Manual aviador

8/18/2019 Manual aviador

1/110


2/110

Do paraserpiloto.com

Como ‘tirar brevê’ e

quanto isso vai custarUm guia prático, completo e

atualizado sobre a formação

aeronáutica básica no Brasil

Raul Marinho

“Edição zero”

Versão 0.02

(Inclui as alterações da Emenda No 04 ao RBAC-61)

Outubro de 2014


3/110

!

(Verso da capa interna)


4/110

#

Aviso de direitos autorais:

O inteiro conteúdo desta publicação encontra-

se depositado na Fundação Biblioteca Nacional,

e os respectivos direitos autorais pertencem

exclusivamente ao seu autor.

Caso haja interesse em reproduzir total ou

parcialmente o seu conteúdo, é necessária a

autorização expressa do autor.

Para entrar em contato, utilize o e-mail

[email protected].


5/110

$

(Verso do aviso de direitos autorais)


6/110

%

!"#$%&'

$")*+#,-.+ / 0$-.+ 1&*+2 333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333333 4

&'(' )*+' &'(,-'* ............................................................................................................................ /

' 01'2 3! "#" % !'()*)4 ...................................................................................................................... 5

' 1678' 3! "#" % !'()*)4 ..................................................................................................................... 9 ' ,:0''; 3+ ),) *'#"# -#&./ 0 & 12"3*) '%%) ."' +2%*"#4 D-=' BD8D &'(,-D8 D DB8,@+,8 D B61')D8 ............................... !J

D 16&,@-D +, BBD:B61')' B867D+' +, D76=' .......................................................................................... !5

#6458


7/110

J

'9:8N= 0 !!"f!+" CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC iD !=;:6 H;>:8N= 0 !!Mf!+M CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC ̀ L

,R,(B1'A +, '8-D(,@)'A +, G'8(D-=' D,8'@I*)6&D , 8,AB,&)67'A G1*R'A +, &D6RD .............................. 5%

cA;7=RSA G6 !+"?'c#"f,(*& CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC `g

cA;7=RSA G6 !+M CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC UD

G6@D@&6D(,@)' +D G'8(D-=' D,8'@I*)6&D .......................................................................................... 9$

+A95:8N= CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC UU

"I:6;9=:8W=< G6 d89=9N8=769:A< JE69V;8NA


8/110

/

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

1&2& $('& 3&2-)&(

,V WXWYWZW [WX\] ^_`[]ab_ cZ dWe_f_ cZ ]gWb_ Z[ !SS5h ]_i $S ]X_i. @] gZ`c]cZh iZ`

dWe_f_ M3dWe_f_ cZ Y]a]4h cZ d`Z^Z`jXYW]O \]gW] iWc_ [ZV _klZfWg_ d`_^WiiW_X]e X]

WX^mXYW]K]c_eZiYjXYW]h d`ZY_YZ[ZXfZ WXfZ``_[dWc_ nV]Xc_ ^VW `Zd`_g]c_ X_ Zo][Z

_^f]e[_epqWY_ c] WXidZab_ cZ i]rcZ d]`] WXq`Zii]` X] ,B&D`:,iY_e] B`Zd]`]fp`W] cZ &]cZfZi c_

D` M] ZiY_e] nVZ cs ]YZii_ t DGD:DY]cZ[W] c] G_à] Du`Z]h nVZ ^_`[] _^WYW]Wi ]gW]c_`Zi c]

DZ`_XsVfWY]Oh es X_i Wc_i cZ ?95#. (]e _`WZXf]c_ X]nVZe] ud_Y]h ZV ZXfZXcW nVZ ] ]gW]ab_ MYWgWeh

WXYeViWgZO Zif]`W] ^_`] c_ [ZV ]eY]XYZ cZgWc_ ]_i [ZVi d`_keZ[]i cZ gWib_ M\WdZ`[Zf`_dW] Z

]ifWq[]fWi[_O. TV]Xc_ cZiY_k`W nVZ d_cZ`W] f_`X]`:[Z dWe_f_ [Zi[_ Vi]Xc_ pYVe_ih ls Zif]g]

^_`[]c_ ]c[WXWif`]c_` cZ Z[d`Zi]i MZV [Z q`]cVZW X] G,D:*ABh Z[ ?99SOh Z f`]k]e\]Xc_ X_

[Z`Y]c_ ^WX]XYZW`_ MWXWYW]e[ZXfZ X_ &WfWk]Xvh _XcZ ^VW :;=8966 Z qZ`ZXfZ X] s`Z] NA;HA;=:6OF

q]X\]g] kZ[h Zif]g] ^_Y]c_ X] Y]``ZW`]h Z X]nVZeZ [_[ZXf_ ZV 3Z`] [VWf_ gZe\_4 MfWX\] VXi !#]X_iO d]`] `ZY_[Za]` V[] Y]``ZW`] c_ wZ`_.

(]ih Y_[_ cWwZ[ _i d_Zf]ih 3eZg]:iZ [VWf_ fZ[d_ d]`] ] qZXfZ iZ f_`X]` l_gZ[?4h Z ip

]_i $S ]X_i u nVZ ZV Zif]g] l_gZ[ _ iV^WYWZXfZ d]`] `Zf_[]` [ZV i_X\_ cZ WX^mXYW]h Z f_`X]`:[Z

dWe_f_h `ZY_[Za]Xc_ Z[ V[] X_g] Y]``ZW`]. @]nVZeZ [_[ZXf_h ]eu[ c_ [ZV f`]k]e\_ X] s`Z]

^WX]XYZW`] M]q_`]h Y_[_ Y_XiVef_Òh ZV ls ]fV]g] \s nV]iZ cZw ]X_i Y_[_ ZiY`Wf_`KY_eVXWif]

MfWX\] c_Wi eWg`_i dVkeWY]c_i! Z ZiY`ZgW] d]`] `ZgWif]i Z iWfZi c] s`Z] cZ XZqpYW_iOh Z Y_[_

d]eZif`]XfZ i_k`Z _i fZ[]i cZ XZq_YW]ab_ x Zif`]fuqW] d`_^WiiW_X]e. 6ii_ M_ [ZV f`]k]e\_ Y_[_

Y_XiVef_` Z ZiY`Wf_`Kd]eZif`]XfZO [Z c]g] V[] ZeZg]c] êZoWkWeWc]cZ cZ fZ[d_ d]`] d_cZ`h d_`

ZoZ[de_h W` d]`] _ &][d_ cZ (]`fZ g_]` XV[] $y ^ZW`] t f]`cZh iZ Xb_ fWgZiiZ XZX\V[Y_[d`_[Wii_ ]qZXc]c_. , ]iiW[h ^_W d_iizgZe Y_[Za]` [WX\] ^_`[]ab_ ]Z`_XsVfWY]h ]_ [Zi[_

fZ[d_ Z[ nVZh cZXf`Z _Vf`]i Y_Wi]ih []XfWX\] V[ ke_q dZii_]e YVl_ ^_Y_ Z`] _i ]iiVXf_i c_i

[ZVi eWg`_ih _ 3*AN= #=5Illl#4.

, ^_W XZiiZ ke_q dZii_]e nVZh Z[ _VfVk`_ cZ !SS9h ZV dVkeWnVZW [ZV d`W[ZW`_ ]`fWq_

i_k`Z ^_`[]ab_ ]Z`_XsVfWY]h _ 3!=;=


9/110

5

ZV `Zi_egW WXWYW]` V[ X_g_ ke_qh ZoYeViWg_ i_k`Z ^_`[]ab_ ]Z`_XsVfWY]F _ 3!=;= %6; !8IA:A4h nVZ

Y_[Za_V Z[ #? cZ []à_ cZ !S??.

4 56&7 ,!"#" % !'()*)0

,[ []à_K]k`We cZ !S??h X] ud_Y] Z[ nVZ ZV Y_[ZYZW Y_[ _ 3 !=;= %6; !8IA:A4h ZV Zif]g]

fZ`[WX]Xc_ _ [ZV YVì_ cZ BWe_f_ &_[Z`YW]e : DgWb_ X] [_c]eWc]cZ 3gWiV]e Z [_X_[_f_`4McZd_Wi ZV [Z \]kWeWfZW d]`] g_]` d_` WXif`V[ZXf_i Z [VefW[_f_`Zi Z[ ]Z`_X]gZ d]`fWYVe]Òh Z

Zif]g] [Z cZk]fZXc_ Y_[ ] nVZifb_ c_ Y\ZnVZ cZ B&D Y_[ ?$S\ cZ g__. BZe] [WX\]

WXfZ`d`Zf]ab_ c_ 80PD:J? MnVZ gWqW] t ud_Y]Oh ZV d_cZ`W] Y\ZY]` [WX\] eWYZXa] Y_[ ?$S\ cZ g__

iZ fWgZiiZ []Wi cZ ?S\ cZ ZodZ`WjXYW] Z[ iW[Ve]c_` \_[_e_q]c_h []i ] ZiY_e] _XcZ ZV g_]g]

fZW[]g] Z[ ]^W`[]` nVZ Wif_ Xb_ iZ`W] ]d`_g]c_ dZe] D@D&. B`_YV`ZW ]lVc] Z[ f_c_ eVq]` Z Xb_

ZXY_Xf`ZWh ]fu nVZ `Zi_egW ]``WiY]`F Y\ZnVZW Y_[ ?$S\ cZ ZodZ`WjXYW]h ^VW ]d`_g]c_ X_ Y\ZnVZh

ZXgWZW ] c_YV[ZXf]ab_ d]`] ] D@D&h Z... (WX\] eWYZXa] ^_W cZ^Z`Wc]{ B_o]h nVZ eZq]e{ (]i nV]Xf]

qZXfZ f][ku[ Zif]`W] gWgZXc_ iWfV]ab_ iZ[Ze\]XfZ Z Xb_ fWX\] ] nVZ[ `ZY_``Z`€ G_W ZXfb_ nVZ

ZV dVkeWnVZW V[ ]`fWq_ ZodeWY]Xc_ d_`nVZ iZ`W] gWsgZe Y\ZY]` _ B&D Y_[ [ZX_i cZ ?%S\h Z[ nVZ

Y_XcWa~Zi Wii_ iZ`W] d_iizgZeh Z [_if`]` [WX\] d`pd`W] ZodZ`WjXYW] Y_[ _ ]iiVXf_%. G_W ] d]`fW`

c]z nVZ ZV d_iWYW_XZW _ [ZV ke_q Y_[_ V[] ^Z``][ZXf] cZ 3NA=NQ89E cZ ^_`[]ab_ ]Z`_XsVfWY]4F

_ _klZfWg_ c_ ke_q d]ii_V ] iZ` _ cZ fZXf]` ]lVc]` dZii_]i nVZ Xb_ fWX\][ ] nVZ[ `ZY_``Z` Z[

Y]i_i Y_[_ _ c_ Y\ZnVZ cZ B&D Y_[ ?$S\ cZ ZodZ`WjXYW] cZ g__ < _V nVZ d]ii]`][ dZe_ nVZ ZV

d]iiZW X] ,B&D`h nV]iZ #S ]X_i ]XfZi{

&_[ Wii_h _ ke_q ^_W Y`ZiYZXc_h Z q]X\]Xc_ []Wi Z []Wi eZWf_`Zih ls nVZ ] cZ[]Xc]

`Zd`W[Wc] d_` ZifZ fWd_ cZ WX^_`[]ab_ Z`] ZX_`[Z. ,Xfb_h ZV Y_[ZYZW ] WXY_`d_`]` ZeZ[ZXf_i c]

[WX\] ^_`[]ab_ _`WqWX]e M^_`] c] ]gW]ab_O ]_ ke_qh d`WXYWd]e[ZXfZ i_k`Z Zif`]fuqW] Z

d_iWYW_X][ZXf_ d`_^WiiW_X]Wih Z ] `Zid_if] ^_W [VWf_ d_iWfWg]. @] ]gW]ab_h ZoWifZ V[] ^_`fZ

WXêVjXYW] c_ ^]f_` 3T64 M3TVZ[ 6XcWY]4O X]i Y_Xf`]f]a~Zi cZ dWe_f_ih d`WXYWd]e[ZXfZ X] ]gW]ab_

ZoZYVfWg]h Z Wif_ u V[ ]iiVXf_ nVZ Zifs X_ ^_Y_ c_i [ZVi eWg`_i dVkeWY]c_i ]XfZ`W_`[ZXfZh nVZ

ZV f`_VoZ d]`] _ ke_q Y_[ pfW[_i `ZiVef]c_i. , ZV f][ku[ Y_[ZYZW ] [Z d`Z_YVd]` Y_[ _Vf`_i

]iiVXf_i `Ze]YW_X]c_i t ^_`[]ab_ ]Z`_XsVfWY]h Y_[_ ] WXif`Vab_ X_ ZofZ`W_`h _i YVì_i

iVdZ`W_`Zi cZ ]gW]ab_h ZfY.h Z Wii_ f][ku[ f`_VoZ [VWf_i _Vf`_i eZWf_`Zi d]`] _ ke_q. GWX]e[ZXfZh

ZV WXY_`d_`ZW _ ]iiVXf_ 3iZqV`]Xa] cZ g__4h Y_[ V[] d]`YZ`W] Y_[ _ A,86BD:67 d]`] ]

dVkeWY]ab_ cZ WX^_`[]a~Zi i_k`Z iZqV`]Xa] ]Z`_XsVfWY] X_ ke_q. 6ii_ ^ZY\_V _ f`W_ cZ ]iiVXf_i

nVZ _ ke_q f`]f] ]fV]e[ZXfZ Z nVZ Zifs X] iV] cZiY`Wab_ X_ f_d_ c] dsqWX]F 3 cA;7=RSA

=6;A9>5:8N= q ,6;N=GA G6 :;=@=IQA H=;= H8IA:A< q %6E5;=9R= G6 WAA4.

(]i ZWi nVZ Y\Zq] _ ^]fzcWY_ cW] !! cZ lVX\_ cZ !S?!h nV]Xc_ _ X_g_ `ZqVe][ZXf_ i_k`Z

] Z[Wiib_ cZ eWYZXa]i Z \]kWeWf]a~Zi ^_W dVkeWY]c_ dZe] D@D& M_ 80D&:J?Oh Z c_ cW] d]`] ] X_WfZh ]

[]W_`W] c_i d_ifi i_k`Z ^_`[]ab_ ]Z`_XsVfWY] c_ ke_q ^WY_V _ki_eZf]. G_W ZXfb_ nVZ ZV cZYWcW

ZiY`ZgZ` V[ eWg`_ i_k`Z _i fZ[]i c_ ke_qh cZ [_c_ ] WXY_`d_`]` f_c]i ]i X_gWc]cZi c_ X_g_

`ZqVe][ZXf_ XV[ rXWY_ eVq]`h ]_ [Zi[_ fZ[d_ Z[ nVZ []XfWX\] _ ke_q Y_[ V[] eWX\] []Wi

% )`]f]:iZ c_ d_if 3&\ZnVZ cZ B& Y_[ ?$S\4 M\ffdFKKd]`]iZ`dWe_f_.Y_[K!S??KS%KS!KY\ZnVZ:cZ:dY:Y_[:

?$S\KO.


10/110

9

ZcWf_`W]eK_dWX]fWg] i_k`Z ]i nVZif~Zi nVZ ZeZ iZ d`_d~Z ] ]k_`c]`. 0]iWY][ZXfZh ] WcZW] WXWYW]e c_

eWg`_ Z`] ]fV]eWw]` _i d_ifi cZ ^_`[]ab_ ]Z`_XsVfWY] t eVw c_ X_g_ 80D&:J?h WXYeVW` ]eqVXi fZof_i

i_k`Z [Z`Y]c_ cZ f`]k]e\_ Z iZqV`]Xa] cZ g__h Z d`_Xf_F iZ`W] Y_Wi] cZ ]eqV[]i iZ[]X]i d]`]

nVZ _ eWg`_ ZifWgZiiZ d`_Xf_.

+IJKLMNOPQ RSTQLUNVUK' VN NUWNX MKLJPQ YQ UKZUQ[ NJ RV\QLSNO]KJ KJUPQ NUWNXR^NYNJ NU_N `N KSKVYN NQ *


11/110

?S

#O 35TXReNO]KJ YK NXULWnJSQ LKenTLQeQ TNLN TRXQUQJ4h nVZ u V[ `ZiV[_ ]c]df]c_ c_ [ZV

eWg`_ 3B`sfWY] X] )Z_`W]4 d]`] _ Y_XfZof_ c] ]gW]ab_}

• D 6NLUK $=h i_k`Z 3Y_]Y\WXq cZ ^_`[]ab_ ]Z`_XsVfWY]4h cWgWcWc] ZXf`Z _i iZqVWXfZi Y]dzfVe_iF

?O 3%QSQ KJeQXlKL Q JKW NKLQeXWIKgKJeQXN4h ZidZYz^WY_ i_k`Z Zif] nVZ u V[] c]i d`W[ZW`]i

cZYWi~Zi W[d_`f]XfZi X_ d`_YZii_ cZ ^_`[]ab_ ]Z`_XsVfWY]}

!O

3%QNelRVo TNLN kWKS TQJJWR LKeWLJQJ KJeNJJQJ4h nVZ Zode_`] ]i [Ze\_`Zi Zif`]fuqW]i

d]`] iZ`Z[ Vi]c]i d_` nVZ[ fZ[ Y_XcWa~Zi ^WX]XYZW`]i ]cgZ`i]i d]`] Z^ZfV]` ]

^_`[]ab_ ]Z`_XsVfWY]} Z

#O 3%NJQJ LKNRJ YK eQNelRVo YK \QLSNOPQ NKLQViWUReN4h nVZ `Zd`_cVwW`s ]eqVXi c_i Y]i_i

[]Wi WXfZ`Zii]XfZi nVZ ^_`][ ]k_`c]c_i X_ ke_q}

• D 6NLUK =h nVZ f`]f] cZ _Vf`_i ]iiVXf_i cZ WXfZ`ZiiZ d]`] dWe_f_ih X_i iZqVWXfZi Y]dzfVe_iF

?O 3CKoWLNVON YK MQQ4h Y_[ [VWf] WX^_`[]ab_ i_k`Z _ fZ[]h _kfWc] X] d]`YZ`W] c_ ke_q

Y_[ _ A,86BD:67h d`WXYWd]e[ZXfZ}

!O 3


12/110

??

4 -95&&: ,+),) *'#"# -#&./ 0 & 12"3*) '44) ."' 524*"# 0 ; ?(-2 .#$-%-@@A%B -@$- -95&&:

,ifZ Z:k__v fZ[ d_` _klZfWg_ ]fZXcZ` ti XZYZiiWc]cZi cZ WX^_`[]a~Zi i_k`Z ^_`[]ab_

]Z`_XsVfWY] c_i iZqVWXfZi drkeWY_iF

6O TVZ[ Zifs ]g]eW]Xc_ ] d_iiWkWeWc]cZ cZ WXWYW]` iV] ^_`[]ab_ ]Z`_XsVfWY]} Z

66O

TVZ[ ls Zifs Z[ d`_YZii_ cZ ^_`[]ab_ ]Z`_XsVfWY]h Z[ nV]enVZ` ZifsqW_.

' fZof_ nVZ Zifs X_ Z:k__v ^_W ZiY`Wf_ c] []XZW`] []Wi ][de] d_iizgZe cZXf`_ c_ nVZ

_Y_``Z X] d`sfWY]. 6ii_ iWqXW^WY] nVZ Ze] ZXqe_k] ]i ^_`[]a~Zi cZ BWe_f_ B`Wg]c_ Z cZ BWe_f_

&_[Z`YW]eh cZ ]gWb_ Z cZ \ZeWYpdfZ`_ < Zh X_ Y]i_ cZ ]gWb_h _^Z`ZYZ ]i _da~Zi cZ fZ` _V Xb_ ]i

\]kWeWf]a~Zi cZ 7__ d_` 6Xif`V[ZXf_i M6G8O Z cZ Y_XcVab_ cZ ]Z`_X]gZi c] Ye]iiZ c_i

[VefW[_f_`Zi fZ``Zif`Zi M(1),O.

1&2& & -95&&: -@$B &%7A#./A'&

Deu[ cZif] WXf`_cVab_h _ eWg`_ d_iiVWh Y_X^_`[Z ls YWf]c_h c_Wi Y]dzfVe_ih nVZ iZ`b_

Y_[ZXf]c_i Z[ iZqVWc]. &_[_ ZifZi Y]dzfVe_i ^_`][ Zof`]zc_i c_ ^VfV`_ eWg`_ 3B]`] AZ` BWe_f_4h\s `Z^Z`jXYW]i XZeZ d]`] _Vf`_i Y]dzfVe_i c_ eWg`_ nVZ Xb_ Zif]`b_ d`ZiZXfZi X_ Z:k__v. (]ih

^_`] Wii_h ZifZi Y]dzfVe_i ib_ Y_[deZf][ZXfZ ]Vf…X_[_ih Z 3^VXYW_X][4 dZ`^ZWf][ZXfZ cZ

[]XZW`] WXcZdZXcZXfZ < ip Xb_ cs d]`] ZXfZXcZ` _ Y]dzfVe_ ! iZ[ fZ` eWc_ _ Y]dzfVe_ ?

]XfZ`W_`[ZXfZ Me_q_ gZ`Z[_i d_` nVZO.

1ACD$(6& EF +),) 6*'#"# -#&./7

@ZifZ Y]dzfVe_h ] ^_`[]ab_ ]Z`_XsVfWY] cZ dWe_f_i cZ ]gWb_ Z cZ \ZeWYpdfZ`_i u Zode_`]c] Z[

iV]i f`ji cW[ZXi~Zi d`WXYWd]WiF ]i WXidZa~Zi cZ i]rcZh _i YV`i_i fZp`WY_ih Z _ f`ZWX][ZXf_


13/110

?!

d`sfWY_. DdZi]` cZ Zif]` ]d_W]c_ X_i []XV]Wi cZ YVì_i cZ dWe_f_i c] D@D& Z X_i `ZqVe][ZXf_i

]Z`_XsVfWY_i 80D&:J? Z 80D&J/h ] d`Z_YVd]ab_ u [_if`]` Y_[_ ] ^_`[]ab_ ]Z`_XsVfWY]

]Y_XfZYZ X] d`sfWY]. DdZi]` cZ _ ^_Y_ iZ` X] ^_`[]ab_ `Z]eWw]c] Z[ ]Z`_YeVkZKZiY_e] cZ ]gW]ab_

]fu ] _kfZXab_ c] eWYZXa] cZ BWe_f_ &_[Z`YW]eh f][ku[ ib_ ]k_`c]c]i ]i _da~Zi cZ ^_`[]ab_

Z[ ]Z`_X]gZ d]`fWYVe]`h Z _ 3BB cZ eVo_4 MnVZ[ Xb_ d`ZfZXcZ iZ d`_^WiiW_X]eWw]` X] ]gW]ab_h []i

d_cZ nVZ`Z` ]q`Zq]` \]kWeWf]a~Zi X] iV] Y]`fZW`]O.

@b_ u d`ZYWi_ nVZ f_c_ [VXc_ eZW] f_c_ _ Y]dzfVe_h _ eZWf_` d_cZ iZ Y_XYZXf`]` i_[ZXfZ X]i

_da~Zi nVZ e\Z WXfZ`Zii][. B_` ZoZ[de_F nVZ[ nVZ` iZ` dWe_f_ cZ ]gWb_ Z[ YVì_ \_[_e_q]c_

Xb_ d`ZYWi] eZ` ] d]`fZ nVZ f`]f] c_i dWe_f_i cZ \ZeWYpdfZ`_h _V c_i 3BBi cZ eVo_4. ,Xf`Zf]Xf_h

d]`] ZXfZXcZ` Y_[_ iZ f_`X]` dWe_f_ cZ \ZeWYpdfZ`_h u W[d_`f]XfZ Y_X\ZYZ` Y_[_ iZ f_`X]`

dWe_f_ cZ ]gWb_ d`W[ZW`_h d_Wi X_ fZof_ ZodeWY]fWg_ i_k`Z ] ^_`[]ab_ Z[ ]i] `_f]fWg] ip u

ZodeWY]c_ _ nVZ [Vc] Z[ `Ze]ab_ t ]i] ^Wo]. , ] d]`fZ i_k`Z WXidZa~Zi cZ i]rcZ Z YVì_i fZp`WY_i

]k`]XqZ f_c]i ]i _da~Zi cZ ^_`[]ab_ cZiY`Wf]i X_ Y]dzfVe_. D_ ^WX]eh ZoWifZ V[ ]`fWq_ < 3 "W8SA r

M6I8NYH:6;A4 < nVZ ^_W V[ c_i []Wi eWc_i X_ ke_qh Z nVZ u [VWf_ WXfZ`Zii]XfZ d]`] Y_[d`ZZXcZ`

]i cW^Z`ZXa]i ZXf`Z ]i Y]``ZW`]i X]i cV]i cW^Z`ZXfZi Y]fZq_`W]i cZ ]Z`_X]gZi. Deu[ cWii_h ZifZ

]`fWq_ Y_[Za] ] ZXf`]` X_ ]iiVXf_ c_i YVif_i c] ^_`[]ab_ ]Z`_XsVfWY]h nVZ u _ fZ[] c_ Y]dzfVe_

iZqVWXfZ.

+"89*2() :;


14/110

?#

GB7.#A@ '- AC&.& A& -95&&: #& 56&7 ,!"#" % !'()*)0

@_ ke_q 3B]`] AZ` BWe_f_4h ZoWifZ[ f`ji dsqWX]i cZ ]d_W_ ]_ Z:k__vh ] iZqVW` cZiY`Wf]iF

GB7.#A =>'3?4 @) &A-))?B

DnVWh Zifb_ Y_XYZXf`]c_i f_c_i _i eWXvi YWf]c_i X_ Z:k__vh ]d`ZiZXf]c_i X] _`cZ[ Z[

nVZ ZeZi ]d]`ZYZ[ X_ fZof_. @] iZab_ cZ Y_[ZXfs`W_ih _i eZWf_`Zi d_cZ[ iVqZ`W` _Vf`_i eWXvi nVZd_ii][ WXfZ`Zii]` ]_i cZ[]Wi.

GB7.#A =C##"*" D E*2"('F"GH&4B

@Zif] dsqWX]h Zif]`b_ cZiY`Wf]i MZ Y_``WqWc]ih u Ye]`_{O f_c]i ]i WX^_`[]a~Zi WXY_``Zf]i

nVZ ^_`Z[ iZXc_ cZfZYf]c]i ZK_V Z``_i cZ _`f_q`]^W] _V q`][sfWY]} ]iiW[ Y_[_ ]i ]fV]eWw]a~Zi

i_k`Z ]iiVXf_i f`]f]c_i X_ Z:k__v nVZ ls Y_Xf][ Y_[ X_gWc]cZi i_k`Z _ fZ[]. 'i eZWf_`Zi

d_cZ[ 3cZXVXYW]`4 _i Z``_i Z iVqZ`W` ]fV]eWw]a~Zi dZe] iZab_ cZ Y_[ZXfs`W_i c] dsqWX].

GB7.#A =IJ.'@"4 D +),&3*K#')4B

,if] dsqWX] u ZoYeViWg] d]`] ] d_if]qZ[ cZ crgWc]i Z Y_[ZXfs`W_i i_k`Z _ Z:k__vh

d_if]c] dZe_i iZVi eZWf_`Zi.

&_[ Wif_h ]Y`ZcWf_ nVZ Ziq_fZW ]i WX^_`[]a~Zi WXf`_cVfp`W]i d]`] _ Z:k__v. Dq`]cZa_

dZe] iV] ]nVWiWab_h Z ZidZ`_ d_cZ` Y_``Zid_XcZ` ti iV]i ZodZYf]fWg]i.

*[ q`]XcZ ]k`]a_h

8]Ve (]`WX\_


15/110

?$


16/110

?%

1ACD$(6& E ; ,1&2& H$.%A% 5%-8IJ0F 4 3A2.#K& 'A L&%2A)*&

A-%B($.3A [email protected] CA%A C.6&$&@ '- A8.*& - '- K-6.3MC$-%& #&

N%[email protected]

,oWifZ[ gs`W_i Y][WX\_i d_iizgZWi d]`] iZ f_`X]` dWe_f_ d`_^WiiW_X]e MWif_ uF _kfZ` ]

eWYZXa] cZ B&:BWe_f_ &_[Z`YW]eh nVZ u ] d`W[ZW`] nVZ d_iiWkWeWf] dWe_f]` d`_^WiiW_X]e[ZXfZOh Z

cWgZì]i d_iiWkWeWc]cZi cZ \]kWeWf]a~Zi ] iZ`Z[ WXY_`d_`]c]i ] Zif] eWYZXa]h XZYZiis`W]i d]`]

d_cZ` dWe_f]` cW^Z`ZXfZi ]Z`_X]gZiJ Z[ cWgZì]i Y_XcWa~Zi cZ g__/h _V d]`] `Z]eWw]` ]fWgWc]cZi

ZidZYz^WY]i X] ]gW]ab_h Y_[_ c]` WXif`Vab_ cZ g__h e]Xa]` d]`]nVZcWif]ih dWe_f]` ]Z`_X]gZi

]q`zY_e]ih Z ]iiW[ d_` cW]XfZ5. Deu[ cWii_h ] ^_`[]ab_ cZ V[ dWe_f_ d_cZ iZ` ^ZWf] X_ 0`]iWe _V X_

ZofZ`W_`9} g_]Xc_ Z[ ]Z`_X]gZi d]`fWYVe]`Zih _V Z[ YVì_i d`sfWY_i \_[_e_q]c_i c_i ]Z`_YeVkZi

Z c]i ZiY_e]i cZ ]gW]ab_} _kfZXc_ ] WXif`Vab_ fZp`WY] XZifZi [Zi[_i ]Z`_YeVkZiKZiY_e]ih _V Z[

^]YVec]cZi cZ &WjXYW]i DZ`_XsVfWY]ih DgW]ab_ &WgWeh _V cZ )ZYX_e_qW] Z[ BWe_f]qZ[ B`_^WiiW_X]e

cZ DZ`_X]gZi?S} iZ[ Y_Xf]` nVZ ] ^_`[]ab_ d_cZ iZ` _`WZXf]c] d]`] dWe_f]` ]gW~Zih \ZeWYpdfZ`_i_V _Vf`]i Y]fZq_`W]i cZ ]Z`_X]gZi??h _ nVZ ][deW] ]WXc] []Wi ]i d_iiWkWeWc]cZi ] iZ`Z[

Y_XiWcZ`]c]i XV[] ]XseWiZ ][de] c_ fZ[] 3Y_[_ fW`]` k`Zgj4. ,Xf`Zf]Xf_h g][_i X_i Y_XYZXf`]`

Z[ i_[ZXfZ f`ji ]idZYf_i XZifZ Y]dzfVe_F

?O D ^_`[]ab_ `Z]eWw]c] X_ 0`]iWeh Z[ YVì_i fZp`WY_i Z d`sfWY_i \_[_e_q]c_i c_i ]Z`_YeVkZi Z

c]i ZiY_e]i cZ ]gW]ab_h _V nV]Xc_ ] WXif`Vab_ d`sfWY] u `Z]eWw]c] Z[ ]Z`_X]gZi d]`fWYVe]`Zi}

!O D WXY_`d_`]ab_ _V Xb_ i_[ZXfZ c]i \]kWeWf]a~Zi cZ 6G8Dh cZ g__ dZe]i `Zq`]i cZ

WXif`V[ZXf_i d]`] ]gWb_h Z cZ (1),h cZ Y_XcVab_ cZ ]gW~Zi [VefW[_f_`Zi fZ``Zif`Zi

Mi_[ZXfZ d]`] _ Y]i_ cZ dWe_f_i cZ ]gWb_O} Zh ]cWYW_X]e[ZXfZF

#O

Di d_iiWkWeWc]cZi cZ ^_`[]ab_ d]`] dWe_f]` ]gWb_ _V \ZeWYpdfZ`_ MXZifZ refW[_ Y]i_h iZ[Y_XiWcZ`]` ] \]kWeWf]ab_ 6G8Ph cZ g__ d_` WXif`V[ZXf_i Z[ \ZeWYpdfZ`_?!O.

6XWYW]e[ZXfZh X_ii_ ^_Y_ XZifZ Y]dzfVe_ iZ`s ] ^_`[]ab_ d]`] dWe_f]` ]gW~Zih `Z]eWw]c]

WXfZq`]e[ZXfZ Z[ ]Z`_YeVkZKZiY_e]h Z Y_[ _ _klZfWg_ cZ _kfZ` ] Y]`fZW`] cZ B&DK(@),:6G8D <

J B_` d_cZ` dWe_f]` 3cW^Z`ZXfZi ]Z`_X]gZi4h ZXfZXcZ:iZ _kfZ` ]i \]kWeWf]a~Zi cZ &1DAA, [_X_ Z [VefW[_f_`

fZ``Zif`Z _V ]X^zkW]h Z ]i ]Z`_X]gZi eZgZi cZid_`fWg]i} ]eu[ c]i \]kWeWf]a~Zi cZ )6B'h d]`] dWe_f]` ]gW~Zi []Wii_^WifWY]c_i MfV`k_ueWYZi Z l]f_iO _V \ZeWYpdfZ`_i./ B`WXYWd]e[ZXfZ ] \]kWeWf]ab_ 6G8h nVZ dZ`[WfZ dWe_f]` d_` WXif`V[ZXf_i Z[ Y_XcWa~Zi [ZfZ_`_epqWY]i

cZi^]g_`sgZWi ]_ g__ gWiV]e.5 D _Vf`] \]kWeWf]ab_ d_iizgZeh cZ ]Y_`c_ Y_[ _ 80D&:J?!h u ] cZ `Zk_Y]c_` cZ de]X]c_` < Zh ]eu[ cZif]h \s

]WXc] ] ]Vf_`Ww]ab_ d]`] ]fV]` Y_[_ dWe_f_ cZ ZXi]W_i Z[ g__h cZ ]Y_`c_ Y_[ ] 6A:J?.?%!.9 @_ &]dzfVe_ % cZif] [Zi[] d]`fZh W`Z[_i Zode_`]` ] nVZifb_ c] ̂ _`[]ab_ ]Z`_XsVfWY] ̀ Z]eWw]c] X_ ZofZ`W_`h

Z[ Y_[d]`]ab_ Y_[ ] ^_`[]ab_ X_ 0`]iWe.?S

@_ &]dzfVe_ $h f][ku[ cZif] d]`fZh iZ`s ]k_`c]c] ] nVZifb_ c_i YVì_i iVdZ`W_`Zi c] ]gW]ab_.??

Deu[ cZ ]gWb_ Z cZ \ZeWYpdfZ`_h ib_ Y]fZq_ Ẁ]i cZ ]Z`_X]gZiF _ de]X]c_`h _ k]eb_ eWg`Zh _ cW`WqzgZeh Z ]`ZYZXfZ[ZXfZ WXY_`d_`]c] t eZqWie]ab_ 3]Z`_X]gZ cZ iVifZXf]ab_ d_` d_fjXYW]4 MnVZh X] d`sfWY]h ]WXc] Xb_ZoWifZ X_ 0`]iWeO.?!

D \]kWeWf]ab_ 6G8Ph nVZ u Y_XiWcZ`]c] V[] ̂ _`[]ab_ Y_[deZ[ZXf]`h iZ`s Zode_`]c] X_ Y]dzfVe_ ! cZif]d]`fZh V[] gZw nVZ ZifZ Y]dzfVe_ u cZcWY]c_ t ̂ _`[]ab_ ksiWY].


17/110

?J

nVZ iWqXW^WY] ] eWYZXa] cZ BWe_f_ &_[Z`YW]e cZ DgWb_ Y_[ ]i \]kWeWf]a~Zi d]`] dWe_f]` ]gW~Zi c]

&1DAA, c_i [_X_[_f_`Zi fZ``Zif`Zih Z cZ g_]` d_` WXif`V[ZXf_i. ,XfZXcWc] Zif] ^_`[]ab_

ksiWY]h Z[ iZqVWc] Xpi g][_i Y_[d`ZZXcZ` ]i g]`W]a~Zi X]i \]kWeWf]a~Zi cZ 6G8D Z cZ (@),

MWXYeVWXc_ ] \]kWeWf]ab_ cZ (1),h d]`] dWe_f]` ]gW~Zi c] 3Ye]iiZ cZ [VefW[_f_` fZ``Zif`Z4Oh Z

]k_`c]` ]i d_iiWkWeWc]cZi cZ ^_`[]ab_ d`sfWY] ^_`] cZ ]Z`_YeVkZKZiY_e] cZ ]gW]ab_ Mf_f]e _V

d]`YW]e[ZXfZO. ,h ]_ ^WX]e cZifZ Y]dzfVe_h `Z]eWw]`Z[_i ]i d`WXYWd]Wi ]c]df]a~Zi d]`] ZodeWY]` ]i

cW^Z`ZXa]i ZoWifZXfZi d]`] ] ^_`[]ab_ cZ dWe_f_i cZ \ZeWYpdfZ`_i.

@] ^_`[]ab_ ]Z`_XsVfWY] 3f`]cWYW_X]e4 < Z[ Y_Xf`]d_iWab_ t ^_`[]ab_ 3]efZ`X]fWg]4h nVZ

u ] X_g] eWYZXa] cZ B)(:BWe_f_ cZ )`WdVe]ab_ (refWde]?#


18/110

?/

&O D TLQ\ReRhVeRN TLiUReNh Y_[d`_g]c] d_` [ZW_ cZ V[ 3Y\ZnVZ4 MfZifZ d`sfWY_O ]deWY]c_ ]_i

dWe_f_i Y]XcWc]f_i t _kfZXab_ cZ ]eqV[] eWYZXa] _V \]kWeWf]ab_h Z f][ku[ `ZqWc] dZe_ 80D&:

J?. B]`] nVZ _ Y\ZnVZ fZX\] Z^ZWf_h u XZYZiis`W_ nVZ _ dWe_f_h ]eu[ cZ fZ` ]d`ZiZXf]c_ V[

k_[ cZiZ[dZX\_ X] iV] ]g]eW]ab_ d`sfWY]h ZifZl] `ZqVe]` nV]Xf_ ]_ iZV &(D Z iZV &&). AZ

Wii_ _Y_``Z`h ] D@D& Z[WfW`s V[ c_YV[ZXf_ Y\][]c_ &P):&Z`fW^WY]c_ cZ P]kWeWf]ab_

)uYXWY]h ZidZYW^WY]Xc_ ]i eWYZXa]i Z \]kWeWf]a~Zi c_ dWe_f_F Wif_ u _ nVZh d_dVe]`[ZXfZh

Y\][]:iZ 3k`Zgj4.

,Xfb_h XZifZ Y]dzfVe_ Xpi g][_i Zode_`]` Y_[_ ^]wZ` d]`] fW`]` _ k`Zgj cZ B&h cZicZ _

wZ`_ ]fu ] _kfZXab_ c] `ZidZYfWg] &P)h XV[ d`_YZii_ nVZ cZgZ`s cV`]` YZ`Y] cZ V[ ]X_ Z [ZW_

MX_ [zXW[_Oh Z Y_XiV[W` _ ZnVWg]eZXfZ ]_ nVZ iZ`W] q]if_ XV[] ^]YVec]cZ d`Wg]c] cZ V[ YVì_

`ZqVe]` cZ +W`ZWf_h ,XqZX\]`W]h _V Dc[WXWif`]ab_h d_` ZoZ[de_. @_ii_ d`WXYWd]e ^_Y_ iZ`b_ _i

YVì_i d`sfWY_i cZ BB Z B&h []i Y_[_ ]i WXidZa~Zi cZ i]rcZ Z _i YVì_i fZp`WY_i Z iV]i

`ZidZYfWg]i d`_g]i X] D@D& d_iiVZ[ zXfW[] eWq]ab_ Y_[ ] d]`fZ d`sfWY]h ZeZi d`ZYWi]`b_ iZ`

ZodeWY]c_i d`ZgW][ZXfZ.

"#@C-)O-@ '- PAQ'-F 3&2& L(#3.A2 &@ 1R>@

,oWifZ[ cV]i Ye]iiZi cZ &(Di d]`] dWe_f_i cZ ]gWb_ _V cZ \ZeWYpdfZ`_F ?y Ye]iiZh d]`]

B1Dih B&ih Z BBi Y_[ ] \]kWeWf]ab_ cZ g__ d_` WXif`V[ZXf_i M6G8O} Z !y Ye]iiZh d]`] BBi iZ[ ]

\]kWeWf]ab_ 6G8 M\s ]WXc] _i &(Di cZ #y Ye]iiZh d]`] Y_Xf`_e]c_`Zi cZ f`s^Zq_ ]u`Z_h Z cZ $y

Ye]iiZh d]`] dWe_f_i cZ ]gW~Zi eZgZi Z de]X]c_`ZiO. Ps ]eqV[] cW^Z`ZXa] cZ d]`m[Zf`_i ZXf`Z ]i

Ye]iiZih iZXc_ nVZ _i `ZnVWiWf_i cZ i]rcZ d]`] Y_XYZiib_ cZ &(D cZ ?y Ye]iiZ d_iiVZ[ Y`Wfu`W_i

V[ d_VY_ []Wi `zqWc_i nVZ _i cZ !y Ye]iiZ Md_` ZoZ[de_F d]`] _ &(D cZ ?y Ye]iiZ u ZoWqWc] V[]

]YVWc]cZ gWiV]e cZ !SK#Sh ZXnV]Xf_ nVZ ] ]YVWc]cZ gWiV]e XZYZiis`W] d]`] ] Y_XYZiib_ c_ &(D

cZ !y Ye]iiZ u cZ !SK$S < Wii_ iZ`s []Wi kZ[ ZodeWY]c_ ]cW]XfZOh []i Xb_ u X]c] [VWf_

iWqXW^WY]fWg_. 'V iZl]F nVZ[ Y_XiZqVZ d]ii]` XV[ Zo][Z cZ !y Ye]iiZ fZ[ q`]XcZi Y\]XYZi cZ

f][ku[ iZ` ]d`_g]c_ X_ Zo][Z cZ ?y Ye]iiZ. ,h ]fV]e[ZXfZh u d_iizgZe `Z]eWw]` _i Zo][Zi cZ ?y

Z cZ !y Ye]iiZi Z[ P_idWf]Wi c] DZ`_XsVfWY] _V Z[ YezXWY]i d]`fWYVe]`Zih WXcWifWXf][ZXfZ

M^]e]`Z[_i []Wi cWif_ ]cW]XfZO.

*[] WXidZab_ cZ i]rcZ d_cZ iZ` 3WXWYW]e4h nV]Xc_ iZ _kfu[ _ YZ`fW^WY]c_ cZ V[]

cZfZ`[WX]c] Ye]iiZ dZe] d`W[ZW`] gZw} _V 3`Zg]eWc]ab_4h nVZ u `Z]eWw]c] nV]Xc_ _ &(D u

`ZX_g]c_ Z[ ]fu YWXY_ ]X_i cZd_Wi cZ ZodW`]c] iV] c]f] cZ g]eWc]cZ MiZ d]ii]` cZifZ d`]w_h u

XZYZiis`W_ V[ X_g_ Zo][Z WXWYW]eO. P_lZ Z[ cW]h Xb_ u []Wi d`ZYWi_ fZ` iWc_ ]d`_g]c_ X_ Zo][Z

cZ !y Ye]iiZ d]`] d_cZ` `Z]eWw]` _ Zo][Z cZ ?y Ye]iiZh Z XZ[ u []Wi XZYZiis`W_ fZ` _ &(D cZ ?y

Ye]iiZKB& d]`] d_cZ` _kfZ` _ cZ ?y Ye]iiZKB1Dh Y_[_ Z`] \s ]fu kZ[ d_VY_ fZ[d_ < _ Y]XcWc]f_

d_cZ _kfZ` _ iZV &(D cZ ?y Ye]iiZKB1D cW`Zf][ZXfZh e_q_ X_ d`W[ZW`_ Zo][Z.

+Z nV]enVZ` []XZW`]h d]`] _ d`W[ZW`_ &(D ] iZ` _kfWc_h u XZYZiis`W_F

]O )Z` _kfWc_h d`ZgW][ZXfZh V[ 3&pcWq_ D@D&4h YVl_ `ZidZYfWg_ d`_YZcW[ZXf_ d]`] _kfZXab_

ZXY_Xf`]:iZ dVkeWY]c_ X_ iWfZ c] D@D&!}


19/110

?5

kO ,if]` cZ d_iiZ c] 3Y]`f] cZ ZXY][WX\][ZXf_4h nVZ u V[ c_YV[ZXf_ Z[WfWc_ dZe_

]Z`_YeVkZKZiY_e] Z[ nVZ _ Y]XcWc]f_ Zifs _V d`ZfZXcZ Zif]` []f`WYVe]c_ d]`] _i YV`i_i

fZp`WY_ ZK_V d`sfWY_}

YO )Z` `Z]eWw]c_ d`ZgW][ZXfZ f_c_i _i Zo][Zi YezXWY_i i_eWYWf]c_i dZe_ \_idWf]eKYezXWY] Z[ nVZ

iZ g]W `Z]eWw]` ] WXidZab_h nVZ d_cZ[ iZ` _i iZqVWXfZiF Zo][Zi e]k_`]f_`W]Wi cZ i]XqVZ Z

V`WX]?Jh `]W_i R c_ dVe[b_h c_i iZW_i c] ^]YZ Z d]X_`m[WY_ c_i cZXfZih ZeZf`_ZXYZ^]e_q`][]h

fZifZ Z`q_[uf`WY_ Z[ ZifZW`] Md]`] []W_`Zi cZ #% ]X_iOh Z fZifZi diWY_fuYXWY_i Z cZ ]VcWab_}

cO 1Zg]` ] Y]cZ`XZf] cZ g]YWX]ab_ nVZ Y_[d`_gZ nVZ ]i g]YWX]i d]`] ^Zk`Z ][]`Ze] Z fuf]X_ ?/

Zifb_ cZXf`_ c_ d`]w_ cZ g]eWc]cZ}

ZO )Z` ]qZXc]c_ _ Zo][Z d`ZgW][ZXfZ MgZ`W^WY]` ] XZYZiiWc]cZ lVXf_ ]_ \_idWf]eKYezXWY] Z[ nVZ

iZ d`ZfZXcZ `Z]eWw]` ] WXidZab_O} Z

^O B]`] nVZ[ ^_` `Z]eWw]` ] WXidZab_ X_i \_idWf]Wi [WeWf]`Zih `ZY_e\Z` ] 28*:2VW] cZ

8ZY_e\W[ZXf_ c] *XWb_ `Z^Z`ZXfZ t f]o] c_ Zo][Z?5 MX_i Zo][Zi `Z]eWw]c_i Z[ YezXWY]i

d]`fWYVe]`Zi _V Z[ _Vf`_i \_idWf]Wi c] DZ`_XsVfWY]h d]q]:iZ ] f]o] X_ d`pd`W_ e_Y]eO.

&_[ ZifZi d]ii_i `Zi_egWc_ih ] dZii_] Zifs eWkZ`]c] d]`] `Z]eWw]` iV] WXidZab_h nVZ

nV]Xc_ ^_` `Z]eWw]c] Z[ P_idWf]Wi c] DZ`_XsVfWY] eZg] c_Wi cW]i d]`] _ Zo][Z WXWYW]eh _V V[ cW]

d]`] ]i `Zg]eWc]a~Zi} Z X]i YezXWY]ih ZifZ d`]w_ u g]`WsgZeh []i qZ`]e[ZXfZ u cZ V[ cW] f]Xf_ d]`]

_ WXWYW]e nV]Xf_ d]`] ]i `Zg]eWc]a~Zi.

B]`] d_cZ` g_]` Y_[_ f`WdVe]XfZ XV[] ]Z`_X]gZ MiZl] Y_[_ dWe_f_ Z[ Y_[]Xc_h _V

Y_[_ Y_dWe_f_Oh u W[d`ZiYWXczgZe nVZ iZ ZifZl] Y_[ _ &(D gseWc_. P_lZ Z[ cW]h Xb_ u []Wi

_k`Wq]fp`W_ d_`f]` _ c_YV[ZXf_ nVZ Y_[d`_gZ nVZ _ Zo][Z Zifs cZXf`_ c_ d`]w_ cZ g]eWc]cZ

MX] gZ`c]cZh ZifZ c_YV[ZXf_ XZ[ ZoWifZ []WiOh []i _ &(D cZgZ Zif]` gseWc_ X_ iWfZ c] D@D& <

cZ d_iiZ c_ &pc.D@D& Z c_ &BGh u d_iizgZe Y_XiVefs:e_?9. 'i d`]w_i cZ g]eWc]cZ c_i &(Di g]`W][

cZ ]Y_`c_ Y_[ ] ^]Wo] Zfs`W] Z Y_[ ] eWYZXa] c_ dWe_f_h WXcZdZXcZXfZ c] Ye]iiZ c_ YZ`fW^WY]c_h c]

iZqVWXfZ ^_`[]F

DO BBi Mf]Xf_ _ 3Y_[V[4h cZ !y Ye]iiZh nV]Xf_ _ 6G8h cZ ?y Ye]iiZOF

]. Dfu #9 ]X_iF JS [ZiZi M% ]X_iO}

k. +Z $S ] $9 ]X_iF !$ [ZiZi M! ]X_iO} Z

Y. %S ]X_i _V []WiF ?! [ZiZi M? ]X_O

0O B&i Z B1Di < []W_`W] c_i Y]i_iF

]. Dfu %9 ]X_iF ?! [ZiZi M? ]X_O} Z

k. JS ]X_i _V []WiF J [ZiZi

?J Ab_ ̀ Z]eWw]c_i _i iZqVWXfZi fZifZi X_i Zo][Zi cZ i]XqVZ Z V`WX]F qeWYZ[W] Z[ lZlV[ Zh X_i Y]i_i eW[zf`_^Zih

\Z[_qe_kWX] qeWY]c]} Y_eZifZ`_e f_f]e Z ̂ `]a~Zi} f`WqeWYZ`zcZ_i} Y`Z]fWXWX]h _kiZ`g]Xc_ lZlV[ cZ ?! \_`]i}\Z[_q`][] Y_[deZf_} V`WX] fWd_ 6 M,DAO} c_i]qZ[ cZ 0Zf]:P&2 d]`] Y]XcWc]f]i c_ iZo_ ̂ Z[WXWX_} Z fWd]qZ[i]XqVzXZ] Z ^]f_` 8Ph X_i Zo][Zi WXWYW]Wi.?/

B]`] nVZ[ XVXY] f_[_V ] g]YWX] cZ fuf]X_h i_[ZXfZ Y_[ ] ?y c_iZ Mib_ f`jih X_ f_f]eO _ Y]XcWc]f_ u]d`_g]c_. +Zd_Wih X]i ̀ Zg]eWc]a~Zih u d`ZYWi_ Y_[d`_g]` fZ` f_[]c_ ]i c_iZi iVkiZnVZXfZi.?5

Di WXif`Va~Zi cZf]e\]c]i d]`] ] Z[Wiib_ Z d]q][ZXf_ c] 28* ZXY_Xf`][:iZ X_ iWfZ c_ &,(D1!.?9

D Y_XiVef] c_ &(D Zifs cWid_XzgZe X_ iWfZ c] D@D&!.


20/110

?9

&O B&i Z B1Di < ]fV]XfZi X] ]gW]ab_ Y_[Z`YW]e dWe_f]Xc_ ]Z`_X]gZi nVZ XZYZiiWfZ[ cZ i_[ZXfZ

V[ dWe_f_!SF

]. Dfu #9 ]X_iF ?! [ZiZi M? ]X_O} Z

k. $S ]X_i _V []WiF J [ZiZi

S.%A% & 1R> -2 T&@C.$A.@ 'A >-%B($.3A &( -2 36D#.3A@ CA%$.3(6A%-@F ?(A6 A2-6K&% &C)*&U

8Zq`] qZ`]eh ]i YezXWY]i _^Z`ZYZ[ []Wi Y_[_cWc]cZ Z `]dWcZwh []i ZoWqZ[ nVZ iZ eZgZ ]

[]W_`W] c_i Zo][Zi d`_Xf_i M_kfWc_i dZe_ Y]XcWc]f_h t d]`fZO} ZXnV]Xf_ nVZ _i \_idWf]Wi

[WeWf]`Zi cb_ V[ f`]f][ZXf_ Y_[ [ZX_` Y_[_cWc]cZ Z cZ[_`][ []Wih []i Z[ Y_[dZXi]ab_

ZeZi `Z]eWw][ ] []W_` d]`fZ c_i Zo][Zi WXfZ`X][ZXfZh iZ[ YVif_ ]cWYW_X]e. B]`] nVZ[ d_iiVW V[

de]X_ cZ i]rcZ nVZ Y_k`Z f_c_i _i Zo][Zih _ YVif_ Xb_ cZgZ`s iZ` [VWf_ []W_` XV[] YezXWY]

d]`fWYVe]` c_ nVZ XV[ \_idWf]e [WeWf]` M[Zi[_ nVZh Z[ qZ`]eh ]i f]o]i Y_k`]c]i dZe]i YezXWY]i

iZl][ V[ d_VY_ []Wi ZeZg]c]i nVZ _i \_idWf]Wi [WeWf]`ZiOh []i Wii_ d_cZ g]`W]` k]if]XfZh ZXfb_

u k_[ iZ WX^_`[]` nV]Xf_ ]_ iZV Y]i_ Z[ ZidZYW]e!?. TV]Xf_ t `WqWcZw c_i Y`Wfu`W_i cZ ]d`_g]ab_h

Z[ fZiZ Xb_ \s cW^Z`ZXa]} [VWf_ Z[k_`]h X] d`sfWY]h ]i YezXWY]i fZXc][ ] iZ` k]if]XfZ []Wi

Y_[d`ZZXiWg]i nVZ _i \_idWf]Wi [WeWf]`Zi M[]i Wii_ Xb_ u V[] `Zq`]O.

,oWifZ[ cWgZì_i P_idWf]Wi c] DZ`_XsVfWY] Z[ f_c_ _ d]zi \]kWeWf]c_i d]`] `Z]eWw]` ]

WXidZab_ cZ i]rcZ Y_[ gWif]i t _kfZXab_ cZ &(Dh []i _ &,(D1:&ZXf`_ cZ (ZcWYWX]

DZ`_Zid]YW]eh e_Y]eWw]c_ d`poW[_ t 0]iZ Du`Z] c_ 2]eZb_h X_ 8W_ cZ U]XZW`_:8Uh u _ \_idWf]e []Wi

kZ[ ZnVWd]c_h Z _XcZ _ f`]f][ZXf_ cWidZXi]c_ ]_ Y]XcWc]f_ u [Ze\_`. ' &,(D1 f][ku[ u

\WZ`]`nVWY][ZXfZ iVdZ`W_` ]_i cZ[]Wi P_idWf]Wi c] DZ`_XsVfWY] c_ 0`]iWeh Z d_` Wii_ u es nVZ ib_

`Z^ZWf]i ]i WXidZa~Zi Z[ Y]i_ cZ `ZYVì_ih nV]Xc_ V[ Y]XcWc]f_ u WXY_``Zf][ZXfZ MX] gWib_

cZeZO `Zd`_g]c_ < gZl] X_ 80D&:J/ Y_[_ `ZY_``Z` cZ V[] cZYWib_ cZi^]g_`sgZeh iZ ^_` _ Y]i_!!.

4 ?(- V .#8-@$.7A'& #(2A .#@C-)*& '- @AQ'- CA%A &5$-#)*& '- 1R>

6XcZdZXcZXfZ c] Ye]iiZ c_ &(Dh _ Y]XcWc]f_ u Zo][WX]c_ X_i iZqVWXfZi `ZnVWiWf_i cZ

i]rcZ < f_c_i cZf]e\]c][ZXfZ cZiY`Wf_i X_ 80D&:J/!#h _XcZ u d_iizgZe fW`]` f_c]i ]i crgWc]i

i_k`Z _i d]`m[Zf`_i [ucWY_i nVZ iZ`b_ eZg]c_i Z[ Y_Xf] d]`] ]d`_g]ab_ X] Y_XYZiib_ cZ &(D

c] `ZidZYfWg] Ye]iiZ c_ Y]XcWc]f_F

?O L&12'4'*)4 ,&3*"'4 & 5),8)#*",&3*"'4F Ab_ Z^ZfV]c_i cWgZì_i fZifZi diWY_fuYXWY_i

MWXYeViWgZ _ fZifZ cZ WXfZ`d`Zf]ab_ cZ 3[]XY\]i cZ #A


21/110

!S

f`]Xif_`X_i Z cWifr`kW_i diWY_epqWY_i ZK_V diWnVWsf`WY_i _i []Wi g]`W]c_i MWXYeViWgZ

cZd`Ziib_h nVZ u WXY]d]YWf]XfZ ZXnV]Xf_ ] c_ZXa] dZìWifW` < cZd_Wih _ Y]XcWc]f_ d_cZ iZ`

`Z]g]eW]c_ Z eWkZ`]c_O. ,Xf`Zf]Xf_h c_Wi f`]Xif_`X_i diWY_epqWY_i ib_ `Zid_XisgZWi d_` V[

ZX_`[Z Xr[Z`_ cZ `Zd`_g]a~ZiF _ f`]Xif_`X_ cZ ]XiWZc]cZ Z _ cZ W[]fV`Wc]cZ < nVZ

d_iiVZ[ cW]qXpifWY_i iVklZfWg_ih Z qZ`]e[ZXfZ Zifb_ ]ii_YW]c_i ] Y_[d_`f][ZXf_i

ZnVWg_Y]c_i c_i Y]XcWc]f_i. B_` Wii_h u d`ZYWi_ d`Zif]` [VWf] ]fZXab_ Z[ f_c_i _i cZf]e\Zi

cZ Y_[d_`f][ZXf_ X_ cW] c_ Zo][Zh cZicZ ] `_Vd] VfWeWw]c] Md_` ZoZ[de_F V[] Y][WiZf] c_

!ABV7A9 d_iiWgZe[ZXfZ Xb_ iZ`s V[] k_] ZiY_e\]h iZ g_Yj Xb_ nVWiZ` iZ` WXfZ`d`Zf]c_

Y_[_ W[]fV`_Oh ]fu ] eWXqV]qZ[ Y_`d_`]e Z d]e]g`]i []e ZiY_e\Wc]i X]i Y_XgZì]i Y_[ _i

diWYpe_q_iKdiWnVW]f`]i} ]eu[ c_ Y_[d_`f][ZXf_ qZ`]e c_ Y]XcWc]f_ cV`]XfZ ] ]deWY]ab_ c_i

fZifZih nVZ f][ku[ u ]g]eW]c_. @b_ u `ZY_[ZXcsgZe `Z]eWw]` _i fZifZi iZ ] dZii_] ZifWgZ`

d]ii]Xc_ d_` V[ [_[ZXf_ cW^zYWe X] gWc] Md_` ZoZ[de_F ]Y]k_V cZ dZ`cZ` _ Z[d`Zq_h _V

[_``ZV V[ d]`ZXfZ d`poW[_Oh Z u W[d_`f]XfZ Zif]` kZ[ cZiY]Xi]c_ X_ cW] c_ Zo][Zh Y_[

V[] k_] X_WfZ cZ i_X_ dùgW]. ,ifZ u V[ c_i `ZnVWiWf_i nVZ []Wi `Zd`_g][ ]fV]e[ZXfZ.

!O

L&12'4'*)4 3&2#)(MN'5)4' ' cW]qXpifWY_ cZ c_ZXa]i XZV`_epqWY]i u k]iZ]c_ X_ZeZf`_ZXYZ^]e_q`][]h Z ib_ WXgZifWq]c_ih d`WXYWd]e[ZXfZh WXczYW_i cZ ZdWeZdiW]h ]XZV`Wi[]ih Z

_Vf`]i ZX^Z`[Wc]cZi c_ iWifZ[] XZ`g_i_ YZXf`]e. ,ifZ Xb_ Y_ifV[] iZ` V[ ^]f_` ^`ZnVZXfZ

cZ `Zd`_g]a~Zi.

#O L&12'4'*)4 5"#@')(MN'5)4' B_cZ[ iZ` i_eWYWf]c_i cWgZì_i Zo][Zi Y]`cW_epqWY_ih []i _ []Wi

Y_[V[ u nVZ iZ ^]a] i_[ZXfZ V[ ZeZf`_Y]`cW_q`][] c_ Y_`]ab_ Md]`] Y]XcWc]f_i [ZX_`Zi

cZ #% ]X_iOh _V V[ fZifZ Z`q_[uf`WY_ cZ Zi^_à_ d]`] nVZ[ fWgZ` []Wi Wc]cZh ]eu[ c]

[ZcWc] c] d`Ziib_ MnVZ Xb_ d_cZ iZ` iVdZ`W_` ] 3?$ R 94Oh Z c] ]g]eW]ab_ c_i XzgZWi cZ

Y_eZifZ`_e Z f`WqeWYu`WcZi X_ i]XqVZh nVZ cZgZ[ Zif]` cZXf`_ c_ XzgZe cZ X_`[]eWc]cZ d]`] _

iZo_ Z Wc]cZ c_ Y]XcWc]f_. )][ku[ u ]g]eW]c_ _ 6(&:LXcWYZ cZ (]ii] &_`d_`]e!$h nVZ Xb_

d_cZ iZ` iVdZ`W_` ] #Sh Z ] YW`YVX^Z`jXYW] c] YWXfV`]h nVZ Xb_ d_cZ ZoYZcZ` ?S!Y[ X_i\_[ZXi Z 55Y[ X]i [Ve\Z`Zi. )_c_i ZifZi d]`m[Zf`_i Z Zo][Zi YezXWY_i iZ`gZ[ d]`]

WcZXfW^WY]` WXczYW_i cZ ]eqV[] c_ZXa] Y]`cW_g]iYVe]` X_ Y]XcWc]f_h YVl] `Ze]ab_ Y_[deZf]

d]`] Y_XiVef]h iZ ^_` _ Y]i_h ZXY_Xf`]:iZ X_ `Z^Z`Wc_ 80D&:J/. ,ifZ u V[ `ZnVWiWf_ cZ

[_cZ`]c] W[d_`fmXYW] X]i `Zd`_g]a~Zi.

$O L&12'4'*)4 83&2,)(MN'5)4' ' Zo][Z ksiWY_ cZifZ WfZ[ u _ `]W_:R c_ dVe[b_h nVZ iZ`gW`s

d]`] WcZXfW^WY]` WXczYW_ cZ ]eqV[] c_ZXa] ]qVc] _V Y`…XWY] c_i dVe[~Zih Z[ ZidZYW]e ]i[] Z

fVkZ`YVe_iZ. @b_ u Y_[V[ nVZ Y]XcWc]f_i nVZ fWgZ`][ ]i[] X] WX^mXYW]h []i nVZ Y\Zq]`][

t Wc]cZ ]cVef] iZ[ `ZinVzYW_i c] c_ZXa] MnV]c`_ k]if]XfZ Y_[V[ X] d_dVe]ab_O iZl][

`Zd`_g]c_i. B_VY_i Y]XcWc]f_i ib_ `Zd`_g]c_i XZifZ `ZnVWiWf_.

%O L&12'4'*)4 @'N&4*'.)4' @b_ \s V[ Zo][Z d]c`b_ d]`] ZifZ `ZnVWiWf_h XZ[ ZifZ u V[ WfZ[

Y_[ ZeZg]c_ Xr[Z`_ cZ `Zd`_g]a~Zi X] WXidZab_ cZ i]rcZh ^WY]Xc_ i_[ZXfZ _i Y]i_i []Wi

ZgWcZXfZi Y_[_ d`Z_YVd]XfZi d]`] _ Y]XcWc]f_.

JO L&12'4'*)4 ,&*"-M('5)4O 32*#'5')3"'4 & &3@)5#'3)(MN'5)4' &_[ k]iZ X_i Zo][Zi cZ

i]XqVZ Z V`WX]h _ _klZfWg_ ]nVW u WXgZifWq]` ] _Y_``jXYW] cZ c_ZXa]i Y_[_ _ \Wd_ _V

\WdZ`fW`_WcWi[_h cW]kZfZi [ZeWf_ WXiVeWX_cZdZXcZXfZh Z \Wd_ _V \WdZ`qeWYZ[W]} ]eu[ c]

!$ 'kfWc_ dZe] cWgWib_ c_ dZi_ dZe] ]efV`] ]_ nV]c`]c_ c_ Y]XcWc]f_.


22/110

!?

_kZiWc]cZ M6(& []W_` nVZ $SO. )_c_i ZifZi nV]c`_i ib_ d]iizgZWi cZ `Zd`_g]ab_h nVZ ib_

d_VY_ ^`ZnVZXfZi.

/O L&12'4'*)4 P&,"*)(MN'5)4' )][ku[ Y_[ k]iZ X_ Zo][Z cZ i]XqVZh ZifZ `ZnVWiWf_ u i_k`Z

]i c_ZXa]i i]XqVzXZ]i Z c_ iWifZ[] eWX^sfWY_h Y_[_ ]i ]XZ[W]i Z _i fV[_`Zi eWX^sfWY_i.

8]`][ZXfZ ]eqVu[ u `Zd`_g]c_ d_` ZifZi ^]f_`Zi.

5O

L&12'4'*)4 3&Q#)(MN'5)4 & 2#)(MN'5)4' ,ifZ WfZ[ f][ku[ Xb_ `ZnVZ` XZX\V[ Zo][Z

ZidZYW]eh ] Xb_ iZ` nVZ _ Zo][Z cZ V`WX] ]d`ZiZXfZ WXczYW_i cZ ZX^Z`[Wc]cZi Y_[_ dZc`]i

X_i `WXi. @b_ iZ f`]f] cZ `ZnVWiWf_ Y_[ ZeZg]c] f]o] cZ `Zd`_g]a~Zih cZ nV]enVZ` ^_`[].

9O L&12'4'*)4 )-4*R*#'5)4' D Y]XcWc]f] q`sgWc] MYVl] q`]gWcZw u WcZXfW^WY]c] dZe_ Zo][Z cZ

i]XqVZK0Zf]P&2O Xb_ fZ`s iZV &(D cZ nV]enVZ` Ye]iiZ ]d`_g]c_ < Z Y]i_ Ze] iZl] d_`f]c_`]

cZ V[ &(D gseWc_h ZifZ iZ`s iVidZXi_ ZXnV]Xf_ Ze] ZifWgZ` q`sgWc]F u _k`Wq]ab_ c] dWe_f_

q`sgWc] i_eWYWf]` ] iVidZXib_ c_ iZV &(D ]iiW[ nVZ i_VkZ` cZ iZV Zif]c_h cZ ]Y_`c_ Y_[ _

`ZqVe][ZXf_. Ddpi _ d]`f_ M_Vh ZgZXfV]e[ZXfZh c] WXfZ``Vdab_ c] q`]gWcZwOh u XZYZiis`W_ V[

Zo][Z cZ `Zg]eWc]ab_ d]`] `Z]cnVW`W` _ &(D.

?SO

L&12'4'*)4 M4*&)A"#*'52("#&4' ,ifZ u V[ WfZ[ [VWf_ fZ[Wc_ dZe_i Y]XcWc]f_ih d_Wi WXYeVWZXf`Z _i ^]f_`Zi cZ `Zd`_g]ab_ ] ZoWifjXYW] cZ \u`XW]i cZ cWiY_h ZiY_eW_iZih YW^_iZi Z

e_`c_iZih [VWf_ Y_[VXi ZXf`Z ] d_dVe]ab_ Z[ qZ`]e. )_c]gW]h _ `ZqVe][ZXf_ ZidZYW^WY] nVZ

ZifZi d`_keZ[]i cZ i]rcZ fj[ nVZ iZ` iWXf_[sfWY_i ] d_Xf_ cZ ]^Zf]` ] iZqV`]Xa] cZ g__h _

nVZ `ZcVw iWqXW^WY]fWg][ZXfZ ]i d_iiWkWeWc]cZi cZ `Zd`_g]ab_ d_` nVZif~Zi cZifZ fWd_. @b_

\sh Z[ d`WXYzdW_h Zo][Zi ZidZYz^WY_i d]`] ZifZi `ZnVWiWf_i.

??O L&12'4'*)4 )*)##'3)("#'3N)(MN'5)4' @ZifZ WfZ[h ib_ WXgZifWq]c_i ZgZXfV]Wi d`_keZ[]i X_i

_VgWc_i M] ]VcWab_ Z[ iW u _klZf_ cZ _Vf`_ WfZ[O Zh d`WXYWd]e[ZXfZh nVZif~Zi `Ze]YW_X]c]i

]_i cVf_i X]i]Wih WXgZifWq]c]i dZe_ Zo][Z cZ `]W_i R c_i iZW_i c] ^]YZ. 6if_ nVZ` cWwZ`h X]

d`sfWY]h nVZ Y]XcWc]f_i c_f]c_i cZ cZigW_i cZ iZdf_ X]i]e d_cZ[ iZ` `Zd`_g]c_ih

d`WXYWd]e[ZXfZ X_i Zo][Zi d]`] _kfZXab_ cZ &(D cZ ?y Ye]iiZh cZdZXcZXc_ c] q`]gWc]cZcZifZ cZigW_ Z cZ iV]i Y_XiZnVjXYW]i. ,Vh d]`fWYVe]`[ZXfZ MZ d_` ZodZ`WjXYW] d`pd`W]Oh

`ZY_[ZXc_ nVZ iZ _dZ`Z cZifZ d`_keZ[]h iZ ^_` ZifZ _ Y]i_h _ nV]Xf_ ]XfZih d_Wi ]eu[ cZ

ZgWf]` `Zd`_g]a~Zi X_i Zo][Zi d]`] &(Dh ] Y_``Zab_ cZ cZigW_i cZ iZdf_ X]i]e ]V[ZXf]

k]if]XfZ ] nV]eWc]cZ cZ gWc] c] dZii_]h nVZ `ZidW`] Z c_`[Z [Ze\_`. AZ[ Y_Xf]` nVZ ]

YW`V`qW] g]W ]^]if]` cZ^WXWfWg][ZXfZ _ `WiY_ cZ `Zd`_g]ab_ d_` cZigW_ cZ iZdf_h nVZ u [VWf_

^`ZnVZXfZ.

?!O L&12'4'*)4 )Q*"(,)(MN'5)4' ,ifZ u V[ `ZnVWiWf_ nVZ `Zd`_g] [ZX_i c_ nVZ iZ`W] cZ iZ

ZidZ`]`. ,[k_`] \]l] V[ Xr[Z`_ ZeZg]c_ cZ `ZnVWiWf_i _^f]e[_epqWY_i cZf]e\]c_i X_ 80D&:

J/h _ nVZ u []Wi _kiZ`g]c_ ib_ _i iZqVWXfZi WfZXih ]g]eW]c_i d_` [ZW_ cZ Zo][Z YezXWY_

`Z]eWw]c_ X_ \_idWf]e _V YezXWY]F

]. D ]YVWc]cZ gWiV]e d]`] e_XqZh nVZ cZgZ iZ` iVdZ`W_` ] !SK#S Z[ Y]c] _e\_ d]`] &(D

cZ ?y Ye]iiZ Z !SK$S d]`] &(D cZ !y Ye]iiZ < Y_[ Y_``Zab_h iZ ^_` _ Y]i_ M[]i iZ _

Zo][Z ^_` `Z]eWw]c_ Y_[ pYVe_i _V eZXfZih \]gZ`s V[] _kiZ`g]ab_ X_ &(D nV]Xf_ t

_k`Wq]f_`WZc]cZ cZ Vi_ cZ eZXfZi Y_``ZfWg]iO}

k. D ]YVWc]cZ gWiV]e d]`] dZ`f_h Y_[ eZWfV`] cZ Y]`f]i ZXf`Z #S Z %SY[. cZ cWifmXYW]h Z ]

?SSY[. cZ cWifmXYW] M`ZnVWiWf_ nVZ Y_ifV[] dZq]` dWe_f_i `ZYu[:ZXf`]c_i X] ^]Wo]


23/110

!!

c_i $S ]X_i 3cZ Y]ea]i YV`f]i4!%O < Zh cZ ]Y_`c_ Y_[ _ `ZqVe][ZXf_h Xb_ iZ d_cZ

f`_Y]` cZ pYVe_i d]`] `Z]eWw]` _ Zo][Z d]`] dZ`f_ Z d]`] e_XqZh _ nVZ iWqXW^WY] iZ`

XZYZiis`W_ VfWeWw]` pYVe_i kWK[VefW^_Y]Wi}

Y. +]ef_XWi[_h nVZ iZqVXc_ _ `ZqVe][ZXf_ iWqXW^WY] nVZ _ Y]XcWc]f_ 3cZgZ `ZY_X\ZYZ`

]i Y_`Zi [WifV`]c]i X]i f]kZe]i cZ iZXi_ Y`_[sfWY_ _Vh X_ [zXW[_h ]i Y_`Zi ksiWY]i

Wi_e]c]i Vi]c]i Z[ ]gW]ab_4 MX_`[]e[ZXfZh u ]deWY]c_ _ 3fZifZ cZ 6i\W\]`]4 !J d]`]

]g]eW]ab_ cZ c]ef_XWi[_O} Zh ]WXc]F

c. ' Y]XcWc]f_ 3cZgZ ]d`ZiZXf]` Y][d_i gWiV]Wih d`Ziib_ _YVe]`h ^VXc_ c_i _e\_i

M^VXc_iY_dW]O Z Yp`XZ]i X_`[]Wi4h _ nVZ WXYeVW ]VijXYW] cZ YZ`]f_Y_XZh V[ d`_keZ[]

[VWf_ Y_[V[ X] d_dVe]ab_h Z nVZ `Zd`_g] X] WXidZab_ cZ i]rcZ.

?#O L&12'4'*)4 "2@'*'.)4' @] WXidZab_ cZ i]rcZ d]`] _kfZXab_ cZ &(Dih f]Xf_ cZ ?y nV]Xf_ cZ

!y Ye]iiZih ib_ `Z]eWw]c_i fZifZi ]VcWfWg_i Z[ Y]kWXZ t d`_g] cZ i_[h d]`] gZ`W^WY]` iZ _

Y]XcWc]f_ _VgZ kZ[ X]i d`WXYWd]Wi ^`ZnVjXYW]i i_X_`]i. 'VgW` [riWY] [VWf_ ]ef]h

ZidZYW]e[ZXfZ Y_[ ^_XZi cZ _VgWc_h d_cZ d`ZlVcWY]` ] ]VcWab_h ]iiW[ Y_[_ d]ii]` [VWf_

fZ[d_ Z[ ][kWZXfZi ZoYZiiWg][ZXfZ k]`Ve\ZXf_i iZ[ d`_fZab_ MWXYeVWXc_ ] []W_` d]`fZc_i ]gW~Zi cZ WXif`Vab_ VfWeWw]c_i X_ 0`]iWeO. ' `ZY_[ZXcsgZe u XVXY] XZqeWqZXYW]` Zif]

nVZifb_h []i ZidZYW]e[ZXfZ X_i cW]i nVZ ]XfZYZcZ`Z[ t WXidZab_h ZgWf]` ]_ [soW[_ ZiiZ

fWd_ cZ iWfV]ab_. 'Vf`_ d`_keZ[] u _ ]Yr[Ve_ cZ YZ`] X_ WXfZ`W_` c_ _VgWc_. @b_ cs d]`]

`Zi_egZ` ZiiZ d`_keZ[] Y_[ 3NA:A96:6


24/110

!#

Z[d`Zq_h Z eZg_V k_[k] X] ^]YVec]cZh fVc_ ]_ [Zi[_ fZ[d_. Dz g_Yj dZXi_Vh X] ud_Y]h Z[

dVe]` c_ ?5‡ ]Xc]` c_ iZV dùcW_h []i fVc_ Xb_ d]ii_V cZ dZXi][ZXf_i k_k_i. Dq_`]h ^`ZXfZ ]_

nVZifW_X][ZXf_ c_ Zo][WX]c_`h d_` nVZ g_Yj cZgZ`W] `Ze]f]` nVZ dZXi_V Z[ iVWYzcW_ X]nVZe]

_Y]iWb_€ ' Zo][WX]c_` Xb_ fZ[ Y_[_ i]kZ` cWii_ iZ g_Yj Xb_ Y_Xf]`h []i iZ g_Yj Y_Xf]` ZeZ W`s

e\Z `Zd`_g]` Mu ] _k`Wq]ab_ cZeZh W[]qWX] iZ ZeZ Xb_ e\Z `Zd`_g]h Z cZd_Wi g_Yj ZX^W] _ ]gWb_ XV[

dùcW_€O. (]ih Y_XgZX\][_iF g_Yj Xb_ u V[ iVWYWc] Z[ d_fZXYW]e{ @b_ u d_`nVZ g_Yj d]ii_V

d_` V[ []V [_[ZXf_ X_ d]ii]c_ nVZ g_Yj g]W iZ iVWYWc]` lVXf_ Y_[ YZXfZX]i cZ WX_YZXfZi X]

d`W[ZW`] _d_`fVXWc]cZ. +ZV d]`] ZXfZXcZ` _ nVZ nVZ`_ cWwZ`€ @b_ Zif_V `ZY_[ZXc]Xc_ ]

XWXqVu[ [ZXfW` X_i Zo][Zi d]`] _kfZXab_ cZ &(Dh []i u d`ZYWi_ fZ` YZ`f] 3[]ezYW]4 d]`] Xb_

Y_[d`_[ZfZ`:iZ iZ[ XZYZiiWc]cZ. @_ []Wih u fZ` Y]e[] Z Zif]` cZiY]Xi]c_ X_ cW] c_ Zo][Zh

]eu[ cZ Xb_ W` d]`] ] WXidZab_ Y_[ nVZif~Zi cZ i]rcZ dZXcZXfZih Y_[_ Ys`WZi Xb_ f`]f]c]ih

Y_eZifZ`_e ^_`] cZ Y_Xf`_eZh pYVe_i cZ^]i]c_ih ZfY.

&_[d`ZZXcWc_ ZifZi ]idZYf_i d]`] ] _kfZXab_ c_ &(Dh d]iiZ[_i ]q_`] ti ZodeWY]a~Zi

i_k`Z _i YVì_i Z d`_g]i fZp`WY]i c] ^_`[]ab_ ]Z`_XsVfWY]F

4@ 3(%@&@ $-M%.3&@ - A ,5A#3A )3A('3&0 #A L&%2A)*& A-%B($.3A

D WXif`Vab_ fZp`WY] ZoWqWc] X] ^_`[]ab_ ]Z`_XsVfWY] ksiWY] X_ 0`]iWe u Y_[d_if] d_` f`ji

YVì_ih `Z]eWw]c_i Z[ ]Z`_YeVkZiKZiY_e]i \_[_e_q]c_i dZe] D@D& MnVZ f][ku[ d_cZ[ Zif]`

WXYeVzc_i X_i YV``zYVe_i c_i YVì_i cZ XzgZe iVdZ`W_` c]i ^]YVec]cZi cZ &WjXYW]i DZ`_XsVfWY]i Z

iW[We]`ZiOF _ YVì_ cZ BBh _ cZ B&h Z _ cZ B1Dh X]i gZì~Zi d]`] ]gWb_ Z d]`] \ZeWYpdfZ`_. +Zd_Wi

cZ `Z]eWw]c_i ZifZi YVì_i Y_[ ]d`_gZWf][ZXf_ < Wif_ uF _ ]eVX_ d`ZYWi] fZ` iWc_ ]d`_g]c_ Y_[

[ucW] iVdZ`W_` ] /hS Z[ f_c]i ]i []fu`W]i < _Y_``Z ] eWkZ`]ab_ d]`] nVZ _ Y]XcWc]f_ d`ZifZ V[]

d`_g] VXW^WY]c] X] D@D&h Y_X\ZYWc] Y_[_ 3k]XY] _X:eWXZ4 MiZXc_ nVZ _ fZ`[_ 3_X:eWXZ4 Xb_

iWqXW^WY] nVZ g_Yj d_ii] ^]wZ` ] d`_g] Z[ Y]i]h gW] WXfZ`XZfh ZeZ nVZ` cWwZ` nVZ ] d`_g] u

`Z]eWw]c] Z[ Y_[dVf]c_`Zi Z[ `ZcZ X]i WXif]e]a~Zi cZ V[ ZiY`Wfp`W_ c] D@D&O. D d]`fW` cZ

!?KS9K!S?%h f_c_i ZifZi YVì_i iZ`b_ `ZnVWiWf_i _k`Wq]fp`W_i d]`] nVZ ]eqVu[ d_ii] d`Zif]` ]

`ZidZYfWg] k]XY] _X:eWXZ < ]XfZi cZif] c]f]h i_[ZXfZ _ YVì_ cZ B& u M_V Z`]O _k`Wq]fp`W_.

,[k_`] ZifZi YVì_i ZifZl][ cZf]e\]c][ZXfZ cZiY`Wf_i X_i []XV]Wi _^WYW]Wi c_i YVì_i cZ BBh B&

Z B1D!/h dVkeWY]c_i dZe] D@D&h _i `Ze]f_i ] iZqVW` iZ`b_ k]iZ]c_i X_ nVZ ]Y_XfZYZ X] d`sfWY] X]

[]W_`W] c_i ]Z`_YeVkZiKZiY_e]i c_ 0`]iWeh nVZ u V[ d_VY_ cW^Z`ZXfZ Md`WXYWd]e[ZXfZ ]dpi

!?KS9K!S?!h nV]Xc_ ^_W dVkeWY]c] V[] Z[ZXc] ]_ 80D&J? M] ,(+SS$O Y_[ cW^Z`ZXa]i

W[d_`f]XfZi X_i `ZnVWiWf_i d]`] ] Z[Wiib_ cZ eWYZXa]i Z \]kWeWf]a~ZiO.

1(%@& $-M%.3& '- GG

&_[ cV`]ab_ ]d`_oW[]c] cZ f`ji [ZiZi Z [ZW_h qZ`]e[ZXfZ u `Z]eWw]c_ Z[ [ZW_ dZ`z_c_

cZ []X\b _V t X_WfZh _V Z[ dZ`z_c_ WXfZ`q`]e X_i ^WX]Wi cZ iZ[]X] < f][ku[ \s Y]i_i cZ YVì_i

_^Z`ZYWc_i Z[ fZ[d_ WXfZq`]e cV`]XfZ ] iZ[]X]h nV]Xc_ cV`] YZ`Y] cZ V[ [jih []i ib_ []Wi

!/ )_c_i _i []XV]Wi c_i YVì_i cZ BBh B& Z B1Dh d]`] ]gWb_ Z \ZeWYpdfZ`_h ]eu[ c_ []XV]e c_ YVì_ cZ g__ d_`

WXif`V[ZXf_i M6G8O < nVZ ib_ Y\][]c_i cZ ((Di:(]XV]Wi c_ (WXWifu`W_ c] DZ`_XsVfWY] _V (&Di:(]XV]Wi c_&_[]Xc_ c] DZ`_XsVfWY]h cZdZXcZXc_ c] ud_Y] Z[ nVZ ̂ _`][ dVkeWY]c_i < ZXY_Xf`][:iZ cWid_XzgZWi d]`]iZ`Z[ k]Wo]c_i X] zXfZq`] X_ ke_q B]`] AZ` BWe_f_!.


25/110

!$

`]`_i MZh ]fV]e[ZXfZh f][ku[ u _^Z`ZYWc_ X] [_c]eWc]cZ ,D+:,XiWX_ t +Wif6]XYW]O. ' YVì_

fZp`WY_ cZ BB d]`] ]gWb_ _V \ZeWYpdfZ`_ u Y_[d_if_ c]i iZqVWXfZi cWiYWdeWX]iF

?O L&N2(",&3*)4 @& *#KQ&N) "R#&) < ]i `Zq`]i ksiWY]i nVZ V[ dWe_f_ cZgZ iZqVW` nV]Xc_

ZifWgZ` ZoZ`YZXc_ ^VXab_ ] k_`c_F

•

TV]Wi ib_ ]i WXifWfVWa~Zi ]Z`_XsVfWY]i k`]iWeZW`]i Z WXfZ`X]YW_X]Wi < nVZ[ ^]w _ nVjX] ]gW]ab_}

• Di 3`Zq`]i c_ ]`4 < []Wi _V [ZX_i ZnVWg]eZXfZi ti `Zq`]i cZ f`mXiWf_ d]`] _i

]Vf_[pgZWi}

• &_[_ _ ]gW]c_` cZgZ iZ Y_[d_`f]` X]i cW^Z`ZXfZi iWfV]a~Zih d`WXYWd]e[ZXfZ X]i

Z[Z`qjXYW]i}

• 'i d`WXYWd]Wi c_YV[ZXf_i VfWeWw]c_i dZe_ dWe_f_h ZidZYW]e[ZXfZ _ 3Be]X_ cZ 7__4}

• D cWgWib_ c_ Zid]a_ ]u`Z_}

• &_[_ iZ `Ze]YW_X]` Y_[ _i p`qb_i cZ f`s^Zq_ ]u`Z_h ZfY.

' Y_XfZrc_ Y_[V[ d]`] _i YVì_i cZ ]gWb_ Z \ZeWYpdfZ`_ u cZ YZ`Y] cZ []Wi cZ 9Sh Z u

`ZY_[ZXcsgZe nVZ f_c_i _i dWe_f_i i]Wk][ f_c_ _ `ZqVe][ZXf_h ls nVZ Y_[d]`fWe\][ _

[Zi[_ Zid]a_ ]u`Z_ dZe_ [ZX_i X_ d_Vi_ Z X] cZY_e]qZ[.

!O S".&N"GT) < ]i WX^_`[]a~Zi XZYZiis`W]i d]`] d_iiWkWeWf]` ]_ dWe_f_ g_]` Y_[ iZqV`]Xa]

dZe]i `Zq`]i cZ g__ gWiV]eF

• &_X\ZYZ` Y]`f]i Z []d]i VfWeWw]c_i X] ]gW]ab_ MX]gZq]ab_ gWiV]eO}

• 'i Y_XYZWf_i cZ `V[_i Z d`_]ih Z `ZidZYfWg_i YseYVe_i}

• Di cZYeWX]a~Zi []qXufWY]ih _i Z``_i cZ krii_e]h _i Z^ZWf_i c_i gZXf_ih Z Z^ZfV]`

YseYVe_i Z[ 3Y_[dVf]c_`Zi cZ g__4 MùqV]i cZ YseYVe_iO}

• A]kZ` Y]eYVe]` ^Vi_i \_`s`W_i Z `Zi_egZ` d`_keZ[]i ZXg_egZXc_ ]i cW^Z`ZXa]i X_i

\_`s`W_i [VXcW]Wi}

• A]kZ` Y]eYVe]` ]i `Zq`]i cZ f`ji c] ]gW]ab_ M]Vf_X_[W]h gZe_YWc]cZh ZfY.O

,if] []fu`W] u WcjXfWY] d]`] dWe_f_i cZ ]gWb_ Z cZ \ZeWYpdfZ`_.

#O U&)#'" @& .)) < Z[ V[] d]e]g`]F GziWY] MZgWcZXfZ[ZXfZh ]deWY]c] t ]fWgWc]cZ ]Z`_XsVfWY]O. Q

9S cW^Z`ZXfZ d]`] ]gW~Zi Z \ZeWYpdfZ`_ih nVZ g_][ cZ []XZW`]i [VWf_ cW^Z`ZXfZi. @_ YVì_

cZ BB d]`] ]gWb_h ] []fu`W] u i_k`Z ] GziWY] c_ g__ Z[ k]Wo] gZe_YWc]cZ M[ZX_i nVZ

%SSv[K\h ]d`_oW[]c][ZXfZOh ZXnV]Xf_ nVZ d]`] _ YVì_ cZ BB d]`] \ZeWYpdfZ`_h _ _klZfWg_

u fZXf]` ZXfZXcZ` Y_[_ 3]nVWe_4 g_].$O V&*&)#)()N'" < Y_[_ V[ dWe_f_ cZgZ Y_[d`ZZXcZ` ]i WX^_`[]a~Zi [ZfZ_`_epqWY]i nVZ ZeZ

_kiZ`g] _V `ZYZkZ c_i iZ`gWa_i cZ ]d_W_ ]_ g__F

• A]kZ` eZ` Z WXfZ`d`Zf]` _i d`WXYWd]Wi k_eZfWXi [ZfZ_`_epqWY_i M(,)D8h AB,&6h )DGO}

• ,XfZXcZ` _i iWifZ[]ih ]i ^`ZXfZih Z _i YpcWq_i [ZfZ_`_epqWY_i}

• A]kZ` nV]Wi ib_ _i d`WXYWd]Wi dZ`Wq_i d]`] ] ]gW]ab_}

• &_X\ZYZ` ]i Y]`]YfZ`zifWY]i c]i XVgZXi MZ Y_[_ ]`kWf`]` ] ]efV`] cZ iV] k]iZO Z c_i

gZXf_i}


26/110

!%

• ,XfZXcZ` Y_[_ ^VXYW_X][ _i ZnVWd][ZXf_i [ZfZ_`_epqWY_i Z cZ ]efW[Zf`W].

@b_ \s cW^Z`ZXa] d]`] _i YVì_i cZ BB cZ ]gWb_ Z cZ \ZeWYpdfZ`_.

%O +)3P&5',&3*)4 *R53'5)4 < ]i WX^_`[]a~Zi i_k`Z ]i Y]`]YfZ`zifWY]i fuYXWY]i c]i ]Z`_X]gZiF

•

+Zf]e\Zi i_k`Z _ ^VXYW_X][ZXf_ c_i [_f_`Zi ] dWifb_h c_i iWifZ[]i Zeuf`WY_ih\Wc`sVeWY_i Z [ZYmXWY_ih Z c_i WXif`V[ZXf_i c_ d]WXZe}

• &_[_ Y_[k]fZ` WXYjXcW_i}

• 'i iWifZ[]i cZ ]eW[ZXf]ab_h `Z^`WqZ`]ab_h eVk`W^WY]ab_h ZnVWd][ZXf_i ]XfW:qZe_h ZfY.

,if] []fu`W] u YZ`Y] cZ %S cW^Z`ZXfZ d]`] dWe_f_i cZ ]gWb_ Z \ZeWYpdfZ`_.

D d]`fW` cZ nV]Xc_ d]ii]` ] iZ` _k`Wq]fp`W_ _ YVì_ d`ZiZXYW]e d]`] BBi M!?KS9K!S?%Oh

cZd_Wi cZ ]d`_g]c_ _ ]eVX_h _ ]Z`_YeVkZKZiY_e] ZXgW] ] WX^_`[]ab_ cZ ]d`_g]ab_ d]`] ] D@D&h

nVZ ZXfb_ eWkZ`] ] WXiY`Wab_ c_ Y]XcWc]f_ d]`] nVZ ZeZ d_ii] `Z]eWw]` ] `ZidZYfWg] k]XY] _X:eWXZ.

B]`] f]eh u d`ZYWi_ `ZY_e\Z` ] f]o] Y_``Zid_XcZXfZ d_` [ZW_ c] ls YWf]c] 28*:2VW] cZ

8ZY_e\W[ZXf_ c] *XWb_h Z cW`WqW`:iZ ] V[ ZiY`Wfp`W_ c] D@D& d]`] ]qZXc]` _ Zo][Z M_V `Z]eWw]` _

d`_YZcW[ZXf_ dZe_ iWfZ c] D@D&O!5. +Zd_Wih u ip Y_[d]`ZYZ` ]_ e_Y]e ZiY_e\Wc_ X] c]f]

]qZXc]c] d]`] ^]wZ` ] d`_g]. ' `ZiVef]c_ MiZ ]d`_g]c_ _V `Zd`_g]c_O u WX^_`[]c_ WXif]XfZi

]dpi _ ZXYZ``][ZXf_ c] d`_g]h Z iZ _ Y]XcWc]f_ ^_` `Zd`_g]c_ Z[ ]fu cV]i []fu`W]ih ZeZ d_cZ

`ZdZfW` V[ X_g_ Zo][Z i_[ZXfZ cZif]i cWiYWdeWX]i. AZ `Zd`_g]c_ cZ X_g_h _V iZ ] `Zd`_g]ab_

WXWYW]e _Y_``ZV Z[ f`ji []fu`W]i _V []Wih u d`ZYWi_ `ZdZfW` f_c_ _ Zo][Z. D WX^_`[]ab_ i_k`Z _

cZiZ[dZX\_ c_ Y]XcWc]f_ X_i Zo][Zi fZp`WY_i ^WY] cWid_XzgZe d]`] Y_XiVef] X_ iWfZ c] D@D&!.

Ddpi fZ` iWc_ ]d`_g]c_ X_ Y\ZnVZ cZ BB < Wif_ uF nV]Xc_ _ DB:DeVX_ BWe_f_ Y_XiZqVW`

_kfZ` _ 3k`Zgj4 cZ BB Y

'i YVì_i cZ B& Md]`] ]gWb_ _V \ZeWYpdfZ`_O fj[ ] [Zi[] cV`]ab_ Z [ZYmXWY] cZ

^VXYW_X][ZXf_ c_i YVì_i cZ BBh Z ]i []fu`W]i ib_ ]i [Zi[]ih Y_[ ]i iZqVWXfZi cW^Z`ZXa]i X]i

`ZidZYfWg]i ]k_`c]qZXiF

?O L&N2(",&3*)4 @& *#KQ&N) "R#&)F ] d`WXYWd]e cW^Z`ZXa] X_i YVì_i cZ B& Z[ `Ze]ab_ ]_i cZ

BB u ] WXYeVib_ c]i `Zq`]i ZidZYz^WY]i `ZnVZ`Wc]i X_ g__ d_` WXif`V[ZXf_i M6G8Oh

ZidZYW]e[ZXfZ d]`] _i Y]XcWc]f_i s eWYZXa] cZ B&D. B]`] _i ]eVX_i c_ YVì_ cZ B&Ph u nV]iZ

V[] `ZdZfWab_ c_ BB MWXYeVZ[:iZ ]eqV[]i WX^_`[]a~Zi i_k`Z ]i `Zq`]i 6G8h []i Xb_ ib_f_c]iO.

!O S".&N"GT)F _ YVì_ cZ B& d]`] ]gWb_ u Y_[deZf][ZXfZ cW^Z`ZXfZ c_ YVì_ cZ BB MnVZ u

qZXu`WY_ d]`] ]gWb_ _V \ZeWYpdfZ`_Oh d_Wi X_ Y]i_ c_ B&D ZeZ u g_ef]c_ t X]gZq]ab_ d_`

WXif`V[ZXf_i M6G8O Z t `Zi_eVab_ cZ d`_keZ[]i Y_[deZf_i cZ X]gZq]ab_ ]u`Z] iZqVXc_ ]i

`Zq`]i cZifZ fWd_ cZ g__ < nVZ u [VWfziiW[_ []Wi Y_[deZo_ Z f`]k]e\_i_. B]`] _i ]eVX_i c_

!5 Di WXif`Va~Zi d]`] ]qZXc][ZXf_ c_i Zo][Zi Z cZ[]Wi ̀ ZY_[ZXc]a~Zi d]`] _i Zo][Zi fZp`WY_i ZXY_Xf`][:

iZ X_ c_YV[ZXf_ 3&_[djXcW_ cZ WXif`Va~Zi d]`] Y]XcWc]f_i4h cWid_XzgZe X_ iWfZ c] D@D&!.


27/110

!J

YVì_ cZ B& d]`] \ZeWYpdfZ`_ f][ku[ \s `Zi_eVab_ cZ d`_keZ[]i cZ X]gZq]ab_h []i

i_[ZXfZ dZe]i `Zq`]i cZ g__ gWiV]e.

#O U&)#'" @& .))F d]`] dWe_f_i cZ ]gWb_h _ nVZ [Vc] X_ YVì_ cZ B& Z[ `Ze]ab_ ]_ cZ BB u ]

WXYeVib_ c_ g__ cZ ]ef] gZe_YWc]cZh `Z]eWw]c_ Z[ gZe_YWc]cZ 3(]Y\ Sh$4 _V iVdZ`W_` MY]c]

3(]Y\4 ZnVWg]eZ t gZe_YWc]cZ c_ i_[h YZ`Y] cZ ?.!SSv[K\ ]_ XzgZe c_ []Ò. Us _i ]eVX_i c_

YVì_ cZ B& d]`] \ZeWYpdfZ`_h nVZ Xb_ W`b_ g_]` Z[ ]ef]i gZe_YWc]cZih Y_XfWXV]`b_ fZXf]Xc_

ZXfZXcZ` Y_[_ 3]nVWe_4 g_].

$O V&*&)#)()N'"F d`]fWY][ZXfZ WcjXfWY_ ]_ YVì_ cZ BBh f]Xf_ d]`] _i ]eVX_i cZ B& cZ ]gWb_

nV]Xf_ cZ \ZeWYpdfZ`_.

%O +)3P&5',&3*)4 *R53'5)4F d]`] B&ih WXYeVZ[:iZ _ Y_X\ZYW[ZXf_ i_k`Z [_f_`Zi ] `Z]ab_h

f]Xf_ _i fV`k_l]f_i Z fV`k_^]Xi c_i ]gW~Zih nV]Xf_ _i fV`k_ZWo_i MZifZih f][ku[ VfWeWw]c_i

Z[ \ZeWYpdfZ`_iO. ,ii] []fu`W] Y_XfWXV] YZ`Y] cZ %S cW^Z`ZXfZ d]`] dWe_f_i cZ ]gWb_ Z

\ZeWYpdfZ`_.

'i d`_YZcW[ZXf_i `Ze]YW_X]c_i s k]XY] _X:eWXZ cZ B& ib_ WcjXfWY_i ]_i c] k]XY] cZ BBh Z

]dpi ] `ZidZYfWg] ]d`_g]ab_h [Zi[_ iZ[ fZ` Y\ZY]c_ ] eWYZXa] cZ B&h _ dWe_f_ ls d_cZ `Z]eWw]` ]

k]XY] cZ B1D MiZ[ _ `ZidZYfWg_ YVì_ \_[_e_q]c_ ]fu !?KS9K!S?%h cZ ]Y_`c_ Y_[ _ 80D&:J?O.

Ddpi Zif] c]f]h iZ`s XZYZiis`W_ ^`ZnVZXf]` V[ YVì_ fZp`WY_ cZ B1Dh Z XZeZ _kfZ` ]d`_g]ab_.

&_[_ Zif] ZoWqjXYW] u [VWf_ `ZYZXfZh _i ]Z`_YeVkZiKZiY_e]i ]WXc] Zifb_ iZ Zif`VfV`]Xc_ d]`]

_^Z`ZYZ` ZifZ YVì_h ZXfb_ Xb_ iZ i]kZ Zo]f][ZXfZ Y_[_ ZeZi iZ`b_ Z[ fZ`[_i cZ cV`]ab_ Z

[ZYmXWY] cZ ^VXYW_X][ZXf_. )_c]gW]h ZeZi cZgZ`b_ iZqVW` _ ZinVZ[] c]i k]XY]i _X:eWXZ cZ B1Dh

nVZ d_iiVZ[ i_[ZXfZ cV]i []fu`W]i d]`] _ `ZidZYfWg_ Zo][ZF 8ZqVe][ZXf_i cZ )`s^Zq_ Du`Z_

Md`]fWY][ZXfZ WcjXfWY] ]_ B&Oh Z )Z_`W] cZ 7__h nVZ ZXqe_k] f][ku[ _i Y_X\ZYW[ZXf_i i_k`Z

!6;dA;7=9N6 Z BZi_ x 0]e]XYZ][ZXf_ < Zif]ih ]i rXWY]i X_gWc]cZi ZoYeViWg]i c] d`_g] cZ B1D!9.

+Z nV]enVZ` []XZW`]h d]`] ] Y_[d`ZZXib_ c_ ^VXYW_X][ZXf_ c] ^_`[]ab_ ]Z`_XsVfWY]

c_ wZ`_ ]fu ] _kfZXab_ c] &P) cZ B&h d`ZYWi][_i `Zf_`X]` ]_ WXzYW_ d]`] d_cZ`[_i Y_[Za]` ]

ZodeWY]` _ ^VXYW_X][ZXf_ c_ YVì_ d`sfWY_ cZ BB. )Vc_ Y_[Za] Y_[ ] eWYZXa] cZ DB:DeVX_ BWe_f_

M_Vf`] X_gWc]cZ WXf`_cVwWc] Y_[ _ X_g_ 80D&:J?Oh nVZ u ] nVZ ]Vf_`Ww] V[] dZii_] ] WXWYW]` ]

iV] WXif`Vab_ d`sfWY] cZ g__h _ X_ii_ d`poW[_ ]iiVXf_.

> 6.3-#)A '- >G9>6(#& G.6&$&Z[F A A($&%./A)*& CA%A 3&2-)A% A

AC%-#'-% A C.6&$A%

B]`] _kfZ` Zif] d`W[ZW`] eWYZXa] cZ dWe_f_ u d`ZYWi_ i_[ZXfZ ] Y_[d`_g]ab_ cZ Wc]cZ Z

^_`[]ab_ ZiY_e]`h d_iiVW` V[ &(D cZ !y &e]iiZKBBh Z Zif]` []f`WYVe]c_ X_i YVì_i fZp`WY_ Zd`sfWY_ cZ BB Z[ ]eqV[ ]Z`_YeVkZKZiY_e] \_[_e_q]c_ dZe] D@D& M] []f`zYVe] Z[ YVì_ fZp`WY_

\_[_e_q]c_ d_cZ iZ` iVkifWfVzc] d_` []f`zYVe] Z[ YVì_ iVdZ`W_` cZ ]gW]ab_O. D iZqVW`h V[

cZf]e\][ZXf_ cZifZi `ZnVWiWf_iF

!9 ,ifZ ]iiVXf_ iZ`s []Wi kZ[ Zode_`]c_ X_ &]dzfVe_ # cZif] [Zi[] d]`fZ.

#S ,if] eWYZXa] Xb_ u ]deWY]c] X] d`sfWY] dZe] D@D&h ]fV]e[ZXfZ. B_ù[h Y_[_ Zifs Y_``Zf][ZXfZ

`ZqVe][ZXf]c]h g_V f`]fs:e] Y_[_ iZ ^_iiZh d_Wi ] nV]enVZ` [_[ZXf_ ] D@D& d_cZ Y_[Za]` ] Z[WfW` &P)i cZDeVX_ BWe_f_ Z ZoWqW` nVZ iZ YV[d`] _ `ZqVe][ZXf_.


28/110

!/

?O W@"@&' D Wc]cZ [zXW[] d]`] _kfZ` ] eWYZXa] cZ DB u cZ ?J ]X_i Y_[deZf_ih iZXc_ nVZh d]`]

_i [ZX_`Zi cZ ?5 ]X_i Y_[deZf_ih u XZYZiis`W_ \]gZ` ]Vf_`Ww]ab_ c_i d]Wi _V `Zid_XisgZWi.

Ap nVZ ] Wc]cZ [zXW[] d]`] d_cZ` `Z]eWw]` _ g__ i_e_ MiZ[ WXif`Vf_` ] k_`c_O u cZ ?5 ]X_i

Y_[deZf_i < _ nVZ iWqXW^WY]h X_ ^W[ c]i Y_Xf]ih nVZ _ DB [ZX_` cZ ?5 ]X_i Xb_ d_cZ`s

d]ii]` c] ^]iZ cZ dù:i_e_ c_ YVì_ d`sfWY_ cZ BB MnVZ _Y_``Z d_` g_ef] c] !Sy \_`] cZ g__

c_ YVì_ cZ BBO. ,Xfb_h _ WcZ]e u nVZ iZ Y_[ZYZ ] WXif`Vab_ d`sfWY] cZ g__ X_ [zXW[_

nV]Xc_ iZ ZifWgZ` ] d_VY_i [ZiZi cZ Y_[deZf]` ?5 ]X_ih iZXb_ ] WXif`Vab_ fZ`s nVZ iZ`

WXfZ``_[dWc] ]fu nVZ _ DB ZifZl] Z[ Y_XcWa~Zi cZ i_e]`.

!O X)#,"GT) &45)("# ' B]`] ] eWYZXa] cZ DBh u XZYZiis`W_ i_[ZXfZ Zif]` YVì]Xc_ _ ,(:,XiWX_

(ucW_h []i Y_[_ u d`ZYWi_ fj:e_ Y_XYeVzc_ d]`] Y\ZY]` _ BBh _ WXfZ`Zii]XfZ u nVZ \]l] V[]

dZìdZYfWg] cZ Y_XYeVib_ c_ ,( XV[ d`]w_ WX^Z`W_` ]_ c_ fu`[WX_ c_ YVì_ cZ BB < iZXb_h _

DB nVZ ZXYZ``]` iV] WXif`Vab_ cZ BB iZ[ fZ` Y_XYeVzc_ _ ,( g]W fZ` nVZ ZidZ`]` iZ ^_`[]`

d]`] d_cZ` Y\ZY]`.

#O +)3@'GT) @& 4"J@&' B]`] _kfZ` ] eWYZXa] cZ DB u XZYZiis`W_ fZ` iWc_ ]d`_g]c_ X] WXidZab_

cZ i]rcZ d]`] _kfZXab_ cZ &(D cZ !y Ye]iiZKBB Zh X_ cZY_``Z` c] WXif`Vab_ cZ BBh ZifZYZ`fW^WY]c_ fZ[ nVZ Zif]` iZ[d`Z gseWc_ < _V iZl]F u d`ZYWi_ d`Zif]` ]fZXab_ X]i c]f]i cZ

`Zg]eWc]ab_ c_ &(D d]`] Xb_ Y_``Z` _ `WiY_ cZ `Z]eWw]` g__i W``ZqVe]`Zi nV]Xf_ ]_ Zo][Z cZ

i]rcZh nVZ u ^]ef] q`]gZ cZ ]Y_`c_ Y_[ ] `ZqVe][ZXf]ab_ ]Z`_XsVfWY].

$O +2#4) *&M#'5) @& !! ' B]`] ] _kfZXab_ c] eWYZXa] cZ DBh u d`ZYWi_ i_[ZXfZ Zif]` []f`WYVe]c_

XV[ YVì_ fZp`WY_ \_[_e_q]c_ cZ BB MZ Wii_ i_[ZXfZ ] d]`fW` cZ !?KS9K!S?%h d_Wi ]XfZi

cWii_ _ YVì_ fZp`WY_ u _dYW_X]eO. (]i Y_[_ _i ]Z`_YeVkZiKZiY_e]ih iZqVWXc_ _ (]XV]e c_

&Vì_ cZ BBh ZoWqZ[ ] ]d`_g]ab_ X] k]XY] _X:eWXZ cZ BB d]`] eWkZ`]` _ ]eVX_ d]`] _ d`W[ZW`_

g__ i_e_ MnVZh Y_X^_`[Z cWiiZ[_ih _Y_``Z d_` g_ef] c] !Sy \_`] cZ g__Oh u WXfZ`Zii]XfZ nVZ

\]l] ] dZìdZYfWg] cZ Zif]` ]d`_g]c_ X] k]XY] _X:eWXZ cZ BB X_ [soW[_ ]fu nV]Xc_ _ ]eVX_

ZifWgZ` d`_Xf_ d]`] 3i_e]`4 Mg_]` i_e_O. @] d`sfWY]h _ WcZ]e u nVZ iZ WXWYWZ _ f`ZWX][ZXf_d`sfWY_ cZ BB i_[ZXfZ ]dpi ] _kfZXab_ c_ &&) cZ BB M]d`_g]ab_ X] k]XY] _X:eWXZ cZ BBOh

d_Wi ]iiW[ ZgWf]:iZ fZ` nVZ WXfZ``_[dZ` _i g__i c_ YVì_ cZ BB ZidZ`]Xc_ ] _kfZXab_ c]

`ZidZYfWg] ]d`_g]ab_ fZp`WY].

%O +2#4) 8#K*'5) @& !! ' B_` refW[_h d]`] _kfZ` ] eWYZXa] cZ DB u d`ZYWi_ Zif]` []f`WYVe]c_

XV[ YVì_ d`sfWY_ cZ BB. B]`] Wif_h u XZYZiis`W_ `ZidZWf]` _i `ZnVWiWf_i ZoWqWc_i d_` Y]c]

]Z`_YeVkZKZiY_e]h nVZ d_cZ[ g]`W]` k]if]XfZ. (]i ] []W_`W] i_[ZXfZ `ZnVZ` ]eqV[]

c_YV[ZXf]ab_ < YpdW] cZ WcZXfWc]cZK82 Z &BGh c_ cWde_[] c_ ,( M_V YZ`fW^WY]c_ cZ

[]f`zYVe] X_ ,(h X_ [zXW[_Oh c_ fzfVe_ cZ ZeZWf_`h c_ YZ`fW^WY]c_ cZ `ZiZ`gWif] MX_ Y]i_ c_i

\_[ZXiOh Z c_ &(D


29/110

!5

&_[ f_c_i ZifZi ]idZYf_i `Zi_egWc_ih _ DB Zif]`s `ZqVe]` d]`] WXWYW]` iV] WXif`Vab_

]Z`_XsVfWY] c_ YVì_ d`sfWY_ cZ BBh nVZ u _ X_ii_ d`poW[_ WfZ[h Y_[Za]Xc_ Y_[ ] ^_`[]ab_ cZ

dWe_f_ cZ ]gWb_ M[]i u V[ fZof_ nVZ f][ku[ cZgZ iZ` eWc_ dZe_i WXfZ`Zii]c_i X] ^_`[]ab_ cZ

dWe_f_ cZ \ZeWYpdfZ`_h d_Wi nV]Xc_ f`]f]`[_i c_i BBPiKB&Pih ^]e]`Z[_i i_[ZXfZ _ nVZ \s cZ

cW^Z`ZXfZ XZifZi Y]i_iO.

> 6.3-#)A '- GG>9G.6&$& G%.8A'& '- >8.*&

' f`ZWX][ZXf_ d`sfWY_ d]`] ] _kfZXab_ c] eWYZXa] cZ BBD:BWe_f_ B`Wg]c_ cZ DgWb_

f][ku[ u `ZqWc_ dZe_ 3(]XV]e c_ &Vì_ cZ BWe_f_ B`Wg]c_ < DgWb_4 M(&D %5:#O < nVZh Y_[_

gW[_ih u _ [Zi[_ c_YV[ZXf_ nVZ `ZqVe][ZXf] _ ZXiWX_ c_ `ZidZYfWg_ YVì_ fZp`WY_. )_c_i _i

YVì_i \_[_e_q]c_i cZ BBD c_ 0`]iWeh f]Xf_ _i _^Z`ZYWc_i dZe_i ]Z`_YeVkZih nV]Xf_ dZe]i ZiY_e]i

cZ ]gW]ab_h iZqVZ[ ZifZ []XV]e M_V cZgZ`W][ iZqVW:e_O < [VWf_ Z[k_`] ZeZ ZifZl] d]`YW]e[ZXfZ

WXY_``Zf_ ]dpi ] dVkeWY]ab_ c_ 80D&:J? Z[ !!KlVXK!S?! M_ (&D %5:# u cZ !SS$O. B_` Wii_h ZifZ

Y]dzfVe_ iZ`s d]Vf]c_ dZe_i d]`m[Zf`_i c_ (]XV]eh []i ]c]df]Xc_:_ Z[ ^VXab_ c_ nVZ u

Z^ZfWg][ZXfZ `Z]eWw]c_ X_i ]Z`_YeVkZiKZiY_e]ih ]iiW[ Y_[_ ]_i X_g_i `ZnVWiWf_i c_ 80D&:J?h

WXYeViWgZ iV] ]efZ`]ab_ []Wi `ZYZXfZh ] ,(+SS$ cZ !?KS9K!S?$.

' _Vf`_ c_YV[ZXf_ nVZ W`s k]eWw]` _ YVì_ cZ BBD u _ ls YWf]c_ 80D&:J?h nVZ

`ZqVe][ZXf] _i `ZnVWiWf_i ] iZ`Z[ ]fZXcWc_i d]`] ] Z[Wiib_ c] &P) cZ BBD < ]eqVXi cZeZi Y_[

Z^ZWf_ `Zf]`c]c_ ]fu !?KS9K!S?%. @pi ls ]k_`c][_i ]nVW ]eqVXi cZifZi `ZnVWiWf_iF ] Wc]cZ

[zXW[] M?5 ]X_i Y_[deZf_iOh ] ZiY_e]`Wc]cZ [zXW[] M,XiWX_ (ucW_ Y_[deZf_Oh ] Y_XcWab_ cZ

i]rcZ Md_iiVW` &(D cZ !y Ye]iiZKBBOh Z _ ZXiWX_ fZp`WY_ Md_iiVW` _ &&) cZ BBD nVZh ] d]`fW` cZ

!?KS9K!S?% W[deWY]`s f][ku[ Z[ fZ` Y_XYeVzc_ V[ YVì_ fZp`WY_ \_[_e_q]c_ cZ BBDO. GWY_V

^]ef]Xc_ i_[ZXfZ YWf]` _i `ZnVWiWf_i cZ ZodZ`WjXYW] cZ g__h nVZ u _ nVZ d_cZ iZ` ZXY_Xf`]c_ ]

iZqVW`.

\-?(.@.$&@ '- -]C-%.I#3.A '- 8&& CA%A GG>

B]`] _kfZ` ] eWYZXa] cZ BBDh `Z]eWw]Xc_ f_c_ _ f`ZWX][ZXf_ Z[ YVì_ d`sfWY_

\_[_e_q]c_ dZe] D@D&h cZ ]Y_`c_ Y_[ _ 80D&:J? u d`ZYWi_ ]fWXqW` ] []`Y] cZ #%\ cZ g__ X_

f_f]eh Y_[ ]i iZqVWXfZi []`Y]i ZidZYz^WY]iF

]O BZe_ [ZX_i !S\ cZ WXif`Vab_ cVde_:Y_[]Xc_ MnVZ u nV]Xc_ ]eVX_ Z WXif`Vf_` Y_[d]`fWe\][

_i Y_[]Xc_i c_ ]gWb_O}

kO BZe_ [ZX_i ?S\ Z[ g__ i_e_ MnVZ u nV]Xc_ _ ]eVX_ Zifs i_wWX\_ X] ]Z`_X]gZ _Vh iZ

]Y_[d]X\]c_ dZe_ WXif`Vf_`h ZifZ Xb_ f_Y] X_i Y_[]Xc_iOh c]i nV]Wi %\h X_ [zXW[_h cZgZ[

_Y_``Z` Z[ g__i cZ X]gZq]ab_}YO *[ g__ cZ X]gZq]ab_ cZh X_ [zXW[_h ?%S@(#? M!/S;[Oh cV`]XfZ _ nV]e iZ `Z]eWwZ[h ]_

[ZX_ih cV]i ]fZ``Wii]qZXi Y_[deZf]i Z[ ]Z`pc`_[_i cW^Z`ZXfZi < ZifZ g__ d_cZ _Y_``Z`

cZXf`_ c]i \_`]i d`ZgWif]i X_i WfZXi 3]4 _V 3k4h ]YW[]}

cO )`ji \_`]i cZ WXif`Vab_ Z[ g__ X_fV`X_h nVZ WXYeV][ cZw cZY_e]qZXi Z cZw ]fZ``Wii]qZXi

Y_[deZf]i}

#? @( iWqXW^WY] [We\] XsVfWY]h Z ZnVWg]eZ ] ]d`_oW[]c][ZXfZ ?h5!%;[.


30/110

!9

Q W[d_`f]XfZ X_f]` nVZh Z[k_`] iZl] d_iizgZe Y_XYeVW` _ YVì_ d`sfWY_ cZ BBD Y_[ #%\ cZ

g__h Wii_ Xb_ iWqXW^WY] nVZ f_c_i _i ]eVX_i Zif]`b_ d`_Xf_i d]`] Y\ZY]` ] eWYZXa] cZ BBD Y_[ _

Xr[Z`_ [zXW[_ cZ \_`]i cZ g__ `ZnVZ`Wc]i dZe_ `ZqVe][ZXf_. @] gZ`c]cZh WXcZdZXcZXfZ c_

`ZnVWiWf_ c_ (&D %#:5h nVZ d`Zgj dZe_ [ZX_i $S\ cZ g__ X_ YVì_ d`sfWY_ cZ BBh ] []W_`W] c_i

]eVX_i eZg] kZ[ []Wi c_ nVZ #%\ d]`] fZ`[WX]` _ YVì_h iZXc_ nVZ ] []W_`W] iZ iWfV] X] ^]Wo]

ZXf`Z $!\ Z JS\ MWXYeVWXc_ _ g__ cZ Y\ZnVZO. 6ii_ _Y_``Z cZgWc_ ]_i iZqVWXfZi ^]f_`ZiF

?O >)5"('@"@& @) *#&'3",&3*)' TVZ[ `Z]eWw] _ YVì_ Z[ fZ`[WX]Wi Y_[ f`s^Zq_ ]u`Z_ [VWf_

WXfZXi_ MZo.F ]Z`_YeVkZiKZiY_e]i iZcW]c_i X_ &][d_ cZ (]`fZh Z[ Ab_ B]Ve_:ABOh d`ZYWi][

g_]` ]fu V[ e_Y]e cZ f`ZWX][ZXf_ ]d`_d`W]c_ d_` ?S[WX _V []Wih Z cZd_Wi g_ef]`h ]eu[ cZ fZ`

nVZ `ZidZWf]` ]i `Zif`Wa~Zi Y_[VXi ] f_c_i _i ViVs`W_i d]`] _ fsoWh _ nVZ ZeZg]

iVkif]XYW]e[ZXfZ _ fZ[d_ XZYZiis`W_ d]`] ZoZYVf]` Y]c] [Wiib_}

!O E)3".& 2*'('F"@"' ,oWifZ[ ]Z`_X]gZi []Wi 3cpYZWi4 ]_ []XViZW_h Z _Vf`]i []Wi 3]`WiY]i4

< Zh ZgWcZXfZ[ZXfZh nV]Xf_ []Wi 3]`WiY]4 ^_` ] ]Z`_X]gZ ZiY_e\Wc]h []Wi fZ[d_ iZ`s

`ZnVZ`Wc_ d]`] Y_[deZf]` _ f`ZWX][ZXf_ M^]e]`Z[_i []Wi i_k`Z Wii_ ]cW]XfZO}

#O

+)3@'GH&4 ,&*&)#)(MN'5"4 @" ()5"('@"@& @) *#&'3",&3*)' ,[k_`] ZifZ ^]f_` WXêVZXYWZ

[]Wi X] ZofZXib_ c_ YVì_ Z[ [ZiZi Y_``Wc_i < cZgWc_ t d_iiWkWeWc]cZ cZ Y]XYZe][ZXf_ cZ

g__i cZgWc_ ] Y_XcWa~Zi [ZfZ_`_epqWY]i ]cgZì]i


31/110

#S

cZf]e\Z cZ nV]enVZ` ^_`[]#!. Dq_`]h g][_i X_i Y_XYZXf`]` X] d`W[ZW`] cZYWib_ W[d_`f]XfZ c_

YVì_ cZ BBDh nVZ u ] ZiY_e\] c] ]Z`_X]gZ Z[ nVZ ] WXif`Vab_ g]W _Y_``Z`.

B]`] _ YVì_ cZ BBDh _ ]gWb_ cZgZ iZ`h _k`Wq]f_`W][ZXfZh V[ [_X_[_f_` ] dWifb_

M]Z`_X]gZ c] 3Ye]iiZ (@),:(_X_[_f_` )Z``Zif`Z4Oh Z Xb_ \s XZYZiiWc]cZ cZ ZeZ Y_Xf]` Y_[

ZnVWd][ZXf_i d]`] g_]` d_` WXif`V[ZXf_i M6G8O. @] gZ`c]cZh d]`] f_c_i _i g__i c_ YVì_ d`sfWY_cZ BBh [ZX_i ]i #\ `ZnVZ`Wc]i Z[ g__i X_fV`X_ih _ ]gWb_ d_cZ iZ` _ []Wi iW[deZi d_iizgZeh

\_[_e_q]c_ i_[ZXfZ d]`] _ g__ gWiV]e cWV`X_. @Zif] Y]fZq_`W]h ] d`WXYWd]e cZYWib_ ] iZ` f_[]c]

u nV]Xf_ t Y_X^WqV`]ab_ c_ f`Z[ cZ d_Vi_h nVZ d_cZ iZ` 3Y_XgZXYW_X]e4 MY_[ V[] `_c] ]f`sih ]

3kZnVWe\]4Oh _V 3f`WYWYe_4 MY_[ V[] `_c] X] ^`ZXfZh _ 3f`Z[ c_ X]`Ww4O. , Zif] cZYWib_ Xb_ u fb_

iW[deZi Y_[_ d]`ZYZh ZXfb_ g][_i Zode_`s:e] V[ d_VY_ [Ze\_`.

>8.*& 3-#3.A6 &( $%.3.36&F ?(A6 A 2-6K&% &C)*& CA%A & GGU

'i ]gW~Zi Y_XgZXYW_X]Wi MZo. "6;A-A6;A Z !=5I8


32/110

#?

cZ BBDh nVZ u _ 3E;A59G


33/110

#!

6XcZdZXcZXfZ cZ 80D&:J? _V (&D %5:#h _ d`W[ZW`_ g__ i_e_ fZ[ V[ iWqXW^WY]c_ ZidZYW]e

X] ]gW]ab_ MZ[ ZidZYW]e d]`] ] ]i] ^Wo]Oh Z u d_` Wii_ nVZ ZifZ ZgZXf_ u [VWf_ Y_[Z[_`]c_ X_i

]Z`_YeVkZiKZiY_e]i. )`]cWYW_X]e[ZXfZh _ ]eVX_ f_[] V[ k]X\_ cZ peZ_ Vi]c_ M\_lZ Z[ cW]h

iVkifWfVzc_ d_` sqV] X] []W_` d]`fZ c]i gZwZih d_` nVZif~Zi ][kWZXf]Wi Z cZ i]rcZOh Z cZd_Wi ZeZ

_^Z`ZYZ V[ Y\V``]iY_ d]`] _i Y_eZq]i Z WXif`Vf_`Zi. (VWf_i ]Z`_YeVkZi cb_ V[ 3+Wde_[] cZ

(]XWY]Y]4## d]`] _ ]eVX_ nVZ i_e] dZe] d`W[ZW`] gZwh d_Wi ZifZ ZgZXf_ u ZXfZXcWc_ Y_[_ _

3X]iYW[ZXf_ c_ ]gW]c_`4. (]ih WXcZdZXcZXfZ cWif_h ] WXif`Vab_ d`_iiZqVZh ]q_`] d]`] ] ^]iZ cZ

]dZ`^ZWa_][ZXf_.

Â@- ""F ,>G9>C-%L-.)&A2-#$&0

+Zd_Wi cZ 3i_e]c_4 MfZ` Z^ZfV]c_ _ d`W[ZW`_ g__ i_e_Oh _ ]eVX_ ZXf`] XV[] ^]iZ Z[ nVZ _

^_Y_ u ]dZ`^ZWa_]` _ g__h Z d`WXYWd]e[ZXfZ _ d_Vi_ < c]z _ iZV X_[ZF 3]dZ`^ZWa_][ZXf_4. @Zif]

^]iZh f`ZWX][:iZ WXiWifZXfZ[ZXfZ _i )21i M3*A5NQ =9G bA (=9G89E4h nVZ f][ku[ ib_ Y_X\ZYWc_i

d_` 3f_nVZi:Z:]``Z[ZfWc]i4Oh Z cWgZì_i fWd_i cZ ]d`_oW[]ab_ cZ Z[Z`qjXYW] M] 9Sˆh ?5Sˆ Z #JSˆ

Y_[ _ ZWo_ c] dWif]Oh ]iiW[ Y_[_ cZY_e]qZXi ZidZYz^WY]i M] 3YV`f]4 Z ] 3Y_[ _kifsYVe_4O. (]i ib_

_i cWgZì_i fWd_i cZ d_Vi_ 3X_`[]e4 MXb_ `Ze]YW_X]c_i ti Z[Z`qjXYW]iOh X]i gs`W]i Y_X^WqV`]a~Zi

cZ ê]dih Y_[ gZXf_ cZ f`]guih Z _ Y\][]c_ 3d_Vi_ YV`f_4 nVZ ib_ _ ^_Y_ c_ f`ZWX][ZXf_ XZif]

Zf]d]. ,XYZ``]c] ] ^]iZ cZ ]dZ`^ZWa_][ZXf_h d]ii]:iZ d]`] ] ^]iZ c]i X]gZq]a~Zi < ] cZ``]cZW`]h

cZ ]Y_`c_ Y_[ ] d`ZgWib_ c_ (&D %5:# M[]i Xb_ ] refW[] X] `Z]eWc]cZ ]fV]eh Y_[_ gZ`Z[_iO.

Â@- """F ,_`9_A8-7A)*&0

Dq_`] nVZ _ ]eVX_ ls Y_X\ZYZ f_c]i ]i []X_k`]i ksiWY]i c_ ]gWb_h ZeZ Y_[Za] ] d`]fWY]`

_ nVZ iZ`W][ [Wii~Zi `Z]Wi cZ g__h WXc_ cZ V[] e_Y]eWc]cZ t _Vf`] MX]i ^]iZi ]XfZ`W_`Zih _ g__ u

iZ[d`Z e_Y]eh Y\Zq]Xc_ Z d]`fWXc_ c_ [Zi[_ d_Xf_Oh Z[ [Wii~Zi []Wi e_Xq]ih cZ cV]i _V f`ji

\_`]i ]d`_oW[]c][ZXfZ. Q XZif] ^]iZ nVZ _ ]eVX_ Y_e_Y] Z[ d`sfWY] iZVi Y_X\ZYW[ZXf_i

fZp`WY_i cZ X]gZq]ab_h `Z]eWw]Xc_ ] [_c]eWc]cZ cZ X]gZq]ab_ Y_X\ZYWc] Y_[_ 3d_` Y_Xf]f_4 M_

dWe_f_ Zifs iZ[d`Z _kiZ`g]Xc_ < _V 3Z[ Y_Xf]f_4 Y_[ < ] d]Wi]qZ[h cW`Zf][ZXfZOh ZifW[]Xc_

fZ[d_i Z cWifmXYW]i X_ cZY_``Z` c] gW]qZ[. )`]f]:iZh Z[ `ZiV[_h c_ ksiWY_ X] X]gZq]ab_ dZe]i

`Zq`]i cZ g__ gWiV]e M7G8Oh Z Xb_ u `ZY_[ZXcsgZe nVZ iZ ViZ 2BA d]`] Xb_ d`ZlVcWY]` _

]d`ZXcWw]c_ c_i ^VXc][ZXf_i cZif] [_c]eWc]cZ ksiWY] cZ X]gZq]ab_. BZe]i `Zq`]i c_ (&D %5:#h

] WXif`Vab_ cZ BBD fZ`[WX]`W] ]nVWh []i cZd_Wi nVZ _ 80D&:J? ^_W dVkeWY]c_h u ZoWqWc_ nVZ iZ

`Z]eWwZ[ dZe_ [ZX_i #\ cZ g__ X_fV`X_h ZXfb_ u d`ZYWi_ ]c]df]` V[] nV]`f] ^]iZ ]_ d`_YZii_h

nVZ Y\][]`Z[_i cZ ^]iZ cZ g__i X_fV`X_i MWXZoWifZXfZ X_ (]XV]e c_ &Vì_ cZ BBDO.

Â@- "`F _S9`&&@ _&$(%#&@

@] ud_Y] Z[ nVZ Z`] _ 80PD:J? nVZ `ZqVe][ZXf]g] ] Y_XYZiib_ cZ eWYZXa]i X] ]gW]ab_

k`]iWeZW`] M]XfZi cZ !!KSJK!S?!Oh _ g__ X_fV`X_ Z`] _dYW_X]e X_ YVì_ cZ BBDF nVZ[ ]Y\]iiZ

W[d_`f]XfZ Y\ZY]` _ BBD ls iZ[ ] `Zif`Wab_ d]`] g_]` t X_WfZh d_cZ`W] ^]wj:e_ i_[ZXfZ Y_[ V[

g__ X_fV`X_ ]cWYW_X]e} Z nVZ[ Xb_ nVWiZiiZh fVc_ kZ[h d_cZ`W] Y\ZY]` _ BBD iZ[ XZX\V[

d`_keZ[] < ip Xb_ d_cZ`W] g_]` t X_WfZ cZd_Wi cZ Y\ZY]c_h Z nV]Xc_ Y\Zq]iiZ ] \_`] cZ `Z]eWw]`

_i g__i X_fV`X_i X_ YVì_ cZ B&Dh ]z iW[ iZ`W] _k`Wq]fp`W_ fW`]` ] `Zif`Wab_ X_fV`X]. D d]`fW` c]

## @_ ke_q !=;= %6; !8IA:A!h \s V[ ZoZ[de_ cWif_.


34/110

##

ZXf`]c] Z[ gWq_` c_ 80D&:J?h d_`u[h _ g__ X_fV`X_ f_`X_V:iZ _k`Wq]fp`W_h Z _ `ZnVZ`Wc_ dZe_

`ZqVe][ZXf_ McZ ]deWY]ab_ W[ZcW]f]O iZ`W] nVZ _ DB `Z]eWw]iiZ dZe_ [ZX_i #\ cZ g__ X_fV`X_h

Y_[ V[ [zXW[_ cZ cZw cZY_e]qZXi Z cZw ]fZ``Wii]qZXi Y_[deZf]i.

@b_ u V[ f`]Xif_`X_ [VWf_ q`]XcZ `Z]eWw]` []Wi f`ji g__ih Xb_ ^_iiZ[ _i 3cZf]e\Zi4 cZ

nVZF

]O DeqVXi c_i ]Z`pc`_[_i Z[ nVZ cZfZ`[WX]c_i ]Z`_YeVkZiKZiY_e]i Zifb_ k]iZ]c_i Xb_ Zifb_

\_[_e_q]c_i d]`] _dZ`]` t X_WfZh _ nVZ iWqXW^WY] nVZ _ ]eVX_ fZ[ nVZ g_]` d]`] V[]

e_Y]eWc]cZ nVZ d_iiV] ]Z`pc`_[_ Y_[ k]eWw][ZXf_ X_fV`X_ cV`]XfZ _ cW]h ZidZ`]`

]X_WfZYZ`h `Z]eWw]` V[] _V []Wi [Wii~Zi cZ g__i X_fV`X_ih dZ`X_Wf]` X] e_Y]eWc]cZh Z

`Zf_`X]` X] []X\b iZqVWXfZ} Z

kO @] []W_` d]`fZ c_i Y]i_ih ]i ]Z`_X]gZi VfWeWw]c]i X_ `Zif]XfZ c_ YV`i_ cZ BBD Xb_ ib_

\_[_e_q]c]i d]`] g__ X_fV`X_h ^WY]Xc_ _ ]eVX_ _k`Wq]c_h ZXfb_h ] `Z]eWw]` V[ X_g_ 3E;A59G


35/110

#$

4 3K-?(- '- GG>

AZ f_c_ _ f`ZWX][ZXf_ cZ BBD fWgZ` iWc_ `Z]eWw]c_ Y_``Zf][ZXfZh u [VWf_ W[d`_gsgZe nVZ

_ ]eVX_ Y\ZqVZ ]_ iZV g__ cZ Y\ZnVZ d]`] _kfZXab_ c] `ZidZYfWg] eWYZXa] iZ[ Y_XcWa~Zi cZ iZ`

]d`_g]c_. TVZ[ `Z]eWw] _ Y\ZnVZ c_i ]eVX_i cZ V[ cZfZ`[WX]c_ ]Z`_YeVkZKZiY_e] cZgZ`s iZ`

V[ Y\ZY]c_` c] d`pd`W] WXifWfVWab_h _ nVZ iWqXW^WY] nVZ cW^WYWe[ZXfZ V[ Y]XcWc]f_ iZ[ Y_XcWa~Zi

cZ iZ` ]d`_g]c_ iZl] ZXY][WX\]c_ d]`] _ Y\ZnVZ < XV[ Y]i_ cZifZih iZ _ ]Z`_YeVkZKZiY_e] ^_`

iu`W_h ZifZ Y]XcWc]f_ cZgZ`s fZ` d]`fZ cZ iZV f`ZWX][ZXf_ `Z^ZWf_ ]fu ]fWXqW` ] d`_^WYWjXYW]

[zXW[] XZYZiis`W] d]`] iZ` ]d`_g]c_. (]i iZ d_` nV]enVZ` [_fWg_ ] `Zd`_g]ab_ _Y_``Z`h u []Wi

Y_[V[ nVZ _ g__ cZ Y\ZnVZ iZl] Y_XgZ`fWc_ XV[ g__ cZ `Zd]iiZh Z _ ]eVX_ fZ`s V[] X_g]

Y\]XYZ cZ iZ` Y\ZY]c_ ]iiW[ nVZ ZeZ ZifWgZ` ]df_ d]`] f]e. 'Vh XV[] \WdpfZiZ []Wi `Wq_`_i] MZ

`]`]Oh _ DB u ^_`[]e[ZXfZ `Zd`_g]c_h Z ]dpi Y_[d`_g]` fZ` i]X]c_ iV]i cZ^WYWjXYW]ih ZeZ i_eWYWf]

V[ X_g_ Y\ZnVZ.

&_[d]`]Xc_ _ Y\ZnVZ cZ BBD Y_[ V[ Zo][Z d]`] fW`]` Y]`fZW`] cZ [_f_`Wif]h \s [VWf]i

iZ[Ze\]Xa]i Z ]eqV[]i cW^Z`ZXa]i. &_[_ X_ Zo][Z c_ +,)8D@h _ Y\ZY]c_` i_eWYWf] nVZ _

Y]XcWc]f_ ^]a] V[] iu`WZ cZ []X_k`]i nVZ Zifb_ X] eWif] cZ Y\ZnVZF f]oW]`h cZY_e]`h d_Vi]`h

^]wZ` YV`g]ih Z ]iiW[ d_` cW]XfZ < f_c] ] eWif] cZ []X_k`]i `ZnVZ`Wc]i Zifs cZf]e\]c] X_

^_`[Ves`W_ GDB:S?#$ M3GWY\] cZ Dg]eW]ab_ cZ BWe_f_i < 1WYZXa] cZ BBKB&:DgWb_ ZK_V P]kWeWf]ab_ cZ

&e]iiZ ZK_V 6G84h ]fV]e[ZXfZ d`ZZXY\Wc] Z ZXgW]c] ZeZf`_XWY][ZXfZO. )][ku[ u Y_k`]c_ i]kZ`

i]W` cZ iWfV]a~Zi cZ Z[Z`qjXYW] MY_[_ V[] d]XZ X_ [_f_` _V X_i WXif`V[ZXf_iOh ]eu[ c_i WfZXi

`Ze]YW_X]c_i t X]gZq]ab_ gWiV]e < f]Xf_ _ de]XZl][ZXf_ Z[ i_e_h nV]Xf_ ] ZoZYVab_ Z[ g__.

(]ih cW^Z`ZXfZ c_ Zo][Z d]`] [_f_`Wif] cZ ]Vf_[pgZeh _ Y\ZY]c_` `Z]eWw] V[] ZiduYWZ cZ

Zo][Z _`]e X] iV] ]g]eW]ab_h _V iZl]F cV`]XfZ _ fZ[d_ Z[ nVZ ZeZ d]ii]` Y_[ _ Y]XcWc]f_h ZeZ

g]W ^_`[Ve]` gs`W]i dZ`qVXf]i i_k`Z f_c_i _i ]iiVXf_i `Ze]YW_X]c_i t ]gW]ab_F cZicZ _i

c_YV[ZXf_i c_ ]gWb_h _i YseYVe_i cZ dZi_ x k]e]XYZ][ZXf_h d]ii]Xc_ d_` Y_X\ZYW[ZXf_i cZ[ZfZ_`_e_qW]h X]gZq]ab_h Y_X\ZYW[ZXf_i fuYXWY_ih fZ_`W] cZ g__ Zh d`WXYWd]e[ZXfZh

`ZqVe][ZXf_i. ' g__ cZ Y\ZnVZ cZ BBD cV`] ]d`_oW[]c][ZXfZ ?\#S[WXh Z e_q_ nVZ ZeZ fZ`[WX]h

_ Y\ZY]c_` ls WX^_`[] iZ _ Y]XcWc]f_ ^_W ]d`_g]c_. &_[ Wif_h ZXYZ``]:iZ ] ^_`[]ab_ ksiWY] cZ

BBDh nVZ iZ`s V[] d`W[ZW`] Zf]d] d]`] nVZ[ nVZ` Y\Zq]` ]fu _ B&D M] []W_`W] c_i Y]i_ih []i

Xb_ f_c_iO. Dq_`]h ]XfZi cZ d]ii]`[_i d]`] ] d`poW[] eWYZXa] MB&DOh u d`ZYWi_ c]` V[] `sdWc]

ZodeWY]ab_ i_k`Z nVZ[ ^WY] i_[ZXfZ Y_[ ] eWYZXa] cZ BB WXcZ^WXWc][ZXfZh f]Xf_ cZ ]gWb_h

nV]Xf_ cZ \ZeWYpdfZ`_h nVZ u ]eq_ nVZ Zifs iZ f_`X]Xc_ Y]c] gZw []Wi Y_[V[.

4 ,GG '- A-%&36(5-0 - & ,GG '- 6(]&0

&_X^_`[Z ls YWf]c_h [VWf] qZXfZ ^WY] i_[ZXfZ Y_[ ] eWYZXa] cZ BBh g_]Xc_ ]i ]Z`_X]gZic_i ]Z`_YeVkZi cZ nVZ ZeZ iZl] ipYW_ M_ 3BB cZ ]Z`_YeVkZ4O < _Vh X_ Y]i_ c_i []Wi ]k]if]c_ih

]cnVW`WXc_ iV] d`pd`W] ]Z`_X]gZh _ nVZ u Y_X\ZYWc_ d_dVe]`[ZXfZ Y_[_ 3BB cZ eVo_4.

DfV]e[ZXfZh f][ku[ Zifs iZ d_dVe]`Ww]Xc_ ] [_c]eWc]cZ cZ 3d`_d`WZc]cZ Y_[d]`fWe\]c] cZ

]Z`_X]gZi4h Z[ nVZ iZ ]cnVW`Z V[] Y_f] c_ ]gWb_ _V c_ \ZeWYpdfZ`_h nVZ cs cW`ZWf_ ] g_]` YZ`f_

Xr[Z`_ cZ \_`]i d_` [ji ] V[ YVif_ `ZcVwWc_ cZ ]nVWiWab_ Z []XVfZXab_. 6XcZdZXcZXfZ cWif_h

_ nVZ u d`ZYWi_ WX^_`[]` XZifZ [_[ZXf_ u nVZ _ BB nVZ dWe_f] d_` QA@@p _V Y_[_ V[ [ZW_ cZ

#$ 7Zl] V[] YpdW] cZifZ c_YV[ZXf_ X_ ke_q !=;= %6; !8IA:A!.


36/110

#%

f`]Xid_`fZ d]`] iZVi cZie_Y][ZXf_i ] f`]k]e\_ _V ] e]wZ` d_cZ d`_iiZqVW` Y_[ iV] WXif`Vab_

]dpi ] _kfZXab_ c] &P) cZ BB.

+Z []XZW`] ]Xse_q] ]_i B&ih _i BBi f][ku[ d_cZ[ ]q`Zq]` X_g]i \]kWeWf]a~Zi ]_ iZV

k`Zgj ksiWY_. B]`] BBPih Wii_ qZ`]e[ZXfZ iZ `Zif`WXqZ ] X_g]i \]kWeWf]a~Zi cZ )6B'h d]`] d_cZ`

dWe_f]` \ZeWYpdfZ`_i []Wi i_^WifWY]c_i nVZ _i VfWeWw]c_i X] WXif`Vab_ ksiWY] Md_` ZoZ[de_F#A@89< &


37/110

#J

> 6.3-#)A '- G1>9"^\>aRXS<

DiiW[ Y_[_ X_ BBDh _ f`ZWX][ZXf_ d`sfWY_ d]`] ] _kfZXab_ c] eWYZXa] cZ B&D f][ku[ u

`ZqVe][ZXf]c_ d_` V[ []XV]e d`pd`W_h XZifZ Y]i_ _ 3(]XV]e c_ &Vì_ cZ BWe_f_ &_[Z`YW]e cZ

DgWb_4h ((D %5:%. (]ih cW^Z`ZXfZ c_ (&D %5:# M3(]XV]e c_ &Vì_ cZ BWe_f_ B`Wg]c_ cZ DgWb_4Oh

nVZ u cZ !SS$h _ []XV]e d]`] ] WXif`Vab_ cZ B&Di u cZ ?99Sh Z Zifs [VWf_ []Wi cZ^]i]c_ < _ nVZ

^]w Y_[ nVZh X] d`sfWY]h ZeZ Xb_ iZl] VfWeWw]c_ X] zXfZq`]. D []W_`W] c_i d`WXYWd]Wi

]Z`_YeVkZiKZiY_e]i ]Y]k_V cZiZXg_egZXc_ V[ []fZ`W]e cZ f`ZWX][ZXf_ d`pd`W_ d]`] _`WZXf]`

iZVi `ZidZYfWg_i YVì_i cZ B&D#%h Z ]i WXifWfVWa~Zi [ZX_`Zi Y_ifV[][ iZqVW` _i []XV]Wi c]i

[]W_`Zih f_c]i Ze]i iZ _`WZXf]Xc_ dZe_i `ZnVWiWf_i c_ 80D&:J?. Q iZqVWXc_ ZifZi d]`m[Zf`_i nVZ

g][_i ZodeWY]` _ YVì_ d`sfWY_ cZ B&Dh ] iZqVW`.

'i `ZnVWiWf_i `ZqVe][ZXf]`Zi ksiWY_i d]`] ] Y_XYZiib_ c] eWYZXa] cZ B&D ib_

d`]fWY][ZXfZ _i [Zi[_i ZoWqWc_i d]`] ] eWYZXa] cZ BBDF ?5 ]X_i Z ,XiWX_ (ucW_ Y_[deZf_i.

&_X^_`[Z ls ZodeWY]c_h u XZYZiis`W_ fZ` ] eWYZXa] dùgW] cZ BB X] Y]fZq_`W] cZ ]Z`_X]gZ

d`ZfZXcWc] MX_ Y]i_ cZ B&Dh fZ` ] Y]`fZW`] cZ BBDOh _ &(D cZ ?y Ye]iiZKB& gseWc_h Z _ &&) cZ B&D:

6G8D MnVZ WXYeVW ] ]d`_g]ab_ X_ `ZidZYfWg_ YVì_ fZp`WY_O. 'i `ZnVWiWf_i cZ ZodZ`WjXYW] d]`] ]

eWYZXa] cZ B&D u nVZ ib_ []Wi Y_[deZo_ih Z _ nVZ iZ`s ]d`ZiZXf]c_ ] iZqVW` f][ku[ ZXqe_k]`s

_i `ZnVWif_i d]`] ] Y_XYZiib_ c] \]kWeWf]ab_ cZ 6G8Dh ls nVZ ] Y]`fZW`] nVZ Zif]`Z[_i X_i

k]iZ]Xc_ WXWYW]e[ZXfZ u ] cZ B&D:(@),K6G8D M] []Wi Y_[V[O.

&_[_ ] \WdpfZiZ Y_XiWcZ`]c] XZifZ [_[ZXf_ u ] cZ `Z]eWw]` f_c] ] WXif`Vab_ d`sfWY] Z[

V[ YVì_ \_[_e_q]c_ cZ B&Dh _ `ZnVWiWf_ cZ \_`]i cZ g__ f_f]Wi iZ`sh Z[ d`WXYzdW_h cZ ?%S\ < Z

Wii_ ZXqe_k] f_c]i ]i \_`]i cZ g__ nVZ _ dWe_f_ d_iiVWh WXYeVWXc_ _ BBD. &_[_ _ f_f]e cZ \_`]i

g_]c]i ]fu _ ^WX]e c_ Y\ZnVZ cZ BBD d_cZ fZ` g]`W]c_ k]if]XfZ cZdZXcZXc_ cZ Y]c] Y]i_h _ f_f]e

cZ \_`]i `ZnVZ`Wc]i d]`] iZ`Z[ g_]c]i X_ cZY_``Z` c_ YVì_ cZ B&D f][ku[ W`s g]`W]`

iWqXW^WY]fWg][ZXfZF iZ _ dWe_f_ eZg_V $S\ ]fu Y\ZY]` _ BBDh iZ`b_ XZYZiis`W]i ??S\ X_ B&D} iZ

fWgZ`Z[ iWc_ %S\h ] XZYZiiWc]cZ cZ \_`]i cZ g__ X_ B&D d]ii]`W] ] iZ` cZ ?SS\h Z ]iiW[ d_`

cW]XfZ. (]i _ nVZ WXfZ`Zii] [Zi[_ d]`] ZXfZXcZ` Y_[_ iZ c]`s _ YVì_ d`sfWY_ cZ B&D ib_ _i

`ZnVWiWf_i ZidZYz^WY_i cZ \_`]i cZ g__h nVZ u _ nVZ f`]f]`Z[_i ] iZqVW`h Y_[kWX]Xc_ _i

`ZnVWiWf_i c_ 80D&:J? X] 3AVkd]`fZ ,4 Mi_k`Z ] eWYZXa] cZ B&DO Y_[ _i c] 3AVkd]`fZ 14 Mi_k`Z ]

\]kWeWf]ab_ 6G8DOh d]`] nVZ iZl] d_iizgZe ZXfZXcZ` cZ V[] ip gZw nV]Wi ib_ _i `ZnVWiWf_i cZ

ZodZ`WjXYW] d]`] _kfZ` ] Y]`fZW`] cZ B&D:(@),K6G8D.

\-?(.@.$&@ '- -]C-%.I#3.A CA%A A 3A%$-.%A '- G1>9R_S


38/110

#/

eZq]e Z fuYXWY_ dZe_ g__. ,eZ d_cZ Zif]` i_wWX\_ X] ]Z`_X]gZh Z[ 3g__ i_e_4h _V ]Y_[d]X\]c_ cZ

V[ WXif`Vf_`h cZ _Vf`_ dWe_f_h _V cZ d]ii]qZW`_ih Xb_ W[d_`f]F iZ _ dWe_f_ ^_` _ `Zid_XisgZe dZe_

g__h WXYeViWgZ ]d_Xf]Xc_ Wif_ X_ Be]X_ cZ 7__h ZeZ u _ B6&. , V[] _kiZ`g]ab_ W[d_`f]XfZF d]`]

Z^ZWf_i cZ Y_Xf]qZ[ cZ \_`]i Z[ Y_[]Xc_ MY_[_ B6&O d]`] _ Y\ZnVZ cZ B&h Xb_ ib_

Y_XiWcZ`]c]i ]i \_`]i `Z]eWw]c]i Z[ g__ i_e_ MiVdZ`gWiW_X]c_ _V Xb_O X_ YVì_ cZ BB. &_[ Wif_

ZiYe]`ZYWc_h gZl][_i ] iZqVW` nV]Wi ib_ _i `ZnVWiWf_i d]`] _kfZ` ] Y]`fZW`] cZ B&D:(1),K6G8DF

]O *[ [zXW[_ cZ /S\ Y_[_ B6& cWif`WkVzc]i c] iZqVWXfZ []XZW`]F

W. BZe_ [ZX_i %S\ cZ X]gZq]ab_ Y_[_ B6& nVZ WXYeV] V[ dZ`YVì_ cZ []Wi cZ

#SS@( M%$S;[Oh Y_[ ! d_Vi_i Z ! cZY_e]qZXi Z[ ]Z`pc`_[_i cW^Z`ZXfZi}

WW. BZe_ [ZX_i %\ cZ g__ X_fV`X_ MZ[ X]gZq]ab_ _V g__ e_Y]eO Y_[_ B6&h Y_[ %

d_Vi_i Z % cZY_e]qZXi Z[ ]Z`pc`_[_i cW^Z`ZXfZi} Z

WWW. ' `Zif]XfZ d]`] Y_[deZf]` ]i /S\ cZ g__ [zXW[]i Y_[_ B6& M?%\h iZ ]i

[]`Y]i c_i WfZXi ]YW[] ^_`Z[ ]fWXqWc]i X_ eW[WfZ [zXW[_O `Z]eWw]c]i c]

[]XZW`] nVZ _ dWe_f_ nVWiZ` < g__ e_Y]e _V cZ X]gZq]ab_h cWV`X_ _V X_fV`X_.

kO

BZe_ [ZX_i $S\ cZ WXif`Vab_ Z[ g__ d_` WXif`V[ZXf_i M6G8DOh c_i nV]Wi ]fu !S\ d_cZ[ iZ`

iVkifWfVzc]i d_` WXif`Vab_ Z[ iW[Ve]c_` MgWcZ ZodeWY]ab_ ZidZYz^WY] i_k`Z Wif_h ]cW]XfZO.

DiiW[h iZ _ ]eVX_ cZ B&D fWgZ` `Z]eWw]c_ WXif`Vab_ Z[ iW[Ve]c_` MnVZ u _ []Wi Y_[V[O

nVZ _ dZ`[Wf] ]k]fZ` !S\ cZ g__ 6G8Dh Z fWgZ` ]fWXqWc_ f_c]i ]i []`Y]i cZ \_`]i cZ g__ Z[ iZVi

eW[WfZi [zXW[_i} Y_XiWcZ`]Xc_ nVZ ZeZ fZX\] ZXYZ``]c_ iZV g__ cZ Y\ZnVZ cZ BB Y_[ %S\ cZ

g__h fZ`z][_i _ iZqVWXfZ nV]c`_F

• P_`]i cZ g__ ]fu _ Y\ZnVZ cZ BBDF %S\

• P_`]i cZ g__ Z[ Y_[]Xc_ MB&DOF /S\

•

P_`]i cZ g__ cZ WXif`Vab_ 6G8D MB&DOF !S\

• AVkf_f]e M]_ ^WX]e c_ YVì_ cZ B&DOF ?$S\

'Y_``Z nVZh cZ ]Y_`c_ Y_[ _ ]`fWq_ J?.?S? c_ 80D&:J?h WfZ[ ]:?:Wh iZ`W][ XZYZiis`W]i

?%S\ f_f]Wi cZ g__ d]`] nVZ V[ BBD dVcZiiZ Zif]` ]df_ ] Y\ZY]` ] Y]`fZW`] cZ B&D:(1),K6G8D} Z

Y_[_h X_ ZoZ[de_ ]YW[]h _ dWe_f_ ip _kfZgZ ?$S\h iZ`W] XZYZiis`W_ g_]` []Wi ?S\h c] []XZW`]

Y_[ nVZ _ dWe_f_ nVWiZ`h d]`] Y\Zq]` t []`Y] c]i ?%S\. 6if_ u Y_[_ ] []W_`W] c_i

]Z`_YeVkZiKZiY_e]i cZ ]gW]ab_ WX^_`[] ] iZVi ]eVX_i i_k`Z _i `ZnVWiWf_i [zXW[_i d]`] _ Y\ZnVZ

cZ B&D. (]i _ [Zi[_ `ZqVe][ZXf_ d_iiVWh X_ d`pd`W_ ]`fWq_ J?.?S?h d_ù[ X_ WfZ[ ]:?:WWh ]

iZqVWXfZ `Zc]ab_F 3_ i_eWYWf]XfZ cZ eWYZXa] cZ dWe_f_ Y_[Z`YW]e d]`] ] Y]fZq_`W] ]gWb_ d_cZ fZ`

`ZcVwWc_ _ `ZnVWiWf_ cZ ZodZ`WjXYW] X]i iZqVWXfZi Y_XcWa~ZiF M...O M+O iZ fWgZ` `Z]eWw]c_ WXif`Vab_

Z[ cWid_iWfWg_ cZ f`ZWX][ZXf_ d_` g__ iW[Ve]c_ ]d`_g]c_ dZe] D@D&h _ f_f]e cZ \_`]i d_cZ

WXYeVW` ]fu ?S McZwO \_`]i `Ze]fWg]i ] Zif] WXif`Vab_4.

+Zif] []XZW`]h _ dWe_f_ nVZ Y_XiZqVW` _kfZ` f_c]i ]i []`Y]i ZidZYz^WY]i cZ ZodZ`WjXYW]

cZ g__ Z[ iZV f`ZWX][ZXf_ < \_`]i B6& f_f]Wih Z[ X]gZq]ab_ Z X_fV`X]ih Z WXif`Vab_ 6G8D

MZgZXfV]e[ZXfZh f][ku[ cZ Ye]iiZ (1),h Y_[_ gZ`Z[_i []Wi d]`] ^`ZXfZO


39/110

#5

6ii_ iWqXW^WY]h X] d`sfWY]h nVZ ]i \_`]i f_f]Wi `ZnVZ`Wc]i d]`] _ Y\ZnVZ cZ B&D `Z]eWw]c_

WXfZq`]e[ZXfZ Z[ YVì_ \_[_e_q]c_ ib_ ?$S\h Z Xb_ ?%S\ MY_XiWcZ`]Xc_ nVZ _ dWe_f_ d_iiVW

[]Wi cZ ?S\ Z[ WXif`Vab_ Z[ iW[Ve]c_Ò. 2V]`cZ kZ[ Zif] WX^_`[]ab_h d_Wi Ze] d_cZ`s iZ`

d`ZYW_i] X_ ^WX]e cZ iZV f`ZWX][ZXf_ < nV]Xc_h qZ`]e[ZXfZh _ dWe_f_ ls Zifs iZ[ `ZYVì_ih Z

d`ZYWi]Xc_ ]fWXqW` ]i []`Y]i d]`] dZcW` iZV Y\ZnVZ.

&_[d`ZZXcWc_i _i `ZnVWiWf_i c_ `ZqVe][ZXf_ d]`] _ Y\ZnVZ c] Y]`fZW`] cZ B&D:

(@),K6G8Dh d]iiZ[_i ]q_`] d]`] _ YVì_ d`sfWY_ cZ B& Y_[_ ZeZ `Z]e[ZXfZ _Y_``Z X_i

]Z`_YeVkZiKZiY_e]i cZ ]gW]ab_ 0`]iWe ]^_`]. &_[_ X_ BBDh ZeZ d_cZ iZ` cWgWcWc_ Z[ ^]iZih ip nVZ

X] X_ii] ZodeWY]ab_ ]k]Wo_ Zif]i iZqVW`b_ []Wi ] d`sfWY] c_ nVZ _ d`ZgWif_ X_ []XV]e c] D@D&h

cZgWc_ ] ZifZ Zif]` [VWf_ cZ^]i]c_h Y_[_ ls ^_W ZodeWY]c_.

Â@- "F ,T&%A@ 3&2& G"1 '.(%#A@0

@_ Y_[Za_ c_ YVì_ cZ B&Dh u d_iizgZe VfWeWw]` _i [Zi[_i ]gW~Zi VfWeWw]c_i X_ YVì_ cZ

BBDF [_X_[_f_`Zi iW[deZih iZ[ \_[_e_q]ab_ d]`] g__ X_fV`X_ ZK_V 6G8D. AZ _ dWe_f_ [Vc_V

cZ ]Z`_YeVkZKZiY_e] c_ BBD d]`] _ B&D < Zh ZgZXfV]e[ZXfZh [Zi[_ nVZ ZeZ fZX\] iZ []XfWc_ X][Zi[] WXifWfVWab_h []i nVZW`] [Vc]` cZ ZnVWd][ZXf_


40/110

#9

[Zi[_i VfWeWw]c_i X] WXif`Vab_ 6G8Dh []i Wii_ d_cZ g]`W]`. 6ii_ iWqXW^WY]h Z[ d`W[ZW`_ eVq]`h V[

X_g_ 3E;A59G


41/110

$S

'Y_``Z nVZ Zii] \Wifp`W] cZ ]d`ZXcZ` ] g_]` 6G8D Y_[ _ cI8EQ: %875I=:A; c_ [WY`_ 3^Zw ZiY_e]4 <

eWfZ`]e[ZXfZ{ < Z[ [VWf_i ]Z`_YeVkZiKZiY_e]i 0`]iWe ]^_`]. )]Xf_ nVZ ] D@D& d`ZYWi_V ^]wZ` V[]

iu`W] WXfZ`gZXab_ X] WXif`Vab_ Z[ iW[Ve]c_`Zi X_ ^WX]e cZ !S?Sh d]`] Y_e_Y]` V[ d_VY_ cZ

_`cZ[ X] Y]i].

' nVZ Zif]g] ]Y_XfZYZXc_ Z`] nVZ _i ]Z`_YeVkZiKZiY_e]i Y_e_Y]g][ V[[WY`_Y_[dVf]c_` Y_[ cI8EQ: %875I=:A; WXif]e]c_ X_ d`W[ZW`_ kV`]Y_ cZi_YVd]c_ nVZ

ZXY_Xf`]g][ d]`] c]` WXif`Vab_ 6G8Dh Z e]Xa]g][ X_ Y]c]if`_ c_ ]eVX_ ]nVZe] WXif`Vab_ Y_[_

gseWc] d]`] _ iVlZWf_ ]k]fZ` !S\ cZ g__ 6G8D Z[ ]gWb_h _ nVZ u V[ ]kiV`c_ Y_[deZf_. DXfZ ZifZ

cZiY]e]k`_h ] D@D& 3cZi_[_e_q_V4 MY]ii_V ] \_[_e_q]ab_ cZO f_c_i _i ]Z`_YeVkZiKZiY_e]i c_

d]zih Z ZcWf_V X_g]i `Zq`]i `Z^Z`ZXfZi t WXif`Vab_ 6G8D Z[ iW[Ve]c_`. +Zd_Wi cZif] `Z^_`[]h ]

iWfV]ab_ ^_`[]e c_i iW[Ve]c_`Zi 6G8D dZ`]XfZ ] D@D& ^WY_V ]iiW[F

• 'i iW[Ve]c_`Zi d]`] WXif`Vab_ 6G8D M]q_`] Y\][]c_i 3 "*t


42/110

$?

V[ Xr[Z`_ iVdZ`W_` cZ \_`]i X_ ]gWb_ \_[_e_q]c_ 6G8 d]`] _kfZ` V[ cZfZ`[WX]c_ Xr[Z`_ cZ

\_`]i cZ g__ cZ f`ZWX][ZXf_ 6G8D. ,ifZ u V[ ]iiVXf_ nVZ XZYZiiWf] k]if]XfZ ]fZXab_ d]`] iZ`

ZXfZXcWc_h Z Xb_ u Ye]`][ZXfZ cZiY`Wf_ X_ fZof_ c_i `ZqVe][ZXf_iF f`]f]:iZ c_ 3ZoYZcZXfZ 6G84

M] cZX_[WX]ab_ u [WX\]Oh ZodeWY]c_ ] iZqVW`.

=C[5&@&3*& WXLB; !)# 12& R 8#&5'4) .)"# ,2'*) ,"'4 P)#"4 @) 12& ) #&12'@) 8"#" "'34*#2GT) WXLE

@_i g__i cZ f`ZWX][ZXf_ 6G8D `Z]eWw]c_i ] d]`fW` cZ ]Z`pc`_[_i iZ[ d`_YZcW[ZXf_i cZ

i]zc] _V ]d`_oW[]ab_ d_` WXif`V[ZXf_i MnV]iZ f_c_i _i ]Z`_d_`f_i VfWeWw]c_i X] WXif`Vab_ ib_

]iiW[Oh _i d_Vi_i Z ]i cZY_e]qZXi fZ`b_ nVZ iZ` `Z]eWw]c_i i_k ]i `Zq`]i cZ g__ gWiV]e. DiiW[h iZ

g_Yj cZY_e]` cZ UVXcW]zh d_` ZoZ[de_ M_XcZ Xb_ \s A6+ _V 6DJ < d`_YZcW[ZXf_i \_[_e_q]c_i

cZ cZY_e]qZ[ Z ]d`_oW[]ab_ 6G8Oh d]`] V[ f`ZWX][ZXf_ 6G8 Z[ Ab_ U_iu c_i &][d_ih Z `Zf_`X]`

d]`] d_Vi_ ^WX]e Z[ UVXcW]zh XV[ g__ Y_[ cV`]ab_ cZ !\ X_ f_f]eh ] cV`]ab_ c_ d_Vi_ Z c]

cZY_e]qZ[ cZgZ`s iZ` e]Xa]c] Y_[_ cVde_:Y_[]Xc_ 7G8h Z ] cV`]ab_ cZif] d]`fZ c_ g__ Xb_

iZ`s Y_[dVf]c] Y_[_ g__ cZ f`ZWX][ZXf_ 6G8. @_ Y]i_ cZifZ ZoZ[de_h iZ ] cZY_e]qZ[ eZg_V

Sh#\h Z _ d_Vi_ Sh!\h _ g__ iZ`s cWgWcWc_ ZXf`Z ?h%\ Z[ f`ZWX][ZXf_ 6G8Dh Z Sh%\ Z[ cVde_:

Y_[]Xc_ 7G8. B]`ZYZ Zif`]X\_ MZ u{Oh []i u Zif] ] []XZW`] Y_``Zf] cZ `ZqWif`]` _i g__i cZ

f`ZWX][ZXf_ 6G8 `Z]eWw]c_i ] d]`fW` cZ ]Z`pc`_[_i Y_[ _dZ`]ab_ ZoYeViWg][ZXfZ gWiV]e.

&_[_ `Zq`] qZ`]eh d_cZ:iZ ZifW[]` nVZ !S c_ fZ[d_ c_i g__i `Z]eWw]c_i Z[ ]gWb_

\_[_e_q]c_ d]`] g_]` 6G8D Xb_ iZ`b_ Y_Xf]kWeWw]c_i Y_[_ 6G8Dh []i Y_[_ cVde_:Y_[]Xc_ 7G8h

nVZ u _ Y\][]c_ 3ZoYZcZXfZ 6G84 < X] d`sfWY]h Zii]i \_`]i cZ g__ iZ`gW`b_ i_[ZXfZ d]`] ]

Y_Xf]qZ[ cZ fZ[d_ f_f]e cZ g__h Xb_ iZ`gWXc_ d]`] XZX\V[ _Vf`_ d`_dpiWf_ X] WXif`Vab_. 6ii_

iWqXW^WY] nVZh iZ ^_`Z[ XZYZiis`W]i !S\ cZ g__ cZ f`ZWX][ZXf_ 6G8D MY_[ _ Vi_ cZ iW[Ve]c_`

DD)+Oh ZXfb_ iZ`b_ XZYZiis`W]i !$\ cZ g__ Z[ ]gWb_ \_[_e_q]c_ d]`] g_]` 6G8 M$\ cZ g__ iZ`b_

3cZidZ`cWa]c]i4 dZe_ 3ZoYZcZXfZ 6G84O} d]`] #S\ cZ g__ cZ f`ZWX][ZXf_ 6G8D MY_[ Vi_ cZ

iW[Ve]c_` 0D)+Oh iZ`b_ XZYZiis`W]i #J\ cZ g__ Z[ ]gWb_ \_[_e_q]c_ 6G8 M3cZidZ`czYW_4 cZ J\

cZ g__O} Z d]`] $S\ cZ g__ 6G8D MiZ[ _ Vi_ cZ iW[Ve]c_` \_[_e_q]c_Oh iZ`b_ XZYZiis`W]i $5\ cZ

g__ Z[ ]gWb_ \_[_e_q]c_ 6G8 M5\ cZ g__ 3cZidZ`cWa]c]i4O. &_[_ iZ gjh _ Z^ZWf_ c_ 3ZoYZcZXfZ

6G84 u _Vf`_ ^]f_` cZ ]V[ZXf_ X_i YVif_i c] ^_`[]ab_ ]Z`_XsVfWY].

'Y_``Z nVZ Zif][_i ^]e]Xc_ cZ cZf]e\Zi c_ f`ZWX][ZXf_ 6G8D iZ[ nVZ fZX\] ^WY]c_

Ye]`_ _ nVZ iWqXW^WY] _ fZ`[_ 6G8h Z[ d`W[ZW`_ eVq]`. B_` Wii_h WXYeVz V[] iZab_ ZodeWY]fWg] c_ nVZ

u g_]` 6G8 d]`] nVZ _ `Zif]XfZ c] ZodeWY]ab_ i_k`Z _ iZV f`ZWX][ZXf_ ^]a] V[ d_VY_ []Wi cZ

iZXfWc_. Q _ nVZ iZ`s ZodeWY]c_ ] iZqVW`h Z g]eZ f]Xf_ d]`] _ g__ 6G8 Z[ ]gWb_ nV]Xf_ Z[

\ZeWYpdfZ`_.

\ 12& 4'N3'Q'5" .)"# 8)# '34*#2,&3*)4 ]WXL^

7_]` 6G8 uh Y_[_ ls iZ cWiiZ ]nVWh V[] ]fWgWc]cZ Y_[deZo]h iZqV`][ZXfZ ] d]`fZ []Wi

cW^zYWe cZ f_c_ _ f`ZWX][ZXf_ d]`] iZ f_`X]` dWe_f_h f]Xf_ cZ ]gWb_ nV]Xf_ cZ \ZeWYpdfZ`_. Q

d`ZYWi_ ZifVc]` k]if]XfZ ] fZ_`W]h d`]fWY]` [VWf_ Z[ iW[Ve]c_`h f`ZWX]` Z[ g__ `Z]eh Z [Zi[_

#J A6+ u 3%:=9G=;G '9


43/110

$!

]iiW[ eZg]:iZ k]if]XfZ fZ[d_ ]fu ]fWXqW` ] d`_^WYWjXYW] ]cZnV]c]. Deu[ cWii_h u XZYZiis`W_

3cZi]d`ZXcZ`4 V[ d_VY_ c_ g__ gWiV]eh d_Wi ] k]iZ c_ g__ d_` WXif`V[ZXf_i u‰ &_X^W]`

YZq][ZXfZ X_i WXif`V[ZXf_ih Xb_ X]i iZXi]a~Zi c_ g__ gWiV]e. AZ g_Yj 3]Y\]4 nVZ Zifs g_]Xc_

`Zf_ XWgZe]c_h []i _ \_`Ww_XfZ ]`fW^WYW]e cWiiZ` nVZ g_Yj Zifs cZiYZXc_ Z[ YV`g]h ZXfb_ g_Yj Zifs

cZiYZXc_ Z[ YV`g]{ < Z Wii_ u Y_[deZf][ZXfZ ]XfWX]fV`]e. Dz Zifs ] d`W[ZW`] Y_[deWY]ab_ c_ g__

6G8F u d`ZYWi_ eVf]` Y_Xf`] _i WXifWXf_i.

' d`WXYWd]e WXif`V[ZXf_ c_ g__ 6G8 u _ ]YW[] YWf]c_ \_`Ww_XfZ ]`fW^WYW]eh V[ WXif`V[ZXf_

WXif]e]c_ kZ[ Z[ ^`ZXfZ ]_ dWe_f_. ' g__ 6G8 ^_W ^ZWf_ d]`] iZ g_]` cZXf`_ c]i XVgZXih iZ[

ZXoZ`q]` X]c] d]`] ^_`] < Z XZii]i Y_XcWa~Zih _ \_`Ww_XfZ ]`fW^WYW]e u ] iV] l]XZe] d]`] _ [VXc_.

B_` [ZW_ cZifZ WXif`V[ZXf_h u d_iizgZe i]kZ` ] WXYeWX]ab_ e]fZ`]e c] ]Z`_X]gZ Z _ 3 H8:NQ4 M_V

iZl]F iZ ] ]Z`_X]gZ Zifs Y_[ _ X]`Ww d]`] YW[] _V d]`] k]Wo_Oh Z nV]e ] WXfZXiWc]cZ cZif]i

WXYeWX]a~Zi. (]i Wii_ u ip _ Y_[Za_h d_Wi X_ g__ 6G8h _ dWe_f_ fZ[ nVZ ^WY]` _kiZ`g]Xc_

Y_Xif]XfZ[ZXfZh ]eu[ c_ \_`Ww_XfZ ]`fW^WYW]e d]`] i]kZ` ] iWfV]ab_ Zid]YW]e c] ]Z`_X]gZ}

f][ku[ _ 3NI87@4 MWXif`V[ZXf_ nVZ [_if`] ] gZe_YWc]cZ gZ`fWY]eOh d]`] i]kZ` iZ ] ]Z`_X]gZ Zifs

iVkWXc_ _V cZiYZXc_h Z Y_[ nVZ gZe_YWc]cZ} _ ]efz[Zf`_h d]`] Y\ZY]` ] ]efWfVcZ Z[ nVZ iZ Zifs

Z[ `Ze]ab_ ]_ XzgZe c_ []`} Z _ gZe_Yz[Zf`_h d]`] i]kZ` ] gZe_YWc]cZ WXcWY]c] M_ gZXf_ `Ze]fWg_O

c] ]Z`_X]gZ < u _ ^][_i_ 3N;A


44/110

$#

,ifZi ib_ i_[ZXfZ _i WXif`V[ZXf_i ksiWY_ih nVZ ib_ iV^WYWZXfZi d]`] ] WXif`Vab_ 6G8h []i nVZ

Xb_ ib_ _i rXWY_i VfWeWw]c_i dZe] ]gW]ab_ `Z]e < Z Xb_ g][_i XZ[ Y_[Za]` ] ^]e]` c_ g__ 6G8 []Wi

i_^WifWY]c_ ]nVWh iZXb_ X_i cZigW]`Z[_i cZ[]Wi c_ X_ii_ ^_Y_. +Z nV]enVZ` []XZW`]h \s []Wi

Y_Wi]i `Ze]YW_X]c]i ]_ g__ 6G8 nVZ d`ZYWi][ iZ` Y_X\ZYWc]i < cWq][_i nVZ _i WXif`V[ZXf_i c]

]Z`_X]gZ ib_ i_[ZXfZ [Zf]cZ c] \Wifp`W].

Deu[ cZ Y_[d`ZZXcZ` _ ^VXYW_X][ZXf_ c_i WXif`V[ZXf_i c_ d]WXZe c] ]Z`_X]gZ d]`]

ZXfZXcZ` Y_[_ ^VXYW_X] _ g__ 6G8h f][ku[ u d`ZYWi_ c_[WX]` ]i Y]`f]i VfWeWw]c]i X_ g__ d_`

WXif`V[ZXf_i d]`] nVZ iZl] d_iizgZe Z^ZfV]` _i d`_YZcW[ZXf_i cZ cZY_e]qZ[ Z iVkWc]h g__ Z[

`_f]h ZXf`]c] X] fZ`[WX]eh ]d`_oW[]ab_ Z d_Vi_h Z f]oW][ZXf_ c] ]Z`_X]gZ. 1Z[k`]:iZ cZ

nV]Xc_ ^]e][_i i_k`Z A6+ Z 6D&h X] iZab_ i_k`Z _ 3ZoYZcZXfZ 6G84€ DnVZe]i ib_ 3Y]`f]i cZ

d`_YZcW[ZXf_i4h nVZ ib_ ZiduYWZi cZ 3`ZYZWf]i cZ k_e_4 d]`] g_]` Z[ Y_XcWa~Zi cZ `Zif`Wab_ cZ

gWiWkWeWc]cZ. AZ _ dWe_f_ iZqVW` Zif]i 3`ZYZWf]i4h ] ZXfWc]cZ nVZ ]i dVkeWY_V < X_ Y]i_ c_ 0`]iWeh _

+,&,D:+Zd]`f][ZXf_ cZ &_Xf`_eZ c_ ,id]a_ Du`Z_h V[ p`qb_ c_ &_[]Xc_ c] DZ`_XsVfWY]h []i

f][ku[ u d_iizgZe VfWeWw]` ]i Y]`f]i c] o6HH6


45/110

$$

' f`ZWX][ZXf_$! Y_[Za] Y_[ ]i []X_k`]i d]c`_XWw]c]iF 3YV`g]i d]c`b_4 M# q`]Vi d_`

iZqVXc_ Z ?h% q`]V d_` iZqVXc_Oh 3iVkWc] Z cZiYWc] d]c`b_4 M] %SS dui d_` [WXVf_Oh `ZgZì~Zih

ZiiZ fWd_ cZ Y_Wi]. +Zd_Wih u `ZdZfW` fVc_ _ nVZ ls iZ ^Zw X_ iW[Ve]c_`F _i ^][_i_i

3d`_YZcW[ZXf_i4 cZ cZY_e]qZ[ Z iVkWc]h cZ g__ Z[ `_f] MX]i ]Z`_gW]iOh cZ cZiYWc]h cZ

]d`_oW[]ab_ Z d_Vi_ Y_[ Z iZ[ 61Ah Z ]i A)D8 MZXf`]c] Z[ fZ`[WX]eO < k]iWY][ZXfZ u Wii_.

,oWifZ[ WXr[Z`_i _Vf`_i cZf]e\Zi X_ f`ZWX][ZXf_ 6G8D nVZ Xb_ iZ`W][ Y_XgZXWZXfZi cZ iZ`Z[

Y_[ZXf]c_i ]nVWh ls nVZ _ X_ii_ ^_Y_ u ZodeWY]` Y_[_ _Y_``Z _ f`ZWX][ZXf_ cZ 6G8D i_[ZXfZ

d]`] iZ` d_iizgZe ZXfZXcZ` Y_[_ _kfZ` ] Y]`fZW`] cZ B&:(1),K6G8D. , Y_[_ ls ^]e][_i k]if]XfZ

i_k`Z Y_[_ u V[ g__ 6G8h c_i cZf]e\Zi c_ Vi_ cZ iW[Ve]c_` 6G8Dh Z c]i nVZif~Zi c_ 3ZoYZcZXfZ

6G84 Z c_ 3g__ i_k Y]d_f]4h ]i WX^_`[]a~Zi i_k`Z _ f`ZWX][ZXf_ 6G8D ]YW[] cZiY`Wf]i ls ib_

iV^WYWZXfZi.

,XYZ``]c] ] ^]iZ cZ f`ZWX][ZXf_ 6G8Dh f][ku[ iZ ZXYZ``] _ YVì_ cZ B&D d]`] ]

_kfZXab_ c] Y]`fZW`] WXfZ`[ZcWs`W] cZ dWe_f_ cZ ]gWb_ MiZ[ (1),h []i Y_[ 6G8DO < ] Xb_ iZ` nVZ

iZl] XZYZiis`W_ `Z]eWw]` ]eqVXi g__i ]cWYW_X]Wi d]`] Y_[deZf]` ]i ?%S\K?$S\ `ZqVe]`[ZXfZ

`ZnVZ`Wc]i. )][ku[ d_cZ iZ` XZYZiis`W_ `Z]eWw]` g__i cZ `Zd]iiZh Y]i_ \]l] ]eqV[] cZ^WYWjXYW]

Y_X\ZYWc] X_ d]c`b_ cZ g__ c_ dWe_f_} []ih gW] cZ `Zq`]h Xb_ \s []Wi X]c] ] ^]wZ` iZXb_ Y\ZY]`h

nVZ u _ ]iiVXf_ ] iZqVW`.

4 3K-?(- '- G1>

&_[_ X_ BBDh iZ f_c_ _ f`ZWX][ZXf_ cZ B&D fWgZ` iWc_ `Z]eWw]c_ Y_``Zf][ZXfZh u

d`]fWY][ZXfZ YZ`f_ nVZ _ Y]XcWc]f_ iZl] ]d`_g]c_ X_ g__ cZ Y\ZnVZh nVZ XZifZ Y]i_ u cVde_F

_Y_``Z V[ Y\ZnVZ d]`] ] eWYZXa] cZ B&Dh Z _Vf`_ d]`] ] \]kWeWf]ab_ 6G8D. @_g][ZXfZh nVZ[ W`s

`Z]eWw]` _ Y\ZnVZ cZgZ`s iZ` V[ Y\ZY]c_` c_ d`pd`W_ ]Z`_YeVkZKZiY_e] _XcZ _ dWe_f_ ^_W

f`ZWX]c_} Z f][ku[ X_ Y]i_ cZ B&Dih cW^WYWe[ZXfZ V[ Y]XcWc]f_ iZ[ Y_XcWa~Zi cZ iZ` ]d`_g]c_

iZ`W] ZXY][WX\]c_ d]`] _ Y\ZnVZ < [VWf_ Z[k_`] _i Y\ZnVZi cZ B&D fZXc][ ] iZ` []Wi

`Wq_`_i_i nVZ _i cZ BBD. , f_c_i _i cZ[]Wi Y_[ZXfs`W_i i_k`Z _i d`_YZcW[ZXf_i Z[ Y]i_ cZ

`Zd`_g]ab_ X_ Y\ZnVZ cZ BBD f][ku[ ib_ gseWc_i X_ Y]i_ c_ Y\ZnVZ cZ B&D.

D q`]XcZ cW^Z`ZXa] X_ Y\ZnVZ cZ B&D:(@),K6G8D u nVZh Y_[_ ZeZ u cVde_h iZ`b_

d`ZZXY\Wc_i c_Wi ^_`[Ves`W_i GDB:S? M3GWY\] cZ Dg]eW]ab_ cZ BWe_f_i < 1WYZXa] cZ BBKB&:DgWb_

ZK_V P]kWeWf]ab_ cZ &e]iiZ ZK_V 6G84O < \_lZ Z[ cW]h cZ ^_`[] ZeZf`…XWY]. ' g__ cZ Y\ZnVZ cZ

B&D:(@),K6G8D cV`] ]d`_oW[]c][ZXfZ !\#S[WXh Z ]_ iZV ^WX]e _ Y]XcWc]f_ f][ku[ ls ^WY]

i]kZXc_ cZ iZV MWXOiVYZii_. ,[ Y]i_ d_iWfWg_h Wii_ iWqXW^WY]`s nVZ ]q_`] ZeZ cZWo]`s cZ iZ` V[

ZifVc]XfZ cZ ]gW]ab_ d]`] iZ f_`X]` V[ dWe_f_ cZiZ[d`Zq]c_h Z Y_[Za]`s ] ^]iZ []Wi cW^zYWe c]

^_`[]ab_ ]Z`_XsVfWY]h nVZ u Y_XiZqVW` _ d`W[ZW`_ Z[d`Zq_ Mf`]f]`Z[_i ZofZXiWg][ZXfZ cZif]

nVZifb_ Z[ Y]dzfVe_i ]d`_d`W]c_iO. ,[ Y]i_ XZq]fWg_h f_c_i _i d`_YZcW[ZXf_i `Ze]f]c_i i_k`Z _

Y\ZnVZ cZ BBD f][ku[ iZ ]deWY][ ]_ Y\ZnVZ cZ B&D.

$! )][ku[ \s V[ []XV]e ZidZYz^WY_ d]`] _`WZXf]` _ f`ZWX][ZXf_ cZ g__ d_` WXif`V[ZXf_ih _ ((D %5:?J <

3(]XV]e c_ &Vì_ cZ 7__ d_` 6Xif`V[ZXf_i4h nVZ u cZ ?99?h Z ]iiW[ Y_[_ ] []W_`W] c_i _Vf`_i []XV]Wih ZifsWqV]e[ZXfZ k]if]XfZ cZ^]i]c_.


46/110

$%

Dfu ZifZ [_[ZXf_h Xpi X_i Y_XYZXf`][_i X]i ZodeWY]a~Zi i_k`Z ] _kfZXab_ c] Y]`fZW`]

WXfZ`[ZcWs`W] cZ B&D:(@),K6G8Dh WXfZq`]e[ZXfZ `Z]eWw]c] Z[ ]Z`_YeVkZKZiY_e] cZ ]gW]ab_.

@Zif] d`poW[] iZab_h Xpi ]WXc] []XfZ`Z[_i X_ii_ ^_Y_ X] ^_`[]ab_ `Z]eWw]c] i_[ZXfZ Z[

YV`i_i \_[_e_q]c_i dZe] D@D&h []i Zode_`]Xc_ cV]i _Vf`]i _da~Zi cZ ^_`[]ab_ cZ B&DF V[]

[]Wi iW[deZih nVZ `ZiVef] X] Y]`fZW`] cZ B&D:(@),K7G8 Mi_[ZXfZ ] eWYZXa] 3iZY]4h iZ[

XZX\V[] \]kWeWf]ab_ ]cWYW_X]eO} Z _Vf`] []Wi i_^WifWY]c]h nVZ ]Y`ZiYZXf] ] \]kWeWf]ab_ cZ g__ Z[

]Z`_X]gZi [VefW[_f_`]ih ] Y]`fZW`] cZ B&D:(1),K6G8D.

^&%2A)*& '- G19R_S


47/110

$J

&_[ Wii_h Z iVd_Xc_ nVZ _ 3ZoYZcZXfZ 6G84 eZgZ ]i \_`]i cZ g__ Z[ f`ZWX][ZXf_ 6G8 cZ

%\ d]`] J\ cZ g__ Z[ ]gWb_ \_[_e_q]c_ 6G8D M]c[WfWXc_:iZ _ WXY`Z[ZXf_ d]c`b_ cZ !S

ZodeWY]c_ ]XfZ`W_`[ZXfZOh d]`] V[ dWe_f_ nVZ fZX\] Y\ZY]c_ _ iZV BBD Y_[ %S\ cZ g__h iV]i

[]`Y]i ZidZYz^WY]i ^WY]`W][ ]iiW[F

•

P_`]i cZ g__ ]fu _ Y\ZnVZ cZ BBDF %S\• P_`]i cZ g__ Z[ Y_[]Xc_ MB&DOF /S\

•

Documents

Manual aviador