$0DJ\DU HP]HWL ]|YHJWiU

(1)

'2, KWWSVGRLRUJ97

$0DJ\DU HP]HWL ]|YHJWiU

RUDYHF]FVDED#JPDLOFRP

$NH]GHWHN

$V]iPtWyJpSHNPHJMHOHQpVpYHOV]LQWHHJ\LGĘEHQIHOPHUOWD]RNDONDO

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

pYHNWĘO D V]iPtWyJpSHN W|PHJHV HOWHUMHGpVpYHO ~M WiYODWRN Q\tOWDN D

/ 0 0) 1 0 2 3 3 ! " 4 2 5 6 2 , 3 33 ! 3 ) *

) 7 / 1 ! 3* 8 3 93: 2 ! / 7 + ! ! 3

WĦ]WHNLFpOXO(KKH]QDJ\PpUHWĦV]|YHJHVDGDWEi]LVRNDWNRUSXV]RNDW pStWHWWHNDPHO\HNHJ\LGĘEHQpVWpUEHQPHJKDWiUR]RWWN|]|VVpJQ\HOY

8 3 ) 0 2 33 / 3 39 0 3 6 3 6 30) " ; / (

YHWĘHQ ^< ³¹ ⁺ ⁷ ⁰ ⁼ ³^! ³ ^> ⁺ ⁰ ^? ³^! ^! ^$ ^% ^% ^@ ⁽

! 3 6 - 33* ) ) 7 ! 2 A 7 / 1 ! 30 ) 33 7 3 0 2 0

+ 3 0 * # 2 30

]|YHJWiU016]PHJpStWpVpWWĦ]WHNLFp

1 " 4 ) + ! ! ) ) 7 0 1 ) 0 + : + 3 * 0 +

7 1 ! 5 6 + 7 2 ) 937 33 B 7 ) 02 7 3 7 + 7 2 7 : ) (

) ! 3 0 2 1 3 3) 7 7 33C * + 3 35 3 93 0*

8 7 2 2 0 1 : + 3) - / 7 35 93: 2 ! / ! 30

) 1 3 3 7 ) ) ! D + 7 2 7 : ) 7 ) D 6 3! ! ) 2 0 )

2 ) , 8 3 3 ) 00 + 1 : / 7 36 3 " # / 3 ! 3

QDJ\PHQQ\LVpJĦQ\HOYLDGDWQpONO|]KHWHWOHQVpJHpVDIHOKDV]QiOiViUD YRQDWNR]y HJ\UH Q|YHNYĘ LJpQ\ GH PLQWHJ\ QHJ\HGV]i]DGGDO H]HOĘWW HJ\LO\HQYiOODONR]iVVRNPLQGHQEHQ~WW|UĘQHNV]iPtWRWWPDJ\DUQ\HOY

3 , 3 "

;

GDWN|]SRQW~PyGV]HUHNpVDONDOPD]iVRNIHMOĘGpVHD]XWyEELLGĘ EHQPpJLQNiEEV]HPEHWĦQĘ$V]iPtWyJpSHNWHOMHVtWPpQ\pQHNQ|YHNH

+ ! * - 2 + 3 0 7 ) : * ) 7 / 1 7 ) : 1 37 30) 1 3 1 0 ) ! (

/ * 2 ! / 0 3 1 : 6 7 ) ) 0D 6 3! * 1 0 8 : 37 ) 3! 8 : + 93

(]DGROJR]DWD0DJ\DU7XGRPiQ\EDQEHQPHJMHOHQW9iUDGL7DPiV^E 2UDYHF]&VDED

F G H I J K I L M HP]HWL^N ]|YHJWiUHJ\PLOOLiUGV]DYDV~MYiOWR]DWD´FtPĦWDQXOPiQ\DODSMiQNp

OP

OWDEEyONLVHEEYiOWR]WDWiVRNNDOYDJ\DQpONOKRVV]DEEV]|YHJUpV]HNHWLVWDUWDOPD]

(2)

DV]iPtWyJpSHVQ\HOYpV]HWDQ\HOYWHFKQROyJLDLQWHQ]tYIHMOĘGpVpKH]YH

3 33* ! 37 ! 930* ) 936 3 B ! 30C ! 30 ) 1 3 3 7 )

/ ) 3 1 3 ! : + 3 3 0 "

; 93 : 2 ! / / ! 2 33* 0 3 2 93 33 ! 30 ) 1 3 3 7 ) *

Q\HOYWHFKQROyJLDLDONDOPD]iVRNDODSYHWĘIHOWpWHOHDQDSUDNpV]DQ\HOY KDV]QiODWRWUHSUH]HQWDWtYPyGRQWNU|]ĘJpSSHOROYDVKDWypVIHOGROJR]

8 3: 0 + 3* 0 + ! 30 ! ) 7 33 ) 1 3 3 ) 00 + 1 : (

/ 7 36 * 3 8 7 : 2 0 0 ) 7 ) D 6 3! ! ) ! ) , - 8 3 3(

2 " ; ) 3 + 37 ) 3 3 3 : 0 + 3 0 7 )

SRQWRVV]iPV]HUĦVtWKHWĘNpSHWDGQDNDQ\HOYKDV]QiODWUyOHJ\EHQPHJ

) , 8 3 3 D 7 0 ! 30 + 3 0 D + 7 2 7 : 2 7 03 1 7 ) (

) * 0 3 ! 3! ) 0 D

RUPiFLyWKRUGR]QDND]DGRWWQ\HOYKH]N|WĘGĘ

) 1 35 ) 1 3 3: 0 ) * 3 + 7 31 + : 0 ) 0 "

$6]|YHJWiUHOVĘYiOWR]DWDpVN|]|WWNpV]OWpVD ⁽

! ) 7 + 0) D ! ) 8 3 : 93 33 / 3 39 0 3

DPDJ\DUQ\HOYHOVĘ D]DNNRULJ\DNRUODWEDQLVMHOHQWĘVPpUHWĦQHNV]i PtWyQ\HOYLOHJHOHP]HWWNRUSXV]DYROWDPHO\KiOy]DWLOHNpUGH]ĘIHOOH WHQEiUNLV]iPiUDV]DEDGRQKR]]iIpUKHWĘYROW9iUDGL$PXQNi ODWRN NH]GHWpWĘO V]iPtWRWW ODVVDQ pY P~OWiYDO YiOW Q\LOYiQYDOyYi^*

8 7 2 3 93: 2 ! / ) 7 / 1 7 ) ) * 92 # < Q "( (

EHQWiPDV]WRWWLJpQ\HNMHOHQWĘVPpUWpNEHQYiOWR]WDNpVW|EEV]HPSRQW

: 2 - ) + 3 ) * ) , - - 0 R 3 , 3 S

Ɣ 0LQĘVpJ $ V]iPtWyJpSHV Q\HOYpV]HWL WHFKQROyJLD J\RUV IHMOĘ

+ ! 0 33 # < Q "( ) 7 33 93 : 2 ! / 0 (

! 3 8 7 : 2 0 6 * / 7 37 2 ! 0 0 D 7 0: B C / (

3 0: 6 ) : + + 3 3) - 0 3 + + ) 3 ) 0 3(

KHWĘV]LQWWĘO

Ɣ $]HOVĘYiOWR]DWEDQHOĘLUiQ\]RWWPLOOLyV]DYDV WHUMHGHOHPPiUQHPYROWMHOHQWĘVQHNWHNLQWKHWĘ$]DGDWN|]SRQW~

: + ) T ) 7 ) 3 6 + ! ! 0) ! 2 93: 2 ! (

/ D + 7 2 7 3 , 3! 3 ) - 0 2 ) 7 3 ) 9 (

QDWRVViWHWWpNDPLOOLiUGV]DYDVQDJ\ViJUHQGĦNRUSXV]RNNLIHM

3! ! 3 B U ) 3

DOPLYHOD]DGDWRNXJUiVV]HUĦQ|YH NHGpVH D UDMWXN DODSXOy DONDOPD]iVRN PLQĘVpJpQHN MDYXOiViW

7 6 B 7 3 C 2 1 3 "

Ɣ ^; ⁸ ³ ^/ ⁷ ³⁷ ^* ⁾ Q\HOYW|UWpQHWLNXWDWiVRNLJpQ\HLWLVNLHOpJtWĘGRNXP ³ ² ⁽

(3)

DV]iPtWyJpSHVQ\HOYpV]HWDQ\HOYWHFKQROyJLDLQWHQ]tYIHMOĘGpVpKH]YH

Q\HOYWHFKQROyJLDLDONDOPD]iVRNDODSYHWĘIHOWpWHOHDQDSUDNpV]DQ\HOY KDV]QiODWRWUHSUH]HQWDWtYPyGRQWNU|]ĘJpSSHOROYDVKDWypVIHOGROJR]

SRQWRVV]iPV]HUĦVtWKHWĘNpSHWDGQDNDQ\HOYKDV]QiODWUyOHJ\EHQPHJ RUPiFLyWKRUGR]QDND]DGRWWQ\HOYKH]N|WĘGĘ

$6]|YHJWiUHOVĘYiOWR]DWDpVN|]|WWNpV]OWpVD

DPDJ\DUQ\HOYHOVĘ D]DNNRULJ\DNRUODWEDQLVMHOHQWĘVPpUHWĦQHNV]i PtWyQ\HOYLOHJHOHP]HWWNRUSXV]DYROWDPHO\KiOy]DWLOHNpUGH]ĘIHOOH WHQEiUNLV]iPiUDV]DEDGRQKR]]iIpUKHWĘYROW9iUDGL$PXQNi ODWRN NH]GHWpWĘO V]iPtWRWW ODVVDQ pY P~OWiYDO YiOW Q\LOYiQYDOyYi EHQWiPDV]WRWWLJpQ\HNMHOHQWĘVPpUWpNEHQYiOWR]WDNpVW|EEV]HPSRQW

Ɣ 0LQĘVpJ $ V]iPtWyJpSHV Q\HOYpV]HWL WHFKQROyJLD J\RUV IHMOĘ

KHWĘV]LQWWĘO

Ɣ $]HOVĘYiOWR]DWEDQHOĘLUiQ\]RWWPLOOLyV]DYDV WHUMHGHOHPPiUQHPYROWMHOHQWĘVQHNWHNLQWKHWĘ$]DGDWN|]SRQW~

QDWRVViWHWWpNDPLOOLiUGV]DYDVQDJ\ViJUHQGĦNRUSXV]RNNLIHM DOPLYHOD]DGDWRNXJUiVV]HUĦQ|YH NHGpVH D UDMWXN DODSXOy DONDOPD]iVRN PLQĘVpJpQHN MDYXOiViW Ɣ Q\HOYW|UWpQHWLNXWDWiVRNLJpQ\HLWLVNLHOpJtWĘGRNXP

UpV]W~MDEEpV~MDEEiOODSRWIHOYpWHOWDGDWJ\ĦMWpVWLJpQ\HOPiV

! 3 0 37 37 ) ! ) 6 3 ) * 8 7 2 ) ! / 0 6 " 4 (

EĘODV]HPSRQWEyOSpOGiXOD]016]NULWLNXVKLiQ\RVViJDYROWD

! 3 0 + 37 ) 3 6 8 0 "

016]HOĘ]PpQ\HLpVHOVĘYiOWR]DWD

.OI|OGLNXWDWiVRNHUHGPpQ\HNpQWPiUDDVpYHNWĘOUHQGHONH]pVUHiOO QDNPDLPpUWpNNHOWHUPpV]HWHVHQNLVPpUHWĦQHNV]iPtWyGHJRQGRVDQ

|VV]HiOOtWRWWNRUSXV]RNOiVG%URZQNRUSXV]>.XþHUDpV)UDQFLV@

$^V ^W ^X ^Y ^V ^Z MHOHQWĘVSURGXNWXPDD]016]QHNLVQpKiQ\V]HPSRQWEyO PLQWiXOV]ROJiOy%ULWLVK1DWLRQDO&RUSXVpVHWWĘOD]LGĘV]DNWyOIRO\DPD WRVDQNpV]OWHNWRYiEELQHP]HWLNRUSXV]RN$QDJ\PpUHWĦNRUSXV]RN EDQ UHSUH]HQWiOW Q\HOYL LQIRUPiFLy JpSL HOĘiOOtWiViUD LUiQ\XOy NXWDWiV J\DNRUODWLODJHJ\NO|QV]iPtWyJpSHVQ\HOYpV]HWLÄLSDUiJ´DNO|QIpOH DQQRWiOypVHJ\pUWHOPĦVtWĘUHQGV]HUHNIHMOHV]WpVpQHNNLDODNXOiViKR]YH ]HWHWW(EEHDVRUEDLOOHV]NHGHWWD]016]HOVĘYiOWR]DWDLVDPLD]LO\HQ QDJ\ViJUHQGĦ NRUSXV]RNKR] KDVRQOyDQ DXWRPDWLNXV PRUIRV]LQWDNWLNDL DQQRWiFLyWNDSRWWD1\HOYWXGRPiQ\L,QWp]HWEHQNLIHMOHV]WHWWQHP]HWN|]L V]LQWHQ LV pOYRQDOEHOL SRQWRVViJJDO PĦN|GĘ HOMiUiV VHJtWVpJpYHO 2UDYHF]pV'LHQHV

$]016]HOVĘYiOWR]DWiQDNHONpV]OWHyWDPLQGDNRUSXV]RNPpUHWH PLQGD]DONDOPD]RWWJpSLIHOGROJR]iVPLQĘVpJHpVUpV]OHWHVVpJHPHJYiO WR]RWW0DPiUD]HOYiUWNDWHJyULiWMHOHQWLNDW|EEV]i]PLOOLyYDJ\W|EE PLOOLiUGV]DYDVDGDWEi]LVRNpVHEEHQDQDJ\ViJUHQGEHQD]01V]^W ^[ ^V ^\ SiUKX]DPRVDQHONpV]OWDPDJ\DU:HENRUSXV]LV+DOiFV\HW DO

$ IHOGROJR]iV WHNLQWHWpEHQ KDWpNRQ\DEE SRQWRVDEE pV UpV]OHWHVHEE Q\HOYLHOHP]pVWDGyHOMiUiVRNDONDOPD]iVRNNLIHMOHV]WpVpWFpO]yNXWDWi VRN V]LQWpQ D HV pYHN HOHMpQN|]HSpQ NH]GĘGWHN PHJ PDJ\DU Q\HOYUHLV+DOiFV\H^] DO7UyQHW DO

$MHOHQWĘVPpUHWĦNRUSXV]RNEDQWiUROWQ\HOYLHOHP]pVUpV]OHWHVVpJH DXWRPDWLNXV DQQRWiFLy HVHWpQ iOWDOiEDQ D PRUIROyJLD V]LQWMpQ PDUDGW V]LQWDNWLNDLODJHOHP]HWWPDJ\DUQ\HOYHQLVOpWH]ĘDGDWEi]LVRND]HOIR JDGKDWyHOHP]pVLSRQWRVViJpUGHNpEHQJpSSHOVHJtWHWWNp]LDQQRWiFLy YDONpV]OWHN&VHQGHVHW DO

(4)

$WRYiEEOpSpV

$]016]HOVĘYiOWR]DWDLJHQVLNHUHVQ\HOYLHUĘIRUUiVQDNYROWWHNLQWKHWĘ

; A / 3( + 0 # 2 < 0 A 7 / 1 / 7 6 ) 3 ) 3! ^ ' ' _

QRYHPEHUpUHDKDWiURQW~OLQ\HOYYiOWR]DWRNNDOPLOOLyV]yUDNLEĘYOW

) 7 / 1 ) 3- 2 0 3 3 D 8 : 6 7 3* # < Q "( 3 (

8 3: 0 + 37 ) / 6 3- 31 3 3 1 ) ! , 3 " # 0 + ) (

! ) ! 3 ! 2 3 * 8 7 2 0 3 2 $ _ ! 3

OWpYHO D] HOVĘ YiOWR]DW HO

1 33 3 "

; 5 6 37 3 B # < Q "`C ) 0D 6 3! ! ) ! 6 $ " D 6 3 93 33

KLiQ\RVViJRNNLNV]|E|OpVpYHORO\DQPDJDVPLQĘVpJĦPHJQ|YHOWpVOH IHGHWWVpJpWLOOHWĘHQNLEĘYtWHWWNRPSOH[Q\HOYLDGDWEi]LVOpWUHKR]iVDYROW

8 3! ) 7 ) ! / ) 0 7 2 0 D 8 : ) ! ) 1 3 3: ) 2 - (

) + 33 02 ! 03 " 4 ) ! + ) ! D 30 D 7 3 0 3 5 6 37 3 3

NDSFVRODWRVFpONLWĦ]pVHND]DOiEELDNEDQIRJODOKDWyN|VV]H

Ɣ 0LQĘVpJ^; ⁾ ⁷ ^/ ¹ ² ⁾ ⁰ ⁺ ^D ⁺ ⁷ ² ⁷ ⁰ ^! ^! ⁰ OpSpVpEHQ~MNRUV]HUĦV]iPtWyJpSHVQ\HOYpV]HWLWHFKQROyJLDIHO

8 2 5 6 7 3) 7 : D 6 3! 0 ) D 02 ! 3 (

! ! 2 : ) 1 ) 0 1 : ! 7 33

) 1 3 3 "

Ɣ $NRUSXV]DQ\DJiQDNEĘYtWpVHPLQLPX ^$ ^' ^' ^' ⁰ ⁽

0: : "

Ɣ ^a ⁶ ⁰ ³ ^! ³ ⁰ ²

Q\HOYKDV]QiODWQDND6]|YHJWiUEDQDGGLJLVV]HUHSOĘYDODPLQWWR YiEELYiOWR]DWDLEyO-HOHQWĘVKR]]iDGRWWpUWpNNpQWMHOHQWPHJD

! 3 0 2 0 3 ) 7 7 ) 6 2 33 D 7 31 3 3 3 (

: ) 7 / 1 ! ) 0 ) 93 * 0 3 0 3 ! 3 ) - - ! 2 0

PpGLDV]|YHJHLEĘO

$]~MYiOWR]DWIHMOHV]WpVH

; # < Q "`

HVHWpEHQD]016]HOVĘYiOWR]DWiEDQDONDOPD]RWWWHFKQROy

2 0 0 + ! 3! D , 0 2 3 * 3+ 7 2 7 * 37 D 6 3!

) , 3 3) - 0 + ! ) ! 2 0 1 : 5 6 ) 1 (

3 3 7 ) ) " 4 1 ) ) 7 / 1 ! / 93! 0 + D 0

6 3) 3 3 "

$]DQ\DJJ\ĦMWpV

6]|YHJHVDGDWRN|VV]HJ\ĦMWpVpUHHEEHQDQDJ\ViJUHQGEHQDNp]HQIHNYĘ

: + 2 0 3 3 0 7 7 3 37 0 ) ! 2 02 / 3 !

(5)

$WRYiEEOpSpV

$]016]HOVĘYiOWR]DWDLJHQVLNHUHVQ\HOYLHUĘIRUUiVQDNYROWWHNLQWKHWĘ QRYHPEHUpUHDKDWiURQW~OLQ\HOYYiOWR]DWRNNDOPLOOLyV]yUDNLEĘYOW

OWpYHO D] HOVĘ YiOWR]DW HO

KLiQ\RVViJRNNLNV]|E|OpVpYHORO\DQPDJDVPLQĘVpJĦPHJQ|YHOWpVOH IHGHWWVpJpWLOOHWĘHQNLEĘYtWHWWNRPSOH[Q\HOYLDGDWEi]LVOpWUHKR]iVDYROW

NDSFVRODWRVFpONLWĦ]pVHND]DOiEELDNEDQIRJODOKDWyN|VV]H

Ɣ 0LQĘVpJ

OpSpVpEHQ~MNRUV]HUĦV]iPtWyJpSHVQ\HOYpV]HWLWHFKQROyJLDIHO

Ɣ $NRUSXV]DQ\DJiQDNEĘYtWpVHPLQLPX

Ɣ Q\HOYKDV]QiODWQDND6]|YHJWiUEDQDGGLJLVV]HUHSOĘYDODPLQWWR YiEELYiOWR]DWDLEyO-HOHQWĘVKR]]iDGRWWpUWpNNpQWMHOHQWPHJD

PpGLDV]|YHJHLEĘO

$]~MYiOWR]DWIHMOHV]WpVH

HVHWpEHQD]016]HOVĘYiOWR]DWiEDQDONDOPD]RWWWHFKQROy

$]DQ\DJJ\ĦMWpV

6]|YHJHVDGDWRN|VV]HJ\ĦMWpVpUHHEEHQDQDJ\ViJUHQGEHQDNp]HQIHNYĘ

D]RWWWDOiOWDQ\DJRNYDODPLO\HQKHXULV]WLNXVV]ĦUpVVHOVHJtWHWWGHDODS

6 ! 7 2 3 ! ) , 0 3- 3! * 2

J\PHQQ\LVpJĦVDMWyDQ\DJ

! " A 0 : 2 7 ) 3! 0 + ) ! 3 : + ) )

HJ\pUWHOPĦKLiQ\RVViJDLKDDFpOHJ\NLHJ\HQV~O\R]RWWHOHJHQGĘPHWD DGDWWDOHOOiWRWWNRUSXV]|VV]HiOOtWiVD(OĘEELPyGV]HUDV]ĦUpVHOOHQpUHLV

2 ) 2 7 6

RV DGDWRW HUHGPpQ\H] PHO\KH] MHOOHP]ĘHQ D] D]

DODSYHWĘELEOLRJUiILDLLQIRUPiFLyLVKLiQ\]LNDPHO\QpONODODSRVQ\HO YpV]HWL NXWDWiVRN VRNV]RU QHPLJHQ YpJH]KHWĘN $] XWyEEL PyGV]HUUHO HOĘiOOyNRUSXV]QDNDUHSUH]HQWDWLYLWiVKLiQ\DDV]HPEHWĦQĘKiWUiQ\D

4

pUWMHOHQWĘVPXQNiWNHOOHWWIRUGtWDQLDNRUSXV]DQ\DJiQDNNRQWUROOiOW pVD]DGRWWIRUUiVKR]LOOHV]NHGĘEHJ\ĦMWpVpUHDN|]|VVpJLPpGLiEyOV]iU

: - 2 ) 1 37 30) 1 7 037 7 * 93: 2 ! / / D + 7 2 7 8 3:

! 3 + 37 8 3: + ! 3 + : 3- 3! ! *

DNO|QE|]ĘIRUUiVJD]GiNNDO W|UWpQĘ PHJHJ\H]pVUH D] iOWDOXN ELUWRNROW DQ\DJRN DUFKtYXPiKR] YDOy

8 7 D ! ! 8 " ; 7 ) D 7 7 ) * ) / 3 0 B D ! (

02 C 3 1 ) 31 3* 6 : D + 7 2 7 8 3: D 7 31 3 ) + ) ! *

HOĘQ\WpOYH]WHNDYH² ^D ⁷ ³¹ ⁵ ³ ² ^- ⁹³ ⁵ ⁸ ⁹ ¹ ⁷ ⁾ ⁽ NDOV]HPEHQ$J\ĦMWpVQDJ\ViJUHQGMHWHUPpV]HWHVHQHOHYHNL]iUWDDNp]L

3) 7 3 ! 2 7 6 7 ) 0 3 3 + : : + ) 3* 0 3 + 7 ) 1 (

PHQWXPRNV]NHQQHOpVHLOOHWYHRSWLNDLNDUDNWHUIHOLVPHUpVWLJpQ\OĘ⁺ ⁷ ⁾ ¹ ⁽ PHQWXPRNIHOKDV]QiOiVD$]DPDQXiOLVPXQNDHUĘDPHO\H]HNHWDPyG

) 3 ) 8 3: 3 33 7 * 3 + ) ! "

$]DQ\DJJ\ĦMWpVVRUiQHONHUOKHWHWOHQOV]HPEHVOQLNHOOHWWD]XWyEEL LGĘEHQHJ\UHQDJ\REEKDQJV~O\WNDSyV]HU]ĘLMRJR⁾ ⁾ ⁾ ^/ ⁷ ³⁷ ⁾ ^! ⁽

+ ! ) ) " 4 ) ) 7 2 2 + 8 3 3 ) 7 7 3 0 +

DGDWJD]GiWyOKDHJ\iOWDOiQEHD]RQRVtWKDWypVPHJWDOiOKDWyDOHKHWĘOHJ

+ D 8 : 0 6 7 2 7 ) 2 ! " ; # < Q "` 92 / 3

37 0 2 D 8 : 0

IHOOHWHQIpUKHWĘKR]]i

$]D]HOĘ]HWHVYiUDNR]iVKRJ\DpYYHOH]HOĘWWLKHO\]HWKH]NpSHVWD

- 2 + 7 ) 1 3 1 7 ) ) ! ! 3 7 3) - 0 7 ) (

8 7 ) - 9 3 7 ) 3 6 1 3* ! 6 + 2 2 ) - 930 ) 7 / 1

DQ\DJiQDN|VV]HJ\ĦMWpVpW ⁰² ⁷ ^: ⁺ ⁷ ³³ ^b ⁷ ⁾ ^/ ⁷ ^! ⁺ ^: ⁺ ⁷ ³³ IRUUiVV]|YHJHN KR]]iIpUKHWĘVpJpYHO pV HUHGHWL IRUPiWXPiYDO (KKH]

DGyGRWW PpJ HJ\ VDMQiODWRV WRYiEEL KiWUiOWDWy WpQ\H]Ę V]iPRV RO\DQ DGDWIRUUiVDPHO\HNQHNDV]|YHJHLD]016]HOVĘYiOWR]DWiQDNV]HUYHV

! ! 3 ) 7 36 ) * 6 1 3 8 7 : 3 ) 3) 33 - 2 0) D ! 3 (

! 8 # < Q "` ( " 4 ) : + 0 7 ) 03 ) 3 2 3 0 8 3* 7 7 5

N|YHWNH]PpQ\H YLV]RQW D] KRJ\ D Q\HOYKDV]QiODW EL]RQ\RV MHOHQWĘV

2 31 0 # < Q "`

PLQWDYpWHOpEĘOWHOMHVHQNLPDUDGWDN^"

(6)

$ NRUSXV] YpJO PLQWHJ\ PLOOLiUG V]yUD EĘYOW $ VDMWyQ\HOYL

2 37 0 + 7 0 + 3* 0 7 3 0 + 37 3

2 0 0 1 2 + 1 / : + 7 33 ) 7 0 37 38 7 ) ! / 3* (

PLQWPHJMHOHQWHJ\~MÄPĦIDM´D]iWtUWEHV]pOWQ\HOYLDQ\D² ⁰ ^"

(OĘIHOGROJR]iVpVV]|YHJQRUPDOL]iOiV

$]HOĘIHOGROJR]iVpVQRUPDOL]iOiVVRUiQDFpODIRUUiVV]|YHJHNRO\DQV]DE YiQ\RVHOHNWURQLNXVIRUPiWXPEDDODNtWiVDYROWPHO\KDWpNRQ\DQIHOGRO JR]KDWyEHPHQHWNpQWV]ROJiOKDWDQ\HOYLHOHP]ĘOiQFV]iPiUD(EEHQDOp SpVEHQW|UWpQLNDIRUUiVIRUPiWXPRNEyODKDV]QRVV]|YHJHVWDUWDORPNLQ\H UpVHpVD]DODSYHWĘGRNXPHQWXPVWUXNW~UDD]RQRVtWiVDDNDUDNWHUHNQRUPD OL]iOiVD$NpVĘEELIHOGROJR]iVV]HPSRQWMiEyOIRQWRVOpSpVDQ\HOYD]RQR VtWiVDQHPPDJ\DUQ\HOYĦV]|YHJUpV]HNNLV]ĦUpVHLOOHWYHPHJMHO|OpVH

$JRQGRVIRUUiVYiORJDWiVHOOHQpUHDV]|YHJHNN|]|WWPLQGLJPHJMH OHQQHNN|]HOGXSOLNiWXPRN(]HNGHWHNWiOiVDD]016]HVHWpEHQDQ QiONRPSOH[HEENpUGpVQHNEL]RQ\XOWKRJ\SpOGiXOHJ\D]LQWHUQHWUĘO OHW|OW|WWV]|YHJHNHQDODSXOyNRUSXV]RNUDNLIHMOHV]WHWWV]WHQGHUGPHJRO GiVWN|]YHWOHQODONDOPD]QLOHKHVVHQ3RPLNDOHN$IRUUiVRNYiO WR]DWRVViJD D N|]|VVpJL PpGLD OHW|OW|WW V]|YHJHLWĘO D KLYDWDORV MRJL DQ\DJRNRQ NHUHV]WO D VDMWyV]|YHJHNLJ pV D V]pSLURGDORPLJ FpO^[ ^c ^]^] PyGV]HUDONDOPD]iViWWHWWHV]NVpJHVVpDPLHJ\iOWDOiQRVHV]N|]NpV]

OHWHQDODSXOW.XSLHW]GHD]HJ\HVV]|YHJWtSXVRNUDV]DERWWDXWR PDWLNXV GHWHNWiOiVW PDQXiOLV HOOHQĘU]pVQHN LV NHOOHWW N|YHWQLH KRJ\

PHJiOODStWKDVVXNYDMRQYDOyGLGXSOLNiWXPRNUyOYDQHV]yYDJ\RO\DQ LVPpWOĘGĘV]|YHJHJ\VpJHNUĘOPHO\HNV]HUYHVWXODMGRQViJDD]LVPpWOĘ GpVtJ\DGDWWRU]tWiVWpSSHQD]HOWiYROtWiVXNRNR]RWWYROQDOiVGSpOGiXO D]LGĘMiUiVMHOHQWpVHNV]|YHJHL

(OHP]pVpVDQQRWiFLy

$]016]IHMOHV]WpVHDQ\HOYLIHOGROJR]iVPLQGHQV]LQWMpQMHOHQWĘVPL QĘVpJL MDYXOiVW HUHGPpQ\H]Ę ~M LOOHWYH WRYiEEIHMOHV]WHWW HV]N|]|NHW KDV]QiOWIHOW|EEHNN|]|WW~MDXWRPDWLNXVHJ\pUWHOPĦVtWĘDUFKLWHNW~UiW LOOHWYH D NDSRWW PRUIRV]LQWDNWLNDL HOHP]pVW UHSUH]HQWiOy ~M DQQRWiFLyV IRUPiWXPRW (OVĘVRUEDQ D PRUIRIRQROyJLDL pV V]LQWDNWLNDL NXWDWiVRN NpVĘEELLJpQ\HLQHNILJ\HOHPEHYpWHOpYHOPHJYDOyVXOWDOHJNLVHEED]RQR VtWRWWDONRWyHOHPHND]HJ\HVPRUIpPiNUHSUH]HQWiOiVDDIĘQpYLFVRSRU WRNpVQpYHOHPHND]RQRVtWiVDH]HND]LQIRUPiFLyND]016]EHQPpJ