0`( (mkmxep `spsyv 8 - Migros
Transcrição
0`( (mkmxep `spsyv 8 - Migros
0'( (MKMXEP'SPSYV8: 1SHIHtIQTPSM *6 1ERYEPHIMRWXVYGGMSRIW )7 +IFVYMOWEER[MN^MRK 20 &IHMIRYRKWERPIMXYRK () 1ERYEPHI-RWXVYËÙIW 48 /(0)<\,<\)<\)<\'<\,<\)<\)<\ /(0'<\)<\)<\)<\)<\)<\'<\)<\ /(0)<\)<\ -RXVSHYGXMSR 7SR]ZSYWVIQIVGMIHvEZSMVGLSMWMGI XÍPÍZMWIYV%ZERXHIPvYXMPMWIVRSYWZSYW MRZMXSRWÄPMVIEXXIRXMZIQIRXGIQERYIPIXÄ PIGSRWIVZIVTSYVZSYW]VÍJÍVIV YPXÍVMIYVIQIRX 0IJEFVMGERXHIGITVSHYMXIWX7SR] 'SVTSVEXMSR/SRER1MREXS OY8SO]S.ETSR0I VITVÍWIRXERXEYXSVMWÍTSYVPIW UYIWXMSRWHIGSQTEXMFMPMXÍ ÍPIGXVSQEKRÍXMUYI)1'IXPE WÍGYVMXÍHIWTVSHYMXWIWX7SR] (IYXWGLPERH+QF,,IHIPJMRKIV 7XVEWWI7XYXXKEVX %PPIQEKRI4SYVXSYXIUYIWXMSR VIPEXMZIEY7%:SYÄPEKEVERXMI QIVGMHIFMIRZSYPSMVZSYWVÍJÍVIV EY\GSSVHSRRÍIWGSRXIRYIWHERWPIW HSGYQIRXWVIPEXMJWEY7%:SYPE KEVERXMI 2SXIWWYVPEJSRGXMSR8: RYQÍVMUYI y 0IWJSRGXMSRWHY8ÍPÍZMWIYVRYQÍVMUYI RIWSRXSTÍVEXMSRRIPPIWUYIHERW PIWTE]WSYPIW^SRIWEWWYVERXPE HMJJYWMSRHIWWMKREY\RYQÍVMUYIW XIVVIWXVIW(:&814)+IX, 14)+%:'SYHERWPIWTE]WSYPIW ^SRIWGSYZIVXWTEVYRWIVZMGIHI HMJJYWMSRTEVGÆFPI(:&'14)+IX ,14)+%:'GSQTEXMFPI :ÍVMJMI^EYTVÌWHIZSXVIVIZIRHIYVPSGEP UYIZSXVI^SRIHIVÍWMHIRGITIVQIXPE VÍGITXMSRHYWMKREP(:&8SY VIRWIMKRI^ZSYWEYTVÌWHIZSXVIGÆFPS STÍVEXIYVTSYVÎXVIWßVHIPE GSQTEXMFMPMXÍHYWIVZMGI(:&'EZIGGI XÍPÍZMWIYV e -PIWXTSWWMFPIUYIGIPYMGMZSYWJEGXYVI HIWJVEMWWYTTPÍQIRXEMVIWTSYVGIWIVZMGI IXUYvMPZSYWJEMPPIEGGITXIVWIW GSRHMXMSRWKÍRÍVEPIWTSYVGIXXI TVIWXEXMSR e 'IXÍPÍZMWIYVIWXGSRJSVQIEY\ WTÍGMJMGEXMSRW(:&8IX(:&'QEMWWE GSQTEXMFMPMXÍEZIGPIWJYXYVW TVSKVEQQIWRYQÍVMUYIWXIVVIWXVIW (:&8IXTEVPIGÆFPI(:&'RITIYX IREYGYRGEWÎXVIKEVERXMI e 'IVXEMRIWJSRGXMSRWHYXÍPÍZMWIYV RYQÍVMUYITIYZIRXRITEWÎXVI HMWTSRMFPIWHERWXSYWPIWTE]WVÍKMSRWIX PIWIVZMGIGÆFPÍ(:&'TIYXRITEW WvEZÍVIVXSXEPIQIRXSTÍVEXMSRRIPEZIG GIVXEMRWSTÍVEXIYVW e (ERWPIRSQHYQSHÌPIHYXÍPÍZMWIYV \ GSVVIWTSRHEYRYQÍVSEWWSGMÍÄPE PMKRIÄPEGSYPIYVSYEYWXERHEVHHI XÍPÍZMWMSR e 0IWMRWXVYGXMSRWVIPEXMZIWÄ PvMRWXEPPEXMSRHYWYTTSVXHIJM\EXMSR QYVEPIWSRXMRGPYWIWHERWGIQSHI HvIQTPSM e 0IWMPPYWXVEXMSRWYXMPMWÍIWHERWPITVÍWIRX QERYIPTIYZIRXZEVMIVWIPSRPIQSHÌPI HIZSXVIXÍPÍZMWIYV e 7EYJRSXMJMGEXMSRGSRXVEMVIPIW MPPYWXVEXMSRWHIPEXÍPÍGSQQERHI *6 YXMPMWÍIWHERWPITVÍWIRXQSHIHvIQTPSM VITVÍWIRXIRXPE61)( e %ZERXHvYXMPMWIVPIXÍPÍZMWIYVPMWI^ EXXIRXMZIQIRXPEWIGXMSR'SRWMKRIWHI WÍGYVMXÍTEKI 'SRWIVZI^GI QERYIPTSYVXSYXIVÍJÍVIRGIYPXÍVMIYVI -RJSVQEXMSRWWYVPIW QEVUYIWGSQQIVGMEPIW IWXYRIQEVUYIHÍTSWÍIHYTVSNIX (:& ,(1-PIPSKS,(1-IX,MKL(IJMRMXMSR 1YPXMQIHME-RXIVJEGIWSRXHIWQEVUYIW GSQQIVGMEPIWSYQEVUYIWHÍTSWÍIWHI ,(1-0MGIRWMRK00'EY\)XEXW9RMWIX HERWHvEYXVIWTE]W ETTEVXIRERXÄ+VEGIRSXI4SYVSFXIRMVYRI PMWXIRSRI\LEYWXMZIHIWFVIZIXW+VEGIRSXI IRZMKYIYVZMWMXI^PIWMXI;IFHI +VEGIRSXI0IWRSQW+VEGIRSXI'((& 1YWMG-(1IHME:3'7PIPSKS+VEGIRSXI PIKVETLMWQI+VEGIRSXIPEQIRXMSR 4S[IVIHF]+VEGIRSXIWSRXHIW QEVUYIWSYHIWQEVUYIWHÍTSWÍIWHI +VEGIRSXIEY\)XEXW9RMWIXSYHERW HvEYXVIWTE]W 3TIVE&VS[WIVJVSQ3TIVE7SJX[EVI %7%'ST]VMKLX3TIVE 7SJX[EVI%7%%PPVMKLXWVIWIVZIH ;M*M4VSXIGXIH7IXYTIX;4%WSRXHIW QEVUYIWHI;M*M%PPMERGI (02%PIPSKS(02%IX(02% ')68-*-)(WSRXHIWQEVUYIWHIW QEVUYIWHIWIVZMGISYHIWQEVUYIWHI GIVXMJMGEXMSRHI(MKMXEP0MZMRK2IX[SVO %PPMERGI (MZ<IWXYRIXIGLRSPSKMIHI GSQTVIWWMSRHIJMGLMIVZMHÍSHÍZIPSTTÍI TEV(MZ<-RG (MZ<(MZ<'IVXMJMIHIXPIWPSKSW EWWSGMÍWWSRXHIWQEVUYIWHÍTSWÍIWHI (MZ<-RGIXWSRXYXMPMWÍWWSYWPMGIRGI ¤463437()0%:-(3(-:< (MZ<IWXYRJSVQEXZMHÍSRYQÍVMUYI GVÍÍTEV(MZ<-RG'IGMIWXYRETTEVIMP (MZ<'IVXMJMIHSJJMGMIPUYMPMXPIWZMHÍSW (MZ<6IRHI^ZSYWWYV[[[HMZ\GSQ TSYVTPYWHvMRJSVQEXMSRWIXTSYV XÍPÍGLEVKIVHIWSYXMPWPSKMGMIPWTIVQIXXERX HIGSRZIVXMVZSWJMGLMIVWIRZMHÍSW(MZ< ¤463437()0%:-(3¤0% ()1%2()(-:< 'IXETTEVIMP(MZ< 'IVXMJMIHHSMXÎXVIIRVIKMWXVÍEJMRHIPMVI PIWZMHÍSWÄPEHIQERHI:3((MZ< 4SYVKÍRÍVIVPIGSHIHvIRVIKMWXVIQIRX GSRWYPXI^PEWIGXMSR:3((MZ<HERWPI QIRYHIGSRJMKYVEXMSRHIPvETTEVIMP 6IRHI^ZSYWIRWYMXIWYVZSHHMZ\GSQ EZIGGIGSHITSYVTVSGÍHIVÄ PvIRVIKMWXVIQIRXIXIRWEZSMVTPYWWYVPE :3((MZ< *EFVMUYÍWSYWPMGIRGIHI(SPF] 0EFSVEXSVMIW(SPF]IXPIW]QFSPIÄHSYFPI (WSRXHIWQEVUYIWHI(SPF] 0EFSVEXSVMIW &6%:-%IX WSRXHIW QEVUYIWHI7SR]'SVTSVEXMSR 8VEGO-(IWXYRIQEVUYISYYRIQEVUYI HÍTSWÍIHI7SR])VMGWWSR1SFMPI 'SQQYRMGEXMSRW%& 0EXIGLRSPSKMIHIVIGSRREMWWERGIHIW HSRRÍIWEYHMSZMHÍSIXPIWHSRRÍIW EWWSGMÍIWWSRXJSYVRMIWTEV+VEGIRSXI +VEGIRSXIGSRWXMXYIPERSVQIHI PvMRHYWXVMIIRQEXMÌVIHIXIGLRSPSKMIHI VIGSRREMWWERGIQYWMGEPIIXHIJSYVRMXYVI HIGSRXIRYWGSRRI\IW4SYVTPYWHI HÍXEMPWZMWMXI^[[[KVEGIRSXIGSQ 0IWHSRRÍIWWYV'((:(SYIX&PYVE] (MWGIXPIWHSRRÍIWEWWSGMÍIWEY\ QSVGIEY\HIQYWMUYIIXEY\GPMTWZMHÍS WSRXJSYVRMIWTEV+VEGIRSXI-RG 'ST]VMKLX(EXIEGXYIPPI +VEGIRSXI0SKMGMIPW+VEGIRSXI 'ST]VMKLX(EXIEGXYIPPI +VEGIRSXI'ITVSHYMXIXGIWIVZMGIWSRX TVSXÍKÍWTEVYRSYTPYWMIYVWFVIZIXW 4SYV/(0 )</(0 )</(0)< /(0)< %ZMWVIPEXMJEYWMKREP WERWJMP 4EVPETVÍWIRXI7SR]'SVTSVEXMSR HÍGPEVIUYIPvETTEVIMPIWXGSRJSVQIEY\ I\MKIRGIWIWWIRXMIPPIWIXEY\EYXVIW HMWTSWMXMSRWTIVXMRIRXIWHIPEHMVIGXMZI ') 4SYVXSYXIMRJSVQEXMSRGSQTPÍQIRXEMVI ZIYMPPI^GSRWYPXI^Pv960WYMZERXI LXXT[[[GSQTPMERGIWSR]HI %ZMWEY\GPMIRXWPIWMRJSVQEXMSRW WYMZERXIWWvETTPMUYIRXYRMUYIQIRXEY\ ETTEVIMPWZIRHYWHERWPIWTE]WUYM ETTPMUYIRXPIWHMVIGXMZIWHIPv9) 0IW]WXÌQIHIXÍPÍZMWMSRWERWJMPTIYXÎXVI YXMPMWÍHERWPIWTE]WWYMZERXW %YXVMGLI&IPKMUYI&YPKEVMI'L]TVI 6ÍTYFPMUYIXGLÌUYI(ERIQEVO)WXSRMI *MRPERHI*VERGI%PPIQEKRI+VÌGI ,SRKVMI-WPERHI-VPERHI-XEPMI0IXXSRMI 0MIGLXIRWXIMR0MXYERMI0Y\IQFSYVK 1EPXI4E]W&EW2SVZÌKI4SPSKRI 4SVXYKEP6ÍTYFPMUYIWPSZEUYI6SYQERMI 7PSZÍRMI)WTEKRI7YÌHI7YMWWI8YVUYMI IX6S]EYQI9RM 'IXETTEVIMPTIYXÎXVIYXMPMWÍHERWHvEYXVIW TE]WRSRIYVSTÍIRW 7]WXÌQIHIXÍPÍZMWMSR WERWJMP-RJSVQEXMSRW VIPEXMZIWÄPE VÍKPIQIRXEXMSR 4SYVPIWGPMIRXWIR-XEPMI 0vYWEKIHYVÍWIEY60%2IWXVÍKM W TEVVETTSVXÄPvYXMPMWEXMSRTVMZÍITEVPI (ÍGVIXPÍKMWPEXMJHYRS 'SHIHIWGSQQYRMGEXMSRW ÍPIGXVSRMUYIW)RTEVXMGYPMIV Pv%VXMGPIMRHMUYIPIWGSRHMXMSRW HERWPIWUYIPPIWYRIEYXSVMWEXMSR KÍRÍVEPIHSMXÎXVITVÍEPEFPIQIRX SFXIRYIIXPv%VXMGPITVÍGMWIPIW GSRHMXMSRWHERWPIWUYIPPIWPvYXMPMWEXMSR PMFVIIWXEYXSVMWÍI W TEVVETTSVXÄPEJSYVRMXYVIEYTYFPMGHHI PvEGGÌW60%2EY\WIVZMGIWIXVÍWIEY\ HIXÍPÍGSQQYRMGEXMSRWTEVPI(ÍGVIX QMRMWXÍVMIPHYXIP UYvEQIRHÍIXPv%VXMGPIEYXSVMWEXMSR KÍRÍVEPITSYVPIWWIVZMGIWIXVÍWIEY\HI GSQQYRMGEXMSRWÍPIGXVSRMUYIWHY 'SHIHIWGSQQYRMGEXMSRW ÍPIGXVSRMUYIW 4SYVPIWGPMIRXWIR2SVZÌKI 0vYXMPMWEXMSRHIGIXÍUYMTIQIRXVEHMSRvIWX TEWEYXSVMWÍIHERWPE^SRIKÍSKVETLMUYI WMXYÍIHERWYRVE]SRHIOQEYXSYVHY GIRXVIHI2]©PIWYRH7ZEPFEVH 4SYVPIWGPMIRXWÄ'L]TVI 0vYXMPMWEXIYVJMREPHSMXIRVIKMWXVIVPIW HMWTSWMXMJW60%2SY;%7SY;M*M EYTVÌWHY(ÍTEVXIQIRXHIW GSQQYRMGEXMSRWÍPIGXVSRMUYIW4- IX4- 4-HÍWMKRIPI6ÌKPIQIRXHIW GSQQYRMGEXMSRWVEHMS'EXÍKSVMIWHI WXEXMSRWWSYQMWIWÄYRIEYXSVMWEXMSR KÍRÍVEPIIXÄYRIRVIKMWXVIQIRXHI 4-HÍWMKRIPv%YXSVMWEXMSR KÍRÍVEPIHvYXMPMWEXMSRHIWVEHMSJVÍUYIRGIW TEVPIWVÍWIEY\PSGEY\VEHMSIXPIW W]WXÌQIWHvEGGÌWWERWJMP]GSQTVMWPIW VÍWIEY\PSGEY\VEHMS;%760%2 4SYVPIWGPMIRXWIR*VERGI 0EJSRGXMSR;0%2;M*MHIGI XÍPÍZMWIYVGSYPIYVWRYQÍVMUYI0'(HSMX ÎXVII\GPYWMZIQIRXYXMPMWÍIÄPvMRXÍVMIYVHIW FÆXMQIRXW8SYXIYXMPMWEXMSRHIPEJSRGXMSR ;0%2;M*MHIGIXÍPÍZMWIYVGSYPIYVW RYQÍVMUYI0'(ÄPvI\XÍVMIYVHIW FÆXMQIRXWIWXMRXIVHMXIWYVPIXIVVMXSMVI JVERËEMW:IMPPI^ÄGIUYIPEJSRGXMSR ;0%2;M*MHIGIXÍPÍZMWIYVGSYPIYVW RYQÍVMUYI0'(WSMXHÍWEGXMZÍIEZERX XSYXIYXMPMWEXMSRÄPvI\XÍVMIYVHIW FÆXMQIRXW(ÍGMWMSRHIPv%68 EQIRHÍITEVPE(ÍGMWMSRHIPv%68 VIPEXMZIÄPEPMQMXEXMSRHIPvYXMPMWEXMSRHIW LEYXIWJVÍUYIRGIW )QTPEGIQIRXHIPvÍXMUYIXXI HvMHIRXMJMGEXMSR 0IWÍXMUYIXXIWVITVIRERXPIRYQÍVSHI QSHÌPIPEHEXIHITVSHYGXMSRQSMW ERRÍIIXPIWGEVEGXÍVMWXMUYIWRSQMREPIWHI PvEPMQIRXEXMSRWIPSRPIWRSVQIWHI WÍGYVMXÍIRZMKYIYVWIXVSYZIRXÄPvEVVMÌVI HYXÍPÍZMWIYVSYHIPvIQFEPPEKI 4VÍGEYXMSRW 6IKEVHIVPEXÍPÍZMWMSR e 'IVXEMRIWTIVWSRRIWTIYZIRXVIWWIRXMV YRIKÎRIGSQQIHIWXVSYFPIWHIPEZYI HIPEJEXMKYISYHIWREYWÍIWPSVWUYvIPPIW VIKEVHIRXYRIZMHÍSIR(SY PSVWUYvIPPIWNSYIRXÄHIWNIY\( WXÍVÍSWGSTMUYIW7SR]VIGSQQERHIÄ XSYWPIWXÍPÍWTIGXEXIYVWHIJEMVIHIW TEYWIWVÍKYPMÌVIWPSVWUYvMPWVIKEVHIRX YRIZMHÍSIR(SYPSVWUYvMPWNSYIRXÄ HIWNIY\(WXÍVÍSWGSTMUYIW0EHYVÍIIX PEJVÍUYIRGIHIWTEYWIWZEVMIRXIR JSRGXMSRHIWTIVWSRRIW¤ZSYWHI HÍGMHIVGIUYMZSYWGSRZMIRXPIQMIY\7M ZSYWVIWWIRXI^PEQSMRHVIKÎRIMPZSYW IWXGSRWIMPPÍHvEVVÎXIVHIVIKEVHIVPE ZMHÍSIR(SYHvEVVÎXIVHINSYIVEY\ NIY\(WXÍVÍSWGSTMUYIWNYWUYvÄGIUYI PEKÎRIHMWTEVEMWWI'SRWYPXI^YR HSGXIYVWMZSYWPINYKI^RÍGIWWEMVI-PIWX ÍKEPIQIRXGSRWIMPPÍHIVIPMVIMPI QERYIPHvMRWXVYGXMSRWHIXSYWPIW TÍVMTLÍVMUYIWYXMPMWÍWEZIGPEXÍPÍZMWMSR IXMMHIGSRWYPXIVRSXVIWMXI-RXIVRIX LXXT[[[WSR]IYVSTIGSQ Q]TVSHYGXTSYVEZSMVPIWHIVRMÌVIW MRJSVQEXMSRW0EZYIHIWNIYRIWIRJERXW TEVXMGYPMÌVIQIRXGIY\UYMSRXQSMRWHI WM\ERWIWXIRGSVIIRTPIMR HÍZIPSTTIQIRX'SRWYPXI^ZSXVIHSGXIYV GSQQIYRTÍHMEXVISYYR STLXEPQSPSKYIEZERXHvEYXSVMWIVPIW NIYRIWIRJERXWÄVIKEVHIVYRIZMHÍSIR (SYÄNSYIVÄHIWNIY\( WXÍVÍSWGSTMUYIW0IWEHYPXIWHSMZIRX WYVZIMPPIVPIWNIYRIWIRJERXWTSYVZÍVMJMIV UYvMPWWYMZIRXFMIRPIWVIGSQQERHEXMSRW HSRRÍIWGMHIWWYW e 2vYXMPMWI^TEWRIVERKI^TEWIXRI PEMWWI^TEWPIWPYRIXXIW(SYPEFEXXIVMI TVÌWHYJIYSYHERWHIWIRHVSMXWSÝPE XIQTÍVEXYVIIWXÍPIZÍIRSXEQQIRXWSYW PIWVE]SRWHMVIGXWHYWSPIMPSYHERWYR ZÍLMGYPIIRTPIMRWSPIMP e :IYMPPI^RSXIVUYIPSVWUYIPIWMQYPEXIYV (IWXEGXMZÍPvMQEKIIWXQSHMJMÍITEV VETTSVXÄPvSVMKMREPIIRVEMWSRHIPE GSRZIVWMSREWWYVÍITEVPEXÍPÍZMWMSR e 6IKEVHIVPEXÍPÍZMWMSRHERWYRITMÌGI QSHÍVÍQIRXÍGPEMVÍISYTIYÍGPEMVÍISY TIRHERXYRITÍVMSHITVSPSRKÍIWSYQIX ZSW]IY\ÄYRIJJSVX e 7MZSYWYXMPMWI^YRGEWUYIVÍKPI^PI ZSPYQIHIJEËSRÄÍZMXIVYRRMZIEY WSRSVII\GIWWMJUYMTSYVVEMXEPXÍVIVZSXVI GETEGMXÍEYHMXMZI )GVER0'( e &MIRUYIPvÍGVER0'(WSMXJEFVMUYÍEZIG YRIXIGLRSPSKMIHILEYXITVÍGMWMSRIX WSMXHSXÍHvYRIHÍJMRMXMSRHITM\IPW IJJIGXMJWHISYWYTÍVMIYVIMPIWX TSWWMFPIUYIUYIPUYIWTSMRXWRSMVWSY TSMRXWPYQMRIY\VSYKIWFPIYWSYZIVXW ETTEVEMWWIRXGSRWXEQQIRXWYVPvÍGVER 'ITLÍRSQÌRIIWXMRLÍVIRXÄPEWXVYGXYVI HIPvÍGVER0'(IXRvMRHMUYITEWYR H]WJSRGXMSRRIQIRX e 2vETTY]I^TEWWYVPIJMPXVIEZERXRI PvÍVEJPI^TEWIXRITPEGI^TEWHvSFNIXWWYV GIXÍPÍZMWIYV0vMQEKITSYVVEMXÎXVI MRWXEFPISYPvÍGVER0'(ÎXVI IRHSQQEKÍ 7YMXI *6 e 7MGIXÍPÍZMWIYVIWXYXMPMWÍHERWYR IRZMVSRRIQIRXJVSMHPvMQEKITIYX ETTEVEÒXVIWEPISYWSQFVI'IRvIWXTEW PIWMKRIHvYRH]WJSRGXMSRRIQIRX'I TLÍRSQÌRIHMWTEVEÒXEYJYVIXÄQIWYVI UYIPEXIQTÍVEXYVIEYKQIRXI e 9RIMQEKIVÍQERIRXITIYXETTEVEÒXVI PSVWUYIHIWMQEKIWJM\IWWSRXEJJMGLÍIW IRGSRXMRY)PPITIYXHMWTEVEÒXVIEYFSYX HvYRGIVXEMRXIQTW e 0vÍGVERIXPIFSÒXMIVWIVÍGLEYJJIRX PSVWUYIPIXÍPÍZMWIYVIWXIRGSYVW HvYXMPMWEXMSR'IGMRvEVMIRHvERSVQEP e 0vÍGVER0'(GSRXMIRXYRITIXMXIUYERXMXÍ HIGVMWXEY\PMUYMHIW'IVXEMRWXYFIW JPYSVIWGIRXWYXMPMWÍWHERWGIXÍPÍZMWIYV GSRXMIRRIRXÍKEPIQIRXHYQIVGYVIÄ PvI\GITXMSRHYXÍPÍZMWIYV0'(Ä VÍXVSÍGPEMVEKI0)(6IWTIGXI^PIW VÍKPIQIRXEXMSRWPSGEPIWIRZMKYIYV GSRGIVRERXPEQMWIEYVIFYXHIGIX ÍUYMTIQIRX 8VEMXIQIRXIXRIXXS]EKIHY FSÒXMIVIXHIPEWYVJEGIHI PvÍGVERHYXÍPÍZMWIYV %WWYVI^ZSYWUYIPIGSVHSRHvEPMQIRXEXMSR WIGXIYVVIPMÍEYXÍPÍZMWIYVIWXHÍFVERGLÍHI PETVMWIHIGSYVERXEZERXHvIRXVITVIRHVI XSYXISTÍVEXMSRHIRIXXS]EKI 4SYVÍZMXIVXSYXIHÍKVEHEXMSRHYQEXÍVMEY SYHYVIZÎXIQIRXHIPvÍGVERVIWTIGXI^PIW TVÍGEYXMSRWWYMZERXIW e 4SYVØXIVPETSYWWMÌVIHYFSÒXMIVSYHIPE WYVJEGIHIPvÍGVERJVSXXI^HÍPMGEXIQIRX EZIGYRPMRKIHSY\)RGEWHIWEPIXÍ XIREGIJVSXXI^EZIGYRPMRKIHSY\ PÍKÌVIQIRXMQTVÍKRÍHvYRIWSPYXMSRÄ FEWIHIHÍXIVKIRXHSY\HMPYÍ e 2INEQEMWZETSVMWIVHIPvIEYSYHY HÍXIVKIRXHMVIGXIQIRXWYVPIXÍPÍZMWIYV 0IPMUYMHITSYVVEMXGSYPIVEYFEWHI PvÍGVERSYWYVPIWTEVXMIWI\XÍVMIYVIWHY XÍPÍZMWIYVIXIRHSQQEKIVGIHIVRMIV e 2vYXMPMWI^NEQEMWHvÍTSRKIEFVEWMZIHI TVSHYMXHIRIXXS]EKIEPGEPMREGMHIHI TSYHVIÄVÍGYVIVSYHIWSPZERXZSPEXMP UYvMPWvEKMWWIHvEPGSSPHvIWWIRGIHI HMPYERXSYHvMRWIGXMGMHI0vYXMPMWEXMSRHI GIWTVSHYMXWSYXSYXGSRXEGXTVSPSRKÍ EZIGHIWQEXÍVMEY\IRGESYXGLSYGSYIR ZMR]PITIYXIRHSQQEKIVPEWYVJEGIHI PvÍGVERIXPIQEXÍVMEYHYFSÒXMIV e 0IRIXXS]EKIVÍKYPMIVHIWSYZIVXYVIWHI ZIRXMPEXMSRIWXVIGSQQERHÍTSYVEWWYVIV YRIZIRXMPEXMSRGSVVIGXI e 7MPvERKPIHYXÍPÍZMWIYVHSMXÎXVIVÍKPÍ HÍTPEGI^PIRXIQIRXGIHIVRMIVTSYV ÍZMXIVUYvMPRIWIHÍWSPMHEVMWIIXXSQFI HIWSRTMIH *6 %TTEVIMPWSTXMSRRIPW e )PSMKRI^PIXÍPÍZMWIYVHIXSYXETTEVIMPSY ÍUYMTIQIRXSTXMSRRIPÍQIXXERXHIW VE]SRRIQIRXWÍPIGXVSQEKRÍXMUYIW 7MRSRGIPETSYVVEMXIRXVEÒRIVYRI HÍJSVQEXMSRHIPvMQEKIIXSYYRFVYMX e 'IXETTEVIMPEÍXÍXIWXÍIXHÍGPEVÍ GSRJSVQIEY\PMQMXIWHIPE(MVIGXMZI ')1PSVWHIPvYXMPMWEXMSRHvYRGÆFPIHI WMKREPHIPMEMWSRHSRXPEPSRKYIYVRI HÍTEWWITEWQÌXVIW 4VÍGEYXMSRWVIPEXMZIWÄPE QERMTYPEXMSRHIPE XÍPÍGSQQERHI 6IQEVUYIW e 6IWTIGXI^PIWTSPEVMXÍWPSVWHIPvMRWIVXMSR HITMPIW e 2IQÍPERKI^TEWHIWTMPIWHIX]TIW HMJJÍVIRXWRMHIWTMPIWYWEKÍIWEZIGHIW TMPIWRIYZIW e 6IWTIGXI^PvIRZMVSRRIQIRXPSVWUYIZSYW NIXI^PIWTMPIW0vÍPMQMREXMSRHIWTMPIW TIYXÎXVIVÍKPIQIRXÍIHERWGIVXEMRIW VÍKMSRW'SRWYPXI^PIWEYXSVMXÍWPSGEPIW e 1ERMTYPI^PEXÍPÍGSQQERHIEZIGWSMR 2IPEPEMWWI^TEWXSQFIVRIPETMÍXMRI^ TEWIXRIVIRZIVWI^EYGYRPMUYMHIWYV GIPPIGM e 2ITPEGI^TEWPEXÍPÍGSQQERHIÄ TVS\MQMXÍHvYRIWSYVGIHIGLEPIYVHERW YRIRHVSMXI\TSWÍÄPEPYQMÌVIHMVIGXIHY WSPIMPSYHERWYRITMÌGILYQMHI *SRGXMSRWERWJMPHI PvETTEVIMP e 2vYXMPMWI^TEWGIXETTEVIMPÄTVS\MQMXÍ HvYRÍUYMTIQIRXQÍHMGEPWXMQYPEXIYV GEVHMEUYITEVI\IQTPIGEVGIPE TSYVVEMXEPXÍVIVPIFSRJSRGXMSRRIQIRXHI GIHIVRMIV e 1ÎQIWMGIXETTEVIMPÍQIXVIËSMXHIW WMKREY\FVSYMPPÍWWS]I^EXXIRXMJEY\ ÍZIRXYIPPIWMRXIVGITXMSRWRSREYXSVMWÍIW 2SYWRITSYZSRWÎXVIXIRYWVIWTSRWEFPIW HIXSYXTVSFPÌQIUYIGIPETSYVVEMX IRXVEÒRIV 1MWIEYVIFYXHY XÍPÍZMWIYV 8VEMXIQIRXHIW ETTEVIMPW ÍPIGXVMUYIWIX ÍPIGXVSRMUYIWIR JMRHIZMI %TTPMGEFPIHERW PIWTE]WHIPv9RMSR )YVSTÍIRRIIXEY\EYXVIW TE]WIYVSTÍIRWHMWTSWERX HIW]WXÌQIWHIGSPPIGXI WÍPIGXMZI 'IW]QFSPIETTSWÍWYVPITVSHYMXSYWYV WSRIQFEPPEKIMRHMUYIUYIGITVSHYMXRI HSMXTEWÎXVIXVEMXÍEZIGPIWHÍGLIXW QÍREKIVW-PHSMXÎXVIVIQMWÄYRTSMRXHI GSPPIGXIETTVSTVMÍTSYVPIVIG]GPEKIHIW ÍUYMTIQIRXWÍPIGXVMUYIWIXÍPIGXVSRMUYIW )RWvEWWYVERXUYIGITVSHYMXIWXFMIRQMW EYVIFYXHIQERMÌVIETTVSTVMÍIZSYW EMHIVI^ÄTVÍZIRMVPIWGSRWÍUYIRGIW RÍKEXMZIWTSXIRXMIPPIWTSYV PvIRZMVSRRIQIRXIXPEWERXÍLYQEMRI0I VIG]GPEKIHIWQEXÍVMEY\EMHIVEÄTVÍWIVZIV PIWVIWWSYVGIWREXYVIPPIW4SYVHIW MRJSVQEXMSRWHÍXEMPPÍIWWYVPIVIG]GPEKIHI GITVSHYMXZIYMPPI^GSRXEGXIVPIWIVZMGI QYRMGMTEPPSGEPPIWIVZMGIGLEVKÍHY XVEMXIQIRXHIWHÍGLIXWQÍREKIVWSYPI QEKEWMRSÝZSYWEZI^EGLIXÍPITVSHYMX )PMQMREXMSRHIW TMPIWIX EGGYQYPEXIYVW YWEKÍW %TTPMGEFPIHERW PIWTE]WHI Pv9RMSR)YVSTÍIRRIIXEY\ EYXVIWTE]WIYVSTÍIRW HMWTSWERXHIW]WXÌQIWHI GSPPIGXIWÍPIGXMZI 'IW]QFSPIETTSWÍWYVPIWTMPIWIX EGGYQYPEXIYVWSYWYVPIWIQFEPPEKIW MRHMUYIUYIPIWTMPIWIXEGGYQYPEXIYVW JSYVRMWEZIGGITVSHYMXRIHSMZIRXTEWÎXVI XVEMXÍWGSQQIHIWMQTPIWHÍGLIXW QÍREKIVW7YVGIVXEMRWX]TIWHITMPIWGI W]QFSPIETTEVEÒXTEVJSMWGSQFMRÍEZIGYR W]QFSPIGLMQMUYI0IWW]QFSPIWTSYVPI QIVGYVI,KSYPITPSQF4FWSRX VENSYXÍWPSVWUYIGIWTMPIWGSRXMIRRIRXTPYW HIHIQIVGYVISYHI TPSQF)RZSYWEWWYVERXUYIGIWTMPIWIX EGGYQYPEXIYVWWSRXQMWEYVIFYXHIJEËSR ETTVSTVMÍIZSYWTEVXMGMTI^EGXMZIQIRXÄPE TVÍZIRXMSRHIWGSRWÍUYIRGIWRÍKEXMZIW UYIPIYVQEYZEMWXVEMXIQIRXTSYVVEMX TVSZSUYIVWYVPvIRZMVSRRIQIRXIXWYVPE WERXÍLYQEMRI0IVIG]GPEKIHIWQEXÍVMEY\ GSRXVMFYITEVEMPPIYVWÄPETVÍWIVZEXMSRHIW VIWWSYVGIWREXYVIPPIW4SYVPIWTVSHYMXWUYM TSYVHIWVEMWSRWHIWÍGYVMXÍHI TIVJSVQERGISYHvMRXÍKVMXÍHIHSRRÍIW RÍGIWWMXIRXYRIGSRRI\MSRTIVQERIRXIÄ YRITMPISYÄYREGGYQYPEXIYVMP GSRZMIRHVEHIZSYWVETTVSGLIVHvYR WIVZMGIXIGLRMUYIUYEPMJMÍTSYVIJJIGXYIV WSRVIQTPEGIQIRX)RVETTSVXERXZSXVI ETTEVIMPÍPIGXVMUYIIRJMRHIZMIÄYRTSMRX HIGSPPIGXIETTVSTVMÍZSYWZSYWEWWYVI^ UYIPETMPISYPvEGGYQYPEXIYVMRGSVTSVÍI WIVEXVEMXÍIGSVVIGXIQIRX4SYVXSYWPIW EYXVIWGEWHIJMKYVIIXEJMRHvIRPIZIVPIW TMPIWSYEGGYQYPEXIYVWIRXSYXIWÍGYVMXÍHI ZSXVIETTEVIMPVITSVXI^ZSYWEYQERYIP HvYXMPMWEXMSR6ETTSVXI^PIWTMPIWSY EGGYQYPEXIYVWYWEKÍWEYTSMRXHIGSPPIGXI ETTVSTVMÍTSYVPIVIG]GPEKI4SYVXSYXI MRJSVQEXMSRGSQTPÍQIRXEMVIEYWYNIXHY VIG]GPEKIHIGITVSHYMXSYHIWTMPIWIX EGGYQYPEXIYVWZSYWTSYZI^GSRXEGXIV ZSXVIQYRMGMTEPMXÍZSXVIHÍGLIXXIVMIPSGEPI SYPITSMRXHIZIRXISÝZSYWEZI^EGLIXÍGI TVSHYMX *6 8EFPIHIWQEXMÌVIW 1MWIIRVSYXI :ÍVMJMGEXMSRHIWEGGIWWSMVIW -RWIVXMSRHIWTMPIWHERWPEXÍPÍGSQQERHI *M\EXMSRHYWYTTSVXHIXEFPI 6ÍKPEKIHIPvERKPIHIZMWYEPMWEXMSRHYXÍPÍZMWIYV 6EGGSVHIQIRXHvYRIERXIRRIHvYRHÍGSHIYVHvYRKVEZIYV RSXEQQIRXYRKVEZIYVHI(:( 6EGGSVHIQIRXHvETTEVIMPWEYHMSZMHÍS 4VSXIGXMSRHYXÍPÍZMWIYVGSRXVIPIWGLYXIW 6ERKIQIRXHYGSVHSRHvEPMQIRXEXMSR6ERKIQIRXHIWGÆFPIW )\ÍGYXMSRHYVÍKPEKIMRMXMEP 9XMPMWEXMSRHYXÍPÍZMWIYV&6%:-% 6IKEVHIVPEXÍPÍZMWMSR 7ÍPIGXMSRHIHMZIVWVÍKPEKIWIXJSRGXMSRWQIRYHvEGGYIMP %JJMGLEKIHYQSHIHvIQTPSMM1ERYEP 6ÍKPEKIVÍWIEY 4VÍTEVEXMSRHvYRVÍWIEYJMPEMVI 4VÍTEVEXMSRHvYR0%2WERWJMP 'SRJMKYVEXMSRHIPEGSRRI\MSR-RXIVRIX 7MZSYWRITEVZIRI^TEWÄZSYWGSRRIGXIVÄ-RXIVRIX 6ÍKPEKIHIWTEVEQÌXVIWHvEJJMGLEKIHYWIVZIYV -RJSVQEXMSRWGSQTPÍQIRXEMVIW (ÍTERREKI 7TÍGMJMGEXMSRW -RWXEPPEXMSRHIWEGGIWWSMVIW7YTTSVXHIJM\EXMSRQYVEPI 'SRWMKRIWHIWÍGYVMXÍ *6 %TVÌWEZSMVVÍKPÍZSXVIXÍPÍZMWIYV&6%:-%IXEWWMQMPÍPIWSTÍVEXMSRW HIFEWIÄPvEMHIHIGIQERYIPVITSVXI^ZSYWEYQERYIPMRXÍKVÍ M1ERYEPTSYVTPYWHvMRJSVQEXMSRWWYVPIWTEVXMGYPEVMXÍWHIZSXVI XÍPÍZMWIYV 'IXÍPÍZMWIYVTSWWÌHIYRQERYIPMRXÍKVÍM1ERYEP 4SYVEGGÍHIVÄPvM1ERYEPETTY]I^WYVPEXSYGLIM1%29%0HIPEXÍPÍGSQQERHIIXWÍPIGXMSRRI^ YRISTXMSR4SYVTPYWHvMRJSVQEXMSRWVITSVXI^ZSYWÄPETEKI HYTVÍWIRXQERYIP0IGSRXIRYHI PvM1ERYEPTIYXZEVMIVWIPSRPIQSHÌPIPEVÍKMSRPE^SRI *6 'SRXIRYHIPvM1ERYEP 'IVXEMRWQSHÌPIWRIHMWTSWIRXTEWHIGIXXIJSRGXMSR 'SQQIRXYXMPMWIVPvM1ERYEP *SRGXMSRWHYXÍPÍZMWIYV &6%:-% *SRGXMSR( (ÍXIGXIYVHITVÍWIRGI &6%:-%-RXIVRIX:MHÍS ;MHKIXW-RXIVRIX 0%2WERWJMP4VÎXTSYV0%2WERWJMP &6%:-%7]RGEZIG'QHTSYV,(1- 4VÎXTSYV7O]TI 8VEGO-(}6IGLQYWMUYI6IGLZMHÍSW )RVIKMWXVIQIRX,((97& 6IKEVHIVPEXÍPÍZMWMSR *SRGXMSR( +YMHIÍPIGXVSRMUYITVSKRYQÍVMUYIW *EZSVMW *SVQEXÍGVER 1SHIHvMQEKI 8I\XI 4LSXSW1YWMUYI:MHÍSW (SYFPIEJJMGLEKI4-4 (SYFPIEJJMGLEKI4 4 2:3(1* 6ÍWIEY 7YTTSVXTVSHYMX 9XMPMWEXMSRHvYREYXVIETTEVIMP -RXIVRIX 1EKRÍXSWGSTI0IGXIYV(:( 7]WXÌQIEYHMS 4ÍVMTL97&I\ETTTLSXSRYQÍVMUYI 'EHVI4LSXS %TTEVIMP,(1-RXIVRIX0%2WERWJMP 6ÍWIEYHSQIWXMUYI 1IHME6IQSXI 4' (IWGVMTXMSRHIWÍPÍQIRXW 8ÍPÍGSQQERHI 'SQQERHIWIXXÍQSMRWHYXÍPÍZMWIYV &SVRIW (ÍTERREKI -RHI\ 7MKRIXW 6ÍKPEKIW1IRY%GGYIMP %TVSTSWHYQIRY%GGYIMP 6ÍKPEKIW %JJMGLEKI 7SR 4EVEQÌXVIWW]WXÌQI M1ERYEP 6ÍKPEKI2YQÍVMUYI 6ÍKPEKI%REPSKMUYI )RXVÍIWI\XIVRIW *6 1MWIIRVSYXI :ÍVMJMGEXMSRHIWEGGIWWSMVIW 8ÍPÍGSQQERHI 4MPIW%%%X]TI6 7YTTSVXHIXEFPI :MWHIJM\EXMSRHYWYTTSVXHIXEFPI 1» WEYJ/(0)<\ :MWHIJM\EXMSRHYWYTTSVXHIXEFPI 1» /(0)<\YRMUYIQIRX :MWHIQSRXEKIHYWYTTSVXHIXEFPI 1» /(0)<\/(0,<\ /(0)<\/(0'<\YRMUYIQIRX :MWHIQSRXEKIHYWYTTSVXHIXEFPI 1» /(0,<\/(0)<\ /(0)<\/(0'<\ /(0)<\YRMUYIQIRX :MWHIQSRXEKIHYWYTTSVXHIXEFPI 1» /(0)<YRMUYIQIRX :MWHIQSRXEKIHYWYTTSVXHIXEFPI 1» /(0)<YRMUYIQIRX 'PÍLI\EKSREPI WEYJ/(0)< 1SHIHvIQTPSMPITVÍWIRXQERYIPIX EYXVIWHSGYQIRXW -RWIVXMSRHIWTMPIWHERWPE XÍPÍGSQQERHI & 4SYV/(0)<\ /(0,<\ 6IXMVI^PEJIYMPPIHITVSXIGXMSR %TTY]I^WYVPIGSYZIVGPIIXJEMXIWPI KPMWWIVZIVWPILEYX & 4SYV1SHIPP/(0)<\ /(0'<\ /(0)<\ /(0)<\ 4SYVEWWIQFPIVPIWYTTSVXHIXEFPIVITSVXI^ZSYW EYJIYMPPIXJSYVRMEZIGGIPYMGM *6 6IXMVI^PEJIYMPPIHITVSXIGXMSR %TTY]I^WYVPIGSYZIVGPIIXWSYPIZI^PI TSYVPvSYZVMV *M\EXMSRHYWYTTSVXHI XEFPI 4SYVYRIJM\EXMSRGSVVIGXIÄGIVXEMRW QSHÌPIWHIXÍPÍZMWIYVWVITSVXI^ZSYW EYJIYMPPIXJSYVRMEZIGPIWYTTSVXHI XEFPI 4PEGI^PIXÍPÍZMWIYVWYVPIWYTTSVXHI XEFPI & 4SYV/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ e %PMKRI^PIXÍPÍZMWIYVÄTEVXMVHYLEYXIXJEMXIWPI KPMWWIVNYWUYvÄGIUYIPIWFVSGLIWHIKYMHEKIRI WSMIRXTPYWZMWMFPIW & 4SYV/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ & 4SYV/(0)< & 4SYV/(0)< & 4SYV/(0)< e 7MZSYWYXMPMWI^YRXSYVRIZMWÍPIGXVMUYIVÍKPI^WSR GSYTPIWYV2Q_OKJGQaIRZMVSR & 4SYV/(0)< (ÍQSRXEKIHYWYTTSVXHIXEFPI HYXÍPÍZMWIYV 4SYVHÍQSRXIVPIWYTTSVXHIXEFPIHY XÍPÍZMWIYVVIXMVI^PIWZMW JM\ÍIWÄPvÍXETI *M\I^PIXÍPÍZMWIYVEYWYTTSVXHIXEFPIÄ PvEMHIHIWZMWJSYVRMIWIXIRVIWTIGXERX PIWJPÌGLIW TSYVKYMHIVPIWZMWHERW PIWXVSYW e %YGYRQSXMJRINYWXMJMIPIHÍQSRXEKIHYWYTTSVX HIXEFPIHYXÍPÍZMWIYVI\GITXÍPvMRWXEPPEXMSRHIW EGGIWWSMVIWGSVVIWTSRHERXWWYVPIXÍPÍZMWIYV e 0SVWUYIZSYWHÍXEGLI^PIWYTTSVXHIXEFPIHY XÍPÍZMWIYVTSWI^PvÍGVERJEGIZIVWPIFEWWYVYRI WYVJEGIHIXVEZEMPWXEFPIHIHMQIRWMSRWWYTÍVMIYVIW EYXÍPÍZMWIYV e 4SYVÍZMXIVHvIRHSQQEKIVPEWYVJEGIHIPvÍGVER 0'(RvSYFPMI^TEWHITSWIVYRPMRKIHSY\WYVPE WYVJEGIHIXVEZEMP 7YMXI *6 e %WWYVI^ZSYWUYIPIXÍPÍZMWIYVIWXIRTSWMXMSR ZIVXMGEPIEZERXHIPIQIXXVIWSYWXIRWMSR0I XÍPÍZMWIYVRIHSMXTEWÎXVIQMWWSYWXIRWMSR PSVWUYvMPVITSWIWYVWEHEPPI0'(EJMRHI TVÍWIVZIVPvYRMJSVQMXÍHIPvMQEKI & 4SYV/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ 6ÍKPEKIHIPvERKPIHI ZMWYEPMWEXMSRHY XÍPÍZMWIYV 'IXÍPÍZMWIYVTIYXÎXVIVÍKPÍHERWPIWERKPIW MPPYWXVÍW 6ÍKPEKIHIPvERKPI4MZSXIQIRX WEYJ/(0)< e 0SVWUYIZSYWVÍKPI^PvERKPIXIRI^PIWYTTSVX HvYRIQEMRTSYVÍZMXIVUYvMPKPMWWISYUYIPI XÍPÍZMWIYVWIVIRZIVWI 0MRKIHSY\ & 4SYV/(0)< 6ÍKPEKIHIPvERKPI-RGPMREMWSR WEYJ/(0'<\ e 0SVWUYIZSYWVÍKPI^PvERKPIZIMPPI^ÄRITEW TMRGIVZSWHSMKXWIRXVIPIXÍPÍZMWIYVIXPIWYTTSVX & 4SYV/(0)<\ /(0,<\ /(0)<\ /(0)<\ /(0)< 0MRKIHSY\ & 4SYV/(0)< & 4SYV/(0)< 0MRKIHSY\ *6 e :ÍVMJMI^UYvEYGYRSFNIXRIWIXVSYZIHIZERXPI XÍPÍZMWIYV 6EGGSVHIQIRXHvYRHÍGSHIYVKVEZIYV HI(:(TEVI\IQTPIEZIGPIGÆFPI ,(1- 'ETXIYV-6 )QIXXIYVHI W]RGLVSRMWEXMSR( /(0)<\ /(0,<\ YRMUYIQIRX (ÍXIGXIYVHITVÍWIRGI WEYJ/(0)</(0)< e 2vI\TSWI^TEWPIHÍXIGXIYVHITVÍWIRGIÄPE PYQMÌVIHMVIGXIHYWSPIMPSYÄYRIPYQMÌVIZMZIGEV GIPETIYXIRXVEÒRIVYRIHÍJEMPPERGI 6EGGSVHIQIRXHvYRI ERXIRRIHvYRHÍGSHIYV HvYRKVEZIYVRSXEQQIRX YRKVEZIYVHI(:( 6EGGSVHIQIRXHvYRHÍGSHIYVKVEZIYV HI(:(TEVI\IQTPIEZIGPIGÆFPI 4ÍVMXIP (ÍGSHIYVKVEZIYVHI(:(TEVI\IQTPI 6EGGSVHIQIRX HvETTEVIMPWEYHMSZMHÍS (ÍGSHIYVKVEZIYVHI(:(TEVI\IQTPI e 9RGÆFPI4ÍVMXIPYRMZIVWIPÄERKPIHVSMXIWX VIGSQQERHÍTSYVGIVEGGSVHIQIRX %TTEVIMPEYHMSZMHÍS *6 4VSXIGXMSRHYXÍPÍZMWIYV GSRXVIPIWGLYXIW 6ERKIQIRXHYGSVHSR HvEPMQIRXEXMSR 6ERKIQIRXHIWGÆFPIW & /(0'<\ & 7EYJ/(0'<\ e %ZERXHIVERKIVPIWGÆFPIWVIXMVI^PIWYTTSVXHI GÆFPIHYGSYZIVGPIHvEPMQIRXEXMSRWIGXIYV VITSVXI^ZSYWEY\ÍXETIWIX6ÍYXMPMWI^PI WYTTSVXHIGÆFPIZSMVPvÍXETITSYVVIKVSYTIVPIW EYXVIWGÆFPIWZSMVPvÍXETI e 2IVERKI^TEWPIGSVHSRHvEPMQIRXEXMSRWIGXIYV EZIGPIWEYXVIWGÆFPIW *M\I^YRIZMWÄFSMW QQHIHMEQÌXVI RSRJSYVRMIWYVPIQIYFPI8: *M\I^YRIZMWÄQÍXEY\1RSR JSYVRMIHERWPvSVMJMGIHYXÍPÍZMWIYV 6IPMI^PEZMWÄFSMWIXPEZMWÄQÍXEY\Ä PvEMHIHvYRPMIRVÍWMWXERXRSRJSYVRM 0EPSRKYIYVHIPEZMWÄQÍXEY\1ZEVMIIR JSRGXMSRHYHMEQÌXVIHYGSVHSR 6ÍJÍVI^ZSYWÄPvMPPYWXVEXMSRGMHIWWSYW ÄQQ :MW1 'SVHSR 7YTTSVXHI XEFPIHY XÍPÍZMWIYV /(0)< )RGEWHvMRWXEPPEXMSREYQYVJM\I^PIWYTTSVXHI GÆFPIWSYWPIWFSVRIW *6 )\ÍGYXMSRHYVÍKPEKI MRMXMEP 7EYJ/(0 '<\ /(0'<\ 1ÍQSRYQÍVMUYIEYXS 5YERHZSYW WÍPIGXMSRRI^ 'ÆFPI RSYWZSYW VIGSQQERHSRWHIWÍPIGXMSRRIV 6IGLIVGLIVETMHI TSYVYRVÍKPEKI VETMHI6ÍKPI^ *VÍUYIRGI IX -HIRXMJMGEXMSRHIVÍWIEY WIPSRPIW MRJSVQEXMSRWJSYVRMIWTEVZSXVIGÆFPS STÍVEXIYV7MZSYWRIXVSYZI^EYGYRI GLEÒRIIRYXMPMWERX 6IGLIVGLIVETMHI IWWE]I^ 6IGLIVGLIGSQTPÌXI QÎQIWM GIPETIYXTVIRHVIYRGIVXEMRXIQTW e -PWITIYXUYIPEJSRGXMSR 6IGLIVGLI GSQTPÌXI RIWSMXTEWHMWTSRMFPIHERWGIVXEMRW TE]WGIVXEMRIWVÍKMSRW 6EGGSVHI^PIXÍPÍZMWIYVÄZSXVITVMWI WIGXIYV %TTY]I^WYVPEXSYGLIHYXÍPÍZMWIYV 0IXÍQSMRZIVX!QMWIWSYWXIRWMSR WvEPPYQI 0ETVIQMÌVIJSMWUYIZSYWQIXXI^WSYW XIRWMSRPIXÍPÍZMWIYVPIQIRY0ERKYI ETTEVEÒXWYVPvÍGVER e 0SVWUYIZSYWQIXXI^PIXÍPÍZMWIYVWSYWXIRWMSR TSYVPETVIQMÌVIJSMWMPHSMXI\ÍGYXIVHIW STÍVEXMSRWMRXIVRIWHvSTXMQMWEXMSREZERXUYI ZSYWTYMWWMI^TVSGÍHIVEYVÍKPEKIMRMXMEP-PRv] ERMMQEKIRMWSRIXPIXÍQSMRHY TVSKVEQQEXIYVHYTERRIEYEZERXHY XÍPÍZMWIYVGPMKRSXIIRSVERKITIRHERX WIGSRHIWIRZMVSR2IQIXXI^TEWPI XÍPÍZMWIYVLSVWXIRWMSRTIRHERXGIXIQTW 'IXXISTÍVEXMSREÍXÍVÍEPMWÍIIRYWMRITSYV GIVXEMRWXÍPÍZMWIYVW 3VHVIHIWGLEÒRIW 4IVQIXHIQSHMJMIV PvSVHVIHIWGLEÒRIWEREPSKMUYIW QÍQSVMWÍIWHERWPIXÍPÍZMWIYV %TTY]I^WYV*JTSYVWÍPIGXMSRRIVPE GLEÒRIUYIZSYWWSYLEMXI^HÍTPEGIVZIVW YREYXVIRYQÍVSTYMWETTY]I^WYV %TTY]I^WYV*JTSYVWÍPIGXMSRRIVPI RSYZIEYRYQÍVSHIPEGLEÒRITYMW ETTY]I^WYV e :SYWTSYZI^EYWWMVÍKPIVPIWGLEÒRIW QERYIPPIQIRX 7YMZI^PIWMRWXVYGXMSRWEJJMGLÍIWÄPvÍGVER *6 9XMPMWEXMSRHYXÍPÍZMWIYV&6%:-% 6IKEVHIVPEXÍPÍZMWMSR +9-() ^ e 0EXSYGLIRYQÍVMUYIIXPIW XSYGLIW2463+IX%9(-3 HIPEXÍPÍGSQQERHIHMWTSWIRXHI TSMRXWXEGXMPIW-PWZSYWWIVZMVSRX HIVÍJÍVIRGIPSVWHIPvYXMPMWEXMSR HYXÍPÍZMWIYV *6 1IXXI^PIXÍPÍZMWIYVWSYWXIRWMSR 7ÍPIGXMSRRI^YRQSHI 7ÍPIGXMSRRI^YRIGLEÒRIHIXÍPÍZMWMSR %TTY]I^WYVPEXSYGLIHYXÍPÍZMWIYVTSYVPIQIXXVI WSYWXIRWMSR 4SYVYXMPMWIVPI+YMHIÍPIGXVSRMUYIHIW TVSKVEQQIWRYQÍVMUYIW %TTY]I^WYV+9-()IRQSHIRYQÍVMUYITSYV EJJMGLIVPIKYMHIHIWTVSKVEQQIW 7ÍPIGXMSRRI^PIWGLEÒRIWRYQÍVMUYIWÄPvEMHIHIW XSYGLIW4SYVPIWGLEÒRIWHSRXPIRYQÍVSIWXÍKEP SYWYTÍVMIYVÄETTY]I^IRWYMXIVETMHIQIRXWYVPI WIGSRHGLMJJVI )PÍQIRXWIXGSQQERHIWHIPEXÍPÍGSQQERHI 9XMPMWI^PEXÍPÍGSQQERHIJSYVRMITSYVTMPSXIVPIXÍPÍZMWIYV:SYWXVSYZIVI^MGMPIWTVSGÍHYVIWHI FEWIHIPvYXMPMWEXMSRHIPEXÍPÍGSQQERHI4SYVTPYWHvMRJSVQEXMSRWWYVXSYXIWPIWJSRGXMSRWHIPE XÍPÍGSQQERHIETTY]I^WYVM1%29%0IXGSRWYPXI^PIQERYIPMRXÍKVÍM1ERYEPTEKI %TTY]I^TSYVQIXXVIPIXÍPÍZMWIYVWSYWIXLSVWXIRWMSR ÄTEVXMVHYQSHIZIMPPI M1%29%0 %JJMGLIPIQERYIPMRXÍKVÍM1ERYEP 7=2'1)29 %JJMGLIPIQIRY&6%:-%7]RGUYMTIVQIXHI GSQQERHIVPvETTEVIMPGSQTEXMFPI&6%:-%7]RG VEGGSVHÍEYXÍPÍZMWIYV *J+K (ÍTPEGIRXPIGYVWIYVÄPvÍGVERIXZEPMHIRXPvSTXMSR 348-327 %JJMGLIYRIPMWXIHIJSRGXMSRWYXMPIWIXHIVEGGSYVGMWHI QIRYW0IWSTXMSRWHIQIRYZEVMIRXWIPSRPvIRXVÍIIX SYPIGSRXIRYWÍPIGXMSRRÍ 4SYV/(0)<\ /(0,<\ 8SYGLIWHIGSYPIYV 9RKYMHIHvYXMPMWEXMSRETTEVEÒXÄPvÍGVERPSVWUYIZSYW TSYZI^YXMPMWIVPIWXSYGLIWHIGSYPIYV 463+',z8SYGLIWRYQÍVMUYIW 7ÍPIGXMSRRIRXPIWGLEÒRIWIRQSHI8: z 6ÌKPIPIZSPYQI %VVMÌVIHIPEXÍPÍGSQQERHI *6 7ÍPIGXMSRHIHMZIVWVÍKPEKIWIXJSRGXMSRWQIRYHvEGGYIMP :SYWTSYZI^WÍPIGXMSRRIVXSYXIWPIWJSRGXMSRWÄTEVXMVHYQIRYHvEGGYIMP 4SYVHÍGSYZVMVPIGSRXIRYHYQIRYHvEGGYIMPVITSVXI^ZSYWÄPETEKI %TTY]I^WYV,31) %TTY]I^WYV*J+K TSYVWÍPIGXMSRRIV HIWSTXMSRW 4SYVWÍPIGXMSRRIVHIWSTXMSRWHYQIRY HvEGGYIMPRSXEQQIRXTSYVWÍPIGXMSRRIV 6ÍKPEKIW %TTY]I^WYV+KTSYVWÍPIGXMSRRIV 6ÍKPEKIW 0IGSRXIRYHI 6ÍKPEKIW WvEJJMGLIWYVPE HVSMXI %TTY]I^WYV*JTSYVWÍPIGXMSRRIV %JJMGLEKI %TTY]I^WYV TSYVSYZVMVPIQIRY 7IPSRPIWMRWXVYGXMSRWEJJMGLÍIWETTY]I^WYV *J+KTSYVWÍPIGXMSRRIVHIWSTXMSRWIXWYV TSYVZEPMHIV *6 %TTY]I^WYV,31)TSYVUYMXXIV 'SRXIRYHYQIRYHvEGGYIMP %TVÌWEZSMVETTY]ÍWYVPEXSYGLI,31)HIPEXÍPÍGSQQERHIPIWGEXÍKSVMIWWYMZERXIWETTEVEMWWIRX W]QFSPMWÍIWTEVHIWMGØRIW0IWGEXÍKSVMIWHMWTSRMFPIWZEVMIRXWIPSRPIQSHÌPIHYXÍPÍZMWIYVPE VÍKMSRPITE]WIXPIWGSRHMXMSRWHIHMJJYWMSR 8: :SYWTSYZI^WÍPIGXMSRRIVYRIPMWXIHIGLEÒRIWHIXÍPÍZMWMSR SYYRKYMHIHIWTVSKVEQQIW 1ÍHMEW :SYWTSYZI^TVSJMXIVHIWTLSXSWHIPEQYWMUYIHIWZMHÍSW WXSGOÍIWWYVHIWTÍVMTLÍVMUYIW97&SYPIVÍWIEYHSQIWXMUYI )RXVÍIW :SYWTSYZI^WÍPIGXMSRRIVPIWETTEVIMPWVEGGSVHÍWEY XÍPÍZMWIYV 7MKRIXW6ÍGIRXW 4IVQIXHvEGGÍHIVVETMHIQIRXEY\GLEÒRIWHIXÍPÍZMWMSREY\ IRXVÍIWI\XIVRIWSYEY\JMGLMIVWQYPXMQÍHMEUYIZSYWYXMPMWI^ PITPYWWSYZIRXSYUYIZSYWEZI^GLSMWMWVÍGIQQIRX 6ÍKPEKIW 'SRXMIRXXSYXIWPIWGSRJMKYVEXMSRWRÍGIWWEMVIWTSYV TIVWSRREPMWIVPIWVÍKPEKIWHYXÍPÍZMWIYV ;MHKIXW 4IVQIXHvEGGÍHIVEY\;MHKIXW %TTPMGEXMSRW :SYWTSYZI^YXMPMWIVHMZIVWIWETTPMGEXMSRWXIPPIWUYI 6IGLIVGLIHIQYWMUYI PI 2EZMKEXIYV-RXIVRIX IXG 5VMSGMX] %GXMZIPvEGGÌWEYWIVZMGIIRPMKRI 5VMSGMX] 'SRXIRY-RXIVRIX :SYWTSYZI^TVSJMXIVHIWWIVZMGIWHIGSRXIRY-RXIVRIX 6IGSQQERHEXMSRW 6IGSQQERHIHIWTVSKVEQQIWUYMTIYZIRXZSYWMRXÍVIWWIV WYVPEFEWIHIPvLMWXSVMUYIHIWTVSKVEQQIWUYIZSYWEZI^ VIKEVHÍW )RVIKMWXVIQIRXW :SYWTSYZI^VIKEVHIVHIWIRVIKMWXVIQIRXWTVSKVEQQÍW WXSGOÍWWYVYRHMWUYIHYV97&VEGGSVHÍÄPvETTEVIMPIX WÍPIGXMSRRIVPIGSRXIRYUYIZSYWWSYLEMXI^ZMWMSRRIV *6 %JJMGLEKIHYQSHIHvIQTPSMM1ERYEP 0IQSHIHvIQTPSMIWXMRXÍKVÍÄZSXVIXÍPÍZMWIYV&6%:-%IXTIYXÎXVIEJJMGLÍÄPvÍGVER 4SYVIRWEZSMVTPYWWYVPIWJSRGXMSRWHIZSXVIXÍPÍZMWIYVMPZSYWWYJJMXHvETTY]IVWYVYRIXSYGLITSYV EGGÍHIVÄPvM1ERYEP %TTY]I^WYVM1%29%0 %TTY]I^WYV*J+K TSYVWÍPIGXMSRRIV HIWSTXMSRW 4SYVWÍPIGXMSRRIVHIWSTXMSRWHERW PvM1ERYEP %TTY]I^WYV*JTSYVWÍPIGXMSRRIVYRI STXMSR 0IGSRXIRYHIPvSTXMSRWvEJJMGLIWYVPEHVSMXI IRXERXUYIHIY\MÌQIRMZIEY %TTY]I^WYVKTSYVEGGÍHIVEYHIY\MÌQI RMZIEY %TTY]I^WYV*JTSYVWÍPIGXMSRRIVYRI STXMSRHYHIY\MÌQIRMZIEY 9RVÍWYQÍHIPvSTXMSRIWXEJJMGLÍWYVPE HVSMXI 7vMPI\MWXIYRXVSMWMÌQIRMZIEYVÍTÍXI^GIXXI ÍXETITSYVEJJMGLIVPIVÍWYQÍHIPvSTXMSR %TTY]I^WYVKTSYVWÍPIGXMSRRIVYRISTXMSR 0IGSRXIRYWvEJJMGLI *6 (IWGVMTXMSRHIPvÍGVERHIPvM1ERYEP %TTY]I^WYV+TSYVVIZIRMVÄPETEKITVÍGÍHIRXI %TTY]I^WYVJTSYVEGGÍHIVÄPETEKIWYMZERXI 2YQÍVSHITEKI2SQFVIXSXEPHITEKIW %TTY]I^WYV6)8962TSYVVIZIRMVÄPETEKI TVÍGÍHIRXI %TTY]I^WYV TSYVI\ÍGYXIVPEJSRGXMSR e 7vEJJMGLIYRMUYIQIRXPSVWUYIPEJSRGXMSRIWXHMWTSRMFPI 4SYVYXMPMWIVPIWMKRIX 0vM1ERYEPTIVQIXHIGVÍIVHIWWMKRIXW-PIWXTSWWMFPIHvEXXVMFYIVHIWWMKRIXWÄHIWTEKIWÄPvEMHIHIW XSYGLIWHIGSYPIYVIRWYMZERXPIWMRWXVYGXMSRWEJJMGLÍIWEYFEWHIPvÍGVER4SYVEGGÍHIVEY\WMKRIXW QÍQSVMWÍWEPPI^ÄPETVIQMÌVITEKIHIPvM1ERYEPIXWÍPIGXMSRRI^7MKRIXW 4SYVQÍQSVMWIVPEHIVRMÌVITEKIEJJMGLÍI 0vM1ERYEPQÍQSVMWIPEHIVRMÌVITEKIEJJMGLÍI(ERWPvÍGVERM1ERYEPETTY]I^WYVM1%29%0 TSYVVIZIRMVÄPvÍGVERHYXÍPÍZMWIYV7MZSYWETTY]I^HIRSYZIEYWYVM1%29%0PIWHIVRMÌVIW MRJSVQEXMSRWEJJMGLÍIWVÍETTEVEMWWIRX4SYVEJJMGLIVPETVIQMÌVITEKIHIPvM1ERYEPVIZIRI^ÄGIPPI GMIRWYMZERXPIWMRWXVYGXMSRWEJJMGLÍIWSYETTY]I^WYV,31)IXWÍPIGXMSRRI^ M1ERYEP WSYW 6ÍKPEKIW HERWPIQIRYHvEGGYIMP e 0EQÍQSMVIHIPEHIVRMÌVITEKIIWXEYXSQEXMUYIQIRXVÍMRMXMEPMWÍIPSVWUYIZSYWQIXXI^PIXÍPÍZMWIYVIRQSHI ZIMPPI *6 6ÍKPEKIVÍWIEY 0SVWUYIZSYWVEGGSVHI^GIXÍPÍZMWIYVÄ -RXIVRIXZSYWTVSJMXI^HIRSQFVIYWIW JSRGXMSRW EJJMGLEKIHvYRITLSXSMRHMUYERXWSR PMIYHITVMWIHIZYIWYVPEGEVXIZMWMSRREKIHIW ZMHÍSW-RXIVRIXIXG4SYVTPYWHvMRJSVQEXMSRW WYVPIWJSRGXMSRWVITSVXI^ZSYWÄPvM1ERYEP e 4SYVZSYWGSRRIGXIVÄ-RXIVRIXZSYWEZI^FIWSMR HvYRGSRXVEXWSYWGVMXEYTVÌWHvYRJSYVRMWWIYVHI WIVZMGIW-RXIVRIX 4VÍTEVEXMSRHvYRVÍWIEY JMPEMVI -RXIVRIX 1SHIQ EZIG JSRGXMSRW HIVSYXIYV SY 8: 6SYXIYV 4VÍTEVEXMSRHvYR0%2WERW JMP 4SYV/(0)</(0 )</(0)</(0 )< 4SYVPIWQSHÌPIWMRXÍKVERXYRIGEVXI0%2WERW JMPZSYWRvEZI^TEWFIWSMRHIPvEHETXEXIYV 0%2WERWJMP97&9;%&6TSYVEGGÍHIV Ä-RXIVRIXIXÄZSXVIVÍWIEYHSQIWXMUYI 7EYJ/(0)</(0 )</(0)</(0 )< 4VÎXTSYVYR0%2WERWJMPZSYWTIVQIX HvEGGÍHIVJEGMPIQIRXÄ-RXIVRIXIXÄZSXVI VÍWIEYHSQIWXMUYIÄPvEMHIHIPvEHETXEXIYV 0%2WERWJMP97&9;%&6ÄTEVXMVHI NERZMIV)RMRWÍVERXPvEHETXEXIYV0%2 WERWJMP97&HERWPITSVX97&HIZSXVI XÍPÍZMWIYVZSYWTSYZI^GVÍIVJEGMPIQIRXYR VÍWIEYWERWJMP %ZERXHIGSRJMKYVIVPEJSRGXMSR0%2WERWJMP HYXÍPÍZMWIYVZIMPPI^ÄGSRJMKYVIVYRVSYXIYV 0%2WERWJMP 1SHIQ -RXIVRIX e 4SYVPIWGSRRI\MSRW0%2YXMPMWI^YRGÆFPIHI GEXÍKSVMIRSRJSYVRM e 7IPSRPIQSHÌPIHYXÍPÍZMWIYVPvEHETXEXIYV0%2 WERWJMP97&IWXHMWTSRMFPIIRXERXUYvEGGIWWSMVI IRSTXMSR *6 8]TI 6ÍWIEYWÍGYVMWÍEZIG ;M*M4VSXIGXIH7IXYT;47 'SRJMKYVEXMSRHIPE GSRRI\MSR-RXIVRIX )RYXMPMWERXPEJSRGXMSRVÍWIEYZSYWTSYZI^ GSRRIGXIVPIXÍPÍZMWIYVÄ-RXIVRIX0ETVSGÍHYVI HIGSRJMKYVEXMSRZEVMIWIPSRPIX]TIHIVÍWIEY IXHIVSYXIYV0%22vSYFPMI^TEWHI GSRJMKYVIVYRVSYXIYV0%2EZERXPEGSRRI\MSR -RXIVRIX:ÍVMJMI^ZSXVIIRZMVSRRIQIRX0%2 WERWJMPIRZSYWVITSVXERXEYXEFPIEYWYMZERX 0%2WERWJMP 0%2WERWJMPWÍGYVMWÍ # 232 O8]TI 39-Q 9XMPMWI^ZSYWYRVSYXIYV0%2 WERWJMPGSQTEXMFPI;M*M 4VSXIGXIH7IXYT;47 # 232 O8]TI 39-Q 0ERSVQI;47JEGMPMXIGSRWMHÍVEFPIQIRXPE WÍGYVMXÍHvYRVÍWIEYHSQIWXMUYIWERWJMP TYMWUYvMPWYJJMXHvETTY]IVWYVPEXSYGLI;47 HYVSYXIYV0%2WERWJMP%ZERXHIGSRJMKYVIV YR0%2WERWJMPZÍVMJMI^PETSWMXMSRHIPE XSYGLI;47WYVPIVSYXIYVEMRWMUYIWSRQSHI HvYXMPMWEXMSR 4SYVHIWVEMWSRWHIWÍGYVMXÍ ;474-2 JSYVRMXYRGSHI4-2TSYVZSXVIVSYXIYV0I GSHI4-2IWXVIRSYZIPÍGLEUYIJSMWUYIZSYW ETTY]I^WYV ;474-2 %TTY]I^WYV,31)TYMWWÍPIGXMSRRI^ "6ÍWIEY"6ÍKPEKIVÍWIEY 7ÍPIGXMSRRI^ 6ÍKPEKIVÍWIEYWERW JMP 7ÍPIGXMSRRI^ ;47FSYXSR TSYWWSMV TSYVPEQÍXLSHI&SYXSR TSYWWSMVSY ;474-2 TSYVPE QÍXLSHI4-2 8]TI 0%2JMPEMVI 8]TI 0I8]TIIWXTPYWJEGMPIÄGSRJMKYVIVWMZSXVI VSYXIYVTSWWÌHIYRFSYXSRHIVÍKPEKI EYXSQEXMUYITEVI\IQTPI%MV7XEXMSR3RI8SYGL 7IGYVI7]WXIQ%3770ETPYTEVXHIWVSYXIYVW PIWTPYWVÍGIRXWTSWWÌHIRXGIXXIJSRGXMSR:ÍVMJMI^ ZSXVIVSYXIYV 8]TI 7YMZI^PEGSRJMKYVEXMSRHY 6ÍWIEY WÍGYVMWÍEZIG;M*M4VSXIGXIH7IXYT;47 8]TI 7YMZI^PEGSRJMKYVEXMSRHY 6ÍWIEY WÍGYVMWÍWERW;M*M4VSXIGXIH7IXYT;47 8]TI 7YMZI^PEGSRJMKYVEXMSRHY 6ÍWIEY RSRWÍGYVMWÍEZIGRvMQTSVXIUYIPX]TIHI VSYXIYV0%2WERWJMP 8]TI 7YMZI^PEGSRJMKYVEXMSRHI 6ÍKPEKI HYVÍWIEYJMPEMVI e 0IRSQHIPEXSYGLI;47TIYXZEVMIVWIPSRPI VSYXIYVTEVI\IQTPIXSYGLI%377 7YMZI^PIWMRWXVYGXMSRWEJJMGLÍIWHERW PvÍGVERHIVÍKPEKI 8]TI 6ÍWIEYWÍGYVMWÍWERW ;M*M4VSXIGXIH7IXYT;47 4SYVGSRJMKYVIVYR0%2WERWJMPZSYWEZI^ FIWSMRHY77-(RSQHYVÍWIEYWERWJMPIXHI PEGPÍHIWÍGYVMXÍGPÍ;)4SY;4%7MZSYW RIPIWGSRREMWWI^TEWVITSVXI^ZSYWEYQSHI HvIQTPSMHYVSYXIYV %TTY]I^WYV,31)TYMWWÍPIGXMSRRI^ "6ÍWIEY"6ÍKPEKIVÍWIEY 7ÍPIGXMSRRI^ 6ÍKPEKIVÍWIEYWERW JMP 7ÍPIGXMSRRI^ 6IGLIVGLIV TYMW WÍPIGXMSRRI^YRVÍWIEYHERWPEPMWXIHIW VÍWIEY\WERWJMPXVSYZÍW 7YMXI *6 7YMZI^PIWMRWXVYGXMSRWEJJMGLÍIWHERW PvÍGVERHIVÍKPEKI e 7MZSYWYXMPMWI^;47TSYVPIVÍKPEKIHYVÍWIEYPIW TEVEQÌXVIWHIWÍGYVMXÍHYVSYXIYV0%2WERWJMP WvEGXMZIRXIXPIWÍUYMTIQIRXWTVÍGÍHIQQIRX GSRRIGXÍWEY0%2WERWJMPHIQERMÌVIRSR WÍGYVMWÍIWSRXHÍGSRRIGXÍWHYVÍWIEY (ERWGIGEWEGXMZI^PIWTEVEQÌXVIWHIWÍGYVMXÍHI PvÍUYMTIQIRXHÍGSRRIGXÍTYMWVIGSRRIGXI^PI :SYWTSYZI^EYWWMHÍWEGXMZIVPIWTEVEQÌXVIWHI WÍGYVMXÍHYVSYXIYV0%2WERWJMPTYMWGSRRIGXIV PvÍUYMTIQIRXÄYRXÍPÍZMWIYVQEMWHERWYRÍXEX RSRWÍGYVMWÍ 8]TI 6ÍWIEYRSRWÍGYVMWÍ EZIGRvMQTSVXIUYIPX]TIHI VSYXIYV0%2WERWJMP 4SYVVÍKPIVYR0%2WERWJMP77-(RSQHI VÍWIEYWERWJMPIWXVIUYMW %TTY]I^WYV,31)TYMWWÍPIGXMSRRI^ "6ÍWIEY"6ÍKPEKIVÍWIEY 7ÍPIGXMSRRI^ 6ÍKPEKIVÍWIEYWERW JMP 7ÍPIGXMSRRI^ 6IGLIVGLIV TYMW WÍPIGXMSRRI^YRVÍWIEYHERWPEPMWXIHIW VÍWIEY\WERWJMPXVSYZÍW 7YMZI^PIWMRWXVYGXMSRWEJJMGLÍIWHERW PvÍGVERHIVÍKPEKI e 0EGPÍHIWÍGYVMXÍGPÍ;)4SY;4%RvIWXTEW VIUYMWIGEVZSYWRvEZI^TEWFIWSMRHI WÍPIGXMSRRIVHIQÍXLSHIHIWÍGYVMXÍHERWGIXXI TVSGÍHYVI 8]TI 6ÍKPEKIHYVÍWIEY JMPEMVI 7MRÍGIWWEMVIIRXVI^PIWZEPIYVWVIWTIGXMZIW TSYVZSXVIVSYXIYV0IWSTXMSRWÄVÍKPIV RSXEQQIRXPvEHVIWWI-4PIQEWUYIHIWSYW VÍWIEY(,'4TIYZIRXZEVMIVWIPSRPIVSYXIYV SYPIJSYVRMWWIYVHIWIVZMGIW-RXIVRIX4SYV TPYWHvMRJSVQEXMSRWVITSVXI^ZSYWEY\QSHIW HvIQTPSMVIËYWHYJSYVRMWWIYVHIWIVZMGIW -RXIVRIXSYÄGIY\JSYVRMWEZIGPIVSYXIYV *6 %TTY]I^WYV,31)TYMWWÍPIGXMSRRI^ "6ÍWIEY"6ÍKPEKIVÍWIEY 7ÍPIGXMSRRI^ 6ÍKPEKIVÍWIEYJMPEMVI 7YMZI^PIWMRWXVYGXMSRWEJJMGLÍIWHERW PvÍGVERHIVÍKPEKI 7ÍPIGXMSRRI^ %YXS TSYVHÍJMRMV EYXSQEXMUYIQIRXPvEHVIWWI-4IXPI WIVZIYVTVS\]SY 4IVWSRREPMWÍ TSYV PIWHÍJMRMVQERYIPPIQIRX %JJMGLEKIHIPvÍXEXHYVÍWIEY :SYWTSYZI^ZÍVMJMIVPvÍXEXHIZSXVIVÍWIEY %TTY]I^WYV,31)TYMWWÍPIGXMSRRI^ "6ÍWIEY"6ÍKPEKIVÍWIEY 7ÍPIGXMSRRI^ %JJMGLIVPvÍXEXHY VÍWIEY 7MZSYWRITEVZIRI^TEWÄ ZSYWGSRRIGXIVÄ-RXIVRIX %PvEMHIHIWHMEKRSWXMGWZÍVMJMI^PIWGEYWIW TSWWMFPIWHIPvÍGLIGHIPEGSRRI\MSRVÍWIEY EMRWMUYIPIWTEVEQÌXVIW %TTY]I^WYV,31)TYMWWÍPIGXMSRRI^ "6ÍWIEY"6ÍKPEKIVÍWIEY 7ÍPIGXMSRRI^ %JJMGLIVPvÍXEXHY VÍWIEY 7ÍPIGXMSRRI^ :ÍVMJMIVPEGSRRI\MSR 'IPETIYXTVIRHVITPYWMIYVWQMRYXIW :SYWRITSYZI^TEWERRYPIVPI HMEKRSWXMGETVÌWEZSMVWÍPIGXMSRRÍ :ÍVMJMIVPEGSRRI\MSR 6ÍKPEKIHIWTEVEQÌXVIW HvEJJMGLEKIHYWIVZIYV :SYWTSYZI^WÍPIGXMSRRIVPIWWIVZIYVWHY VÍWIEYHSQIWXMUYIÄEJJMGLIVHERWPIQIRY HvEGGYIMP.YWUYvÄ WIVZIYVWTIYZIRXÎXVI EJJMGLÍWEYXSQEXMUYIQIRXHERWPIQIRY HvEGGYIMP %TTY]I^WYV,31)TYMWWÍPIGXMSRRI^ "6ÍWIEY"6ÍKPEKIHY VÍWIEYHSQIWXMUYI 7ÍPIGXMSRRI^ 4EVEQÌXVIWHvEJJMGLHY WIVZIYV 7ÍPIGXMSRRI^PIWIVZIYVÄEJJMGLIVHERW PIQIRYHvEGGYIMPIXVÍKPI^PIW TEVEQÌXVIW 7MZSYWRITSYZI^TEWZSYW GSRRIGXIVÄZSXVIVÍWIEY HSQIWXMUYI 0IXÍPÍZMWIYVHÍXIGXIWMPIWIVZIYVIWX GSVVIGXIQIRXVIGSRRYPSVWUYIZSYWRITSYZI^ TEWPIGSRRIGXIVÄZSXVIVÍWIEYHSQIWXMUYI7M PIWVÍWYPXEXWHYHMEKRSWXMGMRHMUYIRXYRI HÍJEMPPERGIZÍVMJMI^PIWGEYWIWTSWWMFPIWEMRWM UYIPIWVÍKPEKIWIXGSRRI\MSRWVÍWIEY %TTY]I^WYV,31)TYMWWÍPIGXMSRRI^ "6ÍWIEY"6ÍKPEKIHY VÍWIEYHSQIWXMUYI 7ÍPIGXMSRRI^ (MEKRSWXMGWHI WIVZIYV 0IWHMEKRSWXMGWHYWIVZIYVGSQQIRGIRX 0SVWUYIPIWHMEKRSWXMGWHYWIVZIYVWSRX XIVQMRÍWPEPMWXIHIWVÍWYPXEXWHYHMEKRSWXMG ETTEVEÒX *6 -RJSVQEXMSRWGSQTPÍQIRXEMVIW (ÍTERREKI 0SVWUYIPIXÍQSMRZIMPPIGPMKRSXIGSQTXI^PIRSQFVIHIGPMKRSXIQIRXWÄ MRXIVZEPPIHIXVSMWWIGSRHIW %TTY]I^WYVPEXSYGLIHYXÍPÍZMWIYVTSYVPIQIXXVILSVWXIRWMSRHÍFVERGLI^PIGSVHSR HvEPMQIRXEXMSRWIGXIYVIXWMKREPI^PEJEËSRHSRXPIXÍQSMRGPMKRSXIRSQFVIHIGPMKRSXIQIRXWÄ ZSXVIVIZIRHIYVSYEY'IRXVIHI7IVZMGI%TVÌW:IRXI7SR] 0SVWUYIPIXÍQSMRZIMPPIRIGPMKRSXITEWZÍVMJMI^PIWÍPÍQIRXWHIWXEFPIEY\GM HIWWSYW 6ITSVXI^ZSYWEYWWMÄPEWIGXMSR (ÍTERREKI HIPvM1ERYEP7MPITVSFPÌQITIVWMWXIGSRJMI^ZSXVI XÍPÍZMWIYVÄYRXIGLRMGMIRUYEPMJMÍ 'SRHMXMSR (IWGVMTXMSR7SPYXMSR %FWIRGIHvMQEKIÍGVER RSMVIXHIWSR e :ÍVMJMI^PIVEGGSVHIQIRXHIPvERXIRRIGÆFPI e 6EGGSVHI^PIXÍPÍZMWIYVEYWIGXIYVIXETTY]I^WYVPEXSYGLIHY XÍPÍZMWIYV e 7MPIXÍQSMRZIMPPIWvEPPYQIIRVSYKIETTY]I^WYV 5YIPUYIWTIXMXWTSMRXW RSMVWIXSYFVMPPERXW ETTEVEMWWIRXÄPvÍGVER e 0vÍGVERIWXGSQTSWÍHITM\IPW0ETVÍWIRGIHITIXMXWTSMRXWRSMVW IXSYFVMPPERXWTM\IPWÄPvÍGVERRvIWXTEWPIWMKRIHvYRI HÍJEMPPERGI 'IVXEMRWTVSKVEQQIWRI TIYZIRXTEWÎXVIGETXÍW e :ÍVMJMI^PIVEGGSVHIQIRXHIPvERXIRRISYHIPETEVEFSPI e :ÍVMJMI^WMPEJSRGXMSR %VVÎXTVSKVEQQÍ IWXEGXMZÍISYZÍVMJMI^ 0IXÍPÍZMWIYVWvÍXIMRX EYXSQEXMUYIQIRXMPTEWWI PIVÍKPEKI (YVÍI WSYW 1EVGLITVSKVEQQÍI e :ÍVMJMI^WMPEJSRGXMSR 1MWIIRZIMPPIHYXÍPÍZMWIYV IWXEGXMZÍI IRQSHIZIMPPI e :ÍVMJMI^WMPEJSRGXMSR (ÍXIGXIYVHITVÍWIRGI IWXEGXMZÍI7M EYGYRXÍPÍWTIGXEXIYVRvIWXHÍXIGXÍHIZERXPIXÍPÍZMWIYVTIRHERXYRI HYVÍITVÍHÍJMRMIPvMQEKIWIHÍWEGXMZIEYXSQEXMUYIQIRXIR PEMWWERXYRMUYIQIRXPIWSRHYXÍPÍZMWIYVEGXMZÍ4EVEMPPIYVWETVÌW QMRYXIWIRQSHI7ERWMQEKIPIXÍPÍZMWIYVTEWWIIRQSHI ZIMPPI 0EXÍPÍGSQQERHIRI JSRGXMSRRITEW e 6IQTPEGI^PIWTMPIW e :SXVIXÍPÍZMWIYVIWXTIYXÎXVIIRQSHI7=2' %TTY]I^WYV7=2'1)29WÍPIGXMSRRI^ 'SQQERHI8: TYMWWÍPIGXMSRRI^ %GGYIMP1IRY SY 3TXMSRW TSYV GSQQERHIVPIXÍPÍZMWIYV 0IQSXHITEWWIHY e 7EMWMWWI^GSQQIGSHI4-20IGSHI4-2IWXXSYNSYVW :IVVSYMPPEKITEVIRXEP E EGGITXÍ ÍXÍSYFPMÍ 0EXIQTÍVEXYVIEYKQIRXI e 7MZSYWYXMPMWI^PIXÍPÍZMWIYVTIRHERXYRITÍVMSHITVSPSRKÍIPE XIQTÍVEXYVIEYKQIRXIHERWPE^SRIUYMPvIRXSYVI EYXSYVHYXÍPÍZMWIYV 7MZSYWPIXSYGLI^ZSYWVIQEVUYIVI^TIYXÎXVIUYvMPIWXGLEYH *6 7TÍGMJMGEXMSRW 2SVQI 8]TIHvEJJMGLEKI )GVERÄGVMWXEY\PMUYMHIW 2SVQIHIXÍPÍZMWMSR %REPSKMUYI 7IPSRPITE]WVÍKMSRWÍPIGXMSRRÍ &+,(/0-1 2YQÍVMUYI (:&8/(0)<,<)<)<)<,<)< )<)<)<'<)<)<)<)<)< )<)<'<YRMUYIQIRX (:&8(:&' 2SVQI'SYPIYV:MHÍS %REPSKMUYI 4%04%0YRMUYIQIRXIRXVÍIZMHÍS7)'%1287'287'YRMUYIQIRX IRXVÍIZMHÍS 2YQÍVMUYI 14)+14$10,0,14)+%:'14,4$0 'EREY\GSYZIVXW %REPSKMUYI :,* )z)9,* )z)'%8: 7z7,=4)6 7z7 (/ 6z66z60 *z*&z5*z*- 9,*&z&1%z%%z% 2YQÍVMUYI :,*9,* 7SVXMIWSR ;;/(0)<\/(0,<\/(0)<\/(0 '<\/(0)<\ ;;/(0)<\ 4VMWIWHvIRXVÍIWSVXMI 'ÆFPIHvERXIRRI %: %: &SVRI SLQWI\XIVRITSYV:,*9,* 'SRRIGXIYV4ÍVMXIPÄ FVSGLIWRSVQI')2)0)'GSQTVIRERXIRXVÍIEYHMSIXZMHÍSIRXVÍI6:&IX WSVXMIEYHMSIXZMHÍS8: )RXVÍIZMHÍSTVMWITLSRS '31432)28-2 *SVQEXWTVMWIRGLEVKI TMTTMTM )RXVÍIEYHMSTVMWIWTLSRS ,(1--2 WEYJ/(0)<\ :MHÍS TTTMTTTTMTM %YHMS 4'1PMRÍEMVIHIY\GEREY\ IX O,^IX FMXW(SPF](MKMXEP )RXVÍIEYHMSEREPSKMUYIQMRMTVMWI,(1--2YRMUYIQIRX )RXVÍI4' %6'%YHMS6IXYVR'LERRIP,(1--2YRMUYIQIRX ,(1--2 /(0)<\ YRMUYIQIRX :MHÍS TTTMTTTTMTM %YHMS 4'1PMRÍEMVIHIY\GEREY\ IX O,^IX FMXW(SPF](MKMXEP )RXVÍIEYHMSEREPSKMUYIQMRMTVMWI,(1--2YRMUYIQIRX )RXVÍI4' %6'%YHMS6IXYVR'LERRIP,(1--2YRMUYIQIRX (-+-8%0%9(-3398 4VMWISTXMUYIRYQÍVMUYI4'1PMRÍEMVIHIY\GEREY\(SPF](MKMXEP 348-'%0 %9(-3398M 4'-2 7SVXMIEYHMSQMRMTVMWIWXÍVÍS 4VMWIGEWUYI )RXVÍI4'1MRM(WYF FVSGLIW )RXVÍIEYHMS4'QMRMTVMWI 4SVX97&)RVIKMWXVIQIRX,((TVMWIRGLEVKI /(0)<\ YRMUYIQIRX /(0)< /(0)< YRMUYIQIRX 4SVX97& 4SVX97&TSVXTSYVHMWUYIHYV97& YRMUYIQIRX ,((6)' WEYJ/(0)< /(0)< /(0)<\ )QTPEGIQIRX'%11SHYPITSYVW]WXÌQIÄGSRXVØPIHvEGGÌW 0%2 'SRRIGXIYV&%7)8&%7)8<0EZMXIWWIHIGSRRI\MSRHYVÍWIEYTIYXZEVMIVIRJSRGXMSRHI PvIRZMVSRRIQIRXHvI\TPSMXEXMSR0IHÍFMXIXPEUYEPMXÍHIPEGSQQYRMGEXMSR&%7)8&%7)8<RI WSRXTEWKEVERXMWTSYVGIXÍPÍZMWIYV 7YMXI *6 2SQHYQSHÌPI/(0 )<\ ,<\ )<\ )<\ %PMQIRXEXMSRIXEYXVIW 8IRWMSRHvEPMQIRXEXMSR :z :'% ,^ 'PEWWIHvIJJMGEGMXÍ ÍRIVKÍXMUYI % % % % 8EMPPIHvÍGVERQIWYVÍIIR HMEKSREPI )RZMVSR GQ TSYGIW )RZMVSR GQ TSYGIW )RZMVSR GQ TSYGIW )RZMVSR GQ TSYGIW ; IRQSHI (SQMGMPI 7XERHEVH ; ; ; ; ; ; ; O;L O;L O;L O;L 'SRWSQQE XMSR ÍPIGXVMUYI IRQSHI 4SMRXHI ZIRXI -RXIRWI 'SRWSQQEXMSRÍPIGXVMUYI ERRYIPPIQS]IRRI 'SRWSQQEXMSRÍPIGXVMUYIIR ;;IRQSHI ;;IRQSHI ;;IRQSHI ;;IRQSHIHI QMWIÄNSYVHYPSKMGMIP HIQMWIÄNSYVHY HIQMWIÄNSYVHY HIQMWIÄNSYVHY ZIMPPI PSKMGMIP)4+ 6ÍWSPYXMSRHvEJJMGLEKI PSKMGMIP)4+ PSKMGMIP)4+ )4+ TSMRXWLSVM^SRXEP» PMKRIWZIVXMGEP (MQIRWMSRW)RZMVSRP»L»T EZIGWYTTSVXHIXEFPI »»GQ »»GQ »»GQ »»GQ WERWWYTTSVXHIXEFPI »»GQ »»GQ »»GQ »»GQ EZIGWYTTSVXHIXEFPI OK OK OK OK WERWWYTTSVXHIXEFPI OK OK OK OK %GGIWWSMVIWJSYVRMW :SMVPEWIGXMSR :ÍVMJMGEXMSRHIWEGGIWWSMVIW TEKI %GGIWWSMVIWIRSTXMSR 7YTTSVXHIJM\EXMSRQYVEPI 79;0 0YRIXXIW( 8(+&68(+&68(+&68(+&6/(0)<\/(0,<\ 'EQÍVEIXQMGVSTLSRI'19&6 %HETXEXIYV0%2WERWJMP97& 8IQTÍVEXYVIHvYXMPMWEXMSR 'z' ,YQMHMXÍHvYXMPMWEXMSR Ä,6WERWGSRHIRWEXMSR 2SQHYQSHÌPI/(0 '<\ 4SMHW)RZMVSR ,<\ )<\ )<\ %PMQIRXEXMSRIXEYXVIW 8IRWMSRHvEPMQIRXEXMSR :z :'% ,^ 'PEWWIHvIJJMGEGMXÍ ÍRIVKÍXMUYI ' & % % 8EMPPIHvÍGVERQIWYVÍIIR HMEKSREPI )RZMVSR GQ TSYGIW )RZMVSR GQ TSYGIW )RZMVSR GQ TSYGIW )RZMVSR GQ TSYGIW ; IRQSHI (SQMGMPI 7XERHEVH ; ; ; ; ; ; ; O;L O;L O;L O;L 'SRWSQQE XMSR ÍPIGXVMUYI IRQSHI 4SMRXHI ZIRXI -RXIRWI 'SRWSQQEXMSRÍPIGXVMUYI ERRYIPPIQS]IRRI 'SRWSQQEXMSRÍPIGXVMUYIIR ;;IRQSHI ;;IRQSHI ;;IRQSHI ;;IRQSHIHI QMWIÄNSYVHYPSKMGMIP HIQMWIÄNSYVHY HIQMWIÄNSYVHY HIQMWIÄNSYVHY ZIMPPI PSKMGMIP)4+ 6ÍWSPYXMSRHvEJJMGLEKI PSKMGMIP)4+ PSKMGMIP)4+ )4+ TSMRXWLSVM^SRXEP» PMKRIWZIVXMGEP (MQIRWMSRW)RZMVSRP»L»T EZIGWYTTSVXHIXEFPI »»GQ »»GQ »»GQ »»GQ WERWWYTTSVXHIXEFPI »»GQ »»GQ »»GQ »»GQ EZIGWYTTSVXHIXEFPI OK OK OK OK WERWWYTTSVXHIXEFPI OK OK OK OK 4SMHW)RZMVSR *6 2SQHYQSHÌPI/(0 '<\ %GGIWWSMVIWJSYVRMW :SMVPEWIGXMSR :ÍVMJMGEXMSRHIWEGGIWWSMVIW TEKI ,<\ )<\ )<\ %GGIWWSMVIWIRSTXMSR 7YTTSVXHIJM\EXMSRQYVEPI 79;0 0YRIXXIW( 8(+&68(+&68(+&68(+&6/(0,<\/(0)<\ 'EQÍVEIXQMGVSTLSRI'19&6 %HETXEXIYV0%2WERWJMP97& 8IQTÍVEXYVIHvYXMPMWEXMSR 'z' ,YQMHMXÍHvYXMPMWEXMSR Ä,6WERWGSRHIRWEXMSR 2SQHYQSHÌPI/(0 '<\ )<\ )<\ )<\ %PMQIRXEXMSRIXEYXVIW 8IRWMSRHvEPMQIRXEXMSR :z :'% ,^ 'PEWWIHvIJJMGEGMXÍ ÍRIVKÍXMUYI ' % % & 8EMPPIHvÍGVERQIWYVÍIIR HMEKSREPI )RZMVSR GQ TSYGIW )RZMVSR GQ TSYGIW )RZMVSR GQ TSYGIW )RZMVSR GQ TSYGIW ; IRQSHI (SQMGMPI 7XERHEVH ; ; ; IRQSHI 4SMRXHI ZIRXI -RXIRWI ; ; ; ; O;L O;L O;L O;L ;;IRQSHI HIQMWIÄNSYVHY PSKMGMIP)4+ ;;IRQSHI ;;IRQSHI HIQMWIÄNSYVHY HIQMWIÄNSYVHY PSKMGMIP)4+ PSKMGMIP)4+ 'SRWSQQE XMSR ÍPIGXVMUYI 'SRWSQQEXMSRÍPIGXVMUYI ERRYIPPIQS]IRRI 'SRWSQQEXMSRÍPIGXVMUYIIR ;;IRQSHI HIQMWIÄNSYVHY ZIMPPI PSKMGMIP)4+ 6ÍWSPYXMSRHvEJJMGLEKI TSMRXWLSVM^SRXEP» PMKRIWZIVXMGEP (MQIRWMSRW)RZMVSRP»L»T EZIGWYTTSVXHIXEFPI »»GQ »»GQ »»GQ »»GQ WERWWYTTSVXHIXEFPI »»GQ »»GQ »»GQ »»GQ EZIGWYTTSVXHIXEFPI OK OK OK OK WERWWYTTSVXHIXEFPI OK OK OK OK %GGIWWSMVIWJSYVRMW :SMVPEWIGXMSR :ÍVMJMGEXMSRHIWEGGIWWSMVIW TEKI %GGIWWSMVIWIRSTXMSR 7YTTSVXHIJM\EXMSRQYVEPI 79;0 0YRIXXIW( 8(+&68(+&68(+&68(+&6/(0)<\ 'EQÍVEIXQMGVSTLSRI'19&6 %HETXEXIYV0%2WERWJMP97& 8IQTÍVEXYVIHvYXMPMWEXMSR 'z' ,YQMHMXÍHvYXMPMWEXMSR Ä,6WERWGSRHIRWEXMSR 2SQHYQSHÌPI/(0 %PMQIRXEXMSRIXEYXVIW )<\ 8IRWMSRHvEPMQIRXEXMSR 'PEWWIHvIJJMGEGMXÍ ÍRIVKÍXMUYI 8EMPPIHvÍGVERQIWYVÍIIR HMEKSREPI 'SRWSQQE IRQSHI XMSR (SQMGMPI ÍPIGXVMUYI 7XERHEVH IRQSHI 4SMRXHI ZIRXI -RXIRWI 'SRWSQQEXMSRÍPIGXVMUYI ERRYIPPIQS]IRRI 'SRWSQQEXMSRÍPIGXVMUYIIR ZIMPPI :z :'% ,^ 4SMHW)RZMVSR )<\ '<\ & & ' )RZMVSR GQTSYGIW )RZMVSR GQTSYGIW )RZMVSR GQTSYGIW ; ; ; ; ; ; O;L O;L O;L ;;IRQSHIHIQMWIÄ NSYVHYPSKMGMIP)4+ ; ;IRQSHIHIQMWIÄ NSYVHYPSKMGMIP)4+ ; ;IRQSHIHIQMWIÄ NSYVHYPSKMGMIP)4+ 7YMXI *6 2SQHYQSHÌPI/(0 6ÍWSPYXMSRHvEJJMGLEKI )<\ )<\ '<\ TSMRXWLSVM^SRXEP» PMKRIWZIVXMGEP TSMRXWLSVM^SRXEP» PMKRIWZIVXMGEP TSMRXWLSVM^SRXEP» PMKRIWZIVXMGEP (MQIRWMSRW)RZMVSRP»L»T »»GQ EZIGWYTTSVXHIXEFPI »»GQ »»GQ »»GQ »»GQ WERWWYTTSVXHIXEFPI 4SMHW)RZMVSR EZIGWYTTSVXHIXEFPI »»GQ OK OK OK WERWWYTTSVXHIXEFPI %GGIWWSMVIWJSYVRMW %GGIWWSMVIWIRSTXMSR OK OK OK 8IQTÍVEXYVIHvYXMPMWEXMSR ,YQMHMXÍHvYXMPMWEXMSR 'z' 2SQHYQSHÌPI/(0 )< :SMVPEWIGXMSR :ÍVMJMGEXMSRHIWEGGIWWSMVIW TEKI 7YTTSVXHIJM\EXMSRQYVEPI79;0 'EQÍVEIXQMGVSTLSRI'19&6 %HETXEXIYV0%2WERWJMP97& Ä,6WERWGSRHIRWEXMSR )< )<\ )<\ %PMQIRXEXMSRIXEYXVIW 8IRWMSRHvEPMQIRXEXMSR :z :'% ,^ 'PEWWIHvIJJMGEGMXÍ ÍRIVKÍXMUYI & & & & 8EMPPIHvÍGVERQIWYVÍIIR HMEKSREPI )RZMVSRGQ TSYGIW )RZMVSRGQ TSYGIW )RZMVSRGQ TSYGIW )RZMVSRGQ TSYGIW ; IRQSHI (SQMGMPI 7XERHEVH ; ; ; IRQSHI 4SMRXHI ZIRXI -RXIRWI ; ; ; ; O;L O;L O;L O;L 'SRWSQQE XMSR ÍPIGXVMUYI 'SRWSQQEXMSRÍPIGXVMUYI ERRYIPPIQS]IRRI 'SRWSQQEXMSRÍPIGXVMUYIIR ;;IRQSHI ;;IRQSHI ;;IRQSHI ;;IRQSHI HIQMWIÄNSYVHY HIQMWIÄNSYVHY HIQMWIÄNSYVHY HIQMWIÄNSYVHY ZIMPPI PSKMGMIP)4+ 6ÍWSPYXMSRHvEJJMGLEKI PSKMGMIP)4+ PSKMGMIP)4+ PSKMGMIP)4+ TSMRXWLSVM^SRXEP»PMKRIWZIVXMGEP (MQIRWMSRW)RZMVSRP»L»T EZIGWYTTSVXHIXEFPI »»GQ »»GQ »»GQ »»GQ WERWWYTTSVXHIXEFPI »»GQ »»GQ »»GQ »»GQ EZIGWYTTSVXHIXEFPI OK OK OK OK WERWWYTTSVXHIXEFPI OK OK OK OK %GGIWWSMVIWJSYVRMW :SMVPEWIGXMSR :ÍVMJMGEXMSRHIWEGGIWWSMVIW TEKI %GGIWWSMVIWIRSTXMSR 7YTTSVXHIJM\EXMSRQYVEPI 79;0 'EQÍVEIXQMGVSTLSRI'19&6 %HETXEXIYV0%2WERWJMP97& 8IQTÍVEXYVIHvYXMPMWEXMSR 'z' ,YQMHMXÍHvYXMPMWEXMSR Ä,6WERWGSRHIRWEXMSR 4SMHW)RZMVSR 'SRWSQQEXMSRÍPIGXVMUYITEVERIRGSRWMHÍVERXUYIPITSWXIVIWXIEPPYQÍLIYVIWTEVNSYVTIRHERX NSYVW0EGSRWSQQEXMSRVÍIPPIHÍTIRHVEHYQSHIHvYXMPMWEXMSRHYXÍPÍZMWIYV 0EGSRWSQQEXMSRWTÍGMJMÍIIRQSHIHIZIMPPIIWXEXXIMRXIYRIJSMWUYIPIXÍPÍZMWIYVEXIVQMRÍXSYWPIW TVSGIWWYWMRXIVRIWRÍGIWWEMVIW 0EGSRGITXMSRIXPIWWTÍGMJMGEXMSRWWSRXWYNIXXIWÄQSHMJMGEXMSRWERWTVÍEZMW *6 -RWXEPPEXMSRHIWEGGIWWSMVIW7YTTSVXHIJM\EXMSRQYVEPI %PvEXXIRXMSRHIWGPMIRXW 7MZSYWYXMPMWI^PIWYTTSVXHIJM\EXMSRQYVEPI79;0IX79;0PvIWTEGIIRXVIPIQYVIXPI XÍPÍZMWIYVIWXHIGQ4VSJMXI^HIGIXIWTEGITSYVPvEGLIQMRIQIRXHIWGÆFPIWNYWUYvEYXÍPÍZMWIYV GQ 1YV 4SYVHIWVEMWSRWHITVSXIGXMSRHYTVSHYMXIXHIWÍGYVMXÍ7SR]VIGSQQERHIZMZIQIRXUYI PvMRWXEPPEXMSRHIZSXVIXÍPÍZMWIYVWSMXIJJIGXYÍITEVYRVIZIRHIYV7SR]SYYRMRWXEPPEXIYVEKVÍÍ 2vIWWE]I^TEWHIPvMRWXEPPIVZSYWQÎQI %PvEXXIRXMSRHIWVIZIRHIYVW7SR]IXMRWXEPPEXIYVW %TTSVXI^YRIEXXIRXMSRXSYXITEVXMGYPMÌVITIRHERXPvMRWXEPPEXMSRPvIRXVIXMIRTÍVMSHMUYIIXPIGSRXVØPI HIGITVSHYMX :SXVIXÍPÍZMWIYVTIYXÎXVIMRWXEPPÍÄPvEMHIHYWYTTSVXHIJM\EXMSRQYVEPI79;0TEKI SY 79;0TEKI ZIRHYWWÍTEVÍQIRX e 6ITSVXI^ZSYWEY\MRWXVYGXMSRWJSYVRMIWEZIGPIWYTTSVXHIJM\EXMSRQYVEPITSYVPvMRWXEPPIV GSVVIGXIQIRX e 6ITSVXI^ZSYWÄPEWIGXMSR (ÍQSRXEKIHYWYTTSVXHIXEFPIHYXÍPÍZMWIYV TEKI 9RIGIVXEMRII\TÍVMIRGIIWXVIUYMWITSYVMRWXEPPIVGITVSHYMXIRTEVXMGYPMIVTSYVHÍXIVQMRIVPE VÍWMWXERGIHYQYVUYMHIZVEWYTTSVXIVPITSMHWHYXÍPÍZMWIYV:IMPPI^ÄGSRJMIVPEJM\EXMSRHIGI TVSHYMXEYQYVÄYRVIZIRHIYV7SR]SYYRMRWXEPPEXIYVEKVÍÍIXETTSVXI^YRIEXXIRXMSRWYJJMWERXIÄ PEWÍGYVMXÍTIRHERXPvMRWXEPPEXMSR7SR]RvIWXVIWTSRWEFPIHvEYGYRHÍKÆXSYFPIWWYVITVSZSUYÍTEV YRIIVVIYVHIQERMTYPEXMSRSYMRWXEPPEXMSRMRGSVVIGXI 7YMXI *6 6IXMVI^PIWZMWÄPvEVVMÌVIHYXÍPÍZMWIYVPSVWUYIZSYWPIJM\I^EYQYV0IWZMWHMWTSRMFPIWIXPIYV RSQFVIHÍTIRHIRXHYQSHÌPIHIXÍPÍZMWIYV)PPIWSGGYTIRXPIWXVSYWHIJM\EXMSRQYVEPI9RIJSMW VIXMVÍIWZIMPPI^ÄVERKIVPIWZMWIRPMIYWßVLSVWHITSVXÍIHIWIRJERXW & 4SYV/(0)<\ & 4SYV/(0,<\/(0 )<\/(0)<\ /(0)<\ » » » » 0MRKIHSY\ 0MRKIHSY\ e 0SVWUYIZSYWHÍXEGLI^PIWYTTSVXHIXEFPIHYXÍPÍZMWIYVTSWI^PvÍGVERJEGIZIVWPIFEWWYVYRIWYVJEGIHI XVEZEMPWXEFPIHIHMQIRWMSRWWYTÍVMIYVIWEYXÍPÍZMWIYV e 4SYVÍZMXIVHvIRHSQQEKIVPEWYVJEGIHIPvÍGVER0'(RvSYFPMI^TEWHITSWIVYRPMRKIHSY\WYVPEWYVJEGIHI XVEZEMP 79;079;0 4SYV/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ 79;0 'VSGLIXHI QSRXEKI » :MW 47; » 4SYV/(0)<\ 79;0 :MW 47; » 'VSGLIXHI QSRXEKI 0MRKIHSY\ 0MRKIHSY\ e *M\I^PIGVSGLIXHIQSRXEKIÄPvEMHIHIWUYEXVIZMWJSYVRMIWEZIGPIWYTTSVXHIJM\EXMSRQYVEPI e 7MZSYWVIJM\I^PIWYTTSVXHIXEFPIZIMPPI^ÄYXMPMWIVPIWZMWUYIZSYWEZI^VIXMVÍIWIXJM\I^PIWHERWPIWXVSYW HvSVMKMRIÄPvEVVMÌVIHYXÍPÍZMWIYV *6 8EFPIEYWGLÍQEHIWIQTPEGIQIRXWHIWZMWIXGVSGLIXW 2SQHYQSHÌPI /(0 )QTPEGIQIRXWHIWZMW )QTPEGIQIRXWHIWGVSGLIXW 79;0 79;0 )<\ IN F ,<\)<\)<\ IN F '<\ HK F ,<\)<\)<\ IN F '<\ HK F )<\)<\ IN F )<\)<\)<\'<\ IK G 79;0 )<\ E )<\ E )<\ F 79;0 )QTPEGIQIRXWHIWZMW 7MZSYWMRWXEPPI^PIWGVSGLIXWHIQSRXEKIWYV PIXÍPÍZMWIYV )QTPEGIQIRXWHIWGVSGLIXW 7MZSYWMRWXEPPI^PIXÍPÍZMWIYVWYVPIWYTTSVXHI JM\EXMSRHIPEFEWI E F G 7YMXI *6 79;0 )QTPEGIQIRXWHIWGVSGLIXW 7MZSYWMRWXEPPI^PIXÍPÍZMWIYVWYVPIWYTTSVXHI JM\EXMSRHIPEFEWI E F 8EFPIEYHIWHMQIRWMSRWHvMRWXEPPEXMSRHYXÍPÍZMWIYV 79;0 % ) * ' & ( , 4SMRXGIRXVEPHIPvÍGVER 79;0 % ) * ' & 4SMRXGIRXVEPHIPvÍGVER *6 ( + , + 9RMXÍ GQ (MQIRWMSR 2SQHY (MQIRWMSRW HYGIRXVI QSHÌPI HvEJJMGLEKI HIPvÍGVER /(0 % & ' 79;0 )<\ ,<\ )<\ )<\ '<\ ,<\ )<\ )<\ '<\ )<\ )<\ )<\ )<\ )<\ '<\ 79;0 )<\ )<\ )<\ 0SRKYIYVTSYVGLEUYIERKPIHIQSRXEKI %RKPI ( %RKPI ) * + , 0IWZEPIYVWMRHMUYÍIWHERWPIXEFPIEYTIYZIRXÎXVIPÍKÌVIQIRXHMJJÍVIRXIWWIPSRPvMRWXEPPEXMSR %:)68-77)1)28 0IQYVWYVPIUYIPPIXÍPÍZMWIYVWIVEMRWXEPPÍHSMXTSYZSMVWYTTSVXIVYRTSMHWHvEYQSMRWUYEXVIJSMWGIPYMHY XÍPÍZMWIYV4SYVGSRREÒXVIWSRTSMHWVITSVXI^ZSYWÄPEWIGXMSR 7TÍGMJMGEXMSRW TEKI *6 'SVHSRHvEPMQIRXEXMSR WIGXIYV 'SRWMKRIWHI WÍGYVMXÍ 1ERMTYPI^PIGSVHSRIXPETVMWI HvEPMQIRXEXMSRWIGXIYVGSQQIMRHMUYÍGM HIWWSYWEJMRHvÍZMXIVXSYXVMWUYI HvMRGIRHMIHvÍPIGXVSGYXMSRSYEYXVI HSQQEKIIXSYFPIWWYVI %:)68-77)1)28 0IWTMPIWRIHSMZIRXTEWÎXVII\TSWÍIWÄ YRIGLEPIYVI\GIWWMZIGSQQITEVI\IQTPI ÄPEPYQMÌVIHYWSPIMPSYEYJIY -RWXEPPEXMSR1MWIIRTPEGI -RWXEPPI^IXYXMPMWI^PIXÍPÍZMWIYV GSRJSVQÍQIRXEY\MRWXVYGXMSRWGMHIWWSYW EJMRHvÍZMXIVXSYXVMWUYIHvMRGIRHMI HvÍPIGXVSGYXMSRSYEYXVIHÍKÆXIXSY FPIWWYVI -RWXEPPEXMSR e 0IXÍPÍZMWIYVHSMXÎXVIMRWXEPPÍÄ TVS\MQMXÍHvYRITVMWIHIGSYVERX EMWÍQIRXEGGIWWMFPI e 4PEGI^PIXÍPÍZMWIYVWYVYRIWYVJEGI WXEFPIIXLSVM^SRXEPI e 0vMRWXEPPEXMSRQYVEPIHYXÍPÍZMWIYVHSMX ÎXVIGSRJMÍIÄYRXIGLRMGMIRWTÍGMEPMWÍ e 4SYVHIWVEMWSRWHIWÍGYVMXÍMPIWX ZMZIQIRXVIGSQQERHÍHvYXMPMWIVPIW EGGIWWSMVIW7SR]RSXEQQIRX z 7YTTSVXHIJM\EXMSRQYVEPI 79;0WEYJ/(0 )<\YRMUYIQIRX 79;0/(0)<\ e :IMPPI^ÄFMIRYXMPMWIVPIWZMWJSYVRMIW EZIGPIWYTTSVXHIJM\EXMSRQYVEPIPSVW HIPEQMWIIRTPEGIHIWGVSGLIXWHI QSRXEKIÄPvEVVMÌVIHYXÍPÍZMWIYV'IWZMW WSRXYWMRÍIWHIJEËSRÄQIWYVIVIRXVI QQIXQQHIPSRKÄTEVXMVHIPE WYVJEGIHIJM\EXMSRHYGVSGLIXHI QSRXEKI 0IYVHMEQÌXVIIXPIYVPSRKYIYVZEVMIRX WYMZERXPIQSHÌPIHIWYTTSVXHIJM\EXMSR QYVEPI 0vYXMPMWEXMSRHIZMWEYXVIWUYIGIPPIW JSYVRMIWTIYXSGGEWMSRRIVHIWHÍKÆXWÄ PvMRXÍVMIYVHYXÍPÍZMWIYVSYTVSZSUYIVWE GLYXIIXG QQÄQQ :MWJSYVRMIEZIGPI WYTTSVXHIJM\EXMSR QYVEPI 'VSGLIXHIQSRXEKI *M\EXMSRHYGVSGLIXÄ PvEVVMÌVIHYXÍPÍZMWIYV 8VERWTSVX e %ZERXHIXVERWTSVXIVPIXÍPÍZMWIYV HÍFVERGLI^XSYWWIWGÆFPIW e 0ETVÍWIRGIHIHIY\SYXVSMWTIVWSRRIW IWXRÍGIWWEMVITSYVPIXVERWTSVXHIW XÍPÍZMWIYVWHIKVERHIXEMPPI e 4SYVXVERWTSVXIVPIXÍPÍZMWIYVÄPEQEMR WEMWMWWI^PIHIPEQERMÌVIMPPYWXVÍI 2vI\IVGI^EYGYRITVIWWMSRWYVPI TERRIEY0'(RMWYVPIGEHVIUYMIRXSYVI PvÍGVER *6 e 0SVWUYIZSYWXVERWTSVXI^PIXÍPÍZMWIYV RIPIWSYQIXXI^TEWÄHIWWIGSYWWIWSY HIWZMFVEXMSRWI\GIWWMZIW e 0SVWUYIZSYWXVERWTSVXI^PIXÍPÍZMWIYV TSYVPITSVXIVÄVÍTEVIVSYPSVWUYIZSYW HÍQÍREKI^KPMWWI^PIHERWWSR IQFEPPEKIIXWSRGEVXSRHvSVMKMRI %ÍVEXMSR e :SYWRIHIZI^NEQEMWSFWXVYIVPIW SVMJMGIWHvEÍVEXMSRHYFSÒXMIVRM] MRXVSHYMVIYRSFNIXUYIPGSRUYI e 0EMWWI^YRIWTEGIPMFVIEYXSYVHY XÍPÍZMWIYVGSQQIMRHMUYÍGMHIWWSYW e -PIWXZMZIQIRXVIGSQQERHÍHvYXMPMWIVPI WYTTSVXHIJM\EXMSRQYVEPI7SR]TSYV JEZSVMWIVPEGMVGYPEXMSREHÍUYEXIHIPvEMV z z z z z -RWXEPPEXMSRQYVEPI GQ GQ z GQ GQ 0EMWWI^EYQSMRWGIXIWTEGI PMFVIEYXSYVHYXÍPÍZMWIYV -RWXEPPEXMSRWYVTMIH GQ GQ 0EMWWI^EYQSMRWGIXIWTEGIPMFVI EYXSYVHYXÍPÍZMWIYV e 4SYVYRIZIRXMPEXMSRGSVVIGXIWERW EGGYQYPEXMSRHIWEPMWWYVIWRMHI TSYWWMÌVI z 2ITPEGI^TEWPIXÍPÍZMWIYVÄTPEXÄ PvIRZIVWZIVWPvEVVMÌVISYWYVPIGØXÍ z 2ITPEGI^TEWPIXÍPÍZMWIYVWYVYRI ÍXEKÌVIYRXETMWYRPMXSYHERWYR TPEGEVH z 2IGSYZVI^TEWPIXÍPÍZMWIYVEZIGHIW XMWWYWXIPWUYIHIWVMHIEY\TEWTPYW UYvEZIGHIWNSYVREY\IXG z 2vMRWXEPPI^TEWPIXÍPÍZMWIYVGSQQI MPPYWXVÍGMHIWWSYW 0EGMVGYPEXMSRHIPvEMVIWXFPSUYÍI 1YV 1YV z 9XMPMWI^YRMUYIQIRXYRGSVHSR HvEPMQIRXEXMSR7SR]IXTEWHvYRIEYXVI QEVUYI -RWÍVI^PEJMGLIÄJSRHHERWPETVMWI WIGXIYV 9XMPMWI^PIXÍPÍZMWIYVWYVYRI EPMQIRXEXMSRHI:'% YRMUYIQIRX 4SYVZSXVITVSTVIWÍGYVMXÍEWWYVI^ ZSYWUYIPIGSVHSRHvEPMQIRXEXMSR WIGXIYVIWXHÍFVERGLÍPSVWUYIZSYW VÍEPMWI^HIWFVERGLIQIRXWIXZIMPPI^Ä RITEWXVÍFYGLIVHERWPIWGÆFPIW %ZERXHvIJJIGXYIVXSYXX]TI HvMRXIVZIRXMSRSYHIHÍTPEGIVPI XÍPÍZMWIYVHÍFVERGLI^PIGSVHSR HvEPMQIRXEXMSRWIGXIYVHIPETVMWIHI GSYVERX )PSMKRI^PIGSVHSRHvEPMQIRXEXMSR WIGXIYVHIWWSYVGIWHIGLEPIYV (ÍFVERGLI^PEJMGLIHYGSVHSR HvEPMQIRXEXMSRWIGXIYVIXRIXXS]I^PE VÍKYPMÌVIQIRX7MPEJMGLIEGGYQYPIHI PETSYWWMÌVISYIWXI\TSWÍIÄ PvLYQMHMXÍWSRMWSPEXMSRTIYXWI HÍXÍVMSVIVIXYRMRGIRHMITIYXWI HÍGPEVIV 6IQEVUYIW e 2vYXMPMWI^TEWPIGSVHSRHvEPMQIRXEXMSR JSYVRMEZIGYREYXVIETTEVIMP e 2ITPMI^TEWIXRIXSVHI^TEW I\EKÍVÍQIRXPIGSVHSRHvEPMQIRXEXMSR WIGXIYV'IPETSYVVEMXQIXXVIÄRYSY VSQTVIPIWJMPWGSRHYGXIYVW e 2IQSHMJMI^TEWPIGSVHSR HvEPMQIRXEXMSRWIGXIYV e 2ITSWI^NEQEMWHvSFNIXPSYVHWYVPI GSVHSRHvEPMQIRXEXMSRWIGXIYV e 2IXMVI^NEQEMWWYVPIGSVHSR HvEPMQIRXEXMSRWIGXIYVTVSTVIQIRXHMX TSYVPIHÍFVERGLIV e :IMPPI^ÄRITEWFVERGLIVYRXVSTKVERH RSQFVIHvETTEVIMPWWYVPEQÎQITVMWIHI GSYVERX e 4SYVPETVMWIHIGSYVERXRvYXMPMWI^TEW YRITVMWIHIQEYZEMWIUYEPMXÍ 'IUYvMPRIJEYXTEWJEMVI 2vMRWXEPPI^RvYXMPMWI^TEWPIXÍPÍZMWIYVHERW HIWPMIY\IRZMVSRRIQIRXWSYWMXYEXMSRW GSQTEVEFPIWÄGIY\VÍTIVXSVMÍWGMHIWWSYW GEVWMRSRMPVMWUYIHIRITEWJSRGXMSRRIV GSVVIGXIQIRXSYHITVSZSUYIVYRMRGIRHMI YRIÍPIGXVSGYXMSRHvEYXVIWHSQQEKIWIX SYHIWFPIWWYVIW 0MIY 7MXYEXMSR 7M e %PvI\XÍVMIYVIRTPIMRWSPIMPEYFSVHHI PEQIVWYVYRFEXIEYSYZSMPMIVÄ PvMRXÍVMIYVHvYRZÍLMGYPIHERWHIW ÍXEFPMWWIQIRXWLSWTMXEPMIVWHIWWMXIW MRWXEFPIWI\TSWÍWÄPETPYMIPvLYQMHMXÍ SYÄPEJYQÍI e 7MPIXÍPÍZMWIYVIWXMRWXEPPÍHERWPIW ZIWXMEMVIWHvYRFEMRTYFPMGSYHvYRI WSYVGIHvIEYGLEYHIMPVMWUYIHvÎXVI IRHSQQEKÍTEVPETVÍWIRGIHERWPvEMVHI WSYJVIIXG e 2vYXMPMWI^TEWPIXÍPÍZMWIYVEZIGPIW QEMRWQSYMPPÍIWWERWWSRFSÒXMIVSY EZIGHIWEGGIWWSMVIWRSRVIGSQQERHÍW TEVPIJEFVMGERX)RGEWHvSVEKI HÍFVERGLI^PIXÍPÍZMWIYVHIPETVMWI WIGXIYVIXHIPETVMWIHvERXIRRI e 2vMRWXEPPI^TEWPIXÍPÍZMWIYVHERWYR IRHVSMXSÝMPVMWUYIHIHÍFSVHIVHYQYV 9RSFNIXSYYRITIVWSRRIUYMLIYVXIVEMX PIXÍPÍZMWIYVTSYVVEMXPvIRHSQQEKIVSY ÎXVIFPIWWÍI z z z z 0IGSVHSRHvEPMQIRXEXMSRWIGXIYVIWX IRHSQQEKÍ 0ETVMWIHIGSYVERXIWXHIQEYZEMWI UYEPMXÍ 0IXÍPÍZMWIYVIWXIRHSQQEKÍETVÌW EZSMVWYFMYRIGLYXIYRMQTEGXSYPE TVSNIGXMSRHvYRSFNIX 9RSFNIXPMUYMHISYWSPMHIETÍRÍXVÍÄ PvMRXÍVMIYVHIWSYZIVXYVIWHYFSÒXMIV %ZIVXMWWIQIRX 4SYVÍZMXIVPIWMRGIRHMIWXIRI^XSYNSYVWPIW FSYKMIWIXEYXVIWJPEQQIWRYIWÍPSMKRÍIW HIGITVSHYMX e 4SYVYRIUYEPMXÍHvMQEKISTXMQEPI RvI\TSWI^TEWPvÍGVERÄYRÍGPEMVEKI HMVIGXSYEY\VE]SRWHMVIGXWHYWSPIMP e )ZMXI^HIHÍTPEGIVPIXÍPÍZMWIYVHvYR IRHVSMXJVSMHZIVWYRIRHVSMXGLEYH0IW ZEVMEXMSRWWSYHEMRIWHIPEXIQTÍVEXYVI EQFMERXITIYZIRXTVSZSUYIVHIPE GSRHIRWEXMSR0IXÍPÍZMWIYVVMWUYIEPSVW HIVIWXMXYIVYRIMQEKIIXSYHIWGSYPIYVW HITMÌXVIUYEPMXÍ)RTEVIMPPIWMXYEXMSR PEMWWI^PvLYQMHMXÍWvÍZETSVIV GSQTPÌXIQIRXEZERXHIQIXXVIPI XÍPÍZMWIYVWSYWXIRWMSR e 2INEQEMWZETSVMWIVHIPvIEYSYHY HÍXIVKIRXHMVIGXIQIRXWYVPIXÍPÍZMWIYV 0IPMUYMHITSYVVEMXGSYPIVEYFEWHI PvÍGVERSYWYVPIWTEVXMIWI\XÍVMIYVIWHY XÍPÍZMWIYVIXIRHSQQEKIVGIHIVRMIV )RZMVSRRIQIRX e )RHVSMXWI\GIWWMZIQIRXGLEYHWLYQMHIW SYTSYWWMÍVIY\EGGIWWMFPIWEY\ MRWIGXIWWSYQMWÄHIWZMFVEXMSRW QÍGERMUYIWÄTVS\MQMXÍHvSFNIXW MRJPEQQEFPIWFSYKMIWIXG0I XÍPÍZMWIYVRIHSMXÎXVII\TSWÍÄEYGYRI JSVQIHvÍGSYPIQIRXSYHvÍGPEFSYWWYVI 'vIWXTSYVUYSMEYGYRSFNIXVIQTPMHvYR PMUYMHIUYIPGSRUYIGSQQIYRZEWIRI HSMXÎXVITPEGÍWYVPIXÍPÍZMWIYV e 2ITPEGI^TEWPIXÍPÍZMWIYVHERWYR IRHVSMXLYQMHISYTSYWWMÍVIY\SY IRGSVIHERWYRITMÌGIGLEVKIIRZETIYV SYJYQÍIKVEWWIÄTVS\MQMXÍHITPERWHI GYMWWSRSYHvLYQMHMJMGEXIYVW0IRSR VIWTIGXHIGIXXIGSRWMKRITIYXIRXVEÒRIV YRMRGIRHMIPvÍPIGXVSGYXMSRSYPE HÍJSVQEXMSRHIPvETTEVIMP e 2vMRWXEPPI^TEWPIXÍPÍZMWIYVHERWHIW IRHVSMXWWSYQMWÄHIWXIQTÍVEXYVIW I\XVÎQIWRSXEQQIRXIRTPIMRWSPIMPÄ TVS\MQMXÍHvYRVEHMEXIYVSYHvYRSVMJMGI HIGLEYJJEKI0IXÍPÍZMWIYVVMWUYIEPSVW HIWYVGLEYJJIVGIUYMVMWUYIHIHÍJSVQIV WSRFSÒXMIVIXSYHvIRXVEÒRIVYRITERRI )GPEXWIXTVSNIGXMSRW HvSFNIXW e 2ITVSNIXI^EYGYRSFNIXIRHMVIGXMSRHY XÍPÍZMWIYV0IZIVVIHIPvÍGVERTSYVVEMX ÎXVIFVMWÍPSVWHIPvMQTEGXIXTVSZSUYIV HIWFPIWWYVIWKVEZIW e 7MPEWYVJEGIHIPvÍGVERWIJIRHMPPIRI XSYGLI^TEWPIXÍPÍZMWIYVEZERXHvEZSMV HÍFVERGLÍPIGSVHSRHvEPMQIRXEXMSR WIGXIYV0IRSRVIWTIGXHIGIXXIGSRWMKRI TIYXIRXVEÒRIVYRVMWUYIHvÍPIGXVSGYXMSR %YVITSW e 7MZSYWIRZMWEKI^HIRITEWYXMPMWIVPI XÍPÍZMWIYVTIRHERXTPYWMIYVWNSYVWMPIWX GSRWIMPPÍHIPIHÍFVERGLIVHI PvEPMQIRXEXMSRWIGXIYVTSYVHIWVEMWSRW HIWÍGYVMXÍIXHITVSXIGXMSRHI PvIRZMVSRRIQIRX e 0IXÍPÍZMWIYVÍXERXXSYNSYVWWSYWXIRWMSR PSVWUYvMPIWXWMQTPIQIRXÍXIMRX HÍFVERGLI^PEJMGLIHvEPMQIRXEXMSR WIGXIYVHIPETVMWIHIGSYVERXTSYVPI QIXXVIGSQTPÌXIQIRXLSVWXIRWMSR e 8SYXIJSMWGIVXEMRWXÍPÍZMWIYVWTSWWÌHIRX HIWGEVEGXÍVMWXMUYIWHSRXPIFSR JSRGXMSRRIQIRXTIYXI\MKIVUYI PvETTEVIMPHIQIYVIWSYWXIRWMSRPSVWUYvMP IWXIRQSHIZIMPPI %ZIGPIWIRJERXW e 2IPEMWWI^TEWPIWIRJERXWKVMQTIVWYVPI XÍPÍZMWIYV e 'SRWIVZI^PIWTIXMXWEGGIWWSMVIWLSVWHI TSVXÍIHIWIRJERXWTSYVÍZMXIVXSYXVMWUYI HvMRKIWXMSREGGMHIRXIPPI 7MZSYWVIRGSRXVI^PIW TVSFPÌQIWWYMZERXW )XIMKRI^PIXÍPÍZMWIYVIXHÍFVERGLI^ MQQÍHMEXIQIRXPIGSVHSRHvEPMQIRXEXMSR HIPETVMWIWIGXIYVWMPvYRHIWTVSFPÌQIW WYMZERXWHIZEMXWYVZIRMV 'SRXEGXI^ZSXVIVIZIRHIYVSYPIGIRXVIHI WIVZMGIETVÌWZIRXI7SR]TSYVJEMVI GSRXVØPIVZSXVIXÍPÍZMWIYVTEVYRXIGLRMGMIR WTÍGMEPMWÍ *6 -RXVSHYGGM×R +VEGMEWTSVIPIKMVIWXITVSHYGXS7SR] %RXIWHIYXMPM^EVIPXIPIZMWSVPIEIWXI QERYEPEXIRXEQIRXI]GSRWÍVZIPSTEVE GSRWYPXEVPSIRIPJYXYVS )PJEFVMGERXIHIIWXITVSHYGXSIW 7SR]'SVTSVEXMSR/SRER 1MREXSOY8SO]S.ET×R )PVITVIWIRXERXIEYXSVM^EHSTEVE )1']WIKYVMHEHIRIPTVSHYGXSIW 7SR](IYXWGLPERH+QF, ,IHIPJMRKIV7XVEWWI 7XYXXKEVX%PIQERME4EVEGYEPUYMIV EWYRXSVIPEGMSREHSGSRWIVZMGMSS KEVERXÑETSVJEZSVHMVÑNEWIEPE HMVIGGM×RMRHMGEHEIRPSW HSGYQIRXSWHIWIVZMGMSSKEVERXÑE EHNYRXEHSWGSRIPTVSHYGXS 2SXEWSFVIPEJYRGM×RHI 8IPIZMWM×RHMKMXEP e 8SHEJYRGM×RVIPEGMSREHEGSRPE 8IPIZMWM×RHMKMXEP W×PSJYRGMSREVÅ IRPSWTEÑWIWS^SREWHSRHIWIIQMXER WIÕEPIWHMKMXEPIWXIVVIWXVIW(:&8 14)+],14)+%:'S HSRHITYIHEEGGIHIVEYRWIVZMGMSHI GEFPI(:&'14)+],14)+ %:'GSQTEXMFPI'SQTVYIFIGSRWY HMWXVMFYMHSVPSGEPWMTYIHIVIGMFMVPEWIÕEP (:&8IRWYZMZMIRHESTVIKYRXIEWY STIVEHSVHIGEFPIWMWYWIVZMGMSHIGEFPI (:&'TYIHIJYRGMSREVHIQERIVE MRXIKVEHEGSRIWXIXIPIZMWSV e )PSTIVEHSVHIGEFPITYIHIGSFVEVTSV HMGLSWIVZMGMSSI\MKMVPIUYIEGITXIWYW XÍVQMRSW]GSRHMGMSRIWGSQIVGMEPIW e )WXIXIPIZMWSVGYQTPIPEW IWTIGMJMGEGMSRIWHI(:&8](:&' TIVSRSWITYIHIKEVERXM^EVPE GSQTEXMFMPMHEHGSRJYXYVEWIQMWMSRIW HMKMXEPIWXIVVIWXVIW(:&8]IQMWMSRIW HMKMXEPIWTSVGEFPI(:&' e )WTSWMFPIUYIEPKYREWJYRGMSRIWHIPE XIPIZMWM×RHMKMXEPRSIWXÍRHMWTSRMFPIWIR EPKYRSWTEÑWIWVIKMSRIW]UYIIPGEFPI (:&'RSJYRGMSRIGSVVIGXEQIRXIGSR EPKYRSWTVSZIIHSVIW e 0Ew\xUYIETEVIGIIRIPRSQFVIHIP QSHIPSGSVVIWTSRHIEPSWHÑKMXSW RYQÍVMGSWUYILEGIRVIJIVIRGMEEP HMWIÕSEPWMWXIQEHIGSPSVSHI XIPIZMWM×R e )RIPQERYEPHIMRWXVYGGMSRIWHIIWXI XIPIZMWSVWIMRGPY]IPEI\TPMGEGM×RWSFVI PEw-RWXEPEGM×RHIPWSTSVXIHITEVIHx e 0EWMPYWXVEGMSRIWUYIWIYXMPM^ERIRIWXI QERYEPTYIHIRZEVMEVIRJYRGM×RHIP QSHIPSHIXIPIZMWSV e 0EWMPYWXVEGMSRIWHIPQERHSEHMWXERGME UYIWIYXMPM^ERIRIWXIQERYEP GSVVIWTSRHIREPQSHIPS61)(E QIRSWUYIWIIWTIGMJMUYIPSGSRXVEVMS e %RXIWHIYXMPM^EVIPXIPIZMWSVGSRWYPXI w-RJSVQEGM×RHIWIKYVMHEHxTÅKMRE 'SRWIVZIIWXIQERYEPTEVEGSRWYPXEVPSIR IPJYXYVS )7 -RJSVQEGM×RWSFVIPEW QEVGEWGSQIVGMEPIW IWYREQEVGEVIKMWXVEHEHIP4VS]IGXS (:& ,(1-IPPSKSXMTS,(1-],MKL (IJMRMXMSR1YPXMQIHME-RXIVJEGIWSR QEVGEWGSQIVGMEPIWSQEVGEWGSQIVGMEPIW VIKMWXVEHEWHI,(1-0MGIRWMRK00'IR )WXEHSW9RMHSW]IRSXVSWTEÑWIW WSRQEVGEWGSQIVGMEPIWSQEVGEW GSQIVGMEPIWVIKMWXVEHEWHI+VEGIRSXIIR PSW)WXEHSW9RMHSW]YSXVSWTEÑWIW 3TIVE&VS[WIVJVSQ3TIVE7SJX[EVI %7%'ST]VMKLX3TIVE 7SJX[EVI%7%%PPVMKLXWVIWIVZIH ;M*M4VSXIGXIH7IXYT];4%WSRQEVGEW HI;M*M%PPMERGI (02%IPPSKSXMTSHI(02%](02% ')68-*-)(WSRQEVGEWGSQIVGMEPIW QEVGEWHIWIVZMGMSSQEVGEWHI GIVXMJMGEGM×RHI(MKMXEP0MZMRK2IX[SVO %PPMERGI (MZ<IWYREXIGRSPSKÑEHIGSQTVIWM×R HIEVGLMZSWHIZÑHISHIWEVVSPPEHETSV (MZ<-RG (MZ<(MZ<'IVXMJMIH]PSWPSKSXMTSW EWSGMEHSWWSRQEVGEWGSQIVGMEPIW VIKMWXVEHEWHI(MZ<-RG]WIYXMPM^ERFENS PMGIRGME %')6'%():±()3(-:<(MZ<IW YRJSVQEXSHIZÑHISHMKMXEPGVIEHSTSV (MZ<-RG)WXIIWYRHMWTSWMXMZSUYI GYIRXEGSRPEGIVXMJMGEGM×RSJMGMEP(MZ< 'IVXMJMIHUYITIVQMXIVITVSHYGMVZÑHIS (MZ<7MHIWIESFXIRIVQÅWMRJSVQEGM×R] LIVVEQMIRXEWHIWSJX[EVITEVEGSRZIVXMV WYWEVGLMZSWIREVGLMZSWHIZÑHIS(MZ< ZMWMXIPETÅKMRE[[[HMZ\GSQ %')6'%():±()3%4)8-'-·2 (-:<IWXIHMWTSWMXMZSUYIGYIRXEGSRPE GIVXMJMGEGM×R(MZ<'IVXMJMIHHIFI VIKMWXVEVWIGSRIPJMRHIUYITYIHE VITVSHYGMVGSRXIRMHSHI:ÑHISETIXMGM×R :3((MZ<4EVEKIRIVEVIPG×HMKSHI VIKMWXVSPSGEPMGIPEWIGGM×R:3((MZ<IR IPQIRÞHIGSRJMKYVEGM×RHIPHMWTSWMXMZS (MVÑNEWIEPETÅKMREZSHHMZ\GSQGSRIWXI G×HMKSTEVEGSQTPIXEVIPTVSGIWSHI VIKMWXVS]SFXIRIVQÅWMRJSVQEGM×RWSFVI :3((MZ< *EFVMGEHSFENSPMGIRGMEHI(SPF] 0EFSVEXSVMIW(SPF]]IPWÑQFSPSGSRYRE HSFPI(WSRQEVGEWGSQIVGMEPIWHI(SPF] 0EFSVEXSVMIW w&6%:-%x] WSRQEVGEW GSQIVGMEPIWHI7SR]'SVTSVEXMSR 8VEGO-(IWYREQEVGEGSQIVGMEPSQEVGE GSQIVGMEPVIKMWXVEHEHI7SR])VMGWWSR 1SFMPI'SQQYRMGEXMSRW%& 8IGRSPSKÑEHIVIGSRSGMQMIRXSHIZÑHIS] QÞWMGE]HEXSWVIPEGMSREHSW TVSTSVGMSREHSWTSV+VEGIRSXI +VEGIRSXIIWIPIWXÅRHEVHIMRHYWXVMEIR XIGRSPSKÑEHIVIGSRSGMQMIRXSHIQÞWMGE] TVIWXEGM×RHIGSRXIRMHSVIPEGMSREHS4EVE SFXIRIVQÅWMRJSVQEGM×RZMWMXI [[[KVEGIRSXIGSQ '((:(&PYVE](MWG]HEXSW VIPEGMSREHSWGSRQÞWMGE]ZÑHISHI +VEGIRSXI-RGGST]VMKLX TVIWIRXI+VEGIRSXI7SJX[EVI+VEGIRSXI GST]VMKLXTVIWIRXI+VEGIRSXI 9RESQÅWTEXIRXIWTVSTMIHEHHI +VEGIRSXIWIETPMGEREIWXITVSHYGXS] WIVZMGMS:MWMXIIPWMXMS[IFHI+VEGIRSXI TEVEZIVYREPMWXERSI\LEYWXMZEHIPEW TEXIRXIWHI+VEGIRSXIUYIWIETPMGER +VEGIRSXI'((&1YWMG-( 1IHME:3'7IPPSKSXMTSHI+VEGIRSXI]IP PSKSXMTSw4S[IVIHF]+VEGIRSXIxXEQFMÍR 4EVEIPQSHIPS/(0 )</(0 )</(0)< /(0)< 2SXEWSFVIPEWIÕEP MREPÅQFVMGE 4SVQIHMSHIPETVIWIRXI7SR] 'SVTSVEXMSRHIGPEVEUYIIWXEYRMHEH GYQTPIGSRPSWVIUYMWMXSWIWIRGMEPIW] GYEPIWUYMIVESXVEWHMWTSWMGMSRIWETPMGEFPIW SI\MKMFPIWHIPE(MVIGXMZE') 4EVEQE]SVMRJSVQEGM×RTSVJEZSV GSRWYPXIIPWMKYMIRXI960 LXXT[[[GSQTPMERGIWSR]HI %ZMWSTEVEPSWGPMIRXIWPEWMKYMIRXI MRJSVQEGM×RWSPEQIRXIIWETPMGEFPIEPSW IUYMTSWGSQIVGMEPM^EHSWIRPSWTEÑWIWUYI GYQTPERPEWHMVIGXMZEWHIPE9) )PWMWXIQEMREPÅQFVMGSHIXIPIZMWM×RTYIHI YXMPM^EVWIIRPSWWMKYMIRXIWTEÑWIW %PIQERME%YWXVME&ÍPKMGE&YPKEVME 'LMTVI(MREQEVGE)WPSZEUYME )WPSZIRME)WTEÕE)WXSRME*MRPERHME *VERGME+VIGME,YRKVÑE-VPERHE-WPERHME -XEPME0IXSRME0MIGLXIRWXIMR0MXYERME 0Y\IQFYVKS1EPXE2SVYIKE4EÑWIW &ENSW4SPSRME4SVXYKEP6IMRS9RMHS 6ITÞFPMGE'LIGE6YQERME7YIGME7YM^E ]8YVUYÑE )WXITVSHYGXSTYIHIYXMPM^EVWIIRSXVSW TEÑWIWRSIYVSTISW 7MWXIQEHIXIPIZMWM×R MREPÅQFVMGS -RJSVQEGM×RPIKMWPEXMZE 4EVEGPMIRXIWHI-XEPME )PYWSHIPEVIH60%2IWXÅGSRXVSPEHS W )RPSVIPEXMZSEPYWSTEVXMGYPEVWIKÞRIP (IGVIXSPIKMWPEXMZSHIRÞQ w'×HMKSHIGSQYRMGEGMSRIW IPIGXV×RMGEWx'SRGVIXEQIRXIIP EVXÑGYPSIWXEFPIGIPSWWYTYIWXSWIR UYIVIWYPXESFPMKEXSVMSSFXIRIVYRE EYXSVM^EGM×RKIRIVEPQMIRXVEWUYIIP EVXÑGYPSVIKYPEPSWWYTYIWXSWIR UYIWITIVQMXIYRYWSWMRVIWXVMGGMSRIW W )RPSVIPEXMZSEPEGGIWS60%2TÞFPMGS EVIHIW]WIVZMGMSWHI XIPIGSQYRMGEGMSRIWWIKÞRIP(IGVIXS QMRMWXIVMEP]PEWWYGIWMZEW IRQMIRHEW]IPEVXÑGYPS EYXSVM^EGM×RKIRIVEPTEVEVIHIW] WIVZMGMSWHIGSQYRMGEGMSRIW IPIGXV×RMGEWHIP'×HMKSHI GSQYRMGEGMSRIWIPIGXV×RMGEW 4EVEGPMIRXIWHI2SVYIKE )PYWSHIIWXIIUYMTSHIVEHMSRSIWXÅ EYXSVM^EHSIRPE^SREKISKVÅJMGEWMXYEHE HIRXVSHIPVEHMSHIOQHIPGIRXVSHI 2]©PIWYRH7ZEPFEVH 4EVEGPMIRXIWHI'LMTVI )PYWYEVMSJMREPHIFIVIKMWXVEVPSW HMWTSWMXMZSW60%2S;%7S;M*MIRIP (ITEVXEQIRXSHI'SQYRMGEGMSRIW )PIGXV×RMGEW4-]4- 4-GSVVIWTSRHIEPE3VHIRHI VEHMSGSQYRMGEGMSRIWGEXIKSVÑEWHI IQMWSVEWWYNIXEWEEYXSVM^EGM×RKIRIVEP] VIKMWXVSHIPEÕS 4-GSVVIWTSRHIEPE EYXSVM^EGM×RKIRIVEPTEVEIPYWSHI JVIGYIRGMEWHIVEHMSTSVTEVXIHIVIHIWHI ÅVIEPSGEPTSVVEHMS]WMWXIQEWHIEGGIWS MREPÅQFVMGSPSUYIMRGPY]IPEWVIHIWHI ÅVIEPSGEPTSVVEHMS;%760%2 4EVEGPMIRXIWHI*VERGME 0EJYRGM×R;0%2w;M*MxHIIWXI XIPIZMWSVHMKMXEP0'(IRGSPSVWIYWEVÅ I\GPYWMZEQIRXIIRIPMRXIVMSVHIIHMJMGMSW 'YEPUYMIVYWSHIPEJYRGM×R;0%2w;M *MxHIIWXIXIPIZMWSVHMKMXEP0'(IRGSPSV IRIPI\XIVMSVIWXÅTVSLMFMHSIRIPXIVVMXSVMS JVERGÍW%WIKÞVIWIHIUYIPEJYRGM×R ;0%2w;M*MxHIIWXIXIPIZMWSVHMKMXEP 0'(IRGSPSVIWXÅHIWEGXMZEHEERXIWHI YXMPM^EVPEYRMHEHIRIPI\XIVMSV%68 (IGMWMSRQSHMJMGEHETSVPE %68(IGMWMSRVIJIVIRXIEPEW VIWXVMGGMSRIWHIYXMPM^EGM×RHI VEHMSJVIGYIRGMEW 9FMGEGM×RHIPEIXMUYIXE MHIRXMJMGEXMZE 0EWIXMUYIXEWGSVVIWTSRHMIRXIWEP2ÞQIVS HIQSHIPSEPE*IGLEHITVSHYGGM×RQIW EÕS]EPZSPXENIHIPE*YIRXIHI EPMQIRXEGM×RHIEGYIVHSGSRPEWRSVQEW HIWIKYVMHEHETPMGEFPIWWIIRGYIRXVER WMXYEHEWIRPETEVXITSWXIVMSVHIPXIPIZMWSV SIPIQFEPENI 4VIGEYGMSRIW :IVPEXIPIZMWM×R e )WTSWMFPIUYIEPKYREWTIVWSREWWYJVER QSPIWXMEWGSQSZMWXEGERWEHEJEXMKES RÅYWIEWEPZIVMQÅKIRIWHIZÑHISIR( SNYKEVENYIKSWIWXIVISWG×TMGSWIR( 7SR]VIGSQMIRHEEXSHSWPSWYWYEVMSW VIEPM^EVTEYWEWEQIRYHSGYERHS ZMWYEPMGIRMQÅKIRIWHIZÑHISIR(S NYIKYIRENYIKSWIWXIVISWG×TMGSWIR( 0EHYVEGM×R]PEJVIGYIRGMEHIPEWTEYWEW HITIRHIVÅRHIGEHETIVWSRE4SVPSXERXS HIFIZEPSVEVUYÍVIWYPXEQÅWEHIGYEHSIR WYGEWSGSRGVIXS7MRSXEGYEPUYMIV QSPIWXMEHIFIVÑEHINEVHIZIVMQÅKIRIW HIZÑHISIR(]NYKEVENYIKSW IWXIVISWG×TMGSWIR(LEWXEUYI HIWETEVI^GERHMGLEWQSPIWXMEWGSRWYPXI GSRYRQÍHMGSWMPSGSRWMHIVERIGIWEVMS %WMQMWQSHIFIGSRWYPXEVMIPQERYEP HIMRWXVYGGMSRIWHIGYEPUYMIVSXVS HMWTSWMXMZSSWSTSVXIUYIYXMPMGIGSRIP XIPIZMWSV]MMIPWMXMS[IF LXXT[[[WSR]IYVSTIGSQ Q]TVSHYGXIRIPUYIIRGSRXVEVÅPE MRJSVQEGM×RQÅWEGXYEPM^EHE0SWRMÕSW IWTIGMEPQIRXIWMXMIRIRQIRSWHIWIMW EÕSWXMIRIRPEZMWXEIRJEWIHIHIWEVVSPPS 'SRWYPXIGSRYRQÍHMGSYRTIHMEXVESYR SGYPMWXEERXIWHIHINEVUYIPSWRMÕSW ZIERMQÅKIRIWHIZÑHISIR(SNYIKYIR ENYIKSWIWXIVISWG×TMGSWIR(0SW EHYPXSWHIFIRGSRXVSPEVEPSWQIRSVIW TEVEKEVERXM^EVUYIWMKYIRIWXEW VIGSQIRHEGMSRIW e 2SYXMPMGIRMEPQEGIRIRMHINIPEW+EJEW (SPEFEXIVÑEGIVGEHIPJYIKSRMIR PYKEVIWI\TYIWXSWEEPXEWXIQTIVEXYVEW GSQSTSVINIQTPSFENSPEPY^WSPEV HMVIGXESIRIPMRXIVMSVHIYRZILÑGYPS IWXEGMSREHSEPWSP e 7MYXMPM^EPEJYRGM×RHIWMQYPEGM×RHI( PEMQEKIRQSWXVEHEWIVÅHMJIVIRXIHIPE MQEKIRSVMKMREPTSVPEGSRZIVWM×R VIEPM^EHETSVIPXIPIZMWSV e :IEPEXIPIZMWM×RIRYRELEFMXEGM×RGSR WYJMGMIRXIMPYQMREGM×R]EUYIWMPSLEGI GSRTSGEPY^SHYVERXIQYGLSXMIQTS WSQIXIPEZMWXEEYRWSFVIIWJYIV^S e 'YERHSYXMPMGIEYVMGYPEVIWENYWXIIP ZSPYQIRHIJSVQEUYIWIIZMXIRRMZIPIW I\GIWMZSW]EUYITSHVÑEWYJVMVHEÕSWIR PSWSÑHSW 4ERXEPPE0'( e %YRUYIPETERXEPPE0'(LEWMHS JEFVMGEHEGSRXIGRSPSKÑEHIEPXETVIGMWM×R ]TSWIITÑ\IPIWGSRYREIJMGEGMEHIP SWYTIVMSVTYIHIRETEVIGIVHI JSVQEGSRWXERXIYRSWTYRXSWRIKVSWS TYRXSWFVMPPERXIWHIPY^VSNSWE^YPIWS ZIVHIW2SWIXVEXEHIYRJEPPSHI JYRGMSREQMIRXSWMRSHIYRE GEVEGXIVÑWXMGEHIPEIWXVYGXYVEHIPE TERXEPPEHIGVMWXEPPÑUYMHS e 2STVIWMSRIRMVE]IIPJMPXVSJVSRXEPRM GSPSUYISFNIXSWIRGMQEHIPXIPIZMWSV]E UYIPEMQEKIRTSHVÑEVIWYPXEVMVVIKYPEVS PETERXEPPEHIGVMWXEPPÑUYMHSTSHVÑE HEÕEVWI 'SRXMRÞE )7 e 7MWIYXMPM^EIPXIPIZMWSVIRYRPYKEVJVÑS IWTSWMFPIUYIPEMQEKIRWISWGYVI^GES UYIETEVI^GEYREQERGLEIRPETERXEPPE )WXSRSWMKRMJMGEUYIIPXIPIZMWSVWILE IWXVSTIEHS)WXIJIR×QIRSMVÅ HIWETEVIGMIRHSEQIHMHEUYIEYQIRXIPE XIQTIVEXYVE e 7MWIZMWYEPM^ERMQÅKIRIWJMNEW GSRXMRYEQIRXIIWTSWMFPIUYIWI TVSHY^GEYRIJIGXSHIMQEKIRJERXEWQE UYITYIHIHIWETEVIGIVXVERWGYVVMHSW YRSWWIKYRHSW e 'YERHSWIYXMPM^EIPXIPIZMWSVPETERXEPPE ]PEGEVGEWEWIGEPMIRXER2SWIXVEXEHIYR JEPPSHIJYRGMSREQMIRXS e 0ETERXEPPE0'(GSRXMIRIYRETIUYIÕE GERXMHEHHIGVMWXEPPÑUYMHS%PKYRSWXYFSW JPYSVIWGIRXIWUYIYXMPM^EIWXIXIPIZMWSV XEQFMÍRGSRXMIRIRQIVGYVMSI\GITXSIP XIPIZMWSV0'(GSRVIXVSMPYQMREGM×R 0)(7MKEPERSVQEXMZEPSGEPTEVE HIWLEGIVWIHIÍP 8VEXEQMIRXS]PMQTMI^EHIPE WYTIVJMGMIHIPETERXEPPE]PE GEVGEWEHIPXIPIZMWSV (IWIRGLYJIIPGEFPIHIEPMQIRXEGM×R GSRIGXEHSEPXIPIZMWSVERXIWHIPMQTMEVPS 4EVEIZMXEVPEHIKVEHEGM×RHIPQEXIVMEPS HIPEGEFEHSHIPETERXEPPEXIRKEIRGYIRXE PEWWMKYMIRXIWTVIGEYGMSRIW e 4EVEIPMQMREVIPTSPZSHIPEWYTIVJMGMIHI PETERXEPPE]PEGEVGEWETEWI GYMHEHSWEQIRXIYRTEÕSWYEZI7MRS GSRWMKYIIPMQMREVGSQTPIXEQIRXIIP TSPZSLYQIHI^GEPMKIVEQIRXIIPTEÕS GSRYREWSPYGM×RHIHIXIVKIRXIRIYXVS TSGSGSRGIRXVEHE e 2YRGETYPZIVMGIEKYESHIXIVKIRXI HMVIGXEQIRXIIRIPXIPIZMWSV)PPÑUYMHS TSHVÑEKSXIEVLEWXEPETEVXIMRJIVMSVHIPE TERXEPPESIR^SREWI\XIVREW]TIRIXVEVIR IPXIPIZMWSVGSRIPGSRWMKYMIRXIVMIWKSHI HEÕSWIRIPETEVEXS e 2SYXMPMGIRYRGEIWXVSTENSWEFVEWMZSW TVSHYGXSWHIPMQTMI^EÅGMHSWSEPGEPMRSW HIXIVKIRXIGSRGIRXVEHSRMHMWSPZIRXIW ZSPÅXMPIWGSQSEPGSLSPFIRGMRE HMPY]IRXISMRWIGXMGMHE7MYXMPM^EIWXIXMTS HIQEXIVMEPIWSI\TSRIPEYRMHEHEYR GSRXEGXSTVSPSRKEHSGSRQEXIVMEPIWHI KSQESZMRMPSTYIHIHEÕEVIPQEXIVMEPHI PEWYTIVJMGMIHIPETERXEPPE]HIPEGEVGEWE e 7IVIGSQMIRHETEWEVPEEWTMVEHSVE TIVM×HMGEQIRXITSVPSWSVMJMGMSWHI ZIRXMPEGM×RTEVEUYIIPXIPIZMWSVWI ZIRXMPIEHIGYEHEQIRXI e 7MRIGIWMXEENYWXEVIPÅRKYPSHIPXIPIZMWSV HIWTPÅGIPSPIRXEQIRXITEVEIZMXEVUYIWI HIWIRGENIHIPWSTSVXI )7 )UYMTSWSTGMSREPIW e 7MXÞIPSWIUYMTSWSTGMSREPIWSGYEPUYMIV IUYMTSUYIIQMXEVEHMEGMSRIW IPIGXVSQEKRÍXMGEWPINSWHIPXIPIZMWSV(I PSGSRXVEVMSPEMQEKIRTYIHIETEVIGIV HMWXSVWMSREHE]STYIHIRIQMXMVWIVYMHSW e )PIUYMTSLEWMHSTVSFEHS]GYQTPIPSW PÑQMXIWIWXEFPIGMHSWTSVPEHMVIGXMZE)1' YXMPM^ERHSYRGEFPIHIWIÕEPHIGSRI\M×R HIYREPSRKMXYHMRJIVMSVEQIXVSW 4VIGEYGMSRIWEGIVGEHIP QERINSHIPQERHSE HMWXERGME 2SXEW e 'SPSUYIPEWTMPEWGSRPETSPEVMHEH GSVVIGXE e 2SYXMPMGITMPEWHIHMWXMRXSWXMTSWRM QI^GPITMPEWRYIZEWGSRZMINEW e 7IEVIWTIXYSWSGSRIPQIHMSEQFMIRXI] HIWIGLIPEWTMPEWIRPSWGSRXIRIHSVIW HMWTYIWXSWTEVEIWXIJMR)RGMIVXEW VIKMSRIWPEIPMQMREGM×RHIPEWTMPEWIWXÅ VIKYPEHE'SRWÞPXIPSGSRPEWEYXSVMHEHIW PSGEPIW e 9WIIPQERHSEHMWXERGMEGSRGYMHEHS 2SPSHINIGEIVRMPSTMWIRMXEQTSGS HIVVEQIWSFVIÍPRMRKÞRXMTSHIPÑUYMHS e 2SHINIIPQERHSEHMWXERGMEGIVGEHIYRE JYIRXIHIGEPSVIRYRPYKEVI\TYIWXSEPE PY^WSPEVHMVIGXERMIRYRELEFMXEGM×R LÞQIHE *YRGM×RMREPÅQFVMGEHIPE YRMHEH e 2SYXMPMGIPEYRMHEHGIVGEHIIUYMTSW QÍHMGSWQEVGETEWSWIXG]EUYI HMGLSWIUYMTSWTSHVÑERI\TIVMQIRXEV EPKÞRXMTSHITVSFPIQE e %YRUYIPEYRMHEHXVERWQMXISVIGMFI WIÕEPIWEPIEXSVMEWTVIWXIEXIRGM×REPEW TSWMFPIWMRXIVGITGMSRIWRSEYXSVM^EHEW 2SRSWVIWTSRWEFMPM^EQSWHIRMRKÞR TVSFPIQEVIPEGMSREHSGSRIWXIEWTIGXS '×QSHIWLEGIVWIHIP XIPIZMWSV 8VEXEQMIRXSHI PSWIUYMTSW IPÍGXVMGSW] IPIGXV×RMGSWEP JMREPHIWYZMHE ÞXMPETPMGEFPIIR PE9RM×R)YVSTIE]IR TEÑWIWIYVSTISWGSR WMWXIQEWHIVIGSKMHE WIPIGXMZEHIVIWMHYSW )WXIWÑQFSPSIRIPIUYMTSSIPIQFEPENI MRHMGEUYIIPTVIWIRXITVSHYGXSRSTYIHI WIVXVEXEHSGSQSVIWMHYSHSQÍWXMGS RSVQEPWMRSUYIHIFIIRXVIKEVWIIRIP GSVVIWTSRHMIRXITYRXSHIVIGSKMHEHI IUYMTSWIPÍGXVMGSW]IPIGXV×RMGSW%P EWIKYVEVWIHIUYIIWXITVSHYGXSWIE HIWIGLEHSGSVVIGXEQIRXI9HE]YHEE TVIZIRMVPEWGSRWIGYIRGMEWRIKEXMZEWTEVE IPQIHMSEQFMIRXI]PEWEPYHLYQEREUYI TSHVÑERHIVMZEVWIHIPEMRGSVVIGXE QERMTYPEGM×RIRIPQSQIRXSHIHIWLEGIVWI HIIWXITVSHYGXS)PVIGMGPENIHIQEXIVMEPIW E]YHEEGSRWIVZEVPSWVIGYVWSWREXYVEPIW 4EVEVIGMFMVMRJSVQEGM×RHIXEPPEHEWSFVIIP VIGMGPENIHIIWXITVSHYGXST×RKEWIIR GSRXEGXSGSRWYE]YRXEQMIRXSIPTYRXSHI VIGSKMHEQÅWGIVGERSSIPIWXEFPIGMQMIRXS HSRHILEEHUYMVMHSIPTVSHYGXS 8VEXEQMIRXSHI PEWFEXIVÑEWEP JMREPHIWYZMHE ÞXMPETPMGEFPIIR PE9RM×R)YVSTIE ]IRTEÑWIW IYVSTISWGSRWMWXIQEWHI VIGSKMHEWIPIGXMZEHI VIWMHYSW )WXIWÑQFSPSIRPEFEXIVÑESIRIPIQFEPENI MRHMGEUYIPEFEXIVÑETVSTSVGMSREHEGSR IWXITVSHYGXSRSTYIHIWIVXVEXEHEGSQSYR VIWMHYSHSQÍWXMGSRSVQEP)REPKYREW FEXIVÑEWIWXIWÑQFSPSTYIHIYXMPM^EVWIIR GSQFMREGM×RGSRYRWÑQFSPSUYÑQMGS)P WÑQFSPSUYÑQMGSHIPQIVGYVMS,KSHIP TPSQS4FWIEÕEHMVÅWMPEFEXIVÑEGSRXMIRI QÅWHIPHIQIVGYVMSSHIP HITPSQS%PEWIKYVEVWIHIUYIIWXEW FEXIVÑEWWIHIWIGLERGSVVIGXEQIRXI9H E]YHEETVIZIRMVPEWGSRWIGYIRGMEW RIKEXMZEWTEVEIPQIHMSEQFMIRXI]PEWEPYH LYQEREUYITSHVÑERHIVMZEVWIHIPE MRGSVVIGXEQERMTYPEGM×RIRIPQSQIRXSHI HIWLEGIVWIHIPEFEXIVÑE)PVIGMGPENIHI QEXIVMEPIWE]YHEEGSRWIVZEVPSWVIGYVWSW REXYVEPIW)RIPGEWSHITVSHYGXSWUYITSV VE^SRIWHIWIKYVMHEHVIRHMQMIRXSS QERXIRMQMIRXSHIHEXSWWIERIGIWEVMEYRE GSRI\M×RTIVQERIRXIGSRPEFEXIVÑE MRGSVTSVEHEIWXEFEXIVÑEWSPSHIFIVÅWIV VIIQTPE^EHETSVTIVWSREPXÍGRMGS GYEPMJMGEHSTEVEIPPS4EVEEWIKYVEVWIHI UYIPEFEXIVÑEWIVÅXVEXEHEGSVVIGXEQIRXI IRXVIKYIIPTVSHYGXSEPJMREPHIWYZMHEÞXMP IRYRTYRXSHIVIGSKMHETEVEIPVIGMGPEHSHI ETEVEXSWIPÍGXVMGSW]IPIGXV×RMGSW4EVEPEW HIQÅWFEXIVÑEWZIEPEWIGGM×RHSRHIWI MRHMGEG×QSUYMXEVPEFEXIVÑEHIPTVSHYGXS HIJSVQEWIKYVE(ITSWMXIPEFEXIVÑEIRIP GSVVIWTSRHMIRXITYRXSHIVIGSKMHETEVEIP VIGMGPEHS4EVEVIGMFMVMRJSVQEGM×R HIXEPPEHEWSFVIIPVIGMGPENIHIIWXITVSHYGXS SHIPEFEXIVÑET×RKEWIIRGSRXEGXSGSRIP E]YRXEQMIRXSIPTYRXSHIVIGSKMHEQÅW GIVGERSSIPIWXEFPIGMQMIRXSHSRHILE EHUYMVMHSIPTVSHYGXS )7 ±RHMGI 4VSGIHMQMIRXSWMRMGMEPIW 'SQTVSFEGM×RHIPSWEGGIWSVMSW 'SPSGEGM×RHIPEWTMPEWIRIPQERHSEHMWXERGME -RWXEPEGM×RHIPWSTSVXIHIWSFVIQIWE %NYWXIHIPÅRKYPSHIZMWM×RHIPXIPIZMWSV 'SRI\M×REYREERXIREHIWGSHMJMGEHSVKVEFEHSVETSVINIQTPSKVEFEHSVEHI(:( 'SRI\M×RHIHMWTSWMXMZSWHIEYHMSZÑHIS '×QSIZMXEVPEGEÑHEHIPXIPIZMWSV 3VKERM^EGM×RHIPGEFPIHIEPMQIRXEGM×RHIGE7YNIGM×RHIPSWGEFPIW 6IEPM^EGM×RHIPEGSRJMKYVEGM×RMRMGMEP 9WSHIPXIPIZMWSV&6%:-% :IVPEXIPIZMWM×R 7IPIGGM×RHIHMZIVWEWJYRGMSRIW]ENYWXIWQIRÞ-RMGMS :MWYEPM^EGM×RHIPQERYEPHIMRWXVYGGMSRIWM1ERYEP 'SRJMKYVEGM×RHIVIH 4VITEVEGM×RHIYREVIHGEFPIEHE 4VITEVEGM×RHIYREVIH0%2MREPÅQFVMGE 'SRJMKYVEGM×RHIPEGSRI\M×RE-RXIVRIX 7MRSTYIHIGSRIGXEVWIE-RXIVRIX 'SRJMKYVEGM×RHIPSWENYWXIWHIZMWYEPM^EGM×RHIPWIVZMHSV -RJSVQEGM×RGSQTPIQIRXEVME 7SPYGM×RHITVSFPIQEW )WTIGMJMGEGMSRIW -RWXEPEGM×RHIPSWEGGIWSVMSW7STSVXIHITEVIH -RJSVQEGM×RHIWIKYVMHEH )7 (IWTYÍWHIGSRJMKYVEVIPXIPIZMWSV&6%:-%]GSRSGIVPEW STIVEGMSRIWFÅWMGEWHIIWXIQERYEPGSRWYPXIIPQERYEP MRGSVTSVEHSM1ERYEPTEVESFXIRIVQÅWHIXEPPIWHIPEWJYRGMSRIW HIPXIPIZMWSV )WXIXIPIZMWSVHMWTSRIHIYRQERYEPMRGSVTSVEHSM1ERYEP 4EVEEGGIHIVEPM1ERYEPTYPWIM1%29%0IRIPQERHSEHMWXERGME]WIPIGGMSRIYRIPIQIRXS4EVE SFXIRIVQÅWMRJSVQEGM×RGSRWYPXIPETÅKMRE IRIWXIQERYEP)PÑRHMGIHIPM1ERYEPTYIHIZEVMEV IRJYRGM×RHIPQSHIPSHIXIPIZMWSVHIPEVIKM×RSHIPE^SRE )7 ±RHMGIHIPM1ERYEP %PKYRSWQSHIPSWRSHMWTSRIRHIIWXESTGM×R '×QSYXMPM^EVIPM1ERYEP *YRGMSRIWHIXIPIZMWM×R w&6%:-%x *YRGM×R( 7IRWSVHITVIWIRGME :ÑHISTSV-RXIVRIXw&6%:-%x ;MHKIXWHI-RXIVRIX 6IH0%2MREPÅQFVMGE4VITEVEHSTEVE VIH0%2MREPÅQFVMGE w&6%:-%x7]RGGSRw'SRXVSPTSV,(1-x 7O]TITVITEVEHS 8VEGO-(}&YWGEHSVQÞW&YWGEHSV ZÑHIS +VEFEGM×R,((97& :IVPEXIPIZMWM×R *YRGM×R( +YÑEHITVSKVEQEGM×RIPIGXV×RMGEHMKMXEP *EZSVMXSW *SVQEXSHI4ERXEPPE 1SHS-QEKIR 8I\XS *SXSKVEJÑEW1ÞWMGE:ÑHISW -QEKIRHSFPI4-4 -QEKIRHSFPI4 4 2:3(1* %]YHEWSFVIIPTVSHYGXS 9WSHI3XVSIUYMTS-RXIVRIX 6ITVSHYGXSVHI:'6(:( 7MWXIQEHIEYHMS (MWTSWMXMZS97&TIN'ÅQEVEHMKMXEP *SXSKVEQE )UYMTS,(1-RXIVRIX0%2MREPÅQFVMGE 6IHPSGEP 1IHME6IQSXI 4' (IWGVMTGM×RHIPEWTEVXIW 1ERHSEHMWXERGME 'SRXVSPIWIMRHMGEHSVIWHIPXIPIZMWSV 8IVQMREPIW 7SPYGM×RHITVSFPIQEW ±RHMGI 1EVGEHSVIW %NYWXIW1IRÞ-RMGMS %GIVGEHIP1IRÞ-RMGMS %NYWXIW :MWYEPM^EGM×R 7SRMHS %NYWXIWHIWMWXIQE M1ERYEP 'SRJMKYVEGM×R(MKMXEP 'SRJMKYVEGM×R%REP×KMGE )RXVEHEWI\XIVREW 6IH )7 4VSGIHMQMIRXSWMRMGMEPIW 'SQTVSFEGM×RHIPSW EGGIWSVMSW 'SPSGEGM×RHIPEWTMPEWIR IPQERHSEHMWXERGME 1ERHSEHMWXERGME 4MPEWXEQEÕS%%%8MTS6 7STSVXIHIWSFVIQIWE 8SVRMPPSWHIJMNEGM×RTEVEWSTSVXIHI WSFVIQIWE1» I\GITXSIPQSHIPS/(0)<\ 8SVRMPPSWHIJMNEGM×RTEVEWSTSVXIHI WSFVIQIWE1» W×PSIPQSHIPS/(0)<\ 8SVRMPPSWHIQSRXENITEVEWSTSVXIHI WSFVIQIWE1» W×PSIPQSHIPS/(0)<\ /(0,<\/(0)<\ /(0'<\ 8SVRMPPSWHIQSRXENITEVEWSTSVXIHI WSFVIQIWE1» W×PSIPQSHIPS/(0,<\/(0 )<\/(0)<\/(0 '<\/(0)<\ 8SVRMPPSWHIQSRXENITEVEWSTSVXIHI WSFVIQIWE1» W×PSIPQSHIPS/(0)< 8SVRMPPSWHIQSRXENITEVEWSTSVXIHI WSFVIQIWE1» W×PSIPQSHIPS/(0)< 0PEZILI\EKSREP I\GITXSIPQSHIPS/(0)< 1ERYEPHIMRWXVYGGMSRIWIWXIQERYEP ]SXVSWHSGYQIRXSW & 4EVEIPQSHIPS/(0)<\ /(0,<\ 'SRWYPXIIPJSPPIXSHIPWSTSVXIHIWSFVIQIWE WYQMRMWXVEHSTEVEQSRXEVIPWSTSVXIHI WSFVIQIWE )7 6IXMVIPEGETEHITVSXIGGM×R (IWPMGIPEXETELEGMEEVVMFETEVEEFVMVPE & 4EVEIPQSHIPS/(0)<\ /(0'<\ /(0)<\ /(0)<\ 6IXMVIPEGETEHITVSXIGGM×R 4VIWMSRI]IPIZIPEXETETEVEEFVMVPE -RWXEPEGM×RHIPWSTSVXIHI WSFVIQIWE 'SRWYPXIIPJSPPIXSWYQMRMWXVEHSGSRIP WSTSVXIHIWSFVIQIWETEVESFXIRIV MRJSVQEGM×REGIVGEHIPEMRWXEPEGM×R GSVVIGXETEVEHIXIVQMREHSWQSHIPSWHI XIPIZMWSV *MNIIPXIPIZMWSVIRIPWSTSVXIHI WSFVIQIWEQIHMERXIPSWXSVRMPPSW WYQMRMWXVEHSWHIEGYIVHSGSRPEW JPIGLEW UYIMRHMGERPSWSVMJMGMSW GSVVIWTSRHMIRXIW & 4EVEIPQSHIPS/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ 'SPSUYIIPXIPIZMWSVWSFVIIPWSTSVXIHI WSFVIQIWE & 4EVEIPQSHIPS/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ & 4EVEIPQSHIPS/(0)< e %PMRIIIPXIPIZMWSVHIWHIPETEVXIWYTIVMSV] HIWPÑGIPSLEWXEUYIPSWGSRXEGXSWKYÑERSWIZIER & 4EVEIPQSHIPS/(0)< & 4EVEIPQSHIPS/(0)< & 4EVEIPQSHIPS/(0)< e 7MYXMPM^EYRHIWXSVRMPPEHSVIPÍGXVMGSENYWXIIPTEV IR2Q_OKJGQaETVS\MQEHEQIRXI 'SRXMRÞE )7 )\XVEGGM×RHIPWSTSVXIHI WSFVIQIWEHIPXIPIZMWSV & 4EVEIPQSHIPS/(0)< 4EVEVIXMVEVIPWSTSVXIHIWSFVIQIWEHIP XIPIZMWSVI\XVEMKEPSWXSVRMPPSW JMNEHSWIRIP TEWS e 2SI\XVEMKEIPWSTSVXIHIWSFVIQIWETEVESXVSW JMRIWUYIRSWIERIPHIMRWXEPEVPSWEGGIWSVMSW GSVVIWTSRHMIRXIWIRIPXIPIZMWSV e 'YERHSVIXMVIIPWSTSVXIHIWSFVIQIWEHIP XIPIZMWSVGSPSUYIPETERXEPPELEGMEEFENSIRYRE WYTIVJMGMIIWXEFPIUYIWIEQÅWKVERHIUYIIP XIPIZMWSV e 4EVEIZMXEVHEÕSWIRPEWYTIVJMGMIHIPETERXEPPE 0'(EWIKÞVIWIHIGSPSGEVYRTEÕSWYEZIIRPE WYTIVJMGMI e %WIKÞVIWIHIUYIIPXIPIZMWSVIWXÅIRTSWMGM×R ZIVXMGEPERXIWHIIRGIRHIVPS)PXIPIZMWSVRSHIFI EGGMSREVWIGSRPETERXEPPE0'(FSGEEFENSTEVE IZMXEVMVVIKYPEVMHEHIWIRPEMQEKIR & 4EVEIPQSHIPS/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ 4EÕSWYEZI %NYWXIHIPÅRKYPSHI ZMWM×RHIPXIPIZMWSV )PXIPIZMWSVTYIHIENYWXEVWIHIRXVSHIPSW ÅRKYPSWHIPEJMKYVEWMKYMIRXI %NYWXIHIPÅRKYPSTMZSXEV I\GITXSIPQSHIPS/(0 )< e 'YERHSENYWXIIPÅRKYPSWYNIXIIPWSTSVXIGSRYRE QERSTEVEIZMXEVUYIIPWSTSVXIVIWFEPISUYIIP XIPIZMWSVZYIPUYI 4EÕSWYEZI & 4EVEIPQSHIPS/(0)< 4EÕSWYEZI )7 %NYWXIHIPÅRKYPSMRGPMREV I\GITXSIPQSHIPS/(0 '<\ e 8IRKEGYMHEHSHIRSTIPPM^GEVWIPSWHIHSWIRXVIIP XIPIZMWSV]IPWSTSVXIGYERHSENYWXIIPÅRKYPS & 4EVEIPQSHIPS/(0)<\ /(0,<\ /(0)<\ /(0)<\ /(0)< 'SRI\M×REYREERXIRE HIWGSHMJMGEHSVKVEFEHSVE TSVINIQTPSKVEFEHSVE HI(:( 'SRI\M×REYRHIWGSHMJMGEHSV KVEFEHSVETSVINIQTPSKVEFEHSVEHI (:(UYIHMWTSRKEHIIYVSGSRIGXSV & 4EVEIPQSHIPS/(0)< e 'SQTVYIFIUYIRSLE]ESFNIXSWHIPERXIHIP XIPIZMWSV 7IRWSVMRJVEVVSNS 8VERWQMWSVWÑRGVSRS( W×PSIPQSHIPS/(0 )<\ /(0,<\ 7IRWSVHITVIWIRGME I\GITXSIPQSHIPS/(0)< /(0)< (IWGSHMJMGEHSVKVEFEHSVETSVINIQTPS KVEFEHSVEHI(:( e 4EVEIWXEGSRI\M×RIWVIGSQIRHEFPIYXMPM^EVYR 'EFPI7'%689RMZIVWEPHIXMTS¥RKYPSVIGXS e 2SI\TSRKEIPWIRWSVHITVIWIRGMEEPEPY^HMVIGXE HIPWSPRMEPYGIWTSXIRXIW]EUYITSHVÑE IWXVSTIEVWI 'SRXMRÞE )7 'SRI\M×REYRHIWGSHMJMGEHSV KVEFEHSVETSVINIQTPSKVEFEHSVEHI (:(UYIHMWTSRKEHIWEPMHEHI,(1- (IWGSHMJMGEHSVKVEFEHSVETSVINIQTPS KVEFEHSVEHI(:( 'SRI\M×RHIHMWTSWMXMZSW HIEYHMSZÑHIS '×QSIZMXEVPEGEÑHEHIP XIPIZMWSV 'SPSUYIYRXSVRMPPSTEVEQEHIVEQQ HIHMÅQIXVSRSWYQMRMWXVEHSIRIP TIHIWXEPHIPXIPIZMWSV 'SPSUYIYRXSVRMPPSTEVEQIXEPIW1 RSWYQMRMWXVEHSIRIPSVMJMGMSHIP XIPIZMWSV %XIIPXSVRMPPSTEVEQEHIVE]IPXSVRMPPS TEVEQIXEPIWGSRYREGYIVHEVIWMWXIRXI RSWYQMRMWXVEHS 0EPSRKMXYHHIPXSVRMPPSQIGÅRMGS1ZEVÑE IRJYRGM×RHIPHMÅQIXVSHIPGEFPI 8SQIGSQSVIJIVIRGMEPEWMKYMIRXI MPYWXVEGM×R QQ (MWTSWMXMZSHIEYHMSZÑHIS )7 8SVRMPPS1 'EFPI 7STSVXIHI XIPIZMWSVHI WSFVIQIWE 3VKERM^EGM×RHIPGEFPIHI EPMQIRXEGM×RHIGE 7YNIGM×RHIPSWGEFPIW 6IEPM^EGM×RHIPE GSRJMKYVEGM×RMRMGMEP )\GITXSIPQSHIPS /(0'<\ & /(0'<\ /(0'<\ & )\GITXSIPQSHIPS/(0'<\ e %RXIWHIYRMVPSWGEFPIWIRYRLE^VIXMVIPE WYNIGM×RTEVEGEFPIWHIPEGYFMIVXEHIPGEFPIHI EPMQIRXEGM×RGSRWYPXIPSWTEWSW]:YIPZEE YXMPM^EVIPTSVXEGEFPIWGSRWYPXIIPTEWSTEVE NYRXEVPSWSXVSWGEFPIWGSRWYPXIIPTEWS e 2SWYNIXIIPGEFPIHIEPMQIRXEGM×RNYRXSGSRSXVSW GEFPIW 'SRIGXIIPXIPIZMWSVEPEXSQEHI GSVVMIRXI 4YPWIIRIPXIPIZMWSV)PMRHMGEHSV !EPMQIRXEGM×RWIMPYQMREVÅHIGSPSV ZIVHI 'YERHSIRGMIRHEIPXIPIZMWSVTSVTVMQIVE ZI^ETEVIGIVÅIPQIRÞ-HMSQEIRPE TERXEPPE e 'YERHSWIIRGMIRHIIPXIPIZMWSVTSVTVMQIVE ZI^IWXIRIGIWMXEYRTVSGIWEQMIRXSMRXIVRS TEVEPESTXMQM^EGM×RERXIWHITSHIVVIEPM^EVPE GSRJMKYVEGM×RMRMGMEP2SLEFVÅMQEKIRRM WSRMHS]IPMRHMGEHSVHIXMIQTSHIPETEVXI HIPERXIVEHIPXIPIZMWSVTEVTEHIEVÅIRREVERNE HYVERXIYRSWWIKYRHSW2SETEKYIIP XIPIZMWSVHYVERXIIWXITVSGIWS)WXITVSGIWS]E WIVIEPM^EIRPEJÅFVMGEIRIPGEWSHIEPKYRSW XIPIZMWSVIW /(0)< 'YERHSVIEPMGIPEMRWXEPEGM×RIRPETEVIHJMNIPE WYNIGM×RTEVEGEFPIWHIFENSHIPSWXIVQMREPIW 7MKEPEWMRWXVYGGMSRIWUYIETEVIGIRIR TERXEPPE 'SRXMRÞE )7 7MRXSRÑEEYXSQÅXMGEHMKMXEP'YERHS WIPIGGMSRIw'EFPIxIWVIGSQIRHEFPIUYI WIPIGGMSRIw&ÞWUYIHE6ÅTMHExTEVE IJIGXYEVYREWMRXSRM^EGM×RVÅTMHE%NYWXI w*VIGYIRGMExIw-(HI6IHxIRJYRGM×RHI PEMRJSVQEGM×RWYQMRMWXVEHETSVWY TVSZIIHSVHIGEFPI7MRSIRGYIRXVERMRKÞR GEREPQIHMERXIIPYWSHIw&ÞWUYIHE 6ÅTMHExMRXÍRXIPSGSRw&ÞWUYIHE 'SQTPIXExEYRUYITYIHIPPIZEVEPKÞR XMIQTS e w&ÞWUYIHE'SQTPIXExTYIHIRSIWXEV HMWTSRMFPIIRJYRGM×RHIPEVIKM×RSTEÑW 3VHIREGM×R4VSKVE4IVQMXIGEQFMEVIP SVHIRHIEPQEGIREQMIRXSHIPSWGEREPIW EREP×KMGSWIRIPXIPIZMWSV 4YPWI*JTEVEWIPIGGMSREVIPGEREPUYI HIWIEHIWTPE^EVEYRERYIZETSWMGM×R] EGSRXMRYEGM×RTYPWI 4YPWI*JTEVEWIPIGGMSREVPERYIZE TSWMGM×RHIPGEREP]EGSRXMRYEGM×R TYPWI e 8EQFMÍRIWTSWMFPIWMRXSRM^EVGEREPIW QERYEPQIRXI )7 )7 9WSHIPXIPIZMWSV&6%:-% :IVPEXIPIZMWM×R +9-() ^ e 0SWFSXSRIWHIPRÞQIVS2 463+]%9(-3HIPQERHSE HMWXERGMEGYIRXERGSRYRTYRXS XÅGXMP9XMPMGIIWXSWTYRXSWXÅGXMPIW GSQSVIJIVIRGMETEVEYWEVIP XIPIZMWSV )7 )RGMIRHEIPXIPIZMWSV 7IPIGGMSRIYRQSHS 7IPIGGMSRIYRGEREPHIXIPIZMWM×R 4YPWIIRIPXIPIZMWSVTEVEIRGIRHIVPS 4EVEYXMPM^EVPE+YÑEHMKMXEPIPIGXV×RMGEHI TVSKVEQEW 4YPWI+9-()IRIPQSHSHMKMXEPTEVEZMWYEPM^EVPE KYÑEHITVSKVEQEW 9XMPMGIPSWFSXSRIWTEVEWIPIGGMSREVGEREPIW HMKMXEPIW4EVEIPRÞQIVSHIGEREP]TSWXIVMSVIW TYPWIVÅTMHEQIRXIIPWMKYMIRXIHÑKMXS 'SQTSRIRXIW]GSRXVSPIWHIPQERHSEHMWXERGME 9XMPMGIIPQERHSEHMWXERGMEWYQMRMWXVEHSTEVEGSRXVSPEVIPXIPIZMWSV)RIWXEWIGGM×RWII\TPMGERPEW STIVEGMSRIWFÅWMGEWHIPQERHSEHMWXERGME4EVESFXIRIVQÅWMRJSVQEGM×REGIVGEHIPEJYRGM×RHIP QERHSEHMWXÄRGMETYPWIM1%29%0]GSRWYPXIIPQERYEPMRGSVTSVEHSM1ERYEPTÅKMRE 4YPWIIWXIFSX×RTEVEIRGIRHIV]ETEKEVIPXIPIZMWSV HIWHIIPQSHSHIIWTIVE M1%29%0 1YIWXVEIPQERYEPMRGSVTSVEHSM1ERYEP 7=2'1)29 1YIWXVE&6%:-%7]RG1IRYTEVEYXMPM^EVIPIUYMTS GSQTEXMFPIGSR&6%:-%7]RGUYIIWXÍGSRIGXEHSEP XIPIZMWSV *J+K (IWTPE^EIPGYVWSVIRTERXEPPE]GSRJMVQEIPIPIQIRXS 348-327 1YIWXVEYREPMWXEHIPEWJYRGMSRIWÞXMPIW]HIPSW EGGIWSWHMVIGXSWHIPQIRÞ0SWIPIQIRXSWHIPQIRÞ ZEVÑERIRJYRGM×RHIPEIRXVEHE]SHIPGSRXIRMHS EGXYEPIW 4EVE/(0)<\ /(0,<\ &SXSRIWHIGSPSVIW 7MPSWFSXSRIWHIGSPSVIWWIIRGYIRXVERHMWTSRMFPIW ETEVIGIVÅYREKYÑEHIYWSIRPETERXEPPE 463+',zFSXSRIWRYQÍVMGSW 7IPIGGMSRIGEREPIWIRIPQSHS8: z 4IVQMXIENYWXEVIPZSPYQIR 4EVXIXVEWIVEHIP1ERHSEHMWXERGME )7 7IPIGGM×RHIHMZIVWEWJYRGMSRIW]ENYWXIWQIRÞ-RMGMS )WTSWMFPIWIPIGGMSREVXSHEWPEWJYRGMSRIWHIWHIIPQIRÞ-RMGMS 'SRWYPXIPETÅKMRE TEVEZIVIPQETEHIPQIRÞ-RMGMS 4YPWI,31) 4YPWI*J+K TEVEWIPIGGMSREV IPIQIRXSW 4EVEWIPIGGMSREVIPIQIRXSWIRIPQIRÞ-RMGMS TSVINIQTPSw%NYWXIWx 4YPWI+KTEVEWIPIGGMSREVw%NYWXIWx )PGSRXIRMHSHIw%NYWXIWxWIQYIWXVEEPE HIVIGLE 4YPWI*JTEVEWIPIGGMSREVw:MWYEPM^EGM×Rx 4YPWI TEVEMRMGMEVIPQIRÞ 7IKÞRPETERXEPPEHIMRWXVYGGMSRIWTYPWI *J+KTEVEWIPIGGMSREVIPIQIRXSW]E GSRXMRYEGM×RTYPWI TEVEGSRJMVQEVPE WIPIGGM×R )7 4YPWI,31)TEVEWEPMV 1ETEHIPQIRÞ-RMGMS (IWTYÍWHITYPWEV,31)IRIPQERHSEHMWXERGMEWIZMWYEPM^ERPSWWMKYMIRXIWMGSRSWGSQS GEXIKSVÑEW0EWGEXIKSVÑEWIWXÅRHMWTSRMFPIWIRJYRGM×RHIPQSHIPSHIXIPIZMWSVHIPEVIKM×RHIPTEÑW ]HIPEWGSRHMGMSRIWHIXVERWQMWM×R 8: 4IVQMXIWIPIGGMSREVYREPMWXEHIGEREPIWHIXIPIZMWM×RSYRE KYÑEHITVSKVEQEW 1YPXMQIHME 4IVQMXIHMWJVYXEVHIPGSRXIRMHSHIJSXSWQÞWMGESZÑHISE XVEZÍWHIPSWHMWTSWMXMZSW97&SHIPEVIHHSQÍWXMGE )RXVEHEW 4YIHIWIPIGGMSREVIPIUYMTSGSRIGXEHSEPXIPIZMWSV *EZSVMXSW,MWXSVMEP 3JVIGIEGGIWSVÅTMHSEPSWIPIQIRXSWYXMPM^EHSWGSRQE]SV JVIGYIRGME]EPSWZMWYEPM^EHSWVIGMIRXIQIRXIGSQSGEREPIW HIXIPIZMWM×RIRXVEHEWI\XIVREWSEVGLMZSWQYPXMQIHME %NYWXIW 'SRXMIRIXSHEWPEWGSRJMKYVEGMSRIWRIGIWEVMEWTEVE TIVWSREPM^EVPSWENYWXIWHIPXIPIZMWSV ;MHKIXW *EGMPMXEIPEGGIWSEPSW;MHKIXW %TPMGEGMSRIW 4YIHIHMWJVYXEVHIPEWHMZIVWEWETPMGEGMSRIWGSQSw&YWGEHSV HIQÞWMGExw)\TPSVEHSVHI-RXIVRIXxIXG 5VMSGMX] 4IVQMXIEGGIHIVEPWIVZMGMSw5VMSGMX]xIRPÑRIE 'SRXIRMHSWHI-RXIVRIX 4SHVÅHMWJVYXEVHIPSWWIVZMGMSWHIGSRXIRMHSWHI-RXIVRIX 6IGSQIRHEGMSRIW 4VIWIRXEVIGSQIRHEGMSRIWHITVSKVEQEWUYIPITYIHIR KYWXEVFEWÅRHSWIIRWYLMWXSVMEPHIZMWYEPM^EGMSRIW +VEFEGMSRIW 4IVQMXIHMWJVYXEVHIPEWKVEFEGMSRIWGSRXIQTSVM^EHSVIRYR HMWTSWMXMZS97&,((GSRIGXEHS]WIPIGGMSREVPSWGSRXIRMHSW KVEFEHSWUYIHIWIIVITVSHYGMV )7 :MWYEPM^EGM×RHIPQERYEPHIMRWXVYGGMSRIWM1ERYEP )PQERYEPHIMRWXVYGGMSRIWZMIRIMRGSVTSVEHSIRIPXIPIZMWSV&6%:-%]WITYIHIZMWYEPM^EVIRPE TERXEPPE 4EVESFXIRIVQÅWMRJSVQEGM×RWSFVIPEWGEVEGXIVÑWXMGEWHIPXIPIZMWSVTYIHIEGGIHIVEPM1ERYEP WMQTPIQIRXIXSGERHSYRFSX×R 4YPWIM1%29%0 4YPWI*J+K TEVEWIPIGGMSREV IPIQIRXSW 4EVEWIPIGGMSREVIPIQIRXSWIRIPM1ERYEP 4YPWI*JTEVEWIPIGGMSREVYRIPIQIRXS )PGSRXIRMHSHIPIPIQIRXSWIQYIWXVEEPE HIVIGLEGSQSWIKYRHEGETE 4YPWIKTEVEHIWTPE^EVWIEPEWIKYRHEGETE 4YPWI*JTEVEWIPIGGMSREVYRIPIQIRXSHIPE WIKYRHEGETE %TEVIGIYRVIWYQIRHIPIPIQIRXSEPE HIVIGLE 7MPEXIVGIVEGETEIWXÅHMWTSRMFPIVITMXEIWXI TEWSTEVEZMWYEPM^EVIPVIWYQIRHIPIPIQIRXS 4YPWIKTEVEWIPIGGMSREVYRIPIQIRXS 7IQSWXVEVÅIPGSRXIRMHS )7 (IWGVMTGM×RHIPETERXEPPEHIPM1ERYEP 4YPWI+TEVEVIXVSGIHIVEPETÅKMREERXIVMSV 4YPWIJTEVETEWEVEPEWMKYMIRXITÅKMRE 2ÞQIVSHITÅKMRE2ÞQIVSXSXEPHITÅKMREW 4YPWI6)8962TEVEVIXVSGIHIVEPETÅKMREERXIVMSV 4YPWI TEVEMRMGMEVPEJYRGM×R e %TEVIGIVÅWSPSGYERHSPEJYRGM×RIWXÍHMWTSRMFPI 4EVEYXMPM^EVQEVGEHSVIW )PM1ERYEPXMIRIYREJYRGM×RHIQEVGEHSV0EWTÅKMREWWITYIHIREKVIKEVEQEVGEHSVIWGSR FSXSRIWHIGSPSVIWWIKÞRPEWMRWXVYGGMSRIWHIPETEVXIMRJIVMSVHIPETERXEPPE4EVEEGGIHIVEPSW QEVGEHSVIWVIKMWXVEHSWZE]EEPETÅKMRETVMRGMTEPHIPM1ERYEP]WIPIGGMSRIw1EVGEHSVIWx 4EVEQIQSVM^EVPEÞPXMQETÅKMREZMWYEPM^EHE )PM1ERYEPQIQSVM^EPEÞPXMQETÅKMREZMWYEPM^EHE)RPETERXEPPEHIPM1ERYEPTYPWIM1%29%0 TEVEZSPZIVEPETERXEPPEHIPXIPIZMWSV7MTYPWEM1%29%0HIRYIZSETEVIGIVÅPEÞPXMQE MRJSVQEGM×RUYILE]EZMWYEPM^EHS4EVEZIVIPM1ERYEPETEVXMVHIPETÅKMREWYTIVMSVZYIPZEEPE TÅKMREWYTIVMSVWMKYMIRHSPEWMRWXVYGGMSRIWUYIETEVIGIRIRTERXEPPESTYPWI,31)]WIPIGGMSRI wM1ERYEPxHIw%NYWXIWxIRIPQIRÞ-RMGMS e 0EQIQSVMEHIPEÞPXMQETÅKMREWIVIWXEFPIGIEYXSQÅXMGEQIRXIEPENYWXEVIPXIPIZMWSVIRQSHSHIIWTIVE )7 'SRJMKYVEGM×RHIVIH 7MGSRIGXEIWXIXIPIZMWSVE-RXIVRIXWITYIHIR YXMPM^EVHMWXMRXEWJYRGMSRIWZMWYEPM^EGM×RHI YREJSXSKVEJÑE]WYYFMGEGM×RIRIPQETE ZÑHISWHI-RXIVRIXIXG4EVESFXIRIVQÅW MRJSVQEGM×RWSFVIPEWJYRGMSRIWGSRWYPXIIP M1ERYEP e 8IRHVÅUYIGSRXVEXEVYRTVSZIIHSVHIWIVZMGMSWHI -RXIVRIXTEVEGSRIGXEVWIE-RXIVRIX 4VITEVEGM×RHIYREVIH GEFPIEHE -RXIVRIX 1×HIQGSR JYRGMSRIWHI IRVYXEHSV S 8: )RVYXEHSV 1×HIQ 4VITEVEGM×RHIYREVIH0%2 MREPÅQFVMGE 4EVEIPQSHIPS/(0)< /(0)</(0)< /(0)< )RPSWQSHIPSWGSRYRHMWTSWMXMZS0%2 MREPÅQFVMGSMRXIKVEHSTYIHIEGGIHIVE -RXIVRIX]EWYVIHPSGEPWMRIPEHETXEHSVHIVIH 0%2MREPÅQFVMGE97&9;%&6 )\GITXSIPQSHIPS/(0 )</(0)< /(0)</(0)< 0EVIHMREPÅQFVMGE0%26IEH]TIVQMXI EGGIHIVJÅGMPQIRXIEMRXIVRIX]EPEVIHPSGEP QIHMERXIIPEHETXEHSVHIVIH0%2MREPÅQFVMGE 97&9;%&6ETEVXMVHIIRIVSHI 7MWIMRWIVXEIPEHETXEHSVHIVIH0%2 MREPÅQFVMGE97&IRIPTYIVXS97&HIP XIPIZMWSVTSHVÅIWXEFPIGIVJÅGMPQIRXIYREVIH WMRGEFPIW %RXIWHIGSRJMKYVEVPEJYRGM×R0%2 MREPÅQFVMGEHIPXIPIZMWSVEWIKÞVIWIHI GSRJMKYVEVYRIRVYXEHSVHIVIH0%2 MREPÅQFVMGE -RXIVRIX e 4EVEPEWGSRI\MSRIW0%2YXMPMGIYRGEFPIHI 'EXIKSVÑERSWYQMRMWXVEHS e )P%HETXEHSVHI0%2MREPÅQFVMGE97&IWXÅ HMWTSRMFPIGSQSEGGIWSVMSSTGMSREPIRJYRGM×R HIPQSHIPSHIXIPIZMWSV )7 'SRJMKYVEGM×RHIPE GSRI\M×RE-RXIVRIX 1IHMERXIPEJYRGM×RHIVIHIWTSWMFPIGSRIGXEV IPXIPIZMWSVE-RXIVRIX)PTVSGIHMQMIRXSHI GSRJMKYVEGM×RZEVÑEIRJYRGM×RHIPXMTSHIVIH] HIPIRVYXEHSV0%2%RXIWHIGSRJMKYVEVPE GSRI\M×REMRXIVRIXEWIKÞVIWIHIGSRJMKYVEVYR IRVYXEHSV0%2'SQTVYIFIIPIRXSVRSHIVIH 0%2MREPÅQFVMGEQIHMERXIIPWMKYMIRXI GYEHVS 6IH0%2MREPÅQFVMGE £(IWIELEGIVWIKYVEPEVIH 0%2MREPÅQFVMGE# 23 O8MTS 7±Q £9XMPM^EYRIRVYXEHSVHIVIH 0%2MREPÅQFVMGEGSQTEXMFPI GSRIPTVSXSGSPS;M*M 4VSXIGXIH7IXYT;47# 23 O8MTS 8MTS 6IHTVSXIKMHEGSR;M*M 4VSXIGXIH7IXYT;47 1IHMERXIIPIWXÅRHEV;47TVSXIKIVYREVIH PSGEPMREPÅQFVMGEIWXERWIRGMPPSGSQSTYPWEVIP FSX×R;47HIPIRVYXEHSVHIPEVIH0%2 MREPÅQFVMGE%RXIWHIGSRJMKYVEVYREVIH0%2 MREPÅQFVMGEGSQTVYIFIPEYFMGEGM×RHIPFSX×R ;47HIPIRVYXEHSV]ZIVMJMUYIG×QSYXMPM^EVPS 4SVQSXMZSWHIWIKYVMHEHw;474-2x TVSTSVGMSREYRG×HMKS4-2TEVEIPIRVYXEHSV )PG×HMKS4-2WIVIRYIZEGEHEZI^UYI WIPIGGMSREw;474-2x 4YPWI,31)EGSRXMRYEGM×R WIPIGGMSRI "w6IHx" w'SRJMKYVEGM×RHIVIHx 7IPIGGMSRIw'SRJMKYVEGM×R MREPÅQFVMGEx 7IPIGGMSRIw;47TYPWEVFSX×RxTEVE IPQÍXSHS4YPWEVFSX×RSw;474-2x TEVEIPQÍXSHS4-2 7±Q 8MTS 0%2GEFPIEHE8MTS )PXMTSIWQÅWJÅGMPHIGSRJMKYVEVWMIPIRVYXEHSV XMIRIYRFSX×RHIGSRJMKYVEGM×REYXSQÅXMGEGSQS TSVINIQTPSIPFSX×R%377WMWXIQEWIKYVSHI IQMWM×REÍVIEQIHMERXIYRFSX×R0EQE]SVÑEHI PSWÞPXMQSWIRVYXEHSVIWHMWTSRIRHIIWXEJYRGM×R 'SQTVYIFIIPIRVYXEHSV 8MTS WMKEPEGSRJMKYVEGM×RHIw6IH TVSXIKMHEGSR;M*M4VSXIGXIH7IXYT;47x 8MTS WMKEPEGSRJMKYVEGM×RHIw6IH TVSXIKMHEWMR;M*M4VSXIGXIH7IXYT;47x 8MTS WMKEPEGSRJMKYVEGM×RHIw6IHWMR TVSXIGGM×RGSRGYEPUYMIVXMTSHIIRVYXEHSVHI VIH0%2MREPÅQFVMGEx 8MTS WMKEPEGSRJMKYVEGM×RHI w'SRJMKYVEGM×RHIVIHGEFPIEHEx e )PRSQFVIHIPFSX×R;47TYIHIZEVMEVIR JYRGM×RHIPIRVYXEHSVTINFSX×R%377 7MKEPEWMRWXVYGGMSRIWUYIETEVIGIRIR PETERXEPPEHIGSRJMKYVEGM×R 8MTS6IHTVSXIKMHEWMR;M*M 4VSXIGXIH7IXYT;47 4EVEGSRJMKYVEVYREVIH0%2MREPÅQFVMGEIW RIGIWEVMSIP77-(RSQFVIHIVIHMREPÅQFVMGE ]YREGPEZIHIWIKYVMHEHGPEZI;)4S;4% 7MRSGSRSGIHMGLEMRJSVQEGM×RGSRWYPXIIP QERYEPHIMRWXVYGGMSRIWHIPIRVYXEHSV 4YPWI,31)EGSRXMRYEGM×R WIPIGGMSRI "w6IHx" w'SRJMKYVEGM×RHIVIHx 7IPIGGMSRIw'SRJMKYVEGM×R MREPÅQFVMGEx 7IPIGGMSRIw&YWGEVx]EGSRXMRYEGM×R WIPIGGMSRIYREVIHIRPEPMWXEHIVIHIW MREPÅQFVMGEWIWGERIEHEW 7MKEPEWMRWXVYGGMSRIWUYIETEVIGIRIR PETERXEPPEHIGSRJMKYVEGM×R 'SRXMRÞE )7 e 7MYXMPM^E;47TEVEPEGSRJMKYVEGM×RHIVIHPSW ENYWXIWHIWIKYVMHEHHIPIRVYXEHSVHIPEVIH0%2 MREPÅQFVMGEWIEGXMZER]GYEPUYMIVIUYMTS GSRIGXEHSTVIZMEQIRXIEPEVIHMREPÅQFVMGEIRYR IWXEHSRSWIKYVSWIHIWGSRIGXEHIPEVIH )RIWXIGEWSEGXMZIPSWENYWXIWHIWIKYVMHEHHIP IUYMTSHIWGSRIGXEHS]EGSRXMRYEGM×RZYIPZEE GSRIGXEVPS3WMPSTVIJMIVITYIHIHIWEGXMZEVPSW ENYWXIWHIWIKYVMHEHHIPIRVYXEHSVHIPEVIH0%2 MREPÅQFVMGE]EGSRXMRYEGM×RGSRIGXEVIPIUYMTSE YRXIPIZMWSVIRYRIWXEHSRSWIKYVS 8MTS 6IHWMRTVSXIGGM×RGSR GYEPUYMIVXMTSHIIRVYXEHSVHI VIH0%2MREPÅQFVMGE 4EVEGSRJMKYVEVYREVIH0%2MREPÅQFVMGEWI RIGIWMXEVÅYR77-(RSQFVIHIVIH MREPÅQFVMGE 4YPWI,31)EGSRXMRYEGM×R WIPIGGMSRI "w6IHx" w'SRJMKYVEGM×RHIVIHx 7IPIGGMSRIw'SRJMKYVEGM×R MREPÅQFVMGEx 7IPIGGMSRIw&YWGEVx]EGSRXMRYEGM×R WIPIGGMSRIYREVIHIRPEPMWXEHIVIHIW MREPÅQFVMGEWIWGERIEHEW 7MKEPEWMRWXVYGGMSRIWUYIETEVIGIRIR PETERXEPPEHIGSRJMKYVEGM×R e 0EGPEZIHIWIKYVMHEHGPEZI;)4S;4%RSWI VIUYIVMVÅHIFMHSEUYIRSIWRIGIWEVMSWIPIGGMSREV RMRKÞRQÍXSHSHIWIKYVMHEHIRIWXI TVSGIHMQMIRXS 8MTS 'SRJMKYVEGM×RHIVIH GEFPIEHE -RXVSHY^GEPSWZEPSVIWEPJERYQÍVMGSW VIWTIGXMZSWTEVEIPIRVYXEHSVWMIWRIGIWEVMS 0SWIPIQIRXSWUYIIWRIGIWEVMSENYWXEVTSV INIQTPSHMVIGGM×R-4QÅWGEVEHIWYFVIH] (,'4ZEVÑERIRJYRGM×RHIPTVSZIIHSVHI WIVZMGMSWHI-RXIVRIXSIPIRVYXEHSV4EVE SFXIRIVQÅWMRJSVQEGM×RGSRWYPXIPSW QERYEPIWHIMRWXVYGGMSRIWWYQMRMWXVEHSWTSVIP TVSZIIHSVHIWIVZMGMSWHI-RXIVRIXSPSW WYQMRMWXVEHSWGSRIPIRVYXEHSV )7 4YPWI,31)EGSRXMRYEGM×R WIPIGGMSRI "w6IHx" w'SRJMKYVEGM×RHIVIHx 7IPIGGMSRIw'SRJMKYVEGM×RGSRGEFPIx 7MKEPEWMRWXVYGGMSRIWUYIETEVIGIRIR PETERXEPPEHIGSRJMKYVEGM×R 7IPIGGMSRIw%YXSxTEVEENYWXEVPE HMVIGGM×R-4]IPWIVZMHSVTVS\] EYXSQÅXMGEQIRXISw4IVWSREPM^EHSx TEVEENYWXEVPSWQERYEPQIRXI :MWYEPM^EGM×RHIPIWXEHSHIPE VIH 4YIHIGSRJMVQEVIPIWXEHSHIPEVIH 4YPWI,31)EGSRXMRYEGM×R WIPIGGMSRI "w6IHx" w'SRJMKYVEGM×RHIVIHx 7IPIGGMSRIw:IVIWXEHSHIPEVIHx 7MRSTYIHIGSRIGXEVWIE -RXIVRIX 9XMPMGIIPHMEKR×WXMGSTEVEFYWGEVPEWTSWMFPIW GEYWEWHIPSWJEPPSWHIGSRI\M×RHIVIH]PSW ENYWXIW 4YPWI,31)EGSRXMRYEGM×R WIPIGGMSRI "w6IHx" w'SRJMKYVEGM×RHIVIHx 7IPIGGMSRIw:IVIWXEHSHIPEVIHx 7IPIGGMSREVw'SQTVYIFIPEGSRI\M×Rx )WXITVSGIWSTYIHIXEVHEVZEVMSW QMRYXSW2SIWTSWMFPIGERGIPEVIP HMEKR×WXMGSHIWTYÍWHIWIPIGGMSREV w'SQTVYIFIPEGSRI\M×Rx 'SRJMKYVEGM×RHIPSW ENYWXIWHIZMWYEPM^EGM×RHIP WIVZMHSV 4YIHIWIPIGGMSREVWIVZMHSVIWHIVIHPSGEPTEVE UYIWIQYIWXVIRIRIPQIRÞ-RMGMS7ITYIHIR ZMWYEPM^EVLEWXEWIVZMHSVIWIRIPQIRÞ-RMGMS EYXSQÅXMGEQIRXI 4YPWI,31)EGSRXMRYEGM×R WIPIGGMSRI "w6IHx" w'SRJMKYVEGM×RHIVIHPSGEPx 7IPIGGMSRIw%NYWXIWHIZMWYEPM^HIP WIVZMHSVx 7IPIGGMSRIIPWIVZMHSVUYIHIWII ZMWYEPM^EVIRIPQIRÞ-RMGMS]ENYWXIPE GSRJMKYVEGM×R 7MRSWITYIHIGSRIGXEVEPEVIH PSGEP )PXIPIZMWSVHIXIGXEWMIPWIVZMHSVWIIWXÅ VIGSRSGMIRHSGSVVIGXEQIRXIGYERHSRSTYIHI GSRIGXEVPSEPEVIHPSGEP7MPSWVIWYPXEHSWHIP HMEKR×WXMGSMRHMGERUYILE]YRJEPPSHI JYRGMSREQMIRXSFYWUYIPEWTSWMFPIWGEYWEWHI ÍWXI]GSQTVYIFIPEWGSRI\MSRIW]PSWENYWXIW 4YPWI,31)EGSRXMRYEGM×R WIPIGGMSRI "w6IHx" w'SRJMKYVEGM×RHIVIHPSGEPx 7IPIGGMSRIw(MEKR×WXMGSHIWIVZMHSVx 7IMRMGMEVÅIPHMEKR×WXMGSHIPWIVZMHSV9RE ZI^GSQTPIXEHSIPHMEKR×WXMGSHIPWIVZMHSV WIQSWXVEVÅPEPMWXEHIVIWYPXEHSW GSVVIWTSRHMIRXI )7 -RJSVQEGM×RGSQTPIQIRXEVME 7SPYGM×RHITVSFPIQEW 'YERHSIPMRHMGEHSVQSHSHIIWTIVETEVTEHIEGYIRXIGYÅRXEWZIGIWTEVTEHIE IPMRXIVZEPSHIXMIQTSIWHIXVIWWIKYRHSW 4YPWIIRIPXIPIZMWSVTEVEETEKEVPSHIWGSRIGXIIPGEFPIHIEPMQIRXEGM×RIMRJSVQIEWY HMWXVMFYMHSVSEPGIRXVSHIWIVZMGMSXÍGRMGSHI7SR]WSFVIIPTEVTEHISHIPMRHMGEHSVRÞQIVSHI TEVTEHISW 'YERHSIPMRHMGEHSVQSHSHIIWTIVERSTEVTEHIEGSQTVYIFIPSWIPIQIRXSWHI PEWXEFPEWUYIWIMRHMGEREGSRXMRYEGM×R 'SRWYPXIXEQFMÍRPEWIGGM×Rw7SPYGM×RHITVSFPIQEWxHIPM1ERYEP7MIPTVSFPIQETIVWMWXIWSPMGMXI EPTIVWSREPHIWIVZMGMSIWTIGMEPM^EHSUYIVITEVIIPXIPIZMWSV 4VSFPIQE )\TPMGEGM×R7SPYGM×R %YWIRGMEHIMQEKIRPE e 6IZMWIPEGSRI\M×RHIPEERXIREGEFPI TERXEPPEETEVIGISWGYVE] e 'SRIGXIIPXIPIZMWSVEPEXSQEHIGSVVMIRXI]EGSRXMRYEGM×RTYPWI IRIPXIPIZMWSV HIWSRMHS e 7MIPMRHMGEHSVQSHSHIIWTIVEWIMPYQMREIRVSNSTYPWI %TEVIGIRTIUYIÕSWTYRXSW e 0ETERXEPPEIWXÅGSQTYIWXEHITÑ\IPIW0SWTIUYIÕSWTYRXSW RIKVSW]SFVMPPERXIWIRPE RIKVSW]SFVMPPERXIWTÑ\IPIWRSWSRWÑRXSQEHIYR JYRGMSREQMIRXSHIJIGXYSWS TERXEPPE 2SWITYIHIWMRXSRM^EV HIXIVQMREHSWTVSKVEQEW e 'SQTVYIFIPEERXIREGSPIGXMZESTEVEF×PMGE e 'SQTVYIFIWMw(IWGSRI\%YXxIWXÅEGXMZEHSSFMIRGSRJMVQIIP )PXIPIZMWSVWIETEKE EYXSQÅXMGEQIRXIIRXVEIR ENYWXIw(YVEGM×RxHIw'SRI\M×R%YXx e 'SQTVYIFIWMw8IPIZMWSVMREGXMZSE7XERHF]xIWXÅEGXMZEHS QSHSHIIWTIVE e 'SQTVYIFIWMw7IRWSVHITVIWIRGMExIWXÅEGXMZEHS'YERHSRS HIXIGXERMRKÞRIWTIGXEHSVJVIRXIEPXIPIZMWSVHYVERXIYRTIVÑSHS HIXMIQTSTVIHIJMRMHSPEMQEKIRWIETEKEEYXSQÅXMGEQIRXI] HINEÞRMGEQIRXIIPWSRMHSHIPXIPIZMWSV%HIQÅWHIWTYÍWHI QMRYXSWIRIPQSHSWMRMQEKIRIPXIPIZMWSVTEWEVÅEPQSHSHI IWTIVE )PQERHSEHMWXERGMERS JYRGMSRE e 'EQFMIPEWTMPEW e )WTSWMFPIUYIIPXIPIZMWSVIWXÍENYWXEHSIRIPQSHS7=2' 4YPWI7=2'1)29WIPIGGMSRIw'SRXVSPHI8:x]E GSRXMRYEGM×RWIPIGGMSRIw-RMGMS1IRÞxYw3TGMSRIWxTEVE GSRXVSPEVIPXIPIZMWSV ,ESPZMHEHSPEGSRXVEWIÕE e -RXVSHY^GEGSQSG×HMKS4-2)PG×HMKS4-2WMIQTVI WIEGITXE HIw&PSUYIS8:x 0EGEVGEWEHIPXIPIZMWSVWI e 'YERHSWIYXMPM^EIPXIPIZMWSVHYVERXIYRPEVKSTIVÑSHSHIXMIQTS PEGEVGEWEHIPXIPIZMWSVWIGEPMIRXE GEPMIRXE )WTSWMFPIUYIRSXIIPGEPSVWMPEXSGEGSRPEQERS )7 )WTIGMJMGEGMSRIW 7MWXIQE 7MWXIQEHITERIP 4ERIP0'(TERXEPPEHIGVMWXEPPÑUYMHS 7MWXIQEHIXIPIZMWM×R %REP×KMGS)RJYRGM×RHIPTEÑW^SREWIPIGGMSREHS&+,(/0-1 (MKMXEP(:&8W×PSIPQSHIPS/(0)<,<)<)<)<,< )<)<)<)<'<)<)<)<)< )<)<)<'< (:&8(:&' 7MWXIQEHIGSPSVZÑHIS %REP×KMGS4%04%0W×PSIRXVEHEHIZÑHIS7)'%1287'287'W×PSIRXVEHEHIZÑHIS (MKMXEP14)+14$10,0,14)+%:'14,4$0 'SFIVXYVEHIGEREPIW %REP×KMGS:,*)z)9,*)z)'%8:7z7,=4)67z7 (/6z66z60*z*&z5*z*-9,*&z&1%z%%z% (MKMXEP:,*9,* 7EPMHEHIWSRMHS ;;/(0)<\/(0,<\/(0)<\ /(0'<\/(0)<\ ;;/(0)<\ 'SRIGXSVIWHIIRXVEHEWEPMHE 'EFPIHIPEERXIRE %: )YVSGSRIGXSVHITMRIWRSVQE')2)0)'GSRIRXVEHEHIEYHMSZÑHISIRXVEHE6+&]WEPMHEHIEYHMS ZÑHISHIXIPIZMWM×R )RXVEHEHIZÑHISGSRIGXSVJSRSKVÅJMGSW %: 8IVQMREPI\XIVRSHISLQMSWTEVE:,*9,* '31432)28-2 *SVQEXSWGSQTEXMFPIWTMTTMTM )RXVEHEHIEYHMSGSRIGXSVIWJSRSKVÅJMGSW ,(1--2 I\GITXSIPQSHIPS /(0)<\ :ÑHISTTTMTTTTMTM %YHMS4'1PMRIEPHIHSWGEREPIW]O,^]FMXW(SPF](MKMXEP )RXVEHEHIEYHMSEREP×KMGEQMRMGSRIGXSVW×PS,(1--2 )RXVEHEHI4' %6'%YHMS6IXYVR'LERRIPW×PS,(1--2 ,(1--2 W×PSIPQSHIPS /(0)<\ :ÑHISTTTMTTTTMTM %YHMS4'1PMRIEPHIHSWGEREPIW]O,^]FMXW(SPF](MKMXEP )RXVEHEHIEYHMSEREP×KMGEQMRMGSRIGXSVW×PS,(1--2 )RXVEHEHI4' %6'%YHMS6IXYVR'LERRIPW×PS,(1--2 (-+-8%0%9(-3398 8SQEHMKMXEP×TXMGE4'1PMRIEPHIHSWGEREPIW(SPF](MKMXEP 348-'%0 %9(-3398M 4'-2 7EPMHEHIEYHMSQMRMGSRIGXSVIWXÍVIS 8SQEHIEYVMGYPEVIW )RXVEHEHI4'1MRM(WYFHITMRIW )RXVEHEHIEYHMSHI4'QMRMGSRIGXSV 4SVXE97&GSQTEXMFPIGSRKVEFEGM×RIR,(( W×PSIPQSHIPS /(0)<\ W×PSIPQSHIPS /(0)< /(0)< 4SVXE97& ,((6)' I\GITXSIPQSHIPS /(0)< /(0)< /(0)<\ 4SVXE97&4YIVXSHIHMWTSWMXMZS97&,((WSPS 6ERYVEHIP'%11×HYPSHIEGGIWSGSRHMGMSREP 0%2 'SRIGXSV&%7)8&%7)8<0EZIPSGMHEHHIGSRI\M×RTYIHIZEVMEVWIKÞRIPIRXSVRSSTIVEXMZS HIPEVIH2SWIKEVERXM^ERPEJVIGYIRGME]PEGEPMHEHHIGSQYRMGEGM×RHI&%7)8&%7)8<TEVE IWXIXIPIZMWSV 'SRXMRÞE )7 2SQFVIHIPQSHIPS /(0 )<\ ,<\ )<\ )<\ %PMQIRXEGM×R]SXVSWEWTIGXSW 6IUYMWMXSWHITSXIRGME '%HI:E:,^ 'EXIKSVÑEHIIJMGMIRGME IRIVKÍXMGE % % % % 8EQEÕSHIPETERXEPPE QIHMHEHMEKSREPQIRXI %TVS\ GQ TYPKEHEW %TVS\ GQ TYPKEHEW %TVS\ GQ TYPKEHEW %TVS\ GQ TYPKEHEW 'SRWYQSHI )RIPQSHS IRIVKÑE w9WS HSQÍWXMGSx w)WXÅRHEVx ; ; ; ; )RIPQSHS w9WS GSQIVGMEPx w:MZEx ; ; ; ; 'SRWYQSQIHMSHIIRIVKÑE ERYEP O;L O;L O;L O;L 'SRWYQSHIIRIVKÑEIR QSHSHIIWTIVE ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ 6IWSPYGM×RHIPETERXEPPE TYRXSWLSVM^SRXEP»PÑRIEWZIVXMGEP (MQIRWMSRIWETVS\ERGLS»EPXS»JSRHS GSRIPWSTSVXIHIWSFVIQIWE »»GQ »»GQ »»GQ »»GQ WMRIPWSTSVXIHIWSFVIQIWE »»GQ »»GQ »»GQ »»GQ GSRIPWSTSVXIHIWSFVIQIWE OK OK OK OK WMRIPWSTSVXIHIWSFVIQIWE OK OK OK OK %GGIWSVMSWWYQMRMWXVEHSW 'SRWYPXIw'SQTVSFEGM×RHIPSWEGGIWSVMSWxTÅKMRE %GGIWSVMSWSTGMSREPIW 7STSVXIHITEVIH79;0 +EJEW(8(+&68(+&68(+&68(+&6/(0)<\/(0,<\ 'ÅQEVE]YRMHEHHIQMGV×JSRS'19&6 %HETXEHSVHI0%2MREPÅQFVMGE97& 8IQTIVEXYVEHI JYRGMSREQMIRXS (I'E' 4IWSETVS\ ,YQIHEHHIJYRGMSREQMIRXS z6,WMRGSRHIRWEGM×R 2SQFVIHIPQSHIPS /(0 '<\ ,<\ )<\ )<\ %PMQIRXEGM×R]SXVSWEWTIGXSW 6IUYMWMXSWHITSXIRGME '%HI:E:,^ 'EXIKSVÑEHIIJMGMIRGME IRIVKÍXMGE ' & % % 8EQEÕSHIPETERXEPPE QIHMHEHMEKSREPQIRXI %TVS\GQ TYPKEHEW %TVS\GQ TYPKEHEW %TVS\GQ TYPKEHEW %TVS\GQ TYPKEHEW 'SRWYQSHI )RIPQSHS IRIVKÑE w9WS HSQÍWXMGSx w)WXÅRHEVx ; ; ; ; )RIPQSHS w9WS GSQIVGMEPx w:MZEx ; ; ; ; 'SRWYQSQIHMSHIIRIVKÑE ERYEP O;L O;L O;L O;L 'SRWYQSHIIRIVKÑEIR QSHSHIIWTIVE ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ 6IWSPYGM×RHIPETERXEPPE TYRXSWLSVM^SRXEP»PÑRIEWZIVXMGEP (MQIRWMSRIWETVS\ERGLS»EPXS»JSRHS GSRIPWSTSVXIHIWSFVIQIWE »»GQ »»GQ »»GQ »»GQ WMRIPWSTSVXIHIWSFVIQIWE »»GQ »»GQ »»GQ »»GQ )7 2SQFVIHIPQSHIPS /(0 '<\ ,<\ )<\ )<\ GSRIPWSTSVXIHIWSFVIQIWE OK OK OK OK WMRIPWSTSVXIHIWSFVIQIWE OK OK OK OK %GGIWSVMSWWYQMRMWXVEHSW 'SRWYPXIw'SQTVSFEGM×RHIPSWEGGIWSVMSWxTÅKMRE %GGIWSVMSWSTGMSREPIW 7STSVXIHITEVIH79;0 +EJEW(8(+&68(+&68(+&68(+&6/(0,<\/(0)<\ 'ÅQEVE]YRMHEHHIQMGV×JSRS'19&6 %HETXEHSVHI0%2MREPÅQFVMGE97& 8IQTIVEXYVEHI JYRGMSREQMIRXS (I'E' 4IWSETVS\ ,YQIHEHHIJYRGMSREQMIRXS z6,WMRGSRHIRWEGM×R 2SQFVIHIPQSHIPS /(0 '<\ )<\ )<\ )<\ %PMQIRXEGM×R]SXVSWEWTIGXSW 6IUYMWMXSWHITSXIRGME '%HI:E:,^ 'EXIKSVÑEHIIJMGMIRGME IRIVKÍXMGE ' % % & 8EQEÕSHIPETERXEPPE QIHMHEHMEKSREPQIRXI %TVS\GQ TYPKEHEW %TVS\GQ TYPKEHEW %TVS\GQ TYPKEHEW %TVS\GQ TYPKEHEW 'SRWYQSHI )RIPQSHS IRIVKÑE w9WS HSQÍWXMGSx w)WXÅRHEVx ; ; ; ; )RIPQSHS w9WS GSQIVGMEPx w:MZEx ; ; ; ; 'SRWYQSQIHMSHIIRIVKÑE ERYEP O;L O;L O;L O;L 'SRWYQSHIIRIVKÑEIR QSHSHIIWTIVE ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ ; ;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ 6IWSPYGM×RHIPETERXEPPE TYRXSWLSVM^SRXEP»PÑRIEWZIVXMGEP (MQIRWMSRIWETVS\ERGLS»EPXS»JSRHS GSRIPWSTSVXIHIWSFVIQIWE »»GQ »»GQ »»GQ »»GQ WMRIPWSTSVXIHIWSFVIQIWE »»GQ »»GQ »»GQ »»GQ GSRIPWSTSVXIHIWSFVIQIWE OK OK OK OK WMRIPWSTSVXIHIWSFVIQIWE OK OK OK OK %GGIWSVMSWWYQMRMWXVEHSW 'SRWYPXIw'SQTVSFEGM×RHIPSWEGGIWSVMSWxTÅKMRE %GGIWSVMSWSTGMSREPIW 7STSVXIHITEVIH79;0 +EJEW(8(+&68(+&68(+&68(+&6/(0)<\ 'ÅQEVE]YRMHEHHIQMGV×JSRS'19&6 %HETXEHSVHI0%2MREPÅQFVMGE97& 8IQTIVEXYVEHI JYRGMSREQMIRXS (I'E' 4IWSETVS\ ,YQIHEHHIJYRGMSREQMIRXS z6,WMRGSRHIRWEGM×R 2SQFVIHIPQSHIPS )<\ /(0 %PMQIRXEGM×R]SXVSWEWTIGXSW '%HI:E:,^ 6IUYMWMXSWHITSXIRGME & 'EXIKSVÑEHIIJMGMIRGME IRIVKÍXMGE %TVS\ GQ 8EQEÕSHIPETERXEPPE TYPKEHEW QIHMHEHMEKSREPQIRXI )<\ '<\ & ' %TVS\ GQ TYPKEHEW %TVS\ GQ TYPKEHEW 'SRXMRÞE )7 2SQFVIHIPQSHIPS /(0 'SRWYQSHI )RIPQSHS IRIVKÑE w9WS HSQÍWXMGSx w)WXÅRHEVx )RIPQSHS w9WS GSQIVGMEPx w:MZEx 'SRWYQSQIHMSHIIRIVKÑE ERYEP 'SRWYQSHIIRIVKÑEIR QSHSHIIWTIVE 6IWSPYGM×RHIPETERXEPPE )<\ )<\ '<\ ; ; ; ; ; ; O;L O;L O;L ;;IRIPQSHSHI EGXYEPM^EGM×RHIPWSJX[EVI)4+ ; ;IRIPQSHSHI EGXYEPM^EGM×RHIPWSJX[EVI)4+ ; ;IRIPQSHSHI EGXYEPM^EGM×RHIPWSJX[EVI)4+ TYRXSWLSVM^SRXEP» TYRXSWLSVM^SRXEP» PÑRIEWZIVXMGEP PÑRIEWZIVXMGEP (MQIRWMSRIWETVS\ERGLS»EPXS»JSRHS GSRIPWSTSVXIHIWSFVIQIWE »»GQ TYRXSWLSVM^SRXEP» PÑRIEWZIVXMGEP »»GQ »»GQ WMRIPWSTSVXIHIWSFVIQIWE 4IWSETVS\ GSRIPWSTSVXIHIWSFVIQIWE »»GQ »»GQ »»GQ OK OK OK WMRIPWSTSVXIHIWSFVIQIWE %GGIWSVMSWWYQMRMWXVEHSW %GGIWSVMSWSTGMSREPIW OK OK OK 'SRWYPXIw'SQTVSFEGM×RHIPSWEGGIWSVMSWxTÅKMRE 7STSVXIHITEVIH79;0 'ÅQEVE]YRMHEHHIQMGV×JSRS'19&6 %HETXEHSVHI0%2MREPÅQFVMGE97& (I'E' 8IQTIVEXYVEHI JYRGMSREQMIRXS ,YQIHEHHIJYRGMSREQMIRXS z6,WMRGSRHIRWEGM×R 2SQFVIHIPQSHIPS /(0 )< )< )<\ )<\ %PMQIRXEGM×R]SXVSWEWTIGXSW 6IUYMWMXSWHITSXIRGME '%HI:E:,^ 'EXIKSVÑEHIIJMGMIRGME IRIVKÍXMGE & & & & 8EQEÕSHIPETERXEPPE QIHMHEHMEKSREPQIRXI %TVS\GQ TYPKEHEW %TVS\GQ TYPKEHEW %TVS\GQ TYPKEHEW %TVS\GQ TYPKEHEW 'SRWYQSHI )RIPQSHS IRIVKÑE w9WS HSQÍWXMGSx w)WXÅRHEVx ; ; ; ; ; ; ; ; 'SRWYQSQIHMSHIIRIVKÑE ERYEP O;L O;L O;L O;L 'SRWYQSHIIRIVKÑEIR QSHSHIIWTIVE ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ ;;IRIP QSHSHIEGXYEPM^EGM×R HIPWSJX[EVI)4+ 6IWSPYGM×RHIPETERXEPPE TYRXSWLSVM^SRXEP»PÑRIEWZIVXMGEP TYRXSW LSVM^SRXEP» PÑRIEWZIVXMGEP TYRXSW LSVM^SRXEP» PÑRIEWZIVXMGEP )RIPQSHS w9WS GSQIVGMEPx w:MZEx (MQIRWMSRIWETVS\ERGLS»EPXS»JSRHS GSRIPWSTSVXIHIWSFVIQIWE »»GQ »»GQ »»GQ »»GQ WMRIPWSTSVXIHIWSFVIQIWE »»GQ »»GQ »»GQ »»GQ )7 2SQFVIHIPQSHIPS /(0 )< )< )<\ )<\ GSRIPWSTSVXIHIWSFVIQIWE OK OK OK OK WMRIPWSTSVXIHIWSFVIQIWE OK OK OK OK %GGIWSVMSWWYQMRMWXVEHSW 'SRWYPXIw'SQTVSFEGM×RHIPSWEGGIWSVMSWxTÅKMRE %GGIWSVMSWSTGMSREPIW 7STSVXIHITEVIH79;0 'ÅQEVE]YRMHEHHIQMGV×JSRS'19&6 %HETXEHSVHI0%2MREPÅQFVMGE97& 8IQTIVEXYVEHI JYRGMSREQMIRXS (I'E' 4IWSETVS\ ,YQIHEHHIJYRGMSREQMIRXS z6,WMRGSRHIRWEGM×R 'SRWYQSHIIRIVKÑEEPEÕSGSRIPXIPIZMWSVJYRGMSRERHSLSVEWEPHÑEHYVERXIHÑEW)PGSRWYQSHI IRIVKÑEVIEPHITIRHIHIPEJVIGYIRGMEHIYWSHIPXIPIZMWSV )PGSRWYQSHIIRIVKÑEIRQSHSHIIWTIVEIWTIGMJMGEHSWIEPGER^EGYERHSIPXIPIZMWSVXIVQMREPSWTVSGIWSW MRXIVRSWRIGIWEVMSW )PHMWIÕS]PEWIWTIGMJMGEGMSRIWIWXÅRWYNIXSWEGEQFMSWWMRTVIZMSEZMWS )7 -RWXEPEGM×RHIPSWEGGIWSVMSW7STSVXIHITEVIH 4EVEPSWGPMIRXIW 'YERHSYXMPMGIPEWTMI^EWHIP7STSVXIHIQSRXENITEVEPETEVIH79;0]79;0IPIWTEGMS UYIUYIHEVÅIRXVIPETEVIH]IPXIPIZMWSVWIVÅHIGQ9XMPMGIIWXIIWTEGMSTEVEHMVMKMVPSWGEFPIW LEGMEIPXIPIZMWSV GQ 4EVIH 4SVVE^SRIWHITVSXIGGM×RHIPTVSHYGXS]HIWIKYVMHEH7SR]VIGSQMIRHEUYIPEMRWXEPEGM×RHIP XIPIZMWSVWIEVIEPM^EHETSVYRHMWXVMFYMHSVHI7SR]SGSRXVEXMWXEEYXSVM^EHS2SMRXIRXIMRWXEPEVPS YWXIHQMWQS 4EVEHMWXVMFYMHSVIWHI7SR]]GSRXVEXMWXEW 4VIWXIIWTIGMEPEXIRGM×REPEWIKYVMHEHHYVERXIPEMRWXEPEGM×RQERXIRMQMIRXSTIVM×HMGS] GSQTVSFEGM×RHIIWXITVSHYGXS 4YIHIMRWXEPEVIPXIPIZMWSVYXMPM^ERHSIPWSTSVXIHITEVIH79;0TÅKMRE ]79;0 TÅKMRE WIZIRHIRTSVWITEVEHS e 'SRWYPXIPEWMRWXVYGGMSRIWWYQMRMWXVEHEWGSRIPWSTSVXIHITEVIHTEVEVIEPM^EVGSVVIGXEQIRXIPE MRWXEPEGM×R e 'SRWYPXIIPETEVXEHSw)\XVEGGM×RHIPWSTSVXIHIWSFVIQIWEHIPXIPIZMWSVxTÅKMRE 7IVIUYMIVIRGSRSGMQMIRXSWWYJMGMIRXIWTEVEMRWXEPEVIWXITVSHYGXSIWTIGMEPQIRXITEVE HIXIVQMREVPEVIWMWXIRGMEHIPETEVIHTEVEWSTSVXEVIPTIWSHIPXIPIZMWSV%GYHEEHMWXVMFYMHSVIWHI 7SR]SGSRXVEXMWXEWEYXSVM^EHSWTEVEVIEPM^EVPEMRWXEPEGM×RHIIWXITVSHYGXSIRPETEVIH]TVIWXI IWTIGMEPEXIRGM×REPEWIKYVMHEHHYVERXIPEMRWXEPEGM×R7SR]RSWIVIWTSRWEFMPM^EHIRMRKYRE PIWM×RSHEÕSTVSZSGEHSTSVYREQERMTYPEGM×RSMRWXEPEGM×RMRGSVVIGXEW )7 %PMRWXEPEVIPXIPIZMWSVIRYRETEVIHVIXMVIPSWXSVRMPPSWHIPETEVXITSWXIVMSVHIPXIPIZMWSV0SWXMTSW HIXSVRMPPSW]IPRÞQIVSHIXSVRMPPSWIWXÅRHMWTSRMFPIWIRJYRGM×RHIPQSHIPSHIXIPIZMWSV)WXÅR JMNEHSWIRPSWSVMJMGMSWHIQSRXENIQYVEP+YEVHIPSWXSVRMPPSWVIXMVEHSWIRYRPYKEVWIKYVSJYIVEHIP EPGERGIHIPSWRMÕSW & 4EVEIPQSHIPS/(0)<\ & 4EVEIPQSHIPS/(0,<\ /(0)<\/(0 )<\/(0)<\ » » » » 4EÕSWYEZI 4EÕSWYEZI e 'YERHSVIXMVIIPWSTSVXIHIWSFVIQIWEHIPXIPIZMWSVGSPSUYIPETERXEPPELEGMEEFENSIRYREWYTIVJMGMIIWXEFPI UYIWIEQÅWKVERHIUYIIPXIPIZMWSV e 4EVEIZMXEVHEÕSWIRPEWYTIVJMGMIHIPETERXEPPE0'(EWIKÞVIWIHIGSPSGEVYRTEÕSWYEZIIRPEWYTIVJMGMI 79;079;0 4EVEIPQSHIPS/(0 )<\/(0,<\ /(0)<\ /(0'<\ /(0)<\ 79;0 +ERGLSHI QSRXENI » 8SVRMPPS 47; » 4EVEIPQSHIPS/(0)<\ 79;0 8SVRMPPS 47; » +ERGLSHI QSRXENI 4EÕSWYEZI 4EÕSWYEZI e *MNIIP+ERGLSHIQSRXENIQIHMERXIIPYWSHIPSWGYEXVSXSVRMPPSWWYQMRMWXVEHSWGSRIP7STSVXIHIQSRXENI TEVEPETEVIH e 'YERHSZYIPZEEGSPSGEVIPWSTSVXIHIWSFVIQIWEEWIKÞVIWIHIJMNEVPSWXSVRMPPSWTVIZMEQIRXIVIXMVEHSWIR PSWSVMJMGMSWSVMKMREPIWHIPETEVXITSWXIVMSVHIPXIPIZMWSV 'SRXMRÞE )7 (MEKVEQEXEFPEHIYFMGEGM×RHIPSWXSVRMPPSW]KERGLSW 2SQFVIHIPQSHIPS /(0 4SWMGM×RHIPSWXSVRMPPSW 4SWMGM×RHIPSWKERGLSW 79;0 79;0 )<\ IN F ,<\)<\)<\ IN F '<\ HK F ,<\)<\)<\ IN F '<\ HK F )<\)<\ IN F )<\)<\)<\'<\ IK G 79;0 )<\ )<\ E E )<\ F 79;0 4SWMGM×RHIPSWXSVRMPPSW %PMRWXEPEVIPKERGLSHIQSRXENIIRIP XIPIZMWSV 4SWMGM×RHIPSWKERGLSW %PMRWXEPEVIPXIPIZMWSVIRIPWSTSVXIFEWI E F G )7 79;0 4SWMGM×RHIPSWKERGLSW %PMRWXEPEVIPXIPIZMWSVIRIPWSTSVXIFEWI E F 8EFPEHIHMQIRWMSRIWHIMRWXEPEGM×RHIPXIPIZMWSV 79;0 % * ) ' & ( , + 4YRXSHIPGIRXVSHIPETERXEPPE 79;0 % ) * ' & ( + , 4YRXSHIPGIRXVSHIPETERXEPPE 'SRXMRÞE )7 9RMHEHGQ 0SRKMXYHTEVEGEHEÅRKYPSHIQSRXENI ¥RKYPS % 79;0 )<\ ,<\ )<\ )<\ '<\ ,<\ )<\ )<\ '<\ )<\ )<\ )<\ )<\ )<\ '<\ 79;0 )<\ )<\ )<\ & ¥RKYPS ' ( ) * + , 0EWGMJVEWHIPEXEFPETYIHIRZEVMEVPMKIVEQIRXIHITIRHMIRHSHIPEMRWXEPEGM×R %:-73 0ETEVIHIRPEUYIZE]EEWIVMRWXEPEHSIPXIPIZMWSVHIFITSHIVWSTSVXEVYRTIWSHIEPQIRSWGYEXVSZIGIWIPHIP XIPIZMWSV'SRWYPXIw)WTIGMJMGEGMSRIWxTÅKMRE TEVEGSRSGIVWYTIWS )7 -RJSVQEGM×RHI WIKYVMHEH %:-73 2SI\TSRKEPEWTMPEWEYRGEPSVI\GIWMZS GSQSPEPY^WSPEVHMVIGXESYREPPEQE -RWXEPEGM×R GSRJMKYVEGM×R -RWXEPI]YXMPMGIIPXIPIZMWSVWMKYMIRHSPEW MRWXVYGGMSRIWUYIWIMRHMGEREGSRXMRYEGM×R TEVEIZMXEVIPVMIWKSHIMRGIRHMSW HIWGEVKEWIPÍGXVMGEWYSXVSWHEÕSW]S PIWMSRIW -RWXEPEGM×R e (IFIMRWXEPEVIPXIPIZMWSVGIVGEHIYRE XSQEHIGSVVMIRXIHIJÅGMPEGGIWS e 'SPSUYIIPXIPIZMWSVWSFVIYREWYTIVJMGMI IWXEFPI]TPERE e 0EMRWXEPEGM×RIRTEVIHW×PSTYIHIWIV VIEPM^EHETSVTIVWSREPGYEPMJMGEHS e 4SVVE^SRIWHIWIKYVMHEHWIVIGSQMIRHE YXMPM^EVEGGIWSVMSW7SR]GSQS z 7STSVXIHITEVIH 79;0I\GITXSIPQSHIPS /(0)<\ 79;0/(0)<\ e 4EVEGSPSGEVPSWKERGLSWHIQSRXENIIRIP XIPIZMWSVHIFIYXMPM^EVPSWXSVRMPPSWUYIWI WYQMRMWXVERGSRIPWSTSVXIHITEVIH0SW XSVRMPPSWWYQMRMWXVEHSWLERWMHS HMWIÕEHSWTEVEUYIXIRKERYREPSRKMXYH HIQQEQQWMWIQMHIRHIWHIPE WYTIVJMGMIHIGSPSGEGM×RHIPKERGLSHI QSRXENI )PHMÅQIXVS]PSRKMXYHHIPSWXSVRMPPSW ZEVÑEIRJYRGM×RHIPQSHIPSHIWSTSVXI HITEVIH 7MYXMPM^ESXVSWXSVRMPPSWTYIHITVSZSGEV YRHEÕSMRXIVRSIRIPXIPIZMWSVSÍWXI TYIHIGEIVWIIXG QQQQ 8SVRMPPSWYQMRMWXVEHS GSRIPWSTSVXIHITEVIH +ERGLSHIQSRXENI 'SPSGEGM×RHIPKERGLS IRPEGEVETSWXIVMSVHIP XIPIZMWSV e (YVERXIIPXVERWTSVXIRSWSQIXEIP XIPIZMWSVEWEGYHMHEWSZMFVEGMSRIW I\GIWMZEW e 'YERHSXVERWTSVXIIPXIPIZMWSVTEVE VITEVEVPSSGYERHSPSGEQFMIHIWMXMS IQFÅPIPSGSRPEGENE]IPQEXIVMEPHI IQFEPENISVMKMREPIW 9XMPMGIIPGEFPI]IPIRGLYJIXEP]GSQSWI MRHMGEEGSRXMRYEGM×RTEVEIZMXEVIPVMIWKS HIMRGIRHMSWHIWGEVKEWIPÍGXVMGEWYSXVSW HEÕSW]SPIWMSRIW z :IRXMPEGM×R e 2YRGESFWXVY]EGYFVERMMRWIVXIREHEIR PSWSVMJMGMSWHIZIRXMPEGM×RHIPETEVEXS e (INIIWTEGMSEPVIHIHSVHIPXIPIZMWSVXEP] GSQSWIQYIWXVEQÅWEFENS e 7IVIGSQMIRHEYXMPM^EVIPWSTSVXIHI TEVIHHI7SR]TEVEUYIIPEMVIGMVGYPI GSVVIGXEQIRXI z z z -RWXEPEGM×RIRPETEVIH z GQ GQ GQ z z GQ (INIGSQSQÑRMQSIWXEW HMWXERGMEWEPVIHIHSVHIPXIPIZMWSV -RWXEPEGM×RWSFVI TIHIWXEP GQ GQ (INIGSQSQÑRMQSIWXEWHMWXERGMEW EPVIHIHSVHIPXIPIZMWSV e 4EVEKEVERXM^EVYREZIRXMPEGM×RETVSTMEHE ]IZMXEVPEEGYQYPEGM×RHIWYGMIHEHS TSPZS z 2SMRWXEPIIPXIPIZMWSVFSGEEVVMFE FSGEEFENSLEGMEEXVÅWRMHIPEHS z 2SMRWXEPIIPXIPIZMWSVIRYRIWXERXI WSFVIYREEPJSQFVEWSFVIYREGEQE SHIRXVSHIYREVQEVMS z 2SGYFVEIPXIPIZMWSVGSRXINMHSW GSQSGSVXMREWRMSXVSWSFNIXSWGSQS TIVM×HMGSWIXG z 2SMRWXEPIIPXIPIZMWSVGSQSWI QYIWXVEEGSRXMRYEGM×R 0EGMVGYPEGM×RHIEMVIUYIHESFWXVYMHE 8VERWTSVXI e (IWGSRIGXIXSHSWPSWGEFPIWERXIWHI XVERWTSVXEVIPXIPIZMWSV e 7IRIGIWMXERHSWSXVIWTIVWSREWTEVE XVERWTSVXEVYRXIPIZMWSVKVERHI e 'YERHSXVERWTSVXIIPXIPIZMWSVGSRPEW QERSWWYNÍXIPSGSQSWIMRHMGEIRPE MPYWXVEGM×R2SINIV^ETVIWM×RWSFVIPE TERXEPPE0'(RMIPQEVGSUYIPEVSHIE 'EFPIHIEPMQIRXEGM×R 4EVIH 9XMPMGIÞRMGEQIRXIGEFPIWHI EPMQIRXEGM×RWYQMRMWXVEHSWTSV7SR] 2SYXMPMGIGEFPIWHISXVSWTVSZIIHSVIW -RWIVXIIPIRGLYJIXSXEPQIRXIIRPE XSQEHIGSVVMIRXI )WXIXIPIZMWSVW×PSJYRGMSREGSR EPMQIRXEGM×RHI: 'YERHSGSRIGXIPSWGEFPIWRSSPZMHI HIWIRGLYJEVIPGEFPIHIEPMQIRXEGM×R TSVVE^SRIWHIWIKYVMHEH]IZMXI XVSTI^EVSIRVIHEVWIGSRPSWGEFPIW (IWIRGLYJIIPGEFPIHIEPMQIRXEGM×R ERXIWHIQERMTYPEVSHIWTPE^EVIP XIPIZMWSV 1ERXIRKEIPGEFPIHIEPMQIRXEGM×R EPINEHSHIJYIRXIWHIGEPSV (IWGSRIGXIIPIRGLYJI]PÑQTMIPS VIKYPEVQIRXI7MWIEGYQYPETSPZSS LYQIHEHIRIPIRGLYJITYIHI HIXIVMSVEVWIIPEMWPEQMIRXS]TVSHYGMVWI YRMRGIRHMS 2SXEW e 2SYXMPMGIIPGEFPIHIEPMQIRXEGM×R WYQMRMWXVEHSGSRSXVSWIUYMTSW e 2SETVMIXIHSFPIRMVIXYIV^E I\GIWMZEQIRXIIPGEFPIHIEPMQIRXEGM×R 0SWGSRHYGXSVIWMRXIVRSWTSHVÑERUYIHEV EPHIWGYFMIVXSSVSQTIVWI e 2SQSHMJMUYIIPGEFPIHIEPMQIRXEGM×R e 2SGSPSUYIRMRKÞRSFNIXSTIWEHSIRGMQE HIPGEFPIHIEPMQIRXEGM×R e 2SXMVIHIPGEFPITEVEHIWGSRIGXEVPS e 2SGSRIGXIHIQEWMEHSWETEVEXSWEPE QMWQEXSQEHIGSVVMIRXI e 2SYXMPMGIYREXSQEHIGSVVMIRXIHIQEPE GEPMHEH 9WSTVSLMFMHS 2SMRWXEPIYXMPMGIIPXIPIZMWSVIRPYKEVIW IRXSVRSWSWMXYEGMSRIWGSQSPEWHIWGVMXEWE GSRXMRYEGM×R]EUYIIPXIPIZMWSVTSHVÑE JYRGMSREVQEP]TVSZSGEVYRMRGIRHMSYRE HIWGEVKEIPÍGXVMGEYSXVSWHEÕSW]S PIWMSRIW 0YKEV e )WTEGMSWI\XIVMSVIWGSRPY^WSPEV HMVIGXEIRPEGSWXEIRYREIQFEVGEGM×R HIRXVSHIYRZILÑGYPSIRGIRXVSW WERMXEVMSWYFMGEGMSRIWMRIWXEFPIWGIVGE HIPEKYEPEPPYZMELYQIHEHSLYQS e 7MIPXIPIZMWSVWIGSPSGEIRPSWZIWXYEVMSW HIYRSWFEÕSWTÞFPMGSWSHIYRFEPRIEVMS IWTSWMFPIUYIWYJVEHEÕSWEGEYWEHIP E^YJVIWYWTIRHMHSIRIPEMVIIXG 4EVIH e 4EVEYREQINSVGEPMHEHHIMQEKIRRS I\TSRKEPETERXEPPEHMVIGXEQIRXIE JYIRXIWHIMPYQMREGM×RSEPEPY^HIPWSP e )ZMXIXVEWPEHEVIPXIPIZMWSVHIYRE^SRE JVÑEEYREGÅPMHE0SWGEQFMSWVITIRXMRSW HILEFMXEGM×RTSHVÑERSGEWMSREV GSRHIRWEGM×RHILYQIHEH)WXSTSHVÑE SGEWMSREVUYIIPXIPIZMWSVQSWXVEVE MQÅKIRIWHITSGEGEPMHEHSGSRYRGSPSV HIJMGMIRXI7MIWXSSGYVVIHINIUYIPE LYQIHEHWIIZETSVITSVGSQTPIXSERXIW HIIRGIRHIVIPXIPIZMWSV 'SRXMRÞE )7 e 2YRGETYPZIVMGIEKYESHIXIVKIRXI HMVIGXEQIRXIIRIPXIPIZMWSV)PPÑUYMHS TSHVÑEKSXIEVLEWXEPETEVXIMRJIVMSVHIPE TERXEPPESIR^SREWI\XIVREW]TIRIXVEV IRIPXIPIZMWSVGSRIPGSRWMKYMIRXI VMIWKSHIHEÕSWIRIPETEVEXS )RXSVRS e 0YKEVIWGÅPMHSWLÞQIHSWSGSRI\GIWMZS TSPZSPYKEVIWIRPSWUYITYIHERIRXVEV MRWIGXSWPYKEVIWI\TYIWXSWEZMFVEGMSRIW QIGÅRMGEWSPYKEVIWTV×\MQSWESFNIXSW MRJPEQEFPIWZIPEWIXG2SI\TSRKEIP XIPIZMWSVEKSXISWRMWEPTMGEHYVEWRM GSPSUYIWSFVIIPETEVEXSRMRKÞRSFNIXS PPIRSHIPÑUYMHSGSQSPSWJPSVIVSW e 2SGSPSUYIIPXIPIZMWSVIRYRIWTEGMS LÞQIHSSTSPZSVMIRXSRMIRYRE LEFMXEGM×RI\TYIWXEELYQSWSZETSVIW KVEWMIRXSWGIVGEHIGSGMREWS LYQMHMJMGEHSVIW4SHVÑETVSHYGMVWIYR MRGIRHMSYREHIWGEVKEIPÍGXVMGESYRE GSQFEHYVEHIPETEVEXS 'YERHSRSWIYXMPMGI e 7MRSZEEYXMPM^EVIPXIPIZMWSVHYVERXI ZEVMSWHÑEWHIWGSRIGXIIPGEFPITSV VE^SRIWQIHMSEQFMIRXEPIW]HI WIKYVMHEH e )PXIPIZMWSVRSWIHIWGSRIGXEHIPEXSQE HIGSVVMIRXIGYERHSWIETEKE (IWIRGLÞJIPSTEVEUYIUYIHIXSXEPQIRXI HIWGSRIGXEHS e 2SSFWXERXIIWTSWMFPIUYIEPKYRSW XIPIZMWSVIWHMWTSRKERHIJYRGMSRIWUYI TVIGMWIRUYIWIIRGYIRXVIRIRQSHSHI IWTIVETEVEJYRGMSREVGSVVIGXEQIRXI 2MÕSW e 2SHINIUYIPSWRMÕSWWYFEREPXIPIZMWSV e 1ERXIRKEPSWEGGIWSVMSWTIUYIÕSWJYIVE HIPEPGERGIHIPSWRMÕSWTEVEUYIRSPSW XVEKYIR 7MSGYVVIRPSWWMKYMIRXIW TVSFPIQEW %TEKYIIPXIPIZMWSV]HIWIRGLÞJIPS MRQIHMEXEQIRXIWMSGYVVIGYEPUYMIVEHIPSW WMKYMIRXIWTVSFPIQEW 4MHEEWYHMWXVMFYMHSVSEPWIVZMGMSXÍGRMGS HI7SR]UYIPIVIZMWIIPXIPIZMWSV 'YERHS e 2SMRWXEPIIPXIPIZMWSVIRPYKEVIW WSQIXMHSWEXIQTIVEXYVEWI\XVIQEW GSQSFENSPEPY^WSPEVHMVIGXEGIVGEHI YRVEHMEHSVSHIYREVINMPPEHI ZIRXMPEGM×R)PXIPIZMWSVTSHVÑE GEPIRXEVWIIRXEPIWGSRHMGMSRIWPSUYI TSHVÑEGEYWEVYREHIJSVQEGM×RHIPE GEVGEWESYRJEPPSHIJYRGMSREQMIRXSHIP XIPIZMWSV z z z z )PGEFPIHIEPMQIRXEGM×RIWXÅHEÕEHS 0EXSQEHIGSVVMIRXIIWHIQEPE GEPMHEH )PXIPIZMWSVIWXÅHEÕEHSTSVUYIWILE GEÑHSLEWMHSKSPTIEHSSPILEWMHS EVVSNEHSEPKÞRSFNIXS %PKYREWYWXERGMEPÑUYMHESW×PMHEGEI HIRXVSHIPXIPIZMWSV %HZIVXIRGME 4EVEIZMXEVPETVSTEKEGM×RHIJYIKS QERXIRKEPEWZIPEWYSXVEWPPEQEWWMIQTVI EPINEHEWHIIWXITVSHYGXS 7MXYEGM×R e 2SPSYXMPMGIWMXMIRIPEWQERSWQSNEHEW WMWILEI\XVEÑHSPEGEVGEWESGSR EGGIWSVMSWRSVIGSQIRHEHSWTSVIP JEFVMGERXI(IWGSRIGXIIPXIPIZMWSVHIP GEFPIHIEPMQIRXEGM×R]HIPEERXIRE HYVERXIPEWXSVQIRXEWIPÍGXVMGEW e 2SMRWXEPIIPXIPIZMWSVHIQERIVEUYI WSFVIWEPKELEGMEYRIWTEGMSEFMIVXS 4SHVÑETVSZSGEVPIWMSRIWSHEÕSWEPEW TIVWSREWYSFNIXSWUYITYHMIVERMQTEGXEV GSRIPXIPIZMWSV 4MI^EWVSXEW e 2SEVVSNIRMRKÞRSFNIXSGSRXVEIP XIPIZMWSV)PGVMWXEPHIPETERXEPPETSHVÑE VSQTIVWIHIFMHSEPMQTEGXS]GEYWEV PIWMSRIWKVEZIW e 7MPEWYTIVJMGMIHIPXIPIZMWSVWIEKVMIXES WIVSQTIRSPEXSUYIWMRERXIW HIWGSRIGXEVIPGEFPIHIEPMQIRXEGM×R(I PSGSRXVEVMSTSHVÑEVIGMFMVYREHIWGEVKE IPÍGXVMGE )7 -RPIMHMRK &IHEROXHEXYLIFXKIOS^IRZSSVHMX7SR] TVSHYGX%PZSVIRWHIXIPIZMWMIXIKIFVYMOIR HMIRXYHI^ILERHPIMHMRKZSPPIHMKHSSVXI PI^IR&I[EEVHILERHPIMHMRKZSSV VEEHTPIKMRKMRHIXSIOSQWX (IJEFVMOERXZERHMXTVSHYGXMW7SR] 'SVTSVEXMSR/SRER1MREXS OY8SO]S.ETER(I KIEYXSVMWIIVHIZIVXIKIR[SSVHMKMRK ZSSV)1'IRTVSHYGXZIMPMKLIMHMW 7SR](IYXWGLPERH+QF, ,IHIPJMRKIV7XVEWWI 7XYXXKEVX(YMXWPERH:SSVWIVZMGI SJKEVERXMI^EOIRZIV[MN^IR[MNY KVEEKREEVHIEHVIWWIRMRHI EJ^SRHIVPMNOIWIVZMGIKEVERXMI HSGYQIRXIR 3TQIVOMRKIR FIXVIJJIRHIHIHMKMXEPI XIPIZMWMIJYRGXMI e *YRGXMIWQIXFIXVIOOMRKXSXHMKMXEPI XIPIZMWMI [IVOIREPPIIRMRPERHIR SJKIFMIHIR[EEV(:&814)+IR ,14)+%:'HMKMXEPIEEVHWI WMKREPIR[SVHIRYMXKI^SRHIRSJ[EEV XSIKERKMWXSXIIRGSQTEXMFIPI(:&' 14)+IR,14)+%:' OEFIPWIVZMGI:VEEKY[HIEPIVSJYIIR (:&8WMKREEPOYRXSRXZERKIR[EEVY [SSRXSJZVEEKY[OEFIPPIZIVERGMIVSJ LYR(:&'OEFIPWIVZMGIKIWGLMOXMW ZSSVIIRKIÓRXIKVIIVHI[IVOMRKQIXHI^I XIPIZMWMI e 9[OEFIPPIZIVERGMIVOERZSSVIIR HIVKIPMNOIWIVZMGIOSWXIRMRVIOIRMRK FVIRKIRIRLIXOER^MNRHEXYQSIX MRWXIQQIRQIXFITEEPHIZSSV[EEVHIR e (MXXIPIZMWMIXSIWXIPZSPHSIXEERHI(:& 8IR(:&'WTIGMJMGEXMIWQEEVHI GSQTEXMFMPMXIMXQIXXSIOSQWXMKI(:&8 HMKMXEPIEEVHWIIR(:&'HMKMXEPI OEFIPYMX^IRHMRKIROERRMIX[SVHIR KIKEVERHIIVH e &ITEEPHIHMKMXEPIXIPIZMWMIJYRGXMIW^MNR [IPPMGLXRMIXFIWGLMOFEEVMRWSQQMKI PERHIRVIKMSWIR(:&'OEFIP[IVOX [IPPMGLXRMIXKSIHFMNFITEEPHI EERFMIHIVW e (I\HMI[SVHX[IIVKIKIZIRMRHI QSHIPREEQOSQXSZIVIIRQIXIIRGMNJIV HEXFIXVIOOMRKLIIJXSTLIXSRX[IVTHI OPIYVSJLIXXZW]WXIIQ e -RWXVYGXMIWZSSVLIX-RWXEPPIVIRZERHI [ERHQSRXEKIWXIYRWXEERZIVQIPHMRHI KIFVYMOWEER[MN^MRKZERHI^IXIPIZMWMI e (IEJFIIPHMRKIRMRHI^I KIFVYMOWEER[MN^MRKOYRRIRZIVWGLMPPIR ZERLIXQSHIPZERY[XZ e (IMPPYWXVEXMIWZERHIEJWXERHWFIHMIRMRK MRHI^IKIFVYMOWEER[MN^MRKPEXIRHI 61)(^MIRXIR^MNERHIVW EERKIKIZIR e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ÏPIIMWIRIRHIERHIVIVIPIZERXI FITEPMRKIRZERVMGLXPMNR)+ 2EHIVIMRJSVQEXMIOYRXYZMRHIRST LXXT[[[GSQTPMERGIWSR]HI 3TQIVOMRKZSSVOPERXIRHIZSPKIRHI MRJSVQEXMIMWIROIPZERXSITEWWMRKZSSV ETTEVEXIRHMIZIVOSGLX[SVHIRMRPERHIR HMIHI)9VMGLXPMNRIRMREGLXRIQIR ,IXHVEEHPS^IW]WXIIQZERIIRXZOER [SVHIRKIFVYMOXMRHIZSPKIRHIPERHIR 3SWXIRVMNO&IPKMÏ&YPKEVMNI']TVYW 8WNIGLMÏ(IRIQEVOIR)WXPERH*MRPERH *VEROVMNO(YMXWPERH+VMIOIRPERH ,SRKEVMNI-.WPERH-IVPERH-XEPMÏ0IXPERH 0MIGLXIRWXIMR0MXSY[IR0Y\IQFYVK 1EPXE2IHIVPERH2SSV[IKIR4SPIR 4SVXYKEP7PS[EOMNI6SIQIRMÏ7PSZIRMÏ 7TERNI>[IHIR>[MXWIVPERH8YVOMNIIR LIX:IVIRMKH/SRMROVMNO (I^IETTEVEXYYVOER[SVHIRKIFVYMOXMR ERHIVIRMIX)YVSTIWIPERHIR (VEEHPSSWXZW]WXIIQ VIKPIQIRXIVMRK :SSVOPERXIRMR-XEPMÏ ,IXKIFVYMOZERLIX60%2RIX[IVOMW KIVIKIPH W [EXTVMZÍ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©PIWYRH7ZEPFEVH :SSVOPERXIRMR']TVYW (IIMRHKIFVYMOIVQSIXHI60%2 ETTEVEXIRSJ;%7SJ;M*MMRWGLVMNZIR FMNLIXHITEVXIQIRXZERIPIOXVSRMWGLI GSQQYRMGEXMI(ITEVXQIRXSJ)PIGXVSRMG 'SQQYRMGEXMSRW4-IR4- 4-MWHIVIKIPMRKFIXVIJJIRHI VEHMSGSQQYRMGEXMIGEXIKSVMIÏRZER WXEXMSRWSRHIV[SVTIREEREPKIQIRI EYXSVMWEXMIIRVIKMWXVEXMIZER 4-MWHIEPKIQIRIEYXSVMWEXMI ZSSVLIXKIFVYMOZERVEHMSJVIUYIRXMIWHSSV 6EHMS0SGEP%VIE2IX[SVOWIRHSSV ;MVIPIWW%GGIWW7]WXIQWMRGPYWMIJ6EHMS 0SGEP%VIE2IX[SVOW;%760%2 :SSVOPERXIRMR*VEROVMNO (I;0%2JYRGXMI;M*MZERHI^I HMKMXEPI0'(OPIYVIRXIPIZMWMIMW YMXWPYMXIRHFIWXIQHZSSVKIFVYMOFMRRIR KIFSY[IR+IFVYMOZERHI;0%2JYRGXMI ;M*MZERHI^IHMKMXEPI0'( OPIYVIRXIPIZMWMIFYMXIRKIFSY[IRMW ZIVFSHIRSTLIX*VERWIKVSRHKIFMIH>SVK IVZSSVHEXHI;0%2JYRGXMI;M*MZER HI^IHMKMXEPI0'(OPIYVIRXIPIZMWMIMW YMXKIWGLEOIPHZSSVYHI^IFYMXIR KIFSY[IRKIFVYMOX%68FITEPMRK ^SEPWEERKITEWXMR%68 FITEPMRKQIXFIXVIOOMRKXSX FITIVOMRKIRZSSVLIXKIFVYMOZER VEHMSJVIUYIRXMIW 0SGEXMIZERLIX MHIRXMJMGEXMIPEFIP ,IXPEFIPQIXLIXQSHIPRYQQIVHI TVSHYGXMIHEXYQQEERHNEEVIRHI ZSIHMRKWOPEWWIMRSZIVIIRWXIQQMRKQIX HIXSITEWWIPMNOIZIMPMKLIMHWVIKPIQIRXIR FIZMRHIR^MGLSTHIEGLXIVOERXZERHIXZ IRZIVTEOOMRK :SSV^SVKWQEEXVIKIPIR 8IPIZMWMIOMNOIR e 7SQQMKIQIRWIROYRRIRSRKIQEOOIR IVZEVIRZIVQSIMHISKIRZIVQSIMHLIMHSJ QMWWIPMNOLIMHFMNLIXFIOMNOIRZER( FIIPHIRSJLIXWTIPIRZERWXIVISWGSTMWGLI (KEQIW7SR]VEEHXEPPIKIFVYMOIVWEER VIKIPQEXMKVYWXTEY^IWMRXIPEWWIRFMNLIX FIOMNOIRZER(FIIPHIRSJLIXWTIPIRZER WXIVISWGSTMWGLI(KEQIW(IPIRKXIIRHI JVIUYIRXMIZERHIRSHMKIVYWXTEY^IW ZEVMÏ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e +IFVYMOSJFI[EEVHI(&VMPSJHIFEXXIVMN RMIXMRHIFYYVXZERZYYVSJSTTPEEXWIRQIX IIRLSKIXIQTIVEXYYVFZMRHMVIGX^SRPMGLX SJMRIIREYXSHMIMRHI^SRWXEEX e ;ERRIIVYHIKIWMQYPIIVHI(JYRGXMI KIFVYMOXHMIRXYIVVIOIRMRKQIIXILSYHIR HEXLIX[IIVKIKIZIRFIIPHRMIXLIPIQEEP KIPMNOMWEERLIXSSVWTVSROIPMNOIFIIPHXIR KIZSPKIZERHIGSRZIVWMIHMIHSSVHI XIPIZMWMI[SVHXYMXKIZSIVH e /MNOXIPIZMWMIQIXKIHIQTXPMGLXSQHEX XIPIZMWMIOMNOIRMRLIXHSROIVSJKIHYVIRHI IIRPERKITIVMSHIHISKIRI\XVEFIPEWX e %PWYIIRLSSJHXIPIJSSRKIFVYMOXQEK Y LIXZSPYQIRMIXXILSSK^IXXIRSQ KILSSVFIWGLEHMKMRKXIZSSVOSQIR 0'(WGLIVQ e ,SI[IPLIX0'(WGLIVQMWZIVZEEVHMKH QIXTVIGMWMIXIGLRSPSKMIIRSJ QIIVZERHITM\IPW[IVOIROYRRIRIV XSGLHSROIVISJLIPHIVITYRXNIWVSSH FPEY[SJKVSIRTIVQERIRX^MGLXFEEV ^MNR STLIX0'(WGLIVQ(MXMWIIR WXVYGXYVIIPOIRQIVOZERIIR0'( WGLIVQIRHYMHXRMIXSTIIRHIJIGX e (VYOIROVEWRMIXSTLIXWGLIVQIRTPEEXW KIIRZSSV[IVTIRSTLIXXIPIZMWMIXSIWXIP ,IXFIIPHOERLMIVHSSVZIVZSVQIRSJLIX 0'(WGLIVQOERFIWGLEHMKIR e %PWLIXXIPIZMWMIXSIWXIPSTIIROSYHI TPEEXW[SVHXKIFVYMOXOERLIXFIIPH ZPIOOIVMKSJHSROIV^MNR(MX[MNWXRMIXST IIRWXSVMRK(MXZIVWGLMNRWIPZIVH[MNRX [ERRIIVHIXIQTIVEXYYVWXMNKX e &MNPERKHYVMKI[IIVKEZIZERWXMPWXEERHI FIIPHIROYRRIRWTSSOFIIPHIRSTXVIHIR (I^IOYRRIRREIRMKIXMNHZIVH[MNRIR e ,IXWGLIVQIRHIOEWX[SVHIR[EVQEPW LIXXIPIZMWMIXSIWXIP[SVHXKIFVYMOX(MX HYMHXRMIXSTIIRHIJIGX :IVZSPK 20 e ,IX0'(WGLIVQFIZEXIIROPIMRI LSIZIIPLIMHZPSIMFEVIOVMWXEPPIRIRO[MO 7SQQMKIJPYSVIWGIRXMIPEQTIRMRLIX XIPIZMWMIXSIWXIPFIZEXXIRSSOO[MO FILEPZIPGHXIPIZMWMIWQIX EGLXIVKVSRHZIVPMGLXMRKHQZPIHW +SSMLIXXSIWXIP[IKZSPKIRWHIKIPHIRHI PSOEPI[IXKIZMRKIRZSSVWGLVMJXIR 7GLIVQSTTIVZPEOOEWX ZER LIXXIPIZMWMIXSIWXIP FILERHIPIRIRVIMRMKIR >SVKIVSQZIMPMKLIMHWVIHIRIRZSSVHEX Y LIXRIXWRSIVZERLIXXIPIZMWMIXSIWXIP PSWOSTTIPXZSSVHEXYLIXVIMRMKX 2IIQHIZSPKIRHIZSSV^SVKWQEEXVIKIPIR MREGLXSQZIVOPIYVMRKSJFIWGLEHMKMRKZER LIXQEXIVMEEPSJHIGSEXMRKZERLIXWGLIVQ XIZSSVOSQIR e 6IMRMKLIXWGLIVQSTTIVZPEOHIOEWXQIX IIR^EGLXIHSIOSQWXSJXIZIV[MNHIVIR &IZSGLXMKIIR^EGLXIHSIOPMGLXQIXIIR ZIVHYRHVIMRMKMRKWQMHHIPFMN LEVHRIOOMKIWXSJZSVQMRK e 7TVSIMRSSMX[EXIVSJ WGLSSRQEEOQMHHIPIRVIGLXWXVIIOWSTHI XZ(MXOERREEVHISRHIV^MNHIZERLIX WGLIVQPSTIRSJSTYMX[IRHMKI SRHIVHIPIRXIVIGLXOSQIRIRHIXZ FMRRIRHVMRKIR[EEVHSSVHIXZOER FIWGLEHMKHVEOIR ;EEVWGLY[MRKFMNKIFVYMO ZERHIEJWXERHWFIHMIRMRK 3TQIVOMRKIR e 0IXSTHIIRHIFMNLIXTPEEXWIRZERHI FEXXIVMNIR e 'SQFMRIIVKIIRZIVWGLMPPIRHIX]TIR FEXXIVMNIRSJSYHIIRRMIY[IFEXXIVMNIR e +SSMSYHIFEXXIVMNIRRMIXKI[SSR[IK QEEVPIZIV^IMR-RFITEEPHIVIKMSWOER LIXZIV[IVOIRZERFEXXIVMNIREERVIKIPW ^MNRKIFSRHIR2IIQLMIVZSSVGSRXEGXST QIXHIPSOEPIEYXSVMXIMXIR e ,ERXIIVHIEJWXERHWFIHMIRMRKQIX^SVK 0EEXHIEJWXERHWFIHMIRMRKRMIXZEPPIRKEIV RMIXSTWXEERIRQSVWIVKIIRZPSIMWXSJST e 4PEEXWHIEJWXERHWFIHMIRMRKRMIXMRHI FYYVXZERIIR[EVQXIFVSRSTIIRTPIOMR HMVIGX^SRPMGLXSJMRIIRZSGLXMKIVYMQXI (VEEHPS^IJYRGXMIZERLIX XSIWXIP e +IFVYMOHMXETTEVEEXRMIXMRHIFYYVXZER QIHMWGLIETTEVEXYYVTEGIQEOIVIR^ EERKI^MIRHIQIHMWGLIETTEVEXYYV FIWGLEHMKHOER[SVHIR e (IWMKREPIRHMIHMXXSIWXIPZIV^IRHX SRXZERKX^MNRKIGSHIIVHQEEVXSGLHMIRX YZSSV^MGLXMKXI^MNRQIXSRVIGLXQEXMKI MRXIVGITXMI;MNOYRRIRRMIX ZIVERX[SSVHIPMNO[SVHIRKIWXIPHZSSV QSKIPMNOITVSFPIQIRXIRKIZSPKI LMIVZER ;IK[IVTIRZERLIX XIPIZMWMIXSIWXIP e +IFVYMOKIIRWGLYYVWTSRWNIEPOEPMWGL ^YYVLSYHIRHVIMRMKMRKWQMHHIP WGLYYVTSIHIVSJZPYGLXMKSTPSWQMHHIP ^SEPWEPGSLSPFIR^IIRXLMRRIVSJ MRWIGXIRFIWXVMNHMRKWQMHHIP,IXKIFVYMO ZERHIVKIPMNOIQEXIVMEPIRSJLIXPERKHYVMK MREERVEOMRKOSQIRQIXVYFFIVSJ ZMR]PQEXIVMEPIROERFIWGLEHMKMRKZERLIX WGLIVQSTTIVZPEOIRLIXQEXIVMEEPZERHI OEWXXSXKIZSPKLIFFIR e ,IX[SVHXEERFIZSPIRHIZIRXMPEXMI STIRMRKIRVIKIPQEXMKQIXHIWXSJ^YMKIV XIVIMRMKIRSQIIRKSIHIZIRXMPEXMIXI LERHLEZIR e %PWYHILSIOZERLIXXIPIZMWMIXSIWXIP EERTEWXQSIXYLIXXSIWXIPPERK^EEQ ZIVTPEEXWIRSQXIZSSVOSQIRHEXLIX XIPIZMWMIXSIWXIPZERHIWXERHEEVHWGLMIX 3TXMSRIPIETTEVEXYYV e 4PEEXWSTXMSRIPISRHIVHIPIRSJ ETTEVEXYYVHMIIPIOXVSQEKRIXMWGLI WXVEPMRKYMX^IRHXSTIIREJWXERHZERLIX XIPIZMWMIXSIWXIP%RHIVWOER FIIPHZIVZSVQMRKIRSJVYMWSTXVIHIR e (MXXSIWXIPMWKIXIWXIRGSQTEXMFIP FIZSRHIRQIXHIPMQMIXIRZIVQIPHMRHI )1'VMGLXPMNRZSSVLIXKIFVYMOIRZERIIR ZIVFMRHMRKWWMKREEPOEFIPOSVXIVHER QIXIV 20 :IV[MNHIVMRKZER SYHIIPIOXVMWGLI IRIPIOXVSRMWGLI ETTEVEXIR XSITEWFEEVMRHI )YVSTIWI9RMI IRERHIVI)YVSTIWIPERHIR QIXKIWGLIMHIR EJZEPW]WXIQIR ,IXW]QFSSPSTLIXTVSHYGXSJSTHI ZIVTEOOMRK[MNWXIVSTHEXHMXTVSHYGXRMIX EPWLYMWLSYHIPMNOEJZEPQEK[SVHIR FILERHIPH,IXQSIXIGLXIVREEVIIRTPEEXW [SVHIRKIFVEGLX[EEVIPIOXVMWGLIIR IPIOXVSRMWGLIETTEVEXYYV[SVHXKIVIG]GPIH %PWYIVZSSV^SVKXHEXHMXTVSHYGXSTHI GSVVIGXIQERMIV[SVHXZIV[IVOXZSSVOSQX YZSSVQIRWIRQMPMIYRIKEXMIZIKIZSPKIR HMI^MGL^SYHIROYRRIRZSSVHSIRMRKIZEP ZERZIVOIIVHIEJZEPFILERHIPMRK(I VIG]GPMRKZERQEXIVMEPIRHVEEKXFMNXSXLIX ZVMN[EVIRZERREXYYVPMNOIFVSRRIR:SSV QIIVHIXEMPWMRZIVFERHQIXLIXVIG]GPIR ZERHMXTVSHYGXRIIQXYGSRXEGXSTQIXHI KIQIIRXIPMNOIMRWXERXMIWLIXFIHVMNJSJHI HMIRWXFIPEWXQIXHIZIV[MNHIVMRKZER LYMWLSYHEJZEPSJHI[MROIP[EEVYLIX TVSHYGXLIFXKIOSGLX :IV[MNHIVMRKZER SYHIFEXXIVMNIR MRHI)YVSTIWI 9RMIIRERHIVI )YVSTIWIPERHIR QIXEJ^SRHIVPMNOI MR^EQIPMRKWW]WXIQIR (MXW]QFSSPSTHIFEXXIVMNSJZIVTEOOMRK [MNWXIVSTHEXHIQIIKIPIZIVHIFEXXIVMNZER HMXTVSHYGXRMIXEPWLYMWLSYHIPMNOEJZEP FILERHIPHQEK[SVHIR3TWSQQMKI FEXXIVMNIROERHMXW]QFSSPZSSVOSQIRMR GSQFMREXMIQIXIIRGLIQMWGLW]QFSSP(I GLIQMWGLIW]QFSPIRZSSVO[MO,KSJ PSSH4F[SVHIRXSIKIZSIKHEPWHIFEXXIVMN QIIVHERO[MOSJPSSH FIZEX(SSVHI^IFEXXIVMNIRSTNYMWXI[MN^I EJXIZSIVIRZSSVOSQXYZSSVQIRWIR QMPMIYRIKEXMIZIKIZSPKIRHMI^MGL^SYHIR OYRRIRZSSVHSIRMRKIZEPZERZIVOIIVHI EJZEPFILERHIPMRK,IXVIG]GPIVIRZER QEXIVMEPIRHVEEKXFMNXSXLIXZVMN[EVIRZER REXYYVPMNOIFVSRRIR-RLIXKIZEPHEXHI TVSHYGXIRSQVIHIRIRZERZIMPMKLIMH TVIWXEXMIWHER[IPMRZIVFERHQIXHEXE MRXIKVMXIMXIIRTIVQERIRXIZIVFMRHMRKQIX FEXXIVMNZIVIMWIRHMIRXHI^IFEXXIVMNIROIP HSSVKIO[EPMJMGIIVHWIVZMGITIVWSRIIP ZIVZERKIRXI[SVHIR3QIVZSSVXI^SVKIR HEXHIFEXXIVMNSTIIRNYMWXI[MN^I^EP [SVHIRFILERHIPHHMIRXLIXTVSHYGXEER LIXIMRHZER^MNRPIZIRWG]GPYWSZIVLERHMKH XI[SVHIREERLIXHIWFIXVIJJIRHI MR^EQIPMRKWTYRXZSSVHIVIG]GPEKIZER IPIOXVMWGLIRIPIOXVSRMWGLQEXIVMEEP:SSV EPPIERHIVIFEXXIVMNIRZIV[MN^IR[IYREEV LIXKIHIIPXISZIVLSIHIFEXXIVMNZIMPMKYMX LIXTVSHYGXXIZIV[MNHIVIR3ZIVLERHMKHI FEXXIVMNFMNLIXHIWFIXVIJJIRHI MR^EQIPMRKWTYRXZSSVHIVIG]GPEKIZER FEXXIVMNIR:SSVQIIVHIXEMPWMRZIVFERH QIXLIXVIG]GPIRZERHMXTVSHYGXSJFEXXIVMN RIIQXYGSRXEGXSTQIXHIKIQIIRXIPMNOI MRWXERXMIWLIXFIHVMNJSJHIHMIRWXFIPEWX QIXHIZIV[MNHIVMRKZERLYMWLSYHEJZEPSJ HI[MROIP[EEVYLIXTVSHYGXLIFXKIOSGLX 20 -RLSYHWSTKEZI %ERHIWPEK (IEGGIWWSMVIWGSRXVSPIVIR &EXXIVMNIRMRHIEJWXERHWFIHMIRMRKTPEEXWIR (IXEJIPWXERHEEVHFIZIWXMKIR (IOMNOLSIOZERHIXZEERTEWWIR )IRERXIRRI7IX8ST&S\VIGSVHIVFZHZHVIGSVHIVEERWPYMXIR %YHMSZMHISETTEVEXYYVEERWPYMXIR :SSVOSQIRHEXHIXZSQZEPX 3QKEERQIXLIXRIXWRSIV(IOEFIPWWEQIRFYRHIPIR (IIIVWXIMRWXIPPMRKIRYMXZSIVIR 9[&6%:-%XZKIFVYMOIR 8ZOMNOIR :IVWGLMPPIRHIJYRGXMIWIRMRWXIPPMRKIRWIPIGXIVIRQIRY7XEVX +IFVYMOWEER[MN^MRK[IIVKIZIRM1ERYEP 2IX[IVOMRWXIPPMRKIR )IRFIOEFIPHRIX[IVOZSSVFIVIMHIR )IRHVEEHPSSW0%2ZSSVFIVIMHIR (IMRXIVRIXZIVFMRHMRKGSRJMKYVIVIR %PWYKIIRZIVFMRHMRKOYRXQEOIRQIXMRXIVRIX -RWXIPPMRKIRZSSVWIVZIV[IIVKEZIEERTEWWIR 3ZIVMKIMRJSVQEXMI 4VSFPIQIRSTPSWWIR 7TIGMJMGEXMIW (IEGGIWWSMVIWMRWXEPPIVIR;ERHQSRXEKIWXIYR :IMPMKLIMHWMRJSVQEXMI 20 2EHEXYY[&6%:-%XZKIÓRWXEPPIIVHLIFXIRHIFEWMWFIHMIRMRK KIPIIVHLIFXQIXHI^ILERHPIMHMRKOYRXYHIMRKIFSY[HI LERHPIMHMRKM1ERYEPVEEHTPIKIRZSSVHIZIVHIVIZIVHYMHIPMNOMRK ZERHIJYRGXMIWZERY[XZ (I^IXZLIIJXIIRMRKIFSY[HIKIFVYMOWEER[MN^MRKM1ERYEP 3QHIM1ERYEPXISTIRIRHVYOXYSTM1%29%0STHIEJWXERHWFIHMIRMRKIRWIPIGXIIVXYIIRMXIQ 6EEHTPIIKTEKMRE ZERHI^IKIFVYMOWEER[MN^MRK(IMRLSYHZERHIM1ERYEPOERZIVWGLMPPIRH ^MNREJLEROIPMNOZERLIXQSHIPHIVIKMSLIXKIFMIH 20 -RLSYHZERHIM1ERYEP 7SQQMKIQSHIPPIRSRHIVWXIYRIRHI^IJYRGXMIRMIX M1ERYEPKIFVYMOIR &6%:-%XZJYRGXMIW (JYRGXMI 3QKIZMRKWWIRWSV &6%:-%MRXIVRIXZMHIS -RXIVRIX[MHKIXW (VEEHPSSW0%2+IWGLMOXZSSVHVEEHPSSW 0%2 &6%:-%7]RGQIX'SRXVSPIZSSV ,(1- 3RHIVWXIYRX7O]TI 8VEGO-(}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» FILEPZI/(0)<\ &IZIWXMKMRKWWGLVSIZIRZSSV XEJIPWXERHEEVH1» EPPIIR/(0)<\ 1SRXEKIWGLVSIZIRZSSVXEJIPWXERHEEVH 1» EPPIIR/(0)<\/(0,<\ /(0)<\/(0'<\ 1SRXEKIWGLVSIZIRZSSVXEJIPWXERHEEVH 1» EPPIIR/(0,<\/(0)<\ /(0)<\/(0'<\ /(0)<\ 1SRXEKIWGLVSIZIRZSSVXEJIPWXERHEEVH 1» EPPIIR/(0)< 1SRXEKIWGLVSIZIRZSSVXEJIPWXERHEEVH 1» EPPIIR/(0)< -RFYWWPIYXIP FILEPZI/(0)< +IFVYMOWEER[MN^MRKHI^ILERHPIMHMRK IRERHIVIHSGYQIRXIR 6EEHTPIIKLIXHSGYQIRXKIPIZIVHFMNHI XEJIPWXERHEEVHSQHIXEJIPWXERHEEVHXIQSRXIVIR 20 &EXXIVMNIRMRHI EJWXERHWFIHMIRMRKTPEEXWIR & :SSV/(0)<\ /(0,<\ :IV[MNHIVHIFIWGLIVQJSPMI (VYOIRWGLYMJLIXHIOWIPSQLSSK & :SSV/(0)<\ /(0'<\ /(0)<\ /(0)<\ :IV[MNHIVHIFIWGLIVQJSPMI (VYOSTLIXHIOWIPIRXMPLIXSQLSSK SQXISTIRIR (IXEJIPWXERHEEVH FIZIWXMKIR 6EEHTPIIKLIXHSGYQIRXKIPIZIVHFMN HIXEJIPWXERHEEVHZSSVHINYMWXI FIZIWXMKMRKW[MN^IZSSVFITEEPHI XZQSHIPPIR 4PEEXWHIXZSTHIXEJIPWXERHEEVH & :SSV/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ e 6MGLXHIXZZERFSZIREJIRWGLYMJHI^IREEV FMRRIRXSXHEXHIKIPIMHITIRRIRRMIXQIIV ^MGLXFEEV^MNR & :SSV/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ & :SSV/(0)< & :SSV/(0)< & :SSV/(0)< & :SSV/(0)< e %PWYIIRIPIOXVMWGLIWGLVSIZIRHVEEMIVKIFVYMOX WXIPHERLIXHVEEMQSQIRXMRSTSRKIZIIV 2Q_OKJGQa (IXEJIPWXERHEEVHZERHI XIPIZMWMIPSWQEOIR 3QHIXEJIPWXERHEEVHZERHIXZPSWXIQEOIR ZIV[MNHIVXYHIWGLVSIZIR HMIFMNWXET FIZIWXMKH[IVHIR 1EEOHIXZZEWXEERHIXEJIPWXERHEEVH QIXHIFMNKIPIZIVHIWGLVSIZIRIRZSPK LMIVFMNHITMNPXNIW HMIHIWGLVSIJKEXIR QEVOIVIR e :IV[MNHIVHIXEJIPWXERHEEVHRMIXXIR^MNY FMNFILSVIRHIEGGIWWSMVIW[MPXMRWXEPPIVIRSTHI XIPIZMWMI e %PWYHIXEJIPWXERHEEVHZERHIXZZIV[MNHIVXPIK LIXWGLIVQHERQIXHIZSSV^MNHIREEVFIRIHIR KIVMGLXSTIIRWXEFMIP[IVOSTTIVZPEOHEXKVSXIVMW HERHIXZ :IVZSPK 20 e 3QWGLEHIEERLIXSTTIVZPEOZERLIX0'( WGLIVQXIZSSVOSQIRHMIRXYIIR^EGLXWXYOWXSJ STLIX[IVOSTTIVZPEOXITPEEXWIR e >SVKIVZSSVHEXHIXZZIVXMGEEPKITPEEXWXMWZSSVY HI^IMRWGLEOIPX9QEKHIXZRMIXMRWGLEOIPIR [ERRIIVLIX0'(WGLIVQREEVFIRIHIRKIVMGLXMW SQIIRSRIZIRFIIPHYRMJSVQMXIMXXIZSSVOSQIR & :SSV/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ (IOMNOLSIOZERHIXZ EERTEWWIR (IOMNOLSIOZERHI^IXZOER[SVHIREERKITEWX FMRRIRHIEERKIKIZIRLSIO ,SIOEERTEWWIR(VEEMIR FILEPZI/(0)< e %PWYHILSIOEERTEWXHMIRXYHIWXERHEEVHQIX ÍÍRLERHZEWXXILSYHIRSQXIZSSVOSQIRHEXHI WXERHEEVH[IKKPMNHXSJHEXHIXZSQOERXIPX ,SIOEERTEWWIR/ERXIPIR FILEPZI/(0'<\ e >SVKHEXY[ZMRKIVWRMIXKIORIPHVEOIRXYWWIRHI XZIRHIWXERHEEVHEPWYHILSIOVIKIPX >EGLXWXYOWXSJ & :SSV/(0)< & :SSV/(0)<\ /(0,<\ /(0)<\ /(0)<\ /(0)< >EGLXWXYOWXSJ & :SSV/(0)< & :SSV/(0)< >EGLXWXYOWXSJ 20 e >SVKIVZSSVHEXIVKIIRSFWXEOIPWZSSVHIXZWXEER )IR7IX8ST&S\VIGSVHIVFZHZH VIGSVHIVEERWPYMXIRZME,(1- -6WIRWSV (7]RG^IRHIVEPPIIR /(0)<\ /(0,<\ 3QKIZMRKWWIRWSV FILEPZI/(0)< /(0)< e 7XIPHISQKIZMRKWWIRWSVRMIXFPSSXEERHMVIGX ^SRPMGLXSJIIRERHIVIWXIVOIPMGLXFVSRHSIXYHMX [IPHEROYRRIRIVWXSVMRKIRSTXVIHIR )IRERXIRRI7IX8ST&S\ VIGSVHIVFZHZH VIGSVHIVEERWPYMXIR )IR7IX8ST&S\VIGSVHIVFZHZH VIGSVHIVEERWPYMXIRZME7'%68 7IX8ST&S\VIGSVHIVFZHZHVIGSVHIV %YHMSZMHISETTEVEXYYV EERWPYMXIR 7IX8ST&S\VIGSVHIVFZHZHVIGSVHIV e ;MNVEHIRYEERIIRLEEOWIYRMZIVWIPI7'%68 OEFIPXIKIFVYMOIRZSSVHI^IEERWPYMXMRK %YHMSZMHISETTEVEEX 20 :SSVOSQIRHEXHIXZ SQZEPX 3QKEERQIXLIX RIXWRSIV(IOEFIPW WEQIRFYRHIPIR & /(0'<\ 2IXWRSIV & &ILEPZI/(0'<\ e :SSVHEXYHIOEFIPWWEQIRFYRHIPXZIV[MNHIVXYHI OEFIPLSYHIVZERLIX%'HIOWIP^MIWXETIR +IFVYMOHIOEFIPLSYHIV^MIWXETSQHIERHIVI OEFIPWXIFYRHIPIR^MIWXET e &YRHIPLIXRIXWRSIVRMIXWEQIRQIXERHIVIOEFIPW 4PEEXWIIRLSYXWGLVSIJQQHMEQIXIV RMIXFMNKIPIZIVHMRHI XIPIZMWMIWXERHEEVH 4PEEXWIIROSPSQWGLVSIJ1RMIX FMNKIPIZIVHMRHIWGLVSIJSTIRMRKZER HIXZ &IZIWXMKHILSYXWGLVSIJIRHI OSPSQWGLVSIJQIXIIRWXIZMKIHVEEH RMIXFMNKIPIZIVH (IPIRKXIZERHI1QEGLMRIWGLVSIJ ZIVWGLMPXEJLEROIPMNOZERHIHMEQIXIVZER LIXWRSIV 6EEHTPIIKHIEJFIIPHMRKLMIVSRHIV QQ 1WGLVSIJ 7RSIV 8EJIPWXERHEEVH ZSSVXIPIZMWMI /(0)< &IZIWXMKHIOEFIPLSYHIVSRHIVHIEERWPYMXMRKIR FMNMRWXEPPEXMIEERHI[ERH 20 (IIIVWXIMRWXIPPMRKIR YMXZSIVIR &ILEPZI /(0'<\ /(0'<\ (MKMXEPIEYXSQ%JWXIQQMRK[ERRIIVY /EFIPWIPIGXIIVXVEHIR[MNYEER 7RIPWGERXIWIPIGXIVIRZSSVIIRWRIPPI EJWXIQQMRK7XIP*VIUYIRXMIIR 2IX[IVO-(MRZSPKIRWHIMRJSVQEXMIHMI YLIFXKIOVIKIRZERY[OEFIPPIZIVERGMIV %PWIVKIIR^IRHIV[SVHXKIZSRHIRQIX 7RIPWGERTVSFIIVXY:SPPIHMKIWGER HMXHYYVXPERKIV e :SPPIHMKIWGERMWQSKIPMNORMIXFIWGLMOFEEV EJLEROIPMNOZERY[VIKMSPERH 4VSKVEQQEWWSVXIVIR[MN^MKXHI ZSPKSVHIZERHIEREPSKI^IRHIVWHMI STKIWPEKIR^MNRSTHIXZ (VYOST*JSQHI^IRHIVXIWIPIGXIVIR HMIYREEVIIRRMIY[ITSWMXMI[MPX ZIVTPEEXWIRIRHVYOST (VYOST*JSQHIRMIY[ITSWMXMIZSSV HI^IRHIVXIWIPIGXIVIRIRHVYOST 7PYMXHIXZEERSTIIRWXSTGSRXEGX (VYOSTSTHIXZ(I!EERYMX EERHYMHMRK^EPKVSIRSTPMGLXIR (IIIVWXIOIIVHEXYHIXIPIZMWMIEER^IX ZIVWGLMNRXLIXQIRY8EEPSTLIXWGLIVQ e 9OYRXSSOLERHQEXMKEJWXIQQIRST^IRHIVW e %PWYHIXZZSSVHIIIVWXIOIIVMRWGLEOIPX LIIJXHI^I[EXXMNHRSHMKZSSVMRXIVRI ZIV[IVOMRKZSSVSTXMQEPMWIVMRKZSSVHEXYHI IIVWXIMRWXIPPMRKIROYRXYMXZSIVIR)V^EPKIIR FIIPHIRKIPYMH^MNRIRLIXXMQIVPEQTNIEERHI ZSSV^MNHIZERHIXZ^EPSRKIZIIVWIGSRHIR PERKSVERNIORMTTIVIR7GLEOIPHIXZRMIX XMNHIRWHMXTVSGIW(MXTVSGIW[IVHMRHI JEFVMIOZSPXSSMHZSSVFITEEPHIXIPIZMWMIW :SPKHIMRWXVYGXMIWSTLIXWGLIVQ 20 9[&6%:-%XZKIFVYMOIR 8ZOMNOIR +9-() ^ e (IORSTTIR2463+IR %9(-3^MNRZSSV^MIRZERIIR ZSIPWXMT+IFVYMOHIZSIPWXMTTIR EPWVMGLXTYRX[ERRIIVYHIXZ FIHMIRX 20 7GLEOIPHIXZMR 7IPIGXIIVIIRWXERH 7IPIGXIIVIIRXZOEREEP (VYOSTSTHIXZSQHIXZMRXIWGLEOIPIR (I(MKMXEPI)PIOXVSRMWGLI4VSKVEQQEKMHW KIFVYMOIR (VYOST+9-()MRHIHMKMXEPIQSHYWSQHI TVSKVEQQEKMHW[IIVXIKIZIR +IFVYMOHEEVFMNSQHMKMXEPI^IRHIVWXIWIPIGXIVIR :SSV^IRHIVRYQQIVWIRLSKIVHVYOXYWRIPSTLIX ZSPKIRHIGMNJIV (IPIRIRFIHMIRMRKWIPIQIRXIRZERHIEJWXERHWFIHMIRMRK +IFVYMOHIFMNKIPIZIVHIEJWXERHWFIHMIRMRKSQY[XZXIFIHMIRIR(IFEWMWFIHMIRMRKZERHI EJWXERHWFIHMIRMRK[SVHXLMIVYMXKIPIKH:SSVQIIVMRJSVQEXMISZIVEPPIJYRGXMIWZERHI EJWXERHWFIHMIRMRKHVYOXYSTM1%29%0IRVEEHTPIIKXYHIMRKIFSY[HILERHPIMHMRKM1ERYEP TEKMRE (VYOLMIVSTSQHIXZMRIRYMXXIWGLEOIPIRZERYMXHI WXERHF]WXERH M1%29%0 ,MIVQIIKIIJXYHIMRKIFSY[HILERHPIMHMRK M1ERYEP[IIV 7=2'1)29 ,MIVQIIKIIJXYLIX&6%:-%7]RGQIRY[IIVSQ ETTEVEXYYVXIFIHMIRIRHMIGSQTEXMFIPMWQIX&6%:-% 7]RGIREERKIWPSXIRMWSTHIXZ *J+K ,MIVQIIOYRXYHIGYVWSVSTLIXWGLIVQFI[IKIRIR LIXMXIQFIZIWXMKIR 348-327 ,MIVQIIOYRXYIIRPMNWX[IIVKIZIRQIXLERHMKI JYRGXMIWIRWRIPOSTTIPMRKIRZSSVQIRYW(IQIRY MXIQWZIVWGLMPPIREJLEROIPMNOZERHILYMHMKIMRZSIVIR SJMRLSYH :SSV/(0)<\ /(0,<\ /PIYVXSIXWIR %PWHIOPIYVXSIXWIRFIWGLMOFEEV^MNRZIVWGLMNRIRIV IIRFIKIPIMHIRHIFIHMIRMRKWMRWXVYGXMIWSTLIXWGLIVQ 463+',zGMNJIVXSIXWIR ,MIVQIIWIPIGXIIVXY^IRHIVWMRHIXZWXERH z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ÏR(IGEXIKSVMIÏR^MNRFIWGLMOFEEVEJLEROIPMNOZERLIXQSHIPZERY[XZHIVIKMSLIX PERHIRHISQWXERHMKLIHIRZERYMX^IRHMRK 8: 9OYRXIIRPMNWXQIXXZOEREPIRSJIIRTVSKVEQQEKMHWOMI^IR 1IHME 9OYRXKIRMIXIRZERJSXSWQY^MIOZMHISWZME97&ETTEVEXIR SJLIXXLYMWRIX[IVO -RKERKIR 9OYRXETTEVEXYYVWIPIGXIVIRHMIEERKIWPSXIRMWSTHIXZ *EZSVMIXIR,MWXSVMI &MIHXWRIPPIXSIKERKXSXY[ZEEOKIFVYMOXIIRVIGIRXFIOIOIR MXIQW^SEPWXZ^IRHIVWI\XIVRIMRKERKIRSJY[ QIHMEFIWXERHIR -RWXIPPMRKIR &IZEXEPPIRSHMKIGSRJMKYVEXMIWSQHIMRWXIPPMRKIRZERY[XZ REEVY[ZSSVOIYVEERXITEWWIR ;MHKIXW &MIHXXSIKERKXSX;MHKIXW 8SITEWWMRKIR 9OYRXKIRMIXIRZERZIVWGLMPPIRHIXSITEWWMRKIR^SEPW 1Y^MIO^SIOIR-RXIVRIXTEKMREIR^ 5VMSGMX] 2EEVHISRPMRIHMIRWX5VMSGMX]KEER -RXIVRIXMRLSYH 9OYRXKIRMIXIRZERMRXIVRIXMRLSYHHMIRWXIR %ERFIZIPMRKIR +IIJXSTFEWMWZERY[[IIVKEZIKIWGLMIHIRMWEERFIZIPMRKIR ZSSVTVSKVEQQEWHMIYQSKIPMNOPIYOZMRHX 3TREQIW 9OYRXXMQIVSTREQIWQEOIRSTIIREERKIWPSXIR97&,(( ETTEVEEXIROMI^IR[IPOISTKIRSQIRMRLSYHXYEJWTIIPX 20 +IFVYMOWEER[MN^MRK[IIVKIZIRM1ERYEP (IKIFVYMOWEER[MN^MRKMWKIÓRXIKVIIVHMRY[&6%:-%XZIROERSTLIXWGLIVQ[SVHIR [IIVKIKIZIR :SSVQIIVMRJSVQEXMISZIVHIJYRGXMIWZERY[XZSTIRXYHIM1ERYEPQIXÍÍRHVYOSTIIRORST (VYOSTM1%29%0 (VYOST*J+K WIPIGXIVIR SQMXIQWXI -XIQWWIPIGXIVIRMRHIM1ERYEP (VYOST*JSQIIRMXIQXIWIPIGXIVIR (IMRLSYHZERLIXMXIQ[SVHXVIGLXW [IIVKIKIZIREPWHIX[IIHIPEEK (VYOSTKSQREEVHIX[IIHIPEEKXIKEER (VYOST*JSQIIRMXIQXIWIPIGXIVIRZEREJ HIX[IIHIPEEK 6IGLXW[SVHXIIRSZIV^MGLXZERLIXMXIQ [IIVKIKIZIR %PWIVIIRHIVHIPEEKFIWGLMOFEEVMWLIVLEEPX YHI^IWXETSQLIXSZIV^MGLXZERLIXMXIQ [IIVXIKIZIR (VYOSTKSQIIRMXIQXIWIPIGXIVIR (IMRLSYH[SVHX[IIVKIKIZIR 20 &IWGLVMNZMRKZERLIXM1ERYEPWGLIVQ (VYOST+SQXIVYKXIOIVIRREEVHIZSVMKITEKMRE (VYOSTJSQREEVHIZSPKIRHITEKMREXIKEER 4EKMRERYQQIV8SXEEPEERXEPTEKMREW (VYOST6)8962SQXIVYKXIOIVIRREEVHIZSVMKI TEKMRE (VYOST SQHIJYRGXMIXIWXEVXIR e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e (IKILIYKIRJYRGXMIZSSVHIPEEXWXITEKMRE[SVHXEYXSQEXMWGLKIVIWIXEPWYHIXZMRWXERHF]WXERH^IX 20 2IX[IVOMRWXIPPMRKIR %PWYHI^IXZQIXMRXIVRIXZIVFMRHXOYRXYZER QIIVHIVIJYRGXMIWKIRMIXIRIIRJSXS [IIVKIKIZIRQIXHEEVSTHIPSGEXMISTHI OEEVXMRXIVRIXZMHISEJWTIPIRIR^6EEHTPIIK HIM1ERYEPZSSVQIIVMRJSVQEXMISZIVHI^I JYRGXMIW e 9^YPXIIRMRXIVRIXTVSZMHIVQSIXIRGSRXEGXIVIR SQZIVFMRHMRKXIQEOIRQIXMRXIVRIX )IRFIOEFIPHRIX[IVO ZSSVFIVIMHIR -RXIVRIX 1SHIQQIX VSYXIVJYRGXMIW SJ )IRHVEEHPSSW0%2 ZSSVFIVIMHIR :SSV/(0)</(0 )</(0)</(0 )< &MNQSHIPPIRQIXMRKIFSY[HHVEEHPSSW0%2 ETTEVEEXOYRXYLIXMRXIVRIXIRY[XLYMWRIX[IVO KIFVYMOIR^SRHIVHI97&HVEEHPSSW0%2 EHETXIV9;%&6 &ILEPZI/(0)< /(0)</(0)< /(0)< 1IX+IWGLMOXZSSVHVEEHPSSW0%2LIFXY IIRZSYHMKXSIKERKXSXMRXIVRIXIRXSXY[ XLYMWRIX[IVOHERO^MNHI97&EHETXIVZSSV HVEEHPSSW0%29;%&6ZEREJNERYEVM (SSVHI97&EHETXIVZSSVHVEEHPSSW 0%2MRHI97&TSSVXZERY[XZXITPEEXWIR OYRXYIIRZSYHMKIIROEFIPZVMNRIX[IVO QEOIR 8Z 6SYXIV 1SHIQ :SSVHEXYHIHVEEHPS^I0%2JYRGXMIZERHIXZ GSRJMKYVIIVXHMIRXYIVZSSVXI^SVKIRHEXIV IIRHVEEHPS^I0%2VSYXIVKIGSRJMKYVIIVHMW -RXIVRIX e +IFVYMOZSSV0%2ZIVFMRHMRKIRIIROEFIPZER GEXIKSVMIRMIXFMNKIPIZIVH e (I97&EHETXIVZSSVHVEEHPSSW0%2MW FIWGLMOFEEVEPWIIRSTXMSRIIPEGGIWWSMVI EJLEROIPMNOZERLIXQSHIPZERY[XZ 20 (IMRXIVRIXZIVFMRHMRK GSRJMKYVIVIR (ERO^MNHIRIX[IVOJYRGXMIOYRXYHIXZQIX MRXIVRIXZIVFMRHIR(IQERMIVZERMRWXIPPIR ZIVWGLMPXEJLEROIPMNOZERLIXWSSVXRIX[IVOIR 0%2VSYXIV:SSVHEXYHIMRXIVRIXZIVFMRHMRK GSRJMKYVIIVXHMIRXYIIR0%2VSYXIVXI GSRJMKYVIVIR'SRXVSPIIVY[HVEEHPS^I0%2 SQKIZMRKEERHILERHZERHIZSPKIRHIXEFIP (VEEHPSSW0%2 &IZIMPMKHHVEEHPSSW0%2# 2))2 O8]TI VSYXIV:SSVHEXYIIRHVEEHPSSW0%2 GSRJMKYVIIVXGSRXVSPIIVXYHIPSGEXMIZERHI ;47ORSTSTHIVSYXIVIRKEEXYRELSIYHMI KIFVYMOX :SSVHIZIMPMKLIMH^SVKX;474-2ZSSV IIRTMRGSHIZSSVY[VSYXIV(ITMRGSHI[SVHX ZIVRMIY[HIPOIOIIVEPWY;474-2 WIPIGXIIVX (VYOST,31)IRWIPIGXIIV ZIVZSPKIRW "2IX[IVO" 2IX[IVOMRWXIPPMRKIR 7IPIGXIIV(VEEHPS^IMRWXIPPMRKIR .%Q +IFVYMOXYIIRHVEEHPS^I 0%2VSYXIVHMIGSQTEXMFIPMW QIX;M*M4VSXIGXIH7IXYT ;47# 2))2 O8]TI 7IPIGXIIV;47HVYOORSTZSSVHI QIXLSHIQIXHIHVYOORSTSJ;47 4-2ZSSVHIQIXLSHIQIX4-2 e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e %PWY;47KIFVYMOXZSSVLIXMRWXIPPIRZERIIR RIX[IVO[SVHIRHIFIZIMPMKMRKWMRWXIPPMRKIRZER HIHVEEHPS^I0%2VSYXIVKIEGXMZIIVHIR[SVHX EPPIETTEVEXYYVHMIZSSVHMIRZIVFSRHIR[EWQIX LIXHVEEHPSSW0%2MRIIRRMIXFIZIMPMKHI XSIWXERHPSWKIOSTTIPHZERLIXRIX[IVO %GXMZIIVMRHEXKIZEPHIFIZIMPMKMRKWMRWXIPPMRKIR ZERHIPSWKIOSTTIPHIETTEVEXYYVIRZIVFMRHHI ETTEVEXYYVSTRMIY[9OYRXSSOHI FIZIMPMKMRKWMRWXIPPMRKIRZERHIHVEEHPS^I0%2 VSYXIVYMXWGLEOIPIRIRZIVZSPKIRWHIETTEVEXYYVMR IIRRMIXFIZIMPMKHIXSIWXERHQIXHIXZZIVFMRHIR 8]TI 3RFIZIMPMKHRIX[IVO QIXEPPIX]TIWHVEEHPS^I0%2 VSYXIV 3QIIRHVEEHPSSW0%2MRXIWXIPPIRMWIVIIR 77-(REEQZERLIXHVEEHPS^IRIX[IVORSHMK (VYOST,31)IRWIPIGXIIV ZIVZSPKIRW "2IX[IVO" 2IX[IVOMRWXIPPMRKIR 7IPIGXIIV&IHVEHIMRWXIPPMRKIR :SPKHIMRWXVYGXMIWSTLIX GSRJMKYVEXMIWGLIVQ 7IPIGXIIV%YXSSQLIX-4EHVIWIRHI TVS\]WIVZIVEYXSQEXMWGLMRXIWXIPPIRSJ +IFVYMOIVSQHI^ILERHQEXMKMRXI WXIPPIR (IRIX[IVOWXEXYWFIOMNOIR 9OYRXHIWXEXYWZERY[RIX[IVOGSRXVSPIVIR (VYOST,31)IRWIPIGXIIV ZIVZSPKIRW "2IX[IVO" 2IX[IVOMRWXIPPMRKIR 7IPIGXIIV2IX[IVOWXEXYWFIOMNOIR (VYOST,31)IRWIPIGXIIV ZIVZSPKIRW "2IX[IVO" 2IX[IVOMRWXIPPMRKIR 7IPIGXIIV(VEEHPS^IMRWXIPPMRKIR %PWYKIIRZIVFMRHMRKOYRX QEOIRQIXMRXIVRIX 7IPIGXIIV7GERRIRIRWIPIGXIIV ZIVZSPKIRWIIRRIX[IVOYMXHIPMNWXZER KIZSRHIRHVEEHPS^IRIX[IVOIR :SPKHIMRWXVYGXMIWSTLIX GSRJMKYVEXMIWGLIVQ e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e 'SRXVSPIIVHIEERWPYMXMRKZERHIERXIRRIOEFIP e 7PYMXHIXZEERSTLIXWXVSSQRIXIRHVYOSTSTHIXZ HSROIVIRKIIRKIPYMH e %PWLIXWXERHF]PEQTNIVSSHSTPMGLXHVYOXYST )VZIVWGLMNRIROPIMRI ^[EVXIIRSJLIPHIVI TYRXNIWSTLIXWGLIVQ e ,IXWGLIVQMWSTKIFSY[HYMXTM\IPW/PIMRI^[EVXIIRSJLIPHIVI TYRXNIWTM\IPWSTLIXWGLIVQHYMHIRRMIXSTIIRWXSVMRK 3TWSQQMKITVSKVEQQEW e 'SRXVSPIIVHIERXIRRISJWGLSXIPERXIRRI OERRMIX[SVHIREJKIWXIQH (IXZ[SVHXEYXSQEXMWGL e 'SRXVSPIIVSJHI7PIIT8MQIVKIEGXMZIIVHMWSJGSRXVSPIIVHI YMXKIWGLEOIPHHIXZ[SVHX (YYVMRWXIPPMRKZER8MQIV%ER e 'SRXVSPIIVSJ-REGXMZMXIMX8:7XERHF]KIEGXMZIIVHMW MRWXERHF]KI^IX e 'SRXVSPIIVSJ3QKIZMRKWWIRWSVKIEGXMZIIVHMW;ERRIIVIV KIHYVIRHIIIRFITEEPHITIVMSHIKIIROMNOIVKIHIXIGXIIVH[SVHX ZSSVHIXZWGLEOIPXLIXFIIPHEYXSQEXMWGLYMXIRFPMNJXEPPIIRLIX KIPYMHZERHIXZMRKIWGLEOIPH%PWIVHEEVRERSKQMRYXIR ZIVWXVIOIR^MNRWGLEOIPXHIXZSZIVREEVHIWXERHF]WXERH (IEJWXERHWFIHMIRMRK [IVOXRMIX e :IVZERKHIFEXXIVMNIR e 1SKIPMNOMWHIWXERH7=2'KIEGXMZIIVHSTHIXZ (VYOST7=2'1)29WIPIGXIIV8:FIWXYVMRKIRWIPIGXIIV ZIVZSPKIRW7XEVXQIRYSJ3TXMISQHIXZXIFIHMIRIR 9FIRXLIX[EGLX[SSVH ZSSVLIX/MRHIVWPSX ZIVKIXIR e :SIVMREPW4-2GSHI4-2GSHI[SVHXEPXMNH KIEGGITXIIVH (IVYMQXIVSRHHIXZ[SVHX e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z)9,*)z)'%8:7z7,=4)67z7 (/6z66z60*z*&z5*z*-9,*&z&1%z%%z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ÏVIR(IGSQQYRMGEXMIWRIPLIMHIRO[EPMXIMXZER&%7)8&%7)8< [SVHIRRMIXKIKEVERHIIVHZSSVHI^IXZ :IVZSPK 20 1SHIPREEQ/(0 )<\ ,<\ )<\ )<\ :IVQSKIRIRERHIVI 2IXWTERRMRKWZIVIMWXIR :z:%',^ )RIVKMIIJJMGMÏRXMIOPEWWI % % % % 7GLIVQKVSSXXIHMEKSREEP KIQIXIR 3RK GQMRGL 3RK GQMRGL 3RK GQMRGL 3RK GQMRGL :IVQSKIRW ZIVFVYMO MRHIWXERH 8LYMW 7XERHEEVH ; ; ; ; MRHIWXERH ;MROIP 0IZIRHMK ; ; ; ; +IQMHHIPHNEEVPMNOW IRIVKMIZIVFVYMO O;L O;L O;L O;L 7XERHF] ZIVQSKIRWZIVFVYMO ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ &IIPHWGLIVQVIWSPYXMI TYRXIRLSVM^SRXEEP»PMNRIRZIVXMGEEP %JQIXMRKIRSRKF»L»H QIXXEJIPWXERHEEVH »»GQ »»GQ »»GQ »»GQ ^SRHIVXEJIPWXERHEEVH »»GQ »»GQ »»GQ »»GQ QIXXEJIPWXERHEEVH OK OK OK OK ^SRHIVXEJIPWXERHEEVH OK OK OK OK &MNKIPIZIVHIEGGIWWSMVIW >MI(IEGGIWWSMVIWGSRXVSPIVIRTEKMRE 3TXMSRIPIEGGIWWSMVIW ;ERHQSRXEKIWXIYR79;0 (FVMP8(+&68(+&68(+&68(+&6/(0)<\/(0,<\ :'GEQIVEIRQMGVSJSSR'19&6 97&EHETXIVZSSVHVEEHPSSW0%2 +IFVYMOWXIQTIVEXYYV 'z' +IFVYMOWZSGLXMKLIMHWKVEEH zVIPEXMIZIPYGLXZSGLXMKLIMH^SRHIVGSRHIRWEXMI 1SHIPREEQ/(0 '<\ +I[MGLXSRK ,<\ )<\ )<\ :IVQSKIRIRERHIVI 2IXWTERRMRKWZIVIMWXIR :z:%',^ )RIVKMIIJJMGMÏRXMIOPEWWI ' & % % 7GLIVQKVSSXXIHMEKSREEP KIQIXIR 3RK GQMRGL 3RK GQMRGL 3RK GQMRGL 3RK GQMRGL :IVQSKIRW ZIVFVYMO MRHIWXERH 8LYMW 7XERHEEVH ; ; ; ; MRHIWXERH ;MROIP 0IZIRHMK ; ; ; ; +IQMHHIPHNEEVPMNOW IRIVKMIZIVFVYMO O;L O;L O;L O;L 7XERHF] ZIVQSKIRWZIVFVYMO ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ &IIPHWGLIVQVIWSPYXMI TYRXIRLSVM^SRXEEP»PMNRIRZIVXMGEEP %JQIXMRKIRSRKF»L»H QIXXEJIPWXERHEEVH »»GQ »»GQ »»GQ »»GQ ^SRHIVXEJIPWXERHEEVH »»GQ »»GQ »»GQ »»GQ QIXXEJIPWXERHEEVH OK OK OK OK ^SRHIVXEJIPWXERHEEVH OK OK OK OK &MNKIPIZIVHIEGGIWWSMVIW >MI(IEGGIWWSMVIWGSRXVSPIVIRTEKMRE +I[MGLXSRK 20 1SHIPREEQ/(0 '<\ 3TXMSRIPIEGGIWWSMVIW ;ERHQSRXEKIWXIYR79;0 (FVMP8(+&68(+&68(+&68(+&6/(0,<\/(0)<\ :'GEQIVEIRQMGVSJSSR'19&6 97&EHETXIVZSSVHVEEHPSSW0%2 ,<\ )<\ +IFVYMOWXIQTIVEXYYV 'z' +IFVYMOWZSGLXMKLIMHWKVEEH zVIPEXMIZIPYGLXZSGLXMKLIMH^SRHIVGSRHIRWEXMI 1SHIPREEQ/(0 '<\ )<\ )<\ )<\ )<\ :IVQSKIRIRERHIVI 2IXWTERRMRKWZIVIMWXIR :z:%',^ )RIVKMIIJJMGMÏRXMIOPEWWI ' % % & 7GLIVQKVSSXXIHMEKSREEP KIQIXIR 3RK GQMRGL 3RK GQMRGL 3RK GQMRGL 3RK GQMRGL :IVQSKIRW ZIVFVYMO MRHIWXERH 8LYMW 7XERHEEVH ; ; ; ; MRHIWXERH ;MROIP 0IZIRHMK ; ; ; ; +IQMHHIPHNEEVPMNOW IRIVKMIZIVFVYMO O;L O;L O;L O;L 7XERHF] ZIVQSKIRWZIVFVYMO ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ &IIPHWGLIVQVIWSPYXMI TYRXIRLSVM^SRXEEP»PMNRIRZIVXMGEEP %JQIXMRKIRSRKF»L»H QIXXEJIPWXERHEEVH »»GQ »»GQ »»GQ »»GQ ^SRHIVXEJIPWXERHEEVH »»GQ »»GQ »»GQ »»GQ QIXXEJIPWXERHEEVH OK OK OK OK ^SRHIVXEJIPWXERHEEVH OK OK OK OK &MNKIPIZIVHIEGGIWWSMVIW >MI(IEGGIWWSMVIWGSRXVSPIVIRTEKMRE 3TXMSRIPIEGGIWWSMVIW ;ERHQSRXEKIWXIYR79;0 (FVMP8(+&68(+&68(+&68(+&6/(0)<\ :'GEQIVEIRQMGVSJSSR'19&6 97&EHETXIVZSSVHVEEHPSSW0%2 +IFVYMOWXIQTIVEXYYV 'z' +IFVYMOWZSGLXMKLIMHWKVEEH zVIPEXMIZIPYGLXZSGLXMKLIMH^SRHIVGSRHIRWEXMI 1SHIPREEQ/(0 )<\ +I[MGLXSRK )<\ '<\ :IVQSKIRIRERHIVI 2IXWTERRMRKWZIVIMWXIR ::%',^ )RIVKMIIJJMGMÏRXMIOPEWWI & & ' 7GLIVQKVSSXXIHMEKSREEP KIQIXIR 3RKGQMRGL 3RKGQMRGL 3RKGQMRGL :IVQSKIRW ZIVFVYMO MRHIWXERH 8LYMW 7XERHEEVH ; ; ; MRHIWXERH ;MROIP 0IZIRHMK ; ; ; +IQMHHIPHNEEVPMNOW IRIVKMIZIVFVYMO O;L O;L O;L 7XERHF] ZIVQSKIRWZIVFVYMO ;;MRHIWXERHZSSV ;;MRHIWXERHZSSV ;;MRHIWXERHZSSV FMN[IVOIRZERHIWSJX[EVI)4+ FMN[IVOIRZERHIWSJX[EVI)4+ FMN[IVOIRZERHIWSJX[EVI)4+ &IIPHWGLIVQVIWSPYXMI TYRXIRLSVM^SRXEEP» PMNRIRZIVXMGEEP TYRXIRLSVM^SRXEEP» PMNRIRZIVXMGEEP TYRXIRLSVM^SRXEEP» PMNRIRZIVXMGEEP »»GQ »»GQ »»GQ %JQIXMRKIRSRKF»L»H QIXXEJIPWXERHEEVH :IVZSPK 20 1SHIPREEQ/(0 )<\ )<\ '<\ ^SRHIVXEJIPWXERHEEVH »»GQ »»GQ »»GQ QIXXEJIPWXERHEEVH OK OK OK ^SRHIVXEJIPWXERHEEVH OK OK OK &MNKIPIZIVHIEGGIWWSMVIW >MI(IEGGIWWSMVIWGSRXVSPIVIRTEKMRE 3TXMSRIPIEGGIWWSMVIW ;ERHQSRXEKIWXIYR79;0 :'GEQIVEIRQMGVSJSSR'19&6 97&EHETXIVZSSVHVEEHPSSW0%2 +IFVYMOWXIQTIVEXYYV 'z' +IFVYMOWZSGLXMKLIMHWKVEEH zVIPEXMIZIPYGLXZSGLXMKLIMH^SRHIVGSRHIRWEXMI 1SHIPREEQ/(0 )< +I[MGLXSRK )< )<\ )<\ :IVQSKIRIRERHIVI 2IXWTERRMRKWZIVIMWXIR ::%',^ )RIVKMIIJJMGMÏRXMIOPEWWI & & & & 7GLIVQKVSSXXIHMEKSREEP KIQIXIR 3RKGQMRGL 3RKGQMRGL 3RKGQMRGL 3RKGQMRGL :IVQSKIRW ZIVFVYMO MRHIWXERH 8LYMW 7XERHEEVH ; ; ; ; MRHIWXERH ;MROIP 0IZIRHMK ; ; ; ; +IQMHHIPHNEEVPMNOW IRIVKMIZIVFVYMO O;L O;L O;L O;L 7XERHF] ZIVQSKIRWZIVFVYMO ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ ;;MRHI WXERHZSSVFMN[IVOIR ZERHIWSJX[EVI)4+ &IIPHWGLIVQVIWSPYXMI TYRXIRLSVM^SRXEEP»PMNRIRZIVXMGEEP TYRXIR LSVM^SRXEEP» PMNRIRZIVXMGEEP TYRXIR LSVM^SRXEEP» PMNRIRZIVXMGEEP %JQIXMRKIRSRKF»L»H QIXXEJIPWXERHEEVH »»GQ »»GQ »»GQ »»GQ ^SRHIVXEJIPWXERHEEVH »»GQ »»GQ »»GQ »»GQ QIXXEJIPWXERHEEVH OK OK OK OK ^SRHIVXEJIPWXERHEEVH OK OK OK OK &MNKIPIZIVHIEGGIWWSMVIW >MI(IEGGIWWSMVIWGSRXVSPIVIRTEKMRE 3TXMSRIPIEGGIWWSMVIW ;ERHQSRXEKIWXIYR79;0 :'GEQIVEIRQMGVSJSSR'19&6 97&EHETXIVZSSVHVEEHPSSW0%2 +IFVYMOWXIQTIVEXYYV 'z' +IFVYMOWZSGLXMKLIMHWKVEEH zVIPEXMIZIPYGLXZSGLXMKLIMH^SRHIVGSRHIRWEXMI +I[MGLXSRK )RIVKMIZIVFVYMOTIVNEEVKIFEWIIVHSTLIXWXVSSQZIVFVYMOZERHIXIPIZMWMIHMIHEKIR[IVOXKIHYVIRHI YYVTIVHEK,IXIMKIRPMNOIIRIVKMIZIVFVYMO^EPEJLERKIRZERHIQERMIV[EEVSTHIXIPIZMWMI[SVHXKIFVYMOX ,IXKIWTIGMJMGIIVHIWXERHF]ZIVQSKIR[SVHXFIVIMOXEPWHIXIPIZMWMIHIFIRSHMKHIMRXIVRITVSGIWWIRLIIJX ZSPXSSMH 3RX[IVTIRWTIGMJMGEXMIWOYRRIR^SRHIVZSSVEJKEERHIOIRRMWKIZMRK[SVHIRKI[MN^MKH 20 (IEGGIWWSMVIWMRWXEPPIVIR;ERHQSRXEKIWXIYR %EROPERXIR %PWYHI[ERHQSRXEKIWXIYR79;0IR79;0KIFVYMOX^EPHIEJWXERHXYWWIRHIQYYVIR HIXZGQFIHVEKIR+IFVYMOHI^IVYMQXISQOEFIPWREEVHIXZXIPIMHIR GQ ;ERH 3QLIXETTEVEEXXIFIWGLIVQIRIRSQZIMPMKLIMHWVIHIRIRVEEHX7SR]YQIXOPIQEERY[XZXIPEXIR MRWXEPPIVIRHSSVIIR7SR]HIEPIVSJIVOIRHIMRWXEPPEXIYV4VSFIIVRMIXHI[ERHQSRXEKIWXIYR^IPJXI MRWXEPPIVIR %ER7SR]HIEPIVWIRMRWXEPPEXIYVW 0IXKSIHSTHIZIMPMKLIMHXMNHIRWHIMRWXEPPEXMILIXTIVMSHMIOSRHIVLSYHIRMRWTIGXMIZERHMXTVSHYGX 9OYRXY[XZMRWXEPPIVIRQIXFILYPTZERHI[ERHQSRXEKIWXIYR79;0TEKMRE IRHI [ERHQSRXEKIWXIYR79;0TEKMRE PSWZIVOVMNKFEEV e 6EEHTPIIKHIMRWXVYGXMIWFMNHI[ERHQSRXEKIWXIYRSQHIMRWXEPPEXMIGSVVIGXHSSVXIZSIVIR e 6EEHTPIIK(IXEJIPWXERHEEVHZERHIXIPIZMWMIPSWQEOIRTEKMRE :SSVHIMRWXEPPEXMIZERHMXTVSHYGXMWHIRSHMKII\TIVXMWIZIVIMWXQIXREQISQXIFITEPIRSJHI QYYVWXIVOKIRSIKMWSQLIXKI[MGLXZERHIXZXIHVEKIR0EEXEPXMNHHIMRWXEPPEXMIZERHMXTVSHYGX EERIIRQYYVYMXZSIVIRHSSVIIR7SR]HIEPIVSJIVOIRHIMRWXEPPEXIYVIRPIXKSIHSTHIZIMPMKLIMH XMNHIRWHIMRWXEPPEXMI7SR]OERRMIXEERWTVEOIPMNO[SVHIRKIWXIPHZSSVIRMKIVPIMWGLEHISJPIXWIP EPWKIZSPKZERIIRSRNYMWXIFILERHIPMRKSJMRWXEPPEXMI :IVZSPK 20 ;ERRIIVYHIXZEERIIRQYYVFIZIWXMKXZIV[MNHIVXYHIWGLVSIZIREERHIEGLXIV^MNHIZERHIXZ(I WGLVSIZIRIRLIXEERXEPWGLVSIZIR^MNRFIWGLMOFEEVEJLEROIPMNOZERLIXQSHIPZERHIXZ(I^I^MNR ZEWXKIWGLVSIJHMRHISTIRMRKIRZSSV[ERHQSRXEKI&I[EEVHIZIV[MNHIVHIWGLVSIZIRSTIIR ZIMPMKITPEEXW[EEVOMRHIVIRIVRMIXFMNOYRRIR & :SSV/(0)<\ & :SSV/(0,<\/(0 )<\/(0)<\ /(0)<\ » » » » >EGLX WXYOWXSJ >EGLX WXYOWXSJ e %PWYHIXEJIPWXERHEEVHZERHIXZZIV[MNHIVXPIKLIXWGLIVQHERQIXHIZSSV^MNHIREEVFIRIHIRKIVMGLXSTIIR WXEFMIP[IVOSTTIVZPEOHEXKVSXIVMWHERHIXZ e 3QWGLEHIEERLIXSTTIVZPEOZERLIX0'(WGLIVQXIZSSVOSQIRHMIRXYIIR^EGLXWXYOWXSJSTLIX [IVOSTTIVZPEOXITPEEXWIR 79;079;0 :SSV/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ 79;0 1SRXEKI LEEO » >EGLX WXYOWXSJ 7GLVSIJ 47; » :SSV/(0)<\ 79;0 7GLVSIJ 47; » 1SRXEKI LEEO >EGLX WXYOWXSJ e (IQSRXEKILEEOFIZIWXMKIRQIXFILYPTZERHIZMIVWGLVSIZIRHMIFMNHI[ERHQSRXEKIWXIYRKIPIZIVH^MNR e ;ERRIIVYHIXEJIPWXERHEEVHSTRMIY[FIZIWXMKXWGLVSIJXYHIWGLVSIZIRHMIYLIFXZIV[MNHIVHZEWXMRHI SSVWTVSROIPMNOISTIRMRKIREERHIEGLXIV^MNHIZERHIXZ 20 8EFIPSZIV^MGLXQIXHITPEEXWIRZERHIWGLVSIZIRIRLEEO 1SHIPREEQ /(0 4PEEXWZERHIWGLVSIZIR 4PEEXWZERHILEEO 79;0 79;0 )<\ IN F ,<\)<\)<\ IN F '<\ HK F ,<\)<\)<\ IN F '<\ HK F )<\)<\ IN F )<\)<\)<\'<\ IK G 79;0 )<\ )<\ E E )<\ F 79;0 4PEEXWZERHIWGLVSIZIR &MNLIXFIZIWXMKIRZERHIQSRXEKILEEOEER HIXZ 4PEEXWZERHILEEO &MNLIXFIZIWXMKIRZERHIXZEERHIFEWMWWXIYR E F G :IVZSPK 20 79;0 4PEEXWZERHILEEO &MNLIXFIZIWXMKIRZERHIXZEERHIFEWMWWXIYR E F 8EFIPQIXMRWXEPPEXMIEJQIXMRKIR 79;0 % * ) ' & ( , 1MHHIPTYRXZERLIXFIIPHWGLIVQ 79;0 % ) * ' & 1MHHIPTYRXZERLIXFIIPHWGLIVQ 20 ( + , + )IRLIMHGQ %JWXERHZSSVMIHIVIQSRXEKILSIO ,SIO % 79;0 )<\ ,<\ )<\ )<\ '<\ ,<\ )<\ )<\ '<\ )<\ )<\ )<\ )<\ )<\ '<\ 79;0 )<\ )<\ )<\ & ' ( ,SIO ) * + , (I[EEVHIRMRHIXEFIPOYRRIRMIXWZIVWGLMPPIREJLEROIPMNOZERHIQSRXEKI ;%%67',9;-2+ (IQYYV[EEVSTHIXZ[SVHXKIQSRXIIVHQSIXWXIVOKIRSIK^MNRSQIIRKI[MGLXXIHVEKIRHEXQMRWXIRW ZMIVQEEP^SLSSKMWEPWHEXZERHIXZ6EEHTPIIK7TIGMJMGEXMIWTEKMRE ZSSVLIXKI[MGLX 20 2IXWRSIV ,ERXIIVLIXRIXWRSIVIRLIXWXSTGSRXEGXEPW ZSPKXSQLIXVMWMGSSTFVERHIPIOXVMWGLI WGLSOSJWGLEHIIRSJPIXWXIPXIZIVQMNHIR ;%%67',9;-2+ &EXXIVMNIRQSKIRRMIX[SVHIRFPSSXKIWXIPH EERXILSKIXIQTIVEXYVIRFMNZSSVFIIPH ^SRRIWGLMNRZYYVIRHIVKIPMNOI -RWXEPPEXMIGSRJMKYVEXMI -RWXEPPIIVIRKIFVYMOHIXIPIZMWMIZSPKIRW HIMRWXVYGXMIWLMIVSRHIVSQLIXVMWMGSST FVERHIPIOXVMWGLIWGLSOWGLEHIIRSJ PIXWIPXIZIVQMNHIR -RWXEPPEXMI e ,IXXIPIZMWMIXSIWXIPQSIXMRHIFYYVXZER IIRKSIHXSIKEROIPMNOWXSTGSRXEGX [SVHIRKITPEEXWX e 4PEEXWLIXXIPIZMWMIXSIWXIPSTIIRWXEFMIPI ZPEOOISRHIVKVSRH e 0EEX[ERHMRWXEPPEXMIWEPPIIRHSSV KIO[EPMJMGIIVHWIVZMGITIVWSRIIP YMXZSIVIR e ,IX[SVHXSQZIMPMKLIMHWVIHIRIR EERFIZSPIREGGIWWSMVIWZER7SR]XI KIFVYMOIR^SEPW z ;ERHQSRXEKIWXIYR 79;0FILEPZI/(0 )<\ 79;0/(0)<\ e +IFVYMOHIWGLVSIZIRHMIFMNHI [ERHQSRXEKIWXIYR^MNRKIPIZIVHZSSVLIX FIZIWXMKIRZERHIQSRXEKILEOIREERLIX XIPIZMWMIXSIWXIP(IQIIKIPIZIVHI WGLVSIZIR^MNRQQXSXQQPERK KIQIXIRPERKWLIXFIZIWXMKMRKWSTTIVZPEO ZERHIQSRXEKILEEO (IHMEQIXIVIRHIPIRKXIZERHI WGLVSIZIRZIVWGLMPPIRREEVKIPERKLIX QSHIPZERHI[ERHQSRXEKIWXIYR ,IXKIFVYMOZERERHIVIWGLVSIZIRHERHI QIIKIPIZIVHIWGLVSIZIROERVIWYPXIVIRMR MRXIVRIWGLEHIZERLIXXIPIZMWMIXSIWXIPSJ OERIVXSIPIMHIRHEXHIXIPIZMWMIZEPXIR^ QQQQ 7GLVSIJKIPIZIVHFMN [ERHQSRXEKIWXIYR 1SRXEKILEEO ,EEOFIZIWXMKMRKSTHI EGLXIV^MNHIZERLIX XIPIZMWMIXSIWXIP 8VERWTSVX e :SSVHEXYLIXXIPIZMWMIXSIWXIP XVERWTSVXIIVXQSIXYEPPIWRSIVIR PSWOSTTIPIR e :SSVLIXXVERWTSVXZERIIRKVSSX XIPIZMWMIXSIWXIP^MNRX[IISJHVMITIVWSRIR RSHMK e %PWYLIXXIPIZMWMIXSIWXIPMRY[EVQIR HVEEKXQSIXYLIXZEWXLSYHIR^SEPW VIGLXW[SVHXKIXSSRH(VYORMIXXIKIR LIX0'(WGLIVQIRLIXOEHIVVSRHLIX WGLIVQ z z e ;ERRIIVYLIXXIPIZMWMIXSIWXIPZIVZSIVX QEKYHMXRMIXFPSSXWXIPPIREERWGLSOOIR SJWXIVOIXVMPPMRKIR e %PWYLIXXIPIZMWMIXSIWXIPREEVHI VITEVEXIYVFVIRKXSJZIVZSIVXZIVTEOXY LIXMRHISSVWTVSROIPMNOIHSSWIR ZIVTEOOMRKWQEXIVMEPIR z z :IRXMPEXMI e &IHIORSSMXHIZIRXMPEXMISTIRMRKIRIR WXIIORSSMXMIXWHEEVHSSVREEVFMRRIR e ,SYHVYMQXIZVMNVSRHLIXXIPIZMWMIXSIWXIP ^SEPWLMIVRE[SVHXEERKIKIZIR e ,IX[SVHXEERFIZSPIRHI [ERHQSRXEKIWXIYRZER7SR]XIKIFVYMOIR ZSSVIIRKSIHIPYGLXGMVGYPEXMI -RWXEPPEXMIEERHI[ERH GQ GQ GQ GQ ,SYHQMRMQEEPHI^IVYMQXIZVMN VSRHLIXXSIWXIP -RWXEPPEXMIST HIWXERHEEVH GQ GQ z z 3TQIVOMRKIR e +IFVYMOLIXQIIKIPIZIVHIRIXWRSIVRMIX ZSSVERHIVIETTEVEXYYV e >SVKHEXLIXRIXWRSIVRMIXXIZIIP[SVHX EJKIOPIQHKIFSKIRSJKIHVEEMH ,MIVHSSVOYRRIRHIHVEHIR[SVHIR FPSSXKIPIKHSJHSSVKIWRIHIR e 4EWLIXRIXWRSIVRMIXEER e 4PEEXWKIIR^[EVIZSSV[IVTIRSTLIX RIXWRSIV e 8VIORSSMXEERLIXRIXWRSIV^IPJEPW HMX [SVHXPSWKIOSTTIPH e 7PYMXRMIXXIZIIPETTEVEXIREERST LIX^IPJHIWXSTGSRXEGX e +IFVYMOKIIRWXSTGSRXEGX[EEVFMNHI WXIOOIVWPIGLXGSRXEGXQEEOX :IVFSHIRKIFVYMO ,SYHQMRMQEEPHI^IVYMQXIZVMN VSRHLIXXSIWXIP e :SSVIIRKSIHIZIRXMPEXMIIRSQ STLSTMRKZERZYMPIRWXSJXIZSSVOSQIR z 4PEEXWLIXXIPIZMWMIXSIWXIPRMIXTPEX ST HIKVSRHIRMRWXEPPIIVLIXRMIX SRHIVWXIFSZIREGLXIVWXIZSVIRSJ KIHVEEMH z -RWXEPPIIVLIXXIPIZMWMIXSIWXIPRMIXST IIRTPEROOPIIHFIHSJMRIIROEWX z (IOLIXXIPIZMWMIXSIWXIPRMIXEJQIX IIRHSIO^SEPWKSVHMNRIRSJ ZSSV[IVTIREPWOVERXIRIR^ z -RWXEPPIIVLIXXIPIZMWMIXSIWXIPRMIX ^SEPWLMIVRE[SVHXKIXSSRH -RWXEPPIIVKIFVYMOLIXXIPIZMWMIXSIWXIPRMIX STPSGEXMIWMRSQKIZMRKIRSJWMXYEXMIWHMI LMIVRE[SVHIR[IIVKIKIZIR,IX XIPIZMWMIXSIWXIPOERHERWPIGLXKEER JYRGXMSRIVIRIRFVERHIPIOXVMWGLIWGLSO WGLEHIIRSJPIXWIPZIVSSV^EOIR 0SGEXMI e &YMXIRMRHMVIGX^SRPMGLXEERHIOYWX ST IIRWGLMTSJERHIVZEEVXYMKMRIIR ZSIVXYMKMRQIHMWGLIMRWXIPPMRKIRST MRWXEFMIPIPSGEXMIWMRHIFYYVXZER[EXIV VIKIRZSGLXSJVSSO e %PWHIXZMRHIOPIIHOEQIVZERIIR STIRFEVIFEHVYMQXISJLIXIFVSR[SVHX KILERKIROERHIXZFIWGLEHMKH[SVHIR HSSV^[EZIPMRHIPYGLX 0YGLXGMVGYPEXMIKIFPSOOIIVH ;ERH 20 z +IFVYMOEPPIIR7SR]RIXWRSIVIRIRKIIR RIXWRSIVIRZERERHIVIPIZIVERGMIVW 7XIIOHIWXIOOIVZSPPIHMKMRLIX WXSTGSRXEGX +IFVYMOLIXXIPIZMWMIXSIWXIPYMXWPYMXIRH STIIR[MWWIPWTERRMRKZERz: /STTIPZSSVEPPIZIMPMKLIMHLIXRIXWRSIV PSWEPWYHIOEFIPWEERWPYMXIRPIXIVSTHEX YRMIXSZIVHIOEFIPWWXVYMOIPX :IV[MNHIVLIXRIXWRSIVYMXLIX WXSTGSRXEGXZSSVHEXIV[IVO^EEQLIHIR EERLIXXIPIZMWMIXSIWXIP[SVHIR YMXKIZSIVHSJLIX[SVHXZIVTPEEXWX ,SYHLIXRIXWRSIVYMXHIFYYVXZER [EVQXIFVSRRIR :IV[MNHIVHIWXIOOIVYMXLIX WXSTGSRXEGXIRVIMRMKHI^IVIKIPQEXMK -RHMIRHIWXIOOIV[SVHXFIHIOXHSSV WXSJSJZSGLXOERHIMWSPEXMI ZIVWPIGLXIVIRLIXKIIRFVERHOER ZIVSSV^EOIR ;ERH e 3QHIFIWXIFIIPHO[EPMXIMXXIFIOSQIR QEKYLIXWGLIVQRMIXFPSSXWXIPPIREER VIGLXWXVIIOWIPMGLXWXVEPIRSJ^SRPMGLX e :IVQMNHLIXZIVTPEEXWIRZERHIXZZER IIROSYHITPEEXWREEVIIR[EVQITPEEXW 4PSXWIZIVERHIVMRKIRMRHI OEQIVXIQTIVEXYYVOYRRIRGSRHIRWEXMI ZIVSSV^EOIR(EXOERIVZSSV^SVKIRHEX HIFIIPHIRSJOPIYVO[EPMXIMXZERHIXZ WPIGLXMW%PWHEXLIXKIZEPMWHMIRXYLIX ZSGLXZSPPIHMKXIPEXIRZIVHEQTIR ZSSVHEXYHIXZMRWGLEOIPX e 7TVSIMRSSMX[EXIVSJ WGLSSRQEEOQMHHIPIRVIGLXWXVIIOWSTHI XZ(MXOERREEVHISRHIV^MNHIZERLIX WGLIVQPSTIRSJSTYMX[IRHMKI SRHIVHIPIRXIVIGLXOSQIRIRHIXZ FMRRIRHVMRKIR[EEVHSSVHIXZOER FIWGLEHMKHVEOIR 3QKIZMRK e 0SGEXMIWHMILIIXZSGLXMKSJ^IIVWXSJJMK ^MNR[EEVMRWIGXIROYRRIR FMRRIRHVMRKIR[EEVLIXXSIWXIPOER [SVHIRFPSSXKIWXIPHEERQIGLERMWGLI XVMPPMRKIRMRHIFYYVXZERFVERHFEVI ZSSV[IVTIROEEVWIRIR^7XIPLIX XIPIZMWMIXSIWXIPRMIXFPSSXEERHVYTTIPWSJ WTIXXIVWIRTPEEXWKIIRQIXZPSIMWXSJ KIZYPHIZSSV[IVTIR^SEPWZE^IRSTLIX XSIWXIP e 4PEEXWHIXZRMIXMRIIRZSGLXMKISJ WXSJJMKIVYMQXISJMRIIROEQIVQIX SPMILSYHIRHIVSSOSJWXSSQMRHI REFMNLIMHZEROSSOTPEXIRSJ FIZSGLXMKIVW(EXOERPIMHIRXSXFVERH IPIOXVMWGLIWGLSOOIRSJZIVZSVQMRK e -RWXEPPIIVHIXZRMIXSTTPEEXWIRHMI FPSSXKIWXIPH^MNREERI\XVIQI XIQTIVEXYVIR^SEPWMRHMVIGX^SRPMGLXSJ REFMNIIRVEHMEXSVSJIIR[EVQXIOEREEP (IXZOERSZIVZIVLMXVEOIRMRHIVKIPMNOI SQWXERHMKLIHIR[EEVHSSVHIOEWXOER ZIVZSVQIRIRSJWXSVMRKIRZERHIXZ OYRRIRSRXWXEER ;ERRIIVHIXIPIZMWMIRMIX [SVHXKIFVYMOX e %PWYLIXXIPIZMWMIXSIWXIPIIREERXEPHEKIR RMIXKIFVYMOXHERQSIXLIX[SVHIR PSWKIOSTTIPHZERHIRIXWTERRMRK ZER[IKIQMPMIYIRZIMPMKLIMHWVIHIRIR e %PWLIXXIPIZMWMIXSIWXIPRSKSRHIV WTERRMRKWXEEX[ERRIIVLIXRIXMW YMXKIWGLEOIPHXVIOXYHIWXIOOIVYMXLIX WXSTGSRXEGXSQLIXXIPIZMWMIXSIWXIP ZSPPIHMKYMXXIWGLEOIPIR e &ITEEPHIXIPIZMWMIXSIWXIPPIROYRRIRSZIV JYRGXMIWFIWGLMOOIR[EEVZSSVLIXXSIWXIP MRHIWXERHF]WXERHQSIXFPMNZIRSQ GSVVIGXXI[IVOIR :SSVOMRHIVIR e >SVKHEXOMRHIVIRRMIXSTLIX XIPIZMWMIXSIWXIPOPMQQIR e ,SYHOPIMRIEGGIWWSMVIWFYMXIRLIXFIVIMO ZEROMRHIVIR^SHEXHI^IRMIXOYRRIR [SVHIRMRKIWPMOX -RLIXKIZEPHIZSPKIRHI TVSFPIQIRSTXVIHIR 7GLEOIPLIXXIPIZMWMIXSIWXIPYMXIR ZIV[MNHIVSRQMHHIPPMNOHIRIXWXIOOIVYMX LIXWXSTGSRXEGXEPWIIRZERHIZSPKIRHI TVSFPIQIRSTXVIIHX :VEEKY[HIEPIVSJ7SR]WIVZMGIGIRXVYQ LIXXSIWXIPXIPEXIRREOMNOIRHSSV KIO[EPMJMGIIVHWIVZMGITIVWSRIIP -RLIXKIZEP z z z z LIXRIXWRSIVMWFIWGLEHMKH LIXRIXWRSIVRMIXKSIHTEWX LIXXIPIZMWMIXSIWXIPMWFIWGLEHMKHSQHEX LIXMWKIZEPPIRIVXIKIREERMWKIWPEKIR SJIVMIXWREEVMWKIKSSMH IIRZPSIMFEEVSJZEWXZSSV[IVTHSSV HI STIRMRKIRMRHIOEWXXIVIGLXMW KIOSQIR ;EEVWGLY[MRK 3QLIXZIVWTVIMHIRZERZYYVXIKIRXI KEERQEKYKIIROEEVWIRSJERHIVISTIR ZYYVMRHIFYYVXZERHMXTVSHYGXTPEEXWIR 7MXYEXMI e +IFVYMOLIXXSIWXIPRMIXEPWYREXXI LERHIRLIIJXEPWHIOEWXMWZIV[MNHIVHSJ QIXFIZIWXMKMRKIRHMIRMIX[SVHIR EERKIVEHIRHSSVHIJEFVMOERX:IV[MNHIV HIWXIOOIVZERLIXXIPIZMWMIXSIWXIPYMXLIX WXSTGSRXEGXIRSRXOSTTIPHIERXIRRI XMNHIRWSR[IIV e -RWXEPPIIVHIXZRMIX^SHEXHI^IYMXWXIIOX MRIIRSTIRVYMQXI%PWIIRTIVWSSRSJ ZSSV[IVTXIKIRHIXZFSXWXOERHEXXSX PIXWIPSJWGLEHIPIMHIR +IFVSOIRKPEW e +SSMRMIXWXIKIRLIXXIPIZMWMIXSIWXIP ,IX WGLIVQKPEWOERFVIOIRHSSVHI MQTEGXIRIVRWXMKPIXWIPZIVSSV^EOIR e %PWLIXWGLIVQZERLIXXIPIZMWMIXSIWXIP FEVWXQEKYLIXXSIWXIPTEWEERVEOIR REHEXYHIWXIOOIVYMXLIXWXSTGSRXEGX LIFXKIXVSOOIR%RHIVWFIWXEEXIV KIZEEV STIPIOXVMWGLIWGLSOOIR 20 )MRJàLVYRK :MIPIR(EROHEWW7MIWMGLJàVIMR4VSHYOX ZSR7SR]IRXWGLMIHIRLEFIR&MXXIPIWIR 7MIHMIWIW,ERHFYGLEYJQIVOWEQHYVGL FIZSV7MIHEW*IVRWILKIVÈXZIV[IRHIRYRH FI[ELVIR7MIIWEYJYQWTÈXIVFIM&IHEVJ HEVMRREGLWGLPEKIR^YOÚRRIR (IV,IVWXIPPIVHMIWIW4VSHYOXIWMWX 7SR]'SVTSVEXMSR/SRER 1MREXSOY8SOMS.ETER &IZSPPQÈGLXMKXIVJàV)1:YRH 4VSHYOXWMGLIVLIMXMWX7SR] (IYXWGLPERH+QF,,IHIPJMRKIV 7XVEWWI7XYXXKEVX (IYXWGLPERH*àV/YRHIRHMIRWXSHIV +EVERXMIERKIPIKIRLIMXIR[IRHIR7MI WMGLFMXXIERHMIMR/YRHIRHMIRWX SHIV+EVERXMIHSOYQIRXIRKIRERRXIR %HVIWWIR %RQIVOYRKIR^Y *YROXMSRIRJàVHMKMXEPI 7IRHIV e %PPI*YROXMSRIRHMIWMGLEYJHMKMXEPIW *IVRWILIR FI^MILIR JYROXMSRMIVIRRYVMR0ÈRHIVRYRH +IFMIXIRMRHIRIRHMKMXEPIXIVVIWXVMWGLI *IVRWILWMKREPIMQ7XERHEVH(:&8 14)+YRH,14)+%:' EYWKIWXVELPX[IVHIRSHIVMRHIRIRIMR >YKERK^Y(:&'OSQTEXMFPIR /EFIPHMIRWXIR14)+YRH, 14)+%:'I\MWXMIVX&MXXI IVOYRHMKIR7MIWMGLFIM-LVIQ *EGLLÈRHPIVZSV3VXSFER-LVIQ ;SLRSVX(:&87MKREPIIQTJERKIR [IVHIROÚRRIRSHIVJVEKIR7MI-LVIR /EFIPERFMIXIVSFHIWWIR(:&' /EFIPHMIRWXQMXHIQ&IXVMIFHMIWIW *IVRWILIVWOSQTEXMFIPMWX e -LV/EFIPERFMIXIVOERRJàVWIMRI(MIRWXI IMRI+IFàLVSHIVHMI%RIVOIRRYRK WIMRIV+IWGLÈJXWFIHMRKYRKIRZIVPERKIR e (MIWIW*IVRWILKIVÈXIVJàPPXHMI(:&8 YRH(:&'7TI^MJMOEXMSRIR(MI /SQTEXMFMPMXÈXQMX^YOàRJXMKIRHMKMXEPIR XIVVIWXVMWGLIR(:&8YRH(:&' 7MKREPIRMWXNIHSGLRMGLXKEVERXMIVX e -RQERGLIR0ÈRHIVR+IFMIXIRWMRHY9 IMRMKI*YROXMSRIRJàVHMKMXEPIW *IVRWILIRRMGLXZIVJàKFEVWSHEWWHMI 1ÚKPMGLOIMXFIWXILXHEWWHEW(:&' /EFIPWMKREPFIMIMRMKIR%RFMIXIVRRMGLX IMR[ERHJVIMJYROXMSRMIVX e (EWh\wMRHIV1SHIPPFI^IMGLRYRKWXILX JàVIMRI>MJJIVHMIEYJHEW(IWMKRIMRI *EVFZEVMERXISHIVHEW*IVRWILW]WXIQ LMR[IMWX e %R[IMWYRKIR^YQh-RWXEPPMIVIRHIV ;ERHLEPXIVYRKwWMRHMRHIV &IHMIRYRKWERPIMXYRKHMIWIW *IVRWILKIVÈXWIRXLEPXIR e (MI%FFMPHYRKIRMRHMIWIV%RPIMXYRK OÚRRIRWMGLNIREGL*IVRWILQSHIPPZSR -LVIQ+IVÈXYRXIVWGLIMHIR e (MI%FFMPHYRKIRHIV*IVRFIHMIRYRKMR HMIWIV%RPIMXYRK^IMKIRHMI61)( WSJIVRRMGLXERHIVWERKIKIFIR () e 0IWIR7MIZSVHIV-RFIXVMIFRELQIHIW *IVRWILKIVÈXWFMXXIHIR%FWGLRMXX h7MGLIVLIMXWMRJSVQEXMSRIRw7IMXI &I[ELVIR7MIHEW,ERHFYGL^YQ WTÈXIVIR2EGLWGLPEKIREYJ -RJSVQEXMSR^Y ;EVIR^IMGLIR MWXIMRIMRKIXVEKIRIW;EVIR^IMGLIR HIW(:&4VSNIOXW EYJ:SPPWXÈRHMKOIMXIVLIFX+VEGIRSXI '((&1YWMG-(1IHME:3'7HEW +VEGIRSXI0SKSYRHHIV7GLVMJX^YKWS[MI HEW0SKSh4S[IVIHF]+VEGIRSXIwWMRH IMRKIXVEKIRI1EVOIR^IMGLIRSHIV 1EVOIR^IMGLIRZSR+VEGIRSXIMRHIR97% YRHSHIVERHIVIR0ÈRHIVR 3TIVE&VS[WIVJVSQ3TIVE7SJX[EVI %7%'ST]VMKLX3TIVE 7SJX[EVI%7%%PPVMKLXWVIWIVZIH ;M*M4VSXIGXIH7IXYTYRH;4%WMRH 1EVOIRZSR;M*M%PPMERGI (MZ<(MZ<'IVXMJMIHYRHHMI HE^YKILÚVMKIR0SKSWWMRHIMRKIXVEKIRI ;EVIR^IMGLIRZSR(MZ<-RGYRH[IVHIR MR0M^IR^ZIV[IRHIX ,-2;)-7>9(-:<:-()3(MZ< MWX IMRHMKMXEPIW:MHISJSVQEXYRH[YVHIZSR (MZ<-RGIRX[MGOIPX(MIWIW+IVÈXMWX SJJM^MIPPEPW(MZ<'IVXMJMIH+IVÈX ^IVXMJM^MIVXYRH^YV;MIHIVKEFIZSR(MZ< :MHISWKIIMKRIX9RXIV[[[HMZ\GSQ JMRHIR7MI[IMXIVI-RJSVQEXMSRIRYRH 7SJX[EVIXSSPW^YQ/SRZIVXMIVIRZSR (EXIMIRMR(MZ<:MHISW h&6%:-%wYRH WMRH ;EVIR^IMGLIRHIV7SR]'SVTSVEXMSR *àV1SHIPP/(0 )</(0 )</(0)< /(0)< 8VEGO-(MWXIMR1EVOIR^IMGLIRSHIV IMRKIXVEKIRIW1EVOIR^IMGLIRZSR7SR] )VMGWWSR1SFMPI'SQQYRMGEXMSRW%& ,MR[IMW^YQ(VELXPSW 7MKREP 1YWMOYRH:MHISIVOIRRYRKWXIGLRSPSKMI YRHHE^YKILÚVMKI(EXIR[IVHIRZSR +VEGIRSXIFIVIMXKIWXIPPX+VEGIRSXIMWX HIV-RHYWXVMIWXERHEVHMR 1YWMOIVOIRRYRKWXIGLRSPSKMIYRH &IVIMXWXIPPYRKHE^YKILÚVMKIV-RLEPXI ;IMXIVI-RJSVQEXMSRIRHE^YJMRHIR7MI YRXIV[[[KVEGIRSXIGSQ '((:(&PYVE](MWGWS[MIQYWMO YRHZMHISFI^SKIRI(EXIRZSR+VEGIRSXI -RG'ST]VMKLX+IKIR[EVX +VEGIRSXI+VEGIRSXI7SJX[EVI'ST]VMKLX +IKIR[EVX+VEGIRSXI)MRSHIV QILVIVI4EXIRXIMQ)MKIRXYQZSR +VEGIRSXIKIPXIRJàVHMIWIW4VSHYOXYRH HMIWIR(MIRWX%YJHIV+VEGIRSXI;IFWMXI JMRHIR7MIIMRI0MWXIHIVKàPXMKIR +VEGIRSXI4EXIRXIHMIOIMRIR%RWTVYGL ,MIVQMXIVOPÈVXHMI7SR]'SVTSVEXMSR HEWWWMGLHMIWIW+IVÈXMRÀFIVIMRWXMQQYRK QMXHIRKVYRHPIKIRHIR%RJSVHIVYRKIR YRHHIRàFVMKIRIMRWGLPÈKMKIR &IWXMQQYRKIRHIV6MGLXPMRMI)+ FIJMRHIX ;IMXIVI-RJSVQEXMSRIRIVLÈPXPMGLYRXIV LXXT[[[GSQTPMERGIWSR]HI *àV/YRHIRMR*VEROVIMGL &IPKMIR&YPKEVMIR(ÈRIQEVO(IYXWGLPERH )WXPERH*MRRPERH*VEROVIMGL+VMIGLIRPERH +VSÃFVMXERRMIR-VPERH-WPERH-XEPMIR 0IXXPERH0MIGLXIRWXIMR0MXEYIR 0Y\IQFYVK1EPXEHMI2MIHIVPERHI 2SV[IKIRºWXIVVIMGL4SPIR4SVXYKEP 6YQÈRMIR7GL[IHIR7GL[IM^7PS[EOIM 7PS[IRMIR7TERMIR8WGLIGLMWGLI6ITYFPMO 8àVOIM9RKEVR>]TIVR (MI;0%2*YROXMSRIREYGLEPW;M*M *YROXMSRIRFI^IMGLRIXHMIWIWHMKMXEPIR 0'(*EVFJIVRWILKIVÈXWHàVJIR EYWWGLPMIÃPMGLMRKIWGLPSWWIRIR6ÈYQIR KIRYX^X[IVHIR(MI:IV[IRHYRKHIV ;0%2*YROXMSRIREYGLEPW;M*M *YROXMSRIRFI^IMGLRIXHMIWIWHMKMXEPIR 0'(*EVFJIVRWILKIVÈXWMQ*VIMIRMWXEYJ JVER^ÚWMWGLIQ+IFMIXZIVFSXIR&MXXI ZIVKI[MWWIVR7MIWMGLHEWWHMI;0%2 *YROXMSRIREYGLEPW;M*M*YROXMSRIR FI^IMGLRIXHMIWIWHMKMXEPIR0'( *EVFJIVRWILKIVÈXWZSVHIQ+IFVEYGLMQ *VIMIRHIEOXMZMIVX[IVHIR%68(IGMWMSR IVKÈR^XHYVGL%68(IGMWMSR MR&I^YKEYJ)MRWGLVÈROYRKIRMQ +IFVEYGLZSR6EHMSJVIUYIR^IR *àV/YRHIRMR-XEPMIR (MI2YX^YRKHIW60%22IX^[IVOW[MVH VIKYPMIVX W HMITVMZEXI2YX^YRKHYVGLHMI KIWIX^PMGLI:IVSVHRYRKZSQ 2Vh:SVWGLVMJX^YV IPIOXVSRMWGLIR/SQQYRMOEXMSRw-Q )MR^IPRIRIRXLÈPX%VXMOIPHMI &IWXMQQYRKIR[ERRIMRIZSVLIVMKI EPPKIQIMRI%YXSVMWMIVYRKIMR^YLSPIR MWXYRH%VX[ERRIMRIJVIMI 2YX^YRK^YPÈWWMKMWX W HMIÚJJIRXPMGLI&IVIMXWXIPPYRKHIW 60%2>YKVMJJWEYJ 8IPIOSQQYRMOEXMSRWRIX^[IVOIYRH HMIRWXIHYVGLHMI 1MRMWXIVMEPZIVSVHRYRKZSQ YRH%VXEPPKIQIMRI %YXSVMWMIVYRKJàVIPIOXVSRMWGLI /SQQYRMOEXMSRWRIX^[IVOIYRH HMIRWXIHIV:SVWGLVMJX^YV IPIOXVSRMWGLIR/SQQYRMOEXMSR *àV/YRHIRMR2SV[IKIR (MI:IV[IRHYRKHMIWIW*YROKIVÈXWMWXMR IMRIQ9QOVIMWZSROQYQHEW>IRXVYQ ZSR2]©PIWYRH7ZEPFEVHRMGLXIVPEYFX *àV/YRHIRMR>]TIVR 4-MWXHMI:SVWGLVMJXZSR ^YV*YROOSQQYRMOEXMSR/EXIKSVMIRHIV 7IRHIVHMIEPPKIQIMRIV%YXSVMWMIVYRKYRH 6IKMWXVMIVYRKYRXIVPMIKIR 4SWMXMSRHIW &I^IMGLRYRKWWGLMPHIW %YJOPIFIVQMX1SHIPPRYQQIV ,IVWXIPPYRKWHEXYQ1SREX.ELVYRH &IXVMIFWWTERRYRKMRÀFIVIMRWXMQQYRK QMXKàPXMKIR7MGLIVFIWXMQQYRKIR FIJMRHIRWMGLEYJHIV6àGOWIMXIHIW *IVRWILKIVÈXWSHIVEYJHIV:IVTEGOYRK 7MGLIVLIMXWQEÃRELQIR *IVRWILIR e &IMQ%RWGLEYIRZSR(:MHISFMPHIVR SHIVFIMQ7TMIPIRZSRVÈYQPMGLIR( 7TMIPIRZIVWTàVIRQERGLI1IRWGLIR 9R[SLPWIMRÀFIVPEWXYRKHIV%YKIR 1àHMKOIMXSHIVÀFIPOIMX7SR]IQTJMILPX HEWWEPPI>YWGLEYIVFIMQ&IXVEGLXIRZSR (:MHISFMPHIVRF^[FIMQ7TMIPIRZSR VÈYQPMGLIR(7TMIPIRVIKIPQÈÃMK4EYWIR IMRPIKIR(MI0ÈRKIYRH,ÈYJMKOIMXHIV RSX[IRHMKIR4EYWIRZEVMMIVXZSR4IVWSR ^Y4IVWSR7MIQàWWIRJàVWMGL IRXWGLIMHIR[EWEQFIWXIRMWX7SPPXIR MVKIRH[IPGLI&IWGL[IVHIREYJXVIXIR HàVJIR7MIRMGLX[IMXIV(:MHISFMPHIV ERWGLEYIRSHIVVÈYQPMGLI(7TMIPI WTMIPIRFMWHEW9R[SLPWIMRZSVàFIVMWX /SRWYPXMIVIR7MIKIKIFIRIRJEPPWIMRIR %V^X7GLPEKIR7MIEYGLMMRHIV &IHMIRYRKWERPIMXYRKZSRIMRIQERHIVIR +IVÈXSHIV1IHMYQREGLHEW7MI ^YWEQQIRQMXHIQ*IVRWILKIVÈX ZIV[IRHIRWS[MIMMEYJYRWIVIV;IFWMXI LXXT[[[WSR]IYVSTIGSQ Q]TVSHYGX[S7MIEOXYIPPI -RJSVQEXMSRIRJMRHIR&IMOPIMRIR/MRHIVR FIWSRHIVWFIM/MRHIVRYRXIVWIGLW.ELVIR IRX[MGOIPXWMGLHEW7ILZIVQÚKIRRSGL ;IRHIR7MIWMGLERIMRIR%V^X[MI^& IMRIR/MRHIVSHIV%YKIREV^XFIZSV7MI OPIMRIR/MRHIVRIVPEYFIR(:MHISFMPHIV ER^YWILIRSHIVVÈYQPMGLI(7TMIPI^Y WTMIPIR)V[EGLWIRIWSPPXIR/MRHIV FIEYJWMGLXMKIRYQWMGLIV^YWXIPPIRHEWW HMIWIHMISFIREYJKIJàLVXIR)QTJILPYRKIR FIJSPKIR e :IV[IRHIRPEKIVRYRHFIPEWWIR7MIHMI (&VMPPISHIVHMI&EXXIVMIRMGLXMRHIV 2ÈLIIMRIW*IYIVWSHIVER3VXIRQMX LSLIR8IQTIVEXYVIR^&MRHMVIOXIQ 7SRRIRPMGLXSHIVMRHYVGLHMI7SRRI EYJKI[ÈVQXIR%YXSW e ;IRR7MIHMIWMQYPMIVXI(*YROXMSR ZIV[IRHIRFIEGLXIR7MIFMXXIHEWWHEW ERKI^IMKXI&MPHEYJKVYRHHIVZSRHMIWIQ *IVRWILKIVÈXZSVKIRSQQIRIR /SRZIVXMIVYRKZSQ3VMKMREPEF[IMGLX e 7GLEYIR7MIFIMKIQÈÃMKXIV&IPIYGLXYRK JIVR(YVGLJEPWGLI&IPIYGLXYRKSHIV PERKIW*IVRWILIR[IVHIRHMI%YKIR FIPEWXIX e 7XIPPIR7MIFIMQ:IV[IRHIRZSR /STJLÚVIVRHMI0EYXWXÈVOIQSHIVEXIMR %RHIVRJEPPWOERRIW^Y+ILÚVWGLÈHIR OSQQIR 0'(&MPHWGLMVQ e 3F[SLPFIMHIV,IVWXIPPYRKHIW0'( &MPHWGLMVQWQMXLSGLTVÈ^MWIV 8IGLRSPSKMIKIEVFIMXIX[MVHYRHHIV &MPHWGLMVQYRHQILVIJJIOXMZI 4M\IPFIWMX^XMWXIWQÚKPMGLHEWW HEYIVLEJXIMRMKIWGL[EV^ISHIV PIYGLXIRHI4YROXIVSXKVàRSHIVFPEY WMGLXFEVWMRH)WLERHIPXWMGLHEFIMYQ IMRIWXVYOXYVIPPI)MKIRWGLEJXZSR0'( &MPHWGLMVQIRYRHRMGLXYQIMRI *ILPJYROXMSR e 7XSÃIR7MIRMGLXKIKIRHIR*MPXIVERHIV :SVHIVWIMXI^IVOVEX^IR7MIMLRRMGLXYRH WXIPPIR7MIRMGLXWEYJHMIWIW*IVRWILKIVÈX (EW&MPHOERRYRKPIMGLQÈÃMK[IVHIR YRHHIV0'(&MPHWGLMVQOERR FIWGLÈHMKX[IVHIR *SVXWIX^YRK () e ;IRRHMIWIW*IVRWILKIVÈXERIMRIQ OEPXIR3VXZIV[IRHIX[MVHOSQQXIW QÚKPMGLIV[IMWI^Y7GLQMIVWXVIMJIRMQ &MPHSHIVHEW&MPH[MVHHYROIP(EFIM LERHIPXIWWMGLRMGLXYQIMR:IVWEKIR (MIWI)JJIOXIZIVWGL[MRHIR[IRRHMI 8IQTIVEXYVWXIMKX e ;IRR7XERHFMPHIVPÈRKIVI>IMXERKI^IMKX [IVHIROERRIW^Y(STTIPFMPHIVR OSQQIR(MIWIV)JJIOXZIVWGL[MRHIXMR HIV6IKIPREGLIMRMKIR%YKIRFPMGOIR e &MPHWGLMVQYRH+ILÈYWIIV[ÈVQIRWMGL [IRRHEW*IVRWILKIVÈXMR&IXVMIFMWX (MIWMWXOIMRI*ILPJYROXMSR e (IV0'(&MPHWGLMVQIRXLÈPXIMRIOPIMRI 1IRKI*PàWWMKOVMWXEPPI)MRMKIHIV 0IYGLXWXSJJVÚLVIRHMIMRHMIWIQ *IVRWILKIVÈXZIV[IRHIX[IVHIR IRXLEPXIREYGL5YIGOWMPFIVQMX %YWRELQIZSR0'(*IVRWILKIVÈXIRQMX 0)(,MRXIVKVYRHFIPIYGLXYRK &IJSPKIR7MIFIMHIV)RXWSVKYRKHMIFIM -LRIRKIPXIRHIR)RXWSVKYRKWVMGLXPMRMIR 4JPIKIRYRH6IMRMKIRHIV &MPHWGLMVQSFIVJPÈGLIF^[ HIW+ILÈYWIWHIW *IVRWILKIVÈXW 8VIRRIR7MIHEW2IX^OEFIPYRFIHMRKXZSR HIV2IX^WXIGOHSWIFIZSV7MIHEW+IVÈX VIMRMKIR 9Q1EXIVMEPWGLÈHIRSHIV7GLÈHIRERHIV &MPHWGLMVQFIWGLMGLXYRK^YZIVQIMHIR FIEGLXIR7MIFMXXIJSPKIRHI :SVWMGLXWQEÃRELQIR e )RXJIVRIR7MI7XEYFZSVWMGLXMKQMXIMRIQ [IMGLIR8YGLZSRHIV &MPHWGLMVQSFIVJPÈGLIF^[HIQ +ILÈYWI&IMWXÈVOIVIV:IVWGLQYX^YRK JIYGLXIR7MIIMR[IMGLIW8YGLPIMGLXQMX IMRIVQMPHIR6IMRMKYRKWPÚWYRKERYRH [MWGLIRHERRàFIVHIR&MPHWGLMVQ e 7TVàLIR7MIRMIQEPW;EWWIVSHIV 6IMRMKYRKWQMXXIPHMVIOXEYJHEW *IVRWILKIVÈX)WOERRFMW^YV9RXIVWIMXI HIW&MPHWGLMVQWSHIVHIV%YÃIRXIMPI PEYJIRYRHMRHEW*IVRWILKIVÈXKIPERKIR YRHWS7GLÈHIREQ*IVRWILKIVÈX ZIVYVWEGLIR e :IV[IRHIR7MIOIMRI7GLIYIVWGL[ÈQQI OIMRIEPOEPMWGLIRWÈYVILEPXMKIR 6IMRMKYRKWQMXXIPOIMR7GLIYIVTYPZIVSHIV JPàGLXMKIR0ÚWYRKWQMXXIP[MI%POSLSP &IR^MR:IVHàRRYRKSHIV-RWIOXM^MHI ;IRR7MIWSPGLI1MXXIPZIV[IRHIRSHIV HEW+IVÈXPÈRKIVI>IMXQMX+YQQMSHIV :MR]PQEXIVMEPMIRMR&IVàLVYRKOSQQX OERRIW^Y7GLÈHIRERHIV&MPHWGLMVQ SHIVHIV+ILÈYWISFIVJPÈGLIOSQQIR e 9QIMRIEYWVIMGLIRHI&IPàJXYRK^Y KI[ÈLVPIMWXIR[MVHVIKIPQÈWWMKIW 7XEYFWEYKIRHIV0àJXYRKWÚJJRYRKIR IQTJSLPIR e ;IRR7MIHIR;MROIPHIW*IVRWILKIVÈXW IMRWXIPPIRFI[IKIR7MIHEW*IVRWILKIVÈX QMX:SVWMGLXHEQMXIWRMGLXZIVVYXWGLX SHIVZSQ7XÈRHIVJÈPPX () 7SRHIV^YFILÚV e ,EPXIR7MI>YWEX^XIMPISHIV+IVÈXIQMX IPIOXVSQEKRIXMWGLIV7XVELPYRKZSRHIQ *IVRWILKIVÈXJIVR%RHIVRJEPPWOÚRRIR &MPHYRHSHIV8SRWXÚVYRKIREYJXVIXIR e (MIWIW+IVÈX[YVHIKITVàJXYRHIVJàPPX HMI)1:6MGLXPMRMIWSJIVRIMR 7MKREPZIVFMRHYRKWOEFIPZSRYRXIVQ 0ÈRKIZIV[IRHIX[MVH :SVWMGLXWLMR[IMW^YQ 9QKERKQMXHIV *IVRFIHMIRYRK %RQIVOYRKIR e %GLXIRWMIFIMQ)MRWIX^IRZSR&EXXIVMIR EYJHMIVMGLXMKI4SPYRK e :IV[IRHIR7MI&EXXIVMIRYRXIVWGLMIHPMGLIV 8]TIRRMGLXKIQIMRWEQYRHEYGLRMGLXEPXI YRHRIYI&EXXIVMIR^YWEQQIR e )RXWSVKIR7MIZIVFVEYGLXI&EXXIVMIR YQ[IPXWGLSRIRH&IEGLXIR7MIFMXXI KIPXIRHI)RXWSVKYRKWVMGLXPMRMIRJàV &EXXIVMIR;IRHIR7MIWMGLKKJERHMI ^YWXÈRHMKI&ILÚVHI e &ILERHIPR7MIHMI*IVRFIHMIRYRK WSVKJÈPXMK0EWWIR7MIWMIRMGLXJEPPIR XVIXIR7MIRMGLXHEVEYJYRHWGLàXXIR7MI OIMRI*PàWWMKOIMXIRHEVEYJ e &I[ELVIR7MIHMI*IVRFIHMIRYRKRMGLX RIFIRIMRIV;ÈVQIUYIPPIYRXIVHMVIOXIV 7SRRIRIMRWXVELPYRKSHIVERIMRIQ JIYGLXIR3VXEYJ (VELXPSWJYROXMSRHIW +IVÈXW e (EW+IVÈXHEVJRMGLXMRHIV2ÈLI QIHM^MRMWGLIV+IVÈXI7GLVMXXQEGLIV YW[FIXVMIFIR[IVHIRHEHIVIR *YROXMSRW[IMWIHEHYVGLFIIMRXVÈGLXMKX [IVHIROERR e 3F[SLPHMIWIW+IVÈXZIVWGLPàWWIPXI 7MKREPIWIRHIXIQTJÈRKXQàWWIR7MI WMGLZSVRMGLXEYXSVMWMIVXIQ)QTJERK ZSR7MKREPIRWGLàX^IR*àVIX[EMKI 4VSFPIQIHMIWFI^àKPMGLOERROIMRI ,EJXYRKàFIVRSQQIR[IVHIR )RXWSVKIRHIW *IVRWILKIVÈXW )RXWSVKYRKZSR KIFVEYGLXIR IPIOXVMWGLIRYRH IPIOXVSRMWGLIR +IVÈXIR ER^Y[IRHIRMR HIR0ÈRHIVRHIV )YVSTÈMWGLIR9RMSRYRH ERHIVIRIYVSTÈMWGLIR 0ÈRHIVRQMXIMRIQ WITEVEXIR7EQQIPW]WXIQ JàVHMIWI+IVÈXI (EW7]QFSPEYJHIQ4VSHYOXSHIVWIMRIV :IVTEGOYRK[IMWXHEVEYJLMRHEWWHMIWIW 4VSHYOXRMGLXEPWRSVQEPIV,EYWLEPXWEFJEPP ^YFILERHIPRMWXWSRHIVRERIMRIV %RRELQIWXIPPIJàVHEW6IG]GPMRKZSR IPIOXVMWGLIRYRHIPIOXVSRMWGLIR+IVÈXIR EFKIKIFIR[IVHIRQYWW(YVGL-LVIR &IMXVEK^YQOSVVIOXIR)RXWSVKIRHMIWIW 4VSHYOXWWGLàX^IR7MIHMI9Q[IPXYRHHMI +IWYRHLIMX-LVIV1MXQIRWGLIR9Q[IPX YRH+IWYRHLIMX[IVHIRHYVGLJEPWGLIW )RXWSVKIRKIJÈLVHIX1EXIVMEPVIG]GPMRK LMPJXHIR:IVFVEYGLZSR6SLWXSJJIR^Y ZIVVMRKIVR;IMXIVI-RJSVQEXMSRIR^YQ 6IG]GPMRKHMIWIW4VSHYOXWIVLEPXIR7MIFIM -LVIV+IQIMRHIZIV[EPXYRKHIR OSQQYREPIR)RXWSVKYRKWFIXVMIFIRSHIV HIQ+IWGLÈJXMRHIQ7MIHEW4VSHYOX KIOEYJXLEFIR )RXWSVKYRKZSR KIFVEYGLXIR &EXXIVMIRYRH %OOYW ER^Y[IRHIRMR HIR0ÈRHIVRHIV )YVSTÈMWGLIR9RMSRYRH ERHIVIRIYVSTÈMWGLIR 0ÈRHIVRQMXIMRIQ WITEVEXIR7EQQIPW]WXIQ JàVHMIWI4VSHYOXI (EW7]QFSPEYJHIV&EXXIVMIHIQ%OOY SHIVHIV:IVTEGOYRK[IMWXHEVEYJLMRHEWW HMIWIRMGLXEPWRSVQEPIV,EYWLEPXWEFJEPP^Y FILERHIPRWMRH)MR^YWÈX^PMGLIW GLIQMWGLIW7]QFSP4F&PIMSHIV,K 5YIGOWMPFIVYRXIVHIVHYVGLKIWXVMGLIRIR 1àPPXSRRIFIHIYXIXHEWWHMI&EXXIVMIHIV %OOYIMRIR%RXIMPZSRQILVEPW 5YIGOWMPFIVSHIV&PIMIRXLÈPX (YVGL-LVIR&IMXVEK^YQOSVVIOXIR )RXWSVKIRHMIWIV&EXXIVMIR%OOYWWGLàX^IR 7MIHMI9Q[IPXYRHHMI+IWYRHLIMX-LVIV 1MXQIRWGLIR9Q[IPXYRH+IWYRHLIMX [IVHIRHYVGLJEPWGLIW)RXWSVKIR KIJÈLVHIX1EXIVMEPVIG]GPMRKLMPJXHIR :IVFVEYGLZSR6SLWXSJJIR^YZIVVMRKIVR &IM4VSHYOXIRHMIEYJ+VYRHMLVIV 7MGLIVLIMXHIV*YROXMSREPMXÈXSHIVEPW 7MGLIVYRKZSV(EXIRZIVPYWXIMRIWXÈRHMKI :IVFMRHYRK^YVIMRKIFEYXIR&EXXIVMI FIRÚXMKIRWSPPXIHMI&EXXIVMIRYVHYVGL UYEPMJM^MIVXIW7IVZMGITIVWSREPEYWKIXEYWGLX [IVHIR9QWMGLIV^YWXIPPIRHEWWHMI &EXXIVMIOSVVIOXIRXWSVKX[MVHKIFIR7MI HEW4VSHYOX^[IGOW)RXWSVKYRKERIMRIV %RRELQIWXIPPIJàVHEW6IG]GPMRKZSR IPIOXVMWGLIRYRHIPIOXVSRMWGLIR+IVÈXIR EF*àVEPPIERHIVIR&EXXIVMIRIRXRILQIR 7MIHMI&EXXIVMIFMXXIIRXWTVIGLIRHHIQ /ETMXIPàFIVHMIWMGLIVI)RXJIVRYRKHIV &EXXIVMI+IFIR7MIHMI&EXXIVMIERIMRIV %RRELQIWXIPPIJàVHEW6IG]GPMRKZSR &EXXIVMIR%OOYWEF;IMXIVI -RJSVQEXMSRIRàFIVHEW6IG]GPMRKHMIWIW 4VSHYOXWSHIVHIV&EXXIVMIIVLEPXIR7MIZSR -LVIV+IQIMRHIHIROSQQYREPIR )RXWSVKYRKWFIXVMIFIRSHIVHIQ+IWGLÈJX MRHIQ7MIHEW4VSHYOXKIOEYJXLEFIR () -RLEPXWZIV^IMGLRMW )VWXI7GLVMXXI ÀFIVTVàJIRHIW>YFILÚVW )MRWIX^IRZSR&EXXIVMIRMRHMI*IVRFIHMIRYRK &IJIWXMKIRHIW8MWGLWXÈRHIVW )MRWXIPPIRHIW&PMGO[MROIPWEQ*IVRWILKIVÈX %RWGLPMIÃIRIMRIV%RXIRRIIMRIV7IX8ST&S\IMRIW6IGSVHIVW ^&(:(6IGSVHIV %RWGLPMIÃIRZSR%YHMS:MHISKIVÈXIR %RFVMRKIRIMRIV/MTTWMGLIVYRKJàVHEW*IVRWILKIVÈX 2IX^OEFIPJàLVYRK&àRHIPRHIV/EFIP (YVGLJàLVIRHIVERJÈRKPMGLIR+VYRHIMRWXIPPYRKIR :IV[IRHIR-LVIW&6%:-%*IVRWILKIVÈXW *IVRWILIQTJERK %YW[ÈLPIRZIVWGLMIHIRIV*YROXMSRIRYRH)MRWXIPPYRKIR,SQI1IRà %R^IMKIRHIV&IHMIRYRKWERPIMXYRKM1ERYEP 2IX^[IVOIMRVMGLXYRK :SVFIVIMXIRIMRIW/EFIPRIX^[IVOW :SVFIVIMXIRIMRIW;0%2 )MRVMGLXIRHIV-RXIVRIXZIVFMRHYRK ;IRR7MIOIMRI:IVFMRHYRK^YQ-RXIVRIXLIVWXIPPIROÚRRIR %RTEWWIRHIV7IVZIV%R^IMKIIMRWXIPPYRKIR >YWEX^MRJSVQEXMSRIR 7XÚVYRKWFILIFYRK 8IGLRMWGLI(EXIR 1SRXMIVIRHIW>YFILÚVW;ERHLEPXIVYRK 7MGLIVLIMXWMRJSVQEXMSRIR () 2EGLHIQ7MI-LV&6%:-%*IVRWILKIVÈXIMRKIVMGLXIXYRHWMGLQMXLMPJI HMIWIV%RPIMXYRKQMXHIRKVYRHPIKIRHIR&IHMIRZSVKÈRKIRZIVXVEYX KIQEGLXLEFIRJMRHIR7MI[IMXIVI)VPÈYXIVYRKIR^YHIR*YROXMSRIR -LVIW*IVRWILKIVÈXMRHIVMRXIKVMIVXIR%RPIMXYRKM1ERYEP (MIWIW*IVRWILKIVÈXZIVJàKXàFIVIMRIMRXIKVMIVXI%RPIMXYRKM1ERYEP 9QEYJHEWM1ERYEP^Y^YKVIMJIRHVàGOIR7MIM1%29%0EYJHIV*IVRFIHMIRYRKYRH[ÈLPIRIMRI 3TXMSREYW;IMXIVI-RJSVQEXMSRIRJMRHIR7MIEYJ7IMXI MRHMIWIV%RPIMXYRK(IV-RLEPXHIWM 1ERYEPOERREFLÈRKMKZSQ1SHIPPHIV6IKMSRHIQ+IFMIXEF[IMGLIR () -RLEPXHIWM1ERYEP &IMIMRMKIR1SHIPPIRMWXHMIWIW1IVOQEPRMGLXZIVJàKFEV :IV[IRHYRKZSRM1ERYEP h&6%:-%w8:*YROXMSRIR (*YROXMSR %R[IWIRLIMXWWIRWSV h&6%:-%w-RXIVRIXZMHIS -RXIVRIX;MHKIXW ;0%2;0%26IEH] h&6%:-%w7]RGQMXh7XIYIVYRKJàV,(1-w 7O]TI6IEH] 8VEGO-(}1YWMOWYGLI:MHISWYGLI 97&,((%YJRELQI *IVRWILIR (*YROXMSR (MKMXEPIVIPIOXVSRMWGLIV4VSKVEQQJàLVIV *EZSVMXIR &MPHJSVQEX &MPHQSHYW 8I\X *SXSW1YWMO:MHISW (STTIPFMPH4-4 (STTIPFMPH4 4 2:3(1* )MRWXIPPYRKIR,SQI1IRà 4VSHYOX7YTTSVX :IV[IRHIRERHIVIV+IVÈXIHIW -RXIVRIXW :MHISVIGSVHIV(:(4PE]IV %YHMSW]WXIQ 97&+IVÈX^&(MKMXEPOEQIVE &MPHIVVELQIR ,(1-+IVÈX -RXIVRIX;0%2 ,IMQRIX^[IVO 1IHME6IQSXI 4' 0EKI*YROXMSRHIV8IMPI &IHMIRIPIQIRXI *IVRFIHMIRYRK &IHMIRIPIQIRXI%R^IMKIREQ8: %RWGLPàWWI 7XÚVYRKWFILIFYRK -RHI\ 0IWI^IMGLIR (EW,SQI1IRà )MRWXIPPYRKIR %R^IMKI 8SR 7]WXIQIMRWXIPPYRKIR M1ERYEP (MKMXEPI)MRWXIPPYRKIR %REPSKI)MRWXIPPYRKIR )\XIVRI)MRKÈRKI 2IX^[IVO () )VWXI7GLVMXXI ÀFIVTVàJIRHIW>YFILÚVW *IVRFIHMIRYRK &EXXIVMIRHIV+VÚÃI%%%8]T6 8MWGLWXÈRHIV &IJIWXMKYRKWWGLVEYFIRJàV 8MWGLWXÈRHIV1» EYÃIV1SHIPP/(0)<\ &IJIWXMKYRKWWGLVEYFIRJàV 8MWGLWXÈRHIV1» RYV1SHIPP/(0)<\ 1SRXEKIWGLVEYFIRJàV8MWGLWXÈRHIV 1» RYV1SHIPP/(0)<\ /(0,<\/(0)<\ /(0'<\ 1SRXEKIWGLVEYFIRJàV8MWGLWXÈRHIV 1» RYV1SHIPP/(0,<\ /(0)<\/(0)<\ /(0'<\/(0)<\ &IJIWXMKYRKWWGLVEYFIRJàV 8MWGLWXÈRHIV1» RYV1SHIPP/(0)< &IJIWXMKYRKWWGLVEYFIRJàV 8MWGLWXÈRHIV1» RYV1SHIPP/(0)< 7IGLWOERXWGLPàWWIP EYÃIV1SHIPP/(0)< &IHMIRYRKWERPIMXYRKHMIWI%RPIMXYRK YRHERHIVI(SOYQIRXI %R[IMWYRKIR^YQ>YWEQQIRFEYIRHIW 8MWGLWXÈRHIVWJMRHIR7MIMQQMXKIPMIJIVXIR -RJSFPEXX^YQ8MWGLWXÈRHIV () )MRWIX^IRZSR&EXXIVMIRMR HMI*IVRFIHMIRYRK & *àV1SHIPP/(0)<\ /(0,<\ )RXJIVRIR7MIHMI7GLYX^JSPMI (VàGOIR7MIEYJHMI%FHIGOYRKYRH WGLMIFIR7MIWMIREGLSFIR & *àV1SHIPP/(0)<\ /(0'<\ /(0)<\ /(0)<\ )RXJIVRIR7MIHMI7GLYX^JSPMI (VàGOIR7MIEYJHMI%FHIGOYRKYRH LIFIR7MIWMI^YQºJJRIRER &IJIWXMKIRHIW 8MWGLWXÈRHIVW &IMFIWXMQQXIR*IVRWILQSHIPPIR WGLPEKIR7MIHMI)VPÈYXIVYRKIR^YV SVHRYRKWKIQÈÃIR&IJIWXMKYRKFMXXIMQ QMXKIPMIJIVXIR-RJSFPEXX^YQ 8MWGLWXÈRHIVREGL 7IX^IR7MIHEW*IVRWILKIVÈXEYJHIR 8MWGLWXÈRHIV & *àV1SHIPP/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ & *àV1SHIPP/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ & *àV1SHIPP/(0)< & *àV1SHIPP/(0)< e 6MGLXIR7MIHEW*IVRWILKIVÈXZSRSFIRLIVEYW YRHWGLMIFIR7MIIWREGLYRXIRFMWHMI *àLVYRKWWXMJXIRMGLXQILV^YWILIRWMRH & *àV1SHIPP/(0)< e *EPPW7MIIMRIRIPIOXVMWGLIR7GLVEYFIRHVILIV ZIV[IRHIRWXIPPIR7MIHEW(VILQSQIRXEYJ GE2Q_OKJGQaIMR & *àV1SHIPP/(0)< %FRILQIRHIW8MWGLWXÈRHIVW ZSQ*IVRWILKIVÈX 9QHIR8MWGLWXÈRHIVZSQ*IVRWILKIVÈX EF^YRILQIRIRXJIVRIR7MIHMI7GLVEYFIR HMI7MIMR7GLVMXXJIWXKI^SKIRLEFIR &IJIWXMKIR7MIHEW*IVRWILKIVÈXEQ 8MWGLWXÈRHIVMRHIQ7MIHMI QMXKIPMIJIVXIR7GLVEYFIRMRHMI VMGLXMKIR7GLVEYFIRPÚGLIVHVILIR[MI QMXHIR4JIMPQEVOMIVYRKIR ERKIKIFIR e 2ILQIR7MIHIR8MWGLWXÈRHIVRYVEF[IRR7MI IRXWTVIGLIRHIW>YFILÚVJàVHEW*IVRWILKIVÈX MRWXEPPMIVIR[SPPIR e ;IRR7MIHIR8MWGLWXÈRHIVZSQ*IVRWILKIVÈX EFRILQIRPIKIR7MIHEW+IVÈXQMXHIQ &MPHWGLMVQREGLYRXIREYJIMRIWXEFMPI %VFIMXWJPÈGLIHMIKVÚÃIVMWXEPWHEW*IVRWILKIVÈX e 9Q&IWGLÈHMKYRKIREQ0'(&MPHWGLMVQ^Y ZIVQIMHIRPIKIR7MIIMR[IMGLIW8YGLEYJHMI %VFIMXWJPÈGLI *SVXWIX^YRK () e %GLXIR7MIZSVHIQ)MRWGLEPXIRHEVEYJHEWWWMGL HEW*IVRWILKIVÈXMRZIVXMOEPIV4SWMXMSRFIJMRHIX (EW*IVRWILKIVÈXHEVJRMGLXIMRKIWGLEPXIX[IVHIR WSPERKIHIV0'(&MPHWGLMVQQMXHIV1EXXWGLIMFI REGLYRXIR[IMWXHEHEW&MPHERHIVRJEPPWRMGLX KPIMGLQÈÃMKMWX & *àV1SHIPP/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ )MRWXIPPIRHIW &PMGO[MROIPWEQ *IVRWILKIVÈX (EW*IVRWILKIVÈXOERREYJIMRIRHIVYRXIR EFKIFMPHIXIR;MROIPIMRKIWXIPPX[IVHIR ;MROIPERTEWWYRK7GL[IROIR EYÃIV1SHIPP/(0)< e ,EPXIR7MIFIMQ)MRWXIPPIRHIW;MROIPWHIR 7XÈRHIVQMXIMRIV,ERHJIWXHEQMXHIV7XÈRHIV RMGLXZIVVYXWGLXYRHHEW*IVRWILKIVÈXRMGLX YQOMTTX ;IMGLIW8YGL & *àV1SHIPP/(0)< ;MROIPERTEWWYRK2IMKIR EYÃIV1SHIPP/(0'<\ e %GLXIR7MIFIMQ)MRWXIPPIRHIW;MROIPWHEVEYJ WMGLRMGLXHMI,ERHSHIVHMI*MRKIV^[MWGLIRHIQ *IVRWILKIVÈXYRHHIQ7XÈRHIVIMR^YOPIQQIR & *àV1SHIPP/(0)<\ /(0,<\ /(0)<\ /(0)<\ /(0)< ;IMGLIW8YGL & *àV1SHIPP/(0)< & *àV1SHIPP/(0)< ;IMGLIW8YGL () e :IVKI[MWWIVR7MIWMGLHEWWWMGLZSVHIQ *IVRWILKIVÈXOIMRI+IKIRWXÈRHIFIJMRHIR %RWGLPMIÃIRIMRIV7IX8ST&S\IMRIW 6IGSVHIVW^&(:(6IGSVHIVàFIV ,(1- -RJVEVSXWIRWSV (7]RGLVSRWIRHIVRYV 1SHIPP/(0 )<\/(0,<\ %R[IWIRLIMXWWIRWSV EYÃIV1SHIPP/(0)< /(0)< e 7GLàX^IR7MIHIR%R[IWIRLIMXWWIRWSVZSV HMVIOXIQ7SRRIRPMGLXSHIVERHIVIRWXEVOIR 0MGLXUYIPPIRHEIWERHIVRJEPPW^Y*ILPJYROXMSRIR OSQQIROERR %RWGLPMIÃIRIMRIV %RXIRRIIMRIV7IX8ST &S\IMRIW6IGSVHIVW ^&(:(6IGSVHIV %RWGLPMIÃIRIMRIV7IX8ST&S\IMRIW 6IGSVHIVW^&(:(6IGSVHIVàFIV 7'%68 7IX8ST&S\6IGSVHIV^&(:(6IGSVHIV %RWGLPMIÃIRZSR%YHMS :MHISKIVÈXIR 7IX8ST&S\6IGSVHIV^&(:(6IGSVHIV e *àVHMIWI:IVFMRHYRK[MVHIMR9RMZIVWEP7'%68 /EFIPQMXVIGLX[MROPMKIQ7XIGOIVIQTJSLPIR %YHMS:MHISKIVÈX () %RFVMRKIRIMRIV /MTTWMGLIVYRKJàVHEW *IVRWILKIVÈX 2IX^OEFIPJàLVYRK &àRHIPRHIV/EFIP & /(0'<\ 2IX^OEFIP & %YÃIV1SHIPP/(0'<\ e 2ILQIR7MIZSVHIQ&àRHIPRHIV/EFIPHIR /EFIPLEPXIVEYWHIV2IX^EFHIGOYRKWMILI7GLVMXX YRH:IV[IRHIR7MIIVRIYXHIR/EFIPLEPXIV WMILI7GLVMXXYQHMIERHIVIR/EFIP^YFàRHIPR WMILI7GLVMXX e &àRHIPR7MIHEW2IX^OEFIPRMGLX^YWEQQIRQMX ERHIVIR/EFIPR 7GLVEYFIR7MIIMRI,SP^WGLVEYFI QQ(YVGLQIWWIVRMGLXQMXKIPMIJIVX MRHEW*IVRWILYRXIVKIWXIPP 7GLVEYFIR7MIIMRI1EWGLMRIRWGLVEYFI 1RMGLXQMXKIPMIJIVXMRHEW 7GLVEYFIRPSGLHIW*IVRWILKIVÈXIW :IVFMRHIR7MIHMI,SP^WGLVEYFIYRH HMI1EWGLMRIRWGLVEYFIQMXIMRIQ WXEVOIR7IMPRMGLXQMXKIPMIJIVX (MI0ÈRKIHIV1IXEPPKI[MRHIWGLVEYFI1 ZEVMMIVXEFLÈRKMKZSQ/EFIPHYVGLQIWWIV &IEGLXIR7MIFMXXIHMIYRXIRHEVKIWXIPPXI %FFMPHYRK QQ 7GLVEYFI1 /EFIP 8MWGLWXÈRHIV HIW *IVRWILKIVÈXW /(0)< &VMRKIR7MIHIR/EFIPLEPXIVFIM;ERHQSRXEKI YRXIVHIR%RWGLPàWWIRER () (YVGLJàLVIRHIV ERJÈRKPMGLIR +VYRHIMRWXIPPYRKIR %YÃIV1SHIPP /(0'<\ /(0'<\ %YXS(MKMXEP7YGLPEYJ;IRR7MI h/EFIPwEYW[ÈLPIRIQTJMILPXIWWMGLQMX h7GLRIPPWYGLPEYJwIMRIRWGLRIPPIR 7IRHIVWYGLPEYJEYW^YJàLVIR7XIPPIR7MI h*VIUYIR^wYRHh2IX^[IVO-(wKIQÈÃHIR %RKEFIRHIW/EFIPFIXVIMFIVWIMR;IRR QMXh7GLRIPPWYGLPEYJwOIMRI7IRHIV KIJYRHIR[IVHIRZIVWYGLIR7MIIWQMX h:SPPWXÈRHMKIV7YGLPEYJwHMIWOERR EPPIVHMRKWIMRI;IMPIHEYIVR e h:SPPWXÈRHMKIV7YGLPEYJwMWXMRQERGLIR 0ÈRHIVRSHIV6IKMSRIRQÚKPMGLIV[IMWIRMGLX ZIVJàKFEV 4VSKVEQQISVHRIR>YQ:IVÈRHIVRHIV 6IMLIRJSPKIMRHIVEREPSKI7IRHIVMQ *IVRWILKIVÈXKIWTIMGLIVXWMRH 7GLPMIÃIR7MIHEW*IVRWILKIVÈXERIMRI 2IX^WXIGOHSWIER (VàGOIR7MIEQ*IVRWILKIVÈXEYJ (MI2IX^ER^IMKI!PIYGLXIXKVàR ;IRR7MIHEW*IVRWILKIVÈX^YQIVWXIR1EP IMRWGLEPXIRIVWGLIMRXEYJHIQ *IVRWILWGLMVQHEW1IRàJàVHMI 7TVEGLEYW[ELP ;ÈLPIR7MIQMX*JHIR7IRHIVHIR7MI ERIMRIERHIVI4SWMXMSRZIVWGLMIFIR QÚGLXIRYRHHVàGOIR7MIHERR ;ÈLPIR7MIQMX*JHMIRIYI4SWMXMSR JàVHIR7IRHIVEYWYRHHVàGOIR7MI ERWGLPMIÃIRH e 7MIOÚRRIRHMI7IRHIVEYGLQERYIPP EFWXMQQIR e ;IRR7MIHEW*IVRWILKIVÈXHEWIVWXI1EP IMRWGLEPXIRQYWWHEW*IVRWILKIVÈXIMRI MRXIVRI3TXMQMIVYRKZSVRILQIRFIZSV7MIHMI %RJERKWOSRJMKYVEXMSREYWJàLVIROÚRRIR)W [MVHOIMR&MPHYRHOIMR8SREYWKIKIFIRYRH HMI8MQIV%R^IMKIZSVRIEQ*IVRWILKIVÈX FPMROXIX[E7IOYRHIRPERKSVERKI 7GLEPXIR7MIHEW*IVRWILKIVÈX[ÈLVIRHHMIWIW :SVKERKWRMGLXEYW&IMIMRMKIR *IVRWILKIVÈXIR[YVHIHMIWIV:SVKERK [IVOWIMXMKHYVGLKIJàLVX &IJSPKIR7MIHMI%R[IMWYRKIREYJHIQ &MPHWGLMVQ () :IV[IRHIR-LVIW&6%:-%*IVRWILKIVÈXW *IVRWILIQTJERK +9-() ^ e (MI>ELPIRXEWXIWS[MIHMI 8EWXIR2463+YRH %9(-3EYJHIV*IVRFIHMIRYRK WMRHQMX8EWXTYROXIR KIOIRR^IMGLRIX:IV[IRHIR7MI HMI8EWXTYROXIFIMQ&IHMIRIRHIW *IVRWILKIVÈXWEPW&I^YKWTYROXI () 7GLEPXIR7MIHEW*IVRWILKIVÈXIMR ;ÈLPIR7MIIMRIR1SHYW ;ÈLPIR7MIIMRIR*IVRWILWIRHIV (VàGOIR7MIEQ*IVRWILKIVÈXYQIW IMR^YWGLEPXIR 7SZIV[IRHIR7MIHMIHMKMXEPIIPIOXVSRMWGLI 4VSKVEQQ^IMXWGLVMJX (VàGOIR7MIMQ(MKMXEPQSHYW+9-()YQHMI 4VSKVEQQ^IMXWGLVMJXEYJ^YVYJIR ;ÈLPIR7MIàFIVIMRIR(MKMXEPOEREPEYW+IFIR 7MIJàV/EREPRYQQIVREFHMIREGLJSPKIRHIR 7XIPPIRWGLRIPPIMR 8IMPIYRH7XIYIVIPIQIRXIHIV*IVRFIHMIRYRK :IV[IRHIR7MIHMIQMXKIPMIJIVXI*IVRFIHMIRYRK^YV&IHMIRYRKHIW*IVRWILKIVÈXW(MI KVYRHPIKIRHI&IHMIRYRKHIV*IVRFIHMIRYRK[MVHLMIVIVPÈYXIVX*àV[IMXIVI-RJSVQEXMSRIR^YEPPIR *IVRFIHMIRYRKWJYROXMSRIRHVàGOIR7MIM1%29%0YRHPIWIR7MIMRHIVMRXIKVMIVXIR%RPIMXYRK M1ERYEPREGL7IMXI (VàGOIR7MIHMIWI8EWXIYQHEW*IVRWILKIVÈXEYWHIQ 7XERHF]1SHYWIMRYRHEYW^YWGLEPXIR M1%29%0 >IMKXHMIMRXIKVMIVXI%RPIMXYRKM1ERYEPER 7=2'1)29 >IMKXHEW1IRà&6%:-%7]RGERYQ+IVÈXI^Y FIHMIRIRHMIQMX&6%:-%7]RGOSQTEXMFIPYRHER HEW*IVRWILKIVÈXERKIWGLPSWWIRWMRH *J+K &I[IKXHIR'YVWSVEYJHIQ&MPHWGLMVQYRHFIWXÈXMKX HMI)MRKEFI 348-327 >IMKXIMRI0MWXITVEOXMWGLIV*YROXMSRIRYRH 1IRàZIVORàTJYRKIRER(MI1IRàSTXMSRIRZEVMMIVIR FEWMIVIRHEYJHIQEOXYIPPIQ)MRKERKYRHSHIVHIQ -RLEPX *àV1SHIPP/(0 )<\/(0,<\ *EVFMKI8EWXIR ;IRRHMIJEVFMKIR8EWXIRZIVJàKFEVWMRH[MVHEYJHIQ &MPHWGLMVQIMRI&IHMIRERPIMXYRKERKI^IMKX 463+',z>MJJIVRXEWXIR ;ÈLPXMQ8:1SHYWHMI/ERÈPIEYW z 4EWWXHMI0EYXWXÈVOIER 6àGOWIMXIHIV*IVRFIHMIRYRK () %YW[ÈLPIRZIVWGLMIHIRIV*YROXMSRIRYRH)MRWXIPPYRKIR ,SQI1IRà 7MIOÚRRIREPPI*YROXMSRIRàFIVHEW,SQI1IRàEYW[ÈLPIR 7MILI7IMXI JàVIMRIÀFIVWMGLXHIW,SQI1IRàW (VàGOIR7MI,31) (VàGOIR7MI*J+K YQ3TXMSRIR EYW^Y[ÈLPIR 7S[ÈLPIR7MI3TXMSRIRMQ,SQI1IRàEYW ^ &%YW[ELPZSRh)MRWXIPPYRKIRw (VàGOIR7MI+K^YV%YW[ELPZSR h)MRWXIPPYRKIRw (IV-RLEPXZSRh)MRWXIPPYRKIRw[MVHEYJHIV VIGLXIR7IMXIERKI^IMKX (VàGOIR7MI*J^YV%YW[ELPZSR h%R^IMKIw (VàGOIR7MI YQHEW1IRàER^Y^IMKIR (VàGOIR7MIREGLHIR%R[IMWYRKIREYJHIQ &MPHWGLMVQ*J+KYQ3TXMSRIR EYW^Y[ÈLPIRYRHFIWXÈXMKIR7MIHMI%YW[ELP QMX () (VàGOIR7MI,31)YQHEW1IRà^Y ZIVPEWWIR ÀFIVWMGLXHIW,SQI1IRàW 2EGLHIQ7MI,31)EYJHIV*IVRFIHMIRYRKKIHVàGOXLEFIR[IVHIRHMIJSPKIRHIR7]QFSPIEPW /EXIKSVMIRERKI^IMKX(MIZIVJàKFEVIR/EXIKSVMIRLÈRKIRZSQ1SHIPPHIW*IVRWILKIVÈXWZSRHIV 6IKMSRHIQ0ERHYRHHIREYWKIWXVELPXIR-RLEPXIREF 8: 7MIOÚRRIRIMRI0MWXIZSR*IVRWILOERÈPIRSHIVIMRIR 4VSKVEQQJàLVIVEYW[ÈLPIR 1IHMIR 7MIOÚRRIR*SXS1YWMO:MHISMRLEPXIàFIV97&+IVÈXISHIV HEW,IMQRIX^[IVO[MIHIVKIFIRPEWWIR )MRKÈRKI 7MIOÚRRIR+IVÈXIEYW[ÈLPIRHMIERHEW*IVRWILKIVÈX ERKIWGLPSWWIRWMRH *EZSVMXIR:IVPEYJ &MIXIXIMRIRWGLRIPPIR>YKVMJJEYJLÈYJMKZIV[IRHIXIYRH OàV^PMGLEYJKIVYJIRI3TXMSRIR[MI^ &*IVRWILOERÈPI I\XIVRI)MRKÈRKISHIV-LVI1IHMIRHEXIMIR )MRWXIPPYRKIR )RXLÈPXEPPIRSX[IRHMKIR/SRJMKYVEXMSRIRYQ-LVI *IVRWILIMRWXIPPYRKIRER^YTEWWIR ;MHKIXW &MIXIX>YKVMJJEYJ;MHKIXW %R[IRHYRKIR 7MIOÚRRIRZIVWGLMIHIRI%R[IRHYRKIR[MI^ & h1YWMOWYGLIwh-RXIVRIX&VS[WIVwYW[ZIV[IRHIR 5VMSGMX] )VQÚKPMGLXHIR>YKVMJJEYJHIR3RPMRI(MIRWXh5VMSGMX]w -RXIVRIXMRLEPX 7MIOÚRRIR-RXIVRIXMRLEPXWHMIRWXIRYX^IR )QTJILPYRKIR >IMKXERLERHHIVÀFIVWMGLXàFIVHMIFMWPERK[MIHIVKIKIFIRIR -RLEPXI)QTJILPYRKIR^Y7IRHYRKIRERHMI-LRIRKIJEPPIR OÚRRXIR %YJRELQIR )VQÚKPMGLX8MQIVKIWXIYIVXI%YJRELQIREYJIMRIQ ERKIWGLPSWWIRIR97&,((+IVÈXYRHHMI%YW[ELPZSR %YJRELQIRJàVHMI;MIHIVKEFI () %R^IMKIRHIV&IHMIRYRKWERPIMXYRKM1ERYEP (MIWIW&6%:-%*IVRWILKIVÈXMWXQMXIMRIVMRXIKVMIVXIR&IHMIRYRKWERPIMXYRKEYWKIWXEXXIXHMI7MI EQ&MPHWGLMVQEYJVYJIROÚRRIR ;IRR7MI[IMXIVI-RJSVQEXMSRIR^YHIR*YROXMSRIRHIW*IVRWILKIVÈXWFIRÚXMKIRVYJIR7MIQMX IMRIQ8EWXIRHVYGOHEWM1ERYEPEYJ (VàGOIR7MIM1%29%0 (VàGOIR7MI*J+K YQ3TXMSRIR EYW^Y[ÈLPIR 7S[ÈLPIR7MI3TXMSRIRMQM1ERYEP (VàGOIR7MI*J^YV%YW[ELPIMRIV3TXMSR (IV-RLEPXHIV3TXMSR[MVHEYJHIVVIGLXIR 7IMXIEPW^[IMXI)FIRIERKI^IMKX (VàGOIR7MIKYQ^YV^[IMXIR)FIRI^Y [IGLWIPR (VàGOIR7MI*J^YV%YW[ELPIMRIV3TXMSR HIV^[IMXIR)FIRI %YJHIVVIGLXIR7IMXI[MVHIMRIÀFIVWMGLXHIV 3TXMSRERKI^IMKX ;IRRHMIHVMXXI)FIRIZIVJàKFEVMWX [MIHIVLSPIR7MIHMIWIR7GLVMXXYQHMI ÀFIVWMGLXHIV3TXMSRER^Y^IMKIR (VàGOIR7MIK^YV%YW[ELPIMRIV3TXMSR (IV-RLEPX[MVHERKI^IMKX () &IWGLVIMFYRKHIWM1ERYEP&MPHWGLMVQW (VàGOIR7MI+YQ^YVZSVLIVMKIR7IMXI^YVàGO^YOILVIR (VàGOIR7MIJYQ^YVRÈGLWXIR7IMXI^Y[IGLWIPR 7IMXIRRYQQIV+IWEQX^ELP7IMXIR (VàGOIR7MI6)8962YQ^YVZSVLIVMKIR7IMXI ^YVàGO^YOILVIR (VàGOIR7MI YQHMI*YROXMSREYJ^YVYJIR e (MIWI3TXMSR[MVHRYVERKI^IMKX[IRRHMI*YROXMSR ZIVJàKFEVMWX 7SZIV[IRHIR7MIHEW0IWI^IMGLIR (EWM1ERYEPZIVJàKXàFIVIMRI0IWI^IMGLIRJYROXMSR7IMXIROÚRRIRQMX0IWI^IMGLIRMR*SVQZSR JEVFMKIR8EWXIRZIVWILIR[IVHIR&IJSPKIR7MIHE^YHMI%R[IMWYRKIRMQYRXIVIR&IVIMGLHIW &MPHWGLMVQW;IRR7MIEYJVIKMWXVMIVXI0IWI^IMGLIR^YKVIMJIR[SPPIRPEWWIR7MIHMI7XEVXWIMXIHIW M1ERYEPER^IMKIRYRH[ÈLPIRh0IWI^IMGLIRw 7SWTIMGLIVR7MIHMI^YPIX^XERKI^IMKXI7IMXI M1ERYEPWTIMGLIVXHMI^YPIX^XERKI^IMKXI7IMXI(VàGOIR7MIMQM1ERYEP&MPHWGLMVQM1%29%0 YQ^YQ*IVRWILFMPHWGLMVQ^YVàGO^YOILVIR;IRR7MIM1%29%0IVRIYXHVàGOIR[IVHIR[MIHIV HMI^YPIX^XERKI^IMKXIR-RJSVQEXMSRIRERKI^IMKX9QHMI7XEVXWIMXIHIWM1ERYEPEYJ^YVYJIR FIJSPKIR7MIHMI7GLVMXXIEYJHIQ&MPHWGLMVQYQ^YV,EYTXWIMXI^YVàGO^YOILVIRSHIVHVàGOIR7MI ,31)YRH[ÈLPIR7MIhM1ERYEPwYRXIVh)MRWXIPPYRKIRwMQ,SQI1IRà e (IV7TIMGLIVJàVHMI^YPIX^XERKI^IMKXI7IMXI[MVHEYXSQEXMWGL^YVàGOKIWIX^X[IRR7MIHEW*IVRWILKIVÈXMR HIR7XERHF]1SHYWWGLEPXIR () 2IX^[IVOIMRVMGLXYRK ;IRR7MIHMIWIW*IVRWILKIVÈXQMXHIQ-RXIVRIX ZIVFMRHIROÚRRIR7MI^ELPVIMGLI*YROXMSRIR RYX^IR%R^IMKIIMRIW*SXSWQMXHIQ7XERHSVX EYJHIV/EVXI;MIHIVKEFIZSR-RXIVRIXZMHISW YW[;IMXIVI-RJSVQEXMSRIR^YHMIWIR *YROXMSRIRJMRHIR7MIMQM1ERYEP e 9QIMRI:IVFMRHYRK^YQ-RXIVRIXLIV^YWXIPPIR QàWWIR7MIIMRIR:IVXVEKQMXIMRIQ -RXIVRIXHMIRWXERFMIXIVEFWGLPMIÃIR :SVFIVIMXIRIMRIW;0%2 *àV1SHIPP/(0)< /(0)</(0)< /(0)< &IM1SHIPPIRQMXMRXIKVMIVXIQ;0%2+IVÈX OÚRRIR7MIKER^IMRJEGLSLRIHIR97& ;0%2%HETXIV9;%&6EYJHEW-RXIVRIX YRH-LV,IMQRIX^[IVO^YKVIMJIR 1SHIQQMX 6SYXIV *YROXMSRIR %YÃIV1SHIPP/(0)< /(0)</(0)< /(0)< (YVGL;0%26IEH]OÚRRIR7MIKER^IMRJEGL àFIVHIR97&;0%2%HETXIV9;%&6 EYJHEW-RXIVRIXYRH-LV,IMQRIX^[IVO ^YKVIMJIR7XERH.ERYEV-RHIQ7MIHIR 97&;0%2%HETXIVERHIR97&%RWGLPYWW -LVIW*IVRWILKIVÈXWERWGLPMIÃIROÚRRIR7MI KER^IMRJEGLIMRHVELXPSWIW2IX^[IVO IMRVMGLXIR 6SYXIV %GLXIR7MIHEVEYJIMRIR;0%26SYXIV IMR^YVMGLXIRFIZSV7MIHMI;0%2*YROXMSR EQ*IVRWILKIVÈXIMRVMGLXIR :SVFIVIMXIRIMRIW /EFIPRIX^[IVOW -RXIVRIX SHIV 1SHIQ -RXIVRIX e :IV[IRHIR7MIJàV0%2:IVFMRHYRKIRIMR/EFIP HIV/EXIKSVMIRMGLXQMXKIPMIJIVX e (IV97&;0%2%HETXIVMWXEFLÈRKMKZSR -LVIQ*IVRWILKIVÈXIQSHIPPEPWSTXMSREPIW >YFILÚVIVLÈPXPMGL () )MRVMGLXIRHIV -RXIVRIXZIVFMRHYRK ÀFIVHMI2IX^[IVOJYROXMSROÚRRIR7MIIMRI :IVFMRHYRK^[MWGLIRHIQ*IVRWILKIVÈXYRH HIQ-RXIVRIXLIVWXIPPIR(IV )MRVMGLXYRKWZSVKERKZEVMMIVXEFLÈRKMKZSQ 2IX^[IVOX]TYRHHIQ0%26SYXIV%GLXIR 7MIHEVEYJIMRIR0%26SYXIVIMR^YVMGLXIR FIZSV7MIHMI-RXIVRIXZIVFMRHYRKIMRVMGLXIR ÀFIVTVàJIR7MI-LVI;0%29QKIFYRK ERLERHHIVJSPKIRHIRÀFIVWMGLX ;0%2 7MGLIVIW;0%2# 2)-2 O8]T .%Q :IV[IRHIR7MIIMRIR;0%2 6SYXIVHIVQMXHIQ;M*M 4VSXIGXIH7IXYT;47 OSQTEXMFIPMWX# 2)-2 O 8]T 8]T %FKIWMGLIVXIW2IX^[IVO QMX;M*M4VSXIGXIH7IXYT ;47 (YVGLHIR;477XERHEVH[MVHHMI7MGLIVLIMX IMRIWOEFIPPSWIR,IMQRIX^[IVOWWSIMRJEGL [MIHEW(VàGOIRHIV;478EWXIEQ;0%2 6SYXIV&IZSV7MIIMR;0%2IMRVMGLXIR àFIVTVàJIR7MIHMI4SWMXMSRHIV;478EWXIEQ 6SYXIVYRH[MIHMIWIZIV[IRHIX[MVH %YW7MGLIVLIMXWKVàRHIRFMIXIXh;474-2w IMRIR4-2'SHIJàV-LVIR6SYXIVER(IV4-2 'SHI[MVHNIHIW1EPIVRIYIVX[IRR7MIh;47 4-2wEYW[ÈLPIR (VàGOIR7MI,31)YRH[ÈLPIR7MI HERR "h2IX^[IVOw" h2IX^[IVOIMRWXIPPYRKw ;ÈLPIR7MIh(VELXPSW)MRWXIPPYRKIRw ;ÈLPIR7MIh;47/RSTJHVYGOwEPW 1IXLSHIQMX8EWXIRFIXÈXMKYRKSHIV h;474-2wEPW4-21IXLSHI .%Q e (MI8EWXIRFI^IMGLRYRKJàV;47OERR EFLÈRKMKZSQ6SYXIVEF[IMGLIR^ &8EWXI %377 8]T /EFIP0%2 8]T 8]TPÈWWXWMGLIMRJEGLIVIMRVMGLXIR[IRR-LV 6SYXIVàFIVIMRI8EWXI^YVEYXSQEXMWGLIR /SRJMKYVEXMSRZIVJàKX^ &%MV7XEXMSR3RI 8SYGL7IGYVI7]WXIQ%377(MIQIMWXIR EOXYIPPIR6SYXIVZIVJàKIRàFIVHMIWI*YROXMSR ÀFIVTVàJIR7MI-LVIR6SYXIV 8]T &IJSPKIR7MIHMI/SRJMKYVEXMSRJàV h%FKIWMGLIVXIW2IX^[IVOQMX;M*M4VSXIGXIH 7IXYT;47w 8]T &IJSPKIR7MIHMI/SRJMKYVEXMSRJàV h%FKIWMGLIVXIW2IX^[IVOSLRI;M*M 4VSXIGXIH7IXYT;47w 8]T &IJSPKIR7MIHMI/SRJMKYVEXMSRJàV h9RWMGLIVIW2IX^[IVOQMXIMRIQFIPMIFMKIR ;0%26SYXIVw 8]T &IJSPKIR7MIHMI/SRJMKYVEXMSRJàV h/SRJMKYVEXMSRJàV/EFIPRIX^[IVOw &IJSPKIR7MIHMI%R[IMWYRKIREYJHIQ )MRVMGLXYRKWFMPHWGLMVQ 8]T%FKIWMGLIVXIW2IX^[IVO SLRI;M*M4VSXIGXIH7IXYT ;47 9QIMR;0%2IMR^YVMGLXIRWMRHHMI77-( 2EQIHIWOEFIPPSWIR2IX^[IVOWYRHHIV 7MGLIVLIMXWWGLPàWWIP;)4SHIV;4% 7GLPàWWIPRSX[IRHMK;IRR-LRIRHMIWIRMGLX FIOERRXWMRHWGLPEKIR7MIMRHIV%RPIMXYRK -LVIW6SYXIVWREGL (VàGOIR7MI,31)YRH[ÈLPIR7MI HERR "h2IX^[IVOw" h2IX^[IVOIMRWXIPPYRKw ;ÈLPIR7MIh(VELXPSW)MRWXIPPYRKIRw &IJSPKIR7MIHMI%R[IMWYRKIREYJHIQ )MRVMGLXYRKWFMPHWGLMVQ ;ÈLPIR7MIh7YGLPEYJwYRH[ÈLPIR7MI HERRHEW2IX^[IVOEYWHIV0MWXIHIV KIWGERRXIROEFIPPSWIR2IX^[IVOIEYW *SVXWIX^YRK () e ;IRR7MI;47^YV)MRVMGLXYRKHIW2IX^[IVOW ZIV[IRHIR[IVHIRHMI7MGLIVLIMXWIMRWXIPPYRKIR HIW;0%26SYXIVWEOXMZMIVXYRHEPPI^YZSVQMX YRWMGLIVIQ7XEXYWQMXHIQ;0%2ZIVFYRHIRIR +IVÈXI[IVHIRZSQ2IX^[IVOKIXVIRRX %OXMZMIVIR7MIMRHMIWIQ*EPPHMI 7MGLIVLIMXWIMRWXIPPYRKIRHIWKIXVIRRXIR+IVÈXW YRHWXIPPIR7MIHMI:IVFMRHYRK[MIHIVLIV3HIV HIEOXMZMIVIR7MIHMI7MGLIVLIMXWIMRWXIPPYRKIRHIW ;0%26SYXIVWYRHZIVFMRHIR7MIHEW+IVÈXHERR QMXYRWMGLIVIQ7XEXYWQMXHIQ*IVRWILKIVÈX 8]T 9RWMGLIVIW2IX^[IVOQMX IMRIQFIPMIFMKIR;0%26SYXIV 9QIMR;0%2IMR^YVMGLXIRMWXHMI77-( 2EQIHIWOEFIPPSWIR2IX^[IVOWRÚXMK ;ÈLPIR7MIh/EFIP0%2 )MRWXIPPYRKIRw ;ÈLPIR7MIh%YXSQwYQHMI-4 %HVIWWIYRHHIR4VS\]WIVZIV EYXSQEXMWGLIMR^YWXIPPIRSHIV h%R[IRHIVwYQWMIQERYIPP JIWX^YPIKIR &IJSPKIR7MIHMI%R[IMWYRKIREYJHIQ )MRVMGLXYRKWFMPHWGLMVQ %R^IMKIRHIW2IX^[IVOWXEXYW 7MIOÚRRIR-LVIR2IX^[IVOWXEXYWàFIVTVàJIR (VàGOIR7MI,31)YRH[ÈLPIR7MI HERR "h2IX^[IVOw" h2IX^[IVOIMRWXIPPYRKw ;ÈLPIR7MIh2IX^[IVOWXEXYW ER^IMKIRw (VàGOIR7MI,31)YRH[ÈLPIR7MI HERR "h2IX^[IVOw" h2IX^[IVOIMRWXIPPYRKw ;ÈLPIR7MIh(VELXPSW)MRWXIPPYRKIRw ;ÈLPIR7MIh7YGLPEYJwYRH[ÈLPIR 7MIHERRHEW2IX^[IVOEYWHIV0MWXI HIVKIWGERRXIROEFIPPSWIR2IX^[IVOI EYW ;IRR7MIOIMRI:IVFMRHYRK ^YQ-RXIVRIXLIVWXIPPIR OÚRRIR &IJSPKIR7MIHMI%R[IMWYRKIREYJHIQ )MRVMGLXYRKWFMPHWGLMVQ :IV[IRHIR7MIHMI(MEKRSWIYQQÚKPMGLI 9VWEGLIRJàV2IX^[IVOZIVFMRHYRKWTVSFPIQI YRHHMI)MRWXIPPYRKIR^YàFIVTVàJIR e (IV7MGLIVLIMXWWGLPàWWIP;)4SHIV;4% 7GLPàWWIPMWXRMGLXIVJSVHIVPMGLHE7MIFIMHMIWIQ :SVKERKOIMR7MGLIVLIMXWZIVJELVIREYW[ÈLPIR QàWWIR 8]T /SRJMKYVEXMSRJàV /EFIPRIX^[IVO +IFIR7MIFIM&IHEVJHMIIRXWTVIGLIRHIR EPTLERYQIVMWGLIR;IVXIJàV-LVIR6SYXIVIMR (MIIVJSVHIVPMGLIR3TXMSRIR^ &-4%HVIWWI 7YFRIX^QEWOI(,'4OÚRRIREFLÈRKMKZSQ -RXIVRIXHMIRWXERFMIXIVSHIVHIQ6SYXIV EF[IMGLIR;IMXIVI-RJSVQEXMSRIRJMRHIR7MI MRHIV%RPIMXYRKHMI7MIZSR-LVIQ -RXIVRIXHMIRWXERFMIXIVIVLEPXIRLEFIRSHIVMR HIV%RPIMXYRKMQ0MIJIVYQJERKHIW6SYXIVW (VàGOIR7MI,31)YRH[ÈLPIR7MI HERR "h2IX^[IVOw" h2IX^[IVOIMRWXIPPYRKw () (VàGOIR7MI,31)YRH[ÈLPIR7MI HERR "h2IX^[IVOw" h2IX^[IVOIMRWXIPPYRKw ;ÈLPIR7MIh2IX^[IVOWXEXYW ER^IMKIRw ;ÈLPIR7MIh2IX^[IVOHMEKRSWIw (MIWIV:SVKERKOERRIMRMKI1MRYXIR HEYIVR7MIOÚRRIRHMI(MEKRSWIRMGLX EFFVIGLIRREGLHIQ7MI h2IX^[IVOHMEKRSWIwEYWKI[ÈLPX LEFIR %RTEWWIRHIV7IVZIV %R^IMKIIMRWXIPPYRKIR 7MIOÚRRIRJIWXPIKIRHEWW ,IMQRIX^[IVOWIVZIVMQ,SQI1IRà ERKI^IMKX[IVHIRWSPPIR&MW^Y7IVZIV OÚRRIREYXSQEXMWGLMQ,SQI1IRàERKI^IMKX [IVHIR (VàGOIR7MI,31)YRH[ÈLPIR7MI HERR "h2IX^[IVOw" h,IMQRIX^[IVO)MRWXIPPYRKIRw ;ÈLPIR7MIh7IVZIV %R^IMKIIMRWXIPPYRKIRw ;ÈLPIR7MIHMI7IVZIVHMIMQ,SQI 1IRàERKI^IMKX[IVHIRWSPPIRYRH TEWWIR7MIHMI)MRWXIPPYRKIRER ;IRR7MIOIMRI:IVFMRHYRK^YQ ,IMQRIX^[IVOLIVWXIPPIROÚRRIR (EW*IVRWILKIVÈXIVOIRRXSFHIV7IVZIVVMGLXMK IVOERRX[YVHI[IRR7MIOIMRI:IVFMRHYRK^Y -LVIQ,IMQRIX^[IVOLIVWXIPPIROÚRRIR;IRR HMI(MEKRSWIIVKIFRMWWIIMRIR*ILPIVER^IMKIR àFIVTVàJIR7MIHMIQÚKPMGLIR9VWEGLIRHMI 2IX^[IVOZIVFMRHYRKIRYRHHMI)MRWXIPPYRKIR (VàGOIR7MI,31)YRH[ÈLPIR7MI HERR "h2IX^[IVOw" h,IMQRIX^[IVO)MRWXIPPYRKIRw ;ÈLPIR7MIh7IVZIVHMEKRSWIw (MI7IVZIVHMEKRSWIWXEVXIX;IRRHMI 7IVZIVHMEKRSWIEFKIWGLPSWWIRMWX[MVHHMI 0MWXIHIV(MEKRSWIIVKIFRMWWIERKI^IMKX () >YWEX^MRJSVQEXMSRIR 7XÚVYRKWFILIFYRK ;IRRHMI%R^IMKI7XERHF]FPMROX^ÈLPIR7MIHMI%R^ELPHIV&PMROZSVKÈRKIHMI -RXIVZEPP^IMXFIXVÈKXHVIM7IOYRHIR 7GLEPXIR7MIHEW*IVRWILKIVÈXQMXEQ*IVRWILKIVÈXEYWXVIRRIR7MIHEW2IX^OEFIPZSQ+IVÈX YRHXIMPIR7MI-LVIQ,ÈRHPIVSHIVHIQ7SR]/YRHIRHMIRWXQMX[MIHMI%R^IMKIFPMROX%R^ELPHIV &PMRO^IMGLIR ;IRRHMI%R^IMKI7XERHF]RMGLXFPMROXàFIVTVàJIR7MIHMI4YROXIHIVJSPKIRHIR 8EFIPPIR 7GLPEKIR7MIEYGLYRXIVh7XÚVYRKWFILIFYRKwMQM1ERYEPREGL;IRRWMGLHEW4VSFPIQQMXHIR EYJKIJàLVXIR1EÃRELQIRRMGLXFILIFIRPÈWWXPEWWIR7MIHEW*IVRWILKIVÈXZSRUYEPMJM^MIVXIQ /YRHIRHMIRWXTIVWSREPàFIVTVàJIR 7]QTXSQ )VOPÈVYRK%FLMPJI )W[MVHOIMR&MPHERKI^IMKX e 4VàJIR7MIHMI%RXIRRIRSHIV/EFIPZIVFMRHYRK &MPHWGLMVQMWXHYROIPYRH e 7GLPMIÃIR7MIHEW*IVRWILKIVÈXERIMRI2IX^WXIGOHSWIERYRH HVàGOIR7MIEQ*IVRWILKIVÈX IWMWXOIMR8SR^YLÚVIR e ;IRRHMI7XERHF]%R^IMKIVSXPIYGLXIXHVàGOIR7MI %YJHIQ&MPHWGLMVQWMRH e (IV&MPHWGLMVQWIX^XWMGLEYW4M\IPR&MPHTYROXIR^YWEQQIR [MR^MKIWGL[EV^IYRHSHIV ;MR^MKIWGL[EV^I4YROXIYRHSHIVLIPPI0MGLXTYROXI4M\IPEYJ HIQ&MPHWGLMVQWXIPPIROIMRI*ILPJYROXMSRHEV LIPPI4YROXI^YWILIR )MRMKI4VSKVEQQIOÚRRIR e 4VàJIR7MIHMI%RXIRRIF^[HMI7EXIPPMXIRWGLàWWIP RMGLXIMRKIWXIPPX[IVHIR (EW*IVRWILKIVÈXWGLEPXIX e ÀFIVTVàJIR7MISFh%FWGLEPXXMQIVwEOXMZMIVXMWXSHIVàFIVTVàJIR 7MIHMI)MRWXIPPYRKZSRh(EYIVwJàVh)MRWGLEPXXMQIVw WMGLEYXSQEXMWGLEYW e ÀFIVTVàJIR7MISFh8:7XERHF]REGL2MGLXFIRYX^YRKwEOXMZMIVX [IGLWIPXMRHIR7XERHF] MWX &IXVMIF e ÀFIVTVàJIR7MISFh%R[IWIRLIMXWWIRWSVwEOXMZMIVXMWX;IRR MRRIVLEPFIMRIVZSVIMRKIWXIPPXIR>IMXWTERRIOIMR>YWGLEYIVZSV HIQ*IVRWILKIVÈXIVOERRX[MVHWGLEPXIXWMGLHEW&MPHEYXSQEXMWGL EYWHIV8SRMWXHEKIKIR[IMXIVLMR^YLÚVIR1MRYXIRREGL HIQ%YWWGLEPXIRHIW&MPHIWWGLEPXIXHEW*IVRWILKIVÈXEYÃIVHIQ EYXSQEXMWGLMRHIR7XERHF]&IXVMIF (MI*IVRFIHMIRYRK JYROXMSRMIVXRMGLX e 8EYWGLIR7MIHMI&EXXIVMIREYW e (EW*IVRWILKIVÈXFIJMRHIXWMGLQÚKPMGLIV[IMWIMQ7=2' 1SHYW (VàGOIR7MI7=2'1)29[ÈLPIR7MIh8:7XIYIVYRKwYRH HERRh,SQI1IRàwSHIVh3TXMSRIRwYQHEW*IVRWILKIVÈX^Y FIHMIRIR 7MILEFIRHEW4EWW[SVXJàV e +IFIR7MIEPW4-2'SHIIMR(IV4-2'SHI[MVH MQQIVEO^ITXMIVX h/MRHIVWMGLIVYRKw ZIVKIWWIR (EW+ILÈYWIHIW *IVRWILKIVÈXWIV[ÈVQX WMGL () e ;IRRHEW*IVRWILKIVÈXPERKI>IMXZIV[IRHIX[MVHIV[ÈVQXWMGL HEW+ILÈYWIHIW*IVRWILKIVÈXW )WJàLPXWMGLQÚKPMGLIV[IMWILIMÃER[IRR7MIIWQMXHIV,ERH FIVàLVIR 8IGLRMWGLI(EXIR 8:7]WXIQ &MPHWGLMVQW]WXIQ 0'(&MPHWGLMVQ*PàWWMKOVMWXEPPFMPHWGLMVQ *IVRWILRSVQ %REPSK.IREGLEYWKI[ÈLPXIQ0ERH+IFMIX&+,(/0-1 (MKMXEP(:&8RYV1SHIPP/(0)<,<)<)<)<,< )<)<)<)<'<)<)<)<)< )<)<)<'< (:&8(:&' *EVF:MHISW]WXIQ %REPSK4%04%0RYV:MHISIMRKERK7)'%1287'287'RYV:MHISIMRKERK (MKMXEP14)+14$10,0,14)+%:'14,4$0 /EREPFIVIMGL %REPSK:,*)z)9,*)z)'%8:7z7,=4)67z7 (/6z66z60*z*&z5*z*-9,*&z&1%z%%z% (MKMXEP:,*9,* 8SREYWKÈRKI ;;/(0)<\/(0,<\/(0)<\ /(0'<\/(0)<\ ;;/(0)<\ )MRKERKW%YWKERKWFYGLWIR %RXIRRIROEFIP %: TSPMKIV7GEVX%RWGLPYWW')2)0)'7XERHEVHQMX%YHMS:MHISIMRKERK6+&)MRKERKYRH%YHMS :MHISEYWKERKJàV*IVRWILWMKREPI :MHISIMRKERK'-2', %: 3LQI\XIVRIV%RWGLPYWWJàV:,*9,* '31432)28-2 9RXIVWXàX^XI*SVQEXITMTTMTM %YHMSIMRKERK'-2', ,(1--2 EYÃIV1SHIPP /(0)<\ :MHISTTTMTTTTMTM %YHMS^[IM/ERÈPIPMRIEVIW4'1YRHO,^YRH&MX(SPF](MKMXEP %REPSKIV%YHMSIMRKERK1MRMOPMROIRYV,(1--2 4')MRKERK %6'%YHMS6IXYVR'LERRIP%YHMSVàGOOEREPRYV,(1--2 ,(1--2 RYV1SHIPP /(0)<\ :MHISTTTMTTTTMTM %YHMS^[IM/ERÈPIPMRIEVIW4'1YRHO,^YRH&MX(SPF](MKMXEP %REPSKIV%YHMSIMRKERK1MRMOPMROIRYV,(1--2 4')MRKERK %6'%YHMS6IXYVR'LERRIP%YHMSVàGOOEREPRYV,(1--2 (-+-8%0%9(-3398 3TXMWGLI(MKMXEPFYGLWI^[IM/ERÈPIPMRIEVIW4'1(SPF](MKMXEP 348-'%0 %9(-3398M 4'-2 %YHMSEYWKERK7XIVIS1MRMOPMROI /STJLÚVIVFYGLWI 4')MRKERK1MRM(7YFTSPMK 4'%YHMSIMRKERK1MRMOPMROI 97&%RWGLPYWWYRXIVWXàX^X,((%YJRELQI RYV1SHIPP /(0)<\ RYV1SHIPP /(0)< /(0)< 97&%RWGLPYWW ,((6)' EYÃIV1SHIPP /(0)< /(0)< /(0)<\ 97&%RWGLPYWW97&,((+IVÈXIERWGLPYWWRYV '%17PSX>YKERKWOSRXVSPPQSHYP 0%2 &%7)8&%7)8<%RWGLPYWW.IREGL&IXVMIFWYQKIFYRKHIW2IX^[IVOWOERRHMI :IVFMRHYRKWKIWGL[MRHMKOIMXZEVMMIVIR&%7)8&%7)8</SQQYRMOEXMSRWVEXIYRH /SQQYRMOEXMSRWUYEPMXÈXOÚRRIRJàVHMIWIW*IVRWILKIVÈXRMGLXKEVERXMIVX[IVHIR 1SHIPPFI^IMGLRYRK )<\ ,<\ /(0 7XVSQZIVWSVKYRKYRH7SRWXMKIW :z:;IGLWIPWXVSQ,^ &IXVMIFWWTERRYRK % % )RIVKMIIJJM^MIR^OPEWWI 'E GQ>SPP &MPHWGLMVQKVÚÃI(MEKSREPI 'E GQ>SPP )<\ )<\ % % 'E GQ>SPP 'E GQ>SPP *SVXWIX^YRK () 1SHIPPFI^IMGLRYRK /(0 0IMWXYRKW MQ1SHYW EYJRELQI h;SLRYRKw h7XERHEVHw MQ1SHYW h+IWGLÈJXw h&VMPPERXw (YVGLWGLRMXXPMGLIV )RIVKMIZIVFVEYGLMQ.ELV 7XVSQZIVFVEYGLMQ7XERHF] &IXVMIF )<\ ,<\ )<\ )<\ ; ; ; ; ; ; ; ; O;L O;L O;L O;L ;;MQ 7SJX[EVI)4+ %OXYEPMWMIVYRKWQSHYW ;;MQ 7SJX[EVI)4+ %OXYEPMWMIVYRKWQSHYW ;;MQ 7SJX[EVI)4+ %OXYEPMWMIVYRKWQSHYW ;;MQ 7SJX[EVI)4+ %OXYEPMWMIVYRKWQSHYW 4YROXILSVM^SRXEP»>IMPIRZIVXMOEP %R^IMKIEYJPÚWYRK %FQIWWYRKIRGE&»,»8 »»GQ »»GQ QMX8MWGLWXÈRHIV »»GQ »»GQ SLRI8MWGLWXÈRHIV +I[MGLXGE OK OK QMX8MWGLWXÈRHIV OK OK SLRI8MWGLWXÈRHIV 7MILIhÀFIVTVàJIRHIW>YFILÚVWw7IMXI 1MXKIPMIJIVXIW>YFILÚV ;ERHLEPXIVYRK79;0 7SRHIV^YFILÚV »»GQ »»GQ »»GQ »»GQ OK OK OK OK (&VMPPI8(+&68(+&68(+&68(+&6/(0)<\/(0,<\ :MHISOSRJIVIR^OEQIVE1MOVSJSRTEOIX'19&6 97&;0%2%HETXIV &IXVMIFWXIQTIVEXYV 0YJXJIYGLXMKOIMXFIMQ &IXVMIF 'z' 1SHIPPFI^IMGLRYRK /(0 '<\ zVIPEXMZI0YJXJIYGLXMKOIMXRMGLXOSRHIRWMIVIRH ,<\ )<\ )<\ 7XVSQZIVWSVKYRKYRH7SRWXMKIW &IXVMIFWWTERRYRK :z:;IGLWIPWXVSQ,^ )RIVKMIIJJM^MIR^OPEWWI ' &MPHWGLMVQKVÚÃI(MEKSREPI 'E GQ>SPP 0IMWXYRKW EYJRELQI & % % 'E GQ>SPP 'E GQ>SPP 'E GQ >SPP MQ1SHYW h;SLRYRKw h7XERHEVHw ; ; ; ; MQ1SHYW h+IWGLÈJXw h&VMPPERXw ; ; ; ; O;L O;L O;L O;L ;;MQ 7SJX[EVI)4+ %OXYEPMWMIVYRKWQSHYW ;;MQ 7SJX[EVI)4+ %OXYEPMWMIVYRKWQSHYW ;;MQ 7SJX[EVI)4+ %OXYEPMWMIVYRKWQSHYW (YVGLWGLRMXXPMGLIV )RIVKMIZIVFVEYGLMQ.ELV 7XVSQZIVFVEYGLMQ7XERHF] ;;MQ 7SJX[EVI)4+ &IXVMIF %OXYEPMWMIVYRKWQSHYW %R^IMKIEYJPÚWYRK 4YROXILSVM^SRXEP»>IMPIRZIVXMOEP %FQIWWYRKIRGE&»,»8 QMX8MWGLWXÈRHIV »»GQ »»GQ »»GQ »»GQ SLRI8MWGLWXÈRHIV »»GQ »»GQ »»GQ »»GQ QMX8MWGLWXÈRHIV OK OK OK OK SLRI8MWGLWXÈRHIV OK OK OK OK 1MXKIPMIJIVXIW>YFILÚV 7MILIhÀFIVTVàJIRHIW>YFILÚVWw7IMXI 7SRHIV^YFILÚV ;ERHLEPXIVYRK79;0 (&VMPPI8(+&68(+&68(+&68(+&6/(0,<\/(0)<\ :MHISOSRJIVIR^OEQIVE1MOVSJSRTEOIX'19&6 97&;0%2%HETXIV &IXVMIFWXIQTIVEXYV 'z' 0YJXJIYGLXMKOIMXFIMQ &IXVMIF zVIPEXMZI0YJXJIYGLXMKOIMXRMGLXOSRHIRWMIVIRH +I[MGLXGE () 1SHIPPFI^IMGLRYRK /(0 '<\ )<\ )<\ )<\ % % & 'E GQ >SPP 'E GQ >SPP 'E GQ >SPP 7XVSQZIVWSVKYRKYRH7SRWXMKIW &IXVMIFWWTERRYRK :z:;IGLWIPWXVSQ,^ )RIVKMIIJJM^MIR^OPEWWI ' &MPHWGLMVQKVÚÃI(MEKSREPI 'E GQ >SPP 0IMWXYRKW EYJRELQI MQ1SHYW h;SLRYRKw h7XERHEVHw ; ; ; ; MQ1SHYW h+IWGLÈJXw h&VMPPERXw ; ; ; ; O;L O;L O;L O;L ; ;MQ 7SJX[EVI)4+ %OXYEPMWMIVYRKWQSHYW ; ;MQ 7SJX[EVI)4+ %OXYEPMWMIVYRKWQSHYW ;;MQ 7SJX[EVI)4+ %OXYEPMWMIVYRKWQSHYW (YVGLWGLRMXXPMGLIV )RIVKMIZIVFVEYGLMQ.ELV 7XVSQZIVFVEYGLMQ7XERHF] ;;MQ 7SJX[EVI)4+ &IXVMIF %OXYEPMWMIVYRKWQSHYW %R^IMKIEYJPÚWYRK 4YROXILSVM^SRXEP»>IMPIRZIVXMOEP %FQIWWYRKIRGE&»,»8 QMX8MWGLWXÈRHIV »»GQ »»GQ »»GQ »»GQ SLRI8MWGLWXÈRHIV »»GQ »»GQ »»GQ »»GQ QMX8MWGLWXÈRHIV OK OK OK OK SLRI8MWGLWXÈRHIV OK OK OK OK 1MXKIPMIJIVXIW>YFILÚV 7MILIhÀFIVTVàJIRHIW>YFILÚVWw7IMXI 7SRHIV^YFILÚV ;ERHLEPXIVYRK79;0 (&VMPPI8(+&68(+&68(+&68(+&6/(0)<\ :MHISOSRJIVIR^OEQIVE1MOVSJSRTEOIX'19&6 97&;0%2%HETXIV &IXVMIFWXIQTIVEXYV 'z' 0YJXJIYGLXMKOIMXFIMQ &IXVMIF zVIPEXMZI0YJXJIYGLXMKOIMXRMGLXOSRHIRWMIVIRH +I[MGLXGE 1SHIPPFI^IMGLRYRK )<\ )<\ /(0 7XVSQZIVWSVKYRKYRH7SRWXMKIW :z:;IGLWIPWXVSQ,^ &IXVMIFWWTERRYRK & & )RIVKMIIJJM^MIR^OPEWWI 'E GQ>SPP &MPHWGLMVQKVÚÃI(MEKSREPI 'E GQ>SPP ; ; 0IMWXYRKW MQ1SHYW EYJRELQI h;SLRYRKw h7XERHEVHw ; ; MQ1SHYW h+IWGLÈJXw h&VMPPERXw O;L O;L (YVGLWGLRMXXPMGLIV )RIVKMIZIVFVEYGLMQ.ELV 7XVSQZIVFVEYGLMQ7XERHF] ;;MQ7SJX[EVI)4+ ; ;MQ7SJX[EVI)4+ %OXYEPMWMIVYRKWQSHYW %OXYEPMWMIVYRKWQSHYW &IXVMIF 4YROXILSVM^SRXEP» 4YROXILSVM^SRXEP» %R^IMKIEYJPÚWYRK '<\ ' 'E GQ>SPP ; ; O;L ; ;MQ7SJX[EVI )4+%OXYEPMWMIVYRKWQSHYW >IMPIRZIVXMOEP 4YROXILSVM^SRXEP» >IMPIRZIVXMOEP »»GQ »»GQ »»GQ »»GQ »»GQ »»GQ >IMPIRZIVXMOEP %FQIWWYRKIRGE&»,»8 QMX8MWGLWXÈRHIV SLRI8MWGLWXÈRHIV +I[MGLXGE QMX8MWGLWXÈRHIV SLRI8MWGLWXÈRHIV 1MXKIPMIJIVXIW>YFILÚV 7SRHIV^YFILÚV OK OK OK OK OK OK 7MILIhÀFIVTVàJIRHIW>YFILÚVWw7IMXI ;ERHLEPXIVYRK79;0 :MHISOSRJIVIR^OEQIVE1MOVSJSRTEOIX'19&6 97&;0%2%HETXIV *SVXWIX^YRK () 1SHIPPFI^IMGLRYRK /(0 &IXVMIFWXIQTIVEXYV 0YJXJIYGLXMKOIMXFIMQ &IXVMIF )<\ 1SHIPPFI^IMGLRYRK /(0 )< )<\ '<\ 'z' zVIPEXMZI0YJXJIYGLXMKOIMXRMGLXOSRHIRWMIVIRH )< )<\ )<\ 7XVSQZIVWSVKYRKYRH7SRWXMKIW &IXVMIFWWTERRYRK :z:;IGLWIPWXVSQ,^ )RIVKMIIJJM^MIR^OPEWWI & &MPHWGLMVQKVÚÃI(MEKSREPI 'E GQ >SPP 0IMWXYRKW EYJRELQI & & & 'E GQ >SPP 'E GQ >SPP 'E GQ >SPP MQ1SHYW h;SLRYRKw h7XERHEVHw ; ; ; ; MQ1SHYW h+IWGLÈJXw h&VMPPERXw ; ; ; ; O;L O;L O;L O;L ; ;MQ 7SJX[EVI)4+ %OXYEPMWMIVYRKWQSHYW ; ;MQ 7SJX[EVI)4+ %OXYEPMWMIVYRKWQSHYW ; ;MQ 7SJX[EVI)4+ %OXYEPMWMIVYRKWQSHYW 4YROXI LSVM^SRXEP» >IMPIRZIVXMOEP 4YROXI LSVM^SRXEP» >IMPIRZIVXMOEP (YVGLWGLRMXXPMGLIV )RIVKMIZIVFVEYGLMQ.ELV 7XVSQZIVFVEYGLMQ7XERHF] ; ;MQ 7SJX[EVI)4+ &IXVMIF %OXYEPMWMIVYRKWQSHYW %R^IMKIEYJPÚWYRK 4YROXILSVM^SRXEP»>IMPIRZIVXMOEP %FQIWWYRKIRGE&»,»8 QMX8MWGLWXÈRHIV »»GQ »»GQ »»GQ »»GQ SLRI8MWGLWXÈRHIV »»GQ »»GQ »»GQ »»GQ QMX8MWGLWXÈRHIV OK OK OK OK SLRI8MWGLWXÈRHIV OK OK OK OK 1MXKIPMIJIVXIW>YFILÚV 7MILIhÀFIVTVàJIRHIW>YFILÚVWw7IMXI 7SRHIV^YFILÚV ;ERHLEPXIVYRK79;0 :MHISOSRJIVIR^OEQIVE1MOVSJSRTEOIX'19&6 97&;0%2%HETXIV &IXVMIFWXIQTIVEXYV 'z' 0YJXJIYGLXMKOIMXFIMQ &IXVMIF zVIPEXMZI0YJXJIYGLXMKOIMXRMGLXOSRHIRWMIVIRH +I[MGLXGE (IV)RIVKMIZIVFVEYGLTVS.ELV[YVHIFEWMIVIRHEYJHIV0IMWXYRKWEYJRELQIHIW*IVRWILKIVÈXWFIMIMRIV &IXVMIFWHEYIVZSR7XYRHIRXÈKPMGLER8EKIRFIVIGLRIX(IVXEXWÈGLPMGLI)RIVKMIZIVFVEYGLLÈRKXZSR HIV:IV[IRHYRKHIW*IVRWILKIVÈXWEF (MIERKIKIFIRI0IMWXYRKWEYJRELQIMQ7XERHF]&IXVMIF[MVHIVVIMGLXREGLHIQHEW*IVRWILKIVÈXHMI RSX[IRHMKIRMRXIVRIR4VS^IWWIEFKIWGLPSWWIRLEX ¨RHIVYRKIRHMIHIQXIGLRMWGLIR*SVXWGLVMXXHMIRIRFPIMFIRZSVFILEPXIR () 1SRXMIVIRHIW>YFILÚVW;ERHLEPXIVYRK %RHMI/YRHIR ;IRR7MIHMI;ERHLEPXIVYRK79;0YRH79;0ZIV[IRHIRFPIMFX^[MWGLIRHIV;ERH YRHHIQ*IVRWILKIVÈXIMR%FWXERHZSRGQ*àLVIR7MIHMI/EFIP^YQ*IVRWILKIVÈXHYVGLHMIWI 0àGOI GQ ;ERH >YQ7GLYX^HIW4VSHYOXWYRHEYW7MGLIVLIMXWKVàRHIRIQTJMILPX7SR]HVMRKIRHHMI-RWXEPPEXMSR -LVIW*IVRWILKIVÈXIWZSR7SR],ÈRHPIVRSHIVPM^IR^MIVXIR1SRXIYVIRHYVGLJàLVIR^YPEWWIR :IVWYGLIR7MIRMGLXHMI1SRXEKIWIPFWXHYVGL^YJàLVIR %R7SR],ÈRHPIVYRH1SRXIYVI 7GLIROIR7MI[ÈLVIRHHIV-RWXEPPEXMSRWS[MIHIVVIKIPQÈÃMKIR;EVXYRKYRHÀFIVTVàJYRKHMIWIW 4VSHYOXWHIV7MGLIVLIMX-LVIZSPPI%YJQIVOWEQOIMX -LV*IVRWILKIVÈXOERRQMXHIV;ERHLEPXIVYRK79;07IMXI SHIV79;07IMXI WITEVEXIVLÈPXPMGLQSRXMIVX[IVHIR e 0IWIR7MIFMXXIMRHIVQMXHIV;ERHLEPXIVYRKKIPMIJIVXIR%RPIMXYRKREGLYQHMI1SRXEKIVMGLXMK EYW^YJàLVIR e 2ÈLIVIWHE^YJMRHIR7MIYRXIVh%FRILQIRHIW8MWGLWXÈRHIVWZSQ*IVRWILKIVÈXw7IMXI *àVHMI-RWXEPPEXMSRHMIWIW4VSHYOXWMWXEYWVIMGLIRHI7EGLOIRRXRMWIVJSVHIVPMGLFIWSRHIVWHE ZSVEFIVQMXXIPX[IVHIRQYWWSFHMI;ERHJIWXMKOIMXJàVHEW+I[MGLXHIW*IVRWILKIVÈXIW EYWVIMGLIRHMWXÀFIVPEWWIR7MIHMI;ERHQSRXEKIHMIWIW4VSHYOXWYRFIHMRKX7SR],ÈRHPIVR SHIVPM^IR^MIVXIR1SRXIYVIRYRHEGLXIR7MIERKIQIWWIREYJHMI7MGLIVLIMX[ÈLVIRHHIV -RWXEPPEXMSR7SR]àFIVRMQQXOIMRI,EJXYRKJàVIX[EMKI7EGLWGLÈHIRSHIV:IVPIX^YRKIRHMI HYVGLJEPWGLI,ERHLEFYRKSHIVYRWEGLKIQÈÃI-RWXEPPEXMSRZIVYVWEGLX[IVHIR *SVXWIX^YRK () ;IRR7MIHEW*IVRWILKIVÈXERHIV;ERHQSRXMIVIR[SPPIRIRXJIVRIR7MIHMI7GLVEYFIRERHIV 6àGOWIMXIHIW*IVRWILKIVÈXW;IPGLIYRH[MIZMIPI7GLVEYFIRZSVLERHIRWMRHLÈRKXZSQ1SHIPP HIW*IVRWILKIVÈXWEF7MIWMRHMRHMI&SLVPÚGLIVJàVHMI;ERHQSRXEKILMRIMRKIWGLVEYFX &I[ELVIR7MIHMIIRXJIVRXIR7GLVEYFIRYRFIHMRKXERIMRIQWMGLIVIR3VXEYÃIVLEPFHIV6IMGL[IMXI ZSR/MRHIVREYJ & *àV1SHIPP/(0,<\ /(0)<\ /(0)<\/(0)<\ & *àV1SHIPP/(0)<\ » » » » ;IMGLIW8YGL ;IMGLIW8YGL e ;IRR7MIHIR8MWGLWXÈRHIVZSQ*IVRWILKIVÈXEFRILQIRPIKIR7MIHEW+IVÈXQMXHIQ&MPHWGLMVQREGLYRXIR EYJIMRIWXEFMPI%VFIMXWJPÈGLIHMIKVÚÃIVMWXEPWHEW*IVRWILKIVÈX e 9Q&IWGLÈHMKYRKIREQ0'(&MPHWGLMVQ^YZIVQIMHIRPIKIR7MIIMR[IMGLIW8YGLEYJHMI%VFIMXWJPÈGLI 79;079;0 *àV1SHIPP/(0 )<\/(0,<\ /(0)<\ /(0'<\ /(0)<\ 79;0 79;0 7GLVEYFI 47; » 1SRXEKI LEOIR 1SRXEKI LEOIR » 7GLVEYFI 47; » *àV1SHIPP/(0)<\ ;IMGLIW8YGL ;IMGLIW8YGL e &VMRKIR7MIHIR1SRXEKILEOIRQMXHIRZMIV7GLVEYFIRERHMIQMXHIV;ERHLEPXIVYRKQMXKIPMIJIVX[IVHIR e ;IRR7MIHIR8MWGLWXÈRHIV[MIHIVERFVMRKIR[SPPIRHVILIR7MIHMI^YZSVEFKIRSQQIRIR7GLVEYFIR YRFIHMRKX[MIHIVMRHMI3VMKMREPFSLVYRKIRERHIV6àGOWIMXIHIW*IVRWILKIVÈXW () %FFMPHYRK8EFIPPIQMX7GLVEYFIRYRH,EOIRTSWMXMSRIR 1SHIPPFI^IMGLRYRK /(0 7GLVEYFIRTSWMXMSR ,EOIRTSWMXMSRIR 79;0 79;0 )<\ IN F ,<\)<\)<\ IN F '<\ HK F ,<\)<\)<\ IN F '<\ HK F )<\)<\ IN F )<\)<\)<\'<\ IK G 79;0 )<\ )<\ E E )<\ F 79;0 7GLVEYFIRTSWMXMSR &IMQ%RFVMRKIRHIW1SRXEKILEOIRWEQ *IVRWILKIVÈX ,EOIRTSWMXMSRIR &IMQ%RFVMRKIRHIW*IVRWILKIVÈXWERHIV &EWMWLEPXIVYRK E F G *SVXWIX^YRK () 79;0 ,EOIRTSWMXMSRIR &IMQ%RFVMRKIRHIW*IVRWILKIVÈXWERHIV &EWMWLEPXIVYRK E F 8EFIPPIHIV*IVRWILKIVÈXI-RWXEPPEXMSRWEFQIWWYRKIR 79;0 % * ) ' & ( , &MPHWGLMVQ1MXXIPTYROX 79;0 % ) * ' & &MPHWGLMVQ1MXXIPTYROX () ( + , + )MRLIMXGQ &MPHWGLMVQ 1SHIPP (MWTPE] QMXXIR FI^IMGL EFQIWWYRKIR EFQIWWYRK RYRK /(0 % & ' 79;0 )<\ ,<\ )<\ )<\ '<\ ,<\ )<\ )<\ '<\ )<\ )<\ )<\ )<\ )<\ '<\ 79;0 )<\ )<\ )<\ 0ÈRKIJàVNIHIR1SRXEKI[MROIP ;MROIP ;MROIP ( ) * + , (MI>ELPIRMRHIV8EFIPPIOÚRRIRNIREGLHIV-RWXEPPEXMSRKIVMRKJàKMKEF[IMGLIR ;%6292+ (MI;ERHERHIVHEW*IVRWILKIVÈXQSRXMIVX[IVHIRWSPPQYWWMRHIV0EKIWIMRQMRHIWXIRWHEWZMIVJEGLI +I[MGLXHIW*IVRWILKIVÈXIW^YXVEKIR(EW+I[MGLXMWXYRXIVh8IGLRMWGLI(EXIRw7IMXI ERKIKIFIR () 2IX^OEFIP 7MGLIVLIMXWMRJSV QEXMSRIR 9QEPPI6MWMOIR[MI*IYIV)PIOXVSWGLSGO SHIV&IWGLÈHMKYRKIRYRHSHIV :IVPIX^YRKIREYW^YWGLPMIÃIRWSPPXIR7MI HEW2IX^OEFIPYRHHIR7XIGOIV[MILMIV ERKIKIFIRLERHLEFIR ;%6292+ &EXXIVMIRHàVJIRRMGLXàFIVQÈÃMKIV,MX^I [MI7SRRIRPMGLXIMRIQ*IYIVSHIV ¨LRPMGLIQEYWKIWIX^X[IVHIR -RWXEPPEXMSR)MRWXIPPYRK -RWXEPPMIVIRYRHFIRYX^IR7MIHEW *IVRWILKIVÈXYRXIV&IVàGOWMGLXMKYRKHIV MQ*SPKIRHIRERKIKIFIRIR%R[IMWYRKIR YQEPPI6MWMOIR[MI*IYIV7XVSQWGLPEK SHIV&IWGLÈHMKYRKIRYRHSHIV :IVPIX^YRKIR^YZIVQIMHIR -RWXEPPEXMSR e (EW*IVRWILKIVÈXWSPPXIRIFIRIMRIVJVIM ^YKÈRKPMGLIR2IX^WXIGOHSWIMRWXEPPMIVX [IVHIR e 7XIPPIR7MIHEW*IVRWILKIVÈXEYJIMRI WXEFMPIIFIRI*PÈGLI e ;ERHIMRFEYXIRWSPPXIRRYVZSR UYEPMJM^MIVXIQ*EGLTIVWSREPEYWKIJàLVX [IVHIR e %YW7MGLIVLIMXWKVàRHIR[MVHHVMRKIRH IQTJSLPIREYWWGLPMIÃPMGL7SR] >YFILÚVXIMPI^YZIV[IRHIRMROPYWMZI z ;ERHQSRXEKILEPXIVYRK 79;0EYÃIV1SHIPP/(0 )<\ 79;0/(0)<\ e :IV[IRHIR7MI^YQ&IJIWXMKIRHIV 1SRXEKILEOIREQ*IVRWILKIVÈXFMXXIHMI KIQIMRWEQQMXHIV ;ERHQSRXEKILEPXIVYRKKIPMIJIVXIR 7GLVEYFIR(MIQMXKIPMIJIVXIR7GLVEYFIR WMRHHIVEVXOSR^MTMIVXHEWWWMIZSRHIV &IJIWXMKYRKWJPÈGLIHIW1SRXEKILEOIRW EYWQQFMWQQPERKWMRH (YVGLQIWWIVYRH0ÈRKIHIV7GLVEYFIR ZEVMMIVIRNIREGL1SHIPPHIV ;ERHQSRXEKILEPXIVYRK (YVGLHMI:IV[IRHYRKERHIVIVEPWHIV QMXKIPMIJIVXIR7GLVEYFIROERRHEW *IVRWILKIVÈXFIWGLÈHMKX[IVHIRSHIV LIVYRXIVJEPPIR QQQQ 1SRXEKILEOIR ,EOIRFIJIWXMKYRKERHIV 6àGOWIMXIHIW *IVRWILKIVÈXW 8VERWTSVX e :SVHIQ8VERWTSVXHIW*IVRWILKIVÈXW ^MILIR7MIFMXXIEPPI/EFIPEYWHIQ+IVÈX e >YQ8VERWTSVXIMRIWKVSÃIR *IVRWILKIVÈXWWMRH^[IMSHIVHVIM 4IVWSRIRRÚXMK e ;IRR7MIHEW*IVRWILKIVÈXZSR,ERH XVERWTSVXMIVIRLEPXIR7MIIWFMXXI[MIMR HIV%FFMPHYRKHEVKIWXIPPXÀFIR7MI [IHIVEYJHIR0'(&MPHWGLMVQRSGLEYJ HIR&MPHWGLMVQVELQIR(VYGOEYW z e 7IX^IR7MIHEW*IVRWILKIVÈXFIMQ 8VERWTSVX[IHIV7XÚWWIRRSGLWXEVOIR )VWGLàXXIVYRKIREYW e ;IRR7MIHEW*IVRWILKIVÈXJàV 6ITEVEXYVIRSHIVFIMIMRIQ9Q^YK XVERWTSVXMIVIRQàWWIRZIVTEGOIR7MIIW QMXLMPJIHIV3VMKMREPZIVTEGOYRKW QEXIVMEPMIRMQ3VMKMREPOEVXSR z z z 0YJX^MVOYPEXMSR e (IGOIR7MIRMIHMI0àJXYRKWÚJJRYRKIR EFYRHWXIGOIR7MIRMGLXWMRHEW+ILÈYWI e 0EWWIR7MIEYWVIMGLIRH4PEX^YQHEW *IVRWILKIVÈXWMILI%FFMPHYRK e )W[MVHHVMRKIRHIQTJSLPIRHMI SJJM^MIPPI7SR];ERHQSRXEKILEPXIVYRK ^YZIV[IRHIRYQIMRIEYWVIMGLIRHI 0YJX^MVOYPEXMSR^YKI[ÈLVPIMWXIR -RWXEPPEXMSRERHIV;ERH z z GQ GQ z GQ :IV[IRHIR7MIEYWWGLPMIÃPMGLHMIZSR 7SR]YRHOIMRIRERHIVIR%RFMIXIVR KIPMIJIVXI2IX^OEFIP 7XIGOIR7MIHIR7XIGOIVKER^MRHMI 2IX^WXIGOHSWI (MIWIW*IVRWILKIVÈXMWXEYWWGLPMIÃPMGL JàVHIR&IXVMIFER: ;IGLWIPWXVSQEYWKIPIKX 8VIRRIR7MIHEW+IVÈX^Y-LVIVIMKIRIR 7MGLIVLIMXYRFIHMRKXZSQ2IX^WXVSQ [IRR7MI/EFIPERHIQ+IVÈX ERWGLPMIÃIRYRHWXSPTIVR7MIRMGLX àFIVHMI/EFIP 8VIRRIR7MIHEW2IX^OEFIPZSRHIV 2IX^WXIGOHSWIFIZSV7MIHEW *IVRWILKIVÈXVITEVMIVIRSHIV XVERWTSVXMIVIR ,EPXIR7MIHEW2IX^OEFIPZSR ;ÈVQIUYIPPIRJIVR >MILIR7MIHIR2IX^WXIGOIVEYWHIV 7XIGOHSWIYRHVIMRMKIR7MIMLR VIKIPQÈÃMK;IRRHIV7XIGOIV ZIVWXEYFXMWXYRHWMGL*IYGLXMKOIMX EFPEKIVXOERRHMI-WSPMIVYRKPIMHIRYRH IWFIWXILX*IYIVKIJELV %RQIVOYRKIR GQ 0EWWIR7MIQMRHIWXIRWWSZMIP 4PEX^YQHEW+IVÈX %YJWXIPPYRKEYJHIQ 7XERHJYà GQ GQ 0EWWIR7MIQMRHIWXIRWWSZMIP 4PEX^YQHEW+IVÈX e 9QIMRIEYWVIMGLIRHI&IPàJXYRK^Y KI[ÈLVPIMWXIRYRH7XEYFSHIV 7GLQYX^EFPEKIVYRKIR^YZIVQIMHIR z 7XIPPIR7MIHEW*IVRWILKIVÈX[IHIV JPEGLRSGLEYJHIQ/STJWXILIRH JEPWGLLIVYQSHIVWIMX[ÈVXWKIRIMKX EYJ z 7XIPPIR7MIHEW*IVRWILKIVÈX[IHIV EYJIMRIQ6IKEPIMRIQ8ITTMGL IMRIQ&IXXSHIVMRIMRIQ7GLVERO EYJ z (IGOIR7MIHEW*IVRWILKIVÈXRMGLX QMX(IGOIRSHIV:SVLÈRKIREFYRH PIKIR7MIOIMRI+IKIRWXÈRHI[MI >IMXYRKIRYW[HEVEYJ z -RWXEPPMIVIR7MIHEW*IVRWILKIVÈX RMGLX[MIEYJHIV%FFMPHYRKKI^IMKX (MI0YJX^MVOYPEXMSR[MVHYRXIVFYRHIR ;ERH e :IV[IRHIR7MIHEWQMXKIPMIJIVXI 2IX^OEFIPRMGLXQMXERHIVIR+IVÈXIR e /PIQQIRFMIKIRSHIVZIVHVILIR7MIHEW 2IX^OEFIPRMGLXàFIVQÈÃMK(MIFPEROIR %HIVRMQ-RRIVIRHIW/EFIPWOÚRRXIR JVIMPMIKIRSHIVFVIGLIR e 2ILQIR7MIEQ2IX^OEFIPOIMRI :IVÈRHIVYRKIRZSV e 7XIPPIR7MIOIMRIWGL[IVIR+IKIRWXÈRHI EYJHEW2IX^OEFIP e >MILIR7MIRMGLXEQ/EFIPWIPFWX[IRR 7MIHEW2IX^OEFIPEYWHIV7XIGOHSWI LIVEYW^MILIR e %GLXIR7MIHEVEYJRMGLX^YZMIPIERHIVI +IVÈXIERHMIWIPFI2IX^WXIGOHSWI ER^YWGLPMIÃIR e :IV[IRHIR7MIIMRI2IX^WXIGOHSWIMR HIVHIV7XIGOIVJIWXWMX^X :IVFSXIRI2YX^YRK -RWXEPPMIVIR7MIHEW*IVRWILKIVÈX[IHIVER 7XERHSVXIRMR9QKIFYRKIRRSGLMR 7MXYEXMSRIR[MIHIRLMIVEYJKIJàLVXIRHE HMIW^Y*ILPJYROXMSRIRHIW*IVRWILKIVÈXW YRH*IYIV)PIOXVSWGLSGO&IWGLÈHMKYRKIR YRHSHIV:IVPIX^YRKIRJàLVIROERR 7XERHSVX e -Q*VIMIRMRHMVIOXIQ7SRRIRPMGLXEQ 1IIVEYJIMRIQ7GLMJJSHIV&SSXMQ -RRIVRIMRIW*ELV^IYKWMRQIHM^MRMWGLIR )MRVMGLXYRKIRERMRWXEFMPIR7XERHSVXIR MRHIV2ÈLIZSR;EWWIV6IKIR *IYGLXMKOIMXSHIV6EYGL e ;IRRHEW*IVRWILKIVÈXMRHIV 9QOPIMHIOEFMRIIMRIW7GL[MQQFEHW SHIV8LIVQEPFEHWEYJKIWXIPPX[MVHOERR HEW*IVRWILKIVÈXHYVGL7GL[IJIPHÈQTJI YW[FIWGLÈHMKX[IVHIR ;ERH e *àVIMRISTXMQEPI&MPHUYEPMXÈXWGLàX^IR 7MIHIR&MPHWGLMVQZSVHMVIOXIV &IPIYGLXYRKSHIVHMVIOXIQ7SRRIRPMGLX () e &VMRKIR7MIHEW*IVRWILKIVÈXQÚKPMGLWX RMGLXZSRIMRIQOEPXIRMRIMRIR[EVQIR 6EYQ&IMTPÚX^PMGLIR 8IQTIVEXYVWGL[EROYRKIROERRWMGL *IYGLXMKOIMXRMIHIVWGLPEKIR(MIWOERR HMI&MPHYRHSHIV*EVFUYEPMXÈXEQ *IVRWILKIVÈXFIIMRXVÈGLXMKIR0EWWIR7MI HMI*IYGLXMKOIMXMRIMRIQWSPGLIR*EPP ZSVHIQ)MRWGLEPXIRHIW*IVRWILKIVÈXW ZSPPWXÈRHMKZIVHYRWXIR e 7TVàLIR7MIRMIQEPW;EWWIVSHIV 6IMRMKYRKWQMXXIPHMVIOXEYJHEW *IVRWILKIVÈX)WOERRFMW^YV9RXIVWIMXI HIW&MPHWGLMVQWSHIVHIV%YÃIRXIMPI PEYJIRYRHMRHEW*IVRWILKIVÈXKIPERKIR YRHWS7GLÈHIREQ*IVRWILKIVÈX ZIVYVWEGLIR 9QKIFYRK e %RLIMWWIRJIYGLXIRSHIVàFIVQÈÃMK WXEYFMKIR3VXIRERHIRIR-RWIOXIRMRHEW +IVÈXIMRHVMRKIROÚRRIRERHIRIRIW QIGLERMWGLIR)VWGLàXXIVYRKIR EYWKIWIX^XMWXRIFIRFVIRRFEVIR 3FNIOXIR/IV^IRYW[(EW *IVRWILKIVÈXHEVJ[IHIV8VSTJIRSHIV 7TVMX^IVREYWKIWIX^X[IVHIR)WHàVJIR OIMRIQMX*PàWWMKOIMXKIJàPPXIR +IKIRWXÈRHI^YQ&IMWTMIP:EWIREYJ HIQ*IVRWILKIVÈXEFKIWXIPPX[IVHIR e 7XIPPIR7MIHEW*IVRWILKIVÈXRMGLXER IMRIRJIYGLXIRSHIVWXEYFMKIR3VXSHIVMR IMRIR6EYQQMXJIXXMKIQ6EYGLSHIV (EQTJMRHIV2ÈLIZSR/SGLWXIPPIR SHIV0YJXFIJIYGLXIVR%RHIVRJEPPW FIWXILX*IYIVKIJELVHMI+IJELVIMRIW IPIOXVMWGLIR7GLPEKWSHIVHEW+IVÈXOERR WMGLZIVJSVQIR e 7XIPPIR7MIHEW*IVRWILKIVÈXRMGLXER 3VXIREYJERHIRIRIWI\XVIQIR 8IQTIVEXYVIREYWKIWIX^XMWX^&MR HMVIOXIQ7SRRIRPMGLXSHIVMRHIV2ÈLI IMRIV,IM^YRKSHIVIMRIW ;EVQPYJXEYWPEWWIW%RHIVRJEPPWOERR WMGLHEW*IVRWILKIVÈXàFIVLMX^IRYRHHEW +ILÈYWIOERRWMGLZIVJSVQIRYRHSHIV IWOSQQX^Y*ILPJYROXMSRIREQ *IVRWILKIVÈX &VYGLWXàGOI e ;IVJIR7MIRMGLXWKIKIRHEW *IVRWILKIVÈX(EW+PEWHIW&MPHWGLMVQW OÚRRXIHYVGLHIR%YJTVEPP^IVFVIGLIR YRHWGL[IVI:IVPIX^YRKIRZIVYVWEGLIR e *EPPWHMI3FIVJPÈGLIHIW*IVRWILKIVÈXW ^IVWTVMRKX^MILIR7MI^YIVWXHEW 2IX^OEFIPEYWHIV7XIGOHSWIFIZSV7MI HEW+IVÈXFIVàLVIR%RHIVRJEPPWFIWXILX HMI+IJELVIMRIWIPIOXVMWGLIR7GLPEKIW ;IRRHEW+IVÈXRMGLX FIRYX^X[MVH e >YQ7GLYX^HIV9Q[IPXYRHEYW 7MGLIVLIMXWKVàRHIRIQTJMILPXIWWMGLHEW *IVRWILKIVÈXZSQ7XVSQRIX^^YXVIRRIR [IRRIWQILVIVI8EKIRMGLXFIRYX^X [MVH e (EHEW*IVRWILKIVÈXEYGLMR EYWKIWGLEPXIXIQ>YWXERHQMXHIQ 7XVSQRIX^ZIVFYRHIRMWX[IRRIWRYV EYWKIWGLEPXIX[YVHIQYWWHIV7XIGOIV EYWHIV2IX^WXIGOHSWIKI^SKIR[IVHIR YQHEW*IVRWILKIVÈXZSPPOSQQIR EYW^YWGLEPXIR e &IMIMRMKIR*IVRWILKIVÈXIRKMFXIW NIHSGLQÚKPMGLIV[IMWI*YROXMSRIRJàV HMIHEW*IVRWILKIVÈXMRHIR &IVIMXWGLEJXWQSHYWKIWGLEPXIXWIMR QYWW /MRHIV e 7SVKIR7MIHEJàVHEWW/MRHIVRMGLXEYJ HEW*IVRWILKIVÈXOPIXXIVR e &I[ELVIR7MIOPIMRI>YFILÚVXIMPI EYÃIVLEPFHIV6IMGL[IMXIZSR/MRHIVR EYJHEQMXHMIWIRMGLXMVVXàQPMGLIV[IMWI ZIVWGLPYGOX[IVHIR *EPPWJSPKIRHI4VSFPIQI EYJXVIXIR 7GLEPXIR7MIHEW*IVRWILKIVÈXWSJSVX EYWYRH^MILIR7MIHIR2IX^WXIGOIVEYW HIV7XIGOHSWIWSFEPHIMRIWHIVJSPKIRHIR 4VSFPIQIEYJXVMXX ;IRHIR7MIWMGLER-LVIR,ÈRHPIVSHIVHEW 7SR]/YRHIRHMIRWX^IRXVYQYQIWZSR UYEPMJM^MIVXIQ*EGLTIVWSREPàFIVTVàJIR^Y PEWWIR ;IRR z z z 7MXYEXMSR e 2MGLXQMXREWWIR,ÈRHIRSLRI+ILÈYWI SHIVQMXERHIVIQEPWZSQ,IVWXIPPIV IQTJSLPIRIR>YFILÚVFIRYX^IR 8VIRRIR7MIHEW*IVRWILKIVÈXFIM +I[MXXIVZSRHIV2IX^WXIGOHSWIYRHHIV %RXIRRI e 7XIPPIR7MIHEW*IVRWILKIVÈXRMGLXWSEYJ HEWWIWJVIMMRHIR6EYQLMRIMRVEKX %RHIVRJEPPWFIWXILXHMI+IJELVHEWWIMRI 4IVWSRSHIVIMR+IKIRWXERH HEKIKIRWXÚÃXYRHIWOERR^Y :IVPIX^YRKIRSHIV7EGLWGLÈHIR OSQQIR z (EW2IX^OEFIPFIWGLÈHMKXMWX (IV7XIGOIVRMGLXJIWXMRHIV 2IX^WXIGOHSWIWMX^X (EW*IVRWILKIVÈXHYVGL*EPPIR7XSÃIR SHIVIMRIRKI[SVJIRIR+IKIRWXERH FIWGLÈHMKXMWX *PàWWMKOIMXSHIV*VIQHOÚVTIVHYVGL HMIºJJRYRKIRMRHEW*IVRWILKIVÈX KIPERKIR ;EVRYRK 9Q*IYIVKIJELV^YZIVQIMHIRLEPXIR7MI /IV^IRYRHNIKPMGLISJJIRIR*PEQQIR NIHIV^IMXZSRHMIWIQ+IVÈXJIVR () -RXVSHYËÇS 3FVMKEHSTSVIWGSPLIVIWXITVSHYXS7SR] %RXIWHIYXMPM^EVSXIPIZMWSVPIMEIWXI QERYEPGSQEXIRËÇSIKYEVHISTEVE JYXYVEWGSRWYPXEW 3JEFVMGERXIHIWXITVSHYXSÍE7SR] 'SVTSVEXMSR/SRER1MREXS OY8SO]S.ETÇS3 VITVIWIRXERXIEYXSVM^EHSTEVE 'SQTEXMFMPMHEHI)PIGXVSQEKRÍXMGEI WIKYVERËEHSTVSHYXSÍE7SR] (IYXWGLPERH+QF,,IHIPJMRKIV 7XVEWWI7XYXXKEVX %PIQERLE4EVEUYEPUYIVEWWYRXS VIPEGMSREHSGSQWIVZMËSSYKEVERXME TSVJEZSVGSRWYPXIEQSVEHE MRHMGEHERSWHSGYQIRXSWWSFVI WIVZMËSIKEVERXMEWUYIWIIRGSRXVEQ NYRXSESTVSHYXS %ZMWSTEVEEJYRËÇSHI XIPIZMWÇSHMKMXEP e 8SHEWEWJYRËÙIWVIPEXMZEWÄXIPIZMWÇS HMKMXEP IWXEVÇSHMWTSRÑZIMWETIREW TEVESWTEÑWIWSYÅVIEWIQUYIWÇS XVERWQMXMHSWWMREMWXIVVIWXVIWHMKMXEMW (:&814)+I,14)+ %:'SYSRHII\MWXIEGIWWSEYQWIVZMËS HIGEFSGSQTEXÑZIPGSQ(:&' 14)+I,14)+%:'4SV JEZSVGSRJMVQIGSQSWIYEKIRXIPSGEPWI TSHIVIGIFIVYQWMREP(:&8RSWIY PSGEPHIVIWMHÎRGMESYTIVKYRXIESWIY JSVRIGIHSVHIGEFSWISWIYWIVZMËSHI GEFS(:&'ÍEHIUYEHSTEVESTIVEËÇS MRXIKVEHEGSQIWXIXIPIZMWSV e 3JSVRIGIHSVHIGEFSTSHIGSFVEVYQ TVIËSEHMGMSREPTIPSWWIYWWIVZMËSWI TSHIUYIHIZEGSRGSVHEVGSQSWWIYW XIVQSWIGSRHMËÙIWHIRIK×GMS e )WXIXIPIZMWSVGYQTVIGSQEW IWTIGMJMGEËÙIW(:&8I(:&'QEWE GSQTEXMFMPMHEHIGSQJYXYVEW XVERWQMWWÙIWXIVVIWXVIWHMKMXEMW(:&8I TSVGEFSHMKMXEMW(:&'RÇSÍKEVERXMHE e %PKYQEWJYRËÙIWHIXIPIZMWÇSHMKMXEP TSHIQRÇSIWXEVHMWTSRÑZIMWIQEPKYRW TEÑWIWÅVIEWISGEFS(:&'TSHIRÇS JYRGMSREVGSVVIGXEQIRXIGSQEPKYRW JSVRIGIHSVIW e 3w\xUYIETEVIGIRSRSQIHSQSHIPS GSVVIWTSRHIEYQHÑKMXSRYQÍVMGS VIPEGMSREHSGSQSHIWMKREGSVSYS WMWXIQEHIXIPIZMWÇS e %WMRWXVYËÙIWWSFVIw-RWXEPEVSWYTSVXI TEVEQSRXEKIQRETEVIHIxWÇSMRGPYÑHEW RIWXIQERYEPHIMRWXVYËÙIWHSXIPIZMWSV e %WMPYWXVEËÙIWYXMPM^EHEWRIWXIQERYEP TSHIQZEVMEVHIEGSVHSGSQSQSHIPS HSXIPIZMWSV e %WMPYWXVEËÙIWHSXIPIGSQERHSYXMPM^EHEW RIWXIQERYEPVIJIVIQWIESQSHIPS 61)(I\GITXSMRHMGEËÇSIQ GSRXVÅVMS e %RXIWHIYXMPM^EVSXIPIZMWSVPIMEE WIGËÇSw-RJSVQEËÙIWHIWIKYVERËEx TÅKMRE +YEVHIIWXIQERYEPTEVE JYXYVEWGSRWYPXEW -RJSVQEËÇSHEQEVGE VIKMWXEHE ÍYQEQEVGEVIKMWXEHEHS4VSNIGXS (:& ,(1-SPSK×XMTS,(1-I,MKL (IJMRMXMSR1YPXMQIHME-RXIVJEGIWÇS QEVGEWGSQIVGMEMWSYQEVGEWGSQIVGMEMW VIKMWXEHEWHE,(1-0MGIRWMRK00'RSW )WXEHSW9RMHSWISYRSYXVSWTEÑWIW (02%SPSK×XMTS(02%I(02% ')68-*-)(WÇSQEVGEWGSQIVGMEMW QEVGEWHIWIVZMËSSYQEVGEWHI GIVXMJMGEËÇSHE(MKMXEP0MZMRK2IX[SVO %PPMERGI (MZ<ÍYQEXIGRSPSKMEHIGSQTVIWWÇS HIJMGLIMVSWHIZÑHISHIWIRZSPZMHETIPE (MZ<-RG (MZ<(MZ<'IVXMJMIHISWPSK×XMTSW EWWSGMEHSWWÇSQEVGEWVIKMWXEHEWHE(MZ< -RGIWÇSYXMPM^EHSWWSFPMGIRËE 73&6)3:±()3(-:<(MZ<ÍYQ JSVQEXSHIZÑHISHMKMXEPGVMEHSTIPE(MZ< -RG)WXIÍYQHMWTSWMXMZS(MZ<'IVXMJMIH SJMGMEPUYIVITVSHY^ZÑHIS(MZ<:MWMXI [[[HMZ\GSQTEVESFXIVQEMW MRJSVQEËÙIWIJIVVEQIRXEWHIWSJX[EVI TEVEGSRZIVXIVSWWIYWJMGLIMVSWTEVEZÑHIS (MZ< 73&6)3(-:<:-()332()1%2( )WXIHMWTSWMXMZS(MZ<'IVXMJMIHXIQHI WIVVIKMWXEHSHIQSHSETSHIVVITVSHY^MV GSRXIÞHS(MZ<:MHISSR(IQERH:3( 4EVEKIVEVSG×HMKSHIVIKMWXSPSGEPM^IE WIGËÇS(MZ<:3(RSQIRYHI GSRJMKYVEËÇSHSHMWTSWMXMZS:ÅE ZSHHMZ\GSQGSQIWXIG×HMKSTEVE GSRGPYMVSTVSGIWWSHIVIKMWXSISFXIVQEMW MRJSVQEËÙIWWSFVIS(MZ<:3( *EFVMGEHSWSFPMGIRËEHE(SPF] 0EFSVEXSVMIW(SPF]ISWÑQFSPSGSQ HYTPS(WÇSQEVGEWVIKMWXEHEWHE(SPF] 0EFSVEXSVMIW w&6%:-%xI 7SR]'SVTSVEXMSR WÇSQEVGEWHE 8VEGO-(ÍYQEQEVGEGSQIVGMEPSYQEVGE GSQIVGMEPVIKMWXEHEHE7SR])VMGWWSR 1SFMPI'SQQYRMGEXMSRW%& %XIGRSPSKMEHIVIGSRLIGMQIRXSHIQÞWMGE IZÑHISISWHEHSWVIPEGMSREHSWWÇS JSVRIGMHSWTIPE+VEGIRSXI+VEGIRSXIÍE RSVQEHEMRHÞWXVMEIQXIGRSPSKMEHI VIGSRLIGMQIRXSHIQÞWMGEIJSVRIGMQIRXS HIGSRXIÞHSWVIPEGMSREHSW4EVEQEMW MRJSVQEËÙIWZMWMXI[[[KVEGIRSXIGSQ '((:(&PYVE](MWGIHEHSW VIPEGMSREHSWGSQQÞWMGEIZÑHISHE +VEGIRSXI-RGGST]VMKLX TVIWIRXI+VEGIRSXI7SJX[EVI+VEGIRSXI GST]VMKLXTVIWIRXI+VEGIRSXI 9QESYQEMWTEXIRXIWHIXMHEWTIPE +VEGIRSXIETPMGEQWIEIWXITVSHYXSI WIVZMËS:MWMXIS[IFWMXI+VEGIRSXITEVE ZIVYQEPMWXERÇSI\EYWXMZEHITEXIRXIW +VEGIRSXIETPMGÅZIMW+VEGIRSXI'((& 1YWMG-(1IHME:3'7SPSKSIPSK×XMTS +VEGIRSXIISPSKSw4S[IVIHF] +VEGIRSXIxWÇSQEVGEWVIKMWXEHEWSY QEVGEWGSQIVGMEMWHE+VEGIRSXIRSW )WXEHSW9RMHSWISYSYXVSWTEÑWIW 3TIVE&VS[WIVJVSQ3TIVE7SJX[EVI %7%'ST]VMKLX3TIVE 7SJX[EVI%7%%PPVMKLXWVIWIVZIH 48 ;M*M4VSXIGXIH7IXYTI;4%WÇSQEVGEW HE;M*M%PPMERGI 4EVE/(0 )</(0 )</(0)< /(0)< %ZMWSTEVE7MREP7IQ *MSW 4SVIWXIQIMSE7SR]'SVTSVEXMSR HIGPEVEUYIIWXEYRMHEHIIWXÅGSRJSVQI GSQSWVIUYMWMXSWIWWIRGMEMWISYXVEW HMWTSWMËÙIWHE(MVIGXMZE') 4EVEQEMWMRJSVQEËÙIWTSVJEZSVGSRWYPXI SWIKYMRXI960 LXXT[[[GSQTPMERGIWSR]HI 2SXETEVESWGPMIRXIWEWWIKYMRXIW MRJSVQEËÙIWETIREWWIETPMGEQE IUYMTEQIRXSGSQIVGMEPM^EHSIQTEÑWIW UYIETPMGEQEWHMVIGXMZEWHE9) 3WMWXIQEWIQJMSWHIXIPIZMWSVTSHIWIV YXMPM^EHSRSWWIKYMRXIWTEÑWIW ¥YWXVME&ÍPKMGE&YPKÅVME'LMTVI 6ITÞFPMGE'LIGE(MREQEVGE)WX×RME *MRPÆRHME*VERËE%PIQERLE+VÍGME ,YRKVME-WPÆRHME-VPERHE-XÅPME0IX×RME 0MIGLXIRWXIMR0MXYÆRME0Y\IQFYVKS 1EPXE,SPERHE2SVYIKE4SP×RME 4SVXYKEP6ITÞFPMGE)WPSZEGE6SQÍRME )WPSZÍRME)WTERLE7YÍGME7YÑËE 8YVUYMEI6IMRS9RMHS )WXIIUYMTEQIRXSTSHIWIVYXMPM^EHS RSYXVSWTEÑWIWRÇSIYVSTIYW 7MWXIQE7IQ*MSWTEVE 8:-RJSVQEËÇSWSFVI 6IKYPEQIRXEËÙIW 4EVESW'PMIRXIWIQ-XÅPME %YXMPM^EËÇSHEVIHI60%2ÍVIKMHE W VIPEXMZEQIRXIÄYXMPM^EËÇSTVMZEHEHI EGSVHSGSQS(IGVIXS0IMHI Rw'×HMKSHI'SQYRMGEËÙIW )PIGXV×RMGEWx)QTEVXMGYPEVS%VXMKS MRHMGEUYERHSÍI\MKMHEESFXIRËÇS TVÍZMEHIYQEEYXSVM^EËÇSKIVEPIS %VXMRHMGEUYERHSÍTIVQMXMHEE YXMPM^EËÇSPMZVI W VIPEXMZEQIRXIESJSVRIGMQIRXSES TÞFPMGSHSEGIWWSHI60%2EWIVZMËSW IVIHIWHIXIPIGSQYRMGEËÙIWHIEGSVHS GSQS(IGVIXS1MRMWXIVMEPHI GSRJSVQIIQIRHEHSI TIPS%VXEYXSVM^EËÇSKIVEPTEVE WIVZMËSWIVIHIWHIGSQYRMGEËÙIW IPIGXV×RMGEWHS'×HMKSHI GSQYRMGEËÙIWIPIGXV×RMGEW 4EVESW'PMIRXIWRE2SVYIKE %YXMPM^EËÇSHIWXIIUYMTEQIRXSHIVÅHMS RÇSÍTIVQMXMHEREÅVIEKISKVÅJMGEWMXYEHE HIRXVSHIYQVEMSHIOQIQVIPEËÇSES GIRXVSHI2]©PIWYRH7ZEPFEVH 4EVESW'PMIRXIWIQ'LMTVI 3YXMPM^EHSVJMREPXIQHIVIKMWXEVSW HMWTSWMXMZSW60%2SY;%7SY;M*MRS (ITEVXEQIRXSHI'SQYRMGEËÙIW )PIGXV×RMGEW4-I4- 4-ÍS(IGVIXSWSFVI 6EHMSGSQYRMGEËÙIW'EXIKSVMEWHI )WXEËÙIW7YNIMXEWE%YXSVM^EËÇS+IVEPI 6IKMWXSHI 4-ÍE%YXSVM^EËÇS+IVEPTEVE YXMPM^EËÇSHI6EHMSJVIUYÎRGMEWTSV6IHIW HIÅVIE0SGEPHI6ÅHMSI7MWXIQEWHI %GIWWS7IQ*MSWMRGPYMRHS6IHIWHI¥VIE 0SGEPHI6ÅHMS;%760%2 4EVE'PMIRXIWIQ*VERËE %JYRGMSREPMHEHI;0%2;M*MHIWXI 8IPIZMWSVE'SVIW(MKMXEP0'(HIZIWIV YXMPM^EHEI\GPYWMZEQIRXIRSMRXIVMSVHI IHMJÑGMSW5YEPUYIVYXMPM^EËÇSHE JYRGMSREPMHEHI;0%2;M*MHIWXI 8IPIZMWSVE'SVIW(MKMXEP0'(JSVEHI IHMJÑGMSWÍTVSMFMHEIQXIVVMX×VMS*VERGÎW 'IVXMJMUYIWIHIUYIEJYRGMSREPMHEHI ;0%2;M*MHIWXI8IPIZMWSVE'SVIW (MKMXEP0'(ÍHIWEGXMZEHEERXIWHIE YXMPM^EVJSVEHIIHMJÑGMSW(IGMWÇS%68 GSRJSVQIIQIRHEHSTIPE (IGMWÇS%68VIPEXMZEEVIWXVMËÙIW HIYXMPM^EËÇSHIVEHMSJVIUYÎRGMEW 0SGEPM^EËÇSHEIXMUYIXE HIMHIRXMJMGEËÇS 4VIGEYËÙIW %WIXMUYIXEWGSQS2HI1SHIPSE(EXE HI*EFVMGSQÎWERSIEGPEWWMJMGEËÇSHI %PMQIRXEËÇSHIEGSVHSGSQEWRSVQEWHI WIKYVERËEETPMGÅZIMWIRGSRXVEQWIRE TEVXIXVEWIMVEHSXIPIZMWSVSYRE IQFEPEKIQ e %PKYRWYXMPM^EHSVIWTSHIQWIRXMVEPKYQ HIWGSRJSVXSIWJSVËSZMWYEPJEHMKESY RÅYWIEWEUYERHSHEZMWYEPM^EËÇSHI MQEKIRWHIZÑHIS(SYUYERHSNSKEVIQ NSKSWIWXIVISWG×TMGSW(%7SR] VIGSQIRHEUYIXSHSWSWYXMPM^EHSVIW JEËEQTEYWEWVIKYPEVIWUYERHS ZMWYEPM^EQMQEKIRWHIZÑHIS(SY UYERHSNSKEQNSKSWIWXIVISWG×TMGSW( %HYVEËÇSIEJVIUYÎRGMEHEWTEYWEW RIGIWWÅVMEWMVÇSZEVMEVHITIWWSETEVE TIWWSE(IZIHIGMHMVSUYIÍQIPLSVTEVE WM7IWIRXMVEPKYQHIWGSRJSVXSHIZI TEVEVHIZMWYEPM^EVMQEKIRWHIZÑHIS( SYHINSKEVNSKSWIWXIVISWG×TMGSW(EXÍ HIM\EVHIWIRXMVIWWIHIWGSRJSVXS GSRWYPXIYQQÍHMGSWIRIGIWWÅVMS(IZI XEQFÍQGSRWYPXEVMSQERYEPHI MRWXVYËÙIWHIUYEMWUYIVSYXVSW HMWTSWMXMZSWSYEGIWW×VMSWYXMPM^EHSW GSQIWXIXIPIZMWSVIMMSRSWWS[IFWMXI LXXT[[[WSR]IYVSTIGSQ Q]TVSHYGXTEVESFXIVEWMRJSVQEËÙIW QEMWVIGIRXIW%ZMWÇSHEWGVMERËEW IWTIGMEPQIRXIGVMERËEWHIMHEHIMRJIVMSV EWIMWERSWEMRHEWIIRGSRXVEIQ HIWIRZSPZMQIRXS'SRWYPXIYQQÍHMGS GSQSTSVI\IQTPSYQTIHMEXVESYYQ SJXEPQSPSKMWXEERXIWHITIVQMXMVUYISW WIYWJMPLSWZMWYEPM^IQMQEKIRWHIZÑHIS (SYNSKYIQNSKSWIWXIVISWG×TMGSW( 3WEHYPXSWHIZIQZMKMEVEWGVMERËEWTEVE EWWIKYVEVUYIIWXEWWIKYIQEW VIGSQIRHEËÙIWMRHMGEHEWEGMQE e 2ÇSYXMPM^IKYEVHISYHIM\ISW·GYPSW (SYETMPLENYRXSHIGLEQEWSYIQ PSGEMWGSQYQEXIQTIVEXYVEIPIZEHE GSQSTSVI\IQTPSWSFEPY^WSPEV HMVIGXESYRYQEYXSQ×ZIPI\TSWXSES WSP e 5YERHSYXMPM^EVEJYRËÇS(WMQYPEHE XIRLEIQEXIRËÇSUYIEMQEKIQ ETVIWIRXEHEÍHMJIVIRXIHESVMKMREP HIZMHSÄGSRZIVWÇSIJIGXYEHETSVIWXI XIPIZMWSV e :INEXIPIZMWÇSGSQYQEPY^EQFMIRXI EHIUYEHETSMWYQEPY^JVEGESYZIV XIPIZMWÇSHYVERXIYQPSRKSTIVÑSHSHI XIQTSTVINYHMGEEZMWXE e 7IYXMPM^EVEYWGYPXEHSVIWRÇSVIKYPIS ZSPYQITEVEYQRÑZIPHIQEWMEHSEPXS TEVEIZMXEVPIWÙIWEYHMXMZEW :IVXIPIZMWÇS )GVÇ0'( e )QFSVESIGVÇ0'(WINEJEFVMGEHSGSQ YQEXIGRSPSKMEHIEPXETVIGMWÇSI SYQEMWHSWTM\IPWWINEQIJIGXMZSW TSHIQETEVIGIVWMWXIQEXMGEQIRXITSRXSW TVIXSWSYTSRXSWFVMPLERXIWHIPY^ ZIVQIPLEE^YPSYZIVHI2ÇSWIXVEXEHI YQEEZEVMEQEWWMQHIYQE GEVEGXIVÑWXMGEHEIWXVYXYVEHS0'( e 2ÇSGEVVIKYIRIQVMWUYISJMPXVSJVSRXEP RIQGSPSUYISFNIGXSWIQGMQEHS XIPIZMWSV4SHIHERMJMGEVSIGVÇ0'(SYE MQEKIQJMGEVMVVIKYPEV e 7IYXMPM^EVSXIPIZMWSVRYQPSGEPJVMSEW MQEKIRWTSHIQJMGEVIWGYVEWSYGSQ QERGLEW2ÇSWIXVEXEHIYQEEZEVME )WXIJIR×QIRSHIWETEVIGIPSKSUYIWYFMV EXIQTIVEXYVE 'SRXMRYE 48 e 7IZMWYEPM^EVMQEKIRWJM\EW GSRXMRYEQIRXITSHITVSHY^MVWIYQE MQEKIQJERXEWQE)WWEMQEKIQ HIWETEVIGITSYGSHITSMW e (YVERXIEYXMPM^EËÇSHSXIPIZMWSVSIGVÇI EGEM\EEUYIGIQ-WWSRÇSÍWMR×RMQSHI EZEVME e 3IGVÇ0'(GSRXÍQYQETIUYIRE UYERXMHEHIHIGVMWXEMWPÑUYMHSW%PKYRW XYFSWJPYSVIWGIRXIWYXMPM^EHSWRIWXI XIPIZMWSVXEQFÍQGSRXÎQQIVGÞVMS I\GITXSSXIPIZMWSV0'(GSQ VIXVSMPYQMREËÇS0)(4EVEWIHIWJE^IV HIPIWGYQTVEEWVIKYPEQIRXEËÙIWI MQTSWMËÙIWPSGEMW 9XMPM^EVIPMQTEVSIGVÇE GEM\EHSXIPIZMWSV (IWPMKYISGEFSHIEPMQIRXEËÇSUYIPMKES XIPIZMWSVÄXSQEHEHIGSVVIRXIIPÍGXVMGE ERXIWHIPMQTEV 4EVEIZMXEVEHIKVEHEËÇSHSQEXIVMEPSYE HIKVEHEËÇSHSVIZIWXMQIRXSHSIGVÇ VIWTIMXIEWWIKYMRXIWTVIGEYËÙIW e 0MQTIST×HSIGVÇHEGEM\EGSQGYMHEHS GSQYQTERSHIPMQTI^EQEGMS7IRÇS GSRWIKYMVPMQTEVFIQST×LYQIHIËE PMKIMVEQIRXIYQTERSQEGMSRYQE WSPYËÇSHIHIXIVKIRXIWYEZI e 2YRGETYPZIVM^IÅKYESYHIXIVKIRXI HMVIGXEQIRXIWSFVISXIPIZMWSV4SHI TMRKEVTEVEEFEWIHSIGVÇSYTEVEEW TIËEWI\XIVMSVIWIMRJMPXVEVWIRS XIPIZMWSVTSHIRHSGEYWEVHERSWRS QIWQS e 2ÇSYXMPM^IIWJVIKÙIWEFVEWMZSWPÑUYMHSW HIPMQTI^EEPGEPMRSWÅGMHSWT×WHI PMQTI^ESYWSPZIRXIWZSPÅXIMWGSQS ÅPGSSPFIR^MREHMPYIRXISYMRWIGXMGMHE 7IYXMPM^EVIWXIXMTSHIQEXIVMEMWSY QERXMZIVYQGSRXEGXSTVSPSRKEHSGSQ QEXIVMEMWHIFSVVEGLESYZMRMPHERMJMGEE WYTIVJÑGMIHSIGVÇISQEXIVMEPHEGEM\E e VIGSQIRHEHSTEWWEVTIVMSHMGEQIRXIS EWTMVEHSVTIPSWSVMJÑGMSWHIZIRXMPEËÇS TEVEEWWIKYVEVYQZIRXMPEËÇSEHIUYEHE e 5YERHSENYWXEVSÆRKYPSHSXIPIZMWSV QSZESPIRXEQIRXIHIJSVQEEMQTIHMV UYISXIPIZMWSVWIHIWPSUYISYWIWITEVI HEFEWI )UYMTEQIRXSSTGMSREP e 'SPSUYISWGSQTSRIRXIWSTGMSREMWSY UYEPUYIVIUYMTEQIRXSUYIIQMXE VEHMEËÇSIPIGXVSQEKRÍXMGEPSRKIHS XIPIZMWSV'EWSGSRXVÅVMSTSHIETEVIGIV HMWXSVËÇSHEMQEKIQISYWSQGSQ VYÑHS e )WXIIUYMTEQIRXSJSMXIWXEHSIZIVMJMGSY WIUYIGYQTVISWPMQMXIWIWXEFIPIGMHSW TIPE(MVIGXMZE)1'YXMPM^ERHSYQGEFS HIWMREPHIPMKEËÇSGSQQIRSWHI QIXVSW 48 'YMHEHSWESQERYWIEVS XIPIGSQERHS 2SXEW e 6IWTIMXIETSPEVMHEHIGSVVIGXEUYERHS GSPSGEVEWTMPLEW e 2ÇSYWIXMTSWHITMPLEWHMJIVIRXIWRIQ QMWXYVITMPLEWRSZEWGSQTMPLEWYWEHEW e (IMXIEWTMPLEWJSVEVIWTIMXERHSEWPIMWHI TVSXIGËÇSEQFMIRXEP%PKYQEWVIKMÙIW TSHIQXIVVIKYPEQIRXEËÙIWEGIVGEHE IPMQMREËÇSHITMPLEW%GSRWIPLIWINYRXS HEWEYXSVMHEHIWPSGEMW e 9XMPM^ISXIPIGSQERHSGSQGYMHEHS2ÇS IRXSVRIPÑUYMHSWWSFVISXIPIGSQERHS RIQSTMWISYHIM\IGEMV e 2ÇSGSPSUYISXIPIGSQERHSRYQPSGEP TIVXSHIYQEJSRXIHIGEPSVRYQPSGEP I\TSWXSÄPY^WSPEVHMVIGXESYRYQEWEPE LÞQMHE *YRËÇS7IQ*MSWHE YRMHEHI e 2ÇSYXMPM^IIWXEYRMHEHIRETVS\MQMHEHI HIIUYMTEQIRXSWQÍHMGSWTEGIQEOIVW IXGTSMWTSHITVSZSGEVYQQEY JYRGMSREQIRXSHIWWIIUYMTEQIRXS e )QFSVEIWXEYRMHEHIXVERWQMXEVIGIFE WMREMWGSHMJMGEHSWIWXINEEXIRXSÄ TSWWMFMPMHEHIHIMRXIVGITËÇSRÇS EYXSVM^EHE2ÇSRSWVIWTSRWEFMPM^EQSW TSVTVSFPIQEWVIWYPXERXIWHIWWIJEGXS )PMQMREËÇSHSXIPIZMWSV 8VEXEQIRXSHI )UYMTEQIRXSW )PÍGXVMGSWI )PIGXV×RMGSWRS JMREPHEWYEZMHE ÞXMP%TPMGÅZIPRE 9RMÇS)YVSTIMEIIQTEÑWIW )YVSTIYWGSQWMWXIQEWHI VIGSPLEWIPIGXMZEHI VIWÑHYSW )WXIWÑQFSPSGSPSGEHSRSTVSHYXSSYRE WYEIQFEPEKIQMRHMGEUYIIWXIRÇSHIZI WIVXVEXEHSGSQSVIWÑHYSYVFERS MRHMJIVIRGMEHS(IZIWMQWIVGSPSGEHS RYQTSRXSHIVIGSPLEHIWXMREHSEVIWÑHYSW HIIUYMTEQIRXSWIPÍGXVMGSWIIPIGXV×RMGSW %WWIKYVERHSWIUYIIWXITVSHYXSÍ GSVVIGXEQIRXIHITSWMXEHSMVÅTVIZIRMV TSXIRGMEMWGSRWIUYÎRGMEWRIKEXMZEWTEVES EQFMIRXIFIQGSQSTEVEEWEÞHIUYIHI SYXVEJSVQETSHIVMEQSGSVVIVTIPSQEY QERYWIEQIRXSHIWXIWTVSHYXSW% VIGMGPEKIQHSWQEXIVMEMWGSRXVMFYMVÅTEVEE GSRWIVZEËÇSHSWVIGYVWSWREXYVEMW4EVE SFXIVMRJSVQEËÇSQEMWHIXEPLEHEWSFVIE VIGMGPEKIQHIWXITVSHYXSTSVJEZSV GSRXEGXISQYRMGÑTMSSRHIVIWMHISW WIVZMËSWHIVIGSPLEHIVIWÑHYSWHEWYEÅVIE SYEPSNESRHIEHUYMVMYSTVSHYXS 8VEXEQIRXSHI TMPLEWRSJMREPHE WYEZMHEÞXMP %TPMGÅZIPRE 9RMÇS)YVSTIMEI IQTEÑWIW )YVSTIYWGSQWMWXIQEWHI VIGSPLEWIPIGXMZEHI VIWÑHYSW )WXIWÑQFSPSGSPSGEHSRETMPLESYREWYE IQFEPEKIQMRHMGEUYIIWXIWTVSHYXSWRÇS HIZIQWIVXVEXEHSWGSQSVIWÑHYSWYVFERSW MRHMJIVIRGMEHSW)QHIXIVQMREHEWTMPLEW IWXIWÑQFSPSTSHIWIVYWEHSIQ GSQFMREËÇSGSQYQWÑQFSPSUYÑQMGS3W WÑQFSPSWUYÑQMGSWTEVESQIVGÞVMS,K SYGLYQFS4FWÇSEHMGMSREHSWWIETMPLE GSRXMZIVQEMWHIIQQIVGÞVMSSY IQGLYQFS(IZIQERXIWWIV GSPSGEHSWRYQTSRXSHIVIGSPLEHIWXMREHS EVIWÑHYSWHITMPLEWIEGYQYPEHSVIW %WWIKYVERHSWIUYIIWXEWTMPLEWWÇS GSVVIGXEQIRXIHITSWMXEHEWMVÅTVIZIRMV TSXIRGMEMWGSRWIUYÎRGMEWRIKEXMZEWTEVES EQFMIRXIFIQGSQSTEVEEWEÞHIUYIHI SYXVEJSVQETSHIVMEQSGSVVIVTIPSQEY QERYWIEQIRXSHIWXEWTMPLEW%VIGMGPEKIQ HSWQEXIVMEMWGSRXVMFYMVÅTEVEE GSRWIVZEËÇSHSWVIGYVWSWREXYVEMW7ITSV QSXMZSWHIWIKYVERËEHIWIQTIRLSSY TVSXIGËÇSHIHEHSWSWTVSHYXSW RIGIWWMXEVIQHIYQEPMKEËÇSTIVQERIRXIE YQETMPLEMRXIKVEHEIWXEW×HIZIWIV WYFWXMXYÑHETSVTVSJMWWMSREMWUYEPMJMGEHSW %GEFEHSSTIVÑSHSHIZMHEÞXMPHS ETEVIPLSGSPSUYISRSTSRXSHIVIGSPLEHI TVSHYXSWIPÍGXVMGSWIPIGXV×RMGSWHIJSVQEE KEVERXMVSXVEXEQIRXSEHIUYEHSHEFEXIVME MRXIKVEHE4EVEEWVIWXERXIWTMPLEWTSV JEZSVGSRWYPXIEWMRWXVYËÙIWHS IUYMTEQIRXSWSFVIEVIQSËÇSHEQIWQE (ITSWMXIEFEXIVMERYQTSRXSHIVIGSPLE HIWXMREHSEVIWÑHYSWHITMPLEWIFEXIVMEW 4EVEMRJSVQEËÙIWQEMWHIXEPLEHEWWSFVIE VIGMGPEKIQHIWXITVSHYXSTSVJEZSV GSRXEGXISQYRMGÑTMSSRHIVIWMHISW WIVZMËSWHIVIGSPLEHIVIWÑHYSWHEWYEÅVIE SYEPSNESRHIEHUYMVMYSTVSHYXS 48 ±RHMGI 4VITEVEXMZSW :IVMJMGEVSWEGIWW×VMSW 'SPSGEVEWTMPLEWRSXIPIGSQERHS 'SPSGEVSWYTSVXIHIJM\EËÇSTEVEQIWEW %NYWXEVSÆRKYPSHIZMWYEPM^EËÇSHSXIPIZMWSV 0MKEVYQEERXIRE7IX8ST&S\KVEZEHSVTSVI\IQTPSKVEZEHSVHI(:( 0MKEVHMWTSWMXMZSWHIÅYHMSZÑHIS -QTIHMVUYISXIPIZMWSVWIZMVI 3VKERM^EVSGEFSHIEPMQIRXEËÇS'%.YRXEVSWGEFSW )\IGYXEVEGSRJMKYVEËÇSMRMGMEP 9XMPM^EVSWIYXIPIZMWSV&6%:-% :IVXIPIZMWÇS 7IPIGGMSREVZÅVMEWJYRËÙIWIHIJMRMËÙIW1IRY,SQI :MWYEPM^EVS1ERYEPHI-RWXVYËÙIWM1ERYEP 'SRJMKYVEËÇSHIVIHI 4VITEVEVYQEVIHIGSQJMSW 4VITEVEVYQE0%2WIQJMSW 'SRJMKYVEVEPMKEËÇSHI-RXIVRIX 7IRÇSJSVTSWWÑZIPPMKEVÄ-RXIVRIX %NYWXEVEWHIJMRMËÙIWHIZMWYEPM^EËÇSHSWIVZMHSV -RJSVQEËÙIWEHMGMSREMW 6IWSPYËÇSHITVSFPIQEW 'EVEGXIVÑWXMGEWXÍGRMGEW -RWXEPEVSW%GIWW×VMSW7YTSVXIHI1SRXEKIQRE4EVIHI -RJSVQEËÙIWHIWIKYVERËE 48 (ITSMWHIGSRJMKYVEVSWIYXIPIZMWSV&6%:-%IETVIRHIVEW STIVEËÙIWFÅWMGEWYXMPM^ERHSIWXIQERYEPGSRWYPXISQERYEP MRGSVTSVEHSM1ERYEPTEVESFXIVQEMWMRJSVQEËÙIWWSFVIEW JYRËÙIWHSXIPIZMWSV )WXIXIPIZMWSVTSWWYMYQQERYEPMRGSVTSVEHSM1ERYEP 4EVEEGIHIVESM1ERYEPGEVVIKYIIQM1%29%0RSXIPIGSQERHSIWIPIGGMSRIYQMXIQ4EVEQEMW MRJSVQEËÙIWGSRWYPXIETÅKMRE HIWXIQERYEP3GSRXIÞHSHSM1ERYEPTSHIZEVMEVHIEGSVHS GSQSQSHIPSVIKMÇSÅVIE 'SRXIÞHSHSM1ERYEP 48 %PKYRWQSHIPSWRÇSTSWWYIQIWXEGEVEGXIVÑWXMGE 'SQSYXMPM^EVSM1ERYEP 'EVEGXIVÑWXMGEWHSXIPIZMWSV w&6%:-%x *YRËÇS( 7IRWSVHI4VIWIRËE w&6%:-%x-RXIVRIX:MHIS ;MHKIXW-RXIVRIX 0%27IQ*MSW4VITEVEHSTEVE0%2 7IQ*MSW w&6%:-%x7]RGGSQw'SRXVSPSTEVE ,(1-x 4VITEVEHSTEVE7O]TI 8VEGO-(}4VSGYVEQÞWMGE)\TPHIZÑHIS +VEZEËÇS,((97& :IVXIPIZMWÇS *YRËÇS( +YMEHI4VSKVEQEW)PIGXV×RMGS(MKMXEP *EZSVMXSW *SVQEXS)GVÇ 1SHSHIMQEKIQ 8I\XS *SXSKVEJMEW1ÞWMGE:ÑHISW -QEKIQHYTPE4-4 -QEKIQHYTPE4 4 2:3(1* 4EVÆQIXVSW1IRY,SQI M1ERYEP -RWXEPEËÇS(MKMXEP 'SRJMKYVEËÇS%REP×KMGE )RXVEHEW 6IHI 7YTSVXIHITVSHYXS 9XMPM^EVSYXVSIUYMTEQIRXS -RXIVRIX :MHISKVEZEHSV0IMXSVHI(:( 7MWXIQEHI¥YHMS (MWTSWMXMZS97&TSVI\GÆQEVEHMKMXEP *SXSKVEQEHI-QEKIQ )UYMTEQIRXS,(1-RXIVRIX0%27IQ*MSW 6IHIHSQÍWXMGE 1IHME6IQSXI 4' (IWGVMËÇSHEWTIËEW 8IPIGSQERHS 'SRXVSPSWIMRHMGEHSVIWHSXIPIZMWSV 8IVQMREMW 6IWSPYËÇSHITVSFPIQEW ±RHMGIVIQMWWMZS 1EVGEHSVIW 7SFVIS1IRY,SQI 4EVÆQIXVSW :MWYEPM^EËÇS 7SQ (IJMRMËÙIWHS7MWXIQE 48 4VITEVEXMZSW :IVMJMGEVSWEGIWW×VMSW 8IPIGSQERHS 4MPLEWXEQERLS%%%XMTS6 7YTSVXIHIJM\EËÇSTEVEQIWEW 4EVEJYWSWHIJM\EËÇSTEVESWYTSVXIHI JM\EËÇSTEVEQIWEW1» I\GITXSTEVE/(0)<\ 4EVEJYWSWHIJM\EËÇSTEVESWYTSVXIHI JM\EËÇSTEVEQIWEW1» ETIREW/(0)<\ 4EVEJYWSWHIQSRXEKIQTEVESWYTSVXI HIJM\EËÇSTEVEQIWEW1» ETIREW/(0)<\/(0,<\ /(0)<\/(0'<\ 4EVEJYWSWHIQSRXEKIQTEVESWYTSVXI HIJM\EËÇSTEVEQIWEW1» ETIREW/(0,<\/(0 )<\/(0)<\/(0 '<\/(0)<\ 4EVEJYWSWHIQSRXEKIQTEVESWYTSVXI HIJM\EËÇSTEVEQIWEW1» ETIREW/(0)< 4EVEJYWSWHIQSRXEKIQTEVESWYTSVXI HIJM\EËÇSTEVEQIWEW1» ETIREW/(0)< 4EVEJYWSLI\EKSREP I\GITXSTEVE/(0)< 1ERYEPHI-RWXVYËÙIWIWXIQERYEPI SYXVSWHSGYQIRXSW 4EVEEQSRXEKIQHSWYTSVXIHIJM\EËÇSTEVE QIWEWGSRWYPXISJSPLIXSHSWYTSVXIHIJM\EËÇS TEVEQIWEWJSVRIGMHS 48 'SPSGEVEWTMPLEWRS XIPIGSQERHS & 4EVE/(0)<\ /(0,<\ 6IXMVIETIPÑGYPEHITVSXIGËÇS 4VIWWMSRIEXEQTEIJEËEEHIWPM^EVTEVE GMQE & 4EVE/(0)<\ /(0'<\ /(0)<\ /(0)<\ 6IXMVIETIPÑGYPEHITVSXIGËÇS 4VIWWMSRIIPIZERXIEXEQTETEVEE EFVMV 'SPSGEVSWYTSVXIHI JM\EËÇSTEVEQIWEW 'SRWYPXISJSPLIXSHSWYTSVXIHI JM\EËÇSTEVEQIWEWJSVRIGMHSTEVE MRJSVQEËÙIWWSFVIYQEGSPSGEËÇS GSVVIGXEIQEPKYRWQSHIPSWHI XIPIZMWSV 'SPSUYISXIPIZMWSVRSWYTSVXIHI JM\EËÇSTEVEQIWEW & 4EVE/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ & 4EVE/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ & 4EVE/(0)< 4MRSW KYME & 4EVE/(0)< e %PMRLISXIPIZMWSVRETEVXIWYTIVMSVIJEËEHIWPM^EV EXÍUYISWTMRSWKYMEHIM\IQHIIWXEVZMWÑZIMW & 4EVE/(0)< e 7IYXMPM^EVYQEGLEZIIPÍGXVMGEENYWXISFMRÅVMS TEVEETVS\MQEHEQIRXI2Q_OKJGQa & 4EVE/(0)< 7ITEVEVSWYTSVXIHIJM\EËÇS TEVEQIWEWHSXIPIZMWSV 4EVEWITEVEVSWYTSVXIHIJM\EËÇSTEVEQIWEW HSXIPIZMWSVVIXMVISWTEVEJYWSW JM\EHSWRS TEWWS *M\ISXIPIZMWSVESWYTSVXIHIJM\EËÇS TEVEQIWEWHIEGSVHSGSQEWQEVGEWHI WIXEW UYIMRHMGEQSWSVMJÑGMSWHSW TEVEJYWSWYXMPM^ERHSSWTEVEJYWSW JSVRIGMHSW e 2ÇSVIXMVISWYTSVXIHIJM\EËÇSTEVEQIWEWTSV RIRLYQQSXMZSI\GITXSTEVEMRWXEPEVEGIWW×VMSW GSVVIWTSRHIRXIWRSXIPIZMWSV e %SVIQSZIVSWYTSVXIHIJM\EËÇSTEVEQIWEWHS XIPIZMWSVGSPSUYIEJEGIHSIGVÇRYQEWYTIVJÑGMI HIXVEFEPLSIWXÅZIPQEMSVHSUYISXIPIZMWSV e 4EVEIZMXEVHERMJMGEVEWYTIVJÑGMIHSIGVÇ0'( GIVXMJMUYIWIHIUYIGSPSGEYQTERSQEGMSRE WYTIVJÑGMIHIXVEFEPLS 'SRXMRYE 48 e 'IVXMJMUYIWIHIUYISXIPIZMWSVWIIRGSRXVERE TSWMËÇSZIVXMGEPERXIWHISPMKEV3XIPIZMWSVRÇS HIZIIWXEVPMKEHSGSQSTEMRIP0'(ZMVEHSTEVE FEM\STEVEIZMXEVYQEMQEKIQMVVIKYPEV & 4EVE/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ %NYWXEVSÆRKYPSHI ZMWYEPM^EËÇSHSXIPIZMWSV )WXIXIPIZMWSVTSHIWIVENYWXEHSHIRXVSHSW ÆRKYPSWMRHMGEHSW %NYWXIHSÆRKYPSVSXEËÇS I\GITXSTEVE/(0)< e %SENYWXEVSÆRKYPSWIKYVIRSWYTSVXIGSQYQE QÇSTEVEIZMXEVUYIIWXIIWGSVVIKYISYUYIS XIPIZMWSVGEME %NYWXIHSÆRKYPSMRGPMREËÇS I\GITXSTEVE/(0'<\ 4ERSQEGMS & 4EVE/(0)< e 8IRLEGYMHEHSTEVERÇSXVMPLEVSWHIHSWIRXVIS XIPIZMWSVISWYTSVXIUYERHSENYWXEVSÆRKYPS & 4EVE/(0)<\ /(0,<\ /(0)<\ /(0)<\ /(0)< 4ERSQEGMS & 4EVE/(0)< & 4EVE/(0)< 4ERSQEGMS 48 e :IVMJMUYIWIRÇSI\MWXIQSFNIGXSWIQJVIRXIES XIPIZMWSV 0MKEVYQE7IX8ST&S\KVEZEHSVTSV I\IQTPSKVEZEHSVHI(:(GSQ,(1- 7IRWSV-6 8VERWQMWWSVHI 7MRGVSRM^EËÇS( ETIREW/(0 )<\/(0,<\ 7IRWSVHI4VIWIRËE I\GITXSTEVE/(0)< /(0)< e 2ÇSI\TSRLES7IRWSVHI4VIWIRËEÄPY^WSPEV HMVIGXESYESYXVEPY^JSVXIYQEZI^UYITSHI SGSVVIVYQEEZEVME 0MKEVYQEERXIRE7IX8ST &S\KVEZEHSVTSV I\IQTPSKVEZEHSVHI (:( 0MKEVYQE7IX8ST&S\KVEZEHSVTSV I\IQTPSKVEZEHSVHI(:(GSQ )YVSGSRIGXSV 7IX8ST&S\KVEZEHSV TSVI\IQTPSKVEZEHSVHI(:( 0MKEVHMWTSWMXMZSWHI ÅYHMSZÑHIS 7IX8ST&S\KVEZEHSV TSVI\IQTPSKVEZEHSVHI(:( (MWTSWMXMZSHIÅYHMSZÑHIS e VIGSQIRHEHSYQ'EFS7'%689RMZIVWEPHS 8MTSHI¦RKYPS6IGXSTEVEIWXEPMKEËÇS 48 -QTIHMVUYISXIPIZMWSVWI ZMVI 3VKERM^EVSGEFSHI EPMQIRXEËÇS'%.YRXEVSW GEFSW & /(0'<\ 'EFSHI'% & )\GITXSTEVE/(0'<\ e %RXIWHIYRMVSWGEFSWVIXMVISWYTSVXIHIGEFSW HEXEQTE'%GSRWYPXISWTEWWSWI6IYXMPM^I SWYTSVXIHIGEFSWZIVTEWWSTEVENYRXEVSW SYXVSWGEFSWZIVTEWWS e 2ÇSNYRXISGEFSHI'%GSQSWVIWXERXIWGEFSW 'SPSUYIYQTEVEJYWSTEVEQEHIMVE QQHIHMÆQIXVSRÇSJSVRIGMHSRS Q×ZIPHSXIPIZMWSV 'SPSUYIYQTEVEJYWSHIQSRXEKIQ 1RÇSJSVRIGMHSRSSVMJÑGMSTEVE TEVEJYWSHSXIPIZMWSV 9RESTEVEJYWSTEVEQEHIMVEES TEVEJYWSHIQSRXEKIQGSQYQEGSVHE JSVXIRÇSJSVRIGMHS 3GSQTVMQIRXSHSTEVEJYWSHIQSRXEKIQ 1HMJIVIGSRWSERXISHMÆQIXVSHSGEFS 'SRWYPXIEMPYWXVEËÇSEFEM\S QQ 4EVEJYWS1 'EFS 7YTSVXIHI JM\EËÇSTEVE QIWEWHS XIPIZMWSV /(0)< 7IMRWXEPEVRETEVIHIJM\ISWYTSVXIHIGEFSWWSF SWXIVQMREMW 48 )\IGYXEVEGSRJMKYVEËÇS MRMGMEP )\GITXSTEVE/(0 '<\ /(0'<\ 7MRXSRM^EËÇS%YXSQÅXMGE(MKMXEP 5YERHSWIPIGGMSREVw'EFSx VIGSQIRHEQSWUYIWIPIGGMSRIw4IWUYMWE 6ÅTMHExTEVEYQEWMRXSRMEVÅTMHE(IJMRE w*VIUYÎRGMExIw-(HI6IHIxHIEGSVHS GSQEWMRJSVQEËÙIWJSVRIGMHEWTIPSWIY JSVRIGIHSVHIGEFS7IRÇSJSVIRGSRXVEHS RIRLYQGEREPGSQw4IWUYMWE6ÅTMHEx I\TIVMQIRXIEw4IWUYMWE'SQTPIXEx IQFSVETSWWEHIQSVEVEPKYQXIQTS e %w4IWUYMWE'SQTPIXExTSHIVÅRÇSIWXEV HMWTSRÑZIPHIEGSVHSGSQEVIKMÇSTEÑW 3VHIREV4VSKVEQEW%PXIVEESVHIQHSW GEREMWEREP×KMGSWQIQSVM^EHSWRS XIPIZMWSV 0MKYISXIPIZMWSVÄXSQEHEHI'% 'EVVIKYIIQRSXIPIZMWSV3 MRHMGEHSV!EPMQIRXEËÇSEGIRHIWIE ZIVHI 5YERHSPMKEVSXIPIZMWSVTIPETVMQIMVEZI^ SQIRY-HMSQEETEVIGIRSIGVÇ e 5YERHSPMKESXIPIZMWSVTIPETVMQIMVEZI^S XIPIZMWSVRIGIWWMXEHIEPKYQTVSGIWWEQIRXS MRXIVRSTEVESTXMQM^EËÇSEXÍUYITSWWE I\IGYXEVEGSRJMKYVEËÇSMRMGMEP2ÇSLEZIVÅ MQEKIQRIQWSQISMRHMGEHSVHS XIQTSVM^EHSVRETEVXIJVSRXEPHSXIPIZMWSV TMWGEVÅEPEVERNEHYVERXIGIVGEHIWIKYRHSW 2ÇSHIWPMKYISXIPIZMWSVHYVERXIIWXITVSGIWWS )WXITVSGIWWSJSMGSRGPYÑHSHIJÅFVMGEIQ EPKYRWXIPIZMWSVIW 'EVVIKYIIQ*JTEVEWIPIGGMSREVS GEREPUYITVIXIRHIQSZIVTEVEYQERSZE TSWMËÇSIHITSMWGEVVIKYIIQ 'EVVIKYIIQ*JTEVEWIPIGGMSREVE RSZETSWMËÇSTEVESGEREPIHITSMW GEVVIKYIIQ e 8EQFÍQTSHIWMRXSRM^EVSWGEREMW QERYEPQIRXI 7MKEEWMRWXVYËÙIWRSIGVÇ 48 9XMPM^EVSWIYXIPIZMWSV&6%:-% :IVXIPIZMWÇS +9-() ^ e 3WFSXÙIWRÞQIVS2 463+I%9(-3RS XIPIGSQERHSXÎQTSRXSWXÅGXIMW 9XMPM^ISWTSRXSWXÅGXIMWGSQS VIJIVÎRGMEESYXMPM^EVSXIPIZMWSV 48 0MKYISXIPIZMWSV 7IPIGGMSRIYQQSHS 7IPIGGMSRIYQGEREPHIXIPIZMWÇS 'EVVIKYIIQRSXIPIZMWSVTEVEPMKEVSXIPIZMWSV 9XMPM^EVS+YMEHI4VSKVEQEW)PIGXV×RMGS (MKMXEP 'EVVIKYIIQ+9-()RSQSHSHMKMXEPTEVEZMWYEPM^EV SKYMEHITVSKVEQEW 9XMPM^IGSQTEVEWIPIGGMSREVYQGEREPHMKMXEP 4EVESWRÞQIVSWHIGEREPIWYTIVMSVIWGEVVIKYI VETMHEQIRXIRSHÑKMXSWIKYMRXI 4IËEWIGSRXVSPSWHSXIPIGSQERHS 9XMPM^ISXIPIGSQERHSJSVRIGMHSTEVEGSRXVSPEVSXIPIZMWSV%WSTIVEËÙIWFÅWMGEWHSXIPIGSQERHS WÇSEUYMI\TPMGEHEW4EVEQEMWMRJSVQEËÙIWWSFVIXSHEWEWJYRËÙIWHSXIPIGSQERHSGEVVIKYIIQ M1%29%0IGSRWYPXISQERYEPMRGSVTSVEHSM1ERYEPTÅKMRE 'EVVIKYITEVEPMKEVIHIWPMKEVSXIPIZMWSVETEVXMVHS QSHSHIIWTIVE M1%29%0 %TVIWIRXESQERYEPMRGSVTSVEHSM1ERYEP 7=2'1)29 %TVIWIRXES1IRY&6%:-%7]RGTEVEYXMPM^EVS IUYMTEQIRXSGSQTEXÑZIPGSQ&6%:-%7]RGUYIWI IRGSRXVEPMKEHSESXIPIZMWSV *J+K (IWPSGESGYVWSVRSIGVÇIGSRJMVQESMXIQ 348-327 %TVIWIRXEYQEPMWXEHIEXEPLSWHIQIRYIJYRËÙIW ÞXIMW3WMXIRWHIQIRYTSHIQZEVMEVHITIRHIRHSHE IRXVEHEISYGSRXIÞHSEGXYEP 4EVE/(0)<\ /(0,<\ &SXÙIWGSPSVMHSW 5YERHSSWFSXÙIWGSPSVMHSWIWXÇSHMWTSRÑZIMWÍ ETVIWIRXEHSYQKYMEHIYXMPM^EËÇSRSIGVÇ 463+',z&SXÙIWRYQÍVMGSW 7IPIGGMSREQGEREMWRSQSHS8: z %NYWXESZSPYQI 4EVXIXVEWIMVEHSXIPIGSQERHS 48 7IPIGGMSREVZÅVMEWJYRËÙIWIHIJMRMËÙIW1IRY,SQI 4SHIWIPIGGMSREVXSHEWEWJYRËÙIWETEVXMVHSQIRY,SQI 4EVESQETEHSQIRY,SQIGSRWYPXIETÅKMRE 'EVVIKYIIQ,31) 'EVVIKYIIQ*J+K TEVEWIPIGGMSREV SWMXIRW 4EVEWIPIGGMSREVSWMXIRWHSQIRY,SQI TSVI\IQTPSWIPIGGMSREVw4EVÆQIXVSWx 'EVVIKYIIQ+KTEVEWIPIGGMSREV w4EVÆQIXVSWx 3GSRXIÞHSHIw4EVÆQIXVSWxÍETVIWIRXEHSÄ HMVIMXE 'EVVIKYIIQ*JTEVEWIPIGGMSREV w:MWYEPM^EËÇSx 'EVVIKYIIQ TEVEMRMGMEVSQIRY (IEGSVHSGSQEWMRWXVYËÙIWHSIGVÇ GEVVIKYIIQ*J+KTEVEWIPIGGMSREVSW MXIRWIGEVVIKYIIQ TEVEGSRJMVQEV 48 'EVVIKYIIQ,31)TEVEWEMV 1ETEHSQIRY,SQI (ITSMWHIGEVVIKEVIQ,31)RSXIPIGSQERHSSWWIKYMRXIWÑGSRIWWÇSETVIWIRXEHSWGSQS GEXIKSVMEW%HMWTSRMFMPMHEHIHEWGEXIKSVMEWHITIRHIHSQSHIPSHIXIPIZMWSVHEVIKMÇSHSTEÑWI HEWGSRHMËÙIWHIIQMWWÇS 8: 4SHIWIPIGGMSREVYQEPMWXEHIGEREMWHIXIPIZMWÇSSYYQKYME HITVSKVEQEW 1ÍHME 4SHIHIWJVYXEVHIGSRXIÞHSWHIZÑHISQÞWMGEJSXSKVEJME EXVEZÍWHIHMWTSWMXMZSW97&SYHEVIHIHSQÍWXMGE )RXVEHEW 4SHIWIPIGGMSREVIUYMTEQIRXSPMKEHSESXIPIZMWSV *EZSVMXSW,MWX×VMGS 4VSTSVGMSREEGIWWSVÅTMHSESWMXIRWQEMWYXMPM^EHSWI VIGIRXIQIRXIZMWYEPM^EHSWGSQSGEREMWHIXIPIZMWÇS IRXVEHEWI\XIVREWSYJMGLIMVSWQYPXMQÍHME 4EVÆQIXVSW 'SRXÍQXSHEWEWGSRJMKYVEËÙIWRIGIWWÅVMEWTEVETIVWSREPM^EV EWHIJMRMËÙIWHSXIPIZMWSV ;MHKIXW 4IVQMXISEGIWWSESW;MHKIXW %TPMGEËÙIW 4SHIHIWJVYXEVHIZÅVMEWETPMGEËÙIWGSQSw4VSGYVEHI QÞWMGExw&VS[WIVHI-RXIVRIXxIXG 5VMSGMX] 4IVQMXISEGIWWSESWIVZMËSSRPMRIw5VMSGMX]x 'SRXIÞHSHE-RXIVRIX 4SHIHIWJVYXEVHIWIVZMËSWHIGSRXIÞHSWHI-RXIVRIX 6IGSQIRHEËÙIW %TVIWIRXEVIGSQIRHEËÙIWTEVETVSKVEQEWHIUYITSWWE KSWXEVGSQFEWIRSWIYLMWX×VMGSHIZMWYEPM^EËÇS +VEZEËÙIW 4SHIHIWJVYXEVHIKVEZEËÙIWTVSKVEQEHEWTEVEYQHMWTSWMXMZS ,((97&PMKEHSIHIYQEWIPIGËÇSHIGSRXIÞHSWKVEZEHSW TEVEVITVSHYËÇS 48 :MWYEPM^EVS1ERYEPHI-RWXVYËÙIWM1ERYEP %WMRWXVYËÙIWHIJYRGMSREQIRXSIWXÇSMRXIKVEHEWRSWIYXIPIZMWSV&6%:-%ITSHIQWIV ZMWYEPM^EHEWRSIGVÇ 4EVEWEFIVQEMWWSFVIEWJYRËÙIWHSXIPIZMWSVEGIHEESM1ERYEPEXVEZÍWHIYQWMQTPIWXSUYIRYQ FSXÇS 'EVVIKYIIQM1%29%0 'EVVIKYIIQ*J+K SWMXIRW TEVEWIPIGGMSREV 4EVEWIPIGGMSREVSWMXIRWHSM1ERYEP 'EVVIKYIIQ*JTEVEWIPIGGMSREVYQMXIQ 3GSRXIÞHSHSMXIQÍETVIWIRXEHSÄHMVIMXE GSQSWIKYRHSRÑZIP 'EVVIKYIIQKTEVETEWWEVESWIKYRHSRÑZIP 'EVVIKYIIQ*JTEVEWIPIGGMSREVYQMXIQ HSWIKYRHSRÑZIP ETVIWIRXEHSYQVIWYQSHSMXIQÄHMVIMXE 7ISXIVGIMVSRÑZIPIWXMZIVHMWTSRÑZIPVITMXE IWXITEWWSTEVEETVIWIRXEVSVIWYQSHSMXIQ 'EVVIKYIIQKTEVEWIPIGGMSREVYQMXIQ 3GSRXIÞHSÍETVIWIRXEHS 48 (IWGVMËÇSHSIGVÇHSM1ERYEP 'EVVIKYIIQ+TEVEZSPXEVÄTÅKMREERXIVMSV 'EVVIKYIIQJTEVEMVTEVEETÅKMREWIKYMRXI 2ÞQIVSHETÅKMRERÞQIVSXSXEPHITÅKMREW 'EVVIKYIIQ6)8962TEVEZSPXEVÄTÅKMREERXIVMSV 'EVVIKYIIQ TEVEMRMGMEVEJYRËÇS e )WXIWÑQFSPSETIREWWIVÅETVIWIRXEHSUYERHSEJYRËÇS IWXMZIVHMWTSRÑZIP 9XMPM^EVSQEVGEHSV 3M1ERYEPTSWWYMYQEJYRËÇSHIQEVGEHSV%WTÅKMREWTSHIQWIVQEVGEHEWGSQSWFSXÙIW GSPSVMHSWHIEGSVHSGSQEWMRWXVYËÙIWRETEVXIMRJIVMSVHSIGVÇ4EVEEGIHIVESWWIYWQEVGEHSVIW VIKMWXEHSWGSRWYPXIETÅKMREHIXSTSHSM1ERYEPIWIPIGGMSRIw1EVGEHSVIWx 1IQSVM^EVEÞPXMQETÅKMREZMWYEPM^EHE 3M1ERYEPQIQSVM^EEÞPXMQETÅKMREZMWYEPM^EHE2SIGVÇHSM1ERYEPGEVVIKYIIQM1%29%0 TEVEZSPXEVESIGVÇHSXIPIZMWSV7IGEVVIKEVRSZEQIRXIIQM1%29%0ÍETVIWIRXEHEEÞPXMQE MRJSVQEËÇSZMWYEPM^EHE4EVEZMWYEPM^EVETEVXMVHETÅKMREWYTIVMSVHSM1ERYEPZSPXIÄTÅKMRE WYTIVMSVHIEGSVHSGSQEWMRWXVYËÙIWRSIGVÇSYGEVVIKYIIQ,31)IWIPIGGMSRIwM1ERYEPxIQ w4EVÆQIXVSWxRSQIRY,SQI e %QIQ×VMEHEÞPXMQETÅKMREÍEYXSQEXMGEQIRXIVITSWXEUYERHSQYHESXIPIZMWSVTEVEQSHSHIIWTIVE 48 'SRJMKYVEËÇSHIVIHI 5YERHSPMKEVIWXIXIPIZMWSVÄ-RXIVRIXTSHIVÅ HIWJVYXEVHIZÅVMEWJYRËÙIWZMWYEPM^EVYQE JSXSKVEJMEUYIQSWXVEEVIWTIGXMZEPSGEPM^EËÇS RSQETEHIWJVYXEVHIZÑHIS-RXIVRIXIXG4EVE QEMWMRJSVQEËÙIWWSFVIEWJYRËÙIWGSRWYPXIS M1ERYEP e 8IVÅHIGSRXVEXEVYQJSVRIGIHSVHIWIVZMËSWHI -RXIVRIXTEVEIJIGXYEVEPMKEËÇSÄ-RXIVRIX 4VITEVEVYQEVIHIGSQJMSW -RXIVRIX 1SHIQGSQ JYRËÙIWHI VSYXIV SY 8IPI ZMWSV 6SYXIV 4VITEVEVYQE0%2WIQJMSW 4EVE/(0)</(0 )</(0)</(0 )< 2SWQSHIPSWGSQHMWTSWMXMZSHI0%2WIQJMSW MRGSVTSVEHSTSHIEGIHIVÄ-RXIVRIXIÄVIHIHE WYEGEWEWIQS%HETXEHSVHI0%2WIQJMSW 97&9;%&6 )\GITXSTEVE/(0)< /(0)</(0)< /(0)< %GETEGMHEHITEVE0%2WIQJMSWTIVQMXIPLI EGIHIVJEGMPQIRXIÄ-RXIVRIXIÄWYEVIHI HSQÍWXMGEYXMPM^ERHSS%HETXEHSV0%2WIQ JMSW97&9;%&6ETEVXMVHI.ERIMVSHI -RXVSHY^MRHSS%HETXEHSV0%2WIQ JMSW97&RETSVXE97&HSXIPIZMWSVTSHIGVMEV JEGMPQIRXIYQEVIHIWIQJMSW %RXIWHIGSRJMKYVEVEJYRËÇSHI0%2WIQJMSW HSXIPIZMWSVMRWXEPIYQVSYXIV0%2WIQJMSW 1SHIQ -RXIVRIX e 4EVEPMKEËÙIW0%2YXMPM^IYQGEFSHI'EXIKSVME RÇSJSVRIGMHS e 3%HETXEHSV0%2WIQJMSW97&IWXÅHMWTSRÑZIP GSQSEGIWW×VMSSTGMSREPHITIRHIRHSHSQSHIPS HSWIYXIPIZMWSV 48 'SRJMKYVEVEPMKEËÇSHI -RXIVRIX 9XMPM^ERHSEJYRGMSREPMHEHIHIVIHITSHIPMKEV SXIPIZMWSVÄ-RXIVRIX3TVSGIHMQIRXSHI GSRJMKYVEËÇSZEVMEHIEGSVHSGSQSXMTSHI VIHIIVSYXIV0%2%RXIWHIGSRJMKYVEVE PMKEËÇSHI-RXIVRIXMRWXEPIYQVSYXIV0%2 :IVMJMUYISWIYEQFMIRXI0%2WIQJMSW YXMPM^ERHSEXEFIPEWIKYMRXI 0%27IQ*MSW 0%2WIQJMSWWIKYVE# 2§3 O8MTS 8MTS 6IHIWIKYVEGSQ;M*M 4VSXIGXIH7IXYT;47 %RSVQE;47XSVREEWIKYVERËEHIYQEVIHI HSQÍWXMGEWIQJMSWXÇSWMQTPIWGSQSGEVVIKEV RSFSXÇS;47RSVSYXIV0%2WIQJMSW%RXIW HIGSRJMKYVEVYQE0%2WIQJMSWZIVMJMUYIE PSGEPM^EËÇSHSFSXÇS;47RSVSYXIVIZIVMJMUYI GSQSSYXMPM^EV 4SVUYIWXÙIWHIWIKYVERËEw;474-2x JSVRIGIYQG×HMKS4-2TEVESVSYXIV3G×HMKS 4-2ÍEPXIVEHSWIQTVIUYIWIPIGGMSREVw;47 4-2x 'EVVIKYIIQ,31)IIQWIKYMHE WIPIGGMSRI "w6IHIx" w'SRJMKYVEËÇSHI6IHIx 7IPIGGMSRIw'SRJMKYVEËÇSWIQJMSWx 7-1Q 9XMPM^EYQVSYXIV0%2WIQJMSW GSQTEXÑZIPGSQ;M*M 4VSXIGXIH7IXYT;47# 2§3 O8MTS 7-1Q 8MTS e 3RSQIHSFSXÇSHI;47TSHIZEVMEV GSRWSERXISVSYXIVTSVI\IQTPSFSXÇS %377 0%2GSQJMSW 8MTS QEMWJÅGMPGSRJMKYVEVSXMTSWISWIYVSYXIV TSWWYMVYQFSXÇSHIGSRJMKYVEËÇSEYXSQÅXMGETSV I\IQTPS%MV7XEXMSR3RI8SYGL7IGYVI7]WXIQ %377%QEMSVMEHSWVSYXIVWQEMWVIGIRXIW TSWWYMIWXEJYRËÇS:IVMJMUYISWIYVSYXIV 8MTS 7MKEEGSRJMKYVEËÇSTEVEw6IHIWIKYVE GSQ;M*M4VSXIGXIH7IXYT;47x 8MTS 7MKEEGSRJMKYVEËÇSTEVEw6IHIWIKYVE WIQ;M*M4VSXIGXIH7IXYT;47x 8MTS 7MKEEGSRJMKYVEËÇSTEVEw6IHIRÇS WIKYVEGSQUYEPUYIVXMTSHIVSYXIV0%2WIQ JMSWx 8MTS 7MKEEGSRJMKYVEËÇSTEVE w'SRJMKYVEËÇSHIVIHIGSQJMSWx 7IPIGGMSRIw;47&SXÇSxTEVES QÍXSHSHIFSXÇSSYw;474-2xTEVE SQÍXSHSHI4-2 7MKEEWMRWXVYËÙIWRSIGVÇHI GSRJMKYVEËÇS 8MTS6IHIWIKYVEWIQ;M*M 4VSXIGXIH7IXYT;47 4EVEGSRJMKYVEVYQE0%2WIQJMSWWÇS RIGIWWÅVMSWS77-(RSQIHIVIHIWIQJMSWI YQEGLEZIHIWIKYVERËEGLEZI;)4SY ;4%'EWSRÇSSWGSRLIËEGSRWYPXIS QERYEPHIMRWXVYËÙIWHSVSYXIV 'EVVIKYIIQ,31)IIQWIKYMHE WIPIGGMSRI "w6IHIx" w'SRJMKYVEËÇSHI6IHIx 7IPIGGMSRIw'SRJMKYVEËÇSWIQJMSWx 7MKEEWMRWXVYËÙIWRSIGVÇHI GSRJMKYVEËÇS 7IPIGGMSRIw4IWUYMWExIIQWIKYMHE WIPIGGMSRIYQEVIHIHEPMWXEHIVIHIW WIQJMSWTIWUYMWEHEW 'SRXMRYE 48 e 7IYXMPM^EV;47TEVEGSRJMKYVEËÇSHIVIHIEW HIJMRMËÙIWHIWIKYVERËEHSVSYXIV0%2WIQJMSW WÇSEGXMZEHEWIUYEPUYIVIUYMTEQIRXS ERXIVMSVQIRXIPMKEHSÄ0%2WIQJMSWIQIWXEHS RÇSWIKYVSWIVÅHIWPMKEHSHEVIHI 2IWXIGEWSEGXMZIEWHIJMRMËÙIWHIWIKYVERËEHS IUYMTEQIRXSHIWPMKEHSIZSPXIEPMKEV3YTSHI HIWEGXMZEVEWHIJMRMËÙIWHIWIKYVERËEHSVSYXIV 0%2WIQJMSWIIQWIKYMHEPMKEVSIUYMTEQIRXS EYQXIPIZMWSVIQIWXEHSRÇSWIKYVS 7IPIGGMSRIw%YXSxTEVEHIJMRMV EYXSQEXMGEQIRXISIRHIVIËSHI-4IS WIVZMHSVTVS\]SYw4IVWSREPM^EHSxTEVE SWHIJMRMVQERYEPQIRXI 7MKEEWMRWXVYËÙIWRSIGVÇHI GSRJMKYVEËÇS :IVSIWXEHSHIVIHI TSWWÑZIPGSRJMVQEVSIWXEHSHIVIHI 8MTS 6IHIRÇSWIKYVEGSQ UYEPUYIVXMTSHIVSYXIV0%2 WIQJMSW 4EVEGSRJMKYVEVYQE0%2WIQJMSWÍ RIGIWWÅVMSS77-(RSQIHIVIHIWIQJMSW 'EVVIKYIIQ,31)IIQWIKYMHE WIPIGGMSRI "w6IHIx" w'SRJMKYVEËÇSHI6IHIx 7IPIGGMSRIw:IV)WXEHSHI6IHIx 'EVVIKYIIQ,31)IIQWIKYMHE WIPIGGMSRI "w6IHIx" w'SRJMKYVEËÇSHI6IHIx 7IRÇSJSVTSWWÑZIPPMKEVÄ -RXIVRIX 7IPIGGMSRIw'SRJMKYVEËÇSWIQJMSWx 9XMPM^IEJYRËÇSHIHMEKR×WXMGSTEVEZIVMJMGEV TSWWÑZIMWGEYWEWHITVSFPIQEWHIPMKEËÙIWHI VIHIIHIJMRMËÙIW 7IPIGGMSRIw4IWUYMWExIIQWIKYMHE WIPIGGMSRIYQEVIHIHEPMWXEHIVIHIW WIQJMSWTIWUYMWEHEW 7MKEEWMRWXVYËÙIWRSIGVÇHI GSRJMKYVEËÇS e %GLEZIHIWIKYVERËEGLEZI;)4SY;4%RÇS WIVÅRIGIWWÅVMEYQEZI^UYIRÇSÍRIGIWWÅVMS WIPIGGMSREVUYEPUYIVQÍXSHSHIWIKYVERËERIWXI TVSGIHMQIRXS 8MTS 'SRJMKYVEËÇSHIVIHI GSQJMSW -RXVSHY^ESWZEPSVIWEPJERYQÍVMGSWHSVSYXIV WIRIGIWWÅVMS3WMXIRWUYIHIZIQWIV GSRJMKYVEHSWTSVI\IQTPSIRHIVIËSHI-4 QÅWGEVEHIWYFVIHI(,'4TSHIQZEVMEV GSRWSERXISJSVRIGIHSVHIWIVZMËSWHI-RXIVRIX SYVSYXIV4EVEQEMWMRJSVQEËÙIWGSRWYPXISW QERYEMWHIMRWXVYËÙIWJSVRIGMHSWTIPS JSVRIGIHSVHIWIVZMËSWHI-RXIVRIXSY JSVRIGMHSWGSQSVSYXIV 'EVVIKYIIQ,31)IIQWIKYMHE WIPIGGMSRI "w6IHIx" w'SRJMKYVEËÇSHI6IHIx 7IPIGGMSRIw'SRJMKYVEËÇSGSQJMSWx 48 'EVVIKYIIQ,31)IIQWIKYMHE WIPIGGMSRI "w6IHIx" w'SRJMKYVEËÇSHI6IHIx 7IPIGGMSRIw:IV)WXEHSHI6IHIx 7IPIGGMSRIw:IVMJMUYIE0MKEËÇSx -WXSTSHIVÅHIQSVEVZÅVMSWQMRYXSW 2ÇSÍTSWWÑZIPGERGIPEVSHMEKR×WXMGS HITSMWHIWIPIGGMSREVw:IVMJMUYIE 0MKEËÇSx %NYWXEVEWHIJMRMËÙIWHI ZMWYEPM^EËÇSHSWIVZMHSV 4SHIWIPIGGMSREVSWWIVZMHSVIWHIVIHI HSQÍWXMGEEWIVIQETVIWIRXEHSWRS1IRY ,SQI4SHIQWIVEYXSQEXMGEQIRXI ETVIWIRXEHSWEXÍWIVZMHSVIWRS1IRY,SQI 'EVVIKYIIQ,31)IIQWIKYMHE WIPIGGMSRI "w6IHIx" w'SRJMKYVEËÇSHI6IHIHSQÍWXMGEx 7IPIGGMSRIw3TËÙIW:MWYEPM^EËÇSHI 7IVZMHSVx 7IPIGGMSRISWIVZMHSVUYITVIXIRHI ETVIWIRXEVRS1IRY,SQIIENYWXIEW HIJMRMËÙIW 7IRÇSJSVTSWWÑZIPPMKEVÄWYEVIHI HSQÍWXMGE 3XIPIZMWSVHIXIGXEWISWIVZMHSVIWXÅEWIV GSVVIGXEQIRXIVIGSRLIGMHSUYERHSRÇSÍ TSWWÑZIPPMKÅPSÄWYEVIHIHSQÍWXMGE7ISW VIWYPXEHSWHEJYRËÇSHIHMEKR×WXMGSMRHMGEVIQ YQEEZEVMEZIVMJMUYIEWTSWWÑZIMWGEYWEWIEW HIJMRMËÙIWIPMKEËÙIWHIVIHI 'EVVIKYIIQ,31)IIQWIKYMHE WIPIGGMSRI "w6IHIx" w'SRJMKYVEËÇSHI6IHIHSQÍWXMGEx 7IPIGGMSRIw(MEKR×WXMGSHI7IVZMHSVx 3HMEKR×WXMGSHIWIVZMHSVMRMGME5YERHSS HMEKR×WXMGSHIWIVZMHSVIWXMZIVGSRGPYÑHSE PMWXEHIVIWYPXEHSWHIHMEKR×WXMGSÍ ETVIWIRXEHE 48 -RJSVQEËÙIWEHMGMSREMW 6IWSPYËÇSHITVSFPIQEW 5YERHSSMRHMGEHSVQSHSHIIWTIVEIWXMZIVETMWGEVERSXISRÞQIVSHIZI^IW UYITMWGESXIQTSHIMRXIVZEPSÍHIXVÎWWIKYRHSW 'EVVIKYIIQRSXIPIZMWSVTEVESHIWPMKEVHIWPMKYISGEFSHI'%IMRJSVQISEKIRXISYGIRXVSHI EWWMWXÎRGME7SR]WSFVIEJSVQEGSQSSMRHMGEHSVTMWGERÞQIVSHIMRXIVQMXÎRGMEW 5YERHSSQSHSHIIWTIVERÇSIWXMZIVETMWGEVZIVMJMUYISWMXIRWGSRWXERXIW HEWXEFIPEWWIKYMRXIW %PÍQHMWWSGSRWYPXIw6IWSPYËÇSHITVSFPIQEWxRSM1ERYEP7ISTVSFPIQETIVWMWXMVQERHI VITEVEVSXIPIZMWSVTSVYQXÍGRMGSHIEWWMWXÎRGMEUYEPMJMGEHS 'SRHMËÇS )\TPMGEËÇS7SPYËÇS 2ÇSETEVIGIMQEKIQS e :IVMJMUYIEPMKEËÇSHEERXIREGEFS IGVÇIWXÅIWGYVSIRÇSLÅ e 0MKYISXIPIZMWSVÄGSVVIRXI'%IGEVVIKYIIQRSXIPIZMWSV e 7ISMRHMGEHSVQSHSHIIWTIVEWIMPYQMREVEZIVQIPLS WSQ GEVVIKYIIQ %TEVIGIQTIUYIRSWTSRXSW e 3IGVÇÍGSQTSWXSTSVTM\ÍMW3WTIUYIRSWTSRXSWTVIXSWISY FVMPLERXIWTM\ÍMWUYIETEVIGIQRSIGVÇRÇSWÇSWMREPHIEZEVME TVIXSWISYFVMPLERXIWRS IGVÇ 2ÇSÍTSWWÑZIPWMRXSRM^EV EPKYRWTVSKVEQEW e :IVMJMUYIEERXIRESYTVEXS 3XIPIZMWSVHIWPMKEWI EYXSQEXMGEQIRXIS XIPIZMWSVIRXVERSQSHSHI IWTIVE e :IVMJMUYIWIESTËÇSw8IQT(IWPMKEVxIWXÅEGXMZEHESYGSRJMVQI SENYWXIHIw(YVEËÇSxHIw8IQT0MKEVx e :IVMJMUYIWISw1SHSIWTIVEHIXIPIZMWSVMREGXMZSxIWXÅEGXMZEHS e :IVMJMUYIWISw7IRWSVHI4VIWIRËExIWXÅEGXMZEHS5YERHSRÇSÍ HIXIGXEHSUYEPUYIVIWTIGXEHSVIQJVIRXIESXIPIZMWSVHYVERXIYQ TIVÑSHSHIXIQTSTVIHIJMRMHSEMQEKIQHIWPMKEWI EYXSQEXMGEQIRXIHIM\ERHSETIREWSWSQHSXIPIZMWSVPMKEHS 4EVEEPÍQHMWWSET×WQMRYXSWRSQSHSHIMQEKIQHIWPMKEHE SXIPIZMWSVQYHEVÅTEVESQSHSHIIWTIVE 3XIPIGSQERHSRÇS JYRGMSRE e 7YFWXMXYEEWTMPLEW e 3WIYXIPIZMWSVTSHIVÅIWXEVRSQSHS7=2' 'EVVIKYIIQ7=2'1)29WIPIGGMSRIw'SRXVSPSHI8:xIIQ WIKYMHEWIPIGGMSRIw,SQI1IRYxSYw3TËÙIWxTEVEGSRXVSPEVS XIPIZMWSV )WUYIGIYETEPEZVETEWWI e -RXVSHY^ESG×HMKS4-23G×HMKS4-2ÍWIQTVI EGIMXI HIw&PSUYIMS4EVIRXEPx %ÅVIERETVS\MQMHEHIHS e 5YERHSSXIPIZMWSVÍYXMPM^EHSHYVERXIYQTIVÑSHSHIXIQTS TVSPSRKEHSEÅVIERETVS\MQMHEHIHSXIPIZMWSVEUYIGI XIPIZMWSVEUYIGI 4SHIVÅWIRXMVEWYTIVJÑGMIUYIRXIESXSGEVGSQEQÇS 48 'EVEGXIVÑWXMGEWXÍGRMGEW 7MWXIQE 7MWXIQEHSIGVÇ )GVÇ0'(:MWSVHI'VMWXEP0ÑUYMHS 7MWXIQEHIXIPIZMWÇS %REP×KMGS(ITIRHIRHSHEWIPIGËÇSHSWIYTEÑWÅVIE&+,(/0-1 (MKMXEP(:&8ETIREW/(0)<,<)<)<)<,<)< )<)<)<'<)<)<)<)<)< )<)<'< (:&8(:&' 7MWXIQEHI'SV:ÑHIS %REP×KMGS4%04%0W×IRXVEHEHIZÑHIS7)'%1287'287'W×IRXVEHEHIZÑHIS (MKMXEP14)+14$10,0,14)+%:'14,4$0 'SFIVXYVEHIGEREMW %REP×KMGS:,*)z)9,*)z)'%8:7z7,=4)67z7 (/6z66z60*z*&z5*z*-9,*&z&1%z%%z% (MKMXEP:,*9,* 7EÑHEHIWSQ ;;/(0)<\/(0,<\/(0)<\ /(0'<\/(0)<\ ;;/(0)<\ 8SQEHEWHI)RXVEHE7EÑHE 'EFSHEERXIRE %: 8IVQMREPI\XIVRSHISLQTEVE:,*9,* )YVSGSRIGXSVHITMRSWRSVQE')2)0)'MRGPYMRHSIRXVEHEHIÅYHMSZÑHISIRXVEHE6+&IWEÑHE ÅYHMSZÑHISHI8: %: )RXVEHEHIZÑHISXSQEHE6'% *SVQEXSWWYTSVXEHSWTMTTMTM )RXVEHEHIÅYHMSXSQEHEW6'% '31432)28-2 ,(1--2 I\GITXSTEVE /(0)<\ :ÑHISTTTMTTTTMTM ¥YHMS4'1PMRIEVHIHSMWGEREMWIO,^IFMXW(SPF](MKMXEP )RXVEHEHIÅYHMSEREP×KMGEQMRMXSQEHEETIREW,(1--2 )RXVEHETEVE4' %6'%YHMS6IXYVR'LERRIPETIREW,(1--2 ,(1--2 ETIREW/(0 )<\ :ÑHISTTTMTTTTMTM ¥YHMS4'1PMRIEVHIHSMWGEREMWIO,^IFMXW(SPF](MKMXEP )RXVEHEHIÅYHMSEREP×KMGEQMRMXSQEHEETIREW,(1--2 )RXVEHETEVE4' %6'%YHMS6IXYVR'LERRIPETIREW,(1--2 (-+-8%0%9(-3398 8SQEHEHMKMXEP×TXMGE4'1PMRIEVHIHSMWGEREMW(SPF](MKMXEP 348-'%0 %9(-3398M 4'-2 7EÑHEHIÅYHMSQMRMXSQEHEIWXÍVIS 8SQEHETEVEEYWGYPXEHSVIW )RXVEHETEVE4'1MRM(WYFTMRSW )RXVEHEHIÅYHMSTEVE4'QMRMXSQEHE 4SVXE97&WYTSVXIHIKVEZEËÇS,(( ETIREW/(0 )<\ ETIREW/(0 )</(0 )< 4SVXE97& ,((6)' I\GITXSTEVE /(0)< /(0)< /(0)<\ 4SVXE97&4SVXETEVEHMWTSWMXMZS,((97&ETIREW 6ERLYVE'%11×HYPSHI%GIWWS'SRHMGMSREP 0%2 2SQIHSQSHIPS/(0 'SRIGXSV&%7)8&%7)8<(ITIRHIRHSHSEQFMIRXIHISTIVEËÇSHEVIHIEZIPSGMHEHIHI PMKEËÇSTSHIZEVMEV%XE\EHIGSQYRMGEËÇSIUYEPMHEHIHIGSQYRMGEËÇSHSQSHIPS&%7)8 &%7)8<RÇSWÇSKEVERXMHEWRSGEWSHIWXIXIPIZMWSV )<\ ,<\ )<\ )<\ %PMQIRXEËÇSISYXVSW 6IUYMWMXSWHIEPMQIRXEËÇS :z:'%,^ 'PEWWIHIIJMGMÎRGME IRIVKÍXMGE % % % % (MQIRWÇSHSIGVÇQIHMHS HMEKSREPQIRXI %TVS\ GQ TSPIKEHEW %TVS\ GQ TSPIKEHEW %TVS\ GQ TSPIKEHEW %TVS\ GQ TSPIKEHEW 'SRXMRYE 48 2SQIHSQSHIPS/(0 )<\ ; 'SRWYQSHI RSQSHS IRIVKME w6IWMHÎRGMEx w7XERHEVHx ,<\ )<\ )<\ ; ; ; ; ; ; ; 'SRWYQSHIIRIVKMEERYEP QÍHMS O;L O;L O;L O;L 'SRWYQSHIIRIVKMERS QSHSHIIWTIVE ;;RSQSHS ;;RSQSHS ;;RSQSHS ;;RSQSHS HIEGXYEPM^EËÇSHS)4+ HIEGXYEPM^EËÇSHS)4+ HIEGXYEPM^EËÇSHS)4+ HIEGXYEPM^EËÇSHS)4+ WSJX[EVI WSJX[EVI WSJX[EVI WSJX[EVI 6IWSPYËÇSHSIGVÇ TSRXSWLSVM^SRXEP»PMRLEWZIVXMGEP RSQSHS w0SNEx w:ÑZMHSx (MQIRWÙIW%TVS\PEVK»EPX»TVSJ GSQWYTSVXIHIJM\EËÇSTEVE »»GQ QIWEW »»GQ »»GQ »»GQ WIQWYTSVXIHIJM\EËÇSTEVE »»GQ QIWEW »»GQ »»GQ »»GQ GSQWYTSVXIHIJM\EËÇSTEVE OK QIWEW OK OK OK WIQWYTSVXIHIJM\EËÇSTEVE OK QIWEW OK OK OK 4IWS%TVS\ %GIWW×VMSWJSVRIGMHSW 'SRWYPXIw:IVMJMGEVSWEGIWW×VMSWxTÅKMRE %GIWW×VMSWSTGMSREMW 7YTSVXIHI1SRXEKIQRE4EVIHI79;0 ·GYPSW(8(+&68(+&68(+&68(+&6/(0)<\/(0,<\ 9RMHEHIHIGÆQEVEIQMGVSJSRI'19&6 %HETXEHSV0%2WIQJMSW97& 8IQTIVEXYVEHI JYRGMSREQIRXS 'z' ,YQMHEHIHIJYRGMSREQIRXS z,6RÇSGSRHIRWEHE 2SQIHSQSHIPS/(0 %PMQIRXEËÇSISYXVSW 6IUYMWMXSWHIEPMQIRXEËÇS 'PEWWIHIIJMGMÎRGME IRIVKÍXMGE (MQIRWÇSHSIGVÇQIHMHS HMEKSREPQIRXI 'SRWYQSHI RSQSHS IRIVKME w6IWMHÎRGMEx w7XERHEVHx RSQSHS w0SNEx w:ÑZMHSx 'SRWYQSHIIRIVKMEERYEP QÍHMS 'SRWYQSHIIRIVKMERS QSHSHIIWTIVE '<\ ,<\ )<\ )<\ ' & % % %TVS\ GQ TSPIKEHEW %TVS\ GQ TSPIKEHEW %TVS\ GQ TSPIKEHEW %TVS\ GQ TSPIKEHEW ; ; ; ; ; ; ; ; O;L O;L O;L O;L :z:'%,^ ;;RSQSHS ;;RSQSHS ;;RSQSHS ;;RSQSHS HIEGXYEPM^EËÇSHS)4+ HIEGXYEPM^EËÇSHS)4+ HIEGXYEPM^EËÇSHS)4+ HIEGXYEPM^EËÇSHS)4+ WSJX[EVI WSJX[EVI WSJX[EVI WSJX[EVI TSRXSWLSVM^SRXEP»PMRLEWZIVXMGEP 6IWSPYËÇSHSIGVÇ (MQIRWÙIW%TVS\PEVK»EPX»TVSJ GSQWYTSVXIHIJM\EËÇSTEVE »»GQ »»GQ QIWEW »»GQ WIQWYTSVXIHIJM\EËÇSTEVE »»GQ QIWEW 4IWS%TVS\ OK GSQWYTSVXIHIJM\EËÇSTEVE OK QIWEW OK WIQWYTSVXIHIJM\EËÇSTEVE OK QIWEW 'SRWYPXIw:IVMJMGEVSWEGIWW×VMSWxTÅKMRE %GIWW×VMSWJSVRIGMHSW 48 »»GQ »»GQ »»GQ »»GQ OK OK OK OK 2SQIHSQSHIPS/(0 %GIWW×VMSWSTGMSREMW '<\ ,<\ )<\ )<\ 7YTSVXIHI1SRXEKIQRE4EVIHI79;0 ·GYPSW(8(+&68(+&68(+&68(+&6/(0,<\/(0)<\ 9RMHEHIHIGÆQEVEIQMGVSJSRI'19&6 %HETXEHSV0%2WIQJMSW97& 'z' 8IQTIVEXYVEHI JYRGMSREQIRXS ,YQMHEHIHIJYRGMSREQIRXS z,6RÇSGSRHIRWEHE 2SQIHSQSHIPS/(0 %PMQIRXEËÇSISYXVSW 6IUYMWMXSWHIEPMQIRXEËÇS '<\ )<\ )<\ )<\ 'PEWWIHIIJMGMÎRGME IRIVKÍXMGE (MQIRWÇSHSIGVÇQIHMHS HMEKSREPQIRXI 'SRWYQSHI RSQSHS IRIVKME w6IWMHÎRGMEx w7XERHEVHx RSQSHS w0SNEx w:ÑZMHSx 'SRWYQSHIIRIVKMEERYEP QÍHMS 'SRWYQSHIIRIVKMERS QSHSHIIWTIVE ' % % & %TVS\ GQ TSPIKEHEW %TVS\ GQ TSPIKEHEW %TVS\ GQ TSPIKEHEW %TVS\ GQ TSPIKEHEW ; ; ; ; ; ; ; ; O;L O;L O;L O;L :z:'%,^ ;;RSQSHS ; ;RSQSHS ; ;RSQSHS ;;RSQSHS HIEGXYEPM^EËÇSHS)4+ HIEGXYEPM^EËÇSHS)4+ HIEGXYEPM^EËÇSHS)4+ HIEGXYEPM^EËÇSHS)4+ WSJX[EVI WSJX[EVI WSJX[EVI WSJX[EVI TSRXSWLSVM^SRXEP»PMRLEWZIVXMGEP 6IWSPYËÇSHSIGVÇ (MQIRWÙIW%TVS\PEVK»EPX»TVSJ »»GQ GSQWYTSVXIHIJM\EËÇSTEVE »»GQ QIWEW »»GQ WIQWYTSVXIHIJM\EËÇSTEVE »»GQ QIWEW 4IWS%TVS\ OK GSQWYTSVXIHIJM\EËÇSTEVE OK QIWEW OK WIQWYTSVXIHIJM\EËÇSTEVE OK QIWEW 'SRWYPXIw:IVMJMGEVSWEGIWW×VMSWxTÅKMRE %GIWW×VMSWJSVRIGMHSW %GIWW×VMSWSTGMSREMW »»GQ »»GQ »»GQ »»GQ OK OK OK OK 7YTSVXIHI1SRXEKIQRE4EVIHI79;0 ·GYPSW(8(+&68(+&68(+&68(+&6/(0)<\ 9RMHEHIHIGÆQEVEIQMGVSJSRI'19&6 %HETXEHSV0%2WIQJMSW97& 'z' 8IQTIVEXYVEHI JYRGMSREQIRXS ,YQMHEHIHIJYRGMSREQIRXS z,6RÇSGSRHIRWEHE 2SQIHSQSHIPS/(0 %PMQIRXEËÇSISYXVSW 6IUYMWMXSWHIEPMQIRXEËÇS 'PEWWIHIIJMGMÎRGME IRIVKÍXMGE (MQIRWÇSHSIGVÇQIHMHS HMEKSREPQIRXI 'SRWYQSHI RSQSHS IRIVKME w6IWMHÎRGMEx w7XERHEVHx RSQSHS w0SNEx w:ÑZMHSx 'SRWYQSHIIRIVKMEERYEP QÍHMS 'SRWYQSHIIRIVKMERS QSHSHIIWTIVE )<\ )<\ '<\ & & ' %TVS\ GQTSPIKEHEW %TVS\ GQTSPIKEHEW %TVS\ GQTSPIKEHEW ; ; ; ; ; ; O;L O;L O;L ;;RSQSHSHI EGXYEPM^EËÇSHS)4+WSJX[EVI ; ;RSQSHSHI EGXYEPM^EËÇSHS)4+WSJX[EVI ; ;RSQSHSHI EGXYEPM^EËÇSHS)4+WSJX[EVI :z:'%,^ 'SRXMRYE 48 2SQIHSQSHIPS/(0 6IWSPYËÇSHSIGVÇ )<\ )<\ '<\ TSRXSWLSVM^SRXEP» PMRLEWZIVXMGEP TSRXSWLSVM^SRXEP» PMRLEWZIVXMGEP TSRXSWLSVM^SRXEP» PMRLEWZIVXMGEP (MQIRWÙIW%TVS\PEVK»EPX»TVSJ »»GQ GSQWYTSVXIHIJM\EËÇSTEVE »»GQ QIWEW »»GQ WIQWYTSVXIHIJM\EËÇSTEVE »»GQ QIWEW 4IWS%TVS\ OK GSQWYTSVXIHIJM\EËÇSTEVE OK QIWEW OK WIQWYTSVXIHIJM\EËÇSTEVE OK QIWEW 'SRWYPXIw:IVMJMGEVSWEGIWW×VMSWxTÅKMRE %GIWW×VMSWJSVRIGMHSW 7YTSVXIHI1SRXEKIQRE4EVIHI79;0 %GIWW×VMSWSTGMSREMW »»GQ »»GQ OK OK 9RMHEHIHIGÆQEVEIQMGVSJSRI'19&6 %HETXEHSV0%2WIQJMSW97& 'z' 8IQTIVEXYVEHI JYRGMSREQIRXS ,YQMHEHIHIJYRGMSREQIRXS z,6RÇSGSRHIRWEHE 2SQIHSQSHIPS/(0 %PMQIRXEËÇSISYXVSW 6IUYMWMXSWHIEPMQIRXEËÇS 'PEWWIHIIJMGMÎRGME IRIVKÍXMGE (MQIRWÇSHSIGVÇQIHMHS HMEKSREPQIRXI 'SRWYQSHI RSQSHS IRIVKME w6IWMHÎRGMEx w7XERHEVHx RSQSHS w0SNEx w:ÑZMHSx 'SRWYQSHIIRIVKMEERYEP QÍHMS 'SRWYQSHIIRIVKMERS QSHSHIIWTIVE 6IWSPYËÇSHSIGVÇ )< )< )<\ )<\ & & & & %TVS\ GQ TSPIKEHEW %TVS\ GQ TSPIKEHEW %TVS\ GQ TSPIKEHEW %TVS\ GQ TSPIKEHEW ; ; ; ; ; ; ; ; O;L O;L O;L O;L ; ;RSQSHS HIEGXYEPM^EËÇSHS)4+ WSJX[EVI TSRXSW LSVM^SRXEP» PMRLEWZIVXMGEP ; ;RSQSHS HIEGXYEPM^EËÇSHS)4+ WSJX[EVI TSRXSW LSVM^SRXEP» PMRLEWZIVXMGEP »»GQ »»GQ »»GQ »»GQ OK OK OK OK :z:'%,^ ; ;RSQSHS ; ;RSQSHS HIEGXYEPM^EËÇSHS)4+ HIEGXYEPM^EËÇSHS)4+ WSJX[EVI WSJX[EVI TSRXSWLSVM^SRXEP»PMRLEWZIVXMGEP (MQIRWÙIW%TVS\PEVK»EPX»TVSJ »»GQ GSQWYTSVXIHIJM\EËÇSTEVE »»GQ QIWEW »»GQ WIQWYTSVXIHIJM\EËÇSTEVE »»GQ QIWEW 4IWS%TVS\ OK GSQWYTSVXIHIJM\EËÇSTEVE OK QIWEW OK WIQWYTSVXIHIJM\EËÇSTEVE OK QIWEW 'SRWYPXIw:IVMJMGEVSWEGIWW×VMSWxTÅKMRE %GIWW×VMSWJSVRIGMHSW 7YTSVXIHI1SRXEKIQRE4EVIHI79;0 %GIWW×VMSWSTGMSREMW 9RMHEHIHIGÆQEVEIQMGVSJSRI'19&6 %HETXEHSV0%2WIQJMSW97& 'z' 8IQTIVEXYVEHI JYRGMSREQIRXS ,YQMHEHIHIJYRGMSREQIRXS z,6RÇSGSRHIRWEHE 'SRWYQSHIIRIVKMETSVERSGSQFEWIRSGSRWYQSHIIRIVKMEZIVMJMGEHSGSQSXIPIZMWSVEJYRGMSREVLSVEW TSVHMEHYVERXIHMEW3GSRWYQSHIIRIVKMEVIEPMVÅHITIRHIVHEJSVQEGSQSSXIPIZMWSVÍYXMPM^EHS %IRIVKMEIQQSHSHIIWTIVEIWTIGMJMGEHEÍEXMRKMHEHITSMWHISXIPIZMWSVGSRGPYMVSWTVSGIWWSWMRXIVRSW RIGIWWÅVMSW 3HIWMKRIEWGEVEGXIVÑWXMGEWXÍGRMGEWIWXÇSWYNIMXSWEEPXIVEËÇSWIQEZMWSTVÍZMS 48 -RWXEPEVSW%GIWW×VMSW7YTSVXIHI1SRXEKIQRE4EVIHI 4EVESWGPMIRXIW 7IYXMPM^EVSWYTSVXIHIQSRXEKIQRETEVIHI79;0I79;0SIWTEËSIRXVIETEVIHIIS XIPIZMWSVWIVÅHIGQ9XMPM^IIWXIIWTEËSTEVEIRGEQMRLEVSWGEFSWTEVESXIPIZMWSV GQ 4EVIHI 4EVETVSXIGËÇSHSTVSHYXSITSVVE^ÙIWHIWIKYVERËEE7SR]VIGSQIRHEZMZEQIRXIUYIEMRWXEPEËÇS HSWIYXIPIZMWSVWINEIJIGXYEHETSVEKIRXIWHE7SR]SYGSRXVEXERXIWPMGIRGMEHSW2ÇSXIRXIMRWXEPÅPS TSVWMTV×TVMS 4EVESWEKIRXIWIGSRXVEXERXIWHE7SR] 4VIWXIXSXEPEXIRËÇSÄWQIHMHEWHIWIKYVERËEHYVERXIEMRWXEPEËÇSQERYXIRËÇSTIVM×HMGEIERÅPMWI HIWXITVSHYXS 3XIPIZMWSVTSHIWIVMRWXEPEHSYXMPM^ERHSSW7YTSVXIWHI1SRXEKIQRE4EVIHI79;0 TÅKMRE I79;0TÅKMRE ZIRHMHSWITEVEHEQIRXI e 'SRWYPXIEWMRWXVYËÙIWJSVRIGMHEWGSQS7YTSVXIHI1SRXEKIQRE4EVIHITEVEVIEPM^EVE MRWXEPEËÇSHIQSHSGSVVIGXS e 'SRWYPXIw7ITEVEVSWYTSVXIHIJM\EËÇSTEVEQIWEWHSXIPIZMWSVxTÅKMRE RIGIWWÅVMEYQEJSVQEËÇSXÍGRMGEEHIUYEHETEVEMRWXEPEVIWXITVSHYXSIWTIGMEPQIRXITEVE HIXIVQMREVEVIWMWXÎRGMEHETEVIHITEVEWYTSVXEVSTIWSHSXIPIZMWSV'IVXMJMUYIWIHIUYIE MRWXEPEËÇSHIWXITVSHYXSRETEVIHIÍIJIGXYEHETSVEKIRXIWHE7SR]SYGSRXVEXERXIWPMGIRGMEHSW TSVIWXEITVIWXIEXIRËÇSÄWQIHMHEWHIWIKYVERËEHYVERXIEMRWXEPEËÇS%7SR]RÇSWI VIWTSRWEFMPM^ETSVUYEMWUYIVHERSWSYJIVMQIRXSWGEYWEHSWTIPEYXMPM^EËÇSMRHIZMHESYMRWXEPEËÇS MRGSVVIGXE 'SRXMRYE 48 %SMRWXEPEVSXIPIZMWSVRYQETEVIHIVIXMVISWTEVEJYWSWHETEVXIXVEWIMVEHSXIPIZMWSV% HMWTSRMFMPMHEHIHSWTEVEJYWSWISRÞQIVSHITEVEJYWSWHITIRHIHSQSHIPSHSXIPIZMWSV)WXIWIWXÇS ETIVXEHSWRSWSVMJÑGMSWHSWTEVEJYWSWTEVEEQSRXEKIQRETEVIHI+YEVHISWTEVEJYWSWVIQSZMHSW RYQPSGEPWIKYVSPSRKIHSEPGERGIHEWGVMERËEW & 4EVE/(0)<\ & 4EVE/(0,<\/(0 )<\/(0)<\ /(0)<\ » » » » 4ERSQEGMS 4ERSQEGMS e %SVIQSZIVSWYTSVXIHIJM\EËÇSTEVEQIWEWHSXIPIZMWSVGSPSUYIEJEGIHSIGVÇRYQEWYTIVJÑGMIHIXVEFEPLS IWXÅZIPQEMSVHSUYISXIPIZMWSV e 4EVEIZMXEVHERMJMGEVEWYTIVJÑGMIHSIGVÇ0'(GIVXMJMUYIWIHIUYIGSPSGEYQTERSQEGMSREWYTIVJÑGMIHI XVEFEPLS 79;079;0 4EVE/(0)<\ /(0,<\ /(0)<\ /(0'<\ /(0)<\ 79;0 +ERGLSHI QSRXEKIQ » 4EVEJYWS 47; » 4EVE/(0)<\ 79;0 4EVEJYWS 47; » +ERGLSHI QSRXEKIQ 4ERSQEGMS 4ERSQEGMS e *M\ISKERGLSHIQSRXEKIQYXMPM^ERHSSWUYEXVSTEVEJYWSWJSVRIGMHSWGSQS7YTSVXIHI1SRXEKIQRE 4EVIHI e %SZSPXEVEGSPSGEVSWYTSVXIHIJM\EËÇSTEVEQIWEWGIVXMJMUYIWIHIUYIETIVXESWTEVEJYWSWERXIVMSVQIRXI VIQSZMHSWRSWSVMJÑGMSWSVMKMREMWRETEVXIXVEWIMVEHSXIPIZMWSV 48 8EFIPEHMEKVEQEHIPSGEPM^EËÙIWHSKERGLSIHSWTEVEJYWSW 2SQIHSQSHIPS /(0 0SGEPM^EËÇSHSWTEVEJYWSW 0SGEPM^EËÇSHSKERGLS 79;0 79;0 )<\ IN F ,<\)<\)<\ IN F '<\ HK F ,<\)<\)<\ IN F '<\ HK F )<\)<\ IN F )<\)<\)<\'<\ IK G 79;0 )<\ )<\ E E )<\ F 79;0 0SGEPM^EËÇSHSWTEVEJYWSW %SMRWXEPEVSKERGLSHIQSRXEKIQRS XIPIZMWSV 0SGEPM^EËÇSHSKERGLS %SMRWXEPEVSXIPIZMWSVRSWYTSVXIHIFEWI E F G 'SRXMRYE 48 79;0 0SGEPM^EËÇSHSKERGLS %SMRWXEPEVSXIPIZMWSVRSWYTSVXIHIFEWI E F 8EFIPEHIHMQIRWÙIWHIMRWXEPEËÇSHSXIPIZMWSV 79;0 % * ) ' & ( , 4SRXSGIRXVEPHSIGVÇ 79;0 % ) * ' & 4SRXSGIRXVEPHSIGVÇ 48 ( + , + 9RMHEHIGQ 2SQIHS (MQIRWÙIW HSZMWSV QSHIPS /(0 % & 79;0 )<\ ,<\ )<\ )<\ '<\ ,<\ )<\ )<\ '<\ )<\ )<\ )<\ )<\ )<\ '<\ 79;0 )<\ )<\ )<\ (MQIRWÇS HSGIRXVS HSIGVÇ ' 'SQTVMQIRXSTEVEGEHEÆRKYPSHIQSRXEKIQ ¦RKYPS ( ¦RKYPS ) * + , 3WRÞQIVSWREXEFIPETSHIQZEVMEVPMKIMVEQIRXIGSRWSERXIEMRWXEPEËÇS %8)2«§3 %TEVIHISRHIMVÅWIVMRWXEPEHSSXIPIZMWSVHIZIWIVGETE^HIWYTSVXEVYQTIWSTIPSQIRSWUYEXVSZI^IW WYTIVMSVESHSXIPIZMWSV'SRWYPXIw'EVEGXIVÑWXMGEWXÍGRMGEWxTÅKMRE TEVEZIVSVIWTIGXMZSTIWS 48 'EFSHIEPMQIRXEËÇS -RJSVQEËÙIWHI WIKYVERËE 1ERMTYPISGEFSHIEPMQIRXEËÇSIEXSQEHE HEWIKYMRXIQERIMVETEVEIZMXEVXSHSSVMWGS HIMRGÎRHMSGLSUYIIPÍGXVMGSSYEZEVME ISYJIVMHEW z %8)2«§3 %WFEXIVMERÇSTSHIQWIVI\TSWXEWEGEPSV I\GIWWMZSGSQSÄPY^HSWSPTIVXSHSJSKS SYWMXYEËÙIWWIQIPLERXIW -RWXEPEËÇS4VSKVEQEËÇS -RWXEPIIYXMPM^ISXIPIZMWSVGSRJSVQIEW MRWXVYËÙIWEFEM\STEVEIZMXEVXSHSSVMWGS HIMRGÎRHMSGLSUYIIPÍGXVMGSSYEZEVME ISYJIVMHEW -RWXEPEËÇS e 3XIPIZMWSVHIZIWIVMRWXEPEHSTIVXSHI YQEXSQEHEHIGSVVIRXIIPÍGXVMGE JEGMPQIRXIEGIWWÑZIP e 'SPSUYISRYQEWYTIVJÑGMIIWXÅZIPI RMZIPEHE e 7×XÍGRMGSWHIEWWMWXÎRGMEUYEPMJMGEHSW HIZIQVIEPM^EVEWMRWXEPEËÙIWHITEVIHI e 4SVVE^ÙIWHIWIKYVERËEVIGSQIRHEQSW JSVXIQIRXIUYIYXMPM^IEGIWW×VMSWHE 7SR]EMRGPYMV z 7YTSVXITEVEQSRXEKIQRETEVIHI 79;0I\GITXSTEVE/(0 )<\ 79;0/(0)<\ e 5YERHSJM\EVSWKERGLSWHIQSRXEKIQ RSXIPIZMWSVYXMPM^ISWTEVEJYWSW JSVRIGMHSWGSQS7YTSVXITEVE QSRXEKIQRETEVIHI3WTEVEJYWSW JSVRIGMHSWXÎQHIQQEQQHI GSQTVMQIRXSUYERHSQIHMHSWETEVXMVHE WYTIVJÑGMIHIJM\EËÇSHSKERGLSHI QSRXEKIQ 3HMÆQIXVSISGSQTVMQIRXSHSW TEVEJYWSWWÇSHMJIVIRXIWHITIRHIRHSHS QSHIPSHI7YTSVXITEVEQSRXEKIQRE TEVIHI %YXMPM^EËÇSHITEVEJYWSWHMJIVIRXIWHSW JSVRIGMHSWTSHITVSZSGEVEZEVMEW MRXIVREWRSXIPIZMWSVSYJE^IVGSQUYI GEMEIXG QQQQ 4EVEJYWSJSVRIGMHSGSQ S7YTSVXIHIQSRXEKIQ RETEVIHI +ERGLSHIQSRXEKIQ *M\EËÇSHSKERGLSRE TEVXIHIXVÅWHSXIPIZMWSV 8VERWTSVXI e %RXIWHIXVERWTSVXEVSXIPIZMWSVHIWPMKYI XSHSWSWGEFSW e 7ÇSRIGIWWÅVMEWHYEWSYQEMWTIWWSEW TEVEXVERWTSVXEVYQXIPIZMWSVHIXEQERLS KVERHI e 7ITIKEVRSXIPIZMWSVTEVESXVERWTSVXEV EKEVVISGSQSWIQSWXVEREJMKYVEHE HMVIMXE2ÇSJEËETVIWWÇSWSFVISTEMRIP 0'(RIQWSFVIEQSPHYVEIQVIHSVHS IGVÇ 48 e 2ÇSI\TSRLESXIPIZMWSVEGLSUYIWSY ZMFVEËÙIWI\GIWWMZEWHYVERXIS XVERWTSVXI e 7IXMZIVUYIXVERWTSVXEVSXIPIZMWSVSY PIZÅPSTEVEVITEVEËÙIWYXMPM^IEGEM\EI SWQEXIVMEMWHIIQFEPEKIQSVMKMREMW z z z :IRXMPEËÇS e 2YRGEXETISWSVMJÑGMSWHIZIRXMPEËÇS RIQMRXVSHY^ERIRLYQSFNIGXSREGEM\E e (IM\IIWTEËSÄZSPXEHSXIPIZMWSVGSQS QSWXVEHSEFEM\S e 6IGSQIRHEQSWJSVXIQIRXIUYIYXMPM^IS WYTSVXITEVEQSRXEKIQRETEVIHIHE 7SR]TEVETIVQMXMVYQEGMVGYPEËÇSHIEV EHIUYEHE -RWXEPEËÇSRETEVIHI GQ GQ GQ GQ (IM\ITIPSQIRSWIWXIIWTEËSÄ ZSPXEHSXIPIZMWSV -RWXEPEËÇSGSQFEWI GQ GQ z z z 9XMPM^IETIREWYQGEFSHIEPMQIRXEËÇS JSVRIGMHSTIPE7SR]IRÇSTSVSYXVSW JSVRIGIHSVIW -RXVSHY^EEJMGLEREXSQEHEEXÍESJMQ )WXIXIPIZMWSVJYRGMSREETIREWGSQ GSVVIRXIEPXIVREHI: 4SVQSXMZSWHIWIKYVERËEHIWPMKYIS GEFSHIEPMQIRXEËÇSIIZMXIUYISWWIYW TÍWJMUYIQIRXVISWGEFSWUYERHS IJIGXYEVEWPMKEËÙIW (IWPMKYISGEFSHIEPMQIRXEËÇSHE XSQEHEIPÍGXVMGEERXIWHIXVEFEPLEVGSQ SXIPIZMWSVSYHIHIWPSGÅPS %JEWXISGEFSHIEPMQIRXEËÇSHIJSRXIW HIGEPSV (IWPMKYIEJMGLEIPMQTIE VIKYPEVQIRXI7IEJMGLEIWXMZIVLÞQMHE IGSFIVXEHIT×SMWSPEQIRXSTSHIJMGEV HERMJMGEHSSUYITSHITVSZSGEVYQ MRGÎRHMS 2SXEW e 2ÇSYXMPM^ISGEFSHIEPMQIRXEËÇS JSVRIGMHSIQUYEPUYIVSYXVSIUYMTEQIRXS e 2ÇSIRXEPIHSFVISYXSVËESGEFSÄJSVËE 3WJMSWTVMRGMTEMWTSHIQJMGEV HIWGEVREHSWSYWIVGSVXEHSW e 2ÇSQSHMJMUYISGEFSHIEPMQIRXEËÇS e 2ÇSGSPSUYISFNIGXSWTIWEHSWIQGMQE HSGEFSHIEPMQIRXEËÇS e 2YRGETY\ITIPSTV×TVMSGEFSHI EPMQIRXEËÇSUYERHSSHIWPMKEV e 2ÇSPMKYIQYMXSWETEVIPLSWÄQIWQE XSQEHE e 2ÇSYXMPM^IYQEXSQEHEHIGSVVIRXIUYI RÇSIWXINEFIQTVIWEÄTEVIHI 9XMPM^EËÇSTVSMFMHE (IM\ITIPSQIRSWIWXIIWTEËSÄ ZSPXEHSXIPIZMWSV e 4EVEEWWIKYVEVYQEZIRXMPEËÇSEHIUYEHE IIZMXEVEEGYQYPEËÇSHIWYNMHEHISY TSIMVE z 2ÇSMRWXEPISXIPIZMWSVIQTSWMËÇS LSVM^SRXEPÄWEZIWWEWTEVEXVÅWSYHI PEHS z 2ÇSGSPSUYISXIPIZMWSVRYQE IWXERXIRYQXETIXIRYQEGEQESY RYQEVQÅVMS z 2ÇSXETISXIPIZMWSVGSQTERSWTSV I\IQTPSGSVXMREWRIQGSQSYXVSW SFNIGXSWGSQSNSVREMWIXG z 2ÇSMRWXEPISXIPIZMWSVGSQS QSWXVEHSEFEM\S 2ÇSMRWXEPIYXMPM^ISXIPIZMWSVIQPSGEMW EQFMIRXIWSYWMXYEËÙIWGSQSSWPMWXEHSW EFEM\SSYGEWSGSRXVÅVMSSXIPIZMWSVTSHI JYRGMSREVQEPITVSZSGEVYQMRGÎRHMS GLSUYIIPÍGXVMGSEZEVMEISYJIVMHEW 0SGEP e %SEVPMZVIWSFEPY^WSPEVHMVIGXETIVXS HSQEVRYQREZMSSYSYXVEIQFEVGEËÇS HIRXVSHIYQZIÑGYPSIQMRWXMXYMËÙIW QÍHMGEWPSGEMWMRWXÅZIMWTIVXSHIÅKYE GLYZELYQMHEHISYJYQS e 7ISXIPIZMWSVJSVGSPSGEHSRSFEPRIÅVMS HIYQETMWGMRETÞFPMGESYIWXÆRGME XIVQEPSXIPIZMWSVTSHIVÅJMGEV HERMJMGEHSTIPSIR\SJVITVIWIRXIRSEV IXG 'MVGYPEËÇSHIEVFPSUYIEHE 4EVIHI 4EVIHI e 4EVEYQEQIPLSVUYEPMHEHIHIMQEKIQ RÇSI\TSRLESIGVÇEMPYQMREËÇSSYPY^ WSPEVHMVIGXE e )ZMXIHIWPSGEVSXIPIZMWSVHIYQPSGEPJVMS TEVEYQPSGEPUYIRXI%WZEVMEËÙIWHI XIQTIVEXYVEHSPSGEPTSHIQTVSZSGEVE GSRHIRWEËÇSHELYQMHEHI-WXSTSHI JE^IVGSQSUYISXIPIZMWSVETVIWIRXIYQE MQEKIQHIJVEGEUYEPMHEHIISYJVEGE GSV7IMWXSEGSRXIGIVHIM\IUYIE LYQMHEHIWIIZETSVIGSQTPIXEQIRXI ERXIWHIPMKEVSXIPIZMWSV e 2YRGETYPZIVM^IÅKYESYHIXIVKIRXI HMVIGXEQIRXIWSFVISXIPIZMWSV4SHI TMRKEVTEVEEFEWIHSIGVÇSYTEVEEW TIËEWI\XIVMSVIWIMRJMPXVEVWIRS XIPIZMWSVTSHIRHSGEYWEVHERSWRS QIWQS %QFMIRXI e 0SGEMWUYIRXIWLÞQMHSWSYGSQQYMXS T×SRHITSWWEQIRXVEVMRWIGXSWSRHI TSWWEIWXEVWYNIMXSEZMFVEËÙIW QIGÆRMGEWTIVXSHISFNIGXSWHIJSKS ZIPEWIXG3XIPIZMWSVRÇSHIZIWIV I\TSWXSÄÅKYESYWEPTMGSWIRÇSHIZIQ WIVGSPSGEHSWUYEMWUYIVSFNIGXSWUYI GSRXIRLEQPÑUYMHSWGSQSTSVI\IQTPS ZEWSWIQGMQEHSXIPIZMWSV e 2ÇSGSPSUYISXIPIZMWSVRYQPSGEP LÞQMHSSYGSQTSIMVEWSYRYQEHMZMWÇS GSQJYQSKSVHYVSWSSYZETSVNYRXSHI JSKÙIWSYLYQMHMJMGEHSVIW4SHIVÅ SGSVVIVMRGÎRHMSGLSUYIIPÍGXVMGSSY HIJSVQEËÇS 5YERHSRÇSIWXMZIVEWIV YXMPM^EHS e 7IRÇSZEMYXMPM^EVSXIPIZMWSVHYVERXI ZÅVMSWHMEWHIZIHIWPMKÅPSHE EPMQIRXEËÇSTSVVE^ÙIWEQFMIRXEMWIHI WIKYVERËE e 'SQSSXIPIZMWSVRÇSIWXÅHIWPMKEHSHE EPMQIRXEËÇSUYERHSIWXÅETIREWIQ IWXEHSHIHIWPMKEHSVIXMVIEJMGLEHE XSQEHETEVEHIWPMKEVSXIPIZMWSV GSQTPIXEQIRXI e 2SIRXERXSEPKYRWXIPIZMWSVIWTSWWYIQ JYRËÙIWUYITVIGMWEQUYISXIPIZMWSV JMUYIRSQSHSHIIWTIVEWXERHF]TEVE JYRGMSREVIQGSVVIGXEQIRXI 4EVEEWGVMERËEW e 2ÇSHIM\IEWGVMERËEWWYFMVTEVES XIPIZMWSV e 1ERXIRLESWEGIWW×VMSWJSVEHSEPGERGI HEWGVMERËEWTEVEUYIRÇSTSWWEQWIV IRKSPMHSWTSVIRKERS 7ISGSVVIVIQSW WIKYMRXIWTVSFPIQEW (IWPMKYISXIPIZMWSVIVIXMVIEJMGLEHE XSQEHEMQIHMEXEQIRXIWIEPKYQHSW WIKYMRXIWTVSFPIQEWSGSVVIV e 2ÇSMRWXEPISXIPIZMWSVIQPSGEMWWYNIMXSW EXIQTIVEXYVEWQYMXSIPIZEHEWGSQS TSVI\IQTPSI\TSWXSWÄPY^WSPEVHMVIGXE SYTIVXSHIYQVEHMEHSVSYETEVIPLSHIEV GSRHMGMSREHS3XIPIZMWSVTSHIVÅ WSFVIEUYIGIVRIWWEWMXYEËÇSSUYITSHI GEYWEVEHIJSVQEËÇSHEGEM\EISYYQE EZEVMEHSXIPIZMWSV (MVMNEWIEYQEKIRXISYGIRXVSHI EWWMWXÎRGME7SR]TEVEIRZMEVSXIPIZMWSVE YQXÍGRMGSHIEWWMWXÎRGMEUYEPMJMGEHSTEVE ZIVMJMGEËÇS 5YERHS z z z z 3GEFSHIEPMQIRXEËÇSIWXMZIV HERMJMGEHS %XSQEHEHIGSVVIRXIRÇSIWXMZIVFIQ TVIWEÄTEVIHI 3XIPIZMWSVIWXMZIVHERMJMGEHSTSVXIV GEÑHSXIVWSJVMHSYQETERGEHESYXIV WMHSPERËEHEEPKYQEGSMWEGSRXVEIPI 7IEPKYQPÑUYMHSSYSFNIGXSW×PMHS TIRIXVEVRSWSVMJÑGMSWHEGEM\E %ZMWS 4EVEIZMXEVMRGÎRHMSWQERXIRLEZIPEWI SYXVEWJSRXIWHIGLEQEEFIVXEWIQTVI EJEWXEHEWHIWXITVSHYXS 7MXYEËÇS e 2ÇSYXMPM^ISXIPIZMWSVUYERHSXMZIVEW QÇSWQSPLEHEWGSQEXEQTEVIXMVEHESY GSQEGIWW×VMSWRÇSVIGSQIRHEHSWTIPS JEFVMGERXI(IWPMKYISXIPIZMWSVHE XSQEHEHIGSVVIRXIIHEERXIREHYVERXIEW XVSZSEHEW e 2ÇSMRWXEPISXIPIZMWSVHIJSVQEEUYI IWXIJMUYITVSNIGXEHSTEVEYQIWTEËS EFIVXS4SHIVÇSSGSVVIVJIVMQIRXSWSY HERSWTVSZSGEHSWTIPSJEGXSHIYQE TIWWSESYSFNIGXSFEXIVRSXIPIZMWSV 4IËEWHERMJMGEHEW e 2ÇSPERGIREHEGSRXVESXIPIZMWSV3 ZMHVSHSIGVÇTSHITEVXMVWIHIZMHSES MQTEGXSITVSZSGEVJIVMQIRXSWKVEZIW e 7IEWYTIVJÑGMIHSXIPIZMWSVVEGLEVRÇS XSUYIRIPEEXÍXIVHIWPMKEHSSGEFSHI EPMQIRXEËÇS'EWSGSRXVÅVMSTSHI TVSZSGEVYQGLSUYIIPÍGXVMGS 48 4SYVSFXIRMVPIWMRJSVQEXMSRWYXMPIWGSRGIVRERXPIW TVSHYMXW7SR] *YVLMPJVIMGLI-RJSVQEXMSRIR^Y7SR]4VSHYOXIR 4EVEMRJSVQEËÇSÞXMPWSFVISWTVSHYXSW7SR] -RJSVQEGM×RHIYXMPMHEHTEVETVSHYGXSW7SR] :SSVRYXXMKIMRJSVQEXMISZIV7SR]TVSHYGXIR 7SR]'SVTSVEXMSR
Documentos relacionados
palace - Vidri
0IWQEXqVMEY\4EPEGIWSRXPIVqWYPXEXHIVIGLIVGLIWETTVSJSRHMIW HIPEWqPIGXMSRHIWQEXMrVIWTVIQMrVIWEYTVIWWEKIHIPEGYMWWSR kPEVIGXM½GEXMSRHIWGEVVIEY\0IKVrWGqVEQI4EPEGIIWXYRI ...
Leia maisNORTH AMERICA Canada Costa Rica Cuba Dominican Republic
Canal 10 Canal 22 Internacional Canal 23 de las Artes Canal 7+ TV Canal de Casa Canal de las Estrellas
Leia mais