NAHCo AVIANCE 5-Year Review - June 2010 by Proshare

8/9/2019 NAHCo AVIANCE 5-Year Review - June 2010 by Proshare

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IZZC 6098 + ==24 Ulg# 6 Cl# :9

0 Y`ft T`ui`x p rl V6 4?6? T`z grzIzz `b lc A c` 62' 4?6?


2/39

4A c` 4?6? 4?6? xxx#ptlzmft`ch#jlk

Jlcr`crz

CFMJl Fuifcj` + Efzr Efjrz ?:

T`j`cr B`u`glpk`crz ic rm` Jlkpfcy ?0

Rm` Lp`tfrich @cuitlck`cr, Eitkz T`zplcz` ?5 l Dfjnhtlpcbl Kftn`r Zrtpjrpt`l T`j`cr Rt`cbzl Kftn`r ZXLRl Kftn`r T`fgiri`zl Kftn`r Lprgllnl Kfcfhich Jmfch` Rm` Ufgp` _ftfbihk

E cbfk`crfg Fcfgyziz 6=

R`jmcijfg Fcfgyziz 4=

Rm` Fcfgyzrz Iczihmr,Lpicilc :6

Fpp`cbi} :2

IZZC 6098 + ==24 Ulg# 6 Cl# :9


3/39

:A c` 4?6? 4?6? xxx#ptlzmft`ch#jlk

6# CFMJl Fuifcj` + Efzr Efjrz

CFMJl xfz icjlt ltfr`b fz f _tiufr` Gikir`b Gifdigiry

Jlk fcy lc B`j`kd`t 5rm' 6989 pcb`t rm` rm`cCih`tifc @cr`t tiz`z _tlklrilcz B`jt``' xirm Cih`tifcfcb eltìhc `vpiry lxc`tzmi z ic rm` tl ltrilc le 5?% fcb 2?% t`z `jriu`gy# Rm` E`b`tfg Fit ltrzFprmltiry le Cih`tif - EFFC ) t` t`z`cr`b rm` Cih`tifclxc`tzmi le 5?% xmig` elpt eltìhc fitgic`z -FitEtfcj`' Dtirizm Fitxfyz' Gpermfczf fcb Zfd`cf + icgivpibfrilc) lxc`b rm` t`kficich 2?%#

Rm` jltpltfr` uizilc le rm` eitk iz rl d` rm`tè`tt`b fuifrilc mfcbgich jlk fcy' hgldfggy

jlk `ririu`' fbl rich xltgb jgfzz tfjriz`z#

CFMJl jlkk`cj`b lp`tfrilcz ic 6989 zik grfc`l zgy xirm rm` lp`cich le rm` K trfgf K mfkk`b Icr`tcfrilcfg Fitpltr # Rm` eitkz kfic fjriuiri`z fr rm`zrftr tùlgu`b ftlpcb rm` elgglxich elpt kficfjriuiri`z16# Fitjtfer mfcbgich l `tfrilcz4# _fzz`ch`t mfcbgich fjriuiri`z:# Tfk -dfhhfh`) mfcbgich2# Jfthl mfcbgich z`tuij`z rmtlphm irz jpzrlkz dlcb`b xft`mlpz`z fcb kfig mfcbgich

rmtlphm rm` lzrfg fprmltiri`z#

Rm` jlk fcyz tiufrizfrilc rlln èe`jr ic F h zr 4??0 ic t`z lcz` rl rm`tiufrizfrilc lgijy le rm` E`b`tfg Hlu`tck`cr le Cih`tif# 5?% le rm` Jlk fcy(z

zmft`z xmijm x`t` m`gb dy rm` E`b`tfg Fit ltrz Fprmltiry le Cih`tif - EFFC ) lc d`mfge le rm` E`b`tfg Hlu`tck`cr x`t` fjjltbichgy lee`t`b elt zfg` rl rm` pdgij dy rm`Dpt`fp elt _pdgij @cr`t tiz`z - D_@) fr C0#0? `t zmft` rmtlphm fc Icirifg _pdgijLee`tich# Rm` 6=? kiggilc ltbicfty zmft`z x`t` epggy dlphmr p #

Rm` zmft`z x`t` leeijifggy gizr`b lc Clu`kd`t 48rm' 4??5 lc rm` Cih`tifc Zrljn@}jmfch` - CZ@) fcb mfu` t`kfic`b fc fjriu`gy rtfb`b zrljn rigg bfr`> xirm lu`t=:'0?? icbiuibpfg zmft`mlgb`tz' rmt`` eltìhc fitgic`z fcb Tlz`migg Htlp Cih`tifGikir`b# Rm` jptt`cr zmft` lxc`tzmi zrtpjrpt` le rm` jlk fcy iz fz elgglxz1

Cih`tifc _pdgij 1 5=%Dtirizm Fitxfyz1 6?#8%Tlz`migg Htlp Cih`tif Grb1 9#0%Gpermfczf1 5#?%> fcbFit Etfcj`1 0#=%

Zicj` irz tiufriqfrilc' CFMJl mfz bù`gl `b tlj`zz`z fcb zrtfr`hi`z rl `cfdg` irjlk `r` gljfggy fcb icr`tcfrilcfggy> icjgpbich elthich hgldfg fggifcj`z rmtlphm irzk`kd`tzmi le FUIFCJ@ fcb Rm` Icr`tcfrilcfg Fit Jfthl Fzzljifrilc - RIFJF )#

Cih`tifc Fuifrilc Mfcbgich Jlk fcy -CFMJl Fuifcj`) t`cb`tz rm` elgglxich kficz`tuij`z rl rx`cry+cic` - 49 ) lpr le rm` rmitry+eiu` - :0 ) g`fbich blk`zrij fcbicr`tcfrilcfg fitgic`z lp`tfrich ic Cih`tif 1

_fzz`ch`t fcb dfhhfh` mfcbgich>

Fz fr 66' Apc`' 4?6?

Cfmjl _tij` 66#4?_ti j Rtfh`r,Efit Ufg ` C62#:5 + C60#29Tfrichz fcfgyzrOptlzmft`ch#jlkYRB _`teltkfcj` 00#99%T`jlkk`cbfrilc fcfgyzrOptlzmft`ch#jlk

Zrljn Bfrf0+ y`ftz @_Z JFHT 6=#?5%Biuib`cb Yi`gb 2#?4%_@H Tfril ?#28L rzrfcbich Zmft`z 6'4:?'25='80?Et`` Eglfr =?#4=%04+x``n mihm C62#=004+x``n glx C5#64Gie`rik` Mihm 8?#?0Kftn`r Jfp-C) 6:'8=6'40?'???#?? Kftn`r Jfp-PZ") 94'?09'66=#42 Y`ft @cb B`j`kd`tZmft`z m`gb dy Bit`jrltzfz fr E`d 4?6? 424'5?0'005% zmft` le rlrfg zmft`z 4?%Icu`zrk`cr Htfb` DZl tj`1 Jlkpfcy Eicfcjifgz,_tlzmft` T`z`ftjm

Icu`zrk`cr Z kkfty Mihmgihmrz


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Jfthl mfcbgich rmtlphm irz jpzrlkz dlcb`b xft`mlpz` fcb kfig mfcbgich rmtlphmlzrfg fprmltiri`z> fcb'

Tfk fcb lrm`t htlpcb mfcbgich z`tuij`z rmtlphm rm` tluizilc le htlpcb zp ltr`vpi k`cr#

CFMJl Fuifcj` mfz lu`t 6'00? `k gly``z zrfrilc`b ic irz lprzrfrilcz ic Fdpaf' Nfcl'Gfhlz' Alz' Nfbpcf fcb _ltr Mftjlptr#

CFMJl mfz xlc kfcy gljfg fcb icr`tcfrilcfg fxftbz rm` klzr t`j`cr dìch rmÌcr`tcfrilcfg Zrft Fxftb elt Vpfgiry ic H`cùf' Zxirq`tgfcb fcb rm` X`zr FetijfcBit`jr Kftn`rich Fxftb dy rm` iczrirpr` le Bit`jr Kftn`rich le Cih`tif#

Rm` jlk fcy mfz `vpfggy d``c `} gltich t`hilcfg l ltrpciri`z -rmtlphm rm` gfcc`bk`th`t xirm Fuifcj` Hmfcf rl z`tuij` l `tfrilcz ic Fjjtf ' Klctluif' Dfca g fcbFdibafc ) fcb iz fxfirich f dlftb f tlufg elt irz rfn` lee#

CFMJl iz t` pr`b rl d` rm` kftn`r g`fb`t - 8?%) ic fuifrilc htlpcb mfcbgich z`tuij`z

ic Cih`tif ic r`tkz le egihmrz mfcbg`b fcb tù`cp`,dfgfcj` zm``r ziq`# Z `jieijfggy'Icb` `cb`cr eicbichz icbijfr` rmfr CFMJlz l `tfrilc fbufcrfh` iz fz d`glx1

Icr`tcfrilcfg L `tfrilcz + 9?% zmft` le kftn`r ziq`T`hilcfg L `tfrilcz + 2?% zmft` le kftn`r ziq`Gljfg L `tfrilcz + 0?% zmft` le kftn`r ziq`

Rm` fdlu` bfrf iz eptrm`t fbbt`zz`b ic z`jrilc rmt`` le rm` t` ltr pcb`t rm` l `tfrich`cuitlck`cr#

Rm` jlk fcyz dlftb le bit`jrltz jlk tizich `gù`c k`kd`tz mfz Z`cfrlt -Bt) In`Lkft Zfcbf Cxfjmpnxp -JET) + f 4??= clkic`` le Tlz`migg Gikir`b + fz rm`jmfitkfc# Lc Kfy 48' 4?6? ' m` zpjj``b`b Fkdfzzfblt _frtijn B`g` Jlg` xmlulgpcrftigy t`zihc`b fz Jmfitkfc fcb xfz zpdz`vp`crgy clr t`+`g`jr`b dy zmft`mlgb`tzfz f Bit`jrlt le rm` jlk fcy#

Rm` Kfcfh`k`cr r`fk jlk tizich zù`c k`kd`tz iz fdgy g`b dy irz KfcfhichBit`jrlt' Kt# Dfr`z Zftni Zpg` -KB,J@L) xml mfz d``c ic jmfth` fcb t`z lczidg` eltrm` rtfczeltkfrilc le rm` jlk fcy zicj` rm` tiufrizfrilc `}`tjiz`#

_tlzmft` `}fkic`b rm` ulgpk`z le bfrf' iceltkfrilc' fcfgyziz fcb t`jltbz fufigfdg`bit`jrgy fcb icbit`jrgy lc rm` vplr`b eitk rl fjj`zz rm` `teltkfcj` fcb icu`zrk`crik gijfrilc ic rm` jlk fcy#

Rmiz t` ltr rm`tèlt` t` t`z`crz lpt efjrpfg `}fkicfrilc le bfrf fufigfdg` rl ùfgpfr`fc icu`zrk`cr b`jizilc ic rm` jlk fcy> fcb iz t`z`cr`b ic rmt`` z`jrilcz rm` efzrefjrz fcb tùi`x' rm` fcfgyziz fcb rm` iczihmr,l icilc#

X` `cjlptfh` ylpt e``bdfjn lc rm` t` ltr elt c`j`zzfty tùi`x fcb p bfr`#

Rmfcn ylp#


5/39


4# T`j`cr Bù`glpk`crz ic rm` Jlkpfcy

Jmfch` ic Bit`jrltfr`1 CFMJl Fuifcj` _gj t`j`crgy èe`jr`b f jmfch` ic rm`jlk fcyz dlftb jlk lzirilc xirm Z`cfrlt -Bt) In` Lkft Zfcbf Cxfjmpnxp fz

rm` c`x jmfitkfc le rm` jlk fcyz dlftb rl rfn` lu`t etlk Fkdfzzfblt -Bt)_frtijn B`g` Jlg` xml t`rit`b etlk rm` dlftb xirm èe`jr etlk Kfy 48' 4?6?#

Eicfcjifgz fcb Jltpltfr` Fjrilc1 CFMJl Fuifcj` _gj t`g`fz`b irz EY?9 fcbV66? t`zpgrz t`j`crgy# Irz EY?9 Rptclu`t le C5#?8dc g`b rl f _FR le C6#40dc -YlY htlxrm le 00%)# Mlxù`t' irz `teltkfcj` klb`tfr`b ic V6 4?6?' elt xmijmir lzr`b f Rptclu`t le C6#04dc - .0% YlY ) fcb _FR le C:90#99 kiggilc - +5%YlY )# Elgglxich rm` t`g`fz` le rm` Jlk fcyz EY?9 t`zpgrz' CFMJl b`jgft`b f eicfgjfzm biuib`cb le C?#20 # Ic V4 4??9' ir mfb fib fc icr`tik biuib`cb le C?#40 fcb fzjti biuib`cb le 6 elt 2# Rm` eicfg biuib`cb fyk`cr rm`tèlt` dtichz irz rlrfg jfzm

fyk`cr rl C?#8? -t` t`z`crich f 52% pfyl r tfril )#

C`x Jgi`crz1 CFMJl Fuifcj` _gj jlcricp`b rl `} fcb rm` tfch` le irz jlcrtfjrz rlzlk` fitgic` l `tfrltz' xmig` fgzl rfnich lc zlk` c`x jgi`crz ic rm` 4??9 eicfcjifgy`ft# Z `jieijfggy' ir z`jpt`b glch r`tk mfcbgich tihmrz elt @rmilpifc Fitgic`z '`}jgpziu` tihmrz elt F`tl Jlcrtfjrltz fcb Bfcf Fit ic fgg rmìt zrfrilcz fcbfbbirilcfg mfcbgich jlcrtfjrz xirm B`grf Fitgic`z fcb @hypr Fit # Klt` t`j`crgy' rm`jlk fcy xfz z`g`jr`b dy rm` Jmicf Zl rm`tc Fitgic`z rl tluib` f dtlfb tfch` le htl cb mfcbgich z`tuij`z fcb pfzz`ch`t,z`j tiry ptleigich #

C0dc Jltpltfr` Dlcb1 Rm` zmft`mlgb`tz f tlu`b rm` izzpfcj` le rm` C0dcjlt ltfr` dlcb lt lrm`t jf irfg iczrtpk`crz elt rm` pt lz`z le dpzic`zzbù`gl k`cr fcb `} fczilc# Rm` jlk fcy(z KB,J@L' Kt# Dfr`z Zpg` zfib rmfr rm`c`x epcbz xlpgb d` icu`zr`b ic dllzrich rm` jlk fcy(z dpzic`zz rmtlphmfjvpizirilc le klt` dtfcb c`x `vpi k`cr' `} fczilc fcb klb`tciqfrilc le rm`jfthl ik ltr zm`b ic Gfhlz' `} fczilc le rm` dpzic`zz icrl z`g`jr`b fit ltrz icCih`tif fcb zlk` X`zr Fetijfc jlpcrti`z' fz x`gg fz biu`tzieijfrilc#

Icjt`fz` ic F rmltiz`b Zmft` Jfpirfg1 CFMJl Fuifcj` _gj mfz tl lz`b fcicjt`fz` ic irz fprmltiz`b zmft` jf irfg etlk C0??k rl C80?k rmtlphm rm`jt`frilc le fbbirilcfg 0?? kiggilc ltbicfty zmft`z le 0? nldl `fjm #

Jltpltfr` T`+dtfcbich1 CFMJl _gj jmfch`b irz dtfcb cfk` rl tèg`jr irz hgldfgeljpz fcb k`kd`tzmi le Fuifrilc Fggifcj`' rm` eitzr hgldfg fggifcj` le fit ltrz`tuij` tluib`tz ic rm` xltgb xmijm xfz eltk`b ic 6999# Rm` jlk fcy zrigg t`rficzirz t`hizr`t`b cfk` le Cih`tifc Fuifrilc Mfcbgich Jlk fcy _gj# Rm` t`+dtfcbich

tlhtfkk` fgzl t`zpgr`b ic f jmfch` le rm` jlk fcyz jlt ltfr` ib`criry#

_tlplz`b Zmft` T`jlczrt jrilc1 CFMJl Fuifcj` _gj iz jlczib`tich f lzzidg`jf irfg t`jlczrtpjrilc le irz zmft`z xmijm fjmiù`b f lziriu` 9#:: YRB jmfch`-62?56?) fcb :#98 -60?56?)#

Fpplicrk`cr le @}`j riu` Bit`jrlt fcb JLL1 Rm` dlftb le CFMJl Fuifcj` _gjmfz fcclpcj`b rm` f licrk`cr le Kt# Nfylb` Lal -E`dtpfty 60' 4?6?) fz irz@}`jpriu` Bit`jrlt' Eicfcj` fcb Zrtfr`hij _gfccich# Kt# Cltd`tr Di`gb`tkfc -Kfy68' 4?6?) fz Jmiè L `tfrich Leeij`t xirm lu`tfgg t`z lczidigiry elt rm` jlk fcyzfitjtfer fcb jfthl mfcbgich l `tfrilcz# Lal fcb Di`gb`tkfcz f licrk`crz ft`zlk` le rm` zrtfr`hij icirifriu`z le rm` Dlftb le rm` jlk fcy rl zrt`chrm`cKfcfh`k`cr fcb t`+ lzirilc rm` jlk fcy elt rm` c`}r zrfh` le irz htlxrm fcb

fzj`czilc# Rm` eltk`t Jmiè Eicfcjifg Leeij`t' Kt# Rpcb` Dfglhpc ulgpcrftigy gèr rm`z`tuij`z le rm` eitk ic Afcpfty 4?6?#


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:# Rm` Lp`tfrich @cuitlck`cr,Eitkz T`zplcz`

DFJNHTLPCB

:#6 Icb zrty BèicirilcJfthl fitgic`z -lt fitetìhmr jftti`tz' fcb b`tiufriu`z le rm`z` cfk`z) ft`fitgic`z b`bijfr`b rl rm` rtfcz ltr le jfthl ic irz xib`zr bèicirilc# Rm` icbpzrtyfgzl jlczizrz le Jg`ftich Fh`crz xml fjr fz icr`tk`bifti`z d`rx``c rm` fit+etìhmr`tz fcb jpzrlk`tz fcb mfcbg`tz xml tluib` fuifrilc glhizrijz fcbc`j`zzfty icetfzrtpjrpt`#

:#4 Icb zrty MizrltyRm` tiz` le icr`tcfrilcfg rtfb` mfz ep`gg`b jlcricp`b htlxrm elt rm` hgldfg fitjfthl kftn`r# Fr rm` zfk` rik`' rm` icjt`fzich `kpmfziz lc a zr+ic+rik`b`giu`ty mfz fbb`b rl rm` ik ltrfcj` le kfcfhich rmiz htlxrm fcb ik tluichz`tuij` fcb b`giu`ty rik`z#

:#: @jlclkij T`gùfcj`Rm` fit jfthl icbpzrty iz f PZ"0?dc dpzic`zz rmfr rtfcz ltrz :0% le rm` ufgp`le hllbz rtfb`b icr`tcfrilcfggy# Ir iz f jtirijfg ftr le fc fitgic`z ufgp` jmficrmfr zp ltrz :4 kiggilc aldz fcb PZ":#0 rtiggilc le `jlclkij fjriuiry# Ir iz fcik ltrfcr icbpzrty rmfr iz jtirijfg rl hgldfg dpzic`zz#

Xirm rik`+bèicir` icr`tcfrilcfg rtfczfjrilcz' tlbpjrilc eg`}idigiry fcb z ``bjmftfjr`tiqich kpjm le rm` c`x `jlclky' ir iz c`ftgy j`trfic rmfr fit jfthlicbpzrty xigg jlcricp` rl gfy fc icjt`fzichgy uirfg tlg` ic rm` hgldfg `jlclky#Cl lrm`t k`fcz le rtfcz ltrfrilc iz d`rr`t `vpi `b rl k``r rm` `jlclkijt`fgiri`z le rm` c`x `tf xm`t` hgldfg zlptjich fcb z`ggich' fcb apzr+ic+rik`glhizrijz' t`v it` rmfr ptlb j`tz t`jìu` fcb zmip zkfgg`t v fcriri`zklt` et`v `crgy' v ijngy fcb t`gifdgy lu`t glch bizrfcj`z #

Fjjltbich rl EBJ t`z`ftjm `zrikfr`z' Hgldfg `} ltrz -dy ulgpk` fcb ufgp`)mfu` lpr fj`b tlbpjrilc ulgpk` xmijm mfz' ic rptc' lpr fj`b `jlclkijhtlxrm icbijfrich f zpdzrfcrifg t`zrtpjrptich le tlbpjrilc fcb bizrtidprilck`jmfcijz# Fit jfthl mfz lpr fj`b fgg' icjt`fzich dy f tl}ikfr`gy =? `tj`cr'lu`t rm` gfzr b`jfb` b`z ir` t`j`zzilcz fcb lrm`t z`rdfjnz rl fit rtfcz ltr#Zjm`bpg`b fit jfthl z`tuij` tluibich fc `zrikfr`b 2':95':0: rlcz le x``ngyfit jfthl jf fjiry iz fufigfdg` fr lu`t :'2?? fit ltrz ic 44? jlpcrti`z# Jmftr`tfcb icr`htfr`b `} t`zz jlk fci`z tluib` fbbirilcfg jf fjiry#

:#2 K FTN@R ZRTPJRPT@

Rm` Cih`tifc fit jfthl icbpzrty jfc d` jfr`hltiq`b icrl rmt`` dtlfb jfr`hlti`z1Etìhmr`tz' Fh`crz -jg`ftich fcb eltxftbich) fcb Mfcbg`tz#

:#2#6# Fit Jfthl Etìhmr`tz1 Rm`z` ft` jlk fci`z b`bijfr`b rl rm` rtfcz ltr le jfthl# Fit jfthl jfc d` jfr`hltiq`b icrl rmt`` cfk`gy1

@} t`zz,rik` bèicir`1 zkfgg fjnfh`z -g`zz rmfc 6?? gd#)> M`fuyxìhmr etìhmr zmi k`crz -ht`fr`t rmfc 6?? gd#)> fcb Kfig rtfcz ltr#

_gfy`tz ic rmiz icbpzrty ft` kficgy eltìhc jlk fci`z fcb ft` pzpfggy jgfzziei`bicrl rxl1f) Fgg+Jfthl Fitgic`z


7/39


8/39

=A c` 4?6? 4?6? xxx#ptlzmft`ch#jlk

mfcbgich' fzz`ch`t,dfhhfh` mfcbgich' jfthl mfcbgich fcb kfig mfcbgich rl ffdlpr :? fitgic`z#

:#0 T @J@CR RT@CBZ

Jmfch`z Ikkic`cr ic rm` D zic`zz Klb`g elt Cih`tifc Htl cb MfcbgichD zic`zz Lp`tfrilcz1

Ic rmiz `tf xm`c fitgic`z fgg lu`t rm` xltgb ft` jlcj`tc`b xirm jprrich blxclc l `tfrich jlzr' ir kfn`z klt` `jlclkij z`cz` rl kfn` pz` le f Htl cbplx`t Pcir -H_P) lc htlpcb rmfc mfu` rm` fitjtfer tpc irz Fit _lx`t Pcir -F_P) xmijm jlczpk`z elpt rik`z klt` ep`g fcb `cjlptfh` rm`k rl pz`gfth`t fitjtferz dfz`b lc tl `t htlpcb mfcbgich efjigiri`z fr fit ltrz>Rm` fitgic`z ft` htlfcich pcb`t rm` yln` le mihm rftiee t`hik`z +gfcbich, ftnich e``z' fit ltr rf}`z' mfcbgich jmfth`z' f`tlcfprijfg jmfth`z`rj#>

Rm`t` mfu` d``c uftilpz bizjpzzilcz lc rm` zpda`jr le t`bpjich mfcbgichjmfth`z fcb rftieez ic rm` lu`tfgg icr`t`zr le fuifrilc bù`gl k`cr ic rm`jlpcrty icjgpbich zphh`zrilcz rmfr f t`b jrilc ic mfcbgich rftiee elt Blk`zrij egihmr dy fr g`fzr 4? + 40% iz e`fzidg` rl t`rfic ulg k` fcb kftn`r z zrficfdigiry# Rmiz iz bizp rfdg` dfz`b lc rm` elgglxich t`fgiri`z 1l Rm` ziq` le rm` Fitjtfer dfzijfggy b`r`tkic`z mfcbgich jmfth`#l Rm`t` iz f tij` biee`t`crifg le fdlpr 2??% ic efulpt le blk`zrij fitgic`z>l Mfcbgich jmfth` iz f c`hgihidg` ftr le fitgic`z jlzr# Elt iczrfcj`' rm`

jlzr le e gg mfcbgich le f D8:8 fitjtfer iz rm` jlzr le lcgy lc`d zic`zz jgfzz rijn`r #

l Jlzr btiu`tz elt rm` fitgic`z icjgpb`1 Fuifrilc ep`g' _fyk`crz rl t`hpgfrltyfprmltiri`z' @chic` ftrz' z`tuij` fcb kficr`cfcj`' Glx glfb efjrltz' fcbBxicbgich jlczpk`t ptjmfzich lx`t bp` rl icegfrilc fcb pc`k glyk`cr#

Tfpib Htlxrm ic B`kfcb elt Fit Jfthl1

Icrtf+Fzif iz rm` gfth`zr rtp` fit etìhmr kftn`r>@u`c bptich Fzifc `jlclkij jtiziz fit etìhmr rtfeeij ht`x> fcb elt`jfzrz eltjlcricp`b rtfeeij htlxrm fr 5% `t y`ft fjjltbich rl icbpzrty zlptj`z#

Efggich T`fg Yi`gbz -tù`c ` p`t rlc+kig`)1

Fu`tfh` 4#0% b`jgic` ic yi`gbz -J_I fbapzr`b)>Htlxrm ic icr`tcfrilcfg rtfb` mfz icjt`fz`b rti g`chrm' fzzljifr`b xirmglx`t rftieez `t kig`>Xib`+dlby fitjtfer mfu` pcpz`b d`ggy jf fjiry' ui`x`b dy fzz`ch`t fitgic`zfz uitrpfggy jlzrg`zz>_fzz`ch`t fitgic`z mfu` d`jlk` tij` g`fb`tz ic fit etìhmr>T`hpgfrlty gid`tfgiqfrilc mfz z ptt`b tij` jlk `ririlc> fcbGlx`t rftieez eptrm`t zrikpgfr` b`kfcb' dpr fgzl jfpz` fitgic`z rl eljpz lcglx`tich pcir jlzrz

Icr`htfrlt @}pfczilc1

Icr`htfr`b `} t`zz jftti`tz lxc fit fcb htlpcb fzz`rz rl mfcbg` `crit`

zmi k`cr alptc`y>E`b@} fcb P_Z ' efjich jlk `ririlc fcb b`jt`fzich yi`gbz ic `} t`zzbljpk`crz' mfu` clx `} fcb`b rl icr`tcfrilcfg kftn`rz>


9/39


Xirm gikir`b icr`tcfrilcfg zkfgg fjnfh` htlxrm' jftty zrfcbftb fit etìhmr-fit ltr rl fit ltr) fz eigg`t> fcbRtyich rl bù`gl tlbpjrz elt mihm`t+yi`gb icbpzrtifg rtfeeij

Jlczlgibfrilc le Etìhmr Eltxftb`tz1

Clc+icr`htfr`b jftti`tz t`jìu` kfaltiry le rtfeeij etlk etìhmr eltxftb`tz EEz mfcbg` t`rfig kftn`rich fcb ijn+p ,b`giu`ty> fcbCpkd`t le kib+ziq`b etìhmr eltxftb`tz mfz d``c zmticnich' g`fuich gfth`zrl `tfrltz fcb cijm` jlk `rirltz

:#5 K FTN@R ZXLR

JJJJ GI@CR@G@GI@CR@G@GI@CR@G@GI@CR@G@CFMJl Fuifcj` _gj `calyz rm` frtlcfh` le kfalt icr`tcfrilcfg fitgic`z l `tfrich icCih`tif icjgpbich1 Dtirizm Fitxfyz' Fit Etfcj`' NGK' Gpermfczf' Uithic Frgfcrij'@kitfr`z' Vfrft' Rptnizm Fitgic`z' Zlprm Fetijfc Fitxfyz' Tlyfg Fit Kftlj' N`cyfcFitxfyz' @rmil ifc Fitxfyz' Jmicf zlprm`tc' B`grf Fit' @hy r Fit' Rptnizm Fitgic`z fcbId`tif#

DDDDPZIC@ZZPZIC@ZZPZIC@ZZPZIC@ZZ_fzz`ch`t mfcbgich1 rmiz jlu`tz t`+egihmr jm`jn ic eltkfgiri`z' fzz`ch`t jft`z`tuij`z' fcb dfhhfh` mfcbgich - glfbich fcb pc glfbich)Jfthl mfcbgich1 ik ltr fcb `} ltr jfthl efjigirfrilc rmtlphm Cih`tifz dihh`zrc`rxltn le jpzrlk+dlcb`b xft`mlpz`z ic Gfhlz' Nfcl' fcb _ltr Mftjlptr' pzichrm` M`tk`z Jlk pr`tiqfrilc zyzr`k xmijm `czpt`z zfe` zrltfh`' `fzy t`rtiùfg le

jfthl`z' fcb fjjptfr` jf rpt` le jfthl`z xìhmr#Fitjtfer Mfcbgich1 Z`tuij`z icjgpb` fitjtfer jg`fcich' dfhhfh` glfbich,pcglfbichfcb fitjtfer pzmdfjn#

ZZZZRT@CHRMZRT@CHRMZRT@CHRMZRT@CHRMZ K`kd`tzmi le fuifcj` ' rm` eitzr hgldfg fggifcj` le fit ltr z`tuij` tluib`tz ic rm`xltgb xmijm xfz eltk`b ic 6999> fz rm` lcgy Cih`tifc k`kd`t le rm` Fggifcj`>D`cèirz le fuifcj` k`kd`tzmi icjgpb` fjj`zz rl kftn`r icr`ggih`cj`' alicrkftn`rich' jtlzz z`ggich' jlkklc ptjmfzich' llgich `vpi k`cr' `}jmfch` le d`zr

tfjrij`' zrfee `}jmfch`' l ltrpciri`z elt alicr u`crpt`' gù`tfh` rl icjt`fz`kftn`r zmft` fcb `cmfcj`b dtfcbich>Kftn`r g`fb`tzmi CFMJl Fuifcj` jlcrtlgz lu`t 80 `tj`cr le rm` fuifrilc htlpcbmfcbgich kftn`r ic Cih`tif fcb fjriu`gy z``nich elt lrm`t lzzidg` `} fczilclprg`rz>@fzy fjj`zz rl jf irfg# Ir iz rm` lcgy vplr`b jlk fcy fklch rm` fuifrilc mfcbg`tz# Fdlu` cltk jlt ltfr` hlu`tcfcj`>X`gg rtfic`b fcb znigg`b zrfee xml mfz d`cèir`b etlk rm` `} fcziu` jf fjirybù`gl k`cr tlhtfkk` `kdftn`b p lc fer`t rm` tiufriqfrilc>Tldpzr jfzm lzirilc>Zrfdg` dlftb le bit`jrltz> fcbT`+icuihltfr`b kfcfh`k`cr r`fk#


10/39

6?A c` 4?6? 4?6? xxx#ptlzmft`ch#jlk

XXXX @FNC@ZZ@Z@FNC@ZZ@Z@FNC@ZZ@Z@FNC@ZZ@Z D`glx rm` fu`tfh` t`rptc lc fzz`r>Z`tuij` izzp`z gfth`gy btiu`c dy icfdigiry rl zrtfr`hijfggy fbf r rl jmfgg`ch`z rmtlxcp dy EFFC' d`ylcb irz ikk`bifr` icegp`cj` fcb jlcrtlg>B`jgicich T`rptc lc jf irfg `k gly`b>T`zrtijr`b kftn`r ziq` fcb f t`gfriu` zglx t`z lcz` rl htlxich biu`tzieijfrilcl ltrpciri`z ic rm` kftn`r zjl `> fcbJlczizr`cr mihm biuib`cb fylpr tfril t`gfriu` rl irz t`vpit`b fzz`r t` gfj`k`crhtlxrm epcbich#

LLLL __LTRPCIRI@Z__LTRPCIRI@Z__LTRPCIRI@Z__LTRPCIRI@ZFglch rm` ufgp` jmfic le rm` fuifrilc jfthl icbpzrty' f cpkd`t le l ltrpciri`z `}izr icrm` blk`zrij kftn`r# Rmiz iz fz f t`zpgr le rm` htlxich icr`tcfrilcfg fcb blk`zrijrtfb` fcb x`fn fuifrilc icetfzrtpjrpt` ic rm` Cih`tifc fit ltrz# F zrpby dy KjNicz`y `zrikfr`z rmfr 4?% le kfcpefjrpt`b hllbz rmfr ft` rtfb`b icr`tcfrilcfggy mfu` f

lr`crifg rl tiz` rl =? % dy 4?4?# Rm`tèlt`' rm` fit jfthl icbpzrty iz liz`b eltjlcricpich tfpib htlxrm fr fc `}p`jr`b tfr` le 0#9% fcc fggy elt rm` c`}r 4?y`ftz -fjjltbich rl t`j`cr `zrikfr`z dy Fitd z ) fcb fr 5#4% -fjjltbich rl fcfgyz`zdy Dlìch )#

Gljfggy' f zrpby dy _tlzmft` tù`fgz f t`+jlcu`th`cj` le rm` z`tuij` b`giu`ty kfcrtfxirm fbbirilcfg l ltrpciri`z elt t`gfr`b' fcjiggfty fcb zyc`thizrij z`tuij`z fbapbh`b dyjpzrlk`tz,jlczpk`tz fz ufgp` gfb`c#

Fz xirm b`kfcb elt fzz`ch`t fit rtfu`g' b`kfcb elt fit jfthl zmi k`cr iz f b`tiu`b b`kfcb# _tikfty btiu`tz le fit jfthl b`kfcb icjgpb`1

6) @jlclkij htlxrm fcb rtfb` -`z `jifggy ik ltrz,`} ltrz)f) @jlclkij t`jlu`ty zmlpgb d` lziriu`gy ik fjr`b dy rm` kfzziu` zrikpgpzfjnfh`z fzz`b dy hgldfg `jlclki`z fcb ù`c xirm rm` gfcc`b fpzr`t`

k`fzpt`z' zmlpgb tù`fg f htlxich c``b rl n`` jlkk`tj` fgiu` fz fjlk `ririu` fbufcrfh`#

d) Mizrltijfggy' 4 rl 4#0% icjt`fz` ic xltgb rtfb` xirm `fjm 6% icjt`fz` ic rlrfgHB_

j) Fit etìhmr rtfb` mfz d``c htlxich ù`c efzr`t' bp` rl t`hilcfg biee`t`cj`z ic`jlclkij htlxrm

b) Zicj` 699:' fu`tfh` 8+6?% fccpfg htlxrm ic xltgb fit etìhmr rtfeeij

4) T`gfriu` tij`z le fit jfthl u`tzpz fgr`tcfriu`z lj`fc' rtpjn' tfig

:) Hgldfgiqfrilcf) Icjt`fzichgy icr`htfr`b fcb icr`tb` `cb`cr cfrilcfg `jlclki`zd) Gid`tfgiq`b -et``) rtfb` fcb t`bpj`b tlr`jrilcizk

2) G`fc Icu`crlty Zrtfr`hi`zf) T`bpj`b ltb`t+jyjg` rik`z1 apzr ic rik` fcb kfn` rl ltb`t d) G`zz zrljn lc mfcb rl fulib tlbpjrilc zmprblxcz' t`rfig zrljn lprzj) Rm` icu`crlty lu`tmfch mfz bikicizm`b fcb ptjmfzich kfcfh`tz ic icbpzrti`z

ftlpcb rm` kfalt `jlclki`z ft` zfyich rm`y xigg icjt`fz` ltb`tz' eptrm`tdllzrich fit etìhmr# Mlxù`t' htlxrm z``kz cfttlxgy dfz`b fr rm` klk`cr#

0) Fit etìhmr zmltr`cz b`giu`ty rik`z rl jpzrlk`t

LRM@T GLJFG UFTIFDG@Z Icjt`fz`b tè`t`cj` elt fit etìhmr


11/39


Htlxrm ic rtfb`1 Cih`tif iz kficgy f rtfbich `jlclky#L ltrpciry rl k`th` etìhmr fcb rtpjnich fr f jm`f `t jlzr elt jpzrlk`tz fcb fr fefzr`t b`giu`ty rik`' xirm tl `t iczptfcj` jlu`t elt c`j`zzfty `fj` le kicb#

TTTT IZNZIZNZIZNZIZNZ 6) @jlclkij t`j`zzilc1 T`bpj`b tlbpjrilc' b`kfcb elt hllbz' icr`tcfrilcfg rtfb`4) Rtfb` dftti`tz1 Rftieez lt tlr`jrilcizk b`zihc`b rl gikir et`` rtfb`:) Fitjtfer t`hpgfrilcz1 Fit jfthl l `tfrltz mfu` pz`b lgb`t fitjtfer rmfr ft` klzr

fee`jr`b dy c`x t`hpgfrilcz lc cliz`' `kizzilcz fcb zfe`ry# Elt `}fk g`' cliz`mpzm+nirz t`bpj` jfthl fyglfbz

2) Klbfg jlk `ririlc1Fit etìhmr mfz rt`k`cblpz z ``b fbufcrfh` elt glch bizrfcj`z' dpr iz mihm`zr+jlzr l rilcRtpjnz u`ty jlk `ririu` elt zmltr mfpg -6??? kig`z' lu`tcihmr)Bù`gl k`cr le c`x efzr zmi z elt lj`fc jfthl

Lrm`t Rmt`frz1CFMJl Fuifcj`z Dlftb + clx fgr`t`b ic jlk lzirilc fcb bycfkijz> iz clx icrl fc`x `tf rmfr ir mfz cl d`cèir le `} `ti`cj` etlk f j`crtfg lxc`tzmi fcbb`jizilc kfnich f ftfrpz rmfr xlpgb jmfgg`ch` irz jlt ltfr` hlu`tcfcj` fcbh`c`tfg g`fb`tzmi # Rm` jmfch` ic Dlftb Jmfitkfczmi kfy fgzl xirc`zz f jmfchìc rm` J@L lzirilc -fer`t rm` `} itfrilc le rm` t`c`xfdg` r`cpt` le rm` jptt`cr KB)xmijm xlpgb eptrm`t pgg rm` jlk fcy fxfy etlk rm` 0y`ftz jpgrpt` dpigr rl bfr`#CFMJl Fuifcj`z g`fb`tzmi lzirilc ic rm` kftn`r xigg d`cèir etlk dìch dtln`cblxc etlk fhht`hfr`z rl z`jrltfg bizrtidprilc -2) rl d`rr`t f t`jifr` xm`t`jlk `ririlc iz fcb xigg fee`jr irz lzirilc ic rm` icbpzrty# Ir iz clr pcjlkklc elticbpzrty xfrjm`tz rl ice`t f rmt`fr rl rmiz g`fb`tzmi lzirilc xirm rm` `crtfcj` le c`x gfy`tz ftrijpgftgy etlk rm` c`xgy tiufriq`b ZFMJLG dfjn`b dy f kftn`r+g`b nclxg`bh` le rm` n`y ft`fz le biu`tzieijfrilc' zrtfr`hij gù`tfhich fcb`c`thiq`b htlxrm rmtlphm d`rr`t t`gfrilczmi fcb jlczpk`t kfcfh`k`cr dfjn`bdy f zlpcb fzz`r dpigb+p gfc elt jf fjiry fbufcrfh`#Mihm l `tfrich jlzr xigg pr t`zzpt` lc kfthic#Upgc`tfdg` rl lgijy tù`tzfg etlk rm` E`b`tfg Hlu`tck`crZlftich tij` le fuifrilc ep`g fcb rm` gfjn le fgr`tcfriu`z lt èeltr dy rm` Hlur rlìrm`t tluib` zpdziby lt t`bpj` jlzr# Zmltrfh` le vpfgiry kfc lx`t jlk `rirltz xigg lfjm fgt`fby rtfic`b `} `ti`cj`b zrfee fcb rm` rik`+rl+jlcu`tr `k gly``z elt CFMJl Fuifcj` xigg d`

`glchfr`b fz ir mfz u`ty e`x zpjj`zzilc gic`z xirmic rm` jlk fcy#

:#8 K FTN@R T @FGIRI@Z

Rm` fuifrilc icbpzrty ic Cih`tif mfz pcb`thlc` u`ty zihcieijfcr jmfch`z lu`tmfpg ict`j`cr rik`z elgglxich rm` pceltrpcfr` fit bizfzr`tz le 4??0 fcb 4??5 xmijm gfj b fdptb`c le c`j`zziry lc hlu`tck`cr rl iczrirpr` f jglz`t xfrjm lc rm` icbpzrty rmtlphmirz zrtijr`t t`hpgfrilc le fitgic` l `tfrltz#

Fz f t`zpgr le rmiz' fgg fitgic`z x`t` eltj`b rl t`jf irfgiq` dy F tig :?rm' 4??8# Eiu`

fitgic`z gij`cz`z x`t` tùln`b fz f t`zpgr le rmìt icfdigiry rl t`jf irfgiq`# F glr le n`yzrfee ic hlu`tck`cr+lxc`b fuifrilc ftfzrfrfgz x`t` ìrm`t t`b` gly`b lt zfjn`b#


12/39


Fz f t`zpgr le kftn`r l ltrpciri`z ic rm` jlpcrty' kfcy eltìhc fitgic` l `tfrltz mfu`kfb` `crtfcj` icrl rm` Cih`tifc kftn`r1 R tnizm Fitgic`z ' Jmic`z` Zl rm`tcFitgic`z ' - Cltrm Fk`tijfc Fitgic`z gèr ic 4??= ) fcb f c`x blk`zrij fitgic` rfnichrm` icbpzrty dy zrltk Ftin Fit #

Rm` hgldfg eicfcjifg jtiziz mfz lz`b zù`tfg jmfgg`ch`z rl fgg l `tfrltz ic rm` icbpzrtyg`fbich rl bxicbgich rptclu`t> fcb jlcz`vp`crgy' zrfee tfrilcfgizfrilc fcb lrm`t jlzrjprrich k`fzpt`z ic f dib rl t`kfic ic dpzic`zz#

Rm` `} `jr`b rptcftlpcb elt rm` hgldfg fuifrilc z`jrlt mfz d``c d`z`r xirm c`xjmfgg`ch`z rmtlxc p dy rm` hgldfg kftn`r blxcrptc dpr rmiz mfz clr zù`t`gy fee`jr`brm` Cih`tifc htlpcb mfcbgich dpzic`zz xmijm lzr`b f 662% icjt`fz` ic ulg k` le fjriuiri`z fcb fc =5% icjt`fz` ic ufg ` le `ftcichz #

X` d`giù` rmfr f rmt`zmlgb mfz rm`tèlt` d``c z`r d`glx xmijm' `jlclkij fjriuiri`zkfy clr efgg xirmlpr bit` jlcz`vp`cj`z elt lrm`t z`jrltz fcb rm` Cih`tifc `jlclky frgfth`# Rmiz hiu`z tllk elt l rikizk elt dpzic`zz`z ic rmiz icbpzrty fcb pcg`zz

zlk`rmich jfrfzrtl mij ljjptz' dpzic`zz`z ic rm` z`jrlt zmlpgb d` fdg` rl bèic`jptt`cr l `tfrich lzirilcz fz zp ltr gù`gz dlrrlkz dfz` k`rtij#

Rm` fuifrilc zpd+z`jrlt mfz d`hpc rm` `ftgy mfz` le rm` jmfch`z c``b`b ic zrtfr`hy'rfjrijfg l `tfrilcz fcb bizjglzpt`z# Rm`z` jmfch`z jfc d` hg`fc`b etlk rm` elgglxichkftn`r t`fgiri`z eitkz ic rm` zpd+z`jrlt kpzr jlcetlcr -ic fbbirilc rl rmlz` tluib`bfdlu`)1

Rm` Fitgic` zp ltr z`tuij` icbpzrty' b`z ir` dìch f t`gfriu` zkfgg kftn`r' iz zriggmihmgy jlk `ririu`' t`hpgfr`b fcb xirm t`zrtijriu` l ltrpciri`z#Htlxrm l ltrpciri`z ic rm` icbpzrty ft` mihmgy icegp`cj`b dy bù`gl k`crz ic rm`fitgic` icbpzrty xmijm iz efjich t`bpj`b kfthicz fcb jlzrz clr `fzigy fzz`b rljpzrlk`tz dpr rl lprzlptj`b l `tfrilcz#Jlk `ririlc ic rm` icbpzrty xigg h`r rlphm`t fz hgldfg gfy`tz `} fcb rmìt mltiqlcrl jlk `r` ic gljfg kftn`rz gin` lptz fz f ziq` fcb zjl ` zrtfr`hy elt rmìt zptuiufg#Rm` rik` mfz jlk` rl klu` d`ylcb rm` jpr+rmtlfr dpzic`zz klb`g rl f klt`b`kfcbich dpr zpzrficfdg` klb`g rl jt`fr` f hfk`+jmfch`t elt rm` jlk fcy#

Clr`xltrmy iz rm` `}fk g` tluib`b dy rm` efgglpr le rm` eitkz kfcfh`k`cr f tlfjmrl b`drz lx`b ir dy fitgic`z g`fbich rl f zxirjm ic z`tuij` tluib`t dy rm` fitgic`# Fjfz` ic licr iz rm` 4??8,?= b`dr le fdlpr C4=?k lx`b CFMJl dy Ftin Fit xmijmt`kficz lprzrfcbich dpr g`b rl rm` klu`k`cr rl ZFMJLG fer`t CFMJl tèpz`b rljlcricp` z`tuijich rm` fitgic`# Rm` b`dr t`kficz pc fib rigg bfr` fcb itlcijfggy' Ftin Fiticjptt`b lu`t f diggilc cfitf b`dr xirm ZFMJLG xmijm rm` gfrr`t' pcb`t f c`xkfcfh`k`cr mfz fht``b rl xfiu`b blxc jlczib`tfdgy ic t`xftb elt klt` dpzic`zzetlk irz efzr `} fcbich htlxrm ic irz t`hilcfg dpzic`zz# Fgt`fby' ZFMJLG iz rm` g`fb`tic rm` blk`zrij l `tfrilcz z`hk`cr le rm` kftn`r#

Rmiz b`dr zrfrpz `vpfggy f gi`z rl Uithic Fitgic`z fz x`gg fz lrm`t l `tfrilcz ic uftilpzb`ht``z# X` xigg rfn` f glln fr rm` b`drlt plzirilc le CFMJl Fuifcj` ic rmè cbfk`crfg fcfgyziz z`jrilc,jlkk`crfty #

:#= K FTN@R L PRGLLN

Zmltr+r`tk l rglln iz ki}`b' cj`trfic1

T`rptcz ic V6 4?6? icbijfr`z f rihmr`cich le tù`cp` htlxrm>Rm` Icr`tcfrilcfg Fit Rtfcz ltr Fzzljifrilc -IFRF) zfyz rmfr ir `} `jrz hgldfg fitjfthl ulgpk`z rl icjt`fz` dy 8 %rl :8#8 kiggilc rlcc`z ic 4?6?>


13/39

6:A c` 4?6? 4?6? xxx#ptlzmft`ch#jlk

@jlclkij zglxblxc' xirm g`zz rmfc 4?+40% hficz ic 4??9 lu`t kpjm x`fn`t4??= eihpt`z elt rm` Fzifc kftn`rz>Rlrfg rlccfh` t`rptcich rl 4??? gù`gz' dpr yi`gbz ft` kpjm glx`t> dprjlcricp`b `jlclkij x`fnc`zz fcb rmt`fr le xft hgldfggy xigg b`gfy fit jfthlt`jlu`ty

Glch`t r`tk e cbfk`crfgz z ppltr htlxrm1Jmicfz `jlclky ht`x 8#=% ic eitzr -6 zr) mfge 4??4' fit jfthl ht`x 62%>

Cltkfg htlxrm tfr`z le 5+8% xltgbxib` lzzidg` dy 4?6? fcb Dlìch t`bijrz5#2% fccpfg fit jfthl htlxrm elt c`}r 4? y`ftz> fcb gljfggyIk fjr le C0dc dlcb icu`zrk`cr ic fzz`r t` gfj`k`cr fcb c`x htlxrm ft`fzzmlpgb klt` lt `gz` hpftfcr`` t`rptcz t`gfriu` rl lu`tfgg kftn`r ziq`#Biu`tzieijfrilc xigg d`hic rl zmlx yi`gb ic 4?66 rm`t`lc>

:#9 K FCFHICH J MFCH@ RM@UFGP@ _ FTFBIHK

Rm` kftn`r iz pcivp`gy liz`b rl `kdtfj` f gfy`t xirm f g`fb`tzmi kicbz`r eljpz`blc jt`frich c`x ufgp`+gicnfh`z elt jpzrlk`tz fr f glx`t jlzr le z`tuij` rmfc mirm`trlldrficfdg`# @u`crz ic rm` t`j`cr rik`z tluib` fc iczihmr icrl mlx rl b`r`tkic` zpjmeitkz#

Zpjm eitkz xigg mfu` rl kfn` jf irfg icu`zrk`cr fcb epcbich b`jizilcz ic t` ftfrilcelt y`ftz fm`fb# Rmiz iz `} `jr`b rl icuftifdgy ik fjr lc rm` t`zpgrz fcb t`rptcz

`tkizzidg` ic rm` fjjlpcrich y`ft+`cbz ic rm` eprpt`# Zlk` efjrltz xltrm jlczib`tichelt rm` icu`zrlt ic rmiz z`jrlt icjgpb` gfy`tz t`z lcz` rl rm` elgglxich1

Rm` jlk g`rilc le rm` ZFMJLG tiufrizfrilc fcb rm` fklpcr le icu`zrk`crz dìchkfb` dy rm` c`x jlk fcy rl lzirilc ir rl jlk `r` dpigbich le c`x dlcb`bxft`mlpz`z' icu`zrk`crz ic c`x jf irfg fzz`rz' zrfee bù`gl k`cr icirifriu`zicjgpbich m`fb mpcrich' rm` zrtfr`hij ik fjr le rm` zyc`thy ic rm` l `tfrilcz le rm`fjvpitich htlp ZIEF]> fcb rm` z`tuij` b`giu`ty `biht`` le irz c`x KB,J@L>Rm` l rilcz rfn`c dy Zxizz ltr' fgt`fby xirm f gij`cj`' kfnich irz `crty icrl rm`kftn`r dy fgihcich xirm lc` le rm` kfaltz rl t`bpj` irz jf fjiry dpigbich jptu`#Pct`hpgfr`b etich` l `tfrltz xml jlcricp` rl htlx fcb tluib` f kftn`r elt rm`jl ich xirm icjt`fzich jlzr le blich dpzic`zz fcb xlpgb x`gjlk` zpjm tij`pcb`t+jprz#B`jgicich fjriuiry fcb kfthicz elt jlt` jpzrlk`tz g`fbich rl jlzr t`bpjrilck`fzpt`z xmijm xigg d` rfn`c lee eitkz tluibich lprzlptj`b z`tuij`z#@crtfcj` le c`x gfy`tz xirm hgldfg fggifcj`z' gij`czich le c`x gfy`tz fcb lzzidg`k`th`tz le `}izrich jlk `rirltz#

Mpkfc t`zlptj`z jmfgg`ch`z btiu`c lc rxl etlcrz dy zrfee lfjmich fcb gfdlptpct`zrz#Z`tuij` b`giu`ty izzp`z fz `}`k giei`b dy rm` et`vp`cr zmpr blxcz ic fgr`tcfr``g`jrtijiry zp gy rl rm` kfic jfthl xft`ml z` jlkpg`} fr Inàf' ige`tfh`z fcbjlggpzilc fklchzr fh`crz fcb zrfee k`kd`tz> clc+gicnfh` ic b`giu`ty z`tuij` jmficfcb lrm`t fbkicizrtfriu` gikirfrilcz#@vpi k`cr t` gfj`k`cr fcb epcbich izzp`z#T`zrtijr`b kftn`r z fj` xirmic rtfbirilcfg bèicirilcz#

CFMJl Fuifcj` F zrtfr`hij `chfh`k`cr lu`tui`x Rm` `ftgy y`ftz rl bfr`

CFMJl Fuifcj`z b`` fcb epcbfk`crfg t`zrtpjrptich tlhtfkk` gfpcjm`b ic F tig4??8 mfb elpt kfic iggftz1 zik giey fcb tihmr+ziq` rm` dpzic`zz fz x`gg fz t`+zniggfcb icj`criuiz` kfcfh`k`cr fcb zrfee>


14/39


Rm` eitzr y`ft xfz gfth`gy eljpzz`b lc rfjngich icm`tir`b pct`zlgu`b icr`tcfg izzp`z'biztp rilcz fcb jpgrpt` jf fjiry jmfgg`ch`z ftizich etlk tiufrizfrilc fcbdpzic`zz t` lzirilcich ik `tfriu`z ic rm` gfc>

Rm` jlk fcy xfz fdg` rl b`giu`t f hllb t`zpgr ic 4??8 -C?#09dc' 65% le Rptclu`t)# Rm` t`zpgrz x`t` fjmiù`b dfz`b lc f eljpz lc jlzr t`bpjrilc fcb fhtlxrm le tù`cp` -+:#5% etlk rfth`r),zmft` le kftn`r> rm` jlk fcy ic rm`jptt`cr eicfcjifg y`ft fjjlpcr pcb`t tùi`x eptrm`t ht`x irz rptclu`t dy :5#92%

Rm` t`g`crg`zz tiz` le rm` lig tij` fee`jr`b jftti`tz ic rm` icbpzrty ic f y`ft xm`t`rm` eljpz elt rm` jlk fcy zmier`b rl ik tluich jpzrlk`t z`tuij` l `tfrilcfgèeiji`cjy rl jl ` xirm jlzr jprrich, tij` jprrich ic rm` kftn`r>

Rm` jlk fcy ic 4??= fjmiù`b zlk` gfcbkftn bù`gl k`crz ic l `tfrilcz rmfrzfx rm` jlk fcy b`giu`t f 46% icjt`fz` ic Rptclu`t fcb :5% icjt`fz` ic _FRlu`t 4??8 t`zpgrz> kpjm klt` htlxrm mfz d``c t`jltb`b ic rm` 4??9 eicfcjifg y`ft

xirm 00#94% fcb 00#:0% htlxrm t`jltb`b ic _tleir dèlt` rf} fcb fer`t rf}t`z `jriu`gy#

Rm` y`ft 4??= m`gb lpr irz lxc pcivp` jmfgg`ch`z fcb biztp rilcz rmfr rmt`fr`c`birz hlich jlcj`tc# Rm`z` icjgpb`b zpzrfic`b icbpzrtifg bizmftklcy' tldg`kz xirmhlu`tck`cr' jfthl jg`ftich fh`crz' c`hfriu` t`zz' zfdlrfh`' fcb pcfrrfic`bkig`zrlc`z# Clr`xltrmy iz rm` efjr rmfr dfcn zicj` rmiz `tilb mfz l `tfr`b f q`tl+b`dr d zic`zz ptleig` ' t`gyich zlg`gy lc icr`tcfggy h`c`tfr`b epcbz -IHT)#

Rm` 4??9 l `tfrilcfg t`fgiry tèg`jrz fc ik tlu`k`cr ic rm` icr`tcfg jlcbirilczpcb`t xmijm CFMJL epcjrilcz# Rm` biztp rilcz le 4??= tù`fg`b rm` c``b elt fb`` `cich le rm` jf fjiry le rm` jlk fcy rl gfy zpjj`zzepggy fr rm` g`fb`tzmigù`g ir b`zit`z>

@}r`tcfggy' rm` jlk fcy mfz d``c fdg` rl ib`criey rm` uftifdg`z ir c``bz rl kfcfhìc ltb`t rl jlk `r` fjriu`gy>

X` `} `jr rm` jptt`cr dlftb rl zpzrfic irz eljpz ic rm` ft`fz le jlk `ririu`fbufcrfh` ir mfz lt z``nz rl gfy ic rl jlcricp` b`giu`tich dpzic`zz t`zpgrz zmlxichf b`giu`t f zpzrficfdg` dpzic`zz#

H`c`tfggy' rm` gfzr eiu` -0) y`ftz t`pt`z`cr rm` hglty y`ftz le rm` jlkpfcy fcb ir iz `}p`jr`b rmfr rmiz c`x icirifriu`z zml gb m`gp ir z zrfic rm` l rglln#

:#6? CFMJ L F UIFCJ@ RM@DPZIC@ZZ @]_FCZILC B TIU@

Lda`jriu` 61 Dpigbich fcb l `tfrilc le jfthl xft`mlpz`z ic Lx`tti' Fzfdf' Pyl fcbIgltic# Rikètfk`1 Pcnclxc#

Lda`jriu` 41 Mfcbgich le rm` tl lz`b kib+x`zr Fitgic`z lxc`b dy rm` Ikl Zrfr`Hlu`tck`cr# Rikètfk` 1 Pcnclxc#

Lda`jriu` :1 T`hilcfg jlggfdltfrilc rmtlphm rm` tluizilc le htlpcb mfcbgich z`tuij`zic Klctluif' Zpbfc fcb Fchlgf# Rikètfk` 1 Pcnclxc#

Lda`jriu` 21 _ftrc`tzmi xirm Fuifcj` Hmfcf # Rikètfk`1 Pcnclxc#


15/39


Zl tj`1 CFMJl Jltpltfr` D zic`zz _gfc 4?6? fcb D`ylcb

CFMJ L F UIFCJ@ DPZIC@ZZ B IU@TZIEIJFRILC B TIU@

Rmiz zmlpgb z`` rl CFMJl Fuifcj` `k`thich fz f mlgbich jlk fcy rl fgglx z `jieij

l `tfrilcz z`r lpr zml fz Zrtfr`hij Dpzic`zz Pcirz -ZDPz) rl b`giu`t lc rm` n`ylda`jriu`z ic rm` htlxrm fcb biu`tzieijfrilc gfc 4?6? + 4?60#

Etlk rm` girrg` rmfr mfz d``c hg`fc`b etlk pdgij tlclpcj`k`crz fcb fjriuiri`zldz`tu`b> x` d`giù` rm` elgglxich zihc lzrz bèic` rm` biu`tzieijfrilc rmtpzr le rm`jlk fcy#

Lda`jriu` 61 Mfpgfh` dpzic`zz jt`frich f z`fkg`zz `chfh`k`cr xirm fcb elt rm`jlczpk`tz fh`crz' `cb+pz`tz fcb rtfcz ltr eitkz' fgg xltnich rlh`rm`t rl bù`gl fjlk `ririu` z`tuij` xirm zlk` ic fc l `tfrilcfg zrfr`#

Lda`jriu` 41 Jlpti`t fcb bllt+rl+bllt dpzic`zz ic Gfhlz fcb Fdpaf#

Lda`jriu` :1 @}`jpriu` Fit ltr Efjigirfrilc Z`tuij` -@]FEZ)#

Lda`jriu` 21 Fuifrilc Z`jptiry tleigich#

Lda`jriu` 01 Dfhhfh` Rtfjich Z`tuij`z#

Lda`jriu` 51 Leezmlt` jfthl kftn`rich#

Lda`jriu` 81 _ticrich fcb fjnfhich#

Lda`jriu` = 1 Jlkk`tjifgizfrilc le Rtficich Zjmllg#

Lda`jriu` 91 Fuifrilc Iczptfcj`#

L tD zic`zz

@cuitlck`cr

_`lpg`-_fzz`ch`tz)

Fitpltr-Z`tuij`)

Jfthl-Hllbz)

Fitgic`z-_ftrc`t)


16/39


CFMJl' x` pcb`tzrfcb' xigg `k gly f jlkdicfrilc le k`th`t,fjvpizirilc le `}izrichjlk fci`z' lprzlptjich' fcb `zrfdgizmk`cr le zrftr+p -rl d` fbkicizr`t`b fz zrtfr`hijdpzic`zz pcirz) ic fjmiùich rm` fdlu` lda`jriu`#

CFMJ L F UIFCJ@ ZRTFR@HIJ LDA@JRIU@Z , _@TELTKFCJ@ HLFGZ

Htlx CFMJlz ltrelgil rl d`jlk` lc` le rm` rl rmt`` mfcbgich jlk fci`z icFetijf' dy z`tuij` vpfgiry' rptclu`t fcb jgi`cr dfz`#Fjmiù` rptclu`t le C8#?2D fcb C8#8D dy rm` `cb le 4?6? fcb 4?66' t`z `jriu`gy#Rtfczeltk CFMJl icrl fc `k gly`t le jmlij` ic rm` Cih`tif fuifrilc z`jrlt xirmmihmgy tle`zzilcfgiq`b' b`bijfr`b fcb èeiji`cr xltneltj`#Jt`fr` zpjj`zzepg fcb uifdg` zpdzibifti`z rl zp ltr CFMJlz lc`+zrl +zmlfz itfrilc fz x`gg fz `cmfcj` irz tleir zrfcbichJt`fr` fprlclklpz zrtfr`hij dpzic`zz pcirz -ZDPz)' xml t` ltrz rl rm` htlp J@Lelt èe`jriu` kfcfh`k`cr le zpdzibifti`z

Iczrfgg fc èe`jriu` jgi`cr t`gfrilczmi kfcfh`k`cr zyzr`k rl elzr`t jltbifgt`gfrilczmi xirm jgi`crz_pr ic gfj` f rtfcz ft`cr fcb èe`jriu` `l g`z kfcfh`k`cr fz x`gg fz

`teltkfcj` k`fzpt`k`cr zyzr`kz' jf fdg` le frrtfjrich' t`rficich' klriufrichfcb t`xftbich vpfgiry zrfee#Fjmiù` zihcieijfcr ik tlu`k`cr ic zrfee frrirpb` rl xltn ic h`c`tfg fcb z`tuij`b`giu`ty ic ftrijpgft#Kicikpk le 4?% fu`tfh` fcb fhht`hfr` icjt`fz` ic fgg `teltkfcj` epcbfk`crfgtfrilz fcb icbij`z#Fjmiù` zihcieijfcr `} fczilc le `}izrich jfthl zm`bz fcb fprlkfr` irz tlj`zz`zfcb tlj`bpt`z xirm kicikfg mpkfc icr`tu`crilc#Fjmiù` fr g`fzr =0% `vpi k`cr fufigfdigiry elt fgg l `tfrilcz `vpi k`cr b`kfcbz

I K_@TFRIU@Z LE RM@ 4?6? 4?66 J LT_LTFR@ DPZIC@ZZ _ GFC Rm` 4?6? +4?66 JD_ xigg b`giu`t rm` elgglxich rmt`` jtirijfg hlfgz elt CFMJl1

Ftrijpgfr` fcb lu`tz`` rm` fjrpfg ik g`k`crfrilc le CFMJlz dpzic`zz `} fczilcfcb biu`tzieijfrilc gfcz#

_tluib` bèicir` t`z lcz` rl rm` rmt`fr lz`b dy jlk `ririlc fz `cuizfh`b ic rm`blk`zrij htlpcb mfcbgich kftn`r#

Jlcricp` rl eic`+rpc` tlj`bpt`z fcb tlj`zz rlxftbz fjmiùich d`rr`t icr`tcfgz`tuij` b`giu`ty' jgi`cr zfrizefjrilc' `ttlt et`` mfcbgich ic CFMJlz jlt` dpzic`zz`zfcb pgrikfr`gy `cmfcj`b zrfn`mlgb`t ufgp`

Z_@JIEIJ L DA@JRIU@Z LE RM@ 4?6? 4?66 _ GFC

Htlx CFMJl Fuifcj`z ltrelgil rl d`jlk` lc` le rm` rl rmt`` mfcbgichjlk fci`z ic Fetijf' dy z`tuij` vpfgiry' rptclu`t fcb jgi`cr dfz`#Fjmiù` rptclu`t le C8#?2D fcb C8#8D dy rm` `cb le 4?6? fcb 4?66' t`z `jriu`gy#Rtfczeltk CFMJl Fuifcj` icrl fc `k gly`t le jmlij` ic rm` Cih`tif fuifrilc z`jrltxirm mihmgy tle`zzilcfgiq`b' b`bijfr`b fcb èeiji`cr xltneltj`#

Jt`fr` zpjj`zzepg fcb uifdg` zpdzibifti`z rl zp ltr CFMJl Fuifcj`z lc`+zrl +zml fz itfrilc fz x`gg fz `cmfcj` irz tleir zrfcbich


17/39


Jt`fr` fprlclklpz zrtfr`hij dpzic`zz pcirz -ZDPz)' xml t` ltrz rl rm` htlp J@Lelt èe`jriu` kfcfh`k`cr le zpdzibifti`zIczrfgg fc èe`jriu` jgi`cr t`gfrilczmi kfcfh`k`cr zyzr`k rl elzr`t jltbifgt`gfrilczmi xirm jgi`crz_pr ic gfj` f rtfcz ft`cr fcb èe`jriu` `l g`z kfcfh`k`cr fz x`gg fz

`teltkfcj` k`fzpt`k`cr zyzr`kz' jf fdg` le frrtfjrich' t`rficich' klriufrichfcb t`xftbich vpfgiry zrfee#Fjmiù` zihcieijfcr ik tlu`k`cr ic zrfee frrirpb` rl xltn ic h`c`tfg fcb z`tuij`b`giu`ty ic ftrijpgft#Kicikpk le 4?% fu`tfh` fcb fhht`hfr` icjt`fz` ic fgg `teltkfcj` epcbfk`crfgtfrilz fcb icbij`z#Fjmiù` zihcieijfcr `} fczilc le `}izrich jfthl zm`bz fcb fprlkfr` irz tlj`zz`zfcb tlj`bpt`z xirm kicikfg mpkfc icr`tu`crilc#Fjmiù` fr g`fzr =0% `vpi k`cr fufigfdigiry elt fgg l `tfrilcz `vpi k`cr b`kfcbz

Cih`tif _gj


18/39

6=A c` 4?6? 4?6? xxx#ptlzmft`ch#jlk

2# E cbfk`crfg Fcfgyziz

Rm` Lda`jriu`1 Rl `}fkic` ic f zcfpzmlr' rm` CFMJl Fuifcj`(z eicfcjifgz fcb lp`tfrilcz' `zp`jifggy

`ftcichz' htlxrm plr`crifg' fzz`rz' b`dr' kfcfh`k`cr' ptlb jrz' fcb jlkp`ririlc rmtl hm eicfcjifgtfrilz fttiu`b fr dy zr byich rm` dfgfcj` zm``r fcb ptleir % glzz fjjl cr lu`t f c kd`t le y`ftz# Rmizfcfgyziz iz klt` èe`jriu` ic e geiggich glch r`tk htlxrm lda`jriu`z le zmft`z' tfrm`t rmfc rmìt zmltr r`tk ptij` eg jr frilcz# Ic rm` Cih`tifc Zrljn Kftn`r' rmiz mfz rtfbirilcfggy d``c rm` n`y elj z le klzrpgfy`tz fcb ir t`kficz f h ibich d`fjlc fz rl xmfr jl gb plzzidg` mfpp`c rl f zrljn# L t fpptlfjmrl e cbfk`crfg fcfgyziz rm`tèlt` rfn`z icrl jlczib`tfrilc lcgy rmlz` uftifdg`z rmfr ft` bit`jrgyt`gfr`b rl rm` jlkpfcy irz`ge' tfrm`t rmfc rm` lu`tfgg zrfr` le rm` kftn`r lt r`jmcijfg fcfgyziz bfrf'rm` eltk`t le xmijm xfz tùi`x`b ic z`jrilc 4 fdlu` fcb rm` gfrr`t' f z da`jr elt tùi`x ic z`jrilc 2d`glx#

HTLP_ 4??9 HTLP_ 4??= Uftifcj`

C( kiggilc C( kiggilc %

Fzz`rz @kpgly`bEi}`b Fzz`rz :'20? :'62: 9#88%Icu`zrk`crz ? ? ?#??%Rlrfg Clc+Jptt`cr Fzz`rz :'20? :'62: 9#88%J tt`cr Fzz`rzZrljnz :0 0: +::#95%B`drltz fcb _t` fyk`crz 6'?=: 6'058 +:?#=9%

Jfzm fr dfcn fcb ic mfcb 4'690 6'440 89#6=%Rlrfg Jptt`cr Fzz`rz :':6: 4'=20 65#20%RLRFG FZZ@RZ 5'85: 0'9== 64#92%J tt`cr Gifdigiri`zDfcn Lu`tbtfer ? ? *BIU,?&Jt`birltz fcb fjjtpfgz 940 6'?08 +64#29%Rf}frilc 25? 460 66:#90%Rlrfg Jptt`cr Gifdigiri`z 6':=0 6'484 =#==%C`r J tt`cr Fzz`rz , -Gfidigiri`z) 6'94= 6'08: 44#08%Rlrfg Fzz`rz G`zz J tt`cr Gifdigir`z 0':8= 2'865 62#?2%Clc+J tt`cr Gifdigiri`z

Bè`tt`b t`rit`k`cr d`cèirz ? ?Bè`tt`b rf} +8?6 +299 2?#2=%Rlrfg Clc+Jptt`cr Gifdigiri`z +8?6 +299 2?#2=%C`r Fzz`rz 2'588 2'468 6?#96%Jfpirfg fcb T`z`tu`zZmft` jf irfg 560 294 40#??%Zmft` t`kipk 6'960 6'960 ?#??%Biuib`cb t`z`tu` 002 026 4#2?%Tù`cp` t`z`tu`z 6'09: 6'459 40#0:%Zmft`mlgb`tz( E cb 2'588 2'468 6?#96%Zl tj`1 _tlzmft`,Jlkpfcy Eicfcjifgz

B`zjtiprilc

DFGFCJ@ ZM@@R ELT RM@ _@TILB @CB@B :6ZR B@J@KD@T' 4??9


19/39


HTLP_ 4??9 HTLP_ 4??= Uftifcj`


R tclu`t 5'?58 2'2:? :5#90%Jlzr le lp`tfrilcz +4'94? +4':98 46#=4%Htlzz ptleir :'628 4'?:: 02#=?%Fbkicizrtfriu` @}p`cz`z +896 +5:9 4:#89%Rtfbich _tleir 4':00 6':90 5=#=4%Lrm`t icjlk` 6:2 6=5 +48#95%@DIRBF 4'2=9 6'0=6 08#2:%B`pt`jifrilc +062 +256 66#0?%@DIR 6'980 6'669 85#0?%Icr`t`zr _fyfdg` % Zikigft Jmfth`z +44: +6=8 69#40%Icr`tt`zr t`jìufdg` % Zikigft icjlk`z 625 699 +45#5:%@}j`prilcfg ir`kz ? =0 +6??#??%_tleir Dèlt` Rf}frilc 6'=9= 6'468 00#95%Rf}frilc +50? +262 08#??%_FR 6'428 =?: 00#49%_tlplz`b Biuib`cb +=?? +026 28#=8%T`rfic`b ptleir,-glzz) elt rm` y`ft 22= 454 8?#99%Zl tj`1 _tlzmft`,Jlkpfcy Eicfcjifgz

_TLEIR FCB GLZZ FJJLPCR ELT RM@ _@TILB @CB@B :6ZR B@J@KD@T' 4??9

Icjlk` Zrfr`k`cr -C(Kiggilc)

H@C@TFG JLKK@CRZ FCB LDZ@TUFRILC

Htlzz @ftcichz fcb _tleirfdigiry1 Ic rm` `tilb pcb`t tùi`x' CFMJl Fuifcj`clrxirmzrfcbich rm` jmfgg`chich l `tfrich `cuitlck`cr t`jltb`b rptclu`t htlxrm le .:5#90% rl jglz` fr C5#?58 diggilc jlk ft`b xirm C2#2:? diggilc t`jltb`b ic rm`

t`j`bich jlk ftfdg` `tilb# Rm` jlk fcy t`jltb`b mihm`t tleirfdigiry htlxrm le .00#49% rl jglz` fr C6#428 diggilc jlk ft`b xirm C=?: kiggilc t`jltb`b ic rm`

t`j`bich `tilb#

Jglz` ldz`tufrilc le rm` eihpt`z ic rm` gfzr zi} eicfcjifg y`ftz zmlx`b rmfr zicj` rm`jlk fcy t`jlu`t`b etlk rm` blxcrptcz ic dlrm rm` rptclu`t fcb tleirfdigiry le 4??5eicfcjifg y`ft' rm` rt`cbz ic rm` rxl icbij`z mfu` d``c lc rm` icjt`fz`# Rm`t` z``kz rld` fc lu`ttibich icegp`cj` le rptclu`t htlxrm lc rm` l `tfrich jlzrz le rm` jlk fcyxmijm ic xfy fib`b irz fdigiry rl htlx tleir#

Rmiz iz ùib`cr ic rm` t`gfrilczmi d`rx``c l `tfrich jlzrz fcb rptclu`t ic rm` `tilbpcb`t tùi`x> l `tfrich jlzr rl rptclu`t fzzpk`b b`jgicich rt`cb ic rm` gfzr rxleicfcjifg y`ftz#


20/39


21/39


22/39


_tleirfdigiry Rt`cb

Rm` jlk fcyz tleirfdigiry mfz t`jltb`b lziriu` htlxrm ic rm` gfzr zi} eicfcjifgy`ftz # D`zib`z rm` :45#00% pcpzpfg tleirfdigiry htlxrm t`jltb`b ic 4??0' rm`jlk fcy mfz kficrfic`b jlczizr`cr klb`tfr` tleirfdigiry htlxrm ic rm` gfzr elpteicfcjifg y`ftz xirm 4??9 eicfcjifg y`ft t`jltbich rm` mihm`zr htlxrm# Mihm`t htlxrm ic

tleirz d``c jlkk`czptfr` xirm htlxrm ic rptclu`t jlpgb d` icbijfrilcz le tpb`crjlzr kfcfh`k`cr# # _tleir dèlt` rf} ht`x efzr`t fr 00#94% p etlk 02#=2% ic rm`

tùilpz y`ft#

_tleir Kfthicz

Rm` tleirfdigiry kfthicz xmijm k`fzpt` rm` ltrilc le rptclu`t frrtidprfdg` rl rm`tleir mfz d``c lc f jlczizr`cr htlxrm ic rm` gfzr zi} eicfcjifg y`ftz# Rmiz f gi`z rl

tleir dèlt` rf} fcb tleir fer`t rf} kfthicz# Rmiz ic lpt lxc l icilc iz `cjlptfhichfcb zmlpgb d` zpzrfic`b rm` klt` dy rm` kfcfh`k`cr fz jlk fci`z xirm tldpzr tleirkfthic zmlx icbijfrilcz le kfnich klt` t`rptcz etlk rmìt zfg`z#


23/39

4:A c` 4?6? 4?6? xxx#ptlzmft`ch#jlk

T`r tc lc @v iry -Tl@) fcb T`r tc lc Fzz`rz -TlF)

CFMJl Fuifcj`z `ftcichz `teltkfcj`' fz k`fzpt`b dy rm` t`r tcz lc fu`tfh`fzz`rz fcb t`r tcz lc fu`tfh` `v iry ic rm` y`ft cb`t tùi`x t`z k`b

pd`fr ic rm` y`ft cb`t tùi`x #

Xmig` T`rptc lc Fzz`rz zpzrfic`b irz p d`fr xirmlpr f dt`fn' T`rptc lc @vpiryt`jlu`t`b etlk b`jgic` rl 69#?2% rl jglz` fr 45#58% fz fr :6 zr B`j`kd`t 4??9# Rmizzmlxz rmfr `ftcichz b`tiu`b etlk dlrm rm` fzz`rz fcb zmft`mlgb`tz epcb x`t` lc rm`

lziriu` clr`' fcb icbijfrilcz le tleirfdg` pzfh` le dlrm rm` fzz`rz fcb icu`zrltz epcbic rm` dpzic`zz# Rm` Kfcfh`k`cr zmlpgb z`` rm` c`j`zziry le tfizich rm` tleig` le TL@ic rm` jlkich y`ftz#

Fzz`rz Kfcfh`k`cr fcb @eeiji`cjy

Dlrm ei}`b fzz`rz rptclu`t tfril fcb jptt`cr fzz`rz rptclu`t tfril t`jltb`b b`jgic` le biee`t`cr tfr` ic rm` y`ft pcb`t tùi`x xm`c jlk ft`b xirm rm` t`j`bich y`ftzeihpt`z# Jptt`cr fzz`rz rptclu`t fcb ei}`b fzz`rz rptclu`t jglz`b fr 02#54% fcb05#=8% le rm` rlrfg zfg`z elt rm` y`ft t`z `jriu`gy jlk ft`b xirm 52#44% fcb 8?#90%t`jltb`b ic rm` tùilpz y`ft ic rmfr ltb`t# Rmiz rt`cb zmlxz rmfr rm` fzz`rz x`t`clr p r rl klt` lprikfg z` rl h`c`tfr` zfg`z ic rm` p`tilb + f jfz` le fzz`rzpcb`t+prigizfrilc# Rmiz rt`cb zmlpgb d` tù`tz`b rl kpjm klt` lziriu` lprglln#


24/39


Lp`tfrilcfg @eeiji`cjyRm` L@ tfril k`fzpt`z rm` t`gfrilczmi d`rx``c l `tfrilcz jlzr fcb l `tfrilc icjlk`+ f hfph` le èeiji`cjy ic dpzic`zz l `tfrilcz# Ic rm` gfzr rxl eicfcjifg y`ftz rl bfr`'

CFMJl Fuifcj` t`jltb`b jlczizr`cr ik tlu`k`cr ic irz l `tfrilcfg èeiji`cjy fz rm`l `tfrilcz jlzrz rl l `tfrich icjlk` ic rm` `tilb kficrfic`b zlprmxftb rt`cb# Rmizzmlxz rmfr l `tfrich jlzrz x`t` h`c`tfrich kpjm klt` rmfr irz jlkk`czptfr` dptb`c#Rmiz rt`cb zmlpgb d` kficrfic`b fcb ù`c ik tlu`b fz zpjm jlcrtidpr`z rl gù`tfhèlt ik tlu`k`cr ic rm` jlk fcyz tleirfdigiry#

Fgzl' rm` ùib`cj` le zpjm jlpgb d` z``c ic rm` t`gfrilczmi d`rx``c l `tfrich icjlk`fcb rm` fhht`hfr` rptclu`t> rm` rt`cb xfz lc jlczizr`cr p xftb rt`cb rigg 4??=eicfcjifg y`ft xm`c ir b`jgic`b rl 89#:8% etlk =?#69% t`jltb`b ic 4??8# Ir mlxù`tjglz`b lc f lziriu` clr` ic rm` y`ft pcb`t tùi`x fr =?#59%#

Giv ibiry fcb Zlgu`cjy

Givpibiry fcb zlgu`cjy rt`cb le CFMJl _gj ic elpt eicfcjifg y`ftz rl 4??8 x`t` d`glxfu`tfh` fz rm` rt`cb ic rm` `tilb zmlx`b rmfr rm` jlk fcy kihmr d` mfuichjmfgg`ch`z ic k``rich irz zmltr r`tk ldgihfrilcz> rm` jptt`cr gifdigiri`z ic rm` `tilb

lzr`b mihm`t eihpt`z xm`c jlk ft`b xirm jptt`cr fzz`rz# Mlxù`t' ic rm` gfzr rxleicfcjifg y`ftz' rm`t` x`t` ik tlu`k`crz ic dlrm jptt`cr tfril fcb vpijn -Fjib R`zr)tfrilz# Ic lpt l icilc' rm` Kfcfh`k`cr zmlpgb kficrfic rm` rt`cb fcb ik tlu` klt`lc ir + zicj` zpeeiji`cr givpibiry xlpgb hpftfcry zpzr`cfcj` le dpzic`zz l `tfrilcz#


25/39


Rm` jlk fcy glch+r`tk b`dr z``k`b rl mfu` icjt`fz`b ic rm` y`ft pcb`t tùi`x fz irzrlrfg b`drfzz`r tfril z in`b kfthicfggy rl :?#=2% ic rm` y`ft pcb`t tùi`x etlk49#0=% t`jltb`b ic rm` t`j`bich y`ft# Ic rm` zfk` uìc rlrfgb`dr+rl+`vpiry tfriltlz` etlk 24#?6% rl 22#5?% ic 4??9#

Rtfb` B`drltz

B`drltz Fcfgyziz 4??9 4??=Rtfb` B`drltz 5:4'89:'??? 82='980'???_t`pfyk`cr fcb Fjjt `b Icjlk` 0='=:5'??? 25'252'???

Zrfee fcb Lrm`t B`drltz 66='2?8'??? 609'?92'???B`plzir elt ei}`b fzz`rz 68':0:'??? :90'625'???Xirmmlgbich Rf} t`jlu`tfdg` 400'==?'??? 468':=4'???Rlrfg 6'?=:'459'??? 6'058'?56'???Zfg`z 5'?55'029'??? 2'2:?'?:0'???

?#6?2:?=054 ?#659?5806:Fu`tfh` Jlgg`jrilc _`tilb :=#?8 56#86

Rm` rfdg` fdlu` zmlxz rm` CFMJl Fuifcj` b`drltz ir`kz fz jlggfr`b etlk rm`jlk fcyz eicfcjifgz# Ic rm` y`ft pcb`t tùi`x' rtfb` b`drltz b`jgic`b dy 60#06% rljglz` fr C5:4#89: kiggilc jlk ft`b xirm C82=#890 kiggilc t`jltb`b ic rm` t`j`bichy`ft jlk ftfdg` `tilb#

Rm` eihpt` t` t`z`cr`b 6?#2:% le rm` rlrfg rptclu`t elt rm` eicfcjifg y`ft jlk ft`b65#96% le rm` zfk` tfr` t`jltb`b ic rm` t`j`bich y`ft#

Rmiz kfy d` icbijfrilcz le ik tlu`k`cr ic rm` jt`bir kfcfh`k`cr le rm` jlk fcy fzzmlxc dy b`jgic` ic rm` b`dr fu`tfh` jlgg`jrilc `tilb etlk 56#86 bfyz t`jltb`b gfzry`ft rl fz glx fz :=#?8 bfyz#

Ir kfy mlxù`t' elt f jt`bir dfz`b dpzic`zz' tèg`jr f b`jgicich dpzic`zz etlk rm` dihb`drltz xml kfy klu` rl lrm`t gfy`tz rl x`frm`t rm` eicfcjifg jmfgg`ch`z#

Rmiz fz `jr le rm` b`drltz dfgfcj` t`vpit`z eptrm`t xltn,dt`fn+blxc rl tl `tgypcb`tzrfcb rm` cfrpt`' rikich fcb t`jlu`tfdigiry le rm`z` b`drz#


26/39


EICFCJIFG T@ZPGRZ ELT V6 4?6? YRB rl KFTJM :6 ZR 4?6?

HTLP_ 4?6? HTLP_ 4??9 Uftifcj`


Rptclu`t 6'06= 6'229 2#96%

_tleir Dèlt` Rf} 0=4#:0 568#?= +0#5:%

Rf}frilc +6=5#:0 +698#28 +0#5:%

_tleir Fer`t Rf} :95 269#56 +0#5:%

HTLP_ 4?6? HTLP_ 4??9 Uftifcj`


Ei}`b Fzz`rz :'945 :'229 6:#=:%

Zrljnz 0= :0 5:#54%

Rtfb` B`drltz 6'496 6'?=: 69#46%

Jfzm fcb Dfcn Dfgfcj`z 6'9=8 4'692 +9#2:%

Rtfb` Jt`birltz =24 940 +=#9=%

Lrm`t Jt`bir Dfgfcj`z 6':28 6'656 65#?4%

Xltnich Jf irfg 6'=28 6'948 +2#60%

C`r Fzz`rz 0'?84 2'585 =#28%

Zl tj`1 Jlkpfcy Eicfcjifgz

V6 4?6? Dfgfcj` ZM@@R

EITZR VPFTR@T T@_LTR ELT RM@ _@TILB @CB@B KFTJM+6?

Icjlk` Zrfr`k`cr-C(Kiggilc)

Eitzr V ftr`t T`z grz

Jlk ftich rm` V6 4?6? t`zpgrz xirm rm` t`j`bich y`ft jlk ftfdg` `tilb + V6 4??9'Cfmjl _gj t`jltb`b kfthicfg rptclu`t htlxrm le 2#96% rl jglz` fr C6#06= diggilcjlk ft`b xirm C6#229 diggilc# Rmiz f `ftz rl d` d`glx `} `jrfrilc fcb `tmf z fcicbijfrlt le f zglx zrftr rl rm` y`ft lt tèg`jrilc le dpzic`zz jlcbirilcz zphh`zrich clhtlxrm ic kftn`r#

Rm` pcik t`zziu` `teltkfcj` le rptclu`t tèg`jr`b ic rm` Jlk fcyz tleirfdigiryrt`cb fz tleir fer`t rf} b`jgic`b kfthicfggy dy 0#5:% rl jglz` fr C:95 kiggilcjlk ft`b xirm C269#56 kiggilc t`jltb`b ic rm` t`j`bich y`ft jlk ftfdg` `tilb# Rmizjlcz`vp`crgy g`b rl b`jgic` ic dlrm rm` _DR fcb _FR Kfthicz rl :=#:5% fcb 45#?9%t`z `jriu`gy ic V66? glx`t rmfc 24#5:% fcb 4=#99% ic V6?9 t`z `jriu`gy# CFMJlz@_Z dfz`b lc irz V66? t`zpgrz zrfcbz fr C?#:4' pzich 6#4:? diggilc pcir zmft`z icizzp`#


27/39


@zrikfr`z 4??8F 4??=F 4??9F 4?6?@ 4?66@

Cfitf

@_Z ?#89 ?#=4 6#?6 6#?9 6#:8@_Z Jmfch` -YLY) +20#52% :#59% 42#4=% 8#65% 45#48%

Biuib`cb _fyk`cr -B_Z) ?#:? ?#00 ?#8? ?#50 ?#=4_fylpr tfril :=#62% 58#2:% 52#64% 5?#??% 5?#??%

Ufgpfrilc 4??8F 4??=F 4??9F 4?6?@ 4?66@

_,@ :2#95 62#46 8#?= 6?#05 =#:5_,Dlln 64#6: 4#86 6#=9 4#86 4#2?Biuib`cb Yi`gb 6#?9% 2#80% 9#80% 0#5=% 8#6=%Zl tj`1 Jlkpfcy Eicfcjifgz,U`riuf T`z`ftjm

Dlc z1 Biuib`cb1B`jgft`b1 6 elt 2 ic 4??9+?=+62 B`jgft`b1 ?#20 ic 4?6?+?0+6=

B`jgft`b1 6 elt = ic 4??=+?2+:? B`jgft`b1 ?#40 ic 4??9+?=+62

B`jgft`b1 6 elt = ic 4??=+?2+:? B`jgft`b1 ?#00 ic 4??9+?2+48

B`jgft`b1 : elt 4 ic 4??8+?0+65 B`jgft`b1 ?#: ic 4??=+?2+:?

B`jgft`b1 : elt 4 ic 4??8+?0+65 B`jgft`b1 ?#: ic 4??8+?0+65

B`jgft`b1 ?#: ic 4??5+66+49

Zl tj`1 Jlkpfcy Eicfcjifgz,_tlzmft` T`z`ftjm

CFMJl _gj + Jltpltfr` Fjrilcz _tleig`


28/39

4=A c` 4?6? 4?6? xxx#ptlzmft`ch#jlk

0# R`jmcijfg Fcfgyziz

Rm` Lda`jriu`1 Rl tùi`x rm` zrljn ufg frilc dy t`gyich lc rm` fzz kprilc rmfr kftn`r

bfrf' z jm fz jmftrz le ptij`' ulg k`' fcb lp`c icr`t`zr' jfc m`gp pt`bijr e r t` - pzpfggy zmltr+r`tk ) kftn`r rt`cbz# Pcgin` e cbfk`crfg fcfgyziz' rm` icrticzij ufg ` le rm` zrljn iz clrpftr le rm` jlczib`tfrilc m`t`# Klt` fcb klt` icu`zrltz ft` d`hiccich rl fppt`jifr` fcbt`gy lc r`jmcijfg fcfgyziz ic tùi`xich zrljnz lc rm` Cih`tifc Zrljn @}jmfch` d`jf z` lerm` ptlu`c efjr rmfr kftn`r pzyjmlglhy iceg `cj`z rtfbich ic f xfy rmfr `cfdg`zpt`bijrich xm`c f zrljn xigg tiz` lt efgg# Elt rmfr t`fzlc' r`jmcijfg fcfgyziz ft kftn`r rik`bdfz`b fcb pt`bijfr`b lc rm` d`giè rmfr r`jmcijfg fcfgyziz jfc d` fppgi`b a zr fz `fzigy rlrm` kftn`r fz f xmlg` fz rl fc icbiuib fg zrljn#

K LZR T @J@CR Z RLJN _ @TELTKFCJ@ LE CFMJ L F UIFCJ@ Z MFT@Z

CFMJl _gjz zmft` tij` ic rm` gfzr zi}r``c klcrmz rl Apc` 66rm' 4?6? t`jltb`bkfthicfg htlxrm le .?#20% rl jglz` fr C66#4? etlk C66#60 ir jglz`b fr rm` `cb le Afcpfty 4 cb ' 4??9 rtfbich z`zzilc# Rmiz `teltkfcj` xm`c ap}rf lz`b xirm rm` t`fgiri`zle rm` lu`tfgg kftn`r `teltkfcj` zmlxz rmfr rm` jlkpfcyz zrljn iz lc` le rm`

g`fzr p`teltkich zrljnz lc rm` CZ@ fr rmiz rik` #

Rm` lu`tfgg kftn`r `teltkfcj` k`fzpt`b dy rm` FZI t`jltb`b +6=#9:% ic rm` gfzrzi}r``c klcrmz etlk :6#:08#42 ir jglz`b lc 4 cb Afcpfty' 4??9 rl jglz` fr 40'244#89 lcrm` 66 rm Apc`' 4?6?# Rm` `teltkfcj` rmlphm ic rm` lziriu` le ?#20% xfz kicpr`'xm`c jlk ft`b xirm f t`jifrilcz t`jltb`b ic zlk` lrm`t zrljnz ic rm` `tilb' y`rfdlu` rm` c`hfriu` `teltkfcj` le rm` `crit` kftn`r -FZI)# Rm` zrljn jglz`b eftd`micb zl kfcy lrm`t zrljnz ic rm` kftn`r#

Ic rm` y`ft 4??9 fglc`' rm` zmft` tij` le rm` jlk fcy jglz`b xirm +:0#56% b` t`jifrilcz' jlk ft`b xirm +::#=?% b`pt`jifrilcz t`jltb`b ic rm` `crit`

kftn`r ic rm` p`tilb # Rmiz c`hfriu` `teltkfcj` icbijfr`z fc lu`td`ftich icegp`cj`le d`ftz ic rm` zrljnz' ù`c d`ylcb rm` lu`tfgg c`hfriu` kftn`r `teltkfcj` ic rm``tilb#


29/39


F jglz`t ldz`tufrilc le rm` zrljn tij` rt`cb zmlx`b rmfr d`rx``c Fphpzr 62 rm 4??9xm`c rm` jtiziz ic rm` dfcnich z`jrlt mir rm` kftn`r> CFMJl _gjz zmft` tij` zm`b fziq`fdg` +4:#54% > y`r ir xfz fdg` rl t`jltb f y`ft rl bfr` f t`jifrilc le .00#99%etlk C8#6= ir jglz`b fz fr 2rm Afcpfty' 4?6? rl jglz` fr C66#4? lc 66 rm Apc`' 4?6?#

Rmiz xfz fdlu` rm` .:6% z`jrlt fu`tfh` f t`jifrilcz elt rm` zfk` `tilb' ftfrilc ik fjr`b dy rm` glx`t `teltkfcj` t`jltb`b dy Fit Z`tuij` _gj#

Rm` rt`cb icbijfr`z rmfr CFMJlz tij` klu`k`cr gfj`z ir fz lc` le rm` rl`teltkich zrljnz dlrm ic rm` z`jrlt fcb rm` `crit` kftn`r' f t`u`tz` le rm` 4??9 tij`

rt`cb t`jltb`b#

RM@FZI FCB CFMJ L _ GJ

Rm` Fgg+Zmft` Icb`} fcb Cfmjl _gj zmft` tij` ft` kluich fgklzr ic rm` zfk`bit`jrilc# Ic rm` y`ft 4??9 fglc`' rm` zmft` tij` le rm` zrljn jglz`b lc +:0#56% b` t`jifrilc jlk ft`b xirm rm` glx`t b` t`jifrilc le +::#=?% t`jltb`b ic rm` `crit`kftn`r ic rm` `tilb#

Ic rm` y`ft 4?6?' Cfjml _gj zmft` tij` f t`jifr`b dy .00#99% rl lpr `teltk rm`kftn`r xmijm t`jltb`b .44% f t`jifrilcz elt rm` Fgg+Zmft` Icb`}#

Fz iggpzrtfr`b etlk rm` htf m d`glx' rm` CFMJl _gj zmft` tij` clx rtfb`z d`glx irz4? bfyz' 0? bfyz kluich fu`tfh`z xmijm jglz`b fr C66#92 fcb C64#0= xmig` irrtfb`z fdlu` irz 4?? bfy kluich fu`tfh` le C9#68 fz fr 66 rm Apc`' 4?6?# Rm` zrljnt`zpk`b rtfbich fdlu` irz 4?? bfy kluich fu`tfh` lc Kftjm : tb ' 4?6? fcb mfz zicj`kficrfic`b rm` rt`cb rl bfr`#


30/39

:?A c` 4?6? 4?6? xxx#ptlzmft`ch#jlk

R`jmcijfggy' xirm rm` CFMJl _gj zmft`z rtfbich fdlu` irz 4?? bfyz kluich fu`tfh`' fdpggizm lprglln jfc d` ice`tt`b' lc` rmfr f `ftz zpzrficfdg` dfz`b lc rm` elt`jfzr

`teltkfcj` eihpt`z ic z`jrilc 2 fdlu`#


31/39

:6A c` 4?6? 4?6? xxx#ptlzmft`ch#jlk

5# Rm` Fcfgyzrz Iczihmr

Cih`tifc Fuifrilc Mfcbgich Jlk fcy -CFMJl) _gjz `teltkfcj` lu`t rm` gfzr eiu`

y`ftz' zicj` tiufrizfrilc' mfz d``c jlkk`cbfdg` xirm y`ft+lc+y`ft t`gfriu` htlxrmk`rtijz rmfr tluib`b zlk` t`giè rl irz cpk`tlpz zmft`mlgb`tz# Rmiz iz fgg rm` klt`zihcieijfcr xm`c rm` `teltkfcj` iz ap}rf lz`b fhficzr lrm`t jlk fci`z ic rm` kftn`rxml jlcricp` rl d` jmfgg`ch`b dy tleirfdigiry fcb t`fg htlxrm izzp`z#

Rm` Dfr`z Zpg` g`b kfcfh`k`cr fcb dlftb le bit`jrltz mfu` tluib`b f zpjj`zz zrltyle f tiufriz`b eitk rmfr kpzr clx d`hic rl rmicn fdlpr zpzrficfdg` htlxrm ic rl gic`tù`cp` zrt`fkz rl kfrjm irz fkdirilcz#

Xmy iz rmiz ik ltrfcr< Rm` CFMJl Fuifcj` zpjj`zz zl eft mfz d``c f dfz`b lc irzfdigiry rl t`fb u`ty vpijngy kftn`r rt`cbz fcb l ltrpciri`z# Ir xigg mfu` rl t`z lcb rlrm` 4?6? fcb d`ylcb jmfgg`ch`z ic rm` zfk` dt`fbrm dpr xirm fc pcb`tzrfcbich rmfr

rm` dpzic`zz klb`g mfz d``c zihcieijfcrgy fgr`t`b dy rm` t`zrtijr`b kftn`r ziq` fcbjf z lc tù`cp` `ftcichz t`gfriu` rl rm` fitgic` icbpzrtyz eltrpc`z,dplyfcjy#

Rmiz iz ùib`cr ic1rm` t`fgiry le rm` V6 4?6? `teltkfcj` fcb rm` c``b rl zpzrfic elt`jfzr>rm` t`fgizfrilc rmfr rm` jlk fcy xigg mfu` rl b`fg xirm rm` rxic ik fjr le fcfgr`tcfr` z`tuij` vpfgiry lee`tich rl jlczpk`tz -lt jlk `ririlc clr bèic`b dy ziq`fcb zjl ` dpr dy rm` jtirijfg z`tuij` lee`tichz fufigfdg` rl icjt`fzichgy bizj`tcichjgi`crz ic ft`fz icjgpbich clc+rtfbirilcfg fitgic` dpzic`zz`z) fcb rm` t`bpjrilc icrm` rik` ir xlpgb rfn` elt c`x icirifriu`z rl zrftr jlcrtidprich rl rptclu`t k`rtijz>rm` fdigiry rl kfcfh` jmfch` fr rm` dlftb fcb kfcfh`k`cr gù`gz fcb rm` t`gfriu`z`rrgich blxc rl lziriu`gy ik fjr rm` `teltkfcj` le rm` jlk fcy ic 4?6? fcbd`ylcb>rm` t`fgizfrilc rmfr fjj`zz rl jm`f `t zlptj`z le epcbich i#`# `vpiry kftn`r kfyclr d` rm`t` rl eicfcj` rm` kpjm c``b`b fzz`r t` gfj`k`cr c``bz le rm` jlk fcy>g`fbich rl f t`zltr rl dlttlxich f c`x g`ftcich jptu` elt rm` jlk fcy#

X` z`` rm` kfcfh`k`cr le rmt`` n`y izzp`z fz zihcieijfcr ic b`giu`tich zpzrficfdg`tleirfdigiry elt rm` jlk fcy irz biuib`cb lgijy' l `tfrich jlzr jlcrtlg fcb fzz`r

t` gfj`k`cr fcb icu`zrk`cr b`jizilcz#

Rm` Biuib`cb _lgijyRm` 20n eicfg biuib`cb xirm 40n icr`tik biuib`cbz rl kfn` fc fhht`hfr` le 8?nbiuib`cb `t zmft` iz jlkk`cbfdg`# Rmiz x` d`giù` xigg tfiz` rm` tleig` le rm`jlk fcy ic rm` kftn`r# Klt`lu`t' rm` efjr rmfr rm` jlk fcy zrigg kficrfic irz 4#4:?diggilc zmft`z ic izzp` iz f x`gjlk` bù`gl k`cr' f eltk le gù`tfh`z elt mihm`tt`rptcz ic rm` jlkich y`ftz' fgg rmichz dìch `vpfg#

Rm` frm le jfprilc fbl r`b dy rm` jlk fcy ic t`zizrich rm` pth` rl rlx rm` h`c`tijgic` dy icbpghich ic rm` izzpfcj` le eglfr+dglfrich zjti izzp` rl icu`zrltz,zmft`mlgb`tziz ic lpt l icilc f lziriu` frrtidpr`#

Y`r' lc` kpzr fjnclxg`bh` rmfr xirm rm` gfcc`b dlcb izzp` le C0dc dy rm` jlk fcy'rm` dlftb fcb kfcfh`k`cr xml mfz dpigr p f glch biuib`cb mizrlty xlpgb f ft`crgyui`x biuib`cb t`bpjrilc lt lkizzilcz fz ftrijpgftgy pcfrrtfjriu`' `tmf z d`jfpz` irxlpgb zihc lzr rm`k fz rm` kfcfh`tz pcb`t xmlz` r`cpt` fcb lgiji`z h`c`tfr`biczpeeiji`cr jfzm rl fy biuib`cbz# Ie x` elgglx rmiz fzzpk rilc' ir xigg d` xiz` rl

fzzpk` rmfr CFMJl kfy l r elt f t`r`crilc le irz mihm biuib`cb fylpr lgijy xmijm' irf `ftz' xigg mptr ir fz ir b`fgz xirm b`dr jlu`cfcrz f zr` ic irz`ge rmfr jlpgb mfu`d``c t`bpj`b dy y`ftz le tpb`cj` ic kfcfhich rm` eic` gic` d`rx``c biuib`cb


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fylprz fcb tleir t`r`crilc elt fzz`r t` gfj`k`cr pt lz`z f kfalt btiu`t fcblprgfy elt rm` dlcb zlptj`b#

Zlk` eltk le biuib`cb t`bpjrilcz kfy z``k ikkic`cr fcb zrtfr`hij ic rm` gihmr le rmizt`fgiry pcg`zz le jlptz`' rm` eitk iz fdg` rl zr` p irz tù`cp` h`c`tfrilc jf fjiry

dfz`b lc jptt`cr gù`gz le l `tfrilcz# Rmiz iz rm` eitzr r`zr elt rm` c`x dlftb le bit`jrltz#

D`ylcb T`pfitz Kficr`cfcj`1 Fzz`rz T`pgfj`k`cr fcb Icu`zrk`cr E cbichRm` ik t`zzilc le klt` icu`zrk`cr ic ei}`b fzz`rz fz f k`fcz le dpzic`zz `} fczilczmfz d``c jt`fr`b fdlu`' fcb tihmrgy zl' fz kfcfh`k`cr mfz rlpr`b rmiz fz rm`zrtfr`hij ik `tfriu` le 4?6? fcb d`ylcb# Rl b`giu`t lc rmiz' f zihcieijfcr icu`zrk`crc``bz rl d` kfb` fcb epcb`b vpir` pcgin` xmfr mfz d``c blc` ic rm` eiu` -0) y`ftz

fzr# X` ft` le rm` ui`x rmfr icu`zrk`crz ic rmiz t`hftbz z``k rl d` d`glx`} `jrfrilcz# Ic rm` jlk fcyz ufgp` fbb`b fggljfrilcz ic rm` `tilb pcb`t tùi`x'lcgy 66% le rm` rlrfg ufg ` fbb`b x`t` `}p`cb`b lc d zic`zz bù`glpk`cr

fcb }pfczilcz #

Rmlphm xirm fc `vpi k`cr dt`fnblxc tfr` clx e`x fcb ljjfzilcfg ic rm` fzr rxl -4)y`ftz' CFMJl Fuifcj` c``bz rl eljpz irz kicb lc fbbt`zzich rm` c``b elt f mihm`tgù`g le èeiji`cr fcb èe`jriu` z`tuij` b`giu`ty bùlib le biztp rilcz fz f jlk `ririu`z`tuij` fbufcrfh`> fcb ir iz rmpz `} `jr`b rm` gfcc`b dlcb lee`t lee`tz fcl ltrpciry rl gù`tfh` rm` lr`crifg le rm` eitk dfz`b lc ib`crieifdg` icu`zrk`crz ic`vpi k`crz' t` gfj`k`cr le fh`b kfjmic`ty fcb fzz`rz elt c`x dpzic`zz u`crpt`z#

_t b`cr Jlzr Kfcfh`k`crRm` kfcfh`k`cr le rm` jlk fcy xigg bl x`gg rl kficrfic rm` t`z`cr tpb`cr jlzrkfcfh`k`cr zrfcj` xmijm mfz t`zpgr`b ic ik tluich èeiji`cjy tfril dlrm fr rm`l `tfrilcz gù`g fcb rm` lu`tfgg jlzr gù`gz# Ik tlu`b jlzr èeiji`cjy z`tu`z fz f t`giè le zltr fcb gù`tfh` elt ik tlu`b tleirfdigiry# Rmiz ic lpt l icilc xigg jlcrtidpr` rlzpzrficich rm` tleir+jlzr k`rtij le rm` jlk fcy#

LRM@T ICU@ZRK@CR TIZNZ

Rm` d zic`zz klb`gz b`p`cb`cjy lc zrtijr fuifrilc z`jrlt d lyfcjy1 Rm`fuifrilc htlpcb mfcbgich dpzic`zz iz `fzigy ik fjr`b dy ufhfti`z ic rm` xltgb `jlclky

apzr fz ir iz m`fuigy zglx`b blxc dy gfjn le fjj`zz rl gljfg epcbich zp ltr# Rmiz fgxfyzt`z`crz f glx glfb efjrlt lc egihmrz xirm zpdz`vp`cr btl ic et`vp`cji`z# Fz rm`

fitgic`z hl zl bl`z rm` htlpcb mfcbgich dpzic`zz# CFMJl _gj kpzr rm`tèlt` jlcrficrmiz tizn dy fjj`g`tfrich irz biu`tzieijfrilc gfc icrl clc+fitgic` t`gfr`b u`crpt`z gin`mfpgfh`' kfig mfcbgich' Bifz ltf jfthl z`tuij`z' jlczpgrfcjy z`tuij`z' Fuifcj` Hmfcf'`}`jpriu` fzz`ch`t z`tuij`z' jlpti`t z`tuij`z fcb glyfgry tlhtfkk`z ir mfz gfcc`b#

@jlclkij fcb Z`tuij` Efjrltz1 Rm` gin`gimllb le fjjib`crz' biztp rilcz rl l `tfrilczlxich rl lx`t lprfh`z fcb efig`b h`c`tfrich lx`t rl rm` Gfhlz zm`b' zrt`rjmich rm`kfc mlptz `t bfy' c`x `vpi k`crz dt`fnblxc bp` rl lu`tpz`' fit jtfzm`z' glfbefjrltz' fit ltr jglzpt`z bp` rl zrtin`z lt lgirijfg p m`fufg' icjt`fz` ic jtpb` lig tij`zfcb fjrz le hlb> xigg zpt`gy mfu` fc ik fjr lc rm` jlk fcyz `ftcichz elt`jfzr#

T`h gfrlty lu`tzihmr fcb _lgirijfg Efjrltz1 Rm` CJFF iz tlc` rl nc``+a`tnt`fjrilcz fcb kfy pr ic gfj` f tpg` rmfr xigg ik fjr c`hfriu`gy fitgic`z fcb,lt htlpcbmfcbgich jlk fci`z gin` CFMJl# Rm` CJFF iz gfth`gy b` `cb`cr lc rm` hlu`tck`cr elteicfcjich fcb bit`jrilc> rm` hlu`tck`cr kfy iczrig lgiji`z rmfr xltn fhficzr rm`


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::A c` 4?6? 4?6? xxx#ptlzmft`ch#jlk

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Lu`tb`p`cb`cj` lc Gfhlz Fitpltr1 CFMJl Fuifcj`z l `tfrilcz - fzz`ch`t rtfeeij'egihmrz' kfig mfcbgich fcb jfthl) ft` lu`t =0% dfz`b lc fjriuiry fr rm` Gfhlz Fit ltr#

Rm` upgc`tfdigiry le irz tik` tù`cp` jlcrtidprlt jfthl mfcbgich ic f Gfhlz fit ltrd`z`r xirm llt fcb c`ft fdyzkfg z`tuij` vpfgiry' fit ltr jglzpt`z bp` rl t` fitz'fuifrilc ep`g izzp`z fcb lrm`t pcelt`z``c ù`crz `} `jr`b etlk fc fit ltr xfy fzrbp` elt f kfalt lu`tmfpg# Rm`z` ù`crz xigg gin`gy t`bpj` CFMJlz `ftcichzzihcieijfcrgy ie ir jfpz`z t`bpjrilc ic egihmrz lt lprtihmr jglzpt` le rm` fit ltr# Rmiz iz ft`fgiry rmfr xigg mf `c lc` bfy fcb CFMJl Fuifcj` c``bz rl efjrlt rmiz icrl irzdpzic`zz tla`jrilcz# Ic t`z lcz` rl rmiz lu`t+b` `cb`cj` -btiu`c dy rm` t`fgiry le fitrtfeeij fcb jfthl rtfcz ltrfrilc b`zricfrilcz xmijm zn`xz rm` pzfh` le fit ltrz rl e`xfit ltrz ic rm` jlpcrty)> CFMJl Fuifcj` mfz rfn` zr` z rl `} fcb rl lrm`t blk`zrijfit ltrz# Rmiz jfc lcgy d` f xltrmxmig` klu` ie rm` `} fczilc hlfgz fgzl icjgpb` c`xdpzic`zz`z#

UFGPFRILC

Bizjlpcr`b Jfzm Eglx -BJE) k`rmlb le ufgpfrilc iz lc` le rm` ufgpfrilc k`rmlbz`k gly`b ic fttiuich fr CFMJl Fuifcj`z icrticzij ufgp`# Pzich f eiu`+y`ft zj`cftilfcfgyziz xirm elt`jfzr et`` jfzm eglxz' x` fttiu`b fr icrticzij ufgp` le C66#=6 xirmBizjlpcr tfr` le 68% fcb r`tkicfg htlxrm tfr` le =%# Pzich rm` biuib`cb bizjl crufg frilc klb`g' xirm ptla`jr`b biuib`cb p`t zmft` le 85n' x` fttiu`b fricrticzij ufg ` le C62#:5#

_@ tfril kpgri g`z ufgpfrilc klb`g h`c`tfr`b fc icrticzij ufgp` le C62#0: xirm lpt

eltxftb @_Z fcb _@ tfril le C6#64 fcb 6: t`z `jriu`gy# Ic pzich rmiz ufgpfrilc k`rmlb'lpt tla`jr`b tleir fer`t rf} le C6#:80 diggilc fttiu`b fr xfz dfz`b lc rm` ui`x rmfrrm` jlk fcy xigg htlx irz t`rptcz ic rm` t`kficich `tilb ic rm` y`ft> lrm`txiz` lpt

tla`jr`b _FR xlpgb mfu` d``c C6#68 diggilc bp` rl rm` efjr rmfr rm` tleirfdigiry rt`cbt`jltb`b ic rm` eitzr vpftr`t -4?6?) zmlx`b f blxczib`#

Pzich @_Z htlxrm tfr` ufgpfrilc k`rmlb' x` fttiu`b fr eiu` y`ft jlk lpcb`b fccpfg@_Z htlxrm tfr` le 4:% xirm tla`jr`b @_Z le C4#=0 ic eiu` y`ftz rik`> rmiz hiu`z efitufgp` le C46#45#

Rm`tèlt`' jlkdicich rm` elpt ufgpfrilc klb`gz hiu`z fu`tfh` le C60#29# X` ft` le rm` l icilc rmfr rm` zmft` tij` le CFMJl Fuifcj` pcb`t cltkfg kftn`r jlcbirilczmlpgb rtfb` d`rx``c C62#:5 fcb C60#29 # Rm` pz` le kpgri g` f tlfjm`z rlh`c`tfr` lpt efit ufgp` `zrikfr` m`g z pz rl fulib klb`g difz fcb kficr`cfcj`t`z`ftjm xmijm d`jlk`z klt` gin`gy xm`c lc` ufgpfrilc f tlfjm iz pz`b rl b`r`tkicèfit ufgp` le f eitk#


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36/39


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37/39


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tlzmft` CIFprmlt`b dy Lgpe`ki FXLY@KI' EJF J@L le _tlzmft`#


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:=A c` 4?6? 4?6? xxx#ptlzmft`ch#jlk

FBUIJ@ RL PZ@TZ LE RMIZ T@_LTRYl ft` hiu`c rm` gikir`b tihmr rl pticr rmiz t`pltr fcb rlbizrtid r` ir dy fcy k`fcz# Yl jfc pticr l r pfh`z fcb z`rm`k ic yl t ptiufr` bizj zzilc htl pz fz glch fz ylfjnclxg`bh` _TLZMFT@ fcb yl bl clr fgr`t rm` t`pltric fcy x fy# Klzr ikpltrfcrgy' yl zml gb clr jmfth` elt ir#

Zrljn rtfbich iz icm`t`crgy tizny fcb yl fht`` rl fzz k`jlkpg`r` fcb e gg t`zplczidigiry elt rm` l rjlk`z le fggrtfbich b`jizilc z rmfr yl kfn`' icjg bich d r clr gikir`brl glzz le jfpirfg# Clc` le rm` zrljn rtfbich jfggz kfb` dy_tlzmft`' irz fcfgyzr dlftb' `kpgly``z' jlcrtid richpftrc`tz fcb jlkpfci`z fzzljifr`b xirm ir zml gb d`jlczrt `b fz fc lee`t rl d y l t z`gg z`j tiri`z' clt fbui j` rlbl zl# _tlzmft` iz clr t`zplczidg` elt fcy `ttltz'lkizzilcz lt t`pt`z`crfrilcz lc fcy le rm` pfh`z ic rmizt`pltr# _tlzmft` bl`z clr `cbltz` ic fcyxfy fcyfbu`triz`tz lt eitk-z) z`b fz jfz` zr bi`z ic rm` t`pltr#_g`fz` u`tiey rm` u`tfjiry le fgg iceltkfrilc lc yl t lxcdèlt` cb`trfnich fcy fggifcj`#

L t lpicilcz fcb fcfgyz`z ft` dfz`b lc zl tj`z d`giù`brl d` t`gifdg` fcb ft` xtirr`c ic hllb efirm' d r clt`pt`z`crfrilc lt xfttfc ry' `}pt`zz`b lt ikpgi`b' iz kfb`fz rl rmìt fjj tfjy lt jlkpg`r`c`zz# Rm` iceltkfrilc icrmiz t`pltr iz pbfr`b etlk rik` rl rik`# _tlzmft` mlxù`t`}jg b`z fcy xfttfcri`z -xm`rm`t `}pt`zz`b lt ikpgi`b)'fz rl rm` v fgiry' fjj tfjy' èeijfjy' jlkpg`r`c`zz'p`teltkfcj`' eirc`zz lt fcy le rm` jlcr`crz le rm` t`pltr'icjg bich -d r clr gikir`b) rl fcy jlkk`crz' e``bdfjn'icr`tui`xz' ftrijg`z t`ptlb j`b fcb fbu`triz`k`crzjlcrfic`b ic rm` t`pltr#

Fgg iceltkfrilc jlcrfic`b ic l t t`pltr lt lc l t x`dzir`zml gb d` icb`p`cb`crgy u`tiei`b xirm rm` jlkpfci`zk`crilc`b#

Rm` `birlt fcb p dgizm`t ft` clr t`zplczidg` elt `ttltz ltlkizzilcz# Yl zml gb jlcz gr f v fgiei`b d tln`t lt lrm`teicfcjifg fbuizlt ptilt rl kfnich fcy fjr fg icu`zrk`cr ltrtfbich b`jizilcz# Yl fht`` rl clr kfn` fjr fg zrljnrtfb`z dfz`b lc jlkk`crz ic rm` t`pltr' clt lc fcyr`jmciv `z pt`z`cr`b cltbizj zz`b ic rmiz t`pltr lt fcylrm`t eltk le iceltkfrilc pt`z`crfrilc# Fgg iceltkfrilc izelt `b jfrilcfg fcb iceltkfrilcfg z` lcgy# Yl fht`` rljlcz gr xirm f t`hizr`t`b icu`zrk`cr fbuizlt' xmijm x` ft`clr' ptilt rl kfnich fcy rtfbich b`jizilc le fcy nicb#Myplrm`rijfg lt zik gfr`b p`teltkfcj` t`z grz mfu`j`trfic icm`t`cr gikirfrilcz# Pcgin` fc fjr fg p`teltkfcj`t`jltb' zik gfr`b t`z grz bl clr t`pt`z`cr fjr fg rtfbich#Zicj` rm` rtfb`z mfu` c lr d``c `}`j r`b' rm` t`z grz kfymfu` cb`t lt lu`t jlkp`czfr`b elt rm` ikpf jr# Clt`pt`z`crfrilc iz dìch kfb` rmfr fcy fjjl cr xigg lt izgin`gy rl fjmiù` p tleirz lt glzz`z zikigft rl rmlz` zmlx c icrm` t`pltr#

_tlzmft` t`jìu`z cl jlkp`czfrilc le fcy nicb etlk fcyjlkpfci`z rmfr kfy d` k`crilc`b ic l t t`pltrz lt lc l tx`d zir`# Fcy lpicilcz `}pt`zz`b ft` z da`jr rl jmfch`xirml r clrij`# Lxc`tz' kpgly``z fcb xtir`tz kfy mlgbplzirilcz ic rm` z`j tiri`z rmfr ft` bizj zz`b ic l t t`pltrlt lc l t x `d zir`# Fcy tè`t`cj` rl f rtfb` k`crilc`b i crm` t`pltr lt x`dzir`' `+kfig' p dgijfrilc lt kfr`tifg izmyplrm`rijfg fcb iz clr fc fjr fg rtfb`# Myplrm`rijfgp`teltkfcj`z fcb t`z grz bl clr t`pt`z`cr fjr fg jlzr le frtfb`#

X` `cjl tfh` fgg icu`zrltz rl z` rm` iceltkfrilc ic rm`t`pltr fz f t`zl tj` lcgy rl e trm`t rmìt lxc t`z`ftjm lcfgg e`fr t`b jlkpfci`z' zrljnz' z`jrltz' kftn`rz fcbiceltkfrilc pt`z`cr`b ic rm` t`pltr fcb lc l t zir`#

Clrmich p dgizm`b ic rmiz t`pltr fcb lc l t zir` zml gb d`jlczib`t`b f z icu`zrk`cr fbuij`# Fcy pt`bijrilc kfb` lcrm` bit`jrilc le rm` zrljn kftn`r lt lc rm` bit`jrilc leicb iu ib fg z r l jnz kfy p t lu` r l d ` ic j l t t ` j rT`fb`tz,Pz`tz,uizirltz ft` `}p`jr`b rl tè`t rl lrm`ticu`zrk`cr t`zl tj`z rl u`tiey rm` fjj tfjy le rm` bfrfp dgizm`b ic rm` t`pltr lc rmìt lxc# Cìrm`t _tlzmft` clirz pticjipfgz' fh`crz' fzzljifr`z' `kpgly``z lt gij`cz`bzrljndtln`tz' ft` gij`cz`b rl ptluib` icu`zrk`cr fbuij`rmtl hm rmiz p dgijf rilc#

Cl kfr`tifgz ic rm` t`pl tr' irm`t lc d`mfge le _tlzmft`' ltfcy pftrijipfcr ic Rm` Fcfgyzr C`rxltn zml gb d` rfn`c fzicu`zrk`cr fbuij` bit`jrgy' icbit`jrgy' ikpgijirgy' lt ic fcykfcc`t xmfrzlù`t' icjg bich d r clr gikir`b rl rtfbich lezrljnz lc f zmltr r tk lt glch r`tk dfziz' lt rtfbich le fcyeicfcjifg iczrt k`crz xmfrzlù`t# _fzr _`teltkfcj` IzClr Icbijfriu` le E r t` T`r tcz# Fgg fcfgyzr jlkk`crftyptluib`b ic rmiz t`pl tr iz ptluib`b elt iceltkfrilc p tp lz`zlcgy# Rmiz iceltkfrilc iz CLR f t`jlkk`cbfrilc ltzlgijirfrilc rl d y lt z`gg fcy z`j tiri`z# Yl t z` le rmizfcb fgg iceltkfrilc jlcrfic`b ic rmiz t`pltr iz hlu`tc`b dyrmiz R`tkz fcb Jlcbirilcz le Pz`# Rmiz kfr`tifg iz dfz`b

plc iceltkfrilc rmfr x` jlczib`t t`gifdg`' d r x` b l clrt`pt`z`cr rmfr ir iz fjj tfr` lt jlkpg` r`' fcb rmfr ir zml gbd` t`gi`b p lc' fz z jm#

Yl zml gb c lr t`gy zlg`gy lc rm` Iceltkfrilc ic kfnich fcyicu`zrk`cr# Tfrm`t' yl zml gb z` rm` Iceltkfrilc lcgyfz f zrftrich plicr elt blich fbbirilcfg icb`p`cb`crt`z`ftjm ic ltb`t rl fgglx yl rl eltk yl t lxc lpicilct`hftbich icu`zrk`crz# Dy zich rmiz t`pltr icjg bich fcyzlerxft` fcb jlcr`cr jlcrfic`b rm`tìc' yl fht`` rmfr

z` le rm` Z`tuij` iz `crit`gy fr yl t lxc tizn# Fcyiceltkfrilc' lpicilcz' fbuij` lt lee`tz plzr b

dy fcy p`tzlc lt `criry glhh`b ic rl rm` _tlzmft` x`dzir`lt fcy le irz fzzljifr`b zir`z iz rl d` jlczrt `b fz p dgi jjlcu`tzfrilc lcgy# _tlzmft` kfn`z cl xfttfcri`z fcbhiu`z cl fzz tfcj`z t `hftbich rm` rt rm' rik`gic`zz't`gifdigiry' lt hllb efirm le fcy kfr`tifg plzr`b fr _tlzmft`#

_tlzmft` Cih`tif iz rm` jl crty(z pt`ki`t icu`zrltt`gfrilcz,`b jfrilc fcb fcfgyzr z`tuij`z pgfreltkptluibich f jtirijfg tlg` ic `cz tich rmfr kftn`r jlceib`cj

zfe`ry iz czmtic`b ic rm` jlcb jr le,fcb kftn`r t`gifcj`lc rm` iceltkfrilc fcb fjriuiri`z le eitkz v lr`b lc rm`Cih`tifc Zrljn @}jmfch`> fz f x`fgrm jt`frlt elt rmìcu`zrich p dgij# Ic b`giu`tich rmiz z`tuij`' rm` eitk xltnzxirm fcb rmtl hm lthfcizfrilcz xirm bizricjr z`tuij`jlkp`r`cji`z ic zrljn icu`zrk`cr fcfgyziz' icu`zrlt rllgzfcb zlg rilcz fcb jfpirfg kftn`r ptfjrij`z> fgg b`zihc `b rlptluib` icu`zrltz xirm f jt`bidg` t`zl tj` elt icr`ggih`cb`jizilc kfnich#

Rm` eitk rfn`z `}rtf zr`pz rl `cz t` rmfr iceltkfrilcptluib`b dy ir ft` fjj tfr`' efjr jm`jn`b fcb ufgibfr`b eljlkpgifcj` xirm icr`tcfrilcfggy fjj`prfdg` zrfcbftbz fcbptfjrij`z# Xmig` rmiz t`pltr iz jm`jn`b elt fjj tfjy' x` ft`clr gifdg` elt fcy icjl tt`jr iceltkfrilc ic jg b`b# X`t`jlkk`cb rmfr yl kfn` `cv iti`z dfz`b lc yl t lxjitj kzrfcj`z fcb' ie c`j`zzfty' z``n ptle`zzilcfg fbuij`dèlt` `cr`tich icrl rtfczfjrilcz# X ft` fgxfyz mfppy rlt`jìu` yl t jlkk`crz lc mlx x` jfc ikptlu` l tz`tuij`z fcb kfn` ir klt` k`fciche g rl rm` icu`zrichp dgij# Zml gb yl d` icr`t`zr`b ic jlcrfjrich z ele trm`t bizj zzilcz lc mlx z jm t`pltrz jfc d` kfb`klt` k`fciche g rl yl lt yl t lthfcizfrilc,icu`zrk`crjg d> nicbgy jlcrfjr fcfgyzrOptlzmft`ch#jlk


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FcfgyzrZ`tuij`c`xz % icu`zrihfrilcz

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IZZC 6098 ==24 Ulg#6 Cl# :9

_glr 09?d' _fr La`d ldlm Jglz`' Lk lg` _mfz` II'

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