Comments
Transcript
Strategi- og handlingsplan for Biologisk
4USBUFHJPHIBOEMJOHTQMBO ǺǸǸȀoǺǸǹǺ #JPMPHJTLEZOBNJTL'PSFOJOH 4USBUFHJPHIBOEMJOHTQMBO ǺǸǸȀoǺǸǹǺ #JPMPHJTLEZOBNJTL'PSFOJOH *OOIPME ªêèèð#*0-0(*4,ʰ%:/".*4,'03&/*/( 65(*7&3 3&%",53 %&4*(/ 0.4-"( '050 #*0-0(*4,ʰ%:/".*4,'03&/*/( &3*,&7&/36% $0/$&15*0/ 7&%"%0/&-.*3 "%0/&-.*3 '*//%"-&*7&34&/ 7*4+0/ '0303% 4"..&/%3"( *//-&%/*/( ",5*7*5&5&3 %"(&/4",5*7*5&5&3 1-"/&/4)07&%"3#&*%40.3¯%&3 +03%#36,&5 ǹǹ 7FJMFEOJOH ǹǺ %FNFUFSGPSWBMUOJOHFO ǹǻ %FCJPEZOBNJTLFQSFQBSBUFOF ǹǼ 'BHTFNJOBS ǹǽ 'PSEZQOJOHTTFNJOBSFOF ǹǾ ,VMUVSHÌSEFS ǹǿ ,VMUVSLPSOGSGPSFEMJOHPHPNTFUOJOH ǹȀ 1PUFUQSPTKFLU 6/(%0. Ǻǹ "1(PSEOJOHFO ǺǺ 6UEBOOFMTF Ǻǻ /PSEJTLVOHEPNTHSVQQF */'03."4+0/ ǻǹ 5JETTLSJGUFU)FSCB ǻǺ *OGPSNBTKPONBSLFETGSJOH ǻǻ 'PSFOJOHFOTOFUUTUFE ǻǼ #PLVUHJWFMTF ǻǽ 5JMCVEPNGPSFESBHPHLVST ǻǾ 34UFJOFSJ/PSHFǹǸǸÌSTNBSLFSJOH ǻǿ 'PSCSVLFSEJBMPH '034,/*/( Ǽǹ &UBCMFSJOHTTUUUFUJM7JUBMBOBMZTF ǼǺ 4BNBSCFJENFE#JPGPSTLLPMPHJTL Ǽǻ 4BNBSCFJENFE-'3PH'.-" 03("/*4"503*4,"3#&*% &55&303% ,0-0(*4,0(#*0%:/".*4, ǹǼ ǹǽ ǹǽ ǹǽ ǹǾ ǹǾ ǹǿ ǹǿ ǹȁ ǹȁ ǹȁ ǺǸ Ǻǹ Ǻǹ ǺǺ ǺǺ Ǻǻ Ǻǻ Ǻǽ Ǻǽ Ǻǽ 7JTKPO #JPMPHJTLEZOBNJTL'PSFOJOHBSCFJEFSGPSFO MJWTLSBGUJHKPSECSVLTLVMUVSTPNFSLPMPHJTL BOTWBSMJHGSFNNFSOBUVSFOTNBOHGPMEPHHJS FSOSJOHBWIZLWBMJUFU 'PSPSE %FUUFEPLVNFOUFUFSFOTUSBUFHJPHIBOEMJOHTQMBO GPS#JPMPHJTLEZOBNJTL'PSFOJOHTWJSLTPNIFUGPS QFSJPEFOñïï÷oñïðñ%PLVNFOUFUCMFWFEUBUUQÌ ÌSTNUFUJñïï÷ #*0-0(*4,ɞ%:/".*4,'03&/*/(FSFONFEMFNTPSHBOJTBTKPO GPSCOEFSPHGPSCSVLFSF'PSFOJOHFOCMFTUJGUFUJðøôïPHBSCFJEFS GPSÌVUWJLMFEFUCJPEZOBNJTLFPHLPMPHJTLFMBOECSVLFUJ/PSHF '03&/*/(&/)"3òôïNFEMFNNFS%FUESJWFTCJPMPHJTL EZOBNJTLKPSECSVLQÌòòHÌSEFSGPSEFMUPWFSIFMFMBOEFUNFONFE IPWFEUZOHEFOQÌTUMBOEFU%FUCJPEZOBNJTLFNJMKFUIBSEFTJTUF óïÌSIBUUFOQJPOFSSPMMFJVUWJLMJOHFOBWEFULPMPHJTLFMBOECSVLFU PHIBSTUBEJHFOTFOUSBMQPTJTKPOJOOFOLPMPHJTLHSOOTBLTPH LPSOQSPEVLTKPOHÌSETTBMHPHMPLBMUGPSCSVLFSBSCFJE *%"(mOOFTQSPEVLUFSNFSLFUNFE%FNFUFSCMPNTUFOJ)FMJPT CVUJLLFSIFMTFLPTUCVUJLLFSPHJEBHMJHWBSFIBOEFMFONFOLVOFU GÌUBMMLKFOOFS%FNFUFSNFSLFUoTPNTBNNFONFENFSLFUFS TZNCPMFUGPSFUCJPEZOBNJTLQSPEVLU#JPEZOBNJTLFCOEFSNÌ PQQGZMMFBMMFLSBWUJMLPMPHJTLEZSLJOHoQMVTTUJMMFHHTSFHMFSTPNFS VUWJLMFUJTBNBSCFJENFE%FNFUFS*OUFSOBUJPOBM 456%*&3'3"NBOHFJOUFSOBTKPOBMFGPSTLOJOHTJOTUJUVTKPOFSTPN CMBOUBOOFU-PVJT#PML/FEFSMBOE,BTTFMJ5ZTLMBOEPH'J#-J4WFJUT oQFLFSJSFUOJOHBWBUEFOCJPEZOBNJTLFEZSLJOHTNFUPEFOIBSFO QPTJUJWJOOWJSLOJOHQÌKPSEBTCJPMPHJTLFNBOHGPMENBUKPSEMBHFUT IVNVTJOOIPMEPHQSPEVLUFOFTIPMECBSIFUPHFSOSJOHTLWBMJUFU */03(&IBSEFULPMPHJTLFPHCJPMPHJTLEZOBNJTLFNJMKFUIFMF UJEFOIBUUFUOSUTBNBSCFJEUJMHKFOTJEJHOZUUF '03&/*/(&/)"3WSUBLUJWJFUBCMFSJOHFOBW%FCJP/PSTLJ EBH#JPGPSTLLPMPHJTL EFLPMPHJTLFGPSTLTSJOHFOFPH0JLPT oLPMPHJTL-BOETMBHPHIBSJIFMFEFOOFQFSJPEFOTBNBSCFJEFUGPSÌ OÌGFMMFTNÌM)PWFECFHSVOOFMTFOGPSÌPQQSFUUIPMEF#JPMPHJTLEZOB NJTL'PSFOJOHTPNTFMWTUFOEJHPSHBOJTBTKPOFSCFIPWFUGPSÌUBWBSF QÌHSVOOMFHHFOEFLKFSOFWFSEJFSGPSIFMFEFULPMPHJTLFKPSECSVLFU WJEFSFVUWJLMFEFOCJPEZOBNJTLFEZSLJOHTNFUPEFOPHPQQSFUUIPMEF VUWFLTMJOHFONFEWÌSFJOUFSOBTKPOBMFGPSTLOJOHTNJMKFSPHOFUUWFSL %&//&453"5&(*ɞPHIBOEMJOHTQMBOFOFSFUSFETLBQJGPSFOJOHFOT BSCFJENFEÌTLBQFFOMJWTLSBGUJHKPSECSVLTLVMUVSTPNFSLPMPHJTL BOTWBSMJHJWBSFUBSPHGSFNNFSOBUVSFOTNBOHGPMEPHHJSNPSHFO EBHFOTNFOOFTLFSFSOSJOHBWIZLWBMJUFU KVOJñïï÷ 1ÌWFHOFBW#JPMPHJTLEZOBNJTL'PSFOJOH +PTUFJO)FSUXJH 4UZSFMFEFS í 4BNNFOESBH 4USBUFHJPH IBOEMJOHTQMBO ǺǸǸȀoǺǸǹǺ #JPMPHJTLEZOBNJTL'PSFOJOHFSFO NFEMFNTPSHBOJTBTKPOGPSCOEFSPHGPS CSVLFSF'PSFOJOHFOCMFTUJGUFUJðøôïPH BSCFJEFSGPSÌVUWJLMFEFUCJPEZOBNJTLF PHLPMPHJTLFMBOECSVLFUJ/PSHF &OMJUFOHSVQQFCOEFSGPSCSVLFSFPHGPSTLFSFJ NBOHFMBOEIBSOFEMBHUFOTUPSQFSTPOMJHJOOTBUTGPSÌ VUQSWFPHWJEFSFVUWJLMFEFOCJPEZOBNJTLFKPSECSVLT NFUPEFOPHWJPQQMFWFSOÌFOLFOEFJOUFSFTTFGPSEFU UFPSFUJTLFPHQSBLUJTLFBSCFJEFUTPNVUGSFT %FCJPEZOBNJTLFHÌSEFOFIBSCMBOUBOOFUFOTFO USBMQPTJTKPOJOOFOLPMPHJTLGSVLUHSOOTBLTPHLPSO QSPEVLTKPOHÌSETTBMHPHMPLBMUGPSCSVLFSBSCFJE*EBH FSNBOHFBWEFLPMPHJTLFHSOOTBLFOFIPTCMB$PPQ oCJPEZOBNJTLEZSLFUPHEFONPEFSOFTQFMUQSPEVLTKPO J/PSEFOFSFUSFTVMUBUBWFUNÌMSFUUFUBSCFJEGPSBLUJW CFWBSJOHBWLPSOTPSUFSTPNNPEFSOFLPSOGPSFEMJOHIBS USFOHUVUBWBMNJOOFMJHQSPEVLTKPO %FTJTUFGFNÌSFOFFSWÌSUOFUUWFSLPHWÌSUBSCFJET PNGBOHCMJUUCFUZEFMJHVUWJEFUPHWJTBNBSCFJEFSJEBH NFECÌEFFOLFMUQFSTPOFSPSHBOJTBTKPOFSGPSTLOJOHT NJMKFSPHCFESJGUFSJ/PSHFPHJ/PSEFO .FELUBSCFJETPNGBOHGMHFSCFIPWFUGPSUJMGSJOH BWNFOOFTLFMJHFPHLPOPNJTLFSFTTVSTFSNÌMSFUUFPH GPSWBMUFGPSFOJOHFOTJOOTBUTPHWJEFSFVUWJLMFLWBMJUFUFO QÌBSCFJEFU 453"5&(*1-"/&/4)&/4*,5 & ¯CJESBUJMFOGFMMFTCFWJTTUIFUFUQFSTPOMJHFJFSTLBQ PHBOTWBSGPSEFPQQHBWFOFGPSFOJOHFOWFEUBSÌ BSCFJEFNFE & ¯TLBQFFOGFMMFTPQQGBUUFMTFBWPQQHBWFOFTJOOIPME TBNNFOIFOHPHLSBWUJMHKFOOPNGSJOHPHMFHHF HSVOOMBHFUGPSQSJPSJUFSJOHFSJOOFOGPSEFSBNNFS GPSFOJOHFOIBSUJMSÌEJHIFU & ¯HJGPSFOJOHFOFOUZEFMJHFSFQSPmMCÌEFJOOBEPH VUBEPHEBOOFHSVOOMBHGPSBSCFJEFUNFEÌmOBOTJ FSFWJSLTPNIFUFO î 0.%&55&%0,6.&/5&5 %PLVNFOUFUJOOFIPMEFSFOCFTLSJWFMTFBWEFPQQHBWFS GPSFOJOHFOBSCFJEFSNFEJEBHPHNÌMGPSEFUWJEFSF BSCFJEFU1MBOFOUBSVUHBOHTQVOLUJmSFIPWFEBSCFJET PNSÌEFS -"/%#36,4%3*'57&*-&%/*/(0(7*%&3&657*,-*/( o 6UWJLMFEFOCJPEZOBNJTLFESJGUTNFUPEFOHKFOOPN FUUFUUTBNBSCFJENFEGPSTLFSFJPHVUFOGPSWÌSU NJMK o #SVLFEFFLTJTUFSFOEFHÌSEFOFTPNBLUJWFSFETLBQ GPSÌGPSNJEMFLVOOTLBQPNCJPMPHJTLEZOBNJTL ESJGU o 5BWBSFQÌEFUCJPMPHJTLFNBOHGPMEFUJKPSECSVLFU 6/(%0.4,0-&3*/(65%"//*/( o *NUFLPNNFVOHEPNNFOTCFIPWGPSLVOOTLBQPH PQQMFWFMTFBWNJMKWFOOMJHNBUQSPEVLTKPO o 4SHFGPSIZLWBMJUFUQÌQSBLUJLBOUBSCFJEFUPHGÌ HPELKFOUQSBLUJLBOUPQQIPMEFUTPNEFMBWFOGPSNFMM VUEBOOFMTF */'03."4+0/."3,&%4ʰ0('03#36,&3"3#&*% o 4UZSLFLPOUBLUFOUJMGPSCSVLFSOFHKFOOPNLUJOGPS NBTKPOPNTBNNFOIFOHFONFMMPNEZSLJOHTNFUP EFFSOSJOHTLWBMJUFUPHIFMTF o "SCFJEFNFEÌVUWJLMFFUTQSÌLTPNLPNNVOJTFSFS NFEEFNÌMHSVQQFSWJOTLFSÌOÌ o 6UWJLMFFOGPSCSVLFSEJBMPHHKFOOPNUJMCVEUJMPSHB OJTBTKPOFSPHTLPMFSPNGPSFESBHNBULVSTNFENFS '034,/*/(0(657*,-*/( o LFGPSTLOJOHTJOOTBUTFOQÌGPSIPMEFUNFMMPN EZSLJOHTNFUPEFFSOSJOHTLWBMJUFUPHIFMTFPHGPS NJEMFFLTJTUFSFOEFPHOZGPSTLOJOH )WFSUPNSÌEFFSLPSUCFTLSFWFUNFEVOEFSQVOLUFS TPNLPOLSFUJTFSFSNÌMPHUJMUBL%FUUFMFUUFSBSCFJEFU NFEÌQSJPSJUFSFPQQHBWFOFJGPSIPMEUJMEFNJEMFSGPS FOJOHFOUJMFOIWFSUJESÌEFSPWFS&OGPSVUTFUOJOHGPS ÌHKFOOPNGSFQMBOFOFSLPOPNJTLFSBNNFSTPNUJM TWBSFSUPÌSTWFSLTBNUNJEMFSUJMEBHMJHESJGU 7*%&3657*,-*/( .FEVUHBOHTQVOLUJTUSBUFHJPHIBOEMJOHTQMBOFOTLBM TUZSFUEBHMJHMFEFSPHBSCFJETHSVQQFOFBSCFJEFBLUJWU GPSÌTUZSLFLPOPNJFO1MBOFOTLBMFWBMVFSFTPHKVTUF SFTJGPSCJOEFMTFNFEÌSTNUFIWFSUÌS %FOOFTUSBUFHJPHIBOEMJOHTQMBOFOFSFUSFETLBQ GPSÌWJEFSFVUWJLMFGPSFOJOHFOTBSCFJENFEÌTLBQFFO MJWTLSBGUJHKPSECSVLTLVMUVSTPNFSLPMPHJTLBOTWBSMJH JWBSFUBSPHGSFNNFSOBUVSFOTNBOHGPMEPHHJSNPSHFO EBHFOTNFOOFTLFSFSOSJOHBWIZLWBMJUFU 4ĥģĒĥĖĘĚĠĘęĒğĕĝĚğĘĤġĝĒğñïï÷oñïðñ *OOMFEOJOH %FUCJPMPHJTLEZOBNJTLFCJPEZOBNJTLF BSCFJE CBTFSFTQÌTBNNFOIFOHFONFMMPNEFNBUFSJFMMFPH ÌOEFMJHFLSFGUFSTPNVUUSZLLFSTFHHKFOOPNOBUVSFOT NBOHGPMEBWTZOMJHFMJWTGPSNFSPHVTZOMJHFMJWT LSFGUFS.ÌMFUFSFOTVOOKPSEWJUBMUWBOOGSJTLMVGU TVOOFQMBOUFSPHIZFSOSJOHTLWBMJUFUGPSEZSPH NFOOFTLFS(SVOOMBHFUGPSEFOOFKPSECSVLTGPSNFO FSGPSFESBHFOFUJM3VEPMG4UFJOFSPNUFPSFUJTLFPH QSBLUJTLFMTOJOHFSGPSFULVMUVSKPSECSVL .FUPEFOFSTJEFOCMJUUWJEFSFVUWJLMFUBWCMB&1GFJĊFS %JF'SVDICBSLFJUEFS&SEFðøòö -JMJ,PMJTLP"HSJDVM UVSFPG5PNPSSPXðøòø PH#WPO)FZOJU[TPNQÌòïUBM MFULBSUMBQSPEVLTKPOFOQÌôôCJPEZOBNJTLFHÌSETCSVLPH TUJMUFEFNJSFMBTKPOUJMLPOWFOTKPOFMMFHÌSEFS "W/PSEJTLFQJPOFSFSLBOOFWOFT#P1FUUFSTPOPH .BHEB&OHRVJTUTPNWBSTFOUSBMFJFUBCMFSJOHFOPHESJG UFOBW'PSTLOJOHTJOTUJUVUUFUJ+ÊSOB4WFSJHF 7*%&3&657*,-*/("7.&50%&/*/:&3&5*% "SUVS(SBOTUFEU+ÊSOBJ4WFSJHFIBSHKFOOPNEFTJTUFòï ÌSVUGSUFUPNGBUUFOEFBSCFJEGPSÌCFMZTFEFUPSHBOJTLF LSFUTMQFUPHEFUTCFUZEOJOHJQSBLUJTLKPSECSVLTESJGU PHTBNNFOIFOHFONFMMPNIVNVTOFECSZUOJOHPHMBOE CSVLFUTLMJNBHBTTVUTMJQQUJMBUNPTGSFO)BOIBSPHTÌ MFEFUFU&6QSPHSBNGPSÌLBSUMFHHFMBOECSVLFUTCJESBH UJMGPSVSFOTOJOHFOJTUFSTKFO #JPEZOBNJTL'PSTLOJOHTGPSFOJOH%BONBSLPHGPST LOJOHTJOTUJUVUUFOFJ,BTTFM5ZTLMBOEPH-PVJT#PML)PM MBOEIBSHKPSUFUPNGBUUFOEFHSVOOMBHTBSCFJEGPSÌCFMZTF GPSIPMEFUNFMMPNFSOSJOHTLWBMJUFUPHIFMTF%FSFTBS CFJEIBSCMBOUBOOFUSFTVMUFSUJBUEFOTÌLBMUFjCJPLSZT UBMMJTBTKPOTNFUPEFOxFSWBMJEFSUTPNFOWJUFOTLBQFMJH NFUPEF 'J#-J4WFJUTIBSGPSFUBUUTBNNFOMJHOFOEFGPSTL NFMMPN%ZOBNJTLCJPMPHJTL 0SHBOJTLLPMPHJTL PH ,POWFOTKPOFMMKPSECSVLTESJGU%0,GPSTLFOF PHCF TLSFWFUGPSTLFOFTSFTVMUBUFSGSBñôÌSTBSCFJE#JPGPSTL LPMPHJTLPH#JPMPHJTLEZOBNJTL'PSFOJOHIBSTBNBS CFJEFUPNFOOPSTLPWFSTFUUFMTFBWSBQQPSUFOTPNCMF HJUUVUñïïó ð .BOHFBWEJTTFQJPOFSFOFIBSJLLFCBSFGPSVUTFUUEB HFOTNJMKQSPCMFNFSNFOEFIBSPHTÌBSCFJEFUNFEÌ mOOFMTOJOHFSTPNFSUJMHKFOHFMJHFGPSPTTJEBH7ÌSCF WJTTUIFUPNLMPEFOTLPMPHJTLFUJMTUBOEIBSLUHSBEWJT EFTJTUFòïÌSPHIBSHKFOOPNLMJNBQSPCMFNFOFGÌUUFO OZEJNFOTKPO %FOHMPCBMFTJUVBTKPOFOGPSKPSEPHWBOOLWBMJUFUFO PHEFUCJPMPHJTLFNBOHGPMEFUIBSFOOÌJLLFGÌUUMJLFNZF PQQNFSLTPNIFUNFOLBOLPSUPQQTVNNFSFTTMJL +PSEBoFSPTKPOVUWBTLJOHPHIVNVTOFECSZUOJOH SFTVMUFSFSJMJWMTPHVUBSNFUNBUKPSEPHUBQBWKPSE CSVLTBSFBMFS 7BOOFUoEFUGJOOFTJEBHSFTUFSBWQMBOUFWFSONJEMFS JOFECSFOPWFSIFMFLMPEFOVUWBTLJOHBWOSJOHT TUPĊFSFSPNGBUUFOEFPHNBOSFHOFSNFEBUJǺǸǺǽWJM ǽǸǶBWKPSEBTCFGPMLOJOHMFUFFUUFSSFOUWBOO %FUCJPMPHJTLFNBOHGPMEFUFSVOEFSFULFOEFQSFTT TPNTWFLLFSWJLUJHFGVOLTKPOFSJWÌSFLPTZTUFNFS TBNUJEJHTPNSFEVLTKPOBWTPSUTNBOHGPMEFUCMBOU LVMUVSWFLTUFOFUSVFSHMPCBMPHMPLBMNBUTJLLFSIFU #BSFFOIPMEOJOHTFOESJOHUJMWÌSUMJWTHSVOOMBHLBOTOV EFOOFVUWJLMJOHFO4JUVBTKPOFOGPSKPSEWBOOPHEFUCJP MPHJTLFNBOHGPMEFUFSMJLFBMWPSMJHTPNLMJNBQSPCMFNFOF PHIWJTGPSNBOHFMFOLFSJEFULPMPHJTLFLSFUTMQGPSTWJO OFSoSBLOFSEFmOFTBNNFOIFOHFOFTPNFSHSVOOMBHFU GPSLMPEFOTMJWoGSBKPSEMVGUPHWBOOoUJMEFONFOOFT LFMJHFPSHBOJTNF 3VEPMG4UFJOFSWBSUJEMJHVUFNFEFSLKFOOFMTFOBWBU jBMUIFOHFSTBNNFONFEBMUxoFOFSLKFOOFMTFTPNFS VUHBOHTQVOLUFUGPSWÌSUBSCFJEJ#JPMPHJTLEZOBNJTL 'PSFOJOH 'PSFOJOHFOTFSEFUTPNFOTSMJHPQQHBWFÌCJESBUJM HKFOOPNGSJOHFOBW/PSHFTGPSQMJLUFMTFSPWFSGPS%FO JOUFSOBTKPOBMFUSBLUBUFOPNQMBOUFHFOFUJTLFSFTTVSTFS GPSNBUPHMBOECSVLEBWÌSFCOEFSEBOOFSLKFSOFOJ BSCFJEFUGPSJOTJUVCFWBSJOHBWQMBOUFNBOHGPMEJKPSE CSVLFU-JLFMFEFTFSEFUFOTFOUSBMPQQHBWFÌJWBSFUBEFU EZSFHFOFUJTLFNBOHGPMEFUPHKPSEMJWFUNBSLCBLUFSJFS NJLSPPSHBOJTNFSPTW oGPSÌTJLSFHPEFGPSVUTFUOJOHFS GPSPNEBOOJOHBWNJOFSBMTLKPSEPHCJPMPHJTLNBUFSJBMF UJMIVNVTPHQMBOUFUJMHKFOHFMJHFOSJOHTTUPĊFS (PEIFMTFLBOJLLFCBSFNÌMFTHKFOOPNFOIZMFWF BMEFSNFOTPNTVNNFOBWWÌSUPUBMFMJWTLWBMJUFU7JO TLFSÌTFUUFGPLVTQÌEZSLJOHTNFUPEFOTCFUZEOJOHGPS FSOSJOHTLWBMJUFUPHEFOTCFUZEOJOHGPSWÌSIFMTF %FUFSJLLFMFOHFSFUTQSTNÌMPNIWPSWJEUNBUFOIBS FOCFUZEOJOHGPSEFTÌLBMUFMJWTTUJMTTZLEPNNFOFNFO PNIWPSEBOWJLBOTOVFOVUWJLMJOHTPNCJESBSUJMNFO OFTLFMJHMJEFMTFPHTUPSFLPOPNJTLFVUHJGUFSUJMFUTUBEJH WPLTFOEFIFMTFWFTFO *MQFUBWEFTJTUFÌSFOFIBSEFUWPLTUGSBNFOOZCF WJTTUIFUPHLVOOTLBQPNFUBMUFSOBUJWUKPSECSVLTPN CBTFSFSTFHQÌOBUVSFOTQSFNJTTFSPHTPNCFHSFOTFSNB UFOTJOOIPMEBWLKFNJTLFSFTULPOTFOUSBTKPOFS%FOJOUFS OBTKPOBMFGEFSBTKPOFOGPSLPMPHJTLFKPSECSVL*'0". IBSHKFOOPNTJOFSBQQPSUFSWJTUBUFULPMPHJTLKPSECSVL WJMLVOOFFSOSFKPSEBTCFGPMLOJOHWFEFOCFESFGPSEF MJOHPHFULPTUIPMETPNCBTFSFTQÌNJOESFLKUUPHNFS LPSOGSVLUPHHSOOTBLFS0HTÌEFOTUSTUFJOUFSOBTKP OBMFFWBMVFSJOHFOBWWÌSFESJGUTGPSNFSJOZFSFUJEɥF *OUFSOBUJPOBM"TTFTTNFOUPG"HSJDVMUVSBM,OPXMFEHF 4DJFODFBOE5FDIOPMPHZGPS%FWFMPQNFOUTFXXXBHBT TFTTNFOUPSH WJTFSBUEBHFOTLPOWFOTKPOFMMFESJGUTGPS NFSJLLFFSCSFLSBGUJHFJEFUMBOHFMQPHBUNBOWJM WSFUWVOHFUUJMÌMFHHFPNKPSECSVLFUUJMLPMPHJTLC SFLSBGUJHFESJGUTGPSNFS #JPMPHJTLEZOBNJTLKPSECSVLFSFUTMJLUBMUFSOBUJW÷ï ÌSTVUQSWJOHPHGPSTLOJOHIBSWJTUBUEFUUFBMUFSOBUJWFUFS FOGBHMJHHKFOOPNGSCBSNVMJHIFUJTUSSFTLBMB*LLFTPN FOVUPQJTLESNNFOTPNTWBSQÌFOLPMPHJTLVCBMBOTF WJJLLFMFOHFSLBOTFCPSUGSB ñ "LUJWJUFUFS %FUUFFSFOPWFSTJLUPWFSEBHFOTBSCFJETPNSÌEFS /ZFPHOÌWSFOEFBSCFJETPNSÌEFSFSOSNFSF CFTLSFWFUJIBOEMJOHTQMBOFO +03%#36,&5 %FNFUFSGPSWBMUOJOHFOTBNBSCFJEFSNFE%FCJPPNLPOUSPMMPH HPELKFOOJOHPHNFE%FNFUFS*OUFSOBUJPOBMPNSFWJEFSJOHPH VUWJLMJOHBWSFHFMWFSL & 7FJMFEOJOH%JSFLUFWFJMFEOJOHUJMOZFPHFUBCMFSUFCOEFSPHIBHF CSVLFSF0SHBOJTFSJOHBWGBHTFNJOBSFSGBHEBHFSPHGPSEZQOJOHT TFNJOBSFSQÌOBTKPOBMUPHOPSEJTLQMBO & 1SFQBSBUFS'SBNTUJMMJOHPHPNTFUOJOHBWQSFQBSBUFSPHWFJMFEOJOH UJMCOEFSVOEFSPNTUJMMJOH & 4BNBSCFJENFE/PSTLLPMPHJTL,PSOGPSFOJOH+PIBO4XÊSE "MMLPSOJ4WFSJHFPH"VSJPOJ%BONBSLPNVUQSWJOHPHPQQGPS NFSJOHBWLPSOTPSUFSTPNJLLFFSJLPNNFSTJFMMQSPEVLTKPO & &UBCMFSJOHBWGPOEGPSGSJLKQBWKPSE+PSEGPOEFU & 6/(%0.0(65%"//*/( "1(o"SCFJE1ÌLPMPHJTL(ÌSE"ENJOJTUSBTKPOBWQSBLUJLBOU GPSNJEMJOHUJMLPMPHJTLFHÌSEFSJ/PSHFJTBNBSCFJENFE0*,04 oLPMPHJTL-BOETMBH & 1SBLUJLBOUTFNJOBSQSBLUJLBOUTFNJOBSQFSÌSQÌGPSTLKFMMJHF HÌSEFS & 'ZSFTEBM7JEFSFHÌFOEF4UFJOFSTLPMF/BUVSCSVLTMJOKF 4BNBSCFJE PNQSBLTJTQMBTTFSJMBOECSVLFU & 4PHO+PSEPH)BHFCSVLTTLPMF4BNBSCFJENFE/BU.FBEMSFS PH+PSVO#BSBOFLPOTVMFOU & /PSEJTLTBNBSCFJEGPSÌFUBCMFSFOBTKPOBMFOPSEJTLFPHJOUFSOB TKPOBMFVOHEPNTHSVQQFS & 4ĥģĒĥĖĘĚĠĘęĒğĕĝĚğĘĤġĝĒğñïï÷oñïðñ %BHFOTBLUJWJUFUFS PHBSSBOHFNFOUFS */'03."4+0/."3,&%0('03#36, & )FSCBoUJETTLSJGUGPSKPSECSVLFSOSJOHLVMUVSPHOBUVS & 3FWJEFSJOHBW(SFQQFSVE.PISTCPL#JPMPHJTLEZOBNJTL+PSE CSVL6UHJTJ & "SCFJENFESFWJEFSJOHPHOZVUHJWFMTFBW,PSOFMJBT,PLFCPLɣFSEF PQQMBH & "SCFJENFEEJWFSTFJOGPSNBTKPOTNBUFSJFMMSFUUFUNPUGPSCSVLFSF & .BSLFSJOHBW34UFJOFSTGSTUFCFTLJ/PSHFoFUTBNBSCFJENFE "OUSPQPTPmTL4FMTLBQJ/PSHF '034,/*/(0(657*,-*/( & 4BNBSCFJENFE7JUBMBOBMZTFPNGPLVTQÌLULWBMJUFUJLPMPHJTL QSPEVLTKPO7JUBMBOBMZTFVUWJLMFSLWBMJUFUTBOBMZTFNFUPEFSPH CSVLTPNSÌEFSJOOFOKPSEQMBOUFPHFSOSJOH & %FNFUFSLWBMJUFUoFU/PSEJTLGPSTLOJOHTQSPTKFLUPNTBNNFOIFO HFONFMMPNEZSLJOHTNFUPEFOPHFSOSJOHFOTCFUZEOJOHGPSWÌS IFMTF #*0-0(*4,ʰ%:/".*4,'03&/*/( & -FEFTJEBHBWFUTUZSFTPNCFTUÌSBWSFQSFTFOUBOUFS & %FNFUFSGPSWBMUOJOHFOFSFUTFMWTUFOEJHVUWBMHPHTBNBSCFJEFS NFE%FCJPPNSFHFMWFSLPHHPELKFOOJOH & 'PSFOJOHFOIBSFOBOTBUUNFEBOTWBSGPSEBHMJHESJGUQSPTKFLU MFEFMTFTUZSFBSCFJEFUTFNJOBSFSGBHEBHFSÌSTNUF7FELPN NFOEFSFQSFTFOUFSFSGPSFOJOHFOJGPSTLKFMMJHFTBNNFOIFOHFSPHFS BOTWBSMJHSFEBLUSBW)FSCB & 'PSFOJOHFOEFMUBSJ,POUBLUVUWBMHFUGPSEFULPMPHJTLFMBOECSVLFU J/PSHFPHIBSFOTUZSFSFQSFTFOUBOUJ0*,04oLPMPHJTL-BOETMBH PHFOTUZSFSFQSFTFOUBOUJ/PSTLLPMPHJTL,PSOGPSFOJOH & 'PSFOJOHFOIBSFOGBTUSFQSFTFOUBOUWFEUPÌSMJHFNUFSWFE -BOECSVLTTFLTKPOFOJ%PSOBDI4WFJUT & 'PSFOJOHFOFJEF/PSEJTLFMBOETBNBSCFJEFSJ/PSEJTL'PSVNGPS VUWJLMJOHBWCJPEZOBNJTLKPSECSVL #ĚĠĝĠĘĚĤĜĕĪğĒĞĚĤĜ'ĠģĖğĚğĘ éé 07&34*,54#*-%&"7%"(&/4",5*7*5&5&3 0(453"5&(*1-"/&/4)&/4*,5 */'03."4+0/."3,&% #LFSPHQVCMJLBTKPOFS 1SFTFOUBTKPOTGPMEFSF 4FNJOBSFS .BSLFETGSJOH %&.&5&3'037"-5/*/(&/ )&3#" 3FWJEFSFSSFHFMWFSL 4BNBSCFJENFE o %FCJP o %FNFUFS*OUFSOBUJPOBM .BSLFETGSJOHBW%FNFUFSNFSLFU 3FEBLTKPOTSÌE 4UZSLFJOOIPME /ZFBCPOOFOUFS 45:3&50( %"(-*(-&%&3 %"(-*("/47"3 +03%#36,&5 ,003%*/&3*/( 7FJMFEOJOH 1SFQBSBUBSCFJE /PSTLLPMPHJTL,PSOGPSFOJOH 'SGPSFEMJOH 1SPEVLTKPOTQMBOPHQSPEVLULWBMJUFU 011'-(*/( ,0/0.*45:3*/( "1(PHQSBLUJLBOUTFNJOBS 4BNBSCFJENFETLPMFOF 6OHEPNTOFUUWFSL o /PSEJTL o *OUFSOBTKPOBMU 4"."3#&*%*/03(& */5&3/"4+0/"-54"."3#&*% /PSEJTL'PSVN /PSEJTL'PSTLTSJOH -BOECSVLTTFLTKPO%PSOBDI4WFJUT 6/(%0.65%"//*/( '034,/*/(65137*/( /PSEJTLTBNBSCFJE &UBCMFSFGSJUUGPSTLOJOHTJOTUJUVUU 4BNBSCFJENFE o #JPGPSTLLPMPHJTL o 'PSTLTSJOHFOF o /PSTLLPMPHJTL,PSOGPSFOJOH o #JPGSPNQSPEVLTKPOPHTBMH BWGSPHQMBOUFNBUFSJBMF )FMJPT$VMUVSB%FCJP 0JLPToLPMPHJTL-BOETMBH #JPGPSTLLPMPHJTL "OUSPQPTPmTL4FMTLBQ ,POUBLUVUWBMHGPSLPMPHJKPSECSVL 453"5&(*1-"/&/4)&/4*,5 453"5&(*ʰ0()"/%-*/(41-"/&/4,"& CJESBUJMFOGFMMFTCFWJTTUIFUFJFSTLBQPHBOTWBSGPSEFPQQHBWFOF GPSFOJOHFOWFEUBSÌBSCFJEFNFE & TLBQFFOGFMMFTPQQGBUUFMTFBWPQQHBWFOFTJOOIPMETBNNFOIFOH PHLSBWUJMHKFOOPNGSJOHPHMFHHFHSVOOMBHFUGPSQSJPSJUFSJOHFS JOOFOGPSEFSBNNFSGPSFOJOHFOIBSUJMSÌEJHIFU & HJGPSFOJOHFOFOUZEFMJHFSFQSPmMCÌEFJOOBEPHVUBEPHEBOOF HSVOOMBHGPSBSCFJEFUNFEÌmOBOTJFSFWJSLTPNIFUFO éê 4ĥģĒĥĖĘĚĠĘęĒğĕĝĚğĘĤġĝĒğñïï÷oñïðñ 453"5&(*ʰ0()"/%-*/(41-"/&/4 '*3&)07&%"3#&*%40.3¯%&3 ë*/'03."4+0/."3,&%'03#36, 453"5&(*'03 'PSCSVLFSEJBMPH *OGPSNBTKPO .BSLFETGSJOH 4BMH 413¯, 65%"//*/( ê6/(%0. 1&%"(0(*4,453"5&(* 7&*-&%/*/( é+03%#36,&5 413¯, 657*,-*/(4453"5&(* %ZSLJOHTNFUPEF &SOSJOHTLWBMJUFU )FMTF 413¯, '034,/*/(4453"5&(* 413¯, ì'034,/*/(0(657*,-*/( ɧ+03%#36,&57&*-&%/*/(0(7*%&3&657*,-*/( & 6UWJLMFEFOCJPEZOBNJTLFESJGUTNFUPEFOHKFOOPNFUUFUUTBNBSCFJENFEGPSTLFSFJPHVUFOGPSWÌSUNJMK & #SVLFEFFLTJTUFSFOEFHÌSEFOFTPNBLUJWFSFETLBQGPSÌGPSNJEMFLVOOTLBQPNCJPEZOBNJTLESJGU & 5BWBSFQÌEFUCJPMPHJTLFNBOHGPMEFUJKPSECSVLFU ɨ6/(%0.4,0-&3*/(0(65%"//*/( & 4SHFGPSIZLWBMJUFUQÌQSBLUJLBOUBSCFJEFUPHGÌHPELKFOUQSBLUJLBOUPQQIPMETPNEFMBWFOGPSNFMMVUEBOOFMTF ɩ*/'03."4+0/."3,&%4ʰ0('03#36,&3"3#&*% & 4UZSLFLPOUBLUFOUJMGPSCSVLFSOFHKFOOPNLUJOGPSNBTKPOPNTBNNFOIFOHFONFMMPNEZSLJOHTNFUPEF FSOSJOHTLWBMJUFUPHIFMTF & "SCFJEFNFEÌVUWJLMFFUTQSÌLTPNLPNNVOJTFSFSNFEEFNÌMHSVQQFSWJOTLFSÌOÌ & 6UWJLMFFOGPSCSVLFSEJBMPHHKFOOPNUJMCVEUJMPSHBOJTBTKPOFSPHTLPMFSPNGPSFESBHNBULVSTNFENFS ɪ'034,/*/(0(657*,-*/( & "SCFJEFGPSÌFUBCMFSFFUOPSTLGPSTLOJOHTJOTUJUVUUPHHKSFFLTJTUFSFOEFGPSTLOJOHLKFOUJBMMFTBNGVOOTMBH #ĚĠĝĠĘĚĤĜĕĪğĒĞĚĤĜ'ĠģĖğĚğĘ éë ð+PSECSVLFU %FCJPMPHJTLEZOBNJTLFHÌSEFOFTUÌSGPSFOWJLUJHEFM BWEBHFOTLPMPHJTLFHSOOTBLTPHLPSOQSPEVLTKPO %FUCJPMPHJTLEZOBNJTLFNJMKFUCFTJUUFSCFUZEFMJH GBHMJHLVOOTLBQQÌEJTTFPNSÌEFOFTPNLBOPWFS GSFTUJMEFULPMPHJTLFMBOECSVLFU 7&*-&%/*/( ðóǶBWEFLPMPHJTLFHSOOTBLFOFFS%FNFUFSHPELKFOU'PSHVMSPU SECFUFSMLLÌMPHLÌMSPUGSBñïUJMôïǶBWBSFBMFU'PSLPSOTMBH TPNTQFMUmOOFTJOHFOTUBUJTUJLLNFOEFONPEFSOFTQFMUEZSLJOHFOJ /PSHFTUBSUFUJEFUCJPEZOBNJTLFNJMKFUPHEFUNFTUFBWEFOLPMP HJTLFTQFMUFOLPNNFSGSBEFCJPEZOBNJTLFHÌSEFOF7JCSVUWJLMF WÌSLVOOTLBQWJEFSFGPSÌOÌOZFCOEFSPHOZFGPSCSVLFSF %FUCSFUBCMFSFTMPLBMFLKFSOFHSVQQFSMPLBMFWFJMFEFSFSFTTVST QFSTPOFSTPNGÌSJPQQHBWFÌBSSBOHFSFGBHEBHFSPHHJEJSFLUFWFJMFE OJOHJTJOFPNSÌEFS 07&303%/&5.¯o 7JEFSFVUWJLMFEFOCJPEZOBNJTLFESJGUTNFUPEFOPHQSPEVLULWBMJ UFUFOHKFOOPNFUUFUUTBNBSCFJENFMMPNCOEFSPHGPSTLFSFJPH VUFOGPSEFUCJPEZOBNJTLFNJMKFU 1304+&,5.¯o LFQSPEVLTKPOPHPNTFUOJOHBWCJPMPHJTLEZOBNJTLFNBUWBSFS NFEñïǶJOOFOñïðñ 5*-5", o 0QQSFUUFMTFBWLKFSOFPNSÌEFSJIFOTJLUTNFTTJHFHFPHSBmTLFO IFUFS0QQMBOEo)FENBSL "LFSTIVToTUGPME 7FTUGPMEo5FMF NBSL 3PHBMBOEo)PSEBMBOEo4PHOPH'KPSEBOF PH5SOEFMBHo .SFPH3PNTEBM o 5JMCZLVOOTLBQFOJGPSNBWWFJMFEOJOHLVSTTFNJOBSPHGBHEBHFS o &UBCMFSFEJSFLUFWFJMFEOJOHNFMMPNOZFPHFUBCMFSUFHÌSEFSGBE EFSHÌSEFS o 4UZSLFJOOTBUTFOGPSÌTUUUFCOEFSJFOPNMFHHJOHTGBTF o 6UWJLMFFUTBNBSCFJENFE)FMJPTPH7JUBMBOBMZTFGPSÌWJEFSFVUWJ LMFLWBMJUFUTBTQFLUFU o 4BNBSCFJEFNFE)FMJPTPNQSPEVLTKPOTQMBOMFHHJOHPHVUWJLMJOH BWOZFQSPEVLUFS o 4BNBSCFJEFNFE/PSTLLPMPHJTL,PSOGPSFOJOHPH+PIBO4XÊSE PNVUQSWJOHPQQGPSNFSJOHPHGPSFEMJOHBWjLVMUVSLPSOx4QFMU FOLPSOmOOSVHFNNFSPTW '03654&5/*/(&3 o 1SJWBUPHPĊFOUMJHLPOPNJTLTUUUFUJMWFJMFEOJOHTPHVUWJLMJOHT BSCFJE o &HFOJOOTBUTJEFUCJPEZOBNJTLFNJMKFU 4ĥģĒĥĖĘĚĠĘęĒğĕĝĚğĘĤġĝĒğñïï÷oñïðñ 7FJMFEOJOHPH WJEFSFVUWJLMJOH %&.&5&3'037"-5/*/(&/ %FNFUFSNFSLFUFSWJLUJHGPSWÌS LPNNVOJLBTKPONFESFTUFOBW TBNGVOOFU,KFOOTLBQUJMNFSLFU WJMWSFBWHKSFOEFGPSUJMMJUPHOZF NVMJHIFUFSJNBSLFEFU 07&303%/&5.¯o %FNFUFSNFSLFUTLBMBTTPTJFSFT NFEIZZUSFPHJOESFFSOSJOHT LWBMJUFU 1304+&,5.¯o LFLKFOOTLBQFOUJM%FNFUFSNFS LFUJBMMFEFMFSBWCFGPMLOJOHFO 5*-5", o 6UWJLMFJOGPSNBTKPOTNBUFSJFMMPN %FNFUFSNFSLFUPH%FNFUFSSFHMF OF o 5JMCZGPSFESBHUJMTLPMFSPHPSHBOJ TBTKPOFSPNCJPEZOBNJTLMBOE CSVLSFHFMWFSLPH%FNFUFSNFS LFU '03654&5/*/(&3 o %FNFUFSGPSWBMUOJOHFOGPSUTFUUFS TBNBSCFJEFUNFE%FCJPPNLPO USPMMPHHPELKFOOJOH o %FNFUFSGPSWBMUOJOHFOGPSFUBSFO MQFOEFSFWJEFSJOHBWSFHFMWFSLFU JGMHFJOUFSOBTKPOBMFFOESJOHFS o )WFSUÌSEFMUBSFOSFQSFTFOUBOU WFE%FNFUFS*OUFSOBUJPOBMTWJL UJHTUFTBNMJOHFS o %FUVUBSCFJEFTFOQSPTKFLUTLOBE PNNBSLFETGSJOHBWPHJOGPSNB TKPOPN%FNFUFSNFSLFU o %FNFUFSGPSWBMUOJOHFOTLPOPNJ CSTUZSLFTHKFOOPNBWHJGUFSQS HÌSEPHFUUJMTLVEEGSB)FMJPT #ĚĠĝĠĘĚĤĜĕĪğĒĞĚĤĜ'ĠģĖğĚğĘ %&#*0%:/".*4,&13&1"3"5&/& *GPSCJOEFMTFNFEQSFQBSBUGSBN TUJMMJOHGPSTBMHIBS#JPMPHJTLEZ OBNJTL'PSFOJOHHKPSUBWUBMFNFE &SJD#SJOLIPG4PMCPSH$BNQIJMM +FWOBLFSPNQSPEVLTKPOPHTBMHBW QSFQBSBUFS 5SZHWF4VOEGPSUTFUUFSNFETJUU UJMCVEPNIKFMQUJMQSFQBSBUTQSZUJOH LPNCJOFSUNFEWFJMFEOJOH5JMUBLFU CSFWBMVFSFTNFEUBOLFQÌFSGBSJOH PHWJEFSFVUWJLMJOH 07&303%/&5.¯o (KSFLVOOTLBQFOPNEF CJPEZOBNJTLFQSFQBSBUFOFUJM HKFOHFMJHGPSBMMF o 4UUUFPHJOTQJSFSFCOEFSPHIB HFFJFSFTPNOTLFSÌCSVLFQSFQB SBUFOF 1304+&,5.¯o (KSFQSFQBSBUFOFUJMHKFOHFMJHF HKFOOPNTBMHPHWFJMFEOJOH o &UBCMFSFGBHMJHFPHTPTJBMFGFMMFT TLBQSVOEUGSBNTUJMMJOHBWQSFQB SBUFS 5*-5", o LFTBMHFUBWQSFQBSBUFOFPHWFJ MFEOJOHFONFEñïǶJOOFOñïðñ '03654&5/*/(&3 o 'SBNTUJMMJOHPHTBMHBWQSFQBSB UFOFTLBMWSFLPOPNJTLTFMWm OBOTJFSFOEF '"(4&.*/"3 'BHTFNJOBSFOFQÌ'PLIPM(ÌSEIBS EFTJTUFÌSFOFTBNMFUJOOMFEFSFGSB CÌEFJOOPHVUMBOENFEFOGBHMJH UZOHEFTPNIBSGBOHFUJOUFSFTTFJ IFMFEFULPMPHJTLFNJMKFU4FNJOB SFOFCSCMJFUÌSMJHBSSBOHFNFOU /PSEJTL'PSVNFSFONUFQMBTT TPNGPSNJEMFSOZLVOOTLBQPNTBN NFOIFOHFOFNFMMPNEZSLJOHTNF UPEFFSOSJOHTLWBMJUFUPHIFMTF oTPTJBMFQPMJUJTLFPHBMMNFOUNFO OFTLFMJHFTQSTNÌM/PSEJTL'PSVN SVMMFSFSNFMMPN4WFSJHF%BONBSLPH /PSHFPHIPMEFTOFTUTJTUFIFMHJOP WFNCFS 07&303%/&%&.¯o 4FNJOBSFOFTLBMMFHHFFUGBHMJH HSVOOMBHGPSVUWJLMJOHPHGPSTUÌ FMTFBWEFOCJPEZOBNJTLFMBOE CSVLTNFUPEFOPHCJESBUJMFOHPE LPNNVOJLBTKPONFESFTUFOBW TBNGVOOFU o 4FNJOBSFOFTLBMGPSNJEMFOZ LVOOTLBQPNGPSIPMEFUNFMMPN FSOSJOHTLWBMJUFUPHIFMTF 1304+&,5.¯o 7FLLFJOUFSFTTFCMBOUCOEFSGPS TLFSFGPSCSVLFSFPHBOTBUUFJPG GFOUMJHBENJOJTUSBTKPO 5*-5", o 1MBOMFHHFPHHKFOOPNGSFUPGBHT FNJOBSNFEIZGBHMJHLWBMJUFU QFSÌS '03654&5/*/(&3 o 'JOBOTJFSJOHWFETFNJOBSBWHJGUPH PĊFOUMJHTUUUF éí '03%:1/*/(44&.*/"3&/& 'PSEZQOJOHTTFNJOBSFOFFSFO NUFQMBTTGPSBMMFTPNOTLFSÌ GPSTUÌTBNNFOIFOHFONFMMPNEFU BOUSPQPTPmTLFHSVOOMBHFUPHEFU GBHMJHFJOOIPMEFUJEFOCJPMPHJTLEZ OBNJTLFKPSECSVLTNFUPEFO4FNJOB SFOFUBSGPSTFHUFLTUFSTPNVUHBOHT QVOLUGPSjGSJFTBNUBMFSx %FUUFFSFUÌQFOUGPSVNTPNCZH HFSQÌSFTQFLUGPSEFOFOLFMUFTGPS VUTFUOJOHFSPHJOUFHSJUFU 07&303%/&5.¯o 'PSNJEMFLVOOTLBQPNEF BOUSPQPTPmTLFHSVOOJEFFOF TPNMJHHFSUJMHSVOOGPSEFU CJPEZOBNJTLFKPSECSVLFU 1304+&,5.¯o 1MBOMFHHFPHHKFOOPNGSFGPSEZQ OJOHTTFNJOBS 5*-5", o "SSBOHFSFUPGPSEZQOJOHTTFNJOBS QFSÌS o "SCFJEFGPSMJHOFOEFTFNJOBSJBO ESFEFMFSBWMBOEFU '03654&5/*/(&3 o 4FNJOBSFOFCSWSFUJMOSNFU TFMWmOBOTJFSFOEF ,6-563(¯3%&3 'PSFOJOHFOJOWJUFSFSUJMVUWJLMJOH BWFUjÌQFOHÌSEUJMUBLxIWPSCJPMP HJTLEZOBNJTLFHÌSEFSFOHBOHQS ÌSJOWJUFSFSUJMHÌSETWBOESJOHNFE GPSUFMMJOHFSGPSFESBHJOGPSNBTKPO VUTUJMMJOHFSLVMUVSJOOTMBHPTW)WJT EFUFSNVMJHCSUJMUBLFUTBNPSEOFT PHCOEFOFTPNOTLFSÌWSFNFE VUWJLMFSJEFFOHKFOOPNJEÏEVHOBEFS QMBOMFHHJOHPHHKFOOPNGSJOH 07&303%/&5.¯o 4LBQFGPSTUÌFMTFGPSEFU CJPEZOBNJTLFKPSECSVLFUTLWBMJUF UFSHKFOOPNPQQMFWFMTFSGPSIFMF GBNJMJFO 1304+&,5.¯o "SSBOHFSFÌSWJTTFÌQFOHÌSEBS SBOHFNFOUFS o 'PSFOJOHFOVUWJLMFSJOGPSNB TKPOTNBUFSJFMM o 'PSFOJOHFOLPPSEJOFSFSBSSBOHF NFOUFOF 5*-5", o &UBSSBOHFNFOUJIWFSULKFSOFPN SÌEFQFSÌSoUPUBMUõQFSÌS '03654&5/*/(&3 o 5JMUBLFUCSmOBOTJFSFTBW QSPTKFLUNJEMFSGPSFOJOHFOPHHÌS EFOF o *OOUFLUFSBWTBMHPHJOOHBOHTCJM MFUUFSUJMGBMMFSHÌSEFOF 4ĥģĒĥĖĘĚĠĘęĒğĕĝĚğĘĤġĝĒğñïï÷oñïðñ ,6-563,03/'3'03&%-*/(0(0.4&5/*/( 7JIBSEFTJTUFÌSFOFTUUUFUPHEFMUBUUJBSCFJEFUNFEÌVUQSWF PQQGPSNFSFPHGPSFEMFLPSOTPSUFSTPNFSMBHUCPSUJEFONPEFSOF LPSOQSPEVLTKPO4QFMUFSEFUGSTUFFLTFNQFMQÌBUFOTMJLVUWJL MJOHFSCFSFUUJHFUPHIBSGVOOFUFUNBSLFE)FMJPT+PIBO4XÊSEPH /PSTLLPMPHJTL,PSOGPSFOJOHFSEFWJLUJHTUFTBNBSCFJETQBSUOFSF ,VMUVSLPSOCFHSFQFUTLBMNBSLFSFBUEFUUFFSQSPEVLUFSTPNIBS EFmOFSUFLWBMJUFUTFHFOTLBQFS %FOLPOWFOTKPOFMMFGSGPSFEMJOHPQQGPSNFSJOHPHPNTFUOJOH oGSFSUJMFOLWBMJUFUTGPSSJOHFMTFPHFOFOTSFUUJOHJUJMCVEFUQÌ TPSUTPHBSUTNBUFSJBMF(KFOOPNTBNBSCFJENFE6UWJLMJOHTGPOEFU 0JLPT/PSHFT#POEFMBH/PSTL#POEFPH4NÌCSVLBSMBH)BHFMB HFUNnTLBMWJBSCFJEFGPSCOEFSTSFUUUJMGPSFEMJOHPHTBMHBWFHFU TÌGS&UOBTKPOBMUFMMFSJOUFSOBTKPOBMUGPSCVEWJMjNBSLFETTUZSFx PHFOTSFUUFGSQSPEVLTKPOFOPHIJOESFMPLBMUUJMQBTTFEFTPSUFSPH BSUFSFOGSJPNTFUOJOH%FUUFIBOEMFSPNCOEFSTSFUUUJMWJEFSFG SJOHBWWÌSGFMMFTOBUVSPHLVMUVSBSWTMJLEFUPHTÌFSOFEGFMUJ%FO JOUFSOBTKPOBMFUSBLUBUFOPNQMBOUFHFOFUJTLFSFTTVSTFSGPSNBUPH MBOECSVL%FUFSFOTUPSPQQHBWFGPSEFUCJPMPHJTLEZOBNJTLFNJM KFUÌVUWJLMFFUHPEUGBHNJMKJOOFOGPSGSEZSLJOH"SCFJEFUCS WSFFUTBNBSCFJEFNFEIFMFEFULPMPHJTLFNJMKFU 07&303%/&5.¯o 5BBLUJWUWBSFQÌFUNBOHGPMEBWCJPMPHJTLNBUFSJBMFBWHSBTBS UFSLPSOTPSUFSPHHSOOTBLFSTPNFSGPSFEMFUPHUJMQBTTFUMPLBMF WFLTUGPSIPMEPHLPMPHJTLFEZSLJOHTNFUPEFS 1304+&,5.¯o 4UUUFCOEFSTPNOTLFSÌPQQGPSNFSFGPSFEMFPHPNTFUUFGS TPNFSUBUUVUBWLPNNFSTJFMMESJGU o 4BNBSCFJEFNFEFOLFMUQFSTPOFSPHPSHBOJTBTKPOFSGPSÌTJLSF COEFSTSFUUJHIFUFSJMPWWFSLFUoUJMPQQGPSNFSJOHCSVLPHTBMH BWFHFUTÌGS 5*-5", o 4UUUF+PIBO4XÊSEJBSCFJEFUNFEÌPQQSFUUFFOHÌSETHFOCBOL GPSLVMUVSLPSOTPSUFS o #JESBJBSCFJEFUNFEÌmOOFLPSOTPSUFSNFEIZTNBLTPHFSO SJOHTNFTTJHLWBMJUFU o 4UUUFCFTUSFCFMTFSQÌÌFUBCMFSFQSPEVLTKPOPHPNTFUOJOHBW HSOOTBLTPHHSBTGS o 4UUUFBSCFJEFUNFEÌFUBCMFSFGPSFEMJOHQSPEVLTKPOPHPNTFU OJOHBWGSVLUUSSPHBOOFUQMBOUFNBUFSJBMF 105&51304+&,5 1PUFULWBMJUFUFOIBSEFTFOFTUFUKVF ÌSFOFCMJUUTUBEJHEÌSMJHFSF#JPGPSTL IBSGÌUUJPQQESBHÌLPPSEJOFSFFU QPUFUQSPTKFLUJ/PSHF1SPTKFLUMFEFS FSTUBTKPOFSUQÌ"QQFMTWPMMQÌTUSF 5PUFO1SPTKFLUMFEFSFOPHMFEFSFO GPSEFOLPMPHJTLFGPSTLTSJOHFO ',0)FEFNBSLFO'PSTLTSJOH FS QPTJUJWFUJMÌUSFLLFEFUCJPMPHJTLEZ OBNJTLFNJMKFUJOOJBSCFJEFU 07&303%/&5.¯o 6UQSWFGPSTLKFMMJHFEZSLJOHT NFUPEFSTCFUZEOJOHGPSTNBLPH FSOSJOHTLWBMJUFUQÌQPUFU 1304+&,5.¯o 4BNNFOMJHOFOEFGPSTLQÌEZS LJOHTNFUPEFOTCFUZEOJOHGPSVU CZUUFTZLEPNNFSTNBLTPHFS OSJOHTLWBMJUFUQÌQPUFU o 4BNBSCFJENFE#JPGPSTL"QQFMT WPMM)FENBSLFO'PSTLTSJOH 5*-5", o 4BNNFOMJHOFOEFGPSTLNFMMPN EFLPOWFOTKPOFMMFLPMPHJTLFPH CJPEZOBNJTLFEZSLJOHTNFUPEFS QÌGPSTLKFMMJHFHÌSEFS0QQMBOEPH )FENBSL o 3FHJTUSFSFTZLEPNNFSBWMJOHT NFOHEFTNBLPHFSOSJOHTLWBMJ UFU '03654&5/*/(&3 o 1SPTKFLUmOBOTJFSJOH o 4LFNJEMFSGSB'.-"J)FENBSL PH0QQMBOE '03654&5/*/(&3 o 1SPTKFLUmOBOTJFSJOHPHCSVLBWGPSFOJOHFOTNJEMFS o (ÌSEFOFTFHFOmOBOTJFSJOH #ĚĠĝĠĘĚĤĜĕĪğĒĞĚĤĜ'ĠģĖğĚğĘ éï ñ6OHEPN %FUCJPMPHJTLEZOBNJTLFNJMKFUJ/PSHF IBSEFTJTUFóïÌSUBUUJNPUFUTUPSUBOUBMM VOHEPNNFSTPNQSBLUJLBOUFSPHNFE IKFMQFSF'PSNBOHFIBSEJTTFPQQIPMEFOF WSUBWHKSFOEFPQQMFWFMTFSGPSEFSFT TFOFSFWBMH .BOHFBWHÌSEFOFIBSWSUTNÌLVMUVSFMMFTFOUSFNFE GPSNJEMJOHBWLVOOTLBQOBUVSPQQMFWFMTFPHJOOMFWFMTF WFETJEFOBWEFUQSBLUJTLFHÌSETBSCFJE'FNHBOHFSQS ÌSUJMCZTQSBLUJLBOUFOFIFMHFTFNJOBSoNUFQMBTTFSGPS VOHEPNNFEGPSTLKFMMJHFGPSVUTFUOJOHFSPHGSBGPSTLKFM MJHFLVMUVSFS 1SBLUJLBOUWJSLTPNIFUFOIBSSFLSVUUFSUNBOHFFMFW FSUJM4PHO+PSEPH)BHFCSVLTTLVMFPH'ZSFTEBMWJEFSF HÌFOEF4UFJOFSTLPMFGPSOBUVSCSVLTPNLPOTFOUSFSFS VOEFSWJTOJOHFOPNLPMPHJTLPHCJPEZOBNJTLKPSE CSVL 'PSFOJOHFOCSEFOFTUFmSFÌSTUZSLFTBNBSCFJEFU NFEVUEBOOJOHTJOTUJUVTKPOFSPHESGUFUJMUBLTPNTLB QFSJOUFSFTTFGPSLPMPHJPHKPSECSVLIPTEBHFOTVOH EPN 6OHEPN 6UEBOOJOH ,VOOTLBQ 'SBNUJE 4ĥģĒĥĖĘĚĠĘęĒğĕĝĚğĘĤġĝĒğñïï÷oñïðñ "1(ʰ03%/*/(&/ #JPMPHJTLEZOBNJTL'PSFOJOHBENJ OJTUSFSFS"1(PSEOJOHFO"SCFJE QÌLPMPHJTLHÌSE J/PSHF%FUUFFS FUTBNBSCFJENFE0JLPToLPMPHJTL -BOETMBH4BNBSCFJEFUSFHVMFSFT HKFOOPNSBNNFBWUBMFSTPNFSHPE LKFOUBW6%* 07&303%/&5.¯o "1(PSEOJOHFOTLBMGPSNJE MFQSBLUJLBOUFSUJMLPMPHJTLFPH CJPEZOBNJTLFHÌSEFSJ/PSHF 1304+&,5.¯o %FUTLBMTBNBSCFJEFTNFE4PHO +PSEPH)BHFCSVLTTLVMFPH 'ZSFTEBM7JEFSFHÌFOEF4UFJOFS TLPMFPNJOOIPMEFUJQSBLUJLBOU WJSLTPNIFUFO 5*-5", o %FUIPMEFTôQSBLUJLBOUTFNJOBS QFSÌS o 1SBLUJLBOUWJSLTPNIFUFOTLBMVU WJLMFTTMJLBUPQQIPMEFUHPELKFO OFTTPNGSTUFÌSQÌWJEFSFHÌFOEF TLPMF '03654&5/*/(&3 o "1(PSEOJOHFOmOBOTJFSFTBW HÌSEFOFGPSFOJOHFOPH0JLPT o %FUTLFTPNQSPTKFLUNJEMFSGPS mOBOTJFSJOHBWWJSLTPNIFUFO 65%"//&-4& "WHKSFOEFGPSKPSECSVLFUTGSBN UJEFSVOHEPNNFOTJOUFSFTTFPH FOHBTKFNFOUPHLVOOTLBQFS%BHFOT NJMKVUGPSESJOHFSTLBQFSCFIPWGPS NFOOFTLFSNFEVUEBOOFMTFJOOFO MBOECSVLPHOBUVSGPSWBMUOJOH 4LPMFUJMCVEFUJ'ZSFTEBMFS/PS EFOTFOFTUFWJEFSFHÌFOEFVUEBOOFM TFNFEFUCJPMPHJTLEZOBNJTLHSVOO TZO 4PHO+PSEPH)BHFCSVLTTLVMF 4+) FSMBOEFUTFOFTUFLPMPHJTLF MBOECSVLTVUEBOOFMTFQÌWJEFSFHÌFO EFUSJOO4+)IBSIWFSUÌSUJMCVEPN GPSEZQOJOHJCJPEZOBNJTLKPSECSVL #OEFOFFSWJLUJHFNFEBSCFJEF SFGPSSFLSVUUFSJOHUJMTLPMFOFGBHMJH VOEFSWJTOJOHPHNFOJOHTGZMUFQSBL TJTQFSJPEFSQÌHÌSEFOF /03%*4,6/(%0.4(3611& 6OHEPNTTFLTKPOFOJ%PSOBDIIBS TBNNFONFEVOHEPNGSBNBOHF MBOETUBSUFUFUTBNBSCFJETQSPTKFLU GPSÌjHKSFFOGPSTLKFMMJWFSEFOx7J NÌTUUUFVOHEPNJ/PSHFPH/PS EFOTPNOTLFSÌEFMUBJBSCFJEFU 07&303%/&5.¯o &UOSUTBNBSCFJENFEEBHFOT VUEBOOFMTFTJOTUJUVTKPOFSTPN HSVOOMBHGPSÌMTFNPSHFOEBHFOT VUGPSESJOHFSUJMSFLSVUUFSJOHUJM KPSECSVLFU 5*-5", o &UBCMFSJOHBWFOOPSTLOPSEJTL VOHEPNTHSVQQF o #JESBUJMÌTLBĊFQSPTKFLUNJEMFSUJM BSCFJEFU,VOOTLBQTEFQBSUFNFO UFU&LIBHBTUJGUFMTFOJ4WFSJHF &DLCPTMFHBUFSJ/PSHFPH4PGUXB SFTUJGUFMTFOJ5ZTLMBOE 1304+&,5.¯o #JESBUJMÌTUZSLFTBNNFOIFOHFO NFMMPNQSBLUJTLPHUFPSFUJTLVU EBOOFMTF o .BSLFETGSFVUEBOOFMTFOFJWÌSU JOUFSOBTKPOBMFOFUUWFSL o LFTLOJOHUJMEFUPTLPMFOFNFE ðïǶQFSÌS 07&303%/&5.¯o %FUCSFUBCMFSFTFUNÌMSFUUFU VOHEPNTBSCFJEJ/PSHFPH/PS EFOTPNLPPSEJOFSFTNFEJOUFS OBTKPOBMFUJMUBL 1304+&,5.¯o #JPMPHJTLEZOBNJTL'PSFOJOHCS NFEWJSLFLPOPNJTLPHNFOOFT LFMJHUJMÌTLBQFNUFQMBTTFSPH NFOJOHTGZMUFBLUJWJUFUFSGPSVOH EPN '03654&5/*/(&3 o %FUCSTLFTQFOHFSJGPSTLKFM MJHFGPOEJPHVUFOGPS/PSEFOGPS mOBOTJFSJOHBWVOHEPNTBSCFJEFU 5*-5", o 4BNBSCFJEFNFETLPMFOFPNGFMMFT NÌM o 4JLSFHPEFQSBLTJTQMBTTFSQÌHÌS EFOFHKFOOPNVUBSCFJEFEFQMBOFS GPSNÌMPHHKFOOPNGSJOH '03654&5/*/(&3 o %FUTLFTPNQSPTKFLUTUUUFUJM VOHEPNTBSCFJEFU #ĚĠĝĠĘĚĤĜĕĪğĒĞĚĤĜ'ĠģĖğĚğĘ éñ ò*OGPSNBTKPO &OIPWFEPQQHBWFGPSGPSFOJOHFOEFOFTUF mSFÌSFSÌOÌnFSFNFOOFTLFSNFEJOGPS NBTKPOPNESJGUTNFUPEFOPHEFHSVOO MFHHFOEFUBOLFSPNTBNNFOIFOHFOFJ OBUVSFOLVMUVSFOPHTBNGVOOFU7JLUJHF PQQHBWFSFSUJETTLSJGUFU)FSCBVUHJWFMTF BWCPLBPNCJPEZOBNJTLKPSECSVLPHWÌS IKFNNFTJEFQÌ*OUFSOFUUFUTBNUNJOESF JOGPSNBTKPOTNBUFSJFMMLPCMFUTBNNFO NFEGPSCSVLFSLPOUBLU 5*%44,3*'5&5)&3#" 5JETTLSJGUFU)FSCBFSFOWJLUJHEFMBWWÌSUBSCFJENFE LVOOTLBQTGPSNJEMJOH%FUFSFUBCMFSUFOSFEBLTKPOT HSVQQFQÌTKVQFSTPOFSNFEGPSTLKFMMJHCBLHSVOOPH LPNQFUBOTF%FTLBMJQFSJPEFOIBFUNFEBOTWBSGPS IWFSVUHJWFMTF 07&303%/&5.¯o )FSCBTLBMWSFIPWFEGPSNJEMFSBWJOGPSNBTKPO LVOOTLBQPNTQSTNÌMLOZUUFUUJMKPSECSVLFSO SJOHLVMUVSPHOBUVS 1304+&,5.¯o )FWFEFOHFOFSFMMFLWBMJUFUFOQÌEFUGBHMJHFJOOIPM EFU o 6UWJLMFSFEBLTKPOTSÌEFUTBSCFJE 5*-5", o 4UBCJMJTFSFBOUBMMVUHJWFMTFSNFEmSFOVNSFQFSÌS õóTJEFSQFSOVNNFS o LFBOUBMMBCPOOFOUFSNFEôïǶ o LULPOPNJTLTUUUFGSBPĊFOUMJHFNZOEJHIFUFS GSJFGPOEPHFOLFMUNFOOFTLFS .BSLFE 'PSNJEMJOH 'PSCSVL 6UHJWFMTFS .BUFSJFMM êè '03654&5/*/(&3 o LUFBCPOOFNFOUTJOOUFLUFS o LUTUUUFGSB.BUPH-BOECSVLTEFQBSUFNFOU.JMK WFSOEFQBSUFNFOUFU o LUTUUUFGSBGSJFGPOE 4ĥģĒĥĖĘĚĠĘęĒğĕĝĚğĘĤġĝĒğñïï÷oñïðñ */'03."4+0/."3,&%4'3*/( 'PMLnFTUIBSMJUFLPOLSFULVOOTLBQPNEFSFFMMFGPS TLKFMMFOFQÌLPOWFOTKPOFMULPMPHJTLPHCJPEZOBNJTL KPSECSVL%FUWJMWSFFOWJLUJHPQQHBWFEFLPNNFOEF ÌSÌVUWJLMFJOGPSNBTKPOTNBUFSJFMMTPNFSMFUUGPSTUÌFMJH PHTPNLBOTLBQFJOUFSFTTFPHLUOZTHKFSSJHIFUCÌEF QÌQSPEVLUFOFPHFUOTLFPNÌGPSTUÌTUPSFPHTNÌ TBNNFOIFOHFSojGSBNBSLUJMNBHFx 07&303%/&5.¯o LFLVOOTLBQFOIPTGPMLnFTUPNEFOCJPEZOBNJTLF EZSLJOHTNFUPEFOPHFSOSJOHTLWBMJUFUFOTCFUZE OJOHGPSWÌSIFMTF 1304+&,5.¯o 6UWJLMFJOGPSNBTKPOTNBUFSJFMMGSBTNÌCSPTKZSFSUJM CLFS o 6UWJLMFFUOPSEJTLTBNBSCFJEPNJOGPSNBTKPOTNBUF SJFMM o *OGPSNBTKPOTNBUFSJFMMFUTLBMIBFOIFUMJHQSPmMWSF MFUUHKFOLKFOOFMJHPHGPSCJOEFTNFEWÌSWJTKPO 5*-5", o &OMJUFOCSPTKZSFMPNNFVUHBWF PNGPSTLKFMMFOQÌ CJPEZOBNJTLPHLPMPHJTLKPSECSVLoCFSFHOFUQÌ CSVLJCVUJLLFSTUBOETNBSLFETQMBTTFSPHMJHOFOEF o .BSLFETGSJOHBW%FNFUFSNFSLFUPH%FNFUFSLWBMJ UFU o -JUFIFGUFPNTBNNFOIFOHFONFMMPNFSOSJOHPH IFMTF o 6UHJCPLBPN#JPEZOBNJTLKPSECSVLBW#FSJU 4XFOTFO3FWJEFSUVUHBWFBW(SFQQFSVE.PISTCPL GSBðø÷õ o &UFHFUIFGUFNFEJOGPSNBTKPOPNQSFQBSBUGSBNTUJM MJOHPHCSVL o ,BMFOEFSGPSÌSFUñïïøNFEQSFTFOUBTKPOBWðñ CJPEZOBNJTLFHÌSETCSVLGPUPPHUFLTU '03&/*/(&/4/&5545&% 7JIBSJMQFUBWñïïöPQQSFUUFUFUOZUUOFUUTUFEGPS GPSFOJOHFOCJPEZOBNJTLOP NFEFOFHFOTFLTKPOGPS UJETTLSJGUFUj)FSCBx'PSOZFMTFOIBSWSUFUQSBLUJTL PHLPOPNJTLMGUGPSGPSFOJOHFOPHEFUWJMWSFFO VUGPSESJOHÌIPMEFEFOPQQEBUFSUNFEOZJOGPSNBTKPO UJMFOIWFSUJE 07&303%/&5.¯o &UBCMFSFPHWFEMJLFIPMEFFUOFUUTUFEBWIZLWBMJUFU 1304+&,5.¯o #SVLFEFOOFVOJLFNVMJHIFUFOUJMÌJOGPSNFSFPN BMMFTJEFSWFEGPSFOJOHFOTWJSLTPNIFUFS 5*-5", o -FHHFVUFOEFM)FSCBBSUJLMFSGSBEFTJTUFóïÌSIWPS EFUUFWJMHKFOTQFJMFEFUIJTUPSJTLFBTQFLUFUWFEGPS FOJOHFOTBSCFJEPHUJETTLSJGUFUTVUHBWFS o -FHHFVUEPLVNFOUBTKPOPHCFMZTFVUWJLMJOHFOBW EFUCJPEZOBNJTLFKPSECSVLFU o -FHHFVU"1(MJTUBNFEEPLVNFOUFSQÌOFUUFU o -FHHFVUJOGPSNBTKPOPHPQQGPSESJOHFSUJMÌTUUUF USFGSJFGPOEj'SJLKQBWKPSExj'POEGPSGSJGPST LOJOHxPHj'POEUJMTUUUFGPSGPSFOJOHFOHFOFSFMUPH )FSCBTQFTJFMUx o #SVLFTJEFOBLUJWUGPSÌJOGPSNFSFPNGPSFOJOHFOT BLUJWJUFUFS o (JHÌSEFOFNVMJHIFUGPSÌGÌFHFOQSFTFOUBTKPOQÌ GPSFOJOHFOTOFUUTUFE '03654&5/*/(&3 o /FUUTUFEFUmOBOTJFSFTPWFSGPSFOJOHFOTCVETKFUU TBNUHBWFQFOHFSGSBGPOEPHFOLFMUQFSTPOFS '03654&5/*/(&3 o 1SPTKFLUmOBOTJFSUNFEPĊFOUMJHFPHQSJWBUFNJEMFS o /PSEJTLTBNBSCFJE o 4BNBSCFJENFE)FMJPT #ĚĠĝĠĘĚĤĜĕĪğĒĞĚĤĜ'ĠģĖğĚğĘ êé #0,65(*7&-4& &JOBS(SFQQFSVEPH&NJM.PISTVUHBJðø÷õEFOGSTUF CPLBPNCJPEZOBNJTLLPMPHJTLKPSECSVLJ/PSHF%FO IBSWSUVUTPMHUGSBGPSMBHFUGSBUJEMJHQÌOJUUJUBMMFU %FOOZFCPLBj#JPMPHJTLEZOBNJTLKPSECSVLxFSFO PNGBUUFOEFSFWJTKPOBWEFOHBNMFUFLTUFOPHOZFLB QJUMFSFSLPNNFUUJM#PLBFSTLSFWFUBWSFEBLUSPHGPS GBUUFS#FSJU4XFOTFO'JOO%BMF*WFSTFOBSCFJEFSNFE GPUP"EPO&MNJSNFEEFTJHO#PLBWJMWSFFUUJMQBTTFU OPSEJTLNBSLFE 07&303%/&5.¯o #PLBTLBMHJFOGSTUFJOOGSJOHJCJPEZOBNJTLKPSE CSVLGPSTLOJOHPHFSOSJOHPHLVOOFMFTFTVUFO TUPSFGPSLVOOTLBQFS 1304+&,5.¯o #PLBTLBMWSFFUWJLUJHCJESBHUJMWFJMFEOJOHFOJCJP EZOBNJTLKPSECSVL o #PLBTLBMLVOOFCSVLFTQÌCÌEFWJEFSFHÌFOEFTLPMFS PHIZTLPMFS o #PLBTLBMIBFUTQSÌLPHFUJOOIPMETPNTLBQFSGPS OZFUJOUFSFTTFPHJOTQJSBTKPOUJMWJEFSFTUVEJFS 5*-5", o #PLBTLBMVUHJTJHPEUJEGSKVMñïï÷ 5*-#6%0.'03&%3"(0(,634 %FUFSFULFOEFGPLVTQÌKPSECSVLPHFSOSJOHIFMTF PHNJMKJCFGPMLOJOHFO4LPMFSGPSFOJOHFSPSHBOJTBTKP OFSFUUFSTQSLVOOTLBQJNBOHFGPSTLKFMMJHFTBNNFO IFOHFS7JTLBMUJMCZTLPMFSGPSFOJOHFSNnUJMCVEPN QMBOMFHHJOHPHHKFOOPNGSJOHBWLWFMETNUFSLVSTFS LPOGFSBOTFSPTW 07&303%/&5.¯o *OGPSNFSFPNKPSECSVLFSOSJOHIFMTFPHNJMKTP TJBMFQPMJUJTLFPHBMMNFOONFOOFTLFMJHFTQSTNÌMoJ FOEJSFLUFLPNNVOJLBTKPONFEJOUFSFTTFSUF 1304+&,5.¯o 5JMCZGPSFESBHPHTUUUFUJMQMBOMFHHJOHPHHKFOOPN GSJOHBWLVSTPHLPOGFSBOTFSJOOFOGPSEFmOFSUF UFNB 5*-5", o 1SFTFOUFSFGFNGPSFESBHTIPMEFSFNFEGPSTLKFMMJHFUF NBFS o %FMUBQÌðïGPSTLKFMMJHFBSSBOHFNFOUFSQFSÌS '03654&5/*/(&3 o (PEUHKSJOHFOTLBMEFLLFGPSFESBHTIPMEFSOFVUHJGUFS PHCFUBMJOH '03654&5/*/(&3 o #PLBFSmOBOTJFSUWFECSVLBW4JHVSE(SOUWFJUT 'POETUUUFGSBTUBUFOTMBOECSVLTGPSWBMUOJOHPH #JPGPSTLLPMPHJTL o %FUGPSIBOEMFTNFEGPSMBHPNVUHJWFMTFPHSFTUmOBO TJFSJOH êê 4ĥģĒĥĖĘĚĠĘęĒğĕĝĚğĘĤġĝĒğñïï÷oñïðñ ʰ¯34."3,&3*/(ʤ345&*/&34'345&#&4,*/03(&ʥ &OBSCFJETHSVQQFNFESFQSFTFOUBOUFSGSBQSBLUJTLF WJSLTPNIFUFSJEFUBOUSPQPTPmTLFNJMKFUBSCFJEFSNFE QMBOMFHHJOHBWFOGFMMFTNBSLFSJOHJ0TMPITUFOñïï÷ JBOMFEOJOHBWðïïÌSTKVCJMFVNGPS34UFJOFSTGSTUF CFTLJ/PSHF .BSLFSJOHFOTLBMWSFFONUFQMBTTIWPSWJJOWJUF SFSNFOOFTLFSGSBGPSTLKFMMJHFNJMKFSUJMÌESGUFBLUV FMMFUFNBFSJWÌSUJE.BSLFSJOHFOJ0TMPTLBMHÌPWFS USFEBHFSPHWSFFOEFMBW'FMMFTMSFSTUFWOFUñïï÷GPS 4UFJOFSTLPMFOF-PLBMFNJMKFSSVOEUPNLSJOHJMBOEFU PQQGPSESFTUJMÌVUWJLMFTJOFFHOFNBSLFSJOHFS#JPMP HJTLEZOBNJTLGPSFOJOHFSNFEJBSCFJEFUNFENBSLF SJOHFOTPNIBSGMHFOEFNÌMUJMUBLPHGPSVUTFUOJOHFS 07&303%/&5.¯o "OUSPQPTPmTLFQFSTQFLUJWFSCJESBSJBSCFJEFUNFE ÌmOOFMTOJOHFSQÌWÌSUJETNFTUTFOUSBMFTQSTNÌM LOZUUFUUJMNJMKPHVUWJLMJOH 1304+&,5.¯o %FUTLBQFTEJBMPHNFMMPNTFOUSBMFEFMUBLFSFJTBN GVOOTEFCBUUFOPHBOUSPQPTPmTLFNJMKFS o 4BNBSCFJEFUJEFOBOUSPQPTPmTLFCFWFHFMTFOWJUBMJ TFSFTHKFOOPNFULPOLSFUQSPTKFLU 5*-5", o (KFOOPNGSFFOQSFTFOUBTKPOBWBOUSPQPTPmTLF WJSLTPNIFUFSTBMHBWQSPEVLUFSPHPQQMFWFMTFTUJMCVE QÌ3ÌEIVTQMBTTFOoTFQUFNCFSñïï÷ o (KFOOPNGSFUPEBHFSNFEGPSFESBHPHTFNJOBSNFE BWTMVUUFOEFGFTUGPSFTUJMMJOHQÌ4FOUSVN4DFOFPLUP CFSñïï÷ '03#36,&3%*"-0( *CFHZOOFMTFOBWVUWJLMJOHFOBWEFUCJPEZOBNJTLFKPSE CSVLFUWBSTBNBSCFJEFUNFEGPSCSVLFSOFFOGPSVUTFU OJOHGPSWFLTUPHVUWJLMJOH#OEFSoIBOEFMTMFEEFUPH GPSCSVLFSOFNUUFTUPHBOHFSQSÌSGPSÌESGUFGFMMFT JOUFSFTTFS&UUFSIWFSUCMFPNGBOHFUBWQSPEVLTKPO PHPNTFUOJOHTÌTUPSBUEFOOFTBNBSCFJETGPSNFOCMF WBOTLFMJHÌPQQSFUUIPMEF*EBHCSWJmOOFOZFTBNBS CFJETGPSNFSGPSÌVUWJLMFCÌEFQSPEVLTKPOPHPNTFU OJOHWJEFSF 07&303%/&5.¯o 4UZSLFQSPEVLTKPOPHPNTFUOJOHBWCJPEZOBNJTLF SÌWBSFS o 4UZSLFGPSTUÌFMTFOBWGFMMFTWFSEJFSPHHKFOTJEJHBW IFOHJHIFUGPSÌVUWJLMFQSPEVLTKPOBWLWBMJUFUTNBU WBSFS 1304+&,5.¯o &UBCMFSFFOGPSCSVLFSHSVQQFJOOFO#JPMPHJTLEZOB NJTL'PSFOJOH 5*-5", o 4UJGUFFOGPSCSVLFSHSVQQFQÌÌSTNUFJñïïø '03654&5/*/(&3 o .FOOFTLFSTPNFSWJMMJHFUJMÌEFMUBJPQQCZHHJOHFO BWFOGPSCSVLFSHSVQQF '03654&5/*/(&3 o .BSLFSJOHFOTLBMmOBOTJFSFTHKFOOPNCJESBHGSBEFU BOUSPQPTPmTLFNJMKFUJ/PSHFQFSTPOMJHFHBWFSPH TUUUFGSBGPOENFENFS%FUVUBSCFJEFTFUCVETKFUUJ MQFUBWGFCSVBSñïï÷ #ĚĠĝĠĘĚĤĜĕĪğĒĞĚĤĜ'ĠģĖğĚğĘ êë ó'PSTLOJOH 'PSTLOJOHPHVUWJLMJOHJOOFOGPSCJPMPHJTL EZOBNJTLKPSECSVLJ/PSHFFSCFHSFOTFU UJMOPFOFOLFMUFTBNBSCFJETQSPTKFLUNFE #JPGPSTLLPMPHJTLUJEMJHFSF/PSTL PH EFMQSPTKFLUJOOFGPSEFLPMPHJTLFGPSTLT SJOHFOF-'3 %FONFTUPNGBUUFOEFTBNNFOMJHOFOEFSFHJTUSFSJOHCMF VUGSUQÌOJUUJUBMMFUJSFHJBW/PSTLoEFUTÌLBMUFòï CSVLTQSPTKFLUFU%FUUFWBSFOPNGBUUFOEFSFHJTUSFSJOH BWEBUBQÌòïLPMPHJTLFCJPEZOBNJTLFHÌSETCSVL *4WFSJHFIBS#JPEZOBNJTLB'PSTLOJOHTJOTUJUVUFUPHJ %BONBSLo#JPEZOBNJTL'PSTLOJOHTGPSFOJOHHKFOOPN NBOHFÌSESFWFUFUGPSTLOJOHTPHVUWJLMJOHTBSCFJETPN JEBHNUFSBOFSLKFOOFMTFPHPQQNFSLTPNIFUJNBOHF NJMKFS 'SBðøõôUJMðøøïWBS/PSEJTL'PSTLOJOHTSJOHFUTBN MFOEFNJMKGPSGPSTLJOHPHVUQSWJOHJ/PSEFO%FUHK SFTJEBHCFTUSFCFMTFSQÌÌSFWJUBMJTFSFEFUUFBSCFJEFU #FSJU4XFOTFOFSFOTFOUSBMBLUSNFEGBHMJHUZOHEFPH HPEFTBNBSCFJETFHFOTLBQFS ,SJTUJBO0SNTFUIBSOFEMBHUFUTUPSUBSCFJEGPSÌ FUBCMFSFFUBOBMZTFMBCPSBUPSJVNj7JUBMBOBMZTFxIWPS GPSTKFMMJHFBOBMZTFNFUPEFSCMJSCSVLUGPSÌCFTLSJWFLWB MJUFUTFHFOTLBQFSIPTKPSETÌWFMTPNGFSTLFPHMBHSFEF SÌWBSFS 'PSTLOJOH 6UWJLMJOH 4BNBSCFJE 7JUFOTLBQ 4ĥģĒĥĖĘĚĠĘęĒğĕĝĚğĘĤġĝĒğñïï÷oñïðñ &5"#-&3*/(44555&5*-7*5"-"/"-:4& ,SJTUJBO0SNTFUNFETUJGUFSBW /PSTLJEBH#JPGPSTLLPMPHJTL PH GPSTLFS#FSJU4XFOTFOTBNBSCFJEFS JEBHGPSÌFUBCMFSF7JUBMBOBMZTFTPN FUGSJUUGPSTLOJOHTJOTUJUVUUBOBMZTF MBCPSBUPSJVN%FUUFFSFONZTPN NFMJHPHLPTUOBETLSFWFOEFPQQHBWF TPNWJMWSFBWIFOHJHBWLPOPNJTL TUUUFGPSÌLVOOFWJSLFMJHHKSF BSCFJEFUNFEÌEPLVNFOUFSFGPSIPME LOZUUFUUJMEZSLJOHTNFUPEFPH FSOSJOHTLWBMJUFU&UTMJLBSCFJELBO HJWJLUJHJOGPSNBTKPOUJMCPOEFOPN TJOFEZSLJOHTUJMUBLPHHJGPSCSVLF SFOFOEPLVNFOUBTKPOQÌSÌWBSFOFT FSOSJOHTWFSEJ 07&303%/&%&.¯o &OTVOOKPSETPNHJSTVOOFQMBO UFSPHTVOOFEZSPHNFOOFTLFS 1304+&,5.¯o 4UUUFBSCFJEFUNFEFUBCMFSJOHBW FUGSJUUGPSTLOJOHTJOTUJUVUUTPN LBOEPLVNFOUFSFEZSLJOHTGPS IPMETCFUZEOJOHGPSQSPEVLULWBMJ UFUFO 5*-5", o 6UWJLMFLMBSFEFmOJTKPOFSPHBOB MZTFNFUPEFSGPSNBUWBSFLWBMJUFU o 6UWFLTMFLVOOTLBQPHTUZSLFTBN BSCFJEFUNFMMPNCOEFSPHGPS TLFSF o 4UUUFTBNBSCFJEFUNFMMPNGPS TLFSFJ/PSEFOJFUBCMFSJOHBWFU TUSSFGPSTLOJOHTQSPTKFLUPNFS OSJOHTLWBMJUFUFOTCFUZEOJOHGPS WÌSIFMTF 4"."3#&*%.&%#*0'034,,0-0(*4, #JPMPHJTLEZOBNJTL'PSFOJOHTLBM WJEFSFGSFPHVUWJLMFTJUUTBNBSCFJ EFUNFE#JPGPSTLLPMPHJTL%FO CJPEZOBNJTLFEZSLJOHTNFUPEFOIBS TÌNBOHFSFTVMUBUFSÌWJTFUJMBUEFU CSJOOHÌTPNEFMFSBWTBNNFOMJH OFOEFGPSTLFMMFSFHOFGPSTLGPSÌ VOEFSTLFNFUPEFOTCFUZEOJOHGPS QMBOUFPHEZSFIFMTFO 4"."3#&*%.&%-'30('.-" -'3-BOECSVLFUT'PSFTLTSJOHFS PH'.-"FSCÌEFMPLBMUPHSFHJPOBMU WJLUJHFTBNBSCFJETQBSUOFSFTPNLBO CJESBUJMVUQSWJOHTGPSTLPHCJTUBOE WFEVUWJLMJOHTQSPTKFLUFSGBHEBHFS TFNJOBSPTW%FUCJPMPHJTLEZOB NJTLFMBOECSVLTNJMKFUCSCMJFO OBUVSMJHEFMBWTBNBSCFJEFUJWÌSF USBEJTKPOFMMFMBOECSVLTNJMKFS 07&303%/&5.¯o (KFOOPNGPSTLOJOHPHVU WJLMJOHCFMZTFWFSEJFOBWEFO CJPEZOBNJTLFEZSLJOHTNFUPEFO 07&303%/&%&.¯o &UBCMFSFHPEFTBNBSCFJETSFMBTKP OFSNFEMPLBMFPHSFHJPOBMFMBOE CSVLTBLUSFS 1304+&,5.¯o &UBCMFSFFUTBNBSCFJENFE #JPGPSTLLPMPHJTLGPSÌmOOF GPSTLOJOHTQSPTKFLUFSBWBMMNFOO WFSEJGPSVUWJLMJOHFOBWEFULPMP HJTLFKPSECSVLFUJ/PSHF 1304+&,5.¯o %FMUBJMPLBMFPHSFHJPOBMFGPSTL PHKPSECSVLTGBHMJHFBSSBOHFNFO UFS 5*-5", o &UBCMFSFGPSTLOJOHTQSPTKFLUTPN LBOEPLVNFOUFSFWJSLOJOHFOBW EFCJPEZOBNJTLFQSFQBSBUFOFGPS PQQCZHHJOHBWIVNVT o %FOCJPEZOBNJTLFEZSLJOHTNFUP EFOCSGÌQMBTTJTUSSFTBNNFO MJHOFOEFGPSTLOJOHTQSPTKFLU 5*-5", o 5BJOJUJBUJWGPSÌVUWJLMFTBNBS CFJEPNVUQSWJOHPHTBNNFO MJHOFOEFGPSTLNFMMPNEZSLJOHT NFUPEFS '03654&5/*/(&3 o "SCFJEFUmOBOTJFSFTBW#E'TCVE TKFUUQSPTKFLUNJEMFSFWGZMLFT LPNNVOBMFNJEMFSPHNJEMFS LOZUUFUUJM-'3TQSPTKFLUFS '03654&5/*/(&3 o 'PSTLFSFTPNNFOFSTMJLFQSPTKFLU IBSFOCFSFUUJHFMTF o 'PSTLOJOHFOCSQSPTKFLUmOBO TJFSFTJTBNBSCFJENFE#JPGPSTL LPMPHJTL '03654&5/*/(&3 o &UBCMFSFFUTUUUFGPOEGPS7JUBMB OBMZTFj'POEGPSGSJGPSTLOJOHxJ /PSHF o 4LFOPSTLFPHVUFOMBOETLFGPOE PĊFOUMJHFNZOEJHIFUFSPHFOLFMU QFSTPOFSPNTUUUFUJMVUWJLMJOH BW7JUBMBOBMZTFTPNGSJUUTUÌFOEF GPSTLOJOHTJOTUJUVUU #ĚĠĝĠĘĚĤĜĕĪğĒĞĚĤĜ'ĠģĖğĚğĘ êí 0SHBOJTBUPSJTLBSCFJE 0SHBOJTFSJOHPH BENJOJTUSBTKPO 03("/*4&3*/( & 4USBUFHJPHIBOEMJOHTQMBOFOWFEUBTBWGPSFOJOHFOT ÌSTNUF & %FUGSBNMFHHFTÌSTQMBOFSIWFSUÌSIWPSPQQHBWFOF FSQSJPSJUFSUJGPSIPMEUJMEFNFOOFTLFMJHFPHLPOP NJTLFGPSVUTFUOJOHFSGPSFOJOHFOUJMFOIWFSUJESÌEFS PWFS & 4UZSFUPHEBHMJHMFEFSIBSBOTWBSGPSÌGMHFPQQ ÌSTNUFUTWFEUBL & %FULSFWFTUPIFMFTUJMMJOHFSGPSÌHKFOOPNGSFQMB OFO 45:3&5 & 4UZSFUCFTUÌSBWGFNQFSTPOFSPHFOWBSBSFQSFTFO UBOU-FEFSJ%FNFUFSGPSWBMUOJOHFOEFMUBSJTUZSFN UFOF & 4UZSFMFEFSPHEBHMJHMFEFSIBSBOTWBSFUGPSÌLPPS EJOFSFBSCFJEFU%FBOESFTUZSFSFQSFTFOUBOUFOFIBS BOTWBSFUGPSIWFSUTJUUIPWFEBSCFJETPNSÌEF o +PSECSVLFUoWFJMFEOJOHPHWJEFSFVUWJLMJOH o 6OHEPNTLPMFSJOHPHVUEBOOJOH o 'PSTLOJOHPHVUWJLMJOH o *OGPSNBTKPONBSLFETPHGPSCSVLFSBSCFJE "3#&*%4(3611&3 & %FUOFETFUUFTUSFBSCFJETHSVQQFSTPNIBSBOTWBSFU GPSTJOFPNSÌEFS & %FNFUFSGPSWBMUOJOHFOWFMHFTBWÌSTNUFPHIBSmSF SFQSFTFOUBOUFSPHFOWBSBSFQSFTFOUBOU & 4UVEJFVUWBMHFUWFMHFTBWÌSTNUFPHIBSUSFSFQSF TFOUBOUFS & 3FEBLTKPOTSÌEFUGPS)FSCBOFETFUUFTBWTUZSFUPH IBSGFNSFQSFTFOUBOUFS & 3FQSFTFOUBOUFSUJMLPOUBLUVUWBMHFUGPSLPMPHJTL MBOECSVLWFMHFTBWTUZSFU & &UBCMFSJOHBWFOHSVQQFTPNBSCFJEFSNFEGPSCSV LFSTQSTNÌM êî %"(-*(-&%&-4&0(,003%*/&3*/( & %BHMJHMFEFSIBSBOTWBSGPS o %BHMJHFESJGUEFMUBLFMTFJBSCFJETHSVQQFOFPH LPPSEJOFSJOHBWBLUJWJUFUFOF o 5JMSFUUMFHHJOHGPSÌSTNUFPHTUZSFUTBSCFJE o 3FQSFTFOUFSJOHBWGPSFOJOHFOJVUBESFUUFUWJSL TPNIFUFUUFSTUZSFUTWFEUBL o 5JETTLSJGUFUj)FSCBxTPNBOTWBSMJHSFEBLUS ,0/0.* & 4UZSFMFEFSEBHMJHMFEFSPHSFHOTLBQTGSFSFSBOTWBS MJHGPSLPOPNJPHLPOPNJTUZSJOH & %FVMJLFBSCFJETPNSÌEFOFPHBSCFJETHSVQQFOFTLBM JTUSTUNVMJHHSBEWSFTFMWmOBOTJFSFOEF%FUVUBS CFJEFTFHFUCVETKFUUGPSIWFSUBSCFJETPNSÌEF4UZSFU PHBSCFJETHSVQQFOFGÌSLWBSUBMTSFHOTLBQ & .FEVUHBOHTQVOLUJTUSBUFHJQMBOFOTLBMTUZSFU EBHMJHMFEFSPHBSCFJETHSVQQFOFBSCFJEFBLUJWUGPSÌ TUZSLFLPOPNJFOHKFOOPN o ÌLFBOUBMMNFEMFNNFSPHBCPOOFOUFSQÌ)FSCB o ÌBSCFJEFGPSLUTUUUFGSB-.% o ÌVUBSCFJEFQSPTKFLUTLOBEFSUJM4-' o ÌTLFSFHJPOBMTUUUFUJMQSPTKFLUFS'.-" o ÌTLFQSJWBUFGPOEMFHBUFS o ÌFUBCMFSFUSFHBWFLPOUPFSQÌGPSFOJOHFOTOFUU TUFE+PSEGPOEFUTUUUFGPOEUJMGPSFOJOHFO)FSCB PH'POEGPSGSJGPSTLOJOH & #JPMPHJTLEZOBNJTL'PSFOJOHTLBMCZHHFTJOWJSL TPNIFUQÌFOLFMUNFOOFTLFUTFOHBTKFNFOUPHBOTWBS GPSKPSEBPHGFMMFTTLBQFUTGSBNUJE 4ĥģĒĥĖĘĚĠĘęĒğĕĝĚğĘĤġĝĒğñïï÷oñïðñ &UUFSPSE #JPEZOBNJTLMBOECSVL oFUMFWFOEFNBOHGPME %FUCJPMPHJTLEZOBNJTLFCJPEZOBNJTLF KPSECSVLFUFSCBTFSUQÌFOEFUBMKFSU CFTLSJWFMTFBWIWPSEBONBOTPNCPOEF LBOTUZSLFEFUMFWFOEFQÌBMMFPNSÌEFS -JWFUoPHIWPSEBONBOHKFOOPNPNTPSH PHLVOOTLBQHJSEFUHPEFCFUJOHFMTFSoFS PNESFJOJOHTQVOLUFUJEFOOFESJGUTGPSNFO 3FOUCJPMPHJTLFSNBOHGPMEJHIFUQÌBMMF PNSÌEFSFOWJLUJHGBLUPS 4WSUGPSFOLMFUVUUSZLUFSFOHÌSEFOTUPSWFLTUPH GPSEZFMTFTQSPTFTT7FLTUFOHJSQMBOUFSUJMGÙSPHNBU WBSFS'PSEZFMTFTQSPTFTTFOFSGPSVUTFUOJOHFOGPSWFL TUFO*BMMFGBTFSFSEFUMFWFOEFPSHBOJTNFSTPNEBOOFS GPSCJOEFMTFSTPNOSFSBOESFPSHBOJTNFS.JOFSBMTLF TUPĊFSJKPSEBjMGUFTxGSBEFUMJWMTFOJWÌFUUJMEFUMFWFO EFOJWÌFUJNJLSPPSHBOJTNFSQMBOUFSEZSPHNFOOFT LFS*EFOOFQSPTFTTFOIBSIVTEZSFOFFOTFOUSBMSPMMF 4SMJHLVBNFOPHTÌBOESFESWUZHHFSFCFSJLFSQSPTFT TFONFETJOFWOFUJMÌOFECSZUFQMBOUFSGPSEZFEFNPH CZHHFPQQOZFGPSCJOEFMTFSTPNWJBHKETMBOSFSVUBM MJHFBOESFHBHOMJHFPSHBOJTNFS&OFOTJEJHTWJOFFMMFS ɣSLSFCFTFUOJOHQBTTFSEFSJNPUJLLFJOOJFOBWCBMBO TFSUCJPMPHJTLEZOBNJTLESJGU 7FLTUTLJGUFQMBOQMBOUFWBMHTPSUTWBMHIVTEZSIPME KPSECFBSCFJEJOHPHOBUVSQMFJFFSWJLUJHFGBLUPSFSJ FOHÌSETESJGUNFENBOHGPME+PSEBTCJPMPHJTLFMJWFS FOWJLUJHJOEJLBUPSGPSIWPSEBOEFUUFMZLLFTPHMBOH UJETGPSTLPWFSEFTJTUFUKVFGFNÌSWJTFSBUCJPMPHJTL EZOBNJTLKPSECSVLTLÌSFSIZUQÌEFOOFJOEJLBUPSFO TBNNFOMJHOFUNFELPOWFOTKPOFMUPHLPMPHJTLKPSE CSVL%0,GPSTLFOF .BOHFGPSCJOEFSCJPMPHJTLEZOBNJTLKPSECSVLNFE FOQSBLTJTEFSNBOTÌSQMBOUFSPHITUFSJCFTUFNUF NÌOFPHQMBOFUGBTFS4JEFOTUBSUFOIBSEFCJPMPHJTL EZOBNJTLFCOEFOFWSUPQQUBUUBWIWPSEBONÌOFO PHQMBOFUFOFQÌWJSLFSQMBOUFOTWFLTUIVTEZSFOFTPH CJFOFTBUGFSEPHVUWJLMJOH%FUFSWFMGÌNFOOFTLFSJ EBHTPNWJMCFUWJMFNÌOFOTPHQMBOFUFOTJOOnZUFMTF QÌKPSELMPEFOWÌS*OBUVSWJUFOTLBQFMJHFGPSTLOJOHIBS FNOFUCFUFHOFMTFOLSPOPCJPMPHJPHIFSSFHOFSFONFE ðïïGPSTLKFMMJHFSZUNFSTPNWJSLFSJOOQÌMJWFUQÌKPSEB 7BOTLFMJHIFUFOFMJHHFSJBUEFGPSTLKFMMJHFLPTNJTLFSZU NFSJLLFBMMFIBSFOMJLFUZEFMJHJOOnZUFMTFQÌEFUCJP MPHJTLF .FOEFUEZOBNJTLFFSPHTÌFUWJLUJHBTQFLUTPNQÌ WJSLFSSFTVMUBUFU-JWTLSFGUFOFTPNHJSEFUCJPMPHJTLF MJWFSFMFNFOUFSTPNEFOCJPEZOBNJTLFCPOEFOGPSIPM EFSTFHLPOLSFUUJM1ÌEFUJOESFPHQFSTPOMJHFQMBONFE TUVEJFSPHJBLUUBLFMTFBWQSPTFTTFSPHSFTVMUBUFS*EFU QSBLUJTLFNFECMBÌUUFCJPMPHJTLEZOBNJTLFQSFQBSB UFSBWMFHFQMBOUFSLJTFMPHLVHKETFMTPNTUZSLFSGPS CJOEFMTFONFMMPNEFUEZOBNJTLFPHEFUCJPMPHJTLF%F CSVLFTEFMTWFELPNQPTUFSJOHBWIVTEZSHKETFMPHEFMT EJSFLUFUJMKPSEPHQMBOUFS *EFOCJPMPHJTLEZOBNJTLFIFMIFUTGPSTUÌFMTFOBW FUMFWFOEFKPSECSVLISFSnFSFNFOOFTLFSQÌHÌSEFO PHFUUFUUTBNBSCFJENFEMPLBMTBNGVOOFUNFETPNFU TFOUSBMUFMFNFOU1ÌNBOHFHÌSEFSESJWFTEFUEFSGPSFU VUTUSBLUPQQMSJOHTBSCFJETBNBSCFJENFETLPMFSÌST UJETGFTUFSPHEJSFLUFEJBMPHPHIBOEFMNFEGPSCSVLFSF %JTTFBLUJWJUFUFOFLBOLVOTLBQFTJOSLPOUBLUNFE NFOOFTLFSVUFOGPSHÌSEFOTPNQÌEFOOFNÌUFOCJESBS UJMEFOTMJWPHNBOHGPMEJHIFU #ĚĠĝĠĘĚĤĜĕĪğĒĞĚĤĜ'ĠģĖğĚğĘ %FUNFTULKFOUFBSCFJEFUFSHKFOOPNEFTJTUFGFNUJ ÌSVUGSUBW.BSJBɥVOPHIFOOFTLKFOUFj4ÌLBMFOEFSx %FOCMJSIWFSUÌSPWFSTBUUUJMñðTQSÌLPHIBSJOTQJSFSU UVTFOFSBWCOEFSPHIBHFCSVLFSFUJMÌJOUFSFTTFSFTFH GPSIWBTPNTLKFSNFMMPNIJNNFMPHKPSE.BOHFIBS IBUUQPTJUJWFFSGBSJOHFSNFEÌMBHFTÌCFETÌQMBOUF MVLFPHITUFQÌEFHVOTUJHFEBHFOFTPNLBMFOEFSFO BOHJS0HTÌGPSCJBWMFSOFFSEFUBOCFGBMJOHFSGPSHPEFÌ EÌSMJHFEBHFSGPSCJSLU 4FMWTJFS.BSJBɥVOBUNBOTLBMWSFFOHPEJBLUUB LFSBWTBNNFOIFOHFOFGPSÌWSFFOHPECPOEF4ÌLB MFOEFSFOFSFOIKFMQNFOJLLFFOPQQTLSJGU%FUFSJLLF LSBWPNÌGMHFTÌLBMFOEFSFOFMMFSLPOTUFMMBTKPOFOFJ HPELKFOOJOHTSFHMFOFGPSCJPMPHJTLEZOBNJTLKPSECSVL êï )7"&3'034,+&--&/1¯,0-0(*4,0( #*0-0(*4,ʰ%:/".*4,+03%#36, êð ,0-0(*4,-"/%#36, #*0-0(*4,ʰ%:/".*4,+03%#36, ǹLPMPHJTLESJGULPOUSPMMFSFTBW%FCJP HKFOOPNFUHÌSETCFTLQFSÌS Ǻ%FUFSJLLFUJMMBUUÌCSVLFLVOTUHKETFM ǻ%FUFSJLLFUJMMBUUÌCSVLFLKFNJTLFVHSBT TZLEPNTPHTLBEFEZSTCFLKFNQFMTFJ LPMPHJTLESJGU Ǽ#JPEZOBNJTLFQSFQBSBUFOFLSFWFTJLLF ǽ&OLPMPHJTLHÌSECMJSHPELKFOUFUUFSUPÌST ESJGUVUFOLVOTUHKETFMPHTQSZUFNJEMFS Ǿ#FHSFOTFUCSVLBWLPOWFOTKPOFMUEZSLFUGÙS FSUJMMBUU ǿ#FHSFOTFUCSVLBWLPOWFOTKPOFMMHKETFMFS UJMMBUU Ȁ,ZSFOFLBOBWIPSOFT ȁ%FMFSBWHÌSEFOLBOESJWFTLPOWFOTKPOFMU IWJTNBOJLLFEZSLFSTBNNFBWHSEFPHFMMFS TPSU ǹ#JPEZOBNJTLESJGUPHQSPEVLTKPOLPOUSPMMFSFT BW%FCJPFOHBOHQFSÌS Ǻ4LBMPQQGZMMFBMMFLSBWUJMLPMPHJTLESJGU ǻ)BSFOMFOHFSPNMFHHJOHTUJEGSHPELKFOOJOH Ǽ#SVLBWEFCJPEZOBNJTLFQSFQBSBUFOFLSFWFT GPSÌTUZSLFMJWTLSFGUFOFJLPNQPTUKPSEPH QMBOUFS ǽ%FUTLBMWSFIVTEZSTSMJHESWUZHHFSFQÌ HÌSEFO Ǿ%ZSFOFNÌCBSFGÌLPMPHJTLFMMFSCJPMPHJTL EZOBNJTLGÙS ǿ*OHFOCSVLBWHKETFMGSBLPOWFOTKPOFMMF HÌSEFS Ȁ,ZSFOFBWIPSOFTJLLF ȁ )FMFHÌSEFONÌMFHHFTPNUJMCJPMPHJTLEZ OBNJTLESJGUEBBMMFEFOTVMJLFGVOLTKPOFS JOOHÌSJFULSFUTMQ 4ĥģĒĥĖĘĚĠĘęĒğĕĝĚğĘĤġĝĒğñïï÷oñïðñ #JPMPHJTLEZOBNJTL'PSFOJOH