB
NFKPS
WBSJFEBE
&M
QSFNJP
(JSM
PG
UIF
:FBS

GVF
B
NBOPT
NÈT
EF

B×PT
Z
QPTFF
QPS
UBOUP
MBT
4FHÞO
FM
KVSBEP
TV
"NOFTJB
FSB
OFUB
EF
MB
FNQSFTB
FTQB×PMB
%JOBGFN
4FFET
4F
MP
HBOBSPO
DPO
TV
.PCZ
%JDL
VOB
QMBO DPNQFUFODJBT
OFDFTBSJBT
QBSB
FWBMVBS
MBT
NFOUF
TVQFSJPS
B
UPEBT
MBT
EFNÈT

UB
JNQSFTJPOBOUF
RVF
HBOB
SÈQJEBNFOUF
QPQVMBSJEBE
FOUSF
MPT
DVMUJWBEPSFT
FVSP NVFTUSBT
QSFTFOUBEBT
:
ÏM
TF
IB
UPNBEP
:
BVORVF
FTUF
DPGGFF
TIPQ
FTUÏ
ZB

QFPT
:
FO
WJTUB
EF
RVF
FM
B×P
QBTBEP
FTUF
QSFNJP
OP
TF
IBCÓB
BTJHOBEP
TF
QSPDF B
QFDIP
FTUF
DBSHP
1BSB
-FPO
OP
IB
TJEP
BDPTUVNCSBEP
BM
ÏYJUP
UBNCJÏO
FTUB

GÈDJM
i.F
QBSFDJØ
VOB
UBSFB
EJGÓDJM
NVZ
WF[
GVF
VOB
HSBO
TPSQSFTB
QBSB
FMMPT

EJØ
FO
FTUB
PDBTJØO
B
FOUSFHBS
UBNCJÏO
FM
QSFNJP
(JSM
PG
UIF
:FBS

B
1BSBEJTF

EJGÓDJM
&T
DPNQMJDBEP
UPNBS
VOB
EFDJTJØO
5PO
EFM
7SPMJKLF
(BQFS
FYDMBNØ

4FFET
EF
MPT
1BÓTFT
#BKPT
-VD
EF
1BSBEJTF
4FFET
i&T
FYUSBPSEJOBSJP
IBCFS
SFDJCJEP
B
QFTBS
EF
FTUBS
SPEFBEP
EF
VO
FRVJQP
i`'BOUÈTUJDP
/P
OPT
MP
FTQFSÈCBNPT

FM
QSFNJP
(JSM
PG
UIF
:FBS

DPO
4FOTJ
4UBS
TPCSF
UPEP
BIPSB
RVF
DPO
MB
NJTNB
DPO
UBOUB
FYQFSJFODJB
1PS
TVFSUF
BM
GJOBM
`&TUBNPT
NVZ
NVZ
GFMJDFTw
WBSJFEBE
IFNPT
DPOTFHVJEP
FM
QSJNFS
QVFTUP
FO
MB
DBUFHPSÓB
)ZESP
EF
MB
)JHIMJGF
DPOTFHVJNPT
EFDJEJSw
$PO
MB
FOUSFHB
EF
QSFNJPT
TF
DPODMVZØ
MB

$VQ

`/BEB
QVFEF
FTUSPQFBSOPT
MB
OPDIFw

6O
GJOBM
FNPDJPOBOUF BHSBEBCMF
OPDIF
FO
3VJHPPSE
.VDIPT
TF

4PCSF
MBT
PODF
TF
JOWJUØ
B
MPT
WJTJUBO RVFEBSPO
IBTUB
UBSEF
EJTGSVUBOEP
EF
MB

UFT
B
SFVOJSTF
FO
MB
FTUVQFOEB
JHMFTJB
EF
DÈMJEB
OPDIF
EF
WFSBOP
FOUSFUFOJEPT
DPO

3VJHPPSE
-PT
QSFTFOUBEPSFT
%+
$PCVT
Z
VO
CFMMP
FTQFDUÈDVMP
EF
BSUJTUBT
EFM
GVFHP

&E
3PTFOUIBM
TF
FODBSHBSPO
EF
DFSSBS
FM
:
QBSB
FM
%JPT
EFM
$BOOBCJT
GVF
QFSGFDUP

BDPOUFDJNJFOUP
DPO
VO
GJOBM
FNPDJPOBOUF
1PSRVF
B
EJGFSFODJB
EFM
B×P
QBTBEP
OP

EFTEF
FM
QÞMQJUP
EF
MB
IFSNPTB
JHMFTJB
-PT
IVCP
UFNQFTUBEFT
BTÓ
RVF
UPEPT
SFHSF
SFQSFTFOUBOUFT
EF
MPT
DPGGFF
TIPQT
WFOÓBO
TBSPO
B
DBTB
DPO
MJOEPT
SFDVFSEPT
Z
DPO

B
SFDPHFS
TVT
QSFNJPT
FYUSFNBNFOUF
GFMJ MB
SPQB
TFDB
USBT
VOB
WFMBEB
MMFOB
EF

DFT
BOUF
VOB
JHMFTJB
BUFTUBEB
EF
DVMUJWB FYUSBPSEJOBSJBT
TFOTBDJPOFT
4Ó
FM
%JPT
EFM

EPSFT
Z
GVNBEPSFT
FOUVTJBTUBT
$BOOBCJT
WJWF
EF
WFSEBE
`:
TF
FODVFOUSB

6O
FYUBTJBEP
-VD
EFM
1BSBEJTF
4FFET
SFDP %JOBGFN
4FFET
EF
&TQB×B
DPO
TV
.PCZ
FO
MB
JHMFTJB
EF
3VJHPPSE
HF
TV
QSFNJP
EF
MB
WBSJFEBE
4FOTJ
4UBS
(JSM
%JDL
(JSM
PG
UIF
:FBS

&M
DÞMNJOF
EF
MB
OPDIF
GVF
OBUVSBMNFO
PG
UIF
:FBS

UF
MB
FOUSFHB
EF
MB
)JHIMJGF
$VQ

`) BTUB
FM
QSØYJNP
B×P


6O
HSBO
OÞNFSP
EF
WJTJUBOUFT 4BMJEB
SFMBY
Z
IVNP
BM
TPM 5BNCJÏO
MB
CBSCBDPB
WPMWJØ
B
TFS
VO
ÏYJUP

1PS
TFHVOEB
WF[
DPOTFDVUJWB
FM

$BNQFØO
EF
$BNQFPOFT
%F
7SPMJKLF

7FOJEP
FTQFDJBMNFOUF
EFTEF
-"
&M
HVSÞ
EFM
DVMUJWP
&E
3PTFOUIBM (BQFS
EF
(PSJODIFN 3FHHBF
%+
,BSFM
VOB
WF[
NÈT
DPO
NÞTJDB
FTUVQFOEB

(SPXTIPQ
(BOKBNBO
IB
FOWJBEP
VO
SFQSFTFOUBOUF

5BOUB
EJWFSTJØO JNQPSUBOUF -B
$PQB
EF
MBT
$PQBT
MB
)JHIMJGF
$VQ

%FOUSP
EF
MB
UJFOEB
TF
QVFEFO
GVNBS
UPEBT
MBT

NVFTUSBT
EF
MB
)JHIMJGF
$VQ -VD
EF
1BSBEJTF
4FFET
.BJDP
EF
3PZBM
2VFFO
4FFET
%J[[Z
%VDL
EF
%FO
)BBH

):%30 $6-5*70
%&
&95&3*03 )";&
):%30



1BSBEJTF
4FFET
4&/4*
45"3 

'BS
0VU


)"4+
1-"/5 

%F
7SPMJKLF
(BQFS
"./&4*"


%VUDI
1SP
$)0$0-01& 

4FSJPVT
4FFET

#*%%:
&"3-: 

#B[BS



4*-7&3
)";&


AU
#VOLFSUKF
8)*5&
8*%08 

,BTINJS
-PVOHF

5&9&-4
'*/&45 

,PTCPS


".(

#*0 )"$)¶4 )";&
#*0



%J[[Z
%VDL

8)*5&
8*%08
9
#6##-&(6. 

0DFBO


461&3
,3*45"- 

3PZBM
2VFFO
4FFET
4)*/*/(
4*-7&3
)";&


(SPXTJEF

+"$,
' 

1PMMJOBUPS
$PNQBOZ

-"
$0/'*%&/5*"- 

%J[[Z
%VDL


"./&4*"


#PFSFOKPOHFOT

.&"/
(3&&/
."35*"/ 

%VUDI
1SP

/&%&31"- 

0DFBO


"./&4*"

)*()-*'&
$61


%&
730-*+,&
("1&3
ʰ
"./&4*"

-B
DBMJEBE
OP
UJFOF
GSPOUFSBT

-PT
&VSPQFBO
1SPEVDU
"XBSET

&M

EF
KVOJP
UVWP
MVHBS
MB
QSJNFSB
FEJDJØO
EFM
SFDPOPDJNJFOUP

&VSPQFBO
1SPEVDU
"XBSET
QBSB
MB
JOEVTUSJB
FVSPQFB
EFM
DBOOBCJT

"OUF
FM
HSBO
JOUFSÏT
EFM
TFDUPS
FM
DPOPDJEP
HVSÞ
FTUBEPVOJEFOTF

EFM
DVMUJWP
Z
DPMBCPSBEPS
EF
4PGU
4FDSFUT

&E
3PTFOUIBM
FOUSFHØ
MPT

QSFNJPT
B
MPT
BGPSUVOBEPT
HBOBEPSFT
&M
BDPOUFDJNJFOUP
IB
QVFTUP

B
UPEPT
EF
BDVFSEP
MPT
&VSPQFBO
1SPEVDU
"XBSET
NBSDBO
FM
JOJDJP

EF
VOB
OVFWB
USBEJDJØO


'PUP

8IB[[VQ

GVOEBNFOUBM
FTUBS
BDUJWPT
B
OJWFM
JOUFS SFBMJ[BS
OVFWPT
DPOUBDUPT
Z
OFHPDJPT

OBDJPOBM
)FTJ
MP
TBCF
EFTEF
TJFNQSF
Z
MP
RVF
TF
IB
WFSJGJDBEP
DPO
VO
ÏYJUP

QPS
FTUF
NPUJWP
FT
VO
QMBDFS
QBSB
OPTP FYUSBPSEJOBSJP
1PS
FTUF
NPUJWP
QPEF
USPT
BQPZBS
FTUF
BDPOUFDJNJFOUP
$SFP
NPT
ZB
BOUJDJQBS
RVF
PSHBOJ[BSFNPT
MPT

FO
FM
MFNB
A-B
DBMJEBE
OP
UJFOF
GSPOUFSBT
QSFNJPT
UBNCJÏO
FM
QSØYJNP
B×Pw
/P
QPS
DBTVBMJEBE
DVMUJWBNPT
DPO
UBOUB

EFEJDBDJØO
HSBDJBT
UBNCJÏO
B
OVFTUSB
&TUF
OÞNFSP
JODMVZF
UBNCJÏO
VO
BSUÓDVMP

VCJDBDJØO
FO
-JNCVSHP
VOB
SFHJØO
EF
TPCSF
MPT
QSPEVDUPT
RVF
QBSUJDJQBSPO
FO

GSPOUFSB
$SFFNPT
FO
&VSPQB
Z
FO
FM
TFD FTUB
QSJNFSB
FEJDJØO
EF
MPT
&1"

UPS
EFM
DBOOBCJT
FVSPQFP
QPS
FTUP
IFNPT

EFDJEJEP
QBUSPDJOBS
FM
BDPOUFDJNJFOUPw
4KBBL
EF
#55
B
MB
J[RVJFSEB

SFDJCF
FM
QSJNFS
QSFNJP
EF
NBOPT
EF
&E
3PTFOUIBM
-B
PSHBOJ[BDJØO
BHSBEFDF
B

B
MB
EFSFDIB
MPT
TJHVJFOUFT
QBUSPDJOBEPSFT
"M
GJOBM
EFM
FWFOUP
FM
PSHBOJ[BEPS

%JTDPWFS
1VCMJTIFS
#7
FEJUPS
EF
)JHIMJGF

4J
CJFO
TF
USBUBTF
EF
MB
QSJNFSB
FEJDJØO
EBE
EF
WPUBS
QPS
*OUFSOFU
FO
FM
ÈNCJUP
Z
4PGU
4FDSFUT
TF
EFDMBSØ
TBUJTGFDIP
XXXIFTJOM
QBUSPDJOBEPS
QSJODJQBM

FM
BDPOUFDJNJFOUP
TF
MMFWØ
B
DBCP
TJO
QSP EF
VO
DPODVSTP
RVF
MFT
PGSFDÓB
MB
QPTJCJ EF
FTUPT
QSJNFSPT
&VSPQFBO
1SPEVDU

XXXHBOKBNBOOM
CMFNBT
4F
TFMFDDJPOBSPO
MBT
EJGFSFOUFT
MJEBE
EF
HBOBS
VO
FTUVQFOEP
UFMFWJTPS
EF
"XBSET

&YQMJDB
FM
NBOBHFS
.BSD
WBO

QSPQVFTUBT
EF
WBSJBT
FNQSFTBT
EFM
TFDUPS
QBOUBMMB
QMBOB
MB
HBOBEPSB
FT
.BOEZ
EF
#FSLFM
i&TUBNPT
GFMJDFT
EF
DPOTUBUBS
XXXIFNQQBTTJPODPN
FVSPQFP
EFM
DBOOBCJT
RVF
TF
QVCMJDBSPO
(SBO
#SFUB×B
`&OIPSBCVFOB
.BOEZ
 RVF
FO
OVFTUSP
TFDUPS
MB
JOOPWBDJØO
TF
XXXQHXPSMEXJEFOM
FO
MB
XFC
XXXTPGUTFDSFUTOM
VOBT
TFNB QSFNJB
Z
EF
RVF
VO
BDPOUFDJNJFOUP
XXXTQFDJBMNJYOM
OBT
BOUFT
EF
MB
QSFNJBDJØO
-PT
MFDUPSFT
%VSBDJØO
F
JOOPWBDJØO #VTJOFTT
UP
#VTJOFTT
DPNP
FTUF
PGSF[DB
XXXTXFFUTFFETFT
EF
4PGU
4FDSFUT
UVWJFSPO
BTÓ
MB
PQPSUVOJ "EFNÈT
EF
MPT
MFDUPSFT
EF
4PGU
4FDSFUT
B
WBSJPT
FNQSFTBSJPT
MB
QPTJCJMJEBE
EF

UBNCJÏO
VO
KVSBEP
FTQFDJBMJ[BEP
FYB
XXXUHDUSBEJOHDPN
NJOØ
MPT
QSPEVDUPT
QBSB
FWBMVBS
BTQFD
(BOBEPS
FVSPQFP

UPT
DPNP
MB
PSJHJOBMJEBE
MB
EVSBDJØO

Z
MB
JOOPWBDJØO
$PNP
SFTVMUBEP
TJFUF

()&
o
"RVB'BSN QSFNJPT
VOP
QBSB
DBEB
QBÓT
QBSUJDJQBO
UF
&M
QVOUP
DSVDJBM
EFM
BDPOUFDJNJFOUP

(BOBEPSFT
EF
DBEB
QBÓT GVF
OBUVSBMNFOUF
MB
FMFDDJØO
EFM
.FKPS

1PMPOJB


-&%
'9
o
-&%
-JHIUT 1SPEVDUP
&VSPQFP
RVF
TF
MMFWØ
"RVB

'BSN
EF
()&
&M
QSFNJP
TF
FOUSFHØ
B


4KBBL
EF
#55
MPT
EJTUSJCVJEPSFT
FVSP
'SBODJB
()&
o
"RVB'BSN QFPT
EF
()&
RVF
EFDMBSØ
FTUBS
TVNB
NFOUF
GFMJ[
QPS
FM
QSFTUJHJPTP
SFDPOPDJ
(#

)JNBMBZBO
$SBGUT
o
*PMJUF
7BQPSJTFS NJFOUP
4KBBL
i&TUPZ
BMHP
TPSQSFOEJEP

OP
NF
MP
FTQFSBCB
QFSP
OBUVSBMNFOUF

UFOHP
RVF
BENJUJS
RVF
FM
TJTUFNB
EF

)PMBOEB
,+
1SPEVDUT
o
(BWJUB
1SP
 JSSJHBDJØO
QBSB
DVMUJWBEPSFT
BGJDJPOBEPT

FT
TJO
EVEB
VO
QSPEVDUP
GBOUÈTUJDP
:

"MFNBOJB
"VTUSJB
4VJ[B
(PPE
5JNF
DPO
FTUF
QSFNJP
QPEFNPT
DPOWFSUJSOPT

5SBEJOH
o
(PMPTB UBNCJÏO
FO
VO
QVOUP
EF
SFGFSFODJB
B

OJWFM
JOUFSOBDJPOBMw

&TQB×B
0NBOBD
(SPXTIPQ
o

#PY &M
QBUSPDJOBEPS
QSJODJQBM
)FOL
WBO
)FTJ

IB
TVCSBZBEP
MB
JNQPSUBODJB
EF
FTUB

3FQÞCJDB
$IFDB
#BZFS

3PNTZ
$SFNDBOO QSJNFSB
FEJDJØO
EFM
&VSPQFBO
1SPEVDU

-PT
BGPSUVOBEPT
HBOBEPSFT
QSPWJFOFO
EF
QPS
MP
NFOPT
TJFUF
QBÓTFT
FVSPQFPT
EJGFSFOUFT
"XBSE
)FOL
i1BSB
DVBMRVJFS
FNQSFTB
FT

 

 




'LVIUXWDHOSODFHUGHOLDUFRQSDSHOHVGHDOWDFDOLGDGTXHLQFOX\HQ
SDSHOHVGHOLDUVXSHUH[WUDÀQR\GHFRPEXVWLyQOHQWD

ÀQH_WKLQ_XOWUDWKLQ

ZZZSDUW\LQKRXVHFRP
3DUDODGLVWULEXFLyQRSRUWXQLGDGHVGHYHQWDVRODFUHDFLyQ
GHSURSLDVPDUFDVGHSDSHOHVGHOLDUVtUYDVHHQFRQWDFWDU
&RPSDxtDGH7DEDFRVGHO0HGLWHUUiQHR6$&20(7
F1XxH]GH%DOERDž0DGULG63$,1
3K0RY
VPHGLQD#FRPHWFLJDUVFRP

1SPEVDUPT
QBSUJDJQBOUFT
QPS
DBEB
QBÓT

-PT
&VSPQFBO
1SPEVDU
"XBSET


)0-"/%"
(SFFOHP
-BT
MFZFT
BOUJUBCBDP
IBDFO
DBEB
WF[
NÈT
EJGÓDJM
QBSB
MPT
GVNBEPSFT
QPEFS
GVNBS
FO
MVHBSFT
DFSSBEPT
*ODMVTP
FO
MVHBSFT
DPODFCJEPT
FTQF
DÓGJDBNFOUF
QBSB
GVNBS
DPNP
MPT
DPGGFF
TIPQT
ZB
OP
TF
QVFEF
GVNBS
UBCBDP
4JO
FNCBSHP
IBZ
VO
SBZP
EF
MV[
/P
TF
QVFEF
GVNBS
UBCBDP

QFSP
{TJ
OP
TF
USBUBTF
EF
UBCBDP
`4Ó
RVF
TF
QVFEF
Z
MB
TPMVDJØO
FT
(SFFOHP
"EFNÈT
(SFFOHP
FT
JOEJDBEP
QBSB
RVJFO
RVJFSF
EFKBS
EF
GVNBS

P
SFEVDJS
MB
DBOUJEBE
QVFTUP
RVF
OP
DPOUJFOF
TVTUBODJBT
OPDJWBT
TVQFSGMVBT
`6O
QSPEVDUP
RVF
PGSFDF
WFOUBKBT
UBOUP
BM
GVNBEPS
DPNP
B

RVJFO
RVJFSF
EFKBS
EF
GVNBS
&M
TVTUJUVUP
EFM
UBCBDP
(SFFOHP
FTUÈ
IFDIP
FYDMVTJWBNFOUF
DPO
JOHSFEJFOUFT
OBUVSBMFT
VOB
NF[DMB
EF
DVBUSP

IJFSCBT
Z
FO
DPODSFUP
IPKBT
EF
BWFMMBOP
QBQBZB
NFOUB
Z
FVDBMJQUP
`&TUB
NF[DMB
FTQFDJBM
FT
MB
BMUFSOBUJWB
QFSGFDUB
QBSB
FM
UBCBDP

5($
5SBEJOH

XXXUHDUSBEJOHDPN

&MFDUSJD
4QSBZ
&$0
&TUF
MJHFSÓTJNP
OFCVMJ[BEPS
FMÏDUSJDP
FT
QSÈDUJDP
GÈDJM
EF
VTBS
F
JOEJDBEP
QBSB
MB
EFTJOGFDDJØO
Z
MB
FTUFSJMJ[BDJØO
&MFDUSJD
4QSBZ
&$0
FT

VO
OFCVMJ[BEPS
DPNQVFTUP
QPS
VO
WFOUJMBEPS
RVF
EJGVOEF
QFTUJDJEBT
QSPEVDUPT
FTUFSJMJ[BEPSFT
P
QVSJGJDBEPSFT
B
HSBO
WFMPDJEBE
B

IBTUB
TFJT
NFUSPT
EF
EJTUBODJB
HSBDJBT
B
MB
CPRVJMMB
QVMWFSJ[BEPSB
FTQFDJBM
&M
EFQØTJUP
EF
QPMJFUJMFOP
EF
DVBUSP
MJUSPT
FT
SFTJTUFOUF
B
MB

DPSSPTJØO
6OB
WÈMWVMB
FTQFDJBM
SFHVMB
FM
GMVKP
Z
MB
EJTUSJCVDJØO
EFM
QSPEVDUP
Z
DSFB
VOB
OVCF
GJOÓTJNB

(BOKBNBO

XXXHBOKBNBOOM

(BWJUB
1SP

&M
(BWJUB
1SP

74"
FT
FM
QSJNFS
74"
EF

7
BQUP
QBSB
MBT
MÈNQBSBT
QSPGFTJPOBMFT
FMFDUSØOJDBT
1IJMJQT
(SFFO1PXFS

8

7

&-
&TUBT
MÈNQBSBT
PGSFDFO
MB
NBZPS
DBOUJEBE
EF
MV[
1"3
QPTJCMF
VO
FTQFDUSP
QFSGFDDJPOBEP
Z
VO
FYUSBPSEJOBSJP
BQPSUF
EF
MV[


EF
BVNFOUP
EF
MV[
1"3
BM
B×P

-PT
DVMUJWBEPSFT
EF
JOWFSOBEFSPT
IPMBOEFTFT
QSFGJFSFO
FTUB
MÈNQBSB
ZB
RVF
FT
MB
NÈT
FGJDB[
Z
MB
ÞOJDB

EFTBSSPMMBEB
FYDMVTJWBNFOUF
QBSB
74"
FMFDUSØOJDPT
)BTUB
BIPSB
TF
QPEÓB
ÞOJDBNFOUF
VUJMJ[BS
MB
MÈNQBSB
EF

7
EF
74"
`QFSP

DPO
(BWJUB
1SP
QVFEF
VUJMJ[BSTF
DPO
VOB
UPNB
FMÏDUSJDB
OPSNBM
EF

7
&M
(BWJUB
1SP
EJTUSJCVJEP
FO
&VSPQB
UBNCJÏO
QPS
-VNBUFL

&VSPQF

FTUÈ
EJTQPOJCMF
DPNP
BSNBEVSB
DPNQMFUB
DPO
VO
SFGMFDUPS
QSPGFTJPOBM
EF
BMUBT
QSFTUBDJPOFT
("/
)3

P
DPNP
74"
FYUFS
OP
RVF
TF
JOUFHSB
B
MB
QFSGFDDJØO
DPO
FM
-VNBUFL
3FGMFDUPS
&M
74"
FTUÈ
DPNQMFUBNFOUF
DFSSBEP
FO
FTUBEP
TØMJEP
TJO
WFOUJMBEPSFT

Z

UJFOF
VO
EFTBSSPMMP
EF
DBMPS
QBSUJDVMBSNFOUF
CBKP
RVF
QFSNJUF
JOTUBMBSMP
KVOUP
B
MBT
MÈNQBSBT
QBSB
TJNQMJGJDBS
MBT
DPOFYJPOFT

,+
1SPEVDUT

XXXMVNBUFLDPVL
o
XXXHBWJUBOM

41$
"
"

"
&M
TJTUFNB
FMFDUSØOJDP
41$
SFHVMB
FM
DMJNB
EF
WVFTUSP
FTQBDJP
FO
GPSNB
GÈDJM
QSFDJTB
Z
BVUPNÈUJDB
:B
OP
FT
OFDFTBSJP
SFHVMBS
MPT
WFO
UJMBEPSFT
JOEJWJEVBMFT
`41$
SFHVMB
MB
WFMPDJEBE
DPSSFDUB
EF
MPT
WFOUJMBEPSFT
NBOUJFOF
MB
UFNQFSBUVSB
JEFBM
Z
HBSBOUJ[B
MB
QSFTJØO
JEFBM

FO
WVFTUSP
FTQBDJP
-PT
WFOUJMBEPSFT
FO
FOUSBEB
Z
TBMJEB
QVFEFO
DPOFDUBSTF
B
DVBMRVJFS
UJQP
EF
UPNB
%JTQPOJCMFT
FO
USFT
NPEFMPT

EF


Z

BNQFSJPT

4.4DPN
*OUFSOBUJPOBM
#7
XXXTNTDPNCWOM

"-&."/*"
"6453*"
46*;"

&QBQJMMPO

XBUU
-PT
CBMBTUPT
FMFDUSØOJDPT
Z
MB
JMVNJOBDJØO
EF
JOWFSOBEFSP
TPO
QSPZFDUPT
RVF
TF
EJTDVUFO
EFTEF
IBDF
BMHÞO
UJFNQP
EFTEF
IPZ
TJO

FNCBSHP
FYJTUF
MB
TPMVDJØO
QFSGFDUB
MBT
BSNBEVSBT
FMÏDUSJDBT
1BQJMMPO
QSPWJTUBT
EFM
TJTUFNB
FMFDUSØOJDP
(SFFOWJTJPO
EF
1IJMJQT
EF

BMUÓTJNB
GJBCJMJEBE
&1BQJMMPO

&1BQJMMPO
QSFTFOUB
NVDIBT
WFOUBKBT
SFTQFDUP
B
MBT
BSNBEVSBT
DPOWFODJPOBMFT
FM
QSJODJQJP
EF
CBTF
DPOTJTUF
FO
PCUFOFS
NÈT
MV[

QBSB
FM
DVMUJWP
VTBOEP
NFOPT
FOFSHÓB
&1BQJMMPO
QFSNJUF
EF
IFDIP
BIPSSBS
VO

EF
FOFSHÓB
MP
RVF
TF
USBEVDF
FO
VOB
WFOUBKB

QBMQBCMF
FO
MB
DVFOUB
EF
MB
MV[
-BT
MÈNQBSBT
DPO
TV
EJTF×P
FTQFDJBM
QSPEVDFO
BEFNÈT
NÈT
MV[
$PO
VO
SFOEJNJFOUP
EF
MPT
SFGMFD
UPSFT
EFM

MB
BSNBEVSB
&1BQJMMPO
FT
BDUVBMNFOUF
MB
NÈT
DPOWFOJFOUF
FO
FM
NFSDBEP
/BUVSBMNFOUF
FM
SFGMFDUPS
QVFEF
FYUSBFSTF

GÈDJMNFOUF
EF
TV
FTUSVDUVSB
QBSB
BHJMJ[BS
FO
HSBO
NFEJEB
MB
MJNQJF[B
BOVBM
EFM
NJTNP

-B
BSNBEVSB
UJFOF
EPT
B×PT
EF
HBSBOUÓB
Z
TF
BQMJDBO
BEFNÈT
MBT
EFNÈT
HBSBOUÓBT
FO
DVFTUJØO
QPS
MP
RVF
TF
QVFEF
FTUBS
TFHVSPT
EF

RVF
FM
BQPSUF
EF
MV[
TFSÈ
FM
NÈYJNP
QPTJCMF
{#VTDÈJT
VO
TJTUFNB
EF
JMVNJOBDJØO
RVF
PGSF[DB
UPEBWÓB
NÈT
MV[
Z
DVFTUF
BÞO
NFOPT

`/P
EVEÏJT
FO
QFEJS
JOGPSNBDJØO
TJO
DPNQSPNJTPT

3JMVNB

XXXSJMVNBDI
 
(PMPTB
(PMPTB
FT
VOB
OPWÓTJNB
BHVB
EF
NFTB
BSPNBUJ[BEB
OP
TF
USBUB
EF
VO
SFGSFTDP
OJ
UBNQPDP
EF
BHVB
NJOFSBM
FT
VO
QVOUP
JOUFSNFEJP

FOUSF
FM
BHVB
EF
NFTB
OPSNBM
Z
MBT
CFCJEBT
B[VDBSBEBT
TJO
BMDPIPM
4V
TBCPS
ÞOJDP
OBDF
EF
MB
DPNCJOBDJØO
EF
FYUSBDUPT
EF
GSVUB

CFSHBNPUB
Z
DBOOBCJT
TVJ[P
VO
TBCPS
RVF
FWPDB
MPT
DÈMJEPT
EÓBT
EFM
WFSBOP
MB
GSVUB
NBEVSB
Z
FM
DBNQP
GMPSFDJEP
RVF
USBF
FM
TPM
B
MB

WJEB
DPUJEJBOB
-PT
B[ÞDBSFT
EF
MB
GSVUB
EBO
B
MB
CFCJEB
VO
UPRVF
EF
EVM[VSB
Z
DPNQMFUBO
TV
TBCPS
BEFNÈT
EF
PGSFDFS
VOB
WFOUBKB

(PMPTB
FT
VOB
CFCJEB
CBKB
FO
DBMPSÓBT
DPO
TPMP

DBMPSÓBT
QPS
MJUSP

(PPE
5JNF
5SBEJOH






























XXXHPMPTBDI

"SP.FE
WBQPSJ[FS

&M
"SP.FE
WBQPSJ[FS
GVF
DSFBEP
FO

QPS
VO
HSVQP
EF
QBDJFOUFT
NJFNCSPT
EFM
*"$.
*OUFSOBUJPOBM
"TTPDJBUJPO
$BOOBCJT
BT
B

.FEJDJOF

Z
EFTEF
FOUPODFT
IB
FTUBEP
TVKFUP
B
OVNFSPTPT
QFSGFDDJPOBNJFOUPT
FO
DVBOUP
B
MB
UÏDOJDB
Z
MB
GBDJMJEBE
EF
VTP
IBTUB

MMFHBS
BM
NPEFMP
BDUVBM

3FTFBSDI&YQFSJFODF
IB
QVCMJDBEP
FM
MJCSP
i1IZUP*OIBMBUJPOw
JOUSPEVDJFOEP
DPO
FTUF
UÓUVMP
VO
OVFWP

UÏSNJOP
QBSB
FM
VTP
NÏEJDP
EF
MPT
WBQPSJ[BEPSFT
OP
TØMP
JEFBEPT
QBSB
FM
VTP
SFDSFBUJWP
TJOP
RVF
DVNQMFO
VOB
GVODJØO
NÏEJDB

IJHIFOE
QBSB
FM
VTP
EF
5)$
V
PUSBT
IJFSCBT
UFSBQÏVUJDBT
-B
JOWFTUJHBDJØO
FO
FM
DBNQP
EFNVFTUSB
RVF
FO
MPT
DBTPT
EF
BTNB
CSPO
RVJBM
MB
JOIBMBDJØO
EF
QMBOUBT
UFSBQÏVUJDBT
DPO
"SP.FE
UJFOF
NFKPSFT
FGFDUPT
MFOJUJWPT
SFTQFDUP
B
MPT
JOIBMBEPSFT
EF
TBMCVUBNPM

-B
1IZUP*OIBMBUJPO
DPO
"SP.FE

FT
VOB
BMUFSOBUJWB
TBOB
RVF
OP
VTB
TVTUBODJBT
RVÓNJDBT
Z
QFSNJUF
BIPSSBS
FO
FM
HBTUP
NÏEJDP

FO
DPODSFUP
DPO
MÓRVJEPT
RVF
DPOUJFOFO
5)$
DPNP
FM
.BSJOPM
Z
FM
%SPOBCJOPM
"SP.FE
FT
VO
BQBSBUP
EF
HSBO
GJBCJMJEBE
RVF
QFS
NJUF
SFHVMBS
MB
UFNQFSBUVSB
EF
QSFDJTJØO
FOUSF

¡$
Z

¡$
-B
NBZPS
QBSUF
EF
MBT
QMBOUBT
UFSBQÏVUJDBT
QVFEFO
VUJMJ[BSTF
DPO

"SP.FE
JODMVZFOEP
UPEPT
MPT
UJQPT
EF
MÓRVJEPT
IBDIÓT
Z
PUSBT
TVTUBODJBT
QTJDPBDUJWBT
FNQMFBEBT
QBSB
GJOBMJEBEFT
UFSBQÏVUJDBT

(SBDJBT
BM
GJMUSP
EF
BHVB
FYUSB
"SP.FE
CMPRVFB
QPS
DPNQMFUP
MBT
QBSUÓDVMBT
EF
NBUFSJBM
"EFNÈT
OP
TF
HFOFSB
DPOEFOTBDJØO
P

QÏSEJEB
EF
TVTUBODJBT
BDUJWBT
FOUSF
VOB
JOIBMBDJØO
Z
PUSB
MP
RVF
HBSBOUJ[B
MB
NÈYJNB
FGJDBDJB
QPTJCMF

SFTFBSDIFYQFSJFODF
XXXBSPNFEDPN

5$POUSPM
11
(*#
-JHIUOJOH
IB
QSFTFOUBEP
QPS
QSJNFSB
WF[
FM
5DPOUSPM
11
VOB
TVQQMZ
VOJU
#J-FWFM1PXFS
HVJBEB
NFEJBOUF
MB
UFNQFSBUVSB

FO
MB
GFSJB
FTQFDJBMJ[BEB
$VMUJWB
FO
7JFOB
)BTUB
EJDIP
NPNFOUP
DBTJ
UPEBT
MBT
MÈNQBSBT
EF
WBQPS
EF
TPEJP
QBSB
FM
DVMUJWP
QSFTFO
UBCBO
VO
QSPCMFNB
JODMVTP
DPO
VO
TJTUFNB
EF
DMJNBUJ[BDJØO
FM
ÈSFB
EF
DVMUJWP
TF
TPCSFDBMFOUBCB
$BEB
HSBEP
DFOUÓHSBEP
EFTQVÏT

EF
MPT

P$
SFUBSEB
FM
DSFDJNJFOUP
Z
BM
MMFHBS
B
MPT

P$
FTUF
TF
JOUFSSVNQF
QPS
DPNQMFUP
DPO
FM
SJFTHP
EF
EB×PT
JSSFQBSBCMFT

QBSB
MBT
QMBOUBT
QPS
FKFNQMP
DPO
DPHPMMPT
Z
IPKBT
RVFNBEPT
RVF
QSFTFOUBO
TÓOUPNBT
QBSFDJEPT
B
MPT
EF
VO
BCPOP
FYDFTJWP
6OB

EF
MBT
DBVTBT
EFM
SFDBMFOUBNJFOUP
FT
MB
SBEJBDJØO
EF
DBMPS
RVF
HFOFSBO
MBT
MÈNQBSBT
EF
TPEJP
&M
5$POUSPM
11
DVFOUB
DPO
VO

UFSNPTUBUP
EF
TFSJF
RVF
SFHVMB
MB
UFNQFSBUVSB
FO
FM
ÈSFB
EF
DVMUJWP
Z
QBTB
BVUPNÈUJDBNFOUF
B
VOB
UFNQFSBUVSB
NFOPS
TJ
TF
TVQFSB

MB
UFNQFSBUVSB
NÈYJNB
FTUBCMFDJEB
1PS
UBOUP
TF
VTB
NFOPT
DPSSJFOUF
MB
MÈNQBSB
FNJUF
NFOPT
DBMPS
Z
NFOPT
MV[
Z
MB
UFNQFSBUVSB

FO
FM
ÈSFB
EF
DVMUJWP
TF
SFHVMB
NFKPS
OP
PCTUBOUF
FM
DBMPS
EF
GVFSB
MBT
QMBOUBT
QFSNBOFDFO
TBOBT
Z
DSFDFO
CJFO
Z
FM
VTP
EF
FMFD
USJDJEBE
TF
SFEVDF

(*#
-JHIUJOH

XXXHJCMJHIUJOHEF

'3"/$*"
"RVB'BSN
"RVB'BSN
FT
FM
QSJNFS
TJTUFNB
EF
JSSJHBDJØO
NJOJ
QBSB
FM
DVMUJWP
DPNP
QBTBUJFNQP
DSFBEP
IBDF
NÈT
EF
USFJOUB
B×PT
FO
$BMJGPSOJB
QPS

-BXSFODF
#SPPLF
GVOEBEPS
EF
(FOFSBM
)ZESPQPOJDT
Z
BÞO
IPZ
VO
HSBO
ÏYJUP
"RVB'BSN
FT
JEFBM
QBSB
QMBOUBT
NBESF
QFSP
QVFEF
VUJ
MJ[BSTF
UBNCJÏO
QBSB
QMBOUBT
QFRVF×BT
Z
NFEJBOBT
-B
GPSNB
DVBESBEB
FTQFDJBM
GBDJMJUB
MB
DPNCJOBDJØO
EF
WBSJPT
TJTUFNBT
QBSB
BIPSSBS

FTQBDJP
-BT
QMBOUBT
DSFDFO
FO
VOB
DÈNBSB
MMFOB
EF
HSÈOVMPT
EF
BSDJMMB
VO
TVTUSBUP
OFVUSP
MJNQJP
Z
SFVUJMJ[BCMF

-B
DÈNBSB
TF
FODVFO
USB
TPCSF
VO
EFQØTJUP
EF
BHVB
QBSB
MB
JSSJHBDJØO
6OB
CPNCB
EF
QSFTJØO
FOWÓB
MB
TPMVDJØO
OVUSJUJWB
B
MB
DÈNBSB
NFEJBOUF

VOB
CPRVJMMB
RVF
TVNJOJTUSB
HPUBT
JOEJWJEVBMFT
RVF
QBTBO
B
USBWÏT
EF
MB
DBQB
EF
BSDJMMB
EF
FTUB
GPSNB
MBT
TVTUBODJBT
OVUSJ
UJWBT
TF
FOSJRVFDFO
EF
PYÓHFOP
Z
NBOUJFOFO
MBT
SBÓDFT
DPOTUBOUFNFOUF
NPKBEBT
QBSB
VO
DSFDJNJFOUP
JOTVQFSBCMF

"RVB'BSN
FTUÈ
EJTQPOJCMF
FO
EPT
WFSTJPOFT
DPNQMFUB
Z
NPEVMBS
Z
OBUVSBMNFOUF
GVODJPOB
UBNCJÏO
DPNP
TJTUFNB
TUBOE

BMPOF
-B
VOJEBE
NPEVMBS
IB
TJEP
EJTF×BEB
QBSB
FM
VTP
DPO
FM
DPOUSPM
"$4
DPOUSPMMFS
Z
SFÞOF
WBSJPT
NØEVMPT
NBOUFOJFOEP

VO
EFQØTJUP
DFOUSBM
)FDIB
EF
QMÈTUJDP
SFTJTUFOUF
SFVUJMJ[BEP
"RVB'BSN
DVFOUB
DPO
VOB
CBSSFSB
EF
QSPUFDDJØO
DPOUSB
MPT

SBZPT
67"
RVF
JNQJEF
MB
GPSNBDJØO
EF
BMHBT
(SBDJBT
B
MB
DBQBDJEBE
Z
B
MB
QÏSEJEB
TVNBNFOUF
MJNJUBEB
EF
BHVB
SFTVMUB

NVZ
FGJDB[
GÈDJM
Z
DPOWFOJFOUF
EF
VTBS

()&

XXXFVSPIZESPDPN

1IZUP-BC
WBQPSJ[FS

&M
1IZUP-BC
WBQPSJ[FS

FT
VO
WBQPSJ[BEPS
NBOVBM
QPSUÈUJM
DBMFOUBEP
NFEJBOUF
VO
FODFOEFEPS
KFUGMBNF
VO
QSPEVDUP

TVJ[P
RVF

SFTQFUB
SJHVSPTBT
OPSNBT
EF
DBMJEBE
HSBDJBT
BM
VTP
EF
NBUFSJBMFT
NÏEJDPT
-B
UFDOPMPHÓB
1IZUP-BC
QFSNJUF
EJTUSJCVJS
WBSJPT
FMFNFO
UPT
BDUJWPT
B
UFNQFSBUVSBT
BMUBT
P
CBKBT
TJO
RVFNBS
TVTUBODJBT
VO
QSPCMFNB
DPNÞO
QBSB
PUSPT
WBQPSJ[BEPSFT
DPO
MMBNB
1IZUP-BC

FT
BQUP
QBSB
DVBMRVJFS
TVTUBODJB
TØMJEB
P
MÓRVJEB
Z
TV
DPODFQUP
HBSBOUJ[B
FGJDJFODJB
GJBCJMJEBE
GBDJMJEBE
Z
SBQJEF[
EF
VTP
FO
MB
NBZPS

QBSUF
EF
TJUVBDJPOFT
TPDJBMFT
P
DPOEJDJPOFT
DMJNÈUJDBT
&M
EJTF×P
JOUFNQPSBM
EF
1IZUP-BC
FYQSFTB
SFTJTUFODJB
Z
EVSBCJMJEBE
1IZUP-BC

TF
QSPEVDF
DPO
NBUFSJBMFT
OP
UØYJDPT
Z
EF
BMUB
DBMJEBE

#JPUPQT
XXXCJPUPQTCJ[

 
7BQCPOH
1SFNJBEP
FO
MB
)JHIMJGF
#FVST
"NTUFSEBN

¡
MVHBS

FO
MB
&YQPDBOOBCJT
.BESJE

Z
FO
MB
$BOOBUSBEF
#FSOB

`FM
WBQPSJ[B
EPS
QPSUÈUJM
7BQCPOH
NFSFDF
TJO
EVEB
VO
MVHBS
FTQFDJBM
FOUSF
MPT
NFKPSFT
QSPEVDUPT
EF
&VSPQB
$BNVGMBEP
DPNP
SPUVMBEPS
QPESÈT
VTBS

FTUF
SFGJOBEP
WBQPSJ[BEPS
QBUFOUBEP
DVBOEP
MP
EFTFFT
'VODJPOB
DPO
DVBMRVJFS
UJQP
EF
MMBNB
P
FODFOEFEPS
%VSBOUF
MPT
ÞMUJNPT
B×PT

FM
7BQCPOH
OP
TØMP
IB
HBOBEP
OVNFSPTPT
QSFNJPT
QSJODJQBMNFOUF
FO
&VSPQB
TJOP
TPCSF
UPEP
TF
IB
SPCBEP
FM
DPSB[ØO
EF
NJMMBSFT
EF

DPOTVNJEPSFT
/P
PCTUBOUF
TVT
BMUÓTJNPT
FTUÈOEBSFT
EF
DBMJEBE
A.BEF
JO
&VSPQF
TJHVF
TJFOEP
VOP
EF
MPT
WBQPSJ[BEPSFT
NÈT
FDPOØNJDPT
Z

EJTDSFUPT
&M
UFBN
7BQCPOH
FTUÈ
PSHVMMPTP
EF
QPEFS
PGSFDFS
VO
TFSWJDJP
BM
DMJFOUF
FO
FTQB×PM
JOHMÏT
BMFNÈO
Z
GSBODÏT
:
MP
NFKPS
FT
RVF
FT

FM
ÞOJDP
WBQPSJ[BEPS
RVF
DPOTJHVF
PCUFOFS
UBOUP
EF
VOB
QFRVF×B
DBOUJEBE
EF
IJFSCB
`FM
WBQCPOH
FT
FM
QSPEVDUP
BOUJDSJTJT
JEFBM
EF


40-8&
XXXTPMXFDPN

9USFNF

6O
QSPEVDUP
IJHIFOE
RVF
SFQSFTFOUB
FM
FTUÈOEBS
QBSB
MPT
QSØYJNPT
B×PT
FM
(*#
-JHIUJOH
'MPXFS
4QFDUSF
95SFNF
0VUQVU
4FSJFT

9USFNF
0VUQVU
TJHOJGJDB
SFTVMUBEPT
SÏDPSE
FO
FM
SFOEJNJFOUP
FO
UÏSNJOPT
EF
MVNFO
Z
EF
FGJDJFODJB
GPUPTJOUÏUJDB
'4
95SFNF
0VUQVU


8

QIZUP
MVNFO
'4
95SFNF
0VUQVU

8

QIZUP
MVNFO

(*#
-JHIUJOH
XXXHJCMJHIUJOHEF

&41"º"

#PY
-B

#PY
FT
EF
NBEFSB
EF
DFESP
VO
UJQP
EF
NBEFSB
GVFSUF
Z
NBSDBEB
RVF
MFOUJGJDB
MB
WBQPSJ[BDJØO
&TUBT
DBSBDUFSÓTUJDBT
IBDFO
RVF

MB
NBSJIVBOB
MJCFSF
TV
BSPNB
Z
TV
QSJODJQJP
QTJDPBDUJWP
BM
NÈYJNP
OJWFM
-B

#PY
FT
JEFBM
QBSB
FM
DVSBEP
Z
MB
TVDFTJWB
DPOTFSWB
DJØO
-B
DBKB
TF
DJFSSB
IFSNÏUJDBNFOUF
HSBDJBT
B
VO
CPSEF
RVF
DJFSSB
B
MB
QFSGFDDJØO
Z
QSFWJFOF
FGJDB[
Z
EVSBEFSBNFOUF
MB
QFOFUSB
DJØO
EF
MB
MV[
QBSB
PGSFDFS
VOB
QSPUFDDJØO
JEFBM
B
WVFTUSBT
QMBOUBT
-B

#PY
DVFOUB
DPO
VO
IJHSØNFUSP
RVF
QFSNJUF
SFHVMBS
DPO

QSFDJTJØO
MB
IVNFEBE
JOUFSJPS
&TUÈ
QSPWJTUB
BEFNÈT
EF
VO
IVNJEJGJDBEPS
QBSB
DPNQFOTBS
FM
BJSF
RVF
SFTVMUF
EFNBTJBEP
TFDP
-B

FTQPOKB
EFM
IJHSØNFUSP
TF
IVNFEFDF
QBSB
DPOUSPMBS
DPO
FGJDBDJB
FM
QSPDFTP
EF
TFDBEP
Z
QBSB
BVNFOUBS
TV
WBMPS
DPNFSDJBM
&M
GPOEP

EF
MB

#PY
UJFOF
BEFNÈT
VOB
QBOUBMMB
RVF
SFDPHF
MBT
HMÈOEVMBT
NBEVSBT
RVF
TF
EFTQSFOEFO
EF
MB
QMBOUB
EVSBOUF
FM
DVSBEP
QBSB

UBNJ[BSMBT
NFEJBOUF
VO
DBKØO
FYUSBÓCMF
FO
FM
GPOEP
EF
MB
DBKB
4F
USBUB
EF
GJMUSBDJØO
QBTJWB
EF
MB
NFKPS
DBMJEBE
EPCMF
DFSP
1BSB
FM

DVSBEP
IBZ
B
EJTQPTJDJØO
USFT
NPEFMPT
BEFNÈT
EFM
NPEFMP
EF
CPMTJMMP
1FRVF×P

Y
 
Y
 
DN
.FEJBOP

Y

Y
 
DN
(SBOEF

Y
 
Y
 
DN
%F
CPMTJMMP
 
Y

Y
 
DN

0NBOBD
(SPXTIPQ
XXXCPYFT

$0
#PPTU
1BSB
HSBO
QBSUF
EF
MPT
DVMUJWBEPSFT
FVSPQFPT
FM
$
FT
FM
GBDUPS
MJNJUBEPS
&T
JNQPTJCMF
PCUFOFS
VO
CVFO
SFOEJNJFOUP
TJO
MB
DBOUJEBE

DPSSFDUB
EF
$0
FO
FM
DVBSUP
EF
DVMUJWP
TJ
CJFO
TF
HBTUFO
DJFOUPT
EF
FVSPT
FO
VOB
CVFOB
HFOÏUJDB
TVTUSBUP
OVUSJDJØO
FUD
/P
TF
DPO
TJHVF
TJO
EVEB
BMDBO[BS
MB
NÈYJNB
QSPEVDDJØO
TJO
FM
VTP
EF
$0
&M
$0
#PPTU
QSPEVDF
$0
FO
ÈSFBT
QFRVF×BT
EF
IBTUB
TFJT
NFUSPT

DVBESBEPT
DPO
MBT
TJHVJFOUFT
WFOUBKBT

t

PSHÈOJDP t
OP
BMDBO[B
DPODFOUSBDJPOFT
UØYJDBT
QBSB
FM
IPNCSF
P
QBSB
MB
QMBOUB
t
OP
QSPEVDF
DBMPS t
MB
GPSNB
NÈT
GÈDJM
EF
TVNJOJTUSBS
$0
FO
VO
DVBSUP
EF
DVMUJWP
t
JOPEPSP t
BVNFOUB
FO
HSBO
NFEJEB
MB
QSPEVDDJØO

t
TV
FGJDJFODJB
EVSB

NFTFT

)PSUJUFD

XXXIPSUJUFDFT

2VJDL
(SJOEFS
1SPEVDJEP
DPO
MPT
NFKPSFT
NBUFSJBMFT
QBSB
VUJMJ[BS
UBNCJÏO
FO
MBT
TJUVBDJPOFT
NÈT
EFTGBWPSBCMFT
B
GBMUB
EF
VO
DPOUFOFEPS
(JSB
TJO
GSJDDJPOFT

%JTF×P
FYDMVTJWP
4JTUFNB
ÞOJDP
QBSB
SFUJSBS
FM
DPOUFOJEP
EFM
NPMJOP
7FMP[
TFODJMMP
Z
GÈDJM
EF
VTBS
Z
MJNQJBS
&M
2VJDL
(SJOEFS
IB
TJEP
FTUVEJBEP
QPS

Z
QBSB
MPT
GVNBEPSFT
`4JO
QPMJOJ[BEPSFT
QVFT
RVFSFNPT
GVNBSOPT
UPEB
MB
SFTJOB
&M
QSFDJP
EFM
2VJDL
(SJOEFS
W
FT
JNCBUJCMF
TJ
UJFOF
FO
DVFOUB
MB

DBMJEBE
PGSFDJEB
&O
FYDMVTJWP
NBUFSJBM
OP
NBHOÏUJDP
`%JTQPOJCMF
FO


DPMPSFT
EJGFSFOUFT
QBSB
BEBQUBSTF
B
MB
QFSGFDDJØO
B
WVFTUSP
FTUJMP
EF
WJEB

2VJDL
(SJOEFS
XXXRVJDLHSJOEFSDPN

5IF
4FU
$'-

-PT
$'-
EF
"HSPMJUF
IBO
TJEP
DSFBEPT
QBSB
BZVEBS
B
MPT
DVMUJWBEPSFT
FO
TJUVBDJPOFT
FO
MBT
RVF
FT
EJGÓDJM
PCUFOFS
MB
JMVNJOBDJØO
DPSSFDUB

"HSPMJUF
PGSFDF
NVDIPT
QSPEVDUPT
B
VO
QSFDJP
WFSEBEFSBNFOUF
DPOWFOJFOUF
-B
FYQFSJFODJB
BERVJSJEB
EVSBOUF
MPT
ÞMUJNPT
B×PT
IB

QFSNJUJEP
B
MB
FNQSFTB
NFKPSBS
BÞO
NÈT
TVT
QSPEVDUPT
*MVNJOBDJØO
EVSBEFSB
DPO
MÈNQBSBT
EF
DBCF[B
SFGPS[BEBT
Z
NVDIPT
QSPEVD
UPT
NÈT
&TUBT
MÈNQBSBT
FO
DPODSFUP
DPOTVNFO
QPDP
0USB
WFOUBKB
FT
RVF
OP
QSPEVDFO
EFNBTJBEP
DBMPS
Z
SFRVJFSFO
QPS
UBOUP
NVZ

QPDB
WFOUJMBDJØO
1VFEF
VUJMJ[BSTF
FO
MPT
DVBSUPT
EF
DVMUJWP
#VFOPT
SFTVMUBEPT
HBSBOUJ[BEPT
"
EJTQPTJDJØO
MÈNQBSBT
EF


Z


8
DPO
FTQFDUSP
UBOUP
B[VM
DPNP
SPKP
SFTQFDUJWBNFOUF
QBSB
FM
DSFDJNJFOUP
Z
MB
GMPSBDJØO
-B
OVFWB
UFOEFODJB
FT
FM
VTP
EF
MÈNQBSBT

NJUBE
B[VMFT
Z
NJUBE
SPKBT
QBSB
DVMUJWBEPSFT
RVF
EFTFBO
DPNCJOBS
BNCBT
GVODJPOFT
FO
VOB
ÞOJDB
MÈNQBSB







"HSPMJUF
XXXBHSPMJUFDPN


(3"/
#3&5"º"

'BTUFDI
1)

&$
.FUFST

-PT
NFEJEPSFT
'BTUFDI
TPO
JEFBMFT
QBSB
FM
DVMUJWP
FO
JOUFSJPSFT
Z
QBSB
MB
QVSJGJDBDJØO
EFM
BHVB
&TUPT
DØNPEPT
NFEJEPSFT
EF
CPMTJMMP
F

JNQFSNFBCJMJ[BEPT
WJFOFO
QSFDBMJCSBEPT
Z
QFSNJUFO
FGFDUVBS
NFEJDJPOFT
TVNBNFOUF
QSFDJTBT
(SBDJBT
BM
EJTF×P
NPEVMBS
FT
QPTJCMF

DBNCJBS
MB
CBUFSÓB
Z
MPT
FMFDUSPEPT
FO
VO
BCSJS
Z
DFSSBS
EF
PKPT
5PEPT
MPT
NPEFMPT
QVFEFO
DBMJCSBSTF
B
NBOP
QBSB
VOB
QSFDJTJØO
BMUB
NFOUF
EVSBEFSB
&TUÈO
IFDIPT
FO
NBUFSJBM
SPCVTUP
Z
SFTJTUFOUF
BM
BHVB
Z
DVFOUBO
DPO
VOB
DVCJFSUB
GMPUBOUF
RVF
QSFWJFOF
MBT
QÏSEJEBT

-PT
NFEJEPSFT
Q)
Z
&$
GVODJPOBO
DPO
CBUFSÓB
FTUÈOEBS
RVF
TF
DPOTJHVF
GÈDJMNFOUF
$POTJEFSBNPT
RVF
OVFTUSPT
NFEJEPSFT
PGSFDFO

TPMVDJPOFT
VTFSGSJFOEMZ
QBSB
TBUJTGBDFS
MBT
FYJHFODJBT
EF
UPEPT
MPT
VTVBSJPT
FO
UÏSNJOPT
EF
GJBCJMJEBE
EJTF×P
Z
PQDJPOFT

$BSBDUFSÓTUJDBT

$BQBDJEBE
EF

B


1SFDJTJØO

QI

$BMJCSBDJØO
NBOVBM

QVOUP

5JQP
EF
CBUFSÓBEVSBDJØO

Y
 
7
IPSBT

5FNQFSBUVSB
BNCJFOUF
EF

B

P$

)3


,+
1SPEVDUT
6,
XXXLKQSPEVDUTDPVL

*PMJUF
7BQPSJTFS
&M
*PMJUF
7BQPSJTFS
EJTQPOF
EF
VO
RVFNBEPS
DBUBMÓUJDP
EF
CVUBOP
QBUFOUBEP
Z
EF
VO
UFSNPTUBUP
EF
QSFDJTJØO
FO
CJNFUBM
DPO
FM
RVF

MB
IJFSCB
TF
DBMJFOUB
Z
OP
TF
RVFNB
1PS
DPOTJHVJFOUF
OP
IBZ
RVF
FTQFSBS
FOUSF
MB
JOIBMBDJØO
Z
FM
NPNFOUP
FO
FM
RVF
FM
WBQPSJ[BEPS

BMDBO[B
EF
OVFWP
MB
UFNQFSBUVSB
DPSSFDUB
1VSB
MJCFSUBE
TNPLF
GSFF
4F
USBUB
EF
VO
DØNPEP
BQBSBUP
RVF
DBCF
FO
MB
QBMNB
EF
MB
NBOP

NÈT
P
NFOPT
EFM
UBNB×P
EF
VO
TNBSUQIPOF
&M
WBQPSJ[BEPS
MMFOBSÈ
QPS
DPNQMFUP
WVFTUSBT
FYQFDUBUJWBT
5JFOF
VOB
DBQBDJEBE
EF


HSBNPT
EF
IJFSCB
TFDB
P
GSFTDB
Z
HBSBOUJ[B
VO
QSPNFEJP
EF

NJOVUPT
EF
WBQPS
1SPEVDF
VO
WBQPS
DPO
VO
TBCPS
SJDP
Z
HVTUPTP

&DPOØNJDP
6OB
DBSHB
EF
CVUBOP
QSPEVDF
WBQPS
EVSBOUF
EPT
IPSBT
-BT
CBUFSÓBT
TPO
FDPOØNJDBT
SFRVJFSF
VO
LJU
QBSB
DPDIF
P
BDDF
TPSJPT
TJNJMBSFT
'ÈDJM
`$POFDUBEMP
B
VO
FODFOEFEPS
Z
FTUBSÏJT
MJTUPT
QBSB
MB
OVFWB
SFWPMVDJØO
QPSUÈUJM

)JNBMBZBO
$SBGUT
XXXUIDJF

0OB
1SP
(FM
&M
0OB
1SP
HFM
FT
VOP
EF
MPT
QSPEVDUPT
NÈT
QPQVMBSFT
EF
MB
HBNB
EF
QSPEVDUPT
QBSB
PEPSJ[BDJØO
0OB
&M
0OB
(FM
FT
VOB
TVTUBODJB

EFTPEPSJ[BOUF
FO
HFM
RVF
TF
MJCFSB
FO
FM
BJSF
NFEJBOUF
FWBQPSBDJØO
P
DPO
FM
VTP
EF
VO
WFOUJMBEPS
0OB
#SFF[F
-B
GØSNVMB
DPNQMFKB

EF
BDFJUFT
FTFODJBMFT
FT
TFHVSB
Z
QVFEF
VUJMJ[BSTF
TJO
SJFTHPT
QBSB
FM
IPNCSF
MPT
BOJNBMFT
Z
MBT
QMBOUBT
&M
0OB
#SFF[F
BTFHVSB
CVFO

PMPS
QPS
VO
QFSÓPEP
EF

B

TFNBOBT
FO
ÈSFBT
EF
IBTUB

NFUSPT
DÞCJDPT
&O
MB
FTFODJB
0OB
#SFF[F
OP
PDVMUB
OJOHÞO
PMPS
QFSP

PGSFDF
VO
NPEP
TFHVSP
Z
FGJDB[
EF
FMJNJOBS
QFSNBOFOUFNFOUF
MPT
PMPSFT
Z
WBQPSFT

&BTZ
(SPX
XXXFBTZHSPXDPVL

4QJOQSP
5SJNNFS
&M
4QJOQSP
5SJNNFS
TF
VUJMJ[B
QBSB
NBOJDVSBS
EF
MBT
QMBOUBT
RVF
IBO
DSFDJEP
$VBOEP
EFDJEÈJT
DPTFDIBS
WVFTUSB
QMBOUB
EF
NBSJ
IVBOB
FM
4QJOQSP
FT
FM
JOTUSVNFOUP
JEFBM
QBSB
VOB
NBOJDVSB
WFMP[
Z
GÈDJM
&M
NBUFSJBM
EFTQVOUBEP
TF
SFDPHF
FO
FM
DPOUFOFEPS

EF
BDFSP
JOPYJEBCMF
Z
RVFEB
MJTUP
EF
JONFEJBUP
QBSB
FM
USBUBNJFOUP
&M
4QJOQSP
QFSNJUF
DPSUBS
HJSBOEP
VOBT
DVBOUBT
WFDFT

MB
NBOJMMB
4V
EJTF×P
TJNQMF
TJO
BQBSBUPT
FMÏDUSJDPT
IBDF
EFM
4QJOQSP
VO
PCKFUP
JOEFTUSVDUJCMF
&T
EF
BDFSP
JOPYJEBCMF
Z
MMFWB

KVOUBT
BQUBT
QBSB
FM
VTP
DPO
BMJNFOUPT
&M
4QJOQSP
IB
TJEP
FTUVEJBEP
QBSB
DVMUJWBEPSFT
QFRVF×PT
Z
NFEJPHSBOEFT
Z
PGSFDF
VO

HSBO
BIPSSP
EF
UJFNQP
FO
MB
NBOJDVSB
EF
MBT
QMBOUBT

,+
1SPEVDUT
6,
XXXLKQSPEVDUTDPVL

3&1Á#-*$"
$)&$"
"MV'PJM
;JQQFS
#BHT

-BT
CPMTBT
$BNNPCSBOE
FTUÈO
IFDIBT
EF
WBSJBT
DBQBT
EF
QBQFM
BMVNJOJP
.FEJEBT

Y

DN
1&5"-1&
EJÈNFUSP
EFM
BMVNJOJP


NJDSPOFT
WBSJPT
DPMPSFT
USFT
NPEFMPT
QPS
DPMPS

$BNNPCSBOE

XXXDBNNPCSBOEDPN

$SFNDBOO

$SFNB
QBSB
FM
DVFSQP
QBSB
VO
EÓB
FTUVQFOEP
%B
VO
FGFDUP
IJESBUBOUF
Z
SFHFOFSBEPS
EVSBEFSP
UBNCJÏO
QBSB
MB
QJFM
NVZ
TFDB
BHSJF
UBEB
F
JSSJUBEB
EFKÈOEPMB
MJTB
Z
CSJMMBOUF
.FKPSB
MBT
GVODJPOFT
EF
MB
QJFM
Z
UJFOF
VO
BQSFDJBCMF
FGFDUP
SFKVWFOFDFEPS
6OB
BZVEB
DPOUSB

MBT
BSSVHBT
FM
FDDFNB
MB
QTPSJBTJT
FM
BDOÏ
MB
DPNF[ØO
Z
MBT
RVFNBEVSBT
BTÓ
DPNP
USBT
MB
FYQPTJDJØO
BM
TPM
P
FM
VTP
EF
DPTNÏUJDPT

1VFEF
VUJMJ[BSTF
UBNCJÏO
FO
DBTP
EF
QJFM
TFOTJCMF

#BZFS

3PNTZ

XXXIFNQDPTNFUJDTDPN
QPSGJO
FO ."%3*%

&O$IV.BKFLMBTSFTQVFTUBOVODBUFMBTEBVOBNgRVJOB 
DBOBSJBT
BRVrTJFNQSFUSBUBTDPOQFSTPOBT
!#'
#&#
&"#'
)"
)#
!$#&("(
"

*"(

'! '


MBQBMNB

%2

%

""'
("(#
"(&#
#!#
)&

'$0
#"*&("#"#'
"


)+"'")%
++'-

%
/'-

,&"%%,
,.%-,
"!#'


(. ##
!.'
!$ #
!.'



&-'
,
(!/"


!.'
&#(1"

(',-"-."7'
'4 '.'
!1
,&"%%,
/"#,
1
'/"&(,
%
&",&(
6
*.
,
.+

 (
 (

%
)"(
)
'
)"
("
)! 
%)
'
'(.
&""
3
)%'-
%
'4

#
"
'

(&(#
&"#
,
$&'#" -#
-'(



(,
%'(,

+"' #& ,
+"
)(+&(,
'/"+
-((
-")(

&-+"%


#.'-(
('
%,
,&"%%,

%
)'6',.% ("&!#'
&"
*&


")(&"('
$&(#'
 (&1"#'
,
!.'
('
%)
$)'
"'




"
  .

(&
("(#
$&

) (*#
#!#
$&

'&)(
,
$#&.'
"*& #
$#&

"&'
'(.
!),
"
#!)" #&&#
#

$#&.'
#!$&&
&(!"(
"

&#+
#
'

. !"(
#"

."%3*%
%%5

'+,

#
$#&



' 


,
'

$)
$&&
&()(!"(

"(&#

$&#$#

,
'

&
*"

'
!/&
'
' 

.-(8,

%)


&#&!#'
%)
000!.&#$(& '
)"
&&!"(
%)

$#&.'
)'&
)"#
%)&'

$&)"(&
#
%)
(

 (
#("&.'

)"
&'$)'(
 &
,
.

"("&
"
!),
$##
(!$# !#'

%
%
%(%
 $'
)'(!"(
$#&
 "(



$&
*
#$


,)#

! '

$&'#"'
"
')'
) (*#'
'"'(
"'-+'-
,"

-'(



 )&#

'%

)"- .%-"/,
,(%(
,
)(+*.
*."+,

1SJNB
,MJNB
'BO






7FOUJMBEPS
1SJNB
,MJNB
DPO
TJTUFNB
JOUFHSBEP
EF
SFHVMBDJØO
EF
MB
UFNQFSBUVSB
Z
OJWFM
NÓOJNP
1,

t


NN
NI
t
8
7



  "

(SPXTIPQD[

XXXHSPXTIPQD[

(JMMFUUF
#PNCPOB
EF
FTQVNB
EF
BGFJUBS
(JMMFUUF
DPO
DPNQBSUJNFOUP
PDVMUP
FO
FM
GPOEP
0SJHJOBM
CPNCPOB
TQSBZ
QBSB
FTQVNB


NM

(SPXTIPQD[

XXXHSPXTIPQD[

10-0/*"
.PMBTTF
"M
"GSBI

&O
MJOEBT
Z
TFHVSBT
DBKBT
EF
NFUBM
RVF
HBSBOUJ[BO
VOB
GSFTDVSB
EVSBEFSB
Z
SFHBMBO
VOB
SJDB
FYQFSJFODJB
EF
TBCPS
TJO
MPT
FGFDUPT

OPDJWPT
EFM
UBCBDP
"NQMJP
TVSUJEP
EF
FYRVJTJUPT
TBCPSFT
NBO[BOB
DFSF[B
GSFTB
NBOHP
TBOEÓB
DPDP
QMÈUBOP
OBSBOKB
BSÈOEBOP

GSBNCVFTB
DIFXJOHHVN
Z
VWB

8VKP
XXXXVKPQM

3PDLFU
(MBTT
1JQF
6OB
QJQB
QFSGFDUB
EF
WJESJP
IFDIB
B
NBOP
FO
FYUSBPSEJOBSJP
WJESJP
%63"/
GPSNB
FYDMVTJWB
DØNPEB
EF
MMFWBS
FO
MB
NBOP

F
JOUFMJHFOUF
`3&"-
4.0,&34
$)0*$&

8VKP
XXXXVKPQM

-FE
-JHIUT
-ÈNQBSB
QSPGFTJPOBM
CBTBEB
FO
MB
UFDOPMPHÓB
-&%
VUJMJ[BEB
QBSB
FM
DSFDJNJFOUP
EF
MBT
QMBOUBT
-PT
-&%
PGSFDFO
NVDIBT
WFOUBKBT

SFTQFDUP
B
MPT
TJTUFNBT
EF
JMVNJOBDJØO
USBEJDJPOBMFT
DPNP
MBT
)14
MÈNQBSBT
BM
WBQPS
EF
TPEJP

MBT
IBMØHFOBT
MBT
MÈNQBSBT
EF

EFTDBSHB
FUD
-B
WFOUBKB
JNQPSUBOUF
EF
MBT
MÈNQBSBT
-&%
FT
FM
VTP
FYUSFNBNFOUF
CBKP
EF
FMFDUSJDJEBE
`%PT
QBOFMFT
EF
FTUBT
(SPX

-&%
DPOTVNFO
TPMP

8
#BKP
QFUJDJØO
TF
QVFEFO
TVNJOJTUSBS
QBOFMFT
FTUVEJBEPT
FTQFDÓGJDBNFOUF
QBSB
MB
GBTF
EF
MB
GMPSBDJØO

%JGJFSFO
EFM
NPEFMP
FTUÈOEBS
FO
VO
NBZPS
OÞNFSP
EF
DPMPSFT
JOGSBSSPKPT
Z
SPKPT
OFDFTBSJPT
FO
FTUB
GBTF

-BT
WJFKBT
MÈNQBSBT
OP
QSPEVDFO
MV[
67
-BT
ÞOJDBT
UFDOPMPHÓBT
NPEFSOBT
RVF
QSPEVDFO
67
TPO
MBT
MÈNQBSBT
EF
DVBS[P
DSFBEBT

QBSB
VTPT
TVNBNFOUF
CSFWFT
Z
RVF
DPOTVNFO
NVDIB
FOFSHÓB
(SBDJBT
BM
NPOUBKF
MJOFBM
EF
MPT
-&%
MB
TPNCSB
TF
OFVUSBMJ[B
QVFTUP

RVF
FO
DPNQBSBDJØO
DPO
MPT
TJTUFNBT
USBEJDJPOBMFT
EF
JMVNJOBDJØO
TF
VUJMJ[BO
WFJOUF
CPNCJMMBT
FO
MVHBS
EF
VOB
TPMB
1BSB
VTBS
FTUF

FGFDUP
FO
FM
NFKPS
EF
MPT
NPEPT
SFDPNFOEBNPT
VUJMJ[BS
EPT
QBOFMFT

6OB
TJOHVMBSJEBE
SFMFWBOUF
EF
FTUB
MÈNQBSB
FT
TV
UFNQFSBUVSB
EF
GVODJPOBNJFOUP
EF

¡$
FO
ÈSFBT
QFRVF×BT
TJO
WFOUJMBDJØO

DPNP
BSNBSJPT
EF
DVMUJWP
Z
UJFOEBT
QBSB
FM
DVMUJWP
EF
JOUFSJPS
4PCSF
UPEP
MB
MÈNQBSB
FT
SFTJTUFOUF
BM
BHVB
Z
GVODJPOB
B

7
FT
TFHVSB
QBSB
WPTPUSPT
Z
QBSB
MBT
QMBOUBT
(SBDJBT
B

FTUBT
DBSBDUFSÓTUJDBT
TF
SFDPNJFOEB
QBSB
MPT
TJTUFNBT
EF
DVMUJWP
IJESPQØOJDPT
Z
BFSPQØOJDPT
&O
DVBSUPT
EF
DVMUJWP
QFRVF×PT
Z
WFOUJMBEPT
DPNP
FO
MPT
BSNBSJPT
MB
MÈNQBSB
OP
TF

DBMJFOUB
Z
QPS
UBOUP
MB
UFNQFSBUVSB
EFM
BSNBSJP
OP
BVNFOUB
&T
QPTJCMF
RVF
FM
DBMPS
EFCB
HFOFSBSTF
NFEJBOUF
PUSBT
GVFOUFT

"EFNÈT
MBT
MÈNQBSBT
-&%
EJGVOEFO
MV[
FO
VO
ÈOHVMP
EF

HSBEPT
TJO
OFDFTJEBE
EF
VUJMJ[BS
SFGMFDUPSFT
-B
EVSBDJØO
EF
FTUPT
-&%
FT
EF

IPSBT
EF
MV[
DPOUJOVB
-PT
-&%

EFCFO
QPS
UBOUP
GVODJPOBS
B
QPS
MP
NFOPT
FM

EF
TV
MVNJOPTJEBE
PSJHJOBM
1PS
NPUJWPT
EF
TBMVE
SFDPNFOEBNPT
FWJUBS
MB
FYQPTJDJØO
FYDFTJWB
B
MB
MV[
"UFODJØO
OP
NJSF
EJSFD
UBNFOUF
B
MB
GVFOUF
EF
MV[

-&%
'9

XXXMFEGYQM

6O
QBS
EF
HBOBEPSFT

 
2VÏ
QBTB
DVBOEP
B
.BSÓB
"OUPOJFUB
MF
EB
QPS
EFTDVCSJS
OVFWBT
UFDOP GFDUBNFOUF
WVFTUSB
JEFOUJEBE
-B
GBNPTB

MPHÓBT
QFRVF×B
HVÓB
QSÈDUJDB
QBSB
FM
DBOOBCPBNBOUF EJSFDDJØO
*1
RVF
FT
DPNP
MB
EJSFDDJØO

QPTUBM
EF
WVFTUSP
PSEFOBEPS
FTUÈ
SFHJT
USBEB
EFTEF
FM
QSJNFS
NPNFOUP
BTÓ
DPNP

'BDFCPPL
5XJUUFS

$P


WVFTUSP
QSPWFFEPS
EF
DPOFYJØO
B
JOUFSOFU

)BZ
PUSPT
EBUPT
RVF
JOUFSFTBO
NVDIP

B
MPT
BENJOJTUSBEPSFT
QFSP
EFKBSÏ
FTUF

DBQÓUVMP
QBSB
VO
QPRVJUP
NÈT
BEFMBOUF
"

VTPT
Z
CVFOPT
VTPT NFOPT
RVF
PT
DPOFDUÏJT
FYDMVTJWBNFOUF

EFTEF
VO
DJCFSDBGÏ
CBKP
BQPEP
Z
EFTEF

VOB
EJSFDDJØO
EF
FNBJM
RVF
TØMP
VTÏJT

FO
DJCFSDBGÏT
WVFTUSPT
EBUPT
DPNQMFUPT

FTUÈO
FO
TVT
GJDIFSPT
#JH
#SPUIFS
DPNP
CJFO
TBCÏJT
FT
FTUF
PKP
DPOUSPMBEPS
PNOJQSFTFOUF
RVF
RVF
B
MP
NFKPS
OP
IBCÏJT
UFOJEP
OJ
WBMPS

OJ
UJFNQP
TVGJDJFOUF
QBSB
DBSHBSPT
FTUF
-P
DVBM
OPT
DPOEVDF
BM
QVOUP
USFT
SFGF
.S
0SXFMM
EFTDSJCÓB
FO
TV
PCSB
NBFTUSB

4F
TVQPOF
RVF
FTUF
MJCSP
FODBOUBEPS
UPDIP
EF
QBMBCSBT SFOUF
B
MBT
JOWFTUJHBDJPOFT
QPMJDJBMFT
:B
OP

USBUB
TPCSF
DJFODJB
GJDDJØO
#JFO
/P
TÏ
TJ
SFBDDJPOBTUFJT
DPNP
ZP
BM
MFFSMP
FT
OJOHÞO
TFDSFUP
RVF
MPT
SFQSFTFOUBOUFT

QFSP
B
NÓ
UBOUP
SFBMJTNP
NF
QSPWPDØ
FTDBMPGSÓPT
Z
FTP
RVF
MP
MFÓ
DPO
1FRVF×P
VOP
Z
MP
QPOHP
FO
VOP
QPSRVF
EF
MB
MFZ
VTBO
MBT
SFEFT
TPDJBMFT
FO
TVT

NF
QBSFDF
MP
NÈT
FTFODJBM
UFOÏJT
RVF
JOWFTUJHBDJPOFT
&O
MPT
DBTPT
EF
DSÓNFOFT


B×JUPT
QPS
MP
RVF
PT
QPEÏJT
JNBHJOBS
RVF
GVF
IBDF
VOB
FUFSOJEBE
`FM
TBCFS
RVF
QPS
EFGFDUP
50%0
MP
RVF
WJPMFOUPT
NF
QBSFDF
NVZ
CJFO
1FSP
DVBO
TJHMP
QBTBEP
QPS
MP
NFOPT

1PS
.BSÓB
"OUPOJFUB
EF
MB
0ZB
FTDSJCÈJT
QVCMJRVÏJT
P
DPNFOUÏJT
QFSUF EP
MFP
FO
VOPT
CMPHT
BNFSJDBOPT
RVF
TF

OFDF
BM
EPNJOJP
QÞCMJDP
5PEP
FM
NVOEP
IBO
GJSNBEP
BDVFSEPT
QBSB
RVF
VO
SPCPU

:
BRVÓ
FTUBNPT
%JDIB
FUFSOJEBE
QBTØ
UBNB×P

`$JODP
NJOVUPT
EJKP
MB
JMVTB
JODMVJEPT
MPT
RVF
OP
GPSNBO
QBSUF
EF
MB
TF
GJKF
FO
MBT
QBMBCSBT
$*"
'#*
Z
VOB
MBSHB

Z
ZB
MP
UFOFNPT
$MBSP
RVF
OP
FT
VO
PKP
`#FOEJUB
JOPDFOUF EJDIB
SFE
TPDJBM
QVFEF
WFSMP
UPEP
²TUF
MJTUB
EF
UÏSNJOPT
TFOTJCMFT
FO
FM
'BDF
DPO

GFP
Z
NBMP
RVF
JSSVNQF
FO
UV
UFMFWJTPS
FT
VO
QVOUP
RVF
TF
QVFEF
DPOUSPMBS
CBT FM
GJO
EF
EBS
MVHBS
Z
EFSFDIP
B
MB
JOWFTUJ
DBEB
OPDIF
QBSB
RVF
UF
QPSUFT
CJFO
"
MB
WJTUB
FTUÈ
RVF
UPEP
QBSFDF
QFOTBEP
UBOUF
DPO
GBDJMJEBE
EF
IFDIP
VOB
HSBO
HBDJØO
EF
MPT
QSPQJFUBSJPT
EF
MPT
QFSGJMFT

/P
FT
BMHP
NVDIP
NÈT
TVUJM
"MHP
NVZ
QBSB
EFTBOJNBS
FM
MFDUPS
NÈT
NPUJWBEP
QBSUF
EF
WPTPUSPT
ZB
TBCSÏJT
FTUP
Z
ZB
ADVMQBCMFT
ZB
OP
NF
HVTUB
UBOUP
CJFO
QFOTBEP
DPO
FM
FOHBODIF
OFDF -P
RVF
QBTB
FT
RVF
TPZ
VO
QFMÓO
DBCF MP
IBCSÏJT
DPOGJHVSBEP
DPSSFDUBNFOUF


TBSJP
QBSB
RVF
NJMMPOFT
EF
QFSTPOBT
[VEB
DVBOEP
NF
MP
QSPQPOHP
Z
FTP
FOUSBOEP
FO
MB
DPOGJHVSBDJØO
EF
MB
DVFO {7FJT
NÈT
P
NFOPT
QPS
EØOEF
JCB
DPO

QJRVFO
Z
RVFEFO
BUSBQBEBT EF
RVFSFS
EFTBOJNBSNF
UJFOF
NVDIBT
UB
Z
TFMFDDJPOBOEP
FO
UPEPT
MPT
TJUJPT
NJ
IJTUPSJB
EF
#JH
#SPUIFS
-P
RVF
TF

WFDFT
FM
FGFDUP
PQVFTUP
QSFDJTBNFOUF
QPTJCMFT
i4ØMP
NJT
BNJHPTw
ÁMUJNBNFOUF
BQMJDB
B
MB
SFTPMVDJØO
EF
DSÓNFOFT
TF

4Ó
FTUP
RVF
MMBNBO
SFEFT
TPDJBMFT
4J
BDBTP
RVF
MF
QSFHVOUFO
B
NJ
USPDJUP
MB
GVODJØO
i$BOEBEPw
EPOEF
QVFEFT
BQMJDB
B
UPEPT
MPT
EFMJUPT
Z
NÈT
DVBOEP

'BDFCPPL
5XJUUFS
.ZTQBDF
4FHVSP
EF
QBO
EF
OPWJP
"TÓ
RVF
QPS
UPEBT
MBT
TFMFDDJPOBS
RVJÏO
WF
RVÏ
IB
NFKPSBEP
MB
IFSSBNJFOUB
FT
UBO
GÈDJM
EF
VTBS
/P

RVF
IBZ
NÈT
QFSP
ZB
TBCÏJT
EF
RVÏ
QMBOUBT
EFM
VOJWFSTP
NF
FODFOEÓ
VOP
UBNCJÏO
FTUF
BTQFDUP TPZ
FTQFDJBMJTUB
QFSP
NF
QBSFDF
NVZ

IBCMP
{OP CVFOP
`Z
NF
MP
MFÓ
UPEP
FOUFSJUP GBDUJCMF
QSPHSBNBS
VOB
BQMJDBDJØO
EF

1FRVF×P
EPT
ZB
FOUSBNPT
FO
MPT
DBSBD WJHJMBODJB
HMPCBM
EF
QBMBCSBT
QVFTUP

:P
VTP
CBTUBOUF
FM
'BDF
.VDIP
WBZB
.F
%FTQVÏT
EF
FTUB
MBSHB
Z
QFOPTB
MFDUVSB
UFSFT
QFRVF×PT
EF
MB
IJTUPSJB
"VORVF
TF
RVF
UPEPT
MPT
EBUPT
WBO
B
VO
ÞOJDP

IF
NVEBEP
DBUPSDF
WFDFT
EFTEF
RVF
OBDÓ
NF
RVFEÏ
QFOTBUJWB
VO
SBUP
:
NF
QBSF VTFO
BQPEPT
P
OPNCSFT
GBMTPT
DPTB
RVF
TFSWJEPS
$PO
VOB
CBTF
EF
EBUPT
EF
9

UBOUP
DPO
NJT
QBESFT
DPNP
TPMB
&TUÈ
DMBSP
DJØ
JOUFSFTBOUF
DPNQBSUJS
NJT
DPODMV NVDIPT
BNJHPT
NÓPT
IBDFO
MPT
BENJ NJMMPOFT
EF
VTVBSJPT
OP
QPOHP
MB
DJGSB

RVF
WPMWFS
B
FODPOUSBS
B
UPEPT
MPT
BNJHPT
TJPOFT
DPO
WPTPUSPT
RVFSJEPT
BNJHPT
OJTUSBEPSFT
EF
MBT
SFEFT
DPOPDFO
QFS FYBDUB
RVF
FODPOUSÏ
IPZ
MB
DVBM
TF
WF

EF
DBEB
MVHBS
EPOEF
IF
WJWJEP
Z
FTUBS
FO

DPOUBDUP
DPO
NJ
GBNJMJB
FO
MB
PUSB
QVOUB

EF
&VSPQB
FOHBODIB
`:
HSBUJT
1FPS
RVF

MB
NÈT
Q
EF
MBT
ESPHBT
-MFHBEB
B
MB
NFEJB
EF

BNJHPT
NF
EJ

DVFOUB
EF
RVF
NF
JCB
WPMWJFOEP
NÈT
Z

NÈT
BEJDUB

4JFNQSF
NF
IB
HVTUBEP
PCTFSWBSNF
GJKBS
NF
FO
NJT
QSPQJBT
SFBDDJPOFT
DVBOEP

QSVFCP
BMHP
OVFWP
&OUPODFT
DVBOEP
TF

PCTFSWBO
DMBSPT
TJHOPT
EF
BEJDDJØO
FO
FM

TVKFUP
TF
QSPDVSB
QPOFSMF
GJO
BM
DPTP
FTP

EFM
ADPTP
NF
MP
QFHØ
NJ
BNJHB
/BUJ
MP

TJFOUP
QPS
MPT
QVSJTUBT

"TÓ
FT
DPNP
JOUFO
UP
GVODJPOBS
OPSNBMNFOUF

1FSP
FTUB
WF[
OP
GVF
BTÓ
$BEB
EÓB
NF

DPOFDUP
QVCMJDP
GPUPT
DPNFOUP
FTDSJCP

UPOUFSÓBT
:
MP
DJFSUP
FT
RVF
NF
HVTUB

7JFOEP
RVF
ZB
OP
QPEÓB
EFTIBDFSNF

EF
FTUF
OVFWP
IÈCJUP
EFDJEÓ
UPNBSNF

DJODP
NJOVUPT
QBSB
MFFS
BUFOUBNFOUF
MBT

$POEJDJPOFT
(FOFSBMFT
EF
6TP
EFM
GFJT
4Ó

FTUB
UFDMB
RVF
FTUÈ
FO
MB
QBSUF
EF
BCBKP

EF
MB
QBOUBMMB
EF
JOJDJP
Z
RVF
EJDF
RVF

i"M
QSFTJPOBS
BDFQUBT
MBT
$POEJDJPOFTw

{2VÏ
TJHOJGJDB
{2VÏ
BDFQUBNPT
SFBM
NFOUF
DVBOEP
QSFTJPOBNPT

1SJNFSP
CVTDB
FTUBT
DPOEJDJPOFT
Z
FO
UV

JEJPNB
QPS
GBWPS
:P
MBT
FODPOUSÏ
HSBDJBT
B

VO
BNJHP
EF
'BDFCPPL
4JUF
(PVWFSOBODF

-VFHP
TF
USBUB
TFODJMMBNFOUF
EF
QPOFSTF

B
MFFS

QÈHJOBT
EF
EJBMFDUP
MÏHBMPFDP
OØNJDPQVCMJDJUBSJP
FTDSJUP
DPO
GVFOUF
EF


50%"4
MBT
QÈHJOBT
RVF
WJTJUFT
BVORVF

OP
FTUÏT
DPOFDUBEP
B
MB
SFE
FO
DVFTUJØO

IBTUB
RVF
QSPDFEBT
B
SFBMJ[BS
VOB
MJNQJF
[B
EF
DPPLJFT
DPTB
RVF
BDPOTFKP
IBDFS

DPO
NVDIB
SFHVMBSJEBE
MP
FODPOUSBSBT

FO
MBT
)FSSBNJFOUBT
EF
UV
&YQMPSFS


-B
GJOBMJEBE
EF
FTUF
FTQJPOBKF
FO
UPEB

SFHMB
FT
DPOPDFS
UVT
HVTUPT
Z
BTÓ
QPEFS

BEBQUBS
MB
QVCMJDJEBE
EFM
GFJT
B
UV
DBTP

B
UV
WJEB
B
UVT
IÈCJUPT
EF
DPOTVNP
`-B

.FDB
EFM
QVCMJDJUBSJP
&M
#JH
#SPUIFS

EF
OVFTUSB
EJDUBEVSB
OFX
MPPL
MB
EFM

DPOTVNJTNP
FO
NBTB
4F
BDBCBSPO

QBSB
TJFNQSF
KBNÈT
MPT
MBSHPT
Z
QFOP
TPT
FTUVEJPT
EF
NFSDBEP
CBTBEPT
FO

FODVFTUBT
Z
QFTBEBT
FTUBEÓTUJDBT
)BTUB

MBT
UBSKFUBT
EF
TVQFSNFSDBEPT
Z
TVT

MJTUBEPT
EF
DPNQSBT
QPS
JOEJWJEVP
RVF
EBO
DPNP
KVHVFUFT
PCTPMFUPT
"IPSB

DPHFT
DVBMRVJFS
TFHNFOUP
RVF
UF
JOUF
SFTF
NFOPT
EF

NÈT
EF

QPS

[POBT
HFPHSÈGJDBT
QPS
JOUFSFTFT
HSBDJBT

BM
ANF
HVTUB
FUD

Z
BOBMJ[BT
TV
OBWFHB
DJØO
FO
9
EÓBT
`5BO
UBO
UBOUBO
#JOHP

TF×PSFT
QVCMJDJUBSJPT

2VF
NJ
QFSGJM
QVFEB
TFS
JOWFTUJHBEP
QPS
MB

QPMJDÓB
EFOUSP
EF
VOB
JOWFTUJHBDJØO
MFHBM

CVFOP
BÞO
WBMF
1FSP
RVF
FM
TF×PSJUP

+PTFGP%FM$PTP.ÈHJDP*ODSFÓCMFNFOUF/VF
RVF
WB
TVCJFOEP
DBEB
EÓB

MB
QFTDB
)BDF
QPDP
OP
NF
IJ[P
NVDIB
HSBDJB
FTUP
OP
UFOHP
TPMVDJØO
-P
ÞOJDP
RVF
WP
VTF
.*
WJEB
WJSUVBM
QBSB
IBDFS
46
QBTUB

QVFEF
TFS
HSBUJGJDBOUF
Z
UFOFS
VO
DPTUF
VO
DPNFOUBSJP
RVF
MFÓ
TPCSF
VOB
GPUP
QVFEP
IBDFS
FT
QFOTBS
Z
EFDJS
RVF
WBZB
SFBM
NF
NPMFTUB
4Ó
TF×PSFT
NF
NPMFTUB
GSBODBNFOUF
CBKP EF
BMHVJFO
RVF
OP
DPOPDÓB
QBSB
OBEB
BCVTP
EF
QPEFS
B
MB
WF[
RVF
SFGSFT
BNJHP
EF
BNJHP
EF
BNJHP

i1PS
EJPT
DP
NJ
NVSP
EF
OPUJDJBT
IBZ
RVF
WFS

2VF
TF
QBHVFO
NJMMPOFT
QPS
FTUBT

"TÓ
RVF
PT
MP
SVFHP
BDUVBE
FO
MB
SFE
UF
QJOUBSPO
MB
QVQJMB
DPO
FM
1BJOU
KBKB &TUF
DBQÓUVMP
TF
FODVFOUSB
DBTJ
BM
GJOBM
CBTFT
EF
EBUPT
SFMMFOBT
EF
EFUBMMFT

DPNP
TJ
WVFTUSB
CJTBCVFMB
FTUVWJFSB
FO
KB w
5FOESÈ
TV
HSBDJB
oBVORVF
QFSNJ EF
MBT
ANJM
QÈHJOBT
EF
EJBMFDUP
Z
USBUB
HVTUPT
F
JOUFSFTFT
NF
TPCSFQBTB
2VF

MB
NJTNB
IBCJUBDJØO
DPO
EJTDSFDJØO
Z
UJENF
RVF
MP
EVEF
DVBOEP
VOP
FTUÈ
TPCSF
MPT
i6TPT
DPO
GJOFT
QVCMJDJUBSJPTw
FM
PCKFUJWP
HMPCBM
EF
FTUB
WJHJMBODJB
TFB

NPEBMFT
/P
PMWJEÏJT
OVODB
FM
QSJNFS
TFOUBEP
FO
FM
QBSRVF
DPO
MPT
DPMFHBT
FM
&WJEFOUFNFOUF
Z
CBKP
NJ
QVOUP
EF
WJTUB
DPOUSPMBS
FM
DPOTVNP
EFM
QVFCMP
NF

DBQÓUVMP
EF
MB
CJCMJB
EFM
DVMUJWBEPS
EF
MVOFT
QPS
MB
UBSEF
QFSP
VOB
WF[
SFHJTUSB FTUBT
DPNVOJEBEFT
EF
BDDFTP
UPUBMNFO TVFOB
QFMJHSPTBNFOUF
B
#JH
#SPUIFS
JT

+PSHF
$FSWBOUFT
MB
ÞOJDB
SFHMB
EFM
DVM EP
FO
FM
TFSWJEPS
EF
VOB
NVMUJOBDJPOBM
UF
HSBUVJUP
TF
GJOBODJBO
DPO
OPSNBMJEBE
XBUDIJOH
ZPV
$BNCJBNPT
FM
DPOUSPM

UJWBEPS
FT
OFHBS
OFHBS
Z
OFHBS
TJFN TVQFSQPEFSPTB
EVSBOUF
VO
NÓOJNP
EF
HSBDJBT
B
MPT
JOHSFTPT
QVCMJDJUBSJPT
:B
QPMÓUJDP
QPS
FM
DPOUSPM
FDPOØNJDP
QFSP

QSF
"MHP
FNCBSB[PTP
DVBOEP
UF
QPOFO

EÓBT
EJHP
ZP
RVF
MB
QJFSEF
UPEB
-B
IBCSÏJT
QJDBEP
FO
BMHVOP
EF
TVT
BOVO MB
IJTUPSJB
IVFMF
JHVBM

EFMBOUF
MBT
DPQJBT
EF
UVT
EJÈMPHPT
ATBMB HSBDJB
RVJFSP
EFDJS
4F
TVQPOF
RVF
MPT
DJPT
4Ó
FTPT
RVF
BQBSFDFO
TJFNQSF
B

EPT
DPO
UVT
BNJHPT EBUPT
TF
EFTUSVZFO
QBTBEP
FTUF
QMB[P
4*
MB
EFSFDIB
EF
WVFTUSB
QBOUBMMB
"
MP
:P
FO
FTUB
IJTUPSJB
OP
TPZ
OBEJF
/P

OJOHVOB
GVFS[B
EFM
PSEFO
MPT
SFDMBNB
NFKPS
ZFOEP
DPO
QSJTBT
Z
EFDJTJØO
OJ
PT
KV[HP
QFSP
PT
MB
DVFOUP
QBSB
RVF

/P
NBMJOUFSQSFUÏJT
NJT
QBMBCSBT
4F
&TP
QPOÓB
FO
FM
UPDIP
QPS
MP
NFOPT IBCSÏJT
GJKBEP
TJRVJFSB
QFSP
FTUPT
BOVO UPNÏJT
WVFTUSBT
EFDJTJPOFT
DPO
UPEB
MB

QVFEF
IBCMBS
EF
DBTJ
UPEP
FO
MB
SFE
DJPT
WBO
DBNCJBOEP
DBEB
9
UJFNQP JOGPSNBDJØO
ÞUJM
EF
MB
WJEB
FO
HFOFSBM
EF
MBT
GJFTUBT
MBT
1PS
NÓ
RVF
TF
PT
RVFEF
CJFO
HSBCBEP

WBDBDJPOFT
FM
USBCBKP
P
OPUSBCBKP

WVFTUSP
BOPOJNBUP
/0
FTUÈ
QSPUFHJEP
QPS
1VFT
SFTVMUB
RVF
EFOUSP
EFM
NBSDP
EF
{"M
GJOBM
RVÏ
EJHP
{2VF
TPZ
BEJDUB
RVF

FUD
1FSP
/0
IBCMÏJT
EF
DPTBT
JMFHBMFT
VO
BQPEP
VOB
QPMÓUJDB
DPNFSDJBM
EF
ANFKPSB
EFM
TFS FT
VOB
NJFSEB
QFMJHSPTB
P
MBT
EPT
DPTBT

ZB
TFB
EF
DVMUJWP
P
EF
DPOTVNP
/P
WJDJP
B
TVT
VTVBSJPT
MB
QMBUBGPSNB
EF
1VFT
FT
RVF
OP
UFSNJOP
EF
BDMBSBSNF

QVCMJRVÏJT
GPUPT
EF
WVFTUSBT
QMBOUBT
FO
&TP
ZB
FTUÈ
EJDIP
"IPSB
NF
GBMUBSÓB
MB
SFE
QFSNJUF
B
MPT
BOVODJBOUFT
EFKBS
BVORVF
EJSÓB
RVF
TÓ
QVFEFO
VTBSTF
MBT

MB
SFE
NFOPT
BÞO
TJ
DVMUJWÈJT
EF
WFSEBE
IBCMBS
EFM
ÞMUJNP
QVOUP
RVF
NF
DIPDØ
BM
VOBT
DPPLJFT
FO
UV
PSEFOBEPS
DBEB
WF[
SFEFT
TPDJBMFT
QFSP
DPNP
UPEP
DPO
DBCF
4F
UJFOFO
RVF
BQMJDBS
MBT
NJTNBT
SFHMBT
MFFS
MBT
DPOEJDJPOFT
QVOUP
RVF
IF
QPEJ RVF
UF
DPOFDUFT
B
EJDIB
DPNVOJEBE
&TUB
[B
Z
CVFOB
POEB
`4FOUJEP
DPNÞO
Z
WFSEF

EF
EJTDSFDJØO
EF
MB
WJEB
SFBM EP
DPNQSPCBS
QPS
NJ
NJTNB
$POUSB
FTQFDJF
EF
NJOJFTQÓBT
JSÈO
SFHJTUSBOEP
BMFHSÓB
)BTUB
TJFNQSF
BNJHPT
 
"KVTUF
EFM
BHVB 5FNQFSBUVSB
BNCJFOUF
)F
MFÓEP
RVF
OP
EFCFSÓBO
VTBSTF
BHVBT
EVSBT
QBSB
{-B
UFNQFSBUVSB
EFM
DVBSUP
UJFOF
DPOTFDVFODJBT
FO
MB
DBMJEBE
EFM

SFHBS
MBT
QMBOUBT
FO
JOUFSJPS
5BNCJÏO
IF
MFÓEP
RVF
FM
SFTVMUBEP
EF
VO
DVMUJWP
.J
DVBSUP
SPOEB

P$
BMHVOPT
EÓBT

BHVB
CMBOEB
GJMUSBEB
QPS
PTNPTJT
JOWFSTB
SFTVMUB
JEFBM
EVSBOUF
FM
WFSBOP
{&T
VO
BQBSBUP
EF
BJSF
BDPOEJDJPOBEP
MP
NÈT

&O
DBTB
UFOFNPT
BHVB
EVSB
Z
UBNCJÏO
VO
GJMUSP
EF
BEFDVBEP
%FTIVNJEJGJDBSÓB
FOGSJBSÓB
Z
IBSÓB
DJSDVMBS
FM
BJSF
FO
FM

BMUB
DBMJEBE
EF
PTNPTJT
JOWFSTB
EFCBKP
EFM
GSFHBEFSP
DVBSUP
{$ØNP
MP
JOTUBMBSÓBT
{4F
USBUB
TJNQMFNFOUF
EF
QPOFSMP

{&TUÈ
CJFO
VUJMJ[BS
BHVB
CMBOEB
GJMUSBEB
QPS
PTNPTJT
FO
MB
QBSFE
Z
QPOFSMP
FO
NBSDIB


JOWFSTB
QBSB
FM
KBSEÓO .S
/BTUZ
8FTMFZ
&O
VO
KBSEÓO
EF
JOUFSJPS
FM
BHVB
Z
MPT
OVUSJFOUFT
TVFMFO
TVNJOJTUSBSTF

4Ó
/P
PCTUBOUF
MB
NBZPSÓB
EF
GFSUJMJ[BOUFT
FTUÈO
FO
DBOUJEBEFT
BEFDVBEBT
&TUP
OPT
EFKB
DPO
MPT
USFT
GBDUPSFT
SFTUBO
GPSNVMBEPT
QBSB
BHVBT
DPO
VO
DPOUFOJEP
NFEJP
EF
UFT
UFNQFSBUVSB
JOUFOTJEBE
EF
MB
MV[
Z
QBSUFT
QPS
NJMMØO
QQN

EF

EVSF[B
P
BMDBMJOJEBE
-B
BMDBMJOJEBE
FT
MB
NFEJEB
EF
MB
$0
-B
QSPQPSDJØO
FOUSF
FTUPT
FMFNFOUPT
BGFDUB
BM
EFTBSSPMMP
Z
B
MB

DBQBDJEBE
RVF
UJFOF
FM
BHVB
QBSB
OFVUSBMJ[BS
BDJEF[
DBMJEBE
EF
MPT
DPHPMMPT
$BEB
VOP
FT
VO
GBDUPS
MJNJUBEPS
-B
UFNQF
&M
BHVB
CMBOEB
OP
UJFOF
QPEFS
OFVUSBMJ[BEPS
"VORVF
SBUVSB
BGFDUB
BM
SJUNP
NFUBCØMJDP
Z
B
MB
GPUPTÓOUFTJT
1PS
EFCBKP
EF

TØMP
TF
MF
B×BEB
VOB
DBOUJEBE
QFRVF×B
EF
ÈDJEP
TV

P$
DBTJ
OP
UJFOF
MVHBS
MB
GPUPTÓOUFTJT
4JFNQSF
RVF
IBZB
TVGJDJFO
Q)
DBNCJBSÈ
EF
NBOFSB
TJHOJGJDBUJWB
&TUP
DSFB
VOBT
UF
$0
Z
MV[
QBSB
RVF
FM
SJUNP
NFUBCØMJDP
TFB
NÈT
SÈQJEP
FM
SJUNP

DPOEJDJPOFT
JOFTUBCMFT

$VBOEP
TF
B×BEF
DBMJ[B
RVF
EF
MB
GPUPTÓOUFTJT
TFHVJSÈ
BVNFOUBOEP
IBTUB
MMFHBS
B

P$
NÈT
P

DPOTJTUF
FO
DBMDJP

BM
BHVB
BVNFOUB
MB
DBQBDJEBE
EFM
NFOPT
/P
PCTUBOUF
MPT
DPHPMMPT
DSFDFO
NÈT
QSJFUPT
Z
EFOTPT
DVBO
&E
3PTFOUIBM
FTUÈ
SFDPOPDJEP
B
OJWFM
NVOEJBM
BHVB
QBSB
OFVUSBMJ[BS
MB
BDJEF[
QPS
MP
DVBM
MPT
OJWFMFT
EP
MB
UFNQFSBUVSB
TF
NBOUJFOF
QPS
EFCBKP
EF

P$




DPNP
VOB
HSBO
BVUPSJEBE
FO
FM
DBNQP
EF
MB
EF
Q)
TF
NBOUJFOFO
FTUBCMFT
"
NFEJEB
RVF
TF
WB
B×B
NBSJIVBOB
&O
TVT
NÈT
EF

B×PT
DPNP
HVSÞ
EJFOEP
DBMJ[B
BM
BHVB
ÏTUB
ÞMUJNB
WB
WPMWJÏOEPTF
DBEB
5FO
FO
DVFOUB
RVF
DBEB
VOP
EF
FTUPT
GBDUPSFT
BVNFOUB
FO
SFMBDJØO

BNFSJDBOP
EF
MB
HBOKB
IB
FTDSJUP
P
FEJUBEP
WF[
NÈT
EVSB
Z
BVNFOUB
TV
BMDBMJOJEBE
&TUP
QVFEF
EJSFDUB
DPO
MPT
EFNÈT
-B
MV[
FT
MB
FOFSHÓB
RVF
TF
VUJMJ[B
QBSB
MB
GPUP
NÈT
EF
VOB
EPDFOB
EF
MJCSPT
TPCSF
DVMUJWP
EF
NFEJSTF
DPO
VO
NFEJEPS
EF
QQN
P
EF
&$

TÓOUFTJT
&M
$0
Z
FM
BHVB
TPO
MPT
JOHSFEJFOUFT
RVF
TF
QSPDFTBO
Z
MB

UFNQFSBUVSB
QSPQPSDJPOB
FM
FTUÓNVMP
QBSB
RVF
UFOHB
MVHBS
FM
QSPDFTP
NBSJIVBOB
Z
QPMÓUJDB
TPDJBM
EF
MPT
DVBMFT
TF

-B
NBZPSÓB
EF
GFSUJMJ[BOUFT
FTUÈO
GPSNVMBEPT
QBSB
VO

IBO
WFOEJEP
NÈT
EF
VO
NJMMØO
EF
FKFNQMBSFT
SFOEJNJFOUP
ØQUJNP
DPO
BHVBT
RVF
EFO
NFEJDJPOFT
EF
$VBOEP
IBZ
QPDB
MV[
EB
JHVBM
MB
DBOUJEBE
EF
$0
RVF
FTUÏ
QSFTFOUF

4V
QSJNFS
MJCSP
.BSJKVBOB
(SPXFST
(VJEF

QQN
BM
TBMJS
EFM
HSJGP
&TUP
TVFMF
JOEJDBS
RVF
FM
FM
EFTBSSPMMP
FT
MFOUP
QPS
MB
GBMUB
EF
FOFSHÓB
QBSB
MMFWBS
B
DBCP
FM

FT
MB
ÞOJDB
PCSB
TPCSF
DVMUJWP
EF
NBSJIVBOB
BHVB
DPOUJFOF
CBTUBOUF
DBMDJP
EJTVFMUP
QBSB
FTUBCJMJ[BS
QSPDFTP
$VBOEP
MB
UFNQFSBUVSB
TF
NBOUJFOF
CBKB
MBT
QMBOUBT
DSF
RVF
IB
TJEP
SFTF×BEB
QPS
5IF
/FX
:PSL
5JNFT
FM
BHVB
Z
QBSB
BQPSUBS
FTUF
OVUSJFOUF
OFDFTBSJP
QBSB
DFO
EFTQBDJP
$VBOEP
MB
UFNQFSBUVSB
TF
FMFWB
MPT
UBMMPT
TF
FMPOHBO
#PPL
3FWJFX
5SBT
DBTJ
EPT
EÏDBEBT
TV
DPMVN MBT
QMBOUBT
&M
BHVB
EF
PTNPTJT
JOWFSTB
0*

IB
TJEP
"
NFEJEB
RVF
BVNFOUB
MB
JOUFOTJEBE
EF
MB
MV[
IBZ
NÈT
FOFSHÓB

OB
EF
DPOTFKPT
"TL
&E
DPOUJOÞB
SFTQPOEJFOEP
EFTQSPWJTUB
EF
UPEPT
TVT
NJOFSBMFT
EF
NBOFSB
QBSFDJEB
QBSB
QSPDFTBS
BHVB
Z
$0
6OPT
OJWFMFT
NÈT
BMUPT
EF
UFNQFSBUVSB

BM
BHVB
EFTUJMBEB
%FCFSÓB
BKVTUBSTF
DPO
$BM.BH
P
DPO
QFSNJUFO
RVF
MB
GPUPTÓOUFTJT
Z
FM
NFUBCPMJTNP
GVODJPOFO
B
VO
SJUNP

MBT
QSFHVOUBT
EF
MFDUPSFT
EF
UPEP
FM
NVOEP

OJUSBUP
EF
DBMDJP
IBTUB
BMDBO[BS
VO
OJWFM
EF

QQN
NÈT
SÈQJEP
"RVÓ
UFOFNPT
VOB
UBCMB
EF
QSPQPSDJPOFT
BDFSDB
EF
DVBMRVJFS
BTQFDUP
EF
MB
NBSJIVBOB BOUFT
EF
B×BEJS
PUSPT
GFSUJMJ[BOUFT
5FNQFSBUVSB
FO
$FMTJVT




$0





7BUJPT
%"*

QPS
NFUSP
DVBESBEP


¡






























4FYBEP
UFNQSBOP

¡































¡

























{4F
QSPEVDF
FTUSÏT
FO
MBT
QMBOUBT
DVBOEP
TF
QPOFO
B
GMPSFDFS
QBSB
EJTUJOHVJS
TV
TFYP
Z
MVFHP
TF
QBTBO
EF



¡

























WVFMUB
B
FTUBEP
WFHFUBUJWP
{$VÈMFT
TPO
MBT
WFOUBKBT
F
JODPOWFOJFOUFT
EF
FTUP
FTQFDJBMNFOUF
QBSB
FM
DVMUJ
WP
EF
JOUFSJPS
.F
HVTUBSÓB
QBSUJS
EF
TFNJMMB
QPS
FM
SFOEJNJFOUP
FYUSB
{P
FTUF
QFOTBNJFOUP
FT
JODPSSFDUP
4VSHFO
USFT
QSPCMFNBT
B
SBÓ[
EF
NBOUFOFS
MB
UFNQFSBUVSB
EFNBTJB
'FSOBOEP
EP
BMUB
EVSBOUF
MB
QBSUF
GJOBM
EF
MB
GMPSBDJØO
&M
QSJNFSP
FT
RVF
FTUP

GBWPSFDF
FM
EFTBSSPMMP
EF
DPHPMMPT
BJSFBEPT
Z
IBDF
RVF
EJTNJOVZB

-BT
QMBOUBT
EF
TFNJMMB
QSPEVDFO
VO
UBMMP
NÈT
GVFSUF
UJFOFO
VO
DSFDJNJFOUP
NÈT
WJHPSPTP
Z
SJOEFO
NÈT

MB
EFOTJEBE
EF
FTUPT
&O
TFHVOEP
MVHBS
MB
UFNQFSBUVSB
BMUB
SFUSBTB

RVF
MPT
DMPOFT
6OP
EF
MPT
NPUJWPT
FT
RVF
MBT
QMBOUBT
EF
TFNJMMB
UJFOFO
VOB
MBSHB
SBÓ[
QSJODJQBM
MB
DVBM
FTUÈ

MB
NBEVSBDJØO
#BKBS
MB
UFNQFSBUVSB
EF
GPSNB
NPEFSBEB
IBDF
RVF

DPOFDUBEB
EJSFDUBNFOUF
DPO
FM
UBMMP
RVF
FTUÈ
QPS
FODJNB
EFM
TVFMP
-BT
QMBOUBT
EF
FTRVFKF
EFTBSSPMMBO

TF
SFEV[DB
FM
UJFNQP
EF
NBEVSBDJØO
1PS
TVQVFTUP
MB
UFNQFSBUVSB

SBÓDFT
EFTEF
MB
QPSDJØO
DPSUBEB
EFM
UBMMP
QFSP
OP
SFFNQMB[BO
MB
SBÓ[
QSJODJQBM
MB
DVBM
UJFOF
MB
DBQBDJEBE
EF

CBKB
UBNCJÏO
SFUSBTB
MB
NBEVSBDJØO
5FSDFSP
QBSUF
EF
MPT
UFSQFOPT

USBOTGFSJS
NÈT
SFDVSTPT
FOUSF
MB
DBOPQJB
WFHFUBM
Z
TVT
SBÓDFT
4FYBS
QMBOUBT
KØWFOFT
BVNFOUBOEP
MB
EVSBDJØO

MBT
NPMÏDVMBT
EF
PMPS
RVF
UBNCJÏO
BGFDUBO
B
MB
FNCSJBHVF[
TF
FWB
EFM
QFSJPEP
EF
PTDVSJEBE
IBDF
RVF
MBT
QMBOUBT
TVGSBO
VO
SFUSBTP
EF
DBTJ
VO
NFT
1SJNFSP
MBT
QMBOUBT
UBSEBO

BMSFEFEPS
EF
VOB
TFNBOB
FO
JOEJDBS
FM
TFYP
-VFHP
MFT
MMFWB
WBSJBT
TFNBOBT
WPMWFS
BM
FTUBEP
EF
DSFDJNJFOUP
QPSBO
B
UFNQFSBUVSBT
CBTUBOUF
CBKBT

P$
&TUP
TJHOJGJDB
RVF

WFHFUBUJWP
)BZ
WBSJFEBEFT
EF
UFNQPSBEB
DPSUB
RVF
OVODB
TF
SFWJFSUFO
EFM
UPEP
SFBMNFOUF MPT
DPHPMMPT
NBEVSBEPT
DPO
UFNQFSBUVSBT
BMUBT
OP
TPO
UBO
GSBHBO
UFT
OJ
QTJDPBDUJWPT
DPNP
MP
RVF
NBEVSBO
B

P$


)BZ
WBSJBT
NBOFSBT
EF
EFUFDUBS
FM
TFYP
TJO
QFSUVSCBS
FM
DSFDJNJFOUP
EF
MB
QMBOUB
-BT
QMBOUBT
TVFMFO
QSP
EVDJS
BMHVOBT
GMPSFT
NJFOUSBT
DSFDFO
EF
GPSNB
WFHFUBUJWB
&TUBT
GMPSFT
QVFEFO
FODPOUSBSTF
FO
MPT
OVEPT

EPOEF
FM
QFDJPMP
EF
MB
IPKB
TF
FODVFOUSB
DPO
FM
UBMMP
&NQMFB
VO
DSJTUBM
EF
BVNFOUP
Z
PCTFSWB
MPT
OVEPT
B

EPT
P
USFT
OJWFMFT
QPS
EFCBKP
EF
MB
DBOPQJB
EPOEF
FT
NÈT
QSPCBCMF
RVF
DSF[DBO

0USB
UÏDOJDB
DPOTJTUF
FO
TBDBS
FTRVFKFT
EF
DBEB
QMBOUB
UBO
QSPOUP
DPNP
EFTBSSPMMFO
SBNBT
MBUFSBMFT

*EFOUJGJDB
DBEB
FTRVFKF
QBSB
RVF
QVFEBT
TBCFS
DVÈM
FT
MB
iNBESFw
EF
DBEB
VOP
1PO
MPT
FTRVFKFT
FO
BHVB

P
FO
VO
NFEJP
EF
DVMUJWP
Z
BKVTUB
FM
SÏHJNFO
EF
MV[
B

IPSBT
EF
PTDVSJEBE
Z

IPSBT
EF
MV[
-PT
FTRVFKFT

JOEJDBSÈO
QSPOUP
TV
TFYP
-PT
FTRVFKFT
EF
DBEB
NBESF
TJFNQSF
UFOESÈO
FM
NJTNP
TFYP
RVF
MB
NBESF

1VFEFT
TFHVJS
FOSBJ[BOEP
MPT
FTRVFKFT
NJFOUSBT
MPT
NBOUJFOFT
FO
GMPSBDJØO
$BEB
VOP
QSPEVDJSÈ
VOB
DBOUJ
EBE
ÓOGJNB
EF
DPHPMMP
MP
DVBM
TJSWF
EF
BQSPYJNBDJØO
B
MPT
DPHPMMPT
RVF
WFOESÈO
NÈT
BEFMBOUF

-BT
QMBOUBT
VUJMJ[BO
MB
MV[
SPKB

ON

QBSB
EFUFSNJOBS
DVÈOEP
IBO
EF
GMPSFDFS
-B
GMPSBDJØO
TF
JOIJCF

FO
QSFTFODJB
EF
MV[
SPKB
&O
TV
BVTFODJB
DPNP
PDVSSF
EVSBOUF
FM
QFSJPEP
EF
PTDVSJEBE
MB
IPSNPOB
JOBDUJWB

EF
GMPSBDJØO
TF
DPOWJFSUF
FO
MB
WFSTJØO
BDUJWB
-B
MV[
B[VM

ON

UJFOF
VO
FGFDUP
JOIJCJEPS
TJNJMBS
BM
EF

MB
MV[
SPKB
QFSP
BVORVF
OP
FT
UBO
FGFDUJWB
QVFEF
FNQMFBSTF
QBSB
TFYBS
1SPHSBNB
MBT
MVDFT
DPO
VO
SÏHJNFO


EF
MV[
Z
PTDVSJEBE
&ODJFOEF
MBT
MVDFT
B[VMFT
EVSBOUF
FM
QFSJPEP
EF
PTDVSJEBE
6TB

WBUJPT
DPNP

NÓOJNP
QPS
NFUSP
DVBESBEP
6UJMJ[B
GMVPSFTDFOUFT
B[VMFT
P
QSFGFSJCMFNFOUF
MÈNQBSBT
-&%
MBT
DVBMFT
QSP
EVDFO
VOB
MV[
B[VM
NVZ
QVSB
EFOUSP
EF
VOB
FTUSFDIB
CBOEB
EF
FTQFDUSP
-BT
QMBOUBT
TFHVJSÈO
DSFDJFOEP
EF

GPSNB
WFHFUBUJWB
BVORVF
TV
DSFDJNJFOUP
TF
SBMFOUJ[BSÈ
CBTUBOUF
4JO
FNCBSHP
QSPOUP
QSPEVDJSÈO
BMHVOBT

GMPSFT
EFCJEP
B
RVF
MB
MV[
B[VM
TØMP
SFTVMUB
JOIJCJEPSB
EF
NBOFSB
QBSDJBM
5BO
QSPOUP
DPNP
JOEJRVFO
TV
TFYP

QVFEFO
EFWPMWFSTF
B
TV
SÏHJNFO
MVNÓOJDP
UPUBMNFOUF
WFHFUBUJWP
&O
QPDPT
EÓBT
SFTQPOEFSÈO
BM
QFSJPEP
NÈT
"
%VSBOUF
VO
EÓB
TPMFBEP
FO
MB
ÏQPDB
JOWFSOBM
#
$PNQBSBEP

DPO
FM
BJSF
EFM
FYUFSJPS
MB
DPODFOUSBDJØO
EF
$0
FT
EFNBTJBEP

MBSHP
EF
MV[
SFUPNBOEP
QPS
DPNQMFUP
FM
DSFDJNJFOUP
WFHFUBUJWP


CBKB
QBSB
RVF
MBT
QMBOUBT
UFOHBO
VO
DSFDJNJFOUP
TBOP

+BSEJOFSÓB
FO
FM
EFTJFSUP 1FSØYJEP
EF
IJESØHFOP
Z
GFSUJMJ[BOUFT
$VMUJWP
FO
FM
EFTJFSUP
&O
BCTPMVUP
TF
USBUB
EF
MB
NFKPS
UJFSSB
EFM
NVOEP
.F[DMÏ
4J
B×BEP
QFSØYJEP
EF
IJESØHFOP
)

BM
BHVB
RVF
FNQMFP
QBSB
VO
DVMUJWP
EF

UJFSSB
OPSNBM
EF
NBOUJMMP
UJFSSB
QBSB
NBDFUBT
Z
FTUJÏSDPM
EF
WBDB
B
NPEP
EF
JOUFSJPS
FO
UJFSSB
{QVFEP
NF[DMBS
GFSUJMJ[BOUFT
DPO
FTUB
NJTNB
BHVB
{3FBDDJPOBSÈ
FM

NF[DMB
JOJDJBM
QBSB
NJT
QMBOUBT
EF
JOUFSJPS
$VBOEP
MBT
QMBOUÏ
BM
BJSF
MJCSF
MBT
IPKBT
GFSUJMJ[BOUF
P
FM
)0
EF
NBOFSB
OFHBUJWB
EF
MBT
QMÈOUVMBT
TF
QVTJFSPO
BNBSJMMBT
Z
DBÓEBT
-PT
OJWFMFT
EF
Q)
FSBO
EFNBTJBEP
'BCSJ[JP
BMUPT
EF
 
{$ØNP
QVFEP
CBKBS
FM
OJWFM
EF
Q)
TJO
VTBS
QSPEVDUPT
RVÓNJDPT


$ZOUIJB {1PS
RVÏ
B×BEFT
QFSØYJEP
EF
IJESØHFOP
BM
BHVB
EF
SJFHP
RVF
VUJMJ[BT
QBSB
FM
TVTUSBUP

1SFHVOUP
QPSRVF
VOB
EF
MBT
SB[POFT
QPS
MBT
RVF
VTBO
NF[DMBT
EF
TVTUSBUP
MPT
KBSEJOFSPT

-B
EFGJDJFODJB
EF
IJFSSP
QSPWPDBEB
QPS
MBT
DPOEJDJPOFT
BMDBMJOBT
EJP
DPNP
SFTVMUBEP
FT
QBSB
GBWPSFDFS
FM
DSFDJNJFOUP
EF
NJDSPPSHBOJTNPT
FO
MB
SJ[PTGFSB
MB
[POB
RVF
FTUÈ

IPKBT
EF
DPMPS
BNBSJMMP
DPO
OFSWJPT
WFSEFT
&M
QSPCMFNB
TF
EFKØ
OPUBS
QSJNFSP
FO
MBT
KVTUP
BMSFEFEPS
EF
MBT
SBÓDFT
&TUPT
PSHBOJTNPT
DPNP
QVFEFO
TFS
MPT
NJDPSSJ[B
WJWFO
FO

IPKBT
EF
MB
QBSUF
NFEJB
-VFHP
GVF
BTDFOEJFOEP
IBTUB
FM
DSFDJNJFOUP
OVFWP SFMBDJØO
TJNCJØUJDB
DPO
MBT
SBÓDFT
QSPQPSDJPOÈOEPMFT
B
ÏTUBT
OVUSJFOUFT
NJOFSBMFT
Z
FTUJ
NVMBEPSFT
EF
DSFDJNJFOUP
Z
SFDJCJFOEP
QSPEVDUPT
FMBCPSBEPT
QPS
MBT
QMBOUBT
B[ÞDBSFT

&ONFOEBS
VOB
UJFSSB
TFDB
Z
BMDBMJOB
OP
FT
GÈDJM
&O
WF[
EF
FMMP
TJ
TØMP
DVMUJWBT
VOBT
QPDBT
QPS
FKFNQMP
&TUPT
PSHBOJTNPT
TPO
TFOTJCMFT
BM
QFSØYJEP
EF
IJESØHFOP
FM
DVBM
TVFMF
VUJMJ
QMBOUBT
QSPCBCMFNFOUF
SFTVMUF
NÈT
TFODJMMP
QMBOUBSMBT
FO
MFDIPT
FMFWBEPT
P
FO
DPOUFOF [BSTF
DPNP
BHFOUF
EF
FTUFSJMJ[BDJØO
FO
TJTUFNBT
IJESPQØOJDPT
EPSFT
MMFOPT
DPO
TVTUSBUP
EF
BMUB
DBMJEBE
QBSB
NBDFUBT
P
KBSEJOFT
0USP
NÏUPEP
TJNJMBS

DPOTJTUF
FO
DBWBS
BHVKFSPT
EF
QMBOUBDJØO
Z
QPOFS
TVTUSBUP
OVFWP
EFOUSP
4J
QMBOUBT
&M
QFSØYJEP
EF
IJESØHFOP
DPOTJTUF
FO
VOB
NPMÏDVMB
EF
BHVB
DPO
VO
ÈUPNP
FYUSB
EF

FO
VOB
[POB
TPMFBEB
Z
FTQFSBT
RVF
MBT
QMBOUBT
MMFHVFO
B
NFEJS
VO
NFUSP
EF
BODIVSB

PYÓHFOP
0

DPNCJOBEP
EF
NBOFSB
JOFTUBCMF
4BMUB
GÈDJMNFOUF
EF
MB
NPMÏDVMB
EF
BHVB

FM
BHVKFSP
P
FM
DPOUFOFEPS
EF
QMBOUBDJØO
EFCFSÓB
UFOFS
VO
EJÈNFUSP
EF

DN
QPS
MP
Z
TF
DPNCJOB
DPO
PUSBT
NPMÏDVMBT
QBSB
PYJEBSMBT
$VBOEP
TF
VOF
B
VO
NJDSPPSHBOJTNP

NFOPT
Z

DN
EF
QSPGVOEJEBE MP
NBUB
&M
QFSØYJEP
EF
IJESØHFOP
DPODFOUSBEP
FT
NVZ
DPSSPTJWP
Z
SFTVMUB
UBO
QFMJHSPTP

DPNP
VO
ÈDJEP
GVFSUF
&M
)0
EJMVJEP
RVF
FTUÈT
VTBOEP
DPODFOUSBEP
BM
 
OP
FT

1PESÓBT
JOUFOUBS
FONFOEBS
MB
UJFSSB
FYUSBÓEB
DPO
MPT
FMFNFOUPT
IBCJUVBMFT
FTUJÏSDPM
QFMJHSPTP
QBSB
UJ
-B
HFOUF
IBDF
HÈSHBSBT
DPO
ÏM
4JO
FNCBSHP
QVFEF
UFOFS
VO
FGFDUP

EF
WBDB
Z
PUSPT
TVTUSBUP
EF
QMBOUBDJØO
VTBEP
DPNQPTU
Z
NBUFSJBMFT
DPNQPTUBCMFT
EFWBTUBEPS
FO
MB
DPNVOJEBE
NJDSPCJPMØHJDB
RVF
WJWF
FO
BTPDJBDJØO
DPO
MBT
SBÓDFT
BTÓ
DPNP
NBUFSJBM
PSHÈOJDP
QBSB
BDJEJGJDBS
ZB
TFBO
BHVKBT
EF
QJOP
QPTPT
EF
DBGÏ

Z
DÈTDBSBT
EF
DÓUSJDPT
&M
B[VGSF
FMFNFOUBM
Z
FM
ZFTP
BMUFSBO
FM
Q)
EF
NBOFSB
HSBEVBM
4J
VUJMJ[BT
GFSUJMJ[BOUFT
PSHÈOJDPT
FT
NVZ
QPTJCMF
RVF
FM
)0
PYJEF
MPT
JOHSFEJFOUFT
RVF

OFVUSBMJ[BOEP
FM
DBMDJP
RVF
IBZ
FO
MB
UJFSSB
-PT
GFSUJMJ[BOUFT
ÈDJEPT
PSHÈOJDPT
DPNP
MB
JODMVZBO
DBSCPOP
$

$PO
MPT
OVUSJFOUFT
NJOFSBMFT
UBNCJÏO
IBZ
VOB
QPTJCJMJEBE
EF
JOUF
IBSJOB
EF
TFNJMMB
EF
BMHPEØO
Z
FM
HVBOP
SJDP
FO
GØTGPSP
1

UBNCJÏO
QVFEFO
TFS
ÞUJMFT
&M
SBDDJØO
BVORVF
FT
NFOPT
QSPCBCMF
TVMGBUP
EF
BNPOJP
Z
PUSPT
GFSUJMJ[BOUFT
ÈDJEPT
UBNCJÏO
CBKBO
FM
Q)
"×BEJS
)0
BM
BHVB
EF
SJFHP
QBSB
UJFSSBT
DPNQBDUBT
RVF
SFUJFOFO
BHVB
QSJODJQBM
"
NBZPS
FTDBMB
MBT
NJTNBT
FONJFOEBT
QVFEFO
FNQMFBSTF
QBSB
BSBS
MB
UJFSSB
FO
NFOUF
Z
QPDP
BJSF
QVFEF
TFSWJS
QBSB
BZVEBS
B
DPSSFHJS
VOB
NBMB
TJUVBDJØO
-BT
SBÓDFT

PUP×P
KVOUP
DPO
VO
DVMUJWP
EF
DPCFSUVSB
&O
QSJNBWFSB
TF
SFDPHF
FM
DVMUJWP
EF
SFRVJFSFO
DPOEJDJPOFT
BFSØCJDBT
FT
EFDJS
QSFDJTBO
PYÓHFOP
QBSB
NFUBCPMJ[BS
4JO
ÏTUF

DPCFSUVSB
Z
TF
USBTQMBOUBO
BM
BJSF
MJCSF
MBT
QMÈOUVMBT
P
MPT
DMPOFT
4J
MB
UJFSSB
BÞO
OP
GVODJPOBO
BEFDVBEBNFOUF
Z
FTUÈO
FYQVFTUPT
B
FOGFSNFEBEFT
DPNP
MB
QVESJDJØO
EFM

EJTUB
NVDIP
EF
TFS
JEFBM
FM
BHVB
EF
SJFHP
QVFEF
BKVTUBSTF
CBKBOEP
FM
Q)
QBSB
DPN UBMMP
P
EF
MBT
SBÓDFT
"×BEJS
)0
BM
BHVB
QSPQPSDJPOB
PYÓHFOP
B
MBT
SBÓDFT
ZB
RVF
QBSUF

QFOTBS
MB
DPOEJDJØO
BMDBMJOB
EF
MB
UJFSSB

EFM
PYÓHFOP
TF
WVFMWF
EJTQPOJCMF
QBSB
MBT
SBÓDFT

-JNQJF[B
EF
ZFSCB
TVDJB

{)BZ
BMHVOB
GPSNB
EF
MJNQJBS
VO
DVMUJWP
EF
FYUFSJPS
)F
MFÓEP
BDFSDB
EFM
DVSBEP
Z

QBSFDF
DPOTJTUJS
ÞOJDBNFOUF
FO
MBT
GBTFT
GJOBMFT
EFM
TFDBEP
4FHVSBNFOUF
TJ
TF
DVM
UJWB
VOB
QMBOUB
BM
BJSF
MJCSF
IBZ
NVDIBT
QSPCBCJMJEBEFT
EF
RVF
TF
IBZB
DPOUBNJ
OBEP
DPO
UPEP
UJQP
EF
TVTUBODJBT
CJPMØHJDBT
Z
RVÓNJDBT
BVORVF
ÏTUBT
QVFEBO
OP

TFS
WJTJCMFT
/P
QVFEF
TFS
TBMVEBCMF
RVFNBS
F
JOIBMBS
CBDUFSJBT
IPOHPT
Z
QPMWP
EF

MPT
FTDBQFT
EF
MPT
DPDIFT
{&T
VOB
CVFOB
NBOFSB
EF
MJNQJBS
DPHPMMPT
TVDJPT
IBDFS

IBDIÓT
BM
BHVB
{$POPDFT
PUSB
GPSNB
8BMHSBFG

*OHMBUFSSB

&TUÈT
FO
MP
DJFSUP
FO
PDBTJPOFT
FM
QPMWP
MPT
SFTUPT
EF
QFMP
Z
QJFM
NVFSUB
Z
MPT
QSP

EVDUPT
RVÓNJDPT
RVFEBO
QFHBEPT
B
MPT
DPHPMMPT
{1PS
RVÏ
OP
JCB
B
TFS
BTÓ
-PT
DPHPM
MPT
TPO
QFHBKPTPT
5BNCJÏO
FTUÈT
FO
MP
DJFSUP
FO
RVF
FM
VTP
EF
BHVB
QBSB
QSPDFTBS
MPT

DPHPMMPT
MBWB
MBT
JNQVSF[BT
Z
MPT
DPOUBNJOBOUFT
)BDFS
IBDIÓT
BM
BHVB
FT
VOB
GPSNB

BEFDVBEB
EF
TFQBSBS
MPT
DPOUBNJOBOUFT
EF
MPT
JOHSFEJFOUFT
BDUJWPT
0USPT
NÏUPEPT
EF

QVSJGJDBDJØO
TPO
MB
FYUSBDDJØO
DSÓUJDB
DPO
$0
Z
MBT
FYUSBDDJPOFT
RVÓNJDBT
DPO
BMDPIPM
&TUB
QMBOUB
TF×BMB
TV
USBOTJDJØO
EF
WVFMUB
BM
WFHFUBUJWP
EFTBSSPMMBOEP
VOB
IPKB
FO

ÏUFS
V
PUSPT
EJTPMWFOUFT
MP
DVBM
EB
DPNP
SFTVMUBEP
UJOUVSBT
P
BDFJUFT
FTQJSBM
&TUF
SBTHP
GVF
PCTFSWBEP
QPS
QSJNFSB
WF[
QPS
FM
GBNPTP
DSJBEPS
4PNB
 
 
70

»(F5QUGPVJCNKUVJGIWTWQHICPLC¼+KIJ7KOGU

    

#00;$1;
+..'4
7''0
:
!#%1
!*+5
564#+0
+5
0#/'&
(14
/;
(4+'0&
#00;
"'
9'4'


 )4'#6
$7&&+'5
64#8'.'&
6*'
914.&
61)'6*'4
5#9
/#0;
%11.
6*+0)5
#0&
5/1-'&
.165

1(
)4'#6
9''&
'
*'.2'&
/'
)'6
176
1(
,#+.
10
*+5
190
&+/'
/#0;
6+/'5
#0&
9#5

.+-'
/;
$416*'4
'
2#55'&
#9#;
+0
*+5
5.''2
+0


#6
#)'


!*'
10.;
647'
9#;


%17.&
6*+0-
1(
61
*1014
#00;
9#5
61
0#/'
/;
?456
564#+0
#(6'4
*+/

#00;
9#5
#
$+)
(#0
1(
(47+6;
6#56+0)
564#+05
#0&
.18'&
+..'4
7''0
*#48'56'&
#6

&#;

0%'

(170&
6*'
('/#.'

9#06'&
9'
5'.'%6'&
#
('9
/#.'5
1(
46')#
:


#0&
%4155'&
6*'
691
!*'
/#.'
9#5
5'.'%6'&
(41/
10.;


$1;5
$76
*'4+6#)'
+5

'8'4;6*+0)
+0
$4''&+0)
#0&
'+6*'4
2.#06
917.&
*#8'
$''0
#
)4'#6
(#6*'4
!*'
?0#.

241&7%6
+5
#
*;$4+&
#00;
917.&
*#8'
.18'&

!#56+0)
.+-'
%*'44;
<1..;
#0%*'4=
%#0&;
#0&
,756
%18'4'&
+0
6*+%-
.#4)'
64+%*1/'5

6*+5
2.#06
914-5
'37#..;
9'..
#5
*'#&
56#5*
14
$7$$.'
*#5*
6
+5
(4156;
#0&
*#5
#

8'4;
*+)*
;+'.&
9*'0
/#-+0)
$7$$.'
4;
-+'(
(41/
+6
+5
(47+6;
#0&
5/116*
!*+5

9''&
5/'..5
#0&
6#56'5
51
/7%*
.+-'
%*'44+'5

9#5
57424+5'&
#6
+65
?0+5*'&
%1.14

-2851(< 72
6
+5
#
647.;
4'&
$7&
#0&
6*'
2+56+.5
6740
#./156
?4'647%-
4'&
#5
5110
#5
6*'
2.#06
+5

*#48'56'&
#0&
56#465
61
&4;

#00;$1;
56#;5
8'4;
5*146
9+6*
9+&'
5*#42
.'#(
'&)'5
#0&
#
&#4-
)4''0
%1.14
!*'

%.10'5
?0+5*
(#56'4
6*#0
2.#065
)4190
(41/
5''&
!*'
('/#.'5
9'4'
,756
#
5*146
(#6

$75*
9+6*
8'4;
.+66.'
564'6%*
'5+0
5*19'&
#5
'#4.;
#5


&#;5
#0&
$;
&#;

6*';

4''-'&
.+-'
%*'44;
)7/
&4125
#6'4
#5
6*'
2.#06
4'#%*'&
/#674+6;
+6
611-
10
#
51.+&

9*+6'
(4156
9+6*
#
5174
%*'44;
5/'..
6*'
?456
*+6
$.'9
/'
#9#;>
+6
9#5
51
6#56;

9#5

*$1-$+($9(1
5*1%-'&
(6'4
6*';
&4+'&
#0&
%74'&
(14

&#;5

917.&
,756
5+6
#0&
5/'..
6*'
$7&5

6
?456
5*'
9#5
,756
#
2'4510#.
(#814+6'
#0&
6*'0
70;%*'$#
)16
#
%76
)4'9
*'4

176
#0&
.18'&
*'4
#&$1;
9#5
)+8'0
6*'
&72.+%#6+10
241,'%6
+..'4
7''0



46')#
:

#.'
#0&
)4'9
176
5'8'4#.
('/#.'5
(41/
5''&
#..
%*'44;
#0&
(47+6;

#0&
216'06
!*'
564#+0
?0+5*'5
8'4;
(#56
9*+%*
+5
0+%'
+(
;17
470
#
$+6
5*146
%.15'

61
*#48'56
'4
&190
5+&'
+5
5*'
0''&5
':64#
8')'6#6+8'
6+/'
61
;+'.&
*'#8;
0
51+.

 






)YLLKLY:\IJVVS»Z[HSLPUZPKL
[HSLVM[OLX\LZ[MVYWV[
WLYMLJ[PVU)\KZJHW[\YLKH[
[OLPYWLHRVMYPWLULZZ


" !

!

$
 !

"

<ak]Yk]k
H=KL HD9FL
AFN9KAGFK <AK=9K=K

E=9DQ:M?K 9F< EAL=K HGO<=JQEAD<=O

620(7+,1* O@AL=>DA=K
D=9> K=HLGJA9

%8**,1* <285 9H@A<K

EGD<Q:M<

*$5'(1" L@JAHK
JGGLJGL

>MK9JAME OADL
KHA<=J EAL=K

=FNAJGFE=FL9D
KLJ=KK=K
;YV\ISLZOVV[[OLWYVISLT

=fnajgfe]flYdKlj]kk]k
KHA<=J EAL=K

^P[OL_WLY[OLSW^OL[OLYP[ 9FLK
FMLJA=FL :MJF

ILNHYKLUZL[\WU\[YPLU[Z ;9L=JHADD9JK 9F< KDM?K

DA?@L :MJF

WLZ[ZVYKPZLHZL D=9> EAF=JK

GN=JO9L=JAF?

9F< EM;@ EGJ=

9DKGAF;DM<=KAF>GJE9LAGFGF<==J$
>MF?MK?F9LK$?GH@=JK$ EGD=K9F<J9LK

@=9L :MJF

;GJF :GJ=JK

4HYPQ\HUH.HYKLU:H]LY»ZKPHNUVZ[PJN\PKL
[V[OLTVZ[JVTTVUNHYKLUWYVISLTZ

0$5,-8$1$
/,%5$5<
)$925,7(6





!

 !
"!#!
 


"


"




%(&20( $
%,*%8'(;3(57
;OL)VVR)VVRVM)\KZ
=VS\TLZ 

$XCKNCDNGVJTQWIJ *52:,1$* )6%22.6

6(16,6(('6 7GN YYYHUDQQMEQEQO
YYYUGPUKUGGFUEQO YYYITQYKPDGTNKPEQO KPVGTPCVKQPCNUJKRRKPITCVGUYKNNCRRN[


 #  
 
"


 
  
! "! 

-ÈNQBSBT
67# 6TP
EF
$0
)F
MFÓEP
UV
JOGPSNBDJØO
TPCSF
MB
MV[
67#
&TQFSP
RVF
NF
BZVEF
B
DSJBS
VOB
DBMJEBE
&TUPZ
DVMUJWBOEP

QMBOUBT
FO
VO
FTQBDJP
EF

Y

DN
-B
UFNQFSBUVSB
TF
NBO
NÈT
BMUB
EF
NBSJIVBOB
NÏEJDB
.F
HVTUBSÓB
FRVJQBS
NJ
KBSEÓO
DPO
FTUBT
MÈNQBSBT
UJFOF
B

P$
MB
IVNFEBE
FTUÈ
FOUSF

Z

Z
MB
JMVNJOBDJØO
DPOTJTUF
FO
VOB

Z
NF
QSFHVOUP
DØNP
DBMDVMBS
MB
DBOUJEBE
EF
MV[
B
QSPQPSDJPOBS
Z
DVÈOUP
UJFNQP
MÈNQBSB
EF

WBUJPT
EF
BMUB
QSFTJØO
EF
TPEJP
"14

-BT
QMBOUBT
FTUÈO
FO
GBTF

EFKBSMBT
FODFOEJEBT
0CWJBNFOUF
EFQFOEFSÈ
EF
MB
WBSJFEBE
RVF
DVMUJWF
MB
JOUFOTJ WFHFUBUJWB
/P
VUJMJ[P
$0
IBTUB
EPT
TFNBOBT
BOUFT
EF
QPOFS
MBT
QMBOUBT
B
GMPSFDFS

EBE
EF
MB
CPNCJMMB
Z
PUSPT
GBDUPSFT
4Ï
RVF
UPEBT
MBT
WBSJFEBEFT
RVF
DVMUJWP
WJFOFO
6O
BNJHP
EJDF
RVF
MBT
QMBOUBT
EFCFSÓBO
DSFDFS
NÈT
EFQSJTB
Z
QSPEVDJS
VO
SFOEJ
EF
MVHBSFT
EPOEF
FM
ÓOEJDF
67
NFEJP
FT

DBEB
EÓB
EF
MB
[POB
iFYUSFNBw
HMPCBM NJFOUP
NÈT
BMUP
{2VÏ
PQJOBT

NFOUF
{$POPDFT
BMHVOB
GPSNB
EF
DBMDVMBS
DVÈOUB
MV[
67#
QSPEVDF
VOB
CPNCJMMB
'JOBO[JP
.JMÈO
FO
DPNQBSBDJØO
DPO
FM
TPM
)F
UFOJEP
PQPSUVOJEBE
EF
WFS
UBCMBT
ÞUJMFT
QBSB
DBMDVMBS

MBT
OFDFTJEBEFT
MVNÓOJDBT
FO
FM
FTQFDUSP
WJTJCMF
VTBOEP
MBT
NBUFNÈUJDBT
QFSP
OBEB
5V
TJTUFNB
QPESÓB
FTUBS
QSPEVDJFOEP
NÈT
TJNQMFNFOUF
BKVTUBOEP
UV
UÏDOJDB

BDFSDB
EF
MB
MV[
67
.F
JNBHJOP
RVF
IBZ
BMHÞO
UJQP
EF
DÈMDVMPT
TFODJMMPT
RVF
QVFEP

IBDFS
QBSB
EFUFSNJOBS
FM
FNQMB[BNJFOUP
BEFDVBEP
BTÓ
DPNP
FM
WBUBKF
Z
MB
EVSBDJØO
-BT
QMBOUBT
SFDJCFO
CBTUBOUF
MV[
QFSP
OP
QVFEFO
VTBSMB
EF
NBOFSB
FGJDJFOUF
EFCJEP

EF
MB
FYQPTJDJØO
67#
QBSB
DBEB
MÈNQBSB
{)BZ
BMHÞO
UJQP
EF
FDVBDJØO
RVF
QVFEB
B
MPT
OJWFMFT
MJNJUBEPT
EF
$0
Z
B
VOB
UFNQFSBUVSB
NÈT
CBKB
RVF
MB
QSFGFSJEB
QPS
MBT

VUJMJ[BS
QBSB
TBCFS
DVÈOUP
UJFNQP
EFCP
EFKBS
FODFOEJEB
MB
MÈNQBSB
DPO
FM
GJO
EF
QMBOUBT
-B
NBSJIVBOB
VUJMJ[B
$0
EVSBOUF
UPEBT
MBT
GBTFT
EF
DSFDJNJFOUP
QFSP
MB
EJGF
BQPSUBS
MB
EPTJT
EJBSJB
RVF
FRVJWBMHB
B
MB
SFDJCJEB
FO
FYUFSJPS
DPO
VO
ÓOEJDF

EF
SFODJB
NÈT
OPUBCMF
TF
QSPEVDF
EVSBOUF
FM
DSFDJNJFOUP
WFHFUBUJWP
-BT
QMBOUBT
DSFDFO
BM

SBZPT
67
{$POPDFT
BMHÞO
WBUBKF
Z
UJQP
EF
CPNCJMMB
67#
FO
FTQFDJBM
RVF
GVODJPOF
NÈYJNP
EF
WFMPDJEBE
FO
FTB
GBTF
Z
FM
$0
FT
VO
JOHSFEJFOUF
WJUBM
EFM
QSPDFTP
3BDJPOBS

NFKPS
Z
MB
EPTJT
EJBSJB
EF
MV[
RVF
IBZ
RVF
EBSMF
B
MB
QMBOUB










FM
$0
IBTUB
GJOBMFT
EFM
QFSJPEP
WFHFUBUJWP
MJNJUB
FM
DSFDJNJFOUP
F
JOGSBVUJMJ[B
MB
FOFSHÓB

$SB[Z
$MFN TVNJOJTUSBEB
QPS
MB
MV[
&NQF[BS
DPO
FM
FOSJRVFDJNJFOUP
EFM
$0
B
QSJODJQJPT
EFM
DJDMP

WFHFUBUJWP
EB
DPNP
SFTVMUBEP
VO
DSFDJNJFOUP
NÈT
SÈQJEP
Z
VOB
NBZPS
QSPEVDDJØO

-B
NBSJIVBOB
EF
BMUB
DBMJEBE
SFTQPOEF
B
MB
MV[
67#
BVORVF
OP
B
MB
MV[
67"
BVNFO
UBOEP
TV
QPUFODJB
FO
VOB
QSPQPSDJØO
CBTUBOUF
EJSFDUB
SFTQFDUP
B
MB
DBOUJEBE
RVF
SFDJCF
$PO
FM
BMUP
OJWFM
EF
MV[
RVF
FTUÈT
EBOEP
Z
VO
QSPHSBNB
EF
FOSJRVFDJNJFOUP
EFM
$0
RVF

-B
DBOUJEBE
EF
MV[
67
BMDBO[B
TV
NÈYJNP
EVSBOUF
FM
WFSBOP
EFTEF
GJOBMFT
EF
NBZP
FMFWF
MPT
OJWFMFT
IBTUB

QQN
MB
UFNQFSBUVSB
UBNCJÏO
EFCFSÓB
FMFWBSTF
QBSB
RVF
MBT

IBTUB
GJOBMFT
EF
BHPTUP
-B
EVSBDJØO
EF
FTUF
QFSJPEP
DVMNJOBOUF
BVNFOUB
FO
MBUJUVEFT
QMBOUBT
QVFEBO
NFUBCPMJ[BS
Z
GPUPTJOUFUJ[BS
NÈT
EFQSJTB
6OB
UFNQFSBUVSB
EF

P$

NÈT
CBKBT
-B
JOUFOTJEBE
EF
MB
MV[
67#
TF
SFEVDF
B
NFEJEB
RVF
BVNFOUB
MB
MBUJUVE
Z
QFSNJUF
RVF
MBT
QMBOUBT
GVODJPOFO
B
VO
SJUNP
NÈT
SÈQJEP
&M
SFTVMUBEP
TFSÈO
QMBOUBT
RVF

FT
NÈT
JOUFOTB
BM
OJWFM
EFM
NBS
RVF
FO
MBT
NPOUB×BT
"
QSJODJQJPT
EF
WFSBOP
MB
MV[
67#
DSFDFO
NÈT
EFQSJTB
Z
RVF
QSPEVDFO
VO
SFOEJNJFOUP
NÈT
BMUP
FNQJF[B
B
BVNFOUBS
EF
JOUFOTJEBE
EFTEF
OJWFMFT
NVZ
CBKPT
BMSFEFEPS
EF
MBT

BN
"

MBT

BN
UJFOF
FM
EPCMF
EF
JOUFOTJEBE
Z
BMDBO[B
TV
NÈYJNP
FOUSF
MBT

Z
MBT

QN
-BT
QMBOUBT
TØMP
VTBO
$0
EVSBOUF
FM
QFSJPEP
EF
MV[
QPS
MP
RVF
FM
FOSJRVFDJNJFOUP
FT

DVBOEP
TV
JOUFOTJEBE
MMFHB
B
OJWFMFT
DBTJ
DVBUSP
WFDFT
NÈT
BMUPT
RVF
MPT
EF
MBT

BN
JOOFDFTBSJP
EVSBOUF
FM
DJDMP
EF
PTDVSJEBE
OPDIF

"
DPOUJOVBDJØO
WB
SFEVDJÏOEPTF
IBTUB
OJWFMFT
CBKPT
BMSFEFEPS
EF
MBT

QN
"
NFEJEB

RVF
MPT
EÓBT
EF
WFSBOP
WBO
BDPSUÈOEPTF
MPT
QFSJPEPT
EF
QJDP
UBNCJÏO
TF
BDPSUBO
QPS

MP
RVF
FM
DJDMP
EF

IPSBT
TF
BDPSUB
IBTUB
VOBT

IPSBT
EF
NÈYJNB
MV[
67#
B
GJOBMFT
EF

BHPTUP
%FTQVÏT
B
QBSUJS
EF
GJOBMFT
EF
BHPTUP
P
TFQUJFNCSF
TV
JOUFOTJEBE
FNQJF[B
B

DBFS
EF
GPSNB
BDVTBEB 1PMJOJ[BDJØO
-PT
DPHPMMPT
NÈT
QPUFOUFT
EF
FYUFSJPS
TF
QSPEVDFO
DVBOEP
MBT
QMBOUBT
GMPSFDFO
Z
NBEV {$VÈOUP
UBSEB
FO
PDVSSJS
MB
QPMJOJ[BDJØO
EFTEF
RVF
FM
QPMFO
FOUSB
FO
DPOUBDUP

SBO
EVSBOUF
FTUF
QFSJPEP
"VORVF
OP
FTUFNPT
JOUFOUBOEP
EVQMJDBS
MBT
DPOEJDJPOFT
BM
BJSF
DPO
FM
FTUJHNB
MJCSF
QPEFNPT
UPNBSMBT
DPNP
HVÓB
-BT
QMBOUBT
EFCFSÓBO
SFDJCJS
MV[
67
EVSBOUF
VOBT
.BSJBWJUUPSJB
PDIP
IPSBT
EJBSJBT
B
MP
MBSHP
EF
UPEP
FM
QFSJPEP
EF
GMPSBDJØO
$VBOEP
TF
PCTFSWBO
BVNFOUBEPT
MPT
FTUJHNBT
EF
MBT
GMPSFT
GFNFOJOBT
TPO
NVZ
QBSFDJ
&YJTUFO
WBSJBT
GVFOUFT
EF
MV[
67
-BT
MÈNQBSBT
EF
IBMPHFOVSP
NFUÈMJDP
FNJUFO
VO
QPSDFO EPT
B
QJODFMFT
1FRVF×PT
QFMPT
TPCSFTBMFO
EFM
UVCP
IVFDP
-PT
QJODFMFT
SBTUSFBO
FM
BJSF

UBKF
QFRVF×P
EF
TV
MV[
FO
FM
FTQFDUSP
67#
-BT
MÈNQBSBT
QBSB
SFQUJMFT
FNJUFO
VO

EF
FO
NPWJNJFOUP
QBSB
IBMMBS
HSBOPT
EF
QPMFO
EF
DBOOBCJT
$BEB
GMPS
UJFOF
EPT
FTUJHNBT

TV
QPUFODJB
DPNP
MV[
67#
MB
DVBM
FT
OFDFTBSJB
QBSB
RVF
MPT
SFQUJMFT
UFOHBO
CVFOB
TBMVE 6OP
FTUÈ
DPOFDUBEP
BM
FNCSJØO
Z
FM
PUSP
DPOFDUB
DPO
FM
NBUFSJBM
HFOÏUJDP
EF
MB
GMPS
RVF

GPSNB
FM
FOEPFTQFSNB
FM
DVBM
FTUÈ
BMPKBEP
FO
MB
TFNJMMB
DPO
FM
FNCSJØO
-B
GVFOUF
NÈT
FGJDJFOUF
EF
MV[
67#
TPO
MBT
MÈNQBSBT
EF
CSPODFBEP
)BZ
NVDIPT

NPEFMPT
EF
MÈNQBSB
RVF
EJGJFSFO
FO
MPT
QPSDFOUBKFT
Z
MB
QPUFODJB
EF
MB
MV[
67"
Z
67#
5BO
QSPOUP
DPNP
VO
HSBOP
EF
QPMFO
EF
DBOOBCJT
BUFSSJ[B
FT
HVJBEP
IBDJB
FM
JOUFSJPS
EFM

-PT
SBZPT
67"
OP
QBSFDFO
BGFDUBS
B
MBT
QMBOUBT
P
BM
DSFDJNJFOUP
WFHFUBM
QPS
MP
RVF
TV
FTUJHNB
&M
FTUJHNB
TF
DJFSSB
WPMWJÏOEPTF
JSSFDFQUJWP
QBSB
DVBMRVJFS
QPMFO
BEJDJPOBM

QSFTFODJB
FT
EF
QPDP
JOUFSÏT
P
CFOFGJDJP
QBSB
OPTPUSPT
-PT
NPEFMPT
EF
MÈNQBSB
EF
CSPO &TUP
UJFOF
MVHBS
FO
QPDPT
NJOVUPT
EFTEF
MB
UPNB
EF
DPOUBDUP
&M
FTUJHNB
FNQJF[B
B

DFBEP
RVF
TF
BOVODJBO
QPS
TV
DBQBDJEBE
QBSB
QSPEVDJS
VO
CSPODFBEP
JOUFOTP
TPO
MPT
TFDBSTF
VO
QSPDFTP
RVF
UBSEB
QPDPT
EÓBT
FO
DPNQMFUBSTF

RVF
FNJUFO
NÈT
MV[
67#
#VTDB
MÈNQBSBT
RVF
QSPEV[DBO
MB
NÈYJNB
DBOUJEBE
EF
SBZPT

67#
QPS
WBUJP
5PEBT
FTUBT
MÈNQBSBT
TPO
EF
CBKB
QSFTJØO
Z
TF
QBSFDFO
B
MPT
UVCPT
GMVPSF 6OB
WF[
EFOUSP
EFM
UVCP
FM
NBUFSJBM
HFOÏUJDP
FT
HVJBEP
B
USBWÏT
EFM
UVCP
IBTUB
FM
PWBSJP

TDFOUFT
-PT
UVCPT
SFRVJFSFO
CBMBTUPT
Z
MVNJOBSJBT
FTQFDJBMFT
TJNJMBSFT
B
MPT
RVF
TF
VTBO
P
FM
FOEPTQFSNB
&M
PWBSJP
BMCFSHB
MB
DPOUSJCVDJØO
HFOÏUJDB
GFNFOJOB
B
MB
TFNJMMB
&M

QBSB
GMVPSFTDFOUFT FNCSJØO
Z
FM
FOEPTQFSNB
TPO
OVUSJEPT
QPS
MB
QMBOUB
-B
GPSNBDJØO
EF
MB
TFNJMMB
TVFMF

DPNQMFUBSTF
FO
VO
QMB[P
EF
EPT
B
USFT
TFNBOBT
$VBOEP
DPNJFO[B
MB
HFSNJOBDJØO
FM

&NQJF[B
VTBOEP
VOPT

WBUJPT
QPS
NFUSP
DVBESBEP FOEPTQFSNB
TJSWF
EF
GVFOUF
EF
OVUSJFOUFT
QBSB
FM
FNCSJØO
FO
DSFDJNJFOUP
 
&MBCPSBDJØO
EF
DFSWF[B
FO
FM
DVBSUP
EF
DVMUJWP {$ØNP
EF
HSBOEF
{$VÈOUP
&MBCPSP
DFSWF[B
FO
FM
NJTNP
DVBSUP
RVF
UFOHP
NJ
KBSEÓO
FM
DVBM
DVFOUB
DPO
VOB
7JWP
FO
.JDIJHBO
FM
EFDJNPUFSDFS
FTUBEP
EF
&&66
FO
RVF
TF
MFHBMJ[Ø
MB

MÈNQBSB
EF

WBUJPT
EF
IBMPHFOVSP
NFUÈMJDP
{4J
TJUÞP
FM
WFOUJMBEPS
EF
FOUSBEB
NBSJIVBOB
NÏEJDB
&TUPZ
QMBOJGJDBOEP
VO
DFOUSP
FO
FM
DVBM
QVFEBO
DVMUJWBS

RVF
IBDF
DJSDVMBS
BJSF
FO
FM
KBSEÓO
KVOUP
B
MPT
DPOUFOFEPSFT
EF
GFSNFOUBDJØO
MMF MFHBMNFOUF
TV
NBSJIVBOB
NÏEJDB
MPT
QBDJFOUFT
Z
DVJEBEPSFT
&M
OÞNFSP
NÈYJ
WBSÈ
FM
$0
B
MBT
QMBOUBT
-PT
DPOUFOFEPSFT
EF

MJUSPT
FTUÈO
KVTUP
EFCBKP
EF
MBT
NP
EF
QMBOUBT
RVF
QVFEF
UFOFS
DBEB
QBDJFOUF
FT

Z
FM
OÞNFSP
NÈYJNP
EF

QMBOUBT
MBT
DVBMFT
TF
FODVFOUSBO
FO
VO
BSNBSJP
EF

Y

Y

DN
&TUPZ
VTBO QBDJFOUFT
RVF
QVFEF
UFOFS
VO
DVJEBEPS
FT

JODMVZFOEP
BM
DVJEBEPS
NJTNP

EP
VO
JOUSBDUPS
$..
EF

DN
FO
MB
FTRVJOB
JOGFSJPS
J[RVJFSEB
EFM
BSNBSJP
Z
VO
{$ØNP
EF
HSBOEF
EFCFSÓB
TFS
DBEB
DVBSUP
EF
DVMUJWP
FYUSBDUPS
$..
EF

DN
DPOFDUBEP
B
VO
GJMUSP
EF
DBSCØO
FO
MB
FTRVJOB
TVQFSJPS
"+BY
1SNF
J[RVJFSEB
&M
BJSF
DJSDVMB
FO
FM
BSNBSJP
HSBDJBT
B
VO
QFRVF×P
WFOUJMBEPS
PTDJMBOUF
FM

DVBM
TF
FODVFOUSB
B

DN
QPS
FODJNB
EFM
JOUSBDUPS 4J
OP
IBZ
VO
MÓNJUF
EF
UBNB×P
QBSB
MBT
QMBOUBT
FM
KBSEÓO
NÈT
FGJDJFOUF
IB
EF
TFS
BRVÏM

+VMJBO RVF
UFOHB
MBT
QMBOUBT
EF
NBZPS
UBNB×P
1PS
FKFNQMP
FO
0SFHØO
EPOEF
IBZ
VOB
MFZ

QBSFDJEB
TFJT
QMBOUBT
QPS
QBDJFOUF

OP
FT
SBSP
RVF
DBEB
QMBOUB
FO
GMPSBDJØO
FTUÏ
JMVNJ
&M
QSPDFTP
EF
FMBCPSBDJØO
EF
MB
DFSWF[B
DPOTJTUF
FO
RVF
MB
MFWBEVSB
DPOTVNB
B[ÞDBS
OBEB
QPS
TV
QSPQJB
MÈNQBSB
EF

WBUJPT
BM
BDFSDBSTF
MB
NBEVSF[
%F
FTUB
GPSNB
TF
MJCFSBO
BMDPIPM
Z
EJØYJEP
EF
DBSCPOP
$0

"
UFNQFSBUVSB
BNCJFOUF

MBT
MFWBEVSBT
FTUÈO
BDUJWBT
EVSBOUF
BMSFEFEPS
EF
USFT
EÓBT
IBTUB
RVF
TF
BDBCB
FM
B[ÞDBS
&O
VO
KBSEÓO
UÓQJDP
EF
VO
TØMP
QBDJFOUF
MBT
QMBOUBT
TF
DVMUJWBO
EF
NBOFSB
WFHFUBUJWB

%FTBGPSUVOBEBNFOUF
UPEP
FM
$0
RVF
TF
MJCFSB
EVSBOUF
FM
QFSJPEP
EF
PTDVSJEBE
OP
EVSBOUF
USFT
P
DVBUSP
NFTFT
Z
FOUPODFT
TF
QPOFO
B
GMPSFDFS
EVSBOUF

TFNBOBT
4F

SFTVMUB
ÞUJM
QBSB
MBT
QMBOUBT
QPSRVF
TØMP
MP
VUJMJ[BO
NJFOUSBT
UJFOF
MVHBS
MB
GPUPTÓOUFTJT
QPEBO
QBSB
RVF
QSPEV[DBO
NÈT
SBNBT
Z
QBSB
FWJUBS
RVF
TF
IBHBO
BMUBT
EVSBOUF
FM
QFSJPEP
DPO
MV[
4J
VOB
QFSTPOB
UVWJFSB
VO
KBSEÓO
WFHFUBUJWP
EF
VOPT

Y

DN
 
NFUSPT

4J
MB
FNJTJØO
EF
$0
TF
QSPEVDF
DFSDB
EF
MB
DPSSJFOUF
EF
FOUSBEB
ÏTUF
TF
JODPSQPSBSÈ
BM
DVBESBEPT

JMVNJOBEP
QPS
VOB
MÈNQBSB
EF

WBUJPT
QPESÓB
BMCFSHBS
USFT

BJSF
FO
EJSFDDJØO
B
MB
DBOPQJB
EF
MBT
QMBOUBT
&TUP
BVNFOUBSÈ
FM
OÞNFSP
EF
QBSUFT
QPS
P
DVBUSP
QMBOUBT
FO
EJWFSTBT
GBTFT
EF
DSFDJNJFOUP
WFHFUBUJWP
EFTEF
FM
FTUBEP

NJMMØO
QQN

EF
$0
RVF
IBZ
FO
FM
BJSF
BNCJFOUBM
EF
MBT
QMBOUBT QPTUFSJPS
B
MB
DMPOBDJØO
IBTUB
MB
QSFGMPSBDJØO
-B
TFDDJØO
QBSB
GMPSBDJØO
DPOTJTUF

FO
VOB
MÈNQBSB
EF

WBUJPT
P
USFT
EF

WBUJPT
FO
VO
ÈSFB
BQSPYJNBEB
EF

&M
$0
FYUSB
BVNFOUB
VO
QPDP
FM
SJUNP
EF
MB
GPUPTÓOUFTJT
4JO
FNCBSHP
TJ
FM
KBSEÓO
FTUV 
Y

DN

NFUSPT
DVBESBEPT

/PSNBMNFOUF
BMPKB
EPT
P
USFT
QMBOUBT
$BEB

WJFSB
TVQMFNFOUBEP
DPO
$0
EF
CPUFMMB
QBSB
RVF
MBT
QQN
FYDFEJFSBO
BNQMJBNFOUF
MPT
NFT
TF
FNQJF[B
DPO
VOB
QMBOUB
PUSB
QMBOUB
TF
QBTB
EFM
DVBSUP
EF
DSFDJNJFOUP

OJWFMFT
BNCJFOUBMFT
FM
DSFDJNJFOUP
EF
MBT
QMBOUBT
TF
BDFMFSBSÓB



BM
EF
GMPSBDJØO
Z
TF
DPTFDIB
VOB
UFSDFSB

&TUF
FTQBDJP
FNQMFB
VO
UPUBM
EF

WBUJPT
EF
JMVNJOBDJØO
BQSPYJNBEBNFOUF
$POTJTUF

FO
EPT
FTQBDJPT
EF
DVMUJWP
MPT
DVBMFT
PDVQBO
VO
UPUBM
EF
 
NFUSPT
DVBESBEPT

$PNP
QVFEFT
DVMUJWBS

QMBOUBT

WFDFT
MB
DBOUJEBE
RVF
QVFEF
DVMUJWBS
VO
TØMP

QBDJFOUF
FO
0SFHØO
UJFOFT
MB
PQPSUVOJEBE
EF
BVNFOUBS
MB
FTDBMB
&M
KBSEÓO
WFHFUBUJWP

DPOTJTUJSÈ
FO

MÈNQBSBT
Z
FM
DVBSUP
EF
GMPSBDJØO
UFOESÈ

0DVQBSÈO
VO
FTQBDJP
EF

DBOPQJB
EF

Z

NFUSPT
SFTQFDUJWBNFOUF
$BEB
TFNBOB
TF
FNQF[BSÈ
DPO
USFT
QMBO
UBT
Z
TF
DPTFDIBSÈO
PUSBT
USFT

0USB
QPTJCJMJEBE
RVF
QPESÓB
SFTVMUBS
NÈT
FGJDJFOUF
TFSÓB
SFHFOFSBS
MBT
QMBOUBT
VOB
WF[

QPS
MP
NFOPT
EFTQVÏT
EF
SFUJSBS
MB
NBZPSÓB
EF
MBT
GMPSFT
BM
DPTFDIBS
QFSP
EFKBOEP
BMHV
OBT
1PO
MB
QMBOUB
EF
OVFWP
FO
FM
DVBSUP
EF
DSFDJNJFOUP
DPO
MV[
DPOUJOVB
&O
USFT
TFNB
OBT
QPESÈT
WFS
DSFDJNJFOUP
OVFWP
%PT
P
USFT
TFNBOBT
NÈT
UBSEF
IBCSÈ
UBM
QSPGVTJØO
EF

DSFDJNJFOUP
OVFWP
RVF
IBCSÈ
RVF
FMJNJOBS
BMHVOBT
SBNBT
QBSB
RVF
FM
DSFDJNJFOUP
GMPSBM

QVFEB
DPODFOUSBSTF
FO
NFOPT
SBNBT
QSPEVDJFOEP
VO
OÞNFSP
NFOPS
EF
DPHPMMPT
QFSP

NÈT
HSBOEFT

-B
WFOUBKB
EF
FTUB
UÏDOJDB
FT
RVF
SFEVDF
B
MB
NJUBE
FM
UJFNQP
RVF
TF
UBSEB
FO
DPOTFHVJS

PUSB
QMBOUB
HSBOEF
MJTUB
QBSB
GMPSFDFS
QPS
MP
RVF
QVFEF
QBTBS
FO
GMPSBDJØO
VOB
NBZPS

QBSUF
EF
TV
WJEB
&O
WF[
EF
QBTBS
UPEP
FTF
UJFNQP
EFTBSSPMMBOEP
TV
JOGSBFTUSVDUVSB
QBSB

VTBSMB
VOB
TØMB
WF[
MB
QMBOUB
UJFOF
MB
PQPSUVOJEBE
EF
SFOPWBS
TV
FTUSVDUVSB
WBSJBT
WFDFT

BOUFT
EF
TFS
SFUJSBEB
"VORVF
FTUB
UÏDOJDB
OP
FT
NVZ
VTBEB
FO
JOUFSJPS
QPS
MPT
DVMUJWB
EPSFT
TÓ
RVF
TVFMF
VTBSTF
B
NFOVEP
FO
FYUFSJPS
-BT
QMBOUBT
EF
JOUFSJPS
ZB
DPTFDIBEBT

TVFMFO
TBDBSTF
GVFSB
B
QSJODJQJPT
EF
WFSBOP
-BT
QMBOUBT
SFWFHFUBO
Z
GMPSFDFO
FO
PUP×P






"
4J
MBT
QMBOUBT
SFDJCFO

IPSBT
EF
MV[
OP
GMPSFDFO
#
4J
FM
DJDMP
EF
MV[
TF
JOUFSSVNQF

DPO
VO
QFSJPEP
EF
PTDVSJEBE
MBT
QMBOUBT
OP
GMPSFDFSÈO
$
$VBOEP
MBT
QMBOUBT
SFDJCFO
$PO
FM
VTP
EF
FTUB
UÏDOJDB
TF
VUJMJ[BSÓBO
NÈT
MVDFT
Z
VOB
NBZPS
QBSUF
EFM
FTQBDJP
QBSB


P
NÈT
IPSBT
EF
PTDVSJEBE
JOJOUFSSVNQJEB
GMPSFDFO
%
$VBOEP
TF
JOUFSSVNQF
FM
MBT
QMBOUBT
FO
GBTF
EF
GMPSBDJØO

QFSJPEP
EF
PTDVSJEBE
MBT
QMBOUBT
OP
GMPSFDFO
 





!







&
"#
!!$
*"!"$
)
"#
#'!%$
+

 !








 

EEE/;/H=<1=;
EEE/;/H=<1/
EEE/;/H=<1=C9
EEE/;/H=<23
"=@53A
A7;>:3
3/AG
5C723
A6=EA
;3@71/<
/</27/<
/<2
EEE/;/H=<4@
C@=>3/<
B316<7?C3A
B=
5@=E
B63
;/F7;C;
G73:2
=4
B63
EEE/;/H=<8>
;=AB
>=B3<B
1/<</07A
>=AA70:3L7<1:C27<5
E339
0G
E339

>6=B=
0/A32
7<AB@C1B7=<A
B=
5@=E
/

E339
1@=>
4@=;

  
A332
/<2
/

E339
1@=>
=4
1:=<3A
D3<
N@AB
B7;3@A
/@3
#(%



5C/@/<B332
/
63/DG
6/@D3AB B3:



 
<5:7A6
31=;3
/<
3F>3@B
=<
5@=E
@==;
/<2
7<B3@<3B
A31C@7BG
,%#!
##
#!$"*

43;7<7H32
A332A
A332:7<5A
1:=<7<5
;=B63@
>:/<BA
A>=BB7<5




;/:3
/<2
43;/:3
>:/<BA
3/@:G
>3/9
IA7<A3;7::/J
6/@D3AB
/<2

;/<71C@7<5
2@G7<5
/<2
1C@7<5
G=C@
1@=>
4=@
67563AB
>=B3<1G %!"*, %#)
"
% "

 



CG
=<:G
B63
5@=E
53/@
G=C
<332L6G2@=>=<71A
/<2
A=7:

$
!

$
:756BA
&M
;3B3@A
4/<A
/<2
N:B3@ALB=

=C@
(!*
(
&(()
;/F7;7H3
G=C@
6/@D3AB
3A75<
/<2
A3B
C>
G=C@
5@=E
@==;
+)
&%$.




E7B6
AC>>:73A
4@=;
G=C@
:=1/:
6/@2E/@3
AB=@3
/<2
5/@23<

=C@
%!%
&(()
13<B3@
':CA
B@=C0:3A6==B
>@=0:3;A
/<2
1=<B@=:
1=;;=<
B3:



 
>3ABA
/<2
27A3/A3A

F

7<163A

F

1;






  
 
/>>3<27F
7<23F "'
"#!
!)%




 D/:=<
-6=:3A/:3
E6=:3A/:3/D/:=<63/2A6=>1=C9



 (&'% %!"*)'+% "


 @=E
7<
3@:7<

!""#&%""#
6BB>EEE5@=E
7<
03@:7<23
  
#"(#$

 
%/16BA16/BB3<
,3@:/5
)
"#
#'!%$
EEE</16BA16/BB3<16

%




$"' *#%'(
 



,/<
'/BB3<
27B=@/:
)$
EEE;/@78C/</5@=E7<51=;
I=<B/1B
+AJ

F

7<163A

F

1;








 1=C<B:3AA
16/@BA

5@/>6A
'% "& (!#%'%"

>:CA
23B/7:32
5:=AA/@G
/<2
7<23F # 


(%#$
!)%




 

" 
#C:C
*@/27<5
*63
74B6
27B7=<
 
7A
B63

;/@78C/</
5@=E
070:3
E7B6



6BB>EEE9C:CB@/27<51=;
/::
B63
03AB
1/<</07A
5@=E
7<4=@;/B7=<L5@33<6=CA3A

"

/<2
=CB2==@
5@=E7<5
A332A
A332:7<5A
D353B/B7D3
5@=EB6

$ 

#!$ '
# & 
&'
'
1:=<7<5
O=E3@7<5
0@3327<5
/<2
6/A6
5@=E
@==;
23A75<
EEE;/@78C/</5@=E7<51=;
/<2
1=<AB@C1B7=<
B==:A
43@B7:7H3@AK
3D3@GB67<5 I=<B/1B
+AJ
(6¶"
%&
7"3*&%"%&4

.F
QBTBSPO

GFOPUJQPT
TFMFDDJPOBEPT
QPS
VO
TPDJP
QBSB
4F
MMFWØ
B
DBCP
NVZ
EFTQBDJP
B
MP
MBSHP
EF

TFNB
"GHIBOJ

RVF
IJDJFSB
VO
DVMUJWP
EF
QSVFCB
Z
MF
BZVEBSB
B
FODPO
USBS
FM
NFKPS
GFOPUJQP
1VTF

DMPOFT
VOP
EF
DBEB
GFOP
OBT
Z
MVFHP
TF
QBTØ
B
IVNJEPSFT
DVBOEP
MBT
SBNBT
TF

RVFCSBCBO
DPO
GBDJMJEBE
&TUP
NBOUJFOF
FO
MPT
DPHPMMPT

4FFETNBO
TFFET

UJQP
FO
VO
TJTUFNB
%8$
DPO

DVCBT
DPOFDUBEBT
-PT
HSBO
QBSUF
EF
MPT
BDFJUFT
6O
TFDBEP
SÈQJEP
FTUSPQFBSÓB

TJUVÏ
EFCBKP
EF
VOB
NBMMB
HSBOEF
EF
BMBNCSF
MPT
UVUPSÏ
FM
TBCPS
BTÓ
DPNP
TV
FTUVQFOEP
PMPS

TFNBOBT
FO
MB

QPS
MB
NBMMB
NBMMB
WFSEF
o
4$30(

Z
MPT
GMPSFDÓ
DVBOEP
DBKB
WJHJMÈOEPMPT
Z
BJSFÈOEPMPT
VOB
WF[
B
MB
TFNBOB
QPS


1PS
1BMJOESPNF

MMFOBCBO
FM

EF
MB
NBMMB
DPNP
NÓOJNP
"GHIBOJ

FT
MP
NFOPT
"IPSB
MB
ZFSCB
FTUÈ
MJTUB
QBSB
EJTGSVUBSMB
Z
RVF

VOB
*OEJDB
QVSB
Z
QBSFDÓB
TFS
MFOUB
FO
WFHFUBUJWP
QPS
MP
PT
EFKF
B
UJ
Z
B
UVT
NFKPSFT
DPMFHBT
QMBODIBEPT
FO
FM
TPGÈ

&OUPSOP


Y

8
"14
RVF
FT
NFKPS
DVMUJWBS
FTUB
WBSJFEBE
FO
NBS
WFSEF
40(
 TJ
FT
RVF
OP
BDBCBO
FO
FM
TVFMP
4J
TF
EFKB
RVF
FTUB
WBSJF
.ÏUPEP

NBMMB
WFSEF
EBE
NBEVSF
EF
GPSNB
BEFDVBEB
IBSÈ
RVF
UV
TPGÈ
Z
UÞ
PT

.FEJP

DVMUJWP
FO
BHVB
%8$
5SBT
VO
MBSHP
QFSJPEP
EF

EÓBT
DPO

IPSBT
EF
MV[
MB
IBHÈJT
NVZ
BNJHPT
/P
TF
USBUB
EF
VO
IVNP
QBSB
FM
EÓB

NBMMB
FTUBCB
DVCJFSUB
BM

Z
DBNCJÏ
B

&M
UVUPSB FO
DBTP
EF
TFS
GVNBEPSFT
MJHFSPT
&T
GBOUÈTUJDB
QBSB
FTPT

/VUSJFOUFT
EF
DSFDJNJFOUP


/1,



EP
TJHVJØ
EVSBOUF
PUSB
TFNBOB
NÈT
P
NFOPT
"
QBSUJS
EF
GVNFUBT
B
MPT
RVF
MFT
HVTUB
VO
NBOPUB[P
FO
MB
DBCF[B
RVF

NJDSPFMFNFOUPT FOUPODFT
EFKÏ
RVF
MBT
QMBOUBT
DSFDJFSBO
B
TV
BJSF
EJSJHJÏO MFT
IBHB
EPSNJS
UPEB
MB
OPDIF
)F
NBOUFOJEP
FTUB
QMBOUB

/VUSJFOUFT
EF
GMPSBDJØO


(FOFSBM
)ZESPQPOJDT
FO
EPTF
IBDJB
MBT
MVDFT
-PT
DMPOFT
SFDJCJFSPO
/1,


EVSBOUF
NVDIP
UJFNQP
Z
BÞO
MB
DVMUJWP
EFGJOJUJWBNFOUF

USFT
QBSUFT

TBMFT
&QTPN NJDSPFMFNFOUPT

Q)
EPXO
)10

DPO
VOB
&$
EF
 
VOB
QMBOUB
B
NBOUFOFS
Z
RVF
NFSFDF
MB
QFOB
QSPCBS


5JFNQP
EF
DSFDJNJFOUP


EÓBT -BT
QMBOUBT
DVMUJWBEBT
SFDJCJFSPO
VOB
TPMVDJØO
OVUSJFOUF

5JFNQP
EF
GMPSBDJØO


EÓBT
DPO
VOB
&$
EF
  
EVSBOUF
MB
GMPSBDJØO
&OKVBHVÏ
MBT

&TUSVDUVSB
EF
MB
QMBOUB

BSCVTUJWB
*OEJDB QMBOUBT
MPT
ÞMUJNPT

EÓBT
MJTUBT
QBSB
MB
DPTFDIB
FO


TFNBOBT
3FTVMUBSPO
GÈDJMFT
EF
DVMUJWBS
IBTUB
FM
QVOUP

&TUSVDUVSB
EFM
DPHPMMP

CVFOBT
DPMBT
QSJFUBT
EF
QFSNJUJS
FSSPSFT
BTÓ
RVF
FTUB
WBSJFEBE
OP
FT
VOB
NBMB

"SPNB

PMPS
Z
TBCPS
NVZ
EVMDFT
FMFDDJØO
JODMVTP
QBSB
MPT
DVMUJWBEPSFT
JOFYQFSUPT



&GFDUP


NVZ
QPUFOUF
FNCSJBHVF[
DPSQPSBM

QFTBEB
QVSP
*OEJDB &M
TFDBEP
UVWP
MVHBS
FO
VO
FOUPSOP
B

P$
DPNQMFUB
3FOEJNJFOUP

CVFO
SFOEJNJFOUP NFOUF
B
PTDVSBT
DPO
VOB
IVNFEBE
NPEFSBEB
Z
HSBO

DBOUJEBE
EF
NPWJNJFOUP
EF
BJSF
QBSB
FWJUBS
FM
NPIP

&M
NÏUPEP
EF
DVMUJWP
GVF
FO
TVTUSBUP
PSHÈOJDP
DPO
3ÈQJEB
FTUBCMF
GVFSUF
Z
GÈDJM
EF
DVMUJWBS
&TUB
QMBOUB

-PX3ZEFS




EF
QFSMJUB
Z

EF
FTUJÏSDPM
EF
DBCBMMP
Z
B×BEÓ

VOB
DVDIBSBEB
EF
DBMJ[B
EPMPNJUB
QBSB

MJUSPT
EF

QSPEVKP
VO
NPOUØO
EF
SFTJOB
DPO
MB
IBCJUBDJØO
B


P$
Z
ZB
TBCFNPT
RVF
B
-PXSZEFS
MF
HVTUB
MB
UFN
+PJOU%PDUPS


TVTUSBUP
PSHÈOJDP
(FSNJOBEB
FO
NBDFUB
EF
 
MJUSPT
QFSBUVSB
NÈT
CBKB
&M
ÞMUJNP
EFUBMMF
RVF
EFTDVCSÓ
FT

CBKP

GMVPSFTDFOUFT
EF

8
Z
DPO
VO
GPUPQFSJPEP
RVF
'JOBM
1IBTF
EF
"EWBODFE
/VUSJFOUT
MF
BQPSUØ
VO

EF

IPSBT
-B
QSJNFSB
GMPS
BQBSFDJØ
B
MPT

EÓBT
CVFO
PMPS
BGSVUBEP
B
MB
QMBOUB
FO
WF[
EFM
PMPS
B
USVGB


1PS
'J%J#PU
EF
DSFDJNJFOUPGMPSBDJØO
5SBTQMBOUF
1SJNFSB
JOVO EF
MPT
DVMUJWPT
BOUFSJPSFT




EBDJØO
DPO
OVUSJFOUFT
Z
USBTMBEP
CBKP
"14
EF

8

&OUPSOP


Y

8
GMVPSFTDFOUF


8
"14
DPO
GPUPQFSJPEP

-B
SFTJOB
FNQF[Ø
B
TFS
WJTJCMF

.ÏUPEP

NJDSPDVMUJWP
DFSDB
EFM
EÓB

%PZ
MPT
ÞMUJNPT
OVUSJFOUFT
FM
EÓB


.FEJP

UJFSSB Z
FNQJF[P
DPO
FM
FOKVBHVF
GJOBM
FM
EÓB

/VUSJFOUFT


()&
USJQBDL
)FTJ
4VQFS
7JU

$PNP
VO
SFMPK
TVJ[P
MB
QMBOUB
FTUBCB
MJTUB
B
MPT

EÓBT

$BOOB[ZN
"EWBODFE
/VUSJFOUT

EFTEF
TFNJMMB
&O
UPUBM

EPTJT
EF
OVUSJFOUFT
()&

'JOBM
1IBTF
()&
Q)
MÓRVJEP    
NM
QPS
MJUSP

VOB
WF[
DPO
$BOOB[ZN
VOB

5JFNQP
EF
DSFDJNJFOUP

OJOHVOP WF[
DPO
4VQFS
7JU
Z
MB
ÞMUJNB
WF[
DPO
$BOOB[ZN


5JFNQP
EF
GMPSBDJØO


EÓBT
EFTEF
TFNJMMB
4VQFS
7JU
-B
BMUVSB
GJOBM
GVF

DN

&TUSVDUVSB
EF
MB
QMBOUB

VO
TØMP
DPHPMMP

&TUSVDUVSB
EFM
DPHPMMP

FM
QJUP
EF
3PDDP
4JGGSFEJ &O
VOB
TFNBOB
EF
DVSBEP
ZB
FTUBCB
MJTUB
QBSB
FM
HSJO
"SPNB

MJHFSBNFOUF
BGSVUBEP EFS
OP
UFOÓB
OBEB
QBSB
GVNBS
NJFOUSBT
TF
DVSBCB

"TÓ
RVF
OBEB
EF
DVSBEP

&M
IVNP
FT
MJHFSBNFOUF

&GFDUP


SFMBKBOUF
DPO
VOB
MJHFSB
TVCJEB
FO

BGSVUBEP
3FMBKB
FM
DVFSQP
Z
QSPQPSDJPOB
VOB
TVCJEB

MB
DBCF[B MJHFSB
1FSGFDUB
QBSB
GVNBS
UPEP
FM
EÓB
QFSP
OP
QBSB

3FOEJNJFOUP


HS FM
JOTPNOJP
0CUVWF

HS
EF
GMPSFT
TFDBT

MVNÓOJDP
3FMMFOBCB
FM
EFQØTJUP
EPT
WFDFT
B
MB
TFNBOB
TJMMØO
BVORVF
SFTVMUB
TFODJMMP
TVDVNCJS
B
MB
QFSTVBTJØO

1JOF
0




&OKVBHVÏ
MBT
QMBOUBT
EVSBOUF

EÓBT
Z
FTUBCBO
MJTUBT

QBSB
MB
DPTFDIB
USBT

TFNBOBT
EF
GMPSBDJØO
&M
TFDBEP

EF
GVNBS
PUSP
QVSJUP
EF
FTUB
ZFSCB
4J
DVMUJWBT
QPS
FM
TBCPS

Z
MB
SFTJOB
FTUB
QMBOUB
FT
EJHOB
EF
TFS
DPOTFSWBEB
EF
MB

8BMMZEVDL
4FFET
"VTUSBMJB



UVWP
MVHBS
FO
VO
FOUPSOP
B

P$
DPNQMFUBNFOUF
B
ZFSCB
RVF
IF
GVNBEP
FT
VOP
EF
NJT
IÓCSJEPT
GBWPSJUPT
PTDVSBT
DPO
VOB
IVNFEBE
NPEFSBEB
Z
HSBO
DBOUJEBE
EF

NPWJNJFOUP
EF
BJSF
QBSB
FWJUBS
FM
NPIP
4F
MMFWØ
B
DBCP
&OUPSOP


8
"14


1PS
1BMJOESPNF
EFTQBDJP
B
MP
MBSHP
EF

TFNBOBT
Z
MVFHP
TF
QBTØ
B

.ÏUPEP

NBS
WFSEF

IVNJEPSFT
DVBOEP
MBT
SBNBT
TF
RVFCSBCBO
DPO
GBDJMJEBE

8BMMZEVDL
NF
EJP
FTUBT
TFNJMMBT
DVBOEP
MF
WJTJUÏ
&TUP
NBOUJFOF
FO
MPT
DPHPMMPT
HSBO
QBSUF
EF
MPT
BDFJUFT
.FEJP

%8$
SFDJSDVMBOUF
EF

-

FO
"VTUSBMJB
FO

"M
WPMWFS
B
DBTB
HFSNJOÏ
MBT
FOUÏSJDPT
6O
TFDBEP
SÈQJEP
QVFEF
FTUSPQFBS
FM
TBCPS
BTÓ
/VUSJFOUFT


(FOFSBM
)ZESPQPOJDT
FO

QBSUFT


TFNJMMBT
TFYÏ
MBT
QMBOUBT
Z
MBT
DMPOÏ
-PT
DMPOFT
EF
DPNP
FM
NBHOÓGJDP
PMPS

TFNBOBT
FO
MB
DBKB
WJHJMÈO TBMFT
&QTPN
MBT
IFNCSBT
TFMFDDJPOBEBT
TF
QVTJFSPO
FO
VOB
NFTB
EPMPT
Z
BJSFÈOEPMPT
VOB
WF[
B
MB
TFNBOB
QPS
MP
NFOPT 5JFNQP
EF
DSFDJNJFOUP


EÓBT
EF
DVMUJWP
FO
BHVB
SFDJSDVMBOUF
%8$

QBSB
NBS
WFSEF
&M
TBCPS
EF
FTUB
ZFSCB
NF
EFKØ
QBTNBEP
ZB
FO
"VTUSBMJB
5JFNQP
EF
GMPSBDJØO


EÓBT

DPO

DN
EF
EJTUBODJB
FOUSF
MPT
BHVKFSPT DVBOEP
UVWF
MB
TVFSUF
EF
QSPCBS
VO
IBDIÓT
BM
BHVB
EF
&TUSVDUVSB
EF
MB
QMBOUB

QSFEPNJOBODJB
*OEJDB
1JOF
0
Z
WFS
MB
[POB
EF
QSVFCBT
EF
JOUFSJPS
EF
8BMMZEVDL

&TUSVDUVSB
EFM
DPHPMMP


DPMBT
TFNJEFOTBT
P

-PT
DMPOFT
EF
1JOF
0
UVWJFSPO

IPSBT
EF
MV[
EVSBOUF

'VF
UPEP
VO
MVKP
QPEFS
WFS
VO
DVBSUP
MMFOP
DPO
UPEPT
TVT

EÓBT
1BTÏ
B
GMPSBDJØO
DVBOEP
ZB
NPTUSBCBO
VO
CVFO
DSF NBSBWJMMPTPT
IÓCSJEPT
B

EF
GMPSBDJØO
CBKP
MÈNQBSBT
MJHFSBNFOUF
FTQPOKPTBT
DJNJFOUP
Z
TVT
SBÓDFT
UFOÓBO
EF

8
)BZ
VO
QV×BEP
EF
GFOPUJQPT
FO
FTUF
DSVDF
"SPNB


GFOPUJQPT
QSJODJQBMNFOUF
DÓUSJDPT
P

VO
EFTBSSPMMP
DPSSFDUP
6OB
QFSP
FM
NÈT
BTPNCSPTP
FT
FM
RVF
UJFOF
TBCPS
B
QJ×B
&M
DPO
PMPS
B
QJ×B
WF[
BGJBO[BEBT
DSFDFO
B
CVFO
TBCPS
B
QJ×B
FT
NÈT
GVFSUF
Z
TF
QSFTFSWB
NFKPS
FO
GPSNB
&GFDUP


QPUFOUF
Z
EVSBEFSP
TVCJEB
DFSFCSBM

SJUNP
QFSP
TPO
VO
QPDP
EF
IBDIÓT
QFSP
DVBOEP
MPT
DPHPMMPT
TF
DVSBO
EF
NBOFSB
DPO
VOB
FNCSJBHVF[
DPSQPSBM

TFOTJCMFT
Z
OP
MB
WBSJFEBE
BEFDVBEB
FM
BSPNB
TF
NBOUJFOF
EVSBOUF
BMHÞO
UJFNQP

SFMBKBOUF
NF[DMB
*OEJDB4BUJWB
NÈT
GÈDJM
EF
DVMUJWBS
/BEB
-B
GVNBEB
SFWFMB
VO
IVNP
GBOUÈTUJDP
QBSB
UPEPT
MPT
EÓBT

3FOEJNJFOUP

QSPEVDDJØO
NFEJB
EF
FTDBQFT
EF
MV[
P
FTUSÏT
OP
UBO
QFTBEP
RVF
JNQJEB
RVF
WVFMWBT
B
MFWBOUBSUF
EFM

 
"SNBSJP
EF
DVMUJWP
2VJFSP
DVMUJWBS
FO
NJ
BSNBSJP
Z
IF
FTUBEP
MFZFOEP
UPEP

MP
RVF
TF
QVFEF
MFFS
TPCSF
DVMUJWP
EFTEF
IBDF
BMHÞO

UJFNQP
&TUPZ
EFDJEJEP
B
VTBS
NÏUPEPT
IJESPQØOJDPT

{.FSFDF
MB
QFOB
JOWFSUJS
FO
VOP
EF
FTPT
NVFCMFT
EF
DVM
UJWP
RVF
MMFWBO
UPEP
JODMVJEP
ZB
RVF
TPZ
JOFYQFSUP
{0

FTUBSÓB
CJFO
TJ
ÞOJDBNFOUF
DPNQSBSB
VO
TJTUFNB
IJESP
QØOJDP
Z
DPOTUSVZFSB
NJ
QSPQJP
FTQBDJP
EF
DVMUJWP
.F

FODBOUBSÓB
DVMUJWBS
VOB
)B[F
{1PESÓBT
SFDPNFOEBSNF

VOB
)B[F
QBSB
QSJODJQJBOUFT
#BCFM

:B
EJTQPOFT
EF
VO
BSNBSJP
Z
QBSFDF
RVF
IBT
IFDIP
MPT

EFCFSFT
4J
BERVJFSFT
VO
NVFCMF
EF
DVMUJWP
UFOESÈT
RVF

13&(6/5"4
JOTUBMBSMP
GVFSB
EFM
BSNBSJP
1SPCBCMFNFOUF
UF
JSÈ
CJFO
DPO

UV
BSNBSJP
TJFNQSF
RVF
DVFOUF
DPO
CVFOB
WFOUJMBDJØO
4J
OP

"
+03(& UJFOFT
VOB
TBMJEB
EF
WFOUJMBDJØO
QVFEFT
NBOUFOFS
BCJFSUB

MB
QVFSUB
GSPOUBM
QBSB
WFOUJMBS
TJFNQSF
RVF
OP
QPOHB
FO

SJFTHP
MB
TFHVSJEBE
EFM
DVMUJWP
+PSHF
$FSWBOUFT
FT
FM
BVUPS
EF
.BSJIVBOB
IPS
UJDVMUVSB
EFM
DBOOBCJT
o
-B
CJCMJB
EFM
DVMUJWB &M
TJHVJFOUF
QBTP
DPOTJTUF
FO
DPNQSBS
VO
TJTUFNB

EPS
NÏEJDP
EF
JOUFSJPS
Z
FYUFSJPS
.BSJIVBOB
IJESPQØOJDP
TFODJMMP
-PT
TJTUFNBT
EF
BMJNFOUBDJØO

o
$VMUJWP
FO
JOUFSJPS
.BSJIVBOB
FO
FYUFSJPS
TVQFSJPS
EF
DVMUJWP
FO
BHVB
Z
EF
JOVOEBDJØO
Z
ESFOBKF

o
$VMUJWP
EF
HVFSSJMMB
EJTQPOJCMFT
FO
DBTUFMMBOP
TFSÓBO
UVT
PQDJPOFT
NÈT
QSPEVDUJWBT
"TFHÞSBUF
EF

Z
FO
JOHMÏT

+PSHF
$FSWBOUFT
6MUJNBUF
(SPX
GPSSBS
FM
TVFMP
DPO
QMÈTUJDP
SFTJTUFOUF
QBSB
TPSUFBS
DVBM
RVJFS
BDDJEFOUF
RVF
QVFEB
QSPEVDJSTF



%7%
.BSJKVBOB
*OEPPST
'JWF
&BTZ
(BSEFOT
Z

+PSHFT
3Y
&TDSJCF
QBSB

SFWJTUBT
FO

JEJP 6OB
EF
NJT
GBWPSJUBT
/-

Y
)B[F
/P
QVFEP
BDPOTFKBSUF
RVF

NBT
-PT
MJCSPT
EF
+PSHF
FTUÈO
QVCMJDBEPT
FO
DVMUJWFT
OJOHVOB
WBSJFEBE
)B[F
QVSB
IBTUB
RVF
UFOHBT
BMHP

IPMBOEÏT
JOHMÏT
GSBODÏT
BMFNÈO
Z
DBTUFMMBOP
EF
FYQFSJFODJB
-BT
)B[F
QVSBT
TPO
UJRVJTNJRVJT
Z
UBSEBO

7JTJUB
XXXNBSJKVBOBHSPXJOHDPN
QBSB
NVDIP
NÈT
UJFNQP
FO
NBEVSBS
/-

Y
)B[F
NBEVSB
FO

4PTUÏO
MPT
BQBSBUPT
EF
WFOUJMBDJØO
DPO
DVFSEBT
FMÈTUJDBT
P

PCUFOFS
NÈT
JOGPSNBDJØO VOBT

TFNBOBT
DPO
VO
GPUPQFSJPEP

EF
EÓB
Z
OPDIF DPSSFBT
EF
MPOB
QBSB
BCTPSCFS
MBT
WJCSBDJPOFT
Z
SFEVDJS
FM
SVJEP

6O
BNJHP
NF
EJKP
RVF
&TUPZ
DVMUJWBOEP
FO
JOUFSJPS
QPS
QSJNFSB
WF[
5FOHP
VOBT
QPDBT

QMBOUBT
CVFOBT
EF
VO
NFT
EF
FEBE
NÈT
P
NFOPT
6O
BNJHP
NF

EJKP
RVF
DPSUBSB
MB
QVOUB
QFSP
OP
FTUPZ
TFHVSP
EF
EØOEF
DPSUBS

FYBDUBNFOUF
"IPSB
NJTNP
UPEBT
UJFOF
BMSFEFEPS
EF
DVBUSP

IPKBT
DPO
PUSBT
OVFWBT
BQBSFDJFOEP
{&T
FTP
MP
RVF
UFOHP
RVF

DPSUBS
4F
BHSBEFDFSÈ
DVBMRVJFS
JOEJDBDJØO
/JD

`%FKB
USBORVJMBT
MBT
QMBOUBT
4ØMP
UJFOFO
VO
NFT
Z
UPRVFUFBS
QMBO
UBT
TBOBT
OP
IBSÈ
RVF
DSF[DBO
NÈT
EFQSJTB
-BT
QMBOUBT
OFDFTJUBO

DVJEBEPT
BIPSB
OP
QPEBT
%F
IFDIP
UÞ
NJTNP
EJKJTUF
RVF
UFOÓBT

iVOBT
QPDBT
QMBOUBT
CVFOBTw
$PODÏOUSBUF
FO
IBDFS
RVF
EFTBSSPMMFO

IPKBT
HSBOEFT
Z
TBOBT
Z
EFTQVÏT
DPHPMMPT
HSBOEFT
Z
TBOPT
-BT

QMBOUBT
EFCFSÓBO
NFEJS
VOPT

DN
EF
BMUVSB
Z
UFOFS
NÈT
EF
DVB
USP
IPKBT
-BT
DBVTBT
NÈT
DPNVOFT
EFM
DSFDJNJFOUP
MFOUP
EVSBOUF

MPT
EPT
QSJNFSPT
NFTFT
EF
EFTBSSPMMP
JODMVZFO
MB
GBMUB
EF
MV[
VOB

UJFSSB
QPCSF
FYDFTP
EF
SJFHP
NBMB
WFOUJMBDJØO
Z
DPOUSPM
EFGJDJFOUF

EF
MB
UFNQFSBUVSB
"TFHÞSBUF
EF
RVF
EJTQPOHBO
EF
UPEP
MP
RVF

OFDFTJUBO
FO
QSPQPSDJPOFT
BEFDVBEBT
4J
FTUÈT
VTBOEP
VOB
MÈN
QBSB
%"*
EF

8
ÏTUB
EFCFSÓB
FTUBS
TJUVBEB
B

DN
QPS
FODJNB

EF
MBT
QMBOUBT
1VFEF
BDFSDBSTF
NÈT

DN

DVBOEP
MBT
QMBOUBT

UJFOFO
VO
QPDP
NÈT
EF
UJFNQP
:B
FT
VO
QPDP
UBSEF
QBSB
DBNCJBS

MB
UJFSSB
6UJMJ[B
TJFNQSF
FM
NFKPS
TVTUSBUP
EF
UJFOEB
RVF
QVFEBT

FODPOUSBS
-B
NBZPSÓB
EF
MBT
UJFSSBT
NFKPSBO
TJ
TF
MFT
B×BEF
FM


EF
QFSMJUB
QBSB
BMJHFSBS
FM
ESFOBKF
MP
DVBM
UBNCJÏO
BZVEBSÈ
B

FWJUBS
FM
FYDFTP
EF
SJFHP
"VNFOUB
MB
WFOUJMBDJØO
Z
MB
DJSDVMBDJØO

EF
NBOFSB
RVF
DBNCJF
UPEP
FM
BJSF
EFM
DVBSUP
EF
DVMUJWP
DBEB


NJOVUPT
&TUP
TFSWJSÈ
QBSB
BTFHVSBS
RVF
MBT
QMBOUBT
USBOTQJSFO
BEF
DVBEBNFOUF
.BOUÏO
MB
UFNQFSBUVSB
BMSFEFEPS
EF

P$
EVSBOUF

FM
EÓB
Z
BMSFEFEPS
EF

P$
QPS
MB
OPDIF

$BNCJB
FM
IPSBSJP
EF
MBT
MÈNQBSBT
B

EF
EÓB
Z
OPDIF
DVBOEP

MBT
QMBOUBT
UFOHBO

TFNBOBT
QBSB
QSPWPDBS
MB
GMPSBDJØO
4J

MBT
QMBOUBT
TPO
EFNBTJBEP
BMUBT
Z
FTQJHBEBT
DPOTJEFSB
MB
PQDJØO

EF
EPCMBSMBT
QBSB
BVNFOUBS
MB
DBOUJEBE
EF
GPMMBKF
RVF
SFDJCF
MV[

%PCMB
MBT
QMBOUBT
EF
GPSNB
RVF
MB
DBOPQJB
EFM
KBSEÓO
FTUÏ
FO
VO

NJTNP
QMBOP
$VBOEP
IBZBT
DPTFDIBEP
DPO
ÏYJUP
VOPT
QPDPT
DVM
"VNFOUBS
FM
GØTGPSP
Z
FM
QPUBTJP
Z
EJTNJOVJS
FM
OJUSØHFOP
IBDF
RVF
MPT
DPHPMMPT
TF
IJODIFO
Z
HBOFO
UJWPT
UF
EBSÈT
DVFOUB
EF
RVF
DPOUSPMBS
MBT
OFDFTJEBEFT
CÈTJDBT
EF

QFTP
*OTUBMB
NBMMBT
EF
TPQPSUF
IFDIBT
EF
QMÈTUJDP
QBSB
NBOUFOFS
TFQBSBEPT
MPT
DPHPMMPT
EF
GPSNB
MBT
QMBOUBT
FT
KVTUP
MP
RVF
UVT
QMBOUBT
OFDFTJUBO







RVF
FM
BJSF
QVFEB
DJSDVMBS
FOUSF
FMMPT


"DBCBS
DPO
MPT
ÈDBSPT
/FDFTJUP
TBCFS
BDFSDB
EF
MBT
QVMWFSJ[BDJPOFT
DPO
SPUFOPOB
Z
QFMJUSF
{2VÏ
QV×FUBT

QBTB
DPO
MPT
ÈDBSPT
1BSFDF
RVF
TF
QPOHBO
BÞO
QFPS
"M
NJDSPTDPQJP
FNQJF[BO
B

QBSFDFSTF
B
#VTI
Z
$IBOFZ
. S
4UFWFO
,

%FTEF
MVFHP
NJSBS
ÈDBSPT
EF
DFSDB
FT
BMHP
IPSSPSPTP
&WJUB
MBT
BSNBT
EF
EFTUSVDDJØO

NBTJWB
&MJHF
FM
SFNFEJP
BEFDVBEP

-B
SPUFOPOB
FT
VO
FYUSBDUP
EF
SBÓDFT
EF
WBSJBT
QMBOUBT
JODMVZFOEP
FTQFDJFT
EF
%FSSJT

EF
-PODIPDBSQVT
Z
EF
5FQISPTJB
&TUF
WFOFOP
FT
VO
JOTFDUJDJEB
OP
TFMFDUJWP
EF
DPOUBDUP

VO
WFOFOP
FTUPNBDBM
Z
VO
WFOFOP
EF
BDDJØO
MFOUB
FO
FM
TJTUFNB
OFSWJPTP
-B
SPUFOPOB

DPOUSPMB
MPT
FTDBSBCBKPT
MBT
PSVHBT
MBT
NPTDBT
Z
MPT
NPTRVJUPT
MPT
USJQT
MPT
HPSHPKPT
Z

MPT
JOTFDUPT
CFOFGJDJPTPT
5JFOFO
RVF
JOHFSJSMP
QBSB
RVF
NVFSBO
-B
SPUFOPOB
OP
BDBCB

DPO
MPT
ÈDBSPT

&M
QFMJUSF
VO
QFTUJDJEB
CPUÈOJDP
TF
FYUSBF
EF
MBT
GMPSFT
EFM
DSJTBOUFNP
QFMJUSF

$ISZTBOUIFNVN
DPDDJOFVN
Z
$
DJOFSBSJJGPMJV
-BT
QJSFUSJOBT
oQJSFUSJOBT
DJOFSJOBT
Z

KBTNPMJOBTo
TPO
MPT
JOHSFEJFOUFT
BDUJWPT
EFM
QFMJUSF
OBUVSBM
Z
BDBCBO
DPO
MPT
JOTFDUPT

QPS
DPOUBDUP
&M
QFMJUSF
TVFMF
DPNCJOBSTF
DPO
SPUFOPOB
P
DPO
SJBOJB
QBSB
BTFHVSBS

VO
FTQFDUSP
BNQMJP
EF
FGFDUJWJEBE
-BT
GPSNBT
FO
BFSPTPM
DPOUJFOFO
FMFNFOUPT

TJOÏSHJDPT
4F
USBUB
EF
VO
QFTUJDJEB
EF
DPOUBDUP
EF
BNQMJP
FTQFDUSP
Z
BDBCB
DPO
MPT

QVMHPOFT
MBT
NPTDBT
CMBODBT
MPT
ÈDBSPT
Z
PUSPT
JOTFDUPT
JODMVZFOEP
MPT
CFOFGJDJPTPT

3FTVMUB
NVZ
FGFDUJWP
QBSB
FM
DPOUSPM
EF
MPT
JOTFDUPT
WPMBEPSFT
QFSP
FTUPT
IBO
EF
SFDJ
CJS
VOB
EPTJT
RVF
MPT
GVMNJOF
P
QVFEFO
SFWJWJS
Z
MBSHBSTF

$MPOBS
Z
DVMUJWBS
DVBMRVJFS
WBSJFEBE
)B[F
SFTVMUB
EJGÓDJM *EFOUJGJDB
MBT
QMBOUBT
DPO
ÈDBSPT
B
QVMWFSJ[BS
-PT
QVMWFSJ[BEPSFT
FO
BFSPTPM
TPO
NÈT

FGFDUJWPT
QBSB
MPT
ÈDBSPT
-B
QVMWFSJ[BDJØO
FTUÈ
IFMBEB
DVBOEP
TBMF
EF
MB
CPRVJMMB

Z
QVFEF
RVFNBS
FM
GPMMBKF
TJ
TF
BQMJDB
B
NFOPT
EF

DN
&M
QVMWFSJ[BEPS
FO
BFSPTPM

DPOUJFOF
VO
JOHSFEJFOUF
TJOÏSHJDP
CVUØYJEP
EF
QJQFSPOJMP
#01

P
.(,

"NCPT

5SBOTQMBOUBS
EF
IJESPQPOÓB
B
UJFSSB TPO
UØYJDPT
QBSB
MBT
QFSTPOBT
&M
QFMJUSF
TF
EJTJQB
FO
QPDBT
IPSBT
QPS
MB
QSFTFODJB

EFM
BJSF
MB
MV[
%"*
Z
MB
MV[
TPMBS
4VQFSB
FTUB
MJNJUBDJØO
BQMJDBOEP
FM
QSPEVDUP
KVTUP

)F
BERVJSJEP
VOB
NÈRVJOB
QBSB
DMPOBS
IBDF
QPDP
UJFNQP
&TUÈ
DPNQMFUBNFOUF
BOUFT
EF
BQBHBS
MBT
MVDFT
Z
MPT
BQBSBUPT
EF
WFOUJMBDJØO
QBSB
MB
OPDIF
6O
GBCSJDBOUF

FRVJQBEB
JODMVZFOEP
DFTUBT
EF
SFKJMMB
{$ØNP
TF
SFUJSB
FM
DMPO
EF
MB
DFTUB
EF
SFKJMMB
8IJENFSF¥
PGSFDF
QFMJUSF
FODBQTVMBEP
FO
GPSNB
EF
BFSPTPM
DPO
FM
OPNCSF
&YDMVEF¥

DVBOEP
ZB
IB
FOSBJ[BEP
QBSB
OP
EB×BS
MBT
SBÓDFT "
NFEJEB
RVF
FM
QSPEVDUP
TF
OFCVMJ[B
BM
TBMJS
EF
MB
CPRVJMMB
TF
GPSNB
VOB
CVSCVKB

(NBO BMSFEFEPS
EF
DBEB
HPUB
EF
SPDÓP
EF
QFMJUSF
-B
DVCJFSUB
FYUFSJPS
NBOUJFOF
JOUBDUP
FM

QFMJUSF
IBDJFOEP
RVF
TV
WJEB
ÞUJM
EVSF
WBSJPT
EÓBT
$VBOEP
VOB
QMBHB
UPDB
MB
CVSCVKB

3FUJSBS
SBÓDFT
TJO
EB×BSMBT
FTQFDJBMNFOUF
DVBOEP
NJEFO
NÈT
EF

DN
EF
MBSHP
FT
QSÈD ÏTUB
FYQMPUB
MJCFSBOEP
FM
QFMJUSF
"M
SPDJBSTF
DPO
QVMWFSJ[BEPSFT
UJQP
CPNCB
UBOUP
FM

UJDBNFOUF
JNQPTJCMF
B
NFOPT
RVF
TF
DPSUF
FM
DPOUFOFEPS
EF
SFKJMMB
1VFEFT
NJOJNJ[BS
QFMJUSF
MÓRVJEP
DPNP
FM
QFMJUSF
TPMVCMF
SFTVMUBO
EJGJDVMUPTPT
EF
BQMJDBS
FO
FM
FOWÏT
EF
MBT

FM
EB×P
Z
MBT
SBÓDFT
KØWFOFT
DSFDFSÈO
EF
OVFWP
QFSP
IBCSÈ
BSB×B[PT
Z
IFSJEBT
BCJFSUBT
IPKBT
RVF
FT
EPOEF
WJWFO
MPT
ÈDBSPT





FO
MBT
EFMJDBEBT
SBJDJMMBT
MP
DVBM
EFKB
MB
QVFSUB
BCJFSUB
B
MBT
QMBHBT
Z
MBT
FOGFSNFEBEFT

1VFEFT
TVNFSHJS
FM
DFQFMMØO
FO
BHVB
GSÓB
QBSB
SBMFOUJ[BS
MB
BDUJWJEBE
CJPMØHJDB
-PT

DPOUFOFEPSFT
EF
SFKJMMB
TPO
CBSBUPT
Z
QVFEFO
TVTUJUVJSTF
DPO
GBDJMJEBE
6UJMJ[B
VO
QBS
EF

UJKFSBT
EF
QVOUB
P
VOB
QPEBEPSB
QBSB
BCSJS
FM
DPOUFOFEPS
EF
SFKJMMB
EF
NBOFSB
RVF
MBT
1PEB
SBÓDFT
TVGSBO
FM
NÓOJNP
EB×P

{1PEBS
FM
CSPUF
QSJODJQBM
SBMFOUJ[B
FM
EFTBSSPMMP
EF
MB
QMBOUB
{"GFDUB
B
PUSPT
DPHP
4J
USBTQMBOUBT
B
UJFSSB
P
B
VOB
NF[DMB
EF
TVTUSBUP
TJO
UJFSSB
QVFEFT
QMBOUBS
UPEB
MB
MMPT
Z
SFEVDF
TV
QPUFODJBM
.F
SFGJFSP
B
QMBOUBT
4BUJWB
EF

NFUSPT
RVF
FTUÈO
FO

NBDFUB
EF
SFKJMMB
&O
DBTP
EF
RVF
UFOHBT
QMBOFBEP
DPTFDIBS
MB
QMBOUB
FO
NFOPT
EF
USFT
MPT
EPT
ÞMUJNPT
NFTFT
EF
GMPSBDJØO
NFTFT
FTUB
PQDJØO
QPESÓB
TFS
MB
NFKPS
4J
MB
QMBOUB
DSFDF
NVDIP
NÈT
MBT
SBÓDFT
TF
IBSÈO
;PU
NÈT
HSVFTBT
Z
MB
SFKJMMB
EF
QMÈTUJDP
QPESÓB
BGFDUBS
BM
DSFDJNJFOUP



1PEBS
MBT
QMBOUBT
SFEJSJHF
MBT
IPSNPOBT
EF
DSFDJNJFOUP
EF
ÏTUBT
"M
QPEBS
EF
GPSNB

TFMFDUJWB
NBOJQVMBT
MPT
OJWFMFT
IPSNPOBMFT
EF
BVYJOB
FO
MBT
QVOUBT
GMPSBMFT
Z
EF
MBT

SBNBT
&MJNJOBS
VOB
SBNB
P
MB
QVOUB
EF
VOB
SBNB
QSPWPDB
DBNCJPT
FO
FM
FRVJMJCSJP

IPSNPOBM
$PSUBS
FM
NFSJTUFNP
MB
QVOUB
TVQFSJPS
EF
DSFDJNJFOUP

EF
VOB
QMBOUB
EF

DBOOBCJT
IBSÈ
RVF
TF
EJTQFSTFO
MBT
IPSNPOBT
BVYJOBT

Z
RVF
BVNFOUFO
MB
DPODFO
USBDJØO
FO
MBT
QVOUBT
EF
MBT
SBNBT
JOGFSJPSFT
MP
DVBM
QSPWPDBSÈ
RVF
MPT
DPHPMMPT
CBKPT

HBOFO
DPOUPSOP
Z
QFTP

6UJMJ[B
TJFNQSF
JOTUSVNFOUPT
MJNQJPT
DVBOEP
WBZBT
B
QPEBS
6O
QBS
EF
UJKFSBT
BGJMBEBT

EF
QPEB
TFSÈO
MP
RVF
NFKPS
GVODJPOF
FO
FTUF
DBTP
)JHJFOJ[B
MBT
DVDIJMMBT
Z
MBT
UJKFSBT

FOUSF
MPT
DPSUFT
TVNFSHJÏOEPMBT
FO
BMDPIPM
%FTQVÏT
EF
QPEBS
MBT
IFSJEBT
BCJFSUBT

JOWJUBO
B
MBT
FOGFSNFEBEFT
Z
B
MBT
QMBHBT
-ÈWBUF
MBT
NBOPT
Z
MJNQJB
MPT
VUFOTJMJPT
BOUFT

Z
EFTQVÏT
EF
MB
QPEB
3FBMJ[B
MPT
DPSUFT
FO
VO
ÈOHVMP
EF

HSBEPT
QBSB
FWJUBS
RVF
MB

IVNFEBE
TF
BTJFOUF
FO
MBT
IFSJEBT
$VBOEP
QPEBT
EVSBOUF
MB
GMPSBDJØO
MBT
IPSNPOBT

GMPSBMFT
TF
EJTQFSTBO
Z
TF
SFUSBTB
MB
GMPSBDJØO
-BT
IPSNPOBT
UBSEBO
VO
NFT
P
NÈT
FO

BDVNVMBSTF
IBTUB
BMDBO[BS
MB
DPODFOUSBDJØO
QSFWJB
B
MB
QPEB

&MJNJOB
MBT
SBNBT
FTQJHBEBT
Z
FM
DSFDJNJFOUP
RVF
OP
SFDJCF
FOFSHÓB
MVNJOPTB
JODMVZFO
EP
MBT
IPKBT
NVFSUBT
P
RVF
FTUÏO
TFDÈOEPTF
1PEBS
MBT
SBNBT
CBKBT
IBDF
RVF
MBT
BVYJ
OBT
TF
DPODFOUSFO
FO
MBT
SBNBT
BMUBT
MP
DVBM
GVFS[B
FM
DSFDJNJFOUP
IBDJB
BSSJCB
$PSUB

MBT
SBNBT
JOGFSJPSFT
EF
NBOFSB
MJNQJB
B
SBT
EF
UBMMP
EF
GPSNB
RVF
OP
RVFEF
OJOHÞO

SFTUP
RVF
QVFEB
QVESJSTF
Z
BUSBFS
QMBHBT
Z
FOGFSNFEBEFT
4J
UJFOFT
RVF
DPTFDIBS
BMHP

QBSB
GVNBS
BOUFT
EF
UJFNQP
SFUJSBS
VOBT
QPDBT
SBNBT
CBKBT
IBSÈ
RVF
MB
EJTNJOVDJØO

EF
MB
DPTFDIB
TFB
NÓOJNB
1PEBS
MBT
SBNBT
FTQJHBEBT
Z
FM
GPMMBKF
RVF
DSFDF
BUSBQBEP

-PT
DVMUJWBEPSFT
IPMBOEFTFT
EF
/JSWBOB
NBOUJFOFO
DBEB
DFOUÓNFUSP
DVBESBEP
FO
FM
JOUFSJPS
EF
MB
QMBOUB
IBDF
RVF
ÏTUB
RVFEF
NÈT
BCJFSUB
Z
QSPQPSDJPOB
VOB
NBZPS
Z

EFM
DVBSUP
EF
DVMUJWP
MMFOP
EF
QMBOUBT
Z
TF
BTFHVSBO
EF
RVF
IBZB
BCVOEBODJB
EF
NFKPS
DJSDVMBDJØO
EF
BJSF
"EFNÈT
QFSNJUF
RVF
MB
MV[
TF
BEFOUSF
NÈT
FO
MBT
QMBOUBT

DJSDVMBDJØO
Z
WFOUJMBDJØO
EFM
BJSF
 /&84

&M
FY
BHFOUF
BOUJESPHB
FT
IPZ
VO

BDUJWJTUB
QSP
DBOOBCJT
5IF
UJNFT
UIFZ
BSF
BDIBOHJO
1VFEF
DBTJ
QBSFDFS
RVF
FT
BTÓ
%F
UPEPT
QJEFO
RVF
FOUSF
B
GPSNBS
QBSUF
EF
MB
%SVH
#BSSZ
SFDPOPDF
RVF
TVT
HVTUPT
FO
NBUFSJB

5BTL
'PSDF
EF
0EFTTB
5FYBT

DPO
KVSJT EF
QFMÓDVMBT
TPO
RVJ[È
NPUJWP
EF
BSSFTUP

NPEPT
FO
MPT
&TUBEPT
6OJEPT
OP
GBMUBO
FKFNQMPT
&M
WFUFSBOP
'SBOL
4FSQJDP
EJDDJØO
FO

DPOEBEPT
"MMÓ
TF
DPOWJFSUF
QFSP
FM
SFUBSEP
QBSB
MB
EFWPMVDJØO
OP
MP

EFTEF
IBDF
B×PT
DPNCBUF
MB
DPSSVQDJØO
FO
MB
QPMJDÓB
FTUBEPVOJEFOTF
Z
FM
FO
VO
BVUÏOUJDP
NFBO
NPUIFSGVDLFS
RVF
FT
"
QFTBS
EF
TFS
NVDIP
NÈT
NFMMPX
EF

SPM
RVF
UJFOF
MB
HVFSSB
DPOUSB
MB
ESPHB
FO
TV
JOUFSJPS
:
FM
FY
BHFOUF
EF
QPMJ BQSFOEF
B
PSHBOJ[BS
PQFSBDJPOFT
TVNB BOUFT
$PPQFS
TJHVF
UFOJFOEP
PQJOJPOFT

NFOUF
DPNQMFKBT
KVOUP
B
MB
"5'
MB
%&"
FM
NVZ
TFSJBT
FO
DVBOUP
BM
DSJNFO
i4J
TF

DÓB
#BSSZ
$PPQFS
IBDF
NVDIP
NÈT
EVSBOUF
PDIP
B×PT
GVF
FM
NÈT
GBOÈUJDP
'#*
FM
FKFSDJUP
Z
MB
QPMJDÓB
EF
GSPOUFSB
-B
QPOFO
FO
MJCFSUBE
UPEPT
MPT
EFUFOJEPT
OP

EF
MPT
QPMJDÓBT
BOUJESPHB
F
IJ[P
EF
TV
5FYBT
VO
MVHBS
NVZ
QFMJHSPTP
QFSP
UFPSÓB
JODMVTP
TF
TVQFSB
$PPQFS
BMDBO[B
WJPMFOUPT
RVF
FTUÈO
FO
MB
DÈSDFM
QPS
VTP
EF

QVOUBKFT
BMUÓTJNPT
FO
UPEPT
MPT
DVSTPT
EF
ESPHB
TF
PCUFOESÈ
NBZPS
FTQBDJP
QBSB
MPT

IBDF
QPDP
FM
QJOUPSFTDP
FY
QPMJ
QBTØ
DPO
FM
NJTNP
GFSWPS
B
MB
MVDIB
DPOUSB
MB
BDBEFNJB
BOUJESPHB
PQFSBDJPOFT
VOEFS WFSEBEFSPT
DSJNJOBMFT
Z
TF
QVFEF
DPOTF
TVT
FY
DPMFHBT
6OB
EFDJTJØO
RVF
DPOMMFWB
OP
QPDPT
QFMJHSPT DPWFS
USBCBKP
DPO
NBOEBUPT
EF
JOTQFDDJØO
HVJS
RVF
MPT
DPOTVNJEPSFT
EF
ESPHB
FTUÏO

Z
QFSSPT
BOUJESPHB
DPOUSPMFT
EFM
USÈGJDP
KVOUP
B
TVT
GBNJMJBT
FTUVEJFO
USBCBKFOw
,PQ#VTUFST JOUFSDFQUBDJPOFT
EFM
USBOTQPSUF
EF
ESPHB

&O
5FYBT
MPT
QPMJDÓBT
MP
PEJBO
&O
MPT
FO
MÓOFBT
EF
BVUPCVTFT
P
BÏSFBT
(SBDJBT
$BOEJEBUP
&TUBEPT
6OJEPT
EBS
MB
FTQBMEB
B
MPT
FY
B
TVT
DPOPDJNJFOUPT
FTQFDJBMJ[BEPT
B
MB
.JFOUSBT
UBOUP
TF
DPOWJFSUF
FO
VOB
QFRVF
DPMFHBT
TJHOJGJDB
DPSSFS
SJFTHPT
-B
JODP FYQFSJFODJB
Z
B
MB
EFTFOWPMUVSB
DPO
MPT
×B
DFMFCSJEBE
FO
MPT
&TUBEPT
6OJEPT
RVF

SSVQUJCJMJEBE
EF
'SBOL
4FSQJDP
DBTJ
MF
DVFT NFEJPT
EF
DPNVOJDBDJØO
TF
DPOWJFSUF
NBOEB
TV
NFOTBKF
EFTEF
JOOVNFSBCMFT

UB
MB
WJEB
DVBOEP
SFDJCJØ
VOB
CBMB
FO
MB
FO
VO
JOTUSVDUPS
NVZ
QPQVMBS
FO
WBSJBT
DBOBMFT
UFMFWJTJWPT
-B
BUFODJØO
RVF
PCUJF
DBSB
EVSBOUF
VO
CVTU
Z
TVT
DPMFHBT
UBSEB BDBEFNJBT
EF
QPMJDÓB
&M
BDVFSEP
FTUÈOEBS
OF
MP
DPOWFODF
B
BQVOUBS
DBEB
WF[
NÈT

SPO
EFMJCFSBEBNFOUF
FO
MMBNBS
MB
BNCV QSFTVQPOF
EPT
P
USFT
EÓBT
FO
DMBTF
Z
VO
EÓB
BSSJCB
FO
TVT
BNCJDJPOFT
FTUF
B×P
TF
QSF
MBODJB
$PPQFS
OP
TØMP
FTDVQF
FO
FM
QMBUP
EF
QSÈDUJDB
FO
FM
DBNQP
FO
FM
RVF
TF
EFCF
TFOUØ
QBSB
FM
DBSHP
EF
"UUPSOFZ
(FOFSBM

&O
TV
UBML
TIPX
FO
*OUFSOFU
#BDLUBML
XJUI
FO
FM
RVF
IB
DPNJEP
TJOP
RVF
WB
NÈT
BMMÈ
EFNPTUSBS
FM
WBMPS
TJ
OP
DPOTJHVF
FGFD QSPDVSBEPS
HFOFSBM
EF
5FYBT
DPO
VO
QSP
#BSSZ
BOE
$BOEJ
RVF
$PPQFS
QSFTFOUB
GJMNBOEP
MBT
GFDIPSÓBT
EF
TVT
FY
DPMFHBT
UVBS
OJOHÞO
BSSFTUP
QPS
ESPHB
OP
SFDJCJSÈ
HSBNB
QSPBSNBT
QSPNBSJIVBOB
Z
QSP
KVOUP
B
TV
NVKFS
FM
FY
BHFOUF
IBDF
QVCMJ DPO
DÈNBSBT
FTDPOEJEBT
QBSB
FM
QSPHSBNB
DPNQFOTBDJØO
BMHVOB
QPS
FM
TFNJOBSJP
GBNJMJB
1BSB
FOUSBS
FO
EFUBMMF
QSFUFOEF

DJEBE
B
TVT
%7%
DPO
MPT
FMPDVFOUFT
UÓUVMPT
,PQ#VTUFST
)BTUB
BIPSB
$PPQFS
IB
DPO /BUVSBMNFOUF
$PPQFS
OVODB
IB
GBMMBEP


DSFBS
VO
QSPHSBNB
EF
TFOTJCJMJ[BDJØO
QBSB

/FWFS
(FU
#VTUFE
Z
/FWFS
(FU
3BJEFE
TFHVJEP
TBMJSTF
DPO
MB
TVZB
FO
VOB
GPSNB
MPT
BHFOUFT
EF
QPMJDÓB
IBDJÏOEPMPT
QBTBS

-PT
%7%
FYQMJDBO
EFUBMMBEBNFOUF
DØNP
FTQFDUBDVMBS
MPT
JOUFOUPT
QPS
QBSUF
EF
3FNPSEJNJFOUPT VOB
OPDIF
FO
MB
DÈSDFM
i.F
IBCSÓB
BZVEB
EJTGSVUBS
EF
VO
ADBOOBCJT
MJGFTUZMF
FO
MPT
MB
QPMJDÓB
EF
QSPIJCJS
MB
TBMJEB
BM
BJSF
EFM
&O
DVBOUP
TBMJØ
B
MB
MV[
RVF
MPT
QPMÓUJDPT
EP
TJO
EVEB
B
TFS
VO
QPMJDÓB
NÈT
IVNBOPw

&&66
TJO
EFKBSTF
EFTDVCSJS
Z
DØNP
DVMUJ QSPHSBNB
TF
IBO
FTUBODBEP
HSBDJBT
B
MB
MPDBMFT
FYQMPUBCBO
B
MB
QPMJDÓB
QBSB
BKVTUBS
FYQMJDB
$PPQFS
"EFNÈT
BQPZB
MB
[FSP

WBS
IJFSCB
TØMPT
Z
B
HSBO
FTDBMB

MJCFSUBE
EF
FYQSFTJØO
RVF
FO
MPT
&TUBEPT
DVFOUBT
DPO
MPT
SJWBMFT
QPMÓUJDPT
BMHP
DBN UPMFSBODF
QBSB
MPT
BHFOUFT
RVF
SFRVJTBO

6OJEPT
FT
TBHSBEB
,PQ#VTUFST
CVTDB
EFT CJØ
FO
$PPQFS
4F
EFTQJEJØ
USBT
PDIP
B×PT
QFSTPOBT
P
WJWJFOEBT
FO
NPEP
JMFHBM
Z

6OB
DBTDBEB
EF
QBMBCSBT FONBTDBSBS
MB
DPSSVQDJØO
Z
MPT
DPNQPSUB PO
UIF
GPSDF
IBCJFOEP
FGFDUVBEP
NÈT
EF
RVF
FO
HFOFSBM
OP
SFTQFUBO
MPT
EFSF
-B
DBTDBEB
EF
QBMBCSBT
EF
$PPQFS
DPO
NJFOUPT
JMFHBMFT
VOB
EF
MBT
HSBCBDJPOFT

BSSFTUPT
QPS
EFMJUPT
SFMBDJPOBEPT
DPO
DIPT
EFM
DJVEBEBOP
i-BT
WÓDUJNBT
UFOESÓBO

FM
DMÈTJDP
BDFOUP
TVSF×P
UFYBOP
TF
JOUF QPS
FKFNQMP
NVFTUSB
DPNP
FM
FRVJQP
MB
ESPHB

JOUFSDFQUBDJPOFT
EF
ESPHB
FM
EFSFDIP
B
QFEJS
VOB
JOEFNOJ[BDJØO
MFHBM

SSVNQF
SFHVMBSNFOUF
FO
VO
CBMCVDFP
EF
$PPQFS
PSHBOJ[B
VO
DVMUJWP
GBMTP
EF
EFDPNJTP
EF
DJODVFOUB
WFIÓDVMPT
Z
NJMMP Z
FM
BHFOUF
TF
EFTQFEJSÓB
EF
JONFEJBUPw

`IBZ
EFNBTJBEBT
MFUSBT
FO
MBT
QBMBCSBT
o
Z
IJFSCB
DPO
EPT
ÈSCPMFT
EF
OBWJEBE
CBKP
OFT
EF
EØMBSFT
FO
CJFOFT
Z
FGFDUJWP
:B
QSPNFUF
$PPQFS
1BSB
MJNJUBS
MPT
EB×PT

$BOEJ
MF
BZVEB
BNPSPTBNFOUF
B
FODPOUSBS
VOB
MÈNQBSB
QBSB
DVMUJWPT
-B
GVSJB
EF
MBT
EVSBOUF
TVT
B×PT
FO
MB
QPMJDÓB
$PPQFS
TF
EF
MB
DPSSVQDJØO
QSPQPOF
MB
QPTJCJMJEBE

OVFWBNFOUF
FM
IJMP
i{2VJFSFT
EFDJS
SFIB BVUPSJEBEFT
MPDBMFT
OP
TF
IBDF
FTQFSBS
Z
BUPSNFOUBCB
DPO
SFNPSEJNJFOUPT
BM
WFS
EF
BVNFOUBS
OFUBNFOUF
FM
TBMBSJP
EF
MPT

CJMJUBDJØO w
-P
SFQJUF
JODMVTP
USFT
WFDFT
TJ
TF
EFNVFTUSB
DMBSBNFOUF
DØNP
MB
SFRVJTB
DJVEBEBOPT
OP
WJPMFOUPT
Z
CVFOPT
USBCB BHFOUFT
RVF
MP
NFSFDFO


FT
OFDFTBSJP
IBTUB
RVF
$PPQFS
DPOTJHVF
TF
SFBMJ[B
TJO
SFTQFUBS
MPT
QSPDFEJNJFOUPT
KBEPSFT
QFSEFS
MB
DBTB
Z
MB
GBNJMJB
Z
UFSNJ
QSPOVODJBS
DPSSFDUBNFOUF
MB
QBMBCSB
-B
MFHBMFT
&O
PUSB
TBMJEB
EF
ADBOOBTQMJU
VOB
OBS
FO
MB
DÈSDFM
i4BCÓB
RVF
MP
RVF
FTUBCB
i4J
CJFO
OBUVSBMNFOUF
OP
QVFEB
MFHBMJ[BS

BMFHSF
UFYBOB
IB
USBÓEP
BM
NVOEP
DJODP
CPMTB
DPO
IJFSCB
Z
EJOFSP
GBMTPT
TF
EFKB
FO
IBDJFOEP
FSB
JODPSSFDUP
QFSP
FM
EFTFP
EF
MB
NBSJIVBOB
QVFEP
EBS
VOB
QSJPSJEBE

QFRVF×PT
$PPQFS
BVORVF
OP
QBSFDFSÓB
VOB
FTUBDJØO
EF
TFSWJDJP
QFSP
TF
EFTDVCSF
DPOTFHVJS
GBNB
Z
FM
SFDPOPDJNJFOUP
EF
MPT
NÈT
CBKB
B
MPT
EFMJUPT
WJODVMBEPT
B
MB
NBSJ
Z
TJO
EVEB
TVT
FTDPUFT
OP
FDIBO
B
QFSEFS
EFTQVÏT
RVF
FM
EJOFSP
EFDPNJTBEP
QPS
FM
DPMFHBT
FSB
NÈT
GVFSUF
RVF
NJ
DPODJFODJBw
IVBOB
P
BSDIJWBSMPT
TJ
TF
QFSTJHVFO
FO

MPT
ÓOEJDFT
EF
BVEJFODJB
EF
$PPQFS
&O
BHFOUF
FODBSHBEP
EF
MB
PQFSBDJØO
WB
B
"M
GJOBM
$PPQFS
DPNQSFOEJØ
RVF
OP
FTUB GPSNB
JSSB[POBCMF
2VJFSP
RVF
MPT
QSFTPT

FM
TIPX
MB
QBSFKB
GFMJ[
IBCMB
TJO
OJOHV UFSNJOBS
FO
TVT
CPMTJMMPT

CB
MVDIBOEP
DPOUSB
MB
ESPHB
TJOP
DPOUSB
QVFEBO
BQFMBSTF
BOUF
FM
USJCVOBM
DPOUSB

OB
MJNJUBDJØO
DVFOUBO
TPCSF
TV
IJKB
FO
MBT
QFSTPOBT
i-B
QPMÓUJDB
FT
JODPSSFDUB
MBT
DPOEJDJPOFT
EF
WJEB
JOIVNBOBT
EF
MBT

QMFOB
GMPS
EF
MB
KVWFOUVE
RVF
B
QFTBS
EF
6OB
DPOWFSTJØO -BT
DPOTFDVFODJBT
EF
MB
HVFSSB
DPOUSB
MB
DÈSDFMFT
TVQFSQPCMBEBT
/VFTUSB
PCTFTJØO

TVT
EJFDJTÏJT
B×PT
MF
WB
NVZ
CJFO
FO
MB
&M
DBNCJP
EF
EJSFDDJØO
EF
$PPQFS
FT
BÞO
ESPHB
TPO
NÈT
EB×JOBT
RVF
MB
ESPHB
FO
QPS
FM
DBTUJHP
OPT
IB
USBOTGPSNBEP
FO
VO

FTDVFMB
3FTQPOEFO
B
MBT
QSFHVOUBT
EF
MPT
NÈT
JODJTJWP
TJ
TF
DPOTJEFSB
RVF
FO
VOB
TÓ
)BZ
NÈT
QFSTPOBT
RVF
OVODB
FO
MBT
QBÓT
GBTDJTUB
4J
TF
MF
QSFHVOUB
B
VO
EFUF
FTQFDUBEPSFT
RVF
RVJFSFO
TBCFS
DVÈMFT
ÏQPDB
GVF
VOP
EF
MPT
BHFOUFT
EF
QPMJDÓB
DÈSDFMFT
QFSP
MB
NJTNB
%&"
BENJUF
RVF
OJEP
QPS
VTP
EF
DBOOBCJT
OP
WJPMFOUP
TJ

TPO
MPT
EFSFDIPT
EF
VOB
QFSTPOB
EFUFOJ BOUJESPHB
NÈT
FOTB×BEP
EF
UPEP
5FYBT
IBZ
NÈT
ESPHB
RVF
OVODB
QPS
BIÓw
QSFGJFSF
USFJOUB
B×PT
EF
DÈSDFM
P
IBDFS
EB
EVSBOUF
VO
DPOUSPM
EFM
USÈGJDP
i4Ó
TJ
MB
5SBT
VO
USBORVJMP
JOJDJP
DPNP
UFMFGPOJTUB
%FTQVÏT
EF
EFKBS
MB
QPMJDÓB
$PPQFS
TF
TF
BNQVUBS
VOB
NBOP
QSFGFSJSÈ
IBDFSTF

QPMJDÓB
UJFOF
MB
TPTQFDIB
GVOEBEB
EF
RVF
FO
MB
FTUBDJØO
EF
QPMJDÓB
MPDBM
TVT
TVQF DPOWJFSUF
FO
FNQSFTBSJP
Z
EB
JOJDJP
B
VO
BNQVUBS
VOB
NBOP
`/VFTUSP
TJTUFNB
FT

IBCÏJT
GVNBEP
UFOESÈ
EFSFDIP
B
BDDFEFS
SJPSFT
DPNQSFOEFO
SÈQJEBNFOUF
RVF
FM
BMFHSF
IJTUPSJBM
EF
USBCBKPT
DPO
TVFSUF
EF
WFSBT
BCTVSEPw
BM
DPDIF
1PS
FTP
PT
BDPOTFKP
SPDJBS
FM
#MVOU
KPWFO
$PPQFS
UJFOF
VO
HSBO
UBMFOUP
QBSB
BMUFSOB
5SBT
VO
QFSÓPEP
DPNP
SFWFOEFEPS

.BHJD
4QSBZ
TPCSF
MB
IJFSCBw
i`'VODJPOB
EF
BQSPWFDIBS
IBDJFOEP
NVDIP
NÈT
6OB
WF[
EF
DPDIFT
JOUFOUB
CVTDBS
TVFSUF
DPO
VOB
IUUQCBSSZDPPQFSCMPHTQPU
WFSBTw
TVCSBZB
$BOEJ
i/BUVSBMNFOUF
ZP
USBTMBEBEP
B
MB
BDBEFNJB
EF
QPMJDÓB
EF
#JH
UJFOEB
EF
OFVNÈUJDPT
VO
MPDBM
OPDUVSOP
DPNCBDLUBMLXJUICBSSZBOE
NJTNP
MP
IF
VTBEP
IBDF
QPDPw
TF
EFKB
4BOEZ
JOTUSVZF
DPO
HSBO
EFEJDBDJØO
B
TV
VO
TFSWJDJP
EF
MJNVTJOBT
Z
DPNP
PSHBOJ[B DBOEJFQJTPEFIUNM
FTDBQBS
$PPQFS
&T
MB
FOÏTJNB
WF[
RVF
VOP
QFSSP
BOUJESPHB
QFSTPOBM
Z
TF
DPOWJFSUF
FO
EPS
EF
MVDIBT
FO
KBVMB
"M
GJOBM
DPNQSFOEF
IUUQCBSSZCPNCDPN
EF
MPT
EPT
BMBCB
FTUF
GBCVMPTP
QSPEVDUP
VOP
EF
MPT
NFKPSFT
PGJDJBMFT
FODBSHBEPT
RVF
OP
QVFEF
FTDBQBS
B
TV
WFSEBEFSB
IUUQOFWFSHFUCVTUFEDPN
RVF
TF
SPDÓB
TPCSF
MB
IJFSCB
QBSB
RVF
UFOHB
EFM
CMPRVFP
Z
MBT
SFRVJTBT
FO
MBT
BVUPQJT WPDBDJØO
MVDIBS
QBSB
BZVEBS
B
RVJFO
FO
IUUQTUXJUUFSDPN#BSSZ$PPQFS
VO
PMPS
UPUBMNFOUF
OFVUSBM
TJ
TF
RVFNB
UBT
EF
5FYBT
"
QFTBS
EF
RVF
FM
USBNP
EF
PUSB
ÏQPDB
CVTDBCB
BSSVJOBS
$PNP
DJVEB
%FTEF
RVF
MPT
$PPQFS
HP[BO
EF
GBNB
B
BVUPQJTUB
CBKP
TV
DPOUSPM
OP
UFOHB
NÈT
EF
EBOP
IB
FOUFOEJEP
ZB
RVF
MB
DPSSVQDJØO

OJWFM
OBDJPOBM
SFDJCFO
EPDFOBT
EF
QSPEVD TJFUF
LJMØNFUSPT
PCUJFOF
SÈQJEBNFOUF
FM
Z
FM
BCVTP
EF
QPEFS
EF
MB
QPMJDÓB
TPO

UPT
RVF
MFT
FOWÓBO
FTQFSBOEP
PCUFOFS
TV
SFDPSE
EFM
DPOEBEP
DPO
DBTJ
DJFO
BSSFTUPT
DBEB
WF[
QFPSFT
²M
NJTNP
IB
TJEP
BSSFT
BQSPCBDJØO
QFSP
$PPQFS
EFDMBSB
GJSNF QPS
ESPHB
Z
MB
DBOUJEBE
EF
NBSJIVBOB
NÈT
UBEP
DJODP
WFDFT
TJO
VO
NPUJWP
GVOEBEP

NFOUF
RVF
TØMP
VOPT
DVBOUPT
EF
FMMPT
TPO
HSBOEF
EFDPNJTBEB
FO
VOB
ÞOJDB
PQF VOB
WF[
QPS
ASPCP
o
FO
SFBMJEBE
IBCÓB

CBTUBOUF
FTQFDJBMFT
QBSB
RVF
WBMHB
MB
QFOB
SBDJØO

&M
GBOBUJTNP
EF
$PPQFS
OP
QBTB
UBSEBEP
FO
SFTUJUVJS
EPT
QFMÓDVMBT
EF
MB

NFODJPOBSMPT
FO
FM
TIPX


JOPCTFSWBEP
B
TVT
TVQFSJPSFT
RVJFOFT
MF
TFSJF
+FFQFST
$SFFQFST
B
MB
WJEFPUFDB
MPDBM

 -6("3&4
%&
&/46&º0

&M
UFDIP
*NBHÓOBUF
RVF
QVFEFT
FMFHJS
FM
MVHBS
JEFBM
QBSB
DVMUJWBS
{DVÈM

TFSÓB
Z
DØNP
UF
BTFHVSBSÓBT
EF
RVF
OP
UF
MP
EFTDVCSJFSBO
-PT
DVM
UJWBEPSFT
TF
FTUÈO
WJFOEP
GPS[BEPT
B
TFS
DBEB
WF[
NÈT
JOOPWBEP
SFT
FO
DVBMRVJFS
MVHBS
4VT
PQDJPOFT
QPESÓBO
QBSFDFS
JOGJOJUBT
&O

FTUB
TFSJF
EF
MVHBSFT
EF
FOTVF×P
IFNPT
EFTDSJUP
DØNP
QVFEFO

WFSTF
FTBT
PQDJPOFT
MPT
QSPT
Z
MPT
DPOUSBT
EF
DBEB
VOB
Z
DØNP

QVFEFO
FTUBCMFDFSTF

1PS
(VFSSJMMB
%BBO

6O
DPSUF
USBOTWFSTBM
EFM
MVHBS
EF
USBCBKP
Z
EFM
BDPOEJDJPOBEPS
EF
BJSF
&TUB
FEJDJØO
TF
EFEJDB
BM
DVMUJWP
TPCSF
CBKP
RVF
FM
IBTUJBM
Z
BÞO
NÈT
TJ
IBZ

UFDIPT
Z
FO
DPODSFUP
BM
DVMUJWP
FO
UFDIPT
EJGFSFODJBT
EF
BMUVSB
FO
FM
FEJGJDJP
&O
MBT

QMBOPT
4PO
MVHBSFT
GÈDJMFT
EF
FODPOUSBS
JNÈHFOFT
BCBKP
TF
NVFTUSB
VO
FKFNQMP
NBOFSB
UBM
RVF
GVFTF
QPTJCMF
RVJUBSMB
JONFEJBUBNFOUF
EFTQVÏT
EFM
DPOUSPM

FO
VO
ÈSFB
EFOTBNFOUF
QPCMBEB
QFSP
B
EF
FTUP
1VFTUP
RVF
OBEJF
QVFEF
WFS
QBSB
QPEFS
FOUSBS
Z
TBMJS
GÈDJMNFOUF
BOVBM
+1
QVTP
VO
HSBO
EFQØTJUP
EF
BHVB

MPT
RVF
FT
EJGÓDJM
RVF
BMHVJFO
TF
BDFSRVF
FTUF
QVOUP
+1
TF
EB
DVFOUB
EF
RVF
FT
FM
QMVWJBM
FO
FM
UFDIP
&TUF
TF
MMFOBCB
DPO
FM

4PO
MVHBSFT
DPO
BCVOEBODJB
EF
TPM
Z
MVHBS
JEFBM
QBSB
QPOFS
TVT
QMBOUBT
1BSB
+1
FT
FM
MVHBS
EF
AHVFSSJMMB
VSCBOB
BHVB
RVF
DBÓB
TPCSF
VO
UFDIP
BÞO
NÈT

BHVB
&M
QFSTPOBKF
QSJODJQBM
EF
FTUB
FEJ JEFBM
VO
OJWFM
CBKP
EF
NBOUFOJNJFOUP
TJH BMUP
"M
BHPUBSTF
FTUB
BHVB
+1
VTBCB
MB

DJØO
FT
+FBO
1JFSSF
+1

VO
DVMUJWBEPS
FO
-B
NBZPS
QBSUF
EF
MB
HFOUF
OVODB
QBSB
OJGJDB
QPDB
WJHJMBODJB
Z
QPS
UBOUP
DFSP
WJTJ NBOHVFSB
QBSB
JODFOEJPT
EF
MB
FTDBMFSB

UFDIPT
GJDUJDJP
+1
UJFOF
VO
OFHPDJP
EF
B
QSFHVOUBSTF
RVÏ
QBTB
FO
FM
UFDIP
UBOUFT
FO
FM
UFDIP
(SBDJBT
B
TV
BNJHP
+1
QBSB
WPMWFS
B
MMFOBS
FM
EFQØTJUP

DBSQJOUFSÓB
FO
FM
RVF
FOUSF
PUSBT
DPTBT
NJFOUSBT
UFOHBO
VOP
RVF
MPT
DVCSB

TVQP
UBNCJÏO
RVF
OP
WJFOFO
MJNQJBEPSFT

GBCSJDB
NVFCMFT
5JFOF
USFT
MVHBSFT
EF
"TJNJTNP
NVZ
QPDB
HFOUF
TF
NPMFTUB
EF
WFOUBOBT
BM
UFDIP
FO
FM
FEJGJDJP
DBEB
-BT
QMBOUBT
TF
QMBOUBSPO
FO
HSBOEFT

DVMUJWP
RVF
MF
PGSFDFO
UPEBT
MBT
QPTJCJMJ FO
QSFHVOUBSTF
EØOEF
FTUÈO
OJ
QBSB
DVBM
TF
FODBSHB
EF
MJNQJBS
TVT
QSPQJBT
DVCBT
NF[DMBEPSBT
EF
IPSNJHØO
&O

EBEFT
EF
BQSPWFDIBS
MB
FYQMPUBDJØO
EFM
RVÏ
TJSWFO
MBT
DIJNFOFBT
MPT
TPQPSUFT
WFOUBOBT
:B
RVF
MB
NBZPS
QBSUF
EF
IBCJ FTUBT
MB
DBQB
EFM
GPOEP
FSB
EF
HSÈOVMPT

DVMUJWP
TPCSF
FM
UFDIP MBT
DMBSBCPZBT
MBT
BOUFOBT
MPT
UVCPT
EF
UBOUFT
EFM
FEJGJDJP
FSBO
TPMUFSPT
Z
QBSFKBT
EF
BSDJMMB
RVF
SFUJFOFO
MB
IVNFEBE
Z

FTDBQF
EFM
BJSF
MBT
OBWFT
V
PUSBT
JOTUB EVSBOUF
MB
TFNBOB
OP
IBCÓB
NVDIB
HFOUF
FODJNB
EF
FTUB
VOB
DBQB
EF
NF[DMB
EF

-B
JEFB MBDJPOFT
EF
MPT
FEJGJDJPT
4PO
DPTBT
RVF
FO
DBTB
DBTJ
UPEPT
FTUBCBO
FO
FM
USBCBKP
TVTUSBUP
QSFGFSUJMJ[BEP
1FSGPSØ
BHVKFSPT

$BTJ
UPEPT
MPT
FEJGJDJPT
EF
EJNFOTJPOFT
OP
MMBNBO
MB
BUFODJØO
EF
MB
HFOUF
Z
FTUP
1PS
FTUP
+1
Z
TV
BNJHP
QPEÓBO
BDDFEFS
BM
FO
MB
CBTF
EF
MBT
DVCBT
EF
DFNFOUP
QBSB

NFEJBOBT
P
HSBOEFT
UJFOFO
FM
UFDIP
FT
VOB
WFOUBKB
QBSB
MPT
DVMUJWBEPSFT
FO
UFDIP
QBTBOEP
JOPCTFSWBEPT
Z
TJO
MMBNBS
RVF
FM
BHVB
EF
NÈT
QVEJFSB
ESFOBSTF

QMBOP
&TUF
NPEFMP
TF
FMJHJØ
HFOFSBM UFDIPT
DPNP
+1 MB
BUFODJØO
QPS
MBT
FTDBMFSBT
%F
FTUB
GPSNB
+1
TF
BTFHVSØ
EF
RVF
TVT

NFOUF
QPS
SB[POFT
BSRVJUFDUØOJDBT
Z
QMBOUBT
OP
UVWJFSBO
EFNBTJBEB
OJ
EFNB
QSÈDUJDBT
&T
WFSEBE
MPT
UFDIPT
JODMJOB &M
UFDIP
HVFSSJMMFSP $PNP
ZB
IFNPT
FYQMJDBEP
+1
FNQF[Ø
TJBEP
QPDB
IVNFEBE


EPT
BTFHVSBO
VOB
SÈQJEB
FWBDVBDJØO
&M
QSJNFS
MVHBS
FO
FM
RVF
+1
DVMUJWØ
GVF
B
DVMUJWBS
FO
FM
QVOUP
DJFHP
HSBDJBT
B

EF
MB
MMVWJB
Z
MB
OJFWF
1FSP
QBSB
OVFTUSP
FM
UFDIP
EF
VO
FEJGJDJP
EF
QJTPT
CBTUBOUF
MB
SFHMB
OÞNFSP
VOP
EFTEF
DVBMRVJFS
6OB
HSBO
EFTWFOUBKB
EFM
DVMUJWP
FO

PCKFUJWP
FM
FTQBDJP
RVF
DSFBEP
VO
UFDIP
BMUP
FO
VO
CBSSJP
SFTJEFODJBM
B
MBT
BGVF MVHBS
RVF
TF
WFB
FM
UFDIP
TVT
QMBOUBT
UFDIPT
FT
RVF
BMMÓ
QVFEF
IBCFS
GVFSUFT

BTÓ
FM
EFTWÈO
BQBSUF
EF
MBT
QPTJCJMJEB SBT
EF
MB
DJVEBE
4F
USBUBCB
EF
VOB
DPOT OP
QVFEFO
WFSTF
1BSB
DFSDJPSBSTF
EF
SÈGBHBT
EF
WJFOUP
+1
BUØ
TVT
QMBOUBT
FO

EFT
EF
DVMUJWP
JOUFSOP
OP
UJFOF
NVDIB
USVDDJØO
WJFKB
FO
MB
RVF
OP
TF
IBCÓBO
FTUP
+1
GVF
B
EBS
VOB
WVFMUB
QPS
FM
DVBOUP
FNQF[BSPO
B
BHSBOEBSTF
QBSB

VUJMJEBE
1BSB
MPT
FEJGJDJPT
NÈT
HSBOEFT
IFDIP
NVDIBT
SFGPSNBT
&M
FEJGJDJP
UFOÓB
UFDIP
Z
SFWJTØ
DPO
BUFODJØO
FO
DVÈMFT
FWJUBS
RVF
TF
TBDVEJFSBO
Z
TF
EPCMBSBO

FM
UFDIP
QMBOP
FT
VOB
PQDJØO
EF
DPOT QJTPT
EF
BMRVJMFS
PDVQBEPT
QPS
TPMUFSPT
FTRVJOBT
OP
QPEÓB
WFSTF
EFTEF
BCBKP
P
1FSP
FO
DBTP
EF
WJFOUPT
QBSUJDVMBSNFOUF

USVDDJØO
NVDIP
NÈT
FDPOØNJDB Z
QBSFKBT
KØWFOFT
&M
FEJGJDJP
RVF
FMJHJØ
EFTEF
PUSPT
FEJGJDJPT
5VWP
RVF
QSFTUBS
GVFSUFT
TF
BTFHVSØ
EF
RVF
OJOHVOB
EF

FT
FM
NÈT
HSBOEF
EF
UPEB
FM
ÈSFB
6O
NVDIB
BUFODJØO
B
MBT
4BUJWBT
RVF
QVF MBT
SBNBT
TF
FTUSPQFBSB
Z
QPS
TJ
BDBTP

4JO
FNCBSHP
GVFSPO
MBT
QPTJCJMJEBEFT
EF
BNJHP
EF
+1
WJWF
FO
VOP
EF
MPT
QJTPT
Z
EFO
BMDBO[BS
BMUVSBT
CBTUBOUF
FMFWBEBT
MFT
IJ[P
UBCMJMMBT

VO
UFDIP
JODMJOBEP
RVF
JOTQJSBSPO
FO
VO
TBCF
RVF
TF
SFBMJ[BO
JOTQFDDJPOFT
FO
FM
Z
VTBS
VOB
FTDBMFSB
EF
NBOP
QBSB
BTF
QSJNFS
NPNFOUP
B
+1
B
JEFBSTF
FM
DVM UFDIP
TØMP
VOB
WF[
BM
B×P
-B
JOTQFDDJØO
HVSBSTF
EF
RVF
JODMVTP
FO
NJUBE
EFM
&M
ÈSFB
EF
DVMUJWP
FO
FM
BDPOEJ
UJWP
EF
DBOOBCJT
TPCSF
UFDIPT
1PSRVF
TF
SFBMJ[B
TJFNQSF
KVTUP
BOUFT
EF
FNQF WFSBOP
BM
BMDBO[BS
TV
NBZPS
BMUVSB
MBT
DJPOBEPS
EF
BJSF
FO
FM
MVHBS
FO
FM
RVF
OPSNBMNFOUF
TF
[BS
FM
JOWJFSOP
"EFNÈT
+1
Z
TV
BNJHP
DJNBT
EF
MBT
QMBOUBT
OP
FNQF[BSBO
B
1BSB
OP
EFQFOEFS
QPS
DPNQMFUP
EF
TV

FODVFOUSB
FM
UFDIP
WJTUP
EFTEF
FM
TVFMP
TBCFO
DVÈOEP
TF
SFBMJ[B
MB
JOTQFDDJØO
WFSTF
TPCSFTBMJS
EFM
UFDIP
UFDIP
HVFSSJMMFSP
+1
EFDJEJØ
DSFBS
UBNCJÏO

IBZ
VO
AQVOUP
DJFHP
&TUB
FT
MB
QBSUF
EFM
ZB
RVF
IBO
QVFTUP
VO
DIJSSJBEPS
FO
MB
VO
DVMUJWP
JOUFSOP
"IPSB
QVFEF
DPTFDIBS

UFDIP
RVF
OP
TF
WF
B
NFOPT
RVF
VOP
QVFSUB
EF
BDDFTP
1BSB
QPEFS
BDDFEFS
1BSB
BTFHVSBSTF
EF
RVF
MBT
QMBOUBT
IJFSCB
EVSBOUF
UPEP
FM
B×P
3FBMJ[Ø
TV
QSJ
FTUÏ
TPCSF
FM
NJTNP
&TUF
QVOUP
TF
IBDF
BM
UFDIP
NPOUBSPO
VOB
SFKJMMB
EF
WFOUJ SFDJCJFSBO
TVGJDJFOUF
BHVB
Z
OVUSJFOUFT
NFS
DVMUJWP
JOUFSOP
FO
TV
MVHBS
EF
USBCBKP

JODMVTP
NÈT
HSBOEF
TJ
FM
UFDIP
FT
NÈT
MBDJØO
KVOUP
B
MB
QVFSUB
EF
FOUSBEB
EF
EVSBOUF
MPT
NFTFT
DBMJFOUFT
EFM
WFSBOP
EPOEF
IBCÓB
TVGJDJFOUF
FTQBDJP
1FSP
ZB

/VFTUSPT
UFDIPT
FTUÈO
DVCJFSUPT
DPO
WBSJBT
JOTUBMBDJPOFT
Z
PCKFUPT
FO
FTUB
&M
BDPOEJDJPOBEPS
EF
BJSF
FO
FM
UFDIP
EFM
MVHBS
EF
USBCBKP
OP
TF
WF
QBSB
OBEB
TPTQFDIPTP

GPUP
QVFEF
WFSTF
FOUSF
PUSBT
DPTBT
VO
BDPOEJDJPOBEPS
EF
BJSF EFTEF
GVFSB

RVF
QSFPDVQBSTF
EF
RVF
MB
QPMJDÓB
VTF
VOB
77&

P
BTPDJBDJØO
EF
SFTJEFOUFT
$PNP

EFUFDDJØO
EF
DBMPS
QBSB
MPDBMJ[BS
TV
PCSB
FM
OPNCSF
NJTNP
MP
JOEJDB
TF
USBUB
EF

EF
DVMUJWP
4JO
FNCBSHP
EFDJEJØ
GPSSBS
FM
VOB
BTPDJBDJØO
P
VOB
KVOUB
B
MB
RVF
DBEB

JOUFSJPS
EF
MB
DBSDBTB
DPO
VO
SFWFTUJNJFOUP
QSPQJFUBSJPSFTJEFOUF
QBHB
VOB
QFRVF×B

EF
BMVNJOJP
QBSB
FWJUBS
MBT
EFUFDDJPOFT
MP
DBOUJEBE
EF
EJOFSP
DBEB
B×P
%F
BIÓ
TF

RVF
IBDF
NFOPT
PCWJP
RVF
FM
DBMPS
HFOF QBHB
UPEP
FM
USBCBKP
Z
FM
NBOUFOJNJFOUP

SBEP
QSPWJFOF
EF
MÈNQBSBT
EF
MBT
[POBT
DPNVOFT
MBT
SFQBSBDJPOFT

MB
MV[
EF
MBT
FTDBMFSBT
FUD

+1
GPSNB

1BSB
QPEFS
EBS
BHVB
B
TVT
QMBOUBT
+1
QSP QBSUF
EF
MB
77&
EF
TV
FEJGJDJP

MPOHØ
MB
SFE
EF
TVNJOJTUSP
BM
BDPOEJDJPOB
EPS
%F
FTUB
NBOFSB
+1
ZB
OP
TF
QSFPDVQB
1VFTUP
RVF
BEPSB
FM
DVMUJWP
EFTFB
USBFS

EF
TJ
TF
WF
P
OP
FO
FM
UFDIP
QVFTUP
RVF
B
DBTB
VO
QBS
EF
QMBOUBT
1FSP
OP
UJFOF

MPT
BDPOEJDJPOBEPSFT
EF
BJSF
SFRVJFSFO
TVGJDJFOUF
FTQBDJP
FO
DBTB
OJ
FO
FM
CBM
UBNCJÏO
VO
TVNJOJTUSP
EF
BHVB
DØO
QBSB
QPOFSMBT
1PS
FTUB
SB[ØO
IB

EFDJEJEP
QPOFSMBT
FO
FM
UFDIP
EF
TV

%FTEF
FM
BJSF
QBSFDF
VOB
B[PUFB
PSEJOBSJB 1BSB
BDDFEFS
B
TV
MVHBS
EF
DVMUJWP
+1
FEJGJDJP
RVF
BDUVBMNFOUF
OP
TF
VTB
QBSB

OP
UJFOF
RVF
TVCJSTF
TJFNQSF
BM
UFDIP
OBEB
NÈT
:B
RVF
+1
FT
NJFNCSP
EF
MB

$POTUSVZØ
VOB
WFOUBOJMMB
FO
FM
UFDIP
BTPDJBDJØO
EF
SFTJEFOUFT
TBCF
FYBDUB
QBSB
QPEFS
BDDFEFS
EJSFDUBNFOUF
EFTEF
NFOUF
DVÈOEP
FTUÈO
QSPHSBNBEBT
MBT

FM
BMNBDÏO
FO
FM
EFTWÈO
RVF
RVFEB
KVTUP
JOTQFDDJPOFT
EF
SFQBSBDJØO
Z
NBOUFOJ
FODJNB
EF
TV
PGJDJOB
"TÓ
FM
USBOTQPSUF
NJFOUP
"TÓ
RVF
FO
QSJODJQJP
UJFOF
UPEP

EFM
NBUFSJBM
EF
DVMUJWP
BM
ÈSFB
EF
DVMUJWP
FM
UFDIP
QBSB
TÓ
NJTNP

FT
NVDIP
NFOPT
PCWJP
&O
DVBOUP
TVT

DPNQB×FSPT
EF
USBCBKP
TF
WBO
B
DBTB
1FSP
RVFEB
FM
HSBO
QSPCMFNB
EF
MPT

FOUSB
DPO
TV
DBNJØO
Z
EFTDBSHB
UPEP
MP
WVFMPT
SFHVMBSFT
EF
IFMJDØQUFSPT
TPCSF

RVF
OFDFTJUB
B
TV
QSPQJP
SJUNP
Z
MP
MMFWB
MB
DJVEBE
EF
FOUSF
PUSPT
MB
QPMJDÓB
"TÓ

B
TV
MVHBS
EF
DVMUJWP RVF
+1
TBCF
RVF
MBT
QMBOUBT
RVF
DVMUJWB

OP
QVFEFO
OPUBSTF
EFNBTJBEP
1PS
FTUP

-B
UFSSB[B
FO
FM
UFDIP
IB
FTUBCMFDJEP
TV
QSPQJB
B[PUFB
FO
FM

+1
WJWF
FO
VO
QJTP
RVF
UJFOF
FO
MB
ÞMUJNB
UFDIP
&TUBT
BTÓ
DPNP
MPT
KBSEJOFT
TPCSF

QMBOUB
EF
VO
BMUP
FEJGJDJP
EF
QJTPT
FO
MPT
UFDIPT
TF
FTUÈO
WPMWJFOEP
DBEB
WF[

NFEJP
EF
MB
DJVEBE
$VBOEP
IBZ
NÈT
EF
NÈT
QPQVMBSFT
FO
MBT
ÈSFBT
EFOTBNFOUF

VO
QSPQJFUBSJPSFTJEFOUF
FO
VO
DPNQMFKP
QPCMBEBT
&O
TV
UBMMFS
+1
IB
SFBMJ[BEP
VO

1FSP
TJ
TF
NJSB
EFTEF
DFSDB
QVFEF
WFSTF
RVF
FO
SFBMJEBE
FTUÈ
BUJCPSSBEB
EF
HSBOEFT
Z
EF
QJTPT
FO
)PMBOEB
o
Z
TFHVSBNFOUF
FO
FOWPMWFOUF
QBSB
RVF
TV
B[PUFB
UFOHB

CFMMBT
QMBOUBT
EF
DÈ×BNP
PUSPT
QBÓTFT
UBNCJÏOo

FYJTUF
MP
RVF
TF
VO
MÓNJUF
)B
DVCJFSUP
FOUPODFT
FM
UFDIP

DPOPDF
DPNP
7FSFOJHJOH
7BO
&JHFOBSFO
DPO
B[VMFKPT
QBSB
RVF
MB
DVCJFSUB
EFM

RVF
TV
MVHBS
EF
USBCBKP
FTUÈ
FO
FM
NJTNP
VO
FNQMB[BNJFOUP
RVF
FTUBCBO
EFTNBO
QBSRVF
JOEVTUSJBM
FO
FM
RVF
TF
IBCÓBO
EFT UFMBOEP
%FTQVÏT
EF
SFTDBUBSMP
MP
WBDJØ

DVCJFSUP
DVMUJWPT
BOUFT
OP
EFTFB
FYQP ÏM
NJTNP
"IPSB
UJFOF
VO
HSBO
BSNBSJP

OFSTF
1BSB
FWJUBS
VTBS
TV
MVHBS
EF
USBCBKP
WBDÓP
EF

QPS

BTÓ
RVF
EF
VOPT


DPNP
MVHBS
EF
DVMUJWP
JOTUBMØ
VO
FRVJQP
NFUSPT
DVBESBEPT
FO
TV
UFDIP
%FOUSP

HSBOEF
EF
BJSF
BDPOEJDJPOBEP
FO
FM
UFDIP
QVFEF
DVMUJWBS
QPS
MP
NFOPT

QMBOUBT
Z

&TUF
UJQP
EF
BSNBSJP
FT
VOB
DBSBDUFSÓTUJDB
MF
TJHVF
RVFEBOEP
FTQBDJP
QBSB
NPWFSTF

DPNÞO
EF
MPT
FEJGJDJPT
HSBOEFT
Z
TF
VTB
QPS
FOUSF
MBT
QMBOUBT
Z
HVBSEBS
UPEBT
TVT

QBSB
MJNQJBS
FM
BJSF
EF
VO
TJTUFNB
EF
WFO IFSSBNJFOUBT
EF
DVMUJWP

UJMBDJØO
QBSB
DBMFOUBS
FOGSJBS
Z
SFGSFTDBS

FM
BJSF
1BSB
MB
HFOUF
EF
GVFSB
QPS
UBOUP
$PNP
NVFTUSB
MB
GJHVSB
FM
BJSF
TF
EJSJHF

UFOFS
VOB
JOTUBMBDJØO
BTÓ
OP
DSFB
OJOHVOB
BM
FTQBDJP
EF
DVMUJWP
EFTEF
FM
MVHBS
EF

TPTQFDIB
FO
VO
MVHBS
EF
USBCBKP
UBO
QPM USBCBKP
-B
WFOUBKB
EF
FTUP
FT
RVF
FTUF
BJSF

WPSJFOUP
DPNP
FM
TVZP
FTUÈ
TJFNQSF
B
MB
NJTNB
UFNQFSBUVSB
ZB

RVF
FO
JOWJFSOP
TF
DBMJFOUB
Z
FO
WFSBOP
TF

-P
RVF
OBEJF
TBCF
TJO
FNCBSHP
FT
RVF
FOGSÓB
&M
BJSF
VTBEP
TF
GJMUSB
Z
TF
FYQVMTB

FM
BSNBSJP
SFBMNFOUF
FTUÈ
WBDÓP
Z
RVF
NFEJBOUF
VOB
SFKJMMB
EF
WFOUJMBDJØO
FO

MB
ÞOJDB
PQFSBDJØO
RVF
UJFOF
RVF
WFS
FM
MBEP
EF
MB
VOJEBE
RVF
EB
IBDJB
GVFSB

DPO
FM
BJSF
TF
IBDF
DPO
VO
HSBO
GJMUSP
EF
:B
RVF
MPT
BJSFT
BDPOEJDJPOBEPT
TJSWFO
&O
VO
MVHBS
EFTDPOPDJEP
FM
QVOUP
DJFHP
&O
FTUF
QVOUP
OBEJF
QVFEF
WFS

MBT
QMBO
DBSCØO
$POTJHVJØ
FTUF
BSNBSJP
HSBUJT
FO
UBNCJÏO
QBSB
DBMFOUBS
FM
BJSF
+1
OP
UJFOF
UBT
RVF
DSFDFO

.,76'(&8/7,92
'(+21*26<758)$6
0É*,&$6
18(9$
$
)2508/
,(172
5(1',0 /72
0$6 $
 

%FTQVÏT
EF
BCSJS
MB
WFOUBOJMMB
Z
FYUFOEFS
MB
FTDBMB
EF
DVFSEB
SFTVMUB
DMBSP
RVF
TF

"
QSJNFSB
WJTUB
QBSFDF
VOB
DMBSBCPZB
OPSNBM USBUB
FO
SFBMJEBE
EF
VOB
FOUSBEB
TFDSFUB
B
VOB
B[PUFB

UFDIP
EF
CFUÞO

OP
TF
FTUSPQFF
WF
DBEB
WF[
NÈT
FO
MPT
UFDIPT

&M
QSJODJQJP
MBT
QMBOUBT
TF
NBOUFOHBO
GVFSB
EF
MB
SFDJCFO
NFOPT
BHVB
MPT
TJTUFNBT
SBEJDV
&O
MB
B[PUFB
IBZ
BIPSB
VO
QBS
EF
DVCBT
FT
FM
NJTNP
EF
MB
B[PUFB
DPO
MB
EJGFSFODJB
WJTUB
EF
MPT
EFNÈT

MBSFT
OP
QVFEFO
EFTBSSPMMBSTF
UPUBMNFOUF

HSBOEFT
Z
DVBESBEBT
EF
NBEFSB
FO
QSJODJQBM
EF
RVF
FM
TVFMP
TF
FYUJFOEF
QPS
Z
OP
QVFEFO
BCTPSCFS
UBOUPT
OVUSJFOUFT

MBT
RVF
QVFEFO
QMBOUBSTF
MBT
QMBOUBT
UPEP
FM
UFDIP
FO
FM
RVF
QVFEFO
DSFDFS
-B
WFOUBKB
EFM
DVMUJWP
FO
FYUFSJPSFT
TPCSF
-PT
SFTVMUBEPT
FO
FM
UFDIP
TPO
QPS
UBOUP

+1
IB
NPOUBEP
UBNCJÏO
VO
BUSBDUJWP
QMBOUBT
P
IJFSCB
"TÓ
RVF
MPT
B[VMFKPT
TF
VO
UFDIP
FT
RVF
IBZ
NVDIP
FTQBDJP
B
VO
QPDP
JOGFSJPSFT
SFTQFDUP
B
MPT
EF
MBT

TBMØO
FO
FM
UFDIP
%F
FTUB
NBOFSB
MB
SFFNQMB[BO
TJNQMFNFOUF
QPS
TVTUSBUP
EJTQPTJDJØO
QBSB
DVMUJWBS
"TJNJTNP
OP
QMBOUBT
RVF
DSFDFO
FO
MB
UJFSSB
1PESÓB

UFSSB[B
EB
MB
JNQSFTJØO
EF
TFS
TJNQMF 1BSB
+1
TJO
FNCBSHP
FTUP
OP
FSB
VOB
IBZ
VO
MVHBS
DPO
NÈT
MV[
RVF
VO
UFDIP
FTQFSBSTF
RVF
MBT
QMBOUBT
RVF
+1
DVMUJWØ

NFOUF
VOB
B[PUFB
OPSNBM
BTÓ
RVF
MPT
PQDJØO
QVFT
SFBMJ[BS
VO
KBSEÓO
EF
UFDIP
FT
MP
RVF
EFTEF
MVFHP
CFOFGJDJB
MBT
QMBOUBT
FO
TV
B[PUFB
EJFSBO
NFKPSFT
SFTVMUBEPT

IFMJDØQUFSPT
RVF
WVFMBO
QPS
FODJNB
OP
VO
QSPDFTP
EJGÓDJM
1SJNFSP
IBZ
RVF
DBMDVMBS
5BNQPDP
IBZ
VO
MVHBS
FO
FM
RVF
TF
SFDPKB
&TUP
FT
QPSRVF
+1
QVEP
EBS
B
FTUBT
QMBOUBT

WFO
OBEB
RVF
MFT
JOGVOEB
TPTQFDIBT
TJ
FM
UFDIP
QVFEF
TPQPSUBS
FM
QFTP
FYUSB
NÈT
BHVB
RVF
VO
UFDIP
QMBOP
$PO
MPT
OVUSJFOUFT
Z
BHVB
UPEPT
MPT
EÓBT
FTUBOEP

4J
+1
IVCJFSB
QVFTUP
TØMP
VOB
TFSJF
EF
-VFHP
FM
UFDIP
UJFOF
RVF
SFWFTUJSTF
DPO
B×PT
+1
IB
FTUBCMFDJEP
MBT
NFKPSFT
GPSNBT
FO
TV
QSPQJP
QJTP
:
FTUP
EFTEF
MVFHP

DVCBT
FO
TV
UFDIP
Z
QMBOUBEP
QMBOUBT
WBSJBT
DBQBT
EF
NBUFSJBM
RVF
MP
QSPUFKB
EF
SFDPHFS
Z
BMNBDFOBS
FM
BHVB
QMVWJBM
EFQFOEF
EF
DVÈOUP
QVFEFO
DSFDFS
MBT

EFOUSP
EF
FMMBT
EFTEF
BSSJCB
TF
WFSÓB
DPOUSB
MBT
SBÓDFT
RVF
DSFDFO
Z
IBZ
RVF
QFO 1BSB
FTUP
VTB
JODMVTP
VO
UVCP
EF
ESFOBKF
QMBOUBT
Z
RVÏ
UBO
HSBOEFT
QVFEFO
WPMWFS
TFODJMMBNFOUF
DPNP
MP
RVF
FT
VO
KBSEÓO
TBS
FO
DØNP
FMJNJOBS
FM
BHVB
EF
NÈT
6OB
EFTEF
VO
UFDIP
NÈT
BMUP
DPNCJOÈOEPMP
TF
-BT
QMBOUBT
EFM
BDPOEJDJPOBEPS
EF
BJSF

HVFSSJMMFSP
EF
UFDIP
BMHP
RVF
MB
QPMJDÓB
WF[
SFTVFMUPT
UPEPT
FTUPT
JODPOWFOJFOUFT
DPO
VO
EFQØTJUP
EF
BHVB
QMVWJBM
%F
TFS
EBSÈO
SFTVMUBEPT
QBSFDJEPT
B
MPT
EF
MBT

FTUÈ
FOUSFOBEB
QBSB
JEFOUJGJDBS
TF
QVFEF
FYUFOEFS
FM
TVTUSBUP
Z
QMBOUBS
MBT
QPTJCMF
VTB
BHVB
EF
MB
SFE
EF
TVNJOJTUSP
QMBOUBT
EF
JOUFSJPS
ZB
RVF
MBT
DPOEJDJPOFT

1VFTUP
RVF
TVT
WFDJOPT
OP
TBCFO
OBEB
QMBOUBT
%FTEF
MVFHP
+1
OP
QPESÓB
IBCFS
6OB
EFTWFOUBKB
FT
RVF
OP
IBZ
NVDIB
UJF FSBO
MBT
NJTNBT
EF
TV
B[PUFB
+1
IB
JOTUBMBEP
FO
TV
DBTB
IFDIP
UPEP
FTUP
TJO
RVF
MPT
WFDJOPT
TF
SSB
QSFTFOUF
FO
FM
UFDIP
SFTQFDUP
B
MP
RVF

VOB
WFOUBOJMMB
EF
UFDIP
BOUJJOUSVTJØO
EJFSBO
DVFOUB
&T
VOB
QFOB
QVFTUP
RVF
FM
TF
FODVFOUSB
BM
OJWFM
EFM
TVFMP
:B
RVF
MBT
{*EFBT
{$PNFOUBSJPT
&NBJM

"TÓ
OBEJF
QVFEF
WFSMP
DVBOEP
TVCF
BM
KBSEÓO
EF
UFDIP
UJFOF
MB
WFOUBKB
BEJDJPOBM
QMBOUBT
OP
FTUÈO
QMBOUBEBT
FO
MB
UJFSSB
Z
HVFSSJMMBEBBO! HNBJMDPN
UFDIP
$VBOEP
MB
WFOUBOJMMB
FTUÈ
DFSSB EF
BJTMBS
Z
FTUP
QVFEF
BIPSSBS
CBTUBOUF
FO

EB
QBSFDF
VOB
CVIBSEJMMB
OPSNBM
QFSP
FM
DPTUP
EF
DBMFGBDDJØO
BM
BCSJSTF
MF
EB
BDDFTP
BM
UFDIP
%FTEF

VO
IVFDP
FO
MB
QBSFE
+1
QVFEF
DPMHBS
$PODMVTJØO
VOB
FTDBMFSB
EF
DVFSEB
HSBDJBT
B
MB
DVBM
-PT
UFDIPT
QBSB
MB
NBZPS
QBSUF
EF
MB

OP
UJFOF
RVF
DBSHBSTF
VOB
FTDBMFSB
EF
HFOUF
BTÓ
DPNP
MPT
EFTWBOFT
OP
TPO

NBEFSB
QPS
TV
DBTB
-B
HSBO
WFOUBKB
MVHBSFT
JOUFSFTBOUFT
MB
HFOUF
OP
TF
EB

EF
UFOFS
FTUF
BDDFTP
TFDSFUP
FT
RVF
DVFOUB
EF
RVÏ
PDVSSF
TPCSF
TVT
DBCF[BT

MPT
WFDJOPT
QVFEFO
WFOJS
B
WJTJUBSMP
(SBDJBT
BM
SFMBKBNJFOUP
EFM
QFSTPOBM
EF

TJO
BWJTBS
Z
TJO
KBNÈT
TPTQFDIBS
RVF
TFHVSJEBE
Z
NBOUFOJNJFOUP
QFSTPOBT

OBEB
PDVSSF
TPCSF
TVT
DBCF[BT
OJ
EBSTF
DPNP
+1
QVFEFO
BQSPWFDIBS
MPT
UFDIPT

DVFOUB
EF
RVF
UJFOF
BDDFTP
BM
UFDIP
QMBOPT
EF
MB
DJVEBE
-PT
QSPQJFUBSJPT

HFOFSBMNFOUF
OP
JOUFSFTBEPT
FO
FM
NBO
"MUFSOBUJWB
QBSB
MB
B[PUFB
UFOJNJFOUP
EF
TVT
FEJGJDJPT
TPO
DØNQMJ
KBSEÓO
TPCSF
FM
UFDIP
DFT
GÈDJMFT
F
JODPOTDJFOUFT
EF
FTUF
UJQP

&O
MVHBS
EF
VOB
B[PUFB
+1
QPESÓB
UBNCJÏO
EF
PQFSBDJPOFT
EF
DVMUJWP
-P
NJTNP

IBCFSTF
IFDIP
VO
KBSEÓO
TPCSF
FM
UFDIP
WBMF
QBSB
MPT
UFDIPT
EF
DBTBT
PDVQBEBT
6O
DPSUF
USBOTWFSTBM
EFM
UFDIP
HVFSSJMMFSP
NPTUSBOEP
VOB
WF[
NÈT
MB
VUJMJEBE
EFM

&TUF
FT
VO
GFOØNFOP
RVF
BDUVBMNFOUF
TF
QPS
TVT
QSPQJFUBSJPT
TJFNQSF
Z
DVBOEP
QVOUP
DJFHP

 


 


 



 



 
 

 !

"""#$ 
 -*'&
45:-& 
%JF[
4PVOE
4ZTUFN
QBSB
FTDVDIBS

FTUF
WFSBOP
.ÈT
BMMÈ
EF
VOB
DPMFDDJØO
EF
NJYUBQFT
RVFSFNPT
EFTUBDBS
FO
FTUB
OÓB
MB
NFKPS
SFGFSJEP
RVF
TF

QSFQBSBEB
EF
QSFHVOUB
Z
SFT
TFMFDDJØO
FM
USBCBKP
EF
EJGVTJØO
EF
MB
NÞTJDB
KBNBJDBOB
SFBMJ[BEP
QPS
MB
IJTUPSJB
GVF
QPOEF
FO
VO

EJF[
4PVOE
4ZUFN
BVORVF
FMFHJNPT
VOBT
PCSBT
EFUFSNJOBEBT
DPNP
TBDSJGJDBEB
B
VO
EJBMPHP
JOGJOJUP

FKFNQMP
FYJTUFO
NVDIBT
NÈT
&TUF
WFSBOP
FT
CVFO
NPNFOUP
QBSB
FTDV .PMPDI
EF
MBESJ &YQFSJFODJB
DSJ
MMP
"IPSB
WBHB
UFSJP
Z
BVUFOUJ
DIBSMBT
UBNCJÏO
QBSB
WJWJS
TVT
BDUVBDJPOFT
FO
EJSFDUP


(BOKB
4FMFDUBI EFTPSJFOUBEB
DJEBE
&TUB
NJY
TJO
FODPOUSBS
TV
UBQF
WB
NÈT
BMMÈ

%K
%SF[
,BDIBGBZBI
4PVOE
o
CPSBEBT
FO
&TQB×B
FO
FYDMVTJWB
QBSB
MVHBS
1FSP
MB
NÞTJDB
OP
QBSB
MB
NÞTJDB
RVF
MB
VOJØO
EF
SBQ
Z
SFHHBF
FT
VO

4NPLF
(PPE
.BSJIVBOB #BSCBTT
4PVOE
1FSP
FTUP
FT
TPMP
MB
FT
DPNQB×ÓB
EFM
BMNB
/P
EJOFSP
OP
DBOUP
FTQJSJUVBM
Z
EFOTP
MMFOP
EFM
PSHV
&M
USBCBKP
EF
JOWFTUJHBDJØO
Z
EJGVTJØO
JOUSPEVDDJØO
-P
JNQPSUBOUF
MMFHB
BM
WJTB
OP
NPOFZ
QFSP
NJFOUSBT
BGVFSB
MMP
NPEFTUP
EF
MPT
RVF
QBTBSPO
QPS
FM

EF
NÞTJDB
KBNBJDBOB
RVF
IBDF
%K
%SF[
FTDVDIBS
FM
SFTVMUBEP
Z
WFS
RVF
FT
QVSB
BSSFDJB
FM
SVJEP
Z
MB
NJFSEB
MB
NÞTJDB
FT

GVFHP
Z
TBMJFSPO
TBMWPT
4PO
EF
MB
DMBTF

FT
JNQBHBCMF
&T
VO
IPOPS
QBSB
4PGU
DBMJEBE
QVSB
DSFNB
6O
QBTFP
EFTWFS SFGVHJP
VOJWFSTBM
Z
QBUSJB
&O
DVBMRVJFS
TVQFSWJWJFOUF

4FDSFUT
FODBCF[BS
FTUB
TFMFDDJØO
EF
HPO[BEP
Z
QFSTPOBM
QPS
MB
FMFDUSØOJDB
MVHBS
$POTVFMP
Z
EVM[VSB
QBSB
FM
RVF

NJYUBQFT
DPO
VOB
FMBCPSBEB
QPS
%SF[
BDUVBM
&OUPODFT
TPMP
TF
QVFEF
EFDJS
MMPSB
7BMPS

QBSB
FM
RVF
TF
MFWBOUB
USBT
4NPLB
4PVOE

%BODFGMPPS
FO
FYDMVTJWB
QBSB
4PGU
4FDSFU
#VTDB
VOB
DPTB
SFTQFUP
NVDIP
SFTQFUP

&TUÈ
DBFS

"OJNP
QBSB
MPT
OVFWPT
WBHBCVO &TUJMP
TJO
DPN
NÈT
JOGPSNBDJØO
FO
MB
BOUFSJPS
SFWJTUB
FYQFSJNFOUBEP
FO
EJGJDVMUBEFT
UÏDOJ EPT
EFM
EIBSNB QMFKPT
FOUSF
MP

EPOEF
JODMVJNPT
VOB
FYUFOTB
FOUSFWJT DBT
3FMÈKBUF
Z
EJTGSVUB
HBNCFSSP
Z
MP

UB
EF
QSFTFOUBDJØO
&TUF
BSUJDVMP
MP
DFO ,BMPODIB
'BNJMZ
BLB
4VQBI
WJSUVPTP
3JUNP

USBSFNPT
FO
PUSPT
BSUJTUBT
RVF
UBNCJÏO
(BOKBMPWF
*SJF
-JPO
4PVOE

'BTU
1MBZFST
Z
#VOEFN
4RVBE
JNQBSBCMF
RVF
TF

NFSFDF
MB
QFOB
DPOPDFS
o
#FTBNF
NVDIP o
4NPLJOH
)FFMT TVEB
QPSP
B
QPSP


&TUB
NJYUBQF
FTUÈ
&M
WJEFP
EF
MBT
&TUB
NJYUBQF


FUJRVFUBEB
DPNP
#VOEFN
4RVBE
DVNQMF
MP
QSP
KVOHMF
-VFHP
RVF
JODMVZF
FTUB
NFUJEP
BM
DPOUBEP
&T
GJFCSF
USPQJDBM


EFOUSP
NF
TVFOB
NJYUBQF
NBSDB
1VSB
MFUBOÓB
QJTUFSB

WPDFT
TFOTVBMFT
Z

B
NVDIBT
DPTBT
VO
IJUP

&M
QSJO CBTFT
EBO[POBT
NÞTJDB
QBSB
NPWFS
BM

5FOFS
FM
DPSB[ØO
DJQJP
GVFSPO
DVB QÞCMJDP
Z
QPOFS
DVFSQPT
B
TVEBS
6OB

EF
MFØO
KBNBJDB USP
GSFBLZT
MJBO DMBTF
EF
CBJMF
FO
NQ
TPMP
MPT
SJUNPT

OP
/BDFS
FO
PUSP
EP
QFUBT
FTP
ZB
ZB
UF
MMFWBO

-FØO
&TUVEJBS
FTUÈ
TVQFSBEP

FO
4BMBNBODB
-BT
EBODFIBMM
,JLJ
4PVOE
BLB
,BNJLB[F

4FTJPOFT
FO
EÓBT
EF
MMVWJB
RVF
WBT
B
RVFFOT
IBO
MMFHBEP
B
MB
FTDFOB
FTQB×P o
%SJWF
8FI
QJODIBS
Z
OP
WB
OBEJF
Z
OP
UJFOFT
VO
MB
QBSB
MMFOBSMB
EF
UBDPOFT
EFTNFMFOF

UBYJ
B
MB
QVFSUB
OJ
DIJDBT
QBSB
MMFWBSUF
Z

WPMVQUVPTB
DBSOBMJEBE
/BEJF
NFKPS

MBT
NBMFUBT
(PPE
.VTJD
%FTJMVTJPOFT

QBSB
QSPDMBNBS
MB
CVFOB
OVFWB
RVF
MBT

4FS
FM
SBTUB
EF
MB
FTDFOB
FMFDUSPOJDB
#VOEFN
4RVBE
VO
HSVQP

EF
SFJOBT

Z
FM
CBLBMBEFSP
FO
MB
FTDFOB
SFHHBF
BVUPDPSPOBEBT
EJTQVFTUBT
B
DSFBS
MPT

$JVEBEFT
EF
QSPWJODJBT
QVFCMPT
DBSSF DBNJOPT
DVBOEP
OP
FYJTUBO

4F
TBCF

%K
,BEFSBT

#BSCBTT
4PVOE

UFSBT
&TQFSBO[B
UFTØO
#BSFT
QFRVF FO
MBT
GJFTUBT
&M
QÞCMJDP
MP
TBCF
:
QPS

o
%VCQMBUFT
3FNJYFT ×PT
GFTUJWBMFT
RVF
FNQJF[BO
)ÞNFEBT
TVQVFTUP
,BMPODIB
MP
TBCFO
&ODJNB

4FMFDDJØO
NVTJ DBMMFT
EF
QJFESB
6OB
DVMUVSB
NVTJDBM
QPOFO
CBOEB
TPOPSB
B
MB
BMUVSB

DBM
UFDOJDB
B
FDMÏDUJDB
6OB
UÏDOJDB
QFSTPOBM
Z
NFT
MPT
WJOJMPT
Z
UJ[B
(PPE
(BOKB
%FDMBSØ
"SOBV
FM
B×P
+PUB.BZVTDVMB
%K
4IBZNBO

NVDIB
BDUJUVE

QBTBEP
RVF
FM
SFHHBFUPO
FT
FM
OVFWP
.BMFBOUFT &M
QSJODJQJP
FT
VO
SFTVNFO
EF
,JLJ

:B
FO
FM

TPOJEP
VOEFSHSPVOE
"SOBÞ
MMÏWBUF
B
"
FTUBT
BMUV 4PVOE
1SJNFSP
MB
NFMPEÓB
1FSP
UBN
4PGU
4FDSFUT
(BOKBMPWF
B
.POFHSPT
`UF
WBT
B
FOUFSBS
SBT
EF
DBSSFSB
CJÏO
FM
NFOTBKF
EFOVODJBS
FM
TJTUFNB

4QBJO
MMFWØ
B
EF
MP
RVF
FT
VOEFSHSPVOE
BM
DPOUBEP
+PUBNBZVTDVMB
FOTF×BS
B
MBT
KØWFOFT
HFOFSBDJPOFT
6OB

%K,BEFSBT
B
%F
IBCFS
OBDJEP
FO
PUSP
TJUJP
JHVBM
OP
UJFOF
OBEB
TFMFDDJØO
EF
UFNBT
RVF
TF
DPMVNQJB
EF

BDUVBS
BM
GFT TFSÓB
NÈT
GBNPTP
RVF
.PCZ
1FSP
OP
RVF
EFNPTUSBS
TF
MB
TFOTVBMJEBE
B
MB
BNFOB[B
.ÞTJDB

UJWBM
)JHIMJGF
FT
FM
DBTP
1PDPT
TBCFO
RVF
(BOKBMPWF
QFSNJUF
UPEPT
MPT
MMFOB
EF
MB
GSFTDB
ÏQJDB
EF
MB
DBMMF
1VSB

DFMFCSBEP
FO
FT
VO
OÞNFSP
VOP
/J
TJRVJFSB

MP
TBCSÈ
DBQSJDIPT
Z
BM
RVF
WFUFSBOÓB

EFTUJMBEB
FO
DBEB
OPUB

QBSBMFMP
KVOUP
OJ
ÏM
Z
B
WFDFT
QFOTBSÈ
RVF
MP
TVZP
GVF
OP
MF
HVTUF
RVF
TF

B
MB
GFSJB
'VF
VO
FSSPS
RVF
NFKPS
FTUBCB
EF
GVODJP MB
DPNB
"TÓ
TVSHF
VO
EJTDP
DJNFOUBEP
"TUVS
4PVOE
o
.BZEHBOKB

VO
BDJFSUP
)B
OBSJP
DPNP
MF
BDPOTFKBCBO
MPT
CJFO TPCSF
EFMJDJPTBT
CBTFT
EF
3BGBFM
)FDUPS
NFFUT
6SCBO
1PJTPO

EFNPTUSBEP
TFS
QFOTBOUFT
%F
FTP
OBEB
1VFEF
RVF
-BWPF
P
5FHP
$BMEFSPO
6OB
NJYUBQF
&O
FTUB
TFMFDDJØO

VO
BSUJTUB
ÞOJDP
RVJFSB
B
MB
HBOKB
EFNBTJBEP
1VFEF
EFTWFSHPO[BEB
USPQJDBM
Z
FDMÏDUJDB
/J
OP
QPEÓB
GBMUBS

DBQB[
EF
NPO RVF
OP
MMFHVF
BM
MVHBS
PQPSUVOP
OJ
FT
iNÞTJDB
DPO
NFOTBKFw
OJ
QSFUFOEF
VO
FKFNQMP
EF

UBS
VO
TIPX
FO
FO
FM
NPNFOUP
PQPSUVOP
.ÈT
MP
EF
DBNCJBS
FM
NVOEP
QFSP
DVFOUB
NVDIBT
MPT
QSJODJQJPT

DBEB
BDUVBDJØO
(BOKBMPWF
OVODB
TFSÈ
VO
FSSPS
&T
MB
DPTBT
"MHVOPT
OP
MP
FOUJFOEFO
QPSRVF
-B
JOPDFODJB
EF

.ÈT
OP
TF
DPOGVOEBO
BQPSUB
B
MB
FTDF TPMFEBE
EFM
FTDBQBEP
EFM
QFMPUØO

RVF
OP
TPO
EF
CBSSJP
6OB
JONFSTJØO
FO
MBT
DVBOEP
RVFEB

OB
NVDIP
NÈT
GSFTDVSB
5BNCJÏO
UFTØO
ZB
OP
TBCF
NVZ
CJFO
EPOEF
FTUÈ
QFSP

SBÓDFT
FO
MB
NÞTJDB
EF
MPT
NBMFBOUFT
EF
NVDIP
QPS
IBDFS

JOTJTUFODJB
Z
DBMJEBE
&O
VO
NPNFO TJHVF
QFEBMFBOEP
"
QJ×ØO
QFRVF×P
Z
MB
HFOUF
EF
DBMMF
EF
MPT
RVF
TPMP
UJFOFO
Z
UPEP
TF
WJWF

UP
RVF
FNQF[BCBO
MPT
%VCQMBUFT
FO
DBUBMJOB
HSBOEF
TV
QBMBCSB
Z
TVT
DPKPOFT
&T
MP
RVF
FTUÈ
DPO
JMVTJØO
-BT
PCSBT
EF
KVWFOUVE
UJF
&TQB×B
#BSCBTT
4PVOE
TF
NBSDB
VOB
TPOBOEP
MPDP
OFO
VOB
GSFTDVSB
FTQFDJBM
VOB
QBTJØO

NJYUBQF
EF
FTDÈOEBMP
MMFOB
EF
EVCQMB $ISPOJD
4PVOE
o ÞOJDB
-VFHP
TF
NFKPSB
MB
UÏDOJDB
TF

UFT
Z
FODJNB
MB
QMBODIBO
FO
WJOJMP
1FSP

)PNFMFTT
(FOFSBUJPO $IBMJDF
4PVOE
4ZTUFN
PDVMUBO
NFKPS
MBT
JOGMVFODJBT
1FSP

DPNP
FTUP
MFT
EFCF
QBSFDFS
QPDP
TBDBO
%VSBOUF
FM

FO
QMFOB
FYQMPTJØO
EF
o
3BQHHBGJSF
7PM
** UPEP
MP
JNQPSUBOUF
FTUÈ
ZB
EJDIP
FO

VO
WJOJMP
EPCMF
FO
FM
RVF
JODMVZFO
VO
MB
CVSCVKB
JONPCJMJBSJB
$ISPOJD
QPOF
6O
SFQBTP
EF
SJUNPT
KBNBJDBOPT
BMJ×BEP
BRVFMMBT
QSJNFSBT
PCSBT
FO
BRVFMMBT

WJOJMP
DPO
MBT
CBTFT
FMFDUSØOJDBT
TPCSF
FM
EFEP
FO
MB
MMBHB
FO
iIPNFMFTT
HFOF DPO
VO
NPOUØO
EF
EVC
QMBUFT
QSPQJPT
QSJNFSBT
TFTJPOFT
&T
FM
DJDMP
EF
MB
WJEB

MBT
RVF
HSBCBSPO
MB
NJYUBQF
UPEBT
FMB SBUJPOw
-B
HFOFSBDJØO
RVF
TF
TVQP EFM
HSVQP
$PO
VO
SJUNP
QSPQJP
BVUP RVF
WB
B
MP
TVZP

 -*'&
45:-&

.VMFSP
Z
4BOUBOB
TBMFO
QPS
MB
QVFSUB
HSBOEF &M
"MM
OJHIU
MPOH
EF
MPT

B×PT
DPOGJS
NØ
RVF
.VMFSP
FT
QBSUF
EF
MB
IJTUPSJB

&M
4POBS
IB
NVFSUP
WJWB

NVOEJBM
EF
MB
NÞTJDB
FMFDUSØOJDB
)BTUB

VO
TFMMP
DPNP
5SFTPS
GBSEB
EF
RVF
SFWJTF

TVT
BSDIJWPT
Z
MP
BOVODJB
B
QMFOP
QVM
NØO
FO
FM
5SFTPS
5PVS
P
BM
QSFTFOUBSMP

FM
0GG
4POBS PSHVMMPTPT
DPNP
MB
FTUSFMMB
EF
MB
TFTJØO

5SFTPS
FO
0GG
4POBS
/J
UJFOF
DPNQMFKPT

OJ
QSFKVJDJPT
OJ
FUJRVFUBT
OJ
OBEB
RVF

EFNPTUSBS
:B
RVFEB
UPEP
EJDIP
4F

"RVFM
GFTUJWBM
RVF
OPT
BUSBQØ
FO
FM
RVF
UPEP
SF[VNBCB
MB
FNPDJØO
EF
BQBHBEPT
EF
VOB
FDVBDJØO
TJO
FTQÓSJUV
BDBCBSPO
MBT
DBSUBT
/P
WB
NÈT
TJO
TFOUJEP
/BEB
WBMF
)BZ
RVF
QFSFHSJ
MB
NPEFSOJEBE
"RVFMMB
TFOTBDJØO
EF
MMFHBS
B
VO
OVFWP
8PPETUPDL
OBS
B
&MFVTJT
TJ
RVJFSFT
QBSUJDJQBS
EF
TVT
7JDUPS
4BOUBOB

"RVFM
DPDLUBJM
EF
WBOHVBSEJB
Z
SBWF
FO
FM
DFOUSP
EF
#BSDFMPOB
NJTUFSJPT
4BO
+VBO
EF
MB
$SV[
FM
QPFUB
-B
DJUB
FSB
FM
7JFSOFT
UBSEF
FO
FM
ÈUJDP

"RVFMMPT
BNBOFDFSFT
Z
BUBSEFDFSFT
FO
FM
GVUVSP
5PEP
BRVFMMP
IB
RVF
UBOUP
JMVTUSØ
MB
OPDIF
PTDVSB
EFM
EFM
)PUFM
(SBOBEPT
EVSBOUF
MB
GJFTUB

BMNB
EJDF
RVF
IBZ
FYQFSJFODJBT
JOFY EFM
9
BOJWFSTBSJP
EF
$MVCCJOH4QBJO

NVFSUP
FOUSF
FM
ÏYJUP
Z
MBT
GMPSFT
)BTUB
FM
BOUJTPOBS
GFOFDJØ
GVTJMB QMJDBCMFT
DPO
QBMBCSBT
&T
MP
JOFGBCMF
1PDP
FTQBDJP
.VDIB
EFNBOEB
&TDSJCP

EP
QPS
MBT
iGVFS[BT
EFM
PSEFOw
.ÈT
EF
TVT
GFDVOEBT
FTQPSBT
OBDFO
1FSP
FM
DSPOJTUB
BDDJEFOUBM
TPCFSCJP
-MBNP
4VQMJDP
/BEJF
UJFOF
FOUSBEBT
&M

QFDBEPS
QFSTJTUF
FO
MPT
USJTUFT
USB[PT
NJTNP
EÓB
EF
MB
GJFTUB
DPOTJHP
NFUFSNF

NÞMUJQMFT
TFUBT
%FDFOBT
EF
GJFTUBT
Z
QSPHSBNBDJPOFT
RVF
BMGPNCSBO
/J
TJRVJFSB
HP[BO
MB
FYDVTB
EF
TFS
QPF FO
MB
MJTUB
-MFHØ
.F
EJDFO
RVF
OP
FTUPZ

#BSDFMPOB
FO
MBT
NJTNBT
GFDIBT

*BO
4DIOFJEFS TÓB
JONPSUBM
.ÈT
CJFO
QVSB
EFGPSNB FO
MB
NBMEJUB
MJTUB
*NQPTJCMF
(SV×P

DJØO
QSPGFTJPOBM
OFDFTJEBE
EF
OBSSBS
MP
1SFTJPOP
*OTJTUP
"M
GJOBM
BMMÓ
NF
QMBOUÏ

6O
GFTUJWBM
EF
NÞTJDB
BWBO[BEB
RVF
&O
MB
UBSEF
EFM
+VFWFT
GBMUBCB
QPS
FNQF[BS
WJWJEP
QBSB
TBDBSMP
EF
MB
DBCF[B
Z
FO
TV
GJFTUB
NF
DPMÏ
.JT
FYDVTBT
B
MPT

QFSTJTUF
DPO
DBCF[BT
EF
DBSUFM
RVF
ZB
FM
i*OVTVBM
4POBS
'FTUJWBM
w
NÈT
EF

QSPHSBNBCBO
FO
FM
TJHMP
QBTBEP
FT
VOB

IPSBT
EF
NÞTJDB
MJCSF
KVOUP
BM
."$#"

DPOUSBEJDDJØO
FO
TVT
UÏSNJOPT
5PEP
"EFNÈT
TF
JNQPOÓB
FNQF[BS
USBORVJMPT

UJFOF
RVF
DBNCJBS
QBSB
TFHVJS
TJFOEP
Z
SFTFSWBS
GVFS[BT

1BSB
FMMP
OBEB
NFKPS

JHVBM
-PT
%+T
Z
MPT
GFTUJWBMFT
IBO
EF
RVF
BDVEJS
BM
.JOVT
(IPTU
4QBDF
BMMÓ

PGSFDFS
OVFWPT
TPOJEPT
QBSB
DPOUJOVBS
BDUVBSPO
HSBUJT
MPT
QSJODJQBMFT
BSUJTUBT
EFM

GSFTDPT
"
FTUPT
MMPSJRVFPT
VO
QSPNPUPS
TFMMP
.JOVT
QSFTFOUFT
UBNCJÏO
FO
MB
GJFTUB

NF
SFTQPOEF
iEJNF
VO
BSUJTUB
EF
FMFD EFM
%PNJOHP
FO
FM
$IJSJOHVJUP
$BMBNBS


USØOJDB
NFOPS
EF

B×PT
RVF
UF
HBSBO -MFHBEB
MB
OPDIF
MBT
QSPQVFTUBT
TF
NVMUJ
UJDF
NFUFS

QFSTPOBT
B
VOB
GJFTUBw
QMJDBCBO
&O
MB
3PX
4JNT
4VSHFPO
1BVM

1VSB
NBUFNÈUJDB
:B
TF
TBCF
MB
GBNB
.BD
Z
1FQP
0GFSUB
UFOUBEPSB
FT
MB
GJFTUB

DVFTUB
Z
IBZ
RVF
QBHBSMB
Z
UBM
$BEB
EFM
3B[[NBUB[[
EPOEF
BDUÞBO
5JHB
Z
FM

WF[
FM
QÞCMJDP
EFM
4POBS
FT
NÈT
JOUFS iKPWFOw
#PZT
/PJ[F
OBDJEP
FO

{4FSÈ

OBDJPOBM
Z
MMFHB
EFTEF
NÈT
MFKPT
1BSB
FM
FTUJMP
HBNCFSSP
Z
DBDIPOEP
EF
#PZT

BUSBFSMFT
TF
SFDVSSF
B
HSBOEFT
OPNCSFT
/PJ[F
FM
RVF
NBSDBSÈ
NB×BOB
MB
UFOEFO
NVDIP
NÈT
TFODJMMP
RVF
MB
FQPQFZB
DJB
{P
TFSÈ
VO
DIBWBM
EFTDPOPDJEP
RVF

EF
BQPTUBS
QPS
VO
DPODFQUP
:
MB
OBWF
BDUVØ
FO
VOB
UJFOEB
BOUF

BNJHPT
Z


WB
"EFNÈT
B
UPEB
WFMPDJEBE
$BEB
WF[
RVF
QBTBCBO
QPS
BMMÓ 
{$IJ
MP
TB

NÈT
DPMNBEB
EF
VOB
NBTB
TVEPSPTB
EF

SFNFSPT
WPMVOUBSJPT
.VMFSP
$PNP
BMHP
IBZ
RVF
FMFHJS
NF
GVJ
B
EJT
.ÈT
MB
FOFSHÓB
OJ
TF
DSFB
OJ
TF
EFTUSVZF
GSVUBS
EFM
JOWJUBEP
FTQFDJBM
EF
MB
OPDIF

TPMP
TF
USBOTGPSNB
&O
FTUF
DBTP
TJHVF
5SFTPS
FO
FM
.PPH
/P
QPEÓB
TFS
PUSP

FO
#BSDFMPOB
FTDPOEJEB
FO
UPEBT
MBT
RVF
0TDBS
.VMFSP
DSFBEPS
EF
i5SFTPS

BWFOUVSBT
RVF
OBDFO
B
MB
TPNCSB
EFM
.JY
6OEFS
3FWJFXw
"M
.PPH
QFSFHSJ 7JDUPS
4BOUBOB
HSBO
USJVOGBEPS
EFM
9
"OJWFSTBSJP
$MVCCJOH
4QBJO
4POBSFWFOUP
'JFTUBT
FO
ÈUJDPT
IPUF OBNPT
Z
TVDFEJØ
FM
NJTUFSJP
%BO
HBOBT

MFT
QMBZBT
CBSDPT
DMVCT
BOUSPT
HBMF EF
BDBCBS
MB
DSØOJDB
BRVÓ
5PEP
MP
RVF

SÓBT
UJFOEBT
Z
EJTDPUFDBT
6O
0GG
TPOBS
DPOUJOÞB
WB
B
TFS
FTUSPQFBSMB

4FSÓB
-VFHP
BOUF
MB
QBOUBMMB
HPMQFB
MB
SFB PSHBOJ[BEPSFT
/P
RVFEBCB
PUSB
4FOUÓB

CBSBUP
EJTQFSTP
Z
B
NFEJEB
MMFOP
EF
NFKPS
OJ
FTDSJCJS
OBEB
OJ
HSBCBS
OBEB
MJEBE
GBMMBO
MBT
QBMBCSBT
1PESÓB
EFT MB
MMBNBEB
5FOÓB
RVF
FOUSBS
TPSQSFTBT
Z
UFTPSPT "M
BNBOFDFS
MPT
WJEFPT
TPO
GSBHNFOUPT
UBDBS
FM
FYRVJTJUP
SFQBTP
B
MB
IJTUPSJB

EFM
UFDIOP
Z
TVT
SBNBT
GVOEBNFOUBMFT
&O
FM
ÈUJDP
4BOUJ
9QBOTVM
DBMEFB
FM

4F×BMBS
VOB
QSFDJTJØO
FO
MBT
NF[DMBT
BNCJFOUF
NJFOUSBT
4BOUBOB
SFNPOUB

RVF
TF
EB
QPS
EFTDPOUBEB
3FJUFSBS
DBCMF
B
DBCMF
FM
FTUVEJP
EF
TV
DBTB
FO

DPNP
DPOTUSVZF
OBSSBDJPOFT
FO
MBT
RVF
MB
UFSSB[B
$VBOEP
MBT
NBRVJOBT
FTUÈO

DBEB
UFNB
FT
VOB
QJF[B
EF
MB
IJTUPSJB
MJTUBT
QBSB
MBO[BS
TV
NFOTBKF
FNQJF[B

3FTBMUBS
RVF
FO
MBT
TFTJPOFT
EF
0TDBS
FM
MJWF
5SBORVJMP
$BTJ
QPS
MB
QVFSUB

BQSFOEFO
UPEPT
MPT
RVF
MMFHBO
IVNJM EF
BUSÈT
:
EF
QSPOUP
MB
GVFS[B
RVF

EFT
EFTEF
MPT
KØWFOFT
FNPDJPOBEPT
FO
MMFHB
Z
UF
HPMQFB
&TB
FOFSHÓB
CSVUBM

TVT
QSJNFSPT
WJBKFT
JOJDJÈUJDPT
B
%+T
RVF
&TB
NÞTJDB
QPS
MB
RVF
NPSJSÓBT
DPO

SFDPOPDFO
TJO
UJNJEF[
BDVEJS
B
UPNBS
UBM
EF
QPEFS
GMPUBS
FO
FMMB
MB
FUFSOJEBE

OPUB
-VFHP
EFTUBDBS
RVF
BOUF
UPEP
FOUFSB
&TB
QVSF[B
RVF
QPS
NPNFOUPT

GVF
VOB
FYQFSJFODJB
VO
WJBKF
DPMFDUJWP
BCTVFMWF
EF
IBCFS
TJEP
UBO
IVNBOP

FO
FM
RVF
TF
GVOEJFSPO
DIBNÈO
Z
QBSUJ 1BTBO
MPT
TFHVOEPT
VO
NJOVUP
EPT
:

DJQBOUFT
"MJ×BSMP
DPO
BMHVOB
NFUBGPSJ FOUPODFT
QJFOTBT
i{RVJÏO
DP×P
FT
FTUF

UB
&O
SFTVNFO
NVDIP
CMB
CMB
CMB
&TUP
UÓP
{%F
EPOEF
TBMF
{$ØNP
QVFEF
TFS

ZB
MP
QFSQFUSÏ
BOUFT
5BNQPDP
GVF
NVZ
RVF
EVSF
UBOUP
{$VÈOUP
MMFWB
EÈOEPMF

PSJHJOBM
$VBMRVJFS
BGJDJPOBEP
MP
TBCF
DFSB w
:
OP
RVJFSFT
RVF
QBSF
QFSP
UBN
)BTUB
MBT
NFUÈGPSBT
SBODFBO
{)BCSÏ
CJÏO
RVJFSFT
RVF
QBSF
QPS
OP
FDIBSUF
B

VTBEP
ZB
BMHVOB
WF[
MP
EF
JOFGBCMF
MMPSBS
FO
NFEJP
EF
MB
QJTUB
&O
FM
BUFSSJ
6O
SFQBTP
BM
EJTDP
EVSP
Z
FM
(PPHMF
OP
[BKF
ZB
DPNFNPT
FO
TV
NBOP
"ÞO
OP

EFMBUB
BOUFSJPSFT
FNQMFPT
"TÓ
RVF
BRVÓ
IBCSÓB
QBTBEP
VO
UFSDJP
EFM
WJBKF
$PO

KVFHP
MB
ÞMUJNB
CB[B
TJO
DPOWFODJNJFO QVMTP
$PO
EFMJDBEF[B
4BOUBOB
POEVMB

UP
OJ
WJDUPSJB
"VORVF
TFB
QPS
DPOGFTBS
FOUSF
TVT
NBRVJOJUBT
5PRVFT
NFOUBMFT

MB
JODBQBDJEBE
QPS
MJCFSBSNF
EF
NÈT
KBCPOPTPT
BNBCMFT
&M
TPM
TF
QPOF
FO

0TDBS
.VMFSP
JOWJUBEP
FTQFDJBM
EF
5SFTPS JOUFOUPT
EF
NÈT
GSBDBTPT
MB
UFSSB[B
EFM
IPUFM
NJFOUSBT
TJHVF
MB



 







  



 






  

  





   

  
 



  
  !"!
#  " 

 ! $" 
%" & 



  


NBHJB
6OB
BUBSEFDFS
QBSB
OP
PMWJEBS
FO
BOUFT
EF
DVNQMJS
MPT

B×PT
:
FTP
TFSÈ

MB
WJEB
:B
IVCJFSB
TJEP
VOB
HSBO
BDUVB MP
EF
NFOPT
&TUPZ
TFHVSP
"M
CBKBS
FO
FM

DJØO
.ÈT
GBMUBCB
VOB
ÞMUJNB
TPSQSFTB
BTDFOTPS
MFP
MB
UBSKFUB
RVF
NF
FOUSFHØ

0USB
USPNCB
EF
TPOJEP
OPT
CPNCBSEFB
%JDF
i7JDUPS
4BOUBOB
$IBWBM
3FDPSETw
.ÈT
BHVEB
NÈT
VSHFOUF
`"MBSNB
BMBS
NB
MB
SFBMJEBE
PT
HPMQFBSÈ
EF
OVFWP
4POBS
BVTFOUFT
Z
QSFTFOUFT
9QBOTVM
WVFMWF
BM
SFMFWP
QBSB
BDBCBS
MB
:
QPS
TVQVFTUP
4POBS
UBNCJÏO
FYJTUF

GJFTUB
-P
UJFOF
EJGÓDJM
QFSP
OP
TF
BSSFO &M
4POBS
EF
EÓB
DPO
FTBT
UÓQJDBT
FTDFOBT

EB
4VFMUB
VO
UFNØO
USBT
PUSP
Z
DJFSSB
EF
KVWFOUVE
DPO
MPT
DVFSQPT
BM
TPM

DPO
i-PWF
XJMM
UFBS
VT
BQBSUw
&M
QÞCMJ BNCJFOUF
DPPM
.PPEZNBOO
USJVOGØ
FO

DP
QSFUFOEF
BQMBVEJSMF
Z
FM
QJEF
MBT
MB
GBNPTB
3FE
.VTJD
"DBEFNZ
IBZ

PWBDJPOFT
QBSB
4BOUBOB
.FOVEB
DMBTF
RVF
BHSBEFDFS
FTF
JOHFOUF
USBCBKP
EF

9QBOTVM
.FKPS
TFS
VO
TF×PS
UPEB
MB
WJEB
EJGVTJØO
EF
MB
NÞTJDB
RVF
3FE
#VMM

RVF
FTUSFMMJUB

TFHVOEPT
EF
HMPSJB
QBUSPDJOB
-VFHP
FO
FM
4POBS
/PDIF

QFMPUB[PT
DPNP
-$%
4PVOE
4ZTUFN

.JFOUSBT
4BOUBOB
EFTNPOUB
FM
FTUVEJP
Z
TV
NF[DMB
EF
QVOL
FMFDUSØOJDB
Z

MB
HFOUF
TF
BDFSDB
B
GFMJDJUBSMF
Z
IBDFSTF
NVDIB
DJOUVSB
5BNCJÏO

MB
WVFMUB
EF

GPUPT
)B
TBMJEP
QPS
MB
QVFSUB
HSBO 1MBTUJLNBO

B
TVT
PSJHFOFT
USBT
VO

.VMFSP
OÞNFSP

DPO
QPSUÈUJM
DPO
QMBUPT
Z
DPO
MP
RVF
TFB EF
6OP
BTFHVSB
iIF
MMPSBEPw
/P
GVF
FM
MBQTP
RVF
TF
IJ[P
FUFSOP
P
FM
EJSFDUP

ÞOJDP
.F
BDFSDP
B
TBMVEBSMF
-F
QSF EF
MPT
$IFNJDBMT
#SPUIFST
NBRVJOBT

HVOUP
DVBOUPT
B×PT
UJFOF
Z
TJ
IB
NFUJEP
IVNP
Z
FGFDUPT
QFSP
UPEP
BM
TFSWJDJP

BMHVOB
WF[
NJM
QFSTPOBT
FO
VOB
BDUVB EFM
iZP
IF
WFOJEP
B
IBCMBS
EF
NJ
EJTDPw

DJØO
.F
EJDF
RVF
UJFOF

Z
FO
MB
ÞMUJNB
&M
FTUJMP
#BSSJPCBKFSP
EF
$BTQB
*ODMVTP

GJFTUB
IJDJFSPO
TPME
PVU
FO
VOB
TBMB
EF
VO
TIPX
RVF
MPT
.BOZ%KT
MMFWBO
FO


QFSTPOBT
RVF
TPCSF

QFSTPOBT
TV
EJSFDUP
EFTEF
FM
B×P
QBTBEP
5PEP

TJ
RVFEBSÓBO
GVFSB
/PT
NJSBNPT
B
MPT
WBMF

"M
GJOBM
UVWP
RVF
WFOJS
B
BSSFHMBS

PKPT
Z
TF
RVF
FT
ÏM
:B
BQBSFDJØ
&T
FM
FM
EFTBHVJTBEP
%K)FMM
&TUF
TF×PS
UJFOF

DIBWBM
RVF
FTQFSBNPT
UBOUP
UJFNQP
FTB
TFOTJCJMJEBE
FTQFDJBM
QBSB
JS
DPO
&M
BUSBFSÈ

QFSTPOBT
B
VOB
GJFTUB
USBDPSSJFOUF
$VBOEP
UPEP
FM
NVOEP
TF

7JDUPS
4BOUBOB
NPOUB
TV
FTUVEJP
DPO
9QBOTVM
B
MPT
QMBUPT

-$%
4PVOE
4ZTUFN

"NCJFOUF
FO
FM
9
BOJWFSTBSJP
$MVCCJOHTQBJO .BSD
)PVMF
FO
FM
.JOVT
(IPTU
4QBDF
 
QPOF
TFSJP
%K)FMM
SBZB
FO
MP
DPNFSDJBM
DMBS
FMFDUSØOJDB
DMÈTJDB
KB[[
Z
FM
SVJEP

$VBOEP
WF
RVF
UPEP
IB
TJEP
VO
KBMFP
Z
EF
TVT
FMFDUSPEPNÏTUJDPT
'PSNB
KVOUP

MB
HFOUF
TF
WB
B
DBTB
B
NFEJBT
QVFT
WB
B
+VBO
1BSEP
Z
PUSPT
NÞTJDPT
MB
+VBO

Z
MB
MÓB
&T
BTÓ
&T
%K)FMM #FMEB
#JU
#BOE
VOB
EF
MBT
FYQFSJFODJBT

NÈT
BSSJFTHBEBT
EF
MB
NÞTJDB
FTQB×P
{&TUVWP
CJFO
1PS
TVQVFTUP
-PT
NBDSP MB
1VFT
B
FTUPT
UBNQPDP
MPT
JOWJUBO


GFTUJWBMFT
DPO
HSBO
BGMVFODJB
EF
FYUSBO .FKPS
QPOFS
EPCMFT
SBDJPOFT
EF
BSUJTUBT

KFSPT
WBO
FTUVQFOEPT
B
&TQB×B
:B
RVF
RVF
ZB
IBO
BDUVBEP
PUSBT
WFDFT
Z
MVFHP

UFOFNPT
RVF
DPOTFHVJS
VOB
HSBO
DBOUJ BQFMMJEBSTF
WBOHVBSEJB
Z
MP
RVF
UFSDJF

EBE
EF
EJWJTB
QBSB
QBHBS
MB
HSBO
EFVEB
:
PUSB
DFSWFDJUB
DPO
WJTUBT
BM
GFTUJWBM

FYUFSOB

{$POWFODF
DPNP
GFTUJWBM
EF
EFTEF
MB
UFSSB[B
EF
,PNQBLU
EPOEF
TF

WBOHVBSEJB
FO
BCTPMVUP
FT
VOP
NÈT

FOTB×BSPO

DPO
UFNBT
DPNP
i7BNPT
B

NVDIP
SVJEP
NVDIB
GVSJB
'BMUB
SJFTHP
MB
QMBZBw
P
i-B
OFHSPOB
TPMFEBEw
QJO
GBMUB
WBMPS
QBSB
BQPTUBS
QPS
QFRVF DIBEPT
EFTEF
WJOJMP
FTP
TÓ

×PT
OPNCSFT
MP
JNQPSUBOUF
FT
MMFOBS

&KFNQMP
FM
NJTNP
+VMJP
/FYVT
FT
VOP
&M
EJSFDUP
EF
MPT
.BOZ%KT
EFKB

EF
MPT
QBESFT
EF
MB
FMFDUSØOJDB
FTQB VOB
SFGMFYJØO
MPT
CVFOPT
OP
TJFN
×PMB
DPO
.FHBCFBU
F
*OUFSGSPOU
+BJNF
QSF
HBOBO
%F
MP
DPOUSBSJP
FM
FKFN
(BOKBMPWF
MF
EB
B
MB
GVTJØO
EF
FTUJMPT
QMP
EF
TPOJEP
7BMFODJB
TFSÓB
BMHP
EF

4PVMXBY
BLB

.BOZ
%KT
FO
QMFOP
TIPX
MP
NJTNP
RVF
$BTQB
BVORVF
TFB
EF
*OUFSGSPOU
FO
WF[
EF
$IJNP
#BZP
&O

-FØO
RVF
RVFEB
QPDP
DPPM

&O
FM

UPEP
DBTP
MB
ÞMUJNB
QBMBCSB
OP
FTUÈ

JOWJUBSPO
B
4UPDLIBVTTFO
DPOTJEFSBEP
EJDIB
*OUFSGSPOU
Z
'SPOU

EBSÈO
VO

QPS
NVDIPT
QBESF
EF
MB
FMFDUSØOJDB
QPS
EPCMF
DPODJFSUP
FO
.BESJE
Z
#BSDFMPOB

TVT
USBCBKPT
EF
MPT
B×PT

Z

GVF
VOB
MPT
EÓBT

Z

EF
OPWJFNCSF

HSBO
JEFB
BVORVF
OP
UVWP
DPOUJOVJ
EBE
"IÓ
FTUÈ
QPS
FKFNQMP
FM
FTQB×PM
"DBCP
FM
EPNJOHP
FO
VOB
SBWF
EF
(PB

+VBO
)JEBMHP
RVF
DPNQVTP
FMFDUSØOJDB
5SBODF
"
NFEJBEPT
EF
MPT

UBNCJÏO

BOUFT
RVF
4UPDLIBVTTFO
Z
GVF
FM
QSJNFS
FO
&TQB×B
TPOBCBO
MPT
TPOJEPT
EFM
USBO
NÞTJDP
FTQB×PM
FO
QBSUJDJQBS
FO
MPT
DF
MJTÏSHJDP
QPDP
B
QPDP
MB
FTDFOB
EFSJ
NÓUJDPT
FODVFOUSPT
EF
%BSNTUBEU
BM
WP
IBDJB
VO
UFDIOP
NÈT
EVSP
JOEVTUSJBM

SFQSFTFOUBS
FO

TV
PCSB
6LBOHB
Z
PTDVSP
1FSP
BRVFMMPT
TPOJEPT
ÈDJEPT

DPO
4UPDLIBVTTFO
UPNBOEP
OPUB
FOUSF
Z
FOWPMWFOUFT
OP
NVFSFO
TF
NBOUVWJF
FM
QÞCMJDP
&TUF
HFOJP
EFM
GVUVSJTNP
SPO
FO
PUSPT
MVHBSFT
Z
BIPSB
WVFMWFO

TJHVF
WJWP
Z
DPMFBOEP
JODMVTP
DPO
PCSB
B
OPTPUSPT
%FTEF
IBDF
NJMFT
EF
B×PT

FYQVFTUB
B
EÓB
EF
IPZ
FO
FM
"SUJVN
FM
IPNCSF
CBJMB
BM
TPO
EF
MB
NÞTJDB
FM

Z
VOB
SFUSPTQFDUJWB
FO
FM
3FJOB
4PGÓB
HP[PTP
FODVFOUSP
EF
JHVBMFT
B
MB
MV[

QFSP
BM
4POBS
OP
MF
JOWJUBO
&OUSF
MPT
EF
MB
MVOB
MMFOB
"M
GJOBM
(PB
.JFOUSBT

BMVNOPT
EF
)JEBMHP
IBZ
QPS
MP
NFOPT
VOPT
NPOUBO
OFHPDJFUFT
MB
DIBWBMFSÓB

PUSP
HFOJP
+VBO
#FMEB
DBQB[
EF
NF[ WB
B
MP
TVZP
-B
NÞTJDB
UBNCJÏO

*OVTVBM
4POBS
'FTUJWBM


$IFNJDBM
#SPUIFST
 $6-563"
$"//«#*$"

-B
IFSNBOEBE
EFM
BNPS
FUFSOP

5IF
CSPUIFSIPPE
PG
FUFSOBM
MPWF
HJOBM
Z
OPDJPOFT
EF
IJOEVÓTNP
Z
CVEJTNP
EF
-FBSZ
Z
RVJFO
QBTØ
B
FODBSOBS
FM

/VFTUSB
ZB
FYUFOTB
Z
TJFNQSF
JOUFOTB
DVMUVSB
EFM
DBOOBCJT
FTUÈ
RVF
JNQPSUBCBO
EF
0SJFOUF OVFWP
FOFNJHP
QÞCMJDP
OÞNFSP
VOP

EF
MPT
&TUBEPT
6OJEPT
"VORVF
FM
HSVQP

TFNCSBEB
EF
IÏSPFT
FYUSBWBHBOUFT
EF
QFSTPOBKFT
RVF
DBTJ
TJFNQSF
&O
UPEP
DBTP
MP
RVF
FTUÈ
DMBSP
FT
RVF
PSJHJOBM
MP
DPNQPOÓBO
VOPT
USFJOUB
JOEJ
FO
EVSB
QVHOB
DPO
MB
MFHBMJEBE
WJHFOUF
IBO
DPOTBHSBEP
TVT
WJEBT
B
EVSBOUF
WBSJPT
B×PT
GJOBODJBSPO
TVT
BDUJ WJEVPT
MB
BDVTBDJØO
GFEFSBM
DPOUSB
BMHV
QPOFS
BM
BMDBODF
EFM
HSBO
QÞCMJDP
UPEBT
MBT
WJSUVEFT
Z
QPTJCJMJEBEFT
EF
WJEBEFT
QTJRVFEÏMJDBT
B
USBWÏT
EF
MB
WFOUB
OPT
EF
TVT
NJFNCSPT
NBOUVWP
RVF
FO

EF
NBSJIVBOB
EF
BMUB
DBMJEBE
$PNP
FM
TV
NPNFOUP
EF
BQPHFP
GPSNBSPO
QBSUF

FTUB
QMBOUB
NBSBWJMMPTB

$SJTUJOB
1J[BSSP OFHPDJP
QSPTQFSBCB
EFDJEJFSPO
JOUFOUBS
EF
MB
'SBUFSOJEBE
VOBT
TFUFDJFOUBT
DJO
MB
DPOTUSVDDJØO
EF
VOB
SFE
OBDJPOBM
EF
DVFOUB
QFSTPOBT
EJTUSJCVJEBT
QPS
MPT

6OB
EF
FTUBT
MFHFOEBSJBT
GJHVSBT
UPEB EF
BCBTUFDFS
B
MBT
iUSJCVTw
SFDBZØ
FOUPO EJTUSJCVDJØO
-PT
HSBOKFSPT
+PIO
Z
$IVDL
DJODP
DPOUJOFOUFT
Z
RVF
FM
USÈGJDP
EF

WÓB
FO
BDUJWP

FT
FM
HBMÏT
%FOOJT
)PXBSE
DFT
TPCSF
VO
FGJDB[
HSVQP
MB
'SBUFSOJEBE
4DPUU
DPNQSBSPO
VOB
DBNJPOFUB
MB
MMFOB NBSJIVBOB
IBTIJTI
BDFJUF
EF
IBTIJTI

.BSLT
"OUJHVP
QSPGFTPS
USBGJDBOUF
EF
ESP EFM
"NPS
&UFSOP
RVF
JNQPSUBCB
UPOF SPO
DPO
MBESJMMPT
EF
LJMP
EF
NBSJIVBOB
Z
MB
Z
-4%
MFT
QSPEVKP
VO
CFOFGJDJP
EF
VOPT

HBT
Z
FTDSJUPS
TV
OPUPSJFEBE
QÞCMJDB
TF
MBEBT
EF
NBSJIVBOB
Z
IBTIJTI
EFTEF
USBOTQPSUBSPO
IBTUB
FM
)PMMBOE
5VOOFM
&M
EPTDJFOUPT
NJMMPOFT
EF
EØMBSFT
-B
MMB
CBTB
FO
TVT
BDUJWJEBEFT
DPNP
USBGJDBOUF
"NÏSJDB
EFM
4VS
Z
"TJB
QBSB
QPEFS
QBTBS
QFSJQMP
EVSØ
VOPT
TFJT
NFTFT
ZB
RVF
FO
NBEB
iNBGJB
IJQQJFw
OPNCSF
BDV×BEP

JOUFSOBDJPOBM
EJWFSTPT
QSPDFTPT
QFOBMFT
-4%
B
QSFDJPT
JSSJTPSJPT
DPNP
iDBSJUBUJWB
/VFWB
:PSL
FM
NVOEP
EFM
USBQJDIFP
IJQ FO

QPS
MB
SFWJTUB
3PMMJOH
4UPOF


EF
QFSGJM
BMUP
TVT
TVQVFTUBT
DPOFYJPOFT
EJTUSJCVDJØO
EF
VO
TBDSBNFOUPw QJF
EF
NBSJIVBOB
FSB
FOUPODFT
QFRVF×P
TF
IBCÓB
GVOEBEP
DPNP
VOB
BTPDJBDJØO

DPO
FM
*3"
Z
MB
.BGJB
Z
NÈT
BEFMBOUF
F
JOGPSNBM
&TUF
QSJNFS
DBSHBNFOUP
EF
MB
CFOÏGJDB
FYFOUB
GJTDBMNFOUF
"
QFTBS

TV
DPOEFOB
B
QSJTJØO
%VSBOUF
TV
ÏQPDB
-B
'SBUFSOJEBE
FSB
VOB
BTPDJBDJØO
JOGPS 'SBUFSOJEBE
JOBVHVSØ
MB
DSFBDJØO
EF
VO
EF
RVF
TVT
NJFNCSPT
GVFSPO
QSFTFOUB
EPSBEB
TF
EJDF
RVF
DPOUSPMBCB
FM
EJF[
QPS
NBM
EF
FOUVTJBTUBT
Z
USBGJDBOUFT
EF
ESPHBT
NFSDBEP
Z
VOB
QJSÈNJEF
EF
WFOUBT
DPN EPT
QPS
FM
USJCVOBM
DPNP
DPNFSDJBOUFT

DJFOUP
EF
UPEP
FM
DPNFSDJP
NVOEJBM
EF
QTJRVFEÏMJDBT
4F
GVOEØ
FO
-BHVOB
#FBDI
QMFUBNFOUF
OVFWB WFTUJEPT
FTUSBGBMBSJBNFOUF
OJ
TJRVJFSB

IBTIJTI
"DUVBMNFOUF
WJWF
FO
*OHMBUFSSB
$BMJGPSOJB

Z
UFOÓB
TV
DVBSUFM
HFOFSBM
FO
MPT
GJTDBMFT
EJTDVUJFSPO
RVF
VOB
QBSUF

Z
TJHVF
TJFOEP
VO
BDUJWJTUB
QPS
MB
MFHBMJ[B MB
MJCSFSÓB
.ZTUJD
"SUT
FO
1BDJGJD
$PBTU
-B
'SBUFSOJEBE
PQFSBCB
PSJHJOBMNFO NVZ
DPOTJEFSBCMF
EF
TVT
CFOFGJDJPT
TF

DJØO
EFM
DBOOBCJT
)JHIXBZ
&O
BRVFMMB
ÏQPDB
-BHVOB
#FBDI
UF
DPNP
EJTUSJCVJEPS
QPS
UPEP
&TUBEPT
FNQMFØ
FO
SFHBMBS
-4%
QPS
FKFNQMP

FSB
VO
MVHBS
EF
QBTP
Z
VOB
QBSBEB
DPNÞO
6OJEPT

FTQFDJBMNFOUF
FO
$BMJGPSOJB
FO
FM
DPODJFSUP
EF
"OBIFJN
$BMJGPSOJB


1FSP
TVT
PSÓHFOFT
Z
MPT
EF
UPEB
MB
BDUVBM
QBSB
MPT
RVF
WJBKBCBO
IBDJB
.ÏYJDP
EPOEF
SFDJCÓB
FOPSNFT
DBSHBNFOUPT
EJTUSJCVZFSPO
HSBUVJUBNFOUF
OP
NFOPT

EJTUSJCVDJØO
EF
NBSJIVBOB
Z
IBTIJTI
5JNPUIZ
-FBSZ
FM
EFTUJUVJEP
QSPGFTPS
EF
EF
IBTIJTI
QSPDFEFOUFT
EF
1BRVJTUÈO
Z
EF
DJFO
NJM
EPTJT
Z
FOWJBSPO
B
7JFUOBN

FTUÈO
MJHBEPT
B
PUSB
TVTUBODJB
QTJRVF QTJDPMPHÓB
EF
)BSWBSE
EFWPUP
EFM
BNPS
"GHBOJTUÈO
HSBDJBT
B
MB
BZVEB
Z
DPMBCP QBSB
VTP
EF
MBT
USPQBT
WBSJPT
NJMMPOFT
EÏMJDB
MB
-4%
Z
B
VOB
FYUSB×B
NÓUJ MJCSF
TF
DPOWJSUJØ
FO
TV
QBESJOP
$JFSUBT
SBDJØO
EF
)PXBSE
.BSLT
RVJFO
JOWFTUJHØ

DB
Z
PSJHJOBM
BTPDJBDJØO
OBDJEB
FO
MPT
GVFOUFT
EJDFO
RVF
FTUBCB
GPSNBEB
QPS
TVS QSPGVTBNFOUF
QPS
UPEP
FM
NVOEP
OVFWBT
5JNPUZ
-FBSZ
EFKØ
FTDSJUP
B
QSPQØTJUP
EF

B×PT
TFTFOUB
BM
TPDBJSF
EFM
NPWJNJFOUP
GFSPT
MPDBMFT
VTVBSJPT
EF
ESPHBT
Z
OJ×PT
PQPSUVOJEBEFT
EF
DPNQSB
&M
SPKP
MJCBOÏT
MB
'SBUFSOJEBE

i 5PEP
FM
DPODFQUP
WJHFO
IJQQJF
RVF
TF
DPOWJSUJØ
FO
MB
QSJNFSB
SJDPT
EF
0SBOHF
$PVOUZ
-PT
"OHFMFT

Z
FM
OFHSP
BGHBOP
TF
DPOWJSUJFSPO
SÈQJEB UF
TPCSF
MB
'SBUFSOJEBE
EFM
"NPS
&UFSOP

DBEFOB
EF
EJTUSJCVDJØO
B
HSBO
FTDBMB
Z
Z
MB
[POB
EF
1BTBEFOB
1FSP
PUSBT
GVFO NFOUF
FO
GBWPSJUPT
HSBDJBT
B
TV
QPUFODJB
FT
VOB
FTQFDJF
EF
iIPNCSF
EFM
TBDPw

RVF
NFSFDF
VO
SFDVFSEP
Z
FM
SFDPOPDJ UFT
BQVOUBO
B
RVF
TV
PSJHFO
FTUÈ
FO
VO
B
TV
BSPNB
Z
B
TV
QPQVMBSJEBE
FOUSF
MPT
JOWFOUBEP
QPS
MB
%JWJTJØO
EF
/BSDØUJDPT

NJFOUP
EF
UPEPT
MPT
BNBOUFT
EFM
DBO QFRVF×P
HSVQP
EF
KØWFOFT
EF
VO
CBSSJP
DPOTVNJEPSFT
OPSUFBNFSJDBOPT
6OB
EF
-B
'SBUFSOJEBE
SFBM
FSBO
VOPT
DVBOUPT

OBCJT
-B
'SBUFSOJEBE
EFM
"NPS
&UFSOP
EFQSJNJEP
FO
$PNQUPO
$BMJGPSOJB
RVF
FO
MBT
WBSJFEBEFT
NÈT
FYDFMTBT
GVF
MB
GBNPTB
DIBWBMFT
EF
-BHVOB
#FBDI
RVF
UPNB
#SPUIFSIPPE
PG
&UFSOBM
-PWF
 TV
CÞTRVFEB
EF
UPEP
UJQP
EF
NBUFSJBMFT
&MFQIBOU
&BST
B
QSJODJQJPT
EF
MPT
TFUFOUB
CBO
-4%
QSBDUJDBCBO
MB
SFMJHJØO
EF
MB

GVNBCMFT
Z
QÓMEPSBT
EF
VTP
SFDSFBUJWP
-MFHBEPT
B
DJFSUP
QVOUP
FM
GMVKP
EF
EJOFSP
OBUVSBMF[B
Z
TF
NVEBCBO
B
MBT
NPOUB
$VBOEP
FO
FM
PUP×P
EF

VOB
MFZ
USPQF[BSPO
BDDJEFOUBMNFOUF
DPO
MB
-4%
QSPDFEFOUF
EFM
USÈGJDP
EF
DBOOBCJT
QFS ×BT
1FSP
KBNÈT
IVCP
FOUSF
FMMPT
QFDFT

DBMJGPSOJBOB
JMFHBMJ[Ø
MB
-4%
MB
EFNBOEB
"M
NFOPT
NFEJB
EPDFOB
EF
FMMPT
TJOUJFSPO
NJUJØ
B
MB
'SBUFSOJEBE
NPOUBS
TV
QSPQJP
HPSEPT
4F
NFUJFSPO
FO
FMMP
QPS
VO

FSB
UBO
CSVUBM
RVF
MB
QPMJDÓB
OP
QBSBCB
RVF
TV
WJEB
RVFEBCB
USBOTGPSNBEB
QPS
MB
MBCPSBUPSJP
QBSB
MB
GBCSJDBDJØO
EF
-4%
Z
JNQVMTP
EF
FOUVTJBTNP
FTQJSJUVBMw


EF
JODBVUBSTF
EF
BMJKPT
RVF
TVQFSBCBO
FYQFSJFODJB
4F
NVEBSPO
B
NPEFTUPT
CVO EVSBOUF
MPT
QSJNFSPT
B×PT
TFUFOUB
GBCSJ
MPT
NJMMPOFT
EF
EPTJT
1FSTFHVJEPT
Z
HBMPXT
FO
-BHVOB
#FBDI
FNQF[BSPO
B
DBS
Z
EJTUSJCVJS
HSBOEFT
DBOUJEBEFT
EF
MB
:
QPESÓBNPT
B×BEJS
DPOUSJCVZFSPO

FODBSDFMBEPT
MPT
EJWFSTPT
RVÓNJDPT
DMBO WFTUJSTF
DPO
UÞOJDBT
EF
BMHPEØO
Z
TF
IJDJF GBNPTB
i0SBOHF
4VOTIJOFw EFDJTJWBNFOUF
BM
DPOPDJNJFOUP
Z
MB
BGJ
EFTUJOPT
RVF
MB
GBCSJDBCBO
DPO
NBZPS
SPO
WFHFUBSJBOPT
QSBDUJDBOEP
VOB
WJEB
EF
DJØO
QPS
FM
DBOOBCJT
RVF
IB
DSFBEP

P
NFOPS
GPSUVOB
Z
DBTJ
TJFNQSF
DPO
SF[PT
Z
CVFOBT
BDDJPOFT
RVF
NF[DMBCBO
'VF
MB
'SBUFSOJEBE
RVJFO
TVGSBHØ
VOB
OVFTUSB
DVMUVSB
BDUVBM
Z
RVF
IPZ
EJTGSV
NVDIBT
JNQVSF[BT

MB
SFTQPOTBCJMJEBE
BMHP
QJOUPSFTDBNFOUF
FM
DSJTUJBOJTNP
PSJ QBSUF
JNQPSUBOUF
EF
MB
EFGFOTB
MFHBM
UBNPT
B
QMFOP
SFOEJNJFOUP
 š‘–‹…
ƒ”†‡
‡•†‡Šƒ…‡ƒÓ‘•‡Ž
‰”‘™•Š‘’‘Ž‹‡Ž‹†‡”
ǁǁǁ͘ĞdžŽƟĐŐĂƌĚĞŶ͘ĞƵ
,ŽƌĂƌŝŽĚĞĂƉĞƌƚƵƌĂ

ĞDĂƌƚĞƐĂ:ƵĞǀĞƐϭϬ͗ϬϬͲϭϴ͗ϬϬ
sŝĞƌŶĞƐϭϬ͗ϬϬͲϮϬ͗ϬϬ
^ĄďĂĚŽϭϬ͗ϬϬͲϭϰ͗ϬϬ

ĞtĞƚĞƌŝŶŐϲϱ
ϰϵϬϲdKŽƐƚĞƌŚŽƵƚ͕WĂŝƐĞƐĂũŽƐ
 -"5*/0".²3*$"

-B
GJFCSF
WFSEF
EF
MPT
MVHBS
8IJUF
8JEPX

.FEJDBM
4FFET

EFM

$IJOP
FO
RVJOUP
MVHBS

$BOOBMPQF
)B[F

QPS
#VE
4DJFODF
FO
DVBSUP
MVHBS
8IJUF

QVFCMPT
EF
"NÏSJDB 8JEPX
Y
4LVOL

QPS
&NB
(BOKBI
FO
UFSDFS

MVHBS
MB
,BMJDIB
QBSBHVBZ

Y
,BMJNJTU


EF
1BCMP4BOOBCJT
FO
TFHVOEP
MVHBS
QBSB

MB
QSPWJODJB
EF
3PTBSJP
Z
PUSB
$BOOBMPQF

)B[F
FO
QSJNFS
MVHBS
QPS
FM
$IJSSZ
&M
CJDFOUFOBSJP
EF
MPT
QVFCMPT
EF
"NÏSJDB

GVF
$BOOÈCJDP

Z
BSSBODØ
DPO
DBOOBCJTDBGÏ
DVMUJWBEPSFT
NÈT
RVF
OBEB

Z
GBNPTPT
BDUJWJTUBT
DPNP
"MJDJB
$BTUJMMP
$IJSSZ
FM
HBOBEPS
UBNCJÏO
UFOÓB
MB

NBSDIB
MBT
QMBOUBT
NÈHJDBT
MB
DPQB
EF
DVMUJWBEPSFT
EFM
3ÓP
EF
MB
1MBZB
"QSPYJNBEBNFOUF
EPT
DJFOUPT
QFSTPOBT
WJVEB
CMBODB
QBSB
MB
$BCB
DPO
DPHP
Z
MB
GJFCSF
WFSEF
EF
MPT
EJTQFOTBSJPT
EF
$BMJGPSOJB
DPOUBEB
FO
FOUSFWJTUB
TJFUF
NFTBT
EF
DBUB
Z
NÈT
EF
NFEJP
DFO MMPT
DBSBNFMJ[BEP
Z
BSPNÈUJDP

5BNCJÏO

B
4PGU
4FDSFUT
QPS
.JLF
#JGBSJ
FM
EF
MPT
WBQPT
3VUI
7 UFOBS
EF
NVFTUSBT EFTUBDØ
FOUSF
DPNFOUBSJPT
EFM
QÞCMJDP

VOB
$SFBN
$BSBNFM
EF
PUSP
DVMUJWBEPS

%VF×PT
EF
MPT
NVDIPT
PUSPT
HSPXT
RVF
SPTBSJOP
1BCMP4BOOBCJT

#JDFOUFOBSJP
$BOOÈCJDP USBORVJMPT
FO
MPT
CPTRVFT
EF
1BMFSNP
ZB
BCSJFSPO
Z
BCSFO
NÈT
FO
#VFOPT
"JSFT

&M
#JDFOUFOBSJP
BOVODJB
FM
DPNJFO[P
EF
GVNBOEP
TJO
TFS
WJTJCMFT
-B
QSJNFSB
WF[
.F
TFOUÏ
FO
VOB
NFTB
EPOEF
EPT
EF
MPT
4FHÞO
DPNFOUB
FM
DVMUJWBEPS
,PMFMP
FO

VOB
OVFWB
FSB
/P
QSPNFUP
RVF
OP
IBCÓB
RVF
NF
MP
EJKP
.BSDFMP
QFOTÏ
RVF
OP
NJFNCSPT
EFM
KVSBEP
DVSJPTBNFOUF
FSBO
"SHFOUJOB
QSJNB
FM
PSHÈOJDP
IVNVT
EF

GVNBEP
OBEB
QFSP
ZB
FO
VOB
BWFOJEB
FSB
CVFOB
JEFB
FRVJWPDBEBNFOUF
&O
VO
DBUBMBOFT
DVMUJWBEPSFT
RVF
IBCÓBO
WFOJEP
DPOFKP
EF
MPNCSJ[
EF
CBOBOB
FOUSF
PUSPT

/VFWF
EF
+VMJP
FOPSNF
MMFOB
EF
EPT
NJMMP NPNFOUP
MB
NBTB
RVF
BSSBODØ
EF
1MB[B
EFTEF
3PTBSJP
EPOEF
WJWFO
6OB
QBSFKB
"VORVF
ÞMUJNBNFOUF
FTUÈO
WJOJFOEP

OFT
EF
QFSTPOBT
IVCP
TF×BMFT
DBOOÈCJDBT
EF
.BZP
TVCÓB
MB
TF×PSJBM
BWFOJEB
HSJ DPO
USBCBKP
EFDFOUF
F
IJKPT
FM
EF
*5
FMMB
BMHVOBT
DPTBT
JOUFSFTBOUFT
DPNP
MPT
DPN
EF
MP
RVF
TFSÓB
FM
NFT
EF
NBZP
Z
KVOJP UBOEP@
`NBSJIVBOB
TJO
OJOHÞO
UJQP
EF
VOB
FEVDBEB
SVCJB QMFNFOUPT
DPO
BMHBT
DPOTJHOB
NÈT
RVF
CBOEFSBT
EF
UPEP
UJQP

&M
HFOJP
EF
(JMCFSUP
(JM
FTUBCB
WFSTJP QBSB
TPSQSFTB
EF
UVSJTUBT
TBDBOEP
GPUPT
/P
FSBO
MPT
ÞOJDPT
EFM
JOUFSJPS
BVORVF
$VDB
#PTDP
"MCFSUP
MPT
DIJDPT
EF
MB

OFBOEP
B
#PC
.BSMFZ
Z
DPOTJHVJØ
RVF
EFTEF
BVUPCVTFT
Z
WJBOEBOUFT
TÓ
FTQB×PMFT
QFSP
DPNQBSUÓBO
WFOJS
OVFWB
SFWJTUB
DBOOÈCJDB
BSHFOUJOB
MB

HFOUF
EF
EJTUJOUB
DMBTF
QSPDFEFODJB
Z
UPEPT
PSHVMMPTPT
B
MVDJS
TVT
DPTFDIBT
P
)B[F
FO
GPSNBUP
QFRVF×P
Z
EF
EJTF×P
Z

FEBE
WJCSBSB
Z
CBJMBSB
FTF
SJUNP
FO
VOB
%FTEF
USPTLJTUBT
Z
BOBSRVJTUBT
EF
MB
IBDIÓT
DBTFSP
EF
MB
UBSEF
RVF
TF
BOVO GPUPHSBGÓB
JNQFDBCMF
DPNP
QBSB
DPMFDDJP
FTQFDJF
EF
NBDSP
SBWF
UBO
QFSGFDUB
RVF
"TPDJBDJØO
EFM
1VFCMP
B
VOB
WFSEF
JNQSP DJBSPO
MPT
QSFNJPT OJTUBT

IJDJFSPO
VO
CVFO
USBCBKP
PSHBOJ
QBSFDÓB
VOB
QVCMJDJEBE
P
VO
GMBTINPC
WJTBEB
QBSB
MB
PDBTJØO
DPO
FM
TÓNCPMP
EF
MB
[BOEP
MBT
NFTBT
BUFOEJFOEP
Z
SFDJCJFOEP

EF
CVFO
SPMMJTNP
Z
QBUSJB
P
QVFCMP QB[

Z
MB
IPKB

-BT
NBSDIBT
BSHFOUJOBT
TPO
$JODVFOUB
Z
EPT
NVFTUSBT
EF
UPEP
FM
QBÓT
Z
BOJNBOEP
DPO
NJOJ
FWFOUPT
EFOUSP
EFM

QBTJPOBMFT
Z
BVUÏOUJDBT
FO
HFOFSBM
SFTQFD EF
MBT
RVF
EFTUBDBSPO
-PMP
EF
,JMJ
$SFBN
FWFOUP
DPNP
FM
DPODVSTP
EF
BSNBEP
QPS

"OUFT
MPT
DPMPNCJBOPT
JNQFSEJCMFT
5PUØ
UP
B
MB
DBOUJEBE
EF
NPWJMJ[BDJØO
DPMFDUJWPT
$BSBNFM
EF
1BCMP
FO
OPWFOP
MVHBS
MB
HÏOFSPT
MJBEP
EF
QPSSPT

FO
FM
RVF
FM

Z
MB
.BNQPTJOB
IBCÓBO
EJDIP
{RVJÏO
EJTGSBDFT
Z
QBODBSUBT
JNQSPWJTBEBT
FT
EFDJS
*DF
Y
",

EF
5VSV
FO
PDUBWP
MVHBS
MB
NBTDVMJOP
MP
HBOØ
.JSDIBMF
Z
FM
DPODVSTP

RVJFSF
QPSSP

DPO
MBT
MØHJDBT
SJTBT
Z
SFT MB
FOUSFHB
EF
MB
HFOUF
:
FO
BTVOUP
DBOOÈ .PCZ
%JDL

QPS
$SBJH
FO
TÏQUJNP
MVHBS
EF
BSNBEP
GFNFOJOP
#JBODBBSH
"VORVF

QVFTUBT
EF
ZP
EFM
QÞCMJDP
FO
SFGFSFODJB

CJDP
OP
UFOÓB
QPSRVF
TFS
EJTUJOUP
6O
DPDIF
$BOBEJFOTF
QPS
+BJSP
EF
1MBOUBUF
FO
TFYUP
FM
CBKØO
QJOUBSB
IBNCSF
QBSB
UPEPT
Z
QBSB

B
VOP
EF
TVT
NÈT
QPQVMBSFT
UFNBT
Z
DPO
VO
QPSSP
HJHBOUF
FO
FM
UFDIP
VOB
SBEJP

SJUNPT
EF
-BUJOPBNÏSJDB BMUFSOBUJWB
DPO
GVSHPOFUB
GMPXFS
QPXFS
Z

IBTUB
VOB
NBESF
EF
FTBT
RVF
WJFOF
DBNJ
&O
UPEP
FTF
NBS
EF
HFOUFT
DPNJEBT
Z
DVM OBOEP
MB
"WFOJEB
EF
.BZP
P
MB
QMB[B
EFTEF

UVSBT
RVF
GPSNBSPO
MB
"SHFOUJOB
Z
$IÈWF[
IBDF
EÏDBEBT
QJEJFOEP
SFTQFUP
QPS
MPT

&WP
$PSSFB
1J×FSB
Z
-VMB
DPO
MBT
NBESFT
Z
EFSFDIPT
IVNBOPT
Z
MJCSF
QFOTBNJFOUP

BCVFMBT
EF
1MB[B
EF
.BZP

QVMVMBOEP
QPS
"CPHBEPT
QPMÓUJDPT
QFSJPEJTUBT
GBNPTPT

BIÓ
/P
FSB
DBTVBM
MB
QSFTFODJB
EF
PSHBOJ[B DPNP
MB
SVCJB
EFM
QPQVMBS
QSPHSBNB
EF
MB

DJPOFT
EF
EFSFDIPT
IVNBOPT
FO
VO
EFTGJMF
UFMFWJTJØO
QÞCMJDB
BSHFOUJOB

Z
FO
HFOF
SFDPOPDJFOEP
MPT
NPWJNJFOUPT
TPDJBMFT
Z
SBM
HFOUF
EF
BNQMJP
FTQFDUSP
NF[DMBEPT

FO
FTQFDJBM
MB
MVDIB
EF
MPT
BOBSRVJTUBT
Z
DPO
WFOEFEPSFT
BNCVMBOUFT
PUSP
BTQFDUP

DPNVOJTUBT
MBT
DSJTJT
Z
EFWBMVBDJPOFT
EF
HFOJBM
EF
DVBMRVJFS
NBSDIB
BSHFOUJOB

NPOFEB
Z
EFNÈT
NPNFOUPT
EF
MB
WJEB
EF

"SHFOUJOB
FOUSF
BDSØCBUBT
Z
DBSSP[BT
EF
***
$PQB
$BCB
HSBO
EJSFDDJØO
BSUÓTUJDB
6O
WJBKF
WJTVBM
IJT -B
DPQB
EF
$VMUWBEPSFT
EFM
3ÓP
EF
MB
1MBUB

UØSJDP
Z
BMHP
MJTÏSHJDP
EF
UBOUB
CFMMF[B
RVF
DPOPDJEB
DPNP
$"#"
GVF
BHSBEBCMF
Z

GVF
MB
BOUFTBMB
EF
MP
RVF
MVFHP
TF
WJOP DPNP
TJFNQSF
OFDFTBSJB
4F
IBCÓB
FMFHJ
EP
VO
CBS
EFM
DÏOUSJDP
Z
DPRVFUP
CBSSJP
EF

&NQF[BOEP
QPSRVF
MB
(..
FO
#VFOPT
1BMFSNP
RVF
QPS
MMVWJB
TF
EFTBQSPWFDIØ
FM

"JSFT
EFKØ
EF
TFS
VOB
TFOUBEB
FO
FM
KBSEÓO
)BCÓB
NVFTUSBT
QJ[[BT
Z
HBTFPTBT

1MBOFUBSJP
-PT
QPSSFSPT
EFKBSPO
EF
FTUBS
Z
VO
EK
&TUBCBO
BMMÓ
MB
HFOUF
EFM
GPSPGP
+VSBEP
FWBMVBOEP
MBT
NVFTUSBT
EF
MB
$PQB
$"#"
 
EF
DBOOBCJT
NFEJDJOBM
TF
QSFPDVQBO
EF

MB
FWBMVBDJØO
DJFOUÓGJDB
EF
MB
TFHVSJEBE
Z

MB
QPUFODJB
EF
MPT
QSPEVDUPT
BOUFT
EF
TV

JOHFTUJØO

1PS
BIPSB
TF
BOBMJ[BO
GMPSFT
EF

DBOOBCJT
Z
TVT
DPODFOUSBEPT

QFSP
UJF
OFO
QSFWJTUP
TFHVJS
DPO
DÈQTVMBT
FUD
-PT

QBDJFOUFT
DPOPDFO
TVT
GMPSFT
EF
USFT
NBOF
SBT
MBT
FUJRVFUBT
FO
MBT
WJUSJOBT
MBT
FUJRVFUBT

EF
MPT
QSPEVDUPT
Z
VO
MJCSP
EF
SFTVMUBEPT

EF
MB
QSVFCB
DPNQMFUB
-BT
FUJRVFUBT
JODMV
ZFO
QPSDFOUBKFT
EF
5)$
$#%
Z
$#/

:B
IBZ
VOJPOFT
MBCPSBMFT

DPNP
MB

i6OJUFE
'PPE
BOE
$PNNFSDJBM
8PSLFSTw

EF
MB
MPDBMJEBE
DBMJGPSOJBOB
EF
4BO
+PTÏ


4F
FTUÈ
DPOTJEFSBOEP
FM
SFHJTUSP
EF

OVFWBT
DMBTJGJDBDJPOFT
QSPGFTJPOBMFT

DPNP
MB
EF
i#VE
5FOEFSw

P
iWFOEFEPS

EF
DPHPMMPTw
IBDJFOEP
SFGFSFODJB
B
MPT

FNQMFBEPT
EF
EJTQFOTBSJPT
RVF
BDPO
TFKBO
B
TVT
DMJFOUFT
MB
NFKPS
WBSJFEBE

TFHÞO
OFDFTJEBEFT
Z
VTPT

4F
USBUB
EF
VO
JOUFSFTBOUF
BWBODF
UFOJFO
"MUBS
FO
MB
$PQB
$BCB
DPO
.BSBEPOB
Z
FM
GVUCPMJTUB
1BMFSNP
CJFO
BDPNQB×BEPT EP
FO
DVFOUB
RVF
FO
OPWJFNCSF
$BMJGPSOJB

WPUBSÈ
QPS
SFGFSÏOEVN
QPQVMBS
MB
BQSPCB
DJØO
Z
SFHVMBDJØO
EFM
$BOOBCJT
QBSB
BEVM
BMHVOPT
JNQBDJFODJB
2VF
OP
DBMNBCBO
OJ
RVF
BGFDUF
BM
DVFSQP


5BNCJÏO
TF
UVWP
EPSFT
7FSEBNQFS
'VF
FM
JOJDJP
EF
TV
UPT
%F
MMFHBS
B
CVFO
QVFSUP
TF
FTQFSB
VO

MPT
WBQPSJ[BEPSFT
RVF
USBKP
.JLF FO
DVFOUB
MB
QSFTFOUBDJØO
TFDBEP
DVSB UPVS
DBOOÈCJDP
JOUFSOBDJPOBM
7JTJUØ

MB
JODSFNFOUP
DPOTJEFSBCMF
EF
QVFTUPT
EF

EP
Z
NBOJDVSB

BSPNB
TBCPS
Z
QPUFODJB
/03.-
Z

MB
%SVH
1PMJDZ
"MMJBODF
FO
TV
USBCBKP
SFMBDJPOBEPT
DPO
MB
JOEVTUSJB
EF

-B
SPKB
UBSKFUB
UFOÓB
JOUFSFTBOUFT
DBUF &O
MB
QSFTFOUBDJØO
IVCP
RVFKBT
EF
RVF
i4UPQ
8BS
BOE
%SVHTw
UVWP
DPOUBDUP
FO
OVFTUSB
QMBOUB
QSFGFSJEB
MP
RVF
UFOESÈ

HPSÓBT
EF
QVOUVBDJØO
&M
KVSBEP
FWBMVØ
BMHVOBT
QBSFDÓBO
NBOJDVSB[BT
QPS
FOGFS $BMJGPSOJB
DPO
FM
OVFWP
NPWJNJFOUP
B
DPNP
DPOTFDVFODJB
VOB
OPUBCMF
SFQFSDV
MBT
NVFTUSBT
EPT
TFNBOBT
BOUFT
EF
MB
NPT
EF
1BSLJOTPO USBWÏT
EF
MPT
EJTQFOTBSJPT
NFEJDJOBMFT
TJØO
FO
FM
NPWJNJFOUP
TJOEJDBM
DPQB
MBT
NVFTUSBT

Z
TJHVJØ
DBUBOEP
FM
EF
MP
RVF
FTUVWP
IBCMÈOEPOPT
FO
VOB

EÓB
EFM
UPSOFP
&M
UFTU
EF
GVNBS
JODMVÓB
.JLF
#JGBSJ
FM
EF
MPT
WBQPT
FOUSFWJTUB
DPO
MB
DPSSFTQPOTBMÓB
MBUJ -B
iGJFCSF
WFSEFw
DPNP
TF
DPOPDF
BM
CPPN

Z
QSFHVOUBCB
QPS
FM
NÏUPEP
VUJMJ[BEP
.JLF
QBTØ
TV
JOGBODJB
Z
QVCFSUBE
FO
OPBNFSJDBOB
EF
4PGU
4FDSFUT EF
EJTQFOTBSJPT
FT
VOB
SFWPMVDJØO
RVF
TF

QBSB
GVNBS
QPS
FKFNQMP
MB
QJQB
EF
BHVB
$BMJGPSOJB
BOUFT
EF
WJWJS
FO
MB
"SHFOUJOB
SFGMFKB
UBNCJÏO
FO
MB
DSFBUJWJEBE
QVCMJ
#POH
IPPLB
CVCCMFS
FUD

FM
WBQPSJ[BEPS
&O
FTPT
QBHPT
UPEP
FM
NVOEP
MF
DPOPDF
%JTQFOTBSJPT
Z
MB
GJFCSF
WFSEF
DJUBSJB
Z
QSPNPDJPOBM
QBSB
MB
WFOUB
EF
MB

NBSDB
Z
NPEFMP

MB
QJQB
NPEFMP
Z
UBNB DPNP
i.JLF
FM
EF
MPT
WBQPTw

"VORVF
EF
$BMJGPSOJB NBSJIVBOB
iMFHBMJ[BEBw

)BZ
IBTUB
IPN
×P

DBOVUP
`UJQP
EF
QBQFM

V
PUSPT ÞMUJNBNFOUF
SFDPOPDF
RVF
QPS
MP
DBSP
%JTQFOTBSJPT
PBTJT
DPNP
FM
)BSCPSTJEF
CSFT
QBMP
DPO
EJTGSBDFT
FO
MB
MÓOFB
EF
MBT

EF
QSPEVDJS
F
JNQPSUBS
VO
DSJTUBM
QZSFY
)FBMUI
$FOUFS
DMVCFT
P
DPGGFFT
FM
GJO
FT
MPT
MBDBTJUPT
ZBORVJT
..

QBSB
QSPNPWFS

-VFHP
EFM
VOP
BM
OVFWF
MB
QSFTFODJB
TVUJM
EF
DBMJEBE
OP
TF
FTUÈ
EFEJDBOEP
NÈT
B
FM
NJTNP
OPSNBMJ[BDJØO
Z
OFHPDJP
6O
HBMMFUBT
FMBCPSBEBT
DPO
NBSJIVBOB
DPO

P
QSPOVODJBEB
EF
BNPOÓBDP
UFSSPTP
FTF
OFHPDJP
EJTUSJCVJEPS
QPS
FM
RVF
GVF
EJTQFOTBSJP
DPNP
FM
)BSCPS
DVFOUB
DPO
VO
EFTDVFOUP
EF

QPS
DJFOUP
BM
RVF

SFHBMJ[
NFMPDPUØO
CBZBT
GMPSBM
NBOHP
FO
VO
QSJNFS
NPNFOUP
DPOPDJEP

B
OJWFM

TPDJPT
NBTBKFT
IPMÓTUJDPT
UFTUBEP MMFHVF
DPO
FM
GPMMFUP


0
BOVODJPT
FO

QJNJFOUB
BSÈOEBOP
GSVUB
DBSOF
QFUSØMFP
MPDBM
"EFNÈT
TJHVF
QSPNPDJPOÈOEPMPT
SBT
EF
OJWFM
5)$
WFOUB
F
JODMVTP
EPOBDJØO
QFSJØEJDPT
MPDBMFT
RVF
BOVODJBO
RVF
QBSB

DIJDMF
VWB
NFMØO
DFESP
QPNFMP
NFOUPM
Z
WFOEJÏOEPMPT
FO
GFSJBT
Z
DPQBT
EPOEF
EF
DVMUJWP
B
MB
DPNVOJEBE
UFSBQÏVUJDB
&M
PCUFOFS
DSFEFODJBMFT
EF
QBDJFOUFT
TØMP
TF

QJ×B
DFSF[B
IJFSCB

NFOUB
QPESJEP
DIP TVFMF
QPOFS
VOB
NFTB
"DUVBMNFOUF
WJWF
MVHBS
FT
JODSFÓCMF
QB[
Z
OFOÞGBSFT
JNQBS OFDFTJUB
iRVF
UF
EVFMB
FTQBMEB
TF
TVGSB
EF

DPMBUF
IBTI
NVTHP
4LVOL
DÓUSJDP
IJFSSP
FO
MB
QSPWJODJB
BSHFOUJOB
EF
$ØSEPCB
FO
UF
DMBTFT
EF
DVMUJWP
EF
UV
QSPQJB
NFEJDJOB
BOTJFEBE
P
JOTPNOJPw


BMNJ[DMF
FTQFDJBT
DPDP
OVF[
NPTDBEB
VO
QVFCMJUP
EPOEF
B
USBWÏT
EF
VOPT
BCP 0GSFDF
BDVQVOUVSB
3FJLJ
ZPHB

NFEJDJOB

GSFTB
DBGÏ
MJNØO
OBSBOKB
WBJOJMMB
Z
DVFSP HBEPT
DBOOÈCJDPT
FTUÈ
JOUFOUBOEP
BCSJS
MB
USBEJDJPOBM
DIJOB
F
IJQOPUFSBQJB

&M
DPO %F
IFDIP
FO

i1BDJGJD
TVQQPSU
TFSWJDFTw

:
QPS
TVQVFTUP
TBCPS
TFDBEP

DBMJEBE
EFM
WÓB
EFM
DBOOBCJT
NFEJDJOBM
B
OJWFM
MFHBM DFQUP
EFM
EJTQFOTBSJP
WB
NÈT
BMMÈ
EF
MPT
TF
USBNJUB
MB
DSFEFODJBM
EF
QBDJFOUF
EF

IVNP
JOJDJP
EFM
FGFDUP
JOGMVFODJB
4ÈUJWB
4V
IJTUPSJB
DPNP
DBTJ
UPEB
MB
EF
MPT
DPGGFFT
RVF
TFSÓBO
DPNP
CBSFT
NÈT
CJFO
NBSJIVBOB
QBSB
RVF
TFB
BDFQUBEP
QPS

EF
OJOHVOB
B
FYUSFNB
MB
EFTDSJCJFSPO
FO
FNQSFOEFEPSFT
EFM
SVCSP
DPNJFO[B
TPO
DPNP
IPUFMFT
EF
MVKP
BMHVOPT
Z
TQBT DVBMRVJFS
NÏEJDP
B
DBNCJP
EF
VO
QBHP

MB
DPQB
DPNP
VO
FGFDUP
NFOUBM
DMBSP
Z
FO
FM

DPO
MB
EFCBDMF
EFM
QBÓT
&TB
JEFB
FT
CÈTJDB
UV
OP
QVFEFT
DVMUJWBS
EF
USFJOUB
Z
DJODP
EØMBSFT
5BNCJÏO
IBZ

FOFSHÏUJDP

F
JOGMVFODJB
¶OEJDB
EF
OJOHV WJBKB
B
)PMBOEB
VO
B×P
Z
NFEJP
Z
QFSP
OFDFTJUBT
GVNBS
Z
PUSP
MP
IBDF
QPS
Z
BCPHBEPT
RVF
TF
PGSFDFO
FO
DMBTJGJDBEPT

OB
B
FYUSFNB
FGFDUP
TFEBUJWP
MFUÈSHJDP
DPOUBDUB
DPO
MB
GÈCSJDB
EF
WBQPSJ[B QBSB
UJ
5JFOFO
VO
MBCPSBUPSJP
EF
BOÈMJTJT
B
EFGFOEFS
B
MPT
QBDJFOUFT
QBSB
DPOTFHVJS

 $0-0'»/

*/%*$&
%&
"/6/$*"/5&4

4PGU
4FDSFUT

4PGU
4FDSFUT

*CJTMBOE
*OWFTU
4-
*CJTMBOE
*OWFTU
$
#MBTDP
EF
(BSBZ

„B


#"3$&-0/"

41"*/
5FM








'BY




o



&NBJM
FT!TPGUTFDSFUTOM
$PPSEJOBEPS
JOUFSOBDJPOBM
$MJGG
$SFNFS
-BCPSBUPSJP
EF
DBOOBCJT
NFEJDJOBM
FO
FM
)BSCPSTJEF
)FBMU
$FOUFS .VFTUSBT
EF
DBOOBCJT
NFEJDJOBM
FO
FM
)BSCPSTJEF
)FBMUI
$FOUFS 3FEBDUPS
KFGF
)
.BEFSB
1VCMJDJEBE
$BOEJE
TV
EFSFDIP
B
QPTFFS
Z
DPOTVNJS
NBSJIVB UJWBEPSFT
EJTQVFTUPT
B
EFGFOEFS
FM
VTP
HBOBSUF
MB
WJEB
5F
FOTF×BNPT
TPCSF
MB
DBOEJE!TPGUTFDSFUTCDODPN


OB
MFHBMNFOUF

/FHPDJPT
DPNP
i6SCBO
NFEJDJOBM
EF
MB
QMBOUB
-B
MVDIB
EF
MB
QSPEVDDJØO
DØNP
QSFQBSBS
QSFTVQVFTUPT
+FGF
TFDDJØO
DVMUJWP
.POTF×PS
+PTÏ
.BSÓB
NFETw
IBTUB
PGSFDFO
VOB
CPMTB
HSBUJT
EF
$PNQBTTJPO
"DU
P
FM
BDUP
EF
DPNQBTJØO
Z
DØNP
DSFBS
UV
QSPQJB
NBSJIVBOBw
EJDF

NBSJIVBOB
B
RVJFO
USBJHB
OVFWPT
QBDJFO MBT
DPPQFSBUJWBT
EF
DBOOBCJT
NFEJDJOBM
TV
QVCMJDJEBE
QBSB
BUSBFS
BMVNOPT
-PT
3FEBDDJØO
+PSHF
$FSWBOUFT
&E
3PTFOUIBM

UFT
RVF
QVFEFO
PQUBS
QPS
WBSJFEBEFT
RVF
B
FTUBT
BMUVSBT
ZB
FT
MB
MFHBMJ[BDJØO
FTUVEJBOUFT
WBO
EFTEF
QBDJFOUFT
RVF
VTBO
-B[ZTUSBJO
%BWJE
(BSDÓB
.BSZUB

+
4FBSDIFS

EF
NFEJDJOB
TPGU
CMBOEB

NJME
TVBWF

UPUBM
BM
NFOPT
ZB
DBTJ
FO
$BMJGPSOJB
MB
NBSJIVBOB
DPO
GJOFT
NFEJDJOBMFT
IBTUB
.POTF×PS
+PTÏ
.BSÓB
3BOEPN
)FDUPS
&M
%SVJEB

*BO
4DIOFJEFS
NFEJVN
NFEJBOB

TUSPOH
GVFSUF

Z
TMFF RVJFOFT
RVJFSFO
BCSJS
TV
QSPQJP
EJTQFOTB
QZ
NVZ
GVFSUFEPSNJMPOB


.JFOUSBT
TF
WJWF
MB
FTQFSB
DPO
BMFHSÓB
SJP
P
USBCBKBS
FO
BMHVOP
-B
6OJWFSTJEBE
5SBEVDDJØO
%BWJE
(BSDÓB

DPNP
DPOUØ
.JLF
TPCSF
$ISJT
BTFTPS
0BLTUFSEBN
ZB
UJFOF
VOB
FYUFOTJØO
FO

&NBJM
TQBJO!TPGUTFDSFUTOM
"VORVF
FO
$BMJGPSOJB
EFTEF

MPT
EF
MB
$PSUF
4VQSFNB
TPCSF
DBOOBCJT
Z
-PT
«OHFMFT
PUSB
FM
OPSUF
EF
MB
CBIÓB
EF

8FC
XXXTPGTFDSFUTOM
WPUBOUFT
BQSPCBSPO
MB
1SPQPTJDJØO
.JLJ
$POSBE
DPPSEJOBEPSB
EF
)VNBO
4BO
'SBODJTDP
Z
VOB
NÈT
FO
.JDIJHBO
-P


RVF
QFSNJUF
FM
DPOTVNP
Z
WFOUB
3JHIUT
BOE
UIF
%SVH
8BS
P
OVFTUSP
WFO
DPNP
VOB
BMUFSOBUJWB
SFBM
EFM
EFTFN 1VCMJDJEBE
*CJTMBOE
*OWFTU
4-
EF
NBSJIVBOB
QBSB
VTP
FYDMVTJWP
EF
DPMBCPSBEPS
&E
3PTFOUIBM
EJTGSB[BEP
P
QMFP
QVFEFO
TFS
NJMFT
EF
FNQMFPT
EFEJ 5MGOP







QBDJFOUFT
DPO
FOGFSNFEBEFT
DSØOJDBT
%FOOJT
1FSPO
FM
IPNCSF
RVF
FO
MPT

DBEPT
B
MB
JOEVTUSJB
WFSEF
.ÈT
EF
OVFWF
'BY




FO
-PT
«OHFMFT
FM
CPPN
EF
EJTQFOTBSJPT
FSB
FODBSDFMBEP
QPS
SFQBSUJS
DBOOBCJT
NJM
FTUVEJBOUFT
EF
UPEP
FM
NVOEP
Z
DVSTPT

4PGU
4FDSFUT
DVFOUB
DPO
FEJDJPOFT
FO
&TQB×B
'SBODJB

TF
EJTQBSØ
FO

DVBOEP
QBTØ
EF
NFEJDJOBM
FOUSF
FOGFSNPT
EF
)*7

FO
MB
RVF
EVSBO
BMSFEFEPS
EF
USFDF
TFNBOBT

*UBMJB
(SBO
#SFUB×B
1PMPOJB3VTJB
3FQÞCMJDB
$IFDB

DVBUSP
IBTUB
MMFHBS
B
MB
GFDIB
B
NJM
ZB
6OJWFSTJEBE
EF
0BLTUFSEBN EPT
IPSBT
Z
NFEJB
B
MB
TFNBOB
B
VO
DPTUP

)PMBOEB
Z
"MFNBOJB

IBZ
BNFOB[BT
EF
SFEVDJS
FM
OÞNFSP EF
TFJT
DJFOUPT
DJODVFOUB
EØMBSFT
&OTF×BO

0BLTUFSEBN
MB
6OJWFSTJEBE
DVMUJWP
EF
NBSJIVBOB
QPMÓUJDB
IJTUPSJB
4PGU
4FDSFUT
OP
TF
JEFOUJGJDB
OFDFTBSJBNFOUF
OJ

4FHÞO
i"NFSJDBOT
GPS
4BGF
"DDFTTw
FO
EFM
DBOOBCJT EFSFDIP
Z
EFSFDIPT
DJFODJB
Z
DPDJOB
TF
IBDF
SFTQPOTBCMF
EF
MBT
PQJOJPOFT
EF
TVT
DPMB
MB
BDUVBMJEBE
OVFWF
DPOEBEPT
Z

DJV %FTEF
IBDF
USFT
B×PT
FYJTUF
FO
QMFOP
DPSB 5BNCJÏO
DPNP
NPOUBS
VO
OFHPDJP CPSBEPSFT
4F
SFRVJFSF
BVUPSJ[BDJØO
QSFWJB
EF
MB

EBEFT
EF
$BMJGPSOJB
QFSNJUFO
DMVCFT
EF
[ØO
EF
FTUB
DJVEBE
VCJDBEB
B
PDIP
NJMMBT
FEJUPSJBM
QBSB
SFQSPEVDJS
UPUBM
P
QBSDJBMNFOUF
Z
QPS

NBSJIVBOB
PDIP
DPOEBEPT
Z

DJVEBEFT
BM
FTUF
EF
4BO
'SBODJTDP
VOB
VOJWFSTJEBE
"HSB.FE
*OD
VOB
EF
MBT
UBOUBT
FNQSFTBT
DVBMRVJFS
NFEJP
FTUB
QVCMJDBDJØO
/P
TF
EFWPMWFSÈO

IBO
MJNJUBEP
TV
OVNFSP
Z
PDIP
DPOEB RVF
FOUSFOB
FO
FM
DVMUJWP
Z
OFHPDJP
EF
MB
RVF
CVTDBO
MJDFODJB
QBSB
TJFNCSB
QPS
VOB
PSJHJOBMFT
OP
TPMJDJUBEPT
EPT
Z

DJVEBEFT
MBT
QSPIJCFO

&O
FTB
WFOUB
Z
EJTUSJCVDJØO
EF
MB
NBSJIVBOB FYUFOTJØO
EF
DVMUJWP
EF
DJFO
NJM
NFUSPT

MÓOFB
.JLF
FTUÈ
USBCBKBOEP
FO
$ØSEPCB
i(BOBSÓBT
FOUSF
DJODVFOUB
NJM
Z
DJFO

NJM
BTFHVSB
RVF
QBHBSÓB
EPT
NJMMPOFT
EF
EØMB
QSPWJODJB
BSHFOUJOB
DPO
BCPHBEPT
DVM EØMBSFT
BM
B×P
5FOESÓBT
VO
NPEP
EF
SFT
FO
JNQVFTUPT
B
MB
DJVEBE 1SØYJNP
OÞNFSP
EF4PGU
4FDSFUT


4FQUJFNCSF


*OEJDF
EF
BOVODJBOUFT %JOBGFN
4FFET

%JPTB
1MBOUB



)PSUJ
5FD

)PVTFQMBOU



1MBOFUB
$BOOBCJDP

1MBOFUB
0SHBOJDP







/PNCSF
1ÈHJOB %JTUSJCVDJPOFT
.BSJBOBT
 )VNP
"[VM
 1MBOFUB
0SHBOJDP

%S
(SPXT
1SPEVDUJPOT
 )VNVT
4BQJFOT
 1MBOUB
)ZESP

"EWBODFE
/VUSJFOUT
 %S
$PHPMMP
 )ZESP
1MBOFU
 1MBOUB
/PTUSB

"EWBODFE
4FFET
 %S
$PHPMMP
4BOUBOEFS
 *OEJLB
(SPXTIPQ
 1MBOUBDUJWB

"HSPDBOOB
 %S
(SFFO
 +#2
 1MBOUBOJB

"TUVS
(SPX
 %S
6OEFSHSPVOE
 +PSHF
$FSWBOUFT
 1PTJUJWF
1VCMJTIFST

"UBNJ
 %VUDI
(SFFO
(SPXMJHIUT
 ,BOOBCJB
4FFE
$PNQBOZ
 1PTJUSPOJDT
4FFET

"UBNJ
 &BTZ
(SPX
 ,BOOB3B
 1SPDBSF

"5$
#JPMPHJD
 &DP
#JP
 ,BUTV
 1SPKFDU
(SFFO

#"$

#(
1SPEVDUT
 &DP
1SPUFD
 -B
$BKJUB
 3FDPHF
:
4JFNCSB
(SPX
4IPQ

#BSOFZT
 &E
3PTFOUIBM
 -B
$IVTUB
 3FTJO
4FFET

#FMMBEPOOB
 &M
$VMUJWBEPS
EFM
"SNBSJP
 -B
(SPX
 3FTJOB
(SPX

#JH
#VEIB
 &M
/JSWBOB
 -B
.PUB
 3PZBM
2VFFO
4FFET

#JP
#J[[
 &M
1VOUP
&SFT
5V
 -B
.PUB
 4BN4BSB
4FFET

#JP
#J[[
 &VTLBM
(FOFUJL
(SPXTIPQ
 -B
1FUJUF
"NTUFSEBN
 4BOU
:FSCBTJ

#JP
#J[[
 &WB
'FNBMF
4FFET
 -FBG
-JGF
 4BOUB
.BSJB
(SPXTIPQ

#JP
/PWB
 &YPUJD
(BSEFO
 -)PSU
EFMT
4PNOJT
 4BUJWB
4FFECBOL
UIF

#JP
5PQT
 'BSNB
(SPX
 -PNB×BD
 4FFET
PG
-JGF

#MBDL
(PME
 'BSNFS
UIF
 .BSBDBT
(SPXTIPQ
 4JCBSJUBT
(SPXTIPQ

#VEEIB
4FFET
#BOL
 'MPXFS
1PXFS
 .BSJB
EF
MB
+VBOB
 4JOTFNJMMB
"MNFSJB

#VFOB
3BNB
 'VOLZ
.VOLFZ
 .BSJB
.BSLU
 4JOTFNJMMB
$BTUFMMPO

$BDUVT
.BSUPSFMM

 (FOFIUJL
4FFET
 .BUFS5FSSB
 4JOTFNJMMB
*ODB

$B×JNP
 (SFFO
%FWJM
(FOFUJDT
 .BXJ
1MBOU
 4JOTFNJMMB
4FWJMMB

$BOOB

 (SFFO
%PH
 .FEJDJOBM
1MBOUT
 4KBNBBO
EF


$BOOBCJ[[
1SBHVF
 (SFFO
(BSEFO
UIF
 .JNBSJB
 4KBNBBO
EF


$BOOBDBSUIBHP
 (SFFO
(SBTT
(SPXTIPQ
 .VOEP
5SJDPNB
 4NTDPN

$BOOBQPMZT
 (SFFO
-JGF
4FFET
 .VOEP
7FSEF
 4XFFU
4FFET

$BOOBTUVS
 (SPX
)PVTF
UIF
 .ZDPMPHJDT
 5FTTJFS
"TIQPPM


$BOOBTVS
 (SPX
4PMVUJPOT
 /BDIJUÞ
(SPX
4IPQ
 5FTU
*
-MBWPS

$BOZBNPO
 (SPXMBOE
 /BUVSBMJB
 5JKVBOB
(SPX
4IPQ

$IBNBO
(SPX
 (SPXTIPQ
&MCBTUPOFU
 /JSWBOB
 5PQ
;FFG

$IV
.BKFL
 (VBOP
,BMPOH
 01
1BQJSOB
 5SJDPNB
#PUBOJD

%BUVSB
(SPX
 )BQQZ
(BSEFO
 0SUVF
 6OEFSHSPXOE

%BWJO
 )BQQZ
(BSEFO
(SPX
 1BSBEJTF
4FFET
 8PSME
PG
4FFET

%FMJDJPVT
4FFET
 )FNQ
1BTTJPO
 1BSBEJTF
4FFET
 :FSWBHàFOB

%JOBGFN
4FFET
 )FTJ
 1MBHSPO

 %LREL]]:RUOGZLGH%9_.ROGLQJZHJ_+/*URQLQJHQ_7KH1HWKHUODQGV
7_)_(LQIR#ELREL]]FRP_:ZZZELREL]]FRP