ITV Annual Report 2012

8/12/2019 ITV Annual Report 2012

1/164

!"#$%"&$'( (&*+,-,-&*.(- /&0'12*&30,$*':;< )%. !""#$% '()*+, $"- !..*#",/

0*+ ,1( 2($+ ("-(- 34 5(.(67(+ 8948

=,*.> .*-(? :;


2/164

()*+',-*./ 0+%-*,;1( 5@+(.,*+/A '()*+, (B)%$@"/ @" -(,$@% 1*C C( 1$D( )(+0*+6(- ,1@/ 2($+ $"- /(,/ *#, $ 0$@+ +(D@(C *0 ,1( 7#/@"(//E $ 7$%$".(- $"- .*6)+(1("/@D( $"$%2/@/

!"#$%& ()$# *&+,*(

4**5 *., 2*& ,-"1" $6*'1

;?H1$@+6$"A/ =,$,(6(", ;@

()*+',-*./ 0+%-*,A,*3,+BC D =%+*3,)-1.HM9 '(D@(C G

0+.%-1.)5)&),C ?:

J-8+*131'+ ?G

@;H1$@+6$"A/ P*D(+"$".( =,$,(6(", @:H*+)*+$,( P*D(+"$".( @F!#-@, H*66@,,(( '()*+, K;'(6#"(+$,@*" '()*+, K?L,1(+ P*D(+"$".( $"- =,$,#,*+2 5@/.%*/#+(/ GL=,$,(6(", *0 5@+(.,*+/A '(/)*"/@7@%@,@(/ L:",+*-#.,@*" $"- ;$7%( *0 H*",(",/ L?H*"/*%@-$,(- :".*6( =,$,(6(", L@H*"/*%@-$,(- =,$,(6(", *0 H*6)+(1("/@D( :".*6( LKH*"/*%@-$,(- =,$,(6(", *0 J@"$".@$% I*/@,@*" LG

LLH*"/*%@-$,(- =,$,(6(", *0 H$/1 J%*C/


3/164


4/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

456*576.


5/164

I"F ,* $6*'1 :",(+"$,@*"$% )+*-#.,@*" 7$/(/?:;< =,#-@*/ ON:;< =,#-@*/ !6(+@.$:;< =,#-@*/ !#/,+$%@$

:;< =,#-@*/ J+$".(:;< =,#-@*/ P(+6$"2

! " # $ "

% # &

' % $ # ( ) * $ + , . # / * $ )

0 ) $ 1 ) # 2 3 4 ! / # $ 1 ) % * 5 +

6 # $ 7 * $ 8 1 5 ( # 4

9 % 5 1 5 ( % 1 : +

. # + / * 5 + % ;

% : % ) 3

< * " # $ 5 1 5 ( #

9 % 5 1 5 ( % 1 : 0 ) 1 ) # 8 # 5 ) +


6/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

456*576.

*,+,#$($,"

@* ',* (/8 )4,** =*',& %()/ )4* ",'(&'= E!()*,'1)%7* ,*7*(0* &),*'6& ',* %(1,*'&%(+ ,'.%-5= '(- ',* (/8 ' 6')*,%'5 .',)

1/()%(0*& )/ -*7*5/.3

C0,


7/164

! " # $ "

% # &

' % $ # ( ) * $ + , . # / * $ )

0 ) $ 1 ) # 2 3 4 ! / # $ 1 ) % * 5 +

6 # $ 7 * $ 8 1 5 ( # 4

9 % 5 1 5 ( % 1 : +

. # + / * 5 + % ;

% : % ) 3

< * " # $ 5 1 5 ( #

9 % 5 1 5 ( % 1 : 0 ) 1 ) # 8 # 5 ) +


8/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

456*576.

G)0$*;0"H# 7(0(&;&"( T&6-$" R*&30'

!"0& Y-0&"-*#:"&

:, @/ "*C *D(+ ,1+(( 2($+/ /@".(

H+*T@(+ ,**> *D(+ $/ H1@(0 MB(.#,@D(

/1*+,%2 $0,(+C$+-/ $"- /(, *#, ,1(;+$"/0*+6$,@*" I%$" ,* 6$>( :;< $6*+( +*7#/,E 7(,,(+ 7$%$".(- 7#/@"(//

=@".( ,1$, ,@6(E 6#.1 1$/ 7(("$.1@(D(-E $"- ,1( )%$" @/ /,@%% $/+(%(D$", ,*-$2 $/ @, C$/ ,1(" $"-

6*+( @6)*+,$",%2E $ "(C 7$%$".( ,*

@",(+"$,@*"$% .*",(", 7#/@"(//E $"-

K1@%/, ,1( ,+$-@,@*"$% ON U0+(( ,* $@+A

%$"-/.$)( 6($"/ @, @/ @6)(+$,@D(

-(D(%*)6(",/ )+(/(", *))*+,#"@,@(/

?&4$:&*$"<


9/164

! " # $ "

% # &

' % $ # ( ) * $ + , . # / * $ )

0 ) $ 1 ) # 2 3 4 ! / # $ 1 ) % * 5 +

6 # $ 7 * $ 8 1 5 ( # 4

9 % 5 1 5 ( % 1 : +

. # + / * 5 + % ;

% : % ) 3

< * " # $ 5 1 5 ( #

9 % 5 1 5 ( % 1 : 0 ) 1 ) # 8 # 5 ) +


10/164

X-*,* 9F Z0,, E&*1,[>/?[U"V E"0,.&"1

E)',U*+Q_M66(+-$%(

O66*,-'5* 1*5*2,')*- JG =*',& %( C1)/2*,

%) 8'& %)& 4%+4*&) '0-%*(1* %( (*',5= )4,**=*',&3 "4* !"#F


11/164

/*!"#!012345606+7!"#$% $#'() *+,

Y,&0,"(F \ ]8"&0,$*'1HML '(D@(C


12/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

H/?I(*)%( $+( $, ,1( 1($+, *0 *#+ /#..(//$"- C( .*",@"#( ,* @"D(/, @" ,1(6 $"-,1(@+ -(D(%*)6(", ,* 1(%) -+@D( ,1(

R #) 0*+ ,1( ,1@+- 2($+ @" $ +*C C@,1.*6)$"2 )$+,@.@)$,@*" @" ,1( /#+D(2

K( .*",@"#( ,* 0*.#/ *" /@6)%@.@,2

L"(:;< R ,* 6$>( @, ($/2 0*+ *#+ )(*)%(,* -* ,1(@+ Z*7/E ("/#+( ,1$, 7#/@"(//(/

-* "*, C*+> @" /@%*/ $"- ,1$, (B,(+"$%%2

$"- C@%% 7( .*6)%(,(- C@,1 ,1( 6*D(*0 H*+*"$,@*" =,+((, @" %$,( 8943\($+%2

>/? 0, ,-" -"0&, *2 8*8.#0&6.#,.&":" V$"#$+2 8943 C( +(7+$"-(- :;(2 ,* ,1( -(%@D(+2 *0 *#+

>/? 0(0$' *.,8"&2*&3": ,-","#"%$1$*' 0:%"&,$1$'( 30&5",

+(6$@"/ +*7#/, $"- 1$/ )(+0*+6(-

,(%(D@/@*" 6$+>(, [email protected] 7$/(- *"

K( 1$D( *#,)(+0*+6(- ,1( ,(%(D@/@*"

C( %$#".1(- ,1( ;+$"/0*+6$,@*" I%$"

.1$""(%E "*C +(7+$"-(- :;


23/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

=H

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

! " # $ "

% # &

' % $ # ( ) * $ + , . # / * $ )

0 ) $ 1 ) # 2 3 4 ! / # $ 1 ) % * 5 +

6 # $ 7 * $ 8 1 5 ( # 4

9 % 5 1 5 ( % 1 : +

. # + / * 5 + % ;

% : % ) 3

< * " # $ 5 1 5 ( #

W*C(D(+E 8948 C$/ $" #")+(.(-(",(-

$"- ,1( F*"-*" L%26)@./E [email protected] C$/

(B,+$*+-@"$+2 "$,#+( *0 8948 @6)$.,(-

J$6@%2 =1$+( *0 H*66(+.@$% :6)$.,/

*" ,1( 6$@" :;< .1$""(% =L< $"- =LH:

$#-@(".(/E 0*+ (B$6)%( :A6 ! H(%(7+@,2

/$C ,1(@+ $#-@(".(/ -(.%@"( 2($+ *"2($+E 0*+ (B$6)%( ;1( ] J$.,*+E ,1(2+(6$@" $ >(2 )$+, *0 *#+ /.1(-#%( $"-C( .*",@"#$%%2 %**> $, C$2/ ,* +(0+(/1

;1( /*$)/ R H*+*"$,@*" =,+((, $"-

-*C"E ,1(2 *#,)(+0*+6(- ,1(@+ +@D$%/*" *,1(+ .1$""(%/E C@,1 M66(+-$%(

C@,1 $ %@D( )(+0*+6$".( ,1$, $,,+$.,(-

"$,@*"$% $"- @",(+"$,@*"$% $/ C(%% $/

+(0+(/1(- )$+, *0 *#+ 5$2,@6( /.1(-#%(

C@,1 ,1( +(%$#".1 *0 5$27+($> $"- ;1@/

:" 8948 C( $%/* /$C ,1( /#..(//0#%

/(+@(/E MB)*/#+(E $"- *#+ )*%@,@./ $"-

:;


24/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

==

/("!(012 4 5*0"!('-67

)(+0*+6$".( C$/ 7(%*C C1(+( C(

$%+($-2 $.1@(D(- /*6( @"@,@$% /#..(//

/"#"%$1$*' 9&*0:601, $':.1,&F

&"30$'1 1,09#"K1@%( ,1( 6(-@$ ("D@+*"6(", .*",@"#(/,* -(D(%*) +$)@-%2 ,1( ,+$-@,@*"$% %@"($+;(%(D@/@*" 7#/@"(// 6*-(% +(6$@"/

:",(+"(, ,$>(/ /1$+( 0+*6 I+(// $"-

>'6&"01$'( ,-" %0#." *2 ,-" G( $/ 6#.1 /1$+( $/)*//@7%(E 0*+ (B$6)%( C@,1 /)*"/*+/1@)

,* @""*D$,( $"- ("1$".( ,1( D$%#( *0

(B.%#/@D( ON -@/,+@7#,*+ 0*+ =1$T$6

;1@/ ("$7%(/ #/ ,* *00(+ .%@(",/ ,1(.1$".( 0*+ ,1(@+ /)*, $-/ ,* 7(.*6(@",(+$.,@D( (B)(+@(".(/ C1(+( D@(C(+/C1* 1$D( ,1( =1$T$6 $)) *" ,1(@+/6$+,)1*"(/ .$" @",(+$., C@,1 ,1(("$7%(- $-D(+,/ ,* (",(+ .*6)(,@,@*"/E

7+$"- *+ )+*-#.,E D@(C /)(.@$% .*",(",

U"(.#0,$*'! >(2 )*/@,@D( -(D(%*)6(", ,*C$+-/,1( ("- *0 8948 C$/ ,1( $""*#".(6(",72 ,1( =(.+(,$+2 *0 =,$,( 0*+ H#%,#+(E[(-@$ $"- =)*+, ,1$, ,1( P*D(+"6(",

+("(C(- 0*+ $ 0#%% ,(" 2($+ ,(+6 0+*6

)1$/( *0 ,1( +("(C$% )+*.(//E [email protected] @/

=


25/164

/*!"#!012345606+7!"#$% $#'() *+,

=G

0&= .*-(? :;2 J+@(-

`#*90# W',"&,0$'3"',

0*+ *#+ -@/,+@7#,@*" 7#/@"(//E P%*7$%

,* 8^9 ,(++@,*+@(/ $"- I+@6( =#/)(., ,*

*00/(, ,1( -(.%@"( @" 5


32/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

:7*47; ?1;*476+@A

7(*0(&*$,*$(= 1,"($"8&%

:" ,1( /(.*"- 1$%0 *0 ,1( 2($+ C( 6$-(

6$+>(,/ C@,1 .*6)$"@(/ ,1$, )+*-#.(

$ )+*D(" .+($,@D( ,+$.> +(.*+-E*C"(+/1@) *0 :IE +(,#+" *" .$)@,$%

1(%) 7#@%- *#+ (",(+,$@"6(", .$)$7@%@,2

@" $ C$2 ,* %*.> @" .+($,@D( ,$%(", $"-

*0 P#+"(2 I+*-#.,@*"/E $ O= 0$.,#$%(",(+,$@"6(", .*6)$"2E ,* 7#@%- *"

;1(+( $+( )#, $"- .$%% *),@*"/ @" )%$.(

,1(2 1$D( "*, 1$- $ 6$,(+@$% @6)$., *"

].& 6*',"', 1,&0,"(F

@",(+"$,@*"$%%2 $"- ,* -@/,+@7#,( @,

M",(+,$@"6(",E J$.,#$% M",(+,$@"6(",

;* ("$7%( #/ ,* -* ,1@/ C( "((- ,*0#+,1(+ ("1$".( *#+ .+($,@D( .$)$7@%@,2

@" ,1+(( $+($/ C1(+( C( 7(%@(D( C( .$"-+@D( ,1( 6*/, D$%#(?

N(2 .+($,@D( 6$+>(,/ @" ,1( ON $"-O= [email protected] 1$D( $ ,+$.> +(.*+- 0*+

$"-E

:/+$(% C1* 1$D( 1$- /*6( ($+%2

@",(+"$,@*"$%%2 C( $+( 0*.#/(- *"1*C C( .$" *),@6@/( D$%#( 0+*6 *#+

G 52"$/,2M019 M=('&)= /8(*- 2= X0,(*= >,/-01)%/(&A

/(* /< )4* 2%++*&) 1'25* "# &4/8& %( )4* :?3


33/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

GH

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

! " # $ "

% # &

' % $ # ( ) * $ + , . # / * $ )

0 ) $ 1 ) # 2 3 4 ! / # $ 1 ) % * 5 +

6 # $ 7 * $ 8 1 5 ( # 4

9 % 5 1 5 ( % 1 : +

. # + / * 5 + % ;

% : % ) 3

< * " # $ 5 1 5 ( #

! "

! !

! "

! #

!" #! ## $%

%&!"#$%&'% )" *+,,

&!"#$%&'% )" *++-

$

%&

&!

&&

'!

c -H !"# =U,%U, H*-9!"# A,UQ)-.G,"($"8 (,


34/164

X-*,* 9F >/?[U"V E"0,.&"1

E)',U*+Q_


35/164

/*!"#!012345606+7!"#$% $#'() *+,

X"&2*&30'6" \ E$'0'6$0#15@+(.,*+/A '()*+,


36/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

G@

/0"1-".!2,0 4 5'2!2,'!+6

E&= >&*A,*;0"1& !"%$10(,*#

U"#0,": X&$*&$,F IX> X"&2*&30'6"

Wd>/T 9"2*&" "V6"8,$*'0# $,"31

@" $ .*"/@/,(", 6$""(+ $"- @" %@"( C@,1 1*C ,1( 7#/@"(// @/

=/? E03$#F Y-0&" *2 ?$"+$'( NY]?O

*D(+ ,1( 2($+ $.1@(D(- 72 :;


37/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

GA

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

! " # $ "

% # &

' # ( ) * + ( % ,

% - % . /

0 * " # $ + 1 + 2 #

3 # $ 4 * $ 5 1 + 2 # 7

8 % + 1 + 2 % 1 - (

9 . $ 1 . # : / 7 ! ) # $ 1 . % * + (

; % $ # 2 . * $ ( < ' # ) * $ .

MU)&Q 3 .,*-1B$"0&/")0$-")1*-"0&"0 5U.)1+..>

2)3$4$#& )5%$&"*& 31Q/&.&"5& #6)/& H*-9 -U* +Y).,)1BH*++\,-\3)* 5*-3Q'3., 5U.)1+..

:: (*)8+ 1+6 *+8+1U+ .,*+39. 5C

&371-$0$"8 -U* *-"0&"0 3'*-..4510$71& 71)09-/4# W9/&& 31Q 7):

F/? E03$#F Y-0&" *2 ^*33"&6$0# >3806,1 NY]^>O

,*,$% ON ,(%(D@/@*" .*66(+.@$% @6)$.,/ [email protected] @/ -(%@D(+(- 72

=


38/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

GJ

/0"1-".!2,0 4 5'2!2,'!+6

X$"0"1$04 0"% >&*A,*;0"1& L&:$&@

!( FGHF 8* 4'7* -*5%7*,*- ,*7*(0* +,/8)4 %( '55 .',)& /< )4* 20&%(*&&A '(- '(/)4*, =*', /< -/025*

[-1\[T0 *+8+1U+

KHL7;% R R R[+, 23.P 3. 3, F< (+'+95+* :;@ SY 4a4

@6)*+,$",E ,1(/( +(/#%,/ -(6*"/,+$,(

LD(+$%%E C( -(%@D(+(- (B,(+"$% +(D("#(

.*",@"#(- 0*.#/ *" .*/,/ ("$7%(- #/

6$-( $.+*// ,1( 7#/@"(// @" L"%@"(E

.+($,@D(/ $"- ,1( .+($,@D( )@)(%@"(E @"

;1( 0*.#/ *" .*/,/ C@%% +(6$@" @"

.*",@"#(/ ,* 7( $ 0*.#/ $"- (D(" C@,1@".+($/(- .$)(B C( 1$D( -(%@D(+(-

1$/ %(- ,* $ 0#+,1(+ @6)+*D(6(", @" *#+

:",(+(/, .*/,/ .*",@"#( ,* +(-#.( $/ C(

/1((, C@,1 ,1( 7*"- 7#27$.>/ @" V#"(


39/164


40/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

GC

/0"1-".!2,0 4 5'2!2,'!+6

X$"0"1$04 0"% >&*A,*;0"1& L&:$&@1,"($"8&%

C0, 1/&)6'('+*6*() '(-/0, +,/8)4 %(

4'& *('25*- 0& )/ %( D,/'-1'&) E

g-8)1B T11U3& "-,3& -H [T0 0+8+1U+.

!"#$%&'(

)*+ -./- 0123 -./- 43%5 -./- 63' -./-

7/89

7/.9

789

7.9

89

/.9

/89

):25;"#

=1+:(

@" %@"( C@,1 .*",+$.,#$% @".+($/(/ $/

W*C(D(+E C( 1$D( .+($,(- $ ,C(%0,1D@-(* /,+($6 [email protected] C(", %@D( @"

L"%@"(E I$2 $"- :",(+$.,@D( +(D("#(/

K@,1@" ,1@/E L"%@"( +(D("#(/ 1$D(

,*C$+-/ ,1( /,$+, *0 8948 $"- ,1( .$,.1#) -($% C@,1 =>2 [email protected] %$#".1(- @"

$%+($-2 @" )%$.( C@,1 =>2 0*+ W5 D(+/@*"/

L,1(+ .*66(+.@$% @".*6(E [email protected]@".%#-(/ /)*"/*+/1@)E 6@"*+@,2+(D("#(/ $"- 6(-@$ /$%(/E $+(


41/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

GM

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

! " # $ "

% # &

' # ( ) * + ( % ,

% - % . /

0 * " # $ + 1 + 2 #

3 # $ 4 * $ 5 1 + 2 # 7

8 % + 1 + 2 % 1 - (

9 . $ 1 . # : / 7 ! ) # $ 1 . % * + (

; % $ # 2 . * $ ( < ' # ) * $ .

A,UQ)-. 0+8+1U+

KQH=3N=;G 3SY :",(+"$,@*"$% I+*-#.,@*"/


42/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

@

:;


44/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

@=

/0"1-".!2,0 4 5'2!2,'!+6

X$"0"1$04 0"% >&*A,*;0"1& L&:$&@1,"($"8&%

W0&'$'(1 8"& 1-0&"

U"6*'6$#$0,$*' 9",+""' &"8*&,": 0': 0:e.1,": "0&'$'(1

'()*+,(- !-Z#/,6(",/ !-Z#/,(-

Y89 R Y89 R

$//(,/ S^

YY =1$+( *0 %*//(/ *0 V


45/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

@G

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

! " # $ "

% # &

' # ( ) * + ( % ,

% - % . /

0 * " # $ + 1 + 2 #

3 # $ 4 * $ 5 1 + 2 # 7

8 % + 1 + 2 % 1 - (

9 . $ 1 . # : / 7 ! ) # $ 1 . % * + (

; % $ # 2 . * $ ( < ' # ) * $ .

!"#!"#"$%"& ()*(

+,!"#$%&%'%()&

*-*'+,-

./.,",/0,- 2344

0(5,)&%() 6$)7%)8

0,.%9%7,)7&

-(:; 0;"?&

++@,' %)',-,&'A;%7

.1-!7B$&',7 ";&+6-(/ (A,-;'%()&

3C/ D33 E334F3 GF3

[+, '3.P ,*3'a+*

K=


46/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

@@

/0"1-".!2,0 4 5'2!2,'!+6

X$"0"1$04 0"% >&*A,*;0"1& L&:$&@1,"($"8&%

X*1$,$%" '", 601- 0': 0:e.1,":'", :"9,K( ("-(- ,1@/ 2($+ @" $ )*/@,@D( "(,

*#+ 6($/#+( *0 ,1@/ 6(,[email protected] [email protected] @/

.*"/@/,(", C@,1 )+(D@*#/ 2($+/X ,1@/ .$"

6($/#+( *0 ,1( 1($%,1 *0 ,1( 7#/@"(//$/ @, .$),#+(/ *#+ "(, .$/1 )*/@,@*"

.*66@,6(",/ C( 1$D( ,* /(,,%( $,

L#+ $-Z#/,(- "(, -(7, @/ $/ 0*%%*C/?

TQZU.,+Q 1+, Q+5,

:;


47/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

@A

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

! " # $ "

% # &

' # ( ) * + ( % ,

% - % . /

0 * " # $ + 1 + 2 #

3 # $ 4 * $ 5 1 + 2 # 7

8 % + 1 + 2 % 1 - (

9 . $ 1 . # : / 7 ! ) # $ 1 . % * + (

; % $ # 2 . * $ ( < ' # ) * $ .

(+5, !1.,*U9+1,.

!"#

$%# $!#

&$#

!"#$%&'$#

()*+&'%",#&

-.'),)*/

0%1&'

!

"!

#!!

#"!

$!!

! "

# ! #

# $ %

& '

#

%

$ ! # %

$ ! # &

$ ! # '

$ ! # (

$ ! # )

$ ! # "

$ ! # *

+,

(+5, g3,U*),C E*-H)&++(%$,@*"/1@) 7$">/E [email protected] +(6$@"/

72 ,1( 7$">/E (B,("-@7%( 72 $ 0#+,1(+

@",(+(/, .*D(+ .*D("$",/ $/ @/ "*+6$%

E$'0'6$'(

$/ 0*%%*C/?

!6*#", +()$2$7%( [$,#+@,2

4Y V#"( 894S L., 894Y 43Y 4a4 a8 [$+ 894^

J@"$".( %($/(/ SY


48/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

@J

/0"1-".!2,0 4 5'2!2,'!+6

X$"0"1$04 0"% >&*A,*;0"1& L&:$&@1,"($"8&%

!"

#

$##

%##

#

'##

(##

)##

! ! "

! " # " $ % " & ( ) * (

+ , )

* + , + "

- + .

( # ) )

( ) -

0 1 2 3 4 +

5 3 6 5 2 - 5 6 5 7 5 + 8

- (

0 1 2 3 4 +

5 3 2 8 8 + 7 8

6 + 8 8 9 + 3 8 5 : 3 8 9 2

5 ;

( .

!TA


49/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

@Q

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

! " # $ "

% # &

' # ( ) * + ( % ,

% - % . /

0 * " # $ + 1 + 2 #

3 # $ 4 * $ 5 1 + 2 # 7

8 % + 1 + 2 % 1 - (

9 . $ 1 . # : / 7 ! ) # $ 1 . % * + (

; % $ # 2 . * $ ( < ' # ) * $ .

;1( )(+0*+6$".( +(%$,(- .*",+@7#,@*"/C@%% 7( .$%.#%$,(- $/ 0*%%*C/?

BCDB Y BCBC

6@%%@*"E ,1( P+*#) C@%% @".+($/( ,1(

6@%%@*" )(+ $""#6 *D(+ ,1( )(+@*-

.*",+@7#,@*"/ $+( )$@- $, ,1( (B)(.,(-

)$+,"(+/1@) (/,$7%@/1(- @" 8949)+*D@-(/ $" $""#$% -@/,+@7#,@*" *0

)(+ $""#6 @" *+-(+ ,* (%@6@"$,( ,1(

:" 8943 C( (B)(., ,* 6$>( ,*,$%

X*1, 90#0'6" 1-"", "%"',1

,1( 0+((1*%- *0 F*"-*" ;(%(D@/@*"

,1(+( @/ $"2 /#7/,$",@$% +(-(D(%*)6(",*0 ,1( /@,( @" ,1( "(B, ,(" 2($+/E$--@,@*"$% )$26(",/ #) ,* $ 6$B@6#6

%*.>(- @",* $ Ya 2($+ %($/( C@,1 "*

,* ,+$"/0*+6 $"- +(7$%$".( ,1(

P+*#) J@"$".( 5@+(.,*+


50/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

@C

/0"1-".!2,0 4 5'2!2,'!+6

U$15 30'0("3"', 8&*6"11

-2"$6@. $"- .*",@"#(/ ,* 7( +(D@(C(-

L#+ $))+*$.1 .*D(+/ +@/>/ $, $%% %(D(%/

7#/@"(// +@/>/ *" 7*,1 $ ,*) -*C"

+@/>/ R *0 %*C @"1(+(", %@>(%@1**-7#, C1(+( ,1(+( C*#%- 7( 6$Z*+

6$,(+@$%@/(X

$"-

I+*.(// %(D(% +@/>/ R (67(--(-@",* (D(+2-$2 $.,@D@,2 C@,1@" ,1(

$ +*7#/, $"- $))+*)+@$,( )+*.(//E

>(()/ ,1( (00(.,@D("(// *0 ,1( +@/>

$))+*)+@$,( +@/> $))(,@,( 0*+ .(+,$@"

+(/)*"/@7@%@,2 0*+ ,1( .*",(", $"-

+@/>/ $+( *C"(- 72 $ 6(67(+ *0 ,1(

L$#W# 0"% V"1&*(0$"($

f$(- >3806,L 4*+ 4$5"#$-**: &$151

U$15 /-"3" U$15

E$'0'6$0#

E$'0'6$0#

]8"&0,$*'0#

U"8.,0,$*'

U"8.,0,$*'

U"8.,0,$*'

U"8.,0,$*'

!"##$%&'&

()$*)+,%-$%&'&

.$/-+&& 1+2+1 $%&'&

!"# %&'()*+ '*%,% ('# -(..#/&0 &"# %&'()*+ .'*0'*&*#% ! " # $


51/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

@M

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

! " # $ "

% # &

' # ( ) * + ( % ,

% - % . /

0 * " # $ + 1 + 2 #

3 # $ 4 * $ 5 1 + 2 # 7

8 % + 1 + 2 % 1 - (

9 . $ 1 . # : / 7 ! ) # $ 1 . % * + (

; % $ # 2 . * $ ( < ' # ) * $ .

U$15 /-"3" U$15 Y,&0,"($6 X&$*&$,$"1

/-" Z0&5",

/-" Z0&5",

/-" Z0&5", ! 0$/,(+ ,1$" (B)(.,(- /1@0, ,*


52/164

X-*,* 9F >/? [ U"V E"0,.&"1

E)',U*+Q_


53/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

AH

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

! " # $ "

% # &

' # $ ( ) $ * + , - # /

0 % , + , - % + 1 2

3 ) " # $ , + , - #

4 5 $ + 5 # 6 7 / ! 8 # $ + 5 % ) , 2

9 # 2 8 ) , 2 % :

% 1 % 5 7

; % $ # - 5 ) $ 2 < 9 # 8 ) $ 5

U"18*'1$9$#$,F5@+(.,*+/A '()*+,

3


54/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

A=

/01*-21'3'+'(4

3+&*0($"< L+,"#$M4=

L#+ H*+)*+$,( '(/)*"/@7@%@,2

L#+ D@/@7@%@,2 $"- +($.1 .*6(/ C@,1

$.,@*"/ @6)$., ,1( %@D(/ *0 6@%%@*"/*0 D@(C(+/ $"- #/(+/ *0 *#+ /(+D@.(/E,1(+(0*+( @, @/ @6)(+$,@D( ,1$, C(

!, $ 6@"@6#6 C( $@6 ,* .*6)%2 C@,1

.*66#"@,2 $"- .*",+@7#,( ,* ,1(/#/,$@"$7@%@,2 *0 ,1( @"-#/,+2 0*+ :;< $"-

$"- .*6)$"2 C@-( )*%@.@(/ ,* )+*D@-( $

X&$*&$,$"1L#+ $))+*$.1 ,* H*+)*+$,('(/)*"/@7@%@,2 @/ ,* #,@%@/( *#+ )*/@,@*"@" ,1( 1($+, *0 *#+ .*66#"@,@(/ ,*-+@D( *#+ >(2 )+@*+@,@(/?

'(/)*"/@7%( +($.1?

7(,C((" +(/)*"/@7@%@,2 $"- $

R

,**%/ ,* @6)+*D( :;(2 ,* ,1( /#..(// *0 :;< $"- $/ /#.1

,1(+(0*+( @6)(+$,@D( ,1$, C( )+*D@-(+(C$+-/ $"- *))*+,#"@,@(/ 0*+ C*+>$"- -(D(%*)6(", $/ C(%% $/ )+*,(.,@*"

'( '8',- 8%((%(+ 8*2&%)* Y ?%+(*-?)/,%*&31/6A6'9%(+ 2//9& '11*&&%25* )/ -*'< '(- 4*',%(+14%5-,*(3

)/. HGG %(-*B '(-


55/164


56/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

A@

/01*-21'3'+'(4

3+&*0($"< L+,"#$M4=1,"($"8&%

^.1,*3"&1L#+ >(2 .#/,*6(+/ $+( *#+ D@(C(+/R $.+*// D$+@*#/ )%$,0*+6/E R *#+$-D(+,@/(+/ $"- *,1(+ 7+*$-.$/,(+/

K( /((> ,* 6$B@6@/( $#-@(".( $"-

7#/@"(//E $/ %$@- *#, @" I+@*+@,2 8 *0 ,1(

,1$, C( #"-(+/,$"- *#+ D@(C(+/E6((, ,1(@+ (B)(.,$,@*"/ $"- -(%@D(+6$B@6#6 D$%#( 7*,1 ,* ,1(6 $"- ,1(

:" 8948 L0.*6 0*#"- a 7+($.1(/ *0

7+($.1(/ $+( +(/)*"-(- ,* $"- C1(+(

(-@,*+@$% *+ .*6)%@$".( )+*.(//(/ C(

K( .*",@"#( ,* #/( $ 0*+6$% $))+*$.1

(/.$%$,(- ,* ,1( )(+/*" $..*#",$7%(

K( .*",@"#( ,* -(%@D(+ $..(// /(+D@.(/$.+*// *#+ 0$6@%2 *0 7+*$-.$/, .1$""(%/

.*66#"@,2 /(+D@.(/E D@/@, ,1( H*+)*+$,(

T66"11 1"&%$6"1 2*& >/?ND *2 8&*(&033"1O

:;


57/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

AA

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

! " # $ "

% # &

' # $ ( ) $ * + , - # /

0 % , + , - % + 1 2

3 ) " # $ , + , - #

4 5 $ + 5 # 6 7 / ! 8 # $ + 5 % ) , 2

9 # 2 8 ) , 2 % :

% 1 % 5 7

; % $ # - 5 ) $ 2 < 9 # 8 ) $ 5

^*33.'$,F 0':^-0&$,09#" ($%$'(!/ $ 7+*$-.$/,(+ $"- )+*-#.(+ *0/*6( *0 ,1( "$,@*"A/ 6*/, )*)#%$+

*0 *#+ 7+$"-E *#+ 6$// $#-@(".( $))($%$"- *#+ $7@%@,2 ,* .1$6)@*" @//#(/ *" $

:" 8948E C( 1$D( #/(- *#+ $7@%@,2 ,*

/(%(.,(- "#67(+ *0 .1$+@,@(/ C1* C(

;(B, =$",$ @/ $%/* $ ,+#( (B$6)%( *0 UL"(

$C$+("(// 0*+ .(+,$@" .1$+@,@(/ $"-@"/)@+( /*.@$% $.,@*" C@,1@" *#+ %*.$%

[*+( @"0*+6$,@*" *" $.,@D@,2 C@,1@"

[email protected] C( /#))*+, .$" 7( 0*#"-

:, @/ ,1( H*6)$"2A/ )*%@.2 "*, ,* 6$>(.$/1 .*",+@7#,@*"/ ,* $"2 )*%@,@.$%

$.,@D@,@(/ *0 ,1( P+*#)A/ "$,@*"$% $"-

,1(+( 6$2 7( *..$/@*"/ C1(" $"$.,@D@,2 6$2 0$%% C@,1@" ,1( 7+*$-(+

.*",$@"(- C@,1@" ,1( H*6)$"@(/ !.,

W'%$&*'3"',

+(/)*"/@7%( 0*+ ,1( ("D@+*"6(",$%

$"- *0 ,1( /#))%@(+/ ,1$, )+*D@-( #/ C@,1

:" .*6)%@$".( C@,1 ,1( P*D(+"6(",A/

("D@+*"6(",$% )(+0*+6$".( @"-@.$,*+/1$D( @6)+*D(-E (B.(), 0*+ *#+ H9 8 (6@//@*"/ 0+*6 7#/@"(// ,+$D(% [email protected]$/ @".+($/(- $/ C( 1$D( 7(.*6( $

L#+ $@6 @/ ,* +(/)*"/@7%2 C*+> ,*C$+-/

*#+ $@6 .$" 7( 0*#"- *" ,1( H*+)*+$,(

W'%$&*'3"',0# 8"&2*&30'6" $':$60,*&1

:; SE^84

;*,$% HL 8 8 F@WK>G S3E9Y4


58/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

!"

/-)0"1!1,0

#$%&% () *+,-./0 1/2&34/5

!"#$%&'()!"#$%#& (# )$*


59/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

!6

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

! " # $ "

% # &

' # $ ( ) $ * + , - # /

0 % , + , - % + 1 2

3 # 2 4 ) , 2 % 5

% 1 % 6 7

8 ) " # $ , + , - #

9 6 $ + 6 # : 7 / ! 4 # $ + 6 % ) , 2

; % $ # - 6 ) $ 2 < 3 # 4 ) $ 6

7%8/4929:/!%+*$,-+./ 0*1-+,


60/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

!;

/-)0"1!1,0

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

"#$%&' ()#*+,23"%+4"#

"--)&,.*',. .) .%' /)+#05 6"#7"+8 9:5:"1' ;9::L?!%+*$,-+ -F 2-D*. M+-71 >9::N?O-7#B*+@ I7+%&- P"#"&*4*#,Q"+,#*+. HHQ >9::R?S*#%-+ IBJ%.*+ ,- H"T"+B >9::U?M-J*+#-+@ =",%-#"D )#.,%,7,* -FV$-#-4%$ "#B S-$%"D 0*.*"+$3>5LLN?

;#'9::N X 9:59?23"%+4"#@ V#*+&%.>9::9Y9::;?S3"B-Z S*$+*,"+8 -F S,",* F-+!*1"+,4*#, -F V#J%+-#4*#,@G+"#.1-+, "#B ,3* 0*&%-#.>9:::Y9::5?@ S3"B-Z P%#%.,*+F-+ V7+-1* >5LLLY9:::?@23%*F V[*$7,%J* "#B !*17,823"%+4"# -F ,3* 2-#.*+J",%J*Q"+,8 >5LL5LLNY9::;O-7#B*+@ Q-D%$8 V[$3"#&*>9::5?23%*F V[*$7,%J* >5LL5Y5LLR?"#B 23"%+4"# >5LLRY9:::?@IS!I M+-71 1D$

>5L5L5L9::RY9:59?M+-71 23%*F V[*$7,%J*@ 0-8"D

P"%D M+-71 >9::UY9:5:?=-#X*[*$7,%J* B%+*$,-+ -F2"4*D-, M+-71 1D$ >9::NY9:5:?23%*F V[*$7,%J* -F ,3* O--,E"DDI..-$%",%-# >9:::Y9::9?6-%#*B S"",$3% S"",$3%IBJ*+,%.%#& %# 5L


61/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

!9::NY9:5:?!%+*$,-+ -F VP) M+-71 QD$>9::9Y9::


62/164


63/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

">

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

! " # $ "

% # &

' # $ ( ) $ * + , - # /

0 % , + , - % + 1 2

3 # 2 4 ) , 2 % 5

% 1 % 6 7

8 ) " # $ , + , - #

9 6 $ + 6 # : 7 / ! 4 # $ + 6 % ) , 2

; % $ # - 6 ) $ 2 < 3 # 4 ) $ 6

/ D#= E+>:&..P"#"&%#& !%+*$,-+@ 2-44*+$%"D@(#D%#* "#B )#,*+"$,%J*"--)&,.'0I7&7., 9:5:"1' \L;#'


64/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

"?

/-)0"1!1,0

23#)$1#/4- 5"6*$/#/+* 7,#,*1*/,

@/24 A$24/$%BC/4DG3* A-"+B -F )Gb E*D%*J*. ,3", $-+1-+",* &-J*+#"#$* %.%41-+,"#, %# *#.7+%#& %,. *FF*$,%J*#*..d ), 3". "# *.,"ED%.3*BF+"4*Z-+C -F 1-D%$%*. "#B 1+-$*..*. ,3", "+* +*&7D"+D8+*J%*Z*B "&"%#., B*J*D-14*#,. %# ,3* D*&%.D",%J*@ +*&7D",-+8"#B &-J*+#"#$* D"#B.$"1*d

G3%. &-J*+#"#$* +*1-+, $-41+%.*. ,3* F-DD-Z%#& .*$,%-#.h

W-Z ,3* A-"+B Z-+C.

VFF*$,%J*#*..I$$-7#,"E%D%,8

0*D",%-#. Z%,3 .3"+*3-DB*+.

I7B%, 2-44%,,** 0*1-+,

0*47#*+",%-# 0*1-+,

+$/ 4%B/ %E &$/ F%24CG3* A-"+B/. 4"%# +-D* %. ,- Z-+C Z%,3 ,3* *[*$7,%J* ,*"4@1+-J%B%#& .711-+, "#B "BJ%$* ,- $-41D*4*#, "#B *#3"#$*,3* Z-+C 7#B*+,"C*#d G3* A-"+B $-#.%.,*#,D8 $3"DD*#&*.1+-$*..*.@ 1D"#. "#B "$,%-#. %# -+B*+ ,- 1+-4-,* $-#,%#7-7.

"#B .7.,"%#*B %41+-J*4*#, "$+-.. ,3* E7.%#*..d

+$/ GH I%4J%42&/ 7%8/4929:/ I%C/I. " D%.,*B $-41"#8@ )Gb %. +*f7%+*B ,- +*1-+, -# 3-Z %, 3".$-41D%*B Z%,3 ,3* 1+%#$%1D*. -F &-J*+#"#$* .*, -7, %# G3* a]2-+1-+",* M-J*+#"#$* 2-B* 9:5: >,3* 2-B*?d

) "4 1D*".*B ,- +*1-+, ,3", )Gb 3". $-41D%*B Z%,3 ,3*1+-J%.%-#. -F ,3* 2-B* ,3+-7&3-7, ,3* 8*"+ *#B*BU5 !*$*4E*+ 9:59d

K4:$L/ M%4N2923"%+4"#9N O*E+7"+8 9:5U

!"# %&'() *#+,#-#. /"'/0&(1&('/# 2&-#(3'34# ,.,51&(/'3/ ,3 #3.6(,37 ,/.#88#4/,-#3#..9

I%4J%42&/ O/(5L&/K* 4"%#,"%# " $-+1-+",* Z*E.%,* ", 2223"$456#3#78 $-#,"%#%#& " Z%B* +"#&* -F %#F-+4",%-# F-+ %#.,%,7,%-#"D "#B1+%J",* %#J*.,-+. %#$D7B%#&h

H",*., #*Z. "#B 1+*.. +*D*".*.

I##7"D +*1-+,. "#B %#J*.,-+ 1+*.*#,",%-#.

M-J*+#"#$* B-$74*#,.

O7+,3*+ %#F-+4",%-# F-+ .3"+*3-DB*+. %. .*, -7, -# 1"&*.5;N ,- 5;Ld


65/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

"P

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

! " # $ "

% # &

' # $ ( ) $ * + , - # /

0 % , + , - % + 1 2

3 # 2 4 ) , 2 % 5

% 1 % 6 7

8 ) " # $ , + , - #

9 6 $ + 6 # : 7 / ! 4 # $ + 6 % ) , 2

; % $ # - 6 ) $ 2 < 3 # 4 ) $ 6

2"$8"$#,* 5"6*$/#/+*

Q%R &$/ F%24C R%4S5T34 4%B/G3* A-"+B ". " Z3-D* %. $-DD*$,%J*D8 +*.1-#.%ED* F-+ B*D%J*+%#&,3* D-#&X,*+4 .7$$*.. -F ,3* 2-41"#8 E8h

1+-J%B%#& *#,+*1+*#*7+%"D D*"B*+.3%1 Z%,3%# " F+"4*Z-+C-F 1+7B*#, "#B *FF*$,%J* $-#,+-D. Z3%$3 *#"ED* +%.C ,- E*"..*..*B "#B 4"#"&*Bc

.711-+,%#& ,3* *[*$7,%J* ,*"4 ,- F-+47D",* "#B *[*$7,*,3* 2-41"#8/. D-#&X,*+4 -Eg*$,%J*. "#B .,+",*&8@

"+* %# 1D"$* F-+ ,3* 2-41"#8 ,- 4**, %,. -Eg*$,%J*.@ "#B+*J%*Z%#& 4"#"&*4*#, 1*+F-+4"#$*c "#B

.*,,%#& ,3* 2-41"#8/. J"D7*. "#B .,"#B"+B. "#B *#.7+%#&,3", %,. -ED%&",%-#. ,- %,. .3"+*3-DB*+. "#B -,3*+. "+*7#B*+.,--B "#B 4*,d

F-+ B*$%.%-# Z3%$3 %. "J"%D"ED* -# -7+ Z*E.%,* ",2223"$456#3#789:;7%$9,3* 23%*FV[*$7,%J* %. .-4*,%4*. %#J%,*B ,- ",,*#B?

S*#%-+ )#B*1*#B*#, !%+*$,-+ "#B #-#X*[*$7,%J* !%+*$,-+.>Z%,3-7, ,3* 23"%+4"# 1+*.*#,?

O$2& R/ $28/ C%9/ L9 ?=>?S-4* -F ,3* ,3%#&. ,3* A-"+B 3". F-$7.*B -# B7+%#& 9:59%#$D7B*h

a] "#B %#,*+#",%-#"D $-#,*#, .,+",*&8 Q"8 .,+",*&8O7+,3*+ +*J%*Z -F #*Z. .,+",*&8

0*E+"#B S7$$*..%-# 1D"##%#& M-J*+#"#$* "#B E-"+B 1*+F-+4"#$*

#B295 E%4 ?=>PS-4* -F ,3* ,3%#&. ,3* A-"+B %. 1D"##%#& F-+ 9:5U %#$D7B*h

A+-"B$"., .,+",*&8

O%J* 8*"+ 1D"# +*J%*Z

F%24C I%NJ%5L&L%9

>?'#%$"4'

?!V@7=A'?'#%$"4'

6!V0*"B 4-+* -# !%J*+.%,8;+1'4 NOI NP +,0 QRS


66/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

"W

/-)0"1!1,0

G3* B%"&+"4 "E-J* .3-Z. )Gb/. &-J*+#"#$* .,+7$,7+*d

!*,"%D. -F 4*4E*+.3%1 -F ,3* P"#"&*4*#, A-"+B $"# E*F-7#B -# 1"&*. R: "#B R5X

G3* A-"+B 3". "11+-J*B " F-+4"D F+"4*Z-+C F-+ ,3*"11+-J"D -F *[1*#B%,7+* Z%,3%# ,3* 2-41"#8 "+-7#B ,3%.&-J*+#"#$* F+"4*Z-+Cd

O$% L5 %9 %34 F%24C 29C $%R R/ R%4S 25 2 &/2N2"18"-),)"/ #/% #88")/,1*/,-!*,"%D. -F A-"+B 4*4E*+.3%1 B7+%#& 9:59 %. .*, -7, %# ,3*,"ED* -# 1"&* R;d

)# ($,-E*+ 9:59 ,3* A-"+B "11-%#,*B 0-&*+ O"[-# ". "#-#X*[*$7,%J* !%+*$,-+d 0-&*+ Z". .*D*$,*B F+-4 " #74E*+-F 1-,*#,%"D $"#B%B",*.d G3* A-"+B F*D, ,3", 0-&*+/. Z*"D,3-F *[1*+%*#$* %# ,3* "B"1,",%-# -F 4*B%" "#B +%&3,.4"#"&*4*#, E7.%#*.. ,- ,3* B%&%,"D Z-+DB Z-7DB E* "#"..*, ,- ,3* A-"+B "#B "..%., Z%,3 ,3* *[*$7,%-# -F ,3*

*#&"&*B ,- "..%., Z%,3 ,3* +%&-+-7. .*D*$,%-# 1+-$*..d 62IM+-71 3"J* #- -,3*+ $-##*$,%-# Z%,3 )Gbd

P%C* 2D".1*+ $-41D*,*B .*J*# 8*"+. ". " #-#X*[*$7,%J*!%+*$,-+ %# 6"#7"+8 9:5U "#B 3". E**# ".C*B E8 ,3* A-"+B ,-$-#,%#7* %# ,3%. 1-.%,%-# F-+ " F7+,3*+ ,Z*DJ* 4-#,3 1*+%-Bd

I+$3%* =-+4"# 3". .*+J*B ". 23"%+4"# -F )Gb F-+ ,3+** 8*"+."#B ,3* A-"+B 3". "&+**B ,3", 3* .3-7DB .*+J* " F7+,3*+,3+** 8*"+ ,*+4 ". 23"%+4"#d

I. +*$-44*#B*B E8 ,3* 2-B*@ ,3*+* Z%DD E* +*.-D7,%-#. ,-+*X*D*$, *"$3 -F ,3* !%+*$,-+. ", ,3* IMP %# P"8 9:5Ud

=-#X*[*$7,%J* !%+*$,-+. "+* *[1*$,*B ,- $-44%, ", D*".,5< ,- 9: B"8. 1*+ "##74 ,- ,3* 2-41"#8 "#B ,3* A-"+B %.

-F ,3* ,*+4. -F *#&"&*4*#, F-+ ,3* #-#X*[*$7,%J* !%+*$,-+.$"# E* F-7#B -# -7+ Z*E.%,* ", 2223"$456#3#789:;7%$9


67/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

"!

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

! " # $ "

% # &

' # $ ( ) $ * + , - # /

0 % , + , - % + 1 2

3 # 2 4 ) , 2 % 5

% 1 % 6 7

8 ) " # $ , + , - #

9 6 $ + 6 # : 7 / ! 4 # $ + 6 % ) , 2

; % $ # - 6 ) $ 2 < 3 # 4 ) $ 6

F%24C I%NNL&&//5G3* A-"+B 3". B*D*&",*B $*+,"%# +*.1-#.%E%D%,%*. ,- %,.$-44%,,**.d G3* ,*+4. -F +*F*+*#$* F-+ *"$3 $-44%,,**"+* +*J%*Z*B "##7"DD8 "#B ,3* $7++*#, J*+.%-#. "+* "J"%D"ED*-# ,3* 2-41"#8/. Z*E.%,* ", 2223"$456#3#789:;7%$9


68/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

""

/-)0"1!1,0

ZEE/:&L8/9/55Z82B32&L%9G3* A-"+B 3". *.,"ED%.3*B " 1+-$*.. F-+ ,3* "##7"D*J"D7",%-# -F ,3* 1*+F-+4"#$* -F ,3* A-"+B@ %,. $-44%,,**.@"#B %#B%J%B7"D !%+*$,-+.d G3* !%+*$,-+. "+* 4"B* "Z"+*-# "11-%#,4*#, ,3", ,3*%+ 1*+F-+4"#$* Z%DD E* .7Eg*$,,- "# "##7"D *J"D7",%-# "#B ,3", " !%+*$,-+ Z-7DB #-, E*17, 71 F-+ +*X*D*$,%-# ", "# IMP 7#D*.. ,3* 23"%+4"# 3".B*$%B*B ,3", ,3*8 $-#,%#7* ,- 1*+F-+4 *FF*$,%J*D8 "#B .3-Z$-44%,4*#, ,- ,3* +-D*d

A"B ,3* *6#:


69/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

"6

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

! " # $ "

% # &

' # $ ( ) $ * + , - # /

0 % , + , - % + 1 2

3 # 2 4 ) , 2 % 5

% 1 % 6 7

8 ) " # $ , + , - #

9 6 $ + 6 # : 7 / ! 4 # $ + 6 % ) , 2

; % $ # - 6 ) $ 2 < 3 # 4 ) $ 6

M+"B7",* Q+-&+"44* D"7#$3*B %# S*1,*4E*+ 9:59

I11+*#,%$* Q+-&+"44* D"7#$3*B %# =-J*4E*+ 9:59

I $-41+*3*#.%J* 1-+,F-D%- -F B*J*D-14*#, $-7+.*. "#BZ-+C.3-1. F-+ "DD $-DD*"&7*. Z3%$3 "BB+*.. $-44-#B*J*D-14*#, #**B. %. %# 1D"$*d

()6*$-),C G3* A-"+B %. 1+-7B -F ,3* B%J*+.%,8 Z%,3%# )Gb ". " Z3-D*d!%J*+.%,8 Z%,3%# ,3* -+&"#%.",%-# %. %#,*&+"D ,- "$3%*J%#& -7+

"..%.,. %# 7#B*+.,"#B%#& ,3*%+ #**B. "#B *#.7+%#& ,3", -7+E+"#B@ .*+J%$*. "#B 1+-B7$,. 3"J* +*D*J"#$* "#B " Z%B* "11*"Dd

+*1+*.*#,",%-#"DD8 Z%,3%# ,3* -+&"#%.",%-# "#B -#X.$+**#d_*"+X-#X8*"+ 1+-&+*.. 3". E**# "$3%*J*B %# Z-+C%#& ,-Z"+B.,3%. ,"+&*,d ]*8 "$,%J%,8 %# 9:59 %#$D7B*Bh

IZ"+*#*.. ,+"%#%#& F-+ D%#* 4"#"&*+.@ .71*+J%.-+. "#B1+-&+"44* 4"C*+.

S7.,"%#%#& 1+-&+"44* 1-+,+"8"D 4-#%,-+%#& "$+-.. AD"$C@ I.%"#@P%#-+%,8 V,3#%$.? "#B %#B%J%B7"D. Z%,3 B%."E%D%,%*.

G3* 2-41"#8 %. " 4*4E*+ -F " #74E*+ -F #",%-#"D "#B

"BB%,%-#@ " #74E*+ -F g-%#, %#B7.,+8XZ%B* "$,%J%,%*. 3"J*E**# 7#B*+,"C*# %#$D7B%#& " .*#%-+ B%J*+.%,8 4*#,-+%#&1+-&+"44* "#B Vf7"D%,8 I$, Z-+C.3-1 F-+ %#B*1*#B*#,1+-&+"44* .711D%*+.d G3* 2-41"#8 %. +*$-%.*B ". "1-.%,%J* *41D-8*+ "#B 3-DB. ,3* j,Z-X,%$C/ B%."E%D%,8 .84E-Dd

G3* ,"ED* E*D-Z .*,. -7, B%J*+.%,8 B"," F-+ )Gb %#$D7B%#& ,3*)Gb S*#%-+ H*"B*+.3%1 G*"4 >SHG? Z3%$3 $-41+%.*. ,3* ,-15\: *[*$7,%J*.d

SHG9:59

(,3*+9:59

SHG9:55

(,3*+9:55

IJ*+"&* "&* \; UN \\ UNIJ*+"&* .*+J%$* >8*"+.? LdU Nd;


70/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

";

/-)0"1!1,0

71B",*B -# ,3* M+-71/. E7.%#*..*. "#B ,3* $-41*,%,%J* "#B+*&7D",-+8 *#J%+-#4*#,. %# Z3%$3 ,3*8 -1*+",*d G3%. %. B-#*,3+-7&3h

71B",*. "#B 1"1*+. Z3%$3 $-J*+ $3"#&*. "FF*$,%#& ,3*M+-71 "#B ,3* 4"+C*, %# Z3%$3 %, -1*+",*.c

4**,%#&. Z%,3 .*#%-+ *[*$7,%J*. "$+-.. ,3* M+-71 "#B C*8"BJ%.*+.c

+*&7D"+ 71B",*. -# $3"#&*. ,- ,3* D*&"D "#B &-J*+#"#$*+*f7%+*4*#,. -F ,3* M+-71 "#B %# +*D",%-# ,- ,3*%+ -Z#1-.%,%-# ". !%+*$,-+.c "#B

1+*.*#,",%-#. &%J*# ", E-"+B "#B $-44%,,** 4**,%#&.-# E7.%#*.. 4",,*+. "#B ,*$3#%$"D 71B",* .*..%-#. F+-4*[,*+#"D "BJ%.*+. Z3*+* "11+-1+%",*d

I. 1"+, -F ,3*%+ 1+-F*..%-#"D B*J*D-14*#, V[*$7,%J*!%+*$,-+. 4"8 "$$*1, *[,*+#"D "11-%#,4*#,. ". #-#X*[*$7,%J* B%+*$,-+. -F -,3*+ $-41"#%*. "#B +*,"%# "#8+*D",*B F**. 1"%B ,- ,3*4d !*,"%D. -F F**. +*$*%J*B E8V[*$7,%J* !%+*$,-+. B7+%#& 9:59 $"# E* F-7#B %# ,3*0*47#*+",%-# 0*1-+, -# W)HH? "#B.,+",*&%$ +%.C. "#B -7+ "11+-"$3 ,- +%.C 4"#"&*4*#, "+* .*,-7, -# 1"&*. \< "#B \Ld

*9&/492B I%9&4%BG3* A-"+B 3". $-#B7$,*B " +*J%*Z -F ,3* *FF*$,%J*#*.. -F,3* M+-71/. .8.,*4. -F %#,*+#"D $-#,+-D. F-+ ,3* 8*"+ *#B*BU5 !*$*4E*+ 9:59d )# ,3* -1%#%-# -F ,3* A-"+B@ ,3* 2-41"#83". $-41D%*B Z%,3 ,3* %#,*+#"D $-#,+-D +*f7%+*4*#,. -F ,3*

2-B* ,3+-7&3-7, ,3* 8*"+@ 4"%#,"%#%#& "# -#&-%#& 1+-$*..F-+ %B*#,%F8%#&@ *J"D7",%#&@ "#B 4%#%4%.%#& +%.Cd O7+,3*+%#F-+4",%-# %. .*, -7, %# ,3* I7B%, 2-44%,,** 0*1-+, -#1"&* NUd

7%L9U I%9:/49G3* &-%#& $-#$*+# .,",*4*#, %. .*, -7, -# 1"&* 5:9d

./B2&L%95 RL&$ 5$24/$%BC/45G3* A-"+B ",,"$3*. " 3%&3 1+%-+%,8 ,- *FF*$,%J*$-447#%$",%-# Z%,3 .3"+*3-DB*+. "#B 3". +*&7D"+ "#B-1*# B%"D-&7* Z%,3 -7+ %#.,%,7,%-#"D %#J*.,-+.d G3* A-"+BE*D%*J*. ,3", $-#,%#7*B *#&"&*4*#, Z%,3 -7+ .3"+*3-DB*+.

,- E7%DB " &+*",*+ 7#B*+.,"#B%#& -F %#J*.,-+./ J%*Z.@

-7+ %#J*.,-+ +*D",%-#. ,*"4 4**, Z%,3 4"#8 %#.,%,7,%-#"D%#J*.,-+. ,3+-7&3-7, ,3* 8*"+ ,- C**1 ,3*4 71B",*B -#,3* 2-41"#8/. 1*+F-+4"#$* "#B ,3* G+"#.F-+4",%-#QD"#d G3*.* +"#&* F+-4 -#*X,-X-#* 4**,%#&. ,- &+-711+*.*#,",%-#. %#$D7B%#& ,3* O7DD 8*"+ "#B )#,*+%4 +*.7D,. "#B

+*.7D,. -#*X,-X-#* 4**,%#&. "+* 3*DB Z%,3 -7+ D"+&*.,%#.,%,7,%-#"D %#J*.,-+.d

G3* 23"%+4"# +*.1-#B. ,- .3"+*3-DB*+ f7*+%*. "#B 3-DB.4**,%#&. Z3*+* "11+-1+%",*d

G3* 2-41"#8 4"%#,"%#. " 1+-&+"44* -F *#&"&*4*#,Z%,3 ,3* %#J*.,4*#, $-447#%,8@ %#$D7B%#& ,3* +*.7D,.

"#B ",,*#B"#$* ", " #74E*+ -F %#J*.,-+ $-#F*+*#$*.dQ+*.*#,",%-#. &%J*# ,- ,3* %#J*.,4*#, $-447#%,8 "+*"J"%D"ED* ,- B-Z#D-"B F+-4 -7+ Z*E.%,* ", 2223"$456#3#789"=4'G$7&Gd

K* +*&7D"+D8 .**C F**BE"$C -# ,3* 1*+$*1,%-# -F ,3*2-41"#8 "4-#&., .3"+*3-DB*+. "#B ,3* %#J*.,-+$-447#%,8 4-+* E+-"BD8 J%" -7+ $-+1-+",* E+-C*+.d )#J*.,-+$-44*#,. "+* F*B E"$C ,- ,3* A-"+B "#B %,. $-44%,,**.+*&7D"+D8d

2"$8"$#,* 5"6*$/#/+* +"/,)/


71/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

"F7+,3*+B*,"%D. $"# E* F-7#B -# 1"&* L:?d G3* =-,%$* -F P**,%#&.*,. -7, ,3* +*.-D7,%-#. E*%#& 1+-1-.*Bd G3* =-,%$*@,-&*,3*+ Z%,3 "#8 +*D",*B B-$74*#,.@ %. 4"B* "J"%D"ED*,- .3"+*3-DB*+. ", 2223"$456#3#789"=4'G$7&G9:==%:6A


72/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

6=

/-)0"1!1,0

D+'3'3) ,51+#5#3/ &6( ./('/#7


73/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

6>

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

! " # $ "

% # &

' # $ ( ) $ * + , - # /

0 % , + , - % + 1 2

3 # 2 4 ) , 2 % 5

% 1 % 6 7

8 ) " # $ , + , - #

9 6 $ + 6 # : 7 / ! 4 # $ + 6 % ) , 2

; % $ # - 6 ) $ 2 < 3 # 4 ) $ 6

Q%R &$/ I%NNL&&// R%4S5G3* 2-44%,,** 4*4E*+. 3"J* " Z%B* +"#&* -F E7.%#*..

"#B %#B*1*#B*#, 4"##*+d G3* 2-44%,,** $-#.%B*+. ,3",

F-+ ,3* 17+1-.*. -F ,3* 2-B*d A%-&+"13%$"D B*,"%D. -F ,3*

"#B *[1*+%*#$*@ "+* .*, -7, -# 1"&*. ;< "#B ;Ld

P*4E*+. -F ,3* P"#"&*4*#, A-"+B "#B -,3*+ .*#%-+4"#"&*4*#, +*&7D"+D8 ",,*#B 4**,%#&. ", ,3* %#J%,",%-#-F ,3* 23"%+4"# -F ,3* 2-44%,,** ,-&*,3*+ Z%,3 ,3* W*"B-F )#,*+#"D I7B%, >!*D-%,,*? "#B ,3* *[,*+#"D "7B%,-+ >]QPM?dG3* 2-44%,,** ". " Z3-D* 4**,. 1+%J",*D8 Z%,3 ,3* %#,*+#"D"#B *[,*+#"D "7B%,-+. 1+%-+ ,- 4**,%#&. -# " +*&7D"+ E".%.d

)# "BB%,%-#@ ,3+-7&3-7, ,3* 8*"+ ,3* 23"%+4"# -F ,3*2-44%,,** 4**,. %#F-+4"DD8 "#B 3". -1*# D%#*. -F$-447#%$",%-# Z%,3 ,3* M+-71 O%#"#$* !%+*$,-+@ W*"B -F)#,*+#"D I7B%, "#B ,3* .*#%-+ *#&"&*4*#, ,*"4 F+-4 ,3**[,*+#"D "7B%,-+.d G3%. &+-71 &*#*+"DD8 4**,. "3*"B -F *"$3F7DD I7B%, 2-44%,,** 4**,%#& ,- 1+*1"+* "#B %B*#,%F8 C*8"+*". F-+ $-#.%B*+",%-# E8 ,3* 2-44%,,**d

G3* 2-44%,,** Z-+C. ,- " .,+7$,7+*B 1+-&+"44* -F"$,%J%,%*. Z%,3 "&*#B" %,*4. F-$7.*B ,- $-%#$%B* Z%,3 C*8

.,"#B%#& %,*4. ,3", ,3* 2-44%,,** %. +*f7%+*B ,- $-#.%B*++*&7D"+D8 7#B*+ %,. ,*+4. -F +*F*+*#$*d G3* "&*#B" $3"#&*.,- +*.1-#B ,- C*8 %..7*. "#B 1D"#. %# )Gb "#B ,3* +*.7D,. -F,3* 2-44%,,**/. Z-+C "+* +*1-+,*B ,- ,3* A-"+Bd

G3* 2-44%,,** Z-+C. 1+%#$%1"DD8 F+-4 " +%.C E".*B "&*#B"E8 +*J%*Z%#& 1+*.*#,",%-#. "#B +*1-+,. F+-4 4"#"&*4*#,@

%#,*+#"D "7B%, "#B *[,*+#"D "7B%,d G3* 2-44%,,** +"%.*.f7*.,%-#. "#B@ Z3*+* "11+-1+%",*@ $3"DD*#&*. %#F-+4",%-# %#,3*.* +*1-+,. "#B $-447#%$",*. %,. J%*Z. ,- ,3* A-"+Bd G3*2-44%,,** 4*4E*+. "D.- 4**, %#F-+4"DD8 Z%,3 4*4E*+. -F,3* 4"#"&*4*#, ,*"4d

O$2& L5 %34 4%B/^G3* +-D* -F ,3* 2-44%,,** %#$D7B*. ,-h

%#F-+4",%-# -F ,3* 2-41"#8c

+*1-+,%#& %..7*. "#B g7B&*4*#,. 4"B* %# $-##*$,%-# Z%,3

>3"J%#& +*&"+B ,- 4",,*+. $-447#%$",*B E8 ,3* "7B%,-+?@%#,*+%4 +*1-+,.@ 1+*D%4%#"+8 "##-7#$*4*#,. "#B +*D",*B

F-+4"D .,",*4*#,.c+*J%*Z ,3* *FF*$,%J*#*.. -F ,3* %#,*+#"D $-#,+-D "#B +%.C4"#"&*4*#, .8.,*4.c

+*J%*Z ,3* "++"#&*4*#,. F-+ *41D-8**. ,- +"%.* $-#$*+#.@

+*1-+,%#& -+ -,3*+ 4",,*+.c

4-#%,-+ "#B +*J%*Z ,3* *FF*$,%J*#*.. -F ,3* %#,*+#"D "7B%,F7#$,%-#c

+*J%*Z ,3* f7"D%,8 "#B *FF*$,%J*#*.. -F ,3* *[,*+#"D "7B%,"#B ,3* 1+-$*B7+*. "#B $-#,+-D. B*.%*B ,- *#.7+*"7B%,-+ %#B*1*#B*#$*c "#B

$-#.%B*+ "#B 4"C* +*$-44*#B",%-#. ,- ,3* A-"+B%# +*D",%-# ,- ,3* "11-%#,4*#,@ +*"11-%#,4*#,@+*1D"$*4*#,@ "#B +*47#*+",%-# -F ,3* 2-41"#8/.*[,*+#"D "7B%,-+d

G3* 2-44%,,**. ,*+4. -F +*F*+*#$* $"# E* "$$*..*B -# ,3*2-41"#8/. Z*E.%,* ", 2223"$456#3#789:;7%$9


74/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

6?

/-)0"1!1,0

O$2& R/ E%:35/C %9 L9 ?=>?G3* 2-44%,,** +*$*%J*. B*,"%D*B +*1-+,. -# "DD C*8 g7B&*4*#,. "#B $-#,%#7*. ,- $3"DD*#&* "7B%,-+%#B*1*#B*#$* "#B F**.d

S-4* -F ,3* C*8 %..7*. Z* $-#.%B*+*B B7+%#& ,3* 8*"+ %#$D7B*h

P"=:=#":6 &'57&$"=


75/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

6P

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

! " # $ "

% # &

' # $ ( ) $ * + , - # /

0 % , + , - % + 1 2

3 # 2 4 ) , 2 % 5

% 1 % 6 7

8 ) " # $ , + , - #

9 6 $ + 6 # : 7 / ! 4 # $ + 6 % ) , 2

; % $ # - 6 ) $ 2 < 3 # 4 ) $ 6

*9&/492B :%9&4%B5G3* A-"+B 3". -J*+"DD +*.1-#.%E%D%,8 F-+ ,3* M+-71/..8.,*4. -F %#,*+#"D $-#,+-D "#B F-+ +*&7D"+D8 +*J%*Z%#& ,3**FF*$,%J*#*.. -F ,3-.* .8.,*4.d G3* 2-44%,,** "..%.,. ,3*A-"+B %# +*J%*Z%#& ,3* M+-71/. .8.,*4. -F %#,*+#"D $-#,+-DdG3* 1+%4"+8 +*.1-#.%E%D%,8 F-+ ,3* -1*+",%-# -F ,3*.*.8.,*4. %. B*D*&",*B ,- 4"#"&*4*#,d S7$3 .8.,*4. $"#-#D8 1+-J%B* +*".-#"ED* "#B #-, "E.-D7,* "..7+"#$* "&"%#.,4",*+%"D 4%..,",*4*#, -+ D-..d ]*8 $-#,+-D 1+-$*B7+*. "+*B*.%*B ,- 4"#"&* +",3*+ ,3"# *D%4%#",* +%.C "#B $"# E*

.744"+%.*B ". F-DD-Z.h

,3* .,+",*&8 %.+*J%*Z*B "#B "11+-J*B E8 ,3* A-"+Bd G3* M+-71 1*+F-+4.

%#,- ,3* "##7"D E7B&*, $8$D*d G3* V[*$7,%J* !%+*$,-+.+*J%*Z F-+4"D F-+*$".,.@ B*,"%D*B E7B&*,.@ .,+",*&%*. "#B"$,%-# 1D"#. "#B ,3* A-"+B "11+-J*. ,3* -J*+"DD M+-71E7B&*, ". 1"+, -F %,. #-+4"D +*.1-#.%E%D%,%*.d G3* +*.7D,. -F-1*+",%#& 7#%,. "+* +*1-+,*B 4-#,3D8@ Z%,3 "$,7"D +*.7D,.$-41"+*B ,- E7B&*, "#B F-+*$".,. "#B C*8 ,+*#B. "#BJ"+%"#$*. *[1D"%#*B "#B "#"D8.*Bd

U&


76/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

6W

/-)0"1!1,0

-F F**. F-+ "7B%, "#B "7B%, +*D",*B .*+J%$*. "#B &*#*+"DD8D*..d G3* #-#X"7B%, F**. F-+ 9:59 Z*+* 3"DF ,3", -F ,3* "7B%,F**.d I +*1-+, -# ,3* D*J*D -F #-#X"7B%, Z-+C 1+-J%B*B E8 ,3*"7B%,-+ %. &%J*# ,- ,3* 2-44%,,** 3"DF 8*"+D8d

!*,"%D. -F ,3* +*D",*B "7B%, "#B -,3*+ .*+J%$*. "+* .*, -7, %#

,- bIG "#B $-+1-+",* ,"[ .*+J%$*.@ %#$D7B%#& ,"[ +*.,+7$,7+%#&

-F ,3* 23"%+4"# -F ,3* I7B%, 2-44%,,**d

$-#,%#7-7.D8 "#B ,3* %#B*1*#B*#, +*J%*Z 1"+,#*+ .*+J*.#- 4-+* ,3"# .*J*# 8*"+. $-#,%#7-7.D8d (,3*+ C*8 1"+,#*+..*+J* #- D-#&*+ ,3"# .*J*# $-#.*$7,%J* 8*"+.d G3*2-44%,,** 4-#%,-+. ,3* ,*#7+* -F 1"+,#*+. "#B .*#%-+ .,"FF". Z*DD ". F-+4*+ *41D-8**. Z-+C%#& F-+ ,3* 2-41"#8d G3*"11-%#,4*#, E8 ,3* 2-41"#8 -F F-+4*+ .*#%-+ *41D-8**.-F ,3* *[,*+#"D "7B%,-+ Z-7DB +*f7%+* "11+-J"D -F ,3*2-44%,,**d

E*#88")/,1*/, !7+%#& ,3* 8*"+ ,3* 2-44%,,** $-#.%B*+*B ,3* 1*+F-+4"#$*"#B "7B%, F**. -F ,3* *[,*+#"D "7B%,-+@ "#B ,3* D*J*D -F #-#X"7B%, Z-+C 7#B*+,"C*#@ "#B +*$-44*#B*B ,- ,3* A-"+B,3", " +*.-D7,%-# F-+ ,3* +*"11-%#,4*#, -F ]QPM I7B%, QD$F-+ " F7+,3*+ 8*"+ ". ,3* 2-41"#8/. "7B%,-+ E* 1+-1-.*B ,-.3"+*3-DB*+. ", ,3* IMP %# P"8 9:59d G3* +*.-D7,%-# Z".1"..*B "#B ]QPM I7B%, QD$ Z". +*"11-%#,*B F-+ " F7+,3*+8*"+d

O-DD-Z%#& ,3* "7B%, ,*#B*+@ ,3* 2-44%,,** 3".+*$-44*#B*B ,3* +*"11-%#,4*#, -F ]QPM I7B%, QD$ ", ,3*IMP %# P"8 9:5Ud

I*$'"$1#/+*

1*+F-+4"#$* -F ,3* *[,*+#"D "7B%,-+ "##7"DD8@ ,3+-7&3"..*..4*#, -F ,3* +*.7D,. -F f7*.,%-##"%+*. $-41D*,*B E8,3* *[*$7,%J* !%+*$,-+. "#B +*D*J"#, .*#%-+ 4"#"&*4*#,%# "BB%,%-# ,- $-44%,,** 4*4E*+./ -Z# J%*Z. -F "7B%,-+1*+F-+4"#$*d G3* 2-44%,,** "D.- +*J%*Z. "#B B%.$7..*.Z%,3 ,3* "7B%,-+. ,3* +*1-+,. -# ]QPM "#B -,3*+ 4"g-+

KJJ4%82BG3* I7B%, 2-44%,,** 0*1-+, Z". "11+-J*B E8 ,3* A-"+B -#9N O*E+7"+8 9:5U "#B .%*B -# %,. E*3"DF E8 6-3# (+4*+-Bd

D


77/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

6!

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

! " # $ "

% # &

' # $ ( ) $ * + , - # /

0 % , + , - % + 1 2

3 # 2 4 ) , 2 % 5

% 1 % 6 7

8 ) " # $ , + , - #

9 6 $ + 6 # : 7 / ! 4 # $ + 6 % ) , 2

; % $ # - 6 ) $ 2 < 3 # 4 ) $ 6

@/24 A$24/$%BC/4D(# ,3* F-DD-Z%#& 1"&*. Z* .*, -7, ,3* 0*47#*+",%-# 0*1-+,F-+ 9:59d

)# -+B*+ ,- "$3%*J* ,3* ,+"#.F-+4",%-# -F )Gb %#,- " D*"#@

*..*#,%"D ,3", V[*$7,%J* !%+*$,-+.@ ,3* P"#"&*4*#, A-"+B"#B -,3*+ .*#%-+ V[*$7,%J*. >,-&*,3*+ ,3* S*#%-+ V[*$7,%J*M+-71? $-#,%#7* ,- Z-+C ,-&*,3*+ ". "# *FF*$,%J* ,*"4F-$7.*B -# B*D%J*+%#& 4*B%74X,*+4 .3"+*3-DB*+ J"D7*d

I. 8-7 Z%DD .** F+-4 ,3* "##7"D +*1-+, ,3* G+"#.F-+4",%-#QD"# %. Z-+C%#& "#B $-#,%#7*. ,- B+%J* ,3-.* $3"#&*.#**B*B ,- B*D%J*+ .7.,"%#"ED* &+-Z,3 %# .3"+*3-DB*+ J"D7*-J*+ ,3* 4*B%74 ,*+4d

K* E*D%*J* ,3", ,3* $7++*#, %#$*#,%J* "++"#&*4*#,.$-#,%#7* ,- .711-+, ,3* G+"#.F-+4",%-# QD"# E8 1D"$%#& "#*413".%. -# ,3* B*D%J*+8 -F .,+",*&%$ $3"#&*@ $-X-1*+",%J*

.3"+*3-DB*+ J"D7*d

G3* 2-44%,,** Z-7DB *#$-7+"&* .3"+*3-DB*+. ,- #-,* ,3*F-DD-Z%#&h

Z* 3"J* "&"%# %41D*4*#,*B -#D8 4-B*., ."D"+8 %#$+*".*.%# D%#* Z%,3 ,3-.* &%J*# ,- ,3* Z%B*+ -+&"#%.",%-#c

9:59 3". E**# "#-,3*+ .7$$*..F7D 8*"+ F-+ )Gb "#B ,3%.3". E**# $-#.%B*+*B Z3*# +*J%*Z%#& 1*+F-+4"#$* "#B

S*#%-+ V[*$7,%J* M+-71/. +*47#*+",%-# %. B*1*#B*#, -#,3* "$3%*J*4*#, -F .,+*,$3%#& 1*+F-+4"#$* $-#B%,%-#.c

B*D%J*+*B Z%,3%# ,3* ."4* F+"4*Z-+C ". F-+ -,3*+ )Gb

$-DD*"&7*.c,3* $-417D.-+8 B*F*++"D 1*+%-B F-+ 1"+, -F ,3* "##7"DE-#7. $-#,%#7*. ,- E* ,3+** 8*"+. "#B ,3* S*#%-+V[*$7,%J* M+-71 %. *#$-7+"&*B ,- 3-DB D-#&X,*+4

1*+.-#"D %#J*.,4*#, %# )Gb ,- $+*",* "D%*#, Z%,3 ,3*.3"+*3-DB*+ *[1*+%*#$*c

,3* 2-44%,,** 3". .1*#, .-4* ,%4* *.,"ED%.3%#& "+*Z"+B 1-D%$8 F-+ $+%,%$"D ,"D*#, ,- *#.7+* $+*",%J* +*#*Z"D"#B ,3", Z* $"# $-#,%#7* ,- ",,+"$, "#B +*,"%# ,3* E*.,1*-1D*c

,3* 2-44%,,** 3". E**# "$,%J*D8 %#J-DJ*B %# ,3* A)S$-#.7D,",%-# 1+-$*.. -# *[*$7,%J* +*47#*+",%-#"#B .711-+,. ,3* 1+%#$%1D*. -7,D%#*B E8 A)Sd K* 3"J*$-#.%B*+*B ,3* +*f7%+*4*#,. Z3%$3 Z%DD E* *FF*$,%J*F-+ ,3* 9:5U +*1-+, "#B 3"J* %#$D7B*B .-4* -F ,3* #*Z+*f7%+*4*#,. *"+D8 %# ,3%. +*1-+, Z3*+* "11+-1+%",*c "#B

Z* Z%DD E* ".C%#& .3"+*3-DB*+. ,- .711-+, ,3* ,*$3#%$"D+*#*Z"D -F -7+ .3"+* 1D"#. ", ,3* IMP %# P"8 ". ,3*8 "+*$-4%#& ,- ,3* *#B -F ,3*%+ ,*# 8*"+ D%F*d

K9C) Q25&/23"%+4"#@ 0*47#*+",%-# 2-44%,,**

9N O*E+7"+8 9:5U

?# *#+,#-# /"'/ /"# 46((#3/,34#3/,-# '(('37#5#3/.4&3/,36# /& .611&(/ /"#!('3.8&(5'/,&3 >+'39

E*123"%+4"#?

P%C* 2D".1*+

I+$3%* =-+4"#

6-3# (+4*+-B

O7DD B*,"%D. -F ",,*#B"#$* ", 2-44%,,** 4**,%#&. $"#E* F-7#B %# ,3* ,"ED* -# 1"&* R;d


78/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

6"

/-)0"1!1,0

I%9&/9&5

W-Z ,3* 2-44%,,** Z-+C.

0*47#*+",%-# 1-D%$8

!*D%J*+%#& +*47#*+",%-# 1-D%$8

=-#X*[*$7,%J* !%+*$,-+.

!*,"%D*B "7B%,*B B%.$D-.7+*.

Q%R &$/ I%NNL&&// R%4S5O$% 2C8L5/5 &$/ I%NNL&&//G3* 2-44%,,** -E,"%#. "BJ%$* F+-4 J"+%-7. .-7+$*. %# -+B*+,- *#.7+* %, 4"C*. %#F-+4*B B*$%.%-#.d G3* 2-44%,,**/.4"%# "BJ%.*+. "+* .*, -7, E*D-Zd IB"4 2+-T%*+@ 23%*FV[*$7,%J*@ %. %#J%,*B ,- ",,*#B $-44%,,** 4**,%#&. "."11+-1+%",*d =- %#B%J%B7"D %. %#J-DJ*B %# B*$%.%-#. +*D",%#& ,-,3*%+ -Z# +*47#*+",%-#d

IBJ%.*+ I+*" -F "BJ%$*

I#B8 !-8D*@M+-71 W0 !%+*$,-+

P"%# %#,*+#"D "BJ%.*+@ 1+-J%B*. 71B",*.-# +*47#*+",%-#@ *41D-8** +*D",%-#."#B 374"# +*.-7+$* %..7*.d

!*D-%,,* HHQk )#B*1*#B*#, "BJ%.*+. -# +*47#*+",%-#1-D%$8 "#B ,3* *[,*+#"D +*47#*+",%-#*#J%+-#4*#,d

k !*D-%,,* "+* .%",-+%*. ,- ,3* 2-B* -F 2-#B7$, %# +*D",%-# ,- V[*$7,%J* 0*47#*+",%-#2-#.7D,%#& %# ,3* a]d !7+%#& ,3* 8*"+ !*D-%,,* "D.- 1+-J%B*B ,3* M+-71 Z%,3 "BJ%$* -#

.711-+, 7#B*+ .*1"+",* *#&"&*4*#, ,*+4.d

O$2& L5 %34 4%B/^G3* +-D* -F ,3* 2-44%,,** %. 1+%4"+%D8 ,-h

+*J%*Z ,3* -#&-%#& "11+-1+%",*#*..@ +*D*J"#$* "#B*FF*$,%J*#*.. -F ,3* M+-71 +*47#*+",%-# 1-D%$8 %#$D7B%#&%# +*D",%-# ,- +*,*#,%-# "#B B*J*D-14*#,c

"11+-J* ,3* +*47#*+",%-# 1-D%$8 "#B .,+",*&8 F-+ ,3*S*#%-+ V[*$7,%J* M+-71c

"11+-J* ,3* B*.% -F ,3* 2-41"#8/. "##7"D E-#7."++"#&*4*#,. "#B D-#&X,*+4 %#$*#,%J* 1D"#. >HG)Q.?@%#$D7B%#& ,3* 1*+F-+4"#$* ,"+&*,. ,3", "11D8 F-+ ,3*S*#%-+ V[*$7,%J* M+-71c "#B

B*,*+4%#* %#B%J%B7"D "Z"+B D*J*D. F-+ ,3* S*#%-+ V[*$7,%J*M+-71 E".*B -# 1*+F-+4"#$* "&"%#., "##7"D E-#7.,"+&*,. "#B D-#&X,*+4 %#$*#,%J* 1*+F-+4"#$* $-#B%,%-#.d

G3* 2-44%,,** %#%,%",*. B%"D-&7* Z%,3 .3"+*3-DB*+. Z3*+*

B*J*D-14*#,. -+ $3"#&*. "+* 1+-1-.*B "#B Z*D$-4*.F**BE"$C ", -,3*+ ,%4*.d

O$2& R/ CLC L9 ?=>?!7+%#& 9:59 -7+ Z-+C Z". E+-"BD8 %# F-7+ "+*".h

A/&&L9U &24U/&5,3* E7.%#*.. "#B 1*+.-#"D 1*+F-+4"#$* ,"+&*,. F-+ 9:59"##7"D E-#7.*. "D%*B Z%,3 ,3* E7.%#*.. 1D"# F-+ ,3*8*"+ "#B ,3* G+"#.F-+4",%-# QD"#c

,3* 1*+F-+4"#$* ,"+&*,. ,3", Z-7DB "11D8 ,- ,3*Q*+F-+4"#$* S3"+* QD"# >QSQ? "Z"+B. 4"B* %# 9:59c "#B

" 1+*D%4%#"+8 +*J%*Z -F 9:5U *[*$7,%J* $-41*#.",%-# "#BE-#7. ,"+&*,.d

./8L/RL9U %3&:%N/5,3* "##7"D E-#7. -7,$-4*. "#B B*F*++*B "##7"D E-#7."Z"+B. F-+ 9:55 "#B %#B%$",%J* 9:59 -7,$-4*. "3*"B -F

"11+-J"D -F ,3* 1*+F-+4"#$* 1"8-7, -F ,3* )GbG7+#"+-7#B QD"#@ "#B ,3* 9::L "Z"+B. 7#B*+ ,3* )GbQ*+F-+4"#$* S3"+* QD"#d

./R24C E42N/R%4SE".* ."D"+%*. F-+ ,3* S*#%-+ V[*$7,%J* M+-71 Z%,3 *FF*$,F+-4 5 6"#7"+8 9:59 7.%#& ,3* ."4* 1+-$*.. ". "11D%*B ,-,3* Z%B*+ *41D-8** &+-71c

+*47#*+",%-# 1"$C"&*. F-+ #*Z "11-%#,4*#,. ,- ,3*S*#%-+ V[*$7,%J* M+-71c

B*J*D-14*#, -F " +*Z"+B 1-D%$8 F-+ $+%,%$"D ,"D*#, ,-*#.7+* ,3", )Gb $"# $-#,%#7* ,- +*$+7%, %# "# %#$+*".%#&D8$-41*,%,%J* 4"+C*, ,- .711-+, ,3* G+"#.F-+4",%-# QD"#Z3%D., $-#,+-DD%#& $-.,.c

,3* F+"4*Z-+C -F %#$*#,%J* "Z"+B. F-+ -J*+.*".*[*$7,%J*.c

,3* $-41*#.",%-# F+"4*Z-+C F-+ ,3* Z%B*+ *41D-8** &+-71c"#B

+*J%*Z%#& ,3* 1*+F-+4"#$* 4"#"&*4*#, F+"4*Z-+C "#B1"8 1+"$,%$*. "$+-.. ,3* M+-71d

7%8/4929:/,3* A)S 1+-1-."D. -# *[*$7,%J* 1"8 "#B 3-Z ,3*.* Z-7DBE* %#,*&+",*B %#,- F7,7+* +*47#*+",%-# .,+",*&8c

,3* 0*47#*+",%-# 0*1-+, F-+ 9:55@ 1+%-+ ,- %,. "11+-J"DE8 ,3* A-"+B@ "#B "11+-J"D E8 .3"+*3-DB*+. ", ,3* I##7"DM*#*+"D P**,%#& %# P"8 9:59c "#B

,3* 1+-$*.. F-+ ,3* +*#*Z"D -F .3"+* .$3*4* +7D*. "#B+*D",*B .3"+*3-DB*+ $-#.7D,",%-#d

G3* 2-44%,,** +*1-+,. +*&7D"+D8 ,- ,3* A-"+B -# %,. Z-+Cd

E*1


79/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

66

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

! " # $ "

% # &

' # $ ( ) $ * + , - # /

0 % , + , - % + 1 2

3 # 2 4 ) , 2 % 5

% 1 % 6 7

8 ) " # $ , + , - #

9 6 $ + 6 # : 7 / ! 4 # $ + 6 % ) , 2

; % $ # - 6 ) $ 2 < 3 # 4 ) $ 6

K9932B ./8L/RG3* 2-44%,,**/. 1*+F-+4"#$* Z". +*J%*Z*B ". 1"+, -F ,3*A-"+B *J"D7",%-# 1+-$*.. *[1D"%#*B -# 1"&* RRd

./N39/42&L%9 J%BL:)G3* 2-41"#8 -1*+",*. %# ,3* 1"+,%$7D"+D8 $-41*,%,%J* 4*B%"4"+C*,d )Gb "%4. ,- E"D"#$* ,3* #**B ,- ",,+"$, "#B +*,"%#,3* 3%&3 f7"D%,8 ,"D*#, *..*#,%"D ,- ,3* 2-41"#8/. .7$$*..Z%,3 ,3* #**B ,- E* $-.,X*FF*$,%J* "#B ,- +*Z"+B *[$*1,%-#"D1*+F-+4"#$*d G3* 2-44%,,** 3". B*J*D-1*B " +*47#*+",%-#

1-D%$8 F-+ ,3* 2-41"#8 Z3%$3 E"D"#$*. ,3*.* F"$,-+.@ Z3%D*,"C%#& %#,- "$$-7#, 1+*J"%D%#& E*., 1+"$,%$* "#B %#J*.,-+*[1*$,",%-#.d

,- ,3* "$3%*J*4*#, -F .,+*,$3%#& 1*+F-+4"#$* $-#B%,%-#.Z3%$3 "D% +*47#*+",%-# Z%,3 -7+ .,+",*&8 ,- $+*",*.3"+*3-DB*+ J"D7* "#B B*D%J*+ ,3* G+"#.F-+4",%-# QD"#dG3* +*47#*+",%-# 1"$C"&* %. F-$7.*B -# +*Z"+B%#&.7.,"%#*B D-#&X,*+4 1*+F-+4"#$* "#B "D%%#& *[*$7,%J*.Z%,3 ,3* .3"+*3-DB*+ *[1*+%*#$*d

)#B%J%B7"D. .3-7DB E* +*Z"+B*B F-+ .7$$*.. "#B 1*+F-+4"#$*4*".7+*B -J*+ $D*"+ ,%4*.$"D*.d V[*$7,%J*. "+* *#$-7+"&*B,- ,"C* "$,%-# %# D%#* Z%,3 ,3* G+"#.F-+4",%-# QD"#@ 7.%#&&--B E7.%#*.. 4"#"&*4*#, 1+%#$%1D*. "#B "11+-1+%",* +%.C4"#"&*4*#,d

K3*# B*J*D-1%#& +*47#*+",%-# 1-D%$8@ ,3* 2-44%,,**-E,"%#. "BJ%$* F+-4 ,3* C*8 "BJ%.*+. -7,D%#*B -# 1"&* NRd

IDD $-DD*"&7*. 1"+,%$%1",* %# " E-#7. .$3*4* "#B "DD a]

$-DD*"&7*. "+* %#J%,*B ,- g-%# ,3* SI_V .$3*4*d

K3*# B*,*+4%#%#& +*47#*+",%-# F-+ ,3* S*#%-+ V[*$7,%J*M+-71 "#B "DD *41D-8**. -F )Gb@ ,3* 2-44%,,** "D.-$-#.%B*+. "#8 +*D*J"#, &-J*+#"#$* "#B .-$%"D %..7*.d

]*8 F*",7+*. -F ,3* +*47#*+",%-# 1-D%$8 "+* .*, -7, %# ,3*,"ED* E*D-Zd

H/) E/2&34/5 %E 4/N39/42&L%9 J%BL:)

PWX>H>Y>M>@RL

!%&57G' :=(6"=Q $7 G$&:$'


80/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

6;

/-)0"1!1,0

E*1


81/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

61+*X,"[?

b*.,%#& B",*lV[*+$%.* 1*+%-B

B(:8 D&7`"'&H'V'&&'( LN:&' B2:&( !6:=9< P"+$3 9:59 2-417D.-+8

!*F*++"D5 \NN@559 -00^**+


90/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

;;

/-)0"1!1,0

=-,*.h5 I# "Z"+B -J*+ +*.,+%$,*B .3"+*. F-+ 9:55 1*+F-+4"#$*d9 I# "Z"+B -J*+ +*.,+%$,*B .3"+*. F-+ 9:5: 1*+F-+4"#$*dU I# "Z"+B -J*+ #%DX$-., -1,%-#. .7Eg*$, ,- ,3* ."4* 1+-J%.%-#. "#B 1*+F-+4"#$*

$-#B%,%-#. ",,"$3%#& ,- ,3* "Z"+B. 4"B* 7#B*+ ,3* QSQ %# P"+$3 9:5:d\ G3* 1-+,%-# -F ,3%. "Z"+B .7Eg*$, ,- GS0 Z%DD E* 4*".7+*B *f7"DD8 "&"%#., ,Z- B%.,%#$,

$-41"+",-+ &+-71.@ ,3* $-#.,%,7*#,. -F ,3* OGSV 9;: %#B*[ >*[$D7B%#& $-41"#%*.

S$+%11. =*,Z-+C.@ 2"#"D QD7.@ G*D*$%#$-@ 2AS@ GF5 >GJdO.*d5?@ !"%D8 P"%D ^ M*#*+"D G+7.,@G%4* K"+#*+@ PRXP*,+-1-D* Gb@ G+%#%,8 P%++-+@ P*B%".*,@ b%"$-4 !%&%,"D@ P-B*+# G%4*.M+-71@ b%+&%# P*B%"@ =*Z. 2-+1-+",%-#@ b%J*#B%@ Q*"+.-#@ KQQ M+-71@ Q+*4%*+ IM@ _*DDM+-71@ Q+-.*%E*# S", 5 QFd@ o-# P7D,%4*B%" "#B 0GH M+-71d

; ,3* "Z"+B "#B ,3* "Z"+B Z". 7#*[*+$%.*B ", ,3* B",* -F ,3%. +*1-+,d

R G3* G7+#"+-7#B QD"# >,3* QD"#? Z". %#,+-B7$*B %# 9::Nd =- "Z"+B. Z*+* 4"B* 7#B*+,3* QD"# "F,*+ 9::)GbO"4%D8? ,3+*.3-DB URdRi "#B 4"[%474 U-# 9\ !*$*4E*+ 9:59? "#B RLd\; 1*#$* >-#; 6"#7"+8 9:59?d

A$24/$%BC/4 8%&L9UI, ,3* IMP %# 9:59 ,3* J-,*. +*$*%J*B -# ,3* 1+-1-."D ,-"&+** ,3* 0*47#*+",%-# 0*1-+, Z*+* ". F-DD-Z.h

=74E*+ -F.3"+*.

Q*+$*#,"&* -F,3* ,-,"D J-,*

O-+ 9@\U


91/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

;,3* S$3*4*? $-41+%.*. ,3+** .*$,%-#.h

>!2? .*$,%-# -F ,3* S$3*4*d G3* !2 .*$,%-# %. -1*# ,- #*Z

Z*+* $D-.*B ,- #*Z 4*4E*+. %# 9::9 >Z%,3 ,3* D"., .*$,%-#$D-.%#& -# 5 I7&7., 9::N? E7, "+* .,%DD -1*# ,- F7,7+* "$$+7"Dd)Gb Q*#.%-# S$3*4* H%4%,*B >,3* G+7.,**? 4"#"&*. ,3* !A"#B !2 "..*,. -F ,3* S$3*4*@ Z3%$3 "+* 3*DB 7#B*+ ,+7.,.*1"+",*D8 F+-4 ,3-.* -F ,3* M+-71d ), %. ,3* +*.1-#.%E%D%,8-F ,3* G+7.,** ,- 3"J* %# 1D"$* "11+-1+%",* ,+"%#%#& F-+ %,.B%+*$,-+.@ &-J*+#"#$* "#B *FF*$,%J* $-44%,,**.d

M,3*$ 5"6*$/#/+* #/% 7,#,


92/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

,3* j.,"&%#& B",*/?d O-+ )Gb@ ,3* .,"&%#& B",* %.5 P"+$3 9:5U "#B ,3* 2-41"#8 3". 7#B*+,"C*# " 1+-g*$, %#-+B*+ ,- 4**, ,3* +*f7%+*4*#,. Z%,3 *FF*$, F+-4 ,3", B",*d

!'=G"7= L#N'8' "=('8="$"'G) p7"D%F8%#& 1*#.%-# .$3*4*

-F *"$3 -F ,3* !%+*$,-+. -F )Gb Q*#.%-# S$3*4* H%4%,*B@ ".7E.%B%"+8 -F )Gb 1D$d G3*.* %#B*4#%,8 1+-J%.%-#. $-J*+@ ,- ,3*

*[,*#, 1*+4%,,*B E8 D"Z@ $*+,"%# D-..*. -+ D%"E%D%,%*. %#$7++*B

K3CL&

"Z"+*@ ,3*+* %. #- +*D*J"#, "7B%, %#F-+4",%-# -F Z3%$3 ,3*2-41"#8/. "7B%,-+ %. 7#"Z"+*c "#B *"$3 !%+*$,-+ 3". ,"C*#"DD .,*1. ,3", ,3*8 -7&3, ,- 3"J* ,"C*# ". " !%+*$,-+ %# -+B*+,- 4"C* ,3*4.*DJ*. "Z"+* -F "#8 +*D*J"#, "7B%, %#F-+4",%-#"#B ,- *.,"ED%.3 ,3", ,3* 2-41"#8/. "7B%,-+ %. "Z"+* -F ,3",%#F-+4",%-#d

I. +*$-44*#B*B E8 ,3* I7B%, 2-44%,,**@ " +*.-D7,%-#F-+ ,3* +*"11-%#,4*#, -F ]QPM I7B%, QD$ ". "7B%,-+ ,-,3* 2-41"#8 Z%DD E* 1+-1-.*B ", ,3* 9:5U I##7"D M*#*+"DP**,%#&d

K9932B 7/9/42B Y//&L9UG3* I##7"D M*#*+"D P**,%#& Z%DD E* 3*DB -# K*B#*.B"8@5; P"8 9:5U ", 55d:: "4 ", ,3* p7**# VD%T"E*,3 ))2-#F*+*#$* 2*#,+*@ A+-"B S"#$,7"+8@ K*.,4%#.,*+@ H-#B-#@SK5Q UVVd G3* =-,%$* -F ,3* I##7"D M*#*+"D P**,%#&$-#,"%#. "# *[1D"#",%-# -F .1*$%"D E7.%#*.. ,- E* $-#.%B*+*B", ,3* 4**,%#&d I $-18 -F ,3* =-,%$* Z%DD E* "J"%D"ED* -# ,3*

2-41"#8/. Z*E.%,* ", 2223"$456#3#78 d

A8 -+B*+ -F ,3* A-"+B

K9C4/R 72424C2-41"#8 S*$+*,"+89N O*E+7"+8 9:5U

)Gb 1D$G3* H-#B-# G*D*J%.%-# 2*#,+*a11*+ M+-7#BH-#B-#SV5 LHG0*&%.,*+*B #74E*+ \LRN::5

M,3*$ 5"6*$/#/+* #/% 7,#,


93/164

! " # $ # % " $ & ( ) $ ) * + * # ) ,

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

! " # $ "

% # &

' # $ ( ) $ * + , - # /

0 % , + , - % + 1 2

3 # 2 4 ) , 2 % 5

% 1 % 6 7

8 ) " # $ , + , - #

9 6 $ + 6 # : 7 / ! 4 # $ + 6 % ) , 2

; % $ # - 6 ) $ 2 < 3 # 4 ) $ 6

G3* !%+*$,-+. "+* +*.1-#.%ED* F-+ 1+*1"+%#& ,3* I##7"D

.,",*4*#,. %# "$$-+B"#$* Z%,3 "11D%$"ED* D"Z "#B+*&7D",%-#.d

2-41"#8 D"Z +*f7%+*. ,3* !%+*$,-+. ,- 1+*1"+* M+-71 "#B

8*"+d a#B*+ ,3", D"Z ,3*8 "+* +*f7%+*B ,- 1+*1"+* ,3* M+-71

,3* Va "#B "11D%$"ED* D"Z "#B 3"J* *D*$,*B ,- 1+*1"+* ,3*

a] I$$-7#,%#& S,"#B"+B. "#B "11D%$"ED* D"Z >a] M*#*+"DD8I$$*1,*B I$$-7#,%#& Q+"$,%$*?d

a#B*+ $-41"#8 D"Z ,3* !%+*$,-+. 47., #-, "11+-J* ,3*

" ,+7* "#B F"%+ J%*Z -F ,3* .,",* -F "FF"%+. -F ,3* M+-71 "#B

.,",*4*#,.@ ,3* !%+*$,-+. "+* +*f7%+*B ,-h

.*D*$, .7%,"ED* "$$-7#,%#& 1-D%$%*. "#B ,3*# "11D8 ,3*4$-#.%.,*#,D8c

4"C* g7B&*4*#,. "#B *.,%4",*. ,3", "+* +*".-#"ED* "#B1+7B*#,c

3"J* E**# 1+*1"+*B %# "$$-+B"#$* Z%,3 )O0S. ". "B-1,*BE8 ,3* Vac

Z3*,3*+ "11D%$"ED* a] I$$-7#,%#& S,"#B"+B. 3"J*E**# F-DD-Z*B@ .7Eg*$, ,- "#8 4",*+%"D B*1"+,7+*.

.,",*4*#,.c "#B

E".%. 7#D*.. %, %. %#"11+-1+%",* ,- 1+*.74* ,3", ,3* M+-71"#B ,3* 1"+*#, $-41"#8 Z%DD $-#,%#7* %# E7.%#*..d

G3* !%+*$,-+. "+* +*.1-#.%ED* F-+ C**1%#& "B*f7",*

,3* 1"+*#, $-41"#8/. ,+"#."$,%-#. "#B B%.$D-.* Z%,3

,3* 1"+*#, $-41"#8 "#B *#"ED* ,3*4 ,- *#.7+* ,3", %,.

G3*8 3"J* &*#*+"D +*.1-#.%E%D%,8 F-+ ,"C%#& .7$3 .,*1.". "+* +*".-#"ED8 -1*# ,- ,3*4 ,- ."F*&7"+B ,3* "..*,.-F ,3* M+-71 "#B ,- 1+*J*#, "#B B*,*$, F+"7B "#B -,3*+

%++*&7D"+%,%*.d

a#B*+ "11D%$"ED* D"Z "#B +*&7D",%-#.@ ,3* !%+*$,-+. "+* "D.-+*.1-#.%ED* F-+ 1+*1"+%#& " !%+*$,-+./ 0*1-+,@ 0*47#*+",%-#0*1-+, "#B 2-+1-+",* M-J*+#"#$* S,",*4*#, ,3", $-41D8Z%,3 ,3", D"Z "#B ,3-.* +*&7D",%-#.d

G3* !%+*$,-+. "+* +*.1-#.%ED* F-+ ,3* 4"%#,*#"#$* "#B

-# ,3* 2-41"#8/. Z*E.%,*d H*&%.D",%-# %# ,3* a] &-J*+#%#&

4"8 B%FF*+ F+-4 D*&%.D",%-# %# -,3*+ g7+%.B%$,%-#.d

V"$3 -F ,3* !%+*$,-+.@ ,3* #"4*. -F Z3-4 "+* .*, -7, -#

C#-ZD*B&*h

"11D%$"ED* .*, -F "$$-7#,%#& .,"#B"+B.@ &%J* " ,+7* "#B

%#$D7B*B %# ,3* $-#.-D%B",%-# ,"C*# ". " Z3-D*c "#B

,3* !%+*$,-+./ 0*1-+, %#$D7B*. " +*J%*Z -F ,3*B*J*D-14*#, "#B 1*+F-+4"#$* -F ,3* E7.%#*.. "#B,3* 1-.%,%-# -F ,3* %..7* "#B ,3* 7#B*+,"C%#&. %#$D7B*B%# ,3* $-#.-D%B",%-# ,"C*# ". " Z3-D*@ ,-&*,3*+ Z%,3 "B*.$+%1,%-# -F ,3* 1+%#$%1"D +%.C. "#B 7#$*+,"%#,%*. ,3",,3*8 F"$*d

A8 -+B*+ -F ,3* A-"+B

K9C4/R 72424C2-41"#8 S*$+*,"+89N O*E+7"+8 9:5U

7,#,*1*/, "' ()$*+,"$-4 E*-8"/-)=):),)*- )/ E*-8*+, "',3* D//


94/164

!"#$# &' ()$$ *+#,$-./0-123 *2)$4+2,

!"#$%&'()!"# %"&'#


95/164

/*!"#!012345606+7!"#$% $#'() *+,

*56)675)8 9$)$2:26$,


96/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

;0U#' 1/0),+#' 7044#2-&/5 02 #&7" '#7-,02 ,2 18&,2 M2A8,'"E

1''2",3 "$ ."425' 0 0 0`0-#' -0 -"# 6,2&27,&8 '-&-#4#2-' 1/0),+# &++,-,02&8 ,260/4&-,02 /#T*,/#+ >5 '-&-*-#R &770*2-,2A '-&2+&/+' 0/ [,'-,2AI*8#' -0 #U18&,2 & 1&/-,7*8&/ 6#&-*/# 06 -"# 6,2&27,&8 '-&-#4#2-'E !"# 20-#' F",7" 60880F F,88 &8'0 1/0),+# #U18&2&-,02'&2+ &++,-,02&8 +,'780'*/# -0 &'','- /#&+#/'Q *2+#/'-&2+,2A &2+ ,2-#/1/#-&-,02 06 -"# &22*&8 /#10/- &2+ -"# 6,2&27,&8'-&-#4#2-'E

D#6$26$, 3&A#!&"46&7 .$6$'4',$.%02'08,+&-#+ 92704# J-&-#4#2- BC%02'08,+&-#+ J-&-#4#2- 06 %041/#"#2',)# 92704# B]%02'08,+&-#+ J-&-#4#2- 06 H,2&27,&8 30',-,02 Bb%02'08,+&-#+ J-&-#4#2- 06 %"&2A#' ,2 MT*,-5 BB%02'08,+&-#+ J-&-#4#2- 06 %&'" H80F' : ?'.%5$. #60/# -&U


98/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

;H

/'0!0,'!+ 2(!(3.30(4

H0/ -"# 5#&/ #2+#+ ;< =#7#4>#/ `0-# >=9>

O4?@KA ?Y]`02d702-/088,2A ,2-#/#'-' 9


99/164

! " # $ % & ' # ( ) + $ , ' # &

- & # . & $ / 0 1 2 , $ # . & " ' 3 (

4 $ # 5 ' # 6 . 3 % $ 1

7 " 3 . 3 % " . 8 (

+ $ ( , ' 3 ( " 9

" 8 " & 0

: ' ; $ # 3 . 3 % $

;O

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

! " # $ # % " $ & ( ) $ ) * + * # ) ,

- . * / .

" * 0

H0/ -"# 5#&/ #2+#+ ;< =#7#4>#/>=9>

O4?@


100/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

;P

/'0!0,'!+ 2(!(3.30(4

P' &- ;< =#7#4>#/ `0-#>=9>

O4?@*-,02 /,A"-' ;E,8,-,#' S>RT K;CL3/0),',02' ;EC S>GT K?YL

SA=KT K]DYL

L'$ #%&&',$ 6..'$. KBW ]?b

L/,X#%&&',$ 5"6F"5"$"'.V0//0F,2A' YE? SKB>T KB


101/164

! " # $ % & ' # ( ) + $ , ' # &

- & # . & $ / 0 1 2 , $ # . & " ' 3 (

4 $ # 5 ' # 6 . 3 % $ 1

7 " 3 . 3 % " . 8 (

+ $ ( , ' 3 ( " 9

" 8 " & 0

: ' ; $ # 3 . 3 % $

;;

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

! " # $ # % " $ & ( ) $ ) * + * # ) ,

- . * / .

" * 0

P--/,>*-&>8# -0 #T*,-5 '"&/#"08+#/' 06 -"# 1&/#2- 7041&25

9-#4' -"&- 4&5 >#/#78&'',6,#+ -0 1/06,-

0/ 80''

`0-#

J"&/#7&1,-&8

c4

J"&/#1/#4,*4

c4

\#/A#/&2+ 0-"#/

/#'#/)#'c4

!/&2'8&-,02/#'#/)#

c4

P)&,8&>8#60/ '&8# /#'#/)#

c4

I#-&,2#+K80''#'LW

1/06,-'c4

!0-&8c4

`02e702-/088,2A

,2-#/#'-'c4

!0-&8#T*,-5

c4

V&8&27# &- < g&2*&/5 ?@


102/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

RGG

/'0!0,'!+ 2(!(3.30(4

P--/,>*-&>8# -0 #T*,-5 '"&/#"08+#/' 06 -"# 1&/#2- 7041&25

9-#4' -"&- 4&5 >#/#78&'',6,#+ -0 1/06,-

0/ 80''

`0-#

J"&/#7&1,-&8

c4

J"&/#1/#4,*4

c4

\#/A#/&2+ 0-"#/

/#'#/)#'c4

!/&2'8&-,02/#'#/)#

c4

P)&,8&>8#60/ '&8# /#'#/)#

c4

I#-&,2#+80''#'

c4!0-&8

c4

`02d702-/088,2A

,2-#/#'-'c4

!0-&8#T*,-5

c4

V&8&27# &- < g&2*&/5 ?@= B=H 9H G S9A9T KK9 > KKBM/$65 #/42&'-',."P' ",#/4' HWC$-'& #/42&'-',."P' ",#/4'ZS#/.$T

I#)&8*&-,02 06 &)&,8&>8# 60/ '&8# 6,2&27,&8&''#-' e e e e ; e ; e BP7-*&/,&8 80''#' 02 +#6,2#+ >#2#6,-1#2',02 '7"#4#' ;E] e e e e e K


103/164


104/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

RGF

/'0!0,'!+ 2(!(3.30(4

!"# 6,2&27,&8 '-&-#4#2-' 702'08,+&-# -"0'# 06 9!: 187 K^-"#%041&25QL &2+ ,-' '*>',+,&/,#' K-0A#-"#/ /#6#//#+ -0 &' ^-"#./0*1QL &2+ ,278*+# -"# ./0*1Q' ,2-#/#'-' ,2 &''07,&-#' &2+ a0,2-85 702-/088#+ #2-,-,#'E !"# %041&25 ,' +04,7,8#+ ,2 -"#N2,-#+ O,2A+04E

P' /#T*,/#+ >5 MN 8&F K9PJ I#A*8&-,02 M% ##2 1/#1&/#+ ,2 &770/+&27# F,-"92-#/2&-,02&8 H,2&27,&8 I#10/-,2A J-&2+&/+' &' &+01-#+ >5-"# MN K^9HIJQLR &2+ &11/0)#+ >5 -"# =,/#7-0/'E

!"# 6,2&27,&8 '-&-#4#2-' &/# 1/,27,1&885 1/#1&/#+ 02 -"#>&',' 06 ",'-0/,7&8 70'-E ("#/# 0-"#/ >&'#' &/# &118,#+ -"#'#&/# ,+#2-,6,#+ ,2 -"# /#8#)&2- &770*2-,2A 108,75E

!"# %041&25 "&' #8#7-#+ -0 1/#1&/# ,-' 1&/#2- 7041&256,2&27,&8 '-&-#4#2-' ,2 &770/+&27# F,-" NO .PP3E

D+*"? 8+"8$,"P' & /#'*8- 06 -"# ./0*1Q' 702-,2*#+ A#2#/&-,02 06 ',A2,6,7&2-6/## 7&'" 680F' -"/0*A" #66,7,#27,#' ,2 -"# >&8&27# '"##- -"#./0*1 702-,2*#+ -0 ,41/0)# ,-' 10',-,)# 2#- 7&'" 10',-,02R&2+ "&' &8'0 702-,2*#+ -0 ,41/0)# >0-" ,-' '"0/-d-#/4 &2+4#+,*4d-#/4 8,T*,+,-5 10',-,02 K'## J#7-,02 Y 60/ +#-&,8' 027&1,-&8 '-/*7-*/# &2+ 6,2&27,2ALE

!"# ./0*1 702-,2*#' -0 /#),#F 60/#7&'-' 06 -"# -#8#),',02&+)#/-,',2A 4&/G#- -0 +#-#/4,2# -"# ,41&7- 02 9!:Q' 8,T*,+,-510',-,02 &2+ 7/#&-# 6*/-"#/ 7&'" "#&+/004E !"# ./0*1Q'60/#7&'-' &2+ 1/0a#7-,02'R -&G,2A &770*2- 06 /#&'02&>8510'',>8# 7"&2A#' ,2 -/&+,2A 1#/60/4&27#R '"0F -"&- -"#./0*1 F,88 ># &>8# -0 01#/&-# F,-",2 -"# 8#)#8 06 ,-' 7*//#2-6*2+,2AE

P6-#/ 4&G,2A #2T*,/,#'R -"# =,/#7-0/' "&)# & /#&'02&>8##U1#7-&-,02 -"&- -"# ./0*1 "&' &+#T*&-# /#'0*/7#' -0702-,2*# ,2 01#/&-,02&8 #U,'-#27# 60/ -"# 60/#'##&>8# 6*-*/#EP770/+,2A85R -"# ./0*1 702-,2*#' -0 &+01- -"# A0,2A 7027#/2>&',' ,2 1/#1&/,2A ,-' 702'08,+&-#+ 6,2&27,&8 '-&-#4#2-'E

;)3.*#*9,*$.E F+*"& 5 -"# ./0*1E %02-/08 #U,'-' F"#/# -"# ./0*1 "&'-"# 10F#/ -0 A0)#/2 -"# 6,2&27,&8 &2+ 01#/&-,2A 108,7,#' 06-"# #2-,-5 ,2 0/+#/ -0 0>-&,2 >#2#6,-' 6/04 ,-' &7-,),-,#'E 92&''#'',2A 702-/08R 10-#2-,&8 )0-,2A /,A"-' -"&- &/# 7*//#2-85#U#/7,'&>8# 0/ 702)#/-,>8# &/# -&G#2 ,2-0 &770*2-E

P a0,2- )#2-*/# ,' &2 #2-,-5 ,2 F",7" -"# ./0*1 "08+' &2,2-#/#'- *2+#/ & 702-/&7-*&8 &//&2A#4#2- F"#/# -"# ./0*1&2+ 02# 0/ 40/# 0-"#/ 1&/-,#' *2+#/-&G# &2 #70204,7&7-,),-5 -"&- ,' '*>a#7- -0 a0,2- 702-/08E !"# ./0*1 &770*2-'60/ ,-' ,2-#/#'-' ,2 a0,2- )#2-*/#' *',2A -"# #T*,-5 4#-"0+E

N2+#/ -"# #T*,-5 4#-"0+ -"# ,2)#'-4#2- ,2 -"# #2-,-5 ,''-&-#+ &' 02# 8,2# ,-#4 &- 70'- 18*' -"# ,2)#'-0/Q' '"&/# 06/#-&,2#+ 10'-d&7T*,',-,02 1/06,-' &2+ 0-"#/ 7"&2A#' ,2 2#-&''#-'E

P2 &''07,&-# ,' &2 #2-,-5R 0-"#/ -"&2 & '*>',+,&/5 0/ a0,2-)#2-*/#R 0)#/ F",7" -"# ./0*1 "&' ',A2,6,7&2- ,268*#27#EJ,A2,6,7&2- ,268*#27# ,' -"# 10F#/ -0 1&/-,7,1&-# ,2R >*-20- 702-/08 0/ a0,2-85 702-/08R -"# 6,2&27,&8 &2+ 01#/&-,2A+#7,',02' 06 &2 #2-,-5E !"#'# ,2)#'-4#2-' &/# &8'0 &770*2-#+60/ *',2A -"# #T*,-5 4#-"0+E

P '1#7,&8 1*/10'# #2-,-5 KJ3ML ,' & 8#A&8 #2-,-5 F",7"-"# ./0*1 4&5 #'-&>8,'" -0 6*86,8 & '1#7,6,7 -/&+,2A&2+ ,2)#'-4#2- 1*/10'#E g*+A#4#2- ,' /#T*,/#+ F"#2+#-#/4,2,2A ,6 &2 J3M '"0*8+ ># 702'08,+&-#+ &2+ ,2)08)#'-"# #)&8*&-,02 06 -"# '*>'-&27# 06 ,-' /#8&-,02'",1' F,-"-"# ./0*1 &2+ -"# J3MQ' /,'G' &2+ /#F&/+'E !"0'# J3M'702-/088#+ >5 -"# ./0*1 &/# #'-&>8,'"#+ *2+#/ -#/4' -"&-,410'# '-/,7- 8,4,-&-,02' 02 -"# +#7,',02d4&G,2A 10F#/' 06-"#,/ 4&2&A#4#2- &2+ -"&- /#'*8- ,2 -"# ./0*1 /#7#,),2A -"#4&a0/,-5 06 -"# >#2#6,-' /#8&-#+ -0 -"#,/ 01#/&-,02' &2+ 2#-&''#-'R >#,2A #U10'#+ -0 -"# 4&a0/,-5 06 /,'G' ,27,+#2-&8 -0-"#,/ &7-,),-,#' &2+ /#7#,),2A -"# 4&a0/,-5 06 -"# /#',+*&8 0/0F2#/'",1 /,'G' /#8&-#+ -0 -"# J3M' 0/ -"#,/ &''#-'E

+, $-". .'#$"/, 0 0 0!",' '#7-,02 '#-' 0*- -"# ./0*1Q' &770*2-,2A 108,7,#' -"&- /#8&-# -0 -"# 6,2&27,&8 '-&-#4#2-' &' & F"08#E ("#/# &2&770*2-,2A 108,75 ,' '1#7,6,7 -0 02# 20-#R -"# 108,75 ,' +#'7/,>#+ ,2 -"# 20-# -0 F",7" ,- /#8&-#'E !",' '#7-,02 &8'0 '"0F'2#F MN #2+0/'#+ &770*2-,2A '-&2+&/+'R &4#2+4#2-' &2+ ,2-#/1/#-&-,02'R F"#-"#/ -"#'# &/# #66#7-,)# ,2 ?@


105/164

! " # $ % & ' # ( ) + $ , ' # &

- & # . & $ / 0 1 2 , $ # . & " ' 3 (

4 $ # 5 ' # 6 . 3 % $ 1

7 " 3 . 3 % " . 8 (

+ $ ( , ' 3 ( " 9

" 8 " & 0

: ' ; $ # 3 . 3 % $

RGS

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

! " # $ # % " $ & ( ) $ ) * + * # ) ,

- . * / .

" * 0

:),,$"&J"+"K8),,$"& #*.&*"8&*+"%*//#2- &''#-' ,278*+# &''#-' "#8+ 1/,4&/,85 60/ -/&+,2A1*/10'#'R 7&'" &2+ 7&'" #T*,)&8#2-'R &2+ &''#-' #U1#7-#+-0 ># /#&8,'#+ ,2R 0/ ,2-#2+#+ 60/ '&8# 0/ *'# ,2R -"# 70*/'# 06-"# ./0*1Q' 01#/&-,2A 7578#E P88 0-"#/ &''#-' &/# 78&'',6,#+ &'202d7*//#2- &''#-'E

%*//#2- 8,&>,8,-,#' ,278*+# 8,&>,8,-,#' "#8+ 1/,4&/,85 60/ -/&+,2A1*/10'#'R 8,&>,8,-,#' #U1#7-#+ -0 ># '#--8#+ ,2 -"# 70*/'# 06-"# ./0*1Q' 01#/&-,2A 7578# &2+ -"0'# 8,&>,8,-,#' +*# F,-",2

02# 5#&/ 6/04 -"# /#10/-,2A +&-#E P88 0-"#/ 8,&>,8,-,#' &/#78&'',6,#+ &' 202d7*//#2- 8,&>,8,-,#'E

:79..*4*89&*+" +4 4*"9"8*97 *".&,)2$"&.!"# 6,2&27,&8 &''#-' &2+ 8,&>,8,-,#' 06 -"# ./0*1 &/# 78&'',6,#+,2-0 -"# 60880F,2A 6,2&27,&8 '-&-#4#2- 7&1-,02' ,2 -"#'-&-#4#2- 06 6,2&27,&8 10',-,02 ,2 &770/+&27# F,-" 9PJ ;BZ6,2&27,&8 ,2'-/*4#2-'Z

^[0&2' &2+ /#7#,)&>8#'Q e '#1&/&-#85 +,'780'#+ &' 7&'" &2+7&'" #T*,)&8#2-' K#U78*+,2A A,8-' 0)#/ F",7" *26*2+#+1#2',02 7044,-4#2-' "&)# & 7"&/A#L &2+ -/&+# &2+0-"#/ /#7#,)&>8#'X

-"/0*A" 0-"#/ 7041/#"#2',)# ,2704#E 9278*+#' A,8-' 0)#/F",7" *26*2+#+ 1#2',02 7044,-4#2-' "&)# & 7"&/A#

'*>',+,&/,#'R a0,2- )#2-*/#' 0/ &''07,&-#'X^f#8+ -0 4&-*/,-5 ,2)#'-4#2-'QX

,2'-/*4#2-' ,2 &''#-'W8,&>,8,-,#'X &2+^H,2&27,&8 8,&>,8,-,#' 4#&'*/#+ &- &40/-,'#+ 70'-Q e'#1&/&-#85 +,'780'#+ &' >0//0F,2A' &2+ -/&+# &2+ 0-"#/

1&5&>8#'E

g*+A#4#2- ,' /#T*,/#+ F"#2 +#-#/4,2,2A -"# &11/01/,&-#78&'',6,7&-,02 06 -"# ./0*1Q' 6,2&27,&8 ,2'-/*4#2-'E =#-&,8'02 -"# &770*2-,2A 108,7,#' 60/ 4#&'*/#4#2- 06 -"# &>0)#,2'-/*4#2-' &/# '#- 0*- ,2 -"# /#8#)&2- 20-#E

/$8+?"*&*+" 9"# #$,$8+?"*&*+" +4 4*"9"8*97 9..$&. 9"#7*93*7*&*$.!"# ./0*1 /#70A2,'#' & 6,2&27,&8 &''#- 0/ 8,&>,8,-5 F"#2 ,->#704#' & 1&/-5 -0 -"# 702-/&7-E H,2&27,&8 ,2'-/*4#2-' &/#20 802A#/ /#70A2,'#+ ,2 -"# '-&-#4#2- 06 6,2&27,&8 10',-,02F"#2 -"# 702-/&7-*&8 7&'" 680F' #U1,/# 0/ F"#2 -"# ./0*120 802A#/ /#-&,2' 702-/08 06 '*>'-&2-,&885 &88 -"# /,'G' &2+/#F&/+' *2+#/ -"# ,2'-/*4#2-E

:9.0 9"# 89.0 $A)*#-F##2 -"#'# /&-#'R -"#5 &/# /#70A2,'#+,2 -"# -/&2'8&-,02 /#'#/)# F,-",2 #T*,-5 &2+ 0-"#/7041/#"#2',)# ,2704#E


106/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

RG&','R F,-" /#),',02' /#70A2,'#+ ,2 -"# 1#/,0+ ,2F",7" -"# #'-,4&-#' &/# /#),'#+ &2+ ,2 &25 6*-*/# 1#/,0+'&66#7-#+E

!"# &/#&' ,2)08),2A & ",A"#/ +#A/## 06 a*+A#4#2- 0/70418#U,-5 &/# '#- 0*- >#80F &2+ ,2 40/# +#-&,8 ,2 -"#/#8&-#+ 20-#'Z

I#)#2*# /#70A2,-,02 K20-# ?E#80F &2+ ,2 40/# +#-&,8 ,2 -"# /#8&-#+ 20-#'Z

!&U&-,02 K20-# ?E;L3/0),',02' K20-# ;ECL

V*',2#'' 704>,2&-,02' K20-# ;EYL92-&2A,>8# &''#-' K20-# ;E;L941&,/4#2- 06 &''#-' K20-# ;E? &2+ 20-# ;E;L3/0A/&44# /,A"-' &2+ 0-"#/ ,2)#2-0/5 K20-# ;E


107/164

! " # $ % & ' # ( ) + $ , ' # &

- & # . & $ / 0 1 2 , $ # . & " ' 3 (

4 $ # 5 ' # 6 . 3 % $ 1

7 " 3 . 3 % " . 8 (

+ $ ( , ' 3 ( " 9

" 8 " & 0

: ' ; $ # 3 . 3 % $

RGN

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

! " # $ # % " $ & ( ) $ ) * + * # ) ,

- . * / .

" * 0

L$C +, 92$"#$# @M $"#+,.$# 988+)"&*"? .&9"#9,#.!"# -&>8# >#80F /#1/#'#2-' 2#F 0/ &4#2+#+ MN #2+0/'#+ &770*2-,2A '-&2+&/+' /#8#)&2- -0 -"# ./0*1Q' /#'*8-' -"&- &/##66#7-,)# ,2 ?@


108/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

RGH

/'0!0,'!+ 2(!(3.30(4

P770*2-,2A J-&2+&/+ I#T*,/#4#2- 941&7- 02 6,2&27,&8 '-&-#4#2-'

9HIJ


109/164

! " # $ % & ' # ( ) + $ , ' # &

- & # . & $ / 0 1 2 , $ # . & " ' 3 (

4 $ # 5 ' # 6 . 3 % $ 1

7 " 3 . 3 % " . 8 (

+ $ ( , ' 3 ( " 9

" 8 " & 0

: ' ; $ # 3 . 3 % $

RGO

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

! " # $ # % " $ & ( ) $ ) * + * # ) ,

- . * / .

" * 0

+, $-". .'#$"/, 0 0 0!",' '#7-,02 607*'#' 02 -"# /#'*8-' &2+ 1#/60/4&27# 06 -"# ./0*1E S2 -"# 60880F,2A 1&A#' 50* F,88 6,2+ +,'780'*/#'#U18&,2,2A -"# ./0*1Q' /#'*8-' 60/ -"# 5#&/R '#A4#2-&8 ,260/4&-,02R #U7#1-,02&8 ,-#4'R -&U&-,02 &2+ #&/2,2A' 1#/ '"&/#E

1''2",3 "$ ."425' 0 0 0!",' '#7-,02 &2&85'#' -"# ./0*1Q' 1/06,- >#60/# -&U >5 /#6#/#27# -0 -"# &7-,),-,#' 1#/60/4#+ >5 -"# ./0*1 &2+ &2&2&85',' 06 G#5 01#/&-,2A 70'-'E

M&/2,2A' >#60/# ,2-#/#'-R -&UR &40/-,'&-,02 KMV9!PL &2+ >#60/# #U7#1-,02&8 ,-#4' /#4&,2' -"# ./0*1Q' G#5 1/06,-,2+,7&-0/E !",' /#68#7-' -"# F&5 -"# >*',2#'' ,' 4&2&A#+ &2+ "0F -"# =,/#7-0/' &''#'' -"# 1#/60/4&27# 06 -"# ./0*1E

E77#46$56T =#85752,/$0-" -"# ',A2,6,7&2- /,'G' &2+ /#F&/+' 060F2#/'",1 &2+ 702-/08 06 -"# 1/0+*7-' '08+ &2+ -"# &40*2-06 /#)#2*# 7&2 ># 4#&'*/#+ /#8,&>85E I#)#2*# /#70A2,-,027/,-#/,& 60/ -"# ./0*1Q' G#5 78&''#' 06 /#)#2*# &/# /#70A2,'#+02 -"# 60880F,2A >&'#'Z

%8&'' 06 /#)#2*# I#70A2,-,02 7/,-#/,&

P+)#/-,',2A 02 -/&2'4,'',02 0/ +,'18&5J102'0/'",1 02 -/&2'4,'',02 06 -"# '102'0/#+

1/0A/&44# 0/ '#/,#'3/0A/&44# 1/0+*7-,02 02 +#8,)#/5 06 #1,'0+# &2+

&77#1-&27# >5 -"# 7*'-04#/3/0A/&44# /,A"-' F"#2 702-/&7-#+ &2+ &)&,8&>8# 60/

#U180,-&-,023&/-,7,1&-,02 /#)#2*#'K,2-#/&7-,)# h ^/#+ >*--02Q'#/),7#'L

&' -"# '#/),7# ,' 1/0),+#+

=,A,-&8 /#)#2*#Z P/7",)# &2+:,+#0 02 =#4&2+ e 02#d066&2+ -01d*1 702-#2-

02 +#8,)#/5 06 702-#2- K02#d066L0/ 0)#/ -"# 702-/&7- 1#/,0+ ,2 &4&22#/ -"&- /#68#7-' -"# 680F 06702-#2- +#8,)#/#+ K-01d*1L

=,A,-&8 /#)#2*#Z %&-7"d*1 02 /#7#,1- 06 -",/+ 1&/-5 /#10/-''"0F,2A /#)#2*# '"&/# 7&87*8&-,02K'"0F,2A '*>'7/,>#/' &2+ "0*/'+0F280&+#+L

92T:26$)8 56?#+:)$5#6S1#/&-,2A '#A4#2-'R F",7" "&)# 20- >##2 &AA/#A&-#+R &/#/#10/-#+ ,2 & 4&22#/ -"&- ,' 702','-#2- F,-" -"# ,2-#/2&8

/#10/-,2A 1/0),+#+ -0 -"# V0&/+ 06 =,/#7-0/'R /#A&/+#+ &' -"#7",#6 01#/&-,2A +#7,',02 4&G#/E

!"# V0&/+ 06 =,/#7-0/' 702',+#/' -"# >*',2#'' 1/,4&/,85 6/04& 1/0+*7- 0/ &7-,),-5 1#/'1#7-,)#E !"# /#10/-&>8# '#A4#2-'60/ -"# 5#&/' #2+#+ ;< =#7#4>#/ ?@


110/164

/-0 123!""#$% '()*+, $"- !..*#",/ 0120

RGP

/'0!0,'!+ 2(!(3.30(4

1/0A/&44#' -0 V/0&+7&'- h S28,2# 60/ -/&2'4,'',02 1/,4&/,8502 9!:E !",' /#)#2*# '-/#&4 ,' & 4#&'*/# F",7" 60/4' 1&/- 06-"# ./0*1Q' '-/&-#A,7 1/,0/,-5 06 >*,8+,2A & '-/02A ,2-#/2&-,02&8702-#2- >*',2#'' &2+ ,' ,278*+#+ &' & O39E

92 1/#1&/,2A -"# '#A4#2- ,260/4&-,02R 7#2-/&885 4&2&A#+70'-' "&)# >##2 &8807&-#+ >#-F##2 /#10/-&>8# '#A4#2-'702','-#2-85 02 -"# >&',' 06 & 4#-"0+080A5 +/,)#21/,27,1&885 >5 /#)#2*# &2+ "#&+70*2- 06 #&7" '#A4#2-E!",' ,' 702','-#2- F,-" -"# >&',' 06 /#10/-,2A -0 -"# V0&/+ 06

=,/#7-0/'E

I,+9#89.& P Q"7*"$!",' '#A4#2- ,' /#'102',>8# 60/ 7044,'',02,2A &2+'7"#+*8,2A 1/0A/&44#' 02 -"# 9!: 7"&22#8'R 4&/G#-,2A&2+ 1/0A/&44# 1*>8,7,-5 &2+ 028,2# /,A"-' #U180,-&-,02EV/0&+7&'- h S28,2# +#/,)#' ,-' /#)#2*# 1/,4&/,85 6/04 -"#'&8# 06 &+)#/-,',2A &,/-,4# &2+ '102'0/'",1E S-"#/ '0*/7#'06 /#)#2*# &/# 6/04 1&/-,7,1&-,02 /#)#2*#R +,A,-&8 /#)#2*#R028,2# &+)#/-,',2A &2+ -"# +,A,-&8 -#//#'-/,&8 4*8-,18#U J=`E

!56 ;&)#*+.9!: J-*+,

Documents

ITV Annual Report 2012