Nevio De Luca - Works

L^kobsbh _hmh`kZÛ\h ]b3K^gZmh <hklbgb !BglmZeeZsbhg^ ::; &*20/"

<heeZ[hkZsbhg^�m^\gb\Z Zee^ hi^k^3LZg]kh Khg\ab !:[kZ\Z]Z[kZ +)))"@F&<hlmknsbhgb bg _^kkh ;l !O^gmheb[^kh +)*,"

MkZ]nsbhgb BmZ(>g`3Fbk^bee^ ?bebiibgb

M^lmb \kbmb\b ^ k^\^glbhgb3?Znlmh Ehk^gsbFZkmbgZ <hk`gZmb:'F' =b IZhehEn\bZgh LibZssb>e]Z�?^ssb>eblZ[^mmZ�Lêfb>eobkZ�<ZllZ&LZeob@bhoZggZ�=�Hklh`gZ:kfZg]h =b Lm^_Zgh

BfiZ`bgZsbhg^3En\Z Fnmmb% @Zk]hg^ OZe MkhfibZ%�;L

Lb kbg`kZsbZgh b fhemb�\hee^sbhgblmb \a^ aZggh \hgmkb[nbmh\hg�e^�ehkh hi^k^ ZeeZ�]h\nf^gmZsbhg^\hfie^mZ ]ê ohenf^'

Lb kbg`kZsbZ�i^k�eZ�\heeZ[hkZsbhg^ Ze ikh`^mmh�]ê�eb[khIZheZ Fn\\bZkêeb'

E�b\hgZ�^�be�lnh�]hiibh '''''''''''''''''''''''' /

=bZkbh�bgÛgbmh'''''''''''''''''''''''''''''''''''''*+

ebg^Z ]b ikhÛeh '''''''''''''''''''''''''''''''''' .)

fhlmk^ ikbg\biZeb ''''''''''''''''''''''''''''''*.+

kbmkZmmb ''''''''''''''''''''''''''''''''''''''''''''''*.-

m^lmbfhgbZgs^ '''''''''''''''''''''''''''''''''*./

[h`kZÛZ ''''''''''''''''''''''''''''''''''''''''''*.1

hi^k

^

*2/.(/0 hkf^ [bZg\a^ ''''''''''''''''' *-

*20)(0, _hkf^ [bZg\a^ '''''''''''''''' +)

*20-(0/ hf[k^�Zghgbf^''''''''''''''' ,)

*200(01 Û`nk^ Zghgbf^'''''''''''''''' --

*201(02 hf[k^ ghmmnkg^ ''''''''''''''' .+

*21)(1, iZ^lZ``b ghmmnkgb '''''''''''' .1

*21,(1. iZ^lZ``b�liZsbZeb'''''''''''' 0*

*210(2, Û`nk^�]b Ze[nf ''''''''''''''' 01

*22*(2/ _hkf^ ikbfbmbo^'''''''''''''''' 1/

*22.(21 Ûg^lmk^ ''''''''''''''''''''''''' *)+

*220(), Z[kZ\Z]Z[kZ '''''''''''''''''**+

+))*(), Û`nkbg^''''''''''''''''''''''''' *+/

+))-()1 Û`nkbg^ Ze o^gmh ''''''''''' *,/

+)*)(*- o^gmheb[^kh ''''''''''''''''''' *-+

bg]b\

/

E�hll^llbhg^ ]b Gôbh =^ En\Z � bg lbf[bhlb \hg ng [blh`gh Zemk^mmZgmh _hkm^]b kZk^_Zsbhg^% ]b ik^lZ ]b ]blmZgsZ% ]b \hgm^fieZsbhg^ fnmZ & ¯ e�bffZ`bg^]bo^gmZmZ b\hgZ gêeZ lh\b^m¨ f^]bZmb\Z% fhembieb\ZmZ% ]^`kZ]ZmZ% mkZl\hehkZ&mZ% mkZoblZmZ% kb]hmmZ Z \hgmhkgh% l\a^fZ% ob`g^mmZ% \heeZ`^% insse^% lZ`hfZ%hf[kZ% kbmZèbh% Zll^f[eZ``bh% fZ ink l^fik^ ôh\Zmkb\^ ]b f^fhkbZ ^ ]bfbmheh`bZ% Z ]bkg^% \hg be mkZ]bf^gmh% e�bm^kZsbhg^ ^ be kbli^\\abZf^gmh bgÛgb&mh' E�bffZ`bg^ ¯ ikêôZmZ mZgmh ]ZeeZ one`ZmZ ]êeZ lmhkbZ ]êe�Zkm^ jnZgmh]ZeeZ in[[eb\blmb\Z jnhmb]bZgZ3 ghg \�¯ lhensbhg^ ]b \hgmbgnbm¨ mkZ \nemnkZ ZemZ^ [ZllZ% \hgmZgh e^ bffZ`bgb \a^ lb ÛllZgh \hf^ lm^k^hmbib gêe�bffZ`bgZkbh\hee^mmboh' :gsb% eZ lZ`hfZ h__k^ l^fik^ ]n^ ^ � gê `bh\h ]b mhklbhgb ]êe�ne&mbfh ]^\^ggbh & Zg\a^ ib½ _Z\\^% \hf^ ]�ngZ o^kbm¨% h inkZ ôb]^gsZ% \a^fnmZ�^ mkZl\hehkZ bg\^llZgm^f^gm^'

LZ \a^ eZ obmZ \hee^mmboZ ghg ¯ ]hfbgZmZ lheh ]ZeeZ m^\gheh`bZ% fZ Zg\a^]Z ng ]îhlbmh ]b _hkf^ ikbfbmbo^ ^ ]b ebg`nZ``b hkZ\heZkb% hk`ZgbssZmb bg nghk]bg^ ^gb`fZmb\h% ln \nb l�bgg^lmZgh Zg\a^ b ebg`nZ``b ib½ ZmmnZeb' Ng hk]bgîk^\Zkbh ]b lbf[heb% _kZff^gmb ^ _hmh`kZffb ]ho^ eZ kb\^k\Z ]�ngZ \b_kZ ]ê

��E�b\hgZ^�be�lnh�]hiibh?Znlmh Ehk^gsb

E�ZkmblmZ aZ Z_Û]Zmh Z ng `nlmh bkhgb\h ^ \Znlmb\h% Ûèbh ]êeh libkbmh]ê G^p =Z]Z ^ ]b ngZ Ihi :km fZ]^ bg BmZer% fZ Zemk^mmZgmh Ûèbh]êeZ `ZbZ l\b^gsZ ]b ng LZobgbh !eZ lhokZgZ bkhgbZ% be `nlmh ]êeZkbf^l\heZmnkZ ]ê fbmh \eZllb\h \he dbml\a jnhmb]bZgh"% ]b `nb]ZkehZ ng e^mmnkZ ]blbg\ZgmZmZ ]êeZ f^fhkbZ b\hgb\Z ]êeZ lh\b^m¨\hglnfblmb\Z% mkZ ng kZllb\nkZgm^% bgobmZgm^ jnhmb]bZgh ^ ng _ZgmZlmb\hZemkho^% mkZ Û`nkZ ^ ZlmkZsbhg^% mkZ \hkih�^�ikhb^sbhg^ ]êe�hf[kZ'

Ma^ h[l^llbhg h_ Gôbh =^ En\Z & bg lrf[bhlbl pbmaZ lmkhg` kZk^Û^] g^\^llbmr h_ mZdbg` ]blmZg\^% h_\hgm^fieZmbg` lbe^gmer & bl ma^ bfZ`^ maZm [^\Zf^ Zgb\hg bg ma^ f^]bZ lh\b^mr% Z fnembieb^]% ]^`kZ]^]%mkZgl\hehnk^]% fblkîk^l^gm^] lh\b^mr% k^]n\^] mh\hgmhnk% mh l\a^f^% \Zkmhhg% \heeZ`^% insse^% laZi^%laZ]hp% \ebii^] Zg] Zll^f[e^]% [nm lmbee Zg ôh\Zmhk h_f^fhkr Zg] frmaheh`r% kîerbg` mh [^mkZrZe% bm^kZmbhgZg] fbkkhkbg` bgÛgbmr'Ma^ bfZ`^ bl mZd^g _khf ma^ one`Zm^ h_ Zkm ablmhkr Zl_khf ]Zber chnkgZeblf3 ma^k^ bl gh bgm^kknimbhg [^mp^^gabà Zg] ehp \nemnk^% ib\mnk^l \hngm bg ma^ \hee^\mbo^bfZ`bgZmbhg Zl lm^k^hmri^l' Bg]^^]% ma^ laZi^ ZepZrlh__^kl mph Zg] & bg ma^ `Zf^ h_ mpblml h_ ma^ eZlm ]^\Z]^& ô^g fhk^ _Z\^l% Zl h_ Mknma% hk ink^ ôb]^g\^% maZm\aZg`^l Zg] _Z]^l bg\^llZgmer'Ma^ Zkmblm bl [^^g bglibk^] [r Zg bkhgb\ Zg] \Znlmb\ mZlm^%lhg h_ ma^ libkbm h_ ma^ G^p =Z]Z Zg] Ihi :km FZ]^bg BmZer% [nm cnlm Zl ma^ lhg h_ Z `Zr l\b^g\^ LZobgbh!ma^ lnik^f^ bkhgr% ma^ mZlm^ h_ ma^ \eZllb\ frma lmbkk^]pbma ]Zber dbml\a"% mabl pZl fZ]^ mh `nb]^ abf mh Z]bl^g\aZgm^] k^Z]bg` h_ b\hgb\ f^fhkr h_ ma^ \hglnf^klh\b^mr% [^mp^^g Z k^Zllnkbg`% bgobmbg` ô^kr]Zr Zg]Z _ZgmZlmb\ êl^pa^k^% [^mp^^g Û`nk^ Zg] Z[lmkZ\mbhg%[^mp^^g [h]r Zg] laZ]hp ikhc^\mbhg' A^ dghpl maZm\hee^\mbo^ eb_^ bl ghm hger ]hfbgZm^] [r m^\agheh`r% [nmZelh [r Z ]îhlbm h_ ikbfbmbo^ _hkfl Zg] h\neZk eZg`nZ`^l%ZkkZg`^] bg Zg ^gb`fZmb\ hk]^k% hg pab\a Zelh ma^ fhlm\nkk^gm eZg`nZ`^l Zk^ `kZ_m^]' : ik^\Zkbhnl hk]^k h_lrf[hel% _kZ`f^gml Zg] _kZf^l pa^k^ ma^ l^Zk\a h_ Z]^lmbgr Û`nk^ bl bg^qmkb\Z[er ebgd^]�pbma Z ieZr_ne pZki'Ma^ Zkmblm abflê_ lZrl maZm bg abl jn^lm laZi^l Zg]\hehkl & gô^k gZmnkZeblmb\ kZma^k lb`gZ`^ & m^g] mh `^mkb] h_ ^Z\a hma^k% Zg] mh kôbo^ ln\a i^pm^k Û`nkbg^l

B\hg�Zg]�bml�]hn[e^

]^lmbgh ¯ bg^lmkb\Z[bef^gm^�\hgg^llZ�\hg�ng�hk]³mh en]b\h' e�ZkmblmZ lm^llh Z ]bk^ \a^ gêeZ lnZ kb\^k\Z _hkf^ ^ \hehkb � fZb gZmnkZeblmb\b%ibnmmhlmh l^`gZe^mb\b � m^g]hgh Z eb[^kZklb k^\bikh\Zf^gm^% ^ Z kbeZg\bZk^ Z]^l^fibh gêe^ Û`nkbg^ bg iêmkh be m^fZ e^``^g]Zkbh ]ê =hiiê`ªg`^k% ]êe�nh&fh \a^ lb ihkmZ bg `bkh be lnh lhlbZ% ]êe�nhfh ^ ]êeZ lnZ hf[kZ ib½ h f^ghli^mmkZe^3 \b bgobmZ Z `nZk]Zk^ l^fik^ Zg\a^ \hg eZ \h]Z ]êe�h\\abh% fhlmkZg&]h\b \hf^ mnmmh lbZ ôb]^gm^ ^ gêeh lm^llh m^fih bgZ__^kkZ[be^' <hl³% mkZ l_Z\&\^mmZmnk^ ^ kb_kZsbhgb \a^ iZkk^[[^kh ]boZ`Zsbhgb \Zikb\\bhl^% =^ En\Z fhlmkZ\hf^ fbmheh`b^ ^ f^fhkb^ Zgmb\a^ \hgo^k`hgh g^b enhàb fbgbfb ^ [ZgZeb ]ê&eZ obmZ jnhmb]bZgZ' <hl³ Zg\a^ eZ lmhkbZ ]êe�Zkm^ in¸ Z_ÛhkZk^ gê ik^l^gm^ _Z&fbebZk^ \hf^ g^b ]bl^`gb ]b ngZ ÛZ[Z h g^b m^Zmkbgb ]b fZkbhg^mm^ ]êe�bg_ZgsbZ'<�¯ ngh likbssh ]�bkhgbZ ]Z]ZblmZ% gêeZ \Zki^gm^kbZ ^ gêeZ _hg]^kbZ Z\nmZ^ `bh\hlZ ]êe^ f^llbgl\^g^ ]b =^ En\Z% ]ho^ oZ bg l\^gZ ng iZkZ]hllZe^l\Z\\h ^lik^llboh3 e�bg\ZiZ\bm¨ ]êeZ fblnkZ% ]êeZ ebg^Z ^ ]ê \hgmhkgh% ]b]bk^ mnmmZ eZ o^kbm¨' eZ mkZ]bsbhg^ ]êe�H\\b]^gm^% jn^lmZ ]êeZ gZmnkZ \a^lb ¯ k^lZ i^k ghb e^``b[be^ bg \hkgb\^' Bgo^\^ [blh`gZ bfiZkZk^ Z] Z\\^mmZk^Zg\a^ be l^glh ]êe�Zll^gsZ% bg jnêeh \a^ lb o^]^% bgmkh]n\^g]h ljnbeb[kb ^l[beZg\bZf^gmb mkZ l^`gh ^ fZm^kbZ' Mnmmh lmZ bg\^kgb^kZmh% ibnmmhlmh \a^ lmZmb&\Zf^gm^ ÛllZmh i^k l^fik^' E�ZkmblmZ aZ kZ\\hemh Zg\a^ eZ e^sbhg^ ]êe�Znmh&lmhkb\bssZsbhg^ ]b @nèbêfh :\abee^ <Zoêebgb gê `bh\h lne \hgÛg^ ]ê ghlmkhlfZkkbf^gmh mkZ k^Ze^ ^ obkmnZe^% mkZ o^kh ^ _Zelh% gê fhg]h \k^Zmh ^ ]bllhemh]Zb f^]bZ% _Z\^g]hlb hoobh% fbl\abZmh Zee^ b\hg^ ]ê jnhmb]bZgh' EZ kbi^mbmbobm¨ZeehkZ ghg lheh \hf^ lbfneZsbhg^ ]êe�^g_Zlb h ]êeZ lmbebssZsbhg^ ]êeZ in[&[eb\bm¨% fZ \hf^ kbo^k[^kh ]ê l^glh ]ê \hglnfh% ^ jnbg]b�]êeh lonhmZf^g&mh% ]ê ]bllheobf^gmh% \hf^ ng mZkeh \a^ l\ZoZ ]^gmkh e�hi^kZ% i^k\a® h``be�bffZ`bg^ ihiheZk^ ¯ inkZ f^k\^% l\bhemZ ^ ]bllhemZ gêeZ f^fhkbZ \hee^mmb&oZ% fZ k^\blZ ]ZeeZ obmZ' Lb\\a® e�ZkmblmZ ikhoZ Z bg\ZgmZk^ \he ]blbg\Zgmh% ^]Z \k^Zk^ ng Zehg^ ]�blheZf^gmh Zmmhkgh Zee�b\hgZ ib½ kb]hg]Zgm^ ^ _kZ`hkhlZ'E^ lmbebssZsbhgb ]b =^ En\Z ib½ \a^ ]Z ngZ \hlZ gZl\hgh ]ZeeZ Û`nkZ ]b ngZ\hlZ% lbZ ink^ ng�bffZ`bg^ ik^_Z[[kb\ZmZ' FZ eZ lnZ b\hgh`kZÛZ ghg ¯ fZbl^fieb\^f^gm^ ikêôZmZ ]Ze fZgnZe^ ]b lmhkbZ ]êe�Zkm^ h ]Ze lni^kfZkd^mfZllf^]bZmb\h3 ¯ fZgbiheZmZ Z Ûgb \hg\^mmnZeb ^] ^lik^llbob% kbo^g]b\Zg]h Ze\n&gb Zli^mmb Zkmb`bZgZeb ^ li^kbf^gmZg]h be `bh\h ebg`nblmb\h% \hf[bgZmhkbh% bkhgb\h'

bg ma^ e^`^g]Zkr ma^f^ h_ ma^ =hiiê`ªg`^k% ma^ fZgpah \Zkkb^l Zkhng] abl bfi^klhgZmhk% ma^ fZg Zg] ablfhk^ hk e^ll li^\mkZe laZ]hp% maZm bgobm^l nl mh ehhd Zmabf ZepZrl pbma hg^ ^r^% lahpbg` nl ahp ô^krmabg`bl h[obhnl Zg] r^m ênlbo^' Lh% [^mp^^g _Z\^ml Zg]k^_kZ\mbhgl maZm phne] l^^f \Zikb\bhnl ]b`k^llbhgl% =Ên\Z lahpl ahp frmaheh`b^l Zg] Zg\b^gm f^fhkb^l\hgo^k`^ bg fbgbfZe Zg] fng]Zg^ ieZ\^l h_ ô^kr]Zreb_^' Lh Zelh ma^ ablmhkr h_ :km \Zg ^f^k`^ bg mabl _ZfberZl bg ma^ ]kZpbg`l h_ Z _Zbkr mZe^ hk inii^m \abe]ahh]ma^Zmk^'Ma^k^ bl Z linkm h_ =Z]Zblm bkhgr% bg Zg Z\nm^ Zg] ieZr_ne\Zki^gmkr Zg] _hng]kr h_ ma^ ma^Zmk^l h_ =^ En\Z% pa^kâ^ lmZ`^] Z iZkZ]hqb\Ze ^qik^llbo^ _Zbenk^3 ma^ bgZ[bebmrh_ f^Zlnk^% h_ ebg^ Zg] \hgmhnk% mêebg` ma^ pahe^ mknma'Bm bl Z mkZ]bmbhg h_ ma^ P^lm% mabl gZmnk^ pZl fZ]^ _hk nl mh[^ Z k^Z]Z[e^ _kZf^' Bglm^Z] p^ fnlm e^Zkg mh Z\\îm ma^l^gl^ h_ Z[l^g\^% bg paZm bl l^^g% bgmkh]n\bg` [ZeZg\^lZg] bf[ZeZg\^l [^mp^^g lb`g Zg] fZmm^k' >o^krmabg` blabg`^]% kZma^k maZg lmZmb\Zeer Ûq^] _hkô^k' Ma^ Zkmblm aZlZelh \hee^\m^] ma^ lê_&ablmhkb\blZmbhg e^llhg h_ @nèbêfh:\abee^ <Zoêebgb bg ma^ `Zf^ Z[hnm ma^ [hk]^k h_ hnk\hg_nlbhg [^mp^^g k^Ze Zg] obkmnZe% [^mp^^g mkn^Zg] _Zel^% bg ma^ phke] \k^Zm^] Zg] ]bllheo^] [r ma^f^]bZ% [^\hfbg` h[obhnl% lan_Ü^] mh ma^ ô^kr]Zrb\hgl' Ma^ kî^mbmbo^g^ll ma^g ghm hger Zl Z lbfneZmbhgh_ ma^ ^fiaZlbl hk ma^ lmrebsZmbhg h_ Z]o^kmblbg`% [nm Zlkô^k[^kZmbhg h_ ma^ l^gl^ h_ \hglnfimbhg% Zg] ma^g^fimrbg`% ma^ ]bllhenmbhg% Zl Z phkf maZm ]b`l bgmh ma^phkd% [^\Znl^ mh]Zr ma^ ihineZk bfZ`^ bl fZbger Z[hnm`hh]l% fêm^] Zg] ]bllheo^] bg ma^ \hee^\mbo^ f^fhkr%[nm \nm h__ _khf eb_^' Lh ma^ Zkmblm mkb^l mh ^g\aZgm pbma]bl^g\aZgmf^gm% Zg] mh \k^Zm^ Zg ZnkZ h_ blheZmbhgZkhng] ma^ fhk^ k^]ng]Zgm Zg] ghblr b\hg'Ma^ LmrebsZmbhgl h_ =^ En\Z Zk^ fhk^ maZg Z \k^Zmbhgbglibk^] [r ma^ Û`nk^ h_ Z mabg`% Ze[^bm Z ik^_Z[kb\Zm^]bfZ`^' ;nm abl b\hgh`kZiar bl gô^k lbfier mZd^g _khfZkm ablmhkr m^qm[hhd hk lni^kfZkd^m fZll f^]bZ blfZgbineZm^] _hk \hg\îmnZe Zg] ^qik^llbo^ inkihl^l%\eZbfbg` lhf^ Zli^\ml \kZ_m^] ^qi^kb^g\bg` maêZg`nZ`^ `Zf^%�\hf[bgZ[e^ Zg] bkhgb\�`Zf^'Ma^ LmrebsZmbhgl h_ =^ En\Z% kZma^k maZg _khf hg^ mabg`bmlê_% Zkbl^ _khf ma^ Û`nk^ h_ Z mabg`% lhf^mbf^l ô^g_khf Z ik^_Z[kb\Zm^] bfZ`^' ;nm abl b\hgh`kZiar bl gô^klbfier mZd^g _khf Zkm ablmhkr m^qm[hhd hk lni^kfZkd^m

L^gsZ�mbmheh *2/+

1

E�ZkmblmZ aZ eZohkZmh Z eng`h lnee�b]^Z ]êe�hi^kZ \hf^ l\a^kfh ^ Zg\a^ lheh\hf^ l\a^fZ% ob]^hfhgmZ``bh ]êe^ mkZ\\^ oblbo^ ]êeZ ghlmkZ îh\Z ^ ]êeZghlmkZ \nemnkZ' Mnmmh ^kZ k^lmbmnbmh \hf^ kbmZèbh% lZ`hfZ h _kZff^gmh% ^ lnmnmmh \hgo^gboZ \hlmknbk^ ng `bh\h ]b l\^gZ' L^ e�Zkm^ ¯ ng `bh\h lne k^Ze^%h``b ghg lb mkZmmZ ib½ ]b lfhgmZk^ ^ kbfhgmZk^ èb lm^k^hmbib ]b fZllZ% \hf^_^\^ e�Zkm^ ihi ib½ Zoo^kmbmZ% fZ ]b [hgbÛ\Zk^ eZ kb]hg]ZgsZ Zllhk]Zgm^ ]^bf^llZ``b% i^k ngZ _hkfZ & Zg\a^ bkhgb\Z & \hf^ ^lmk^fh ^l^k\bsbh ^mb\h' BeeZohkh ]b =^ En\Z \^k\Z ]b Zg]Zk^ ikhikbh hemk^ be iZkZ]hllZe^ l\Z\\h ^lik^l&lboh ]êeZ \bobem¨ ]êe^ bffZ`bgb eZ]]ho^ & ]hfbgZmZ ]Zee�^lm^mb\Z ]êeZ o^mkbgZ& kbl\abZ ]b _^kfZklb Z ng inkh ^l^k\bsbh ]b ]^\h]bÛ\Zsbhg^ ]b l^`gZeb% mkZ bek^[nl ^ e�ZgZ`kZffZ' Eh l\Zg]Zèbh ]êe�ZkmblmZ ]bo^gmZ jnêeh ]b ngZ ikh_hg&]bm¨ gêeZ lni^kÛ\b^% bg ng ngb\h lblm^fZ ]b bffZ`bgb bg \nb lb lhokZiihg`hghibmmnkZ% l\nemnkZ% Zk\abm^mmnkZ' =Z mnmmZ eZ lnZ ^li^kb^gsZ ]b lZ`hfZmnkZ% ]b\heeZ`^ ^ Zll^f[eZ`^% êZ[hkZ ng�b]^Z ]b Zkm^ \a^ kbmZèbZ i^k lZeoZk^ ]^gmkhngZ mkZfZ% ng kbmfh' Lb mkZmmZ ]b k^\ni^kZk^ èb h``^mmb Zee^ _hkf^% be obllnmhZee�Zkm^ bg ngZ \hgÜn^gsZ mkZ e�Zk[bmkZkb^m¨ ]^b kb_^kbf^gmb ^ eZ ink^ssZ lmknm&mnkZe^�]êeZ oblbhg^�ZlmkZmmbssZgm^'

Lhgh _hkf^(hf[k^ ÛllZm^ gê ehkh fhf^gmh \hg\enlboh% Z ]bk^ \a^ ibmmnkZ^ l\nemnkZ ghg lhgh Zemkh \a^ fZm^kbZ \a^ Z\\Z]^% fZ \a^ ghg lb \abn]^gêeZ `Z[[bZ ebg^Zk^ ]êeZ `^hf^mkbZ ^ gêeZ `Z[[bZ ieZlmb\Z ]ê ohenf^% fZmkZglbmZ & bg jnê oZ\beeZk^ lm^llh ]êe^ ebg^^ `^hf^mkb\a^% h bg jnêeh l\abZ\&\bZf^gmh [b]bf^glbhgZe^ ]^b ohenfb & o^klh Zemk^ _hkf^ ihllb[beb' Gê m^Zmkbgh]b =^ En\Z% b kbmZèb l\nemhk^b lhgh \hf^ lZ`hf^ \a^ l\boheZgh mkZ e^ jnbgm^'EZ mkZ\\bZ ]b \hehk^ ^ be ]^lb]^kbh ]b \hlmknbk^ eZ m^ksZ ]bf^glbhg^ ZmmkZo^klh bfZm^kbZeb ^ eZ eh`b\Z ]^b ikhÛeb `bnlmZiihlmb ln``^kbl\hgh bglb^f^ be l^glh ]ê

<b _Z bgm^g]^k^ \a^ eZ lnZ ¯ ngZ k^Zem¨ê^f^gmZk^% iZsb^gm^f^gm^ l\hfihlmZ% ihkmZmZZeeZ mkZ\\bZ% Ze ikhÛeh% ZeeZ \hglngsbhg^ ^ ihbkb\hlmknbmZ bg ng Zll^mmh ib½ `^hf^mkb\h% ]bbgm^kgZf^gmh ]b ngZ _hkfZ ]^gmkh e�ZemkZ'

fZll f^]bZ3 bm bl fZgbineZm^] _hk ma^ \hg\îmnZe Zg]^qik^llbo^ inkihl^% \eZbfbg` lhf^ \kZ_m Zli^\ml Zg]^qi^kb^g\bg` ma^ eZg`nZ`^ `Zf^% \hf[bgZ[e^ Zg]bkhgb\ `Zf^'Ma^ Zkmblm aZl phkd^] ^qm^glboêr hg ma^ b]^Z h_ ma^ phkdZl Z l\k^^g Zg] ô^g cnlm Zl l\a^fZmb\% ob]^h&^]bmbg` h_oblnZe abgml h_ hnk mbf^ Zg] hnk \nemnk^' >o^krmabg` pZlk^mnkg^] Zl \ebiibg`% laZi^ hk _kZ`f^gm% Zg] Zee Z`k^^]mh [nbe] Z `Zf^ l\^g^' B_ Zkm bl Z ieZr hg ma^ k^Ze% mh]Zrbm bl gh ehg`^k Z[hnm k^fhobg` Zg] kîeZ\bg` ma^ fZlllm^k^hmri^l% Zl ihi Zkm ]b] Zm ma^ mbf^% [nm bm�l Z fhf^gmmh k^\eZbf ma^ k^]ng]Zg\r ]^Z_^gbg` f^llZ`^ mh Z _hkf& ô^g bkhgb\ & Zl >qmk^f^ ^mab\Ze ^q^k\bl^' Ma^ phkd h_=^ En\Z mkb^l mh `h [^rhg] cnlm ma^ iZkZ]hqb\Ze _Zbenk^h_ ^qik^llbhg h_ \bobebsZmbhg pa^k^ bfZ`^ & ]hfbgZm^][r Z^lma^mb\l h_ ma^ pbg]hp & bl ebdêr mh lmhi Zm Z f^k^^q^k\bl^ h_ ]^\h]bg` lb`gZel% [^mp^^g insse^l Zg]ZgZ`kZfl'Ma^ lhng]bg` h_ ma^ Zkmblm [^\hf^l hg^ h_ Z ]îmabg ma^ lnk_Z\^% bg Z lbgè^ lrlm^f h_ bfZ`^l bg pab\aiZbgmbg`% l\neimnk^ Zg] Zk\abm^\mnk^ ho^keZi' ?khf Zeeabl ^qi^kb^g\^ h_ laZibg`% \heeZ`^ Zg] Zll^f[eZ`^% a^êZ[hkZm^l Zg b]^Z h_ Zkm maZm \nml mh lZo^ Z karmaf bgZ iehm' Mabl aZii^gl mh k^\ho^k ma^ h[c^\ml [Z\d mh ma^_hkfl% ma^ Zkm h_ ebobg` bg Z Zk[bmkZkbg^ll \hgÜn^g\^ h_ma^ k^_^k^g\^l Zg] ma^ lmkn\mnkZe inkbmr h_ Z[lmkZ\m oblbhg'Bm fZd^l nl ng]^klmZg] maZm abl bl Z [Zlb\ k^Zebmr%iZmb^gmer ]blfZgme^]% [khnàm mh ma^ mkZ\d% mh ma^ ikhÛe^%mh ma^ \hglnfimbhg% Zg] ma^g k^[nbem bg Z `^hf^mkb\Zelmkn\mnk^% Z _hkf h_ bgm^kgf^gm bglb]^ ma^ hma^k' Ma^r Zk^laZi^l ( laZ]hpl Ûq^] bg ma^bk ÛgZe fhf^gm% mh lZr maZmiZbgmbg` Zg] l\neimnk^ Zk^ cnlm fZmm^k maZm aZii^gl% [nmmaZm ]h^l ghm \ehl^ ma^ \Z`^ ebg^Zk `^hf^mkr Zg] bg ma^

ohenf^ ^ e�Zkmb\heZsbhg^ ]ê fhobf^gmh3 l\nemnkZ \a^ lb _Z l\a^kfh% i^glZmZi^k ^ll^k^ l^`gh gêeh liZsbh% Zgsb% ikhikbh l^`gZe^% ^ \a^ lb _Z Zk\abm^mmnkZ%fZ Zk\abm^mmnkZ kb]hmmZ�Ze ikhÛeh'Gêe^ li^kbf^gmZsbhgb ib½ k^\^gmb =^ En\Z ¯ ZkkboZmh ZeeZ mhklbhg^ ]êe^ Û`nk^k^ZebssZm^ lmkZmbÛ\Zg]h ^ bg\heeZg]h lZ`hf^ ibZmm^% ikbfZ ]b iêmkh% ihb ]�Ze&enfbgbh lZmbgZmh% kbmZèbZm^ \he eZl^k ^ \hi^km^ ]b o^kgb\^ `bZiihg^l^% mZehkZ\hg bgl^kmb ]b h``^mmb' E�bgm^gmh ¯ ]b lmZ[bebk^ ng \hgmkZiingmh \hlmZgm^ mkZ Û`n&k^ Z ]n^ ]bf^glbhgb% ng ]bl^`gh \a^ onhe^ _Zklb hi^kZ \hfibnmZ% ^ ngZ l\nemn&kZ \a^% i^k eZ lnZ [b]bf^glbhgZebm¨% ¯ Zg\a^ bgm^ko^gmh `kZÛ\h' FZ \a^ ghgkbgng\bZ Z \^k\Zk^ eZ m^ksZ ]bf^glbhg^ ZmmkZo^klh eZ lZ`hfZ !hkf^% hf[k^%Û`nk^% Û`nkbg^ lhgh ]ê k^lmh b mbmheb \a^ aZggh kZ\\hemh g^b ]^\^ggb b eZohkb ]b=^ En\Z"' > lhgh eZohkb \a^ ]Z ngZ [b]bf^glbhgZebm¨ ]Z l\a^kfh kbfZg]ZghZ ngZ \hg\^sbhg^ liZsbZe^ ]Z iZe\hl\^gb\h3 _hkf^ kbmZèbZm^ bg ng�b]^Z \a^%ink gê \ebfZ ]b ngZ Û`nkZsbhg^ ]b fZk\Z \abZkZf^gm^ ihi% ]^gng\bZ Zg\aê�Zmm^gsbhg^ i^k eZ lbgm^lb ZlmkZmmZ' > \a^ lb ¯ ohemZ i^klbgh Z kZ\\hèb^kê�^lmk^fh m^lmbfhg^ ]êe^ \hg\^sbhgb hmmh&gho^\^gm^l\a^ ]êe�bg\hfibnmh � ]ZKh]bg bg jnZ & % ]êe�^lik^llbobm¨ ]êeZ fZm^kbZ Zg\a^ l^ ghg kblhemZ bg _hkfZ\abnlZ% \Zghgb\Z% fZ bglb^f^ Z kb[Z]bk^ be \hbgohe`bf^gmh ]êeh li^mmZmhk^gêe�hi^kZ% hkZ bg\ZesZmh ]Z ib½ iZkmb gêe�bg`Zggh ]b lZ`hf^ _ZelZf^gmîbZmm^ \a^ bgo^\^ lb kboêZgh ghg oblb[beb ]Z ng lheh ingmh ]b oblmZ% fZ gêeZienkZebm¨ ]b ikhÛeb' Lb\\a®% ib½ \a^ oblbhgb ]b \hl^% lb ]bk^[[^kh Zllh\bZsbhgb]b b]^^' :iingmh% \hg eh l_Z\\^mmZklb ^ be kbo^k[^kZklb ]êe^ bffZ`bgb lb `bh\Z^ lb i^glZ3 be `ho^kgh ]êe�ZkmblmZ ¯ gêeZ iZkmbmnkZ \he l^glh ]êe�ngbm¨ ^ ]êeZli^ssZmnkZ ]ê kbmfh' > l^ \b lb \ab^]^ \hf�¯ o^gnmZ _nhkb eZ lZ`hfZ% lb i^glZ\a^ lbZ nl\bmZ ]Zee�hf[kZ' Ng�hf[kZ \a^ ik^g]^ \hkih ^ bgoZ]^ eh liZsbh%fZ Zemk^mmZgmh eh kbln\\abZ bg l®' :e _hg]h% k^lmZ l^fik^ bg ngZ lhli^glbhg^_kZ ]^mmh ^ ghg ]^mmh% ng�Zeenlbobm¨% bg jnêe�^gmkZk^ ^ nl\bk^ mkZ Û`nkZsbhg^ ^ZlmkZsbhg^% \a^ ]¨ ngZ [^g ^jnbeb[kZmZ m^glbhg^ mkZ be kbli^mmh ]�ngh lm^k^hmb&ih�!ng�]^\hkh" ^ eh l\Zmmh o^klh e�hkb`bgZebm¨% eZ ikhgng\bZ bg�ikbfZ�i^klhgZ'

\Z`^ ieZlmb\ ohenf^% [nm iZll^l & Zm maZm lZf^ pZo^kbgèbg^l `^hf^mkb\% hk ma^ \knlabg` h_ ma^ mph&]bf^glbhgZeohenf^l & _khf hma^k ihllb[e^ _hkfl' Bg ma^ ma^Zmk^ h_ =Ên\Z% ma^ \ebiibg`l Zk^ ebd^ l\neimnkZe laZi^l maZm lebi[^mp^^g ma^ l\^g^l' Ma^ \hehnk mkZ\d Zg] ma^ ]^lbk^ mh[nbe] ma^ mabk] ]bf^glbhg makhnà ma^ fZm^kbZel Zg] maêh`b\ h_ ma^ cnqmZihl^] ikhÛe^l ln``^lm mh`^ma^k Z l^gl^h_ ohenf^ Zg] Zkmb\neZmbhg h_ ma^ fho^f^gm3 l\neimnk^maZm fZd^l ma^ l\k^^g% f^Zgm mh [^ Z lb`g bg liZ\^%bg]^^]% cnlm lb`gZe% Zg] bm [^\hf^l Zk\abm^\mnk^% [nmZk\abm^\mnk^ k^]n\^] mh ikhÛe^'Bg fhk^ k^\^gm mkbZel =^ En\Z \Zf^ mh mpblmbg` Û`nk^likh]n\^] [r eZr^kbg` Zg] ènbg` ÜZm m^fieZm^l [^_hk^fZ]^ pbma i^pm^k% ma^g [knla^] pbma Zenfbgbnf% eZl^k\nm Zg] \ho^k^] pbma CZiZg^l^ iZbgm% lhf^mbf^l bgl^kmbg`h[c^\ml mhh' Ma^ bgm^gm bl mh ^lmZ[ebla Z \hglmZgm \hngm^kihbgm[^mp^^g Û`nk^l bg mph ]bf^glbhgl% Z ]^lb`g maZm pZgml mh`^m phkd ]hg^% Zg] Z l\neimnk^% _hk bml mph&]bf^glbhgZebmr%bl Zelh Z `kZiab\ phkd' ;nm a^ ]h^l ghm `bo^ ni ehhdbg` _hkma^ mabk] ]bf^glbhg makhnà ma^ hnmebg^ !_hhmlmîl% laZ]hpl%Û`nk^l% Û`nkbg^l Zk^ ma^ k^lm h_ ma^ mbme^l maZm aZo^ \hee^\m^]ho^k ma^ ]^\Z]^l ma^ phkdl h_ =^ En\Z"' Ma^r Zk^ phkdlpbma Z mph&]bf^glbhgZe l\k^^g mh k^_^k mh Z liZmbZe lmZ`^\hg\îmbhg3 \nm laZi^l bgmh Zg b]^Z maZm% ô^g bg ma^ \ebfZm^h_ Z kîk^l^gmZmbhg h_ ma^ \e^Zker ihi [kZg]% ma^r ]^ghng\^Zg] _h\nl hg ma^ Z[lmkZ\m lrgma^lbl' :g] ma^l^ phkdl Zk^ ma^nembfZm^ pbmg^ll^l h_ ma^ gbg^m^^gma Zg] mp^gmb^ma \^gmnkr\hg\îmbhgl h_ ma^ bg\hfie^m^ & _khf Kh]bg _khf a^k^ hg &%fZmm^k ^qik^llbo^g^ll ô^g b_ ghm lheo^] bg Z \ehl^] Zg]\Zghgb\Ze _hkf% [nm mh`^ma^k mh ^fiaZlbs^ ma^ bgoheo^f^gmh_ ma^ ob^p^k phkd% ghp ik^ll^] [r fZgr ]^\îmbhg _ZelêrÜZm laZi^l bglm^Z] mnkg^] hnm ghm oblb[e^ _khf hger hgîhbgm h_ ob^p% [nm bg ma^ ienkZebmr h_ ikhÛe^l' Lh% kZma^k maZgoblbhgl h_ mabg`l% ma^r phne] lZr Zllh\bZmbhgl' Bg _Z\m% ma^Zkmblm ieZrl pbma ma^ _Z\^ml Zg] kô^k[^kZm^ bfZ`^l Zg]rhn mabgd3 ma^ lê_&\hgmkhe h_ ma^ Zkmblm bl bg ma^ `Zf^ pbmama^ l^gl^ h_ ngbmr Zg] ]bob]bg` karmaf' :g] b_ rhn phg]^kahp bm \Zf^ hnm h_ ma^ laZi^% bm bl ^qi^\m^] mh [^ hnm h_ma^ laZ]hpl' : laZ]hp maZm mZd^l [h]r Zg] bgoZ]^l ma^liZ\^% [nm ]hbg` lh bm ln\dl bmlê_' :m ma^ [hmmhf% bm k^fZbglbg lmZg][r [^mp^^g lZb] Zg] nglZb]% Zeenlbo^g^ll% maZm`hbg` bg Zg] hnm [^mp^^g Û`nkZmbhg Zg] Z[lmkZ\mbhg%pab\a `bo^l Z pêe&[ZeZg\^] m^glbhg [^mp^^g ma^ k^li^\m h_Z lm^k^hmri^ !Z ]^\hk" Zg] Z lahm mhpZk]l hkb`bgZebmr% aîkhghng\^l bm _hk abflê_'

;k^l\bZ% Zikbe^�+)*.

*)

Mnmm^ e^ ohem^ \a^ ah Zonmh jnZe\hlZ]Z ]bk^%�e�ah�]^mmh gêeZ fZgb^kZ \a^l^gmboh ^ll^k^ jnêeZ [nhgZ' Lh``^mmb]b__^k^gmb ^lb`hgh f^mh]b ]b__^k^gmb'Jn^lmh ghg bfieb\Z g¯ ôhensbhg^ g¯ikh`k^llh% fZ ng Z\\hk]h _kZ e�b]^Z\a^ lb ]^lb]^kZ ^likbf^k^ ^ b f^ssbi^k�^likbf^keZ'

Pa^gô^k B pZgm^] mh lZr lhf^mabg`%�B lZb] bm ma^ pZr B [êbô^] B lahne]' =b__^k^gm ma^f^lbgôbmZ[er�k^jnbk^�]b__^k^gm f^mah]l h_ ^qik^llbhg'�Mabl�]h^l�ghm bfier ^bma^k ôhenmbhg hk ikh`k^ll4 bm blZ fZmm^k�h_�_heehpbg` ma^ b]^Z hg^ pZgml mh ^qik^ll Zg] ma^�b]^Z bg pab\a�hg^ pZgml�mh ^qik^ll bm�'

Ib\Zllh

*+

=B:KBH BG?BGBMH ¯ eZ kb\^k\Z \a^ lohe`h \he fbh ghfZ]blfh ^lik^llboheng`h ng i^k\hklh \kbmb\h lnb oZkb fhobf^gmb Û`nkZmbob ]ê l^\heh l\hklh%bg ngZ li^\b^�]b bmbg^kZkbh ]bllZ\kZgm^'NlZg]h ng ebg`nZ``bh l^gsZ _khgsheb oZ]h Ze k^\ni^kh ]b jnêeZ \nemnkZ^nkhi^Z \a^ kbli^mmZ e^ ^lb`^gs^ ^] b [blh`gb ]b ng in[[eb\h&f^]bh% \bh¯]b�i^klhg^�\a^ lb Zoob\bgZoZgh Zee�Zkm^ ^ \a^ ohèbhgh \Zibk^�':] bgbsbZk^ ]Ze =Z]Zblfh%eZ ikh]nsbhg^ Zkmblmb\Z bg `^g^kZe^ aZ Zllngmhngh lobeniih m^hkb\h mZèbZg]h ^ l^fiebÛ\Zg]h b mkZ]bsbhgZeb f^ssb m^\gb\bi^k ngZ oblbhg^ inkZf^gm^ \hg\^mmnZe^% ^ i^kmZgmh e�Zkm^ ghg ¯ lmZmZib½ ng kbÜ^llh ]êeZ k^Zem¨�% \hf^ l^fik^ ^kZ Zoo^gnmh ikbfZ% fZe�ZkmblmZ ZoôZ [blh`gh ]b ngZ oblbhg^ bgm^kbhk^ ^ ÛehlhÛ\Z \a^ eh blheZll^^ eh f^mm^ll^% bg ngZ \hg]bsbhg^ ^lblm^gsbZe^% ]ZoZgmb Zb `kZg]b ikh[e^fb]êeZ�obmZ'''I^kmZgmh ah f^llh Z \hg_khgmh oZkb Zli^mmb ]b jn^lmZ lbmnZsbhg^%ZgZebssZg]h i^kbh]h i^k i^kbh]h be ik^\bibmZk^ o^klh e�blheZf^gmh]êe�Zkm^ ]Ze in[[eb\h% ^ ]b mZgm^ \hkk^gmb Zkmblmb\a^% \hg e^ jnZeb ahlblm^fZmb\Zf^gm^�]Zmh be fbh iZk^k^ liZllbhgZmh'O^g^g]h Zee^ fb^ hi^k^3Be f^mh]h \a^ ah nlZmh ¯ ng `bh\h ]nZeblmb\h]Z liZsbh [Zkh\\h% ]ho^ èb ê^f^gmb [b_khgmZeb% lb \hg_khgmZgh mkZ ]b ehkh\hf^ bg l\^gZ&k^mkhl\^gZ% [b]bf^glbhg^&mkb]bf^glbhg^% hf[kZ&en\^% g^kh&\hehk^% k^Zeblfh&ZlmkZmmblfh%lZ\kh&ikh_Zgh% \nemnkZ�ZemZ&\nemnkZ [ZllZ'Ah bgbsbZmh gê �/.% nmbebssZg]h eZ m^\gb\Z \hg\^mmnZe^ ]^èb Z\akhf^%

\hg ]êe^ bfikhgm^ ]b [hmmbèbZ ln ngZ mhoZèbZ [bZg\Z% bg fZgb^kZinkZf^gm^ k^Zeblmb\Z�% ^ ihe^fbssZg]h \hg e�Zk^Z \hg\^mmnZe^ fbeZg^l^!FZgshgb%?hgmZgZ%<ZlmêeZgb ^ Zemkb"'<hlb� Zg\a^ g^b ikbfb Zggb �0) bg kblihlmZ ZeeZ Ihi&NL: kbikhihg`h ng

BG?BGBM> =B:KR bl ma^ ]Zber k^l^Zk\a maZm B ]h nlbg` fr^qik^llbo^ ghfZ]blf m^\agbjn^ Zehg` Z \kbmb\Ze iZmahg ma^ oZkbhnl Û`nkZmbo^ fho^f^gml h_ ma^ eZlm \^gmnkr%ebd^ Zg bkkô^k^gm�bmbg^kZkr'Nlbg` Z eZg`nZ`^ pbmahnm _kbeel% B mkr mh k^l\n^ maZm>nkhi^Zg \nemnk^ pab\a k^li^\ml ma^ g^\^llbmb^l Zg] ma^g^^]l h_ Z lmZg]Zk] Zn]b^g\^% gZfêr ma^ i^hie^ pahZiikhZ\a^] :km Zg] pZgm�mh�ng]^klmZg] bm'�LmZkmbg` _khf =Z]Zblf% ma^ Zkmblmb\ ikh]n\mbhg aZlmZd^g Z ma^hkblm ]ôêhif^gm [r \nmmbg` Zg] lbfieb_rbg`mkZ]bmbhgZe m^\agb\Ze mhhel _hk Z inkêr \hg\îmnZeoblbhg% Zg] ma^k^_hk^ :km bl gh ehg`^k Z k^Ü^\mbhg h_k^Zebmr�% Zl bm aZ] ZepZrl [^^g [^_hk^% [nm ma^ Zkmblmg^^]^] Zg bgg^k Zg] iabehlhiab\Ze oblbhg maZm \hne]blheZm^ abf Zg] inm abf bg Zg ^qblm^gmbZe \hg]bmbhg% bg_khgm h_ ma^ `k^Zm ikh[e^fl h_ eb_^' ?khf Zg ^qm^kgZek^Zebmr p^ iZll^] mh ma^ bgg^k k^Zebmr ''' Zg] ahp]^îer bgg^k�Pbma fr phkd B \hfiZk^] oZkbhnl Zli^\ml h_ mabllbmnZmbhg% ZgZerlbg` i^kbh] mh i^kbh]% ]Zlabg` mhpZk]lma^ blheZmbhg h_ Zkm ZpZr _khf ma^ Zn]b^g\^% Zg] fZgrZkmblmb\ fho^f^gml% pab\a B lrlm^fZmb\Zeer nl^] mh `bo^fr ]bliZllbhgZm^ hibgbhg':[hnm ma^ phkdl3 ma^ f^mah] B nl^] bl Z ]nZeblmb\`Zf^ _khf ma^ [Zkhjn^ liZ\^ ikhli^\mbo^% pa^k^ ma^=hn[e^&_khgm ê^f^gml Zk^ \hfiZk^] mh ^Z\a hma^k Zlbg&l\^g^ [Z\d`khng]% mph&]bf^glbhg&mak^^&]bf^glbhg%laZ]hp&ebàm% [eZ\d&\hehk^]% k^Zeblf&Z[lmkZ\m% lZ\k^]&ikh_Zg^% abà�\nemnk^&ehp \nemnk^'Ma^ \kbmb\Ze \hglb]^kZmbhgl pZgm mh [^ Z \hgmkb[nmbhgmh ma^ hg`hbg` ]^[Zm^ Z[hnm pa^k^ ma^ \hgÜb\ml Zk^Zelh ebàm^g^] [r Z o^bg h_ bkhgr% pbmahnm k^ghng\bg` mhk^f^f[^k ma^ bg\k^Zlbgèr ^ghkfhnl _kZ\mnk^l� maZm

]bZkbhgôbh ]^ En\Z

iheeh\d

K^Zeblfh F^mZÛlb\h ]înkZmh�% ]b \nb bg l^`nbmh !Zggb �1)" PZkahemkho^k¨ b�lnhb�Z``Zg\b \nemnkZeb'''kb]bibg`^g]h =^ <abkb\h'

Gê �0/ e�BglmZeeZsbhg^ Zgm^ ebmm^kZf� ZeeZ ::; ¯ ngZ kblihlmZZee�ZiibZmmbf^gmh ]êeZ \nemnkZ Zf^kb\ZgZ% \hg ng i^k\hklh ]b MZohe^g^k^ ^ cnmZ�]b hf[k^�Zghgbf^� �lnb \ZiheZohkb ]ê K^Zeblfh >nkhi^h'Gê �00 nmbebssZg]h e^ _hmh ]êeZ fhlmkZ ik^\^]^gm^% ]bibg`h bg Z\jn^kêeh%èb Zghgbfb oblbmZmhkb ]êeZ `Zee^kbZ% jnZeb�ikhmZ`hgblmb ]êe�ô^gmh'<hg b ?kZff^gmb liZsbZeb ]^b ikbfb Zggb �1) ^lihg`h Ze Iheb^]kh ]b

<k^fhgZ be K^Zeblfh hkfZb ]blmknmmh% _Zmmh Z i^ssb� \hf^ mZgmb kî^kmb%]b�ngZ�\bobem¨�]�Zemkb m^fib% \a^ oZ`Zgh bg ng ngbo^klh li^k]nmh'Gê �01 ikbfZ ^ ihb ^ gêe��1- \hg eZ m^\gb\Z ]^b insse^&g^kb% bg kblihlmZ

Z] ngZ \nemnkZ lhmmhf^llZ Zb f^k\Zgmb ]êe�Zkm^� \Zg\êeh ^ Zgg^kbl\h blh``^mmb% êbfbgZg]h eZ ÛkfZ% ^ mkZlÛ`nkZg]h b iZ^lZ``b ]êe�1)) bg ghmmnkgb'

=Zb =^lb`g&MZgsb Z\\^mmh gêe�10 e�bg\Zkb\h ]b kb]bl^`gZk^% bg \abZo^bkhgb\Z% lne ehkh <ZmZeh`h :E;NF% be FZ]^ bg BmZer ]Z @bhmmh Z ;h\\bhgb'Be `bh\h lnee^ \bmZsbhgb ¯ bgÛgbmZf^gm^ ]bo^km^gm^ \hf^ ]ê k^lmh eZ o^gZbkhgb\Z \a^ fb bgohèb^k¨ bg l^`nbmh Z \hlmknbk^ ln e^`gh ]bibgmh b @bh\Zmmhebi^k `kZg]b� \a^ \abZf^k¸ :[kZ\Z]Z[kZ' Bg jn^lm^ nembf^ l\nemnk^be m^fZ \Zghgb\h mkZ K^Zeblfh�:lmkZmmblfh gêe^ l\nemnk^ [b_khgmZeb lhgh e^\hg\enlbhgb ]b ngZ oblbhg^ Ihi&e^``^kZ� \hgmkh ngZ \nemnkZ \^k^[kZe^ ^mkblm^ \a^ bfi^ko^klZ gêe^ `Zee^kb^'''=Ze +))) bg ihb eZ kb\^k\Z lb lobeniiZ Zmmhkgh Z ?b`nkbg^ lZ`hfZm^%bg _hkf^ l^fiebÛ\Zm^ ^ mZèbZm^ ln oZkb fZm^kbZeb !e^`gh% [khgsh%hmmhg^Zeenfbgbh"'Lhgh l\nemnkbg^ [b]bf^glbhgZeb \a^ lb l\hfihg`hgh ^ lb kb\hfihg`hgh%

lb ib^`Zgh bg oZkb^ mhklbhgb \hg lh``^mmb _^ffbgbeb lhlibgmb ]Z ngO^gmh_hkm^�3 F^mZ_hkZ jn^lmZ ]ê ]^lmbgh ]b ngZ lh\b^m¨ fZl\abeblmZ bgobZ ]b ^lmbgsbhg^'

Jn^lm^ \hglb]^kZsbhgb \kbmb\a^% ohèbhgh ^ll^k^ ng \hgmkb[nmh Z jnê\hgmbgnh ]b[Zmmbmh lnee�Zkm^% ]ho^ e^ \hgmkZiihlbsbhgb lhgh Zee^``^kbm^\hg l\êm^ ohenmZf^gm^ Zi^km^ ^ e^``^k^�l^gsZ l\a^fZmblfb ]b lhkmZ'L\êm^ e^`Zm^ bg iZkm^% Ze iZllZmh% fZ lhikZmmnmmh Ze _nmnkh% i^k eZ \nkbhlbm¨\hg \nb fb ikhb^mmh o^klh mnmmh \b¸ \a^ ¯ gnhoh% bgl^`n^g]h eZ K>:EM:�%

aZo^ h\\nkk^] ho^k ma^ r^ZklB lmZkm^] bg �/.% nlbg` ma^ \hg\îmnZe m^\agbjn^ h_Z\akhf^% pbma [hmme^ _hhmikbgml hg Z pabm^ mZ[e^\ehma%bg Z inkêr k^Zeblmb\� pZr% ]blinmbg` Z`Zbglm ma^\hg\îmnZe Zk^Z h_ FbeZg !FZgshgb% ?hgmZgZ%<ZlmêeZgb�Zg] hma^kl"'Lh bg ma^ ^Zker 0)l bg k^lihgl^ mh ma^ NL: Ihi Bikhihl^] Z`Zbg Z inkbÛ^]� F^mZiarlb\Ze K^Zeblf% bgpab\a eZm^k !*21)" PZkahe _hng] abl \nemnkZe ahhdl'''kîZbgmbg` =^�<abkb\h'Bg �0/ ma^ _hk^kngg^k� BglmZeeZmbhg Zm ma^ ::; bl Zk^lihgl^ mh ma^ ÜZmm^gbg` h_ :f^kb\Zg \nemnk^% pbma Zkng h_ [eZ\d mZ[e^l Zg] cnm^ h_ Zghgrfhnl laZ]hpl�hg ma^ fZlm^kib^\^l�h_�>nkhi^Zg K^Zeblf'Bg �00% nlbg` ma^ iahmhl h_ ma^ ikôbhnl ^qab[bmbhg%B Übg\a^] bg pZm^k\hehk Zghgrfhnl oblbmhkl h_ ma^`Zee^kr% ikhmZ`hgblml�h_�ma^ ô^gm'Bg �01 Ûklm Zg] eZm^k bg �1- pbma ma^ m^\agbjn^ h_ ma^[eZ\d insse^l% bg k^lihgl^ mh Z \nemnk^ ln[c^\m^] mh ma^f^k\aZgml h_ ma^ Zkm�% B ^kZl^] Zg] [eZ\d^g^] ma^ln[c^\ml% êbfbgZmbg` ma^ lb`gZmnk^% Zg] mkZgl_hkfbg`ma^ gbàm eZg]l\Zi^l _khf *2ma <^gmnkr'Pbma LiZ\^ ?kZ`f^gml� h_ ma^ ^Zker 1)l Zm maîhera^]khg h_ <k^fhgZ B�o^ lahpg Z dbg] h_ K^Zeblfghp ]^lmkhr^]% mhkg mh ib^\^l� ebd^ fZgr kêb\l h_ ZiZlm lh\b^mr% pZg]^kbg`�bg�Z�ehlm�ngbo^kl^'?khf =^lb`g&MZgsb B Z\\îm^] bg *210 Z mZld mh k^]^lb`gZee ma^ FZ]^ bg BmZer�% bkhgb\Zeer% hg ma^bk \ZmZeh`n^:E;NF% _khf @bhmmh mh ;h\\bhgb'Ma^ `Zf^ hg \bmZmbhgl bl bgÛgbmêr _ng Zl ma^ k^lm h_lZk\Zlmb\ o^bg maZm m^fim^] f^ eZm^k mh [nbe] hg phh] ZiZbgmbg` Mhrl _hk `khpg ni�% pab\a B pbee eZm^k ^gmbme^:[kZ\Z]Z[kZ�'

: Drhmh% @bZiihg^

*-

\hf^ lh``^mmh gZmnkZe^% lmbfheZgm^ i^k e^ ln^ ]bgZfb\a^ l^fik^bfikô^]b[beb ^ l_n``^gmb %fZ l^fik^ ibn� bgm^k^llZgmb% g^èb lobeniib^lik^llbob 3 ^ _hkl^ be l^`k^mh ]b jn^lmh fbh kbg\hkk^keZ ¯ eZ \hgmbgnZhll^llbhg^ ]b \Zf[bZk^ iêe^� Zee^ fb^ hi^k^ ZmmkZo^klh jnêeh \a^ ihbah \abZfZmh GhfZ]blfh ^lik^llboh' NgZ o^kZ fZgbZ ]Z \ZfZe^hgm^�Be fbh ¯ kbfZlmh bg _hg]h be \^k\Zk^ ng fh]h I>KF:G>GM> ?ENB=H%

\a^ inkmkhiih mkZl_hkfZ èb bg]bob]nb ^ lh\b^m¨ bg ng ikh\^llh% Z ohem^mkZ`b\h% fZ l^fik^ obmZe^ ^ ikhihlbmboh'

L^ eZ fbZ Zoo^gmnkZ Zkmblmb\Z ¯ bgbsbZmZ gê �/. \hg e^ HKF> ]b[hmmbèb^ bfik^ll^ lnb mhoZèbZmb [bZg\ab% ZeeZ lm^llZ fZgb^kZ ]b \hf^ eZ?HMH@K:?B: Z jn^b m^fib bfikbfôZ lnee^ iêeb\he^ e^ bffZ`bgb% i^k\hg_^kfZk^ \a^ ^llZ ¯ lmZmZ _hg]Zf^gmZe^�gê�fbh�eZohkh'> l^ h``b% lb kbikhihg^ \hg be K^Zeblfh ]b`bmZe^% ^ e^ bgnmbeb fZgbiheZsbhgb]^b f^]bZ ^ ]ê \hglnfblfh% \hg_^kfZ% i^k¸% l^fik^ ]b ib½ eZ lnZbg\b]^gsZ o^klh e^ fZll^% ]Zg]h \hlb� Zee^ ln^ ^lik^llbhgb ng knheh Zmmboh\a^ ihmk¨ mkZl_hkfZk^ eZ lh\b^m¨ _nmnkZ3Ghg i^k be eb[^kh f^k\Zmh fZ i^k be eb[^kh i^glb^kh�

: ikhihlbmh ]b _hmh`kZÛZ% e^ fb^ kb\^k\a^ _nmnkblm^� lb lhgh Z ohem^ZeeZk`Zm^ Zg\a^ gêeZ IZmZÛlb\Z !�/-"% jnZg]h ah bffZ`bgZmh% eZiheo^k^ ]b Lê^gbh !\hfihlmh ikbfZkbh ]êe^ iêeb\he^" liZklZ ]ZeeZ EngZgêe�Zmfhl_^kZ m^kk^lmk^% l^kobll^ Zb kZ``b lheZkb i^k _hmh`kZ_Zk^ ^ i^keZl\bZk^ bfik^llb gêeh liZsbh èb Zoo^gbf^gmb nfZgb% bg ngZ fbkbZ]^ ]b]h\nf^gmZkb mnmmb ]Z l\hikbk^'

Ma^ \Zghgb\ ma^f^ h_ ma^ :[lmkZ\m K^Zeblf bg ma^=hn[e^&_khgm l\neimnk^l Zk^ ma^ \hg\enlbhgl h_ Z ebàm�oblbhg Z`Zbglm ma^ \nemnk^ h_ ^fiehr^^l \hffbm^] mhphkd� '''Lbg\^ +))) ma^ k^l^Zk\a aZl [^^g ]ôêhibg` Zkhng]laZi^] Û`nkbg^l% bg lbfiebÛ^] _hkfl Zg] \nm hg oZkbhnlfZm^kbZel !phh]% [khgs^% [kZll% Zenfbgnf'Ma^r Zk^ mph&]bf^glbhgZe Û`nkbg^l maZm ]^\hfihl^ Zg]k^\hfihl^% _he] bgmh oZkbhnl mpblml pbma _^fZe^ ln[c^\mlZepZrl inla^] [r Z O^gmh_hkm^ ! abà pbg]"�3 f^mZiahkh_ Z _Zm^ ^g]Zg`^k^] [r Z fZe^&]hfbgZm^] lh\b^mr'Mabl bl mh lahp ô^g fhk^ \ahb\^l% pab\a hg hg^ aZg][bg] f^ mh ma^ iZlm pbma m^gZ\bmr ahe]bg` mbàm Zee maZmB `kZ[[^] makhnà fr f^fhkr% ma^ hma^k e^Zg^] mhma^ _nmnk^% _hk ma^ \nkbhlbmr pbma pab\a B ikhc^\m frlê_mhpZk]l ô^krmabg` maZm bl g^p mh \aZl^ k^Zebmr% ZlgZmnkZe k^Zebmr Zg] \aZee^g`bg` _hk bml bg\k^Zlbgèrngik^]b\mZ[e^ Zg] ênlbo^ ]rgZfb\l [nm fhk^ Zg] fhk^bgm^k^lmbg` bg ma^ ^qik^llbo^ ]ôêhif^gml Zg] i^kaZilma^ l^\k^m h_ fr \aZl^ h_ k^Zebmr bl fr h[l^llbhg h_\hgmbgnhnler \aZg`^ ldbg� mh fr phkdl makhnà paZm Bma^g \Zee^] GhfZ]blf�^qik^llbhg'Lh fbg^ k^fZbg^] bglmbe Z \aZl^ h_ k^Zebmr� bg bmliarlb\Ze% bg bml i^kfZg^gm Ünb]bmr% mkZgl_hkfbg`bg]bob]nZel Zg] lh\b^mr bg Z lhf^mbf^l mkZ`b\% [nmZepZrl obmZe Zg] inkihl^_ne ikh\^ll'Fr Zkmblmb\ Z]o^gmnk^� lmZkm^] bg �/. pbma ?HHMLM>ILbfikbgm^] hg pabm^ mZ[e^\ehmal% ma^ lZf^ pZr ZlIAHMH@K:IAR Zm maZm mbf^�bfikbgm^] hg Ûef�bfZ`^l'Iahmh`kZiar pZl _ng]Zf^gmZe bg fr phkd bg]^^]%Zg] mh]Zr bml lmk^gàm kZbl^] maZgdl mh K^Zeblf�% [nm]b`bmZe iahmh`kZiar bl [^bg` nlê^ller fZgbineZm^] [rma^ f^]bZ Zg] \hglnf^kblf% \hgÛkfbg` bml bg\b]^g\^[^mp^^g ma^ fZll^l% manl aZobg` Zg Z\mbo^ khe^ mh bmlpZr h_ ^qik^llbhg maZm \Zg ihlbmboêr mkZgl_hkf lh\b^mr'Ghg _hk ma^ _k^^ fZkd^m [nm _hk _k^^ mahnàml� Li^Zdbg`h_ iahmh`kZiar% fr _nmnkblmb\� k^l^Zk\a^l Zk^lhf^mbf^l Zelh ^qm^g]^] bg IZmZiarlb\l !�/-"% pa^g B

*21. :e Fnl^h =�HklZr IZkb`b KhfZ *2/, \hg fbh _kZmêeh�Obmmhkbh

> \hg ngh l`nZk]h h`gb mZgmh gê iZllZmh''' gê�0/% l\kboôh ngZ ÛZ[Z lneOb\heh ]êeZ F^fhkbZ% ]ho^ bg ng o^\\abh jnZkmb^k^ ihiheZk^% ngZ `khllZlb`ghkZ ]b ghf^ @bh\hg]Z% \hg gZmnkZe^ssZ Z__Z\\bZmZ ZeeZ Ûg^lmkZ % ]ZoZ\hglbèb Z mnmmb i^k kbmkhoZk^ iZ`bg^ ]b eb[kb%h``^mmb% ^ i^klhg^ ]bf^gmb\Zm^'H gêeZ ih^lbZ�<abZkh ]b engZ ]êe�10 \hg o^gZ ghlmZe`b\Z l\kboôh'

FZ bg \hg\enlbhg^% eZ fbZ kb\^k\Z ¯ lmZmZ l^fik^ bg ik^lZ ]bk^mmZ�\he k^Ze^ ^ jnbg]b ghg ah Zonmh lhemZgmh ngZ hlmbgZmZ ^ bg\hkkhmmZ^lb`^gsZ k^Zeblmb\Z ]Z Kîhkm^k% fZ ng�b]^Z ]b Zkm^ \a^ ^likbf^ll^ ^ lbeZl\bZll^ ZmmkZo^klZk^ be \hkih� ]Zèb Zoo^gbf^gmb ]êeZ lmhkbZ% ^ jnbg]b]Zee�ZmmnZebm¨ ^ ]ZeeZ obmZ lh\bZe^% bg l^glh ]b ngZ mhmZe^ iZkm^\biZsbhg^]êe^ hi^k^ bg ng ]bo^gbk^ \hgmbgnh3 Ûgh Zee^ fb^ nembf^ kn``^gmb� Û`nk^_^ffbgbeb'''

'''Mn oZb Z kbo^]^k^Jnêeh \a^�aZb�eZl\bZmh%Bg�ngZ�iZll^``bZmZ ghmmnkgZGê�mnh�iZ^l^�mkblm^ ^�n[kbZ\h=b�lZe^�^�]b i^l\b'''�

'''�Rhn `h�mh l^^PaZm�rhn aZo^�e^_m%

Bg Z�gbàm�pZedBg rhnk lZ] Zg] ]bssr \hngmkr

H_�lZem Zg]�Ûla'''

bfZ`bg^] ma^ ]nlm h_ Lê^gbnf !iZk^gm Ûef \hfihng]"l\Zmm^k^] [r ma^ Fhhg bg >Zkma�l Zmfhlia^k^% maZmphne] l^ko^ lngebàml mh iahmh`kZia Zg] e^Zo^ anfZgô^gml bfikbgm^] bg liZ\^% bg Z frkbZ] h_ ]h\nf^gmZkb^lmh�[^�]bl\ho^k^]'?nkma^kfhk^% bg �0/% B pkhm^ Z lmhkr Z[hnm ma^ :ee^r h_F^fhkr% pa^k^ bg Zg he] g^bà[hnkahh]% Z [he] eZ]rgZf^] @bh\hg]Z% gZmnkZeer ehhdbg` hnm ma^ pbg]hp%`Zo^ Z]ob\^ mh ô^krhg^ ahp mh Ûg] [hhdl iZ`^l%h[c^\ml�%�Zg]�_hk`hmm^g i^hie^':g] bg ma^ ih^mkr Fhhgebàm !*210" pbma ghlmZe`b\ o^bgB�pkhm^

Bg \hg\enlbhg% fr k^l^Zk\a pZl ZepZrl lmkb\mer\hgg^\m^]� mh k^Zebmr Zg] lh B aZ] hger Z lmn[[hkg Zg]ng\hkknim^] k^Zeblmb\ g^^]3 [nm Zg b]^Z h_ Zkm pab\a^qik^ll^l Zg] Zeehpl [h]b^l mh `^m lahm makhnà [rablmhkb\Ze ô^gml% Zg] ma^g [r eb_^% bg ma^ l^gl^ h_ Z mhmZe^qblm^g\^ h_ fr phkdl pab\a mZd^ laZi^ bg Z \hgmbgnhnl[^\hfbg` mbee fr�eZlm ênlbo^ _^fZe^ Û`nk^l'

*21,<hg b ÛèbEhk^gsh ^@bhk]Zgh

*/

hkf

^[b

Zg\a

*2/.

(/0

Ah bgbsbZmh gê �/.% nmbebssZg]h eZ m^\gb\Z\hg\^mmnZe^ ]^èb Z\akhf^% \hg ]êe^ bfikhgm^]b [hmmbèbZ ln ngZ mhoZèbZ [bZg\Z% bg fZgb^kZinkZf^gm^ k^Zeblmb\Z�% ^ ihe^fbssZg]h \hg e�Zk^Z\hg\^mmnZe^ fbeZg^l^ !FZgshgb%?hgmZgZ%<ZlmêeZgb^ Zemkb"'

B lmZkm^] bg �/.% nlbg` ma^ \hg\îmnZe m^\agbjn^h_ Z\akhf^% pbma [hmme^ _hhmikbgml hg Z pabm^mZ[e^\ehma% bg Z inkêr k^Zeblmb\� pZr% ]blinmbg`Z`Zbglm ma^ \hg\îmnZe Zk^Z h_ FbeZg !FZgshgb%?hgmZgZ% <ZlmêeZgb Zg] hma^kl"'

FZm^kbZ�^�liZsbh *2/. <hmhg^�^�lmn\\h�*.q+)

*1

Hkf

^*2

//<

hmhg

^^

lmn\

\h�.

)q1)

MZoheZ *2// <hmhg^�^�lmn\\h�**)q*))

+)

<^gZ\heh *2// <hmhg^�^�lmn\\h�/)q**)

Hkf^ khmhg]^*2// <hmhg^�^�lmn\\h�**)q.-

++

_hkf

^[b

Zg\a

*20)

(0,

<hlb� Zg\a^ g^b ikbfb Zggb �0) bg kblihlmZ ZeeZIhi&NL: kbikhihg`h ng K^Zeblfh F^mZÛlb\h]înkZmh�% ]b \nb bg l^`nbmh !Zggb �1)" PZkahemkho^k¨ b lnhb Z``Zg\b \nemnkZeb'''kb]bibg`^g]h =^<abkb\h'

Lh bg ma^ ^Zker 0)l bg k^lihgl^ mh ma^ NL: IhiB ikhihl^] Z`Zbg Z inkbÛ^]� F^mZiarlb\ZeK^Zeblf% bg pab\a eZm^k !*21)" PZkahe _hng] abl\nemnkZe ahhdl''' kîZbgmbg` =^ <abkb\h'

:ee^`hkb^ *2/1�<heeZ`^ ]b \ZkmZ ^ f^mZeeh ,0q/)

+-

Ih^lbZ !Ikô^km" *20) :\kbeb\h ln mêZ ^ e^`gh +*)q*+)

IZ^lZ``bh *20) LfZemh�ln�e^`gh�2)q2)

IZ^lZ``bh bmZebZgh *20* :\kbeb\h ln mêZ ^ e^`gh **)q2)

+1

Be \ZibmZgh *20) LfZemh�ln�e^`gh�2)q2)

Bgm^kgh*20* Z\kbeb\h ln mêZ ^ e^`gh 1)q*+) GZmnkZ [bZg\Z *20* Z\kbeb\h ln mêZ�^�e^`gh�1)q*+)

,)

@n^kkbèbZ nk[ZgZ *20+ Z\kbeb\h�ln�\ZkmZ .)q0) Kîhkm^k *20+ Z\kbeb\h�ln�\ZkmZ 0)q.)

KbohemZ ihiheZk^ *20* bg\abhlmkh ln \ZkmZ .)q0)

Bfi^`gh lh\bZe^ *20+

,+

FZlZ\\bh *20- E^`gh g^kh ^ cnmZ 21q*+)

hf[k

^Zg

hgbf

^*2

0-(0

/

Gê �0/ e�BglmZeeZsbhg^ Zgm^ ebmm^kZf� ZeeZ ::;¯ ngZ kblihlmZ Zee�ZiibZmmbf^gmh ]êeZ \nemnkZZf^kb\ZgZ% \hg ng i^k\hklh ]b MZohe^ g^k^ ^cnmZ ]b hf[k^ Zghgbf^� lnb \ZiheZohkb ]êK^Zeblfh >nkhi^h'

Bg �0/ ma^ _hk^kngg^k� BglmZeeZmbhg Zm ma^ ::;bl Z k^lihgl^ mh ma^ ÜZmm^gbg` h_ :f^kb\Zg\nemnk^% pbma Z kng h_ [eZ\d mZ[e^l Zg] cnm^ h_Zghgrfhnl laZ]hpl� hg ma^ fZlm^kib^\^l h_>nkhi^Zg K^Zeblf'

�LmkZ`^ *20- bg\abhlmkh ln�\ZkmZ .)q0)

,-

bglmZeeZsbhg^;k^l\bZ�::; *20/

,/

=^ En\Z i^glZ \a^ Z mkhiib ¯ lmZmZ g^`ZmZ eZ ihllb[bebm¨ ]b ngZ ]bf^glbhg^^lm^mb\Z bgl^kbmZ gêeZ lm^llZ jnhmb]bZgbm¨ jnZgmh f^gh e�Zkm^ bfihlmZghg ^kZ \a^ ng kbÜ^llh b]^heh`b\h ]êe�Znmhk^ ]b _khgm^ ZeeZ lnZ k^Zem¨lh\bZe^�'I^k jn^lmh e�ZkmblmZ [k^l\bZgh eZ kbh__k^ ]înkZmZ% lb ]bk^[[^% ]�h`gbkbeôZsbhg^ êbmmZkbZ% kb]hmmZ Z ng ikhÛeh ]b e^`gh g^kh [kn\bZmh ôb]^gsbZmhln mêZ `k^``bZ' >� ngZ lmhkbZ ]b ZghgbfZmh \a^ l\^g]^ lnb \ZiheZohkb]ê iZllZmh% k^lmZgh `^lmb% lZ`hf^ kb\hghl\b[beb ]Z mnmmb h__^kmb Ziingmh Zmnmmb% g^kh \Zk[hg^ ^ cnmZ Z ]Zk^ \hglblm^gsZ Ûlb\Z Zee�bfZ`bg^% fZm^kbZebiho^kb ^l^gmb ]Z lhmmbèb^ss^ ^lm^mbssZgmb' B `bh\Zmhkb ]b \Zkm^ ]ê fZ^lmkh]b :bq&^g&Ikho^g\^ kb]bo^gmZgh \hlb b `bh\Zmhkb ]êe^ bgÛgbm^ mZo^kg^ ^hlm^kb^ \a^ kb]Zggh ÛZmh Ze eZohkZmhk^ ]hih eZ eng`Z _Zmb\Z' :g\a^ bÛhkb ]b OZg @hà i^k]hgh eh lfZemh hkh i^k _Zklb be [ZkZmheh nfbe^ \a^Z]hkgZ ng Zg`heh�]ê�[Ze\hg\bgh'=^ En\Z \hg\en]^ be lnh ]bl\hklh \hg ngZ ]êe^ bglmZgmZg^^ _hmh`kZÛ\a^ ib½m^kkb[bef^gm^ bg\blbo^ ]êeZ lmkZ`^ ]b IbZssZ Eh``bZ' Be `^lmh ]b FbeZgb% ngbg]b\^ ingmZmh o^klh eZ mkZ`^]bZ% ]bo^gmZmZ ^f[e^fZmb\h ]�ng ebg`nZ``bhm^lh% ^ll^gsbZe^ i^k bgl^kbk^ e�Zkm^ bg ng knheh Zmmboh ]êeZ lh\b^mZ�'LbZfh jnb Z] ngZ \hbg\b]^gsZ ]b \hgm^gnmh ^ bffZ`bg^ \a^ ]bo^gmZ\hg ]kZffZmb\bm¨ ^lm^mb\Zf^gm^ ZmmboZ' >� eZ obZ bg]b\ZmZ ]Ze `bhoZg^ZkmblmZ !eZ _hmh`kZÛZ bgl^`gZ�" i^k nl\bk^ ]Zee^ l^\\a^ ]êe�^lm^mblfh \nbihmk^[[^ lh``bZ\^k^ Ze ebfbm^ Zg\a^ eZ lm^llZ lnZ hi^kZsbhg^ ]b]nmmboZ]ê \ZiheZohkh'

Ma^ hi^kZmbhg h_ Gôbh =^ En\Z !khhfl :Z[" l^^fl ZeeZbf^]% bg \hgmkZlm mh ma^ hg^ h_ ;kZob% mh bff^kl^ ma^^r^l Zg] ma^ fbg] bg ma^ \hg\k^m^ [nss h_ ma^ g^bà&[hnkahh]' Ma^ ^g]% bg Z pZr% k^fZbgl ma^ lZf^3 h__^kZ ihkmbhg h_ :km maZm ô^krhg^ ]^l^ko^l' =^ En\Z mabgdlmaZm bm aZl [^^g ]^gb^] mh ma^ fZchkbmr h_ ma^ i^hie^ma^ ihllb[bebmr h_ Zg Z^lma^mb\ ]bf^glbhg ieZ\^] bg ô^&kr]Zr eb_^% Zm e^Zlm ma^ Ûq^] Zkm pZl ghm Z k^Ü^\mbhgb]^heh`b\Ze h_ ma^ Znmahk bg _khgm h_ abl lh\bZe k^Zebmr�'Lh ma^ Zkmblm _khf ;k^l\bZ k^&h__^kl bm inkbÛ^]% bm l^^fl%h_ ô^kr êbmblm ]^m^\mbhg% k^]n\^] mh Z ikhÛe^ h_ [eZ\dphh]�[nkgm Zg] abàebàm^] hg�kZp�\ZgoZl'Bm�l Z lmhkr h_ Zghgrfbmr maZm _Zeel hg fZlm^kib^\^l h_ma^ iZlm % ma^r k^fZbg `^lmnk^l% laZi^l k^\h`gbsZ[e^[r ô^krhg^% h__^k^] ik^\blêr mh Zee% [eZ\d \hZe Zg]cnm^ mh `bo^ iarlb\Ze _hkf mh ma^ BfZ`^% ihhk fZm^kbZel^q^fim [r Z^lma^mb\ ln[me^mb^l' Ma^ <Zk] IeZr^kl h_ ma^fZlm^k h_ :bq&^g&Ikho^g\^ Z`Zbg [^\hf^ bg mabl pZr maîeZr^kl h_ bgÛgbm^ mZo^kgl Zg] bggl maZm `bo^ [k^Zma [Z\dmh ma^ phkd^kl Z_m^k ma^ ehg` ^__hkm' >o^g ma^ Ühp^kl h_OZg @hà ehl^ ^gZfê `he] mh [^\hf^ ma^ anf[e^ cZkmaZm Z]hkgl Z�\hkg^k h_ ma^ [Ze\hgr'=^ En\Z ^g]l abl li^^\a pbma hg^ h_ ma^ fhlm m^kkb[e^bg\blbo^ lgZilahml h_ ma^ fZllZ\k^ h_ Eh``bZ LjnZk^'Ma^ `^lmnk^ h_ FbeZgb% Z Ûg`^k ihbgmbg` mh ma^ mkZ`^&]r% pab\a aZl [^\hf^ ^f[e^fZmb\ h_ Z m^gl^ eZg`nZ`^%^ll^gmbZe mh ^gm^k :km bg Zg Z\mbo^ khe^ bg ma^ lh\b^mr�'P^ Zk^ a^k^ Zllblmbg` mh Z \hbg\b]^g\^ h_ \hgm^gm Zg]bfZ`^ maZm [^\hf^l pbma Z^lma^mb\Zeer Z\mbo^ ]kZfZ' Bm�lma^ pZr bg]b\Zm^] [r ma^ rhng` Zkmblm !Iahmh`kZiar m^&Z\a^l�" mh `^m hnm h_ ma^ ]he]knfl h_ Z^lma^mb\blf pab\afZr Zelh [^ ln[c^\m^] mh ma^ lZf^ ebfbm h_ bml ]^]n\mbo^hi^kZmbhg h_ ma^�fZlm^kib^\^'

mZ\\nbgh[k^l\bZghen\bZgh�libZssb

Ghm^[hhd h_ ;k^l\bZ

E�hi^kZsbhg^ ]b Gôbh =^ En\Z !lZe^mm^ :Z["l^f[kZ mnmmZ bgm^lZ% Ze \hgmkZkbh ]b jnêeZ ]b ;kZob%Z] bff^k`^k^ h\\ab ^ f^gm^ gê [knlbh \hg\k^mh ]êjnZkmb^k^' Be Ûg^% bg \^kmh fh]h% k^lmZ be f^]^lbfh3h__kbk^ Z mnmmb eZ ihksbhg^ ]�Zkm^ \a^ li^mmZ Z h`gngh'

LmkZ`^ *20/ E^`gh g^kh ^ cnmZ **)q*.)

,1

@hcZ *20- E^`gh g^kh ^ cnmZ ++)q*+)

@bhmmh *20-�e^`gh�g^kh ^ cnmZ *2.q*))

O^kf^^k *20- E^`gh g^kh ^ cnmZ 21q*+)

-+

<ZkZoZ``bh *20- E^`gh g^kh ^ cnmZ *+)q*))

<^sZgg^ *20/ E^`gh g^kh ^ cnmZ *+)q1,

OZg @hà *20/ E^`gh�g^kh ^ cnmZ *+)q*))

--

<ZiZ *20/�Bg\abhlmkh ln \ZkmZ 0)q.)

OZg @hà *20/ E^`gh g^kh ^ cnmZ *))q*+)

-/

Û`nk

^Zg

hgbf

*200

(01

Bg �00% nlbg` ma^ iahmhl h_ ma^ ikôbhnl ^qab[bmbhg%B Übg\a^] bg pZm^k\hehk Zghgrfhnl oblbmhkl h_ ma^`Zee^kr% ikhmZ`hgblml h_ ma^ ô^gm'

Gê �00 nmbebssZg]h e^ _hmh ]êeZfhlmkZ ik^\^]^gm^% ]bibg`h bgZ\jn^kêeh% èb Zghgbfb oblbmZmhkb]êeZ `Zee^kbZ% jnZeb ikhmZ`hgblmb]êe�ô^gmh'

Obg\^gm�*200 :\jn^kêeh .)q0)

-1

EZ `^gm^ \a^ iZllZ i^k e^ `Zee^kb^%b _knbmhkb ]b hi^k^ ]�Zkm^ \hf^ lb nlZ]bk^% _hkfZgh hkfZb ng `kniih ^mgb\h ]Z lmn]bZk^ i^k l^ lm^llh' <b lmZgghbe \hee^sbhgblmZ ZlibkZgm^ Z ikbfh Zmmhk `bhoZg^% be ihebmb\h \hlmk^mmh Z]hll^koZk^ i^k kZiik^l^gmZgsZ ^ ihb oZ Z Ûgbk^ \a^ lb _Z ^li^kmh Z _hksZ]b Zllb]nZ _k^jn^gsZ% b mbib jnZelbZlb% èb Zkmblmb% be i^glbhgZmh% ng `Zee^kblmZ\hg \eb^gmb Z[bmnZeb% be \hkgb\bZbh \a^ \hgmkheeZ l^ mnmmh ¯ Z ihlmh !e�Z[bmh _Zli^llh�be�fhgZ\h" ng mbsbh�^gmkZmh i^k eZ ikbfZ ohemZ'''

jnêeZ \a^ ôb]^gsbZ Zii^gZ lnb o^mkb \a^ ikhm^``hgh e�bgÛgbmZ l^jnêZ]êeZ jnZ]k^kbZ \bmmZ]bgZ' =^ En\Z ¯ ng ZkmblmZ ZiiZk^gm^f^gm^ fZbn`nZe^ Z l^ lm^llh% \hg ngZ \h^k^gsZ�mnmmZobZ'L^ gêeZ fhlmkZ ik^\^]^gm^ kbeôZoZ eZ g^\^llbm¨ ]b�ng�Zkm^ ghg êbmmZkbZkb]n\^g]h b \ZiheZohkb Zee�ZghgbfZmh ]b ng `^lmh%�]�ng ikhÛeh%�]înkZmb]Z lhmmbèb^ss^ ^lm^mbssZmb%eZ kZll^`gZ ZmmnZe^ !Ib\\heZ @Zee^kbZ N\Zb"ik^g]^ ]b fbkZ be iheh hiihlmh ]êe�hi^kZsbhg^' =Ze i^ssh Z \henb \aê�hll^koZ'Ng \henb l_kZg`bZmh g^b mZgmb kboheb \a^ jnhmb]bZgZf^gm^ ZmmkZo^klZgh be[kô^ `k^mh ]b ngZ `Zee^kbZ' IkhÛeb ÛllZmb gêe�Zmm^``bZklb ]�ngZ Z[bmnZeîk^l^gsZ h gê ikhooblhkbh ]�ng Z\\b]^gmZe^ mkhoZklb bg m^kkbmhkbhl\hghl\bnmh' Lbeahn^mm^l ]ê mkZl\hkk^k^ _kZ`be^ i^k\a¯ fhf^gmZg^hg^èb hoZmmZmb !ghg ihb mZgmh" kb_n`b ]êe�Zkm^' E�hi^kZsbhg^ ¯ ]Z o^]^klbikh[Z[bef^gm^ bg \hgmkh\Zfih' IZllZgh obZ e^ bffZ`bgb mkZliZk^gmb%lbfiZmb\a^ fZ`Zkb% ghg mnmm^ oZkbhibgm^%l^kb^ ^ ng ih\h f^gh% fZ ]ho^%ob^g^ ]Z \ab^]^klb jnêeh o^kh% khgsZgm^% ink^ _Zlmb]bhlh gê jnZe^ eZlmhkbZ kbl\Ze]Z ^ l\hgmkZ ^ \hlmknbl\^ ^ ]blmkn``^8 =^ En\Z l^f[kZ `bh\Zk^ln jn^lmh \hgmkh\Zgmh \hg lhmmbe^ en\b]bm¨ ^ \abZkZ ]^m^kfbgZsbhg^'

I^hie^ iZllbg` makhnà ma^ `Zee^kb^l% ma^ nl^kl h_ phkdlh_ :km Zl ma^r lZr% ghp _hkf Zg ^magb\ `khni maZm lahne][^ lmn]b^] \Zk^_neer' Ma^k^ bl ma^ \hee^\mhk maZm Zlibk^lmh [^\hf^ Z rhng` Z\mhk% ma^ ihebmb\bZg _hk\^] mh ehhd_hk kîk^l^gmZmbhgl Zg] ma^g bm mnkgl hnm maZm a^ `Zbgl^qi^kb^g\^l maZgdl mh k^`neZk Zmm^g]Zg\^% ma^ kZg]hfmri^ h_ i^hie^% ma^ Zkmblml% ma^ k^mbk^] fZg% Zg Zkm ]^Ze^kpbma nlnZe \nlmhf^kl% ma^ _kZf^k maZm \a^\dl b_ ô^krmabg`bl bg ma^ kbàm ieZ\^% Z `nr maZm \Zf^ bg _hk ma^ Ûklm mbf^'''

ma^ hg^ maZm lahpl cnlm hg ma^ èZll^l maZm ikhm^\m ma^^g]e^ll% ahpô^k pbma Z \hglblm^g\r' B_ bg ma^ ikôbhnl^qab[bmbhg ma^ g^^] _hk Z ghg êbmblm Zkm pZl \e^Zk% k^]n\bg`ma^ fZlm^kib^\^l mh ma^ Zghgrfbmr h_ Z `^lmnk^% h_ ZikhÛe^% inkbÛ^] _khf ZgZ^lma^mbl^] ln[me^mb^l% ma^ \nkk^gmlnko^r !LfZee @Zee^kr N<:B" mZd^l Zbf Zm ma^ hiihlbmîhe^ h_ ma^ hi^kZmbhg' ?khf ma^ ib^\^ pab\a rhn h[l^ko^bm _khf' : _kZr^] i^klhg bg ma^ fZgr lmk^Zfl maZm kngmakhnà ma^ ]Zber lahkm [^] h_ Z mnggê' IkhÛe^l l^m]^Zebg` pbma Zg aZ[bmnZe ik^l^g\^ hk bg Z m^fihkZkr h_Zg Z\\b]^gmZe Ûg]bg` hnklêo^l bg ma^ ngdghpg m^kkbmhkr'Lbeahn^mm^l h_ ma^ _kZ`be^ `^mmbg` [r [^\Znl^ h_ fhf^gmZkrfn_Ü^] bg ma^ !ghm&lh" Zkm laêm^kl' Ma^ mkZglZ\mbhg bl mh [^l^^g ikh[Z[er bg kô^kl^ lahml' MkZgliZk^gm bfZ`^l `h [r%\hglb]^k^] gb\^ fZr[^% [nm ghm Zee \hehnk_ne% l^kbhnl Zg]Z ebmme^ e^ll% [nm pa^k^% hg^ phg]^kl paZm bl mkn^% [nssbg`%Zgghrbg` Zl pêe ma^ lmhkr a^Zml ni Zg] \heeb]^l Zg][nbe]l Zg] ]^lmkhrl8 =^ En\Z l^^fl mh ieZr hg mabl ln[me^\hngm^kihbgm pbma \eZkbmr Zg] \e^Zk�]^m^kfbgZmbhg'

<^gmkh :kmblmb\h�<nemnkZe �;k l\bZ:kmblmb\ <nemnkZe @Zee kr <^gmk h_ ;k l\bZFZr 0% *200 ;k l\bZh` b

en\bZgh�libZssb

`Zee kbZ )0 FZ` bh *200�;k l\bZ h` b`Zeekr

Gôbh =^ En\Z aZ \ZmmnkZmh jn^lmh fhg]hgê fbkbgh ]b ngZ fZ\\abgZ _hmh`kZÛ\Z ^ e�aZkbikhihlmh gêeZ Ûeb`kZgZ ]ê ]bl^`gh ^lm^kgh%

Gôbh =^ En\Z aZl \Zimnk^] mabl phke]bg ma^ ob^pÛg]^k h_ Z \Zf^kZ Zg] aZlkôbo^] ma^ ^qm^kbhk pZm^kfZkd ]^lb`g%

I^glbhgZmh *200 :\kbeb\h .)q0)

.)

:fb\b *200 :\jn^kêeh .)q0)

@Zee^kblmZ *200 :\jn^kêeh .)q0)

.+

=b[Zmmbmh *200 :\jn^kêeh .)q0)

<kbmb\h ]�Zkm^ *200 :\jn^kêeh�.)q0)

<hee^sbhgblmZ *200 :\jn^kêeh 0)q.)

.-

hf[k

^gh

mmnkg

^*2

01(0

2

Gê �01 ikbfZ ^ ihb ^ gêe��1- \hg eZ m^\gb\Z ]^binsse^&g^kb% bg kblihlmZ Z] ngZ \nemnkZ lhmmhf^llZZb f^k\Zgmb ]êe�Zkm^� \Zg\êeh ^ Zgg^kbl\h b lh`&`^mmb% êbfbgZg]h eZ ÛkfZ% ^ mkZlÛ`nkZg]h b iZ^&lZ``b�]êe�1)) bg�ghmmnkgb'

Bg �01 Ûklm Zg] eZm^k bg �1- pbma ma^ m^\agbjn^h_ ma^ [eZ\d insse^l% bg k^lihgl^ mh Z \nemnk^ln[c^\m^] mh ma^ f^k\aZgml h_ ma^ Zkm�% B ^kZl^]Zg] [eZ\d^g^] ma^ ln[c^\ml% êbfbgZmbg` ma^lb`gZmnk^% Zg] mkZgl_hkfbg` ma^ gbàm eZg]l\Zi^l_khf *2ma <^gmnkr'

I^klhgZ ?; *201 Insse^ ln e^`gh ..q..

./

:eeZ @Zee^kbZ Eh LiZsbh ¯ ik^l^gm^ bg jn^lmb `bhkgb Gôbh =^ En\Z ng`bhoZg^ ZkmblmZ :[knss^l^ \a^ obo^ ^ eZohkZ ]Z jnbg]b\b Zggb gêeZ ghlmkZ\bmm¨' EZ fhlmkZ h__k^ ng lb`gbÛ\Zmboh iZghkZfZ ]êe^ nembf^ kb\^k\a^^] êZ[hkZsbhgb ]êe�ZkmblmZ' E^ ln^ \k^Zsbhgb ngZ l^kb^ ]b e^`gb g^kb]êbfbmZmb% ]bk^b jnZlb \hg`êZmb% ]Z lni^kÛ\b [bZg\a^ ]Zee^ _hkf^ ]b__^k^gmbmkZlf^mmhgh Ze _knbmhk^ ngZ l\hllZ ^fhmboZ obhe^gmZ ^ _hkb^kZ ]b lb`gbÛ\Zmb'Lb kbl\abZ ]b \hg_hg]^klb% fZ lhikZ``bng`^ ngZ \abZo^ ]b e^mmnkZ% ngi^glb^kh \a^ =^ En\Z aZ Ziihlmh ZeeZ fhlmkZ \hf^ Z[be^ l^`gh bg]b\Zmhk^]b�ngZ i^klhgZebm¨�^lmk^fZf^gm^ kb\\Z ]b \hl^ ]Z ]bk\b'

ikhikbh iZkm^g]h ]Z jn^lm�nembfZ _kZl^ \a^ Z__^kkbZfh be gn\e^h ]b ngZih^mb\Z gnhoZ% ]bo^klZ% ô^klboZ kbli^mmh Z jnêe^ \nb \b aZggh Z[bmnZmh e^\hgm^fihkZg^^ ZoZg`nZk]b^' =^ En\Z k^\ni^kZ ngZ ]bf^glbhg^ `^lmnZe^Zkmb`bZgZe^ ]ê _Zk^ Zkm^4 ng kbmhkgh Zee^ hkb`bgb mZgmh ib½ oZeb]h jnZgmhÛemkZmh ZmmkZo^klh be [Z`Zèbh \nemnkZe^ ]b \ab \hl\b^gm^f^gm^ lb ZiikhikbZ]êe^ bgÛgbm^ ihllb[bebm¨ ]ê f^ssh m^\gb\h' EZ l\êmZ ]b =^ En\Z ¯ ngZ[^g ik^\blZ l\êmZ ihe^fb\Z g^b \hg_khgmb ]êe�bgmêe^mmnZeblfh ]beZ`Zgm^]êe�Zkm^ ]�ZoZg`nZk]bZ% \a^ lb _Z ibmmnkZ ]b \hgm^gnmb lh\bheh`b\b% bg ghf^]b ngZ ikZllb Zkmblmb\Z \hee^mmboZ fZ \a^ ZeeZ Ûg^ ^likbf^g]hlb \hg ngebg`nZ``bh ^kf^mb\h% \hg ngZ \hg\^mmnZebm¨ \a^ k^g]^ bg]^\b_kZ[be^ bef^llZ``bh% Ziikh_hg]bl\^�be�lhe\h mkZ \ab _Z Zkm^ ^ \ab eZ _knbl\^'EZ ibmmnkZ% Z__^kfZ =^ En\Z % \hlb� lb Znmh]blmkn``^% ]bo^gmZ Zemkh ]Zl^ bg jnZgmh ghg ihm^gsbZ e^ ln^ bgmkbgl^\a^ ihllb[bebm¨% fZ Zllnf^ b\hgghmZmb ]b ng mkZmmZmh ]b ÛehlhÛZ3 lb lgZmnkZ' i^k jn^lmh \a^ =^ En\ZoZ ZeeZ kb\^k\Z ]êe�Zkmb`bZgZebm¨ ]êe�Zkm^ ]ê lnh ^ll^k^ bg ebg^Z \hg ngZ]bf^glbhg^ \hfng^ ]b iZmkbfhgbh ihiheZk^3 jn^lmZ mkZ]bsbhg^ gêe^ ln^fZgb ]bo^gmZ bgghoZsbhg^ bg jnZgmh Z`bl\^ ]Z \ZmZebssZmhk^ ]b mnmmb èb

:m ma^ @Zee^kr Eh LiZsbh� bl bg ma^l^ ]Zrl ik^l^gmGôbh =^ En\Z% Z rhng` Zkmblm _khf :[knssh% pah ebo^]Zg] phkd^] _hk Û_m^^g r^Zkl bg hnk <bmr' Ma^ ^qab[bmbhgikhob]^l Z f^Zgbg`_ne ho^kob^p h_ ma^ eZm^lm k^l^Zk\aZg] êZ[hkZmbhgl h_ ma^ :kmblm' Abl \k^Zmbhgl Zk^ Zgnf[^k h_ phh]l [hk]^k^] [eZ\d% B�] lZr Zefhlm _khs^g%_khf pabm^ lnk_Z\^l h_ ]b__^k^gm _hkfl mkZglfbmmbg` mh ma^nl^k Z obhe^gm ^fhmbhgZe lah\d Zg] Z_hhm [r Z gnf[^kh_ f^Zgbg`l' Rhn Zk^ ebdêr mh [^ \hg_nl^]% [nm Zgbgm^kik^mZmbhg h\\nkl% Z mahnàm maZm =^ En\Z aZl lmb\d^]hg ma^ pZee `bobg` nl Z ldbee_ne bg]b\Zmbhg h_ abl ^qmk^fêrkb\a i^klhgZebmr'

Bm�l cnlm k^Zeer lmZkmbg` _khf mabl eZlm l^gm^g\^ maZm p^`kZli ma^ gn\e^nl h_ Z g^p% ]b__^k^gm% ln[o^klbo^ ih^mb\maZg mahl^ p^ `hm nl^] mh [r \hgm^fihkZkr ZoZgm&`Zk]^'=^ En\Z k^mkbô^l Z `^lmnkZe ]bf^glbhg \kZ_m h_ fZdbg`Zkm4 Z k^mnkg mh ma^ khhml hger Zl `hh] Zl Ûem^k^] makhnàma^ \nemnkZe [Z``Z`^ h_ ma^ hg^l pah \hgl\bhnler mZdîhll^llbhg h_ ma^ ^g]e^ll ihllb[bebmb^l h_ m^\agb\Ze mhhel'Ma^ \ahb\^ h_ =^ En\Z bl Z o^kr ik^\bl^ ihe^fb\ \ahb\^Z`Zbglm kZfiZgm ZoZgm&`Zk]^ Zkm bgmêe^\mnZeblf% pab\a\eZbfl bmlê_ mh [^ lh\bheh`b\Ze \hgm^gm iZbgmbg`% bg ma^gZf^ h_ Z \hee^\mbo^ Zkmblmb\ ikZ\mb\^% [nm bg ma^ ^g]li^Zdl pbma Z a^kf^mb\ eZg`nZ`^% pbma Z \hg\îmnZebmrmaZm l\kZf[e^l ma^ f^llZ`^ Zg] ]^î^gl ma^ `Zi[^mp^^g mahl^ pah fZd^ :km Zg] mahl^ pah [^g^Ûm _khf

:ee lihg]^] ee�ZghgbfZmheblZ[ mmZ l efb:km ^qab[bmbhgl bg hnk \bmr�

inkh ]bo^kmbf^gmh be _kneeZmh ]b _hkf^ ^\hgm^gnmb lmhkb\b' Be ik^m^lmh bkhgb\h ]b Zgg^kbk^jnZlb ]b \Zg\êeZk^ be jnZ]kh% ^ eZ ikhihlmZ]b bg\hfbg\bZk^ l^gsZ ]blmkn``^k^'�

Bm�l _ng mh fbq _hkfl Zg] ablmhkb\Ze\hgm^gml' Ma^ bkhgb\ ^q\nl^ _hk [eZ\d^gbg`Zefhlm ]ê^mbg` ma^ ib\mnk^% Zg] maîkhihlZe mh�[^`bg�pbmahnm ]^lmkhrbg`�'

liZsb Znm^gmb\b bg \nb ¯ ihllb[be^ _Zk^ Zkm^' EZ lmknmmnkZ ]^b lnhb jnZ]kb ¯\hfihlmZ ]Z mZllêeb ]b e^`gh g^kh mZèbZmh \a^ kb\hlmknbl\hgh% jnZlb ngkZ_ÛgZmh�fhlZb\h%�ng�insse^%�e^�bffZ`bgb�^�èb�h``^mmb \Zkb Zee�ZkmblmZ'Be `bh\h lmZ gêeZ \ZkkêeZmZ ]b m^ll^k^ \a^ lZemZgh ]Z ngh lmbe^ Zee�Zemkhi^k ôbmZk^ e�bg`Z[[bZf^gmh bg _Zel^ ^mb\a^mm^ mkhiih li^llh Zmmkb[nbm^ \hgonhmZ lni^kÛ\bZebm¨ ]ZeeZ \kbmb\Z Zkmblmb\Z' :emkh ingmh ln \nb oZe^ eZ i^gZ]b lh__^kfZklb ¯ eZ ]bZe^mmb\Z mkZ e^`gh [bZg\h ^ g^kh ]êe^ \k^Zsbhgb ]b=^ En\Z3 \b¸ \a^ ^f^k`^ ¯ eZ ]^glbm¨ g^kZ ]ê e^`gh% eZ lnZ fZm^kbZebm¨%be lnh ^ll^k^ gZmnkZ' EZ lbgm^lb ]b jn^lmh ¯ eZ \hglb]^kZsbhg^ ]êeZg^\^llbm¨ \a^ eZ gZmnkZ lb Z_ÛZg\ab Zee�Zkm^% ]Z jnb i^glh iZkmZ Zg\a^be k^\ni^kh ]êe�Zkmb`bZgZebm¨' :eeh lm^llh fh]h ghg bgm^k^llZ Zee�ZkmblmZmbmheZk^ be jnZ]kh% Zg\a^ be mbmheh ghg ¯ \a^ ngZ lhokZlmknmmnkZ b]^heh`b\Z'Be `^lmh lm^llh ]b ohe^k^ lib^`Zk^ ¯ onhmZ ]b l^glh% e�Zkm^ oZ _knbmZ Z eboêeh^fhmboh l^gmbf^gmZe^' Lhgh mnmm^ jn^lm^ \hglb]^kZsbhgb \a^ i^kf^mmhghZ =^ En\Z ngZ lihgmZg^bm¨ ^ ngZ ]bf^glbhg^ _êb\^ ]ê _Zk^ Zkmblmb\h% bgihe^fb\Z \hg èb Zkmblmb ]�ZoZg`nZk]bZ \a^ \hg eZ ehkh \Zkb\Z Z``k^llboZ^ \hgm^lmZmkb\^% aZggh ]Zmh Zee�Zkm^ ngZ ]bf^glbhg^ ]b ]bli^kZsbhg^ ^ ]bmkblm^ssZ�^�gê fbèbhk^ ]^b \Zlb�anfhk�ghbk ZeeZ�;k^mhg'

<Zg\êeZk^ Zg\a^ e�nembfZ mkZ\\bZ fZgb_^lmZ ]êeZ ikhikbZ bg]bob]nZebm¨4eZ ÛkfZ ]�Znmhk^% eh kbihkmZ Z ngZ ]bf^glbhg^ ]ho^ ink kbfZg^g]h bel^`gh ]b ngZ ohehgm¨ lh``^mmboZ% mnmmh lb Zik^ Z] ngZ \hfngb\Zsbhg^bgm^ki^klhgZe^ Znm^gmb\Z% i^k\a® ghg f^]bZmZ ]Z bgnmbeb lhokZlmknmmnk^'E�ZkmblmZ \hg jn^lmh `^lmh l^f[kZ ohe^k Z__^kfZk^ e�bfihm^gsZ ]ê

bm' IZbgm% lZrl =^ En\Z% Zehg` ma^l^ ebg^l lê_&]^lmkn\ml% bm[^\hf^l hma^k maZg bmlê_ [^\Znl^ bm ]h^l ghm ^gaZg\^l bmlbga^k^gm ihllb[bebmb^l% [nm mZd^l ma^ _hkf h_ Z iabehlhiar^llZr3 bm ]^`^g^kZm^l' ?hk mabl k^Zlhg =^ En\Z l^Zk\a^lma^ \kZ_mlfZglabi h_ :km bg bml [^bg` bg ebg^ pbma Z \hffhg]bf^glbhg h_ _hed a^kbmZ`^3 mabl mkZ]bmbhg bg abl aZg]l[^\hf^l bgghoZmbhg Zl bm Z\ml Zl Z \ZmZerlm _hk Zee ma^Znma^gmb\ liZ\^l bg pab\a rhn \Zg fZd^ :km' Ma^ lmkn\mnk^h_ abl iZbgmbg`l bl \hfihl^] h_ ib^\^l h_ [eZ\d phh]maZm k^\hglmkn\m% Zefhlm Zl Z k^Ûg^] fhlZb\% Z insse^%ib\mnk^l Zg] h[c^\ml ]^Zk mh ma^ Zkmblm' Ma^ `Zf^ eb^l bgma^ khng]ni h_ mbe^l maZm cnfi _khf hg^ lmre^ mh Zghma^kmh Zohb] ma^ _Zel^ ^gmkZif^gm eZ[êl mhh h_m^g Zmmkb[nm^]pbma ^fimr lni^kÛ\bZebmr [r Zkmblmb\ \kbmb\l' :ghma^k ihbgmphkma ]pêebg` bl ma^ ]bZe^\mb\ [^mp^^g [eZ\d Zg] pabm^phh] \k^Zmbhgl h_ =^ En\Z3 paZm ^f^k`^l bl ma^ ]^glbmrh_ [eZ\d phh]% bml fZm^kbZebmr% bml gZmnk^ [^bg`' Ma^lnffZkr h_ mabl bl ma^ \hglb]^kZmbhg h_ ma^ g^^] maZmGZmnk^ aZl mh `h Zehg` pbma :km% _khf a^k^ B mabgd bm lmZkmlma^ k^\ho^kr h_ \kZ_mlfZglabi' LbfbeZker ma^ Zkmblm bl ghmbgm^k^lm^] mh ^gmbme^ ma^ iZbgmbg`% ô^g ma^ mbme^ bl hger Zgb]^heh`b\Ze lni^klmkn\mnk^' Ma^ lZf^ `^lmnk^ h_ pZgmbg`mh ^qieZbg bl ^fimr h_ f^Zgbg`% :km lahne] [^ li^gm hgZg ^fhmbhgZe l^gmbf^gmZe eôê' :ee ma^l^ \hglb]^kZmbhglZeehp =^ En\Z Z lihgmZg^hnl Zg] aZiir ]bf^glbhg h_Zkm fZdbg`% bg \hgmkho^klr pbma ma^ ZoZgm&`Zk]^ Zkmblmlpah% pbma ma^bk Z``k^llbo^ Zg] k^[êebhnl \aZk`^% `Zo^mh :km Z ]bf^glbhg h_ ]^liZbk Zg] lZ]g^ll Zg] Zg b]^Zeer;k^mhg�ghbk anfhk'

>kZlbg` Zelh ma^ eZlm mkZ\^ maZm lahpl abl hpgbg]bob]nZebmr4 ma^ Znmahk�l lb`gZmnk^% [kbg`l abf [Z\d mhZ lbs^ pa^k^% pabe^ k^fZbgbg` lmbee ma^ lb`g h_ Z ln[c^\mbo^pbee% ô^krmabg` hi^gl ni mh Z `^gnbg^ bgm^ki^klhgZe\hffngb\Zmbhg% [^\Znl^ ghm&f^]bZm^] [r nlê^lllni^klmkn\mnk^l' Ma^ Zkmblm pbma mabl `^lmnk^ l^^fl mh^qik^ll ma^ bfihm^g\^ h_ \kbmb\Ze cn]`f^gm maZm ]h^lg�môZenZm^ ma^ \hgm^gm h_ ma^ phkd [nm ma^ gZf^ maZm ma^Znmahk aZl hg ma^ fZkd^m' :km manl [^\hf^l Z \hffh]bmr%Z ikh]n\m Z]o^kmbl^] ln[c^\m mh bg]nlmkbZe l^kbZebsZmbhg%Zg] ngcnlm eh`b\ h_ [nrbg` Zg] lêebg`' Ma^ ]bl\ho^kr h_Zghgrfbmr f^Zgl _hk =^ En\Z `hbg` hg ma^ hma^k lb]^ h_ma^ _^g\^% mZdbg` Z ghg\hg_hkfblm [âZobhk ghm bg phk]l[nm bg ]^^]l% ahibg` ghm mh [^ pbma ma^ `kb] ZkkZr h_ib^\^ phkd^k iZbgm^kl' =^ En\Z gô^k \^Zl^l mh ZfZs^

FZ =^ En\Z ghg lb _^kfZ jnb% bg^lhkZ[be^gêeZ lnZ hi^kZ ]b lfZgmêebf^gmh g^b\hg_khgmb ]^b [nkh\kZmb ]êe�Zkm^% gêeZ lnZkb\^k\Z ]b lihgmZg^bm¨ \k^ZmboZ Zeb^gZ ]Z_Zelb fbmb b]^heh`b\b Ziikh]Z Zee^ lihg]^]êe�ZghgbfZmh�'

;nm =^ En\Z ]h^l ghm lmhi ma^k^% kê^gme^ll bg abl^__hkml mh ]blfZgme^ ma^ [nk^Zn\kZml h_ :km% bg abljn^lm _hk \k^Zmbo^ lihgmZg^bmr Zeb^g h_ b]^heh`b\Zefrmal maZm eZg]l mh ma^ lahk^l h_ Zghgrfbmr�'

`bn]bsbh \kbmb\h \a^ oZenmZ ghg be \hgm^gnmh ]êe�hi^kZ fZ be ghf^ \aê�Zkm^Û\^ aZ lne f^k\Zmh' E�Zkm^ \hl³ ]bob^g^ ng [^g^ ]b \hglnfh% ngikh]hmmh k^\eZfbssZmh lhmmhihlmh ZeeZ l^kbZebssZsbhg^ bg]nlmkbZe^% ^ ZeeZbgbjnZ eh`b\Z ]b \hfi kZo^g]bmZ' EZ l\hi^kmZ ]êe�ZghgbfZmh lb`gbÛ\Zi^k =^ En\Z ng f^mm^klb ]Zee�ZemkZ iZkm^ ]êeZ [Zkkb\ZmZ% Zllnf^k^ ng\hfihkmZf^gmh Zgmb\hg_hkfblmZ ghg Z iZkhe^ fZ Z _Zmmb% gêeZ li^kZgsZ]b ghg ^ll^k^ \hg eZ `kbèbZ l\ab^kZ ]^b ibmmhkb&eZohkZmhkb Z \hmmbfh' =Ên\Z ghg Ûgbl\^ ]b lmnibk\b3 eZ lnZ ihe^fb\Z \hg]hmmZ l^gsZ k^mhkb\Z l^gsZl\a^fZmblfb% \hg nfbem¨% e�nfbem¨ ]êe�ZkmblmZ \a^ lb l^gm^ lheh Zkmb`bZghZe l^kobsbh ]êe�Zkm^% \b \hfngb\Z ^ \b _Z iZkm^\bi^ ]êeZ lnZ \Zg]b]Zl^fieb\bm¨' =^ En\Z \hg eZ lnZ ohehgm¨ ]b ZghgbfZmh l^f[kZ kbZiikhikbZklb]b ngZ ]bf^glbhg^ f^]bhôZe^� ]ê _Zk^ Zkm^% jnêeZ ]^èb Zkmb`bZgb]êe^ [hmm^à^ ]ê *,))% bg]b__^k^gmb ZeeZ ehkh ÛkfZ% i^k\a® \hgobgmb ]b^ll^k^ b ihkmZoh\^ ib½ o^kbmb^kb ]êe^ \k^]^gs^% ]ê iZmkbfhgbh \nemnkZe^ ]bngZ bgm^kZ \hee^mmbobm¨' <b k^g]bZfh \hgmh \a^ mnmmZ eZ kb\^k\Z ]b =^ En\ZZoôZ \hf^ mkZ`nZk]h ]b ]bfhlmkZk^ \a^ ¯ Zg\hkZ ihllb[be^ k^ZebssZk^ng�hi^kZ ]�Zkm^ _knmmh ]b ng�Znm^gmb\Z \hfngb\Zsbhg^ mkZ e�ZkmblmZ ^ bein[[eb\h' Bg [Zl^ Zee�ZgZeblb ]êe^ blmZgs^ m^hkb\a^ ]êeZ ih^mb\Z ]b =Ên\Z lbZfh hkZ bg `kZ]h ]b \hèb^k^ bg mnmmZ eZ ehkh Znm^gmb\bm¨ b \hgm^gnmb]êe^ ln^ hi^k^'

Jn^lmZ kbe^mmnkZ&kb\k^Zsbhg^ ¯ be _knmmh ]b ngZ ]^\hgm^lmnZebssZsbhg^ ]bngh liZ^lZf^gmh ]^b \ZiheZohkb ]ê iZllZmh \a^ e�ZkmblmZ kb\hgm^lmnZebssZbg ng gnhoh Zf[bmh ^lm^mb\h&Zkmblmb\h ln``êeZmh ]Ze lnh i^glb^kh ^ ]ZeeZlnZ l^glb[bebm¨' In¸ l^f[kZk^ lmkZgh \a^ =^ En\Z l^fik^ bg \^k\Z ]bng k^\ni^kh ]êeZ Zkmb`bZgZebm¨ ]ê _Zk^ Zkmblmb\h ihllZ ihb ^likbf^klbf^]bZgm^ ngh ]^b ikh\^]bf^gmb ib½ mbib\b ^ ib½ \hgln^mb ]êe�ZoZg`nZk]bZibmmhkb\Z \hgm^fihkZg^Z Z jnêeZ ZoZg`nZk]bZ \a^ e�ZkmblmZ aZ l^fik^^mb\a^mmZmh ]b lgh[blfh bgmêe^mmnZe^'FZ ¯ _hkl^ jn^lmh be ingmh _h\Ze^ gê jnZe^ =^ En\Z iZe^lZ mnmmZ eZ lnZZ[bebm¨ ^ `bh\Z ohenmZf^gm^ ^ bkhgb\Zf^gm^ \hg ngh lmknf^gmh i^kb\hehlhi^k ]bfhlmkZk^ \a^ Zg\a^ \hl³ ¯ ihllb[be^ ^likbf^klb \hg l^fieb\bm¨ l^gsZ\^]^k^ bg ng onhmh êbmZkblfh bgmêe^mmnZe^' :g\a^ jnZg]h \bmZ =^ En\ZfZgmb^g^ ngZ bff^]bZm^ssZ Zkmblmb\Z% ngZ _knb[bebm¨ \abZkZ ^ bgmêeb`b[be^%_^]ê^ Z l^ lm^llh kbfZg^ l^fik^ lne o^klZgm^ ]êeZ ^fhmbobm¨ ^ ]êeZl^glb[bebm¨' @bh\Z \hg e^ _hkf^ \hf^ ng [Zf[bgh \hg b i^ssb ]b ngfhlZb\h \a^ kb\hfihg^ l^\hg]h b ]^mmZfb ]êe^ ln^ bgÛgbm^ ihllb[bebm¨_ZgmZlmb\a^ fZ l^fik^ \hg ngZ�Z\\ZmmboZgm^ bg`^gnbm¨ ih^mb\Z': =^ En\Z bgm^k^llZ \a^ be in[[eb\h iZkm^\bib ZmmboZf^gm^ Zee^ ln^\k^Zsbhgb% \a^ b lnhb jnZ]kb lmbfhebgh be _knbmhk^ Z ng�hi^kZ ]b kb\hlmknsbhg^lh``^mmboZ ^ i^klhgZe^ _hkb^kZ ]b�Zmmkb[nsbhgb lb`gbÛ\Zmbo^'

nl3 abl ihe^fb\ \hg]n\m^] pbmahnm ka^mhkb\ Zg] pbmahnml\a^fZmb\l% pbma anfbebmr% ma^ anfbebmr h_ Zg Zkmblm pah_^êl hger Zl Z \kZ_mlfZg Zm ma^ l^kob\^ h_ :km% laZk^l pbmanl Zg] mêel nl Z[hnm abl \Zg]b] lbfieb\bmr' =^ En\Z pbmaabl ]^lbk^ _hk Zghgrfbmr l^^fl mh k^`Zbg Z f^]bôZe�lbs^ h_ fZdbg` Zkm% ma^ ZkmblZgl h_ ma^ phkdlahil bg *-ma<^gmnkr% bg]b__^k^gm mh ma^bk lb`gZmnk^% [^\Znl^ ma^r p^k^\hgobg\^] h_ [^bg` ma^ lihd^lf^g h_ ma^ fhk^ mknma_ne[êb^_l% \nemnkZe a^kbmZ`^ h_ Zg ^gmbk^ \hffngbmr' P^k^Zebs^ maZm Zee ma^ k^l^Zk\a h_ =^ En\Z aZ] Zl bml `hZe mh]^fhglmkZm^ maZm bm bl lmbee ihllb[e^ mh \k^Zm^ Z phkd h_ :kmmaZm \hf^l _khf mkn^ \hffngb\Zmbhg [^mp^^g ma^ ZkmblmZg] ma^ Zn]b^g\^' :\\hk]bg` mh ma^ ma^hk^mb\Ze ZgZerlblh_ ma^ ih^mkr h_ =^ En\Z p^ Zk^ ghp Z[e^ mh `kZli Zee ma^Znma^gmb\ \hgm^gm h_�abl phkdl'

Mabl k^&k^Z]bg` k^\k^Zmbhg bl ma^ k^lnem h_ Z fZlm^kib^\^]blhkb^gmZmbhg ]^&\hgm^qmnZebsZmbhg h_ ma^ iZlm maZm ma^Zkmblm k^&\hgm^qmnZebs^l bg Z g^p Z^lma^mb\ Zg] Zkmblmb\[hng]Zkr l^Ze^] [r abl mahnàml Zg] abl _^êbg`l' BmfZr l^^f lmkZg`^ maZm =^ En\Z ZepZrl ehhdl _hk Zk^\ho^kr h_ Zkmblmb\ \kZ_mlfZglabi maZm \hne] ma^g [^^qik^ll^] makhnà hg^ h_ ma^ fhlm mrib\Ze ikh\^ll^lh_ ib\mhkbZe ZoZgm&`Zk]^ \hgm^fihkZkr Zkm mh ma^ ZoZgm&`Zk]^ maZm ma^ Zkmblm aZl ZepZrl eZ[ê^] Zl bgmêe^\mnZelgh[[^kr' ;nm i^kaZil mabl bl ma^ _h\Ze ihbgm bg pab\a =Ên\Z kô^Zel Zee abl ldbeel Zg] ]êb[^kZmêr Zg] bkhgb\ZeerieZrl pbma Z ]Zg`^khnl mhhe mh lahp maZm ô^g lh rhn\Zg ^qik^ll rhnklê_ pbma ^Zl^ pbmahnm ]khiibg` bg ZoZ\nnf bgmêe^\mnZe êbmblf' >o^g pa^g a^ jnhm^l% =Ên\Z d^îl Zg Zkmblmb\ bff^]bZ\r% Z \e^Zk Zg] bgmêeb`b[e^nlZ[bebmr% mkn^ mh abflê_ ZepZrl hg ma^ lb]^ h_ ^fhmbhgZg] l^glbmb[ebmr' A^ ieZrl pbma laZi^l ebd^ Z \abe] pbmama^ ib^\^l h_ Z fhlZb\ maZm a^ k^Zll^f[e^l Z\\hk]bg`mh ma^ ]b\mZm^l h_ abl bgÛgbm^ _ZgmZlr [nm ZepZrl pbma Z\Zm\ar ih^mb\ bg`^gnbmr' =^ En\Z pZgml ma^ Zn]b^g\^mh Z\mboêr mZd^ iZkm bg abl \k^Zmbhgl% a^ pZgml mh fZd^lnk^ maZm abl iZbgmbg`l ^g\hnkZ`^ ma^ ob^p^k mh Z phkdh_ ln[c^\mbo^ Zg] i^klhgZe k^\hglmkn\mbhg aZk[bg`^k h_ihp^k_ne lb`gbÛ\Zgml'

=^ En\Z _Z ]^b lnhb jnZ]kb be enh`h ikbobe^`bZmh]b ngZ hi^kZsbhg^ ]b kboblbmZsbhg^ ^ ]b \bmZsbhg^]êe^ hi^k^ ]^b `kZg]b fZ^lmkb ]êe�Zkm^'

=^ En\Z mnkg abl iZbgmbg`l bg Z ikbobe^`^]ieZ\^ h_ mkZglZ\mbhg kôb^p Zg] \bmZmbhg h_ma^�phkdl h_ ma^ `k^Zm fZlm^kl h_ :km'

I^klhgZ :< *201 Insse^ ln e^`gh ..q..

/)

_kZf

f^g

mbli

ZsbZ

eb*21)

(1,

Pbma LiZ\^ ?kZ`f^gml� h_ ma^ ^Zker 1)l Zm maîhera^]khg h_ <k^fhgZ B�o^ lahpg Z dbg] h_K^Zeblf ghp ]^lmkhr^]% mhkg mh ib^\^l� ebd^ fZgrkêb\l h_ Z iZlm lh\b^mr% pZg]^kbg` bg Z ehlm ngbo^kl^'<hg b ?kZff^gmb liZsbZeb ]^b ikbfb

Zggb �1) ^lihg`h Ze Iheb^]kh ]b<k^fhgZ be K^Zeblfh hkfZb ]blmknmmh%_Zmmh Z i^ssb� \hf^ mZgmb kî^kmb%]b ngZ \bobem¨ ]�Zemkb m^fib% \aôZ`Zgh bg ng ngbo^klh li^k]nmh'

<Zkb\ZmnkZ ]Ze Ûèbh @bhk]Zgh !*) Zggb"

?kZf

f^g

mh]b

\^kZ

fb\

Z�*2

1*:

\jnZ

kêeh

*1%.

q*1%

.

/+

?kZff^gmh LiZsbZe^ * *21) :\jn^kêeh&<heeZ`^�-)Q+1%.

:k\a^h�*21) :\jn^kêeh *1Q+-

=^\hkZsbhg^ *21) :\jn^kêeh *1q+-

;ZlZf^gmh *21- :\jn^kêeh�./q-)%.

?kZff^gmb liZsbZeb *21* <heeZ`^*,q+.

�<^kZfb\Z *21) :\jn^kêeh&\heeZ`^ .*q,2

FH=>EE: *21) :\jn^kêeh�,.q.)

Lbg]Z\ZeblmZ *21* :\jn^kêeh ,.q.)?êebgb�*21* :\jn^kêeh .)q0)

IZlmhkZe^ *21) :\jn^kêeh ,.%.q,.

<^kZfb\Z Z[knss^l^�*21* :\jnZkêeh +-q*1

//

^ en\b]b ]b _knbk^ ]^b f^\\Zgblfb ^ ikh]hmmb ]^b f^]bZ ]b fZllZ% \a^ `bäZggh bgoZlh be \hglnfh jnhmb]bZgh \hg e^ ehkh \hg_nlbhgb ]b fbmb% ]b oZehkb%]b lmbeb ^ ]b bffZ`bgb' Bg h`gb _hèbh lb ik^l^gmZgh bglb^f^ Û`nk^� ]êe�Zkm^Zgmb\Z !Zg`ê^mmb ]b @bhmmh% ohemb e^hgZk]^l\ab ^ fb\aêZg`bhe^l\ab'''"l\kbmm^ ^ knfhkb _nf^mmblmb\b % Û`nk^ ]b i^klhgZ``b fbmbssZmb ]ZeeZ e^mm^kZmnkZihiheZk^ ]b `bhkgZeb% ob]^h% Ûef' =^ En\Z _hkgbl\^ kblihlm^� ]ê mbihen]b\h% eb[^kZmhkbh% _ZgmZlmb\h3 eZ lnZ l^]nsbhg^ ¯ iZkb Z jnêeZ ]b ng[Zf[bgh h ]b ng Z]he^l\^gm^4 fZ ^èb nmbebssZ e�ngbo^klh ]^b fnembf^]bZ]b fZllZ bg�fh]h mnmm�Zemkh \a^ iZllboh'=^ En\Z \hghl\^ [^g^ e^ ikhihlm^ \kbmb\a^ ô^klbo^ lne ibZgh ]êebg`nZ``bh ihkmZm^ bg \Zfih ]Zee�Zkm^ fh]^kgZ3 ]Ze ihlm bfik^llbhgblfhZe lnkk^Zeblfh% Z =Z]Z% Zb ihi Zkm�' >\\heh% ZeehkZ % fZgbiheZk^ \hgoboZ\bm¨ b ib½ ihiheZkb fbmb� ]b b^kb ^ ]b h``b% mkhoZg]h jnZe\a^ Z_Ûgbm¨fZ`g^mb\Z _kZ ng :g`êh !\hkkb]hk^ ^ f^llZ``^kh ]ê \bêh Zgmb\h "\hg ng ZemkZ% fbmb\h Zg`êh ]êeZ lmkZ]Z�% ?Znlmh <hiib' EZ e^mm^kZmnkZlihkmboZ h]b^kgZ ¯ ihkmZmZ ]Z m^fih% Z \k^Zk^ lhlmbmnsbhgb ]b jn^lmZli^\b^% ^ Z <hiib lb ]^]b\Zgh� lZ`k^ ^ \hkl^ !Ûgh ZeeZ mhf[Z ]b<hiib� lnhgZ be fZgb_^lmh ]b ngZ \hklZ \b\eblmb\Z ]b__nlh bg jn^lmb `bhkgb bg

Ma^ insse^l� h_ Gôbh =^ En\Z Zk^ ebàm%]^mZ\aZ[e^% mkZ\d^] hger pbma ma^ nl^ h_ma^ mbi h_ i^g\bel Zg] [knla^l' A^ bl Zg Zk&mblm _khf :[knssh% pah aZl [^^g m^Z\abg`]^lb`g bg ;k^l\bZ _hk mp^gmr r^Zkl' Ma^l^@Zf^l hg ma^ LZg]� !^qihl^] Zm ma^ Ih&era^]khg% obZ :kblb +% <k^fhgZ ngmbe Cng^2" \kZ_mr fbq Û`nkZmbo^ Zkm \bmZmbhgl� Zg]mkZgl\kbiml h_ abà� Û`nkZmbo^ Zkm Zg] been&lmkZmbhgl�h_�ihi�!neZk"��fZll�f^]bZ'Pbma pbmmb\blf Zg] bkhgr =^ En\Z `bo^lln``^lmbhgl hg bfZ`bgZmbo^ Zg] ihebla^] pZrlmh [^g^Ûm _khf ma^ f^\aZgblfl Zg] ikh]n\ml h_ fZllf^]bZ% pab\a Zek^Z]r aZo^ bgoZ]^] ma^ ]Zber \hglnf&imbhg pbma ma^bk \hg_nlbhgl h_ frmal% oZen^l% lmre^l Zg]bfZ`^l'Bg ^Z\a la^^m Û`nk^l� h_ Zg\b^gm Zkm !ebmme^ Zg`êl h_@bhmmh% _Z\^l iZbgm^] hkb`bgZeer [r Fb\aêZg`êh Zg]E^hgZk]h'''" Zk^ ik^l^gm^] mh`^ma^k pbma phk]l Zg] \h&fb\ ghbl^l% Û`nk^l h_ frmaheh`b\Ze \aZkZ\m^kl _khf ih&ineZk ebm^kZmnk^% g^pliZi^kl% ob]^hl Zg] Ûefl' =^ En\Z

G obh�=^ En\ZZe Iheb ]kh

Zm ma^ Ihera^]khg?êbq�*21* :\jn^kêeh 0)q.)

e]Z _^ssb

E^``^kb% oheZgmb% mkZ\\bZmb bg ingmZ ]b fZmbm^ ^ i^ggêeb lhgh bk^[nl� ]b Gôbh =^ En\Z% Z[knss^l^ \a^ bgl^`gZ ]bl^`gh�Z ;k^l\bZ ]Z o^gm�Zggb' Jn^lmb `bh\ab lneeZ lZ[[bZ� !^lihlmbZe Iheb^]kh% obZ :kblb +% <k^fhgZ Ûgh Ze 2 `bn`gh" f^l\heZghZk`nmZf^gm^ \bmZsbhgb� ^ mkZl\kbsbhgb ]êe�Zkm^ Û`nkZmboZZemZ� ^ benlmkZsbhgb ]^b ihi!heZkb"� fZll f^]bZ' <hgZk`nsbZ ^ bkhgbZ =^ En\Z ]¨ ln``^kbf^gmb lnb fh]b bffZ`bghlb

ngZ k^`bhg^ bmZebZgZ "'E^ gnho^ blmknsbhgb i^k e�nlh _hkgbm^ ]Z =^ En\Z ihmk^[[^kh ^ll^k^ln``^kbf^gmb ik^sbhlb i^k ng� ^]n\Zsbhg^ Zkmblmb\Z� \a^% ink ghg \^]^g]he^ Zkfb ]ê [nhg f^lmb^k^ `kZÛ\h ^ ibmmhkb\h% lb k^g]^ \hglZiôhe^ ]êe^fnmZsbhgb \nemnkZeb ikh]hmmb ]Zb f^]bZ&f^llZ``b h]b^kgb% Z [Zl^ ]b _nf^mmb^ ]b kbikh]n\b[bebm¨ \hgmbgnZ% \ZibeeZk^% ZllbeeZgm^ ]êe�hi^kZ ]�Zkm^ ' Bgjn^lmb lfhgmZ``b Zk`nmb lb bglbgnZ ng anfhnk hkZ ]bo^kmbmh hkZ \Znlmb\h'EZ Û`nkbgZ lh_Û\^ ]b Mhnehnl^&EZnmk^\ `b`Zgm^``bZ lneeZ l\kbmmZ% bg [Zllh %PZem =blg^r� ' Ng IZ]kbgh ¯ [hf[Zk]Zmh ]Z Zg`ê^mmb ^ ]^fhgb il^n]h&`bhmm^l\ab4 ngZ ibh``bZ ''' ikhoob]^gsbZe^ !\a^ ghg ob^g^ ]Ze \bêh fZ ]Zng l^fieb\^ \hg`^`gh ]b ]h\\bZ� ]hf^lmb\Z3 ]^lb]^kbh ]b m^\gb\Z nfZgZZiieb\ZmZ e¨ ]ho^ \^ g� ¯ o^kZf^gm^ [blh`gh" \Z]^ lnb iho^kb \hgmZ]bgb]bibgmb ]Z�Fbee^m gê�ihiheZkbllbfh :g`ênl% ^m^kgZmb bg ng \Zfih l^\\h'BglhffZ% ]^b kZ\\hgmb�ib^gb ]b l^glh ^ blmknmmbob�hemk^ \a^ ]bo^km^gmb'Lb o^]Zgh Zg\a^ IZ^lZ``bh N'L':'% Jnê \^kmh lhkkblh'' <ZkZ ib\\bgZ%gh''' Be kblo^èbh% MZg]^f% eZ OZeln`ZgZ% ;nhg`bhkgh FZkr''' ^ mnmmb èb Zemkb'

ikhob]^l Zglp^kl� h_ _ng% eb[^kZmbg` Zg] _ZgmZlmb\ mri^3abl l^]n\mbhg bl ebd^ Z \abe] hk Z m^^gZ`^k�l l^]n\mbhg4[nm a^ nl^l ma^ ngbo^kl^ h_ fZll fnembf^]bZ _Zk _khfiZllbo^'=^ En\Z dghpl pêe ma^ \kbmb\Ze ln[o^klbo^ ikhihlZel bgm^kfl h_ eZg`nZ`^ bg ma^ Ûê] h_ Fh]^kg :km3 _khf Ihlm&Bfik^llbhgblf% mh Lnkk^Zeblf% mh =Z]Z% mh Ihi :km�'A^k^ a^ bl% ma^g% fZgbineZmbg` pbma oboZ\bmr ma^ fhlm ih&ineZk frmal� h_ r^lm^k]Zr Zg] mh]Zr% Ûg]bg` lhf^ fZ&`g^mb\ Z_Ûgbmr [^mp^^g Zg :g`ê !kngg^k Zg] f^ll^g`^kh_ ma^ Zg\b^gm ldr" pbma Zghma^k% e^`^g]Zkr :g`ê h_ma^ KhZ]�% ?Znlmh <hiib' Ma^ lihkm ebm^kZmnk^ mh]Zr bl\Zkkb^] [r mbf^% mh \k^Zm^ kîeZ\^f^gml h_ mabl mri^% Zg]mh <hiib Zk^ ]^]b\Zm^]� _^lmboZel Zg] kZ\^l !mbee ma^`kZo^ h_ <hiib bl ma^ fZgb_^lmh h_ Z \r\ebg` kZ\^ ih&ineZk ma^l^ ]Zrl bg Zg BmZebZg k^`bhg"'Ma^ g^p bglmkn\mbhgl ikhob]^] [r =^ En\Z \hne] [ôZenZ[e^ mbil _hk Zg Zkm ^]n\Zmbhg� pab\a% pabe^ ghm`bobg` ni ma^ p^Zihgl h_ ma^ `hh] `kZiab\ Zg] iZbg&m^ker \kZ_m% bl ZpZk^ h_ ma^ \nemnkZe fnmZmbhgl ikh]n\^]_khf mh]Zr�l f^]bZ&f^llZ`^l% [Zl^] hg \hfb\ [hhdlZg] \hgmbgnhnl \ZibeeZkr aZkZllbg` kîkh]n\b[bebmr h_:km phkdl' Bg ma^l^ laZki ]blZll^f[eb^l Z pbmmr anfhnkbl ghp \Znlmb\% ghp Zfnl^]' Ma^ lh_m Û`nkbg^ h_ Mhn&ehnl^&EZnmk^\ mhp^kl ho^k ma^ pkbmbg` PZem =blg^r� hgma^ ehp^lm iZkm' : @h]_Zma^k bl [hf[Zk]^] [r�ebmme^ Zg&`êl Zg] ]^fhgl @bhmmh bglibk^]4 Z ikhob]^gmbZe''' kZbg!pab\a bl ghm _khf A^Zo^g [nm _khf Z lbfie^ ]ôb\^ h_ahf^ lahp^k�3 ]^lbk^ _hk anfZg m^\agheh`r Ziieb^]pa^k^ ma^k^ bl k^Zeer g^^]^]" _Zeel hg ma^ ihhk i^ZlZgml_khf Fbee^m iZbgmbg`l bg ma^ ihineZk :g`ênl% bffhkmZeb&s^] bg�Z�]kr Ûê]';kb^Ür% ma^ lmhkb^l Zk^ _nee h_ f^Zgbg` Zg] bglmkn\mbo^ Zlpêe Zl ^gm^kmZbgbg`' <a^\d hnm Zelh EZg]l\Zi^ NL:�%MaZm \^kmZbg lfbe^ ''' =^Zk ebmme^ hg^�% gh ''' Ma^ :pZ&d^gbg`�% MZg]^f�% OZeln`ZgZ�% Aêeh FZkr� ''' Zg]Zee�ma^ hma^kl'

Be�fbh Zfb\h EZnmk^\ *21) :\jn^kêeh.)q0)

/1

Jnê \^kmh lhkkblh *21* :\jn^kêeh .)q0)

DZ&Phhfi *21* :\jn^kêeh ln \ZkmZ .)q0)

EZ `kZg]^ ibh``bZ *21* :\jn^kêeh .)q0)

I:=KBGH *21* Z\jn^kêeh 0)q.)

?E:@>EE:SBHG>�*21* Z\jn^kêeh .)q0)

0)

F^llZ``bh *21. :\kbeb\h ln e^`gh +,q+,

?kZff^gmb *21- Insse^ ln e^`gh *0%,q*0%,

MZoheZ�^�\ZkmZ *11, :\kbeb\h +/q+/

Ih^lbZ *21, :\kbeb\h ln mêZ +/q,)

Ehk^gsh�Z�-�Zggb�*21, :\kbeb\h ln mêZ +/q,)

0+

��0HWDVWRULD�3X]]OH�VX�OHJQR��[��

Ghmmnkgh D *210�Insse^ ln�e^`gh -)q-)

iZ^l

Z``b

ghmmn

kgb

*21,

(10

F^mZlmhkbZ *21-�Insse^�ln e^`gh�-)q0)

:eeZ I^klhgZe^ ]êe�10 Z ;k^l\bZ% gêeZ @Zee^kbZ:e[^kmh OZe^kbh% \hg eZ m^\gb\Z ]ê inssB^% bg ngZhi^kZsbhg^ \hg\^mmnZe^ fb bff^k`h gêe^ iZ`bg^]êeZ lmhkbZ ]êe�Zkm^ ^ mkZlÛ`nkh b iZ^lZ``b lheZkb]ê �2))�bg�I:>L:@@B GHMMNKGB�'

0-

F^fhkr k^\ho^kr makhnà iZbgmbgÌher\akhf^�^qik^llbhgblmb\ bgeZrl�

[^\Znl^ a^k^ bg =^ En\Z�l ma^ `Zf^ h_ iZmb^g\^� h_mbgr _kZ`f^gml h_ eZ\jn^k^] phh] ]h^l ghm Zllnf^ bkh&gb\ f^Zgbg`% ghm ô^g h_ cheer _ng' [nm bm bl Z erkb\Ze ôh&\Zmbhg h_ eZg]l\Zi^l'Ma^k^ bl Z mak^Z] h_ khfZgmb\ Zg] ^qik^llbhgblmb\ ih^mkr%]^libm^ ma^ ieZr_ne Zeenk^ h_ ma^l^ iher\akhf^ bgeZrl':m ma^ cng\mbhg [^m '''' �^^g ma^ Z\Z]^fr Zg] ma^ ZoZgm&`Zk]^ =^ En\Z \ahhl^l Z \eô^k iehr' ;nm rhn aZo^ mh`kZgm abf Z Ûg^ l^gl^ h_ \hehnk Zg]' Zl p^ aZo^ Zek^&Z]r lZb]' Z ih^mb\ l^gmbf^gm maZm _Zohnkl gbàm Zli__mlh_ ma^ eZg]l\Zi^l% bg pab\a lmZg] ma^ [kbàm \aZg`^l�'pbma b`gbmbhg hg ma^ kZg`^ h_ \r\eZf^g Zg] obhe^m \h&ehnkl' Ma^ ôh\Zmbo^ ih '''' �^k h_ ma^l^ ÜZla^l� [^\h&f^l ikhfbg^gm bg ln[c^\ml ebd^ h\^Zgl Zg] eZd^l% pa^k^Z ]Zkd ldr ehhfl hg ma^ pZm^k% cnlm lebàmer [khd^g [rlfZee fhobg`�\hehnk_ne ebàml':m eZlm% ma^k^ bl ma^ mk^g] mh h[l^ko^ _hggZe bgeZrl% lhpbma iZmb^gm Zg] f^mb\nehnl m^\agbjn^ =^ En\Z \Zg k^&ieZ\^ ma^ ebg^ h[mZbgbg` ê^`Zgm Zg] `kZiab\ ^__^\ml'

K^\ni^kh�]êeZ�f^fhkbZ ZmmkZo^klh eZ ibmmnkZBgmZklb�iheb\khfb ^lik^llbhgblmb\b�

i^k\a¯ jnb bg =^ En\Z be `bh\h ]b iZsb^gsZ� ]^b fbgnmbllbfb _kZff^g&mb ]b e^`gh eZ\\Zmh ghg Zllnf^ lb`gbÛ\Zmh bkhgb\h% g^ ]b Zee^`kh ]bo^kmb&f^gmh% fZ ]b ôh\Zsbhg^ ebkb\Z iZ^lZ``blmb\Z' <�¯ ng Ûeh ]b ih^lbZ% mkZkhfZgmb\Z ^] ^lik^llbhgblmb\Z% fZe`kZ]h e�Zeenk^ `bh\hlZ ]b jn^lmb bgmZklbiheb\khfb' :e [bobh mkZ e�Z\\Z]^fbZ ^ e�ZoZg`nZk]bZ =^ En\Z l\^èb^ ngZ[be^ ^l\ZfhmZ`^' FZ [blh`gZ kb\hghl\^kèb ng kZ_ÛgZmh l^glh ]ê \heh&k^ ^% \hf^ `b¨ Z[[bZfh ]^mmh%ng l^gmbf^gmh ih^mb\h \a^ ]ê iZ^lZ``bhik^]beb`^ èb Zli^mmb ghmmnkgb%gê jnZeb kblZemZgh e^ oZkbZsbhgb� enfbghl^%\hg Z\\^glbhgb lneeZ `ZffZ ]^b \b\eZfbgb ^ ]^b obheZ' EZ _hksZ ôh\ZmboZ]b jn^lmb [Zèbhkb� ik^g]^ lib\\h g^b lh``^mmb fZkbgb h eZ\nlmkb% ]ho^ng \bêh \nih bg\hf[^ lnee^ Z\jn^% Zii^gZ khmmh ]Z ib\\he^ fh[beb en\boZkbhibgm^'<�¯ bgÛg^ ]Z hll^koZk^ e�Zg]Zf^gmh _hkfZe^ ]^èb bgmZklb% i^k \nb \hgm^\gb\Z fbgnsbhlZ ^ iZsb^gm^ =^ En\Z kb^l\^ Z lhlmbmnbk^ eZ ebg^Z hmm^g^g&]h ^__^mmb ]b ê^`ZgsZ Zg\a^ `kZÛ\Z'

BgmZklb iheb\khfb ^lik^llbhgblmb\b<ZllZ&LZeob

Iher

\akh

f^

^qik

^llbh

gblm

b\bg

eZrl

@Zn`nbg *210 Insse^�ln�e^`gh -)q-)

Kb\hk]bZfh ]n^ fhlmk^ ]b Nevio De En\Z !Z[knss^l^ hkfZb [k^& l\bZgh" ngZ jnbg]b\bgZ ]�Zggb _Z% ^ eh kbmkhobZfh hkZ ZeeZ GnhoZ <bmm¨� \hfie^mZf^gm^ \Zf[bZmh' <Zf[bZmh gêeh lmbe^ ^ gê ebg& `nZ``bh% \Zf[bZmh gê \hgm^gnmh' Lb Zoo^km^ ng�^\h ]Z G^liheh% ]Z jnêeZ lnZ _hkfneZ ]êe�bgmZklbh eb`g^h \hehkZmh% \hg bffZ`bgb Zkb^``bZgmb be _nf^mmblmb\h' FZ ¯ lheh ngZ iZk^gmêZ ]b lni^kÛ\b^%

P^ k^\Zee mph Û_m^^g r^Zkl he] ^qab[bmbhglh_ Gôbh =^ En\Z !Zkmblm _khf :[kn0'sh ghpebobg` bg ;k^l\bZ"' Zg] p^ Ûg] abf \hfie^&mêr \aZg`^] bg ma^ g^p \bmr�' <aZg`^]bg lmre^ Zg] eZg`nZ`^' \aZg`^] bg ma^ \hg&m^gm' Rhn pbee ghmb\^ Z k^_^k^g\^ bg G^lih&eh' _khf abl _hkfneZ h_ phh] bgeZrl pbma \h&ehnk^] bfZ`^l bglibk^] [r \hfb\l' ;nm bm blhger Z�lni^kÛ\bZe kêZmbhg%

FZkberg *21, insse^ ln e^`gh ,)q-/

0/

Lmn]bh !IZ^lZ``b ghmmnkgb"

EZ`hg^kh*21- Insse^ ln e^`gh ,*%.q*,%/

Ghmmnkgh eZ\nlmk^ *210�Insse^�ln�e^`gh�-)q.)

Lmn]bh !IZ^lZ``b ghmmnkgb"

EZ _^ffbgblmZ *21, Insse^ ln e^`gh -)q0)

01

Fng\a *21/�Insse^ ln e^`gh ,+q-)

OZeehmmhg *21- Insse^ ln e^`gh -)q-)

Ghmmnkgh *211 Insse^ ln e^`gh -)q+,

FZebg\hgbZ *211 Insse^ ]b e^`gh�,)q-.

1)

Û`nk

^]b

Ze[n

fLZ

ehg^

MZgs

b&=^l

b`g

FbeZ

gh*2

11

*210

(2,

Be `bh\h lnee^ \bmZsbhgb ¯ bgÛgbmZf^gm^ ]bo^km^gm^\hf^ ]ê k^lmh eZ o^gZ bkhgb\Z \a^ fb bgohèb^k¨bg l^`nbmh Z \hlmknbk^ ln e^`gh ]bibgmh b @bh\Zmmh&eb i^k `kZg]b� \a^ \abZf^k¸ :[kZ\Z]Z[kZ�'

Ma^ `Zf^ hg \bmZmbhgl bl bgÛgbmêr _ng Zl ma^ k^lmh_ lZk\Zlmb\ o^bg maZm m^fim^] f^ eZm^k mh [nbe] hgphh] Z iZbgmbg` Mhrl _hk `khpg ni�% pab\a B pbeeeZm^k�^gmbme^ :[kZ\Z]Z[kZ�'

=Zb =^lb`g&MZgsb Z\\^mmh gêe�10e�bg\Zkb\h ]b kb]bl^`gZk^% bg \abZo^bkhgb\Z% lne ehkh <ZmZeh`h :E;NF% beFZ]^ bg�BmZer ]Z @bhmmh Z ;h\\bhgb�'

?khf=^lb`g&MZgsbBZ\\îm^]bg*210Z mZld mh k^]^lb`g Zee ma^ FZ]^ bgBmZer�% bkhgb\Zeer% hg ma^bk \ZmZeh`n^:E;NF% _khf @bhmmh mh ;h\\bhgb�'

:e[nf MZgsb

<hg�@';�SZ\\h

<ZmZeh`h :E;NF3=^lb`g&MZgsb

1+

Fh]bèbZgb *210 Z\kbeb\h�ln�\ZkmZ 0)q.)

MaZbmb *22- :\kbeb\h�ln�\ZkmZ .)q0)<hee^hgb *210:\kbeb\h�ln�\ZkmZ .)q0)

Be�\ZoZeeh ]b Ib^kh *22-:\kbeb\h�ln�\ZkmZ .)q0)

;ZmmZèbZ *22. :\kbeb\h�ln�\ZkmZ .)q0)

1-

;ês^[½ *22- :\kbeb\h�ln�mêh *+.q1)

Ihfi^b *211�Ebmh`kZÛZ .)q0)

:iheeh *211 Ebmh`kZÛZ .)q0)

Eng^[nkà�+))0

��0HWDVWRULD�3X]]OH�VX�OHJQR��[��

1/

?hmh`kZffZ g'* *22) ;khgsh�*/q-.q-%.

_hkf

îk

bfbmb

o^*2

2*(2

/

=Ze +))) bg ihb eZ kb\^k\Z lb lobeniiZ Zmmhkgh Z?b`nkbg^ lZ`hfZm^% bg _hkf^ l^fiebÛ\Zm^ ^ mZ&èbZm^ ln oZkb fZm^kbZeb!e^`gh% [khgsh%hmmhg^Zeenfbgbh"'''

Lbg\^ +))) ma^ k^l^Zk\a aZl [^^g ]ôêhibg`Zkhng] laZi^] Û`nkbg^l% bg lbfiebÛ^] _hkfl Zg]\nm hg oZkbhnl fZm^kbZel !phh]% [khgs^% [kZll% Zen&fbgnf"'''

11

G^èb nembfb eZohkb ]b =^ En\Z gZl\hgh ^gmkh o^\\ab^ \Zll^mm^ ]Z _knmmZh bf[ZeeZ``bh% eZ[bkbgmb ^ lmê^ \hee^mmbo^ bg ng fhgmZ``bh ]b fZm^kbZeb ]bk^\ni^kh & jnZlb ]Z ê^`bZ ]ê ikh]hmmh bg]nlmkbZe^ iho^kh & fZ \hb \hehkb^] b l^`gb ]êeZ \bobem¨ ]êeZ ieZlmb\Z% ]êeZ \hfngb\Zsbhg^% ]êeZ \bobem¨]êeZ ieZlmb\Z%�]êeZ \hfngb\Zsbhg^ ^ ]êeZ in[[eb\bm¨�bg]nlmkbZe^'E^ bffZ`bgb&l\nemnk^ lhgh Zg\hkZ ]b lZihk^ ikbfbmboh% ]b _ZmmnkZ Zkmb`bZgZ&e^% fZgnZe^ fZ e�Zee^lmbf^gmh m^ZmkZe^ lb b]^gmbÛ\Z \hg be ]blmZ\\h !]ZeeZ\hfikhfbllbhg^ Zgmkhiheh`b\Z% Z] ^l^fibh ]^b fZm^kbZeb obllnmb" ^ \hgeZ Ûgsbhg^' =^ En\Z aZ eZohkZmh Z eng`h lnee�b]^Z ]êe�hi^kZ \hf^ l\a^k&

Bg ma^ eZlm phkdl h_ =^ En\Z eZ[rkbgmal Zg] \hee^\mbo^ lm^&e^l Zk^ \k^Zm^] nlbg` he] _knbm hk iZ\dbg` [hq^l Zll^f&[ebg` k^\r\ebg` h[c^\ml � Zefhlm Zg ê^`r h_ ma^ ihhk bg&]nlmkbZe ikh]n\ml � [nm pbma ma^ \hehnkl Zg] ma^ lb`gl h_ma^ ieZlmb\ \bobebmr% ma^ \hffngb\Zmbhg Zg] ma^ bg]nlmkbZeZ]o^kmblbg`' Ma^ l\neimnk^l & bfZ`^l lmbee aZo^ Z ikbfbmbo^mZlm^% h_ ZkmblZg fZgn_Z\mnk^% [nm ma^ ma^Zmkb\Ze l^m&nibl b]^gmbÛ^] pbma ma^ ]blmZg\^ !_khf ma^ Zgmakhiheh`b\Ze\hfikhfblbg`% _hk ^qZfie^% h_ ma^ ebo^] fZm^kbZel" Zg]pbma Û\mbhg' =^ En\Z aZl phkd^] Z ehm hg ma^ b]^Z h_ma^ ^g]^Zohnk Zl l\k^^g hger Zl Z ieZg% ob]^h&^]bmbg`\hgm^fihkZkr oblnZe mkZ\dl Z[hnm hnk \nemnk^' :ee pZl k^&lmhk^] bg \nm hnml% laZi^l hk _kZ`f^gml% Zg] ô^krmabg``Zma^kl bg Z l\^g^ `Zf^' B_ :km bl ieZrbg` pbma k^Zebmr%mh]Zr bl ghm Z fZmm^k h_ ng]hbg` fZll lm^k^hmri^l% Zl[^mm^k i^k\^bo^] Ihi :km aZl ]hg^% [nm% bg ma^ ebg`nblmb\&\hf[bg^] `Zf^% ma^ `hZe pZl k^g^pbg` ma^ k^]ng]Zg&\r h_ f^llZ`^l% _hk Z laZi^ � bkhgb\% mhh � Zl ^qmk^f^^mab\ ^q^k\bl^'

]îhlbmh ]b]îhlbm h_ ikbfbmbo^ _hkfl

Gôbh =^ En\Z lZ \a^ eZ obmZ \hee^mmboZ h``b ghg ¯ ]hfbgZ&mZ h``b lheh ]Zee^ fZ\\abg^% fZ Zg\a^ ]Z ng ]îhlbmh ]b_hkf^ ikbfbmbo^% ^ ]Z ebg`nZ``b hkZ\heZkb hk`ZgbssZmb bg nghk]bg^ ^gb`fZmb\h ^ eZ[bkbgmb\h ln \nb lb bgg^lmZgh Zg\aêbg`nZ``b ZmmnZeb' Ng hk]bg^ ]ho^ eZ kb\^k\Z ]� ngZ \b_kZ ]ê]^lmbgh ¯ bg^lmkb\Z[bef^gm^ \hgg^llZ \hg ng hk]bmh en]b\h'<�¯ ngh likbssh ]�bkhgbZ ]Z]ZblmZ gêeZ \Zki^gm^kbZ ^ gêeZ_hg]^kbZ Z\nmZ ^ `bh\hlZ ]^b m^Zmkbgb ]b =^ En\Z% ]ho^ oZ bgl\^gZ ng iZkZ]hllZe^ l\Z\\h ^lik^llboh3 e�bg\ZiZ\bm¨ ]êeZfblnkZ ]b ]bk^ mnmmZ�eZ�o^kbm¨'

Gôbh =^ En\Z bl ZpZk^ maZm mh]Zr�l\hee^\mbo^ eb_^ bl ghm ]hfbgZm^] hger[r fZ\abg^l% [nm Zelh [r Z ]îhlbmh_ ikbfbmbo^ _hkfl Zg] hkZ\e^ eZg`nZ&`^l% ZkkZg`^] bg Zg ^gb`fZmb\ Zg]\hfie^q hk]^k% bg pab\a Zk^ bgl^km^]ma^ eZm^lm lmre^l% mhh' :g hk]^k pa^k^ma^ k^l^Zk\a h_ Z ]^lmbgr gnf[^k blbg^qmkb\Z[er \hgg^\m^] pbma Z ieZr_nepZki' Ma^k^ bl Z likZr h_ ]Z]Zblm bkh&gr% bg ma^ \Zki^gmkr Zg] bg ma^ laZkiZg] f^kkr _hng]kr h_ =^ En\Z�l ebmme^ma^Zmk^% pa^k^ Zg ^qik^llbo^ [bsZkk^fho^ `h^l hg lmZ`^3 ma^ bgZ[bebmr h_ma^�f^Zlnk^ mh mêe�Zee�ma^�mknma'

_hkf^�ikbfbmbo^_Znlmh ehk^gsb !Lmn]bh�Mhgr�=^�Khllb% OK *220"

fh ^ Zg\a^ lheh \hf^ l\a^fZ% ob]^hfhgmZ``bh ]êe^ mkZ\\^ oblbo^ ]êeZghlmkZ îh\Z ^ ]êeZ ghlmkZ \nemnkZ' Mnmmh ^kZ k^lmbmnbmh \hf^ kbmZèbh%lZ`hfZ h _kZff^gmh% ^ ln mnmmh \hgo^gboZ \hlmknbk^ ng `bh\h ]b l\^gZ'L^ e�Zkm^ ¯ ng `bh\h lne k^Ze^% h``b ghg lb mkZmmZ ib½ ]b ]bl_Zk^ èb lm^k^hmbib]b fZllZ% \hf^ _^\^ e�:km^ Ihi ib½ Zoo^kmbmZ% fZ% gê `bh\h ebg`nblmb\h\hf[bgZmhkbh% ]b [hgbÛ\Zk^ eZ kb]hg]ZgsZ Zllhk]Zgm^ ]^b f^llZ``b i^kngZ _hkfZ &Zg\a^ bkhgb\Z& \hf^ ^lmk^fh ^l^k\bsbh ^mb\h':g\hkZ ngZ ohemZ% ¯ ng�Zkm^ \a^ lb fblnkZ \hg e^ ikhikb^ k^`he^ \hlmknm&mbo^% fZ \a^ k^\ni^kZ b fZm^kbZeb jnhmb]bZgb' Ib½ \a^ lneeZ \k^Zsbhg^ ]^bohenfb% lb mkZmmZ ]b eZohkZk^ lneeZ \k^Zsbhg^ ]b enhàb' Bg jn^lmh l^glh beohenf^ gZl\^ \hf^ ^lm^glbhg^ ^ jnZgmbm¨ ]b l^`gh' Be \hehk^ \hf^ l^`gZ&e^% fZ \a^ in¸ _Zklb% Z\\^ggh Z ngZ ^fhsbhg^ obllnmZ' EZ ik^l^gsZ _hkm^¯ ]b fZm^kbZeb ieZlfZmb l^\hg]h Zgmb\ab kbmnZeb ]b lZib^gsZ Zkmb`bZgZ % lmê^\a^ ôh\Zgh bffZ`bgb ]b \nemnk^ ^ fbmb ihiheZkb' Ng \heeh\Zklb Zb fZk`bgbjnZlb \hf^ ng kbmhkgh ZeeZ l^fieb\bm¨% Z ng�b]^Z ]b kêZsbhgb \hg kZiihkmb]bl\k^mb% lhmmbeb% f^]bmZmbob' =Z jnb eZ l\ZmheZ&o^kgb\^ \hf^ ng enh`h ]bf^fhkbZ ]êeh l`nZk]h% \a^ gZl\^ jnZlb ]Z ng�Zmmbmn]bg^ ]b [kb\heZ`^]hf^lmb\h% mkZ \nemnkZ ZemZ ^ [ZllZ'

R^m Z`Zbg% bm�l Zg :km maZm f^Zlnk^l bmlê_ pbma bml hpg\hglmkn\mbo^ kne^l% [nm k^\ho^kl ô^kr]Zr�l fZm^kbZel'Fhk^ maZg Z[hnm ma^ \k^Zmbhg h_ ohenf^l% bm�l Z[hnmphkdbg` hg ma^ \k^Zmbhg h_ ieZ\^l' Bg mabl l^gl^ ma^ oh&enf^ bl \k^Zm^] Zl ^qm^glbhg Zg] jnZgmbmr h_ ma^ lb`g%ma^ \hehnk Zl lb`gZe% [nm maZm \hne] [^ Z abgm h_ Z iZlm^fhmbhg' Ma^ lmkhg` ik^l^g\^ bl ma^ hg^ h_ fhne]^] fZ&m^kbZel _heehpbg` Zg\b^gm kbmnZel h_ ZkmblZg pbl]hf% lmê^lmaZm ôhd^ bfZ`^l h_ \nemnk^l Zg] ihineZk frmal' LbmnZ&mbg` bmlê_ Zm ma^ [hk]^kl% g^Zker Zl Z k^mnkg mh lbfieb\bmr%Zg b]^Z h_ kêZmbhg pbma ma^ \Zk^_ne% mabg Zg] ihg]^&khnl kêZmbhgl' ?khf a^k^ ma^ _kZf^&[hq% Zl Z ieZ\^ h_`Zs^ f^fhkr% maZm `khpl i^kaZil Zl Z ]hf^lmb\ ]h&bm&rhnklê_ Zmmbmn]^% [^mp^^g abà Zg] ehp \nemnk^'

FhgmZ`gZ *22. ;khgsh ++q+/%.q/

2)

L^ eZ fZm^kbZ nlZmZ gZl\^ ]Zl\Zkmb% mZèb% eZ\^kZsbhgb% kblnemZi^k¸ ]^\ZgmZmZ3 =^ En\Z ghg lbfnho^ bg ng m^kkbmhkbh ]b lmkZmb&Û\Zsbhgb ^lblm^gsbZeb% inelbhgb`kZ_Ûmb \hf^ _^kbm^' @eb bgm^k^l&lZ e�bgmk^\\bh _khgmZe^% ikhÛeb eb&g^Zkb \a^ gê `bh\h ibmmhkb\h ]êiZe\hl\^gb\h% ]êe^ jnbgm^ m^Z&

mkZeb% Z\jnblmZ ng�Zf[b`nbm¨ ]b oZk\ab% iZllZ``b ^ _^llnk^ o^klh ngZ lhkmZ]b lnkk^Zem¨' Lb ihmk^[[^ i^glZk^ Z] ngZ lbgmZllb \hlmknmmboblmZ Z]ZmmZ Z]ngZ oblbhg^ g^hieZlmb\Z% ]b h``^mmb \a^ l_n``hgh Z] ngZ ik^l^gsZ% fZlhgh ink m^lmbfhgb ]b ngZ ik^l^gsZ'IeZlmb\h ^ ieZlmb\Z3 be _Zmmh l\nemhk^h ikhb^mmZmh ln ng _hg]Ze^ ]b lhlmZgl^ZkmbÛ\bZeb% bg]nlmkbZeb%e�ngh ^ e�Zemk^ `b¨ ^]n\Zmb Z ng `bh\h ]b _ngsbhgZebm¨^ll^gsbZe^% mkZ kbebôb ^ \hgmkhkbebôb% fZ i^k kbeZg\bZk^ ng ikh[e^fZ ibmmh&kb\h bg m^kfbgb ]b�liZsbh'Gôbh =^ En\Z lb ]bfhlmkZ Zg\hkZ bgm^k^llZmh Z] ngh l\Zf[bh ]b bf&fZ`bgb ^ m^\gb\a^ \hg b fZll&f^]bZ fZ aZ l^fik^ ib½ \abZkh \a^ gê&eZ ghlmkZ obmZ \hee^mmboZ bg]nlmkbZe^ ^ ihlmbg]nlmkbZe^ lhgh kbÜnbmb l^`gb!lbf[heb%Zk\abm^mmnk^% îb`kZÛ ^ mhm^f" ]Z Zgmb\a^ \bobem¨ Zkmb`bZgZeb ^\a^ jn^lmh ]îhlbmh ]b _hkf^ ikbfbmbo^ ]^m^kfbgZ mnmmhkZ eZ eng`Z ]nkZmZ]b \^km^ ghlmk^ lmknmmnk^ f^gmZeb% \hl³ \hf^ e�bg_ZgsbZ aZ `kZg]^ i^lhgêe�^lblm^gsZ ^ gêe^ bgo^gsbhgb ]êe^ bffZ`bgb' >� ngZ _nlbhg^ ]b h`&`^mmb% bffZ`bgb \hehkb bg \hf[bg^ &iZbgmbg` \a^ l^f[kZgh obo^k^ ]Z h`gbmnfnemh% lhli^lb gê onhmh% fZ l^gsZ \Z]^k^ gêe�bgÛgbmh% lhkk^mmb ]Z ngZg]Zf^gmh kbmfb\h% eZ]]ho^ lb ]b\abZkZ & ]n[bmZmboZf^gm^ bkhgb\Zf^gm^ &eZ Ûg^ ]b ngh l\a^fZ gZkkZmboh ^ ]b ngZ lmknmmnkZ eh`b\Z' Gê m^Zmkbgh ]b=^ En\Z% b kbmZèb l\nemhk^b lhgh \hf^ lZ`hf^ \a^ l\boheZgh mkZ e^ jnbgm^%eZ]]ho^ \b¸ \a^ ¯ ieZlmb\h�]bo^gmZ ieZlmb\Z% ^ ob\ô^klZ'

B_ ma^ fZm^kbZe nl^] Zkbl^l _khf \nm&hnml% ^]bml% eZ\^kZ&mbhgl% k^lneml ^neh`bs^]3 =^ En\Z ]h^lg�m fho^ bg Z m^kkb&mhkr h_ ^qblm^gmbZe lmkZmbÛ\Zmbhg% bfinel^l% l\Zkl Zl `kZ_&Ûmb' A^ bl bgm^k^lm^] bg ma^ _khgmZe [bg] h_ ebg^Zk ikhÛe^l%maZm bg ma^ iZbgmbg` `Zf^ h_ ma^ lmZ`^% h_ ma^ ma^Zmkb\Ze[Z\dlmZ`^% `Zbgl Zg Zf[b`nbmr h_ pZrl% iZmal Zg] ahe^lmhpZk]l Z ]k^Zfebd^ k^Zebmr' Rhn \hne] mabgd Z[hnm bm ZlZ \hglmkn\mboblm lrgmZq Z]Zim^] mh Z g^hieZlmb\ oblbhg% h_h[c^\ml maZm lebi ZpZr ma^ ik^l^g\^% [nm Zk^ pbmg^ll h_Z ik^l^g\^'IeZlmb\ fh]ê Zg] ieZlmb\ fZm^kbZe3 ma^ l\neimnkZe `khnilahpg hg Z [Z\d]khi fZ]^ h_ ZkmbÛ\bZe Zg] bg]nlmkbZeln[lmZg\^l% ma^ hg^ Zg] hma^k Zek^Z]r ^]n\Zm^] hg Z`Zf^ h_ ^qblm^gmbZe _ng\mbhgZebmr% [^mp^^g kêb^_l Zg]�\hgmkhkbebôh� m^\agbjn^% [nm mh kêZng\a ma^ iZbgmbgìkh[e^f�bg�m^kfl h_ liZ\^'Gôbh =^ En\Z lahpl hg\^ Z`Zbg abl bgm^k^lm bg ^q\aZg&`bg` bfZ`^l Zg] m^\agbjn^l pbma ma^ fZll&f^]bZ% [nmaZl \e^Zk maZm bg hnk \hee^\mbo^ bg]nlmkbZe Zg] ihlm&bg]n&lmkbZe eb_^ ma^ lb`gl !lrf[hel% Zk\abm^\mnk^l% îb`kZial%mhm^fl" Zk^ Ühpg Z`Zbg _khf Zg\b^gm ZkmblZg \bobebmb^lZg] mabl ]îhlbm h_ ikbfbmbo^ _hkfl lmbee ]^Ûg^ ma^ ehgè^g`ma h_ lhf^ h_ hnk f^gmZe lmkn\mnk^l% Zl pêe Zl ma^\abe]ahh] aZl [b` bfihkmZg\^ bg ma^ ^qblm^g\^ Zg] ma^bfZ`^ bgo^gmbhg'Bm�l Z _nlbhg h_ h[c^\ml% bfZ`^l% \hehnkl bg \hf[bg^&iZbg&mbg` maZm l^^f ebobg` hnmlb]^ h_ Zgr nikhZk% lnli^g]^] bgliZ\^% [nm pbmahnm _Zeebg` bg ma^ BgÛgbmr% lniihkm^] bg Zkarmafb\ Ühp% pa^k^ ma^ ^g] h_ ma^ gZkkZmbo^ l\a^f^ Zg]h_ ma^ eh`b\ lmkn\mnk^ bl ]^\eZk^] bg Z ng]^Ûg^] Zg] bkhgb\pZr' Bg ma^ lfZee ma^Zmk^ h_ =^ En\Z% ma^ l\neimnkZe \nm&hnml Zk^ Zl lbeahn^mm^l maZm lebi bg ma^ [Z\dlmZ`^% pa^kîeZlmb\ fh]êl [^\hf^�ieZlmb\ fZm^kbZel Zg] ob\^&o^klZ'

O^g^sbZ�0)) *22, <heeZ`^�+.q.)

Hkh&Khllh *22, LfZemh�^ Z\kbeb\h 2)q2)

<kh\bÛllbhg^ *22* Insse^ ln e^`gh-*q/+%.

2+

?hmh`kZffZ QS *22+;khgsh **q,,q-%.

LmkZ`^ �0- *22, ;khgsh ,,q,0q0

2-

EZ fbZ kb\^k\Z ikhl^`n^ g^èblm^llb Zggb o^klh ng Z\\hlmZf^g&mh ^lik^llboh Û`nkZmboh&ZlmkZmmh'Bg_Zmmb% f^gmk^ beenlmkh bg fZgb^&kZ k^Zeblmb\Z Û`nk^ ^ Zf[b^gmb]ê fbh obllnmh� \hg b iZlmê&eb% \^k\h \hg bglblm^gsZ _hkf^]b :K<A>MBIB \hg ]^b fZm^kbZebiho^kb !o^\\ab^ \Zll^mm^ ]êeZ_knmmZ"% i^k k^ZebssZk^ lbZ ib\\h&e^ l\nemnk^ bg [khgsh \a^ m^Zmkb&gb' Bghemk^% lne m^fZ ]^b =hef^g%\hg ngZ \hehkZsbhg^ bg ieZlmb\Z&\ZkmhgZmZ% \hfihg`h \heeZ`^]b ng�\khfZmblfh�Z\\^gmnZmh�'

LmknmmnkZ AE *22/ Z\jn^kêeh .)q,.'

Hi^kZ ]b I^g\d

IhkmZ *22/ <heeZ`^ ]b <khfhenq 0)q*))

<kh\bÛllbhg^ *220 <heeZ`^ ]b <khfhenq 0)q*))

ObZ <kn\bl *22-�E^`gh�^�lfZemh ,)q2+q+,

21

Ihebmmb\h�*22/ ;khgsh�+1q+1q/

@bhmmh

=bZeh`h *22/ ;khgsh�,.q+-q/

*))

I^k \hg_^kfZk^ e^ fb^ ZiiZk^gmb \hgmkZ]]b&sbhgb h \hf^ l^ ohe^llb _Zk^ ngZ iZnlZ� gêfbh bmbg^kZkbh% Ze\ng^ ohem^ ah Z__khgmZmh bem^fZ ]êe�:MM>L:% lh``^mmh f^mZ_hkb\h ]b_^kfZk^ be m^fih�% m^fZ \Zkh jn^lmh ZeeZih^mb\Z ]b ]n^ Zkmblmb ]ê �2))% Zèb Zgmbih]bmkZ ]b ehkh% \hf^ En\bh ?hgmZgZ ^ @bhk`bh =^<abkb\h'

Mh \hgÛkf fr ZiiZk^gm \hgmkZ]b\mbhgl% hk Zlb_ B pZgm^] mh mZd^ lhf^ mbf^ h__ bg friZma% lhf^mbf^l B aZo^ ]^Zem pbma ma^ blln^h_ pZbmbg`% f^mZiahkb\Ze ln[c^\m h_ lmhi&ibg` mbf^�% ma^f^ h_ ma^ ih^mkr h_ mph Zk&mblml _khf � 2))% ihe^l ZiZkm Zl En\bh ?hgmZgZZg] @bhk`bh�=^�<abkb\h'

:mm^lZ *22, ;khgsh+2q,)q0

ObZ``bZmkb\^ *22- e^`gh ^ \khfhenq�+/q,*q0

=bZeh`h *22- E^`gh ^ \khfhenq ,/%.q,*%.

:ggng\bZsbhg^ *22, E^`gh ^ \khfhenq ,0%.q,0%.

*)+

Ûg^l

mk^*2

2.(2

1

Gê �2. =^ En\Z \hgmbgnZ be lnh \hgmkZiingmh�\hg be I^kbh]h Û`nkZmboh ?bg^lmk^' Be lnh `bh\Zk^\hg e�Zkm^ eh ihkmZ Z jn^lm^ l\êm^ ohenmZf^gm^libZssZgmb� i^k be in[[eb\h Z[bmnZmh gê f^k\Zmh]êe�Zkm^ Z \heeh\Zk^ èb Zkmblmb bg l\a^fb ]b \hkk^gmbh `kniib ^ _hkfne^ lmbeblmb\a^ [^g bg]bob]nZ[beb' Belnh mbkZklb _nhkb� ¯ ngZ fZgb^kZ Zgmb\hg_hkfblmZ\a^ l^fik^ eh aZ ]blmbgmh Ûg ]Zee�bgbsbh ]êeZlnZ \Zkkb^kZ' Lne ibZgh m^\gb\h eZ lnZ ¯ lmZmZg^b \hg_khgmb ]êe�Zkm^ ng f^l\heZk^ e^ \Zkm^�bg fh]h ]Z libZssZk^ \kbmb\b ^ in[[eb\h ]b _khgm^Zee^ bih\kblb^ ]ê _Zk^ Zkm^ ]ho^ eZ \k^Zmbobm¨ ob^g^kbÛnmZmZ Z ]bl\Zibmh ]êeZ kZsbhgZebm¨' =^ En\Zghg \^k\Z ngh lobeniih ikh`k^llboh ^ ebg^Zk^ i^k^ll^k^ kb\hghl\bnmh ]Ze f^k\Zmh fZ ngh lmbe^ i^k_Zk^ Zkm^ bg l^glh eb[^kZmhkbh% \hf^ ng ikbfbmboh ^jnbg]b \a^ i^kf^mm^ Zee�ZkmblmZ ]b l\^èb^k^ f^mh]b]b__^k^gmb�i^k�lh``^mmb ]bo^klb'

Bg �2, =^ En\Z \hgmbgn^l abl \hngm^kihbgm� pbmama^ Û`nkZmbo^ Pbg]hp I^kbh] maZm _heehpl maÎkbfZkr ?hkfl' Abl Z[bebmr mh ieZr pbma :km e^Z]labf mh ]êb[^kZmêr ngl^mmebg`� \ahb\^l _hk Zin[eb\ nl^] mh ieZ\^ :kmblml bg \nkk^gm Zll^mlhk `khnil h_ mk^g]l bg ma^ :km fZkd^m Zg] pêe]^m^\mZ[e^ lmreblmb\ _hkfneZl' Abl inee hnm� bl Zgng\hgo^gmbhgZe fZgg^k maZm ZepZrl ]blmbg`nbla^]abf _khf ma^ [^`bggbg` h_ abl \Zk^^k' Hg Zm^\agb\Ze eôê abl fho^ mhpZk]l :km pZl Z\Zk] lan_Ü^� bg hk]^k mh ]blieZ\^ \kbmb\l Zg] maîn[eb\ _Z\bg` ma^ arih\kblr h_ fZdbg` :km pa^k^\k^Zmbobmr bl k^c^\m^] Zm ma^ ^qi^gl^ h_ kZmbhgZebmr'=^ En\Z bl ghm l^^dbg` Z ikh`k^llbo^ Zg] ebg^Zk]ôêhif^gm mh [^ k^\h`gbs^] [r ma^ fZkd^m% [nmZ pZr mh fZd^ :km bg Z eb[^kZmbg` l^gl^% Zl Zikbfbmbo^ Zg] manl Zeehpbg` ma^ Zkmblm mh \ahhl^]b__^k^gm�f^mah]l _hk�]b__^k^gm ln[c^\ml'

O^klh l^kZ*22. IZlmêeh *1q+.

*)-

Lb^lmZ *221�iZlmêeh *.q++

<nkZmh *222:\kbeb\h�ln�mêZ *))q0)

Lh`gh *221�iZlmêeh *.q++

Ghmmnkgh *22. :\kbeb\h ln mêZ�/)q1)

Kbmhkgh *222 :\kbeb\h ln mêZ .)q.)

*)/

'''?bg^lmk^% kZiik^l^gmZ eZ l^\hg]Z_Zl^ ]ê ikh`k^llboh Z\\^gmnZklb ]bjnê \hgÜbmmh ^lik^llboh�]b mbih ]nZ&eblmb\h \a^ e�ZkmblmZ bgl^`n^% bg iZkmb&\heZk^% mkZ :lmkZmmblfh ^ K^Zeblfh'Bg_Zmmb e^ oblbhgb f^mZÛlb\a^% \a^ li^l&lh lb ôb]^gsbZgh% lhgh èb Zli^mmb\hgmkZlmZgmb ]êeZ lnZ i^klhgZebm¨%kblnemZgm^ ]b ngZ oblbhg^ mkZ l\^gZ^ k^mkhl\^gZ% \a^ eh ihkm^kZggh gê+)))% Zee^ `kZg]b l\nemnk^ iheb\khf^[b_khgmZeb ]^b @bh\Zmmheb i^k `kZg]b�'Jn^lm^ ?bg^lmk^� l^fik^ \^k\Zm^ ^kbmkhoZm^ mkZ e�bg_ZgsbZ ]b ng iZ^l^]ê f^]bh&:]kbZmb\h ^ eZ fZmnkbm¨ bgngZ \bmm¨ ]ê Ghk] lhgh kbohem^ o^klhbe fbmh ]ê kb\hk]h% gê k^\ni^kh ]êeZm^\gb\Z ibmmhkb\Z ]ê K^Zeblfh mkZ]b&sbhgZe^''!?kZg\^l\Z =�:eehèbh +))."

'''?bg^lmk^ !Pbg]hpl" kîk^l^gml ma^ l^\hg] iaZl^ h_ maîkh`k^llbo^ Z\\^gmnZmbhg h_ ma^ ]nZeblmb\ ^qik^llbo^ \hg&Üb\m� maZm ma^ Zkmblm \aZl^l% ^li^\bZeer [^mp^^g :[lmkZ\m :kmZg] K^Zeblf' Ma^ f^mZiarlb\Ze oblbhgl% h_m^g abàebàm^]%Zk^ ma^ \hgmkZlmbg` Zli^\ml h_ abl i^klhgZebmr% Zl Z k^lnem h_Z ob^p h_ l\^g^ Zg] [âbg] ma^ l\^g^% maZm pbee [kbg` abfbg ma^ +)))l mh ma^ `k^Zm [b&_khgmZe iher\akhf^ l\neimnk^lh_ Mhrl _hk :]neml� !@bh\Zmmheb i^k @kZg]b"' Ma^l^ Pbg&]hpl� ZepZrl lhnàm Zg] _hng] bg ma^ \abe]ahh] li^gm bg ZFb]]e^&:]kbZmb\ \hngmkr Zg] ma^ fZmnkbmr bg Z ghkma^kg \bmrZg] Zk^ Z]]k^ll^] mhpZk]l ma^ frma h_ ma^ k^f^f[kZg\^%k^l\nbg` ma^ iZbgmbg` m^\agbjn^ h_�mkZ]bmbhgZe K^Zeblf''!?kZg\^l\Z =�:eehèbh +))."

?bg^lmkZ *221 I^ggZkêeh*1q+0

*)1

EngZ *221 iZlmêeh�*.q++ :eb\^ *221 iZlmêeh *.q++

Ghmmnkgh *221�iZlmêeh *.q++<b^\h *221 iZlmêeh *.q++

**)

:mm^lZ *222 IZlmêeh*1q+0Lmn]bh *221 iZlmêeh *.q++

IZkb`b *22)3 HfZ``bh ZeeZ mhf[Z ]b <Zfbee^ <hkhm

<ZfiZ`gZ *222 iZlmêeh *.q++

;Z`gZgm^ *22/ IZlmêeh&hebh*.q+*%. FhgmZ`gZ *221�iZlmêeh *.q++

�`b

h\Zm

mheb

��i^k

�`kZ

g]b

*220

(),'''�>lb[^g]h% Ze m^fih lm^llh% mhee^kZgsZ ^

oboZ\^ libkbmh \kbmb\h% Gôbh =^ En\Z ikhihg^bg_Zmmb ]n^ Zem^kgZmbo^ ihllb[beb ]êeh lm^llhikh`^mmh� ]�bffZ`bg^3 eZ ikbfZ e^`ZmZ%i^k \hlb� ]bk^% Zee^ ibn� mZk]bo^ fZ l^fikôbmZeb kb\Z]nm^ ]êeZ Ihi :km% ^ eZ l^\hg]Z]^kboZmZ bgo^\^ ]Zee^ ikbf^ ^lmkZiheZsbhgb]b Ib^m Fhg]kbZg3 \a^% lîZkZg]hlb ih\hZ ih\h ]Zee^ _hkf^ _Zlmb]bhl^ ]êeZ gZmnkZ%mkhoZoZ eZ en\b]bmZ� i^k \hg\^gmkZklb ln ih\aêbg^^ hkmh`hgZeb% ebg^^ ]kbmm^ ^ `kôb \hf^ngZ `kbèbZ�]b�b]^heh`bZ mhmZebssZgm^�'''FZkmbgZ <hk`gZmb +))) :[kZ\Z]Z[kZ

��>qab[bmbg` [hma mhe^kZg\^ Zg] eboêr \kbmb\Ze libkbm% Gôbh=^ En\Z ln``^lml mph ihllb[e^ Zem^kgZmbo^l h_ ma^ lZf^bfZ`^ 3 ma^ Ûklm kêZm^]% e^m�l lZr% mh ma^ eZm^lm [nm lmbee obmZe_Zeehnml h_ Ihi :km% Zg] ma^ l^\hg] hkb`bgZm^] bglm^Z] _khfma^ Ûklm ^qmkZiheZmbhgl h_ Ib^m Fhg]kbZg3 maZm% `kZ]nZeerlîZkZmbg` _khf Zgghrbg` _hkfl h_ gZmnk^% _hng] bml en\b]bmr_h\nlbg` hg Z _^p i^ki^g]b\neZk ebg^l% lmkZbàm ebg^l Zg]a^Zor Zl Z `kb] h_ mhmZebsbg` b]^heh`r�'''FZkmbgZ <hk`gZmb�+)))�:[kZ\Z]Z[kZ

;kb`bmm^ *220 E^`gh�^�lfZemh -/q*+)q*/%.'

**-

=b _khgm^ Zee^ ln^ hi^k^% \hf^ ZeeZ lm^llZ lmhkbZ ]êe�Zkm^% eZ ihlbsbhg^]b =^ En\Z ^� bg_Zmmb ibnmmhlmh jnêeZ ]b ng ZfZmhk^ Z[be^ ^] bg\ZgmZmh4ihlbsbhg^ ghg ]bllbfbe^% i^k \^kmb o^klb ^ ghghlmZgm^ eZ ibn� ôb]^gm^ Z_&_^sbhg^ Z] ng \^kmh mbih ]b ebg`nZ``bh ^ lhemZgmh Z jnêeh% Z jnêeZ ]êlnh \hg\bmmZ]bgh @nèbêfh :\abee^ <Zoêebgb gê _ZmZe^ Zmmbfh ]ê iZllZ`&`bh ]Ze knheh ]ê \hee^sbhgblmZ Z jnêeh ]êe�bgm^kik^m^% ]ê fZgbiheZmhk^%]êe�ZgmZ`hgblmZ'Gôbh =^ En\Z ^lmkZiheZ ]êe^ ib\\he^ lmhkb^ \a^ bg `^g^k^ ghg kbo^g]b\Z&gh Ze\ng \hirkbàm4 lmhkb^ Z[[ZlmZgsZ [ZgZeb lhmmkZmm^ Zee�ngbo^klh ]êeZin[[eb\bmZ� h ]^b khmh\Ze\ab% hiink^ ikêôZm^ ]b i^lh ]Z jnêe^ \hfih&g^gmb ]êe�Zkm^ mkZl_hkfZm^ bg b\hg^ ]b eZk`h \hglnfh% lm^k^hmbib oblbob Z\&\^llb[beb Z mnmmb4 ]n^ iheZkbmZ� _kZ \nb% bg _hg]h% ghg lb kbl\hgmkZ ihb mkhiiZ]b__^k^gsZ bg l^`nbmh Zee�ZiibZmmbf^gmh `^g^kZe^ \a^ aZ \heibmh bg]bl\kbfb&gZmZf^gm^ e^ ibn� ]bo^kl^ mbiheh`b^ ]b bffZ`bgb% ]Zee^ ibn� [Zll^� Zeeîbn� Zemheh\Zm^%�Ûgh Z] bg_kZg`^k^ be�lb`gbÛ\Zmh ]b jn^lmb lm^llb iZkZf^mkb'

Ma^ ihlbmbhg h_ =^ En\Z k^`Zk]bg` abl phkdl Zg] ma^ ab&lmhkr h_ :km bl kZma^k lbfbeZk mh Z ldbe_ne Zg] ^g\aZgm^]eho^k4 ghm Z ngebdêr ihlbmbhg% bg lhf^ Zli^\ml% mh ma^ hg^h_ abl _êehp \bmbs^g @nèbêfh :\abee^ <Zoêebgb% ]^libmâbl fhk^ h[obhnl Z__^\mbhg _hk Z \^kmZbg mri^ h_ eZg`nZ&`^% bg ma^ _ZmZe fhf^gm h_ mkZglbmbhg _khf ma^ khe^ h_ \he&e^\mhk mh bgm^kik^m^k% mh fZgbineZmhk Zg] mh ZgmZ`hgblm'Gôbh =^ En\Z ^qmkZiheZm^l ma^ lfZee lmhkb^l maZm nlnZe&er ]h ghm \eZbf Zgr \hirkbàm4 fng]Zg^ mZe^l lmhe^g mhma^ ngbo^kl^ h_ Z]o^kmblbg` hk fZ`Zsbg^l% hk mZd^g _khfma^ p^bàm h_ ma^ \hfihg^gml h_ :km mkZgl_hkf^] bgmhb\hgl h_ gZmbhgZe \hglnfimbhg% oblnZe lm^k^hmri^l Z\\^l&lb[e^ mh Zee4 mph iheZkbmb^l Zfhg` pab\a% bg ma^ ^g]% rhn\Zgghm l^^ mhh fn\a ]b__^k^g\^ Z_m^k `^g^kZe ÜZmm^gbg`%maZm lmkn\d bg]bl\kbfbgZmêr ma^ fhlm ]b__^k^gm mri^l h_bfZ`^l% _khf ma^ ehp^lm mh ma^ abà^lm% [k^Zdbg` ma^ f^&Zgbg` h_ ma^l^ lZf^ lmZg]Zk]l'Lh ma^ Zkmblm l^bs^l% _hk ^qZfie^% ma^ mph _Z\^l h_ ma^lihnl^l h_ ma^ ?Zrnf mZd^g ebm^kZeer [r lhf^ ^g\Znlmb\iZbgm^] mZ[e^m% hk ma^ ihkmkZbm h_ Z aZe_&gZd^] `bke bg Z\hlmnf^ maZm ikh[Z[er eZb] [^mp^^g ma^ iZ`^l h_ Zgr _^&

Z[kZ\Z]Z[kZGôbh =^ En\Z mkZmmZ e�Zkm^ ZeeZ lmk^`nZ ]b ngZ inkZ ^ jnZlb fZ`b\Z fZm^kbZebssZsbh&g^ ]b bffZ`bgb% l\ZoZe\Zg]h bg jn^lmh fh]h eZ g^\^llbmZ� ]b ihklb be ikh[e^fZ ]êeZkZiik^l^gmZsbhg^% ]êe�bfbmZsbhg^ ^% Ze m^fih lm^llh% ]êe�bgôbmZ[be^ bg_^]êmZ� Ze]Zmh ^lm^kbhk^ \a^�eZ ikZllb fbf^mb\Z ihkmZ \hg l^�'

Gôbh =^ En\Z aZg]e^l :km Zl Z ink^% ZefhlmfZ`b\Ze fZm^kbZebsZmbhg h_ bfZ`^l% [riZllbg`ma^ g^^] mh Z]]k^ll ma^ ikh[e^f h_ kîk^l^gmZ&mbhg% bfbmZmbhg Zg]% Zm ma^ lZf^ mbf^% ma^ bgôb&mZ[e^ bgÛ]êbmr h_ ma^ ^qm^kgZe ê^f^gm maZm ma^fbf^mb\ ikZ\mb\^�[kbg`l�pbma bm'

fZkmbgZ \hk gZmb fZ` bh +)))

O^g^sbZ *220�E^`gh�^�lfZemh *++q2)q*/%.

Z\Z]Z[kZ E�ZkmblmZ lb bfihll^llZ \hlb�% i^k ^l^fibh% ]^b ]n^ ohemb ]^b \hgbn`b ]ê?Zrnf kbik^lb e^mm^kZef^gm^ ]Z jnZe\a^ mZohe^mmZ ]bibgmZ Z] ^g\Znlmh% hi&ink^ ]ê kbmkZmmh ]b ngZ kZ`ZssZ bg \hlmnf^ ]bl\bgmh \a^ ikh[Z[bef^gm^`bZ\ôZ _kZ e^ iZ`bg^ ]b jnZe\a^ kboblmZ _^ffbgbe^ h l\Zg]Zeblmb\Z ^ i^klbgh]b iZ^lZ``b ]Z \ZkmhebgZ�% \hf^ i^k ^l^fibh jnêeh ]êeZ [Zlbeb\Z ]b LZgFZk\h Z O^g^sbZ \hkk^]ZmZ ]Zee�bgôbmZ[be^ \ZfiZgbe^'>lb[^g]h% Ze m^fih lm^llh% mhee^kZgsZ ^ oboZ\^ libkbmh \kbmb\h% Gôbh =Ên\Z ikhihg^ bg_Zmmb ]n^ Zem^kgZmbo^ ihllb[beb ]êeh lm^llh ikh`^mmh� ]�bf&fZ`bg^3 eZ ikbfZ e^`ZmZ% i^k \hlb� ]bk^% Zee^ ibn� mZk]bo^ fZ l^fik^ obmZebkb\Z]nm^ ]êeZ Ihi :km% ^ eZ l^\hg]Z ]^kboZmZ bgo^\^ ]Zee^ ikbf^ ^lmkZ&iheZsbhgb ]b Ib^m Fhg]kbZg3 \a^% lîZkZg]hlb ih\h Z ih\h ]Zee^ _hkf^_Zlmb]bhl^ ]êeZ gZmnkZ% mkhoZoZ eZ en\b]bmZ� i^k \hg\^gmkZklb ln ih\a^ ebg^^hkmh`hgZeb% ebg^^ ]kbmm^ ^ `kôb \hf^ ngZ `kbèbZ ]b b]^heh`bZ mhmZebssZgm^'Bg iZkmb\heZk^ \^kmb \heeZ`^l% \hf^ O^klh l^kZ% KZ`ZssZ ^ l\Zfiheb% :m&m^lZ ,;% :mm^lZ +O% eZohkb \a^ ghg lb ^lbmZ Z ]^Ûgbk^ lihèb i^k e�^lbebmZ�^ e�^ll^gsbZebmZ� ]^b \hgmhkgb mkZ\\bZmb Z i^ggZkêeh% l^f[kZgh f^fhkb ]bngh libkbmh ]b Zl\^g]^gsZ Zg\hkZ eZmZf^gm^ ]Z]Z3 \a^% bg ghf^ ]êeZlmbebssZsbhg^ ^ ]êe�bgm^k\Zf[bZ[bebmZ�% kbgng\bZ Z jnZelbZlb bgm^g^kbf^gmh^fhsbhgZe^% l^gsZ be fbgbfh kb`nZk]h Ze�lh``^mmh ]b ohemZ bg ohemZ l\êmh'@bZ� gêeZ l^\hg]Z f^mZ� ]^èb Zggb L^mmZgmZ ng _hmh`kZffZ \a^ \hèb^ng iZkmb\heZk^ ]kZffZmb\h ]êeZ lmkZ`^ ]b IbZssZ ]êeZ Eh``bZ ob^g^mkZl_hkfZmh bg ngZ li^\b^ ]b lZ`hfZ fhgh\khfZ ]b e^`gh lhokZiihlmh

fZe^ fZ`Zsbg^ hk mZ[ehb] Zg] ô^g ihlm\Zk]� eZg]l\Zi^l% ln\a Zl ma^ hg^h_ LZg FZk\h <Zma^]kZe bg O^gb\^% Z\\hfiZgb^] [r ma^ bgôbmZ[e^ [êe mhp^k'>qab[bmbg`% Zm ma^ lZf^ mbf^% mhe^kZg\^ Zg] eboêr \kbmb\Ze libkbm% Gôbh =Ên\Z ln``^lml mph ihllb[e^ Zem^kgZmbo^l h_ ma^ lZf^ bfZ`^ ikhc^\m�3ma^ Ûklm kêZm^]% e^m�l lZr% mh ma^ eZm^lm [nm ZepZrl obmZe bfieb&\Zmbhgl h_ Ihi :km% Zg] ma^ l^\hg] ]^kbo^] bglm^Z] _khfma^ Ûklm ^qmkZiheZmbhgl h_ Ib^m Fhg]kbZg3 maZm% `kZ]nZeerlîZkZmbg` _khf Zgghrbg` _hkfl h_ gZmnk^% _hng] bmlen\b]bmr mh _h\nl hg Z _^p ebg^l Zm ma^ kbàm Zgè^l%lmkZbàm Zg] a^Zor ebg^l Zl Z `kb] h_ obmZebsbg` b]^&heh`r':[ho^ Zee% lhf^ \heeZ`^l% ebd^ O^klh L^kZ�%KZ`ZssZ ^ l\Zfiheb�% :mm^lZ ,;�% :m&m^lZ +O�% phkdl maZm p^ ]h ghm a^lbmZm^mh ]^Ûg^ [Zk^ _hk ma^ le^g]^kg^ll Zg]ma^ ^ll^gmbZebmr h_ ma^ hnmebg^l ]kZpg bgfZkd^k% l^^f k^fbgbl\^gm h_ Z kblbg`libkbm h_ lmbee [khZ]er ]Z]Z bgÜn^g\^3maZm% bg ma^ gZf^ h_ lmrebsZmbhg Zg]bgm^k\aZg`^Z[bebmr% `bo^ ni mh Zgrdbg] h_ ^fhmbhgZe ]blmk^ll% pbmahnmma^ lebàm^lm Zmm^gmbhg iZb] mh ma^ln[c^\m _khf mbf^ mh�mbf^�\ahl^g'

**/

Z bnmZ4 ^ eZ lm^llZ lhkm^ ln[bl\^ ng _kZff^gmh ]b ng Z__k^l\h ]b @bhmmh%lbfbef^gm^ `kZ]bmh� ^] bfihkmZgm^ i^k e�ZkmblmZ' Bg ^gmkZf[b b \Zlb \bh�\a^ kbfZg^ ^� ngZ _hkfZ lhli^lZ _kZ k^_^k^gsbZebmZ� ^] Zk[bmkZkb^mZ�% _kZ\bmZsbhg^ ^] bgo^gsbhg^ ^ i^kh� ]hmZmZ ]b ngZ ikhikbZ bg]bl\nmb[be^ fZm^&kbZebmZ� h``^mmnZe^'Ghg mkhiih ]bllbfbe^% Zg\a^ l^ ibn� kb\\Z% eZ \hglblm^gsZ ^] be oZehk^ ^lm^&mb\h&h``^mmnZe^ ]^b insse^l êZ[hkZmb gê \hklh ]^èb Zggb HmmZgmZ% \hfî^k ^l^fibh FZkrebg !*21,"% Ghmmnkgh eZ\nlmk^ !*210" h Ghmmnkgh ^lhmb\h!*212"% ]ho^ _kZff^gmb ]b e^`gh kbmZèbZmb ^] bg\ZlmkZmb e�ngh gêe�Zemkh ÛghZ] h\\niZk^ mnmmh eh liZsbh ]blihgb[be^ h__khgh ng lbfneZ\kh ]ê ihllb[be^]Zmh oblboh ikbfZkbh \a^ ghg ^l\en]^ Ze\ngb ^__^mmb% lîink^ l^fik^ \hg&m^gnmb%�]b�\hehk^'FZ be \hehk^ i^k Gôbh =^ En\Z k^lmZ lheZf^gm^ ng ê^f^gmh Z\\^llhkbh%l^\hg]Zkbh Zg\a^ l^ g^èb nembfb Zggb lb ^� l\abZkbmh ^] ^� ]bo^gnmh ibn�[kbeeZgm^% ibn� oZkbh% ibn� ^]hgblmb\h' Be \hehk^ ^� lheh ng bg`k^]b^gm^% lhehng ihllb[be^ \hkheeZkbh ]êeZ fZ`bZ� m^gmZmZ ]Zee�ZkmblmZ3 jnêeZ ]b fZm^&kbZebssZk^ eZ f^fhkbZ bg _kZff^gmb ]b k^ZemZ� gnhob' <hgmbgnZf^gm^ gnhob'

:ek^Z]r bg ma^ l^\hg] aZe_ h_ ma^ lô^gmb^l Z _kZf^ maZm\Zimnk^l Z ]kZfZmb\ iZkmb\neZk _hk ma^ fZllZ\k^ h_ Eh`&`bZ LjnZk^ bl mkZgl_hkf^] bgmh Z dbg] h_ fhgh\akhf^lbeahn^mm^ h_ phh] ho^keZb] pbma cnm^4 Zg] ma^ lZf^ mabgàZii^gl mh Z _kZ`f^gm h_ Z _k^l\h [r @bhmmh% ebd^pbl^Ziik^\bZm^]� Zg] bfihkmZgm _hk ma^ Zkmblm' Bg [hma \Z&l^l% paZm k^fZbgl bl Z _hkf lnli^g]^] [^mp^^g k^_^k^g&mbZebmr Zg] Zk[bmkZkbg^ll% [^mp^^g jnhmZmbhg Zg] bgo^g&mbhg%�[nm�pbma bml hpg ngjn^lmbhgZ[e^ h[c^\m fZm^kbZebmr'Ghm mhh ]bllbfbeZk% Zemahnà kb\a^k% ma^ m^qmnk^ Zg] Z^l&ma^mb\ oZen^&h[c^\m h_ insse^l ikh\^ll^] ]nkbg` ma^ ^bà&mb^l% Zl _hk ^qZfie^ FZkberg !*21,"% Ghmmnkgh eZ\nlmk^!*210" hk Ghmmnkgh >lhmb\h !*212"% pa^k^ _kZ`f^gml h_phh] \nm hnm Zg] lmn\d bgmh ^Z\a hma^k% mh mZd^ ni Zee ma^ZoZbeZ[e^ liZ\^% h__^k Z lbfneZ\knf h_ ma^ ikbfZkr oblnZe]ZmZ maZm ]h ghm ^q\en]^ lhf^ \hehk ^__^\ml% ZemahnàZepZrl k^lmkZbg^]';nm ma^ \hehk _hk Gôbh =^ En\Z bl hger Zg Z\\^llhkr%l^\hg]Zkr% Zemahnà bg k^\^gm r^Zkl bm aZl [^^g \e^Zk^]Zg] bm [^\Zf^ fhk^ [kbeebZgm% fhk^ ]bo^kl^% fhk^ a^]hgb&lmb\' Ma^ \hehk bl hger Zg bg`k^]b^gm% cnlm Z ihllb[e^ \hkhe&eZkr h_ ma^ fZ`b\� Zmm^fim h_ ma^ Zkmblm mh fZm^kbZebs^ ma^f^fhkr bg g^p _kZ`f^gml h_ k^Zebmr' :epZrl g^p hg^l'

:eb\^ *220�E^`gh�^�lfZemh 1,q*),q+)'

<hgbn`b *221 E^`gh ^ lfZemh /1%.q*)-q*1%.

**1

Be ib\\heh chr\^ *222 E^`gh ^ lfZemh ,)q,)q2 C' Chr\^ *221 E^`gh ^ lfZemh 1*q0)q*/%.

O^klh l^kZ +)), :\kbeb\h ln mêZ *2)q2)

L\Zfiheb +)), :\kbeb\h ln mêh 2)q2)

*+)

<hiib +)), :\kbeb\h ln�mêh 2)q2)

@bnebZghoZ �.0

?ehkZ +)), :\kbeb\h�ln�mêh 1.q2+

E�Zmm^lZ +)), :\kbeb\h ln mêh 1.q2+

*++

L\Zfiheb +)), :\kbeb\h ^ \heeZ`^ ,.q.) O^klh l^kZ +)), :\kbeb\h ^ \heeZ`^ ,.q.)

:mm^lZ +)), :\kbeb\h ^ \heeZ`^ ,.q.) ?ehkZ +)), :\kbeb\h ^�\heeZ`^ ,.q.) F^kb]bZgZ +)), :\kbeb\h ^ \heeZ`^ ,.q.)

*+-

GnoheZkb +)), lfZemh ln e^`gh *))q*0q2+

+)), ObeeZ ;Zk[hèbh ;l

LZehg^ Fbee^fbèbZ +))-

GnoheZkbgh +))-�E^`gh�^�lfZemh ,)q,)q1%.

*+/

Û`nk

bg^+)

)*()

,

Be kblnemZmh ^lik^llboh \a^ =^ En\Z lobeniiZbg h`gb hi^kZ ¯ jnêeZ e^``^k^ssZ lihgmZg^Z\a^ \ZkZmm^kbssZ l^fik^ be lnh eZohkh% ]hoêZ l\nemnkbgZ [b]bf^glbhgZe^� ]Z ngZ iZkm^fZgb_^lmZ eZ l\^gZ f^gmk^ gê k^mkhl\^gZ eZl\bZ eZeb[^kZ l\hfihlbsbhg^ ]êe^�_hkf^% \hf^ Z \^k\Zk^ngZ jnZkmZ�]bf^glbhg^�'�!@' =�Hklh`gZ"

Ma^ k^lnem h_ ^qik^llbhg maZm =^ En\Z ]ôêhilbg ^Z\a phkd bl lihgmZg^hnl ebàmg^ll maZmbg\k^Zlbgèr \aZkZ\m^kbs^l abl phkd% pa^k^ Zmph&]bf^glbhgZe� laZi^] ebmme^ l\neimnk^ hg hgâZg] lahpl ma^ l\^g^ bg ma^ [Z\d`khng]% pabeê^Zobg` ma^ _k^^ ]^\hfihlbmbhg h_ _hkfl% Zl b_ehhdbg` _hk Z _hnkma ]bf^glbhg�' !@' =�Hklh`gZ"

:nmhkbmkZmmh +)), Iêmkh ]bibgmh +,%.q+*q-%0

*+1

Bg jn^lm^ ib\\he^ l\nemnk^ fh]êeZm^ \hg ng fZm^kbZe^ \a^ aZ ngZ Zgmb\abl&lbfZ lmhkbZ Zkmb`bZgZe^ gê [k^l\bZgh% e�ZkmblmZ kbikhihg^ ngh lobeniih ]ê&eZ lnZ kb\^k\Z ZmmkZo^klh eZ lhokZiihlbsbhg^ ]b ê^f^gmb l^fik^ lZ`hfZmb\a^ lb Zll^f[eZgh mkZ ]b ehkh ^ oZggh Z \hlmknbk^ oZkb lh``^mmb Û`nkZmbob3]Zee�ZnmhkbmkZmmh% Ze iZ^lZ``bh \hg ibgh% ZeeZ Û`nkbgZ _^ffbgbe^ \a^ iZl&l^``bZ lneeh l_hg]h ]b ng eng`hfZk^% bgmbmheZmZ O^klh l^kZ� % Ûgh Zb @bh&\Zmhkb ]b [h\\^ ^ <Ze\bZmhkb bg Zsbhg^' Be kblnemZmh ^lik^llboh \a^ =^ En\ZlobeniiZ bg h`gb hi^kZ ¯ jnêeZ e^``^k^ssZ lihgmZg^Z \a^ \ZkZmm^kbssZl^fik^ be lnh eZohkh% ]ho^ eZ l\nemnkbgZ [b]bf^glbhgZe^� ]Z ngZ iZkm^fZgb_^lmZ eZ l\^gZ f^gmk^ gê k^mkhl\^gZ eZl\bZ eZ eb[^kZ l\hfihlbsbhg^]êe^ _hkf^% \hf^ Z \^k\Zk^�ngZ�jnZkmZ ]bf^glbhg^�'>� jn^lmZ ngZ \hg_^kfZ ]b ng�ZkmblmZ iheb^]kb\h \a^ ghg Ûgbl\^ fZb ]blmnibk^ gêeZ lnZ \hgmbgnZ kb\^k\Z ^lik^llboZ ^ eh Z\\hfngZ Z ih\ab Znmh&kb ]ê ghlmkh m^fih \ZiZ\b ]b Zgmîhkk^ eZ \k^Zmbobm¨ ]ê ebg`nZ``bh Zee^k^`he^� ]ê f^k\Zmh \hgm^fihkZg^h'

Bg +))* Zm ma^ <Zlme^ h_ ;hkgh% =^ En\Z% Zehg` ^qab&[bmbg` bg ma^ iZkd eZk`^ iher\akhf^ l\neimnk^l maZm Ûmpbma ma^bk ebàmg^ll Zg] chr_neg^ll bg ma^ gZmnkZe ^gobkhg&f^gm% ik^l^gml bglb]^ Z khhf bg ma^ he] [nbe]bg` ma^ g^pl\neimnk^l bg i^pm^k%�Z[hnm ma^ mhib\ LMHIIBG@ MBF>'Bg ma^l^ lfZee l\neimnk^l fhne]^] _khf Z fZm^kbZe maZmaZl Z `k^Zm \kZ_mbg` ablmhkr bg ;k^l\bZ% ma^ Zkmblm ikhih&l^l Z ]ôêhif^gm h_ abl k^l^Zk\a [r eZr^kbg` ê^f^gmlpab\a Zk^ Zll^f[e^] mh ^Z\a hma^k Zg] `h mh [nbe] oZ&kbhnl Û`nkZmbo^ ln[c^\ml3 _khf ma^ lê_ ihkmkZbm mh ma^ eZg&]l\Zi^ pbma ma^ ibg^% mh ma^ _^fZe^ Û`nkbg^ lmkheebg` bgma^ [Z\d`khng] h_ Z ikhf^gZ]^% O^klh L^kZ�% mh ma^[hpe^kl Zg] ieZr^kl bg Z\mbhg' Ma^ k^lnem h_ ^qik^llbhgmaZm =^ En\Z ]ôêhil bg ^Z\a phkd bl lihgmZg^hnl ebàm&g^ll maZm bg\k^Zlbgèr \aZkZ\m^kbs^l abl phkd% pa^k^ Zmph&]bf^glbhgZe� laZi^] ebmme^ l\neimnk^ hg hg^ aZg]lahpl ma^ l\^g^ bg ma^ [Z\d`khng]% pabe^ e^Zobg` ma^_k^^ ]^\hfihlbmbhg h_ _hkfl% Zl b_ ehhdbg` _hk Z _hnkma]bf^glbhg�':g] mabl bl Z \hgÛkfZmbhg h_ Z o^klZmbe^ Zkmblm pah gô^k\^Zl^l mh ZfZs^ bg abl \hgmbgnhnl l^Zk\a _hk ^qik^llbhgZg] Zllh\bZm^ abf mh Z _^p Znmahkl h_ hnk mbf^ maZm Zk^\ZiZ[e^ h_ ieZ\bg` Ûklm ma^ \k^Zmbobmr h_ eZg`nZ`^ mh ma^kne^l� h_ ma^�\hgm^fihkZkr fZkd^m'

Û`nkbg]b�i emkhGê +))* Ze <Zlmêeh ]b ;hkgZmh%�=^�En\Z hemk^ Z]^lihkk^ gê iZk\h e^ `kZg]b�l\nemnk^ iheb\khf^ \a^lb bgl^kbl\hgh�\hg�eZ�ehkh e^``^k^ssZ ^ `bhbhlbm¨gêe�Zf[b^gm^ gZmnkZe^% ik^l^gmZ Zee�bgm^kgh bg ngZlmZgsZ ]êe�Zgmb\h ^]bÛ\bh e^ gnho^ l\nemnk^�bg iê&mkh% lne m^fZ�?>KF:K>�BE�M>FIH'

<Zlmêeh ]b ;hkgZmh bg ?kZg\bZ\hkmZ�(�[l

@bhoZggZ =�Hklh`gJN:=>KGB�=>EE�:KM>

i^p

m^k�

Û`nk

bg^l

;hkgZmh <Zlme^ bg ?kZg\bZ\hkmZ ( ;l

Ma^k^l^ +))+ Iêmkh ]bibgmh +,%.q+,%-%0

*,)

Bgo^kgh +)** Iêmkh ]bibgmh +,%1q*+q-%0

;h\\^ +))+ Iêmkh ]bibgmh +.%.q+-q-%0

*,+

IZ^lZ``bh +))+ Iêmkh ]bibgmh +,q*2q-%0

O^klh l^kZ +)** Iêmkh *2q+-q-%0

*,-

:eb\^ +))- Hmmhg^ ]bibgmh*2%.q+-q-%0

Û`nk

bg^

�Zeo

^gmh

+))-

()1

'''bg jn^lm^ ln^ hi^k^ =^ En\Z lobeniiZ \^kmb \hgm^gnmb \a^ZoôZfh ghmZmh bg Ze\ngb lnhb eZohkb ik^\^]^gmb% ^ \bh¯eZ _n``ôhe^ssZ ]êeZ obmZ� ^ eZ lnZ ikhooblhkb^m¨' M^fb\a^ gêe�Hmmh\^gmh _kZg\^l^ ZffbkZoZfh g^b `kZg]b Zkmblmb]êe�Bfik^llbhgblfh''''

''' Bg ma^l^ phkdl =^ En\Z ]ôêhil \^kmZbg Zli^\mlmaZm p^ aZ] ghmb\^] bg lhf^ h_ abl ikôbhnlikh]n\mbhgl3 ma^ Ü^^mbg`g^ll h_ eb_^� Zg] bmlmkZglb^g\^' Ma^f^l maZm bg ma^ ?k^g\a gbg^m^^gma\^gmnkr p^ Z]fbk^] bg ma^ `k^Zm Zkmblml h_Bfik^llbhgblf'

*,/

Kbo^]bZfh eZ \hklZ ]b :eb\^ h eZ kZ`ZssZ bg O^klh l^kZ% \a^ lhgh m^fbkbikhihlmb gêe^ hi^k^ ^lihlm^ gêeZ fhlmkZ ik^\^]^gm^% ^ \hl³ Zg\a^ beO^gmh ]êe�>lm% O^gmh khllh% N\kZbgZ ' Mnmm^ hi^k^ k^ZebssZm^ \hg ib\\heêZlmk^ ]b hmmhg^ mZèbZmh ^ ]bibgmh Z lfZemh% \a^ Z\\^gmnZgh ngZ lbgm^lb ]b_hkf^ l^fik^ ib½ ê^`Zgm^�^ fh]^kgZ'Lhgh ib\\he^ l\nemnk^ ikhm^mm^ ]Z ngZ m^\Z ]b ie^qbèZl \a^ eb _Z ]bo^gmZk^_n``ôheb _^mb\\b� ]ê ghlmkh m^fih% ]Z \hgl^koZk^�Z�f^fhkbZ ]�nhfh'=hih _^kfZk^ be m^fih� ]êeZ fhlmkZ ik^\^]^gm^ k^ZebssZmZ Ze <Zlmêeh]b ;hkgZmh ^ll^ kZiik^l^gmZgh ngZ \hg_^kfZ lneeZ fZmnkbm¨ \hgl^`nbmZ]Zee�ZkmblmZ Z[knss^l^ gêeZ lnZ \hgmbgnZ kb\^k\Z l^fik^ ib½ l^kbZ ^hkb`bgZe^ ]b _khgm^ Ze oZkb^`Zmh iZghkZfZ Zkmblmb\h gZsbhgZe^'

Lh a^k^% bg abl eZlm ib^\^l% lfZee [kZll l\neimnk^l lbfieb_rma^ Z[lmkZ\m iZkm pbma ma^bk [b]bf^glbhgZebmr% k^]n\bg` bmmh lbfie^ \hehk^] lnk_Z\^ pab\a bl hiihl^] mh ma^ Û`n&kZmbo^ lmre^ hg ma^ hma^k�lb]^'E^m�l kôb^p ma^ fhmbhg h_ :eb\^ hk ma^ `bke bg O^klh L^kZ!>Zker >o^gbg`"% pab\a Zk^ kîeb\Zm^] ma^f^l bg ma^phkdl h_ ma^ ikôbhnl ^qab[bm% Zg] lh Zk^ O^gmh ]êe�>lm!>Zlm Pbg]"% O^gmh Khllh !K^] Pbg]"% N\kZbgZ !NdkZb&g^"' :ee phkdl aZo^ [^^g \k^Zm^] pbma lfZee [kZll \nmoZkgbla^] ieZm^l% pab\a Z\\^gmnZm^ Z lnffZkr h_ ô^kfhk^ ê^`Zgm Zg] fh]^kg�laZi^l'LfZee l\neimnk^l Zk^ ikhm^\m^] [r Z ie^qbèZll \Zl^ maZmfZd^ ma^f Ü^^mbg` _^mbla^l� h_ hnk mbf^% mh [^ ik^l^k&o^] _hk ma^ _nmnk^':_m^k lmhiibg` mbf^� pbma ma^ ikôbhnl ^qab[bmbhg Zm;hkgZmh <Zlme^% ma^r kîk^l^gm Z ikhh_ h_ ma^ fZmnkbmrZ\abô^] [r ma^ :kmblm _khf :[knssh bg abl bg\k^Zlbgèrl^kbhnl hg`hbg` Zg] hkb`bgZe k^l^Zk\a bg _khgm h_ maôZkb^] gZmbhgZe Zkm�l\^g^'

iZeZssh K^>\\h \a^ bg jn^lm^ ln^ nembf^ hi^k^% e^ ib\\he^ l\nemnk^ bg hmmhg^% l^fiebÛ\ZghgêeZ ehkh [b]bf^glbhgZebm¨ eZ iZkm^ ZlmkZmmZ% kb]n\^g]heZ Z l^fieb\^ lni^kÛ\b^\hehkZmZ \a^ lb \hgmkZiihg^ Ze Û`nkZmboh�]êe�Zemkh eZmh'

@bnebZghoZ !M>"

Enèbh�+)*)

:kfZg]h =b Lm^_ZghiZeZ\^ K^

O^gmh ]êe�>lm +))- Hmmhg^ ]bibhgmh +-q+0q-%0

N\kZbgZ +))- Hmmhg^ ]bibgmh +-q+0q-%0

*,1

KZ`ZssZ +))- Hmmhg^ ]bibgmh +-q+0q-%0

O^gmh khllh +))- Hmmhg^ ]bibgmh +-q+2q-%0

*-)

o^gm

h��

�eb[^

kh+)

*)(*

-

'''e^ lbeahn^mm^ ]êe^ Û`nk^_^ffbgbeb Z ]b__^k^gsZ ]êeîk^\^]^gmb hi^k^ ]b ?b`nk^Ze O^gmh� ]ho^ eZ lni^kÛ\b^\hgl^koZoZ eZ lnZ gZmnkZibZmmZ % bg jn^lm^ e�ZkmblmZib^`Zg]h be fZm^kbZe^ hmmb^g^ngZ mhklbhg^ ]êe^ _hkf^ \a^]¨ Zee^ hi^k^ jnêe�^__^mmh ]bohkmb\^ ^ o^kmb\ZebssZsbhg^\ZiZ\^ ]b eb[^kZke^ ^ _ZkeêbôbmZk^'''e�^__^mmh mhklbhg^ gêeZLmhkbZ ]êeZ L\nemnkZ aZ Zonmh]^èb beenlmkb ik^]^\^llhkb jnZebFb\aêZg`êh ^ Kh]bg '''

?kZg\^l\h Eh�@bn]b\^

lbeahn^mm^ h_ ma^ _^fZe^% bg \hgmkZlm mh ma^ ^Zkeb^k phkdl h_?b`nk^l bg ma^ Pbg]�% pa^k^ ma^ [h]r k^mZbg^] bml ÜZm gZmnk^%pa^k^ ma^ Zkmblm [r [^g]bg` ma^ fZm^kbZe `^ml Z mpblm h_ ma^_hkfl maZm `bo^l mh phkdl maZm ohkm^q Zg] o^kmb\Zeer ^__^\mZ[e^ mh _k^^ ma^f Zg] fZd^ ma^f mh kbl^ nipZk]''' ma^ ^__^\mh_ mpblm� bg ma^ ablmhkr h_ l\neimnk^ aZl aZ] lhf^ beenlmkbhnlik^]^\^llhkl ln\a Zl Fb\aêZg`êh% Kh]bg'''

O^gmh_hkm^ +)*+ :eenfbgbh lZmbgZmh ,)q+2q0

*-+

�'''=^ En\Z ikhl^`n^ bg fZgb^kZ bglblm^gm^ ^ m^lmZk]Z eZ lnZ khmmZ o^klhjnê \hg\^mmh \a^ eZ l\nemnkZ \hf^ fZm^kbZ ]^[[Z eb[^kZklb \he ikhÛeh ]êe^ln^ _hkf^ ]ZeeZ gZmnkZ i^lZgm^% bgm^lZ \hf^ f^mZeeh% ib^mkZ% e^`gh ^ Zemkh'> gêe^ ln^ nembf^ l\nemnk^ ik^l^gmZm^ Ze LZehg^ ]b <h[kZ&?bZm Z ;k^l\bZ g^h__k^�ng�\abZkh ^l^fibh'

:gZebssZg]h Zmm^gmZf^gm^ e^ ln^ l\nemnk^ ]b eZlmk^ mZèbZm^ bg :eenfbgbhlZmbgZmh h ]b Hmmhg^ \khfZmh% e^ lbeahn^mm^ ]êe^ Û`nk^ _^ffbgbeb Z ]b__^k^gsZ]êe^ ik^\^]^gmb hi^k^ ]b ?b`nk^ Ze O^gmh� ]ho^ eZ lni^kÛ\b^ \hgl^koZoZeZ lnZ gZmnkZ ibZmmZ % bg jn^lm^ e�ZkmblmZ ib^`Zg]h be fZm^kbZe^ hmmb^g^ ngZmhklbhg^ ]êe^ _hkf^ \a^ ]¨ jnêe�^__^mmh ]b ohkmb\^ ^ o^kmb\ZebssZsbhg^\ZiZ\^ ]b eb[^kZke^�^�_Zke^ ebôbmZk^ o^klh e�Zemh'O^kZf^gm^ ^\\^sbhgZe^ gêeZ lbgm^lb ^ gêeZ lhensbhg^ ]ê f^mZeeh \a^ lbZee^``^kbl\^ \hf^ _hll^ ng _hèbh ]b \ZkmZ ib^`ZmZ ]Ze o^gmh' <hl³ Zg\a^ eZ\hfihg^gm^ o^gmh� ¯ e�ê^f^gmh blibkZmhk^ ]b jnêeZ Zmm^gmZ kb\^k\Z \a^ =Ên\Z aZ nmbebssZmh bg jn^lm^�ln^ nembf^ hi^k^'

>� ]Z \hglb]^kZk^ bghemk^ \a^ e�^__^mmh mhklbhg^ gêeZ LmhkbZ ]êeZ L\nemnkZ aZZonmh ]^èb beenlmkb ik^]^\^llhkb jnZeb Fb\aêZg`êh%Kh]bg ^ eh lm^llh :kgZe]hIhfh]hkh% ]^b jnZeb l^gs�Zemkh e�ZkmblmZ Z[knss^l^ aZ mkhoZmh \hg_^kfZ i^keZ�[hgm¨ ]êeZ lnZ kb\^k\Z'''

''''''=^ En\Z \hgmbgn^l bg Zg bglblm^gm Zg] lmn[[hkg pZrabl khnm^� mhma^ \hg\îm maZm ma^ l\neimnk^% Zl Z fZmm^k h_ f^fh&kr�% fnlm mnkg _k^^ makhnà ma^ ikhÛe^ h_ bml _hkfl _khfma^ a^Zor gZmnk^ h_ fZmm^k ng]^klmhh] Zl f^mZe% lmhg^%phh] Zg] fhk^' :g] bg abl eZm^lm l\neimnk^l ik^l^gm^] Zm<h[kZ&?bZm Lahpkhhf bg ;k^l\bZ ma^k^ bl Z \e^Zk ^qZfie^';r \Zk^_neer ZgZersbg` abl leZ[l \nm l\neimnk^l fZ]^ h_[knla^] Zenfbgnf hk \akhf^&ieZm^] [kZll% ma^ lbeahn^mm^h_ ma^ _^fZe^% bg \hgmkZlm mh ma^ ^Zkeb^k phkdl h_ ?b`nk^lbg ma^ Pbg]�% pa^k^ ma^ [h]r k^mZbg^] bml ÜZm gZmnk^%pa^k^ ma^ Zkmblm [r [^g]bg` ma^ fZm^kbZe `^ml Z mpblm h_ma^ _hkfl maZm `bo^l mh phkdl maZm ohkm^q Zg] o^kmb\Zeer^__^\m Z[e^ mh _k^^ ma^f Zg] fZd^ ma^f mh kbl^ nipZk]'Mkner hnmlmZg]bg` bg ma^ lrgma^lbl Zg] bg ma^ lhenmbhg h_ma^ f^mZe maZm [^\hf^l ebàm^k Zl bm p^k^ Z la^^m h_ iZ&i^k [^gm [r ma^ pbg]' >o^g lh ma^ pbg]� \hfihg^gm blma^ bglibkbg` ê^f^gm h_ ma^ \Zk^_ne k^l^Zk\a maZm =^ En\ZaZl nl^]�bg�ma^l^ eZlm phkdl'Bm bl Zelh mh [^ \hglb]^k^] maZm ma^ ^__^\m h_ mpblm bg maâblmhkr h_ l\neimnk^ aZl aZ] lhf^ beenlmkbhnl ik^]^\^llhklln\a Zl Fb\aêZg`êh% Kh]bg Zg] ma^ :kgZe]h Ihfh]h&kh% bg pab\a \^kmZbger ma^ Zkmblm _khf :[knssh _hng] Zi&ikhoZe _hk ma^ jnZebmr h_ abl k^l^Zk\a '''

mhkl

bhg^

]êe^ mpblm h_ ma^ _hkf^

?kZg\^l\h Eh @bn]b\^

_hkf^

Mhbe^mm^ +)*+ Zeenfbgbh \hehkZmh ,/q,,q1%0

FZgZ`^k +)*+:eenfbgbh ,2q-)q2

*--

:]he^l\^gmb +)*-:eenfbgbh ]bibgmh -2q+0q*)

O^gmh_hkm^ +)*, Hmmhg^�,2q-)q2

*-/

EZ�ib\\heZ hg]Z +)*+ :eenfbgbh \hehkZmh -,q,+q2

Fh]êeZ

O^gnl +)*, :eenfbgbh�lZmbgZmh -,q-+q2 O^gnl +)*) :\jn^kêeh ,)q+*%*)

FZ``bh �/)

ebg^Z]bikhÛehikhÛe^�ebgÊZ fbZ ikh]nsbhg^ gZl\^ ]Z ngZ \hlmZgm^ ^ \hg\k^mZ iZkm^\biZsbhg^Z jnê oZlmh ikh`^mmh ]êeZ kb\^k\Z� \a^ ¯ be _hg]Zf^gmh ]êe�Zkm^\hgm^fihkZg^Z' E�^ll^gsZ ]ê fbh eZohkh% ]^kboZ ]Z ngZ iZkmb\heZk^fh]Zebm¨ gê `nZk]Zk^ e^ i^klhg^% lhikZmmnmmh ]b ikhÛeh'=ZeeZ \hgobgsbhg^ \a^ jnê eZmh iZkmb\heZk^ h__kZ ngZ lbgm^lb oblboZ bg \nbkZ\\abn]^k^ èb Zli^mmb i^\nebZkb ]ê \ZkZmm^k^ ]b ng bg]bob]nh% fZ Zg\a^]b ng iZ^lZ``bh h ]b ng jnZengjn^ lh``^mmh' Lb% ikhikbh be ikhÛeh ¯ beo^kh Zk\a^mbih ]b mnmmZ eZ fbZ ikh]nsbhg^ Zkmblmb\Z� ]Z jnê ingmh ]b oblmZ \a^ fb lhgh f^llh Z `nZk]Zk^ Z \hgmhkgZk^ bfb^b lh``^mmb% Z `bkZk^ \hg eZ ebg^Z Zmmhkgh Zb fb^b i^klhgZ``b% ZmmhkghZb fb^b iZ^lZ``b% Zmmhkgh Zee^ fb^ ib\\he^ \hl^% lbgm^mbssZg]h \hl³eZ _kZl^ ]^mmZ ]Z ng [Zf[bgh3 �Be ]bl^`gh ¯ ng�b]^Z \hg bgmhkgh ngZebg^Z�' ?ZgmZlmb\h�Jn^lmZ kb\^k\Z ]b lbgm^lb ]êe^ _hkf^ \hg ngZ lheZ ebg^Z lb ¯ lobeniiZmZgê m^fih% Ûg ]Zee^ ikbf^ ^li^kb^gs^ l\heZlmb\a^% gê Eb\^h :kmblmb\hFblmb\hgb� ]b I^l\ZkZ% \hg eh lmn]bh lnèb Z__k^l\ab ]êe�Zkm^ ^`bsbZgZ ^b kbebôb ]êe�Zkm^ f^lhihmZfb\Z% ^ Zee^ kb\^k\a^ bg]bob]nZeb lnee^ hf[k^\bg^lb% b iZkZo^gmb `bZiihg^lb�^ \hl³ obZ'<hg_^llh \a^ Zg]Zg]h ib½ bg]b^mkh gê m^fih% gê i^klhgZe^% jn^lmZfZgb^kZ ]b `bkZk^ Zmmhkgh Zee^ _hkf^ \hg eZ fbZ Ebg^Z� ¯ bgbsbZmZ Ûg]Z jnZg]h% kZ`Zssh% ]bl^`gZoh e^ \Zkb\Zmnk^ ]^b \hfiZ`gb ]b l\nheZh ]^èb Zfb\b Ze \Z__¯ =^ FZkmbbl ]b @bnebZghoZ% bgjnZ]kZg]heb jnZlbl^fik^ ]b ikhÛeh'Mnmmh jn^lmh ¯ \hgmbgnZmh gêeZ fbZ Zmmbobm¨ \a^ aZ Zonmh lobeniib m^\gb\b]bo^klb% Z iZkmbk^ lbZ ]Zee^ bfikhgm^ lnb mhoZèbZmb \a^ gêe^ ib\\he^lZ`hf^ [bZg\a^ bgl^kbm^ lnb ]bibgmb k^Zeblmb\b ]b ]^kboZsbhg^ ihi ]ê�0)% Zb i^klhgZ``b lmhkb\b ]êe^ mZohe^ g^k^ ^ cnmZ ]ê �0/% ihb \hg bmZllêeb ]^b iZ^lZ``b ghmmnkgb !Insse^ ]ê �01"% h Zèb lmbebssZmb ]bl^`gbbkhgb\b ]b Ze[nf% Ûgh Zee^ l\nemnk^ lZ`hfZm^% ikbfZ ln mZohe^ ]b e^`gh!:[kZ\Z]Z[kZ ]ê +)))" ^ ihb ln eZlmk^ ]b f^mZeeh% k^ZebssZm^ bg jn^lmbnembfb Zggb'> gêe^ k^\^gmb l\nemnk^ [b]bf^glbhgZeb�% ]ho^ ah lobeniiZmh \hg e^Û`nk^ _^ffbgbeb% ngZ ebg^Z ]b ikhÛeh ]bgZfb\Z% ZmmkZo^klh ngZ mhklbhg^]êe^ _hkf^3�bg�lbgm^lb eb[^kZk^% gêeZ m^glbhg^% eZ Û`nkZ�]ZeeZ fZm^kbZ'

Fr ikh]n\mbhg \hf^l _khf Z \hglmZgm Zg] ^__^\mboîZkmb\biZmbhg bg ma^ eZk`^k ikhc^\m h_ k^l^Zk\a� maZm blma^ _hng]Zmbhg h_ \hgm^fihkZkr Zkm' Ma^ ^ll^g\^ h_ frphkd \hf^l _khf Z iZkmb\neZk pZr h_ ehhdbg` Zm i^hie^%^li^\bZeer ma^bk aZe_ _Z\^% _khf ma^ [êb^_ maZm mabl iZkmb\neZklb]^ ikhob]^l Z oblnZe lnffZkr maZm \hgmZbgl ma^ ngbjn^Zli^\ml h_ ma^ \aZkZ\m^k h_ Zg bg]bob]nZe% [nm Zelh h_ ZeZg]l\Zi^ hk Zgr ln[c^\m' R l% mabl bl ma^ mkn^ Zk\a^mri^h_ fr Zkmblmb\ ikh]n\mbhg� :g] bm bl mkner _khf mabl ihbgm h_ob^p maZm B lmZkm^] mh Z]hkg fr ln[c^\ml% mh mnkg ma^ ebg^Zkhng] fr \aZkZ\m^kl% Zkhng] fr eZg]l\Zi^l% Zkhng] frlfZee mabg`l% lh lnffZkbsbg` ma^ phk]l h_ Z \abe]% ]kZpbg`bl Zg b]^Z lnkkhng]^] [r Z ebg^�' ?ZgmZlmb\� Mabl lnffZkrk^l^Zk\a h_ _hkfl pbma Z lbgè^ ebg^ aZl ôheo^] ho^k mbf^%_khf ma^ ^Zkeb^lm l\ahhe ^qi^kb^g\^l bg Zkm l\ahhe Fblmb\hgb�h_ I^l\ZkZ% pbma ma^ lmn]r hg ma^ _k^l\h^l h_ >`rimbZg Zg]F^lhihmZfbZg Zkm lnko^rl% Zg] bg]bob]nZe k^l^Zk\a Z[hnm<abg^l^ laZ]hpl% CZiZg^l^ l\k^^gl Zg] lh hg' B \hg_^llmaZm `hbg` _nkma^k [Z\d bg mbf^% i^klhgZeer% mabl pZr h_mnkgbg` Zkhng] ma^ laZi^l pbma fr ebg^� [^`Zg ô^k lbg\^%Zl Z [hr% B ]k^p \Zkb\Zmnk^l h_ \eZllfZm^l Zg] _kb^g]l Zmma^ \Z_^ =^ FZkmbbl h_ @bnebZghoZ% _kZfbg` ma^f ZefhlmZepZrl aZe_ _Z\^]' Mabl \hgmbgn^] bg fr \Zk^^k pbma lô^kZem^\agb\Ze ]ôêhif^gml% lmZkmbg` _khf [hma ma^ Ûg`^kikbgmlhg mZ[e^\ehmal Zg] bg lfZee pabm^ lbeahn^mm^l bg\en]^] hg ma^k^Zeblmb\ iZbgmbg`l h_ ihi ]^kboZmbhg h_ ma^ �0)l% ma^ ablmhkb\Ze\aZkZ\m^kl h_ [eZ\d [hZk]l Zg] cnm^ h_ *20/% ma^g pbmama^ ib^\^l h_ ma^ gbàm l\^g^l !Insse^ �01" hk ma^ lmrebs^]bkhgb\ ]kZpbg`l h_ Ze[nfl% mh ma^ laZi^] l\neimnk^l% Ûklmbg phh] !:[kZ\Z]Z[kZ +)))" Zg] ma^g pbma f^mZe ieZm^l%fZ]^ bg k^\^gm r^Zkl' Lnk^ bg]^^]% bg k^\^gm l\neimnk^lmph&]bf^glbhgZe�% B aZo^ ]ôêhi^] pbma _^fZe^ Û`nk^l Z]rgZfb\ ikhÛe^ ebg^% makhnà Z libkZe mpblm h_ ma^ _hkfl% bg[kb^_% Zl mh kê^Zl^ bg ma^ m^glbhg% ma^ Û`nk^l _khf fZmm^k'

Ebg^Z]bikhÛeh !<hgmkhen\^ �.0"

*.)

fhl

mkîk

bg\b

iZeb

fZb

g^q

ab[b

mbhgl

�� 02675$ $$%

�� 6('( 7$1=, �0RQ]D�

�� 2/02&2/02

�� &$67(//2 ', %251$72

�� $XWRVDORQH &2%5$

�� $0%85*2 �SHUVRQDOH�

�� /8/1(%85*+ +HLQH�+DXV

�� 3$/$==2 5( �*LXOLDQRYD�

*.+

kbmkZmmb

Gbgh�*2.0 IZlmêeh Z \^kZ Obhe^gsZ *2/+ L^kb`kZÛZ ,.q.)

<Zkeh *2.1 ;khgsh

ihkmk

Zbml

E�ZgZk\ab\h ;^kg^kb *20*

FbkêeZ *210 :\kbeb\h ln mêZ

Obg\^gm�*200 :\jn^kêeh FZk\êebgZ *201 :\kbeb\h�ln mêZ

GhkZ *2.0 ;khgsh

*.-

m^lm

bfhg

bZgs

^m^

lmbf

hgbZ

el E�ZiingmZf^gmh ¯ Zee^ hk^ */3)) gê lnh lmn]bh' Ghg \b \hghl\bZfh ]bk^mmZf^gm^'Lnhgh be \ZfiZgêeh% Gôbh =^ En\Z% g^llngZ kblihlmZ' Ikhoh ngZ l^\hg]Z ohemZ ^ ihb Zg\hkZ ngZm^ksZ� ?bgZef^gm^ lZe`h Zee�nembfh ibZgh ]b ng�[ê iZeZssh ]ê <Zkfbg^%�fhemh ibZ\^k^�Gôbh ¯ ngZ i^klhgZ `^gmbe^% l^kbZ% \b l^]bZfh% ik^l^gmZsbhgb oêh\b ^ ln[bmh bgbsbZ Z iZkeZkfb ]êlnh eZohkh' Lb i^k]^ gê kZ\\hgmh ]êeZ lnZ lmhkbZ% ]ê lnh i^k\hklh% \hg ngZ iZllbhg^ lbg\^kZ ^ ng\hbgohe`bf^gmh mhmZe^'F^gmk^ Zl\hemh be lnhgh ]êeZ lnZ oh\^% �lmkZgh Z\\^gmh% ghg ¯ ]b jnb% ]b\h [^g^8�% fb `nZk]h bgmhkgh^ \^k\h ]b kbmkhoZkfb mkZ jnêe^�iZk^mb \hl³ Ûmm^ ]b \hehkb ^ ]b _hkf^'Fb iZk^ ]�^ll^k^ Zee�bgm^kgh ]b ng \Ze^b]hl\hibh% Zgsb fb iZk^ ]b `nZk]Zk^ ZmmkZo^klh e^ e^gmb ]b ngo^\\abh ob^pfZlm^k% ngh ]b jn^èb Z``^``b ]b ieZlmb\Z \a^ Zg]ZoZgh g^èb Zggb L^mmZgmZ ^ \a^ h``b lbmkhoZgh lheh bg jnZe\a^ f^k\Zmbgh obgmZ`^ h g^b g^`hsb ]b fh]^kgZkbZmh' ?hkl^ h``b fhemb ghg lZgghgîink^ \hlZ lbZ ng ob^pfZlm^k% bh bgo^\^ kb\hk]h ]b Zo^kg^ Zonmh ngh ]Z [Zf[bgZ ^ \hf^ bg ngh]b jn^lmb ZiiZk^\\ab be fbh l`nZk]h l\hkk^ ngh ]hih e�Zemkh èb bgÛgbmb eZohkb \a^ Z__heeZgh e^ iZk^mb ê^ lni^kÛ\b ]^b fh[beb'Fb \heibl\^ ln[bmh eZ oZkb^m¨ ]^èb h``^mmb \a^ o^]h% e�^\e^mmblfh ]b jnê eZohkh bgmkblh ]b \nemnkZ ^ ]bln``^lmbhgb ]bo^kl^ \a^ lb bgmk^\\bZgh bg ng `bh\h ]bo^km^gm^ ^ ]êb\Zmh Ze \hgm^fih i^k mkZ]nklb bg ngZfhemîeb\bm¨ ]b m^\gb\a^ ^ fZm^kbZeb ]b__^k^gmb'>� ng ZkmblmZ iheb^]kb\h Gôbh =^ En\Z \a^ aZ lZinmh kbgghoZklb kbi^mnmZf^gm^ gê lnh \Zffbgh bg ngZkb\^k\Z ^lik^llboZ oboZ\^ ^ Zk`nmZ% ehgmZgh ]Zee^ eh`b\a^ \hff^k\bZeb \a^ ]hfbgZgh be \hgmkho^klhf^k\Zmh ]êe�Zkm^%�bg ngZ�eb[^km¨�]b ebg`nZ``bh�\a^ g^ ¯ \b_kZ ]blmbgmboZ ^ fZmkb\^ ]³ \k^Zmbobm¨'Fb fnhoh i^k eZ lmZgsZ ^ hll^koh4 Z] ZmmbkZk^ eZ fbZ Zmm^gsbhg^ lhgh ikbfb mkZ mnmmb ngZ l^kb^ ]b bgmZklbeb`g^b \hehkZmbllbfb ]b ^\h�g^lihebZgZ%�insse^ ]Ze lZihk^ _nf^mmblmb\h ^ `bh\hlh'I^glh bff^]bZmZf^gm^ Z <^kheb ^ Zee^ ^li^kb^gs^ ]êeZ l\nheZ khfZgZ ]b ibZssZ�]ê ihiheh�'Lhgh i^k eh ib½ ]he\b iZ^lZ``b ghmmnkgb ]Zee^ Z\\^l^ mbgm^ obheZ\^^ ^ [enZlmk^% fZ Zg\a^ Û`nk^ nfZg^%_hkf^ l^fieb\b% înkZm^ ]Z ]^mmZèb ^lm^mbssZgmb% ]bl^`gZm^ ]Z ngZ ebg^Z ê^`Zgm^ ^ fhk[b]Z'>� ngh l`nZk]h \nkbhlh ^ ]bo^kmbmh jnêeh ]b Gôbh% ng `nlmh ^lm^mb\h li^llh f^]bZmh ]Z ng `nbsshbkhgb\h ^ bgmêeb`^gm^% \hf^ gêe^ l^kb^ ]b ]bl^`gb Z fZmbmZ ^] Z\jn^kêeh% _hèb [bZg\ab ]ho^ ib\\he^Û`nk^�]b fhg]b ehgmZgb `bh\Zgh mkZ ehkh'Mhihebgh l^ g^ oZ bg_nkbZmh lhmmh èb h\\ab ]b ng�ê^`Zgm^ FZ]^fhblêe^ Kbob¯k^% Zg`êb `bhmm^l\abloheZssZgh bgmhkgh Ze iZ]kbgh bg ihemkhgZ% eZ \nb m^lmZ ^lieh]^ bg ng _kZ`hkhlh [Zpahhhfii lhmmh èbh\\ab bg^kfb ]b ng \Z]Zo^k^ ]êeZ @n^kgb\Z% b \hgmZ]bgb ]b Fbee^m lhgh [Z`gZmb ]ZeeZ ibh``bZ ]b ngZ]h\\bZ fh]^kgZ% b \hgmb ]b Fhgm^_êmkh ngbmb ]Z ng Ûeh lhmmbe^% lhli^lh% ln \nb ?êbq% be ghmh `Zmmh g^kh%_Z e�^jnbeb[kblmZ' > Zg\hkZ be fZ^lmhlh Zg`êh ]ê ;^Zmh Zg`êb\h \hgmkh be jnZe^ lmZ i^k l\abZgmZklb eZfbmb\Z�[b\b\e^mmZ ]b ;ZkmZeb'?b`nk^ b\hgb\a^ ]b b^kb ^ ]b h``b ]bZeh`Zgh mkZ ehkh% be ebg`nZ``bh fh]^kgh ]^b fZll f^]bZ lb \hg_hg]^\hg b i^klhgZ``b ]êeZ lmhkbZ ]êe�Zkm^4 be kblnemZmh ¯ libZssZgm^% ¯ mnmmh ng `bh\h% ng `bh\h fhemh l^kbhi^k¸'=b^mkh e�ZiiZk^gsZ ]b�ng `^lmh ]bllZ\kZgm^ ^ lZk\Zlmb\h�be�f^llZ``bh ¯ _hkm^ ^ kbi^mnmh'>� eZ [ZgZebssZsbhg^ ]^èb lm^k^hmbib ]êeZ `kZg]^ Zkm^ ]ê iZllZmh% ¯ eZ ohehgm¨ ]b ZeehgmZgZk^ befhg]h ]êe�Zkm^ ]Zee�Ziikh\\bh êbmZkblmb\h lmZ`gZgm^ ]b \nb ¯ bf[ônmh% ¯ eZ \kbmb\Z Z ngZ lh\b^m¨ \aâZ lîZkZmh e�Zkm^ ]ZeeZ obmZ% \a^ e�aZ lonhmZmZ ]ê lnh knheh lh\bZe^'Fb Zesh ^ fb Zoob\bgh Z ngZ lZ`hfZ g^kZ \a^ ln[bmh kb\hghl\h3 ¯ @hrZ% ¯ jnêe�nhfh \hg e^ [kZ\\bZlib^`Zm^ o^klh be \bêh \a^ lmZ i^k ^ll^k^ _n\beZmh ]Zee^ mknii^ gZihe^hgb\a^ be , fZ``bh *1)1' FZ ]bjnêe�nhfh ¯ liZkbmh eh l`nZk]h m^kkhkbssZmh% ^ g^ ¯ kbfZlmZ lheh e�hf[kZ% ng�hf[kZ g^kZ ln ng _hg]hbg mêZ ]b cnmZ `k^ssZ' Gôbh fb fhlmkZ Zemkb eZohkb ]b jn^lmZ l^kb^% Hf[k^�4 ob kbmkhoh b i^klhgZ``b]êe^ hi^k^ ]b @bhmmh% ]b E®`^k% Z]]bkbmmnkZ ]b ngh l\Zmmh ]b <ZiZ% ikhmZ`hgblmb lihèbZmb ]b jn^lmh knh&eh \a^ lb mkZl_hkfZgh bg l^fieb\b ikhÛeb ]b fZm^kbZeb iho^kb% Û`nk^ Z \nb e�ZkmblmZ aZ k^lmbmnbmh eZ eb[^km¨]êe�ZghgbfZmh% Û`nk^ \a^ e�ZkmblmZ \b kbikhihg^ bg ngZ o^lm^ gnhoZ% jn^lmZ ohemZ Z\\^llb[be^ Z mnmmb'EZ \bmZsbhg^ \hemZ ¯ kb\hkk^gm^% \hl³ \hf^ eZ kbÜ^llbhg^ lneeZ lmhkbZ ]êe�Zkm^ ^ lnb f^\\Zgblfb \a^ eZ`ho^kgZgh% ^] ¯ l^fik^ f^]bZmZ ]Z�ngZ o^gZ ihi lmkZgbZgm^ ^ ing`^gm^'>� ng�Zkm^ _ZmmZ ]b kbfZg]b \hgmbgnb jnêeZ ]b Gôbh% ]b ê^f^gmb \bmZmb ^ k^bgm^kik^mZmb \a^% ZmmkZo^klhng Ziikh\\bh hkb`bgZe^ ^ l^fik^ gnhoh%�]bo^g`hgh�Zemkh ]Z l®'Gôbh Zik^ lne mZoheh ng `khllh Ze[nf Z] Zgêeb ]ZeeZ \hi^kmbgZ [bZg\Z' Lb mkZmmZ ]b ng \ZmZeh`h ]b h`&`^mmb ]b Zkk^]Zf^gmh ^ ]^lb`g% ng \ZmZeh`h fhemh iZkmb\heZk^4 _hèbh ]hih _hèbh eZ `kZÛ\Z bg [bZg\h^ g^kh ]^èb Zf[b^gmb ^ ]^èb Zkk^]b in[[eb\bssZmb lb ZgbfZ ]b \hgmhkgb \hehkZmb Z i^ggZkêeh4 Zg\hkZngZ ohemZ ghg lhgh Û`nk^ jnZelbZlb% lhgh îblh]b ^ i^klhgZ``b kbik^lb _^]êf^gm^ ]Zb \ZiheZohkb ]^b`kZg]b fZ^lmkb ]êe�Zkm^ Zgmb\Z' <ZoZeb^kb% ]Zf^% Zg`êb% lbgm^mbssZmb ^gmkh lbeahn^mm^ oZkbhibgm^ \a^`bh\Zgh \hg fh]^kg^ eZfiZ]^ Zeh`^g^% \a^ Z[bmZgh èb liZsb inebmb ^] ^ll^gsbZeb ]b Z[bmZsbhgb ]Ze]^lb`g \hgm^fihkZg^h':g\hkZ ngZ ohemZ Z] Z[bmZk^ be eZohkh ]b Gôbh ghg lhgh nhfbgb fZ \hgmhkgb% ebg^^ [b]bf^glbhgZeb\a^ ]bl^`gZgh ikhÛeb'�L³% ikhikbh be ikhÛeh ¯�be o^kh Zk\a^mbih ]b mnmmZ eZ fbZ ikh]nsbhg^�Zkmblmb\Z�'=Zee^ bfikhgm^ ]b [hmmbèb^ ^ [b\\ab^kb lnb mhoZèbZmb g^èb Zggb L^llZgmZ% Ze ]bl^`gh% ZeeZ \Zkb\ZmnkZ%Zee^ ib\\he^ lZ`hf^ [bZg\a^ g^b ]bibgmb ]^èb Zggb L^mmZgmZ% Zee^ l\nemnk^ [b_khgmZeb% bg e^`gh ^ f^mZeeh]ho^ ZlmkZmmblfh ^ Û`nkZsbhg^ lb li^\\abZgh mkZ ehkh% Ûgh Zèb ^lbmb ib½ k^\^gmb ]b O^gmh_hkm^� bg \nbikhÛeb ]b Û`nk^ _^ffbgbeb lb lmZ\\Zgh ]Z eZlmk^ f^mZeeb\a^ i^k mhk\^klb ln l^ lm^llb% bg ngh l_hksh \aîZk^ m^lh�Z�\hgjnblmZk^ _Zmb\hlZf^gm^ eZ eb[^km¨ ]êeZ _hkfZ'=¸ ng�nembfZ h\\abZmZ% kZib]Z% f^gmk^ hk]bgh i^glb^kb ^ ln``^lmbhgb4 fb iZk^ \a^ Kb\^k\Z� lbZ eZ iZ&kheZ `bnlmZ i^k ]^l\kbo^k^ be eZohkh ]b Gôbh' Kb\^k\Z bgm^lZ \hf^ ik^lniihlmh bfik^l\bg]b[be^ Ze _Zk^Zkmblmb\h% \hf^ _hg]Zf^gmh ]êe�Zkm^ \hgm^fihkZg^Z4 kb\^k\Z \a^ ]bo^gmZ fbgbfh \hfng^ ]^ghfbgZ&mhk^ ]b ngZ ikh]nsbhg^ oZkb^`ZmZ ^ fnemb_hkf^% Ûeh khllh \a^ e^`Z bg fh]h \h^k^gm^ ^ lb`gbÛ\Zmbohng�i^k\hklh ]Zee^�bgÛgbm^ l_nfZmnk^ ^% i^k\a® gh% ingmh�]b iZkm^gsZ i^k lobeniib�_nmnkb bfikô^]b[beb'

:GMHGB: ;>KM>EEB

Bg\hgmkhgêeh Lmn]bh]b D':snfZ

*./

KhfZ *2/*% gêeZ LZeZ ]ê <Zfib]hèbh%ZeeZ FhlmkZ Bgm^kgZsbh&gZe^ ]êeh lmn]^gm^% Zoob^g^ be lnh ;Zmm^lbfh Zkmblmb\h% ik^fbZmh ]ZK^gZmh @nmmnlh gêeZ�L^sbhg^ ;bZg\h ^ G^kh'

=hih Zo^k \hgl^`nbmh eZ fZmnkbm¨ Z I^l\ZkZ% gê Eb\^h :kmblmb\h@'Fblmb\hgb�% lb mkZl_^kbl\^ gêeZ <ZibmZe^ \a^ ]bo^kk¨% gê *2/+% beenh`h ]b _hkfZsbhg^ ]êe�ZkmblmZ Z[knss^l^% ]ho^ eZohk¸ i^k e�>]b&mZebZ Zee�bfiZ`bgZsbhg^ ]b ohenfb fhgh`kZÛ\b ]^b ib½ ghmb Zkmblmb ]bjnêe�îh\Z !;nkkb% @bZ\hf^mmb%<Zih`khllb" ^ Zg\a^ i^k b \ZmZehàb]êeZ _ZfhlZ LmZfi^kbZ ^ @Zee^kbZ FZke[hkhnà' <hgh[[^ bg_Zmmb;nkkb% ^ mkZ Zemkb L\ab_Zgh% ghg\a^� b \kbmb\b ;kZg]b ^ Kn[bn'Gê _^kohk^ ]^èb Zggb �/) bg ibn� Z KhfZ% hemk^ Z L\ab_Zgh% \�^kZ&

gh Zkmblmb \hf^ <^kheb% MZgh ?^lmZ% @bhl^mmZ ?bhkhgb ^ ?kZg\h :g&`êb ]êeZ L\nheZ ]b IbZssZ ]ê Ihiheh� \a^ \k^Zkhgh ngZ obZbmZebZgZ ]ê ebg`nZ``bh Ihi'=^ En\Z% bglhffZ% o^gg^ Z \hgmZmmh \hg ng fhg]h e^`Zmh ZeeZ gnh&oZ \nemnkZ Û`nkZmboZ ]êe^ bffZ`bgb Z lmZfiZ ^ Z ob]^h% \a^ ]bo^g&mZkhgh ihb fh]êeh ]b kb_^kbf^gmh f^gmZe^ ^ lh``^mmh b\hgh`kZÛ\h'=hih jn^lmZ ^li^kb^gsZ khfZgZ bgbsb^k¨ i^k e�ZkmblmZ ng i^k\hklh]b .) Zggb \a^ in¸ lbgbm^mbssZklb g^b l^`n^gmb i^kbh]b3Hkf^% Hf[k^% ?hkf^% ?b`nk^ ^ ?b`nkbg^'

HKF> ;B:G<A> 3:ggb �/)EZ oblbhg^ k^Zeblmb\Z� ]êeZ k^ZemZ� ik^l^gm^ l^fik^ gêe^ ln^ hi^&k^ ihkmh� =^ En\Z% Z] Zoob\bgZklb Zee�Zf[b^gm^ Zkmblmb\h fbeZg^l^%^ kb_^kbklb Zg\a^ l^ bg]bk^mmZf^gm^ Zee�Zk^Z \hg\^mmnZe^' K^Zebssh�bg_Zmmb% Hkf^% bfikhgm^ ]b [hmmbèb^ eZl\bZm^ ln mhoZèb^ [bZg\a^%\a^ Zllnf^kZggh ngZ fh]ZebmZ� ]b :km^ Iho^kZ' MZeb lhgh jn^lm^hi^k^ gê i^kbh]h ]^èb Zggb �/-&�//% \ZkZmm^kbssZm^ ]ZeeZ kb\^k\Z_hg]Zf^gmZe^ ]êe�^lik^llbobmZ� ghg ]ê \hg\^mmnZe^% fZ ]b ng k^&Zeblfh fZm^kb\h'Be \kbmb\h khfZgh FZnkbsbh ?Z`bheh&=êe�:k\h lneeZ kb\^k\Z ]êe�Zkmb&

lmZ bg jn^èb Zggb ^lik^ll^ \hgl^glh ^ bg\hkZ``bZf^gmh'

HF;K>& ?HKF> :GHGBF> :ggb �0)&�1)=^ En\Z lb ^kZ mkZl_^kbmh Z ;k^l\bZ ]ho^ lobenii¸ l^fik^ ]b ibn�ngZ kbÜ^llbhg^ ]bllZ\kZgm^ \hgmkh eZ \nemnkZ Zgmblmhkb\blmZ ]^èbNL: \hg Hf[k^'K^Zebssh�% bg_Zmmb% jnbg]b\b mZohe^ ]b e^`gh o^kgb\bZm^ bg g^kh% \hglZ`hf^ \heeh\Zm^ ln ngh l_hg]h ]b mêZ ]b cnmZ `k^ssZ% nmbebssZg]he^ bffZ`bgb ]ê K^Zeblfh lmhkb\h >nkhi^h�% ]Z @bhmmh Ûgh Zee�Zm&mnZebm¨ _hmh`kZÛ\Z \hg e^ ]kZffZmb\a^ blmZgmZg^^ ]b ?'<ZiZ ^]êeZ LmkZ`^ ]b IbZssZ Eh``bZ% ZeeZ jnZe^ ^kZ ]^]b\ZmZ eZ FhlmkZ'FZ lhikZmmnmmh \hg jn^lmh bgm^ko^gmh =^ En\Z l^fiebÛ\Zg]h% \helheh g^kh b i^klhgZ``b ]êe�hi^kZ _Z\ôZ kb^f^k`^k^ e�ZghgbfZ&mh� ]^b fh]êeb nmbebssZmb% jnZeb ikhmZ`hgblmb ]êeZ l\^gZ ]bibgmZ ]Zb`kZg]b Zkmblmb�]ê�iZllZmh'JnZg]h gê �0/ ^lihl^ Zee�::; Hf[k^% bg ngZ BGLM:EE:SBHG>

Zgm^ ebmm^kZf% _n êh`bZmh ]Z :\abee^ <Zoêebgb% `kZg]^ \hee^sbhgblmZ^ Zfb\h ]b :g]r PZkahe% \a^ ZoôZ Zonmh% Z jn^b m^fib% h\\Zlbh&g^ ]b hlibmZk^ Z ;k^l\bZ'E�Zggh ]hih gê �00 nmbebssZg]h e^ _hmh l\ZmmZm^ ]nkZgm^ eZ fhlmkZ

ik^\^]^gm^ kbmkZll^ \hg eZ m^\gb\Z ]êeZ fZmbmZ ^ \hehkZm^ Z] Z\&jn^kêeh% b oblbmZmhkb \hf^ i^klhgZ``b Zghgbfb% ^ ik^l^gmZmb \hfîkhmZ`hgblmb ]êe�ô^gmh% ZmmnZebssZg]h \hlb� e�ZghgbfZmh \a^ Zo^&oZ ^lik^llh i^k e^ Hf[k^ ]ê �0/ \hg b `kZg]b \ZiheZohkb ]êiZllZmh% gêeZ�fhlmkZ ik^\^]^gm^'

Gôbh =^ En\Z�l Zkmblmb\ [Zimblf� aZii^g^] bg ma^ AZee h_ <Zf&ib]hèbh bg Khf^ Zm Lmn]^gm�l Bgm^kgZmbhgZe ?^lmboZe Zg] k^\^bo^];eZ\d Zg] Pabm^ l^\mbhg ZpZk] [r�K^gZmh�@nmmnlh':_m^k `kZ]nZmbg` _khf @' Fblmb\hgb� Zkml abà l\ahhe bg I^l\ZkZ%a^ fho^] mh Khf^% \bmr maZm pbee [^\hf^% bg *2/+% abl fZbg mkZb&gbg` ieZ\^% pa^k^ a^ phkd^] _hk >]bmZebZ Zg] a^ mhhd \Zk^ h_ fh&gh`kZia eZrhnml _hk ma^ fhlm _Zfhnl Zkmblml h_ maZm ^kZ Zg] Zelhh_ ma^ \ZmZeh`l h_ ma^ pêe&dghpg LmZfi^kbZ Zg] FZke[hkhnà@Zee^kr' A^ f^m ;nkkb Zg] Zfhg` hma^kl L\ab_Zgh% Zl pêe Zl ma^Zkm \kbmb\l ;kZg]b Zg] Kn[bn'Bg ma^ _^kohk h_ ma^ /)l bg Khf^% Zl pêe Zl L\ab_Zgh% ma^k^ p^k^Zkmblml ebd^ <^kheb% MZgh ?^lmZ% ?kZg\h :g`êb% @bhl^mmZ ?bhkhgb Zg]ma^ L\ahhe h_ IbZssZ ]ê Ihiheh� pab\a `Zo^ Z lmZkmbg` ihbgm mhBmZebZg eZg`nZ`^ Ihi'=^ En\Z `hm bgmh \hgmZ\m pbma Z phke] ebgd^] mh ma^ g^p Û`nkZmboîkbgm Zg] ob]^h bfZ`^ \nemnk^ maZm eZm^k [^\Zf^ Z fh]ê h_ f^g&mZe k^_^k^g\^ Zg] b\hgh`kZiab\�ln[c^\m':_m^k mabl KhfZg ^qi^kb^g\^% ma^ :kmblm lmZkm^] Z iZma h_ .) r^ZklmaZm�\Zg�[^�lahkmer ]^Ûg^] bg ma^ _heehpbg` i^kbh]l3?hhmikbgml% laZ]hpl%�laZi^l% Û`nk^l Zg] Û`nkbg^l'

PABM> ?HHMIKBGML3�*2/)lMa^ mkn^ eb_^� oblbhg h_ k^Zebmr ZepZrl ik^l^gm bg abl phkdl [khnàm=^ En\Z mh ZiikhZ\a ma^ Zkmblmb\ fbeb^n bg FbeZg% k^_^kkbg` ô^gbg]bk^\mer mh \hg\îmnZe mhib\l' A^ fZ]^ ?hhmikbgml% ikbgml h_ [hm&me^l e^_m hg pabm^ mZ[e^\ehmal% pab\a ma^g mhhd hg mhpZk]l Ihhk :km'Ma^l^ Zk^ ma^ phkdl ]nkbg` ma^ r^Zkl �/- &�//% \aZkZ\m^kbs^] [rma^�_ng]Zf^gmZe k^l^Zk\a h_ Z fZm^kbZe k^Zeblf'Ma^ khfZg \kbmb\ FZnkbsbh ?Z`bheh&=êe�:k\h ^qik^ll^] \hgl^gmZg] ^g\hnkZ`^f^gm Z[hnm ma^ Zkmblm�l k^l^Zk\a bg mahl^ r^Zkl'

:GHGRFHNL ?HKFL�:G=�LA:=HPL 0)l Zg] 1)l=^ En\Z aZ] fho^] mh ;k^l\bZ pa^k^ a^ bg\k^Zlbgèr ]ôêhi^]Zg bkkô^k^gm k^Ü^\mbhg Z`Zbglm ma^ Zgmb&ablmhkb\blm \nemnk^ h_ ma^NL: pbma�LaZ]hpl'A^ fZ]^ Û_m^^g phh]^g [hZk]l iZbgm^] bg [eZ\d% pbma lbeahn^mm^lieZ\^] hg Z \ZgoZl [Z\d`khng] h_ kZp cnm^% nlbg` ma^ bfZ`^lh_ Ablmhkb\ >nkhi^Zg K^Zeblf�% _khf @bhmmh mh E^`^k% ni mh maîk^l^gm mbf^ pbma ma^ ]kZfZmb\ iahmh`kZiab\ lgZilahml h_ ?' <ZiZZg] ma^ FZllZ\k^ h_ Eh``bZ LjnZk^% pab\a ma^ ^qab[bmbhg pZl]^]b\Zm^] mh' >li^\bZeer pbma mabl bgm^ko^gmbhg =^ En\Z mkb^] mhlrgma^lbs^ nlbg` hger [eZ\d \aZkZ\m^k ikhÛe^l lh ma^r \hne] k^&^f^k`^ _khf ma^ Zghgrfbmr h_ ma^ fh]êl nl^]% Zl k^Ze� ikhmZ&`hgblml�h_�ma^ l\^g^ iZbgm^] [r ma^ `k^Zm Zkmblml h_ ma^ iZlm'

Pa^g a^ ^qihl^] abl phkdl bg �0/ Zm ::;% bg Z _hk^kngg^k BG&LM:EE:MBHG LaZ]hpl pZl ikZbl^] [r :\abee^ <Zoêebgb% Z `k^Zm\hee^\mhk Zg] _kb^g] h_ :g]r PZkahe% pah bg mahl^ r^Zkl aZ] ma^hiihkmngbmr mh ahlm bg ;k^l\bZ'Ma^ _heehpbg` r^Zk% bg �00% a^ ]k^p oblbmhkl Zl Zghgrfhnl \aZkZ\&m^kl% nlbg` iahmhl mZd^g ]nkbg` ma^ ikôbhnl ^qab[bmbhg% pbma ma^m^\agbjn^ h_ \hehk^] i^g\bel Zg] pZm^k\hehkl% ik^l^gm^] Zl maîkhmZ`hgblml h_ ma^ ô^gm% ni]Zmbg` Zghgrfbmr maZm a^ aZ] ^qik^l&l^] _hk ma^ LaZ]^l h_ �0/ pbma ma^ `k^Zm fZlm^kib^\^l h_ ma^ iZlm'Bg ma^ 1)l a^ ^qab[bm^] Zm ma^ ihera^]khg <k^fhgZ ?kZ`f^gmlliZ\^� bg pZm^k\hehk' : \nemnk^ fhk^ Zg] fhk^ ]blmZgm _khf ma^

;BH@K:?B:;BH@K:IAR!:'F' =b IZheh"

KhfZ *2/*B ik^fbZmb ]ê Eb\^h :kmblmb\hLmZmZe^ ]b I^l\ZkZ @' Fblmb\hgb

L^fik^ g^èb Zggb �1) bg Z\jn^kêeh ^lihg^ Ze Iheb^]kh ]b <k^fh&gZ ?kZff^gmb liZsbZeb�\hg b jnZeb ]^gng\bZ eZ \nemnkZ l^fik^ ib½]blmZgm^ ]Zee^ fZll^ \a^ ]blmkn``^ ^ _kZff^gmZ be k^Ze^ bg _ngsbhg^]b ngZ oblbhg^ ZlmkZmmZ ^ e^`ZmZ Z] ng f^k\Zmh l^fik^ ib½ \hg]b&sbhgZgm^ gêe^ l\êm^ Zkmblmb\a^ '

>lihg^ Zee^ @Zee^kb^ ]^ Eh LiZsbh� gê �02 ^ ihb gêeZ @Ze&e^kbZ ]b :e[^kmh OZe^kbh gêe��10 Z ;k^l\bZ% b Insse^l Ghmmnkgb�%bgm^lb jnZe^ hl\nkZf^gmh ]ê k^Ze^% bg kblihlmZ Z] ngZ \nemnkZl^fik^ ib½ Zb fZk`bgb ]Zb ikh[e^fb o^kb% ikbfZ \hg b jnZ]kb g^kb\a^% l^gsZ ÛkfZ lnee^ hi^k^% kbikhihgôZgh e�ZghgbfZmh f^]bh&ôZe^� ]êe�Znmhk^ ' !o' >eblZ[^mmZ Lêfb" ^ ihb \hg ngZ bkhgb\Z_hkfneZ nmbebssZ b iZ^lZ``b ]êe�1)) i^k Zgg^kbkeb bg iZ^lZ``b ghm&mnkgb% bg ng ibZ\ôhe^ `bh\h ih^mb\h ]b insse^ \a^ gb^gm^ aZggh Z\a^ o^]^k^ Z jnêeb ]b N`h G^liheh!o'>eobkZ <ZllZ LZeob"'

Gêe�10 ln \hffbllbhg^ ]^b =^lb`g MZgsb ]b FbeZgh% k^ZebssZe^ bffZ`bgb ]êeZ LmhkbZ ]êe�:km^ \hg e�:km&=bk^\mhk @bZf[ZmmblmZSZ\\h% ng eZohkh `kZÛ\h Z jnZmmkh fZgb% ]bibgm^ lhikZ mêb [bZg\ab]b�\hmhg^% \hg eZ \hgln^mZ�lmbebssZsbhg^�^�ngZ�lhmmbe^ bkhgbZ '

?B@NK> K>:EB :ggb �2)Bg fZgb^kZ ikhoh\ZmhkbZ% =^ En\Z% kbikhihg^ e^ ?bg^lmk^� ]ê

K^Zeblfh gZmnkZe^ blibkZm^ Zb OZehkb IeZlmb\b ]ê ikbfh Gho^\^gmhbmZebZgh' :e\ngb lh``^mmb ihb o^kkZggh nmbebssZmb bg l^`nbmh gêe^ l\ne&mnk^ ]b :[kZ\Z]Z[kZ'

L^`nbk¨ Z f^m¨ ]^èb Zggb �2) ngZ l^kb^ ]b ib\\he^ l\nemnk^ bg[khgsh% \hg ngZ oZe^gsZ Zk\Zb\Z%\a^ ^lihkk¨ gêeZ @Zee^kbZ Mhgb=^ Khllb Z O^khgZ ]ho^ nmbebss^k¨ ngZ lmknmmnkZ [b_khgmZe^ \hg e^&`gb ]Z \Zll^mm^ ]b _knmmZ%bg \nb be k^Zeblfh ]bibgmh ]Z ngZ iZkm^ lb\hg_khgm^k¨ \hg e�ZlmkZmmblfh ]êe�ZemkZ'

<hg :[kZ\Z]Z[kZ l^`nbk¨ ngZ l^kb^ ]b `kZg]b l\nemnk^ % bge^`gh ]bibgmh ' Lb mkZmmZ l^fik^ ]b lZ`hf^ [b_khgmZeb fh]êeZm^ lnlh``^mmb ik^\^]^gmb h ]Z khmh\Ze\h% \hf^ i^klhgZ``b ]ê fhg]h]êe�Zkm^ h kbêZ[hkZsbhgb _ZgmZlmb\a^% \a^ ]Z ng eZmh lhgh ]bibgm^ZeeZ fZgb^kZ k^Zeblmb\Z% ^ gêeZ iZkm^ k^mkhlmZgm^% bkhgb\Zf^gm^ bg&l^kbl\^% ]^èb ê^f^gmb hkmh`hgZeb ]b lhlm^`gh% \a^ Zllnfhgh gêeZehkh�\hehkZsbhg^% ng \abZkh kb_^kbf^gmh �Z Fhg]kbZg '

O>GMH?HKM> +)))?bgh Zee^ nembf^ l\nemnk^% \hg oZe^gsZ f^mZ_hkb\Z% kbikhihg^ be

knheh ]êeZ ]hggZ gêeZ lh\b^m¨' LZ`hfZg]h eZlmk^ ]b f^mZeeh lneeZl^kb^ O^gmh_hkm^% e^ Û`nk^ _^ffbgbeb% \hg be ehkh ikhÛeh ^f^k`hghbg ngZ ê^`Zgm^ mhklbhg^% eb[^kZm^ ]Z lmknmmnk^ ZlmkZmm^ ^ ikbfbmbo^'

E�ZkmblmZ \ab^]^ ]b k^\ni^kZk^ \^kmb oZehkb fhkZeb \a^ lb lhgh Z__^k&fZmb gêeZ lmhkbZ ]ê K^Zeblfh ^ \a^ lhgh l^fik^ ZeeZ [Zl^ ]êeZmkZ]bsbhg^ Zkmblmb\Z >nkhi^Z% b lheb oZehkb \a^ ihllhgh kb]Zk^ jnêeZ_ngsbhg^% Zg\a^ ]b]Zmmb\Z !i^k\a¯ gh8"% Z _Zk \k^l\^k^ e^ b]^^ ]bng�Zkm^ ib½ ob\bgZ ZeeZ lh\b^m¨ % \a^ iZkeb \hg e^ ln^ hi^k^ ZeeZ `^gm^\hfng^% ôbmZg]h ^lik^llbhgb êbmZkb^ ^ lhÛlmb\Zm^'

fZll^l pab\a ]^lmkhr^] ma^ k^Ze� bg m^kfl h_ Z fZkd^m maZmpZl bg\k^Zlbgèr bgÜn^g\^] [r <hg\îmnZe Zkmblmb\ \ahb\^l bgbml o^bgl' !O'�>'?^ssb"

?nkma^kfhk^% bg ma^ 1)l% a^ ^qab[bm^] phkdl Zm ma^ @Zee^kb^lh_ Eh LiZsbh� Zg] Zm GnhoZ <bmm¨ h_ :e[^kmh OZe^kbh bg ;k^&l\bZ% ln\a Zl ma^ Insse^l Gh\mnkg^l�% f^Zgbg` ma^ ]Zkd^gbg`h_ ma^ K^Ze% maZm Zk^ mhmZeer [eZ\d nglb`g^] iZbgmbg`l% pab\ak^Ü^\m ma^ Zghgrfhnl f^]bôZe Znmahk&\kZ_mlf^g Zg] =^ En\ZkZbl^] ma^ b]^Z h_ :km inkbÛ^] _khf ô^kr f^k\bÛ\ZmhkbhkZbl^]\hglmkZbgm pbma Z ghg&\hg_hkfblm [âZobhk ghm bg phk]l [nm bg]^^]l !o' >eblZ[^mmZ Lêfb"Bg �10 a^ fZ]^% Zl Zllb`g^] [r MZgsb =^lb`g h_ FbeZg% Z _hnkaZg]l `kZiab\ phkd pbma abl nlnZe lmrebg` Zg] ln[me^ bkhgr k^&lnf^] _khf ma^ bfZ`^l h_ :km Ablmhkr Zg] a^ ihkmkZr^] ma^fpbma lmkhg` lmZbgbg` ebg^l hg pabm^ la^^ml h_ iZi^k Zg] \hmmhgk^Zebs^] pbma ma^ :km&=bk^\mhk @bZf[ZmmblmZ SZ\\h' Lh a^ ]b] Zlrgma^lbl h_ ê^`Zgm _hkfl h_ lhf^ _Zfhnl \eZllb\Ze phkdl maZm^qmhee^] ma^ ie^ZlZgmg^ll h_ ma^ hkb`bgZel'

IKBF:KR ?HKFL :G= PBG=HPL & *22)�l

:m Lmn]bh Mhgb =^ Khllb h_ O^khgZ a^ ^qihl^] bml M^Zmkbgb% Û`n&kbg^l h[mZbg^] \Zkobg` phh]l h_ _knbm \kZm^l% fZ]^ h_ [khgs^'Ma^ \kbmb\Ze ?Znlmh Ehk^gsb ik^l^gm^] abl i^klhgZe ^qab[bmbhg ZlZ kbmnZe h_ fZm^kbZel hkb`bgZm^] _khf Z ihhk ZkmblZg% lmê^ maZmôhd^ bfZ`^l h_ \nemnk^l Zg] ihineZk frmal' A^g\^ ma^ [hq&_kZf^ Zl Z ieZ\^�h_�f^fhkr '''� !,k]&�++g] FZr�*220"LfZee l\neimnk^l bg [khgs^% pbma Zg Zk\aZb\ oZen^% maZm a^ nl^]Z ]hn[e^&_khgm^] lmkn\mnk^ pbma phh] h_ _knbm \kZm^l% pa^k^ ma^k^Zeblf h_ Z iZkm bl \hg_khgm^] pbma ma^ Z[lmkZ\mbhg h_ ma^ hma^k':[kZ\Z]Z[kZ _heehp^] pbma eZk`^ l\neimnk^l bg phh]' Ma^r Zk^]hn[e^&_khgm laZi^l fh]ê^] hg ikôbhnl ln[c^\ml !IkbfZkr?hkfl Zg] Pbg]hpl" pab\a Zk^ iZbgm^] hg hg^ lb]^ pbma Zk^Zeblmb\ fZgg^k% Zg] Zm ma^ [Z\d% a^ bkhgb\Zeer Ûmm^] ma^ ê^&f^gml h_ hkmah`hgZe lniihkm% mZdbg` bg ma^bk \hehkbg` Z \e^Zkk^_^k^g\^�mh Fhg]kbZg'

O>GMH?HKM> +)))

Ngmbe ma^ eZlm l\neimnk^l% pbma Z f^mZiahkb\Ze phkma% a^ [kbg`l[Z\d hg\^ Z`Zbg ma^ khe^ h_ phf^g bg lh\b^mr' LaZibg` f^mZeieZm^l hg ma^ O^gmh_hkm^ l^kb^l% _^fZe^ Û`nk^l ^f^k`^ pbmama^bk ikhÛe^l% bg mhklbhg% Zl eb[^kZm^] _khf Z[lmkZ\m Zg] ikb&fbmbo^ lmkn\mnk^l3 =^ En\Z% pabe^ fhobg` pbma Z f^mZiahkb\Zekîk^l^gmZmbhg h_ bfZ`^l% aZl lbfiebÛ^] ma^ lb`gl% Zg] bg ma^^g]%�aZl�fnembieb^]�bg�lh\bZe�Zg]�fhkZe f^Zgbg`l'

*.1

& *20, ?bk^gs^3 IbZssZ�L'<kh\^% FnkZe^l <bmm¨ ?nmnkZ�<hee^mmboh�]ê O^gmh Khllh'

& *20- IZkbl3Fnl^h ]�:km^ Fh]^kgZ�LZehg ]^ eZC^ng^ I^bgmnk^� <hee^mmboZ

& *20. ;k^l\bZ ::;3 �EZ�LiZ`gZ�^�be�<be^ gê \nhk^�

&

<hee^mmboZ

FZgmhoZ3 IZeZssh M¯ HfZ``bh�Zb \Z]nmb ]b IbZssZEh``bZ� <hee^mmboZ

& *20/ ;k^l\bZ !::;" BGLM:EE:SBHG> bg *. MZohe^]b�Hf[k^ Zghgbf^� lne K^Zeblfh >nkhi^h !I^klhgZe^"

& *200 ;k^l\bZ N<:B&;L :\jn^kêeb 3�?b`nk^ Zghgbf^�lnb oblbmZmhkb�\hf^ ikhmZ`hgblmb' !I^klhgZe^"

& *202 @Zee^kbZ Eh LiZsbh ;L3 Hf[k^ ghmmnkg^�lneeZ K^Zem¨ \Zg\êeZmZ ' !I^klhgZe^"

& *21+ IZkbl3 E^ LZehg�]^l GZmbhgl & :kmblmb bmZebZgb\hgm^fihkZg^b !BgobmZmh"

& *21, @Zee^kbZ Be Iheb^]kh& <k^fhgZ3 ?kZff^gmb liZsbZeb�hoo^kh�be \Zhl ^ e�bkhgbZ''' !I^klhgZe^"

& *210 @Zee^kbZ�]b :E;>KMH O:E>KBH3 IZ^lZ``b ghmmnkgb�lne K^Zeblfh \Zg\êeZmh !I^klhgZe^"

& *212 G^p Rhkd 3 >qih&:km <hee^mmboZ BmZer:kmblml�

& *212 FbeZgh�LZehg^�M:GSB&=>LB@G !I^klhgZe^"

& *22+ ;HEH@G:�3�:KM>&?B>K: ! @Zee':kl^k"

& *22/ IkhoZèbh& IZeZssh ?kZg\^l\hgb3Mêb &:e[nf

& *220 O^khgZ&Lmn]bh Mhgb =^ Khllb !I^klhgZe^"

& +))) ;k^l\bZ LZehg^ ]êe�HEFH<HEFH !I^klhgZe^"Ik^l^gmZsbhg^ ]b FZkmbgZ�<hk`gZmb

& +))* <:LM>EEH ]b ;hkgZmh bg ?kZg\bZ\hkmZ !I^klhgZe^"

& +)), FZgmhoZ :kmihbgm`Zee^kr3GNOHE:KB&OHE:

& +))- ;k^l\bZ&ObeeZ ;Zk[hèbh�!bgobmZmh" I^klhgZe^

& +)). BfheZ3�Zee�:ggngsbZmZ !bgobmZmh" I^klhgZe^

& +)). IZobZ3 LZgmZ FZkbZ�bg�@nZemb^kb !BgobmZmh"

& +))0 :F;NK@H *2(- & +2(.�Ikhebg`nblf &I^klhgZe^ Dnemnk_hknf !bgobmZmh"

& +))0 ENG>;NK@A�,(/�&�.(0�Dnglmo^k^bg AZbgâZnl^ !I^klhgZe^"

& +)*) ;k^l\bZ :nmhLZehg^ <h[kZ&?bZm !I^klhgZe^"

& +)*, I:E:SSH EH@@B:�!;L"3� BGOBM:MH <hee^mmboZ3G^llng ]hkfZ� &�Hi^kZ3 L^`k^mh ]b LmZmh

K^\^glbhgb3 <:L: OH@N>�%�BGM>KGB %LMBE> % :KM&F:@:SBG

E> IBæ BFIHKM:GMBI>KLHG:EB�>�<HEE>MMBO>LHGH LM:M>3

L^`k

^mh

]bLm

Zmh

+)*-

Z\kbe

b\h�

lnm^

eZ*)

)q*)

)<

hee^

sbhg

^�<

ZlZ

]êeZ

F^f

hkbZ

Ûgbmh ]b lmZfiZk^ gê `bn`gh +)*.

LBMH�I>KLHG:E>3ppp'gôbh]ên\Z'bm

;EH@3bdaghl']ôbZgmZkm'\hf

gôbh]ên\Z'[eh`lihm'\hfbdaghl-0'[eh`lihm'\hf

>&F:BE3gôbhhh9eb[^kh'bm

Date post:	14-Dec-2015
Category:	Documents
Upload:	nevio-de-luca
View:	45 times
Download:	2 times

Nevio De Luca - Works

Documents