Los Pequeños Misterios de Agra: unos misterios órficos de época de Pisístrato (Kernos 2005)

26
,

Transcript of Los Pequeños Misterios de Agra: unos misterios órficos de época de Pisístrato (Kernos 2005)

,FSOPT�������� �Q�������

��

-PT�1FRVF×PT�.JTUFSJPT�EF�"HSBT���

VOPT�NJTUFSJPT�ØSGJDPT�FO�ÏQPDB�EF�1JTÓTUSBUP�� ����3ÏTVNÏ��� -FT� 1FUJUT� .ZTUÒSFT� E�"HSB��� EFT� NZTUÒSFT� PSQIJRVFT� Ì� M�ÏQPRVF� EF� 1JTJTUSBUF�� -B�

QPTTJCJMJUÏ�EF�SFDPOOBÔUSF�EBOT�MFT�1FUJUFT�.ZTUÒSFT�E�"HSB�EFT�NZTUÒSFT�PSQIJRVFT�EÒT�MF�7*F�TJÒDMF�QFVU� T�BQQVZFS� TVS� EFT� TPVSDFT� MJUUÏSBJSFT� FU� JDPOPHSBQIJRVFT � FU� GBJSF� SÏGÏSFODF� BV� DPOUFYUF�IJTUPSJRVF�� $FUUF� IZQPUIÒTF� DPSSFTQPOE� CJFO� Ì� MB� TJUVBUJPO� TPDJP�DVMUVSFMMF� EF� M�ÏQPRVF� EFT�1JTJTUSBUJEFT� Pá� M�PO� WPJU� TF� EÏWFMPQQFS� MFT� DVMUFT� EF� %JPOZTPT � %ÏNÏUFS�(BJB�.FUFS� FU�1FSTÏQIPOF �BJOTJ�RVF�EFT�UFYUFT�DPNNF�DFVY�RVF�MB�USBEJUJPO�BUUSJCVF�Ì�0OPNBDSJUF��

"CTUSBDU��5IF�-JUUMF�.ZTUFSJFT�PG�"HSB��0SQIJD�.ZTUFSJFT�BU�UIF�UJNF�PG�1FJTJTUSBUPT��5IF�QPTTJCJM�JUZ�PG�SFDPHOJ[JOH�PSQIJD�FMFNFOUT�JO�UIF�-JUUMF�.ZTUFSJFT�PG�"HSB�BT�FBSMZ�BT�UIF��UI�DFOUVSZ�NBZ�CF�TVQQPSUFE�CZ�FWJEFODF�GSPN�MJUFSBSZ�BOE� JDPOPHSBQIJD�TPVSDFT�BT�XFMM�BT� GSPN�UIF�IJTUPSJDBM�DPOUFYU��5IJT�IZQPUIFTJT�UJFT�VQ�XJUI�UIF�TPDJP�DVMUVSBM�TJUVBUJPO�PG�1FJTJTUSBUJE�UJNFT�JO�XIJDI�XF�DBO� TFF� UIF� EFWFMPQNFOU� PG� UIF� DVMU� UP� %JPOZTVT� BOE� UIPTF� PG� %FNFUFS�(BJB�.FUFS� BOE�1FSTFQIPOF �BOE�UIF�GMPVSJTIJOH�PG�XSJUUFO�UFYUT�TVDI�BT�UIPTF�BUUSJCVUFE�UP�0OPNBDSJUPT��

*OUSPEVDDJ�

-B� JOBVHVSBDJØO� EF� MPT� 1FRVF×PT� .JTUFSJPT� EF� "HSBT� TF� IB� WFOJEP�BTPDJBOEP�EFTEF�IBDF�UJFNQP�DPO� MPT�1JTJTUSÉUJEBT �FTQFDJBMNFOUF�B�QBSUJS�EF�MPT� USBCBKPT� EF� +�� #PBSENBO

��� 4F� IB� SFTBMUBEP� FTQFDJBMNFOUF� MB� QSPQBHBOEB�

SFBMJ[BEB�QPS�FM�UJSBOP�EF�MB�GJHVSB�)FSBDMFT�FO�WBSJBT�EF�TVT�GBDFUBT �FOUSF�MBT�RVF�TF�FODVFOUSB�MB�EFM�IÏSPF�DPNP�JOJDJBEP�FO�&MFVTJT �FQJTPEJP�RVF�QSFDFEF�BM�EF�TV�LBUÉCBTJT �QSFWJB�QVSJGJDBDJØO�QPS�FM�BTFTJOBUP�EF�MPT�$FOUBVSPT �FO�MB�MPDBMJEBE�EF�"HSBT��-PT�1FRVF×PT�.JTUFSJPT� GVFSPO� JOTUBVSBEPT�QPS�%FNÏUFS �TFHÞO� WBSJBT� OBSSBDJPOFT � DPO� FTUB� GJOBMJEBE

��� &O� VO� USBCBKP� SFDJFOUF� IFNPT�

SFUPNBEP� FTUB� UFPSÓB� QBSB� QSPGVOEJ[BS� FO� MB� QPMÓUJDB� EF� 1JTÓTUSBUP� EF�JOUFHSBDJØO�FO�MB�DJVEBEBOÓB �FYQSFTBEP�P�SFGMFKBEP�EF�GPSNB�TJNCØMJDB�FO�MB�BQFSUVSB�EF�BMHVOBT�GJFTUBT�DÓWJDBT �DPNP�MPT�.JTUFSJPT��³TUPT�OP�TØMP�TF�IBDFO�BDDFTJCMFT� B� MPT� FYUSBOKFSPT� DPNÞONFOUF� BDFQUBEP� Z� BTVNJEP � TJOP�FTQFDJBMNFOUF� B� MBT� DMBTFT�NÉT�CBKBT�EF� MB�QSPQJB�"UFOBT � MPT� UIFUFT � RVF� TF�DPOTUJUVZFO� FO� VO� DPOUJOHFOUF� JNQPSUBOUF� EF� TFHVJEPSFT� EFM� UJSBOP �DPOTJEFSBEP�QPS�"SJTUØUFMFT�FM�TFHVOEP�QSPTUBUFT�UPV�EFNPV

���-B�JOJDJBDJØO�EF�

)FSBDMFT �FM�iQPSUBEPS�EF�MB�NB[Bw �JNBHFO�EFM�QSPQJP�UJSBOP�Z�EF�TV�HVBSEJB �

��������������������������������������������������+�� #0"3%."/� ���� � ���� � ������ %�� 8*--*".4� ������ )�"�� 4)"1*30� ���� � ������ 4�#��

."5)&40/� ������ "�� 7&3#"/$,�1*³3"3%� ���� � Q�� ����� )�� --0:%�+0/&4� ������ ,BUÉCBTJT� EF�)FSBDMFT�DPNQVFTUB�IBDJB�NFEJBEPT�EFM�T��7*��

���%JPEPSP� 4ÓDVMP� *7 � �� � ��� � ���� � � � � � ����

���"SJTUØUFMFT ��"UIFOJFOTJVN�3FTQVCMJDB,��� ����.��7"-%³4������FO�QSFOTB��

�� .��7"-%³4�(6*" �3��."35·/&;�/*&50�

MPT�LPSZOFQIPSPJ�iQPSUBEPSFT�EF�NB[Bw �FO�MPT�.JTUFSJPT �QSFWJB�QVSJGJDBDJØO�FO� MPT�1FRVF×PT�.JTUFSJPT�EF�"HSBT �FT�VO�NFEJP�EFM�RVF�TF� TJSWF�1JTÓTUSBUP�QBSB� IBDFS� JOJDJBS� FO� &MFVTJT� B� TVT� TFHVJEPSFT � FOUSF� MPT� RVF� TF� FODVFOUSBO�QSPCBCMFNFOUF�BRVFMMPT�DPOTJEFSBEPT�EF�FTUJSQF�iJNQVSBw�QPS�"SJTUØUFMFT

���

-B� DVFTUJØO�RVF�OPT� JOUFSFTB� BIPSB� Z�RVF� WBNPT� B� USBUBS� EF�EJTDFSOJS� FT�QSFDJTBNFOUF� MB� OBUVSBMF[B� Z� MBT� QFDVMJBSJEBEFT�EF� FTUPT�1FRVF×PT�.JTUFSJPT�EF�"HSBT�DFMFCSBEPT�KVOUP�BM�*MJTP �FO�"UFOBT��BTÓ�DPNP�MB�QPTJCJMJEBE�EF�RVF�TF�GPSNBSBO�FO�FTUPT�NPNFOUPT �JODPSQPSBOEP�DJFSUBT�MFZFOEBT�Z�SJUVBMFT�RVF�QPESÓBO�DPOTJEFSBSTF�ZB�QSPQJPT�EFM�PSGJTNP��1BSUJNPT�BEFNÉT�EF�MBT�OPUJDJBT�RVF�BMVEFO�B� MB�QSFTFODJB� Z� BDUJWJEBE�EF�QFSTPOBKFT� DPO�DPOFYJPOFT�ØSGJDBT�0OPNÉDSJUP�FM�NÉT�GBNPTP�FO�MB�DPSUF�EF�MPT�UJSBOPT��

��

&M� UFNB� USBUB� DVFTUJPOFT� FTQFDJBMNFOUF� EFCBUJEBT� EFOUSP� EF� MPT� FTUVEJPT�TPCSF� FM� PSGJTNP�� "� TBCFS�� MB� BOUJHàFEBE� EF� QBSUF� EF� TV� MJUFSBUVSB� Z� MB�JOUFHSBDJØO�EF�DJFSUPT�FMFNFOUPT�Z�SJUVBMFT�ØSGJDPT�EFOUSP�EF�MB�SFMJHJØO�DÓWJDB��PGJDJBM� FO�EJTUJOUBT�QPMFJT � FOUSF� MBT�RVF� TF� FODVFOUSB�"UFOBT��"TJNJTNP�FM�DPOUFOJEP� EF� FTUF� USBCBKP� BUB×F� B� MBT� SFMBDJPOFT� FOUSF� FM� PSGJTNP� Z� FM� DVMUP�FMFVTJOP

�� TJO� PMWJEBS � DPNP� WFSFNPT � MBT� DPOFYJPOFT� FOUSF� PSGJTNP� Z�

EJPOJTJTNP����

&O� VO� BSUÓDVMP� SFDJFOUF� 3�1�� .BSUJO� IB� TF×BMBEP� MB� QPTJCJMJEBE� EF� MB�SFDJUBDJØO�EF�QPFNBT�ØSGJDPT�FO�FM�DPOUFYUP�EF�GJFTUBT�P�SJUVBMFT�QÞCMJDPT�EF�MB�QPMJT � FO� DPODSFUP� FO� "UFOBT� Z� EFTEF� MB� ÏQPDB� EF� MPT� 1JTJTUSÉUJEBT� DPO�0OPNÉDSJUP

� � DVFTUJØO� RVF� QPESÓB� EFTQSFOEFSTF � QPS� PUSB� QBSUF � EF� MBT�

NFODJPOFT�iØSGJDBTw�P�iDPO�DPOFYJPOFT�ØSGJDBTw�FO�QBTBKFT�EF�MB�USBHFEJB�Z�EF�MB�DPNFEJB�ÉUJDB�EFM�T��7

����

��������������������������������������������������"SJTU� �"UI� ��� ����i'PSNBCBO�TVT�GJMBT�MPT�RVF�TF�IBCÓBO�WJTUP�QSJWBEPT�EF�TVT�DSÏEJUPT �QPS�

TV�QPCSF[B�Z�MPT�RVF�OP�UFOÓBO�QVSF[B�EF�MJOBKF �QPS�NJFEP��-P�FWJEFODJB�FM�IFDIP�EF�RVF �USBT�MB�DBÓEB� EF� MPT� UJSBOPT � TF� SFBMJ[Ø� VOB� SFWJTJØO� EFM� DFOTP � QPSRVF�NVDIPT� QBSUJDJQBCBO� JOEFCJEB�NFOUF�EF�MB�DJVEBEBOÓB��$BEB�VOP�EF�MPT�QBSUJEPT�SFDJCÓB�TV�TPCSFOPNCSF�EF�MPT�MVHBSFT�FO�RVF�USBCBKBCB�MB�UJFSSBw���

���4F×BMØ� FTQFDJBMNFOUF� FTUBT� DPOFYJPOFT� EFM�PSGJTNP� DPO� MB� DPSUF�EF� MPT�1JTJTUSÉUJEBT��.�1��

/*-440/������FO�VO�USBCBKP�ZB�BOUJHVP��.ÉT�SFDJFOUFNFOUF�QVFEF�WFSTF�UBNCJÏO�)�"��4)"1*30����� �Q�����TR��1BSB�MB�IJQØUFTJT�VOPT�1FRVF×PT�.JTUFSJPT�ØSGJDPT��&��4*.0/�������WFS�NÉT�BCBKP�OPUB����-��."-5&/������TVQVTP�MB�DPNQPTJDJØO�EF�VO�IJNOP�B�%FNÏUFS�ØSGJDP�FO�FM�FOUPSOP�EF�0OPNÉDSJUP�FO�"UFOBT �RVF�SFDPHÓB�MBT�EJWFSHFODJBT�BTÓ�DPNP�FM�QBQFM�EF�5SJQUØMFNPT�FOUSF�MB�WFSTJØO�EFM�IJNOP�IPNÏSJDP�Z�PUSBT�WFSTJPOFT�QPTUFSJPSFT���

���'��(3"'�������1��#0:"/$³����� ����������8��#63,&35�������.��%*�."3$0����������3�1��."35*/�������GSFOUF�B�QPTUVSBT�DPNP�MB�EF�.�-��8&45�������1BSB�0OPNÉDSJUP�QVFEF�

WFSTF�UBNCJÏO��1��#0:"/$³����� �Q�����TR���'��(3"'����� �Q�����������.�-��8&45����� �Q������TR���3&�97*** ������� �DPM� �������� �T�W��i0OPNBLSJUPTw��

���1PS�FKFNQMP�FO�FM�QBTBKF�EF�"SJTUØGBOFT �"WFT����������7FS�3�1��."35*/����� �Q������.��%*�

."3$0� ����� TF×BMB � TJO�FNCBSHP �VO�QSPDFTP�EF�HSBEVBM�EJGFSFODJBDJØO �B�QBSUJS�EF�1JTÓTUSBUP �FOUSF�PSGJTNP�Z�EJPOJTJTNP�PGJDJBM� DPO�CJCMJPHSBGÓB� BOUFSJPS � BVORVF� DPO�FM� UJSBOP�DPOGMVZFO�Z�TPO�GBWPSFDJEBT�BNCBT�DPSSJFOUFT�Q�������"MVTJPOFT�ØSGJDBT�FO�)FSØEPUP �&TRVJMP �&VSÓQJEFT �FO�FTQFDJBM�FO�SFMBDJØO�DPO� MPT�NJTUFSJPT�EF�%JPOJTP��.�-��8&45� ���� �Q�������1BSB�PSGJTNP�FO�FM�3FTPT�EF�&VSÓQJEFT��$��1-*$)0/�������

� -PT�1FRVF×PT�.JTUFSJPT�EF�"HSBT� ��

&O� FTUF� BSUÓDVMP� WBNPT� B� BSHVNFOUBS� MB� QPTJCJMJEBE� EF� MB� SFDJUBDJØO� EF�QPFNBT� ØSGJDPT� FO� FM� TFOP� EF� MB� GJFTUB� DFMFCSBEB� FO� FM�NFT� "OUFTUFSJPO� FO�"HSBT � MPT� 1FRVF×PT� .JTUFSJPT � JOTUJUVJEPT� FO� ÏQPDB� EF� MPT� 1JTJTUSÉUJEBT�� &T�QPTJCMF � TJO� FNCBSHP � RVF� MB� GJFTUB� TF� DPOTUJUVZFSB� TPCSF� VO� GPOEP� BOUFSJPS �DPNP� QPTUVMB� 4JNPO � RVF� UBNCJÏO� BTVNF� VO� DPNQPOFOUF� ØSGJDP� FO� FMMB �DPNP�FT� MB� SFDJUBDJØO�EFM�NJUP�EFM�OBDJNJFOUP�EF�%JPOJTP�;BHSFP�EF�;FVT�Z�1FSTÏGPOF

�����

"OUJHàFEBE�EFM�NJUP�EFM�EFTNFNCSBNJFOUP�EF�%JPOJTP�Z�SFDJUBDJPOFT�ØSGJDBT�FO�GJFTUBT�ÉUJDBT�

-PT�1FRVF×PT�.JTUFSJPT�OP�FSBO�QSPCBCMFNFOUF �DPNP�WBNPT�B�EFTBSSPMMBS�NÉT�BCBKP �MB�ÞOJDB�GJFTUB�ÉUJDB�iPGJDJBMw�P�FONBSDBEB�EFOUSP�EF�MP�RVF�FSB�MB�iSFMJHJØO� DÓWJDBw� EF� MB� QPMJT

�� � FO� MB� RVF� UFOÓBO� MVHBS� SFDJUBDJPOFT� ØSGJDBT��

5BNCJÏO�FO�FM�EJTUSJUP�EF�'MJB� TF� DFMFCSBCBO�VOPT�.JTUFSJPT� DPO�DPOFYJPOFT�ØSGJDBT

�� � EF� MPT� RVF� FTUBCBO� B� DBSHP� MB� GBNJMJB� EF� MPT� -JDØNJEBT � DVZPT�

QSJNFSPT�NJFNCSPT� DPOPDJEPT� TF� SFNPOUBO� QSFDJTBNFOUF� B� MB� ÏQPDB� EF� MPT�1JTJTUSÉUJEBT

�����

&YJTUF� PUSB� GJFTUB� PGJDJBM� EF� "UFOBT� FO� MB� DVBM � TFHÞO� VOB� OPUJDJB� EF�'JMØTUSBUP�1IJMPTUS� �7"�7* ��� �TF�SFDJUBCBO�QPFNBT�ØSGJDPT��MBT�"OUFTUFSJBT��&M�UFTUJNPOJP� EF� 'JMØTUSBUP � KVOUP� B� PUSPT� SBTHPT� EF� MB� GJFTUB � JOEJDB� RVF� MB�DFMFCSBDJØO� QVEP�IBCFS� FTUBEP� SFMBDJPOBEB� EFTEF� BOUJHVP� QPTJCMFNFOUF � BM�NFOPT �EFTEF�FM�T��7*�Ø�7 �BM�JHVBM�RVF�MBT�-FOFBT �DPO�FM�NJUP�EFM�EFTNFN�CSBNJFOUP�EF�%JPOJTP�Z�EFM�SFOBDJNJFOUP�EFM�EJPT �DPNP�TVQPOF�#VSLFSU

�����

���������������������������������������������������&��4*.0/������QPTUVMB�FM�OBDJNJFOUP�EF�%JPOJTP�;BHSFP�B�QBSUJS�EF�MB�FTDFOB�EF�VO�WBTP�

EFM�T��*7�B�$��QFMJLF�EF�-FOJOHSBEP�������+�%��#&";-&: �"37�� ����� ����)��.&5;(&3����� �QM���� �

� �FO�FM�RVF�BQBSFDF�FO�MB�DBSB�"�%FNÏUFS�Z�1FSTÏGPOF�KVOUP�DPO�PUSBT�EFJEBEFT�EF�&MFVTJT�DPO�5SJQUØMFNP� Z�)FSBDMFT� DPNP� JOJDJBEP�� FO� MB� #�)FSNFT� SFDJCF� BM� VO� OJ×P� EJWJOP� EF� MB� EJPTB� Z�BQBSFDF� "UFOFB� DPNP� QSPUFDUPSB� EFM� OJ×P�� *OUFSQSFUBDJØO� BDFQUBEB� QPS� +�%�� #&";-&:� ���� �Q�������"OBMJ[BEP�Z�EJTDVUJEP�FO�'��(3"'����� �Q�����TR� �RVF�QSFGJFSF�WFS�FO�FM�WBTP�VO�SFGMFKP�EF�VO�UFYUP�ØSGJDP�RVF�OBSSBSB�FTUF�NJUP�NÉT�RVF�MB�BMVTJØO�B�VOB�GJFTUB�EF�"UFOBT��QVFEF�WFSTF�UBNCJÏO�1��#0:"/$³�������1BSB�PUSBT�JOUFSQSFUBDJPOFT�EFM�WBTP��&�3��'"3/&--����� �WPM��*** �Q������TR���

����3FMJHJØO�EF�MB�QPMJT��$I��40637*/06�*/800%�����B�Z�����C��

����*�� -06$"4� Z� &�� -06$"4� ������ *�� -06$"4� ������ 'MJB�� 1BVTBOJBT � * � �� � ��� -JDØNJEBT� Z�

PSGJTNP�IJNOP�B�%FNÏUFS�DPNQVFTUP�QPS�.VTFP�QBSB�MPT�-JDØNJEBT��1BVT� �* ��� ����*7 �� ��� �*9 ��� ���Z�*9 ��� �����MPT�-JDØNJEBT�DBOUBO�IJNOPT�ØSGJDPT�FO�TVT�SJUVBMFT���

����)�"��4)"1*30����� �Q������+�,��%"7*&4����� �Q������TR��Z�����TR��1BSB�-JDØNJEBT�QVFEF�

WFSTF�UBNCJÏO��3��#0&).&�����������-B�QSJNFSB�NFODJØO�FYQMÓDJUB�EFM�NJUP�EF�MB�NVFSUF�EF�%JPOJTP�TF�IBMMB�FO�$BMÓNBDP�WFS�

NÉT�BCBKP�OPUB��� �QFSP�TF�QVFEF�FODPOUSBS�ZB�VOB�BMVTJØO�B�FMMB�FO�1ÓOEBSP�1*/%� � GS���������Ý � Ý � Ý � Z� RVJ[ÉT� FO� FM� IJNOP� IPNÏSJDP� B� %JPOJTP� WFS� MB� OPUB� ���� &O� MBT�"OUFTUFSJBT��8��#63,&35����� �Q�����������8��#63,&35����� �Q������RVJ[É�FMNJUP�EFM�EFTNFN�CSBNJFOUP�TFB�UBO�BOUJHVP�DPNP�MB�NJTNB�GJFTUB�EF�MBT�"OUFTUFSJBT��*��-"%"�3*$)"3%4����� �Q������4QBSBHNPT� FO� MBT� -FOFBT�� TDI� � $MFNFOUF� � EF� "MFKBOESÓB� 1SPUSFQUJDP� * � ��� &O� SFMBDJØO� B� *BDP��-VDJBOP �1FSJ�PSDIFTFPT �����&O�VO�USBCBKP�BOUFSJPS�TF×BMÉCBNPT�RVF�MPT�NJUPT�EF�EFTQFEB[BNJFO�UP� Z�P� SFOBDJNJFOUP�SFKVWFOFDJNJFOUP� FO� VO� DBMEFSP� DPNP� FM� EF� 1FMJBT� B�NBOPT� EF� TVT� IJKBT �1ÏMPQF� JONPMBEP� QPS� 5ÉOUBMP � ­SDBEF� QPS� -JDBØO� RVF� USBKP� DPNP� DPOTFDVFODJB� FM� EJMVWJP �

�� .��7"-%³4�(6*" �3��."35·/&;�/*&50�

"VORVF�SFDJFOUFNFOUF�TF�IB�QVFTUP�FO�EVEB�MB�FYJTUFODJB�NJTNB�EFM�NJUP�ØSGJDP� EF�%JPOJTP�;BHSFP� EFTNFNCSBEP� QPS� MPT� UJUBOFT � TV� QSFTFODJB� FO� MBT�GVFOUFT� BOUJHVBT� FT� DMBSB� DPNP� IB� EFNPTUSBEP� #FSOBCÏ � RVJFO� TF×BMB � EFM�NJTNP�NPEP� RVF� #VSLFSU � RVF� QPTJCMFNFOUF� FSB� ZB� DPOPDJEP� QPS� 1ÓOEBSP��#FSOBCÏ�UBNQPDP�EFTDBSUB�MB�QPTJCJMJEBE�EF�RVF�QVEJFSB�SFNPOUBSTF�BM�T��7* �DPNP�TF�TF×BMB�FO�VO�UFTUJNPOJP�EF�1BVTBOJBT�7*** ��� �� �RVJFO�MP�WJODVMB�DPO�0OPNÉDSJUP�

���

-B� QSPCBCMF� SFGFSFODJB� FO� FM� IJNOP� IPNÏSJDP� B� %JPOJTP� RVF� QBSFDF�SFNPOUBSTF � BM� T��7*� BM� USJQMF�OBDJNJFOUP�EFM�EJPT� Z�P�BM�NJUP�EFM�EFTDVBSUJ�[BNJFOUP�EFM�NJTNP

�� � MMFW�B�#BSJHB[[J

���B�QPTUVMBS�DPNP�BVUPS�EFM�IJNOP�B�

0OPNÉDSJUP �RVJFO�TFHÞO�1BVTBOJBT� JOUSPEVKP� MB� GJHVSB�EF� MPT�UJUBOFT�FO�FTUF�NJUP

���� 4J� CJFO� BDFQUBNPT� DPO� $BTTPMB

��� MB� JNQSPCBCJMJEBE� EF� BUSJCVJS� B�

0OPNÉDSJUP�FM�IJNOP�IPNÏSJDP�B�%JPOJTP�EPOEF�FM�EJPT�FT �BEFNÉT �IJKP�EF�4ÏNFMF� Z� OP� EF� 1FSTÏGPOF

�� � MP� JOUFSFTBOUF� FT� TF×BMBS� MB� QPTJCJMJEBE� EF� MB�

DJSDVMBDJØO�ZB�FO�FTUPT�NPNFOUPT�T��7*�EF�WFSTJPOFT�EFM�NJUP�EFM�EFTNFN�CSBNJFOUP� EF� %JPOJTP � FO� DPOFYJØO� DPO� GJFTUBT� Z� SJUVBMFT� DPNP� -FOFBT� Z�"OUFTUFSJBT� FO� FM� ­UJDB � P� MBT� DFMFCSBDJPOFT� EF�%JPOJTP� -JLOJUFT� FO�%FMGPT

����

�����������������������������������������������SFNFNPSBEP �QPS�DJFSUP �FO� MBT�"OUFTUFSJBT �Z�5JFTUFT�QPS�"USFP� TPO�NVZ�BOUJHVPT�FO�(SFDJB�Z�FTUÉO � FO�BMHVOPT�DBTPT � DPOFDUBEPT� DPO�FM�EJPT�%JPOJTP� 1FOUFP �%SJBOUF �)JQBTP�RVF�NVFSFO�EFTNFNCSBEPT�QPS�TVT�GBNJMJBSFT�WÓDUJNBT�EF�%JPOJTP �P�-FBSDP�Z�.FMJDFSUFT��.��7"-%³4�������&TUP�MMFWB�B�QFOTBS�RVF�UBNCJÏO�%JPOJTP�QVEP�IBCFS�TJEP�PCKFUP�EF�EFTNFNCSBNJFOUP�FO�GPSNB�EF�BOJNBM �OPSNBMNFOUF�VO�DBCSJUP�Z�SFOBDJNJFOUP�FO�VO�DBMEFSP�FO�FM�DPOUFYUP�EF�GJFTUBT�NVZ�BOUJHVBT�DPNP�-FOFBT �"OUFTUFSJBT�P�MBT�EF�%JPOJTP�-JLOJUFT�FO�%FMGPT�WFS�OPUB�����FTUP�QBSFDF�TVHFSJS �FO�FGFDUP �MB�FTUSVDUVSB�Z�FM�DPOUFOJEP�EF�MBT�"OUFTUFSJBT��8��#63,&35����� �Q������TR��RVF�MP�FRVJQBSB�DPO�FM�WJOP��.��7"-%³4��������

����3�(�� &%.0/%4� ������ $SJUJDBEP� FO� "�� #&3/"#³� ����� RVF� SFDPHF� EF� GPSNB� FYIBVTUJWB�

UPEBT� MBT� GVFOUFT�� 1BSB� FM� GSBHNFOUP� EF� 1ÓOEBSP� WFS� OPUB� BOUFSJPS�� 8�� #63,&35� ���� � Q�� ��� �O�������

����'FDIB�EFM�IJNOP�B�%JPOJTP��'��$"440-"����� �Q�����FOUSF�MB�NJUBE�EFM�T��7**�Z�MB�NJUBE�

EFM� T�� 7*�� "�� #"3*(";;*� ������ '�� $"440-"� ���� � Q�� ������� .�� %*� ."3$0� ������ 4F� IBO�SFDPOPDJEP�FO�FM�W�����RVF�BMVEF�B�MB�GJFTUB�USJFUÏSJDB�P�CJFO�MPT�USFT�OBDJNJFOUPT�EFM�EJPT� � �� � ���'��$"440-"����� �Q�����P �VOB�QPTJCMF�BMVTJØO�BM�EFTNFNCSBNJFOUP�EFM�EJPT �iDPSUBS�

BM�OJ×P�FO�USFT�USP[PTw��"��#"3*(";;*������RVF�TVTUJUVZF�UBNFO�FO�MVHBS�EF�UB�NFO�QPS�UBNPO��7FS�UBNCJÏO�%�.��$04*����� �Q�������

����"��#"3*(";;*�������

����1BVT� � 7*** � �� � ��� i0OPNÉDSJUP� IB� UPNBEP� EF� )PNFSP� FM� OPNCSF� EF� MPT� 5JUBOFT � IB�

JOTUJUVJEP�VO�DVMUP�PSHJÉTUJDP�FO�IPOPS�EF�%JPOJTP�Z�IB�IFDIP�EF� MPT�5JUBOFT� MPT�BSUÓGJDFT�EF� MB�QBTJØO�EF�%JPOJTPw��

����'��$"440-"����� �Q������

����4JO�FNCBSHP�%JPOJTP�DPNP�IJKP�EF�4ÏNFMF�OP�FT�JODPNQBUJCMF�DPO�FM�NJUP�EF�%JPOJTP �IJKP�

EF�1FSTÏGPOF��"TÓ�MP�EFNVFTUSB�MB�VOJØO�EF�BNCBT�USBEJDJPOFT�FO�MPT�IJNOPT�ØSGJDPT �RVF�QPESÓB�TFS�TFHÞO�+��36%)"3%5����� �CBTUBOUF�BOUFSJPS�{UBM�WF[�ZB�EFTEF�FM�IJNOP�IPNÏSJDP ��WFS�OPUB�����

����-B� GJFTUB�EF�%JPOJTP�-JLOJUFT�FSB�SFQSFTFOUBEB�ZB�QPTJCMFNFOUF�FO�FTDFOBT�EF�%FMGPT�EFM�

���� B�$��� 1�(�� 5)&.&-*4� ���� � Q�� ��� TR�� DPO� FM� MJLOPO�� %JPOJTP� -JLOJUFT� EFTNFNCSBEP� Z�FOUFSSBEP�FO�%FMGPT��1MVUBSDP �*TJT�Z�0TJSJT ����"�.PS� ����C�7ÏBTF�UBNCJÏO�3��4&"'03%����� �Q������TVQPOF�MB�FYJTUFODJB�EF�VO�SJUVBM�BOUJHVP�FO�%FMGPT�EF�EFTNFNCSBNJFOUP�Z�SFOBDJNJFOUP�EFM�EJPT��1BSB�-JLOJUFT�FO�%FMGPT��.��%"3",*����� �Q�����TR��DPO�BMVTJØO�JHVBMNFOUF�B�-FOFBT�Z�"OUFTUFSJBT��8��#63,&35����� �Q����������RVF� UBNCJÏO�MP�SFMBDJPOB�DPO�FM�NJUP�EF�EFTNFN�

� -PT�1FRVF×PT�.JTUFSJPT�EF�"HSBT� ��

&MMP�IBDF�QMBVTJCMF�Z�DSFÓCMF�VOB�FMBCPSBDJØO�P�SFFMBCPSBDJØO�iØSGJDBw�EF�FTUB�MFZFOEB�QPS�QBSUF�EF�0OPNÉDSJUP �RVJFO�USBCBKB�KVOUP�B�PUSPT�QFSTPOBKFT�DPO�DPOFYJPOFT� ØSGJDBT � QSPDFEFOUFT� EF� MB� .BHOB� (SFDJB� 0SGFP� EF� $SPUPOB� Z�;ØQJSP�EF�)FSBDMFB

���FO�MB�"UFOBT�EF�MPT�1JTJTUSÉUJEBT

�����

1PS�PUSB�QBSUF �B�QFTBS�EF�RVF�OP�UFOFNPT�DPOTUBODJB�EF�MB�FYJTUFODJB�EF�VOB�WFSTJØO�iØSGJDBw�EF�MB�MFZFOEB�FMFVTJOB�IBTUB�FM�T��*7 �FO�MB�RVF�BQBSFDFO�QFSTPOBKFT�DPNP�%JTBVMFT �#BVCP �P�FM�NJTNP�5SJQUØMFNP�IJKP�EF�%JTBVMFT �3JDIBSETPO�IB�QVFTUP�EF�NBOJGJFTUP�MB�QPTJCJMJEBE�EF�RVF�FTUB�MFZFOEB�ØSGJDB�EF�&MFVTJT�OP�TFB�NÉT�RVF�FM�EFTBSSPMMP�EF�VOB�WFSTJØO� MPDBM�NÉT�iQPQVMBSw�PNFOPT�BSJTUPDSÉUJDB�RVF�MB�EFM�IJNOP�IPNÏSJDP �MVFHP�ÉUJDB

����&O�FM�BSUÓDVMP�

TPCSF� 1JTÓTUSBUP� RVF� NFODJPOÉCBNPT� BM� QSJODJQJP � IFNPT� TF×BMBEP� MB�DPJODJEFODJB�EFM�JOJDJP�EFM�EFTBSSPMMP�EF�MB�GJHVSB�EF�5SJQUØMFNP�DPO�MB�QPMÓUJDB�EF�MPT�UJSBOPT

�� �BT�DPNP�TV�QSFTFODJB �FO�FM�DBTP�EF�%JTBVMFT �FO�"SHPT �EF�

EPOEF� QSPDFEF� VOB� QBSUF� JNQPSUBOUF� EFM� DPOUJOHFOUF� EF� MPT� iBMJBEPTw� EFM�UJSBOP� FO� TV� UFSDFSB� UPNB� EF� QPEFS

���� 4J� TF� UJFOF� FO� DVFOUB� MB� BDUJWJEBE� EF�

QFSTPOBKFT�DPO�DBSÉDUFS�ØSGJDP�FO�FTUPT�NPNFOUPT �DBCF�QPTUVMBS� MB�IJQØUFTJT�EFM� JOJDJP� EFM� EFTBSSPMMP� EF� MB� MFZFOEB� ØSGJDB� FMFVTJOB� B� QBSUJS� EF� WFSTJPOFT�MPDBMFT�WJODVMBEBT�DPO�EJWFSTBT�GJFTUBT�EF�FTUB�MPDBMJEBE �DPNP�FT�FM�DBTP�EF�MB�GJHVSB�EF�5SJQUØMFNP

����

-B�IJQØUFTJT�EF�MB�DJSDVMBDJØO�EF�VOB�MJUFSBUVSB�ØSGJDB �Q�F��MPT�PSÉDVMPT�EF�.VTFP�NBOJQVMBEPT� QPS� 0OPNÉDSJUP

��� IBDJB� MB� TFHVOEB� NJUBE� EFM� T�� 7*� FO�

"UFOBT � FO� SFMBDJØO� DPO� SJUVBMFT� Z� GJFTUBT� iDÓWJDPTw� QSPNPDJPOBEPT� QPS� MPT�1JTJTUSÉUJEBT �FTQFDJBMNFOUF�MPT�EF�%JPOJTP�Z�%FNÏUFS �SFQFSDVUF�UBNCJÏO�FO�

�����������������������������������������������CSBNJFUOP�EFM�EJPT��&OUSF�MPT�IJNOPT�ØSGJDPT�UBSEÓPT�IBZ�VOP�EFEJDBEP�B�%JPOJTP�-JLOJUFT�Z�PUSP�B�%JPOJTP�1FSJLJPOJPT��(��3*$$*"3%&--*����� �O�����Z����UBNCJÏO�B�%JPOJTP�-FOFP�O������1BSB�%JPOJTP�-JLOJUFT��%*&53*$)�������-FOFBT�Z�"OUFTUFSJBT��WFS�OPUB�����

����8�,�$��(65)3*&����� �Q�������.��%*�."3$0����� �Q�������

����)�"��4)"1*30�������%��1-­$*%0����� �Q�������

����-P� ÞOJDP� RVF� BENJUF� 1BVTBOJBT� DPNP�PCSB� BVUÏOUJDP� EF�.VTFP� FT� FM� IJNOP� B�%FNÏUFS�

DPNQVFTUP�QBSB�FM�HFOPT�EF�MPT�-JDØNJEBT�WFS�NÉT�BSSJCB �OPUB��� �BOUJHVB�GBNJMJB�PSJHJOBSJB�EF�'MJB �BM�OPSUF�EFM�­UJDB�DG��1"64� �* ��� ����/�+��3*$)"3%40/����� �Q�����TR��'��(3"'����� �Q������TR��.��7"-%³4������FO�QSFOTB �O������7FSTJØO�ØSGJDB�DPO�FTUPT�QFSTPOBKFT��,&3/ �GS� ����Z�����7FS� NÉT� BSSJCB� OPUB� ��� WFSTJØO� iØSGJDBw� EF� MB� MFZFOEB� FMFVTJOB� IBTUB� FM� T�� *7�� "TLMFQJBEFT� EF�5SBHJMPT�'(S)����'����5SJQUPMFNP �IJKP�EF�%JTBVMFT��1BVT� �* ��� ����

����.��7"-%³4������FO�QSFOTB��1BSB�5SJQUØMFNP�DPO�MPT�1JTJTUSÉUJEBT��/�+��3*$)"3%40/����� �

Q����Z������)�"��4)"1*30����� �Q��������,��$-*/50/����� �Q�����TR���JE������ �Q������TR��4�#��."5)&40/�������-*.$�7*** ���T�W��i5SJQUPMFNPTw �Q�����TR���

����1BSB�MFZFOEBT�BSHJWBT��.��1*³3"35����� �BVORVF�BUSJCVZF�FM�EFTBSSPMMP�EF�MBT�NJTNBT�BM�T��

7�� 4PCSF� FM� DPOUJOHFOUF�EF� iBMJBEPTw� EFM� UJSBOP�EF�"SHPT��)FSØEPUP � * � �� � ���"SJTU� �"UI � �� � ���5JNPOBTTB��"SJTU� �"UI� ��� ����)EU� �7 �����%JTBVMFT�FO�"SHPT��1BVT� �** �����1BVT� �* ��� ������

����5SJQUØMFNP� FO� 1SPFSPTJBT�� /�� 30#&3540/� ������ &O� 5FTNPGPSJBT�� ,�� $-*/50/� ���� �

Q����� �O����������)EU� � 7** � ��� 1BSB� .VTFP�� 1�� #0:"/$³� ���� � Q�� ��� TR��� .�-�� 8&45� ���� � Q�� ���� TR��

FTDFQUJDJTNP�BDFSDB�EF�MB�BDUJWJEBE�EF�0OPNÉDSJUP �FO�SFMBDJØO�DPO�FM�PSGJTNP �FO�MB�"UFOBT�EF�MPT�1JTJTUSÉUJEBT��'��(3"'����� ���TR��1��#0:"/$³�������1BSB�MB�GJHVSB�Z�MPT�FTDSJUPT�BUSJCVJEPT�B�FTUF� QFSTPOBKF�� 3�#�� ."35·/&;�/*&50� ���� � Q�� ������� � FTQ�� ��� � O�� ���� 3�#�� ."35·/&;�/*&50�������

�� .��7"-%³4�(6*" �3��."35·/&;�/*&50�

MPT�1FRVF×PT�.JTUFSJPT�EF�"HSBT �FO�MPT�RVF�OPT�WBNPT�B�DFOUSBS�B�DPOUJOVB�DJØO��

-PT�1FRVF×PT�.JTUFSJPT�Z�FM�DVMUP�B�MB�.BESF�FO�"UFOBT�

&M� QSJNFS� UFTUJNPOJP� EF� MPT� NJTNPT� QVFEF� TFS � DPNP� IBO� TVQVFTUP�#PBSENBO� Z� 4IBQJSP � VO� WBTP� EFM� ���� B�$�� BQSPYJNBEBNFOUF

�� � FO� FM� RVF�

KVOUP�B�)FSBDMFT�SFQSFTFOUBEP�FO�TV�BWFOUVSB�FO�FM�)BEFT �FO�CÞTRVFEB�EF�$FSCFSP�BQBSFDFO�QFSTPOBKFT�FMFVTJOPT�DPNP�%FNÏUFS �)FSNFT �5SJQUØMFNP�Z�VOB�GJHVSB�CBSCBEB�DPO�DFUSP �DVZP�OPNCSF �JOTDSJUP�FO�FM�WBTP �i1MVUPEPUBTw �UJFOF�DPOFYJPOFT�JOUFSFTBOUFT�UBOUP�EFTEF�VO�QVOUP�EF�WJTUB�ØSGJDP

�� �DPNP�FO�

SFMBDJØO�DPO�&MFVTJT�Z�DPO�FTUB�[POB�EFM�*MJTP �"HSBT�����

%JTQPOFNPT� EF� NVZ� QPDBT� SFGFSFODJBT� BOUJHVBT��� B� MPT� 1FRVF×PT�

.JTUFSJPT����-B�DFMFCSBDJØO�QSPCBCMFNFOUF�UFOÓB�MVHBS�FO�FM�.FUSPPO�EF�"HSBT �

DPOTBHSBEP�B�MB�EJPTB�%FNÏUFS �BTJNJMBEB�B�TV�WF[�B�MB�.BESF�EF�MPT�EJPTFT��&YJTUFO� SFTUPT�EF�VO� UFNQMP�EF�NFEJBEPT�EFM� T��7�RVF�QPESÓBO� JEFOUJGJDBSTF�DPNP� .FUSPPO � BVORVF� PUSPT� BVUPSFT� MP� BUSJCVZFO� B� ­SUFNJT

���� 0USB�

QPTJCJMJEBE �EBEB�MB�JOUFSWFODJØO�EF�MPT�1JTJTUSÉUJEBT�FO�MB�[POB�EFM�*MJTP �DPNP�WFSFNPT�NÉT�BEFMBOUF �TFSÓB�FM�QSPCBCMF�FTUBCMFDJNJFOUP�FO�FTUPT�NPNFOUPT�EF� MPT� 1FRVF×PT� .JTUFSJPT � QBSB� JOJDJBS� B� )FSBDMFT� QSPNPDJPOBEP� QPS� MPT�1JTJTUSÉUJEBT��%F�FTUF�NPEP �FM�MVHBS�IBCSÓB�RVFEBEP�JOBVHVSBEP�DPNP�FTQBDJP�QBSB�MB�DFMFCSBDJØO�EF�EJDIPT�.JTUFSJPT���

(FOFSBMNFOUF�TF�BTVNF�RVF�FM�DVMUP�B�MB�.BESF�TF�JOJDJB�FO�"UFOBT�IBDJB�FM� �������

���� 4JO� FNCBSHP � SFDJFOUFNFOUF � -�)PNNF�8ÏSZ

��� IB� TF×BMBEP� MB�

���������������������������������������������������-*.$�*7 �� �O�������Q�������-P�SFMBDJPOBO�DPO�MPT�1FRVF×PT�.JTUFSJPT��+��#0"3%."/�������

)�"��4)"1*30����� �Q���������4�#��."5)&40/����� �Q�������1BSB�PUSB�JOUFSQSFUBDJØO��)��.&5;(&3����� �Q�������QM��* ���Z�** ���Z����&��4*.0/����� �Q�����GJH�����

����&O�VO�IJNOP�ØSGJDP�;FVT�FT�MMBNBEP�.JMJRVJP�Z�1MVUPEPUBT��(��3*$$*"3%&--*����� �O������

����.�� 7"-%³4� ����� FO� QSFOTB � FTQ�� O�� ���� 1BSB� FM� DVMUP� B� ;FVT� FO� FTUB� [POB� EF� "HSBT��

.��7"-%³4�����D������4DI��"S� �1M� ������4DI��1MBUØO �(PSHJBT ����D��&TUBDJP �5FCBJEB ������� TR���1MVU� �%FNFUSJP �

����$MFN��"M� �4USPNBUB �7 ��� ��� ����&O�"HSBT��&TUFCBO�EF�#J[BODJPT�W��"HSB��&VTUBDJP �4DI��*M� �** ���� ��������1PMZFOP �7 ��� ����5FNQMP�EF�%FNÏUFS��)FTJRVJP �T�W��"HSBJ��4VEB �T�W��"HSB��"O��(S��#&,,&3 �* ���� ���.FUSPPO�EF�"HSBT��1BSB�VOB�DPNQJMBDJØO�EF�GVFOUFT�TPCSF�"HSBT�Z�FM�.FUSPPO��1��$)"/53"*/&��������

����(��'06$"35� ���� �Q������ TR���-��%&6#/&3� ���� �Q������(��.:-0/"4� ���� �Q������ TR���

CBTUBOUF�FTDÏQUJDP�DPO�SFTQFDUP�BM�QBQFM�EFTFNQF×BEP�QPS��%JPOJTP��,��,&3³/:*����� �Q�����TR���/�+��3*$)"3%40/����� �Q������"�$��#36.'*&-%����� �Q������TR���(�4��4'".&/*����� �Q�����TR���3�.��4*..4����� �Q�����TR���

����)��.¾#*64� ������ �Q������ TR���/��'3"1*$*/*� ���� �Q������ +��53"7-04� ���� �Q����������

DPO�CJCMJPHSBGÓB�BOUFSJPS�DPOTJEFSB �TJO�FNCBSHP �RVF�TF�USBUB�EFM� UFNQMP�EF�­SUFNJT�"HSØUFSB �QPTUVMBOEP� RVF� FM� .FUSPPO� TF� IBMMBSÓB� NÉT� DFSDBOP� BM� *MJTP�� 1VFEF� WFSTF� UBNCJÏO� $�"�� 1*$¼/����� � BVORVF� OP� TF� QSPOVODJB� TPCSF� B� RVÏ� EJWJOJEBE� QFSUFOFDÓB� FM� UFNQMP�� 'VFOUFT� QBSB� FM�.FUSPPO�EF�"HSBT��*(�*� ���� �** �����"O��(S��#&,,&3 �* ���� ���o�$MFJEFNP �'(S)�����'����

����3��1"3,&3����� �Q�������&TUF�BVUPS�QPTUVMB�RVF�FM�DVMUP�OP�TF�JOBVHVSB�FO�MPT�1FRVF×PT�

.JTUFSJPT�IBTUB�FM������Q�����������-�.��-�)0..&�8³3:����� �Q�����TR��

� -PT�1FRVF×PT�.JTUFSJPT�EF�"HSBT� ��

QPTJCJMJEBE�EF�RVF�FM�DVMUP�TF�SFNPOUF�BM�NFOPT�B�NFEJBEPT�EFM�T��7* �BVORVF�FMMB�QPTUVMB � JODMVTP � RVF� TF�IBCSÓB� JOBVHVSBEP�ZB� DPO� MB� SFPSHBOJ[BDJØO�EF�4PMØO��6OP�EF�MPT�JOEJDJPT�RVF�BQVOUBO�BM�DPOPDJNJFOUP�EFM�DVMUP�EF�MB�.BESF�FO�"UFOBT�B�NFEJBEPT�EFM�T��7*�FT�VO�ÉOGPSB�ÉUJDB�EF�GJHVSBT�OFHSBT�EFM��������RVF� USBEJDJPOBMNFOUF�TF�IB� JOUFSQSFUBEP�DPNP�MB� SFQSFTFOUBDJØO�EF� MB�EJPTB �EBEB� TV� TJNJMJUVE� DPO� FM� HSVQP� EF� JNÉHFOFT� EF� MB� .BESF � QPTJCMFNFOUF�DPQJBEBT� EF� YPBOB� EF� DVMUP�� &O� FTUBT� JNÉHFOFT� MB� EJPTB� BQBSFDF� DPO�GSFDVFODJB�TJUVBEB� KVOUP�B�VO�MFØO �FO�VO�OBJTLPT�P�UFNQMFUF�PGSFOEBEP�B�MB�.BESF�� 4VT� MVHBSFT� EF� DVMUP� TF� SFNPOUBO� B� MB� QSJNFSB�NJUBE� EFM� T�� 7*� Z� TF�FODVFOUSBO�FO�BNCJFOUF�FPMJP�Z� KPOJP

����0USPT�BVUPSFT�IBO�SFDIB[BEP�RVF�FM�

WBTP� ÉUJDP� SFQSFTFOUF� B� MB� EJPTB � ZB� RVF� MB� BQBSJDJØO� EF� USÓQPEFT� QPESÓB�JOEJDBS �NÉT�CJFO �TFHÞO�4IBQJSP �VO�DVMUP�EF�"QPMP�FO�FM�1JUJPO�JOBVHVSBEP�QPS� MPT� 1JTJTUSÉUJEBT

���� "VO� BENJUJFOEP� FTUB� QPTJCJMJEBE � FM� IFDIP� EF� MB�

QSFTFODJB� EFM� MFØO� FO� FM� WBTP � BTÓ� DPNP� EF� DPMVNOBT� FØMJDBT � NVFTUSB� BM�NFOPT� VOB� DMBSB� JOGMVFODJB� FPMJB� Z� GSJHJB� Z� FM� DPOPDJNJFOUP � QPS� UBOUP � EFM�DVMUP� EF� MB� .BESF � FYQBOEJEP � QPS� PUSP� MBEP� ZB� FO� FM� T�� 7* � QPTJCMFNFOUF�EFTEF� QSJODJQJPT� EFM� NJTNP� Z� RVJ[ÉT� EFTEF� BOUFT � UBOUP� FO� FM� 1FMPQPOFTP�DPNP�FO�BNCJFOUF�EF�MB�.BHOB�(SFDJB

����$BCSÓB�QFOTBS �TFHÞO�/BVNBOO �RVF�

VOB� FTUBUVB� EF� NÉSNPM� EF� VOB� NVKFS� EFTDVCJFSUB� FO� MB� "DSØQPMJT� EFM� ����SFQSFTFOUF�UBNCJÏO�B�MB�EJPTB

����1PS�PUSB�QBSUF �MB�BQBSJDJØO�EF�VO�MFØO�FO�PUSP�

WBTP� EF� GJHVSBT� OFHSBT� KVOUP� B� %FNÏUFS� Z� $PSF � RVF� MMFWBO� FO� TVT� NBOPT�FTQJHBT� EF� USJHP

�� � BQVOUB� B� VOB� BTJNJMBDJØO� UFNQSBOB� FOUSF� MB� .BESF� Z� MB�

EJPTB� FMFVTJOB� FO� "UFOBT � QPS� MP� RVF� OP� EFCFSÓB� FYUSB×BS� MB� IJQPUÏUJDB�QSFTFODJB�EF�MB�EJPTB�GSJHJB�JEFOUJGJDBEB�DPO�%FNÏUFS�FO�VOPT�.JTUFSJPT�DFMF�CSBEPT�KVOUP�BM�*MJTP�DPNP�FM�1JUJPO�EF�"QPMP �EFEJDBEPT�UBNCJÏO�B�%FNÏUFS�Z�$PSF �FO�VO�MVHBS�DPOPDJEP�ZB�DPO�TFHVSJEBE�DPNP�.FUSPPO�FO�FM�T��7���

&M�DVMUP�EF�MB�.BESF�RVF�HFOFSBMNFOUF�TF�IBDF�SFNPOUBS�BM���������FT�FM�EFM� ÉHPSB� OVFWB� EFM� $FSÉNJDP � TJUVBEP� FO� FM� .FUSPPO� KVOUP� B� MB� TFEF� EFM�

���������������������������������������������������+�%��#&";-&: �"#7�����-POEPO�#�����,��4$)&'0-%����� �Q���� �GJH�����1BSB�MB�JNBHFO�EFM�

WBTP�EF�"UFOBT��'��(3"'������Q����� �O������.ÉT�DBVUFMPTP�QBSB�JOUFSQSFUBS�FO�FTUB�JNBHFO�B�MB�.BESF�EF�MPT�EJPTFT��'��/"6."//����� �Q�������

����)�"��4)"1*30����� �Q�����QM� ���D��/��'3"1*$*/*����� �Q��������FYDMVZF�RVF�TFB�.ÏUFS�

QFSP�OP�QSPQPOF�VOB�TPMVDJØO�BMUFSOBUJWB��3��1"3,&3����� �Q����� �O�����������'��(3"'� ������ JE�� ���� � Q�� ��������� 3�� 1"3,&3� ���� � Q�� ��� � O�� ����� -�.�� -�)0..&�

8³3:����� �Q������1FMPQPOFTP��+��%&�-"�(&/*¶3&����� �������&O�-PDSJP�&QJ[FGJSJP�JOTDSJQDJØO�EF�$JCFMFT�EF�GJOBMFT�EFM�T��7**��+��%&�-"�(&/*¶3&�������TVHJFSF�RVF�FM�DVMUP�EF�MB�EJPTB�GSJHJB�MMFHBSÓB�WÓB�&TQBSUB��

����'��/"6."//����� �Q����������DBU� �O����� � UBG� ��� ���� +��%&�-"�(&/*¶3&����� �Q�������

FBE������ �Q�����TF×BMB�UBNCJÏO�MB�QSFTFODJB�EF�QFRVF×BT�GJHVSJMMBT�GFNFOJOBT�TFOUBEBT�DPO�VO�MFØO� FO� TVT� SPEJMMBT � DPNP� QPESÓB� IBCFS� FTUBEP� MB� FTUBUVB� EF� MB� "DSØQPMJT�� UBNCJÏO� 30--&3����� � Q�� ����� '3"1*$$*/*� ���� � Q�� ������ QSPQPOF� RVF� TF� USBUB� EF� VO� DVMUP� QSJWBEP�� -�.��-�)0..&�8³3:����� �Q���� �O������

����+�%�� #&";-&: �"#7� ��� � ���� )�� .&5;(&3� ���� � Q�� �� � O�� ���� -*.$� *7� � � BEEFOEB � T�W��

i%FNFUFSw �Q����� �O������-��#&4$)*��%FNÏUFS�Z�$PSF�FTUBOUFT�Z�DPO�FTQJHBT�KVOUP�B�VO�MFØO�EFM�����B�$��BQSPY���7FS�FO�SFMBDJØO�DPO�FTUF�WBTP�Z�MB�UFNQSBOB�JEFOUJGJDBDJØO�EF�%FNÏUFS�%FP�Z�3FB� FO� "UFOBT� FO� DPODSFUP� SFGFSJEP� B� MPT� .JTUFSJPT� EF� 'MJB�� *�� -06$"4 � &�� -06$"4� ���� � Q������TR��

�� .��7"-%³4�(6*" �3��."35·/&;�/*&50�

$POTFKP�� $PO� FTUF� DVMUP� EFM� ÉHPSB� FT� DPO� FM� RVF� -�)PNNF�8ÏSZ� BTPDJB� MBT�NFEJEBT�EF�4PMØO �SFUPNBOEP�Z�NPEJGJDBOEP�MB�BOUJHVB�UFPSÓB�EF�5IPNQTPO�EFM� JOJDJP� EF� VO� DVMUP� B� %FNÏUFS � WJODVMBEB� BM� $POTFKP� ZB� EFTEF� FTUPT�NPNFOUPT� FO� FM� ÉHPSB

���� &O� PUSP� MVHBS� IFNPT� TF×BMBEP� MB� DFSDBOÓB� EF�

%FNÏUFS� Z� (FB� UBNCJÏO� FO� TV� MVHBS� EF� DVMUP� FOUSF� MB� "DSØQPMJT� Z� FM�"SFØQBHP � MMBNBEB�QPS�4PMØO� MB�i(SBO�.BESF�EF� MPT�EJPTFT�PMÓNQJDPTw �Z� MB�DPOFYJØO�RVF�TF�FTUBCMFDF�FOUSF�BNCBT�EJPTBT�Z�.ÏUFS

����4FB�DPO�4PMØO�P�DPO�

1JTÓTUSBUP � BNCPT� JOUFSFTBEPT� FO� VOB� QPMÓUJDB� EF� BDFSDBNJFOUP� BM� NVOEP�KPOJP

�� �Z�HSBDJBT�B�RVJFOFT�TF�JOUSPEVKP�FM�DVMUP�EF�MB�.BESF �MP�DJFSUP�FT�RVF�

MB� JOUFHSBDJØO� EF� MB� EJPTB� GSJHJB� FO� "UFOBT� TF� EFCJØ� SFBMJ[BS� B� USBWÏT� EF� TV�BTJNJMBDJØO� Z�P� BTPDJBDJØO� UBOUP� DPO� %FNÏUFS

��� DPNP� DPO� (FB�� &M�

BDFSDBNJFOUP�FOUSF�(FB�Z�%FNÏUFS�RVF�TF�SFGMFKB�FO�MB�JOGMVFODJB�EFM�IJNOP�IPNÏSJDP� B� %FNÏUFS� TPCSF� FM� EF� (FB

��� QVFEF� PCTFSWBSTF� BTJNJTNP� FO� FM�

EJTUSJUP�EF�'MJB NFODJPOBEP�NÉT�BSSJCB�DPNP�MVHBS�EF�EFTBSSPMMP�EF�VO�DVMUP�NJTUÏSJDP�DPO�DPOFYJPOFT�ØSGJDBT �Z�TFEF�EF�VO�DVMUP�B�3FB �%FNÏUFS�"OFTÓ�EPSB�Z�(FB �MMBNBEB�MB�(SBO�EJPTB �FOUSF�PUSBT�EJWJOJEBEFT

����

-B�JOBVHVSBDJØO �QPS�UBOUP �EF�FTUF�FTQBDJP�FO�FM�EJTUSJUP�EF�"HSBT�KVOUP�BM�*MJTP� DPNP� .FUSPPO� FO� ÏQPDB� EF� 1JTÓTUSBUP � UBM� WF[� IBDJB� FM� �������� B�$��DPJODJEJFOEP�DPO�FM�WBTP�DJUBEP�EF�3FHHJP�RVF�IBSÓB�BMVTJØO�B�MPT�1FRVF×PT�.JTUFSJPT�Z�FO�FM�RVF�BQBSFDF�UBNCJÏO�%FNÏUFS �OP�SFTVMUBSÓB�FYUSB×B�UFOJFOEP�FO�DVFOUB�RVF�MPT�1JTJTUSÉUJEBT�EFEJDBO�VOB�BUFODJØO�Z�DVJEBEP�FTQFDJBM�B�MBT�DPOTUSVDDJPOFT�EF�FTUB�[POB�EFM�*MJTP

����&TUF�ÉSFB�EF�MB�DJVEBE�TF�BTPDJB �QPS�

PUSB�QBSUF �DPO�MB�CBTJMFJB�EF�ÏQPDB�PTDVSB�MPT�/FMFJEBT �B�MB�RVF�TF�IBMMBO�WJODVMBEPT�JEFPMØHJDBNFOUF�MPT�UJSBOPT�EF�"UFOBT�

���

���������������������������������������������������-�.��-�)0..&�8³3:����� �Q�����TR��)�"��5)0.140/����� �Q�������1VFEF�WFSTF�UBNCJÏO��

3��."35*/����� �Q������������.�� 7"-%³4� ���� � Q�� ����� FBE�� ����B � Q�� ���� 1BSB� FM� DVMUP� EF� MB� .BESF� QVFEF� WFSTF��

&��8*--����� �Q������(FB�DPNP�MB�(SBO�.BESF�EF�UPEP�FO�FM�IJNOP�IPNÏSJDP�B�MB�EJPTB�EFM�T��7*��1I��#03(&"6%�������(FB�Z�%FNÏUFS�KVOUP�BM�"SFØQBHP��1BVT� �* ��� ����

����1PTJCJMJEBE�EF�WJBKFT�EF�4PMØO�B�"TJB�.FOPS��"�+��%0.·/(6&;�.0/&%&30����� �Q������TR��

1JTJTUSÉUJEBT�Z�NVOEP�KPOJP��"��"-0/*�����������1BSB�MB�SFMBDJØO�FTUSFDIB�FOUSF�FM�DVMUP�EF�MB�.BESF�EFM�ÉHPSB �FM�#PVMFVUFSJPO�Z�FM�DVMUP�EF�

%FNÏUFS�FMFVTJOB�QVFEF�WFSTF��.��7"-%³4�����B �Q���� �O�����Z�Q����� �O������3��1"3,&3����� �Q����� �O��������

����+��)6.#&35����� �Q������TR���*��-06$"4 �&��-06$"4����� �Q������TR��

����1BVT� �* ��� ����"QPMP�%JPOJTPEPUPT�EPO�EF�%JPOJTP �­SUFNJT�4FMBTQIPSPT�QPSUBEPSB�EF�MB�

MMBNB �%JPOJTP�"OUIJPT�GMPSJEP �/JOGBT�*TNÏOJEFT �;FVT�$UFTJPT�RVF�GBWPSFDF�MB�WJDUPSJB �"UFOFB�5JUISPOJPO �$PSF�1SPUPHPOF�MB�QSJNFS�OBDJEB�Z�MBT�EJPTBT�RVF�MMBNBNPT�4FNOBJ��1BSB�'MJB�WÏBTF�NÉT�BSSJCB�OPUB����Z�OPUB�BOUFSJPS��

����1JUJPO�Z�0MZNQJFPO �MVHBS�EF�DVMUP�FTUF�ÞMUJNP�UBNCJÏO�EF�3FB�Z�(FB��1BVT� �* ��� ����3�&��

8:$)&3-&:����� �����������)�"��4)"1*30�������

� -PT�1FRVF×PT�.JTUFSJPT�EF�"HSBT� ��

6OJØO� EF� %FNÏUFS�MB� .BESF� o� ;FVT� FO� MPT� 1FRVF×PT�.JTUFSJPT�Z�FO�FM�1BQJSP�EF�%FSWFOJ�

"VORVF�MPT�QFRVF×PT�.JTUFSJPT�UFOÓBO�MVHBS�FO�FM�.FUSPPO �MB�GJFTUB�FTUBCB�EFEJDBEB�EF�GPSNB�FTQFDJBM�B�1FSTÏGPOF

����-P�RVF�WBNPT�B�QSPQPOFS �B�QBSUJS�

QSJODJQBMNFOUF�EF�MB�JOGPSNBDJØO�RVF�QSPQPSDJPOB�VO�FTDPMJP�B�1MBUØO �FT�RVF�FO� FMMPT� TF� DFMFCSBCB� QSPCBCMFNFOUF� DPO� SFDJUBDJPOFT� QFSP� UBNCJÏO� DPO�SFQSFTFOUBDJPOFT� FM� SBQUP� EF� 1FSTÏGPOF� QPS� 1MVUØO � MB� VOJØO� EF� ;FVT� Z�%FNÏUFS� Z� QPTJCMFNFOUF� UBNCJÏO� MB� VOJØO� EF� ;FVT� DPO� 1FSTÏGPOF � FM�OBDJNJFOUP� EF�%JPOJTP� Z� FM�NJUP� EF� TV� EFTNFNCSBNJFOUP� QPS� QBSUF� EF� MPT�UJUBOFT�� &T� EFDJS � MB� JOGPSNBDJØO� QSPQPSDJPOBEB� QPS� FTUF� FTDPMJP� BQVOUB�DMBSBNFOUF� B� MB� DFMFCSBDJØO� EF� VOPT� NJTUFSJPT� ØSGJDPT � FO� MPT� RVF� TF� VOFO�UBOUP�MBT�MFZFOEBT�SFGFSFOUFT�B�&MFVTJT�%FNÏUFS�Z�$PSF�DPNP�MBT�EF�%JPOJTP�NÉT�EFTBSSPMMBEBT�FO� MB�NJTNB�DJVEBE�EF�"UFOBT�FO�DFMFCSBDJPOFT�DFSDBOBT�DPNP�MBT�"OUFTUFSJBT��

4DI� �1MBUØO �(PSHJBT ����D��

� � � �Ý � � � � � � � Ý � � � � � � � Ý � � �� � Ý � � � � �

� � � � � � � � � � �� � � �� � � � � � � Ý � � � � � � �Ý �

� Ý � � � �Ý � � � � � Ý � �� � Ý � �� Ý � �Ý � Ý �� Ý � � � ���

�� � � � � �Ý ��%PT�FSBO�MPT�.JTUFSJPT�FOUSF�MPT�BUFOJFOTFT��VOPT�FSBO�MMBNBEPT�1FRVF×PT �MPT�

DVBMFT�DFMFCSBCBO�FO�MB�DJVEBEFMB��PUSPT�(SBOEFT �MPT�RVF�UFOÓBO�MVHBS�FO�&MFVTJT��&SB�OFDFTBSJP�JOJDJBSTF�QSJNFSP�FO�MPT�1FRVF×PT�Z�MVFHP�FO�MPT�(SBOEFT��%F�PUSP�NPEP�RVF�OP�GVFSB�FTF�OP�FTUBCB�QFSNJUJEP�QBSUJDJQBS�FO�MPT�(SBOEFT�.JTUFSJPT��&TUPT� TF� DFMFCSBCBO� FO� IPOPS� EF� %FP

��� Z� $PSF � QPSRVF� 1MVUØO� MB� SBQUØ� B�

1FSTÏGPOF�Z�;FVT�TF�VOJØ�DPO�%FP�%FNÏUFS��&O�FMMPT�TF�SFBMJ[BO�NVDIBT�DPTBT�WFSHPO[PTBT �Z�B� MPT�RVF�TF� JCBO�B� JOJDJBS� TF� MFT�EFDÓB�FTUP�� iDPNÓ�FO�FM� UBNCPS �CFCÓ�FO�FM�DÓNCBMP �MMFWÏ�MPT�WBTPT�TBHSBEPT��QFOFUSÏ�FO�MB�DÉNBSB�OVQDJBMw

����:�MP�

RVF�TJHVF���

���������������������������������������������������%FEJDBEB�B�1FSTÏGPOF��4DI� �"SJTUØGBOFT �1MPVUPT ����G ����iFYJTUÓBO�MPT�HSBOEFT�.JTUFSJPT�

EF� %FNÏUFS� Z� MPT� QFRVF×PT� EF� 1FSTÏGPOFyw�� %VSJT� IJTUPSJBEPS� TBNJP� EJDF� RVF� MB� iEJPTB�%FNÏUFS�MMFHB�QBSB�DFMFCSBS�MPT�NJTUFSJPT�EF�TV�IJKBw��"UFOFP �7* ����E�%VSJT�EF�4BNPT �'(S)����'� ���� )JQØMJUP � 3FGVUBUJP� PNOJVN� IBFSFTJVN� 7 � ���� iQFRVF×PT � EJDFO � TPO� MPT� NJTUFSJPT� EF�1FSTÏGPOFw��

����%FP�FT�PUSP�BQFMBUJWP�QBSB�%FNÏUFS�RVF�BQBSFDF� ZB�FO�FM�)JNOP�IPNÏSJDP� W�� �� � ��� �

�����5BNCJÏO�TF�FODVFOUSB�FO�MB�)FMFOB�EF�&VSÓQJEFT�W�������FO�VO�QBTBKF�FO�FM�RVF�MB�EJPTB�%FNÏUFS�TF�BTJNJMB�B�.ÏUFS�P�$JCFMFT���

����"�+�� '&456(*¶3&� ���� � Q�� ���� BOBMJ[Ø� QBSUF� EF� FTUF� UFYUP� SFQSPEVDJEP� FO� $MFNFOUF �

1SPUSÏQUJDP� WFS� NÉT� BCBKP� OPUB� �� � B� QSPQØTJUP� EFM� BOÉMJTJT� EF� MB� FYQSFTJØO� Ý � Ý �Ý � � RVF� BQBSFDF� FO� FM� GSBHNFOUP� ØSGJDP� ��� D� �� EF� 0�� ,&3/� WFS� Q�� ��� � O�� �� EF�

'FTUVHJÒSF��'FTUVHJÒSF� USBEVDF Ý � �Ý � Ý �DJUBEP�FO�$MFNFOUF�EF�"MFKBOESÓB�Z�FO�FM�FTDPMJP� EF� MPT� 1FRVF×PT� .JTUFSJPT� DPNP�� iKF� TVJT� EFTDFOEV� EBOT� MB� DIBNCSF� EF� MB� EÏFTTFw��4F×BMB� RVF� QBTUPT� EFTDSJCF� MB� DSJQUB� TVCUFSSÉOFB � MBT� DBWFSOBT� EF� NPOUB×B� DPNP� UIBMBNBJ��iMVHBSFT� TBHSBEPT� TVCUFSSÉOFPT� EFEJDBEPT� B� 3IFBw�� FO� TDIPM��/JD� �"M� � ��� � MP� RVF� TJHOJGJDBSÓB �TFHÞO�ÏM �UBOUP�FO�FM�GSBHNFOUP�ØSGJDP�DPNP�FO�FM�EFM�1SPUSÏQUJDP�RVF�FM�NZTUFT�EFTDJFOEF�BM�TFOP�

��� .��7"-%³4�(6*" �3��."35·/&;�/*&50�

LFSOPO� QMBUP�EF�CBSSP�� MJLOPO� DFTUB� BODIB� FO� MB� RVF� TF� DPMPDBCB� FM�NBÓ[�EFTQVÏT�EF�TFS�USJMMBEP �VUJMJ[BEB�QBSB�WFOUFBSMP�Z�TFQBSBSMP�EF�MB�DÉTDBSB��

-B�DMBWF�QBSB�EFGFOEFS�MBT�DPOFYJPOFT�ØSGJDBT�EF�MPT�1FRVF×PT�.JTUFSJPT�B�QBSUJS�EF�FTUF�UFYUP�TF�FODVFOUSB�QSJODJQBMNFOUF�FO�MB�SFGFSFODJB�B�MB�VOJØO�EF�;FVT�Z�%FNÏUFS� � � � �RVF�QPTJCMFNFOUF�DPOUJFOF�MB�BMVTJØO�B�VO�DPOUFYUP�NÓUJDP�NÉT�BNQMJP�FO�FM�RVF�QVFEF�FOUFOEFSTF�UBNCJÏO�FM�SFTUP�EF�MBT�OPUJDJBT�RVF�QSPQPSDJPOB�FM�FTDPMJP �BTÓ�DPNP�PUSBT�RVF�MVFHP�WFSFNPT���

-B� QPTJCJMJEBE� EF� RVF� MB� MJUFSBUVSB� ØSGJDB� Z � FO� DPODSFUP � VOB� UFPHPOÓB�ØSGJDB� TF� SFNPOUF� B� GJOBMFT� EFM� T�� 7*� GVF�PCTFSWBEB�QPS�8FTU� FO� TV� BOÉMJTJT�TPCSF�FM�1BQJSP�EF�%FSWFOJ �RVJFO�IBCSÓB� DJUBEP�P� UPNBEP�FM�NBUFSJBM�EF� MP�RVF� ÏM� MMBNB� i1SPUPHPOPT� UIFPHPOZw

���� -B� CJCMJPHSBGÓB� RVF� IB� TVTDJUBEP� FM�

QBQJSP�FT�BCVOEBOUÓTJNB��&O�VO�BSUÓDVMP�SFDJFOUF�TPCSF�FM�NJTNP�#FSOBCÏ���TF�

IB� DFOUSBEP� EF� GPSNB� FTQFDJBM� FO� FM� DPNFOUBSJP� BM� QPFNB� SFDPHJEP� QPS� FM�QBQJSP� RVF� TF� BUSJCVZF� B� 0SGFP � FM� DVBM � DPNP� BGJSNBCB� ZB� 8FTU � QVFEF�SFNPOUBSTF�B�GJOBMFT�EFM�T��7* �BVORVF�TF×BMB�RVF�OP�TF�USBUBSÓB�UBOUP�EF�VOB�UFPHPOÓB� TJTUFNÉUJDB � DPNP�EF�VO�QPFNB� DPSUP�RVF�QSFTVQPOF� MB� FYJTUFODJB�EF� PUSPT� DPOPDJEPT� QPS� FM� BVUPS� TPCSF� FM� NJTNP� UFNB�� &M� DPNFOUBSJP� B� VO�QPFNB� ØSGJDP� SFDPHJEP� QPS� FTUF� 1BQJSP� DPOTUJUVZF� FM� UFTUJNPOJP� ØSGJDP� NÉT�BOUJHVP�EFM�RVF�TF�UJFOF�OPUJDJB

����&O�ÏM�TF�EFTDSJCF�FTQFDJBMNFOUF�MB�QSJNBDÓB�

Z� FM� SFJOBEP� EF� ;FVT�� 5SBT� MB� SFDSFBDJØO� EFM� NVOEP� QPS� QBSUF� EFM� EJPT � FM�QPFNB�UFSNJOB�DPO�MB�VOJØO�JODFTUVPTB�EF�ÏTUF�DPO�TV�NBESF�B�MB�RVF�OP�TF�EB�OPNCSF�FO�FM�QPFNB �OPSNBMNFOUF�DPOPDJEB�DPNP�3FB �QFSP�JEFOUJGJDBEB�FO�MBT�3BQTPEJBT�DPO�%FNÏUFS��5BNCJÏO�FO�FM�DPNFOUBSJP�TF�JEFOUJGJDB�B�3FB�DPO�%FNÏUFS�Z�DPO�MB�.BESF�5JFSSB

����"VORVF�#FSOBCÏ�TF×BMB�MB�DPOWFOJFODJB�

EF� TFS� DBVUFMPTPT� Z�EF�OP� BUSJCVJS � TJO�NÉT � B� MB�EJPTB�NBESF�EFM�QPFNB� MB�JEFOUJEBE� EF� %FNÏUFS � BMHVOPT� JOEJDJPT� BEFNÉT� EF� MBT� JOEJDBDJPOFT� EFM�QSPQJP� DPNFOUBSJTUB� EFM� QPFNB� QFSNJUFO� TPTQFDIBS� P� QPTUVMBS� ZB� FTUB�JEFOUJEBE���

.ÉT�BSSJCB�TF�IB�TF×BMBEP� MB�DPOGMVFODJB�RVF�FYJTUF�FO�FM�­UJDB�FOUSF� MPT�DVMUPT�EF�%FNÏUFS �MB�.BESF�EF�MPT�EJPTFT�Z�MB�5JFSSB �(FB �FO�FM�.FUSPPO�EFM�ÉHPSB �QPTJCMFNFOUF�FO�'MJB �Z�TPCSF�UPEP�FO�FM�.FUSPPO�EFM�*MJTP �MVHBS�EF�MB�DFMFCSBDJØO�EF�MPT�1FRVF×PT�.JTUFSJPT�Z�QPS�UBOUP�MVHBS�EF�DVMUP�EF�%FNÏUFS�Z�$PSF��-B�DPOGMVFODJB�Z�BTJNJMBDJØO�FOUSF�MB�.BESF�EF�MPT�EJPTFT�Z�%FNÏUFS�MMBNBEB�%FP� TF� SFGMFKB� ZB� FO� MB�)FMFOB� EF� &VSÓQJEFT� Z� QVFEF� SFNPOUBSTF�JODMVTP�BM�T��7*�B�QBSUJS�EFM�WBTP �BOBMJ[BEP�NÉT�BSSJCB �FO�FM�RVF�TF�SFQSFTFOUB�B�%FNÏUFS�Z�$PSF�DPO�VO�MFØO

����1PS�PUSB�QBSUF �BVO�DVBOEP�OP�TF�BDFQUF�MB�

�����������������������������������������������EF�MB�EJPTB�FO�FM�DBTP�EF�1FSTÏGPOF��SFGFSFODJB�B�iNVFSUFw�EFM�NZTUFT��7FS�UBNCJÏO�DPNFOUBSJP�EF�1��4$"31*����� �%��� �Q�������"EFNÉT�EF�$MFNFOUF�EF�"MFKBOESÓB �'ÓSNJDP�.BUFSOP�SFQSPEVDF�QBSUF�EFM�UFYUP��%F�FSSPSF�QSPGBOBSVN�SFMJHJPOVN ��� �����

����.�-��8&45����� �Q�������

����"��#&3/"#³�������

����"��#&3/"#³����� �Q�������TF�SFNPOUB�B�GJOBMFT�EFM�T��7*��

����"��#&3/"#³����� �Q�������

����&VS� �)FM� ������TR���i)BDF�UJFNQP �MB�.BESF�NPOUBSB[�EF�MPT�EJPTFTw�%FNÏUFS �JEFOUJGJDBEB�

BRVÓ�DPO�3FB�$JCFMFT�FO�BVEB[�Z�DVSJPTP�TJODSFUJTNP�SFMJHJPTP �ZB�RVF�FM� SJUVBM�EFTDSJUP�FO�FTUB�

� -PT�1FRVF×PT�.JTUFSJPT�EF�"HSBT� ���

UFPSÓB�EF�-�)PNNF�8ÏSZ�BDFSDB�EF�MB�JOUSPEVDDJØO�EFM�DVMUP�B�MB�.BESF�EF�MPT�EJPTFT�FO�FM�T��7*�FO�FM�­UJDB �MBT�DPOFYJPOFT�EF�FTUB�EJPTB�DPO�%FNÏUFS�Z�MPT�.JTUFSJPT�EFTEF�TV�TBOUVBSJP�.FUSPPO�EFM�ÉHPSB �FEJGJDBEP�IBDJB�FM���� �TPO�FWJEFOUFT��

����

%FNBTJBEPT� FMFNFOUPT� DPOGMVZFO� DPNP� QBSB� OP� QPEFS� EFDJS � DPO� DPIF�SFODJB �RVF�MB�iNBESFw�B�MB�RVF�TF�VOF�;FVT�FO�FM�IJNOP�ØSGJDP�EFM�1BQJSP�EF�%FSWFOJ� EF� GJOBMFT� EFM� T�� 7*� QVFEB� TFS� %FNÏUFS�.ÏUFS�� FO� QSJNFS� MVHBS� MB�QPTJCJMJEBE�EF�MB�JOBVHVSBDJØO�EF�VO�DVMUP�B�MB�i.BESFw�FO�FM�T��7*�FO�FM�­UJDB�FO�FTUSFDIB�DPOFYJØO�DPO�FM�DVMUP�EF�%FNÏUFS�FMFVTJOB�Z�EF�(FB��B�FTUP�TF�B×BEF� MB�IJQØUFTJT�EF� MB� JOBVHVSBDJØO�EF� MPT�1FRVF×PT�.JTUFSJPT�DFMFCSBEPT�FO� VO� i.FUSPPOw� EF� MB� .BESF � BM� NFOPT� EFTEF� FM� T�� 7� FO� FM� T�� 7*� DPO�1JTÓTUSBUP�QBSB�QVSJGJDBS�B�)FSBDMFT �BTÓ�DPNP�MB�OPUJDJB�EFM�FTDPMJP�B�1MBUØO�EF�RVF�;FVT�TF�VOÓB�B�%FNÏUFS�P�%FP�FO�FTUPT�1FRVF×PT�.JTUFSJPT��Z�QPS�ÞMUJNP � MBT� OPUJDJBT� RVF� BMVEFO� DMBSBNFOUF� B� MB� BDUJWJEBE�EF� QFSTPOBKFT� DPO�DPOFYJPOFT�ØSGJDBT� FO� MB� DPSUF�EF� MPT�1JTJTUSÉUJEBT�Z� B� MB� DJSDVMBDJØO�FO�FTPT�NPNFOUPT� EF� VO� IJNOP� B�%FNÏUFS� BUSJCVJEP� B�.VTFP � DPNQVFTUP� QBSB� MPT�-JDØNJEBT�EF�'MJB�EPOEF�TF�WFOFSBCB�B�3FB�Z�B�(FB �BEFNÉT�EF�B�%FNÏUFS �Z�DVZP�UFMFTUFSJPO�TF�SFNPOUB�B�ÏQPDB�BOUFSJPS�B�MBT�HVFSSBT�NÏEJDBT

��.��

;FVT �1FSTÏGPOF�Z�%JPOJTP�FO�MPT�1FRVF×PT�.JTUFSJPT�

.ÉT� EJGÓDJM� FT� BDFQUBS� MB� FYJTUFODJB� ZB� FO� FTUPT� NPNFOUPT� EF� MJUFSBUVSB�ØSGJDB�RVF�IJDJFTF�SFGFSFODJB�B�MB�DPOUJOVBDJØO�EF�MB�IJTUPSJB�FT�EFDJS�MB�VOJØO�EF�;FVT�Z�1FSTÏGPOF�Z�FM�OBDJNJFOUP�EF�%JPOJTP �BM�NFOPT�FO�FM�DPNFOUBSJP�BM�QPFNB�DJUBEP�QPS�FM�1BQJSP�EF�%FSWFOJ

���� 4JO�FNCBSHP � MB�NFODJØO�EF� MB�

VOJØO�EF�;FVT�Z�%FNÏUFS�FO�VOPT�.JTUFSJPT�EFEJDBEPT�B�1FSTÏGPOF �OP�UJFOF�TFOUJEP� TJ� FO� FMMPT� TF� OBSSBCB� Z�P� SFQSFTFOUBCB� TØMP� FM� SBQUP�EF�$PSF�QPS�1MVUØO � DPNP� TF� FTQFDJGJDB� FO� FM� FTDPMJP� NJUP� EFM� RVF� FYJTUF� UBNCJÏO� VOB�WFSTJØO� ØSGJDB

���� 1PS� PUSB� QBSUF � MB� BDFQUBDJØO� EF� VOB� DPOUJOVBDJØO� EF� MB�

IJTUPSJB�FO�MB�DFMFCSBDJØO�EF�MPT�1FRVF×PT�.JTUFSJPT�VOJØO�B�%FNÏUFS �VOJØO�B� 1FSTÏGPOF � OBDJNJFOUP�EF�%JPOJTP � EFTNFNCSBNJFOUP�EF�%JPOJTP��NJUPT� Z�SJUPT� B� MPT� RVF� TF� SFGFSJSÓB� FM� FTDPMJP� DVBOEP� BMVEF� B� RVF� iNVDIBT� DPTBT�

�����������������������������������������������FTDFOB�FT�EJPOJTÓBDP��j�DVBOEP�MB�.BESF�RVJTP�QPOFS�GJO�BM�DBOTBODJP�EF�TVT�DBSSFSBT�����EFTQVÏT�EF�IBCFS�CVTDBEP�FO�WBOP�BM�SBQUPS�EF�TV�IJKB��;FVT �JOUFOUBOEP�BQBDJHVBS�MB�DØMFSB�EF�MB�.BESF������ UF� BUSBKJTUF� MB� JSB� EF� MB� (SBO�.BESF���w� $G�� (�� $&33*� ������ 1BSB� FM� WBTP� Z� MB� JEFOUJGJDBDJØO�UFNQSBOB�EF�MB�.BESF�DPO�%FNÏUFS�WFS�NÉT�BSSJCB�OPUB�����

����/PUBT����Z�����

����+VMJBOP �0S�� 7 � ���B� JHVBMB� B� %FP � 3FB� Z� %FNÏUFS�� 7FSTPT� EF� .VTFP� FO� ÏQPDB� EF� MPT�

1JTJTUSÉUJEBT�� )EU� � 7** � ��� )JNOP� B� %FNÏUFS� QBSB� MPT� -JDØNJEBT�� 1BVT� � * � �� � ��� 5FNÓTUPDMFT�SFDPOTUSVZF�FM�5FMFTUFSJPO�EF�'MJB�USBT�MB�EFTWBTUBDJØO�EF�MPT�QFSTBT��1MVU� �5IFN� �� ����

����"��#&3/"#³� ���� �Q�� ����� -��#3*440/� ���� �Q�� ���������7FS � TJO� FNCBSHP �"��#&3/"#³�

�����RVF�TF×BMB�DØNP�MB�BMVTJØO�B�DJFSUPT�FMFNFOUPT�EFM�NJUP�P�EFM�SJUP�JNQMJDB�OFDFTBSJBNFOUF�MB�FYJTUFODJB�EF�PUSPT���

����0��,&3/ �GS�����TR� �DG��0SQI��5FTU������,FSO�.BSNPS�1BSJVN �'(S)�����"�����&O�FM�IJNOP�

IPNÏSJDP� UBNCJÏO� TF� OBSSB� FM� SBQUP� EF� 1FSTÏGPOF� QPS�)BEFT � QFSP� OP� MB� VOJØO� EF�%FNÏUFS� Z�;FVT �RVF�TÓ�BQBSFDF�FO�)FTÓPEP�)FT� �5I� ����������

��� .��7"-%³4�(6*" �3��."35·/&;�/*&50�

WFSHPO[PTBT� P� JOFGBCMFT� TF� SFBMJ[BCBOw� BZVEBSÓB� B� FYQMJDBS� MB� OPUJDJB� RVF�JODMVÓB�FO� MB�GJFTUB � �Ý � �

����&TUP�VOJEP�B� MB�BDDJØO�EF�

DPNFS�Z�CFCFS�iFO�FM�UBNCPS�Z�FO�FM�DÓNCBMPw�RVF�SFDVFSEB�P�FWPDB�UBOUP�MPT�.JTUFSJPT�EF� MB�.BESF �DPNP�MPT�EF� MPT�$VSFUFT�P�$PSJCBOUFT�BTPDJBEPT�B� MB�.BESF

�� � Z� TPCSF� UPEP � FO� FTUF� DPOUFYUP � FM� NJUP� EF� MPT� 5JUBOFT� RVF�

EFTDVBSUJ[BO�B�%JPOJTP�Z�MP�DPOTVNFO �QFSNJUF�EBS�VOB�DPIFSFODJB�B�UPEP�FM�UFYUP� RVF� BMVEJSÓB � FO� FGFDUP � B� VOB� TFDVFODJB� JOJDJÉUJDB� ØSGJDB� BDPNQB×BEB�QPS� SFMBUPT� Z� BDDJPOFT� SJUVBMFT� DPODSFUBT� FO� FTUB� GJFTUB� EF� MPT� 1FRVF×PT�.JTUFSJPT���

-B� FYJTUFODJB� EF� UFMFUBJ � RVF� SFQSFTFOUBCBO� FM� ESBNB� TBHSBEP� EFM� OBDJ�NJFOUP� Z� EFTNFNCSBNJFOUP� EF� %JPOJTP� QPS� QBSUF� EF� MPT� UJUBOFT � FTUÉ�EPDVNFOUBEB�FO�$MFNFOUF�EF�"MFKBOESÓB�RVJFO�BMVEF�BM�IFDIP�EF�RVF�FM�EJPT�GVF�DPDJOBEP�Z�EFWPSBEP�QPS�FMMPT��1SPU��** ��� ���Z�TF�DPOGJSNB�DPO�FM�QBQJSP�(VSPC�EFM�T��***�B�$�

���"NCBT�GVFOUFT�NFODJPOBO�B�MPT�$VSFUFT�RVF�HVBSEBCBO�

BM�OJ×P �WJODVMBEPT�DPO�FM�NJUP�EF�;FVT�OJ×P�FO�$SFUB �FTDPOEJEP�QBSB�OP�TFS�EFWPSBEP�QPS�TV�QBESF�$SPOP

����-B�BMVTJØO�FO�FM�FTDPMJP�EF�1MBUØO�RVF�IFNPT�

���������������������������������������������������i"�JNJUBDJØO�EF�MPT�EF�%JPOJTPw��4U��#Z[� �T�W�� � � ��(��'06$"35����� �Q�������

JOUFSQSFUB�NJNFNB�DPNP�SFQSFTFOUBDJPOFT�EF�MB�IJTUPSJB�EF�%JPOJTP �EFM�NJTNP�NPEP�RVF�FO�MPT�.JTUFSJPT� EF� &MFVTJT� TF� SFQSPEVDÓB� FM� SBQUP� EF� $PSF�� 1BSB� PUSBT� JOUFSQSFUBDJPOFT��.�)�� +".&40/����� �Q�����������FTUF�BVUPS�SFDIB[B�MB�QSFTFODJB�EF�%JPOJTP�Z�SFMBDJPOB�MPT�1FRVF×PT�.JTUFSJPT�DPO� ;FVT�.JMJRVJP�� $VMUP� EF� ;FVT�.JMJRVJP� FO� "HSBT�� 1�� $)"/53"*/&� ���� � Q� �� TR��� (�� %"69����� �Q�����������

����&��8*-- ���� �Q������Z�����3��1"3,&3����� �Q�������"S� �7� ������&TUSBCØO �9 �� �����+�1��

(6³1*/� ���� � Q�� ���� TR�� QBSB� MB� JOJDJBDJØO� DPSJCÉOUJDB� BTPDJBEB� B� MPT� 1FRVF×PT�.JTUFSJPT� EF�"HSBT�Z�BM�NJUP�EFM�EFTDVBSUJ[BNJFOUP�EF�%JPOJTP�QPS�QBSUF�EF� MPT� UJUBOFT��7BSJPT� BVUPSFT�IBO�SFMBDJPOBEP � EF�IFDIP � MPT� TZOUIFNB� iIF� DPNJEP�EFM� UÓNQBOPyw� JOUFHSBEPT� FO� FM� FTDPMJP�EF�1MBUØO� Z� SFDPHJEPT� UBNCJÏO� QPS� $MFNFOUF� FO� FM� DPOUFYUP� EF� TV� OBSSBDJØO� EF� MPT�.JTUFSJPT� EF�%FP�� WFS� OPUB� ��� Z�QPS� 'ÓSNJDP�.BUFSOP� OPUB� �� � DPO� MPT�.JTUFSJPT� EF�3FB�$JCFMFT � MB� EJPTB�GSJHJB�Z�"UUJT��'��(3"'����� �����Z�FTQFDJBMNFOUF�1I��#03(&"6%������FO�DPOFYJØO�DPO�FM�SJUVBM�EFM�5BVSPCPMJPO�JOTUBVSBEP�IBDJB�FM�T��**�E�$��&TUF�BVUPS�BENJUF �TJO�FNCBSHP �MB�JOUFHSBDJØO�EF�VO�CBHBKF�MFHFOEBSJP�Z�NÓUJDP�BOUFSJPS�DPO�DPOFYJPOFT�ØSGJDBT�FO�FM�SFMBUP�EF�$MFNFOUF�Q�����������2VJ[É�FT�TJHOJGJDBUJWP�FM�IFDIP�EF�RVF�FO�'MJB�FO�FM�­UJDB �QPS�FKFNQMP �TF�JOTUBMF�FM�5BVSPCPMJPO�FO� VO� MVHBS� EF� DVMUP� iØSGJDPw� EPOEF� TF� WFOFSBCB� B� (FB � %FNÏUFS�3FB � 1FSTÏGPOF� Z� %JPOJTP �QSPCBCMFNFOUF�EFTEF�FM�T��7* �DPNP�FO�"HSBT��*��-PVDBT �&��-PVDBT��������

����"��#&3/"#³����� �5��� �5��� �Q�������1BSB�FM�QBQJSP�EF�(VSPC��+��)03%&3/�������1BSB�

MBT�5FMFUBJ�ØSGJDBT��"��+*.³/&;�4"/�$3*45¼#"-�����������$VSFUFT�FO�$SFUB�FO� SFMBDJØO�DPO�FM� TBDSJGJDJP�EF�OJ×PT�B�$SPOPT�� *TUSPT �'(S)�����'�����

$VSFUFT�JHVBMFT�B�MPT�%ÉDUJMPT�EFM�*EB��1BVT� �7 �� ����$VSFUFT��"QPMPEPSP �#JCMJPUFDB� �* ����$VMUP�EF�MB�EJPTB�.BESF�GSJHJB�BTPDJBEB�BM�OJ×P�EJWJOP�Z�B�MPT�$PSJCBOUFT��&TUSBCØO �9 �� ����TR��$PSJCBOUFT�JHVBMFT�B�MPT�$BCJSPT�FO�.FTFOJB��1BVT� �*** ��� ����7*** ��� ����$BCJSPT�EF�#FPDJB�FO�.JTUFSJPT�FO�MPT�RVF�MPT�QSPUBHPOJTUBT�TPO�VO�QFSTPOBKF�CBSCBEP�,BCJSPT�Z�TV�IJKP �1BJT�TJNJMBSFT�BNCPT�B�%JPOJTP�Z�FTQFDJBMNFOUF�B�%JPOJTP�;BHSFP�BTPDJBEP�BM� UPSP � GVOEBEPT� TFHÞO�1BVTBOJBT�QPS�VO�-JDØNJEB�EF�'MJB�MVHBS�EF�DVMUP�EF�3FB�%FNÏUFS�(FB �BEFNÉT�EF�%JPOJTP�Z�$PSF�1SPUPHPOF �FOUSF�PUSPT�EJPTFT�� WFS�OPUBT����Z����EFM�­UJDB��1BVT� � *7 �� � ���3FTUPT�EFM�,BCJSJPO�EF�5FCBT�EFTEF�ÏQPDB� HFPNÏUSJDB�� "�� 4$)"$)5&3� ���� � Q�� ����� 1BSB� FM� DVMUP� NJTUÏSJDP� EF� MPT� $BCJSPT� Z� MB�QSFTFODJB� FO� FMMPT� UBNCJÏO� EF� %FNÏUFS� $BCJSJB� BTÓ� DPNP� EF� OJ×PT�� .�� %"6."4� ���� �FTQFDJBMNFOUF�Q�����FT�TJHOJGJDBUJWB�MB�JNQPSUBODJB�EF�MB�IJFSPHBNJB�FO�MB�GJFTUB �QSFTFOUF�UBNCJÏO�FO� MBT�"OUFTUFSJBT� Z�QPTJCMFNFOUF� FO� MPT� 1FRVF×PT�.JTUFSJPT� DPNP�QPESÓB� JOEJDBS� MB� BMVTJØO� BM�MFDIP�OVQDJBM��7FS�8��#63,&35����� �Q��������� �����$VSFUFT�Z�.JTUFSJPT�EF�MB�.BESF��Q������

� -PT�1FRVF×PT�.JTUFSJPT�EF�"HSBT� ���

BOBMJ[BEP� BDFSDB� EF� MB� BDDJØO� SJUVBM� EF� DPNFS� Z� CFCFS� FO� FM� UÓNQBOP� Z� FM�DÓNCBMP� SFNJUF� DMBSBNFOUF�BM� DVMUP�EF� MPT�$PSJCBOUFT�Z�EF�.ÏUFS � Z�QPTJCMF�NFOUF�UBNCJÏO�BM�NJUP�Z�DVMUP�EF�VO�OJ×P�EJWJOP �;FVT�P�%JPOJTP �FO�UPSOP�B�MPT�RVF�EBO[BO�BM� TPO�EF� MB�NÞTJDB� MPT�$PSJCBOUFT�P�$VSFUFT��&TUP�VOJEP�BM�IFDIP�EF�RVF�TF�FTUÉ�IBCMBOEP�FYQMÓDJUBNFOUF�FO�FM�FTDPMJP�EF�MPT�HSBOEFT�Z�EF� MPT� QFRVF×PT� NJTUFSJPT� EF� &MFVTJT� Z� TF� IB� NFODJPOBEP� FM� SBQUP� EF�1FSTÏGPOF�Z�MB�VOJØO�EF�;FVT�Z�EF�%FNÏUFS �MMFWB�B�QFOTBS�FO�%JPOJTP�OJ×P �IJKP� EF� 1FSTÏGPOF� Z� EF� ;FVT � DVTUPEJBEP� QPS� MPT� $VSFUFT� QSFTFOUFT� FO� MPT�UFTUJNPOJPT�EF�$MFNFOUF�EF�"MFKBOESÓB�Z�EFM�1BQJSP�EF�(VSPC�Z�EFWPSBEP�QPS�MPT�UJUBOFT��5BOUP�%FP�%FNÏUFS�DPNP�;FVT�Z�1FSTÏGPOF�FTUÉO�NFODJPOBEPT�FYQMÓDJUBNFOUF�FO�FM�FTDPMJP��B�MB�.BESF�Z�B�MPT�$VSFUFT�P�$PSJCBOUFT�TF�BMVEF�TJO� FNCBSHP� JNQMÓDJUBNFOUF� FO� MB� SFGFSFODJB� BM� SJUVBM� SFMBDJPOBEP� DPO� MPT�DÓNCBMPT�Z�UBNCPSFT �MP�RVF�BQVOUB�B�MB�DFMFCSBDJØO�EF�MB�GJFTUB�FO�FM�.FUSPPO�EF�"HSBT �EPOEF�%FNÏUFS�TF�JEFOUJGJDB�DPO�3FB�P�MB�.BESF��-B�SFQSFTFOUBDJØO�P�ESBNBUJ[BDJØO�EF�MB�VOJØO�EF�;FVT�DPO�1FSTÏGPOF�Z�EF�MB�NVFSUF�EF�%JPOJTP�QVFEF� RVJ[É� SFDPOPDFSTF� USÉT� MB� FYQSFTJØO� Ý � � � Ý � �EBEP� RVF� TF� USBUBCB� FTQFDJBMNFOUF� EF� IJTUPSJBT� TFDSFUBT � RVF� OP� TF� QPEÓBO�DPOUBS�Z�RVF�GPSNBCBO�QBSUF�EF�MPT�.JTUFSJPT�CÉRVJDPT �DPNP�TF×BMB�#FSOBCÏ �RVJFO�QPOF�EF�SFMJFWF�UBNCJÏO�DPO�ÏOGBTJT�MB�JNCSJDBDJØO�FOUSF�NJUP�Z�SJUP �F��F��FOUSF�iSFMBUP�TBHSBEPw�Z�UFMFUBJ

�����

6OB�DPOGJSNBDJØO�EF�FTUB�TFDVFODJB�NÓUJDB�Z�SJUVBM �MJHBEB�B�MPT�1FRVF×PT�.JTUFSJPT�EF�"HSBT�FO�FM�FTDPMJP�EF�1MBUØO �TF�IBMMB�FO�FM�NJTNP�$MFNFOUF��&O�TV� UFTUJNPOJP� TF� FODVFOUSB� MJUFSBMNFOUF�QBSUF� EFM� FTDPMJP� DBQÓUVMP� ** � �� � ��DVBOEP�EFTDSJCF�MPT�.JTUFSJPT�EF�%FP�TJO�IBDFS�SFGFSFODJB�FO�FM�1SPUSÏQUJDP�B�TV� WJODVMBDJØO� DPO� MPT� 1FRVF×PT�.JTUFSJPT� DJUBEPT� FO� FM� FTDPMJP � BVORVF� TÓ�NFODJPOB�ÏTUPT� FO�4USPNBUB

���� &O�EJDIPT�NJTUFSJPT� TF�QSPEVDF� MB�VOJØO�EF�

;FVT�DPO�%FP�P�%FNÏUFS�1SPUS��** ��� �� �DPNP�PDVSSF�FO�OVFTUSP�FTDPMJP�Z�FO�FM�1BQJSP�EF�%FSWFOJ��"�DPOUJDVBDJØO�TF�IBDF�SFGFSFODJB�B�MPT�.JTUFSJPT�EF�MB�.BESF�Z�MPT�$PSJCBOUFT�Z�TF�SFUPNB�FM�SFMBUP�TPCSF�MPT�.JTUFSJPT�EF�%FP�DPO�BMVTJØO� BM� OBDJNJFOUP�EF� 1FSTÏGPOF � DPOTFDVFODJB� EF� MB� VOJØO�EF�;FVT� DPO�%FP�� -VFHP� TF� OBSSB� FM� OBDJNJFOUP� EF� %JPOJTP� Z� EF� ;FVT� FO� GPSNB� EF�TFSQJFOUF�1SPUS��** ��� �Z�TF�IBDF�SFGFSFODJB�B�MPT�NJTUFSJPT�EF�4BCB[JP �FO�MPT�

���������������������������������������������������$BCJSPT�EF�#FPDJB �SFTBMUBOEP�MBT�TJNJMJUVEFT�DPO�MBT�"OUFTUFSJBT�BUFOJFOTFT��1BSB�NJUPT�EF�EFTNFNCSBNJFOUP�Z�DPDDJØO�FO�VO�DBMEFSP�FO�SFMBDJØO�DPO�MBT�"OUFTUFSJBT��.��7"-%³4��������

����"��#&3/"#³����� �Q�����������

����4USPN��7 ��� ��� ����.JTUFSJPT�EF�%FP��1SPU�� ** ��������&M�FTDPMJBTUB�EF�1MBUØO�QPTUFSJPS�B�

$MFNFOUF� EF� "MFKBOESÓB� UPNB� VOB� QBSUF� EF� MB� EFTDSJQDJØO� EF� MPT� .JTUFSJPT� EF� $MFNFOUF� EF�"MFKBOESÓB� P� RVJ[É� EF� VOB� GVFOUF� DPNÞO� B� BNCPT�� &O� FM� FTDPMJP� TF� MJHB� FTUB� QBSUF � JODMVJEB�MJUFSBMNFOUF�FO�MB�EFTDSJQDJØO�EF�$MFNFOUF�FO�MB�RVF�OP�TF�FTQFDJGJDB�B�RVÏ�NJTUFSJPT�DPODSFUPT�TF� FTUÉ� SFGJSJFOEP � BVORVF� TJ� TF� BMVEF� B� RVF� TPO� MPT� iNJTUFSJPT� EF� %FPw � DPO� MPT� 1FRVF×PT�.JTUFSJPT� EF�"HSBT� WFS � TJO� FNCBSHP � QBSB� PUSB� JOUFSQSFUBDJØO� MB� OPUB� ����%F� UPEBT� GPSNBT� FT�TJHOJGJDBUJWP � UBNCJÏO� FO� SFMBDJØO� DPO� MPT� 1FRVF×PT� .JTUFSJPT � RVF� TF� NF[DMFO� P� TF� VOBO� MPT�i.JTUFSJPT�EF�%FP�Z� MPT�EF�3FBw �P�RVF�TF� JOUFSDBMFO�FO� iMPT�NJTUFSJPT�EF�%FPw� FO� MPT�RVF�TF�QSPEVDF�MB�VOJØO�;FVT�%FP �Z�;FVT�1FSTÏGPOF �MPT�NJTUFSJPT�EF�$JCFMFT �EBEP�RVF�MPT�1FRVF×PT�.JTUFSJPT� EF� &MFVTJT� UFOÓBO� MVHBS� FO� FM� .FUSPPO� MVHBS� EF� DVMUP� EF� 3FB� P� $JCFMFT�� 5PEP� FMMP�QPESÓB�BQVOUBS�B�RVF�RVJ[É�$MFNFOUF�EF�"MFKBOESÓB�FO�FTF�QBTBKF�EFM�1SPUSÏQUJDP�** ����Z�** ����TF�FTUÏ�SFGJSJFOEP�DPO�MPT�i.JTUFSJPT�EF�%FPw�B�MPT�1FRVF×PT�.JTUFSJPT�EF�"HSBT���

��� .��7"-%³4�(6*" �3��."35·/&;�/*&50�

RVF�BQBSFDF�FM�iEJPT�B�USBWÏT�EFM�TFOPw� � � Ý � � �Z�QPS�ÞMUJNP �TF�IBDF�BMVTJØO�BM�NJUP�EFM�EFTNFNCSBNJFOUP�EF�%JPOJTP�1SPUS��** ������

����

-B�IJQØUFTJT�EF�VOB�BMVTJØO�BM�ESBNB�TPCSF�MB�VOJØO�EF�;FVT�DPO�%FP �BM�OBDJNJFOUP�EF�1FSTÏGPOF�Z�%JPOJTP �Z�BM�NJUP�EFM�EFTNFNCSBNJFOUP�EFM�EJPT�FO�MPT�1FRVF×PT�.JTUFSJPT�GVOEBEPT�QPS�MPT�1JTJTUSÉUJEBT�TF�SFGVFS[B �QPS�PUSB�QBSUF � DPO� MB� OPUJDJB� UBOUBT� WFDFT� NFODJPOBEB� TPCSF� MB� DPNQPTJDJØO� EF�0OPNÉDSJUP�FO�MB�DPSUF�EF�MPT�1JTJTUSÉUJEBT�EF�PSHJB�OVFWPT�QBSB�%JPOJTP��&O�DPODSFUP�1BVTBOJBT�IBDF�SFGFSFODJB�B�RVF�0OPNÉDSJUP�UPNØ�FM�OPNCSF�EF�MPT�5JUBOFT�EF�)PNFSP�Z�MPT�IJ[P�BSUÓGJDFT�EF�MPT�QBEFDJNJFOUPT�EFM�EJPT

����5BOUP�

MB�OPUJDJB�TPCSF�0OPNÉDSJUP�FO�ÏQPDB�EF� MPT�1JTJTUSÉUJEBT�DPNP�MB� GVOEBDJØO�EF�MPT�1FRVF×PT�.JTUFSJPT�FO�ÏQPDB�EF�MPT�UJSBOPT�QBSB�iJOJDJBSw�Z�iQVSJGJDBSw�B�)FSBDMFT�Z�B�TVT�TFHVJEPSFT �DPNP�NVFTUSB�FM�WBTP�EF�3FHHJP �SFGVFS[BO�MB�JEFB� EF� VOB� UFNQSBOB� JOBVHVSBDJØO� EF� MPT� 1FRVF×PT� .JTUFSJPT� DPNP� VOPT�.JTUFSJPT�iØSGJDPTw���

0USP�JOEJDJP�EF�MB�QSFTFODJB�EF�%JPOJTP�OJ×P�FO�MPT�1FRVF×PT�.JTUFSJPT�FT�MB�BMVTJØO�BM� MJLOPO�FO�FM�FTDPMJP�EF�1MBUØO�LFSOPO��UP�MJLOPO �RVF�BQBSFDF�UBNCJÏO� FO� MB� SFQSFTFOUBDJØO� EF� MPT� 1FRVF×PT� .JTUFSJPT� FO� MB� VSOB� EF�-PWBUFMMJ�TPCSF�MB�DBCF[B�EF�)FSBDMFT

�����

&M� MJLOPO�FT�QSPQJP� UBNCJÏO�EF� MBT�-FOFBT� TJNJMBSFT�B� MB� DFMFCSBDJØO�FO�%FMGPT�EF�%JPOJTP�-JLOJUFT�Z�P�EF� MBT�"OUFTUFSJBT

�� � GJFTUBT�FTUBT�ÞMUJNBT�RVF�

�������������������������������������������������

��-B�TFDVFODJB� SJUVBM� TZNCPMB�P� TZOUIFNB�RVF�DJUB�$MFNFOUF�Z�RVF�TF� SFQSPEVDF�FYBDUB�NFOUF� FO� FM� FTDPMJP� FO� SFMBDJØO� DSFFNPT� DPO� MPT� 1FRVF×PT� .JTUFSJPT� EF� "HSBT� iCFCÓ� FO� FM�UBNCPSyw �OP�FT�FYBDUBNFOUF�MB�NJTNB�RVF�MB�EF�MPT�QSPQJPT�NJTUFSJPT�FMFVTJOPT �QFSP�TÓ�NVZ�QBSFDJEB��-B�EF�MPT�.JTUFSJPT�FMFVTJOPT�TF�EFTDSJCF�VO�QPDP�NÉT�BEFMBOUF�FO�$MFNFOUF �1SPU �** ������i"ZVOÏ �CFCÓ�FM�DJDFØO �DPHÓ�EFM�DFTUP�Z �EFTQVÏT�EF�QSPCBSMP �MP�EFQPTJUÏ�FO�MB�DBOBTUB�Z�EF�MB� DBOBTUB� BM� DFTUPw� USBE�� .�$�� *4"35�� &TUPT� TZOUIFNB� FMFVTJOPT� KVOUP� B� MPT� RVF� BQBSFDFO� FO�$MFNFOUF�EF�"MFKBOESÓB � MPT�iNJTUFSJPT�EF�%FPw�1SPUS� � ** ��� � MPT�DJUB� +��)03%&3/�FO�TV�OVFWB�FEJDJØO� EFM� 1BQJSP� EF�(VSÙC� ���� � Q�� ��� � B� QSPQØTJUP� EF� MB� TFDVFODJB� SJUVBM� EFTDSJUB� FO� MPT�NJTNPT�FO�MB�RVF�BQBSFDF�UBNCJÏO��iBT�BO�BTT�*�ESBOLyw�t�HMYSLRQ�RMQRo�%RXNRYOR��-B�FYQSFTJØO�FO�$MFNFOUF�1SPUS��** ����� � � � Ý � �TF�FODVFOUSB�UBNCJÏO�MJUFSBMNFOUF�FO�FM�QBQJSP�(VSPC� FO� MÓO�� ���� &M� QBQJSP� EF� (VSPC� BMVEF� BTJNJTNP� B� #SJNØ� NFHBMF � %FNÏUFS� 3FB � MPT�$VSFUFT�FO�BSNBTy �MP�RVF�DPODVFSEB�DPO�FM�FTDPMJP�EF�1MBUØO�Z�DPO�$MFNFOUF�RVF�NF[DMBO�MPT�iNJTUFSJPT�EF�%FPw�Z�MPT�EF�$JCFMFT���

����1BVT� �7*** ��� ����

����1BSB�MB�VSOB�-PWBUFMMJ�Z�FM�TBSDØGBHP�EF�5PSSF�/PWB�RVF�BMVEFO�B�MB�JOJDJBDJØO�Z�QVSJGJDB�

DJØO� EF� )FSBDMFT� FO� MPT� 1FRVF×PT�.JTUFSJPT��(��.:-0/"4� ���� � GJH�� ��� Z� ���� "VORVF� TPO� EF�ÏQPDB�SPNBOB�QPESÓBO�TFS�VOB�DPQJB�EF�QBSUF�EF�MPT�GSJTPT�EFM�.FUSPPO�EFM�*MJTP�EF�GJOBMFT�EFM�T��7��)��.¾#*64������� �Q�������+�1��(6³1*/����� �Q�������1BSB�DPOFYJPOFT�QVSJGJDBUPSJBT�EF�FTUB�FTDFOB��/�+��3*$)"3%40/����� �Q������TR���.��7"-%³4������FO�QSFOTB �O�����FO�SFMBDJØO�BM�%JPT�LPJEJPO��+�1��(6³1*/����� �Q������TR��-BT�QVSJGJDBDJPOFT�FO�MPT�QFRVF×PT�.JTUFSJPT�TF�SFBMJ[BCBO�UBNCJÏO�B�USBWÏT�EFM�BHVB�EFM�*MJTP�Z�DPO�FM�TBDSJGJDJP�EF�DFSEPT���

����%JPOJTP�-JLOJUFT�FO�%FMGPT��1MVU� �*TJT�Z�0TJSJT ����.PS ����B��7FS�OPUB�����-JLOPO�FO�VO�

DIPVT�WBTP�QSPQJP�EF�MBT�"OUFTUFSJBT�EFM�EÓB�EF�$IPFT�EPOEF�BQBSFDF�DPO�MB�NÉTDBSB�EFM�EJPT��"��1*$,"3%�$".#3*%(&����� �GJH������(��7BO�)PPSO����� �GJH������8��#63,&35����� �Q�����������7BTPT�EF�-FOFBT��.��7"-%³4�����B �Q����� �O�������&M�MJLOPO�BTPDJBEP�B�MB�NÉTDBSB�EF�%JPOJTP�TF� IB� MJHBEP� BM�NJUP� EFM� EFTNFNCSBNJFOUP�EF�%JPOJTP� FO� DPODSFUP� FO� MB� GJFTUB� EF� MBT� -FOFBT��3��4&"'03%����� �Q�������JE������ �Q����� �O�������4JO�FNCBSHP�FM�IFDIP�EF�RVF�FM�WBTP�TFB�VO�DIPVT�QSPQJP�EF�MBT�"OUFTUFSJBT �QPESÓB�BMVEJS�NÉT�CJFO�B�FTUB�GJFTUB��.��7"-%³4�������*��-"%"�3*$)"3%4����� �Q���� �RVF�TF�JODMJOB�GJOBMNFOUF�QPS�MBT�-FOFBT��WFS�8��#63,&35����� �Q�������

� -PT�1FRVF×PT�.JTUFSJPT�EF�"HSBT� ���

UFOÓBO�MVHBS�FO�FM�NJTNP�NFT�RVF�MPT�1FRVF×PT�.JTUFSJPT�Z�FO�MBT�RVF�TFHÞO�'JMØTUSBUP� TF� SFDJUBCBO�QPFNBT�EF�0SGFP � DPNP�IFNPT� TF×BMBEP�NÉT� BSSJCB��1PTJCMFNFOUF�FO�FM�NPNFOUP�EF�MB�DPOTUJUVDJØO �FO�ÏQPDB�EF�MPT�1JTJTUSÉUJEBT �EF�MPT�1FRVF×PT�.JTUFSJPT �EFEJDBEPT�B�MBT�EJPTBT�FMFVTJOBT �TF�UPNØ�QBSUF�EFM�GPOEP� NÓUJDP� Z� SJUVBM� QSPQJP� EF� GJFTUBT� BUFOJFOTFT� DPOTBHSBEBT� B� %JPOJTP�DPNP�-FOFBT�Z�"OUFTUFSJBT

�� �Z�FO�DPODSFUP�RVJ[É�MB�GJHVSB�EF�%JPOJTP�OJ×P�Z�

FM� NJUP� EF� TV� EFTNFNCSBNJFOUP�� � Z� TF� WJODVMØ� B� %FNÏUFS� Z� 1FSTÏGPOF� B�

USBWÏT� QSFDJTBNFOUF� EFM� EFTBSSPMMP� EF� DJFSUBT� JEFBT� EF� DBSÉDUFS� ØSGJDP � RVF�DJSDVMBSÓBO�FO�"UFOBT�QPS�FOUPODFT���

-P� OVFWP� Z� PSJHJOBM � QPS� UBOUP � RVF� JOUSPEVDF� P � NÉT� CJFO � FOGBUJ[B�0OPNÉDSJUP�FO� MPT�PSHJB�OVFWPT�EF�%JPOJTP�RVF�FTUBNPT�BTPDJBOEP�FO�FTUF�BSUÓDVMP�DPO�MPT�1FRVF×PT�.JTUFSJPT�EF�"HSBT �FT�FM�WÓODVMP�DPO�1FSTÏGPOF�Z�FM�QSPUBHPOJTNP� EF� MPT� UJUBOFT� FO� MB� NVFSUF� EFM� EJPT � BNCPT� BTQFDUPT� OBDJ�NJFOUP�EF�1FSTÏGPOF�VOJEB�B�;FVT�Z�NVFSUF�B�NBOPT�EF�MPT�UJUBOFT�FTUSFDIB�NFOUF�SFMBDJPOBEPT�F�JNCSJDBEPT�FO�MBT�GVFOUFT�Z�QSPCBCMFNFOUF�UBNCJÏO�FO�FM�DVMUP

����&M�QBQFM�DFOUSBM�EF�1FSTÏGPOF�FO�MPT�1FRVF×PT�.JTUFSJPT �FTQFDJF�EF�

iGJMJBMw�EF�MPT�(SBOEFT�.JTUFSJPT�EFEJDBEPT�B�%FNÏUFS�Z�$PSF �QVEP�IBCFS�TJEP�EFTUBDBEP� UBM� WF[� B� DBVTB� EF� MB� JOGMVFODJB� EF� DPSSJFOUFT� iØSGJDBTw� EF�.BHOB�(SFDJB � EPOEF� FM� DVMUP� EF� MB� EJPTB� FSB� FTQFDJBMNFOUF� SFMFWBOUF � EBEB� MB�QSFTFODJB�EF�QFSTPOBKFT�QSPDFEFOUFT�EF�$SPUPOB�Z�)FSBDMFB�FO�MB�DPSUF�EF�MPT�1JTJTUSÉUJEBT

���� 1PS� PUSB� QBSUF� IBZ� RVF� DPOUBS� UBNCJÏO� DPO� MB� BDUJWJEBE� FO�

"UFOBT�EF�-BTP�EF�)FSNÓPOF �PSJHJOBSJP�EF� MB�DJVEBE�EFM�1FMPQPOFTP�EPOEF�FYJTUÓB�VO�DVMUP�EF�%FNÏUFS�$UPOJB�Z�EF�1FSTFQIPOFJB �RVF�DPNP�IB�TF×BMBEP�

�����������������������������������������������&O�DVBMRVJFS�DBTP�FT�QPTJCMF�RVF�FTUF�NJUP�EFM�EFTNFNCSBNJFOUP�Z�SFOBDJNJFOUP�P�SFDPNQPTJ�DJØO�EF�%JPOJTP�TFB�DPNÞO�UBOUP�B�"OUFTUFSJBT�EPOEF�TF�WFOFSBCB�B�%JPOJTP�-FOFP �DPNP�B�MBT�-FOFBT��.��7"-%³4��������

����3FDJUBDJØO�EF�QPFNBT�EF�0SGFP�FO�MBT�"OUFTUFSJBT��'JMØTUSBUP �7"�*7 �����.��7"-%³4�������

����1BSB�FM�MJLOPO�FO�SFMBDJØO�DPO�FM�NJUP�EF�EFTNFNCSBNJFOUP�EF�%JPOJTP�FO�MBT�"OUFTUFSJBT�

QFSP�UBNCJÏO�FO�MPT�1FRVF×PT�.JTUFSJPT�EF�"HSBT��+�1��(6³1*/����� �Q������Z���������������%JPOJTP�ØSGJDP�IJKP�EF�1FSTÏGPOF�QPS�QSJNFSB�NFODJPOBEP�FO�GVFOUFT�IFMFOÓTUJDBT��$BMÓNB�

DP �GS���� �����1G��;BHSFP��$BM� �GS��������TDIPM� �-ZD������EFTNFNCSBNJFOUP�EF�%JPOJTP�QPS�MPT�UJUBOFT�Z�DBMEFSP��WÏBTF�UBNCJÏO�$BM� �GS������&U��(FO����&U��.�������������'JMØDPSP �'(S)�����'���� "MVTJØO� BM� NJUP� EF� TV� NVFSUF� B� NBOPT� EF� MPT� UJUBOFT�� &VGPSJØO � GS�� ��� %F� $VFODB� ���(SPOJOHFO�� MP� FDIBSPO� B� VOB� DBMEFSB� IJSWJFOEP�� 7FS� UBNCJÏO�� %�� 4� � 7 � �� � �� OBDJNJFOUP� EF�1FSTÏGPOF�Z�NJUP�EF�EFTNFNCSBNJFOUP��TDIPM��-VD� ��� ���Q�����FE��3BCF��i4BCB[JP�.JUSB��QVFT�.JUSB�FT�FOUSF�MPT�1FSTBT�JHVBM�B�)FMJPT��6OPT�MP�MMBNBO�%JPOJTP �OBDJEP�EF�4ÏNFMF �PUSPT�EJDFO�RVF�FT�BOUFSJPS�B�BRVÏM�FO�FM�UJFNQP �OBDJEP�EF�;FVT�Z�1FSTÏGPOFy��:�EJDFO�RVF�FSB�VO�JNQPTUPS�Z�RVF�USBOTGPSNÉOEPTF�FO�TFSQJFOUF�TF�VOJØ�B�TV�QSPQJB�IFSNBOBw��7FS�UBNCJÏO��)TDI��4VE �1IPU� �&U��.�� T�W��;BHSFVT��)BSQPDSBDJØO � T�W�� MFVLF��4DI��&VS� �5SPBE� � ������ MBNFOUP�QPS� *BDP�NVFSUP �IJKP�EF�1FSTÏGPOF��+�1��(6³1*/����� �Q�������'��(3"'����� �Q��������QBSB�%JPOJTP�DPNP�IJKP�EF�1FSTÏGPOF��

����.�� %*�."3$0� ���� � Q�� ����� 1BSB� MPT� DVMUPT� EF� .BHOB� (SFDJB� FO� HFOFSBM�� (�� (*"/&--*�

������1BSB�PSGJTNP�FO�.BHOB�(SFDJB��0SGJTNP �������3FMBDJØO�PSGJTNP�Z�QJUBHPSJTNP��.��50350�3&--*�FU�BM��������$VMUP�EF�1FSTÏGPOF�Z�MBNJOJMMBT�ÉVSFBT��(��;6/5;�������CJCMJPHSBGÓB�TPCSF�MBT�NJTNBT��"��#&3/"#³����� �Q�����TR��1BSB�MPT�EPDVNFOUPT�SFDJFOUFT�SFMBDJPOBEPT�DPO�FM�PSGJTNP�EFTEF�VO�QVOUP�EF�WJTUB�DSÓUJDP��$��$"-".&�������&T�JOUFSFTBOUF�DPOTUBUBS�RVF�FM�WBTP�EF�3FHHJP�FO�FM�RVF�BQBSFDF�)FSBDMFT�DPNP�JOJDJBEP�Z�TF�NFODJPOB�B�1MVUPEPUBT�TF�FODPOUSØ�FO�FM�TBOUVBSJP�EF�1FSTÏGPOF�FO�-PDSP��&��4*.0/����� �Q������

��� .��7"-%³4�(6*" �3��."35·/&;�/*&50�

#SFHMJB�QPTJCMFNFOUF�JOGMVFODJØ�MB�UFPHPOÓB�EF�'FSÏDJEFT�EF�4JSP �GFDIBEB�FO�FM�T��7*�Z�B�MB�RVF�MPT�BVUPSFT�BOUJHVPT�BUSJCVZFO�MB�OPDJØO�EFM�BMNB�FUFSOB

�����

1BSBMFMBNFOUF� TF�QSPEVDJSÓB � B�QBSUJS�EF� USBEJDJPOFT� MPDBMFT�EF� MB� MFZFOEB�FMFVTJOB �FM� JOJDJP�EFM�EFTBSSPMMP�EF�WFSTJPOFT�ØSGJDBT �FO�MBT�RVF�5SJQUØMFNP �BTJNJMBEP�BM�NJTNP� UJFNQP�DPNP�IÏSPF�ÉUJDP�EFM�HSBOP�Z�EF� MB� DVMUVSB� DPO�QSPZFDDJØO�QBOIFMÏOJDB �FT�VOB�EF�MBT�GJHVSBT�DFOUSBMFT��&MMP�FODBKB�QFSGFDUB�NFOUF�DPO�TV�SFQSFTFOUBDJØO�FO�FM�WBTP�EF�3FHHJP�EFM�����FO�FM�RVF�BQBSFDF�UBNCJÏO�1MVUPEPUBT �SFMBDJPOBEP�DPO�MB�JOJDJBDJØO�EF�)FSBDMFT��0USP�WBTP�EF�GJHVSBT�OFHSBT�EF�MB�TFHVOEB�NJUBE�EFM�T��7*�FO�FM�RVF�TF�SFQSFTFOUB�B�5SJQUP�MFNP�Z�B�)FSNFT�UBNCJÏO�QSFTFOUFT�FO�FM�WBTP�EF�3FHHJP�NVFTUSB�B�%JPOJTP�QPS�FM�PUSP�MBEP�"#7 ���� ����-P�NÉT�JOUFSFTBOUF�FT�MB�FYJTUFODJB�EF�SFQSF�TFOUBDJPOFT�FO�FM�T��7�Z�*7�Q�F��VO�QFMJLF�EF�#SVTFMBT�FO�MBT�RVF�TF�VOFO�FO�VO� DPOUFYUP� FMFVTJOP� KVOUP� B� %FNÏUFS � $PSF� Z� 5SJQUØMFNP �)FSBDMFT � DPNP�QSPUPUJQP�EF�NZTUFT� JOJDJBEP�FO� MPT�1FRVF×PT�.JTUFSJPT�QSFWJB�QBSUJDJQBDJØO�FO�&MFVTJT �Z�%JPOJTP���

'FZUNBO�TF�QSFHVOUB�DVÉM�FT�FM�OFYP�EF�VOJØO�FOUSF�)FSBDMFT�Z�%JPOJTP�Z�DPODMVZF� RVF� IBZ� VOP�� MPT�.JTUFSJPT� EF� &MFVTJT�� /PTPUSPT� QPESÓBNPT� FOUSBS�BÞO�NÉT�FO�EFUBMMF�Z�TF×BMBS�RVF�MB�QSFTFODJB�EF�%JPOJTP�FO�MPT�WBTPT �FO�MPT�RVF�TF�NVFTUSB�B�)FSBDMFT�DPNP�NZTUFT�FO�VO�DPOUFYUP�FMFVTJOP�FO�FM�RVF�TF�IBMMB� JHVBMNFOUF� SFQSFTFOUBEP� 5SJQUØMFNP � QVFEF� EFCFSTF� NÉT� RVF� B� MB�JNQPSUBODJB�EF�%JPOJTP�FO�MPT�.JTUFSJPT�EF�&MFVTJT�RVF�OP�FT�UBO�BDVTBEB�FO�VO�QSJNFS�NPNFOUP�Z�TF�DFOUSB�TPCSF�UPEP�FO�MB�GJHVSB�EF�*BDP �BM�IFDIP�EF�TV� QPTJCMF� QSPUBHPOJTNP� FO� MPT� 1FRVF×PT� .JTUFSJPT� EF� "HSBT GVOEBEPT�QSFDJTBNFOUF� QBSB� QPEFS� JOJDJBS � QSFWJB� QVSJGJDBDJØO � B� )FSBDMFT� FO� MPT�.JTUFSJPT�FMFVTJOPT��

���

���������������������������������������������������%FNÏUFS�$UPOJB�FO�)FSNÓPOF�Z�$MJNFOP���B�)BEFT��1BVT� �** ��� �������*** �� ���BTPDJBEP�

B� 0SGFP� Z� B� )FSNÓPOF�� 4US� � 7*** � � � �� � Q�� ���� -VHBS� EF� BDDFTP� BM� NVOEP� TVCUFSSÉOFP��'SBHNFOUP� EFM� IJNOP� B� %FNÏUFS� EF� -BTP� EF� )FSNÓPOF� RVF� DJUB� B� %FNÏUFS � $PSF� Z� $MJNFOP �TJFOEP� 1FSTÏGPOF� MB� DPOTPSUF� EF� $MJNFOP�� "UFOFP � 9*7 � ���&�� &O� WBSJBT� JOTDSJQDJPOFT� EF�)FSNÓPOF��*(�*7 ���������%FNÏUFS �$MJNFOP�Z�$PSF��1BSB�-BTP��(�"��13*7*5&3"�������*NQPSUBO�DJB� EFM� DVMUP� EF� $PSF� MJHBEB� B� %FNÏUFS� Z� )BEFT� FO� )FSNÓPOF� ZB� EFTEF� -BTP� FTUSFDIBNFOUF�WJODVMBEP� JHVBMNFOUF� DPO� "UFOBT�� -�� #3&(-*"� ������ 4FHÞO� #3&(-*"� ����� UBOUP� FM� DVMUP� EF�%FNÏUFS�$UPOJB�Z�1FSTÏGPOF�FO�)FSNÓPOF�DPNP�FM�EF�1FSTÏGPOF�FO�4JDJMJB�QVEJFSPO�JOGMVFODJBS�MB�UFPHPOÓB�EF�'FSÏDJEFT�FO�MB�RVF�$UPOJB�TF�VOF�B�;BT�Z�TF�USBOTGPSNB�FO�(F��&TUB�BVUPSB�TF×BMB�MPT�SBTHPT�EF�1FSTÏGPOF� UBNCJÏO�DPNP�iEJPTB�NBESFw�FO�-PDSP�Z�FO� MBT� MBNJOJMMBT�ØSGJDBT� Q�������#SFHMJB�QPOF�EF�SFMJFWF�BTJNJTNP �DPO�BDJFSUP �RVF�HSVQPT�MJHBEPT�B�0OPNÉDSJUP�IBO�WBMPSBEP�FM�UFNB� EF� MB� BVUPDUPOÓB� FO�"UFOBT� Z� MB� EFTDFOEFODJB� EF� MB� 5JFSSB� Q�� ����� FTUF� DPNFOUBSJP� OPT�QBSFDF� FTQFDJBMNFOUF� SFMFWBOUF� QPSRVF � FO� FGFDUP � FM� OBDJNJFOUP� EF� %JPOJTP� EF� 1FSTÏGPOF� FO�FTUPT�NPNFOUPT� T�� 7*� QPESÓB� TFS� QBSBMFMP� BM� EFTBSSPMMP� UBNCJÏO� FO� FM� T�� 7*� EFM�NJUP� EF� PUSP�OBDJNJFOUP � FM� EF� &SJDUPOJP � IJKP� EF�)FGFTUP� Z�(FB� B�QBSUJS� EF� &SFDUFP� IJKP� EF� MB� UJFSSB� ZB� FO�)PNFSP��'FSÏDJEFT�QSFTFOUB�VOB�DPODFQDJØO�GJMPTØGJDB�BWBO[BEB�QBSB�TV�ÏQPDB �RVF�MP�QPOF�FO�DPOUBDUP� DPO� 1JUÉHPSBT� TFHÞO� BMHVOBT� GVFOUFT � TV�NBFTUSP� Z� TFHÞO�$JDFSØO� $JD� �5VTDVMBOBF�EJTQVUBUJPOFT�* ��� ������1IFS��4ZS� �GS����4DIJCMJ���"���%�,�GVF�FM�QSJNFSP�FO�EFDJS�RVF�MBT�BMNBT�EF� MPT� IPNCSFT� FSBO� FUFSOBT � MP� DVBM� MP� DPOWFSUJSÉ� FO� QSFEFDFTPS� EF� MBT� JEFBT� ØSGJDBT� TPCSF� FM�BMNB�� 4PCSF� MPT� FMFNFOUPT� DPTNPHØOJDPT� QSJNPSEJBMFT � ;BT � $UPOJB� Z� 5JFNQP� FO� 'FSÏDJEFT��3�#��."35·/&;�/*&50����� �Q����������

����5SJQUPMFNP�Z�WFSTJØO�ØSGJDB�EF�MB�MFZFOEB�FMFVTJOB��.��7"-%³4������FO�QSFOTB��7FS�NÉT�

BSSJCB�OPUB����QBSB�5SJQUØMFNP��1BSB�FM�WBTP�EF�3FHHJP��WFS�OPUB�����+�%��#&";-&: �"#7���� ����"��

� -PT�1FRVF×PT�.JTUFSJPT�EF�"HSBT� ���

&O�FM�DPOUFYUP�EF�MBT�SFMBDJPOFT�FOUSF�"UFOBT�Z�&MFVTJT�JOJDJBEBT�ZB�EFTEF�BOUFT�EF� MPT�1JTJTUSÉUJEBT

��� TF� FOUJFOEF� MB� JODMVTJØO�EF�FMFNFOUPT�EJPOJTÓBDPT�

FO�MPT�.JTUFSJPT�DPNP�*BDP �FM�DBOUP�P�HSJUP�EF�JOWPDBDJØO�BM�EJPT�OJ×P�EF�MBT�-FOFBT� RVF� TF� DPOWJFSUF� FO� FM� HSJUP� SJUVBM� QSPQJP� EF� MPT� NZTUBJ � Z� EF�FMFNFOUPT�EFM�DVMUP�FMFVTJOP�FO�GJFTUBT�EJPOJTÓBDBT�DPNP�MBT�-FOFBT�QSFTFODJB�EFM� EBEVDP� JOWPDBOEP� BM� EJPT� MMBNBEP� 1MVUPEPUBT�� i*BDP � IJKP� EF� 4ÏNFMF�1MVUPEPUBTw

�����

-BT�GVFOUFT�TPCSF�MPT�1FRVF×PT�.JTUFSJPT�EF�"HSBT�TF×BMBO �FO�FGFDUP �RVF�GVFSPO� GVOEBEPT�QPS�%FNÏUFS�QBSB�QPEFS� JOJDJBS�B�)FSBDMFT�FO� MPT�.JTUFSJPT�EF� &MFVTJT�

���� 6OB� DMBSB� BMVTJØO� B� FTUB� USBEJDJØO� TF� EFTDVCSF� FO� MB� PCSB� EF�

"SJTUØGBOFT �3BOBT �FO�MBT�RVF�%JPOJTP�BDVEF�B�)FSBDMFT�QPTJCMFNFOUF�FO�TV�TBOUVBSJP� EFM� $JOPTBSHFT� KVOUP� BM� *MJTP

��� QBSB� QSFHVOUBSMF� QPS� FM� DBNJOP� BM�

)BEFT�� -BEB�3JDIBSETPO� IB� WJTUP� FO� FTUB� PCSB � FO� MPT� WFSTPT� ����� � VOB�QPTJCMF� BMVTJØO� BM� NJUP� EFM� EFTNFNCSBNJFOUP� EF� %JPOJTP� FO� FTUF� DBTP�%JPOJTP� EJTGSB[BEP� EF� )FSBDMFT� B� MBT� QVFSUBT� EFM� )BEFT � EFTQVÏT� EF� IBCFS�FODPOUSBEP� BM� DPSUFKP� EF� MPT�NZTUBJ� DPOEVDJEPT� QPS� *BDP � RVF� BTPDJB� DPO�GJFTUBT�DPNP�-FOFBT�Z�"OUFTUFSJBT

����%BEB�MB�BMVTJØO�FO�MB�PCSB�B�MB�JOJDJBDJØO�

EF�)FSBDMFT �Z� MBT� SFGFSFODJBT�B� MB� UPQPHSBGÓB�EFM� *MJTP �QPESÓB�WFSTF� UBNCJÏO�EFUSÉT�EF�FTUB�QPTJCMF�BMVTJØO�BM�EFTNFNCSBNJFOUP�EF�%JPOJTP �VOB�USBEJDJØO�EF�MB�GJFTUB�EF�MPT�1FRVF×PT�.JTUFSJPT�EF�"HSBT �RVF�IBCSÓB�JODPSQPSBEP�FTUF�NJUP�SFFMBCPSBEP�QPS�0OPNÉDSJUP��

1PS� ÞMUJNP � MB� QSFTFODJB� FO� FM� WBTP� EF� 3FHHJP� EF� 1MVUPEPUBT��� KVOUP� B�

5SJQUØMFNP�Z�FO�DPOFYJØO�DPO�FM�NJUP�EF� MB� JOJDJBDJØO�EF�)FSBDMFT�Z�EF�TV�BWFOUVSB� FO� FM� )BEFT � QPESÓB� BTPDJBS� MB� JNBHFO� EF� FTUF� WBTP� DPO� MPT�1FRVF×PT�.JTUFSJPT � Z� DPO� FM� QSPUBHPOJTNP� EF� ;FVT� FO� FMMPT � UBOUP� QPS� TV�VOJØO�DPO�%FNÏUFS�DJUBEB�FO�FM�FTDPMJP�EF�1MBUØO�Z�FO�FM�QBQJSP�EF�%FSWFOJ �DPNP�FO�TV�IJQPUÏUJDB�VOJØO�DPO�1FSTÏGPOF�DFMFCSBEB�FO�MB�GJFTUB���

�����������������������������������������������%JPOJTP�FO�DBSSP�BMBEP��#��5SJQUØMFNP�Z�)FSNFT��1FMJLF�EF�#SVTFMBT�3�������%��'&:5."/����� �FTQFDJBMNFOUF�QQ����������PUSP�WBTP�EF�NFEJBEPT�EFM�T��7 �FM�TLZQIPT�"����EF�#SVTFMBT�NVFTUSB�MB�JOJDJBDJØO�EF�)FSBDMFT�FO�&MFVTJT �5SJQUPMFNP�Z�%JPOJTP��&TUF�WÓODVMP�GVF�QVFTUP�EF�SFMJFWF�FO�SFMBDJØO� DPO� MPT� 1FRVF×PT�.JTUFSJPT� QPS� &�� 4*.0/� ���� � Q�� �� � O�� ���� 1FRVF×PT�.JTUFSJPT� FO�SFMBDJØO�DPO�MB�JOJDJBDJØO�EF�)FSBDMFT��WFS�OPUB�����

����%��1-­$*%0�.��7"-%³4�������

����4DI��"S� �3B� ������1BSB�*BDP��.��7"-%³4������FO�QSFOTB �WFS�FM�BQÏOEJDF��&O�.JDPOPT�TF�

SFBMJ[BCBO� FO� FM�NFT� -FOFP� TBDSJGJDJPT� FO� IPOPS� EF�%FNÏUFS � $PSF � ;FVT� #PVMFP� FM� EJF[ � EF�4ÏNFMF�FM�PODF �Z�EF�%JPOJTP�-FOFP �;FVT�$UPOJP�Z�(FB�$UPOJB�FM�EPDF��-4$(��'��40,0-084,*����� �O���� �MÓO� ����TR���"��1*$,"3%�$".#3*%(&����� �Q������

����%JPEPSP� 4ÓDVMP � *7 � �� � ��� &O�FTUB� WFSTJØO� JOJDJBEP�QPS�.VTFP � BVORVF�QPTJCMFNFOUF� FO�

PSJHFO� GVFSB�NÉT� CJFO� 5SJQUØMFNP� FM� RVF� MP� JOJDJB� DPNP� BQBSFDF� FO� FM� EJTDVSTP� EF� $BMJBT� FO�+FOPGPOUF� 9FO� �)FMM��7* � � � ��� 1BSB� MB�QVSJGJDBDJØO�EF�)FSBDMFT� FO� SFMBDJØO� DPO� MPT� 1FRVF×PT�.JTUFSJPT�� TDI� � "S� � 1M� � ��� � ������ 1T�� 1MBUØO �"Y� � ���F�� 1PMZBFO � 4USBU�� 7 � �� � ��� -�� %&6#/&3����� �Q������

����(��)00,&3�������

����*��-"%"�3*$)"3%4����� �Q������

����1MVUPEPUBT� SFGFSJEP�B� *BDP�FO� MBT�-FOFBT��4DI��"S� �3B� ������&O�VO�IJNOP�ØSGJDP�;FVT�FT�

MMBNBEP� .JMJRVJP� Z� 1MVUPEPUBT�� WFS� OPUB� ���� $POOPUBDJPOFT� ØSGJDBT� EFM� FQÓUFUP�� )�"�� 4)"1*30����� �Q����������

��� .��7"-%³4�(6*" �3��."35·/&;�/*&50�

&O�EFGJOJUJWB�;FVT�3FZ�#BTJMFVT �DPNP�JOEJDB�MB�QSFTFODJB�EFM�DFUSP�Z�MB�NBKFTUBE�EF�MB�GJHVSB�FO�FM�WBTP �RVF�BQBSFDF�UBNCJÏO�FO�FM�IJNOP�EF�GJOBMFT�EFM�T��7*�SFDPHJEP�FO�FM�QBQJSP

�� �UJFOF�FO�TV�WFSTJØO�DUØOJDB �DPNP�.JMJRVJP �

VOB� FTQFDJBM� SFMFWBODJB� FO� FTUB� [POB� EF� "HSBT� KVOUP� BM� *MJTP � EPOEF� TF�DFMFCSBCBO�MBT�%JBTJBT�UBNCJÏO�FO�"OUFTUFSJØO�FO�IPOPS�EFM�EJPT �BM�NFOPT�EFTEF�FM�T��7**�

����&TUF�EJPT�TF�BTPDJB�BTJNJTNP�DPO�FM�SJUVBM�QVSJGJDBUPSJP�EFM�

%JPT�LPJEJPO�4VE��T�W� �VUJMJ[BEP�QPS�FM�EBEVDP�Z�QPS�PUSPT�DPO�MBT�QJFMFT�EF�MPT�BOJNBMFT�TBDSJGJDBEPT�B�;FVT�.JMJRVJP�Z�,UFTJP

���Z�RVF�BQBSFDF�SFQSFTFO�

UBEP�FO�MB�VSOB�Z�FO�FM�TBSDØGBHP�EF�ÏQPDB�SPNBOB�UBM�WF[�DPQJB�EF�MPT�GSJTPT�EFM� UFNQMP� EFM� *MJTP

�� � BTPDJBEPT� DPO� MB� DFMFCSBDJØO� EF� MPT� QFRVF×PT�

NJTUFSJPT�� -B� NFODJØO� EF� 1MVUPEPUBT� FO� FM� WBTP� EF� ������� QVFEF� FTUBS�BMVEJFOEP�ZB �QPS�UBOUP �B�MB�QSFTFODJB�EFTUBDBEB�EF�;FVT�.JMJRVJP �DPOGVO�EJEP�P�JEFOUJGJDBEP�DPO�)BEFT�FO�VO�GSBHNFOUP�EF�&VSÓQJEFT

���FO�FM�RVF�TF�

BMVEF�UBNCJÏO�BM�DFUSP�EFM�EJPT �RVJFO�TF�VOJSÓB�FO�QSJNFS�MVHBS�DPO�%FNÏUFS�DPNP�TF×BMB�FM�FTDPMJP�EF�1MBUØO�TPCSF�MPT�1FRVF×PT�.JTUFSJPT�Z�B�DPOUJOVB�DJØO�DPO�1FSTÏGPOF

���QBSB�FOHFOESBS�EF�ÏTUB�B�%JPOJTP��1SFDJTBNFOUF�FM�;FVT�

RVF�TF�VOF�B�1FSTÏGPOF�FO�MPT�UFYUPT�ØSGJDPT �FT�VO�;FVT�DUØOJDP�JEFOUJGJDBEP�DPO�VOB� TFSQJFOUF

�� � TÓNCPMP� UBNCJÏO�EF�;FVT�.JMJRVJP� FO�EJWFSTPT� SFMJFWFT�

ÉUJDPT�EF�MPT�T�� *7�*** �EPOEF�TF�SFQSFTFOUB� JHVBMNFOUF�BM�EJPT�DPO�FM�DVFSOP�EF�MB�BCVOEBODJB�Z�DPO�FM�DFUSP

�����

1PS� ÞMUJNP � PUSP� QSPCBCMF� JOEJDJP� EFM� QSPUBHPOJTNP� EFM� EJPT� KVOUP� B�.ÏUFS�%FNÏUFS� Z� 1FSTÏGPOF� FO� MPT� 1FRVF×PT� .JTUFSJPT� FT� FM� IFDIP� EF� MB�BQBSJDJØO�FOUSF�MPT�SFMJFWFT�WPUJWPT�IBMMBEPT�FO�MBT�DFSDBOÓBT�EFM�.FUSPPO �EF�VOP� FO� FM� RVF� TF� FODVFOUSB� BM� EJPT� ;FVT� DUØOJDP� SFDJCJFOEP� B�)FSBDMFT� Z�)FSNFT�� &TUB�NVFTUSB� SFDPHF� EF� OVFWP � QPS� UBOUP � WBSJPT� EF� MPT� QFSTPOBKFT�RVF�BQBSFDFO�FO�FM�WBTP�EF�3FHHJP�EFM�����B�$��)FSBDMFT�Z�)FSNFT�Z�RVJ[É�1MVUPEPUBT�RVF�QPESÓB�TFS�JEFOUJGJDBEP�FO�FM�WBTP�EF�3FHHJP�QPS�MBT�DBSBDUFSÓT�

���������������������������������������������������.�-��8&45����� �Q����������#BTJMFVT��MJO� �� �����DFUSP��MJO� ����"��#&3/"#³����� �Q�������

;FVT�JHVBMBEP�B�)BEFT�QPSUBEPS�EF�DFUSP��&VS� �GS� �����/BVDL��;FVT�#BTJMFVT�DJUBEP�ZB�QPS�4PMØO �GS�����%��

����5I� � * � ��� � ��� 7FS� NÉT� BSSJCB� QBSB� FM� IJNOP� ØSGJDP� FO� FM� RVF� TF� BMVEF� B� ;FVT� DPNP�

.JMJRVJP�Z�1MVUPEPUBT��OPUB�����%JBTJBT��.�)��+".&40/�������;FVT�.JMJRVJP��/��$646."/0�������$VMUP�EF�;FVT�FO�"UFOBT�BSDBJDB��.��7"-%³4�����D��

����;FVT�,UFTJPT�FT�MMBNBEP�UBNCJÏO�1MVUPEPUBT��4VE� �T�W��1BSB�QVSJGJDBDJPOFT�FO�SFMBDJØO�DPO�

MB�FYÏHFTJT�FO�"UFOBT��.��7"-%³4�����C������7FS�NÉT�BSSJCB�OPUB�����

����'S������/BVDL���$MFN��"M� �4USPN��7 �������

����&O�$MFNFOUF�EF�"MFKBOESÓB�RVF�BMVEF�B�MB�DPOUJOVBDJØO�EF�MB�IJTUPSJB��1SPUS��** ��������

����$MFN��"M� �1SPUS��** ��� ����"SOPCJP �/BU��7 �����WFS�NÉT�BSSJCB�UBNCJÏO�FM�FTDPMJP�B�-VDJBOP��

OPUB�����+�1��(6³1*/����� �Q�������.�-��8&45����� �Q������;FVT�BQBSFDF�DPO�FM�FQÓUFUP�$UPOJP�KVOUP�B�%FNÏUFS�FO�SFMBDJØO�DPO�MB�BHSJDVMUVSB�FO�)FTÓPEP�)FT� �0Q� �����TR��Z�KVOUP�B�1FSTÏGPOF�DPNP�,BUBDIUPOJPT�FO�)PNFSP��)PN�� �*M� ������ �DJUBEP�QPS�1BVTBOJBT�1BVT��** ��� ���RVF�BMVEF�BM�BM�YPBOPO�FYDFQDJPOBM�DPO�USFT�PKPT�Z�TV�DBSÉDUFS�EF�BSDBJDP�TÓNCPMP�EF�PNOJTDJFODJB �DG��+�(��'3";&3�** �Q������Z�3��1&55";;0/*����� �Q�����TR��4PCSF�MB�USJQMJDJEBE�EF�;FVT �TF×PS�EF�MBT�USFT�QBSUFT�EFM�NVOEP �DG��&TRVJMP �4VQQM� ������)0��� �����4DI��&VS� �5SPBE� �����5�1��)08&��������

����.�)��+".&40/�FU�BM������ �Q������/��$646."/0����� �Q����������

� -PT�1FRVF×PT�.JTUFSJPT�EF�"HSBT� ���

UJDBT� DPO� MBT� RVF� TF� QSFTFOUB� IPNCSF� NBEVSP � DPO� CBSCB� Z� DFUSP� DPO� FM�NFODJPOBEP�;FVT�DUØOJDP�

���

&O�FM�NJTNP�IJNOP�ØSGJDP�FO�FM�RVF�TF�BMVEF�B�;FVT�DPNP�1MVUPEPUBT�TF�IBDF� SFGFSFODJB� BM� EJPT� DPNP�.JMJRVJP�� "NCPT� FQÓUFUPT� FTUÉO�EPDVNFOUBEPT�FO�"UFOBT�BSDBJDB �FM�QSJNFSP�FO�FM�WBTP�EF�3FHHJP�EFM���� �Z�FM�TFHVOEP�FO�MB�GJFTUB�EF�MBT�%JBTJBT�RVF�NFODJPOB�5VDÓEJEFT�B�QSPQØTJUP�EFM�BUFOUBEP�DJMPOFP�FO� FM� T�� 7** � Z� RVF� BM� QBSFDFS� FSB� WFOFSBEP� QSFDJTBNFOUF� FO� MB� [POB� EF�"HSBT

�����

&O�FTUF� TFOUJEP�OP�FT�QSPCBCMFNFOUF�VOB�DBTVBMJEBE�RVF�FM�NJTNP�-BTP�EF�)FSNÓPOF�RVF�DPNQPOF�VO�IJNOP�QBSB�%FNÏUFS�Z�RVF�TF�IBZB�JNQMJDBEP �DPO�0OPNÉDSJUP � FO� MB� MJUFSBUVSB� iØSGJDBw� Z� FO� MB� BUSJCVJEB� B�.VTFP� FO� FTPT�NPNFOUPT �TF�FODVFOUSF�FTUSFDIBNFOUF�WJODVMBEP�FO�MB�"UFOBT�EFM�T��7*�DPO�MB� GBNJMJB� EF� MPT� #PV[ZHBJ� DVZP� QSJNFS� NJFNCSP� DPOPDJEP� FT� "SJQISPO �BCVFMP� EF� 1FSJDMFT� Z� BTPDJBEP� B� 1JTÓTUSBUP� QPS� MBT� GVFOUFT

���� -PT� #PV[ZHBJ�

SFBMJ[BCBO �DPNP�FM�EBEVDP �QVSJGJDBDJPOFT�Z�FTUBCBO�B�DBSHP�EFM�DVMUP�B�;FVT�5FMFJPT�Z�QPTJCMFNFOUF�.JMJRVJP�FO� MB�[POB�EFM� *MJTP

����&T�DJFSUBNFOUF� JOEJDB�

UJWP� RVF� -BTP� EF�)FSNÓPOF � FM�NJTNP� QFSTPOBKF� DPO� DPOFYJPOFT� ØSGJDBT � BM�JHVBM�RVF�0OPNÉDSJUP �RVF�TF�FODBSHB�EF�IBDFS�VO�IJNOP�B�%FNÏUFS �TF�IBMMF�BM� NJTNP� UJFNQP� MJHBEP� BM� DVMUP� EF� ;FVT� EFM� *MJTP � DPO� DBSBDUFSFT� DUØOJDPT�SFQSFTFOUBEP� FO� "UFOBT� DPNP�1IJMJPT �5FMFJPT �.JMJRVJP � BM�NFOPT� QPTUFSJPS�NFOUF�FO�FM�T��*7 �FO�GPSNB�EF�TFSQJFOUF

����

&QÓMPHP�

-B� QPTJCJMJEBE� EF� RVF� MPT� 1FRVF×PT� .JTUFSJPT� EF� "HSBT� GVFSBO� VOPT�NJTUFSJPT�ØSGJDPT�P�DPO�DPNQPOFOUFT�ØSGJDPT�DPNP�FM�OBDJNJFOUP�EF�%JPOJTP�;BHSFP�Z�TV�NVFSUF�B�NBOPT�EF�MPT�UJUBOFT�GVF�QPTUVMBEB�ZB�IBDF�UJFNQP�QPS�4JNPO�Z�(VÏQJO � MB�QSJNFSB� MP�IBDF�B�QBSUJS�EFM� BOÉMJTJT� JDPOPHSÉGJDP�EF�VO�

���������������������������������������������������)��.¾#*64����� �Q������TR��1M�����Z�����,��,&3³/:*����� �Q���� � GJH� �����+�1��(6³1*/�

���� �Q�����������TVQPOF�RVF�MB�DPOTPSUF�RVF�BDPNQB×B�B�;FVT�.JMJRVJP�FT�1FSTÏGPOF�FO�MVHBS�EF�.ÏUFS �DPNP�IBCÓB�TVQVFTUP�)��.¾#*64��+�1��(6³1*/������JOUFSQSFUB�VO�WBTP�EFM�����EF�4QJOB�+�%��#&";-&: �"37�

� �Q������ �O������JOUFSQSFUBEP�QPS�FTUF�BVUPS�DPNP�4BCB[JP�Z�$JCFMFT�DPNP�MB�SFQSFTFOUBDJØO�EF�;FVT�DUØOJDP�DPSPOBEP�DPO�VOB�EJBEFNB�DPO�TFSQJFOUFT�Z�TPTUFOJFOEP�UBNCJÏO�VO�DFUSP�Z�MB�GÓBMB�EF�1MVUØO �BDPNQB×BEP�EF�TV�DPOTPSUF�RVF�JEFOUJGJDB�DPNP�1FSTÏGPOF�KVOUP�B�VO�MFØO��QQ�����������

����)JNOP� ØSGJDP�� (�� 3*$$*"3%&--*� ���� � OP� ���� *OJDJBDJØO� EF� )FSBDMFT� FO� SFMBDJØO� DPO� MB�

JOBVHVSBDJØO�EF�MPT�1FRVF×PT�.JTUFSJPT�EF�&MFVTJT����OPUB�����%JBTJBT��5I� �� ���� ��������1�0YZ��������EJÉMPHP�FOUSF�"SJGSØO�Z�1JTÓTUSBUP�TPCSF�MB�UJSBOÓB�EF�1FSJBOESP��#�1��(3&/�

'&-- � "�4�� )6/5 � 5IF� 0YZSIZODIVT� 1BQZSJ� � � -POEPO � ���� � Q��������� 1�0YZ�� - � ����� 5IF�0YZSIZODIVT�1BQZSJ��� �0YGPSE ����� �Q���������3FMBDJØO�EF�+BOUJQP�DPO�"OBDSFPOUF�RVF�GPSNØ�QBSUF�EF� MB� DPSUF�EF� MPT� 1JTJTUSÉUJEBT��)JNFSJP �0SBUJPOFT ��� � ���Q�� ���� TR�� $PMPOOB� FE�� 1"(& �1.( � ��� � GS� � ����� i"OBDSFPOUF� TBMVEB� BM� iHSBOw� +BOUJQP� FO� MB� DPSUF� EFM� UJSBOP� 1PMÓDSBUFTw��&TUBUVBT�EF�+BOUJQP�Z�"OBDSFPOUF�KVOUBT�FO�MB�"DSØQPMJT��1BVT �* ��� ����"OBDSFPOUF�FO�MB�DPSUF�EF�MPT�1JTJTUSÉUJEBT��1M� �)JQQBSDI� ����C�D��

����.��7"-%³4�����C �����D���

����&O� FM�NJUP� ØSGJDP� ;FVT� EFTQVÏT� EF� VOJSTF� B� %FNÏUFS� TF� VOF� B� 1FSTÏGPOF� FO� GPSNB� EF�

TFSQJFOUF��$MFN��"M� �1SPUS��** ��� ����"SOPC� �"EW��/BU��7 �����

��� .��7"-%³4�(6*" �3��."35·/&;�/*&50�

WBTP�EFM� T�� *7� B�$�� Z� FM� TFHVOEP�CBTÉOEPTF� TPCSF� UPEP�FO� SFMBDJØO� DPO� MPT�EFTDVCSJNJFOUPT�EFM�TVQVFTUP�.FUSPPO�EF�"HSBT�FO�FM�*MJTP�EFM�T��7�Z�DPO�MPT�EFTBSSPMMPT�DVMUVBMFT�Z�NÓUJDPT�EF�"UFOBT�FO�FM�T��7��$PO�FTUF�BSUÓDVMP�IFNPT�QSFUFOEJEP� SFUPNBS� VOB� IJQØUFTJT� MBSHP� UJFNQP� PMWJEBEB � JHOPSBEB� P�EFTFDIBEB � GVOEBNFOUÉOEPMB� FO� MPT� EFTBSSPMMPT� SFMJHJPTPT � DVMUVSBMFT� F�IJTUØSJDPT� QSPQJPT� EFM� T�� 7*�� &OUSF� FMMPT� EFTUBDBO� FM� DVMUP� B� MB� .BESF� Z� TV�JEFOUJGJDBDJØO�DPO�%FNÏUFS�Z�(FB�FO�MB�"UFOBT�EF�FTPT�NPNFOUPT �FM�DVMUP�EF�;FVT�.JMJRVJP�FO�"HSBT�EFTEF�FM�T��7**�BM�NFOPT�Z� MB�QSFFNJOFODJB�EF�;FVT�#BTJMFVT�ZB�EFTEF�4PMØO���

1PS�PUSB�QBSUF �TF�DPNQSFOEF�UBNCJÏO�FO�FM�DPOUFYUP�IJTUØSJDP�EF�MB�"UFOBT�EF� MPT�1JTJTUSÉUJEBT� MB� OFDFTJEBE�EF� FTUBCMFDFS� VOPT�.JTUFSJPT� iQVSJGJDBUPSJPTw�QBSB�KVTUJGJDBS�MB�BQFSUVSB�EF�MPT�.JTUFSJPT�EF�&MFVTJT�B�QBSUF�EF�MB�QPCMBDJØO �FO�FTPT�NPNFOUPT�EF�BNQMJBDJØO�EF�MB�DJVEBEBOÓB��BEFNÉT �DPOUBNPT�DPO�MBT�OPUJDJBT�EF� MB�QSFTFODJB�EF�QFSTPOBKFT� DPO� DPOFYJPOFT�ØSGJDBT� FO�"UFOBT�FO�FTUBT� GFDIBT�� &T� QPTJCMF� RVF� FO� FTUPT� NPNFOUPT� B� QBSUJS� EF� 4PMØO � EF�JOUFHSBDJØO�Z�DPOTPMJEBDJØO�EF�MPT�.JTUFSJPT�FMFVTJOPT�FO�"UFOBT �TF�QSPEVKFSB�MB�JODMVTJØO�EF�FMFNFOUPT�EJPOJTÓBDPT�DPNP�*BDP�FO�MPT�.JTUFSJPT�FMFVTJOPT�Z�WJDFWFSTB�FM�EBEVDP�Z�FM�IJFSPDÏSJDF�FO�-FOFBT�Z�"OUFTUFSJBT

����&M�T��7*�FT�FM�

NPNFOUP�FO�FM�RVF�TVQVFTUBNFOUF�0OPNÉDSJUP�DPNQVTP�PSHJB�OVFWPT�QBSB�%JPOJTP�DVZP�DPOUFOJEP�DFOUSBM�FSB�TV�NVFSUF�B�NBOPT�EF�MPT�UJUBOFT�FO�MB�DJVEBE� EF� "UFOBT�� &O� FTUF�NJTNP� TJHMP� TF� BUSJCVZF� B� MPT� UJSBOPT� MB� JOBVHV�SBDJØO� EF� MPT� 1FRVF×PT� .JTUFSJPT� FO� "HSBT� iQBSB� JOJDJBS� B� )FSBDMFT� FO� MPT�.JTUFSJPTw �DPNP�QBSFDF�BUFTUJHVBS�FM�WBTP�EF�3FHHJP

�����

-B� IJQØUFTJT� EFM� WÓODVMP� EF� FTUPT� PSHJB� DPO� MPT� 1FRVF×PT� .JTUFSJPT� TF�GVOEBNFOUB� FO� MP� RVF� QBSFDF� TFS� FM� DPOUFOJEP� EF� MPT� NJTNPT� RVF� IFNPT�USBUBEP� EF� EJTDFSOJS� B� QBSUJS� EF� GVFOUFT� EJWFSTBT�� FO� MPT� .JTUFSJPT� EF� "HSBT�PDVQBO�VO�MVHBS�FTQFDJBM�MB�EJPTB�1FSTÏGPOF �FM�SFMBUP�TPCSF�MB�VOJØO�EF�;FVT�DPO�%FNÏUFS �MPT�SJUPT�PSHJÉTUJDPT�TJNJMBSFT�B�MPT�EF�MPT�$VSFUFT �MPT�$PSJCBOUFT�Z� MB� .BESF� EF� MPT� EJPTFT � FO� DVZP� UFNQMP � FO� "HSBT � TF� DFMFCSBSÓBO� MPT�.JTUFSJPT � Z� %JPOJTP � NFODJPOBEP� QPS� &TUÏGBOP� EF� #J[BODJP � WJODVMBEP� BM�MJLOPO�FO�FM�SJUVBM�Z�B�MPT�$VSFUFT�FO�FM�NJUP�ØSGJDP"HSBT���

4J�QPEFNPT�DPODMVJS�RVF�MPT�1FRVF×PT�.JTUFSJPT�TPO�VOPT�.JTUFSJPT�ØSGJDPT�JOTUJUVJEPT� FO� ÏQPDB� EF� MPT� 1JTJTUSÉUJEBT � FOUPODFT� IBCSÓB� RVF� WPMWFS� B�FYBNJOBS� BM� NFOPT� BMHVOBT� EF� MBT� JOUFSQSFUBDJPOFT� EF� MPT� EJTUJOUPT� BVUPSFT�TPCSF� MB� JOUSPEVDDJØO� EFM� PSGJTNP� DPO� MPT� 1JTJTUSÉUJEBT�� /JMTTPO� EFTUBDØ� MB�

���������������������������������������������������4DI��"S� �3B� ������%� ����/FFSB ��������7FS�BQÏOEJDF�EF��.��7"-%³4������FO�QSFOTB��

����&�� 4*.0/� ������ FTUB� BVUPSB� TF� DFOUSB� GVOEBNFOUBMNFOUF� FO� FM� BOÉMJTJT� EFM� 1FMJLF� EF�

-FOJOHSBEP� 4U�� ����� EFM� T�� *7 � BVORVF� BMVEF� UBNCJÏO� TPNFSBNFOUF� B� MB� QPTJCJMJEBE� EFM�EFTBSSPMMP�EF�MPT�1FRVF×PT�.JTUFSJPT�DPNP�VOPT�NJTUFSJPT�ØSGJDPT�FO�ÏQPDB�EF�MPT�1JTJTUSÉUJEBT �FO�SFMBDJØO�DPO�MB�OPUJDJB�TPCSF�0OPNÉDSJUP��Q������+�1��(6³1*/����� �FTQ��Q������TR��EFGJFOEF�UBOUP�MBT�TJNJMJUVEFT�EF�MBT�"OUFTUFSJBT�DPO�MPT�1FRVF×PT�.JTUFSJPT �DPNP�MB�QSFTFODJB�EF�%JPOJTP�ØSGJDP�FO�ÏTUPT�BVORVF�NFODJPOB�UBNCJÏO�B�0OPNÉDSJUP�Z�MPT�1JTJTUSÉUJEBT �Z�TF�DFOUSB�FO�FM�BOÉMJTJT�EF�MPT�NJUPT�Z�SJUPT�FO�MB�USBHFEJB�HSJFHB�FO�FM�T��7��1BSB�FM�WBTP�EF�3FHHJP�WÏBTF�MB�OPUB�����$VMUP�EF�)FSBDMFT�FO�FM�­UJDB�FO�FM�T��7* �FTQFDJBMNFOUF�FO�TV�TBOUVBSJP�EFM�$JOPTBSHFT� KVOUP�BM�*MJTP��4��800%'03%� ������ "�� 7&3#"/$,�1*³3"3%� ���� � Q�� ����� 1BSB� )FSBDMFT� FO� MPT� 1FRVF×PT�.JTUFSJPT��+��#0"3%."/�������.��7"-%³4������FO�QSFOTB��

� -PT�1FRVF×PT�.JTUFSJPT�EF�"HSBT� ���

SFMBDJØO�FTUSFDIB�FOUSF�EJPOJTJTNP�Z�PSGJTNP�TF×BMBOEP�TJO�FNCBSHP �QSFDJTB�NFOUF� FO� SFMBDJØO� DPO� MB� "UFOBT� EF� MPT� 1JTJTUSÉUJEBT � MB� EJGFSFODJBDJØO� Z�SFJOUFSQSFUBDJØO� OVFWB � BVORVF� BSSBJHBEB� FO� DSFFODJBT� Z� iNPWJNJFOUPTw�QPQVMBSFT � EFM� EJPOJTJTNP� PQFSBEB� EFOUSP� FM� PSGJTNP� Z� RVF� DPOMMFWB� VOB�WJTJØO�BOUSPQPMØHJDB �FTDBUPMØHJDB�Z�SFMJHJPTB�SFMBUJWBNFOUF�OVFWB��.B[[BSJOP �QPS� TV� QBSUF� EFTUBDØ� FM� WÓODVMP� EFM� PSGJTNP� FO� FTUPT� NPNFOUPT� DPO� MB�JEFPMPHÓB� EF� MB� CBTJMFJB� BDPSEF� DPO� FM� EFTBSSPMMP� EFM� QPEFS� UJSÉOJDP�� 5IPN�TPO

���QPTUVMØ�VOB�NBZPS�SFMBDJØO�EFM�OBDJNJFOUP�EFM�PSGJTNP�FO�MB�"UFOBT�EFM�

T�� 7*� DPO� FMFNFOUPT� EF� QPCMBDJØO� IVNJMEFT � FTQFDJBMNFOUF� NJOFSPT� FO�-BVSJPO�Z�5SBDJB �BTPDJBEPT�DPO�MPT�1JTJTUSÉUJEBT�Z�MB�SFMBDJØO �TPCSF�UPEP�FO�TV�PSJHFO �DPO�VOB�JEFPMPHÓB�iQPQVMBSw �DPOUSBSJB�B�MB�NFOUBMJEBE�Z�FM�QFOTB�NJFOUP� iEJTHSFHBOUFw� BSJTUPDSÉUJDP�� %J� .BSDP

��� � QPS� TV� QBSUF � IB� EFTUBDBEP�

SFDJFOUFNFOUF�NÉT� CJFO� MBT� DPOFYJPOFT� EFM� PSGJTNP� DPO� MB� QPMJT � MB� SFMJHJØO�DÓWJDB �EFM�NJTNP�NPEP�RVF�FM� DVMUP�EF�%JPOJTP �Z� TF×BMB� MB�QPTJCJMJEBE�EF�VOB�HSBEVBM�EJGFSFODJBDJØO�FOUSF�EJPOJTJTNP�Z�PSGJTNP�EFTEF�MPT�1JTJTUSÉUJEBT��1SPCBCMFNFOUF�VOPT�BTQFDUPT�OP�TPO�FYDMVZFOUFT�EF�PUSPT �EBEB� MB�DPNQMF�KJEBE�EF�MB�SFBMJEBE�TPDJBM���

&T� QPTJCMF� TVQPOFS� UBNCJÏO� MB� QSFTFODJB� EF� FMFNFOUPT� QSPDFEFOUFT� EF�.BHOB�(SFDJB �BTÓ�DPNP�MB�JOGMVFODJB �TVCSBZBEB�FO�FTUF�BSUÓDVMP �EF�MB�EJPTB�GSJHJB �Z�PUSBT�DPOFYJPOFT�FYUFSOBT�UBOUP�FO�FMFNFOUPT�EF�QPCMBDJØO�MPT�WBTPT�OPT�PGSFDFO�SFQSFTFOUBDJPOFT�EF�FTDJUBT�Z� USBDJPT �PUSP�FTUSBUP� MP�DPOGJSNB� MB�HVBSEJB�EFM�UJSBOP �GPSNBEB�FO�TV�NBZPSÓB�QPS�BUFOJFOTFT�EF�MBT�DMBTFT�CBKBT �DPNP�IB�NPTUSBEP�-BWFMMF �DPNP�FO�DVFTUJØO�EF�JEFBT�SFMJHJPTBT��

�����

&O� DVBMRVJFS� DBTP�FM� BTQFDUP�NÉT� SFMFWBOUF� B�EFTUBDBS� FT� FM�IFDIP�EF� MB�JOBVHVSBDJØO� EF� MPT� 1FRVF×PT� .JTUFSJPT� VOPT� NJTUFSJPT� ØSGJDPT � DPO� MBT�DPOTFDVFODJBT� RVF� FMMP� DPOMMFWB� B� MB� IPSB� EF� WJDVMBS� PSGJTNP� DPO� SJUVBM � Z�PSGJTNP�DPO�SFMJHJØO�DÓWJDB�QBSB�iJOJDJBSw�B�)FSBDMFT �iFM�QPSUBEPS�EF�MB�NB[Bw��FMMP� QPTJCJMJUB � EF� GPSNB� TJNCØMJDB� Z� QVFEF� TVQPOFSTF� RVF� UBNCJÏO� FO� MB�QSÉDUJDB � MB� JOJDJBDJØO� EFM� EFNPT� RVF� TJHVF� Z� BQPZB� BM� UJSBOP�� F�� F�� QPCMB�DJPOFT�NBSHJOBMFT�Z�IFUFSPEPYBT �FYUSBOKFSPT �EFTDPOUFOUPT �TJO�UJFSSBT �UIFUFT�Z� PUSPT� FMFNFOUPT� RVF� TF� JOUFHSBO� QPTJCMFNFOUF� FO� FTUPT� NPNFOUPT� FO� MB�DJVEBEBOÓB�EF�"UFOBT �DPNP�NVFTUSB�FM�EJBQTFQIJTNPT�QSFWJP�B�$MÓTUFOFT�QBSB�FYDMVJS� B� MPT� iJNQVSPTw� Z� MB� JOUSPEVDDJØO� EF� iFTDMBWPT� NFUFDPTw� FO� MB�DJVEBEBOÓB

���� �� "EFNÉT� IBZ� PUSPT� FMFNFOUPT� RVF� NFSFDF� MB� QFOB� EFTUBDBS�

DPNP� MB� SFMBDJØO� GVOEBNFOUBM�RVF�TF�FTUBCMFDF�ZB�FO�FTUPT�NPNFOUPT� UBOUP�FOUSF� PSGJTNP� Z� EJPOJTJTNP � DPNP� FOUSF� PSGJTNP� Z�NJTUFSJPT� FMFVTJOPT� FO� FM�­UJDB���

4JO� OFHBS� UBNQPDP� MB� JNQPSUBODJB� EFM� EFTBSSPMMP� EF� MB� JEFPMPHÓB� EF� MB�CBTJMFJB�DPOFDUBEB�BM�QPEFS�UJSÉOJDP �DPNP�NVFTUSB�FM�DVMUP�EF�;FVT�#BTJMFVT�

���������������������������������������������������.�1��/*-440/�������4��.";;"3*/0����� �Q���������(��5)0.40/�������

�����.��%*�."3$0�������DPO�EJTDVTJØO�Z�CJCMJPHSBGÓB�BDFSDB�EF�MBT�EJTUJOUBT� JOUFSQSFUBDJPOFT�

TPCSF�FM�PSJHFO�EFM�PSGJTNP�Z�MB�SFMBDJØO�DPO�FM�DVMUP�EF�%JPOJTP�������5SBDJPT�Z�FTDJUBT�FO�MPT�WBTPT��)�"��4)"1*30�����C��#�.��-"7&--&�������

�����.��7"-%³4������FO�QSFOTB��%JBQTFQIJTNPT��"SJTU� �"UI� ��� ���Z������i&TDMBWPT�NFUFDPTw��

"SJTU� �1PM��*** �����C��������

��� .��7"-%³4�(6*" �3��."35·/&;�/*&50�

��� � FT� FTFODJBM� QBSB� MB� DPNQSFOTJØO� EF� MB� JOBVHVSBDJØO� EF� FTUPT� .JTUFSJPT�

MJHBEPT�B�MB�QVSJGJDBDJØO�FO�MB�"UFOBT�EF�MPT�1JTJTUSÉUJEBT �FM�SFDPOPDJNJFOUP�EF�VOB�QSPNPDJØO�EFM�EFNPT��4F�BCSF�BTÓ�BM�QVFCMP�FM�BDDFTP�B�MB�DJVEBEBOÓB �BM�NFOPT� FO� MB� QBSUJDJQBDJØO� NÉT� BDUJWB� FO� GFTUJWBMFT� FTFODJBMFT� QBSB� MB� WJEB�DÓWJDB�EF�"UFOBT �Z�BM�.ÉT�"MMÉ�CJFOBWFOUVSBEP�FO�MPT�.JTUFSJPT�EF�&MFVTJT �B�MPT�RVF�TF�BDDFEÓB�QPS�MB�QBSUJDJQBDJØO�QSFWJB�FO�MPT�EF�"HSBT���

4JO�FNCBSHP�OP�IBZ�RVF�PMWJEBS�RVF�MB�BDUVBDJØO�EF�0OPNÉDSJUP�OP�FT�MB�ÞOJDB� RVF� QVFEF� DPOFDUBSTF� DPO� DPSSJFOUFT� iØSGJDBTw� P� SFMBDJPOBEBT� DPO�PSGJTNP�� UBNCJÏO� PUSBT� GBNJMJBT� BUFOJFOTFT� DPNP� MPT� -JDØNJEBT� Z� MPT� BSJTUP�DSÉUJDPT� #PV[ZHBJ � QPTJCMFNFOUF� BTPDJBEPT� DPO� -BTP� EF� )FSNÓPOF� DPO�DPOFYJPOFT�UBNCJÏO�DPO�UFYUPT�ØSGJDPT�Z�FM�QSJNFSP�FO�JEFOUJGJDBS�B�#PV[ZHFT�DPO�&QJNÏOJEFT �TF�BSSPHBO�FTUB�QSFSSPHBUJWB

�����&M�FOGSFOUBNJFOUP�FOUSF�-BTP�

Z�0OPNÉDSJUP�NVFTUSB�QPS�UBOUP�UBNCJÏO�FM�UBMBOUF�BNCJHVP�EFM�PSGJTNP �RVF�TF�EFKB�BQSFIFOEFS�NBM �EBEB�MB�BVTFODJB�EF�VOB�iPSUPEPYJBw�ZB�EFTEF�FTUPT�QSJNFSPT�NPNFOUPT�FO�MPT�RVF�RVJ[É�TF�FTUÉ�GPSNBOEP�T��7*�Z�FO�MPT�RVF�TF�BEWJFSUF� MB� DPNQMFKJEBE�EFM� GFOØNFOP� SFMJHJPTP�EFOPNJOBEP� iPSGJTNPw�FO� MB�"OUJHàFEBE���

.JSJBN�7"-%³4�(6·"�3PYBOB�."35·/&;�/*&50�

6OW��$PNQMVUFOTF�EF�.BESJE BESFTTF�DPNQMÒUF�T�W�Q��

#JCMJPHSBGÓB�"��"-0/* �-�BFEP�F�J�UJSBOOJ �3PNB �������

"��#"3*(";;* �i0OPNBDSJUP�F�JM�QSJNP�JOOP�PNFSJDP�B�%JPOJTPw �3'*$�������� �Q�����������

+�%��#&";-&: �"UUJD�3FE�'JHVSF�7BTF�1BJOUFST�"37 �0YGPSE ������ �WPM� �*�Z�**��

� �1BSBMJQPNFOB��"EEJUJPOT�UP�"UUJD�#BMDL�'JHVSF�7BTF�1BJOUFST �0YGPSE ��������

� �"UUJD�#MBDL�'JHVSF�WBTF�1BJOUFST�"#7 �/FX�:PSL �������

"��#&3/"#³ �i-B�QPFTÓB�ØSGJDB��6O�DBQÓUVMP�SFFODPOUSBEP�EF�MB�MJUFSBUVSB�HSJFHBw �5FNQVT������� �Q��������

� �i-B�5FPHPOÓB�ØSGJDB�EFM�1BQJSP�EF�%FSWFOJw �"3:4������� �Q�����������

� �i-B�5PJMF�EF�1ÏOÏMPQF��B�U�JM�FYJTUÏ�VO�NZUIF�PSQIJRVF�TVS�%JPOZTPT�FU�MFT�5JUBOT �x �3)3���� �GBTD�������� �Q�����������

+��#0"3%."/ �i)FSBLMFT �1FJTJTUSBUPT�BOE�4POTw �3"�������� �Q���������

� �i)FSBLMFT �1FJTJTUSBUPT�BOE�&MFVTJTw �+)4�������� �Q�������� �

� �i)FSBLMFT �1FJTJTUSBUPT �BOE�UIF�6ODPOWJODFEw �+)4��������� �Q�����������

3��#0&).& �%FS�-ZLPNJEF��5SBEJUJPO�VOE�8BOEFM�[XJTDIFO�0SQIFVT�VOE�)PNFS �#FSO���4UVUUHBSU �������

1I��#03(&"6% �-B�.ÒSF�EFT�EJFVY �1BSJT �������

��������������������������������������������������

��*EFPMPHÓB�EF�MB�CBTJMFJB�FO�SFMBDJØO�DPO�MPT�UJSBOPT��)�"��4)"1*30�������%F�UPEBT�GPSNBT�OP�FSB�FYDMVTJWP�OJ�QSFSSPHBUJWB�EF�MPT�UJSBOPT�DPNP�NVFTUSB�FM�WÓODVMP�EF�4PMØO�GS�����%�DPO�;FVT�#BTJMFVT � BTÓ� DPNP� FM� EFTBSSPMMP� EF� ;FVT� SFMBDJPOBEP� DPO� MB� KVTUJDJB� ZB� EFTEF� )PNFSP� Z�)FTÓPEP��4PCSF�MB�+VTUJDJB�EF�;FVT��)��--0:%�+0/&4�������

�����-BTP�Z�#PV[ZHBJ�FO�MB�"UFOBT�EF�MPT�1JTJTUSÉUJEBT��.��7"-%³4�����C �Q�����������

� -PT�1FRVF×PT�.JTUFSJPT�EF�"HSBT� ���

� �j�5BVSPCPMJPO�x �JO�'��(3"'�FE� �"OTJDIUFO�HSJFDIJTDIFS�3JUVBMF�GàS�8BMUFS�#VSLFSU �4UVUUHBSU���-FJQ[JH ����� �Q�����������

1�� #0:"/$³ � -F� DVMUF� EFT� .VTFT� DIF[� MFT� 1IJMPTPQIFT� (SFDT�� ³UVEFT� E�)JTUPJSF� FU� EF� QTZDIPMPHJF�SFMJHJFVTFT �1BSJT �������<����>��

-��#3&(-*" � i'BMDF�EJ�%FNFUSB � GBMDF�QFS�%FNFUSBw � JO�/�'��1"3*4&� FE� �0SJHJOF�EFMMB�NPOFUB� F�UFPSJB�EFM�TBDSJGJDJP��"UUJ�EFMM�JODPOUSP�EJ�TUVEJP �3PNB����� �3PNB ����� �Q���������

� �i'FSFDJEF�EJ� 4JSP� USB� PSGJDJ� F� QJUBHPSJDJw � JO�.��503503&--*�()*%*/* � "�� 4503$)*�."3*/0� Z�"��7*4$0/5*����� �Q�����������

-�� #3*440/ � j�-FT� UIÏPHPOJFT� 0SQIJRVFT� FU� MF� QBQZSVT� EF� %FSWFOJ��� OPUFT� DSJUJRVFT�x � 3)3� �������� �Q�����������

"�$��#36.'*&-% �5IF�"UUJD� 'FTUJWBMT� PG�%FNFUFS� BOE� UIFJS� SFMBUJPO� UP� UIF� "HSJDVMUVSBM� :FBS �/FX�:PSL �������

8��#63,&35 �0SQIJTN�BOE�#BDDIJD�NZTUFSJFT�� /FX� FWJEFODF� BOE� PME� QSPCMFNT� PG� JOUFSQSFUBUJPO �#FSLFMFZ �������

� �)PNP�/FDBOT��5IF�"OUISPQPMPHZ�PG�"ODJFOU�(SFFL�4BDSJGJDBM�3JUVBM�BOE�.ZUI �#FSLFMFZ�FU�BM� �������

� �(SFFL�3FMJHJPO��"SDIBJD�BOE�$MBTTJDBM �0YGPSE �������

$��$"-".& � j�-B�QPÏTJF�BUUSJCVÏF�Ì�0SQIÏF���RV�FTU�DF�RVJ�FTU�PSQIJRVF�EBOT�MFT�0SQIJDB �x �3)3���� �GBTD�������� �Q�����������

'��$"440-" �*OOJ�0NFSJDJ �3PNB �������

(��$&33* �i-B�.BESF�EFHMJ�%FJ�OFMM�&MFOB�EF�&VSJQJEF��USBHFEJB�F�SJUVBMFw �24�������� �Q�����������

1��$)"/53"*/& �i.FUSPT�FO�"HSBTw �$�.�������� �Q��������

,��$-*/50/ �.ZUI�BOE�$VMU��5IF�*DPOPHSBQIZ�PG�UIF�&MFVTJOJBO�.ZTUFSJFT �4UPDLIPMN �������

� �i5IF�&MFVTJOJBO�.ZTUFSJFT�BOE�1BOIFMMFOJTN�JO�%FNPDSBUJD�"UIFOTw �JO�8�%�&��$06-40/�FU�BM��FET� �5IF�"SDIBFPMPHZ� PG� "UIFOT�BOE�"UUJDB�VOEFS� UIF�%FNPDSBDZ �0YGPSE � ���� �Q�� ���������

%�.��$04* �i0SGFP�F�M�0SGJTNP�USB�DPOUJOVJU�F�JOOPWB[JPOFw �JO�.��503503&--*�()*%*/* �"��4503$)*�."3*/0 �"��7*4$0/5*����� �Q�����������

/��$646."/0 �i;FVT�.FJMJDIJPTw �.ZUIPT������� �Q���������

.��%"3",* �%JPOZTPT �1BSJT �������

.��%"6."4 �$BCJSJBDB��3FDIFSDIFT�TVS�M�JDPOPHSBQIJF�EV�DVMUF�EFT�$BCJSFT �1BSJT �������

(��%"69 � i-B�HSBOEF�%ÏNBSDIJF���VO�OPVWFBV�DBMFOESJFS� TBDSJGJDJFM�E�"UUJRVF� &SDIJBw �#$)� ������� �Q������������

+�,��%"7*&4 �"UIFOJBO�1SPQFSUJFE�'BNJMJFT �0YGPSE �������

-��%&6#/&3� �"UUJTDIF�'FTUF �#FSMJO �������

.��%*�."3$0 � i%JPOJTP� FE�0SGFP�OFMMF�#BTTBSJEJ� EJ� &TDIJMPw � JO�"��."4"3"$$)*"� FE� �0SGFP� FU�M�PSGJTNP��"UUJ�EFM�4FNJOBSJP�/B[JPOBMF �3PNB�1FSVHJB ���������� �3PNB ����� �Q������������

#�$��%*&53*$) �i%JPOZTPT�-JLOJUFTw �$2������� �Q�����������

"�+��%0.·/(6&;�.0/&%&30 �4PMØO�EF�"UFOBT �#BSDFMPOB �������

3�(�� &%.0/%4 � i5FBSJOH�"QBSU� UIF�;BHSFVT�.ZUI��"� 'FX�%JQBSBHJOH�3FNBSLT� PO�0SQIJTN� BOE�0SJHJOBM�4JOw �$M"OU �������� �Q����������

&�3��'"3/&-- �5IF�$VMUT�PG�UIF�(SFFL�4UBUFT �/FX�:PSL ������<���������> ���WPMT���

%��'&:5."/ �i6OF�SFQSFTFOUBUJPO�JOVTJUÏF�EV�EÏQBSU�EF�5SJQUPMÒNFw �"$�������� �Q�����������

"�+��'&456(*¶3& �i-FT�NZTUÒSFT�EF�%JPOZTPTw �3#J ����� ����������

(��'06$"35 �-FT�NZTUÒSFT�E�&MFVTJT �1BSJT �������

/��'3"1*$*/* �i-�BSSJWP�EJ�$JCFMF�JO�"UUJDBw �11�������� �Q���������

+�(��'3";&3 �1BVTBOJB�T�%FTDSJQUJPO�PG�(SFFDF �-POEPO���/FX�:PSL ������

(��(*"/&--* �$VMUJ�F�NJUJ�EFMMB�.BHOB�(SFDJB �'JSFO[F �������

'��(3"' �&MFVTJT�VO�EJF�PSQQIJTDIF�%JDIUVOH�"UIFOT �#FSMJO �/FX�:PSL �������

� �i5IF�"SSJWBM�PG�$ZCFMF� JO�UIF�(SFFL�&BTUw � JO�+��)"3."55"�FE� �"DUFT�EV�7**F�$POHSÒT�EF� MB�'ÏEÏSBUJPO� *OUFSOBUJPOBMF� EFT� "TTPDJBUJPOT� E�³UVEFT� $MBTTJRVFT� 1SPDFFEJOHT� PG� UIF� 7**UI�

��� .��7"-%³4�(6*" �3��."35·/&;�/*&50�

$POHSFTT� PG� UIF� *OUFSOBUJPOBM� 'FEFSBUJPO� PG� UIF� 4PDJFUJFT� PG� $MBTTJDBM� 4UVEJFT � #VEBQFTU ����� �WPM� �* �Q�����������

� �/PSEJPOJTDIF�,VMUF �3PNB �������

� �i*�DVMUJ�NJTUFSJDJw �JO�4��4&55*4�FE� �*�(SFDJ��4UPSJB �DVMUVSB �BSUF�F�TPDJFU�����6OB�4UPSJB�(SFDB��**��%FGJOJ[JPOF �5PSJOP ����� ����������

+�1��(6³1*/ �5IF�5SBHJD�1BSBEPY��.ZUI�BOE�3JUVBM�JO�(SFFL�5SBHFEZ �"NTUFSEBN �������

8�,�$��(65)3*& �0SGFP�Z�MB�SFMJHJPO�HSJFHB �#VFOPT�"JSFT ������<����>��

#��)&.#&3( �%JF�,BCJSFO �6QQTBMB �������

(�5�8��)00,&3 �i5IF�5PQPHSBQIZ�PG�UIF�'SPHTw �+)4�������� �Q�����������

(��7"/�)003/ �$IPFT�BOE�"OUIFTUFSJB �-FJEFO �������

+�� )03%&3/ � i/PUFT� PO� UIF� 0SQIJD� 1BQZSVT� GSPN� (VSPC� 1�� (VSÙC� ��� 1BDL�� ����w � ;1&� �������� �Q�����������

5�1��)08& �i;FVT�)FSLFJPTw �"+"�������� �Q�����������

+��)6.#&35 �)PNÒSF �)ZNOFT �1BSJT �������

.�)��+".&40/ �i/PUFT�PO�UIF�4BDSJGJDJBM�$BMFOEBS�GPSN�&SDIJBw �#$)�������� �Q�����������

.�)��+".&40/ �%�3��+03%"/ �3�%��,05"/4,: �"�-FY�4BDSB�GSPN�4FMJOPVT �%VSIBN �������

"�*��+*.³/&;�4"/�$3*450#"- �i$POTJEFSBDJPOFT�TPCSF�MBT�5FMFUBJ�ØSGJDBTw �JO�+�'��(0/;­-&;�$"4530 �+�-��7*%"-�FET� �"DUBT�EFM�9�$POHSFTP�&TQB×PM�EF�&TUVEJPT�$MÉTJDPT �.BESJE ����� �WPM� � *** �Q������������

,��,&3³/:* �&MFVTJT��"SDIFUZQBM�*NBHF�PG�.PUIFS�BOE�%BVHIUFS �-POEPO �������

0��,&3/ �0SQIJDPSVN�'SBHNFOUB �#FSMJO �������<����>���

*��-"%"�3*$)"3%4 �*OJUJBUJOH�%JPOZTVT��3JUVBM�BOE�5IFBUSF�JO�"SJTUPQIBOFT��'SPHT �0YGPSE �������

+��%&�-"�(&/*¶3& �j�%F�MB�1ISZHJF�Ì�-PDSFT�³QJ[ÏQIZSJFOOF�x �.&'3"�������� �Q�����������

� �j�-F�DVMUF�EF�MB�.ÒSF�EFT�EJFVY�EBOT�MF�1ÏMPQPOOÒTF�x �$3"*����� �Q���������

� � j�4UBUVUBJSF� BSDIBÕRVF� EF� MB� .ÒSF� EFT� EJFVY� FO� "SDBEJF� FU� FO� -BDPOJF�x � JO� 0�� 1"-"(*" �8��$06-40/�FET� �4DVMQUVSF�GSPN�"SDBEJB�BOE�-BDPOJB ����� �0YGPSE �Q�����������

#�.�� -"7&--& � i)FSPEPUPT � 4LZUIJBO� "SDIFST � BOE� UIF� EPSZQIPSPJ� PG� UIF� 1FJTJTUSBUJETw � ,MJP� ������� �Q���������

-�.��-�)0..&�8³3: �i-B�OPUJPO�EF�QBUSJF�EBOT�MB�QFOTÏF�QPMJUJRVF�EF�4PMPOw �"$�������� �Q���������

&��-06$"4 �*� �-06$"4 �i6O�BVUFM�EF�3IÏB�$ZCÒMF�FU�MB�HSBOE�EÏFTF�EF�1IMZBw �-BUPNVT�������� �Q�����������

*�� -06$"4 � i-F� EBQIOFQIPSFJPO� EF� 1IMZB � MB� EBQIOÏQIPSJF� CÏPUJFOOF� FU� M�PSBDMF� EF� %FMQIFTw �,FSOPT������� �Q�����������

)��--0:%�+0/&4 �i)FSBDMFT�BU�&MFVTJTw �."*"�������� ���������

� �5IF�+VTUJDF�PG�;FVT �#FSLFMFZ �-PT�"OHFMFT �-POEPO �������

-��."-5&/ �i"MUPSQIJTDIF�%FNFUFSTBHFw �"38�������� �Q�����������

3��."35*/ �3FDIFSDIFT�TVS�M�BHPSB�HSFDRVF �1BSJT �������

3�1��."35*/ �i3IBQTPEJ[JOH�0SQIFVTw �,FSOPT�������� �Q���������

3�#�� ."35·/&;� /*&50 � -B� BVSPSB� EFM� QFOTBNJFOUP� HSJFHP�� -BT� DPTNPHPOÓBT� QSFGJMPTØGJDBT� EF�)FTÓPEP �"MDNÉO �&QJNÏOJEFT �.VTFP�Z�MB�5FPHPOÓB�ØSGJDB�BOUJHVB �.BESJE �������

� �i-B� �EF�.VTFP��GSBHNFOUPT�JOÏEJUPT�F�JOUFOUP�EF�SFDPOTUSVDDJØOw �&NÏSJUB�������� �GBTD� ���QSJNFS�TFNFTUSF �Q�����������

4�#��."5)&40/ �i5IF�.JTTJPO�PG�5SJQUPMFNVT�BOE�UIF�1PMJUJDT�PG�"UFOTw �(3#4�������� �Q�����������

4��.";;"3*/0 �*M�QFOTJFSP�4UPSJDP�$MBTTJDP �WPM��* �#BSJ �������

)��.&5;(&3 �3FDIFSDIFT�TVS�M�JNBHFSJF�BUIÏOJÒOOF �1BSJT �������

)��.¾#*64 �i%BT�.FUSPPO�JO�"HSBJ�VOE�TFJO�'SJFTw �".������������� �Q�����������

(��.:-0/"4 �&MFVTJT�BOE�UIF�&MFVTJOJBO�.ZTUFSJFT �1SJODFUPO �������

'�� /"6."// � %JF� *LPOPHSBQIJF� EFS� ,ZCFMF� JO� EFS� QISZHJTDIFO� VOE� EFS� HSJFDIJTDIFO� ,VOTU �5àCJOHOFO ��������

� -PT�1FRVF×PT�.JTUFSJPT�EF�"HSBT� ���

.�1��/*-440/ �i&BSMZ�0SQIJTN�BOE�,JOESFE�SFMJHJPVT�NPWFNFOUTw �)5I3�������� �Q������������

0SGJTNP�JO�.BHOB�(SFDJB �"UUJ�EFM�9*7�$POWFHOP�EJ�4UVEJ�TVMMB�.BHOB�(SFDJB �5BSBOUP������PUU� ����� �/BQPMJ �������

3��1"3,&3 �"UIFOJBO�3FMJHJPO��"�)JTUPSZ �0YGPSE �������

3��1&55";;0/* �-�FTTFSF�TVQSFNF�OFMMF�SFMJHJPOJ�QSJNJUJWF �5PSJOP �������

"��1*$,"3%�$".#3*%(& �5IF�%SBNBUJD�'FTUJWBMT�PG�"UIFOT �0YGPSE ���������FEJDJØO�EF�������

$�"��1*$¼/ �i5IF�*MJTTPO�5FNQMF�SFDPOTJEFSFEw �"+"������� �Q���������

.�� 1*³3"35 � i)ÏSPT� GPOEBUFVST�� )ÏSPT� DJWJMJTBUFVST�� -B� SJWBMJUÏ� FOUSF� "SHPT� FU� "UIÒOFT� WVF� QBS�1BVTBOJBTw �JO�7��1*3&//&�%&-'03(& �&��46­3&;�%&�-"�5033&�FET� �)ÏSPT�FU�IÏSPÕOFT�EBOT�MFT�NZUIFT�FU�MFT�DVMUFT�HSFDT��"DUFT�EV�$PMMPRVF�PSHBOJTÏ�Ì�M�6OJWFSTJUÏ�EF�7BMMBEPMJE�EV����BV����NBJ����� �-JÒHF ������,FSOPT �TVQQM���� �Q�����������

%��1-­$*%0 � i$SFTNØMPHPT � BEJWJOPT� Z� GJMØTPGPT� FO� MB�"UFOBT� DMÉTJDBw � JO� +��"-7"3 �$��#-­/26&; �$�(��8"(/&3�FET� �'PSNBT�EF�EJGVTJØO�EF�MBT�SFMJHJPOFT�BOUJHVBT �.BESJE ����� �Q�����������

%��1-­$*%0 �Z�.��7"-%³4 � i&MFVTJT �FM�­UJDB�Z�"UFOBT�IBTUB� MB�ÏQPDB�EF�1JTÓTUSBUPw �)PNFOBKF�BM�QSPGFTPS�4��-BTTP�EF�MB�7FHB �.BESJE ����� �Q�����������

$��1-*$)0/ �i-F�3IÏTPT�FU�M�PSQIJTNFw �,FSOPT�������� �Q���������

(�"��13*7*5&3" �-BTP�EJ�&SNJPOF �3PNB ��������

(��3*$$*"3%*&--* �*OOJ�0SGJDJ �3PNB �������

/�+��3*$)"3%40/ �5IF�)PNFSJD�)ZNO�UP�%FNFUFS �0YGPSE �������

/��30#&3540/ � i/FX�-JHIU�PO�%FNFUFS�T�.ZTUFSJFT��5IF�'FTUJWBM�1SPFSPTJBw �(3#4� ��� ���� �Q�����������

-�&�� 30--&3 � *O� 4FBSDI� PG� (PE� UIF�.PUIFS�� 5IF� $VMU� PG� "OBUPMJBO� $ZCFMF � #FSLFMFZ�-PT�"OHFMFT�-POEPO �������

+��36%)"3%5 �i-FT�EFVY�NÒSFT�EF�%JPOZTPT �1FSTÏQIPOF�FU�4ÏNÏMÏ�EBOE�MFT�)ZNOFT�0SQIJRVFTw �3)3���� �GBTD�������� �Q������������

1��4$"31* �FE� �-F�SFMJHJPOJ�EFJ�.JTUFSJ �WPM��*��&MFVTJ �%JPOJTJTNP �0SGJTNP �3PNB �������

"��4$)"$)5&3 � i,BENPT�BOE� UIF� JNQMJDBUJPOT�PG� UIF� USBEJUJPO� GPS�#PJPUJBO�)JTUPSZw � JO�-B�#ÏPUJF�"OUJRVF �-ZPO�4BJOU�³UJFOOF �NBJ����� �1BSJT ����� �Q�����������

,��4$)&'0-% �i4UBUVFO�BVT�7BTFOCJMEFSOw �+%"*�������� �Q�������

3��4&"'03% �i%JPOZTJBD�%SBNB�BOE�UIF�%JPOZTJBD�.JTUFSJFTw �$2�������� �Q�����������

(�4��4'".&/*�("41"30 �.JTUFSJ�F�DVMUJ�NJTUJDJ�EJ�%FNFUSB �3PNB �������

)�"�� 4)"1*30 � i1BJOUJOHT � 1PMJUJDT� BOE� (FOFBMPHZ�� 1FJTJTUSBUPT� BOE� UIF� /FMFJETw � JO� 8�(�� .00/�FE� �"ODJFOU�(SFFL�"SU�BOE�*DPOPHSBQIZ �.BEJTPO ����� �Q���������

� �i"NB[POT �5ISBDJBOT �BOE�4DZUIJBOTw �(3#4�������� �������������C��

� �"SU�BOE�$VMU�VOEFS�UIF�5ZSBOUT�JO�"UIFOT �.BJO[ �������

� �i0SBDMF�.POHFST�JO�1FJTJTUSBUJE�"UIFOTw �,FSOPT������� �Q�����������

3�.�� 4*..4 � &MFVTJOJBO�"UIFOJBO� DVMU� BOE� NZUI�� UIFJS� OBUVSF� BOE� PSJHJO � %JTT�� 7JSHJOJB�NJDSPGJMNT �������

&��4*.0/ �i/FVF�%FVUVOH�[XFJFS�FMFVTJOJTDIFS�%FOLNËMFS�EFT�WJFSUFO�+BISIVOEFSUT�W��$IS�w �",������� �Q���������

� � i&MFVTJT� JO�"UIFOJBO�7BTF�QBJOUJOH��/FX� -JUFSBUVSF� BOE� 4PNF� 4VHHFTUJPOTw � JO� +�)��0",-&: �8�%�&���$06-40/ �0��1"-"(*"�FET� �"UIFOJBO�1PUUFST�BOE�1BJOUFST �0YGPSE ����� �Q����������

'��40,0-084,* �-PJT�4BDSÏFT�EFT�$JUÏT�(SFDRVFT �1BSJT �������

$I��40637*/06�*/800% �i8IBU�JT�1PMJT�3FMJHJPO w �JO�3��#6950/�FE� �0YGPSE�3FBEJOHT�JO�(SFFL�3FMJHJPO �0YGPSE ����� �Q��������������B���

� �i'VSUIFS�BTQFDUT�PG�1PMJT�3FMJHJPO w � JO�3��#6950/� FE� �0YGPSE�3FBEJOHT� JO�(SFFL�3FMJHJPO �0YGPSE ����� �Q������������C��

1�(�� 5)&.&-*4 � i5IF� $VMU� 4DFOF� PO� UIF� 1PMPT� PG� UIF� 4JQIOJBO� ,BSZBUJE� BU� %FMQIJw � JO� 5IF�*DPOPHSBQIZ�PG�(SFFL�$VMU�JO�UIF�"SDIBJD�BOE�$MBTTJDBM�1FSJPET �"UIÒOFT�-JÒHF ������,FSOPT �TVQQM��� �Q���������

)�"��5)0.140/ �i#VJMEJOHT�PO�UIF�8FTU�4JEF�PG�UIF�"HPSBw �)FTQFSJB������� �Q���������

��� .��7"-%³4�(6*" �3��."35·/&;�/*&50�

(�� 5)0.40/ �"FTDIZMVT� BOE� "UIFOT�� "� 4UVEZ� JO� UIF� TPDJBM� PSJHJOT� PG� ESBNB � /FX� :PSL � �����<����>�

.�� 503503&--*� ()*%*/* � 4503$)*� ."3*/0 � " � 7*4$0/5* � FET� � 5SB� 0SGFP� F� 1JUBHPSB�� 0SJHJOJ� F�JODPOUSJ� EJ� DVMUVSB� OFMM�"OUJDIJU�� 5BJ� EFJ� TFNJOBSJ� /BQPMJUBOB� ��������� � /BQPMJ � ���� �Q�����������

+��53"7-04 �1JDUPSJBM�%JDUJPOOBSZ�PG�"ODJFOU�"UIFOT �-POEPO �������

.�� 7"-%³4� (6·" � i&M� OBDJNJFOUP� EFM� PSGJTNP� FO� FM� ÉNCJUP� EFM� EJPOJTJTNP� ÉUJDP�� FM� NJUP� EFM�EFTNFNCSBNJFOUP� EF� %JPOJTP� OJ×Pw �)PNFOBKF� B� +PTÏ� .BSÓB� #MÉ[RVF[� 7* � .BESJE � ���� �Q�����������

� �1PMÓUJDB�Z�SFMJHJØO�FO�"UFOBT�BSDBJDB��-B�SFPSHBOJ[BDJØO�EF�MB�QPMJT�FO�ÏQPDB�EF�4PMØO �0YGPSE ������#"3�*OUFSOBUJPOBM�4FSJFT ����������B��

� �i-B�FYÏHFTJT�FO�"UFOBT�BSDBJDB�Z�DMÉTJDBw �.FEJUFSSBOFP�"OUJDP �"OOP�7 �GBTD� ������� �Q��������������C��

� � i&M� DVMUP� B� ;FVT� Z� B� MBT� 4FNOBJ� FO� "UFOBT� BSDBJDB�� &YÏHFTJT� FVQÉUSJEB� Z� QVSJGJDBDJØO� EF�&QJNÏOJEFTw �0TUSBLB��� �O�������� �Q��������������D��

� �i-PT�$ÏSJDFT�FO�"UFOBT�BSDBJDB�Z�MPT�.JTUFSJPT�EF�"HSBT��LPSZOFQIPSPJ�EF�1JTÓTUSBUP�F�JOJDJBDJØO�FMFVTJOBw �$POHSFTP�*OUFSOBDJPOBM�EF�(*3&"�997**�Z�"3:4�7*** ������FO�QSFOTB��

"��7&3#"/$,�1*³3"3% � i)FSBDMFT�BU�'FBTU� JO�"UUJD�"SU��B�.ZUIJDBM�PS�$VMUJD� *DPOPHSBQIZ w � JO�5IF�*DPOPHSBQIZ� PG� (SFFL� $VMU� JO� UIF� "SDIBJD� BOE� $MBTTJDBM� 1FSJPET � 1SPDFFEJOHT� PG� UIF� 'JSTU�*OUFSOBUJPOBM�4FNJOBS�PO�"ODJFOU�(SFFL�$VMU �"UIÒOFT�-JÒHF ������,FSOPT �TVQQM��� �Q����������

� �i)ÏSBDMÒT�M�"UIÏOJFOw �JO�"��7&3#"/$,�1*³3"3% �%��7*7*&34�FET� �$VMUVSF�FU�$JUÏ��-�BWÒOFNFOU�E�"UIÒOFT�Ì�M�ÏQPRVF�BSDIBÕRVF �#SVYFMMFT ����� �Q�����������

.�-��8&45 �5IF�0SQIJD�1PFNT �0YGPSE �������

3�&��8:$)&3-&: �i5IF�1ZUIJPO�BU�"UIFOTw �"+"�������� �Q���������

� �i5IF�0MZNQJFJPO�BU�"UIFOTw �(3#4������� �Q�����������

&��8*-- �i"TQFDUT�EV�DVMUF�FU�EF�MB�MÏHFOEF�EF�MB�HSBOE�.ÒSF�EBOT�MF�NPOEF�HSFDw � JO�³MÏNFOUT�PSJFOUBVY�EBOT�MB�SFMJHJPO�HSFDRVF�BODJFOOF�$PMMPRVF�EF�4USBTCPVSH�������NBJ����� �1BSJT ����� �Q����������

%��8*--*".4 �i)FSBLMFT �1FJTJTUSBUPT�BOE�UIF�"MDNFPOJETw �JO�'��-*44"33"(6& �'��5)³-".0/�FET� �*NBHF�FU�$ÏSBNJRVF�HSFDRVF �3PVFO ����� �Q�����������

4�� 800%'03% � i$VMUT� PG� )FSBDMFT� JO� "UUJDBw � JO� %�� (03%0/� FU� BM�� FET� � 4UVEJFT� 1SFTFOUFE� UP�(�.�"��)BOGNBOO �.BJO[ ����� �Q�����������

(��;6/5; �1FSTFQIPOF��5ISFF�&TTBZT�PO�3FMJHJPO�BOE�5IPVHIU�JO�.BHOB�(SFDJB �0YGPSE �������