2 I K E W T L È V I & E R H 2V
,YFIVX,EIRWIP
(MI*MREPI 7GLPEGLX (MI.90)7:)62)EQ)VIMKRMWLSVM^SRX...
15 downloads
315 Views
2MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
2 I K E W T L È V I & E R H 2V
,YFIVX,EIRWIP
(MI*MREPI 7GLPEGLX (MI.90)7:)62)EQ)VIMKRMWLSVM^SRXz HMI6IXVSZIVWMSRMWXMR7MGLX[IMXI -Q*VàLNELV2IYIV+EPEOXMWGLIV>IMXVIGLRYRKWXILXHMI1IRWGLLIMXZSVHIVKVÚÃXIR&IHVSLYRK MLVIV+IWGLMGLXI(MI8IVQMREPI/SPSRRI86%-836LEXHMI1MPGLWXVEÃIFIWIX^XYRHEPPIFI[SLRXIR 4PERIXIRYRXIVMLVI/SRXVSPPIKIFVEGLX SXXIWXILXMQ(MIRWXHIVWSKIRERRXIR'LESXEVGLIR(IVIR>MIPMWXHMI 6IWWSYVGIRHIV1MPGLWXVEÃIEYW^YFIYXIRYQHMI)\MWXIR^HIV2IKEWTLÈVIMR,ERKE]EF^YWMGLIVR IMRIQ3VXERHIQKI[ÚLRPMGLI0IFI[IWIRRMGLXI\MWXMIVIROÚRRIRYRHLIVOÚQQPMGLI2EXYVKI WIX^IIRHIR 4IVV]6LSHERMWXQMXHIV.90)7:)62)MRIMRI>IMXZSV1MPPMSRIR.ELVIRKIVIMWX[IMP^YQHEQE PMKIR>IMXTYROXHMIIMR^MKIMLQFIOERRXIIVJSPKVIMGLI6IXVSZIVWMSRIMRIV2IKEWTLÈVIWXEXXJERH 9RH WGLPMIÃPMGL OSQQX IW ^YV )RXWGLIMHYRK ^[MWGLIR 3VHRYRK YRH 'LESW )W MWX (-) *-2%0) 7',0%',8
,9&)68,%)27)0 (MI,EYTXTIVWSRIRHIW6SQERW
+IRIVEPMR/EQYOSz(MI4VMR^MTE%6',)8-17IVKVIMJX&IWMX^ZSRHIV2EGLXPMGLX6àWXYRK %6',)8-1z(MI7YTIVMRXIPPMKIR^WXIPPXWMGLHIQKVSÃIR/EQTJzYRHMLVIQWGLPMQQWXIR*IMRH /M1]Sz(IV+IRIVEPHIV*MREPIR7GLPEGLXQYWWWIMRI8VYTTIRMRHIR8SHWGLMGOIR 4IVV]6LSHERz(IV8IVVERIVKILXYQHIV>YOYRJXWIMRIV,IMQEX[MPPIRIMRKVSÃIW6MWMOSIMR
(MI6IXVSZIVWMSRMWXWGLPMIÃPMGLKIKPàGOX[IRREYGL^YIMRIQLSLIR4VIMW 9RH RMIQERH OERR ERKIWMGLXW HIV WGL[IVIR &IWGLÈHMKYRKIR KEVERXMIVIR [ERRYRH[SHMI.90)7:)62)MLVIR/SRXI\XWTVYRKFIIRHIR[MVH 1ILVHEVàFIVFIVMGLXIX'LIJYRH)\TSWÍ%YXSV6SFIVX*IPHLSJJMQOPIMRIR .YFMPÈYQWFERH HIV OSQQIRHI ;SGLI YRXIV JSPKIRHIQ 8MXIP IV WGLIMRX ):309< 7XEVXFIJILPJàVEPPI*PSXXIRIMRLIMXIR/M1]SXVEXERHIR0IMXWXERH.IHIW;SVXWXMIÃ IVLIJXMKLIVZSV%PPI;EJJIRW]WXIQIJIYIVFIVIMX7GLMVQJIPHIVEOXMZMIVIRYRHFIMQ:IV PEWWIRHIW,]TIVORSXIRWLSGLJELVIR (MI %YJVIKYRK [EV +MJX JàVMLR/M1]S HIVWIMRKVIMWIRLEJXIW %PXIVYRXIV IMRIQ 8VYKFMPHZIVFEVKXEYQIPXIYRHWYGLXIREGLWMGLIVIQ,EPX+PIMGL^IMXMKWTVEGLIRHMI /VEJXZIVWXÈVOIVWIMRIV/SQFMREXMSRERIVLÚLXIRHIR(VYGOYRHOSQTIRWMIVXIRHEHYVGL HMI7GL[ÈGLIHIV&IMRQYWOIPR %PPI7XEXMSRIRHVIMJEGLFIWIX^IR+IJIGLXWEPEVQJàVHMIKIWEQXI*PSXXI /M1]S^[ERKWMGL[IMXIV^YKILIR;MIIMR4ER^IVYQWGLPSWWHMI/SQFMREXMSRQMXX PIV[IMPIWIMRI&IMRI(MI:IVLÈVXYRKHIW7TI^MEPKI[IFIWLMIPXEYGLWIMRIR6àGOIREYJ VIGLX ;IMXIV ^MIVIHYVJXIEYWKIVIGLRIXMRHMIWIR%YKIRFPMGOIRWIMRI1EWOIVEHI HYVGLWGLEYIR/M1]S[EVEQ)RHIWIMRIV&IPEWXFEVOIMXERKIPERKXYRH[YWWXIHEWWIV MGLXIVJàPPIR 2EGL/EQYOSW:IVWGL[MRHIR[EVIVHIV)MR^MKIHIVHMI*PSXXIOSQQERHMIVIROSRRXI ;MVJSPKIR%6',)8-1YRHHIR+)7)8>+IFIVR /M1]SJàLPXIMRRIVI%F[ILVYRH)VPIMGLXIVYRKKPIMGLIVQEÃIREPWIVWMGLIRHPMGLMR HIR/SQQERHERXIRWIWWIPWMROIRPMIÃ (MIQIRXEPI7SRRI%6',)8-1[YVHIZSRHIV%YÃIRFISFEGLXYRKIVJEWWXYRH[EVMR EPPIR,SPSW^YWILIR6MRKWYQHMI7YTIVMRXIPPMKIR^JSVQMIVXIRWMGLHMI+)7)8>+IFIV (IVIRKSPHIRIV;MHIVWGLIMRKEFHIV[EVXIRHIR*PSXXIIX[EW7YVVIEPIWFIMRELIYR[MVO PMGL%RQYXIRHIWYRH^YKPIMGL)VLEFIRIW 0ERKWEQOEQ&I[IKYRKMRHMI7GLMJJI (MI;ERHYRKHIW,]TIVORSXIRWTYPWMIVXIYRXIVHIQ%RWXYVQHIVÈYÃIVIR+I[EPXIR 9QWGLPSWWIRZSRHIR+)7)8>+IFIVRWXVIFXI%6',)8-1HIV8YRRIPQàRHYRKIRX KIKIR ;MIWSPPIR[MVZSVKILIR#-GLOIRRIRYVHEW>MIPEFIVOIMRI7XVEXIKMI /M1]SWPEYXPSWIV6YJFPMIFYRFIERX[SVXIX)VJVEKXIWMGLSF%6',)8-1MLRWGLSR RMGLX QILV [ELVRELQ YRH [EW REGL HIQ (YVGLKERK JSPKIR [àVHI [IRR HEW PIX^XI %YJKIFSXHIVTSWMXMZIR7YTIVMRXIPPMKIR^QMXXIRMRHMIIRXWXILIRHI2IKEWTLÈVIZSR8EVI 7GLEVQIMRHVERK
(MI*MREPI7GLPEGLX
;MIMQQIVWIMRI-RJSVQEXMSRIRFIWGLEJJIRKI[IWIRWIMRQSGLXIRIVLEXXIWMIRMGLX QILV2YVNIRIWMRWMGLZIV[YRHIRIKVSÃI3FNIOXLEJXIXIMRWIMRIR+IHEROIREPWIX[EW YRKPEYFPMGL&IHVSLPMGLIW +03-2 86%-836 LEXXI IW HMI 7XMQQI MR WIMRIR +IHEROIR KIRERRX ,MIV QàWWIR SXXIRERWIX^IR/M1]S%PPIWERHIVIIVPIHMKX%6',)8-1 ;MIIMRJEGLYRHFIVYLMKIRHHEWOPERK(MI;MVOPMGLOIMX[àVHIERHIVWWIMRHEW[YWW XIIVFIMNIHIVRSGLWSOPIMRIR2EGLPÈWWMKOIMXXÚHPMGL (MWXER^EGLX^MKXEYWIRH/MPSQIXIV%6',)8-1YRHHMI:SVLYXHIV+)7)8>+IFIV MIKIR IMRIIMR^MKI*ILPIRXWGLIMHYRKKÈFIYR^ÈLPMKI6EYQWGLMJJIYRHMLVI&IWEX^YRKIR HIQ8SHTVIMW ;EWQàWWIR[MVXYR%6',)8-1#,EFIR[MV[MVOPMGLRYV+03-286%-836ER^Y KVIMJIR# ILIRHIV 6YJ ZIVLEPPXI YRKILÚVX (IV %IKERIV WXEVVXI EYJ HMI 4ERSVEQELSPSWHMIMLQHMGLXKIWXEJJIPX8EYWIRHI7GLMJJI^IMKXIR(MI*PSXXIREYWHIQ -28%>3QMWGLXIRWMGLQMXHIQ%YJKIFSXHIVZIVPSVIRIR:ÚPOIV8EVI7GLEVQW(EW[EV WIMRI%RSVHRYRKHEQMX86%-8367/EQTJHMWOIRRMVKIRH[SEYJLSQSKIRI*VSRXIRWXMI ÃIR:IVQMWGLXI8IGLRMOIRYRHYRXIVWGLMIHPMGLI6IEOXMSRIR7IMXIER7IMXI[àVHIRHEW 7GLPEGLXJIPHJàVHMI8IVQMREPI/SPSRRIWGL[IVIVFILIVVWGLFEVQEGLIRLSJJXIHIV%I KERIV *àV[IRMKI1SQIRXIFPMIFWIMR&PMGOEYJHIR^EGOIRJÚVQMKIRYRHKI[IPPXIR6EYQIVR HIV']TVSRLÈRKIRHMI[MIZIVXVSGORIRHI&PÈXXIVHYVGLW%PPWGL[IFXIR (IV,EYTXVIGLRIVVIEKMIVXIEYJWIMRI&PMGOVMGLXYRKYRH^IMKXI%YJVMWWIHIV7GLMJJW X]TIRPMWXIXIMLVI+IWEQX^ELPYRHQEVOMIVXIMLVIMRHIVIVWXIR*SVQEXMSRZSVKIWILIRIR 4SWMXMSRIR)WLERHIPXIWMGLYQHVIMXEYWIRHIMRLYRHIVXKVSÃIYRHWGLPEKOVÈJXMKI4VSUYE 7GLPEGLXWGLMJJIEYÃIVHIQJàRJXEYWIRHJàRJLYRHIVX']WW7GLPEGLXWGLMJJIHMIRYVIX[E LEPFWSPERK[EVIRYRHTPYQTIV[MVOXIR (MI']TVSR[EVIRHYVGLEYWMRHIV0EKIWMGLQMXHIR8VEMXEROWHIV/SPSRRI^YQIWWIR (MIERHIVIR%PXIR:ÚPOIV8EVI7GLEVQWLEXXIRLMRKIKIRHIYXPMGL[IRMKIV7GLPEKOVEJX MIKIR^YPEWWIR WSRHIVRWMI[IMXKIWXVIYXEYJ^YXIMPIR (E[EVIRHMIHYROIPVSXIR7,90)1.ÈKIVHIV7LEPIQEWQEGLXZSPP[MVOIRHQMXMLVIR XEYWIRHEGLXLYRHIVX1IXIVR0ÈRKIEFIVOEQTJWXEVOIVWXMQ2ELFIVIMGL (MI/MRXVSREIMRI>MZMPMWEXMSRZSR6SFSXIVRLEXXIRWMGLEYWFIHYRKIRMRZSVHIVWXIV *VSRX^YOÈQTJIR(MIWI1EWGLMRIR[IWIRFILEYTXIXIR^[EVHIR8SHRMGLX^YFIKVIMJIR YRHHIQREGLEYGLRMGLX^YJàVGLXIRHSGL/M1]SLEXXIIMRIR^[MIWTÈPXMKIR)MRHVYGO KI[SRRIR-LVIOERXMKIR6EYQWGLMJJIIVWGLMIRIRMLQ[MI/SRKPSQIVEXIEYWRàX^PMGLIR YRHYRRàX^IR&EYXIMPIREPW[àVHIRHMI6SFSXIVWXIXMKHEVEREVFIMXIR:MIPPIMGLXEYJHIV 7YGLIREGL4IVJIOXMSRIV[YWWXIIWRMGLX (SVXHMI*]PXIRI\HMI1YPIQHMI4VMvOÚ1EPEE)W[EVIRZMIPI:ÚPOIVYRHHSGL WS [IRMKI HMI HIQ WGLPIMGLIRHIR 9RXIVKERK IMRIV KER^IR +EPE\MW FMW ^YV *MREPIR 7GLPEGLXLEXXIRXVSX^IROÚRRIR >[IM+)7)8>+IFIVWXEFMPMWMIVXIRHIR8YRRIPHIV^YQL]TIVTL]WMOEPMWGLIR*IKI àWWMKIQ*IYIVàFIV^SKIRHMI ÈGLIHIV6ÚLVIYRH/M1]SFERKXIMRHIQ1SQIRXHMI*PSXXI[àVHIRMGLXIMRQEP MLVIR)MRWEX^SVXIVVIMGLIR %FIVHMI;ÈRHIWXEFMPMWMIVXIRWMGL^YWILIRHWEPWHMI+)7)8>+IFIVMRHIR8YRRIP IMRXEYGLXIR %6',)8-1-RXIRWMZIVEPW^YZSVVMIJHIV%IKERIVMRHIV,SJJRYRKHMI7YTIVMRXIPPM KIR^[àVHIMLRIRHPMGLLÚVIR (MI8%637,-RÈLIVXIWMGLIFIRJEPPWHIV%F^[IMKYRK:MIPPIMGLX[EVHMIWIVPIX^XI%F WGLRMXXHIW/366-(367RYV[IRMKI0MGLXQMRYXIRPERKQILVEPWIMRMKILYRHIVX1MPPMS RIR/MPSQIXIVFIWXMQQXRMGLXWSRWX[ÈVINIRWIMXWHIWWGLàX^IRHIR,]TIVORSXIRWHEW +MKERX&PEGO,SPIMRWIMRIQ[MPHIR8SFIRRMGLX^YELRIRKI[IWIR 1EVKMR'LVMPS\PEYIVXIQMXEPPWIMRIV^IVWXÚVIVMWGLIR)RIVKMIEYJHMI*PSXXI
,9&)68,%)27)0
%6',)8-1WGLVMI/M1]S (IV%IKERIVKPEYFXI^Y[MWWIRHEWWIVEPPIJàVHMI*MREPI7GLPEGLXRÚXMKIR-RJSVQE XMSRIRIVLEPXIRLEXXI%FIVQMXHIQàFIVEYWLIJXMKIR6YJWMKREPEYWHIV2IKERIR7XEHX YWW:MIPPIMGLX[EVQERGLIW HEZSR[IMXIVLMRZSVLERHIREFIV/M1]SOSRRXIRMGLXHEVEYJ^YKVIMJIR7IMRI)VMRRI VYRK^IMKXIMLQPIHMKPMGLHMIQSVFMHI7^IRIIMRIVMRHIV2IKEWTLÈVIZIVJEPPIRHIR;IPX YRHOIMRIW[IKWHEW[EW,SJJRYRKQEGLIRWSPPXI )VRIYXZIVWYGLXIHIV%IKERIVHMIZIVPSVIRIR-RJSVQEXMSRIR^YVàGO^YKI[MRRIR)W [YVHILÚGLWXI>IMXzMR[IRMKIR7IOYRHIR[àVHIRHMIIVWXIRHIVEGLXYRHJàRJ^MK+) 7)8>+IFIVYRHQMXMLRIRHMI7YTIVMRXIPPMKIR^WIPFWXHIRWMGLIVIR&IVIMGLZIVPEWWIR )RHPMGLWTàVXI/M1]SIMR)GLSIMRIRZIV[ILIRHIR+IHEROIRHIVMLQ>YZIVWMGLX YRH+IFSVKIRLIMXZIVQMXXIPR[SPPXI%YJEXQIRHPMIÃIVWMGLMQ7IWWIP^YVàGOWMROIR RHPMGL^YXVIJJIR# )VWTVYHIPXIWIMRI*VEKIRRYVWSLIVZSV )MRQIRXEPIV,EYGLWXVIMJXIMLRWERJXYRHJSVHIVRH^YKPIMGL)RHPMGL[EVHE[MIHIV WIMRI:IVFMRHYRK^Y%6',)8-1HMIIVWGLQIV^LEJXZIVQMWWXLEXXI(IYXPMGLKPEYFXI /M1]S^YWTàVIRHEWWHMI7YTIVMRXIPPMKIR^MLVI/VEJXVIWIVZIRJàVHMI*MREPI7GLPEGLX QSFMPMWMIVXI>YKPIMGL[YGLWIMR,EYGLZSR;MHIVWXERH ;MVKILIRKIXVIRRXI;IKI+IRIVEP-GLOERRHMVOIMRI%R[IMWYRKIRQILVKIFIR (E[EVHMI7XMQQI[MIHIVHSGL[EWWMIWEKXIIVWGLVIGOXIHIR%IKERIV (Y[IMÃX[EWHY^YXYRLEWXzHYKIRMIÃXQIMR:IVXVEYIR*àLVWXHYHMI*PSXXIMRW :IVHIVFIR[MVHEPPIWYQWSRWXKI[IWIRWIMR /M1]SW/ÚVTIVZMFVMIVXIYRXIV%6',)8-17YRKILIYVIV%RWTERRYRKHMIEYJMLR àFIVWTVERK:IVKIFPMGLZIVWYGLXIIVHIRWGL[MRHIRHIR/SRXEOX^YLEPXIR MRHIQ1SQIRX[YVHIWIMR-GLIVRIYXEYWIMRERHIVKIVMWWIR /M1]SJERHWMGLEYJHIVIRHPSWIRKPÈWIVRIR)FIRI[MIHIV7IMRIVWGLVIGOXIV%YWVYJ ZIVLEPPXIMQ2MGLXW (IV&SHIRYRXIVMLQQEXXWS[IMXHEW%YKIVIMGLXI:IVKIFPMGL[EVXIXIHIV%IKERIV HEVEYJRIYI7^IRIREYW8EVI7GLEVQEYJWXIMKIR^YWILIRIMRIR)MRHVYGOHIV+IKIFIR LIMXIRMQKEPEOXMWGLIR>IRXVYQ^YIVLEPXIRHIVMLQIMRIR;IK^IMKXI+03-286%-836 ^YZIVRMGLXIR ;EWIVLSJJWXHYHMVRSGL# (MI9RXIVWXàX^YRKHMI[MVEPPIHVMRKIRHRÚXMK/M1]SWKIHEROPMGLI%RX[SVXZIV WXYQQXI2SGLMQ&IKVMJJWMGLWYGLIRHYQ^YWILIRZIVWXERHIVHEWWRMIQERH[MVOPMGL ^YMLQKIWTVSGLIRLEXXIWSRHIVRHEWWWMGLHMI7XMQQI[MIHIVKIQIPHIXLEXXIHMIWGLSR ZSV8EKIRMRMLQKI[IWIR[EV -GLFMRHY+IRIVEP/M1]S)FIRWSFMRMGLIMR[MR^MKIV7TPMXXIVZSR%6',)8-17 7YFWXER^IMR7XEYFOSVRWIMRIV)\MWXIR^YRHIMREFLÈRKMKIV&SXIHIVHMVLIPJIRWSPPHIR /SRXEOXRMGLX^YZIVPMIVIR (ERRZIVWGLEJJQMVHMIWIR/SRXEOX[MIHIV/M1]SWTVEGLWIMR:IVPERKIRPEYXEYW %FIV[ELVWGLIMRPMGLQEGLXIHEWOIMRIR9RXIVWGLMIH(IV+IRIVEPLÈXXIRMGLXIMRQEP^Y WEKIRZIVQSGLXSFHIV7GLEPPWIMRIV;SVXIEYJHMIWIVKPÈWIVRIR;IPXàFIVLEYTX^YZIV RILQIR [EV (MI)FIRIZIVÈRHIVXIWMGL(MIIRHPSWI;IMXI[MVOXIRMGLXQILVWSIRHPSW[MIMRWIMRIV )VMRRIVYRKYRHIX[EWWGLMIRWIMRIR&PMGOEF^YPIROIR (IV%IKERIV^YGOXI^YWEQQIREPWIV[MIHIVIMR7TMIKIPFMPHWIMRIVWIPFWXWEL(MI +IWXEPXWXERHRYV[IRMKILYRHIVX1IXIVIRXJIVRXFPMGOXIEFIV[IMXERMLQZSVFIM 7YGLIRH[ERHXI/M1]SWMGLYQ)VZIVPSVHIRERHIVIRHEFIMEFIVRMGLXEYWHIR %YKIRWIMR%FFMPHFPMIFHE[SIVIWWXILIRWELYRHIWHVILXIWMGLIFIRJEPPWYQ)W [ERHIVXIQMXMLQEPWHVILIRMGLXIVWMGLWSRHIVRWIMR7TMIKIPFMPH/M1]SWIX^XIFI [YWWXIMRIR*YÃRIFIRHIRERHIVIRYRHIVWTàVXI[MIHMI/VEJXZIVWXÈVOIVHIV/SQFM REXMSRMLQHMI&I[IKYRKIVPIMGLXIVXIR %PWIVKPEYFXIWMGLIMRQEPYQWMGLWIPFWXKIHVILX^YLEFIRWXERHHIVERHIVIQMXHIQ
(MI*MREPI7GLPEGLX
6àGOIR^YMLQ/M1]SFI[IKXIWMGLRYRMRHMIIRXKIKIRKIWIX^XI6MGLXYRKzWIMR)FIR FMPHHEGLXIEPPIVHMRKWRMGLXHEVERIWMLQKPIMGL^YXYRWSRHIVRHVILXIWMGL[MI^YZSV ;EWMWXHEW#HEGLXIHIV%IKERIVFIFIRH -GLOERRIWHMVRMGLXIVOPÈVIR (MI)FIRIWGLMIRMR&I[IKYRKKIVEXIR^YWIMR7GLSREYJKVYRHHIWSTXMWGLIR)MR HVYGOWKPEYFXI/M1]SRMGLXQILVHEWWIV[IMXIVLMREYJWMGLIVIQ&SHIRWXERHSF[SLP HMI7GL[IVOVEJXJàVMLRMQQIVRSGLREGLYRXIR[MIW1MXIMRIQ1EPLMRKWIMR7TMIKIPFMPH LSGLàFIVMLQJàRJ^MK1IXIVSHIVQILVMLQJILPXIIMRFVEYGLFEVIV:IVKPIMGLWQEÃWXEF HEWàFIVLEYTXEFWGLÈX^IR^YOÚRRIR ;EWWSPPHEW[EW# /M1]SZIVWXYQQXI:SRàFIVEPPLIVWXàV^XIR&MPHJVEKQIRXIEYJMLRIMRIMRIMKIR[MP PMKIW/EPIMHSWOSTHEWMLRIVOIRRIRPMIÃHEWWHMIIRHPSWI)FIRIWMGL^YIMRIQFM^EVVIR KISQIXVMWGLIR/SRWXVYOXZIVJSVQXLEFIRQYWWXI )VWELRMGLXQILVSFHMI8IMPIIMROSQTEOXIW+ER^IWIVKEFIR)MRYRKILIYVIV7SK IVJEWWXIMLRIMRKMKERXMWGLIV7XVYHIPHIV6EYQYRH>IMXQMXWMGLVMWWLMRIMRMRIMRI ,ÚPPIEYWHIVRMGLXW[MIHIVOILVIROSRRXI %PPIW[EVMR:IVÈRHIVYRKFIKVMJJIRRMGLXWWXEFMPEFIVHIRRSGL[YGLWIRQMXIMRIQ 1EP-RWIPRHIV6YLIMRQMXXIRHIW8SFIRW )MRJELPIVKSPHIRIV7GLMQQIVTYPWMIVXIMRHIV7GL[ÈV^I)MR^[IMXIVKPIMGLHEVEYJIMR HVMXXIVYRHQILV7MIHILRXIRWMGLEYW[YGLWIREYJIMRERHIV^YKPMXXIRMRIMRERHIVYRH [YVHIRKIQIMRWEQKVÚÃIV(EW8SFIRHIV)PIQIRXIFVERHIXIHIRRSGLLIVER[MIIMRI YXHMIWIPFWXHMIQÈGLXMKWXIR/PMTTIRIMRIW8EKIW^IVWGLQIXXIVR[àV HI (EW0MGLXWGL[SPP[IMXIVER)WIVJEWWXIZSVFIM[MVFIPRHIEYWIMRERHIVFVIGLIRHI*IPW FVSGOIR ÈGLIIMRIWHMIWIV&VYGLWXàGOI 6YMRIRJIPHIVIVOIRRIR^YOÚRRIR(MIPIX^XIR>IYKRMWWIIMRIVYRXIVKIKERKIRIR>MZM PMWEXMSR*PàGLXMKHMI*VEKI[ERRHIV1ELPWXVSQHMIWI;IPXIMRKIJERKIRLEFIRQSGL XI:MIPPIMGLXWGLSR.ELVLYRHIVXIZSVHIQ)MRJEPPHIV8IVQMREPIR/SPSRRIMR8EVI 7GLEVQ HSGL IFIRWS KYX IVWX MR HIR PIX^XIR .ELV^ILRXIR /M1]S LEXXI OIMRI 1ÚKPMGLOIMXHEWEF^YWGLÈX^IR :MIPPIMGLXWXEQQXIIMRIWHIV:ÚPOIVMR%6',)8-17*PSXXIZSRHMIWIVYRXIVKIKERKIRIR ;IPX)WKEFIMR(YX^IRH1ÚKPMGLOIMXIRYRHHIV%IKERIV[YWWXIHEWWIVHMI;ELVLIMX [SLPRMIIVJELVIR[àVHI ;EWIV[ELVRELQ[EVIR%6',)8-17)MRHVàGOI(MI+)7)8>+IFIVLEXXIRHIR 8YRRIPZIVPEWWIRYRHWXEFMPMWMIVXIRMRQMXXIRHIWGLESXMWGLIR6EYQWIOXSVWVYRHYQ1EV KMR'LVMPS\IVXVÈKPMGLI&IHMRKYRKIRHMIIWHIRREGLJSPKIRHIR7GLMJJIRIVQÚKPMGLXIR WMGLMRHIVQÚVHIVMWGLIR2ÈLIHMIWIW*IKIJIYIVW^YFILEYTXIR %6',)8-1VMIJ/M1]SIVRIYX-GLFVEYGLIHIMRI9RXIVWXàX^YRK 7IMR6YJZIVLEPPXIMQ2MGLXW)VWTàVXIIW :IV[MVVXWXEVVXIIVEYJHMI[MVFIPRHIR)RIVKMIWGLPIMIV7IOYRHIRZIVKMRKIRFMW/M1]S IRHPMGLZIVWXERHHEWWIVWMGLRMGLXQILVEYJHIV^[MWGLIRHIR(MQIRWMSRIRZIVHVILXIR )FIRIFIJERHWSRHIVRHEWWIVHMI,SPSKEPIVMIHIV8%637,-ZSVWMGLWEL (EW*PEKKWGLMJJHIV*PSXXIVEWXIHIQXLIVQSH]REQMWGLIR'LESWIRXKIKIR ;MV[IVHIRIMRIRIMRWEQIR/EQTJEYWXVEKIRYRHHEFIMEYJZIVPSVIRIQ4SWXIRWXILIR -GLFMROIMR7XVEXIKIOIMR1MPMXÈVMGLFMRIMR(MTPSQEXZIVHEQQX;EWWSPPMGLLMIV#-GL FIKVIMJINERMGLXIMRQEPEPPIW[EWMGLWILI YRK[YGLW)FIRWSWIMR>SVR(IVYRFÈRHMKI>SVRHIW%PXIVWHEWW %6',)8-1WIMRI:IVFàRHIXIRIMRIQYRKI[MWWIR7GLMGOWEPàFIVPMIÃ)VZIVWXERHRMGLX [EVYQHEWWSWIMRQYWWXI ;EVYQLMPJWXHYYRWRMGLX#,EFIREPPIMRHIMRIV*PSXXIZIVIMRXIR:ÚPOIVNELVLYRHIV XIPERKYRWEKFEVIW0IMHIVHYPHIXRYVYQNIX^XIRHKàPXMKEPW:IVPMIVIVHE^YWXILIR#
,9&)68,%)27)0
.IHIR1SQIRXOSRRXIHEW*PEKKWGLMJJMRHIRXÚHPMGLIR1ELPWXVSQEYWKIWTMIR[IVHIR 9RHREGLHIV8%637,-IMRI1MPPMSR7GLMJJIIMRILEPFI1MPPMEVHIYRHQILV:IV^[IMJIP XIHMIMRHIV*MREPIR7GLPEGLXMLV0IFIRW^MIPWELIR2SGLKPEYFXIRWMIHEWW WMIIMRI 'LERGILEXXIRHEW0IFIRMR8EVI7GLEVQYRHHIRYQPMIKIRHIR+EPE\MIR^YWXEFMPMWMI VIR (YFMWXYRKIVIGLRIX+IRIVEP/M1]SIVOPERKIWMRWIMRIR+IHEROIR -GLJàLPIQMGLEPPIMRKIPEWWIR-GLQYWW)RXWGLIMHYRKIRXVIJJIRSLRI^Y[MWWIR[EW WMIFI[MVOIR[IVHIR-GLLEFI,MPJIIV[EVXIXEFIV%6',)8-1PÈWWXQMGLEPPIMR)VPÈWWX YRWEPPIEPPIMR;EVYQLMPJXIVYRWRMGLXHIR/EQTJKIKIR86%-836^YFIWXILIR# (MIWIV:IVERX[SVXYRKFMRMGLRMGLXKI[EGLWIR IPMLQHEWIVWXEYJ ^MIVIMLQ^Y[ERHXIR ;MVLEFIRHMI:IVERX[SVXYRKHEJàVHEWW+03-286%-836ZIVRMGLXIX[MVH-GLIV [EVXIHEWWWMGLYRWIVI7GLMJJIRMGLXEYJLEPXIRPEWWIRYRHEYJHIQWGLRIPPWXIR;IK^YQ >MIPZSVWXSÃIR;IRR*PSXXIRXIMPIERKIKVMJJIR[IVHIRQàWWIRHMI&IXVIJJIRHIRWILIR [MIWMIWIPFWX^YVIGLXOSQQIR(MIWIR&IJILP[IMXIVKIFIR (YPIVRWXWGLRIPPOSQQIRXMIVXIHMI7XMQQI/M1]SZIVWXERHRMGLXWSJSVX[SVEYJ WMILMREYW[SPPXI (YLERHIPWXRMGLXERHIVWEPW%6',)8-1LERHIPRQYWW;ÈVIIVWIPFWXMRHIV0EKI HMI7GLPEGLXEYJHMIWIV)FIRI^YOSRXVSPPMIVIR[àVHIIVHEWWIPFIXYR[MIHYKIVEHI(ERR LÈXXIIWRMIHIR&IHEVJKIKIFIRHMI2EGLXPMGLX6àWXYRKERJIVXMKIR^YPEWWIRHMIMLVIQ RHIR -GLLEFIHMI6àWXYRKRMGLXWEKXI/M1]SWSPEYXYRHEYJKIFVEGLXHEWWJEWXNIHIV MQ0IMXWXERHIWLÚVIRQYWWXI ^MIVIZSRMLQKPEYFIR[àVHIR7MI LEXXIRWIMRIR%RSVHRYRKIR^YJSPKIRWMGLEFIVRMGLXàFIVWIMRIR+IQàXW^YWXERH+I RKER^YZIVWXILIRHEWWIW4VMSVMXÈXIRKEFHMIWSKEVIMRIQEPXIR 1ERRIVWXFI[YWWX[IVHIRQYWWXIR :SVHIV8%637,-ÚJJRIXIWMGLHIV8YRRIPREGL1EVKMR'LVMPS\ )W[EVEPW[àVHIRHEW*PEKKWGLMJJYRHHMI*PSXXIMRHMI,ÚPPIEYWKIWTMIR&VSHIPRHI ,IPPMKOIMXFVERHIXIHYVGLHIR0IMXWXERHYRHXVSX^HIVZSVKIWGLEPXIXIR*MPXIVWGLEYOIPXI WMGLHMIWIKVIPPI*PYXKIHEROIRWGLRIPPEYJ (MI*EYWXIMRIWYRWMGLXFEVIR6MIWIRTEGOXIHIRQÈGLXMKIR;EP^IRVEYQIVYRH[MVFIP XIMLRLIVYQ 7IOYRHIRPERKZIVQMWGLXIWMGLHEW/VIMWGLIRHIVàFIVPEWXIXIR%FWSVFIVQMXHIQ¨GL ^IRHIWKIUYÈPXIR7GLMJJW(MI&IPEWXYRKWXMIKFMWERHMI+VIR^IHIW&IHVSLPMGLIRzYRH WEROPERKWEQ[MIHIVEFEPWWMGLHMI*PYKPEKIHIV9QKIFYRKERKPMGL (MI8%637,-LEXXIHIRWMGLIVIR&IVIMGLHIW/366-(367ZIVPEWWIRYRH[EVZSR HIR[MVFIPRHIR+I[EPXIRRELIHIV%OOVIXMSRWWGLIMFIQMXKIVMWWIR[SVHIR 1E\MQEPI&IWGLPIYRMKYRK /IYGLIRHWXMIÃ/M1]SHIR&IJILPLIVZSV)VLEXXIWMGLHMI0MTTIREYJKIFMWWIRYRH HIV&PYXKIWGLQEGO[àVKXIMLR%YÃIVHIQJVSVIVIVFÈVQPMGL%FIVHMI/ÈPXI[YGLWEYW MLQWIPFWXLIVEYW[EVHMI&IKPIMXIVWGLIMRYRKIMRIVIRXWIX^PMGLIR9RVYLI[IMPHEW:MFVE 4WMQMX)\XVIQ[IVXIRàFIVHIQ7GLMJJ^YWEQQIRWGLPYK (IV+IRIVEPOÈQTJXIKIKIRHMIHVSLIRHI&I[YWWXPSWMKOIMXER)VWEGOXIMRWMGL^Y WEQQIRWGLVIGOXIEFIVWSJSVX[MIHIVEYJ7IMRI9RVYLIWXIMKIVXIWMGL^YQ)\^IWWWMI ZIVVMIXMLQHEWWIVYR[IMKIVPMGLYRXIVHIVMLQEYJKIFàVHIXIR:IVERX[SVXYRK^IVFVIGLIR [àVHI>YKPIMGL[YGLWWIMRI7ILRWYGLXHEREGLWMGLIMRJEGLRYVXVIMFIR^YPEWWIRYRH EYJHEW)RHI^Y[EVXIR ;EVYQJàLVWXHYYRWRMGLX%6',)8-1#(MIWIQ%RWXYVQOERRRMIQERHWXERHLEPXIR
(MI*MREPI7GLPEGLX
;í PPWXHYRMGLXZIVWXILIR+IRIVEPSHIVFMWXHYRMGLXHE^YMRHIV0EKI#JVEKXIHMI 7XMQQI %6',)8-1OERRWMGLHIMRIVFEREPIR;àRWGLIRMGLXQILVERRILQIR (IV%IKERIVWTYGOXI&PYXHEWZSRHIV6IMRMKYRKWJYROXMSRHIWKIWGLPSWWIRIR,IPQW WSJSVXEFWSVFMIVX[YVHI)RHPMGLWGLEJJXIIVIWWMGLMRHIR&IXVMIFHIV>IRXVEPIIMR^Y WGLEPXIR)MRMKI,SPSHEVWXIPPYRKIR[YVHIREYJHMI7MGLXWGLIMFITVSNM^MIVXHMIERHIVIR WELIVSLRILMRZSVWMGL %YWPÈYJIV HIV %OOVIXMSRWWGLIMFI^IVVXIR HEW 7GLMJJ QMX WMGL )W [EV [SLP RYV HIV 8ÈXMKOIMXHIV+)7)8>+IFIV^YZIVHEROIRHEWWHMI8%637,-RMGLXI\TPSHMIVXYRH^Y IMRIVZIV[ILIRHIR4EVXMOIP[SPOIKI[SVHIR[EV(EW+PIMGLIKEPXJàVEPPIERHIVIR7GLMJ JIHMIMRWXIXIV*SPKIEYWHIQ/366-(36LIVZSVFVEGLIRYRHIFIRJEPPWZSRHIRXSFIR HIR+I[EPXIRQMXKIVMWWIR[YVHIR %GLXYRHJàRJ^MK+)7)8>+IFIVzNIHIVIMRIKI[EPXMKI/MPSQIXIVHYVGLQIWWIR HIKSPHJEVFIRI/YKIPzIV^IYKXIRJàV%6',)8-17*PSXXIERRÈLIVRHIVXVÈKPMGLITL]WM OEPMWGLIYRHL]TIVTL]WMOEPMWGLI&IHMRKYRKIR7MIOSRRXIRHIR1ELPWXVSQHIWVMIWMKIR 7GL[EV^IR0SGLIWRMGLXEYJLIFIRERWSPGLI/VÈJXI[EKXI/M1]SRMGLXIMRQEPERWEX^ [IMWI^YHIROIRHSGLWMI[EVIRMRHIV 0EKIHIV)RXEVXYRKHIW6EYQ>IMX+IJàKIW ;MHIVWXERHIRXKIKIR^YWIX^IR(EQMXWGLYJIRWMIHMI%VIREHIR/EQTJTPEX^EYJHIQ HMI*PSXXIàFIVLEYTXIVWXERKVIMJIROSRRXI *àVIMRIR%YKIRFPMGOJVEKXIWMGLHIV%IKERIV[MIHMI6IXVSZIVWMSR[MVOPMGLEFPEYJIR WSPPXI1EVKMR'LVMPS\[EVWGLPMIÃPMGLRYVIMRZIVWGL[MRHIRHOPIMRIV*PIGOMRHIV7XIVR OEVXIZSRKER^8EVI7GLEVQ ;MIWSLEXXIIVWMGLHMIWI*VEKIRMGLXWGLSRWILVZMIPILIVKIWXIPPX#)V[EV^YWILVQMX WMGLWIPFWXYRHWIMRIR:SVFILEPXIRFIWGLÈJXMKXKI[IWIRQMXWIMRIV*YVGLX/EQYOSW4PEX^ RMGLXEYWJàPPIR^YOÚRRIRYRH^YZIVWEKIR,EXXIIVWMGLHIWLEPFMRHMI,SJJRYRKKI àGLXIX%6',)8-1[àVHIMLRHYVGLHMI*MREPI7GLPEGLXPIMXIR# )RHPMGLJÈRKWXHYERHMGLHIMRIVIMKIRIR)VJELVYRKIR^YFIWMRRIR+IRIVEP/M1]S -GLFMR[IHIVZIVVàGOXRSGLLEFIMGLZIVPIVRXQIMRIR:IVWXERHIMR^YWIX^IR;EWLEWX HYIV[EVXIX# (MGL;MIPERKI[MPPWXHYRSGL[EVXIR# /M1]SUYMXXMIVXIHMI*VEKIQMXIMRIV:IV[àRWGLYRK-GLZIVJàKIRMGLXàFIV/EQYOSW %YVEEFIVMGLLEFIHMI7XYVLIMXYRHHMI)VJELVYRKHIW%PXIVW0IMHIVEYGLHMI+IFVIGLIR HEGLXIIVFMXXIV 7MIFIRYRHHVIMÃMK1MPPMSRIR7SRRIRQEWWIRZIVIMRXIR WMGLMRHIQ7GL[EV^IR0SGL 1EVKMR'LVMPS\YRHQEGLXIRIW^YIMRIQXàGOMWGLIR1SRWXIV %PPIMRHIV(YVGLQIWWIVHIW)VIMKRMWLSVM^SRXWPEKFIMORETT^[IMLYRHIVX^[ER^MK1MP PMSRIR/MPSQIXIVRNIRIVHIV%OOVIXMSRWWGLIMFIIVVIMGLXIQILVEPWIMRILEPFI1MPPMEVHI /MPSQIXIVHEW[EVIR^MIQPMGLKIREYHVIMÃMK0MGLXQMRYXIRzIMRI%YWHILRYRKHMIWMGL WIPFWX LEVXKIWSXXIRI 6EYQJELVIV IVWX FI[YWWX QEGLIR QYWWXIR ;IMP NIHIV MRWXMROXMZ HE^YRIMKXIHIVEVXKI[EPXMKI)VWGLIMRYRKIREYJIMRIRàFIVWGLEYFEVIR8IMPFIVIMGL^Y VIHY^MIVIREYJ[IRMKILYRHIVXXEYWIRHSHIVEYGLIMRTEEV1MPPMSRIR/MPSQIXIV )MRPMGLXPSWWGL[EV^IW9RKILIYIVEPPIW^IVQEPQIRH[EWMRWIMRI*ÈRKIKIVMIXYRH RMGLXWXEVOKIRYK[EVWMGLWGLRIPP[MIHIVHEVEYW^YFIJVIMIRPEYIVXI1EVKMR'LVMPS\MQ >IRXVYQWIMRIWWXIXMK[EGLWIRHIR1EGLXFIVIMGLW)MRIWJIVRIR8EKIW[IRR8EVI7GLEVQ PÈRKWXOIMR0IFIRQILVXVYKYRHHMI7XIVRIMLVI4PERIXIRMRHIVLIMÃIR+PYXMLVIWI\TPS HMIVIRHIR%XIQWZIVFVERRXIR[àVHIHEW7GL[EV^I0SGL^YIMRIQYRKPEYFPMGLQEWWMZIR +IFMPHIERKIWGL[SPPIRHMIPIX^XIRIVPÚWGLIRHIR7XIVRIHMIWIV+EPE\MWZIVWGLPMRKIR ;IRRHMI7XIVRIIVPÚWGLIRHEGLXI/M1]S[IVHIMGLMLRIRPÈRKWXZSVERKIKERKIR WIMR 2MGLXW[MVHNIZIVKIWWIRSHIVEYWKIPÚWGLXWIMR[IMPNIHIW)RHI^YKPIMGLHIR/IMQJàV IMRIR2IYFIKMRRMRWMGLXVÈKXWEKXIHMI7XMQQI /M1]SWGL[MIKYRH[MHQIXIWMGL[MIHIVHIRYQJEWWIRHIV[IVHIRHIR%R^IMKIR(MI +)7)8>+IFIVVITEVMIVXIRHMIZIVJÈPWGLXIR/SRWXERXIRHEQMXHMI*PSXXIEYWVIMGLIRH
,9&)68,%)27)0
6EYQJERHí LVI%YJKEFI^YIVJàPPIR/M1]SJVEKXIWMGL[ERRHMIIVWXIR'LESW+I WGL[EHIVERKVIMJIR[àVHIR :MIPPIMGLXEXXEGOMIVXIR8EYWIRHI8VEMXEROWFIVIMXWHEW)RHWXàGOHIW/366-(367 ZIVRMGLXIXIRHMIFIMHIRHSVXWXEXMSRMIVXIR+)7)8>+IFIVYRHFIVEYFXIRHEQMX%6',) 8-17*PSXXINIHIV'LERGIIMRIV6àGOOILV (MI 8%637,- HYVGLOVIY^XI IMRIR MQQIV RSGL EYJKITIMXWGLXIR 3^IER %PPQÈLPMGL [YVHIR7XVYOXYVIRMRHIVVIMÃIRHIR7XVÚQYRKWSRRIRLIMÃIV+EWI)RIVKMIYRH4PEWQE IVOIRRFEV1ILVEPWIMRMKILYRHIVX&IKPIMXWGLMJJIZIVVMIXIRHMIQERKIPLEJXIR3VXYRKW I\IZIVWGL[ERHIRMQQIV[MIHIVLMRXIV)VYTXMSRIR YRHPSHIVRHIR*PÈGLIRIRXPEHYRKIRHMI,YRHIVXXEYWIRHI/MPSQIXIVàFIVWTERRXIRFI ZSVWMIWMGLMR6MGLXYRK1EVKMR'LVMPS\ZIVPSVIR 2MGLX[IMXZSVHIV8%637,-[ÚPFXIWMGLHIV6ERHHIV%OOVIXMSRWWGLIMFIIMRI,ÚPPI EYW1MPPMSRIR,MX^IKVEHIR(MIWIV1ELPWXVSQVSXMIVXIQMXVYRHJàRJYRHZMIV^MK4VS^IRX HIV0MGLXKIWGL[MRHMKOIMX)MRI9QHVILYRKHEYIVXIRMGLXQILVEPWHVIMIMRLEPF7XYR HIR 7SKEV1MPPMEVHIR/MPSQIXIVIRXJIVRXFVSHIPXIRLSGLIRIVKIXMWGLI7XVELPYRKYRHI\XVIQ FIWGLPIYRMKXIW4PEWQEYRHWXàV^XIRHIV%OOVIXMSRWWGLIMFIIRXKIKIR1ILVIVI7SRRIR LMRKIRYRIRXVMRRFEVMRHIR*ÈRKIRHIWKI[EPXMKIR7GL[EV^IR0SGLIWYRHHMI7GL[IV OVEJXVMWWKMKERXMWGLI+EW[SPOIREYWMLVIRKPYXIRHIR0IMFIVRLIVEYW*EGOIPRIMRIWYR EYJLEPXFEVIR9RXIVKERKW )W[EVIMREXIQFIVEYFIRHIV%RFPMGOHIV/M1]SWGLEYHIVRPMIÃ(MI4EPIXXIIMRIW FIKREHIXIR/àRWXPIVWHIVQMXMVVIR&I[IKYRKIR*EVFIRQMWGLXIWMI[MPHIVYRHLÚLIV EYJWXVMGLYRHXVSX^HIQHEW>IRXVYQHIW&MPHIWEYWWTEVXI%FKVYRHXMIJI7GL[ÈV^IHSVX [S EPPIW WMGL MQ 7XIVFIR ZIVIMRXIIMR HMI 7MRRI WGLQIV^IRHIW 2MGLXW [IMP NIHIV HMI *SVXWIX^YRKHIVFVSHIPRHIR+PYXFELRIRIVJEWWIR[SPPXI(SGLHE[EVRYV0MGLXPSWMK OIMX 9RIRHPMGLI0IIVI RHYRKIR)VLEXXI1EVKMR'LVMPS\ WILIR[SPPIRYRH[IRRIWHEW0IX^XI[EVHIWWIRIVMRWIMRIQ0IFIRKI[ELV[YVHI -R^[MWGLIRKPEYFXIIVRMGLXIMRQEPQILVHEWWHMIWIV%RFPMGO[MVOPMGLHIR8SH[IVX[EV (EWEPPIWJSVHIVXIILIVWIMRIR;MHIVWXERHLIVEYW )VFIKVMJJRMGLX[EVYQIVWMGLQMXWSPGLIR+IHEROIRUYÈPXISF[SLPHMI8%637,- WGLRIPPIV[IVHIRHHMIWIVEPPIW^IVQEPQIRHIR7GLÚRLIMXIRXKIKIRWXàV^XI -VKIRH[SMREPPHIVZIVRMGLXIRHIR4VEGLXZIVFSVKIR[MVFIPXI+03-286%-836HYVGL HIR6EYQ (YZIVKIYHIWXOSWXFEVI>IMX (MI7XMQQIOPERKZSV[YVJWZSPP>Y6IGLXIVOERRXI/M1]S[IMPIVWMGLZSRZMIPIR ¨YÃIVPMGLOIMXIRZIVPIMXIRPMIÃ*VàLIV[EVHEWRMGLXWSKI[IWIR%FIVNIX^XZMIPPIMGLX WGLEJJXIIVIWRMGLXQILVWMGLEYJHEW;MGLXMKI^YOSR^IRXVMIVIR7IMR:IVQÚKIR;I WIRXPMGLIWZSR9R[IWIRXPMGLIQ^YYRXIVWGLIMHIR[EVMQ0EYJHIV>IMXIMRIVEF[ÈKIRHIR 7MGLX[IMWIKI[MGLIR (MI>ELPHIV3VXYRKIRWGL[SPPER,YRHIVXXEYWIRHYRHQILVIMKIRI7GLMJJI[YVHIR IVJEWWX 8MIJEXQIXI/M1]SIMR(MI/ÈPXI[MGLRIYIR0IFIRWKIMWXIVRYRHHMI3VXYRKKVMJJ [IMXIVMRHIR6EYQLMREYW&IMHIWHIYXPMGLI%R^IMGLIRHEWWHMI+)7)8>+IFIVHEW YWWYRH HMI*PSXXIIVLMIPXMQKPIMGLIR%YWQEÃMLVI,ERHPYRKWJVIMLIMX^YVàGO 7EQQIPR^YV+IJIGLXWJSVQEXMSRFIJELP/M1]S)VQYWWXIWMGLRMGLXWSVKIRHEWW *YROWTVàGLIHIR8VIGOZIVVEXIR[àVHIRMRHIQIRIVKIXMWGLIR8SFIRZIV[ILXIHMI7IR àGLXMKIV,EYGL *àRJ1MRYXIRIVWXWIMXHMI8%637,-HEW>IRXVYQZSR8EVI7GLEVQIVVIMGLXLEXXI (IV +IRIVEP VIEKMIVXIàFIVVEWGLX EPW IV HMI>IMXER^IMKIWEL(MIWI[IRMKIR1MRYXIR IVWGLMIRIRMLQWGLSR[MIIMRIOPIMRI)[MKOIMX 9REFPÈWWMK WXVÚQXIR HMI 7GLMJJI EYW HIQ ,]TIVORSXIR LIVER (IR 7GLPYWW [àVHI ',)378%-FMPHIRNIRIV+)7)8>+IFIVHIQMRHIV6IXVSZIVWMSRIMRIFIWSRHIVI*YRO
(MI*MREPI7GLPEGLX
XMSR^YKIHEGLX[EV1ILVEPWHEW[YWWXI/M1]SRMGLX:MIPPIMGLX[EVMLQEYGLHMIWIW ;MWWIRIRXKPMXXIR YGLXIHIR6YJHIVIMXMLVI)\MWXIR^FIIRHIX 2YVIMRIMR^MKIWWXMPMWMIVXIW3VXYRKWLSPSSJJIRFEVXI+IRIVEP/M1]SHIR[EGLWIRHIR YWWHIV+)7)8>+IFIV(MIKSPHJEVFIRIR/YKIPRZIVLEPJIRHIQ1SVEPMWGLIR/SHI RMIVXIR%FWGLRMXXFIVIMXIXIRWMIHEW8IVVEMRJàVHMI *PSXXIYRHWGLYJIRHEQMXIVWXHMI:SVEYWWIX^YRKIRJàVHIVIR)MRWEX^ 1MRHIWXERJSVHIVYRKIR 8VSX^HIQ FPMIFIR &IHMRKYRKIR HMI /M1]S YRXIV ERHIVIR 9QWXÈRHIR KI^[YRKIR LÈXXIRWIMRI*PSXXIYQKILIRH^YVàGO^Y^MILIR)W[EVMLQYRQÚKPMGLJIWX^YWXIPPIR[S IGLXWFIKERRYRHHMI1EGLXHIW7GL[EV ^IR0SGLWQMXWIMRIR:IV[IVJYRKIRIRHIXI 1ILVEPWHVIMÃMK1MRYXIRMR^[MWGLIR9REYJLÚVPMGLQEXIVMEPMWMIVXIRHMI)MRLIMXIRHIW ,IIV[YVQIWYRHJSVQMIVXIRWMGL-LVI&IWEX^YRKIR[EVIRHIQ:MFVE4WMRMGLXQILVWS WXEVOEYWKIWIX^X[MIHMIIVWXIR7GLMJJI*YROIQTJERK3VXYRKYRH1ERÚZVMIVJÈLMKOIMX [YVHIR TIVQERIRX FIWWIV(MI7MQYPEXMSRIR[ÈLVIRH HIV;EVXI^IMXMQ ,]TIVORSXIR IV[MIWIRWMGLRYREPWLMPJVIMGL )RHPMGL ZIVPMIÃIR HMI PIX^XIR 7GLMJJI HIR /366-(36 QMX ',)378%- EPW %F WGLPYWW 7IOYRHIRPERKWYGLXI/M1]SREGLHMIWIQIMRIR+)7)8>+IFIVHSGLHMIKI[EPXMKI àGLXMKIV7GLIQIRHIVWMGLVEWGLHIV )VJEWWYRKIRX^SK %GLXIEYJHMI9QWXÈRHIHMIHIMRI%YJKEFIFIXVIJJIR[MIWMLRHMI7XMQQIER%PPIW ERHIVIàFIVPEWW%6',)8-13HIVKIRàKXIWHMVRMGLXHEWWEGLXYRHJàRJ^MK+)7)8> +IFIV^YYRWIVIV9RXIVWXàX^YRKEFKIWXIPPXWMRHHEWW',)37%/-7YRH',)37()+9 HIR/366-(36SJJIRLEPXIRYRHZMIV^MK[IMXIVIREGL[MIZSVEPW&VàGOIRTJIMPIVHMI ,]TIVORSXIRWXEFMPMWMIVIR# &VEYGLIR[MVHIR/366-(36()636(292+REGLHIV6IXVSZIVWMSRRSGL#ERX [SVXIXI/M1]SQMXIMRIV+IKIRJVEKI )MRIYRKIWGLMGOXI*VEKIKIWXERHIVWMGLWSJSVXIMR)V[EVXIXIIV[MVOPMGLHEWW8EVI 7GLEVQWSJSVX[MIHIV^YKÈRKPMGL[YVHI#)V[YWWXIIWRMGLXYRHHMIWI9RKI[MWWLIMX[EV JàVMLRHEW7GLPMQQI (MI *PSXXI WEQQIPXI WMGL MR IMRIQ &IVIMGL ZSR RMGLX IMRQEP ^[IM 0MGLXWIOYRHIR (YVGLQIWWIV-RHIVWGLIQEXMWGLIR%YJFIVIMXYRK[MVOXIRHMI7GLMJJIRMGLXERHIVWEPWHMI 8VàQQIVIMRIWZSRHIRIMRWIX^IRHIR+I^IMXIROVÈJXIREYWIMRERHIVKIVMWWIRIR6MIWIRTPE
,9&)68,%)27)0
RIXIR;MI4IVPIRIMRIV/IXXI[YVHIRWMIZSRHIQ1ELPWXVSQQMXKIVMWWIRYRHLMIPXIRHMI LSLI+IWGL[MRHMKOIMXZSRHIYXPMGLàFIV/MPSQIXIVRMRHIV7IOYRHI7SFEPHWMI PERKWEQIV[YVHIRKVMJJHMIYRKILIYVI7GL[IVOVEJXHIW7GL[EV^IR0SGLIWREGLMLRIR YRH^SKWMIHIV%OOVIXMSRWWGLIMFIIRXKIKIR 7IPFWXMRIMRIV)RXJIVRYRKZSRJàRJIMRLEPF1MPPMEVHIR/MPSQIXIVRFIRÚXMKXIIMRIWXE FMPI9QPEYJFELRRSGL^ILR4VS^IRXHIV0MGLXKIWGL[MRHMKOIMX(SVXHVEYÃIRLEYGLXIR FIVIMXW 7SRRIR MLV 0IFIR EYW *EPPW WMI 4PERIXIR FIWIWWIR LEXXIR[EVIR HMIWIPÈRKWX ZIVRMGLXIX[SVHIR +IRIVEXMSRIR ZSR %IKERIVRLÈXXIRHIQ PERKWEQIR 7XIVFIR HMIWIV 7XIVRI ^YWILIR OÚRRIRFMWMLVI1EXIVMIWGL[EHIR^YRILQIRHFIWGLPIYRMKXEFIVRMGLXWGLRIPPKIRYK JàVIMRIWXEFMPI9QPEYJFELRHIQ)VIMKRMWLSVM^SRXHIW7GL[EV^IR0SGLIWIRXKIKIRWXàV^ XIR)W[EVIMRIVHIVIRIVKMIVIMGLWXIR4VS^IWWIàFIVLEYTX[IRR1EWWIQMXLSLIV+I WGL[MRHMKOIMXZSR1EVKMR'LVMPS\ERKI^SKIR[YVHIWMGLHEFIMI\XVIQIVLMX^XIYRHMR +EQQEWXVELPYRKYQKI[ERHIPX[YVHI 3VXYRK(MI1IPHYRKWGLVIGOXI/M1]SEYWWIMRIRÀFIVPIKYRKIREYJ;MVIVJEWWIR 1EWWIERWEQQPYRKIRMQ%YÃIRFIVIMGLHIV%OOVIXMSRWWGLIMFI (IXEMPWZIVPERKXIHIV+IRIVEP )MROYV^IW>ÚKIVRHERR1ÚKPMGLIV[IMWI&VYGLWXàGOIIMRIW4PERIXIR>YKVSÃJàV IMR6EYQWGLMJJSHIVIMRI6EYQWXEXMSR )MRFPIRHYRKEYJHIR,EYTXWGLMVQ/M1]SW2EWIRPSGLFPÈLXIWMGLEYJYRH^IMKXI WIMRI[EGLWIRHI)VVIKYRK (IV1ELPWXVSQWGLMIRMLQNÈLIRXKIKIR^YWTVMRKIR(MI:IVKVÚÃIVYRKPMIÃMLRMQ9R OPEVIR[IPGLIR&IVIMGLHIV%OOVIXMSRWWGLIMFIIVWELHSGLHIV7IOXSVQYWWXILMRXIVHIV *PSXXIPMIKIR/M1]SLEXXIHIR)MRHVYGOMRIMRIREPPIW^IVQEPQIRHIR7XVYHIP^YFPMO OIR2MGLX[IMXIRXJIVRXWXERHHIV8VMGLXIVIMRIW7XYVQ[MVFIPW%YWIMRIQZMIPPIMGLXRYV K VSXMIVIRHIR HàWXIVIR *PIGO WXàPTXIWMGLIMRVSXKPàLIRHIV8VMGLXIVEYJ)VFMPHIXIIMRIRWGLRIPPER[EGLWIRHIR^YO OIRHIR 6àWWIP EYW HIV àFIV HMI %OOVIXMSRWWGLIMFI LMR[IKXEWXIXI WMGL YRXIV KVIPPIR 0IYGLXIVWGLIMRYRKIRMRHIR1ELPWXVSQLMRIMR[àLPXIYRHMQRÈGLWXIR1SQIRXWGLMIV HEZSRKIWGLPIYHIVX[YVHI2YV*IX^IRWIMRIVEYWIMRERHIVKIVMWWIRIR+PYXLEXXIRRSGLJàV OYV^I>IMX&IWXERH /M1]SORMJJHMI%YKIR^YWEQQIR9RKIJÈLVHSVX[SHIV6àWWIPKMIVMKMRHMIFVS HIPRHIR)RIVKMIRIMRKIHVYRKIR[EVKPEYFXIIVZEKIHàWXIVI7GLIQIRKIWILIR^YLE FIR :MIPPIMGLXEYGLRYVIMRI8ÈYWGLYRK 1EWWIREGL[IMW# )MRTYPWMIVIRHIV7GLEXXIRJSVQXIWMGLZSQ,EYTXVIGLRIVMRHMI;MIHIVKEFIIMRKI FPIRHIX)VWXEYJHIR^[IMXIR&PMGO[YVHI/M1]SHMIKI[EPXMKI+VÚÃIHMIWIW3FNIOXW FI[YWWX)MRI)MRFPIRHYRK[MIWQILVIVIXEYWIRH/MPSQIXIV0ÈRKIEYW ,EXXIIV+03-286%-836EYJKIWTàVX#%FIVHMI2EHIPHIW'LESWzHIV2EQILEPPXIMR MLQREGLEYGL[IRRRELI^YEPPIWERHIVI[MI[IKKI[MWGLX[EVz[EVMLQ[IWIRXPMGL WGLPEROIVIVWGLMIRIREPWHMIWIVEYJKIFPÈLXI7GLEXXIR %RHIVIVWIMXWKPEYFXIIVRMGLXERIMRIR>YJEPP2MGLXW[EW%6',)8-1YRXIVRELQ IV[IGOXIHIR%RWGLIMRRMGLXKITPERX^YWIMR-REPPHIR.ELVLYRHIVXIRHMI/M1]SEPW +IWERHXIVHIV7YTIVMRXIPPMKIR^YRXIV[IKWKI[IWIR[EVLEXXIIVRMIIVPIFXHEWW%6',) 8-1IX[EW9RKITPERXIWIMRKIPIMXIXLÈXXI+PIMGLKàPXMKSFMR4LEVMWOI)VMKSRMR8EVI 7GLEVQSHIVHIRMQ9QJIPHHIV4VSXS2IKEWTLÈVIPMIKIRHIROPIMRIVIR+EPE\MIR[MI %WHSVER,EKEVSYRYRH(VEEWYYV ;IRRHMI*PSXXIMRHMIWIQ%FWGLRMXXHIR,]TIVORSXIRZIVPEWWIRLEXXIKIWGLELHMIW RMGLXEYW>YJEPPWSRHIVR[IMP&IVIGLRYRKHELMRXIVWXIGOXI %PPI(EXIRàFIVHMIWIR7GLEXXIR^YQMVSVHRIXIHIV+IRIVEPER1EWWIEYW[IVXYRK +IWGL[MRHMKOIMX %FHVMJX )VWGLEPXIXIIMRI:IVFMRHYRKàFIV,]TIVJYRO(MIZSRHIR+)7)8>+IFIVRFMWPERK [MIHIVLIVKIWXIPPXIR&IHMRKYRKIR[EVIREYWVIMGLIRHHEWWIVEYGLHEWPIX^XI7GLMJJIV VIMGLIROSRRXIÀFIVHMIWIR&IVIMGL[àVHIHIV*YROWTVYGLEFIVRMGLXLMREYWKILIR
(MI*MREPI7GLPEGLX
+IRIVEP/M1]SEREPPI)MRLIMXIR;MV[IVHIRMR/àV^IYRWIV)MRWEX^^MIPIVVIMGLX LEFIR )VWGLEPXIXIEF*VEKXIWMGL[EWIVEYÃIVHIQLÈXXIWEKIRWSPPIR:MIP+PàGO[EV IMRIEFKIHVSWGLIRI4LVEWI0MIFIVWGL[MIKIV)WIVWGLMIRMLQLIYGLPIVMWGL+PàGO^Y [àRWGLIRWSPERKI^YFIJàVGLXIRWXERHHEWWRYVIMROPIMRIV8IMPHIV%VQEHE^YVàGOOIL VIR[àVHI :MIPPIMGLXKILÚVXIHMI8%637,-^YHIRIVWXIR7GLMJJIRHMIMQ*IYIVZSR8VEMXEROW EYWIMRERHIVFVEGLIR)VLEXXINIHIRJEPPWRMGLXHMI%FWMGLXWMGLLMRXIVHIR0MRMIR^YVàGO ^YLEPXIRYRHRYV^YFISFEGLXIR)RX[IHIVXVYKIVHMIWIR/EQTJ7IMXIER7IMXIQMXEPPIR EYWSHIVKEVRMGLX(EW[EVZSR%RJERKERHMI&IHMRKYRKKI[IWIRHMIIVWMGLWIPFWX KIWXIPPXLEXXI )MRKYXIV,IIVJàLVIVHMVMKMIVXHMI8VYTTIREYWHIQ,MRXIVKVYRH[IMPSLRIWIMRIÀFIV WMGLXEPPIZIVPSVIR[ÈVIR -GLFMRRYVIMR+IWERHXIVOIMR,IIVJàLVIVZIVKIWWIR#IV[MHIVXI/M1]SWGLVSJJ-GL FMRIMRIVZSRMLRIRYRHMGLHIROIRMGLXHEVERQMGLHIV+IJELV^YZIV[IMKIVR;EW LEFIMGLHIRRRSGL^YZIVPMIVIR# (IMR0IFIR /M1]SPEGLXILIMWIV-WXHEWEPPIW#1IMR0IFIRQMXHIQMGLSLRILMRWGLSREFKIWGLPSW WIRLEFI%RHIVRJEPPW[ÈVIMGLRMGLXLMIV (YFMWXZIVVàGOX .EZMIPPIMGLXFMRMGLHEW[MVOPMGL%FIVMGLFMR)LVPMGLLEXXIIVWEKIR[SPPIR%FIV HEW[ÈVIIMRI0àKIKI[IWIR7GLPMIÃPMGLZIVFEVKIVWMGLLMRXIVHIV1EWOIEYW*SVQIR IVKMI7IMR%PXIVYRHWIMRIOÚVTIVPMGLIR+IFVIGLIR ;EVYQXEXIVHEWIMKIRXPMGL#%YW)MXIPOIMX#&IWXMQQXRMGLX(EWWIVWMGLIMRVIHIXIIMR KIFVIGLPMGLIV+VIMWOÚRRIHMI8VYTTIRRMGLXQMXVIMÃIR[EVIFIRJEPPWRMGLXHMI;ELVLIMX :SVEPPIQLEXXIIVHMIWI1EWOIWGLSRKIXVEKIRFIZSVIVZSR%6',)8-1EYJHIRZIV[EM WXIR4PEX^ZSR+IRIVEPMR/EQYOSKIWXIPPX[SVHIR[EV ;ERRLEXXIIV^YQPIX^XIR1EPWIMR+IWMGLXMRIMRIQ7TMIKIPFIXVEGLXIX#7IMR+IWMGLX [MIIWQMXXPIV[IMPIEYWWELZSR*EPXIRHYVGL^SKIRHMIQEXXIR%YKIRXMIJMRHIR,ÚLPIR PMIKIRHYRHHMI2EWIEYJKIUYSPPIRHEWWIVQERGLQEPWGLSRKPEYFXIIVWXMGOIR^YQàWWIR (EW[EV/M1]SMR;ELVLIMX(IV+IWERHXIHIVXVSX^WIMRIWWILVLSLIR%PXIVWRMGLX IP (YJàVGLXIWXHMGLZSVHIV;ELVLIMX+IRIVEP(YVIHIWXHMVIMRHEWWHYRYVRSGL1EV KMR'LVMPS\WILIRYRHHEREGLWXIVFIR[SPPXIWXzEFIVHEWMWXIMRI0àKI(YLÈRKWXER HMIWIQ0IFIRYRHOPEQQIVWXHMGLWSKEVHEVERJIWXSF[SLPHY[IMÃXHEWWIWYRQÚKPMGL MWX (EWKILXHMGLRMGLXWERYRXIVFVEGLHIV%IKERIVWGLVSJJ/àQQIVIHMGLRMGLXYQ QIMRI4VSFPIQI /SQQ WEKXIHMI7XMQQI ;SLMR# ;MVPÚWIRIMR4VSFPIQ -GL[MPPQMX%6',)8-1VIHIR/M1]SW*MRKIVOVEPPXIRWMGLMRHMI%VQPILRIR[IMP HMI3VXYRKWER^IMKIRHIYXPMGLIV[YVHIR7ILVZMIPQILV1EWWI[YVHIERKI^IMKX2MGLX^Y %XSQIR^IVQEPQXHMIZSRIRIVKIXMWGLIR;MVFIPRZIVXIMPX[YVHIRWSRHIVRIMRI:MIP^ELP KVSÃIV 3FNIOXI YRXIVWGLMIHPMGLWXIV +VÚÃI +I[EPXMKI 3FNIOXI [IPGLI HMI KVÚÃXIR 7GLPEGLXWGLMJJIHIV*PSXXIYQIMR1ILVJEGLIWàFIVXVEJIREFIVEYGLIMR,IIVOPIMRIVIV )GLSW6YRHYQZIVWXVIYX +PIMGL^IMXMKWTàVXIIVHMIFIKMRRIRHI:IVÈRHIVYRK)W[EVEPWàFIVPEKIVXIRWMGL^[IM ,SPSKVEQQI àGLXMKXIWMGL RMGLXZÚPPMK/M1]SVIKMWXVMIVXI[IMXIVLMRHMIKIHÈQTJXI,IOXMOHMIHIV/SRXEOX^YHIR +IJIGLXWTSWMXMSRIRIMRRILQIRHIR*PSXXIRXIMPIRQMXWMGLFVEGLXIz^YKPIMGLOSRRXIIVFMW MRHMIJIVRI)[MKOIMXWILIR[IRRKPIMGLIVRYVHIR%VQEYW^YWXVIGOIRFVEYGLXIYQ HMIWI)[MKOIMXKVIMJIR^YOÚRRIR (IV%RFPMGOWIMRIW%VQIWIRXWIX^XIMLR7ILRIR1YWOIPRYRH%HIVRZSRMRRIRREGL
,9&)68,%)27)0
EYÃIRKI[IRHIX[MIFIMIMRIQTVÈTEVMIVXIR%YWWXIPPYRKWWXàGO)VWXEVVXIWIMRI,ERHER EFIVWMIKILÚVXIMLQWGLSRRMGLXQILV[EVHMIIMRIW/MRHIWHEWPEGLIRHHEZSRPMIJIMRIR IMKIRXPMGLKIVEHPMRMKIR+ERKIRXPERKHIWWIR;MRHYRKIRWMGLEFIVRMGLXIMRQEP[IRMKI 1IXIV[IMXQMXHIR&PMGOIRZIVJSPKIRPMIÃIR (MIKPÈWIVRI)FIRILEXXIWMGL[IMXIVZIVJSVQX %6',)8-1-GL[IMÃHEWWHYQMGLZIVWXILIROERRWXVMIJ/M1]SPEYXPSW )WKEFHMIIRHPSWI;IMXIRMGLXQILV[àVHIWMIZMIPPIMGLXRMI[MIHIVKIFIRRYVRSGL HMIWIWZIVHVILXI/SRKPSQIVEXHEWMLQIVWGLMIREPW[ÈVIHMI>[IMHMQIRWMSREPMXÈXMR IMRIRRHMQIRWMSREPIR6EYQZIV[ERHIPX[SVHIR (EW0EGLIRHIW/MRHIWZIV[ILXIàFIVMLQ/M1]SLSFHIR&PMGO3HIVIVOPERKHEW PIMWIV[IVHIRHI+IPÈGLXIVLMRXIVWIMRIQ6àGOIR#)VLÈXXIIWRMGLX^YWEKIRZIVQSGLX 7SWILVMLRHEWKPÈWIVRI0ERHJEW^MRMIVXLEXXIWSWILVQEGLXIMLQHMIWIWZIVWGLPYRKIRI 0EF]VMRXL%RKWX ;EVYQWGL[IMKWXHY#JVEKXIIVIRXWIX^X >YWIMRIV0MROIR[EVIMRI&I[IKYRK/M1]S[ERHXIHIR/STJYRHIRXHIGOXIIMRIW WIMRIV7TMIKIPFMPHIV)FIRWSLSGLàFIVMLQYRH^YWIMRIV6IGLXIREYGL7MIEPPIOEQIR RÈLIVHIVIMRIJIVRHIVERHIVIWGLSRWILVRELIMRHMIWIQFIHVSLPMGL[MVOIRHIR-VVKEV XIRHIWWIR+IWIX^I/M1]SRMGLXZIVWXERH(MI)FIRI[EVWIMRI;IPXKI[IWIRYRHFI KVIMJFEV %FIVHEWLMIV#(IV+VSÃIWGLVYQTJXIMQ2ÈLIVOSQQIR[YVHIOPIMRIVYRH ZIVPSVWMGLFIMRELIMQEXSQEVIR&IVIMGLHSGLMQRÈGLWXIR1SQIRXSLRIIVOIRRFEVIR RHIWIMR;IKHSVXHMI*SVXWIX^YRK %6',)8-1/M1]SKPEYFXIHEWWHMI;SVXIFIFIRHàFIVWIMRI0MTTIROEQIR-GL FVEYGLIYRFIHMRKXHMIZIVPSVIRIR-RJSVQEXMSRIR^YVàGO(EWLMIVMWXHIMRI;IPX (IV+IRIVEPWXSGOXI(EWMWXRMGLXQIMR+IHEROISHIV#;EWMGLWILI[EWMGL[ELV ^YRILQIRKPEYFIMWXIMR8IMPZSRHMV.IRIIRHPSWI;IMXIHIVZIVPSGOIRHI,EYGLZSR )[MKOIMXHEWEPPIWMWXRSGLHEEFIVIW[MVOXQMXIMRIQ1EP[MIIMR&SPP[IVO -GLLEFIHMGL^YQMVKILSPX+IREYHEWLEXXI%6',)8-1ZSV[IRMKIR8EKIRIVOPÈVX /IYGLIRHEXQIXI/M1]SIMR(MIWIW^YQMVLEXXIIVJEPWGLZIVWXERHIRYRHRYR[EV %6',)8-1YR^YKÈRKPMGLKI[SVHIR :SR MVKIRH[SLIV IVOPERKIR 7XMQQIR 7MI MVVMXMIVXIR MLR &MW IV IVOERRXI HEWW HMI ^MIVIHIW8%637,-EYJMLRIMRVIHIXIR 9RHMR%6',)8-1#7XMPPI2MGLXIMRQEPHIV,EYGLIMRIWQIRXEPIR/SRXEOXW )MRIWWIMRIV7TMIKIPFMPHIVOEQEYJMLR^Y/M1]S[SPPXIEYW[IMGLIREFIVIVLEXXI RMGLXHMI/VEJXHEJàV%PWFERRIMLRIMRIYRKPEYFPMGLI7GL[IVIEYJIMR[MR^MKIW*PIGO GLIR6IEPMXÈXWXERHIVHEYRHWXEVVXIMRHEW+IWMGLXHIW2ÈLIVOSQQIRHIR)W[EVEPX :IVJEPPIR(IQ8SHRÈLIVEPWHIQ0IFIR/IMRWIMXIRZIVOILVXIW7TMIKIPFMPHHMIWQEP WSRHIVRHMIFMXXIVIYRHYRZIVOPIMHIXI;ELVLIMX ;SVXPSWWXERHIRWMIIMRERHIVKIKIRàFIV (MI3VXYRKIR[IVHIRHIYXPMGLIV+IRIVEP(MIIVWXIR%YW[IVXYRKIRPEWWIR8VEMXEROW ^MIV/EVOOYYQ VIHIR)VKPEYFXI^YWTàVIRHEWWHMI%RXIRRIRJàLPIVHIW-RWIOXSMHIRàFIVMLQTIRHIPXIR zYRHMRHIQ1SQIRXWELIVWMGLWIPFWXMQ/SQQERHERXIRWIWWIP^Y6IKPSWMKOIMXIVWXEVVX HIR&PMGOWIMRIV[IMXEYJKIVMWWIRIR%YKIRMRW2MGLXWKIVMGLXIX (EWMRHQMRHIWXIRWLYRHIVXXEYWIRH8VEMXEROWZIVWEQQIPXEPWLÈXXIRWMIEYJYRWIVI %ROYRJXKI[EVXIX0EYXYRHEVL]XLQMWGLVEWGLIPXIHIV-RWIOXSMHI8MIJIVMQ'LESW IVJEWWIRHMI3VXYRKIR[IMXKVÚÃIVI7GLEXXIR +IRIVEP)MRIVHIV7GLSLEEOIRWXERHNIX^XZSVMLQFIYKXIWMGLMLQIRXKIKIRHERR [IHIPXIIVQMXHIV,ERHZSVWIMRIR%YKIRYRHJSVHIVXIPEYXLEPWIMR1IHSXIEQER1MX FIMHIR,ÈRHIRWGLàXXIPXIIV/M1]SWVIKPSWIR/ÚVTIV (IV%IKERIVVIEKMIVXIRMGLX .IRIV8IMPMRMLQHIVWMGLMQQIVRSGLER%6',)8-1OPEQQIVXIWIX^XIWMGLMR&I [IKYRK-RHIQWMGL[IMXIV^YWEQQIR^MILIRHIRKPÈWIVRIR/SRKPSQIVEXWXMIKIVMRHMI ,ÚLI%YWHIV)FIRI[EVIMRWXIMPIV;IKKI[SVHIR7GLSRREGL[IRMKIR7GLVMXXIRWGLEJJ XIRIWWIPFWXHMI/VEJXZIVWXÈVOIVWIMRIV/SQFMREXMSRRMGLXQILVHMI1YWOIPWGL[ÈGLI^Y OSQTIRWMIVIR (MI %R^YKEKKVIKEXI ZIVWEKXIR SLRILMR MR HMIWIV 9QKIFYRK /M1]S
(MI*MREPI7GLPEGLX
OSRRXI[IHIVEYJHIR%RXMKVEZRSGLEYJHEW*PYKEKKVIKEX^YVàGOKVIMJIR 7GL[IVEXQIRHPILRXIIVWMGLKIKIRHMI;ERHYRHWELIRHPMGL[MIHIV&MPHIVEYWHIV 8MIJIIQTSVWXIMKIR 7GLEXXIRZIVHMGLXIXIRWMGL^YKI[EPXMKIRQEWWMZIR3FNIOXIR/SPSRRIR*SVXWIVOERR XI/M1]S7MI[EVIR^Y(VIMIVSHIV:MIVIVKIFMPHIRKIOSTTIPXYRHEYWMLVIRWIMXPMGLIR YKWGLÈGLXIRUYSPPIRHMIWGLEVJOERXMKIR(MWOYWWGLIMFIRZSR8VEMXEROWLIVZSV)MRI HYROPIRMGLXIRHIR[SPPIRHI;SPOI[MIIMRVMIWMKIV-RWIOXIRWGL[EVQ /M1]SJVEKXIWMGLSFHMI/SPSRRI^YQ%RKVMJJEYJ%6',)8-17*PSXXIVàWXIXIÀFIV OYV^SHIVPERKQYWWXIHMI%R[IWIRLIMXIMRIV1MPPMSR6EYQWGLMJJIWIPFWXEQ6ERHHIW GLESXMWGLIR;MVFIPWEYJJEPPIR:MIPPIMGLXQEGLXIRHMI1ERMTYPEXMSRIRHIV+)7)8>+I FIVHMI'LESW1ÈGLXIàFIVLEYTXIVWXEYJQIVOWEQ ;IMXZIVWXVIYXFIQIVOXIHIV%IKERIV,YRHIVXI+IFMPHIZSRHIRIRNIHIW[MIIMRIPIMGLX KIÚJJRIXI/PEYIRLERH[MVOXI)W[EVIR6EYQ>IMX6SYXIV(MIàFIVEPPMRHIV4VSXS 2IKEWTLÈVIER^YXVIJJIRHIR7XEXMSRIROSSVHMRMIVXIRHMI7GLMJJWFI[IKYRKIRHIV/SPSRRI YRHZIVWSVKXIREPPI)MRLIMXIRHIV8IVQMREPIR/SPSRRIQMX2EZMKEXMSRWHEXIR(EWKEPX EPWSEYGLJàVHMI%OOVIXMSRWWGLIMFI 9RHHE[EVIRRSGLKVÚÃIVI+IFMPHIKI[EPXMKIERHIRVYRHIR4SPIR^YWEQQIRKIJàK È GLIREYJ/M1]SOERRXI/SPSRRIR1%7',-2)2SF[SLPIVRMIIMRIHMVIOXKIWILIR LEXXI *àRJHMIWIV6MIWIR^ÈLPXIIVYRHLMIPXXVSX^HIQREGLQILV%YWWGLEY)VWYGLXI+03-2 86%-836 )MRI&IVàLVYRKWGLVIGOXIMLREYJ7IPXWEQKPIMGLQÈÃMK[MVOIRHI*MRKIVÚJJRIXIRWIM RIR7GLYX^ER^YKYRHHVàGOXIRMLQIMRIR&MSWGERRIVERHIR,EPW7MIHIRHLIMÃHYVGL JYLVIWMLRHEWWHIV6SFSXIVNIHIR1SQIRXWIMRI1EWOIHYVGLWGLEYIRQYWWXIYRH[IRR IVHEWZIVLMRHIVR[SPPXI %YJLÚVIR OIYGLXI IV /àQQIVX IYGL YQ HMI /SPSRRIR*SVXW YRH HMI JàRJ /SPSRRIR1%7',-2)2HMIMQ6ERHFIVIMGLHIW;MVFIPWWXILIREFIVPEWWXQMGLMR 6YLI-RJSVQEXMSRIRWEQQIPR ^MIV/EVOOYYQFPMGOXIMLREYWWIMRIRZMIVàFIVKVSÃIR*EGIX XIREYKIRZIV[MVVXER7IMR*àLPIVTEEVWGLMIRWMGLZIVORSXIR^Y[SPPIR/M1]SOERRXI HMIWI+IWXIEYJIV^[YRKIRIV>YVàGOLEPXYRK (MI7GLSLEEOIR[MVOXIRRMGLXQMRHIVFIXVSJJIR (Y[EVWX[MIHIVFIM%6',)8-1# ^MIV-Q6ERH HIV7GLIMFIZIVFIVKIRWMGLKVSÃIKIKRIVMWGLI/EQTJIMRLIMXIR;MVQàWWIRMLRIR^YZSV OSQQIR0EWWXHMI3VXYRKIR^YWEQQIRWGLPMIÃIRzMGLFVEYGLIYQKILIRHEPPIKVIMJFEVIR 1IWWYRKIR /M1]SFI[YRHIVXIHMI4VÈ^MWMSRQMXHIVIMR6ÈHGLIRMRWERHIVIKVMJJ>YKPIMGLJàLP XIIVWMGLMQQIVWXÈVOIVEPWVIMRIW;IVO^IYK(MIWKIWXEXXIXIMLQHMI0EWXWIMRIV:IVERX [SVXYRKPIMGLXIV^YRILQIRERHIVIVWIMXW[YGLWWIMRI)RXXÈYWGLYRK%6',)8-1FI KYVKIREY[MIIVMLRMREPPHIR.ELVLYRHIVXIRMQQIVRYVZSRIMRIQ 3VX^YQERHIVIRKIWGLMGOXLEXXI)V[EVRYVIMRI4YTTIHMIHIR7GLIMR[ELVIRWSPPXI YRHQÚKPMGLIV[IMWIHIQ'LESWKISTJIVX[YVHIYQHMI+IKIRWIMXIZSR%6',)8-1EF ^YPIROIR +PEYFWX HY HEW [MVOPMGL# àWXIVXI HMI 7XMQQI MRWIMRIR +IHEROIR (ERR LEWXHY %6',)8-1MREPPHIR.ELVIRRMIVMGLXMKOIRRIRKIPIVRX ;S[EVWXHY#HEGLXI/M1]SZIVFMXXIVX;EVYQLEWXHY^YPIX^XKIWGL[MIKIR# %6',)8-1LEXWMGL[IKIRHIV6IXVSZIVWMSREFKIOETWIPX-GLOSRRXIRMGLXQMXHMV VIHIR /M1]S[YWWXIRMGLXQILV[EWIVKPEYFIRWSPPXI;EWIVKPEYFIRHYVJXI:MIPPIMGLX àWWIHSGLHEWHYVJXIIVWXVIGLXRMGLXWIMR
,9&)68,%)27)0
RKWMGLMRIMRIQ8IYJIPWOVIMWEYW,SJJRYRKYRH>[IMJIP 7SPPXIIVIMREPXIV1ERRKISTJIVX[IVHIRYQHIR'LESWQÈGLXIRIMRIRPIMGLXIR7MIK ZSV^YXÈYWGLIR#;SQÚKPMGLWXERH+IRIVEPMR/EQYOSQMXHIV2EGLXPMGLX6àWXYRKWGLSR FIVIMXYQZSRIMRIVKÈR^PMGLERHIVIR7IMXIEYWHIRIRXWGLIMHIRHIR7GLPEK^YJàLVIR (MIWIW;IGLWIPFEHHIV+IJàLPILMIPXERWIMXIV^YQIVWXIR1EPMRHIQ/SQQERHER XIRWIWWIPHIV8%637,-4PEX^KIRSQQIRLEXXI/M1]SJVEKXIWMGL[EVYQHEWWSWIMR QYWWXI)W^IVQàVFXIMLR +IRIVEP/M1]S 7IMRI%YJQIVOWEQOIMXWGLRIPPXIJÚVQPMGLMRHMIMLRYQKIFIRHI6IEPMXÈX^YVàGO%YJ VIKYRKKVMJJYQWMGL0EYXIV[IVHIRHI7XMQQIR(MI;MIHIVKEFIMRIMRMKIR7GLMVQWIK QIRXIR[IGLWIPXIVEWIRHWGLRIPPHSGLMQQIVQILV&MPHIVWXEFMPMWMIVXIRWMGL7MI^IMKXIR 3VXYRKWHEXIRHMIWIMRI&ILEYTXYRKIRFIWXÈXMKXIR (YX^IRHI/SPSRRIR*SVXW^YOPIMRIR+VYTTIR^YWEQQIRKIOSTTIPX'LESW+IWGL[E HIVWXEVXIXIREYWHIR,ERKEVWYRHJSPKXIRHIV6SXEXMSRHIW1ELPWXVSQW *àRJVMIWMKI/SPSRRIR1%7',-2)2NIHILYRHIVX/MPSQIXIVHYVGLQIWWIRH/PIMR [MVOXIRWMIPIHMKPMGLMQ:IVKPIMGLQMXHIR+)7)8>+IFIVR I\I ER 8MIJIVMRHIV%OOVIXMSRWWGLIMFIZIVFSVKIR^IMGLRIXIWMGLHIV7GLEXXIRHIYXPMGLIVEF HIR/M1]S[ELVKIRSQQIRLEXXI)VIRXTYTTXIWMGLEPWYRKPEYFPMGLPERKIWYRHHàRRIW +IFMPHI)MRIKI[EPXMKI1EWWIWXVSX^IRHZSV)RIVKMIHMIQMXNIHIV7IOYRHIQILV[MI IMR0IYGLXJIYIV[MVOXI (MIWIW3FNIOXOEQRÈLIV%YJWIMRIVWGLRIPPIVIR9QPEYJFELRYQ1EVKMR'LVMPS\ QMXQILVEPWJàRJYRHZMIV^MK4VS^IRXHIV0MGLXKIWGL[MRHMKOIMXHEW'LESWHYVGL àKIRHRÈLIVXIIWWMGL%6',)8-17*PSXXIMRNIHIV7IOYRHIYQQILVEPW^ILR XEYWIRH/MPSQIXIVER +03-286%-836zHMI2EHIPHIW'LESW 1MX TPÚX^PMGLIV *EW^MREXMSR WXEVVXI /M1]S EYJ HEW +IFMPHI HIWWIR 9QVMWWI WXIXMK HIYXPMGLIV[YVHIR)MR[ELVLEJXKI[EPXMKIW3FNIOXYRHWILVZMIPMQTSWERXIVEPWMRWIMRIV )VMRRIVYRK (MI3VXYRK^IMKXIHIYXPMGL[EW+03-286%-836[MVOPMGL[EV)MRI,ÚLIZSR IMR(YVGLQIWWIVZSR/MPSQIXIVR %YJKIFEYXEYW/SPSRRIR*SVXWNIHIWJàVWMGLFIVIMXWIMRIVRWX^YRILQIRHIV+IKRIV /M1]SLEXXIMRHIQ1SQIRXHEW+IJàLPIRHKàPXMKEPPIW^YZIVPMIVIRERHEWIVNI KIKPEYFXLEXXI-LQ[EVFI[YWWXKI[IWIRHEWWHMI*MREPI7GLPEGLXQMXQÚVHIVMWGLIV +I[EPXEPPIWLMR[IKJIKIROSRRXI%FIV[EWIVWELàFIVWXMIKEPPIWIMRI&IJàVGLXYRKIR (MI(MGOIIMRIW)PIQIRXWFIXVYKRIYR/MPSQIXIV )MRKI[EPXMKIVYRKPEYFPMGLHàRRIVMRWMGLKI[YRHIRIV%FWGLRMXXHIVHIR)MRHVYGO IMRIW(2%%FWGLRMXXWIV[IGOXI>[IMJIPPSW[EVIW%YJKEFIHMIWIV/SRWXVYOXMSRHIR 1SVEPMWGLIR/SHIREGLLEPXMK^YQERMTYPMIVIRYRHHEHYVGLHEW6EYQ>IMX+IJàKIWIPFWX YWWIR %GLXYRHZMIV^MK/SPSRRIR*SVXW[EVIR[IKIRMLVIV7GLVÈKRIMKYRKJàVIMRIZSPPI(VIM LYRHIVXWIGL^MK+VEH;MRHYRK HIV 2EHIP RÚXMK )MRXEYWIRHYRHEGLX /SPSRRIR*SVXW MRWKIWEQXFMPHIXIRHMIWIRKI[EPXMKIRIMRYRH^[ER^MKJEGLKI[YRHIRIR7XVERK (EW[EV+03-286%-836 (EW%RKVMJJW^MIPHIV*PSXXI /M1]SWGLEYHIVXI(MI2EHIPHIW'LESW[YVHIZSRHIRERHIVIR/SPSRRIR)MRLIMXIR EFKIWGLMVQX-LVI7XEJJIPYRKMQ6EYQWS[IMXHMIWHMI3VXYRKàFIVLEYTXIVJEWWXIPMIÃ HEVEROIMRIR>[IMJIP7GLSRHIV:IVWYGLFMW+03-286%-836ZSV^YHVMRKIR[àVHI YR^ÈLPMKI3TJIVJSVHIVR(ERRIVWXHIV%RKVMJJEYJHMIWIWKI[EPXMKI3FNIOX %RKIWMGLXWHIVFVSHIPRHIROSWQMWGLIR9QKIFYRKHMIWIWEPPIWZIVWGLPMRKIRHIR1ELP WXVSQWMQ>IRXVYQHIV7TMVEPKEPE\MW[EVEFIVWSKEV+03-286%-836RMGLXQILVEPW IMR7XEYFOSVR ;MVKVIMJIRERWEKXI/M1]S;MV[EVXIRRMGLXFMWHMI/SPSRRIHEW,IJXMRHMI ,ERHRMQQX
(MI*MREPI7GLPEGLX
;ÈVIHMI.90)7:)62)MRIMRIV7SRRIQEXIVMEPMWMIVXYRH[MIIMR4ETMIVOàKIPGLIR MQ%FJEPPOSRZIVXIVZIVKPàLXRMIQERHER&SVHLÈXXIHEW+IVMRKWXIHEZSR[ELVKIRSQ àGLXMKIW%YJFPMX^IRZMIPPIMGLXEFIVNIRWIMXWHIV7GL[IPPIHIW&IKVIMJIRW1ÚK PMGLIV[IMWILÈXXIRHMIFIMHIR+ILMVRIHIW,EPYXIVWEYJHMI:IVÈRHIVYRKVIEKMIVXEFIV RMGLXIMRQEPHMI9Q[ERHPYRKWIMRIV>IPPWXVYOXYVLÈXXI8SPSXZSVHIQKIHEROIRWGLRIP PIR8SHFI[ELVIROÚRRIR )MRIMR^MKIV*ILPIVMRHIV/IXXIZSR7TIOYPEXMSRIRYRHHMI&IWEX^YRKHIWXIVVERMWGLIR ,ERXIPVEYQWGLMJJWZIVPÚVIMLV0IFIRNIHIVHIVHVIMIMRLEPFXEYWIRH1IRWGLIRYRH+E PEOXMOIVQILVEPW^[ER^MK1MPPMSRIR.ELVIZSVHIQ8EKWIMRIV+IFYVX 4IVV]6LSHERLMIPXHIR%XIQER[MI[SLPNIHIVER&SVH7SKEVIVLEXXIHMI7GLRIPPMK OIMXYRXIVWGLÈX^X HMI>ILRXIPWIOYRHI ^[MWGLIR HIQ6àGOWXYV^HIW7GLMJJIW EYWHIQ ,]TIVVEYQYRHHIQ)MRHVMRKIRMRHEWZSRHIR6EYQ>IMX6SYXIVRHIV/SPSRRITVSNM ^MIVXI8VERWQMXXIVJIPH -RIMRIQIMR^MKIR^IMXPSWIR1SQIRX[YVHIRWIGLWLYRHIVX0MGLXNELVIàFIV[YRHIRz YRHWGLSRTEGOXIHIV)RX^IVVYRKWWGLQIV^HIRXIVVERMWGLIR6IWMHIRXIREPWLÈXXI6LSHER ER&SVHIMRIWQYWIYQWVIMJIR8VERWMXMSRWVEYQIVW8EYWIRHI0MGLXNELVI^YVàGOKIPIKX )MRKPàLIRHIV&PMX^NEKXIZSRWIMRIQ2EGOIREYWKILIRHHYVGLHIR7GLÈHIP[ÈLVIRH WMGLIRXPERKHIW6àGOKVEXW8EYFLIMXEYWFVIMXIXI6LSHERW:IVWYGLWMGL^YEVXMOYPMIVIR WGLIMXIVXI RKIR RMGLXHEWPIMWIWXI+IVÈYWGLEYJ -RHIV;MIHIVKEFIHIW,SPSKPSFYWXSFXIRIRIVKIXMWGLI+I[MXXIV6LSHERZIVWYGLXI RHIRSFHMI.90)7:)62)MLV>MIP[MVOPMGL IVVIMGLXLEXXIEFIVHMIRÈGLWXI7GLQIV^[IPPIPMIÃEPPIWZSVWIMRIR%YKIRZIVWGL[MQ QIR -RWIMRIV7GLYPXIVTSGLXIHIV%OXMZEXSVGLMT 1MXQILVEPW^[IMLYRHIVXYRH^ILRXEYWIRH/MPSQIXIVRMRHIV7IOYRHIVEWXIHEW7GLMJJ HYVGLHIR6EYQ;MIPERKIWGLSR#7IMX1MRYXIRWGLMIRHIV7GLQIV^ER^YLEPXIRHSGL HMI)VJELVYRKWEKXI6LSHERHEWWIWFIWXIRJEPPW7IOYRHIRWIMROSRRXIR )MRI1MPPMSR/MPSQIXIVLEXXIRWMIZMIPPIMGLX^YVàGOKIPIKXYRHVEWXIRIMRIV[EVXIRHIR *PSXXIIRXKIKIRXEYGLXIRQMXXIRLMRIMR^[MWGLIR(YX^IRHI'LESW+IWGL[EHIVYRHHMI 7GL[IVOVEJXOIVRIZSR4SXIR^MEP[IVJIVRHMIHEW7GLMJJZIVRMGLXIR[àVHIR# -VKIRH[SIVOPERKIMRI7XMQQI6LSHERZIVWXERHHIR;SVXPEYXRMGLXEFIV^[IMJIPPSW QIPHIXIWMGL2)13QMXIMRIQ7XEXYWFIVMGLX ;MIHIV7XMPPI (IV8IVVERIVFPMR^IPXIYQWIMRIR&PMGO^YOPÈVIR2YVIMR8IMPFIVIMGLHIW,SPSKPSFYW ^IMKXI7GL[ÈV^I>YQMRHIWXVEWXIHEW7GLMJJRMGLXHIQ)VIMKRMWLSVM^SRXZSR1EVKMR 'LVMPS\IRXKIKIR(EW[EVWIMRIWGLPMQQWXI&IJàVGLXYRKKI[IWIRZSRHIQ8VERWQMX XIVJIPH EYWKIWTMIR ^Y [IVHIR YRH MR HMI7GL[IVOVEJXJÈRKI HIW +MKERXIR ^Y KIVEXIR 7GLSRHIWLEPFHMILSLI)MRXVMXXWKIWGL[MRHMKOIMXMRHEW8VERWQMXXIVJIPHYQ%RKVIMJIVR YKIRXOSQQIR^Y OÚRRIR )MR(VÚLRIRWGLVIGOXIMLREYJ9RKIHÈQTJXOPERK8SPSXW7XMQQI[MIHEW%RPEYJIR WGL[IVIV8VMIF[IVOI ;MVWMRH^YPERKWEQ9RHVMRKWYQYRWFVEYXWMGLIMR9R[IXXIV^YWEQQIR 6LSHERLEXXIIWIRHPMGLKIWGLEJJXHIRXVàFIR7GLPIMIVàFIVWIMRIR%YKIRPSW^Y[IVHIR 7XEXYWFIVMGLXZIVPERKXIIV&VEYGLIRHMI']TVSR,MPJI# /IMRI7GLEHIRWQIPHYRKIRERX[SVXIXI2)13(MI.90)7:)62)PMIKXMQ&IVIMGL I\XVIQIV*IPHWXÈVOIRHIW:MFVE4WM%YJOSQQIRHIVWGL[IVIV,]TIVSVOER)QTJILPI %YW[IMGLQERÚZIV :SRMVKIRH[SLIVIVOPERKIMRERWGL[IPPIRHIW(VÚLRIR7XMQQIRVIHIXIRTPÚX^PMGL HYVGLIMRERHIV HMI IVWXIR &IWEX^YRKWQMXKPMIHIV LEXXIR HIR )RX^IVVYRKWWGLQIV^ àFIV[YRHIR6LSHERWEL1SRHVE(MEQSRHLEPFZSVRàFIVKIWYROIRMQ7IWWIPRIFIR
,9&)68,%)27)0
MLQWMILEXXIHMI&IWMRRYRKZIVPSVIR1MXIMRIVWGLRIPPIR&I[IKYRKKVMJJIVREGL MLVWIMRI,ERHKPMXXàFIVMLVIRKIWGLPSWWIRIR,IPQ (IV']FIVQIHZSR1SRHVEW7)692VIEKMIVXIEYJHMI&IVàLVYRK%YJHIV,IPQWGLIM FIPIYGLXIXIHMI(MEKRSWIHIV1IHS)MRLIMXEYJ%XQYRKYRH4YPWJVIUYIR^WXEFMPMWMIVXIR WMGLFIVIMXW/IMRYRXIVWXàX^IRHIW1IHMOEQIRXIVJSVHIVPMGLQIPHIXIHMI%R^IMKI 1ÚKPMGLIV[IMWIFVEYGLXIHIVIMRISHIVERHIVIHIV&IWEX^YRKEFIVIMRI-RNIOXMSRHMI MLRWGLRIPP[MIHIVEYJHMI&IMRIFVEGLXIÀFIVVEWGLXWXIPPXI6LSHERJIWXHEWWIVWX^[ER ^MK7IOYRHIRWIMXHIQ8VERWQMXXIVHYVGLKERKZIVWXVMGLIR[EVIR *àRJYRHZMIV^MK4VS^IRX0MGLXKVSPPXIHIV,EPYXIV;MVLEFIRHIYXPMGL+IWGL[MR HMKOIMXZIVPSVIR -RQILVIVIR,SPSWIKQIRXIR[YVHIR3VXYRKWHEXIRERKI^IMKX6LSHERWEL)RIVKMIYRH 1EWWIIGLSHIW)QTJERKWXVERWQMXXIVWÀFIV1EVKMR'LVMPS\LMIPXIREGLX6EYQ>IMX 6SYXIVHEW^[IM1MPPMSRIR/MPSQIXIVHYVGLQIWWIRHI)RIVKMIJIPHEYJVIGLX (MI.90)7:)62)WXàV^XIQMXPIHMKPMGL/MPSQIXIVRMRHIV7IOYRHIEYWHIQ 8VERWQMXXIVFIVIMGL6LSHERWXYX^XIEO^ITXMIVXIHMI;IVXIEFIVWSJSVXEPWOSVVIOX(EW 7GLMJJYRHHMI6SYXIVFI[IKXIRWMGLMRHMIWIPFI6MGLXYRKHIV6SXEXMSRHIW7GL[EV^IR 0SGLWJSPKIRH(MI)MKIRKIWGL[MRHMKOIMXHIVKIKRIVMWGLIR7XEXMSRIRPEKHIQREGLFIM VYRH7IOYRHIROMPSQIXIVR(EQMXIRXJIVRXIWMGLHMI.90)7:)62)HIYXPMGLPERK WEQIVEPWIVLSJJXZSRMLRIRIMR1IXEKVEZ1ERÚZIV[EV^YHIQRSGLRMGLXQÚKPMGL &IWXÈXMKYRKHIV;EJJIROSRXVSPPIRZIVPERKXI6LSHER7GLMVQJIPHWXEJJIPRFIVIMXJàV 6IWIVZIIRIVKMI (MIIMRKIFPIRHIXIR&IPIKYRKWOSRXVSPPIR^IMKXIRMLQHEWWHMIQIMWXIR7XEXMSRIRIMR WEX^FIVIMX[EVIR2)13KEFHMIIRXWTVIGLIRHIR%YXSQEXMOJYROXMSRIRJVIM ;MIPERKIFVEYGLXIRHMI+IKRIVYQ^YIVOIRRIR[EWJàVIMR3FNIOXàFIVHIR8VERW YKEYJHMI7IRHIWXE XMSR[EVIRIRXWTVIGLIRHIÀFIVPIKYRKIRERKIWXIPPX[SVHIR-Q)QTJERKWFIVIMGLVIGL RIXI [ELVWGLIMRPMGL RMIQERH QMX HIQ )VWGLIMRIR IMRIW JIMRHPMGLIR 7GLMJJIW (EW FIHIYXIXIIMRTEEV7IOYRHIRPÈRKIV9RKI[MWWLIMXJàVHMI/SPSRRI%FIVPIX^XPMGL[àVHI ZSR[SEYGLMQQIVHMI3VHIVOSQQIRHEWJVIQHI3FNIOXEF^YWGLMIÃIR &IWGLPIYRMKYRKQMX1E\MQEP[IVXIR(EW[EV0ER^%LEOMR:IVWXÈVOIJàRJJEGL 4EVEXVSR)RIVKMIVàGOKVMJJEYJHMI7TIMGLIVMQ1MXXIPXIMPMWXJVIMKIWGLEPXIX (MI+VEZMXVEJ7TIMGLIVHIW/SRXI\X[ERHPIVW[EVIR^YQIVWXIR1EPWIMXHIV%ROYRJX YXIX[SVHIR2EGLQIRWGLPMGLIQ)VQIWWIRIVKEF WMGLEYWHIV7TIMGLIVJàPPYRKOIMRI+IJÈLVHYRKWWMXYEXMSRJàVHIR/SRXI\X[ERHPIV2EGL EPKSVVMERMWGLIQ)VQIWWIROSVVMKMIVXIWMGLHIV8IVVERIV)VLÈXXIRMGLX^YWEKIRZIV QSGLXSFMLRHEWXEXWÈGLPMGLFIVYLMKXIEFIVWS[SLPHIVLIVVMWGLI%PKSVVMER:EVERXMV EPWEYGLWIMRQIRWGLPMGLIW+IKIRWXàGO(EIPPMERLEXXIRHMI*VIMKEFIJàVHMI2YX^YRKHIV +VEZMXVEJ7TIMGLIVMQ7GLMJJWQMXXIPXIMPKIKIFIR 7XIMKIRHI1IK;IVXI(MI1IPHYRKEYWHIVL]TIVTL]WMOEPMWGLIR%FXIMPYRKKILÚVXI ^YHIR(MRKIRHMI4IVV]6LSHER^IMXKPIMGLEYJ^YRILQIRZIVWYGLXI%OXYIPPLYRHIVX JàRJ^MK1IK[IMXIVER[EGLWIRH (EWFIHIYXIXIFIVIMXWIMRIKVSÃVÈYQMKIÀFIVWÈXXMKYRKQMXWXEVOIV,]TIVWXVELPYRK WSHEWWOIMRI,]TIVSVXYRKQÚKPMGL[EVHMI0IMWXYRKW[IVXIZSR4EVEXVSRWGLMVQIRWEROIR YRHWS[SLP0MRIEVEPWEYGL8VERWMXMSRWXVMIF[IVOIRMGLXFIRYX^X[IVHIROSRRXIR,MR ^YOEQIRI\XVIQWXEVOIIPIOXVSQEKRIXMWGLI7XÚVJVSRXIRYRHQEWWMZI6EYQ>IMX:IV ^IVVYRKIR %FIVHMI.90)7:)62)[EVZSVFIVIMXIXzWSKYXQERWMGLEYJHIVEVXLSLI1IK;IV XIZSVFIVIMXIROSRRXI ;MIHIVWGLPYKIR)VWGLàXXIVYRKIRHYVGL7IOYRHIRPERKLEXXI6LSHERHEW+IJàLPXMIJ MRHIR/SRXYVWIWWIPKITVIWWX^Y[IVHIR)VVIKMWXVMIVXIHEWWJàV[IRMKI%YKIRFPMGOIHMI 7GLMVQJIPHFIPEWXYRKHIROVMXMWGLIR&IVIMGLàFIVWTVYRKIRLEXXI8IMP[IMWI[EVWSKEV LEVXI7XVELPYRKFMW^YV/YKIP^IPPIHYVGLKIWGLPEKIR 2EGL[MIZSV[YWWXIIVRMGLX[MIHEW9QJIPHHIV.90)7:)62)[MVOPMGLEYWWEL RMIVFEV/EYQ[IMXIVEPWLYRHIVX1MPPMSRIR/MPS QIXIVVIMGLXIHMI,]TIVSVXYRKEPPIWHEVàFIVLMREYWZIV[MWGLXIMRHMJJYWIQ2IFIP)MR^MK
(MI*MREPI7GLPEGLX
I\IMRHIV;MIHIVKEFI >[IM1MRYXIR[EVIRWIMXHIQ8VERWQMXXIVHYVGLKERKZIVWXVMGLIR6LSHERWGLMIRIW EPW[ÈVIHMI>IMXWXILIRKIFPMIFIR(MI)RXJIVRYRK^YHIR6EYQ>IMX6SYXIVR[EVEYJ [IRMKQILVEPWEGLX1MPPMSRIR/MPSQIXIVERKI[EGLWIR6LSHERIV[EVXIXINIHIR1SQIRX ZSRHIR7XEXMSRIRYRXIV&IWGLYWWKIRSQQIR^Y[IVHIR 1SRHVELEXXIMR^[MWGLIRHEW&I[YWWXWIMR[MIHIVIVPERKX7MIRMGOXIMLQ^Y6LSHER VIKMWXVMIVXIHEWWWMI3VXYRKWER^IMKIREFVMIJ ;MVWSPPIRFISFEGLXIRWEKXIWMI^ÚKIVRH 4IVV]RMGOXIWXYQQ)VOSRRXIRYVLSJJIRHEWWHMI6IXVSZIVWMSRRMGLXWGLSRFIKSRRIR LEXXI:MIPPIMGLXWXERHHMI.90)7:)62)RYVIMRTEEVLYRHIVX1MPPMSRIR/MPSQIXIVEF WIMXWHIW+IWGLILIRW àWWIR YRH:IV^IVVYRKIR^YQ8VSX^HYVGLPMIJHMIWXMPMWMIVXI;MIHIVKEFIHIVEGLX6EYQ>IMX 6SYXIVIMRIRWGLRIPPIR*EVF[IGLWIPLMR^YIVOIRRFEVIV*IYIVFIVIMXWGLEJX(MI7XE XMSRIR[àVHIRMRHIRRÈGLWXIR7IOYRHIRIMR8SRXEYFIRWGLMIÃIREYJHIR,ERXIPVEY QIVFIKMRRIR 1IXEKVEZ1ERÚZIVWXILXFIZSV0ER^%LEOMRWGLMIRHMI+IHEROIR^YELRIRHMIMR HIQ1SQIRXWGLSRZMIPIMRHIV>IRXVEPIFIWGLÈJXMKXIR 9RXIV2SVQEPFIHMRKYRKIRLÈXXIIWORETTZMIV^ILR7IOYRHIRKIHEYIVXHMI.90)7 :)62)ZSRJàRJYRHZMIV^MK4VS^IRXHIV0MGLXKIWGL[MRHMKOIMXEYJHMIIVJSVHIVPMGLI1MR HIWXIMRXVMXXWKIWGL[MRHMKOIMXJàVIMR*PYGLXQERÚZIV^YFIWGLPIYRMKIR%FIV[EW[EVRSGL RSVQEP# 7XEVO[IGLWIPRHI7GLYFOVEJXPMIÃHEW7GLMJJFSGOIRYRHZIVPERKXIHIRSLRILMRWXEVO FIPEWXIXIR%FWSVFIVRHMIPIX^XI6IWIVZIEF 9VTPÚX^PMGLWGL[SPPIRHMIERKI^IMKXIR;IVXIWXEVOERYRHIMRHYQTJIW+VSPPIRIVXÚR XIEPW[àVHIHIV,ERXIPVEYQIVZSRIMRIV7IVMILIJXMKIV7GLPÈKIKIXVSJJIR :MIPPIMGLX[EVIRIW[MVOPMGL)VWGLàXXIVYRKIRHIV7GLMJJW^IPPIHMIEPPI0ÈVQMWSPMIVYR KIRHYVGLWGLPYKIR6LSHEROSRRXIHEWRMGLXIVOIRRIRRELI^YEPPI,SPSHEVWXIPPYRKIR ZSVMLQIVPSWGLIR%YGLHMIERHIVIR7XEXMSRIR[EVIRHEZSRFIXVSJJIRWSKEVHIV^IRXVE PI,SPSKPSFYW[MVOXITPÚX^PMGL[MIIMREYWIMRERHIVFVIGLIRHIV*PMGOIRXITTMGL ;MIHIVKPEYFXI6LSHER)MRWGLPÈKI[ELV^YRILQIR 9RFIOERRXI ;EJJIRIMR[MVOYRK (MI 7XMQQI EYW HIR %OYWXMOJIPHIVR àFIVWGLPYK WMGL%F[ILVOETE^MXÈXàFIVWGLVMXXIRÀFIVWGLPEKWIRIVKMIRXVIJJIREYJHIR6YQTJ -QQIV RSGL OIMR 1IXEKVEZ1ERÚZIV (MIIVWXIR 8VIJJIV[EVIR ^[EV ZSQ 4EVEXVSR PIMHPMGLEFWSVFMIVX[SVHIREFIVWGLSRJIYIVXIRHMI6EYQ>IMX6SYXIVMQ7EPZIRXEOX (EW(VÚLRIR[YVHIPEYXIVIWOPERKFIVIMXWEPW[àVHIHEW7GLMJJQMXVMIWMKIR,ÈQQIVR FIEVFIMXIX 7GLEHIRWQIPHYRKIRPMIJIRIMR >[IMHIVWIGLW6MRK[YPWX1SHYPIHIV.:KIXVSJJIR%YWJEPPHIV7YFPMGLX8VMIF[IVOI YRHHEQMX[IMXIVEFWMROIRHI&IWGLPIYRMKYRK ,àPPIRFVYGLHEQMXIMRLIVKILIRH2SXEFWGLSXXYRKMQ,ERKEVFIVIMGL%YGLJàVHEW 1MXXIMPXIMPHIV.90)7:)62)[YVHIR7GLÈHIRKIQIPHIX 8VSX^HIWYRZIVQMRHIVXLIJXMKXSFIRHIR,]TIVWXYVQWLEXXIRHMI6EYQ>IMX6SYXIV MLV>MIPKIJYRHIRYRHPMIÃIRIWRMGLXQILVPSW2IYI)VWGLàXXIVYRKIRFI[MIWIRHMI4VÈ ^MWMSRHIV/SPSRRIR+IWGLàX^I 2SXEFWGLEPXYRKIMRIWYRWIVIV4EVEXVSR/SRZIVXIV(IV%YJWGLVIMOEQZSRHIV&SVH WMGLIVLIMX9RWMGLIVLIMXYRH*YVGLXWGL[ERKIRMRHIV7XMQQIQMX *àVHMI.90)7:)62)EPPIMR[ÈVIQMXHIQ4EVEXVSREYWJEPP[SLPHEW8SHIWYVXIMP KIWTVSGLIRKI[IWIR7GLSR HMIRÈGLWXIR8VIJJIVQYWWXIRHMI7GLYX^WGLMVQIZSPPIRHW ^YWEQQIRFVIGLIRPEWWIRYRHHIR6YQTJEYJVIMÃIR)MRIFMW^YHIR/VEJX[IVOIRSHIV HIR7TIMGLIVFÈROIRHYVGLWGLPEKIRHI7EPZILÈXXIHEREGLHEW)RHIHIW7GLMJJIWFIWMI KIPX (MI 2SXW]WXIQI KPMGLIR NIHSGL HIR %YWJEPP EYJ HIV .: àFIV HMI FIMHIR ERHIVIR 7GLMJJWWIKQIRXIEYW 6LSHEREGLXIXIRMGLXQILVHEVEYJ(IV1IXEKVEZ:SVXI\IRXWXERHHIV+VMKSVSJJ4VS
,9&)68,%)27)0
NIOXSVIV^IYKXIHEWKIWGLPSWWIRI,àPPJIPHHEWHIQ7GLMJJHMIZIVXVEYXI6EYQ>IMX7XVYO ÚWYRKMQàFIVKISVHRIXIR/SRXMRYYQZIVLMRHIVXI 6IMFYRKWPSWKPMXXHMI.90)7:)62)MRHIR,]TIVVEYQ IPIRRELI^Y^YWEQQIR>YQMRHIWXOSRRXIQIRWGL PMGLIW;ELVRILQYRKWZIVQÚKIROIMRI^IMXPMGLI(MJJIVIR^IVOIRRIR)W[EVRYVIMR:IV [IMPIRMR7IOYRHIRFVYGLXIMPIRIMR^MIPPSWIW2SXQERÚZIVYQHEW7GLMJJHIV+IWGLàX^ IP HMI .90)7 :)62) IVWX WMIF^MK 1MPPMSRIR /MPSQIXIVIRXJIVRX^YVàGO (MI.:QIPHIXIWGL[IVI7GLÈHIR>[IMHIVWIGLW6MRK[YPWX1SHYPI[EVIREYWKI JEPPIR*àVHMIFIXVSJJIRIR7YFPMGLX8VMIF[IVOIWGLMIRIWWMRRZSPPIV^YWIMRWMIOSQTPIXX EYW^YXEYWGLIREPWHIR:IVWYGLIMRIV6ITEVEXYV^YYRXIVRILQIR +PIMGLZMIV,àPPIRFVàGLILEXXIREYJHIQ1IXIVHYVGLQIWWIRHIR7GLPEGLXWGLMJJ HIV%43003/PEWWI^Y[IMXVÈYQMKIR%FWGLSXXYRKIRKIJàLVX)MRIVHMIWIV&VàGLIFIXVEJ HIR8YFIRLERKEVHIV2%98-097---KPIMGL[SLPPEKHIVFIHVSLPMGLWXI8VIJJIVMQ9RXIV WGLMJJ^[MWGLIRHIR7GLMVQJIPHKIRIVEXSVIRYRHHIQFIREGLFEVXIR1:,7YFPMGLX+I WGLàX^ %YGLEYJHIV.:[EVIR^[IMKVÚÃIVI6MWWIIRXWXERHIR-LVI6ITEVEXYV[àVHINIHSGL TVSFPIQPSWZSRWXEXXIRKILIR )VPIMGLXIVXEXQIXI6LSHEREYJEPWMLQREGL[IRMKIR1MRYXIRKIQIPHIX[YVHIHEWW HIV8VIJJIVMQ1MXXIPXIMPHIW7GLMJJIWHMIKVSÃZSPYQMKIR%RPEKIRHIW/SRXI\X[ERHPIVW ZIVWGLSRXLEXXI (MI3VXYRKIR[YVHIRHIYXPMGLIV)WKIPERKXVSX^HIWXSFIRHIR,]TIVSVOERWHMI;IV XI^YZIVFIWWIVR(EWWHMI(EVWXIPPYRKIRMRHIR,SPSWIKQIRXIREPPIVHMRKW[IMXLMRXIV HIQ7XERHEVH^YVàGOFPMIFIRPMIÃWMGLRMGLXÈRHIVR;IRMKWXIRWVEWXIHMI.90)7:)62) RMGLXQILVFPMRHIMRIQYRFIWXMQQFEVIR>MIPIRXKIKIR ;MVLEFIRIWKIWGLEJJXLÚVXI6LSHERHIR,EPYXIVWEKIR(EWZSVYRWOERRRYV 1EVKMR'LVMPS\WIMR (IV;IPXVEYQ[EVEPPIWERHIVIEPWPIIV(MI4EVXMOIPHMGLXIRÈLIVXIWMGLHIQ2MZIEY ZSR(YROIP[SPOIRYRHHMISTXMWGLIR)JJIOXILEXXIRIX[EWQSVFMH*EW^MRMIVIRHIWIMRIR ,EYGLZSR;IPXYRXIVKERKYRH9VOREPP^YKPIMGLÀFIV[IMXI(MWXER^IRLMR[IKPMIÃIR IYGLXIR[MIKI[EPXMKI+PYXZSVLÈRKI1MPPMSRIR /MPSQIXIVLSGL[YGLWIR*IYIV[ÈRHIEYJHMI6LSHERERXIVVERMWGLI4SPEVPMGLXIVIVMR RIVXIR(MIJVIMKIWIX^XIR9VOVÈJXILÈXXIREFIV^[IMJIPPSWEYWKIVIMGLXWSKEV4PERIXIREYW MLVIV&ELR^Y[IVJIRYRHEYWKIKPàLXI7GLPEGOIOPYQTIR^YLMRXIVPEWWIR(IV7XVELPYRKW HVYGOHIVXSFIRHIR7XàVQILÈXXINIHI%XQSWTLÈVIQMX0IMGLXMKOIMX[IKKIVMWWIR +VIPPINI[IMPW7IOYRHIRERLEPXIRHI0IYGLXIVWGLIMRYRKIRWGLMIRIR%YJVMWWIHIW,] TIVVEYQW^YQEVOMIVIR%PPHEWWXVÚQXIMRIMRIVWGLRIPPIV[IVHIRHIR7TMVEPFI[IKYRK HIQ>IRXVYQHIW9RXIVKERKWIRXKIKIR (MI.90)7 :)62)FIJERHWMGL[IMXZSRHIQ7GL[EV^IR0SGLIRXJIVRXXVSX^HIQ [YVHIHEW8SFIRHIVIRXJIWWIPXIR/VÈJXI MQQIVHIYXPMGLIV(EW7GLMJJVEWXIMRQMXXIR KPàLIRHIV1EXIVMIWGLPIMIVIMRIQFVSHIPRHIR;EPPIRXKIKIR-QQIVLÚLIV[YGLWIVEYJ ZIVWGLPERKHMIPIX^XIWXIVRIRàFIVWÈXI7GL[ÈV^IYRHIWWELEYWEPWQàWWIHIV,ERXIP VEYQIVYR[IMKIVPMGLERHMIWIV;ERH^IVWGLIPPIR (MI3VXYRKIRSJJIRFEVXIR[EWHEW%YKIRMGLXIVOIRRIROSRRXI6YRH^[IMYRHZMIV^MK 0MGLXQMRYXIRIRXJIVRXZIVHMGLXIXIWMGLHEWXSFIRHI'LESW^YV%OOVIXMSRWWGLIMFI^YQ KI[EPXMKIR1ELPWXVSQHIVMRQMXXIRHIWIRXEVXIRHIR;IPXVEYQWHIQ)VIMKRMWLSVM^SRX IRXKIKIR[MVFIPXI)MRI,ÚPPI[MIWMIWGLPMQQIVOEYQWIMROSRRXI 1EVKMR'LVMPS\[EVMRHIV8EXIMRKMKERXMWGLIWFVSHIPRHIW*IKIJIYIVFIKPIMXIXZSR )VYTXMSRIRYRH4PEWQEWXVÚQIRHMI4VSXYFIVER^IRKPIMGLEYWHIV6SXEXMSRWIFIRIEYJ WXMIKIREFIVRMGLXàFIVHMI/VEJXZIVJàKXIRWMGL[MVOPMGLPSW^YVIMÃIR 3FIVYRHYRXIVLEPFHIW7GL[EV^IR0SGLWIRXWTVERKIRKPIMÃIRHI.IXWXVELPIRYRKI LIYVI1EXIVMIQEWWIRHMIZSRHIVVSXMIVIRHIR7GLIMFIQMXERRÈLIVRH0MGLXKIWGL[MRHMK
(MI*MREPI7GLPEGLX
OIMX[IKKIWGLPIYHIVX[YVHIR2YVIMR8IMPHIVHSVX^YWEQQIRWXVÚQIRHIR1EXIVMIIRHI XIPIX^XPMGLYRXIVLEPFHIW)VIMKRMWLSVM^SRXW 7SKEVMRIMRIV1MPPMEVHI/MPSQIXIVR)RXJIVRYRKZSRHIV.90)7:)62)IVJEWWXIHMI 3VXYRKIMRI:MIP^ELPEYJFPMX^IRHIV)RIVKMITIEOW 6LSHERWXYX^XIEPWHMI;MIHIVKEFIIVWGLMIR-GLFVEYGLI(IXEMP[IVXIZIVPERKXI IV )X[EWWXÚVXIMLRERHIRZIVKPIMGLW[IMWIWGL[EGLIR)VYTXMSRIRMQ6ERHFIVIMGLHIW 1ELPWXVSQW-RHIQFVSHIPRHIR/IWWIPHIV)\XVIQIIVWGLMIRIRMLQHMIWI)RIVKMITIEOW ^YKPIMGLQÈÃMK 1SRHVEWGLEYXIMLRJVEKIRHERWGL[MIKEFIV[IMP8SPSXRÈLIVOEQ àWXIVXIHIV,EPYXIVPÚWXIHMI0EYJEVQIZSQ&SHIRYRH VMGLXIXIWMGL^YWIMRIVZSPPIR+VÚÃIZSRHVIMIMRLEPF1IXIVREYJ;EWQIMRWXHY6LSHE RSWQIMR/PIMRIW# :SVYRWXSFXIMRI6EYQWGLPEGLX6LSHERWGLEPXIXIIMRI:IVFMRHYRK^YQ/ERXSV 7I\XERXIRHIV.:-GLFVEYGLI[IMXIVIRX^IVVXI1IWW[IVXI 7GLSR%YKIRFPMGOIWTÈXIV[YVHIIMRI:MIP^ELP[MR^MKIV>EGOIRWMGLXFEV)WKEFOIMRI I\XVIQIR%YWWGLPÈKIEFIVKIVEHIHMI/SRWXER^[MVOXIYRKI[ÚLRPMGL 4IVQERIRXIV;EJJIRIMRWEX^IMRIVMIWMKI*PSXXIMRIMRIVMRJIVREPMWGLIR7GLPEGLX6LS HER[MWGLXIWMGLQMXHIQ,ERHVàGOIRàFIVHMI0MTTIRHERRWGLEYXIIVVYGOEVXMKEYJ -GLKPEYFIRMGLXHEWW[MVIRIVKIXMWGLI'LEVEOXIVMWXMOEEYWHMIWIQ/SRKPSQIVEXMWS PMIVIRQàWWIR -GLOERRHMVEYGLWSWEKIR[IPGLI;EJJIRW]WXIQIIMRKIWIX^X[IVHIRVEYRXI8SPSX (SVXOÈQTJXHMI*PSXXIEYWHIQ-28%>3KIKIR86%-836 (MI*MREPI7GLPEGLX6LSHERRMGOXI%6',)8-178VIGOHIW+)7)8>)7KVIMJXIMR [MGLXMKIW3FNIOXHIV'LESWQÈGLXIER )QTJERHIV)RXXÈYWGLYRK#(EVàFIVHEWWHMI*MREPI7GLPEGLXHMIàFIVHEW7GLMGOWEP HMIWIWOSWQMWGLIR7IOXSVWIRXWGLMIHRMGLXQILV^YWIMRWGLMIREPWIMRIWGL[EGLI3VXYRK MRQMXXIRXSFIRHIV,]TIVWXàVQI# 2MGLXWZSRHIQ[EWHIV,SPSKPSFYWMQ>IRXVYQHIV>IRXVEPI^IMKXIOEQYRQMXXIPFEV ZSRHVEYÃIR %PPI (EVWXIPPYRKIR WSKEVHMI ZIVQIMRXPMGL STXMWGLIRÀFIVXVEKYRKIR [YVHIRZSRLSGLIRX[MGOIPXIR6IGLRIVRKIRIVMIVX(EW[EVIMRTW]GLSPSKMWGLIV)JJIOX SKRMGLXMRW9RKI[MWWIYRHWEL[IPGLI &IHVSLYRKIRPEYIVXIRYRHHEWMRIMRIVWMIF^ILR1IXIVHYVGLQIWWIRHIR(EVWXIPPYRK (EWKEFWIPFWXOPIMRIR3FNIOXIR:SPYQIRYRHFIXXIXIWMIMRIMRIR+IWEQX^YWEQQIRLERK IMR (EW3VXYRKWFMPHàFIVPEKIVXIHMIVIMRSTXMWGLI;MIHIVKEFI/SQTSWMXHEVWXIPPYRKIR[S MQQIVHMIWTVEOXMOEFIP[EVYRXIVWXàX^XIRHEWWGLRIPPI)VJEWWIRZSR7EGLZIVLEPXIRMQ >YWEQQIRLERK 2YV1MRYXIRZIVKMRKIR(MI3VXYRKWFMPHIV[YVHIRHIYXPMGLIV^IMKXIRMRIMRIVÀFIV PEKIVYRK)RIVKMIYRH1EWWIIVJEWWYRK )WKILÚVXIIMRFIEGLXPMGLIW7XàGO%VFIMXHE^YWSKEVQMX2)1379RXIVWXàX^YRKHMI PXIVRHMIEYWHIV)VJEWWYRKHIW/ERXSV MIÃIRHIV;ELVRILQYRKIRQEGLXIR ;EW FPMIF [EV IMRI 8IMPHEVWXIPPYRK HIV ÈYÃIVIR %OOVIXMSRWWGLIMFI (MI HIYXPMGL WGLRIPPIVI6SXEXMSRWKIWGL[MRHMKOIMXMRHMIWIQ&IVIMGLPMIÃHMI(MWXER^^YV.90)7:)6 2)TIVQERIRXWGLVYQTJIR7SPERKIHEW,ERXIPVEYQWGLMJJWIMRI4SWMXMSREFIVRMGLXQILV ZIVÈRHIVXI[àVHIHMIKVÚÃXI%RRÈLIVYRKERHEWQMXHIQ6ERHHIV%OOVIXMSRWWGLIMFI VSXMIVIRHI7GLPEGLXJIPHFIMVYRH1MPPMSRIR/MPSQIXIVRPMIKIR ;MIHIVLSPXQIPHIXIWMGL(EIPPMERW/YRWXWXMQQIQMXORETTIR)VPÈYXIVYRKIR7IMXHIQ 8VERWQMXXIVHYVGLKERKZSVJàRJ^ILR1MRYXIRLIVVWGLXITIVQERIRXI%RWTERRYRK ,ÚGLWXI%PEVQWXYJI LIVVWGLXI SLRILMR2MIQERH ZIVQSGLXI^YWEKIRSF SHIV [MI WGLRIPP/SPSRRIR)MRLIMXIR.EKHEYJHMI.90)7:)62)QEGLIR[àVHIR:MIPPIMGLXLMIPX
,9&)68,%)27)0
QEREYJHIV+IKIRWIMXIHEW,ERXIPVEYQWGLMJJRYVJàVIMRIZIVWTVIRKXI)MRLIMXEYW%6 ',)8-17*PSXXI^YOPIMRYRH^YYRFIHIYXIRHYQHEVERQILVEPWRYVIMRIR+IHEROIR ^YZIVKIYHIR %PW+IKRIVIVOERRX[EVHMI.90)7:)62)SLRILMR6LSHERFI^[IMJIPXIRMGLXHEWW HMI6EYQ>IMX6SYXIVIMRI1IPHYRK[IMXIVKIKIFIRLEXXIR7MIF^MK1MPPMSRIR/MPSQIXIV (MWXER^[EVIRIMRIPEGLLEJXKIVMRKI(MWXER^ 1SRHVEKEFMLQMR7XMGL[SVXIRIMRIRORETTIRÀFIVFPMGOàFIVHIR7XERHHIV6ITE VEXYVEVFIMXIR (MI 8IGLRMOIV YRH MLVI 6SFSXIVXVYTTW EVFIMXIXIR WGLRIPP YRH TVÈ^MWI 6LSHERLEXXIIWRMGLXERHIVWIV[EVXIX (EWWMRH+)7)8>+IFIVWXIPPXI1SRHVEHERRJIWXEPWWMIHMIEOXYIPPI(EVWXIPPYRK FIXVEGLXIXI-GLWGLÈX^IQMRHIWXIRWJàRJ^MK (MI1IWW[IVXIHIW7I\XERXIRHIYXIRHEVEYJLMRHEWWHMI+)7)8>+IFIVMRMLVIQ IGLXZIVÈRHIVRJYLV(EIPPMERJSVX7MIKILIRSJJIRFEVRMGLX ERHIVWZSVEPWMQ7IOXSV&M<SXSVMRK(EW2SVQEPOSRXMRYYQ[MVH[IMXKILIRH[MIHIV LIVKIWXIPPX 9RH%6',)8-17*PSXXIWGLMVQXHMIKSPHIRIR6MIWIRWGLMJJIKIKIRHMI/SPSRRIEF FIQIVOXIIMRIVHIV;MWWIRWGLEJXPIVHMIWMGLMQ,MRXIVKVYRHLMIPXIR 6LSHERWGLàXXIPXIHIR/STJ 7SIMRJEGLMWXHMI0ÚWYRKRMGLXWEKXIIVREGLHIROPMGL-GLKPEYFIILIVHEWWHMI +)7)8>+IFIVIVWXIVXVÈKPMGLI&IHMRKYRKIRJàVHIR%RKVMJJHIV*PSXXIIV^IYKIR7IMR &PMGO[ERHIVXIàFIVHMI,SPSHEVWXIPPYRKIR8VSX^HIQOÚRRXIHMIWIV&IVIMGLJàVYRW MHIEPWIMR%PPIVHMRKWWMRH[MVRSGLZMIP^Y[IMXIRXJIVRX )VWGLEYXIEYJYRHWXIPPXIJIWXHEWWHMI)MRFPIRHYRKHIW;EWWIVFEWWMRWQMXHIR7TLÈ VMOIVRIVPSWGLIR[EV-RHIRIRXWTVIGLIRHIR4VSNIOXMSRWFIVIMGLIRXSFXIRQMXXPIV[IMPI HMI+I[EPXIRHIV%OOVIXMSRWWGLIMFI 0ER^)VWGLEPXIXIWMGL^YQ/SQQERHERXIRHYVGL;EWMWXQMXHIR7TLÈVMOIVR# 3FIVWX%LEOMRLMIPXHEW7GLMJJYRXIVWIMRIV/SRXVSPPI6LSHERKI[ELVXIIMRI:MIP^ELP ZSRÀFIV[EGLYRKWLSPSWHMIHIV/SQQERHERXQMXIMRIVORETTIR+IWXIFIMWIMXIWGLSF -GLLEXXIQMGLIFIRMRHMI:IVFMRHYRKHIV']TVSRQMX2)13IMRKIWGLEPXIXERX[SV XIXI%LEOMR7MIJàLPIRWMGLWXEVOFILMRHIVX)WKMFXOEYQIMRI1ÚKPMGLOIMXZIVRàRJXMK ^YQERÚZVMIVIRWEKIRWMI;MVLEXXIR+PàGOQMXHIV/YV^IXETTI +PàGO#6LSHERIVPEYFXIWMGLIMRMVSRMWGLIW0ÈGLIPR;MVOÚRRIRSLRILMRRYV ZSQ6IKIRMRHMI8VEYJIOSQQIR -RHIQ1SQIRXZIVÈRHIVXIWMGLHMI%R^IMKIHIW/ERXSV7I\XERXIR(EW+IVÈXIVJEWWXI 8VEMXEROW SKIREYW6MGLXYRKHIV%OOVIXMSRWWGLIMFIERLMIPXIREFIVOIMRIW[IKW/YVWEYJ àGLXMKIR1SQIRX ^YLSJJIR[EKXIzMLV>MIP[EVIMRHIYXMKHMI.90)7:)62) )WMWXWS[IMXWXIPPXIHIV8IVVERIVXSRPSWJIWX%FWSJSVX[MVHHMI.90)7:)62) ^YQKINEKXIR;MPH (MIFIWWIV[IVHIRHIR3VXYRKWFMPHIVPMIJIVXIRIMR[ELVLEJXIVLIFIRHIW7GLEYWTMIPEPW %RKVMJJWOIMPIEYW>ILRXEYWIRHIR6EYQWGLMJJIR^YWEQQIRJERHIRYRHKIQIMRWEQFI WGLPIYRMKXIR >[IM(VERE7GLMJJI^SKIRZSVHIV8%637,-ZSVFIM1ILVHIRRNIKPEYFXI/M1]SHMI YRKILIYVI/VEJX^YWTàVIRHMIMRHMIWIR/SRWXVYOXMSRIRWXIGOXI9RKPEYFPMGLJVIQH TVÈWIRXMIVXIRWMGLHMI7GLPEGLXWGLMJJIEPWMLVIHàRRIR&IMREYWPIKIVWMGLLMRXIVHIQ,IGO FIVàLVXIRYRHFIMHI)MRLIMXIRIMRIRKI[EPXMKIR7EX^ZSV[ÈVXWQEGLXIR7GLSRKPMXXIR HMIFM^EVVIR*SVXWÈX^I[MIHIVEYWIMRERHIVFMPHIXIRJàV[IRMKI%YKIRFPMGOIIMRIRJÈGLIV JÚVQMKEFWXILIRHIR6MRKYRHKVMJJIRHERR[MI*ERKEVQIREGLZSVR /M1]SIVXETTXIWMGLHEFIMHEWWIVHMI(VERE7GLMJJIXEXWÈGLPMGLQMX0IFI[IWIRZIV KPMGL7TÈXIV[IRRHMI6IXVSZIVWMSR8EVI7GLEVQHIR'LESWQÈGLXIRIRX^SKIRLEFIR
(MI*MREPI7GLPEGLX
[àVHIFÚXIWMGLZMIPPIMGLX>IMXHMIWIQ+IHEROIRREGL^YKILIR ZMIPPIMGLX YWWFIVIMGLFMWMRHIR6ERHHIV%OOVIXMSRWWGLIM FIEYWKIHILRX-R/àV^I[àVHIRHMIIVWXIR/SPSRRIR*SVXWYRH'LESW+IWGL[EHIVER KVIMJFEV[IVHIR%FIVWSPERKIHYVJXIHIV+IRIVEPRMGLX[EVXIR (MI7GLPEGLXWGLMJJIHIV']TVSRHMI/MRXVSRE&VSGOIRYRHHMI+I^^MQ)MRLIMXIRWXER HIRFIVIMXMLVI:SVXIMPI^YRYX^IRzMLVI&IWEX^YRKIRLEXXIRKIPIVRXQMXHIV4VSXS2I KEWTLÈVI^YPIFIRzYRHZSVHIVàFVMKIR*PSXXI^Y^YWGLPEKIR(IVVMGLXMKI>IMXTYROX IRXWGLMIHHEFIMàFIV)VJSPKSHIV9RXIVKERKHIV%PXIR:ÚPOIV +03-286%-836HMI2EHIPHIW'LESW[EVHEW%RKVMJJW^MIP(MI6IXVSZIVWMSR[YVHI RYVQMXHIQ)RHIZSR+03-286%-836QÚKPMGL;IMPHMI2EHIPHIW'LESWEPWSFIVWXI 7GLEPXMRWXER^HMI+IRIWIHIV2IKEWTLÈVI8EVI7GLEVQPIROXI (IV%IKERIVFPMGOXIEYJHEW3VXYRKWFMPHHEWQMXNIHIV7IOYRHIHIXEMPVIMGLIV[YVHI -QQIVHàRRIVIVWGLMIRIRMLQHMI4VSTSVXMSRIRHIWMRWMGLZIV[YRHIRIR+IFMPHIWMQQIV PÈRKIVHILRXIIWWMGLEYWFIMHI)RHIRZIVWGL[EQQIRWGLIMRFEVMQ2MGLXW/IMRIW[IKW EFVYTXIVJSPKXIHMIWIVÀFIVKERKZMIPQILVZIVPSVHMI1EXIVMIHIVÈYÃIVIR/SPSRRIR*SVXW EPPQÈLPMGLER(MGLXIEPWPÚWIWMIWMGLMQ;IPXVEYQEYJ(MIWIR)MRHVYGOLMRXIVPMIÃHEW IPMRHIR%YKIRZMIPIV&IWEX^YRKWQMXKPMIHIVHEFIM[SQÚKPMGLFPSÃEYJ IMRIRXIGLRMWGLIR8VMGOLIVIMRIMR(MJJYWSVJIPHHEWRMGLXIMRQEPZSRHIV,]TIVSVXYRK HYVGLHVYRKIR[IVHIROSRRXI /M1]S[YWWXIIWFIWWIV8EXWÈGLPMGLVIMGLXIR+03-286%-8367)RHIRXMIJMRHIR ,]TIVVEYQLMRIMR )VWXYX^XIYRHJVEKXIWMGL[SLIVIVHMIWI/IRRXRMWFI^SK7IMRIÀFIVPIKYRKHEWWIV HMISFIVWXI7GLEPXMRWXER^HIV2IKEWTLÈVIZSVWMGLWEL[EVMLQIFIRWSJVIQHKI[IWIR 8VSX^HIQLEXXIIVRMGLXIMRQEPWSJSVXVIKMWXVMIVX[EWMLQHYVGLHIR7MRRKIKERKIR[EV %PWLÈXXIIVHMIWI*IWXWXIPPYRKWGLSRIMR(YX^IRH1EPKILÚVX )V[EGLXIWIMRZIVPSVIRKIKPEYFXIW;MWWIR#/M1]SZIVQSGLXIWMGLOEYQ^YOSR^IR XVMIVIREPWIVHIR/SRXEOX^YQ1IHSW]WXIQHIW%R^YKWWYGLXIQILVIVI1IHMOEQIRXI àFIVWTVERKYRHIMRIR&PSGOIVEYW[ÈLPXIZSRHIQIVPÈRKWX[YWWXIHEWWWIMR/VIMWPEYJ WSJSVXHEVEYJVIEKMIVXI)VFVEYGLXIOIMRIàFIVWGLMIÃIRHI6IEOXMSRWSRHIVRHMIRÚXMKI +IPEWWIRLIMX 2MGLXJàVWMGLWIPFWXEFIVJàVEPPIHMIMLQERZIVXVEYX[EVIR (MI-RNIOXMSRRELQIVOEYQ[ELVHSGLIVWTàVXI[MIWIMRI)VVIKYRKREGLPMIÃ[MI HMI0EWXHMIMLQHEW%XQIRWGL[IVQEGLXIZSRMLQ[MGL 7MILHMGLYQ/M1]SFIJELPHMI7XMQQIMQKPIMGLIR1SQIRX I\IMRIWGL[EGLI0MGLXFVIGLYRKZMIPPIMGLXRYV)MRFMPHYRK)VWEL YR^ÈLPMKIJELPI%FFMPHIVHIW0IMXWXERHW[MIHMI7TMIKIPYRKIRHIVEYJIRKIR6EYQOSQ TVMQMIVXIR)FIRI 2IYIFIHIYXIRHI&MPHIVWXMIKIRZSVMLQEYJ +03-286%-836WXERHWGLSRWILVPERKIMRHIV%OOVIXMSRWWGLIMFIZSR1EVKMR'LVM PS\ZIVFSVKIR(MI2EHIPHIW'LESW[EVNIRI^IRXVEPI7XIPPIZSRHIVEYWHMI9QTVSKVEQ QMIVYRKHIW4WMSRMWGLIR2IX^IWMQ&IVIMGLHIV4VSXS2IKEWTLÈVIIVJSPKX[EV7MI[EV ZIVERX[SVXPMGLJàVHEW)MRWIX^IRHIW:MFVE4WMYRHIMRIRKVSÃIR8IMPHIVGLESXMWGLIR 4L]WMOHMIMR^[MWGLIRLEPF8EVI7GLEVQTVÈKXI(EFIMLEXXIHMI+IKIRWIMXIHIR7XERH SVXMQKEPEOXMWGLIR>IRXVYQOIMRIW[IKW^YJÈPPMKKI[ÈLPX(MI1ERMTYPEXMSRHIV/SR WXERXIRZIVWGLPERKHIVEVXLSLI)RIVKMIQIRKIRHEWW+03-286%-836HEVEYJERKI[MI WIR[EVWMIEYWHIQ7GL[EV^IR0SGLYRHHIWWIR%OOVIXMSRWWGLIMFIEF^Y^[IMKIR 1MXXIPFEV[EVHMI7XEXMSRJàVHIR+VIR^[EPP8EVI7GLEVQWZIVERX[SVXPMGL(IRRHIV ;EPP[YVHIOIMRIW[IKWàFIV4VSNIOXMSRIRIV^IYKXWSRHIVRIRXWXERHHYVGLHEW%YJIMR YWWXIR4WMSRMWGLIR2IX^IWZSR8EVI7GLEVQQMXHIWWIRYRZIVÈR HIVXIR%FWGLRMXXIRHMIEYÃIVLEPFHIV+EPE\MWZIVPMIJIR :IVIMRJEGLXEYWKIHVàGOXIVOERRXI+IRIVEP/M1]S[EVHIV+VIR^[EPPEPWSRYVIMRI :IV[MVFIPYRKW^SRI^[MWGLIR^[IM YRXIVWGLMIHPMGLIRL]TIVTL]WMOEPMWGLIR>YWXÈRHIR (EWWHMI'LESXEVGLIRHIVIR*SPKIIVWGLIMRYRKIRFILIVVWGLXIRFI[MIWIRHMI6EYQ>IMX 6SYXIV
,9&)68,%)27)0
(MI/SWQMWGLIR1IWWIRKIVLMRKIKIRVERRXIRZIVKIFPMGLKIKIRHIR;EPPER )W[ÈVIJEPWGL+03-286%-836JàVEPPIWZIVERX[SVXPMGL^YQEGLIRWMIOSRRXIRYV HIWLEPF)VJSPKQMXEPPIR1ERMTYPEXMSRIRLEFIR[IMP8EVI7GLEVQHMI(MWTSWMXMSRJàV IMRI2IKEWTLÈVIMRWMGLXVYKWEKXIHMI7XMQQI)MRI,ÈYJYRKQMOVSWOSTMWGLOPIMRIV 4VSXS'LESXMWGLIV>IPPIRHYVGL>YJEPPIRXWXERHIR[EVEYWWGLPEKKIFIRH-QQIV[MIHIV FVIGLIRMQ9RMZIVWYQ[MR^MKWXI4VSXS'LESXMWGLI>IPPIREYJ-Q2SVQEPJEPP[MVHHMIWI 1YXEXMSRNIHSGLZSQ1SVEPMWGLIR/SHIWILVWGLRIPP[MIHIVFIWIMXMKX %FIVOIMRIW[IKWMQQIV#JVEKXI/M1]S 2MGLXJEPPWHIR'LESWQÈGLXIRIMRVEWGLIV>YKVMJJKIPMRKX2ÈQPMGLHERR[IRR+03-2 86%-836WGLRIPP^YV7XIPPIMWXYRHHMI1ERMTYPEXMSRIRHIV2EHIPIMRIR+VIR^[EPPIRX WXILIRPEWWIRHIVHMI/SWQMWGLIR1IWWIRKIV[MVOYRKWZSPPJIVRLÈPX %PWSQàWWIR[MVHIR+VIR^[EPP IMRVIMÃIR IVOERRXIHIV+IRIVEP JSPKIVMGLXMK (EW KIWGLMILXWSFEPH[MVHMI2EHIPHIW'LESWZIVRMGLXIR +PEYFRMGLXHEWWHEQMXEPPIWZSVFIMWIMR[MVH2EGL+03-286%-8367%YWJEPPIV PMWGLXHIV+VIR^[EPPOIMRIW[IKW)FIRWS[IRMKHMITL]WMOEPMWGLI/IXXIRVIEOXMSRHMI HIV^IMXHMI/SRZIVWMSR^YV2IKEWTLÈVIZSVERXVIMFXHIRRHMIWIV:SVKERKLEXWMGLPÈRKWX YWWEYJHEW4WMSRMWGLI 2IX^YRHHEQMXEYJHEW:MFVE4WM^YRILQIR[ÈVIEYWKIWGLEPXIX 8VSX^HIQ[ÈVIHMI:IVRMGLXYRKHIV2EHIPIMRIRXWGLIMHIRHIV7GLVMXXFILEVVXI/M 1]S 86%-836OERRNIHIV^IMXIMRIRIYI7XEXMSREYJFEYIRWSPERKI/SPSRRIR*SVXWMREYW VIMGLIRHIV%R^ELP^YV:IVJàKYRKWXILIR+03-286%-836MWXOIMR)MR^IPWXàGOWSRHIVR [MIEPPIWMRHIV/SPSRRIIMRNIHIV^IMXREGLZSPP^MILFEVIW&EYQYWXIV-QQIVLMR[àVHIIW KIVEYQI>IMXMR%RWTVYGLRILQIRIMRIRIYI2EHIP^YIVWXIPPIRzYRHFMWHELMR[MVH 8EVI7GLEVQPÈRKWXFIJVIMXWIMR (MI+)7)8>+IFIVZSPP^MILIRHMI6IXVSZIVWMSR#ZIVQYXIXIHIV+IRIVEPWTSRXER)V LEXXIHIR7EX^OEYQJSVQYPMIVXHEWTàVXIIVWGLSRHEWWIVWIMRI:IVQYXYRKZSVWGLRIPP KIÈYÃIVXLEXXI (MI+)7)8>+IFIVZIVWIX^IR[MR^MKI%FWGLRMXXIHIW4WMSRMWGLIR2IX^IWRELIERHIR 2SVQEP^YWXERH^YVàGOKIVEHIEYWVIMGLIRHHEWWHMI*PSXXI+03-286%-836ERKVIMJIR OERR%6',)8-1QYWWLMRKIKIRKVSÃI&IVIMGLIHIW4WMSRMWGLIR2IX^IWZÚPPMKMRHIR 2SVQEP^YWXERHàFIVJàLVIR(EW[MVHMLQQMXLMPJIHIV7SRHIVOSRWXVYOXMSR',)378%- QÚKPMGLWIMR>YKPIMGL[IVHIRHMIVIOSRWXVYMIVXIR%FWGLRMXXIHIW2IX^IW[MIHIVQMXHIQ /SRXMRYYQEYÃIVLEPF8EVI7GLEVQWZIVFYRHIR)VWXQMXHMIWIQ>YWEQQIRWGLPYWWOERR %6',)8-10àGOIRMRHIR+VIR^[EPPFVIGLIR )RHPMGLZIVWXERH/M1]SHMI>YWEQQIRLÈRKI[IRRKPIMGLMLQZMIPIW[IMXIVLMRYR OPEVIVWGLMIR%FIVHEWQSGLXIR/PIMRMKOIMXIRWIMR (YVGLHMI0àGOIRMQ+VIR^[EPPHVMRKIRWGLPMIÃPMGL/SWQMWGLI1IWWIRKIVIMRHMI WGLSRPERKIHIR;IKREGL8EVI7GLEVQWYGLIRJàLVXIIVHMIÀFIVPIKYRKJSVX(MI+EPE \MW[MVHMRHIR;MVOYRKWFIVIMGLHIW1SVEPMWGLIR/SHIW^YVàGOKIJàLVXYRHHEWMWXHERR KPIMGLFIHIYXIRHQMXHIV6IXVSZIVWMSR(MI1IWWIRKIV[IVHIREPPI1ERMTYPEXMSRIRHIV 'LESWQÈGLXIVàGOKÈRKMKQEGLIR ;IRRWMGLEPPIWWSIVIMKRIX[MVHHMI4VSXS2IKEWTLÈVIIVPÚWGLIRWIPFWX[IRRWMIYR QMXXIPFEVZSVMLVIV:SPPIRHYRKWXERHFIWXÈXMKXIHMI7XMQQI (EW+IPPIRHIW%PEVQWWGLVIGOXI/M1]SEYWWIMRIRÀFIVPIKYRKIREYJ)RXWIX^XVIKM WXVMIVXIIVHEWWHMI8IVQMREPI/SPSRRIWGLRIPPIVVIEKMIVXLEXXI2SGLWXERHIRWIMRI7GLMJ JIIXPMGLI1MPPMSRIR/MPSQIXIVZSR+03-286%-836IRXJIVRXEFIVIMRMKI%RKVMJJWWTMX^IR [EVIRWGLSRMRLIJXMKI+IJIGLXIQMX8VEMXEROWZIV[MGOIPX (MI*MREPI7GLPEGLXLEXXIIRHKàPXMKFIKSRRIR 7GLSR MR HIR IVWXIR 7IOYRHIR I\TPSHMIVXIR (YX^IRHI WIMRIV 7GLMJJI MQ *IYIV HIV %RKVIMJIV%PPIWMR/M1]SFIKILVXIHEKIKIREYJ(EW[EVIMRI:IVERX[SVXYRKREGLHIV IVWMGLRMIQEPWKIWILRXLEXXI)V[SPPXIWIMRIR>SVRLMREYWFVàPPIREFIVIVOSRRXIIW
(MI*MREPI7GLPEGLX
RMGLX2EGL%XIQVMRKIRHWXEVVXIIVEYJHMI7GLMVQIHMIMLRHIQ+VEYIREYWPMIJIVXIR )VVIEKMIVXIQMX4ERMOYRHHIV4ERMOJSPKXIPÈLQIRHIW)RXWIX^IR7MGLLIVYQ[IVJIR MILIRzRMGLXIMRQEPHEWWGLEJJXIIV 7GLIMRFEV^YQ+VIMJIRRELIWXERHMRHIV;MIHIVKEFIZSVMLQIMR7GLPEGLXWGLMJJ1IL VIVI8VEMXEROWWXàV^XIRWMGLEYJHMIQÈGLXMKI;EP^IMLVI;EJJIRWXVELPIRVMWWIRHIR6YQTJ EYJYRHPMIÃIRHMIWXÈLPIVRIR)MRKI[IMHILIVEYWUYIPPIR(MIREGLJSPKIRHI+PYXIVWGLMIR HIQ%IKERIVEPWWTVMX^I&PYXQMXNIHIQ4YPWWGLPEKHIW7GLMJJIW[IMXMRHIR6EYQLMREYW )MRIIMR^MKI%F[ILVWEPZIJSPKXIHIRWGLSR[MIHIVEFHVILIRHIR8VEMXEROWHERR[YVHI HMI;EP^IZSPPIRHWEYWIMRERHIVKIVMWWIRYRHHMI)RIVKMIMLVIVIMKIRIR7TIMGLIVFÈROI LàPPXIWMIMRIMRI;SPOIFVSHIPRHIV:IVRMGLXYRK (EW[EVWIMRI:IVERX[SVXYRKHIVIVWMGLRMGLXIRX^MILIROSRRXI/M1]SIVWXEVVXI MRRIVPMGL)VHYVJXIRMGLXERHMI&IWEX^YRKIRHIROIRERMLVI+IJàLPIMLVI,SJJRYRKIR YWWFEV *àRJ^ILR7IOYRHIRWIMXHIQIVWXIR*IYIVWGLPEKZIV^IMGLRIXIIVFIVIMXWEGLXYRHZMIV ^MKZIVRMGLXIXIIMKIRI7GLMJJI /M1]SW/EYPIMWXIROVEGLXIREYJIMRERHIV:IVKIFPMGLWYGLXIIVREGL%6',)8-1HIR IVIVWXZSV/YV^IQYQKIFIRZSRQILVIVIR+)7)8>+IFIVRKIWILIRLEXXI)VOSRRXI HMIPIYGLXIRHIQIRXEPI7SRRIEFIVRMVKIRH[SQILVEYWQEGLIR %6',)8-1WIPFWX[EVHYVGL;EJJIRHIV2MIHIVYRKIROEYQ^YKIJÈLVHIR;MGLXMKIV [EVIWHMI+)7)8>+IFIV^YWGLàX^IRYRHHEQMXMLVI[IMXIVIR:IVÈRHIVYRKIRERHIV 6EYQWXVYOXYV ÈGLI àWXIVXIHMI7XMQQIMRWIMRIR +IHEROIR )WMWX[MGLXMKIMRIR+VSÃXIMPHIV*PSXXIJàVHIR%RKVMJJEYJHMI2EHIPHIW YWWFIVIMGLHIV+)7)8>+IFIV+03-286%-836 IVVIMGLXQYWWHIV:IVRMGLXYRKWERKVMJJQMXEPPIR/VÈJXIRFIKMRRIR *EWXIVWGLMIRIWHIQ%IKERIVEPWLÈXXIIVRYVEYJHMIWI&IWXÈXMKYRKKI[EVXIX(MI 7XMQQISHIV%6',)8-1HEW[EVMLQMRHIQ1SQIRXIKEPWSPERKIIVRYVHIRVMGLXMKIR ;IKIMRWGLPEKIROSRRXI -QQIVFIWWIVKIPERKIWMLQEPPIW7XÚVIRHIZSRWMGL^Y[IMWIR 7IMR%XIQKMRK[MIHIVVYLMKYRHKPIMGLQÈÃMKHEW1IHMOEQIRX[MVOXIREGL-R+I HEROIRWGL[IFXIIV^[MWGLIRHIR)MRLIMXIRHIV*PSXXI)VWELHIRFVSHIPRHIR;IPXVEYQ HMI7GLMJJIHMIHàWXIVIRWGLQEPIR7MPLSYIXXIRHIV8VEMXEROWYRH HMIIVWXI/SPSRRIR1%7',-2) ;EVIRHEW%6',)8-17;ELVRILQYRKIR#/M1]SLÈXXIIWRMGLX^YWEKIRZIVQSGLX EFIV[EWIVWEL[EVQILVEPWMLQHMI-RWXVYQIRXIHIV8%637,-NIQEPWLÈXXIRFMIXIR OÚRRIR:MIPPIMGLX ZIVHEROXI IV HIR ÀFIVFPMGOHIV 7XMQQI MRMLQ HMIWIQ WIPXWEQIR &I[YWWXWIMRWWTPMXXIV /M1]SFIWGLVÈROXIWMGLEYJHMI(IJIRWMZIHEVEYJHMI/SPSRRIR)MRLIMXIRMRHIR 6ERHFIVIMGLIR^YFMRHIR9RH^YVàGO^YWGLPEKIR[SHMIIMKIRIR7GLMJJIHMIKVÚÃXI)V JSPKWEYWWMGLXIVLMIPXIR (MI:IVPYWXIIRXWIX^XIRMLRHIRRSGL(MI;EJJIRHIV/SPSRRIR1%7',-2)WGLPYKIR KI[EPXMKI;YRHIRMRHMI*PSXXIYRHHMI8VEMXEROWRYX^XIRHMIWI0àGOIRFIKMIVMKEYWYQ [IMXIVZSV^YHVMRKIR /M1]SHMVMKMIVXIQILVIVI%RKVMJJWWTMX^IRKIKIRHMI1%7',-2)EFIVHMIWIQ7GLMJJW VMIWIR[EVOEYQFIM^YOSQQIR(IV;IPXVEYQVMRKWYQHMIFIMHIR,EPFOYKIPRQSGLXI MRIMRIQ-RJIVRSHIV;EJJIRKI[EPXZIVWMROIRHIR/SPSWWWGLIVXIHEWRMGLX (VIM7GLPEGLXWGLMJJIZIVPMIÃIRMLVI*SVQEXMSRIR/M1]SLEXXIHIR)MRHVYGORELIFIM MLRIR ^Y WGL[IFIR HIWLEPF IVOERRXI IV HMI %FWMGLX MLVIV /SQQERHERXIR WSJSVX -R WIPFWXQÚVHIVMWGLIV%FWMGLXWXàV^XIRWMIWMGLEYJHMI1%7',-2)LSJJXIR[SLPHEWWMLV 3TJIVKERKHIR7GLYX^WGLMVQHIW6MIWIR[IRMKWXIRWTEVXMIPPEYJFVIGLIRYRHREGLJSPKIR HIR)MRLIMXIRHMI+IPIKIRLIMXKIFIR[àVHIMLVIWGL[IVIR;EJJIRIMR^YWIX^IR 2IMRWGLVMI/M1]S-GLLEFIHMIWIR[ELRWMRRMKIR&IJILPRMGLXKIKIFIR/ILVX WSJSVXYQ /IMRI6IEOXMSR &IFIRHKPMXXHIV+IRIVEPMRWIMRIV;ELVRILQYRKRSGLRÈLIV(EW1ERÚZIV[EVER
,9&)68,%)27)0
4IVJIOXMSRRMGLX^YàFIVFMIXIRIWOEQJàVHMI/SPSRRIR1%7',-2)[SLPIFIRWSàFIV VEWGLIRH)VWXMRHIRPIX^XIR7IOYRHIRFVYGLXIMPIRWGLPYKHIR7GLPEGLXWGLMJJIR%F[ILV JIYIVIRXKIKIR )MR 6MRKVEYQIV HIV 7LSSVv^EM ^IVFVEGL JÚVQPMGL MR ^[IM ,ÈPJXIR [ÈLVIRH IV MQ 7GLYX^WGLMVQHIV1%7',-2)ZIVKPàLXI (àWXIVI7XVYOXYVVMWWILYWGLXIREYJJÈGLIVRHREGLEPPIR7IMXIRLEXXIRJàVHMI(EYIV IMRIW%YKIRFPMGOW&IWXERHYRHMRHMIWIQ%YKIRFPMGO^IVWGLIPPXIHEWREGLJSPKIRHI4] VEQMHIRWGLMJJ(IWWIR)RIVKMIZSVVÈXI[YVHIRWGLPEKEVXMKJVIMKIWIX^X+VIPPI7SRRIRKPYX KVMJJYQWMGLYRHJàVIMRIR1SQIRXWGLMIRIW[MVOPMGLEPW[ÈVIHIV7GLYX^WGLMVQHIV /SPSRRIR1%7',-2)^YWEQQIRKIFVSGLIR(SGLHMIZIV[ILIRHI+PYXLMRXIVPMIÃRYV IMRIOSR^IRXVMWGLI:IVJÈVFYRKYRH[MR^MKWXIJIMRI6MWWIHMIHIR7GLMVQHYVGLWIX^XIR 1MXXIRLMRIMRWXMIÃIMRIWHIV(VERE7GLMJJI/M1]SKPEYFXIIMRIRKIPPIRHIR%YJWGLVIM EYW8EYWIRHIR+ILMVRIR^YZIVRILQIREPWHMI(VEREMRHMI*EVFWXVYOXYVHIWKIWGL[ÈGL XIR7GLMVQWIMRHVERKIREFIVHERRZIVKPàLXIHEW7GLMJJ)WI\TPSHMIVXIRMGLXZMIPQILV IRXWXERHIX[EW[MIIMR*IYIVVMRKHIVWMGLKIHEROIRWGLRIPPZSQ&YKMR6MGLXYRK,IGO JVEÃYRHEPWIVIVPSWGLI\MWXMIVXIHEW7GLMJJRMGLXQILV )MRI0àGOIMQ7GLYX^WGLMVQ/M1]SKEFHIR*IYIVFIJILPEFIVEYGLWSLEXXIRIXPMGLI /SQQERHERXIRHMI'LERGIWGLSRFIQIVOX(MI7EPZIR(YX^IRHIV7GLMJJIOSR^IRXVMIVXIR WMGLEYJHIR%YJVMWW/M1]SKPEYFXIWSKEVHMIàFIVPMGLXWGLRIPPIR,]TIVHMQ6ÚLVIR IVOIRRIR ^Y OÚRRIR HYVGL HMI 3KLSV,]TIVHMQJIPHIVMRW >MIP KIWGLPIYHIVX [YVHIR ÈGLIHIV,EPFOYKIPHIR+EQQE%YWFVYGLHIV)RXPE HYRKQMXHIQ[IMXI&IVIMGLIHIV%YJFEYXIRMR)RIVKMIZIV[ERHIPX[YVHIR(E^[MWGLIR 8LIVQSWXVELPIRYRH(IWMRXIKVEXSVWEPZIRHIVIR%YW[MVOYRKIRMQ:IVKPIMGLRYV[MI2E HIPWXMGLIIVWGLMIRIR 2EGL[IRMKIR%YKIRFPMGOIRWXEFMPMWMIVXIWMGLHIV7GLYX^WGLMVQHIV/SPSRRIR1% 7',-2)(IV/SPSWWJIYIVXI^YVàGO;MIHIVI\TPSHMIVIRHI7GLMJJI>Y(YX^IRHIRJIKXI HIV+IKIRWGLPEKHIV1%7',-2)MLVI1EVEWER,]TIVHMQJIPHIV^YV7IMXI 4PÚX^PMGL[EVIRWMIHE(VIM+)7)8>+IFIVWXIPPXIRWMGLHIV1%7',-2)IRXKIKIR )W[EVEPWPMIJIIMR&IFIRHYVGLHIR6EYQ>[IM7GLSLEEOIR;EP^IRMRHIV%FWIX^FI [IKYRKFIKVMJJIRWGLMIRIRMLVI/SRWMWXIR^^YZIVÈRHIVR(IV)MRHVYGOIRXWXERHMLVI àGLXMKIWMGLWS[MI/M1]SIWMRHIR)RHFIVIMGLIRZSR+03-286%-836 ^YIVOIRRIRKIKPEYFXLEXXI %FIVHMIWIV:SVKERKWIX^XIWMGLRMGLXJSVXHMIRÈGLWXI&IFIR[IPPIPMIÃFIMHI7GLMJJI ZSRMRRIRLIVEYW^IVWTVMRKIR1MPPMSRIR[MR^MKWXIV&VYGLWXàGOI[YVHIRZSRIMRIQYR KILIYVIR(VYGOHEZSRKIWGLPIYHIVXEPWWXSÃIIMRI7SRRIMLVI+EWLàPPIEFYRHWMIZIV FVERRXIRMVVPMGLXIVRHMROEPXIQ*IYIV >IMXEPPI)MRLIMXIRHIR8VEMXEROWIRXKIKIR^Y[IVJIR7SPERKIHMI8LIVQSH]R-RKIRM IYVI QMX HIR+)7)8>+IFIVR HMI /SPSRRIR1%7',-2) EYW HIV 7GLPEGLX RELQIR JILPXIHIR(MWOYWWGLMJJIRHMI6àGOIRHIGOYRK :MIPPIMGLX[EVIWRMGLXQILVWS[MGLXMKHMI+)7)8>+IFIV^YWGLàX^IR[MI/M1]S YWWHILRXIWMGL[IMXIVEYW[àVHI+03-286%-836MR[IRMKIR 1MRYXIRIVVIMGLXLEFIR %FIV/M1]SHEGLXIRMGLXHEVERWSPERKI^Y[EVXIR-LQ[EVHIYXPMGLKI[SVHIRHEWW IVWGLRIPPLERHIPRQYWWXIYRHIVWXàX^XIWMGL[MIFIEFWMGLXMKXEYJHMI%PXIR:ÚPOIVZSR 8EVI7GLEVQ7MILEXXIRKIPIVRXWMGLMRHIV4VSXS2IKEWTLÈVI^YSVMIRXMIVIR[EWJàV HIR8VIGOHIW+)7)8>)7EYWHIQ-28%>3RMGLX^YXVEJ%YWWGLPMIÃPMGLHIR7GLMJJIR EYW8EVI7GLEVQ[EVIWQÚKPMGLHIRZSRHIR+)7)8>+IFIVRZIVÈRHIVXIR7IOXSV^Y ZIVPEWWIRYRHZSRHIV*PEROIER^YKVIMJIREYWIMRIV6MGLXYRKHMIHIR'LESWQÈGLXIR QÚKPMGLIV[IMWIYRFIHIYXIRHIVWGLMIR (IV>IMXTYROXJàVHMIWIR)MRWEX^[EVKàRWXMK[IMPHMI4YPOWHIV%PXIR:ÚPOIVRMGLX QILVPERKIEYJWMGLEPPIMRKIWXIPPXWIMR[àVHIR(MI*PSXXIOSRRXIWMIYRXIVWXàX^IRWSFEPH YWWHIV+)7)8>+IFIVEYWVIMGLIRH[IMXZSVERKIWGLVMXXIR[EV2SGLZSV^ILR SHIVJàRJ^ILR1MRYXIRLÈXXI/M1]SYRXIVHIQYRIVXVÈKPMGLIR+IJàLPKIPMXXIRHMIÀFIV PIFIRHIRHIV%PXIR:ÚPOIVMRIMRIR)MRWEX^SLRI6àGOOILV^YWGLMGOIRWMIEYJ^YVIMFIR [IMPWMIEPPIMR^Y[IRMKI[EVIRYQHIQ+IKRIVPERKIWXERH^YLEPXIR
(MI*MREPI7GLPEGLX
(MI7,%6/9:%HIW9PXMQEXIR6EXIW6ERHE)MWW[EVIMRIWHIV*àLVYRKWWGLMJJI(MI KYXEYWKIVàWXIXIR']TVSRWSPPXIRYRFIMVVFEVEYJ+03-286%-836ZSVWXSÃIRIKEP[EW RIFIRMLRIRKIWGLEL 9RH%6',)8-1YRH',)378%-#/M1]S[YWWXIHEWWWMIIMRKVIMJIR[àVHIRWSFEPH HMI2EHIPHIW'LESWMR&IHVÈRKRMWKIVMIX ;IKZSRHIR6EYQ>IMX6SYXIVRZSRHIRIRHMI8VEMXEROWQMX/YVWER[IMWYRKIRZIV WSVKX[YVHIR8MIJIVLMRIMRMR&IVIMGLIHMIYRXIVERHIVIR9QWXÈRHIRNIHIV6EYQJELVIV LEWWXI[MIHMI4IWX YWWXI+IFMIXTIVQERIRXPMIÃ :EVERXMV[MWWIR (IV%PKSVVMERQIPHIXIWMGLRYVQMXHMIWIQIMRIR7EX^àFIV-RXIVOSQYRHWGLEPXIXI WSJSVX[MIHIVEF6LSHERZIVWXERHHMIYREYWKIWTVSGLIRI%YJJSVHIVYRK -RNIRIQ&IVIMGLXSFXIHMI7GLPEGLX^YRILQIRHLIJXMKIV:SPP^SKWMGLHSVXHMI6IXVS ZIVWMSR#3HIV[EVHEWEPPIWRYVIMR%FPIROYRKWQERÚZIV[ÈLVIRH%6',)8-1ERERHI VIV7XIPPI^YWGLPYK# (IV6IWMHIRX[YWWXIIWRMGLXYRHWELEYGLZSVIVWXOIMRI1ÚKPMGLOIMXHEWLIVEYW^Y YKERHMI+)7)8>+IFIVZIVFSXWMGLRSGLZSRWIPFWX>YKVSÃ[EV HMI+IJELVHEWWHMI.90)7:)62)EYWHIQ/YVWKI[SVJIR[YVHIYRHWMGLEQ)VIMK RMWLSVM^SRX[MIHIVJERH:MIPPIMGLXWGLSRWSRELIHEWWIMR)RXOSQQIRYRQÚKPMGLWIMR [àVHI )MRIW HIV FIWGLÈHMKXIR 7YFPMGLX8VMIF[IVOI MQ 6MRK[YPWX HIV .: [YVHI WSIFIR IMRWEX^FIVIMXKIQIPHIX6LSHERRELQIW[SVXPSW^YV/IRRXRMW7SPERKIHMI.90)7:)6 SKYRHHMI8VMIF[IVOIHIV^[IMXIR/YKIP^IPPIWS[MIHIW1MXXIPXIMPW IMRWEX^FIVIMX[EVIRFIHIYXIXIHEWOIMRKVSÃIW,ERHMGET7GL[MIVMKIV[YVHIIWMQ*EPP IMRIV%FXVIRRYRKHIW7GLMJJIW (EWW HIV EFKIWGLEPXIXI 4EVEXVSR/SRZIVXIV FMWPERK RMGLX [MIHIV MR &IXVMIF KILIR OSRRXIFIVIMXIXIMLQWGLSRQILV/STJ^IVFVIGLIR:SVEPPIQ[IMPHMI^YIV[EVXIRHI ,IX^NEKHOIMRI>IMX^YV&IWMRRYRKPEWWIR[àVHI 7IMXHIQ8VERWQMXXIVHYVGLKERK^IMGLRIXIREPPI3VXYRKIRYRHHMIHVIM/ERXSV7I\XER XIRTIVQERIRXEYJ(MI%YW[IVXYRKHMIWIVI\SVFMXERXIR(EXIRJàPPI[àVHIWTÈXIVEYJ NIHIR*EPP2%8,%2àFIVRILQIR MIKIRHIR8VEMXEROW JIWXJVEÃZIVWGL[ERHIRHMIIVWXIR YKIMRKIXVIXIROSRRXIRWGLSRMRHIRRÈGLWXIR7IOYRHIR ZSVHIV.90)7:)62)QEXIVMEPMWMIVIRYRHHEW;MVOYRKWJIYIVIVÚJJRIR (E[EVIRWMI[MIHIV[IRRKPIMGLRSGLJEWXLYRHIVX1MPPMSRIR/MPSQIXIVIRXJIVRX-LV /YVWZIOXSV [YVHI IMRKIFPIRHIXKMRK IMR 7XàGO [IMX ZSV HIV .90)7 :)62) ZSVFIM )MRI4SWMXMSRHMIHEW,ERXIPVEYQWGLMJJMRHVIMÃMK7IOYRHIRIVVIMGLIR[àVHI/SPPMWM SRWOYVW I\I YRHXEYGLXIRJEWXMQWIPFIR7IOYRHIRFVYGLXIMPEFIVQEPWIMR7XàGORÈLIVEYWHIQ ,]TIVVEYQEYJMRQMXXIR[ILIRHIV)RIVKMIWGLPIMIVHMIHEW&MPHYRWGLEVJQEGLXIRYRH ZIV[MWGLXIR 2SGLWMIFIR7IOYRHIRFMW^YQ)VVIMGLIRHIVIVJSVHIVPMGLIR)MRXEYGLKIWGL[MRHMK OIMX 4IVQERIRXKIWXEJJIPXI1IXEKVEZ)XETTIR6LSHER[ERHXIWMGLERHIR/SQQER HERXIR)MR^IPVIMGL[IMXIQE\MQEPIMRI0MGLXQMRYXIRMGLXQILV%YJOIMRIR*EPPHMVIO YKEYJ%6',)8-17*PSXXI 0ER^%LEOMRFIWXÈXMKXIORETT 6LSHER LEXXI HMI 7XERHEVHTVSNIOXMSR HIV )\TIHMXMSRWPIMXYRK EOXMZMIVX HMI MLR EPW 6YRHYQTVSNIOXMSR YQKEF *M\MIVX EYJ HIR4PEX^ HIW/SQQERHERXIR EYJ HIQ '31
,9&)68,%)27)0
1%2(0IZIPOSRRXIIVWSIVOIRRIRHEWW%LEOMRHMI(MVIOXZIVFMRHYRK^YHIR']TVSR 7TLÈVMOIVRKIÚJJRIXLEXXI(MIWILSGLWIRWMFPIR;IWIRHMIEPW1YXEXMSRHYVGLHMI)MR [MVOYRKHIW:MFVE4WMEYWHIR']TVSRLIVZSVKIKERKIR[EVIRWGLMIRIRWIMRI*SVHIVYRK QMXFIOSQQIR^YLEFIR)MRIVZSRMLRIRQEGLXINIHIRJEPPWIMRIFIWXÈXMKIRHI+IWXI *àRJ^MK4VS^IRXHIV0MGLXKIWGL[MRHMKOIMX[EVIRIVVIMGLX 2SGLZMIV^ILR7IOYRHIRFMW^YQZIVQYXIXIR>YWEQQIRXVIJJIRQMXHIRIVWXIR8VEM XEROW :SVHIV.90)7:)62)IRXWXERHHMI4VSNIOXMSRHIW1IXEKVEZ:SVXI\HIVEPW4WIYHS &PEGO,SPIHIR%YJVMWW^YQ,]TIVVEYQIV^IYKXI+VIPPI,IPPMKOIMXFVEGLEYWHIQ%YJ VMWWLIVZSVIMRI7GLVIGOWIOYRHI^[MWGLIR%FFVYGLYRH6MWMOSEFIV%LEOMRHEGLXIRMGLX HEVERHIR:SVXI\HIWLEPF^YWEQQIRFVIGLIR^YPEWWIR -VKIRHIX[EWZIVPMIJERHIVWEPWWSRWX%FIV[EWFIHIYXIXIMQ2EGLLMRIMRIMRI7IOYRHI YKYRXIV7GL[MIVMKOIMXIR[IRRHEW7GLMJJWGLSRYRFIWGLEHIXMRHIR2SVQEP VEYQ^YVàGOKIJEPPIR[EVYRHEGLX^ILR1MPPMSRIR/MPSQIXIVàFIV[YRHIRLEXXI# 6LSHEROSRRXIZSRWIMRIQ4PEX^EYWRMGLXFIYVXIMPIRSFIWXEXWÈGLPMGL^YWTÈXKI[I WIR[ÈVIHIRÀFIVXVMXXEF^YFVIGLIR1MXHIR8VEMXEROWMQ2EGOIRLÈXXIIVEPPIVHMRKW RMGLXERHIVWKILERHIPXEPWHIV/SQQERHERX )RX[IHIV[EVHIV;MHIVWXERHHIWÀFIVXVMXXWKVÚÃIVEPWIV[EVXIXKI[IWIRSHIVHIV ,]TIVVEYQZIVÈRHIVXIWMGLYRH^ILVXIHMI&I[IKYRKWIRIVKMIHIW7GLMJJIWXVSX^HIVWGLàX ^IRHIR+VMKSVSJJ7GLMGLXEYJ(MIRÈGLWXI1IXEKVEZ)XETTIOSRRXINIHIRJEPPWRMGLXYR QMXXIPFEVERWGLPMIÃIR )RHPSWHILRXIRWMGLHMI7IOYRHIRHIVIVJSVHIVPMGLKI[SVHIRIRRIYIR&IWGLPIYRM KYRKWTLEWI )RHPMGLEPWHIV/ERXSV7I\XERXHMIIVWXIR8VEMXEROWWGLSRHSVXIVJEWWXI[SHMI.90)7 :)62)FMWZSV^ILR7IOYRHIRKI[IWIR[EVXEYGLXIHEW,ERXIPVEYQWGLMJJIVRIYXMRHEW àFIVKISVHRIXI/SRXMRYYQIMR(MIWQEPKEFIWOIMRIYRERKIRILQIR&IKPIMXIVWGLIMRYR KIR 6àGOWXYV^REGLEFIVQEPWORETTEGLX^ILR1MPPMSRIR/MPSQIXIVR(IV/YVWZIOXSVHIW 7GLMJJIWLEXXIWMGLYQKYXHVIMÃMK+VEHZIVWGLSFIR(MI']TVSR7TLÈVMOIVZIVWYGLXIR SJJIRFEVIMRIEYWKIHILRXI1EXIVMI[SPOI^[MWGLIRWMGLYRHHMI:IVJSPKIV^YFVMRKIR )MRIR:IVWYGL[EVIWEYJNIHIR*EPP[IVXJERH6LSHER 2SGLIMRQEP[YVHIHEW7GLMJJJàRJSHIVWIGLW7IOYRHIRPERKFIWGLPIYRMKX)W[EVKYX SKWSRHIVRIMRI+IWGL[MRHMKOIMXWVIWIV ZIEYJ^YFEYIRZIVWYGLXI)MRTEEVXEYWIRH7IOYRHIROMPSQIXIVOSRRXIRSLRILMRWGLRIPP [MIHIVEYJKI^ILVXWIMR /IMRIRIYI3VXYRKHIV8VEMXEROW (EWQEGLXIIWNIHSGLRMGLXPIMGLXIV:MIPPIMGLXJÈGLIVXIRHMI(MWOYWWIEYJYRHZIVWYGL XIRHMI.90)7:)62)IMR^YOVIMWIRzOIMRIW[IKWIMRPIMGLXIW1ERÚZIVYRXIVHIRLIVV WGLIRHIR&IHMRKYRKIREFIVRMGLXYRQÚKPMGL )MR0IYGLXWMKREPWIMRIV[IMXIVLMREOXMZIR:MVXYIPPIR6YRHYQWMGLXUYMXXMIVXI6LSHER QMXIMRIQWGLRIPPIR&PMGOOSRXEOX1SRHVELEXXIWMGLMRHMI7XERHEVHTVSNIOXMSRIMRKI WGLEPXIX ;MVPEWWIRYRWEYJIMRI,EWIRNEKHIMRHMI[MVRMGLXKI[MRRIROÚRRIRWXIPPXIWMI JIWX;EVYQZIVWYGLIR[MVRMGLXHIR3VXYRKWWGLYX^IMR^YWIX^IR# SKHEWHVMXXI1IXEKVEZ1ERÚZIVMR*SPKI(IV6àGOWXYV^[YVHI VYTTMKHEW7GLMJJXEYGLXISJJIRFEVMR%YWPÈYJIVHIV1EXIVMIWGLPIMIVIMR7GLMVQJIPHEPEVQ LIYPXIEYJ[YVHIZSRIMRIQYRLIMQPMGLIR4VEWWIPRYRH/RMWXIVRàFIVXÚRXEFIVHERR XVEXEFVYTX7XMPPIIMR%LEOMRLEXXI HMI,À7XEJJIP ^YKIWGLEPXIXYRHXEXWÈGLPMGLIMRI )RXPEWXYRKIVVIMGLX 2IKEWTLÈVIRPSKMOJERH6LSHER;IKZSRKI[SLRXIQ(IROIRYRHLMR^YHIQYR [ELVWGLIMRPMGL%RQYXIRHIRWMGLMRNIHIV/SRWIUYIR^HIRIRXEVXIXIR+IWIX^QÈÃMKOIM XIRÚJJRIR%FIVWIPFWXHEWLMIÃ[MIIMR&PMRHIVMQ2IFIP^YWXSGLIVR
(MI*MREPI7GLPEGLX
(MI&IPEWXYRKJàV1IRWGLYRH1EXIVMEP[YGLWTIVQERIRX*àVHIR*EPPIMRIWJVàL^IM XMKIR :IVWGLPIMÃIW HIV IMRKIWIX^XIR ,]TIVOVMWXEPPI [EV :SVWSVKI KIXVSJJIR (MI *VEKI WXIPPXIWMGLEFIV[MIWGLRIPPHMI&IWGLMGLXYRKIR[MVOPMGL7GLÈHIR^IMKIR[àVHIR 1SRHVEW%FFMPHWGLEYXIMLRMQQIVRSGLER3JJIRWMGLXPMGLLEXXIWMIWIMRIR&PMGOFI QIVOXHIVHIR1IXEKVEZ(EXIRKIKSPXIRLEXXI IFIRHIWLEPFJàKXIWMIMLVIV*VEKILMR^YHMIIFIRIVWXZIVOPYRKIR[EV ;EW[àVHIR[MVHEQMXKI[MRRIR#JVEKXI6LSHER^YVàGO%PPI%KKVIKEXIEVFIMXIR ERHIV0IMWXYRKWKVIR^I7SPERKI[MVTIVQERIRXZSR,]TIVWXàVQIRYRHHIR%YW[MVOYR IGLXWFIHVSLXWMRHVMWOMIVIMGLRMGLXHIR7GLEXXIRWGLMVQSHIV KEVHEW%RXMXIQTSVEPI+I^IMXIRJIPH^YZIVPMIVIR7GLPMIÃPMGLLEFIR[MVWGLSR7GL[MI VMKOIMXIRFEREPI7GLÈHIR^YFILIFIR%YÃIVHIQ;IPGLIR:SVXIMPWSPPXIR[MVYRWQS QIRXERZSQ:MVXYIPPFMPHRIVSHIVHIQ0%96-2ZIVWTVIGLIR# (MI8VEMXEROW[àVHIRHMI:IVJSPKYRKZMIPPIMGLXWGLRIPPIVEYJKIFIR (MIRÈGLWXI1IXEKVEZ)XETTI6LSHERIVOERRXIHEWWHMI']TVSR7TLÈVMOIVXEXWÈGL PMGLHMI1EXIVMIWGLPIMIV^[MWGLIRHEW7GLMJJYRHHMIPIX^XIR4SWMXMSRIRHIV 8VEMXEROW KIFVEGLXLEXXIR:MIPPIMGLXIRXWXERHHEVEYW[MVOPMGLIMR>IMXKI[MRR )VIVPEYFXIWMGLIMRXMIJIW(YVGLEXQIR(EW7GLMJJFIJERHWMGLIVWXWIMXYRKIJÈLVHVIM ÃMK1MRYXIRMQKEPEOXMWGLIR>IRXVYQWFIVIMGL ;MVLEFIRIMRI%YJKEFI^YIVJàPPIRWEKXIHIV8IVVERIVORETT%RKIWMGLXWHIV8VEK [IMXIYRWIVIW)VJSPKWSHIV1MWWIVJSPKWHIROIMGLRMGLXHEVERYRWIV4YPZIVJVàL^IMXMK^Y ZIVWGLMIÃIR 1SRHVE(MEQSRHWGLEYXIMLRMVVMXMIVXER(ERRZIVWXERHWMI[EWIVQIMRXI (MI%FXIMPYRK)RIVKMIYRH1EWGLMRIRQIPHIXI4VSFPIQIQMXHIV+VMKSVSJJ%FWGLMV EXXIVRHI*IPHWXÈVOI9VWEGLIYRFIOERRX 6LSHERFMWWHMI>ÈLRI^YWEQQIR;IPGLIW+IJÈLVHYRKWTSXIR^MEPIVKMFXWMGLJàVHMI RÈGLWXIRÀFIVPMGLXQERÚZIV# /IMRI/YVWOSRXVSPPIHYVGLHMI']TVSR-QWGLPMQQWXIR*EPP[MVHHIV*PYKYROSR XVSPPMIVFEVYRH[MVJEPPIREYWKIVIGLRIXHSVXEYWHIQ,]TIVVEYQ^YVàGO[S[MVIW FIWXMQQXRMGLX[SPPIR -RRIVLEPFHIW)VIMKRMWLSVM^SRXW^YQ&IMWTMIPJàKXI%LEOMRLMR^Y:SVWGLPEK&MW [MVHMI*ILPIVUYIPPIEYJKIWTàVXLEFIROSTTIPR[MVHMI+VMKSVSJJ4VSNIOXSVIRHIV.: QMX YRWIVIR %RPEKIR LMIV (ERRFPIMFX HMI %YWJàLVYRK FIMHIR']TVSR 1MX 2)137 9RXIVWXàX^YRKWSPPXIR[MVHEWMRJàRJ1MRYXIREFKI[MGOIPXLEFIR *àRJ1MRYXIR(EWFIHIYXIXIFIMRELIWGLSRIMRIOPIMRI)[MKOIMX(MI%PXIVREXMZILMIÃ [IMXIVQEGLIR[MIFMWLIV )MRZIVWXERHIRWEKXI6LSHERORETT%FIVHYWGLEJJWXIWMRHVIM1MRYXIRFIZSV HMI8VEMXEROWYRWIVRIYXEYJKIWTàVXLEFIRYRHHEW*IYIVIVÚJJRIR )VPÚWXIWMGLEYWHIV7XERHEVHTVSNIOXMSRYRHPMIÃWIMRIR&PMGO[MIHIVYRKILMRHIVX HYVGL HMI >IRXVEPI WGL[IMJIR -R HIQ 1SQIRX QIPHIXI WMGL HMI 1IHSWXEXMSR 1ENSV ,EPXEPPMSRWELEYWEPW[ÈVIIVZSV[IRMKIR7IOYRHIRIMRIQ+IMWXFIKIKRIX -GLLEFIHMI:IVÈRHIVYRKMLVIW>YWXERHWWGLSRZSVHVIMÃMK1MRYXIRFIQIVOXEFIVHE [EVRSGLMROIMRIV;IMWIIVWMGLXPMGL[EWIMKIRXPMGLZSVKMRK:SV^[IMSHIVHVIM1MRYXIR MWXHMI4VMR^MTEEYWHIQ/SQEEYJKI[EGLX9VWÈGLPMGLHEJàV[EVSJJIRFEVHIV)RX^IV VYRKWWGLSGOHIW8VERWQMXXIVHYVGLKERKW 4IVV]6LSHERVIEKMIVXIEYKIRFPMGOPMGL)VPMIÃJàVWMGLOIMRI+IJàLPI^Y[IHIV)V PIMGLXIVYRKRSGL,SJJRYRKZMIPQILVVMIJIV+YGO]^YWMGL -GLFMRWSJSVX6LSHERYRXIVFVEGLWMGLHIRR1ENSV,EPXEPPMSRLEXXIWGLSR[MIHIV EFKIWGLEPXIX )W[EVIMR)V[EGLIRSLRIÀFIVKERK )MRXSFIRHIV7GLQIV^LEXXIWMIKI[IGOX(EFIM[EVWMIWMGLMLVIV)\MWXIR^RMGLXIMRQEP FI[YWWXKI[IWIRIVWXMRHIQ1SQIRXZIVWXERHWMI[MIHIVHEWWWMIPIFXI ÀFIVMLVWTERRXIWMGLIMRFPEYIV,MQQIPMRHIQ[IMÃI7GLPIMIV^YWIPXWEQIR;SPOIR
,9&)68,%)27)0
^YWEQQIR[YGLWIR)MRIOPIMRIKIPFI7SRRIZIVWXVELPXI[SLPMKI;ÈVQI /EQYOSJERHHEWWHMIWIV,MQQIPWXIVMP[MVOXI)V[EVOàRWXPMGL9RHIVWXNIX^XVIKM WXVMIVXIWMIHEWW*PàWWMKOIMXMLVIR/ÚVTIVYQWTàPXI8VSX^HIQEXQIXIWMI7EYIVWXSJJ[IMP MLV3FIVOÚVTIVMRPIMGLXEYJVIGLXIV,EPXYRKKIWXàX^X[YVHI .IQERHLEXXIMLVHMI/PIMHYRKEFKIRSQQIR 7MIWXIPPXIJIWXHEWWWMIMRIMRIV%VX&ILÈPXIVPEK)MRQIHM^MRMWGLIW7]WXIQ^[IMJIPPSW YRHHMI*PàWWMKOIMXZIVWSVKXIWMIàFIVHMI,EYXQMX2ÈLVWXSJJIR )FIRWSEFVYTX[MI/EQYOSWMGLMLVIVWIPFWXFI[YWWXKI[SVHIR[EVOILVXIHMI)VMR RIVYRK^YVàGO -RHIQ)MRQERREYJOPÈVIV1%=9/-LEXXIWMIWMGLHIV2IKERIR7XEHXKIRÈLIVX;IMP HEW)VWGLIMRIRHIV7XEHXQMXHIQ;IVHIRHIV2IKEWTLÈVIZIVFYRHIR[EV(IV'LES TVIWWSV/308363'[àVHIHSVXIVWGLIMRIRYQHMI/SRZIVWMSRHIV4VSXS2IKEWTLÈVI IMR^YPIMXIR RHIR[EVWMIKIJERKIRKIRSQQIRYRHZIVLÚVX [SVHIR /EQYOSIRXWERRWMGLHEWWWMIZIVWYGLXLEXXIWMGLWIPFWX^YXÚXIR9QRMGLX^YV:IV ER^X[SVHIR[EV (EREGL #7MIIRXWERR WMGL RMGLX SFWMI [MVOPMGL ^YV:IVVÈXIVMR ER %6',)8-17 7EGLIKI[SVHIR[EV2YVZEKIKPEYFXIWMIWMGL^YIVMRRIVRHEWWWMIIMRIR0ESWSSVER KIKVMJJIRLEXXIYRHTEVEP]WMIVX[SVHIR[EVHEREGL[EVWMIEYJHMIWIQJVIQHIR7GLMJJ EYJKI[EGLXEYJHIV.90)7:)62) )MR7GLEXXIRMVVMXMIVXIWMI)MRIWXÈQQMKI+IWXEPXFIYKXIWMGLàFIVWMI*àVIMRIR1S QIRXKPEYFXI/EQYOSÀFIVVEWGLYRKMRHIRVSXFVEYRIR%YKIR^YIVOIRRIRMRIMRIQ +IWMGLXHEWZSRHMGLXIQVSXIQ,EEVFILIVVWGLX[YVHI &IJERHWMIWMGLMQQIVRSGLEYJHIQ,ERXIPVEYQWGLMJJ#7MIZIVWYGLXIWMGL^YIVLIFIR EFIVWXIGLIRHI7GLQIV^IRMQ2EGOIRPMIÃIRWMIWXÚLRIRH^YVàGOWMROIR (MI/VEPPIVIEKMIVXI /EQYOSW+IHEROIR[MVFIPXIRLEPXPSWHYVGLIMRERHIVEPWERHIVI+IWMGLXIVEYJWMILIV EFKEJJXIR8IVVERIVHEWIVOERRXIWMIRYRHIYXPMGL (MI&IWYGLIVEYWIMRIVYRFIOERRXIRYRHWILV[IMXIRXJIVRXIR+EPE\MILEXXIRWMIEYW HIQ2IKERIR/IVOIVFIJVIMX ;MIJàLPWXHYHMGL4VMR^MTE#JVEKXIIMRI[IMFPMGLI7XMQQI,EWXHY7GLQIV^IR# (IV)MRKVMJJMWXPIMHIVRMGLXKER^OSQTPMOEXMSRWPSWZIVPEYJIR )MRKVMJJ#(E^YHMIZSRMLVIQ2EGOIREYWWXVELPIRHIRTSGLIRHIR7GLQIV^IR%YÃIV HIQOSRRXIWMIYRKILMRHIVXàFIVMLVI+IJERKIRWGLEJXYRHHMI:IVLÚVIREGLHIROIR*EWX [EV/EQYOSZIVWYGLXER^YRILQIRHEWW6LSHERW0IYXIWMIRMGLXRYVEYWHIV+I[EPX HIV/SPSRRIFIJVIMXWSRHIVRWSKEVHMI/VEPPIHIW0EFSVEXIREFKIXÚXIXLEXXIR 7MIJVEKXIWMGL[IVHMIWI6EYQJELVIV[MVOPMGL[EVIR(MI+IWGLMGLXIZSRHIVJIVRIR +EPE\MIYRHHIVERHIVIR2IKEWTLÈVI[EVMLVZSR%RJERKER^YHàVJXMKIVWGLMIRIR%FIV HMI;ELVLIMX# (IVQMXHIQFILEEVXIR+IWMGLX[EV[MIHIVHEYRHVIHIXIEYJWMIIMR/EQYOSZIVWXERH FIMPIMFIRMGLXEPPIW[EWIVWEKXI7MIWGL[MIK:IVWYGLXIQMXWMGLWIPFWXYRHMLVIV7MXYE XMSR^YVIGLX^YOSQQIRzZSVEPPIQ[EVHETPÚX^PMGLHIV+IHEROIER%6',)8-1YRHHMI *PSXXIERHMI*MREPI7GLPEGLX ;MIPERKIQSGLXIWMISLRI&I[YWWXWIMRKI[IWIRWIMR# -GLLEFI6LSHERMRJSVQMIVXWEKXIHIV6SXLEEVMKI:MIPPIMGLXKIVEHIRSGLVIGLX^IM XMK MIÃIRH/EQYOS[YWWXIXVSX^HIQRMGLX[SZSR IVVIHIXI7MIWGL[MIKWXVIGOXIMLQEFIVEYJJSVHIVRHIMRI,ERHIRXKIKIR )VFPMGOXIWMIYRKPÈYFMKERHERRKEFIVIMRORETTIW/SQQERHS-QRÈGLWXIR1SQIRX JàLPXI/EQYOS WMGLWERJXMRHMI ,ÚLIYRHMR FIMRELI WMX^IRHI4SWMXMSRKILSFIR7MI OSRRXIRYRàFIVHIR6ERHHIW8EROWLMR[IKFPMGOIR 8IVVERIVFIMHIVPIM+IWGLPIGLXWWGLEYXIRWMIJSVWGLIRHER)MRIVJàLVXIWIMRI,ERHQMX IMRIQOVMWXEPPJÚVQMKIROPIMRIR+IVÈXàFIVMLVI7XMVRàFIVHMI7GLPÈJIRYRHHIR2EO OIRFIVIMGLSLRIWMINIHSGL^YFIVàLVIR
(MI*MREPI7GLPEGLX
7MIWGLIMRXZÚPPMK[MIHIVLIVKIWXIPPX^YWIMRWEKXIIV ;IRMKI7GLVMXXIIRXJIVRX[EVIRQILVIVI,SPSWEOXMZ/EQYOSZIVOVEQTJXIWMGLEPWWMI IMRFVSHIPRHIW1IIVPSHIVRHIV)RIVKMIWGL[EHIRYRH[MVFIPRHIV1EXIVMIWGLPIMIVWEL (E^[MWGLIRIMRIZSRLIJXMKIR)RXPEHYRKIRYQXSFXISZEPZIV^IVVXI7SRRI(IV7XIVRPEK YWWIRXVMWWMLQI\SVFMXERXI1IRKIR KPàLIRHIV1EXIVMIYRHZIV[MVFIPXIWMI (EW[EV1EVKMR'LVMPS\ 9RKPÈYFMK QYWXIVXI /EQYOS HMI ;MIHIVKEFI YRH [EV WMGLIV HEWW WMI HEW VMIWMKI 7GL[EV^I0SGLMQ>IRXVYQ8EVI7GLEVQWWEL(EWZIVWGLEJJXIMLVIMRI:SVWXIPPYRKHIW WIR[MIZMIP>IMXZIVKERKIRWIMRQYWWXI9RH[IRRWMGLHMI.90)7:)62)LMIVEYJLMIPX OSRRXIHEWRYVFIHIYXIRHEWWHMI*MREPI7GLPEGLXFIKSRRIRLEXXI 3LRIWMI#9RHSLRIHMI2EGLXPMGLX6àWXYRK)W[EVMLVI%YJKEFIHMI6àWXYRKMRHIV 7GLPEGLX^YXVEKIRYQ%6',)8-1^YWGLàX^IRYRHWSZMIPIIMKIRI8VYTTIR[MIQÚKPMGL YRFIWGLEHIX^YQ7MIK^YJàLVIR ;IVPIMXIXIRYRHMI*PSXXI#-LVOEQRYV/M1]SMRHIR7MRR)VLEXXIEPW%6',)8-17 &SXIFIWXMQQXKVSÃI)VJELVYRKKIWEQQIPX%FIVIVOSRRXIHMI6àWXYRKRMGLXXVEKIR HIRRHMIWI[EVI\EOXEYJWMI/EQYOSKIIMGLX ÀFIVLEYTX-LVI6àWXYRK[EVMQ2IKERIR/IVOIV^YVàGOKIFPMIFIR9RIVVIMGLFEVYRH YRIVWIX^PMGL /EQYOSWTàVXIIMRI&I[IKYRKYRHWXIPPXIJIWXHEWWHMI*PàWWMKOIMXEFKIWEYKX[YVHI (IV6SXLEEVMKIWXVIGOXIMLVHMI,ÈRHIIRXKIKIRYQMLVEYWHIQ8EROLIVEYW^YLIPJIR EFIV/EQYOSMKRSVMIVXIHMI+IWXI7MI[EVMQQIVRSGLOVÈJXMKKIRYKHEWWWMIWMGLWIPFWX IVLIFIROSRRXI (YFMWX^[EVOÚVTIVPMGL[MIHIVLIVKIWXIPPXEFIVHYWSPPXIWXRMGLX^YLEWXMKEKMIVIR LÚVXIWMIHIR1ERRWEKIR)MRIKI[MWWI)MRKI[ÚLRYRKW^IMXWGLEHIXFIWXMQQXRMGLX(MI %XVIRXYW1IXLSHIQMXHIV[MVHMI/VEPPIMWSPMIVIROSRRXIR[ÈVIFIMRELIXÚHPMGLZIV PEYJIR (MI4VMR^MTEWXYX^XIWGLEYXIERHIQ6SXLEEVMKIRYRHHIRERHIVIRZSVFIM(IV1ERR HIRWMITPÚX^PMGLWEL[EV[MIEYWHIQ2MGLXWIVWGLMIRIR(EWOPIMRITIP^MKI;IWIR+YO O]WGLMIRQMXMLQXIPITSVXMIVX^YWIMR /EQYOSOERRXI+YGO]HIROPIMRIR7TIMGLIVOVMWXEPPHMIFHIVWMGLWIPFWXWSKIWGLMGOX YRHYREYJJÈPPMK[ÈLRXIYRHMRWIMRIQ)MJIVKEVRMGLXFIQIVOXLEXXIHEWWWMIMLQHIR 7TIMGLIVQMXHIV7XIVROEVXIZSR8EVI7GLEVQEFWMGLXPMGL^YKIWGLSFIRLEXXI (MI*VEY1SRHVE(MEQSRH[EVRMGLXKIOSQQIR%FIV+YGO]LEXXIEYÃIV1SRHVE IMRIR^[IMXIR1ERRQMXKIFVEGLX(MI4VMR^MTEIVOERRXIMLRWSJSVXERHIVHYROPIR1EW OIHMIWIMR+IWMGLXFMW^YQ,EEVERWEX^FIHIGOXIYRHYRXIVHIVIMRKVIPPIW0IYGLXIR XSFXI %PEWOE7EIHIPEIVI7MILEXXIMLRRYVIMRQEPKIWILIRHEREGL[EVIVMLVWXIXWEYWHIQ ;IKKIKERKIR)X[EWWXMQQXIRMGLXQMXMLQHEWKPEYFXIWMINIX^XHIYXPMGL^YWTàVIR)V IPHEWWWMIIW FIQIVOXLEXXI 7XÚVXIMLRMLVI2EGOXLIMX#.IQERHHIVWSKEVWIMR+IWMGLXZSVEPPIR&PMGOIRZIVFEVK LEXXIQÚKPMGLIV[IMWI4VSFPIQIHEQMX3HIVXVYKHIV,EKIVIHMI1EWOIEYWIMRIQERHI VIR+VYRH#(EW0IYGLXIRHEWWIMXPMGLYRHYRXIVHIR7GLPMX^IRLIVZSVHVERKWGLMIRMR XIRWMZIVKI[SVHIR ^Y WIMR /EQYOS JàLPXI WMGL KPIMGLIVQEÃIR HEZSR ERKI^SKIR YRH EFKIWXSÃIR 6LSHEROEQEYJWMI^Y7EIHIPEIVIZIVLMIPXWMGLEF[EVXIRH%PW+YGO]TPÚX^PMGLWIMRIR IMR^MKIR>ELRIRXFPÚÃXIYRH^YKVMRWIRWGLMIRLÚVXI/EQYOSLMRXIVWMGLIMRIRZIVFPàJJ XIR0EYX)MRIVHIVERHIVIR8IVVERIV[ELVWGLIMRPMGL[EVIRWMIEPPI1IHM^MRIV[EVMQ &IKVMJJKI[IWIRMLVI/PIMHYRK^YFVMRKIR(SGLHMI/SQFMREXMSRLEXXIWMGLMRWIMRIR %VQIRWIPFWXWXÈRHMKKIQEGLXYRHWGL[IFXI[MIZSR+IMWXIVLERHKIJàLVXEYJWMI^Y /EQYOSZIVWXERHHEWW+YGO]WIMRIXIPIOMRIXMWGLIR/VÈJXIIMRWIX^XIEFIVWMIEGLXIXI OEYQHEVEYJHIRRMR+IHEROIR[EVWMIFIM%6',)8-1YRHHIV6IXVSZIVWMSR(EWW 4IVV]6LSHERMLVFIMQ%ROPIMHIRLEPJVIKMWXVMIVXIWMIIVWXMRHIQ1SQIRXEPWIV^YVIHIR RK
,9&)68,%)27)0
9RVYLIIRXWXERH*EWXEPPI[ERHXIRWMGLHIR,SPSW^Y8VEMXEROW[EVIRMRHIV;MIHIV KEFIIVWGLMIRIR7MIIVÚJJRIXIRHEW*IYIV/EQYOSKPEYFXI^YWTàVIRHEWWHMI.90)7 :)62)FIFXIEFIVSJJIRWMGLXPMGL[EVHEW7GLMJJMRPIX^XIV7IOYRHIMRHIR,]TIVVEYQ SLIR 2MGLXPÈRKIVEPPIVHMRKWEPWIMRIRàFIVVEWGLXIR0MHWGLPEK(ERR[EVHIVKMKERXMWGLI 7SKHIV%OOVIXMSRWWGLIMFI[MIHIV^YWILIR[IRREYGLPÈRKWXRMGLXMRWIMRIVKER^IR %YWHILRYRK>MIQPMGLMQ>IRXVYQHIV;MIHIVKEFIPEYIVXIEFWSPYXI7GL[ÈV^IHIV)V IMKRMWLSVM^SRXHIQOIMR0MGLXUYERXQILVIRXOEQ (IV&PMGO[MROIPZIVVMIXHEWWHMI.90)7:)62)NIX^XLÚLIVEPW^YZSVàFIVHIV6SXE XMSRWIFIRIWXERH 7GLSRXVEXHEW,ERXIPVEYQWGLMJJMRHMIRÈGLWXIÀFIVPMGLXIXETTIIMR 6LSHERFIVMGLXIXI[IMXIVMRIMRIV6YLIEPWKÈFIIW[IHIV8VEMXEROWHMIWIMR7GLMJJ EXXEGOMIVXIRRSGLHEW7GL[EV^I0SGLYRHHIRXSFIRHIR,]TIVWXYVQ7XÚVYRKIRZIV ^IVVXIRHMI;MIHIVKEFIWMIPMIÃIRHEW&MPHZSVàFIVKILIRH^YWEQQIRFVIGLIR HMI/VEPPIHIW0EFSVEXIR[YVHIZSRHIMRIQOÚVTIVIMKIRIR+I[IFIYQ[EGLWIR YRHRIYXVEPMWMIVXWMIOERRHMVRMGLXQILVKIJÈLVPMGL[IVHIRWEKXIHIV8IVVERIVEPW KÈFIIWRMGLXWERHIVIW^YOPÈVIR[ÈLVIRHWIMR7GLMJJMRHIRWMGLIVIR9RXIVKERKWXIYIV XI ;EVIVWSZIVVàGOXHEW6MWMOSRMGLX^YIVOIRRIRSHIVLERHIPXIIVMRZSPPIV%FWMGLX# &IMHIWEVK[ÚLRXI/EQYOSEPW6LSHERZSRHIV*SVQEXMSRHIV6EYQ>IMX6SYXIV WTVEGLYRHZSRHIQ8VERWQMXXIVJIPH%YWRÈGLWXIV2ÈLILEXXIIVFISFEGLXIXHEWW8VEM XEROWEFKIWXVELPX[SVHIR[EVIR EPWHMI6EYQ>IMX6SYXIVQMXKI[EPXMKIV7IRHIPIMWXYRKEYJHIV*VIUYIR^HIW/S PSRRIR*YROWMLVI)MRLIMXIRVMIJIRYRH%PEVQJàV1EVKMR'LVMPS\KEFIROSRRXIR[MV MIKIR 2EXàVPMGLWMIWIPFWXLÈXXIRMGLXERHIVWKILERHIPX9RH[IRREYGLRYVHIWLEPF[IMP WMIHEVER^[IMJIPXIHEWW/M1]S[MVOPMGLIMR/ÈQTJIV[EV 9RWIVI 3VXYRKIR ^IMKIR HEWWMQ6ERHFIVIMGL HIV %OOVIXMSRW^SRI IMRI KI[EPXMKI 6EYQWGLPEGLXXSFX-QQIVRSGL[EV4IVV]6LSHERW7XMQQIOIMRI%YJVIKYRKER^YQIV OIR (EROIWEKXI/EQYOS :MIPPIMGLXOERRWXHYHMGLIVOIRRXPMGL^IMKIR(MI*MREPI7GLPEGLXMWXRSGLRMGLXKI WGLPEKIR 7MIZIVWXERHRMGLX)V[EVXIXI6LSHERHEWWWMIWMGLQMX%6',)8-1MR:IVFMRHYRK WIX^XI#(EW[EVYRQÚKPMGLKI[SVHIR (IV8IVVERIVWGLEYXI7EIHIPEIVIERRMGOXIMLQEYJJSVHIVRH^YYRHKPIMGL^IMXMKWTàV XI/EQYOSWIMRI,ERHERMLVIQ3FIVEVQ7MIVIKMWXVMIVXIIMRLIJXMKIW4VMGOIPRIMR%YJ [SKIRMLVIV+IJàLPIEFIVKPIMGL^IMXMK[YVHIMLVOPEVHEWW6LSHERFMWPERKRMGLXEPPIW KIWEKXLEXXI)VLMIPX-RJSVQEXMSRIR^YVàGOz%YWWEKIRHMIIMKIRXPMGLRYVQMXHIV*MRE PIR7GLPEGLX^YWEQQIRLÈRKIROSRRXIR1MX/PIMRMKOIMXIRKEFWMGLHIV%YVEXVÈKIVRMGLX EF ^YQEP IV SLRILMR RYV [IKIR HIV 6IXVSZIVWMSR REGL 4LEVMWOI)VMKSR KIOSQQIR [EV ;EVYQRMGLXKPIMGLZSV3VXREGL8EVI7GLEVQ#9RH[MIWSLEXXIIVWMGL^YQ;IVO^IYK HIV +IKIRWIMXIQEGLIR PEWWIR# 9Q HMI 2EGLXPMGLX6àWXYRK JàV WMGL ^YIVFIYXIR YRH ',)378%-[IMPWIMRI,IMQEX[MVOPMGLZSRHIV)RXWXILYRKIMRIV2IKEWTLÈVIFIHVSLX [EV# /EQYOSWELHIROPIMRIR4IP^MKIRIV[EVXYRKWZSPPKVMRWIREPW6LSHERWMIMRHIR 2IFIRVEYQ JàLVXI (YVGL HMI XVERWTEVIRXI8VIRR[ERH OSRRXI WMI [IMXIVLMR HIR &IVIMGLHIW1IHSXEROWàFIVFPMGOIR EFIVHEW[EVQMXIMRIQ1EPRMGLXQILV[MGLXMK-LV%XIQWXSGOXIEPWWMIMRIMRIQ MVVIRHIR)RIVKMIJIPHKIKIRNIHIR>YKVMJJKIWGLàX^XMLVI6àWXYRK PMIKIRWEL 6LSHERPMIÃMLVIR%VQPSW%RHIVRJEPPWLÈXXIWMIWMGLNIX^XPSWKIVMWWIR>[IM7GLVMXXI FVEGLXIR WMI ^Y HIQ 6IKEP EFIVHEW*PMQQIVRLEXXI &IWXERH 7MI OSRRXI [IHIV HIR &VYWXTER^IVRSGLHMI&IMRWGLMIRIRERWMGLRILQIR
(MI*MREPI7GLPEGLX
;EWWSPPHEW#WEKXI/EQYOSYRKILEPXIR;MPPWXHYQMVHIR>YKVMJJEYJQIMR)MKIR XYQZIV[IMKIVR# *àVIMRIR1SQIRXLEXXIWMIXEXWÈGLPMGLKIKPEYFXMRPIX^XIV7IOYRHIIX[EWFI[IKIR^Y OÚRRIR%FIVPIX^XPMGL[EVHMIWIZIVVàGOXI,SJJRYRKRYVMLVIVÀFIVVEWGLYRK^Y^YWGLVIM FIRKI[IWIRHEWWHMI8IVVERIVWSKEVHMI6àWXYRKEYWHIV2IKERIR7XEHXKILSPXLEXXIR 7MI[ERHXIWMGL[MIHIV6LSHER^Y7SPERKIHMI6àWXYRKRMGLXZSPPWXÈRHMKMWXFPIMFX WMIJàVMLVIR)MRWEX^^[IGOYRFVEYGLFEV3LRIHIR:IOXSV,IPQOERRMGLQMGLMRHIV RHIR +YGO]W+VMRWIR[YVHIFVIMXIV)VFPMGOXIZSR6LSHER^Y7EIHIPEIVI;SVEYJ[EVXIX MLVFIMHI#VMIJIVWGLVMPP 6LSHERRMGOXIWXYQQ /EQYOSW-RXIVIWWIOSR^IRXVMIVXIWMGLEYJHIR1ERRQMXHIV1EWOI7MIWTàVXIWIMR >ÚKIVRHIR,EYGLHIW+ILIMQRMWZSPPIRHIVMLRYQKEFEFIVHE[EVRSGLQILV7MI WGLVMIYR[MPPOàVPMGLEYJEPWIVEYWWIMRIV&IMRXEWGLIIMROPIMRIW)XYMLIVZSV^SK (IV:IOXSV,IPQ 9RKPÈYFMKWXEVVXI/EQYOSEYJHEW)XYMHEW7EIHIPEIVIMLVLMRLMIPX-LVI:IVFPàJJYRK [MGLFVIRRIRHIQ>SVREPWWMI^YKVMJJYRHHIR,IPQERWMGLRELQ%PWS[EVIR4IVV] 6LSHERYRHHMI&IWEX^YRKHIV.90)7:)62)HSGLHMI(MIFIKI[IWIR3F[SLP6LSHER HEWZILIQIRXEFKIWXVMXXIRLEXXI ;EVYQ#JVEKXIWMIWMGL;IPGLIR+VYRHLEXIVQMGLWS^YFIXVàKIR# 6LSHERWGLMIRMLVI+IHEROIR^YIVVEXIR)WMWXRMGLX[MIHYHIROWX4VMR^MTE7IM RIV7XMQQI[EVIMRPIMGLXIW7GL[EROIRER^YQIVOIR;MV[EVIRERHIQ(MIFWXELPRMGLX FIXIMPMKXMROIMRIV;IMWI 7MIÚJJRIXIHEW)XYM2EGLIMRIQPIMGLXIRWIMXPMGLIR*MRKIVHVYGOIRXJEPXIXIWMGLHIV ,IPQ/IMR>[IMJIPHEW[EVHIV:IOXSV,IPQHIVMLVHMI3VMIRXMIVYRKMRàFIVKISVHRI XIR/SRXMRYEIVPEYFXIYRHOIMRI*ÈPWGLYRK -GL[IVHIEPWSKPIMGLIVJELVIR[MIHIV,IPQMRIYVIR&IWMX^KIPERKXMWXWXIPPXIWMI QMX2EGLHVYGOJIWX (EWKPEYFIMGLRMGLX7EIHIPEIVIWGL[MIKWSJSVX[MIHIV;IKIRHIV1EWOI[EVMLQ OIMRI6IKYRKER^YWILIR (YZIVPERKWXIX[EW9RQÚKPMGLIW/EQYOSWEKXI6LSHER/IMRIVZSRYRWOERRHMV WEKIR[EWKIWGLILIRMWX 9RHHYQEGLWXIWQMVWGL[IVHMV^YKPEYFIR4IVV]6LSHER %PPIW[EWMGLHMVWEKIROERRMWXHEWWHIV:IOXSV,IPQHYVGLIMRIRXIQTSVEPIR)JJIOX MR%PEWOEW&IWMX^KIVMIXÀFIVHEW;MIoQàWWIR[MVYRXIVEPPIR9QWXÈRHIR7XMPPWGL[IM KIRFI[ELVIR%FIVERWXIPPIIMRIVFIJVMIHMKIRHIR)VOPÈVYRKOERRMGLHMVIMR%RKIFSX QEGLIR/EQYOS-GLàFIVKIFIHMVHMIZSPPWXÈRHMKI2EGLXPMGLX6àWXYRK 9RXIV[IPGLIV&IHMRKYRK#JVEKXIHMI%IKERIVMREPW6LSHERYRZIVQMXXIPX[MIHIV WGL[MIK +IREYHMIWI*VEKIWXIPPXIWMIJIWXLEXXIIVTVSZS^MIVIR[SPPIR(EQMXIVRMGLXZSRWMGL EYW HMI &IHMRKYRK HMOXMIVIR QYWWXI 7MI [YVHI RMGLX WGLPEY EYW MLQ >[IM&IHMRKYRKIRWMRHIWWSKEVERX[SVXIXIHIV8IVVERIV(YHEVJWXHMI6àWXYRK RMGLXFIRYX^IRYQHIV.90)7:)62)HIR;IK^YZIVWTIVVIR-GLLEFIQMX/M1]S IMRI:IVIMRFEVYRKKIWGLPSWWIRHIMRI6IXXYRKKIKIRHMIYRKILMRHIVXI&ISFEGLXYRKYRH %YJ^IMGLRYRKHIV6IXVSZIVWMSR*PEROIRIMRLIMXIRHIV*PSXXI[IVHIRYRWIV7GLMJJ^YHIQ KIKIR/SPSRRIR)MRLIMXIREFWMGLIVR -GL ZIVHEROI HMI &IJVIMYRK EYW HIQ 2IKERIR /IVOIV EPWS RMGLX HMV WSRHIVR /M 1]S# 6LSHERQEGLXIIMRIEF[ILVIRHI&I[IKYRK(EYRWWILVHEVERPMIKXHEWWHMI6IXVS RHIXLÈXXIMGLEYGLSLRI/M1]SW>YWEKIZIVWYGLXHMV ^YLIPJIR 7GL[MRKYRKIRIVJàPPXIRTPÚX^PMGLHMI0YJX/EQYOSWTàVXIVEWIRHI/STJWGLQIV^IR
,9&)68,%)27)0
7MIWELHEWWIMRMKIHIV1IHM^MRIVMQ2IFIRVEYQXEYQIPXIREPWLÈXXIRWMIHMI/SSVHM REXMSRàFIVMLVIR/ÚVTIVZIVPSVIR9RXIV7EIHIPEIVIW1EWOI^YGOXIRKVIPPI&PMX^ILIVZSV YWWWGLSR[MIHIVEF 6LSHERVIHIXIOYV^MRWIMR%VQFERH/EQYOSOSRRXIRMGLXEPPIWZIVWXILIREFIVWMI IVOERRXIHEWWIVMRHIV>IRXVEPI-RJSVQEXMSRIRIMRLSPXI )MRL]TIVIRIVKIXMWGLIV)MRFVYGLLEXWMGLIVIMKRIXWEKXIHIV8IVVERIVORETT YRHPMIÃHIRPMROIR%VQ[MIHIVWMROIR9RHHEW>[IMXI/EQYOSEYJHEW%PEWOE KVÚÃXIR;IVXPIKX(YHEVJWXHMI2EGLXPMGLX6àWXYRKRYVMRHMIWIV*MREPIR7GLPEGLX IMRWIX^IRHEREGLRMIQEPW[MIHIV&IRYX^XHYHIR:IOXSV,IPQIMR^[IMXIW1EP [ÈVIHEQMXYRIVQIWWPMGLI+IJELVZIVFYRHIR%YGLHE^YOERRMGLHMVRMGLXQILV WEKIRIWXYXQMVPIMH ;SLIVOSQQXHMI.90)7:)62)[MVOPMGL# (E[EVIMR:IVHEGLXEPPIVHMRKWWSEFWYVHHEWWHMI4VMR^MTEMLRKEVRMGLX[IMXIVEYJ OSQQIRPMIÃ&IWWIVWMIKVàFIPXIRMGLXHEVàFIVREGL ;IRRKPIMGLWMIRMGLXZIVWXERH[MIHMI8IVVERIV[MVOPMGLMRHIR&IWMX^MLVIW,IPQIW KIPERKX[EVIRWMILEXXIOIMRIR+VYRHERMLVIV%YJVMGLXMKOIMX^Y^[IMJIPR2MGLXREGL HIQWMIWMGLQILVJEGLEPW6IXXIVMRPIX^XIV7IOYRHIIV[MIWIRLEXXIR6LSHERLEXXI^[EV ERHIV)RXJàLVYRKZSR',)378%-QMXKI[MVOXSLRIMLR[ÈVIHMIWIV[MGLXMKI+)7)8> +IFIVXVSX^HIQRMGLX^YV*PSXXIKIWXSÃIR-LQ[EV^YZIVHEROIRHEWWIWMQ-28%>3 RMGLX^YIMRIVJSPKIRWGL[IVIR)RX[MGOPYRKKIOSQQIR[EVHMI%6',)8-1MQWGLPMQQ WXIR*EPPHIW+VSÃXIMPWWIMRIV*PSXXIFIVEYFXLÈXXI %YÃIVHIQLÈXXI6LSHERMLVRMIQEPWHIR,IPQ^IMKIRQàWWIR[IRRHMIWRMGLXMRWIM RIV%FWMGLXKIPIKIRLÈXXI7MI[YWWXIRMGLX[MIWMIWSRWXNILÈXXIIVJELVIRWSPPIR[S WMGLHIV,IPQFIJERH -GLEO^ITXMIVIFIMHI&IHMRKYRKIRWEKXIWMI (IV8IVVERIVQEGLXIIMRI)MRKEFIMRHMI,SPSXEWXEXYVWIMRIW%VQFERHW7IOYRHIR WTÈXIVIVPSWGLHEW)RIVKMIJIPHHEWHMI2EGLXPMGLX6àWXYRKZSVNIHIQ>YKVMJJKIWGLàX^X LEXXI /EQYOSPIKXIHIR,IPQEYJHEW6IKEPYRHKVMJJQMXFIMHIR,ÈRHIRREGLHIR&IMR àGLXMK^ÚKIVXIWMIEPWWMIHMI&IGOIRFVàGOIERPIKXI)W[EVHEWIVWXI1EP àFIVLEYTXHEWWWMIHMIZSPPWXÈRHMKI6àWXYRKXVEKIROSRRXIzYRHREGLMLVIV>YWMGLIVYRK ER6LSHEREYGLHEWIMR^MKI1EP (MIàFIVHMI&IGOIRFVàGOIZIVFYRHIRIR&IMRWGLMIRIRHMIRXIREPW)RIVKMIXVÈKIVJàV HMIKIWEQXI6àWXYRK/EQYOSWTàVXIIMRPIMGLXIW4VMGOIPR[ÈLVIRHWMIHMI7GLMIRIR FIJIWXMKXI%FIVKPIMGLHEVEYJTYPWMIVXIIMRIYRKILIYVI/VEJXHYVGLMLVIR/ÚVTIV(IV PIX^XI2EGOIRWGLQIV^ZIVFPEWWXIHMI4VMR^MTEJàLPXIWMGL[MIREGLIMRIVXEKIPERKIR)V LSPYRKWTLEWIIVJàPPXZSRIMRIQWGLRIPP[EGLWIRHIR8EXIRHVERK MIKIRHIR*MRKIVRPIKXIWMIHIR&VYWXTER^IVER -LV[EVEPWWTàVIWMIMRHIQ1SQIRXHEW7GLMJJEPWXEYGLIWMIIMRMRHMIZMIPJÈPXMKIR TSWMXVSRMWGLIRYRHW]RXVSRMWGLIR%HIVRHIV.90)7:)62)HMIHEW7GLMJJIVWX^YIMRIQ JYROXMSRWJÈLMKIR;IVO^IYKQEGLXIR(IV&VYWXTER^IVWXIPPXIWSJSVXIMRIEYXSQEXMWGLI :IVRIX^YRKQMXHIQ6IGLRIVZIVFYRHYRHHIR3VXYRKWERPEKIRHIW,ERXIPVEYQIVWLIV (EQMXZIVWIX^XIWMGLHMI6àWXYRKMRHMI0EKIEYJFIWXMQQXIXIGLRSPSKMWGLI&IWSRHIV LIMXIRWS[MIZSRHIR'LESWQÈGLXIRZIV[IRHIXI,]TIVOVMWXEPPI^YVIEKMIVIR %PW/EQYOS%YKIRFPMGOIWTÈXIVHIRJIHIVPIMGLXIR,IPQàFIVWXVIMJXIIVWGLMIRMLVHEW [MI IMR KI[EPXMKIV)ZSPYXMSRWWTVYRK 2YV OYV^ IQTJERH WMI KVIR^IRPSWI:IV[MVVYRK HERRLEXXIRWMGLMLVI7MRRIMRIMRIV;IMWIIV[IMXIVXHMIWMIKEVRMGLXMRNIHIV,MRWMGLX IMR^YWGLÈX^IRZIVQSGLXI7MIWTàVXIRYVHEWWHEWILVZMIPQILV[EVEPWWMIFMWPERKLEX XIIVOIRRIROÚRRIRIMRIRIYI(MQIRWMSR (MI4VMR^MTEIRXWERRWMGL[IPGLFIWSRHIVI7GLIYWMIWXIXWWGLSRFIMQ+IHEROIRER HMI6àWXYRKIQTJYRHIRLEXXI)MRQEGLXZSPPIW-RWXVYQIRXHIVOSWQMWGLIR3VHRYRK 2YR[YWWXIWMI[MIFIVIGLXMKXMLVI7GLIYKI[IWIR[EV(MIOSQTPIXXI6àWXYRK[EVIMR YRKPEYFPMGL[MPHIW-RWXVYQIRXHEWTIVQERIRXIV/SRXVSPPIFIHYVJXIEFIVKIVEHIHEW [àVHIMLVREGLHIQ)V[EGLIREYWHIQ8SHIWWGLPEJRSGLWGL[IVJEPPIR 8VSX^HIQOSRRXIMLVRMIQERHHMIWI%YJKEFIEFRILQIR
(MI*MREPI7GLPEGLX /EQYOSLEXXIMLVI)RXWGLIMHYRKKIXVSJJIRWMIQYWWXIHEW&IWXIHEVEYWQEGLIR
(MI.90)7:)62)FIIRHIXIKIVEHIIMRI[IMXIVIÀFIVPMGLXIXETTIEPW4IVV]6LSHER QMX7EIHIPEIVIYRHHIV4VMR^MTEHMI>IRXVEPIFIXVEX/EQYOSLEXXIWMGLKI[IMKIVXQMX +YGO]^YXIPITSVXMIVIRQMX,MR[IMWEYJIX[EMKIYRZSVLIVWILFEVI6IEOXMSRIRHIV2EGLX PMGLX6àWXYRKEYJHIWWIR4WM/VÈJXI 6LSHERRELQERHEWWRMGLXIMRQEPHMI+IRIVEPMRTVSFPIQPSWQMXHIV6àWXYRKYQKI LIROSRRXI)VHEGLXIHEVER[MIWGL[IVIWMLQXVSX^WIMRIV6MXXIVEYVEKIJEPPIR[EVFPSÃ HIR&VYWXTER^IVER^YPIKIR9RH%PEWOEHàVJXIQMXHIQ,IPQOEYQERHIVI)VJELVYRKIR KIQEGLXLEFIRHEW^YQMRHIWXWGLPSWW6LSHEREYWHIQ:IVLEPXIRHIW1EWOIRXVÈKIVW 6LSHER FIHEGLXI HIR LEKIVIR 9RWXIVFPMGLIR QMX JSVWGLIRHIQ &PMGO 7EIHIPEIVI [MVOXIHEIVHIR:IOXSV,IPQRMGLXQILVOVEQTJLEJXZSV%6',)8-173FIVFIJILPWLE FIVMRZIVFIVKIRQYWWXIIVPIMGLXIVX 6LSHERVIKMWXVMIVXIHEWWWMGLIXPMGLI&PMGOIEYJHMI%IKERIVMRVMGLXIXIR/IMRIW[IKW NIHIVER&SVH[EVFIVIMX/EQYOSYRIMRKIWGLVÈROX^YZIVXVEYIR3F[SLPWMIEYJHIV KPIMGLIR7IMXIWXERHZIVJSPKXIWMIIMKIRI-RXIVIWWIR%RHIVIVWIMXWQYWWXIREPPIIMRWILIR HEWWHMI+IRIVEPMRMRHIVEYKIRFPMGOPMGLIR7MXYEXMSRHMIFIWXI:IVFàRHIXI[EVHMIWMI WMGL[àRWGLIROSRRXIR +YGO]WXERHRIFIRHIQ4PEX^HIW4MPSXIR)V[EVXIPITSVXMIVXYRHLEXXI1ENSV7EEVS SRWGLSRMRJSVQMIVX (IV4SWFMIVLSFWMGL)VHIVSLRI^YIVQàHIRSJXXEKIPERKMQ4MPSXIRWIWWIPZIVLEVV XIHIYXIXIIMRIORETTI:IVFIYKYRKMR6MGLXYRK/EQYOSWER)WMWXQMVIMRI)LVI WEKXIIVPIMWI (MI%IKERIVMRXE\MIVXIMLREFWGLÈX^IRH6LSHERKI[ERRHIR)MRHVYGOHEWWWMI QMXHIQLYQERSMHIR6SFSXIVHIVEPWWSPGLIVOIMRIW[IKWEYJ%RLMIF^YIVOIRRIR [EV[IRMKER^YJERKIR[YWWXI 1MXHIVPIX^XIRÀFIVPMGLXIXETTI[YVHIRRYV^[ER^MK0MGLXWIOYRHIRàFIV[YRHIR WEKXIWMI-LV&PMGOWGL[IMJXIHYVGLHMI>IRXVEPIEPWQàWWIWMINIHIW(IXEMPMRWMGLEYJ RILQIR%YJHMIWI;IMWI[MVHHMI.90)7:)62)HIR:IVJSPKIVRRMGLXIRXOSQQIR(MI 8VEMXEROWLEFIRWMGLEYJKIXIMPXYRHZIVWYGLIRZSR^[IM7IMXIRER^YKVIMJIR :SVYRWIVWXVIGOXWMGLIMRIJàRJHMQIRWMSREPI:IV[IVJYRK 9RWMRRYRXIVFVEGL/EQYOS%LEOMRW)V[MHIVYRK(MI']TVSR7TLÈVMOIVWGLIM RIRIVWGLÚTJX^YWIMRHEWMWXEPPIW(MIWIWGL[EGLI:IV[IVJYRKLÈXXIHMI.90)7:)62) RYVKIVMRKJàKMKMQ/YVWZIVWIX^X 1MXWGLRIPPIR7GLVMXXIRKMRKWMIEYJHIR4PEX^HIW4MPSXIR^YYRHPMIÃWMGLSLRI7EE VSSR^YFIEGLXIRMRHIR7IWWIPWMROIR(IV4SWFM[SPPXIMLVHMI%RPEKIIVOPÈVIREFIVWMI [MROXIEF -GLWXILIQMX2)13MR:IVFMRHYRKQILVFVEYGLIMGLRMGLX)WLEXHIR%RWGLIMREPW [SPPXIRHMI8VEMXEROW%FJERKTSWMXMSRIRIMRRILQIR ^MIVXI2)13KIKIRàFIVHMI+IRIVEPMREPWFIVIGLXMKXMRHMI7GLMJJWJàL VYRKIMR^YKVIMJIR7IPFWX[IRRWMGLHMI2EGLXPMGLX6àWXYRKQMXHIQ&SVHVIGLRIVZIV RIX^XI[EVHEWSLRIWIMRIEYWHVàGOPMGLI>YWXMQQYRKRSGLOIMR*VIMFVMIJ -RIMRIV)MRFPIRHYRKHIW,SPSKPSFYW[EV^YIVOIRRIRHEWWHMI:IVFMRHYRK^YHIR ']TVSR7TLÈVMOIVRIVPSWGL/EQYOSLEXXIHIQREGLWGLSRHMI/YVWOSRXVSPPIàFIVRSQ QIR *àRJ 8VEMXEROW[IVHIRMR [IRMKIR7IOYRHIR ER7XIYIVFSVH EYW HIQ ,]TIVVEYQ JEPPIR(MWXER^ORETTRIYRLYRHIVXXEYWIRH/MPSQIXIV%GLXYRKzÀFIVPMGLXIMRXVMXX (E[EVIRHMI8VEMXEROWYRHWMIIVÚJJRIXIREYKIRFPMGOPMGLHEW;MVOYRKWJIYIV(IR ,ERXIPVEYQIVHIVMQWIPFIR7IOYRHIRFVYGLXIMPHIR1IXEKVEZ:SVXI\HYVGLWXMIÃOSRR XIRWMIRMGLXQILVKIJÈLVHIR :SRMVKIRH[SLIVIVOPERKIMRERWGL[IPPIRHIW,IYPIR)RIVKMIWGL[EHIRQEXIVMEPMWMIV XIRMRHIV>IRXVEPI[EFIVXIR[MI2IFIPYRXIVHIV+EPIVMI[EVIREFIVWGLSRMQRÈGLWXIR
,9&)68,%)27)0
1SQIRX[MIHIVZIVWGL[YRHIR YKFIVIMXWPÈRKIVEPWNIHIHIVZSVERKIKERKIRIR)XETTIR
^MIVIQYWXIVXI7MIIV[EVXIXIRHEWWIVIMRKVMJJ 2EGLWMIFIR7IOYRHIRQEGLXIRWMGLLIJXMKI)VWGLàXXIVYRKIRFIQIVOFEV7EIHIPEIVI KMRKEYJ/EQYOS^YHSGLWIMRI&I[IKYRKIR[YVHIR^IMXPYTIRLEJXPERKWEQEPWQàWWI IVKIKIRIMRIR^ÈLIR;MHIVWXERHEROÈQTJIR IPWILVRELIERHIV%OOVIXMSRWWGLIMFIMRHIR2SVQEPVEYQ^Y VàGO7SJSVXKVMJJIMRILIJXMKI7XVÚQYRKREGLHIQ7GLMJJHEWQMXFIMRELIJàRJYRHJàRJ^MK 4VS^IRXHIV0MGLXKIWGL[MRHMKOIMXNIHSGLPIMGLXREGLEYÃIREFHVMJXIXIYRHRMGLXZSRHIQ 7SKQMXKIVMWWIR[YVHI (MI8VEMXEROW[SPPXIRYRWMRHMI%YWPÈYJIVIMRIW7XYVQKIFMIXWEFHVÈRKIRWXIPPXI /EQYOSJIWX7MILEXXIIWEYJ%RLMIFKIWGLEJJXWMGLMRHMIMRXIVEOXMZIZMVXYIPPI6YRHYQ WMGLXHIV1MWWMSRWWXEXMSRIRIMR^YWGLEPXIR.IHIVMRHIV>IRXVEPIOSRRXIWMIMRHIQ1S QIRXZSVWMGLWILIR-GL[EVKI^[YRKIRHMI(MWXER^^Y%6',)8-17*PSXXI^YZIVKVÚ ÃIVREFIVHEWMWXNIX^XOIMR4VSFPIQQILV 6LSHER RMGOXI ORETT +IRIVEPMR /EQYOS [MVH YRW MR HIR &IVIMGL HIV *MREPIR 7GLPEGLXFVMRKIR2SGLLEFIR[MVHMI1ÚKPMGLOIMXHMI6IXVSZIVWMSRMRNIHIV4LEWI^Y ZIVJSPKIR %YJHIQOYV^IR;IKZSRHIV1IHSWXEXMSRMRHMI>IRXVEPILEXXI/EQYOSIMRMKI)MR ^IPLIMXIRTVIMWKIKIFIR7MILEXXIHEZSRKIWTVSGLIRHEWWHEWIMR^MKI%RKVMJJW^MIPHIV *PSXXIHMI2EHIPHIW'LESWJàV)RXWXILIRYRH&IWXERHHIV4VSXS2IKEWTLÈVIYRHHIR +VIR^[EPPZIVERX[SVXPMGL[EV(ELIV[YVHIHMI6IXVSZIVWMSRIVWXREGLHIV:IVRMGLXYRK HIV2EHIPQÚKPMGL7SFEPHHMIWKIWGLEJJX[EV[àVHIHMI,EYTXPEWXHIW+IWGLILIRWFIM %6',)8-1YRH',)378%-PMIKIR (EW EPWS [EV HIV +VYRH JàV HMI )RXJàLVYRK HIW +)7)8>+IFIVW KI[IWIR 3LRI ',)378%-[ÈVIREPPI:SVFIVIMXYRKIRJàVHMI6IXVSZIVWMSR^YRMGLXIKIQEGLX[SVHIR ^YQMRHIWX^YQEOXYIPPIR>IMXTYROX /EQYOSPMIÃHMIRÈGLWXI1IXEKVEZ)XETTIIMRPIMXIR(MIWQEPKIKIRHMI6SXEXMSRW VMGLXYRKYRHàFIVIMRI)RXJIVRYRKZSRQILVEPWLYRHIVX1MPPMSRIR/MPSQIXIVR(MI ,]TIVSVXYRK ^IMKXI RYV RSGL IMR ZIV[EWGLIRIW &MPH ZSR 1EVKMR'LVMPS\ EFIV HMI 2EGLXPMGLX6àWXYRKLEPJHIV+IRIVEPMRHEW7GLMJJWMGLIVHYVGLHEWIRIVKIXMWGLI'LE SW^YJàLVIR *PÈGLIRIRXPEHYRKIR^YGOXIRHIV.90)7:)62)IRXKIKIREFIVWMIIVVIMGLXIRHIR ,ERXIPVEYQIVRMGLXQILVHIVMQWIPFIR1SQIRXMRHIR,]TIVVEYQKPMXX (IV6àGOWXYV^IVJSPKXI[IRMKQILVEPW^ILR1MPPMSRIR/MPSQIXIVZSRHIVXSFIRHIR 7GLPEGLXIRXJIVRX/EQYOSPMIÃKPIMGLHEVEYJHMIPIX^XI/YV^IXETTIIMRPIMXIR 2MGLX2EXYVKI[EPXIRLEXXIRHMI,ÚPPIIVWGLEJJIRMRHIVIR6ERHFIVIMGLHMI.90)7 :)62)QEXIVMEPMWMIVXIWSRHIVRMRXIPPMKIRXI;IWIR 9RKIJÈLVJàRJ^MK1MRYXIRQàWWIRWIMXHIQ&IKMRRHIV*MREPIR7GLPEGLXZIVKERKIR WIMRWEKXIHMI+IRIVEPMRMRIMRIV6YLIHMI6LSHERJVÚWXIPRPMIÃ(IVZSRHIR+)7)8> +IFIVRVIWXEYVMIVXI&IVIMGLIVWXVIGOXWMGLMR^[MWGLIRàFIVVYRHJàRJ^MK1MPPMSRIR/MPS RHIRYRWMRWIMRIR%YWPÈY JIVR;IRREPPIWKYXZIVPÈYJX[MVHHMIWIV7IOXSVVEWGLER[EGLWIR (IV,SPSKPSFYW^IMKXI%YWWGLRMXXIIMRIVIVFEVQYRKWPSWIR7GLPEGLX+I[EPXMKI*PSXXIR TVEPPXIREYJIMRERHIV 2YVWIOYRHIRPERKZIVWYGLXI4IVV]6LSHERIMRIRÀFIVFPMGO^YKI[MRRIRHERRWTàV XIIVHEWWIVZSV:IVFMXXIVYRKHMI,ÈRHIFEPPXI &IMRELIKI[EPXWEQQYWWXIIVWMGLMR)VMRRIVYRKVYJIRHEWWHMIWIQÚVHIVMWGLI6EYQ WGLPEGLXPÈRKWX+IWGLMGLXI[EV[IMPWMI^[ER^MK1MPPMSRIR.ELVIZSVWIMRIV>IMXWXEXXJERH %PPHMIWI0IFI[IWIRHMIZSVWIMRIR%YKIRWXEVFIR[EVIRFIVIMXWWIMXIMRIV)[MKOIMX XSX %YGL/EQYOS[EVPÈRKWXKIWXSVFIRYRHWIPFWX%6',)8-1 7TàVXIHMI+IRIVEPMR[SVERIVHEGLXI#3HIVI\XVELMIVXIWMIHMIWI-RJSVQEXMSRIREYW 2)13#6LSHERLSJJXIHEWWMLVIIMKIRXPMGLI%YJKEFIWMIHEZSREFLEPXIR[àVHIzHEW
(MI*MREPI7GLPEGLX
;MWWIRYQHEWIMKIRI)RHIKIWGL[IMKIHIRRIMRIWKIPMIFXIR;IWIRWOSRRXIWIPFWXJàV WXEVOI4IVWÚRPMGLOIMXIR[MI/EQYOSJEXEPI*SPKIRLEFIR9RHHMI4VMR^MTEPMIFXI %6 ',)8-1WMI[EVFIVIMXEPPIWJàVHMI7YTIVMRXIPPMKIR^^YXYR;IRRWMI[àWWXI[EWEQ )RHIHIV6IXVSZIVWMSRWXILIR[àVHI 7MIWGLEYXIMLRQMXIMRIQ1EPJSVWGLIRHER6LSHERKPEYFXIMRMLVIQ&PMGOIMRI YREYWKIWTVSGLIRI*VEKI^YPIWIR )VZIVWYGLXIIMR0ÈGLIPRHSGLIW[SPPXIMLQRMGLXKPàGOIR ;MVLEFIRIVVIMGLX[EW[MVIVVIMGLIR[SPPXIRWEKXIIVWSYRZIVJÈRKPMGL[MIQÚKPMGL 1MXLMPJIHIV3VXYRKIROÚRRIR[MVHMI6IXVSZIVWMSRFISFEGLXIR(MI%OOVIXMSRWWGLIMFI FIHIYXIXOIMR,MRHIVRMW[IMP[MVàFIVIRXWTVIGLIRHKYXI+IVÈXIZIVJàKIR;IRR[MVIW WGLEJJIRHIQ/EQTJKIWGLILIREYW^Y[IMGLIR[IVHIR[MVHMGLWSKEV^YV8%637,-FVMR KIROÚRRIR (EW[MVHOIMR4VSFPIQWIMRWXIPPXIIVJàVWMGLWIPFWXJIWX-RHIV;IMXIHIW7GLPEGLXJIPHW [MQQIPXIIWZSR6EYQWGLMJJIRHIVIR&IWEX^YRKIRRMGLXWERHIVIWMQ7MRRLEXXIREPW WMGLKIKIRWIMXMK^YZIVRMGLXIR)MRIMR^IPRIW7GLMJJHEWWMGLHMIWIQQÚVHIVMWGLIR8VIMFIR ZIV[IMKIVXI[EV^YQMRHIWXWSPERKIOIMRIMRXIVIWWERXI&IYXI[MIWMGLERHIVI+IKRIV JERHIR MIKIR[ERHXIWMGL6LSHERERHIR/SQQERHER XIR%PPIVHMRKWKILIR[MVMRHIR7GLEXXIRQSHYW 8VEMXEROW (MI(MWOYWWGLMJJIHIV/SPSRRIQEXIVMEPMWMIVXIRMRWILVKIVMRKIV)RXJIVRYRK^YV .90)7:)62)YRHIVÚJJRIXIRWSJSVXHEW*IYIV7GLSRHMIIVWXIR7EPZIRPMIÃIRHIR 4EVEXVSRWGLMVQ EYJKPàLIR YRH 7XVYOXYVVMWWI IRXWXILIR (MI&IPEWXYRKWER^IMKIR WGLRIPPXIRMRHIR;EVRFIVIMGL %PPIWWTMIPXIWMGLMRRIVLEPF[IRMKIV%YKIRFPMGOIEFYRHPMIÃOEYQ>IMXJàV6IEOXMSRIR (EW,ERXIPVEYQWGLMJJWIX^XIWMGLQMX-QTYPWWXVELPIVRYRH8VERWJSVQOERSRIR^YV;ILV YKMLVIRÈGLWXI7EPZIEF>[IMHIV /SPSRRIR7GLPEGLXWGLMJJI[YVHIRZSRHIR+I[EPXIRQILVIVIV+MKEXSRRIR8VERW JSVQI\TPSWMSRIR^IVVMWWIR-LVI8VàQQIVYRHHMIWMGLEYWHILRIRHI)RIVKMI[SPOIVEWXIR HIV .90)7 :)62) IRXKIKIR YRH HYVGLFVEGLIR HMI SLRILMR àFIVPEWXIXIR ÈYÃIVIR 7GLMVQJIPHIV )W[EVIMRI*VEKIZSR,YRHIVXWXIPWIOYRHIR(MIIVWXIR)RIVKMI[SPOIRWGLPYKIR^YV 7GLMJJWLàPPIHYVGLEPWHIV4EVSW7GLEXXIRWGLMVQEOXMZ[YVHIYRHHEW7GLMJJMRHEWIM ^MIVXIR4EVEXVSRFPEWIIRXVàGOXI :SREYÃIRKIWILIRQYWWXIHIV:SVKERKIVWGLIMRIREPW[ÈVIHMIERKIWGLPEKIRI,ERXIP MRHIR,]TIVVEYQIRXOSQQIR%FIVWGLSRLIYPXIHIV,EZEVMI%PEVQHYVGLHEW7GLMJJ (IV7GLEXXIRQSHYWFVEGLFIVIMXWOYV^REGLWIMRIV%OXMZMIVYRKMRIMRIV2SXEFWGLEPXYRK ^YWEQQIRYRHHEQMX[YVHIHMI.90)7:)62)[MIHIVWMGLXFEV (MI8VEMXEROWWXàV^XIRWMGLSLRI^Y^ÚKIVRIVRIYXEYJMLV3TJIVYQMLQHIR6IWX^Y KIFIR (MILEPFI4EVEXVSR7GLYX^WGLMVQWXEJJIP[EV[IKKIFVSGLIRIMR4EVEXVSR/SRZIVXIV HIV.:HYVGL2SXEFWGLEPXYRKWXMPPKIPIKX7ÈQXPMGLI%KKVIKEXIHIV,SGLIRIVKMIÀFIV PEHYRKWWGLMVQI^IMKXIRRYVRSGL^[ER^MK4VS^IRX0IMWXYRK -QQIVLMRKIPERKIWIMRWIPIOXMZIW7GLàWWIPJERKJIPHEYJ^YFEYIR)WEFWSVFMIVXIHMI 7EPZIR^[IMIV8VEMXEROW^IMKXIHEREGLNIHSGLIFIRJEPPWVETMHIR0IMWXYRKWZIVPYWX 7XÚVYRKIRFIMEPPIR7YFPMGLX;YPWXXVMIF[IVOIRFMWLMR^YIMR^IPRIR%YWJÈPPIR)FIR WS7GLEHIRWQIPHYRKIRZSRHIR1IXEKVEZYRH+VMKSVSJJ8VMIF[IVOIRWS[MIZSQ,E[O -- 7GLPMQQIVOSRRXIIWERKIWMGLXWHMIWIV7GLÈHIROEYQOSQQIR(MI.90)7:)62) [EVMROàV^IWXIV>IMX^YQRELI^Y[ILVPSWIR3TJIVKI[SVHIR)W[EVOIMR8VSWXHEWWHMI XIGLRMWGLLÚLIVIRX[MGOIPXIR/SPSRRIR)MRLIMXIRHIVIMKIRIR+IKIR[EVXHIQ7GLMJJ PÈRKWXHIR8SHIWWXSÃZIVWIX^XLÈXXIR (EWWGLEJJXIREYGLHMIWGL[ÈGLIVFI[EJJRIXIR8VEMXEROWHIVXMIJIR:IVKERKIRLIMX7MI FVEYGLXIRHEJàVRYVIMRIR^[IMXIR%RPEYJ )RIVKMIEFJEPPWSKEVMRIMRMKIR,EYTXWIOXMSRIRHIV.::IVWEKIRHIV0IFIRWIVLEP
,9&)68,%)27)0
XYRK (MI 3VXYRKIR ZIV[MWGLXIR YRH PMIÃIR RYV RSGL IMR^IPRI ERKVIMJIRHI 8VEMXEROW IVOIRRIRzKIVEHIKIRYKHEWWHMI&IWEX^YRKHEWIMKIRI)RHIQMXERWILIROSRRXI /EQYOS[ERHXIWMGLYQ;EWMQQIVWMIWEKIR[SPPXIMRHIQ1SQIRXI\TPSHMIVXIR SLRI>YXYRHIV.90)7:)62)^[IM[IMXIVI8VEMXEROWYRHIXPMGLI;VEGOXIMPIZIVKPàL XIRMRHIRPIX^XIRQàLWEQEYJVIGLXIVLEPXIRIR7GLMVQJIPHIVR (MI0%31%6/OSQQXYRW^Y,MPJIIVOPERKIMRNYFIPRHIV%YWVYJZSRHIV*YRO WXEXMSR'SQQERHIV,SLSKSQQIPHIXWMGL)VLEXHMI1SYRXIVEYWKIWGLPIYWXYRHLÈPX YRWHMI8VEMXEROWZSQ0IMF ^MIVWRIFIR+IRIVEPMR/EQYOS4PEX^ KIRSQQIR)V[ERHXIWMGLLEPFYQ 1ERYIPPHYVGLWGLEPXIRVMIJIV[IMPRMGLXIMRQEPQILVHMI:MVXYIPPI6YRHYQWMGLX WXÚVYRKWJVIMEVFIMXIXI *PEGOIVRHFEYXIWMGLHEW/SRXIVJIMHIWQMPMXÈVMWGLIR*àLVIVWHIV0%31%6/ZSVMLQ EYJ(MIFPEWWKIPFIR%YKIRHIW0ESWSSVQYWXIVXIRHIR8IVVERIVIMRHVMRKPMGL (EROIJàVHMI,MPJI'SQQERHIVWEKXI6LSHER ,SLSKSQIRXFPÚÃXIWIMRI6IMÃ^ÈLRIQMXHIRIMRKIWIX^XIRJYROIPRHIR(MEQERXIR)V WXVELPXIIMRI[àVHIZSPPI/VEJXEYW(EW[EVHEW1MRHIWXI[EW[MVJàVHMI.90)7:)6 2)XYROSRRXIR(YQYWWXYRWHEJàVRMGLXHEROIR8IVVERIV;MVWILIRHEWEPW7IPFWX ZIVWXÈRHPMGLOIMXER YRHEPW,MPJIJàV'SQQERHIV4SXLE[O *àV /ÚRMK 4SXLE[OYRHWIMRI&IKPIMXIVFIWXÈXMKXIHIV'SQQERHIV;MVLEFIROIMR 0IFIRW^IMGLIRIVLEPXIRWIMXMLVIQ%YJFVYGLQMXHIR1SYRXIV.IXW RHIRWMGLER&SVHHIV.90)7:)62) (IV0ESWSSV[ERHXIWMGLYQ6LSHERLÚVXIMLRVIHIRZIVWXERHEFIVRMGLX[EWKI WTVSGLIR[YVHI%PW,SLSKSQWMGLMLQ[MIHIV^YRIMKXIPEKIMR*YROIPRMRWIMRIR%YKIR 7IMRI3LVIRLÈRHIFI[IKXIRWMGLLIOXMWGL .IX^XMWXRMGLXHMI>IMXJàV/ÚRMK4SXLE[OEYJHMI0%31%6/^YVàGO^YOILVIR VMIJIVLEWXMK9RWIVI;IPX[MVHERERHIVIV7XIPPIMRHIV7GLPEGLXHVMRKIRHKIFVEYGLX ;IRRHYOPYKFMWX6LSHER[MVWXHYEYJQIMRIRKYXKIQIMRXIR6EXLÚVIR>MILXIYGLWS [IMX^YVàGO[MIQÚKPMGL (MIÀFIVXVEKYRKIVPSWGLEFVYTX )VWXWIGL^MK1MRYXIRPEKHIV%RKVMJJHIV6EYQ>IMX6SYXIVEYJHMI.90)7:)62) ^YVàGO)W[EVYRQÚKPMGLKI[IWIRMRHIV/àV^IHIV>IMXQILVEPWHEW%PPIVRÚXMKWXI MGOIRYRHRYRKEFIWIVRIYXàFIVWXàV^XI6ITEVEXYVERWXVIRKYRKIR (EWQMX8IGLRMOZSPPKIWXSTJXI7GLMJJIVMRRIVXIERIMRIR[MQQIPRHIR%QIMWIRLEYJIR RYVHEWW8IGLRMOIV;MWWIRWGLEJXPIVYRH6SFSXIVWMGLFEPHKIKIRWIMXMKFILMRHIVXIRYRH HMIIVJSVHIVPMGLIR1EXIVMEPXVERWTSVXIHMI%RXMKVEZWGLÈGLXIZIVWXSTJXIR%YGLHMI/SV VMHSVI^YHIR;IVOWXÈXXIRYRH1EXIVMEPPEKIVRIV[MIWIRWMGLJàVHMI*àPPIKPIMGL^IMXMKIV %RJSVHIVYRKIREPW^YKIVMRKHMQIRWMSRMIVX%FIVQILV:SPYQIR[EVMRHIQ,ERXIPVEYQ WGLMJJRMGLXZSVLERHIR7SPERKI,MKLXIGLQMXW]RXVSRMWGLIR/SQTSRIRXIRKPIMGLFIVIGL XMKXRIFIRWGL[IVJÈPPMKIVIRTSWMXVSRMWGLIR6IHYRHER^7]WXIQIRI\MWXMIVXIYRH^YHIQ HIVEPKSVVMERMWGLI/SRXI\X[ERHPIVQMXWIMRIRFIMHIR1IMPIVRHIR5YMRXEHMQ9QJSV QIVRYRHHIQ0IMXWXERHHIR1MXXIPXIMPEYWJàPPXIKEFIWOIMRàFIVWGLàWWMKIW:SPYQIR (MIKIWEQXI&IWEX^YRKEVFIMXIXI,ERHMR,ERHYQHEW7GLMJJWGLRIPP[MIHIVMRIMRIR IMRWEX^JÈLMKIR>YWXERH^YZIVWIX^IR ;VEGOWXVMIFIRMRHIV2ÈLIZSVFIM8VEMXEROWIFIRWS[MI)MRLIMXIREYW%6',) 8-17*PSXXIYRHQERGLIZIVKPàLXIRPERKWEQMQ%XSQFVERH:MIPPIMGLXKEFIWÀFIV PIFIRHIEYJHMIWIR7GLMJJIR%FIVRMIQERHOSRRXIMLRIRFIMWXILIR 8VSX^EPPIV,IOXMOIVKEFWMGLJàV4IVV]6LSHERIRHPMGLIMR>IMXJIRWXIVYQQMXHIR %PKSVVMER(EIPPMERYRHHIR3VXYRKW7TI^MEPMWXIR^YVIHIR%PPIHVIM/ERXSVWGLIR9PXVE 1IWW[IVOIYRHIFIRWSHMI,]TIVVEYQWTàVIV[EVIRTIVQERIRXMQ)MRWEX^YRH^IMGLRI XIRQMRYXMÚWEPPIKVIMJFEVIR(EXIREYJ,]TIVJYROYRH2SVQEPJYROZIVOILVEPPIW[EW
(MI*MREPI7GLPEGLX
ZSRHIR %RXIRRIRW]WXIQIREYJKIJERKIR[YVHI[YVHIMR7TIMGLIVOVMWXEPPIRYRHQMX ERHIVIR 7]WXIQIR OSRWIVZMIVX (EW FIXVEJ WSKEV HMI ,MRXIVKVYRHKIVÈYWGLIEYW8EVI 7GLEVQHEW8SWIRHIV,]TIVWXàVQIMQKEPEOXMWGLIR>IRXVYQYRHHMI-QTYPWIJIVRIV 6EHMSWXIVRI2EXàVPMGLKEPX)RXWTVIGLIRHIWJàVEPPISTXMWGLIR)MRHVàGOI %YJHMIWI;IMWIIRXWXERHIMRYQJEWWIRHIW4VSXSOSPPHIV6IXVSZIVWMSREYWHIQHIV 2YOPIYWLSJJIRXPMGLEPPI[MGLXMKIR-RJSVQEXMSRIR[àVHIIRXRILQIROÚRRIRHEQMXEYGL MRHIV+IKIR[EVXIMRI6IXVSZIVWMSRIVQÚKPMGLX[YVHI %PW6LSHERWMGLWGLSREYJHIQ6àGO[IKMRHMI>IRXVEPIFIJERHQEXIVMEPMWMIVXI+YO O]RIFIRMLQ;SVXPSWWXVIGOXIHIV-PXMLQHMI,ERHIRXKIKIR ;EWMWXPSW/PIMRIV#[SPPXIHIV8IVVERIV[MWWIR +YGO]VàQTJXIHMI2EWI/EQYOSLEX4VSFPIQI'LIJ ;MIWSPPMGLHEWZIVWXILIR# ;MIMGLIWWEKIERX[SVXIXIHIV-PX;MVWSPPXIRYRWFIIMPIR +PIMGLHEVEYJWXERHIRWMIFIMHIMRHIV>IRXVEPI(MI+IRIVEPMRJàLVXIIMRIRLIJXMKIR (MWTYXQMXHIQ/SQQERHERXIR 2IMR[ILVXI%LEOMRWGLVSJJEF(EW[IVHIMGLRMGLXIRXWGLIMHIR-GLHIROIRMGLX HEVER4IVV]6LSHERMRHIR6àGOIR^YJEPPIR /ÚRRXIWXHYIX[EWTVÈ^MWIV[IVHIR#[SPPXI6LSHER[MWWIR %LEOMRLSFàFIVVEWGLXHIR/STJ)VWIX^XI^YIMRIV)V[MHIVYRKEREFIVHMI%IKERI VMROEQMLQ^YZSV -GLIV[EVXIHEWWQIMRI%RSVHRYRKIRFIJSPKX[IVHIRFVEYWXI/EQYOSEYJ;IRR MGLZIVPERKIHEWWQMV*YROYRH3VXYRKYQKILIRH^YV:IVJàKYRKKIWXIPPX[IVHIRQàWWIR ;S^Y# (MI 4VMR^MTE FPMGOXI HIR 8IVVERIV YRKPÈYFMK ER (Y [SPPXIWX QMGL ^YV 8%637,- FVMRKIRIVMRRIVXIWMI (IV>YWXERHHIW7GLMJJIWIVPEYFXHEWHIV^IMXRMGLX /EQYOSQEGLXIIMRIEF[ILVIRHI&I[IKYRK (IV:IOXSV,IPQIVQÚKPMGLXQMVIMRIRFMWMRL]TIVTL]WMOEPMWGLI7XVYOXYVIRVIMGLIR HIR&PMGOEYJHEW7GLPEGLXJIPH)FIRWSEYJHMI:SVKÈRKILMRXIVHIR0MRMIRHIV8IVQMRE PIR/SPSRRI7SKEVHIRMRKVÚÃIVIV(MWXER^IMRXVIJJIRHIR2EGLWGLYFHIV'LESWQÈGLXI WILIMGLILIVEPWHMI3VXIVKIVÈXIEPPIVYRWIVIV6EYQWGLMJJI^YWEQQIR(IWLEPFIVOIRRI MGLHMI*ILPIVHMI/M1]SYRXIVPEYJIR-GLWILI7GLMJJIYRXIVKILIRHMIQàLIPSWKIVIXXIX [IVHIROÚRRXIR:SV[IRMKIR1MRYXIRWMRHQILVEPWIMR(YX^IRH7GLPEGLXWGLMJJIHIV 7GLSLEEOIRMQ:IVRMGLXYRKWJIYIVZSR8VEMXEROWZIVKPàLX7XVEXIKMWGL[EVHEWZÚPPMK YRRÚXMK-GLQYWW/M1]SEFPÚWIRYRHHMI*PSXXIMRHMI7GLPEGLXJàLVIR[MIIWZSVKIWI LIR[EV(IV+IWERHXIMWXNIHIRJEPPWMRZMIPIR(IXEMPWYRJÈLMK*YROYRH3VXYRKJYRO XMSRMIVIREYJHIV.90)7:)62)[MIHIVIMR[ERHJVIMMGLOERRZSRLMIVEYWHMI7GLPEGLX IFIRWSKYXPIMXIR[MIZSR&SVHHIV8%637,-2YVQYWWHEWWGLRIPPKIWGLILIRILI/M 1]SW*ILPIVOIMRI/SVVIOXYVIRQILVIVPEYFIR )WXYXQMVPIMHWEKXI6LSHER (YZIV[IMKIVWXQMVHMI.90)7:)62)#(MI+IRIVEPMRWGLMIRHEWRMGLXKPEYFIR^Y OÚRRIR 1MXKYXIQ+VYRH2SGLWMRHHMI7GLÈHIRRMGLXFILSFIR(MI/SPSRRI[MVH[SLPWILV WGLRIPPLIVEYWKIJYRHIRLEFIRHEWWYRWIV7GLMJJEPWRIYI^IRXVEPI)MRLIMXJYRKMIVX7EK WIPFWX;EWLÈXXIR[MV8VEMXEROWYRH/SPSRRIR1%7',-2)2IRXKIKIR^YWIX^IR[IRR YKKILIROÚRRIR#(MI2EGLXPMGLX6àWXYRKEPPIMROÚRR XIRMIQERHIRVIXXIR (MI%IKERIVMRFPMGOXIMLRLIVEYWJSVHIVRHER6LSHERKPEYFXIEFIVEYGL[EGLWIRHI YRKMRMLVIQ&PMGO^YIVOIRRIR -GLIV[EVXIHEWWHYQMV[IRMKWXIRWIMRIR/VIY^IV^YV:IVJàKYRKWXIPPWX4IVV]6LS HERWEKXIWMIHVÈRKIRH )V^ÚKIVXIWGLàXXIPXIHIR/STJ%YGLHEWRMGLX/EQYOS-GL[IVHIOIMRIRQIMRIV 'VI[[MWWIRXPMGLMRHIR8SHWGLMGOIRzYRHHMGLIFIRJEPPWRMGLX)MR/VIY^IVLÈXXIOIM RI'LERGIHMI8%637,-^YIVVIMGLIR
,9&)68,%)27)0
;IRR/M1]S[IMXIVI*ILPIVFIKILXOÚRRXIHEWHMI6IXVSZIVWMSRKIJÈLVHIR RHIXWXEXX*EWXLÈXXI6LSHERHIV+IRIVEPMRHEWIRXKIKIRKIWGLPIY HIVX-QPIX^XIR1SQIRXZIVFMWWIVWMGLHMI;SVXI -GLLEFIOIMRI*YROZIVFMRHYRK^YV8%637,-FIOSQQIREFIVMGLOERRRMGLXPÈRKIV [EVXIRWEKXI/EQYOS%PWSKMFQMV[IRMKWXIRWIMROPIMRIW7GLMJJ)MRIPIMWXYRKWWXEV OI7TEGI.IXEYWKIVàWXIX JàV)MR^IPTPEX^FIXVMIF-GL[IMÃHEWWWSPGLI )MRLIMXIR^YV :IVJàKYRKWXILIR)WKIRàKX[IRRMGLHEWRÈGLWXIOEQTJJÈLMKI7GLPEGLXWGLMJJHIV*PSX XIIVVIMGLI (EW[ÈVIIVWXVIGLX;ELRWMRR-QIVWXIR1SQIRXKPEYFXI6LSHERRSGLWMGLZIVLÚVX ^YLEFIR%FIVIVWEL/EQYOSW)RXWGLPSWWIRLIMX7MI[àVHIWMGLRMGLXEYJLEPXIRPEWWIR IKEP[IPGLI%VKYQIRXIIVZSVFVEGLXI9RH[IRRIVILVPMGL^YWMGLWIPFWX[EVLÈXXIIV ERMLVIV7XIPPIRMGLXKIREYHEWWIPFIKIXER# /EQYOSQYWWXIHMI-RJSVQEXMSRàFIVHMI7TEGI.IXZSR2)13IVLEPXIRLEFIR(EWW WMIQMXIMRIVWSPGLIR2YWWWGLEPIERKIWMGLXWHIVXSFIRHIR+I[EPXIRHIV%OOVIXMSRWWGLIM FIOIMRI^ILR0MGLXWIOYRHIR[IMXOSQQIR[àVHI[EVMLV^[IMJIPPSWFI[YWWX9RHWIPFWX [IRR HMI 7TEGI.IX HIQ 8SFIR [IRMKWXIRW IMRMKI 1MRYXIR PERK WXERHLMIPX HIV IVWXI 8VIJJIVEYWIMRIQWGL[IVIR7GLMJJWKIWGLàX^[àVHIWMI^YWEQQIRQMXHIV7TEGI.IXEYW PÚWGLIR :IVKMWWRMGLX4IVV]6LSHERHEWWMGLHMI2EGLXPMGLX6àWXYRKXVEKI2MIQERHOERR RHIREPWMGL 8VSX^HIQQEGLXHMI6àWXYRKHMGLRMGLXYRZIV[YRHFEV /EQYOSWGL[MIK7MIWGLEYXIHIR8IVVERIVRYVHYVGLHVMRKIRHER ;EWHYZSVLEWXMWXTYVIV7IPFWXQSVHZIVWIX^XI6LSHER(EW[MVHHIV6IXVSZIVWM SRRMGLX[IMXIVLIPJIR -QQIV RSGLWEKXIWMI OIMR ;SVX %FIV MLV&PMGO [EV HYVGLHVMRKIRH KI[SVHIR %PW [SPPIWMI6LSHERHMI7GLYPHKIFIRJEPPWHMI6IXVSZIVWMSRWGLIMXIVXI )WMWXHIMR0IFIRWEKXIIVWGLPMIÃPMGL^ÚKIVRH+YX-GLàFIVPEWWIHMVHMI7.(EW 7GLMJJ MWX IMR 7GLPEGLXEYJOPÈVIV HIV 74-6-8/PEWWI ;IRR àFIVLEYTX IMR &IMFSSX JàV OYV^I>IMXMRHIV%OOVIXMSRW^SRIFIWXILIROERRHERRHMIWIV8]T (MI.IXMWXWXEVXFIVIMX# 6LSHERRMGOXIRYV -GLRILQIERHYFIKPIMXIWXQMGLMRHIR,ERKEV.IX^XWSJSVX 7GL[ERKTPÚX^PMGLHSGLIMR[IRMK;ILQYXMRMLVIV7XMQQIQMX#4IVV]6LSHER[EV WMGL HIWWIR RMGLX WMGLIV %FIV [IRRIVER MLVI IVWXI &IKIKRYRK HEGLXI ER /EQYOSW :IVWYGLMLREPW4EVXRIVJàVIMRI4EEVYRK^YKI[MRRIR 7MILEXXIWIMRI%FPILRYRKEO^ITXMIVX9RHZMIPPIMGLX[SPPXIWMI[MVOPMGLRYVQILVàFIV HMI,IVOYRJXHIV.90)7:)62)IVJELVIR /EQYOSJVEKXIRMGLXHEREGLEPW6LSHERHMI7YFPMGLX&IWGLPIYRMKYRKHIV7TEGI.IX QMXXEYWIRHZMIVLYRHIVX/MPSQIXIVRTVS7IOYRHIRUYEHVEXFI^MJJIVXIHEWPIMWXYRKWWXEVOI 1IXEKVEZ8VMIF[IVOLIVZSVLSFYRHZSVEPPIQHMI(IJIRWMZEYWVàWXYRKHIW&IMFSSXWQMX HVIMJEGLKIWXEJJIPXIQ,À7GLMVQYRHZMIVJEGLIQ4EVEXVSR7GLYX^WGLMVQ %PPIVHMRKW[EVHIV8IVVERIVWMGLJEWXWMGLIVHEWW/EQYOSHMIWI-RJSVQEXMSRIRàFIV HMI 2EGLXPMGLX6àWXYRK WGLSR ZSR 2)13 IVLEPXIR LEXXI 9RH WTÈXIWXIRW EPW WMI HMI 7TEGI.IXFIXVEXYRHHMI6àWXYRKWMGLQMXHIRMRXIVRIR7]WXIQIRHIW&IMFSSXIWZIVRIX^ XIWXERHIRMLVHMIWI(EXIRSLRILMR^YV:IVJàKYRK ,EXXIWMIHSGLRYVWIMRI2ÈLIKIWYGLX#/EQYOSZIVWGL[ERHMRHIV&SHIRWGLPIYWI SLRIWMGLYQ^Y[IRHIR %PWHMI .:7.OYV^HEVEYJWXEVXIXI[EV6LSHERHEZSRàFIV^IYKXHEWWIVHMI +IRIVEPMRRMGLX[MIHIVWILIR[àVHI (MI7TEGI.IX[YVHIWGLSRREGLHIRIVWXIR*PYKWIOYRHIRZSRHIQXLIVQSH]REQM YKKMRKZIVPSVHMI3VXYRKHIV.90)7 :)62)MLVI7TYV
(MI*MREPI7GLPEGLX
)FIRRSGLLEXXIMLRHIVVEWIRHI,IV^WGLPEKJEWXZIVVàGOXKIQEGLXYRHWIMR7GLÈHIP [EVMLQ[MIIMRIàFIVVIMJI*VYGLXIVWGLMIRIRHMIWGLSRMQRÈGLWXIR1SQIRXEYJFVIGLIR [àVHINIX^XOSRRXIIV[IRMKWXIRW[MIHIVOPEVHIROIR)VLEXXIWMGLIMRIRIYI(SWMWHIW WXEFMPMWMIVIRHIR1IHMOEQIRXWMRNM^MIVX IFVMKIQ&PMGOWXMIVXI/M1]SEYJHMI;MIHIVKEFIHIV3VXYRK.IHI7IOYRHIQYW WXIRHMI7GLMJJIHIV%PXIR:ÚPOIVLMRXIVHIV*VSRXEYWHIQ,]TIVVEYQJEPPIRYRHHIR %RKVMJJEYJ+03-286%-836IMRPIMXIR&MW^YPIX^XLEXXIIVKIFERKXHEWWHIVZSR']TVSR YRH/MRXVSREERKIJàLVXI%YWJEPPàFIVLEYTXRSGLQÚKPMGLWIMR[àVHIHIRRHMI+IKRIV [EVIRIMRJEGLàFIVEPP%YJIMRIR^IVWXÚVXIR8VEMXEROOEQIRQMRHIWXIRW^ILRKVSÃI7GLMJ JIEYW%6',)8-17*PSXXIZSRHIR3TJIVRHIV/SPSRRIR1%7',-2)2KER^^YWGL[IM KIR -QQIVLMRLEXXIRWMGL+)7)8>+IFIVHIV/SPSRRIR1%7',-2)2ERKIRSQQIRYRH HMIWIMWSPMIVX (IV /EQTJ ^[MWGLIR HIR 6MIWIR PMIÃ /M1]S EPPIVHMRKW VEXPSW ^YVàGO %PPIHMIWI)MRLIMXIRWGLMIRIRQSQIRXERRYVVYLMKMQ6EYQ^YWXILIRYRHRMGLXIMRQEP HMI3VXYRKIR^IMKXIRHEWW&IWSRHIVIWKIWGLEL(IRRSGL[YVHIRWSKEV7GLPEGLXWGLMJJI SWXVIMFIRHIREYWIMRERHIVFVIGLIRHIR;VEGOW%PWVEYF XIRYRWMGLXFEVI/VÈJXIMLVIV1EXIVMIHIR>YWEQQIRLEPX :MIPPIMGLXWEKXIWMGLHIV+IRIVEPLÈXXIMLR/EQYOSW2EGLXPMGLX6àWXYRKMRHMI0EKI SW IPIR EYWHIQ,]TIVVEYQ2SGLXVMIFHMI2EHIPHIW'LESWEYÃIVLEPFHIWZSRHIR+)7)8> +IFIVRFIVIMRMKXIR+IFMIXWYRHPIHMKPMGLHMIZIVWGL[SQQIRI3VXYRKPMIÃ/M1]SER HIQ+IWGLILIRXIMPLEFIR-QQIVLMROSRRXIIVIVOIRRIRHEWWWSKYX[MIEPPI7GLMJJIMR *IYIVVIMGL[IMXIZSV+03-286%-836QEXIVMEPMWMIVX[EVIR 7MIKVMJJIRQMXIMRIV:ILIQIR^ER[MIWMI[SLPRYVHMI:ÚPOIVZSR8EVI7GLEVQIRX [MGOIPROSRRXIRHIVIR)\MWXIR^WIMX.ELVLYRHIVXIRQàLWEQIV[YVHI(IRIROIMRIER HIVI%PXIVREXMZIFPMIFEPW^YOÈQTJIR[IRRWMIàFIVPIFIR[SPPXIR (MI7GLMJJIOSR^IRXVMIVXIRMLV*IYIVEYJHIRQMXXPIVIR&IVIMGLHIV+MKERXWXEXMSR(MI YRXIVWGLMIHPMGLWXIR;EJJIRW]WXIQIIRXPYHIRWMGLKIKIRHMIWIKI[EPXMKI*IWXYRK:IV KPMGLIRQMXHIR)RIVKMIWXàVQIRHIV%OOVIXMSRWWGLIMFI[EVIRHEWHIRRSGLRYV2EHIP WXMGLI 7IMXQILVEPWXEYWIRH.ELVIRXVSX^XIHMI2EHIPHIW'LESWHIQ8SFIRZSR1EVKMR'LVM PS\;MIWSPPXIR%6',)8-177GLMJJIHMIWIW1SRWXVYQWXàV^IR#)RXWGLPSWWIRLIMXEPPIMR KIRàKXIRMGLXHEWIVOERRXIHIV+IRIVEPMRHIR[IRMKIR%YKIRFPMGOIRHMIZIVWXVMGLIR FMW+03-286%-836HEW*IYIVIV[MHIVXI%YGLJSVXKIWGLVMXXIRI;EJJIRXIGLRMOEPPIMR [EVOIMR+EVERX7GLSRKEVRMGLX[IRRMQQIVQILV8VEMXEROWEYWHIQ7GLEXXIRHIV 2EHIPLIVZSVFVEGLIRYRHHMI%RKVIMJIVWXIPPXIR 2MGLXIMRI7EPZIWGLMIRHMI*VEOXEPIR%YJVMWW+PSGOIRHIVàFIVIMRERHIVZIVEROIVXIR /SPSRRIR*SVXWHYVGLFVIGLIR^YOÚRRIR;MIZIVWXIMRIVXZIVJSPKXI/M1]SHIRZIVKIF PMGLIR %RWXYVQ WIMRIV 7GLMJJI -QQIV RIYI )\TPSWMSRIR ZIVVMIXIR MLQ HEWW HIV 8SH WIMRI)MRLIMXIRFIMRELIQàLIPSWMRWIMR6IMGL^SK[ÈLVIRHHMI8VYTTIRHIV'LESWQÈGL XI[IMXKILIRHZIVWGLSRXFPMIFIR 2EGL[MIZSVFIWXERHOIMR>YKERKJàVEPPI7GLMJJIFMW+03-286%-836(EFIMQYW WXIIVHIR&IJILP^YQ)MRKVIMJIRKIFIRQYWWXI (IV4IVWTIOXMZ[IGLWIPXVEJ/M1]SYRZSVFIVIMXIX )VWGL[IFXIMQ6EYQ[SPPXIEFIV^YVàGOEYJHMI8%637,-YQRMGLXQMXERWILIR^Y QàWWIR[MIHMI4YPOWHIV%PXIR:ÚPOIVMQ%F[ILVJIYIVEYWIMRERHIVFVEGLIR(SGLWGLSR WTàVXIIVHEWWHEQILV[EVEPWIVFMWPERKLEXXI[ELVRILQIROÚRRIRYRHWIMR;MHIV WXERH[MGLFVIRRIRHIV2IYKMIVHI )MR %RKVMJJ ZSR RMGLX IMRQEP^[ER^MKXEYWIRH )MRLIMXIR OSRRXI +03-2 86%-836 RMGLXKIJÈLVHIR%PPHMIYRXIVWGLMIHPMGLIR;EJJIRW]WXIQI[àVHIRHMI*VEOXEPIR%YJVMWW +PSGOIRRMIQEPWHYVGLWGLPEKIR%FIVHIRRSGL[EVHMIWIV%RKVMJJ[MGLXMK(IVQEWWMZI &IWGLYWWPÚWXIIMRIRHIJIRWMZIR:IVWGLPYWW^YWXERHEYW[MIMLREYGLWGL[IVIL]TIVTL] WMOEPMWGLI%RSQEPMIRHIV%OOVIXMSRWWGLIMFIEYWKIPÚWXLÈXXIR9RHHMIWIV:IVWGLPYWW
,9&)68,%)27)0
^YWXERHFILMRHIVXIHMIIMKIRXPMGLI%YJKEFI+03-286%-8367 YWWFIVIMGLHIV+)7)8>+IFIVNÈLERWGL[SPP %PWLÈXXIRHMI8LIVQSH]R-RKIRMIYVIER&SVHHIVKSPHIRIR7GLMJJIRYVEYJHMIWIR1S QIRXKI[EVXIXHILRXIWMGLHEW6EYQKIFMIXMQQIVWGLRIPPIVEYWMRHIQHMIGLESXMWGLIR &IHMRKYRKIRWGL[ÈGLIV[YVHIR .IX^XIMRLYRHIVXYRHZMIV1MRYXIRREGLHIQ&IKMRRHIV7GLPEGLXIVVIMGLXIHIV(YVGL YWWHIV 'LESW4L]WMO[MGL[IMXIV^YVàGO 7MIQàWWIRSLRI9RXIVFVIGLYRKERKVIMJIRHVÚLRXIHMI7XMQQIMR/M1]SW+IHEROIR (MI7GLMJJIHIV%PXIR:ÚPOIVHàVJIRXVSX^MLVIV:IVPYWXIRMGLX^YVàGO[IMGLIR7MIQàWWIR HMIWI*VSRXLEPXIR /M1]SFPMR^IPXIMRHEW(ÈQQIVPMGLXHIW0IMXWXERHW)VLEXXI1àLIHMI&IRSQQIR LIMX^YàFIV[MRHIRHMIHIVWGLIMRFEVEFVYTXI3VXW[IGLWIPMRMLQEYWKIPÚWXLEXXI1MX WGL[IVIVWXSGOIRHIV7XMQQIIVXIMPXIIVWIMRI&IJILPI +03-286%-836[EVRYRJàVEPPI^YKÈRKPMGL(MIZSVKIWILIRIR%RKVMJJWWTMX^IRI\MW YKWSFEPHWMIHMI )MRXVMXXWKIWGL[MRHMKOIMXIVVIMGLXLEXXIR-RRIVLEPF1MRYXIRJVMWX[IGLWIPXIR>ILRXEY WIRHIOEQTJWXEVOIV)MRLIMXIRHMI4SWMXMSR 6MRKWYQ+03-286%-836XSFXIHMI7GLPEGLXIVFMXXIVXIVEPW^YZSV(MI7GLMJJILEXXIR 3VHIVEYJHMI*VEOXEPIR%YJVMWW+PSGOIR^YJIYIVRIKEP[MIEYWWMGLXWPSWHMIW[MVOXI (EW3VXYRKWFMPH ^IMKXI/M1]S HEWWEYGL^[IM+)7)8>+IFIVMRYRQMXXIPFEVIV 2ÈLI+03-286%-8367IVWGLMIRIR1MX[IPGLIR1MXXIPRHMI8LIVQSH]R-RKIRMIYVI KIKIRHMI2EHIPZSVKMRKIROSRRXIIVLMRKIKIRRMGLXIVOIRRIR (E[EVIRWMI[MIHIVHMI;ELVRILQYRKIRHMI/M1]S%6',)8-1^YWGLVMIF&IKMI VMKRELQHIV+IRIVEPEPPI&MPHIVMRWMGLEYJ %RJERKWZIVWXERHIVRMGLX[EWHMI[MPHHYVGLIMRERHIV[MVFIPRHIR;SPOIRJIX^IRFI HIYXIXIRHMIWMGL^YYRVIKIPQÈÃMKIR,EYJIRJSVQXIREFIVIFIRWSWGLRIPP[MIHIVEYW IMRERHIVWXVIFXIR)VWTàVXIIMRI[EGLWIRHI9RVYLIEPWKVIMJIEPPHEWEYJMLRàFIV%FIV HERRWELIVHMIWIR[MR^MKIR*PIGOHIV6YLIHIVMLQ[MIHEW%YKIIMRIW>]OPSRWIV WGLMIR (IV*PIGOHILRXIWMGLEYW /M1]SZIVWXERHHEWWHMIZIVQIMRXPMGLIR;SPOIRJIX^IRRMGLXWERHIVIWWIMROSRRXIR IGLXHEWVMRKWYQ1EVKMR'LVMPS\PÈRKWXIMRIEYWKITVÈKXI'LES XMWGLI4L]WMOIXEFPMIVXLEXXI (E[EVHMI2EHIPHIW'LESW[MIIMR7XàGOOSWQMWGLI(27)FIRRSGLZSRHIR;SP OIR[MVFIPRZIVFSVKIRWGLMIRWMIQMXIMRIQ1EPJVIMMQ6EYQ^YWGL[IFIRRYVRSGL [IMXVÈYQMKYQKIFIRZSRHIRWGLMQQIVRHIR/YKIPRHIV+)7)8>+IFIV (IV >YKERK ^YQ )RHWXàGO HIW /366-(367 WILV RELI EQ 6ERH HIW VSXMIVIRHIR IPMLQHIV>YKERK^Y HIQPIX^XIR,]TIVORSXIRRYVEYJ[IMP',)37%/-7YRH',)37()+9WERJXTYPWMIV XIR :SRHMIWIRFIMHIRIFIRWS[MIZSREPPIRERHIVIR+)7)8>+IFIVRKMRKIRLEYGLHàRRI KSPHIRPIYGLXIRHI0MRMIREYW(MIWI0MRMIR[YGLWIRWGLRIPPREGLEYÃIR[àLPXIRWMGL IGLXWYRHWGLSR TYPWMIVXIRWMIIFIRJEPPW ;MI%HIVR 9RHHEW&PYXHEWHMIWI%HIVRWGLYF[IMWIXVERWTSVXMIVXIR[EV0MGLX,IPPWGLMQQIV IGLXIRLIVZSVWMIZIV^[IMKXIRWMGLWXVIF XIREYWIMRERHIV[MIHMI%VQIIMRIWKMKERXMWGLIR*PYWWHIPXEWYRHPMIÃIRJYROIPRHI*PÈ GLIR IRXWXILIR FIZSV WMI [MIHIV IVPSWGLIR YRH MR HIR %HIVR RIYI 0MGLXUYERXIR LIVERTYPWMIVXIR )W[EVIMRJEW^MRMIVIRHIV%RWXYVQEYJHEW'LESWQILVEFIVRMGLX2SGL[EVHEW0MGLX
(MI*MREPI7GLPEGLX
IGLXI^YHYVGLHVMRKIRYRHEYJ^YFVIGLIREFIVHMIWIVWXIXI WMGLEYW[IMXIRHI*YROIRWÈXI,SJJRYRK /M1]SJVEKXIWMGL[SLMR%6',)8-1ZIVWGL[YRHIRWIMRQSGLXIIVOSRRXIHEW>IR XVYQWKIFMIX8EVI7GLEVQWàFIVFPMGOIRWELHMIYRZIVQMRHIVXXSFIRHI*MREPI7GLPEGLX HMI2EHIPHIW'LESWHMI/SPSRRIR1%7',-2)2YRH+)7)8>+IFIVEFIV%6',)8-1 WGLMIRZIVWGL[YRHIR^YWIMR &MWXHYHMVHIWWIRWSWMGLIV# /PERKHMI7XMQQIMRWIMRIR+IHEROIR[MVOPMGLWTÚXXMWGLSHIVMRXIVTVIXMIVXIIVHIR 8SRJEPPRYV#;IMPMLRWIMRRIYIV&PMGO[MROIPJEW^MRMIVXI#/M1]S[EVNELVLYRHIVXIPERK HIV+IWERHXIHIV7YTIVMRXIPPMKIR^KI[IWIREFIVHMI7MGLX[IMWI[MIWMIMLQRYR^YXIMP [YVHIWXERHMLQHIRRSGLRMGLX^Y)W[EVEYGLFIWXMQQXRMGLXHEW[EW%6',)8-1 SHIVERHIVI;IWIRLIMXIR[ELVRELQIRWSRHIVR^YWEQQIRKIWGLRYVVXEYJWIMRZMIVHM QIRWMSREPFIWGLVÈROXIW:IVWXÈRHRMW *àVIMRIR1SQIRXJVEKXIIVWMGL[S78)62YRH2%*%9v',9/WIMRQSGLXIRSF HMIWIR ;IWIRLIMXIR IFIRJEPPW IMRI %YJKEFI [ÈLVIRH HIV 6IXVSZIVWMSR ^YOEQ z YRH KPIMGL^IMXMKKPEYFXI/M1]S^YZIVWXILIR)VOSRRXI%6',)8-1RMGLXWILIR[IMPIW %6',)8-174IVWTIOXMZI[EVEYWHIVIV1EVKMR'LVMPS\àFIVFPMGOXI :SQ/366-(36()636(292+EYWRÈLIVXIWMGLIMR+)7)8>+IFIV (EWMWX',)378%-HYVGL^YGOXIIWHIR+IRIVEP%PWSKVMJJRYR%6',)8-1WIPFWX MRHMI7GLPEGLXIMR /M1]SOSRRXIWTàVIRHEWW%6',)8-1HMIMRMLQKIWTIMGLIVXIRTWMSRMWGLIR)RIV KMIRJVIMWIX^XI%6',)8-1FIKERR^YQMRHIWXIMR^IPRI%FWGLRMXXIHIW4WMSRMWGLIR2IX ^IWZSR8EVI7GLEVQEYJHMI7XERHEVH[IVXI^YVàGOJàLVIRYRHHMI7YTIVMRXIPPMKIR^KVMJJ HEFIMWILVZMIP[IMXIVMRHMI:IVÈRHIVYRKIRIMREPWHMIWHIR+)7)8>+IFIVRQÚKPMGL KI[IWIR[ÈVI 0ERKWEQYRHOSRXVSPPMIVXKEF%6',)8-1WIMRIEOOYQYPMIVXIRTWMSRMWGLIR)RIVKMIR ^MIR^^YIV^MIPIRYRHYQWMGLWIPFWXRMGLX^YWGLÈHMKIR /M1]S^YGOXIIRXWIX^X^YVàGOEPWMLQFI[YWWX[YVHIHEWWIMRI^YWGLRIPPI*VIMWIX ^YRKHMIWIW4SXIR^MEPWIMRI/EXEWXVSTLIEYWKIPÚWXLÈXXI+ER^8EVI7GLEVQ[ÈVIFIM IMRIVWSPGLIR)\TPSWMSRZIVRMGLXIX[SVHIRYRHSFHMIYQPMIKIRHIROPIMRIVIR+EPE\MIR HMIWI:IVRMGLXYRKWGLEHPSWàFIVWXERHIRLÈXXIRZIVQSGLXIIVRMGLX^YFIERX[SVXIR )W[MVH[SLPWSWIMR àWXIVXIHMI7XMQQI)LIVRSGLWGLPMQQIV(YWSPPXIWX[MWWIR MGLIR IGLXIMQ>IRXVYQHIV+EPE\MWYRHFIKMRRIRZSR HSVXEYWHEW4WMSRMWGLI2IX^^YVITEVMIVIR ',)378%-HMIRXIHEFIMEPW/EXEP]WEXSVYRH/EREPJàV%6',)8-17/VÈJXI/M1]S OSRRXIHEWWTàVIR-LQ[EVEPWHYVGLWXVÚQXIMLRHIV%XIQHIV9RIRHPMGLOIMX )W[EVIMRYRFIWGLVIMFPMGLWGLÚRIW+IJàLPYRHIW[IGOXIMRMLQHIR;YRWGLJàV EPPI>IMXHEW9RMZIVWYQ^YHYVGLWXVIMJIR :MIPPIMGLXIRXWXERHHMIWI)YTLSVMIEYGLRYV[IMPHEW:MFVE4WMER;MVOYRKZIVPSV /M1]SWTàVXIQMXEPPWIMRIR7MRRIRHEWWHEWWXIXI&IFIRFIM1EVKMR'LVMPS\EFIFFXI (MIMRRIVI9RVYLIHMINIHIW0IFI[IWIRIQTJYRHIRLEXXI[MGLWGLRIPPIMRIVFIMRELI YRLIMQPMGLIR2SVQEPMXÈX &IJILPEREPPI)MRLIMXIR%FWIX^IRMR6MGLXYRK+03-286%-836YRHHIR%RKVMJJEYJ HMI2EHIPHIW'LESWQMXEPPIR1MXXIPRYRXIVWXàX^IR 1ILVQEPWLEXXIHIV+IRIVEPWIMRIR&IJILP[MIHIVLSPIRPEWWIR%FIVRYVIMRMKIXEYWIRH 7GLPEGLXWGLMJJIWGLEJJXIRIWWMGLEYWHIVYRZIVQMRHIVXLIJXMKXSFIRHIR7GLPEGLX^YPÚ WIR %YGLHMI8%637,-FIWGLPIYRMKXI 2EGL[MIZSV^IMKXIHMI3VXYRK+03-286%-83679RZIV[YRHFEVOIMX(MI*VEOXEPIR %YJVMWW+PSGOIRWGLMIRIRNIHIQ%RWXYVQWXERH^YLEPXIR MIKIRHMI2EHIPER
,9&)68,%)27)0
(MI1IPHYRKPMIÃ/M1]SLIVYQJELVIR7IMRI,ÈRHIKPMXXIRHYVGLHMI0MGLXXEWXEXYV JEWXKPIMGL^IMXMKIRXWXERHZSVMLQHMI;MIHIVKEFIHIV3VXYRKWFMPHIV&IMHI+)7)8> +IFIVQEXIVMEPMWMIVXIRRYV[IRMKI0MGLXWIOYRHIRZSVHIV+MKERXWXEXMSR /M1]SLEXXIHMIWIQÚKPMGLI6IEOXMSRRMGLXIMROEPOYPMIVX)W[EVWIMRI2EGLPÈWWMKOIMX )V LÈXXI JVàL^IMXMK IVOIRRIR QàWWIR [IPGLI *SPKIR %6',)8-17 )MRKVIMJIR ^IMKIR [àVHI(MITWMSRMWGLI)RIVKMIHIV7YTIVMRXIPPMKIR^ZIVWIX^XIHEW4WMSRMWGLI2IX^ZSR 8EVI7GLEVQMRWIMRIRREXàVPMGLIR>YWXERH^YVàGO(EWFIHIYXIXIHEWWHMI+)7)8> +IFIV^YQMRHIWXXIMP[IMWIZSRMLVIR9VWTVYRKWEYJKEFIRJVIM[YVHIRYRHHMI8LIVQS H]R-RKIRMIYVIHMIWI'LERGIRYX^IROSRRXIR (MIÀFIVPMGLXIXETTI[YVHIERKIOàRHMKX/M1]SOSRRXIIWOEYQQILVIV[EVXIRRE LIERHMI2EHIPLIVER^YOSQQIR (ERR HIV ÀFIVXVMXX )MR WXIGLIRHIV 7GLQIV^ VEYFXI HIQ %IKERIV HIR %XIQ 1MX WGL[MRHIRHIR7MRRIRKPEYFXIIVHIR%PEVQLIYPIR^YLÚVIR ^MIVàFIVMLR (IV7GLSLEEOI[MVOXIFIWSVKXEFIVHMIWQEPIV[IGOXIIVRMGLXHIR%RWGLIMREPW[àVHI IVHIRHIWSPEXIR+IWYRHLIMXW^YWXERHWIMRIW/SQQERHERXIRYRH*PSXXIRKIRIVEPWWGL[IM KIRHEO^ITXMIVIR %PPIWMR3VHRYRK[ILVXI/M1]SEF)RXJIVRYRK^Y+03-286%-836#*IMRHIMR LIMXIR# )VZIVWXYQQXI7IMR&PMGOKMRKERHIQ7GLSLEEOIRZSVFIMYRHJVEÃWMGLERHIV4ER SVEQE[ERHJIWXEYJHIVJSVQEXJàPPIRHHMI3VXYRK[MIHIVKIKIFIR[YVHI +03-286%-836[EV^YWILIRYQKIFIRZSR7GL[ÈVQIR>ILRXEYWIRHIV6EYQWGLMJ JI%YGLHVIMHIVZMIV+)7)8>+IFIV[YVHIRHEVKIWXIPPX%FIVRMGLXHEWJIWWIPXI/M ^MIVIIFIRJEPPWMRRILEPXIR HMI2EHIPHIW'LESW[YGLW-LVIÈYÃIVIR/SPSRRIR*SVXW[MVOXIRWGLSRRMGLXQILV JELPXVERWTEVIRXWSRHIVRZIVHMGLXIXIRWMGLYRHERFIMHIR)RHIRQEXIVMEPMWMIVXIR[IM XIVI*SVXW%YGLWMIERJERKWZSRILIVZIVWGL[MQQIRHIV/SRWMWXIR^EFIVVEWGLOSQTEOX [IVHIRH ;IMXIVI/SPSRRIR*SVXWXEYGLXIREYWHIQ,]TIVVEYQEYJ-QQIVWGLRIPPIVPMIJHIV :SVKERKEFYRHEPWIVREGL[IRMKIR1MRYXIR^YQ7XMPPWXERHOEQ[EV+03-286%-836 EYJHEW(VIMJEGLIWIMRIVYVWTVàRKPMGLIR0ÈRKIERKI[EGLWIR )RXWIX^XIVOERRXI/M1]SHEWWRYVHEWQMXXPIVI(VMXXIPHIV2EHIPHIW'LESWMQ2SV QEPVEYQI\MWXMIVXLEXXI(IV6IWX[EVMQ,]TIVVEYQZIVFSVKIRSHIVRYVHSVXZIVEROIVX KI[IWIR (MIWIW[ELVLEJXVMIWMKI+IFMPHIQEÃRYRYRKPEYFPMGLI/MPSQIXIV)WWIX^XIWMGL EYW86%-'332*SVXW^YWEQQIRIMRIV7XVIMXQEGLXHIVIWPIMGLXJEPPIR[àVHIKER ^I+EPE\MIREYWHIR%RKIPR^YLIFIR /M1]SJVEKXIWMGL[MIWIMRI*PSXXIHMIWI7XEXMSRàFIVLEYTXRSGL[MVOYRKWZSPPER KVIMJIRWSPPXI (MI2EHIPOVàQQXIWMGLMRHIV1MXXIYRHKIVMIXMRXEYQIPRHI&I[IKYRK 9REFPÈWWMKKVMJJIRHMI7GLMJJIHIV%PXIR:ÚPOIVER-QQIVQILV)MRLIMXIRHIW8VIGOW IVÚJJRIXIRIFIRJEPPWHEW*IYIV>[MWGLIRMLRIRWGL[MVVXIR8EYWIRHI8VEMXEROW[MIIMRI 7GLYX^XVYTTIHIV2EHIP )MRKIPPIRHIV7GLVIMWGLVIGOXI/M1]SEYJ)W[EVIMRQIRXEPIV%YJWGLVIMZSPPYRZIV LSLPIRIQ>SVRHIVMLR^YXMIJWXIVWGLàXXIVXI (YLEWXHMIWIR7GLVIMRYVZIVRSQQIR[IMPHIMRI:IVFMRHYRK^Y%6',)8-1[IMXIV FIWXILXWEKXIHMI7XMQQI/308363'LEXMLREYWKIWXSÃIR (MIRIKEXMZI7YTIVMRXIPPMKIR^MWXLMIV# /308363'[IMPXREGL[MIZSVMRHIV2IKERIR7XEHX%FIVIVWTàVXHEW)RHIZSR +03-286%-836 -QQIVRSGLLEPPXIHIV%YJWGLVIMMRMLQREGL/M1]SWEL+03-286%-836^IVFVI GLIR>MIQPMGLKIREYMQQMXXPIVIR&IVIMGL[SHMI2EHIPSLRILMRIMRKIORMGOX[EVTPEX^ XIWMIEYJ,IJXMKI)\TPSWMSRIR^IVVMWWIRIMRIWHIV*SVXWYRH[IMXIXIRWMGLEYWYRHHIV 1ELPWXVSQHIV%OOVIXMSRWWGLIMFIWSK8VàQQIVYRHEYJ[SKIRHI+PYXJSVX ;IMXIVI&VYGLWXIPPIRIRXWXERHIR(YX^IRHI/SPSRRIR*SVXW[YVHIRKIVEHI^YEYWHIQ
(MI*MREPI7GLPEGLX
MRWMGLZIVHVILXIR3FNIOXLIVEYWKIFVSGLIRYRHFIWGLPIYRMKXIRHEQMXHIR>IVJEPPHIV WMGLERQILVIVIR7XIPPIRKPIMGL^IMXMK^IMKXI ;IMXIVI)\TPSWMSRIRPMIJIREYJIMRERHIV^YZIVIMRXIRWMGLYRHHERRPIGOXIRKMKERXM WGLI*PEQQIR^YRKIRHMI;MRHYRKIRIRXPERK%FWGLRMXXIHMI,YRHIVXI86%-'332 IPIR[IMXIV EPWKÈFIIWOIMRI/VEJXQILVHMI+03-286%-836RSGL^YWEQQIRLEPXIROSRRXI (MI2EHIP^IVFVEGLMRMLVI)PIQIRXIQILVEPWHVIMXEYWIRH/SPSRRIR*SVXWHMIEYJ HMIWI;IMWIJVIMKIWIX^X[YVHIR)MRIYRKPEYFPMGLI7XVIMXQEGLX;IRRWMIERKVMJJIR )MRIWHIV/SPSRRIR*SVXWZIVKMRKMRKVIPPIR0IYGLXIVWGLIMRYRKIREPWZIVKPàLIIWZSR MRRIRLIVEYWMQ*IYIVQILVHMQIRWMSREPIV)RXPEHYRKIR >[IM[IMXIVI (IV+IRIVEPKPEYFXIWIMRIR%YKIRRMGLXQILVXVEYIR^YHàVJIREPWMRIMRIV/IXXIR VIEOXMSR,YRHIVXI86%-'332*SVXWQMXIVPÚWGLIRHIR%YJVMWW+PSGOIRMRHIR7SKHIV %OOVIXMSRWWGLIMFIKIVMIXIR(MIIVWXIRHMIWIVVMIWMKIR7XEXMSRIROSPPMHMIVXIRYRH[YVHIR ZSRMQQIVLIJXMKIVIR)\TPSWMSRIREYWIMRERHIVKIVMWWIR >ILR1MRYXIRWTÈXIV[EVZSRHIVYRKPEYFPMGLIR%R^ELPHIV/SPSRRIR*SVXWRMGLXW KIFPMIFIR/M1]SELRXIHEWWHMIWIV%HIVPEWWWIPFWXJàV HIRYRIRHPMGLIR,IIV[YVQ 86%-836RMGLXPIMGLX^YIVWIX^IRWIMR[àVHI (IV7MIKàFIVHMI2EHIPHIW'LESW[EVEYJNIHIR*EPPIMR1IMPIRWXIMRJàVHMI6IXVS ZIVWMSRZSR8EVI7GLEVQ>MIQPMGLKIREY1MRYXIR[EVIRWIMXHIQ&IKMRRHIV*MRE PIR7GLPEGLXZIVKERKIR (IRWGLRIPPZSVERWGLVIMXIRHIR4VS^IWWYQJEWWIRHIV:IVÈRHIVYRKIRQMX^YIVPIFIRZIV WIX^XI HIR %IKERIV MR IMRI RMI ^YZSV IQTJYRHIRI )YTLSVMI (IWLEPF [EV IW [MI IMR 7GLSGOJàV/M1]SEPWMLQKIQIPHIX[YVHIHEWWHIV*YROOSRXEOX^YKER^IR8VYTTIR XIMPIRYRZIVQMXXIPXEFKIFVSGLIR[EV (MI7GLMJJIHIV']TVSRzRELI^YZSPP^ÈLPMKEYWHIR3VXYRKIRZIVWGL[YRHIR (MIOERXMKIR&VSGOIRHIV/MRXVSREzOIMRI%RX[SVXEYJHMIZIV^[IMJIPXIR:IVWYGLI HMI6SFSXIVàFIV,]TIVJYRO^YIVVIMGLIR 7LEPIQEW+I^^MQzIFIRWSEYWKIPÚWGLX[MIKVSÃI/SRXMRKIRXIHIV*PSXXIEYWHIQ -28%>3# &IMRELIOÚVTIVPMGLKPEYFXI/M1]SWTàVIR^YOÚRRIRHEWWHE[IMXQILV[EVEPWIV FIJàVGLXIXI)MRIIRXWIX^PMGLI1EGLXFVIMXIXIWMGLEYW )WMWXHEW)PIQIRXHIV*MRWXIVRMW àWXIVXIRYVRSGL +IRIVEPMR/EQYOS[EVWGL[IMÃàFIVWXVÚQXYRHIVWGLÚTJX;ÈLVIRHHIVPIX^XIR1MRY XIRLEXXIWMI^YHIQZMIPZSRMLVIQQIRWGLPMGLIR¨YÃIVIREYJKIKIFIRSLRIHMIWàFIV LEYTX^YFIQIVOIR ,]TIVIRIVKIXMWGLI ;MVFIP TIMXWGLXIR HMI 74-6-8.IX ZSV WMGL LIV [MI IMR LIJXMKIV ,IVFWXWXYVQ[IPOIW0EYF:IVFMWWIROÈQTJXIHMI%IKERIVMRHEKIKIREREFIVWMIWGLEJJ XIIWRMGLXQILVHIR[MR^MKIR(MWOYWMRHIR,]TIVVEYQ^YFVMRKIR ;MIPERKIPEKIWWGLSR^YVàGOHEWWHIV1IXEKVEZ:SVXI\HIR)MRXVMXXMRHIRÀFIVPMGLX YKIVPEYFXLEXXI#)MRI)[MKOIMXWGLMIRIWHIV+IRIVEPMRSF[SLPRMGLXQILVEPWJàRJ ^ILRFMW^[ER^MK1MRYXIRXIVVERMWGLIV>IMXVIGLRYRKZIVKERKIRWIMROSRRXIR 6LSHERLEXXIVIGLX7SKEVHEW(VIMÃMKQIXIVFIMFSSX[EVYRKIIMKRIXJàVIMRIRPERKIR *PYKHYVGLHEW8SFIRZSR1EVKMR'LVMPS\-QQIV[MIHIVLEXXIHIV7SKHMI7TEGI.IX IVJEWWX YRH HEZSRKIWGLPIYHIVX YRH SF[SLP /EQYOS HMI 3VMIRXMIVYRK RMGLX ZIVPSVIR LEXXI[EVWMIZSRHIV*PSXXI[IMXIVIRXJIVRXEPW^YZSV (EWWWMIFMWPERKàFIVPIFXLEXXIZIVHEROXIWMIHIV2EGLXPMGLX6àWXYRK )MRIOYV^I&IWGLPIYRMKYRKWTLEWIEYJ:SPPPEWX(MI.IXXEYGLXIYRXIVHMGLXIR1EXI VMIWGL[EHIR LMRHYVGL HIVIR %YWPÈYJIV HMI &IPEWXYRK HIV 7GLYX^WGLMVQI FMW MR HIR ;EVRFIVIMGLXVMIFIR3LRIHIRVIGLX^IMXMKIR,MR[IMWHIV6àWXYRK[ÈVIHEW&IMFSSXZSR HIR4EVXMOIPWGLPIMIVR^IVJIX^X[SVHIR
,9&)68,%)27)0
I\IXPMGLI0MGLXQMRYXIRZSVEYW-RQMXXIRHIV;MVFIPLEXXIRWMGL/EPQIREYW KIFMPHIXHIVIR)RIVKMIRMZIEY^YQMRHIWXZSVàFIVKILIRHOSRWXERXFPIMFIR[àVHI-RIM RIQHMIWIV&IVIMGLIOÈQTJXIIMR7GLPEGLXWGLMJJHIV7GLSLEEOIRKIKIRHIR7SKER(MI +IRIVEPMRFVEYGLXIRYV7IOYRHIRYQ^YZIVPÈWWMKEF^YWGLÈX^IRHEWWWMIIMRIKYXI'LER GILEXXIHEW7GLPEGLXWGLMJJ^YIVVIMGLIR MRHMIWIQ1SQIRXLÚGLWXIV/SR^IRXVEXMSRWTàVXIWMIHMI:IVÈRHIVYRKÈYÃIVWXMR XIRWMZ)MR,]TIVMQTYPWZSREXEZMWXMWGLIV,IJXMKOIMXXVEJHMI6àWXYRK /EQYOSZIVWYGLXIRSGLWMGLHIR:IOXSV,IPQZSQ/STJ^YVIMÃIREFIVWMIOEQRMGLX àFIVHIR%RWEX^HIV&I[IKYRKLMREYW(IV,IPQWGLMIRMRYRIVXVÈKPMGLIV,MX^IEYJ^Y KPàLIRYRHQMXQÚVHIVMWGLIQ(VYGOMLVIR7GLÈHIP^Y^IVUYIXWGLIR (MI+IRIVEPMRZIVPSVJàV[IRMKI7IOYRHIRHEW&I[YWWXWIMR HEWWWMIRSGLPIFXIIVWGLMIRMLVYRZIVWXÈRHPMGL%PP^YPIMGLXLÈXXIHMIHYVGLHIR RHIROÚRRIR(EW WGLSLEEOMWGLI7GLPEGLXWGLMJJ[EVWGLSR[IMXIRXJIVRX^Y[IMX /EQYOSZIVWYGLXIVYLMK^YFPIMFIR7MIWGLEJJXIIWRMGLX;IMPWMIIVOERRXI[EWHIV ,]TIVMQTYPWFIHIYXIXIEYJHIRHIV:IOXSV,IPQWSàFIVEYWLIJXMKVIEKMIVXLEXXI (MI*MRWXIVRMW[EVRELI %YGL[IRRIWHIV+IRIVEPMRRMIEYGLRYVERRÈLIVYRKW[IMWIKIPYRKIR[EV%6',) 8-172EXYV^YIVJEWWIRWSLEXXIWMIIMRMKIWàFIVHMI7YTIVMRXIPPMKIR^MR)VJELVYRKKI FVEGLX7MI[YWWXIHEWWHMI*MRWXIVRMW%6',)8-178VEYQE[EVWIMRIKVÚÃXIYRHMR XIRWMZWXI*YVGLX 2YR[EVHMIWIW)RXWIX^IRKVIMJFEVI;MVOPMGLOIMXKI[SVHIR )X[EWKIWGLEL[EW/EQYOSRMGLXEF^YWGLÈX^IRZIVQSGLXI2MGLXIMRQEPHMI2EGLX PMGLX6àWXYRK^IMKXIMLV[EWWMGLEFWTMIPXI )MR*ILPIVMR%6',)8-174PER#(IYXPMGLKPEYFXI/M1]SHIRÀFIVWGL[ERKHIV 7YTIVMRXIPPMKIR^[ELV^YRILQIREPWHMI2EGLVMGLXEYWHIQ7IOXSV&M<SXSVMRKIMR KIXVSJJIR[EV2MGLXRYV/308363'LEXXIEYJHIR7GLIMRERKVMJJVIEKMIVXYRHWXEV OI8VYTTIRZIVFÈRHIREGL&M<SXSVMRKKIWGLMGOXEYGLHMI*MRWXIVRMWLEXXIWMGLZSR HIQ%FPIROYRKWQERÚZIVZIVPIMXIRPEWWIR 9RHNIX^XHEW(MI*MRWXIVRMWLEXXI[IMXWGLRIPPIVVIEKMIVXEPWFIJàVGLXIX )WMWX^YJVàL /M1]S[EVZSRHIQKIPPIRHIR%YJWGLVIM[MIKIPÈLQX(IV0IMXWXERHHIV8%637,- ZIVWGL[EQQZSVWIMRIR%YKIR)VRELQ[MIHIV1EVKMR'LVMPS\YRHHEW[IMXI9QJIPH HIWKEPEOXMWGLIR>IRXVYQWQMX%6',)8-177MRRIR[ELVEFIVHMIWQEPLEXXIFIMHIW KPIMGLIVQEÃIR&IWXERH %6',)8-17EYJFVERHIRHI)VVIKYRKLEXXIMLRQMXKIVMWWIR(SGLHMI7YTIVMRXIPPMKIR^ EGLXIXIRMGLXEYJMLRLEXXIZMIPPIMGLXKEVRMGLXFIQIVOXHEWWHMI:IVFMRHYRK[MIHIV HIVEVXMRXIRWMZFIWXERH(IRRHE[EVQMXIMRIQ1EP(YROIPLIMXVMRKWYQIMRIYRFIKVIMJ PMGLI7GL[ÈV^IHMIWGLIMRFEVEYWHIQ2MGLXWQEXIVMEPMWMIVXI)WIVWGLMIR/M1]SRMGLX RYVEPWZIVPÚWGLXIRZMIPI7XIVRIMRRIVLEPFIMRIW0MHWGLPEKWzIW[EVEPWLÈXXIRWMIRMI I\MWXMIVX (EWPMIÃWMGLRMGLXQMXHIVPMGLXPSWIR7GL[ÈV^IFIM1EVKMR'LVMPS\ZIVKPIMGLIRYRH LEXXIRMGLXWQMXYRKILIYVIR+VEZMXEXMSRWOVÈJXIR ^YXYRHIRIRHEW0MGLXRMGLXQILV IRXVMRRIROSRRXI (MIW [EV HMI *MRWXIVRMW;MPH YRHYV[àGLWMK KVMJJ WMI %6',)8-1ER/M1]S KPEYFXIIMR9RMZIVWYQSLRI0MGLX^YWILIRHEWMLRKMIVMK^YZIVWGLPMRKIRHVSLXI %RKWXWXMIKMRMLQIQTSV2EGOXIOVIEXàVPMGLI%RKWXEPWQàWWIWIMRI)\MWXIR^MQ àGLXMKIR7IMR 0IFIR WIMRI -HIRXMXÈX +IJàLPI )VJELVYRKIR YRH )VMRRIVYRKIR RYV IMR -VVXYQ MGLI*MRWXIVRMWFIVàLVXI RHYRKIR^YPÚWIRHIWXSHIYX PMGLIVFILIVVWGLXIRWMIMLR9QMLRXSFXIIMRYRWMGLXFEVIW6MRKIRKVYRHZIVWGLMIHIRIV
(MI*MREPI7GLPEGLX
+IKRIVIMR/EQTJMRHIQ%6',)8-179VÈRKWXIWILVWGLRIPPIMRI&IHIYXYRKIVPERKXIR HMIMLRIRRMGLX^YWXERH ;IRR%6',)8-1EYJKEFFPMIFIRHMI,SJJRYRKIRWSZMIPIV:ÚPOIVZIVKIFPMGL)FIR WSMLV0IMHMLVIZIV^[IMJIPXIR%RWXVIRKYRKIRHEW7GLMGOWEPRSGLEF^Y[IRHIR(MI6I XVSZIVWMSR[EVKIWGLIMXIVX/M1]S[IMKIVXIWMGLHEWEPPIWER^YIVOIRRIR 8MIJMRMLQFVEGLIMRIMKIRXàQPMGLIV+IHEROIEYJ%6',)8-1LEXXIJàVHMI6IXVSZIV WMSR HMI,ÈPJXI WIMRIW 4WMSRMWGLIR 4SXIR^MEPW FIVIMXKIWXIPPX EFIV IVWX HVIMÃMK4VS^IRX SWWIR(IV6IWX (IRORMGLXHEVàFIVREGL(MI7XMQQILEXXIIMRIR[EVRIRHIR8SRERKIRSQQIR /M1]SVIKMWXVMIVXIHEWW%6',)8-1HMIVIWXPMGLIZIVJàKFEVI)RIVKMIWEQQIPXIWMI OSQTVMQMIVXIYRHIMRIRYRKPEYFPMGLIRTWMSRMWGLIR(VYGOEYJFEYXI HERR[EVHIV4YROXIVVIMGLXERHIQHMI4WM)RIVKMIVIEKMIVXI7MIPÚWXIWMGLMRIMRIV ZIVLIIVIRHIR)\TPSWMSRHMI/M1]S[MIIMRIRRIYIR9VOREPP[ELVRELQ(E[EVIMR [MR^MKIVKVIPPIV0MGLXTYROXMRQMXXIRHIV*MRWXIVRMWIMRI7MRKYPEVMXÈX7GLRIPPIVEPWIMR +IHEROIWGL[SPPWMIERVEWXIMLQIRXKIKIRLàPPXIMLRIMRMRIMRIWIRKIRHIEPPIWHYVGL HVMRKIRHI*PYXZIVPSVWMGL (MI(VYGO[IPPILEXXIMLR[IMXLMREYWKI[MVFIPX/M1]SWEL8EVI7GLEVQYRXIVWMGL WELHMI%HIVRHIW4WMSRMWGLIR2IX^IWKVIPPTYPWMIVIRKIKIRHIR+VIR^[EPPERFVERHIR YXIR;MIIMRIEPPIWQMXWMGLVIMÃIRHI YX[IMXIXIHMI,IPPMKOIMXHMIRSGLIRKIR/ERÈPIYRHÚJJRIXIHMI:IVFMRHYRK^Y HIR/SWQMWGLIR1IWWIRKIVR -RQMXXIRHIVTYPWMIVIRHIR,IPPMKOIMXLMIPX/M1]SZIVKIFPMGL%YWWGLEYREGLIMRIQ 6IWXHIV*MRWXIVRMW )W[EVRYVIMR8IMPHIV*MRWXIVRMWHIVERKIKVMJJIRLEXEFIVHMIWIV8IMPMWXEYJKI^ILVX WEKXIHMI7XMQQI 9RH%6',)8-1[EWMWXQMX%6',)8-1# /M1]SFIFXI)VKPEYFXI^YJEPPIRMQQIVWGLRIPPIV[ÈLVIRHWIMR)MRHVYGOZSR8EVI 7GLEVQZIV[MWGLXIYRHHIV0IMXWXERHHIV8%637,-JàVMLRMRHIR:SVHIVKVYRHXVEX %6',)8-1[MVHWXIVFIR2MGLXLIYXISHIVQSVKIREFIVWILVFEPH(MI)RXPEHYRK[EV ^YLIJXMKWMILEXWIMRIQIRXEPI7XVYOXYV^IVWXÚVXYRHHEQMX%6',)8-170IFIRWEHIVR %FIVZIVQEKIVWMGLHIRRRMGLX^YVIKIRIVMIVIR#;MVEPPI[àVHIRQMX*VIYHIR (MI7XMQQIWGL[MIK:MIPPIMGLXPMXXWMIWGLSRYRXIVHIQ:IVPYWXHIV7YFWXER^ ;EVYQ#/M1]SFVEGLXIHIR+IHEROIRRMGLX^Y)RHI)V[SPPXIRMGLXZIVWXILIR [IWLEPF%6',)8-1HMIWIR;IKKI[ÈLPXLEXXIYQHMI*MRWXIVRMW^YFIWMIKIR 7MGLWIPFWXEYJ^YKIFIR[EVJàVMLRHMIIMR^MKI1ÚKPMGLOIMXHIR/EQTJ^YKI[MRRIR YRH[IRMKWXIRWIMR7XàGOHIV*MRWXIVRMW^YZIVRMGLXIR%6',)8-1OSRRXIRMGLXERHIVW LERHIPRIVQYWWXIIWZIVWYGLIR IYGLXIR RKERWMGL QMXHIR4WMSRMWGLIR7XVÚQIREYÃIVLEPFHIV+EPE\MW^YZIVFMRHIR (MIIVWXIR/SWQMWGLIR1IWWIRKIVHVERKIRHYVGLHMIIRXWXERHIRIR0àGOIRREGL8EVI 7GLEVQZSV -RHMIWIQ1SQIRXFVERHIXIQIRXEPIV.YFIPEYJ)W[EVIMRIàFIVWGL[ÈRKPMGLI*VIYHI ERHIV%6',)8-1EPPIXIMPLEFIRPMIÃHMIQMXMLQHMIWIR/EQTJFIWXVMXXIRLEXXIR (MI6IXVSZIVWMSRZSR8EVI7GLEVQ[EVZSPP^SKIR (MI2IYTVSKVEQQMIVYRKEPPIV4EVEQIXIVHIW4WMSRMWGLIR2IX^IWFVIMXIXIWMGLQMXZMIP XEYWIRHJEGLIVÀFIVPMGLXKIWGL[MRHMKOIMXEYW -RHMI*VIYHIQMWGLXIWMGL8VEYIVHEW+IJàLPIMRIWYRIVWIX^PMGLIR:IVPYWXIW(SGL HEW[YVHIRYV+IRIVEP/M1]SFI[YWWX (MI&MPHIVHMIIVWELZIVFPEWWXIRWGLRIPPIV(EW0IX^XI[EWIV[ELVRELQ[EVHEW %YJVIMÃIRHIW,]TIVVEYQWMQ &IVIMGLZSR1EVKMR'LVMPS\;S7GL[EGLWXIPPIRHIV 6EYQ>IMX7XVYOXYVSLRILMR[MHVMKWXI9QWXÈRHIWGLYJIRXSFXIRWMGLHMI%YWPÈYJIVHIV TWMSRMWGLIR)RXPEHYRKFIWSRHIVWLIJXMKEYW(IV4WM7XYVQJIKXIàFIV*VIYRHYRH*IMRH LMR[IKQEGLXIOIMRIR9RXIVWGLMIH
,9&)68,%)27)0
(ERRLEXXIRYVRSGLHIV0IMXWXERHHIW*PEKKWGLMJJWJàV/M1]S&IWXERH IPIRHIQ4WM7XYVQWGLSRMRHIRIVWXIR7IOYRHIR^YQ3TJIV (IV8SHYRXIVWGLMIHRMGLX^[MWGLIR7GLMJJIREYW%6',)8-17*PSXXIYRH)MRLIMXIRHIV 8IVQMREPIR/SPSRRI86%-836)VWGLPYKQMXHIVYRFEVQLIV^MKIR;YGLXWMGLTSXIR^MI VIRHIV2EXYVKI[EPXIR^Y 6àGO^YK^YQ/366-(36()636(292+4EYWIRPSWLÈQQIVXI/M1]SW&I JILPEYJEPPIR*VIUYIR^IRLMREYWMRHEWIRIVKIXMWGLI8SFIRHIW1ELPWXVSQW (IV%IKERIVJàLPXIWMGLEYWKIFVERRX(EWWWSKEVHMI+)7)8>+IFIVHIR6àGO ^YKERXVEXIRFIVàLVXIMLROEYQ1MXEPPIV/VEJXOÈQTJXIHMI8%637,-KIKIRHMI IRXJIWWIPXIR+I[EPXIR 7IPFWX8VEMXEROWMRKVSÃIV2ÈLI[YVHIRRMGLXQILVERKIKVMJJIR)W[EV/M1]SIKEP SF86%-836YRFIHVÈRKXWIMRI*PSXXIRWEQQIPRYRHIFIRJEPPWHIR6àGO^YKIMRPIMXIR OSRRXI-Q&IVIMGLHIW7GL[EV^IR0SGLW[EVHEWFIHIYXYRKWPSWKI[SVHIR.IX^XRSGL 0IFIRMQ/EQTJKIKIRHIR,IIV[YVQ86%-836^YSTJIVR[ÈVIWMRRPSWKI[IWIR(IV /EQTJ[EVIMRJàVEPPI1EPZSVFIM;IMPIWRMIQEPWIMRI2IKEWTLÈVI8EVI7GLEVQKIFIR [àVHI (MI'LESWQÈGLXILEFIROIMRIR+VYRHQILVYRWER^YKVIMJIR9RHWMIEKMIVXIRWXIXW VEXMSREP-WXIWIRHKàPXMKZSVFIM#)MR,YWXIRVIM^WGLàXXIPXI/M1]SW/ÚVTIV)V[EVJVSL HEWWMLQHIV/SQQERHERXIRWIWWIP,EPXKEF /M1]S[EVWMGLIVHEWWHMI2IKERI7XEHX[IMXIV^MILIR[àVHIZMIPPIMGLXMRIMR ERHIVIW9RMZIVWYQYRHHEWWHIV'LESXEVGLYJVMIHIR#2IMRHEW[EVIVRMGLX(EWOSRRXIIVRMGLXWIMRWSPERKIHMI.90)7 :)62)RMGLXMRMLVIERKIWXEQQXI>IMX^YVàGOKIOILVX[EV7SPERKIRMGLXJIWXWXERHHEWW HMIYRKPEYFPMGLI(EXIRJàPPIZIV[IVXIX[IVHIROSRRXI9RHZSVEPPIQWSPERKIHMI&IHVS LYRKIMRIVOàRJXMKIR2IKEWTLÈVI,ERKE]RMGLXFIWIMXMKX[EV >YJVMIHIR[EV4IVV]6LSHERFIWXIRJEPPWQMXHIV&ISFEGLXYRKHIV6IXVSZIVWMSR:SR *YROYRH3VXYRKYRHIVWXVIGLXZSRHIR/ERXSVWGLIR9PXVE1IWW[IVOIRLEXXIIVMRHIR PIX^XIR1MRYXIRRYVIYTLSVMWGLI2EGLVMGLXIRIRXKIKIRKIRSQQIR2MGLXIMRQEPHMI%P KSVVMERLEXXIRZIVWYGLXWMGLMR7GLMQTJXMVEHIR^YIVKILIR (EFIMLÈXXIIWOIMRIW[IKWZIV[YRHIVXLÈXXIR'YVGEV]IR:EVERXMVYRH0I%R]ERXIHMI .90)7:)62)EPWPELQIR7GLVSXXLEYJIRZIV[àRWGLX-LV7GL[IMKIRMRHMIWIV,MRWMGLX LEXXIWGLSRFIMRELI[MIHIVIX[EW&IHVSLPMGLIW 2EGL[MIZSV[EVHEW7GLMJJMRWIMRIV1ERÚZVMIVJÈLMKOIMXHIYXPMGLIMRKIWGLVÈROX(MI 7XÚVYRKHIV7YFPMGLX8VMIF[IVOILMIPXER1IXEKVEZYRH+VMKSVSJJ8VMIF[IVOI[EVIR YKKER^^YWGL[IMKIR :SR/EQYOSKEFIWOIMR0IFIRW^IMGLIR6LSHERJVEKXIWMGLSFIVNIQEPWIVJELVIR [àVHI[EWHIV+IRIVEPMR^YKIWXSÃIR[EV:MIPPIMGLXLEXXIR8VEMXEROWHMI7TEGI.IXZIV RMGLXIX3HIVHIVOPIMRI(MWOYWWXàV^XIQMX^IVWXÚVXIR8VMIF[IVOIRPÈRKWXYROSRXVSPPMIV
(MI*MREPI7GLPEGLX
FEVHYVGLHMI%OOVIXMSRWWGLIMFI)WQSGLXIWIMRHEWWHMI7GLYX^WGLMVQIHIR+I[EPXIR RSGLWXERHLMIPXIRHEWW/EQYOSWSKEVRSGLPIFXI[IRRHMI.IXHIR)VIMKRMWLSVM^SRXHIW &PEGO,SPIHYVGLWXMIà :MFVEXMSRWEPEVQVMWWHIR8IVVERIVEYWWIMRIRÀFIVPIKYRKIR (MI3VXYRKIR^IMKXIREFIV[MX^MKIQTSVWGLRIPPIRHI1IWW[IVXI)MRI;SKIIRXJIWWIP XIVJàRJHMQIRWMSREPIV)RIVKMIRTIMXWGLXIHIQ7GLMJJIRXKIKIR6LSHERWTàVXIIMRIRYR KILIYVIRQIRXEPIR(VYGOHIVMLQHMI&IWMRRYRKVEYFIR[SPPXIHSGLIVWGLEJJXIIWFIM &I[YWWXWIMR^YFPIMFIR)VLÚVXI7GLVIMIWEL1ÈRRIVYRH*VEYIRHIV>IRXVEPIFIWEX^YRK MRMLVIR7IWWIPR^YWEQQIRWMROIR )MR 4WM7XYVQ YRKI[ÚLRPMGLIV ,IJXMKOIMX NEKXI HYVGL HMI >IRXVYQWVIKMSR 8EVI 7GLEVQWYRHMQ+IJSPKIHIVTWMSRMWGLIR*VSRXFVEGLIRJàRJHMQIRWMSREPI:IV^IVVYRKIR EYJ %YWEPPIR7IOXMSRIRHIW7GLMJJIWKMRKIR%YWJEPPQIPHYRKIRIMR(MIMRHIV>IRXVEPI SKHMIPÈRKIV MWXYRKIRQMXWGLRIPPIQ&PMGO (MI6SFSXIVQIPHIXIR&I[YWWXPSWIMREPPIR&IVIMGLIRYRHQILVIVI*ÈPPIZSR&I[YWWX WIMRWXVàFYRK YRH /SSVHMREXMSRWWGL[MIVMKOIMXIR %FIV RMGLXW [EW *SPKIWGLÈHIR FI JàVGLXIRPMIà -GLFMRMR3VHRYRK'LIJ+YGO]FIVMGLXIXI àFIV -RXIVOSQ )V[MVOXI WMGLXPMGL ^IVOREYXWGLXYRHLMIPXWMGLHIR2EGOIRQMXFIMHIR,ÈRHIR2ENEIMR[IRMK/STJ WGLQIV^RSGLYRHMGLKPEYFIMGLOERRRSGLRMGLX[MIHIVXIPITSVXMIVIR (YFMWXFIMHIR0ESWSSVWXIPPXI6LSHERQMXIMRIQ&PMGOEYJHMI%RWGLPYWWOIRRYRK JIWX 9RWIVI*VIYRHILEXIWWGLPMQQIVIV[MWGLXHELEXvWIMRMKIRKPEXXEPPIZMIV*àÃI[IK KI^SKIR;EVXIMGLKPEYFI/IXWGLYEOSQQX^YWMGLzMGLQIPHIQMGL[MIHIV 1MXIMRIVORETTIR+IWXIYRXIVFVEGL+YGO]HMI:IVFMRHYRK6LSHERVIKMWXVMIVXIRSGL HEWWHIV-PXSJJIRWMGLXPMGLEYGLQMX8IPIOMRIWI4VSFPIQILEXXIMRHIQ1SQIRXFEYXIWMGL HMI2ELFIVIMGLWàFIV[EGLYRKMQ,SPSKPSFYW[MIHIVEYJ )MRYR[MVOPMGLERQYXIRHIWHàWXIVIW+PàLIRFILIVVWGLXIHIR6EYQ (MI.90)7:)62)LEXXIER+IWGL[MRHMKOIMXZIVPSVIR7MIXEYQIPXIPERKWEQYQ^[IM %GLWIRYRHHVMJXIXIXMIJIVMRHIR1ELPWXVSQLMRIMR2SGL[EVHMI%F[IMGLYRKIVXVÈKPMGL EFIVJEPPWIWRMGLXKIPERKFEPHIMRIR8VMIF[IVOWFIVIMGLMRWXERH^YWIX^IR[àVHIWMGLHMI 7GL[IVOVEJXZSR1EVKMR'LVMPS\WGLRIPPHIYXPMGLIVFIQIVOFEVQEGLIR (MI3VXYRK^IMKXI^[IM8VEMXEROW(MI/EQTJWGLMJJIHIV/SPSRRIXEYQIPXIREYWHMGL XIR1EXIVMIWGL[EHIRLIVZSVEYGLWMISJJIRWMGLXPMGLERXVMIFWPSW[MIMLVIÀFIVWGLPEKW FI[IKYRKRELIPIKXI%PPIVHMRKWRÈLIVXIRWMIWMGLQMXLSLIV+IWGL[MRHMKOIMX /IMR/SPPMWMSRWOYVWQIPHIXIHMI3VXYRK&IMHI8VEMXEROW[IVHIRHMI.90)7:)6 2)MQ%FWXERHZSRORETTWMIFIRLYRHIVX1MPPMSRIR/MPSQIXIVRTEWWMIVIR 9RZIVQMXXIPXIVÚJJRIXIRHMIWGL[EV^IR7GLIMFIRHEW*IYIV7GL[IVI8VIJJIV7XVYO XYVEYJVMWWIHIV4EVEXVSRWGLMVQIYQ^YGOXIRHMI.:WTVERKIREYJHEW1MXXIPXIMPàFIV YRHHERRWGLPYKIRHMIIVWXIR)RIVKMIRHYVGL+PIMGL^IMXMK[YVHIIMRIVHIV%RKVIMJIV ZSRIMRIVWGL[IVIR8VERWJSVQI\TPSWMSREYWIMRERHIVKIVMWWIR(IV^[IMXI(MWOYWOSPPM HMIVXIQMXIMRIQKVÚÃIVIR;VEGOXIMP(MI3VXYRK^IMKXIRSGLEYWFVIGLIRHI6YQTJWIK QIRXIFIZSVHEW&MPHZIV[MWGLXI (MI7GLEHIRWQIPHYRKIRLÈYJXIRWMGL)MR4EVEXVSR/SRZIVXIVHIW.:1MXXIPXIMPWQYW WXIRYRIFIRJEPPWàFIVHMI2SXEFWGLEPXYRKWXMPPKIPIKX[IVHIR(EQMXWXERHRYVQILVHMI ,ÈPJXIHIVWIGLW%KKVIKEXI^YV:IVJàKYRK(MI,À7GLMVQ/ETE^MXÈX[EVEYJJàRJ^ILR 4VS^IRXKIWYROIR SK6LSHERHMI MWXYRKEPPIV7GLÈHIR1ERQYWWXIWGLSRIMRIRKVIR^IRPSWIR3TXMQMWQYWERHIR8EK PIKIR[SPPXIQERERRILQIRHEWWHEW7GLMJJQSQIRXERQILV[EVEPWIMR;VEGO9RXIV ERHIVIR9QWXÈRHIRMRHIV2ÈLIIMRIVTPERIXEVIR&EWMWEYGLRYVMRHIV3FLYXIMRIW *PSXXIRXIRHIVW[ÈVIRHMI6ITEVEXYVEVFIMXIR^[IMJIPPSWMRRIVLEPF[IRMKIV8EKIQÚKPMGL KI[IWIR%FIVMRQMXXIRHIW1ELPWXVSQWWSPERKI6IEOXMSRWWGLRIPPMKOIMXYRHTIVJIOXI 7GLYX^ZSVVMGLXYRKIRJàVHEWÀFIVPIFIRYRIVPÈWWPMGL[EVIR
,9&)68,%)27)0
4IVV]6LSHER^ÚKIVXIRMGLXPÈRKIV)VWGLEPXIXIEYJ6YRHVYJJàVHMI>IRXVEPIYRHMR EPPI[MWWIRWGLEJXPMGLIR%FXIMPYRKIR )MROYV^IV1SQIRXHIW%XIQLSPIRW(IR%RKIWTVSGLIRIR>IMXPEWWIRWMGL^YFIWMR RIR.IHIVQYWWXIMRHIQ1SQIRXWTàVIRHEWWMLVI1MWWMSRHIR;IRHITYROXIVVIMGLX LEXXI 9RWIV7GLMJJMWXWGL[IVERKIWGLPEKIRHMI.90)7:)62)MWX^YQMRHIWXMRHMIWIV )TSGLIEQ)RHIMLVIV1ÚKPMGLOIMXIRERKIPERKX;MV[IVHIR[IHIVHIR/366-(36()6 36(292+IVVIMGLIRRSGLQMX1IXEKVEZ1ERÚZIVRHEW/EXEWXVSTLIRKIFMIXZIVPEWWIR YRHYRWMR7MGLIVLIMXFVMRKIROÚRRIR:MIPQILV[IVHIR[MVYROSRXVSPPMIVX1EVKMR'LVM PS\IRXKIKIRWXàV^IR;MVWMRHKI^[YRKIRIMRIR2SX/SRXI\XWTVYRKIMR^YPIMXIR %XIQPSWI7XMPPI6LSHEROSRRXIREGLZSPP^MILIR[EWMRHIR/ÚTJIRZSVWMGLKMRK(MI ,SJJRYRKIWKIWGLEJJX^YLEFIRZIVQMWGLXQMXHIV*YVGLXHMI6àGOOILVOÚRRXIWGLIM XIVR(MI6IXVSZIVWMSR[EVEXIQPSWWGLRIPPEFKIPEYJIRMRQERGLIV,MRWMGLXWSKEVYR WTIOXEOYPÈVEYGL[IRRHMI7MGLIVLIMXHIV.90)7:)62)RMI^YZSVWSFIHVSLXKI[IWIR [EV:MIPIQSGLXIRWMGLNIX^XJVEKIRSFHEW[MVOPMGLEPPIWKI[IWIRWIMROSRRXI3FHMI %YJ^IMGLRYRKIRàFIVLEYTXZIV[IVXFEVWIMR[àVHIR 9RQÚKPMGL KIPPXI IMR %YWVYJ HYVGL HMI 7XMPPI )MRIV HIV ,]TIVTL]WMOIV QEGLXI WIMRIVÀFIVVEWGLYRK0YJX(IV/SRXI\X[ERHPIVPÈWWXRYVIMRIIMR^MKI:IV[IRHYRK^Y RHIR )MR 2SX/SRXI\X WTVYRK[ÈVIIMR:EFERUYIWTMIP(EQMX[IVHIR[MVRMIMRYRWIVI+IKIR[EVX^YVàGOOIL VIR -WXHEWEPPIW#JVEKXI6LSHERFILIVVWGLX)WKILXYQYRWIVÀFIVPIFIRYRHYQHMI 7MGLIVLIMXEPPIV-RJSVQEXMSRIR-GLXVEKIHMI:IVERX[SVXYRKJàVNIHIRER&SVHHIW7GLMJ JIWzYRHMGLFMRQMVHIWWIRFI[YWWX(IWLEPFMWXIWQMVIKEPYRXIV[IPGLIR&IHMRKYRKIR [MV^YVàGOOILVIREFIV[MV[IVHIRHMIWI'LERGIRYX^IR;IVHEW7GL[EV^I0SGLEPW %PXIVREXMZIZSV^MILXHIQWXIPPIMGLKIVRIMR&IMFSSX^YV:IVJàKYRK (EW[EVHVEWXMWGL%FIVHIV6IWMHIRXLEXXIMRJSVQMIVIRYRHRMGLXHMWOYXMIVIR[SP PIR 9RH[EWMWXQMXYRWIVIR4EWWEKMIVIR# 7MIOSQQIRQMXYRW)WFPIMFXOIMRI>IMXJàV(MWOYWWMSRIRYRH)ZEOYMIVYRKIR;MV [àVHIRWMILMIVRYVMRHIRWMGLIVIR8SHWGLMGOIR (MI7TIMGLIVHIW/SRXI\X[ERHPIVW[EVIR[ÈLVIRHHIW:SVHVMRKIRWMRHIR>IRXVYQW YXIX[SVHIR-RHIV,MRWMGLX[EVIRHMI8VMIF[IVOWEYWJÈPPI[SQÚKPMGLIMR +PàGOWJEPP[IMPERHIVRJEPPW[SLPPÈRKWX6àGOKVMJJIEYJHMIWI6IWIVZIIVJSPKX[ÈVIR(MI )RIVKMIWXERHEFVYJFIVIMX^YV:IVJàKYRK 6LSHER[SPPXIRMGLXHEVERHIROIR [IPGLI 4VSFPIQIIMR&IWGLMGOIRHIV>]OPSXVEJWKIVEHINIX^XFIHIYXIXLÈXXI 1EPGSPQ ;IPGLIV6àGOOILV^IMXTYROX#(IV'LIJ[MWWIRWGLEJXPIVVIEKMIVXITVSQTXYRHJSPKI VMGLXMK6LSHERLEXXIHEWRMGLXERHIVWIV[EVXIX %TVMP ;MVNYWXMIVIR IVOPERK 'YVGEV]IRW7XMQQI,SJJIRXPMGL FVMGLX HIV 7GLVSXXOELR RMGLXZSVLIVEYWIMRERHIV%YGLIVWTIVVXIWMGLRMGLXKIKIRHIRàFIVVEWGLIRHIR/SR XI\XWTVYRK (MIERWXILIRHIR%VFIMXIR[EVIRPÈRKWX(YX^IRHI1EPIKITVSFX[SVHIR%PPIRSX[IR HMKIR)MRWXIPPYRKIRWXERHIREFVYJFIVIMX^Y:IVJàKYRK (MI.90)7:)62)[EVEQ%TVMP2+>MRHMI:IVKERKIRLIMXEYJKIFVSGLIR (EWKI[ÈLPXI(EXYQJàVHMI6àGOOILVWGLPSWWEYJNIHIR*EPPEYWHEWWIW^YIMRIV(ST TIPI\MWXIR^HIW7GLMJJIWOSQQIROSRRXI %YÃIVHIQKMRKIRMRHIVIMKIRIR>IMXRYV[IRMKI8EKIZIVPSVIR2MGLXHMIHIQ%FPEYJ HIV&SVH^IMXIRXWTVIGLIRHIRZMIV^ILR1SREXI[ÈLVIRHHIRIRHMI/SPSRRI[SQÚKPMGL IMRIRYRIMRLSPFEVIR:SVWTVYRKIVLMIPXSHIVKEVHEW7SPW]WXIQIRXZÚPOIVX[YVHI *àVIMRIRFERKIR1SQIRXàFIVPIKXI4IVV][EWKIWGLILIRQSGLXIJEPPWHIV/SRXI\X [ERHPIVRMGLXIV[EVXYRKWKIQÈÃEVFIMXIXI(MI7GLÈHIRREGLHIV%ROYRJXMR4LEVMWOI )VMKSR[EVIRMQQIVLMRFIXVÈGLXPMGLKI[IWIR:MIPPIMGLX[àVHIHERRXEXWÈGLPMGLLMIV[MI HEMR:IVKERKIRLIMX[MI>YOYRJXHMIKPIMGLI>IMXWTERRIZIVWXVMGLIRWIMR(ERRKEFIW
(MI*MREPI7GLPEGLX
+VYRHJàV&IJàVGLXYRKIR[EWEPPIWZSVKIJEPPIRWIMRQSGLXISFKEVHEW7SPW]WXIQRSGL I\MWXMIVXI)VLEXXIQERGLQEPHEVàFIVREGLKIHEGLX[MIHIV>IMXPEYJ[SLPWIMR[àV HI 6LSHERVMIJ-GLS8SPSXYRHIXPMGLI9Q[IPXERKITEWWXIMRHMI>IRXVEPI2EGLHIQ/SR XI\XWTVYRK[EV[MIHIVQMXPÈRKIVIV&I[YWWXPSWMKOIMXZMIPIV&IWEX^YRKWQMXKPMIHIVYRH ZSVEPPIQQMX7XVERKIRIWW)JJIOXIR^YVIGLRIR%PPI&IVIMGLI[àVHIRFIIMRXVÈGLXMKXSHIV IPHIQREGLHMI%YJ KEFI^Y HEW7GLMJJZSVHIQ7XYV^MRHEWKMKERXMWGLI7GL[EV^I0SGLHIV>YOYRJX ^Y FI[ELVIR(MI.90)7:)62)FI[IKXIWMGLHYVGLHMI>IMXRMGLXHYVGLHIR6EYQWMI [àVHIHSVXEROSQQIR[SWMIEYJFVEGL (MIPIX^XIRLIOXMWGLIR:SVFIVIMXYRKIR[ÈLVIRHHEW7GLMJJFIVIMXWHIYXPMGLQIWWFEV ER+IWGL[MRHMKOIMXZIVPSVYRHXMIJIVMRHIR1ELPWXVSQHIV%OOVIXMSRWWGLIMFILMRIMRKI ^SKIR[YVHI(MIWGL[EGLIR7GLYX^WGLMVQI[àVHIRHIRXSFIRHIR+I[EPXIRRMGLXQILV EPP^YPERKIWXERHLEPXIR-QQIVÚJXIVWGLPYKIR)RIVKMIRWGLSR^YV7GLMJJWLàPPIHYVGL 2MIQERHQYWWXIWMGLNIX^XRSGLQMXHIV6ITEVEXYVHIVW]RXVSRKIWXIYIVXIR%RPEKIR FIJEWWIR2EGLHIV6àGOOILVLEXXIEPPHMILSGLKI^àGLXIXI8IGLRMORYVQILV7GLVSXX[IVX YKQILV HEJàV2YX^YRKHIV0MRIEVOSRZIVXIV,]TIVJYROYRH3VXYRKIR[MIHIVIMRKIWGLVÈROX 6LSHERVIKMWXVMIVXIHEWW2)13WIMRIR2IYWXEVXEPW&MSTSWMXVSRMOZSVFIVIMXIXI(MI ,EYTXJYWMSRWVIEOXSVIRYRH2YK7GL[EV^WGLMPH,EYTXOVEJX[IVOI[YVHIRMREPPIV)MPI KYVMIVXHEQMXHMIRELXPSWI)RIVKMIZIVWSVKYRKREGLHIQ/SRXI\XWTVYRKKI [ÈLVPIMWXIXFPMIF9RHHEW7GLMJJ[àVHI)RIVKMIFMXXIVRÚXMKLEFIRYQHIV+VEZMXEXMSR HIW7GL[EV^IR0SGLWIRXOSQQIR^YOÚRRIR )MRPIX^XIWEXIQPSWIW-RRILEPXIR6LSHERJVEKXIWMGLSF[MVOPMGLEPPIWFIVàGOWMGLXMKX [SVHIR[EV2YVRSGL[IRMKI1MRYXIRFPMIFIRHERRQYWWXIWMGLHMI5YEPMXÈXHIV4PER WTMIPIYRH1ERÚZIVàFYRKIRIV[IMWIRQMXHIRIR0ER^%LEOMRHMI&IWEX^YRKSJXKIRYK QEPXVÈXMIVXLEXXI (IV4WM7XYVQYRHHMIREGLJSPKIRHIRL]TIVIRIVKIXMWGLIR+I[EPXIRLEXXIR/EQYOSW %YWWMGLXEYJ6IXXYRKI\XVIQWGLPIGLX[IVHIRPEWWIR2MGLXIMRQEPHMI2EGLXPMGLX6à WXYRKOSRRXIMLVRSGLLIPJIR 2MILEXXIWMIHEVERKIKPEYFXEFIVNIX^X[YVHIMLVFI[YWWXHEWWRYVIMRKPàGOPMGLIV >YJEPPMLV0IFIRVIXXIROSRRXI7MILEXXI/M1]SW*ILPIVKIWILIRMLVIRIMKIRIR*ILPIV RMGLX7MILÈXXIEYJ6LSHERLÚVIRWSPPIRWSZIVVàGOXHEWWIMRQSGLXI 2SGLXVSX^XIHMI7TEGI.IXHIRYRIVFMXXPMGLIR+I[EPXIR%FIV/EQYOS[EVRMGLXMR HIV0EKIHEWOPIMRI7GLMJJEYJHIR/YVW^Y^[MRKIRHIRHMI6àWXYRKMLV^IMKXIHIRWM GLIVWXIREPPIVYRWMGLIVIR 1MXWXIXMKWMROIRHIV+IWGL[MRHMKOIMXRYVLMRYRH[MIHIVZSRIMRIVOYV^IR&IWGLPIY RMKYRKWTLEWIEYJKIWGLVIGOXWSPERKIHMIWXSXXIVRHIR8VMIF[IVOIWXERHLMIPXIRXSVOIPXI HMI.IXHYVGLHMILÈVXIV[IVHIRHI7XVELPYRK /EQYOSJàLPXIWMGLQàHIYRHEYWKIFVERRX&EPH[àVHIWMIIWRMGLXQILVWGLEJJIR WMGL[EGL^YLEPXIR )MR-QTYPWHIW:IOXSV,IPQWWGLVIGOXI WMI EYJ )MR 7GLMJJMRHIV2ÈLI IMRI KVSÃI )MRLIMXZMIPPIMGLXIMR7GLPEGLXWGLMJJHIV7GLSLEEOIR&MWPERK^IMKXIHMI3VXYRKRMGLX RMIVFEVI7XÚVYRKIREFIVHIV,IPQIVOERRXIHEW7GLMJJ &IMHI/YVWZIOXSVIRRÈLIVXIRWMGLIMRERHIVMQWTMX^IR;MROIPER /IMR 7GLPEGLXWGLMJJIVOERRXI /EQYOS IRHPMGL(EW3FNIOXLEXXIQILV1EWWIYRH IFIVXIHIQ1SQIRXIRXKIKIR MRHIQWMIQILVIVOIRRIR[àVHI /YKIPJSVQ^[IM/YKIP^IPPIRHYVGLIMRIFIRWSPERKIW1MXXIPWXàGOQMXIMRERHIVZIV FYRHIR(MI.90)7:)62)>YQIVWXIR1EPJVEKXIWMGLHMI%IKERIVMRSFIWXEXWÈGL PMGL>YJÈPPIKEFHMIRMGLXEYW^MIPWXVIFMKIQ,ERHIPRIV[YGLWIR7MILEXXIHEW7GLMJJHIW 8IVVERIVW[MIHIVKIJYRHIRYRHEYWKIVIGLRIXHMI+I[EPXIRHIV%OOVIXMSRWWGLIMFILEXXIR
,9&)68,%)27)0
WMI^YWEQQIRKIJàLVX /EQYOSNEKXIHMI8VMIF[IVOIEYJZSPPI7GLYFOVEJXFMWWMIJàVGLXIRQYWWXIHMI.IX [àVHIEYWIMRERHIVFVIGLIRILIWMIHEWVIXXIRHI7GLMJJIVVIMGLXI/IMR*YROOSRXEOX%FIV HEW[ÈVISLRILMR^YZMIPHIW>YJEPPWKI[IWIR (MI.90)7:)62)IVOERRXIHMI%IKERIVMRWGLMIRWIPFWX^YQ7TMIPFEPPHIW1ELP WXVSQWKI[SVHIR^YWIMR1MXHIV2EGLXPMGLX6àWXYRKOSRRXIWMIMRHMI7GLMJJWJàLVYRK IMRKVIMJIRYRHLIPJIR )MR[EVRIRHIV-QTYPWHIW:IOXSV,IPQWPMIÃ/EQYOSHIR%XIQERLEPXIR)MRVÈXWIP LEJXIW RHMQIRWMSREPIW)RIVKMIJIPHFMPHIXIWMGLVMRKWYQHEW,ERXIPWGLMJJ(IV,IPQ FI^IMGLRIXIHMIWI7TLÈVIEPWFIHVSLPMGL /EQYOSLEXXIZSR%RJERKERKIELRXHEWWHMI.90)7:)62)IMR+ILIMQRMWFEVK 6LSHERQSGLXIMLVRMGLXHMI9R[ELVLIMXKIWEKXLEFIRHEWRELQWMIPÈRKWXRMGLXQILV EREFIVIVLEXXIMLVWILVZMIP;ELVLIMXZIVWGL[MIKIR:MIPPIMGLX[àVHIWMIRYRLIVEYW RHIR[EWHMI8IVVERIVEOVMFMWGLZIVFEVKIR -LV FPMIFRYVHMIWI IMRI 'LERGI 7MIQYWWXI HMI .90)7 :)62) IVVIMGLIR SHIVWMI [àVHIQMXHIV7TEGI.IXYRXIVKILIR /EQYOSVMIJEYJEPPIR*VIUYIR^IRYQ,MPJI 4IVV]6LSHERRELQERHEWWIVIMRIVHIV0IX^XIR[EVHMIMLVIR7)692JàVHMI%ROYRJX MRHIVIMKIRIR>IMXYQVàWXIXIR%YJHMIW]RXVSRMWGLIR/SQTSRIRXIRZIV^MGLXIR^YQàW WIRIVWGLMIRMLQ[MIIMROPIMRIV7GLVMXX^YVàGO)VLEXXIHMIPIMWXYRKWJÈLMKIVIR+VEZM RHPM GLIR7TLÈVSXVEJWJàVHMI)RIVKMIZIVWSVKYRKHIW%R^YKWIMR)VWXHEREGLEOXMZMIVXIIVHMI TSWMXVSRMWGLIR/SQTSRIRXIR 'YVGEV]IR:EVERXMVQIPHIXIWMGLEYWHIQ1MXXIPXIMP+VEZMXVEJ7TIMGLIVYRH>]OPSXVEJW YXIXHMI&IWGLMGOYRKHIV5YMRXEHMQ9QJSVQIVEPW)MRKERKWWXYJIHIV 2YPPJIPHTVSNIOXSVIROSRRXIFIKMRRIR(MI/SRXI\X[ERHPYRKIVJSPKXIWGLPMIÃPMGLHYVGL WGLIR%RVIKYRKWMQTYPWHIV9PXVE-RNIOXSVIRERHEWEFWSPYXI2YPPJIPH )MRI1IPHYRKZSRHIV*YROàFIV[EGLYRK;MVIQTJERKIRIMRIR2SXVYJEYWRÈGLWXIV 2ÈLI .IHIV MR HIV >IRXVEPI LÚVXI +IRIVEPMR /EQYOSW FIFIRHI 7XMQQI )W [EV FIMRELI YRKPEYFPMGL/EQYOSLEXXIHMI8%637,-RMGLXIVVIMGLXEFIVHIRRSGLFMWPERKàFIVPIFX 9RHWMILEXXIHMI.90)7:)62)[MIHIVKIJYRHIR (IV/SRXI\XWTVYRKMWXIMRKIPIMXIXYRHOERRRMGLXQILVKIWXSTTX[IVHIRVMIJ:EVER XMV(MI%IKERIVMRWSPPFPIMFIR[SWMIMWX 6LSHERWELHMI7TEGI.IXMRHIV3VXYRK(EW&IMFSSXXVMIFRYV[IRMKI(YX^IRH/MPS QIXIVRIFIRHIV.90)7:)62)EYJ4EVEPPIPOYVW )V [YWWXI RMGLX [EW KIWGLILIR [àVHI [IRR MR HMIWIV 4LEWI HIW FIKMRRIRHIR /SRXI\X[ERHIPWIMR&IMFSSXIMR^YWGLPIYWIRZIVWYGLXI)W[EVEYGLOIMRI>IMXHMI %PKSVVMER^YJVEKIR^YQEP:EVERXMVHMI%RX[SVXFIWXMQQXZIV^ÚKIVR[àVHI 7XVYOXYVPàGOIWGLEPXIR 6LSHERW&IJILPOEQSLRI>ÚKIVR(MI/SRXVSPPIR^IMKXIRMLQHEWWWMGLHIV7GLMVQ XEXWÈGLPMGLMRIMRIQIRKFIKVIR^XIR&IVIMGLÚJJRIXI)VWELHMI7TEGI.IXWGLRIPPRÈLIV MIKIR OSRRXI (MI.IXZIVWGL[ERHEYWHIV)VJEWWYRK -QWIPFIR1SQIRX[YVHIHIV/SRXI\XWTVYRKIMRKIPIMXIX(MI.90)7:)62)FIJERH WMGLEYJHIQ;IK^YVàGOMRHMI>YOYRJX )MRHYQTJIW+VSPPIRIVOPERKEYWHIV8MIJIHIW7GLMJJIW)WWGL[SPPVEWIRHWGLRIPPER PMIÃHMI.90)7:)62)FIFIREPWOÈQTJIWMIKIKIRIMRIRWXÈVOIV[IVHIRHIR;MHIVWXERH EQQXIREYJ^IMKXIRIMRI*àPPIXIGLRMWGLIV*ILPJYROXMSRIRzEFIVRMI QERH[EVRSGLMRHIV0EKIIMR^YKVIMJIR (MI>IMXWGLMIR^YIVWXEVVIR[IMPIMRIUYÈPIRHI4EVEP]WIàFIVHEW7GLMJJLIVIMRFVEGL
(MI*MREPI7GLPEGLX
7GLSRIMRIMR^MKIV%YKIRFPMGO[YVHI^YV)[MKOIMX :IVKIFPMGL IRHIXI 6LSHERW :IVWYGL HIR &PMGO RYV [IRMKI >IRXMQIXIV ^Y [IRHIR HEQMXIV1SRHVEWILIROSRRXI)VWXIGOXIJIWXMVKIRH[S^[MWGLIR:IVKERKIRLIMXYRH RHIR YRHFILIFIR -VKIRH[ERR^IVFEVWXIREPPI;ELVRILQYRKIRMRIMRIQKI[EPXMKIR/REPP )MRI[MR^MKOPIMRI7XVYOXYVPàGOIÚJJRIXIWMGLMQ7GLMVQJIPHHIV.90)7:)62)EPW /EQYOSHMIWWGLSRRMGLXQILVJàVQÚKPMGLKILEPXIRLÈXXI 7MIRÈLIVXIHMI7TEGI.IXHIQVIXXIRHIR,ERKEVQMXIMRIQ*MRKIVWTMX^IRKIJàLPER HEWMLVRYVHMI6àWXYRKIVQÚKPMGLXI>YQ+VIMJIRRELI[YGLWHMI/YKIP^IPPIHIV.: ZSVMLVEYJ -RHIQ1SQIRXVIEKMIVXIHMI2EGLXPMGLX6àWXYRKQMXI\XVIQIV,IJXMKOIMXEYJHEWR HMQIRWMSREPI*IPHHEWHMI.90)7:)62)YQKEF/EQYOSJàLPXIWMGLMRHMI,ÚLIKI YWW QMXKIVMWWIR MR IMRI 6MGLXYRK HMI WMI RMGLX IMRQEP IVJEWWIR OSRRXI (MI 6àWXYRK FPMIF WXYQQ EPW RILQI WMI HEW EPPIW KEV RMGLX [ELV 1MXWGL[MRHIRHIR7MRRIRIVOERRXI+IRIVEPMR/EQYOSHEWWWMGLHMI7TEGI.IXZIV àGLXMKXI (EW0IX^XI[EWWMIRSGLQMXHIQ:IOXSV,IPQ^YIVOIRRIRZIVQSGLXI[EVHIV,] TIVVEYQ )TMPSK 8EYWIRHI6EYQWGLMJJIEYWHIV*MREPIR7GLPEGLXLEXXIRàFIVHIR/366-(36()6 36(292+HIRVIXXIRHIR,]TIVORSXIRIVVIMGLX>YMLRIRKILÚVXIRYRXIVERHIVIQIMR YRH^[ER^MK4VSUYE7GLPEGLXWGLMJJIYRHHMI7,%6/9:%HIW9PXMQEXIR6EXIW6ERHE )MWW%PPIERHIVIR)MRLIMXIRHIV']TVSRKEPXIREPWZIVRMGLXIXSHIVZIVWGLSPPIR %YGL%6',)8-1LEXXIHIR;IK^YVàGOKIJYRHIR EQQIRHI/YKIP FMWEYJJEWXIMR:MIVXIPMLVIVJVàLIVIR+VÚÃIKIWGLVYQTJX[EV(EJàV[MIW%6',)8-1 RYR1EWWIERXIMPIZSRQILVIVIR1MPPMSRIR8SRRIREYJHIVIR,IVOYRJXWMGL/M1]SRMGLX ^YIVOPÈVIR[YWWXI :IVKIFPMGL[EVXIXIIVHEVEYJHEWWWMGLHMI7XMQQIQIPHIXIYRHMLQIMRI)VOPÈVYRK KEF [EVYQ %6',)8-17 1EWWIERXIMP WSKEV [IMXIV [YGLW :MIPPIMGLX ZIVQYXIXI HIV %IKERIVKMRKHIVPERKWEQI7XIVFITVS^IWWHIV7YTIVMRXIPPMKIR^QMXIMRIQ;IGLWIPHIV TWMSRMWGLIR)RIVKMIRMRHIR%KKVIKEX^YWXERHJIWXIV4WM1EXIVMIIMRLIV)MRI&IWXÈXMKYRK HEJàVIVLMIPXIVEFIVRMGLX :SRHIREGLXYRHJàRJ^MK+)7)8>+IFIVRHMIERHIV*MREPIR7GLPEGLXXIMPKIRSQ QIRLEXXIROILVXIRRYV^[ER^MK^YVàGO(EWÈRHIVXIWMGLEYGLREGLIRHPSWPERKIR 8EKIRHIW;EVXIRWRMGLX>YMLRIRWXMIÃIR',)37%/-7YRH',)37()+9EPW HEW)RHWXàGOHIW/366-(367WGLPMIÃPMGLKIWGLPSWWIR[YVHI ',)378%-KILÚVXIEFHIQ>IMXTYROXIFIRJEPPW^YHIVPERKIR(EXIMHIV:IVQMWWXIR YRH3TJIVHIV6IXVSZIVWMSR (SGLYQHMI+)7)8>+IFIVQEGLXIWMGL/M1]SMR^[MWGLIRHMI[IRMKWXIR7SVKIR (MI8LIVQSH]R-RKIRMIYVIER&SVHZIVWTVIRKXIV)MRLIMXIR[àVHIR^[IMJIPPSWHSVXLMR ^YVàGOOILVIRZSR[SWMIIMRWXKIOSQQIR[EVIR[IPGLIV&IVIMGLHIW9RMZIVWYQWHEW EYGLWIMRQSGLXI /M1]SWTàVXIFIMHIQ+IHEROIRHEVERYRWXMPPFEVIW*IVR[IL)VELRXIHEWWIVRMGLX QILVPERKI>IMX^YPIFIRLEXXI-QQIVLMRLEXXI IVHEW L]TIVTL]WMOEPMWGLI*IKIJIYIV 1EVKMR'LVMPS\KIWILIR %PWHIV+IRIVEPHIR']TVSR6ERHE)MWWER&SVHHIV8%637,-FEXKIWGLELHEWREGL
,9&)68,%)27)0
MGLIRÀFIVPIKYRKIR)V[àRWGLXIIVLÈXXIQMX%6',)8-16àGOWTVEGLILEPXIROÚR RIRHSGL%6',)8-1WGL[MIKIFIRWS[MIHMI7XMQQIMRWIMRIR+IHEROIR %YWIMKIRIQ%RXVMIFIVRERRXI/M1]SHIR9PXMQEXIR6EX^YQRIYIR&IJILPWLEFIV àFIVHMI*PSXXI;EWMQQIVQMXHIRÀFIVPIFIRHIRER&SVHHIV7GLMJJIEYWHIQ-28%>3 YRHHIR4YPOWHIV%PXIR:ÚPOIVKIWGLILIR[àVHIMLV7GLMGOWEPPEKRYRMR)MWWv,ÈR HIR +IQIMRWEQLEXXIRWMIHIR7MIKàFIVHMI'LESWQÈGLXIIVVYRKIR%YGL[IRREYWHIQ /366-(36()636(292+LIVEYWHIV&PMGOEYJ8EVI7GLEVQZIVWTIVVX[EVHMI6I XVSZIVWMSRLEXXIWMGLQMXXPIV[IMPIZIVWIPFWXWXÈRHMKXYRHOSRRXIRMGLXQILVEYJKILEPXIR [IVHIR )MRIWJIVRIR8EKIW[àVHIREPPI7TYVIRHIW'LESWEYWKIPÚWGLXWIMR )MRIRIYI IMRIFIWWIVI¨VELEXXIJàV 8EVI7GLEVQ YRH HMIYQPMIKIRHIR+EPE\MIR FIKSRRIR /M1]SWPIX^XIV+IHEROIEPWIVMQ/SQQERHERXIRWIWWIPMRWMGL^YWEQQIRWEROKEPX WIMRIV TPEWXMWGLIR *SVQIRIVKMIQEWOI 7MI KEF MLQ REGL [MI ZSV HEW %YWWILIR IMRIW NYRKIR%IKERIVWYRHIVOSRRXIKI[MWWWIMRHEWWEPPIKPEYFIR[àVHIRIVWGLPEJIRYV (IV%IKERIVXVEXLMREYWEYJHMI[IMXIKPÈWIVRI)FIRIIVWELYRKI^ÈLPXI7XIVRIRMRWIPR [MI7XEYFYRXIVWIMRIR*àÃIR0EGLIRHXEXIVHIRIVWXIR7GLVMXXEYJWIMRIQ;IKMRHMI )[MKOIMX