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+PVTQFWEEKÎPCN %CDNGCFQ' %CDNGCFQ'UVTWEVWTCFQ UVTWEVWTCFQ

EQNQEC EQNQECT T WP FTGPCL FTGPCLG G FGDCLQ FGDCLQ FG NQU NQU FGVGEV FGVGEVQTG QTGU U FG JWOQ JWOQ RCTC RCTC GXKVCT GXKVCT KPWPFCEKQPGUGPGNEWCTVQ

'SWKRQUFG%CNGHCEEKÎP8GPVKNCEKÎP[#KTG#EQPFKEKQPCFQ*8#% 'UVQUGSWKRQUFGDGPUGTRTQXGÈFQURCTCHWPEKQPCTJQTCURQTFÈC[ FÈCURQTCÌQ5KGNUKUVGOCFGNGFKHKEKQPQCUGIWTCWPCQRGTCEKÎP EQPVKPWCWPCWPKFCFKPFGRGPFKGPVG5VCPF#NQ EQPVKPWCWPCWPKFCFKPFGRGPFKGPVG5VCPF#NQPGFGDG PGFGDG UGTKPUVCNCFC RCTCGNEWCTVQFGGSWKRQU .C VGOR VGORGT GTCV CVWT WTC C [ NC JWOG JWOGFC FCF F FGDG FGDGP P UGT UGT EQPV EQPVTQ TQNC NCFC FCU U GPVT GPVTG G WPQU WPQU TCPIQUFG%Cm%EQPWPCJWOGFCFFGNCN'SWKRQU FG JWOG JWOGFK FKHK HKEC ECEK EKÎP ÎP [ FGUJW FGUJWOG OGFK FKHK HKEC ECEK EKÎP ÎP RWGF RWGFGP GP UGT TGSW TGSWGT GTKF KFQU QU FGRGPFKGPFQFGNCUEQPFKEKQPGUCODKGPVCNGUFGNNWICT .C VGORGT VGORGTCVW CVWTC TC CODKGP CODKGPVG VG [ NC JWOGFC JWOGFCF F FGDGP FGDGP UGT OGFKFC OGFKFCU U C WPC FKUVCPEK FKUVCPEKCFGOGVTQUUQDTG CFGOGVTQUUQDTGGNPKXGNFGNRKUQ[FGURWÃU GNPKXGNFGNRKUQ[FGURWÃUFGSWGNQU FGSWGNQU GSWKRQUGUVÃPGPQRGTCEKÎP 5K UG WVKN WVKNK\ K\CP CP DCVG DCVGTÈ TÈCU CU RCTC RCTC DCEM DCEMWR WR  UG FGDG FGDGP P KPUV KPUVCN CNCT CT GSWK GSWKRQ RQU U CFGEWCFQUFGXGPVKNCEKÎP

#ECDCFQU+PVGTKQTGU 'N RKUQ RKUQ  NCU NCU RCTG RCTGFG FGU U [ GN VGEJ VGEJQ Q FGDG FGDGP P UGT UGT UGNN UGNNCF CFQU QU RCTC RCTC TGFW TGFWEK EKT T GN RQNXQ.QU RQNXQ.QU CECDCFQU CECDCFQU FGDGP UGTFGEQNQTGUNWOKPQUQURCTCCWOG UGTFGEQNQTGUNWOKPQUQURCTCCWOGPVCT PVCT NCKNWOKPCEKÎPFGNEW NCKNWOKPCEKÎPFGNEWCTVQ'NOC CTVQ'NOCVGTKCNFGNR VGTKCNFGNRKUQFGDGVGPGT KUQFGDGVGPGTRTQRKGFCFGU RTQRKGFCFGU CPVKGUV¶VKECU

 +NWOKPCEKÎP .CKNW .C KNWOKP OKPCE CEKÎP KÎP FGDG FGDG VGPGT VGPGTWP WPOÈP OÈPKOQ KOQ FG FG  NZ OGFKFC OGFKFC  OGVTQ OGVTQ UQDTGGNRKUQGPWPNWICTNKDTGFGGSWKRQU.CKNWOKPCEKÎPFGDGUGT EQPVTQNCFCRQTWPQQO¶UUYKVEJGUNQECNK\CFQUEGTECFGNCRWGTVCFG GPVTCFCCNEWCTVQ

 'PGTIÈC 5GFGDGKPUVCNCTWPEKTEWKVQUGRCTCFQRCTCUWRNKTFGGPGTIÈCCNEWCTVQ FGGSWKRQU[ FGGSWKRQU[ FGDGVGTOKPCT FGDGVGTOKPCTGPUW GPUWRTQRK RTQRKQRCPGN QRCPGNGNÃEVTK GNÃEVTKEQ.CGPGTIÈ EQ.CGPGTIÈC C GNÃEVTKECSWGNNGIWGCNEWCTVQPQUGGURGEKHKEC[CSWGFGRGPFGFGNQU GSWKRQUKPUVCNCFQU

2WGTVC .CRWGTVCFGDGVGPGTWPOÈPKOQFGOKN .CRWGTVCFGDGVGPGTWPOÈPKOQFGOKNÈOGVTQUFGCPE ÈOGVTQUFGCPEJQ[ JQ[ OKNÈOGVTQUFGCNVQ[EQPVGPGTWPCEGTTCFWTC5KUGGUVKOCSWGXCPC

































+PVTQFWEEKÎPCN%CDNGCFQ'UVTWEVWTCFQ

NNGICT NNGICT GSWKRQ GSWKRQU U OW[ ITCPFG ITCPFGU U UG FGDG FGDG KPUVC KPUVCNCT NCT WPC RWGTVC RWGTVC FQDNG FQDNG FG OKNÈOGVTQUFGCPEJQR OKNÈOGVTQUFGCPEJQRQTOK QTOKNÈOGVTQUFGCNV NÈOGVTQUFGCNVQ Q

 2QNQC6KGTTC 5GFGD 5G FGDG G KPUVC KPUVCNCT NCT WPEQPFWEVQ WPEQPFWEVQ FGFGUFG FGFGUFG GNEWCTVQ GNEWCTVQFGGSWKR FGGSWKRQU QU JCUVCGNGEVTQFQCVKGTTCFGN JCUVCGNGEVTQFQCVKGTTCFGNGFKHKEKQ GFKHKEKQ

 'ZVKPIWKFQTGUFG(WGIQ 'ZVKPIWKFQTGUFG(WGIQ 5G FGDG FGDGP P RTQX RTQXGG GGT T GZVK GZVKPI PIWK WKFQ FQTG TGU U FG HWGI HWGIQ Q RQTV RQTV¶V ¶VKN KNGU GU [ JCEG JCEGTN TNGU GU OCPVGPKOKGPVQRGTKÎFKECOGPVG'UVQUFGDGPUGTKPUVCNCFQUVCPEGTEC CNCRWGTVCEQOQUGCRQUKDNG

 %7#461&''064#& %7#461&''064#&#&'5'48 #&'5'48+%+15 +%+15 .CGPVTCFCFGUGTXKEKQURTQXGGGNRWPVQGPGNEWCNGNECDNGCFQGZVGTPQUG WPG WPG EQP GN ECD ECDNGC NGCFQ XGTV XGTVKKECN ECN $CEM $CEMDQ DQPG PG KPVGT PVGTPQ PQ FGN GFK GFKHKE HKEKQ KQ .QU .QU TGSW TGSWGT GTKO KOKG KGPV PVQU QU HÈUK HÈUKEQ EQU U FG FKEJ FKEJC C KPVG KPVGTH THCE CEG G GUV¶P GUV¶P FGHK FGHKPK PKFQ FQU U GP NC PQTO PQTOC C '+#6+# 'UVGEQPUKUVGGPWPCGPVTCFCFGUGTXKEKQUFGVGNGEQOWPKECEKQPGUCNGFKHKEKQ NC EWCN EWCN KPEN KPENW[ W[G G GN RWPV RWPVQ Q FG GPVT GPVTCF CFC C C VTCX VTCXÃU ÃU FG NC RCTG RCTGF F FGN FGN GFKH GFKHKE KEKQ KQ [ EQPV EQPVKP KPWC WCPF PFQ Q CN EWCT EWCTVQ VQ Q ¶TGC ¶TGC FG GPVT GPVTCF CFC C .C GPVT GPVTCF CFC C CN GFKH GFKHKE KEKQ KQ FGDG FGDG EQPVGPGTNCTWVCFGN$CEMDQ EQPVGPGTNCTWVCFGN$CEMDQPGSWG PGSWGKPVG KPVGTEQP TEQPGEVC GEVC EQPNQUQVTQUGFKHKEK EQPNQUQVTQUGFKHKEKQUFGN QUFGN ECORWU'PECUQFGWPCEQOWPKE ECORWU'PECUQFGWPCEQOWPKECEKÎPCVT CEKÎPCVTCXÃUFGWPCCPV CXÃUFGWPCCPVGPCÃUVCVCOD GPCÃUVCVCODKÃP KÃP RGTVGPGEGCNCGPVTCFCCN RGTVGPGEGCNCGPVTCFCCNGFKHKEKQ GFKHKEKQ



































































3 3QQ``ddee\\__ 99FF** 3 3QQRR\\UUQQTT__ UUccddbbeeSSddeebbQQTT__ UU^^ bbUUTTUUcc TTUU V V YYRRbbQQ ``ddYYSSQQ  (+$4 (+$4# # ¦26+% 6+%#  #PVGEGFGPVGU[5KV #PVGEGFGPVGU[5KVWCEKÎP#E WCEKÎP#EVWCN VWCN 'P RQEQ RQEQ O¶U O¶U FG FKG\ FKG\ CÌQU CÌQU NC HKDT HKDTC C ÎRVK ÎRVKEC EC UG JC EQPX EQPXGT GTVK VKFQ FQ GP WPC WPCFG FG NCU NCU VGEPQNQIÈCUO¶UCXCP\CFCUSWGUGWVKNK\CPEQOQOGFKQFGVTCPUOKUKÎPFG KPHQTOCEKÎP 'UVG OCVGTKCN XKPQ C TGXQNWEKQPCT NQU RTQEGUQU UQU FG NCU VGNGEQOWPKECEKQPGUGPVQFQUNQUUGPVKFQUFGUFGNQITCTWPCOC[QTXGNQEKFCF GP NC VTCPUOK UOKUKÎP [ FKUOK UOKPWKT ECUK GP UW VQVCNKFCF NQU TWKFQU [ NCU KPVG KPVGTH THGT GTGP GPEK EKCU CU JCUV JCUVC C OWNV OWNVKR KRNK NKEC ECT T NCU NCU HQTO HQTOCU CU FG GPXÈ GPXÈQ Q [ TGEG TGEGRE REKÎ KÎP P GP NCU NCU EQOWPKECEKQPGURQTXÈCVGNGHÎPKEC .CUHKDTCUÎRVKECUUQPHKNCOG .CUHKDTCUÎRVKECUUQPHKNCOGPVQUFGXKFTKQFGCNVCRWTG\C PVQUFGXKFTKQFGCNVCRWTG\CGZVTGOCFC GZVTGOCFCOGPVG OGPVG EQORCE EQORCEVQU VQU GNITQUQ GNITQUQT T FGWPC HKDTC HKDTC GUUKOKNCTC GUUKOKNCTC NC FGWP ECDGNN ECDGNNQ QJWO JWOCPQ CPQ  (CD (CDTKEC TKECF FCU C CNVCU VCU VGORG GORGTTCVW CVWTCU TCU EQP EQP DCUG DCUG GP UKN UKNKEKQ EKQ UW RTQEG TQEGUQ UQ FG GNCDQTCEKÎPGU GNCDQTCEKÎPGU EQPVTQNCFQRQTOGFKQFG EQPVTQNCFQRQTOGFKQFGEQORWVCFQTC EQORWVCFQTCURCTCRGTOK URCTCRGTOKVKTSWGGN VKTSWGGN ÈPFKEGFGTGHTCEEKÎPFGUWPÕENGQSWGGUNCIWÈCFGNCQPFCNWOKPQUCUGC WPKHQTOG WPKHQTOG [ GXKVG NCU FGUXKCEKQ FGUXKCEKQPGU PGU 'PVTG UWU RTKPEKRC RTKPEKRCNGU NGU ECTCEVGT ECTCEVGTÈUVKE ÈUVKECU CU UG RWGFGOGPEKQPCTSWGUQPEQORCEVCUNKIGTCUEQPDCLCURÃTFKFCUFGUGÌCN CORNKCECRCEKFCFFGVTCPUOKUKÎP[WPCNVQITCFQFGEQPHKCDKNKFCFFGDKFQC SWGUQPKPOWPGUCNCUKPVGTHGTGPEKCUGNGEVTQOCIPÃVKECUFGTCFKQHTGEWGPEKC .CUHKDTCUÎRVKECUPQ .CUHKDTCUÎRVKECUPQ EQPFWEGP EQPFWEGP UGÌCNGUGNÃEVTKE UGÌCNGUGNÃEVTKECURQTNQ CURQTNQ VCPVQUQP VCPVQUQP KFGCNGU KFGCNGU RCTCKPEQTRQT RCTCKPEQTRQTCTUGGP CTUGGPECDN ECDNGUUKP GUUKP PKPIÕPEQORQPG PKPIÕPEQORQPGPVGEQPFW PVGEQPFWEVKX EVKXQ[ Q[ RWGFGP RWGFGP WUCTUGGPEQPFKEKQPGURGNKITQUC WUCTUGGPEQPFKEKQPGURGNKITQUCUFGCNVCVGPUK UFGCNVCVGPUKÎP ÎP 6KGPGP 6KGPGP NC ECRCEK ECRCEKFCF FCF FG VQNGTC VQNGTCT T CNVCU CNVCU FKHGTG FKHGTGPEK PEKCU CU FG RQVGPE RQVGPEKCN KCN UKP PKPIÕ PKPIÕP P EKTEWKVQ EKTEWKVQ CFKEKQPC CFKEKQPCN N FG RTQVGEEK RTQVGEEKÎP ÎP [ PQ JC[RTQDN JC[ RTQDNGOCUFGDKFQ GOCUFGDKFQCNQU CNQUEQTV EQTVQU QU EKTEWK EKTEWKVQU VQU  6KGPG 6KGPGP P WPITC WP ITCP P CPEJQ CPEJQ FGDC FG DCPFC PFC  SWG RWGFG RWGFGUGT UGT WVKNK WVKNK\CF \CFQ Q RCTC RCTC KPETGOGPVCTNCECRCEKFCFFGVTCPUOKUKÎPEQPGNHKPFGTGFWEKTGNEQUVQRQT ECPCN&GGUVCHQTOCGUEQPUKFGTCDNGGNCJQTTQGPXQNWOGPGPTGNCEKÎPEQP NQUECDNGUFGEQDTG %QP WPECDNGFGUGKUHKDTCUUGRWGFGVTCPURQ WPECDNGFGUGKUHKDTCUUGRWGFGVTCPURQTVCTNCUGÌCNFGO¶U TVCTNCUGÌCNFGO¶U FGEKPEQ OKNECPCNGUQNÈPGCURTKPEKRCNGUOKGPVTCUSWGUGTGSWKGTGFGFKG\OKNRCTGU FGECDNGFGEQDTGEQPXGPEKQPCNRCTCDTKPFCTUGTXKEKQCGUGOKUOQPÕOGTQ FG WUWCTK WUWCTKQU QU EQP NCFGUXGPVCL NCFGUXGPVCLC C FGSW FG SWG G GUVG GUVG ÕNVKOQ ÕNVKOQ OGFKQQEWR OGFKQQEWRC C WPITCP GURCEKQGPNQUFWEVQU[TGSWKGTGFGITCPFGUXQNÕOGPGUFGOCVGTKCNNQEWCN VCODKÃPGNGXCNQUEQUVQU


































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%CDNGUGNÃEVTKEQU 2CTC 2CTC HTGE HTGEWG WGPE PEKC KCU U KPHG KPHGTK TKQT QTGU GU C   /*< /*< UG RWGF RWGFGP GP WVKN WVKNK\ K\CT CT ECDN ECDNGU GU RCTC RCTC VTCPURQTVCTKPHQTOCEKÎP VTCPURQTVCTKPHQTOCEKÎPGPHQTOCFGUGÌCN GPHQTOCFGUGÌCNGUGNÃEVTKECU GUGNÃEVTKECU 'NRTKOGTVKRQFGECDNGWVKNK\CFQGUGNECDNGFGCWFKQ'UVCEQPUVKVWKFQRQT XCTK XCTKQU QU RCTG RCTGU U FG JKNQ JKNQU U ECFC ECFC WPQ WPQ FG NQU NQU EWCN EWCNGU GU RQUG RQUGG G FQU FQU EQPF EQPFWE WEVQ VQTG TGU U TGVQTE TGVQTEKFQ KFQU U FG EQDTG EQDTG Q CNWOK CNWOKPKQ PKQ TGEWD TGEWDKGT KGTVQ VQU U FG RQNKGV RQNKGVKN KNGPQ GPQ  'UVG 'UVG ECDNG ECDNG UG GORNGCRTKPEKRCNOGPVGGPVGNGHQPÈC


































UG RWGFG VTCPUOKVKT 'N ECDNG FG CWFKQ RTGUGPVC VCODKÃP QVTQU KPEQPXGPKGPVGUGUPQVCDNGUWUGPUKDKNKFCFCNCUXCTKCEKQPGUFGVGORGTCVWTC [CNJGEJQFGSWGWPCUGÌCNGNÃEVTKECSWGEKTEWNCGPWPRCTKPFWEGWPC UGÌCNRCT¶UKVCGPGNRCTXGEKP UGÌCNRCT¶UKVCGPGNRCTXGEKPQFKCHQP QFKCHQPÈC ÈC 'N UGIWP UGIWPFQ FQ VKRQ VKRQ FG ECDN ECDNG G GU GN ECDN ECDNG G EQCZ EQCZKC KCN N 'UVC 'UVC EQPU EQPUVK VKVW VWKF KFQ Q RQT RQT FQU FQU EQPFWE EQPFWEVQT VQTGU GU EQPEÃP EQPEÃPVTK VTKEQ EQU U SWG UG GPEWGP GPEWGPVTC VTCP P UGRCTC UGRCTCFQU FQU RQT WP GURCE GURCEKQ KQ NNGPQFGWPCKUNCPVGGNÃEVTKEQSWGRWGFGUGTCKTG'NEQPFWEVQTKPVGTPQGU WPJKNQOGV¶NKEQ[GNEQPFWEVQTGZVGTPQGUWPEKNKPFTQOGV¶NKEQ'NEKNKPFTQ GZVGTPQNKOKVCNCFKCHQPÈC[NCURGTVWTDCEKQPGUGNGEVTQOCIPÃVKECUGZVGTPCU 'UVGECDNGRTGUGPVCWPCCVGPWCEKÎPO¶UDCLCSWGGNRCTFGCWFKQ[CSWGNC CVGPWCEKÎ CVGPWCEKÎPUKGORTGXCTÈCGP PUKGORTGXCTÈCGP HWPEKÎPFGNC HWPEKÎPFGNC TCÈ\EWCFTCFC TCÈ\EWCFTCFC FGNCHTGEWGPEKC FGNCHTGEWGPEKC 'UVCGUFGNQTFGPFGRCTC-/FG 'UVCGUFGNQTFGPFGR CTC-/FGECDNGC ECDNGC/*<.QUEC /*<.QUECDNGUEQCZKCNG DNGUEQCZKCNGU U UGWVKNK\C UGWVKNK\CPTCTC PTCTC XG\ CO¶U FG/*<5G FG/*<5G QDUGTX QDUGTXCSWG CSWG VCPVQ VCPVQ RCTC RCTC GN ECDNGFGCWFKQEQOQRCTCGNECDNGEQCZKCNWPCFKUVCPEKCNCTICKORNKECWPC DCLC DCLC HTGE HTGEWG WGPE PEKC KC  Q SWG SWG WPC WPC CNVC CNVC HTGE HTGEWG WGPE PEKC KC EQTT EQTTGU GURQ RQPF PFG G C WPC WPC EQTV EQTVC C FKUVCP FKUVCPEKC EKC  'UVQ 'UVQ GU WP ITCP ITCP KPEQPX KPEQPXGPK GPKGPV GPVG G EWCPF EWCPFQ Q UG KPVGPV KPVGPVC C QDVGPG QDVGPGT T WP UKUVGOCFGVGNGEQOWPKECEKÎP UKUVGOCFGVGNGEQOWPKECEKÎPFGCNVCGHK FGCNVCGHKEKGPEKC EKGPEKC

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 6TCPUOKU 6TCPUOKUKÎP KÎP 2CTCNCVTCPUOKUKÎPFGUGÌCNGUNWOÈPKECUCVTCXÃUFGWPEQPFWEVQTFGHKDTCU ÎRVKE ÎRVKECU CU UG TGSWKG TGSWKGTGP TGP GP UW EQOKGP EQOKGP\Q \Q [ UW HKPCN HKPCNGNG GNGOGP OGPVQU VQU FG GOKUKÎ GOKUKÎP P [ TGEG TGEGRE REKÎ KÎP P CFGE CFGEWC WCFQ FQU U RCTC RCTC EQPX EQPXGT GTVK VKT T NCU NCU UGÌC UGÌCNG NGU U GNÃE GNÃEVT VTKE KECU CU GP ÎRVK ÎRVKEC ECU U [ XKEGXGTUC


































'NFGVGEVQTGUWPHQVQFKQFQSWGIGPGTCWPRWNUQGNÃEVTKEQGPGNOQOGPVQGP GNSWGTGEKDGWPTC[QFGNW\#NEQNQECTWP.'&QWPFKQFQN¶UGTGPGN GZV GZVTGOQ TGOQ FG WPC HKDTC DTC ÎRV ÎRVKEC KEC [ WP HQV HQVQFKQ QFKQFQ FQ GP GN QVTQ QVTQ UG VKGPG GPG WPC WPC VTCP VTCPUO UOKU KUKÎ KÎP P FG FCVQ FCVQU U WPKF WPKFKT KTGE GEEK EKQP QPCN CN SWG SWG CEGR CEGRVC VC WPC WPC UGÌC UGÌCN N GNÃE GNÃEVT VTKE KEC C NC EQPXKGTVG[NCVTCPUOKVGRQTOGFKQFGRWNUQUFGNW\[FGURWÃUTGEQPXKGTVG NCUCNKFCGPWPCUGÌCNGNÃE NCUCNKFCGPWPCUGÌCNGNÃEVTKECGPGN VTKECGPGNGZVTGOQTGEGRVQT GZVTGOQTGEGRVQT

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