CTE COMPLETO No Actualizado

1061
"#$ "%&'() #*+,'+) &- ./ $&'0'+/+'%, 1/23-4 5 6 55 7/28) &- 9::;

Transcript of CTE COMPLETO No Actualizado

  • !!!

    !

    !!!

    "#$!"%&'()!#*+,'+)!&-!./!$&'0'+/+'%,!

    !!1/23-4!5!6!55!!!!!!!!!!!!!!!!!!!

    7/28)!&-!9::;!!

  • !"!

    !

  • !!!

    !

    !!!

    "#$!"%&'()!#*+,'+)!&-!./!$&'0'+/+'%,!

    !!1/23-!4!!!!"#$%&'()!*+!,-.$).-/-)01.!21013#(1.!!!"#$%&'()!4+!")05-/-)01.!&6/0-/#.!7!#58-0-.&3#&-9#.!!!"#$%&'()!:+!;.-/#.!!!?@;AB!C+! ")0&10-5)!51(!$3)71/&)!!!?@;AB!CC+!,)/'810/-D0!51(!.12'-8-10&)!51!(#!)=3#!!!?@;AB!CCC+!E138-0)()2%#!!!!!!!!!

    5/26)!&-!7889!!

  • !4!

  • !:!

    :,&'+-!!"/;?!@'A;)A'+'),-A!B-,-2/.-A!

    ?3&%/'()!*+!B=F1&)!?3&%/'()!4+!G8=-&)!51!#$(-/#/-D0!?3&%/'()!:+!")0&10-5)!51(!"E;!?3&%/'()!H+!,)/'810&).!I1/)0)/-5).!51(!"E;!

    "/;

  • !H!

    !

    !!!!! !

  • !J!

    "/;?! @'A;)A'+'),-A!g-,-2/.-A!J23?!MHU-3)!!

    *+! ;(!"D5-2)!E6/0-/)!51!(#!;5-L-/#/-D0M!10!#51(#0&1!"E;M!1.!1(!8#3/)!0)38#&-9)!$)3!1(!N'1!.1!312'(#0!(#.!1.-/#.!51!/#(-5#5!N'1!51=10!/'8$(-3! ().!15-L-/-).M! -0/('-5#.!.'.! -0.(#/-)01.M!$#3#!.#&-.L#/13! ().!31N'-.-&).!=>.-/).!51!.12'3-5#5!7![#=-=-(-5#5M!10!51.#33)(()!51!()!$319-.&)!10!(#!5-.^$).-/-D0!#5-/-)0#(!.12'05#!51!(#!]17!:Q_*SSSM!51!J!51!0)9-18=31M!51!B3510#/-D0!51!(#!;5-L-/#/-D0M!10!#51(#0&1!]B;+!

    4+! ;(!"E;!1.=(1/1!5-/[#.!1.-/#.!$#3#!/#5#!'0)!51!().!31N'-.-&).!=>.-/).!51!`.12'3-5#5!1.&3'/&'3#(aM!`.12'3-5#5!10!/#.)!51!-0/105-)aM!`.12'3-5#5!51!'&-(-Z#/-D0aM!`[-2-101M!.#('5!7!$3)&1//-D0!51(!815-)!#8=-10&1aM!`$3)&1//-D0!/)0&3#!1(!3'-5)a!7!`#[)33)!51!10132%#!7!#-.(#8-10&)!&638-/)aM!1.^=(1/-5).!10!1(!#3&%/'()!:!51!(#!]B;M!7!$3)$)3/-)0#!$3)/15-8-10&).!N'1!$138-&10!#/315-!.'!/'8$(-^8-10&)!/)0!.'L-/-10&1.!2#3#0&%#.!&6/0-/#.+!

    :+! ]).! 31N'-.-&).! =>.-/).! 31(#&-9).! #! (#! `L'0/-)0#(-5#5a! 7! ().! #.$1/&).! L'0/-)0#(1.! 51! ().! 1(1810&).!/)0.&3'/&-9).!.1!312-3>0!$)3!.'!0)38#&-9#!1.$1/%L-/#+!

    H+! ]#.!1.-/#.!51=10!/'8$(-3.1!10!1(!$3)71/&)M!(#!/)0.&3'//-D0M!1(!8#0&10-8-10&)!7!(#!/)0^.139#/-D0!51!().!15-L-/-).!7!.'.!-0.(#/-)01.+!

    !J23!#!(#.!)=3#.!51!#8$(-#/-D0M!8)5-L-/#/-D0M!31L)38#!)!31[#=-(-/-D0!N'1!.1!31#(-/10!10!15-L-/-).!1!$)3!)=3#.!51!31[#=-(-/-D0!#N'6((#.!N'1!&102#0!$)3!)=F1&)!#/&'#/-)01.!&10510&1.!#!()23#3!#(2'0)!51!().!.-2'-10&1.!31.'().X!

    #W! (#!#51/'#/-D0!1.&3'/&'3#(M!/)0.-513#05)!/)8)!(!(#.!)=3#.!N'1!$3)$)3/-)010!#(!15-L-/-)!/)05-/-)^01.!51!.12'3-5#5!/)0.&3'/&-9#M!51!L)38#!N'1!N'151!2#3#0&-Z#5#!.'!1.=-(-5#5!7!31.-.&10/-#!81^/>0-/#c!

    =W! (#!#51/'#/-D0! L'0/-)0#(M!10&105-105)!/)8)! (! (#! 31#(-Z#/-D0!51! (#.!)=3#.!N'1!$3)$)3/-)010!#(!15-L-/-)!81F)31.!/)05-/-)01.!31.$1/&)!51!().!31N'-.-&).!=>.-/).!#!().!N'1!.1!31L-131!1.&1!"E;+!V1!/)0.-513#0M!10! &)5)!/#.)M!)=3#.!$#3#! (#!#51/'#/-D0! L'0/-)0#(!51! ().!15-L-/-).M! (#.!#/&'#/-)01.!N'1!&102#0!$)3!L-0#(-5#5!(#!.'$31.-D0!51!=#3313#.!7!(#!$3)8)/-D0!51!(#!#//1.-=-(-5#5M!51!/)0L)3^8-5#5!/)0!(#!0)38#&-9#!9-210&1c!)!

    /W! (#!318)51(#/-D0!51!'0!15-L-/-)!/)0!9-9-105#.!N'1!&102#!$)3!)=F1&)!8)5-L-/#3!(#!.'$13L-/-1!51.&-0#^5#!#!9-9-105#!)!8)5-L-/#3!1(!0b813)!51!6..M!)!(#!318)51(#/-D0!51!'0!15-L-/-)!.-0!9-9-105#.!N'1!&102#!$)3!L-0#(-5#5!/31#3(#.+!

    J+! V1!10&10513>!N'1!'0#!)=3#!1.!51! 31[#=-(-/-D0! -0&123#(!/'#05)! &102#!$)3!)=F1&)!#/&'#/-)01.! &10^510&1.!#!&)5).!().!L-01.!51./3-&).!10!1.&1!#$#3)+!;(!$3)71/&-.!51=13>!-05-/#3!10!(#!818)3-#!51(!$3)71/&)!10!/'>(!)!/'>(1.!51!().!.'$'1.&).!/-).!.1!$'1510!-0./3-=-3!(#.!)=3#.!$3)71/#.!7!.-!6..!-0/('710!)!0)!#/&'#/-)01.!10!(#!1.&3'/&'3#!$31^1!/)8$3)=#3.1!1(!/'8$(-8-10&)!51! (#.!1.-/#.!51(!"E;!/'#05)!$31^&105#!/#8=-#3.1!1(!'.)!/#3#/&13%.&-/)!10!15-L-/-).!1

  • !O!

    P+! ]#!/(#.-L-/#/-D0!51!().!15-L-/-).!7!.'.!Z)0#.!.1!#&1053>!#!()!5-.$'1.&)!10!1(!#3&%/'()!4!51!(#!]B;M!.-!=-10M!10!51&138-0#5).!/#.).M!10!().!,)/'810&).!e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

    #W! (#.!#/&-9-5#51.!$319-..!N'1!().!'.'#3-).!31#(-/10c!

    =W! (#.!/#3#/&13%.&-/#.!51!().!'.'#3-).c!

    /W! 1(!0b813)!51!$13.)0#.!N'1![#=-&'#(810&1!().!)/'$#0M!9-.-M!'.#0!)!&3#=#F#0!10!1(().c!

    5W! (#!9'(013#=-(-5#5!)!(#!01/1.-5#5!51!'0#!1.$1/-#(!$3)&1//-D0!$)3!8)&-9).!51!15#5M!/)8)!0-d).!)!#0/-#0).M!$)3!'0#!5-./#$#/-5#5!L%.-/#M!.10.)3-#(!)!$.%N'-/#!'!)&3#.!N'1!$'15#0!#L1/!.'!/#$#^/-5#5!51!&)8#3!51/-.-)01.M!.#(-3!51(!15-L-/-)!.-0!#7'5#!51!)&3).!)!&)(13#3!.-&'#/-)01.!#5913.#.c!

    1W! (#!L#8-(-#3-5#5!/)0!1(!15-L-/-)!7!.'.!815-).!51!19#/'#/-D0c!

    LW! 1(!&-18$)!7!$13%)5)!51!'.)![#=-&'#(c!

    2W! (#.!/#3#/&13%.&-/#.!51!().!/)0&10-5).!$319-.&).c!!!

    [W! 1(!3-1.2)!#58-.-=(1!10!.-&'#/-)01.!10!312(#810-#810&1+!

    4+! ]).!,e!/)0&-1010X!

    #W! (#!/#3#/&13-Z#/-D0!51!(#.!1.-/#.!7!.'!/'#0&-L-/#/-D0M!10!(#!815-5#!10!N'1!1(!51.#33)^(()!/-10&%L-/)!7! &6/0-/)!51! (#!15-L-/#/-D0! ()!$138-&1M!815-#0&1!1(!1.=(1/-8-10&)!51! ().!0-91(1.!)!9#()31.! (%8-&1!51! (#.!$31./-)01.!51! ().!15-L-/-).!)!.'.!$#3&1.M!10&105-5#.!5-/[#.!$31./-)01.!/)8)!1(!/)0F'0&)!51!/#3#/&13%.&-/#.!/'#(-&-9#.!)!/'#0&-&-9#.!51(!15-L-/-)M! -510&-L-/#=(1.!)=F1&-^9#810&1M!N'1!51&138-0#0!.'!#$&-&'5!$#3#!/'8$(-3!(#.!1.-/#.!/)331.$)05-10&1.c!7!

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

    J23!'0!312-.&3)!$b=(-/)!51!().!8-.8).+!

    4+! ]).!,)/'810&).!I1/)0)/-5).!$)53>0!&1013!1(!/)0&10-5)!.-2'-10&1X!

    #W! 1.$1/-L-/#/-)01.!7!2'%#.! &6/0-/#.!)!/D5-2).!51!='10#!$3>/&-/#!N'1! -0/('7#0!$3)/15-8-10&).!51!5-.1d)M! />(/'()M! 1F1/'/-D0M!8#0&10-8-10&)! 7! /)0.139#/-D0!51! $3)5'/&).M! 1(1810&).! 7! .-.&18#.!/)0.&3'/&-9).c!

  • !P!

    =W! 86&)5).! 51! 19#('#/-D0! 7! .)('/-)01.! /)0.&3'/&-9#.M! $3)23#8#.! -0L)38>&-/).M! 5#&).! 1.%.&-/).!.)=31!(#!.-0-1.&3#(-5#5!10!(#!15-L-/#/-D0!'!)&3#.!=#.1.!51!5#&).c!

    /W! /)810-).!.)=31!(#!#$(-/#/-D0!51(!"E;c!)!

    5W! /'#(N'-13!)&3)!5)/'810&)!N'1!L#/-(-&1!(#!#$(-/#/-D0!51(!"E;M!1!/#3>/&13!$b=(-/)!1!-0L)38#&-9)+!!

    H+! ]).!,)/'810&).!I1/)0)/-5).!51(!"E;!.1! -0./3-=-3>0!10!5-/[)!I12-.&3)!K1013#(+!E#8=-60!$)53>0!-0./3-=-3.1!10!1(!8-.8)X!

    #W! ]#.!8#3/#.M!().!.1(().M!(#.!/13&-L-/#/-)01.!51!/)0L)38-5#5!7!)&3).!5-.&-0&-9).!51!/#(-5#5!9)('0^3-).!51!(#.!/#3#/&13%.&-/#.!&6/0-/#.!51!().!$3)5'/&).M!().!1N'-$).!)!().!.-.&18#.M!N'1!.1!-0/)3$)^310!#!().!15-L-/-).!7!N'1!/)0&3-='7#0!#(!/'8$(-8-10&)!51!(#.!1.-/#.++!

    =W! ]).!.-.&18#.!51!/13&-L-/#/-D0!51!/)0L)38-5#5!51!(#.!$31./-)01.!L-0#(1.!51!().!15-L-/-).X!(#.!/13^&-L-/#/-)01.! 51! /)0L)38-5#5! N'1! ).&10&10! ().! #210&1.! N'1! -0&139-1010! 10! (#! 1F1/'/-D0! 51! (#.!)=3#.M! (#.!/13&-L-/#/-)01.!815-)#8=-10(1.!N'1!/)0.-51310!1(!#0>(-.-.!51(!/-/()!51!9-5#!51!().!$3)5'/&).M!)&3#.!19#('#/-)01.!815-)#8=-10(1.!51!15-L-/-).!7!)&3#.!/13&-L-/#/-)01.!N'1!L#/-(-&10!1(!/'8$(-8-10&)!51(!"E;!7!L)810&10!(#!81F)3#!51!(#!/#(-5#5!51!(#!15-L-/#/-D0!

    /W! ]).!)32#0-.8).!#'&)3-Z#5).!$)3!(#.!?58-0-.&3#/-)01.!Yb=(-/#.!/)8$1&10&1.!$#3#!(#!/)0/1.-D0!51!19#('#/-)01.!&6/0-/#.!51!(#! -5)01-5#5!51!$3)5'/&).!)!.-.&18#.!-00)9#5)31.!'!)&3#.!#'&)3-^Z#/-)01.!)!#/315-/-)01.!51!)32#0-.8).!7!10&-5#51.!N'1!#9#(10!(#!$31./-D0!51!.139-/-).!N'1!L#/-(-!(#!#$(-/#/-D0!51(!"E;+!

  • !Q!

    "/;.-/).!51!(#!]B;!810/-)0#5).!10!1(!#3&%/'()!*!51!1.&1!"E;!7!N'1!/'8$(1!(#.!/)331.$)05-10&1.!1.-/#.M!().!#210&1.!N'1!-0&139-1010!10!1(!$3)/1.)!51!(#!15-L-/#/-D0M!10!(#!815-5#!10!N'1!#L1/&1!#!.'!-0&13910/-D0M!51=10!/'8$(-3!(#.!/)05-^/-)01.!N'1!1(!"E;!1.=(1/1!$#3#! (#! 315#//-D0!51(!$3)71/&)M! (#!1F1/'/-D0!51! (#!)=3#!7!1(!8#0&10-^8-10&)!7!/)0.139#/-D0!51(!15-L-/-)+!

    :+! Y#3#!F'.&-L-/#3!N'1!'0!15-L-/-)!/'8$(1!(#.!1.-/#.!N'1!.1!1.=(1/10!10!1(!"E;!$)53>!)$^.1!$)3X!

    #W! #5)$!.)('/-)01.!&6/0-/#.!=#.#5#.!10!().!,eM!/'7#!#$(-/#/-D0!10!1(!$3)71/&)M!10!(#!1F1/'/-D0!51! (#! )=3#! )! 10! 1(!8#0&10-8-10&)! 7! /)0.139#/-D0! 51(! 15-L-/-)M! 1.! .'L-/-10&1! $#3#! #/315-! 1(!/'8$(-8-10&)!51!(#.!1.-/#.!31(#/-)0#5#.!/)0!5-/[).!,ec!)!

    =W! .)('/-)01.!#(&130#&-9#.M!10&105-5#.!/)8)!#N'6((#.!N'1!.1!#$#3&10! &)(!)!$#3/-#(810&1!51! ().!,e+!;(!$3)71/&-.!)!1(!5-31/&)3!51!)=3#!$'1510M!=#F)!.'!31.$)0.#=-(-5#5!7!$319-#!/)0L)38-5#5!51(!$3)8)&)3M!#5)$!.)('/-)01.!#(&130#&-9#.M!.-18$31!N'1!F'.&-L-N'10!5)/'810(810&1!N'1!1(!15-L-/-)!$3)71/)!/'8$(1!(#.!1.-/#.!51(!"E;!$)3N'1!.'.!$31./-)01.!.)0M!#(!81^0).M!1N'-9#(10&1.!#!().!N'1!.1!)=&1053%#0!$)3!(#!#$(-/#/-D0!51!().!,e+!

    Y?7?!"),0)2D'&/&!+),!-.!"#$!&-!.)A!;2)&=+3)AX!-Z=';)A!C!D/3-2'/.-A!

    *+! ]).!$3)5'/&).!51!/)0.&3'//-D0!N'1!.1!-0/)3$)310!/)0!/#3>/&13!$138#010&1!#!().!15-L-/-).M!10!L'0/-D0!51!.'!'.)!$319-.&)M!((19#3>0!1(!8#3/#5)!";M!51!/)0L)38-5#5!/)0!(#!,-31/&-9#!QS_*TO_";;!51!$3)5'/^&).!51!/)0.&3'//-D0M!&3#0.$'1.!$)3!1(!I1#(!,1/31&)!*O:T_*SS4!51!4S!51!5-/-18=31M!8)5-L-/#5)!$)3!1(!I1#(!,1/31&)!*:4S_*SSJ!51!4Q!51!F'(-)M!7!5-.$).-/-)01.!51!51.#33)(()M!'!)&3#.!,-31/&-9#.!1'3)$1#.!N'1!(1.!.1#0!51!#$(-/#/-D0+!

    4+! ;0!51&138-0#5).!/#.).M!7!/)0!1(!L-0!51!#.12'3#3!.'!.'L-/-10/-#M!().!,e!1.=(1/10!(#.!/#3#/&13%.&-/#.!&6/0-/#.!51!$3)5'/&).M!1N'-$).!7!.-.&18#.!N'1!.1!-0/)3$)310!#!().!15-L-/-).M!.-0!$13F'-/-)!51(!f#3/#5)!";!N'1!(1.!.1#!#$(-/#=(1!51!#/'135)!/)0!(#.!/)331.$)05-10&1.!,-31/&-9#.!;'3)$1#.+!

    :+! ]#.!8#3/#.M!.1(().M!/13&-L-/#/-)01.!51!/)0L)38-5#5!'!)&3).!5-.&-0&-9).!51!/#(-5#5!9)('0-).!N'1!L#/-(-^&10!1(!/'8$(-8-10&)!51!(#.!1.-/#.!51(!"E;M!$)53>0!.13!31/)0)/-5).!$)3! (#.!?58-0-.&3#^/-)01.!Yb=(-/#.!/)8$1&10&1.+!

    H+! E#8=-60!$)53>0!31/)0)/13.1M!51!#/'135)!/)0!()!1.=(1/-5)!10!1(!#$#3)!#0&13-)3M!(#.!/13&-L-/#/-)^01.!51!/)0L)38-5#5!51! (#.!$31./-)01.! L-0#(1.!51! ().!15-L-/-).M! (#.!/13&-L-/#/-)01.!51!/)0L)38-5#5!N'1!).&10&10!().!#210&1.!N'1!-0&139-1010!10!(#!1F1/'/-D0!51!(#.!)=3#.M!(#.!/13&-L-/#/-)01.!815-)#8^=-10(1.!N'1!/)0.-51310!1(!#0>(-.-.!51(!/-/()!51!9-5#!51!().!$3)5'/&).M!)&3#.!19#('#/-)01.!815-)#8^=-10(1.!51!15-L-/-).!7!)&3#.!/13&-L-/#/-)01.!N'1!L#/-(-&10!1(!/'8$(-8-10&)!51(!"E;+!

    J+! V1!/)0.-513#3>0!/)0L)381.!/)0!1(!"E;!().!$3)5'/&).M!1N'-$).!7!.-.&18#.!-00)9#5)31.!N'1!518'1.^&310!1(!/'8$(-8-10&)!51!(#.!1.-/#.!51(!"E;!31L1310&1.!#!().!1(1810&).!/)0.&3'/&-9).!10!().!N'1!-0&139-1010M!815-#0&1!'0#!19#('#/-D0!&6/0-/#!L#9)3#=(1!51!.'!-5)01-5#5!$#3#!1(!'.)!$319-.&)M!!/)0/15-5#M!#!(#!10&3#5#!10!9-2)3!51(!"E;M!$)3!(#.!10&-5#51.!#'&)3-Z#5#.!$#3#!1(()!$)3!(#.!?58-0-.&3#^/-)01.!Yb=(-/#.!/)8$1&10&1.!10!#$(-/#/-D0!51!().!/3-&13-).!.-2'-10&1.X!

    #W! #/&'#3>0!/)0!-8$#3/-#(-5#5M!)=F1&-9-5#5!7!&3#0.$#310/-#!5-.$)0-105)!51!(#!)32#0-Z#/-D0!#51/'#5#!7!51!$13.)0#(!&6/0-/)!/)8$1&10&1c!

    =W! &1053>0!1

  • !S!

    5W! 8#0&1053>0!'0#!-0L)38#/-D0!$138#010&1!#(!$b=(-/)M!51!(-=31!5-.$).-/-D0M!.)=31!(#!9-210/-#!51!(#.!19#('#/-)01.!&6/0-/#.!51!#$&-&'5!/)0/15-5#.M!#.%!/)8)!.)=31!.'!#(/#0/1c!7!

    1W! 9-2-(#3>0!1(!8#0&10-8-10&)!51!(#.!/#3#/&13%.&-/#.!51!().!$3)5'/&).M!1N'-$).!)!.-.&18#.!)=F1&)!51!(#!19#('#/-D0!51!(#!-5)01-5#5!&6/0-/#!L#9)3#=(1+!!

    O+! ;(!31/)0)/-8-10&)!$)3!(#.!?58-0-.&3#/-)01.!Yb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

    J23! (#.!)=3#.!$3)71/#.!/)0!1(!51((1!#51^/'#5)!#!.'.!/#3#/&13%.&-/#.M!51!8)5)!N'1!$'15#!/)8$3)=#3.1!N'1!(#.!.)('/-)01.!$3)$'1..!/'8^$(10!(#.!1.-/#.!51!1.&1!"E;!7!518>.!0)38#&-9#!#$(-/#=(1+!;.!51L-0-/-D0!-0/('-3>M!#(!81^0).M!(#!.-2'-10&1!-0L)38#/-D0X!

    #W! (#.!/#3#/&13%.&-/#.!&6/0-/#.!8%0-8#.!N'1!51=10!31'0-3!().!$3)5'/&).M!1N'-$).!7!.-.&18#.!N'1!.1!-0/)3$)310!51!L)38#!$138#010&1!10!1(!15-L-/-)!$3)71/)M!#.%!/)8)!.'.!/)05-/-)01.!51!.'8-^0-.&3)M!(#.!2#3#0&%#.!51!/#(-5#5!7!1(!/)0&3)(!51!31/1$/-D0!N'1!51=#!31#(-Z#3.1c!

    =W! (#.!/#3#/&13%.&-/#.!&6/0-/#.!51!/#5#!'0-5#5!51!)=3#M!/)0!-05-/#/-D0!51!(#.!/)05-/-)01.!$#3#!.'!1F1/'/-D0!7!(#.!913-L-/#/-)01.!7!/)0&3)(1.!#!31#(-Z#3!$#3#!/)8$3)=#3!.'!/)0L)38-5#5!/)0!()!-05-^/#5)!10!1(!$3)71/&)+!V1!$31/-.#3>0!(#.!815-5#.!#!#5)$!5'3#0&1!(#!1F1/'/-D0!51!(#.!)=3#.!7!10!1(!'.)!7!8#0&10-8-10&)!51(!15-L-/-)M!$#3#!#.12'3#3!(#!/)8$#&-=-(-5#5!10&31!().!5-L1310&1.!$3)^5'/&).M!1(1810&).!7!.-.&18#.!/)0.&3'/&-9).c!

    /W! (#.!913-L-/#/-)01.!7!(#.!$3'1=#.!51!.139-/-)!N'1M!10!.'!/#.)M!51=#0!31#(-Z#3.1!$#3#!/)8$3)=#3!(#.!$31./-)01.!L-0#(1.!51(!15-L-/-)c!7!

    5W! (#.!-0.&3'//-)01.!51!'.)!7!8#0&10-8-10&)!51(!15-L-/-)!&138-0#5)M!51!/)0L)38-5#5!/)0!()!$319-.&)!10!1(!"E;!7!518>.!0)38#&-9#!N'1!.1#!51!#$(-/#/-D0+!

    :+! ?!1L1/&).!51!.'!&3#8-/-D0!#58-0-.&3#&-9#M! &)5)!$3)71/&)!51!15-L-/#/-D0!$)53>!51.#33)((#3.1!10!5).!1$#.X!(#!L#.1!51!$3)71/&)!=>.-/)!7!(#!L#.1!51!$3)71/&)!51!1F1/'/-D0+!"#5#!'0#!51!1..!L#.1.!51(!$3)71/&)!51=1!/'8$(-3!(#.!.-2'-10&1.!/)05-/-)01.X!

    #W! 1(!$3)71/&)!=>.-/)!51L-0-3>!(#.!/#3#/&13%.&-/#.!21013#(1.!51!(#!)=3#!7!.'.!$31./-)01.!815-#0&1!(#!#5)$/-D0!7!F'.&-L-/#/-D0!51!.)('/-)01.!/)0/31.+!V'!/)0&10-5)!.13>!.'L-/-10&1!$#3#!.)(-/-!(#!(-/10/-#!8'0-/-$#(!51!)=3#.M!(#.!/)0/1.-)01.!'!)&3#.!#'&)3-Z#/-)01.!#58-0-.&3#&-9#.M!$13)!-0.'L-^/-10&1!$#3#! -0-/-#3! (#!/)0.&3'//-D0!51(!15-L-/-)+!?'0N'1!.'!/)0&10-5)!0)!$138-!913-L-/#3! &)5#.!(#.!/)05-/-)01.!N'1!1

  • !*T!

    /-510/-#!10!(#!/#(-5#5!L-0#(!51(!15-L-/-)!$3)71/)+!;.&1!/)0&3)(!$'151!31L13-3.1!#!&)5#.!)!#(2'0#.!51!(#.!1.-/#.!31(#&-9#.!#!'0)!)!9#3-).!51!().!31N'-.-&).!=>.-/).!810/-)0#5).!10!1(!#3&%/'()!*+!

    4+! ]).!,e!1.=(1/10M!10!.'!/#.)M!().!#.$1/&).!&6/0-/).!7!L)38#(1.!51(!$3)71/&)!N'1!51=#0!.13!)=F1&)!51!/)0&3)(!$#3#! (#!#$(-/#/-D0!51! ().!$3)/15-8-10&).!01/1.#3-).!$#3#!1(!/'8$(-8-10&)!51! (#.!1.-/#.+!

    !

    J230M!.12b0!.'.!31.$1/&-9#.!/)8$1&10/-#.M!().!/)0&3)(1.!.-2'-10&1.X!

    #W! /)0&3)(! 51! 31/1$/-D0! 10! )=3#! 51! ().! $3)5'/&).M! 1N'-$).! 7! .-.&18#.! N'1! .1! .'8-0-.&310! #! (#.!)=3#.!51!#/'135)!/)0!1(!#3&%/'()!P+4c!

    =W! /)0&3)(!51!1F1/'/-D0!51!(#!)=3#!51!#/'135)!/)0!1(!#3&%/'()!P+:c!7!

    /W! /)0&3)(!51!(#!)=3#!&138-0#5#!51!#/'135)!/)0!1(!#3&%/'()!P+H+!

    [?7?!"),32).!&-!2-+-;+'%,!-,!)H2/!&-!;2)&=+3)AX!-Z=';)A!C!A'A3-D/A!!

    *+! ;(!/)0&3)(!51!31/1$/-D0!&-101!$)3!)=F1&)!/)8$3)=#3!N'1!(#.!/#3#/&13%.&-/#.!&6/0-/#.!51!().!$3)5'/&).M!1N'-$).!7!.-.&18#.!.'8-0-.&3#5).!.#&-.L#/10!()!1X!

    #W! 1(!/)0&3)(!51!(#!5)/'810/-D0!51!().!.'8-0-.&3).M!31#(-Z#5)!51!#/'135)!/)0!1(!#3&%/'()!P+4+*c!

    =W! 1(!/)0&3)(!815-#0&1!5-.&-0&-9).!51!/#(-5#5!)!19#('#/-)01.!&6/0-/#.!51!-5)01-5#5M!.12b0!1(!#3&%/'^()!P+4+4c!7!

    /W! 1(!/)0&3)(!815-#0&1!10.#7).M!/)0L)381!#(!#3&%/'()!P+4+:+!

    [?7?>?!"),32).!&-!./!&)+=D-,3/+'%,!&-!.)A!A=D','A32)A!

    *+! ]).!.'8-0-.&3#5)31.!10&312#3>0!#(!/)0.&3'/&)3M!N'-10!().!L#/-(->!#(!5-31/&)3!51!1F1/'/-D0!51!(#!)=3#M!().!5)/'810&).!51!-510&-L-/#/-D0!51(!$3)5'/&)!1M!#(!81^0).M!().!.-2'-10&1.!5)/'810&).X!

    #W! ().!5)/'810&).!51!)3-210M![)F#!51!.'8-0-.&3)!7!1&-N'1)c!

    =W! 1(!/13&-L-/#5)!51!2#3#0&%#!51(!L#=3-/#0&1M!L-38#5)!$)3!$13.)0#!L%.-/#c!7!

    /W! ().!5)/'810&).!51!/)0L)38-5#5!)!#'&)3-Z#/-)01.!#58-0-.&3#&-9#.!1

  • !**!

    #W! ().! 5-.&-0&-9).! 51! /#(-5#5! N'1! ).&10&10! ().! $3)5'/&).M! 1N'-$).! )! .-.&18#.! .'8-0-.&3#5).M! N'1!#.12'310!(#.!/#3#/&13%.&-/#.!&6/0-/#.!51!().!8-.8).!1!N'1!1.!5)/'810/-D0!1.!.'L-/-10&1!$#3#!(#!#/1$^/-D0!51!().!$3)5'/&).M!1N'-$).!7!.-.&18#.!#8$#3#5).!$)3!1((#+!

    [?7?F?! "),32).!&-!2-+-;+'%,!D-&'/,3-!-,A/C)A!

    *+! Y#3#!913-L-/#3!1(!/'8$(-8-10&)!51!(#.!1.-/#.!51(!"E;!$'151!.13!01/1.#3-)M!10!51&138-0#^5).!/#.).M! 31#(-Z#3!10.#7).!7!$3'1=#.!.)=31!#(2'0).!$3)5'/&).M!.12b0! ()!1.=(1/-5)!10! (#! 312(#^810/-D0!9-210&1M!)!=-10!.12b0!()!1.$1/-L-/#5)!10!1(!$3)71/&)!'!)3510#5).!$)3!(#!5-31//-D0!L#/'(^&-9#+!!

    4+! ]#!31#(-Z#/-D0!51!1.&1!/)0&3)(!.1!1L1/&'#3>!51!#/'135)!/)0!().!/3-&13-).!1.=(1/-5).!10!1(!$3)71/&)!)!-05-/#5).!$)3!(#!5-31//-D0!L#/'(&-9#!.)=31!1(!8'1.&31)!51(!$3)5'/&)M!().!10.#7).!#!31#(-Z#3M!().!/3-&1^3-).!51!#/1$/-D0!7!31/[#Z)!7!(#.!#//-)01.!#!#5)$+!

    [?F?!"),32).!&-!-U-+=+'%,!&-!./!)H2/!

    *+! ,'3#0&1!(#!/)0.&3'//-D0M!1(!5-31/&)3!51!(#!1F1/'/-D0!51!(#!)=3#!/)0&3)(#3>!(#!1F1/'/-D0!51!/#5#!'0-5#5!51!)=3#!913-L-/#05)!.'!31$(#0&1)M!().!8#&13-#(1.!N'1!.1!'&-(-/10M!(#!/)331/!1F1/'/-D0!7!5-.$).-/-D0!51!().!1(1810&).!/)0.&3'/&-9).!7!51!(#.!-0.(#/-)01.M!#.%!/)8)!(#.!913-L-/#/-)01.!7!518>.!/)0&3)(1.!#!31#(-Z#3!$#3#!/)8$3)=#3!.'!/)0L)38-5#5!/)0! ()! -05-/#5)!10!1(!$3)71/&)M! (#! (12-.(#/-D0!#$(-/#=(1M! (#.!0)38#.!51!='10#!$3>/&-/#!/)0.&3'/&-9#!7!(#.!-0.&3'//-)01.!51!(#!5-31//-D0!L#/'(&-9#+!;0!(#!31/1$/-D0!51!(#!)=3#!1F1/'#!$'1510!&1013.1!10!/'10!(#.!/13&-L-/#/-)01.!51!/)0L)38-5#5!N'1!).&10&10!().!#210&1.!N'1!-0&139-1010M!#.%!/)8)!(#.!913-L-/#/-)01.!N'1M!10!.'!/#.)M!31#(-/10!(#.!10&-5#51.!51!/)0^&3)(!51!/#(-5#5!51!(#!15-L-/#/-D0+!

    4+! V1!/)8$3)=#3>!N'1!.1![#0!#5)$)!(#.!815-5#.!01/1.#3-#.!$#3#!#.12'3#3!(#!/)8$#&-=-(-5#5!10&31!().!5-L1310&1.!$3)5'/&).M!1(1810&).!7!.-.&18#.!/)0.&3'/&-9).+!

    :+! ;0!1(!/)0&3)(!51!1F1/'/-D0!51!(#!)=3#!.1!#5)$>0!().!86&)5).!7!$3)/15-8-10&).!N'1!.1!/)0&18$(10!10!(#.!19#('#/-)01.!&6/0-/#.!51!-5)01-5#5!$#3#!1(!'.)!$319-.&)!51!$3)5'/&).M!1N'-$).!7!.-.&18#.!-0^0)9#5)31.M!$319-..!10!1(!#3&%/'()!J+4+J+!

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

  • !*4!

    \?7?!!QA)!C!+),A-2E/+'%,!&-.!-&'0'+')!

    *+! ;(!15-L-/-)!7!.'.!-0.(#/-)01.!.1!'&-(-Z#3>0!#51/'#5#810&1!51!/)0L)38-5#5!/)0!(#.!-0.&3'//-)01.!51!'.)M! #=.&10-605).1! 51! [#/13! '0! '.)! -0/)8$#&-=(1! /)0! 1(! $319-.&)+! ]).! $3)$-1-).! 7! ().! '.'#3-).!$)053>0!10!/)0)/-8-10&)!51!().!31.$)0.#=(1.!51(!8#0&10-8-10&)!/'#(N'-13!#0)8#(%#!N'1!.1!)=.1391!10!1(!L'0/-)0#8-10&)!0)38#(!51(!15-L-/-)+!

    4+! ;(!15-L-/-)!51=1!/)0.139#3.1!10!='10!1.)!815-#0&1!'0!#51/'#5)!8#0&10-8-10&)+!;.&)!.'$)053>!(#!31#(-Z#/-D0!51!(#.!.-2'-10&1.!#//-)01.X!

    #W! ((19#3!#!/#=)!1(!$(#0!51!8#0&10-8-10&)!51(!15-L-/-)M!10/#32#05)!#!&6/0-/)!/)8$1&10&1!(#.!)$13#^/-)01.!$3)23#8#5#.!$#3#!1(!8#0&10-8-10&)!51(!8-.8)!7!51!.'.!-0.(#/-)01.c!

    =W! 31#(-Z#3! (#.! -0.$1//-)01.!312(#810-#810&1!1.=(1/-5#.!7!/)0.139#3!.'!/)331.$)05-10&1!5)^/'810/-D0c!7!

    /W! 5)/'810!#!()!(#32)!51!(#!9-5#!b&-(!51(!15-L-/-)!&)5#.!(#.!-0&13910/-)01.M!7#!.1#0!51!31$#3#/-D0M!31L)38#!)!31[#=-(-/-D0!31#(-Z#5#.!.)=31!1(!8-.8)M!/)0.-20>05)(#.!10!1(!]-=3)!51(!;5-L-/-)+!

  • !*:!

  • !*H!

    "/;81&3).+!,-/[).!0-91(1.!)!9#()31.!(%8-&1!.13>0!51!)=(-2#5)!/'8$(-8-10&)!/'#05)!#.%! ()!1.=(1Z/#0!10!7!8#0&1053>0!51!L)38#!N'1! /'8$(#0! /)0! '0#! L-#=-(-5#5!#51/'#5#! (#.! 1.-/#.! N'1! .1! 1.=(1/10! 10! ().!#$#3).!.-2'-10&1.+!

    :+! ]).!,)/'810&).! e>.-/).! `,e!V;!V12'3-5#5! ;.&3'/&'3#(aM! `,e^V;^?;!?//-)01.! 10! (#! 15-L-/#/-D0aM!`,e^V;^"!"-8-10&).aM!`,e^V;^?!?/13)aM!`,e^V;^i!i>=3-/#a!7!`,e^V;^f!f#513#aM!1.$1/-L-/#0!$#3>^81&3).!)=F1&-9).!7!$3)/15-8-10&).!/'7)!/'8$(-8-10&)!#.12'3#!(#!.#&-.L#//-D0!51!(#.!1.-^/#.!7!(#!.'$13#/-D0!51!().!0-91(1.!8%0-8).!51!/#(-5#5!$3)$-).!51(!31N'-.-&)!=>.-/)!51!.12'3-5#5!1.^&3'/&'3#(+!

    H+! ]#.!1.&3'/&'3#.!51![)38-2D0!1.&>0!312'(#5#.!$)3!(#!C0.&3'//-D0!51!\)38-2D0!;.&3'/&'3#(!9-210&1+!

    >8?>?! $G'(-,+'/!HIA'+/!S$!>`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

    J23>?!$G'(-,+'/A!HIA'+/A!&-!A-(=2'&/&!-,!+/A)!&-!',+-,&')!^S4_!

    *+! ;(!)=F1&-9)!51(!31N'-.-&)!=>.-/)!hV12'3-5#5!10!/#.)!51!-0/105-)h!/)0.-.&1!10!315'/-3!#!(%8-&1.!#/1$^=(1.!1(!*#!'4&!51!N'1!().!/'/,*#&'!51!'0!!"#$#%#&..'L3#0!5#d).!513-9#5).!51!'0!-0/105-)!51!)3-210!#/^/-510(M!/)8)!/)0.1/'10/-#!51!(#.!/#3#/&13%.&-/#.!51!.'!)*&7!%+&8!%&-'+*/%%#3-8./'&.7!(,-+!-#(#!-5+&+!

    4+! Y#3#! .#&-.L#/13! 1.&1! )=F1&-9)M! ().!!"#$#%#&'! .1! $3)71/>0M! /)0.&3'-3>0M!8#0&1053>0! 7! '&-(-Z#3>0! 51!L)38#!N'1M!10!/#.)!51!-0/105-)M!.1!/'8$(#0!(#.!1.-/#.!N'1!.1!1.=(1/10!10!().!#$#3^5).!.-2'-10&1.+!

    :+! ;(! ,)/'810&)! e>.-/)! ,e^VC! 1.$1/-L-/#! $#3>81&3).! )=F1&-9).! 7! $3)/15-8-10&).! /'7)! /'8$(-8-10&)!#.12'3#!(#!.#&-.L#//-D0!51!(#.!1.-/#.!7!(#!.'$13#/-D0!51!().!0-91(1.!8%0-8).!51!/#(-5#5!

  • !*J!

    $3)$-).!51(! 31N'-.-&)!=>.-/)!51!.12'3-5#5!10!/#.)!51! -0/105-)M!1`!12);/(/+'%,!',3-2')2!V1!(-8->!1(!*#!'4&!51!$3)$#2#/-D0!51(!-0/105-)!$)3!1(!-0&13-)3!51(!!"#$#%#&M!&)!#(!8-.8)!15-L-/-)!/)8)!#!)&3).!15-L-/-).!/)(-05#0&1.+!

    >>?7?!$G'(-,+'/!HIA'+/!S4!7`!12);/(/+'%,!-G3-2')2!V1!(-8->!1(!*#!'4&!51!$3)$#2#/-D0!51(!-0/105-)!$)3!1(!1>?F?!$G'(-,+'/!HIA'+/!S4!F`!$E/+=/+'%,!&-!)+=;/,3-A!;(!!"#$#%#&!5-.$)053>!51! ().!815-).!51!19#/'#/-D0!#51/'#5).!$#3#! L#/-(-!N'1! ().!)/'$#0&1.!$'15#0!#=#05)0#3()!)!#(/#0Z#3!'0!('2#3!.12'3)!510&3)!51(!8-.8)!10!/)05-/-)01.!51!.12'3-5#5+!

    >>?W?!$G'(-,+'/!HIA'+/!S4!W`!4,A3/./+'),-A!&-!;2)3-++'%,!+),32/!',+-,&')A!;(!!"#$#%#&!5-.$)053>!51!().!1N'-$).!1!-0.(#/-)01.!#51/'#5).!$#3#![#/13!$).-=(1!(#!51&1//-D0M!1(!/)0&3)(!7!(#!1?9?!$G'(-,+'/!HIA'+/!S4!9`!O-A'A3-,+'/!-A32=+3=2/.!/.!',+-,&')!!]#!1.&3'/&'3#!$)3&1!8#0&1053>!.'!*!'#'+!-%#,.,0.$/!4&!5'3#0&1!1(!&-18$)!01/1.#3-)!$#3#!N'1!$'15#0!/'8$(-3.1!(#.!#0&13-)31.!1.-/#.+!

    J237?!$G'(-,+'/A!HIA'+/A!&-!A-(=2'&/&!&-!=3'.'6/+'%,!^SQ_!

    *+! ;(!)=F1&-9)!51(!31N'-.-&)!=>.-/)!hV12'3-5#5!51!R&-(-Z#/-D0h!/)0.-.&1!10!315'/-3!#!(%8-&1.!#/1$=(1.!1(!*#!'4&!51!N'1! ().!/'/,*#&'! .'L3#0!5#d).! -0815-#&).!5'3#0&1!1(!/'&.)*!1#'+&!51! ().!!"#$#%#&'M! /)8)!/)0.1/'10/-#!51!(#.!/#3#/&13%.&-/#.!51!.'!)*&7!%+&M!%&-'+*/%%#3-8./'&.7!(,-+!-#(#!-+&+!

    4+! Y#3#! .#&-.L#/13! 1.&1! )=F1&-9)M! ().!!"#$#%#&'! .1! $3)71/>0M! /)0.&3'-3>0M!8#0&1053>0! 7! '&-(-Z#3>0! 51!L)38#!N'1!.1!/'8$(#0!(#.!1.-/#.!N'1!.1!1.=(1/10!10!().!#$#3).!.-2'-10&1.+!

    :+! ;(!,)/'810&)!e>.-/)! `,e^VR!V12'3-5#5!51!R&-(-Z#/-D0a!1.$1/-L-/#!$#3>81&3).!)=F1&-9).!7!$3)/15-^8-10&).!/'7)!/'8$(-8-10&)!#.12'3#!(#!.#&-.L#//-D0!51!(#.!1.-/#.!7!(#!.'$13#/-D0!51!().!0-91(1.!8%0-8).!51!/#(-5#5!$3)$-).!51(!31N'-.-&)!=>.-/)!51!.12'3-5#5!51!'&-(-Z#/-D0+!

    >7?>?!$G'(-,+'/!HIA'+/!SQ!>`!S-(=2'&/&!02-,3-!/.!2'-A()!&-!+/!1(! *#!'4&!51!N'1! ().!/'/,*#&'! .'L3#0!/#%5#.M!$#3#! ()!/'#(! ().!.'1().!.13>0!#51/'#5).!$#3#!L#9)31/13! N'1! (#.! $13.)0#.! 0)! 31.=#(10M! &3)$-1/10! )! .1! 5-L-/'(&1! (#!8)9-(-5#5+! ?.-8-.8)! .1! (-8->! 1(!*#!'4&!51!/#%5#.!10!['1/).M!10!/#8=-).!51!0-91(!7!10!1./#(13#.!7!3#8$#.M!L#/-(-&>05).1!(#! (-8$-1Z#!51!().!#/3-.(#8-10&).!1!1(!*#!'4&!51!N'1!().!/'/,*#&'!$'15#0!.'L3-3!-8$#/&)!)!#&3#$#8-10&)!/)0!1(1810&).!L-F).!)!8D^9-(1.!51(!15-L-/-)+!

    >7?!F?!$G'(-,+'/!HIA'+/!SQ!F`!S-(=2'&/&!02-,3-!/.!2'-A()!&-!/;2'A'),/D'-,3)!V1!(-8->!1(!*#!'4&!51!N'1!().!/'/,*#&'!$'15#0!N'15#3!#//-510(810&1!#$3-.-)0#5).!10!31/-0&).+!

    >7?W?!$G'(-,+'/!HIA'+/!SQ!W`!S-(=2'&/&!02-,3-!/.!2'-A()!+/=A/&)!;)2!'.=D',/+'%,!',/&-+=/&/!V1! (-8->! 1(! *#!'4&! 51! 5#d).! #! (#.! $13.)0#.! /)8)! /)0.1/'10/-#! 51! '0#! -('8-0#/-D0! -0#51/'#5#! 10!Z)0#.!51!/-3/'(#/-D0!51!().!15-L-/-).M!&)!-0&13-)31.!/)8)!17?Y?!$G'(-,+'/!HIA'+/!SQ!Y`!S-(=2'&/&!02-,3-!/.!2'-A()!+/=A/&)!;)2!A'3=/+'),-A!+),!/.3/!)+=;/a+'%,!V1!(-8->!1(!*#!'4&!/#'.#5)!$)3!.-&'#/-)01.!/)0!#(!)/'$#/-D0!L#/-(-)!(#!/-3/'(#/-D0!51!(#.!$13.)0#.!7!(#!.1/&)3-Z#/-D0!/)0!1(1810&).!51!$3)&1//-D0!7!/)0&10/-D0!10!$319-.-D0!51(!*#!'4&!51!#$(#.-10&)+!

  • !*O!

    >7?9?!$G'(-,+'/!HIA'+/!SQ!9`!S-(=2'&/&!02-,3-!/.!2'-A()!&-!/b)(/D'-,3)!

    V1!(-8->!1(!*#!'4&!51!/#%5#.!N'1!$'15#0!513-9#3!10!#[)2#8-10&)!10!$-./-0#.M!51$D.-&).M!$)Z).!7!.-8-^(#31.!815-#0&1!1(1810&).!N'1!31.&3-0F#0!1(!#//1.)+!

    >7?[?!$G'(-,+'/!HIA'+/!SQ![`!S-(=2'&/&!02-,3-!/.!2'-A()!+/=A/&)!;)2!E-b! 1(! *#!'4&! /#'.#5)!$)3! 91[%/'().! 10!8)9-8-10&)! #&105-105)!#! ().! &-$).! 51!$#9-810&).! 7! (#!.1d#(-Z#/-D0!7!$3)&1//-D0!51!(#.!Z)0#.!51!/-3/'(#/-D0!3)5#5#!7!51!(#.!$13.)0#.+!

    >7?\?!$G'(-,+'/!HIA'+/!SQ!\`!S-(=2'&/&!02-,3-!/.!2'-A()!+/=A/&)!;)2!./!/++'%,!&-.!2/C)!V1!(-8->!1(!*#!'4&!51!1(1/&3)/'/-D0!7!51!-0/105-)!/#'.#5)!$)3!(#!#//-D0!51(!3#7)M!815-#0&1!-0.(#/-)^01.!#51/'#5#.!51!$3)&1//-D0!/)0&3#!1(!3#7)+!

    J23F?!$G'(-,+'/A!HIA'+/A! &-! A/.=H2'&/&! ^cS_! dc'('-,-X! A/.=&! C! ;2)3-++'%,!&-.!D-&')! /DaH'-,3-e!

    *+! ;(!)=F1&-9)!51(!31N'-.-&)!=>.-/)!`\-2-101M!.#('5!7!$3)&1//-D0!51(!815-)!#8=-10&1aM!&3#)!10!#51(#0&1!=#F)! 1(! &638-0)! .#('=3-5#5M! /)0.-.&1! 10! 315'/-3! #! (%8-&1.! #/1$=(1.! 1(! *#!'4&! 51! N'1! ().!/'/,*#&'M!510&3)! 51! ().! 15-L-/-).! 7! 10! /)05-/-)01.! 0)38#(1.! 51! '&-(-Z#/-D0M! $#51Z/#0! 8)(1.&-#.! )!10L13815#51.M!#.%!/)8)!1(! *#!'4&! 51!N'1! ().!!"#$#%#&'! .1!51&13-)310!7!51!N'1!51&13-)310!1(!815-)!#8=-10&1! 10! .'! 10&)30)! -0815-#&)M! /)8)! /)0.1/'10/-#! 51! (#.! /#3#/&13%.&-/#.! 51! .'! )*&7!%+&M!%&-'+*/%%#3-8./'&!7!(,-+!-#(#!-+&+!

    4+! Y#3#!.#&-.L#/13!1.&1!)=F1&-9)M!().!!"#$#%#&'!.1!$3)71/>0M!/)0.&3'-3>0M!8#0&1053>0!7!'&-(-Z#3>0!51!(!L)38#!N'1!.1!/'8$(#0!(#.!1.-/#.!N'1!.1!1.=(1/10!10!().!#$#3).!.-2'-10&1.+!

    :+! ;(! ,)/'810&)! e>.-/)! `,e^\V! V#('=3-5#5a! 1.$1/-L-/#! $#3>81&3).! )=F1&-9).! 7! $3)/15-8-10&).! /'7)!/'8$(-8-10&)!#.12'3#!(#!.#&-.L#//-D0!51!(#.!1.-/#.!7!(#!.'$13#/-D0!51!().!0-91(1.!8%0-^8).!51!/#(-5#5!$3)$-).!51(!31N'-.-&)!=>.-/)!51!.#('=3-5#5+!

    >F?>!! $G'(-,+'/!HIA'+/!cS!>`!12)3-++'%,!02-,3-!/!./!b=D-&/&!V1!(-8->!1(!*#!'4&!$319-.-=(1!51!$31.10/-#!-0#51/'#5#!51!#2'#!)!['815#5!10!1(!-0&13-)3!51!().!!"#$#%#&'!7!10!.'.!%!**,(#!-+&'!/)8)!/)0.1/'10/-#!51(!#2'#!$3)/1510&1!51!$31/-$-/-)01.!#&8).L63-/#.M!51!1.^/)3310&%#.M!51(! &13310)!)!51!/)0510.#/-)01.M!5-.$)0-105)!815-).!N'1! -8$-5#0!.'!$101&3#/-D0!)M!10!.'!/#.)!$138-!.'!19#/'#/-D0!.-0!$3)5'//-D0!51!5#d).+!

    >F?7! $G'(-,+'/!HIA'+/!cS!7`!O-+)('&/!C!-E/+=/+'%,!&-!2-A'&=)A!]).!!"#$#%#&'!5-.$)053>0!51!1.$#/-).!7!815-).!$#3#!1/&13!21013#(M!$)3!(#!/'=-13!51(!15-L-/-)M!/)0!-051$10510/-#!51(!&-$)!51!/)8='.&-=(1!7!51(!#$#3#&)!N'1!.1!'&-(-/1M!51!#/'135)!/)0! (#!312(#810/-D0!1.$1/%L-/#!.)=31! -0.(#/-)01.!&638-^/#.+!

    >F?W! $G'(-,+'/!HIA'+/!cS!W`!S=D','A32)!&-!/(=/!*! ]).!!"#$#%#&'!5-.$)053>0!51!815-).!#51/'#5).!$#3#!.'8-0-.&3#3!#(!1N'-$#8-10&)![-2-60-/)!$319-.&)!

    51!#2'#!#$! $#3#! 1(! /)0.'8)!51! L)38#! .).&10-=(1M! #$)3)! /#'5#(1.! .'L-/-10&1.! $#3#! .'! L'0^/-)0#8-10&)M!.-0!#(&13#/-D0!51!(#.!$3)$-15#51.!51!#$&-&'5!$#3#!1(!/)0.'8)!1!-8$-5-105)!().!$).-=(1.!31&)30).!N'1!$'15#0!/)0-0#3!(#!315M!-0/)3$)3#05)!815-).!N'1!$138-!1(!#[)33)!7!1(!/)0&3)(!51(!/#'5#(!51(!#2'#+!

    4! ]).!1N'-$).!51!$3)5'//-D0!51!#2'#!/#(-10&1!5)).!51!.-.&18#.!51!#/'8'(#/-D0!7!().!$'0&).!&13^8-0#(1.!51!'&-(-Z#/-D0!&1053>0!'0#.!/#3#/&13%.&-/#.!(1.!N'1!19-&10!1(!51.#33)(()!51!2638101.!$#&D^210).+!

  • !*P!

    >F?Y!! $G'(-,+'/!HIA'+/!cS!Y`!$E/+=/+'%,!&-!/(=/A!]).!!"#$#%#&'!5-.$)053>0!51!815-).!#51/'#5).!$#3#!10M!'&-(-Z#3>0!7!8#0&1053>0!51!(!L)38#!N'1!().!1(1810&).!/)0.&3'/&-9).!N'1!/)0L)38#0!.'.!*!%#-+&'!&102#0!'0#.!/#3#/&13%.&-/#.!#/b.^&-/#.!#51/'#5#.!$#3#!315'/-3!(#!&3#0.8-.-D0!51(!3'-5)!#631)M!51(!3'-5)!51!-8$#/&).!7!51(!3'-5)!7!9-=3#^/-)01.!51!(#.!-0.(#/-)01.!$3)$-#.!51(!!"#$#%#&M!7!$#3#!(-8-!1(!3'-5)!31913=13#0&1!51!().!*!%#-+&'+!

    :+! ;(!,)/'810&)!e>.-/)!h,e!\I!Y3)&1//-D0!L310&1!#(!I'-5)h!1.$1/-L-/#!$#3>81&3).!)=F1&-9).!7!.-.&18#.!51!913-L-/#/-D0!/'7)!/'8$(-8-10&)!#.12'3#!(#!.#&-.L#//-D0!51!(#.!1.-/#.!7!(#!.'$13#/-D0!51! ().!0-91(1.!8%0-8).!51!/#(-5#5!$3)$-).!51(! 31N'-.-&)!=>.-/)!51!$3)&1//-D0! L310&1!#(! 3'-5)+!\#.!N'1! .1! #$3'1=1! 1.&1!,e! .1! #$(-/#3>! (#!@)38#!e>.-/#! 51! (#! ;5-L-/#/-D0!@e;^"?^QQ! h")05-/-)01.!#/b.&-/#.!10!().!15-L-/-).h+!

    J23Y?!$G'(-,+'/A!HIA'+/A!&-!/b)22)!&-!-,-2(Y?F! $G'(-,+'/!HIA'+/!c$!F`!$0'+'-,+'/!-,-2(*3'+/!&-!./A!',A3/./+'),-A!&-!'.=D',/+'%,!]).!!"#$#%#&'!5-.$)053>0!51!-0.(#/-)01.!51!-('8-0#/-D0!#51/'#5#.!#!(#.!01/1.-5#51.!51!.'.!/'/,*#&'!7!#!(#!91Z!1L-/#/1.!101326&-/#810&1!5-.$)0-105)!51!'0!.-.&18#!51!/)0&3)(!N'1!$138-!#F'.!1(!10/105-5)!#!(#!)/'$#/-D0!31#(!51!(#!Z)0#M!#.%!/)8)!51!'0!.-.&18#!51!312'(#/-D0!N'1!)$&-8-/1!1(!#$3)91/[#8-10&)!51!(#!('Z!0#&'3#(M!10!(#.!Z)0#.!N'1!31b0#0!'0#.!51&138-0#5#.!/)05-/-)01.+!

    >Y?W!$G'(-,+'/!HIA'+/!c$!W`!"),32'H=+'%,!A)./2!D!815-#0&1!(#!-0/)3$)3#/-D0!10!().!8-.8).!51!.-.&18#.!51!/#$/-D0M!#(^8#/10#8-10&)!7!'&-(-Z#/-D0!51!10132%#!.)(#3!51!=#F#!&18$13#&'3#!#51/'#5#!#!(#!3#5-#/-D0!.)(#3!2()=#(!51!.'!18$(#Z#8-10&)!7!#!(#!518#05#!51!#2'#!/#(-10&1!51(!15-L-/-)+!]).!9#()31.!513-9#5).!51!1.!1.-/#!&1053>0!(#!/)0.-513#/-D0!51!8%0-8).M!.-0!$13F'-/-)!51!9#()31.!N'1!$'15#0!.13!1.=(1/-5).!$)3!(#.!

  • !*Q!

    #58-0-.&3#/-)01.! /)8$1&10&1.! 7! N'1! /)0&3-='7#0! #! (#! .).&10-=-(-5#5M! #&105-105)! #! (#.! /#3#/&13%.&-/#.!$3)$-#.!51!.'!()/#(-Z#/-D0!7!>8=-&)!&133-&)3-#(+!!

    >Y?Y!$G'(-,+'/!HIA'+/!c$!Y`!"),32'H=+'%,!0)3)E).3/'+/!D0!.-.&18#.!51!/#$/-D0!7!&3#0.L)38#^/-D0!51!10132%#!.)(#3!10!10132%#!1(6/&3-/#!$)3!$3)/15-8-10&).!L)&)9)(-/).!$#3#!'.)!$3)$-)!)!.'8-0-.&3)!#!(#!315+!]).!9#()31.!513-9#5).!51!1.!1.-/#!&1053>0!(#!/)0.-513#/-D0!51!8%0-8).M!.-0!$13F'-/-)!51!9#()31.!8>.!1.&3-/&).!N'1!$'15#0!.13!1.=(1/-5).!$)3!(#.!#58-0-.&3#/-)01.!/)8$1&10&1.!7!N'1!/)0^&3-='7#0!#!(#!.).&10-=-(-5#5M!#&105-105)!#!(#.!/#3#/&13%.&-/#.!$3)$-#.!51!.'!()/#(-Z#/-D0!7!>8=-&)!&133-&)3-#(+!

  • !*S!

  • !4T!

    JK$LM!4?!"MK#$K4@M!@$N!1OMP$"#M!!:! ;0!1.&1!#01F)!.1!31(#/-)0#0!().!/)0&10-5).!51(!$3)71/&)!51!15-L-/#/-D0M!.-0!$13F'-/-)!51!()!N'1M!10!.'!

    /#.)M!1.=(1Z/#0!(#.!?58-0-.&3#/-)01.!/)8$1&10&1.+!H! ]).!8#3/#5).!/)0!#.&13-./)!UjW!.)0!().!N'1M!#(!810).M!51=1!/)0&1013!1(!Y3)71/&)!e>.-/)+!J! "'#05)! 1(! $3)71/&)! .1! 51.#33)((1! )! /)8$(1&1! 815-#0&1! $3)71/&).! $#3/-#(1.! '! )&3).! 5)/'810&).!

    &6/0-/).M!10!(#!818)3-#!51(!$3)71/&)!.1![#3>!31L1310/-#!#!6.&).!7!#!.'!/)0&10-5)M!7!.1!-0&123#3>0!10!1(!$3)71/&)!$)3!1(!$3)71/&-.M!=#F)!.'!/))35-0#/-D0M!/)8)!5)/'810&).!5-L1310/-#5).!51! (! L)38#!N'1!0)!.1!$3)5'Z/#!5'$(-/-5#5!51!().!8-.8).M!0-!10!().![)0)3#3-).!#!$13/-=-3!$)3!().!#'&)31.!51!().!5-.&-0&).!&3#=#F).+!

    !!")0&10-5)!51(!$3)71/&)! B=.139#/-)01.!! !4?!5-D)2'/! !>?!5-D)2'/!&-A+2';3'E/!! @-A+2';3'E/!C!U=A3'0'+/3'E/X!Z=-!+),3-,(/!./!',0)2D/+'%,!

    A'(='-,3-X!*+*!?210&1.j! "! Y3)8)&)3M!$3)71/&-.M!)&3).!&6/0-/).+!*+4!C0L)38#/-D0!$319-#j!!

    "! ?0&1/1510&1.! 7! /)05-/-)0#0&1.! 51! $#3&-5#M! 5#&).! 51(!18$(#Z#8-10&)M! 10&)30)! L%.-/)M! 0)38#&-9#! '3=#0%.&-/#M!)&3#.!0)38#&-9#.!10!.'!/#.)+!

    "! ,#&).! 51(! 15-L-/-)! 10! /#.)!51! 31[#=-(-/-D0M! 31L)38#!)!#8$(-#/-D0+!C0L)381.!31#(-Z#5).+!

    *+:!,1./3-$/-D0!51(!$3)71/&)j!!

    "! ,1./3-$/-D0!21013#(!51(!15-L-/-)M!$3)23#8#!51!01/1.-5#^51.M!'.)!/#3#/&13%.&-/)!51(!15-L-/-)!7!)&3).!'.).!$319-.^&).M!31(#/-D0!/)0!1(!10&)30)+!

    "! "'8$(-8-10&)! 51(!"E;! 7! )&3#.! 0)38#&-9#.! 1.$1/%L-/#.M!0)38#.!51!5-./-$(-0#!'3=#0%.&-/#M!)3510#0Z#.!8'0-/-$#^(1.M!15-L-/#=-(-5#5M!L'0/-)0#(-5#5M!1&/+!

    "! ,1./3-$/-D0! 51! (#! 21)81&3%#! 51(! 15-L-/-)M! 9)('810M! .'^$13L-/-1.!b&-(1.!7!/)0.&3'-5#.M!#//1.).!7!19#/'#/-D0+!

    "! ,1./3-$/-D0!21013#(!51! ().!$#3>81&3).!N'1!51&138-0#0!(#.! $319-.-)01.! &6/0-/#.! #! /)0.-513#3! 10! 1(! $3)71/&)!31.$1/&)!#(!.-.&18#!1.&3'/&'3#(!U/-810/-D0M!1.&3'/&'3#!$)3&1!7!1.&3'/&'3#![)3-Z)0(WM!1(!.-.&18#!51!/)8$#3^&-810/-D0M! 1(! .-.&18#!109)(910&1M! 1(! .-.&18#!51!#/#^=#5).M!1(!.-.&18#!51!#/)05-/-)0#8-10&)!#8=-10(!7!1(!51!.139-/-).+!

    *+H!Y31./-)01.!51(!15-L-/-)j! ^! !Y)3! 31N'-.-&).!=>.-/).!7!10! 31(#/-D0!/)0! (#.!1.-/#.!51(!"E;+!V1! -05-/#3>0!10!$#3&-/'(#3! (#.!#/)35#^5#.!10&31!$3)8)&)3!7!$3)71/&-.!N'1!.'$1310!().!'8=3#^(1.!1.=(1/-5).!10!1(!"E;+!!

    ^!!V1!1.=(1/13>0!(#.!(-8-/-)01.!51!'.)!51(!15-L-/-)!10!.'!/)0F'0&)!7!51!/#5#!'0#!51!.'.!51$10510/-#.!1! -0.(#^/-)01.+!

    ! !7?!5-D)2'/!+),A32=+3'E/! @-A+2';+'%,!&-!./A!A).=+'),-A!/&);3/&/A!

    4+*!V'.&10/-D0!51(!15-L-/-)j!!

    "! A'.&-L-/#/-D0!51! (#.!/#3#/&13%.&-/#.!51(!.'1()!7!$#3>81^&3).!#!/)0.-513#3!$#3#!1(!/>(/'()!51!(#!$#3&1!51(!.-.&18#!1.&3'/&'3#(!/)331.$)05-10&1!#!(#!/-810/-D0+!

  • !4*!

    4+4! V-.&18#! 1.&3'/&'3#(! U/-810/-D0M! 1.^&3'/&'3#!$)3&1!7!1.&3'/&'3#![)3-Z)0(W!

    "! V1!1.=(1/13>0!().!5#&).!7! (#.![-$D&1.-.!51!$#3&-5#M!1(!$3)23#8#!51!01/1.-5#51.M! (#.!=#.1.!51!/>(/'()!7!$3)^/15-8-10&).!)!86&)5).!18$(1#5).!$#3#!&)5)!1(!.-.&18#!1.&3'/&'3#(M!#.%!/)8)!(#.!/#3#/&13%.&-/#.!51!().!8#&13-#^(1.!N'1!-0&139-1010+!

    4+:!V-.&18#!109)(910&1!!

    "! ,1L-0-/-D0!/)0.&3'/&-9#!51! ().!5-.&-0&).! .'=.-.&18#.!51!(#! 109)(910&1! 51(! 15-L-/-)M! /)0! 51./3-$/-D0! 51! .'! /)8^$)3-10&)!L310&1!#!(#.!#//-)01.!#!(#.!N'1!1.&>!.)81^&-5)! U$1.)! $3)$-)M! 9-10&)M! .-.8)M! 1&/+WM! L310&1! #(! L'12)M!.12'3-5#5!51!'.)M!19#/'#/-D0!51!#2'#!7!/)8$)3-10^&)! L310&1!#! (#!['815#5M!#-.(#8-10&)!#/b.&-/)!7!.'.!=#^.1.!51!/>(/'()+!

    "! ;(! ?-.(#8-10&)! &638-/)! 51! 5-/[).! .'=.-.&18#.M! (#! 51^8#05#! 101326&-/#! 8>0!(#.!/#3#/&13%.&-/#.!7!$31./3-$/-)01.!51! ().!#/#=#5).!51!().!$#3#810&).!#!L-0!51!/'8$(-3!().!31N'-^.-&).!51!L'0/-)0#(-5#5M!.12'3-5#5!7![#=-=-(-5#5!

    4+O!V-.&18#.!51!#/)05-/-)0#8-10&)!1!-0.^(#/-)01.!!

    "! V1! -05-/#3>0! ().!5#&).!51!$#3&-5#M! ().!)=F1&-9).!#!/'8^$(-3M! (#.!$31./-)01.!7! (#.!=#.1.!51!/>(/'()!$#3#!/#5#!'0)!51!().!.'=.-.&18#.!.-2'-10&1.X!!*+! Y3)&1//-D0! /)0&3#! -0/105-).M! #0&-^-0&3'.-D0M! $#3#33#^

    7).M! 1(1/&3-/-5#5M! #('8=3#5)M! #./10.)31.M! &3#0.$)3^&1M!L)0%#M!19#/'#/-D0!51!31.-5').!(%N'-5).!7!.D^(-5).M!910&-(#/-D0M!&1(1/)8'0-/#/-)01.M!1&/+!

    4+! C0.(#/-)01.! &638-/#.! 51(! 15-L-/-)! $3)71/)! 7! .'!3105-8-10&)!101326&-/)M!.'8-0-.&3)!51!/)8='.&-=(1.M!#[)33)!51!10132%#!1! -0/)3$)3#/-D0!51!10132%#!.)(#3!&638-/#!)!L)&)9)(-/#!7!)&3#.!10132%#.!310)9#=(1.+!

    !4+P!;N'-$#8-10&)!!

    "! ,1L-0-/-D0!51!=#d).M!/)/-0#.!7!(#9#513).M!1N'-$#8-10&)!-05'.&3-#(M!1&/+!

    ! !F?!"=D;.'D'-,3)!&-.!"#$!!

    A'.&-L-/#/-D0!51! (#.!$31./-)01.!51(!15-L-/-)!$)3! 31N'-.-&).!=>.-/).!7!10!31(#/-D0!/)0!(#.!1.-/#.!51(!"E;+!]#!F'.&-L-/#/-D0!.1!31#(-Z#3>!$#3#!(#.!.)('/-)01.!#5)$#.!/)0L)381!#!()!-05-/#5)!10!1(!"E;+!E#8=-60! .1! F'.&-L-/#3>0! (#.! $31./-)01.! 51(! 15-L-/-)! N'1!81F)310!().!0-91(1.!1

  • !44!

    "=D;.'D'-,3)! &-! )32)A! 2-(./D-,3)A! C!&'A;)A'+'),-A?!!!

    A'.&-L-/#/-D0!51(!/'8$(-8-10&)!51!)&3).!312(#810&).!)=(-2#^&)3-).!0)! 31#(-Z#5#!10!1(!$'0&)!#0&13-)3M! 7! F'.&-L-/#/-D0!51(!/'8$(-8-10&)! 51! ().! 31N'-.-&).! =>.-/).! 31(#&-9).! #! (#! L'0^/-)0#(-5#5!51!#/'135)!/)0! ()!1.=(1/-5)!10!.'!0)38#&-9#!1.$1/%L-/#+!

    ! !J,-U)A!/!./!D-D)2'/!!

    ;(!$3)71/&)!/)0&1053>!&).!#01F).!/)8)!.1#0!01/1.#3-).!$#3#!(#!51L-0-/-D0!7!F'.&-L-/#/-D0!51!(#.!)=3#.+!!

    C0L)38#/-D0!21)&6/0-/#! !">(/'()!51!(#!1.&3'/&'3#! !Y3)&1//-D0!/)0&3#!1(!-0/105-)! !C0.(#/-)01.!51(!15-L-/-)! !;L-/-10/-#!101326&-/#! !;.&'5-)!51!-8$#/&)!#8=-10(!! !Y(#0!51!/)0&3)(!51!/#(-5#5! !;.&'5-)! 51! V12'3-5#5! 7! V#('5! )! ;.&'5-)!e>.-/)M!10!.'!/#.)!

    !

    ! !44?!1./,)A!!

    ;(!$3)71/&)!/)0&1053>!&).!$(#0).!/)8)!.1#0!01/1.#3-).!$#3#!(#!51L-0-/-D0!10!51((1!51!(#.!)=3#.+!;0!/#.)!51!)=3#.!51!31[#=-(-/-D0!.1!-0/('-3>0!$(#0).!51(!15-L-/-)!#0&1.!51!(#!-0&13910/-D0+!!

    Y(#0)!51!.-&'#/-D0!j! "! I1L13-5)!#(!$(#01#8-10&)!9-210&1M!/)0!31L1310/-#!#!$'0^&).!()/#(-Z#=(1.!7!/)0!-05-/#/-D0!51(!0)3&1!21)23>L-/)!

    Y(#0)!51!18$(#Z#8-10&)j!! "! A'.&-L-/#/-D0!'3=#0%.&-/#M!#(-01#/-)01.M!31&3#0N'1).M!1&/+Y(#0)!51!'3=#0-Z#/-D0j! "! I15!9-#3-#M!#/)81&-5#.M!1&/+!Y(#0.!21013#(1.j! "! ?/)#.M!/)0!-05-/#/-D0!51!1./#(#!7!51!'.).M!31L(1F#0^

    5)! ().! 1(1810&).! L-F).! 7! ().! 51!8)=-(-#3-)! /'#05)! .1#!$31/-.)!$#3#!(#!/)8$3)=#/-D0!51!(#!L'0/-)0#(-5#5!51!().!1.$#/-).+!

    Y(#0).!51!/'=-13.j! "! Y105-10&1.M!$'0&).!51!31/)2-5#!51!#2'#.M!1&/+!?(Z#5).!7!.1//-)01.j!! "! ?/)).M!/)0!-05-/#/-D0!51!1./#(#!7!/).!51!#(&'3#!51!

    $(#0.M! 23'1.).! 51! L)3F#5)M! #(&'3#.! &)(1.M! $#3#! /)8^$3)=#3!1(!/'8$(-8-10&)!51! ().! 31N'-.-&).!'3=#0%.&-/).!7!L'0/-)0#(1.+!

    Y(#0).!51!1.&3'/&'3#! "! ,1./3-$/-D0! 23>L-/#! 7! 5-810.-)0#(! 51! &)5)! 51(! .-.&18#!1.&3'/&'3#(!U/-810/-D0M!1.&3'/&'3#!$)3&1!7!1.&3'/&'^3#![)3-Z)0(W+!;0!().!31(#&-9).!#!(#!/-810/-D0!.1!-0/('-^3>M! #518>.M! .'! 31(#/-D0! /)0! 1(! 10&)30)! -0815-#&)! 7! 1(!/)0F'0&)!51!(#!)=3#+!

    Y(#0).!51!-0.(#/-)01.! "! ,1./3-$/-D0!23>L-/#!7!5-810.-)0#(!51!(#.!3151.!51!/#5#!-0.(#/-D0M!$(#0.M!.1//-)01.!7!51((1.+!

    Y(#0).!51!51L-0-/-D0!/)0.&3'/&-9#!! "! ,)/'810/-D0!23>L-/#!51!51((1.!/)0.&3'/&-9).+!f18)3-#.!23>L-/#.! "! C05-/#/-D0!51!.)('/-)01.!/)0/31.!7!1(1810&).!.-02'^

    (#31.X!/#3$-0&13%#M!/133#F13%#M!1&/+!B&3).! !! !444?!1.'-()!&-!+),&'+'),-A! !Y(-12)!51!/(>'.'(#.!#58-0-.&3#&-9#.! !,-.$).-/-)01.!21013#(1.! !,-.$).-/-)01.!L#/'(&-9#.! !,-.$).-/-)01.!1/)0D8-/#.! !

  • !4:!

    Y(-12)!51!/)05-/-)01.!&6/0-/#.!$#3&-/'(#31.! !Y31./3-$/-)01.!.)=31!().!8#&13-#(1.! "! "#3#/&13%.&-/#.! &6/0-/#.!8%0-8#.!N'1! 51=10! 31'0-3! ().!

    $3)5'/&).M!1N'-$).!7!.-.&18#.!N'1!.1! -0/)3$)310!#! (#.!)=3#.M!#.%!/)8)!.'.!/)05-/-)01.!51!.'8-0-.&3)M! 31/1$^/-D0! 7! /)0.139#/-D0M! #(8#/10#8-10&)! 7! 8#0-$'(#/-D0M!(#.! 2#3#0&%#.! 51! /#(-5#5! 7! 1(! /)0&3)(! 51! 31/1$/-D0!N'1!51=#! 31#(-Z#3.1! -0/('7105)! 1(! 8'1.&31)! 51(! $3)5'/&)M!().!10.#7).!#!31#(-Z#3M! ().!/3-&13-).!51!#/1$/-D0!7!31^/[#Z)M!7! (#.!#//-)01.!#!#5)$!7! ().!/3-&13-).!51!'.)M!/)0.139#/-D0!7!8#0&10-8-10&)+!

    "! ;..!1.$1/-L-/#/-)01.!.1!$'1510![#/13!$)3! 31L1310/-#!#!$(-12).!21013#(1.!N'1!.1#0!51!#$(-/#/-D0M!,)/'810^&).!I1/)0)/-5).! '! )&3).! N'1! .1#0! 9>(-5#.! #! F'-/-)! 51(!$3)71/&-.+!

    Y31./3-$/-)01.!10!/'#0&)!#!(#!1F1/'/-D0!$)3!'0-5#51.!51!)=3#!

    "! "#3#/&13%.&-/#.! &6/0-/#.! 51! /#5#! '0-5#5! 51! )=3#! -05-^/#05)!.'!$3)/1.)!51!1F1/'/-D0M!0)38#.!51!#$(-/#/-D0M!/)05-/-)01.!$319-#.!N'1![#0!51!/'8$(-3.1!#0&1.!51!.'!31#(-Z#/-D0M! &)(13#0/-#.! #58-.-=(1.M! /)05-/-)01.! 51! &13^8-0#/-D0M! /)0.139#/-D0! 7! 8#0&10-8-10&)M! /)0&3)(! 51!1F1/'/-D0M!10.#7).!7!$3'1=#.M!2#3#0&%#.!51!/#(-5#5M!/3-^&13-).!51!#/1$/-D0!7! 31/[#Z)M!/3-&13-).!51!815-/-D0!7!9#()3#/-D0!51!'0-5#51.M!1&/+!

    "! V1!$31/-.#3>0!(#.!815-5#.!$#3#!#.12'3#3!(#!/)8$#&-=-(-^5#5! 10&31! ().! 5-L1310&1.! $3)5'/&).M! 1(1810&).! 7! .-.&1^8#.!/)0.&3'/&-9).+!

    Y31./3-$/-)01.! .)=31! 913-L-/#/-)01.! 10! 1(!15-L-/-)!&138-0#5)!

    "! V1! -05-/#3>0! (#.! 913-L-/#/-)01.! 7! $3'1=#.! 51! .139-/-)!N'1!51=#0! 31#(-Z#3.1!$#3#!/)8$3)=#3! (#.!$31./-)01.!L-0#(1.!51(!15-L-/-)+!

    !! !4f?!5-&'+'),-A! "! ,1.#33)(()!$)3!$#3&-5#.M!#23'$#5#.!10!/#$%&'().M!/)0&1^

    0-105)!&)5#.!(#.!51./3-$/-)01.!&6/0-/#.!01/1.#3-#.!$#^3#!.'!1.$1/-L-/#/-D0!7!9#()3#/-D0+!!

    !! !f?!12-A=;=-A3)! !Y31.'$'1.&)!#$3)

  • !4H!

    JK$LM! 44?! @M"Q5$K#J"4RK! @$N! S$BQ454$K#M! @$! NJ!MTOJ!

    !;0!1.&1!#01F)!.1!51((#M!/)0!/#3>/&13!-05-/#&-9)!7!.-0!$13F'-/-)!51!()!N'1!1.=(1Z/#0!)&3#.!?58-0-.&3#^/-)01.!Y'=(-/#.!/)8$1&10&1.M!1(!/)0&10-5)!51! (#!5)/'810/-D0!51(!.12'-8-10&)!51! (#!1F1/'/-D0!51! (#!)=3#M!&)!(#!10!51!'0#!5)/'810/-D0!51!.12'-8-10&)!N'1!.1!/)8$)053>M!#(!

    810).M!51X!

    #W! 1(!]-=3)!51!k35101.!7!?.-.&10/-#.!51!#/'135)!/)0!()!$319-.&)!10!1(!,1/31&)!HO*_*SP*M!51!**!51!8#3Z)c!

    =W! 1(!]-=3)!51!C0/-510/-#.!10!8#&13-#!51!.12'3-5#5!7!.#('5M!.12b0!1(!I1#(!,1/31&)!*O4P_*SSPM!51!4H!51!)/&'=31c!

    /W! 1(!$3)71/&)M!.'.!#01F).!7!8)5-L-/#/-)01.!51=-5#810&1!#'&)3-Z#5).!$)3!1(!5-31/&)3!51!)=3#c!

    5W! (#!(-/10/-#!51!)=3#.M!(#!#$13&'3#!51(!/10&3)!51!&3#=#F)!7M!10!.'!/#.)M!)&3#.!#'&)3-Z#/-)01.!#58-^0-.&3#&-9#.c!7!

    1W! 1(!/13&-L-/#5)!L-0#(!51!(#!)=3#!51!#/'135)!/)0!1(!,1/31&)!HO4_*SP*M!51!**!51!8#3Z)M!51(!f-0-.&1^3-)!51!(#!g-9-105#!

    4! ;0!1(!]-=3)!51!k35101.!7!?.-.&10/-#.!1(!5-31/&)3!51!)=3#!7!1(!5-31/&)3!51!(#!1F1/'/-D0!51!(#!)=3#!/)0^.-20#3>0!(#.!-0.&3'//-)01.!$3)$-#.!51!.'.!31.$1/&-9#.!L'0/-)01.!7!)=(-2#/-)01.+!

    :! ;(!]-=3)!51! C0/-510/-#.!.1!51.#33)((#3>!/)0L)381!#! (#! (12-.(#/-D0!1.$1/%L-/#!51!.12'3-5#5!7!.#('5+!E1053>0!#//1.)!#(!8-.8)!().!#210&1.!N'1!5-/[#!(12-.(#/-D0!51&138-0#+!

    H! R0#!91Z!L-0#(-Z#5#!(#!)=3#M!(#!5)/'810/-D0!51(!.12'-8-10&)!.13>!51$).-#!$)3!1(!5-31/&)3!51!(#!)=3#!10!1(!")(12-)!Y3)L1.-)0#(!/)331.$)05-10&1!)M!10!.'!/#.)M!10!(#!?58-0-.&3#/-D0!Y'=(-/#!/)8$1^&10&1M!N'1!#.12'310!.'!/)0.139#/-D0!7!.1!/)8$3)81!#!18-&-3!/13&-L-/#/-)01.!51!.'!/)0&10-5)!#!N'-101.!#/315-&10!'0!-0&136.!(12%&-8)+!

    44?7?!@)+=D-,3/+'%,!&-.!+),32).!&-!./!)H2/!*! ;(!/)0&3)(!51!/#(-5#5!51! (#.!)=3#.!31#(-Z#5)!-0/('-3>!1(!/)0&3)(!51!31/1$/-D0!51!$3)5'/&).M! ().!/)0^

    &3)(1.!51!(#!1F1/'/-D0!7!51!(#!)=3#!&138-0#5#+!Y#3#!1(()X!!

    #W! 1(!5-31/&)3!51! (#!1F1/'/-D0!51! (#!)=3#! 31/)$-(#3>! (#!5)/'810/-D0!51(!/)0&3)(! 31#(-Z#5)M!913-L-^/#05)!N'1!1.!/)0L)381!/)0!()!1.=(1/-5)!10!1(!$3)71/&)M!.'.!#01F).!7!8)5-L-/#/-)01.c!

    =W! 1(!/)0.&3'/&)3!31/#=#3>!51!().!.'8-0-.&3#5)31.!51!$3)5'/&).!7!L#/-(->!#(!5-31/&)3!51!)=3#!7!#(!5-31/&)3!51!(#!1F1/'/-D0!51!(#!)=3#!(#!5)/'810/-D0!51!().!$3)5'/&).!#0&13-)3810&1!.1d#(#5#!#.%!/)8)!.'.! -0.&3'//-)01.!51!'.)!7!8#0&10-8-10&)M!7! (#.!2#3#0&%#.!/)331.$)05-10&1.!/'#05)!$3)/15#c!7!

    /W! (#!5)/'810/-D0!51!/#(-5#5!$31$#3#5#!$)3!1(!/)0.&3'/&)3!.)=31!/#5#!'0#!51! (#.!'0-5#51.!51!)=3#!$)53>!.139-3M!.-!#.%!()!#'&)3-Z#3#!1(!5-31/&)3!51!(#!1F1/'/-D0!51!(#!)=3#M!/)8)!$#3&1!51(!/)0^&3)(!51!/#(-5#5!51!(#!)=3#+!

    4! R0#! 91Z! L-0#(-Z#5#! (#! )=3#M! (#! 5)/'810/-D0! 51(! .12'-8-10&)! 51(! /)0&3)(! .13>! 51$).-#! $)3! 1(!5-31/&)3!51! (#!1F1/'/-D0!51! (#!)=3#!10!1(!")(12-)!Y3)L1.-)0#(!/)331.$)05-10&1!)M!10!.'!/#.)M!10! (#!?58-0-.&3#/-D0!Y'=(-/#!/)8$1&10&1M!N'1!#.12'31!.'!&'&1(#!7!.1!/)8$3)81!#!18-&-3!/13&-L-/#/-)01.!51!.'!/)0&10-5)!#!N'-101.!#/315-&10!'0!-0&136.!(12%&-8)+!

    !44?F?!"-23'0'+/&)!0',/.!&-!)H2/!*! ;0!1(!/13&-L-/#5)!L-0#(!51!)=3#M!1(!5-31/&)3!51!(#!1F1/'/-D0!51!(#!)=3#!/13&-L-/#3>![#=13!5-3-2-5)!(#!1F1/'^

    /-D0!8#&13-#(!51!(#.!)=3#.!7!/)0&3)(#5)!/'#0&-&-9#!7!/'#(-&-9#810&1!(#!/)0.&3'//-D0!7!(#!/#(-5#5!51!()!15-L-/#5)!51!#/'135)!/)0!1(!$3)71/&)M!(#!5)/'810/-D0!&6/0-/#!N'1!()!51.#33)((#!7!(#.!0)38#.!51!(#!='10#!/)0.&3'//-D0+!!

  • !4J!

    4! ;(!5-31/&)3!51!(#!)=3#!/13&-L-/#3>!N'1!(#!15-L-/#/-D0![#!.-5)!31#(-Z#5#!=#F)!.'!5-31//-D0M!51!/)0L)38-5#5!/)0!1(!$3)71/&)!)=F1&)!51! (-/10/-#!7! (#!5)/'810/-D0!&6/0-/#!N'1!()!/)8$(1810M![#((>05).1!5-.^$'1.!$#3#!.'!#51/'#5#!'&-(-Z#/-D0!/)0!#3312()!#!(#.!-0.&3'//-)01.!51!'.)!7!8#0&10-8-10&)+!

    :! ?(!/13&-L-/#5)!L-0#(!51!)=3#!.1!(1!'0-3>0!/)8)!#01F).!().!.-2'-10&1.!5)/'810&).X!#W! 51./3-$/-D0!51!(#.!8)5-L-/#/-)01.!N'1M!/)0!(#!/)0L)38-5#5!51(!$3)8)&)3M!.1!['=-1.10!-0&3)5'^

    /-5)!5'3#0&1!(#!)=3#M![#/-105)!/)0.!.'!/)8$#&-=-(-5#5!/)0!(#.!/)05-/-)01.!51!(#!(-/10/-#c!7!=W! 31(#/-D0!51!().!/)0&3)(1.!31#(-Z#5).!5'3#0&1!(#!1F1/'/-D0!51!(#!)=3#!7!.'.!31.'().+!

    !

  • !4O!

    JK$LM!444?!#$O54KMNMB:J!?!1L1/&).!51!#$(-/#/-D0!51(!"E;M! ().! &638-0).!N'1! L-2'3#0!#!/)0&-0'#/-D0!51=10!'&-(-Z#3.1!/)0L)381!#(!.-20-L-/#5)!7!#!(#.!/)05-/-)01.!N'1!.1!1.=(1/10!$#3#!/#5#!'0)!51!1(().+!!J++'%,!;2-E'A'H.-`!?//-D0!N'1!51=1!.13!&10-5#!10!/'10M!/)0L)381!#!(#!312(#810/-D0!9-210&1+!!J(-,3-A!&-!./!-&'0'+/+'%,`!E)5#.!(#.!$13.)0#.!L%.-/#.!)!F'3%5-/#.!N'1!-0&139-1010!10!1(!$3)/1.)!51!(#!15-L-/#/-D0!.12b0!.1!1.=(1/1!10!(#!]B;+!!T'-,-A3/2!3*2D'+)`!")05-/-)01.! -0&13-)31.!51! &18$13#&'3#M!['815#5!7!91()/-5#5!51(!#-31!1.=(1/-5#.! 312(#810-#810&1!N'1!.1!/)0.-513#!$3)5'/10!'0#!.10.#/-D0!51!=-101.!#51/'#5#!7!.'L-/-10&1!#!.'.!)/'$#0&1.+!!"-22/D'-,3)`!;(1810&)!/)0.&3'/&-9)!51(!15-L-/-)!N'1!()!.1$#3#!51(!1

  • !4P!

    ;.!1(!#210&1!N'1M!L)38#05)!$#3&1!51!(#!5-31//-D0!L#/'(&-9#M!5-3-21!1(!51.#33)(()!51!(#!)=3#!10!().!#.$1/^&).!&6/0-/).M!1.&6&-/).M!'3=#0%.&-/).!7!815-)#8=-10(1.M!51!/)0L)38-5#5!/)0!1(!$3)71/&)!N'1!(#!51L-01M!(#!(-/10/-#!51!15-L-/#/-D0!7!518>.!#'&)3-Z#/-)01.!$31/1$&-9#.!7! (#.!/)05-/-)01.!51(!/)0&3#&)M!/)0!1(!)=F1&)!51!#.12'3#3!.'!#51/'#/-D0!#(!L-0!$3)$'1.&)+!!$&'0'+')`!!")0.&3'//-D0!L-F#M![1/[#!/)0!8#&13-#(1.!31.-.&10&1.M!$#3#![#=-/-D0!['8#0#!)!$#3#!#(=132#3!)&3).!'.).+!!!$U-+=+'%,!&-!./!)H2/`!g6#.1!")0.&3'//-D0+!!!$.-D-,3)A!-A32=+3=2/.-A`!Y#3&1!51!'0#!1.&3'/&'3#!5-.&-02'-=(1!L%.-/#810&1+!Y)3!1F18$()X!$-(#3M!9-2#M!().#M!Z#$#M!1&/+!!!$A32=+3=2/`!")0F'0&)!51!1(1810&).M!/)01/).!10&31!1(().M!/'7#!8-.-D0!/)0.-.&1!10!31.-.&-3!(#.!#//-)01.!$319-.-=(1.!7!10!$3)$)3/-)0#3!3-2-51Z+!!$G'(-,+'/A!HIA'+/A!&-!+/.'&/&!&-!.)A!-&'0'+')A`!"#3#/&13%.&-/#.!21063-/#.M! L'0/-)0#(1.!7! &6/0-/#.!51! ().!15-L-/-).!N'1!$138-&10!.#&-.L#/13! ().! 31N'-.-&).!=>.-/).!51!(#!15-L-/#/-D0+!!4,0.=-,+'/`!#W! C0L('10/-#!N'%8-/#M!L%.-/#!)!=-)(D2-/#!N'1!-0/-51!10!'0#!1.&3'/&'3#M!10!(#.!$#3&1.!N'1!(#!/)8$)010!)!

    10! ().!1(1810&).! 31.-.&10&1.!0)!1.&3'/&'3#(1.M! 7!N'1!$'151!#L1/!51!8#013#!51.L#9)3#=(1!#!.'!/)8$)3-10&)!10!.139-/-)M!7!.'!31.-.&10/-#!7!1.=-(-5#5+!

    =W! "#'.#!UN'1!0)!$13&101Z/#!#!(#.!/#&12)3%#.!51!(#.!#//-)01.!)!51!(#.!810/-)0#5#.!10!#WW!51!1L1/&).!51.L#9)3#=(1.!10!1(!/)8$)3-10&)!10!.139-/-)M!)!10!(#!31.-.&10/-#!7!1.=-(-5#5!51!'0#!1.&3'/&'3#M!51!(#.!$#3&1.!N'1!(#!/)8$)010!)!51!().!1(1810&).!31.-.&10&1.!0)!1.&3'/&'3#(1.+!Y)3!1F18$()X!-8$13^L1//-)01.! 21)86&3-/#.M! 51L1/&).! -05'/-5).! $)3! ().! $3)/1.).! 51! L#=3-/#/-D0! )! 8)0F1M! 133)31.!['8#0).M!1&/+!

    !!4,0.=-,+'/!;2-E'A'H.-`!C0L('10/-#!N'1!51=1!.13!&10-5#!10!/'10M!/)0L)381!#!(#!312(#810/-D0!9-210&1+!!!N'+-,+'/!D=,'+';/.!&-!)H2/AX!?/&)!#58-0-.&3#&-9)!$)3!1(!/'#(!1(!?7'0-10&)!/)8$1&10&1!#'&)3-Z#!(#!1F1/'/-D0!51!(#!)=3#!$3)71/#M!'0#!91Z!/)8$3)=#5#!.'!/)0L)38-5#5!/)0!(#!(12#(-5#5!#$(-/#=(1+!!5/,3-,'D'-,3)`!")0F'0&)!51!#/&-9-5#51.!51.&-0#5#.!#!/)0.139#3!1(!15-L-/-)!)!(#.!$#3&1.!N'1!()!/)8$)010!$#3#!N'1M!/)0!'0#!L-#=-(-5#5!#51/'#5#M!/'8$(#0!/)0!(#.!1

  • !4Q!

    12)D)3)2`!!;.!1(!#210&1!51!(#!15-L-/#/-D0!N'1!51/-51M!-8$'(.#M!$3)23#8#!7!L-0#0/-#!(#.!)=3#.!51!15-L-/#/-D0+!!!12)C-+3'A3/`!;.!1(!#210&1!N'1!315#/!1(!$3)71/&)!$)3!10/#32)!51(!$3)8)&)3!7!/)0!.'F1/-D0!#!(#!0)38#&-9#!&6/0-/#!7!'3=#0%.&-/#!/)331.$)05-10&1+!!!12)C-+3)`!!;.!1(!/)0F'0&)!51!5)/'810&).!815-#0&1! ().!/'#(1.!.1!51L-010!7!51&138-0#0!(#.!1!/)0!1(!$31/1$&-9)!9-.#5)!/)(12-#(+!!1=-,3-A!3*2D'+)A`!Y#3&1!51!(#!109)(910&1!&638-/#!51!'0!15-L-/-)!5)051!(#!31.-.&10/-#!&638-/#!0)38#(810&1!'0-L)381!/#8=-#!.-20-L-/#&-9#810&1!51=-5)!#X!#W! $101&3#/-)01.!/)8$(1.!)!$#3/-#(1.!10!1(!/133#8-10&)!51!'0!15-L-/-)M!51!8#&13-#(1.!/)0!5-L1310&1!

    /)05'/&-9-5#5!&638-/#c!=W! '0!/#8=-)!10!1(!1.$1.)3!51!(#!L>=3-/#c!)!/W! '0#!5-L1310/-#!10&31! (#.!>31#.! -0&130#.!)!1

  • !4S!

    I1/-0&)!-0/('-5)!10!(#!/#&12)3%#!51!31/-0&)![#=-=(1!$13)!N'1!/'10!/)0!/#3#/&13%.&-/#.!#/b.&-/#.!8>.!31.&3-/&-9#.!N'1!$319#(1/10!.)=31!(#.!133#L).!#WM!=WM!/W!7!5W+!!!O-Z='A'3)A!HIA'+)A!&-!./!-&'0'+/+'%,`!B=F1&-9).!513-9#5).!51!(#!518#05#!.)/-#(!51!/#(-5#5!51!().!15-L-/-).!7!/'7#!/)0.1/'/-D0!51=1!$3)/'3#3.1!&)!10!1(!$3)71/&)!/)8)!10!(#!/)0.&3'//-D0M!8#0&10-8-10&)!7!/)0.139#/-D0!51!().!8-.8).+!!O-A'&=)A!)2&',/2')A`!Y#3&1!51!().!31.-5').!'3=#0).!21013#5#!10!().!15-L-/-).M!/)0!1

  • !!

    !!

    "#$!"%&'()!#*+,'+)!&-!./!$&'0'+/+'%,!

    !!1/23-!44!!

    !5)+67-,3)8!9:8'+)8!!!!"#$%&!! %'()*+,-,!'./*)0/)*-1!!!"#$%&!2&! %'()*+,-,!'./*)0/)*-13!200+45'.!'5!1-!',+6+0-0+75!!!"#$%&!8!! %'()*+,-,!'./*)0/)*-13!8+9+'5/4.!!!"#$%&!2!! %'()*+,-,!'./*)0/)*-13!20'*4!!!"#$%&!:!! %'()*+,-,!'./*)0/)*-13!:;! %'()*+,-,!'5!0-.4!,'!+50'5,+4!!!"#$%?! %'()*+,-,!,'!)/+1+@-0+75!!!"#$A%! %-1)?!!!

    !

  • !

  • !!Marzo 2006!

    !

    ""#$%&'("!#)*+#"!$%!!

    $&'()*+,+!&-.)(/.(),0!!,-!.! /&*+*(&'#+0!1!&*(02+3+404!,-!5! 67(+($4!03!*&89+#+"!!!!!!!!!!!!!!!!!

  • :"#$%&'("!#)*+#"!$%!,&;$8+404!-*(8$#($803!

    !,-!12.)3+(//*42!

    1! 567&.3!-*(&!:"#$%&'("!=)*+#"!>:=?!(+&'&!7"8!"2@&("!&*(023&8!8&;30*!1!78"#&4+%+&'("*!A$&!7&8%+(0'!#$%73+8!30*!&B+;&'#+0*!2)*+#0*!4&!*&;$8+404!&*(8$#($803C!D0!#"88(0!073+#0#+E'!4&3!#"'@$'("!4&3!:=!*$7"'&!A$&!*&!*0(+*F0#&!&3!8&A$+*+("!2)*+#"!G,&;$8+404!&*(8$#($803HC!!I0'("!&3!"2@&(+9"!4&3!8&A$+*+("!2)*+#"!G,&;$8+404!&*(8$#($803HJ!#"%"!30*!&B+;&'#+0*!2)*+#0*!*&!&*(023&'!&'!&3!08(K#$3"!.L!4&!30!M08(&!N!4&!&*(&!OI-!1!*"'!3"*!*+;$+&'(&*P!

    !

    8).9/(03!:;%&'(&)*+'#!,*&-!.*)/%*/)+0-+"!%/+"&-F8&'(&!0!30*!+%%#&,!.-!!#,$0/!,%#+.-()!1#.#20!.!0!30*!A$&!7$&40!&*(08!*"%&(+4"!4$80'(&!*$!%&,.*)/%%#3,!1!/.&!()!1#.*&C!

    5C! M080!*0(+*F0#&8!&*(&!"2@&(+9"J! 3"*!!"#$#%#&.! *&!78"1(08)'J! F028+#08)'J!#"'*(8$+8)'!1!%0'(&'48)'!4&!F"8%0!A$&! #$%730'! #"'! $'0! F+02+3+404!04$040- 30*! &B+;&'#+0*! 2)*+#0*! A$&! *&! &*(023&'! &'! 3"*!0708(04"*!*+;$+&'(&*C!

    RC! D"*!:"#$%&'("*! =)*+#"*! G:=-*/,!$%!:A!B&-*-.&2/*,!C!&-.,6*0*+,+!D0!8&*+*(&'#+0!1!30!&*(02+3+404!*&8)'!30*!04$040*!7080!A$&!'"!*&!;&'&8&'!)#!.4&.-+'4&2+4"*J-4&!F"8%0!A$&!*&!%0'(&';0!30!8&*+*(&'#+0!1!30!&*(02+3+404!F8&'(&!0!30*!+%%#&,!.-!-#,$0/!,%#+.-()!1#.#20!.-4$80'(&!30*!F0*&*!4&!%&,.*)/%%#3,!1!/.&.-()!1#.*&.!4&!3"*!!"#$#%#&.J!1!A$&!$'!&9&'("!&B(80"84+'08+"-'"!78"4$X#0!#"'M08(&!N?C!

    111! I)*.&)*3-!'&2&),0&-!+&!,E0*/,/*42!M$&4&'!$(+3+X08*&!"(80*!*"3$#+"'&*!4+F&8&'(&*!0!30*!#"'(&'+40*!&'!&*(&!:=J!&'!#$1"!#0*"!4&2&8)!*&;$+8*&!&3!78"#&4+%+&'("!&*(023+4"!&'!&3!08(K#$3"!Y!4&!30!708(&!N!4&!&*(&!OI-!1!4&2&8)!4"#$%&'(08*&!&'!&3!78"3&*101("/"*13"*1(+?"*1/&1&/+B+#+"*C1+'#3$*"1013"*1/&1#0.)#(&.1?."45+*+"'0361

    I1 ,&1/&'"%+'01#0?0#+/0/1?".(0'(&1013010?(+($/1/&1$'1&/+B+#+"1?0.010*&-$.0.C1#"'1301B+0>+3+/0/1.&A$&.+4/0C1 301&*(0>+3+/0/1/&31#"'F$'("1@1 301.&*+*(&'#+01'&*0.+0C1/$.0'(&1$'1(+&%?"1/&(&.%+'0/"C1/&'"%+4'0/"1 ?&.+"/"1 /&1 *&.5+#+"61 E01 0?(+($/1 /&1 0*&-$.0.1 &31 B$'#+"'0%+&'("1 /&1 301 ">.0C1 &31 #"'B".(1 /&1 3"*1$*$0.+"*1@1/&1%0'(&'&.1&310*?("15+*$03C1*&1/&'"%+'010?(+($/1031*&.5+#+"61

    J1 K1B03(01/&1+'/+#0#+"'&*1&*?DB+#0*C1#"%"1?&.+"/"1/&1*&.5+#+"1*&10/"?(0.)1LM10N"*1

    %/:!;)'.6),56,4('.!*5+,6*2+'.!64("?#$!.+#0141 !=4,24;1 ;0/&.0141 !=4,R1 ,&-$.+/0/1&'1#0*"1/&1+'#&'/+"1

    H1 !&>&.)'1(&'&.*&1&'1#$&'(0C10/&%)*C130*1&*?+B+#0#+"'&*1/&1301'".%0(+501*+-$+&'(&O141 SP,211 S".%01/&1#"'*(.$##+9'1*+*%"..&*+*(&'(&O1?0.(&1-&'&.031@1&/+B+#0#+9'141 2T21 R'*(.$##+9'1/&1U".%+-9'1&*(.$#($.03141 2QT21 R'*(.$##+9'1?0.01&31?."@("1@1 301&F$#+9'1/&1 B".F0/"*1$'+/+.#+"'03&*11

    /&1U".%+-9'1&*(.$#($.031.&03+G0/"*1#"'1&3&%&'("*1?.&B0>.+#0/"*111

    !!!

  • !"#$%&'("!")*+#"!#$!,&-$.+/0/12*(.$#($.031

    ,2141I1

    :!>46=1'(3*6,7(!

    :/%!>46=1'(3*6,7(!-'+!5)48'634!.010$(".+#&1%"/+B+#0#+"'&*1013"1?."@(0/"C13"1U0.)1#"'*(0.1&X?.&*0%&'(&1&'1&31E+>."1/&1Y./&'&*C1*+'1?&.F$+#+"1/&10?".(0.1/"#$%&'("*1-.)B+#"*10'&F"*101301"./&'C1A$&1&'1*$1/D01*&10N0/+.)'C1#"%"1?."#&/0C1?".10/&'/01"1*$*(+($#+9'C101301/"#$%&'(0#+9'1B+'031/&1">.01.&03+G04/061Z0.01&5+(0.1#"'B$*+"'&*C1*&1+'/+#0.)1#30.0%&'(&1&'13"*1/"#$%&'("*1/&31?."@("1".+-+'031A$&1.&4*$3(&'10B(0/"*1?".1&31#0%>+"C1A$&1*&1/&>&'1&'(&'/&.1*$*(+($+/"*1?".13"*10?".(0/"*C1@1&'1W*("*C13"*1/&31?."@("1A$&1A$&/0'10'$30/"*61

    :/%/%!@'14),*!\1 30*1*+%?3+B+#0#+"'&*1&B($0/0*1*">.&1&31&/+B+#+"1?0.01(.0'*B".%0.3"1&'1$'"1"150.+"*1%"/&3"*1/&1

    #)3#$3"C1A$&1*&1/&*#.+>+.)'1/&(0330/0%&'(&C1+'/+#0'/"1&31(+?"1&*(.$#($.0310/"?(0/"1?0.01&31#"'4F$'("1@1*$*1?0.(&*C1 30*1#0.0#(&.D*(+#0*1/&1 30*1*#+"'&*C1 (+?"1/&1#"'&X+"'&*1@1#"'/+#+"'&*1/&1*$*(&'(0#+9'[1

    #\1 30*1#0.0#(&.D*(+#0*1%)'+#0*1#"'*+/&.0/0*1?0.013"*1%0(&.+03&*1&*(.$#($.03&*1@1?0.01&31(&..&'"1A$&13"1*$*(&'(0C1"1&'1*$1#0*"10#(]01*">.&1&31&/+B+#+"[1

    /\1 301-&"%&(.D01-3">031^&*?+B+#0'/"130*1/+%&'*+"'&*101&F&*1/&1.&B&.&'#+0\1@1#$03A$+&.1&3&%&'("1A$&1?$&/010B(0.1031#"%?".(0%+&'("1"101301/$.0>+3+/0/1/&1301&*(.$#($.0[1

    &\1 30*1&X+-&'#+0*1.&30(+50*101301#0?0#+/0/1?".(0'(&1@1013010?(+($/1031*&.5+#+"C1+'#3$+/01301/$.0>+3+/0/C1*+1/+B+&.&'1/&130*1&*(0>3+/0*1&'1&*(&1/"#$%&'("[1

    B\1 30*10##+"'&*1#"'*+/&.0/0*C130*1#"%>+'0#+"'&*1&B($0/0*1@13"*1#"&B+#+&'(&*1/&1*&-$.+/0/1$(+3+4G0/"*[1

    -\1 /&1#0/01(+?"1/&1&3&%&'("1&*(.$#($.03C1301%"/03+/0/1/&10')3+*+*1&B($0/"1@13"*1%W("/"*1/&1#)34#$3"1&%?3&0/"*[1@1

    U\1 &'1*$1#0*"C1301%"/03+/0/1/&1#"'(."31/&1#03+/0/1?.&5+*("61,+1&31?."@("1*&1/&*0.."3301&'1/"*1B0*&*1^?."@("1>)*+#"1@1?."@("1/&1&F$#+9'\C1&'1&31?."@("1>)*+#"1*&1+'#3$+.)C1031%&'"*C1301+'B".%0#+9'1+'/+#0/01&'13"*1?$'("*10\1@1/\C10*D1#"%"130*10##+"'&*1/&10?3+#0#+9'1031#0*"C13"*1%0(&.+03&*1?.&5+*("*1@13"*1#"&B+#+&'(&*1/&1*&-$.+/0/10?3+#0>3&*61

    I1 E"*1 #)3#$3"*1 .&03+G0/"*1 #"'1 "./&'0/".1 *&1 #"%?3&(0.)'1 +/&'(+B+#0'/"1 3"*1 ?."-.0%0*1 +'B".%)(+#"*1$(+3+G0/"*1&'1#0/01$'01/&130*1?0.(&*1A$&1U0'1/0/"13$-0.101$'1(.0(0%+&'("1/+B&.&'#+0/"C1+'/+#0'/"1&31">F&("1@1&31#0%?"1/&10?3+#0#+9'1/&31?."-.0%01@1&X?3+#0'/"1#"'1?.+*+9'C1301.&?.&*&'(0#+9'1/&13"*1/0("*1+'(."/$#+/"*1@1&31(+?"1/&13"*1.&*$3(0/"*1-&'&.0/"*1?".1&31?."-.0%061

    :/%/:!;+*(4.!&'1*&.1*$B+#+&'(&%&'(&1?.+*"*1?0.01301

    &X0#(01.&03+G0#+9'1/&1301">.0C101#$@"*1&B("*1*&1?"/.)'1/&/$#+.1(0%>+W'1/&1&33"*13"*1?30'"*10$X+3+04.&*1/&1">.01"1/&1(033&.C1&'1*$1#0*"C1@130*1%&/+#+"'&*1A$&1U0'1*&.5+/"1/&1>0*&1?0.0130*1503".0#+"'&*1?&.(+'&'(&*61

    H1 E"*1?30'"*1 #"'(&'/.)'1 3"*1/&(033&*1'&*0.+"*1?0.01A$&1&31 #"'*(.$#(".C1 >0F"1 30*1 +'*(.$##+"'&*1/&31/+.(".1/&1">.0C1?$&/01&F$(0.1301#"'*(.$##+9'C1@1&'1?0.(+#$30.C13"*1/&(033&*1/&1$'+"'&*1@1'$/"*1&'4

  • !"#$%&'("!")*+#"!#$!,&-$.+/0/12*(.$#($.031

    !

    ,2141J1

    (.&1&3&%&'("*1&*(.$#($.03&*1@1&'(.&1W*("*1@1&31.&*("1/&13"*1/&1301">.0C130*1#0.0#(&.D*(+#0*1/&13"*1%0(&4.+03&*C1301%"/03+/0/1/&1#"'(."31/&1#03+/0/1?.&5+*("C1*+1?."#&/&C1@13"*1#"&B+#+&'(&*1/&1*&-$.+/0/10/"?4(0/"*1&'1&31#)3#$3"61

    I1 ,+1&31?."@("1*&1/&*0.."3301&'1/"*1B0*&*1^?."@("1>)*+#"1@1?."@("1/&1&F$#+9'\C13"*1?30'"*1/&31?."@("1>)*+#"1/&>&'1*&.13"1*$B+#+&'(&%&'(&1?.+*"*1?0.01301/&B+'+#+9'1/&31(+?"1&*(.$#($.031?.&5+*("1@1&31&*(0>3+%+&'("1/&130*1.&*&.50*1-&"%W(.+#0*1?0.01301.&03+G0#+9'1/&1301&*(.$#($.061

    :/%/A!;+,'B4!-'!64(-,6,4('.!3&*1013"*1?."/$#("*C1&A$+?"*1@1*+*(&%0*1@101301&F$#+9'1/&1#0/01$'+/0/1/&1">.061H1 R'#3$+.)130*1#"'/+#+"'&*1&'1301&F$#+9'1/&130*1">.0*1/&B+'+&'/"C1&'1*$1#0*"C1301%"/03+/0/1/&1#"'(."31

    /&1#03+/0/C1&31#"'(."31/&1.&?#+9'1&'1">.01/&1?."/$#("*C1&A$+?"*1@1*+*(&%0*C1&31#"'(."31/&1&F$#+9'1/&1301">.01@1&31#"'(."31/&1301">.01(&.%+'0/0C1&*(0>3+&'/"1301/"#$%&'(0#+9'1&X+-+>3&C13"*1/+*(+'(+5"*1/&1#03+/0/1"1&503$0#+"'&*1(W#'+#0*1/&1301+/"'&+/0/10/%+(+/"*1?0.01*$10#&?(0#+9'1@C1&'1*$1#0*"C13"*1&'*0@"*101.&03+G0.C1 3"*1#.+(&.+"*1/&10#&?(0#+9'1@1 .U0G"C1@1 30*10##+"'&*1010/"?(0.1&'1#0/01#0*"61K*+%+*%"C1*&1&*(0>3&.)1&31?30G"1/&1-0.0'(D01/&1#0/01#"%?"'&'(&611

    I1 ,+1?0.01$'01%+*%01">.01*&1?.&5W'1/+*(+'("*1 (+?"*1/&1$'1%+*%"1?."/$#("C1*&1/&(0330.)'1*&?0.0/04%&'(&1#0/01$'"1/&1&33"*C1+'/+#)'/"*&130*1G"'0*1&'1A$&1U0>.)'1/&1*&.1&%?3&0/"*61

    J1 2'1&31?3+&-"1*&1&X+-+.)C1#$0'/"1*&01"?".($'"1"1#$0'/"1&*(W1.&-30%&'(0/"C1301#"3"#0#+9'1&'1&313$-0.1/&1 301">.01A$&1&*?+B+A$&C1/&1$'01?30#01#"'1&31503".1%)X+%"1/&1 301*">..-010/%+*+>3&1?0.01&31$*"1/&1&*01G"'01/&31&/+B+#+"61

    :/:!>46=1'(3*6,7(!C,(*+!-'!+*!42)*!.01+'#3$+.)13"*1?30'"*1#"%?3&("*1/&1("/"*13"*1&3&%&'("*1@1?0.(&*1/&1301

    ">.0C1A$&1.&B3&F&'1#"'1?.+*+9'1301">.01.&03%&'(&1#"'*(.$+/0C10*D1#"%"1301/"#$%&'(0#+9'10#.&/+(0(+4501/&1A$&1&*1#"'B".%&1#"'1&31PV261

    H1 K*+%+*%"C1 +'#3$+.)1 301/"#$%&'(0#+9'10#.&/+(0(+501/&1A$&1*&1U0'1#$%?3+/"1 30*1&*?+B+#0#+"'&*1/&1#"'(."31/&1#03+/0/1&*?+B+#0/0*1&'1&31?."@("C1&'130*1+'*(.$##+"'&*1/&1301/+.#+9'1B0#$3(0(+501@1&'1&31PV261

    :/A!D(.3)=66,4('.!-'!=.4!8!5+*(!-'!1*(3'(,1,'(34!.&1$'01">.0C130*1+'*(.$##+"'&*1/&1$*"1+'#3$+.)'10A$&330*1A$&1

    .&*$3(&'1/&1+'(&.W*1?0.01301?."?+&/0/1@1?0.013"*1$*$0.+"*C1A$&1#"%"1%D'+%"1*&.)O10\1 30*10##+"'&*1?&.%0'&'(&*[11>\1 30*1*">..-0*1/&1$*"[11#\1 30*1/&B".%0#+"'&*10/%+(+/0*C1+'#3$+/0*130*1/&31(&..&'"C1&'1*$1#0*"[1/\1 30*1#"'/+#+"'&*1?0.(+#$30.&*1/&1$(+3+G0#+9'C1#"%"1&31.&*?&("10130*1*&N03&*1/&13+%+(0#+9'1/&1*"4

    >..-0C1"1&31%0'(&'+%+&'("1/&130*1%0.#0*1"1>"30./"*1A$&1/&B+'&'1G"'0*1#"'1.&A$+*+("*1&*4?+03&*1031.&*?("[1

    &\1 &'1*$1#0*"C130*1%&/+/0*10/"?(0/0*1?0.01.&/$#+.13"*1.+&*-"*1/&1(+?"1&*(.$#($.0361I1 231?30'1/&1%0'(&'+%+&'("C1&'1 3"1#"..&*?"'/+&'(&101 3"*1&3&%&'("*1&*(.$#($.03&*C1*&1&*(0>3&.)1&'1

    #"'#"./0'#+01#"'1 30*1>0*&*1/&1#)3#$3"1@1#"'1#$03A$+&.1 +'B".%0#+9'10/A$+.+/01/$.0'(&1 301&F$#+9'1/&1301">.01A$&1?$/+&.01*&.1/&1+'(&.W*C1&1+/&'(+B+#0.)O110\1 &31(+?"1/&13"*1(.0>0F"*1/&1%0'(&'+%+&'("10133&50.101#0>"[1>\1 3+*(01/&13"*1?$'("*1A$&1.&A$+&.0'1$'1%0'(&'+%+&'("1?0.(+#$30.[1#\1 &3103#0'#&C1301.&03+G0#+9'1@1301?&.+"/+#+/0/1/&13"*1(.0>0F"*1/&1#"'*&.50#+9'[1/\1 $'1?."-.0%01/&1.&5+*+"'&*61

    !

    !

    !

  • !"#$%&'("!")*+#"!#$!,&-$.+/0/12*(.$#($.031

    ,2141L1

    A!E(F+,.,.!'.3)=63=)*+!8!-'+!-,1'(.,4(*-4!

    A/%!&'(')*+,-*-'.!0#+9'1&*(.$#($.031/&1$'1&/+B+#+"1.&A$+&.&O11

    0\1 /&(&.%+'0.130*1*+($0#+"'&*1/&1/+%&'*+"'0/"1A$&1.&*$3(&'1/&(&.%+'0'(&*[1>\1 &*(0>3&.130*10##+"'&*1A$&1/&>&'1(&'&.*&1&'1#$&'(01@13"*1%"/&3"*10/$0/"*1?0.01301&*(.$#4

    ($.0[1#\1 .&03+G0.1&310')3+*+*1&*(.$#($.03C10/"?(0'/"1%W("/"*1/&1#)3#$3"10/$0/"*101#0/01?.">3&%0[1/\1 5&.+B+#0.1 A$&C1 ?0.01 30*1 *+($0#+"'&*1/&1/+%&'*+"'0/"1#"..&*?"'/+&'(&*C1 '"1 *&1 *">.&?0*0'1 3"*1

    &*(0/"*13D%+(&61H1 2'130*15&.+B+#0#+"'&*1*&1(&'/.)'1&'1#$&'(013"*1&B("*1/&31?0*"1/&31(+&%?"1^0##+"'&*1A$D%+#0*C1BD*+4

    #0*1@1>+"39-+#0*[10##+"'&*150.+0>3&*1.&?&(+/0*\1A$&1?$&/&'1+'#+/+.1&'1301#0?0#+/0/1?".(0'(&1"1&'13010?(+($/1031*&.5+#+"C1&'1#"'#"./0'#+01#"'1&31?&.+"/"1/&1*&.5+#+"611

    I1 E0*1*+($0#+"'&*1/&1/+%&'*+"'0/"1/&>&'1&'-3">0.1("/0*130*1#"'/+#+"'&*1@1#+.#$'*(0'#+0*1?.&5+*+>3&*1/$.0'(&1301&F$#+9'1@1301$(+3+G0#+9'1/&1301">.0C1(&'+&'/"1&'1#$&'(01301/+B&.&'(&1?.">0>+3+/0/1/&1#0/01$'061Z0.01 #0/01 *+($0#+9'1/&1 /+%&'*+"'0/"C1 *&1 /&(&.%+'0.)'1 30*1 #"%>+'0#+"'&*1/&10##+"'&*1A$&1/&>0'1#"'*+/&.0.*&61 1

    J1 E0*1*+($0#+"'&*1/&1/+%&'*+"'0/"1*&1#30*+B+#0'1&'1O10\1 ?&.*+*(&'(&*C1A$&1*&1.&B+&.&'10130*1#"'/+#+"'&*1'".%03&*1/&1$*"[1>\1 (.0'*+(".+0*C1A$&1*&1.&B+&.&'101$'0*1#"'/+#+"'&*10?3+#0>3&*1/$.0'(&1$'1 (+&%?"1 3+%+(0/"1^'"1*&1

    +'#3$@&'130*10##+"'&*10##+/&'(03&*\[11#\1 &X(.0"./+'0.+0*C1A$&1*&1.&B+&.&'101$'0*1#"'/+#+"'&*1&X#&?#+"'03&*1&'130*1A$&1*&1?$&/&1&'#"'4

    (.0.C1"10130*1A$&1?$&/&1&*(0.1&X?$&*("1&31&/+B+#+"1^0##+"'&*10##+/&'(03&*\611

    A/:!$.3*-4.!+G1,3'!+/"*10O10\1 ?W./+/01/&31&A$+3+>.+"1/&31&/+B+#+"C1"1/&1$'01?0.(&1&*(.$#($.03%&'(&1+'/&?&'/+&'(&C1#"'*+/&.0/"1

    #"%"1$'1#$&.?"1.D-+/"[1>\1 B033"1?".1/&B".%0#+9'1&X#&*+50C1(.0'*B".%0#+9'1/&1301&*(.$#($.01"1/&1?0.(&1/&1&3301&'1$'1%

    '+*%"C1."($.01/&1*$*1&3&%&'("*1&*(.$#($.03&*1^+'#3$+/"*13"*10?"@"*1@1301#+%&'(0#+9'\1"1/&1*$*1$'+"'&*C1"1 +'&*(0>+3+/0/1/&1&3&%&'("*1&*(.$#($.03&*1+'#3$@&'/"13"*1".+-+'0/"*1?".1&B("*1/&4?&'/+&'(&*1/&31(+&%?"1^#".."*+9'C1B0(+-0\61

    A/:/:!$.3*-4.!+G1,3'!-'!.')9,6,4!+&'&*(0.1/&13"*1

    $*$0.+"*1"1/&1(&.#&.0*1?&.*"'0*C1031#"..("1B$'#+"'0%+&'("1/&1/&31&/+B+#+"1"101 3010?0.+&'#+01/&1 301#"'*(.$##+9'61

    H1 E"*1&*(0/"*1 3D%+(&1/&1*&.5+#+"1?$&/&'1*&.1.&5&.*+>3&*1&1 +..&5&.*+>3&*61E01.&5&.*+>+3+/0/1*&1.&B+&.&10130*1#"'*$&'#+0*1A$&1&X#&/0'13"*13D%+(&*1&*?+B+#0/"*1#"%"10/%+*+>3&*C1$'015&G1/&*0?0.+/0*130*10##+"'&*1A$&130*1U0'1?."/$#+/"61

    I1 P"%"1&*(0/"*13D%+(&1/&1*&.5+#+"1/&>&'1#"'*+/&.0.*&13"*1.&30(+5"*10O110\1 30*1/&B".%0#+"'&*1^B3U0*C10*+&'("*1"1/&*?3"%&*\1A$&10B(&'101 3010?0.+&'#+01/&1 301">.0C1031

    #"'B".(1/&13"*1$*$0.+"*C1"1031B$'#+"'0%+&'("1/&1&A$+?"*1&1+'*(030#+"'&*[1

  • !"#$%&'("!")*+#"!#$!,&-$.+/0/12*(.$#($.031

    !

    ,2141_1

    >\1 30*15+>.0#+"'&*1A$&1#0$*&'1$'01B03(01/&1#"'B".(1/&130*1?&.*"'0*C1"1A$&10B(&'101301B$'#+"'03+4/0/1/&1301">.0[1

    #\1 3"*1/0N"*1"1&31/&(&.+"."1A$&1?$&/&'10B(0.1/&*B05".0>3&%&'(&1013010?0.+&'#+0C101301/$.0>+3+/0/1"101301B$'#+"'03+/0/1/&1301">.0611

    A/A!I*),*2+'.!2F.,6*.!

    A/A/%!&'(')*+,-*-'.!3&*1>)*+#0*C1A$&1.&?.&*&'(0'1#0'(+/0/&*1BD*+#0*1A$&1#0.0#(&.+G0'130*10##+"'&*C1+'B3$&'#+0*10%>+&'4(03&*C1?."?+&/0/&*1/&1%0(&.+03&*1@1/&31(&..&'"C1/0("*1-&"%W(.+#"*C1&(#61,+1301+'#&.(+/$%>.&10*"#+0/01#"'1$'0150.+0>3&1>)*+#01&*1+%?".(0'(&C1*&1#"'*+/&.0.)1#"%"150.+0>3&103&0(".+061

    H1 P$0'/"1*&1.&03+#&1$'015&.+B+#0#+9'1%&/+0'(&1%W("/"*1/&10')3+*+*1/&1301B+0>+3+/0/1*&-]'1&31K'&F"1P1?$&/&1&%?3&0.*&1/+.(0%&'(&1301.&?.&*&'(0#+9'1?.">0>+3+*(01/&130*150.+0>3&*611

    A/A/:!E66,4('.!

    A/A/:/%!J+*.,C,6*6,7(!-'!+*.!*66,4('.!\1 0##+"'&*150.+0>3&*1^a\O1,"'10A$&330*1A$&1?$&/&'10#($0.1"1'"1*">.&1&31&/+B+#+"C1#"%"130*1/&>+4/0*1031$*"1"130*10##+"'&*1#3+%)(+#0*61

    #\1 0##+"'&*10##+/&'(03&*1^K\O1,"'10A$&330*1#$@01?.">0>+3+/0/1/&1"#$..&'#+01&*1?&A$&N01?&."1/&1-.0'1+%?".(0'#+0C1#"%"1*+*%"C1+'#&'/+"C1+%?0#("1"1&X?3"*+9'61

    E0*1 /&B".%0#+"'&*1 +%?$&*(0*1 ^0*+&'("*C1 .&(.0##+9'C1 &(#6\1 *&1 #"'*+/&.0.)'1 #"%"1 0##+"'&*1 ?&.%04'&'(&*1"150.+0>3&*C10(&'/+&'/"101*$150.+0>+3+/0/61

    H1 E0*10##+"'&*1(0%>+W'1*&1#30*+B+#0'1?".O10\1 *$1'0($.03&G0O1&'1/+.(0*1"1+'/+.(0*[1>\1 *$150.+0#+9'1&*?0#+03O1&'1B+F0*1"13+>.&*[1#\1 301.&*?$&*(01&*(.$#($.03O1&'1&*()(+#0*1"1/+')%+#0*61

    I1 E01%0-'+($/1 /&1 301 0##+9'1 *&1 /&*#.+>&1 ?".1 /+5&.*"*1 503".&*1 .&?.&*&'(0(+5"*C1 /&?&'/+&'/"1 /&1 30*1/&%)*10##+"'&*1A$&1*&1/&>0'1#"'*+/&.0.1*+%$3()'&0*1#"'1&330C1(03&*1#"%"1503".1#0.0#(&.D*(+#"C1/&1#"%>+'0#+9'C1B.$&'(&1@1#0*+1?&.%0'&'(&61

    A/A/:/:!I*+4)!6*)*63')G.3,64!+3+/0/1/&1$'010##+9'1?&.%0'&'(&1?$&/01*&.1+%?".(0'(&1^#"'1$'1#"&B+#+&'(&1/&150.+0#+9'1*$?&.+".1&'(.&1MCML1@1MC3&10130150.+0#+9'1/&1/&1301%+*%0C1*&1#"'*+/&.04.)'1/"*1503".&*1#0.0#(&.D*(+#"*O1$'1503".1#0.0#(&.D*(+#"1*$?&.+".C1#"..&*?"'/+&'(&1031B.0#(+31/&31cLd1@1$'1503".1#0.0#(&.D*(+#"1+'B&.+".C1#"..&*?"'/+&'(&1031B.0#(+31LdC1*$?"'+&'/"1$'01/+*(.+>$#+9'1&*(0/D*(+#01'".%0361

    I1 Z0.01 3010##+9'1?&.%0'&'(&1/&>+/01031?.&(&'*0/"C1ZC1*&1?"/.)1/&B+'+.C1&'1#0/01 +'*(0'(&1 (C1$'1503".1#0.0#(&.D*(+#"1*$?&.+".C1ZbC*$?^(\C1@1$'1503".1#0.0#(&.D*(+#"1 +'B&.+".C1ZbC+'B^(\612'103-$'"*1#0*"*C1&31?.&4(&'*0/"1(0%>+W'1*&1?"/.)1.&?.&*&'(0.1?".1*$1503".1%&/+"C1Z%^(\61

    J1 P"%"1 503".1 #0.0#(&.D*(+#"1 /&1 30*1 0##+"'&*1 50.+0>3&*C1 abC1 *&1 0/"?(0C1 '".%03%&'(&C1 03-$'"1 /&1 3"*1*+-$+&'(&*1503".&*O10\1 $'1503".1*$?&.+".1"1+'B&.+".1#"'1$'01/&(&.%+'0/01?.">0>+3+/0/1/&1'"1*&.1*$?&.0/"1&'1$'1?&.+"4

    /"1/&1.&B&.&'#+01&*?DB+#"[1

  • !"#$%&'("!")*+#"!#$!,&-$.+/0/12*(.$#($.031

    ,214171

    >\1 $'1503".1'"%+'03C1&'13"*1#0*"*1&'13"*1A$&1*&1/&*#"'"G#01301#"..&*?"'/+&'(&1/+*(.+>$#+9'1&*(04/D*(+#061

    L1 2'1&31#0*"1/&130*10##+"'&*1#3+%)(+#0*C13"*1503".&*1#0.0#(&.D*(+#"*1&*()'1>0*0/"*1&'1$'01?.">0>+3+/0/10'$031/&1*&.1*$?&.0/"1/&1MCMHC13"1A$&1#"..&*?"'/&101$'1?&.+"/"1/&1.&(".'"1/&1LM10N"*611

    _1 E0*10##+"'&*10##+/&'(03&*1*&1.&?.&*&'(0'1?".1$'1503".1'"%+'03612*(&1503".1'"%+'031*&10*+%+30C1'".4%03%&'(&C1031503".1/&1#)3#$3"61

    A/A/:/A!K3)4.!9*+4)'.!)'5)'.'(3*3,94.!+'0#+9'1/&1$'010##+9'150.+0>3&1.&?.&*&'(01*$1+'(&'*+/0/1&'1#0*"1/&1A$&C1&'1$'1/&4

    (&.%+'0/"1?&.+"/"1/&1.&B&.&'#+0C10#(]&1*+%$3()'&0%&'(&1#"'1"(.010##+9'150.+0>3&C1&*(0/D*(+#0%&'(&1+'/&?&'/+&'(&C1#$@01+'(&'*+/0/1*&01&X(.&%0612'1&*(&1!=1*&1.&?.&*&'(01#"%"1&31503".1#0.0#(&.D*(+#"1%$3(+?3+#0/"1?".1$'1#"&B+#+&'(&1\M61

    H1 231503".1B.$&'(&1/&1$'010##+9'150.+0>3&1*&1/&(&.%+'01/&1%0'&.01A$&1*&01*$?&.0/"1/$.0'(&1&313&1"1B05".0>3&61

    I1 E"*1503".&*1/&1 30*1?."?+&/0/&*1/&1 3"*1%0(&.+03&*1"1/&1 3"*1?."/$#("*1?"/.)'1/&(&.%+'0.*&1&X?&.+4%&'(03%&'(&101(.05W*1/&1&'*0@"*61P$0'/"1*&01'&*0.+"C1*&10?3+#0.)1$'1B0#(".1/&1#"'5&.*+9'1#"'1&31 B+'1/&1&X(.0?"30.1 3"*1503".&*1&X?&.+%&'(03&*1&'1503".&*1A$&1 .&?.&*&'(&'1&31#"%?".(0%+&'("1/&31%0(&.+031"1/&31?."/$#("1&'1301&*(.$#($.01"1&'1&31(&..&'"61

    J1 E0*1?."?+&/0/&*1.&30(+50*101301.+-+/&G1&*(.$#($.03C1*&1.&?.&*&'(0'1?".1*$1503".1%&/+"61S"1">*(0'(&C1/&?&'/+&'/"1/&1301*&'*+>+3+/0/1/&31#"%?".(0%+&'("1&*(.$#($.031B.&'(&10130150.+0>+3+/0/1/&1&*(0*1#04.0#(&.D*(+#0*C1*&.)1'&*0.+"1&%?3&0.1503".&*1*$?&.+".&*1"1+'B&.+".&*1031503".1%&/+"1^?".1&F&%?3"1&'1&310')3+*+*1/&1?.">3&%0*1/&1+'&*(0>+3+/0/\612'1#$03A$+&.1#0*"C1*&1(&'/.)1&'1#$&'(01301/&?&'/&'#+01/&1&*(0*1?."?+&/0/&*1.&*?("1/&1301/$.0#+9'1/&13010?3+#0#+9'1/&130*10##+"'&*61

    L1 K1B03(01/&1?.&*#.+?#+"'&*1&'1"(."1*&'(+/"C1 30*1#0.0#(&.D*(+#0*1.&30(+50*101301/+30(0#+9'1(W.%+#01*&1.&4?.&*&'(0'1?".1*$1503".1%&/+"61

    A/L!@4-'+4.!5*)*!'+!*(F+,.,.!'.3)=63=)*+!

  • !"#$%&'("!")*+#"!#$!,&-$.+/0/12*(.$#($.031

    !

    ,2141:1

    H1 ,&1 ?"/.)'1 &*(0>3&.1 50.+"*1 %"/&3"*1 &*(.$#($.03&*C1 >+&'1 #"%?3&%&'(0.+"*C1 ?0.01 .&?.&*&'(0.1 30*1/+5&.*0*1?0.(&*1/&31&/+B+#+"C1"103(&.'0(+5"*C1?0.01.&?.&*&'(0.1%)*10#&.(0/0%&'(&1/+*(+'("*1#"%?".4(0%+&'("*1"1&B("*611

    I1 ,&1$*0.)'1%"/&3"*1&*?DB+#"*1&'130*1G"'0*1*+'-$30.&*1/&1$'01&*(.$#($.01&'130*1A$&1'"1*&0'10?3+4#0>3&*130*1U+?9(&*+*1#3)*+#0*1/&1301(&".D01/&1301.&*+*(&'#+01/&1%0(&.+03&*61

    J1 E0*1#"'/+#+"'&*1/&1>"./&1"1*$*(&'(0#+9'10?3+#0/0*101 3"*1%"/&3"*1/&>&.)'1&*(0.1&'1#"'#"./0'#+01#"'130*1?."@(0/0*61

    L1 ,&1(&'/.)'1&'1#$&'(01 3"*1&B("*1/&1 3"*1/&*?30G0%+&'("*1@1/&1 30*1/&B".%0#+"'&*1&'1#0*"1/&1A$&1?$&/0'1?."/$#+.1$'1+'#.&%&'("1*+-'+B+#0(+5"1/&13"*1&B("*1/&130*10##+"'&*61

    _1 231%"/&3"1?0.01301/&(&.%+'0#+9'1/&13"*1&B("*1/&130*10##+"'&*1/+')%+#0*1(&'/.)1&'1#$&'(01("/"*13"*1&3&%&'("*1*+-'+B+#0(+5"*1#"'1*$*1?."?+&/0/&*1^%0*0C1.+-+/&GC10%".(+-$0%+&'("C1.&*+*(&'#+0C1&(#\611

    71 231%"/&3"1(&'/.)1&'1#$&'(01301#+%&'(0#+9'1@1301#"'(.+>$#+9'1/&31(&..&'"1&'1&31#0*"1/&1A$&1301+'(&.0#4#+9'1&'(.&1(&..&'"1@1&*(.$#($.01*&01*+-'+B+#0(+5061

    :1 2310')3+*+*1&*(.$#($.031*&1?$&/&133&50.101#0>"1&X#3$*+50%&'(&1%&/+0'(&1%"/&3"*1(&9.+#"*1"1%&/+0'(&1%"/&3"*1(&9.+#"*1#"%?3&%&'(0/"*1#"'1&'*0@"*61

    A/N!I'),C,6*6,4('.!0'1(&'&.*&1

    &'1#$&'(0C1#"%"1/&B".%0#+"'&*1?.&5+0*1"1+%?$&*(0*C1"1+%?&.B#+"'&*61K*+%+*%"C1/&>&.)'1#"'*+4/&.0*&130*1/&*5+0#+"'&*1?.">0>3&*1&'130*1/+*?"*+#+"'&*1"1&'130*1/+.#+"'&*1/&130*10##+"'&*61

    H1 2'1&31%0.#"1/&31%W("/"1/&1 3"*1&*(0/"*1 3D%+(&C1&31#$%?3+%+&'("1/&1 30*1&X+-&'#+0*1&*(.$#($.03&*1*&1#"%?.">0.)1$(+3+G0'/"1&31B".%0("1/&13"*1#"&B+#+&'(&*1?0.#+03&*1^5W0*&10?0.(0/"1J\61K3(&.'0(+50%&'(&C130*1#"%?.">0#+"'&*1*&1?"/.)'1>0*0.1&'1$'010?3+#0#+9'1/+.(01/&13"*1%W("/"*1/&10')3+*+*1/&1B+0>+3+4/0/1^5W0*&1K'&F"1P\61

    !

  • !"#$%&'("!")*+#"!#$!,&-$.+/0/12*(.$#($.031

    ,214151

    %!&'()*)+,+)-.'/!0,/,1,/!'.!+-'*)+)'.2'/!3,(+),4'/!!

    %56!7'.'(,4)1,1'/!61 2'1 3017&.+8+#0#+9'1/&1 3"*1&*(0/"*1 3:%+(&1%&/+0'(&1#"&8+#+&'(&*1;0.#+03&*(&'+/"*101;0.(+.1/&1*$*1703".&*1#0.0#(&.:*(+#"*+'0#+"'&*1/&10##+"'&*101;0.(+.1/&1301&K;.&*+9'1

    t !

    \JJJJ6F 6+

    +L+3+=0/".0I

  • !"#$%&'("!")*+#"!#$!,&-$.+/0/12*(.$#($.031

    !

    ,21413&*C1&'1503".1/&1#)3#$3"1#0*+1?&.%0'&'(&1^Ja1e1\H1e1ab1\612'1*+($0#+9'1&X(.0"./+'0.+0C1("/"*13"*1#"&B+#+&'(&*1/&1*&-$.+/0/1^J`CJZC1Ja*"'1+-$03&*101#&."1*+1*$1&B("1&*1B05".0>3&C1"101301$'+/0/1*+1&*1/&*B05".0>3&C1&'13"*1(W.%+'"*10'(&.+".&*61

    I1 2'1 3"*1#0*"*1&'1 3"*1A$&1 3010##+9'10##+/&'(031 *&01 3010##+9'1*D*%+#0C1 ("/0*1 30*10##+"'&*150.+0>3&*1#"'#"%+(0'(&*1*&1(&'/.)'1&'1#$&'(01#"'1*$1503".1#0*+1?&.%0'&'(&C1*&-]'1301&X?.&*+9'1

    t !

    \03&*1/&130*10##+"'&*1#.&'1%)*13&'(0%&'(&1A$&1&330*C13"*1#"&B+#+&'(&*1?0.4#+03&*1*&10?3+#0'1013"*1&B("*1/&130*10##+"'&*C1/&(&.%+'0/"*101?0.(+.1/&13"*1503".&*1.&?.&*&'4(0(+5"*1/&130*1%+*%0*61

    L/:/A!I*+4)!-'!6F+6=+4!-'!+*!)'.,.3'(6,*!

  • !"#$%&'("!")*+#"!#$!,&-$.+/0/12*(.$#($.031

    ,2141..-01*$?&.B+#+031/&1$*"1^P0(&-".D0*1*&-]'1!=4,24K2\! 1 x1 g"'0*1.&*+/&'#+03&*1^P0(&-".D01K\! MC71 MCL MCIx1 g"'0*10/%+'+*(.0(+50*^P0(&-".D01=\! MC7 MCL MCIx1 g"'0*1/&*(+'0/0*1031?]>3+#"1^P0(&-".D01P\! MC7 MC7 MC_x1 g"'0*1#"%&.#+03&*1^P0(&-".D01!\! MC7 MC7 MC_x1 g"'0*1/&1(.)B+#"1@1/&10?0.#0%+&'("1/&15&UD#$3"*13+-&."*1#"'1$'1?&*"1("(031

    +'B&.+".101IM1bS1^P0(&-".D01Q\!MC7 MC7 MC_

    x1 P$>+&.(0*1(.0'*+(0>3&*1^P0(&-".D01`\1 ^+&.(0*10##&*+>3&*1]'+#0%&'(&1?0.01%0'(&'+%+&'("1^P0(&-".D01T\1 S+&5&1

    x1 ?0.0103(+($/&*1h13&*1/&31(&..&'"1 MC71 MC71 MC711111111111111^3&*C1*&10/"?(0.)'13"*1503".&*1#"..&*?"'/+&'(&*1031$*"1/&*/&1&31A$&1*&10##&/&61

    L/A!E53,3=-!*+!.')9,6,4!

    L/A/%!I'),C,6*6,4('.!.04

    #+"'&*1"1&31/&(&.+"."C1*+1*&1#$%?3&C1?0.0130*1*+($0#+"'&*1/&1/+%&'*+"'0/"1?&.(+'&'(&*C1A$&1&31&B("1/&130*10##+"'&*1'"103#0'G01&31503".13D%+(&10/%+*+>3&1&*(0>3+/"1?0.01/+#U"1&B("61

  • !"#$%&'("!")*+#"!#$!,&-$.+/0/12*(.$#($.031

    !

    ,21413&*C1*&1/&(&.%+4'0'1%&/+0'(&1#"%>+'0#+"'&*1/&10##+"'&*C1/&31(+?"1/&'"%+'0/"1#0.0#(&.D*(+#0C101?0.(+.1/&1301&X?.&4*+9'11

    t !

    \3&*C1*&1/&(&.%+4'0'1%&/+0'(&1#"%>+'0#+"'&*1/&10##+"'&*C1/&31(+?"1/&'"%+'0/"1B.$&'(&C101?0.(+.1/&1301&X?.&*+9'11

    t !

    \\+'0#+"'&*1/&10##+"'&*C1/&31(+?"1/&'"%+'0/"1#0*+1?&.%0'&'(&C101?0.(+.1/&1301&X?.&*+9'11

    t t

    \3&*C1&'1503".1#0*+1?&.%0'&'(&1^1\H1ab1\611

    L/A/A!>'C4)1*6,4('.!

    L/A/A/%!U+'6V*.!.01/&31&3&%&'("C1301B3U01.&30(+501&*1%&'".1A$&O10\1 +A$&*1 B.)-+3&*1 ^#"%"1 3"*1/&1-.0'1 B".%0("C1 .0*+33"'&*C1"1?30#0*\1"1?05+4

    %&'("*1.D-+/"*1*+'1F$'(0*[1>\1 +A$&*1"./+'0.+"*1"1?05+%&'("*1.D-+/"*1#"'1F$'(0*[1#\1 +'0#+9'1/&10##+"'&*1#0.0#(&.D*(+#0C1#"'*+/&.0'/"1*"30%&'(&1 30*10##+"'&*1/&1#".(01/$.0#+9'C1 301 B3U01.&30(+50C1&*1%&'".1A$&1

  • !"#$%&'("!")*+#"!#$!,&-$.+/0/12*(.$#($.031

    ,21413&*1^?".1&F&%?3"1(0>+A$&*C1?05+%&'("*\1.&0##+"'0'1/&1%0'&.01*&'*+>3&1B.&'(&10130*1/&B".%0#+"'&*1^B3U0*1"1/&*?30G0%+&'("*1U".+G"'(03&*\1/&1301&*(.$#($4.01 ?".(0'(&C1 0/&%)*1 /&1 301 3+%+(0#+9'1 /&1 30*1 /&B".%0#+"'&*1 *&1 0/"?(0.)'1 %&/+/0*1 #"'*(.$#(+50*10?."?+0/0*1?0.01&5+(0.1/0N"*612*(0*1%&/+/0*1.&*$3(0'1?0.(+#$30.%&'(&1+'/+#0/0*1*+1/+#U"*1&3&%&'4("*1(+&'&'1$'1#"%?".(0%+&'("1B.)-+361

    L/A/A/:!>'.5+*S*1,'(34.!V4),S4(3*+'.!.0C1 *&10/%+(&1A$&1 301&*(.$#($.01-3">031 (+&'&1*$B+#+&'(&1.+-+/&G1 30(&.03C1 *+1 0'(&1 #$03A$+&.1 #"%>+'0#+9'1 /&1 0##+"'&*1 #0*+1 ?&.%0'&'(&C1 &31 /&*?3"%&1 .&30(+5"1^5W0*&1B+-$.01J6.0#+"'&*1/&>+/0*1010##+"'&*1/+')%+#0*C1*+1 301 B.&4

    #$&'#+01/&13010##+9'1/+')%+#01^B.$&'#+01/&1&X#+(0#+9'\1*&10?0.(01*$B+#+&'(&%&'(&1/&1*$*1B.$&'4#+0*1?."?+0*61

    H1 2'1&31#)3#$3"1/&1301B.$&'#+01?."?+01*&1(&'/.)'1&'1#$&'(0130*1?"*+>3&*1#"'(.+>$#+"'&*1/&13"*1#&..04%+&'("*C1 *&?0.0#+"'&*C1 (0>+A$&.D0*C1 .&5&*(+%+&'("*C1 *"30/"*1 @1 "(."*1 &3&%&'("*1 #"'*(.$#(+5"*C1 0*D1#"%"1301+'B3$&'#+01/&130150.+0#+9'1/&31%9/$3"1/&1&30*(+#+/0/1@C1&'1&31#0*"1/&13"*1&3&%&'("*1/&1U".4%+-9'C1301/&1301B+*$.0#+9'61

    I1 ,+130*15+>.0#+"'&*1?$&/&'1?."/$#+.1&31#"30?*"1/&1301&*(.$#($.01?".(0'(&1^?".1&F&%?3"1/&>+/"101B&'94%&'"*1/&1.&*"'0'#+0C1"101301?W./+/01/&1301.&*+*(&'#+01?".1B0(+-0\1*&1(&'/.)1&'1#$&'(01&'13015&.+B+#04#+9'1/&1301#0?0#+/0/1?".(0'(&C1(031#"%"1*&1&*(0>3&1&'1&31!=1.&*?(+5"61

    J1 ,&10/%+(&1A$&1$'01?30'(01/&1?+*"1*$*#&?(+>3&1/&1*$B.+.15+>.0#+"'&*1?".1&B("1.D(%+#"1/&130*1?&.*"4'0*C1&*1*$B+#+&'(&%&'(&1.D-+/0C1*+1301B.$&'#+01?."?+01&*1%0@".1/&O1

    1 1 0\1 :1U&.(G+"*C1&'1-+%'0*+"*1@1?"3+/&?".(+5"*[11 1 >\1 71U&.(G+"*1&'1*030*1/&1B+&*(01@13"#03&*1/&1?]>3+#01#"'#$..&'#+01*+'10*+&'("*1B+F"*[11 1 #\1 ICJ1U&.(G+"*1&'13"#03&*1/&1&*?()#$3"*1#"'10*+&'("*1B+F"*61

  • !"#$%&'("!")*+#"!#$!,&-$.+/0/12*(.$#($.031

    !

    ,2141)*+#"*1/&1*&-$.+/0/1&*(.$#($.031/&13"*1/+B&.&'(&*1%0(&.+03&*1@1&'1301R'*(.$##+9'1/&1U".4%+-9'1&*(.$#($.0312T21*&1&*(0>3&'130*1%&/+/0*1&*?DB+#0*1#"..&*?"'/+&'(&*611

    I1 2'1&31%W("/"1&X?3D#+("C130*10##+"'&*1A$D%+#0*C1BD*+#0*1"1>+"39-+#0*1*&1+'#3$@&'1/&1B".%01&X?3D#+(01&'13015&.+B+#0#+9'1/&13"*1&*(0/"*13D%+(&1]3(+%"*1@1/&1,&.5+#+"61Z0.01&33"C1/+#U0*10##+"'&*1*&1.&?.&*&'(04.)'1%&/+0'(&1%"/&3"*10/$0/"*1A$&1?&.%+(0'1/&*#.+>+.1*$*1&B("*1&'1&31#"%?".(0%+&'("1&*(.$#4($.03612*("*1%"/&3"*1/&?&'/&'1/&130*1#0.0#(&.D*(+#0*1@1/&13"*1%0(&.+03&*1/&1301&*(.$#($.0C10*D1#"%"1/&1*$1&X?"*+#+9'611

    L/L/:!U*3,B*!

    L/L/:/%!;),(6,5,4.!0.1&31&*(0/"13D%+(&1/&1B0(+-0C1*035"1?".13"1A$&1

    .&*?(01013"*1&3&%&'("*1&*(.$#($.03&*1+'(&.'"*1/&13"*1&A$+?"*1/&1&3&50#+9'611H1 E01#"%?.">0#+9'101B0(+-01/&1"(."*1&3&%&'("*1*"%&(+/"*1010##+"'&*150.+0>3&*1.&?&(+/0*1?."#&/&'(&*1

    /&1%0A$+'0.+0*C1"3&0F&C1#0.-0*1/&1(.)B+#"1@15+>.0#+"'&*1?."/$#+/0*1?".1&