Årsmelding 2001

(1)

Nettversjon

Institutt for samfunnsforskning

Årsmelding 2001

Institutt for

samfunnsforskning

Institute for Social Research

(2)

Institutt for samfunnsforskning Munthes gate 31

Postboks 3233 Elisenberg 0208 OSLO

www.samfunnsforskning.no Rapport 2002:1

ISBN 82-7763-167-7 ISSN 0333-3671

Materialet i denne rapporten er omfattet av åndsverklovens bestemmelser. Det er lagt ut på internett for lesing på skjerm og utskrifter til eget bruk. Uten særskilt avtale med ISF er enhver eksemplarfremstilling og tilgjengeliggjøring utover dette bare tillatt i den utstrekning det er hjemlet i lov.

Utnyttelse i strid med lov eller avtale kan medføre erstatningsansvar, og kan straffes med bøter eller fengsel.

Redaksjonssekretør/layout: Ingebjørg Wesche

Spørsmål rettes til redaksjonen telefon 23 08 61 86, epost: [email protected]

(3)

+PPJQNF

+PUVKVWVVHQTUCOHWPPUHQTUMPKPI

5V[TGV

5V[TGVUUCOOGPUGVPKPI 5V[TGVUDGTGVPKPIHQT

5VCDGP

8KVGPUMCRGNKIGUVKNNKPIGT «XTKIGXKVGPUMCRGNKIGOGFCTDGKFGTG )LGUVGHQTUMGTG 2TQULGMVCUUKUVGPVGT #FOKPKUVTCULQPGP $KDNKQVGMGV +6CXFGNKPIGP -CPVKPGP (CINKIDCMITWPPKUVCDGP (QTUMPKPIUNGFGTG 8KVGPUMCRGNKIMQORGVCPUG

2TQULGMVGTWPFGTCTDGKFK

5[UUGNUGVVKPIQICTDGKFUXKNM¾T -LÓPPQIUCOHWPP 8GNHGTFUUVCVQIUKXKNUCOHWPP 2QNKVKMMQRKPKQPQIOCMV +PVGTPCULQPCNOKITCULQPKPVGITCULQPQI

GVPKUMGTGNCULQPGT 4.6 Makt- og demokratiutredningen ...91

(4)

6KNMP[VPKPIVKNWPKXGTUKVGVGPG $KUVKNNKPIGTXGFWPKXGTUKVGVGTJÓ[UMQNGT $KUVKNNKPIGTXGF+5(

7PFGTXKUPKPIQIUGPUQTXKTMUQOJGV $GFÓOOGNUGUMQOKVÃGT +PVGTPCULQPCNGMQPVCMVGTQIHQTUMPKPIUUCOCTDGKF 2TQULGMVGTOGFWVGPNCPFUMGUCOCTDGKFURCTVPGTG (QTUMGTQRRJQNFXGFWVGPNCPFUMGKPUVKVWULQPGT )LGUVGHQTGNGUPKPIGTXGFWVGPNCPFUMGN¿TGTUVGFGT &GNVCMGNUGKKPVGTPCULQPCNGQTICPKUCULQPGT 7VGPNCPFUMGHQTUMPKPIUCMCFGOKGT

5VCDGPUHCINKIGQRRICXGTWVGPQO+5(

8KVGPUMCRGNKIGUV[TGTQIT¾F (QTUMPKPIUKPUVKVWULQPGTQIUV[TKPIUITWRRGT 5ÓMPCFUDGJCPFNKPIQIMQPUWNGPVQRRICXGT 8GTXKHCINKIGQTICPKUCULQPGT &GV-QPIGNKIG0QTUMG8KFGPUMCRGTU5GNUMCR &GV0QTUMG8KFGPUMCRU#MCFGOK 4GFCMULQPGNVCTDGKF 5V[TGTT¾FQIWVXCNI

2WDNKMCULQPGT

+5(RWDNKMCULQPGT $ÓMGTQIOQPQITCHKGT 4CRRQTVGTWVIKVVCXCPFTGKPUVKVWULQPGT 6KFUUMTKHV QIDQMCTVKMNGT 8KVGPUMCRGNKIRWDNKUGTKPI -QPITGUURCRGTUQIHQTGFTCI -TQPKMGTQICXKUCTVKMNGT

-QPHGTCPUGTQIUGOKPCTGT

-QPHGTCPUGT 5GULQPGTXGFHCINKIGMQPHGTCPUGT

(5)

+PUVKVWVVUGOKPCT 8KNJGNO#WDGTV/GOQTKCN.GEVWTG #TXKF$TQFGTUGPHQTGNGUPKPI

(QTOKFNKPI

6KFUUMTKHVGT +5(TCRRQTVGT +5(5COOGPFTCI *LGOOGUKFGTR¾KPVGTPGVV $TWMGTOÓVGT /GFKGMQPVCMVQIHQTOKFNKPIVKNCNNOGPPJGVGP #PPGPHQTUMPKPIUHQTOKFNKPI

#FOKPKUVTCULQPQIÓMQPQOK

$KDNKQVGMGV +6CXFGNKPI 5GMTGVCTKCVUQRRICXGT +PUVKVWVVGVUÓMQPQOK 4GIPUMCR

5WOOCT[KP'PINKUJ

#5JQTV2TGUGPVCVKQP 2WDNKECVKQPU 2TQLGEVUKP2TQITGUU

(6)

(7)

+PUVKVWVVHQTUCOHWPPUHQTUMPKPI

&GVQXGTQTFPGFGO¾NHQT+PUVKVWVVHQTUCOHWPPUHQTUMPKPIGT¾DKFTC VKN MWPPUMCR QO UCOHWPPGVU QRRD[IIKPI QI WVXKMNKPI UCOV ¾ WVXKMNGOQFGNNGTQIOGVQFGTVKN¾CPCN[UGTGFKUUGHQTJQNF

(TCFGVDNGQRRTGVVGVKVKNQOMTKPIURKNVGKPUVKVWVVGVGP CXILÓTGPFG TQNNG HQT XGMUVGP K UCOHWPPUHQTUMPKPIGP K 0QTIG +PUVKVWVV HQT UCOHWPPUHQTUMPKPI JCT JGNG VKFGP X¿TV VXGTTHCINKI QTKGPVGTVQIXKNHÓTGFGPPGVTCFKULQPGPXKFGTG

+PUVKVWVV HQT UCOHWPPUHQTUMPKPI GT GV CX FG H¾ UCOHWPPUXKVGP UMCRGNKIG HQTUMPKPIUOKNLÓGPG WVGPHQT WPKXGTUKVGVGPG UQO KMMG GT URGUKCNKUGTVR¾GPURGUKGNNUGMVQT+PUVKVWVVGVUÓMGT¾UMCRGGVDTGFV HCIOKNLÓ WVGP UMCTRG KPUVKVWULQPGNNG ITGPUGT OGNNQO ITWPPHQTUM PKPI QI CPXGPFV GNNGT RTQDNGOQTKGPVGTV HQTUMPKPI +PUVKVWVV HQT UCOHWPPUHQTUMPKPIÓPUMGTFGTHQT¾DKFTCVKNCVDGIIGV[RGTHQTUM PKPIFTKXGUKPPGPHQTUCOOGOKNLÓ&GVVGMQOOGTVKNWVVT[MMDNCPV CPPGV ILGPPQO P¿T MQPVCMV QI UCOCTDGKF OGF 7PKXGTUKVGVGV K 1UNQ 0QTIGU HQTUMPKPIUT¾F OGT URGUKCNKUGTVG QI CPXGPFVG KPUVKVWVVGTUCOVHNGTGCXFGRCTVGOGPVGPG

+PUVKVWVVHQTUCOHWPPUHQTUMPKPIUGTFGVUQOGPUGPVTCNQRRICXG

¾FTKXGQRRN¿TKPICX[PITGHQTUMGTGQI¾NGIIGHQTJQNFGPGVKNTGVVG HQT CV OGFCTDGKFGTPG MCP VC FQMVQTITCF QI MXCNKHKUGTG UGI HQT JÓ[GTGXKVGPUMCRGNKIGUVKNNKPIGT

&GHNGUVGCXKPUVKVWVVGVURTQULGMVGTHCNNGTKPPGPHQTHGOJQXGFQO T¾FGTUQOVKNFGNUUML¿TGTR¾VXGTUCXJXGTCPFTG

(8)

5[UUGNUGVVKPIQICTDGKFUXKNM¾T -LÓPPQIUCOHWPP

8GNHGTFUUVCVQIUKXKNUCOHWPP 2QNKVKMMQRKPKQPQIOCMV

+PVGTPCULQPCNOKITCULQPKPVGITCULQPQIGVPKUMGTGNCULQPGT 2¾FKUUGQOT¾FGPGGTFGVGVO¾N¾MCTVNGIIGQIHQTMNCTGVTGMMXGF PQTUMG UCOHWPPUHQTJQNF UCOV K UVÓTUV OWNKI ITCF UG FGO K GV KPVGTPCULQPCNVRGTURGMVKX

(9)

5V[TGV

5V[TGVUUCOOGPUGVPKPI

1RRPGXPVCX0QTIGUHQTUMPKPIUT¾F -QPUGTPFKTGMVÓT)TGVG(CTGOQ

2TQHGUUQT4WPG5ÓTGPUGPXCTCOGFNGO 1RRPGXPVCX7PKXGTUKVGVGVK1UNQ 2TQHGUUQT#CPWPF*[NNCPFPGUVNGFGT 2TQHGUUQT*GIG5MLGKGXCTCOGFNGO 2TQHGUUQT'FWCTFQ#TEJGVVK

2TQHGUUQT'FIGKT$GPWOXCTCOGFNGO

1RRPGXPVCXUV[TGVXGF+PUVKVWVVHQTUCOHWPPUHQTUMPKPI 2TQHGUUQT,QP'NUVGT

(QTUMGT4WPG5NCIUVCFXCTCOGFNGO 2TQHGUUQT'KXKPF5OKVJNGFGT

&KTGMVÓT6GTLG*CWIGTXCTCOGFNGO

1RRPGXPVCXFGCPUCVVGXGF+PUVKVWVVHQTUCOHWPPUHQTUMPKPI 5VKRGPFKCV*CTCNF&CNG1NUGP

(QTUMGT«TPWNH5GKRRGNXCTCOGFNGO

(10)

5V[TGVUDGTGVPKPIHQT

&GP QTFKP¿TG XKTMUQOJGVGP GT DNKVV XKFGTGHÓTV K WV HTC KPUVKVWVVGVUGVCDNGTVGO¾NUGVVKPIGT

2TFGUGODGTJCFFG+PUVKVWVVHQTUCOHWPPUHQTUMPKPI OGFCTDGKFGTGJXQTCXVQKUVKNNKPI6KNICPIGPR¾RTQULGMVGTJCT X¿TVIQFRTQULGMVGTDNGUCVVKICPI#XFGOMCPU¿TNKIPGXPGU HNGTGRTQULGMVGTQOKFTGVVGPUUCOHWPPUOGUUKIGUVKNNKPI&GUUWVGPGP UVQTUVWFKGCXXCNIMCORGPUQOGTGVUCOCTDGKFOGNNQOHNGTG HQTUMPKPIUKPUVKVWULQPGT

+PUVKVWVVGVU MCRCUKVGV GT DNKVV WVXKFGV K XGF CV VTG P[G MQPVQTGTGTDNKVVKPPTGFGVGVVGTQOD[IIKPIK/WPVJGUICVG&GV IKT RNCUU VKN ÓMV HQTUMPKPI #FOKPKUVTCVKX TCULQPCNKUGTKPI DKFTCT QIU¾VKNCVFGVDNKTDGFTGRNCUUHQTHQTUMPKPIUXKTMUQOJGVGP

6TG HQTUMGTG VQM FQMVQTITCF K NÓRGV CX ¾TGV (QT ¾ DGFTG HQTOKFNKPIGPJCT+PUVKVWVVHQTUCOHWPPUHQTUMPKPIKUCOCTDGKFOGF +ORTKPVHQTNCIGV UCVV K ICPI GP GIGP DQMUGTKG 6JGUKUUGTKGP FGT KPUVKVWVVGVU FQMVQTCXJCPFNKPIGT DNKT IKVV WV K GV HWNNXGTFKI DQM HQTOCVQIILQTVVKNILGPIGNKIR¾FGVCNNOGPPGDQMOCTMGFGV

(QT ¾ UV[TMG HQTOKFNKPIGP CX HQTUMPKPIGP GT FGV K QIU¾ UCVVKICPIGVQOHCVVGPFGCTDGKFHQT¾TWUVGQRRRTGUGPVCULQPGPCX KPUVKVWVVGVR¾+PVGTPGVV

+PUVKVWVVGVU TGUWNVCVTGIPUMCR QI DCNCPUG IKT GVVGT UV[TGVU QRR HCVPKPIVKNUVTGMMGNKIQRRN[UPKPIGTVKN¾DGFÓOOGTGUWNVCVGVCXXKTM UQOJGVGP K QI FGP ÓMQPQOKUMG UVKNNKPI RT FGUGODGT

TGVUTGUWNVCVGVVGTHKPCPUKGNNGRQUVGTGTMTUQO QXGTHÓTGU VKN KPUVKVWVVGVU GIGPMCRKVCN .KVV WPFGT JCNXRCTVGP CX QXGTUMWFFGV GT HKPCPUKPPVGMVGT +PUVKVWVVGVU ÓMQPQOK GT UQNKF QI HQTWVUGVPKPIGPGHQTXKFGTGFTKHVGTGVVGT5V[TGVUQRRHCVPKPIHQTVUCVV VKNUVGFG

(11)

5[MGHTCX¿TGVKXCTRTQUGPVCXFGPVQVCNGCTDGKFUOGPIFGP

&GP UVÓTUVG FGNGP CX HTCX¿TGV UM[NFGU HÓFUGNURGTOKULQPGT 5MCFGT GNNGTWN[MMGTKHQTDKPFGNUGOGFCTDGKFGVGTKMMGMQPUVCVGTV&GVGT KMMGPQGKKPUVKVWVVGVUXKTMUQOJGVUQOHQTWTGPUGTFGV[VTGOKNLÓ

1UNQLCPWCT

(12)

5VCDGP

&GV DNG VQVCNV WVHÓTV ¾TUXGTM JXQTCX HQTUMGT¾TUXGTM XGF +PUVKVWVVHQT UCOHWPPUHQTUMPKPI K (GO XKVGPUMCRGNKI CPUCVVG GTHQTUMPKPIUNGFGTGKUVKNNKPI

8KVGPUMCRGNKIGUVKNNKPIGT

$GPVG#DTCJCOUGP

&TRQNKVUQUKQNQIKHQTUMGT++

#TDGKFUHGNV*GNUGVLGPGUVG[TMGTLQDDOQDKNKVGV[TMGUNÓR 'RQUVDCD"KUCHPQ6NH

'TNKPI$CTVJ

&TRQNKVUCOHWPPUÓMQPQOKHQTUMGT+

2TQHGUUQT++XGF+PUVKVWVVHQTÓMQPQOK7PKXGTUKVGVGVK6TQOUÓ

#TDGKFUHGNV#TDGKFUOCTMGFNÓPPUFCPPGNUGHQTJCPFNKPIGT 'RQUVGDC"KUCHPQ6NH

(TQFG$GTINWPF

%CPFRQNKVUVCVUXKVGPUMCRUVKRGPFKCV

6/4UVKRGPFKCVXGF5VCVUXGVGPUMCRNKIC+PUVKVWVKQPGP )ÑVGDQTIU7PKXGTUKVGVVKN

#TDGKFUHGNV8CNIHQTUMPKPIRCTVKVKNJÓTKIJGVRQNKVKUMG UVTKFUURÓTUO¾N

'RQUVHDG"KUCHPQ6NH

(13)

6QTFKU$QTEJITGXKPM

/CICTVUQUKCNCPVTQRQNQIKHQTUMGT++

#TDGKFUHGNV(NGTMWNVWTGNNGUCOHWPPLÓFKUMOWUNKOUM KPVGITCULQPQIKFGPVKVGVUFCPPGNUG

'RQUVVDQ"KUCHPQ6NH

$GTPV/CIPG$TCVUDGTI

2J&'EQPQOKEUUVKNNKPIVKN 2TQHGUUQTXGF-CPUCU5VCVG7PKXGTUKV[

#TDGKFUHGNV#TDGKFUOCTMGFWVFCPPKPI 'RQUVDGTPV"MUWGFW

#PLC$TGFCN

%CPFUQEKQNUQUKQNQIKUVKRGPFKCV

8KUKVKPIUEJQNCT&GRCTVOGPVQH5QEKQNQI[7PKXGTUKV[QH$TKUVQN PQXGODGT CRTKN

#TDGKFUHGNV+PPXCPFTKPIMLÓPPQIGVPKUKVGV 'RQUVCDT"KUCHPQ6NH ,CP2CWN$TGMMG

#TDGKFUHGNV8GNHGTFKPPXCPFTKPIHN[MVPKPIGT 'RQUVLRD"KUCHPQ6NH

)TGVG$TQEJOCPP

&TRQNKVUQUKQNQIKHQTUMPKPIUNGFGTHQTUMGT+

2TQHGUUQT++XGF7PKXGTUKVGVGVK1UNQ

#TDGKFUHGNV+PPXCPFTKPIKPVGTPCULQPCNOKITCULQP 8GUV'WTQRC'7

'RQUVIDT"KUCHPQ6NH

(14)

2¾N$ÓTKPI

%CPFQGEQPUCOHWPPUÓMQPQOKXKVGPUMCRGNKICUUKUVGPV

#TDGKFUHGNV#TDGKFUOCTMGFNÓPPUFCPPGNUG CTDGKFUNGFKIJGV

'RQUVRDQ"KUCHPQ6NH

*CTCNF&CNG1NUGP

%CPFQGEQPUCOHWPPUÓMQPQOKUVKRGPFKCV

#TDGKFUHGNV#TDGKFUOCTMGFNÓPPOQDKNKVGV 'RQUVJFQ"KUCHPQ6NH

#PPG.KUG'NNKPIU¿VGT

&TRJKNQUUQUKQNQIKHQTUMPKPIUNGFGTHQTUMGT+

8KUKVKPIUEJQNCT+PUVKVWVGQH+PFWUVTKCN4GNCVKQPU 7PKXGTUKV[QH%CNKHQTPKC$GTMGNG[VKN

#TDGKFUHGNV-LÓPPCTDGKFUOCTMGFXGNHGTFUUVCVHCOKNKGVKF 'RQUVCNK"KUCHPQ6NH

+PIWPP1RJGKO'NNKU

%CPFRQNKVUVCVUXKVGPUMCRXKVGPUMCRGNKICUUKUVGPV RGTOKULQPHTCVKN

#TDGKFUHGNV8CNIHQTUMPKPI

'RQUVKQR"KUCHPQ6NH (TGFTKM'PIGNUVCF

&TRJKNQUUQUKQNQIKKPUVKVWVVNGFGT 2TQHGUUQT++XGF7PKXGTUKVGVGVK1UNQ

#TDGKFUHGNV/CMVUQUKCNTGVVHGTFKIJGV NKVVGTCVWTQIUCOHWPPXKVGPUMCRUVGQTK 'RQUVHGP"KUCHPQ6NH

$GTPCTF'PLQNTCU

2J&ÓMQPQOKHQTUMGT++

#TDGKFUHGNV8GNHGTFHTKXKNNKIQTICPKUGTKPIUKXKNVUCOHWPP 'RQUVDGP"KUCHPQ6NH

(15)

6T[IXG)WNDTCPFUGP

&TRJKNQUUQUKQNQIKHQTUMGT++

#TDGKFUHGNV/GFGKGTQTFPKPIGT MWPPUMCRUDGFTKHVGTHCOKNKGDGFTKHVGT NGFGTNÓPPKPIGTUQUKCNGQIRQNKVKUMGGNKVGT 'RQUVVIW"KUCHPQ6NH /CTKCPPG)WNNGUVCF

&TRJKNQUUQUKCNCPVTQRQNQIKHQTUMGT+

#TDGKFUHGNV-WNVWTJXGTFCIUNKXHCOKNKGNKXNKXUJKUVQTKGT CPCN[UGCXDKNFGTDCTPFQOMLÓPPPCULQPCNKUOG TCUKUOGQIKPPXCPFTKPIUFGDCVV

'RQUVOIW"KUCHPQ6NH

#PPKMGP*CIGNWPF

%CPFRQNKVUQUKQNQIKUVKRGPFKCV /CTKG%WTKG(GNNQYXGF%GPVTGHQT

/KITCVKQP4GUGCTEJ7PKXGTUKV[QH5WUUGZVKN

#TDGKFUHGNV+PPXCPFTKPIUFGDCVVGTHNGTMWNVWTGNVUCOHWPP 'RQUVCJN"KUCHPQ6NH

+PIGT/CTKG*CIGP

%CPFUQEKQNUQUKQNQIKHQTUMGT+++HTC

#TDGKFUHGNV$GFTKHVUFGOQMTCVK 'RQUVKOJ"KUCHPQ6NH +PÃU*CTFQ[

%CPFRQNKVUCOHWPPUÓMQPQOKUVKRGPFKCVUVKNNKPI

#TDGKFUHGNV#TDGKFUNGFKIJGV CTDGKFUOCTMGFUVKNVCMGXCNWGTKPICX CTDGKFUOCTMGFUVKNVCMWPIFQO 'RQUVKJC"KUCHPQ6NH

(16)

/CTKV*QGN

&TRJKNQUUQUKQNQIKHQTUMGT++RGTOKULQPVKN

#TDGKFUHGNV#TDGKFUOCTMGFMLÓPP[TMGUXGTFKGT [TMGUOQDKNKVGVWVFCPPKPI

'RQUVOJQ"KUCHPQ6NH )GKT*ÓIUPGU

&TRQNKVUQUKQNQIKHQTUMGT+UVKNNKPI

2TQHGUUQTXGF+PUVKVWVVHQTUQUKQNQIKQIUCOHWPPUIGQITCHK 4GFCMVÓT6KFUUMTKHVHQTUCOHWPPUHQTUMPKPI

'RQUVIGJ"KUCHPQ6NH 4CIPJKNF5VGGP,GPUGP

%CPFRJKNQNUCOHWPPUIGQITCHKUVKRGPFKCV

#TDGKFUHGNV-LÓPPCTDGKFNKMGUVKNNKPITGIKQPCNWVXKMNKPI E-post: [email protected] Tlf: 23 08 61 21.

4WPG-CTNUGP

%CPFOCIUVCVUXKVGPUMCRXKVGPUMCRGNKICUUKUVGPVUVKNNKPI

#TDGKFUHGNV8CNIHQTUMPKPIRCTVKVKNJÓTKIJGVRQNKVKUMG

UVTKFUURÓTUO¾NRQNKVKUMMQOOWPKMCULQPQIOGFKGR¾XKTMPKPI 'RQUVTMC"KUCHPQ6NH

6TQPF$GNFQ-NCWUGP

%CPFRQNKVUQUKQNQIKXKVGPUMCRGNKICUUKUVGPV

#TDGKFUHGNV'NKVGTKPXGUVGTKPIUCVHGTF 'RQUVVTM"KUCHPQ6NH 'NK\CDGVJ-NQUVGT

%CPFRQNKVUQUKCNCPVTQRQNQIKXKVGPUMCRGNKICUUKUVGPVUVKNNKPI

#TDGKFUHGNV(TKXKNNKIGQTICPKUCULQPGT 'RQUVGMN"KUCHPQ6NH

(17)

#PPG-TQIUVCF

&TRQNKVUQUKCNCPVTQRQNQIKHQTUMGT++

#TDGKFUHGNV2QNKVKUMMQOOWPKMCULQPXCNIMCOROGFKGT GVPKUMGOKPQTKVGVGTUGPVTGRTGPÓTUMCRMLÓPPQHHGPVNKIJGV 'RQUVCMT"KUCHPQ6NH

'XGP.CPIG

&TRJKNQUJKUVQTKGHQTUMGT+

#TDGKFUHGNV(QTDTWMGTUCOXKTMGVUJKUVQTKG 'RQUVGNC"KUCHPQ6NH 0KNU4WPG.CPIGNCPF

&TCTVJKUVQTKGHQTUMGT++

#TDGKFUHGNV*Ó[GUVGTGVVUJKUVQTKG 'RQUVPTN"KUCHPQ6NH

#TPNCWI.GKTC

&TRJKNQUUQUKQNQIKUVKNNKPI

2TQHGUUQTXGF+PUVKVWVVHQTUQUKQNQIKQIUCOHWPPUIGQITCHK 7PKXGTUKVGVGVK1UNQ

#TDGKFUHGNV8GNHGTFUUVCV 'RQUVCNG"KUCHPQ

*KNFG.KFÃP

&TRQNKVUQUKCNCPVTQRQNQIKHQTUMGT++

#TDGKFUHGNV(TKXKNNKIGQTICPKUCULQPGTWPIFQOQIOCMV 'RQUVJNK"KUCHPQ6NH

*¾MQP9GTIGNCPF.QTGPV\GP

&TRJKNQUUQUKQNQIKHQTUMPKPIUNGFGTHQTUMGT++

#TDGKFUHGNV8GNHGTFHTKXKNNKIQTICPKUGTKPIUKXKNVUCOHWPP 'RQUVJNT"KUCHPQ6NH

(18)

,QP%JTKUVKCP4QIUVCF

#TDGKFUHGNV+PPXCPFTKPICTDGKFUOCTMGFFKUMTKOKPGTKPI E-post: [email protected] Tlf: 23 08 61 31.

/CTKCPPG4ÓGF

&TRQNKVUCOHWPPUÓMQPQOKHQTUMGT++

#TDGKFUHGNV #TDGKFUOCTMGF KPVGTPCULQPCN OKITCULQP WVFCPPKPI MQORGVCPUG

'RQUVOTQ"KUCHPQ6NH ,Q5CINKG

&TRQNKVUVCVUXKVGPUMCRHQTUMGT++

#TDGKFUHGNV2CTVKQTICPKUCULQPGTXCNIQRKPKQP 'RQUVLUC"KUCHPQ6NH

'TNKPI5CPFOQ

&TCTVJKUVQTKGHQTUMGT++

#TDGKFUHGNV-WNVWTQITGVVUJKUVQTKG*Ó[GUVGTGVVUJKUVQTKG 'RQUVGUC"KUCHPQ6NH

2¾N5EJÓPG

&TRQNKVUCOHWPPUÓMQPQOKHQTUMGT++

#TDGKFUHGNV#TDGKFUOCTMGFUÓMQPQOKMQORGVCPUGGXCNWGTKPI 'RQUVRUE"KUCHPQ6NH

«TPWNH5GKRRGN

#TDGKFUHGNV5QUKCNGDGXGIGNUGTHTKXKNNKIGQTICPKUCULQPGT KFTGVVUUQUKQNQIKOKNLÓUQUKQNQIKRQNKVKUMUQUKQNQIK 'RQUVQTU"KUCHPQ6NH

(19)

(TCPEKU5GLGTUVGF

&TJEJKUVQTKGHQTUMGT+

#TDGKFUHGNV0QTIG5XGTKIGR¾VCNNGV 'RQUVHUG"KUCHPQ6NH -CTN*GPTKM5KXGUKPF

#TDGKFUHGNV8GNHGTFHTKXKNNKIQTICPKUGTKPIUKXKNVUCOHWPP 'RQUVMJU"KUCHPQ6NH

-TKUVKP5MLÓTVGP

&TRJKNQUMTKOKPQNQIKHQTUMGT++

#TDGKFUHGNV(QTGNFTGDCTPQOUQTIMQPHNKMVMLÓPP 'RQUVMUM"KUCHPQ6NH

4WPG5NCIUVCF

&TRJKNQUKFÃJKUVQTKGHKNQUQHKHQTUMGT+

#TDGKFUHGNV5QUKCNHKNQUQHKQIOQFGTPGJKUVQTKG 'RQUVTUN"KUCHPQ6NH

4CIPJKNF5QNNWPF

%CPFRQNKVMTKOKPQNQIKUVKRGPFKCV

#TDGKFUHGNV+PPXCPFTKPIKPVGTPCULQPCNOKITCULQP 'RQUVTUQ"KUCHPQ6NH

-LCTVCP5QNVXGFV

%CPFRJKNQNJKUVQTKGXKVGPUMCRGNKICUUKUVGPVHTC

#TDGKFUHGNV(QTDTWMGTUCOXKTMGVUJKUVQTKG 'RQUV6NH

#CIQVJ'NKUG5VQTXKM

#TDGKFUHGNV-LÓPPCPUGVVGNUGURTQUGUUGT[TMGUMCTTKGTGT 'RQUVCCU"KUCHPQ6NH

(20)

/CTK6GKIGP

%CPFUQEKQNUQUKQNQIKUVKRGPFKCV

#TDGKFUHGNV.KMGUVKNNKPINGFGTUMCRUWPFGTUÓMGNUGPOGFDQTIGTWFGT UÓMGNUGP

'RQUVOVG"KUCHPQ6NH +UGNKP6JGKGP

2JFOQFGTPGJKUVQTKGXKVGPUMCRGNKICUUKUVGPV (QTUMGT++HTC

#TDGKFUHGNV(QTDTWMGTUCOXKTMGVUJKUVQTKG 'RQUV'RQUVKVJ"KUCHPQ6NH

*KNFG6JQTGUGP

%CPFRQNKVUVCVUXKVGPUMCRXKVGPUMCRGNKICUUKUVGPV

#TDGKFUHGNV/CMVWVTGFPKPIGP 'RQUVJVJ"KUCHPQ6NH

*GIG6QTR

.KERJKNQUUCOHWPPUÓMQPQOKHQTUMPKPIUNGFGTHQTUMGT++

#TDGKFUHGNV#TDGKFUOCTMGFNGFKIJGVGXCNWGTKPI CXCTDGKFUOCTMGFUVKNVCM

'RQUVJVQ"KUCHPQ6NH

#PPG.GPG$CMMGP7NUGVJ

%CPFRQNKVUQUKQNQIKUVKRGPFKCV

#TDGKFUHGNV(TKXKNNKIGQTICPKUCULQPGTKFTGVVUQUKQNQIK 'RQUVCNW"KUCHPQ6NH

$GTPV#CTFCN

&TRJKNQUUVCVUXKVGPUMCRHQTUMPKPIUNGFGTHQTUMGT+

#TDGKFUHGNV8CNIHQTUMPKPIRCTVKGTXCNIQTFPKPIGT RQNKVKUMGUVTKFUURÓTUO¾N

'RQUVDQC"KUCHPQ6NH

(21)

«XTKIGXKVGPUMCRGNKIGOGFCTDGKFGTG

1OHCVVGT OGFCTDGKFGTG UQO JCT CTDGKFURNCUU XGF +PUVKVWVV HQT UCOHWPPUHQTUMPKPIWVGPGVHQTOGNVCPUGVVGNUGUHQTJQNF

6QT$LÓTMNWPF

&TRJKNQUUVCVUXKVGPUMCR

(ÓTUVGCOCPWGPUKUXGF+PUVKVWVVHQTUVCVUXKVGPUMCR 7PKXGTUKVGVGVK1UNQ

#TDGKFUHGNV8CNIHQNMGCXUVGOPKPI 'RQUVVQT"KUCHPQ

,QP'NUVGT

&QEVGWTÂUNGVVTGU

2TQHGUUQTXGF%QNWODKC7PKXGTUKV[

#TDGKFUHGNV4GVVUQRRILÓT LG"EQNWODKCGFW

*CPPG/CTVJG0CTWF

&TRQNKVUVCVUXKVGPUMCR

2QUVFQEUVKRGPFKCV+PUVKVWVVHQTUVCVUXKVGPUMCR7PKXGTUKVGVGVK 1UNQ/GFTGFCMVÓT6KFUUMTKHVHQTUCOHWPPUHQTUMPKPI

'RQUVJOP"KUCHPQ (TGFTKM6JWG

%CPFRJKNQNJKUVQTKG

5VKRGPFKCVXGF*KUVQTKUMKPUVKVWVV7PKXGTUKVGVGVK1UNQ

#TDGKFUHGNV5COHWPPUXKVGPUMCRGPGUJKUVQTKGK0QTIGQI75#

'RQUVHYVJWG"JKWKQPQ

*GPT[8CNGP

&TRJKNQUUVCVUXKVGPUMCRRTQHGUUQTGOGTKVWU

#TDGKFUHGNV8CNIRCTVKGTNGFGTUMCR 'RQUVJXC"KUCHPQ6NH

(22)

)LGUVGHQTUMGTG

,QJP$QYOCPRTQHGUUQT%KV[7PKXGTUKV[QH0GY;QTM

*GIG5MLGKGRTQHGUUQT+PUVKVWVVHQTUVCVUXKVGPUMCR 7PKXGTUKVGVGVK1UNQHTC

&CI9QNNGD¿MHQTUMGT.15UGPVGTGV$GTIGPVKN

2TQULGMVCUUKUVGPVGT

#KOÃG.KPF#FCOKCM ,QJCPPGU$GTIJ ,CPPG%NCWUGP

;PIXG'KMTGO

+PIGT/CTKG)CDTKGNUGP -TKUVKPG*CNNG/QTVGPUGP

$GCVG0[I¾TF

1NG4CUOWU1YG 5KOGP4WF

6QTKNN/CTNGPG5CPFDGTI )WTQFPGICTF5MCTUVCF 5QRJKG5QNJGKO

'KPCT5RWTMGNCPF

#FOKPKUVTCULQPGP

(TGFTKM'PIGNUVCFKPUVKVWVVNGFGT

*CPPC/CTKG5ÓTD[,GPUGPMQPUWNGPV

,ÓTIGP/QNCPFMUVKPHQTOCULQPUNGFGTHTC

+PIXKNF/QNFGPKPHQTOCULQPUNGFGTUVKNNKPIRGTOKULQP 6TQPF0KEQNC[UGPMQPUWNGPVVKN

/C[.KUU5KXGTVUGPHÓTUVGHWNNOGMVKI 'NK5ÓI¾TFMQPVQTNGFGT

+PIGDLÓTI9GUEJGMQPUWNGPV

,QTWPP#CTUGVJMQPUWNGPVUVKNNKPI

$KDNKQVGMGV

5XGP.KPFDNCFJQXGFDKDNKQVGMCT 5KFUGN)TGXNGDKDNKQVGMCTUVKNNKPI 'XC*CIGPCXFGNKPIUDKDNKQVGMCT

(23)

5KX/GVVG*CPUGPRTCMVKMCPV 4WPG*QGNUGVJDKDNKQVGMCUUKUVGPV

,QP*CCMQP*WUVCFDKDNKQVGMCT

#PPG4CIPJKNF-L¿T5VKUVKNNKPIRGTOKULQPUNWVVGV 6TQPF,5VTÓOCXFGNKPIUDKDNKQVGMCTRGTOKULQPUNWVVGV

+6CXFGNKPIGP

0KNU'KXKPF0CCUCXFGNKPIUNGFGT 8GICTF-NGKXGPFTKHVUNGFGT

5VKI/WTGPMQPUWNGPVDTWMGTUVÓVVG

-CPVKPGP

9GPEJG5MKUVCFMCPVKPGNGFGTUVKNNKPI

#WFJKNF*CWIGPMCPVKPGCUUKUVGPVUVKNNKPI

(CINKIDCMITWPPKUVCDGP

&GVGTGPO¾NUGVVKPIHQT+PUVKVWVVHQTUCOHWPPUHQTUMPKPI¾DKFTCVKN ÓMV UCOCTDGKF R¾ VXGTU CX UCOHWPPUHCIGPG +PUVKVWVVGV HWPIGTGT GVVGT JXGTV QIU¾ UQO GP OÓVGRNCUU HQT HQTUMGTG OGF DCMITWPP WVGPHQT UCOHWPPUHCIGPG 5GVV R¾ DCMITWPP CX WVFCPPKPI HQTFGNGT FGPXKVGPUMCRGNKIGUVCDGPUGIUQOXKUVKVCDGNN

6CDGNNGP DGUMTKXGT FGV UCONGFG HQTUMPKPIUOKNLÓ XGF +5( &GP QOHCVVGTCNNGHQTUMGTGOGFCTDGKFURNCUUXGFKPUVKVWVVGVQIU¾CPUCVVG OGFOKFNGTVKFKIGRGTOKULQPGTGTVCVVOGF6KOGNÓPPGFGCUUKUVGPVGT QNGTKMMGTGIPGVOGF

(24)

6CDGNN&GPXKVGPUMCRGNKIGUVCDGPGVVGTHCIQOT¾FGRTFGUGODGT

(CIQOT¾FG

5QUKQNQIK

5VCVUXKVGPUMCR

«MQPQOK

(KNQUQHKKFÃJKUVQTKG

5QUKCNCPVTQRQNQIK

*KUVQTKG

-TKOKPQNQIK

5COHWPPUIGQITCHK

+CNV

(QTUMPKPIUNGFGTG

8GFWVICPIGPCXJCTKPUVKVWVVGVHÓNIGPFGHQTUMPKPIUNGFGTG

− )TGVG $TQEJOCPP JQXGFQOT¾FG +PVGTPCULQPCN OKITCULQP KPVGITCULQPQIGVPKUMGTGNCULQPGT

− #PPG.KUG'NNKPIU¿VGTJQXGFQOT¾FG-LÓPPQIUCOHWPP

*¾MQP 9GTIGNCPF .QTGPV\GP JQXGFQOT¾FG 8GNHGTFUUVCV QI UKXKNUCOHWPP8GFUKFGPCX¾X¿TGHQTUMPKPIUNGFGTMQQTFKPGTGT JCP QIU¾ HQTUMGTG QI RTQULGMV KPPGP +FTGVVUHQTUMPKPIURTQ ITCOOGVK0QTIGUHQTUMPKPIUT¾F

− *GIG6QTRJQXGFQOT¾FG5[UUGNUGVVKPIQICTDGKFUXKNM¾T

$GTPV#CTFCNJQXGFQOT¾FG2QNKVKMMQRKPKQPQIOCMV

8KVGPUMCRGNKIMQORGVCPUG

8KVGPUMCRGNKIGOGFCTDGKFGTPGVKNMLGPPGUHQTOGNNMQORGVCPUGGVVGT UCOOGTGINGTUQOILGNFGTXGFWPKXGTUKVGVGPG&GHQTFGNVGUGIGVVGT MQORGVCPUG UQO XKUV K VCDGNN 8GF WVICPIGP CX JCFFG KPUVKVWVVGVCPUCVVGOGFMQORGVCPUGUQOHQTUMGT+++ÃPJCFFG MQORGVCPUG UQO HQTUMGT +++ QI CPUCVVG K UVKRGPFKCVUVKNNKPIGT + XCT JGNVKFUCPUCVVG HQTUMGTG OGF HQTUMGT +++MQORGVCPUG MP[VVGV VKN KPUVKVWVVGV FGV XCT KPIGP HQTUMGTG CPUCVV OGF MQORGVCPUGUQOHQTUMGT+++QIXCTCPUCVVKUVKRGPFKCVUVKNNKPIGT

(25)

(KIWT#PVCNNCPUCVVGHQTUMGTGOGFMQORGVCPUGUQOHQTUMGT+HQTUMGT ++QIOGFFQMVQTITCFRTFGUGODGT−

6CDGNN #PUCVVG HQTUMGTG GVVGT MQORGVCPUG RT FGUGODGT

−

(QTUMGT+

(QTUMGT++

(QTUMGT+++

5VKRGPFKCV

8KVGPUMCRGNKICUUKUVGPV

+CNV

6CDGNNGPQOHCVVGTFGHQTUMGTGUQOGTPGXPVWPFGTRMVHQTCP#PUCVVGKOKPFTG GPPUVKNNKPIGTKMMGVCVVOGF*GNVKFUCPUCVVGKRGTOKULQPGTTGIPGVKPP6CNNGPG HQTGTMQTTKIGTV

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

Dr.grad Forsker I/II

(26)

8GF¾TGVUWVICPIJCFFGHQTUMGTGXGFKPUVKVWVVGVFQMVQTITCF ,CP 2CWN $TGMMG FKURWVGTVG HQT FTRQNKVITCFGP UGRVGODGT 7PKXGTUKVGVGV K 1UNQ QXGT VGOCGV/KFNGTVKFKI DGUM[VVGNUG HQT HN[MV PKPIGTK0QTIG

/CTKCPPG 4ÓGF FKURWVGTVG HQT FTRQNKVITCFGP PQXGODGT 7PKXGTUKVGVGV K 1UNQ QXGT VGOCGV)GQITCRJKECN CURGEVU QH JWOCP ECRKVCN CEEWOWNCVKQP 'UUC[U QP VJG TGNCVKQPUJKR DGVYGGP UMKNNU OKITCVQT[OQVKXGUCPFOKITCVQT[DGJCXKQT

2¾N 5EJÓPG FKURWVGTVG HQT FTRQNKVITCFGP PQXGODGT 7PKXGTUKVGVGVK1UNQQXGTVGOCGV'UUC[UQPUMKNNHQTOCVKQPVJTQWIJ VTCKPKPICVYQTM

+UGNKP6JGKGPFKURWVGTVGHQT&QEVQTQH2JKNQUQRJ[ITCFGP&2JKN OCK 7PKXGTUKV[ QH 1ZHQTF QXGT VGOCGV 0QTYGIKCP HCUEKUO 6JGRQUKVKQPQHVJG0CULQPCN5CONKPIKP0QTYGIKCPRQNKVKEU

(27)

2TQULGMVGTWPFGTCTDGKFK

8GFKPUVKVWVVGVDNGFGVKCTDGKFGVOGFKCNVRTQULGMVGT&G HNGUVG CX FKUUG RTQULGMVGPG MCP ITWRRGTGU KPPGPHQT HGO JQXGF QOT¾FGT WVGPCVPQGPCXQOT¾FGPGMCPUKGU¾WVILÓTGGPJGVNKIG HQTUMPKPIURTQITCOOGT

5[UUGNUGVVKPIQICTDGKFUXKNM¾T -LÓPPQIUCOHWPP

8GNHGTFUUVCVQIUKXKNUCOHWPP 2QNKVKMMQRKPKQPQIOCMV

+PVGTPCULQPCNOKITCULQPKPVGITCULQPQIGVPKUMGTGNCULQPGT /GNNQOGPMGNVRTQULGMVGTGTFGVKOCPIGVKNHGNNGTGVP¿TVUCOCTDGKF +PUVKVWVVGVÓPUMGTGPTKOGNKIDCNCPUGOGNNQOKPVGITGTKPICXGPMGNV RTQULGMVGTKUCONGPFGHQTUMPKPIURTQITCOOGTR¾FGPGPGUKFGPQI

¾RGPJGVHQT¾VCQRRRTQDNGOUVKNNKPIGTUQOHCNNGTWVGPHQTFGQRR VTWMPGTCOOGTR¾FGPCPFTG(QTUMPKPIGPXGF+5(QOHCVVGTFGTHQT QIU¾RTQULGMVGTUQOKMMGNCTUGIRNCUUGTGPCVWTNKIKPPGPHQTPQGPCX FGHGOJQXGFQOT¾FGPG

8GFJXGTVRTQULGMVGTFGXKMVKIUVGRWDNKUGTVGCTDGKFGTVCVVOGF

#XRNCUUJGPU[PGTKMMGCNNTCRRQTVGTKPIHÓTVQRR

'PÓMQPQOKUMQXGTUKMVQXGTRTQULGMVDGXKNIPKPIGPGGVVGTMKNFG GTIKVVKMCRKVVGN

(28)

5[UUGNUGVVKPIQICTDGKFUXKNM¾T

#TDGKFUUV[TMGPUÓPUMGTPCULQPCNVKNNGIIUCPCN[UG

$GOCPPKPI (QTUMPKPIUNGFGT*GIG6QTR (QTUMGT'TNKPI$CTVJ

6KFURNCP −

(KPCPUKGTKPI #TDGKFUQICFOKPKUVTCULQPUFGRCTVGOGPVGV 2TQULGMVPT

2TQULGMVDGUMTKXGNUG

&GV '7DCUGTVG &WDNKPKPUVKVWVVGV 6JG 'WTQRGCP (QWPFCVKQP HQT VJG +ORTQXGOGPV QH .KXKPI CPF 9QTMKPI %QPFKVKQPU ILGPPQO HÓTVG K GP UVQT UWTXG[WPFGTUÓMGNUG K GWTQRGKUMG NCPF '7OGFNGOUNCPFRNWUU0QTIG6GOCHQTWPFGTUÓMGNUGPGT'ORNQ[

OGPV1RVKQPUQHVJG(WVWTGQIQOHCVVGTURÓTUO¾NQODNCPVCPPGV HCMVKUM QI ÓPUMGV CTDGKFUOCTMGFUVKNRCUPKPI JGTWPFGT CTDGKFUVKF JLGOOGCTDGKF QI UCDDCVUQTFPKPIGT &CVCOCVGTKCNGV GT UCONGV KPP CX PCULQPCNG KPVGTXLWQTICPKUCULQPGT &GV KPVGTPCULQPCNG OCVGTKCNGV GT FQMWOGPVGTV QI CPCN[UGTV CX +PHTCVGUV $WTMG 5Q\KCNHQTUEJWPI /WPKEJ«'ORNQ[OGPV QRVKQPU HQT VJG HWVWTG #EVWCN CPF RTG HGTTGFYQTMKPIJQWTU»$KGNGPUMK$QUEJQI9CIPGT

0QTUM RCTVPGT K WPFGTUÓMGNUGP GT #TDGKFU QI CFOKPKUVTC ULQPUFGRCTVGOGPVGV ##& JCT GPICULGTV +5( VKN ¾ DKUV¾ FGV KPVGT PCULQPCNG RTQULGMVGV P¾T FGV ILGNFGT ¾ DGUMTKXG PCULQPCNG KPUVK VWULQPGTUCOV¾VQNMGFGVPQTUMGOCVGTKCNGV+VKNNGIIGTFGVNCIGVGP PCULQPCNTCRRQTV

&GVXKMVKIUVGCTDGKFGV

*GIG6QTRQI'TNKPI$CTVJ#EVWCNCPF2TGHGTTGFYQTMKPIVKOG+5(TCRRQTV 1UNQ+PUVKVWVVHQTUCOHWPPUHQTUMPKPI

(29)

)TGPUGNÓUV HQT JXGO! 5MCPFKPCXKUM MQORGVCPUGGOKITCULQP HTC VKN

$GOCPPKPI (QTUMGT/CTKCPPG4ÓGF 6KFURNCP

(KPCPUKGTKPI 0155 2TQULGMVPT 2TQULGMVDGUMTKXGNUG

&GVVG RTQULGMVGV CPCN[UGTGT UCOOGPUGVPKPIGP CX HN[VVGUVTÓOOGP HTC0QTIG5XGTKIGQI&CPOCTMOGFJGPU[PVKNMQORGVCPUG/GF MQORGVCPUGOGPGUQDUGTXGTDCTRGTUQPMCRKVCNXCTKCDNGQIWQDUGT XGTDCTG KPPVGMVUIKXGPFG GXPGT &G UGPVTCNG RTQDNGOUVKNNKPIGPG K RTQULGMVGVGTMP[VVGVVKNJXQTFCPILGPPQOUPKVVGVQIURTGFPKPIGPK FGPCULQPCNGKPPVGMVUHQTFGNKPIGPG KKOOKITCULQPUQIGOKITCULQPU NCPFGPG R¾XKTMGT FGP MQORGVCPUGOGUUKIG UCOOGPUGVPKPIGP CX HN[VVGUVTÓOOGPOGNNQONCPFGPGK5MCPFKPCXKCQIHTC5MCPFKPCXKC VKN NCPF WVGPHQT FGPPG TGIKQPGP &G GORKTKUMG CPCN[UGPG K RTQ ULGMVGVDCUGTGTUGIR¾TGIKUVGTFCVCHTC0QTIG5XGTKIGQI&CPOCTM HQTRGTKQFGP

.ÓPPUHQTUMLGNNGTOGNNQOWVFCPPKPIUITWRRGT

$GOCPPKPI (QTUMGT'TNKPI$CTVJ (QTUMGT/CTKCPPG4ÓGF

6KFURNCP

2TQULGMVGVJCTVKNHQTO¾N¾UCOOGPNKMPGNÓPPUPKX¾GTOGNNQONCPF HQT WNKMG WVFCPPKPIUITWRRGT 8K DGP[VVGT K JQXGFUCM 'WTQRGCP

%QOOWPKV[ *QWUGJQNF 2CPGN HQT ¾ GUVKOGTG UCOOGPNKMPDCTG

(30)

NÓPPUPKX¾GT HQT '7 NCPFGPG UCOV 0QTIG #TDGKFUVCMGTPG GT FGNV QRRKVTGITWRRGTGVVGTWVFCPPKPIQIXKUCOOGPNKMPGTD¾FGPGVVQ QI DTWVVQ NÓPP QI HQTGVCT MQTTGMULQPGT GVVGT D¾FG PQOKPGNNG XCNWVCMWTUGT QI GVVGT MLÓRGMTCHVUMQTTKIGTKPI /WNKIJGVGPG HQT HTGOVKFKIQRRFCVGTKPIXWTFGTGU

4COOGTHQTNÓPPUHCUVUGVVGNUG)GPFGTRC[ICR

$GOCPPKPI (QTUMPKPIUNGFGT*GIG6QTR (QTUMGT'TNKPI$CTVJ (QTUMGT/CTKCPPG4ÓGF

6KFURNCP −

(KPCPUKGTKPI #TDGKFUQICFOKPKUVTCULQPUFGRCTVGOGPVGV '7MQOOKULQPGP

2TQULGMVPT 2TQULGMVDGUMTKXGNUG

2TQULGMVGV6QYCTFU C ENQUKPI QH VJG IGPFGT RC[ ICR QOHCVVGT UGMU GWTQRGKUMG NCPF &CPOCTM *GNNCU +UNCPF 0QTIG 5VQTDTKVCPPKCQI«UVGTTKMGQIVCTHQTUGINÓPPUHQTUMLGNNGTOGNNQO MXKPPGT QI OGPP 2TQULGMVGV JCT D¾FG GV XKVGPUMCRGNKI QI GV RTCMVKUM UKMVGO¾N (TCODTKPIG P[ MWPPUMCR QO NÓPPUHQTUMLGNNGT QIUGITGIGTKPICTTCPIGTGGPMQPHGTCPUGHQTFKUMWULQPQIWVXGMUNKPI CX GTHCTKPIGT QO IQF RTCMUKU UQO DKFTCT VKN ¾ TGFWUGTG NÓPPU HQTUMLGNNGPGUGVVGQRRGPJLGOOGUKFGR¾+PVGTPGVVOGFVKNUXCTGPFG HQTO¾NQIWVCTDGKFGGP«J¾PFDQM»HQTIQFRTCMUKU DNCPVCPPGV P¾T FGV ILGNFGT NQMCNG NÓPPUHQTJCPFNKPIGT DCUGTV R¾ FGP MWPP UMCRGPUQOMQOOGTHTCOKNÓRGVCXRTQULGMVGV

2TQULGMVGVGTFGNHKPCPUKGTVCX'7OGFOKFNGTHTC«(TCOGYQTM UVTCVGI[ QP IGPFGT GSWCNKV[» -QORGVCPUGUGPVGTGV HQT NKMGUVKNNKPI NGFGTFGVGWTQRGKUMGRTQULGMVGV+5(GTGPICULGTVUQOWPFGTNGXGTCP FÓTD¾FGHQTFGPPQTUMGQIHQTFGPGWTQRGKUMGFGNGPCXRTQULGMVGV

&GV GT XCNIV WV VTG [TMGT UQO O[G CX RTQULGMVGV XKN FTGKG UGI QO N¿TGTGT KPIGPKÓTGT QI WHCIN¿TVG K P¿TKPIUOKFFGNKPFWUVTKGP

(31)

&GVUMCNNCIGUGPUVWFKGUQOUCOOGPNKMPGTNÓPPUHQTUMLGNNGTQIKP UVKVWULQPGTHQTNÓPPUFCPPGNUGHQTFGVTG[TMGUITWRRGPGQIOGNNQO FG FGNVCMGPFG NCPF 5QO GP FGN CX FGPPG UVWFKGP UMCN FGV ILGP PQOHÓTGUGPMXCNKVCVKXUVWFKGCXGVNKVGCPVCNNXKTMUQOJGVGTDCUGTV R¾KPVGTXLWOGFTGRTGUGPVCPVGTHQTNGFGNUGPQIFGCPUCVVG+PVGTXLW OCVGTKCNGVUMCNMQODKPGTGUOGFPCULQPCNUVCVKUVKMM

.ÓPPUHQTUMLGNNGTQIHQTJCPFNKPIUU[UVGOK5VCVGP

$GOCPPKPI (QTUMGT'TNKPI$CTVJ (QTUMGT2¾N5EJÓPG 6KFURNCP

2TQULGMVGVUVWFGTGTUCOOGPJGPIGPOGNNQONÓPPUQIHQTJCPFNKPIU U[UVGOGPGQINÓPPUHQTUMLGNNGTKPPGPUVCVGP*XCGTMQPUGMXGPUGPG CX ÓMV XGMV R¾ NQMCN NÓPPURQNKVKMM K UVCVGP! 2TQULGMVGV HQMWUGTGT U¿TNKIR¾NÓPPUHQTUMLGNNGTOGNNQOMXKPPGTQIOGPPOGPVCTQIU¾ HQT UGI NÓPPUHQTUMLGNNGT NCPIU GP TGMMG CPFTG FKOGPULQPGT DNCPV CPPGVCXMCUVKPIGPCXWVFCPPKPIQINÓPPUHQTUMLGNNGTOGNNQOGVCVGT KUVCVGP2TQULGMVGVDGP[VVGTD¾FGKPVGTXLWGTQIFCVCHTC5VCVGPUUGP VTCNGVLGPGUVGOCPPUTGIKUVGT

&GXKMVKIUVGCTDGKFGT

4CIPJKNF 5VGGP ,GPUGP 5VKNNKPIUXWTFGTKPI QI NKMGNÓPP K 5VCVGP +5(TCRRQTV 1UNQ+PUVKVWVVHQTUCOHWPPUHQTUMPKPI

'TNKPI $CTVJ QI *CPI ;KP .ÓPPUHQTUMLGNNGT QI NÓPPUU[UVGO K 5VCVGP +5(

TCRRQTV1UNQ+PUVKVWVVHQTUCOHWPPUHQTUMPKPI

2¾N 5EJÓPG .ÓPPUHQTUMLGNNGT K UVCVGP GP CPCN[UG CX CPUKGPPKVGVUVKNNGII CXMCUVPKPI CX WVFCPPKPI QI DGI[PPGTNÓPPUHQTUMLGNNGT +5(TCRRQTV 1UNQ +PUVKVWVVHQTUCOHWPPUHQTUMPKPI

2¾N 5EJÓPG .ÓPPUFCPPGNUG QI NÓPPUHQTUMLGNNGT K UVCVGP +5(TCRRQTV 1UNQ+PUVKVWVVHQTUCOHWPPUHQTUMPKPI

(32)

2¾N5EJÓPG .ÓPPUFCPPGNUG QI NÓPPUHQTUMLGNNGT K UVCVGP +5(TCRRQTV 1UNQ+PUVKVWVVHQTUCOHWPPUHQTUMPKPI

2¾N5EJÓPG6K¾TOGFGVOGTFGUGPVTCNKUGTVNÓPPUU[UVGOKUVCVGPJXCJCTUMLGFF!

+5(TCRRQTV1UNQ+PUVKVWVVHQTUCOHWPPUHQTUMPKPI

4GNCVKXNÓPPUWVXKMNKPI

$GOCPPKPI (QTUMGT)GKT*ÓIUPGU 6KFURNCP

2TQULGMVGV GT GP XKFGTGHÓTKPI CX FGP QXGTX¾MKPIGP CX TGNCVKXG NÓPPKPIGTUQOJCTX¿TVGPFGNCXXKTMUQOJGVGPXGF+5(UKFGPDG I[PPGNUGP CX VCNNGV $CMITWPPGP GT CV URÓTUO¾N QO TGNCVKXG NÓPPKPIGT JCT H¾VV GP UVCFKI OGT UGPVTCN RNCUU K NÓPPUMCORGP

*XGOUQOGTXKPPGTGQIVCRGTGKFGPPGMCORGPGTXKMVKID¾FGK HQTJQNF VKN [TMGUITWRRGPGU VKNHTGFUJGV OGF GIGP NÓPP UCOV JXC UNCIUNGIKVKOKVGVUGNXGU[UVGOGVHQTNÓPPUFCPPGNUGJCTKUCOHWPPGV

6KNNGIIVKNITWPPNÓPP

$GOCPPKPI 5VKRGPFKCV*CTCNF&CNG1NUGP 6KFURNCP

6KFNKIGTGUVWFKGTJCTXKUVCVOGPPKNCPIVJ[RRKIGTGQIUVÓTTGITCF GPPMXKPPGTKUVCVGPOQVVCTJXCUQOMCPMCNNGUVKNNGIIVKNITWPP NÓPP &GVVG RTQULGMVGVU O¾NUGVVKPI GT ¾ CPCN[UGTG OWNKIG MLÓPPU HQTUMLGNNGTP¾TFGVILGNFGTOQVVCMCXHT[PUGIQFGTD¾FGKQIWVGPHQT

(33)

UVCVNKI UGMVQT 8K HQMWUGTGT D¾FG R¾ HQTUMLGNNGT K J[RRKIJGV QI K UVÓTTGNUGQIUVWFGTGTUCOOGPJGPIGPOGNNQOWVDGVCNKPICXHT[PUG IQFGTQIDGV[FPKPIGPCXMLÓPPUUGITGIGTVGXKTMUQOJGVGT

*CTCNF &CNG1NUGP n-LÓPPUHQTUMLGNNGT K HT[PUGIQFGT 5ÓMGN[U R¾

CTDGKFUOCTMGFGV

/QDKNKVGVKQHHGPVNKIQIRTKXCVUGMVQT

$GOCPPKPI (QTUMGT'TNKPI$CTVJ (QTUMGT2¾N5EJÓPG 6KFURNCP

2TQULGMVGVJCTVQJQXGFHQMWUUCOOGPJGPIGPOGNNQOOQDKNKVGVQI MQPLWPMVWTGPFTKPIGT QI UCOOGPJGPIGP OGNNQO OQDKNKVGV QI MLÓPPUUGITGIGTKPI#MVKXKVGVUPKX¾GVKRTKXCVUGMVQTUXKPIGTOGTGPP CMVKXKVGVUPKX¾GVKQHHGPVNKIUGMVQT2¾FGPPGO¾VGPHWPIGTGTQHHGPV NKIUGMVQTUQOGPnDWHHGTKCTDGKFUOCTMGFGV+FGPHÓTUVGFGNGPCX RTQULGMVGV CPCN[UGTGT XK JXKNMG MQPUGMXGPUGT HQTUMLGNNGPG K MQP LWPMVWTGTJCTHQTOQDKNKVGVGPOGNNQOUGMVQTGPG

0QTUMCTDGKFUOCTMGFGTTGNCVKXVMLÓPPUUGITGIGTV5RÓTUO¾NGVXK HQTUÓMGT ¾ DGUXCTG K FGP CPFTG FGNGP CX RTQULGMVGV GT QO OQDKNK VGVGPOGNNQOUGMVQTGPGDKFTCTVKN¾UXGMMGGNNGTHQTUVGTMGMLÓPPUG ITGIGTKPIGP R¾ CTDGKFUOCTMGFGV QI QO FGPPG UCOOGPJGPIGP UXGMMGUGNNGTHQTUVGTMGUOGFMQPLWPMVWTGPG

2¾N 5EJÓPG -QPLWPMVWTGPFTKPI OQDKNKVGV QI MLÓPPUUGITGIGTKPI +5(TCRRQTV 1UNQ+PUVKVWVVHQTUCOHWPPUHQTUMPKPI

'TNKPI$CTVJQI2¾N5EJÓPGn/QDKNKVGVHTCQHHGPVNKIVKNRTKXCVUGMVQT JXC DGV[TMQPLWPMVWTGPFTKPIGTQINÓPP!5ÓMGN[UR¾CTDGKFUOCTMGFGV

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&CIRGPIGU[UVGOGPGK0QTFGPQIVKNRCUPKPIGPR¾CTDGKFUOCTMGFGV

$GOCPPKPI (QTUMPKPIUNGFGT*GIG6QTR 6KFURNCP

(KPCPUKGTKPI '-#WPFGT0QTFKUM/KPKUVGTT¾F0155

#TDGKFUQICFOKPKUVTCULQPUFGRCTVGOGPVGV 5COCTDGKF -PWV4ÓGFOHN(TKUEJUGPVGTGV

4GKLC.KNLCOHN'6.#*GNUKPMK 6QT'TKMUUQPOHN%.5TJWU

#PPC6JQWTUKGOHN51(+5VQEMJQNO 2TQULGMVPT

/¾NGV HQT RTQULGMVGV GT ¾ DKFTC OGF MWPPUMCR QO FCIRGPIGU[U VGOGPG K 0QTFGP UCOV IK KPPUKMV K JXQTFCP ÓMQPQOKUM MQO RGPUCULQP VKN CTDGKFUNÓUG CTDGKFUUÓMGTG QI CMVKXG CTDGKFUOCTMGFU VKNVCMR¾XKTMGTUÓMGCVHGTFJQNFPKPIGTQIOQVKXCULQP QIFGTOGF VKNRCUPKPIGP K CTDGKFUOCTMGFGV + HÓTUVG HCUG CX RTQULGMVGV − GTFGVIKVVGPUCOOGPHCVVGPFGDGUMTKXGNUGQIUCOOGPNKMPKPI CX UVÓPCFUQTFPKPIGPG HQT CTDGKFUNÓUG CTDGKFUUÓMGTG K &CPOCTM (KPNCPF 0QTIG QI 5XGTKIG + DNG FGV ILGPPQOHÓTV UWTXG[

WPFGTUÓMGNUGT DNCPV CTDGKFUNÓUG CTDGKFUUÓMGTG K CNNG HKTG NCPF /CVGTKCNGV GT DTWMV VKN ¾ MCTVNGIIG QI CPCN[UGTG OQVKXCULQP HQT LQDDUÓMKPI UCOV UÓMGTUVTCVGIKGT OGF XGMV R¾ GV PQTFKUM MQORC TCVKXVRGTURGMVKX

+RTQULGMVGVUCPFTGHCUG−WVP[VVGTXKUWTXG[OCVGTCNGV UCOV PCULQPCNG TGIKUVGTFCVC HQT OGT FGVCNLGTVG CPCN[UGT CX UÓMG CVHGTFQIQXGTICPIGTHTCCTDGKFUNÓUJGVVKNNÓPPGVCTDGKF$NCPVCPPGV DTWMGT XK UWTXG[OCVGTKCNGV VKN MQORCTCVKXG CPCN[UGT CX LQDD UÓMGCVHGTF &GVVG OCVGTKCNGV IKT QIU¾ OWNKIJGVGT VKN ¾ UVWFGTG JXQTFCPUÓMGTCVHGTFGPGPFTGUQXGTHQTNÓRGVCXGPNGFKIJGVURGTKQFG 4GIKUVGTOCVGTKCNGV DTWMGU DNCPV CPPGV VKN ¾ CPCN[UGTG CTDGKFUNÓU JGVGPUXCTKIJGVQIOWNKIGGHHGMVGTCXFCIRGPIGRGTKQFGPUXCTKIJGV

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-PWV 4ÓGF *GIG 6QTR QI 6QO 'TKM #CDÓ #TDGKFUNGFKIJGV CTDGKFUOCT MGFURQNKVKMMQILQDDUÓMKPIK0QTIG4CRRQTV1UNQ(TKUEJUGPVGTGV

*GIG 6QTR TGF &CIRGPIGU[UVGOGPG K 0QTFGP QI VKNRCUPKPIGP R¾ CTDGKFU OCTMGFGV6GOC0QTF-ÓDGPJCXP0QTFKUMOKPKUVGTT¾F

*GIG6QTRn&CIRGPIGU[UVGOGVUFKNGOOC−PQTFKUMGNÓUPKPIGT5ÓMGN[UR¾ CTDGKFUOCTMGFGV−

$GV[FPKPIGPCXMQPLWPMVWTHCUGHQTGHHGMVCXCMVKXG

#TDGKFUOCTMGFUVKNVCM

$GOCPPKPI (QTUMPKPIUNGFGT*GIG6QTR

6KFURNCP −

(KPCPUKGTKPI 0QTIGUHQTUMPKPIUT¾F 2TQULGMVPT

*QXGFO¾NGVHQTRTQULGMVGVGT¾HTCODTKPIGMWPPUMCRQOGHHGMVGPG CX CMVKXG CTDGKFUOCTMGFUVKNVCM QI OGT URGUKGNV QO QI JXQTFCP UNKMGGHHGMVGTXCTKGTGT QXGT MQPLWPMVWTGPG #PCN[UGPG GT ILQTV R¾ ITWPPNCI CX TGIKUVGTFCVC UQO FGMMGT JGNG VCNNGV #GVCVU QRR N¿TKPIUMWTU#/1MWTUGTFGVGPGUVGVKNVCMGVUQOJCTX¿TVKDTWM QXGTJGNGFGPPGRGTKQFGPQIWPFGTUMKHVGPFGMQPLWPMVWTGT

)LGPPQOUPKVVNKI GHHGMV HQT FGNVCMGTG CX ¾ FGNVC R¾ #/1MWTU CXGTCIG VTGCVOGPV GHHGEV QP VJG VTGCVGF GT GXCNWGTV K HQTJQNF VKN

¾TNKICTDGKFUKPPVGMV'UVKOGTKPIGPILÓTGUR¾ITWPPNCICXOCVEJKPI 2TQULGMVGVU FGNO¾N GT ¾ K UVWFGTG XCTKCULQPGT K GHHGMV OGNNQO MWTUCXWNKMXCTKIJGV UCOV OGNNQO ITWRRGT CX MWTUFGNVCMGTG KK UVWFGTGXCTKCULQPGTKGHHGMVQXGTVKFFXUHQTJQNFGVOGNNQOGHHGMVGT R¾MQTVQINCPIUKMVO¾NVKVKFUKFGPVKNVCMGVDNGCXUNWVVGVUCOVKKK CTDGKFG XKFGTG OGF ¾ WVXKMNG OGVQFGT QI VKNTGVVGNGIIKPI CX TG IKUVGTDCUGTVGFCVCHQTFGPPGV[RGPGHHGMVGXCNWGTKPIGT

5¾ NCPIV XKUGT CPCN[UGPG GP RQUKVKX KPPVGMVUGHHGMV 'HHGMVGP GT OKPFTGHQTMXKPPGTGPPHQTOGPPQIU¿TNKIHQTMXKPPGTOGFNKVGCT DGKFUGTHCTKPI QI FGTHQT KMMG TGVV VKN FCIRGPIGT &GP RQUKVKXG

(36)

KPPVGMVUGHHGMVGP XGFXCTGT QRR VKN VTGHKTG ¾T GVVGT #/1MWTUGV 8KFGTG HKPPGT XK CV GHHGMVGP XCTKGTGT QXGT MQPLWPMVWTU[MGNGP 'HHGMVGPGTUVÓTUVKIQFGVKFGTOGFOCPIGLQDDOWNKIJGVGTQIOKPUV K RGTKQFGT OGF JÓ[ CTDGKFUNÓUJGV 2TQULGMVGV ILÓTGU K UCOCTDGKF OGFHQTUMGTGXGF(TKUEJUGPVGTGV

1FFDLÓTP4CCWO*GIG6QTRQI6CQ<JCPI«$WUKPGUUE[ENGCPFVJGKORCEV QH NCDQWT OCTMGV RTQITCOOGU» /CPWUMTKRV RTGUGPVGTV R¾ .CDQWT /CTMGV 9QTMUJQR QMVQDGT0QTIGUHQTUMPKPIUT¾F

#TDGKFUOCTMGFUUVTÓOOGTQINÓPPUUVTWMVWT 2TQULGMVNGFGT (QTUMGT'TNKPI$CTVJ

5VKRGPFKCV*CTCNF&CNG1NUGP 8KVGPUMCRGNKICUUKUVGPV2¾N$ÓTKPI 6KFURNCP

(KPCPUKGTKPI0QTIGUHQTUMPKPIUT¾F 2TQULGMVPT

2TQULGMVGV JCT UQO HQTO¾N ¾ GVCDNGTG GV RCPGN CX DGFTKHVGT QI CTDGKFUVCMGTGHQT¾CPCN[UGTGVTGJQXGFURÓTUO¾N$TWVVQUVTÓOOGTK CTDGKFUOCTMGFGVOGFXGMVR¾CPUGVVGNUGTCXICPIILGPPQOVTGMMQI OQDKNKVGV OGNNQO XKTMUQOJGVGT (QT FGV CPFTG XKN XK VC HQT QUU UCOOGPJGPIGPOGNNQOOQDKNKVGVQITGNCVKXNÓPP+FGPPGFGNGPGT FGVNÓPPUUVTWMVWTGPUQOGTCPCN[UGQDLGMV(QTFGVVTGFLGXKNXKUG P¿TOGTG R¾ UCOOGPJGPIGP OGNNQO NQMCNG CTDGKFUOCTMGFGT QI NÓPP (QTGI¾T VKNRCUPKPIGP VKN WNKMG HQTJQNF K NQMCNG CTDGKFU OCTMGFGTXKCNÓPPUFCPPGNUGPNGFKIJGVGNNGTOQDKNKVGV!

'TNKPI $CTVJ QI *CTCNF &CNG1NUGP n6JG 'ORNQ[GT U 9CIG 2QNKE[ CPF 9QTMGT6WTPQXGT+,*CNVKYCPIGT,.CPG,5RNGV\GT,6JGGWYGUCPF-

(37)

6TQUMG TGF6JG %TGCVKQP CPF #PCN[UKU QH .KPMGF 'ORNQ[GT'ORNQ[GG &CVC

#OUVGTFCO'NUGXKGT0QTVJ*QNNCPF

'TNKPI $CTVJ QI *CTCNF &CNG1NUGP /QPRUQPKUVKE &KUETKOKPCVKQP CPF VJG )GPFGT9CIG)CR9QTMKPI2CRGT/CUUCEJWUGVVU%CODTKFIG0CVKQPCN

$WTGCWQH'EQPQOKE4GUGCTEJ

'TNKPI$CTVJ$GTPV$TCVUDGTI4QDKP0C[NQTQI1FFDLÓTP4CCWO9J[CPF

*QY9CIG%WTXGU&KHHGT'XKFGPEGD[WPKQPUVCVWUHTQO0QTYC[7-CPF75 7VMQOOGT UQO /GOQTCPFWO K «MQPQOKUM +PUVKVWVV 7PKXGTUKVGVGV K 1UNQ

2WDNKE(WPFKPICPF2TKXCVG4GVWTPUVQ'FWECVKQP

$GOCPPKPI (QTUMGT'TNKPI$CTVJ (QTUMGT/CTKCPPG4ÓGF

2TQHGUUQT$GTPV/CIPG$TCVUDGTI 6KFURNCP

(KPCPUKGTKPI '7RTQITCOOGV 6CTIGVGF 5QEKQGEQPQOKE 4GUGCTEJ 2TQULGMVPT65'4

2TQULGMVGV GT GP MQORCTCVKX UVWFKG CX HKPCPUKGTKPIUU[UVGOGV HQT WV FCPPKPIUKPUVKVWULQPGTQRRVCMUTGINGTVKNDWFQIGVVGTURÓTUGNUCOVRTKXCV CXMCUVPKPICXWVFCPPKPIHQT'7NCPF2TQULGMVGVHQTUÓMGT¾HQTUV¾ UCOOGPJGPIGP OGNNQO CXMCUVPKPIGP CX WVFCPPKPI QI FG KPUVKVW ULQPGNNGTCOOGPGTWPFVWVFCPPKPIUU[UVGOGPGKFGGWTQRGKUMGNCPFGPG 2TQULGMVGV GT GV UCOCTDGKF OGNNQO GP NCPI TGMMG RCTVPGTG K '7 NCPF &GV JCT HTGODTCIV MQORCTCVKXG FCVC HQT WVFCPPKPIUU[UVGOGT VKNDWFQIGVVGTURÓTUGNGVVGTWNKMGWVFCPPKPIGTQIRTKXCVCXMCUVPKPICX WVFCPPKPIHTCCNNGNCPFGPGHTCRGTKQFGP &CVCGPGGTDTWMVVKN MQORCTCVKXGCPCN[UGTR¾VXGTUCXNCPFGPG

'TNKPI $CTVJ QI /CTKCPPG 4ÓGF n'FWECVKQP CPF 'CTPKPIU KP 0QTYC[»

%JCRVGT K *CTOQP 9CNMGT QI 9GUVGTI¾TF0KGNUGP TGF'FWECVKQP CPF

(38)

'CTPKPIUKP'WTQRG#ETQUUEQWPVT[CPCN[UKUQHVJGTGVWTPUVQGFWECVKQP'FYCTF 'NICT2WDNKUJKPI

'TNKPI$CTVJQI/CTKCPPG4ÓGFn&Q9G0GGFCNNVJCV*KIJGT'FWECVKQP!

+ 4KVC #URNWPF TGF'FWECVKQP CPF 'CTPKPIU HWTVJGT GXKFGPEG HTQO 'WTQRG '6.#*GNUKPMK6CNQWUVKGVQ1[

'TNKPI$CTVJQI/CTKCPPG4ÓGFn6JG4GVWTPVQ*WOCP%CRKVCNKP0QTYC[

# TGXKGY QH VJG .KVGTCVWTG + 4KVC #URNWPF QI 2 2GTGKTC TGF4GVWTPU VQ

*WOCP%CRKVCNKP'WTQRG#.KVGTCVWTG4GXKGY'6.#*GNUKPMK6CNQWUVKGVQ1[

5GQIU¾HWNNRWDNKMCULQPUNKUVGWPFGTJVVRYYYGVNCHK274'

#PUGVVGNUGUHQTJQNFHÓFUGNNKXQIFÓF

$GOCPPKPI 5VKRGPFKCV*CTCNF&CNG1NUGP 6KFURNCP

(KPCPUKGTKPI 0QTIGUHQTUMPKPIUT¾F 2TQULGMVPT

2TQULGMVGVUJQXGFHQTO¾NGT¾HQTMNCTGJXQTFCPQIJXQTHQTCPUGVVGN UGUHQTJQNFKPPI¾TQIQRRJÓTGTQIJXKNMGOGFHÓNIGPFGMQPUGMXGP UGTFGVVGMCPH¾KGPÓMQPQOKHQTU[UUGNUGVVKPIQIRTQFWMULQPOGF U¿TNKI HQMWU R¾ DGV[FPKPIGP CX CTDGKFUUV[TMGPU UCOOGPUGVPKPI KPHQTOCULQPOCTMGFUOCMVQIRTQFWMVKXKVGV'PMGNVGFGNO¾NGTK (QTMNCTG JXQTFCP JGVGTQIGPKVGV DNCPV DGFTKHVGT QI CTDGKFGTG R¾XKTMGT U[UUGNUGVVKPI QI NÓPP QI JXKNMG RQNKVKUMG KORNKMCULQPGT FGVVG OGFHÓTGT HQT U[UUGNUGVVKPIURQNKVKMMGP KK (QTMNCTG JXQTHQT LQDDGTQRRTGVVGUQIPGFNGIIGUQIJXKNMGPDGV[FPKPIFGVVGJCTHQT U[UUGNUGVVKPIKKK$GN[UGKPHQTOCULQPUVKFURWPMVGVUTQNNGHQTGPUCO HWPPUÓMQPQOKUMQRVKOCNVKNRCUPKPIKX*XQTFCPR¾XKTMGCTDGKFU UV[TMGPU UCOOGPUGVPKPI FGPU U[UUGNUGVVKPI QI RTQFWMVKXKVGV X (QTMNCTG QO GP MQRNKPI OGNNQO NGFKIG QI XCMCPUGT CXJGPIGT CX ÓMQPQOKGPUUVÓTTGNUGP¿TKPIUUVTWMVWTQIIGQITCHKUMGVKNJÓTKIJGV

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&GVXKMVKIUVGCTDGKFGPG

*CTCNF &CNG1NUGP QI &CI 4ÓPPKPIGP ,QDD QI CTDGKFUMTCHVUUVTÓOOGT 'P MQORCTCVKXCPCN[UGOGFHQMWUR¾¾TUCMGT5COHWPPUÓMQPQOKUMGUVWFKGTPT 1UNQQI-QPIUXKPIGT5VCVKUVKUMUGPVTCND[T¾

*CTCNF&CNG1NUGP2C[KPI/QTGVQ2C[.GUU! 6JG%QUVUQH9QTMGT6WTPQXGT 2TGUGPVGTVXGF'ORNQ[GT'ORNQ[GGFCVCMQPHGTCPUGQIXGF%#'&DGIIGK

TJWU QI XGF UGOKPCTGT R¾ 6KPDGTIGP +PUVKVWVG #OUVGTFCO QI XGF

«MQPQOKUMKPUVKVWVV7PKXGTUKVGVGVK1UNQ

*CTCNF&CNG1NUGP6JG+ORCEVQH+PUVKVWVKQPCN#IGPVUQP,QD%TGCVKQPCPF

&GUVTWEVKQP VKFNKIGTG VKVVGN 'WTQUENGTQUKU 4GXKUKVGF 2CRGT RTGUGPVGTV XGF '5'/QI''#K.CWUCPPG

'XCNWGTKPICXGHHGMVGTCXCTDGKFUOCTMGFUVKNVCMK0QTIGTGVVGVOQV WPIFQO

$GOCPPKPI (QTUMPKPIUNGFGT*GIG6QTR 5VKRGPFKCV+PÃU*CTFQ[

6KFURNCP

+PGFICPIUVKFGTGTCTDGKFUNGFKIJGVGPDNCPVWPIFQOJÓ[GTGGPPNG FKIJGVGP DNCPV XQMUPG CTDGKFUVCMGTG 7PIFQOOGPU UKVWCULQP R¾ CTDGKFUOCTMGFGVGTURGUKGNN&GH¾TKMMGLQDDHQTFKFGOCPINGT[T MGUGTHCTKPIOGPUNKMGTHCTKPIGTKMMGOWNKI¾UMCHHGUGIWVGPLQDD

(QTO¾NGV OGF RTQULGMVGV GT ¾ RTÓXG WV WNKMG OGVQFGT QI CPC N[UGQRRNGII HQT GXCNWGTKPI CX CTDGKFUOCTMGFUVKNVCM K 0QTIG TGVVGV OQVWPIFQO ¾T#PCN[UGTR¾VXGTUCXVKNVCMIKTDNCPVCPPGV DGFTGHQTUV¾GNUGHQTJXKNMGITWRRGTWPIFQOUQOH¾TUVÓTUVWVD[VVG CXFGWNKMGVKNVCMGPG

6KN CPCN[UGPG GT FGV DGP[VVGV TGIKUVGTFCVC )TWPPNCIGV GT GV FCVCUGVVUQOQOHCVVGTCNNGTGIKUVTGTVGCTDGKFUUÓMGTGOGNNQOQI ¾T DCUGTV R¾ #TDGKFUVCMGTTGIKUVGTGV .ÓPPU QI VTGMMQRRICXG TGIKUVGTGV 6T[IFGTGIKUVGTGV QI #TDGKFUFKTGMVQTCVGVU 51(#UÓMGT TGIKUVGTHQTRGTKQFGP

(40)

+PÃU*CTFQ[;QWPICPFWPGORNQ[GFVJGPYJCV!'HHGEVUQH0QTYGIKCPNCDQWT OCTMGV RTQITCOOGU KP VJG GCTN[ U +5(TCRRQTV 1UNQ +PUVKVWVV HQT UCOHWPPUHQTUMPKPI

+PÃU *CTFQ[ n#TDGKFUOCTMGFUVKNVCM HQT WPIFQO *XQTHQT GT GORKTK QO VKNVCMUGHHGMVGTU¾URTKMGPFG!5ÓMGN[UR¾CTDGKFUOCTMGFGV

«MQPQOKUMGMQPUGMXGPUGTCXGKGTUMCR

$GOCPPKPI (QTUMGT6T[IXG)WNDTCPFUGP (QTUMGT'TNKPI$CTVJ

(QTUMGT2¾N5EJÓPG 6KFURNCP

$¾FGKPPGPHQTHQTUMPKPIQIQHHGPVNKIFGDCVVJCTGKGTUMCRKNÓRGVCX FGUGPGTG¾TGPGH¾VVÓMVKPVGTPCULQPCNQIPCULQPCNQRROGTMUQOJGV

&GVJCTDNKVVGPOGTCNOKPPGNKIQRRHCVPKPICVFGVILÓTGPHQTUMLGNN HQTDGFTKHVGPGUÓMQPQOKQOFGMQPVTQNNGTGUCXUKPGGKGTGGNNGTCX FGFCINKIGCPUCVVGNGFGTG&GVVGJGXFGU¾X¿TGGVTGUWNVCVCXCVGKGTG QI CPUCVVG JCT HQTUMLGNNKIG KPVGTGUUGT /GPU GKGTGP CPVCU ¾ X¿TG QRRVCVVCX¾OCMUKOGTGXGTFKGPCXUKPGCMULGTGTFGCPUCVVGNGFGT PGU KPVGTGUUG ¾ OCMUKOGTG UKP GIGP P[VVG ILGPPQO ÓMV KPPVGMV OCMV UVCVWU GNNGT VT[IIJGV &GV CPVCU CV FGPPG HQTUMLGNNGP K KP VGTGUUGT DNC IKT UGI WVUNCI K UVÓTTG GHHGMVKXKVGV QI NÓPPUQOJGV K RGTUQPNKIGKFGQIHCOKNKGGKFGDGFTKHVGTUCOOGPNKMPGVOGFDGFTKHVGT JXQT FGV GT GV HCMVKUM UMKNNG OGNNQO GKGTUMCR QI FCINKI MQPVTQNN 2TQULGMVGV VCT UKMVG R¾ ¾ WPFGTUÓMG QO FGVVG GT VKNHGNNG K PQTUMG RTKXCVG DGFTKHVGT /GF FCVC HTC VQ UWTXG[WPFGTUÓMGNUGT QI VKNMQRNGFGFCVCHTC 5VCVKUVKUM UGPVTCND[T¾U TGIKUVTG XKN GP UCOOGP NKIPG FG ÓMQPQOKUMG TGUWNVCVGPG K RGTUQPNKI QI HCOKNKGKGFG DG FTKHVGTOGFFGGPHKPPGTKDGFTKHVGTOGFGPCPPGPGKGTUVTWMVWT

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6T[IXG)WNDTCPFUGP«7VD[VVGQINGFGTNÓPPKGKGTUV[TVGDGFTKHVGT» 5ÓMGN[UR¾ CTDGKFUOCTMGFGV

$CTPGHCOKNKGTUVKNRCUPKPI'HHGMVGTCXMQPVCPVUVÓVVGPR¾VKNDWFGV CXCTDGKFUMTCHV

$GOCPPKPI (QTUMPKPIUNGFGT*GIG6QTR (QTUMGT2¾N5EJÓPG

6KFURNCP −

2TQULGMVGVJCTUQOO¾N¾CPCN[UGTGUCOOGPJGPIGPOGNNQODCTPG TGNCVGTVG ÓMQPQOKUMG [VGNUGT QI VKNDWFGV CX CTDGKFUMTCHV HTC UO¾ DCTPUHQTGNFTG OGF JQXGFXGMV R¾ GHHGMVGT CX MQPVCPVUVÓVVGP UQO DNGKPPHÓTVK(QTO¾NGVOGFFGPVGQTGVKUMGFGNGPCXRTQULGMVGV GT ¾ MNCTILÓTG UCOOGPJGPIGPG OGNNQO O¾N QI OKFNGT K XGNHGTFU RQNKVKMMGP QXGTHQT DCTPGHCOKNKGPG QI ¾ WVNGFG VGUVDCTG J[RQVGUGT QOHCOKNKGPGUVKNRCUPKPI

+ RTQULGMVGVU GORKTKUMG FGN HQMWUGTGU FGV R¾ GHHGMVGT CX MQP VCPVUVÓVVGPR¾[TMGUCMVKXKVGVMCTCMVGTKUGTVXGFCTDGKFUVCMGTHQTJQNF OGF JGNVKF MQTV GNNGT NCPI FGNVKF UCOV XGF NÓPPUKPPVGMV *[RQ VGUGTQOXCTKCULQPGTKGHHGMVGTCXMQPVCPVUVÓVVGPOGNNQOMXKPPGT QI OGPP QI OGNNQO ITWRRGT CX UO¾DCTPUHQTGNFTG VGUVGU «MQ PQOKUM VGQTK VKNUKGT CV HCOKNKGPU KPPVGMV XKN X¿TG CX DGV[FPKPI 7VFCPPKPI QI [TMGUGTHCTKPI XKN K UVQT ITCF R¾XKTMG KPPVGMVGP 7VFCPPKPIQIVKFNKIGTG[TMGUGTHCTKPIMCPKOKFNGTVKFQIU¾HCPIGQRR XCTKCULQPGTKRTGHGTCPUGTHQTFGV¾X¿TG[TMGUCMVKX

&GV GORKTKUMG ITWPPNCIGV XKN K JQXGFUCM X¿TG TGIKUVGTDCUGTVG RCPGNFCVCHQT[TMGUCMVKXKVGV HQTMXKPPGTQIOGPPOGF [PIUVG DCTP HÓFV 8K XKN DGP[VVG WNKMG TGITGULQPUVGM PKMMGTHQT¾UCOOGPNKMPGVKNRCUPKPIGPVKNHQTGNFTGOGFDCTPOGF

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QI WVGP TGVV VKN MQPVCPVUVÓVVG FGT FGV U¾ NCPIV UQO OWNKI VCU JGPU[P VKN XCTKCULQPGT K CPFTG HQTJQNF− GPP MQPVCPVUVÓVVGP− CX DGV[FPKPIHQT[TMGUCMVKXKVGVGP&GPOGVQFKUMGWVHQTFTKPIGPNKIIGT K ¾ WVXKMNG CPCN[UGQRRNGII HQT MQPVKPWGTNKI QI FKUMTGV HQTFGNVG CXJGPIKIG XCTKCDNGT FGT FGV MQPVTQNNGTGU HQT GPFTKPIGT UQO K VKF HCNNGTUCOOGPOGFKPPHÓTKPIGPCXMQPVCPVUVÓVVGP

-QPLWPMVWTCXJGPIKI NKMGUVKNNKPI CX GVPKUMG OKPQTKVGVGT 'P MQORCTCVKXUVWFKGCXUWMUGUUR¾CTDGKFUOCTMGFGV

$GOCPPKPI (QTUMGT'TNKPI$CTVJ 6KFURNCP

2TQULGMVGVGTGVUCOCTDGKFURTQULGMVOGF1FFDLÓTP4CCWO(TKUEJ UGPVGTGVQI$GTPV$TCVUDGTI7PKXGTUKV[QH-CPUCU8KDGP[VVGTTG IKUVGTDCUGTVG FCVC VKN ¾ UVWFGTG KPPVGMVURTQHKNGT VKN KPPXCPFTGT ITWRRGTUCOOGPNKMPGVOGFFGPPQTUMHÓFVGDGHQNMPKPIGP5RGUKGNV VCTRTQULGMVGVHQTUGIDGV[FPKPIGPCXMQPLWPMVWTHCUGTHQTNKMGUVKN NKPIOGNNQOKPPXCPFTGTGQIPQTUMHÓFVG

'TNKPI$CTVJ$GTPV$TCVUDGTIQI1FFDLÓTP4CCWO+FGPVKH[KPIGCTPKPIU CUUKOKNCVKQPQHKOOKITCPVUWPFGTEJCPIKPIOCETQGEQPQOKEEQPFKVKQPU6JG 0QTYGIKCPGZRGTKGPEG7VMQOOGTUQO/GOQTCPFWOK«MQPQOKUM +PUVKVWVV7PKXGTUKVGVGVK1UNQ

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-LÓPPQIUCOHWPP

5VTCVGIKUMKPUVKVWVVRTQITCO/CMVQICTDGKF MLÓPPQINGFGNUG

$GOCPPKPI (QTUMPKPIUNGFGT#PPG.KUG'NNKPIU¿VGT UVKRGPFKCV4CIPJKNF5VGGP,GPUGP UVKRGPFKCV/CTK6GKIGP

HQTUMGT#CIQVJ'NKUG5VQTXKM 6KFURNCP

&GVVGUVTCVGIKUMGKPUVKVWVVRTQITCOOGV5+2HQMWUGTGTR¾GPFTKPIK MLÓPPUTGNCULQPGT K CTDGKFUNKXGV HTC GV OCMVRGTURGMVKX MQPUGPVTGTV QOGNKVGOCMVGPURQUKULQPGTQIRQUKULQPGTMLGPPGVGIPGVCXDGITGP UGV OCMV GNNGT CXOCMV (QT FGV HÓTUVG UVWFGTGU CTDGKFUNKXGVU GNKVG JXQTOCMVWVÓXGUCXOCPIGOGPPQIGVVGTJXGTVPQGPMXKPPGT'P QXGTQTFPGVRTQDNGOUVKNNKPIGTHQTUV¾GNUGTCXMLÓPPQINKMGUVKNNKPIU RQNKVKMMGPUNGIKVKOKVGVQIILGPPQOUNCIUMTCHVKGNKVGTQIXCTKCULQPGT OGNNQOGNKVGITWRRGT(QTFGVCPFTGWPFGTUÓMGUCTDGKFUNKXGVUQOGP CTGPC HQT OCMV QI KPPHN[VGNUG HQT MXKPPGT K RQUKULQPGT OGF OGT DGITGPUGV OCMV &KUUG VQ KPPHCNNUXKPMNGPG ILÓT FGV OWNKI ¾ DGN[UG OCMVQICTDGKFKVQWNKMGDGV[FPKPIGTPGONKIOCMVKDGV[FPKPIGP

«OCMV QXGT» OCMV QXGT CPFTG DGUNWVPKPIGT QUX XGTUWU OCMV K DGV[FPKPIGP OCMVVKN ¾TGCNKUGTGUKPGKPVGTGUUGT

6QCXVTGRTQULGMVGTXKNUVWFGTGCTDGKFUNKXGVUGNKVGT&GVILGNFGT 2TQULGMV -LÓPP QI NGFGTUMCR K GNKVGP QI 2TQULGMV -LÓPP MQORGVCPUG QI KPUVKVWULQPGNN CWVQPQOK 2TQULGMV -XKPPGTU NÓPPUCTDGKF P[GHQTOGTHQTOCMVGNNGTCXOCMVVCTWVICPIURWPMVK

«XCPNKIG» MXKPPGT 5+2GP D[IIGT XKFGTG R¾ +5(U R¾I¾GPFG UVWFKGT CX MLÓPP QI NGFGTUMCR K HQTXCNVPKPIGP 5VWFKGP CX GNKVGT XKN MQO DKPGTG MXCNKVCVKXG KPVGTXLWGT OGF MXCPVKVCVKXG CPCN[UGT DNC CX

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FCVC HTC /CMVWVTGFPKPIGPU 'NKVGWPFGTUÓMGNUG GP UWXG[WPFGTUÓM GNUGDNCPVRGTUQPGTUQOVKNJÓTGTGVWVXCNICXWNKMGV[RGTGNKVGTUG GIGPQOVCNG5VWFKGPCXMXKPPGTKRQUKULQPGTOGFDGITGPUGVOCMV XKN D[IIG R¾ MXCNKVCVKXG KPVGTXLWGT CX GP HÓFUGNUMQJQTV [PITG MXKPPGTKGVNQMCNUCOHWPP

#CIQVJ5VQTXKM«'VNGFGTDKNFGWVGPMLÓPP»6KFUUMTKHVHQTUCOHWPPUHQTUMPKPI WPFGTRWDNKUGTKPI

/CTK6GKIGPn-XQVGTKPIVKNUV[TGXGTX. /GNNQOQHHGPVNKITGIWNGTKPIQIRTKXCV JCPFNGHTKJGV»6KFUUMTKHVHQTUCOHWPPUHQTUMPKPI

$GUMTKXGNUGCXFGVTGFGNRTQULGMVGPG

-XKPPGTUNÓPPUCTDGKF P[GHQTOGTHQTOCMVGNNGTCXOCMV!

$GOCPPKPI5VKRGPFKCV4CIPJKNF5VGGP,GPUGP 2TQULGMVDGUMTKXGNUG

-XKPPGTU TGVV VKN NÓPPGV CTDGKF XCT GV CX FG UGPVTCNG MTCXGPG VKN MXKPPGDGXGIGNUGPQIMXKPPGHQTUMPKPIGPVKFNKIR¾VCNNGV1RR HCVPKPIGP XCT CV MXKPPGTU HTKILÓTKPI IKMM XKC CTDGKFUOCTMGFGV QI GIGV NÓPPUCTDGKF -XKPPGTU [TMGUFGNVCMGNUG JCT ÓMV UVGTMV FG UKUVG VTGVVK ¾TGPG QI FGV JCT X¿TV GP DGV[FGNKI WVLGXPKPI K MXKPPGTU QI OGPPU[TMGUFGNVCMGNUG5RÓTUO¾NGPGUQOTGKUGUKFGVVGRTQULGMVGVGT QO MXKPPGPGU GPFTGFG RQUKULQP R¾ CTDGKFUOCTMGFGV JCT IKVV FGO CWVQPQOKUVÓTTGITCFCXÓMQPQOKUMWCXJGPIKIJGVQIUVÓTTGOWNKI JGVGTVKN¾TGCNKUGTGGIPGKPVGTGUUGT'NNGTJCTFGVIKVVP[GHQTOGTHQT DKPFKPIGT! 1I UMCRV GP P[ UKVWCULQP OGF GP P[ CXJGPIKIJGV OGNNQO OGPP MXKPPGT QI CTDGKFUNKX! (QT ¾ DGN[UG FKUUG URÓTU O¾NGPGXKNXKI¾VKNDCMGVKNGVCXFGnMNCUUKUMGUVWFKGUVGFGPGKPQTUM UCOHWPPUHQTUMPKPI 0QTF1FCN *GT DNG FGV VKFNKI R¾ VCNNGV ILGPPQOHÓTVGP GIGP UVWFKG CX MXKPPGPGU UKVWCULQP QI JXQT FGTGU HQTJQNFVKNNÓPPGVQIWNÓPPGVCTDGKFXCTFGVUGPVTCNGVGOC8GF¾I¾ VKNDCMGVKNFGVVGNQMCNUCOHWPPGVQIILÓTGGPP[UVWFKGCXMXKPPGPGU

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UKVWCULQPH¾TXKGPWPKMOWNKIJGVVKN¾UVWFGTGJKUVQTKUMGPFTKPIQI OQFGTPKPUGTKPIURTQUGUUGT

.GFGNUGMLÓPPQIOCMV

$GOCPPKPI(QTUMGT#CIQVJ'NKUG5VQTXKM 2TQULGMVDGUMTKXGNUG

(QTO¾NGVOGFRTQULGMVGVGT¾WPFGTUÓMGJXCUNCIUNGFGNUGUKFGCNGTGP HKPPGTKQHHGPVNKIQIRTKXCVUGMVQT5RÓTUO¾NGVUQOTGKUGUGTQOFGV JCTUMLGFFGPGPFTKPIKJXCUNCIUMXCNKHKMCULQPGTUQOGVVGTURÓTTGU+

RTQULGMVGV WPFGTUÓMGU FGV JXKNMG FGHKPKULQPGT CX MLÓPP QI NGFGNUG UQOT¾FGTR¾WNKMGCTDGKFURNCUUGT(WPPGPGFKUMWVGTGUR¾DCMITWPP CX VGQTKGT QO MLÓPPURTGIPKPI CX CTDGKFUQRRICXGT QI UGGU QIU¾ K TGNCULQPVKNURÓTUO¾NGVQOOCMV2TQDNGOUVKNNKPIGPUQOTGKUGUGTK JXKNMGP ITCF FGHKPGTKPIGP CX MLÓPP QI CTDGKFUQRRICXGT MCP UGGU UQO WVVT[MM HQT CMVÓTGTU OCMVUVTCVGIKGT 'V CPPGV RQGPI GT ¾ WPFGTUÓMG JXQTNGFGU WNKMG V[RGT OCMV HNGVVGT UGI KPP K JXGTCPFTG QIFGNXKUHQTUVGTMGTFGNXKUOQVXKTMGTJXGTCPFTG5VWFKGPD[IIGTR¾ ECUGUVWFKGTCXQHHGPVNKIGQIRTKXCVGQTICPKUCULQPGT2TQULGMVGVJCT OWPPGVWVKVQCTVKMNGTUQOMQOOGTK

-LÓPPMQORGVCPUGQIKPUVKVWULQPGNNCWVQPQOK

$GOCPPKPI(QTUMGT/CTK6GKIGP

2TQULGMVGV UVWFGTGT VQ UVQTG NKMGUVKNNKPIURQNKVKUMG TGIWNGTKPIUHTCO UVÓV UQO WVHQTFTGT GVCDNGTVG RTKPUKRRGT HQT WVXGNIGNUG QI UCO JCPFNKPIKFGVMQTRQTCVKXGUML¿TKPIUHGNVGVOGNNQOQHHGPVNKIUV[TKPI QIKPUVKVWULQPGNNCWVQPQOK(QTFGVHÓTUVGILGNFGTFGVGVCDNGTKPIGP CX h QO NQXTGIWNGTKPI CX MLÓPPUTGRTGUGPVCULQP K UV[TGT T¾F QI WVXCNI UQO MQO KPP K NKMGUVKNNKPIUNQXGP K (QT FGV CPFTG HQTUNCIGV QO ¾ NQXTGIWNGTG MLÓPPUTGRTGUGPVCULQP K UV[TGT K HTKUVKNV QHHGPVNKI QI RTKXCV XKTMUQOJGV &GVVG HQTUNCIGV DNG NCIV HTCO K

$CTPGQIHCOKNKGFGRCTVGOGPVGVUJÓTKPIUPQVCVKQIGTRTKO¿TV

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VGPMV UQO GP WVXKFGNUG CX h 5COOGPNKIPKPIGP CX FKUUG VQ TG HQTOKPKVKCVKXGPGJCTVKNJGPUKMV¾CPCN[UGTGMQPVKPWKVGVQIGPFTKPIK FG UKUVG V[XG ¾TU NKMGUVKNNKPIUFGDCVV 5GPVTCNG URÓTUO¾N K RTQULGMVGV GT2¾ JXKNMG O¾VGT JCT FGDCVVGP QO MLÓPPUTGRTGUGPVCULQP K JJX FGVQHHGPVNKIGWVXCNIUU[UVGOGVQIKDGFTKHVUUV[TGTGPFTGVUGIHTC QI HTCO VKN K FCI JXQTFCP OCTMGTGU QI JXQTFCP FGHKPGTGU ITGPUGPG HQT ¾ CTIWOGPVGTG MXKPPGTU FGNVCMGNUGUTGVVKIJGVGT QI JXQTFCPDGITWPPGUGPWVXKFGNUGCXMLÓPPUDCUGTVGFGNVCMGNUGUTGVVKI JGVGTHTCFGVRQNKVKUMGVKNFGVÓMQPQOKUMGHGNVGV

-LÓPPUMXQVGTKPIUQONKMGUVKNNKPIURQNKVKUMXKTMGOKFFGN

$GOCPPKPI 5VKRGPFKCV/CTK6GKIGP 6KFURNCP

(KPCPUKGTKPI $CTPGQIHCOKNKGFGRCTVGOGPVGV 2TQULGMVPT

6GOC GT MLÓPPUMXQVGTKPI UQO NKMGUVKNNKPIURQNKVKUM XKTMGOKFFGN OGF GP KPVGTGUUG D¾FG HQT RTCMVKUGTKPIGP CX MXQVGTKPIUQTFPKPIGT QI FGDCVVGT QO FKUUG 2TQULGMVGV DGUV¾T CX HGO JQXGFFGNGT QI GP OGTIGPGTGNNKPVTQFWMULQPQOMLÓPPUMXQVGTKPI&GN 6JGCHHKT OCVKXG CEVKQP EQPVTQXGTU[ 6GKIGP D IKT GP PQTOCVKX CPC N[UG CX MXQVGTKPIUFGDCVVGT ,GI UMKNNGT JGT OGNNQO VTG V[RGT CX DGITWPPGNUGTDCUGTVR¾KPFKXKFWGNNTGVVHGTFKIJGVUQUKCNTGVVHGTFKIJGV QI WVKNKVCTKUOG &GN &QEWOGPVKPI FKUETKOKPCVKQP 6GKIGP C IKT GP CPCN[UG CX CPUGVVGNUGUUCMGT MNCIGV KPP HQT .KMG UVKNNKPIUQODWFGV K RGTKQFGP VKN (QMWU TGVVGU JGT OQV ITWPPNCIGVHQT¾XWTFGTGURÓTUO¾NQOFKUMTKOKPGTKPIKUCMGTJXQT MNCIGT QI FGP HQTGVTWMPG UÓMGT K CNN JQXGFUCM GT VKNP¿TOGV NKMV MXCNKHKUGTV (QT FGV HÓTUVG WPFGTUÓMGT LGI JXQTFCP CTDGKFUIKXGTG CTIWOGPVGTGTHQT¾KOÓVGI¾R¾UVCPFGTQOFKUMTKOKPGTKPI(QTFGV CPFTG WPFGTUÓMGT LGI ITWPPNCIGV HQT QODWFGVU LWTKFKUMG XWTFGT KPIGT K FGPPG V[RGP CX UCMGT &GN 6JG 5WKVCDNG (GY 6GKIGP

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D[IIGT R¾ GP CPCN[UG CX CPUGVVGNUGT K NGFGTUVKNNKPIGT K VQ UVCVNKIGXKTMUQOJGVGT+FGPPGCTVKMMGNGPHQTUÓMGTLGIHÓTUV¾UGR¾ HTWMVDCTJGVGPCXVKNDWFUQIGVVGTURÓTUGNUHQTMNCTKPIGTHQTWVXKMNKPI GPKCPFGNGPMXKPPGTKNGFGTUVKNNKPIGTR¾QTICPKUCULQPUPKX¾(QTFGV CPFTGGTLGIQRRVCVVCX¾DGN[UGJXQTFCPWNKMGNKMGUVKNNKPIUUVTCVGIKGT DKFTCT VKN ¾ HQTMNCTG XCTKCULQP OGNNQO QTICPKUCULQPGT K O¾NQRR P¾GNUG&GN .KMGUVKNNKPIUQONGIKVKOGTKPIUUVTCVGIK6GKIGPC IKT GP CPCN[UG CX FGDCVVGP QO HQTUNCIGV QO ¾ ÓTGOGTMG UVWFKG RNCUUGT HQT MXKPPGNKIG UÓMGTG XGF +PUVKVWVV HQT FCVCVGMPKMM XGF 0607 5ÓMGN[UGV TGVVGU OQV JCPFNKPIUTQOOGV HQT GPFTKPI K GV U[UVGOJXQTRTKPUKRRGVQOOGTKVQMTCVKUMUGNGMULQPFQOKPGTGT&GV GTJGTU¿TNKIP[VVGCURGMVGPGXGFNKMGUVKNNKPIUQOUV¾TKUGPVTWOHQT VKNJGPIGTPGU CTIWOGPVCULQP UCOVKFKI UQO NKMGUVKNNKPI FKTGMVG MQRNGUVKN 0607U NGIKVKOKVGV UQO WVFCPPKPIUKPUVKVWULQP &GN -XQVGTKPI VKN UV[TGXGTX OGNNQO QHHGPVNKI TGIWNGTKPI QI RTKXCV JCPFNGHTKJGV 6GKIGP FTÓHVGT MLÓPPUTGRTGUGPVCULQP K FGV QHHGPVNKIGWVXCNIUU[UVGOGVQIKUV[TGPGKHTKUVKNVQHHGPVNKIQIRTKXCV XKTMUQOJGV &GDCVVGP QO KPPHÓTKPIGP CX NKMGUVKNNKPIUNQXGPU h K UCOOGPNKIPGU OGF HQTUNCIGV HTC QO QIU¾ ¾ NQXTGIWNGTG MLÓPPUUCOOGPUGVPKPIGPKDGFTKHVUUV[TGT

/CTK6GKIGPCn&QEWOGPVKPI&KUETKOKPCVKQP#5VWF[QH4GETWKVOGPV%CUGU

$TQWIJV VQ VJG 0QTYGIKCP )GPFGT 'SWCNKV[ 1ODWF)GPFGT 9QTM CPF 1TICPK\CVKQP

/CTK 6GKIGP D n&KUMTKOKPGTGPFG CPUGVVGNUGURTGHGTCPUGT! 'P UVWFKG CX MNCIGUCMGTVKN.KMGUVKNNKPIUQODWFGV5ÓMGN[UR¾CTDGKFUOCTMGFGV /CTK6GKIGPCn.KMGUVKNNKPI UQO NGIKVKOGTKPIUUVTCVGIK 4GMTWVVGTKPIUPQTOGT

QINKMGUVKNNKPIURQNKVKMMXGF06075QUKQNQIKUMVKFUUMTKHV

/CTK6GKIGPDn6JGCHHKTOCVKXGCEVKQPEQPVTQXGTU[014#0QTFKE,QWTPCN QH9QOGP U5VWFKGU

/CTK 6GKIGP C n6JG UWKVCDNG HGY OCPCIGTKCN TGETWKVOGPV RTCEVKEGU KP VJG 0QTYGIKCPUVCVGDWTGCWETCE[5ECPFKPCXKCP,QWTPCNQH/CPCIGOGPVXQN /CTK 6GKIGP D n-XQVGTKPI VKN UV[TGXGTX OGNNQO QHHGPVNKI TGIWNGTKPI QI

RTKXCVJCPFNGHTKJGV6KFUUMTKHVHQTUCOHWPPUHQTUMPKPI

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.GXGM¾TMLÓPPQITGUVTWMVWTGTKPICXNQMCNGCTDGKFUOCTMGFGT

$GOCPPKPI (QTUMPKPIUNGFGT#PPG.KUG'NNKPIU¿VGT 5VKRGPFKCV4CIPJKNF5VGGP,GPUGP 6KFURNCP

(KPCPUKGTKPI 0QTIGUHQTUMPKPIUT¾F

#TDGKFUOCTMGFUQITGIKQPCNHQTUMPKPIURTQITCOOGV 2TQULGMVPT

+NKMJGVOGFCPFTGKPFWUVTKNCPFJCTFGVKNÓRGVCXFGUKUVG¾TGPG HWPPGV UVGF DGV[FGNKIG GPFTKPIGT K CTDGKFUOCTMGFGVU UVTWMVWT QI K QTICPKUGTKPIGPCXNÓPPUCTDGKFGVK0QTIG&GUVTWMVWTGNNGGPFTKPI GPGDGVGIPGUQHVGUQOQXGTICPIGPHTCKPFWUVTKGNNGVKNRQUVKPFWUVTK GNNG CTDGKFUOCTMGFGT MLGPPGVGIPGV CX UVGTM TGFWMULQP K RTKO¿T P¿TKPIGTnCXKPFWUVTKCNKUGTKPIQIHTGOXGMUVCXVLGPGUVGUCOHWPPGV 5RÓTUO¾NGV UQO TGKUGU K FGVVG RTQULGMVGV GT JXQTFCP FKUUG GPF TKPIGPG JCT R¾XKTMGV MLÓPPUTGNCULQPGPG K NQMCNG CTDGKFUOCTMGFGT QI U¿TNKI JXQTFCP GPFTKPIGPG JCT R¾XKTMGV MXKPPGTU OWNKIJGVGT K WNKMGV[RGTCXCTDGKFUOCTMGFGT/GFOWNKIJGVGTOGPGUD¾FGULCP UGT VKN ¾ H¾ LQDD JXKNMG CTDGKFUXKNM¾T UQO VKND[U QI JXKNMGP V[RG LQDDGTMXKPPGTQIOGPPCMUGRVGTGT&GVHQTGNKIIGTGPQOHCVVGPFG MWPPUMCRQO PCULQPCNG CIITGIGTVG OÓPUVTG HQT MXKPPGTU HQTJQNF VKNCTDGKFUOCTMGFGV OGP DGITGPUGV HQTUV¾GNUG CX FG RTQUGUUGPG QI OGMCPKUOGPG UQO UMCRGT FKUUG OÓPUVTGPG &GPPG UVWFKGP UQO DCUGTGTUGIR¾ECUGUVWFKGTCXHKTGNQMCNGCTDGKFUOCTMGFGTXKNMWPPG DKFTCVKNP[MWPPUMCRQOJXQTFCPMXKPPGTUQI OGPPU TGNCULQPGT VKNCTDGKFUOCTMGFGVWVHQTOGUKGPNQMCNMQPVGMUV

4CIPJKNF 5VGGP ,GPUGP n-XKPPGPG ILGMM VKN XGTMGV + 42 #OFCO &

)LGUVNCPF # *QORNCPF TGFTF#N 8GTMGV QI D[IFC U 1UNQ5CONCIGV

4CIPJKNF 5VGGP ,GPUGP n'PFTKPIGT K VQ NQMCNG CTDGKFUOCTMGFGT JXKNMGP DGV[FPKPI JCT FGV JCVV HQT MXKPPGTU U[UUGNUGVVKPI!5ÓMGN[U R¾ CTDGKFUOCTMGFGV

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4CIPJKNF 5VGGP ,GPUGP n-XKPPGPG K 0QTF1FCN (TC WNÓPPGV VKN NÓPPGV QOUQTIUCTDGKF5ÓMGN[UR¾CTDGKFUOCTMGFGV

4CIPJKNF 5VGGP ,GPUGP n4GCNKUVKUM VKNP¿TOKPI VKN GORKTK DGITWPPGNUG QI GMUGORGN++,$KTMGNCPFQI$.*CPUUGPTGF/GPPGUMGTUTQOU 1UNQ7PKRWDHQTNCI

$QMRTQULGMV8GNHGTFUUVCVQIJXGTFCIUNKX MQPVKPWKVGVQIDTWFF

$GOCPPKPI (QTUMPKPIUNGFGT#PPG.KUG'NNKPIU¿VGT

2TQHGUUQT#TPNCWI.GKTC+557PKXGTUKVGVGVK1UNQ 6KFURNCP

(KPCPUKGTKPI 0QTIGUHQTUMPKPIUT¾F 8GNHGTFURTQITCOOGV 2TQULGMVPT

$QMRTQULGMVGV VCT WVICPIURWPMV K FG DGV[FGNKIG UCOHWPPUGPFTKPI GPGUQORTGIGTFGVRQUVKPFWUVTKGNNGUCOHWPPGVOGFU¿TNKIDNKMMR¾ GPFTGFGITGPUGTOGNNQOUVCVCTDGKFQIHCOKNKGQIR¾DT[VPKPIGTK PQTOGTQIXGTFKGTKFKUUGKPUVKVWULQPGPG2TQULGMVGVMP[VVGTCPVKN UGPVTCNG URÓTUO¾N K UCOHWPPUXKVGPUMCRGNKI VGQTK QI K UCOHWPPU FGDCVVGP &GV VCU WVICPIURWPMV K OÓVGV OGNNQO VTCFKULQP QI OQFGTPKVGV K HCOKNKGP DCUGTV R¾ GORKTKUMG WPFGTUÓMGNUGT CX VTCPUHQTOCULQPGTKJXGTFCIUNKXGVUQTICPKUGTKPIKN[UCXFGPPQTUMG QI FG PQTFKUMG XGNHGTFUUVCVUOQFGNNGPGU QOUQTIU QI HQTUÓTIGNUGU RQNKVKMM6QCPVQNQIKGTQOMQPVKPWKVGVQIDTWFFKXGNHGTFUUVCVQI JXGTFCIUNKX RNCPNGIIGU &GP GPG XKN X¿TG DTGFV CPNCIV UVWFKG CX PQTUMG HCOKNKGTU JXGTFCIUNKX UGVV K N[U CX GPFTKPIGT K XGNHGTFURQ NKVKMMQICTDGKFUOCTMGF&GPCPFTGXKNX¿TGGPMQORCTCVKXCPCN[UG OGFUCOOGVGOCOGPOGFWVICPIURWPMVKFGPQTFKUMGNCPFGPG

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$QMRTQULGMV/CMVQIMLÓPPKOQFGTPGCTDGKFUNKX

$GOCPPKPI (QTUMPKPIUNGFGT#PPG.KUG'NNKPIU¿VGT (QTUMGT,QTWP5QNJGKO#(+

6KFURNCP

(KPCPUKGTKPI 0QTIGU(QTUMPKPIUT¾F

/CMVQI&GOQMTCVKWVTGFPKPIGP 2TQULGMVPT

$QMRTQULGMVGVVCTUKMVGR¾¾DGN[UGUGPVTCNGVTGMMXGFMLÓPPUOCMVK FGVOQFGTPGCTDGKFUNKXGV2TQDNGOUVKNNKPIGPGXKNVCWVICPIURWPMVK GPFTKPIGTKCTDGKFUNKXGVUQTICPKUGTKPIQIMQPUGMXGPUGTHQTOCMVTG NCULQPGTOGNNQOMXKPPGTQIOGPP5RGUKGNNXGMVNGIIGUR¾P[GRTQ FWMULQPU QI QTICPKUCULQPUHQTOGT UQO K FCI U[PGU ¾ X¿TG K HTGO XGMUVQIMQPUGMXGPUGTFGVVGH¾THQTJKGTCTMKQICWVQTKVGVUHQTOGT 'PXKMVKIJGPUKMVXKNX¿TG¾H¾HTGOP[GVGQTGVKUMGRGTURGMVKXGTQI UGVVGP[GURÓTUO¾NR¾FCIUQTFGPP¾TFGVILGNFGTHQTJQNFGVOGNNQO MLÓPPUQIOCMVTGNCULQPGT$QMRTQULGMVGVXKNJCMCTCMVGTCXGVU[P VGUGRTQULGMVUQOVCTWVICPIURWPMVKGMUKUVGTGPFGHQTUMPKPIR¾HGN VGVQIUCOOGPHCVVGTXKMVKIGVGPFGPUGTQIHQTUMPKPIUTGUWNVCVGT&GV RNCPNGIIGU GP CPVQNQIK OGF DKFTCIU[VGTG HTC GV DTGFV WVXCNI CX HQTUMPKPIUOKNLÓGT

4GMTWVVGTKPIVKNVQRRNGFGTUVKNNKPIGT

$GOCPPKPI (QTUMGT#CIQVJ'NKUG5VQTXKM 6KFURNCP

2TQULGMVGV JCT UQO O¾N ¾ HTGODTKPIG MWPPUMCR QO JXKNMG MXCNK HKMCULQPGTUQOXGMVNGIIGUXGFTGMTWVVGTKPICXVQRRNGFGTG&GUUWVGP

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GT FGV ÓPUMGNKI ¾ HKPPG WV JXKNMGP TQNNG PGVVXGTM QI DGMLGPVUMCR URKNNGT K TGMTWVVGTKPIURTQUGUUGP 1I UKUV OGP KMMG OKPUV GT FGV XKMVKI¾WPFGTUÓMGJXCOCPHCMVKUMHQTGVCTUGIHQT¾H¾TGMTWVVGTV MXKPPGNKIG VQRRNGFGTG QI JXC OCP CPUGT UQO RTQDNGOGT K FGPPG UCOOGPJGPIGP /GVQFGP UQO CPXGPFGU HQT ¾ WVTGFG FKUUG URÓTU O¾NGPG GT URÓTTGUMLGOC UQO UGPFGU VKN FGP ÓXGTUVG NGFGNUG K CNNG UVCVNKIG QTICPKUCULQPGT 4GUWNVCVGPG XKN RWDNKUGTGU K HQTO CX GP TCRRQTVQIGPXKVGPUMCRGNKICTVKMMGN

*XQTHQTUÓMGTU¾H¾MXKPPGTVQRRNGFGTUVKNNKPIGTK FGRCTVGOGPVUUGMVQTGP!

$GOCPPKPI (QTUMGT#CIQVJ'NKUG5VQTXKM 6KFURNCP

(KPCPUKGTKPI 5VCVUMQPUWNV 2TQULGMVPT

-XKPPGTWVILÓTGPNKVGPCPFGNCXUÓMGTOCUUGPVKNVQRRNGFGTUVKNNKPIGT K UVCVGP #PFGNGP GT QIU¾ NCX UGVV K HQTJQNF VKN CPVCNN MXKPPGNKIG OGNNQONGFGTG K UVCVUHQTXCNVPKPIGP /¾NGV OGF RTQULGMVGV GT ¾ WPFGTUÓMGJXQTHQTMXKPPGTK NKVGP ITCF UÓMGT UGI VKN FGPPG V[RGP UVKNNKPIGT 'P OWNKI HQTMNCTKPI GT CV MXKPPGT KMMG UÓMGT HQTFK FG KMMG VTQT FG XKN H¾ LQDDGPG 'P CPPGP HQTMNCTKPI GT CV FG KMMG OGPGT CV FG JCT CPNGFPKPI VKN ¾ VC R¾ UGI UNKMG CTDGKFUKPVGPUKXG LQDDGTGNNGTCVFGKMMGÓPUMGTUNKMGUVKNNKPIGT2TQULGMVGVD[IIGTR¾ ECUGUVWFKGT CX VQ QHHGPVNKIG QTICPKUCULQPGT + JXGT QTICPKUCULQP KPVGTXLWGU MXKPPGNKIG QI OCPPNKIG OGNNQONGFGTG QO FGTGU OQVK XCULQPHQT¾UÓMGJÓ[GTGUVKNNKPIGT5VWFKGPGTVKNFGNUGPHQTVUGVVGNUG CXGPUVWFKGQONGFGTTGMTWVVGTKPIKUVCVNKIUGMVQTQIILÓTQIU¾DTWM CXGORKTKUMOCVGTKCNGHTCFGVVGRTQULGMVGV

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#CIQVJ'NKUG5VQTXKM/GNNQONGFGTGR¾MCTTKGTGPUXGK 'PUVWFKGCXMXKPPGNKIG QI OCPPNKIG OGNNQONGFGTG K UVCVGP +5(TCRRQTV 1UNQ +PUVKVWVV HQT UCOHWPPUHQTUMPKPI

$CTPGHQTFGNKPIUUCMGTHQTGNFTGUMCRQIDCTPUDGUVG

$GOCPPKPI (QTUMGT-TKUVKP5MLÓTVGP 6KFURNCP

2TQULGMVGVQOJCPFNGTVGOCGVDCTPQIHQTGNFTGOGFWVICPIURWPMVK JÓ[GUVGTGVVU QI NCIOCPPUTGVVUCXILÓTGNUGT QO DCTPGHQTFGNKPI R¾ UNWVVGPCXVCNNGV&GVWVIKUKPIGPQHHGPVNKIUVCVKUVKMMR¾HCOKNKG TGVVGPU QOT¾FG QI XK XGV NKVG QO TGVVURTCMUKU QI ITWPPNCIGV HQT CXILÓTGNUGTQODCTPGHQTFGNKPIR¾VCNNGV6KFNKIGTGWPFGTUÓMGNUGT CXUNKMGUCMGTHTCQIVCNNGVIKTOWNKIJGVVKNUCOOGPNKMPKPICX TGVVURTCMUKU QXGT VKF *CT FGV UMLGFF PQGP XGUGPVNKIG GPFTKPIGT K JXKNMG CTIWOGPVGT UQO VKNNGIIGU XGMV K FQOUVQNUCXILÓTGNUGPG! 'V U¿TRTGIXGFDCTPGHQTFGNKPIUUCMGPGGTCVFGVXKMVKIUVGMTKVGTKGVUQO NGIIGUVKNITWPP DCTPGVUDGUVG KJQXGFUCMGTGVUMLÓPPUURÓTUO¾N

&GTOGF GT FKUUG UCMGPG K UVÓTTG ITCF GPP OCPIG CPFTG TGVVU CXILÓTGNUGTGIPGVVKN¾DGN[UGHQTJQNFGVOGNNQOJQNFPKPIUGPFTKPIGT KUCOHWPPGVQITGVVURTCMUKU4GNGXCPVGRGTURGMVKXGTHQTCPCN[UGQI FTÓHVKPI CX OCVGTKCNGV GT JXQTNGFGU HQTUV¾GNUGT CX MLÓPP K VKN MP[VPKPI VKN HQTGNFTGUMCR WVVT[MMGU K GP MQPVGMUV FGT MLÓPPU PÓ[VTCNKVGVUMCNNGIIGUVKNITWPPKXWTFGTKPIGPCXDCTPUDGUVG+GP DCTPGHQTFGNKPIUUCMGTDCTPUDGUVGVGVVHQTDWPFGVOGFXWTFGTKPICX QOUQTIUGXPGQIOWNKIJGVJQUJXGTCXRCTVGPGKUCMGP*XQTNGFGU TGVVGP FGHKPGTGT QI XWTFGTGT QOUQTI WV HTC XGMVNGIIKPI CX OQOGPVGTKUCMGPMCPIKWVICPIURWPMVHQTGPWVXKFGVFTÓHVKPICX

«QOUQTI» MP[VVGV VKN VGQTKWVXKMNKPI R¾ HGNVGV /GF FGV MQPHNKMV

(53)

PKX¾GVXKP¾UGTXGFDCTPGHQTFGNKPIGTFGVQIU¾CXKPVGTGUUG¾UVKNNG URÓTUO¾NXGFJXCMCORGPQODCTPCJCPFNGTQOQIJXCFGVVGMCP HQTVGNNGQUUQOHQTGNFTGQIDCTPKFCIGPUUCOHWPP

;TMGQINKXUHCUG-XKPPGTUVKNRCUPKPIGVVGTUO¾DCTPUHCUGP

$GOCPPKPI (QTUMGT$GPVG#DTCJCOUGP 6KFURNCP

(KPCPUKGTKPI 0QTIGUHQTUMPKPIUT¾F-WNVWTQIUCOHWPP 2TQULGMVPT

&GV VGQTGVKUMG WVICPIURWPMV HQT RTQULGMVGV GT CV TCOOGXKNM¾TGPG HQT MXKPPGTU [TMGUFGNVCMGNUG WVHQTOGU KPPGPHQT FG VTG UCOHWPPU QOT¾FGPGUVCVCTDGKFUOCTMGFQIHCOKNKG&GPUGPVTCNGRTQDNGOUVKN NKPIGPKRTQULGMVGVGTQOTCOOGXKNM¾TGPGKCTDGKFUNKXGVGTIWPUVKIG HQT¾ H¾ OQFGTPG MXKPPGT VKN ¾ XGNIG [TMGUCMVKXVGV HTCOHQT [TMGU RCUUKXKVGVQIJGNVKFHTCOHQTFGNVKF

2TQULGMVGV GT VQFGNV + HÓTUVG FGN WVCTDGKFGU GP U[UVGOCVKUM DG UMTKXGNUGCX[TMGUFGNVCMGNUGQICTDGKFUVKFVKNMXKPPGTUQOGTHGTFKI OGF UO¾DCTPUHCUGP HTC QI HTCO VKN K FCI + CPPGP FGN CX RTQULGMVGV DGN[UGU UCOOGPJGPIGP OGNNQO FG CTDGKFUXKNM¾TGPG MXKPPGPGOÓVGTK[TMGQICTDGKFURNCUUQIFGTGU[TMGUFGNVCMGNUGQI CTDGKFUVKF

&CVCITWPPNCIGVHQTRTQULGMVGVGT55$UCTDGKFUMTCHVWPFGTUÓMGNUGT 55$U VXGTUPKVVUWPFGTUÓMGNUGT HQT QI UCOV RCPGNWPFGTUÓMGNUGPGHQTQI

4CIPJKNF 5VGGP ,GPUGP n7VXKMNKPIGP K MXKPPGTU FGNVKFUCTDGKF K 0QTFGP

5ÓMGN[UR¾CTDGKFUOCTMGFGV

4CIPJKNF 5VGGP ,GPUGP -XKPPGT QI LQDD GVVGT UO¾DCTPUHCUGP +5(TCRRQTV 1UNQ+PUVKVWVVHQTUCOHWPPUHQTUMPKPI

$GPVG #DTCJCOUGP n-XKPPGTU CTDGKFUVKF QI CTDGKFUXKNM¾T *CT FGNVKFU CTDGKFGPFGF¾TNKIGTGCTDGKFUHQTJQNFGPPJGNVKFUCTDGKFGPFG!5ÓMGN[UR¾CTDGKFU OCTMGFGV

(54)

.GFGNUGNKMGUVKNNKPIQIOCPIHQNF

$GOCPPKPI (QTUMGT/CTKV*QGN

6KFURNCP

(KPCPUKGTKPI 0¿TKPIUNKXGVUJQXGFQTICPKUCULQP 0*1U#TDGKFUOKNLÓHQPF 2TQULGMVPT

&GV UMCN ILÓTGU GP U[UVGOCVKUM DGPEJOCTMKPI CX UVTCVGIKGT HQT NGFGNUG QI ÓMV OCPIHQNF K KPPVKN DGFTKHVGT *GPUKMVGP GT ¾ MCTV NGIIGHQTJQNFGVOGNNQOP¾UKVWCULQPQIOWNKIJGVGPGHQTHQTDGFTKPI HQT¾QRRP¾GPFTKPIGTR¾GVQOT¾FG5GPVTCNGURÓTUO¾NKRTQULGMVGV GT DNC 0¾T QI JXQTHQT GPICULGTG UGI K DGPEJOCTMKPI! *XQT JGPVGTOCPPÓFXGPFKIKPHQTOCULQP!*XQTFCPGTFGWNKMGVTKPPGPG KDGPEJOCTMKPIQTICPKUGTV!

(55)

8GNHGTFUUVCVQIUKXKNUCOHWPP

+PVGITCULQPQIWVUVÓVKPIKUKXKNUCOHWPPGV

$GOCPPKPI (QTUMPKPIUNGFGT*¾MQP9GTIGNCPF.QTGPV\GP 6KFURNCP

(KPCPUKGTKPI 0QTIGUHQTUMPKPIUT¾F8GNHGTFQIUCOHWPP 2TQULGMVPT

*QXGFJGPUKMVGPOGFRTQULGMVGVGT¾WPFGTUÓMGHTKXKNNKIGUCOOGP UNWVPKPIGTU GXPG VKN ¾ KPVGITGTG OGFNGOOGT QI FGNVCMGTG + RTQ ULGMVGVU HÓTUVG HCUG WPFGTUÓMGU UVCVKUVKUMG UCOOGPJGPIGT OGNNQO FGNVCMGNUG R¾ FGP GPG UKFGP QI TGIKQP QTICPKUCULQPUV[RG QI KPFK XKFWGNNG GIGPUMCRGT R¾ FGP CPPGP 5¿TNKI HQMWU GT UCVV R¾ KPVG ITCULQPGP CX OCTIKPCNG ITWRRGT 2TQULGMVGVU CPPGP FGN DGUV¾T CX ECUGUVWFKGT FGT FGNVCMGNUG XKN DNK WPFGTUÓMV K GV WVXCNI QTICPK UCULQPGT HQT ¾ H¾ QXGTUKMV QXGT KPVGITGTGPFG QI GMUMNWFGTGPFG OGMCPKUOGT

*¾MQP 9GTIGNCPF .QTGPV\GP n+PVGITCULQP QI WVUVÓVKPI K UKXKNUCOHWPPGV

&CPUMUQEKQNQIK

*¾MQP 9GTIGNCPF .QTGPV\GP QI 1NG #NGZCPFGT 1RFCNUJGK +PVGITCULQP ILGPPQO HTKXKNNKIG QTICPKUCULQPGT +5(TCRRQTV 1UNQ +PUVKVWVV HQT UCOHWPPUHQTUMPKPI

*¾MQP 9GTIGNCPF .QTGPV\GP n0QTOCVKXG HQTUV¾GNUGT CX UKXKNG UCOOGP UNWVPKPIGT5QEKCNXGVGPUMCRGNKI6KFUUMTKHV

*¾MQP9GTIGNCPF.QTGPV\GPn&GPIQFGXKNLG0[VV0QTUM6KFUUMTKHV

*¾MQP 9GTIGNCPF .QTGPV\GP n)QFXKNLG R¾ CXXGKG0[VV 0QTUM 6KFUUMTKHV

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,QJPU*QRMKPU MQORCTCVKXGUVWFKGCXHTKXKNNKIUGMVQT

$GOCPPKPI (QTUMPKPIUNGFGT*¾MQP9GTIGNCPF.QTGPV\GP (QTUMGT-CTN*GPTKM5KXGUKPF

6KFURNCP

5COOGP OGF RTQHGUUQT 2GT 5GNNG QI &CI 9QNNGD¿M XGF .15 UGPVGTGVK$GTIGPJCT+5(ILGPPQOHÓTV+5(GPDTGFMCTVNGIIKPICX nVJG PQPRTQHKVUGEVQT KPPVGMVGT WVIKHVGT DGOCPPKPI HTKXKNNKI KPPUCVUNGICNGTCOOGTJKUVQTKGOX2TQULGMVGVJCTGVMQORCTCVKXV UKMVGO¾N QI WVHÓTGU GVVGT GP NGUV UQO GT NCIV XGF ,QJPU *QRMKPU 7PKXGTUKV[ K $CNVKOQTG 0¿TOGTG NCPF FGNVCT K WPFGTUÓMGNUGP

&GPPQTUMGFGNGPDGUV¾TCXHÓNIGPFGFGNGT

− 'P ILGPPQOICPI CX HTKXKNNKIG QTICPKUCULQPGTU NGICNG ITWPPNCI CXUNWVVGV

− 'P UWTXG[WPFGTUÓMGNUG CX WDGVCNV KPPUCVU QI RGPIGICXGT VKN HTKXKNNKIGHQTO¾NCXUNWVVGV

− 'P WPFGTUÓMGNUG CX FGV NQMCNG HQTGPKPIUNKXGV K *QTFCNCPF QI

$GTIGPCXUNWVVGU

− 'P UVCVKUVKUM WPFGTUÓMGNUG CX KPPVGMVGT WVIKHVGT QI NÓPPGV CTDGKFKCNNGnPQPRTQHKVQTICPKUCULQPGTCXUNWVVGU

)GKT9QZJQNV0QPRTQHKV.CYKP0QTYC[+5(−TCRRQTV1UNQ+PUVKVWVV HQTUCOHWPPUHQTUMPKPI

*¾MQP.QTGPV\GPQI2GT5GNNG0QTYC[&GHKPKPIVJG8QNWPVCT[5GEVQT+5(TCRRQTV 1UNQ+PUVKVWVVHQTUCOHWPPUHQTUMPKPI

&CI9QNNGD¿M2GT5GNNGQI*¾MQP.QTGPV\GPn7PFGTUÓMGNUGQOHTKXKNNKI KPPUCVU&QMWOGPVCULQPUTCRRQTV.15PQVCV$GTIGP.15UGPVGTGV

&CI 9QNNGD¿M QI -CTN *GPTKM 5KXGUKPF n'T FGNVCMGNUG K HTKXKNNKI CTDGKF P[VVKIR¾CTDGKFUOCTMGFGV!5ÓMGN[UR¾CTDGKFUOCTMGFGV−

&CI9QNNGD¿M«2CTVKEKRCVKQPKP8QNWPVCT[#UUQEKCVKQPUCPFVJG(QTOCVKQP QH5QEKCN%CRKVCN».15TCRRQTV$GTIGP.15UGPVGTGV