lxxt˚ [[[ gsrwgmiwt gsq fv -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg...

144
LXXT[[[GSRWGMIWTGSQFV -2:)78-2(3 23 *98963 %86%:7 (3 )789(3 59) 46313:) 19(%2%7 237 &%78-(36)7 (% 3&7)773 (-:%0(3 4)6)-6% *6%2’3 (-8%(3 4)03 )746-83 1%23)0 4,-031)23 () 1-6%2(%

Upload: others

Post on 11-Jul-2020

3 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

LXXT���[[[�GSRWGMIWT�GSQ�FV-2:)78-2(3�23�*98963�%86%:�7�(3�)789(3�59)�46313:)�

19(%2�%7�

�237�&%78-(36)7�(%�3&7)77�3(-:%0(3�4)6)-6%�*6%2'3

(-8%(3�4)03�)74�6-83�1%23)0�4,-031)23�()�1-6%2(%

Page 2: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

�2(-'))\¶VHMS4VSPIK·QIRSW)\EQMRERHS�E�SFWIWW¦SE �3FWIWW¸IW�IWTIGMEMWF �4IVERXI�SFWIWWSVIWG �4IVERXI�SFWMHMEHSWH �4SVXE�HI�PY^I �6IYRM¸IW�W¬VMEWJ �)Q�SVEª¦S

'%4�8903���!�%�JEQ°PME�7SEVIW'%4�8903���!�7SGSVVS�IWTMVMXYEP'%4�8903���!�8¬GRMGE�HI�SFWIWW¦S'%4�8903���!�)WXYHERHS�S�LMTRSXMWQS'%4�8903���!�)PYGMHEª¸IW�ZEPMSWEW'%4�8903���!�2S�ERJMXIEXVS'%4�8903���!�%TSRXEQIRXSW�RSZSW'%4�8903���!�4VSGIWWSW�SFWIWWMZSW'%4�8903���!�6IIRGSRXVS�GSQ�S�TEWWEHS'%4�8903����!�4VSKVEQEª¦S�VIHIRXSVE'%4�8903����!�%W�EKVIWW¸IW'%4�8903����!�(IWSFWIWW¦S�I�VIWTSRWEFMPMHEHI'%4�8903����!�7SPYª¦S�MRIWTIVEHE'%4�8903����!�3�'VMWXS�GSRWSPEHSV'%4�8903����!�)RJIVQMHEHI�WEPZEHSVE'%4�8903����!�'SQTVSQMWWSW�VIHIRXSVIW

Page 3: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

)\¶VHMS

�������ü4YPYPEQ�IQ�XSVRS�HE�8IVVE�SW�QEYW�)WT°VMXSW��IQ�GSRWIU¿­RGME�HE�MRJIVMSVMHEHI�QSVEP�HI�WIYW�LEFMXERXIW��%�Eª¦S�QEPJE^INE�HIWWIW�)WT°VMXSW�¬�TEVXI� MRXIKVERXI�HSW�JPEKIPSW�GSQ�UYI�E�,YQERMHEHI�WI�Z­�E�FVEªSW�RIWXI�QYRHS�� %� SFWIWW¦S�� UYI� ¬� YQ� HSW� IPIMXSW� HI� WIQIPLERXI� Eª¦S��GSQS�EW�IRJIVQMHEHIW�I�XSHEW�EW�EXVMFYPEª¸IW�HE�ZMHE��HIZI��TSMW��WIV�GSRWMHIVEHE�GSQS�TVSZEª¦S�SY�I\TMEª¦S�I�EGIMXE�GSQ�IWWI�GEV¤XIV�ý���

������%�SFWIWW¦S��QIWQS�RSW�HMEW�HI�LSNI��GSRWXMXYM�XSVQIRXSWS�JPEK°GMS�WSGMEP��)WX¤�TVIWIRXI�IQ�XSHE�TEVXI��GSRZMHERHS�S�LSQIQ�E�W¬VMSW�IWXYHSW�������%W�KVERHIW�GSRUYMWXEW�GSRXIQTSV¥RIEW�R¦S�GSRWIKYMVEQ�EMRHE�IVVEHMG¤�PE��-KRSVEHE�TVSTSWMXEHEQIRXI�TIPE�GLEQEHE�'M­RGME�3JMGMEP��TVSWWIKYI�GSPLIRHS�REW�WYEW�QEPLEW��HMEVMEQIRXI��ZIVHEHIMVEW�PIKM¸IW�HI�MRGEYXSW�UYI�WI�HIM\EQ�EVVEWXEV�E�VIWZEPEHSYVSW�WSQFVMSW�I�XVYERIWGSW��RSW�UYEMW�TEHIGIQ�MVVIQMWWMZIPQIRXI��EX¬�£�HIWIRGEVREª¦S� PEQIRX¤ZIP��GSRXMRYERHS��R¦S�VEVS��QIWQS�ET¶W�S� XVEWTEWWI����-WXS��TSVUYI�E�QSVXI�GSRXMRYE�XVMYRsJERHS�� MKRSVEHE��UYEP�TSRXS�HI�MRXIVVSKEª¦S�GVYIP�TEVE�QYMXEW�QIRXIW�I�MRGSRX¤ZIMW�GSVEª¸IW�

� � � � � � �� �ü%�+­RIWIý��HI�%PPER�/EVHIG����m�IHMª¦S�HE�*)&��GET°XYPS�����ü3FWIWW¸IW�I�4SWWIWW¸IWý��ô�2SXE�HS�%YXSV�IWTMVMXYEP�

%W�(MWGMTPMREW�I�(SYXVMREW�HIGSVVIRXIW�HE�4WMGSPSsKME�)\TIVMQIRXEP��RSW�WIYW�HMZIVWSW�WIXSVIW��TVIJIVIQ�GSRXMRYEV� XIMQSWEQ�RXI�EVVIKMQIRXERHS� XISVMEW�UYI�R¦S�VIWTSRHIQ�ESW� VIWYPXEHSW�HE�SFWIVZEª¦S�HIQSVEHE�I�HEW�GSRWXEXEª¸IW�HI�PEFSVEX¶VMS��GSQS�WI�E�-QSVXEPMHEHI�WSsQIRXI�QIVIGIWWI�EGMVVEHS�GSQFEXI�I�R¦S�MRZIWXMKEª¦S� MQTEVGMEP��GETE �̂HI�IRWINEV�ES�LSQIQ�IWTIVERªEW�I�GSRsWSPEª¸IW��UYERHS�XYHS�PLI�TEVIGI�GSRWTMVEV�GSRXVE�E�TE �̂I�E�JIPMGMHEHI�

(IWHI�EW�LSRIWX°WWMQEW�TIWUYMWEW�HS�&EV¦S�ZSR�HI�+YPHIRWXYFF¬��IQ�������I�EW�HS�TVSJIWWSV�6SFIVXS�,EVI�� MRsWYWTIMXS� PIRXI�HI�5Y°QMGE��RE�YRMZIVWMHEHI�HI�4IRWMPsZ¥RME��IQ�������UYI�GSRGPY°VEQ��TIPE�VIEPMHEHI�HS�IWT°sVMXS�TVIIGMWXIRXI�ES�FIVªS� I� WSFVIZMZIRXI� ET¶W� S� X½QYPS�� UYI� SW� GMIRXMWXEW� GSRWGMIRXIW� HEW� WYEW�VIWTSRWEFMPMHEHIW�WI�X­Q�IRXVIKYI�ES�EJ¦�HE�ZIVMJMGEª¦S�HE�-QSVXEPMHEHI��)�XSHSW�EUYIPIW� UYI� WI� HIHMGEVEQ� £� SFWIVZEª¦S� I� ES� IWXYHS�� £� I\TIVMQIRXEª¦S� I� ES�JIR·QIRS�� W¦S� GSRGSVHIW� RE� GSQsTVSZEª¦S� HE� GSRXMRYMHEHI� HE� ZMHE� HITSMW� HE�QSVXI���

2SW� )WXEHSW� 9RMHSW�� WI� XSVREVEQ� JEQSWEW� EW� I\TIVM­RGMEW� TWMUYM¤XVMGEW�VIEPM^EHEW�TIPS�(V��'EVPSW�;MGOPERH��UYI��YXMPM^ERHS�WI�HE�EVKYQIRXEª¦S�IWT°VMXE��GSRWIKYMY�HIsWSFWMHMEV�MR½QIVSW�TEGMIRXIW�UYI�PLI�GLIKEZER��EXSVsQIRXEHSW��ES�GSRWYPX¶VMS�� 7MQYPX¥RIERIRXI�� IQ� WIYW� XVEFEPLSW� IWTIGMEPM^EHSW�� YXMPM^EZE�WI� HI�YQE� Q¬HMYQ� GPEVMZMHIRXI�� WYE� TV¶TVME� IWTSWE�� UYI� S� ENYHEZE� RE� X¬GsRMGE� HE�HIWSFWIWW¦S�

(MERXI� HI�%PGMRE� MRGSVTSVEHE�TIPS� IWT°VMXS� HI�+EsPIRS�� IQ�TPIRE� WIWW¦S�HE�7EPTIXVM­VI�� VIWTSRHIY� 'LEVsGSX�� ESW� MRXIVIWWEHSW� RS� JIR·QIRS� I� UYI� S�MRUYMVMVEQ�� UYI� PLIW� R¦S� GSRZMRLE� WI� EHMERXEWWIQ� £� TV¶TVME� ¬TSGE� IQ� UYI�ZMZMEQ����7YKIVME�UYI�WI�R¦S�FYWGEWWIQ�VEsGMSG°RMSW�UYI�EGPEVEWWIQ�SW�VIWYPXEHSW�

Page 4: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

HEW� MRZIWXMKEª¸IW�� HIZIRHS� GSRXIRXEV�WI� WSQIRXI� GSQ� EUYIPE� nSFWIVZEª¦S�I\TIVMQIRXEP~��E�UYI�XSHSW�LEZMEQ�TVIWIRGMEHS��8EP�EXMXYHI�ERXMGMIRX°JMGE�XIQ�WMHS�QERXMHE� TSV� VIWTIMX¤ZIMW� MRZIWXMKEHSVIW�� TSV� XIQIVIQ� E� VIEPMHEHI� HE� ZMHE�MQTIVIG°ZIP�

'SQ�%PPER�/EVHIG��RS�IRXERXS�� XMZIVEQ�MR°GMS�SW�IPSUYIRXIW� XIWXIQYRLSW�HE�MQSVXEPMHEHI�� HE� GSQYRMGEsFMPMHEHI� HSW� )WT°VMXSW�� HE� VIIRGEVREª¦S� I� HEW�SFWIWW¸IW�� GEFIRHS� ES� MRWMKRI� QIWXVI� PMSR­W� E� LSRVSWE� XEVIJE� HI� ETVIWIRXEV�GSRZIRMIRXI� XIVET­YXMGE� TEVE� WIV� ETPMGEHE� RSW� SFWMHMEHSW� GSQS� XEQF¬Q� RSW�SFWIWWSVIW��%�TEVXMV�HE�TYFPMGEª¦S�HI�n3�0MZVS�HSW�1¬HMYRW~��IQ�NERIMVS�HI�������IQ�4EVMW��XSHS�YQ�GSRNYRXS�HI�VIKVEW��GSQ�YQ�RSX¤ZIP�IWUYIQE�HEW�JEGYPHEHIW�QIHM½RMGEW�� JSM� ETVIsWIRXEHS�� E� TEV� HI� WIKYVS� IWXYHS� HS� )WT°VMXS�� REW� WYEW�HMZIVWEW� JEGIXEW�� GYPQMRERHS� GSQS� I\EQI� HEW� QERMJIWsXEª¸IW� IWTMV°XMGEW��SVKERM^Eª¦S� HI� 7SGMIHEHIW� I� TEPIWsXVEW� HSW� )WT°VMXSW� )PIZEHSW�� UYI� XVEªEVEQ�VSXEW� HI� WIsKYVERªE� TEVE� SW� UYI� MRKVIWWEVIQ� RE� MRZIWXMKEª¦S� VEGMSsREP� HSW�JIR¶QIRSW�QIHMER°QMGSW��%�F½WWSPE�TEVE�S�WEsHMS�I\IVG°GMS�HE�QIHMYRMHEHI� JSM�ETVIWIRXEHE�GSQ�VMKSsVSWS�IUYMP°FVMS��EXVEZ¬W�HE�3FVE�QEKMWXVEP�

2S�IRXERXS��HMERXI�HSW�PERGMRERXIW�TVSFPIQEW�HE�SFWIWW¦S�RE�EXYEPMHEHI��XIQ�WI�E�MQTVIWW¦S�HI�UYI�REHE�EX¬�S�QSQIRXS�LENE�WMHS�JIMXS�E�JMQ�HI�WIV�QSHMJMGEHS�IWWI�IWXEHS�HI�GSMWEW�

(I� /EVHIG� ESW� RSWWSW� HMEW�� XSHEZME�� UYERXEW� IHMJMsGERXIW� VIEPM^Eª¸IW� I�TVIGMSWSW�IWXYHSW�IQ�XSVRS�HSW�Q¬sHMYRW��HE�QIHMYRMHEHI��HEW�SFWIWW¸IW�I�HEW�HIWSFWIWsW¸IW�X­Q�WMHS�ETVIWIRXEHSW��)WXI�GET°XYPS�HSW�TVSFPIsQEW�TW°UYMGSW�ô�nE�SFWIWW¦S~�ô� XIQ�QIVIGMHS�HSW�GVMWsX¦SW�RSZSW�S�QEMW�EGIRHVEHS� MRXIVIWWI��%TIWEV�HMWWS��EZEWWEPEHSVEQIRXI�ZIQ�WI�QERXIRHS�IQ�GEV¤XIV�ITMH­sQMGS��UYEP�QSVFS�ZMVYPIRXS�UYI�WI�EPEWXVE�TSV�XSHE�E�8IVVE��LSNI�QEMW�HS�UYI�IQ�UYEPUYIV�¬TSGE���

n7MREP�HSW�XIQTSW~��E�UYI�WI�VIPIVIQ�SW�)WGVMXSW�)ZERK¬PMGSW��TVIR½RGME�IWWE�HSV� KIRIVEPM^EHE�� E� )VE� HS� )WT°VMXS� -QSVXEP�� 1MPL¸IW� HI� GVMEXYVEW�� RS� IRXERXS��HSVsQIQ�S�WSRS�HE�MRHMJIVIRªE��IRXVIKYIW�ESW�ERIWX¬WMGSW�HS�TVE^IV�I�ES�¶TMS�HE�MPYW¦S�

4SV� XSHSW� SW� PYKEVIW� WI� QERMJIWXEQ� SW� )WT°VMXSW� EHZIVXMRHS�� IWGPEVIGIRHS��HIWTIVXERHS���

2S� IRXERXS�� S� GEVVS� HIWEXVIPEHS� HE� NYZIRXYHI� GSVVI� RE� HMVIª¦S� HI� EFMWQSW�MRWSRH¤ZIMW�� 3W� LSQIRW� EPGERsªEQ� E�QEXYVMHEHI� ZIRGMHSW� TIPSW� HIWKEWXIW� HE�UYEHVE� NYZIRMP�� I� E� ZIPLMGI� IQ� HIWEWWSWWIKS� TEHIGI� ES� EFERsHSRS�� 3W� EPXSW�°RHMGIW�HE�GVMQMREPMHEHI�HI�XSHSW�SW�QEsXM^IW�I�EW�GEPEQMHEHIW�WSGMEMW�IWTEPLEHEW�RE�8IVVE�W¦S��XSHEZME��EPKYRW�HSW�JEXSVIW�TVIHMWTSRIRXIW�I�TVITSRHIsVERXIW�TEVE�EW�SFWIWW¸IW����3W�GVMQIW�SGYPXSW��SW�HIsWEWXVIW�HE�IQSª¦S��SW�EFYWSW�HI�XSHE�SVHIQ� HI� YQE� ZMHE� VIWWYVKIQ� HITSMW�� RSYXVE� ZMHE�� IQ� GEV¤XIV� GSIVGMXMsZS��SFWIWWMZS����S�UYI�LSNI�SGSVVI�GSQS�GSRWIUY­RGME�HS�TEWWEHS�

%�(SYXVMRE�)WT°VMXE��TSV¬Q��TSWWYM�SW�ERX°HSXSW��EW�XIVETMEW�IWTIGMEMW�TEVE�X¦S�GEPEQMXSWS� QEP�� 6ITIXMRHS� .IWYW�� HMWXIRHI� PMª¸IW� I� VSXIMVSW� TEVE� SW� UYI� WI�EFIFIsVEQ�HEW�WYEW�JSRXIW�ZMXEMW�

Page 5: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

)WXI�PMZVS�HIZIVME�XIV�WMHS�IWGVMXS�JE �̂QYMXS�XIQTS���8SHSW�SW�JEXSW�RIPI�REVVEHSW�EGSRXIGIVEQ�IRXVI�SW�ERSW�HI������I�������IQ�

7EPZEHSV�� RE� &ELME�� UYERHS� HE� RSWWE� NSVREHE� GEVREP�� RE� 8IVVE�� %PKYQEW� HEW�TIVWSREsKIRW� EUYM� ETEVIGIQ� HMWGVIXEQIRXI� VIWKYEVHEHEW� TSV� TWIYsH·RMQS��GSRWMHIVERHS� UYI� EPKYQEW� HIPEW� I� WIYW� JEQMPMEVIW� WI� IRGSRXVEQ� EMRHE�VIIRGEVREHSW���

'SQS�RSW�MQTVIWWMSREWWIQ�EW�X¬GRMGEW�HE�SFWIWsW¦S�YXMPM^EHEW�TIPSW�)WT°VMXSW�TIVWIKYMHSVIW� I� EW� X¬GRMsGEW� HE� HIWSFWIWW¦S� ETPMGEHEW� TIPSW� -RWXVYXSVIW�(IWIRGEVREHSW�� VIYR°QSW� HEHSW�� JM^IQSW� ZIVMJMGEª¦S�� I� LSNI� ETVIWIRXEQSW� S�VIWYPXEHS� HEW� EZIVMKYEª¸IW� ES� PIMXSV� MRsXIVIWWEHS� IQ� MRJSVQEª¸IW� HS� 1YRHS�)WTMVMXYEP�WSFVI�S�TEPTMXERXI�TVSFPIQE�HEW�TIVWIKYMª¸IW�IWTMVMXYEMW�

)WXIW� JEXSW� XVERWGSVVIQ� IRXVI� SW� HSMW� QYRHSW�� S� HSW� IRGEVREHSW� I� S� HSW�HIWIRGEVREHSW��)WXIW�HSMW�QYRsHSW�WI�MRXIVTIRIXVEQ��N¤�UYI�R¦S�L¤�FEVVIMVEW�UYI�SW�WITEVIQ�RIQ�JVSRXIMVEW�VIEMW��HIJMRMHEW��IRXVI�EQFSW�

+VERHI� TEVXI� HEW� MRWXVYª¸IW�� SVMERXEª¸IW� I� WSGSVVSW� TVSGIHIVEQ�HS�1YRHS�)WTMVMXYEP�� HYVERXI� EW� WIWW¸IW� VIEsPM^EHEW� GSQ� E� TEVXMGMTEª¦S� HI� HMZIVWSW�QIQFVSW�HE�9RM¦S�)WT°VMXE�&EMERE��UYERHS�TVIWMHMHE�TSV�.SW¬�4IXMXMRKE��S�EQMKS�MRGSRHMGMSREP�HS�'VMWXS�

(MZIVWSW�GSQTERLIMVSW�IRGEVREHSW�I�R¶W�TEVXMGMT¤ZEQSW��IQ�HIWHSFVEQIRXS�TEVGMEP� TIPS� WSRS�� HEW� EXMZMsHEHIW� HE� HIWSFWIWW¦S� I� HEW� MRGYVW¸IW� RS� 1YRHS�)WTMVMsXYEP� WSF� S� GSQERHS� HI� %FRIKEHSW� 1IRXSVIW� UYI� RSW� WYWXIRXEZEQ� I�GSRHY M̂EQ��EHIWXVERHS�RSW�REW�VIEPMHEHIW�HE�ZMHE�I^XVEGSVT¶VIE�

(IWHI� Z¤VMSW� ERSW�� TIVGIF­VEQSW� E� JEGMPMHEHI� GSQ� UYI� RSW� PMFIVX¤ZEQSW�TEVGMEPQIRXI�HSW�PMEQIW�GEVREMW��IQ�IWXEHS�HI�PYGMHI �̂�EQIEPLERHS��HIWHI�IRX¦S��MRGSQsTEV¤ZIMW� VIGYVWSW� TEVE� YXMPM^Eª¦S� STSVXYRE�� 5YERHS� RSW� EGSRXIGIVEQ� EW�TVMQIMVEW��I\TIVM­RGMEW�HIWWE�SVHIQ��RS� PEFSV�QIHM½RMGS�IQ�KVYTS��VIXSVREQSW�ES�GSVTS�GSRWIVsZERHS�MRXEGXEW�EW�PIQFVERªEW��S�QIWQS�EGSRXIGIRHS�E�HMZIVWSW�QIQFVSW�HEUYIPEW�EXMZMHEHIW��'SQS�WI�XSVREWsWIQ�GEHE�ZI �̂QEMW�GSQTPI\EW�EW�XEVIJEW� IQ� GYVWS�� E� FSRHEHI� HSW� %QMKSW� )WTMVMXYEMW� TVSGIHIY� E� GSRZIRMIRXI�GIRWYVE�HEW�PIQFVERªEW��HI�QSHS�E�UYI�E�RSWWE�ZMHE�QEXIVMEP�R¦S�JSWWI�EJIXEHE�TIPEW�VIGSVHEª¸IW�HI�XEMW�VIEPM^Eª¸IW�

)Q�GSRJEFYPEª¸IW�GSQ�4IXMXMRKE��UYERHS�EMRHE�RS�TPERS�J°WMGS��GSRWIKY°EQSW��HI�GIVXS�QSHS��EGSQTERLEV�EW�HMWTSWMª¸IW� WSGSVVMWXEW�HIHMGEHEW�ESW�QIQFVSW�IRZSPZMHSW�REW�XVEQEW�HE�SFWIWW¦S�HI�UYI�RSW�SGYTEQSW�RIWsXEW�T¤KMREW�

*SM�� XSHEZME��IQ�G¤�GLIKERHS��ET¶W�E� PMFIVXEª¦S�HSW� PMEQIW� JMWMSP¶KMGSW�TIPE�HIWIRGEVREª¦S�� UYI� TYHIQSW� VIYRMV� XSHSW� SW� ETSRXEQIRXSW� HI� UYI� X°RLEQSW�RIGIWWMHEHI��GSRXERHS��XEQF¬Q��GSQ�E�ZEPMSWE�GSSTIVEª¦S�HS�ZIRIsVERHS�EQMKS�4IXMXMRKE�I�HEW�)RXMHEHIW�7YTIVMSVIW��UYI�RSW�ENYHEVEQ�REUYIPI�XIRXEQI��IRX¦S�GSVSEHS�HI�­\MXS��QIVG­�HE�(MZMRE�1MWIVMG¶VHME�

%PKYRW� HSW� WYFMXIQW� UYI� GSRWXMXYIQ� SW� 4VSPIK·QIsRSW� HIWXE� 3FVE�ETEVIGIVEQ�STSVXYREQIRXI�IQ�EPKYRW�TIsVM¶HMGSW�IWT°VMXEW��%UYM� WI�IRGSRXVEQ�TSV�R¶W�TV¶TVMSW�VIJYRHMHSW�TEVE�QIPLSV�IRXVSWEQIRXS�RS�GSRNYRXS�

6IGSRLIGIQSW� E� WMRKIPI^E� HIWXI� XVEFEPLS�� 'SQ� IPI�� XSHEZME�� SFNIXMZEQSW�GSSTIVEV� HI� EPKYQE� JSVQE� GSQ� SW� RSFVIW� PMHEHSVIW� HE� QIHMYRMHEHI�� SW�MRJEXMK¤ZIMW�WIVZMsHSVIW�HEW�XEVIJEW�HE�HIWSFWIWW¦S��UYI�WI�HIHMGEQ�GSRsJMERXIW�I�NSZMEMW�ESW�XVEFEPLSW�HI�WSGSVVS�ESW�MVQ¦SW�EXVMFYPEHSW�HIWXI�PEHS�HI�G¤�I�HS�PEHS�

Page 6: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

HI� P¤�� GSSTIVERHS� GSQ�S�'VMWXS� RE� MQTPERXEª¦S� HS�1YRHS�1IPLSV� E� UYI� XSHSW�EWTMVEQSW�

2EHE� XVE �̂ HI� RSZS�� UYI� N¤� R¦S� XIRLE� WMHS� HMXS�� 6IsTIXI�� JMIP� £� X¬GRMGE�IHYGEGMSREP� HI� UYI� S� I\IVG°GMS� ¬� YQ� HSW� QEMW� IJMGMIRXIW� Q¬XSHSW� HE�ETVIRHM^EKIQ�� QYMXEW� PMsª¸IW� GSRLIGMHEW�� 0SRKI� HI� WIV� YQ� XVEXEHS� WSFVI�SFWIWsW¦S� I� HIWSFWIWW¦S�� ¬� YQ� PMKIMVS� IWXYHS� TV¤XMGS�� EXVEZ¬W� HI� YQE� JEQ°PME�EREXIQEXM^EHE�TIPEW�TIVXYVFEª¸IW�HI�EP¬Qs�X½QYPS�

-QIRWS� I� J¬VXMP� GEQTS� E� NSIMVEV�� E� SFWIWW¦S� GSRXMRYE� EKYEVHERHS� SW� IWXYHMSWSW�QEMW� FIQ�EHIWXVEHSW�I�QEMW�GETE^IW�TEVE�QEMW�EQTPSW�IWGPEVIGMQIRXSW�I�QEMW�IJMsGE^IW�IPYGMHEª¸IW�

3�RSWWS�T¤PMHS�IWJSVªS�XIQ�S�IWGSTS�HI�GLEQEV�E�EXIRª¦S�TEVE�S�TVSFPIQE��5YI�SYXVSW��GSQS�N¤�XIQ�WMHSJIMXS�TSV�QYMXSW��VIEPM^IQ�E�TEVXI�QEMW�RSFVI�I�GSQsTPI\E�HE�UYIWX¦S�

6IGSRLIGMHSW�I�WIRWMFMPM^EHSW�TIPS�EY\°PMS�VIGIFMHS�HS�%PXS��UYI�QYRGE�RSW�XIQ�JEPXEHS�GSQ�S�WIY� WSGSVVS�� I\SVEQSW� EW� F­Rª¦SW� HS� 7IRLSV� TEVE� XSHSW� R¶W�� WIVZS� MRGSQTIXIRXI� UYI�VIGSRLIGIQSW�WIV��RE�7YE�:MRLE�HI�0Y �̂I�%QSV�

1%23)0�4,-031)23�()�1-6%2(%7EPZEHSV�����HI�NYRLS�HI������

Page 7: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

4VSPIK·QIRSW

� � � � � � ü3W� )WT°VMXSW� I\IVGIQ� MRGIWWERXI� Eª¦S� WSFVI� S�QYRsHS�QSVEP� I�QIWQS� WSFVI� S� QYRHS� J°WMGS�� %XYEQ� WSFVI� E� QEX¬VME� I� WSFVI� S�TIRWEQIRXS� I� GSRWXMXYIQ� YQE� HEW� TSX­RGMEW� HE� 2EXYVI^E�� GEYWE�IJMGMIRXI�HI�YQE�QYPsXMH¦S�HI�JIR·QIRSW�EX¬�IRX¦S�-RI\TPMGEHSW�SY�QEP�I\sTPMGEHSW� I� UYI� R¦S� IRGSRXVEQ� I\TPMGEª¦S� VEGMSREP� WI�R¦S� RS�)WTMVMXMWQS��ü%W�VIPEª¸IW�HSW�)WT°VMXSW�GSQ�SW�LSQIRW�W¦S�GSRWXERXIW��3W�FSRW�)WT°VMXSW�RSW�EXVEIQ�TEVE�S�FIQ��RSW�WYWXIRXEQ�REW�TVSZEW�HE�ZMHE�I�RSW�ENYHEQ�E�WYTSVX¤�PEW�GSQ�GSVEKIQ�I�VIWMKREª¦S��3W�nQEYW�RSW� MQTIPIQ� TEVE� S� QEP�� ¬�PLIW� YQ� KS^S� ZIV�RSW� üWYGYQFMV� I�EWWIQIPLEV�RSW�E�IPIW�ý���

� � � � � � 3W� QSHIVRSW� TIWUYMWEHSVIW� HE� QIRXI� IRGEVREHE�� JEWsGMREHSW� TIPEW�I\TIVM­RGMEW� HI� 0EFSVEX¶VMS�� WYVTVIIRHIQ�� TEYPEXMREQIRXI�� EW� VIEPMHEHIW� HS�1YRHS� I\XVEJ°WMGS�� 0MsKEHSW�� TSV¬Q�� ESW� ZIPLSW� TVIGSRGIMXSW� GMIRX°JMGSW��HIRSsQMREQ�E�JEGYPHEHI�EXVEZ¬W�HE�UYEP�ZIMGYPEQ�XEMW�JEXSW�TIPS�RSQI�KIR¬VMGS�HI� üTWMý�� 3� üTWMý� ¬� YQE� HIWMKREsª¦S� UYI� HE� IPEWXMGMHEHI� UYEWI� MRJMRMXE� ESW�VIGYVWSW�TP¤WsXMGSW�HE�QIRXI��XEMW�GSQS�GSRLIGMQIRXS�HS�TEWWEHS��XIsPITEXME ��SY�EGSRXIGMQIRXSW�UYI�XMZIVEQ�PYKEV�ERXIVMSVsQIRXI�I�WI�IRGSRXVEQ�KVEZEHSW�REW�QIRXIW�HI�SYXVEW�TIWWSEW��GSRLIGMQIRXS�HI�SGSVV­RGMEW�RS�QYRHS�I\XIVMSVs

�������� �ü3�0MZVS�HSW�)WT°VMXSWý��HI�%PPER�/EVHIG��-RXVSHYª¦S��T¤KMRE�����HE���m�)HMª¦S�HE�*)&��ô�2SXE�HS�%YXSV�IWTMVMXYEP�

�GPEVMZMH­RGME ��WIQ�S�GSRXEGXS�GSQ�MQTVIWW¸IW�WIRsWSVMEMW��I�TIVGITª¦S�HS�JYXYVS��TVIWGM­RGME �

)Q�TVMRG°TMS��SW�VIGYVWSW�ZEPMSWSW�HE�QIRXI��REW�I\TIVM­RGMEW�HI�XVERWTSWMª¦S�HSW� WIRXMHSW�� JIR·QIRSW� HI� TVSJIXMWQS� I� PYGMHI �̂� HIQSRWXVEª¸IW� HI�MRWIRWMFMPMHEHI�X¤GXMP��REW�EPYGMREª¸IW��TSPEVM^Eª¸IW�I�HIWTSPEVM^Eª¸IW�TW°sUYMGEW��VIEPM^EHEW� IQ� ITMP¬TXMGSW� I� LMWX¬VMGSW� LMTRSXM^EsHSW�� IRWINEZEQ� GSRGPYW¸IW�ETVIWWEHEW�UYI�TEVIGMEQ�GSRsJMVQEV�EW�GEVEGXIV°WXMGEW�HS�üTWMý�

'SQTVSZSY�WI�QYM�JEGMPQIRXI��EXVEZ¬W�HE�WYKIWX¦S�LMTRSP¶KMGE��UYI�WI�TSHI�MQTVIWWMSREV� YQ� TIVGMTMIRXI� E� JMQ� HI� UYI� S� QIWQS� EWWYQE� TIVWSRMJMGEª¸IW�TEVEWMX¤VMEW� QSQIRXERIEQIRXI�� VITVIWIRXERHS� ZYPXSW� HE� ,MWX¶VME� SY� WMQTPIW�TIWWSEW�HE�TPIFI���

'SRWMHIVERHS�WI��XSHEZME��IQ�SYXVEW�I\TIVM­RGMEW��SW�JIR·QIRSW�MRXIPIGXYEMW��GSQS� RSW� GEWSW� HI� \IRSKPSWWME� I� KPSWWSPEPME�� IWTIGMEPQIRXI� IRXVI� GVMERªEW� HI�XIRVE� MHEHI�� SY� REUYIPIW� HI� SVHIQ� J°WMGE�� XEMW� GSQS� E� TRIYQSKVEJME�� S�QIXEJSRMWQS�� E� XIPIGMRIWME�� E� XIPITPEWQME� I� SW� HMZIVsWSW� JIR·QIRSW� HIRXVS� HE�QIXIVKME��GSRWXEXE�WI�R¦S�LEsZIV�IPEWXMGMHEHI�UYI�WI�SJIVIªE�£�QIRXI�IRGEVREHE�UYI�SW�TSWWE�IPYGMHEV��WIR¦S�EXVEZ¬W�HE�EGIMXEª¦S� X¤GMXE�HI�YQE� JSVªE�I\XIVRE�MRXIPMKIRXI�� GSQ�ZSRXEHI� TV¶TVME�� UYI� EXYE� RS� WIRWMXMZS�� E� IWXI� GSRJIVMRHS� XEMW�TSWWMFMPMHEHIW�

)WXYHMSWSW�HS�EWWYRXS��RS�TEWWEHS��XEMW�GSQS�;MPsPMEQ�.EQIW��EGVIHMXEVEQ�UYI�XSHSW�ZMZIQSW�QIVKYPLEsHSW�RYQE�nGSVVIRXI�HI�GSRWGM­RGME�G¶WQMGE~��IRUYERXS�

Page 8: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

,IRVMUYI�&IVKWSR�WYTYRLE�UYI�nE�QIRXI�TSWWYM�YQ�GSsRLIGMQIRXS�HI�XYHS��IQ�UYEPUYIV� PYKEV�� WIQ� PMQMXEª¦S� HI� XIQTS� SY� HI� IWTEªS~�� HERHS� ES� G¬VIFVS� E�JYRª¦S�HI�ZIPEHSV�HI�XEP�GSRLIGMQIRXS�

)RUYERXS� XEMW� JIR·QIRSW� WI� HIQSVEQ� WIQ� I\TPMGEsª¦S� HIJMRMXMZE�� E�WSFVIZMZ­RGME� HS� )WT°VMXS� ET¶W� E�QSVXI� HS� GSVTS� R¦S� IRGSRXVE� EGIMXEª¦S� TIPEW�%GEHIQMEW��HMWsX½VFMSW�QIRXEMW�HI�Z¤VME�SVHIQ�ETVMWMSREQ�QYPXMH¸IW�IQ�G¤VGIVIW�IWXVIMXSW�I�WSQFVMSW��TSZSEHSW�TIPSW�JERsXEWQEW�HE�PSYGYVE��VIHY M̂RHS�S�LSQIQ�£�GSRHMª¦S�TVMsQMXMZE�HS�TEWWEHS���

1YMXS�IQFSVE�SW�HIWZEVMSW�HE�VE^¦S�IWXINEQ�TVIsWIRXIW�RSW�JEWXSW�HI�XSHSW�SW�XIQTSW��NEQEMW��GSQS�RE�EXYEPMHEHI��S�LSQIQ�WI�WIRXMY�X¦S�TIVXYVFEHS�

8VEXEHMWXEW�IWXYHMSWSW�HSW�TVSFPIQEW�TWMGS�WSGMSP¶sKMGSW�HS�TVIWIRXI�EXVMFYIQ�KVERHI� TEVXI� HSW� HMWX½VFMSW� QIRXEMW� £� üXIRW¦Sý� HEW� LSVEW� IQ� UYI� WI� ZMZI��IPIZERHS�� GEHE�HME�� S� R½QIVS�HSW� HIWEVVERNEHSW� TWMUYMGEQIRXI� I� EXYVHMHSW� HE�IQSª¦S�

2EXYVEPQIRXI� UYI�� EP¬Q� HIWWIW�� EJMVQEQ� SW� HI� TVSGIH­RGME� JMWMSP¶KMGE�� HE�LIVIHMXEVMIHEHI��HI�Z°VYW�I�KIVsQIRW��EW�WIUYIPEW�HE�ITMPITWME��HE�XYFIVGYPSWI��HEW�JIsFVIW�VIYQ¤XMGEW��HE�W°JMPMW��SW�XVEYQEXMWQSW�I�GLSUYIW�UYI�WI�IRGEVVIKEQ�HI�GSRXVMFYMV�PEVKE�I�EQTPEQIRXI�TEVE�E�PSYGYVE��*EXSVIW�SYXVSW�TVIHMWTSRIRXIW�E�UYI�XEQF¬Q�WI�VIJIVIQ�R¦S�TSHIQ�WIV�VIPIKEHSW�E�TPERS�WIGYRH¤VMS��8SHEZME��EP¬Q�HIWWIW��UYI�H¦S�SVMKIQ�E�TWMsGSWIW�I�RIYVSWIW�PEQIRX¤ZIMW��SYXVSW�L¤�UYI�WSQIRXI�TSHIQ�WIV�I\TPMGEHSW�TIPE�(SYXVMRE�)WT°VMXE��RS�'ET°sXYPS�HEW�3FWIWW¸IW�IWXYHEHEW�GEVMRLSWEQIRXI�TSV�%PPER�/EVHIG�

*E^IRHS�WI�PMKIMVS�PIZERXEQIRXS�EXVEZ¬W�HE�,MWX¶sVME�ô�I�SW�EGSRXIGMQIRXSW�X­Q� WMHS� VIKMWXVEHSW� IQ� XSHEW� EW� ¬TSGEW� HS� TIRWEQIRXS�� QIWQS� REW� QEMW�VIGYEHEW�ô�� WYVTVIIRHIQSW�� ES� PEHS� HSW� EPMIREHSW� HI� UYEPUYIV� TVSsGIH­RGME��QEKSW� I� WEGIVHSXIW� QERMTYPERHS� I\SVGMWQSW� I� SVEª¸IW� GSQ� UYI� TVIXIRHMEQ�EJEWXEV� SW� )WT°VMXSW� EXSVsQIRXEHSVIW�� UYI� WI� GSQTVE^IQ� IQ� ZEQTMVM^EV� SY�I\EPsXEV�WYEW�Z°XMQEW�IQ�MRJIPM �̂GSQ¬VGMS�IRXVI�SW�HSMW�TPEsRSW�HE�ZMHE��S�GSVTSVEP�I�S�IWTMVMXYEP�

3W� PMZVSW� WEKVEHSW� HI� XSHSW� SW� TSZSW�� HIWHI� E� QEMW� VIQSXE� ERXMK¿MHEHI�SVMIRXEP�� IQ� WI� VIJIVMRHS� £W� PIMW� QSsVEMW�� VITSVXEQ�WI� £� ZMHE� I\XVEXIVVIRE�� £W�GSRWSPEª¸IW�I�£W�TIREPMHEHIW�MQTSWXEW�ESW�)WT°VMXSW�ô�XEP�GSQS�WI�E�MRJSVQEª¦S�XMZIWWI�WMHS�LEYVMHE�RE�QIWQE�JSRXI��XIRHS�GSQS�½RMGE�TVSGIH­RGME�E�MRWTMVEª¦S�HSW� HIWIRGEVREHSW� ô� IWXYHERHS�� MKYEPQIRXI�� EW� EJPMª¸IW� I� TIVXYVFEª¸IW� HI�SVMKIQ�IWTMVMXYEP��UYI�VIQSRXEQ�£W�ZMHEW�TVIKVIWWEW���

'SRWMHIVEHSW�MRMGMEPQIRXI�GSQS�ERNSW�QEYW�SY�HIQ·RMSW��ES�XIQTS�HI�.IWYW��JSVEQ�TSV�)PI�GPEWWMJMGEsHSW�HI��IWT°VMXSW� -QYRHSW~��GSQ�SW�UYEMW�WI�HIJVSRXSY��VIMXIVEHEW�ZI^IW��HYVERXI�E�NSVREHE�ZMZMHE�RE�8IVVE�

8SHSW�SW�KVERHIW�TIRWEHSVIW��EVXMWXEW��IWGVMXSVIW��JMsP¶WSJSW�HS�TEWWEHS��üTWMý�HI�VIPMKM¸IW~��üHSYXSVIW�HE�-KVINE~��W¦S�YR¥RMQIW�IQ�EXIWXEV�EW�VIEPMHEHIW�HE�ZMHE�EP¬Q�HE�GEVRI��TIPSW�XIWXIQYRLSW�MRGSRJYRH°ZIMW�HE�MQSVsXEPMHEHI�

%SW� )WT°VMXSW� HSW� HMXSW� QSVXSW� WI� VIJIVIQ� %RE\¤sKSVE�� 4PYXEVGS�� 7¶GVEXIW��,IV¶HSXS��%VMWX¶XIPIW��'°GIVE��,SV¤GMS��4P°RMS��3Z°HMS��0YGERS��*P¤ZMS�.SW¬��:MVK°PMS��(MSRMWMS�HI�,EPMGEVREWWS��:EP¬VMS�1¤\MQS����UYI��IQ�WIYW�VIPEXSW��ETVIWIRXEQ�JEVXE�HSGYQIRXEª¦S� GSQTVSFEsX¶VME� HS� MRXIVG¥QFMS� IWTMVMXYEP�� GMXERHS� SYXVEW� R¦S�QIsRSW�G¬PIFVIW�TIVWSREKIRW�HS�WIY�XIQTS�

6MGSW� W¦S� SW� GSQIRX¤VMSW� WSFVI� EW� ETEVMª¸IW�� EW� GEsWEW� �EWWSQFVEHEW~�� SW��EZMWSW �I�EW�GSRWYPXEW�RSW�WERsXY¤VMSW�HI�XSHEW�EW�KVERHIW�'MZMPM^Eª¸IW�

1EMW� XEVHI� 0EGX¥RGMS�� 3V°KIRIW�� %QFV¶WMS�� &EW°PMS� I� %VR¶FMS� H¦S� JEVXS� I�

Page 9: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

IPSUYIRXI�XIWXIQYRLS�HEW�GSQYRMsGEª¸IW�GSQ�SW�HIWIRGEVREHSW�%� )WGSPE� 2ISTPEX·RMGE� HI� %PI\ERHVME�� EXVEZ¬W� HSW� WIYW� QEMW� I\TVIWWMZSW�

ZYPXSW�� TVIKERHS� E� QYPXMTPMGMHEHI� HEW� I\MWX­RGMEW� �VIIRGEVREª¦S �� EJMVQE�� TSV�MRXIVQ¬HMS�HI�4PSXMRS��4SVJ°VMS��.¥QFPMGS��4V¶GPYW��E�GSRXMRYMHEHI�HE�ZMHE�GSRGIHMHE�ES�TVMRG°TMS�IWTMVMXYEP�

%� -HEHI� 1¬HME� JSM� JEVXE� IQ� TVSZEW� WSFVI� SW� HIWIRsGEVREHSW�� ü%RNSWý� I�üIWT°VMXSW� MQYRHSWý� W¿FMXEQIRXI� MRsZEHMVEQ� E� )YVSTE�� I� SW� üMRWTMVEHSWý� I�üIRHIQSRMRLEHSWý��SW�üEHMZMRLSW~�I�üJIMXMGIMVSWý�JSVEQ�PIZEHSW�£�TMVE�GVIQEX¶VME��WIQ�UYI�GSRWIKYMWWIQ�I\XMRKYM�PSW�

(EW� TVMQIMVEW� PYXEW� IRXVI� S� )QTMVMWQS� I� S� 6EGMSsREPMWQS� MRXIPIGXYEP� £� )VE�%X·QMGE��JMP¶WSJSW�I�GMIRXMWXEW�R¦S�JMGEVEQ�MRHMJIVIRXIW�ESW�)WT°VMXSW����2S�W¬GYPS�����TSV¬Q��JEHEHS�TIPEW�WYEW�GSRUYMWXEW�E�WIVZMV�HI�FEWI�ES�JYXYVS��RS�UYI�HM �̂VIWTIMXS�ES� GSRLIGMQIRXS�� E� WSFVIsZMZ­RGME�QIVIGIY�TSV�TEVXI�HI�TWMG¶PSKSW�I�TWMUYMWXEW� S�QEMW� EGMVVEHS� HIFEXI�� MREYKYVERHS�WI� E� ¬TSGE� HEW� MRZIWsXMKEª¸IW�GSRXVSPEHEW�GMIRXMJMGEQIRXI�

*SM� RIWWI� TIV°SHS� UYI� %PPER� /EVHIG�� GSRZMHEHS� £� PMªE� HE� GYPXYVE� I� HE�MRJSVQEª¦S�� IQTYRLERHS� S� FMWXYVM� HE� MRZIWXMKEª¦S�� GPEVISY�� GSQ� YQE� *MPSWSJME�'MIRX°JMGE� ô� S� )WTMVMXMWQS�� GEPGEHE� IQ� JEXSW� HIZMHEQIRXI� GSQsTVSZEHSW�� SW�IWGERMRLSW� HS� SFWGYVERXMWQS�� SJIVIGIRHS� YQE� XIVET­YXMGE� WIKYVE� TEVE� EW�EPMIREª¸IW� XSVXYVERXIW�� VITIXMRHS� EW� I\TIVM­RGMEW� HI� .IWYW�'VMWXS� NYRXS� ESW�IRsHIQSRMRLEHSW�I�IRJIVQSW�HI�XSHE�SVHIQ�

'PEWWMJMGSY� GSQS� SFWIWW¦S� E� KVERHI� QEMSVME� HSW� HMWX½VFMSW� TW°UYMGSW� I�IPEFSVSY�TVSGIWWSW�HI�VIGYTIVEsª¦S�HS�SFWMHMEHS��IWXYHERHS�EW�GEYWEW�ERXIVMSVIW�HEW� EJPMª¸IW� £� PY �̂ HEW� VIIRGEVREª¸IW�� EXVEZ¬W� HI� PMRKYEKIQ� GSRHM^IRXI� GSQ� E�VE^¦S��I�HIQSRWXV¤ZIP�I\TIVMQIRXEPQIRXI�

%� 'SHMJMGEª¦S� /EVHIUYMERE�� GSQS� YQ�QSRYQIRXS� KVER°XMGS� TEVE� SW� W¬GYPSW�TSVZMRHSYVSW��GIVXEQIRXI�R¦S�VIWSPZIY�S�üTVSFPIQE�HS�LSQIQý��TSMW�UYI�IWXI�ES�TV¶sTVMS�LSQIQ�¬�TIVXMRIRXI��SJIVIGIRHS�� XSHEZME��EW�FEWIW�I�HMVIª¸IW�WIKYVEW�TEVE�UYI� XIRLE�YQE�ZMHE� JIPM �̂�¬XMGE�I�WSGMEPQIRXI�LEVQSRMSWE�RE� JEQ°PME�I�RE�GSQYRMHEHI�SRHI�JSM�GLEQEHS�E�ZMZIV�

4WMUYMWXEW�HI�RSQIEHE��EHZIVXMHSW�TIPSW�VIWYPXEHSW�SFWIVZEHSW�RE�)YVSTE�I�RE�%Q¬VMGE��IQ�XSVRS�HS� JEWsGMRERXI�EWWYRXS�ô� GSQYRMGEFMPMHEHI�HSW�)WT°VMXSW�ô��IQTIRLEVEQ�WI�� IRX¦S�� IQ� PEFSVMSWEW� I\TIVM­RGMEW�� GVMERHS�� EPKYRW�� TSV� QEMW�GSQTEX°ZIP�GSQ�EW�WYEW�MRZIWXMHYsVEW�EGEH­QMGEW��WYGIH¥RISW�TEVE�E�EPQE��UYI�MRXVSHY M̂sVEQ�RE�KIR¬XMGE�HE�&MSPSKME��RIKERHS�£UYIPE�S�HMVIMXS�£�PIKMXMQMHEHI��3�4VSJIWWSV� +YWXEZS� +IPI]�� TSV� I\IQTPS�� GVMSY� E� HIWMKREª¦S� HI� üH°RREQS�TWMUYMWQSý��4EYPI]��E�HI�üGSRWGM­RGME�TVSJYRHEý��,ERW�(VMIWGL�E�HI�üIRXIP¬UYMEWý�I�XISVMEW�QIXETW°UYMGEW�ZMIVEQ�E�PYQI��IQ�JIVVIRLS�ERsXEKSRMWQS�£�MQSVXEPMHEHI��IWKVMQMRHS�EW�EVQEW�HS�WSsJMWQE�I�HE�RIKEª¦S��WIQ�GSRWIKYMVIQ��RS�IRXERXS��VIWYPXEHS�TSWMXMZS�

3 G¬PIFVI� 4VSJIWWSV� 'LEVPIW� 6MGLIX�� IWXMQYPEHS� TIPEW� I\TIVM­RGMEW�IQMRIRXIQIRXI�GMIRX°JMGEW�HI�7MV~�;MPPMEQ�'VSSOIW��IPEFSVSY�E�1IXETW°UYMGE�I��ES�HIWTIHMV�WI� HE� WYE� '¤XIHVE� HI� *MWMSPSKME�� RE� 9RMZIVWMHEHI� HI� 4EVMW�� HIM\SY� ES�JYXYVS�E�WEXMWJEª¦S�HI�GSRJMVQEV��HI�RIKEV�SY�HIWsHSFVEV�EW�WYEW�GSRGPYW¸IW�

'SQ� S� EHZIRXS� HE� QSHIVRE� 4EVETWMGSPSKME�� RSZSW� WYGIH¥RISW� X­Q� WMHS�GVMEHSW� TEVE� S� IWT°VMXS� MQSVXEP� I�� IRUYERXS� SW� TIWUYMWEHSVIW� WI� HIQSVEQ� RS�TVSFPIQE�HE�HIWMKREª¦S�RSQMREXMZE�UYI�MRWTMVE�HIFEXIW�I�GIPIYQEW��E�(SYXVMRE�)WT°VMXE�� PIGMSRERHS�EQSV�I�JVEXIVRMHEHI��IWsXYHS�I�GSRLIGMQIRXS�HE�ZMHE�WSF�E�MRWTMVEª¦S� HSW� -QSVsXEMW�� HMWXIRHI� FVEªSW� I� PMFIVXE� HEW� QEPLEW� ZMKSVSWEW� HE�

Page 10: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

SFWIWW¦S�EUYIPIW�UYI��TSV�MQTVIZMH­RGME�SY�TVSZEª¦S��WI�HIM\EVEQ�EVVEWXEV�ESW�IWGYVSW� TVIGMT°GMSW� HE� EREVUYME� QIRXEP�� TIVXYVFEHSW� SY� WYFNYKEHSW� TSV� JSVªEW�YPXVM^IW�HE�)VVEXMGMHEHI��TVIWGVIZIRHS�EW�QIWQEW�HMVIXVM^IW�QSsVEMW� MRWIVXEW�RS�)ZERKIPLS�HI�.IWYW�'VMWXS��ZMZMHS�IQ�IWsT°VMXS�I�ZIVHEHI�

Page 11: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

)\EQMRERHS�E�SFWIWW¦S

� � � � � � ü)RXVI� SW� UYI� W¦S� XMHSW� TSV� PSYGSW��QYMXSW� L¤� UYI� ETIREW� W¦S�WYFNYKEHSW��TVIGMWEVMEQ�HI�YQ�XVEXEsQIRXS�QSVEP��IRUYERXS�UYI�GSQ�SW�XVEXEQIRXSW� GSVTSsVEMW� SW� XSVREQ� ZIVHEHIMVSW� PSYGSW�� 5YERHS� SW�Q¬HMGSW�GSRLIGIVIQ�FIQ�S�)WTMVMXMWQS��WEFIV¦S�JE^IV�IWWE�HMWsXMRª¦S�I�GYVEV¦S�QEMW�HSIRXIW�HS�UYI�GSQ�EW�HYsGLEWý����

'SQ� QYMXS� EGIVXS� EWWIZIVSY� S� 'SHMJMGEHSV� UYI� nS� GSRLIGMQIRXS� HS�)WTMVMXMWQS�� PSRKI�HI�JEGMPMXEV�S�TVIsHSQ°RMS�HSW�QEYW�)WT°VMXSW��L¤�HI�XIV�GSQS�VIWYPXEHS�� IQ� XIQTS� QEMW� SY� QIRSW� TV¶\MQS� I� UYERHS� WI� EGLEV� TVSTEKEHS��HIWXVYMV�IWWI�TVIHSQ°RMS��S�HE�SFWIWW¦S��HERsHS�E�GEHE�YQ�SW�QIMSW�HI�WI�T·V�IQ�KYEVHE� GSRXVE� EW� WYKIWX¸IW� HIPIW~�� )� S� MPYQMREHS�QIWXVI�� R¦S� TSYGEW� ZIs^IW��IQFSVE�TVSJYRHS�GSRLIGIHSV�HS�1EKRIXMWQS��GSRsZSGEHS�E�EXIRHIV�SFWMHMEHSW�HI� ZEVMEHS� NEI �̂� YXMPM^SY�WI� HSW� IJMGMIRXIW� Q¬XSHSW� HE� (SYXVMRE� )WT°VMXE� TEVE�PMFIVX¤�PSW�GSQ�WIKYVERªE��EXVEZ¬W�HE�QSVEPM^Eª¦S�HS�)WT°sVMXS�TIVXYVFEHSV�I�HS�WIRWMXMZS�TIVXYVFEHS�

n3FWIWW¦S�ô�WIKYRHS�%PPER�/EVHIG�ô�¬�S�HSQ°RMS�UYI�EPKYRW�)WT°VMXSW�PSKVEQ�EHUYMVMV�WSFVI�GIVXEW�TIWWSEW�

������I�� �ü3�0MZVS�HSW�1¬HMYRWý��HI�%PPER�/EVHIG����m�)HMª¦S�HE�*)&��4¤KMRE�����

%S�XIQTS�HE�TYFPMGEª¦S�HI�ü3�0MZVS�HSW�1¬HMYRWý�ô������ô�EW�HYGLEW�IVEQ�XMHEW�GSQS�HSW�QEMW�IJMGMIRXIW�XVEXEQIRXSW�TEVE�EW�IRJIVQMHEHIW�QIRXEMW�� (E°� E� VIJIV­RGME� JIMXE� TSV� %PPER� /EVHIG�� ô� 2SXE� HS� %YXSV�IWTMVMXYEP�

2YRGE�¬�TVEXMGEHE�WIR¦S�TIPSW�)WT°VMXSW�MRJIVMSsVIW��UYI�TVSGYVEQ�HSQMREV��3W�FSRW�)WT°VMXSW�RIRLYQ�GSRWXVERKMQIRXS�MRJPMKIQ��%GSRWIPLEQ��GSQFEXIQ�E�MRsJPY­RGME�HSW�QEYW�I��WI�R¦S�SW�SYZIQ��VIXMVEQ�7I��3W�QEYW��ES�GSRXV¤VMS��WI�EKEVVEQ�£UYIPIW�HI�UYIQ�TSHIQ�JE^IV�WYEW�TVIWEW��7I�GLIKEQ�E�HSQMREV�EPKYQ��MHIRXMsJMGEQ�WI�GSQ�S�)WT°VMXS�HIWXI�I�S�GSRHY^IQ�GSQS�WI�JSVE�ZIVHEHIMVE�GVMERªE��~�%MRHE�¬�S�IKV¬KMS�MRX¬VTVIXI�HSW�)WT°VMXSW�HE�0Y �̂UYI�GSQIRXE�������n%W�GEYWEW�HE�SFWIWsW¦S�ZEVMEQ��HI�EGSVHS�GSQ�S�GEV¤XIV�HS�)WT°VMXS�����£W�ZI^IW��YQE�ZMRKERªE�UYI�IWXI�XSQE�HI�YQ�MRHMZ°HYS�HI�UYIQ�KYEVHE�UYIM\EW�HS�XIQTS�HI�SYXVE�I\MWX­RGME��1YMXEW�ZI^IW��XEQF¬Q��R¦S�L¤�QEMW�HS�UYI�HIWINS�HI�JE^IV�QEP��S�)WT°VMXS��GSQS�WSJVI��IRXIRHI�HI�JE^IV�UYI�SW�SYXVSW�WSJVEQ��IRGSRXVE�YQE�IWT¬GMI�HI�KS^S�IQ�SW�EXSVQIRXEV��IQ�SW�ZI\EV��I�E�MQTEGM­RGME�UYI�TSV�MWWS�E�Z°XMQE�HIQSRWXVE�QEMW�S�I\EGIVFE��TSVUYI�IWWI�¬�S�SFNIXMZS�UYI�GSPMQE��ES�TEWWS�UYI�E�TEGM­RGME�S�PIZE�E�GERWEV�WI����~

)� TVSWWIKYI�� n,¤� )WT°VMXSW� SFWIWWSVIW� WIQ� QEPHEsHI�� UYI� EPKYQE� GSMWE�QIWQE�HIRSXEQ�HI�FSQ��QEW�HSsQMREHSW�TIPS�SVKYPLS�HS�JEPWS�WEFIV����

3FWMHMEHSW��WIQTVI�SW�LSYZI�IQ�XSHEW�EW�¬TSGEW�HE�,YQERMHEHI�6ITSRXERHS��ZMKSVSWS��S�JIR·QIRS�QIHM½RMGS�IQ�XSHSW�SW�TSZSW�I�IQ�XSHSW�

SW� XIQTSW�� SJIVIGIRHS� VSXIMsVSW� MPYQMREXMZSW� TEVE� QYMXEW� 'MZMPM^Eª¸IW�� JSM��XEQF¬Q��ZI°GYPS�HI�TYRKIRXIW�HVEQEW�HI�ZYPXSW�UYI�WI�GIPIFVMs^EVEQ�RE�,MWX¶VME�

Page 12: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

2EFYGSHSRSWSV� �}�� S� +VERHI�� VIM� HE� 'EPH¬ME�� TIVXYVsFEHS� TSV� )WT°VMXSW�ZMRKEHSVIW�� I\TIVMQIRXSY� XSVQIRXSW� MRSQMR¤ZIMW�� SFWMHMEHS�� HIWGIRHS� £�QMW¬VVMQE�GSRHMª¦S�HI�ERSVQEP���

8MF¬VMS�� HI�QIRXI� HMVMKMHE� TSV� )WT°VMXSW� MQTMIHSsWSW�� EXMRKMY� EPXS� °RHMGI� HI�GVYIPHEHI�� TIPE� HIWGSRJMERªE� I\EGIVFEHE�� MRWYJPEHE� TIPSW� EHZIVW¤VMSW�HIWIRGEVREHSW���

(SQ°GMS� 2IVS�� XVMWXIQIRXI� GIPIFVM^EHS�� ET¶W� YQE� I\MWX­RGME� HI� PSYGYVEW��EZEWWEPEHS� TSV� GVY¬MW� MRMQMKSW� HS� %P¬Q�8½QYPS�� R¦S� TSYGEW� ZI^IW� IQ�HIWHSFVEQIRXSW�IWTMVMXYEMW�VIIRGSRXVSY�E�Q¦I�%KVMTMRE�I�E�IWTSWE�3X¤sZME��UYI�JSVEQ�EWWEWWMREHEW�TSV�WYE�SVHIQ��TVIWWEKMERsHS�PLI�S�XIVQS�HSPSVSWS���

)�� RS� IRXERXS�� RE� ITST¬ME� WYFPMQI� HS� )ZERKIPLS�� UYI� HIWJMPEQ� ES� PEHS� HI�.IWYW��IQ� PEVKE�IWGEPE��SW�EXSVsQIRXEHSW�TSV�)WT°VMXSW� MRJIPM^IW��UYI�IRGSRXVEQ�R)PI�S�1¬HMGS�(MZMRS�UYI�PLIW�PYGMPE�S��°RXMQS�I�SW�PMFIVXE�HS�WSJVMQIRXS�

3W�HMWG°TYPSW�HS�6EFM�+EPMPIY��ZI^IW�WIQ�GSRXE��ETPMsGEVEQ�S�TEWWI�GYVEXMZS�RSW�MR½QIVSW�SFWMHMEHSW�UYI�SW�FYWGEZEQ��TVSWWIKYMRHS�S�QMRMWX¬VMS�ETSWX¶PMGS�IRXVI� SW� EXSVQIRXEHSW� HE� 8IVVE� I� SW� TIVXYVFEHSW� HS� 1YRHS� )WsTMVMXYEP�� GSQS�JM^IVE�S�1IWXVI�

)� HITSMW� HIPIW� SW� VIKMWXVSW� LMWX¶VMGSW� ETVIWIRXEQ� PSYGSW� HI� RSQIRGPEXYVE�ZEVMEHE��£W�ZSPXEW�GSQ�)RXMHEHIW�EXSVQIRXEHSVEW��WSJVIRHS�RE�JSKYIMVE�I�RS�I\°PMS��RS�TSªS�HEW�WIVTIRXIW�I�RSW�1ERMG·QMSW�WSQFVMSW��S�VIsWYPXEHS�HE�GSRZMZ­RGME�TW°UYMGE�GSQ�SW�UYI�EXVEZIWWEsVEQ�S�TSVXEP�HE�-QSVXEPMHEHI�I�WI�HIQSVEQ�REW�ZMGMEsª¸IW�I�RSW�WIRXMQIRXSW�IQ�UYI�WI�GSQTVE M̂EQ���

%WWIZIVSY�%PPER�/EVHIG���2¦S�JSVEQ�SW�Q¬HMYRW��RIQ�SW�IWT°VMXEW�UYI�GVMEVEQ�SW� )WT°VMXSW�� ES� GSRXV¤sVMS�� JSVEQ� SW� )WT°VMXSW� UYI� JM^IVEQ� LENE� IWT°VMXEW� I�Q¬sHMYRW��2¦S�WIRHS�SW�)WT°VMXSW�QEMW�HS�UYI�EW�EPQEW�HSW�LSQIRW��¬�GPEVS�UYI�L¤�)WT°VMXSW�HIWHI�UYERHS�L¤�LSQIRW��TSV�GSRWIKYMRXI��HIWHI�XSHSW�SW�XIQTSW�IPIW�I\IVGIVEQ�MRJPY­RGME�WEPYXEV�SY�TIVRMGMSWE�WSFVI�E�,YsQERMHEHI��%�JEGYPHEHI�QIHM½RMGE� R¦S� PLIW� ¬�QEMW� UYI� YQ�QIMS� HI� WI�QERMJIWXEVIQ�� )Q� JEPXE� HIWWE�JEGYPHEHI��JE^IQ�RS�TSV�QMP�SYXVEW�QERIMVEW��QEMW�SY�QIRSW�SGYPsXEW�ý

n3W�QIMSW�HI� WI� GSQFEXIV� E�SFWIWW¦S�ô� IWGPEVIGI�S�IQMRIRXI�7IEVIMVS�ô�ZEVMEQ�HI�EGSVHS�GSQ�S�GEV¤sXIV�UYI�IPE� VIZIWXI�~�)�IPYGMHE��n%W� MQTIVJIMª¸IW�QSsVEMW� HS� SFWMHMEHS� GSRWXMXYIQ�� JVIUYIRXIQIRXI�� YQ� SFWsX¤GYPS� £� WYE�PMFIVXEª¦S�~���

%�SFWIWW¦S��XSHEZME��EMRHE�LSNI�¬�YQ�XIVV°ZIP�IWsGSPLS�£�TE �̂I�£�WIVIRMHEHI�HEW�GVMEXYVEW�

'SQ� SVMKIQ� RSW� VIJSPLSW� HS� IWT°VMXS� IRGEVREHS�� SFWIWW¸IW� L¤� IQ� IWGEPE�MRJMRMXE�I��GSRWIUYIRXIQIRXI��SFWMHMEHSW�I\MWXIQ�IQ�MRJMRMXE�ZEVMIHEHI��WIRHS�E�IXMSsTEXSKIRME� HI� XEMW� HIWIUYMP°FVMSW�� KIR­VMGEQIRXI� HIRSQMsREHE� HMWX½VFMSW�QIRXEMW��QEMW�EQTPE�HS�UYI�E�GP¤WWMGE�ETVIWIRXEHE��QIVIGIRHS�HIWXEUYI�EUYIPE�HIRSQMREª¦S�GEYWE�G¤VQMGE�

.SVREPIMVS�HE�)XIVRMHEHI��S�IWT°VMXS�GSRHY �̂SW�KIVsQIRW�G¤VQMGSW�UYI�JEGYPXEQ�S�GSRZ°ZMS�GSQ�SW�HIWEJIsXSW�HS�TVIX¬VMXS��IRWINERHS�E�GSQYRL¦S�RIJEWXE�

8SHEZME�� R¦S� ETIREW� S� ¶HMS� GSQS� WI� TSHIVME� TIRsWEV� ¬� S� JEXSV� GEYWEP� HEW�3FWIWW¸IW� I� RIQ� WSQIRXI� RE� 8IVVE� WI�QERMJIWXEQ� SW� XSVQIRXSW� SFWIWWMZSW����%P¬Q� HE� WITYPXYVE�� REW� VIKM¸IW� TYRKIRXIW� I� EJPMXMZEW� HI� VIEsNYWXEQIRXSW�MQTIVMSWSW� I� HIWTIVXEQIRXSW� MREHM¤ZIMW� HEW� GSRWGM­RGMEW�� HIJVSRXEQ�WI�QYMXSW�ZIVHYKSW� I� Z°XMQEW�� GSsQIªERHS� SY� HERHS� TVSWWIKYMQIRXS� ESW� RIJERHSW�FERsUYIXIW�HI�WYFNYKEª¦S�TW°UYMGE��IQ�PYXE�MRX¬VQMRE�HI�I\XIVQ°RMS�MQTSWW°ZIP���

3FWIWWSVIW�L¤�QMPIREVQIRXI�ZMRGYPEHSW�ES�GVMQI��IQ�IWXVYXYVEW�HI�HIWIWTIVS�

Page 13: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

MRZYPKEV�� IQ� UYI� WI� HIQSVEQ� ZSsPYRX£VMEQIRXI�� IRZIVKERHS� MRHYQIRX¤VMEW� HI�TIVWIKYMHSsVIW� HI� SYXVSW� SFWIWWSVIW� QIRSW� TSHIVSWSW� QIRXEPQIRXI� UYI��TIVWIKYMRHS�� W¦S� XEQF¬Q�IWGVEZSW�HEUYIPIW�UYI� WI�RYXVIQ�£W� WYEW�I\TIRWEW��MQEREHSW�TSV�JSVªEW�ZMKSVSWEW�I�GVYIMW���

2E� 8IVVE�� MKYEPQIRXI�� ¬� QYMXS� KVERHI� S� R½QIVS� HI� IRGEVREHSW� UYI� WI�GSRZIVXIQ�� TSV� MVVIWTSRWEFMPMHEHI� I� MRZMKMP¥RGME�� IQ� SFWIWWSVIW� HI� SYXVSW�IRGEVREHSW�� IWXEsFIPIGIRHS� YQ� GSRW¶VGMS� HI� HMJ°GMP� IVVEHMGEª¦S� I� TVSPSRsKEHE�HYVEª¦S�� UYEWI� WIQTVI� IQ� JSVQE� HI� ZEQTMVMWQS� MRGSRWGMIRXI� I� TIVXMRE �̂� 7¦S�GVMEXYVEW�EXSVQIRXEHEW��JIsVMHEW�RSW�WIYW�ERWIMSW��MRZEVM£ZIPQIRXI�MRJIVMSVIW�UYI��JM\ERHS�EUYIPIW�UYI�IPIKIQ�KVEXYMXEQIRXI�GSQS�HIWEJIsXSW��SW�TIVWIKYIQ�IQ�GSVTS�EWXVEP��EXVEZ¬W�HSW�TVSGIWsWSW�HI�HIWHSFVEQIRXS�MRGSRWGMIRXI��TVIRHIRHS��QYMXEW� ZI^IW�� REW� QEPLEW� FIQ� YVHMHEW� HE� WYE� VIHI� HI� MHMSWWMRsGVEWME�� IWWIW�HIWEWWMWEHSW� QSVEMW�� UYI�� IRX¦S�� WI� XVERWsJSVQEQ� IQ� Z°XMQEW� TSVXEHSVEW� HI�IRJIVQMHEHIW�GSQTPMGEHEW�I�HI�SVMKIQ�GP°RMGE�MKRSVEHE���

3YXVSW�� EMRHE�� EJIVZSVEHSW� E� IWXE� SY� £UYIPE� MRMUYMsHEHI�� JM\EQ�WI��QIRXEPQIRXI�� E� HIWIRGEVREHSW� UYI� IJIsXMZEQIRXI� WI� MHIRXMJMGEQ� I� JE^IQ�WI�SFWIWWSVIW�HIWXIW��EQEVKYVERHS�SW�I� VIXIRHS�SW�£W� PIQFVERªEW�HE�ZMHE� J°sWMGE��IQ�PEQIRX¤ZIP�GSQYRL¦S�IWTMVMXYEP�HIKVEHERXI���

%P¬Q�HIWWEW�JSVQEW�HMZIVWMJMGEHEW�HI�SFWIWW¦S��SYsXVEW�L¤��MRGSRWGMIRXIW�SY�R¦S��IRXVI�EW�UYEMW��EUYIPEW�TVSHY M̂HEW�IQ�RSQI�HS�EQSV�XMVERM^ERXI�ESW�UYI�WI�HIsQSVEQ�RSW� MRZ¶PYGVSW� GEVREMW�� EXSVQIRXEHSW�TSV� EUYIsPIW�UYI�TEVXMVEQ�IQ�IWXEHS� HSPSVSWS� HI� TIVXYVFEª¦S� I� IKSGIRXVMWQS���� SY� IRXVI� IRGEVREHSW� UYI�QERX¬Q�GS�R½FMS�QIRXEP�MRJIPM �̂I�HIQSVEHS���

3FWIWWSVIW��SFWMHMEHSW�%�SFWIWW¦S��WSF�UYEPUYIV�QSHEPMHEHI�UYI�WI�ETVIsWIRXI��¬�IRJIVQMHEHI�HI�

PSRKS�GYVWS��I\MKMRHS�XIVETME�IWTIGMEPM^EHE�HI�WIKYVE�ETPMGEª¦S�I�HI�VIWYPXEHSW�UYI�R¦S�WI�JE^IQ�WIRXMV�ETVIWWEHEQIRXI�

3W�XVEXEQIRXSW�HE�SFWIWW¦S��TSV�GSRWIKYMRXI��W¦S�GSQTPI\SW�� MQTSRHS�EPXE�HSWI�HI�VIR½RGME�I�EFRIKEª¦S�£UYIPIW�UYI�WI�SJIVIGIQ�I�WI�HIHMGEQ�E�XEP�QMWXIV�

9QE� JSVªE� I\MWXI� GETE �̂ HI� TVSHY M̂V� VIWYPXEHSW� NYRXS� ESW� TIVWIKYMHSVIW�IRGEVREHSW�SY�HIWIRGEVREHSW��GSRWsGMIRXIW�SY�MRGSRWGMIRXIW��E�UYI�WI�HIVMZE�HE�GSRHYXE�QSsVEP��%�TVMRG°TMS��S�SFWIWWSV�HIPE�R¦S�WI�ETIVGIFI��RS�IRsXERXS��GSQ�S�HIGSVVIV�HS�XIQTS��SW�XIWXIQYRLSW�HI�IPIZEª¦S�QSVEP�UYI�IRWINE��GSRJMVQERHS�E�RSFVI^E�HE�J¬��UYI�TVSJIWWE�GSQS�WIVZMHSV�HS�'VMWXS��GSPMQEQ�TSV�GSRsZIRGIV�S�EPKS �̂HE�IPIZEª¦S�HI�TVMRG°TMSW�HI�UYI�WI�VIsZIWXIQ�SW�EXSW�HS�WIY�HSYXVMREHSV��XIVQMRERHS� TSV� HIMs\EV� PMZVI�� QYMXEW� ZI^IW�� EUYIPI� E� UYIQ� EJPMKME�� %P¬Q� HE�I\IQTPMJMGEª¦S�GVMWX¦��E�SVEª¦S�GSRWIKYI�PIRMV�EW�½PGIsVEW�QSVEMW�HSW�EWWMWXMHSW��GSRHY M̂RHS�FIRIWWIW�HI�LEVsQSRME�UYI�ETE M̂KYEQ�S�HIWIUYMPMFVEHS��VIEGIRHIRHS�RIPI�E�WIHI�I�E�RIGIWWMHEHI�HE�TE �̂

2IQ� WIQTVI�� TSV¬Q�� SW� VIWYPXEHSW� W¦S� MQIHMEXSW�� 4EVE� E� QEMSVME� HSW�)WT°VMXSW��S�XIQTS��GSRJSVQI�WI�GSRXE�RE�8IVVE��XIQ�TSYGE�WMKRMJMGEª¦S��(IQSVEQ�WI��SFWXMREsHSW��GSQ�XIREGMHEHI�MRGSQTEV¤ZIP�RSW�TVST¶WMXSW�E�UYI�WI�IRXVIKEQ��ERSW� E� JMS�� WIQ� UYI� EPKS� HI� TSWMXMZS� WI� GSRsWMKE� JE^IV�� TVSWWIKYMRHS� E� XEVIJE�MRWERE��IQ�QYMXSW�GEsWSW��EX¬�QIWQS�HITSMW�HE�QSVXI����-WXS�TSVUYI�HS�TEsGMIRXI�HITIRHI� E� QEMSVME� HSW� VIWYPXEHSW� RSW� XVEXEQIRsXSW� HE� SFWIWW¦S�� -RMGMEHS� S�TVSKVEQE�HI�VIGYTIVEª¦S��HIZI�IWXI�IWJSVªEV�WI�HI�MQIHMEXS�TEVE�E�QSHMJMGEª¦S�

Page 14: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

VEHMGEP� HS� GSQTSVXEQIRXS�� I\IVGMXERHS�WI� RE� TV¤XMGE� HEW� ZMVXYHIW� GVMWX¦W�� I��TVMRGMTEPQIRXI�� QSVEPM^ERHS�WI�� %� QSVEPM^Eª¦S� HS� IRJIVQS� HIZI� XIV� GEV¤XIV�TVMSVMX¤VMS��GSRWMHIVERHS�WI�UYI��EXVEZ¬W�HI�YQE�VIRSZEª¦S�°RXMQE�FIQ�IRGIXEHE��IPI�HIQSRWXVE�TEVE�S�WIY�HIWEJIXS�E�IJMGM­RsGME�HEW�HMVIXVM^IW�UYI�PLI�SJIVIGIQ�GSQS�RSVQEXMZE�HI�JIPMGMHEHI�

1IVIGI�GSRWMHIVEV�� RIWXI�TEVXMGYPEV�� UYI�S�HIWKEWXI�SVK¥RMGS�I�TW°UYMGS�HS�Q¬HMYQ�IRJIVQS��QIWQS�HITSMW�HS�EJEWXEQIRXS�HS�)WT°VMXS�QEP¬ZSPS��SGEWMSRE�YQ� VIJE M̂QIRXS� QEMW� HIQSVEHS�� WIRHS� RIGIWW¤VME�� £W� ZI^IW��GSQsTVIIRWMZIPQIRXI��EWWMWX­RGME�Q¬HMGE�TVSPSRKEHE�

(MERXI� HSW� IWJSVªSW� UYI� WI� GSRNYKEQ� IRXVI� S� EWsWMWXIRXI� I� S� EWWMWXMHS�� SW�)WT°VMXSW� 7YTIVMSVIW� MRXIVIWsWEHSW� RS� TVSKVIWWS� HE� ,YQERMHEHI� SJIVIGIQ��XEQF¬Q��ZEPMSWSW�VIGYVWSW�UYI�GSRWXMXYIQ�IPIQIRXSW�WEPYXEVIW�I�TVIGMSWSW�

7IQ�XEP�EQTEVS��XSHE�MRGYVW¦S�UYI�WI� MRXIRXI�RS�QMRMWX¬VMS�HE�HIWSFWIWW¦S�WIV¤�MQTVSJ°GYE��WIR¦S�TIVMsKSWE��TIPSW�VIWYPXEHSW�RIKEXMZSW�UYI�ETVIWIRXE�

9Q�IWT°VMXS�PMHEHSV��HIZMHEQIRXI�TVITEVEHS�TEVE�EW�I\TIVM­RGMEW�HI�WSGSVVS�ESW� SFWMHMEHSW�� ¬� H°REQS� TSsXIRXI� UYI� KIVE� IRIVKME� IPIXVSQEKR¬XMGE�� UYI��ETPMGEHE� QIHMERXI� SW� TEWWIW�� TVSHY �̂ HMWXSRMEE� I� HIWENYWXIW� IQSsGMSREMW� RS�L¶WTIHI�MRHIWIN¤ZIP��EJEWXERHS�S�HI�QSQIRXS�I�JEGYPXERHS��EWWMQ��ES�LSWTIHIMVS�E� PMFIVXEª¦S� QIRXEP� RIGIWW¤VME� TEVE� EWWITWMEV�WI� QSVEPQIRXI�� VIIHYGERHS� E�ZSRXEHI�� QIHMXERHS� IQ� SVEª¦S�� RYQ� ZIVHEHIMVS� TVSKVEsQE� IZERK¬PMGS� FIQ�HMWGMTPMREHS�UYI��WIKYVE�I�PIRXEQIRXI��IHMJMGE�YQE�GMHEHIPE�QSVEP�HI�HIJIWE�IQ�ZSPXE�HIPI�QIWQS�

4SV� MWWS� S� 1IWXVI�� HMERXI� HI� HIXIVQMREHSW� TIVWIKYMHSVIW� HIWIRGEVREHSW��EJMVQSY��üGSRXVE�IWXE�GEWXE�HI�)WsT°VMXSW�W¶�E�SVEª¦S�I�S�NINYQý��I��ET¶W�EXIRHIV�£W�EJPMª¸IW�HI�GEHE�EXSVQIRXEHS�UYI�3�FYWGEZE��TVIWGVIZME��MRZEVM¤ZIP�I�MRGMWMZS��ü2¦S�ZSPXIW�E�TIGEV�TEVE�UYI�EPKS�TMSV�R¦S�XI�EGSRXIªEý�

������5YERHS��ZSG­�IWGYXI�RSW�VIGIWWSW�HE�QIRXI�YQE�MH¬ME�XSVXYVERXI�UYI�XIMQE�TSV�WI�JM\EV��MRXIVVSQTIRHS�S�GYVWS�HSW�TIRWEQIRXSW��UYERHS�GSRWXEXI��MQTIVMSWE��EXYERXI�JSVªE�TW°UYMGE�MRXIVJIVMRHS�RSW�TVSGIWWSW�QIRXEMW��UYERsHS�ZIVMJMUYI�E�ZSRXEHI�WIRHS�HSQMREHE�TSV�SYXVE�ZSRsXEHI�UYI�TEVIGI�HSQMREV��UYERHS�I\TIVMQIRXI�MRUYMIXEª¦S�GVIWGIRXI��RE�MRXMQMHEHI�QIRXEP��WIQ�QSXMZSW�VIEMW��UYERHS�WMRXE�S�MQTEGXS�HS�HIWEPMRLS�IWTMVMXYEP�IQ�JVERGS�HIWIRZSPZMQIRXS��EGEYXIPI�WI��TSVUYI�ZSG­�WI�IRGSRXVE�IQ�TVSGIWWS�MQTIVMSWS�I�YPXVM �̂HI�SFWIWW¦S�TIVXMRE �̂

8VERWQMWW¦S�QIRXEP�HI�G¬VIFVS�E�G¬VIFVS��E�SFWIWsW¦S�¬�W°RHVSQI�EPEVQERXI�UYI�HIRYRGME�IRJIVQMHEHI�KVEZI�HI�IVVEHMGEª¦S�HMJ°GMP�

%� TVMRG°TMS� WI�QERMJIWXE� GSQS� MRWTMVEª¦S� WYXMP�� HIsTSMW� MRXIQTIWXMZEQIRXI��TEVE� GSQ� S� XIQTS� JE^IV�WI� MRsXIVJIV­RGME� HE� QIRXI� SFWIWWSVE� RE� QIRXI�IRGEVREHE��GSQ�ZMKSV�UYI�EPGERªE�S�GPMQE\�RE�TSWWIWW¦S�PEQIRX¤ZIP�

-H¬ME�RIKEXMZE�UYI�WI�JM\E��GEQTS�QIRXEP�UYI�WI�IRsJVEUYIGI��HERHS�IRWINS�E�MH¬MEW�RIKEXMZEW�UYI�ZMV¦S�

(E� QIWQE� JSVQE� UYI� EW� IRJIVQMHEHIW� SVK¥RMGEW� WI� QERMJIWXEQ� SRHI� L¤�GEV­RGME��S�GEQTS�SFWIWWMZS�WI�HIWsPSGE�HE�QIRXI�TEVE�S�HITEVXEQIRXS�WSQ¤XMGS�SRHI� EW� MQsTIVJIMª¸IW� QSVEMW� HS� TVIX¬VMXS� HIM\EVEQ� QEVGEW� TVSJYRsHEW� RS�TIVMWT°VMXS�

8EFEKMWQS�ô�3� JYQS�� TIPSW� HERSW� UYI� SGEWMSRE� ES� SVKERMWQS�� ¬�� TSV� MWWS�

Page 15: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

QIWQS��TIVMKS�TEVE�S�GSVTS�I�TEVE�E�QIRXI�,¤FMXS� ZMGMSWS�� JEGMPMXE� E� MRXIVJIV­RGME� HI� QIRXIW� HIsWIRGEVREHEW� XEQF¬Q�

ZMGMEHEW��UYI�WI�PMKEQ�IQ�MRXIVG¥QsFMS�SFWIWWMZS�WMQTPIW�E�GEQMRLS�HI�HSPSVSWEW�HIWEVsQSRMEW���

%PGSSPSJMPME�ô�)QFSVE�RIGIWW¤VMS�TEVE�S�SVKERMWsQS�WYNIMXS�E�GPMQEW� JVMSW��S�¤PGSSP� IQ� HSWEKIRW�Q°RMsQEW� EGIPIVE� E� HMKIWX¦S�� JEGMPMXERHS� E� HMYVIWI� �� �� 2S�IRXERXS��TIPEW�GSRWIUY­RGMEW�W¶ªMS�QSVEMW�UYI�EGEVVIXE��UYERHS�WI�TIVZIVXI�IQ�ZMGMEª¦S� GVMQMRSWE�� WMQTPIW� IQ� GSQIªS� I� HITSMW� EFIVVERXI�� ¬� ZI°GYPS� HI�SFWIWWSVIW�GVY¬MW�

�� %PKYRW�Q¬HMGSW�JEPEQ�WSFVI�E�HIWRIGIWWMHEHI�HS�YWS�HI�EPGS¶PMGSW�QIWQS�RSW�GPMQEW�JVMSW��ô�2SXE�HS�%YXSV�IWTMsVMXYEP�

IRWINERHS��E�EPGS¶PEXVEW�HIWIRGEVREHSW��ZEQTMVMWQS�MQsTMIHSWS��GSQ�GSRWIUYIRXIW�PIW¸IW�HS�ETEVIPLS�JMWMSTW°sUYMGS�

7I\YEPMHEHI�ô�7IRHS�TSVXE�HI�WERXMJMGEª¦S�TEVE�E�ZMHE��EPXEV�HI�TVIWIVZEª¦S�HE� IWT¬GMI�� ¬�� XEQF¬Q�� ZI°GYPS� HI� EPYGMRERXIW� QERMJIWXEª¸IW� HI� QIRXIW�EXSVQIRXEHEW�� IQ� IWXEHS� HI� ERK½WXME� TIVXMRE �̂� %XVEZ¬W� HIPI�� WMRXSRMs^EQ�GSRWGM­RGMEW� HIWIRGEVREHEW� IQ� MRHIWGVMX°ZIP� EJPMª¦S�� QIVKYPLERHS�� IQ�LSWTIHEKIQ�ZMSPIRXE�REW�QIRXIW�IRsGEVREHEW��TEVE�WI�HIQSVEVIQ�IQ�EFWSVª¸IW�HIWXVYMHSsVEW�HS�TPEWQE�RIVZSWS��KIVERHS�SFWIWW¸IW�HIKVEHERXIW���

)WXYTIJEGMIRXIW�ô���JVIRXI�HE�Eª¦S�HITVMQIRXI�HI�GIVXEW�HVSKEW�UYI�EXYEQ�RSW� GIRXVSW� RIVZSWSW�� HIWFSVsHEQ�WI� SW� VIKMWXVSW� HE� WYFGSRWGM­RGME�� I�MQTVIWW¸IW�HS�TVIX¬VMXS�VIWWYVKIQ��QMWXYVEHEW�£W�JVYWXVEª¸IW�HS�TVIsWIRXI��N¤�IQ�HIT¶WMXS��VIEPM^ERHS�GSR½FMS�HIWIUYMPMFVERXI��EXVEZ¬W�HS�UYEP�HIWIRGEVREHSW�IQ�HIWIWTIVS� IQSGMSREP� WI� PSGYTPIXEQ�� PMKERHS�WI� ESW� EXSVQIRXEHSW� HE� 8IVVE��GSRNYKERHS�£�WYE�E�PSYGYVE�HIPIW��IQ�TSWWIWW¦S�WIPsZEKIQ���

%PMIREª¦S� QIRXEP� ô� 7IRHS� XSHS� EPMIREHS�� GSRJSVQI� S� TV¶TVMS� ZIVFIXI�HIRYRGME�� YQ� EYWIRXI�� E� EPMIREª¦S� QIRsXEP� GSQIªE�� QYMXEW� ZI^IW�� UYERHS� S�IWT°VMXS�VIXSQE�S�GSVTS�TIPE�VIIRGEVREª¦S�IQ�JSVQE�HI�PMQMXEª¦S�TYRMsXMZE�SY�HI�GSVVMKIRHE�� PMKEHS� E� GVIHSVIW� HERXERLS�� IQ� QEVGLE� MRI\SV¤ZIP� TEVE� S�ERMUYMPEQIRXS�HE�VE^¦S��UYERsHS�R¦S�WI�EJMVQE�REW�PMRLEW�HS�IUYMP°FVMS�QSVEP���

+PYXSRIVME��QEPIHMG­RGME��MVE��GM½QI��MRZINE��WSFIVFE��EZEVI^E��QIHS��IKS°WQS��W¦S� IWXVEHEW� HI� EGIWWS� TEVE� QIRXIW� HIWEXVIPEHEW� HS� GEVVS� WSQ¤XMGS� IQ�XSVQIRXSWE� I� ZMKMPERXI� FYWGE�RE�)VVEXMGMHEHI�� WIHIRXEW� HI� GSQIRsWEMW�� GSQ�SW�UYEMW��IQ�GSRI\¦S�WIKYVE��GSRXMRYEQ�S�IRsKERSWS�FERUYIXI�HS�TVE^IV�JYKMHS���

4SV�IWWE�VE^¦S��E�(SYXVMRE�)WT°VMXE��IQ�GSRZSGERHS�S�LSQIQ�ES�EQSV�I�ES�IWXYHS��TVIWGVIZI�GSQS�RSVQE�HI�GSRHYXE�S�)ZERKIPLS�ZMZS�I�EXYERXI�ô�RSFVI�8VEsXEHS�HI�,MKMIRI�1IRXEP�ô�EXVEZ¬W�HI�GYNEW�PMª¸IW�LEYVI�S�IWT°VMXS�ZMXEPMHEHI�I�VIRSZEª¦S�� JMVQI^E�I�HMKRMHEHI��IRWMRERHS�E�SVEª¦S�UYI�IRWINE�GSQYRL¦S�GSQ�(IYW��TVIWGVIZIRHS�NINYQ��ES�GVMQI�I�GSRXMR­RGME�IQ�VIPEsª¦S�ES�IVVS��RYQ�ZEHI�QIGYQ�WEPZEHSV�TEVE�YQE�I\MWsX­RGME�WEHME�RE�8IVVE��GSQ�EW�ZMWXEW�ZSPXEHEW�TEVE�YQE�ZMHE�IWTMVMXYEP�TIVJIMXE�

3� TVSFPIQE� HE� SFWIWW¦S�� WSF� UYEPUYIV� EWTIGXS� GSRsWMHIVEHS�� ¬� XEQF¬Q�TVSFPIQE�HS�TV¶TVMS�SFWMHMEHS�

%XSVQIRXEHE�TSV�IZSGEª¸IW�JM\EHEW�REW�XIPEW�WIRsW°ZIMW�HS�TVIX¬VMXS��E�QIRXI�

Page 16: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

IRGEVREHE� WI� IRGSRXVE� PMsKEHE� £� HIWIRGEVREHE�� WSJVIRHS�� E� TVMRG°TMS�� WYXMW�HIWIsUYMP°FVMSW� UYI� HITSMW� WI� EWWIRLSVIMEQ� HE� SVKERM^Eª¦S� GIsVIFVEP�� KIVERHS�HITPSV¤ZIP�IWX¤KMS�HI�ZEQTMVM^Eª¦S��RS�UYEP�Z°XMQE�I�ZIVHYKS�WI�GSQTPIXEQ�IQ�GSRNYKEª¦S�HSsPSVSWE�I�TVSPSRKEHE�

%� IXMSPSKME� HEW� SFWIWW¸IW� ¬� GSQTPI\E� I� TVSJYRHE�� TSMW� UYI� WI� SVMKMRE� RSW�TVSGIWWSW� QSVEMW� PEQIRX¤ZIMW�� IQ� UYI� EQFSW� SW� GSQTEVWEW� HE� EJPMª¦S�HIQIRXERXI� WI� HIM\EVEQ� GSRWYQMV� TIPEW� ZMFVEª¸IW� HIKIRIVIWGIRXIW� HE�GVMQMREPMHEHI� UYI� TEWWSY�� MRZEVM£ZIPQIRXI�� MKRSVEHE� HE� GSPIXMZMHEHI� SRHI�ZMZIVEQ� GSQS� TVSXEKSRMWXEW� HS� HVEQE� SY� HE� XVEKMGSQ¬HME� IQ� UYI� WI�GSRWYQMVEQ�

6IIRGSRXVERHS�WI��TSV¬Q��WSF�S�MQTSWMXMZS�HE�0IM�MRI\SV¤ZIP�HE�(MZMRE�.YWXMªE��UYI�IWXEFIPIGI�IWXINE�S�ZIVHYKS�NYKYPEHS�£�Z°XMQE��TSYGS�MQTSVXERHS�S�XIQTS�I�E�MRHYQIRX¤VME�UYI�SW�HMWXERGME�SY�GEVEGXIVM^E�� XIQ� -R°GMS�S� GSQ¬VGMS�QIRXEP�� £W�ZI^IW�ESW�TVMQIMVSW�HMEW�HE�GSRGITª¦S�JIXEP��TEVE�GVIWGIV�IQ�GSQYRL¦S�EG¬VVMQE�RS�HME�E�HME�HE�GEQMRLEHE�GEVREP��UYERHS�R¦S�TVIGIHI�£�TV¶TVME�GSRGITª¦S���

7MQTPIW�� HI� JEWGMREª¦S� I� HI� WYFNYKEª¦S�� GSRWSERXI� E� GPEWWMJMGEª¦S� HS�'SHMJMGEHSV�HS�)WTMVMXMWQS��¬�WIQTVI�HI�HMJ°GMP�I\XMVTEª¦S��TSVU¿ERXS�S�SFWMHMEHS��IQ�WM�QIWsQS��¬�YQ�IRJIVQS�HS�IWT°VMXS�

:MZIRHS� E� MRUYMIXEª¦S� °RXMQE� UYI�� PIRXE� I� WIKYVEsQIRXI�� S� HIWEVZSVE��TVSGIHI��HI�MR°GMS��RE�ZMHE�IQ�GSQYQ��GSQS�WI�WI�IRGSRXVEWWI�IUYMPMFVEHS��TEVE��RSW�MRWsXERXIW�HI�WSPIHEHI��HIM\EV�WI�EVVEWXEV�E�IWXEHSW�ER·QEsPSW�WSF�EW�JSVXIW�XIRE^IW�HS�TIVWIKYMHSV�HIWIRGEVREHS�

3YZMRHS� E�QIRWEKIQ� IQ� GEV¤XIV� XIPIT¤XMGS� XVERWQMsXMHE� TIPE�QIRXI� PMZVI��GSQIªE� TSV� EGIHIV� ES� ETIPS� UYI� PLI� GLIKE�� XVERWJSVQERHS�WI�� TSV� JMQ�� IQ�HM¤PSKSW�RSW�UYEMW�WI�HIM\E�ZIRGIV�TIPE�TIVXMR¤GME�HS�XIRE �̂ZMRKEHSV�

.YWXETSRHS�WI� WYXMPQIRXI� G¬VIFVS� E� G¬VIFVS�� QIRXI� E� QIRXI�� ZSRXEHI�HSQMRERXI� WSFVI� ZSRXEHI� UYI� WI� HIM\E� HSQMREV�� ¶VK¦S� E� ¶VK¦S�� EXVEZ¬W� HS�TIVMWT°VMXS� TIPS� UYEP� WI� MHIRXMJMGE� GSQ� S� IRGEVREHS�� E� GEHE� GIWW¦S� JIMXE� TIPS�LSWTIHIMVS��QEMW�GSIVGMXMZE�WI�JE �̂E�TVIWIRªE�HS�L¶WTIHI��UYI�WI�XVERWJSVQE�IQ�TEVEWMXE�MRWMHMSWS��IWXEFIPIGIRHS��HITSMW��I�QYMXEW�ZI^IW�IQ�HIJMRMXMZS�IRUYERXS�RE� PYXE� GEVREP�� E� WMQFMSWI� IWHV½\YPE�� IQ� UYI� S� TSHIV� HE� JM\Eª¦S� HE� ZSRXEHI�HSQMREHSVE�GSRWIKYI�I\XMRKYMV�E�PYGMHI �̂HS�HSQMREHS��UYI�WI�HIM\E�ETEKEV���

)Q�XSHE�SFWIWW¦S��QIWQS�RSW�GEWSW�QEMW�WMQTPIW��S�IRGEVREHS�GSRHY �̂IQ�WM�QIWQS� SW� JEXSVIW� TVIHMWTSsRIRXIW� I� TVITSRHIVERXIW�ô� SW� H¬FMXSW� QSVEMW� E�VIWKEsXEV�ô�UYI�JEGYPXEQ�E�EPMIREª¦S�

(IWGYMHEHS� UYEWI� WIQTVI� HSW� ZEPSVIW� QSVEMW� I� IWsTMVMXYEMW� ô� HIJIWEW�VIWTIMX¤ZIMW� UYI� GSRWXVSIQ� RE� EPQE� YQ� FEPYEVXI� HI� HMJ°GMP� XVERWTSWMª¦S�ô�� S�GERHMHEXS� ES� TVSGIWWS� SFWIWWMZS� ¬� MVVMX¤ZIP�� UYERHS� R¦S� RSWX¤PKMGS�� IRWINERHS�TIPS� GEV¤XIV� MQTVIWWMSR¤ZIP� S� MRXIVG¥QFMS�� UYI� XEQF¬Q� TSHI� GSQIªEV� RSW�MRWXERXIW� HI�TEVGMEP� HIWTVIRsHMQIRXS� TIPS� WSRS�� UYERHS�� IRX¦S�� IRGSRXVERHS� S�HIWEsJIXS�SY�E�WYE�Z°XMQE�HERXERLS��WIRXI�S�IWTMGEªEV�HS�VIQSVWS�SY�S�VIQSVHIV�HE� G¶PIVE�� EFVMRHS� EW� GSQTSVXEW� HS� TIRWEQIRXS� ESW� GSQYRMGEHSW� UYI� PSKS�EHZMV¦S�� WIQ� UYI� WI� TSWWE� TVIZIV� UYERHS� XIVQMREV¤� E� SFWIWW¦S�� UYI� TSHI�EPSRKEV�WI�EX¬�QIWQS�HITSMW�HE�QSVXI���

)WXEFIPIGMHS�S�GSRXEGXS�QIRXEP�IQ�UYI�S�IRGEVsREHS�VIKMWXVE�E�MRXIVJIV­RGME�HS� TIRWEQIRXS� MRZEWSV�� WSE� S� WMREP� EPEVQERXI� HE� SFWIWW¦S� IQ� TPIRS�HIWIRZSPZMsQIRXS���

2IWWI� TEVXMGYPEV�� S� )WTMVMXMWQS�� I� WSQIRXI� IPI�� TSV� XVEXEV� HS� IWXYHS� HE��REXYVI^E�HSW�)WT°VMXSW~��TSWWYM�SW�ERXMGSVTSW�I�WYGIH¥RISW�IJMGE^IW�TEVE�STIVEV�E�

Page 17: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

PMFIVXEsª¦S�HS�IRJIVQS�� PMFIVXEª¦S�UYI�� RS�IRXERXS��QYMXS�HIsTIRHI�HS�TV¶TVMS�TEGMIRXI�� GSQS� IQ� XSHSW� SW� TVSGIWWSW� TEXSP¶KMGSW� EXIRHMHSW� TIPEW� HMZIVWEW�XIVET­YXMGEW�Q¬HMGEW�

7IRHS�S�SFWMHMEHS�YQ�GEPGIXE��YQ�HIZIHSV��¬�MQsTVIWGMRH°ZIP�UYI�WI�HMWTSRLE�ES�PEFSV�STIVSWS�TIPS�VIWsKEXI�TIVERXI�E�'SRWGM­RGME�9RMZIVWEP��EKMRHS�HI�QSHS�TSWMXMZS�� TEVE� EXIRHIV� £W� WEKVEHEW� MQTSWMª¸IW� HE� LEVsQSRME� IWXEFIPIGMHE� TIPS�)\GIPWS�PIKMWPEHSV�

1YMXS� IQFSVE� SW� HIWINSW� HI� VIJE M̂QIRXS� QSVEP� TSV� TEVXI� HS� TEGMIRXI�IWTMVMXYEP��¬�MQTIVMSWS�UYI�E�VIRSZEsª¦S��°RXMQE�GSQ�WMRGIVS�HIZSXEQIRXS�ES�FIQ�PLI� GSRJMVE� SW� X°XYPSW� HS� EQSV� I� HS� XVEFEPLS�� HI� JSVQE� E� EXIWXEV� E� WYE� VIEP�QSHMJMGEª¦S� IQ� VIPEª¦S� £� GSRHYXE� TEWWEHE�� IRsWINERHS� ES� EGSQTERLERXI�HIWIRGEVREHS��MKYEPQIRXI��E�TV¶TVME�MPYQMREª¦S�

2IWWI� WIRXMHS�� E� MRXIVJIV­RGME� HS� EY\°PMS� JVEXIVRS�� TSV� SYXVSW� GSVEª¸IW�EJIVZSVEHSW�£�TV¤XMGE�HE�GEVMHEHI��¬�QYMXS�ZEPMSWE��JEZSVIGIRHS�ES�HIWIRGEVREHS�E�STSVXYsRMHEHI�HI�EHUYMVMV�GSRLIGMQIRXSW�EXVEZ¬W�HE�TWMGSJSRME�EXSVQIRXEHE��RE�UYEP�TSHI�LEYVMV�JSVªE�I�EPIRXS�RSZS�TEVE�ETVIRHIV��QIHMXEV��TIVHSEV��IWUYIGIV���

2S�IRXERXS��XEP�IQTVIIRHMQIRXS��RSW�QSPHIW�IQ�UYI�WI�JE^IQ�RIGIWW¤VMSW��R¦S�¬�J¤GMP�

7SQIRXI� TSYGSW� 2½GPISW�� HIRXVI� SW� UYI� WI� HIHMGEQ� E� XEP� QMWXIV�ô� S� HE�HIWSFWIWW¦S�ô��WI�IRGSRXVEQ�ETEsVIPLEHSW��XIRHS�WI�IQ�ZMWXE�E�XEVIJE�UYI�PLIW�GEFI�RSW�WIYW�UYEHVSW�GSQTPI\SW���

2E�HIWSFWIWW¦S��E�GMVYVKME�IWTMVMXYEP�WI�JE �̂RIGIWsW¤VME��WIR¦S�MQTVIWGMRH°ZIP��QYMXEW�ZI^IW��TEVE�UYI�SW�VIWYPXEHSW�E�GSPMQEV�WINEQ�GSRWIKYMHSW��%P¬Q�HIWWIW��XVEFEPLSW� IWTIGMEMW� VIUYMWMXEQ� EFRIKEª¦S� I� WEGVMJ°GMS� HSW� GSSTIVEHSVIW�IRGEVREHSW��GSQ�REXYVEP�HSEª¦S�IQ�PEVKE�IWGEPE�HI�IWJSVªS�QSVEP�ZEPMSWS��TEVE�E�QERMTYPEª¦S� HEW� GSRHMª¸IW�Q°RMQEW� TWMGSXIV¤TMGEW�� RS� VIGMRXS� HS� WSGSVVS�� IQ�JEZSV�HSW�HIWZEMVEHSW�E�EXIRHIV���

2IWWI�TEVXMGYPEV��E�TVIGI��MKYEPQIRXI��GSRJSVQI�TVIsGSRM^E�%PPER�/EVHIG��n¬�S�QEMW�TSHIVSWS�QIMS�HI�UYI�WI�HMWT¸I�TEVE�HIQSZIV�HI�WIYW�TVST¶WMXSW�QEP¬JMGSW�S�SFWIWWSV~�

4SV�MWWS��IQ�UYEPUYIV�STIVEª¦S�WSGSVVMWXE�E�UYI�ZSG­�WINE�GLEQEHS��SFWIVZI�E�HMWTSWMª¦S�QSVEP�HS�WIY�TV¶sTVMS�IWT°VMXS�I�SVI��EPªERHS�WI�E�.IWYW��E�)PI�TIHMRHS�XSVR¤�PS� EPZS� HSW� )WT°VMXSW� 4YVSW�� TSV� QIMS� HSW� UYEMW�� I� WSQIRXI� EWWMQ�� ZSG­�TSHIV¤�SJIVIGIV�EPKS�IQ�JEZSV�HI�YRW�I�SYXVSW��SFWIWWSVIW�I�SFWMHMEHSW�

)\EQMRI��HIWWI�QSHS��I�WSRHI�S�QYRHS�°RXMQS�GSRWsXERXIQIRXI�TEVE�UYI�WI�R¦S� WYVTVIIRHE� HI� YQ� QSQIRXS� TEVE� SYXVS� GSQ� E� QIRXI� IQ� HIWEPMRLS��EXIRHIRHS� ESW� ETIPSW� HSW� HIWIRGEVREHSW� UYI� S� WIKYIQ� HIWHI� SRXIQ��TIVXYVFEHSW�I�MRJIPM^IW��TVSGYVERHS��IRPSYUYIGMHSW��nGSQ�EW�TV¶TVMEW�Q¦SW�JE^IV�NYWXMªE~��XVERWJSVQEHSW�IQ�ZIVsHYKSW�HE�WYE�WIVIRMHEHI�

3TIVI�RS�FIQ�GSQ�IWJSVªS�I�TIVWIZIVERªE�TEVE�UYI�S�WIY�I\IQTPS�I�E�WYE�PYXE�WSPZEQ�WEVERHS�E�H°ZMHE�IRsJIVQMHEHI�UYI�S�EWWMREPE��PMFIVXERHS�S�HE�¤WTIVE�TVSZE�ERXIW�HI�ZSG­�GEQMRLEV��EJPMXS��TIPE�WIRHE�HSPSVSWE����I�TYVMJMGEHSVE�

)Q� UYEPUYIV� GMVGYRWX¥RGME�� ES� I\IVG°GMS� RSFVI� HE�QIHMYRMHEHI� GSQ� .IWYW��XERXS�UYERXS�ES�WYFPMQI�PEFSV�HIWIRZSPZMHS�TIPEW�WIWW¸IW�W¬VMEW�HI�HIWSFWIWW¦S��GSQsTIXI� S� MRHIGPMR¤ZIP�QMRMWX¬VMS� HI� WSGSVVS� ESW� TEHIGIRXIW� HE� SFWIWW¦S� RS�WIRXMHS� HI�QSHMJMGEVIQ� EW� I\TVIWW¸IW� HI� HSV� I� ERK½WXME� UYI� ZMKIQ� RE� 8IVVE�WSJVMHE�HSW�RSWWSW�HMEW�

Page 18: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

E �3FWIWW¸IW�IWTIGMEMW2MRKY¬Q�WI�IUYMZSUYI��3FWIWWSVIW�L¤�HIWIRGEVREsHSW��I\IVGIRHS�QEP¬JMGE�

°RJPYIRGMEª¦S� WSFVI� SW� LSQIRW�� I� IRGEVREHSW�� HI� QIRXI� ZMKSVSWE�� I\IVGIRHS�TVIWW¦S�HIsTVMQIRXI�WSFVI�SW�HIEQFYPERXIW�HE�)VVEXMGMHEHI�

3�GSQ¬VGMS�I\MWXIRXI�IRXVI�SW�)WT°VMXSW�I�EW�GVMEsXYVEW�HE�8IVVE��IQ�VIKMQI�HI�TIVWIKYMª¦S�� ¬� TEVEPIPS� ES� ZMKIRXI� IRXVI� SW� LSQIRW� I� SW� UYI� TIVHIVEQ� E�MRHYQIRsX¤VME�J°WMGE�

3FWIWW¸IW� IWTIGMEMW� XEQF¬Q� MHIRXMJMGEQSW�� UYI� W¦S� TVSHY M̂HEW� TSV�IRGEVREHSW�WSFVI�IRGEVREHSW�

3�TIRWEQIRXS�¬�WIQTVI�S�H°REQS�ZMKSVSWS�UYI�IQMXI�SRHEW�I�UYI�VIKMWXVE�ZMFVEª¸IW��IQ�MRXIVG¥QFMS�MRMRXIVVYTXS�REW�HMZIVWEW�JEM\EW�UYI�GMVGYPEQ�E�8IVVE�

1IRXIW� ZMGMEHEW� I� IQ� XSVQIRXS�� R¦S� TSYGEW� ZI^IW� IWGVEZEW� HE�QSRSMH¬ME�SFWIWWMZE�� WMRGVSRM^EQ� GSQ� SYXVEW� QIRXIW� HIWTVIZIRMHEW� I� SGMSWEW�� KIVERHS�TVIWW¦S�HIZEWsXEHSVE�

%KYMPL¸IW�JVIUYIRXIW�TIVXYVFEQ�S�GSQTSVXEQIRXS�HI�QYMXEW�GVMEXYVEW�UYI�WI�WIRXIQ� ZMRGYPEHEW� SY� HMVMsKMHEW� TSV� JSVXIW� GSRWXVMª¸IW� RSW� TEMR¬MW� QIRXEMW��MRUYMIsXERXIW� I� EJPMKIRXIW����1YMXSW� TVSGIWWSW� KVEZIW� HI� EPMIsREª¦S�QIRXEP� X­Q�MR°GMS� UYERHS� SW� WIVIW� GSRWXVERKMHSW� TSV� IWWE� JSVªE� TSWWYMHSVE�� ES� MRZ¬W� HI� E�VITIPMVIQ��EGEsPIRXEQ�PLI�SW�QMEWQEW�TIVXMRE^IW�UYI�XIVQMREQ�TSV�EW�WIRLSVIEV�WI�HS�GEQTS�IQ�UYI�WI�IWTEPLEQ�

)Q� GEWSW� HIWWE� REXYVI^E�� S� EKIRXI� STVIWWSV� MRJPYIRsGME� HI� XEP� JSVQE� S�TEGMIRXI�TIVXYVFEHS�UYI�R¦S�¬�VEVS�SVMKMREV�WI�S�KVEZI�TVSFPIQE�HS�ZEQTMVMWQS�IWTMVMXYEP� TSV� TVSGIWWS� HI� EFWSVª¦S� HS� TPEWQE� QIRXEP�� 5YERHS� IQ� TEVGMEP�HIWTVIRHMQIRXS�TIPS�WSRS��S�IWT°VMXS�TEVEWMXE�FYWGE�E�WYE�Z°XMQE��MVVIWTSRW¤ZIP�SY�GSEKMHE��TVSWWIsKYMRHS�RS�RIJERHS�GSRW¶VGMS�RIWWEW�LSVEW�UYI�W¦S�VIsWIVZEHEW�TEVE� IHMJMGEª¦S� IWTMVMXYEP� I� VIRSZEª¦S� HE� TEMsWEKIQ� SVK¥RMGE�� 4VSHY M̂HE� E�WMRXSRME�HIPIX¬VME�QYM�HMsJMGMPQIRXI�EUYIPIW�UYI�EPSNEQ�SW�TIRWEQIRXSW�MRJIPM^IW�GSRWIKYIQ�PMFIVXEV�WI�

2SW�HMZIVWSW�TVSFPIQEW�SFWIWWMZSW��L¤�UYI�I\EQMsR¤�PSW�TEVE�WIPIGMSREV�SW�UYI� TVSGIHIQ� HS� GSRXMRIRXI� HE� EPQE� IRGEVREHE� I� SW� UYI� WI� ZMRGYPEQ� ESW�UYEHVSW�EJPMXMZSW�HS�QYRHS�IWTMVMXYEP�

3 ¶HMS�XERXS�UYERXS�S�EQSV�HIWZEMVEHS�GSRWXMXYIQ�IPIQIRXSW�QEXVM^IW�HIWWEW�SFWIWW¸IW�IWTIGMEMW��3�¶HMS�� TIPE� JM\Eª¦S�HIQSVEHE�EGIVGE�HE� ZMRHMXE�� GVME� YQ�GSRsHMGMSREQIRXS�TW°UYMGS�UYI�IQMXI�SRHEW�IQ�HMVIª¦S�WIsKYVE��IRZSPZIRHS�S�WIV�EPQINEHS� UYI�� WI� R¦S� WI� IRGSRsXVE� HIZMHEQIRXI� EQTEVEHS� RSW� TVMRG°TMSW�WYTIVMSVIW� HE� ZMHE�� GETE^IW� HI� HIWXVY°VIQ� EW� SRHEW� MRZEWSVEW�� XIVQMRE� TSV� WI�HIM\EV�EPKIQEV��)�S�EQSV�XVIWPSYGEHS�UYI�WI�GSRsZIVXI�IQ�TEM\¦S�EGIVFE��HIZMHS�ES�XSVQIRXS�UYI�WI�MQsT¸I�UYERXS�£�TSWWI�J°WMGE�HS�SFNIXS�VIUYIWXEHS��GSRHY �̂S�IWT°VMXS�UYI�IWX¤�EXSVQIRXEHS�£�ZMWMXEª¦S��E�TVMRG°TMS�HI�EPQE�RSW�TIV°SHSW�HS�WSRS�VITEVEHSV��EX¬�GVMEV�E�MRsXIVGSQYRMGEª¦S�UYI�HIKIRIVE�IQ�EJPMXMZS�UYEHVS�HI�HIWsKEWXI� SVK¥RMGS� I� TW°UYMGS�� R¦S� WSQIRXI� HS� ZEQTMVM^EHS�� GSQS� XEQF¬Q�QIHMERXI�E�EPYGMREª¦S�HS�ZEQTMVM^EHSV�

)Q�UYEPUYIV�LMT¶XIWI��RS�IRXERXS��EW�HMVIXMZEW�GPEsVMJMGERXIW�HE�QIRWEKIQ�HI� .IWYW� W¦S� VSXEW� I� ZI°GYPSW� HI� PY �̂ PMFIVXEHSVE� TEVE� IRWINEV� E� YRW� I� SYXVSW��SFWMHMEHSW�I�SFWIWWSVIW��SW�QIMSW�HI�WYTIVEª¦S�

2IWWI�WIRXMHS��E�I\SVXEª¦S�HI�%PPER�/EVHIG�IQ�XSVRS�HS�XVEFEPLS�¬�HI�YQE�

Page 19: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

IJMG¤GME� MRGSQYQ�� TSVUYI� S� XVEsFEPLS� IHMJMGERXI� ¬� QIGERMWQS� HI� SVEª¦S�XVERWGIRHIRXEP�I�E�QIRXI�UYI�XVEFEPLE�WMXYE�WI�RE�HIJIRWMZE��%�WSPMHEsVMIHEHI�¬�GSQS�YQE�YWMRE�UYI�TVSHY �̂E�JSVªE�TSWMXMZE�HS�EQSV��I��GSQS�S�EQSV�¬�E�GEYWE�QSXVM �̂HS�9RMZIVWS��EUYIPI�UYI�WI�EJIVZSVE�£�QIG¥RMGE�HE�WSPMHEVMIHEHI�WMRsXSRM^E�GSQ� SW� -RWXVYXSVIW� HE� SVHIQ�� UYI� HMVMKIQ� S� 3VFI�� )� E� XSPIV¥RGME�� UYI� ¬� E�QERMJIWXEª¦S�HIWWI�QIWQS�EQSV�IQ�JSVQE�HI�TMIHEHI�IHMJMGERXI��XVERWJSVQE�WI�IQ�GSYVEªE�HI� PY �̂�ZMKSVSWE�I�QEPI¤ZIP��GETE �̂HI�HIWXVYMV�SW�TIXEVHSW�HS�¶HMS�YPXVM �̂SY�SW�TVSN¬XIMW�HS�HIWINS�HIsWSVHIREHS��TSVU¿ERXS��RE�XSPIV¥RGME�JVEXIVREP��WI�ERYPEQ�EW�ZMFVEª¸IW�RIKEXMZEW�HIWXE�SY�HEUYIPE�TVSGIsH­RGME�

%WWMQ�WIRHS��E�XV°EHI�VIGSQIRHEHE�TIPS�)KV¬KMS�'SHMJMGEHSV�VIJPIXI�E�Eª¦S��E�SVEª¦S�I�E�ZMKMP¥RGME�TVIsGSRM^EHEW�TSV� .IWYW�ô�TVSGIWWSW�IHMJMGERXIW�HI�WE½HI�IWTMVMXYEP�I�TSRXI�UYI�EPªE�S�ZMERHERXI�WSJVIHSV�HE�8IVVE�ES�TPEREPXS�VIHIRXSV�HEW�)WJIVEW�)WTMVMXYEMW��PMZVI�HI�XSHE�E�GSRWXVMª¦S�I�ERK½WXME�

F �4IVERXI�SFWIWWSVIW4EVE�UYI�ZSG­�EXMRNE�E�TPIRMXYHI�HE�LEVQSRME� °RsXMQE��GYPXMZI�E�SVEª¦S�GSQ�

GEVMRLS�I�S�HIZSXEQIRXS�GSQ�UYI�E�Q¦I�EXIRHI�ES�WEKVEHS�HIZIV�HI�EQEQIRXEV�S�JMPLS�

%�TVIGI�¬�YQE�P¥QTEHE�EGIWE�RS�GSVEª¦S��HEsVIERHS�SW�IWGERMRLSW�HE�EPQE�)RGEVGIVEHS�RE�MRHYQIRX¤VME�GEVREP��S�IWT°VMXS�XIQ�RIGIWWMHEHI�HI�GSQYRL¦S�

GSQ� (IYW� EXVEZ¬W� HE� TVIGI�� XERXS� UYERXS� S� GSVTS� RIGIWWMXE� HI� EV� TYVS� TEVE�TVSWsWIKYMV�RE�NSVREHE�

1YMXSW�GVMWX¦SW�QSHIVRSW��XSHEZME��HIWGYVERHS�HS�WIVZMªS�HE�TVIGI��NYWXMJMGEQ�E� RIKPMK­RGME� GSQ� ETEVIRXI� GERWEªS�� GSQS� WI� E� SVEª¦S� R¦S� WI� GSRWXMXY°WWI�MKYEPQIRXI� IQ� VITSYWS� I� VIJE M̂QIRXS�� SJIVIGIRHS� GPMQE� HI� TE �̂ I� IRWINS� HI�VIRSZEª¦S�MRXIVMSV�

1IRXI� IQ� ZMFVEª¦S� JVIUYIRXI� GSQ�SYXVEW�QIRXIW� IQ� ZMFVEª¦S� TVSHY �̂� RSW�GIRXVSW�TIRWERXIW�HI�UYIQ�R¦S�IWX¤�EJIMXS�ES�GYPXMZS�HEW�I\TIVM­RGMEW�TW°UYMGEW�HI� SVsHIQ� WYTIVMSV�� PEQIRX¤ZIMW� TVSGIWWSW� HI� SFWIWW¦S� UYI�� PIRXEQIRXI�� WI�XVERWJSVQEQ� IQ� WSI^IW� IRJIVQMHEHIW� UYI� QMREQ� S� SVKERMWQS� EX¬� ES�ERMUYMPEQIRXS�

%�TVMRG°TMS��GSQS�QIRWEKIQ�MRZEWSVE��E�MRJPY­RGME�WSFVI�EW�XIPEW�QIRXEMW�HS�MRGEYXS�¬�E� MH¬ME�RIKEXMZE�R¦S�TIVGIFMHE��7¶�QEMW�XEVHI��UYERHS�EW� MQTVIWW¸IW�ZMKSsVSWEW� WI� JM\EQ� GSQS� TERSVEQEW� °RXMQSW� HI� HMJ°GMP� IPMsQMREª¦S�� ¬� UYI� S�MRZMKMPERXI�TVSGYVE�S�FIRIJ°GMS�HSW�QIsHMGEQIRXSW�HI�VIWYPXEHSW�MR¶GYSW�

%XVMFYPEHS�GSQ�EW�RIGIWWMHEHIW�MQTIVMSWEW�HS�nHME��E�HME~�� S� LSQIQ� HIWEXIRXS� HIM\E�WI� IQTSPKEV� TIPE� MRWsXEFMPMHEHI� IQSGMSREP��JVERUYIERHS� EW� VIWMWX­RGMEW� JMWMSsTW°UYMGEW� £W� ZIVKEWXEHEW� HE� TIVXYVFEª¦S�IWTMVMXYEP�

:MZIQSW� GIVGEHSW�� RE� 8IVVE�� HEUYIPIW� UYI� RSW� TVIsGIHIVEQ� RE� KVERHI�NSVREHE�HE�HIWIRGEVREª¦S�

)Q� VE^¦S� HMWWS�� WSQSW� S� UYI� TIRWEQSW�� TIVQYsXERHS� ZMFVEª¸IW� UYI� WI�LEVQSRM^EQ�GSQ�SYXVEW�ZMFVEsª¸IW�EJMRW�

'SQS�¬�REXYVEP��KVEªEW�£W�MRNYRª¸IW�HS�VIREWGMsQIRXS��S�LSQIQ�¬�MQTIPMHS�£�HITVIWW¦S� SY� ES� I\EPXEsQIRXS�� ZMRGYPERHS�WI� ESW� TIRWEQIRXSW� ZYPKEVIW�GSQTEsX°ZIMW�£W�GMVGYRWX¥RGMEW�HS�QIMS��WMXYEª¦S�I�TVSKVIWWS�

%WWMQ�� JE^�WI� MQTVIWGMRH°ZIP� S� I\IVG°GMS� HE� TVIGI� QIRXEP� I� LEFMXYEP� TEVE�

Page 20: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

JSVXEPIGIV� EW� JYPKYVEª¸IW� TW°UYMsGEW� UYI� ZMWMXEQ� S� G¬VIFVS�� GSRWXMXYMRHS� E� ZMHE�RSVQEP�TVST°GME�£�TVSTEKEª¦S�HS�TIRWEQIRXS�I\GIPWS�

)RUYERXS�S�LSQIQ�WI�HIWGYMHE�HE�TVIWIVZEª¦S�HS�TEXVMQ·RMS�HMZMRS�IQ�WM�QIWQS�� ZIVHYKSW� HE� TE �̂ EGIVsGEQ�WI� HE� VIWMH­RGME� GEVREP�� EQIEªERHS�PLI� E�JIPMGMHEHI�

)RHMZMHEHS�TEVE�GSQ�IPIW��JE^�WI�QMWXIV�ENYH¤�PSW�GSQ�SW�VIGYVWSW�ZEPMSWSW�HE�ZMVXYHI��TEPQMPLERHS�EW�WIRsHEW�LSRVEHEW��QIWQS�UYI�YV^IW�I�GEVHSW�IWTEPLEHSW�PLI�WERKVIQ�SW�T¬W�

8SHSW� VIREWGIQSW� TEVE� PMFIVXEV�RSW� HS� TVIX¬VMXS� GYPTSWS� IQ� GYNSW�IQTVIIRHMQIRXSW�JVEGEWWEQSW�

)� GSQS� E� H°ZMHE� WI� RYXVI� HS� HIZIHSV�� IRUYERXS� R¦S� RSW� PMFIVEQSW� HS�GSQTVSQMWWS��JMGEQSW�HIXMHSW�RE�VIsXEKYEVHE���

��TSV�IWWI�QSXMZS�UYI�S�%T¶WXSPS�HSW�KIRXMSW�RSW�EHZIVXI�UYERXS�£�nRYZIQ �UYI� RSW� EGSQTERLE�� VIZIPERsHS�RSW� E� GSRXMRYEHE� GSQTERLME� HSW� HIWEJIXSW�HIWIRGEVsREHSW�

)\IVGMXI�WI��EWWMQ��RS�QMRMWX¬VMS�HE�SVEª¦S��QIHMsXERHS�UYERXS�£W�MREHM¤ZIMW�RIGIWWMHEHIW�HI�PMFIVXEª¦S�I�TVSKVIWWS�

'YPXMZI� E� FSRHEHI�� HIWHSFVERHS� SW� FVEªSW� HE� MRHYPsK­RGME� HI� QSHS� E�EPGERªEV� SW� UYI� WIKYIQ� HIWEXIRXSW� I� MRJIPM^IW�� IWTEPLERHS� HIWGSRJSVXS� I�HMWWIQMRERHS�E�PSYsGYVE�

6IRSZI�EW�HMWTSWMª¸IW�°RXMQEW�I��UYERHS�EUYMRLSEHS�GSQ�SW�IRWINSW�HI�JEPEV�GSQ�IWWIW�WIVIW�HI�QIRXI�IQ�HIWEPMRLS��TIVXYVFEHSW�RS�1YRHS�)WTMVMXYEP��YRE�WI�HI�EQSV�I�GSQTVIIRHE�SW��ENYHERHS�UYERXS�PLI�WINE�TSWsW°ZIP�GSQ�E�LYQMPHEHI�I�E�VIR½RGME�

)� VIGSVHI� UYI� S� 1IWXVI�� ERXIW� HI� ZMWMXEHS� TIPSW� ZIVsHYKSW� IWTMVMXYEMW� HEW�>SREW�8VIZSWEW��VIGSPLME�WI�£�SVEsª¦S��VIGIFIRHS�SW�GSQ�GEVMHEHI�JVEXIVREP��GSQS�6IM�HI�XSHSW�SW�)WT°VMXSW�I�7IRLSV�HS�1YRHS�

:SG­�R¦S�JMGEV¤�MRHIRI�£�EKVIWW¦S�HIPIW���6IWKYEVHI�WI�� TSVXERXS�� I�� JMVQEHS�RS� MHIEP� WYFPMQI� GSQ�UYI�S� )WTMVMXMWQS�

LSRVE�SW�WIYW�HMEW��EPGI�WI�ES�EQSV��XVEFEPLERHS�MRJEXMK£ZIPQIRXI�TIPS�FIQ�HI�XSHSW��GSQ�S�GSVEª¦S�RS�WSGSVVS�I�E�QIRXI�IQ�.IWYW�'VMWXS��GSsQYRKERHS�GSQ�EW�)WJIVEW�1EMW�%PXEW��SRHI�ZSG­�WSVsZIV¤�JSVªEW�TEVE�ZIRGIV�XSHEW�EW�EKVIWW¸IW�HI�UYI�JSV�Z°XMQE��I�WIRXMV¤�UYI��SVERHS�I�ENYHERHS��E�TE �̂GSRsXMRYEV¤�GSQ�ZSG­�

G �4IVERXI�SFWMHMEHSW7IQTVI� UYI� L¤� SFWIWW¦S� GSRZ¬Q� EREPMWEV� IQ� TVSsJYRHMHEHI� E� UYIWX¦S� HE�

TIVJIMXE�WMRXSRME�UYI�QERX¬Q�S�SFWMHMEHS�GSQ�E�IRXMHEHI�SFWMHIRXI�8SHS� TVSFPIQE� SFWIWWMZS� TVSGIHI� WIQTVI� HE� RIGIWsWMHEHI� HI� EQFSW� SW�

IWT°VMXSW� IQ� PYXE� EJPMXMZE�� Z°XMQE� I� EPKS �̂� GVMEVIQ� GSRHMª¸IW� HI� WYTIVEª¦S� HEW�TV¶TVMEW� MRJIsVMSVMHEHIW� TEVE� QYHEV� HI� GPMQE� TW°UYMGS�� XVERWJIVMRHS�WI�IQSGMSREPQIRXI�TEVE�SYXVEW�JEM\EW�HS�TIRWEQIRXS�

3 SFWIWWSV� R¦S� ¬� WSQIRXI� S� MRWXVYQIRXS� HE� NYWXMªE� WYTIVMSV� UYI� HIPI� WI�YXMPM^E�� QEW� XEQF¬Q� IWT°VMXS� TVSsJYRHEQIRXI� IRJIVQS� I� MRJIPM �̂� GEVIGIRXI� HE�XIVET­YXMGE�HS�EQSV�I�HS�IWGPEVIGMQIRXS�TEVE�WYFPMQEª¦S�HI�WM�QIWQS�

Page 21: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

3 SFWMHMEHS��TSV�WYE�ZI �̂�ZMRGYPEHS�ZMKSVSWEQIRXI�£�VIXEKYEVHE�ô�EWWEPXEHS��UYEWI�WIQTVI��TIPSW�JERXEWsQEW�HS�VIQSVWS�MRGSRWGMIRXI�SY�HS�QIHS�GVMWXEPM^EHS��E�WI�QERMJIWXEVIQ�GSQS�GSQTPI\SW�HI�MRJIVMSVMHEHI�I�GYPTE���GSRHY �̂S�JEVHS�HEW�H°ZMHEW�TEVE�RIGIWW¤VMS�VIENYWXEsQIRXS��EXVEZ¬W�HS�EFIRªSEHS�VSXIMVS�GEVREP�

5YERHS� NYRKMHS� £� I\TMEª¦S� MREHM¤ZIP�� TSV� EGIRXYEHE� VIFIPHME� IQ� QYMXSW�EZEXEVIW�� VIREWGI� WSF�S�IWXMKQE�HE�IQSª¦S� XSVXYVEHE�� ETVIWIRXERHS�HIWHI�S�FIVªS�SW�XVEsªSW�TVSJYRHSW�HEW�PMKEª¸IW�GSQ�SW�GSQIRWEMW�UYI�WI�PLI�MQERXEQ�IQ�MRXIVG¥QFMS�JPY°HMGS�HI�GSRWIUY­RGMEW�MQsTVIZMW°ZIMW�

%XIRHMHS��TSV¬Q��HIWHI�S�ZIRXVI�QEXIVRS�GSQ�QIsHMGEª¦S�WEPYXEV�� XVE �̂RS�TIVMWT°VMXS�EW�GSRHMª¸IW�TV¶TVMEW�£�nLSWTIHEKIQ~��RE�SGEWM¦S�STSVXYRE��UYI�WI�IRGEVVIKE�HI�HMWGMTPMREV�S�ZIVHYKS�R¦S�IWUYIGMHS�TIPE�ZMHE�

3YXVEW�ZI^IW��WI�HYVERXI�PSRKE�NSVREHE�J°WMGE�R¦S�VITEVSY�S�GEVQE�TSV�QIMS�HI� Eª¸IW� IHMJMGERXIW�� R¦S� VEVS� ¬� WYVTVIIRHMHS� RE� ERGMERMHEHI� TIPE� TVIWIRªE�MRG·QSHE� HEUYIPIW� E� UYIQ� TVINYHMGSY�� I\TIVMQIRXERHS� IRJIVQMHEsHIW�GSQTPMGEHEW�� HMJ°GIMW� HI� WIVIQ� MHIRXMJMGEHEW�� SY� HMWX½VFMSW� TW°UYMGSW� UYI� WI�EPSRKEV¦S�QIWQS�ET¶W�S�HIGIWWS�SVsK¥RMGS�

)Q�UYEPUYIV�LMT¶XIWI��RS�IRXERXS��EGIRHE�E� PY �̂HS�GSRLIGMQIRXS�IWTMVMXYEP�RE�QIRXI�UYI�IWXINE�IQ�XYVZEsª¦S��RIWWI�°RXMQS�GSRXYVFEHS�

2IQ�TMIHEHI�MRSTIVERXI�2IQ�TEPEZV¶VMS�WIQ�E�X·RMGE�HS�EQSV�%� XIVETME� IWT°VMXE�� IQ� GEWSW� UYI� XEMW�� ¬� E� HS� GSRsZMXI� ES� IRJIVQS� TEVE� E�

VIWTSRWEFMPMHEHI��GSRGPEQERHS�S�E�YQE�EYXS�ER¤PMWI�LSRIWXE��HI�QSHS�E�UYI�IPI�TSWWE� VSQTIV� IQ� HIJMRMXMZS� GSQ� EW� MQTIVJIMª¸IW�� VIJSVQYPERHS� TVST¶WMXSW� HI�WE½HI� QSVEP� I� QIVKYPLERHS� RSW� VMSW� GPEsVSW� HE� QIHMXEª¦S� TEVE� TVSWWIKYMV�VIZMKSVEHS��WIRHE�E�JSVE����(MERXI�HI�YQ�TVSKVEQE�HI�QIPLSVME�°RXMQE�HIsWEXEQ�WI� SW� PMEQIW� HE� ZMRGYPEª¦S� IRXVI� SW� HSMW� IWT°VMXSW� ô� S� IRGEVREHS� I� S�HIWIRGEVREHS�� I� S� TIVXYVFEHSV�� TIVsGIFIRHS� X¦S� WMRGIVS� IWJSVªS�� WI� XSGE��HIM\ERHS�WI�TIVsQIEV�TIPEW�ZMFVEª¸IW�IQEREHEW�HE�WYE�Z°XMQE��EKSVE�TIRWERHS�IQ�RSZE�IWJIVE�QIRXEP�

7¶� I\GITGMSREPQIRXI� R¦S� WI� WIRWMFMPM^EQ� SW� WMG¤VMSW� HE�QIRXI�QIPLSVEHE��2IWWI� GEWS�� E� TEPEZVE� IWGPEVIGIsHSVE� HS� IZERKIPM^EHSV� RSW� WIVZMªSW�IWTIGMEPM^EHSW� HE� HIsWSFWIWW¦S�� SW� G°VGYPSW� HI� TVIGI�� SW� EKVYTEQIRXSW� HE�GEsVMHEHI� JVEXIVREP�� WSF� GEVMRLSWE� I� W¤FME� EHQMRMWXVEª¦S� HI� -RWXVYXSVIW�%FRIKEHSW��WI�IRGEVVIKEQ�HI�GSRWSPMHEV�SY�PMFIVXEV�IQ�HIJMRMXMZS�SW�UYI�ERXIW�WI�FEXMEQ�REW� PMªEW� HS�HYIPS� TW°UYMGS�� SY� J°WMGS� UYERHS�E� GSRWXVMª¦S� SFWMsHIRXI� ¬�HMVMKMHE�£�SVKERM^Eª¦S�WSQ¤XMGE�

5YERHS� WI� SFWIVZEQ� SW� WMREMW� I\XIVRSW� HIWWE� ERSsQEPME�� N¤� WI� IRGSRXVE�MRWXEPEHE�E�EJIGª¦S�HSPSVSWE�

%WWMQ�GSRWMHIVERHS��YWI�WIQTVI�E�(SYXVMRE�)WT°sVMXE�GSQS�QIHMHE�TVSJMP¤XMGE��QIWQS�TSVUYI��WI�EX¬�LSNI�R¦S�JSM�EJIXEHE�E�WYE�SVKERM^Eª¦S�JMWMSTW°UYMGE�� MWXS�R¦S�MWIRXE�HI��RS�JYXYVS�ô�XIRHS�IQ�ZMWXE�UYI��ETVIRsHIRHS�I�VIJE^IRHS�PMª¸IW�GSQS�¬�HS�TVSKVEQE�HE�VIIRGEVREª¦S�TEVE�R¶W�XSHSW�ô��S�WIY�nSRXIQ~�TSHIV�VIsTSRXEV�VMKSVSWS��nLSNI~�SY�nEQERL¦~��GLEQERHS�S�ES�ENYWXI�HI�GSRXEW�GSQ�E�GSRWGM­RGME�G¶WQMGE�UYI�RSW�HMsVMKI�

4IVERXI�SFWMHMEHSW�ETPMUYI�E�TEGM­RGME�I�E�GSQTVIsIRW¦S��E�GEVMHEHI�HE�FSE�TEPEZVE�I�HS�TEWWI��S�KIWXS�HI� WMQTEXME�I� GSVHMEPMHEHI�� XSHEZME�� E�TVIXI\XS�HI�FSRHEHI�R¦S�GSRGSVHI�GSQ�S�IVVS�E�UYI�IPI�WI�EJIVZSVE��RIQ�GSQ�E�TVIKYMªE�QIRXEP� IQ� UYI� WI� GSQTVE �̂ SY� QIWQS� GSQ� E� VIFIPHME� GSRWXERXI� IQ� UYI� WI�IRGEVGIVE�� %NYHI�S� UYERXS� TSWWE�� RS� IRXERXS�� MRWMWXE� TEVE� UYI� IPI� WI� ENYHI��

Page 22: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

GSRsXVMFYMRHS�TEVE�GSQ�E�EWGIRW¦S�HS�WIY�TV¶TVMS�IWT°VMXS�EY\MPMEV�EUYIPI�SYXVS�WIV�UYI��PMKEHS�E�IPI�TSV�MQTSWMsª¦S�HE�NYWXMªE�HMZMRE��XIQ�MQTIVMSWE�RIGIWWMHEHI�HI�IZSsPYMV�XEQF¬Q�

H �4SVXE�HI�PY^������-QEKMRI�YQ�H¬HEPS�IQ�WSQFVEW��MQIRWYV¤ZIP��L¶VsVMHS��SRHI�WI�HIQSVEQ�IQEREª¸IW�QSVF°JMGEW�TVSZIRMIRsXIW�HI�G¬PYPEW�IQ�HMWNYRª¦S��GLEVGS�QMEWQ¤XMGS�GEVVIsKEHS�HI�PSHS�MRWX¤ZIP��XIRHS�TSV�G¬Y�RMQFSW�FSVVEWGSWSW�WEGYHMHSW�TSV�HIWGEVKEW�IP¬XVMGEW��TEYP�WSQFVMS�UYI�EKEsWEPLE�FEXV¤UYMSW�I�SJ°HMSW��V¬TXIMW�I�XSHE�E�JEYRE�EWsUYIVSWE��VIKM¦S�ZEVVMHE�TSV�ZIRXSW�YPYPERXIW��PSRKI�HE�IWTIVERªE�SRHI�YQE�X­RYI�I�G¬PIVI�TIVWTIGXMZE�HI�TE �̂R¦S�XVIQIPLE���

'SRWMHIVI�WI�VIPIKEHS�E�IWWI�PEFMVMRXS�RIJEWXS��PSRsKI�HI�UYEPUYIV�EQTEVS��E�QIVKYPLEV�E�QIRXI�IQ�JIFVI�RSW�EFMWQSW�HS�VIQSVWS�UYI��JERXEWQE�MRGERW¤ZIP��EWsWYQI�TVSTSVª·IW�MRMQEKMR¤ZIMW��WSF�S�IWXVYKMV�HI�VIGSVsHEª¸IW�ZMKSVSWEW�HEW�UYEMW�R¦S�WI�GSRWIKYI�JYVXEV��VIWsWYQERHS�IVVSW�TVSTSWMXEMW�I�GEWYEMW�GSQ�UYI�WI�HMWXERsGMSY� HE� TE �̂�QEPKVEHS� RIGIWWMXI� HI� IWTIVERªE� SY� VIJEs M̂QIRXS�� WMP­RGMS�TEVE� QIHMXEV� SY� YQE� EVEKIQ� JVIWGE� TEVE� VIRSZEª¦S�� IWGYXI�� MRIVQI�� SYXVSW�GSQTERLIMVSW�HI�HIWHMXE�IQ� MQTVIGEª·IW�I� PEQIRXSW��HSQMREHSW�TIPE�TV¶sTVME�WERHMGI��SRHI�E�VE^¦S�WI�JI �̂WMG¤VMS�MQTMIHSWS��WIQ�IRXVERLEW��I�WI�IRGEVVIKE��IPE�QIWQE�� HI� NYWXMªEV� GSQ� E^SVVEKYIW� IQ� JSVQE� HI� GMP°GMSW� UYI� PLI� W¦S�MRZSPYRX¤sVMSW��WIQ�IUYMP°FVMS�TEVE�YQE�IZSGEª¦S�WYEZI��YQ�TEMsRIP�HI�XIVRYVE��EQSV�SY�TVIGI���

%ZEPMI� S� WMKRMJMGEHS� HI� YQE� TSVXE� PMFIVXEHSVE�� UYI� W¿FMXEQIRXI� WI� EFVMWWI��GSRZMHEXMZE��FERLEHE�UYI� JSWWI�HI� JVEGE�QEW� WMKRMJMGEXMZE� PY �̂� EXVEZ¬W�HE�UYEP��XVERWsTSWXE� E�Q°RMQE�HMWX¥RGME� IRXVI� ZSG­� I� IPE�� TSHIVME� SYZMV� GSRWSPS�� GLSVEV�WIQ�HIWIWTIVS�� PIRMRHS�EW�TV¶TVMEW�ERsK½WXMEW��I� VITSYWEV��EP¬Q�HE�UYEP��HSGI�GERXS� IQFEPERXI� GMGMEWWI� YQE� QIPSTIME� GSRLIGMHE� SY� YQE� FIVGIYWI�VIGSRsJSVXERXI�� ET¶W� ZIRGMHE�� VIZMWWI� TEMWEKIQ� IWUYIGMHE� I� EKVEH¤ZIP� I��HMPEXEHSW�SW�SYZMHSW�� IWGYXEWWI�E�TVSR½RsGME�HI�YQ� XIVRS�RSQI��IQ� VIPEª¦S�E�ZSG­�� MVQ¦S��ôHITSMW� HS� UYI�� VSXIMVS� I� QIHMGEQIRXS� GLIKEWWIQ� WEPZEsHSVIW��MREYKYVERHS�I\TIVM­RGME�JIPM �̂�XVERWTEWWEHE�E�I\sTMEª¦S�MRSQMR¤ZIP���

:SG­�FIRHMVME��GIVXEQIRXI��QMP�ZI^IW��IWWI�TSVXEP�HI�EGIWWS�8EP�VIKM¦S��R¦S�QYMXS�PSRKI�HI�R¶W��IRXVI�SW�HIsWIRGEVREHSW�I�SW�IRGEVREHSW��

W¦S�SW�ZEPIW�TYVKEXSVMEMW�TEVE�SW�UYI�XVERWT¸IQ�S�YQFVEP�HE�QSVXI�REVGSXM^EsHSW�TIPE�MRW¥RME�I�TIPS�GVMQI�

8EP� TSVXE� JEWGMRERXI� ¬� E� QIHMYRMHEHI� WSGSVVMWXE� HI� UYI� ZSG­� WI� IRGSRXVE�MRZIWXMHS�RE�XIWWMXYVE�J°WMGE��ES�EPGERGI�HI�YQ�TSYGS�HI�HMWGMTPMRE�I�EFRIKEª¦S�

)\EQMRERHS�UYERXS�ZSG­�KSWXEVME�HI�VIGIFIV�EY\°sPMS�WI�EPM�IWXMZIWWI��TIRWI�RSW�UYI�P¤�IWX¦S�I�R¦S�HIQSVI�QEMW�IQ�HMWGYWW¸IW�MR¶GYEW�SY�IQ�HIWGYPTMWQS�MRNYWXMsJMG¤ZIP�

'SVVE� ES� WSGSVVS� HIPIW�� SW� RSWWSW� GSQTERLIMVSW� RE� HSV�� MPYHMHSW� IQ� WM�QIWQSW��I�EFVE�PLIW�E�TSVXE�HI�PY �̂HE�STSVXYRMHEHI�GSRWSPEHSVE�

1IVKYPLI�S�TIRWEQIRXS�RSW�I\¶VHMSW�HS�EQSV�HS�'VMWXS�I��QIWQS�WSJVIRHS��EXIRHE�E�IWXIW�UYI�WSJVIQ�QEMW�

2¦S�PLI�TIVKYRXEV¦S�UYIQ�ZSG­�¬��HSRHI�ZIQ��GSQS�WI�ETVIWIRXE��TSMW�R¦S�PLIW�MQTSVXE��ERXIW��WMQ��HIWIsNEV¦S�WEFIV�S�UYI�ZSG­�XIQ�IQ�RSQI�HI�.IWYW�TEVE�PLIW� HEV�� 'SQTVIIRHIV¦S� QEMW� XEVHI� E� I\GIP­RGME� HE� WYE� J¬�� S� ZEPSV� HS� WIY�

Page 23: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

HIZSXEQIRXS��E�I\TVIWW¦S�HE�WYE�FSRsHEHI��E�I\XIRW¦S�HEW�WYEW�RIGIWWMHEHIW�I�XEQF¬Q�IWsXIRHIV¦S�FVEªSW�RE�HMVIª¦S�HS�WIY�IWT°VMXS�

%KSVE�� RIGIWWMXEQ� HI� TE �̂ I� PMFIVXEª¦S�� I� .IWYW� TVIsGMWE� HI� ZSG­� TEVE� XEP�QMWXIV�

2¦S� PLIW�EXVEWI�S� WSGSVVS�� RIQ�HIQSVI� WYE�HSEª¦S�� 4SWWMZIPQIRXI�ZSG­� N¤�IWXIZI�EPM�ERXIW��XEPZI �̂WINE�RIsGIWW¤VMS�IWXEKMEV�TSV�P¤��

7I�ZSG­�GSRGIFIV�UYI�S�WIY�IWJSVªS�¬�QYMXS��TEVE�SW�ENYHEV��QIRXEPM^I�.IWYW�XVERWJIVMRHS�WI�HSW�'MQSW�HE�:MHE�TEVE�HIQSVEV�WI�RS�:EPI�HI�7SQFVEW�TSV�Z¤VMSW�ERSW�I�TVSWWIKYMV�EX¬�EKSVE�GSRSWGS���

3�)WTMVMXMWQS�UYI�PLI�GSVVMKI�E�QIHMYRMHEHI�IQ�RSQI�HS�'VMWXS�ô�)WTMVMXMWQS�UYI� PLI� GSRWSPE� I� IWGPEsVIGI�ô� IRWMRE�PLI�UYI� JIPMGMHEHI�¬�QSIHE� GYNS� WSRMHS�WSQIRXI�TVSHY �̂JIWXE�°RXMQE�UYERHS�VIXSVRE�HEUYIPI�E�UYIQ�WI�SJIVIGI�I�ZIQ�RE�HMVIª¦S�HS�HSEHSV�

(SERHS�WI�� IQ� WMP­RGMS�� PSRKI� HSW� UYI� ETPEYHIQ� JEsGYPHEHIW� QIHM½RMGEW��GSPSUYI� WYEW� TSWWMFMPMHEHIW� E� FIsRIJ°GMS� HSW� WSJVIHSVIW�� REW� WIWW¸IW�IWTIGMEPM^EHEW��I�KVERsNIEV¤�YQ�GV¬HMXS�HI�F­Rª¦SW�UYI� PLI�IRWINEV¤�� XEQF¬Q��PMFIVHEHI�I�MPYQMREª¦S��£�WIQIPLERªE�H%UYIPI�UYI��1¬sHMYQ�HS�4EM��WI�JI �̂S�HSGI�MVQ¦S�HI�R¶W�XSHSW��QMP­sRMSW�E�JSVE�

I �6IYRM¸IW�W¬VMEW%W� VIYRM¸IW� IWT°VMXEW� HI� UYEPUYIV� REXYVI^E� HIZIQ� VIZIWXMV�WI� HS� GEV¤XIV�

IPIZEHS�HE�WIVMIHEHI�n2¦S� WIRHS� SW� )WT°VMXSW� WIVIW� SYXVSW� UYI� R¦S� EW� EPQEW� HSW� LSQIRW~� UYI�

ZMZIVEQ�RE�8IVVE��R¦S�TSHIQ�IPIW�MWIRXEV�WI�HE�GSQYRL¦S�MQTIVMSWE��VIWYPXERXI�HEW� PIMW� HE�EJMRMHEHI��2IWWI�TEVXMGYPEV�� GSRZ¬Q�R¦S�IWUYIsGIV�UYI�SW�)WT°VMXSW�HIWIRGEVREHSW�� TIPS� WMQTPIW� JEXS�HI�IWXEVIQ�HIWTMHSW�HE� MRHYQIRX¤VME� GEVREP��R¦S�W¦S�QIPLSVIW�RIQ�TMSVIW�UYI�SW�LSQIRW��QEW�GSRXMRYEª¦S�HIWXIW��TPEWQEHSW�TIPS�UYI�GYPXMZEVEQ��JM^IVEQ�I�WI�ETVEs^IVEQ�

)PIKIRHS� GSQS� WERXY¤VMS� UYEPUYIV� PYKEV� SRHI� WI� ZMZEQ� EW� PMª¸IW�MRGSVVYTX°ZIMW�HI�.IWYW��S�)WTMVMXMWQS�IRWMRE�UYI�S�­\MXS�HEW�WIWW¸IW�WI�IRGSRXVE�RE� HITIRsH­RGME� HSW� JEXSVIW�SFNIXMZSW� UYI� EW� TVSHY^IQ�� HEW� TIWsWSEW� UYI� EW�GSQT¸IQ�I�HS�TVSKVEQE�IWXEFIPIGMHS�

'SQS� VIUYMWMXSW� IWWIRGMEMW� TEVE� YQE� VIYRM¦S� W¬VME� GSRWMHIVIQSW�� TSMW�� EW�MRXIRª¸IW��S�EQFMIRXI��SW�QIQsFVSW�GSQTSRIRXIW��SW�Q¬HMYRW��SW�HSYXVMREHSVIW�%W�MRXIRª¸IW��JYRHEQIRXEHEW�RSW�TVIGIMXSW�IZERK¬sPMGSW�HS�EQSV�I�HE�GEVMHEHI��HS� IWXYHS� I� HE� ETVIRHM^EsKIQ�� W¦S� EW� UYI� VIEPQIRXI� EXVEIQ� SW� )WT°VMXSW�7YTIsVMSVIW�� WIQ� GYNE� GSRXVMFYMª¦S� ZEPMSWE� SW� VIWYPXEHSW� HIGEIQ� TEVE� E�JVMZSPMHEHI��E�QSRSXSRME�I�R¦S�VEVS�TEVE�E�SFWIWW¦S�

2¦S�WIRHS�ETIREW�S�HI�GSRWXVYª¦S�QEXIVMEP��S�EQsFMIRXI�HIZI�WIV�IPEFSVEHS�I�QERXMHS�TSV�QIMS�HE�PIMsXYVE�IHMJMGERXI�I�HE�SVEª¦S��HIFEXIRHS�WI�SW�TVMRG°TMSW�QSVEMW�GETE^IW�HI�GVMEV�YQE�EXQSWJIVE�TEGMJMGEHSVE��SXMQMWXE�I�VIJE^IRXI�

3W� QIQFVSW� GSQTSRIRXIW� HIZIQ� IWJSVªEV�WI� TSV� QERXIV� SW� VIUYMWMXSW�Q°RMQSW�HI�GSRWIKYMVIQ�MRWXVYMV�WI��IPIZERHS�WI�QSVEP��QIRXEP�I�IWTMVMXYEPQIRXI��EXVEZ¬W�HS�HIZSXEQIRXS�GSRX°RYS��MRGIWWERXI��TEVE�E�JM\Eª¦S�HE�MH¬ME�IWT°VMXE�HI�IPIZEª¦S�UYI�PLIW�HIZI�XSVREV�TEYXE�HI�GSRHYXE�HM¤VME�

3W�Q¬HMYRW��WIQIPLERXIQIRXI�ESW�HIQEMW�TEVXMGMTERsXIW��W¦S�GSRZMHEHSW�ES�TSPMGMEQIRXS�MRXIVMSV�HEW�IQSª¸IW��HSW�TIRWEQIRXSW��HEW�TEPEZVEW�I�HE�GSRHYXE��

Page 24: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

TEVE� WI� XSVREVIQ� QEPI¤ZIMW� £W� MRWXVYª¸IW� HI� UYI� TSVZIRXYVE� TSsHIV¦S� WIV�MRWXVYQIRXS��%�JEGYPHEHI�QIHM½RMGE�R¦S�SW� MWIRXE�HEW�VIWTSRWEFMPMHEHIW�QSVEMW�MQTVIWGMRH°ZIMW�£TV¶TVME�VIRSZEª¦S�I�IWGPEVIGMQIRXS��TSMW�UYI��QEMW�JEsGMPQIRXI��SW� )WT°VMXSW� 4YVSW� WI� ETVE^IQ� HI� YXMPM^EV� EUYIsPIW� MRWXVYQIRXSW� H¶GIMW� I�IWGPEVIGMHSW��GETE^IW�HI�PLIW�JEGMPMXEVIQ�EW�XEVIJEW�E�UYI�WI�TVST¸IQ�

3W�HSYXVMREHSVIW�X­Q�MKYEPQIRXI�E�SFVMKEª¦S�HI�WI�IZERKIPM^EV��IWXYHERHS�E�(SYXVMRE� I� GETEGMXERHS�WI� TEVE� IRXIRHIV� I� GSPEFSVEV� RSW� HMZIVWSW�QMWXIVIW� HS�WIVsZMªS�IQ�IPEFSVEª¦S��2E�QIWQE�PMRLE�HI�HIZIVIW�HSW�Q¬HMYRW��R¦S�WI�TSHIQ�HIWGYVEV�HS�TVSFPIQE�TW°UYMGS�HE�WMRXSRME��E�JMQ�HI�IWXEFIPIGIVIQ�GSRXEGXS�GSQ�SW�(MsVIXSVIW�HS�4PERS�)WTMVMXYEP�UYI�WYTIVZMWMSREQ�SW�IQsTVIIRHMQIRXSW�HI�XEP�REXYVI^E�

%W� VIYRM¸IW� IWT°VMXEW� W¦S� GSQTVSQMWWSW� KVEZIW� EWsWYQMHSW� TIVERXI� E�GSRWGM­RGME�HI�GEHE�YQ��VIKYPEQIRsXEHSW�TIPS�IWJSVªS��TSRXYEPMHEHI��WEGVMJ°GMS�I�TIVWIZIsVERªE�HSW�WIYW�QIQFVSW�

7SQIRXI� ¤UYIPIW� UYI� WEFIQ� TIVWIZIVEV�� WIQ� TSWXIVsKEVIQ� S� XVEFEPLS� HI�IHMJMGEª¦S�MRXIVMSV��WI�JE^IQ�GVIsHSVIW�HE�EWWMWX­RGME�HSW�)WT°VMXSW�MRXIVIWWEHSW�RE�WIsQIRXIMVE�HE�IWTIVERªE�I�HE�JIPMGMHEHI�RE�8IVVE�ô�TVSsKVEQE�WYFPMQI�TVIWMHMHS�TSV�.IWYW��HEW�%PXEW�)WJIVEW�

2EW� VIYRM¸IW� W¬VMEW�� SW� WIYW� QIQFVSW� R¦S� TSHIQ� GSQTEGXYEV� GSQ� E�RIKPMK­RGME�ESW�HIZIVIW�IWXEFIPIGMsHSW�IQ�TVSP�HE�SVHIQ�KIVEP�I�HE�LEVQSRME��TEVE�UYI�E� MRJMPXVEª¦S�HSW�)WT°VMXSW� MRJIPM^IW�R¦S�EW�XVERWJSVQIQ�IQ�GIPIMVSW�HI�FEPF½VHME��IQ�TIVJIMXE�GSRI\¦S�GSQ�E�HIWSVHIQ�I�S�GESW�

-RZEVM£ZIPQIRXI�� EW� VIYRM¸IW� W¬VMEW� HI� IWXYHS� SY� WSsGSVVS� QIHM½RMGS� WI�GSRZIVXIQ� IQ� IHYGERH¤VMSW� TEVE� HIWIRGEVREHSW� UYI� W¦S� XVE M̂HSW� TSV� WIYW�QIRXSVIW�� 7¦S� EXVE°HSW� TIPE� TV¶TVME� GYVMSWMHEHI� SY� MRXIVIWWEHSW� RE� WYE�HIWXVYMª¦S���

7IRHS�E�WSGMIHEHI�HS�1YRHS�)WTMVMXYEP�GSRWXMXY°HE�HEUYIPIW�UYI�ZMZIVEQ�RE�8IVVE��SY�GSQS�E°��R¦S�JEPXEQ�SW�SGMSWSW��SW�HI�QIRXI�ZMGMEHE��SW�TEVEWMXEW��SW�TIVWIsKYMHSVIW�MRZIXIVEHSW��SW�SFWIWWSVIW�GVY¬MW��SW�MRJIPM^IW�HI�XSHS�S�NEI �̂UYI�HIEQFYPEQ�WSPMX¤VMSW�SY�IQ�QEKSsXIW�� MWSPEHSW�IQ�WM�QIWQSW�SY�IQ�GSP·RMEW�TIVRMGMSWEW��FYWGERHS�TVIWEW� MVVIWTSRW¤ZIMW�I� MRGSRWGMIRXIW�TEVE�S�GSQ¬VGMS�HE�ZEQTMVM^Eª¦S���

'SRWIKYMRXIQIRXI�� RIGIWW¤VMEW� WI� JE^IQ� QYMXE� ZMsKMP¥RGME� I� SFWIVZEª¦S��QIWQS�TSVUYI�KVERHI�TEVXI�HIWWIW�ZMWMXEHSVIW�¬�XVE M̂HE�TEVE�UYI�S�I\IQTPS�HSW�IRGEVREHSW�PLIW�GSRWXMXYE�PMª¦S�ZMZE�HI�HIWTIVXEQIRXS��QYHERHS�PLIW�E�HMVIª¦S�QIRXEP�I�MRXIVIWWERHS�SW�RE�WSPYª¦S�HSW�EJPMsKIRXIW�TVSFPIQEW�UYI�SW�MRJIPMGMXEQ�I� QEGIVEQ�� QIWQS� UYERHS� HMWWS� R¦S� WI� ETIVGIFIQ� SY� JMRKIQ� R¦S� SW�I\TIsVMQIRXEV���

4EVE�UYI�YQE�WIWW¦S�IWT°VMXE�TSWWE�MRXIVIWWEV�SW�-RWXVYXSVIW�)WTMVMXYEMW��R¦S�TSHI� EFWXVEMV� HS� IPIZEHS� TEsHV¦S� QSVEP� HI� UYI� WI� HIZIQ� VIZIWXMV� XSHSW� SW�TEVXMGMTERXIW��TSMW�UYI�WI�S�GIRLS�GEVVIKEHS�I�WMWYHS�RE�8IVVE�TSHI�ETVIWIRXEV�YQ� LSQIQ� GSQS� WIRHS� HI� FIQ�� IQ� ZIVsHEHI�� W¶� E� I\XIVMSVM^Eª¦S� HSW� WIYW�JPY°HSW�ô� MWXS� ¬�� E� ZMFVEª¦S� HS� WIY� TV¶TVMS� IWT°VMXS�� UYI� ¬� VIWYPXERXI� HSW� EXSW�QSVEMW� TVEXMGEHSW�ô� S� HMWXMRKYI� HEW� HMZIVWEW� GVMEsXYVEW�� SJIVIGIRHS� QEXIVMEP�IWTIG°JMGS� ESW� -RWXVYXSVIW� (IsWIRGEVREHSW� TEVE� EW�Q½PXMTPEW� STIVEª¸IW� UYI� WI�VIEPMs^EQ� RSW� EFIRªSEHSW� R½GPISW� IWTMVMXMWXEW� W¬VMSW�� UYI� X­Q� IQ� ZMWXE� S�WERXMJMGERXI�TVSKVEQE�HE�HIWSFWIWW¦S�IWTMsVMXYEP�

Page 25: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

J �)Q�SVEª¦S7IRLSV��ô� IRWMRE�RSW� E� VIWTIMXEV� E� JSVªE� HS� HMsVIMXS� EPLIMS� RE� IWXVEHE� HS�

RSWWS�HIZIV�%RXI�EW�ZMGMWWMXYHIW�HS�GEQMRLS��VIGSVHE�RSW�HI�UYI�RS�WYTVIQS�WEGVMJ°GMS�HE�

'VY �̂�IRXVI�S�IWG¤VRMS�HE�QYPsXMH¦S�I�S�HIWTVI^S�HE�0IM��IVMKMWXI�YQ�QSRYQIRXS�£�NYWsXMªE��RE�KVERHI^E�HS�EQSV�

%NYHE�RSW�� EWWMQ�� E� IWUYIGIV� XSHS� S�QEP�� GYPXMZERHS�E� ¤VZSVI�KIRIVSWE�HS�TIVH¦S�

)WXMQYPE�RSW�£�GPEVMHEHI�HS�FIQ�WIQ�PMQMXIW��TEVE�UYI�S�RSWWS�IRXYWMEWQS�RE�J¬� R¦S� WINE� MKYEP� E� PMKIMVS�QIXISVS� VMWGERHS�S� G¬Y�HI�RSWWEW� IWTIVERªEW�� TEVE�ETEsKEV�WI�HITSMW���

'SRGIHI�RSW�E�JIPMGMHEHI�°QTEV�HI�GEQMRLEV�RE�XVMsPLE�HS�EY\°PMS�TSVUYI��W¶�E°�� EXVEZ¬W� HS� WSGSVVS� ESW� RSWsWSW� MVQ¦SW�� ETVIRHIQSW� E� GYPXMZEV� E� TV¶TVME�JIPMGMHEHI�

8Y�UYI�RSW�IRWMREWXI�WIQ�TEPEZVEW�RS�XIWXIQYRLS�KPSVMSWS�HE�GVYGMJMGEª¦S��ENYHE�RSW�E�HIWGYPTEV�MRGIWWERsXIQIRXI��XVEFEPLERHS�HIRXVS�HI�R¶W�QIWQSW�TIPE�XVERWsJSVQEª¦S�HS�RSWWS�IWT°VMXS��RE�WYGIWW¦S�HS�XIQTS��HME�E�HME��RSMXI�E�RSMXI��E�JMQ�HI�UYI��PETMHEHS��TSWWEQSW�ETVIWIRX¤�PS�E�8M�RS�XIVQS�HE�RSWWE�NSVREHE�

)RWMRE�RSW�E�IR\IVKEV�E�8YE�6IWWYVVIMª¦S�WYFPMsQI��QEW�TIVQMXI�XEQF¬Q�UYI�VIGSVHIQSW�S�WYTP°GMS�HE�8YE�WSPMH¦S��E�GSVSE�HI�IWTMRLSW��E�GVY �̂MRJEQERXI�I�S�WMP­RGMS�XYQYPEV�UYI�E�TVIGIHIVEQ��GSQS�PMª¸IW�MRGSQsTEV¤ZIMW�TEVE�R¶W��RE�LSVE�HS�WSJVMQIRXS��UYERHS�RSW�GLIKYI�

*EZSVIGI�RSW�GSQ�E�WIKYVERªE�HE�EWGIRW¦S�ESW�%PXSW�'MQSW��TSV¬Q�R¦S�RSW�HIM\IW�SPZMHEV�UYI�ET¶W�E� NSVsREHE�WMPIRGMSWE�HYVERXI�UYEVIRXE�HMEW�I�UYEVIRXE�RSMsXIW��IRXVI�NINYQ�I�QIHMXEª¦S��I\TIVMQIRXEWXI�E�TIVXYVsFEª¦S�HS�QYRHS�I�HSW�LSQIRW�� IQ� XIRXEª¸IW� MQTPEG¤sZIMW� UYI�� REXYVEPQIRXI�� EXVEZIWWEV¦S� XEQF¬Q�RSWWSW�GEsQMRLSW���

(¤�RSW�E�GIVXI^E�HS�6IMRS�HSW�'¬YW��XSHEZME�R¦S�RSW�HIM\IW�IWUYIGIV�UYI�RE�8IVVE�� TSV� IRUYERXS�� R¦S�L¤� PYKEV� TEVE� SW�UYI� XI� WIVZIQ�� XERXS� UYERXS� R¦S� S�LSYZI� TEVE� 8M� QIWQS�� EY\MPMERHS�RSW�� IRXVIXERXS�� E� ZMZIV� RS� QYRHS�� EX¬� £�GSRGPYW¦S�HE�RSWWE�XEVIJE�VIHIRXSVE�

%NYHE�RSW�� (MZMRS� 'SQTERLIMVS�� E� TMWEV� SW� IWTMRLSW� WIQ� VIGPEQEª¦S��ZIRGIRHS� EW� HMJMGYPHEHIW� WIQ� UYIM\EW�� TSVUYI� ¬� ZMZIRHS� RSFVIQIRXI� UYI�JE^IQSW� NYW�E�YQE�HIWIRGEVREª¦S�LSRVEHE�GSQS�T¶VXMGS�HI�YQE� VIWWYVVIMsª¦S�KPSVMSWE�

7IRLSV�.IWYW��IRWMRE�RSW�E�TIVHSEV��ENYHERHS�RSW�E�IWUYIGIV�XSHS�S�QEP��TEVE�WIVQSW�HMKRSW�HI�8M�

������2¦S�RSW�ERMQEVEQ�E�TVIWYRª¦S�I�E�ZIPIMHEHI�HI�I\EQMREV��RSW�IWXYHSW�HS�TVIWIRXI�PMZVS��EW�IRJIVQMHEsHIW�TW°UYMGEW�GP¤WWMGEW��XEMW�GSQS��EW�IWUYM^SJVIRMEW�I�EW�TEVEJVIRMEW��EW�TWMGSWIW�I�RIYVSWIW��EW�SPMKSJVIRMEW�I�E�TEVER¶ME�HI�QYPX°TPMGI�QERMJIWXEª¦S��XERXS�UYERXS�R¦S�GYMHEVIQSW�HEW�TIVWSREPMHEHIW�TWMGST¤XMGEW��EW�HSW� HIsQIRXIW� WIRMW� I� SYXVEW� HI� UYI� GYMHE� E� 4WMUYMEXVME�� IQFSVE� WIQ� S�GSRLIGMQIRXS� HEW� GEYWEW� ERXIVMSVIW� HEW� QIWsQEW� I� UYI� HM^IQ� VIWTIMXS��MRZEVM£ZIPQIRXI��£W�ZMHEW�TVIsKVIWWEW�HI�XEMW�TEGMIRXIW�

Page 26: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

'YMHEVIQSW� HI� GSRZMHEV� SW� MRXIVIWWEHSW� RSW� TVSsFPIQEW� HE� SFWIWW¦S� I� RS�QMRMWX¬VMS� HE� HIWSFWIWW¦S� ES� IWXYHS� TEGMIRXI� HS� )WTMVMXMWQS�� ETVIWIRXERHS�EPKYQEW� I\TIVM­RGMEW� I� GSRSXEª¸IW� RSWWEW� ES� ZEPMSWS� QEXIVMEP� N¤� I\MWXIRXI��IQFSVE�EMRHE�R¦S�WYJMGMIRXI�TEVE�E�V¤TMHE�IUYEª¦S�HI�X¦S�MQTSVXERXI�UYIWX¦S�

2¦S� TVIXIRHIQSW� IPEFSVEV� YQ� XVEXEHS� TEVE� E� ER¤PMWI� I� E� TV¤XMGE� HE�HIWSFWIWW¦S� IWTMVMXYEP�� )WXIW� W¦S� ETSRXEQIRXSW� WMRKIPSW� I� HIWTVIXIRGMSWSW��QIHMERXI� SW� UYEMW� XVE^IQSW� S� RSWWS� TSYGS� HI� JIVQIRXS� RE� IWTIsVERªE� HI�GSRWIKYMV� PIZIHEV� TEVXI� HE�QEWWE~�� GSRsJSVQI� E� EYXSVM^EHE� TEPEZVE� HI� 2SWWS�7IRLSV�.IWYW�'VMWXS��E�5YIQ�VSKEQSW�EFIRªSEV�RSW�S�IWJSVªS�I�RSW�WSsGSVVIV�TIPE�VSXE�HE�TV¶TVME�MPYQMREª¦S�

Page 27: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

�%�JEQ°PME�7SEVIW

������8IVQMREHSW�E�PIMXYVE�IZERK¬PMGE�I�S�GSQTIXIRXI�GSsQIRX¤VMS�XIGMHS�IQ�FVIZIW�GSRWMHIVEª¸IW��S�HMVMKIRXI�HE�VIYRM¦S�TVSJIVMY�I\TVIWWMZE�SVEª¦S��EXVEZ¬W�HE�UYEP��WIRWMZIPQIRXI�IQSGMSREHS��VSKSY�S�EY\°PMS�HEW�)WJIVEW�7YsTIVMSVIW�TEVE�E�XEVIJE�HE�HIWSFWIWW¦S�������%UYIPIW�XVEFEPLSW�JE M̂EQ�TEVXI�HS�TVSKVEQE�HI�WSsGSVVS�E�UYI�WI�EJIVZSVEZE��LEZME�HYEW�H¬GEHEW��S�MVQ¦S�.SW¬�4IXMXMRKE�� � � � � � 2S� WERXY¤VMS� IQ� UYI� WI� HIWIRZSPZMEQ� SW� PEFSVIW� JVEXIVREMW�� S� SHSV� HE�GEVMHEHI�WIQTVI� MQTVIKREZE�SW�WSJVIHSVIW�HI�EQFSW�SW� PEHSW�HE�ZMHE��UYI�EPM�ETSVXEsZEQ�ERKYWXMEHSW�I�EJPMKMHSW�� � � � � � -RGSVTSVERHS��S�&IRJIMXSV�7EXYVRMRS�SJIVIGIY�EW�TEsPEZVEW�HI�GSRWSPEHSVE�GSRJMERªE�GSQ�UYI�LEFMXYEPQIRXI�XVEªEZE�EW�PMKIMVEW�HMVIXVM^IW�RS�EXS�HE�EFIVXYVE�HE� WIWsW¦S�� EXIWXERHS� S� GSRGYVWS� IJMGMIRXI� HSW�3FVIMVSW� HE� )WsTMVMXYEPMHEHI�� I��HMVMKMRHS�WI� £� MVQ¦� %Q¤PME�� EVVERGSY�E� HEW� GSKMXEª¸IW� HSPSVSWEW� UYI� E�GSRWXVMRKMEQ�������)\TIVMQIRXERHS�WMRKYPEV�EQEVKYVE��E�NSZIQ�XMRLE�S�WIQFPERXI�WYPGEHS�HI�HSV�I�S�IWT°VMXS�WMRKYPEVQIRXI�XVYGMHEHS���������%XVEZ¬W�HI�I\TVIWW¸IW�GEVMRLSWEW�I�EPIRXEHSVEW��S�-RWXVYXSV�)WTMVMXYEP�IWGPEVIGIY�UYI�JSVE�TVSKVEQEHE�TEVE�EUYIPE�RSMXI�E�ZMWMXE�HI�MRHMKMXEHS�TIVWIKYMHSV��ZMRGYPEHS�TIPS�TVIX¬VMXS�HIPMXYSWS�£�JEQ°PME�7SEVIW��EPM�VITVIWIRsXEHE��REUYIPI�QSQIRXS��TIPE�QSªSMPE�GSQSZMHE�

ô�(IWHI�£W�Z¬WTIVEW�ô�I\TPMGSY��WSP°GMXS�ô��JSVE�TVSZMHIRGMEHS�S�WSGSVVS�E�1EVMERE�� QEMW� MRXMQEQIRXI� EJMREHE� GSQ� S� ZMWMXERXI�� UYI� PSKS� WI� YXMPM^EVME� HE�QIsHMYRMHEHI� TWMGSJ·RMGE�� IQ� MRGSVTSVEª¦S� EXSVQIRXEHE�� XIRHS� IQ� ZMWXE� EW�GMVGYRWX¥RGMEW� HS� HVEQE� IQ� ERHEsQIRXS�� UYI� TSHIVME� GSPMQEV� RYQE� XVEK¬HME�MVVIQMWW°ZIP�

4EVE�GSRWYFWXERGMEV�S�PEFSV�HE�RSMXI�ô�TVSWWIKYMY��KIRXMP�ô��PIZEVEQ�WI�IQ�GSRXE�SW�X°XYPSW�HI�EQSV�KVERsNIEHSW�TSV�%Q¤PME�I�WYE�KIRMXSVE�IRXVI�SW�(MVMKIRXIW�)WTMVMXYEMW�HE�'EWE�

)Q� ZIVHEHI�� (SRE� 6SWE� HIWHI� L¤�QYMXS� I\TIVMQIRsXEZE� TIWEHS� JEVHS� HI�EJPMª¸IW� WIQ� RSQI�� UYI� E� IWQEsKEZE� PIRXEQIRXI�� 1YMXS� NSZIQ� GSRWSVGMEVE�WI�GSQ� EXSVsQIRXEHS�QSªS� UYI�� MRZMKMPERXI� I� HIWGYMHEHS� HSW� RSFVIW� HIZIVIW� HE�JEQ°PME��TIVQERIGME�PMKEHS�TWMUYMGEQIRXI�E�ZMKSVSWSW�WMG¤VMSW�HIWIRGEVREHSW�UYI�S�TIVWIKYMEQ�WIQ�XV¬KYE���

'SFVEHSVIW�MQTMIHSWSW�WIHY M̂VEQ�RS�HIWHI�GIHS�� PIsZERHS�S�E�HIWIRJVIEHE�NSKEXMRE�� TVIQIHMXERHS�� WSI^IW�� YQ� HME� EWWEWWMR¤�PS�� EXVEZ¬W� HI� YQE� WSVXMHE�TSPMGMEP�RS�ERXVS�IQ�UYI�WI�VIJYKMEZE�TEVE�S�GYPXMZS�HE�ZMGMEª¦S�HERSWE�GSQ�SYXVSW�R¦S�QIRSW�EXSVQIRXEHSW�GSQTEVWEW��TVSKVEQE�IWWI�IQ�ERHEQIRXS���

)QFSVE� EW� HMJMGYPHEHIW� JMRERGIMVEW� E� UYI� WI� ZME� EXEsHS�� RE� GSRHMª¦S� HI�KIRMXSV�HI�WIMW�JMPLSW�RIGIWWMXEHSW�HI�EWWMWX­RGME�I�QIPLSV�SVMIRXEª¦S��HIM\EZE�WI�JMGEV��HIWsGYMHEHS��RSMXIW�E�JMS�IRXVI�E�I\TIGXEXMZE�HI�YQ�PYGVS�MQEKMRSWS�I�MP°GMXS�I�E�TIVWTIGXMZE�HI�YQE�JSVXYRE�MQTSWW°ZIP�I�HIWSRIWXE��)RUYERXS�QMRKYEZEQ�SW�VIGYVWSW� TVSZIRMIRXIW� HI� QSHIWXE� ETSWIRXEHSVME�� R¦S� WI� IWJSVªEZE� IPI� TSV�GSQTPIXEV� EW� TSYGEW� QSIHEW� GSQ� I\TIHMIRXIW� I\XVEW� SY� I\IVGMXERHS� SYXVE�TVSJMWW¦S�

Page 28: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

8EP�HIWIUYMP°FVMS�HS�7V��1EXIYW�WI�QERMJIWXEVE�HIWsHI�QYMXS�GIHS��IQ�TPIRE�NYZIRXYHI��8SHEZME��GSQ�S�VIsREWGMQIRXS�HI�1EVMERE��RE�GSRHMª¦S�HI�WYE�JMPLE��IWsXVERLE�VIGSVHEª¦S�GSQS�UYI�HIWEXVIPEVE�VIQMRMWG­RGMEW�WIQM�ETEKEHEW�UYI�S�ZIRGMEQ� MQTPEGEZIPQIRXI�� JE^IRHS� MVVIWTMV¤ZIP� E� EXQSWJIVE� HS� PEV�� RSW� FVIZIW�TIV°SHSW�HI�XIQTS�UYI�EPM�TEWWEZE��EKVEZERHS�WI��£�QIHMHE�UYI�E�QIRMRE�GVIWGME��I� UYI� SVE� GYPQMREZE� IQ� ¶HMS� WYVHS� I� VIG°TVSGS�� E� I\TPSHMV� GSQ� JVIUY­RGME�GVIWGIRXI��IQ�EQIEsªEW�MRJIPM^IW�UYI�GLIKEZEQ�E�KVEZIW�GSQIXMQIRXSW�HI�TEVXI�E�TEVXI�

%� Q¦I� EJPMXE� HIWHI� EPKYQ� XIQTS� WI� MRMGMEVE� REW� PMsª¸IW� GSRWSPEHSVEW� HS�)WTMVMXMWQS�� GSRHY M̂RHS� %Q¬PME�� E�QEMW� H¶GMP� HSW� JMPLSW�� £W� JSRXIW� KIRIVSWEW� I�GVMWXEPMREW�HS�)ZERKIPLS�6IWXEYVEHS�

2SW�IRWMREQIRXSW�GSRJSVXEHSVIW�IQ�XSVRS�HEW�PIMW�HI�GEYWE�I�IJIMXS��EW�HYEW�IRGSRXVEZEQ�VIWTSWXEW�PIRMsJMGEHSVEW�TEVE�EW�YPGIVEª¸IW�QSVEMW�UYI�HMPEGIVEZEQ�S�PEV�EQEVKYVEHS��WYWXIRXERHS�EW�REW�PYXEW�HI�XSHSW�SW�HMEW�

%JIVZSVEHEW� I� LYQMPHIW� TEVXMGMTEZEQ� HSW� WIVZMªSW� HI� WSGSVVS� ESW�HIWIRGEVREHSW� RE� 9RM¦S� )WT°VMXE� &EMERE� WSF� E� GEVMRLSWE� HMVIª¦S� HS� MVQ¦S�4IXMXMRKE��UYI�PLIW�QMRSVEZE��XEQF¬Q��EW�EJPMª¸IW��GSQ�Q¦SW�KIRIVSWEW�I�GVMWX¦W�

2EUYIPE� RSMXI�� XSHEZME�� (SRE� 6SWE� JSVE� GSRWXVERsKMHE� E� JMGEV� IQ� GEWE��GVYGMJMGEHE�TSV�WYTIVPEXMZE�EKSsRME��EKYEVHERHS�S�VIXSVRS�HI�1EVMERE��UYI�ET¶W�PEQIRsXEZIP�EXVMXS�GSQ�S�TEM�SFWMHMEHS�WI�IZEHMVE��VIFIPHI��IRXVI�E^IHEW�EQIEªEW�I�MRNYWXMJMGEHEW�EXMXYHIW��EFERsHSRERHS�S�GEPSV�HSQ¬WXMGS��HIWJMKYVEHE�TIPS�¶HMS�I�TIPE�MRWIRWEXI �̂�IQFSVE�SW�HI^IWWIMW�ERSW�HI�MHEHI�R¦S�GSQsTPIXSW�

3VERHS��I�XIRHS�IRXVIKYI�EW�HSVIW�ES�7IRLSV��E�Q¦I�WI�HIM\EVE�JMGEV�RS�PEV��IRUYERXS� %Q¬PME� EGSVVIVE�� WSJVMHE� I� TVISGYTEHE�� ES� WIVZMªS� HE� GEVMHEHI��WYJSGERHS�EW�TV¶TVMEW�P¤KVMQEW��HSQMREHE�TSV�MRGSIVG°ZIMW�TVIWW¤sKMSW��3�8IQTPS�)WT°VMXE�HI�GSQYRL¦S�GSQ�S�%PXS�IVE�E�WYE�IWJIVE�HI�PY �̂�EFIRªSEHS�VIHYXS�HI�GSRWSPS�� RS� UYEP� LEYVME� IRIVKMEW� TEVE� TVSWWIKYMV� EXVEZ¬W� HSW� T¬PEsKSW� HEW�TVSZEª¸IW�VYHIW��GSRUYERXS�RIGIWW¤VMEW�ES�TV¶sTVMS�FYVMPEQIRXS�

*IMXS� S� TVI¥QFYPS� IPYGMHEXMZS� IQ� PMKIMVEW� R¶XYPEW�� S� MRWXVYXSV� WSPMGMXSY� E�MRHMWTIRW¤ZIP�GSRGIRXVEª¦S��HIWPMsKERHS�WI�HS�Q¬HMYQ�1SVEMW��TSV�GYNE�JEGYPHEHI�TWMGSsJ·RMGE�HIZIVME�GSQYRMGEV�WI�S�MRHMXSWS�TIVWIKYMHSV�JEsQMPMEV�

1SVEMW�IVE�HIHMGEHS�Q¬HMYQ�HI�TWMGSJSRME�MRGSRWsGMIRXI��UYI�WI�SJIVIGME�GSQ�I\TVIWWMZS�GEVMRLS�TEVE�S�WSGSVVS�ESW�HIWIRGEVREHSW��%PMEVE�£�QIHMYRMHEHI�FIQ�HMWGMTPMREHE�I\GIPIRXI�HMWTSWMª¦S�ES�XVEFEPLS�HE�GEVMsHEHI�IRXVI�SW�EXSVQIRXEHSW�HE�8IVVE��%TVIRHIVE�GSQ�SW�&IRJIMXSVIW�)WTMVMXYEMW�UYI�S�QEMW�IJMGMIRXI�GEQMRLS�TEVE�S�ETVMQSVEQIRXS�HEW�JEGYPHEHIW�QIHM½RMGEW�EMRHE�¬�S�I\IVG°GMS�GSRWXERXI�HEW�UYEPMHEHIW�QSVEMW�� EXVEZ¬W�HE�TV¤XMGE�HS�FIQ� MRHMWGVMQMREHS�I� MRGIWWERXI��%WWMQ��IHYGEVE�WI�RE�HMWGVMª¦S�ERXI�EW�HMJMGYPHEHIW�HS�TV¶\MQS�I�XVERWJSVQEVE�WI�IQ�GMVIRIY�HI�QYMXSW�WIVIW�GE°HSW�RE�PYXE��4SV�IWWE�VE^¦S��LEZME�RIPI�SW�VIUYMWMXSW�MRHMWTIRsW¤ZIMW� ES� I\IVG°GMS� WEPYXEV� HE� QIHMYRMHEHI�� IWTIGMEPQIRXI� UYERHS�7EXYVRMRS�XVE M̂E�£�HSYXVMREª¦S�)RXMHEHIW�MRJIsPM^IW�SY�TIVZIVWEW�

(I� WIQFPERXI� XVERWJMKYVEHS� IQ�Q¤WGEVE� HI� IWKEsVIW� EK·RMGSW�� S� Q¬HMYQ�MRGSVTSVSY� EXVS� WIV� UYI�� IRXVI� FPEWJ­QMEW� I� I\TVIWW¸IW� ZYPKEVIW�� I\TVSFVEZE� S�GSQIXMsQIRXS�HI�S�XVE^IVIQ�EPM�GSRXVE�E�WYE�ZSRXEHI���

ô� *EVIM� NYWXMªE�ô� I\GPEQSY�� IWTYQINERXI��ô� %� NYWXMªE� WEMV¤� HEW� QMRLEW�TV¶TVMEW�Q¦SW�� .YHIY� %WEZIVS�� XIRLS� NSVREHIEHS� WIQ� HIWGERWS�� ET¶W� XVE°HS�� E�WSVZIV� IWWE� MQIRWE� I� MRX¬VQMRE� XEªE� HI� JIP� I� JI^IW� UYI� QI� IRsZIRIRE� WIQ�ERMUYMPEV�QI���

)RZSPZMHS� GEVMRLSWEQIRXI� TIPSW� JPY°HSW� HI� 7EXYVsRMRS�� S� HSYXVMREHSV��

Page 29: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

TEVXMGYPEVQIRXI�IQSGMSREHS��HMVMKMY�WI�ES�GSQYRMGERXI��JEPERHS�PLI�HE�VIR½RGME�I�HS�TIVH¦S�GSQS�FEWIW�TEVE�E�IHMJMGEª¦S�HE�JIPMGMHEHI�

ô 3�¶HMS�ô�EWWIZIVSY��4IXMXMRKE��FSRHSWS�ô� XIVsQMRE�TSV�ZIRGIV�SW�UYI�S�GYPXMZEQ��8¶\MGS�PIXEP�XIQ�WYE�JSRXI�RE�VIFIPHME�UYI�S�ZMXEPM^E�EX¬�UYI�S�EQSV��REW�FEWIW�IQ�UYI�S�ZMZME�.IWYW��PLI�I\XMRKE�E�REWGIRXI�

ô 2YRGE�TIVHSEVIM��ô�I\TPSHMY�IQ�EXVSEHE�GSRWsXVERKIHSVE��ô�3�TIVH¦S�¬�JVEUYI^E� MRSQMREZIP�� 4EVE� SW� UYI� IRGSRXVEVEQ� RE� ZMRKERªE� E� ½RMGE� VE^¦S� HI�I\MWsXMV��E�WMQTPIW�MH¬ME�HS�TIVH¦S�¬�UYEP�VEMS�JYPQMRERXI��UYI�GEVFSRM^E����2YRGE�TIVHSEVIM��QIWQS�UYI�HIWXVYMRsHS�WINE�HIWXVY°HS���

ô 2¦S��QIY�MVQ¦S�ô�VIHEVK¿MY��TEYWEHS��S�MRWsTMVEHS�HSYXVMREHSV��ô�2EHE�WI�EGEFE�� %� ZMHE� R¦S� GIWsWE�� )RGIVVE�WI� YQ� GMGPS� RYQE� JEM\E� HI� IZSPYª¦S� TEVE�VIETEVIGIV�RSYXVE�I�HIWIRZSPZIV�WI�QEMW�EP¬Q��(IWXVYMV�¬�QYHEV�E�ETEV­RGME�HI�YQE� JSVQE�TEVE� VIREWGIV�RSYsXVE�� )QFSVE� MKRSVERHS�EW� WYEW� VE^¸IW�� EW�UYEMW��XSHEsZME��R¦S�NYWXMJMGEQ�S�XSVREV�WI�MRJIPM �̂�HMWXVMFYMRHS�VERsGSV�I�XVYGMHERHS�GSQ�XIRE^IW� HI� ZMRHMXE� EUYIPIW� UYI� WI� WMXYEQ� WSF� S� GSQERHS� HE� WYE� QIRXI�HIWEVZSVEHE��IRGSVENEQS�RSW�E�PIQFV¤�PS�HE�GSQTEM\¦S��6IGSVHI�WI�HEUYIPIW�UYI�WIV¦S�Z°XMQEW�HE�WYE�PSYGYVE��UYERHS�HIsWINERHS�JIVMV�S�WIY�HIWEJIXS�MV¤��XEQF¬Q��TSV�WYE�ZI �̂�HMPEGIVEV�SW�WIRXMQIRXSW�HSW�UYI�EQEQ�S�WIY�ERXMKS�SJIRWSV����2¦S�PLI�GSQSZIQ�EW�P¤KVMQEW��EW�ZMK°PMEW�MRX¬VQMREW�RIQ�E�ZMHE�XVYGMHEHE�HI�YQE�Q¦I�TSV�I\TIGsXEXMZEW�HSPSVSWEW#�8IVME�ZSG­�GSPSGEHS�RS�TIMXS�YQE�JSVREPLE�EVHIRXI�IQ�WYFWXMXYMª¦S�ES�GSVEª¦S�UYI�EQE#

ô3�EQSV�ô�VIJYXSY��GSRKIWXMSREHS�ô�¬�TSIWME�TEVE�SW�UYI�WI�GSQTVE^IQ�REW�MPYW¸IW�HS�GSVTS���

ô3�¶HMS��TSV¬Q�ô�GSRWMHIVSY�S�IZERKIPM^EHSV�ô��¬�RYZIQ�UYI�XSPHE�E�ZMW¦S�HE� TEMWEKIQ�� IRXIRIFVIGIRsHS�E�� *ERXEWQE� XVYERIWGS� IRXSVTIGI� EW�QEMW� EPXEW�EWsTMVEª¸IW� HS� IWT°VMXS� LYQERS�� GSRHY M̂RHS�S� ESW� WSQFVMSW� I� MRX¬VQMRSW�GSVVIHSVIW�HE� PSYGYVE��WIQ�TE �̂RIQ�PYQI����7¶�S�EQSV�HIVVEQE�WSP�REW�EPQEW��TIRIXVERHS�HI�IWTIsVERªEW�SW�WIVIW��)\TIVMQIRXI�EQEV�I��HI�TVSRXS��TIVsGIFIV¤�HMQMRYMV�E�TV¶TVME�HSV�

ô%QEV#�ô�I\GPEQSY��EPYGMREHS�ô�%QSV#�'SQS�EQEV�WI�R¦S�TSHIVIM�TIVHSEV�RYRGE�� TSMW� UYI� NEQEMW� GSRWIKYMVIM� IWUYIGIV� XSHS� S� QEP� UYI� QI� JM^IVEQ� SW�XVEMsHSVIW�HIWEPQEHSW��GYNE�QIQ¶VME�EFNYVS��%�HSV�UYI�QI�GVYGME�JI^�QI�TIVHIV�E�RSª¦S� HS� XIQTS� I� E� VIEPMHEHI� HE� ZMHE�� 1IY� ZMZIV� XVERWJSVQSY�WI� ETIREW� RS�MRX¬VQMRS� FYWGEV� HEUYIPIW� UYI� QI� JYPQMREVEQ�� MQTMIHSWSW�� WIQ� QI� XIVIQ�HIWXVY°HS��S�UYI� XIVME�WMHS�F­Rª¦S�IQ�VIPEª¦S�ES�UYI�TEHIªS��'IVXEQIRXI�UYI�IPIW� IWUYIGIVEQ�� WMQ���� )Y�� TSV¬Q�� RYRGE� IWUYIGM�� NEQEMW� IWUYIGIVIM����� (IWHI�UYI�WI�EGYQTPMGMEVEQ�SW�HSMW�TEVE�ERMUYMPEV�QI�ô�S�UYI�R¦S�GSRWIKYMVEQ��WIQ�H½ZMHE� ô�� UYI� E� QMRLE� ZMHE� JSM� HIWXVSªEHE� TEVE� WIQTVI�� %� QSVXI�� UYI� IY�IWTIVEZE�WIV�YQ�PIRMXMZS��UYERHS�JYKM�GSQ�S�IWT°VMXS�TMWSXIEHS�HI�ZIVKSRLE�I�HSV��IQ�RIJERHS�WYMG°HMS��ES�MRZ¬W�HI�JEs^IV�QI�HIWMRXIKVEV�E�GSRWGM­RGME��QEMW�EXMZSY�E���� 8IsRLS� GLSVEHS�� I� S� TVERXS� WI� XVERWJSVQE� IQ� EªS� HIVVIsXMHS�� IWGEPHERXI��VEWKERHS�QI� E� JEGI�� 5YERHS� KVMXEZE�� QMRLE� ZS �̂ IVE� VIGIFMHE� GSQ� HSIWXIW� I�^SQFEVMEW� MRSQMR¤ZIMW� TSV� QMP� WIVIW� UYI� QI� TIVWIKYMEQ���� )� E� HSV� UYI� QI�HIWTIHEªEZE� JSM� EHMGMSREHE� £� HSV� EGIVFE� HS� WYsTP°GMS� UYI� QI� MQTYWIVE� TEVE�JYKMV����1SVVM� WIQ�QSVsVIV���� )� IRUYERXS� E� ZIVQMRE�QI�TIRIXVEZE� S� VIGIWWS� HS�IWT°VMXS� JYWXMKEHS� TSV� QMP� HSVIW�� IPIW�� SW� QIYW� EPKS^IW�� KS^EZEQ�� JVY°EQ� E�NYZIRXYHI���� 'SQS� WI� IY� IWXMsZIWWI� HMVMKMHS� TSV� HYIRHIW� WIQ� IRXVERLEW�� IVE�EVVEWXEsHS�� IQ� EPYGMREHE� HIWIWTIVEª¦S�� TEVE� NYRXS� HIPIW�� HI� QSHS� E� Z­�PSW��EGSQTERL¤�PSW��SYZM�PSW��I�WI�QI� PERsªEZE�WSFVI�EQFSW�I� PLIW�KVMXEZE�E�QMRLE�

Page 30: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

MRJMRMXE� HIWsHMXE�� SW� WIYW� SYZMHSW� R¦S� QI� IWGYXEZEQ���� 3L��� RYRGE� TSHIVIM�IWUYIGIV��TIVHSEV��EQEV��RYRGE��RYRGE����

3� MVQ¦S�7EXYVRMRS��WIQM�MRGSVTSVEHS�RS�ZIRIVERHS�HSYXVMREHSV��IVKYIY�S��I��HMVMKMRHS�WI� ES� TIVXYVFEHSVs�TIVXYVFEHS�� IQ� SVEª¦S�� GSQIªSY� E� ETPMGEV�PLI�TEWWIW��HI�QSHS�E�HMQMRYMV�PLI�EW�EKYH°WWMQEW�I\YPGIVEª¸IW�I�XSVXYVEW�

&VERHE�GPEVMHEHI�IRZSPZIY�S�GSQYRMGERXI��IRUYERsXS�EW�Q¦SW�HI�7EXYVRMRS��NYWXETSWXEW�£W�HI�4IXMXMRKE��GSQS�HIT¶WMXSW�HI�VEHMSWE�IRIVKME��UYI�XEQF¬Q�WI�I\XIsVMSVM^EZE�HS�TPI\S�GEVH°EGS�HS�TEWWMWXE��PIRXEQIRXI�TIsRIXVSY�SW�GIRXVSW�HI�JSVªE� HS� HIWIRGEVREHS�� GSQS� E� ERIWXIWMEV�PLI� E� SVKERM^Eª¦S� TIVMWTMVMXYEP� IQ�HIWEPMRLS�

'SQ�ZS �̂GSQTEWWMZE��S�HMVIXSV�HSW�XVEFEPLSW�GSQIsªSY�E�I\SVXEV�(YVQE�� HYVQE��QIY� MVQ¦S���� 3� WSRS� JEV�PLI�¤� FIQ�� 4VSGYVI� XYHS� IWUYIGIV�

TEVE�WSQIRXI�PIQFVEV�WI�HI�UYI�LSNI�¬�RSZS�HME����(YVQE��HYVQE��HYVQE���&ERLEHS�TIPE�IRIVKME�FEPWEQM^ERXI�I�HSQMREHS�TIsPEW�ZMFVEª¸IW�LMTR¶XMGEW�

UYI� JPY°EQ� HI� 7EXYVRMRS� EXVEsZ¬W� HI� 4IXMXMRKE�� S� TIVWIKYMHSV� JSM� ZIRGMHS� TSV�IWXVEsRLS� XSVTSV�� WIRHS� HIWPMKEHS� HS� Q¬HMYQ� TSV� HIZSXEHSW� EWWIWWSVIW�HIWIRGEVREHSW��UYI�GSSTIVEZEQ�RS�WIVZMªS�HI�MPYQMREª¦S�

4VSWWIKYMRHS� SW� XVEFEPLSW� HI� SVMIRXEª¦S�� XIRHS� IQ� ZMWXE� SYXVSW� WSJVIHSVIW�HIWIRGEVREHSW�I�ERXIW�HS�X¬VQMsRS�HE�VIYRM¦S��S�1IRXSV�ZSPXSY�E� MRGSVTSVEV�WI�TEVE�IWsGPEVIGIV�UYI��KVEªEW�£W�F­Rª¦SW�HS�7IRLSV��E�TVMQIMVE�IXETE�HS�TVSKVEQE�HI�EWWMWX­RGME�£� JEQ°PME�7SEVIW��REsUYIPE�RSMXI�� JSVE�GSVSEHE�HI�­\MXS��)\SVXEZE�XSHSW� £SVEª¦S� MRXIVGIWW¶VME�� IQ� FIRIJ°GMS� HSW� MQTPMGEHSW� REUYIsPI� TVSGIWWS��TVSQIXIRHS�ZSPXEV�ES�TVSFPIQE�RE�TV¶\MQE�STSVXYRMHEHI�������4VSJIVMHE�E�SVEª¦S�KVEXYPEX¶VME��JSM�IRGIVVEHE�E�VIYRM¦S�s

Page 31: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

�7SGSVVS�IWTMVMXYEP

� � � � � �'LIKERHS�ES� PEV��%Q¤PME� GSRHY M̂E�S�IWT°VMXS�FEPWEsQM^EHS�I� XSHE�IPE�IVE�EPIKVME� UYI� WI� HIWHSFVEZE� IQ� IWsTIVERªEW�� %� TVIWIRªE� HS� ERXMKS� MRMQMKS�HIWIRGEVREHS� UYI� WI� GSQTVE M̂E� IQ� EJPMKMV� SW� WIYW� JEQMPMEVIW�� TVIWIRªE� IWWE�EXVEZ¬W�HE�MRXIVJIV­RGME�GEVMRLSWE�HS�&IRJIMXSV�)WTMVMXYEP��TVIRYRGMEZE�FSRERªEW�IQ�VIPEª¦S�ES�JYXYVS�HS�WIY�PEV��)VE�GSQS�WI�YQE�EVEKIQ�LSYZIWWI�HI�VITIRXI�TEWWEHS��HIM\ERHS�E�EKVEHEZIP�VIGSVHEª¦S�HS�WIY�EQIRS�JVIWGSV��4IPS�GEQMRLS��JMXERHS�S�JMVQEQIRXS��XMZIVE�E�MQTVIWW¦S�HI�UYI�RE�XVERWTEV­RGME�HE�RSMXI�PIZI�SW�EWsXVSW��PY M̂RHS�ES�PSRKI��EGIREWWIQ�TVSQIWWEW�HI�TE �̂�IQ�WEPQSHMEW�MQEXIVMEMW�UYI�TEVIGMEQ�TSIQEW�HI�EQSV�IQ�XSQ�HI�GSRJMERªE�RSW�HMZMRSW�HIW°KRMSW�������(SRE�6SWE��IQ�ZMK°PME��QEVGEHE�TIPSW�EXVS^IW�WSsJVMQIRXSW�HEUYIPEW�½PXMQEW�LSVEW��VIGIFIY�E�JMPLE�XVERWsQMXMRHS�E�RSX°GME�HS�VIXSVRS�HI�1EVMERE��GSQ�SW�SPLSW�YQIHIGMHSW��%�QSªE�EXSVQIRXEHE�ZSPXEVE�E�GEWE��EXVEsZ¬W�HEW�Q¦SW�KIRIVSWEW�HI�(SRE�%YVIPMRE��E�ZIPLE�I\s�WIVZMHSVE�HSQ¬WXMGE��UYI�IVE�EJIMªSEHE�HE�JEQ°PME�������7IQ�WEFIV�S�UYI�SGSVVIVE�RS�'IRXVS�)WT°VMXE��E�KIsRMXSVE�XMRLE�E�GIVXI^E��TSV¬Q��HI�UYI�E�MRXIVJIV­RGME�HS�%PXS��IQ�JSVQE�HI�WSGSVVS�MRIWTIVEHS��IVE�E�VIWTSRsW¤ZIP�TIPS�MQTVIZMWXS�EGSRXIGMQIRXS��2¦S�WI�GERWEZE�HI�PSYZEV�S�%PX°WWMQS��IRUYERXS�E�JMPLE�EXYVHMHE��UYI�GLIKEVE�GSQ�I\TVIWW¦S�HI�HIQ­RGME�E�HIWJMKYVEV�PLI�S�VSWXS��TEVIGME�EKSVE�VITSYWEV�RS�PIMXS�QSHIWXS�I�EWWIEHS�

)RUYERXS� %Q¤PME� JE M̂E� PMKIMVS� VITEWXS�� JI �̂ FVIZI� VIWYQS� HSW� WYGIWWSW� HE�RSMXI�� I� GSQ� PYQMRSWS� FVMPLS� RSW� SPLSW� VITSVXSY�WI� ES� QMRMWX¬VMS� HS�IWGPEVIGMQIRXS�� XVERWGSVVMHS� QMRYXSW� EXV¤W� IRXVI� S� (MVIXSV� )WTMVMXYEP� I� ¶�IRGEVRMªEHS�TIVWIKYMHSV�

)Q� WIKYMHE�� I� ERXIW� HI� WI� VIGSPLIVIQ� ES� RIGIWsW¤VMS� VITSYWS�� EW� HYEW�FYWGEVEQ�S�FIRIJ°GMS�HE�SVEª¦S��IRZSPZIRHS�S�7V��1EXIYW�UYI�WI�HIQSVEZE�JSVE�HI�GEWE��EXEHS�£�ZMGMEª¦S�UYI�S�EXSVQIRXEZE�� VSYFERHS�ES�GSVTS�GSQFEPMHS�EW�LSVEW�MVVIGYTIV¤ZIMW�HI�VIJE M̂QIRXS�HEW�JEHMKEW�HS�HME��IQ�ZMFVEª¸IW�HI�EQSV�I�TE �̂��

3GSVVIVE�� TSV¬Q�� UYI�� ERXIW� QIWQS� HI� MRMGMEHE� E� VIYRM¦S� WSGSVVMWXE��7EXYVRMRS� I\TIHMVE� %QFV¶WMS�� IJMsGMIRXI� GSSTIVEHSV� HSW� XVEFEPLSW� HI�HIWSFWIWW¦S��TEVE�UYI�IWXI�IRGEQMRLEWWI�1EVMERE�HI�ZSPXE�£�JEQ°PME��-RJSVsQEHS��RS�TV¶TVMS�VIGMRXS�HSQ¬WXMGS��TSV�IRXMHEHIW�EPM�VIWMHIRXIW��UYERXS�ES�TEVEHIMVS�HE�NSZIQ��R¦S� PLI� JSM�HMJ°GMP�IRGSRXV¤�PE�IQ�4VEªE�ENEVHMREHE��RS�GIRXVS�HE�GMHEHI��4IVGIFIY�� RS� IRXERXS�� HI� MQIHMEXS�� UYI� E� QSªE� WI� IRGSRXVEZE� ZMWMZIPQIRXI�TIVXYVFEHE�TSV�)RXMHEHIW� PIsZMEREW��IRGEVVIKEHEW�HI�HEVIQ�TVSWWIKYMQIRXS�ES�GPMQE�HE�SFWIWW¦S��IQFSVE�E�EYW­RGME�HS�ZIVHYKS�VIWTSRW¤sZIP�TIPE�IRJIVQMHEHI�IQ�GYVWS�

%XYVHMHE�HIWHI�S�QSQIRXS�HS�MRGMHIRXI�GSQ�S�KIsRMXSV��1EVMERE�TVSGYVSY�EW�VYEW�HE�GMHEHI��XIRHS�IQ�QIRXI�E�MH¬ME�HI�IRGSRXVEV�IQ�%HEPFIVXS��S�VETE �̂GSQ�UYI�WI�EJMREZE�WIRXMQIRXEPQIRXI��S�FVEªS�EQMKS�HI�EQsTEVS��HI�QSHS�E�JYKMV�HS�PEV�UYI�E�MRJIPMGMXEZE��7YVHE�MVE�E�GSQTIPME�E�XSQEV�UYEPUYIV�EXMXYHI��GSRUYERXS�TYsHIWWI�PMFIVXEV�WI�HS�NYKS�TEXIVRS���

3�REQSVEHS��UYI�XVEFEPLEZE�RS�GSQ¬VGMS��WSQIRXI�£�RSMXI��ET¶W�S�WIVZMªS��TSHIVME� IWGYX¤�PE� GSQ� E� RIGIWsW¤VME� GEPQE� TEVE� XSQEV� EW� TVSZMH­RGMEW� UYI� S�TVSFPIQE�I\MKME��%WWMQ��GSQFMREVEQ�S�IRGSRXVS�TEVE�EW����LSsVEW��RS�PSGEP�IQ�

Page 32: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

UYI�EKSVE�IPE�IWXEZE�7YTYRLE� EQEV� S� NSZIQ�� IQFSVE� VIGSRLIGIRHS� RIPI� SW� HIWZMSW� LEFMXYEMW�

REUYIPIW� UYI� W¦S� MRHMJIVIRXIW� ES� HIZIV� I� £� HMKRMHEHI�� %� Q¦I�� IPE� S� WEFME��HIWETVSZEZE�EUYIPE�EJIMª¦S��TSV� GSRWXEXEV�UYI�IPI�IVE� GSVVSQTMHS�I� PIZMERS��E�TSRXS� HI� ZMZIV� I\TIVM­RGMEW� GSQTVSQIXIHSsVEW���� (SRE� 6SWE� WIRXME�� UYEWI� TSV�MRWXMRXS��UYI�EUYIPI�LSQIQ��ES�MRZ¬W�HI�EQEV�E�WYE�JMPLE��EMRHE�R¦S�TVIsTEVEHE�TEVE�EW�MRZIWXMHYVEW�HI�YQ�PEV��GSQS�WIQ�S�RIsGIWW¤VMS�IUYMP°FVMS�TEVE�EGEYXIPEV�WI� HEW� GMPEHEW� HEW� IQSª¸IW� IQ� HIWKSZIVRS�� HIWINEZE� EVVERG¤�PE� HS� GEVMRLS�HIJIRWMZS�HE�JEQ°PME�TEVE�EVVSN¤�PE�RSW�HIWJMPEHIMVSW�HE�QMW¬VME�QSVEP���

)PE�� TSV¬Q�� S� EQEZE� SY� TIPS� QIRSW� WYTYRLE� EQ¤�PS�� %KYEVHEZE�S� GSQ�XSVQIRXSWE�I\TIGXEXMZE�

'SQS�TVMQIMVE�TVSZMH­RGME��S�ZMKMPERXI�QIRWEKIMVS�TVSGYVSY�HIWZMEV�%HEPFIVXS�HI� FYWGEV� E� WYE� IREQSVEHE�� TVSTMGMERHS�PLI� QEP�IWXEV� W½FMXS�� EXVEZ¬W� HE�ETPMGEª¦S�HI�JPY°HSW�RS�GIRXVS�GEVH°EGS��EGIRXYERHS�VITIRXMRE�MRHMsKIWX¦S��0SKS�ET¶W�HIQERHSY�S�PEV�HI�(SRE�%YVIPMRE�UYI��TIPSW�PEªSW�HI�EJIMª¦S�£�QIRMRE�I�ESW�WIYW��TSHIsVME�WIV�PLI�J¤GMP�MRWXVYQIRXS�TEVE�SW�JMRW�HS�TVSNIXS�IQ�ERHEQIRXS�

)RZSPZIRHS�E�ZIPLE�WIVZMHSVE�IQ�WIYW�JPY°HSW��TVSsGYVSY�JEPEV�PLI�GSQ�MQIRWE�XIVRYVE�I�JSVXI�ZMFVEª¦S��%�VIWTIMX¤ZIP�WIRLSVE�R¦S�S�IWGYXSY�EXVEZ¬W�HSW�SYZMHSW�QEXIVMEMW�� 2S� IRXERXS�� IQ� JSVQE� HI� MRXYMª¦S�� WIRXMY� MQTIVMSWE� RIGIWWMHEHI� HI�HIQERHEV�E�VYE��UYEP�IWXMsZIWWI�XIPIKYMEHE��EX¬�£�QSªE�UYI��E�W¶W��IWTIVEZE�S�GSQsTERLIMVS�:IRHS�E�HIWJMKYVEHE��E�FSRHSWE�WIRLSVE�EGIVGSY�7I��EWWYWXEHE��I�GMRKMRHS�E�RYQ�EFVEªS�HI�IWTSRX¥RIE�EJIsXMZMHEHI��IRZSPZIY�E�RSW�JPY°HSW�HI��QFV¶WMS��MRGSRsGMIRXIQIRXI��IWXEFIPIGIRHS�WIRW°ZIP�TIVQYXE�HI�IRIVKMEW��HI�QSHS�E�EVVERG¤�PE�HSW�PMEQIW�HSW�)WT°VMXSW�SGMSWSW�UYI�E�ZMXMQEZEQ���

4IVGIFIRHS�E�UYEWI�ERIWXIWMEHE��HI�SPLEV�ZEKS��E�WIRLSVE��LYQMPHI�I�RSFVI��MRUYMVMY�E�

ô� 5YI� JE �̂ E�QIRMRE� TSV� IWXEW� FERHEW#� 4EVIGI�QI� HSIRXI�� 5YI� WI� TEWWE��QIRMRE�1EVMERE#

)�GSQS�R¦S�GSPLIWWI�HI�MQIHMEXS�UYEPUYIV�VIWTSWXE��ZSPXSY�£�MRHEKEª¦S�ô�5YI�EGSRXIGI��QIRMRE#�%PKY¬Q�IQ�GEWE�IWX¤�QEP#�(IWTIVXI��QMRLE�JMPLE�)� WEGYHMRHS�E� GSQ� GEVMRLS�� IRGSWXSY� E� GEFIªE� HE� NSZIQ� RS� WIY� SQFVS� I�

HMWT·W�WI�E�IWGYX¤�PE�GSQ�XEP�REsXYVEPMHEHI�UYI�E�IRJIVQE��GSQS�UYI�VIXSVRERHS�QSQIRsXERIEQIRXI� £� VIEPMHEHI� I� ZIRHS�WI� IRZSPXE� RS� GEVMRLS� HI� UYI�RIGIWWMXEZE��VIPEXSY�IRXVI�WSPYªSW�SW�QEYW�WYsGIWWSW�HS�HME��MRJSVQERHS�HS�WIY�HIWINS�HI�RYRGE�QEMW�VIXSVREV�ES�PEV���

%�HIPMGEHE�MRXIVPSGYXSVE�IWGYXSY�E�GSQ�WIVIRMHEHI�I��WIKYVEQIRXI�MRWTMVEHE�TIPS�&IRJIMXSV��GSRGMXSY�E�E�MVIQ�£�WYE�TV¶TVME�GEWE��SRHI�IPE�TVSZMHIRGMEVME�YQE�VIJIMª¦S�VIJE^IRXI��MRGYQFMRHS�WI�HI�MRJSVQEV�E�%HEPsFIVXS�WSFVI�E�QYHERªE�HS�PSGEP�HI�IRGSRXVS�

7MQYPXERIEQIRXI� %QFV¶WMS� I\TVSFVSY� GSQ� IRIVKME� S� GSQTSVXEQIRXS� HSW�)WT°VMXSW�ZMGMSWSW�EPM�TVIWIRXIW�� PMFIVXERHS�E�EXSVQIRXEHE�NSZIQ�HEW�WYEW�JSVªEW�HIPIsX¬VMEW�I�HITVMQIRXIW�

7IQ� UYEWI� STSV� VIWMWX­RGME�� 1EVMERE� EGIMXSY� S� EPsZMXVI�� I� EQTEVEHE�KIRIVSWEQIRXI�TSV�(SRE�%YVIPMRE�HIsQERHSY�S�HSQMG°PMS�HEUYIPE�WIVZMHSVE�

*IMXE� PMKIMVE� VIJIMª¦S�� EMRHE� GSRHY M̂HE� TIPS� EWWMWsXIRXI� HI� 7EXYVRMRS�� (SRE�%YVIPMRE� JEPSY�E�1EVMERE�HEW�TVISGYTEª¸IW�QEXIVREW�I�WYEW�EJPMª¸IW��HS�TIVMKS�UYI�YQE�NSZIQ�TSHIVME�I\TIVMQIRXEV�REW�Q¦SW�HI�YQ�QSªS�ETEM\SREHS�I�WIQ�S�HIZMHS� GVMX¬VMS� QSVEP�� HEW� GSRWIU¿­RGMEW� UYI� TSHIVMEQ� EHZMV� HI� YQ� KIWXS�

Page 33: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

MQTIRWEHS�� I�� GSQS� WI� JEPEWWI� £� TV¶TVME� JMPLE�� GSQ� P¤KVMQEW�� GSRWIsKYMY�GSRZIRG­�PE�E�VIXSVREV�E�GEWE��IRUYERXS�QIHMXEZE�TPERSW�TEVE�S�JYXYVS��JMPXVERHS��EWWMQ��S�TIRWEQIRXS�HE�)RXMHEHI�(IWIRGEVREHE�

7IRXMRHS�WI��MQIRWEQIRXI�GERWEHE�I�HSQMREHE�TIPE�FVERHE�IRIVKME�HE�EQMKE�MHSWE��E�NSZIQ�EGIMXSY�E�WYsKIWX¦S�I��HIWWE�JSVQE��(SRE�%YVIPMRE�WI�XVERWJSVQSY�RS�ERNS�HE�EPIKVME�TEVE�E�EKSRMEHE�KIRMXSVE�UYI�EKYEVsHEZE�E�JMPLE�HI�ZSPXE�

'SRGPY°HE� E� XEVIJE�� %RFV¶WMS� VIXSVRSY� ES� XVEFEPLS� IWTMVMXYEP� E� JMQ� HI�ETVIWIRXEV�E�7EXYVRMRS�SW�VIWYPXEHSW�HE�MRZIWXMHYVE�

3W�XVEFEPLSW�WI�ETVS\MQEZEQ�HS�IRGIVVEQIRXS�'SQTVIIRWMZIPQIRXI� NYFMPSWS��S�1IRXSV�)WTMVMXYEP�I\TVIWWSY�WYE�KVEXMH¦S�ES�

%WWMWXIRXI�I�MRJSVQSY�UYI�PSKS�QEMW��UYERHS�XSHSW�WI�VIGSPLIWWIQ�ES�PIMXS��XIVME�GSRXMRYEª¦S�E�XEVIJE�HE�HIWSFWIWW¦S��UYERHS�IPI�TVIXIRsHME�VIXSQEV�EW�HMVIXVM^IW�HS�XVEFEPLS��GSRZSGERHS�HMsZIVWSW�HSW�IRZSPZMHSW�RS�TVSGIWWS�TIVXYVFEHSV�I�SW�QIQsFVSW�HE�'EWE�TEVE�YQ�IRGSRXVS�JSVE�HS�GSVTS��UYERHS�EW�F­Rª¦SW�HS�WSRS�GSRWIKYMWWIQ�PMFIVXEV�TEVGMEPQIRXI�EPKYRW�HSW�MQTPMGEHSW���

%QFV¶WMS� GSQTVIIRHIY� E� QEKRMXYHI� HS� WIVZMªS� I� TSWXSY�WI� EKYEVHERHS�MRWXVYª¸IW�

%� RSMXI� ME� EZERªEHE� UYERHS� 7EXYVRMRS� XVSY\I� ES� VIsGMRXS� HEW� WIWW¸IW�� IQ�TEVGMEP�HIWHSFVEQIRXS��SW�MVQ¦SW�4IXMXMRKE��(SRE�6SWE��EW�JMPLEW�%Q¤PME�I�1EVMERE�I� R¶W�� 3� ZIRIVERHS� XVEFEPLEHSV� HE� 7IEVE� )WT°VMXE�� LEFMXYEHS� £W� MRGYVW¸IW� RS�1YRHS� )WTMVMXYEP�� IQFSVE� EMRHE� ZMRsGYPEHS� £� VSYTEKIQ� GEVREP�� ETVIWIRXEZE�WI�GEPQS� I� P½sGMHS�� TIVJIMXEQIRXI� JEQMPMEVM^EHS� GSQ� I\TIVM­RGMEW� HI� XEP� REXYVI^E��(SRE�6SWE�I�EW�JMPLEW��RS�IRXERXS��TEVIsGMEQ�EXIQSVM^EHEW�RE�WYE�WIQMPYGMHI �̂�IQFSVE�S�EQTEVS�ZMKSVSWS�HS�-RWXVYXSV�UYI�HIPEW�GYMHEZE�GSQ�GEVMRLS�TEsXIVREP����

3EWWMWXIRXI� %QFV¶WMS� I� SW� HIQEMW� GSSTIVEHSVIW� HIsWIRGEVREHSW� WI�IRGEVVIKEZEQ�HI�PSGEPM^EV�SW�VIG¬Q�GLIsKEHSW�RE�WEPE�HI�XVEFEPLSW��IRUYERXS�S�&IRJIMXSV� 7EsXYVRMRS� GYMHEZE� HEW� TVSZMH­RGMEW� JMREMW�� 'SRGPY°HEW� EW� XEVIJEW�TVIPMQMREVIW��HIY�IRXVEHE�RS�VIGMRXS��IQ�WSRS�LMTR¶XMGS��GEVMRLSWEQIRXI�XVE M̂HE�TSV�HSMW�IRJIVQIMVSW�IWTMVMXYEMW��E�)RXMHEHI�UYI�WI�GSQYRMGEVE�LSVEW�ERXIW�

)QFSVE�S�VIWWSREV�EKMXEHS��S�ZMWMXERXI�VIJPIXME�E�ERK½WXME�IQ�UYI�WI�HIFEXME��HIM\ERHS� ZIV� EW� QEVGEW� TVSJYRHEW� IQ� YPGIVEª¸IW� RE� VIKM¦S� HE� KPSXI�� UYI� WI�ETVIsWIRXEZE�TYVYPIRXE��EWWMREPERHS�SW�HERSW�GVY¬MW�HS�EYsXSG°HMS� MRNYWXMJMG¤ZIP��0SGEPM^EHS�IQ�PIMXS�TV¶\MQS��GSRXMRYSY�EWWMWXMHS�TIPSW�UYI�S�XVSY\IVEQ�

0SKS�� TSV¬Q�� UYI� 1EVMERE� S� ZMY�� GSRUYERXS� R¦S� S� TYHIWWI� MHIRXMJMGEV� HI�TVSRXS��GSQIªSY�E�I\TIVMQIRXEV�WMKRMJMGEXMZE�MRUYMIXYHI�UYI�WI�JSM�XVERWJSVQERHS�IQ�HIWIWTIVS

�� ü�����(YVERXI�S�WSRS��E�EPQE�VITSYWE�GSQS�S�GSVTS#ü2¦S��S�)WT°VMXS�NEQEMW�IWX¤�MREXMZS��(YVERXI�S�WSRS��EJVSYs\EQ�WI�SW�

PEªSW� UYI� S� TVIRHIQ� ES� GSVTS� I�� R¦S� TVIGMWERHS� IWXI� IRX¦S� HE� WYE�TVIWIRªE��IPI�WI�PERªE�TIPS�IWTEªS�I�IRXVE�IQ�VIsPEª¦S�QEMW�HMVIXE�GSQ�SW�SYXVSW�)WT°VMXSW�ý

ü�����'SQS�TSHIQSW�.YPKEV�HE�PMFIVHEHI�HS�)WT°VMXS�HYsVERXI�S�WSRS#ü4IPSW� WSRLSW�� 5YERHS� S� GSVTS� VITSYWE�� EGVIHMXE�S�� XIQ� S� )WT°VMXS�

QEMW� JEGYPHEHIW�HS�UYI�RS�IWXEHS�HI� ZMK°PME�� 0IQFVE�WI�HS�TEWWEHS�I�EPKYQEW�ZI^IW�TVIZ­�S�JYXYVS��%HUYMVI�QEMSV�TSsXIRGMEPMHEHI�I�TSHI�T·V�WI�IQ�GSQYRMGEª¦S�GSQ�SW�HIQEMW�)WsT°VMRXSW��UYIV�HIWXI�QYRHS��UYIV�HS�SYXVS��(M^IW�JVIUYIRXIQIRXI�

Page 34: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

8MZI� YQ� WSRLS� I\XVEZEKERXI�� YQ� WSRLS� LSVV°ZIP�� QEW� EFWSPYXEsQIRXI�MRZIVSWWMQMP�� )RKEREW�XI�� �� EQMYHI� YQE� VIGSVHEª¦S� HSW� PYKEVIW� I� HEW�GSMWEW�UYI�ZMWXI�SY�UYI�ZIV¤W�IQ�SYXVE�I\MWX­RGME�SY�IQ�SYXVE�SGEWM¦S��)WXERHS�IRXSVTIGMHS�S�GSVTS��S�)WT°VMXS�XVEXE�HI�UYIFVEV�WIYW�KVMPL¸IW�I�HI�MRZIWXMKEV�RS�TEWWEHS�SY�RS�JYXYVS�ý

�ü3�0MZVS�HSW�)WT°VMXSWý��HI�%PPER�/EVHIG����m�)HMª¦S�HE�*)&��4EVXI��m�ô� 'ET°XYPS� ��� 6IGSQIRHEQSW� ES� PIMXSV� S� I\EQI� HI� XSHS� S� GET°XYPS�VIJIVMHS� TEVE� QIPLSV� GSQTVIIRW¦S� HE� W¬VMI� HI� IWXYHSW� EUYM�ETVIWIRXEHSW��ô�2SXE�HS�%YXSV�IWTMVMXYEP�

I�TEZSV��3�-RWXVYXSV��RS�IRXERXS��WSP°GMXS��EGIVsGSY�WI�HIPE�I�ETPMGSY�PLI�IRIVKMEW�ERIWXIWMERXIW�� HI� QSHS� E� HIM\¤�PE� IQ� XVERUYMPMHEHI� WYJMGMIRXI� TEVE� SW� FSRW�VIsWYPXEHSW�HE�STIVEª¦S�IQ�TEYXE�

2IWWI�QSQIRXS��E� -VQ¦�%RK¬PMGE��QIRXSVE�HS�Q¬sHMYQ�1SVEMW�� XVSY\I�S�ES�GIR¤VMS� EFIRªSEHS�� UYI� PLI� TEVIGME� JEQMPMEV� ESW� SPLSW� IWTMVMXYEMW�� 8YHS� RIPI�XVEHYs M̂E�E�WIKYVERªE�I�S�IUYMP°FVMS�HI�YQE�I\MWX­RGME�ZSPsXEHE�TEVE�S�FIQ�I�TEVE�S�HIZIV�

4IVGIFM�� IRX¦S�� E� I\GIP­RGME� HS� QMRMWX¬VMS� QIHM½sRMGS� WSF� E� GEVMRLSWE�TVSXIª¦S�HI� .IWYW��SFNIXMZERHS�EXIRsHIV�ESW�WSJVIHSVIW�HI�EQFSW�SW�TPERSW�HE�ZMHE� I� VIGSsRLIGM�� QEMW� YQE� ZI �̂� UYI� WSQIRXI� YQE� I\MWX­RGME� VIEPsQIRXI�HIWEXVIPEHE� HEW� TEM\¸IW� WI� GSRWXMXYM� WIKYVS� VSsXIMVS� TEVE� YQE� PMFIVXEª¦S�JIPMGMXEHSVE��3�IWT°VMXS�¬�S�UYI�TIRWE�I�JE �̂�E�ZIWXI�GEVREP�UYI�S�IRZSPZI�XERXS�WI�TSHI�GSRZIVXIV�IQ�EWEW�HI�ERKIPMXYHI�GSQS�IQ�E^SVsVEKYI�GSQ�KVMPL¸IW�UYI�S�QEVXMVM^EQ��)�E�QIHMYRMHEHI��MRHYFMX£ZIPQIRXI��JE^�WI�E�WIRHE�PYQMRSWE�TSV�SRHI�XVERsWMXEQ�EUYIPIW�UYI�E�VIWTIMXEQ�I�IRSFVIGIQ�

2¦S�LEZME��TSV¬Q��XIQTS�TEVE�QIHMXEª¸IW�QEMW�EQTPEW�3�&IRJIMXSV�7EXYVRMRS��IQ�FVIZI�EPSGYª¦S��I\TPMGSY�E� JMREPMHEHI�HE� VIYRM¦S��

IPYGMHERHS�UYI�WI�TVIXIRHME�XVEs^IV�£�PYGMHI �̂S�TIVWIKYMHSV�HI�1EVMERE�TEVE�YQ�VIIRsGSRXVS� RE� IWJIVE� HS� IWT°VMXS�� HI� QSHS� E� XIRXEV�WI� YQE� GSRGMPMEª¦S��IWTIVERHS�WI� UYI� E�1MWIVMG¶VHME� (MZMRE� EQTEVEWWI� SW� TVST¶WMXSW� HS� KVYTS� SVE�VIYRMHS�

3W�GMVGYRWXERXIW�WI�VIGSPLIVEQ�E�TVSJYRHE�QIHMXEsª¦S��GSRHY M̂HSW�TIPE�ZS �̂TEYWEHE�I�KVEZI�HS�1IRXSV�UYI�WI�IRGEVVIKSY�HI�SVEV�ES�1IWXVI�� VSKERHS�0LI�WSGSVVS�TEVE�S�PEFSV�IQ�ZMEW�HI�HIWIRZSPZMQIRXS��)Q�WIKYMHE��ETVS\MQSY�WI�HS�WIVZS�ZMRKEHSV�I��ETPMGERHS�PLI�TEWWIW�HI�HMWTIVW¦S�JPY°HMGE��HIWTIVXSY�S��TVIWXS�

%�)RXMHEHI��ZIRHS�WI�IQ�YWS�HE�VE^¦S��GMVGYRZEKSY�S�SPLEV�EPKS�IWKE^IEHS�I��VIGSRLIGIRHS�1EVMERE� EPM� TVIsWIRXI�� GSQS� WI� JSVE� XSQEHS� HI� IWXVERLS� LSVVSV��MRXIRsXSY�TVIGMTMXEV�WI�WSFVI�IPE��FVERHMRHS�SW�TYRLSW�GIVVEsHSW��GSQ�SW� P¤FMSW�IQ� VMXS� QEGEFVS�� HSW� UYEMW� IWGSVVME� TIKENSWE� WYFWX¥RGME� IWGYVE�� REYWIERXI��(IXMHS� RS� MQsTYPWS� MRGSIVG°ZIP� TIPSW� EY\MPMEVIW� I� ZMKMPERXIW�� VIGSVVIY� ESW�MQTVST¬VMSW� ZMSPIRXSW�� GSQS� WI� HIWINEWWI�� EXVEZ¬W� HEW� TEPEZVEW� GERHIRXIW� HS�¶HMS��GSRWIKYMV�S�HIWJSVªS�EGEsPIRXEHS�TSV�QYMXSW�ERSW�E�JMS�

ô 8IRLS�XI� TVSGYVEHS�ô� KVMXSY�� GSP¬VMGS�ô�� GSQS� NYWXMGIMVS� GYNE� WIHI� HI�TYRMª¦S� WI� GSRZIVXI� IQ� XSVQIRXS� WIQ� RSQI�� %^YGVMREHS�� WSQIRXI� L¤� TSYGSW�ERSW� GSRsWIKYM� PSGEPM^EV�XI�� RS� QIWQS� ERXVS� IQ� UYI� S� MRJEQI� HIWsXVYMHSV� HE�RSWWE�TE �̂VIWMHI��%KSVE�UYI�SW�XIRLS�E�EQsFSW�REW�Q¦SW��R¦S�SW�HIM\EVIM�JYKMV��3�QIY�HIWJSVªS�WI�JEV¤�GSQ�XIVV°ZIMW�GSRWIUY­RGMEW��)Y�SW�JEVIM�WSJVIV�GSQMKS�EW�QIWQEW�HSVIW�UYI�IWXE�IXIVRMHEHI�QI�XIQ�MRJPMKMHS�WIQ�VITSYWS���

1EVMERE�� IWGYXERHS� EUYIPE� ZS �̂� HIWINSY� JYKMV�� HIsWSVMIRXEHE�� RS� UYI� JSM�

Page 35: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

SFWXEHE�TSV�7EXYVRMRS��HMPMKIRXI�ô %PHIKYRHIW�ô�ZSGMJIVSY�S�MRHMKMXEHS�WSJVIHSV

TSVUYI�QI�HIWKVEªEWXI#�5YI� XI� JM �̂ IY�TEVE�WSJVIV�S�EFERHSRS� MKRSQMRMSWS�I�E�LYQMPLEª¦S�UYI�QI� MQTYWIWXI�HMERXI�HI� XSHSW�SW�RSWWSW�EQMKSW#�%PHIKYRHIW��%PHIsKYRHIW�� R¦S� XI� HIM� S� EQSV� LSRVEHS� I� TYVS� HI� YQ� LSsQIQ� XVEFEPLEHSV#�4SVUYI�QI�MRJIPMGMXEWXI��HIWXVYMRHS�QMRLE�ZMHE#���

%GSQTERLERHS� EW� TEPEZVEW� HSVMHEW�� P¤KVMQEW� KVSWsWEW� IWGSVVMEQ�PLI�EFYRHERXIW�HSW�SPLSW��)Q�GLSVS�GSRsZYPWMZS�TVSWWIKYMY�

ô 'SRWXVY°EQSW�E�RSWWE�JIPMGMHEHI�IRXVI�XERXSW�WEsGVMJ°GMSW�I�XY��ETIWEV�HMWWS��R¦S�XI�ETMIHEWXI�HI�QMQ��EVVYMRERHS�QI�WIQ�GSQTEM\¦S��4SVUY­#�3L��HIWKVEªE��R¦S�QI� GSRJSVQS�� 1IWQS� UYI� IWGSIQ� XSHEW� EW� IXIVRMHEHIW�� S� XIY� GVMQI�QI�GSVVSIV¤�HSPSVSWEQIRXI��1MRLE�EPQE�HMPEGIVEHE�E�GEHE�MRWXERXI�I�S�QIY�GSVEª¦S�XVERWsJSVQEHS�IQ�QEWWE�HI�GLYQFS�IQ�FVEWE�TIVHIVEQ�E�VEs^¦S�HI�WIV��UYERHS�QIY�G¬VIFVS�ZIRGMHS�TSV�XSHEW�EW�HIWIWTIVEª¸IW�R¦S�GSRWIKYI�WIR¦S�TIRWEV�IQ�ZMRKERªE����)Y�UYI�XERXS�XI�EQEZE�����4SVUYI�JYKMWXI��PSYGE#�2¦S�WEFMEW�UYI�E�YQ�LSQIQ�R¦S� WI� IRKERE#� -KRSVEZEW� UYI� RMRKY¬Q� JSKI� HE� GSRWGM­RGME#�3PLE�QI�FIQ��:­�ES�UYI�QI�VIHY M̂WXI#�3PLE��SPLE��MRJIPM^����

2SQMREPQIRXI�GSRZSGEHE��1EVMERE�HIWJIVMY�XIVV°sZIP�KVMXS�I�GEMY�HSQMREHE�TSV�IWXVERLEW�GSRZYPW¸IW��%WsWMWXMHE�HI�TIVXS�TIPSW�EWWIWWSVIW�HI�7EXYVRMRS��UYI�E�IWWI�XIQTS�EQTEVEZEQ�S�MRXIVPSGYXSV�HIWZEMVEHS��XSsQSY�S�EWTIGXS�HI�PSYGE�I�GSQ�JEGMIW�HI�WMRKYPEV�LSVVSV��TEVIGIRHS�HMZEKEV��GSRXIWXSY�

ô 7MQ��VIGSVHS�QI�HI�XM�I�XI�SHIMS��XEQF¬Q����7IQTVI�MRJIPM �̂�UYI�XIRLS�WMHS�I� UYI� WSY'� 3RHI� IWXSY�� EKSVE� UYI� HIWZEMVS#� 4SVUYI� IWWIW� JERXEWQEW� UYI�QI�XSVsXYVEQ�I�R¦S�QI�HIM\EQ#�4SVUYI�E�QSVXI�R¦S�QI�GSRsWSQI#�3L����

+EVKEPLEHE�VITYPWMZE�IWXSYVSY�RSW�P¤FMSW�HE�HSIRsXI��GSQS�WI�E�VE^¦S�HI�XSHS�PLI�JSWWI�VIXMVEHE��IRUYERXS�TVSWWIKYME�

ô%FERHSRIM�XI�� WMQ�� *YM� EQEPHMªSEHE� TSV� QMQ� QIWQE�� QMP� ZI^IW�� I� XI�EQEPHMªSIM��XEQF¬Q��8SHSW�QI�EQEPHMªSEVEQ��(I�XSHSW�R¶W�R¦S�WIM�UYEP�S�QEMW�HIWsZIRXYVEHS��)RXVIXERXS��SHIMS�QEMW�EUYIPI�UYI�QI�JI �̂GSRWYQMV�EW�IWTIVERªEW�HI�QYPLIV�I�SW�WSRLSW�HI�PSYGE��RS�XVMWXI�LSWT°GMS�HI�,EEVPIR����2¦S�WEFIW�UYI�ZSPXIM� E� FYWGEV�XI#� %KSVE� ¬� XEVHI� HIQEMW���� 2¦S� QI� VIGSVHS� QEMW���� 2¦S� WIM����WSQIRXI�WIM�UYI�EKSVE�IWXSY�TIVXS�HIPI�I�LIM�HI�JE^­�PS�TEKEV��3L��EPYGMREª¦S��UYI�HMKS#�3RHI�IWXSY�#���

2IWWI�QSQIRXS��7EXYVRMRS�EGIVGSY�WI�HE�NSZIQ�I�PLI�JEPSY��FSRHSWS�ô )WX¤W�HMERXI�HE�TV¶TVME� GSRWGM­RGME�� WIQ�SW� GVIsTIW�HS�SPZMHS��2¦S�¬W� E�

1EVMERE�HI�LSNI��JVYWXVEHE�I� MRUYMIXE��QEW�E�%PHIKYRHIW�HI�SRXIQ��HIWZEMVEHE��WSJVIHSVE�� %UYM� IWXEQSW� XSHSW� TEVE� VIWTSRHIV� ESW� HMXEsQIW� HE� GSRWGM­RGME�RIGIWWMXEHE�HI�VITEVEª¦S���

ô�)�UYIQ�TVIXIRHI�NYPKEV�QI#�ô�MRXIVVSQTIY��MVEHE�ô 2MRKY¬Q��QMRLE�JMPLE�ô�IPYGMHSY��GSRJMERXI

TVIXIRHI� NYPKEV�XI�SY�I\EQMREV�WIUYIV�SW�IVVSW�EPLIMSW��IVVSW�UYI�XSHSW�XIQSW��6IYRMQS�RSW��RS�IRXERXS�� GSQ�S� JMQ�HI�GSVVMKMV� MQTVIWW¸IW�I�IWXEFIPIGIV�RSZE�PMRLE� HI� GSRHYXE�� ERXIW� UYI� TSWXIVKEVQSW� EW� VIWTSRWEFMPMHEsHIW� TEVE� SW� HMEW�WSQFVMSW�UYI�RSW�EKYEVHEQ�

ô 1EW�WSY�MRJIPM �̂ô�ETSWXVSJSY�ô��RMRKY¬Q�S�Z­#�7SY�EGYWEHE�I�RMRKY¬Q�QI�IWGYXE���

ô 2¦S�RSW�IRGSRXVEQSW�RYQ�XVMFYREP�ô�EGYHMY��WSP°GMXS��S� -RWXVYXSV�ô��QEW�RYQ�WERXY¤VMS�HI�SVEª¸IW��XIQTPS�I�LSWTMXEP��WSF�E�SVMIRXEª¦S�HI�.IWYW�'VMWXS��S�%QMKS�-RGSRHMGMSREP�HI�XSHSW�R¶W���

Page 36: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

)WFVEZINERHS��HI�MRSTMRS��S�EPKS �̂ZSPXSY�£�GEVKE�ô %GEFIQSW�GSQ�E�JEVWE��7SY�IY�E�Z°XMQE�HI�XSsHSW�IWWIW�GVY¬MW�ZIVHYKSW�HE�

QMRLE�ZMHE��5YIQ�WI�EXVIsZI�E�MRXIVJIVMV�IQ�QIYW�TVSFPIQEW#�2¦S�RIGIWWMXS�HI�ENYHERXI� RIQ�HI� MRXIVQIHM¤VMS�� 8IRLS� GEVTMHS� E� HSV� MRJIVREP� E� W¶W� I� R¦S� WIV¤�EKSVE�UYI�XIVIM�YVK­RGME�HI�UYI�EPKY¬Q�QI�ENYHI��RS�QSQIRXS�IQ�UYI�GYPQMRS�S�QIY�TPERS�GSQ�S�­\MXS�UYI� PSKS�QEMW�XIVIM��*EªEQ�WMsP­RGMS�TEVE�UYI�IY�TSWWE�VIPIQFVEV��E�IWWE�IWTSPMEHSVE�HE�JIPMGMHEHI�EPLIME��XSHS�S�QEP�UYI�QI�JI �̂

%GIVGERHS�WI�HIPI��4IXMXMRKE�IRZSPZIY�S�IQ�WYE�GEsVMRLSWE�ZMFVEª¦S��IRUYERXS�S� Q¬HMYQ� 1SVEMW�� GSRZMHEHS� TIPS� -RWXVYXSV�� ETPMGSY� TEWWIW� IQ� 1EVMERE�� GYNE�EJPMª¦S� TEVIGME� HIWIUYMPMFV¤�PE�� )RZSPXE� IQ� JPY°HSW� RIKVSW�� GSRsKIWXMSREHE��TVEKYINEZE�IRWYVHIGIHSVEQIRXI�

(SRE�6SWE�I�%Q¤PME��HIZMHEQIRXI�EQTEVEHEW��IQsFSVE�WIQ�GSQTVIIRHIVIQ�XSHE�E�I\XIRW¦S�HE�SGSVV­RsGME��SVEZEQ�IQ�TVERXS�WMPIRGMSWS��7EXYVRMRS�GSRZMHSY�E�KIRMXSVE�E�XSQEV�RSW�FVEªSW�E�JMPLE�EXYVHMHE��I��IRsUYERXS�S�JE M̂E��E�ZIRIVERHE�QYPLIV� FERLEHE� HI� X­RYI� PY �̂ GSSTIVEZE� GSQ� 1SVEMW�� GSRWIKYMRHS� EGEPQEV� E�NSsZIQ��UYI�PIRXEQIRXI�VIGSFVSY�E�WIVIRMHEHI�

ô :EQSW�£�ZIVHEHI�ô�IWXVSRHSY�S�EGSWWEHSV�HI�1EVMERE�ô��UYIVS�E�ZIVHEHI�HSW� JEXSW�� 7I� EUYM� IWXSY� WYFNYKEHS� TSV� HIQ·RMSW� ZMRKEHSVIW� UYI� EMRHE� R¦S�WEsGMEVEQ�E�WIHI�RE�QMRLE�MRJMRMXE�HIWHMXE��ETIPS�TEVE�EW�JSVªEW�HS�(V��8ISJVEWXYW�TEVE�UYI�IPEW�QI�EQTEVIQ��.YWXMªE��UYIVS��REHE�QEMW��%�QMRLE�ZMRKERªE�XIQ�E�JSVªE�HE�QMRLE�NYWXMªE��2¦S�WSY�YQ�HIWEPQEHS��WSY�YQ�NYWsXMGIMVS�UYI�VIXSVRE�IQ�RSQI�HE�ZIVHEHI��6IMXIVS�S�ETIPS��TSVXERXS��ES�(V��8ISJVEWXYW��S�QIY�FIRJIMXSV��3RHI�WI�IRGSRXVE�IPI#

ô -RYXMPQIRXI�ô�IWGPEVIGIY�7EXYVRMRS�ô�ZSG­�VSsKEV¤�EY\°PMS�E�UYIQ�ZMZI�£�Q°RKYE�HI�WSGSVVS��3�MVQ¦S�8ISJVEWXYW�IWX¤�MRXIVHMXEHS�HI�TIRIXVEV�RIWXI�VIGMRXS��%UYM� WSQIRXI� X­Q� EGIWWS� EUYIPIW� UYI� Z­Q� IQ� RSQI� HS� EQSV� I� SW� UYI� W¦S�GEVIGIRXIW�HI�EQSV��GSQS�ZSG­��QIY�MVQ¦S���

ô 6IGYWS�WIY�EQSV�I�WYE�TMIHEHI�ô�IWXVSRHSY��VIFIPEHS��ô�3�UYI�HIWINS���ô�3�UYI�ZSG­�HIWINE�ô�HMWWI��WIVIRS��S�%QMKS�)WsTMVMXYEP�ô�¬�TE �̂I�EQSV�TEVE�

VIJE^IV�S�UYI�HIWXVYMY��MRJIPM^QIRXI�ZSG­�R¦S�WEFI�UYI�XEQF¬Q�XIQ�RIGIWWMHEHI�HI� TIVH¦S�� HIZIRHS�� ERXIW� HI� XYHS�� TSV¬Q�� TIVHSEV�� %PsHIKYRHIW� JI^�WI� WIY�EPKS �̂�WIQ�H½ZMHE��QEW�WIQTVI�JSM�WYE�Z°XMQE��:SG­�JEPE�IQ�HIWIVª¦S�HS�PEV��IQ�LSRVE� QEWGYPMRE���� 3RHI�� TSV¬Q�� IWX¦S� WYE� LSRVE� I� WYE� JMHIsPMHEHI� ES� PEV#�'SRWXMXYMY�WI�E�QYPLIV�ETIREW�MRWXVYsQIRXS�TEVE�E�TEM\¦S�HS�LSQIQ�SY�WSQIRXI�S� ZI°GYPS� HS� TVE^IV� MPYW¶VMS#� )� SW� WIRXMQIRXSW� JIQMRMRSW#� 5YI� JI �̂ ZSG­� TEVE�IWXERGEV�EW� P¤KVMQEW�HI�WSPIHEHI�UYI�IPE�I\TIVMQIRXEZE�ES�WIY� PEHS#�5YERXEW�ZI^IW�TEVSY�E�IWsGYX¤�PE#�5YI�GEFIHEP�HI� XIQTS� PLI�SJIVXSY#�(IWINEZE�HEV�PLI�YQE�JSVXYRE��WMQ��SPZMHERHS�HEV�PLI�WIKYVERªE�°RXMQE��EWWMWX­RGME�EJIXYSWE����2¦S��QIY�EQMKS��%UYM�R¦S�WI�HIJVSRXEQ��GSQS�ZSG­�HIWINE�JE^IV�GVIV��Z°XMQE�I�EPKS �̂�IRJVIRXEQ�WI� HYEW� Z°XMQEW� HI� WM� QIWQEW�� MPYsHMHEW� RSW� WIYW� PSYGSW� MHIEMW�XIVVIRSW�� 3W� HMEW� HE� 2IsIVP¥RHME� TEWWEVEQ�� RS� IRXERXS�� IRGSRXVEQ�WI� ZMZEW��IRsGVEZEHEW�RE�XIVVE�HEW� PIQFVERªEW��EW�VE°^IW�HSW�IVVSW�HI�XSHSW�ZSG­W��IVVSW�UYI�RIGIWWMXEQ�VIXMJMGEHSW��4VIsTEVI�WI�TEVE�VIJE^IV�S�GEQMRLS��R¦S�TEVE�ETPMGEV�E�NYWsXMªE��NYWXMªE�HI�UYI�XSHSW�XIQSW�RIGIWWMHEHI���

ô )RX¦S��ZSG­�GSRLIGI�ô�FVEQMY��TVSZSGERHS�GSQsTEM\¦S��S�MRXIVPSGYXSV��IQ�WSPYªSW�ô� S�QIY� HVEQE#� 4SVsUYI� WI� VIJIVI� £� 2IIVP¥RHME#� 'SQS� WEFI� UYI� IY�TVSGIHS�HS�,EEVPIR#�7EFIV¤�ZSG­��UYI�bWWE�QYPLIV���

ô 7MQ�� QIY� MVQ¦S�ô� VIXVYGSY�� S� -RWXVYXSV�ô�� IY� WIM���� (E� QIWQE� JSVQE��TSV¬Q��UYI�E�PIM�HI�(IYW�IWX¤�-RWGVMXE�RE�GSRWGM­RGME�HI�GEHE�LSQIQ��SW�RSWWSW�

Page 37: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

EXSW�IWX¦S�KVEZEHSW�IQ�RSWWE�QIRXI�UYI�R¦S�QSVVI��'SRLIGIQSW�� WMQ�� E� WYE�LMWX¶VME�I�S�HVEQE�HI�%PHIKYRsHIW��UYI�ZSG­�EKSVE�HIWINE�HIWXVYMV�� XEVIJE�IWWE�UYI� R¦S� GSRWIKYMV¤�� TSWMXMZEQIRXI� TSVUYI� S� 7IRLSV� HE� :MHE� N¤� TVSRYRGMSY� S��FEWXE�

ô1EW�IPE�QI�XVEMY�I�QI�EFERHSRSY�ô�FEPHSSY�ô 7EFIQSW�HMWWS�ô� VIHEVKYMY��ô�1EW�WEFIQSW�� XEQF¬Q��UYI�IRUYERXS� WI�

TVITEVEZE�S�T·PHIV��� �RE�%QWXIVH¦S�WIXIRXVMSREP��JEWGMREHS�TIPEW�TIVWTIGXMZEW�HI�EHUYMVMV�PEVKEW�JEM\EW�HI�XIVVE�TEVE�TEWXEKIRW�HI�KEHS��R¦S�SFWXERXI�EW�MQIRWEW�TPERXEª¸IW�HI�XYPMTEW�UYI�N¤

�� 4·PHIV�ô�VIKM¦S�TERXERSWE�I�FEM\E��GSRUYMWXEHE�ES�1EV�HS�2SVXI�I�ESW�PEKSW�-RXIVMSVIW��RE�,SPERHE�ô�2SXE�HS�%YXSV�IWTMVMXYEP�

TSWWY°E�� HIM\EZE�E� UYEWI� EFERHSREHE�� TSV� PSRKSW� QIWIW�� IRUYERXS� HYVSY� E�HIWWIGEKIQ�HS�PEKS�UYI�I\MWXME�IRXVI�,EEVPIR��%QWXIVH¦S�I�0IMHE��XVEFEPLS�IWWI�UYI�HYVSY�HI������E���������7IRXMRHS�WI�W¶��MRI\TIVMIRXI�I�WIQ�JSVªEW�TEVE�E�PYXE�GSRXVE�EW�TEM\¸IW�HE�TV¶TVME�REXYsVI^E��R¦S�VIWMWXMY�£W�GSRWXERXIW�MRZIWXMHEW�HI�.EGSF�� XIVQMRERHS� TSV� HIM\EV�WI� EVVEWXEV� ES� VMS� HI� PEQE� UYI� E� GSRHY M̂Y��QEMW�XEVHI��£�PSYGYVE���

ô 2¦S�QI�XVEKE�£�QIQ¶VME�ô�IWXVMPSY�ô�S�RSQI�HI�.EGSF�:ER�HIV�'STTIP��S�MRJEQI� PEHV¦S� HE� QMRLE� JIPMGMHEHI�� )RGSRXVIM�S�� XEQF¬Q�� %� TVMRG°TMS� X¿HS� QI�TEVIGME�IWXVERLS��4SV�PEVKSW�ERSW�IY�WIRXME�E�TVIWIRªE�HIPI�I�QI�WIRXME�ES�WIY�PEHS��IQFSVE�EW�HMJIVIRªEW�UYI�ETVIWIRXEZE��)WXEZE�QIXEQSVJSWIEHS����8YHS�QI�IVE��RS�GSQIªS��MVVIEP��EX¬�UYI�JYM�GSRHY M̂HS�ES�(V��8ISsJVEWXYW��UYI�QI�SJIVIGIY�I\GIPIRXIW�I\TPMGEª¸IW��IPYGMsHERHS�E�ZSPXE�HS�FERHMHS�ES�IWGSRHIVMNS�HS�GSVTS��IRsWMRERHS�QI�� TSV¬Q�� GSQS�IY�TSHIVME� WYTPMGM¤�PS� I� ZMRsKEV�QI�� S� UYI� ZIRLS�JE^IRHS�GSQ�ZIVHEHIMVE�MRJ¥QME���

ô 6IEPQIRXI�ô�EGVIWGIRXSY��7EXYVRMRS��WIQ�WI�TIVsXYVFEV�ô�.EGSF�VIXSVRSY�£�GEVRI�� VIZIWXMHS�TIPE� MRHYsQIRX¤VME�GSQ�UYI�EKSVE�WI� MHIRXMJMGE�TSV�1EXIYW��3�PIZMERS� HI� SRXIQ� ¬� S� EXSVQIRXEHS� HI� LSNI�� GEQMRLERHS� TIPE� IWXVIMXE� VSXE� HE�EYXSTYVMJMGEª¦S���� 6IGIFIY� RSW� FVEªSW�� TIPS�QIWQS� MQTSWMXMZS�� EUYIPE� E� UYIQ�MRJIPMGMsXEVE��I�E�WYE�TVIWIRªE�¬�PLI�HIWEKVEH¤ZIP�WYTP°GMS��)QsFSVE�R¦S�GSRWMKE�VIGSVHEV��I\TIVMQIRXE�EW�ZMFVEª¸IW�UYI� PLI�W¦S�EJMRW��GSRUYERXS�E�EZIVW¦S�UYI�PLI� ETSWWE�� JEs^IRHS�S� HIWHMXSWS��2MRKY¬Q�IRKERE� E� ZMHE��3� G¶HMKS� HE� .YWXMªE�EGSQTERLE�S� MRJVEXSV��RIPI�TPEWQERHS�E�RIsGIWWMHEHI�HI� VIWWEVGMQIRXS� PIKEP����(E°�E�RIGIWWMHEHI�HI�EUYIPI�UYI�WI�GV­�IWTSPMEHS�TIVHSEV���

ô 1EW�IY�R¦S�GSRWIKYMVIM�TIVHSEV�ô�ZSGMJIVSY�S�WYVTVIWS�GSFVEHSV��ô�8YHS�EUYM�LSNI�W¦S�WYVTVIWEW�TEVE�QMQ��%XMRS�GSQ�HMJMGYPHEHI�S�UYI�SGSVVI�I� XIRLS�XYVFEHS�S�VEGMSG°RMS��5YIQ�W¦S�SW�WIRLSVIW��UYI�QI�QSsPIWXEQ�N¤�TSV�WIKYRHE�ZI^#� 7IV¤� MWWS� YQ� TIWEHIPS� GVYIP�� HEUYIPIW� UYI� HI� QMQ� WI� ETSWWEZEQ�ERXIVMSVQIRXI�� UYERsHS� QI� TIVHIVE� I� QI� HIWKVEªEZE� RSW� HIWTIRLEHIMVSW� HE�%PYGMREª¦S���

)Q�WI�VIJIVMRHS�£�VIKM¦S�TYRMXMZE�IQ�UYI�WI�WYVsTVIIRHIVE��ET¶W�S�WYMG°HMS�RIJERHS�� S� EX·RMXS� MRXIVPSsGYXSV� WI� XVERWJMKYVSY� VITIRXMREQIRXI�� I�� TEVIGIRHS�WSsJVIV� MRHIWGVMX°ZIMW�TEHIGMQIRXSW�� WI�T·W�E�HIFEXIV�� GLSsVERHS�GSTMSWEQIRXI��:IRHS�S�EPYGMREHS��VIHY M̂HS�E�GSRHMª¦S�HI�IWGVEZS�HI�WM�QIWQS��R¦S�LEZME�GSQS�HIM\EV�HI�GVIV�UYI�XSHS�TIVWIKYMHSV�¬�EPKY¬Q�TIVWIKYMHS�IQ�WM�QIWQS�I�UYI�S�ZMRKEHSV� ¬� WSQIRXI� YQ� IWT°VMXS� QEsGIVEHS� TIPEW� IZSGEª¸IW� HE� TV¶TVME�HIPMRUY­RGME���

Page 38: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

3� %WWIWWSV� HI� 7EXYVRMRS�� WSP°GMXS�� EGYHMY� TVIWXS� S� MRHMKMXEHS� WSJVIHSV��ETPMGERHS�PLI�TEWWIW�VIGSRJSVXERsXIW��HI�QSHS�E�HIWIQFEVEªEV�PLI�E�QIRXI�HSW�JERXEWQEW�HE�IZSGEª¦S�HSPSVSWE��(ITSMW�HI�HIQSVEHE�STIVEª¦S�QEKR¬XMGE��IQ�UYI� IVEQ� HMWTIVWEHEW� EW� IRIVKMEW� ZIRIRSWEW�� IPEFSVEHEW� TIPS� FEM\S� XISV�ZMFVEX¶VMS�HS�TV¶sTVMS�)WT°VMXS��IWXI�WI�VIJI �̂TEYPEXMREQIRXI��VIGSFVERHS�EPKYQE�WIVIRMHEHI�

%�ZMGMEª¦S�QIRXEP��VIWYPXERXI�HS�TIRWEQIRXS�ZMsFVERHS�RE�QIWQE�SRHE��KIVE�E�MH¬ME�HIPMRUYIRXI�RE�üTWMsGSWJIVE�TIWWSEPý�HS�WIY�IQMXIRXI��EKPYXMRERHS�JSVªEW�HE�QIWQE�UYEPMHEHI��TSV�WYE�ZI �̂IQEREHEW�TSV�-RXIPMK­RsGMEW�HIWENYWXEHEW��UYI�WI� XVERWJSVQEQ� IQ� IRIVKME� HIWXVYMHSVE�� 8EP� IRIVKME� ¬� VIWYPXERXI� HS� FPSUYIMS�QIRXEP� TIPE� HIRWMHEHI� HE� XIRW¦S� RS� GEQTS�QEKR¬XMGS� HE� EYVE�� %PM�� IRX¦S�� WI�MQTVMQIQ�TSV�JSVªE�HE�QSRSMH¬ME�HIZEWsXEHSVE�EW�GSRWXVYª¸IW�TW°UYMGEW�UYI�WI�GSRZIVXIQ�IQ�MRWXVYQIRXS�HI�JPEK°GMS�TIWWSEP�SY�MRWXVYQIRXS�HI�WYsTP°GMS�EPLIMS��STIVERHS� WIQTVI� RS� QIWQS� GEQTS� HI� ZMsFVEª¸IW� QIRXEMW� MH­RXMGEW�� 5YERHS�IWWEW� IRIVKMEW� W¦S� HMVMKMHEW� ESW� IRGEVREHSW� I� WMRXSRM^EQ� TIPE� SRHE� HS�TIRWEQIRXS��TVSHY M̂RHS�EW� PEQIRX¤ZIMW�SFWIWW¸IW�UYI�EXMRsKIQ�MKYEPQIRXI�SW�GIRXVSW�HE�JSVQE��HIKIRIVEQ�EW�G¬sPYPEW�IRGEVVIKEHEW�HS�QIXEFSPMWQS�TW°UYMGS�SY�J°WMGS��QERMJIWXERHS�WI�IQ�IRJIVQMHEHIW�TIVXYVFEHSVEW��HI�PSRsKS�GYVWS���

4SV�IWWE�VE^¦S��JIPMGMHEHI�SY�HIWHMXE��GEHE�YQ�GSRsHY �̂GSRWMKS�QIWQS��KVEªEW�£�HMVIª¦S�UYI�SJIVIGI�ES�TIRWEQIRXS��RS�WIRXMHS�HE�IPIZEª¦S�SY�HS�VIFEM\EQIRXS�HS�IWT°VMXS��HMVIª¦S�IWWE�UYI�¬�JSVªE�E�WI�XVERWJSVQEV�IQ�EPEZERGE�HI�MQTYPW¦S�SY�GEHIME�VIXIRXMZE�REW�VIsKM¸IW�IQ�UYI�WI�MQERXE�

6IJIMXS�HS�HMWX½VFMS�MRIWTIVEHS��S�EJPMXS�IWTMVMXYEP�MRUYMVMY�ô�5YI� WI� TEWWE#�3RHI�IWXSY#� 4SVUYI�QI�ZINS� GSEsKMHS� E� JEPEV� S� UYI�R¦S�

KSWXEVME�HI�MRJSVQEV�I�E�SYZMV�S�UYI�R¦S�HIWINS�IWGYXEV#�5YIQ�W¦S�SW�WIRLSVIW#(ERHS� £� ZS �̂ E� X·RMGE� HE� FSRHEHI� UYI� PLI� IVE� LEsFMXYEP�� 7EXYVRMRS�

SFXIQTIVSY�ô� 8SHSW�IWXEQSW��QIY� MVQ¦S��UYIMVEQSW�SY�R¦S��RE�'EWE�HS�4EM�'IPIWXMEP��

*MPLSW�HS�7IY�EQSV��HIM\EsQS�RSW�EVVEWXEV�TIPEW�GSVVIRXIW�HE�PMFIVHEHI�IWTMVMXYEP�SY�REYJVEKEQSW�REW�SRHEW�VIZSPXEW�HEW�TEM\¸IW��HIRXVS��WIQTVI��TSV¬Q��HI�EPKYQ�HITEVXEQIRXS�HS�7IY�HSQMG°sPMS��UYI�IPIKIQSW�TIPE�TV¶TVME�ZSRXEHI�TEVE�RSWWE�LEsFMXEª¦S��%UYM�RSW�IRGSRXVEQSW�IQ�YQ�8IQTPS�)WT°sVMXE��HI�WSGSVVS�ESW�UYI�N¤�XVERWTYWIVEQ� S� PMQMEV� HE� MQSVXEPMHEHI� I� WI� EGVMWSPEQ� ZSPYRX£VMEQIRXI� £�VIXEKYEVsHE� HSPSVSWE�� UYERHS� TSHIVMEQ� IRWEMEV� SW� TVMQIMVSW� Z·SW� TEVE� QEMW�EQTPSW�XIRXEQIW�RE�ZMHE�JIPM �̂��

)�TVSGYVERHS�HEV�­RJEWI�ES�IRGEHIEQIRXS�HEW�MH¬MEW�TEVE�QIPLSV�I\TPMGEª¦S��IWGPEVIGIY�

�� 'YPXSVIW� HEW� PMª¸IW� HI� .IWYW�'VMWXS�� FYWGEQSW� TEPQMPLEV� E� VSXE� TSV� )PI�TIVGSVVMHE��EFVMRHS�FVEªSW�I�GSVEª¸IW�ESW�UYI�WSJVIQ�I�MKRSVEQ�SW�QIMSW�HI�WI�PMsFIVXEVIQ� HS� NYKS� HE� HIWIWTIVEª¦S�� QIMSW� IWWIW� UYI� WI� IRGSRXVEQ� RIPIW�QIWQSW�� NE^IRHS� WSF� SW� IWGSQFVSW� HS� TV¶TVMS� JPEKIPS� UYI� E� WM� WI� MQT¸IQ��8VSY\IQSW�%PHIsKYRHIW�� GYNS� GSVTS� VITSYWE�RE� JSVQE�SVK¥RMGE� HI�1EsVMERE�� I�GSRHY M̂QSW��XEQF¬Q��WYE�KIRMXSVE��WYE�MVQ¦�I�SYXVSW�GSQTERLIMVSW�HE�ZMHE�J°WMGE��TEVE�I\EQMREVQSW�£� PY �̂ HS�EQSV�HI�2SWWS�4EM� TEVE� GSRSWGS�S�EQEVKSV�UYI�S�XSVRE�MRJIPM �̂�TVSGYVERHS�HMQMRYMV�E�MRXIRWMHEHI�HEW�GEYWEW�HI�XEP�QSVXMJMGEª¦S�

*I �̂YQE�TEYWE���FVIZI��IWTSRX¥RIE��TEVE�GSRWMHIVEV�S�IJIMXS�TVSHY M̂HS�TIPEW�TEPEZVEW�RS�TIVWIKYMHSV�HI�1EsVMERE�

%� NSZIQ�� TSV� WYE� ZI �̂� HSGIQIRXI� IRZSPZMHE� TIPE� KIsRMXSVE� UYI� TEVIGME�XVERWJMKYVEHE� IQ� QEHSRE� IWTPIRHIRXI� HI� XIVRYVE�� KVEªEW� £W� WYTVIQEW� HSVIW�

Page 39: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

WYTSVXEHEW� GSQ� EQSV� I� VIWMKREª¦S�� IWGYXEZE�� VEGMSGMRERHS� GSQ� HMJMGYPsHEHI�GSQTVIIRW°ZIP��EXIRXE��TSV¬Q��£�I\TPEREª¦S�

ô 4IPS�UYI�HITVIIRHS�ô�VYKMY�S�RIIVPERH­W�ôMWXS�¬�YQ�GSQTP·�TEVE�JE^IV�QI�HIWMWXMV�HE�I\IGYª¦S�HE�NYWXMªE�UYI�XIRLS�EKYEVHEHS�

ô %�NYWXMªE�ô�VIXVYGSY�7EXYVRMRS�ô�EPGERªE�S�MRJVEXSV�WIQ�E�RIGIWWMHEHI�HI�RSZS�EPKS �̂�%W�HMZMREW�PIMW�HMWT¸IQ�HI�VIGYVWSW�VITEVEHSVIW��ERXI�EW�UYEMW�REHE�JMGE�WIQ�E�RIGIWW¤VME�UYMXEª¦S��.IWYW���

ô .IWYW��.IWYW�ô�EVVIFEXSY�ô�HIM\SY�WI�QEVXMsVM^EV���ô 7MQ�ô�EGVIWGIRXSY�7EXYVRMRS�ô�I�TIVHSSY�ESW�WIYW�EPKS^IW�ô 1EW�IVE�YQ�(IYW�ô�EHQMXMY��MVEHS�ô��GSRJSVsQI�IRWMRE�E�6IPMKM¦S�ô (IYW#�ô�IWGPEVIGIY�S�1IRXSV�ô�WSQIRXI�YQ�L¤��%�6IPMKM¦S�XVEHMGMSREP�WI�

IUYMZSGE�UYERHS�EWWMQ�S�HM �̂� .IWYW�¬�S� *MPLS�HI�(IYW�� PMª¦S�ZMZE�HI�EQSV�UYI�XSHSW� TSHIQSW� EXMRKMV�� TIPEW� STSVXYRMHEHIW� UYI� RSW� IRsWINSY� HIWGSFVMV��STSVXYRMHEHIW�IWWEW�UYI�EKSVE�PLI�GLIsKEQ��GSRGMXERHS�S�E�WI�XSVREV�YQ�HIYW��QERMJIWXEª¦S�HI�(IYW�UYI�üIWX¤�IQ�XYHS�I�IQ�XSHSW��IWTIVERHS�S�HIWEFVSGLEV�EXVEZ¬W�HE�RSWWE�MRGPMREª¦S�TEVE�E�ZIVHEHI�

ô1EW�IY�ZMZS�RYQ� MRJIVRS�ô� VITXSY��EQEVKEHS�ô�� GSQS�TSHIVME�EPGERªEV�(IYW� WI� XYHS� IQ�QMQ� W¦S� HIsWINSW� HI� ZMRKERªE� TEVE� ETPEGEV� S� ¶HMS� UYI�QI�IWXMSPE�E�TV¶TVME�VE^¦S#

ô3�MRJIVRS�¬�VIWYPXERXI�HS�WIY�IWXEHS�HI�VIFIPsHME��2E�WYE�VIGYWE�ES�EQSV��ZSG­�WI�GSRHIRE�ES�HIWIWsTIVS�WIQ�VIQMWW¦S��IRUYERXS�HYVI�S�GSQFYWX°ZIP�HE�VIsZSPXE�UYI�ZSG­�GSPSGE�RE�JSVREPLE�HS�¶HMS�

ô)�SW�HIZIHSVIW#ô%�ZMHE�WI�IRGEVVIKEV¤�HIPIW��EKSVE�SY�HITSMW�4IWEHS�WMP­RGMS�GEMY�WSFVI�E�WEPE�HI�WSGSVVS�%PKS�EWWIVIREHS��IPI�TEVIGME�QIVKYPLEV�PIRXEQIRXI�IQ�EGYVEHE�QIHMXEª¦S�*PY°HSW�QYMXS�HM¤JERSW�TIRIXVEVEQ�S�VIGMRXS��GSQS�WI�HMVMKMHSW�TSV�%KIRXIW�

-RZMW°ZIMW��UYI�WYEZM^EZEQ�E�XIRW¦S�EX¬�L¤�TSYGS�VIMRERXI��E�XSHSW�FIRIJMGMERHS�UYEP�EVEKIQ�FIRHMXE�I�RIGIWW¤VME��)WXVERLE�I�VIJE^IRXI�GEPsQE�E�XSHSW�HSQMRSY�

Page 40: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

�8¬GRMGE�HI�SFWIWW¦S

������7EXYVRMRS�WSPMGMXSY�E�%QFV¶WMS�UYI�ETPMGEWWI�VIGYVsWSW�QEKR¬XMGSW�RSW�GIRXVSW�GSVSR¤VMS�I�GIVIFVEP�HI�1EsVMERE��HI�QSHS�E�HIWTIVXEV�PLI�S�TEWWEHS�EHSVQIGMHS�REW�XIPEW�HE�QIQ¶VME�������%XMZEHSW�SW�GLEOVEW��� ��EXVEZ¬W�HSW�TEWWIW�L£FMPsQIRXI�ETPMGEHSW��E�TEGMIRXI�HIWHSFVEHE�TEVGMEPQIRXI�TIPS� WSRS� J°WMGS�TEVIGIY� WSJVIV�YQ�HIP°UYMS�TEVE� PSKS�QSHMsJMGEV�E�I\TVIWW¦S�WIQIPLERXI�E�EPKY¬Q�UYI�EGSVHE�ET¶W�HIQSVEHS�WSRS��RS�UYEP� TIWEHIPSW� GVY¬MW� LSYZIWWIQ� XSsQEHS� GSVTS� HIWXVYMHSV���� (S� QEP�IWXEV�QSQIRX¥RIS� TEWsWSY� E� YQ� EWTIGXS� HI� HIWZEVMS�� EXVEZ¬W� HS� UYEP� EW� TEPEsZVEW�JPY°EQ�SVE�RS�MHMSQE�HI�1EVMERE�SVE�RE�P°RKYE�HI�%PHIKYRHIW�TEVE�JMVQEV�WI�RSW�ZSG¤FYPSW�IQ�UYI�WI�I\sTVMQME�IWXE�½PXMQE��4EVIGIRHS�VIGSRLIGIV�+YMPLIVQI��S�ZMKSVSWS� TIVWIKYMHSV�� IWXVIQIGIY�� SPLERHS�S�� IWKE^IEHE�� GSQS� WI� HIWINEWWI�JYKMV��0IRXEQIRXI�WI�PLI�XVERWJMKYsVSY�S�WIQFPERXI�UYI�EHUYMVME�EW�GEVEGXIV°WXMGEW�JMWMSR·sQMGEW�HI�LEVPIRMIRWI�HS�TEWWEHS��)VEQ�ZMW°ZIMW�SW�WMsREMW�HE�PSYGYVE�UYI�HIPE� WI� ETSWWEVE� RSW� ½PXMQSW� HMEW� HE� I\MWX­RGME� J°WMGE�� (S� HIWGSRXVSPI� MRMGMEP�TEWWSY�£�QSVXMJMGEª¦S�

�� � � � ��� �'LEOVE�¬�YQE�TEPEZVE�W¥RWGVMXE�UYI�WMKRMJMGE�VSHE����ô�2SXE�HS�%YXSV�IWTMVMXYEP�

PMFIVXERHS�WI�HSW�FVEªSW�EGSPLIHSVIW�HI�HSRE�6SWE�I�EVVSNERHS�WI�ESW�T¬W�HS�ERXMKS�IWTSWS��E�VSKEV�PLI�TIVH¦S��IQ�PERGMRERXIW��EKSRMEHSW�ETIPSW�

3YZMRHS�E��P½GMHE��RE�JSVQE�ERXMKE��+YMPLIVQI�EHsUYMVMY�I\TVIWW¦S�TEXMFYPEV�I�VIGLEªSY�E��GSQ�QSVHEGMsHEHI�

ô )Y�IWXEZE�HIWIWTIVEHE�ô�NYWXMJMGSY�WI�IQ�TVERXS�ô�UYERHS�JYKM�HS�RSWWS�PEV��4IVHSE�QI��-KRSVEW�S�UYI�TEHIGM�I�EMRHE�TEHIªS�RE�QEWQSVVE�IQ�UYI�EKSVE�QI�QSZMQIRXS��VIJIVMRHS�WI�ES�GSVTS�HI�1EVMERE ����,¤�YQE�HSV�MRMHIRXMJMG¤ZIP�IQ�QMRLEPQE�I�YQE�RSMXI�WSQsFVME�HI�LSVVSV�QI�WIKYI�� WIQ�XV¬KYE��2¦S�GSRWMKS�GLSsVEV�� TSV� MKRSVEV� E� VE^¦S� HSW� WSJVMQIRXSW� UYERHS� SW� TYsRLEMW� MRZMW°ZIMW� HE�NYWXMªE�QI�EPGERªEQ��7¶�YQE�VIsZSPXE�TIWEHE�QI�EKVMPLSE�E�YQ�HIWINS�MRGSIVG°ZIP�HI�QSVVIV��HI�WYQMV��HI�TIVHIV�E�GSRWGM­RGME�TEVE�WIQTVI���

ô -WXS�ô�VIXVYGSY�S�ERXMKS�GSQTERLIMVS�ô�¬�ETIsREW�S�MR°GMS�HEW�TIREW�UYI�XI�EKYEVHEQ��%KSVE��WMQ��ZIVXIV¤W�S�TVERXS�HE�VITEVEª¦S�UYI�UYERHS��WEGMEHS��IY�QI�TSWWE�GSRWMHIVEV�GETE �̂HI�EFWSPZIV�XI�E�MRHMKRMHEHI�7IQ�PMQMXI�

7EXYVRMRS��%QFV¶WMS�I�SW�HIQEMW�%WWIWWSVIW�)WTMVMsXYEMW��IQFSVE�IQ�EXMXYHI�HI� EPIVXE�� QIVKYPLEHSW� IQ� TIRsWEQIRXSW� WEPYXEVIW�� HIM\EZEQ� UYI� EW� HYEW�)RXMHEHIW� TSV� QSQIRXSW� WI� VIIRGSRXVEWWIQ� QIHMERXI� S� HM¤PSKS� HSPSsVSWS� I�E^IHS��UYI��RS�IRXERXS��EFVMVME�EW�TSVXEW�E�QIPLSV�EXIRHMQIRXS���

ô *YKM� HS� PEV� I� VIGSRLIªS� S� QIY� GVMQI�� 1EW� MKRSsVEW� S� GEWXMKS� UYI�I\TIVMQIRXIM�� PSKS�HITSMW��2YRGE� JYM�EQEHE��RIQ�TSV� XM��RIQ�TSV�IPI��)Q�XYEW�Q¦SW��R¦S�TEWWIM�HI�ERMQEP�HI�GEVKE�I�SFNIXS�HI�Z¦W�IQSª¸IW����2EW�Q¦SW�HIPI�R¦S�JYM�EP¬Q�HI�YQ�ZEWS�HI�HIWINSW�ZMSsPIRXSW����GPEVS�UYI�E�RYZIQ�HE�MPYW¦S�W¶�QEMW�XEVHI�QI�HIM\SY�ZIV�S�EFMWQS����)�IVE�XEVHI�HIQEMW��:SPXIM��IRX¦S���

ô 8MZIWXI� E� HIWKVEªE� HI� ZSPXEV� ES� ,EEVPIR#� ô� ZSsGMJIVSY� S� IWTSWS�HIWHIRLEHS��ô� %GLEWXI�� TSV� EGEWS�� MRsWYJMGMIRXI� E� TYRMª¦S� MRH¬FMXE� UYI� QI�

Page 41: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

MQTYWIWXI�� E� TSRsXS� HI� VIXSVREV� ESW� W°XMSW� IQ� UYI� ¬VEQSW� GSRLIGMHSW#� 5YI�TVIXIRHMEW�HIWZEMVEHE#

ô 6SKEV�XI�TIVH¦S��IY�UYI�EMRHE�WYTYRLE�UYI�QI�EQEZEW�ô %QEV�XI��UYERHS�EVVYMREWXI�QMRLE�ZMHE#�7YsTYRLEW�UYI�E�HIWSRVE�TYHIWWI�

WIV�PEZEHE�GSQ�P¤KVMQEW#ô 2EHE�IY�WYTYRLE��)WTIVEZE�TMIHEHI�I�GSQMsWIVEª¦S��YQ�TIHEªS�HEW�RSWWEW�

XIVVEW�TEVE�WYGYQFMV�IRXVI�EW�XYPMTEW�UYI�IY�QIWQE�TPERXEVE�I�IQ�GYNSW�GEQsTSW�GSRWIKY°VEQSW�SW�MRMKYEP¤ZIMW�I\IQTPEVIW�HEW�+IWRIVMEREW��'PYGMEREW��8YVGMWEW����(MPEGIVEHE�TIPE�WEYHEsHI�I�TIPSW�VIQSVWSW��EGEPIRXEZE�GSQS�YQ�R¤YJVEKS�YQE�X­RYI�TSWWMFMPMHEHI�HI�WEPZEª¦S�

ô�-KRSVEZEW��GIVXEQIRXI��UYI�IRZIVKSRLEHS�I�JIsVMHS�JYKM����R¦S�GSRWIKYMRHS�QSVVIV��%YQIRXERHS�E�QMRLE�HIWKVEªE��R¦S�TSYGEW�ZI^IW�JSVªEW�HIQSR°EGEW�QI�TYRLEQ�ES�XIY�I�ES�PEHS�HS�HIWEPQEHS�PEHV¦S��TEVE�QI�WYTPMGMEVIQ�GSQ�E�ZMW¦S�EPYGMRERXI�WIQ�PMQMXI��'SQS�SW�SHIMS��'SQS�SW�HIXIWXS�������MQTSWW°ZIP��MRJEQI��UYEPUYIV�XIRXEXMZE�HI���

ô 2IKEW�QI��IRX¦S��EMRHE�LSNI��E�KSXE�HI�QMWIsVMG¶VHME#�)�UYIQ�¬W�XY��WIR¦S�S�VIWTSRW¤ZIP�QEMSV�TIPE�QMRLE�MRJIPMGMHEHI#�'SQS�XI�EXVIZIW�E�JIVMV�QI�GSQ�S�XIY�IWG¤VRMS��S�XIY�¶HMS#�7MQ��XEQF¬Q�XI�SHIMS��HIM\E�QI�HM^­�PS��GSQS�XI�SHMEZE�ERXIW�I�R¦S�S�WEFME��2YRGE�QI�HIWXI�STSVXYRMHEHI�HI�EQEV��2IKSGMEWXI�QMRLE�ZMHE� GSQ� SW� QIYW� TEMW�� GSRWMHIVERHS� E� QMRLE� NYZIRXYHI� I� QMRLE� WE½HI�� I�RMRKY¬Q��RIQ�XY�RIQ�IPIW��NEQEMW�TVSsGYVSY�WEFIV�WI�IY�TSWWY°E�YQ�GSVEª¦S�SY�EGEPIRXEZE�YQ�WSRLS�HI�QIRMRE���

)�WSPYªERHS��GSQSZIHSVEQIRXI��TVSWWIKYMY�ô %QERXI� HS� HMRLIMVS�� E� REHE�QEMW� UYIVMEW�� WIR¦S� UYEPUYIV� GSMWE� UYI� WI�

GSRWXMXY°WWI� QIMS� HI� TSWWYMV� QEMW�� *M^IWXI� HI� QMQ� YQE� MKYEP� ESW� XIYW�IQTVIKEHSW��REW�PIMsVEW�WIQ�JMQ�HSW�FYPFSW��IRXVI�SW�GERXIMVSW�HI�XYPMTEW��2IPEW��TSV¬Q��IRGSRXVIM�PMKIMVE�JIPMGMHEHI��REW�WYEW�T¬XEPEW�HIWGSFVME�S�QMPEKVI�HE�ZMHE��E�FIPI^E�I�E�GSV�UYI�QI�VSYFEZEW����)�HITSMW#�1EMW�ZIPLS�HS�UYI�IY�UYEWI����ERSW��IVEW�ZIVHYKS�GVYIP�

ô 2¦S�XI�NYWXMJMUYIW��MRJIPM �̂ô�FVEHSY��ETSTP¬XMGS�ô 8VEV�XI�IM�E�ZIVHEHI��EKSVE��HM^IRHS�XI�S�UYI�RYRGE�QI�EXVIZIVE�QSWXVEV�XI�

ERXIW��7MQ��HMV�XI�IM��)VEW�I�GSRXMRYEW�EQFMGMSWS�I�JVMS��5YERHS�HIQERHEWXI�0IMHIV�I�HITSMW�%QWXIVH¦S�TEVE�RIKSGMEV�GSQ�S�KSZIVRS�XIVsVEW�I�XIVVEW�UYI�ZMVMEQ�HE�HIWWIGEKIQ�HS�PEKS��HIM\ERsHS�QI�W¶��IRXVI�XIYW�IQTVIKEHSW�I�XIYW�EQMKSW��R¦S�^IsPEZEW�TSV�QMQ��8SVREZEW�QI�S�JMWGEP�HSW�XIYW�FIRW��E�WIVZE�UYI�MRWTIGMSREZE�SW� WIVZSW�� 'SRXVEXEWXI� .EGSF�� UYI� GLIKEVE� JE M̂E� TSYGS� HSW� TVMQIMVSW� +IIWX� HS�KSPJS�� EGSWXYQEHS� ESW� PEFSVIW� RS� ;EEP� �� �� I� UYI�� NSZIQ� GSQS� IY�� QI�WIRWMFMPM^EVE�S�GSVEª¦S�IQ�GSRWXERXI�WSPIHEHI��6IPYXIM�QYMXS��IRXVI�E�JMHIPMHEHI�ES�XIY�EFERHSRS�I�E�WSPMH¦S�HE�JIPMGMHEHI�

%� )RXMHEHI� WSJVMHE� R¦S� T·HI� GSRXMRYEV�� %W� XSVsQIRXSWEW� IZSGEª¸IW�EPERGIEZEQ�RE�

(ITSMW� HI� YQE� TEYWE�� TVSWWIKYMY�� ERXI� E� I\TIGXEsª¦S� HI� +YMPLIVQI�� UYI�TEVIGME�EXSPIMQEHS�GSQ�EW�MRJSVsQEª¸IW�UYI�PLI�GLIKEZEQ�IRX¦S�

ô *YKMQSW�TEVE�%QWXIVH¦S��RYRGE��TSV¬Q��JYKM�HI�QMQ�QIWQE��2SW�TVMQIMVSW�XIQTSW��EMRHE�HSQMREHE�TIPE�TEM\¦S�UYI�QI�IRGIKYIGIVE��GSRWIKYM�WSFVITYNEV�S

�� 3�KSPJS�VIJIVMHS�¬�S�HI�>YMHIV^­��UYI�RIWXI�W¬GYPS�JSM�IQ�KVERHI�TEVXI� IWGSEHS� I� HIWWIGEHS�� XVERWJSVQERHS�WI� IQ� XIVsVEW� GYPXMZ¤ZIMW��+IIWX ��WIRHS�UYEWI�WYFWXMXYMHS�RSW�½PXMQSW�UYEVIRXE�ERSW�IQ�UYEXVS�

Page 42: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

T·PHVIW��3�;EEP�¬�YQ�HSW�GYVWSW�H¤KYE�HS�6IRS��SRHI�L¤�YQE�EPHIME�HS�QIWQS�RSQI��ô�2SXE�HS�%YXSV�IWTMVMXYEP�

VIQSVWS�� (ITSMW���� (IWTIVXIM� EFERHSREHE� WIMW� QIWIW� ET¶W� RE� 'MHEHI�� IQ�QMWIV¤ZIP� GSRHMª¦S� HI� HIWTVI^S� IRXVI�QYPLIVIW� MRJIPM^IW� HS� TSVXS�� (IM\EVE�QI�.EGSF��UYI�NEQEMW�QI�XMZIVE�UYEPUYIV�EJIMª¦S��JYKMRHS�TEVE�E�&¬PsKMGE��ET¶W�XIV�QI�MPYHMHS�� WIQ� VIXSVREV� NEQEMW�� 'SQTVIIRHIW� S� UYI�QI� EGSRXIGIY#� )� MWXS� R¦S� ¬�XYHS�� (IsTSMW� HI� HIEQFYPEV� RE� QEMW� IWX½TMHE� QMW¬VME�� R¦S� WYTSVsXERHS� EW�LYQMPLEª¸IW� UYI� IVEQ� WYTIVMSVIW� £W� QMRLEW� JSVªEW�� PIQFVIM�QI� HSW� GEQTSW�JPSVMHSW�I�HE�XIVVE�KIsRIVSWE����:SPXIM�I�FYWUYIM�XI��7¶�IRX¦S�IY�WSYFI����,EsZMEQ�WI� TEWWEHS� ETIREW� �� ERSW�� )Y� RIQ� WIUYIV� JSVE� VIGSRLIGMHE� TIPSW� ERXMKSW�ZM M̂RLSW��XEP�S�QIY�IWXEHS��-RJSVQEHE�HE�XVEK¬HME�UYI�IY�GEYWEVE��IRPSYUYIGM��I�HIWZEMVEHE�TIPEW�VYEW�HS�,EEVPIR�JYM�PERªEHE�ES�LSWT°sGMS��GSQS�YQ�ERMQEP�RYQE�NEYPE�� SRHI� WSVZM� TSV� PSRsKSW� ERSW� E� TV¶TVME� HIWHMXE� EX¬� UYI� E� QSVXI� QI�PMFIVsXSY���� TEVE� HSVIW�QYMXS�QEMSVIW�� 2E�QMRLE� PSYGYVE� IY� XI� ZME� EKSRMEHS�� E�QEPHM^IV�QI��E�TIVWIKYMV�QI��:­W��EKSVE(�8YHS�TSV�GYPTE�XYE��HS�XIY�IKS°WQS�

ô 7MQ��IY�IWXEZE�PMKEHS�E�XM�WIQ�S�WEFIV����)�RYRGE�QEMW�IRGSRXVEWXI�.EGSF#�ô�MRHEKSY�+YMPLIVQI�

ô 2YRGE��7I�IY�S�IRGSRXVEWWI��UYI�R¦S�JEVME�GSQ�IWWI�QIY�SYXVS�EPKS^����ô 4SMW�IY�XI�HMVIM��ZMZIW�RSZEQIRXI�GSQ�IPI��WYE�JMPLE�ô *MPLE'�(IPMVEW����%XVEZ¬W�HI�UYEP�WSVXMP¬KMS�S�MRMQMKS�TSHIVME�XSQEV�S�GSVTS�

HI�QIY�TEM#�2¦S�^SQsFIW�HI�QMQ�ô 3YZI��%PHIKYRHIW��QSVVIWXI�I�ZSPXEWXI�E�ZMZIV��IWXE�¬�E�ZIVHEHI�+YMPLIVQI�HIQSRWXVEZE�RE�ZS �̂XSHS�S�WIY�HIWTVI^S��0SKS�HITSMW��TVSWWIKYMY�ô�(IYW��UYI�¬�NYWXMGIMVS��HIPI�JI �̂S�XIY�TEM��YRMRHS�SW�HSMW�TEVE�UYI�IY�EKSVE�

QI�TSWWE�ZMRKEV��:­W�TSVUYI�R¦S�QI�JYKMVIMW�HS�KYERXI�HE�VITEVEª¦S#�1EXIYW�UYI�¬�S�XIY�TEM��TEM�HI�1EVMERE��IQ�GYNS�GSVTS�ZMZIW�TVMsWMSRIMVE��¬�S�XIY�I\�EQERXI�I�S�QIY�MRJIPMGMXEHSV��RSZEQIRXI�VIYRMHSW��%KSVE�TSHIVIM���

2IWWI�QSQIRXS��7EXYVRMRS�TSYWSY�E�HIWXVE�RE�JVSRXI�HI�1EVMERE��HSQMREHE�TIPEW�VIGSVHEª¸IW�HS�TEWWEHS��I�YXMPM^ERHS�VIGYVWSW�QEKR¬XMGSW�J­�PE�EHSVQIGIV��TEYWEsHEQIRXI�

+YMPLIVQI�� EXYVHMHS�� T·W�WI� E� HIFPEXIVEV�� IRUYERXS� %QFV¶WMS� S� WSGSVVME��HMQMRYMRHS�PLI�S�GEQTS�HI�Eª¦S�

'SRZMHERHS�(SRE�6SWE��S�-RWXVYXSV�HIZSPZIY�PLI�E�JMPLE�ERIWXIWMEHE�I�IQ�WSR�VITEVEHSV��%QFV¶WMS�JSM�GLEQEHS�E�VIGSRHY M̂V�S�KVYTS�ES�PEV�HE�JEQ°PME�7SEsVIW��TEVE�SRHI� JSVEQ� PIZEHEW�� TIPS�%WWMWXIRXI�I�YQ�EYs\MPMEV�� E�QEXVSRE�I� EW�HYEW�JMPLEW�

3�WIVZMªS�IWTMVMXYEP��TSV¬Q��GSRXMRYSY�S�WIY�GYVWS�RSVQEP�)Q� WIKYMHE� £� EPXIVGEª¦S� IRXVI� SW� HSMW� ERXEKSRMWXEW� HS� TVIX¬VMXS�� 7EXYVRMRS�

GSRWIKYMY� WIRWMFMPM^EV� +YMPLIVQI� UYI�� IRX¦S�� VIPEXSY� EW� I\TIVM­RGMEW� UYI�HIZIVMEQ�GYPsQMREV� REUYIPE� RSMXI� HI�QSHS� MRZIVWS� ES� UYI� EGSRXIsGME��2EVVSY��IRX¦S�� UYI� L¤� QEMW� HI� UYMR^I� ERSW� WI� WIRXME� PMKEHS� ES� 7V�� 1EXIYW�� S� ERXMKS�ZIVHYKS� TSV� UYIQ� RYXVME� HIWGSRLIGMHE� EZIVW¦S�� HMWTSRHS�WI� E� WIKYM�PS��8VERWJIVMY�WI�� TSV� JM\E�� TEVE� S� PEV� HE� JEQ°PME� 7SEVIW�� TEVsXMGMTERHS�HS�KVYTS�HI�)RXMHEHIW� MVVIWTSRW¤ZIMW�UYI�EPM� JE M̂EQ�QSVEHE��4EVXMGYPEV�I� MRGSRWGMIRXIQIRXI�ZMRGYPEHS� ES� VIWTSRW¤ZIP� TIPS� GP¦�� PIRXEQIRXI� GSRWIKYMY� MRJMPXVEV� RIPI�VIQMRMWG­RGMEW�EQEVKEW�UYI�S�JE M̂EQ�JYKMV�HS�PEV�TEVE�VIRHIV�WI�GEHE�ZI �̂QEMW�£�NSKEXMRE��TVSGYVERHS�JYKMV��1EVMERE�REWGIVE�LEZME�TSYGS��UYERHS�S�VIIRGSRsXVEVE��I�� IQFSVE� R¦S� WSYFIWWI� WIV� IPE� %PHIKYRHIW�� JSM� HSQMREHS� TSV� MRGSIVG°ZIP�

Page 43: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

ERXMTEXME�3� WIY� LSVVSV� TIPS� 7V�� 1EXIYW� IVE�� XEQF¬Q�� MRGSRWsGMIRXI�� TSMW� MKRSVEZE� S�

TVSGIWWS�HS�VIXSVRS�ES�GSVTS��IQ�UYI�IWXI�WI�SGYPXEZE��:MZIRHS�IQ�GSR½FMS�GSQ�SYXVSW�WMG¤VMSW�HS�KVYTS�JEQMPMEV��GIHS�JI �̂EQM^EHI�GSQ�XIVsV°ZIP�SFWIWWSV�PMKEHS�E�1EVXE�� E� JMPLE�QEMW� ZIPLE� HE� JEQ°PME�� UYI� WI� HIHMGEZE� E� MRGYVW¸IW� RSW� VIHYXSW�WSQsFVMSW�HE�1EKME�RIKVE��I��MRJSVQERHS�E�HSW�WIYW�TVST¶sWMXSW��JSM�EGPEVEHS�HS�MQTSWMXMZS�HE�6IIRGEVREª¦S��TSV�GYNS�QIMS�WI�EWWIKYVSY�HI�IWXEV�RS�VEWXVS�HSW�MRMQMKSW��:IMS�PLI��IRX¦S��S�HIWINS�HI�SW�QEXEV�HI�MQIHMEXS��-RJSVQEHS�HE�-H¬ME��S�-RWTMVEHSV� HI�1EVXE� WYKIVMY�PLI� XVEZEV� GSRXEGXS� GSQ�S�(V�� 8ISJVEWXYW� TEVE� UYI�IWXI� I\EQMREWWI� S� WIY� TVSFPIQE� I�� HI� EGSVHS� GSQ� SW� MRXIsVIWWIW� UYI� PLI�HIWTIVXEWWIQ��XSQ¤�PS�SY�R¦S�WSF�E�WYE�VIWTSRWEFMPMHEHI�

7IKYRHS�S�MRJSVQERXI��S�(V��8ISJVEWXYW�JSVE�MRsWMKRI�QEKS�KVIKS��UYERHS�RE�8IVVE��VIWMHIRXI�IQ�*VERsªE��UYIMQEHS�TIPE�-RUYMWMª¦S�TSV�ZSPXE�HS�ERS�HI�������IQ�6Y¦S��ET¶W�TIVWIKYMª¦S�MQTMIHSWE�I�RIJERHE��4VSsJYRHS�GSRLIGIHSV��QIWQS�UYERHS�IRGEVREHS��HI�EPKYQEW�HEW�PIMW�HS�1YRHS�)WTMVMXYEP��HIM\SY�WI�GSRWYQMV�TIPS�¶HMS�ESW�WIYW�EPKS^IW�� PSKS�UYI�HIWIRGEVRSY��IWXVIMXSY� PEªSW�GSQ�XIVV°ZIMW�ZMRKEHSVIW� HS� %P¬Q�� E� IPI� N¤� ZMRGYPEsHSW� TIPEW� WYEW� TV¤XMGEW� RIGVSQ¥RXMGEW� I�VIYRM¸IW�HI�WEFEX��XSHEW�IPEW�JIMXEW�WSF�MRWTMVEª¦S�HI�1IRXIW�ZMKSVSWEW�I�MRJIPM^IW�HE�)WJIVE�)WTMVMXYEP��0SKS�WI�MHIRXMJMGSY��ET¶W�E�QSVXI�HS�GSVTS�J°WMGS�RE�JSKYIMVE��GSQ� EUYIPIW� EXVEsZ¬W� HSW� UYEMW�QERXMRLE� S� GSQ¬VGMS� TW°UYMGS�� JI^�WI� RSsXEHS�TIPE� MQTMIHEHI�� RE� WIHI� XSVQIRXSWE� HI� ZMRKERªE�� 4EYPEXMREQIRXI�� GSRWIKYMY�MQERXEV�WI�E�HMZIVWSW�HSW�UYI�E�IPI�I�E�QYMXSW�SYXVSW�TYRMVEQ�MRHIFMXEQIRXI��IQ�MRsUYEPMJMG¤ZIP� MRXIVG¥QFMS� IWTMVMXYEP� SFWIWWMZS�� HS� UYEP� TEWWSY� E� PSGYTPIXEV�WI��4SVXEHSV�HI�QIRXI�XIRE �̂�PSFVMsKSY�EXVEZ¬W�HSW�XIQTSW�WYTVIQEGME�RS�KVYTS�IQ�UYI�ZMZME��TEWWERHS�£�GSRHMª¦S�HI�'LIJI���

6IWMHMRHS�� IWGPEVIGIY�� IRX¦S�� +YMPLIVQI�� IQ� IWXVEsRLS� W°XMS�� REW� VIKM¸IW�MRJIVMSVIW� HS� 4PERIXE�� GSQERHE� GSQ� SYXVSW� WMG¤VMSW�� L¤� QEMW� HI� XV­W� W¬GYPSW��LSVHEW�HI�)RXMHEHIW�JIVS^IW��VIWTSRW¤ZIMW�QYMXEW�HIPEW�TSV�TVSsGIWWS7�SFWIWWMZSW�I�GEPEQMXSWSW�HI�PSRKS�GYVWS��IRXVI�EW�GVMEXYVEW�LYQEREW�UYI�WI�HIM\EVEQ�ZIRGIV�TIPEW�YVsHMHYVEW�HEW�WYEW�QIRXIW�EXSVQIRXEHSVEW�

1YMXSW� HSW� UYI� WI� VIFIPEQ� TIVMSHMGEQIRXI� X­Q� I\sTIVMQIRXEHS� TYRMª¸IW�WIZIVEW�WSF�WYEW�XIRE^IW�QIRXEMW��TVSHY M̂RHS�RIPIW�XVERWJSVQEª¸IW�TIVMWTMVMXYEMW�WSI^IW��IQ�ETEZSVERXIW�TVSGIWWSW�HI�^SERXVSTME��TSV�LMTRSWI�ERIWXIWMERXI�RSW�GIRXVSW�TVSJYRHSW�HE�EPQE��XEMW�GSQS�LMTSRXVSTME��PMGERXVSTME��IXG�

:IVHEHIMVS� HIQ·RMS� WI� EGVIHMXE� WIRLSV� HI� ZEWXE� 6IsKM¦S� 8VIZSWE�� SRHI�MQTIVE�GSQS�EYXSGVEXE�EGIVFS�

(ITSMW� HI� EPKYRW� HMEW� HI� I\TIGXEXMZE�� RSW� UYEMW� EKYEVHEZE� E� HIGMW¦S� HE�)RXMHEHI�� GSRXMRYEZE� S� VIPEXS� HS� I\�RIIVPERH­W�� JSM� GSRHY M̂HS� £� TVIWIRªE� HS�'LIJI�� 3YZMHS� EXIRGMSWEQIRXI� TIPS� ERXMKS� 1EKS�� IWXI� WI� TVST·W� I\EQMREV� S�TVSFPIQE�� QEVGERHS� HEXE� TVST°GME� TEVE� RSZE� IRXVIZMWXE�� S� UYI� SGSVVIY� YQE�WIQERE�HITSMW�

2IWWE� STSVXYRMHEHI�� S� MRWMHMSWS� I� WMRKYPEV� QSREVGE� JEPSY�PLI� HE� WYE�HIWIRGEVREª¦S� GSQS� WYMGMHE�� EGPEVERsHS�PLI� L¶VVMHEW� MRUYMIXEª¸IW��QMRYGMERHS�PLI�SW�TVSGIWsWSW�HI�HIWIRGEVREª¦S�I�VIIRGEVREª¦S��HI�QSHS�E�MRXIMsV¤�PS�HS�UYI�SGSVVIVE�GSQ�SW�WIYW�ZIVHYKSW�HS�TEWWEHS��IRX¦S�VIZIWXMHSW�HI�RSZS�GSVTS���

)PYGMHEHS� TSV� +YMPLIVQI� HI� UYI� HIWINEZE� YQ� HIWsJSVªS� MQIHMEXS�� UYI�XVEHY M̂WWI�XSHS�S�WIY�EQEVKSV��I\sTPMGSY�PLI��IRX¦S��UYI�E�QIPLSV�QERIMVE�HI�WI�ZMRKEV� WIsVME� VIEPM^EHE� EXVEZ¬W� HS� XIQTS�� TIPS� TVSGIWWS� PIRXS� HE� SFWIWW¦S�GSRX°RYE�IQ�EQFSW�SW� G·QTEVIW�HE� XVEK¬HME�TEWWEHE�� MRHY M̂RHS�SW�ES� WYMG°HMS�

Page 44: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

TEVE�EYQIRXEV�PLIW�E�EJPMª¦S��RS�QSQIRXS�TV¶TVMS���:MRGYPERHS�WI�� HIWHI� PSKS� I� IWTSRXERIEQIRXI�� ESW� GSQERHEHSW� TIPS� (V��8ISJVEWXYW�� HIPI� VIGIFME� SVMIRXEsª¦S� WIKYVE� I� GSRWXERXI�� GSRWIKYMRHS� JEVXEV�WI�HEW� IQEREª¸IW� ZEQTMVM^EHEW� TVSZIRMIRXIW� HE� NSZIQ� SFWIWWE� UYI� GSQIªEVE� E�WYFNYKEV�� IRUYERXS� I� WMQYPXERIEQIRXI� EPYGMREZE� S� EQEHYVIGMHS� KIRMXSV�� SVE�EPUYIFVEHS�

'SQTVIIRHIRHS� GLIKEHS� S� QSQIRXS� HS� KSPTI� HIGMsWMZS�� S� (V�� 8ISJVEWXYW�SVMIRXEVE�S�TEVE�TVSZSGEV�GIREW�HI�EXVMXSW�GSRWXERXIW�IRXVI�TEM�I�JMPLE��HI�QSHS�E�UYI�IWXE�IQ�QSQIRXS�HI�HIWIWTIVS�WI�IZEHMWWI�HS�PEV��FYWsGERHS�RS�REQSVEHS�PIZMERS� I� MVVIWTSRW¤ZIP� S� JEPWS� EQsTEVS� HI� UYI� WI� WIRXMVME� GEVIGIRXI�� 2IWWE�GMVGYRWX¥RsGME��IRX¦S��IPI�WI�VIIRGEVREVME�EXVEZ¬W�HI�1EVMERE��ZSPsXERHS�ES�PEV�HSW�7SEVIW� RE� GSRHMª¦S� HI� RIXS� HS� 7V��1EsXIYW�� E� JMQ� HI�QEX¤�PS� PIRXEQIRXI�� IQ�PSRKS� VIGYVWS� HI� MQTMIHSWE� ZMRHMXE�� GSRJSVQI� MRWXVY°HS�� -WXS� PLI� WIVME� J¤sGMP��IZMHIRXIQIRXI��TIPE�LMTRSWI�RE�QSªE�UYI�WI�IRGSRsXVEZE�GETEGMXEHS�HI�TVSHY M̂V��GSQS�MRXIRXEVE��PSKVERHS�­\MXS��RS�TVMQIMVS��������

'SRWIGYXMZEQIRXI�� GSQS� VIPIQFVEWWI� XSHSW� SW� PERsGIW� HS� TVSKVEQE� MRJIPM �̂UYI�EGEPIRXEZE�LEZME�XERXSW�ERSW��+YMPLIVQI�ETVIWIRXEZE�WI�XVERWXSVREHS�TIPEW�HSVIW�HEW� IZSGEª¸IW� WSQFVMEW� I� TIPE� MQIRWE� JVYWXVEª¦S�HSW� TPERSW� IPEFSVEHSW�GSQ�XERXS�IWQIVS�

)QFSVE�MRXIVZMRHS��HI�UYERHS�IQ�UYERHS��HI�QSHS�E�IWXMQYP¤�PS�RE�REVVEXMZE��7EXYVRMRS�ERMQEZE�S�GSQ�TEPEZVEW�KIRIVSWEW��E�JMQ�HI�UYI�RSW�MRXIMV¤WWIQSW�HI�YQE�HIRXVI�EW�MR½QIVEW�X¬GRMGEW�HE�SFWIWW¦S�I�HSW�VIsGYVWSW�YXMPM^¤ZIMW�TEVE�E�ZMRKERªE��TIPSW�HIWIRGEVREHSW��IRGIXERHS��IRX¦S��GSRZIVWEª¦S�QEMW�EQIRE�GSQ�S� TIVWIsKYMHSV� HI� 1EVMERE�� UYI� TEVIGME� EPUYIFVEHS�� ZIRGMHS�� WSF� S� MRJPY\S�QEKR¬XMGS�HS�-RWXVYXSV�I�SW�TEWWIW�ETPMGEHSW�GSQ�GEVMRLS�TSV�%QFV¶WMS�

'SRHY M̂HS� ES� WSRS�� +YMPLIVQI� JSM� EJEWXEHS� HS� VIsGMRXS� TSV� ^IPSWSW�GSSTIVEHSVIW� HIWIRGEVREHSW� I� E� VIYsRM¦S� JSM� HEHE� TSV� IRGIVVEHE�� ET¶W�GSQSZIHSVE�SVEª¦S�TVSJIVMHE�TIPS�-RWXVYXSV�������4IXMXMRKE��S�Q¬HMYQ�1SVEMW�I�R¶W��JSQSW�GSRHYs M̂HSW�HI�ZSPXE�ES�PEV��IRUYERXS�E�%PZE�HIWIRLEZE�WSFVI�EW�WSQFVEW�JYKMHMEW�HE�RSMXI�SW�TVMQIMVSW�GSRXSVRSW�HE�REXYVI^E�TVITEVERHS�WI�TEVE�S�JIWXMZEP�HS�(ME�

Page 45: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

�)WXYHERHS�S�LMTRSXMWQS

������*·VEQSW�MRJSVQEHSW�TIPS�MVQ¦S�7EXYVRMRS�HI�UYI��RS�TVSGIWWS�HI�HIWSFWIWW¦S��IQ�UYI�RSW�IQTIRL¤ZEQSW�ES�PEHS�HE�JEQ°PME�7SEVIW��WIVME�RIGIWW¤VMS�GSPLIV�QIsPLSVIW�PMª¸IW�IQ�XSVRS�HS�TVSFPIQE�HE�LMTRSWI�IWTMVMsXYEP�TVEXMGEHE�TSV�)RXMHEHIW�:MRKEHSVEW�HE�)VVEXMGMsHEHI��ERXIW�HI�XSQEVQSW�GSRLIGMQIRXS�HIXEPLEHS�HEW�XEVIJEW�UYI�WI�VIEPM^EZEQ�RS�%RJMXIEXVS��4EVE�XERXS��VIsGIFIV°EQSW��ES�TVMQIMVS�IRWINS��E�ZMWMXE�HI�W¤FMS�1IRsWEKIMVS�)WTMVMXYEP�UYI�ZMVME�ESW�RSWWSW�XVEFEPLSW�I��YXMsPM^ERHS�WI�HE�QIHMYRMHEHI�HS�MVQ¦S�1SVEMW��HEV�RSW�ME�IPYGMHEXMZE�QIRWEKIQ�WSFVI�E�,MTRSPSKME�������%RYRGMEHE�E�RSMXI�HSW�XVEFEPLSW�IQ�UYI�VIGIFIV°EsQSW�S�EFIRªSEHS�-RWXVYXSV��TVITEVEQS�RSW� GSRZIRMIRXIQIRXI�I�� GLIKEHS�S�QSQIRXS�� ET¶W�E�EFIVXYVE�HSW�XVEsFEPLSW�� UYI� JSM� TVSGIHMHE� TIPS� MVQ¦S� 4IXMXMRKE�� I� EW� MRWsXVYª¸IW� RSVQEMW�� S�Q¬HMYQ��IQ�XVERWI�WSREQF½PMGS��GSsQIªSY�E�JEPEV�������*IMXEW�EW�WEYHEª¸IW�MRMGMEMW�I�GSWXYQIMVEW��E�)RXMsHEHI��UYI�MVVEHMEZE�FSRHEHI�I�WMQTEXME��GSQIªSY�E�I\sTVIWWEV�WI�GSQ�MRIWUYIG°ZIP�MRJPI\¦S�HI�ZS �̂������ô�-VQ¦SW�RE�J¬�VIWXEYVEHE��nUYI�.IWYW��S�(MZMRS�&IRJIMXSV��RSW�EFIRªSI�I�RSW�KYEVHI��HERHS�RSW�E�7YE�TE �̂I�MRWTMVEª¦S�������n(IWHI�XIQTSW�MQIQSVMEMW�UYI�W¦S�GSRLIGMHEW�EPsKYQEW�HEW�TV¤XMGEW�HS�,MTRSXMWQS�QSHIVRS��UYI�SGYTEZE�REW�VIPMKM¸IW�HSW�TSZSW�HE�ERXMK¿MHEHI�SVMIRXEP�PYsKEV�HI�VIPIZS��IQFSVE�GSQ�RSQIRGPEXYVE�HMZIVWE�

ü3�)KMXS� JEVE·RMGS�� EXVEZ¬W� HSW� WIYW� WEGIVHSXIW�� UYI� TIWUYMWEZEQ�SW�QEMW�ZEVMEHSW� JIR·QIRSW� TW°UYMGSW� GSQ� SW� VIGYVWSW� HI� UYI� HMWTYRLEQ�� HIHMGSY�HMZIVWSW�XIQTPSW�ES�WSRS��RSW�UYEMW�WI�VIEPM^EZEQ�EW�I\TIVM­RsGMEW�LMTRSP¶KMGEW�HI�I\TVIWWMZSW�VIWYPXEHSW��3W�XEYQEXYVKSW�GEPHIYW�TVEXMGEZEQ�RS�GSQ�JMREPMHEHIW�XIVET­YsXMGEW��PSFVMKERHS�VIWTIMX¤ZIP�WSQE�HI�FIRIJ°GMSW��)�EW�HMZIVWEW�PMXIVEXYVEW�VIJIVIRXIW� £� LMTRSPSKME� GSRWIVZEQ� EMRHE� LSNI� JVEKQIRXSW� LMWX¶VMGSW� HE� WYE�ZMEKIQ� QYPXMWsWIGYPEV� EXVEZ¬W� HI� GMZMPM^Eª¸IW� MRGSRX¤ZIMW� UYI� JMGEVEQ� RS�TEWWEHS���

n(IZI�WI��TSV¬Q��E�*VIHIVMGS�%RX·RMS�1IWQIV�S�KVERHI�MQTYPWS�UYI�S�XVSY\I�ESW� XIQTSW� QSHIVRSW�� 8SsHEZME�� QIVIGI� GSRWMHIVEHS� UYI� 4EVEGIPWS�� EYXSV� HS�GSRsGIMXS� I� XISVME� HS� JPY°HS�� ERXIVMSVQIRXI� N¤� WI� MRXIVIWWEVE� TSV� I\TIVM­RGMEW�QEKR¬XMGEW�� UYI� WIVMEQ� TSWXIVMSVQIRXI� HIWHSFVEHEW� TSV� 1IWQIV�� 'SRWMHIVEZE�1IWQIV�S� JPY°HS� GSQS�WIRHS�S�QIMS�HI�YQE� MRJPY­RGME�Q½XYE�IRXVI� SW� GSVTSW�GIPIWXIW��E�XIVVE�I�SW�EWXVSW~��EJMVQERHS�UYI�IWWI�JPY°HS�WI�IRGSRXVE�IQ�XSHE�E�TEVXI� I� IRGLI� XSHSW� SW� IWTEªSW� ZE M̂SW�� TSWWYMRHS� E� TVSTVMIHEHI� HI� nVIGIFIV��TVSsTEKEV� I� GSQYRMGEV� XSHEW� EW� MQTVIWW¸IW� HS� QSZMQIRXS~�� )� IPYGMHEZE�� n3�GSVTS� ERMQEP� I\TIVMQIRXE� SW� IJIMXSW� HIWWI� EKIRXI�� I� ¬� MRWMRYERHS�WI� RE�WYFWX¥RGME�HSW�RIVsZSW�UYI�IPI�SW�EJIXE�MQIHMEXEQIRXI~�

n*SVQEHS�TIPE�9RMZIVWMHEHI�HI�:MIRE��S�MPYWXVI�Q¬sHMGS�HIJIRHIY�E�XIWI�UYI�MRXMXYPSY��n-RJPY­RGME�HSW�EWsXVSW�RE�GYVE�HEW�HSIRªEW~��EXVEZ¬W�HE�UYEP�I\TYRLE�E�WYE�XISVME�HS�JPY°HS��MRWTMVEHE��WIQ�H½ZMHE��RS�XVEHMGMSsREP�GSRGIMXS�HS�JPYMHMWQS�YRMZIVWEP�

n*M\EHS�IQ�XEP�STMRM¦S��GSRGPY°E�UYI�EW�IRJIVQMHEsHIW�HIGSVVIQ�HE�EYW­RGME�HIWWI�JPY°HS�RS�SVKERMWQS��JPY°HS�UYI�TEWWE��IRX¦S��E�WIV�E�EPQE�HE�ZMHE�

ü9XMPM^ERHS�WI�HI����TVSTSWMª¸IW�SY�EJSVMWQSW��IWXEsFIPIGIY�EW�FEWIW�HS�WIY�

Page 46: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

TIRWEQIRXS� I� XVERWJIVMY�WI� HI� :MIRE� TEVE� 4EVMW�� RSW� JMRW� HS� W¬GYPS� ���� HERHS�MR°GMS��GSRUYERXS�S�JSVXI�TVIGSRGIMXS�EGEH­QMGS�IRX¦S�VIMsRERXI��£W�WYEW�TV¤XMGEW��UYI�XMRLEQ�HI�GIVXS�QSHS�YQ�GEV¤XIV�FYVPIWGS��XIRHS�IQ�ZMWXE�E�JSVQE�FM^EVVE�GSQ�UYI�WI�ETVIWIRXEZE��WIQ�E�TVISGYTEª¦S�HI�EXIRHIV�£�WIVMIHEHI�HI�YQ�PEFSV�HI�SVHIQ�GMIRX°JMGE�

ü'SQTVIIRWMZIPQIRXI�� S� ETEVEXS� EPKS� XIEXVEP� GSRWIsKYME� MRJPYIRGMEV� SW�TEGMIRXIW�UYI�PLI�FYWGEZEQ�S��EY\°PMS�~�

*E^IRHS� YQE� TEYWE�� GSQS� E� GSSVHIREV� LMWX¶VMGEsQIRXI� SW� GSRGIMXSW��TVSWWIKYMY��GSQ�I\TVIWWMZE�­RJEWI�

ô ü%ZERªERHS�HI�WYVTVIWE�E�WYVTVIWE��REW�I\TIsVM­RGMEW�QEKR¬XMGEW�ES�PEHS�HI�TSVXEHSVIW�HI�HMWX½VFMSW�RIVZSWSW��GVMSY�1IWQIV�E��XMRE�HEW�GSRZYPW¸IW~��� ��IQ�VIHSV�HE�UYEP�TSHMEQ�WIV�EXIRHMHEW�WMQYPX¥RIEQIRXI�EX¬�����TIWWSEW�

ü%PM� WI� VIYRMEQ� TEVEP°XMGSW�� RIZVSTEXEW� HI� GPEWWMJMsGEª¦S� GSQTPI\E� UYI�� IQ�GSRXEGXS�GSQ�S�JPY°HS�QEKR¬sXMGS��IVEQ�EGSQIXMHSW�HI�GSRZYPW¸IW�ZMSPIRXEW�HEW�UYEMW� WE°EQ� GSQ� RIVZSW� VIPE\EHSW�� PMFIVXEHSW� HEW� IRJIVQMHEsHIW� UYI� SW�GSRWYQMEQ

�� %�ü8MRE�HEW�GSRZYPW¸IWý�SY�FEUYIX��IQ�JVERG­W �WI�GSRWsXMXYME�HI�EQTPE�GEM\E�HI�QEHIMVE�GSQ�HMQIRW¸IW�KMKERXIW��HI� JSVsQE�GMVGYPEV�I�IRXYPLEHE� HI� PMQEPLEW� HI� JIVVS�� 7SFVI� EW� PMQEPLEW� IVEQ� GSPSGEHEW�KEVVEJEW� GLIMEW� HI� ¤KYE� EHVIHIQIRXI� QEKRIXM^EsHEW�� )WWEW� KEVVEJEW�WIQIPLEZEQ�WI� E� ZEWSW� GSQYRMGERXIW�� TSV� IWXEVIQ� MRXIVPMKEHEW� I� S�P°UYMHS� TEWWEV� EXVEZ¬W� HI� XSHEW�� (E� XMRE�� TSV� EFIVXYVEW� EWWMQ¬XVMGEW��WEMEQ� MR½QIVEW� FEVVEW� HIPKEsHEW� I� PSRKEW� HI� JIVVS�� Q¶ZIMW�� UYI� SW�TEGMIRXIW�ETPMGEZEQ�WSFVI�SW�¶VK¦SW�IRJIVQSW��3W�TEGMIRXIW�JSVQEZEQ�HMZIVWEW� JMPIMVEW� IQ� XSVRS� HS� FEUYIX�� HI�QSHS� E� TSHIVIQ� E� YQ� W¶� I�QIWQS� XIQTS� FIsRIJMGMEV�WI� HSW� VIWYPXEHSW� QEKR¬XMGSW�� %P¬Q� HMWWS��HIM\EZEQ�WI�EXEV�£�GMRXYVE�TSV�YQE�GSVHE��YRW�ESW�SYXVSW��I�WI�HEZEQ�EW�Q¦SW� GSQ� E� JMREPMHEHI� HI� JSVQEVIQ� YQ� ERIP� HI� JSVªE�� E� JMQ� HI�EQTPMEVIQ�E�Eª¦S�HS�JPY°HS�

ü%GEXEHS� TSV� YRW�� TIVWIKYMHS� TSV� SYXVSW��1IWQIV� XIVQMRSY� TSV� EFERHSREV�4EVMW� I� XVERWJIVMY�WI� TEVE� 2YVWsFYVK�� RS� PEKS� HI� 'SRWXERªE�� EPKS� GSQFEPMHS� I�HIWTVIWsXMKMEHS�

n%W� WYEW� I\TIVM­RGMEW�� TSV¬Q�� GLEQEVEQ� E� EXIRª¦S� HI� LSQIRW� MPYWXVIW� I�MRXIVIWWEHSW�RE�FYWGE�HI�Q¬XSHSW�GETE^IW�HI�HMQMRY°VIQ�EW�EJPMª¸IW�LYQEREW��)RXVI�IWWIW��S�1EVUY­W�(I�4Y]W¬KYV�� �� �IQ�������IRUYERXS�QEKsRIXM^EZE�YQ�GEQTSR­W� HI� RSQI� :°XSV� 6EGI�� JSM� WYVTVIIRHMHS� TSV� IWXVERLE� SGSVV­RGME�� S�TEGMIRXI�EHSVQIGIY�I�RIWWI�IWXEHS�ETVIWIRXSY�EHQMV¤ZIP�PYGMHI �̂�WIRHS�GEsTE �̂HI�TVSHY M̂V�IJMGMIRXI�HMEKR¶WXMGS�E�VIWTIMXS�HI�QEsPIW�SVK¥RMGSW�UYI�S�EJPMKMEQ�I�WYKIVMV� WIKYVE� XIVET­YsXMGE��3� WSRS� IVE� EQIRS�� WIQ� GSRZYPW¦S� RIQ� XSVQIRXS��IRWINERHS�S�MR°GMS�HS�TIV°SHS�HIRSQMREHS�IRX¦S�WSREQsFYPMWQS�

n3�JEXS��HMKRS�HI�IWXYHSW��XSVRSY�WI�HI�W½FMXS�MRWsXVYQIRXS�HI�GLEVPEXERMWQS�I� JSM� HIRSQMREHS� GSQS� QEsVEZMPLSWS�� HERHS� QEVKIQ� E� IWTIGYPEª¸IW�REXYVEPQIRXI� VMH°GYPEW�I� MRHMKREW�� 8SHEZME�� IWXEZE�WI�RS� GEQMRLS� GIVXS�� ETIWEV�HEW�ZIVIHEW�JEPWEW�

%�%GEHIQME��GSRZSGEHE�E�STMREV�EXVEZ¬W�HI�MRUY¬sVMXSW�GSRHY M̂HSW�GSQ�Q¤�J¬��GLIKSY�£�GSRGPYW¦S�HI�UYI�XYHS�R¦S�TEWWEZE�HI�FYVPE��I�GIVVSY��HIWHI�IRX¦S��nSPLSW�I�SYZMHSW~�ESW�EZIRXYVIMVSW��VIPIKERHS�SW�ES�QEMW�EQTPS�HIWTVI^S�

Page 47: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

�� �3�1EVUY­W�(I�4Y]W¬KYV��HSQMREHS�TSV�WIRXMQIRXSW�LYQERMX¤VMSW��QEKRIXM^SY�YQE�¤VZSVI�IQ�WYE�TVSTVMIHEHI�HI�&YWERG]�GSQ�S�SFNIXMZS�HI� EY\MPMEV� SW� TSFVIW� UYI�� XSGERHS� RS� ZIXYWXS� ZIKIXEP�� WI� HM M̂EQ�QIPLSVEV� EXVEZ¬W� HSW� WIYW� VIGYVWSW� FIR¬JMGSW�� 1IWQIV�� TSV� WYE� ZI �̂�MRXIVIWWEHS� MKYEPQIRXI� RE� QEMW� EQTPE� HMJYW¦S� HS� QEKRIXMWQS�� FIQ�GSQS� RE� GSPIXE� HI� VIWYPXEsHSW� IWTIXEGYPSWSW�� MRWXVYMY� YQ� WIY�IQTVIKEHS�� XSVRERHS�S� WIY� GSSTIVEHSV� TEVE� EXIRHIV� £� GPMIRXIPE� IQ�GVIWGMQIRXS�IWTERXSWS��%P¬Q�HS�FEUYIX�UYI�EXIRHME�E�R½QIVS�GSPIXMZS��LEZME� E� ETPMGEª¦S� HS� QEKRIX-WQS� MRHMZMHYEPQIRXI�� JIMXS� HI� QERIMVE�FEWXERXI�KVSWsWIMVE��QEW��EMRHE�EWWMQ��HI�VIWYPXEHSW�WYVTVIIRHIRXIW���

�ü4IWUYMWEHSVIW�GSRWGMIRXIW��RS�IRXERXS��R¦S�HIWERMsQEVEQ�I��HIRXVI�IWWIW��S�

&EV¦S�(Y�4SXIX�I�'EVPSW�0EsJSRXEMRI�WI�JM^IVEQ�SW�QEMW�RSX¶VMSW�TIPSW�PMZVSW�UYI�IWsGVIZIVEQ� I� SW� IWTIX¤GYPSW� T½FPMGSW� IQ� UYI� WI� ETVIWIRsXEVEQ�� I\MFMRHS� SW�VIWYPXEHSW�HEW�WYEW�MRZIWXMKEª¸IW��IQsFSVE�R¦S�JSWWIQ�VIEPQIRXI�GMIRXMWXEW�

n2S�IRXERXS��E�HIWGSFIVXE�HI�(I�4Y]»¬KYV�ZIMS�MRJPYIRGMEV�TSHIVSWEQIRXI�S�WEGIVHSXI�TSVXYKY­W�.SW¬�'YWX¶HMS�HI�*EVME��REWGMHS�IQ�'SRGSPMQ�HI�&EVHI �̂�RE��JVMGE� 4SVXYKYIWE� I� VIWMHIRXI� IQ� 4EVMW�� UYI�� KVEªEW� ES� WIY� RSX¤ZIP� XVEFEPLS��TEWWSY�E�WIV�GLEQEHS�IQ�*VERªE�P�EFF¬�HI�*EVME��UYI�GSRWIKYMY��GSQ�MREYHMXSW�IWJSVªSW�� PMFIVXEV�WI� HI� XSHEW� EW� TV¤XMGEW� I� JSVQEW� EX¬� IRX¦S� ZMsKIRXIW��IWXEFIPIGIRHS� UYI� S� JIR·QIRS� TVSGIHME� HE� WYsKIWX¦S�� HITIRHIRHS��IZMHIRXIQIRXI�� HS� TEGMIRXI�� (IWsGSRWMHIVSY� EW� ETVIWIRXEª¸IW� VMH°GYPEW�� WIQ�GSRWIKYMV��RS�IRXERXS��HIWTIVXEV�E�EXIRª¦S�HSW�W¤FMSW�I�EGEH­QMGSW���

ü%W� I\TIVM­RGMEW� HI� (I� 4Y]W¬KYV� GSRHY M̂VEQ� S� JIsR·QIRS� ES� GEQTS� HE�XVERWTSWMª¦S�HSW�WIRXMHSW��ZMW¦S�E�HMWX¥RGME�I�EXVEZ¬W�HI�GSVTSW�STEGSW��IXG���

ü8SHEZME�� ES� GMVYVKM¦S� MRKP­W� .EQIW� &VEMH� WI� HIZI� E� MRXVSHYª¦S� HS� XIVQS�LMTRSXMWQS�IQ�PYKEV�HI�QEKRIsXMWQS�I�RSZEW�GSRGPYW¸IW�WYVTVIIRHIRXIW�RS�WIXSV�HEW�TIWUYMWEW��XIRHS�WI�IQ�ZMWXE�WIV�IPI�IWTMVMXYEPMWXE�

%WWMWXME�IPI�E�YQE�WIWW¦S�HI�0EJSRXEMRI��TEVE�EZIsVMKYEV�S�UYI�LEZME�HI�VIEP�RS�HIFEXMHS�TVSFPIQE�HE�QEKRIXM^Eª¦S��UYERHS�WI�WIRXMY�HIWTIVXEHS�TEVE�EPKYRW�HSW�JIR·QIRSW�QEMW�QSHIWXSW��S�UYI�S�PIZSY�E�VIEPM^EV��IPI�QIWQS��MRGSRX¤ZIMW�I\TIVM­RGMEW��RS�HIGYVWS�HEW�UYEMW�� ET¶W� GSRWIKYMV� S� WSRS�TVSZSGEHS�IQ�WIYW�nWYNIXW~��HIsTEVSY�GSQ�SW�IWXEHSW�HI�GEXEPITWME�I� PIXEVKME��IRGSRsXVERHS�RSZS�GEQTS�TEVE�I\TIVMQIRXEª¸IW�ZEPMSWEW�

)WX¤ZEQSW� JEWGMREHSW�� )VE� YQE� W°RXIWI� LMWX¶VMGE� HS� ,MTRSXMWQS�� IRX¦S�ETPMGEHS� IQ� RSWWSW� XVEFEPLSW� IWTMsVMXYEMW�� I� UYI� LSNI� XIQ� EQTPS� GYVWS� IRXVI�Q¬HMGSW� I� SHSRX¶PSKSW�� VIJPI\SPSKMWXEW� I� TWMUYMEXVEW�� GSRWXMXYMRHS� TVIGMSWE�HMWGMTPMRE�GVIHSVE�HI�IWXYHSW�TVSJYRHSW�I�GSQsTPI\SW�

3 -RWXVYXSV��ET¶W�PMKIMVE�VIJPI\¦S��HIY�GYVWS�£�I\TSsWMª¦S�JPYIRXI�I�GPEVE�ôü2S�ERS�HI�������TSV¬Q��S�4VSJIWWSV� .S¦S�1EVXMRLS�'LEVGSX�TVSJIVMY�YQE�

W¬VMI� HI� GSRJIV­RGMEW� RS� ,SWsTMXEP� HE� 7EPT­XVM¬VI�� QSHMJMGERHS� RE� %GEHIQME� E�VIEFMsPMXEª¦S�HS�HIWHIRLEHS�1EKRIXMWQS��EKSVE�ETVIWIRXEHS�GSQ�RSQIRGPEXYVE�HMJIVIRXI��,MTRSXMWQS��I\TVIWW¦S�GSQsTEX°ZIP��WIQ�H½ZMHE��GSQ�EW�I\TIVM­RGMEW�IQ�GYVWS��8SsHEZME��S�IQMRIRXI�TVSJIWWSV�'LEVGSX�� PMHERHS�I\GPYWMZEQIRXI�GSQ�LMWX¬VMGEW�MRXIVREHEW�RS�,SWTMXEP�HE�7EPT­XVM¬VI��GLIKSY�£�GSRGPYW¦S�ETVIWWEHE�HI�UYI�S�LMTRSXMWsQS�¬�YQE�RIZVSTEXME�HI�GEV¤XIV�EYXSQEXMWXE��UYI�WI�QEsRMJIWXE�RS�IRJIVQS� EXVEZ¬W� HI� XV­W� JEWIW� HMWXMRXEW�� GEsXEPITGME�� PIXEVKME� I� WSREQFYPMWQS��VIPIKERHS�S�JIR·QIRS�LMTR¶XMGS�E�YQ�TPERS�HI�HIWGV¬HMXS�I�QIWQS�HI�EFNIª¦S�

Page 48: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

ü)RUYERXS� S� 4VSJIWWSV� 'LEVGSX� TSRXMJMGEZE� RE� 9RMZIVsWMHEHI� HE� 7EPT­XVM¬VI��EGYWEHS� TIPS� 4VSJIWWSV� 4IHVS� .ERIX� HI� ETIREW� XIV� LMTRSXM^EHS� WIRWMXMZEW� N¤�GSRHMGMSREHEW� TSV� IWXYHERXIW� UYI� TVEXMGEZEQ� S� WSREQFYPMWQS� RE� EYW­RGME� HS�QIWXVI�� GVMERHS� REW� TIVGMTMIRXIW� YQ� IWXEHS� HI� EYXSsQEXMWQS� TEXSP¶KMGS�PEQIRX¤ZIP��� ��HIWXEGE�WI�RE�)WsGSPE�HI�2ERG]�S�(V��0M¬FEYPX��UYI�HIWHI������ETPMGEZE� SW� VIGYVWSW� LMTRSP¶KMGSW� HMEVMEQIRXI� IQ� WYE� GP°RMGE�� GSQ� VIWYPXEHSW�I\TVIWWMZSW�� HMWGSVHERHS� XIVQMRERXIQIRXI� HE� GSRGIMXY£ª¦S� LMWXIVSTEXE� HSW�QIWXVIW�HE�7EPT­XVM¬VI���

%� )WGSPE� HI� 2ERG]� VIYRMY� LSQIRW� RSX¤ZIMW�� HIRsXVI� SW� UYEMW� S� TVSJIWWSV�&IVRLIMQ��UYI�JSVE�EXVE°HS�ES

�� �)WWI�QIWQS�4VSJIWWSV�4MIVVI� .ERIX�TYFPMGEVE��IQ�������YQ� PMZVS�-RXMXYPEHS� ü%YXSQEXMWQS� TWMGSP¶KMGSý�� EXVEZ¬W� HS� UYEP�� IRXVI� HMZIVWEW�GSRGPYW¸IW�� XIRXE� HIWQSVEPM^EV� SW� Q¬HMYRW�� WMsXYERHS�SW� IRXVI� SW�LMWX¬VMGSW��RE�GSRHMª¦S�HI�WMQTPIW�EYXSQEsXMWXEW�

�,MTRSXMWQS��EXVEZ¬W�HI�YQ�WIY�GPMIRXI�TEVE�S�UYEP�JEsPLEVEQ�XSHSW�SW�VIGYVWSW��I�WI�GYVEVE�GSQ�YQE�½RMGE�WIWW¦S�HI�LMTRSWI�RE�GP°RMGE�HS�(V��0M¬FEYPX����

%� TEVXMV� HIWWI� QSQIRXS�� JMGEVEQ� HIJMRMXMZEQIRXI� IWXEFIPIGMHEW� EW� HYEW�GSVVIRXIW� TVITSRHIVERXIW� RE� ,MTsRSPSKME�� E� HI� UYI� S� JIR·QIRS� LMTR¶XMGS�IRGSRXVE� QIPLSV� GEQTS� I� ¬� IWTIG°JMGS� RSW� LMWX¬VMGSW�� I� EUYIPE� UYI� EJMVQE� S�STSWXS��IWXEFIPIGIRHS�UYI�EW�TIWWSEW�TSVXEHSVEW�HI�G¬VIFVS�RSVQEP��GETE^IW�HI�QIPLSV� GSRGIRXVEVIQ� REW� MH¬MEW� UYI� WI� PLIW� WYKMVEQ�� W¦S� EW� VIEPQIRXI�LMTRSXM^¤sZIMW�� 'SVVIRXIW� HI� TIRWEQIRXSW� HMZIVWSW�� TEHVSRM^EHEW� WIKYRHS� SW�Q½PXMTPSW�I\TIVMQIRXEHSVIW��X­Q�WMHS�ETVIsWIRXEHEW��GVMERHS�STMRM¸IW�IWHV½\YPEW�I�R¦S�TSYGEW�ZI^IW�VMH°GYPEW�

%�ZIVHEHI��TSV¬Q��¬�UYI�EW�HYEW�)WGSPEW�JVERGIsWEW��E�HE�7EPT­XVM¬VI��RE�UYEP�TSRXMJMGEZEQ�SW�GSRGIMXSW�HE�LMWXIVSTEXME��I�E�HI�2ERG]��EJMVQERHS�E�PIKMXMQMHEHI�HE� WYKIWX¦S� IQ� XSHSW� SW� MRHMZ°HYSW��QIVIGIVEQ�HE�TSWsXIVMHEHI�IWXYHSW�QEMW�EGIRXYEHSW�I�QIPLSV�GSRWMHIVEª¦S��IQFSVE�E�KVERHI�QEMSVME�HSW�TIWUYMWEHSVIW�LENE� HMWGSVsHEHS� HI� 'LEVGSX�� 4IHVS� .EYIX�� &EFMRWOM�� WIYW� QEMW� MPYWsXVIW�VITVIWIRXERXIW�

�� %PPER�/EVHIG��S�IQMRIRXI�'SHMJMGEHSV��EGIRXYSY�UYI�� � � � � �ü7¦S�I\XVIQEQIRXI�ZEVMEHSW�SW�IJIMXSW�HE�Eª¦S�JPY°HMGE�WSFVI�SW�HSIRXIW�� HI� EGSVHS� GSQ� EW� GMVGYRWX¥RGMEW�� %PKYQEW� ZI^IW� ¬� PIRXE� I�VIGPEQE�XVEXEQIRXS�TVSPSRKEHS��GSQS�RS�QEKRIXMWQS�SVHMR¤VMS��HSYXVEW�ZI^IW�¬�V¤TMHE�GSQS�YQE�GSVVIRXI�IP¬XVMGE��,¤�TIWWSEW�HSXEHEW�HI�XEP�TSHIV�UYI�STIVEQ�GYVEW�MRWXERX¥RIEW�REPKYRW�HSIRXIW��TSV�QIMS�ETIREW�HE�MQTSWMª¦S�HEW�Q¦SW��SY�EX¬�I\GPYWMZEQIRXI�TSV�EXS�HI�ZSRXEHI��)RXVI�SW�HSMW�T¶PSW�I\XVIQSW�HIWWE� JEGYPHEHI�L¤� MRJMRMXSW�QEXM^IW��8SHEW�EW�GYVEW� HIWWI� K­RIVS� W¦S� ZEVMIHEHIW� HS�QEKRIXMWQS� I� W¶� HMJIVIQ� TIPE�MRXIRWMHEHI�I�TIPE� VETMHI �̂ HE�Eª¦S��3�TVMRG°TMS� ¬� WIQTVI�S�QIWQS�� S�JPY°HS�� E� HIWIQTIRLEV� S� TETIP� HI� EKIRXI� XIVET­YXMGS� I� GYNS� IJIMXS� WI�EGLE�WYFSVHMREHS�£�WYE�UYEPMHEHI�I�E�GMVGYRWsX¥RGMEW�IWTIGMEMWý�

%�+­RIWI��HI�%PPER�/EVHIG����m�IHMª¦S�ô�'ETMXYPS�<-:�ô-XIQ����ô�*)&��ô�2SXE��HS�%YXSV�IWTMVMXYEP�

n3� 4VSJIWWSV� 'EVPSW� 6MGLIX�� E� GYNS� XVEFEPLS� XERXS� HIsZIQ� EW� GM­RGMEW�

Page 49: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

JMWMSP¶KMGEW� I� TWMGSP¶KMGEW�� S� IQMRIRXI� GEXIHV¤XMGS� HE� 9RMZIVWMHEHI� HI� 4EVMW��VIEPM^SY� IWXYHSW� WMWXIQEXM^EHSW�� I\T·W� GSQ� PIEPHEHI� SW� VIWYPXEHSW� SFXMsHSW� I�GSRWIKYMY�MRXIVIWWEV�SW�QEMW�IQMRIRXIW�IWXYHMSWSW�HS�WIY�XIQTS��IRXVI�SW�UYEMW�S�TV¶TVMS�4VSJIWWSV�'LEVGSX��UYI�ET¶W�EW�GSRGPYW¸IW�HS�QIWXVI�JMWMSPSKMWXE�VIWSPZIY�IWXYHEV�IQ�TVSJYRHMHEHI�S�,MTRSXMWQS~���

)� HERHS� HMZIVWE� MRJPI\¦S� £� ZS �̂� S� &IRJIMXSV�� RS� UYEP� WI� EPMRLEZEQ�GSRLIGMQIRXSW�ZEPMSWSW�I�I\TIVM­RGMEW�HI�EPXS�VIEPGI��EHY M̂Y�

ô� n3� UYI� RSW� MQTSVXE�� IRXVIXERXS�� GSRWMHIVEV�� ¬� S� QIGERMWQS� GSQS� WI�IJIXYEQ� EW� MRXIVZIRª¸IW� LMTRSP¶KMsGEW� IRXVI� SW� MRHMZ°HYSW� IRGEVREHSW�� I�QEMW�TEVXMGYPEVQIRXI�IRXVI�HIWIRGEVREHSW�I�IRGEVREHSW��RSW�TVSGIWWSW�HSPSVSWEQIRXI�SFWIWWMZSW�� XERXS�UYERXS�RE� VIGMTVSGMHEHI�HS� MRXIVG¥QFMS�IRXVI�SW�HIWTMHSW�HE�MRHYQIRX¤VME�GEVREP�

n%W�SRHEW�QIRXEMW�I\XIVMSVM^EHEW�TIPS�G¬VIFVS�QERsX­Q�JMVQI�MRXIVG¥QFMS�IQ�XSHSW�SW�UYEHVERXIW�HE�8IVVE�I� JSVE�HIPE��4IRWEQIRXSW�EXYEQ�WSFVI�LSQIRW�I�QYPLIsVIW� HIWTVIZIRMHSW� I� E� WYKIWX¦S� GEQTIME� ZMXSVMSWE� EPMsGMERHS� JSVªEW�TSWMXMZEW�SY�RIKEXMZEW�GSQ�EW�UYEMW�WMRXSRM^EQ��IQ�PEGIVERXIW�GSR½FMSW�HSW�UYEMW�REWGIQ� TVMsW¸IW� I� WYVKIQ� EPZEV¤W� HI� PMFIVHEHI�� TSV� SRHI� XVERWMXEQ� STMRM¸IW��EWTMVEª¸IW��ERWIMSW���

n1IVIGI� VIPIQFVEHS� S� GSRGIMXS� HS� 2E^EVIRS�� 3RHI� IWXMZIV� S� XIWSYVS� E°� S�LSQIQ� XIV¤� S� GSVEª¦S~�� S�UYI�IUYMZEPI�HM^IV� UYI� GEHE� WIV� VIWTMVE� S� GPMQE�HE�TVSZ°RsGME�IQ�UYI�WMXYE�SW�ZEPSVIW�UYI�PLI�WIVZIQ�HI�VIXIRXMZE�RE�VIXEKYEVHE�¶Y�UYI�WI�GSRWXMXYIQ�EWEW�HI�PMFIVXEª¦S�TEVE�S�JYXYVS�

n4IRWEQIRXS�I�ZSRXEHI�ô�IMW�EW�HYEW�EPEZERGEW�HI�TVSTYPW¦S�ES�MRJMRMXS�I��ES�QIWQS�XIQTS��SW�HSMW�IPSW�HI�IWGVEZMH¦S�RSW�VIHYXSW�MRJIPM^IW�I�TIWXMPIRGMEMW�HS�nMRJIVRS~�HEW�TEM\¸IW�

n4IRWEV� I� EKMV�� MHIRXMJMGERHS�WI� GSQ� SW� JEXSVIW� HE� EXIRª¦S�� GSRWXMXYIQ� E�J¶VQYPE�Q¤KMGE�HS�GSQTSVXEQIRXS�MRHMZMHYEP�E�TVMRG°TMS��I�GSPIXMZS�PSKS�HITSMW��IQ� UYI�� SVE� TSV� MRWXMRXS� KVIK¤VMS�� SVE� TSV� EJMRMHEHI� TW°UYMGE�� WI� VI½RIQ� SW�GSQIRWEMW�HIWXE��SY�HEUYIPE�MH¬ME�

n'¬Y� SY� MRJIVRS�� TSVXERXS�� W¦S� HITIRH­RGMEW� UYI� GSRWXVY°QSW� IQ� RSWWS�°RXMQS��ZMXEPM^EHEW�TIPEW�EWTMVEsª¸IW�I�QERXMHEW�E�PSRKS�IWJSVªS�TIPEW�EXMXYHIW�UYI�MQsTVMQMQSW�ES�HME�E�HME�HE�I\MWX­RGME�

ü4SV� XEMW� TVSGIWWSW�� TVSZ°RGMEW� HI� ERK½WXME� I� VIsKM¸IW� HI� WYTP°GMS�� S¤WMW� HI�ZIRXYVE� I� MPLEW� HI� IWTIVERªE� REWGIQ� RS� VIG·RHMXS� HI� GEHE� QIRXI� I� WI�QYPXMTPMGEQ� ES� MQT¬VMS� HI� MRGSRX¤ZIMW� ZSRXEHIW� UYI� WI� VI½RIQ�� IQ� XSsHSW� SW�HITEVXEQIRXSW� HS� TPERIXE�� -RMGMEPQIRXI�� S� LSsQIQ� WI� GSRZIVXI� RS� ERNS� SY� RS�HIQ·RMS��UYI�IPI�TV¶sTVMS�IPEFSVE�TSV�JSVªE�HE�MH¬ME�WYTIVMSV�SY�ZMGMEHE�IQ�UYI�WI�GSQTVEW��WMRXSRM^ERHS��TSV�YQ�TVSGIWWS�REXYVEP�HI�EJMRMHEHIW��GSQ�SYXVEW�QIRXIW�IRGEVREHEW� SY� R¦S�� UYI� ZMFVEQ� REW� QIWQEW� JEM\EW�TIRWEQIRXS�� TVSHY M̂RHS�TVSGIWWSW�HI�LMTRSWI�TVSJYRHE�UYI�WI�HIWTIVWSREPM^EQ�I�WI�RYXVIQ��WYWXIRXEHSW��VIGMTVSGEQIRXI��TSV�JSVªEW�ZMsXEMW�HI�J¤GMP�QERMTYPEª¦S�MRGSRWGMIRXI��UYI�KVEZMXEQ�IQ�XSHE�E�TEVXI�

2IWWI� WIRXMHS�� GSRZ¬Q�GSRWMHIVEV� EW� PMª¸IW� WYTIsVMSVIW� HS� )WTMVMXMWQS�� UYI�SJIVIGI�TERSVEQE�HI�IPIZEHE�IWXVYXYVE�QIRXEP� I�QSVEP�� JEGYPXERHS� VIKMWXSW�HI�MH¬MEW�WYTIVMSVIW�GETE^IW�HI�QERXIVIQ�YQE�LMKMIRI�TW°UYMGE�PMFIVXEHSVE�HI�XSHE�GSRI\¦S� GSQ� EW� )RXMHEHIW� MRJIPM^IW� HS� 1YRHS� )WTMVMXYEP� -RJIVMSV� SY� GSQ� EW�ZMFVEª¸IW� UYI� TEMVEQ� RE� 8IVVE�QIWQE�� I� UYI� TVSGIHIQ� HI� ZMKSVSWEW�QIRXIW�EMRHE� EKVMPLSEHEW�� UYI� WI� MQERXEQ� YQEW� £W� SYsXVEW�� VIEPM^ERHS� MRXIVG¥QFMS�HERSWS��HI�PSRKS�GYVWS�I�HI�MQTVIZMW°ZIMW�GSRWIUY­RGMEW�

Page 50: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

n)Q�XSHS�TVSGIWWS�LMTRSP¶KMGS��TSMW��GSRZ¬Q�I\EsQMREV�E�UYIWX¦S�HE�WMRXSRME�I�HE�WYKIWX¦S��GSQ�VE^¸IW�TSHIVSWEW��WIR¦S�MQTVIWGMRH°ZIMW�TEVE�E�GSRWIGYª¦S�HSW�SFNIXMZSW��E�JM\Eª¦S�HE�MH¬ME�MRZEWSVE�

n3�4VSJIWWSV� .SW¬�+VEWWIX��TSV�I\IQTPS��S�I\GIPIRXI�QIWXVI�HI�1SRXTIPMMIV��MRWTMVEHS�REW�SFWIVZEª¸IW�VIEsPM^EHEW�IQ�XSVRS�HS�TSP°KRS�GIVIFVEP�UYI�XEQF¬Q�WIVsZMVE� HI� FEWI� E�;YRHX� I� 'LEVGSX�� EJMVQEZE� XIV� HIWGSsFIVXS� EPM� S� GIRXVS� HE�GSRWGM­RGME��S�R½GPIS�HE�ZSRXEHI��GSPSGERHS��MQIHMEXEQIRXI�EFEM\S��S�GIRXVS�HI�&VSGE��VIWsTSRW¤ZIP��TIPSW�IRGEVKSW�HE�PMRKYEKIQ�I�SW�VIWTSRW¤sZIMW�TIPE�ZMW¦S��EYHMª¦S��KYWXEª¦S��IXG����-QEKMREZE��IRX¦S��YQ�TSRXS�HI�VIJIV­RGME�UYI�TEWWEZE�E�WIV�S�GIRsXVS�HS�TWMUYMWQS�WYTIVMSV��IRGEVVIKEHS�HSW�JIR·QIRSW�GSRWGMIRXIW�I�RS�TSP°KSRS�TVSTVMEQIRXI�HMXS�S�GEQTS�HS�TIRWEQIRXS�I�HE�ZSRXEHI��IRGEVVIKEHS�HI� XSHEW�EW� XEsVIJEW�HS�EYXSQEXMWQS�TWMGSP¶KMGS��)PYGMHEZE��IQ�GSRsWIUY­RGME��UYI� XSHE� WYKIWXMFMPMHEHI� UYI� HMQERE� HS� STIsVEHSV� WI� XVERWQMXI�MRGSRWGMIRXIQIRXI� XSQERHS� TSWWI� HS� GEQTS� GIVIFVEP�� RS� TSP°KSRS� HS�LMTRSXM^EHS��%�ZSRXEHI�HSQMRERXI�WI�IRGEVVIKE�HI�GSRHY M̂V�E�ZSRXEHI�HSQMREsHE��GSQS�WI�E�EPQE�HI�UYIQ�LMTRSXM^E�WYFWXMXY°WWI�QSQIRXERIEQIRXI�E�EPQE�HS�UYI�JSM�LMTRSXM^EHS~��(IWWE�JSVQE��S�LMTRSXMWQS�TSHI�WIV�HIRSQMREHS��GSQS�UYIVIQ�EPKYRW�I\TIVMQIRXEHSVIW��n3�ERIWX¬WMGS�HE�VE^¦S~�

ü.¤� S� TWMG¶PSKS� MRKP­W� +YMPLIVQI� 1EG�(SYKEPP�� MKYEPsQIRXI� JEWGMREHS� TIPS�EWWYRXS��EWWIZIVEZE��I\EQMRERHS�S�TVSFPIQE�HE�WYKIWX¦S�RE�LMTRSWI��UYI�IWXE�¬�YQ� QIMS� HI� XVERWQMWW¦S� HS� TIRWEQIRXS�� XIRHS� GSQS� VIWYPXEHS� E� GSRZMGXE�EGIMXEª¦S� HI� UYEPUYIV� QIRWEKIQ� TVSTSWXE� MRsHITIRHIRHS� HI� ER¤PMWI� TIPS�TEGMIRXI�GSQ�I\EQI�P¶KMGS�TEVE�E�WYE�EUYMIWG­RGME��-WXS�¬��S�STIVEHSV�MQT¸I�WI�ES�WYNIMXS��UYI�S�VIGIFI�WIQ�VIEª¦S�TVSZIRMIRXI�HI�I\EsQI�TV¬ZMS�

ü)Q� FSQ� ZIVR¤GYPS�� WYKIWX¦S� ¬� nS� EXS� SY� IJIMXS� HI� WYKIVMV�� -RWTMVEª¦S��IWX°QYPS�� MRWXMKEª¦S�� -H¬ME�TVSZSGEHE�IQ�YQE�TIWWSE�IQ�IWXEHS�HI�LMTRSWI�SY�TSV�WMQsTPIW�XIPITEXMEý�

n%�WYKIWX¦S�¬��TSVXERXS��E�MRWTMVEª¦S�MRGMHIRXI��GSRWXERXI��UYI�EXYE�WSFVI�E�QIRXI��TVSZSGERHS�E�EGIMsXEª¦S�I�E�EYXSQ¤XMGE�SFIHM­RGME�

n4SV� IWWE� VE^¦S�� *SVIP� MRJSVQE�UYI�SW� G¬VIFVSW� WEsHMSW� W¦S�QEMW� J¤GIMW� HI�EGIMXEV�E�WYKIWX¦S��I�)QMPMS�'SY¬��HMWG°TYPS�HI�0M¬FEYPX��TVIJIVI�GSRWMHIVEV�UYI�SW�TEGMIRXIW� GETE^IW� HI� EYXS�WYKIWXMSREV�WI� W¦S�QIPLSVIW� TEVE� UYI� GSQ� IPIW� WI�PSFVMKYIQ�VIWYPXEHSW�QEMW�I\TP°GMXSW�I�MQIHMEXSW�

n3YXVSW�EYXSVIW��GSQS�¬�S�GEWS�HS�MRWMKRI�4EZPSZ��S�nTEM~�HSW�VIJPI\SW�RSW�ERMQEMW� I� RS� LSQIQ�� IPYGMHEQ� UYI� S� WSRS� REXYVEP� LMTR¶XMGS� I� E� MRMFMª¦S�GSRWXMXYIQ�E�QIWQE�GSMWE��HIM\ERHS�XVERWTEVIGIV�UYI��RS�QSQIRXS�IQ�UYI�IWWE�MRMFMª¦S�WI�KIRIVEPM^E��TIVQERIGIRHS�E�GEYsWE�TVITSRHIVERXI��XIRHI�E�IWTEPLEV�WI��JEGYPXERHS�ES�LMTRSXM^ERHS�EGIMXEV�E�WYKIWX¦S�UYI�TVITSRHIVE�

n3GSVVI��IRXVIXERXS��UYI�XSHSW�SW�WIVIW�X­Q�YQE�XIRH­RGME�ERGIWXVEP��REXYVEP��TEVE�E�SFIHM­RGME��S�UYI�WI�XVERWJSVQE�RYQ�GSRHMGMSREQIRXS�MRGSRWGMIRXI�TEVE�EGIMXEV�XSHE�SVHIQ�I\XIVMSV��UYERHS�R¦S�WI�XIQ�YQE�PYsGMHI �̂IUYMPMFVEHE�I�JMVQI�GETE �̂HI�RIYXVEPM^EV�EW�MH¬MEW�I\XIVREW�UYI�W¦S�WYKIVMHEW�

n2S� JIR·QIRS� LMTRSP¶KMGS� L¤� SYXVS� JEXSV� HI� KVERsHI� ZEPME� UYI� ¬� E�TIVWIZIVERªE�� E� GSRWX¥RGME� HE� MH¬ME� UYI� WI� WYKIVI� REUYIPI� UYI� E� VIGIFI��0IRXEQIRXI�E�TVMRG°sTMS�XIQ�MR°GMS�E�TIRIXVEª¦S�HE�ZSRXEHI�UYI��WI�GSRXMsRYEHE��XIVQMRE�TSV�HSQMREV�E�UYI�WI�PLI�WYFQIXI�

n3W�QSHIVRSW�TWMGEREPMWXEW�I�VIJPI\SPSKMWXEW�WMXYEQ�EW�WYEW�SFWIVZEª¸IW��SW�TVMQIMVSW�RSW�VIJPI\SW�GSRHMsGMSREHSW��UYI�TVIXIRHIQ�WIV�YQ�nIWXEHS�HI�MRMFMª¦S�HMsJYWE�WSQ¤XMGE�GSVXMGEP~�GSQ�E�TVIWIRªE�HI�YQ�TSRXS�HI�ZMK°PME��IRUYERXS�SW�

Page 51: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

WIKYRHSW�WI�VIJIVIQ�E�YQ�nTVSGIWWS�VIKVIWWMZS�TEVXMGYPEV�UYI�TSHI�WIV�MRMGMEHS�TSV�TVMZEª¦S�WIRWS�QSXSVE�MHIEXMZE�SY�TSV�IWXMQYPEª¦S�HI�YQE�VIPEsª¦S�EVGEMGE�GSQ�S�LMTRSXMWXE~�

3W�GSRGIMXSW�IQMXMHSW�GSQ�WEFIHSVME�I�IQ�W°RXIWI�TVSHMKMSWE��GSRWMHIVERHS�7I�E�MQIRWE�ZEVMIHEHI�HI�STMsRM¸IW�IQ�XSVRS�HS�,MTRSXMWQS��RSW�HIWPYQFVEZEQ��5YI�QYRHS�IWXVERLS�I�MQIRWS��S�HE�QIRXI��5YERXEW�TEMWEsKIRW�HIWGSRLIGMHEW�TEVE�R¶W��3W�TV¶TVMSW�IWXYHMSWSW�HSW� JIR·QIRSW�TW°UYMGSW��RE�8IVVE�I�EP¬Q�HE�ZMHE� J°WMGE�� IRGSRXVEZEQ�7I� IQTIRLEHSW� QMPIREVQIRXI� RE� IPYGMHEsª¦S� HEW�UYIWX¸IW�TEPTMXERXIW�HE�ZMHE�QIRXEP��IRGSRXVERsHS��W¶�EKSVE��EPKYRW�TSRXSW�Z°KIMW�TEVE�IPYGMHEª¸IW�HSW�TVSGIWWSW�HI�MRXIVG¥QFMS�IRXVI�LSQIRW�I�LSQIRW��IWsT°VMXSW�HIWIRGEVREHSW�I�IRGEVREHSW��(IM\EZE�QI�EVVEWsXEV�IQ�GSRWMHIVEª¸IW��RE�TEYWE�UYI�WI�JM^IVE�IWTSRXERIE��UYERHS�E�)RXMHEHI�%FRIKEHE�TVSWWIKYMY�

ô�n-WXS�TSWXS��QIYW�MVQ¦SW��I\EQMRIQSW�S�TVSFPIsQE�HEW�SFWIWW¸IW�IRXVI�SW�HIWIRGEVREHSW�I�IRGEVREHSW��RE�IWJIVE�J°WMGE�

n)Q�XSHS�TVSGIWWS�HI�MQERXEª¦S�QIRXEP��HS�UYEP�HIGSVVIQ�SW�WYGIH¥RISW�HE�SFWIWW¦S� WMQTPIW�� HE� JEWGMsREª¦S� I� HE� WYFNYKEª¦S�ô� GSRJSVQI� E� GPEWWMJMGEª¦S�TIVsJIMXE�HI�%PPER�/EVHIG�ô��L¤�WIQTVI�JEXSVIW�TVIHMWTSsRIRXIW�I�TVITSRHIVERXIW�UYI�WI�TIVHIQ�RS�MRXVMRGEHS�HEW�VIIRGEVREª¸IW�

n8SHE�Z°XMQE�HI�LSNI�¬�EPKS �̂ HI�SRXIQ�� XSQERHS�S� PYKEV�UYI� PLI� GEFI�RS�GSRGIVXS�G¶WQMGS�

n%WWMQ� GSRWMHIVERHS�� IQ�UYEWI� XSHSW� SW� TVSGIWWSW� HI� PSYGYVE�ô� I\GIª¦S�JIMXE�R¦S�WSQIRXI�ESW�GEWSW�SVsK¥RMGSW�HI�EXEUYI�QMGVSFMERS�£�QEWWE�IRGIJ¤PMGE�SY� XVEYQEXMWQS� TSV� GLSUYIW� HI� SFNIXSW� GSRXYRHIRXIW� ô� HIsJVSRXEQSW� GSQ�VMKSVSWEW� SFWIWW¸IW� IQ� UYI� S� EQSV� HIsWIUYMPMFVEHS� I� S� ¶HMS� HIZEWXEHSV� W¦S�EKIRXIW�HI�TSHIsVSWE�EXYEª¦S�

n5YERHS�L¤�YQ�TVSGIWWS�HI�SFWIWW¦S�HIWXE�SY�HEsUYIPE�REXYVI^E��S�TEGMIRXI�TSWWYM� SW� GSRHMGMSREQIRXSW� TW°UYMGSW� ô� PIQFVERªEW� MRGSRWGMIRXIW� HS� H¬FMXS�EXVEZ¬W� HEW� UYEMW� WI� ZMRGYPE� ES� TIVWIKYMHSV�ô�� UYI� JEGYPXEQ� E� WMRXSRME� I� E�EGIMXEª¦S�HEW�MH¬MEW�WYKIVMHEW�I�GSRWXVMRsKIRXIW�UYI�GLIKEQ�HS�TPERS�IWTMVMXYEP�

7I� S� TEGMIRXI� ¬� I\TIVMQIRXEHS� REW� HMWGMTPMREW� QSsVEMW�� IQFSVE� SW�GSQTVSQMWWSW� RIKEXMZSW� HI� UYI� TEHIGI�� GSRWIKYI�� TIPE� GSRUYMWXE� HI� SYXVSW�Q¬VMXSW��WIR¦S�GSRsXVEFEPERªEV�EW�ERXMKEW�H°ZMHEW�TIPS�QIRSW�KVERNIEV�VIsGYVWSW�TEVE�VIWKEX¤�PEW�TSV�SYXVSW�TVSGIWWSW�UYI�R¦S�SW�HE�SFWIWW¦S�

ü%W�0IMW�(MZMREW�W¦S�HI�NYWXMªE��MRHYFMX£ZIPQIRXI��RS�IRXERXS��W¦S�XEQF¬Q�HI�EQSV�I�HI�QMWIVMG¶VHME��3�7IRLSV�R¦S�HIWINE�E�TYRMª¦S�HS�MRJVEXSV��ERXIW�UYIV�S�WIY�VIENYWXI�£�SVHIQ��ES�HIZIV��TEVE�E�WYE�TV¶TVME�JIsPMGMHEHI�

n(IWWI� QSHS�� UYERHS� E� IRXMHEHI� TIVWIKYMHSVE�� GSRWsGMIRXI� SY� R¦S�� WI�ZMRGYPE�ES�WIV�TIVWIKYMHS��SFIHIGI�E�MQTYPWS�EYXSQ¤XMGS�HI�WMRXSRME�IWTMVMXYEP�TSV�QIMS�HE�UYEP�IWXEFIPIGI�SW�TVMQIMVSW�GSRXEGXSW�TW°UYMGSW��RS�GIRsXVS�HE�MH¬ME��RE�VIKM¦S�GSVXMGEP� MRMGMEPQIRXI�I�HITSMW�RSW�VIG·RHMXSW�HS�TSP°KSRS�GIVIFVEP��HSRHI�GSQERHE�EW�HMsVIXVM^IW�HE�ZMHE�TW°UYMGE�I�SVK¥RMGE��TVSHY M̂RHS�EPM�PIsW¸IW�HIWXE�SY�HEUYIPE�REXYVI^E��GYNSW�VIJPI\SW�ETEVIsGIQ�RE�HMWXVSJME�I�HIWEVXMGYPEª¦S�HSW�¶VK¦SW�PMKEHSW�£�WIHI�EXEGEHE�TIPE�JSVªE�TIRWEQIRXS�MRZEWSVE�

n(IWWI�GIRXVS�HI�GSQERHS��IQ�UYI�S�L¶WTIHI�WI�WSsFVIT¸I�ES�LSWTIHIMVS��EW�EPMIREª¸IW�QIRXEMW�I�SW�HMWX½VsFMSW�SVK¥RMGSW�WI�KIRIVEPM^EQ�IQ�PSRKS�GYVWS��UYI�E�QSVXI�HS�SFWMHMEHS�RIQ�WIQTVI�MRXIVVSQTI�

n%�GSRWGM­RGME�GYPTEHE�¬�WIQTVI�TSVXE�EFIVXE�£MRZEW¦S�HE�TIREPMHEHI�NYWXE�SY�EVFMXV¤VME��)�S�VIQSVWS��UYI�PLI�GSRWXMXYM�HYVE�GPEZI��JEGYPXE�S�WYVKMQIRXS�HI�MH¬MEW�JERXEWQEW� ETEZSVERXIW� UYI� IRWINEQ�SW� TVSGIWWSW� SFWIWWMZSW� HI� VIWKEXI�

Page 52: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

HEW�H°ZMHEW�n-RZEVM£ZIPQIRXI�� RE� SFWIWW¦S�� L¤� WIQTVI� S� ETVSsZIMXEQIRXS� HE� MH¬ME�

XVEYQEXM^ERXI�ô�E�TVIWIRªE�HS�GVMsQI�TVEXMGEHS�ô��UYI�¬�YXMPM^EHE�TIPE�QIRXI�UYI� WI� JE �̂ TIVWIKYMHSVE� VIZIP�� ETVIWWERHS� S� HIWHSFVEQIRXS� HEW� JSVsªEW�HITVMQIRXIW� IQ� PEX­RGME�� RS� HIZIHSV�� EW� UYEMW�� HIWKSZIVREHEW�� KVEZMXEQ� IQ�XSVRS�HI�UYIQ�EW�IPEFSVE��WIRHS�GSRWYQMHS�TSV�IPEW�QIWQEW��TEYPEXMREQIRXI�

2EW�EXMZMHEHIW�HE�SFWIWW¦S�HI�IWT°VMXSW�E�IWT°VMsXSW�HIWIRGEVREHSW��EUYIPIW�ZIVHYKSW�� GSRLIGIHSVIW� HEW� PMQMXEª¸IW� I� HSW� IVVSW� HSW� VIG¬Q�GLIKEHSW� HE�NSVREHE�GEVREP��ET¶W�SW�XIVIQ�EGSQTERLEHS�ERSW�E�JMS��GSQ�WMsG¤VMSW�MQTPEG¤ZIMW��YXMPM^EQ�WI� HI� EVHMW� GSQ� UYI� ETEZSsVEQ� SW� HIWEWWMWEHSW�� I� TSV� TVSGIWWSW� HI�WYKIWX¦S�� ETPMsGEHSW� GSQ� ZIIQ­RGME� RSW� GIRXVSW� TIVMWTMVMXYEMW�� GSRWIsKYIQ�TVSHY M̂V�PEQIRX¤ZIMW�GSRHMGMSREQIRXSW�HI�EPXIVEsª¦S�RE�JSVQE�HEW�Z°XMQEW�UYI�WI�PLIW� HIQSVEQ� REW� KEVsVEW�� HSQMRERHS�EW�� TSV� JMQ�� IQ� HIQSVEHS� GYVWS� HI�ZMRKERªE�YPXVM �̂I�HIZEWXEHSVE�

n%W�MH¬MEW�TPEWQEHEW�I�EGIMXEW�TIPS�G¬VIFVS��HYsVERXI�E�NSVREHE�J°WMGE��GVMEQ�RSW� TEMR¬MW� HIPMGEHSW� HS� TIsVMWT°VMXS� EW� MQEKIRW� QEMW� ZMXEPM^EHEW�� HI� UYI� WI�YXMPMs^EQ�SW�LMTMRSXM^EHSVIW�IWTMVMXYEMW�TEVE�VIGSQTSV�S�UYEsHVS�ETEZSVERXI��IQ�GYNEW� QEPLEW� S� MQTVIZMHIRXI� WI� Z­� GSPLMHS�� HIVVETERHS� TEVE� S� HIWIUYMP°FVMS�TW°UYMGS�XSXEP�I�HIM\ERHS�WI�VIZIWXMV�TSV�JSVQEW�ERMQEPIWGEW�KVSXIWsGEW�ô�UYI�N¤�WI�IRGSRXVEQ�RS� WYFGSRWGMIRXI�HE�TV¶TVME� Z°XMQE�ô� I�UYI�IWXVYKIQ�� MRJIPM^IW��GSQS�S�P¤XIKS�HE�NYWXMªE�RS�RIGIWWMXEHS�HI�GSVVIXMZS�

n2S� WIRXMHS� STSWXS�� EW� MH¬MEW� WYTIVMSVIW�� EPMQIRXEsHEW� TIPS� IWT°VMXS� IQ�I\GYVW¦S�ZMXSVMSWE��GSRHMGMSREQ�RS�£�PMFIVXEª¦S��GSRGIHIRHS�nTIWS�IWTIG°JMGS~�ES�WIY�TIVMWsT°VMXS��UYI�TSHI��IRX¦S��PMFVEV�EP¬Q�I�EGMQE�HEW�ZMGMWsWMXYHIW�KVSWWIMVEW�HS�PMEQI�GEVREP�

n'SQ�QYMXE�WEFIHSVME��%PPER�/EVHIG�IRYRGMSY�UYI�n6IPEXMZEQIRXI�£W�WIRWEª¸IW�UYI�Z­Q�HS�QYRHS�I\XIVMSV��TSHI�WI�HM^IV�UYI�

S�GSVTS� VIGIFI�E� MQTVIWW¦S��S�TIVMWT°VMXS�E� XVERWQMXI�I�S�)WT°VMXS��UYI�¬�S� WIV�WIRW°sZIP�I� MRXIPMKIRXI��E�VIGIFI��5YERHS�S�EXS�¬�HI� MRMGMEXMZE�HS�)WT°VMXS��TSHI�HM^IV�WI� UYI� S� )WT°VMXS� UYIV�� S� TIVMWT°VMXS� XVERWQMXI� I� S� GSVTS� I\IGYXE� ô�IPYGMHERHS��IQ�EHQMV¤ZIP�W°RXIWI��S�TSHIV�HS�TIRWEQIRXS�RE�ZMHE�SVsK¥RMGE�I�HEW�WIRWEª¸IW�RS�)WT°VMXS��� �

%QTPS� WMP­RGMS� WI� IWTVEMSY� TIPE� WEPE�� 8SHSW�QIVsKYPLEQSW� IQ�QIHMXEª¸IW��IRUYERXS�S�ERK¬PMGS�-RWXVYXSV�TVSTMGMSY�YQE�TEYWE�TEVE�VIJPI\¦S�HSW�SYZMRXIW��)�GSQS�JE^IRHS�EW�IPYGYFVEª¸IW�TEVE�JMREPM^EV��EVVIQEXSY�

ô�ü4SV�IWWE�VE^¦S��E�ZMXEPM^Eª¦S�HI�MH¬MEW�IHMJMsGERXIW�GSRWXV¶M�S�G¬Y�KIRIVSWS�HE�JIPMGMHEHI��XERXS�UYERsXS�E�QIRXEPM^Eª¦S�HITVMQIRXI�KIVE�S�MRJIVRS�HE�EJPMª¦S�UYI�TEWWE�E�KSZIVREV�S�GSQTSVXEQIRXS�HS�IWT°VMXS�

n��RIWWI�TEVXMGYPEV�UYI�WI�EZYPXEQ�EW� PMª¸IW� WSFIsVEREW�HS�1IWXVI�+EPMPIY��GSRGPEQERHS� S� LSQIQ� ES� ENYWsXEQIRXS� £� ZMHE�� VIWTIMXERHS�PLI� EW� HMVIXVM^IW�EFIRªSEsHEW�� EXVEZ¬W� HEW� QIHMHEW� HE� QERWYIXYHI�� HE� GSQTEM\¦S�� HE�QMWIVMG¶VHME��HS�EQSV�MRHMWXMRXS�I�HS�TIVH¦S�MRGIWsWERXI�

n6IZIVIRGMEQSW� LSNI� RE� 8IVVE�� JIPM^QIRXI�� S� )WTMsVMXMWQS� GSQ� .IWYW��ZIVHEHIMVE� JSRXI�HI� MH¬MEW�WYTIVMSVIW�I�IRSFVIGMHEW�UYI� PMFIVXEQ� �̧IWT°VMXS�I�S�GSRHY^IQ� £W� ZIVHEHIMVEW� GEYWEW� IQ� UYI� HIZIQ� VIWMHMV� SW� WIYW� PIK°sXMQSW�MRXIVIWWIW�� JE^IRHS� UYI� E� H½ZMHE� WINE� FERMHE�� RS� UYI� HM �̂ VIWTIMXS� £� ZMHE�ZIVHEHIMVE��I�XVEFEPLERHS�GSRsXVE�S�IKS°WQS��JEXSV�MRJIPM �̂HI�UYEWI�XSHSW�SW�QEPIW�UYI�EJPMKIQ�E�,YQERMHEHI�

n7I� EPKY¬Q� MRGMHI� IQ� IVVS�� UYI� WI� PIZERXI� HS� IUY°sZSGS� I� VIGSQIGI� S�

Page 53: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

XVEFEPLS�HE�TV¶TVME�HMKRMJMGEª¦S��

�� ü3FVEW�4¶WXYQEWý�ô�%PPER�/EVHIG�ô���m�IHMª¦S�ôü1ERMJIWXEª¸IW�HSW�)WT°VMXSWý�ô�-XIQ����ô�*)&��ô�2SXE�HS�%YXSV�IWTMVMXYEP�

3�IVVS�VITVIWIRXE�PMª¦S�UYI�R¦S�TSHI�GSRWXMXYMV�P¤XIKS��QEW�IRWINS�HI�IRSFVIGMQIRXS�TIPE�STSVXYRMHEHI�UYI�JEGYPXE�TEVE�E�VITEVEª¦S�I�S�VIJE M̂QIRXS�

n3� MRXIVG¥QFMS�TIVQERIRXI�HSW�)WT°VMXSW�HI�YQE�GSQ�SYXVE�IWJIVE�HE�ZMHE�SFNIXMZE��WIKYVEQIRXI��SJIVIsGI�ES�LSQIQ�E�ZMW¦S�TSVZMRHSYVE�HS�UYI��HIWHI�N¤��PLI�IWX¤�VIWIVZEHS��2S�IRXERXS��TEVE�HM^IV�WI�EPKY¬Q�IWT°sVMXE�R¦S�FEWXE�UYI�WI�XIRLE�EHIRXVEHS�RSW�GSRGIMXSW�IWTMVMXMWXEW�SY�TEVXMGMTEHS�HI�EPKYQEW�I\TIVM­RGMEW�TV¤XMsGEW� HE� QIHMYRMHEHI���� �� MQTVIWGMRH°ZIP� MRGSVTSVEV� ES� QSHS� HI� ZMHE� SW�IRWMREQIRXSW�HSW�)WT°VMXSW�HE�0Y �̂�XSsQERHS�TEVXI�EXMZE�RE�NSVREHE�HI�VIHIRª¦S�HS� LSQIQ�� TSV� XSHSW� SW� QSHSW� I� TSV� XSHSW� SW� QIMSW� ES� EPGERGI�� TEVE� UYI�XVMYRJIQ�SW�TSWXYPEHSW�HE�TE �̂�HE�NYWXMªE�I�HS�EQSV�IRXVI�XSHEW�EW�GVMEXYVEW�

n2IWWI�TEVXMGYPEV�� S�EQSV�� GSRJSVQI�RSW� PIKSY� .IsWYW�'VMWXS�� TSWWYM� E� JSVªE�WYFPMQI�GETE �̂HI�RSW�TVIWIVsZEV�HI�R¶W�QIWQSW��EMRHE� NSVREPIMVSW�HS� MRWXMRXS��IRWMsRERHS�RSW�UYI�E�JIPMGMHEHI�XIQ�EW�WYEW�FEWIW�RE�VIR½RsGME�I�RE�EFRIKEª¦S��IRWINERHS�RSW�QEMW�EQTPE�ZMW¦S�HI�VIWTSRWEFMPMHEHI�I�HIZIV�RE�HMVIª¦S�HS�JYXYVS�

n(ME�ZMV¤��R¦S�QYMXS�PSRKI��IQ�UYI�E�HSV�FEXIV¤�IQ�VIXMVEHE��HIJMRMXMZEQIRXI��I�S�MRXIVG¥QFMS�HS�FIQ��TIPE�JSVªE�GVMEHSVE�HS�EQSV�UYI�WI�SVMKMRE�RSW�(°REQSW�1IRXEMW� HE� (MZMRE� 4VSZMH­RGME�� IRZSPZIV¤� ZMKSVSWEQIRXI� XSHSW� SW� WIVIW� I� SW�GSRHY M̂V¤�£�HMVIª¦S�HE�XVERUYMPMsHEHI�TPIRE��IQ�GYNS�GEQMRLS�N¤�RSW�IRGSRXVEQSW�HIWHI�EKSVE���

n'SRJMIQSW��TSMW��RE�ZMX¶VME� JMREP�HS�FIQ�I�HIWHI� PSKS�RSW�IRXVIKYIQSW�ES�7YQS�&IQ�UYI�GYMHEV¤�HS�RSWWS�TV¶TVMS�FIQ~�

'EPSY�WI�S�%QMKS�)WTMVMXYEP�7YEZIW�ZMFVEª¸IW�GSQS�UYI�GEVVIEHEW�TSV�Q¦SW�MRsZMW°ZIMW�MRZEHMVEQ�E�WEPE��I�

SRHEW�HI�MQIRWE�XVERUYMsPMHEHI�RSW�HSQMREZEQ�E�XSHSW�4VSJIVMRHS�I\TVIWW¸IW�HI�HIWTIHMHE�GEVMRLSWE�I�HIMs\ERHS�RSW�GSQ�P¤KVMQEW�

UYI�JPY°EQ�EFYRHERXIW�HSW�SPLSW��S�:IRIVERHS�1IRXSV�HIWPMKSY�WI�HS�Q¬HMYQ�I�E�WIWW¦SJSM�IRGIVVEHE

9Q�WMP­RGMS�HI�IQSª¸IW�MRHIWGVMX°ZIMW�RSW�EGSQTERLSY�E�XSHSW�HI�VIXSVRS�ES�PEV��TEVE�S�RIGIWW¤VMS�VIsTSYWS��IRUYERXS�E�RSMXI�WIVIRE�WEPQSHMEZE�GERª¸IW�IQ�JMSW�IWXIPEVIW��IWXYERHS�RS�-RJMRMXS�

Page 54: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

�)PYGMHEª¸IW�ZEPMSWEW

� � � � � � +YMPLIVQI�� EHSVQIGMHS�� JSVE� XVEWPEHEHS� TEVE� PSGEP� ETVSTVMEHS�� RE� TV¶TVME�8IVVE�� HI�QSHS� E� EKYEVHEV� IQ� VIJE M̂QIRXS� IWTMVMXYEP� S� RSZS� IRGSRXVS� GSQ� SW�ERXMKSW�G·QTEVIW��TEVE�EW�F­Rª¦SW�HE�TE �̂I��GSRWIUYIRXIQIRXI��HIWSFWIWW¦S�HS�7V��1EXIYW�I�HI�1EVMERE�� � � � � � 3� P½GMHS� QIRXSV� IWGPEVIGIY� UYI� STSVXYREQIRXI� WIVME� VIEPM^EHE� SYXVE�IRXVIZMWXE� GSQ� S� TIVWIKYMHSV� HE� JER°sPME� 7SEVIW�� HI� QSHS� E� WIVIQ� VIGSPLMHSW�IWGPEVIGMQIRXSW�UYI�JEGYPXEWWIQ�EW�STIVEª¸IW�WSGSVVMWXEW�GSQ�S�­\MXS�UYI�XSHSW�HIWIN¤ZEQSW��7YKIVMY�RSW�MKYEPQIRXI�NYWXS�VITSYWS��I�UYI��ERXIW�HEW�XEVIJEW�IQ�TVSKVEQEª¦S��FYWsG¤WWIQSW�E�WIVIRMHEHI�HE�SVEª¦S�E�JMQ�HI�TSHIVQSW�GSsSTIVEV�GSQ�QEMW�JMVQI^E�I�QIPLSV�IRXIRHMQIRXS�HSW�TVSFPIQEW�UYI�EJIXEQ�E�QEVGLE�HE�IZSPYª¦S� IWTMVMXYEP� HSW� WIVIW�� IQFSVE�� ES� VIXSVREVQSW� ES� GSVTS�� R¦S� RSW�VIsGSVH¤WWIQSW��GSQ�E�RMXMHI �̂UYI�WIVME�HI�HIWINEV�������%RXIW�HS�LSV¤VMS�LEFMXYEP��GSRKVIKEQS�RSW�RE�7IHI�HE�9RM¦S�)WT°VMXE�&EMERE��RS� VIGMRXS� HIWXMREHS� ESW� PEsFSVIW� QIHM½RMGSW�� I� WIKYVEQIRXI� MRWTMVEHS� TSV�7EXYVsRMRS�� S� MVQ¦S� 4IXMXMRKE� XSQSY� HI� ü3� )ZERKIPLS� WIKYRHS� S� )WTMVMXMWQSý��MRMGMERHS�E�PIMXYVE�HI�GSQSZIHSVE�T¤KMRE�WSFVI�E�IT°KVEJI��ü%QEV�S�TV¶\MQS�GSQS�E�WM�QIWQSý��GSRJSVQI�WI�IRGSRXVE�RS�'ET°XYPS����

%W�TEPEZVEW��ZMFVERHS�RE�X·RMGE�HE�GSQTEM\¦S��GLIsKEZEQ�RSW�£�EPQE�GSQS�QIRWEKIQ�HI�EQSV�UYI�E�XSsHSW�RSW�MVQEREZE�IQ�TIVJIMXE�GSQYRL¦S�IWTMVMXYEP��0SKS�HITSMW��E� VIYRM¦S� XIZI�GSQIªS�� -RGSVTSVERHS�S�Q¬HMYQ�1SVEMW��7EXYVRMRS�IPYGMHSY�UYI�XVEVME�+YMPLIVQI�£�TWMGSJSRME�TEVE�QIPLSV�QIVKYPLS�RSW�JPY°HSW�HS�WIRWMXMZS�HI�QSHS�E�HMQMRYMV�PLI�E�GEVKE�TW°UYMGE�I�S�IRZSPZMQIRXS�REW�JEM\EW�HS�¶HMS�HI�UYI�WI�ZME�TSWWYMHS�HIWHI�L¤�QYMXSW�ERSW�

7MPIRGMEHE�E�ZS �̂HS� -RWXVYXSV�%QMKS��S�Q¬HMYQ� JSM�HSQMREHS�TSV�IWXIVXSVIW�ERKYWXMERXIW� I�� GSQS� WI� HIWsTIVXEWWI� HI� TIWEHS� WSRS�� IQ� UYI� EW� MQEKIRW�IZSGEWWIQ�GIREW�QYMXS�HSPSVSWEW��S�EJPMXS�TIVWIKYMHSV� MHIRXMJMGSY�S� VIGMRXS�IQ�UYI�WI�IRGSRXVEZE�I��EGSQIXMHS�HI�VITIRsXMRE�MVE��T·W�WI�E�HIFPEXIVEV��%GEPQEHS�GSQ� TEWWIW� QEKsR¬XMGSW� ETPMGEHSW� TIPS� (SYXVMREHSV�� PIRXEQIRXI� VIGSFVSY� S�IUYMP°FVMS�I� MRHEKSY�E� VE^¦S�HS�GSRWXVERKMQIRXS�HI�UYI�WI�ZME�SFNIXS��IWXERHS�RSZEQIRXI�EPM�

1YMXS�GEPQEQIRXI�4IXMXMRKE�I\TPMGSY�PLI�E�RIGIWsWMHEHI�HS�MRXIVG¥QFMS��E�WIY�FIRIJ°GMS�QIWQS��IWGPEVIsGIRHS�E�MREHM¤ZIP�YVK­RGME�HI�ZSPXEV�WI�TEVE�S�I\EQI�QEMW�TSRHIVEHS�HSW�TVSFPIQEW�UYI�S�MRJIPMGMXEZEQ�I�HSW�UYEMW�WSQIRXI�S�EQSV�TSWWYM�E�X·RMGE�HI�TSHIV�GSRWIsKYMV�E�PMFIVXEª¦S�

+YMPLIVQI�IWGPEVIGIY�UYERXS�£�RIGIWWMHEHI�UYI�RYsXVME�HI�VIXSVREV�ES�GSVTS��TEVE�HEV�TVSWWIKYMQIRXS�£�MRWMHMSWE�GSFVERªE��VIWWEVGMRHS�E�MRNYWXMªE�HI�UYI�WI�EGVIHMXEZE�SFNIXS��)PYGMHSY�UYI��RYQE�HEW�½PXMQEW�VIYsRM¸IW�HS�%RJMXIEXVS��S�(V��8ISJVEWXYW�ETVIWIRXEVE�S�GEWS�HIPI�£�QYPXMH¦S��UYI�S�EGPEQEVE�HIPMVERXIQIRXI��I\EPsXERHS�E�¬XMGE�HE�üNYWXMªE�GSQ�EW�TV¶TVMEW�Q¦SWý��RIPI�ZIRHS�E�ZMX¶VME�HSW�GSQIXMQIRXSW�UYI�EPM�XMRLEQ�GYVWS��'SQS�TSHIVME��EKSVE��VIGYEV#

%�)RXMHEHI�ETVIWIRXEZE� SW� WMREMW� HS�HIWIWTIVS� I� HE� JVYWXVEª¦S� HE� GVMERªE�GETVMGLSWE� UYI� WI� Z­� GSPLMHE� RS� IRKSHS� HE� PIZMERHEHI� TIPE� SFWIVZEª¦S�TSRHIVEHE�HSW�KIRMXSVIW�

ô -KRSVEQSW� E� UYI� %RJMXIEXVS� WI� VIJIVI� ô� MRMGMSY�� GSQ� LEFMPMHEHI� I�

Page 55: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

HIPMGEHI^E��S�)ZERKIPM^EHSV��ô�5YI�TSHIVME�XIV�SGSVVMHS�RYQ�%RJMXIEXVS��UYI�PLI�XVSY\IWWI� VIWTSRWEFMPMHEHIW�� IWTIGMEPQIRXI� IQ� WI� XVEXERHS� HE� TV¤sXMGE�MRSQMR¤ZIP�HI�GVMQI�GSFEVHI#

ô 'VMQI#�ô� VIZMHSY�� +YMPLIVQI�� ZMW°ZIPQIRXI� XVERWXSVREHS��ô� 3� VIPLS� HE�.YWXMªE��UYI�EVHI�I�JIVI�REW�Q¦SW�HS�VIKYPEVM^EHSV�HI�PIMW��TEWWE��RE�WYE�GEVsXMPLE��E�WIV�YQ�GVMQI#�)�S�RIJERHS�WYMG°HMS�E�UYI� JYM� PIZEHS��TIPE�HIWIVª¦S�HS� PEV��S�EHYPX¬VMS�MRJEQI�TVEXMsGEHS�TSV�EUYIPIW�E�UYIQ�ZSG­�GLEQE�Z°XMQEW#����)WsUYIGI�EW�QMRLEW�HSVIW�I���

-RXIVVSQTIRHS�S�� GSQ� QYMXE� HIWXVI^E� QIRXEP�� VIsHEVKYMY� 4IXMXMRKE�� E� IWWE�LSVE� WIQM�MRGSVTSVEHS� TSV� 7EsXYVRMRS� UYI� PLI� ETSMEZE� E� HIWXVE� RS� GIRXVS�GSVSR¤VMS��MVVMKERHS�E�KP¥RHYPE�TMRIEP�GSQ�EPXEW�HSWIW�HI�IRIVKME�TSWMXMZE�

ô 2¦S�ZSPXIQSW�ES�I\EQI�HEW�VE^¸IW�HS�WSJVMsQIRXS�UYI�S�QEGIVE�ô�JEPSY�GSQ�KIRXMPI^E��ô�2¦S�MKRSsVEQSW�UYI�L¤�0IMW�7SFIVEREW�UYI�WI�IRGEVVIKEQ�HI�IRsGSRXVEV�S�HIZIHSV�SRHI�WI�IRGSRXVI��4EVE�XERXS��TSV¬Q��R¦S�WI�JE �̂RIGIWW¤VMS�UYI�RSZSW�HIZIHSVIW�SY�MRJVEXSsVIW�ETEVIªEQ��GVMERHS��HIWWI�QSHS��YQ�G°VGYPS�HI�ZMsGMEª¸IW�PEQIRX¤ZIMW��%�0IM��R¦S�HIWGSRLIGIQSW��¬�HI�.YWXMªE��1EW�E�.YWXMªE�(MZMRE� REWGI� REW� JSRXIW� WYFPMsQIW� HS� %QSV� I� WI� QERMJIWXE� TSV� QIMSW� HI�QMWIVMG¶VHME�

%S�EQTEVS�HS�RSFVI�-RWXVYXSV�XSHS�S�G¬VIFVS�HS�IRGEVREHS�WI�JE M̂E�VEHMSWS�£�GPEVMZMH­RGME��HERHS�E�MQsTVIWW¦S�HI�UYI�S�WERKYI�GSRHY M̂E�TSHIVSWE�WYFWX¥RGME�PYQMRSWE�E�MQTVIKREV�WI�HI�GSVIW�WYEZIW�UYI�S�MRYRHEsZEQ�HI�HIRXVS�TEVE�JSVE���

)�TVSWWIKYMRHS��EHY M̂Y�ô %�UYEP�%RJMXIEXVS�WI�VIJIVI�S�MVQ¦S�+YMPLIVQI#ô 3VE��ES�VIHYXS�IQ�UYI�RSW�VIYRMQSW�TEVE�E�ETVIRHM^EKIQ�HI�PMª¸IW�GSQ�S�

(V��8ISJVEWXYW�)� IWXMQYPEHE� E� QEMW� EQTPSW� HIXEPLIW�� E� )RXMHEHI�� I\XIVMSVM^ERHS� YQE�

WEXMWJEª¦S�EX¬�IRX¦S�R¦S�VIZIPEHE��IPYGMHSY�ô 7YVTVIIRHI�QI� E� WYE� WYVTVIWE�� %GVIHMXE� ZSG­� UYI� R¶W� IWXEQSW� EUYM�

HIWEVQEHSW#�8¬GRMGSW�ZIVHEHIMsVEQIRXI�TSHIVSWSW�IWX¦S�SVKERM^EHSW�E�WIVZMªS�HE�(MWsGMTPMRE��NYRXS�ESW�JYKMXMZSW�UYI�WI�IWGSRHIQ�RS�GSVTS�HI�GEVRI��RE�8IVVE����MRXIVIWWERXI�SFWIVZEV�GSQS�W¦S�MKRSVEHEW�EW�VIEPMHEHIW�HS�PEHS�HI�G¤��QIWQS�TSV�EUYIsPIW�UYI�WI�EZIRXYVEQ�E�I\GYVWMSREV�EP¬Q�HEW�QYVEPLEW�HS�GSVTS�

ô .¤�UYI�WSQSW�X¦S�MKRSVERXIW�ô�EZIRXSY�4IXMsXMRKE�ô�VSKEV°EQSW�UYI�ZSG­�RSW�IWGPEVIGIWWI�QIPLSV�

)RZEMHIGMHS��VIXVYGSY�S�TIVWIKYMHSV�HE�JEQ°PME�7SEVIW�ô3VE�� GSQS� REVVIM� ERXIW�� UYERHS� RE� QMRLE� EQEVsKYVE� WSPMGMXIM� ES� (V��

8ISJVEWXYW�E�WYE�MRXIVJIV­RGME�WIsKYVE��UYI�QI�R¦S�JSM�RIKEHE��4EYPEXMREQIRXI��XSQIM� GSRLIGMQIRXS� HEW� WYEW� VMGEW� TSWWMFMPMHEHIW�� MRGPYWMZI� HS� IWTIX¤GYPS� HS�%RJMXIEXVS�� UYI� IPI� TVSQSZI�� WIQEREPQIRXI�� TEVE� SW� UYI� HIEQFYPEQ� PMZVI� HSW�GSVTSW��TSV¬Q�EPKIQEsHSW�£� MKRSV¥RGME�� WIQ�WEFIVIQ�GSQS� VIZMHEV�S�QEP�UYI�VIGIFIVEQ�HSW� WIYW� MRMQMKSW� UYI� EMRHE�R¦S� ZIRGIVEQ�EW� FEVVIMVEW� HS� X½QYPS��%WWMQ��GSRZMHEHS�TSV�EQMKSW��RYQE�UYMRXE�JIMVE��ESW�TVMQIMVSW�QMRYXSW�ET¶W�^IVS�LSVE��EGSVsVM�ES�PSGEP��UYI�VIKSVKMXEZE�HI�TIWWSEW�HI�EQFSW�SW�PEHSW�TEVE�SYZMVIQ�I� ETVIRHIVIQ� GSQ� S� QIWXVI� WYEW� TVIGMSWEW� PMª¸IW�� 1EMW� XEVHI�� XSQEHS� GSQS�I\IQTPS�� JSM�S�QIY�GEWS�REVVEHS�T¿FPMGEQIRXI��I��ET¶W�ETVIWIRXEHEW�EW� PMRLEW�GIRXVEMW�HE�NYWXMªE�UYI�QI�GSQTIXI�VIEPM^EV��JYM�EGPEQEHS�I��RE�½PXMQE�WIQERE��ETVIWIRXIM�HIWTIHMsHEW��(S�'LIJI�VIGIFM�IPSKMSW��E�TVSQIWWE�HS�WIY��EY\°PMS� �I�ENYHE�GSRWXERXI��HYVERXI�SW�PSRKSW�ERSW�HI�EJEWXEQIRXS�HS�KVYTS��IRUYERXS�HYVI�S� QIY�QIVKYPLS���� %PMsQIRXSY�QI� E� WEXMWJEª¦S� HI� UYI�� IQFSVE� WITEVEHS� TIPS�

Page 56: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

GSVTS��IY�WIVIM�VIKYPEVQIRXI�PIZEHS�P¤��QERXIRHS�SW�Z°RGYPSW�GSQ�E�3VKERM^Eª¦S��TEVE�R¦S�TIVQERIGIV�ES�HIWEQTEVS���

)�HITSMW�HI�I\TVIWWMZE�TEYWE��EWWIZIVSY�ô�'SQS�Z­��EP¬Q�HS�QIY�GEWS�TIWWSEP��GSRHY^S�EKSVE�E�VIWTSRWEFMPMHEHI�HI�

EKMV� IQ� RSQI� HSW� RSWWSW�� UYI� Z­IQ� IQ� QMQ� YQE� HEW� VITVIWIRXEª¸IW� HSW�ZMKMPERsXIW�I�HIJIRWSVIW�HE�ZIVHEHI�

)WX¤ZEQSW�IWXEVVIGMHSW�'SQS� R¦S� TSHIVME� WIV� PIK°XMQS� S� HITSMQIRXS� HI� YQ� QIQFVS� EXMZS� HE�

3VKERM^Eª¦S#�2¦S�LEZME�H½ZMHEW��WMQ��IY�TIRWEZE��2S�IRXERXS��GSQS�IRXIRHIV�YQ�%RJMsXIEXVS��RSW�QSPHIW�HSW�HE�8IVVE��E�JYRGMSREV�EP¬Q�HS�X½QYPS#�,EZME�P¶KMGE��TSV¬Q��2¦S�¬�S�QYRHS�J°WMGS�S�VITVIWIRXERXI�HSW�IJIMXSW#�%WWMQ�WIRHS��UYERXS�I\MWXI�HS�PEHS�HI�G¤��·FZMEQIRXI�L¤�HS�PEHS�HI�P¤��5YERXEW�PMª¸IW��XSHEZME��(IYW�QIY�� EKYEVHERHS� TSV� R¶W�� 3� üSVEM� I� ZMKMEMý� WIQTVI� GSQERHERHS� SW� RSWWSW�HIWXMRSW���

'SQ�E�WIVIRMHEHI�UYI�PLI�IVE�LEFMXYEP��4IXMXMRKE�R¦S�WI�JI �̂WYVTVIWS��ERXIW��VIJIVMY�WI�E�.IWYW��UYI�TVIJIsVMVE�S�ETYTS�HEW�QEWWEW�£�GSRMZ­RGME�GSQ�S�GVMQI�I�GSQ� E� HMWGVMQMREª¦S� HS� TSHIV� XIQTSVEP�� %� 7YE� KVERHI^E� JSVE� E� 7YE� WYTVIQE�LYQMPHEHI�I�S�7IY�VIZMHI�E�XSHS�QEP�JSM�E�7YE�HSEª¦S�XSXEP�ESW�TIVWIKYMHSVIW�I�EJYKIRXIW��GSQ�SW�FVEªSW�EFIVXSW�RE�'VY �̂�GSQS�WI� XVERWJSVQEHSW�IQ�EWEW�HI�EQSV�IWTIVEWWIQ�TSV�XSHE�E�,YQERMHEHI��TEVE�EQTEVEV�SW�MRJIPM^IW�I�XV¥RWJYKEW�HS�HIZIV�� VIRSsZERHS�PLIW�EW�IWTIVERªEW�I�WYWXIRXERHS�SW�RE� PYXE��EQSsVSWS�I�JSVXI�EX¬�ES�JMQ�

3W� GSRGIMXSW� IQMXMHSW� RE� QEMW� TYVE� IQSXMZMHEHI� TEsVIGMEQ� WIRWMFMPM^EV� S�GSQYRMGERXI� UYI�� VITIRXMREQIRXI�� TEVIGIY� EJPMXS�� HIWINERHS� PMFIVXEV�WI� HSW�PMEQIW�HE� MRGSVsTSVEª¦S��RS�UYI� JSM�EXIRHMHS�TSV�4IXMXMRKE�I�7EXYVRMRS�UYI� PLI�ETPMGEVEQ�TEWWIW�FEPW¥QMGSW��JE^IRHS�S�EHSVQIGIV�

3W�XVEFEPLSW�TVSWWIKYMVEQ�RSVQEPQIRXI�EX¬�E�LSVE�HS�IRGIVVEQIRXS��UYERHS�S� -RWXVYXSV�� VIXSVRERHS� £� MRsGSVTSVEª¦S�� I\TPMGSY� UYI� REUYIPE� RSMXI� QIWQS� S�KVYTS� ZSPXEVME� E� VIYRMV�WI�� IQ� HIWHSFVEQIRXS� TEVGMEP� TIPS� WSRS�� TEVE�TVSWWIKYMQIRXS�HEW�XEVIJEW�

%W� F­Rª¦SW� HE� GEVMHEHI� I� SW� XIWSYVSW� HIGSVVIRXIW� HE� GSQYRL¦S� JVEXIVREP��WSQIRXI�SW�GSRLIGIQ�EUYIPIW�UYI�I\IVGMXEQ�E�WSPMHEVMIHEHI�

8SHSW�HIQERHEQSW�S�PEV�GSQ�S�IWT°VMXS�PIRMHS�TSV�IWTIVERªEW�GSRWSPEHSVEW��)QFSVE�SW�QIQFVSW�HE�JEsQ°PME�7SEVIW�R¦S�LSYZIWWIQ�TEVXMGMTEHS�HS�XVEFEPLS�HE�RSMXI�� KVERHI� TEVXI� HE� XEVIJE� JSVE� HIWIRZSPZMHE� SFNIXMsZERHS� E� WE½HI� I� E� TE �̂HEUYIPEW�TIWWSEW�

'SRJSVQI�TPERINEHS��VIIRGSRXVEQS�RSW�RE�WEPE�WMRsKIPE�HS�WSGSVVS�IWTMVMXYEP�SW� UYI� TEVXMGMTEZEQ� HE� EWWMWsX­RGME� ES� MVQ¦S� +YMPLIVQI�� GSRHY M̂HSW� TSV�7EXYVRMRS�I�SW�WIYW�EY\MPMEVIW��)QFSVE�TEVXI�GSRWMHIV¤ZIP�HSW�TVIsWIRXIW� JSWWI�GSRWXMXY°HE� HI� IRGEVREHSW� TEVGMEPQIRXI� HIWsTVIRHMHSW� TIPS� WSRS�� VIKMWXVEZE�WI�IQ� XSHSW� YQE� PYGMHI �̂ IWTMVMXYEP� FIQ� I\TVIWWMZE�� S� UYI� JEGMPMXEZE� S� PEFSV� HSW�&IRJIMXSVIW�

+YMPLIVQI��ERIWXIWMEHS�TIPS�WSRS�LMTR¶XMGS��JSVE�XVE M̂HS�ERXIW�I��RS�QIWQS�GSQTEVXMQIRXS��EWWMWXMHS�TSV�HSMW�IRJIVQIMVSW�HE�)WJIVE�1EMSV��NE M̂E�MRGSRWGMIRXI��ZIPEHS��XSHEZME��TIPS�GEVMRLS�UYI�PLI�IVE�MRHMWTIRW¤ZIP�TEVE�ETE M̂KYEV�EW�JSVªEW�HIWGSRI\EW�HE�MVE�I�HE�HIGITsª¦S�UYI�PLI�QEVXIPEZEQ�S�IWT°VMXS�VIFIPHI�I�MRJIPM �̂

%T¶W� ETPMGEHSW� VIGYVWSW� QEKR¬XMGSW� HI� HIWTIVXEsQIRXS� IQ� XSHSW� SW�HIWTVIRHMHSW�TEVGMEPQIRXI�TIPS�WSRS�J°WMGS��TEVE�QIPLSV�PYGMHI �̂�PYGMHI �̂VIPEXMZE�HI�UYI�HIsZIVMEQ�IWXEV�TSWWYMHSW�SW�IRGEVREHSW�TEVE�EW�XEVIJEW�IQ�TVSKVEQE��

Page 57: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

GSQS�I\TPMGSY�S� -RWXVYXSV �� I�UYERHS� XSsHSW�RSW�IRGSRXV¤ZEQSW� GSQ�QIPLSVIW�TSWWMFMPMHEHIW� HI� VIKMWXVS� RSW� GIRXVSW� TIVMWTMVMXYEMW�� IPYGMHSY� 7EXYVRMRS� UYI��REUYIPE� STSVXYRMHEHI�� JSVE� TPERINEHE� YQE� MRGYVW¦S� ESW� HSQ°RMSW� HS� (V��8ISJVEWXYW�� TEVE� GSPIXE� HI� MRJSVQIW� WIKYVSW�� RS� UYI� XERKME� ES� TVSGIWWS� HI�HIWSFWIWW¦S�HSW�QIQFVSW�HE�JEQ°PME�7SEVIW��I��QEMW�IQ�TEVXMGYPEV��HI�1EVMERE��)\TSRHS� UYERXS� ES� MQTIVEXMZS� HS� IUYMP°FVMS� I� HE� QERYXIRª¦S� HS� IWXEHS� HI�SVEª¦S�� IUYMZEPIRXI� £� ZMsKMP¥RGME� I� £� J¬�� MRJSVQSY� UYI� WSQIRXI� IPI�� %QFV¶WMS��+YMPLIVQI��S�MVQ¦S�+PEYGS�ô�UYI�N¤�GSRLIG°EQSW�HIWsHI�E�SGEWM¦S�HE�QIRWEKIQ�WSFVI�,MTRSXMWQS��UYI�XERXS�RSW�WIRWMFMPM^EVE�ô��4IXMXMRKE�I�R¶W�WIKYMV°EQSW�£W�SFWIVZEª¸IW� RS� %RJMXIEXVS� IRUYERXS� SW� HIQEMW� EWWMWXIRsXIW� IWTMVMXYEMW� I� S�Q¬HMYQ�1SVEMW�EPM�WI�HIQSVEVMEQ�IQ�PIMXYVE�IZERK¬PMGE�I�SVEª¦S��GSRXVMFYMRHS��HIWWI�QSHS��TEVE�SW�VIWYPXEHSW�EPQINEHSW�

(IWTIVXEHS�+YMPLIVQI�I�IWGPEVIGMHS�UYERXS�ES�TVSsKVEQE�IQ�TEYXE��IWXI�R¦S�WI�T·HI�JYVXEV�E�YQE�I\TVIWsW¦S�HI�LSVVSV�

ô 'SQS�WI�EXVIZIV¦S�E�EHIRXVEV�WI�RS�VIHYXS�HS�'LIJI#�5YEMW�SW�SFNIXMZSW�UYI�PIZEV¦S�IQ�QIRXI#�ô�MRUYMVMY��EWWSQFVEHS��ô�-KRSVEQ�UYI�S�IWTIX¤GYPS�XIV¤�E�HMVIª¦S�TIWWSEP�HS�(V��8ISJVEWXYW��UYI�WI�JE �̂EGSQsTERLEV�MRZEVMEZIPQIRXI�HI�QEMW� HI� YQE� ZMRXIRE� HI� GSSTIVEHSVIW� I� KYEVHEW� TIWWSEMW#� )WWE� XIQIVMHEHI�TSHIV¤�VIHYRHEV�IQ�PEQIRX¤ZIP�TYRMª¦S�TEVE�XSHSW��MRGPYWMZI�IY��2¦S��RMRKY¬Q�MRXIRXI�E�VIEPM^Eª¦S�HI�MH¬ME�X¦S�PSYGE�UYERXS�IWWE��6IGYWS�QI�XIVQMRERXIQIRXI�£�EUYMIWG­RGME�

ô :SG­��RS�IRXERXS��QIY�EQMKS�ô�VIXVYGSY�7EXYVsRMRS�ô��R¦S�WI�IRGSRXVE�IQ�TSWMª¦S� HI� IWGSPLE�� %W� JSVªEW� LMTRSP¶KMGEW� EPM� ETPMGEHEW� R¦S� W¦S� E� R¶W� SYXVSW�HIWGSRLIGMHEW�� (MWTSQSW� HI� PEVKE� I\TIVM­RGME� RE� UYIWsX¦S� I� RSW� JEVIQSW�EGSQTERLEV�HI�YQ�X¬GRMGS�IQ�VIGYVWSW�UYI�XEMW��GSQS�IJMGMIRXI�GSSTIVEHSV�TEVE�UYEPsUYIV� GMVGYRWX¥RGME� QIRSW� JIPM �̂� %P¬Q� HMWWS�� IWXEQSW� E� WIVZMªS� HI� .IWYW�'VMWXS��S�7YTVIQS�'LIJI�HE�8IVVE��I�TSHIV�EPKYQ�¬�WYTIVMSV�£W�JSVªEW�UYI�)PI�RSW�SYXSVKE�TEVE�E�TV¤XMGE�HS�FIQ�I�E�PMFIVXEª¦S�HI�GSRWGM­RGMEW�EMRHE�QIVKYPLEHEW�REW�WSQFVEW�HS�GVMQI�

%T¶W� YQE� TEYWE� RIGIWW¤VME�� IQ� UYI� +YMPLIVQI� WI� HIFEXME� IRXVI� EW�PIQFVERªEW�HSW�TIRWEQIRXSW�UYI� PLI�IVEQ�LEFMXYEMW�I�E�RSFVI�EYWXIVMHEHI�HI�7EXYVRMRS��UYI�IQFSVE�EQSVSWS�WEFME�GSRHY M̂V�E�UYIWX¦S�GSQ�E�IRIVsKME�UYI�R¦S�TIVQMXME�HMWGYWW¦S��TVSWWIKYMY�

ô�'SQS�N¤�PLI�MRJSVQEQSW��S�RSWWS�HIWINS�¬�ENYsH¤�PS�E�IRGSRXVEV�E�HMVIXVM �̂HE�TE �̂MRXIVMSV���

ô�6IGYWS�E�ô�FVEHSY�GSP¬VMGS��ô�7MRXS�QI�TIVsJIMXEQIRXI�JIPM �̂I�E�VIEPM^Eª¦S�HSW�QIYW�TPERSW�¬�S�GSsVSEQIRXS�HI�XSHSW�SW�QIYW�IWJSVªSW�I�WSJVMQIRXSW��)WXE�MQTSWMª¦S� HIWEKVEH¤ZIP� I� GSIVGMXMZE� QI� WYVTVIIRHI� I� IRsJYVIGI�� 2¦S� GSRXI�GSQMKS�

'SQS�WI�EKYEVHEWWI�E�I\TPSW¦S�HE�VIZSPXE��7EXYVsRMRS�EGIVGSY�WI�HS�VIZIP�I��SVERHS�IQ�WMP­RGMS��WI�JSM�XVERWJMKYVERHS�HMERXI�HI�XSHSW�R¶W��IRUYERXS�YQE�EYVE�HI� WEJMVMRE� I� TVSJYWE� GPEVMHEHI� S� IRZSPZME�� :MFVEª¸IW� WYFPMQIW� E� XSHSW� RSW�HSQMREZEQ��8°RLEQSW�E�MQTVIWsW¦S�HI�UYI�S�VIHYXS�QSHIWXS�WI�XVERWJSVQEZE�IQ�VIsGMRXS� HI� PY �̂� 7YEZI� Q½WMGE� GLIKEZE� HI� PSRKI� I�� WYVTVIsIRHIRXIQIRXI��GSQIªEQSW�E�ZIV��EP¬Q�HS�UYI�WIVMEQ�EW�TEVIHIW�QEXIVMEMW��HMZIVWEW�)RXMHEHIW�)WTMVMXYEMW�UYI�TEVXMGMTEZEQ�HEW�XEVIJEW��IQFSVE�WIQ�UYI�R¶W��SW�IRsGEVREHSW��WSYF¬WWIQSW��QIVKYPLEHEW�IQ�TVSJYRHE�SVEsª¦S��ENYHERHS�7EXYVRMRS�UYI�WI�RSW�EJMKYVEZE�� EKSVE�� ZIRIVERHE� JMKYVE� ERGIWXVEP� VIWWYVKMHE� HEW� T¤KMREW�GSsQSZIHSVEW�HE�&SE�2SZE��RSW�WIYW�TVMQIMVSW�W¬GYPSW�RE�8IVVE��UYERHS�LSQIRW�

Page 58: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

EJIVZSVEHSW� WI� HIM\EZEQ� ZIRGIV� TIPEW� JIVEW�� IQ� MRSPZMH¤ZIMW� XIWXIQYRLSW� HI�EQSV�E�.IWYW���

%W� P¤KVMQEW� RSW� EPNSJVEZEQ� EFYRHERXIW� I� MKRSXEW� IQSª¸IW� RSW� ZIRGMEQ�HSGIQIRXI�

3 1IRWEKIMVS�HE�:MHE�IRZSPZIY�+YMPLIVQI�TEXIVsREPQIRXI��XVERWQMXMRHS�PLI�SW�WYEZIW�VIGYVWSW�HS�VIGSRsJSVXS�I�HE�IWTIVERªE��I�JEPSY�PLI�GSQ�MRMQMX¤ZIP�XSQ�HI�ZS �̂

ô1IY�JMPLS��.IWYW�¬�:MHE��I�E�ZMHE�¬�MRIZMX¤ZIP�GEQMRLS�HI�XSHSW�R¶W��ZMERHERXIW�HE�IZSPYª¦S��2MRKY¬Q�WI�JYVXEV¤�MRHIJMRMHEQIRXI�ES�TVSKVIWWS��ES�EQSV��£�JIPMGMHEHI�UYI�E�XSHSW�R¶W�IWX¦S�VIWIVZEHSW��7¶�I\MWXI��WSFIVERE��RS�9RMZIVWS��E�0IM�HS�%QSV�UYI�VIKI�SW�QYRsHSW�I�GSQERHE�XSHEW�EW�QERMJIWXEª¸IW�I\MWXIRXIW��TSVsUYI�S�2SWWS�4EM�¬�S�%QSV��3�¶HMS�E�UYI�QYMXSW�RSW�IRXVIKEQSW��UYERHS�MRIVQIW�GE°QSW�RE�VIFIPHME��¶HMS�WIQTVI�XVERWMX¶VMS��VIWYPXE�HE�EYW­RGME�HS�EQSV�UYI�IRsXSVTIGIQSW�I�IRZIRIREQSW�GSQ�EW�IQEREª¸IW�QIJ°XMGEW�HS�RSWWS�HIWIUYMP°FVMS��2¦S�VIGIMI��TSVXERXS��EQEV��3�EQSV�SJIVIGI�JIPMGMHEHI�E�UYIQ�EQE��TVSHY M̂RHS�RS�IWsT°VMXS�IQSª¸IW�XVERWGIRHIRXIW�UYI�S�IRSFVIGIQ�I�ZMXEPMs^EQ��)RUYERXS�S�¶HMS�HIWEKVIKE��QEGIVE�I�IRPSYUYIGI��S�EQSV�WYFPMQE�I�PMFIVXE����3W�UYI�HIWVIWTIMXEQ�EW�0IMW�HE�,EVQSRME�WSJVIQ�PLIW�EW�GSRWIUY­RGMEW��WIQ�UYI�RSW�GSRZIVXEQSW�RSW�WIYW�NYWXMªEHSVIW��XSVRERHS�RSW��MKYEPQIRXI��GIPIVEHSW��)�RMRKY¬Q�JVYMV¤�HI�TE �̂SY�I\sTIVMQIRXEV¤�EPIKVME��ZMXMQEHS�IQ�WM�QIWQS�TIPS�¶HMS��,¤�EUYIPIW�UYI�RE�ZSP½TME�HS�HIWIUYMP°FVMS�HM^IQ�R¦S�WI�MQTSVXEVIQ�GSQ�S�TV¶TVMS�IWXEHS����8SHEZME��E�VIEsPMHEHI�¬�SYXVE��0YGMK­RMXSW��XIQSW�XSHSW�E�HIWXMREª¦S�HE�0Y �̂(MZMRE���

7MPIRGMSY��QSQIRXERIEQIRXI��TEVE�HEV�IRWINS�E�UYI�+YMPLIVQI�WI�MQTVIKREWWI�HEW�WYXMW�ZMFVEª¸IW��HIM\ERsHS�WI�TIRIXVEV�TIPSW�EVKYQIRXSW�I�TIPS�EQSV�UYI�HIPI�WI�MVVEHMEZE�

4VSWWIKYMRHS��EGVIWGIRXSY�ô�)WUYIªE��JMPLS��XSHS�S�QEP��TEVE�PIQFVEV�WI�HS�MRJMRMXS�FIQ�GSQ�UYI�2SWWS�

4EM�RSW�JIPMGMXE�EW�LSVEW��3�QEP�WSQIRXI�JE �̂QEP�E�UYIQ�S�TVEXMGE��XSVRERHS�S�QEY��3�TIVH¦S�UYI�WI�HSE�¬�WIQIRXI�HI�QMWIVMG¶VHME�UYI�PERªEQSW�RE�HMVIª¦S�HS�JYXYVS��E�FIRIJ°GMS�TV¶TVMS����2¦S�VIGEPGMXVI��2¦S�EHMI�E�STSVXYRMHEHI�HE�VIsRSZEª¦S��%�ZMHE�E�XSHSW�RSW�EKYEVHE�GSQ�E�Eª¦S�FIRMKsRE�SY�WIZIVE�GSQ�UYI�RSW�GSRHY M̂VQSW�IQ�VIPEª¦S�ES�RSWWS�TV¶\MQS��:IVHEHIMVEQIRXI�MRJIPM �̂¬�EUYIPI�UYI�R¦S�TIVHSE��R¦S�SPZMHE�S�QEP��R¦S�SJIVIGI�STSVXYRMHEHI�HI�VIHIRª¦S��8SHS�TIVWIKYMHS�VIWKEXE�I�WI�PMFIVXE��IRUYERXS�S�ZIVHYKS�WI�EQEVVE�£�H°ZMHE�I�WI�HIM\E�EVVEWXEV�ESW�ZMKSVSWSW�TSXVSW�HS�WSJVMQIRXS��ZIRGMHS��QEMW�XEVHI��TIsPSW�Z°VYW�UYI�EPMQIRXEV�RSW�IWGERMRLSW�HE�QIRXI�EXSVsQIRXEHE��6IGSVHI��HIWWI�QSHS��.IWYW��UYI�R¦S�GEVVIsKEZE�RIRLYQE�GYPTE��I�RS�IRXERXS���

3 I\�SFWIWWSV�HI�1EVMERE��HSQMREHS�TSV�W½FMXE�IQSsXMZMHEHI��TVSVVSQTIY�IQ�GSTMSWS�TVERXS��RS�UYEP�I\XVEsZEWEZE�XSHE�E�ERK½WXME�VIXMHE�TSV�PSRKSW�HIG­RMSW��GEYsWERHS� GSQTEM\¦S� E� XSHSW� R¶W�� UYI� EGSQTERL¤ZEQSW� S� PEFSV� WSGSVVMWXE��ZEPSVM^ERHS�S�TSHIV�MRGSQTEV¤ZIP�HS�EQSV�

)RGSPLMHS� RSW� FVEªSW� KIRIVSWSW� HI� 7EXYVRMRS�� TEsVIGME� YQE� GVMERªE�QYMXS�GVIWGMHE��TSV¬Q�EFWSPYXEQIRXI�ZYPRIV¤ZIP��'IWWEHE�E�MVE��UYI�¬�ZIVHYKS�GVYIP��S�IWT°sVMXS�WI�HIM\EVE�HIWGSRXVEMV��VIXSQERHS�E�GSRHMª¦S�HIPI�QIWQS�

ô'LSVI��JMPLS�ô�EGIRXYSY��MKYEPQIRXI�GSQSZMHS��7EXYVRMRS��ô�%W�P¤KVMQEW�HI�NYWXS� EVVITIRHMQIRXS� I� HI� RIGIWW¤VME� HSV� W¦S� GSQS� GLYZE� TVIGMSWE� IQ� XIVVE�GVIWXEHE��SJIVIGIRHS�E�STSVXYRMHEHI�TEVE�UYI�QIHVIQ�EW�WIQIRXIW�HE�IWTIVERªE�I� HE� TE �̂� UYI� TEHIGIQ�� EX¬� IRX¦S�� IWQEKEHEW� RE� IWXIVMPMHEHI� HS� WSPS�� 2¦S�

Page 59: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

TIVQMXE��RS�IRXERXS��UYI�S�TVERXS�VIJE^IRXI�WI�XVERWJSVQI�IQ�XSVQIRXE�YPYPERXI�I�HIWXVYMHSVE����%KSVE�GSQIªE�ZMHE�RSZE�TEVE�ZSG­��TEVE�XSHSW�R¶W��.IWYW�¬�WIQTVI�E� TSVXE�� E� RSZE� STSVXYRMHEHI�� :EHIIQSW� SW� VMSW� HEW� TEM\¸IW� UYI� RSW� VIX­Q�I�EZERGIQSW�RE�HMVIª¦S�HS�TSVZMV�TVSQMWsWSV��7I�S�TEWWEHS�WI�RSW�EJMKYVE�JERXEWQE�UYI� RSW� MQTSWWMFMPMXE� E� TE �̂� S� JYXYVS�� EXVEZ¬W� HE� YXMPM^Eª¦S� HS� TVIWIRXI�� IQ�WEFIHSVME�I�RSFVI^E��RSW�IRWINE�E�F­Rª¦S�HE�EPIKVME�I�E�H¤HMZE�HE�TE �̂�8SHSW�RSW�IRGSRXVEQSW� IRPIEHSW� IQ� VIQMRMWG­RGMEW� HSPSVSWEW�� 3� RSWWS� n3RXIQ~� ¬� UYEP�WSQFVE�IWTIVERHS�S�WSP�HS�nLSNI~�TEVE�E�TIVIRI�GPEVMHEHI�HS�EQERL¦���

7MPIRGMERHS�� QSQIRXERIEQIRXI�� S� &IRJIMXSV� )WTMVMsXYEP� TEVIGME� VIGSVHEV�PSRK°RUYEW� PIQFVERªEW�� I�� XSQEHS� TSV� WYFPMQI�QSHYPEª¦S� UYI� RSW� TEVIGME� XIV�SVMKIQ�IQ�HMWXERXIW�W°XMSW��TVSWWIKYMY�

ô�(MERXI�HSW�MRJIPM^IW��S�1IWXVI�ZI �̂EPKYQE�XIZI�TEPEZVEW�HI�EWTIVI^E��R¦S�SW� VITVSGLSY��RIQ�SW�EGMGEsXSY��)RZSPZIY�SW�� XSHSW�� RE� GEVMGMSWE�IWTIVERªE�HI�QIsPLSVIW�LSVEW��SJIVIGIRHS�PLIW�E�H¤HMZE�HS�XVEFEPLS��REW�STSVXYRMHEHIW�HI�QMP�VIGSQIªSW�TEVE�S�FYVMPEQIRXS�°RsXMQS��2S�IRXERXS��HMERXI�HSW�UYI�WI�GSQTVE M̂EQ�RE�QMsW¬VME�EPLIME��TWIYHSHSQMREHSVIW�HS�QYRHS�IJ­QIVS��ETPMsGSY�S�GSVVIXMZS�HE�TEPEZVE�WIZIVE��EHZIVXMRHS�SW�GSQ�WMRKYPEV�EYWXIVMHEHI��R¦S�SW�TSYTERHS�ES�TIWS�HEW�VIWsTSRWEFMPMHEHIW�UYI�TVIJIVMEQ��������

n6EVSW�� TSV¬Q�� XIQSW� WEFMHS�ZEPSVM^EV� S� MQTSWMXMZS�HE� MRJSVQEª¦S� GVMWX¦��%�HMVIXVM �̂IZERK¬PMGE��EMRHE�LSNI��TEVIGI�E�QYMXSW�nPSYGYVE~��GSRJSVQI�MRJSVQEZE�S�ET¶WsXSPS�4EYPS��IQ�WIY�XIQTS�

n8YHS�RSW�JEPE�HS�EQSV��HIWHI�EW�TEMWEKIRW�JIPMs^IW�HE�2EXYVI^E�£W�IQSª¸IW�WYTIVMSVIW�HE�ZMHE��HEW�WIRsWEª¸IW�TVMQMXMZEW�RSW�WIVIW�MRJIVMSVIW�£W�I\TVIWW¸IW�HI�JIPMGMHEHI�RSW�LSQIRW����8SHEZME��S�EQSV��TEVE�QYMXSW�HI�R¶W��R¦S�TEWWE�HI�EVVIQEXEHS� IKS°WQS�� RS� UYEP� EWJM\MEQSW� EW� IWTIVERªEW� HSW� SYXVSW� REW� VIHIW�IWXVIMXEW�I�ETIVXEHEW�HS�RSWWS�TIVWSREPMWQS�MRJIPM �̂��~

6IPERGISY�S�SPLEV�TIPE�WEPE�GPEVIEHE�JSVXIQIRXI�TIPEW�JYPKYVEª¸IW�UYI�HIPI�MVVEHMEZEQ��IRUYERXS�+YMsPLIVQI��UYI�FYWGEZE�EWWMQMPEV�EW�PMª¸IW�GSQ�I\TVIWW¦S�HI� GSQTVIIRW°ZIP� WYVTVIWE� I� ERWMIHEHI�� WI� XVERWJSVQEZE� IQ� nLSQIQ� RSZS~��EFERHSRERHS� E� GEVGEªE� WSJVMHE� HS� nLSQIQ� ZIPLS~� MQEREHS� ES� ¶HMS�� EKSVE�VIRSZEHS�TIPEW�WYGIWWMZEW�ZMFVEª¸IW�HS�EQSV��)�GSQS�WI�HIWINEWWI�JM\EV�IQ�XSHSW�R¶W�SW�GSRGIMXSW�EPM�IQMXMHSW��GSRXMRYSY��P½sGMHS�

ô 2EWGIQSW��ZMZIQSW�RS�GSVTS�I�TIVHIQSW�E� MRHYsQIRX¤VME��VIXSVRERHS�ES�TEPGS� HEW� QIWQEW� PYXEW�� ZI^IW� MR½QIVEW�� WIQ� GSRWIKYMVQSW� QIPLSVEV� EW�GSRHMª¸IW�IWsTMVMXYEMW��VITIXMRHS�E�nVSHE�HEW�TEM\¸IW~�IWGVEZM^ERXIW�IQ�UYI�RSW�GSQTVE^IQSW��1YMXSW��IQ�MRGSRX¤ZIP�R½sQIVS��IRXVEQSW�RE�GEVRI�I�HIPE�WE°QSW�WIQ�RSW�ETIVsGIFIVQSW�HS�JIR·QIRS��EJIVVEHSW�£W�ZMFVEª¸IW�QEMW�TVMsQ¤VMEW�HE�ZMHE��8SHSW�WSRLEQSW�GSQ�SW�'¬YW��WMQ��6EsVSW��XSHEZME��IWXEQSW�GSRWXVYMRHS�EW�EWEW�HE�IZSPYª¦S�GSQ�SW�QEXIVMEMW�HE� MPYQMREª¦S� °RXMQE��REW� PMRLEW�WIZIVEW�HS�XVEFEPLS�JVEXIVRS��HE�VIR½RGME��HE�GEVMHEHI�I�HS�TIVH¦S��7IQIEQSW�TSYGE�PY �̂I�GSPLIQSW�EJPMª¸IW�HEsRSWEW��TSV�IWWE�VE^¦S��RSWWE�EVGE�HI�IWTIVERªE�TIVQEsRIGI�ZE M̂E�HI�EPIRXS�

n7INEQSW�TVYHIRXIW��TSMW��YXMPM^ERHS�SW�VIGYVWSW�HE�LSVE�TVIWIRXI�E�FIRIJ°GMS�TV¶TVMS�

n:IVHEHIMVEQIRXI�JIPM^IW�W¦S�EUYIPIW�UYI�TIVHSEQ��UYI�GIHIQ��UYI�HSEQ��HSERHS�WI��XEQF¬Q�

n.IWYW� ¬� EMRHE� I� WIQTVI� E� RSWWE� PMª¦S� ZMZE�� S� RSWWS� I\IQTPS� TIVIRI��&YWUYIQS�0S��~

7MPIRGMSY�� MRZEHMHS�TSV�IQSª¸IW� XVERWGIRHIRXIW��8°sRLEQSW�E� MQTVIWW¦S�HI�

Page 60: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

IRGSRXVEV�RSW�IQ�SYXVS�TPERS�ZMsFVEX¶VMS��UYI�R¦S�E�8IVVE��RSWWE�KIRMXSVE�WSJVMHE�I�TSVsXEHSVE�HI�WSJVMQIRXSW�

6IGSQTSRHS�WI�GSQ�EW�GEVEGXIV°WXMGEW�LEFMXYEMW��HMWsWI�E�+YMPLIVQI��UYI�S�JMXEZE��EPKS�EXSPIMQEHS�

ô )�EKSVE��JMPLS��IWX¤�HMWTSWXS�E�WIKYMV�GSRSWGS�ES�VIGMRXS�HEW�I\TIVM­RGMEW�HS�MVQ¦S�8ISJVEWXYW#

ô 7MQ��8IRLS�QIHS��TSV¬Q��)Q�XSHE�E�QMRLE�HIWHMXE��WSRLIM��R¦S�TSYGEW�ZI^IW��GSQ�E�TE �̂PSRK°RUYE���

%W�P¤KVMQEW�MQTIHMVEQ�RS�HI�TVSWWIKYMV�4SRHS�PLI�E�HIWXVE�WSFVI�E�GEFIªE�FERLEHE�HI�½QMHS�WYSV��7EXYVRMRS�

IWXMQYPSY�S�ô )WXI�¬�S�WIY�QSQIRXS�HI�PMFIVXEª¦S��2¦S�S�EHMI�3 7IRLSV�RSW�ENYHEV¤��7MKEQSW�

Page 61: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

�2S�ERJMXIEXVS

������%RXI�E�TVS\MQMHEHI�HS�QSQIRXS�HI�RSW�HMVMKMVQSW�ESW�W°XMSW�IQ�UYI�S�(V��8ISJVEWXYW� PEFSVE�� ZSPXEZEQ�RSW� £� QIRXI� EW� PMª¸IW� JSVRIGMHEW� TIPS� &IRJIMXSV�+PEYGYW��IQ�XSVRS�HE�LMWX¶VME�I�HEW�VIEPMHEHIW�HE�LMTRSWI�������+YMPLIVQI��EQTEVEHS�JVEXIVREPQIRXI�TSV�%QFV¶WMS��S�HIPMGEHS�IRJIVQIMVS�I�EWWMWXIRXI� HI� 7EXYVRMRS�� JSM� MRsGSVTSVEHS� ES� KVYTS�� I� EWWMQ� RSW� EGIVGEQSW� HE�TSVXE�HS�ZIPLS�IHMJ°GMS�HE�9RM¦S��TEVE�RSW�XVERWJIVMVQSW�EX¬�S�%RJMXIEXVS�������7EXYVRMRS��TVIWXMQSWS�I�WIZIVS��ERXIZIRHS�E�KVEZMsHEHI�HE�I\GYVW¦S��E�XSHSW�RSW� EHIWXVSY�� UYERXS� TSWW°sZIP�� RSW� VIGYVWSW� HE� GSRGIRXVEª¦S� I� HE� TVIGI�� HI�QSHS�E�IZMXEVQSW�UYEPUYIV�HIWEWXVI��RS�VIHYXS�MRHMXSWS�TEVE�SRHI�VYQ¤ZEQSW�������%�XEVIJE��HI�KVERHI�VIEPGI��XMRLE�GSQS�SFNIXMZS�IWWIRGMEP�GSRLIGIV�SW�Q¬XSHSW�HI� XVEFEPLS� HSW� nEHZIVW¤sVMSW� HE� 0Y^~�� HI� QSHS� E� IPYGMHEV� SW� GSQTERLIMVSW�VIsIRGEVREHSW� I� ETPMGEV�� MKYEPQIRXI�� SW� ERX°HSXSW� GSQTEX°sZIMW� UYERHS� IWXIW�IWGPEVIGMQIRXSW�ZMIWWIQ�E�PYQI�������7IQ�H½ZMHE��HIWHI�EW�TVMQIMVEW�LSVEW�HS�)WTMVMXMWQS��1IRWEKIMVSW�)JMGMIRXIW�X­Q�ZMRHS�£�8IVVE�SJIVIsGIV�IWGPEVIGMQIRXSW�WSFVI�EW�TEMWEKIRW�HS�1EMW�%P¬Q����I��QIWQS�ERXIW�HE�GLIKEHE�HS�'SRWSPEHSV��SW�MRJSVQIW�MRGIWWERXIW�GLIKEZEQ�ESW�SYZMHSW�HSW�LSQIRW��EHZIVXMRHS�SW�WSFVI�EW�VIEPMHEHIW�MRWSJMWQ¤ZIMW�HE�ZMHE�

%KYEVHEZE�RSW�£�TSVXE�WMRKYPEV�ZI°GYPS��WIQIPLERXI�£W�ZIPLEW�WIKIW��TSV¬Q�HI� QEMSVIW� TVSTSVª¸IW�� £� UYEP� IWXEZEQ� EXVIPLEHSW� HYEW� TEVIPLEW� HI� GSVG¬MW�FVERGSW�� FIPSW� IWT¬GMQIW� IUYMRSW�� GSRHY M̂HSW� TSV� YQ� GSGLIMVS� HI�QIME�MHEHI��UYI�RSW�WEYHSY�GSQ�HMWGVIXE�GSVXIWME�

%HIRXVEQS�RSW�RS�GSGLI��UYI�TEVXMY��%W�GSVXMREW�EVVIEHEW�R¦S�RSW�TIVQMXMEQ�E�ZMW¦S�HS�I\XIVMSV�

3 MVQ¦S�7EXYVRMRS�IWGPEVIGIY�UYI�GSRLIGME�S�PSGEP�IQ�UYI�IWXEZE�S�ERJMXIEXVS��TV¶\MQS� £� VIKM¦S� TERXERSWE� HE� GMHEHI�� IQ� YQE� ¤VIE� HIWIVXE� I� R¦S� QYMXS�HMWXERXI�� UYI� EXMRKMV°EQSW� RYQE� LSVE� HI� ZMEKIQ� ETVS\MQEHEQIRXI�� )PYGMHSY��EMRHE�� UYI� E� TVSZMH­RGME� HI� YXMPM^EV� S� ZI°GYPS� WI� NYWXMJMGEZE�� GSRWMHIVERHS� E�WMXYEª¦S�HI�EPKYRW�HSW�QIQFVSW�TVIWIRXIW�£�I\GYVW¦S��TSYGS�EHIWXVEHSW�E�ZSSW�QEMW�I\TVIWWMZSW�JSVE�HS�GSVTS�WSQ¤XMGS��GSQS�+YMPLIVsQI�I�UYEP�EGSRXIGME�E�R¶W�SYXVSW��EPKIQEHSW��EMRHE��£W�JSVQEW�J°WMGEW�

'SRZMHEHSW�£�SVEª¦S�WMPIRGMSWE��TVSGYVEQSW�QIVKYsPLEV�RS�SGIERS�WYFPMQI�HE�TVIGI��HI�QSHS�E�GSRXVMFYMV�GSQ�SW�VIGYVWSW�TSWW°ZIMW�TEVE�S�­\MXS�HE�QMWW¦S�

8VERWGSVVMHS�QEMW�SY�QIRSW�S�XIQTS�TVIZMWXS��IWsGYXEQSW�FYPLE�I�EPXIVGEª¦S�£�RSWWE�JVIRXI��UYERHS��IRX¦S��WEPXEQSW�HE�GSRHYª¦S��TVSWWIKYMRHS�E�T¬��,EZME�YQE�QYPXMH¦S�HI�IRXMHEHIW�ZMGMSWEW��IQ�EXMXYHIW�VITIPIRXIW��UYI�HMEPSKEZEQ�GSQ�I\TVIWW¸IW�ZMW�I�YPXVENERXIW��)RsXVI�IPEW��TSHMEQ�WI�RSXEV�HMZIVWSW�IRGEVREHSW�ô�TIVJIMsXEQIRXI�HMJIVIRª¤ZIMW��KVEªEW�ESW�Z°RGYPSW�HS�TIVMWT°VMXS�EMRHE� PMKEHS�ES�GSVTS� J°WMGS�ô�UYI�TEVIGMEQ�EPKIQEHSW�E�EPKYRW�HSW�HIWIRGEVREHSW� PMFIVXMRSW��UYI�SW�GSRHY M̂EQ�GSQS�WI�JSWWIQ�IWGVEZSW�HEW�WYEW�TEM\¸IW�I�HI�UYIQ�R¦S�WI�TSHMEQ� PMFIVXEV�� 3YXVSW� ETEVIGMEQ� GSQ� GEVERsXSRLEW� WMQMIWGEW� I� S� VIGMRXS�XVIWERHEZE�TYXVIJEª¦S��:MsFVEª¸IW�ZMWGSWEW�I�WSQFVMEW�GEVVIKEZEQ�SW�G¬YW�UYI�XMRLEQ�YQ�XSQ�TEVHEGIRXS�IWGYVS��WIQ�IWXVIPEW��I�S�WSPS�QMEWQ¤XMGS�TEVIGME�YQ�TEYP� MRWERS� UYI�� XSHEZME�� R¦S� PLIW� GLEQEZE� E� EXIRª¦S�� EGSWXYQEHSW� GSQS� WI�IRsGSRXVEZEQ�£�TEMWEKIQ�XVMWXI�I�QSVXE�HS�PSGEP�

Page 62: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

%�GSRWXVYª¦S��HI�QEX¬VME�ZMWGSWE�I�IWGYVE��XMRLE�E�JSVQE�WIQMGMVGYPEV�I�JE M̂E�PIQFVEV� VITIRXMREQIRXI� SW� ZIPLSW� GMVGSW�� R¦S� JSWWI� E� WYFWX¥RGME� HI� UYI� WI�VIZIWXME�� 0Y^IW� VS\EW� I� ZIVQIPLEW� IWTEVVEQEZEQ� WSQFVEW� EXSVsQIRXEHEW� UYI�TEWWEZEQ� TIVHMHEW� RSW� MRXIVIWWIW� IQ� UYI� WI� GSQTVE M̂EQ� I�� HI� UYERHS� IQ�UYERHS�� QEWWE� GSQTEGXE� I� EXVSEHSVE�� IQTYVVERHS� ZMSPIRXEQIRXI� SW� UYI� WI�IRGSRsXVEZEQ�£�JVIRXI��GLIKEZE�IQ�KEPLSJE�MRJIVREP��(MJMGMPsQIRXI�WI�TSHIVME�ZIV�RE�8IVVE�IWTIX¤GYPS�HI�XEP�REXYsVI^E����)��XSHEZME��IWX¤ZEQSW�RE�8IVVE��YQ�TSYGS�JSVE�HEW�ZMFVEª¸IW�HS�QYRHS�QEXIVMEP��HIRXVS�HIPI��TSV¬Q�

%PKYRW�KYEVHEW�FYJSW�I�GEVMGEXSW��XSQEZEQ�GSRXE�HE�IRXVEHE�EQTPE��SRHI�WI�IRGSRXVEZEQ� EWWIWXEHSW� EPsKYRW� ETEVIPLSW�� UYI� JE M̂EQ� PIQFVEV� SW� XSVRMUYIXIW�YXMsPM^EHSW�IRXVI�SW�LSQIRW��GSQ�E�HMJIVIRªE�HI�UYI�WSFVI�IPIW�LEZME�YQE�GEM\E�UYEHVERKYPEV��UYI�7EXYVRMRS�MRsJSVQSY�XIV�E�JMREPMHEHI�HI�MQTIHMV�E�IRXVEHE�HI�)WT°sVMXSW� UYI� R¦S� TIVXIRGIWWIQ� £�QEPXE�� )VE� S� TWMGSZMFV·sQIXVS� UYI� XMRLE� E�GETEGMHEHI� HI� VIKMWXEV� EW� SRHEW� ZMsFVEX¶VMEW� HI� XSHSW� SW� EWWMWXIRXIW��HIRYRGMERHS��EWWMQ��UYEMWUYIV�MRXVSQMWW¸IW�HSW�)WT°VMXSW�7YTIVMSVIW�

)PI��%QFV¶WMS�I�+PEYGS��XSHEZME��XSQEVEQ�TVIGEYsª¸IW�IWTIGMEMW��HI�QSHS�E�XVERWTSVIQ�E�TEWWEKIQ�WIQ�TVSZSGEV�UYEPUYIV�EPEVQI�HIRYRGMEHSV��EXVEZ¬W�HI�YQ�TVSGIWWS�HI�MQIVW¦S�QIRXEP�REW�PIQFVERªEW�HS�TEWWEHS��S�UYI�PLIW�HMQMRYMVME�S� VIKMWXVS� ZMFVEX¶VMS�� %P¬Q� HMWWS�� TIRIXVEVMEQ� RS� VIGMRXS�� PSKS�QEMW�� UYERHS� S�R½QIVS� HI� JVIUYIRXEHSVIW� JSWWI�QYMXS� I\TVIWWMZS�� HI� JSVQE� E� UYI� S� ETEVIPLS�JMGEWWI� MQTVIKREHS� HI� JPY°HSW� HI� FEM\S� XISV� ZMFVEX¶VMS�� 5YERXS� E� R¶W�� SW�IRGEVREHSW��I�E�+YMPLIVQI��R¦S�LEZIVME�TVSFPIQE���

%JEWXERHS�RSW� YQ� TSYGS� HS� FYP°GMS�� SW� &IRJIMXSVIW� I� S� %WWMWXIRXI��GSRGIRXVEQS�RSW� HIQSVEHEQIRXI� I� SFsWIVZEQSW� YQ� JIR·QIRS� WMRKYPEV��0IRXEQIRXI� S� EWTIGXS� I\XIVMSV� WI� JSM� EHIRWERHS� I� E� JSVQE� TEHIGIY� PMKIMVE�XVERWJSVQEª¦S� UYI� SW� HIJSVQEZE� I�� GSQS� WI� IWXMZIWWIQ� VIWTMVERHS� MRG·QSHE�EXQSWJIVE��TEWWEVEQ�E�ETVIWIRXEV�PIZIW�IWXIVXSVIW�I��WIRW°ZIPQIRXI�QSHMJMGEHSW��GSRZMHEsVEQ�RSW�E�IRXVEV�

%XVEZIWWEQSW�EW�FEVVIMVEW�WIQ�UYEPUYIV�MRGMHIRXI�I�JSQSW�WYVTVIIRHMHSW�TSV�YQ�VIGMRXS�EQTPS��HI�EVUYMsFERGEHEW�UYI�JMGEZEQ�JVSRXIMVEW�E�YQ�TMGEHIMVS�TSYGS�MPYQMREHS��SRHI�S�IWTIX¤GYPS�XIVME�GYVWS��%�FEPF½VHME�IRWYVHIGIHSVE�JE M̂E�PIQFVEV�YQ�GSZMP�HI�JIVEW��)\TVIWW¸IW�TVSJYRHEQIRXI�ZYPKEVIW�I�XVEHYXSVEW�HE�UYEPMHEHI�HSW�UYI�EPM�WI�IRGSRXVEZEQ�I\TPSHMEQ�EFYRHERXIW��GSRWsXVERKIRHS�RSW�

7EXYVRMRS��GSQ�QYMXE�HMWGVMª¦S��RSW�GSRZSGEZE�£SVEª¦S��HI�QSHS�E�UYI�RSW�R¦S�HMWXVE°WWIQSW��)WGPEVIsGIY�UYI�&IRJIMXSVIW�)WTMVMXYEMW�RSW�EGSQTERLEZEQ�HI�PSRKI��TIPSW�JMSW�MRZMW°ZIMW�HS�TIRWEQIRXS��MRXIVGIHIRHS�TSV�XSHSW�R¶W�ES�7IRLSV�HE�:MHE�

+YMPLIVQI��ETEZSVEHS��IWXEZE�E�TSRXS�HI�HIWIUYMsPMFVEV�WI�%GSPMXEHS�� RS� IRXERXS�� TSV� %QFV¶WMS�� UYI� S� WYWXIRsXEZE�� QERXIZI�WI� IQ�

WMP­RGMS��I\TIGXERXI�7¿FMXEQIRXI� ETEVIGIVEQ�� RS� VIGMRXS� MRXIVRS� I� WIQMsGMVGYPEV�� IWXVERLSW�

WIUYE^IW� UYI� WSTVEVEQ� F½ M̂SW� IWUYMsWMXSW� I� ERYRGMEVEQ� E� GLIKEHE� HS� (V��8ISJVEWXYW�

+YMPLIVQI��ES�RSWWS� PEHS��IRXVI�E�QEWWE�EKMXEHE�UYI�KVMXEZE��HIWIRJVIEHE��GSQIªSY�E� XVIQIV�HIWGSRXVSsPEHEQIRXI��3�QSQIRXS��TSV¬Q��IVE�HI�EPKE^EVVE��IRsUYERXS�E�QYPXMH¦S�IWTIVEZE�ERWMSWE�S�ERJMXVM¦S�

%UYM� I� EPM�� RS� IRXERXS�� LEZME� QYMXEW� I\TVIWW¸IW� HI� TEZSV�� R¦S� W¶� IRXVI�IRGEVREHSW� GSQS� IRXVI� HIWIRGEVsREHSW�� UYI� IWTIVEZEQ� S� MR°GMS� HE� JYRª¦S��GSRWXVERKMHSW�I�ZIRGMHSW�TSV�QIHS�EXVS �̂�%TVIWIRXERHS�VSWXSW�TEXMsFYPEVIW��IWWEW�

Page 63: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

)RXMHEHIW� GSRJVERKMEQ�QIWQS� EUYIPIW� UYI� JSWWIQ� TSVXEHSVIW� HI� WIRXMQIRXSW�IQTIHIVRMHSW��I\GIsª¦S�ESW�UYI�EPM�WI�IRGSRXVEZEQ��XVIWPSYGEHSW���

3 EQFMIRXI� IVE� MVVIWTMV¤ZIP�� 2YZIRW� HI� JYQS� WI� IPIsZEZEQ�� EFYRHERXIW��QMWXYVEHEW�E�SHSVIW�EGVI�JSVXIW��GSQS�SW�HIVMZEHSW�HI�TPERXEW�IWXYTIJEGMIRXIW��I�TSHME�WI� ZIV� YQE� QYPXMH¦S� IWTMVMXYEP�� HI� TEM\¸IW� MRWEGM¤ZIMW�� EªYsPEHEW�� UYI�LEFMXYEPQIRXI�WI�EXMVEZEQ�EXSVQIRXEHSW�WSsFVI�SW�WIYW�G·QTEVIW�IRNEYPEHSW�RE�GEVRI�� IQ� TVSGIWWSW� MRHIWGVMX°ZIMW� HI� ZEQTMVM^Eª¸IW� XSVQIRXSWEW�� )WTIVEZEQ��HIWHMXSWSW�� EW� PMª¸IW� MRJIPM^IW� IQ� XSVRS� HEW� X¬GRMGEW� HE� SFWIWW¦S�� TEVE�GSRXMRYEVIQ� S� TVSKVEQE� MRJIVMSV� HI� MQERsXEª¦S� TW°UYMGE� RSW� WIYW� ERXMKSW�WIRLSVIW�UYI�TEWWEZEQ��EYXSQ£XMGEQIRXI��£�GSRHMª¦S�HSPSVSWE�HI�IWGVEZSW���

2¦S�LEZME�XIQTS�TEVE�QEMSVIW�IPYGYFVEª¸IW��TSMW�RIWWI�QSQIRXS�HIY�IRXVEHE�RS� VIGMRXS� WMRKYPEV� GSVXINS� JSVQEHS� TSV� YQ� KVYTS� KVSXIWGS�� IWXVERLEQIRXI�ZIWXMHS��WYWXIRXERHS�YQ�W¶PMS�WSF�GSPSVMHS�T¤PMS��IQ�GYNS�EWWIRXS�WI�IRGSRXVEZE�LIHMSRHE�TIVWSREKIQ��8VENERHS�VSYTE�HI�GSV�FIVVEWXI��UYI�ZEVMEZE�HS�EVVS\IEHS�ES� RIKVS�� SWXIRsXEZE� KVSWWIMVS� TEPYHEQIRXS� UYI� PLI� GEME� HSW� SQFVSW� I� IVE�WYWXMHS�TIPS�FVEªS�IWUYIVHS��3�WIQFPERXI�EFIVXS�RYQ�WSVVMWS�UYI�QEMW�TEVIGME�YQ�IWKEV��R¦S�SGYPXEZE�E�JIVSGMHEHI�FVMPLERXI�RSW�HSMW�SPLSW�UYEWI�SFP°UYSW��UYI�WI�HIWXEGEZEQ�RE�JEGI�KSVHE�I�QEGMPIRXE��WSF�YQE�XIWXE�PEVKE��HI�VEVSW�JMSW�HI�GEFIPSW�IQTEWXEHSW����&MKSHIW�EFYRHERXIW�WI�TIVHMEQ�REW�WY°ªEW�I\XVEZEKERXIW��GSQsTPIXERHS�E�ZMW¦S�XIVVMJMGERXI�I�QEGEFVE�

3 TV¬WXMXS�FM^EVVS�ZSPYXISY�TSV�XV­W�ZI^IW�S�TMGEHIMVS�I�WI�EUYMIXSY�ES�GIRXVS��XVERWJIVMRHS�WI� S� XIQ°ZIP� HSYsXSV� 8ISJVEWXYW� TEVE� YQ� TEPERUYI� EHVIHIQIRXI�EVQEHS�� GSQ� KIWXSW� ZYPKEVIW� I� VMH°GYPSW�� ,SYZI� YQ� W½FMXS� WMsP­RGMS� JIMXS� HI�I\TIGXEXMZE�I�VIGIMS�

:SPXERHS�WI�TEVE�E�QYPXMH¦S��GSQIªSY�E�JEPEV��EXVEsZ¬W�HI�YQ�QMGVSJSRI�UYI�PIZEZE� E� WYE� ZS �̂ £W� KEPIVMEW�� TSV� QIMS� HI� Z¤VMSW� TVSNIXSVIW� HI� WSQ�� HI� EPXE�TSX­RGME�

%W�TEPEZVEW�HYVEW�I�MQTMIHSWEW�I\TVSFVEZEQ�SW�UYI�WI�EXIQSVM^EZEQ�ERXI�S�GYQTVMQIRXS� HS� nHIZIV� HE� ZMRKERªE~�� I\TPSHMRHS� EQIEªEW� I� I\MFMRHS� XSHE� E�TVITSsX­RGME�HI�UYI�WI�WYTYRLE�TSWWYMV�

3 WMP­RGMS�IVE�EXIVVEHSV��2IRLYQ�WSQ��RIRLYQE�KEPLSJE��I\GIXS��HI�UYERHS�IQ�UYERHS��EPKYRW�KVMXSW�HI�XIVVSV�UYI�TEVXMEQ�HEW�EVUYMFERGEHEW���

ô8IQSW�LSNI�YQ�GEWS�HI�.YWXMªE����ô�VIXMGIRGMSY�)�TEVE�JE^IV�WI�QEMW�XIQIV¤VMS��ETSWXVSJSY�ô .YPKEVIQSW�YQE�GVMQMRSWE�UYI�GLIKSY�HE�8IVVE�TEVE�SW�RSWWSW�TVIW°HMSW��L¤�

UYEWI�YQ�ERS���%TEVIGIVEQ� SW� UYI� WI� TSHIVMEQ� GLEQEV� NYVEHSW�� UYI� XSQEVEQ� PYKEV� IQ�

EWWIRXSW� VIWIVZEHSW�� YQ� EGYWEsHSV�� HYEW� XIWXIQYRLEW�ô� YQE� HI� PEQIRX¤ZIP�EWTIGXS�-EGIVEHS��I�E�SYXVE��ETIREW�YQE�TEWXE�MRJSVQI��TIVMWTMsVMXYEP��IWXMSPEHE��UYI��QERXMHE�RYQE�GIWXE�REYWIERXI��JSM�GSPSGEHE�WSFVI�YQE�QIWE��IQ�HIWXEUYI��RS�GIRXVS�HS�TVSWG­RMS�

%PKIQEHE�I�EXEHE�E�YQE�GSVVIRXI�� NSZIQ�QYPLIV�HI�YRW�UYEWI����ERSW� JSM�XVE M̂HE��EGSPMXEHE�TSV�HSMW�KYEVHEW�I�GSRHY M̂HE�ES�TEPGS�HE�XVMWXI�IRGIREª¦S�

3 WIQFPERXI� HIWIRGEVREHS� I� E� I\TVIWW¦S� HI� PSYGYVE� HIJSVQEZEQ�RE� IQ�KVERHI� TEVXI�� %RHVENSWE� I� MQYRHE�� UYEWI� VEWXINEZE�� QMREHE� TIPE� EYW­RGME� HI�JSVªEW�

3 WMQYPEGVS�HI�NYPKEQIRXS�IVE�HIGIVXS�GSRJVERsKIHSV�%� MRJIPM �̂ VIPERGISY� SW� SPLSW� FEªSW� Z¤VMEW� ZI^IW�� XVEsHY M̂RHS� S� UYERXS� HI�

WSJVMQIRXS�PLI�MRZEHME�S�WIV�

Page 64: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

3 EGYWEHSV��IQTIVXMKEHS�I�JIVMRS��REVVSY�ô)WXE�QYPLIV�ZIQ�HE�8IVVE��ET¶W�YQE�ZMHE�HI�EFSQMREª¦S�n)RKERERHS�WI�� UYERXS� T·HI�� IRXVIKSY�WI� E� XSHE� IWsT¬GMI� HI� TVE^IVIW��

EWWMWXMHE�HI�TIVXS�TSV�HMZIVWSW�GSSTIsVEHSVIW�HE�RSWWE�3VKERM^Eª¦S��ET¶W�SW�WIYW�TVMQIMVSW�GVMQIW�

n8IRHS�STSVXYRMHEHI�HI�JE^IV�WI�Q¦I��WIMW�ZI^IW�GSRsWIGYXMZEW��HIPMRU¿MY�IQ�XSHEW�IPEW��IZEHMRHS�WI��TIPS�MRsJERXMG°HMS��E�UYEPUYIV�VIWTSRWEFMPMHEHI�TEVE�GSQ�SW�TV¶sTVMSW�EXSW�

n2E� ½PXMQE� ZI �̂� JI^�WI� Z°XMQE� HE� TV¶TVME� PIZMERHEHI� I� HIWIRGEVRSY� ET¶W�XIVV°ZIP� I� HIQSVEHE� LIQSVVEKME� UYI� PLI� VSYFSY� XSHE� TSWWMFMPMHEHI� HI�WSFVIZMZ­RGME�

n(IRXVI�SW�E�UYIQ�IPE� MQTIHMY�ZSPXEWWIQ�£�GEVRI��EUYM�IWX¦S�HYEW�Z°XMQEW�WYEW�� IQ� HMJIVIRXIW� IWXEHSW�� YQ� GSRWIKYMY� VIXSQEV� E� JSVQE� ERXIVMSV�� QEW�ETVIWIRXE�SW�WMREMW�HEW�P¥QMREW�UYI�PLI�VSQTIVEQ�S�GSVTS�IQ�JSVQEª¦S��S�SYXVS�EMRHE� HSVQI�� LMFIVREHS�� RE� JSVQE� HIWJMKYVEHE�� KVEªEW� ES� HIWTIHEªEQIRXS�WSJVMHS��RS�EXS�HS�EFSVXS�

n0SKS� HIWTIVXSY�� TSV¬Q�� RS� X½QYPS�� EPKYRW� HMEW� ET¶W� S� HIWIRPEGI��EGVIHMXERHS�WI� ZMZE� RS� GSVTS�ô� MKRSsVERXI� HEW� VIEPMHEHIW� IWTMVMXYEMW�ô�� YQ�WSPHEHS�RSWWS�HIY�PLI�nZS �̂HI�TVMW¦S~�TIPSW�GVMQIW�GSQIXMHSW�I��EPsKIQERHS�E��XVSY\I�E�ES�G¤VGIVI��IQ�UYI�XIQ�IWXEHS�EX¬�IWXI�QSQIRXS�

n%�WYE�TVMQIMVE�Z°XMQE��UYI�TIVXIRGME�ESW�RSWWSW�UYEHVSW��ETVIWIRXSY�UYIM\E��L¤�QYMXS��S�UYI�RSW�PIZSY�E�EWWMWXM�PE�TSV�EPKYRW�ERSW�I�EKSVE�RSW�VIYRMQSW�TEVE�JE^IV�NYWXMªE��~

3� TSFVI� IWT°VMXS� EWWMWXME� E� XYHS�� UYEWI� WIQ� WI� ETIVsGIFIV�� 4EVIGME�WIQMHIWZEMVEHS�� VIGSPLIRHS� E� QYMXS� IWsJSVªS� QIRXEP� EPKYQEW� I\TVIWW¸IW�IWTEVWEW��UYI�RS�IRsXERXS�R¦S�GSRWIKYME�GSSVHIREV���

3W�MRWYPXSW�I�HSIWXSW�GLSZMEQ��EXMVEHSW�IQ�EFYRsH¥RGME�%�XIWXIQYRLE�JI �̂GLSGERXI�REVVEª¦S��Z¤VMEW�ZI^IW�MRXIVVSQTMHE�TIPS�ZS^IVMS�

HEW�KEPIVMEW��ET¶W�S�UYI��YQE�ZS �̂WI�HIWXEGSY�RE�FYPLE��ERYRGMERHS�S�ZIVIHMGXS�ô�'YPTEHE�+EVKEPLEHEW�IWXVMHIRXIW�IWTSYGEVEQ�HI�XSHSW�SW�PEHSW�3� (V�� 8ISJVEWXYW� IVKYIY�WI� I�� HITSMW� HI� VIGIFIV� QIWYVEW� HSW� GSQTEVWEW��

WIRXIRGMSY�ô�*EªEQSW�GSQ�IPE��S�UYI�RS�°RXMQS�WIQTVI�JSM�

YQE�PSFE�%GIVGSY�WI�HE�WSJVMHE�IRXMHEHI�I��JMXERHS�E��IWGEVsRIGIHSV��TEWWSY�E�SJIRH­�

PE��ZMPQIRXI�%� Z°XMQE� R¦S� ETVIWIRXSY� UYEPUYIV� VIEª¦S�� )VE� GSQS� WI� E� WYE� ZMW¦S� WI�

IRGSRXVEWWI� PSRKI�� E� JM\EV� EW� IZSGEsª¸IW� HSW� EFSVXSW� HIPMXYSWSW� E� UYI� WI�IRXVIKEVE� RSW� HMEW� HI� MRWIRWEXI �̂� UYI� JMGEVEQ� TEVE� XV¤W�� QEW� UYI� R¦S� WI�GSRWYQMVEQ���

3FVMKERHS�E� E� ENSIPLEV�WI�� IRUYERXS� PLI� IWXVYKME� RS� HSVWS� PSRKS� GLMGSXI�WMFMPERXI��SVHIRSY��HI�ZS �̂IWXIVsXSVEHE�

ô�:°FSVE�MRJIPM^��(IZSVEHSVE�HSW�TV¶TVMSW�JMPLSW��8SQE�E�XYE�JSVQE����E�UYI�N¤�XIRW�RE�QIRXI�EXSVQIRsXEHE�

ü%�XYE�NYWXMªE�¬�E�XYE�GSRWGM­RGME����3FIHIGI��WIVsTIRXI�JEQ¬PMGE�~%�ZS �̂� MQTVIKREHE�HI�TIWEHEW�ZMFVEª¸IW�HIPIX¬VMEW�I�ZMKSVSWEW��HSFVEZE�SW�

GIRXVSW�HI�TEVGE�VIWMWX­RGME�TIsVMWTMVMXYEP�HE�EXSVQIRXEHE��I��HMERXI�HSW�RSWWSW�SPLSW�� ES� GSQERHS� HS� WMG¤VMS� GVYIP�� UYI� WI� YXMPM^EZE� HI� TVSGIWsWSW� LMTR¶XMGSW�

Page 65: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

HITVMQIRXIW�� EXYEZE� RS� WYFGSRWGMIRXI� TIsVMWTMVMXYEP� EFEVVSXEHS� HI� VIQSVWS� HE�MRJERXMGMHE�� MQTVMsQMRHS�PLI� E� XVEK¬HME� HE� QYXEª¦S� HE� JSVQE�� RYQ� LSVsVIRHS�JIR·QIRS�HI�PMGERXVSTME��HSW�QEMW�PEGIVERXIW���

'LSVSW� GSRZYPWMZSW� I� KVMXSW� MVVSQTIVEQ� WMQYPX¥sRISW� HEW� EVUYMFERGEHEW�� %�EPXIVGEª¦S� JSM� KIVEP�� 6ITIRXMREQIRXI� IWGYXEVEQ�WI� GMVIRIW� HI� EPEVQI�� I� E�TIVXYVsFEª¦S�WI�JI �̂XSXEP���

7EXYVRMRS��E�QIME�ZS �̂�FYWGSY�EGEPQEV�RSW��EHYs M̂RHS�I\TPMGEª¸IW�ô %� ZMW¦S� LSVVIRHE� TEVE� XSHSW� R¶W� TVSHY M̂Y� IQ� EPKYQEW� GIRXIREW� HI�

VIIRGEVREHSW�EUYM�TVIWIRXIW��GSRWsXVMRKMHSW�TIPEW�JSVªEW�SFWIWWMZEW�REW�UYEMW�WI�IRGSRXVEQ�WYFNYKEHSW�ESW�WIYW�ZIVHYKSW��GLSUYIW�QYMXS�TVSJYRHSW�I�ZMSPIRXSW��UYI�SW�VIGEQFMEVEQ�MRSTMREHEQIRXI�ES�GSVTS�ô�EFIRªSEHE�GMHEHIPE�HI�HIJIWE�UYI�E�ZMHE�RSW�GSRsGIHI�TEVE�ETVIRHIV�I�VIGSQIªEV���

ô�(IWTIVXEV¦S��I\sXVIQYRLEHSW��IWWIW�IWT°VMXSW��QIWQS�SW�UYI�GSRWIVZEQ�E�HIQ­RGME� RSW� VIKMWXVSW� HE� GSRWGM­RGME� VIXSVRERHS� HI� IWXVERLSW� I� XIVV°ZIMW�TIWEHIPSW��FERLEHSW�TSV�¤PKMHSW�WYSVIW��EQIHVSRXEHSW��GLSVSWSW��HIWIWTIVEHSW���

)� HIWINERHS� IWGPEVIGIV�RSW� GSQ� EW� W¤FMEW� PMª¸IW�� GSRsXMRYSY�� IRUYERXS� SW�HMWX½VFMSW�TVSWWIKYMEQ�

ô 2IWWI� WIRXMHS�� ¬� UYI� S� GSRLIGMQIRXS� HS� )WTMVMsXMWQS� VIEPM^E� E� QIPLSV�XIVET­YXMGE� TEVE� S� IWT°VMXS�� LMsKMIRM^ERHS�PLI� E� QIRXI�� ERMQERHS�S� TEVE� S�XVEFEPLS�VIXS�I�EXMXYHIW�GSVVIXEW�I�WSFVIXYHS�HYPGMJMGERHS�S�TIPS�I\IVG°GMS�HS�EQSV�I�HE�GEVMHEHI��GSQS�QIHMHEW�TVSZMsHIRGMEMW�HI�VIENYWXEQIRXS�I�IUYMP°FVMS��2¦S�L¤�JSVªE� STIVERXI� RS� QEP� UYI� GSRWMKE� TIRIXVEV� RYQE� QIRXI� EWsWITWMEHE� TIPEW�IRIVKMEW�ZMXEPM^EHSVEW�HS�SXMQMWQS��UYI� WI�EHUYMVI�TIPE� MVVIWXVMXE� GSRJMERªE�IQ�(IYW�I�TIPE�TV¤sXMGE�HEW�Eª¸IW�HE�WSPMHEVMIHEHI�I�HE�JVEXIVRMHEHI�

)�HERHS�QEMW�­RJEWI�ES�IRWMRS��EVVIQEXSY�ô %PMERHS�S�IWJSVªS�UYI�GEHE�YQ�HIZI�IRZMHEV�E�FIRIJ°GMS�TV¶TVMS��E�TVIGI�¬�E�

JSRXI� MRI\EYV°ZIP� UYI� MVVMKE� S� WIV�� VIRSZERHS�S� I� ETVMQSVERHS�S�� IRWINERHS�XEQF¬Q��PSKS�ET¶W�HITYVEV�WI��E�TPEMREV�EP¬Q�HSW�VIZIWIW�I�XVSsTIPMEW��EVVEWXEHS�TIPEW�WYXMW�QSHYPEª¸IW�HEW�)WJIVEW�7YsTIVMSVIW�HE�:MHE��SRHI�LEYVI�ZMXEPMHEHI�I�JSVªE�TEVE�WYTIVEV�XSHSW�SW�IQTIªSW�

4EYPEXMREQIRXI� E� SVHIQ� JSM� VIWXEFIPIGMHE�� GSRUYERXS� E� IZEW¦S� HSW�IRGEVREHSW�JSWWI�QYMXS�I\TVIWWMZE��RE�FYWGE�HIWIWTIVEHE�HI�VIJ½KMS�RSW�GSVTSW�

%� GIRE� IWXVERLE� 'SRXMRYSY� TSV� QEMW� EPKYRW� QSQIRsXSW� I� S� EXSVQIRXEHS�IWT°VMXS�HE�QYPLIV�PSFS�JSM��TSV�HIsXIVQMREª¦S�HS�GLIJI��VIQIXMHS�ES�MRXIVMSV�TEVE�WIV�GSsPSGEHS�IQ�HIJIWE�HS�ERJMXIEXVS�

,SYZI�� EMRHE�� EPKYQEW� SYXVEW� HIQSRWXVEª¸IW� HI� LMTsRSWI� IPIQIRXEV� I�KVSWWIMVE�� TSV¬Q� HI� IJIMXS� RE� QYPXMsH¦S�� EX·RMXE�� UYERHS� S� IWTIX¤GYPS� JSM�IRGIVVEHS��ET¶W�E�WE°HE�HS�MRJEQI�W¬UYMXS�I�HS�WIY�JEQERE �̂

9Q� XERXS� HITVMQMHSW�� WE°QSW�� XEQF¬Q�� I� ZSPXERHS� E� VIWTMVEV� S� L¤PMXS� HE�2EXYVI^E�� UYERHS� GLIKEQSW� £TVEªE� IQ� UYI� WI� IRGSRXVEZE� E� 9RM¦S� )WT°VMXE�&EMERE�� HITSMW� HE� .SVREHE� TIPS�QIWQS� TVSGIWWS�� EHIRXVEQS�RSW�� TEVE� VIGIFIV�IRIVKMEW�VIZMXEPM^ERXIW�I�IWGPEVIGMQIRXSW�JMREMW�HS�ZMKMPERXI�&IRJIMXSV�

6IGSQTSRHS�S�G°VGYPS�I�GEVMRLSWEQIRXI�VIGIFMHSW�TIPSW�UYI�JMGEVEQ��JSQSW�GSRGMXEHSW� £� SVEª¦S�� ET¶W� S� UYI� 7EXYVRMRS�� IQTIRLEHS� IQ� IWGPEVIGIV�RSW��IPYGMHSY��TEYWEHS�

ô� %TEVIRXIQIRXI�� SW� MRJIPM^IW� GSQTERLIMVSW� UYI� QSYVINEQ� RS� %RJMXIEXVS�GSRWXMXYIQ� WIKYVE� SVKERM^Eª¦S� E� WIVZMªS� HS� QEP�� %HIWXVEHSW� RE� TV¤XMGE� HE�MKRSQ°RME��WYT¸IQ�WI�TVITEVEHSW�TEVE�MRZIWXMV�GSRXVE�SW�IWT°VMXSW�EXSVQIRXEHSW�UYI�KVEZMXEQ�IQ�EQFSW�SW�PEHSW�HE�ZMHE��MQEREHSW�£W�TEM\¸IW�UYI�SW�GSRWSQIQ��

Page 66: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

TEM\¸IW� GYNS� GSQTSVXEQIRXS� JEGMPQIRXI� WMRXSRM^EQ� GSQ� IPIW� I� SYXVSW� EJMRW��GEMRHS�PLIW� REW�QEPLEW� ZMKSVSWEW� UYI�� IQ� ½PXMQE� ER¤PMWI�� WI� XVERWJSVQEQ� IQ�MRWXVYQIRXSW�HI�UYI�WI�YXMsPM^E�E�0IM�(MZMRE�TEVE�GSVVMKMV�SW�UYI�EMRHE�TVIJIVIQ�SW�XSVXYSWSW�GEQMRLSW����1YMXS�XIQTS�WI�TEWWEV¤�EX¬�UYI�EW�0IMW�HI�%QSV��0IMW�HE�:MHE��TSVXERXS��WI�IWXEsFIPIªEQ�IQ�HIJMRMXMZS�IRXVI�R¶W����'SRZ¬Q�GSRWMHIVEV�UYI�W¶�S�FIQ�XIQ�GEVEGXIV°WXMGEW�HI�TIVJIMª¦S��TSV�WIV�SFVE�HI�(IYW��UYI�¬�4IVJIMXS��3�QEP��IRKIRHVEHS�TIPS�IWT°VMXS�EXVMFYPEHS��STIVE�TSV�Q¬XSHSW�HI�ZMSP­RGME�I��HIWWE�JSVQE�� ¬� JEPLS�� S� UYI� EXIWXE� E� WYE� TVSGIH­RGME�� 2¦S� JSWWI� MWWS� I� R¦S� RSW�TSHIV°EQSW� XIV� EHIRXVEHS� RS� VIGMRXS� HEW� MRXIVZIRª¸IW� QEPMKREW�� TSMW� UYI� S��TWMGSZMsFV·QIXVS� XIV�RSW�ME� HIRYRGMEHS���� �� WIQIPLERªE� HI� YQ� GSRXEGXS�+IMKIV�UYI� HIXIGXE� E� VEHMSEXMZMHEHI�� S� TWMGSZMsFV·QIXVS� SFIHIGI� ES�QIWQS� TVMRG°TMS��XIRHS��TSV¬Q��EW�GEVEGXIV°WXMGEW�QEKR¬XMGEW�UYI� VIKMWXEQ�E�TWMGSWJIVE�HSW�UYI�HIPI�WI�EGIVGEQ��HIXIGXERHS�EW�ZMFVEª¸IW�QEMW�WYEsZIW�UYI��IRX¦S��HMWTEVEQ�E�EKYPLE� UYI� MRGMHI� RYQE� üVIsPE]ý� UYI�� TSV� WYE� ZI �̂� GSQERHE� YQ� GMVGYMXS� HI�EPEVQIW�IWTEPLEHSW�REW�HITIRH­RGMEW�EHNEGIRXIW���

'SQS� TVSsGYVEQSW� WMRXSRM^EV� GSQ� S� QIMS� EQFMIRXI� IQ� UYI� RSW�IRsGSRXV¤ZEQSW� I� EWTMVERHS� SW� QIWQSW� VIW°HYSW� IWTEPLEsHSW� RS� EV��QIVKYPLEQSW��REXYVEPQIRXI��IQ�HIRWEW�SRHEW�HI�FEM\S�XISV�ZMFVEX¶VMS�UYI�RSW�IRZSPZIVEQ�E�XSHSW��WIRHS�UYI�R¶W��%QFV¶WMS�I�+PEYGS��TEWWEQSW�E�WSJVIV�SW�QEP�IWXEVIW�GSQTVIIRW°ZIMW��E�UYI�+YMPLIVQI�TSV�WMRsXSRME�GSRWXERXI�IWX¤�LEFMXYEHS�I�SW� HIQEMW� IRGEVREHSW� HS� +VYTS�� KVEªEW� £� GSRHMª¦S� HS� GSVTS� SVK¥RMGS� R¦S�I\TIVMQIRXEVEQ�QEMSV�GLSUYI��TIVQERIGIRHS��QSQIRXEsRIEQIRXI��RS�QIWQS�XISV�HI�IRIVKMEW�HITVMQIRXIW��UYI�MQTIHMVEQ�E�SWGMPEª¦S�HE�EKYPLE�HI�VIKMWXVS�HS�ETEVIPLS����*SWWI��TSV¬Q��S�MRZIVWS��MWXS�¬��WI�S�ETEVIPLS�HIXIGXEWWI�ZMFVEª¸IW�HI�FEM\S�XSQ�ZMFVEX¶VMS��RIRLYQE�)RXMHEHI�HEW�UYI�EPM�WI�IRGSRXVEZEQ��HIWINERHS�ZMSPEV�VIGMRXSW�7YTIVMSVIW��TSHIVME�WYXMPM^EV�S�TEHV¦S�HE�WYE�TWMGSWJIVE�TEVE�GVMEV�GSRHMª¦S� QEMW� IPIZEHE�� 7IQ� H½sZMHE� UYI� XSHE� EWGIRW¦S� ¬� PIRXE� I� ¤WTIVE����%KVEHIªEsQSW��TSVXERXS��ES�7IRLSV��8IVIQSW�IRWINS�HI�VIXSVREV�ES

%RJMXIEXVS�� STSVXYREQIRXI��TEVE�TVSWWIKYMV� SFWIVZEsª¸IW�I� XEVIJEW�� UYERHS��IRX¦S�� S� MVQ¦S� +PEYGS� HIWIQTIsRLEV¤� JYRª¦S� IWTIG°JMGE� NYRXS� ES� RSWWS� MVQ¦S�8ISsJVEWXYW���

3W�XVEFEPLSW�JSVEQ�IRGIVVEHSW�UYERHS�SW�TVMQIMVSW�VEMSW�HE�%PZE�ZIRGMEQ�E�XIMQSWME�HE�RSMXI�

6IGSRHY M̂HSW�ES�GSVTS��TEVXMGYPEVQIRXI�RSWWE�TIWsWSE�GSRWIVZSY�PIQFVERªEW�HSPSVSWEW�I�ERKYWXMERXIW��3�HME�RSW�JSM�HI�MRUYMIXEª¦S�I�HMWXSRME�IQSGMSREP��GSQS�WI�E�RSMXI�RSW�LSYZIWWI�SJIVXEHS�GVY¬MW�TIWEHIPSW��HI�GYNE�ZMW¦S�GSRJYWE�R¦S�RSW�TSH°EQSW�PMFIVXEV�

�%TSRXEQIRXSW�RSZSW

� � � � � �%JEWXEHS�HS�GSR½FMS�TIVQERIRXI�GSQ�1EVMERE��KVEsªEW�£�MRXIVJIV­RGME�HSW�&IRJIMXSVIW� )WTMVMXYEMW�� +YMPLIVsQI� IWXIZI� XSHS� S� XIQTS� IQ� XVEXEQIRXS�IWTIGMEPM^EHS��HI�QSHS�E� VIJE^IV�S� GEQTS�QIRXEP�� WIGYPEVQIRXI�EFEsPEHS�TIPS�¶HMS�MRJIPM �̂I�HIWXVYMHSV�������1EVMERE��TSV�WYE�ZI �̂�UYI�N¤�ZMZME�EGPMQEXEHE�TWMsUYMGEQIRXI�£W�ZMFVEª¸IW�HS�WIY� TIVWIKYMHSV�� WIRXMY�PLI� E� EYW­RGME� HIWHI� S� QSQIRXS� IQ� UYI� 7EXYVRMRS�VIGSsPLIVE�ES�EGSRGL­KS�HE�TVIGI�EUYIPI�UYI�WI�PLI�JM^IVE�ZIVHYKS�MRGSRWGMIRXI�I�

Page 67: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

TIVXMRE �̂� � � � � � 2S� HME� MQIHMEXS� £� TVMQIMVE� MRGSVTSVEª¦S� HI� +YMsPLIVQI�� E� NSZIQ�� ET¶W�VIXSVREV�ES� PEV��HIM\EVE�WI�EFEsXIV�TSV� JSVXI�TVSWXVEª¦S��%W�IQSª¸IW�WYTSVXEHEW�HYsVERXI� EUYIPI� HME�� E� I\TIGXEXMZE� HSPSVSWE� I� JVYWXVEHE� UYERXS� ES� HIWINEHS�GSP¶UYMS� GSQ�S�REQSVEHS�� E� TVIsWIRªE�HE�7VE��%YVIPMRE�I� S� VIIRGSRXVS� GSQ�E�KIRMXSVE�KEWXEVEQ�PLI�EW�VIWMWX­RGMEW�TW°UYMGEW�I�J°WMGEW��HIWHI�L¤�QYMXS�ZMPQIRXI�ZEQTMVM^EHEW�TIPS�GSQTEVWE�HIWIRsGEVREHS�������%�NSZIQ�EQERLIGIY��TSVXERXS��MRHMWTSWXE�I�TIVsXYVFEHE��6IGSVHEZE�WI�HI�GVY¬MW�TIWEHIPSW�HI�UYI�JSVE�Z°XMQE��RSW�UYEMW�TEVIGME�IWXEV�WIQTVI�TIVWIKYMHE�TSV�MQTMIHSWS�EWWEWWMRS�UYI�PLI�HIWINEZE�XSQEV�E�ZMHE��HIWTIVXERHS�XVERWXSVREHE�I�WIRHS�EGSQIXMHE�HI�GSRWXERXIW�HIP°UYMSW�

(SRE� 6SWE� I� %Q¤PME� HIWHSFVEZEQ�WI� IQ� ERKYWsXMERXI� EWWMWX­RGME� £� QSªE�EXSVQIRXEHE�� WIQ� PSKVEVIQ� SW� VIWYPXEHSW� UYI� HIWINEZEQ�� 3� 7V�� 1EXIYW��MRHMJIVIRXI� ES� HVEQE� UYI� WI� HIWIRVSPEZE� RS� TV¶TVMS� PEV��QERXMsRLE�WI� ET¤XMGS��HMWXERXI���

%S� IRXEVHIGIV�� GSQS� 1EVMERE� GSRXMRYEWWI� IQ� HSPSsVSWS� HIWGSRWIVXS�IQSGMSREP�� TSV� EPZMXVI� HI� %Q¤PME� JSM� GLEQEHS� YQ� Q¬HMGS� VIPEGMSREHS� GSQ� E�JEQ°PME�� UYI�� ET¶W� ETPMGEV� YQ� WIHEXMZS�� VIGSQIRHSY� VITSYWS� I� GSRJMsHIRGMSY� £�Q¦I�EJPMXE�E�WYE�STMRM¦S�HI�UYI�E�NSZIQ�IWXEZE�GSQ�WMRKYPEV�GVMWI�LMWX¬VMGE��HE�UYEP�TSHIVME�WEMV�QIRXEPQIRXI�TIVXYVFEHE�

%�RSFVI�WIRLSVE��FERLEHE�IQ�P¤KVMQEW��VIHSFVSY�GYMHEHSW�NYRXS�ES�PIMXS�HE�JMPLE�I�HI�MQIHMEXS�WSPMGMXSY�E�%Q¤PME�JSWWI�FYWGEV�E�GEVMHEHI�REW�Q¦SW�HI�.SW¬�4IsXMXMRKE��GSRZMHERHS�S�E�ZMV�ES�WIY�PEV��IQ�XEVIJE�HI�WSsGSVVS�I�GSQTEM\¦S�

3�WIVZMHSV� JMIP�HS�)ZERKIPLS��£�LSVE�ETVE^EHE�� XIRsHS�RSW�ERXIW�GSRZMHEHS��GSQTEVIGIY��GSRSWGS��WSP°GMXS��ES�PEV�HSW�7SEVIW��I�JSQSW�GSRHY M̂HSW�ES�UYEVXS�IQ�UYI�E�QSªE�HSVQME��ZMWMZIPQIRXI�EKMXEHE�

(ITSMW� HI� HIQSVEHE� GSRGIRXVEª¦S� I� HI� WMRGIVS� VIsGSPLMQIRXS� EXVEZ¬W� HE�SVEª¦S��4IXMXMRKE��EQTEVEHS�GEsVMRLSWEQIRXI�TIPS�MVQ¦S�7EXYVRMRS��JI �̂HIQSVEHE�ETPMsGEª¦S�HI�TEWWIW�RE�NSZIQ��UYI�PIRXEQIRXI�WI�JSM�EGEPsQERHS�EX¬�UYI�S�WSRS�WI�PLI�JI �̂VITEVEHSV��XVERUYMsPM^ERXI�

-RXIVIWWEHS�IQ�EGEPQEV�E�JEQ°PME�EJPMXE��IWGPEVIGIY��FSRHSWS�ô�1EVMERE��GSRJSVQI�ZIVMJMGEQSW�RSW�XVEFEPLSW�IWsTMVMXYEMW�HE�RSMXI�TEWWEHE��

ZMRLE�WIRHS�Z°XMQE�HI�YQE�SFWIWW¦S�IQ�KVEZI�HIWIRZSPZMQIRXS��:MRGYPEHE�TIPS�TEWWEHS� GYPTSWS� E� EXSVQIRXEHS� GSQTERLIMVS� UYI� WI� PLI� XVERWJSVQSY� IQ�EHZIVW¤VMS�ZMRKEHSV��EFWSVZIY�HYVERXI�EPKYRW�ERSW�EW�IRIVKMEW�HIPIX¬VMEW�IQ�UYI�WI� ZME� IRZSPsZMHE�� GVMERHS� YQ� GSRHMGMSREQIRXS� TW°UYMGS�� UYI�� IQFSVE�HIWKEWXERHS� S� WIY� SVKERMWQS�� PLI� WIVZME�� XEQF¬Q� I� WMsQYPX¥RIEQIRXI�� HI�WYWXIRXEª¦S�� 0MFIVXEHE� HE� GSRWXVMª¦S� TIVXYVFEHSVE�� GSRJSVQI� EGSQTERLEQSW�HYVERXI�SW�XVEsFEPLSW�HIWSFWI»WMZSW��VIWWIRXI�WI�I�TEHIGI�EW�GSRWIUY­RsGMEW�HE�JEPXE�HSW�JPY°HSW�TIWEHSW���

)�HIWINERHS�IPYGMHEV�GSQ�QEMW�WIKYVERªE��EGVIWGIRXSY�ô� �� GSQS� EPKY¬Q� UYI�� EQFMIRXEHS� E� YQE� VIKM¦S� HI� EV� ZMGMEHS��

VITIRXMREQIRXI�JSWWI�XVEWPEHEHS�TEVE�YQ�TPEREPXS�HI�EV�VEVIJIMXS�I�TYVS��S�UYI�TVSHY M̂VME�REXYsVEP�WIRWEª¦S�HI�QEP�IWXEV��EWJM\ME�I�XSVXYVE�

(ITSMW� HI� YQE� TEYWE� QEMW� PSRKE�� GSQS� WI� VIFYWsGEWWI� SW� VIJSPLSW� HE�QIQ¶VME��I�MRWTMVEHS�TIPS�WIY�)WsT°VMXS�KYME��EHMY�

8IRLS� E� MQTVIWW¦S� HI� UYI� SW� PEFSVIW� WSGSVVMWsXEW� HE� RSMXI� WI� EPSRKEVEQ�HYVERXI� EW� LSVEW� HS� WSRS���� )WX¦S�QI� MQTVIWWEW� RE�QIRXI� HIWHI� IWXE� QERL¦�HMZIVsWEW� GIREW� UYI� QI� VIGSVHEQ� WIVZMªSW� IWTMVMXYEMW� NYRXS� E� 1EVMERE�� WIYW�

Page 68: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

JEQMPMEVIW�I�S�)WT°VMXS�TIVWIKYMHSV����)WXSY�GIVXS�HI�UYI�S�TVSGIWWS�IQ�IWXYHS�WI�EPSRKEV¤�EMRHE�TSV�EPKYQ�XIQTS�I�HI�UYI�XIVIQSW�UYI�IRZMHEV�QYMXSW�IWJSVªSW�RS�WIRXMHS�HI�IU¿EGMSREV�SW�TVSFPIQEW�UYI�WI�QMWXYVEQ�RS�HVEQE�HIWWE�SFWIWW¦S��QYMXS� GEVEGsXIV°WXMGE�� EPM¤W�� 2S�QSQIRXS�� ZINS� 7EXYVRMRS� UYI�� EWWIRsXMRHS� GSQ�KIWXS� TIGYPMEV� HE� GEFIªE�� RSW� GSRGPEQE� £TEGM­RGME�� £� SVEª¦S� I� £� ZMKMP¥RGME��1EVMERE�R¦S�IWX¤�HIWEQTEVEHE��QEW�WI�JE �̂QMWXIV�GEVMRLSWE�EWWMWX­RGME�I�QYMXE�HIHMGEª¦S�� EX¬� UYI� WI� TSWWE� VIGSFVEV� HS� HSPSVSWS� IQFEXI�� GYNS� T¶VXMGS� HI�PMFIVXEª¦S�WSQIRXI�EKSVE�ZMWsPYQFVE��XIRHS�QYMXS�GEQMRLS�E�TIVGSVVIV��:MVIQSW�HM£sVMEQIRXI�ETPMGEV�PLI�TEWWIW�I� MRWXVY°�PE�IWTMVMXYEPQIRXI�GSQS�S�GEWS�VIUYIV��HI�QSHS�E�UYI�IPE�ETVIRHE�E�WMRXSRM^EV�IQ�SYXVEW�JEM\EW�HS�TIRWEQIRXS�IWTMVMXYEP�I�QSVEP�� E� JMQ�HI� GSRXVMFYMV� IJMGE^QIRXI�TEVE� E� TV¶TVME� VIKIRIVEª¦S� � °RXMQE� I�VIGYTIVEª¦S�HE�WE½HI�

(IWTIHMRHS�WI� KIRXMPQIRXI� HSW� JEQMPMEVIW� ZMWMXEHSW�� WSF� ZMW°ZIP� KVEXMH¦S� HI�XSHSW�� ES� GLIKEV� £� VYE� 4IXMXMRKE� TVSWWIKYMY� I\TPMGERHS�QI�� EWWYQMRHS� IWWE�EXMXYHI�UYI�PLI�IVE�LEFMXYEP�

ô3GSVVI�UYI�HIWTIVXEHSW�SW�GIRXVSW�HE�QIQ¶VME�WYFGSRWGMIRXI��1EVMERE�WI�Z­� EKVIHMHE� TIPEW� TV¶TVMEW� MQEKIRW� HIWIUYMPMFVERXIW� UYI� EGEPIRXSY�� I� UYI� WI�TSHIQ�XVERWJSVQEV�IQ� MRJIPM �̂TVSGIWWS�HI� PSYGYVE��0SYGSW�R¦S�W¦S�WSQIRXI�SW�UYI� W¦S� Z°XMQEW� HI� MRJIGª¸IW� IWTIG°JMGEW�� SW� UYI� X­Q� PIW¸IW� GIVIFVEMW�� SW� UYI�WSJVIVEQ� XVEYQEsXMWQS� GVERMERS�� SW� UYI� TEHIGIQ� HI� XYQSVIW� RS� G¬VIFVS�� SW�IWUYM^SJV­RMGSW�I�SYXVEW�XERXEW�UYI�WI�ETVIWIRXEQ�WSF�GEYWEW�SYXVEW��2¦S�ETIREW�SW�SFWMHMEHSW�TSV�)RXMHEHIW�HIWIRGEVREHEW��3�IRJIVQS�QIRXEP�� GPEWWMJMGEHS�IQ�UYEPsUYIV� RSQIRGPEXYVE�� ¬� IWT°VMXS� TIVWIKYMHS� IQ� WM�QIWQS�� JYKMXMZS� HEW� 0IMW�(MZMREW�� VIJYKMERHS�WI� RYQE� SVKERMs^Eª¦S� TW°UYMGE� UYI� PLI� R¦S� VIWMWXI� ESW�GETVMGLSW�I�WI�HIWFSVHE�IQ�EPYGMREª¸IW��EX¬�£�EPMIREª¦S�XSXEP��1YMXEW�VIGSVHEª¸IW�MRJIPM^IW�HI�I\MWX­RGMEW�TEWWEHEW�TSHIQ��VITIRXMREQIRXI��EWWSQEV�£�GSRWGM­RGME�EXYEP�� PMFIVXEHEW� HSW� HIT¶WMXSW� HE� WYFGSRWGM­RGME�� GVMERHS� IWXEHSW� TEXSP¶KMGSW�QYMXS�GSQTPI\SW��)WWEW�IZSGEª¸IW�TSHIQ�XSsQEV�HSMW�EWTIGXSW�HMWXMRXSW��VIQSVWS�MRGSRWGMIRXI�E�WI�QERMJIWXEV�IQ�JSVQE�HI�EYXSTYRMª¦S��GSQS�FYWGERHS�VIsTEVEV�S�QEP� TVEXMGEHS�� I� VIGSVHEª¦S� XSVQIRXSWE�� TIVWMWsXIRXI�� KIVERHS� E� HMWXSRME� HE�VE^¦S�� S� HIWIUYMP°FVMS� HS� HMWGIVRMQIRXS�� 2S� GEWS� HI� 1EVMERE�� E� WIKYRHE� ¬� E�LMT¶sXIWI�UYI�QIPLSV�WI�PLI�ENYWXE�

*I �̂ WMP­RGMS�� %� RSMXI� GSRZMHEZE� £� QIHMXEª¦S�� %W� VYEW� GEPQEW� HE� GMHEHI�IRWINEZEQ� QEVGLE� PIRXE� I� EKVEsH¤ZIP�� -RXIVIWWEHS� IQ� GPEVMJMGEV� S� TVSFPIQE��EHY M̂Y�

ô 'SQS� SFWIVZEQSW� HYVERXI� SW� XVEFEPLSW� N¤� VIJIVMHSW�� UYI� XMZIVEQ� GYVWS�HIQSVEHS�UYERHS�FYWGEQSW�S� PIMsXS��RE�RSMXI�TEWWEHE�ô�HSW�UYEMW�QI� PIQFVS�GEHE�ZI �̂GSQ�QIPLSV�RMXMHI �̂ô��1EVMERE�WI�HIJVSRXSY��TEVGMEPQIRXI�HIWHSFVEHE�TIPS�WSRS��GSQ�S�WIY�ERXEKSRMWXE�I�VIsGSVHSY�REXYVEPQIRXI�HE�JYKE�ES�HIZIV��HE�VIWTSRWEFMPMsHEHI�TIPS�WSJVMQIRXS�UYI�EGEVVIXE�ES�EXYEP�HIWEJIXS��JMsGERHS�HIWWI�QSHS� ZMZEW�� RE�QIRXI�� EW� GIREW� VIZMWEHEW� TIPE� RIGIWWMHEHI� MQTIVMSWE� UYI� WI�JE M̂E� HS� VIIRGSRXVS� IWTMVMsXYEP� HE� Z°XMQE� I� HS� EPKS �̂� TEVE� S� MQTSWMXMZS� HE�TEGMJMGEsª¦S�� 2EHE� SGSVVI� IQ� RSQI� HI� YQ� TVSXIGMSRMWQS� UYI� WIVME� MRNYWXS� I�MRHMKRS� HS� 2SWWS� 4EM�� :IVHYKS� I� Z°XMQE� W¦S� JMPLSW� HS� QIWQS� %QSV��QSQIRXERIEQIRXI� WITEVEHSW� TSV� HIWGSRWMHIVEª¦S� ES� HIZIV� SY� TSV� QERIMVE�MRHMXSWE�HI�EGEsXEV�SW�JEXSW�I�EGSRXIGMQIRXSW�HE�ZMHE��(E°��E�MRIZMXEFMsPMHEHI�HI�YQE�I\MWX­RGME�TEYXEHE�RSW�GSRGIMXSW�WIQTVI�EXYEMW�HS�)ZERKIPLS�HI�.IWYW�

ô )�XIV¤�IPE�TVSFEFMPMHEHI�HI�WI�VIJE^IV#�ô�MRHEsKYIM��MRXIVIWWEHS�7IQTVI�QYMXS�WIVIRS��S�MRXIVPSGYXSV�JMXSY�QI�GSQ�SW�WIYW�SPLSW�QYMXS�GPEVSW�I�

Page 69: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

FVMPLERXIW��I�HMWWI�ô 'SQS� ZSG­� WEFI�� 1MVERHE�� E� 0IM� ¬� HI� %QSV�� WIQ� H½ZMHE�� RS� IRXERXS��

XEQF¬Q� ¬� HI� .YWXMªE� I� HI�1MWIVMG¶VsHME�� 1YMXS� HITIRHIV¤� HE�QIRMRE�1EVMERE��*EPSY�RSW�(SRE�6SWE�UYI�S�IWGYP¤TMS�HMEKRSWXMGEVE�XVEXEV�WI�S�WIY�TVSFPIQE�HI�YQE�nGVMWI�LMWX¬VMGE~��HIM\ERHS�QEPMGMSWEQIRXI�E�WYWTIMª¦S�HI�WIV�S�TVSFPIQE�HI�SVHIQ� WI\YEP�� UYI� R¦S� XIRLS� EYXSVMHEHI� X¬GRMGE� HS� EWWYRXS� TEVE� GSRsXIWXEV��%GVIHMXEQ�SW�HMWG°TYPSW�HI�*VIYH��UYI�RS�WI\S�WI�IRGSRXVEQ�EW�I\TPMGEª¸IW�TEVE�UYEWI�XSHSW�SW�TVSFPIsQEW�UYI�EJPMKIQ�S�LSQIQ��RE�8IVVE��%�GSQYRL¦S�EJIXMsZE��MRIK£ZIPQIRXI��ZE^EHE�RE�I\GIP­RGME�HS�EQSV��GSRWIsKYI�WYFPMQI�MRXIVG¥QFMS�HI�JSVªEW�I�IRIVKMEW�HI�ZEVMEHE�IWT¬GMI�UYI� VIWXEYVEQ��£W�ZI^IW��EW�SVKERM^Eª¸IW�J°WMGEW�I�TW°UYMGEW�IQ�HIWEPMRLS��IWTIGMEPQIRXI�UYERHS�HI�XEP�MRXIVG¥QFMS�VIWYPXE�E� F­Rª¦S� HI� JMPLSW�� TSMW� UYI� SW� MRMQMKSW� IWTMVMXYEMW� UYEWI� WIQTVI� XSQEQ� E�VSYTEKIQ�JMPMsEP�I�VIREWGIQ�RSW�FVEªSW�HSW�WIYW�ERXMKSW�EHZIVW¤VMSW��PMFIVXERHS�SW�XIQTSV£VMEQIRXI�HEW�TIVXYVFEª¸IW�UYI�ERXIW�I\TIVMQIRXEZEQ�ô�S�UYI�H¤�ESW�QEXIVMEPMWXEW�E�JEPsWE�MQTVIWW¦S�HI�UYI�S�TVSFPIQE�JSM�VIWSPZMHS�TIPE�GSsQYRL¦S�WI\YEP�GEPQERXI��TSV�MKRSVEVIQ��SW�UYI�EWWMQ�TIRWEQ��EW�PIMW�HEW�VIIRGEVREª¸IW��UYI�W¦S�WERXMJMGEHSsVEW�TSVXEW�HI�TE^��ô�TEVE�WYVKMVIQ�SYXVEW�MQTPMGEª¸IW��QEMW�XEVHI�� UYI� WSQIRXI� S� EQSV�� E� EFRIKEª¦S�� S� TIVsH¦S� TYVS� I� E� LYQMPHEHI��EQTEVEHSW� RE� SVEª¦S�� TSHIQ� IU¿EGMSREV�� 'SRJMIQSW� UYI� 1EVMERE� WI� PMFIVXI�UYERXS�ERXIW�HE�EXYEP�GSRNYRXYVE�I�WI�TSWWE�TVITEVEV�TEVE�S�EQERL¦�ZMXSVMSWS��,¤�XEQF¬Q� YQ� EVKYQIRXS� UYI� GSRXVEVME� E� XIWI� QEXIVMEPMWXE� UYI� EXVMFYM� ES� WI\S�TVSI^E �̂UYEWI�MPMQMXEHEW��2¦S�TSYGEW�ZI^IW�GEWEMW�TIVJIMXEQIRXI�LEVQSRM^EHSW�I�WI\YEPQIRXI� XVERUYMPSW�� HIWGEQFEQ� TEVE� PEQIRX¤ZIMW� HIWIUYMP°FVMSW�� SW� UYEMW�R¦S�WI�IRUYEHVEQ�RE�ETVIWWEHE�WSPYª¦S�HS�YWS�HS�WI\S��GSQS�QSHIVEHSV�TEVE�S�GEQTS�IQSGMSREP�

'LIK¤VEQSW�ES� PSGEP�HS�XVERWTSVXI��8SQEQSW�EW�GSRHYª¸IW�I�VYQEQSW�IQ�HMVIª¦S�HMZIVWE�

(IWHI� IRX¦S�� HMEVMEQIRXI� ZMWMX¤ZEQSW� E� TEGMIRXI� UYI�� PIRXE�� TSV¬Q�WIKYVEQIRXI�� HEZE�QSWXVEW�HI� VIGSQsTSWMª¦S� °RXMQE��(MEW�LSYZI�QEMW� KVEZIW��GSRWIUY­RGME� REXYVEP� HSW� IRGSRXVSW�QERXMHSW� IWTMVMXYEPQIRXI� REW� XEsVIJEW� IQ�HIWHSFVEQIRXS�I�HI�UYI�IPE�R¦S�WI�HEZE�GSRXE�ES�VIXSQEV�E�PYGMHI �̂SVK¥RMGE�

-RWXVY°HE�GEHE�HME�REW�PMª¸IW�QMRMWXVEHEW�TSV�4IXMsXMRKE��PSKS�HITSMW�GSQIªSY�E�ERHEV�I�T·HI��IRX¦S�� JVIsUYIRXEV�EW�WIWW¸IW�HI�IWXYHSW�I�TEWWIW�HMVMKMHEW�TIPS�EQSVSWS�WIEVIMVS�HI�.IWYW�

(I� UYERHS� IQ� UYERHS�� EGSVHEZE� EKMXEHE�� VIZIRHS�WI� IQ� XIVVEW� HMWXERXIW��I\TIVMQIRXERHS�XSVQIRXSWEW�EKSsRMEW�GSQTVIIRW°ZIMW���

4IXMXMRKE�� MRXIMVEHS� HS� TVSGIWWS� HI� SFWIWW¦S�� GSRsJSVQI� TVSWWIKYMEQ� SW�WIVZMªSW� IWTMVMXYEMW� REW� HMZIVWEW� VIYRM¸IW� IWTIGMEPQIRXI� GSRZSGEHEW� TSV�7EXYVRMRS�TEVE� XEP�QMWXIV��UYERXS�IWX¤ZEQSW�R¶W�TV¶TVMS��EY\MPMEZE�E�IRsJIVQE��IWGPEVIGME�� QMRMWXVEZE� TEWWIW�� SVEZE�� GSRGPEQEZE�� SXMQMWXE�� ESW� WIVZMªSW� HE�IWTIVERªE�I�HS�EQSV��'SRGMsXSY�E�ZI^IW�Z¤VMEW�£�ETVS\MQEª¦S�EJIXMZE�GSQ�S�7V��1EsXIYW�UYI��WIQTVI�VIWIVZEHS��ETVIWIRXEZE�N¤�EPKYRW�WMRsXSQEW�GEVEGXIV°WXMGSW�HE�nTWMGSWI�WIRMP~��IPI�UYI�XEQF¬Q�IWXEZE�QIRSW�E^SVVEKEHS�TIPEW�XIRE^IW�HI�+YMPLIVQI��SVE�IQ�XVEXEQIRXS�

+VEªEW�£W�TEPIWXVEW�IHMJMGERXIW�HS�KIRIVSWS�I\TSsWMXSV��S�PEV�HSW�7SEVIW�WI�JSM�XVERWJSVQERHS�� R¦S� XSXEPsQIRXI�� TVSHY M̂RHS� YQE� EXQSWJIVE� HI� IRXIRHMQIRXS�VIPEsXMZS��UYI�VIWYPXEZE�IQ�FIQ�KIVEP�

3� GEQMRLS� E� TIVGSVVIV�� RS� IRXERXS�� IVE� EMRHE� QYMXS� PSRKS�� 4EWWEVEQ�WI�ETIREW�UYEXVS�WIQEREW�HIWHI�S�GLSsUYI�IRXVI�JMPLE�I�TEM��UYERHS�XMZIVE�GSQIªS�

Page 70: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

S�WIVZMªS�HE�HIWSFWIWW¦S�2E� RSMXI� MQIHMEXE� ES� IRGSRXVS� QEPSKVEHS�� %HEPsFIVXS�� VIJIMXS� HS� TVSFPIQE�

KEWXVMRXIWXMREP�HI�UYI�JSVE�Z°XMQE��TVSGYVSY� MRJSVQEª¸IW�WSFVI�1EVMERE��ZMRHS�E�WEFIV�TSV� TIWWSE�EQMKE�HI�UYI�IWXE� WI� IRGSRXVEZE� IRsJIVQE�� 7SPMGMXSY�� IRX¦S��PSKS�HITSMW��TIVQMWW¦S�E�(SRE�6SWE�TEVE�ZMWMXEV�PLI�E�JMPLE��RS�UYI�JSM�EXIRHMHS�TIPE� KIRIVSWE�QEXVSRE�� IQFSVE� WIQ� EXMREV� GSQ� E� VE^¦S� UYI� S� PIZEZE� E� IWXI�MQTYPWS�

7IQ� GSQTVIIRHIV� S� UYI� SGSVVIVE�� %HEPFIVXS� R¦S� T·HI� SGYPXEV� E� WMRKYPEV�WYVTVIWE�UYI�S�EGSPLIY�UYERHS�ZMWMXSY�1EVMERE��(IWJIMXE��WIQ�ZMXEPMHEHI��E�NSZIQ�GEYsWSY�PLI� MQIHMEXE� GSQTEM\¦S�� *MXERHS�E�� IQ� WMP­RGMS�� VIsTEWWSY� TIPE�QIRXI�TSYGS� EJIMXE� E� GSKMXEª¸IW�QEMW� IPIZEHEW� SW� TPERSW� UYI� ERMQEVE� EX¬� UYEWI� £W�Z¬WTIVEW�� HIM\ERHS�WI� EVVEWXEV� TSV� EFIRªSEHS� EVVITIRHMQIRXS�� :IRsHS� E� WYE�UYEWI� Z°XMQE�� MRHIJIWE�� UYEWI� HIWJEPIGMHE�� YQ� WIRXMQIRXS� RSZS� HI� EJIMª¦S�GSQIªSY� E� FVSXEV� RS� WIY� IWT°VMXS�� GSQTVIIRHIRHS� E� RIGIWWMHEHI� HI� MQTVMQMV�HMJIVIRXI� VYQS�£W� WYEW� EXMXYHIW�� %� ZMHE� J°WMGE�� NYRXS� ES� PIMXS� HE� REQSVEHE�� PLI�TEVIGME�X¦S�V¤TMHE�I�IRKERSWE��%KVEHIGME�E�(IYW��WIQ�TEPEZVEW��E�IRJIVQMHEHI�UYI�S�MQTSWWMFMPMXEVE�HI�XIV�MHS�ES�IRGSRXVS�GSQ�E�NSZIQ��WIQ�IRXIRHIV�HI�GSQS�XYHS�JSVE�IWXEFIPIGMHS�TIPSW�)QMWW¤VMSW�HS�&IQ�

%� TEVXMV� HEUYIPE� RSMXI�� TEWWSY� E� ZMWMX¤�PE� GSQ� VIsKYPEVMHEHI�� WSF� E�EUYMIWG­RGME�QEXIVRE��I��HITSMW��TSV�GYVMSWMHEHI�I�TEVE�WIV�KIRXMP�EGSQTERLSY�E�£W�HMWWIVXEsª¸IW�IWT°VMXEW��VIZIPERHS�WI�YQ�EHQMVEHSV�IRXYWMEWXE�HS�)WTMVMXMWQS��I�HI�4IXMXMRKE�UYI�PLI�GSRUYMWXEVE�MQIHMEsXEQIRXI�E�EQM^EHI�

5YERHS�WI�IRGIVVEZEQ�EW�I\TSWMª¸IW�HSYXVMR¤VMEW��MRZEVM£ZIPQIRXI�%HEPFIVXS�WI� EGIVGEZE� HS� ZIRIVERHS� IZERKIPM^EHSV� I� PLI� ETVIWIRXEZE�� IQ� JSVQE� HI�TIVKYRsXEW�MRXIPMKIRXIW��TVSFPIQEW�UYI�S�EJPMKMEQ�MRXMQEQIRXI��SY�VIPEGMSREZE�SW�MRJSVQIW� IWT°VMXEW� GSQ� SW� JEXSW� I� ERsK½WXMEW� LYQEREW�� SW� HVEQEW� WSGMEMW�� EW�IRJIVQMHEHIW� MVVIZIVW°ZIMW�� REW� UYEMW� QMPL¸IW� HI� WIVIW� WI� HIFEXIQ� I� WI�HIWIWTIVEQ��I�TEVE�SW�UYEMW�E�'M­RGME�1¬HMGE�RE�KVERHI�QEMSVME�HSW�GEWSW�WI�ETVIWIRXE�MQTSXIRXI�

%W� VIWTSWXEW�WIVIREW�� P½GMHEW�I� P¶KMGEW��SJIVIGMHEW�TSV�4IXMXMRKE��HIEPFEZEQ�TEVE�S�QSªS�LSVM^SRXIW�HI�IWsTIVERªE��HERXIW�NEQEMW�WSRLEHSW�

1EVMERE�� GSRUYERXS�QYMXEW� ZI^IW� TIVQERIGIWWI� HI� WIQFPERXI� XYVFEHS� TSV�JYRHE�QIPERGSPME�� MRZEHMHE� TSV� QEGMPIRXE� TEPMHI �̂ HE� JEGI�� VIKMWXVEZE� EW� PMª¸IW�RSZEW�RSW�VIJSPLSW�HEPQE��GSQ�ZMZE�IQSª¦S��:I^IW�SYXVEW��IRsUYERXS�VIGIFME�S�VIGYVWS� HS� TEWWI�� HIM\EZE�WI� HSQMREV� TSV� GLSVS� GSRZYPWMZS� I� HIWIWTIVEHSV��XSQERHS�YQ�üJEsGMIWý�HI�HIWIWTIVS�GSQS�WI�ZMW¸IW�TEZSVSWEW�PLI�EWWSsQEWWIQ�£�QIRXI��ET¶W�S�UYI�GE°E�IQ�TVSWXVEª¦S�

4IXMXMRKE�WIQTVI�MRXIVIWWEHS�IQ�ENYHEV�RSW�GSQ�IWsGPEVIGMQIRXSW��HMERXI�HE�NSZIQ�EHSVQIGMHE��I\TPMGEZE�

ô� )WWEW� GVMWIW� TVSGIHIQ� HI� ZMW¸IW� TSV� TEVXI� HI� 1EVMERE� HSW� WIYW�TIVWIKYMHSVIW� IWTMVMXYEMW�� TSMW� UYI� IWXIW�� EQTEVEHSW�� R¦S� E� MRUYMIXEQ� RS�QSQIRXS��3GSVVI� UYI� S� TV¶TVMS� IWT°VMXS�� NYKYPEHS� ES� VIQSVWS� TSV�QYMXSW� ERSW�ERXIW�HI�VIIRGEVREV��JM\SY�ZMKSVSWEQIRXI�RE�WIHI�HE�QIQ¶VME�TIVMWTMVMXYEP��UYI�QEMW� XEVHI� WI� MQTVMQMsVMEQ� RS� G¬VIFVS�� EW� GIREW� HSPSVSWEW� UYI� ZMZIVE� RS�,SWsT°GMS�HS�,EEVPIR��GSRJSVQI�REVVEVE�IPE�QIWQE�UYERHS�HIWHSFVEHE�TIPS�WSRS��RS� VIIRGSRXVS� GSQ� +YMPLIVQI�� 3� GSVTS� ¬� WIQTVI� TEVE� S� IWT°VMXS� HIZIHSV�ô�HIZIHSVIW� UYI� VIGSRLIGIQSW� WIV� XSHSW� R¶W�ô� WYFPMQI� VIJ½KMS�� TSVsXEHSV� HE�F­Rª¦S�HS�SPZMHS�QSQIRX¥RIS�ESW�QEPIW�UYI�TVEXMGEQSW�I�GYNE�IZSGEª¦S��WI�RSW�ZMIWWI� £� 'SRWGM­RsGME� HI� MRSTMRS�� RSW� ERMUYMPEVME� E� IWTIVERªE� HE� VIHIRª¦S��

Page 71: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

5YERHS� ZMGMEHS� TSV� MRHMWGMTPMRE� HE� RSWWE� ZSRXEHI�� IPI� IRZME� ESW� VIG·RHMXSW� HS�IWT°VMXS�SW�GSRHMGMSREQIRXSW�UYI�WI�XVERWJSVQEQ�IQ�JPEK°GMS��TEWWERHS�HI�YQE�VIIRGEVsREª¦S� E� SYXVE�� EX¬� UYI� WI� HITYVI�� PMFIVXERHS� SW� GIRXVSW� HE� ZMHE� HEW�MQTVIWW¸IW�ZMKSVSWEW�UYI�SW�WYPGEVEQ��2E�QIWQE�SVHIQ��SW�IVVSW�I�SW�KVEZEQIW�TVEXMGEHSW�TIPS�IWT°VMXS�IQ�TVSGIWWS�IZSPYXMZS�W¦S�XVERWQMXMHSW�ES�GSVTS�UYI�SW�MRXIKVE�RE�JSVQE��EWWMREPERHS�REW�G¬PYPEW�SW�MQsTSWMXMZSW�HE�TV¶TVME�VITEVEª¦S��E�WI� ETVIWIRXEVIQ� GSQS� PMQMXEª¦S�� JVYWXVEª¦S�� VIGEPUYI�� GSQTPI\SW� HE�TIVWSREPMsHEHI�GSQS�SYXVSW�TVSFPIQEW�I�IRJIVQMHEHIW�UYI�W¦S�EW�Q¦SW�HE�0IM�(MZMRE� VIENYWXERHS�S� MRJVEXSV� £� SVHIQ��%� WIQIPLERªE�HI�YQE�IWTSRNE�� S� GSVTS�EFWSVZI�EW�MQsTVIWW¸IW�UYI�TEVXIQ�HS�IWT°VMXS�SY�EW�IPMQMRE��GSQS�XEQF¬Q�WI�GEVVIKE� HE� TWMGSWJIVE� EQFMIRXI� I� E� IRZME� ES� °RXMQS�� TEWWERHS� E� ZMZIV�PLI� EW�IQEREª¸IW�� %FIRªSEV�� TSVXERXS�� IWWI� nHSGI� NYQIRXMRLS~�� GSQS� S� GLEQEZE�QIMsKEQIRXI�*VERGMWGS��S�7ERXS�HI�%WWMW��GSQ�HMWGMTPMRE�I�IHYGEª¦S��¬�HIZIV�UYI�E�XSHSW�RSW�HIZIQSW�MQTSV�E�FIRIJ°GMS�TV¶TVMS�I�UYI�R¦S�TSHIQSW�TSWXIVKEV�

(MERXI� HEW� °RJSVQEª¸IW� HSYXVMR¤VMEW� SJIVIGMHEW� TIPS� TVIGPEVS� &IRJIMXSV�4IXMXMRKE�� UYIH¤ZEQS�RSW� GSQSZMHSW�� FYWGERHS� TIWEV�� GEHE� ZI �̂ QEMW�� EW�VIWTSRWEFMPMHEHIW� UYI� RSW� GSQTIXIQ� RE� GSRHYª¦S� HE� SVKERM^Eª¦S� J°WMGE��PEsQIRX£ZIPQIRXI� X¦S� TSYGS� ETVSZIMXEHE� TIPE� MQIRWE� QEMSsVME� HEW� GVMEXYVEW�LYQEREW�

)RUYERXS� WI� HIWIRZSPZMEQ� SW� PEFSVIW� WSGSVVMWXEW� E� +YMPLIVQI� I�WMQYPXERIEQIRXI� E� 1EVMERE�� SW� MQTPMGEHSW� QEMW� HMVIXEQIRXI� REW� QEPLEW� HS�WSJVMQIRXS� VIHIRXSV�� IPE� ETVIWIRXEZE� WMREMW� HI� VIIUYMP°FVMS�� IRUYERXS�VIKMWsXV¤ZEQSW�SW�FIRIJ°GMSW�UYI�E�XSHSW�R¶W�EPGERªEZEQ��KVEªEW�£�ETPMGEª¦S�HE�GEVMHEHI�JVEXIVREP�

Page 72: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

�4VSGIWWSW�SFWIWWMZSW

�� QIHMHE� UYI� SW� WIVZMªSW� HI� WSGSVVS� E� 1EVMERE� TVSWsWIKYMEQ�� JE M̂E�WI�MRHMWTIRW¤ZIP� VIQSZIV� EW� VE°^IW� TVS� JYRHEW� HE� SFWIWW¦S� UYI�� EXVEZ¬W� HEW�ZMRGYPEª¸IW�HI�+YM�PLIVQI�E�8ISJVEWXYW��WI�XSVREVEQ�QEMW�GSQTPI\EW�

)WXERHS� S� PEV� HS� 7V�� 1EXIYW� WSF� S� EWW¬HMS� HI� IRsXMHEHIW� ZMGMSWEW� SYXVEW��TIVXIRGIRXIW�ES�GP¦�8ISJVEWXYW��UYI�QERXMRLEQ�IWXVIMXS�GSQ¬VGMS�GSQ�1EVXE��E�JMPLE� QEMW� ZIPLE�� S� QSZMQIRXS� HI� HIWIRGEVREHSW� IVE� QYMXS� I\TVIWsWMZS�� IQ�EXMZMHEHI�GSRX°RYE�I�HI�VIWYPXEHSW�RIJEWXSW�

4SVXEHSVE� HI� QIHMYRMHEHI� GSQ� EQTPEW� TSWWMFMPMHEsHIW�� 1EVXE� VIIRGEVREVE�PMKEHE�E� GSQIRWEMW� HS� IVVS� IQ�UYI�HIVVETEVE� IWTSRXERIEQIRXI� IQ�I\MWX­RGME�TVIKVIWWE�� %UYMRLSEHE� GSQ� SW� VIGYVWSW� TW°UYMGSW� HS� MRXIVG¥QFMS� IWTMVMXYEP��HIZIVME�ETPMGEV�EW�JSVªEW�HI�SVHIQ�TEVERSVsQEP�ES�WIVZMªS�HS�FIQ�I�HE�GEVMHEHI��HI�QSHS�E�EYXS�MPYQMREV�WI�� MPYQMRERHS�TSV�WYE�ZI �̂SW�UYI�WI� PLI�ZMRsGYPEZEQ�TIPSW� JSVXIW� PMEQIW� HEW� H°ZMHEW�� 'SRUYERXS� LSYZIWWI� GSRLIGMHS� S� WIVZMªS� HE�QIHMYRMHEHI� WYFPMQEHE� WSF� EW� F­Rª¦SW� HI� .IWYW�� RE� 9RM¦S� )WT°VMXE� &EMERE��TVIJIVMVE� S� G°VGYPS� HEW� FEM\EW� ZMFVEª¸IW� IQ� UYI� WI� HIQSsVEZE�� EXIRHIRHS� E�ZMKSVSWE� LMTRSWI� HI� IRXMHEHIW� MRJIsPM^IW� I� MQTMIHSWEW� UYI� PLI� HSQMREZEQ� S�GEQTS�QIRXEP��EQTPEQIRXI�EJIXEHS��(M^IRHS�WI�PMKEHE�ESW�KVEZIW�GSsR½FMSW�GSQ�ERXMKSW�IWGVEZSW�HS�&VEWMP�� EMRHE�HMVMKMHSW�TSV�¶HMSW�HIQSVEHSW�� JEWGMREZE�E�EW�MRGYVW¸IW� RS� XIVVIRS� HS� nGERHSQFP¬~�� MRI\TIVMIRXI� I� MRWIRWEXE�� IQ� GYNSW�WIKVIHSW� TVSGYVEZE� ETVSJYRHEV�WI�� TIRIXVERHS� PEQIRXEZIPQIRXI� IQ� KVSWWIMVEW�FYVPEW��UYI�E�GSRHY M̂EQ�E�HSPSVSWSW�TVSGIWWSW�HI�TSWWIWW¦S�TEYPEXMRE�I�WIKYVE�

(MVMKMHE�TSV�QIRXIW�XIRE^IW��MVVIZIVWMZIPQIRXI�TSVXEHSVEW�HI�EPXE�HSWI�HI�VERGSV��JE M̂E�WI�H¶GMP�MRWXVYQIRXS�TEVE�EW�GSRWYPXEW�HE�MVVIWTSRWEFMPMHEHI��EPMGMERHS�SYXVSW�G·QTEVIW�TEVE�S�ZEQTMVMWQS�UYI�KVEWWE�IQ�PEVKE�IWGEPE�RSW�HMZIVWSW�HITEVXEQIRXSW�HE�GVSWXE�XIVVIWXVI��IRXVI�SW�WIVIW�MRZMKMPERXIW�I�TVIXIRWMSWSW�

2¦S�TSYGEW�ZI^IW��HMVMKMHE�TIPSW�JEQERE^IW�IWTMVMXYEMW�HE�VIFIPHME��EHIRXVEZE�WI��RSMXI�EPXE��TIPEW�RIGV¶TSPIW�HE�GMHEHI�IQ�FYWGE�HI�HIWTSNSW�LYQERSW�TEVE�SW�MRJIPM^IW�WIVZMªSW�E�UYI�WI�IRXVIKEZE��GSRHY M̂RHS�HI�ZSPXE�ES�PEV�ZIVHEHIMVEW�PIKM¸IW�HI�WSJVIHSVIW�VIZSPXEHSW�UYI�WI�PLI�ZMRGYPEZEQ�IQ�PSRKS�TVSGIWWS�TIVXYVFEHSV�HI�UYI�RS�QSQIRXS�R¦S�WI�ETIVGIFME��JEWGMREHE�GSQS�WI�IRGSRXVEZE�TIPE�TV¶TVME�WERHMGI�

%W�SVEª¸IW�HI�(SRE�6SWE�I�%Q¤PME�IVEQ�S�½RMGS�PYQI�EGIWS�RS�PEFMVMRXS�IQ�UYI�WI�HIFEXMEQ�EW�JSVªEW�HIWIRGSRXVEHEW�EPM�STIVERHS�IQ�KYIVVE�HI�PSRKS�GYVWS��3�TSHIV�HE�SVEª¦S�I�E�ZMHE�HI�IPIZEª¦S�WERXMJMGERXI��RS�IRXERXS��W¦S�GETE^IW��IQFSVE�E�ETEVIRXI�JVEUYI^E�HI�UYI�WI�VIZIWXIQ��HI�ERYPEV�XSHE�E�XVIZE��FPMRHERHS�HI�WIKYVERªE�UYEPUYIV�GMVGYRWX¥RGME��)QFSVE�MKRSVERHS�UYI�JSWWI�S�WIY�RMRLS�HI�WSRLSW�HSVMHSW�YQ�VIHYXS�HI�IWT°VMXSW�HIWHMXSWSW��(SRE�6SWE�WIRXME�E�I\WYHEª¦S�TW°UYMGE�UYI�IQTIWXEZE�S�EQFMIRXI��VIWIVZERHS�WI�QEMSV�HSWI�HI�GSRJMERªE�RS�4EM��UYI�E�EQTEVEZE�FIRMKRS��HIJIRHIRHS�E�I�ESW�SYXVSW�QIQFVSW�HE�JEQ°PME�HSW�QMEWQEW�HSQMRERXIW�RE�EXQSWJIVE�HS�PEV��)RXMHEHIW�EJIMªSEHEW�MKYEPQIRXI��WIVZIRXY¤VMEW�HS�EQSV��ZMWMXEZEQ�GSQ�JVIU¿­RGME�E�JEQ°PME�7SEVIW��HMWTIRWERHS�E�XSHSW�WSGSVVS�I�EWWMWX­RGME�GSRX°RYE��HI�QSHS�E�MQTIHMV�UYI�SW�WIUYEs^IW�HE�GVMQMREPMHEHI�EPM�HSQMREWWIQ�IQ�XSHE�E�I\XIRW¦S�

Page 73: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

2¦S� IVEQ� ETIREW� SW� )WT°VMXSW� TIVXYVFEHSW� HE� IWsJIVE� HSW� HIWIRGEVREHSW��1YMXSW� TIVHYP¤VMSW� FYWGEZEQ� SW� WIVZMªSW� HI� 1EVXE� XIRXERHS�� EXVEZ¬W� HI�GSRGMPM¤FYPSW�GSQ�EW�QIRXIW�RIJERHEW��VIWYPXEHSW�TEVE�QMP�EZIRXYsVEW�E�UYI�WI�EJIMªSEZEQ�RS� NSKS� MPYW¶VMS� HEW� TEM\¸IW� XIVVIREW�� )VEQ�TIWWSEW� UYI� TIVHIVEQ�SFNIXSW� HI� IWXMsQEª¦S� I� IWTIVEZEQ� IRGSRXVEV�� RSW� )WT°VMXSW�� MRXIVIWsWEHSW�GEªEHSVIW�HI�TVIGMW¦S��QYPLIVIW�EQEHYVIGMHEW�UYI�R¦S�PSFVMKEVEQ�GSRWSVGMEV�WI�I� UYI� HIWINEZEQ� XVERWJSVsQEV� SW� )WT°VMXSW� IQ� MRWXVYQIRXSW� HSW� WIYW� HIWINSW��IWsTSWEW�MRJIPM^IW�UYI�WSJVMEQ�E�JEP­RGME�HS�QEXVMQ·RMS��VIGSVVIRHS�ES�GSRGYVWS�HI�IRXMHEHIW�QIRXMVSWEW�UYI�PLIW�QSHMJMGEWWIQ�E�TEMWEKIQ�HSQ¬WXMGE��GVMEXYVEW�HIWIQsTVIKEHEW� UYI� GSRXEZEQ� GSQ� WSPYª¦S� TEVE� E� EUYMWMª¦S� HI� XVEFEPLS� HI�VIQYRIVEª¦S�I\TVIWWMZE��IWGVEZSW�HS�¶HMS�UYI�WI�EGVIHMXEZEQ�ZMXMQEHSW�TSV�IWXI�SY� EUYIPI� EHZIVW¤VMS�� WSPMGMXERHS� VIZMHI� I� HIWJSVªS� MQIHMEXS�� QIRsXIW�HIWZEMVEHEW��ERGMPSWEHEW�TIPS�Z°GMS��VSKERHS�WSPYª¦S�TEVE�TVSFPIQEW�GSQTPI\SW����%XIRHMHSW�RS�nGSRWYPX¶sVMS~�VIWIVZEHS�HI�1EVXE��UYI�QERXMRLE�TIUYIRS�GEWIsFVI�TEVE�S�WIY�MRJIPM �̂GSQ¬VGMS��QYMXEW�ZI^IW��GSRUYERXS�E�WIZIVMHEHI�HI�(SRE�6SWE��IVEQ�VIGIFMHSW�GPMIRXIW�RS�TV¶TVMS�PEV��IQ�GYNE�STSVXYRMHEHI�ETVIWIRXEZE�VIGIMXEW�I� I\MKME� QEXIVMEMW� TEVE� SW� XVEFEPLSW� TSV� QIMS� HSW� UYEMW� MRJSVQEZE� VIWSPZIV�UYEPUYIV�WMXYEª¦S�TIRSWE��PMFIVERHS�HI�TVSFPIQEW�SW�WIYW�GSRWYPIRXIW�

4SVXEHSVE� HI� TWMGSJSRME� WSREQF½PMGE� EXSVQIRXEHE�� ZMH­RGME� I� EYHM­RGME�HMVMKMHEW�TSV�GVY¬MW�ZIVHYKSW�HIsWIRGEVREHSW��E�SFWMHMEHE�ZMZME�VIPEGMSREHE�GSQ�)WT°VMXSW�SGMSWSW�UYI�PLI�TVIWXEZEQ�MRJSVQIW�WIKYVSW�WSFVI�SW�WIYW�ZMWMXEHSVIW��MRJSVQEª¸IW� IWWEW� UYI� WYVTVIIRHMEQ� EKVEH£sZIPQIRXI� UYERXSW� E� FYWGEZEQ��MRXIVIWWIMVSW�I�PIZMERSW�

7IQTVI�¤ZMHSW�HI�RSZMHEHIW�� WIQ�S� MRXIVIWWI�HI� GSsRLIGIV� E� VIEPMHEHI�HE�ZMHE� IWTMVMXYEP� ET¶W� E� WITYPXYVE�� EW� TIWWSEW� EMRHE� LSNI� TVIJIVIQ� HE� VIEPMHEHI�IWT°VMXE�GSRLIGIV�WSQIRXI�S�UYI�GSRWMHIVEQ�JERX¤WXMGS�I�WSFVIREsXYVEP��XIMQERHS�ZSPYRXEVMEQIRXI�IQ�TIVQERIGIV�RS�IVVS�

%WWMQ�WI�UYIHEZEQ�JEWGMREHEW�UYERHS�E�WIRWMXMZE�PLIW�I\TPMGEZE�SW�HMZIVWSW�TVSFPIQEW�� TSVQIRSVM^ERHS� HIXEsPLIW� I� ETVIWIRXERHS� WSPYª¸IW� J¤GIMW� UYERXS�Q¤KMGEW�TEVE�IPIW����GIVXS�UYI�SW�)WT°VMXSW��GSRUYERXS�TIVXYVFEHSW�IQ�WM�QIWQSW��TSHIQ�JE^IV�MRGYVW¸IW�RS�XIVVIRS�QEXIVMEP�I�MRJSVQEV�WI�WSFVI�QYMXEW�GSMWEW�HS�TPERS�J°WMGS�IQ�UYI�WI�HIQSVEQ�SW�LSQIRW��TSMW�UYI�E�QSVXI�R¦S�PLIW�EVVIFEXSY�E� MRXIPMK­RGME� RIQ� PLIW� ERYPSY� S� VEGMSG°RMS�� 7¦S� GETE^IW�� SFZMEQIRXI�� HI�EGSQTERLEV� EW� GVMEXYVEW�� HEV�PLIW� EWWMWX­RGME� I� MRXIMVEV�WI� HEW� SGSVV­RGMEW� HS�GEsQMRLS�LYQERS��ETVIWIRXERHS�GMVGYRWXERGMEHSW�VIPEX¶VMSW��GSQS�WI�LSYZIWWIQ�TSHMHS��TSV�WSVXMP¬KMSW�IWXVERLSW��TSWWYMV�S�nHSQ~�HS�GSRLIGMQIRXS��'SRWIKYMRHS�­\MXS� RS� TVMQIMVS� XIRXEQI�� S� HE� MRJSVQEª¦S�� TVSHY M̂EQ� SW� HIsQEMW� TPERSW�ZIVHEHIMVE� GSRWEKVEª¦S� RSW� MRZMKMPERXIW� UYI� WI� GSQTVE^IQ� RE� nPIM� HS� QIRSV�IWJSVªS~�I�UYI�EMRHE�WI�VIWIVZEQ�S�HMVIMXS�HI�QERXIV�S�GEXMZIMVS��UYI��IQFSVE�HIWETEVIGMHS� HE� 8IVVE�� GSRXMRYE� IQ� SYXVSW� G°VGYPSW� HS� QYRHS� IWTMVMXYEP� IQ�PEWXMQ¤ZIMW� TVSGIWWSW�� %MRHE� LSNI� ¬� QYMXS� GSQYQ� IWGYXEVIQ�WI� EUYIPIW� UYI�HM^IQ� XIV� nYQ� IWT°VMXS� £W� WYEW� SVHIRW~�� UYI� SW� ENYHE�� EXIRHIRHS�SW� GSQ�nJMHIPMHEHI� HI� G¦S~�� -RZEVMEZIPQIRXI� WI� PMKEQ� E� ERXMKSW� IWGVEZSW� UYI� E�HIWIRGEVREª¦S� R¦S� PMFIVXSY� I� UYI� TVSWsWIKYIQ�� RE� WYE� MKRSV¥RGME� UYERXS� £W�VIEPMHEHIW� HE� ZMHE�� RS� ZMGMSWS� MRXIVG¥QFMS� GSQ� EW� GSRWGM­RGMEW� HE� 8IVVE��HSsQMREHSW�SY�HSQMREHSVIW�ô� S�UYI� XEQF¬Q�SGSVVI��QSsHMJMGERHS�WI�IRX¦S�S�XMTS�HI�IWGVEZMH¦S�UYI�¬�S�TVIHSsQ°RMS�HS�HIWIRGEVREHS�WSFVI�S�IRGEVREHS�ô��UYEWI�WIQsTVI�IQ�TVSJYRHE�TIVXYVFEª¦S��:EMHSWSW��SW�LSQIRW�R¦S�EXIRXEQ�ES�HIZIV�HE�WSPMHEVMIHEHI�RIQ�HE�GEVMHEHI��GSRWMHIVERHS�WI�GVIHSVIW�HI�WSGSVVSW�I�

Page 74: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

ENYHEW�UYI�IWX¦S�QYMXS�HMWXERXIW�HI�QIVIGIV��%WJM\MEHSW�TIPS�nIY��HSQMsREHSV��WYT¸IQ�UYI�E�ZMHE�HIZI�WIVZM�PSW�I�UYI�S�FEVVS�SVK¥RMGS�¬�IHMJ°GMS�TEVE�S�WIY�WYTVIQS� TVE^IV���� 2IWsWIW� LSQIRW� I� QYPLIVIW� HIWTVIZIRMHSW� HE� VIEPMHEHI� HS�EP¬Q�X½QYPS��GSRWGM­RGMEW�PMZVIW�I�MVSRM^ERXIW�IWXEFIPIsGIQ�NYKSW�HI�HSQMREª¦S�UYI�HIKIRIVEQ�IQ�IRJIVQMHEsHIW�HI�IXMSPSKME�HMJ°GMP�TEVE�E�QIHMGMRE�LYQERE��I�UYI�R¦S�EGEFEQ�WIUYIV�GSQ�S�EHZIRXS�HE�HIWIRGEVREª¦S���

%°�IWX¦S��XSHEZME��GPEVEW�I�TYVEW�EW� PMª¸IW�HS�'VMWsXMERMWQS��SVE�VIZMZMHEW�RE�(SYXVMRE�)WT°VMXE��GPEQERHS�UYERXS�£W�VIWTSRWEFMPMHEHIW�HI�GEHE�YQ�IQ�VIPEª¦S�E�WM�QIWQS�I�ES�TV¶\MQS��ZMFVEQ�SW�TIRWEQIRXSW�HI�.IsWYW��EVVERGEHSW�HS�WMP­RGMS�HSW� W¬GYPSW�� GSRZMHERHS� ES� EQSV�� £� WERXMJMGEª¦S� HE� ZMHE�� WYFPMQIW� ZS^IW� HE�-QSVsXEPMHEHI�TVSGPEQEQ�E� )VE� HE� 0Y �̂ GSQFEXIRXI� GSRXVE� E� XVIZE�� ZIRIVERHSW�HIWIRGEVREHSW� VIXSVREQ� I� VIZMZIQ� SW� GSRGIMXSW� MQSVXEPMWXEW� HE� ZIVHEHI��GERXERHS�E�I\GIP­RsGME�HSW�1ERHEQIRXSW��MPEª¸IW�I\GIPIRXIW�UYERXS�£W�GEYsWEW�I�ESW� IJIMXSW� HSW� WSJVMQIRXSW� I� HEW� Eª¸IW� W¦S� ETVIsWIRXEHEW� TSV� ERXMKEW�GIVIFVEª¸IW� UYI� HMKRMJMGEVMEQ� E� I\MWX­RGME� IRXVI� SW� LSQIRW�� QSVXSW� UYIVMHSW�VIWWYWGMsXEQ�HS�WITYPGVS�ZE M̂S�TEVE�GSRWSPEVIQ�I�ERMQEVIQ��PIsZERXERHS�S�QSVEP�I�IWXMQYPERHS�ES�HIZIV��KYMEW�I�GSRHYXSVIW�HE�,YQERMHEHI�VIEWWYQIQ�E�HMVIª¦S�HS�TIRsWEQIRXS�HE�8IVVE��TVIKERHS�IWTIVERªEW��HMVMQMRHS�H½sZMHEW��TPEWQERHS�HMVIXVM^IW� HI� TE �̂� SFVIMVSW� HE� GSQTEMs\¦S� VIXSVREQ� I� XSQEQ� HEW� Q¦SW� HSW�LSQIRW�� GSQ� Q¦SW� MRXERK°ZIMW�� TEVE� SW� GSRHY M̂VIQ� E� VIXEW� EXMXYHIW�� I� YQE�WMRJSRME�HI�F­Rª¦SW�IQ�JSVQE�HI�QIPSHME�HI�NYWXMªE��EQSV�I�GEVMHEHI��IRZSPZI�E�,YQERMHEHI� GSQS� WI� SW� ERsNSW� HE� RSMXI� WERXE� HS� 2EXEP� ZSPXEWWIQ� E� VITIXMV��n+P¶VME�E�(IYW�REW�EPXYVEW�I�TE �̂RE�8IVVE�IRXVI�SW�LSQIRW�HI�FSE�ZSRXEHI~��3W�SYZMHSW� HEW� GVMEXYVEW�� TSV¬Q�� ERXI� EW� EXVSEHEW� HSW� HIWIWTIVSW�� SW� SPLSW�UYIMQEHSW� TIPS� MRG­RHMS� HEW� TEM\¸IW�� SW� WIRXMQIRXSW� GVIWXEHSW� TIPS� ZE M̂S� HE�ZSP½TME�I�SW�G¬VIFVSW�EFVEWEHSW�TIPE�WSJVIKYMH¦S�HS�TSHIV�TEVIGIQ�R¦S�VIKMWXVEV�X¦S�WYFPMQI�WIQIRXIMVE�HI�PY �̂�R¦S�WIRXMV�X¦S�KVERHMSWE�ITSTIME�HI�ZMHE����

3�XVMYRJS�HS�'SRWSPEHSV�TVSQIXMHS�TSV�.IWYW��SVE�IRXVI�R¶W��EMRHE�R¦S�EXMRKMY�S�GPMQE\��)PI��TSV¬Q��VIsTIXMRHS�EW�nZS^IW�HSW�'¬YW~��TVSWWIKYMV¤�RS�HIWMHIVEXS�HE�ZIVHEHI��WIQIERHS�F­Rª¦SW��IQFSVE�EW�TIUYIREW�GSsPLIMXEW�HI�EQSV��I�JMGEV¤�EX¬�S�nJMQ�HSW�XIQTSW~�

%� QMWW¦S� HS� )WTMVMXMWQS� ¬� E� QIWQE� HS� 'VMWXMERMWQS� HEW� TVMQIMVEW� I�VIJYPKIRXIW� LSVEW� HS� GEQMRLS� I� HEW� EVIsREW�� PIZERXEV� S� LSQIQ�HS� EFMWQS� HS�nIY~� I� EPª¤�PS� £W� GYPQMR¥RGMEW� HE� JVEXIVRMHEHI�� ET¶W� KEPKEHS� S� QSRXI� HE�WYFPMQEª¦S�IZERK¬PMGE�VIHIRXSVE�

8VERWMX¶VMS� S� TIV°SHS� HEW� XVIZEW�� TVITEVE� IPI� EW� GSRWGM­RGMEW� TEVE� S�HIWTIVXEQIRXS�HE�ZIVHEHI�

7EXYVEHS�HEW�ZMFVEª¸IW�YPXVENERXIW��S�IWT°VMXS�LYsQERS�FYWGEV¤��MRZEHMHS�TSV�MRGSQTEV¤ZIP� WIHI� HI� VIRSsZEª¦S�� EW� JSRXIW� MRIJ¤ZIMW� HS� FIQ�� QIVKYPLERHS�HIQSsVEHEQIRXI�REW�WYEW�¤KYEW�VIJVIWGERXIW���

%WWMQ� GSRWMHIVERHS� I� HMERXI� HEW� IWTIVERªEW� I� GSRsWSPEª¸IW� UYI� RSW�EKYEVHEQ�� SW� RIJERHSW� PEFSVIW� HE� EXSVsQIRXEHE� UYMQFERHMWXE� RSW� MRWTMVEZEQ�JYRHE�GSQTEM\¦S��GSQTEM\¦S�UYI�XEQF¬Q�RSW�QIVIGIQ�EUYIPIW�UYI�FYWsGEQ�SW�HIWZMSW� HE� PIZMERHEHI� TEVE� IRKEREVIQ� E� GSRWsGM­RGME�� XIRXERHS� E� JYKE�IWTIXEGYPEV�£W�PMRLEW�HS�HIZIV��2¦S�TSHIV¦S�EPIKEV�HIWGSRLIGMQIRXS�HE�ZIVHEHI��RIQ�WI�NYWXMJMGEV¦S�GSQS�MKRSVERXIW�HS��EY\°PMS��HSW�VIGYVWSW�HMZMRSW��PEQIRXEV¦S�WIQ�TSHIVIQ�JVYMV�S�GSRWSPS�VIWIVsZEHS�ESW�UYI�WI�IWJSVªEVEQ�IQ�TIVWIZIVEV�RE�EYKYWXE� HMVIª¦S� HS� FIQ�� GLSVEV¦S� WIQ� PIRMXMZS�� TSV� HIWTVI^S� £MQTSWXIVK¤ZIP�QIRWEKIQ� HS� nJE^IV� ES� TV¶\MQS� S� UYI� HIWINE� PLI� JEªE� IPI~�� WSJVIV¦S�

Page 75: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

HIQSVEHEQIRXI�PSRKI�HS�VIGYVWS�HE�TVIGI��HI�UYI�WI�YXMPM^EVEQ�QIGERMGEQIRXI��WIQ� UYEPUYIV� VIWTIMXS�� JE^IRHS�E� MRWXVYQIRXS� HI� GETVMGLS� MRJERXMP� ERXIW� UYI�ZI°GYPS�HI�GSQYRL¦S�GSQ�S�7IsRLSV����7¦S�SW�UYI�WI�IRGEVGIVEQ�RSW�TVIW°HMSW�WIQ�TEsVIHIW�HE�QIRXI�HIWEPMRLEHE�I�XSVQIRXSWE��3�XIQTS��TSV¬Q��UYI�HI�XYHS�WI�IRGEVVIKE��GYMHEV¤�HSW�WERHIYW�GSQ�E�QIWQE�QIWXVME�UYI�PMFIVXE�SW�LYQMPHIW��SW�TEGMJMGEHSVIW��SW�WMQTPIW�HI�GSVEª¦S����LIVHIMVSW�HE�8IVVE�

3VE��GSQ�S�ERHEQIRXS�HEW�STIVEª¸IW�HI�WSGSVVS�ES�PEV�HE�JEQ°PME�7SEVIW��S�MVQ¦S�8ISJVEWXYW�JSVE�MRJSVsQEHS�TSV�GSQTEVWEW�WIYW��EPM�VIWMHIRXIW��HSW�VYQSW�UYI�XSQEZEQ�SW�TVSGIWWSW�HI�HSQMREª¦S��UYI�EX¬�IRX¦S�VIsTSYWEZEQ�IQ�WYEW�¤ZMHEW�I�HYVEW�Q¦SW�

)Q�JEGI�HMWWS��S�MVQ¦S�7EXYVRMRS�TVSKVEQEVE�RSZS�IRGSRXVS�IWTMVMXYEP��EXVEZ¬W�HS�Q¬HMYQ�1SVEMW�� RS� UYEP� WI� XIRXEVME� YQE� IRXVIZMWXE� GSQ� S� ERXMKS�QEKS� HI�6Y¦S�� UYI� XIVME� EXMZMHEHIW� IQ� TEYXE� TEVE� E� QEHVYKEHE� HS� HME� MQIHMEXS�� RS�%RJMXIEXVS�N¤�RSWWS�GSRLIGMHS�

�� LSVE� ETVE^EHE�� IQ�HIWHSFVEQIRXS� TEVGMEP� TIPS� WSRS�� IRGSRXVEQS�RSW� RS�VIGMRXS�HEW�XEVIJEW�QIHM½RMGEW�HE�RSWWE�'EWE�HI�SVEª¦S��GSRHY M̂HSW�UYI�J·VEQSW�TIPS� MVQ¦S�%QFV¶WMS�� P¤�HIJVSRXERHS�SW�HIQEMW�QIQFVSW�HEW�XEVIJEW�IQ�GYVWS��GSQ�I\GIª¦S�HS�MVQ¦S�+YMPLIVQI��UYI�JSVE�VIGSPLMHS��HMEW�ERXIW��E�PSGEP�TV¶TVMS�HI�VITSYWS�I�VIJE M̂QIRXS�IWTMVMXYEP�

%T¶W� GSQSZMHE� SVEª¦S� TVSJIVMHE� TIPS� MVQ¦S� 7EXYVsRMRS�� IWXI� I\TPMGSY� SW�SFNIXMZSW�HE�VIYRM¦S��UYI�HIZIsVMEQ�GSPMQEV�RYQ�IRGSRXVS�TIWWSEP�GSQ�S�MVQ¦S�8ISsJVEWXYW�� I� GYNE� SVMIRXEª¦S� WIVME� QMRMWXVEHE� TIPS� &IRJIMsXSV� +PEYGYW��VIWTSRW¤ZIP�TIPE�IQTVIWE�UYI�WI�RSW�EJMKYVEZE�HI�KVERHI�TSVXI��IQ�GSRWMHIVERHS�E� RIGIWWMHEHI� HI� RSW� EHIRXVEVQSW�� RSZEQIRXI�� RS� %RJMXIEXVS� TEVE�� ET¶W� EW�I\MFMª¸IW�HSPSVSWEW��QERXIVQSW�IRXVIZMWXE�GSQ�S�K­sRMS�HEW�WSQFVEW�

%� GEVEZERE� IWXEZE� GSRWXMXY°HE� TIPS� MVQ¦S� +PEYGYW�� 7EXYVRMRS�� %QFV¶WMS�ô�QIRWEKIMVSW� EHIWXVEHSW� IQ� XEsVIJE� HI� XEP� IRZIVKEHYVE�ô� I� TSV� R¶W� SYXVSW��HIWHSFVEHSW�TEVGMEPQIRXI�TIPS�WSRS��4IXMXMRKE��S�Q¬HMYQ�1SsVEMW�I�R¶W�

8SQERHS�S�ZI°GYPS�UYI�RSW�GSRHY M̂Y�£�VIKM¦S�IQ�UYI�WI�IRGSRXVE�PSGEPM^EHS�S�GIR¤VMS�HEW�SGSVV­RGMEW� MRJIsPM^IW��EGIVGEQS�RSW�HI�TIUYIRS�KVYTS�EKMXEHS�UYI�HMWsGYXME��IQ�EPXEW�ZS^IW�

-RHMKMXEHS�SFWIWWSV�MRJSVQEZE�ô� ,SNI� XIVIQSW� YQ� IWTIX¤GYPS� JSVQMHERHS�� *YM� MRsJSVQEHS�� HIWHI� EW�

Z¬WTIVEW��TSV�HMPMKIRXI�EQMKS� MRXIMsVEHS�HEW�SGSVV­RGMEW�HEUYM�� I�IY�R¦S�TSHME�JEPXEV�� 2IsGIWWMXS� HI� ETVIRHIV� I� YXMPM^EV� SW� VIGYVWSW� HE� X¬GRMGE�QSsHIVRE� TEVE�JE^IV�NYWXMªE���

)WXV°HYPE�KEVKEPLEHE�VIWWSSY��WEVG¤WXMGE�3YXVS�MRJIPM �̂TIVWIKYMHSV��UYI�EWWMREPEZE�RS�JEGMIW�QEGMPIRXS�I�HIWJMKYVEHS�E�

GSRHMª¦S�°RXMQE��KVYRLMY�ô�3�GEWS�HI�LSNI��GSQS�SYXVSW�ERXIVMSVIW��TIVXIRGI�£�JSVªE�HE�NYWXMªE��)RXVI�

R¶W��E�PIM�XIQ�JYRª¦S�TYRMsXMZE��2EHE�HI�GSVVIª¦S��RIQ�TMIHEHI��5YIQ�JIVI�WIV¤�JIVMHS��I�EGEFSY�WI�

9QE� WIRLSVE� UYI� WI� GEVEGXIVM^EZE� TIPS� HIWPIM\S� HE� ETEV­RGME�� GSQ� JYRHEW�SPLIMVEW�� REVMREW� EVJERXIW� I� P¤sFMSW� JMRSW�� GSRXVE°HSW�� HI� WIQFPERXI� TEXMFYPEV��EVIRKSY�

ô�)Y�GSRLIªS�TIWWSEPQIRXI�S�MRJVEXSV�UYI�LSNI�GSQIªEV¤�E�I\TIVMQIRXEV�S�VMKSV�HE�NYWXMªE����)WXSY�ERWMSWE��2¦S�TIVGEQSW�XIQTS��)RXVIQSW�

)Q�VYMHSWE�^SQFEVME��VYQEVEQ�RE�HMVIª¦S�HE�TSVXE�TVMRGMTEP�I�HIWETEVIGIVEQ�IRXVI�E�QYPXMH¦S�EKMXEHE�

Page 76: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

3�UYI�QIVIGI�VIKMWXVS�¬�UYI�XSHSW�WI�VIJIVIQ�£.YWXMªE��)WUYIGMHSW�HE�TV¶TVME�GSRHMª¦S�� XSVREVEQ�WI� NYM^IW� HSW� SYXVSW�� IWJEMQEHSW� GSQS� WI� IRGSRXVEQ� HI�IUYMP°FVMS��)RPSYUYIGMHSW�RSW�HIWZEVMSW�HE�ZMRHMXE��IWsXVMFEQ�WI�RS�JEPWS�GSRGIMXS�HE� �NYWXMªE� GSQ� EW� TV¶TVMEW� Q¦SW~�� HIVVETERHS� IQ� GVMQIW� LIHMSRHSW� UYI� SW�WYVTVIsIRHIV¦S� QEMW� EHMERXI�� VIGIFIRHS�SW� REW� QEPLEW� HE� MRIs\SV¤ZIP� PIM� HE�IZSPYª¦S��3�QSQIRXS��RS�IRXERXS��R¦S�GSQTSVXEZE�GSRWMHIVEª¸IW�HI�XEP�REXYVI^E��+IRXMPQIRXI�EHZIVXMHSW�TSV�7EXYVRMRS��VIYRMQS�RSW�IQ�TVIGI�I��EFWSVsZIRHS�EW�IRIVKMEW� HIPIX¬VMEW� GSQ� UYI� QSHMJMGEV°EQSW� E� nTWMGSWJIVE� IWTMVMXYEP~�� EPKS�EVUYINERXIW�WSF�S�MQT¬VMS�HEW�IQEREª¸IW�HI�FEM\S�XISV�ZMFVEX¶VMS��VIWTMVERHS�E�GYWXS��GSQ�E�ETEV­RGME�EPKS�HIWJMKYVEHE�TEVE�R¦S�GLEsQEV�E�EXIRª¦S��EGIVGEQS�RSW� IQ� KVYTS�� HE� IRXVEHE�� EXVEsZIWWERHS� S� XSVRMUYIXI� IQ� UYI� WI� IRGSRXVEZE�MRWXEPEHS�S�nTWMGSZMFV·QIXVS~�

3 EQFMIRXI� MRXIVRS�� MRWYTSVX¤ZIP�� IWXEZE� GEVVIKEHS� HI� JYQS� I� ZETSVIW�REYWIERXIW�� EWJM\MERXIW�� 0Y^IW� TIWEsHEW� GE°EQ� IQ� XSRW� JSVXIW� TVSNIXEHEW� RE�HMVIª¦S�HS�GIRsXVS�IQ�UYI�WI�HEVMEQ�SW�IWTIX¤GYPSW��%�QYPXMH¦S�HI�KEsPLSJIMVSW�IVE�GSRWMHIV¤ZIP��(SIWXSW�I�I\TVIWW¸IW�ZYPKEsVIW�I\TPSHMEQ�IQ�EXVSEHE�JSVXI�HI�XSHEW� EW� HMVIª¸IW�� %PKYRW� IRGEVREHSW�� EQIHVSRXEHSW� YRW�� ZSPYTXYSWSW� SYsXVSW��TEVXMGMTEZEQ�HEW�KEPIVMEW�EXYPLEHEW�

3�MVQ¦S�7EXYVRMRS��WIQTVI�KIRXMP��I\TPMGSY�RSW�WIV�RIGIWW¤VMS�GSRWMHIVEV�UYI�EPM� WI� IRGSRXVEZEQ�QYMXSW� IWsT°VMXSW� IRGEVREHSW�� IWTSRXERIEQIRXI� TVIWIRXIW��TEVXMGMsTERXIW� LEFMXYEMW� UYI� WI� JM^IVEQ� HI� IWTIX¤GYPSW� HEUYIPI� ZYPXS�� )WT°VMXSW�EGPMQEXEHSW� £W� VIKM¸IW� MRJIVMSVIW� HSRHI� TVSGIHMEQ�� ERXIW� HE� VIIRGEVREª¦S�� RS�GSVTS�GEVREP�IRsGSRXVEVEQ�IPIQIRXSW�KVSWWIMVSW�TEVE�WI�VIJIWXIPEVIQ��QERXIRHS�E� WMRXSRME� GSQ� SW� UYI� JMGEVEQ� RE� VIXEKYEVHE�� 3YXVSW�� QIRSW� EZMWEHSW�� WI�QERGSQYREVEQ�GSQ�EW�QIRsXIW�MRJIPM^IW�UYI�TYPYPEQ�IQ�XSHE�TEVXI��I�REW�LSVEW�HI�ZMK°PME�WI�RYXVIQ�HSW�TIRWEQIRXSW�HITVMQIRXIW�I�STVIWsWMZSW�HIVMZEHSW�HSW�TVE^IVIW�ERMQEPM^ERXIW�IQ�UYI�WI�HIsQSVEQ��EPM�WI�VIYRMRHS�REW�FVIZIW�LSVEW�HI�TEVGMEP�HIWsTVIRHMQIRXS�TIPS�WSRS��TEVE�HEVIQ�GYVWS�ESW�ETIXMXIW�QEMW�FVYXEMW��7I\¶PEXVEW� MRZIXIVEHSW�� TIVXYVFEHSW� HEW� JYRª¸IW� KIR¬WMGEW�� EPGS¶PEXVEW��QSVJMR·QERSW��GSGEMR·sQERSW��STM·QERSW�I�SYXVSW�UYI�TSWWYIQ�SW�GIRXVSW�HE�VE^¦S�ERIWXIWMEHSW�TIPE�QSRSMH¬ME�HS�KS^S��IQ�TIVJIMXE�GSQYRL¦S��EWWMQMPERHS�I�IPMQMRERHS�EW�ZMFVEª¸IW�ZMGMEsHEW�HEW�GSRWXVYª¸IW�QIRXEMW�GSRWXERXIW�HI�UYI�WI�JEs^IQ�SFNIXS�TIVQERIRXI��� �

'SQ� MRXIVZEPSW� VIKYPEVIW�� WSEVEQ� SW� WMREMW� TVIRYRsGMEHSVIW� HS� MR°GMS� HE�JYRª¦S�I\IGVERHE�

'SQ�IWXV¬TMXS�UYEWI�IRWYVHIGIHSV��EW�WMVIRIW�ERYRsGMEVEQ�E�ETEVMª¦S�HS�(V��8ISJVEWXYW�

%PKYRW�GPEVMRW�HI�WSRW�EKYHSW�JSVEQ�SYZMHSW�I�WMRMWXVS�W¬UYMXS��GEVVIsKERHS�S�TEPERUYMQ�IQ�UYI�WI�IRGSRXVEZE�S�EVKYXS�SFWIWsWSV��HIY�IRXVEHE�IQ�GIRE��+VMXSW�I� ETPEYWSW� EXSVHSERsXIW� IRGLIVEQ� S� EQTPS� VIGMRXS�� -QTEWW°ZIP�� GSQS� YQ�TSsHIVSWS� VIM� HE� MQTMIHEHI� UYI� ZMWMXEWWI� PEVKE� GSP·RME� HI� W½HMXSW� MRJIPM^IW� SY�IWGVEZSW�VITIPIRXIW��ET¶W�S�GMVGYMXS�IQ�UYI�E�SZEª¦S�TEVIGME�XEQF¬Q�ETYTSW��E�IWXVERLE� QSPI� UYI� S� EGSQTERLEZE�� IQ� UYI� ETEVIGMEQ� EPEFEVHIMsVSW�WMRMWXVEQIRXI�ZIWXMHSW��TEVSY��I�S�QEKS��XSQERHS�EXMXYHI�IWXYHEHE��EFERHSRSY�E�VMH°GYPE�VIHI�EHSVREHE�I�GSQ�SPLEV�FVMPLERXI�HI�¤KYME�VIPERGISY�E�ZMW¦S�TSV�XSHSW�SW�VIGERXSW��HIWEJMEHSVEQIRXI��WIRXERHS�WI�IQ�GEsHIMVE�HI�EPXS�IWTEPHEV��GSQS�WI�JSVE�YQ�XVSRS��IQ�TSWMª¦S�GIRXVEP��HSRHI�TSHIVME�HMVMKMV�S�GIVMQSRMEP�

7MP­RGMS�XYQYPEV�WI�EFEXIY�WSFVI�S�ERJMXIEXVS�6MH°GYPS�QIWXVI�HI�GIVMQ·RMEW��QEMW�TEVIGMHS�ESW�ERXMKSW�FYJSW�HEW�GSVXIW��HI�

Page 77: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

VSWXS�HYVS�I�IRGSZEHS��XSsQSY�HI�TIUYIRS�QMGVSJSRI�I�GSQIªSY�E�JEPEV�%� ZS �̂ VSYJIRLE� IVE� YQ� EVVIQIHS� HI� HMWGYVWS� PEYsHEX¶VMS� £� JMKYVE� HS� (V��

8ISJVEWXYW�ô�)WXI�¬�S�RSWWS�VITVIWIRXERXI�HE�.YWXMªE�ô�HMWWI�IRXVI�SYXVEW�GSRWMHIVEª¸IW�

ô�RSW�G°VGYPSW�IQ�UYI�RSW

�� ,SNI�� GSQ� E� JEGMPMHEHI� HS� YWS� HIWIRJVIEHS� HI� IWXYTIsJEGMIRXIW��FEVFMX½VMGSW�Z¤VMSW�I�SYXVSW�EPYGMR¶KIRSW��IQ�UYI�I\TVIWWMZE�UYERXMHEHI�HI�QIRXIW�WI�TIVXYVFEQ��RSW�IWXEHSW�GEsVEGXIV°WXMGSW�HS�üXVERWIý��IWWIW�IWT°VMXSW� EHIRWEQ� VIGMRXSW� GSQS� S� E� UYI� RSW� VIJIVMQSW�� XSVRERHS�WI�IWGVEZSW� HI� SYXVEW� QIRXIW� ZMGMEHEW� UYI� WI� PSGYTPIXEQ� REW� WYEW�IQEREª¸IW�QSVF°JMGEW��ô2SXE�HS�%YXSV�IWTMVMXYEP�

IRGSRXVEQSW����GPEVS�UYI�IPI�R¦S�HIX¬Q�XSHE�E�NYWXMªE����WIVZIRXY¤VMS�^IPSWS�HSW�FIRW�HE�ZMHE��UYI�R¦S�TSHIQ�WIV�HMPETMHEHSW�MQTYRIQIRXI�TIPSW�HIJVEYHEHSVIW��HEZIVHEHI�

*I �̂TIUYIRE�TEYWE�HI�IJIMXS��%W�TEPEZVEW�NYWXMªE�I�ZIVHEHI�WSEZEQ�EPM�QYMXS�IWXVERLEQIRXI��4EVIGMEQ�TVSsJIVMHEW�GSQ�S�SFNIXMZS�½RMGS�HI�GVMEVIQ�T¥RMGS�REW�QIRsXIW�HIWEZMWEHEW�� GSPLMHEW�TIPE�GSRWGM­RGME� °RXMQE��UYI� VIEPQIRXI�RMRKY¬Q�GSRWIKYI�ERIWXIWMEV�MRHIJMRMHEQIRXI�

2¦S�WSQSW�MQTMIHSWSW�GSQS�EJMVQEQ�QYMXSW�ôTVSWWIKYMY�GSQ�IRXSREª¦S�HI� MVE� I�QEPHEHI�� 7SQSW� WSQIRXI� E� GSRWGM­RGME� I\XIVRE� HSW� UYI� IWGSRHIQ�E�GSRWsGM­RGME�TIWWSEP�I� JVEYHEQ��IWUYMZERHS�WI��HITSMW��ES�EGIVXS�HI�GSRXEW�HI�UYI� RMRKY¬Q� WI� I\MQMV¤�� 2¦S� GSRHIREQSW� UYIQ� UYIV� UYI� WINE�� (IWTIVXEQSW�GEHE�HIZIsHSV�TEVE�E�EYXSTYRMª¦S��2¦S�ZMSPIRXEQSW�E�PMFIVHEHI�HI�RMRKY¬Q��RIQ�GSRWXVERKIQSW�)WT°VMXS�EPKYQ�E�XSQEV�TEVXI�IQ�RSWWSW�EXSW��8SHSW�SW�UYI�EUYM�RSW�IRGSRXVEsQSW�YWEQSW�EW�HYEW�EPXIVREXMZEW�RSVQEMW��WMRXSRME�TSV�EJMRMHEHI�HI�KSWXSW�ô�UYI�RSW�GSRKVIKEQ�RYQE�TSHIsVSWE�GSRJVEVME�IQ�UYI�YRW�NYWXMªEQ�I�SYXVSW�W¦S�NYWXMsªEHSW��I�WMRXSRME�TIPS�QIHS�ô�UYI�VIUYMWMXE�S�QEXIVMEP�RIGIWW¤VMS�TEVE�VIWKEXI�HSW�GVMQIW�TVEXMGEHSW��EXVEZ¬W�HSW�TVSGIWWSW�GSQTEX°ZIMW�HI�UYI�EW�0IMW� YXMPM^EQ� RSWsWEW� TSWWMFMPMHEHIW� HI� TYRMHSVIW� UYI� RSW� JM^IQSW�� XEQsF¬Q�IWTSRXERIEQIRXI�

n-WXS�TSWXS��XIQSW�EW�Q¦SW�PEZEHEW�HI�UYEPUYIV�GYPTE�I�WIKYVERªE�°RXMQE�HI�UYI�R¦S�WSQSW�FIRMKRSW�GSQ�YRW�I�WIZIVSW�GSQ�SYXVSW��'EHE�YQ�EUYM�VIGIFI�GSRJSVQI�S� WIY�QIVIGMQIRXS��(MWTSQSW�HI�QIMSW�HI� XYHS� WEFIV�I� XIQSW�YQE�PIKM¦S� HI� MRJSVQERXIW� UYI� JMWGEPM^EQ�SW� UYI� WI� HIQSVEQ�RS� GSVTS�� GSRUYERXS�PMKEHSW�£�RSWWE�'SP·sRME��TEVE�UYI��UYERHS�EUYM�XVE M̂HSW��UYIV�RE�VSYTEKIQ�J°WMGE�SY�R¦S��TSWWEQ�SYZMV�HI�XIWXIQYRLEW�HIZMHEQIRXI�EHIWXVEHEW�S�VIPEXS�HEW�7YEW�HIWHMXEW��GSQS�WI�E�TV¶sTVME�GSRWGM­RGME�RIPIW�VIWSPZIWWI�JEPEV�

n(V��8ISJVEWXYW�¬��TSMW��E�GLMFEXE�HE�PIM��4VITEsVEM�ZSW�n'SRWGM­RGMEW�MRJIPM^IW�I�GSVEª¸IW�IQTIHIVRMHSW��IWsTIVEM�n8IQSW�XIQTS��(MWTSQSW�HS�QMPEKVI�HE�WYTIVZMsZ­RGME��%�QSVXI�¬�MWXS��S�UYI�

GEHE�YQ�JI �̂�GSQS�ZMZIY��GSRJSVQI�TVIJIVMY�EKMV��7YTSVXEM�EKSVE�S�VIWYPXEHS�HEW�ZSWWEW�EXMXYHIW��~

7MPIRGMERHS� E� ZS �̂ IWXVERLE�� YQE�UYMIXYHI� GVYIP� WI� EFEXIY� WSFVI� S� VIGMRXS��1IWQS� EPKYRW� HIRXVI� SW� )WT°sVMXSW� SFWIWWSVIW� QEMW� G°RMGSW� ETVIWIRXEZEQ� RS�WIQFPERXI� IWXEVVIGMHS� S� IWXYTSV� I� S� VIGIMS�� %JMREP� EPM� IWXEZEQ� WSQIRXI�GSRWGM­RGMEW�YPXVENEHEW��I�EW�I\TVIWW¸IW�ZMKSVSsWEW�ZIVHEHI�I�NYWXMªE��GSRUYERXS�

Page 78: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

HIWZMXEPM^EHEW� HE� WYE� KVERHMSWE� WMKRMJMGEª¦S�� TEVE� IPIW� VITVIWIRXEZEQ� S�MRZEsVM¤ZIP�ENYWXI�HI�GSRXEW�HI�UYI�RMRKY¬Q�WI�JYVXEVME�

%�YQ�WMREP�EHVIHI�GSQFMREHS��S�(V��8ISJVEWXYW�IVKYIY�TIWEHS�GIXVS�I�S�FEXIY�ZMSPIRXEQIRXI�RS�TEPERsUYI�UYI�S�WYWXMRLE�

3QIWXVI�HI�GIVMQ·RMEW�FVEHSY�ô 8VEKEQ�S�TVMQIMVS�GEWS�6IFYWGERHS�IRXVI�XMVEW�HI�TETIP�UYI�QERXMRLE�REW�Q¦SW��HIWXEGSY�YQE�I�PIY�ô .SW¬�1EVGSRHIW�)JJIRHM�����ERSW��HSQMGMPMEHS�RE�8IVVE�(SMW�ENYHERXIW�HI�IRJIVQEKIQ�ETEVIGIVEQ�XVE^IRHS�YQE�QEGE�RE�UYEP��IQ�

WSRS� TVSJYRHS�� ETEVIGME� YQ� IWsT°VMXS� VIIRGEVREHS�� HIWHSFVEHS� IQ� GSVTS�IWTMVMXYEP��UYI�JSM�GSPSGEHS�RE�QIWE�GMV½VKMGE�WMXYEHE�RS�GIRXVS�HS�TVSWG­RMS�

8SHSW�IWX¤ZEQSW�HI�SPLSW�JM\SW�RS�UYI�SGSVVME�3 PSGYXSV�RSZEQIRXI�GLEQSY�ô%TVIWIRXI�WI�E�XIWXIQYRLE�(S� KVYTS� UYI� GIVGEZE� S� (V�� 8ISJVEWXYW�� HIWXEGSY�WI� LSVVIRHE� JMKYVE�� HI�

EWTIGXS�VITIPIRXI��UYI�WI�EGIVGSY�HS�TEGMIRXI�IQ�VITSYWS�EKMXEHS�ô 4SHI�JEPEV��ô�MQT·W�S�WMRMWXVS�ETVIWIRXEHSV�HS�IWTIX¤GYPS�8SQERHS�HS�QMGVSJSRI�TEVE�WI�JE^IV�SYZMHS�I�TMKEVsVIERHS�EWUYIVSWEQIRXI��

S�Q°WIVS�WSJVIHSV�REVVSY�ô )WXMZI� RE� 8IVVE� L¤� ETVS\MQEHEQIRXI� ��� ERSW�� HSRHI� JYM� I\TYPWS� TSV�

LSQMG°HMS� ZIVKSRLSWS���� )VE� VEsHMGEHS� RS� 6MS� HI� .ERIMVS�� RSW� ½PXMQSW� HMEW� HS�7IKYRHS�-QT¬VMS��JE^IRHS�TEVXI�HE�Q¬HME�FYVKYIWME��%GVIHMXEsZE�QI�JIPM �̂RE�ZMHE�GSRNYKEP�� UYERHS�� TSV� MRWMWX­RGME� HE� IWTSWE�� FYWGEVE� VIGVIEª¦S�� IQ� J¬VMEW� HI�HI^IQFVS��IQ�4IXV¶TSPMW��JYKMRHS�£�GER°GYPE�HS�6MS��L¤FMXS��EPM¤W��UYI�WI�VITIXME�GEHE� ERS�� 2¦S� MQEKMREZE� UYI� E� GSQTEsRLIMVE�� HI� UYEWI� ��� ERSW� HI� ZMHE� IQ�GSQYQ�� PMKEVE�WI� E� EZIRXYVEW� I\XVEGSRNYKEMW� GSQ� YQ� HSW�QIYW� IQTVIKEsHSW��UYI�WIVZME�RYQE�HEW�PSNEW�HI�XIGMHSW�HI�QMRLE�TVSTVMIHEHI��2¦S�XIRHS�JMPLSW��TSV�QMRLE�QSVXI�XSHSW�SW�QIYW�FIRW�VIGEMVMEQ�REW�Q¦SW�HE�ZM½ZE�

)QFEVKEHS��WIR¦S�TIPE�IQSª¦S��TSV¬Q�TIPE�MVE�VIsTIRXMRE�UYI�S�HSQMREZE��JI �̂YQE�TEYWE��UYI�JSM�MRXIVsVSQTMHE�TSV�IWX°QYPSW�GSP¬VMGSW�HEW�KEPIVMEW�

ô 4VSWWIKYI��2EVVE��2EHE�HI�QIHS��(IWINEQSW�WEFIV�XYHS���ô -RWXEPEHS� RE� WIVVE� TIXVSTSPMXERE� IRXVI� EQMKSW� JSPKE^¸IW�� UYI� WI�

FIRIJMGMEZEQ�HS�I\GIPIRXI�GPMQE��JYM�EWWEWWMREHS�GVYIPQIRXI��WIQ�TMIHEHI��TIPE�IWTSWE�I�S�EQERXI��UYI�IPE�IQFSWGEVE�RE�MRXMQMHEHI�HE�EPGSZE��GMRGS�HMEW�ET¶W�EPM�RSW�XIVQSW�EPSNEHS��0SKS�HITSMW��SJIsVIGIRHS�IRWINS�TEVE�UYI�S�GVMQMRSWS�WI�IZEHMWWI�� IPE� IRGIRSY� YQ� VSYFS� HI� N¶MEW� I� SYXVSW� ZEPSVIW�� HS� UYI� VIWYPXEVE� S�LIHMSRHS�GVMQI����,¤FMP�RE�EVXI�HE�HMWWMsQYPEª¦S��JI^�WI�EGVIHMXEV��I�S�LSQMG°HMS�TEWWSY� MQTYRI�� )QFSVE� EFIVXS� MRUY¬VMXS� UYI� WI� EVVEWXSY� XVMWXIQIRXI� IRXVI� EW�EYXSVMHEHIW� GSQTIXIRXIW�� WIQ� XIWXIQYRLEW� RIQ� RSZSW� JEXSW� UYI� ZMIWWIQ�NYWXMJMGEV�WYWTIMXEW��S�GEWS�JSM�IRGIVVEHS�I�E�WITYPXYVE�WMPIRGMSY�WSFVI�E�XVEK¬HME�TEWsWMSREP�

2SZS�GLSUYI�HE�XYVFE�HIWIWTIVEHE�ô5YI�EGSRXIGIY#�ô�KVMXEZEQ��IQ�GSVS��EW�ZS^IW�HIWIRJVIEHEW�ô%S�HIWTIVXEV�HS� PEHS�HI�G¤��I\TIVMQIRXERHS�EW� GVYI^EW�HE� MQSVXEPMHEHI��

HSQMREHS�TSV�MRGSIVG°ZIP�¶HMS��EVHIRHS�HI�HIWINSW�HI�ZMRKERªE��VIXSVRIM�ES�PEV�ô�R¦S�TSWWS�EXMREV�GSQ�S�XIQTS�UYI�LSYZIVE�XVERWGSVVMHS�ôI��IRX¦S��S�QIY�LSVVSV�R¦S�XIZI�PMQMXI��%�XVEMHSVE��TEWsWEHS�YQ�VIKYPEV�TIV°SHS�HI�PYXS��GSRWSVGMEVE�WI�GSQ� S� QIY� EWWEWWMRS�� IRXVERHS� EQFSW� RE� TSWWI� HSW� QIYW� FIRW�� JVYMRHS� S�VIWYPXEHS�HS�GVMQI�JIVS �̂��

Page 79: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

8VERWJMKYVEHS� HI� HSV� I� VIZSPXE�� IWFVEZINERHS� GSQ� I\TVIWW¸IW� HEW� QEMW�GLSGERXIW��S�REVVEHSV��HI�SPLEV�HIWsZEMVEHS��TVSWWIKYMY�

ô3� HIWIWTIVS� JSM�QI� JYPQMRERXI�� 8MZI� E� MQTVIWsW¦S� HI�QSVVIV� SYXVE� ZI �̂�9QE�ERK½WXME�FIWXMEP� JIVMY�QI��I�E�HSV�UYI�WIRXME�RS�TIMXS�ZEVEHS�TIPS�IWXMPIXI�GSQ� UYI� QI� HIWXVY°VEQ� S� GSVTS� JSM� EGVIWGIRXEHE� £� HI� YQ� JX¤VsXMGS� UYI� QI�UYIMQEZE�I� VIUYIMQEZE��EX¬�UYI�� PSYGS��TIVHM�E�RSª¦S�HI� XIQTS��HI� PYKEV��HI�XYHS����6IJSWWMPIM�IQ�VIKM¸IW�MRHIWGVMX°ZIMW��TSV�UYERXSW�ERSW�R¦S�TSHIVME�HMs^­�PS�GSQ�WIKYVERªE��WIQ�VIJVMK¬VMS��WIQ�WSGSVVS����,¤�TSYGSW�ERSW�WIRXM�YQE�JSVªE�UYI�QI� EVVERGSY� HS� MRJIVRS� IQ�UYI�QI� HIQSVEZE� I� W¿FMXEQIRXI� VIGSFVIM� EPKYQE�PYGMHI �̂�HIWGSFVMRHS�QI�HMERXI�HI�YQ�NSZIQ�HI����ERSW�ETVSs\MQEHEQIRXI��TSV�UYIQ� HI� MQIHMEXS� RYXVM� MRGSQTEV¤ZIP� LSVVSV�� )PSW� TSHIVSWSW� QI� EXEZEQ� ES�IWXVERLS� GSVTS� NYZIRMP�� I�� ZMRGYPEHS� ES� PEV� IQ� UYI� IPI� ZMZME�� GSQIGIM� E�GSQTVIIRHIV� UYI� EUYIPI� GSVTS�� TSV� WSVXMP¬KMS� HIQSR°EGS� UYI� QI� IWGETEZE��SGYPXEZE�E�EH½PXIVE��EKSVE�VIZIWXMHE�HI� JSVQE�RSZE��GSQS�UYI�QEWGEVEHE�TEVE�GSRXMRYEV�E�JYKMV�£�WERª¦S�UYI�QIVIGME���

n)Y�MKRSVEZE�XSXEPQIRXI�E�PIM�HI�nZMRHE�MHE�I�ZSPXE~��� �IQ�UYI�SW�GVMQMRSWSW�W¦S� SFVMKEHSW� E� TIVGSVVIV� SYsXVE� ZI �̂ SW� W°XMSW� QEPWMREHSW� TIPE� WYE� GSRHYXE�ZIVKSRLSWE�� QEW� WIRXME� UYI�� TIVWIZIVERHS� EPM�� QEMW� GIHS� SY� QEMW� XEVsHI�WYVTVIIRHIVME�E�ZIVHEHI��*SM�S�UYI�JM �̂�'SQIGIM�E�EGSQTERLEV�EUYIPI�WIV��UYI�QI�MRWTMVEZE�E�QEMW�GLSsGERXI�VIZSPXE��4EYPEXMREQIRXI�QI�JYM�EJMRERHS�GSQ�IPI�I�X¦S�GSRWXERXI�QI�JM �̂RE�IJMGMIRXI�JMWGEPM^Eª¦S�UYI�YQ�HME��IQ�UYI�S�WSRS�S�HSQMRSY��TIVGIFM� UYI� IPE�� E� LSVsVIRHE� EWWEWWMRE�� EFERHSREZE� S� GSVTS� HIPI�� :IRHS�QI��VIsGSRLIGIY�QI��I�ZSPXSY�E� VIJYKMEV�WI�REW�GEVRIW�RSZEW��UYI� JSVEQ�WEGYHMHEW�TSV�ZMKSVSWS�GLSUYI��TVSHY M̂RHS�RIPI�S�HIWTIVXEV�ETEZSVEHS��2¦S�QEMW�EVVIHIM�T¬��~

%�VIGSVHEª¦S�IRXVIGSVXEHE�HI�WSPYªSW�I�HIWGSRXVSsPIW�TVSHY M̂Y�ZMSPIRXE�GVMWI�RE� IRXMHEHI�� UYI� GSRXMRYSY� IWXMQYPEHE� TIPS� EYHMX¶VMS� ¤ZMHS� HS� HIWJIGLS��6IGSQsTSRHS�WI��ET¶W�SPLEV�E�JMKYVE�MQTEWW°ZIP�HS�'LIJI��TVSWsWIKYMY�

ô�2S�PEV�IQ�UYI�IPI�WI�SGYPXEZE�XVEZIM�GSRLIGMsQIRXS�GSQ�YQ�QIQFVS�HIWXE�'SP·RME��UYI�EPM�XEQF¬Q�VIWMHME��I�ZMQ�EUYM�XVE M̂HS�TEVE�YQE�IRXVIZMWXE�GSQ�S�(V��8ISJVEWXYW�

%RXI� E� GMXEª¦S� HS� RSQI� HS� QEKS�� SW� SYZMRXIW� IQ� HIWEXVIPEHE� FEPF½VHME�ETPEYHMVEQ�GSQ�TEPQEW��EWWSFMSW�I�KVMXSW�IRWYVHIGIHSVIW��%�WMVIRI�WSSY�MQTSRHS�WMP­RsGMS�I�E�REVVEª¦S�GSRXMRYSY�

ô� 3YZMHS� EXIRXEQIRXI� TIPS� 'LIJI�� IPI� VIGSQIRHSY�QI� YQE� ZMRKERªE� HI�PSRKS�GYVWS�

*SM�ZMWMXEV�TIWWSEPQIRXI�E�QMRLE�MRMQMKE�I�ET¶W�HIQSVEHS�I\EQI�GLIKSY�£�GSRGPYW¦S�HI�UYI�TSHIV°EQSW�TVSHY M̂V�QYMXS�IQ�RSQI

�� %� IRXMHEHI� WI� VIJIVI� £� PIM� HE� VIIRGEVREª¦S�� ô� 2SXE� HS� %YXSV�IWTMVMXYEP�

HE�NYWXMªE�E�QIY�FIRIJ°GMS��3�GSVTS�IVE�QSªS��QEW�S�IWT°VMXS�UYI�S�ERMQEZE�IVE�S�HE�EWWEWWMRE��UYI�QIVIsGME�WIZIVE�TYRMª¦S��-HIRXMJMGERHS�RIPE��IQ�GSVTS�HI�LSsQIQ��IQFSVE �EW�XIRH­RGMEW�KYEVHEHEW�HE�ZMHE�ERXIsVMSV��IQ�UYI�EW�HMWWMTEª¸IW�EXMRKMVEQ�S�EYKI�ô�S�IWsTSWS�HITSMW�HI�I\TVSTVMEV�PLI�SW�FIRW��IZEHMY�WI�TEVE�E��JVMGE��HIM\ERHS�E�RE�QEMW�GLSGERXI�QMW¬VME��S�UYI�E�PIZSY�E�YQE�ZMHE�FS­QME��ERMUYMPERHS�S�GSVTS�IQ�MQYRsHSW�GEXVIW�HI�TIVZIVW¦S�QSVEP��ZMXMQEHE�TIPE�XYFIVGYPSsWI�UYI�GSRXVE°VE�ES�TIWS�HI�I\GIWWSW�HI�XSHE�E�REXYVI^E��

Page 80: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

J¤GMP�WIVME�TIVXYVFEV�PLI�SW�GIRXVSW�KIR¬WMGSW��EXVEZ¬W�HE�TIVZIVW¦S�HE�QIRXI�MRUYMIXE��IQ�TVSGIWWS�HI�LMTRSWI�TVSJYRHE��TVEXMGEHE�TSV�X¬GRMGSW�HS�RSWWS�PEHS�

+EVKEPLEHEW�IWXIRX¶VMGEW�IWXSYVEVEQ�HI�XSHSW�SW�PEHSW�ô :MZE�E�NYWXMªE��ô�+VMXEVEQ��ô�1YMXS�FIQ��%HMERXI�ô )Q� TPIRS� EQEHYVIGMQIRXS� HEW� JEGYPHEHIW� WI\YEMW�� WSF� E� VMKSVSWE�

EWWMWX­RGME�HI�YQ�LMTRSXM^EHSV�HIWXEGEHS�TIPS�(V��8ISJVEWXYW��JSM�J¤GMP�QSHMJMGEV�PLI�S�MRXIVIWWI�I�MRGPMREV�PLI�EPMFMHS�IQ�WIRXMHS�STSWXS�ES�HE�PIM�REsXYVEP��N¤�UYI�S�WIY�GSVTS�IVE�QEWGYPMRS��TVSHY M̂RHS�MVVITEV¤ZIP�HMWXSRME�RSW�GIRXVSW�HE�IQSª¦S��(E°�TSV�HMERsXI�EWWSGMIM�QI�£�WYE�SVKERM^Eª¦S�J°WMGE�I�TW°UYMGE��I\TIsVMQIRXERHS�EW�WIRWEª¸IW�UYI�PLI�IVEQ�EKVEH¤ZIMW�I�GVMEsQSW�YQ�GSRHMGMSREQIRXS�IQ�UYI�SW�RSWWSW�MRXIVIWWIW�EKSVE�TEWWEVEQ�E�WIV�GSQYRW��8¦S�JSVXIQIRXI�QI�PMsKYIM�£�WYE�ZMHE��UYI�S�¶HMS�WI�GSRZIVXIY�IQ�IWX°QYPS�HI�KS^S��MQERERHS�RSW�IQ�TVSGIWWS�HI�ZEQTMVM^Eª¦S�IQ�UYI�QI�PSGYTPIXS�I�EXVEZ¬W�HS�UYEP�E�HIWXVYS��EXMVERHS�E�GEHE�ZI �̂IQ�GLEVGS�QEMW�ZMP��EX¬�UYI�S�WYMG°HMS�WINE�WYE�½RMGE�WSPYª¦S���

3 EYHMX¶VMS� ZMFVEZE��3W�IWTIX¤GYPSW� VSQERSW�HS�TEWWEHS�R¦S�TSHIVMEQ�WIV�QEMW� GLSGERXIW�� )VE� HMJ°GMP� WEFIV�WI� WI� EUYIPIW� IVEQ� IWT°VMXSW� UYI� LEFMXEVEQ�GSVTSW�LYQERSW�SY�TVMQMXMZSW�WIVIW�UYI�ETIREW�I\TIVMQIRsXEVEQ�S�XV¥RWMXS�HS�MRWXMRXS�TEVE�SW�EPFSVIW�HE�MRXIPMK­RGME��EXVEZ¬W�HI�JSVQEW�LYQEREW���

2E�TEYWE�UYI�WI�JI �̂REXYVEP��7EXYVRMRS��ZMWMZIPQIRXI�GSQSZMHS��GSQIRXSY�ô .YWXMªE�IQ�R¶W�QIWQSW��3�IVVS�EGSQTERLE�WIQsTVI�S�HIWVIWTIMXEHSV�HE�

PIM�� IRUYERXS� IPI� R¦S� WI� QSHMsJMGE� TEVE� E� ZIVHEHI� I� R¦S� WI� WYFQIXI�IWTSRXERIEQIRXI�£�VITEVEª¦S��%GVIHMXEQ�IWWIW�MRJIPM^IW�MVQ¦SW�UYI�S�TSsHIV�PLIW�IWX¤�REW�Q¦SW��XIMQERHS�TSV�MKRSVEV�UYI�E�PIM�UYI�PLIW�GSRGIHI�IRWINS�TEVE�XEMW�TVSI^EW� R¦S� PLIW� TIVsQMXI� S� YWS� HIWVIKVEHS� HE� MQTMIHEHI� RIQ� HE� WYTVIQE�LYQMPLEª¦S�� SPZMHERHS� GSRWGMIRXIQIRXI� E� ETVS\MQEª¦S� HS� QSQIRXS� HIPIW�TV¶TVMSW��IQ�WMXYEª¦S�TSWW°ZIPQIRXI�QYMXS�QEMW�HSPSVSWE���

7MPIRGMSY��TSMW�UYI�E�REVVEXMZE�IRXVI�SZEª¸IW�I�EGLMRGEPLIW�XMRLE�GYVWS�ô� (ITSMW� HI� EPKYRW� ERSW� HI� GSRZMZ­RGME� IRXVI� IPE� I� QMQ�ô� GSRXMRYSY� E�

IRXMHEHI�ô�� TIVGIFM� UYI� GYVMSWE� XVMWXI^E� E�QEPWMREZE�� 7IRXME�WI� HSQMREHE� TSV�QMQ�I�GSsQIªSY�E�VIKMWXVEV�QI�E�TVIWIRªE��%KSVE��ET¶W�GSRGPYMV�S�GYVWS�Q¬HMS�I�MRMGMEV�WI� RE� 9RMZIVWMHEHI� GSQ� QEMSV� GSQTVIIRW¦S� HSW� TVSFPIQEW� LYQERSW��WEFIRHS� HS� HVEsQE� °RXMQS�� VIWSPZIY� TVSGYVEV� YQ� TWMGEREPMWXE� HI� VIRSQI��7YFQIXMHE�E�HMZIVWSW�XIWXIW�I�WIWW¸IW�IWTIGMEPM^EHEW��S�JEGYPXEXMZS��UYI�¬�H¶GMP�£�QMRLE� WYKIWX¦S� ô� QIVIGI� IWGPEVIGIV� UYI� E� IWXI� XIQTS� N¤� QI� IRJVSRLEVE�HIZMHEQIRXI�REW� X¬GRMGEW�HE� WYKIWX¦S�� RSW�HMZIVWSW�TVSGIWWSW�LMTRSP¶KMGSW�HI�UYI�QI� YXMPM^S� GSQ� JVIUY­RGME� TEVE� GSPMQEV� SW�QIYW� HIWINSW�ô� I� UYI� MKRSVE��XSXEPQIRXI��RE�WYE�WSFIVFME�MRXIPIGXYEP�EW�VIEPMHEHIW�HIWXI�PEHS��YXMPMs^ERHS�WI�HI�I\TVIWW¸IW�QYMXS�IQ�QSHE��TSV�QMQ�MRWTMsVEHEW��WYKIVMY�UYI�S�IWWIRGMEP�RE�ZMHE�¬�E�TIWWSE�VIEPMs^EV�WI�GSQS�EGLEV�GSRZIRMIRXI��I�UYI�XYHS�S�QEMW�W¦S�XEFYW�UYI�HIZIQ�WIV�UYIFVEHSW��IQ�TVSP�HE�JIPMGMHEHI�HI�GEHE�YQ���

4VIWWMSRERHS� S� IWTIGMEPMWXE� GSQ� L¤FMP� WYKIWX¦S�� GSRWIKYM� UYI� IPI� E�IWXMQYPEWWI�ES�TVSWWIKYMsQIRXS�LEFMXYEP�HSW�WIYW�EXSW��S�UYI�R¦S�QI�JSM�HMJ°GMP�

2SZEW�KEVKEPLEHEW�IWTSGEVEQ��EGSQTERLEHEW�HSW�QEMW�GLSGERXIW�ZIVFIXIW�HE�MRJIPMGMHEHI�LYQERE�

1YMXS�IWXMQYPEHS�TIPS�GSRWIRWS�KIVEP��S�)WT°VMXS�MRsJIPM �̂GYPQMRSY�ô5YERHS�N¤�QI�WYTYRLE�HSRS�EFWSPYXS�HE�WMXYEsª¦S��EPKY¬Q�EGSRWIPLSY�E�E�

TVSGYVEV� WIWW¸IW� IWT°VMXEW�� TSMW� UYI� MWXS� FIQ� TSHIVME� WIV� YQE� SFWIWW¦S�� )WWI�EPsKY¬Q�¬�YQ�GIVXS�TVIKEHSV�HS�)WTMVMXMWQS��RIWXE�GMHEHI��UYI�WI�TVST·W�ENYH¤�PE�GSQ�TEWWIW�I�SYXVSW�VIGYVWSW�UYI�MKRSVS�

Page 81: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

ô3�UY­#�ô�FVEHSY�S�EYHMX¶VMS��ô�3RHI�N¤�WI�ZMY#�)�E�NYWXMªE#�3�)WTMVMXMWQS�¬�S� QEMSV� MRMQMKS� HE� RSWWE� 3VKERM^Eª¦S�� *SVE� GSQ� S�� )WTMVMXMWQS�� VIENEQSW� £�MRXVYNMGI���

2SZEQIRXI�S�WMPZS�HEW�GMKEVVEW�MQT·W�WMP­RGMS�3 REVVEHSV�TVSWWIKYMY�ô%X·RMXE� GSQIªSY� E� JVIUYIRXEV� EPKYQEW� WIWW¸IW� I� IY� QI� WIRXM�

VITIRXMREQIRXI�WIQ�TSWWMFMPMHEHIW�HI�HSsQMR¤�PE�GSQS�JE M̂E�EX¬�IRX¦S��7EFIRHS�E�WIQ�VIWMWX­RsGME�TEVE�S�UYI�N¤�PLI�GSRWXMXY°E�YQ�L¤FMXS��GSQIGIM�E�WYsKIWXMSR¤�PE�HI�PSRKI��%�MRJIPM �̂�RS�IRXERXS��ES�MRZ¬W�HI�VIGIFIV�EW�QMRLEW�MQTVIWW¸IW��JI^�WI�FIEXE��GSQIªSY�E�SVEV��6IGSVVM�IRX¦S�ES�(V��8ISJVEWXYW�UYI��QYMXS�W¤sFMS��PLI�HIY� EWWMWX­RGME� IWTIGMEPM^EHE� I� GSRWIKYMY� MRHY M̂�PE� E� RSZSW� GSQTVSQMWWSW��SFVMKERHS�E�E�VIMRGMHMV��S�UYI�QI�SJIVIGIY�IRWINS�HI�XVE^­�PE�EUYM�LSNI�

7EXYVRMRS��ZMKMPERXI��IPYGMHSY�ô )Q�UYEPUYIV�TVSFPIQE�HI�HIWSFWIWW¦S��E�TEVXI�QEMW� MQTSVXERXI�I�HMJ°GMP�

TIVXIRGI�ES�TEGMIRXI�� UYI�EJMsREP� HI� GSRXEW�¬�S�IRHMZMHEHS��%� IWXI� GSQTIXI�S�HMJ°GMP�VIGYVWS�HE�MRWMWX­RGME�RS�FIQ��TIVWIZIVERHS�RS�HIZIV�I�JYKMRHS�E�UYEPUYIV�GYWXS�ESW�ZIPLSW�GYPXSW�HS�nIY~�IRJIVQS��ESW�L¤FMXSW�MRJIPM^IW��QIHMERXI�SW�UYEMW�ZSPXE� E� WMRXSRM^EV� GSQ� SW� WIYW� TIVWIKYMHSVIW� UYI�� IQFSVE�QSQIRXERIEQIRXI�EJEWXEHSW��R¦S�IWX¦S�GSRZIRGMHSW�HE�RIGIWWMHEHI�HI�SW�PMFIVXEV��3VEª¦S��TSVXERXS��QEW�ZMKMP¥RsGME��XEQF¬Q��GSRJSVQI�E�VIGSQIRHEª¦S�HI�.IWYW��%�TVIGI�SJIVIGI�S�X·RMGS�HE�VIWMWX­RGME��I�E�ZMKMP¥RGME�S�ZMsKSV�HE�HMKRMHEHI��%VQEW�TEVE�UYEMWUYIV�WMXYEª¸IW�W¦S�S�IWGYHS�I�E�EVQEHYVE�HS�GVMWX¦S���

ô�3�QIY�HIWINS�¬�GSRXMRYEV�E�HSQMR¤�PE�ô�GSRsXMRYSY�EVIRKERHS�ô�I��RIWWI�WIRXMHS��RSWWS�'LIJI�WI�TVSsT·W�WYFQIX­�PE�E�YQE�MRXIVZIRª¦S�GMV½VKMGE��TVSGIWWS�IJMGMIRXI�GSRXVE�S�UYEP�SW�IWT°VMXEW�REHE�TSHIV¦S�JE^IV��RS�WIRXMHS�HI�PMFIVX¤�PE�

%�YQ�WMREP�HS�(V��8ISJVEWXYW��S�)WT°VMXS�WMPIRGMSY�3 ERXMKS� QEKS� HI� 6Y¦S� PIZERXSY�WI�� EGSPMXEHS� TSV� HSMW� EWWIWWSVIW�� I�

I\EQMRSY� E� IRXMHEHI�� GYNS� HIWIUYMP°sFVMS� I� MRZMKMP¥RGME�� UYERXS� ES� GYPXS� HEW�VIWTSRWEFMPMHEHIW��E�PIZEVE�£UYIPE�HSPSVSWE�WMXYEª¦S�

)RUYERXS�MWWS�SGSVVME��7EXYVRMRS�IWGPEVIGIY�ô2¦S�HYZMHIQSW�HS�GSRGYVWS�HS�%PXS��.IWYW�ZIPE��%�Z°XMQE�HI�WM�QIWQE��UYI�

SW� RSWWSW� SPLSW� GSRXIQTPEQ�� R¦S� IWX¤� £� QIVG­� HI� X¦S� WMRMWXVSW� EPKS^IW��EFERHSREHE��)RXMHEHIW�ZMKMPERXIW�WSGSVV­�PE�¦S� PSKS�QEMW��3�)WTMVMsXMWQS�TSWWYM�ERX°HSXSW�TEVE�XSHEW�EW�WYVXMHEW�HEW�QIRsXIW�VEHMGEHEW�RS�QEP��HIWHI�UYI�SW�UYI�FYWGEQ�E�PMRJE�WSFIVERE�I�VIJVIWGERXI�HE�J¬�VIWXEYVEHE��HIWINIQ�EWWYsQMV�GSRWMKS�QIWQSW�SW�GSQTVSQMWWSW�HI�TIVWIZIVEVIQ�RSW�HIZIVIW�WYTIVMSVIW��E�FIRIJ°GMS�TIWWSEP��3VIQSW�I�GSRJMIQSW�

-VIQSW�JE^IV�YQE�MQTPERXEª¦S�ô�HMWWI�IQ�XSQ�HI�MRIWUYIG°ZIP�MRHMJIVIRªE�S�(V��8ISJVEWXYW�ô�HI�TIUYIRE�G¬PYPE�JSXSIP¬XVMGE�KVEZEHE��HI�QEXIVMEP�IWTIGMEP��RSW�GIRXVSW�HE�QIQ¶VME�HS�TEGMIRXI��3TIVERHS�WYXMPQIRXI�S�TIVMWT°VMXS��JEVIQSW�UYI�E�RSWWE�ZS �̂ PLI� VITMXE� MRWMWsXIRXIQIRXI�E�QIWQE�SVHIQ��n:SG­�ZEM�IRPSYUYIGIV��7YMGMHI�WI�� 7SQSW� SFVMKEHSW� E� YXMPM^EV� SW�QEMW� EZERªEHSW� VIGYVWSW�� HIWHI� UYI�IWXIW�RSW�ENYHIQ�E�GSPMQEV�SW�RSWsWSW�JMRW��)WXI�¬�YQ�HSW�QYMXSW�TVSGIWWSW�HI�UYI�RSW�TSsHIQSW�YXMPM^EV�IQ�RSWWEW�XEVIJEW���

)WXEVVIGMHSW�� ZMQSW� S� GVYIP� ZIVHYKS� QSZMQIRXEV�WI� RE� VIKM¦S� GIVIFVEP� HS�TIVMWT°VMXS�HS�NSZIQ�EHSVQIGMHS��GSQ�HMZIVWSW�MRWXVYQIRXSW�GMV½VKMGSW��I��IQFSVE�R¦S� TYsH¬WWIQSW� PSKVEV� XSHSW� SW� HIXEPLIW�� S� WMP­RGMS� RS� VIGMRXS� HIRSXEZE� E�KVEZMHEHI�HS�QSQIRXS�

8VERWGSVVMHSW�YRW�HI �̂QMRYXSW��E�GMVYVKME�JSM�HEHE�TSV�GSRGPY°HE�I�S�TEGMIRXI�

Page 82: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

JSM�VIQSZMHS�5YERXEW� MRHEKEª¸IW� QI� JIVZMPLEZEQ� RE� QIRXI�� %� LSVE�� TSV¬Q�� R¦S�

GSQTSVXEZE�UYEMWUYIV�IWGPEVIGMQIRXSW��)VE�QSQIRXS�WMKRMJMGEXMZS�RE�LMWX¶VME�HI�RSWWE�ZMHE�IWsTMVMXYEP�I�S�EQFMIRXI�EFEJEHS��RIKEXMZS��EWJM\MEZE�RSW�E�XSHSW��3�(V��8ISJVEWXYW�VIXSVRSY�ES�TEPERUYI�I�HIWJMsPEVEQ�QEMW�EPKYRW�GEWSW��0SKS�HITSMW��S�IWTIX¤GYPS�JSM�IRGIVVEHS�

%�KVERHI�QSPI�HI�IRXMHEHIW�GSQIªSY�E�HIFERHEV��3W�EPXS�JEPERXIW�HIGPEVEVEQ�UYI�E�TEVXMV�HEUYIPI�MRWXERXI�S�'LIJI�GSRGIHIVME�IRXVIZMWXEW�

)VE�GLIKEHS�S�QSQIRXS���1ERXIRLEQSW�WIVIRMHEHI�I�WMKEQSW�RSWWS�MVQ¦S�+PEYGYW�ô�JEPSY��WMRX¬XMGS��

7EXYVRMRS�ô�3�&IRJIMXSV�HIWGIY�HEW�KEPIVMEW��EGSQTERLEHS�TIPS�KVYTS��I�ETVS\MsQSY�WI�

HS�TEPGS�GIRXVEP�IQ�UYI�IWXEZE�S�(V��8ISsJVEWXYW�

Page 83: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

�6IIRGSRXVS�GSQ�S�TEWWEHS

'IVGEHS�TSV�EG¶PMXSW�TEVEQIRXEHSW�IWXVERLEQIRXI��UYI�WI�JE M̂EQ�WIGVIX¤VMSW�I�WIPIGMSREZEQ�SW�GEWSW�TEVE�S�'LIJI��XEQF¬Q�WI�ETVIWIRXEZE�VIWKYEVHEHS�TSV�IRXMsHEHIW� JIVS^IW�� IQ� GYNSW� WIQFPERXIW�� WYPGEHSW� TSV� JYRsHSW� WMREMW� HI�TIVXYVFEª¦S� °RXMQE�� E� LMTRSWI� TVSHY M̂VE� IWXEHSW� HI� EPYGMREª¦S� I� XVYGYP­RGME��-RGETE^IW�HI�UYEPsUYIV�VEGMSG°RMS��XEMW�WIVIW�I\XIVMSVM^EZEQ�E�EGYMHEHI�HS�ERMQEP�UYI�VIWKYEVHE�S�WMRS�I�EKVMHI�SW�QIRSW�ZMKMPERsXIW�

(IRXVI�IPIW�WI�HIWXEGEZEQ�SW�UYI�JSVEQ�Z°XMQEW�HI�XVERWJSVQEª¸IW�REW�WIHIW�HS� TIVMWT°VMXS�� EPM� TVIWIRsXIW� TSWWMZIPQIRXI� GSQ� E� JMREPMHEHI� HI� GVMEVIQ�GSRHMGMSsREQIRXSW�TWMGSP¶KMGSW�HI�QIHS��RSW�GSRWYPIRXIW�QIRSW�EZMWEHSW�

3 MVQ¦S�+PEYGYW��QYMXS�WIVIRS��GSRGMXSY�RSW�£�TVIsGI�QYHE�I�£�TVIWIVZEª¦S�HS�IWXEHS�IWTMVMXYEP�HI�IUYMP°sFVMS��JSWWIQ�UYEMW�JSWWIQ�SW�EGSRXIGMQIRXSW�UYI��TSVsZIRXYVE�� ZMIWWIQ� E� SGSVVIV�� I� RSW� QERXIZI� MQIHMEXEsQIRXI� EXV¤W� HSW�TIUYIRSW�QEKSXIW�UYI�IVEQ�MRXIVVSKEsHSW�TIPSW�EG¶PMXSW�

3 RSWWS� KVYTS�� YRMHS�� EKYEVHEZE�� IRUYERXS� S� 7EsGIVHSXI�� E� TIUYIRE�HMWX¥RGME�� XSQEZE�EXMXYHIW�I�HIGMW¸IW��YXMPM^ERHS�WI�WIQTVI�HS�TEZSV�HI�UYI�WI�JE M̂E�J¥QYPS�EZEVS�TEVE�HSQMREV�I�MRJPYMV�GSRWYPIRXIW�

9QE�)RXMHEHI�HI�ETEV­RGME�GVYIP�WI�HIWXEGSY�HIRsXVI�SW� J¥QYPSW�EXYERXIW��EGIVGSY�WI�HS�MVQ¦S�+PEYGYW�I�MRHEKSY�HSW�QSXMZSW�HE�IRXVIZMWXE��I�UYIQ�IVEQ�SW�TEVsXMGMTERXIW�HS�GSRNYRXS�

3�ZIRIVERHS�&IRJIMXSV�IPYGMHSY�GSQ�WMQTPMGMHEHI�UYI�WI�XVEXEZE�HI�)WT°VMXSW�HSW�HSMW� TPERSW� HE� ZMHE�� RIsGIWWMXEHSW� HI� SYZMV� S�(V�� 8ISJVEWXYW� E� VIWTIMXS� HI�KVEZI�TVSFPIQE�HI�SFWIWW¦S�IQ�ERHEQIRXS�I�TEVE�S�UYEP�WSQIRXI�IPI�TSWWY°E�SW�VIGYVWSW�RIGIWW¤VMSW��%HY M̂Y�UYI�JSVE� MRHMGEHS�TSV�+YMPLIVQI��S�QSªS�LSPERH­W�UYI�ERXIW�IVE�QIQFVS�HEUYIPE�EKVIQMEª¦S�

6ITEWWERHS� S� SPLEV� HI� UYEWI� EPYGMREHS�� JMWGEPM^ERsHS�RSW�� GSQS� XIRXERHS�HIWGSFVMV� EP¬Q� HEW� TEPEZVEW� SW� QSXMZSW� VIEMW� HE� IRXVIZMWXE�� WEGYHMHS� TSV�IWTEWQSW�HE�JEGI��WYGIWWMZSW��GSPSGSY�RSW�HI�PEHS��I�TVSWWIKYMY�RS�QMWXIV�E�UYI�WI�HIHMGEZE�

7¶�IRX¦S�QI� JSM�TSWW°ZIP� VITEVEV�S�(V��8ISJVEWXYW��GSRWMHIVERHS�E�TIUYIRE�HMWX¥RGME�UYI�RSW�WITEVEZE��3�VSWXS�GVYIP��EHSVREHS�HI�FEVFE�VEPE��£�SVMIRXEP��IQ�XSVRS� HI� P¤FMSW� KVSWWSW� IQ� VMXS� HI� TIVQERIRXI� MVE�� RSW� SPLSW� EZIVQIPLEHSW� I�KVERHIW�� EPKS� JSVE� HEW� ¶VFMXEW�� EQIEªEsHSVIW�� M̂KSQEW� WEPMIRXIW�� XIWXE� PEVKE� I�GEFIPIMVE�EFYRsHERXI��IVE�E�IRGEVREª¦S�GP¤WWMGE�HS�TEZSV�

'SQS� WI� EHMZMRLEWWI� E�QMRLE� SFWIVZEª¦S� HMWGVIXE�� IPI� HIWZMSY� S� SPLEV� HE�GLYWQE�UYI�EXIRHME�I�GVEZSY�RSW�QIYW�SW�WIYW�SPLSW��GSQ�MRXIVVSKEª¦S�JSVXI�I�HYVE��JEs^IRHS�QI�FEM\EV�E�ZMWXE��TIVXYVFEHS��3�MVQ¦S�+PEYGYW��UYI�SFWIVZEZE�S�EGSRXIGMQIRXS��EHZIVXMY�QI��HIPMGEHS�

ô�)WXEQSW�IQ�XEVIJE�HS�7IRLSV��8SHS�S�GYMHEHS�¬�MRHMWTIRW¤ZIP�TEVE�S�­\MXS�HS� IQTVIIRHMQIRXS�� 'YVMSsWMHEHI� EKSVE� ¬�� XEQF¬Q�� HIWGSRWMHIVEª¦S� ES�GSQTVSQMWWS��8IRLEQSW�XIRXS�

'SQ� E� STSVXYRE� SFWIVZEª¦S�� GSRZSGSY�QI�� GEVMHSWS�� ES� VIGSPLMQIRXS�� £�TVIGI�

%XIRHMHSW�SW�UYI�WI�IRGSRXVEZEQ�£�JVIRXI��JSM�GLIsKEHE�E�RSWWE�ZI �̂�*MGEQSW�YQ� TSYGS� QEMW� EXV¤W�� IRsUYERXS� S� MVQ¦S� +PEYGYW�� VITVIWIRXERHS� E� IUYMTI��

Page 84: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

LYQMPHI�I�RSFVI��JEPSY�WIQ�TVI¥QFYPSW�ô 7IRLSV��EUYM�IWXEQSW�MRHMGEHSW�TSV�+YMPLIVQI��S�RIIVPERH­W�UYI�L¤�TSYGS�

XIQTS�WI�HIWTIHMY�HIWXE�3VsKERM^Eª¦S��VYQERHS�IQ�HMVIª¦S�HS�GSVTS�3 QEKS� IVKYIY� S� WSFVSPLS� GEVVERGYHS� I� TIRIXVSY� GSQ� HYVE� I\TVIWW¦S� SW�

SPLSW�HS�&IRJIMXSV��TVSGYVERHS�HIZEWWEV�PLI�S��°RXMQS�HS�IWT°VMXS�9Q�HSW�EWWIGPEW�ETVS\MQSY�WI�I�GSRJMHIRGMSY�EPsKYQE�SFWIVZEª¦S�%� TEYWE� STSVXYRE�� TVSTSWMXEP�� IVE� HMVMKMHE� RS� WIRsXMHS� HI� GVMEV� QIPLSV�

VIGITª¦S�RS�SYZMRXI�WMPIRGMSWS��HI�I\TVIWW¦S�JIVMRE�4VSWWIKYMRHS��IPYGMHSY�S�RSWWS�GSRHYXSV�ô3GSVVI�UYI�RSW�IRGSRXVEQSW�IQ�TIVJIMXE�MHIRsXMJMGEª¦S�GSQ�+YMPLIVQI��UYI�

ZSW�XIQ�WIVZMHS�GSQ�HIHMsGEª¦S��FYWGERHS�ZSW�RIWXE�STSVXYRMHEHI�TEVE�JEPEV�ZSW�WSFVI�,IRVMIXXI��UYI�WEFIQSW�ZMRGYPEHE�ES�ZSWWS�GSVEsª¦S��HIWHI�L¤�QYMXS���

ô,IRVMIXXI�1EVMI�HI�&IEYLEVREMW#�ô�-RUYMVMY��UYEWI�JYPQMREHS�TSV�JSVXI�VEMS�HI�¶HMS�

ô 7MQ��7IRLSV�ô�GSRJMVQSY��MQTIVXYVF¤ZIP�S�-VsQ¦S�+PEYGSW�%� IRXMHEHI� PIZERXSY�WI� HS� XVSRS� VMH°GYPS� I� EZERªSY� JYVMSWS�� GSQS� WI� JSWWI�

ERMUYMPEV�S�MRJSVQERXI��UYI�GSRsXMRYSY�WIVIRS��GSRJMERXI��)Q�GLIKERHS�ES�PEHS�HS�-RWsXVYXSV�� UYI� VIZIPEZE� RS� WIQFPERXI�QEVQ¶VIE� TEPMHI �̂� IWXERGSY� S� TEWWS� I��IVKYIRHS�S�WMQYPEGVS�HI�GIXVS��KSPsTISY�S�TMWS�VIMXIVEHEW�ZI^IW��EQIEªERHS�GSQ�ZS �̂WSXYVRE��EXMXYHI�IWWE�UYI�MQT·W�EPEVQERXI�WMP­RGMS�RS�%RJMXIEsXVS��UYI�EMRHE�WI�QERXMRLE�GSQ�EPKYQE�EPKEVEZME��8SsHEW�EW�EXIRª¸IW�WI�GSRGIRXVEVEQ�IQ�ZSPXE�HSW�HSMW�TEVPEQIRXEHSVIW�I�EW�)RXMHEHIW�QEMW�MRJIPM^IW�HE�GSSVXI�ETVS\MQEVEQ�WI�IQ� EXMXYHI� EQIEªEHSVE�� GIVGERHS� S� 'LIJI� HSPSVSWEQIRXI� ZMXMQEHS� TIPE�MVEWGMFMPMHEHI�

ô)�UYI�HIWINE�MRJSVQEV�QI�UYI�TSVZIRXYVE�IY�R¦S�WEMFE#�-KRSVE�UYIQ�WSY#�ô�)WFVEZINSY��GSQTVIIRWMZIPsQIRXI�VIZSPXEHS�

ô7EFIQSW��WMQ��7IRLSV�ô�TVSWWIKYMY�S�1IRWEsKIMVS��ô�3GSVVI��TSV¬Q��UYI�GSRWMHIVERHS�E�QEKRMXYHI�HS�EWWYRXS��UYI�ZMIQSW�XVEXEV��QYMXS�EKVEHIGIV°EQSW�WI�TYH¬WWIQSW�WIV�SYZMHSW�E�W¶W��WIQ�SW�GMVGYRWXERXIW����7SQSW�TSVXEHSVIW�HI�RSX°GMEW�UYI�WSQIRXI�£�ZSWWE�EYsXSVMHEHI�HIZIQSW�GSRJMEV���

(ITSMW�HI�I\TVIWWMZS�WMP­RGMS��EVVIQEXSY�ô,IRVMIXXI�RIGIWWMXE�HS�ZSWWS�WSGSVVS���3 )WT°VMXS� JIVMHS� TIPE� MRIWTIVEHE� WYVTVIWE�� IWXVYKMY� GVYEW� I\GPEQEª¸IW� I�

KVMXSW�� HERHS� SVHIRW� HMZIVWEW�� WMsQYPX¥RIEW�� I� WIKYVERHS� S� MVQ¦S� +PEYGYW�ZMSPIRXEQIRXI��SVHIRSY��VSYUYIRLS�

ô:IRLE�GSQMKS�3 &IRJIMXSV�R¦S�ST·W�UYEPUYIV�VIWMWX­RGME�I�S�WIKYMQSW�3W� HIQEMW�QIQFVSW� HS� KVYTS� JSVEQ� GIVGEHSW� TIPSW� WIUYE^IW� HS� 'LIJI� I�

GSRHY M̂HSW�£�TEVXI�HSW�JYRHSW�HS�%RJMXIEXVS��TEVE�SRHI�IPI�VYQEVE�GSQ�S�RSWWS�1IRXSV�

%�WEPE�HI�EQTPEW�TVSTSVª¸IW�IVE�HIGSVEHE�IQ�XSRW�JSVXIW�I�WSQFVMSW�IQ�UYI�FVY\YPIEZEQ�PY^IW�HI�XSREPMsHEHIW�GLSGERXIW���%UYIPI�IVE�S�KEFMRIXI�HS�ZMKSVSWS�IWsT°VMXS�HEW�WSQFVEW��XIQMHS�I�HIXIWXEHS�

7IRXERHS�WI�IQ�GEHIMVE�GSPSGEHE�IQ�TSWMª¦S�HI�HIWsXEUYI��SVHIRSY�ô)WXSY�EKYEVHERHS�EW�MRJSVQEª¸IW�-QTVMQMRHS� £� ZS �̂ MRJPI\¦S� RSFVI�� WIQ� UYEPUYIV� EJIsXEª¦S�� S� -RWXVYXSV�

IWGPEVIGIY�ô(IHMGEQS�RSW�ES�WIVZMªS�HI�WSGSVVS�ESW�TEHIGIRsXIW��IQ�RSQI�HI�.IWYW��

I���

Page 85: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

ô .IWYW#�)WXE�¬�QMRLE�GEWE�ô�IWXVYKMY�S�XVYsGYPIRXS�)WT°VMXS��ô�%UYM��IWWI�RSQI� ¬� QEPHMXS�� HIXIWsXEHS�� 'SQS� WI� IRGSVENE� E� HM^IV�QI� UYI� WI� HIHMGE� E�WSsGSVVIV�SW�TEHIGIRXIW�HMERXI�HS�'LIJI�HE�'EWE�HE�.YWsXMªE#

%ZERªSY� JIVS �̂� IWTYQINERXI�� GSQS� WI� HIWINEWWI� HIWsXVYMV� EUYIPI� UYI� S�IRJVIRXEZE��WIRXMRHS�WI��RS�IRXERXS��MQTSWWMFMPMXEHS�HI�JE^­�PS�

ô 2¦S� HIWINEQSW� HIWEJMEV� E� JSVªE� HS� RSFVI� HSYsXSV� 8ISJVEWXYW�� UYI�GSRLIGIQSW��I�E�UYIQ�ETVIRHIQSW�E�VIWTIMXEV�GSQS�WIRHS�MRWXVYQIRXS�HE�:MHE�I�HE�:IVsHEHI�ô�IZMHIRGMSY�S�1IRWEKIMVS�LYQMPHI��ô�3GSVVI��RS�IRXERXS��UYI�R¦S� TSHIV°EQSW� XVEMV� SW� SFNIXMZSW� HIWXE� IRXVIZMWXE�� WI� JEPEQSW� ES�'SQERHERXI�HIWXIW�W°XMSW��IQ�RSQI�HE�:IVHEHI�QIWQE��WMQ��QEW�WSFVIXYHS�HE�1MWIsVMG¶VHME�I�HS�%QSV�

)VKYIRHS�S�SPLEV�P½GMHS��S�-RWXVYXSV��GSRGIRXVEHS�IQ�.IWYW�I�YXMPM^ERHS�XSHS�S�TSXIRGMEP� HEW� WYEW� JSVªEW�QEKR¬XMGEW� I� LMTRSP¶KMGEW�� IRJVIRXSY� E� ZMFVEª¦S� IQ�GVMWsTEW�I\XIVMSVM^EHEW�TIPS�MRXIVPSGYXSV��GSQS�WI�REUYIPI�IRsXVIGLSUYI�HI�JSVªEW�E� GSVVIRXI� HS� EQSV� ZIRGIWWI� EW� HIWGSRXVSPEHEW� IRIVKMEW� HS� ¶HMS� I� HE�ERMQSWMHEHI��HERHS�GSRXMRYMHEHI�£�REVVEª¦S�

ô :MWMXERHS�TIVXYVFEHSW�IWTMVMXYEMW��IRGEVGIVEHSW�RS�GSVTS��MHIRXMJMGEQSW��L¤�TSYGS� XIQTS�� ,IRVMIXXI�� IQ� HSPSsVSWS� TVSGIWWS� HI� ZEQTMVM^Eª¦S�� ZMXMQEHE� TSV�IPIQIRXSW�HIWXE�3VKERM^Eª¦S��I�TSV�MWWS���

ô (IWXE�'EWE#�)WXEVIM�SYZMRHS�GSVVIXEQIRXI#�ô-RHEKSY��MRXIVVSQTIRHS��EF�VYTXS�ô�,IRVMIXXI��Z°XMQE�HI�RSWWE�3VKERM^Eª¦S#�)�UYI�S�MRHY �̂E�TIRWEV�UYI�QI�MRXIVIWWE�E�ZMHE�HI�UYEPUYIV�TIWWSE��HE�8IVVE��WSQIRXI�TSVUYI�¬�WYTSWXEQIRXI�,IRVMIXXI�1EVMI�HI�&IEYLEVREMW#�5YIQ�S�MRJSVQSY�HI�UYI�IY�TSHIVME�XIV�EPKS�E�ZIV�GSQ�IWWE�TIVWSREKIQ#

ô )PE�QIWQE�ô� VIHEVKYMY� S�1IRXSV�� XVERUYMPS��ô%WWMWXMRHS�E� GSQ� VIGYVWSW�QEKR¬XMGSW��GSRWIKYMQSW� JE^­�PE� VIGSVHEV�S�TEWWEHS��TEVE� JM\EV�PLI�WSGSVVSW��I��IRsUYERXS�REVVEZE�S�TV¶TVMS�HVEQE��IZSGSY�S� MQIRWS�EQSV�UYI�HIHMGSY�£� WYE�TIWWSE��RSW�MHSW�HS�W¬GYPS�����ERXIW�HI�JYRIWXS�EGSRXIGMQIRXS��

3 (V�� 8ISJVEWXYW�� GSPLMHS� MRXIQTIWXMZEQIRXI� TIPE� MRJSVQEª¦S� WIKYVE� I�MRHMWGYX°ZIP��IVKYIY�WI�SYXVE�ZI �̂�HI�YQ�WEPXS��I��ETSTP¬XMGS��WIKYVSY�GSQ�Q¦SW�HI�EªS�S�REVVEHSV��MRHEKERHS��HIWGSRXVSPEHS�

ô3RHI�WI�IRGSRXVE�IPE#�5YI�PLI�EGSRXIGIY#�5YI�JSM�JIMXS�HE�WYE�ZMHE#�0IZI�QI�EX¬�£�WYE�TVIWIRªE�MQIsHMEXEQIRXI��(IWINS�EZIVMKYEV�

ô 2¦S� TSWWS�� EQMKS�� 2¦S� HITIRHI� HI�QMQ� I� WMQ� HI� Z¶W�� )WXE� E� VE^¦S� HE�IRXVIZMWXE�UYI�IWXEQSW�QERsXIRHS��(IWINEQSW�GSRGIVXEV�S�QIMS�HI�GSRGMPMEV�SW�SFNIsXMZSW�IPIZEHSW�E�UYI�XSHSW�RSW�TVSTSQSW��HI�QSHS�E�VIsKYPEVM^EV�WMXYEª¸IW�IQ�HIWEPMRLS��HI�GYNS�PEFSV�VIWYPXIQ�SW�FIRIJ°GMSW�HI�UYI�XIQSW�RIGIWWMHEHI�

ô1EW�IY�WSY�YQ�HSW�+­RMSW�HS�1EP��I�EW�QMRLEW�QIHMHEW�HMJIVIQ�HEW�WYEW�ô�IWXVSRHSY��SJIKERXI��ô�6ITVIWIRXS�E�.YWXMªE�I�SHIMS�E�1MWIVMG¶VHME��(IWTIVXS�GEHE�GSRWGM­RGME� GVMQMRSWE� TEVE� S� VIPLS� HE� TYRMª¦S�� 2YRGE� HIJVSRXIM� RIQ� YWIM� E�TMIHEHI� SY� E� GSQMWIVEª¦S�� 7SY� Z°XMQE� HS� 'SVHIMVS� I� 3� SHIMS���� 2¦S� L¤�� TSMW��XIVsQS�HI� GSRGMPMEª¦S�IRXVI�R¶W�� 7MRXS�QI�� TSVXERXS�� SFVMsKEHS�E� I\XMVTEV�PLI� E�GSRJMWW¦S� EXVEZ¬W� HSW� QIYW� Q¬XSsHSW�� UYI� GIVXEQIRXI� R¦S� PLI� W¦S�HIWGSRLIGMHSW�

ô 7MQ�� GIVXEQIRXI� SW� GSRLIGIQSW� ô� EWWIRXMY�� S� &IRJIMXSV�� ô� 'SRZ¬Q��XSHEZME��GSRWMHIVEV�UYI��ERXIW�HI�XSQEVQSW�E�EXMXYHI�HI�TVSGYVEV�ZSW�S�PSGEP�HI�HSQMREsª¦S�� I\EQMREQSW� EW� HMZIVWEW� TSWWMFMPMHEHIW� HI� ZMX¶VME� I� JVEGEWWS��GSRGPYMRHS�TIPE�TVMQIMVE�LMT¶XIWI�� XIRHS�IQ�ZMWXE�UYI�R¦S�ZMQSW�EUYM�WSPMGMXEV��QEW�SJIVIGIV�IQ�RSQI�HS�(SEHSV�7YTVIQS�HE�:MHE��HI�5YIQ�R¦S�RSW�IZEHMVIQSW�

Page 86: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

MRHIJMRMHEQIRXI��%JMVQE�S�(V��8ISJVEWXYW�UYI�JSM�Z°XMQE�HS�'SVHIMVS��I�WEFI�UYI�E�MRJSVQEª¦S� R¦S� GSRJIVI� GSQ� S� JEXS�� %W� HMVIXVM^IW� HS� 'SVHIMVS� NEsQEMW� JSVEQ�GSQTEX°ZIMW� GSQ�SW� TVSGIWWSW� HE� -RUYMWMª¦S�'EX¶PMGE�� GSQS�R¦S� W¦S� GSRGSVHIW�GSQ�SW�Q¬XSHSW�HE�.YWXMªE�HI�(IYW�IWWIW�HE�NYWXMªE�ETPMGEHSW�TIPEW�ZSWWEW�Q¦SW��5YERXS� £� EQIEªE� HI� EVVERGEV�QI� EW� MRJSVQEª¸IW� UYI� HIWINE�� TSV� Q¬XSHSW�MRGSQTEX°ZIMW�GSQ�SW�MRXYMXSW�HIWXI�IRGSRXVS��GSRGPY°QSW�TIPE�MRI\IUYMFMPMHEHI��N¤�UYI� E� RSWWE� TVIWIRªE� MRJSVQE� HS� MRXIVIWWI� UYI� XIQSW� HI� SJIVsXEV� SW�IWGPEVIGMQIRXSW� WIQ� UYEPUYIV� TYKRE� UYI� KIVI� YQE� WMXYEª¦S� MRJIPM �̂ IRXVI� R¶W�EQFSW�

ô1EW�IY�TSWWS�VIXIV�SW�TEVXMGMTERXIW�HE�WYE�IQsFEM\EHE�RSW�QIYW�HSQ°RMSW��RSW�UYEMW�WSY�WIRLSV�EFWSsPYXS�ô�FEPHSSY��WSFIVFS�

ô2¦S�HMWGYXS�E�TSWMª¦S�VIPEXMZE�HS�'LIJI�ô�GPEsVMJMGSY�S� MVQ¦S�+PEYGYW��ô�(IWINEQSW��TSV¬Q��PIQsFVEV�ZSW�HI�UYI�S�TSHIV��HI�UYI�JEPEMW��ZIQ�XSHS�IPI�HS�%PXS��HI�(IYW��HIWHI�UYI�RMRKY¬Q�¬�S�HSRS�HE�ZMHE��WIR¦S�)PI��5YERXS�E�JMGEVQSW�VIXMHSW� IQ�ZSWWEW�Q¦SW�� MWXS� WSQIRXI� ZMVME� E� EGSRXIGIV� WI� IWWE� JSV� E� ZSRXEHI�H)PI��I��WIRHS��WYFQIXIQS�RSW�LYQMPHIQIRXI��XIRHS�IQ�ZMWXE�TSHIV�WIVZM�0S�IQ�UYEPUYIV�PYKEV�I�IQ�XSHE�WMXYEª¦S��TSV�QEMW�IQFEVEªSWE�RSW�TEVIªE�

0¤KVMQEW� RSW� SVZEPLEVEQ� SW� SPLSW�� %� PMRKYEKIQ� HIWEXEZMEHE� I� JVERGE� HS�&IRJIMXSV�� E� EXMXYHI� JMVQI� I� LYQMPHI� XIWXIQYRLEZEQ� EW� QMP� RIGIWWMHEHIW� HI�TSVJMEVsQSW�RE�ZIVHEHI�WIQTVI��IQ�RSQI�HS�7IRLSV�

3 (V��8ISJVEWXYW��ZIRGMHS�TIPE�P¶KMGE�MVVIJYX¤ZIP�HS�ZMWMXERXI��HMWWMQYPSY�E�MVE�UYI�S�IQTSPKEZE�I��IQsFSVE�GSRXMRYEWWI�EVVSKERXI��MRUYMVMY�

ô5YI�HIWINE��EJMREP��HI�QMQ#ô5YI�QI�ENYHIMW�E�PMFIVXEV�,IRVMIXXI�ô'SQS�IY�TSHIVME�JE^­�PS#

7I�RSW�EGSQTERL¤WWIMW�ES�VIGMRXS�HI�TVSZEª¸IW�I�HSV�IQ�UYI�WI�IRGSRXVE��ZIRGMHE�I�EVUYINERXI�WSF�MQsTPEG¤ZIP�VIZIP��UYI�E�HMPEGIVE��ZIRGIHSV���

ô 7MKEQSW��IRX¦S��WIQ�HIPSRKEW�ô 6IGSVHEQSW� ES� RSFVI� (V�� 8ISJVEWXYW� UYI� WIKYMsVIQSW� IQ� QMWW¦S� HI�

QMWIVMG¶VHME�I�UYI�SW�Q¬XSHSW�NYRXS�ES�ZIVHYKS�UYI�E�MRJIPMGMXE�WIV¦S�SW�ZMKIRXIW�REW�PIMW�HI�EQSV��GSRJSVQI�IRWMREHSW�TSV�.IWYW�'VMWXS���

ô 2¦S�TIVGEQSW�XIQTS�GSQ�HMWGYWW¦S�MR½XMP��%HMERXI�'SRZSGERHS� HSMW� KYEVHEW� UYI� WI� IRGSRXVEZEQ� TSWsXEHSW� JSVE� HS� VIGMRXS��

GSRJMHIRGMSY� EPKYQEW� MRWXVYª¸IW�� %W� HIQEMW� IRXVIZMWXEW� JSVEQ� WYWTIRWEW�� I��EFVMRHS� GEsQMRLS� IRXVI� SW� WSJVIHSVIW� UYI� EMRHE� WI� IRGSRXVEZEQ� RS� VIGMRXS��EGSQTERLEQSW� S� ERXMKS�1EKS� RE� HMVIª¦S� HSW� ZI°GYPSW� UYI� RSW� EKYEVHEZEQ�£�TSVXE�

8VERWGSVVMHSW����QMRYXSW��ETVS\MQEHEQIRXI��GLIKEsQSW�E�ZIPLS�GEWEV¦S��HI�EWTIGXS�ETEZSVERXI�TIPS�EFERsHSRS�E�UYI�WI�IRGSRXVEZE�VIPIKEHS��I�TIRIXVEQSW�TIPS� MQIRWS� TSVX¦S� HI� IRXVEHE�� 3� XV¥RWMXS� HI� HIWIRGEVREHSW� HI� ETEV­RGME�PEWXMQ¤ZIP� IVE�QYMXS�KVERHI��)RGEVREHSW�IQ�HIWTVIRHMQIRXS�TEVGMEP� TIPS� WSRS�ETVIWIRXEZEQ�WI�EKMXEHSW��WIQMPSYGSW��7EXYVRMRS�UYI�RSW�EWWMWXME�QEMW�HI�TIVXS��E�QMQ��E�4IXMXMRKE�I�ES�Q¬HMYQ�1SVEMW��MRJSVsQSY�UYI�RSW�IRGSRXV¤ZEQSW�RYQ�0E^EVIXS�� UYI� EPFIVsKEZE� QEMW� HI� ���� TSVXEHSVIW� HS� QEP� HI� ,ERWIR�� 3HSV�REYWIERXI�I�JSVXI�IQTIWXEZE�S�EV�I�HIRWEW�RYZIRW�SVMsKMREHEW�TIPEW�ZMFVEª¸IW�GEVVIKEHEW�HI�VIZSPXE�I�HIWIWsTIVS�SJIVIGMEQ�S�EWTIGXS�HEW�VIKM¸IW�MRJIPM^IW�HS�1YRHS�)WTMVMXYEP�-RJIVMSV��IQ�UYI�QYMXSW�WI�VIIHYGEQ�TIPS�WSJVMQIRXS�

3 MVQ¦S�7EXYVRMRS��MRXIVIWWEHS�IQ�IWGPEVIGIV�RSW��I\TPMGSY�ô 3�WSJVMQIRXS��WSF�UYEPUYIV� JSVQE�IQ�UYI�WI�ETVIsWIRXI��¬�F­Rª¦S��4EVE�

Page 87: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

UYI�� RS� IRXERXS�� FIRIJMGMI� EUYIPI� UYI� S� I\TIVMQIRXE�� JE^�WI� MRHMWTIRW¤ZIP� WIV�EGSQTERLEHS�TIPE�VIWMKREª¦S��TIPE�LYQMPHEHI��TIPE�ZEPSVM^Eª¦S�HE�TV¶sTVME�HSV��2¦S�FEWXE��TSVXERXS��WSJVIV��QEW�FIQ�WSJVIV��PMFIVXERHS�WI�HEW�GEYWEW�QEXVM^IW�HE�EJPMª¦S����QYMXS�GSQYQ�IRGSRXVEV�WI�S�LSQIQ�I\TIVMQIRXERHS�S�MQTSWMsXMZS�HS�VIWKEXI�� WSF� RYZIRW� HI� MVE� I� HIWIWTIVEª¦S�� GSQ� EW� UYEMW� EYQIRXE�� KVEªEW� £�VIFIPHME� I� £� UYIM\E� MRNYWXMsJMG¤ZIMW�� S� JEVHS� HEW� H°ZMHEW�� 4SV� IWWE� VE^¦S�� L¤�VIHYsXSW� HI� VIIHYGEª¦S�RS�%P¬Q�HE� GEVRI�� GSQS�HIRXVS� HEW� TEsVIHIW� GEVREMW��VIKM¸IW� IQ� UYI� WI� EKPYXMREQ� SW� GSQTEVsWEW�� HSW� HMZIVWSW� HITEVXEQIRXSW� HS�GVMQI�TEVE�VIWKEsXEVIQ��IQ�GPMQE�HI�EJMRMHEHI��SW�HIWEWXVIW�GSQIXMHSW�GSRXVE�E�0IM�I�E�.YWXMªE�7SFIVEREW�

)�TEVE�IRGIVVEV�SW�IWGPEVIGMQIRXSW��GSRGPYMY�ô2IWXE�'EWE��GSQS�IQ�SYXVEW�WMQMPEVIW��HIWJMPEQ�SW�UYI�EJVSRXEVEQ�S�GSVTS��

HIWVIWTIMXERHS�PLI�EW�JSRsXIW�HI�ZMHE��SW�UYI�IWQEKEVEQ�SYXVEW�ZMHEW��IRUYERXS�TSWWY°EQ�REW�Q¦SW�EW� V¬HIEW�HS�TSHIV�� SW�UYI� JIGLEsVEQ�SYZMHSW�I� SPLSW� ES�GPEQSV�HEW�QYPXMH¸IW�IWJEMQEsHEW�I�IRPSYUYIGMHEW�HI�HSV��Q¦SW�UYI�IVKYIVEQ�S�VIPLS�I�HMPEGIVEVEQ��GSVEª¸IW�UYI�WI�IQTIHVEVEQ�RE�MRHMJIsVIRªE��IRUYERXS�JVY°E�S� PMGSV� HE� JSVXYRE�� HE� RSFVI^E�QIRXMVSWE�� HE� FIPI^E� IQ� XV¥RWMXS� RE� JSVQE�� SW�JSQIRsXEHSVIW� HS� ¶HMS�� SW� WSFIVFSW�� SW� SVKYPLSWSW�� EPKYRW� WYMGMHEW� GEPGIXEW�MRZIXIVEHSW�� IQ� GSRWXERXI� XIRXEª¦S� TEVE� HIWIVXEV� HS� JEVHS� SYXVE� ZI �̂��� )Q�TYVKEX¶VMS�GEVREP��TSHIQ�XVERWMXEV�TEVE�EW�6IKM¸IW�HE�0Y �̂SY�TEVE�SW�%FMWsQSW�HE�8VIZE�� HITIRHIRHS� HE� PMZVI� IWGSPLE� HI� UYI� HMWsT¸IQ� SW� UYI� I\TYRKIQ� GSQ�VIWMKREª¦S�SY�GSQ�VIZSPXE���

7MPIRGMERHS�� ETVS\MQEQS�RSW� HI� YQ� UYEVXS� MRJIGXS�� ET¶W� ZIRGIV� PSRKS�GSVVIHSV�IQ�UYI�HYEW�JMPEW�HI�GIPEW�MQYRHEW�EPFIVKEZEQ�GSVTSW�HIWJMKYVEHSW�HI�QYPLIVIW�TVSJYRHEQIRXI�MRJIPM^IW��GEVGSQMHEW�TIPE�IRJIVQMHEHI�HIWXVYMHSVE�

3 (V��8ISJVEWXYW�R¦S�SGYPXEZE�E�VIZSPXE��S�HIWIWsTIVS�UYEWI�MVVIJVIEHS�3�MVQ¦S�+PEYGYW�TIRIXVSY�RYQ�HSW�½PXMQSW�UYEVsXSW�ES�JMQ�HE�EPE�MQIRWE��I��

WIKYMRHS�S�� HITEVEQSW� GIRE� GSRJVERKIHSVE�� 8V­W� QYPLIVIW� LERWIRMEREW�IRGSRXVEsZEQ�WI� E� HSVQMV�� EWWMWXMHEW� TSV� TIUYIRE� QEPXE� HI� SFWIWsWSVIW�MQTMIHSWSW�UYI�EW�HSQMREZEQ��)Q�ZMK°PME��QERXMRLEQ�WI�IQ�KYEVHE��MRZIGXMZERHS�I�EXSVQIRXERHS�SW�IWT°VMXSW�HEW�IRJIVQEW�WIQMHIWPMKEHEW�HS� MRZ¶PYGVS� J°sWMGS�I�UYEWI�XVIWPSYGEHEW�HI�ERK½WXME��ERXI�S�EGMGEXI�GSRX°RYS�HSW�TIVWIKYMHSVIW�

3W�EGSQTERLERXIW�HE�KYEVHE�HS�(V��8ISJVEWXYW�JMsGEVEQ�RS�GSVVIHSV��£�TSVXE�HI�IRXVEHE�HE�GIPE��IQ�EXMsXYHI�HI�ZMKMP¥RGME�

9QE� NSZIQ� HI�QIRSW� HI� ��� ERSW�� IQ� GYNS� GSVTS� E� HSIRªE� R¦S� TVSHY M̂VE�EMRHE�SW�WMREMW�HE�WYE�TVIWIRªE��QYMXS�QEKVE�I�HIWJEPIGMHE�WSFVI�MRJIGXS�KVEFEXS��IVE�E�VE^¦S�HE�ZMWMXE�

1YMXS�GEPQS��S�MVQ¦S�+PEYGYW�IPYGMHSY��HMVMKMRHS�WI�ES�1EKS�HI�6Y¦S�ô)MW�E°�,IRVMIXXI��8IRHI�GYMHEHS�I�TMIHEHI�HS�WIY�EPKS �̂�-VIQSW�EXIRH­�PS��

)ZMXEM��TSV¬Q��S�¶HMS�3 WMG¤VMS�� UYI� WI� VIJIWXIPEZE� RS� QEVX°VMS� HI� ZIVHEsHIMVEW� QYPXMH¸IW��

GSRXIQTPERHS� E� NSZIQ� HIWQEMEHE�� FEsRLEHE� TSV� ¤PKMHS� WYSV� I� ZIRGMHE� TSV�ZEQTMVMWQS�ERMsUYMPERXI��KVMXSY��IWXIVXSVEHS��FPEWJIQERHS��I�EZERªSY�RE�HMVIª¦S�HS�WIY�­QYPS��EPM�IQ�TSWMª¦S�HI�EHZIVW¤VMS��RS�UYI�JSM�VIXMHS��FSRHSWEQIRXI��TIPS�-RWXVYXSV�

3PLERHS�7EXYVRMRS��S�1IRXSV�EQMKS�XVERWQMXMY�YQE�WSPMGMXEª¦S�WMPIRGMSWE�I�S�SFVIMVS�HE�GEVMHEHI��PIZERXERHS�E�ZS �̂�I\SVSY�E�TVSXIª¦S�HMZMRE�IQ�GSQTYRKMHE�SVEª¦S�GSQ�UYI�RSW�WIRWMFMPM^SY�E�XSHSW�

3� (V�� 8ISJVEWXYW�� MRWIRW°ZIP� HIWHI� L¤� QYMXS� £W� ZMsFVEª¸IW� WYTIVMSVIW��

Page 88: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

TIVQERIGIY�MRZEHMHS�TIPSW�WIRXMsQIRXSW�LEFMXYEMW��S�UYI�R¦S�MQTIHMY�7EXYVRMRS�HI�EGIVsGEV�WI�HE�NSZIQ�I�ETPMGEV�PLI�RS�GSVTS�IQ�HIP°UYMS�TEWsWIW�PSRKMXYHMREMW��HIWTIVXERHS�E�� ET¶W� S� UYI�� PMFIVXSY�PLI� S� IWT°VMXS� HE� WIKYVE� QIRXEPM^Eª¦S� HS�SFWIWWSV�MQTPEsG¤ZIP�

%�QSªE�EGSVHSY�RS�GSVTS�MRSTMREHEQIRXI�GSQ�S�SPLEV�IWKE^IEHS��GSQS�WI�VIXSVRERHS�HI�YQ�TIWEHIPS��TEVE�RSZEQIRXI�EHSVQIGIV��ET¶W�PMKIMVSW�QMRYXSW�HI�GSQTSWMª¦S�HSW�TIRWEQIRXSW�

7IRWMFMPM^EHS� GSQ� E� TEMWEKIQ� HI� WSQFVE� HS� TIUYIRS� VIGMRXS�� 7EXYVRMRS�EXIRHIY�£W�HIQEMW� MRXIVREW��I\SVXERHS�SW�WIYW�EHZIVW¤VMSW�HIWIRGEVREHSW��UYI�EFERHSREVEQ�S�VIGMRXS�FYPLIRXSW��SFWGIRSW��MRWIRW°ZIMW��3�TIVWIKYMHSV�HE�NSZIQ��RS� IRXERXS�� JSM� QERXMHS� EPM� IQ� WSRS� LMTsR¶XMGS�� IRUYERXS� S� MVQ¦S� +PEYGYW�TVSHY M̂E�S�HIWHSFVEsQIRXS�HE�TEGMIRXI�I�WYE�MQIHMEXE�PYGMHI �̂

%�QSªE�VIPERGISY�S�SPLEV�TIPS�VIGMRXS��I�ES�HITEsVEV�GSQ�E�JMKYVE�HS�HSYXSV�8ISJVEWXYW� JSM� EGSQIXMHE� HI� GLSUYI�� HIWINERHS� IZEHMV�WI�� %WWMWXMRHS�E�GEVMRLSWEsQIRXI�� S� -RWXVYXSV� ZMXEPM^SY�E� GSQ� JPY°HSW� GEPQERXIW� I� WYKIVMY� UYI� E�)RXMHEHI� WI� ETVS\MQEWWI�� %� ERXMKE� Z°XMQE� HE� -RUYMWMª¦S� EZERªSY�� ZMWMZIPQIRXI�IQSGMSREHE��I�WIQ�TSHIV�HSQMREV�E�EPQE�IQ�JIFVI��KVMXSY�

ô�,IRVMIXXI��,IRVMIXXI��UYI�XI�JM^IVEQ#�4SVUYI�QI�EFERHSREWXI#'LSVS�GSRZYPWMZS�MVVSQTIY��HIWEXVIPEHS��HS�ZIVHYKS�HI�QYMXSW�)QFSVE� E� NSZIQ� WI� GLEQEWWI� %RE� 1EVME�� TEVIGIY� VIKMWXVEV� EUYIPE� ZS �̂ RS�

VIG·RHMXS�HS�WIV�I�VITIRXMREQIRXI�HIWTIVXE��KVEªEW�£W�IRIVKMEW�ZMKSVSWEW�UYI�S�-RWsXVYXSV� PLI�ETPMGEZE�RE�WIHI�HE�QIQ¶VME�IWTMVMXYEP��VIWsTSRHIY��XEQF¬Q��IQ�TVERXS�

ô5YIQ�QI�GLEQE#�5YI�HIWINEQ�HI�QMQ#%�QIHMHE�UYI�%RE�1EVME� HIWTIVXEZE�TEVE� S� TEWsWEHS�� WYE� JSVQE�IWTMVMXYEP�

VIKMWXVEZE� SW� WMREMW� HEW� XVEsK¬HMEW� UYI� PLI� WYGIHIVEQ� EXVEZ¬W� HS� XIQTS�� TEVE�ETVIsWIRXEV�WI� GSRWMHIVEZIPQIRXI� QYHEHE�� IRZIPLIGMHE�� GSQ� EW� QEVGEW� HE�HIWIRGEVREª¦S�I�EW�GEVEGXIV°WXMGEW�HE�ERsXMKE�TIVWSREPMHEHI���

ô -WXS�¬�E�QMRLE�,IRVMIXXI�1EVMI#�ô�IWFVEZINSY�S�1EKS��2¦S�TSHI�WIV�IPE��X¦S�PMRHE�I�TYVE��)WWE�WSQsFVE�¬�EPKYQE�QIKIVE�TEVE�GSRJYRHMV�QI�

%�MRXIVVSKEª¦S�HSPSVSWE�VIWWSEZE�RS�EV��UYERHS�E�IRXMHEHI�MRJIPM �̂VIXVYGSY�ô)�XY��UYIQ�¬W#�4SVUYI�QI�SJIRHIW#ô)Y�� WI� XY� ¬W� ,IRVMIXXI�1EVMI�� IY� WSY� EUYIPI� UYI� WIQTVI� XI� EQSY�� 7SY�

8ISJVEWXYW�� E� UYIQ� E� JSKYIMVE� MRsUYMWMXSVMEP� R¦S� GSRWYQMY�� RIQ� E�QSVXI� T·HI�JE^IV�QSVsVIV�S�EQSV�UYI�WIQTVI�RYXVM�TSV�XM�

)ZSGERHS�� EXVEZ¬W� HE� ERWMIHEHI� HEW� TEPEZVEW�� S� EQSV� HS� TEWWEHS� I� E�HIWIRGEVREª¦S� MQTSWXE� TIPE� MKRSV¥RGME� ZMKIRXI� RS� TVIX¬VMXS�� S� 'LIJI� HE�3VKERM^Eª¦S�QEP¬JMGE� JSM� WEGYHMHS�TSV� ZMSPIRXS�I� GSRZYPWMZS�TVERXS�� IQ�UYI�EW�GSQTSVXEW� HE� EPQE�� PSRKEQIRXI� JIGLEHEW�� TEVIGIVEQ� VSQTIV�WI� HI� MRSTMRS��HERHS�TEWWEKIQ�E�GEYHEP�VIJVIEsHE��IQ�ZSPYQSWS�FPSGS�

(IWTIVXERHS�� QYM� ZEKEVSWEQIRXI�� %RE� 1EVME� ETVIsWIRXEZE�WI� XVMWXIQIRXI�HIWRYHEHE�TIPE�VIEPMHEHI�HSW�EXSW�TVIX¬VMXSW��WIQIPLERHS�WI�E�JERXEWQE�HI�HSV�RS�UYEP�IWsXVYKMWWIQ�XSHEW�EW�EJPMª¸IW�HI�YQE�W¶�ZI �̂�3�TIVMWT°sVMXS�GVYEQIRXI�EWWMREPEHS�TSV�I\YPGIVEª¸IW�TYWXYPIRXEW�UYI�HIRSXEZEQ�SW�EXIRXEHSW�WSJVMHSW�RS�PSRKS� GYVWS� HSW� W¬GYPSW�� WIQ� UYI� EW� Q¦SW� HS� EQSV� SY� HE� VIHIRª¦S� RIPE�LSYZIWWIQ� GSRWIKYMHS� XVEFEPLEV� E� VISVKERM^Eª¦S� HEW� G¬PYPEW�� SY� QSHMJMGEV� E�IWXVYXYVE�HS�XSQ�ZMFVEsX¶VMS��UYI�E�MRJIPMGMXEZE��GEYWEZE�GSQTEM\¦S�

3 EQERXI� IQ� HIWIWTIVS�� IWUYIGMHS� HI� WM� QIWQS�� GSRsXIQTPEZE� EUYIPEW�XVERWJSVQEª¸IW�UYI�SGSVVMEQ�ERXI�SW�RSWWSW�SPLSW�ô�IPI�UYI�IWXEZE�EGSWXYQEHS�

Page 89: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

E�GIREW�QYMXS�QEMW�LSVVMTMPERXIW��REW�UYEMW�IVE�L¤FMP�QERMTYPEHSV�HEW�JSVªEW�UYI�NE^IQ�MRGSRWGMIRXIW�RSW�HITEVXEQIRXSW�QEMW�°RXMQSW�HS�IWT°VMXS�LYQERS�ô��WIQ�SGYPXEV�S�EWWSQFVS�HI�UYI�WI�JE M̂E�TSWWYMV�

%� JSVQE� NSZMEP�� EX¬� L¤� TSYGS� RE� QSªE� TIVWIKYMHE� IQ� IWT°VMXS�� EWWYQMY�I\TVIWW¸IW�ERKYWXMERXIW��I��GSQS�WI�JSVE�HIWTIVXEHE�RSW�GIRXVSW�HEW�QEMW�°RXMQEW�I�HSVMHEW�VIGSVHEª¸IW��I\TPSHMY�

ô3L��(IYW�1MWIVMGSVHMSWS��XIRHI�TMIHEHI�HI�QMQ��4SVUYI�XERXS�WSJVS��QIY�4EM#�4MIHEHI��TMIHEHI�

)\XIVMSVM^SY�YQ�SPLEV�HI�MRIWUYIG°ZIP�WSJVMQIRXS��I��JMXERHS�RSW��MRUYMVMY�ô5YIQ�WSMW��HIQ·RMSW�UYI�QI�TIVWIKYMW�MQTPEG¤sZIMW��SY�ERNSW�UYI�ZMRHIW�

WEPZEV�QI#� 4MIHEHI�� TMIHEHI��2¦S� WYTSVXS�QEMW� WSJVIV�� 8ISJVEWXYW��QIY� EQMKS��TSVsUYI� RSW� WITEVSY� X¦S� GVYIPQIRXI� E� QSVXI#� 3RHI� XI� IRGSRsXVEW�� UYI� QI�SPZMHEWXI#�%TVIWWIM�E�ZSPXE�ES�QYRHS�HSW�QSVXSW��JE �̂XERXS�XIQTS��TEVE�FYWGEV�XI��I�TSVUYI�QSVVM�R¦S�XI�IRGSRXVS�RYRGE���

3 XSQ�HI�PEQIRXS�I�EYXS�VIGVMQMREª¦S�JIVME�RSW�E�WIRWMFMPMHEHI�3 MVQ¦S�7EXYVRMRS��WIQTVI�EXMZS��GSRGMXSY�RSW�£TVIGI�MRXIVGIWW¶VME��IQ�QYHE�

EXMXYHI�HI�GSQTEM\¦S�0IRXEQIRXI� EW� HIRWEW� WSQFVEW� HS� TIUYIRS� VIHYXS� GSQIªEVEQ� E� HMPYMV�WI�

GSQS�WI�ZEKEVSWE�I�WYEZI�QEsHVYKEHE�XMRKMWWI�HI�PY �̂EW�XVIZEW�UYI�EW�QIRXIW�HIWEVsZSVEHEW�EPM�VIYRMVEQ�GSQ�S�TEWWEV�HS�XIQTS���

3 -RWXVYXSV��YXMPM^ERHS�WI�HE�GSRWXIVREª¦S�KIVEP�I�HE�W½FMXE�ERIWXIWME�TW°UYMGE�HI�UYI�JSM�TSWWY°HS�S�HSYsXSV�8ISJVEWXYW��IRZSPZIY�E�)RXMHEHI�WSJVMHE�IQ�JPY°HSW�FEPW¥QMGSW�I�EFVEªSY�E��EJIXYSWS��UYEP�KIRMXSV�GSQTEsHIGMHS��IQ�EXMXYHI�WERXE�HI�EWWMWX­RGME�

)QFSVE�,IRVMIXXI�1EVMI� HIWINEWWI� PMFIVXEV�WI� HS� EQsTPI\S� IRZSPZIRXI�� TEVE�GSVVIV� HIWZEMVEHE�� E� JSVªE� HS� EQSV� XIVQMRSY� TSV� ZIRGIV�PLI� EW� VIWMWX­RGMEW� I��EWTMVERHS�EW�IRIVKMEW�UYI�EKSVE�WEXYVEZEQ�S�EQFMIRXI��EUYMIXSY�WI��GSQ�S�SPLEV�HIRSXERHS� EMRHE� EW� HIWIRGSRXVEHEW� IQSsª¸IW� MRXIVMSVIW� IQ� XSVZIPMRLS� HI�TEM\¸IW�

*SM� E� ZI �̂� IRX¦S�� HS� (V�� 8ISJVEWXYW�� :IRGIRHS� E� GYWXS� S� IWXYTSV� UYI� S�MQSFMPM^EZE��FPEWJIQS�I�MVEHS��T·W�WI�E�EQIEªEV�

ô %UYMIXE�XI��EQEHE��:MRKEV�RSW�IQSW�HIQSVEHE�QIRXI��1MRLE�GPEZE�HI�¶HMS�GEMV¤� WSFVI� EUYIPIW� UYI� EMRHE� W¦S� SW� VIWTSRW¤ZIMW� TIPE� RSWWE� HIWHMXE�� 8IRLS�PMsKEª¸IW� GSQ�SW� ZMRKEHSVIW� °RJIVREMW�� I� IRGSRXVEVIQSW�QIMSW�HI�EXMRKMV� XSHSW�EUYIPIW�UYI�RSW�HIWKVEªEVEQ�MVsVIQMWW°ZIPQIRXI��0MFIVXEV�XI�IM�HS�JEVHS�HS�GSVTS�SHMEHS��TEVE�UYI�ZIRLEW�VIMREV�RSW�QIYW�HSQ°RMSW��ES�QIY�PEHS��3W�W¬GYPSW�HI�WSPIHEHI�I�¶HMS�UYI�QI�UYIMQEVEQ�MRGIWWERXIQIRXI�WIV¦S��EKSVE��WEGMEHSW��RS�¤GMHS� HE� ZMRsKERªE�� I� EGSQTERLEVIQSW� SW� RSWWSW� EPKS^IW� WI� HMPY°VIQ� EX¬� E�HIWXVYMª¦S�HE�JSVQE��WYFQIXMHSW�ES�QIY�MQTPEsG¤ZIP�üENYWXEV�HI�GSRXEWý�

-RMGMEVIQSW�N¤�GSQ�IWWI�MRJEQI�UYI�EUYM�XI�YPXVENE�I�GSRWSQI��0IZ¤�PS�IM�TEVE�S�QIY�VIHYXS�I�S�TYRMVIM��WIZMGMERHS�S�EX¬�UYI�IPI� VIXSVRI�ES�IWXEHS�HI�FIWXE�MRGSRWGMIRXI���

3 -RWXVYXSV�� GSRJMERXI�� MRXIVHMXSY� E� TEPEZVE� HS� 1EKS� IQ� TIVXYVFEª¦S��IWGPEVIGIRHS��GEPQS�

ô %UYM�ZMQSW�IQ�QMWW¦S�HI�QMWIVMG¶VHME�I�EQSV��*SWXIW�GSRZMHEHS�E�ENYHEV��3�EY\°PMS�UYI�RIGIWWMXE�HE�MQTMIHEHI�¬�E^SVVEKYI�HI�PSYGYVE��%�HIJIWE�UYI�EGYWE�JE^�WI�GVYIPHEHI��7¶�S�TIVH¦S�MVVIWXVMXS�I�XSXEP�GSRWIsKYI�E�WYTVIQE�GSVSE�HE�TE �̂�5YIQ�WSQSW�R¶W�TEVE�JEPEV�IQ�HIWJSVªS#�)WXEQSW�XSHSW�WSF�0IMW�VMKSVSWEW�HEW�UYEMW� R¦S� TSHIQSW� JYKMV�� 3� ¶HMS� EXIME� E� GIRXIPLE� HI� HIWXVYMª¦S� UYI� WSQIRXI�

Page 90: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

GIWWE�ERXI�S�EQSV�ZMXSVMSWS�I�JSVXI��2¦S�EGVIHMXIQSW�IRGSRXVEV�RSW�REW�Q¦SW�HE�HIWsZIRXYVE��WEMRHS�HI�YQE�NYWXE�HI�LSVVSV�TEVE�SYXVS�HYIPS�HI�GVMQI��REWGIRHS�I�VIREWGIRHS�IQ�VSHE�HI�ZMHEW�MRsJIVMSVIW��WYJSGEHSW�TIPSW�QMEWQEW�HS�HIWIWTIVS�I� HE� GVMsQMREPMHEHI�� 2¦S� L¤� TSVUYI� HIM\EV� UYI� E� PSYGYVE� TSWWYE� E� VE^¦S� I� E�IWQEKYI��I�UYI�S�WIRXMQIRXS�WINE�HSsQMREHS�TIPEW�WIRWEª¸IW�HE�JIVE�UYI�EMRHE�NEW�IQ�XSHSW�R¶W��EKYEVHERHS�S�QSQIRXS�HI�VIZIPEV�WI�MQTPEG¤ZIP�

ô1EW� IY� WSY� S� (V�� 8ISJVEWXYW�ô� MRXIVVSQTIY�� MQsTIXYSWS� I� P½VMHS� TIPE�G¶PIVE��IWFVEZINERHS�XSRMXVSERXI�

ô 7MQ�� WSMW� S� MVQ¦S� UYI� EKSVE� I\TIVMQIRXE� E� HSV�� E� QIWQE� UYI� ZSW�GSQTVE °̂IMW�IQ�MRJPMKMV�ô�VIHEVsK¿MY�S�1IRXSV��ô�)WXI�¬�YQ�HSW�QSQIRXSW�IQ�UYI�S�HIRSQMREHS�üGLSUYI�HI�VIXSVRSý�VIEPM^E�S�WIY�QMWXIV��2¦S�MKRSVEMW��EXVEZ¬W�HS�GSRLIGMQIRXS�HEW�nPIMW�HI�JSVsªE~��RE�*°WMGE��UYI�E�VIWMWX­RGME�IWX¤�RE�VE^¦S�HMVIXE�HS�QSZMQIRXS�TVSHY M̂HS�TIPS�MQTYPWS�HEHS�ES�SFNIXS�EVsVIQIWWEHS��8SHE�Eª¦S��TSV�MWWS�QIWQS��TVSHY �̂VIEª¸IW�UYI�WI�WYGIHIQ�I�EZERªEQ��GLSGERHS�WI�GSQ�SW�HMXEQIW�HE�7EFIHSVME�(MZMRE�I� PSKS� VIXSVRERHS�RE�HMVIª¦S�HI�UYIQ�EW�MQTVMQI��%�ZMSP­RGME��TSVXERXS��WSQIRXI�GSRsWIKYI�HIWXVYMª¦S��I�GSQS�REHE�WI�ERMUYMPE��E�GSPLIMXE�HS�¶HMS�¬�WIQTVI�¤GMHS�I�GLYZE�HI�EQEVKYVE�

ô 2¦S�� IY�R¦S� WYTSVXS� Z­�PE�RIWWI�IWXEHS�ô� MRXIVsJIVMY�� GSRKIWXMSREHS��ô�2¦S� XIVIM� HMVIMXS� E� IWWE� QYPLIV� UYI� E� ZMHE� QI� RIKSY� HIWHI� SW� TVMQIMVSW�QSQIRXSW#� )Y� UYI� GSQERHS� MR½QIVEW� QIRXIW�� E� YQ� WMQTPIW� KIWXS�� QIYW�WIVZMHSVIW�UYI�WI�IRGSRXVEQ�E°�JSVE�HMWT¸IQ�HI�QIMSW�HI�EXVEMV�ZIVHEHIMVE�PIKM¦S�HI�UYIQ�QI�HIWINI�WIVZMV��I�TVSZSGEVIQSW�YQ�TERHIQ·RMS��HSQMRERHS�ZSW�I�E�IWWIW��EVVIFEXERHS�IWWE�E�UYIQ�HIWINS��E�JMQ�HI�UYI�TIVQEsRIªE�GSQMKS����7IM�YXMPM^EV�QI�HSW�VIGYVWSW�UYI�TVSHYs^IQ�E�VYXYVE�HSW�Z°RGYPSW�UYI�EXEQ�S�IWT°VMXS�ES�GSVTS��2IWWI�WIRXMHS��SW�QIYW�GSRLIGMQIRXSW�YPXVETEWWEQ�SW�7IYW�

ô 2¦S� HYZMHS� ô� VIXVYGSY�� WIVIRS�� S� &IRJIMXSV� )WsTMVMXYEP�� ô� 8SHEZME��GSRWMHIVS�E�HIWRIGIWWMHEHI�HE�ZMSsP­RGME��UYERHS�TSWWYMQSW�VIGYVWSW�SYXVSW�HI�TE �̂�UYI�S�7IRLSV�.IWYW�RSW�SJIVIGI�I�UYI�EKSVE�TSHIQSW�ETPMGEV�WIKYVEQIRXI�

ô 2¦S� QI� ZSPXI� E� JEPEV� RIWWI� 'VYGMJMGEHS� ô� EVsVIQIXIY� GSQ� WEVGEWQS�IZMHIRXI��ô�2IQ�WIUYIV�WI�WEPsZSY�E�WM�QIWQS��RS�IRXERXS��HIM\SY�YQ�VEWXVS�HI�WERKYI�I�TEHIGMQIRXSW�TSV�SRHI�TEWWSY�E�PIQFVERªE�SHMIRXE�HE�WYE�'VY �̂��

ô )RKEREMW�ZSW��ô�MQTYKRSY�S�1IRWEKIMVS��ô�3�ZSWWS�WSJVMQIRXS�RE�JSKYIMVE�JSM� MRNYWXS�W¶�ETEVIRXIsQIRXI��&IQ�WEFIMW�UYI�E�ZSWWE�ZMHE�R¦S�WI�SVMKMRSY�EPM��'EQMRLERXI� HE� IXIVRMHEHI�� UYERXEW� I\MWX­RGMEW� JMGEVEQ� WITYPXEW� REW� GMR^EW� HS�TEWWEHS#���FIQ�ZIVHEHI�UYI�R¦S�NYWXMJMGEQSW�E�WERLE�GVMQMRSWE��UYI�HYVERXI�E�-HEsHI�1¬HME�XSQSY�GSRXE�HE�,MWX¶VME��2S�IRXERXS��EMRHE�LSNI��UYI�JE^IMW#�'SQS�IWX¦S� EW� ZSWWEW� Q¦SW#� *EPEMW� IQ� NYWXMªE� I� GPEQEMW�� HIWEVZSVEHS�� 5YI� HMVIMXS�XIRHIW�HI�E�I\IGYXEV#�2¦S�JSM�IWWI�S�IVVS�HSW�MRUYMWMHSVIW�HS�TEWWEHS��IQ�GYNE�XVEQE� GE°WXIW#� 7SJVIWXIW�� WMQ�� RIsJERHE� EXVSGMHEHI�� QEW� R¦S� MRH¬FMXS�NYWXMGMEQIRXS��7I�JSWWIMW�LYQMPHI�I�WI�EGSPL­WWIMW�S�EQSV��XIV�ZSW�ME�PMsFIVXEHS�I�LSNI�WIV°IMW�PMZVI��2S�IRXERXS��GSRZIVXIWXIW�E�STSVXYRMHEHI�IQ�JEVHS�HI�LSVVSV�I��IRPSYUYIGMHS�� EGVIsHMXEWXIW� RS� TSHIV� HE� JSVªE�� WIQTVI� XVERWMX¶VME�� TSVUYI�WSQIRXI� TIVIRI� ¬� E� JSVªE� HS� EQSV�� UYI� EMRHE� HIWHIsRLEMW�� 3� TV¶TVMS�1IWXVI��QIWQS�TIVWIKYMHS�I�GSRHIREsHS��PIGMSRSY�TIVH¦S�ES�MRZ¬W�HI�VIZMHI��GSQTEM\¦S�HMERXI� HS� SJIRWSV�� QMWIVMG¶VHME� IQ� VIPEª¦S� ES� VIZIP� I� GEVMHEHI� IQ� XSHE�GMVGYRWX¥RGME����)�SJIVIGIY�WI�E�WM�QIWQS��)PI�UYI�¬�S�)\GIPWS�6IM�7SPEV��HMVIXSV�HSW�RSWWSW�HIWsXMRSW��6IGSRLIGIM� E� TV¶TVME� JVEUYI^E� I� TEVEM� E� IWGYXEV�� UYERXS�MKRSVEMW��%MRHE�R¦S�SYZMWXIW�,IRVMIXXI�1EVMI���

3W�GSRGIMXSW�JIPM^IW�I�STSVXYRSW�HS� MVQ¦S�+PEYGYW�I�E�L¤FMP�QERIMVE�GSQ�E�

Page 91: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

UYEP� HIWZMEVE� S� XIQE� TEVE� SW� TVSFPIQEW� HE� WSJVIHSVE�� TVSHY M̂VEQ� S� IJIMXS�HIWIsNEHS�WSFVI�S�EXYVHMHS�ZMRKEHSV�

ô 'SRXE�RSW�ô� ETVIWWSY�WI��UYEWI�W½TPMGI�ô�� GSRsXE�RSW�S�UYI� XI�SGSVVIY��4VSGYVIM�XI�XERXS��UYERHS�EW�PEFEVIHEW�HIM\EVEQ�HI�GVIWXEV�QI�EW�GEVRIW�EXEHEW�ES�PIRLS�RE�TVEªE�HS�1IVGEHS�:IPLS��IQ�6Y¦S��3�¶HMS�UYI�QI�GSRWYQME�R¦S�QI�TIVQMXMY�� TSV¬Q�� E� WIVIRMHEHI� HI� PSGEPM^EV�XI�� *YM� EXVE°HS� TSV� GSQTERLIMVSW� HE�QMRLE�HIWKVEªE�I�MRKVIWWIM�REW�LSWXIW�HSW�NYWXMªEHSVIW�

,IRVMIXXI�1EVMI� UYI� JE M̂E� GSQTVIIRW°ZIP� IWJSVªS� TEVE� EGSQTERLEV� XSHSW� SW�PERGIW� HSW� GSQIXMQIRXSW� UYI� EGSRsXIGMEQ� REUYIPI� MRWXERXI�� VIFYWGERHS� SW�VIJSPLSW�HE�QIRXI��GSQ�ZS �̂IRXVIGSVXEHE�I�SJIKERXI��MRUYMVMY�

ô 3L��XY�¬W��IRX¦S��S�EQSV�UYI�QI�VSYFEVEQ��VSYsFERHS�QI�HITSMW�E�QMQ�QIWQE#� :­� S� UYI� JSM� JIMXS� HI� QMQ�� 'SRXIQTPE�QI�� �� MRJIPM^QIRXI� MQTSWW°ZIP�VIGSsQIªEV�� 4IVHM�QI� RE� ZSVEKIQ� HI� WYMG°HMS� UYI� EMRHE� QI� JE �̂ GSRXSVGIV� EW�IRXVERLEW�� WIQ�STSVXYRMHEHI�HI� VITEsVEV� S� KIWXS�� NEQEMW�� )WXSY� GSRHIREHE�ES�-RJIVRS�

ô 1EW�R¦S�L¤�-RJIVRS�ô�VIXVYGSY�S�MRXIVPSGYXSV�ô�3W�HIQ·RMSW�WSQSW�R¶W�I�YQ�HSW�QYMXSW�MRJIVRSW�I\MWXIRXIW��KSZIVRS�S�IY��

%WWIVIRE�XI�I�TVSWWIKYI�%�MRJIPM �̂IRXMHEHI��IQSGMSREHE�I�HSVMHE��GSRXMRYSY�ô 8IRLS�VSKEHS�E�(IYW��QIWQS�RS�GSVTS��UYI�QI�GSRGIHE�E�HMXE�HE�TE �̂�I�

MKRSVEZE��RSW�QSQIRXSW�IQ�UYI�QI�IRGSRXVS�VIGPYWE�RIWWEW�GEVRIW��UYI�E�QMRLE�TE �̂ EHZMVME� HI� IRGSRXVEV�XI� I� ZSPXEV� E� WIRXMV�XI� ES�QIY� PEHS�� %NYHE�QI�� WI�QI�EQEW��E�WEMV�HS�PEFMVMRXS�XSVQIRXSWS�IQ�UYI�XIRLS�ZMZMHS��7¶�S�XIY�EQSV�QI�HEV¤�PIRMXMZS�WSGSVVI�QI� 8IS�� -KRSVEW� UYERXS� XIRLS� GLSVEHS�� 1MRLEW� P¤KVMQEW� WI�XVERWJSVQEVEQ�IQ�EªS�HIVVIXMHS�UYI�QI�IWsGSVVI�HSW�SPLSW�HMPEGIVEHSW��JIVMRHS�WIQ�GIWWEV�E�JEGI���

3YZMRHS�E�� S�(V��8ISJVEWXYW�EGLIKSY�WI�I��HI� NSIsPLSW�� ZIRGMHS�TSV�IQSª¦S�HIWIWTIVEHSVE��JIVMHS�GSQS�ERMQEP�EGYEHS��EGYHMY�

ô 5YI�R¦S�JEVIM�TSV�XM��IY��UYI��HIWHI�UYI�XI�TIVHM��QI�GSRZIVXM�IQ�GLEQE�GVITMXERXI�UYI�R¦S�WI�GSRWSQI�RE�ZSVEKIQ�HE�TV¶TVME�HIWIWTIVEª¦S��%UYM�IWXSY��2¦S�WSJVEW�QEMW��XIQ�TEGM­RGME�

,IRVMIXXI�1EVMI� JMXSY�S�� IRX¦S�� GSQ�SPLEV� HI� WYsTVIQE�ERK½WXME�� EXVEZ¬W� HS�UYEP�KVSWWEW�P¤KVMQEW�VSPEsZEQ�MRGIWWERXIW��%XIRHMHE�TIPSW�JPY°HSW�FIR¬JMGSW�HS�MVsQ¦S� +PEYGYW�� GYNS� X¶VE\� TEVIGME� YQE� IWXVIPE� VIJYPKIRXI� IQ� GPEVMHEHIW�GEQFMERXIW�I�HM¤JEREW��UYI�IRZSPZMEQ�E�WSJVIHSVE��SJIKERXI��GSQS�WI�HIWINEWWI�ETVSZIMXEV�WI�HS�MRWXERXI�UYI�WI�PLI�ETVIWIRXEZE�½RMGS��TEVE�HIVVEQEV�S�JIP�VIXMHS�RS�GSVEª¦S��I\TPMGS¿�

ô 4EWWEVEQ�WI� XERXSW� W¬GYPSW� N¤� I� TEVIGI�QI� UYI� XYHS� EGSRXIGIY� EMRHE�SRXIQ����5YERHS�QI� MRJSVQEVEQ�UYI�LEZMEW� WMHS�GSRHIREHS�TIPE� -RUYMWMª¦S�ES�T¦S�HE�HSV�I�£�¤KYE�HE�EKSRME��GSQTVIIRHM�UYI�TEWWEVMEW�£.YWXMªE� MRJEQI�UYI�KSZIVREZE��EVFMXV¤VME��GEQMRLERHS�TEVE�E�JSKYIMVE��8IRXIM�ZIV�XI��WIQ�S�GSRWIKYMV�RYRGE��2¦S�XI�TYHI�HM^IV�HS�EQSV�UYI�QI�IWXVYKME�REPQE�I�HSW�WSRLSW�HI�ZIRXYVE�UYI�EGEPIRXEVE�TEVE�JVYMV�ES�XIY�PEHS��5YERHS�QI�ERYRGMEVEQ�S�XIY�WYTP°GMS�IQ�TVEªE�T½FPMGE�I�E�XYE�QSVXI��VIJYKMIM�QI�REW�WSQFVEW�HS�'SRsZIRXS��FYWGERHS�S�IWUYIGMQIRXS� I� S� EFERHSRS�HI� XYHS�� %� MQEKMREª¦S� HSW� XIYW� WYTP°GMSW�� EQEHS��EXSVQIRXEZE�QI��VSYFERHS�QI�HIQSVEHEQIRXI�E�TE �̂�I�GSRHY M̂RHS�QI�£�PSYGYVE�IQ�TVSGIWWS�HI� PSRKS�GYVWS��1EW�R¦S� JYKM�ES�GVYIP�HIWXMRS��UYI�RSW�TIVWIKYMY�MQTPEG¤ZIP�

Page 92: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

-KRSVEW��XEPZI �̂�UYI�S�MRJEQI�UYI�TVIWMHMY�ES�TVSGIWWS�IQ�UYI�JSWXI�IRZSPZMHS��J­�PS�TSV�JIPSRME����7¶�QEMW�XEVHI�IY�S�WSYFI��(MWWI�QI�IPI�QIWQS�EXVEZ¬W�HE�FSGE�HS�GSRJIWWMSR¤VMS��UYERHS�QI�UYMW�VSYFEV�E�LSRVE�I�ETSWsWEV�WI�HI�QMQ��UYI�PLI�TEVIGIVE�TVIWE�J¤GMP�ESW�GETVMGLSW�HI�YQ�LSQIQ�HIZEWWS��JE^IRHS�QI�WIVZE�HEW�WYEW� TEM\¸IW�� 7EFIRHS� HS� RSWWS� EQSV�ô� TSMW� UYI� IY� PLS� REVsVEVE� EXVEZ¬W� HI�GSRJMWW¦S�EYVMGYPEV�ERXIVMSV�ô�HSQMsRSY�XIQTSV£VMEQIRXI�E�TEM\¦S��I�WIQ�UYI�S�WSYFIWWI�� IY� QIWQE� PLI� JSVRIGM� EW� FEWIW� TVSGIWWYEMW�� UYERHS� PLI� REVVIM� EW�MRGYVW¸IW�UYI�JE M̂EW�RS�VIMRS�HSW�QSVXSW�I�EW�TV¤XMGEW�E�UYI�XI�HIHMGEZEW��4IHME��IRX¦S�� GSRWIPLSW� ES� RIJERHS� XVEMHSV���� )� IPI� XYHS� JI �̂ TEVE� EJEWXEV�XI� HS� QIY�GEQMRLS��EGVIHMXERHS��PSFS�UYI�IVE��RE�TSWWMFMPMHEHI�HI�HIZSVEV�E�SZIPLE���

4VSJYRHS�WYWTMVS�WI�PLI�IWGETSY�HSW�P¤FMSW��GSQS�WI�XSHSW�SW�WIRXMHSW��XIRWSW�HIWHI� L¤� QYMXS�� VIPE\ERHS�WI� EKSVE�� WI� JSWWIQ� HIWTIHEªERHS�� %RWMSWE� TSV�PMFIVXEV�WI�HEW�L¶VVMHEW�VIGSVHEª¸IW��TVSWWIKYMY�

ô�%GVIHMXERHS�RE�J¬�IWT½VME�UYI�IPI�IRWMREZE�I�HMs M̂E�ZMZIV��SYZM�PLI�XSHEW�EW�NYWXMJMGEª¸IW��HIM\ERHS�QI�GVIV�UYI��IQFSVE�TIVHIRHS�E�ZMHE��IRXVEVMEW�RS�6IMRS�HI� (IYW�� KVEªEW� £� MRXIVZIRª¦S� HSW� EXSW� PMX½VKMGSW� üTSWXôQSVXIQý�� UYI� WI�TVSRXMJMGSY�E�GIPIFVEV�IQ�MRXIRª¦S�HE�XYE�EPQE��2¦S�WI�TEWWEVE�S�XVMWXI�SYXSRS�HE�XVEK¬HME� I� VIPEXSY�QI�E� WYE� JYVMSWE� TEM\¦S� TSV�QMQ�� HM^IRHS�QI� XIV� WMHS� IY� S�Q¶ZIP� HI� XSHE� E� HIWKVEªE� UYI� S� PIZEVE� E� EWWEWWMREV�XI� IQ� RSQI� HE� J¬� I� HE�VIPMKM¦S����3�¶HMS� WYVHS�UYI�WI�ETSWWSY�HI�QMQ� JSM� WYTIVMSV�E� XYHS�UYI�TSWWEW�MQEKMREV��-RZIWXMHE�RSW�L¤FMXSW�HE�3VHIQ�E�UYI�QI�VIGSPLIVE��JM�PS�EGVIHMXEV�UYI�QI� WYFQIXIVME� ESW� WIYW� GETVMGLSW� I�� UYERHS� ZMWMXEHE�TIPE� WYE� MRJEQI�TIWWSE��WIVZM�PLI� ZMRLS� ES� UYEP� EHMGMSREVE� ZMSPIRXS� ZIRIRS�� %T¶W� MRKIVMHS�� GSRWXEXIM� SW�WMRXSQEW�UYI�GSQIªEZEQ�E�JYPQMsREV�E�Z°FSVE��7IKYVE�HE�WYE�HIWXVYMª¦S��GSRXIM�PLI��IRsX¦S��IRUYERXS�WI�VIXSVGME�RE�HSV��S�QIY�HIWTVI^S�I�S�QIY�LSVVSV��:IRGMHE�TIPE� PSYGYVE�� PMFIM�� EPM� QIWQS�� EPXE� HSWI� HS� ZMRLS� IRZIRIREHS� I� WYGYQFM�� HI�MQIHMEXS��WIQ�RYRGE�QSVVIV���

n(IWKVEªEHE�HI�QMQ��6IIRGSRXVIM�S�PSKS��IWTIVERsHS�QI���ü3� UYI�QI� EGSRXIGIY�� HIWHI� IRX¦S�� R¦S� TSWWS� VIPEsXEV�� 7¦S� WYGIWW¸IW� HI�

RSMXIW� IQ� UYI� ZMENS� ES� MRJIVRS� QMP� ZI^IW� I� VIXSVRS�� SVE� ZIRGMHE� TSV� JSVªEW�WEX¥RMGEW��HIRXVI�EW�UYEMW�IPI�WI�HIWXEGE��ZI^IW�SYXVEW�TSWWY°HE�TIPE�ZIVQMRE�UYI�QI� ZIRGI� EX¬� S� SPZMHS�� TEVE� VIGSQIsªEV� XYHS� SYXVE� ZI �̂� MRGIWWERXIQIRXI��HSPSVMHEQIRXI���

n%KSVE��EQEHS��EKSVE�IY�S�WMRXS�RE�WYE�VSRHE�ZMRsKEHSVE�I�S�ZINS�HIZSVERHS�QI�TSV�HIRXVS�ô�IY�UYI�S�SHIMS�WIQ�VIQSVWS�ô��IRUYERXS�E�HSIRªE�QI�HIWXV¶M�TSV�JSVE��)RGSRXVERHS�XI��TSV¬Q��XYHS�QI�TEVIGI�X¦S�HMZIVWS��UYI�IWUYIGIVME�S�ZMP�GVMQMRSWS�UYI�RSW�HIWXVYMY�E�EQFSW�I�EX¬�S�TIVHSEVME��WI�R¦S�XI�ETEVXEWWIW�HI�QMQ��3YZI�QI��������

ô3YªS�XI� I� TVSZMHIRGMEVIM� TEVE� UYI� R¦S� WSJVEW� QEMW� I� TEVE� UYI� ZIRLEW�MQIHMEXEQIRXI�TEVE�SRHI�QI�IRGSRsXVS��2¦S�XI�HIM\EVIM�I�ZIPEVIM�£�XYE�TSVXE�EX¬�S�QSsQIRXS�UYI�PSKS�ZMV¤�TEVE�E�RSWWE�ZIRXYVE��ZIRGMHSW�SW�½PXMQSW�¶FMGIW�UYI�RSW�WITEVEQ�ô�IWWIW�JV¤KIMW�PEªSW�HI�GEVRI�I�WERKYI�

)QFSVE�WIQMJYPQMREHS�TIPE�REVVEª¦S��IWTYQINERXI�HI�¶HMS�I�JYVMFYRHS��S�(V��8ISJVEWXYW� N¤� HIRSXEZE� SW� WMsREMW� HS� QMPEKVI� HS� EQSV�� %� ZS �̂ VITEWWEHE� HI�WSJVMQIRXS�MRHIJMR°ZIP��GSQ�UYI�,IRVMIXXI�1EVMI�VIPEXSY�S�GSQTPI\S�HVEQE�IQ�UYI�WI�ZMVE�IRZSPZMHE��HIM\EZE�RS�ZIVHYKS�HI�QYMXSW�S�HIWINS�MQIRWS�HI�QMRSVEV�PLI�E�PSRKE� I� MRsX¬VQMRE� HSV�� WYTSVXEHE� TSV� XERXEW� H¬GEHEW� EXVEZ¬W� HS� TEWWEV� HSW�XIQTSW�

ô,IRVMIXXI�1EVMI�ô�MRJSVQSY�S�1EKS�HI�6Y¦S

Page 93: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

ô� IQFSVE� MKRSVEWWI� XSHS� S� XIY� WSJVIV�� GSQS� PIRMXMZS� UYIVS� UYI� WEMFEW� UYI�EUYIPIW� UYI� RSW� HIWKVEªEVEQ� I\TIsVMQIRXEVEQ� REW�QMRLEW�Q¦SW� S� P¤XIKS� HE�NYWXMªE��*M^�QI�VIM�HI�HSQ°RMSW�IQ�UYI�S�LSVVSV�I\IVGI�TVIHSQMsR¥RGME�WSFVI�E�TMIHEHI�I�IQ�UYI�E�ZMRKERªE�¬�E�PIM�HI�XSHE�LSVE����*IVMHS��VIXSVRIM�ESW�W°XMSW�HE�RSWWE� MRJIsPMGMHEHI�I�FYWUYIM�XI��2¦S� XI� PSKVIM�EGLEV�� -KRSVEZE�UYI� JYKMWXI�TIPS�QEMW�GVYIP�GEQMRLS��S�HS�WYMG°HMS��IQ�GYNS�GYVWS�R¦S�XIRLS�QIMSW�HI�MRXIVJIVMV��N¤�UYI� S� WYMsGMHE� WI� HITEVE� GSQ� SYXVEW� GSRWXVYª¸IW� HE� NYWXMªE�� %� QMRLE� Q¦S�EPGERªSY�S�&MWTS�HI����I�SYXVSW�EWWIGPEW�WIYW��PSRKI��TSV¬Q��IY�IWXEZE�HI�WYTSV�UYI� S� GEYWEHSV� HI� XYHS� JSVE� S� XIY� GSRJIWWSV�� S� Q¶VFMHS� GVMQMRSWS� UYI� WI�HMWJEVªEZE�GSQ�EW�WERH¤PMEW�HE�LYQMPHEHI�TEVE�SGYPsXEV�S�GIPIVEHS�UYI�WIQTVI�JSM��&YWG¤�PS�IQSW��TSV¬Q��(MV�QI�¤W�SRHI�WI�IRGSRXVE��I�R¶W�HSMW�JEVIQSW�NYWXMªE�

2IWWI�QSQIRXS��S� MVQ¦S�+PEYGYW�� MRXIVJIVMRHS�RS�HM¤PSKS�HSW�HSMW�)WT°VMXSW�UYI�WI�VIIRGSRXVEZEQ�ET¶W�X¦S�PSRKE�WITEVEª¦S��IPYGMHSY�

ô2¦S�IWUYIªEMW�HI�UYI�W¶�S�EQSV�TSHI�VIWSPZIV�S�TVSFPIQE�HS�¶HMS��:MRHIW�ZSW�EVVEWXERHS�TIPE�WIRHE�HS�XIQTS��HIWGIRHS�£�ERMQEPMHEHI�MRJIVMSV��GSRWYQMHSW�TIPS�HIWIWTIVS��5YERHS�TEVEVIMW#�%�UYIHE�R¦S�XIQ�TEsXEQEV�MRJIVMSV��WIQTVI�WI�TSHI�FEM\EV�QEMW����8EQsF¬Q�S�TPEREPXS�HE�VIHIRª¦S��WIQTVI�WI�TSHI�EWGIRHIV�RE�HMVIª¦S�HE�:MHE�EX¬�£�KPSVMJMGEª¦S�MQSVXEP��3PZMHEM�EUYIPIW�UYI�ZSW�QEGIVEVEQ�I�GSRWMHIVEM�E�STSVXYRMHEHI�HS�EQSV��UYI�SVE�HIJVSRXEMW����GIVXS�UYI�ZSW�WITEVEQ�SW�IPSW�HS�GSVTS��4EVE�UYIQ�EQE��TSV¬Q��R¦S�L¤�ZIVHEHIMVEQRIRXI�WITEVEª¦S�

-RXIVZMRHS��S�(V��8ISJVEWXYW�EVVIQIXIY�ô2¦S� L¤� GSQS� EGIMXEV� MQTSWMXMZSW� HI� EQSV�� 4EVE� E� RSWWE� JIPMGMHEHI� W¶� E�

HIWXVYMª¦S�HSW�MRMQMKSW���ô)RKEREMW�ZSW�� ô� VIXVYGSY�� S� -RWXVYXSV�� ô� 2¦S� L¤� HIWXVYMª¦S� RIQ�

ERMUYMPEQIRXS�HI�ZMHEW�SY�HI�)WT°sVMXSW��5YEPUYIV�XIRXEQI�RIWWI�WIRXMHS�WSQIRXI�EPSRsKEV¤�MRHIJMRMHEQIRXI�S�ZSWWS�QEVX°VMS��3�IRWEMS�HI�HIWsJSVªS�WITEVEV�ZSW�¤�I�E� PSYGYVE� HE� WYTSWMª¦S�� UYERXS� £� HIWIRGEVREª¦S� HI� %RE� 1EVME�� R¦S� TEWWE� HI�MRKIRYMHEHI�� UYI� EGEPIRXEMW� WIQ� I\EQI� QMRYHIRXI� I� P¶KMGS�� 2¦S� WSsQSW� SW�EVUYMXIXSW�HE�:MHE��%WWMQ��TSMW��R¦S�XIQSW�S�HMVIMXS�RIQ�TSHIQSW�MRXIVJIVMV�RS�WIY�GYVWS��UYI�SFIsHIGI�E�TPERMJMGEª¦S�WYTIVMSV�UYI�ZSW�IWGETE��3YZM�QI�S�EPKS �̂E�UYIQ�SHMEMW�¬��XEQF¬Q��ZSWWE�Z°XMQE��-RJIPM �̂�IWTIVE�STSVXYRMHEHI�HI�TIVH¦S��TEVE�MKYEPQIRXI�TIVsHSEV��3�JIP�WSVZMHS�MRGIWWERXIRRIRXI�HIWIWTIVE�S�I��ZIRsGMHS�TIPE�TV¶TVME�MRW¥RME��HIWHI�L¤�QYMXS�TIVHIY�E�JEsGYPHEHI�HI�HMWGIVRMV��)WGVEZS�HS�¶HMS�¬�Z°XMQE�HIPI�QIWQS��XIRHS�WI�JIMXS�GEXEVMRE�TSV�ZSRXEHI�TV¶TVME��*IsVM�PS�QEMW�¬�EVVIQEXEHE�PSYGYVE��.¤�R¦S�WSJVI��TIVHIY�E�JEGYPHEHI�HI�I\TIVMQIRXEV�E�HSV��3FIHIGI�E�MQTYPWSW�QIG¥RMGSW�HS�GSRHMGMSREQIRXS�HIQSVEHS�E�UYI�WI�NYRsKMY��%NYH¤�PS�¬�ENYHEV�ZSW��WSGSVV­�PS�GSQ�E�TMIHEHI�WMKsRMJMGE�PMFIVXEV�ZSW�

)QFSVE� IWXMZIWWI� HMWTSWXS� ES� HYIPS� ZIVFEP�� S� HSYsXSV� 8ISJVEWXYW� HIRSXEZE�GERWEªS��I�S�VIIRGSRXVS��GSQ�,IRVMIXXI�1EVMI��HI�GIVXS�QSHS�GSRWIKYMVE�JIVM�PS��IRsWINERHS�PLI�RSZEW�GSRGITª¸IW�WSFVI�EW�0IMW�(MZMREW�

3 MVQ¦S�+PEYGYW��RIWWI�QSQIRXS��EHSVREHS�HI�PYs^IW�GSQS�ZIRIVERHE�JMKYVE�VIWWYVKMHE�IQ�QEHVYKEHE�HI�MQSVXEPMHEHI��XSQERHS�SW�HSMW�WIVIW�UYEP�WI�JSVE�S�KIRMXSV�HI�EQFSW��HMWWI�

ô6IIRGSRXVEV�RSW�IQSW�SYXVEW�ZI^IW��(IWHSFVEQ�WI�RSW�TIVWTIGXMZEW�TEVE�S�EQERL¦�� %KSVE� WI� RSW� MQsT¸I� E� QSQIRX¥RIE� WITEVEª¦S�� %RE� 1EVME� HIZI�VIEWWYsQMV� SW� HIZIVIW� HS� VIWWEVGMQIRXS� E� UYI� WI� IRGSRXVE� ZMRsGYPEHE�� I� Z¶W��EQMKS�� RIGIWWMXEMW� TIRWEV�� 3� XIQTS� WIVs�ZSW�¤� GSRWIPLIMVS�� (IWTIªEQS�RSW�� I�VIGSRHY^EQSW�E�RSWWE�UYIVMHE�EQMKE�ESW�WIYW�GSQTVSQMWWSW�LYQERSW��UYI�R¦S�

Page 94: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

TSHIQSW�MRXIVHMXEV�RIQ�QSHMJMGEV�3 (V��8ISJVEWXYW�XIRXSY�VIEKMV��MRWMWXMV��(MERXI��TSV¬Q��HS�&IRJIMXSV��GYNS�SPLEV�

TIRIXVEZE�S� HSGIQIRXI�� S� EXSVQIRXEHS� NYM �̂ I� ZMRKEHSV� FEM\SY� SW� SPLSW� I�WMPIRGMSY�

*SVEQ�QMRMWXVEHSW�TEWWIW�RS�SFWIWWSV�HI�%RE�1EsVME�UYI�WI�IRGSRXVEZE�ES�PEHS� I� TVSZMHIRGMEHE� WYE� VIsQSª¦S� HEPM�� 3� (V�� 8ISJVEWXYW� HIWTIHMY�WI�� WIRHS�ERXIW� MRJSVQEHS� HE� TSWWMFMPMHEHI� HI� RSZS� IRGSRXVS� IQ� HME� TVIsZMEQIRXI�EWWMREPEHS�� UYERHS� ZSPXEV°EQSW� ES� 0E^EVIXS�� 6IGSRHY M̂HSW� ES� ZI°GYPS� UYI� RSW�IWTIVEZE�£�TSVXE�HE�GEWE��VIXSVREQSW�ES�8IQTPS�HI�SVEª¸IW��I��ET¶W�GSQSsZMHE�TVIGI��JSQSW�VIGSRHY M̂HSW�ES�PEV�

9Q� EQERLIGIV� IQ� XSRW� V¶WISW� I� E^YMW� ZIRGME� E� 2EXYVI^E� IQ� WSQFVEW��ERYRGMERHS�S�RSZS�HME�

Page 95: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

��4VSKVEQEª¦S�VIHIRXSVE

2S�HIWHSFVEQIRXS�HEW�XEVIJEW�LEFMXYEMW��EXVEZ¬W�HEW�UYEMW�IVEQ�QERXMHSW�SW�GSRXEGXSW� GSQ� SW� &IRJIMsXSVIW� (IWIRGEVREHSW�� REW� WIWW¸IW� IWTIGMEMW��LIFHSQEH¤sVMEW��VIGIF°EQSW�IWGPEVIGMQIRXSW�I�MRJSVQEª¸IW��EXVEZ¬W�HEW�UYEMW�SW�MVQ¦SW� 7EXYVRMRS� I� %QFV¶WMS� RSW� HEZEQ� IPYGMHEª¸IW� QMRYHIRXIW� HSW�EGSRXIGMQIRXSW�XVERWGSVVMHSW�RE�)WJIVE�)WTMVMXYEP��UYERHS�HSW�PEFSVIW�EFIRªSEHSW�HI�UYI�TEVXMGMT¤ZEQSW��GSRUYERXS�E�RSWWE�GSRHMª¦S�HI�IRGEVREHSW�RS�HSQMG°PMS�SVK¥RMGS�

(IWWE� JSVQE�� MRXIMVEQS�RSW�HSW�HIXEPLIW�HE�STIVEsª¦S� JVEXIVRE� NYRXS�ES�(V��8ISJVEWXYW�I�E�,IRVMIXXI�1EsVMI��EWWMQ�GSQS�HSW�JEXSW�TVIGIHIRXIW��3FZMEQIRXI��ES� VIXSVREVQSW� ES� GSVTS� WSQ¤XMGS�� EW� PIQFVERªEW� HEW� VIEsPM^Eª¸IW� IWTMVMXYEMW�HIWETEVIGMEQ�UYEWI�GSQTPIXEQIRXI��HIM\ERHS�RSW�EW�IZSGEª¸IW�IQ�MQTVIWW¸IW�HI�WSRLSW�UYI�WI�QERMJIWXEZEQ��SVE�GSQS�TIWEHIPSW�HSPSVSWSW��SVE�GSQS�IWXEHSW�HI�GSQYRL¦S�IPIZEHE�GSQ�EW�)WJIVEW�7YTIVMSsVIW�HE�:MHE��2IWWI�TEVXMGYPEV��SW�-RWXVYXSVIW� WI� IRGEVsVIKEZEQ�HI� EXMZEV� SY� JVIREV� SW� GIRXVSW� IRGEVVIKEHSW� HEW�PIQFVERªEW�� HI� QSHS� E� UYI� E� RSWWE� NSVREHE� LYQERE� XVERWGSVVIWWI� GSQ� E�RSVQEPMHEHI� TSWW°ZIP�� WIQ� TVSFPIsQEW� UYI� RSW� TIVXYVFEWWIQ� EW� EXMZMHEHIW� HI�WIVZMHSVIW�HE�'SQYRMHEHI�HSW�LSQIRW�

%�VIGSVHEª¦S�HIXEPLEHE�WMXYEV�RSW�ME�IRXVI�SW�HSMW�QYRHSW��IRWINERHS�RSW�YQ�HIWETIVGIFMQIRXS�HEW� VIEPMsHEHIW�HS� PEHS� J°WMGS��TVSTMGMERHS�RSW�YQ�HIWZMS�HE�EXIRsª¦S��UYI�WI�ZSPXEVME�TEVE�EW�I\TIVM­RGMEW�I�VIEPMHEHIW�HE�IWJIVE�IWTMVMXYEP�

(IWHI� UYI� JSVE� MRMGMEHS� S� TVSGIWWS� HIWSFWIWWMZS� HI�1EVMERE�� VIGIF­VEQSW�EHZIVX­RGME� RS� WIRXMHS� HI�QERsXIV� EW� PMKEª¸IW� TW°UYMGEW� GSQ� E� )WTMVMXYEPMHEHI�7YTIVMSV��HI�QSHS�E�RSW�EGEYXIPEVQSW�HEW�GMPEHEW�HSW�)WT°VMXSW�QIRSW�JIPM^IW�UYI��WYVTVIIRHMHSW�TIPEW�MRGYVW¸IW�UYI�WI�JEVMEQ�RSW�WIYW�HSQ°RMSW��WIVMEQ�GSRGMXEHSW�£� EKVIWsW¦S� TSV� XSHSW� SW� QIMSW� TSWW°ZIMW�� RYQE� XIRXEXMZE� HI� SFWXEV� S� PEFSV�EFIRªSEHS�SVE�IQ�I\IGYª¦S�

'SRWMHIVERHS� EW� EPXEW� VIWTSRWEFMPMHEHIW� UYI� RSW� HMs M̂EQ� VIWTIMXS��FYWG¤ZEQSW� GSVVIWTSRHIV� £� I\TIGXEXMZE� HSW� 1IRXSVIW�� IWJSVªERHS�RSW� TSV�SJIVIGIV��TIPS�QIRSW��E�UYSXE�HE�SVEª¦S��HS�TIRWEQIRXS�SXMQMWXE�I�S�IWT°sVMXS�HI�EFRIKEª¦S��HIHMGERHS�RSW�ES�QMWXIV�IWTMVMXYEP�GSQ�EPXE�HSWI�HI�IRXYWMEWQS�I�J¬�

%S�TVMQIMVS�IRWINS�� ET¶W�E�IRXVIZMWXE� GSQ�S�I\�1EKS�HI�6Y¦S��S�&IRJIMXSV�7EXYVRMRS� IPYGMHSY�� TIPE� TWMGSJSsRME� HS� Q¬HMYQ� 1SVEMW�� UYI� ZSPXEV°EQSW� E�IRGSRXVEV�RSW�� HITSMW� HI� GSRGPY°HSW� SW� XVEFEPLSW� HE� RSMXI�� UYERHS� S� -VQ¦S�+PEYGYW� GSRHY M̂VME� S� XIVV°ZIP� SFWIWWSV�� SVE� IQ� JEWI� HI� QIHMXEª¦S�� E� YQE�IRXVIZMWXE�REUYIPE�'EWE��RYQ�IRGSRXVS�UYI�IWXEZE�HIWXMREHS�E�HIJMRMV�SW�VYQSW�JYsXYVSW� HE� WYE� ZMHE�� 'SRGMXEZE�RSW� ES� I\IVG°GMS� I� QIRsXEPM^Eª¦S� HE� TMIHEHI�JVEXIVREP��QERMJIWXEª¦S�IWWIRGMEP�TEVE�E�GEVMHEHI�PIK°XMQE��HI�UYI�RSW�HIZIV°EQSW�VIZIWsXMV�TEVE�GSSTIVEV�EXMZEQIRXI�

)Q� VIXSVRERHS� ES� PEV�� E� I\TIGXEXMZE� HS� VIIRGSRXVS� QI� MRUYMIXEZE��HMJMGYPXERHS�QI�S�RIGIWW¤VMS�VITSYWS��3VERHS��RS�IRXERXS��I�WIRXMRHS�E�TVIWIRªE�HSW� -VQ¦SW� 1EMSVIW� HS� 1YRHS� )WTMVMXYEP�� VIGSQTYWIQSW� E� TEMWEKIQ�QIRXEP� I�FVERHS� XSVTSV� RSW� MRZEHMY�� JEGMPMXERHS� £W� )RXMHEHIW� ZMKMPERXIW� S� RSWWS�HIWHSFVEQIRXS�I�GSRWIUYIRXI�GSRHYª¦S�£�7IHI�HE�RSWWE�'EWE�HI�3VEª¦S�I�%QSV��5YERHS�EPM�GLIKEQSW��N¤�WI�IRGSRXVEZEQ�SW�HIQEMW�QIQsFVSW�TEVXMGMTERXIW�HEW�

Page 96: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

XEVIJEW�WSGSVVMWXEW�7EXYVRMRS��WIQTVI�GEPQS�I�KIRXMP��XVEHY M̂Y�IQ�WIRsXMHE�SVEª¦S�SW�ERWIMSW�HI�

XSHSW�SW�TVIWIRXIW�I�VSKSY�E�.IWYW�JSWWI�)PI�S�7YFPMQI�:MWMXERXI�I�S�'SRHYXSV�HSW�XVEFEPLSW� IQ� HIWHSFVEQIRXS�� GSQ� ZMWXEW� £� GEVMHEHI� HE� MPYQMREª¦S� HI�GSRWGM­RGMEW�SFRYFMPEHEW�TIPS�SVKYPLS�I�TIPS�IKS°WQS�ô�IWWIW�HSMW�MQTPEG¤ZIMW�MRMQMKSW�HS�IWsT°VMXS�LYQERS�

3 EQFMIRXI�� £�QIHMHE� UYI� S� &IRJIMXSV� SVEZE�� WI� JSM� WEXYVERHS� HI� TIVJYQI�HMWGVIXS�� UYEP� PEZERHE�QYMXS� PIZI� GEVVIEHE� TSV� WYEZI� EVEKIQ� �� 4¬XEPEW� HI� PY �̂HM¤JERE� GSsQIªEVEQ� E� GEMV�� EFYRHERXIW�� I� HIWJE M̂EQ�WI� ES� XSGEV� RSW�GMVGYRWXERXIW�SY�RSW�HMZIVWSW�Q¶ZIMW�I�SFNIXSW��:MFVEsª¸IW�QYMXS�TIRIXVERXIW�RSW�MQTVIKREZEQ�E� XSHSW� �� )� WIQ�UYI� S� TIVGIF­WWIQSW�� EW� IQSª¸IW� VSQTMEQ�SW�HMUYIW� HE� ZMW¦S� I� JPY°EQ� IQ� GSTMSWEW� P¤KVMQEW�� RS� VIGSPLMQIRXS� IQ� UYI� RSW�IRGSRXV¤ZEQSW�

:SPXERHS�WI�TEVE�S�MVQ¦S�4IXMXMRKE��7EXYVRMRS�WSsPMGMXSY�ô0IME��QIY�MVQ¦S��S�n0MZVS�HE�:MHE~�3 ZIRIVERHS�EQMKS�EGIVGSY�WI�HE�QIWE�QIHM½RMGE�I�XSQSY�HI�TIUYIRS�PMZVS��

MVMWEHS� HI� JMPIXIW� HI� PY �̂� RS� UYEP� ZMQSW� IQ� XSRW� E^YP�TVEXIEHSW� EW� PIXVEW�� IQ�HIWXEUYI�2SZS�8IWXEQIRXS�

%FVMRHS�S� ES� WEFSV� HS�QSQIRXS�� IQFEVKEHS� TIPE� IQSXMZMHEHI� WYTIVMSV� HE�LSVE�� .SW¬� 4IXMXMRKE� PIY� EW� ERSsXEª¸IW� HS� ET¶WXSPS� 1EVGSW�� RS� 'ET°XYPS� R}� ���ZIVWMGYPSW����E����

n1IWXVI��IY�XI�XVSY\I�QIY�JMPLS��UYI�IWX¤�TSWWIWWS�HYQ�)WT°VMXS�QYHS��I�IWXI��SRHI�UYIV�UYI�S�ETERLE��S�PEQªE�TSV�XIVVE��IPI�IWTYQE��VERKI�SW�HIRXIW�I�ZEM�HIJMRLERHS�� 6SKYIM� E� XIYW� HMWG°TYPSW� UYI� S� IWTIPMWWIQ�� I� IPIW� R¦S� TYHIVEQ��n(MWWI�PLIW� .IWYW�� n3L�� KIVEª¦S� MRGV¬HYPE�� EX¬� UYERHS� IWXEVIM� GSRZSWGS#� EX¬�UYERHS� ZSW� WSJVIVIM#� 8VEs^IM�QS~�)RX¦S�� PLS� XVSY\IVEQ��%S� ZIV� E� .IWYW�� PSKS� S�IWT°VMXS�S�GSRZYPWMSRSY��IPI�GEMY�TSV�XIVVE�I�WI�IWXSVGIY��IWTYQERHS��4IVKYRXSY�.IWYW� ES� TEM� HIPI��ô� n,¤� UYERsXS� XIQTS� EGSRXIGI� MWXS#~� 6IWTSRHIY�PLI��ô�n(IWHI�E� MRJ¥RGME��I�QYMXEW�ZI^IW�S�XIQ�PERªEHS�XERXS�RS� JSKS�GSQS�RE�¤KYE��TEVE�S�HIWXVYMV��QEW�WI�TSHIW�EPKYQE�GSMWE��GSQTEHIGI�XI�HI�R¶W�I�ENYHE�RSW��~�(MWWI�PLI�.IsWYW���7I�TSHIW��XYHS�¬�TSWW°ZIP�ES�UYI�GV­�~�-QIHMEsXEQIRXI�S�TEM�HS�QIRMRS�I\GPEQSY��n'VIMS��ENYHE�E�QMsRLE�MRGVIHYPMHEHI�~�.IWYW��ZIRHS�UYI�YQE�QYPXMH¦S� EJPYME�� VITVIIRHIY� S� )WT°VMXS� MQYRHS�� HM^IRHS�PLI�� n)WT°VMXS� QYHS� I�WYVHS��IY�XI�SVHIRS��WE°�HIPI��I�RYRGE�QEMW�RIPI�IRXVIW�~�+VMXERHS�I�EKMXERHS�S�QYMXS��WEMY��S�QIRMRS�JMGSY�GSQS�QSVXS��HI�QERIMVE�UYI�E�QEMSV�TEVXI�HS�TSZS�HM M̂E��n1SVVIY��~�.IWYW��TSV¬Q��XSQERHS�S�TIPE�Q¦S��IVKYIY�S��I�IPI�JMGSY�IQ�T¬��(ITSMW�UYI�IRXVSY�IQ�GEWE��TIVKYRXEVEQ�PLI�WIYW�HMWG°TYPSW�TEVXMGYPEVQIRXI��ô�n'SQS�¬�UYI�R¶W�R¦S�TYHIQSW�I\TYPW¤�PS#~�6IWTSRHIY�PLIW��ô�ü)WXE�IWT¬GMI�W¶�TSHI�WEMV�£�JSVªE�HI�SVEª¦S�~

*IGLERHS� S� HIPMGEHS� VITSWMX¶VMS� HSW� �HMXSW� HS� 7IsRLSV~�� I�� MRWTMVEHS� I�GSQSZMHS��.SW¬�4IXMXMRKE��ET¶W�PMsKIMVE�TEYWE��XIGIY�GSQIRX¤VMSW�ZE^EHSW�RE�QEMW�I\GIsPIRXI� GSRGIMXYEª¦S� IWT°VMXE�� VIZMZIRHS� SW� JIMXSW� HS� 1IWsXVI�� REUYIPI�QSQIRXS�IQ�UYI�HIZIV°EQSW��EUYMRLSEHSW�TIPE�QIVG­�HS�6EFM��GSRGMXEV�£�TE �̂I�ES� EVVITIRHMQIRXS�� YQ� )WT°VMXS� UYI�� WSQIRXI� n£� JSVªE� HE� SVEª¦S~�� TSHIVME�QSHMJMGEV�WI�

7MPIRGMEZE�S�ET¶WXSPS�HE�QIRWEKIQ�IWT°VMXE�IQ�XIVsVEW�FEMEREW�RS�TEWWEHS��UYERHS�HIY�IRXVEHE�RE� WEPE�S� MVQ¦S�+PEYGYW��UYI� WI� JE M̂E�EGSQTERLEV�HS�(V��8ISsJVEWXYW� I� HSW� HSMW� KYEVHM¦IW� UYI�� GSQ� TIVQMWW¦S� HSW� -RWXVYXSVIW�� JMGEVEQ�

Page 97: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

TSWXEHSW�£�TSVXE�HS�VIGMRXS��TIPS�PEHS�I\XIVMSV�%� )RXMHEHI� ZMWMXERXI� XVE M̂E� S� WIQFPERXI� ZIPEHS� TSV� WMRKYPEV�QIPERGSPME�� 3W�

SPLSW�ERXIW�FVMPLERXIW��XVEHYs M̂RHS�IWXVERLE�JIVSGMHEHI��WI�ETVIWIRXEZEQ�FEªSW��I��GSQS�WI�WYTSVXEWWI�MRZMW°ZIP�JEVHS��GEQMRLEZE�XEVHS��GSQ�GEVEGXIV°WXMGEW�QYM�HMZIVWEW�HEUYIPEW�UYI�SWXIRXEZE�EX¬�L¤�TSYGSW�HMEW�

8VEXEHS� GSQ� GEVMRLS� I� VIWTIMXS� TIPS� ZIRIV¤ZIP� &IRsJIMXSV�� JSM� GSRZMHEHS� E�WIRXEV�WI�IRXVI�R¶W��RE�GSRHMª¦S�HI�GSRZMHEHS�IWTIGMEP�

3 MVQ¦S�+PEYGYW��XSQERHS�E�TEPEZVE��JEPSY�WYWWMRsXEQIRXI�ô8VEXEQSW�EUYM�HI�HEV�TVSWWIKYMQIRXS�ES�I\EQI�HSW�TVSFPIQEW�UYI�HM^IQ�

VIWTIMXS�E�,IRVMIXXI�1EVMI�I�ES�WIY�TIVWIKYMHSV��UYI�EKSVE�WI�IRGSRXVE�VIGSPLMHS�IQ�VIGMRXS�HI�%QSV��WSF�KYEVHE�HI�HIZSXEHSW�WIVZMHSVIW�HS�&IQ��2¦S�MKRSVEQSW�UYI�S�MVQ¦S�8ISJVEWXYW�JSM�HIJVSRXEHS�TSV�WYVTVIWE�HSPSVSWE�GSQ�S�VIWYPXEHS�HE�Q¤�ETPMGEª¦S�HS�XIQTS��TEWWERHS�E�I\TIVMQIRXEV�HIWHI�IRsX¦S�EW�GSRWIUY­RGMEW�HEW�EXMXYHIW�IWTSRXERIEQIRXI� XSsQEHEW��7EFIRHS�S� PMKEHS�TSV�TVSJYRHSW� PEªSW�HI�EJIMsª¦S�£�WSJVIHSVE��UYI�PLI�R¦S�T·HI�JVYMV�E�GSQTERLME�RSW�½PXMQSW�XIQTSW��GSRWMHIVEQSW�HI�FSQ�EPZMXVI�GSRsHY M̂�PS�EX¬�SRHI�IPE�WI�IRGSRXVEZE��HI�QSHS�E�GSRGIVXEV�TPERSW�IQ�VIPEª¦S�ES�JYXYVS�I�WYWXEV��IQ�HIJMRMXMZS��EW�QEUYMREª¸IW�HE�GVMQMREPMHEHI�EX¬�EKSVE�IQ�HIWHSFVEQIRXS�

ô1EW��RS�QSQIRXS�ô�VITSWXSY�S�ZMRKEHSV��ZMWMZIPQIRXI�GSRXYVFEHS�ô��R¦S�TSHIVIM� EUYMIWGIV� GSQ�UYEMWsUYIV� GSQTVSQMWWSW�UYI�SFNIXMZIQ�EJEWXEV�QI�HSW�QYVSW�HS�QIY�GEQTS�HI�Eª¦S��)WXSY�ZMRGYPEHS�E�YQE�TSHIsVSWE�3VKERM^Eª¦S��I�IQFSVE�IQ�TSWMª¦S�HI�GSQERHS�WSY��TSV�QMRLE�ZI �̂�GSQERHEHS�

ô -RWMWXMQSW� IQ� IPYGMHEV�ô� VITPMGSY�� WIKYVS� I� GEPsQS�� S� &IRJIMXSV�ô� UYI�'LIJI�WSQIRXI�YQ�L¤��.IWYW��S�6IM�7YFPMQI�HEW�RSWWEW�ZMHEW��E�5YIQ�HIZIQSW�EW�H¤HMZEW�STSVXYREW�HE�IZSPYª¦S�I�HS�TVSKVIWWS�EXYEP��IQ�RSWWE�RSZE�GSRHMª¦S�HI�ZMERHERXIW� HE� PY �̂� )RXVIsKERHS�RSW� ES� 7IY� GSQERHS� EJ¤ZIP�� RIRLYQE� JSVªE�TSWsWYMV¤� QIMSW� HI� EPGERªEV�RSW�� TSVUYI� WSQFVE� EPKYQE�� TSV� QEMW� HIRWE��GSRWIKYMV¤�WYTPERXEV�E�PY �̂QEMW�MRWMKRMJMsGERXI��WYFQIXIRHS�E���

ô 7SQSW��TSV¬Q�ô�VIZMHSY��EPKS�MRHIGMWS�ô��HS^I�1IRXIW�(SQMREHSVEW��UYI�RSW� IRGSRXVEQSW� WYFQIXMHSW� E� YQE� IUYMTI� HI� HI �̂ 1EKMWXVEHSW� UYI� LEFMXEQ�6IKM¸IW�-RJIVREMW��SRHI�SW�Q°RMQSW�HIWZMSW�HE�.YWXMªE�VIGIFIQ�PSRKEW�TYRMª¸IW��'SRWXMXY°QSW� S� KVYTS� HSW� (S^I���� 2E� ETPMGEª¦S� HS� RSWWS� G¶HMKS� WIPIGMSREQSW�GVMQMRSWSW�UYI�EPGERªEQ��HI�RSWWEW�Q¦SW��EW�TVMQIMVEW�GSVVIª¸IW��ET¶W�S�UYI�W¦S�GSRHY M̂HSW�TEVE�SW�TVIW°HMSW�TV¶TVMSW��REW�JYVREW��SRHI�PIZERXEQ�EW�GSRWXVYª¸IW�HE� 'MHEHI� HE� *PEsKIPEª¦S���� 0MKEQS�RSW� TSV� TVSGIWWS� QIRXEP� IWTIGMEPMs^EHS� I�JVIUYIRXIQIRXI� WSQSW� GSRZMHEHSW�� TSV� RSWWE� ZI �̂� £� TVIWXEª¦S� HI� GSRXEW�� IQ�QMRYHIRXIW� VIPEX¶VMSW� ZIVFEMW� UYI� W¦S� JMWGEPM^EHSW� TSV� X¬GRMGSW� GSQTIXIRXIW� I�ETEVIsPLSW� WIRW°ZIMW�� %P¬Q�HMWWS�� EW�QMRLEW�TV¶TVMEW� VE^¸IW�QI� MQTIHIQ� XYHS�EFERHSREV��TEVE�HIM\EV�QI�EVVEWXEV�TSV�WIRXMQIRXEPMWQSW�Q¶VFMHSW��VIRIKERHS�£�JIPMGMHEHI�IQ�UYI�QI�GSQTVE^S��WIQ�GSRLIGIV��IZMHIRXIQIRXI��S�UYI�WI�IWTIVE�HI� QMQ�� 8YHS� QI� ¬� QYMXS� J¤GMP�� FEWXEV�QI�¤� EVVERGEV� ,IRVMIXXI�1EVMI� HE�QEWQSVVE�GEVREP�I�VIX­�PE�GSQMKS���

ô )�SPZMHE�S�EQMKS�ô�I\TPMGSY�S�MVQ¦S�+PEYGYW�ô�UYI�HIWIRGEVRERHS�E�RSWWE�MVQ¦�� TSV� GSRWXVMª¦S� SFWIWsWMZE�� IPE� IWGETEV¤� HEW� ZSWWEW� Q¦SW�� TSV� XIV� WMHS�ETVIWsWEHE�E�WYE�TEVXMHE��WIQ�UYI�WI�TSWWE�VIWTSRWEFMPM^¤�PE�TSV� MWWS#� -KRSVEMW�I\EXEQIRXI�EW�nPIMW�HI�JPY°HSW~�I�SW�TVSGIWWSW�HI�nWMRXSRME~#�)WUYIGIMW�ZSW�HI�UYI�XSHE�Z°XMQE�PMFVE�EGMQE�HSW�WIYW�EPKS^IW#�%P¬Q�HMWWS��GSRWMsHIVIQSW�UYI�R¦S�TSHIQSW� HIWTVI^EV� E� STª¦S� HS� 7IRLSV�� MWSP¤�PE� HE� ZSWWE� MRXIVJIV­RGME� TSV�TVSGIWWSW�UYI�RSW�IWsGETEQ�£�WEKEGMHEHI��QEW�UYI�TIVXIRGIQ�£�WEFIHSVME�

Page 98: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

7MQ��R¦S�MKRSVS�ô�EUYMIWGIY�ô��QEW�E�GSRNYRsXYVE�UYI�WI�QI�ETVIWIRXE�¬�KVEZI����%QS�E��WIQTVI�E�EQIM��2E�MQTSWWMFMPMHEHI�HI�TSWWY°�PE��GSQS�TVMZEV�QI�HS�WIY�EQSV#

ô (IM\ERHS�ZSW� TSWWYMV� ô� VIHEVK¿MY�� EQIRS�� S� &IRsJIMXSV�� ô� 3� EQSV� ¬�GSRGIWW¦S� UYI� WI� QERMJIWXE� GSQ� QMP� JEGIW�� 2¦S� TSHIRHS� WIV�PLI� S� IWTSWS��GSRWIKYMVIMW�WIV�S�EQEHS��RS�WIMS�QEXIVRS��RE�GSRHMª¦S�HI� JMPLS�HE�EPQE�I�HS�GSVEª¦S�� *VYMV�PLI�IMW� E� XIVRYVE� HEW�Q¦SW� I� WYKEVIMW� S� PIMXI� ZMXEP� HS� WIY� WIMS��)WXEVIMW�RS�GEPSV�HE�WYE�HIZSª¦S�I�SW�ZSWWSW�SPLSW�WI�HIQSVEV¦S�QIVKYPLEHSW�RE�PYQMRSWMHEHI�HSW�SPLSW�UYI�EQEQ��4IVQYXEVIMW�E�KVERHI�RSMXI�HE�WSPIHEHI�TIPS�HIQSVEHS�QIMS�HME�HE�GSRZMZ­RGME��8VERWJYRHMVIMW�XSHS�WIRXMQIRXS�HI�EQEVKYVE�IQ� I\TVIWsW¦S� HI� HITIRH­RGME� I� J¬�� (IVVEQEVIMW� S� ZEWS� HS� ¶HMS�� UYI� WI�GSRZIVXIV¤�IQ�EHYFS�HI�TVSHYª¦S��RS�WSPS�HE�GSQTVIsIRW¦S�I�HE�EJIXMZMHEHI��4SV�H¬GEHE�HI�HMWX¥RGME��YQ�XIQTS�WIQ�JMQ�HI�TVIWIRªE��HI�MQSVVIHSYVE�GSRWX¥RGME�

ô )�E�PITVE#�ô�EVK½MY�ô� %� PITVE� HI� UYI� TEVIGI� VIZIWXMHE� ô� IPYGMHSY� S� %QMKS� )WTMVMXYEP� ô� ¬�

IRJIVQMHEHI�WMQYPEGVS��TVSHY M̂HE�TIPEW�HIWGEVKEW�GSRWXERXIW�HS�WIY�TIVWIKYMHSV�HIWIRGEVsREHS��2¦S�HIWGSRLIGIMW��EQMKS�8ISJVEWXYW��S�UYI�GSRWIsKYIQ�EW�JSVªEW�JPY°HMGEW�HIWIRGEHIEHEW�WSF�S�MQTEGXS�HS�¶HMS��I�E�EFWSVª¦S�IQ�PSRKS�TVSGIWWS�SFWIWWMZS�HEW�IRIVsKMEW�HIPIX¬VMEW��(I�QIRXI�GSRWYQMHE�TIPE�TIVXYVFEª¦S�UYI�E�WM� QIWQE� WI� ZIQ� MQTSRHS�� EXVEZ¬W� HEW� GSRWXERXIW� XVERWKVIWW¸IW� £W� 0IMW� HI�.YWXMªE��RSWWE�MVQ¦�WMRGVSRM^SY�GSQ�S�ZIVHYKS�UYI�E�Z°XMQE�I��EQSPIRXEHE�TIPEW�ZMFVEsª¸IW� LMTR¶XMGEW� HS� WIY� ERXEKSRMWXE�� GSQIªSY� E� I\TIVMQIRsXEV� EW� JEPWEW�MQTVIWW¸IW�HS�1EP�HI�,ERWIR�ô�GSRJSVQI�HIWINS�HS�WIY�MRMQMKS�ô��WIRHS�EXMVEHE�ES�TVIW°HMS�LSWsTMXEPEV�IQ�UYI�ZMZI��IQ�UYEWI�XSXEP�EFERHSRS��TEVE�UYI�E�ZMRHMXE�WI�GSVSI�HE�VIWSPYª¦S�JMREP��UYI�S�WMG¤VMS�EKYEVsHEZE��S�WYMG°HMS��)WXEQSW��EPM¤W��MRJSVQEHSW�HI�UYI�XEP�TPERS�JSVE�XVEFEPLEHS�TIPS�TV¶TVMS�EQMKS�8ISJVEWXYW��UYI�EXIRHIV¤�£��GSRWYPXE�UYI�PLI�JSVQYPEVE�S�EPKS �̂HI�,IRsVMIXXI��IQ�IWTIX¤GYPS��RS�%RJMXIEXVS��ET¶W�SYZM�PS��IQ�SGEsWM¦S�TEWWEHE��ERSW�EXV¤W���

ô 5Y­#�ô�+VMXSY�S�MRJSVXYREHS��ô�)RX¦S��WIVIM�IY��S�WEFYNS�UYI�SJIVIGIY�ES�GEªEHSV�E�TMWXE�HE�HIWXVYMsª¦S�HE�Z°XMQE#

ô 7MQ��QIY�EQMKS�ô�EJMVQSY��S�TVIWXMQSWS�1IRsXSV��ô�4SV�MWWS�W¶�£�.YWXMªE�(MZMRE�GSQTIXI�SW�GEWSW�HE�NYWXMªE��(MWWI�.IWYW��n:¶W�NYPKEMW�WIKYRHS�E�GEVRI��SY�E� ETEV­RGME �� IY� E� RMRKY¬Q� NYPKS~�� TSV� GSRLIGIV� )PI� S� RSWWS� SRXIQ� I� EW�TIVWTIGXMZEW�HS�RSWWS�EQERL¦��8SHS�EKVIWWSV�MRGSRWGMIRXI�GEM�LSNI�SY�QEMW�XEVHI�REW�EVQEsHMPLEW�HE�EKVIWW¦S�

)�HERHS�RSZE�IRXSREª¦S�£�ZS �̂�UYI�QERXMRLE�E�WIsVIRMHEHI�LEFMXYEP��QEW�UYI�WI�RSW�EJMKYVEZE�GSQ�I\TVIWsW¸IW�HI�IRIVKME��S�MVQ¦S�+PEYGYW�EHY M̂Y�

ô 7SF�GEVMRLSWE�EWWMWX­RGME�HI�TEWWMWXEW�IWTIGMEPMs^EHSW�HE�RSWWE�)WJIVE��I�EJEWXEHS�TEVE�XVEXEQIRXS�S�WIY�TIVWIKYMHSV��%RE�1EVME�VIGSFVEV¤�JSVªEW�TW°UYMGEW�I� SVsK¥RMGEW�� PSKS� QEMW�� VIGYTIVERHS�WI� EPKS� VETMHEQIRXI�� %� IRJIVQMHEHI�VIKVMHMV¤� IQ� GEV¤XIV� QMVEGYPSWS� I� IPE� GSRLIsGIV¤� YQ� TSYGS� HI� PIRMXMZS� I�IWTIVERªE� EXVEZ¬W� HS� FVEªS� EQMKS� HI� EPKY¬Q� UYI�� XEQF¬Q�� WI� PLI� ZMRGYPE��HMWXIRsHIRHS�RE�WYE�HMVIª¦S�E�EPMERªE�RYTGMEP��1IVKYPLEVIMW��PSKS�ET¶W��S�EQMKS�8ISJVEWXYW� I� S� ZSWWS� G·QTEV�� TEVE�� RS� PSRKS� GEQMRLS� E� TIVGSVVIV� EXVEZ¬W� HE�I\TIVM­RGME�GEVsREP��XYHS�VIGSQIªEV��VIJE^IV��VIKYPEVM^EV�

ô )�SW�QIYW�H¬FMXSW�ô� MRXIVVSKSY�ô�GSQS�QI�WIsV¦S�GSFVEHSW#�2¦S�TSWWS�HIWGSRLIGIV�E�I\XIRW¦S�HSW�QIYW�EXSW�I�WIM�HEW�GSRWIUY­RGMEW�UYI�IPIW�HIZIQ�EGEVsVIXEV��������ô�3W�RSWWSW�IVVSW�ô�VIJIVIRHSY�S�MVQ¦S�+PEYGYW�ô�LSNI�SY�QEMW�XEVHI�RSW�

Page 99: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

ZSPXEQ� IQ� GEV¤XIV� HI� RIGIWW¤sVME� VITEVEª¦S�� %HMEV� S� VIENYWXEQIRXS� WMKRMJMGE��XEQF¬Q�� EYQIRXEV� SW� KVEZEQIW� UYI� S� XIQTS� PLIW� EGVIWGIRXEV¤�� MQTSRHS�RSW�QEMW� IPIZEHE� HSWI� HI� WEGVMJ°GMS�� %P¬Q� HMWWS�� R¦S� RSW� GEFI� E� TVIWYRª¦S� HI�ERXIGMTEV�S�TSVZMV��)RXVIsKYIW�ES�7IRLSV��S�7IRLSV�GYMHEV¤�HI�R¶W��EFVMRHS�RSW�SW�HIT¶WMXSW�HS�7IY�EQSV�I�IRVMUYIGIRHS�RSW�GSQ�EW�7YEW�F­Rª¦SW�Q½PXMTPEW��4EVE�)PI� R¦S� L¤� TIVWIKYMHSV� RIQ� TIVsWIKYMHS�� QEW� )WT°VMXSW� IRJIVQSW� IQ� IWXEHSW�HMJIVIRXIW�� GEQMRLERHS� TSV� ZMEW� HMZIVWEW� RE� HMVIª¦S� HS� &IQ� -RJMsRMXS�� 2¦S�MKRSVEQSW�UYI�S�QEP�¬�WSQIRXI�EYW­RGME�HS�FIQ�I�UYI�£�GLIKEHE�HIWXI�EUYIPI�IWQEIGI��TSVU¿ERXS�W¶�YQE�JSVªE�I\MWXI��E�HS�%QSV�XVMYRJERXI�

%UYIPIW� GSRGIMXSW� TIRIXVEZEQ�RSW� E� XSHSW�� IWTIGMEPsQIRXI� RS� 'LIJI� HS�%RJMXIEXVS��UYI�WI�QSWXVEZE�GEHE�ZI �̂QEMW� XVMWXI��QEMW� MRJIPM �̂� R¦S�SGYPXERHS�S�WSJVMQIRXS�UYI�S�PMFIVXEZE�HIPI�QIWQS��IWGVEZS�HEW�TEM\¸IW�W¬GYPSW�E�JMS�

0IZERXERHS�WI��WIQ�E�WSFIVFME�HI�ERXIW��S�(V��8ISsJVEWXYW�EVVIQIXIY�ô1EW�MWXS�EUYM�¬�YQE�'EWE�)WT°VMXE��7SY�YQE�HEW�1IRXIW�IRGEVVIKEHEW�HI�

GSQFEXIV� E� TIªSRLE� GVMWX¦�� UYI� XIMQE� IQ� VIETEVIGIV� GSQ� MRHYQIRX¤VME� RSZE��(IXIWsXIQSW�IWWIW�EZIRXYVIMVSW�HS�GSVTS��UYI�WI�EXVIZIQ�MRZEsHMV�SW�HSQ°RMSW��UYI�WSQIRXI�TIVXIRGIQ�ESW�QSVXSW�

ô )UYMZSGEQ�ZSW��EQMKS�ô� SFXIQTIVSY�EQ£ZIPQIRsXI�S� MVQ¦S�+PEYGYW��ô�2¦S�L¤�QSVXSW��I�WMQ�ZMZSW��)RGEVsREHSW�SY�HIWIRGEVREHSW�WSQSW�XSHSW�)WT°VMXSW�MQSVXEMW��XVERWMXERHS�RYQE�SY�RSYXVE�ZMFVEª¦S��QEVGLERHS��TSV¬Q��RE�HMVIª¦S�HE�MQSVXEPMHEHI�� 3� 'VMWXMERMWQS� R¦S� XIMQE� IQ� ETEVIGIV� SY� VIETEVIGIV�� R¦S�HIWETEVIGIY�RYRGE��GSRUYERsXS�EW�MRXIVTSPEª¸IW�I�HIWVIWTIMXSW�HI�UYI�JSM�Z°XMQE�EXVEsZ¬W� HSW� W¬GYPSW�� 6IJPIXMRHS� S� TIRWEQIRXS� HS� 'VMWXS� ¬� E� IWsTIVERªE� HSW�LSQIRW� I� S� T¦S� HEW� ZMHEW�� 'SQFEX­�PS� ¬� IRsZIRIREV�WI�� TIVWIKYM�PS� WMKRMJMGE�HMPEXEV�PLI� SW� LSVM^SRXIW� UYI� WI� TIVHIQ� REW� JVSRXIMVEW� HS� 7MWXIQE� 7SPEV�� :¦�PSYGYVE�HE�MKRSV¥RGME�TIPINEV�GSRXVE�S�GSRLIGMQIRXS�I�HE�IWXYPXMGI�MRZIWXMV�GSRXVE�E�WEFIHSVME����.IWYW�ZMZI�I�ZIRGI��QIY�EQMKS����XYHS�MR½XMP�I�Z¶W�WEFIMW�

ô 2¦S� S� WIM�ô� VITPMGSY�� N¤� GSQFEPMHS�ô� QEW� S� WMRXS�� )PI� QI� TIVWIKYI�MRI\SV£ZIPQIRXI��2¦S�QI�HIM\E�VITSYWEV��XSVXYVE�QI�IQ�GEHE�YQ�E�UYIQ�XSVXYVS��HIWIWsTIVE�QI�IQ�XSHSW�EUYIPIW�RSW�UYEMW�HIWGEVVIKS�E�QMRLE�WERLE��5YI�XIQ�)PI�GSRXVE�QMQ#

ô 3Y� UYI� XIRHIW� GSRXVE� )PI#�ô� VIXVYGSY� S� &IRsJIMXSV��ô� .IWYW� ¬� S� EQSV�MRI\EYV°ZIP��R¦S�TIVWIKYI��EQE��R¦S�XSVXYVE��VIRSZE��R¦S�HIWIWTIVE��ETEWGIRXE��3�EQMKS�8ISJVEWXYW��WMQ��EVZSVSY�WI�IQ�7IY�EHZIVW¤VMS�I�WSJVI�EW�GSRXMRK­RGMEW�HE�EPYGMREª¦S�I�HE�TVSGVEWXMREª¦S�HS�QSQIRXS�HI�IRXVIKEV�WI�PLI�IQ�XSXEP�HSEª¦S��2¦S� XI�QEMW�� TSMW�� %� ZIVHEHIMVE� GSVEKIQ� WI�QERMJIWXE�� XEQF¬Q�� UYERHS� S� WIV�VIGSRLIGI�S�UYI�¬�I�S�UYI�TSWWYM��VIJE^IRHS�S�GEQMRLS�TSV�SRHI�HIWINE�WIKYMV��VIYRMRHS�JSVªEW�TEVE�VIXIQTIVEV�S�¥RMQS��I��UYEP�GVMERªE��ETVIRHIV�S�EQSV�HIWHI�EW�WYEW�TVMQIMVEW�PMª¸IW�

ô 8IQS��WSY�GSRWXVERKMHS�E�GSRJIWWEV�ô 3�XIQSV�HIWGIRHI�HE�GSRWGM­RGME�IQ�GYPTE�ô 8IRLS�WMHS�E�I\TVIWW¦S�HE�JSVªE�I�HE�ZMSP­RGME�I�ETVIRHM�E�R¦S�GSRJMEV�ô .IWYW�� TSV¬Q�� ¬� E� I\TVIWW¦S� HS� EQSV� I� WYE� R¦S�ZMSP­RGME� SJIVIGI� E�

GSRJMERªE�UYI�EKMKERXE�EUYIPIW�UYI�3�WIKYIQ�IQ�I\XIRW¦S�HI�HIZSXEQIRXS�ô 8IQS��TSVUYI�GVIMS����)�GVIRHS��WSJVS��)Q�XSHS�S�TIPINEV��QIWQS�SHMERHS��

RYRGE�3�FERM�HE�QMRLE�QIRXI�ô 2IQ�TSHIV°IMW�JE^­�PS��3�¶HMS�¬�S�EQSV�UYI�IRsPSYUYIGIY���ô 2SW�TVMQIMVSW�HMEW�HS� W¬GYPS�EXYEP� JYM� GSRZSGEHS�E�EFERHSREV�S� WSPS�HE�

*VERªE� TEVE� ZMV� EUYM� STIVEV�� XIRHS� IQ� ZMWXE� E� XVERWJSVQEª¦S� UYI� WI� VIEPM^EZE�

Page 100: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

RIWXI� TE°W�� ERXI� S� VIZIVHIWG¬V� HS� TIRWEQIRXS� GVMWX¦S�� EQSVXIGMHS� IQ� XSHE� E�TEVXI�I�VIZMZIRXI�EUYM�TIPS�GSRXEGXS�GSQ�E���RSWWE�)WJIVE�HI�ZMHE��2SWWS�KVYTS�HIZIVME� IRGEVVIKEV�WI� HI� WMXMEV� E� QIHMYRMHEHI� I� SW� RSZSW� GVY^EHSW� HS�'VMWXMERMWsQS�� MRWXEYVERHS�XVMFYREP�HI�TYRMª¦S�I�XVE^IRHS�SW�E�RSWsWSW�VIGMRXSW��UYERHS�WIQMHIWPMKEHSW�TIPS�WSRS��TEVE�UYI�EW�ZMW¸IW�HSW�RSWWSW�GIR¤VMSW�I�HEW�RSWWEW�STIVEª¸IW�HMsZIVWEW�TYHIWWIQ� MRJYRHMV�PLIW�QIHS�SY�WIHYª¦S��HIM\ERHS�REW�WYEW� PIQFVERªEW�EW�WIQIRXIW�HS�HIWINS��RS�GYPXS�HS�WI\S��HE�EQFMª¦S��RS�GYPXS� HS� HMRLIMVS�� HE� TVITSX­RGME�� RS� GYPXS� HE� ZEMHEHI�� )Q� HMZIVWEW� WIWW¸IW�)WT°VMXEW��IQMWsW¤VMSW�RSWWSW�X­Q�TVSGYVEHS�TIRIXVEV��GSQ�S�SFNIXMZS�HI�WIQIEV�EPM� E� HMWG¶VHME�� QYPXMTPMGEV� EW� WYWTIMXEW�� MVVEHMEV� S� E^IHYQI� I� HMJYRHMV� E�QEPIHMG­RGME����)�UYERHS�EW�GMVGYRWX¥RGMEW�JEGYPXEQ��QERXIQSW�S�GSQ¬VGMS�TIPE�MRsGSVTSVEª¦S�WYXMP�SY�ZMSPIRXE��GSRJSVQI�S�TEPEHEV�HE�PIsZMERHEHI�HSW�QIQFVSW�HE�'SPQIME����7IQ�H½ZMHE�UYI�XIQSW�GSRWIKYMHS�FSE�GSPLIMXE��TVMRGMTEPQIRXI�RS�GEQTS�HEW�EKVIWW¸IW�QSVEMW�HI�Z¤VME�SVHIQ��IQ�UYI�SW�JEPWE�QIRXI�FSRW�I�SW�ETEVIRXIQIRXI�LSRIWXSW�SJIVIGIQ�WIQMsR¤VMS� JEZSV¤ZIP�TEVE�EW�RSWWEW�QYHEW��UYI� PSKS� QIHVEQ� I\YFIVERXIW�� QYPXMTPMGERHS�WI� JEGMPQIRXI�� �� IZMHIRXI� UYI� S�RSWWS� EGIWWS� R¦S� WI� JE �̂ IQ� XSHSW� SW� VIGMRXSW�� TSVUYI�� EPIVXEHSW�� QYMXSW� WI�QERX­Q� IQ� EXMXYHI� HI� ZMKMP¥RGME�� GSMFMRHS�RSW� E� MRXIVJIV­RGME�� %P¬Q� HMWWS�� SW�WIKYMHSVIW�HS�'SVHIMVS�GSRWIKYIQ�HMWTIVWEV�SW�RSWWSW�EKIRXIW��YXMsPM^ERHS�WI�HI�TVSGIWWSW� QYMXS� IJMGMIRXIW�� 'SQS� QI� TSHIsVIM� EKEWEPLEV� RYQE� 'EWE� UYI� XEP#�'SQS� QI� PMFIVEVIM� HSW� GSQTVSQMWWSW� GSQ� EUYIPIW� ESW� UYEMW� QI� IRGSRXVS�ZMRGYPEHS#

ô 3YZMQSW�ZSW� GSQ� EXIRª¦S�ô� VIWTSRHIY� S� &IRJIMsXSV�� P½GMHS� I� GPEVS��ô�)QFSVE� R¦S� JSWWIQSW� GSPLMHSW� HI� WYVTVIWE� ERXI� S� ZSWWS� MRJSVQI�� TSVUYI�GSRLIG°EQSW�EW�XEVIJEW�HS�MVQ¦S�8ISJVEWXYW��IPYGMHEQSW�ZSW�UYI�IWXE�'EWE�HMWT¸I�HI�HIJIWEW�GSRWXVY°HEW�IQ�QYMXEW�H¬GEHEW�HI�WERXEW�VIEPM^Eª¸IW��QIVIGIRHS�HS�4PERS� (MZMRS� GEVMRLSWE� EWWMWX­RGME�� 6IWKYEVHEHE� HEW� JSVªEW� EKVIWWSVEW�� ¬�EKEWEPLS�I�LSWTIHEKIQ�EFIVXSW�ESW�UYI�WSJVIQ��WSF�E�HMVIª¦S�HS�'VMWXS��2¦S�L¤�TSVUYI�GSRWMHIVEV�GSQTVSQMWsWSW�WIR¦S�GSQ�E�:IVHEHI��3W�SYXVSW�R¦S�TSHIQ�WIV�HIsRSQMREHSW� GSQTVSQMWWSW�� QEW� GSRGLEZSW� HE� MKRSV¥RGME�� HIWXMXY°HSW� HI�UYEPUYIV�ZEPSV��TIPSW�TVST¶WMXSW�MRJIPM^IW�HI�UYI�WI�VIZIWXIQ��2SWWE�HIWXMREª¦S��QIY�EQMKS��¬�E�:IVHEHI��'SQS�.IWYW�¬�S�'EQMRLS��R¦S�QEMW�VIGEPGMsXVIQSW�

8SHSW�RSW�IRGSRXV¤ZEQSW�QIVKYPLEHSW�RE�QEMW�GSsQSZIRXI�GSRGIRXVEª¦S��3�HYIPS�ZIVFEP�IRXVI�E�MQTSWXYVE�I�E�ZIVHEHI�GSRZMRGIRXI�EGPEVEZE�RSW�S�IWT°VMXS��EPEVKERHS�EW�TIVGITª¸IW�IQ�XSVRS�HE�ZMX¶VME�HSW�EPXSW�TVST¶WMXSW�I�HSW�WYTIVMSVIW�HIW°KRMSW�

%�YQ�WMREP� UYEWI� MQTIVGITX°ZIP�� S� MVQ¦S�7EXYVRMRS�HIM\EVE�ERXIW� S� VIGMRXS��EXIRHIRHS�£�SVMIRXEª¦S�HS�&IRsJIMXSV�)WTMVMXYEP�

2EUYIPI�QSQIRXS�IQ�UYI�S�WMP­RGMS�WI�JM^IVE�REXYsVEP�I�UYERHS�E�)RXMHEHI�QIHMXEZE�� HSQMREHE� TSV� GSQsTVIIRW°ZIP� MRUYMIXEª¦S� HS� IWT°VMXS� IQ� JIFVI��VIXSVRSY�S�+YME�%QMKS��XVE^IRHS��EHSVQIGMHE��UYEP�GVMERªE�EKEWEsPLEHE�RS�EJIXS�TEXIVREP��%RE�1EVME��UYI�JSM�GSPSGEHE�GEsVMRLSWEQIRXI�WSFVI�EPZS�PIMXS��VIWIVZEHS�I�ZE M̂S�RS�VIsGMRXS��HIWHI�S�GSQIªS�HE�IRXVIZMWXE�

:IRHS�E�� HI� MRSTMRS�� S� (V�� 8ISJVEWXYW� JSM� EGSQIXMHS� HI� ERKYWXMERXI�I\TIGXEXMZE��3�&IRJIMXSV�ZMKMPERXI�EGEPsQSY�S�GSQ�KIWXS�HIPMGEHS��ET¶W�S�UYI�WI�ETVS\MQSY�HE�NSZIQ�EHSVQIGMHE�I��XSGERHS�PLI�EW�X­QTSVEW��HIWTIVXSY�E�GSQ�ZS �̂EQMKE�I�GSRJSVXEHSVE�

%� PITVSWE� GMVGYRZEKSY� S� SPLEV� IQ� XSVRS�� I�� HIZMHE�QIRXI� EGEPQEHE� TIPS�-RWXVYXSV��VIGSRLIGIY�S�(V��8ISsJVEWXYW��3�SPLEV�EHUYMVMY�FVMPLS�IWTIGMEP��EPSRKSY�

Page 101: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

SW� FVEsªSW� I�� ERXI� E� EUYMIWG­RGME� HS�1IRXSV�� S� ERXMKS�1EKS� IWsXVIMXSY�E�� GSQ�MQIRWE�XIVRYVE��IRZSPZIRHS�E�IQ�SRHEW�HI�EJIXMZMHEHI�I�GEVMRLS�

ô 5YERXS�IWTIVIM�TSV�IWXI�QSQIRXS��ô�EPYHMY�S�ERXMKS�ZMRKEHSV�ô 8EQF¬Q�IY��XEQF¬Q�IY��ô�VIXVYGSY�E�WSJVIHSVE��IQ�P¤KVMQEW�ô 4IVHSE�QI��,IRVMIXXI���ô 4IVHSEV�XI#�2SWWS�HSVMHS�EQSV�¬�QEMSV�HS�UYI�XYHS�I�TSV�WM�W¶�ERYPE�XSHEW�

EW�EJPMª¸IW�ERXMKEW�� 7SY�IY�UYIQ� XI� VSKE�� 8IS�� ENYHE�QI�I�R¦S�QI�EFERHSRIW�QEMW��)Y�WSY�E�IWTIVERªE�UYEWI�QSVXE�I�XY�¬W�S�L¤PMXS�HS�QIY�VIZMZIV��2¦S�QI�RIKYIW�E�QMKEPLE�HE�XYE�TVIWIRªE��LENE�S�UYI�LENE��0IZERXIQS�RSW�HS�XSVTSV�UYI�RSW�ERMUYMPE�E�PSRKS�TVE^S�I�VSKYIQSW�E�(IYW�UYI�RSW�VIWKYEVHI�HI�R¶W�QIWQSW�I�RSW�ENYHI��E�TEVXMV�HI�LSNI��2¦S�WYTSVsXEVME�QEMW�ZMZIV�WIQ�XM��7SRLS��8IS��MWXS�¬�YQ�WSRLS��)WXEQSW�RYQE�IWJIVE�HI�WSRLS�IQ�UYI�QI�ETEVIGIW�HIWsJMKYVEHS�I�XVMWXI��4SVUYI�HIQSVEWXI�XERXS#

ô 4IVHSE�QI�� 4SV� QEMW� XI� FYWGEWWI�� NEQEMW� VIIRsGSRXVIM�XI�� 2¦S�� R¦S� RSW�WITEVEVIQSW�QEMW�� RYRGE�QEMW�� .YVS�� 6IRYRGMEVIM� E� XYHS�� TEVE� I\TIVMQIRXEV� E�XIVRYVE�HEW�XYEW�Q¦SW�I�E�QIMKYMGI�HSW�XIYW�SPLSW��3YZI��,IRsVMIXXI�1EVMI��S�UYI�XI�MVIM�JEPEV����)WGYXE�GSQ�EXIRª¦S���

2¦S� T·HI� TVSWWIKYMV�� 3� GLSVS� GSRZYPWMZS� HIWEXSY�PLI� REPQE� I� IPI� VIGYSY��ZIRGMHS��GEQFEPIERXI��ESW�KVMXSW��IQ�EXVSEHE�HIWIWTIVEHSVE�

3 1IRXSV� EQSVSWS� ETVS\MQSY�WI� I� I\SVXSY�S� ES� IUYMsP°FVMS�� *EPSY�PLI� HE�WMKRMJMGEª¦S�HS�QSQIRXS�I�HEW�TSYsGEW�VIWIVZEW�UYI�TSWWY°E�%RE�1EVME��VIG¬Q�PMFIVXEHE� HE� GSRWXVMª¦S� TW°UYMGE� HS� WIY� ERXEKSRMWXE� I� RIGIWWMXEHE� HI� IWX°QYPS�TEVE� EGIMXEV� SW� RSZSW� IRGEVKSW� HI� IWTSWE� I� R¦S�� PSKS� WI� PLI� VIJM^IWWIQ� SW�HITEVXEQIRXSW� JMWMSQIRXEMW�� GSQ�ZMWXEW�ES� JYXYVS��%�TEPEZVE�STSVXYRE�ENYHSY�S�EXSVsQIRXEHS�E�VIGSQTSV�WI�

%GLIKERHS�WI�£�NSZIQ��IQ�IWT°VMXS��S�MVQ¦S�+PEYGYW�VIPEXSY����������*MPLE��LSNI�XIQ�MR°GMS�IXETE�RSZE�RE�NSVREHE�HS�XIY�IWT°VMXS�IXIVRS��)QFSVE�S�TEWWEHS�R¦S�IWXINE�QSVXS��XSHS�IPI�HIZI�WIV�IWUYIGMHS��%�GSRWXVYª¦S�HS�EQERL¦�XIQ� MR°GMS� EKSVE�� 7SQFVEW� I� VIGIMSW�� Q¤KSEW� �I� VIGVMQMsREª¸IW� HIZIQ� WIV�WYTIVEHSW�I�E�IPIW�WI�JE �̂RIGIWW¤VMS�ERXITSV�IWTIVERªE�I�TE �̂�J¬�I�XVEFEPLS�RE�VIGSRWXVYª¦S�HE� JIPMGMHEHI�UYI� XIQ�HIQSVEHS��1YMXEW�ZI^IW��SY�UYEWI�WIQTVI��UYERXS�RSW�SGSVVI�¬�GSRWIUY­RGME�HS�UYI�VIEPMs^EQSW��3�RSWWS�XIXS�HI�EPFIVKYI�HIZI�TSWWYMV�WIQ�H½sZMHE�WIKYVERªE�I�IWXEFMPMHEHI�TEVE�R¦S�VYMV�WSFVI�EW�RSWsWEW�GEFIªEW�� 0SRKS� XIQ� WMHS� S� XIY� TIVIKVMREV� I� HIQSsVEHS� S� XIY� TVE^S� HI� EJPMª¦S�GSVVIXMZE�� .IWYW�� TSV¬Q�� UYI� R¦S� HIWINE� E� nQSVXI� HS� TIGEHSV~�� QEW� E� WYE�VIHIRª¦S��JEGYPXE�RSW��E�XSHSW��IRWINSW�HI�VIWKEXI�PYQMRSWS�

*I �̂ YQE� TEYWE� STSVXYRE�� %� IRXMHEHI� EGSQTERLEZE� EW� TEPEZVEW� JIPM^IW� HS�&IRJIMXSV�� FYWGERHS� MQTVMQM�PEW� RS� MQS� HEPQE�� %T¶W� FVIZI� WMP­RGMS�� IWXI�TVSWWIKYMY�

ô3�XIY�WSRLS�HI�EQSV��IWTIVEHS�TSV�PEVKS�TIV°SHS�HI�XIQTS��UYI�EKSVE�N¤�TEWWSY��WI�GSRGVIXM^EV¤����3�RSWWS�8ISJVEWXYW�RIGIWWMXE��XEQF¬Q��HI�VIGSQIªEV�E�I\TIVM­RsGME�� E� FIRIJ°GMS� HIPI� QIWQS�� )RXVI� EQFSW�� TSV¬Q�� QIHIME� S�MQTIHMQIRXS� HSW� IWXEHSW� IQ� UYI� TIVQERIGIQ�� )RUYERXS�� JMPLE�� NSVREHIMEW� RS�GSVTS�GEVREP��S�RSWWS�EQMsKS�WI�IRGSRXVE�PMFIVXEHS�HSW�JPY°HSW�JMWMSP¶KMGSW��%RXI��TSMW��E�MQTSWWMFMPMHEHI�HI�YQE�GSQYRL¦S�QEXVMQSRMEP�UYI�E�ZMHE�PLIW�R¦S�TSHI�SJIVIGIV�HI�QSQIRXS��WSPMGMXEsQSW�UYI�PLI�SJIVXIW�E�MRXMQMHEHI�SVK¥RMGE�TEVE�UYI�IPI�VIGSQIGI�S�GEQMRLS��RE�GSRHMª¦S�HI�JMPLS�HE�XYE�HIZSsª¦S�I�HS�XIY�GEVMRLS���

%RE� 1EVME�� WEGYHMHE� TSV� MQTYPWS� MRIWTIVEHS�� ENSIsPLSY�WI� I�� EFVMRHS� SW�FVEªSW��FEPFYGMSY�

Page 102: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

ô5YI�WI�JEªE�E�ZSRXEHI�HI�(IYW�3 MVQ¦S�+PEYGYW��YXMPM^ERHS�WI�HE�I\TVIWWMZE�SGEsWM¦S��TVSWWIKYMY�ô 8Y��TSV¬Q��JMPLE��HIZIV¤W�SJIVIGIV�IRWINS�E�SYsXVS�WIV�UYI�EQE�I�TEHIGI��

IWTIVERHS�GSQTVIIRW¦S�I�TMIsHEHI��8VEXE�WI�HI�.IER�:MPPIQEMR��S�MRJIPM �̂WEGIVHSXI�UYI��RS�TVIX¬VMXS��HIWIRGEHISY�XSHEW�IWXEW�EJPMª¸IW���

ô %�IPI��IY�QI�VIGYWS�ENYHEV�ô��VITPMGSY�E�NSsZIQ��ô�3HIMS�S�GSQ�XSHEW�EW�JSVªEW��'SQS�PLI�TSHIsVME�WIV�Q¦I#

ô 3�¶HMS��JMPLE�ô�GSRWMHIVSY�S�&IRJIMXSV�ô��WSQIRXI�HIWETEVIGI�RE�TMVE�HS�WEGVMJ°GMS�HS�EQSV����GIVXS�UYI�IPI�XI� JI �̂WSJVIV�IQ�HIQEWME��RS�IRXERXS��E� XYE�JIsPMGMHEHI�UYI�EKSVE�XIQ�MR°GMS�¬��HI�GIVXS�QSHS��JEGYPsXEHE�TSVUYI�IPI�XI�PMFIVE�HSW� Z°RGYPSW� HE� VIFIPHME� GSQ� SW� UYEMW� WI� EXE� E� XM�� %JEWXEHS� TEVE� XVEXEQIRXS��WIRXMsV¤W�S�FIRIJ°GMS�HE�WE½HI�I�HE�TE �̂IQ�VIXSVRS��2IKEV�PLI�¤W�E�WYFPMQI�SJIVXE�HS�VIGSQIªS��UYI�E�XM�E�1MWIsVMG¶VHME�(MZMRE��TSV�WYE�ZI �̂�IWX¤�GSRGIHIRHS#�3�XIY�WIMS��XVERWJSVQEHS�IQ�WERXY¤VMS�QEXIVREP��VIGIFIV¤�S�EQMKS�I�S�EHZIVW¤VMS�I�SW�XIV¤W� GSQS� JMPLSW� HMPIXSW� RE� JSVNE� HS� PEV�� WSJVIRHS� I� EQERHS�� ENYHERHS�SW�VIG°TVSGEsQIRXI� TEVE� UYI� XVERWJSVQIQ� SW� JPSVIXIW� HS� HYIPS� IQ� EVEHSW� HS�EQERLS�ES�WSPS�HE�IWTIVERªE��IQ�GYNSW�WYPsGSW�WINEQ�HITSWMXEHEW�EW�WIQIRXIW�HE�TE �̂

%�ZS �̂HS�-RWXVYXSV�XVE°E�E�IQSª¦S�UYI�S�ZMWMXEZE��'SQS�WI�VIGSVHEWWI�WIVIQ�SW�LSQIRW� HE� 8IVVE� XSHSW� Z°XMQEW� HEW� TEM\¸IW� HMWWSPZIRXIW�� VIXSQSY� E� TEPEZVE� I�EGIRXYSY�

ô .IWYW�� IQFSVE�RSWWE� MRKVEXMH¦S�� GSRXMRYE� EQERsHS�RSW��5YERHS�RE�'VY �̂�GSRUYERXS� IWGEVRIGMHS�� IWXIZI� EQERHS�� I� EKSVE�� ETIWEV� HI� TVSTSWMXEHEQIRXI�MKRSVEHS�TSV�QMPL¸IW�HI�WIVIW��TVSWWIKYI�EQERHS��7MKEQSW�0LI��JMPLE��S�I\IQTPS��I�XVERWJSVQIQS�RSW�IQ�G¬PYPE�HI�EQSV��E�JMQ�HI�UYI�EW�RSWWEW�GSRWXVYª¸IW�WI�EWWIRXIQ�IQ�EPMsGIVGIW�HI�WIKYVERªE�

%RE�1EVME��IQ�P¤KVMQEW��JMXSY�S�ERXMKS�EJIXS��UYI�TIVQERIGME�EXSPIMQEHS��I��MRWTMVEHE�TIPEW�JSVªEW�WYTIsVMSVIW�UYI�WEXYVEZEQ�S�VIGMRXS��GSRGSVHSY�

ô�7I�S�QIY�EQSV�TSHI�FIRIJMGMEV�S�8IS�I�E�QMsRLE�VIGYWE�E�.IER�TSHI�WIV�JEXSV� HI� MRWYGIWWS�� IQ� LSsQIREKIQ� ES� %QSV� HI� XSHSW� SW� %QSVIW�� EGIMXS�S��XEQsF¬Q��GSQS�JMPLS��I�UYI�(IYW�XIRLE�TMIHEHI�HI�R¶W���

3�MVQ¦S�+PEYGYW�IRPEªSY�E�NSZIQ�QYPLIV�IQ�XIVRS�EFVEªS��I��XSQERHS�S�(V��8ISJVEWXYW� RS�QIWQS� IRZSPsZIRXI� KIWXS�� VSKSY� ES� 7IRLSV� UYI� SW� EFIRªSEWWI��JIPMsGMXERHS�SW�GSQ�E�GSRGIWW¦S�HE�YRM¦S�IWTMVMXYEP�

%�NSZIQ�JSM�VIGSRHY M̂HE�HI�ZSPXE�ES�GSVTS��RS�0Es^EVIXS�(ITSMW�HI�QEMW�EPKYRW�IWXYHSW�WSFVI�E�RSZE�GSRsHMª¦S�HS�MVQ¦S�8ISJVEWXYW��

IWXI�ETVS\MQSY�WI�HE�TSVXE�I�HIWTIHMY�SW�HSMW�KYEVHEW��JMGERHS�GSQFMREHS�UYI�IPI�WI�HIQSVEVME�REUYIPE�'EWE�WSF�SW�EYWT°GMSW�HSW�-RWXV¿sXSVIW��EX¬�S�QSQIRXS�IQ� UYI� WIVME� IRGEQMRLEHS� E� YQE� 'SP·RME� TVITEVEX¶VME� TEVE�� E� VIIRGEVREª¦S�JYXYVE��QIWsQS�TSVUYI�SYXVSW�XV¥QMXIW�RS�TVSGIWWS�HE�HIWSFWIWW¦S�HI�1EVMERE�VIUYIVIVMEQ�WYE�TVIWIRªE�

%RXI� SW� WYGIWWSW� HEUYIPE� QEHVYKEHE�� S� MVQ¦S� +PEYGYW�� WIRWMZIPQIRXI�GSQSZMHS��SVSY�E�.IWYW��IQ�KVEsXMH¦S��I�SW�XVEFEPLSW�JSVEQ�IRGIVVEHSW��HITSMW�HS�UYI��JSQSW�VIGSRHY M̂HSW�ES�PEV�

Page 103: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

��%W�EKVIWW¸IW

4EVE� S� IWT°VMXE� HIGMHMHS�� E� XVERUYMPMHEHI� HI� GSRWsGM­RGME�� ERXI� S� HIZIV�VIXEQIRXI�GYQTVMHS��¬�S�QIPLSV�TV­QMS�UYI�IPI�TSHI�SJIVIGIV�E�WM�QIWQS��)WWI�IVE�S�IWXEHS�UYI�RSW�HSQMREZE��IRUYERXS�IWXEZEQ�IQ�GYVWS�EW�XEVIJEW�E�UYI�SW�TVSFPIQEW�HE�JEQ°PME�7SEVIW�RSW�GSRZSGEVEQ�I�UYI��TSV�QIVG­�HI�(IYW��J·VEQSW�LSRsVEHSW�TIPE�STSVXYRMHEHI�HI�WIVZMV�

2¦S� TSYGEW� ZI^IW� RSW� WYVTVIIRH°EQSW� IQTSPKEHSW� TIPEW� IZSGEª¸IW�� UYI��GSRUYERXS�R¦S�XMZIWWIQ�XSHE�E�GPEVI^E�UYI�KSWXEV°EQSW�HI�I\TIVMQIRXEV��WI�RSW�ETVIsWIRXEZEQ�IQ�TEMR¬MW�HI�VIGSVHEª¦S�EKVEH¤ZIP��1IWQS�UYERHS�E�QIQ¶VME�VIKMWXVEZE� SW� JEXSW� GSQ� EW� XMRXEW� WSQsFVMEW� HI� TIWEHIPSW�� IQ� UYI� £� VIGIMS�EWWSQEZE� MRGSRXVSsP¤ZIP�� PIQFV¤ZEQS�RSW� HS�1IWXVI� -RGSRJYRH°ZIP�� HS� UYI� 0LI�GYWXEVE� HIWGIV� ESW� LSQIRW� I� I\TIVMQIRXEV� WIQ� UYIM\E� E� GSRZMZ­RGME� GSQ� EW�TEM\¸IW� LYQEREW�� WYTSVsXERHS� S� JEVHS� TIWEHS� HEW� MRGSQTVIIRW¸IW� HSW� UYI�3�GIVsGEZEQ��EGSWXYQEHSW�GSRJSVQI�ZMZMEQ�GSQ�EW�UYIWXM½RsGYPEW�HS�MQIHMEXMWQS��3� IWXSMGMWQS� HS� EQSV� HI� .IWYW� HEZE�RSW� JSVªEW� I� GSVEKIQ� TEVE� TVSWWIKYMV��WIRXMRHS�E�JIPMGMHEHI�HI�ZMZIV�IRXVI�SW�HSMW�QYRHSW�UYI�WI�MRXIVTIsRIXVEQ�I�GYNEW�JVSRXIMVEW�QEMW�R¦S�W¦S�HS�UYI�YQE�JMQsFVME�HMZMW¶VME��YQ�GPEVS�IWGYVS�HI�X­RYIW�GSPSVEª¸IW� HMJ°sGIMW� HI� HIJMRMV� I� HIPMQMXEV�� 2IWWI� WIRXMHS� I� WSF� SYXVSW� Z¤VMSW�EWTIGXSW� S� )WTMVMXMWQS� WI� RSW� ETVIWIRXE� GSQS� S� VSXIMVS� HI� WIKYVERªE� TEVE� S�IUYMP°FVMS�HS�IWT°VMXS�HS�LSQIQ��(IWJE^IRHS�EW�MPYW¸IW�HE�QEX¬VME�I�ZIRGIRHS�EW�WSQFVEW�XVERWMX¶VMEW�UYI�ZIHEQ�EW�ZMW¸IW�HS�1YRHS�)WsTMVMXYEP��ETVIWIRXE�RSW�EW�GEYWEW� VIEMW� HI� GYNSW� IJIMXSW� I� WSQIRXI� RIPIW�� EX¬� EKSVE�� WI� L¤� HIXMHS� S�TIRWEQIRXS� HE� TIWUYMWE� XIGRSP¶KMGE�� WYEW� EWWIZIVEª¸IW� VMKSVSWEQIRXI�JMsPSW¶JMGEW� GSRWIKYMVEQ� EZERªEV� EP¬Q� HE� TV¶TVME� *MPSWSJME� RS� WIY� GSRNYRXS�GPEWWMGMWXE�� TSVUYI�� IQ� WEMRHS� HE� MRXIVsVSKEª¦S� TYVE� I� WMQTPIW�� HE� MRHEKEª¦S�QIVEQIRXI� ZE M̂E� I� HEW� GSRNYRXYVEW� HEW� LMT¶XIWIW�� XVE �̂ HEW� VIEPMHEHIW�QIsXEJ°WMGEW�EW�WSPYª¸IW�QSVEMW�I�ZMXEMW�TEVE�S�IRMKQE�LSsQIQ��UYI�WI�HIM\E�HI�UYIHEV�TIVXYVFEHS�TIPEW�MRG¶KRMXEW�HMZIVWEW��TEVE�TEPQMPLEV�E�WIRHE�HSW�JEXSW��HI�GYNS� GSRsXI\XS� I\XVEM� E� VIEPMHEHI� SRXSP¶KMGE� PIK°XMQE� UYI� S� GETEGMXE� E� EZERªEV�MRXMQSVEXS�� IQFSVE� EW� GMVGYRWX¥RGMEW�� GSRsHMª¸IW� I� GPMQEW� QSVEMW� WSF� GYNE�GSRWXVMª¦S�IZSPYXI�RE�HMVIª¦S�HS�-RJMRMXS��7MQ��TSVUYI�R¦S�W¦S�SW�LSQIRW�ETIsREW�UYI� VIEPM^EQ� IWTSRXERIEQIRXI� MRGYVW¸IW� RS� EP¬Q�X½sQYPS�� QEW�� I�TVMRGMTEPQIRXI�� SW� ZMXSVMSWSW� HE� WITYPXYVE� ZIRGMHE� UYI� VIXSVREQ�� GERXERHS� E�VIWWYVVIMª¦S�HE�ZMHE�ET¶W�E�PEQE�I�E�GMR^E�HS�GSVTS��E�VITIXMVIQ�MRGIWWERXIQIRXI�E� PMª¦S� MQSVVIHSYVE�HS�'VMWXS��RE�QERL¦�KPSVMSWE�HS�HSQMRKS�� PSKS�ET¶W�E� WYE�QSVXI�� GSQS� %WXVS� JYPKYsVERXI�� EXIWXERHS� HIWWI� QSHS� E� MRHIWXVYXMFMPMHEHI� HS�IWT°sVMXS�I��GSRWIUYIRXIQIRXI��EW�WYGIWWMZEW�XVERWJSVQEª¸IW�HE�ZMHE�TEVE�EXMRKMV�E� WYFPMQEª¦S��6IPMKM¦S�HS�EQSV�I�HE�IWTIVERªE��T¤FYPS�IYGEV°WXMGS�TIPS�UYEP�S�LSQIQ� TSHI� GSQYRKEV� GSQ� E� MQSVXEPMHEHI�� ¬� S� PIRMXMZS� TEVE� E� WEYHEHI� HS�HIWGSRJSVXS�ERXI�E�EYW­RGME�HSW�WIVIW�EQEHSW�UYI�S�X½QYPS�EVVIFEXSY��QEW�R¦S�PLIW�GSRWIKYMY�WMPIRGMEV�E�ZS �̂�IWTIVERªE�HSW�TEHIGIRXIW�UYI�WSJVIQ�EW�¤GMHEW�ERK½WXMEW�HI�LSNI��GSQTVIIRHIRHS�WIVIQ�IPEW�S�VIWYPXEHS�HE�TV¶TVME�MRW¥RME�HS�TEWWEHS��TSV¬Q��GSQ�SW�SPLSW�JMXSW�RE�IWTPIRHSVSWE�ZMW¦S�HS�EQERL¦��UYI�PLIW�IWX¤�REW�Q¦SW�ETVIWWEV�I�GSRWXVYMV��TVEME�HI�TE �̂�RE�UYEP�VITSYWEQ�IQ�HMR¥QMGE�JIPM �̂ SW� REYXEW� EJPMXSW� I� GERWEHSW� HS� XV¥RWMXS� HMJ°GMP� RS� QEV� HEW� PYXEW� GEVREMW��

Page 104: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

WERXY¤VMS� HI� VIJE M̂QIRXS� EXVEZ¬W� HE� TVIGI� IHMJMGERXI�� IWGSPE� HI� EPQEW�� UYI�ETVIRsHIQ� RS� IWXYHS� HEW� WYEW� MRJSVQEª¸IW� TVIGMSWEW� I� HEW� WYEW� PMª¸IW�MRWYTIV¤ZIMW�E� X¬GRMGE�HI�ZMZIV�TEVE� JVYMVIQ�E�F­Rsª¦S�HI�QSVVIV�RSFVIQIRXI��LSWTMXEP� HI� VIJE M̂QIRXS� TEVE� SW� XV¥RWJYKEW� HS� HIZIV�� UYI� RIPI� IRGSRXVEQ� S�F¤PWEQS�TEVE�E�GLEKE�J°WMGE��QIRXEP�SY�QSVEP�� XSHEZME�� VIGIFIQ�E�HMVIXVM �̂TEVE�EQEV� I� TIVHSEV�� E� JMQ� HI� WIVIQ� TIVHSEsHSW� I� EQEHSW� TIPSW� UYI� JIVMVEQ� I�MRJIPMGMXEVEQ�� üGSPS� HI�Q¦Iý� KIRIVSWE� ¬� S� EQTEVS� HE� SVJERHEHI�� TVITEVERHS�E�TEVE�S�TSVZMV�PYQMRSWS��N¤�UYI�RMRKY¬Q�¬�¶VJ¦S�HS�EQSV�HS�2SWWS�4EM��EFVMKS�HE�ZIPLMGI��TSVXEP�UYI�PSKS�EFVMV¤�HI�TEV�IQ�TEV�E�EHYERE�HE�-QSVXEPMHEHI��SJMGMRE�HI�VIsIHYGEª¦S�SRHI�E�QMW¬VME�HIWXE�SY�HEUYIPE�REXYVI^E�IRsGSRXVE�E�I\TIVM­RGME�HS�XVEFEPLS�QSHIPEHSV�HI�GEVEGXIsVIW�E�WIVZMªS�HEW�JSVXYREW�HS�EQSV��XVEªS�HI�YRM¦S�IRXVI�E�GVMEXYVE�I�S�'VMEHSV��VIPMKERHS�SW�I�VIETVS\MQERHS�SW��EX¬�UYI�E�TPIRMXYHI�HE� TE �̂ TSWWE� GERXEV� IQ� GEHE� GVMEsXYVE�� £� WIQIPLERªE� HS� UYI� S� %T¶WXSPS� HEW�+IRXIW�EJMVsQEZE��n.¤�R¦S�WSY�IY�S�UYI�ZMZS��QEW�¬�S�'VMWXS�UYI�ZMZI�IQ�QMQ��� ��+¤PEXEW��GET°XYPS����ZIVW°GYPS����

%W� EPXEW� VIWTSRWEFMPMHEHIW� GSRWIUYIRXIW� HS� GSRLIGMsQIRXS� HS� )WTMVMXMWQS�JSVNEQ� LSQIRW� ZIVE^IW�� GVMWX¦SW� PIK°XMQSW�� 2IPIW� R¦S� L¤� GEQTS� TEVE� E�GSI\MWX­RGME� TEG°sJMGE� HS� IVVS� GSQ� E� VIXMH¦S�� HE� QIRXMVE� GSQ� E� ZIVHEHI�� HE�HMWWMQYPEª¦S�GSQ�E�LSRIWXMHEHI��HE�PIEPHEHI�GSQ�E�LMTSsGVMWME��HE�QEPIHMG­RGME�GSQ�E�TMIHEHI�JVEXIVREP��HE�MVE�GSQ�S�EQSV����'SQTVIIRHIRHS�UYI�WIV�IWT°VMXE�¬�XVEªEV� RE� TV¶TVME� GSRHYXE� S� GSQTSVXEQIRXS� HS� 'VMWXS�� E� I\IQsTPS� HI� XSHSW�EUYIPIW� UYI� 3� WIKYMVEQ�� I� GSRWSERXI� TVIGIMsXYE� S� IQMRIRXI� ET¶WXSPS� %PPER�/EVHIG�� S� ETVIRHM �̂ HE� PMsª¦S� IWT°VMXE� ¬� EPKY¬Q� IQ� GSQFEXI� TIVQERIRXI� TIPE�TV¶sTVME�XVERWJSVQEª¦S�QSVEP��IPIZEª¦S�IWTMVMXYEP�I�VIRSZEª¦S�QIRXEP��GSQ�ZMWXEW�£�TIVJIMª¦S�UYI�E�XSHSW�RSW�EGIRE�I�IWTIVE�

7IQ�H½ZMHE��WIRX°EQSW�E�JVEKMPMHEHI�HEW�RSWWEW�JVEGEW�JSVªEW�I�FYWG¤ZEQSW�RE�TVIGI�S�VIJ½KMS��I�RE�QIHMXEª¦S�S�VIJE M̂QIRXS��LEYVMRHS�IRIVKMEW�I�ZMXEPMHEHI�TEVE�EXVEZIWWEV�FIQ�SW�HMEW�HS�XVEFEPLS�WYTIVMSV�RS�UYEP�RSW�IRGSRXV¤ZEQSW��I�GYNS�­\MXS��IQ�KVERHI�TEVXI��HITIRHME�HE�GSRXVMFYMª¦S�UYI�TYH¬WWIQSW�SJIVIGIV��'SQ�QYMXE�TVSTVMIHEHI�WI�EWWIZIVE�UYI�E�MRWIKYVERªE�HI�YQE�QYVEPLE�IWX¤�RE�TIHVE�UYI�WI�IRGSRXVI�QEP�GSPSGEHE��EVVERGEHE�IWXE��QEMW�J¤GMP�WI�JE �̂GSRWIKYMV�WI�HIWPSGEV�SYXVE��I�EWWMQ�WYGIWWMZEQIRXI�

4EMVERHS�WIQTVI�WSFVI� XSHSW�R¶W�S�)WT°VMXS�HS�7IRLSV�� GSRZMRLE�RSW�I�RSW�GSRZ¬Q�R¦S�HIWJEPIGIV�RE�PYXE�

'SQ� XEMW� TIRWEQIRXSW� MVVMKERHS�RSW� E� QIRXI�� RS� IRGSRXVS� MQIHMEXS� £�I\GIPIRXI�IRXVIZMWXE�QERXMHE�GSQ�S�MVQ¦S�8ISJVEWXYW��TIPE�TWMGSJSRME�GVMWXEPMRE�HS�Q¬HMYQ� 1SVEMW�� S� &IRJIMXSV� 7EXYVRMRS� IPYGMHSY�RSW� HI� UYI� EW� STIVEª¸IW�IWTMVMXYEMW� IQ� ERHEQIRXS�� GSQ� S� GSRWIUYIRXI� HIWPSGEQIRXS� HS� HMVIXSV� HS�%RJMXIEXVS�� IQ� FVIZI� WI� VIJPIXMVMEQ� IRXVI� SW� HIQEMW� GSQTSRIRXIW� HSW� HMZIVWSW�+VYTSW�HI�)WT°VMXSW�-RJIPM^IW�PMKEHSW�ES�QEP��HI�QERIMVE�RIKEXMZE��I�UYI��PSKS�WI�VIJM^IWWIQ� HS� GLSUYI�� EVVIQIXIVMEQ� ZMSPIRXSW�� XIRXERHS� YQE� VIZERGLI�MRNYWXMJMG¤ZIP�� TIVRMGMSWE� I� HI� VIWYPXEHSW� TEVE� IPIW� WIQTVI� QEMW� HERSWSW��'SRsZMRLE�UYI�RSW�QERXMZ¬WWIQSW�RSW�TEHV¸IW�HS�'VMWXS�TEVE��VIWKYEVHEHSW��TSV�RSWWE�ZI �̂VIWKYEVHEVQSW�SW�VIWYPXEHSW�WYTIVMSVIW�HE�IQTVIWE�HE�PY �̂

(IZMHEQIRXI� IWGPEVIGMHSW� I� XEQF¬Q� JSVXMJMGEHSW�� GSRsXMRYEQSW�REW� XEVIJEW�LEFMXYEMW�� HE� TVSTEKERHE� IWT°VMXE�� UYERHS�� YQE� WIQERE� HITSMW�� GSQIªEQSW� E�I\TIVMQIRXEV��UYEWI�XSHSW�R¶W��SW�IRGEVREHSW�TEVXMGMTERXIW�HS�PEFSV�EFIRªSEHS��WMRKYPEV�QIPERGSPME�I�EPKYRW�XVEªSW�HI�MVVMsXEFMPMHEHI�RS�GSQTSVXEQIRXS���

2¦S� MKRSV¤ZEQSW� UYI� EPKYQEW� HEW� X¬GRMGEW� HI� UYI� WI� YXMPM^EQ� SW�

Page 105: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

TIVWIKYMHSVIW� HI� IRGEVREHSW� EXSVQIRXEHSW� UYI� FYWGEQ� S� GSRGYVWS� HS�)WTMVMXMWQS�W¦S��IQ�HMZIVWSW�GEWSW��S�EYQIRXS�HE�EKVIWW¦S�£W�WYEW�Z°XMQEW�E�JMQ�HI� PLIW� HEVIQ� MH¬MEW� JEPWEW� HI� UYI� E� JVIUY­RGME� £W� WIWW¸IW� PLIW� EGEVVIXEVEQ�QEMSV� HSWI� HI� WSJVMQIRXS�� MRWTMVERHS�EW� E� HIFERHEVIQ�� ET¶W� S� UYI�� IRX¦S��GIWWEQ�HI�MRSTMRS�E�GSRWXVMª¦S�SFWIWWMZE��JE^IRHS�GVIV�UYI�E�QIPLSVE�HIGSVsVIY�HS�EFERHSRS�£UYIPIW�GSQTVSQMWWSW�VITIRXMRSW��TEVE�ZSPXEVIQ�QEMW�JIVS^IW��QEMW�GVY¬MW��QEMW� MQTPEG¤ZIMW�UYERHS� XEMW�TEGMIRXIW�� MRZMKMPERXIW�UYEWI�WIQTVI�� PLIW�JEsZSVIGIQ� S� GEQTS� JMWMSP¶KMGS� I� TW°UYMGS� GSQ� VIGYVWSW� EHIsUYEHSW� £�GSRXMRYEª¦S�HSPSVSWE�HE�TIVWIKYMª¦S� MRWERE��(I�SYXVEW�ZI^IW�EKIQ�HI�QERIMVE�FIQ�GEVEGXIV°WXMGE�� PSKS�UYI� WIYW� GPMIRXIW� GSQIªEQ�E�LSRIWXE� TEVXMGMTEª¦S�RS�IWXYHS��I�RE�XEVIJE�IWTMVMXMWXE�HE�TV¶TVME�PMFIVXEª¦S��WINE�TSVUYI�E�QSHMJMGEª¦S�RS�GEQTS�QIRXEP�PLIW�MQTIHI�S�MRXIVG¥QFMS�GSQ�E�QIWQE�JEGMPMHEHI��WINE�TSV�X¤XMGE�HI� IWXVEX¬KME� FIPMGSWE�� EJEWXEQ�WI� XIQTSV£VMEQIRXI� SW� TIVsWIKYMHSVIW��TIVQERIGIRHS�� TSV¬Q�� IQ� GSRX°RYE� ZMK°PME�� SW� MRGEYXSW�� PSKS� I\TIVMQIRXEQ� E�JEPWE�PMFIVEª¦S��VIGSRLIsGIQ�E�HIWRIGIWWMHEHI�HS�GSRLIGMQIRXS�GPEVMJMGEHSV�I�WI�HM^IQ�GSQTVSQIXMHSW�GSQ�TVSKVEQEW�WSGMEMW�I�HI�SYXVE�SVHIQ��XVERWJIVMRHS�TEVE�S� JYXYVS� SW� HIZIVIW� IWTMVMXYEMW�� I� TEVXIQ�� P¬TMHSW�� E� KS^EV���� %JMVQEQ�WI�VIGSRLIGMHSW� SY� GSRWMHIVEQ� E� GSMRGMH­RGME� HE� GYVE�� I\EXEQIRXI� UYERHS�TEWWEVEQ�E� I\EQMREV� S� TVSFPIQE� WSF� E� PY �̂ HS� )WTMVMXMWsQS��QEW� PEQIRXEQ�EW�GMVGYRWX¥RGMEW�UYI�SW�SFVMKEQ�E�YQ�XIQTSV¤VMS�EJEWXEQIRXS����5YERHS�E�UYIWX¦S�N¤� PLIW� TEVIGI� ZIRGMHE�� WIQ� UYI� EW� H°ZMHEW� XIRLEQ� WMHS� RIGIWsWEVMEQIRXI�VIWKEXEHEW��HIWHI�UYI�REHE�JM^IVEQ�TSV�GSVsVIWTSRHIV�£�GSRJMERªE�HE�:MHE��IMW�UYI� SW� ZIVHYKSW� TIVsWIZIVERXIW�� UYI� SW� WIKYIQ�� VIXSVREQ� ZMKSVSWSW� I� QEMW�GSRWXVMRKIRXIW� WI� JE^IQ�� GSQ� EPXEW� HSWIW� HI� JIVI^E�� WIQ� UYI� SW� SFWMHMEHSW�GSRXIQ� GSQ� UYEMWUYIV� VIGYVWSW� E� WIY� JEZSV�� GSRWMHIVERHS� UYI� REHE�TVSZMHIRGMEVEQ�TEVE�E�LSVE�HE�EJPMª¦S�I�HS�HIWGSRJSVXS���

2¦S�HIWGSRLIG°EQSW�UYI�IQ�XSHS�TVSGIWWS�HI�HIsWSFWIWW¦S��WI�E�ZMKMP¥RGME��E�SVEª¦S�I�S�NINYQ�QSVEP�W¦S�GSRHMª¸IW�IWWIRGMEMW��S�SXMQMWQS�I�S�FSQ�LYQSV�R¦S�TSHIQ� WIV� VIPIKEHSW� TEVE� XV¤W�� 8VMWXI^E� ¬� RYZIQ� RSW� SPLSW� HE� WE½HI� I�MVVMXEFMPMHEHI�¬�X¶\MGS�RSW�XIGMHSW�HE�TE �̂��

'SRXYHS��I\TIVMQIRX¤ZEQSW�GIVXEW�WSQFVEW�TW°UYMsGEW�MRZIWXMRHS�MRWMWXIRXIW��GSRWXERXIW�

'SRZSGEHSW�E�YQE�VIYRM¦S�I\XVESVHMR¤VME��E�TEPEsZVE�HI�7EXYVRMRS�� WIQTVI�TVSRXE�I�PYQMRSWE��ZIMS�IQ�RSWWS�WSGSVVS��'SQS�XYHS�W¦S�PMª¸IW�I�E�ETVIRHM^EKIQ�XIQ�QEMSV�ZEPSV�UYERHS�S�EPYRS�¬�GS�TEVXMGMTERXI�HS�IRWMREQIRXS��RIPI�EXYERHS��S� ZIRIV¤ZIP� &IRJIMXSV� RSW� EHQSIWXSY� FSRHSWEQIRXI�� GSRGPEQERHS�RSW� £�nVIWMWX­RsGME� GSRXVE� S� QEP~�� HS� IRWMREQIRXS� IZERK¬PMGS�� I� GSVVSsFSVERHS� E�EHZIVX­RGME�ERXIVMSV��HI�UYI�EW�MRZIWXMHEW�HE�3VKERM^Eª¦S�PSKS�WI�JEVMEQ�WIRXMV��GSRJSVQI�IVE�HI�IWsTIVEV��0IZERX¤WWIQSW�S�IWT°VMXS�I�QEVGL¤WWIQSW�MVQEREHSW�HI�QERIMVE�E�RSW�WYWXIRXEVQSW�YRW�RSW�SYXVSW��VITIXMRHS��EMRHE��GVMWXMER°WWMQS��n3RHI�UYIV�UYI�WI�IRsGSRXVIQ�HYEW�SY�XV­W�TIWWSEW�VIYRMHEW�IQ�QIY�2SQI��IY�GSQ�IPEW�IWXEVIM~��HE�MRIWUYIG°ZIP�PMª¦S�HI�7¦S�1EsXIYW��RS�'ET°XYPS�����ZIVW°GYPS����� %� SVEª¦S� IQ� GSRNYRXS�� E� VIYRM¦S� HI� TIRWEQIRXSW�� GSRWIKYI� E� F­Rª¦S� HE�JVEXIVsRMHEHI�I�IWXE�E�HS�WSGSVVS�VIG°TVSGS����QYMXS�J¤GMP�EVVIFIRXEV�WI�YQE�ZEVE�MWSPEHE��QEW�R¦S�WI�TSHI�JE^IV�S�QIWQS�E�YQ�JIM\I���

%� JEQ°PME� 7SEVIW�� GSQTPIXSY� S� EQSVSWS� (IWIRGEVsREHS�� IWXEZE� WIRHS�GSRZMHEHE� E� RSZEW� EJPMª¸IW� RIGIWsW¤VMEW� £� TV¶TVME� IZSPYª¦S� I� E� QIPLSV�IRXIRHMQIRXS�HEW�VIWTSRWEFMPMHEHIW�MQSVXEPMWXEW��7IRHS�E�HSV�E�QIPLSV�JSVQE�HI�S� LSQIQ� IRXIRHIV� EW� VIEPMHEHIW� HE� ZMHE� TSV� IRUYERXS�� IVE� FIQ� GIVXS� UYI� S�

Page 106: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

WSJVMQIRXS�JEVME�S�WIY�QMWXIV�8IVQMREHE�E�VIYRM¦S��UYERHS� N¤�RSW�VIGSPL­VEQSW�ES� PEV��4IXMXMRKE�GLEQSY�

RSW� ES� XIPIJSRI�� GSRZMHERHS�RSW� E� HIQERHEV� S� PEV� HSW� 7SEVIW�� SRHI� MRJIPM �̂EGSRXIGMQIRXS� XVERWGSVVIVE�� I� (SRE� 6SWE�� QYMXS� EJPMXE�� PLI� WSPMGMXEVE� YVKIRXI�ZMWMXE�

5YERHS� GLIKEQSW� £� VIWMH­RGME� HS� 7V�� 1EXIYW� 7SEsVIW�� IRGSRXVEQSW� SW�JEQMPMEVIW�XSQEHSW�HI�WYTIVPEXMZE�EQEVKYVE��(SRE�6SWE�I�E�JMPLE�%Q¤PME�LEZMEQ�VIXSVsREHS�HS�,SWTMXEP�HS�4VSRXS�7SGSVVS��SRHI�WI�IRGSRsXVEZE�MRXIVREHS�S�GLIJI�HS�PEV��UYI�JSVE�WYFQIXMHS�E�HIPMGEHE�GMVYVKME�HI�IQIVK­RGME�

(SRE�6SWE��GSQTVIIRWMZIPQIRXI�EJPMXE��IWGPEVIGIY�UYI�VIGIFIVE� MRJSVQEª¦S��HI� TIWWSE� EQMKE�� HI� UYI� S� 7V�� 1EXIYW� JSVE� PIZEHS� £� TVIWWE� TEVE� EUYIPI�RSWSG·QMS��REW�TVMQIMVEW�LSVEW�HE�RSMXI��GSQS�Z°XMQE�HI�YQE�GIRE�HI�WERKYI��2¦S�TSWWY°E�HIXEPLIW�UYI�IWGPEVIGIWWIQ�E�WMXYEª¦S��3�EKVIWWSV��UYI�JE M̂E�TEVXI�HS� KVYTS� HI� EQMsKSW� HS� HIWGYMHEHS� KIRMXSV� HI� 1EVMERE�� IVE� JVIUYIRXEsHSV�LEFMXYEP�HS� PSGEP� IQ�UYI�S�IWTSWS� WI�HIQSVE�RSMXIW�E�HIRXVS�� RE�HIWIRJVIEHE�NSKEXMRE�� 3� HIPIKEHS� HI� 4SsP°GME� HEPM� WE°VE� LEZME� TSYGSW� QMRYXSW� I� WI� JM^IVE�WYsGMRXS� RSW� IWGPEVIGMQIRXSW�� (MWWIVE� LEZIV� TVIRHMHS� S� ERsXEKSRMWXE�� UYI� WI�ETVIWIRXEZE� EPGSSPM^EHS�� I� UYI� JMGEVME� VIXMHS� EX¬� £� EFIVXYVE� HS� RIGIWW¤VMS�MRUY¬VMXS��IRUYERXS�S�IWXEHS�HS�7V��1EXIYW��MRWTMVERHS�GYMHEHSW�RS�,SWsTMXEP��WI�HIJMRME�

-RXIVVSKEHS� UYERXS� £W� GEYWEW� HE� EKVIWW¦S�� S� TSPMsGMEP� HMWWIVE� UYI� IWWEW�WYVKMVEQ�RYQE�HMWGYWW¦S�HI�TIsUYIRE�QSRXE��XVEZEHE�TIPSW�HSMW��3�7V��1EXIYW�EGYWEVE� S� EHZIVW¤VMS� HI� IWXEV� NSKERHS� GSQ� GEVXEW� QEVGEHEW� I� YXMPM^ERHS� HI�TVSGIWWSW�HIWSRIWXSW��S�UYI�HIVE�MR°GMS�£�EGEPSVEHE�HMWGYWW¦S��UYI�VIHYRHSY�RS�MRXIQTIWXMZS� I� PEsQIRX¤ZIP� KSPTI� HI� TYRLEP�� UYI� S� EGYWEHS� ETPMGEVE� GIVsXIMVS��GSQS�WI�GSRHY M̂HS�TSV�Q¦S�TSHIVSWE�UYI�PLI�EGMSsREWWI�EW�JSVªEW��GSRWMHIVERHS�WIV�� XEQF¬Q�� YQ� LSQIQ� HI� UYEWI� ��� ERSW� HI� MHEHI�� -WWS� HIVE� VE^¸IW� ES�HIPIKEHS�TEVE�JIGLEV�E�GEWE�UYI�JYRGMSREZE�GSQ�üNSKSW�HI�E^EVý�TVSMFMHSW�TIPE�4SP°GME�� %� WYE� ZMWMXE� ES� PEV� HSW� 7SEVIW� XMRLE� S� SFNIXMZS� HI� GSPLIV� HEHSW� UYI� S�TYHIWsWIQ�ENYHEV�GSQ�EPKYRW�ERXIGIHIRXIW�UYI�EGPEVEWWIQ�HMsZIVWSW�¥RKYPSW�HE�UYIWX¦S�� XEMW� GSQS� WI� IVE� HS� GSRLIsGMQIRXS� JEQMPMEV� EPKYQE� VM\E� ERXMKE�� HI�EPXIVGEª¸IW�ERsXIVMSVIW���

7YVTVIIRHMHE�HSPSVSWEQIRXI�TIPE�UYEWI� XVEK¬HME�UYI�EMRHE�TSHIVME�GSPMQEV�GSQ�E�HIWIRGEVREª¦S�HS�7V��1EsXIYW��E�RSFVI�WIRLSVE�WI�IRGSRXVEZE�ZIRGMHE�TSV�ERsKYWXMERXI�I\TIGXEXMZE��7¶�RS�HME�WIKYMRXI�TSHIVME�ZMsWMXEV�S�IWTSWS��EKSVE�IQ�T¶W�STIVEX¶VMS�� *SVE� EGEPQEHE� RS� 4VSRXS� 7SGSVVS�� TSV� KIRXMP� IWXYHERXI� HI�1IHMGMRE�� MRXIVRS�� UYI� EGSQTERLEVE� E� GMVYVKME� I� PLI� I\TPMGEVE� HEW� FSEW�TIVWTIGXMZEW� HS� STIVEHS�� UYI�� IQFSVE� HI� SVKERMs^Eª¦S� JMWMSP¶KMGE� N¤� GERWEHE��IWXEZE�EX¬�S�QSQIRXS�VIEsKMRHS�QYMXS�FIQ�

6IGSVVME� E� 4IXMXMRKE�� VSKERHS�PLI� E� MRWTMVEª¦S� I� S� EY\°PMS�� TSMW� UYI�� GSQ� E�RSX°GME� UYI� PLI� GLIKEVE� ES� PEV� EFVYTXEQIRXI�� 1EVMERE� JSVE� EGSQIXMHE� HI� YQ�GLSUYI� RIVZSWS� GVYIP� I�� HIWHI� IRX¦S�� IWXEZE� MRUYMIXE�� SPLEV� HIWsZEMVEHS�� GSQ�WMRXSQEW�UYI�PLI�TEVIGMEQ�EPEVQERXIW��8SHSW�WI�IRGSRXVEZEQ�EWWYWXEHSW�GSQ�S�EGSRXIGMQIRXS�HE�EKVIWW¦S�ES�KIRMXSV�I�TVISGYTEHSW�GSQ�S�IWXEHS�HE�NSZIQ�

'SRHY M̂HSW�£�TIªE�IQ�UYI�WI�IRGSRXVEZE�1EVMERE��FSRHSWEQIRXI�EXIRHMHE�TSV� %Q¤PME�� R¦S� XMZIQSW� H½ZMsHEW� IQ� ZIVMJMGEV� E� TVIWIRªE� HI� EKVIWWSVIW�IWTMVMXYEMW�MRXIVIWWEHSW�IQ�GVMEV�T¥RMGS�I�TIVXYVFEª¦S�RE�JEQ°PME�EXYVHMHE�

3�EQFMIRXI�TW°UYMGS�XVEHY M̂E�E�MRXS\MGEª¦S�ZMSPIRXE�TSV�JPY°HSW�HI�FEM\S�XISV�ZMFVEX¶VMS�� S� UYI� RSW� HEZE� E� MQTVIWW¦S� HI� YQ� PSGEP� EWJM\MERXI�� EFVEWEHSV� I�

Page 107: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

GSRWXVMRsKIRXI�1YMXS�WIVIRS��4IXMXMRKE�ETVS\MQSY�WI�HS�PIMXS�IQ�UYI�E�NSZIQ�WI�IRGSRXVEZE�

WIQMHIWJEPIGMHE�� QYMXS� T¤sPMHE�� I�� HITSMW� HI� EPKYRW� FVIZIW� QMRYXSW� HI�VIGSPLMQIRXS�TVSJYRHS��XSGSY�EW�X­QTSVEW�HE�QSªE��GLEQERHS�E��TEsXIVREP�

ô 1EVMERE��JMPLE��HIWTIVXI����4VSGYVI�VIEKMV�E�IWWI�IWXEHS��UYI�PLI�TSHI�WIV�HI�GSRWIUY­RGMEW�QEP¬JMGEW���

2¦S�T·HI�GSRXMRYEV��%�NSZIQ��GSQS�WI�JSVE�EGMSsREHE�TSV�MRZMW°ZIP�GEXETYPXE��IVKYIY�WI� HI� YQ� WEPXS� I�� XVERWJMKYVEHE� TIPE� MVVYTª¦S� HS� JIR·QIRS�QIHM½RMGS��JMsGSY�HI�T¬��IQ�EXMXYHI�HIWEJMEHSVE��HIWKVIRLEHE��I�EZERsªSY��EQIEªEHSVE��RE�HMVIª¦S� HS� ZIRIVERHS� WIVZMHSV� HS� 'VMWXS�� GSQ� SW� TYRLSW� GIVVEHSW�� 4SV� YQ�QSQIRXS��XMsZIQSW�E�ERXIZMW¦S�HI�YQ�HIWJSVªS�J°WMGS��MRMQEKMR¤ZIP��1YMXS�NYRXS�ES�ET¶WXSPS� IWT°VMXE� IWXEGSY�I�� EXMVERHS�E� GEFIªE�TEVE� XV¤W�� IWXVYKMY� VYMHSWE� I�GLSGERXI� KEVKEsPLEHE�� IQ� UYI� VIZIPEZE� J½VME� I� ^SQFEVME� EVQE^IREHEW��JYVMSWEQIRXI�PMFIVXEHEW�

4IXMXMRKE�MRXIK¬VVMQS��XVERUYMPS��WIQ�EVVIHEV�WI�HS�PYKEV��JEPSY��FSRHSWS�ô 0SYZEHS�WINE�2SWWS�7IRLSV�.IWYW�'VMWXS��7INE�FIQ�ZMRHS��QIY�MVQ¦S��)WXI��

GSQS�UYEPUYIV�QSQIRXS��¬�WIQTVI�TVIGMSWS�MRWXERXI�HI�FYWGEV�E�TE �̂�)MW�RSW�UYI�EUYM�IWXEQSW�TEVE�XEP��TEVE�ENYH¤�PS�RS�UYI�RSW�IWXINE�ES�EPGERGI���

ô %NYHEV�QI#�ô�VIZMHSY��GSP¬VMGS��ô�2¦S�QI�TEsVIGI�UYI�WINE�IY�EUYIPI�UYI�RIWXI�VIGMRXS�RIGIWWMXE�HE�ENYHE��RIWXEW�GMVGYRWX¥RGMEW��3W�WIRLSVIW��RS�IRXERXS��GVIMS��TVIGMWEQ�HI�YVKIRXI�WSGSVVS��MWXS�WMQ�

ô )RKERE�WI��QIY�EQMKS��)WXEQSW�WSGSVVMHSW�TIPE�(MZMRE�4VSZMH­RGME��WSGSVVS�IWWI�UYI�GSRWXEXEQSW�KVEsªEW�£�WYE�TVIWIRªE�IRXVI�R¶W��TVIWIRªE�IWGPEVIGIHSVE��GSRZMRGIRXI��UYI�RSW�XVE �̂S�IPS�TEVE�IRXIRHIV�SW�EGSRsXIGMQIRXSW�XVERWGSVVMHSW�RIWXEW�½PXMQEW�LSVEW��IRZSPsZIRHS�E�JEQ°PME�UYI�RSW�EKEWEPLE�RS�WIY�0EV�

ô 7MQ��WIQ�H½ZMHE�ô�EWWIRXMY��JYVMSWS��ô�%UYM�IWXEQSW�SFIHIGIRHS�E�SVHIRW��8VEXE�WI� HI� YQ� HIWJSVªS� NYWXS� I� IWTIVEHS�� R¦S#� 'IVXEQIRXI� UYI� SW� WIRLSVIW�HIsZIVMEQ�IWXEV�EKYEVHERHS�E�VIWTSWXE�HSW�RSWWSW�'LIJIW�£�MRXVSQMWW¦S�RIJERHE�UYI� VIEPM^EVEQ� IQ� RSWWSW� TVSsKVEQEW�� 3Y� EGVIHMXEQ� UYI� XYHS� GSRXMRYEVME� E�GSVVIV� IQ� ¤KYEW� HI� VMSW� XVERUYMPSW#� 2¦S� ¬� HE� PIM�� UYI� XSHE� Eª¦S� TVSHY �̂ YQE�VIEª¦S�IUYMZEPIRXI#�4SVXERXS��R¦S�L¤�TSVsUYI�IWTIVEV�SYXVE�GSMWE���

ô )WXEQSW� TIVJIMXEQIRXI� IWGPEVIGMHSW�ô� ETSWXVSsJSY� 4IXMXMRKE��ô� 3GSVVI��XSHEZME��UYI�E�HMVIª¦S�HS�EXEsUYI�IVVSY�S�EPZS��2¦S�WSQSW�REHE��R¶W��EW�GVMEXYVEW�LYQEREW��)WT°VMXSW�IQ�H¬FMXS��GEQMRLEQSW�GERWEHEsQIRXI�TIPSW�MQTSWMXMZSW�HS�VIWWEVGMQIRXS�HMJ°GMP��'SQsTERLIMVSW�HE�HSV��XSHSW�R¶W��WSQSW�LIVHIMVSW�HS�%QSV�HI�2SWWS�4EM��3FIHIGIRHS�£W�MRWXVYª¸IW�UYI�HMQEREQ�HE�:MHE�%FYRHERXI�I�UYI�RSW� JSVEQ� PIGMSREHEW� TSV� .IsWYW�'VMWXS�� )PI� HIZIVME� WIV�PLIW� E�QIXE� I� R¦S� R¶W�SYsXVSW��GEQMRLIMVSW�WSJVMHSW�GSQS�ZSG­�TV¶TVMS��QEVGLERsHS�RE�FYWGE�H)PI�

ô 2EHE� UYIVIQSW� GSQ� )PI� ô� VIZMHSY�� GSQ� IWXVMsHIRXI� HIWEJMS�� IQ� UYI�I\TVIWW¸IW� ZYPKEVIW� XVEHY M̂EQ� S� IWXEHS� TVMQMXMZS� HI� VIEPM^Eª¸IW� QSVEMW� HS�GSRXIRHSV��ô� 2SWWS� GSQTVSQMWWS� ¬� GSQ� ZSG­W� I� WEFIVIQSW� GSQS� VIsZMHEV� £�EPXYVE�E�SYWEHME�HI�UYI�WI�VIZIWXIQ�

-RWMWXMQSW�� RS� IRXERXS� ô� ZSPXSY� E� I\TSV� S� HSYsXVMREHSV� ZEPSVSWS� ô�� IQ�I\TPMGEV��UYI�RSW�IRGSRXVEQSW�WSF�S�GSQERHS�HS�'VMWXS�I�UYI��RE�MQTSWWMFMPMHEHI�HI�ZSG­�WI�HMVMKMV�E�)PI��QEW�GLIKERHS�WI�EX¬�R¶W��MRHMVIsXEQIRXI�EZERªE�RE�7YE�HMVIª¦S�� 'SRUYERXS� EW� RSWWEW� PMsQMXEª¸IW�� TVSFPIQEW� Q½PXMTPSW� I� EYW­RGME� HI�Q¬VMXS��R¦S�IWXEQSW�£�QEVKIQ�HSW�EY\°PMSW�HE�)WTMVMXYEPMHEHI�7YsTIVMSV��2IWXI�QSQIRXS� QIWQS� IQ� UYI� PLI� JEPEQSW�� N¤� RSW� WIRXMQSW� EQTEVEHSW�WYJMGMIRXIQIRXI� TEVE� MRXIVVSQsTIV� E� IRXVIZMWXE� HI� ZMSP­RGME�� TSVU¿ERXS� RSFVI�

Page 108: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

1IRWEsKIMVS�HS�7IRLSV�TVSRXMJMGSY�WI�E�EWWMWXM�PS�I�XVERU¿MPMs^¤�PS��IRGEQMRLERHS�S�GSQS�HS�RSWWS�HIWINS��E�.IWYW���

ô5YI�TIXYP¥RGME��ô�EVVIQIXIY��HIWEWWMWEHS��ô%WWMWXMV�QI�I�XVERUYMPM^EV�QI��1IPLSV�HS�UYI�QI�IRGSRsXVS�¬�MQTSWW°ZIP����5YERXS�ESW�WIRLSVIW��WMQ��JE^IQ�WI�RIGIWW¤VMSW�QYMXSW�EY\°PMSW�TEVE�WE°VIQ�HE�nIRVEWGEHE~�IQ�UYI�WI�IRZSPZIVEQ��8IRLEQ�IQ�QIRXI�UYI��VITVIsWIRXERHS�E�PY �̂GSQS�TVIXIRHIQ��IWXEQSW�HMWTSWXSW�£ZIVMJMGEª¦S���

ô1EW�E�PY �̂HMQERE�HS�%PXS�ô�GSRZMY��4IXMXMRKE�TSVUYI�XYHS�RSW�ZIQ�HS�%PXS�ô ��S�UYI�ZIVIQSW�HIWHI�N¤�ô�I\TPSHMY��EVVSsKERXI��ô�2E�MQTSWWMFMPMHEHI�HI�

RS�QSQIRXS�EXMRKMVsQSW�IWWI�%PXS����JMGEVIQSW�G¤�IQ�FEM\S��I�MVIQSW�HIVsVYFEV�SW�TSWXIW�UYI�WYWXIRXEQ�EW�JEPWEW�P¥QTEHEW��EVsVIFIRXERHS�EW��HIWXVYMRHS�SW�ZEWSW�PYQMRSWSW� I� JE^IRHS� UYI� E� IWGYVMH¦S� VIXSVRI� ESW� W°XMSW� IQ� UYI� IPE� MQTIVEZE��KPSVMSWE���

*EPEZE�GSQ�WEVGEWQS�GVYIP��I�WIQ�HMWWMQYPEV�E�MVE�GLEWUYMREZE�GMRMGEQIRXI�-QTIVXYVF¤ZIP��4IXMXMRKE��VIHEVK¿MY�ô 0EQIRXS�E�WYE�WMXYEª¦S��TVIJIV­RGME�HE�XVIZE�£PY �̂�HS�IVVS�£�ZIVHEHI��HS�

IRKERS�£� PYGMHI �̂���'EHE�YQ��TSV¬Q�� XIQ�S�HMVIMXS�HI�ZMZIV�I� VIWTMVEV�S� GPMQE��GSRsXIQTPERHS�E�TEMWEKIQ�UYI�QIPLSV�PLI�ETVE �̂���'SRXYHS��EHZIVXMQS�PS�UYERXS�£�TVIWIRªE�HS�KIRIVSWS�&IRJIMXSV�TEXIVREP�UYI�PLI�TSHIV¤�ENYHEV�GSQ�WIKYVERªE��'SRJMI�RIPI�I�HIM\I�WI�GSRHY M̂V�XVERU¿MPEQIRXI��.IWYW�JEV¤�S�VIWXS�

ô2¦S�IWUYIªEQ�� WIRLSVIW�ô� EQIEªSY�ô�� MWXS� W¦S� ETIREW� SW� GSQIªSW�� %�RSWWE�ZMRKERªE�R¦S� XIV¤� PMQMXI�� )WXINEQ�TVITEVEHSW�TEVE�S� VIZMHI�TIPEW�TSVXEW�PEVKEW�HE�EKVIWW¦S�

+EVKEPLERHS��MRJIPM �̂�HIWPMKSY�WI�HE�Q¬HMYQ�UYI��MRI\TIVMIRXI�RSW�TVSGIWWSW�WYXMW�HE�TWMGSJSRME�EXSVQIRsXEHE�GSQS�EUYIPE��TSV�TSYGS�R¦S�GEMY��R¦S�JSWWI�E�ZMsKMP¥RGME� HI� .SW¬� 4IXMXMRKE�� WIQTVI� EXIRXS� I� GEPQS�� 'SRsHY M̂HE� ES� PIMXS� I�EWWMWXMHE�TSV�TEWWIW� GEPQERXIW��1EVMERE� VIGSFVSY�E� VE^¦S�I�� WIQ�GSQTVIIRHIV�I\EXEQIRXI� S� UYI� EGSRXIGIVE�� GSQ� EW� MH¬MEW� XYVFMPLSREHEW�� TVSVVSQsTIY� IQ�GLSVS�PIRMJMGEHSV�

(SRE�6SWE��GVYGMJMGEHE�TSV�EQEVKYVEW�GSRX°RYEW��IRZSPZIY�E�JMPLE�RYQ�EFVEªS�HI�XIVRYVE�I�EGEPQSY�E�GSQ�E�IQSª¦S�HI�UYI�W¦S�TSWWYMHSVEW�EW�QYPLIVIW�GYNEW�ZMHEW�EW�XVERWJSVQEQ�IQ�WEGV¤VMSW�EXVEZ¬W�HE�QEXIVsRMHEHI�IRSFVIGMHE��%�NSZIQ�EWWIVIRSY�I�HSVQMY�RSW�FVEªSW�IRZSPZIRXIW�HE�Q¦I�HIZSXEHE�

4IVKYRXIM�E�4IXMXMRKE�WI�R¦S�WIVME�RIGIWW¤VME�E�ETPMsGEª¦S�HI�TEWWIW��*MXERHS�E�QSªE�EHSVQIGMHE�RS�WIMS�QEXIVRS��S�FSRHSWS�I�TVIGPEVS�EQMKS��MRJSVQSY�

ô�1MVERHE��E�QEMSV�XVERWJYW¦S�HI�JSVªEW�UYI�WI�GSRLIGI�¬�EUYIPE�UYI�WI�JE �̂EXVEZ¬W� HS� EQSV�� )� E� QEMW� I\YFIVERXI� JSRXI� HI� EQSV� UYI� ZMKI� RE� 8IVVE� WI�IRGSRsXVE� RS� GSVEª¦S� JIVZSVSWS� HI� YQE�Q¦I� EJIXYSWE� I� GYQTVMsHSVE� HSW� WIYW�HIZIVIW��%�QIRMRE�1EVMERE�HSVQMV¤� XVERU¿MPEQIRXI��QIWQS�TSVUYI�E�TVIWIRªE�HSW� 1IRXSVIW�� UYI� RSW� EWWMWXMVEQ� RIWXE� GEWE�� EJEWXSY� N¤� SW� GSQIRWEMW� HE�TIVXYVFEª¦S�I�JSQIRXEHSVIW�HE�HIWSVHIQ��)WXINEQSW�GSRJMERXIW�

(SRE� 6SWE� I� %Q¤PME�� WIQTVI� KIRXMW�� EKVEHIGIVEQ� GSQSZMHEW� I� WE°QSW��4IXMXMRKE�TVSQIXIY�VIXSVREV�RS�HME�MQIHMEXS�

%� RSMXI� IWXEZE� QYMXS� GEPQE� I� IWGEWWIEZE� S� QSZMsQIRXS� REW� VYEW�� 6EVSW�ZI°GYPSW�TEWWEZEQ� VYMHSWEQIRXI�I�S� G¬Y� WI�IRGSRXVEZE�FSVHEHS�HI�HMEQERXIW�IWXIPEVIW��'SQS�WSTVEZEQ�ZIRXSW�FVERHSW�UYI�RSW�GLIKEZEQ�HS�QEV�E�VIKYPEV�HMWX¥RGME��VIWSPZIQSW�GEQMRLEV�EX¬�S�PSsGEP�HE�GSRHYª¦S�UYI�RSW�WITEVEVME�

ô 'SRJIWWS�ô�MRMGMIM�E�GSRZIVWEª¦S�ô�UYI�VIGIIM�ZSG­�JSWWI�EXMRKMHS�TSV�YQ�KSPTI�HS�RSWWS�MRJIPM �̂MVQ¦S��%�EQIEªE�EGSQTERLEHE�HS�KIWXS�SYWEHS�I�JVEXVMGMHE�

Page 109: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

EWWYWXSY�QI���7SVVMWS� IWTSRX¥RIS� EJPSVSY� RS� EQMKS� HMPIXS�� %T¶W� VIJPI\MSREV� YQ� TSYGS��

IWGPEVIGIY�QI�ô1MVERHE�� E� WIVZMªS� HI� .IWYW� REHE� HIZIQSW� XIsQIV�� �� GPEVS� UYI� R¶W� R¦S�

HIZIQSW� I\TSV� £� XIQIVMHEHI�� GVMERHS� WMXYEª¸IW� IQFEVEªSWEW� I� TIVJIMXEQIRXI�HIWRIsGIWW¤VMEW��2¦S� MKRSVEQSW�UYI�RSWWSW� -VQ¦SW�1EMSVIW�RSW�IWGPEVIGIVEQ�I�EHZIVXMVEQ�UYERXS�£W�EKVIWW¸IW�HI�UYI�WIV°EQSW�Z°XMQEW��3VE��GSRZ¬Q�GSRWMHIVEV�UYI�XEMW�EVVIQIXMHEW�N¤�IWX¦S�IQ�GYVWS��)\TIVMQIRXEQSW��R¶W�TV¶TVMSW��SW�WMREMW�GSRWXVERKIHSVIW�HI�MRJPYIRGMEª¸IW�RIsKEXMZEW��RSW�½PXMQSW�HMEW��EX¬�UYI��E�TEPEZVE�W¤FME�HS�RSWWS� -RWXVYXSV�RSW�EPIVXEWWI�TEVE�E�UYIWX¦S����REXYVEP��TSVXERXS��UYI�IWWI�IWXEHS�HI�GSMWEW�JSWWI�XSQEV�GSVTS�SRHI�EW�TSWWMFMPMHEHIW�HI�­\MXS�TSHIVMEQ�WYGIHIV�QIsPLSV��2¦S�UYI�RSW�GSRWMHIVIQSW�IQ�GSRHMª¸IW�WYTIVMSsVIW�ES�RSWWS�TV¶\MQS��3GSVVI��RS�IRXERXS��UYI�RE�JEsQ°PME�7SEVIW�SW�QIQFVSW�UYI�R¦S�TVMZEQ�HSW� MHIEMW� IPIsZEHSW� HE� ZMHE� W¦S� QYMXSW�� E� MRMGMEV� TIPS� KIRMXSV� HE� GEWE�� UYI��ZMRGYPEHS�E�GIVIFVEª¸IW� MRJIPM^IW�HIWHI�L¤�QYMXS��TVIJIVI�E�WMXYEª¦S� MRWERE�IQ�UYI�WI�HIQSVE�£�GSQYRL¦S�PMFIVXEHSVE�UYI�PLI�XIQ�WMHS�EGIREHE�MR½QIVEW�ZI^IW��2¦S�GV­�ZSG­�UYI�S�TVSFPIQE�HI�1EVMERE�HIZIVME�GLEsQEV�PLI�E�EXIRª¦S#�3�HVEQE�HI�1EVXE��E�SYXVE�JMPLE�� MRUYMIXE��IQ�GSR½FMSW�HI�MRJIPMGMHEHI�QIVIGMEQ�I\EQI#�2S� IRXERXS�� S� RSWWS�1EXIYW�� GSRXYVFEHS� IQ� WM�QIWQS�� ¬� IWT°VMXS� TSVXEHSV� HI�IRJIVQMHEHI�°RXMQE�HI�PSRKS�GYVWS��UYI�GEQMRLEV¤�HIQSVEHEQIRXI�EX¬�IRGSRXVEV�S�LSVM^SRXI�GPEVS�HE�VIRSZEª¦S���

7MPIRGMSY�TSV�EPKYRW�QSQIRXSW��I�TVSWWIKYMY�ô3�GEQTS��TSVXERXS��RE� JEQ°PME��¬�I\GIPIRXI�TEVE�EKVIWW¸IW�HI�FEM\S� XISV�

IWTMVMXYEP�I�ZMFVEX¶VMS��:MZIRHS�S�GPMQE�HE� NSKEXMRE��S�RSWWS� MVQ¦S� JSM�Z°XMQE�HI�)RXMsHEHIW� MRJIPM^IW� UYI� EVQEVEQ� E�Q¦S� HS� WIY� STSWMXSV� TEVE� PLI� VSYFEVIQ� E�ZMHE��%WWMQ��EXMRKMVMEQ�E�JEQ°PME�IQ�PMFIVXEª¦S�HE�SFWIWW¦S�GVYIP�HI�UYI�TEHIGIQ�QYMXSW� HSW� WIYW� QIQFVSW�� TVSZSGEVMEQ� IWG¥RHEPS� I� IWQEKEVMEQ� HI� HSV� E�WIRLSVE�6SWE��ZIVHEHIMVS�ERNS�HI� VIR½RGME�IQ�GPMQE�HI�FIPMGSWMHEHIW����(ITSMW�RSW�EXMRKMVMEQ��XEQsF¬Q��IQSGMSREPQIRXI��TVINYHMGERHS�KVERHIQIRXI�SW�PEsFSVIW�HSW�RSWWSW�&IRJIMXSVIW�)WTMVMXYEMW��%RXI�S�GLSsUYI�TVSZSGEHS�TIPE�GIRE��E�QIRMRE�1EVMERE� IRXVSY� IQ� WMRXSRME� GSQ� S� WMG¤VMS� UYI� E� IWTVIMXEZE�� IWTIVERHS�� I�MRGSVTSVSY�E��MRGSRWIUYIRXI���

(ERHS�QEMSV�­RJEWI�ES�IRWMREQIRXS��GSRXMRYSY�ô� 'SQS� ZSG­� R¦S� MKRSVE�� XYHS� IWX¤� TVIZMWXS�� 1IsVIGI� GSRWMHIVEV� UYI� S�

TVSFPIQE�HE�HIWSFWIWW¦S� XIQ� PSRKS�GYVWS��3�WMQTPIW�EJEWXEQIRXS�HE�IRXMHEHI�TIVWIKYMHSVE� R¦S� ¬� JEXSV� HI� TE �̂ REUYIPI� UYI� WI� PLI� ZMRGYPEZE�� )Q� TVSGIWWSW�SFWIWWMZSW�UYEMW�S�HI�1EVMERE��L¤�WIQTVI�YQE�QIHMYRMHEHI�PEXIRXI�UYI�SJIVIGI�VIGYVWSW�HI�WMRXSRME�TW°UYMGE�IRXVI�TIVWIKYMHSV�I�TIVWIKYMHS��'SQ�S�EJEWXEsQIRXS�HS� TVMQIMVS�� EW� TSWWMFMPMHEHIW� QIHMER°QMGEW� HS� WIKYRHS� WI� HMPEXEQ�� WIRHS�RIGIWW¤VMS� IHYGEV�� HMWGMTPMREV�� MRWXVYMV� S� Q¬HMYQ� TEVE� UYI� IWXI� EHUYMVE� SW�VIGYVWSW�UYI�S�GETEGMXIQ�£�HIJIWE�TV¶TVME��ESW�GYMHEHSW�GSRXVE�EW�GMPEHEW�FIQ�YVHMHEW�HI�SYXVSW�)WT°VMXSW�MRJIPM^IW�SY�PIZMERSW��IRJMQ��UYI�TVITEVIQ�S�WIEVIMVS�IQ�TSXIRGMEP�TEVE�S�PEFSV�RE�KPIFE�MQIRWE�HS�'VMWXS��RE�UYEP�IWGEWsWIMEQ��EMRHE�EKSVE��XVEFEPLEHSVIW�HMPMKIRXIW�I�HIZSsXEHSW���

n5YERXS�£�EKVIWW¦S�HI�UYI�TEVIGME�UYI�IY�WIVME�E�Z°XMQE��R¦S�ZM�VE^¸IW�TEVE�TVISGYTEV�QI��)Q�XEVIJE�HS�'VMWXS��GSRUYERXS�EW�QMRLEW� MQIRWEW� MQTIVJIMª¸IW��GSRsJMS�R)PI���

n%P¬Q� HMWWS�� UYERHS� IWXEQSW� E� WIVZMªS� HE� ZIVHEHI�� KIVEQSW� I� IQMXMQSW�ZMFVEª¸IW�UYI�RSW�HIJIRHIQ�HI�XSHS�S�QEP�~

Page 110: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

'LIK¤VEQSW�ES�PSGEP�HI�HIWTIHMHE��%TIVXEQS�RSW�EW�Q¦SW�I�WITEVEQS�RSW�2S�HME�MQIHMEXS��VIXSVREQSW�ES�PEV�HSW�7SEVIW��£RSMXI��I�JSQSW�MRJSVQEHSW�HI�

UYI� S� GLIJI� HE� JEQ°PME� IWXEZE� GSQ� I\GIPIRXIW� TSWWMFMPMHEHIW� HI� VIGYTIVEª¦S��IQsFSVE�(SRE�6SWE��EGEFVYRLEHE�� WI� VIJIVMWWI�ES�IWXEHS�IWTMVMXYEP� I�QSVEP�HS�IWTSWS�GSQS�HSW�QEMW�PEWXMQ¤sZIMW�

(MWWIVE�PLI�� IPI�� UYI� PSKS� VIGYTIVEWWI� E� WE½HI� WEsFIVME� HIWJSVªEV�WI� HS�EKVIWWSV��4SYGS�WI�PLI�HEZE�GSQ�S�UYI�SGSVVIWWI�GSRWMKS�QIWQS��QEW�PEZEVME�IQ�WERKYI�S�WIY�RSQI��E�WYE�LSRVE����6IXSVREVE��TSMW��HS�2SWSsG·QMS��MRUYMIXE��EJPMXE��GSRJMERHS�RE�4VSZMH­RGME�(MZMRE�UYI�WEFIVME�IRGSRXVEV�WSPYª¦S�NYWXE�TEVE�GEWS�X¦S�GSQsTPI\S�� %� ZIRIVERHE� WIRLSVE� HIJMRLEZE�� I� WIY� VSWXS� WYPsGEHS� TIPE� HSV�MRWTMVEZE�RSW� TVSJYRHE� TMIHEHI� JVEXIVREP�� 'EVMRLSWEQIRXI� IWXMQYPEHE� TSV�4IXMXMRKE�� HI� WYEW�Q¦SW� VIGIFIY�E� XVERWJYW¦S�HI�EFYRHERXI�IRIVKME� VIJE^IRXI��TIPS�VIGYVWS�HS�TEWWI�

2¦S�TEHIGMEQ�H½ZMHEW�HI�UYI��ZIRHS�JVEGEWWEHSW�SW�WIYW�TPERSW�HI�HIWHMXE��IPMQMRERHS� E� ZMHE� J°WMGE� HS� WIsRLSV�1EXIYW�� SW� JEG°RSVEW� IWTMVMXYEMW� IWXEZEQ�E�EXSVsQIRX¤�PS�� KIVERHS� EW� VE°^IW� TIVMKSWEW� HS� ¶HMS�� IQ� GYNEW� QEPLEW��MQTVIZMHIRXI�I�PIZMERS��WI�IQEVERLEZE��4IVXYVFEHS��WIVME�TVIWE�QEMW�J¤GMP�EMRHE�TEVE�YQE�XVEK¬sHME�MQTVIZMW°ZIP��ET¶W�E�VIGYTIVEª¦S�HE�WE½HI�

2S�HSQMRKS�MQIHMEXS��UYERHS�HE�VIYRM¦S�T½FPMGE�HI�I\TSWMª¦S�HSYXVMR¤VME�RE�9RM¦S�)WT°VMXE�&EMERE��ZIsVMJMGEQSW�QEMW�YQE�ZI �̂EW�EVXMQERLEW�HI�UYI�WI�JE^IQ�SFNIXS�SW�)WT°VMXSW�XVIZSWSW�

4IXMXMRKE� EWWSQEVE� £� XVMFYRE� HSYXVMR¤VME� I� TVIKEsZE�� %� WYE� TEPEZVE�LEVQSRMSWE� ZMFVEZE� IQ� XSRW� HI� GSRsWSPS�� VITSVXERHS�WI� ES� IWXYHS� HI� n3�)ZERKIPLS� WIKYRHS� S� )WTMVMXMWQS~�� RS� 'ET°XYPS� ���� -RWXVYª¸IW� HSW� )WT°VMXSW��4)6(�3�(%7�3*)27%7��E�I\GIPIRXI�QIRWEKIQ�HI�7MQI¦S��HMXEHE�IQ�&SVH¬YW��IQ������

3�VIGMRXS�IWXEZE�WEXYVEHS�HI�IQSª¸IW�WYTIVMSVIW�I�EPKYQEW�TIWWSEW�XMRLEQ�SW�SPLSW�GSVSEHSW�HI�P¤KVMQEW��2YQ�MRXIVZEPS�REXYVEP�HE�I\TPMsGEª¦S��GSRLIGMHS�WIRLSV� HI� VIWTIMX¤ZIP� JEQ°PME� PSGEP�� SFWIWWS� GSRXYQE �̂� EHIRXVSY�WI� TIPE� WEPE�T½FPMGE�HE�WIWsW¦S�I��GSQ�S�WIQFPERXI�JSVXIQIRXI�GSRKIWXS��EZERªSY�RE�HMVIª¦S�HE�XVMFYRE��VYMHSWEQIRXI��I�FVEHSY��VIJIVMRHS�WI�E�4IXMXMRKE�

ô,MT¶GVMXE��5YIQ�¬W� TEVE� TVIKEV#� -QTIVJIMXS� GSQS� XY�� GSQS� XI� EXVIZIW� E�JEPEV�HE�ZIVHEHI�I�IRWMREV�TYVI^E��TSWWYMRHS�PEVKEW�JEM\EW�HI�HIWIUYMP°FVMS�°RXMQS��UYI�SGYPXEW�HSW�UYI�XI�IWGYXEQ#�(M^I�

8SHSW�JSQSW�HSQMREHSW�TSV�IWXVERLS�GSRWXVERKMsQIRXS�I�YQ�WMP­RGMS�XYQYPEV�WI�EFEXIY�WSFVI�S�EYHMsX¶VMS�

4IXMXMRKE�� IQTEPMHIGIRHS�� PIZERXSY� SW� SPLSW� GPEVSW� I� XVERWTEVIRXIW�� JMXSY� S�EVVSKERXI�SFWIWWSV�UYI�XSQEVE�E�FSGE�HS�EXSVQIRXEHS�GEZEPLIMVS��I�VIWTSRHIY��LYQMPHI�

ô 8IRW�XSHE�E�VE^¦S�I�IY�S�VIGSRLIªS��3�XIQE�IQ�TEYXE��LSNI��UYI�S�GEVS�MVQ¦S�R¦S�SYZMY��WI�VIJIVI�I\EsXEQIRXI�ES�n4IVH¦S�HEW�SJIRWEW~���

ô2¦S�XI�IZEHEW�GSZEVHIQIRXI�ô�HIWGEVVIKSY�S�MRJIPM �̂STSWMXSV��ô�6IJMVS�QI�£W�GSRHMª¸IW�QSVEMW�HI�UYI�WI�HIZIQ�VIZIWXMV�SW�UYI�IRWMREQ�S�UYI�GLEQEW�E�ZIVHEHI�� I� UYI� XI� JEPXEQ����(IWEJMS�XI� E�UYI�EFERHSsRIW�E� XVMFYRE� VIPMKMSWE� SY�EFERHSRIW�E�ZMHE�UYI�PIZEW���

3 EWWSQFVS�GSPSGEZE�RSW�IQ�IWXYTSV��-RHYFMXEZIPQIRXI��E�IRXMHEHI�PSUYE �̂I�IRJIVQE� HIWINEZE� GVMEV� GSRsHMª¸IW� HI� WYWTIMª¦S� UYERXS� £� GSRHYXE� MPMFEHE��XVERWTEsVIRXI�I�RSFVI�HS�)ZERKIPM^EHSV��I�S�HIWEJMEZE�E�YQ�HYIPS�ZIVFEP�RIKEXMZS�I� TIVRMGMSWS�� (I� J¬� MRUYIFVERX¤sZIP�� RS� IRXERXS�� I� WIVIRS�� S� PIGMSREHSV� HE�

Page 111: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

(SYXVMRE�)WsT°VMXE��WIQ�XVEMV�RE�ZS �̂EW�IQSª¸IW�UYI�S�ZMWMXEZEQ��IWGPEVIGIY��GSQ�XSGERXI�WIRXMQIRXS�HE�QEMW�TYVE�LYsQMPHEHI�

ô -VQ¦SW��S�EQMKS�IWTMVMXYEP�XIQ�XSHE�E�VE^¦S�I�R¦S�QI�TSWWS�JYVXEV�ES�HIZIV�HI� RIGIWW¤VMSW� UY¦S� MREsHM¤ZIMW� IWGPEVIGMQIRXSW�� )RWMRSY� S� 1IWXVI� UYI� RSW�GSRsJIWW¤WWIQSW�YRW�ESW�SYXVSW��TV¤XMGE�IWWE�ZMKIRXI�IRXVI�SW�TVMQIMVSW�GVMWX¦SW�I�UYI� S� XIQTS� IWQEIGIY� I� HIXYVTSY� HSPSWEQIRXI�� 2YRGE� QI� EXVIZM�� RYRGE�I\TIVMQIRXIM� GSVEKIQ� TEVE� HM^IV� ESW� GSQTERLIMVSW� WSFVI� EW� QMRLEW� TV¶TVMEW�HMJMGYPHEHIW��%KSVE��YXMPM^ERHS�QI�HS� �EY\°PMS� �HS� MVQ¦S�UYI�QI� JEGYPXE�IRWINS��HMKS�HE� PYXE� MRXIRWE�UYI� XVEZS�REPQE�TEVE�WIVZMV�QIPLSV�ES�7IRLSV�� XIRsXERHS��GEHE� HME�� ETVMQSVEV�QI� MRXMQEQIRXI�� PETMHERHS� KVSWWEW� EVIWXEW� I� HYVEW�ERKYPEª¸IW�RIKEXMZEW�HE�QMRLE�TIVWSREPMHEHI�IRJIVQE��(ITSMW�HI�XIV�GSRLIGMHS�.IWYW��QMRLE�EPQE�PYXE�HIRSHEHEQIRXI�GSRXVE�S�TEWWEHS�WSQsFVMS��RIQ�WIQTVI�PSKVERHS� ­\MXS� RE� JIVVIRLE� FEXEPLE� HI� WYTIVEª¦S� HSW� ZIPLSW� TEHV¸IW� HI�SGMSWMHEHI� I� GVMQI� IQ� UYI� ZMZIY�� RE� MQIRWE� RSMXI� HSW� XIQTSW�� %FERHSREV��XSHEZME��S�EVEHS��TSVUYI�XIRLS�EW�Q¦SW�MQTV¶TVMEW��UYERsHS�E�IVZE�Q¤�KVEWWE�I�IWGEWWIMEQ�SFVIMVSW��R¦S�S�JEVIM�RYRGE�

n)PIKM��HIWHI�L¤�QYMXS��E�HIWIRGEVREª¦S�RS�KVEFEXS�HE�EJPMª¦S�WYTIVPEXMZE�I�HS�EFERHSRS�XSXEP��JMIP��RS�IRsXERXS��£�PYXE�VIHIRXSVE�UYI�QI�JEGYPXEZE�E�(SYXVMRE�HI� .IWYW�� £� TEVXMHE� TEVE� S� 1YRHS� HE� 'SRWGM­RGME� 0MZVI�� GIVGEHS� HI� GEVMRLS� I�GSRJSVXS��XIVRYVE�I�GSQTVIIRW¦S�� PSRKI��TSV¬Q��HS�WIVZMªS�PMFIVXEHSV����4VIJMVS�E�GSRHMsª¦S� HI� IRJIVQS� ENYHERHS� HSIRXIW�� E� WIV� SGMSWS� FYWGERHS� E� WE½HI� TEVE�TSHIV�ENYHEV�GSQ�IJMGM­RGME��IRUYERXS�WI�HIWKEWXEQ�GSVTSW�I�EPQEW�ES�VIPIRXS�HE�MRHMJIVIRªE� HI� QYMXSW�� UYI� EW� QMRLEW� Q¦SW� GEPINEHEW� TSHIQ� WSGSVVIV��1MWIVEFMPMHEHI�WSGSVVIRHS�QMW¬VMEW�QEMSVIW��£�TSWMª¦S�JEPWE�HEUYIPI�UYI�VIGIFIY�S� XEPIRXS� I� S� WITYPXSY�� GSRsJSVQI� RSW� JEPE� E� 4EV¤FSPE� HS� 7IRLSV�� )QFSVE�MQTIVJIMXS��HIM\S� PY M̂V�QMRLE�EPQE�UYERHS�GSRXIQTPS�E�+VERsHI�0Y �̂�ZEWMPLEQI�MQYRHS��EVSQEXM^S�QI�ES� PIZI�VSGMS�HS�TIVJYQI�HE� J¬��IWT°VMXS� MRJIPM �̂�QEW�R¦S�MRJIPMGMXEsHSV��FERLS�QI�RE�¤KYE�PYWXVEP�HE�IWTIVERªE�GVMWX¦����4IVHSE�QI��7IRLSV��RE�MQTIVJIMª¦S�IQ�UYI�QI�HIQSVS�I�ENYHE�QI�RE�VIHIRª¦S�UYI�TIVWMKS����~

3� EYHMX¶VMS�� GSQTYRKMHS� I� IQSGMSREHS�� EXIRHMHS� TSV� ZMFVEª¸IW� WYTIVMSVIW��GLSVEZE� GSQSZMHS�� I� P¤KVMQEW� XVERWTEVIRXIW� EHSVREZEQ� E� JEGI� HS� WIVZMHSV� HS�'VMWXS��VYXMPERHS�WMRKYPEVQIRXI�REUYIPE�QERL¦�HI�WSP�

-RIWTIVEHEQIRXI�� S� TIVXYVFEHSV� IWTMVMXYEP� EVVSNSY� ES� EWWSEPLS� S� WIY�MRWXVYQIRXS��I��HSQMREHS�TSV�GVYE�IQSXMZMHEHI��FVEHSY�

ô�4IVHSE�QI��XY��%�XYE�LYQMPHEHI�ZIRGI�QI�E�FVEZI^E��ZIPLMRLS�FSQ��(IYW��QIY��(IYW��QIY��&PEWJIsQS��3�¶HMS�KVEXYMXS�GIKE�QI��4IVHSE�QI��ZIPLMRLS�FSQ��I�ENYHE�QI�GSQ�E�XYE�LYQMPHEHI�E�IRGSRXVEV�QI�E�QMQ�QIWQS��-RJIPM �̂UYI�WSY��8YHS� QIRXMVE�� QIRHEGMHEHI� MRHMXSWE�� E� UYI� QI� EQEVKE� SW� P¤FMSW�� %NYHE�QI��ZIPLMRLS�FSQ��RE�QMRLE�MRJIPMGMHEHI���

4IXMXMRKE�HIWGIY�SW�HIKVEYW�HE�XVMFYRE��ETVS\MQSY�WI�HS�WSJVIHSV�I��JEPERHS�PLI� FSRHSWEQIRXI�� IRZSPZIY� S�Q¬HMYQ� GSQ� KIWXS� HI� GEVMRLS�� GSRZMHERHS�S� E�WIRXEV�WI�

ô�4IVHSI�RSW�S�7IRLSV�HI�RSWWEW�ZMHEW��ô�*EPSY�IQ�HMWGVIXS�TVERXS�)�PIZERXERHS�E�ZS �̂�VSKSY�ô� 3VIQSW� XSHSW� E� .IWYW�� TIPS� RSWWS� MVQ¦S� WSJVIHSV�� TSV� XSHSW� R¶W�� SW�

WSJVIHSVIW�6EVEW�ZI^IW�RE�ZMHE�J°WMGE�TVIWIRGMEVE�GIRE�QEMW�GSQSZIHSVE��)VE�GSQS�WI�S�

1YRHS� )\GIPWS� FEM\EWWI� £8IVVE� I� SW� LSQIRW� TYH¬WWIQSW� XVERWMXEV� RS� VYQS�HEUYIPI�QYRHS�SRHI�VIWMHI�E�JIPMGMHEHI���

Page 112: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

6IXSVRERHS�£�GEPQE��S�Q¬HMYQ��MKRSVERHS�S�UYI�WI�TEWWEVE��XIZI�YQ�KIWXS�HI�IWTERXS�TSV�IRGSRXVEV�WI�EPM��)WGPEVIGMHS�IQ�TSYGEW�TEPEZVEW�TIPS�TVIKEHSV��IWXI�VIXSVRSY�£�XVMFYRE��I�GSQS�WI�REHE�LSYZIVE�SGSVVMHS�HIY�GYVWS�£�TVIPIª¦S�

��LSVE�VIKYPEQIRXEV��SW�XVEFEPLSW�JSVEQ�IRGIVVEsHSW��IRUYERXS�E�GMHEHI��P¤�JSVE��GLIME�HI�WSRW�I�Q½WMsGEW�HS�HME�I�HE�JEMRE�HSW�LSQIRW��WI�HIM\EZE�MRYRHEV�HE�PY �̂HS�WSP�

��(IWSFWIWW¦S�I�VIWTSRWEFMPMHEHI

������%W�PYXEW�TVSWWIKYMVEQ�GSRX°RYEW�I�MRXIRWEW��%QsTEVEHSW��XSHEZME��TIPE�1MWIVMG¶VHME�(MZMRE��IQTIRL¤ZEsQS�RSW��MKYEPQIRXI��IQ�GSVVIWTSRHIV�£�GSRJMERªE�HE�)WsTMVMXYEPMHEHI�7YTIVMSV��'IVXS�¬�UYI�S�GEVZEPLS�IRVMNE�JMFVEW�WSF�EW�EKVIWW¸IW�HE�XIQTIWXEHI����8EQF¬Q��R¶W�SYXVSW��JSVXMJMG¤ZEQS�RSW�RE�J¬�I�RS�IRXYWMEWQS�£�QIHMsHE�UYI�WI�QYPXMTPMGEZEQ�SW�GSRZMXIW�£�¤VHYE�FEXEPLE�HE�JMHIPMHEHI�ES�HIZIV�IWTSRX¥RIEQIRXI�EWWYQMHS��%UYM�IVE�S�MVVSQTIV�HEW�TEM\¸IW�HIQSVEHEQIRXI�WYFSVHMREHEW�£ZSRXEHI�XIRXERHS�HIWIUYMP°FVMS��EPM�IVEQ�EW�MRZIWXMHEW�HE�ZMSP­RGME��EXVEZ¬W�HI�TIWWSEW�MVVIWTSRW¤ZIMW�UYI�WI�JE M̂EQ�H¶GIMW�MRWXVYQIRXSW�HSW�)WT°VMXSW�MRJIPM^IW��TEsVIRXIW�MRZMKMPERXIW�I�TIVXYVFEHSW�EXMªERHS�VIFIPHME��EPsQEW�EJIMªSEHEW�TIPSW�IWXVIMXSW�PEªSW�HS�QEXVMQ·RMS��MRsGSRWIU¿IRXIW��IRWINERHS�VIHSFVEHE�EJPMª¦S��JIVMHSW�TIPEW�JEVTEW�HS�GM½QI��HE�MVE�I�HE�MRWIRWEXI �̂�XVERWJSVQERsHS�WI�IQ�EPKS^IW�FVYXEMW���������6IWMWXMRHS�UYERXS�RSW�JEsGYPXEZEQ�EW�JSVªEW��MRWTMVEHSW�I�WSGSVVMHSW�GSQS�IWX¤sZEQSW��WIRX°EQSW��WMQYPXERIEQIRXI��E�VEVE�JIPMGMHEHI�HI�RSW�IRGSRXVEVQSW�RSW�GEQTSW�HE�J¬�VIHIRXSVE��)ZSG¤sZEQSW�SW�Q¤VXMVIW�HSW�TVMQIMVSW�XIQTSW�HS�'VMWXMERMWsQS�I�I\YPX¤ZEQSW��7I�EKSVE�E�EVIRE�HIWETEVIGIVE�HSW�W°XMSW�IQ�UYI�XMRLE�WYE�GSRWXVYª¦S��IWXIRHIVE�PMQMXIW��TSV¬Q��TEVXMRHS�HS�QYRHS�MRXIVMSV�HI�GEHE�YQ�EX¬�£W�PSRKIW�TEVXIW�HS�TIRWEQIRXS����3RXIQ��S�LSPSGEYWXS�I�SQEVX°VMS�T½FPMGS�IVEQ�IWX°QYPS�ES�TVSWWIKYMQIRXS��I�S�WERKYI�HIVVEQEHS�WI�GSRZIVXME�IQ�EHYFS�REW�VE°^IWHE�J¬�REWGIRXI��%KSVE��R¦S��3W�XIWXIQYRLSW�HIZIVMEQ�WIV�WMPIRGMSWSW��RE�GVY �̂HE�EFRIKEª¦S�I�HE�VIR½RGME��JSVE�HSW�KVERHIW�IWTIX¤GYPSW���

8VERWGSVVMEQ�SW�HMEW�WIQ�SYXVEW�EPXIVEª¸IW��UYERsHS��RS�XVEFEPLS�LEFMXYEP�HI�MRXIVG¥QFMS� QIHM½RMGS�� 7EsXYVRMRS� IPYGMHSY� UYI� S� MVQ¦S� +PEYGYW� ZMVME� £�MRGSVTSsVEª¦S�TIPS�Q¬HMYQ�1SVEMW��TEVE�MRWXVYª¸IW�ZEPMSWEW�

7EYHERHS�RSW� IQ� RSQI� HS� 7IRLSV�� S� RSFVI� -RWXVYsXSV�� HI� MQIHMEXS��GSRWMHIVSY�

ô�'SRJSVQI�IWX¦S�MRJSVQEHSW�SW�GEVSW�EQMKSW��S�RSWWS�MVQ¦S�8ISJVEWXYW�XIQ�WMHS�L¶WTIHI�UYIVMHS�HIWXE�'EWE��(IWHI�EW�IRXVIZMWXEW�UYI�QERXMZIQSW��SVE�RS�%RsJMXIEXVS��SVE�RS�0E^EVIXS�IQ�UYI�WI�IRGSRXVE�,IRVMIXXIs�1EVMI�I�EUYM�QIWQS��VIGSPLIY�WI� S� ERXMKS� QEKS� HI� 6Y¦S� E� QIHMXEª¸IW� QYMXS� TVSJYRHEW� I� E�EVVITIRHMQIRXS� TIVJIMXEQIRXI� GSQTVIIRW°ZIP�� (IWTIVXEV� TEVE� E� ZIVHEHI� ¬��XEQF¬Q��REWGIV�TEVE�E�VIWTSRWEFMPMHEHI��'SRLIGIV�S�FIQ�WMKRMJMGE�VIRYRGMEV�ES�IVVS�� 3� GIKS� UYI� WI� HIsQSVE� WIQ� S� GSRX¤KMS� HE� ZMW¦S� TSV� PSRKSW� ERSW�� ES�HIWsTIVXEV�IQ�QERL¦�HI�JSVQSWS�HME��WIRXI�E�EVH­RGME�HE� PY �̂I�I\TIVMQIRXE�S�WSJVMQIRXS�UYI�E�GPEVMHEHI�PLI�TVSsHY �̂�VIJE �̂S�GEQMRLS�TIPE�RSMXI�XSVQIRXSWE�I�TEHIGI�� IQFSVE� IQFVMEKEHS� HI� PYQMRSWMHEHI�� -HIRXMJMGEV�WI� GSQ� E� ZMHE�EFYRHERXI�TSHI�TEVIGIV�IQFEXI�J¤GMP��TIVWIZIsVEV��RS�IRXERXS��RE�GSQYRL¦S�GSQ�E�:MHE�1EMSV�VITVIsWIRXE�IWJSVªS�WEGVMJMGMEP�I�GSRXMRYEHS�GSRXVE�E�EGPMQEsXEª¦S�IQ�

Page 113: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

UYI�WI�ZMZME��2IWWI�WIRXMHS��S�1IWXVI�WIQsTVI�JSVE�MRGMWMZS�I�GSRGMWS��n2¦S�ZSPXIW�E�TIGEV�TEVE�UYI�XI�R¦S�EGSRXIªE�EPKS�TMSV~�ô�IRYRGMEZE�)PI�ESW�VIG¬Q�GYVEHSW�

9Q�MRXIVZEPS�REXYVEP�RE�I\TSWMª¦S�HS�%QMKS�)WsTMVMXYEP�WI�JI �̂IWTSRX¥RIS��)�TVSWWIKYMRHS��GPEVMJMGSY�

ô�1EVGEHS�TIPE�VIZSPXE�UYI�S�GSRWYQME��PIRXEQIRXI��RIWWI�PEVKS�TIV°SHS�HI�XIQTS��HIWHI�E�EVFMXV¤sVME�TYRMª¦S�TIPE�JSKYIMVE��HI�UYI�JSM�Z°XMQE��RSWWS�EQMsKS�EGEPIRXSY� RE�QIRXI� E� GLEQE� HE� ZMRKERªE�� FYWGERHS�� MQTPEG¤ZIP�� EUYIPIW� UYI�JSVEQ�SW� VIWTSRW¤ZIMW� TIPS� WIY� WSJVMQIRXS�� 'SQS�� TSV¬Q�� S� ¶HMS� IRGIKYIGI� I�SFPMXIVE� EW� JSRXIW� HE� VE^¦S�� R¦S� GSRWIKYMY� MHIRXMJMGEV� I\EXEQIRXI� EUYIPI� UYI�XVEQSY�E�MRJEQI�XVEK¬HME��ZMRHS�E�IRGSRsXV¤�PS�W¶�EKSVE��IQ�WMXYEª¦S�EMRHE�QEMW�MRHMXSWE�HS�UYI�E�WYE��'SRWIVZSY��RS�IRXERXS��HS�'VMWXMERMWQS��E�GSRGITª¦S�MRJIPM �̂UYI� PLI�HIVEQ�SW�WIYW�EXSVQIRXEHSVIW��HSW�UYI�WI� PSGYTPIXEQ�£�WSQFVE�HE� J¬�TEVE�YWYJVY°VIQ�FIRIJ°GMSW�TIWWSEMW�� HSW�UYI� X­Q�RSW� P¤FMSW�QIP� I� RS� GSVEª¦S�¤GMHS�XIVV°ZIP��HSW�TEWXSVIW�UYI�HIZSVEQ�EW�SZIsPLEW��I�HEW�SZIPLEW�UYI�W¦S��IQ�½PXMQE�ER¤PMWI��üPSFSW�HMWJEVªEHSW�HI�SZIPLEWý��%�HSªYVE�HS�EQSV�HI�.IWYW�JSM�PLI�ETVIWIRXEHE� IRXVI� PEFEVIHEW� UYI� PLI� PEQFIVEQ� EW� GEVRIW� I� IQ� JYQS� UYI� S�EWJM\MSY�EX¬�E�QSVXI����%RXI�E�EHYPXIVEª¦S�HSW�IRWMRSW�HS�1IWXVI��GSRJSVQI� PLI�GLIsKEVEQ�RSW�HMEW�HE�MKRSV¥RGME�QIHMIZE��GSRWIVZE�EX¬�LSNI�EZIVW¦S�TIPS�RSQI�HS�'VMWXS�I�TIPE�(SYXVMRE�UYI�)PI�RSW� PIKSY�� -RZMKMPERXI�� XSVRSY�WI�GEPGIXE�HI�WM�QIWsQS� I�� EXSVQIRXEHS� TIPE� EYW­RGME� HI� PYQI� RS� ZIPEHSV� HE� TE �̂� WIQ�GSQFYWX°ZIP� HI� IWTIVERªE�� JI^�WI� XSHS� WYWsTIMXE�� EVVSK¥RGME�� MRUYMIXEª¦S��GSRUYERXS�S�GERWEªS�HS�QEP�IQTVIIRHMHS�TSV�PEVKS�IWTEªS�I�S�VIGIMS�HI�UYI�N¤�PLI�IWKSXEZEQ�EW�JSVªEW�TEVE�TVSWWIKYMV���

n'SPLMHS� REW�QEPLEW� HSW� EXSW� VITVSGL¤ZIMW�� EGVIHMsXE�WI� RSZEQIRXI� Z°XMQE�HEW�GMVGYRWX¥RGMEW��-KRSVERHS�UYI�SW�RSWWSW�EXSW�RSW�IPIKIQ�Z°XMQEW�SY�EPKS^IW�HI�R¶W�QIWQSW�� I� UYI�� TSV�QEMW� GVYIP� WINE� E� RSWWE� EXYEsª¦S�� R¦S� JYKMQSW� ES�RSWWS�HIWXMRS�HI�JIPMGMHEHI��QEMW�LSNI�SY�QEMW�XEVHI��7SSY�TEVE�IPI�S�QSQIRXS�HE�VIsHIRª¦S�RIGIWW¤VME�I�HMJ°GMP��UYI� N¤�GSQIªE��TSV¬Q�� -QIRsWS�XVENIXS�S�IWTIVE��PSRKS�QIVKYPLS�RE�GEVRI�WSJVIHSVE�S�EKYEVHE�E�FIRIJ°GMS�HIPI�QIWQS�

(ITSMW�HI�FVIZIW�MRWXERXIW�HI�I\TVIWWMZS�WMP­RGMS��TVSWWIKYMY�ô )RUYERXS�WI�HMWT¸I�IQ�HIJMRMXMZS�£�VIRSZEª¦S�IWTMVMXYEP�ô�N¤�UYI�RSW�R¦S�

GEFI� GSRWXVERK­�PS� WSF� UYEPsUYIV� TVIXI\XS� SY� GMVGYRWX¥RGME�� E� JMQ� HI� WIV�VIGEQFMEHS�TEVE�VIGMRXS�TV¶TVMS�IQ�RSWWE�)WJIVE��SRHI�WI�HIZIV¤�TVITEVEV�TEVE�EW� PYXEW� HE� WYFPMQEª¦S� JYXYVE�� SFWIVZE� EW� XEVIJEW� UYI� EUYM� WI� HIWHSFVEQ�� E�EXYEª¦S�HSW�GVMWsX¦SW�RSZSW��E�GSRHYXE�VIEP�UYI�WI�HIVMZE�HE�J¬�VEGMSsGMREHE��S�R°ZIP�HI�EQSV�MRWTMVEHS�RS�EQSV�HS�'VMWXS����%GSQTERLE�EW�STIVEª¸IW�WSGSVVMWXEW�HMVMKMHEW�ESW�WSJVIHSVIW�HI�EQFSW�SW�TPERSW�HE�ZMHE��UYI�EUYM�Z­Q�XVEs M̂HSW��I��WSFVIXYHS��GSQ�E�RSWWE�EWWMWX­RGME�EJIXYSWE��WIKYI�SW�PMHEHSVIW�HE�J¬��WIVZMHSVIW�HE� WIQIEª¦S� IZERsK¬PMGE� I� SW� Q¬HMYRW� XVEFEPLEHSVIW� TEVE� WIRXMV� WI� SW�IRsWMREQIRXSW�RIWXE�'EWE�QMRMWXVEHSW�W¦S�ETPMGEHSW�RE�GSRsHYXE�HM¤VME�TIPSW�UYI�SW� EHQMRMWXVEQ���� :IVMJMGE� E� JSVsQE� TIPE� UYEP� WI� GSQTSVXEQ� SW� IWT°VMXEW� WSF� E�GSRWXVMsª¦S� HS� XIWXIQYRLS� I� HE� TVSZE�� HE� TIVXYVFEª¦S� I� HE� HSV�� GSRJMVQERHS�TIPSW�EXSW�E�WYE�MHIRXMJMGEª¦S�GSQ�S�'VMWXS��8IQSW�PLI�IRWINEHS�S�GSRLIGMQIRXS�HS�QMRMWX¬VMS�HE�JVEXIVRMHEHI�HIWIRZSPZMHS�TIPS�RSWWS�8IQTPS��HI�QSHS�E�JEGYPXEV�PLI�S�GSRLIGMQIRXS�HS�ZIVS�'VMWXMERMWQS��IQ�JEGI�HEW�MH¬MEW�UYI�GYPXMZSY�I�RYXVMY�IQ� XSVRS� HE� 6IPMKM¦S� HI� UYI� JSM� Z°XMQE� RS� TEWWEHS�� )QFSVE� GSRLIsGIHSV� HSW�SFNIXMZSW� HS� )WTMVMXMWQS�� LEFMXYEHS� GSQS� WI� IRGSRXVEZE� £W� VIWXVMª¸IW� UYI�QERXMRLE�UYERXS�£�HMKRMsHEHI�LYQERE��GSRLIGIHSV�HEW�JVEUYI^EW�HS�GEV¤XIV�HEW�GVMEXYVEW��HIM\SY�WI�EVVEWXEV�TIPSW�TV¶TVMSW�GSRGIMXSW��IRZIVIHERHS�RSW�QIERHVSW�

Page 114: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

HEW� WYWTIMXEW� I� HEW� HIWGSRsWMHIVEª¸IW� £W� QEMW� RSFVIW� JPSVEª¸IW� HE� J¬� WSF�UYEPUYIV�HIWMKREª¦S��%TIWEV�HMWWS��E�H¬FMP�GLEQE�HE�J¬�REXYVEP��HE�RIGIWWMHEHI�HI� YQE� WYE� VIPMKEª¦S� GSQ�E�:IVHEHI�� VIEPM^EZE� S� WIY�QMWXIV�� HIM\ERHS�S�� R¦S�TSYGEW� ZI^IW�� VIsGISWS� UYERXS� ES� JYXYVS�� ERWMSWS� WSFVI� S� TSVZMV���� :MsZIRHS� E�IWJIVE� MQSVXEP��HI�GYNEW�VIEPMHEHIW�R¦S�TSHME�HYZMHEV�RIQ�JYKMV��EGSQTERLERHS�TVSGIWWSW�HM¤VMSW�HI�VIIRGEVREª¦S�I�HIWIRGEVREª¦S��XIQME�WIV�GSPLMHS�TIPEW�XIMEW�HE�0IM�7YTIVMSV��HIWEVQEHS�TEVE�E�GSRWGM­RGME�HI�WM�QIWQS��IQEVERLEHS�UYERXS�WI�IRGSRXVEZE�RE�XVEQE�HS�HIWKSZIVRS�°RXMQS�TIPS�¶HMS�

2SZEQIRXI�S�%QMKS�)WTMVMXYEP��HIWINSWS�HI�VIWYQMV�YQ�HIWXMRS�RYQE�REVVEª¦S�FVIZI��HIM\ERHS� XVEHY M̂V� £GSQMWIVEª¦S�HI�UYI� WI� ZME� TSWWYMHS�� ERXI� S� MRHMXSWS�IWsT°VMXS��EHY M̂Y�

ô 8ISJVEWXYW��RSWWS�MVQ¦S��RIGIWWMXEHS�HI�RSWWS��EY\°PMS���EY\°PMS�UYI�RSW�ZIQ�HS�%PXS�¬��XEQF¬Q��PMª¦S�ZMZE�TEVE�XSHSW��2IRLYQ�HI�R¶W�IWX¤�MWIRXS�HI�WIV�Z°XMQE�HI�GMVGYRWX¥RGMEW�UYI�XEMW��HIVVETERHS�RSW�EFMWQSW�HS�HIWIWTIVS�I�HE�EPYGMREª¦S��EXVEZ¬W� HI� GYNE� UYIHE� TSHIVIQSW� VIXEVHEV� IQ� HIQEWME� S� RSWWS� TVSKVIWWS�� E�RSWWE�HMXE��1YMXS�NYWXS�UYI�ZINEQSW�RIPI�S�RSWWS�TEWWEHS�SY�S�UYI�TSHIVME�WIV�S�RSWWS�TVIWIRXI��GEWS�R¦S�XMZ¬WsWIQSW��EUYMRLSEHSW�GSQS�JSQSW��WEFMHS�VIGIFIV�I�EGIMsXEV� S� GSRZMXI� HI� .IWYW�� RSWWS� %QMKS� I� 1IWXVI�� (IWWI� QSHS�� E� RSWWE��TEVXMGYPEVQIRXI� E� ZSWWE� VIWTSRWEFMPMHEHI� ¬�QYMXS� KVERHI�� IQ� JEGI� HE� GSRHYXE�UYI� HIZIQSW� ZMZIV�� HI� JSVQE� E� UYI� E� RSWWE� QIRWEKIQ� PLI� JEPI� ES� IWT°VMXS�EXSVQIRXEHS�GSQ�E�I\GIPIRXI�PMRKYEKIQ�HS�EQSV�HS�'VMWXS�ETPMGEHS�ESW�RSWWSW�EXSW��8IWXIQYRLE�HE�RSWWE�ZMZ­RsGME�IZERK¬PMGE��MRGSVTSVEV¤�EW�PMª¸IW�SYZMHEW�I�ZMWXEW�ES�TEXVMQ·RMS�°RXMQS��GSRWSERXI�PLEW�SJIVIªEQSW��EHUYMVMRsHS�JSVªEW�SY�R¦S�TEVE�HSEV�WI��UYIPI�UYI�RSW�PIZERXE�I�EQTEVE��TSHIRHS��TIPS�EQSV��PIZERX¤�PS�I�EQTEV¤�PS��XEQF¬Q��2¦S�¬�MR½XMP�UYI�S�%T¶WXSPS�HSW�+IRXMSW�RSW�EHZIVXI��EXVEZ¬W�HE�IT°WXSPE�ESW�,IFVIYW��RS�GET°XYPS�����ZIVW°GYPSW���I����n4SVXERXS��XEQF¬Q�R¶W��ZMWXS�UYI�XIsQSW�ES�VIHSV�HI�R¶W�X¦S�KVERHI�R½QIVS�HI�XIWXIQYRLEW��TSRHS�HI�PEHS� XSHS� S� MQTIHMQIRXS�� I� S� TIGEHS� UYI� WI� RSW� ETIKE�� GSVVEQSW� GSQ�TIVWIZIVERªE�E�GEVVIMVE�UYI�RSW�IWX¤�TVSTSWXE��JMXERHS�SW�SPLSW�IQ�.IWYW��EYXSV�I�GSRWYQEHSV� HE� J¬�� S� UYEP� TIPS� KS^S� UYI� PLI� JSM� TVSsTSWXS� WYTSVXSY� E� GVY �̂�HIWTVI^ERHS�E�MKRSQMRME���~��-RHYFMXEZIPQIRXI�nXIQSW�XIWXIQYRLEW�ES�VIHSV�HI�R¶W~� I� W¦S� QYMXEW�� IQ� R½QIVS� WYTIVMSV� ES� UYI� WI� TIRWE�� IWXEW�� UYI� W¦S� SW�LSQIRW�� I� EUYIPEW� UYI�� HS� 1YRHS� )WTMVMXYEP�� EGSQTERLEQ� S� UYI� TIRWEQSW��HM^IQSW�I�JE^IQSW���

)�VIJPI\MSRERHS��GSQ�QEMSV�­RJEWI�EGVIWGIRXSY�ô�)Q�XSHS�TVSFPIQE�HI�HIWSFWIWW¦S�L¤�UYI�GSRsWMHIVEV�S�IWT°VMXS�WSJVIHSV�

UYI�TVSZSGE�WSJVMQIRXS�I�PIsZEV�IQ�GSRXE�SW�VIGYVWSW�¬XMGSW�HS�HSYXVMREHSV��ES�PEHS� HE� WYE� GSRHYXE� IWT°VMXE�� MWXS� ¬�� WYE� VIWTSRWEFMPMHEHI� QSsVEP�� 'SRHYXE� I�VIWTSRWEFMPMHEHI��IWWEW�UYI� W¦S�IWWIRGMEMW�RE� XEVIJE�HI�HSYXVMREV��TSVU¿ERXS�E�MRWXVYª¦S� UYI� R¦S� WI� JE �̂ EGSQTERLEV� HS� I\IQTPS� R¦S� TSWWYM� E� X·sRMGE� HE�ZIVHEHI��7IQ�H½ZMHE��S�Q¬VMXS�HS�TV¶TVMS�SFWMsHMEHS��EW�TSWWMFMPMHEHIW�UYI�WI�PLI�TSHIQ�SJIVIGIV�GSQ�S�VIXSVRS�HE�WE½HI��RS�WIRXMHS�HI�PMFIVXEV�WI�HE�SFWIWsW¦S��GSRWXMXYIQ�XEQF¬Q�TSRXSW�JEZSV¤ZIMW�TEVE�HIWEXEV�S�IRJIVQS�HEW�EQEVVEW�GSQ�S�HIPMXS� TEWWEHS�� HI� GYNE� GSFVERªE� S� HIWIRGEVREHS� WI� JE �̂ MRJIPM �̂ MRXIVQIHM¤VMS��8SsHEZME�� REW�EXYEMW� VIEPM^Eª¸IW�HSW�8IQTPSW�)WT°VMXEW�UYI� WI� XVERWJSVQEQ�IQ�,SWTMXEMW�)WGSPEW�RE�8IVVE�TEVE�IRsGEVREHSW�I�HIWIRGEVREHSW��E�HIRWE�TSTYPEª¦S�HSW� EPM� VIsWMHIRXIW�� HS� PEHS� HI� G¤�� EGSQTERLE� E� PIEPHEHI� HS� IRWMRS� UYERHS�MRGSVTSVEHS�SY�R¦S�ES�nQSHYW�ZMZIRHM~�SY�nQSsHYW�STIVERHM~�HSW�Q¬HMYRW��HSW�HSYXVMREHSVIW�� HSW� HMVIsXSVIW� HEW� 'EWEW�� 4EPEZVEW� FIPEW� I� WSRERXIW�� GSRGIMXSW�

Page 115: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

IPIZEHSW�W¦S�HI�J¤GMP�EUYMWMª¦S�IQ�QYMXSW�PYKEVIW��%�I\GIP­RGME��TSV¬Q��HI�YQE�MH¬ME��HI�YQE�GSRZMGª¦S��HE�6IPMKM¦S�WI�GSRWXEXE�TIPS�R½QIVS�HEUYIPIW�UYI�JSVEQ�QSHMJMGEHSW��UYI�WI�XVERWJSVQEVEQ�I�UYI�WI�HIVEQ�£�WYE�VIEPMHEHI�

n)Q�XSHS�TVSGIWWS�HI�HIWSFWIWW¦S�R¦S�TSHIQSW�HIWsGSRWMHIVEV�S�GSRGYVWS�HS�XIQTS��UYI�RSW�I\MKI�EPXE�HSsWEKIQ�HI�TEGM­RGME�I�TIVWIZIVERªE��%UYIPIW�UYI�WI� TVSsT¸IQ�E� ENYHEV�� GSQTVIIRHIQ� E� RIGIWWMHEHI� HI� GVMEV� GSRHMª¸IW� TEVE� S�HIWMHIVEXS�� %WWMQ�� TSVXERXS�� EWWYQIQ� GSRWGMIRXI� SY� MRGSRWGMIRXIQIRXI�WMKRMJMGEXMZE� VIWTSRWEsFMPMHEHI� IWTMVMXYEP� GSQ� EUYIPIW� UYI� WI� TIVXYVFEQ�VIsGMTVSGEQIRXI�RSW�GSQTVSQMWWSW� MRJIPM^IW�E�UYI�WI� NYsKYPEQ��0SKS�WYVNEQ�SW�TVMQIMVSW�VIWYPXEHSW�JEZSV¤ZIMW�HE�WE½HI��R¦S�TSHIQ�RIQ�HIZIQ�SW�PMHEHSVIW�HS�WSGSVsVS�HIM\EV�£�QIVG­�HE�MRWIKYVERªE�I�HE�HMWXSRME�TW°UYMGE�IQ�VIIUYMP°FVMS�SW�UYI� ERXIW� IWXEZEQ� IWQEKEHSW� TIPEW� JSVªEW� HMWWSPZIRXIW� HE� TIVXYVFEª¦S��(IWTIVXERHS� TEVE� E� GSQTVIIRW¦S� HSW� HIZIVIW� RSZSW� I� EQTPSW�� MQT¸I�WI�RSW�ENYH¤�PSW�GSQ�GEVMRLS�HI�TEMW�SY�QIWXVIW��QMRMWXVERHS�PLIW�HIQSVEHEW�PMª¸IW�HI�J¬� I� MRWXVYª¦S� GSRX°RYE�� TEVE� E� QERYXIRª¦S� HSW� VIUYMWMXSW� F¤WMGSW� HE� WE½HI�MRXIVMSV��E�JMQ�HI�UYI�PLIW�R¦S�SGSVVE�YQE�VIMRGMH­RGME�QEMW�HERSWE�I�QEMW�KVEZI��TSVXERXS�� HS� UYI� E� ERXIVMSV�� %PsKYQEW� HEW� IRXMHEHIW� EJEWXEHEW� HSW� WIYW�GSQIRWEMW� RIQ� WIQTVI� WI� IWGPEVIGIQ� HI� MQIHMEXS�� SY� WI� GSRJSVQEQ� GSQ� E�WMXYEª¦S� RSZE�� 'SRXMRYEQ� EGSQTERLERHS� WYEW� ERXMsKEW� Z°XMQEW� I� EKYEVHERHS�STSVXYRMHEHI���� 4SV� SYXVS� PEHS�� HMZIVWSW� HIWIRGEVREHSW� VIWTSRW¤ZIMW� TSV�SFWIWW¸IW�WSI^IW�TVSWWIKYIQ�VIUYIVIRHS�GEVMRLSWE�EWWMWX­RGME��EX¬�UYI�WI�PLIW�JMVQIQ�SW�TVST¶WMXSW�WYTIVMSVIW�I�WMRXSRMs^IQ�GSQ�S�EY\°PMS�HSW�WIYW�1IRXSVIW��5YEPUYIV� XEVIJE� HI� HIWSFWIWW¦S�� TSVXERXS�� VITVIWIRXE� RSFVI� I� IPIZEHE�VIWTSRWEFMPMHEHI�TEVE�XSHSW�SW�UYI�RIPE�WI�IRZSPZIQ��VIUYIVIRHS�GSRLIGMQIRXS�HSYXVMR¤VMS�WIKYVS�I�ZMZ­RGME�GVMWXEPMRE�IZERK¬PMGE��~

'SQTVIIRH°EQSW�� I� GSRJMVQ¤ZEQSW�UYI�� WIQ�H½ZMsHE�� S� )WTMVMXMWQS�¬� PMª¦S�MQSVXEPMWXE� I� UYI� EW� RSWWEW� VIWTSRWEFMPMHEHIW� W¦S�� ZIVHEHIMVEQIRXI�� QYMXS�KVERHIW�� 0SRKI�� TSV¬Q�� RSW� IRGSRXV¤ZEQSW� HI� TIVGIFIV� EW� MQTPMGEª¸IW�XVERWGIRHIRXEMW� HS� IRWMRS� IWT°VMXE� RS� HME�E�HME� HE� RSWWE� NSVREHE� £� JVIRXI� HSW�MVQ¦SW�HIWIRGEVREHSW�� %GSQTERL¤ZEQSW�� TSMW�� EW� IPYGMHEª¸IW� HS�1IRXSV�� GSQ�ZMZS� MRXIVIWWI� I�� TSVUYI� R¦S� HM^IV�� GSQ� EPKYQ� EWWSQsFVS�� 1YMXS� P¶KMGSW�� SW�GSRGIMXSW�TIRIXVEZEQ�RSW�JYRHS�RE�EPQE�

(ITSMW�HI�FVIZI�MRXIVZEPS��S�MVQ¦S�+PEYGYW�GSRsXMRYSY�ô 4EVXMGMTERHS� HEW� VIYRM¸IW� GEVMHSWEW� HI� MRXIVG¥QsFMS� GSQ� SW� WSJVIHSVIW�

HIWIRGEVREHSW�� S� RSWWS� EQMKS� ETVIRHI� E� EUYMPEXEV� S� ZEPSV� HS� EQSV�� REW�STIVEª¸IW� HI� XSHE� SVHIQ�� 4IVGIFI� E� nR¦S�ZMSP­RGME~� TSHIVSWE� HS� EQSV�� S�VIWYPXEHS� HSW� JPY°HSW� QEKR¬XMGSW� QERMTYPEHSW� TIPSW� WIRXMQIRXSW� HSW� UYI� SW�SVMIRXEQ�I��EGMQE�HI�XYHS��E�QEKME�WYFPMQI�HE�TVIWIRªE�HS�'VMWXS�-RGSRWYQTXS��TIPSW�PEªSW�HS�MRXIVG¥QFMS�EXVEZ¬W�HE�SVEª¦S��8IQ�GSRWsXEXEHS�RSW�WIVZMªSW�IRXVI�EW�HYEW�)WJIVEW�HE�:MHE�S�VIWYPXEHS�HE�I\GIP­RGME�HE�JVEXIVRMHEHI�I�E�IJMGM­RGME�HSW�Q¬XSHSW� HE� GEVMHEHI� GVMWX¦�� (I� ETYVEHS� WIRWS� HI� SFWIVZEª¦S� I� TVSJYRHE�EGYMHEHI�QIRXEP��GSQTVIIRHI�UYI�RSW�YXMPM^EQSW�HEW�QIWQEW�X¬GRMGEW��EPKYQEW�HEW�UYEMW�PLI�W¦S�JEQMPMEVIW��YWERHS�EW�QIWQEW�I\TVIWW¸IW�HI�IRIVKME��ETPMGEHEW��TSV¬Q��GSQ�JMREPMHEHIW�EQTPEW�I�HMJIVIRXIW�HEW�WYEW��EFEWXIGIRHS�RSW�REW�*SRXIW�-RI\EYsV°ZIMW�HS�%QSV�(MZMRS��(MERXI�HIWWEW�HIWGSFIVXEW�RSsZEW�VIEPM^EHEW�TIPS�WIY�IWT°VMXS�� ¤ZMHS� EKSVE� HI�TE �̂ °RsXMQE��QSHMJMGE�WI�PLI�S� TERSVEQE�QIRXEP� I�EPXIVE�WI�PLI�E�ZMW¦S�HE�VIEPMHEHI��.¤�I\TIVMQIRXE�E�WIHI�HE�PMFIVsXEª¦S��IQFSVE�VIGSRLIªE�E�RIGIWWMHEHI�HS�XVMFYXS�TIsWEHS�HS�VIWWEVGMQIRXS�UYI�SW�WIYW�EXSW�SVE�PLI�MQT¸IQ��GSQ�E�YVK­RGME�HI�UYI�GEVIGI�TEVE�WEMV�HS�PEFMVMRXS�HEW�TEM\¸IW�

Page 116: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

IQ�UYI�XIQ�IWXEHS��IQ�GYNSW�W°XMSW�EWTMsVEZE�SW�QMEWQEW�HS�¶HMS��HE�EPYGMREª¦S��HS�HIWIWTIVS�MRSQMR¤ZIP�

n%�GSRWGM­RGME�HE�ZIVHEHI�SJIVIGI�ES�WIV�GSRWGM­RsGME� P½GMHE��3�IVVS� N¤� PLI�R¦S�IQTERE�S� VEGMSG°RMS�I�S�)WT°VMXS�R¦S�QEMW� WI� GSRJSVQE�GSQ�IRKSHSW�RIQ�EGIMXE� MPYW¸IW�� -QT¸I�WI� E� WM�QIWQS�S� MQTSWXS� HS� VIWKEXI� GSQS� MQTSWMXMZS� HS�TV¶TVMS�­\MXS��7IRXI�UYI�R¦S�QIVIGI�JIPMGMHEHI�HIWSRIWXE�I�IWXEXY°HE�£�FEWI�HE�EWX½GM¤��S�UYI�VITVIWIRXEVME�MQTIHMQIRXS�£�TE �̂�~

6IJPIXMRHS� QEMW� HIQSVEHEQIRXI�� I\XIVMSVM^ERHS� TIPE� JEGI� HS� Q¬HMYQ� E�RSFVI^E�HI� PMRLEW�HE� WYE� JEGI� I� E� LEVQSRME� HS� WIY� IWT°VMXS� IQ� WYFPMQEª¦S�� S�7¤FMS�-RWsXVYXSV�GSRGPYMY�

ô5YERHS�EFVMQSW�TIUYIRS�SVMJ°GMS�RYQ�SFWX¤GYPS�UYI�RSW� MQTIHI�E�ZMW¦S��HIWHSFVE�WI� I\YFIVERXI�� EP¬Q� HS� MQTIHMQIRXS�� S� GEQTS� PEVKS� HSW�EGSRXIGMQIRXSW�� 4IsRIXVERHS�S� GSQ� SFWIVZEª¦S� GYMHEHSWE�� HIWGSVXMREQSW� YQ�UYEWI� LSVM^SRXI� WIQ� JMQ�� QEMW� EP¬Q���� %WWMQ� W¦S� SW� RSWWSW� EXSW�� TVSHY^IQ�SVMJ°GMSW� REW� TEVIHIW� HEW� HMJMGYPsHEHIW�� 9QE� Eª¦S� RIKEXMZE�� HMVMKMHE� GSRXVE�EPKY¬Q��XEPsZI �̂R¦S�PLI�TVSHY^E�HERSW�MQIHMEXEQIRXI��EUYIPI��RS�IRsXERXS��UYI�JSM� RSWWE� Z°XMQE�� TSHI� XSQEV� S� TIXEVHS� I� EXMV¤�PS� QEMW� EHMERXI�� JIVMRHS��HIWIUYMPMFVEHS��UYERXSW� WI� PLI�IRGSRXVIQ�ES�EPGERGI�� )VE� N¤� YQ�IRJIVQS�� WMQ��IWTIVERHS� EPKY¬Q� UYI� PLI� HIWWI� S� MQTYPWS� TEVE� E� TV¤sXMGE� HI� HIWQERHSW�MRIWTIVEHSW��%M��HI�R¶W��TSV¬Q����WIsQIPLERXI�£�PMª¦S�HS�IWG¥RHEPS��n%M�HI�UYIQ�S� TVEXMUYI~�� GSRUYERXS� RIGIWW¤VMS�� R¦S� RSW� HIZIQSW� XSVREV� MRWXVYQIRXS� HIPI��GSRJSVQI�EWWIZIVSY� .IWYW��8EQF¬Q�EWWMQ�EXYEQ�S�KIWXS�RSFVI��S�TIRWEQIRXS�IPIZEHS�� E� TEPEZVE� IHMJMGERXI�� 7SGSVVIRHS� IWXI� EPKY¬Q� UYI� IWX¤� £� QIVG­� HE�MKRSV¥RGME��SY�WSF�E�GSRWXVMª¦S�HS�HIWIWTIVS��SY�£W�TSVsXEW�HE� PSYGYVE��UYERXS�TVSHY^E�IPI�HI�JYXYVS�IQ�TE �̂I�EPIKVME��GLIMS�HI�IWTIVERªE�I�¥RMQS��HIZI�S�ES�7IRLSV�HE�:MHE��GIVXEQIRXI��I��XEQF¬Q��£UYIPI�EPKY¬Q�UYI�PLI�SJIVXSY�S�WSGSVVS�VIGIFMHS��)WXEV¤�ZMENERHS�S� MQTYPWS�HE�RSWWE�HSEª¦S�EXVEZ¬W�HIWXI�SY�HEUYIPI��9QE� EKVIWW¦S� HI� UYEPUYIV� REXYVI^E� JE^�WI� ERXIGMTEV� HE� ZMFVEª¦S� WIPZEKIQ�HS�¶HMS��HE�MVE��HE�TIVZIVW¦S�UYI�IRZSPZI�S�UYI�PLI�GEM�REW�QEPLEW��TVIHMWTSRHS�S�£�VIEª¦S�GSQTEsX°ZIP�ES�EXIRXEHS�UYI�ZIRLE�E�I\TIVMQIRXEV��3�TPERS�HS�WSGSVVS�I�HE�GEVMHEHI�XEQF¬Q�I\XIVMSVM^E�IRIVKME�IRsZSPZIRXI�UYI�TIVQIME�S�WIV�E�UYIQ�SFNIXMZE�� I� UYERHS� S� EXS� S� EPGERªE� IMW� UYI� IPI� N¤� IWX¤� MRZIWXMHS� HE� VIWIVZE�JEZSV¤ZIP�ES�VIKMWXVS�I�EGIMXEª¦S�HE�SJIVXE�HI�EQSV�

1YHERHS� HI� EGIRXS�� S� %QMKS� )WTMVMXYEP� VITSVXSY�WI� £� JEQ°PME� 7SEVIW��IPYGMHERHS�UYI�SW�TVSGIWWSW�HI�HIWSFsWIWW¦S�ESW�HMZIVWSW�QIQFVSW�HS�GP¦�RSW�I\MKMVMEQ�EMRHE�TSV�EPKYQ�XIQTS�PEVKE�JEM\E�HI�PEFSV��HI�JSVQE�E�HSEVsQSW�YQ�EY\°PMS�QEMW�IJMGMIRXI�

ô %RXI�E�EJPMª¦S�HI�EPKY¬Q�ô� JI^�WI�I\TP°GMXS�ô�� GSWXYQEQSW� MRXIVVSKEV�£�GEXE�HI�IWGPEVIGMQIRXSW��4EsVIGIQ�RSW�MRNYWXSW�SW�WSJVMQIRXSW�HI�TIWWSEW�UYI�WI�IRSsFVIGIQ�TIPS�XVEFEPLS�I�UYI�EPªEQ�Z·S�£W�VIKM¸IW�HS�EQSV��ETVIWIRXEQ�WI�RSW�GSQS� MRH¬FMXSW�SY�WIZIVEQIRXI� JSVXIW�SW� XVMFYXSW�HI�HSV�E�UYI�QYMXSW�W¦S�GSRZSGEHSW�� UYERHS� IWX¦S� IQ� VIRSZEª¦S�� RE� IWJIVE� HI� XVEFEPLSW� IHMsJMGERXIW��)WT°VMXSW�IQ�WERXMJMGEª¦S�WYVKIQ�RSW�GEVVIKEsHSW�HI�GSRX°RYEW�TVSZEW�I�IPEW�RSW�TEVIGIQ�HIQEWMEsHEW����8SHSW�IWWIW�)WT°VMXSW��TSV¬Q��VSKEVEQ�E�STSVsXYRMHEHI�HS� VIWKEXI�RS�TEWWEHS��UYERHS�WI�EGVIHMXEZEQ�GETE^IW��2IQ�WIQTVI�� XSHEZME��UYERHS�S�WSPMGMXEVEQ�TSWWY°EQ�EW�RIGIWW¤VMEW�VIWMWX­RGMEW�TEVE�TVSHY M̂�PSW��:MRHS�EW� EJPMª¸IW� WSQIRXI� EKSVE�� UYERHS� EQEQ� I� WIVsZIQ�� TVSHY^IQ� I� ENYHEQ��HMWT¸IQ�HS� PEVKS� TEXVMQ·RMS� HS� EQSV� I� HE� VIWMKREª¦S�� HS� GSRLIGMQIRXS� I� HE�IWTIsVERªE�TEVE�HMQMRYMV�PLIW�S�TIWS�HS�JEVHS����%�TVSZE�GLIKE�UYERHS�S�EPYRS�

Page 117: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

VIEPM^SY�S�GYVWS��·FZMEQIRXI�� GSQS�GSRWIUY­RGME�REXYVEP�TEVE�E�ZIVMJMGEª¦S�HE�ETVIRHM^EKIQ�RE� WIPIª¦S�HSW�QEMW�ETXSW�I�ZEPSVSWSW��2SYXVSW� GEWSW�� TSV¬Q��E�IRJIVQMHEHI�I�E�HSV�W¦S�QIHMHEW�TVIZIRXMZEW� MQTIHMXMZEW�HI�HERSW�QEMSVIW�RE�IGSRSQME� HS� TVSKVIWWS�� 3� TV¶TVMS� EQSV�� ET¶W� I\EQMREV� SW� VIGYVWSW� I�TSWWMFMsPMHEHIW� HI� HIXIVQMREHSW� TEGMIRXIW� HE� EPQE�� ETVSJYRHERsHS� RIPIW� E�SFWIVZEª¦S�HIQSVEHE�I�GSQTVSZERHS�PLIW�S�TSYGS�ETVSZIMXEQIRXS�HEW�PMª¸IW�HE�VIIRGEVREª¦S� GSQ� SW� EKVEZERXIW� HSW� TPERSW� QEP¬JMGSW� UYI� EGEPIRXEQ��MQTSWsWMFMPMXE�SW� HI� GE°VIQ� IQ� HERSW� QEMW� KVEZIW�� GSQTVSQIsXMQIRXSW� QEMW�¤WTIVSW�TEVE�IPIW�QIWQSW�� VIWSPZIRHS�UYI�� TSV� IRUYERXS�� TEVE� E�QIPLSVE�HEW�WYEW�EUYMWMª¸IW�� W¶� E�HSIRªE�� S� EKVEZEQIRXS�HS� WIY�IWXEHS�� IRWINERHS�� HIWWI�QSHS��IRUYERXS�TVIWSW�ES�PIMXS��XIQTS�HI�QIHMXEV�I�XVERWJSVQEV�MH¬MEW��HI�FYWGEV�S� TIRWEQIRXS� HMZMRS� I� VIsRSZEV�WI���� (MERXI�� TSMW�� HSW� WSJVIHSVIW� HIWXI� SY�HEUYIPI� NEI �̂� R¦S� RSW� ETVIWWIQSW� IQ� VIZIPEª¸IW� EZIRXYVIMVEW� UYERXS� £W� WYEW�GEYWEW�� TEVE� R¦S� GSVVIVQSW� S� TIVMKS� HI� IVVEV�� )Q� XSHE� I� UYEPUYIV� WMXYEª¦S�ZEPSVM^IQSW� E� F­Rsª¦S� HS� VIWKEXI�� E� PMª¦S� ZMZE� TEVE� ETVIRHM^EKIQ� ZEPMSsWE�� I�WYFQIXEQS�RSW��XVERUYMPSW��ESW�MQTSWMXMZSW�HE�0IM��4EGMIRXIW�L¤��VIFIPHIW�HI�XEP�QSRXE�� UYI� S� QIPLSV� QIsHMGEQIRXS� TEVE� E� WE½HI� HIPIW� ¬� E� GSRXMRYEª¦S� HS�WSJVMQIRXS�IQ�UYI�WI�IRGSRXVEQ���

n'MIRXMJMGEHSW� I� IWGPEVIGMHSW�� WIKYVSW� HI� UYI� XYHS� SFIHIGI� E� 4PERMJMGEª¦S�7YTIVMSV��WINEQSW�S�MVQ¦S�HE�GEsVMHEHI��HS�EQSV��HE�GSQTEM\¦S��I�IRZSPZEQSW�SW�WSJVIHSVIW�UYI�RSW�FYWGEQ�RSW�XIGMHSW�HE�RSWWE�TVIGI�I�HSW�RSWWSW�WIRXMQIRXSW�FSRW��ENYHERHS�I�TEWWERHS��%�0IM�E�XSHSW�RSW�EPGERªEV¤����4VIHMWTSRLEQS�RSW�TIPS�FIQ�TEVE�S�QSQIRXS�HS�RSWWS�I\EQI��RE�EFIRªSEHE�IWGSPE�HS�TVSKVIWWS��~

(IWTIHMRHS�WI�� S� %QSV¤ZIP� &IRJIMXSV� HIM\SY�RSW� IQ� IWJIVE� HI� TE �̂ I�VEGMSG°RMSW� TVIGMSWSW�� UYI� RSW� GETEGMXEsVMEQ� E� IRXIRHIV� GSQ� WIKYVERªE� I� IQ�TVSJYRHMHEHI�SW�EGSRXIGMQIRXSW�JYXYVSW��FIQ�GSQS�E�PSKMGEV�GSQ�ZEPSV�IQ�XSVRS�HI� SGSVV­RGMEW� TEWWEHEW�� XVERUYMPM^ERHS�RSW� GSQ� EW� VIZIPEª¸IW� WSFVI� E� (MZMRE�.YWXMªE�I�S�7YFPMQI�%QSV�

Page 118: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

��7SPYª¦S�MRIWTIVEHE

������%T¶W�UYMR^I�HMEW�HI�MRXIVREQIRXS�RS�,SWTMXEP�HS�4VSRXS�7SGSVVS��S�7V��1EXIYW�JSM�XVEWPEHEHS�TEVE�S�PEV�GSQ�I\TVIWWMZSW�WMREMW�HI�FVIZI�VIGYTIVEª¦S�SVK¥RMGE�������:MWMXERHS�S�RE�TVMQIMVE�STSVXYRMHEHI�GSQ�4IXMXMRsKE��SYZMQSW�E�REVVEXMZE�HSW�ERXIGIHIRXIW� HS� KVEZI� HIsPMXS� HI� UYI� WI� JM^IVE� Z°XMQE�� MQTVIWWMSRERHS�RSW�SFWIVsZEV�E�GEVKE�HI�¶HMS�EGYQYPEHE�RE�QIRXI�UYI�HIWXMPEZE��TVIWXIW�E�I\TPSHMV�GSQ�VIZSPXE�I�HIWEWWSWWIKS�������3�7V��1EXIYW�IVE�YQ�LSQIQ�HI�UYEWI�WIWWIRXE�ERSW��WERKY°RIS��ZSPYRXEVMSWS��4IVXYVFEHS�IQ�WM�QIWQS��EXVEZIWWEZE�E�I\MWX­RGME�GEVREP�WEPXERHS�HI�PIZMERHEHI�IQ�PIZMERHEHI��QYMXEW�ZI^IW�IWUYIGMHS�HSW�HIZIVIW�HI�IWTSWS�I�TEM�� JEWGMREHS�TIPS�TERS�ZIVHI��IQ�UYI�WI�EZIRXYVEZE��EXMVERHS�JSVE�SW�TEVGSW�VIGYVWSW�UYI��WI�ETPMsGEHSW�RS�PEV��WIVMEQ�HI�EPXE�ZEPME�TEVE�S�FIQ�HE�JEQ°PME�GSRWXMXY°HE�HI�WIMW�JMPLEW��)Q�GSQTIRWEª¦S��(SRE�6SWE�WI�HIWHSFVEZE�RSW�HIZIVIW�HSQ¬WXMGSW�I�RE�GSWXYsVE�� EX¬� EPXEW� LSVEW� HE� RSMXI�� TEVE� WYTVMV�� GSQ� S� IWJSVªS� HI� EPKYQEW� HEW�JMPLEW��EW�RIGIWWMHEHIW�HSQ¬WXMGEW�������-VVIPMKMSWS�TSV�XIQTIVEQIRXS�VIFIPHI��WIQTVI�HIWsGYVEVE�HSW�HIZIVIW�IWTMVMXYEMW�TEVE�GSRWMKS�QIWQS��)Q�XIQTSW�MHSW�JSVE�I\GIPIRXI�EVXMWXE��VIGIFIRHS�EKSVE�YQE�TEVGE�TIRW¦S�HS�1SRXITMS�E�UYI�WI�ZMRGYPEVE�ERXIW��TSV�XIV�WMHS�GSRWMHIVEHS�MRETXS�E�TVSWWIKYMV�RE�TVSJMWW¦S����������QIHMHE�UYI�E�HIGVITMXYHI�HEW�JSVªEW�WI�EZM M̂RLEZE�I�XIQIVSWS�HE�HIWIRGEVREª¦S��JE M̂E�WI�QEMW�E^IHS��UYEWI�MRWYTSVX¤ZIP���

4SV� SGEWM¦S� HS� VIXSVRS� HI� 1EVMERE� ES� PEV� I� MQTVIWsWMSREHS� GSQ� EW�MRJSVQEª¸IW�I�IWGPEVIGMQIRXSW�HI�4IXMsXMRKE�WSFVI�E�SFWIWW¦S�I�SW�GYMHEHSW�UYI�XSHSW�RSW�HIsZIQSW�MQTSV�TEVE�IZMXEV�PLI�EW�XVEQEW�MRJIPM^IW��TEVIsGIY�QSHMJMGEV�S�GSQTSVXEQIRXS��TSV�EPKYRW�HMEW����(IsTSMW��GSQS�WI�JMGEWWI�EPYGMREHS��IRXVIKSY�WI� E� HIWQERsHSW�� I� R¦S� TSYGEW� ZI^IW�� EªYPEHS� TIPSW� HIWIRGEVREHSW� EJMRW��EQIEªEZE�I\TYPWEV�HS�PEV��UYERHS�RIGIWWMXEZE�HI�HMRLIMVS�TEVE�EW�EZIRXYVEW��E�IWTSWE� EFRIKEHE� I� EW� JMsPLEW��3� EQFMIRXI� HSQ¬WXMGS�� GSQ�E� WYE� TVIWIRªE�� WI�JEs M̂E� TIWXMPIRGMEP� TIPEW� IQEREª¸IW� JPY°HMGEW� EFYRHERXIW�� UYI� EPM� GEQTIEZEQ�HIWSVHIREHEW�

4IXMXMRKE�� EQIRS� I� GSVX­W�� ET¶W� IWGYXEV� EW� TVSQIWsWEW� HI� HIWJSVªS� HS�MRJSVXYREHS�EKVIHMHS�� VIPEXSY�PLI�E�I\TIVM­RGME�HI� .IWYW�'VMWXS�I�EW�7YEW� PMª¸IW��WIQ�PSKVEV��HI�MQIHMEXS��UYEPUYIV�VIWYPXEHS��(I�QIRXI�ZMGMEHE�TSV�PSRKSW�ERSW�HI�HIWIUYMP°FVMSW� GSRX°RYSW�� S� IWTSWS� HI� (SRE� 6SWE� WMRXSRM^EZE� RE� JEM\E� HS�HIWTEYX¬VMS� QSVEP� I� WI� TIVsQMXME� S� GSR½FMS� GSQ� SW� WIYW� ERXMKSW� GSQTEVWEW��ETVIsWIRXERHS�WI�MVVIHYX°ZIP�RSW�TSRXSW�HI�ZMWXE��RE�GSRHYXE��REW�EXMXYHIW�

(M M̂E�EGIMXEV�S�GSRGYVWS�HS�)WTMVMXMWQS��GSRUYERXS�JSWWI�ETIREW�TEVE�PMFIVX¤�PS�QEMW�JEGMPQIRXI�HS�PIMXS��HI�QSHS�E�JEGYPXEV�PLI�HI�TVSRXS�S�VIXSVRS�ESW�W°XMSW�HE�WYE�LYQMPLEª¦S��VIXSQERHS�E�TYVI^E�HE�WYE�LSRVE���

7SP°GMXS��YXMPM^ERHS�WI�HS�IRWINS��S�^IPSWS�EQMKS�GSRsZMHSY�RSW�E�SVEV�I��IQ�WIRXMHE� TIVSVEª¦S�� I\SVSY� SW� VIsGYVWSW� HMZMRSW� TEVE� EUYIPE� JEQ°PME�� QEW�TVMRGMTEPQIRXI�TEVE�S�KIRMXSV�IRJIVQS��VSKERHS�E�MRXIVJIV­RGME�HS�1¬sHMGS�(MZMRS�UYI�RYRGE� JEPXE��HI�QSHS�E�UYI�S� PEV�HSW�7SEVIW�R¦S� JSWWI�EVVEWXEHS�E�HVEQE�QEMW� KVEZI� I� E� GSRWIUY­RGMEW� MQTVIZMW°ZIMW�� %W� TEPEZVEW� YRKMHEW� HI� IQSª¦S�ZMFVEZEQ� HSGIW� RS� UYEVXS� WMRKIPS� UYEP� Q½WMGE� HIPMGEHE�� IRZSPZIRHS�RSW� IQ�

Page 119: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

GSRWSPEHSVE�IWTIVERªE��%�WMRXSRME�REXYVEP��IWTSRX¥RIE��GSQ�EW�%PXEW�)WJIVEW�WI�JI �̂ MQIHMEXE��I�7EXYVRMRS��S�EFRIKEHS�1IRXSV�� XSQERsHS�S�GSQERHS�QIRXEP�HE�:IVHEHI�� TVSJIVMY� I\TVIWWMZE� UY¦S� ZEPMSWE� HMWWIVXEª¦S� WSFVI� SW� HIZIVIW� HS�TIVH¦S��GSQS�RSVQEXMZE�HI�GSQTSVXEQIRXS�TEVE�E�TV¶TVME�JIsPMGMHEHI�

ô� ü*IPM^IW� W¦S� SW� UYI� TIVHSEQ� ô� IRYRGMSY�� GSRWsGMIRXI� ô�� TSVU¿ERXS�GSRJIVIQ�TE �̂E�WM�QIWQSW�I�TSV�WYE�ZI �̂PMFIVEQ�HE�H°ZMHE�SW�UYI�SW�SJIRHIVEQ��IRXVIsKERHS�SW�� HIWWI�QSHS�� £W� 7SFIVEREW� 0IMW� IRGEVVIKEHEW� HE� IZSPYª¦S� HSW�LSQIRW��3W�UYI�TIVHSEQ�I�ENYHEQ�GSRsWIKYIQ�EMRHE�QEMSV� KEPEVH¦S�� TSVUYI�EQTEVEQ�SW�QEYW�I�SW�ZIRGIQ�GSQ�E�PY �̂HE�QMWIVMG¶VHME��2S�IRXERXS��EUYIPIW�UYI�GSRWIVZEQ�EW�Q¤KSEW�MRXS\MGEQ�WI��IRZIsRIREQ�WI��HERHS�GEYWE�E�KVEZIW�IRJIVQMHEHIW� UYI� WI� HIWEXVIPEQ� VMKSVSWEW�� XVERWJSVQERHS�WI� IQ� WYTP°GMSW�HIsQSVEHSW��GYNSW�VIWTSRW¤ZIMW��RS�IRXERXS��W¦S�SW�UYI�GYPXMZEQ�SW�TIRWEQIRXSW�MRHMXSWSW�I�WI�GSQTVE^IQ�RE�WIQIEª¦S�HE�MVE�I�HS�¶HMS��EFWSVZIRHS�EW�TV¶TVMEW�IQEsREªSIW� X¶\MGEW� HE� QIRXI� HIWEPMRLEHE�� )� SW� UYI� VIZMsHEQ� QEP� TSV� QEP��EKVIWW¦S� TSV� EKVIWW¦S�� IWXIW� N¤� WI� IRGSRXVEQ� HIWGEQFERHS� RE� HMVIª¦S� HS�EFMWQS��IQ�TSsWMª¦S�UYEWI�MVVIZIVW°ZIP��

n3� EQSV� ¬� T¶PIR� UYI� JIGYRHE� E� ZMHE�� IRUYERXS� S� ¶HMS� ¬� K¤W� UYI� E�MRXIVVSQTI���~

%�EHZIVX­RGME�ZE^EHE�IQ�XIVQSW�WYEZIW�JE M̂E�WI�WIsZIVE��R¦S�HERHS�QEVKIQ�E�GSRXVSZ¬VWMEW�SY�QEP�IRXIRsHMQIRXSW�HI�REXYVI^E�EPKYQE�

'SRGPEQSY�RSW��EMRHE��S�7¤FMS�-RWXVYXSV�ES�GYPXMZS�HEW�FSEW�MH¬MEW��£�ZMZ­RGME�HE� TE �̂ °RXMQE�� QIHMERXI� E� IPEFSVEª¦S� HI� TIRWEQIRXSW� IRSFVIGIHSVIW��IWXMQYPERHS�RSW�£�GSVVIª¦S�QIRXEP��HI�GYNE�JSRXI�ô�S�TIRWEQIRXS�ô�TVSGIHIQ�SW�IPSW�HE�IWGVEZMH¦S�SY�EW�EWEW�HE�PMFIVHEHI�UYI�JM\EQSW�£W�RSWWEW�ZMHEW�

%RXIW� HI� EJEWXEV�WI� ETPMGSY�� KIRIVSWS�� HIQSVEHS� TEWsWI� PSRKMXYHMREP� RS�TEGMIRXI��I\SVXERHS�S�

ô 1YHI�E� MH¬ME�HS�QEP�IQ�ZSG­��QIY�EQMKS��ERXIW�UYI�E�VEMZE�S�ZIRªE��I�IWUYIªE� E� ZMRKERªE� ERXIW� UYI� E� ZMRKERªE� S� IWUYIªE� IQ� WMXYEª¦S� HSPSVSWE� I�PEQIRX¤sZIP���� .IWYW� RSW� IRWMRSY� UYI�� nUYERHS� IWXMZ¬WWIQSW� SVERHS� I�QERXMZ¬WWIQSW� EPKYQE� GSMWE� GSRXVE� EPKY¬Q�� TIVHS¤WWIQSW~� �� �� 3VI� I� TIVHSI�TEVE�XIV�WE½HI�I�TE �̂

(SRE�6SWE��1EVMERE�I�%Q¤PME��HI�T¬�ES�RSWWS�PEHS��SVERHS�QYMXS�GSQSZMHEW��HIM\EZEQ�WI�EVVEWXEV�TIPEW�SRsHEW�HE�)WTMVMXYEPMHEHI�QSQIRX¥RIE�RS�EQFMIRXI��FERLEsHEW�TSV�HMWGVIXS�TVERXS��UYEP�SGSVVME�GSQ�R¶W�QIWQSW�

8IVQMREHS� S� MRXIVG¥QFMS� MRIWTIVEHS� I� FIR¬JMGS�� 4IsXMXMRKE� WIQ� HIPSRKEW�IRGIVVSY� S� XVEFEPLS� HI� WSGSVVS� I�� ET¶W� EW� HIWTIHMHEW�� WE°QSW� RE� HMVIª¦S� HSW�RSWWSW�PEVIW�

ô 4VIWWMRXS�UYI�ô� MRJSVQSY�QI�S�EQMKS�ô�S�RSWWS�1EXIYW�I\TIVMQIRXEV¤��IQ�FIRIJ°GMS�HIPI�QIWQS��MRIWsXMQ¤ZIP�PMª¦S�UYI�S�GSRZMHEV¤�E�HIQSVEHE�VIJPI\¦S�WSsFVI�S�HIWXMRS�I�E�ZMHE�UYI�PLI�XIQ�XVERWGSVVMHS�WIQ�QEMSVIW�GSRWIUY­RGMEW��8SHSW� IWWIW� UYI� WI� HM^IQ� nMRHMsJIVIRXIW~� GSQ� VIJIV­RGME� ES� TVSFPIQE� HE� J¬��EGSFEVHEQ�WI�HSPSVSWEQIRXI�ERXI�EW�VIEPMHEHIW�HE�HIWIRGEVREª¦S��%GSQSHEHSW�£� MVVIWTSRWEFMPMHEHI� GSQS� ZMZIQ�� UYERHS� RIPIW� MVVSQTIQ� SW� GPEV¸IW�TVIRYRGMEHSVIW�HS�RSZS�HME��SY�GLIKEQ�EW�TVMQIMVEW�WSQFVEW�HE�XVEZIWWME�TIPS�ZEPI�HE�QSVXI��HIFEXIQ�WI�EJPMXSW��IWFVEZINEQ��JE^IQ�TVSQIWsWEW��RIKSGMEQ���

ô 'SQS� WYTSVXE� (SRE� 6SWE�ô� MRHEKYIM�ô� X¦S� TIsWEHE� GEVKE� IQ� SQFVSW�JV¤KIMW�UYEMW�SW�WIYW#

ô 4IPS� UYI� IWXSY� MRJSVQEHS� ô� I\TPMGSY� TVIWXMQSWS� ô� TIPSW� RSWWSW�&IRJIMXSVIW�)WTMVMXYEMW��IPE�JSM�PLI�Q¦I

Page 120: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

�� 1EVGSW��GET°XYPS����ZIVW°GYPS�����ô�2SXE�HS�%YXSV�IWTMVMXYEP�

HIWGYMHEHE�IQ�ZMHE�TV¶\MQE��RS�TVIX¬VMXS��%GSQTERLERsHS�S�HE�)WTMVMXYEPMHEHI��HI�UYIHE�IQ�UYIHE��EGYQTPMsGMEHS�GSQ�SW�TIWEHSW�H¬FMXSW�HE�½PXMQE�I\MWX­RGME��ET¶W�E�JYKE�TEVE�E�&¬PKMGE��UYI�VIHYRHSY�IQ�LSQMG°HMS�RIsJERHS��HS�UYEP�HIZI�XIV�WMHS�Z°XMQE�EUYIPI�UYI�SVE�PLI�IVKYIY�E�Q¦S�JVEXVMGMHE�I�IQ�GYNE�VIIRGEVREª¦S�IWGETSY�£�NYWXMªE�TSV�WI�XIV�IZEHMHS�HS�TE°W��IPE��ETMIHEHE��VSKSY�E�STSVXYRMHEHI�HI�WIV�PLI�IWTSWE��VIGIFIRHS�RSW�FVEªSW�GSQS�JMPLSW�SW�MRMQMKSW�HI�EQFSW��TEVE��IRX¦S��TIPS�I\IQTPS�HE�TEGM­RGME��HE�LYQMPHEHI�I�HE�WYFQMWsW¦S��VIWWEVGMV�S�GVMQI�HE�MVVIWTSRWEFMPMHEHI�NYRXS�E�IPI��I�GLEQ¤�PS�£�SFWIVZ¥RGME�HSW�HIZIVIW�HI�UYI�WI�HIWsGYVE�EGMRXSWEQIRXI��'SQS�TSHIQSW�SFWIVZEV��S�GEV¤XIV�I\EPXEHS�HI�UYI�H¤�QSWXVEW��S�QEY�LYQSV�GSRX°RYS�HI�UYI�WI�VIZIWXI��EXIWXEQ�S�JSKSWS�IWT°VMXS�IRGEVGIsVEHS��WIQ�TSWWMFMPMHEHIW�HI�VIZIPEV�WI�IQ�XSHE�E�TYNERªE�HS�WIY�TVMQMXMZMWQS��)PE��RS�IRXERXS��EZERªE�ZMXSVMSWE��I�GVIMS�QIWQS�UYI�S�WIY�WEGVMJ°GMS�I�E�WYE�JMHIPMHEHI�ESW�TSWXYPEHSW�UYI�EFVEªE�RS�)WTMVMXMWQS�XIVQMREV¦S�TSV�ZIRGIV�KEPLEVHEQIRXI�S�STSWMXSV��GSRHY M̂RHS�S�£�VIXMH¦S�HI�TVMRG°TMSW��:EPI�GSRWMHIVEV�UYI�E�WYE�JSPLE�HI�Q¬VMXSW�¬�MKYEPQIRXI�ETVIGM¤ZIP��3�QEVX°VMS�QEXIVsREP�UYI�XIQ�I\TIVMQIRXEHS�RE�EXYEP�GSRNYRXYVE�GSRWEsKVE�E�RIWXE�ZMHE��VIEFMPMXERHS�E�HE�RIKPMK­RGME�HI�IUYMsZEPIRXI�GSQTVSQMWWS�RS�TVIX¬VMXS��������n'EVMRLSWEQIRXI�EQTEVEHE�TIPSW�WIYW�EJIMªSEHSW�RS�4PERS�)WTMVMXYEP��IPE�EHUYMVI�JSVªEW�TEVE�GSQTIRWEV�SW�HIWKEWXIW�RE�PYXE�JIVVIRLE�HS�PEV�EXSVQIRXEHS��MRZEHMHS�TSV�MRJIPM^IW�ZMWMXEHSVIW�IWTMVMXYEMW��UYI�EPM�XIMQEQ�TSV�JE^IV�QSVEHE��KVEªEW�ESW�HIQEMW�JEQMPMEVIW�VIWMHIRXIW��(I�GIVXS�QSHS�MWSPEHE��XERXS�UYERXS�EW�QIRMREW�1EVMERE�I�%Q¤PME��HSW�QMEWQEW�JPY°HMGSW�HS�RMRLS�HSQ¬WXMGS��GVMEVEQ�N¤�WYE�TV¶TVME�nTWMGSWJIVE�TIWWSEP~��UYI�EW�MWIRsXE�HEW�EKVIWW¸IW�HSW�HIWIRGEVREHSW�QIRSW�EJSVXYREHSW��'SQS�ZSG­�SFWIVZE��1EVMERE�XIQ�WI�VIZIPEHS�HIHMGEHE�GSSTIVEHSVE�HE�RSWWE�'EWE�I��PSKS�QEMW��IWXEV¤�HIZSsXEHE�ES�I\IVG°GMS�HE�QIHMYRMHEHI�WSGSVVMWXE��GSRJSVQI�IWTIVEQSW��EHUYMVMRHS�ZEPMSWSW�VIGYVWSW�TEVE�E�QERYsXIRª¦S�HE�WE½HI�I�HE�TE �̂�%Q¤PME��GYQTVMHSVE�HSW�WIYW�HIZIVIW�HI�JMPLE�I�MVQ¦��¬�I\GIPIRXI�WIVZMHSVE��KERLERHS�JSVE�HS�PEV�IQ�XVEFEPLS�QSHIWXS�I�LSRVEHS�S�T¦S��QIsHMERXI�GYNE�GSSTIVEª¦S�ENYHE�E�QERYXIRª¦S�HEW�HIQEMW�MVQ¦W��%�'SRXEFMPMHEHI�(MZMRE�HMWT¸I��XEQF¬Q��HSW�Q¬sXSHSW�HI�GSVVIª¦S�FIR¬JMGE�HSW�HIT¶WMXSW�E�JEZSV�HSW�XMXYPEHSW�RSW�WIYW�0MZVSW��~

6IJPI\MSRERHS��ZIVMJMUYIM�E�PIKMXMQMHEHI�I�S�EGIVXS�HSW�GSRGIMXSW�IQMXMHSW��ES�RSW�HIWTIHMVQSW�

3W� HMEW� XVERWGSVVMEQ� EFWSVZIRHS�RSW� REW� EXMZMHEsHIW� Q½PXMTPEW� E� UYI� RSW�JMPM¤VEQSW�� UYERHS� 4IXMXMRKE� ZSPXSY� E� GSRZMHEV�RSW� E� VIXSQEV� ES� PEV� HE� JEQ°PME�7SEsVIW��EXIRHIRHS�£�EJPMXE�ETIPEª¦S�HI�(SRE�6SWE�

5YERHS� P¤� GLIKEQSW�� E� ZIRIVERHE� 7IRLSVE� VIGIFIYs�RSW� QEGIVEHE� HI�WSJVMQIRXS�� 3� IWTSWS� IRGSRXVEZE�WI� UYEWI� EKSRM^ERXI�� 3� Q¬HMGS� WE°VE� LEZME�TSYGS�HS�PEV��MRJSVQERHS�UYI�S�TVSKR¶WXMGS�IVE�HIWEPIRXEHSV��*MGEVE�LIQMTP¬KMGS��ETVIWIRXERHS� S� HSPSVSWS� EWTIGXS� HS� HIWEWXVI� SVK¥RMGS�� 8SHS� YQ� PEHS� IWXEZE�TEVEPMWEHS� I� SW� IWsXIVXSVIW� EK·RMGSW� HI� UYI� HEZE� QSWXVEW�� WIQMHIWJEPIGMHS��GSRJVERKMEQ� E� EPQE�� 3� TV¶TVMS� Q¬HMGS� WI� HM M̂E� WIQ� IWsTIVERªEW�� 1YMXS� QEMW�IRXVMWXIGIHSV� IVE� S� UYEHVS� EJPMXMsZS� HS� PEV���� %� WSJVMHE�QEXVSRE�� GSQ� E� MQIRWE�GEVKE�HEW�RSMXIW�MRHSVQMHEW�I�SW�IWJSVªSW�WSFVI�LYQERSW�TEVE�QERXIV�E�JEQ°PME��HIJMRLEZE�WSF�E�EWTIVI^E�HEW�VYHIW�TVSZEª¸IW���

4IXMXMRKE� SYZMY�E� HIQSVEHEQIRXI�� GSQ� TEGM­RGME�� IRUYERXS�� RE� WEPE� HI�

Page 121: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

VIJIMª¦S��E�IWTSWE�I�Q¦I�REVVEZE�E�UYEWI�XVEK¬HME�UYI�VIWYPXEVE�RS�R¦S�QIRSW�HERSWS�TVSFPIQE�UYI�EKSVE�HIJVSRX¤ZEQSW�

'SRUYERXS�E�WYE�LYQMPHEHI�I�GEVMRLS��JSVE�GSRWsXVERKMHE�E�EHQSIWXEV�E�JMPLE�1EVXE��UYI�GSRXMRYEZE�REW�EVVMWGEHEW�EZIRXYVEW�HI�JIXMGMWQS�

�W�Z¬WTIVEW��UYERHS�GLIKEVE��RSMXI�EZERªEHE��E�KIsRMXSVE� PLI� VITVSGLEVE�S�GSQTSVXEQIRXS��EHZIVXMRHS�E�UYERXS�£�GSSTIVEª¦S�UYI�HIZIVME�SJIVIGIV�TEVE�E�TE �̂ HS� PEV� I� E� VIGYTIVEª¦S� HS� TEM� IRJIVQS�� UYI� ZIRGME� S� TVMsQIMVS� Q­W� HE�EKVIWW¦S�GSQ�¶XMQSW�VIWYPXEHSW��UYEWI�VIGYTIVEHS��6SKSY�PLI�E�ENYHE�IWTMVMXYEP��EXVEZ¬W� HE� TVIGI� I� HE�QYHERªE� HI� EXMXYHI� IQ� VIPEª¦S� £� J¬�� E� JMQ� HI� UYI� SW�1IRWEKIMVSW� -RZMW°ZIMW� TYHIWWIQ� VIRSZEV� E� EXQSWJIVE� HE� ZMHE� JEQMPMEV��QSHMJMGERHS� S� GEVVIMVS� HEW� TVSZEª¸IW� UYI� XSHSW� I\TIVMQIRXEZEQ� GSQS�GSRWIUY­RGME�JYRIWXE�HSW�IVVSW�TEWWEHSW��7YTPMGEZE�PLI�R¦S�WI�EHIRXVEWWI�QEMW�RS�IQEVERLEHS�PEFMVMRXS�HI�XVIZEW�TSV�SRHI�WIKYME���

*SVE�S�FEWXERXI��%�JMPLE��TSWWIWWE��HIWVIWTIMXSWE��EKVIHMY�E�QSVEPQIRXI�GSQ�TEPEZVEW� JSVXIW� I� E^IHEW�� XVERWJSVQERHS� IQ� EPXIVGEª¦S� ZMSPIRXE� S� UYI� R¦S�TEWsWEZE�HI�WIVIRS�GSRZMXI�QEXIVRS�£�VIJPI\¦S��£�HMKRMHEHI��ES�IUYMP°FVMS��*YVMSWE��XIRXSY�EKVIHMV� J°WMGEQIRXI�E�Q¦I�UYI� PLI�IWXEZE�IQ�JVIRXI��R¦S�GSRWIKYMRHS�S�MRXIRXS�� KVEªEW� £� MRXIVJIV­RGME� TVSZMHIRGMEP� HI� %Q¤PME� I� 1EVMEsRE�� UYI� PLI�GSVVIVEQ�IQ��EY\°PMS��

%W� JSVªEW� RIKEXMZEW� HI�UYI� WI� JE M̂E� LEFMXYEPQIRXI� MRWXVYQIRXS� MVVSQTIVEQ�MRXIQTIWXMZEW� I� S� 7V�� 1EXIYW�� EGSVHEHS� W¿FMXEQIRXI�� SYZMRHS� S� GPEQSV� I� E�FEPF½VHME��PIZERXSY�WI�HS�PIMXS�TVIGMTMXEHEQIRXI��QEVGLERHS�VIZSPsXEHS��GSP¬VMGS��EVQEHS�GSQ�YQE�EGLE�EQIEªEHSVE��%�TSYGSW�TEWWSW��GEQFEPISY�I� XSQFSY�ES�WSPS���

*SVE� MRHIWGVMX°ZIP� E� GIRE�� %� JIVMHE� GMV½VKMGE�� EMRHE� R¦S� GMGEXVM^EHE� HI� XSHS��ZSPXSY�E�WERKVEV�I��XSQEHEW�TVSZMH­RGMEW�HI�MQIHMEXS��VIXSVRSY�ES�4VSRXS�7SGSVVS��0¤�� JSVEQ� ETPMGEHSW� SW� VIGYVWSW� GSQTEX°ZIMW� ES� GEWS� I�� RS� QSQIRXS�� WI�IRGSRXVEZE�RE�nXIRHE�HI�S\MK­RMS~�� PYsXERHS�TIPE�WSFVIZMZ­RGME�HS�GSVTS��GSQ�HMEKR¶WXMGS�HI�IQFSPME�GIVIFVEP�

6IGIEZE� E� RSFVI� WIRLSVE� R¦S� WYTSVXEV� EW� ½PXMQEW� HSVIW�� )RGSRXVEZE�WI�IRJIVQE��I�IQFSVE�R¦S�HIWJEPIsGIWWI�RE�J¬��IQ�GMVGYRWX¥RGME�EPKYQE��EGYWEZE�WI�GERWEsHE��VIGISWE��HIWEPIRXEHE���

:IRGMHE�TSV�GLSVS�GSRZYPWMZS��ETSMSY�WI�RS�MRXMQSsVEXS�IWT°VMXE�I��WSF�E�WYE�EYVE� JSVXMJMGERXI�� HIPI� VIGIFIY� E� IRIVKME� VIZMKSVERXI� HI� UYI� RIGIWWMXEZE��4EYPEXMRE�QIRXI�JSM�WI�EGEPQERHS��VIGSQTSRHS�WI�

%P¬Q� HS� IWTSWS� RIWWI� IWXEHS� HI� HIWIWTIVS��1EVXE� VIGSPLIVE�WI� ES� UYEVXS��TSWWIWWE� TIPS� ¶HMS� WYVHS�� VIGYWERsHS�WI� E� WEMV�� 1IWQS� WEFIRHS� HS� UYI�EGSRXIGIVE�ES�TEM��VIEKME�GSRXVE�IPI��GSRXMRYERHS�RE�X·RMGE�HE�VIZSPXE�

(ITSMW�HI�EPKYRW�MRWXERXIW�HI�VIJPI\¦S��4IXMXMRKE�GSRZMHSY�RSW�E�EGSQTERL¤�PS�£�TIªE�IQ�UYI�1EVXE�WI�HIQSVEZE��I��GSQ�E�EYXSVMHEHI�QSVEP�UYI�S�EYVISPEZE��WEYHSY�E��'SRUYERXS�R¦S�JSWWI�GSVVIWTSRHMHS��S�WIY�ZIVFS�GSVVIXS�EHZIVXMY�E�

ô�1EVXE��QMRLE� JMPLE�� S� HIZIV� HE� WSPMHEVMIHEHI� MRsHY^�QI�E� TVSGYV¤�PE�� IQ�RSQI�HI� WYE�EJPMXE�Q¦I�I�HS� WIY�TEM� EKSRM^ERXI����2¦S�RSW�ERMQEQ�UYEMWUYIV�TVSsT¶WMXSW�HI�MRZIGXMZ¤�PE��XIGIRHS�GSRWMHIVEª¸IW�MRNYVMSWEW�SY�GIRWYV¤ZIMW�ESW�½PXMQSW� EGSRXIGMQIRXSW� UYI� EFEPEVEQ�IWXI� PEV�� 2YXVMQSW� S� W¦S� HIWINS� HI� PYXEV�TEVE� UYI� R¦S� WI� EGYQYPIQ� HERSW� WSFVI� RSZSW� HERSW� RYQE� EZEPERGLI� HI�KVEZEQIW� QEMW� HIWIWTIVEHSVIW�� GEHE� ZI �̂ TMSVIW���� :SG­� WEFI� TSV� I\TIVM­RGME�TIWWSEP� UYI� E� QSVXI� ¬� IRXVEHE� RE� ZMHE�� VII\EQI� HI� EXSW�� VIIRGSRXVS� GSQ� E�GSRWGM­RsGME��QIWQS�UYERHS�IWXE�NE �̂IRXSVTIGMHE�TIPE�MKRSV¥RGME�SY�ERIWXIWMEHE�

Page 122: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

TIPS�GVMQI����8SHSW�WEFIQSW�UYI�E�ZMHE�RSW�H¤�S�HI�UYI�XIQSW�RIGIWWMHEHI�TEVE�S�RSWWS�TVSsKVIWWS�IWTMVMXYEP�I��GSRWIUYIRXIQIRXI��TEM��Q¦I��JEQMPMEsVIW�I�EQMKSW�W¦S� TIªEW� MQTSVXERXIW�� MRHMWTIRW¤ZIMW� TEVE� E� RSWWE� IZSPYª¦S�� 'SQS� RSW�GSQTSVXEQSW� IQ� VIPEª¦S� E� IPIW�� SRIVEQS�RSW� SY� R¦S� HI� VIWTSRWEFMPMHEHIW�RIKEsXMZEW�RSZEW��UYI�EXMVEQSW�RE�HMVIª¦S�HS�JYXYVS����4SV�MWWS�I�TSV�QYMXEW�SYXVEW�VE^¸IW��ZSG­�R¦S�WI�TSHI�QERsXIV�RE�TSWMª¦S�IQ�UYI�WI�VIJYKME�EKSVE��RE�UYEP�WI�ZIQ�WYWXIRXERHS�EX¬�EUYM���

%�JMPLE�QEMW�ZIPLE�HSW�7SEVIW�GSRXMRYEZE�WMPIRGMSsWE��IQMXMRHS�VEMSW�HI�WYVHE�H¶PIVE�VIJVIEHE�E�GYWXS�

4IVJIMXEQIRXI�WIRLSV�HE�WMXYEª¦S��4IXMXMRKE�TVST·W���7I�ZSG­�RSW�TIVQMXI��JMPLE��ETPMGEV�PLI�IQSW�TEWsWIW�QEKR¬XMGSW�TEVE�ENYH¤�

PE�RE�HMJ°GMP�HIGMW¦S�I�WYWsXIRX¤�PE�REW�TVSZEW�UYI�PLI�EHZMV¦S�GSQS�VIWYPXEHS�HE�WYE� XIMQSWME�� 3VEVIQSW� NYRXSW�� IRGSRXVEVIQSW� .IWYW� UYI� RSW� SJIVIGIV¤� FVEªS�EQMKS�TEVE�TVSWWIKYMV�I�ZIRGIVIQSW�S�GEQMRLS�HE�VIJSVQE�°RXMQE�WSF�S�HMZMRS�EQTEVS�

:IRGIRHS�S�Q¶VFMHS�WMP­RGMS��1EVXE�VYKMY�ô�%KVEHIªS�S�WIY�MRXIVIWWI��)RGSRXVS�QI�QYMXS�FIQ�I�IWXEVME�QIPLSV�WI�R¦S�

JSWWI�TIVXYVFEHS�S�QIY�WSWsWIKS�GSQ�E�WYE�TVIWIRªE���(IQSRWXVERHS� E� TIV°GME� IQ� PMHEV� GSQ� SFWIWWSW� I� SFWIWWSVIW�� S� IRX¦S�

4VIWMHIRXI�HE�9RM¦S�)WT°VMXE�&EMERE��QYMXS�GEPQS��VIWTSRHIY�ô�(IM\¤�PE�°EQSW�RS�WSWWIKS�E�UYI�ZSG­�WI�VIJIVI��GEWS�EW�WYEW�EXMXYHIW�R¦S�

JSWWIQ�JEXSVIW�HI�TIVXYVFEsª¦S�I�HIWSVHIQ�RIWXI�PEV��%UYM�IWXEQSW�IQ�RSQI�HI�WYE�KIRMXSVE��UYI�EVGE�GSQ�S�·RYW�HI�TIWEHSW�WSJVMQIRXSW��I\IVGIRHS�E�JYRª¦S�HI�Q¦I�I�TEM�TEVE�UYI�S�PEV�R¦S�TEHIªE�QMW¬VME�IGSR·QMGE�RIQ�QSVEP��3RHI�S�WIY�HIsZIV�HI�JMPLE��HI�MVQ¦��UYI�XYHS�VIGIFIY�I�REHE�VIXVMsFYM#�.¤�UYI�ZSG­�R¦S�ENYHE�� R¦S� XIQ� UYEPUYIV� HMVIMXS� HI� GVMEV� HMJMGYPHEHIW�� :SG­� ¬� EHYPXE� I� XIQ�VIWTSRWEsFMPMHEHIW� TIVERXI� E� :MHE�� 2¦S� HIWPYWXVI� QEMW� E� WYE� GSRWsGM­RGME��XIMQERHS� IQ� TIVWIZIVEV� RS� IVVS� IWTSRX¥RIEQIRsXI� EGIMXS�� %NYHI�RSW�� JMPLE�� E�ENYH¤�PE�

ô�2¦S�RIGIWWMXS�HS�WIRLSV��)Y�XIRLS�SW�QIYW�+YMEW����4SHIVSWSW��IPIW�W¦S�EW�JSVªEW� EXYERXIW� HE� 2EXYVI^E�� MRHIWXVYX°ZIMW�� KSZIVREQ� S� QYRHS�� VMKSVSWSW��WEsFIQ�JE^IV�I�HIWJE^IV���

ô )�TSVUYI�R¦S� PLIW� VSKE�EY\°PMS�TEVE� WIV�½XMP� I�RSFVI�� WSGSVVIV�I�EQTEVEV�UYIQ�PLI�SJIVIGIY�E�VSYTE�GEVREP#�4SVUYI�R¦S�E�WIKYVEVEQ�SRXIQ��MQTIHMRHS�S�HIWJIGLS�HITPSV¤ZIP�UYI�E�WYE�EXMXYHI�ZMSPIRXE�KIVSY#

ô 4SVUYI�IPIW�W¦S�ZMSPIRXSW��ZMRKEHSVIW�I�GSRWIsKYIQ�MQIHMEXEQIRXI�S�UYI�E�XSPIV¥RGME� I� S� EQSV� R¦S� PSFVMKEQ�� )WXMZIWWI� E� QMQ� IRXVIKYI� E� WSPYª¦S� HSW�TVSsFPIQEW�HEUYM�I�N¤�SW�XIVME�VIWSPZMHS�HIWHI�L¤�QYMXS����'V­�S�WIRLSV�UYI�IY�R¦S�QI�WMRXS�QEKSEHE��ZIVMJMGERHS�UYI�EW� JSVªEW�HI�UYI�WSY�TSWWYMHSVE��RE�QMRLE�GEWE��R¦S�QIVIGIQ�GSRWMHIVEª¦S#�8IRLS�GPMIRXIW�UYI�PSKVEsVEQ�VIWYPXEHSW�QYMXS�FSRW�GSQ�SW�QIYW�VIGYVWSW�I�SW�QIYW�+YMEW�QI�TVSQIXIQ��SY�S�QIY�TSZS�WI�PLIW�WYFsQIXI�SY�IPIW�SW�EGEFEQ���

ô 8EMW�)WT°VMXSW��QMRLE�JMPLE��R¦S�W¦S�+YMEW��W¦S�GIKSW�EVVEWXERHS�GIKSW�ES�EFMWQS�IQ�UYI�XSHSW�WI�TVIsGMTMXEV¦S��%FEWXEVHEHSW�TIPE�MKRSV¥RGME�HIQSVEQ�WI�RE�ERMQEPMHEHI��I\MKMRHS�VIXVMFYMª¸IW�QEXIVMEMW�TSV�WI�GSQsTVE^IVIQ�RSW�JPY°HSW�HIRWSW� I� KVSWWIMVSW� HI� UYI� WI� R¦S� TSHIQ� PMFIVXEV�� 3HMERHS�WI� E� WM� QIWQSW��IWXEFIPIGIQ� S� GPMQE� HS� ¶HMS� I�� VIZSPXEHSW� RSW� VIG·RHMXSW� HS� WIV�� IWsTEPLEQ�VIFIPHME�� EQIEªEHSVIW�� TEVE� KSZIVREVIQ� WSF� EW� RYZIRW� WSQFVMEW� HS� QIHS����*VEGSW�� TVSGYVEQ�HMZMHMV� TEVE� MQTIVEV���� (M^IRHS�WI� XIQ°ZIMW�� ZMZIQ� XIQIVSWSW��

Page 123: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

JYKMRHS� £� GSRWGM­RGME� I� HIWGIRHS� GEHE� ZI �̂ E� ZI\EQIW� QEMSVIW� RSW� UYEMW� WI�IRVIHIQ�� MRJIPM^IW�� 2¦S�� JMPLE�� R¦S� W¦S� TSHIVSWSW�� RIQ� MRHIWXVYX°ZIMW�� RIQ�VMKSVSWSW�� W¦S�TVMQMXMZSW�UYI�E�ZEQTMVM^EQ�I� WI�RYXVIQ�HS�TPEWQE�QIRXEP�HSW�UYI��GSQS�ZSG­��GEIQ�TVIWEW�J¤GIMW�HSW�WIYW�EVHMW�I�QERGSQYREª¸IW�

ô 4SMW�WEMFE�UYI�IPIW�TSHIQ�JE^IV�S�UYI�SW�WIsRLSVIW�NEQEMW�GSRWIKYMVMEQ��0MFIVXEQ�EW� Z°XMQEW� HE� SFWIWW¦S� TIPE� JSVªE�� EVVERGERHS� SW� WIYW� TIVWIKYMHSVIW�GSQ�SW�TSHIVIW�UYI�TSWWYIQ��)�SW�WIRLSVIW��UYI�JE^IQ#

ô %�ZMSP­RGME�R¦S�PMFIVXE�I�E�JSVªE�R¦S�GSRZIRGI��%�ZMX¶VME�HS�TSHIV�HE�JSVªE�¬�MPYW¶VMS��TSVUYI�IPE�QIWQE�KIVE�E�JSVªE�HE�VIEª¦S�UYI�E�HIWXV¶M��3�UYI�ZSG­�HM �̂WIV�PMFIVXEª¦S�IQ�GEWS�HI�SFWIWW¦S��MRZEVM£ZIPQIRXI�W¦S�EVHMW�HI�UYI�WI�YXMPM^EQ�SW�FIRJIMXSVIW�GSQ�SW�EKVIWWSsVIW��ZMZIRHS�S�QIWQS�X·RYW�ZMFVEX¶VMS��GSQFMREQ�YQE�PMFIVXEª¦S�JEPWE��HERHS�E�WIRWEª¦S�HI�PMFIVHEHI�£UYIPIW�UYI�PLIW�IWX¦S�REW�XIRE^IW�� TEVE� ZSPXEVIQ� HITSMW� QEMW� ZMSPIRXSW�� TIVXYVFEHSW� I� TIVXYVFEHSVIW����3YXVEW� ZI^IW� MRZIWXIQ� GSQ� VIGYVWSW� TV¶TVMSW� HI� UYI� WI� YXMPM^EQ�� I�� SHMIRXSW��ETEZSVEQ�SW� SYXVSW�TIVWIKYMHSVIW�� XVERWJIVMRsHS� S� TEKEQIRXS�HS� IRVIHEHS�RE�SFWIWW¦S�TEVE�GPMQE�QEMW�HERSWS�I�QEMW�HMJ°GMP��TSVXERXS����2¦S�WI�MPYHE�E�WSQFVE�WSFVI�E�WSQFVE�R¦S�TVSHY �̂GPEVMHEHI��9QE�KSXE�HI�PY �̂ZIRGI�E�XVIZE��XSHEZME�� E� EFYRH¥RGME� HE� WIKYRHE� REHE� GSRWIKYI� IQ� VIPEª¦S� £� TVMQIMVE���� %�MQsTMIHEHI�REHE�TVSHY �̂�%�½RMGE�JSVªE�IJMGMIRXI�¬�E�UYI�WI�HIVMZE�HEW�VIWIVZEW�QSVEMW�� E� HS� IWT°VMXS� WYTIVMSV�� E� UYI� TVSHY �̂ E� IQMWW¦S� ZMFVEX¶VME� HI� EPXE�JVIUY­RGME�� UYI� EXYE� GSQS� JSVªE� VIEPQIRXI� TSHIVSWE�� GETE �̂ HI� MRJPYMV�HIGMWMZEQIRXI�RE�IWJIVE�HEW�GEYWEW�I��TSMW��GSRWIUYIRsXIQIRXI��RS�GEQTS�HSW�IJIMXSW�

n6IGSVHI�WI�HI�.IWYW�ERXI�S�IRHIQSRMRLEHS�+EHEsVIRS��S�QSªS�UYI�WSJVME�HI�EXEUYIW�� EW� JIFVIW� HE� WSKVE� HI� 4IHVS�� S� GIKS� HI� .IVMG¶�� S� TEVEP°XMGS� HI�'EJEVREYQ����� WIVME� RIGIWW¤VMS� MV� EHMERXI#� 0IQFVI�WI� HE� 7YE� JSVªE� HMERXI� HSW�QEYW��HSW�JEPWSW�TSHIVSWSW�HE�8IVVE��3�EQSV�¬�S�T¦S�HE�ZMHE�I��GSQS�IWGEWWIME��E�IWTIVERªE�HE�,YQERMHEHI�GEQFEPIME�REW�WSQFVEW�HE�ZMSP­RGME�XIQTSV¤VME��TSMW�UYI�S�6IMRS�HS�%QSV�PSKS�EHZMV¤�n9REQS�RSW�HIWHI�N¤��QMRLE�JMPLE��RS�QIWQS�MHIEP�HI�WIVZMªS��I�PMFIVXI�WYEW�JSVªEW�TW°UYMGEW�HEW�GSRWXVMª¸IW�UYI�E�MRJIPMGMXEQ��SJIVIGIRHS�EW�E�.IWYW��IRUYERXS�YVKI�S�XIQTS��MRMGMERHS�ZMHE�RSZE�E�WIY�TV¶TVMS�FIRIsJ°GMS��2¦S�SPZMHI��RIWXI�QSQIRXS��UYI�S�WIY�KIRMXSV�EKSRM^ERXI�IRXVI�E�ZMHE�I�E�QSVXI��SY�GSQS�XEQF¬Q�TSHIV°EQSW�HM^IV�IRXVI�E�QSVXI�I�E�ZMHE�RSZE��IQ�TEVsXMRHS��TSHIV¤�HIM\EV�IQ�ZSG­�TIWEHSW�GVITIW�HI�VIQSVWS��HI�EVVITIRHMQIRXS�XEVHMS��MQTVSHYXMZS��MRUYMIXEHSV��%KSsVE�¬�S�QSQIRXS��¬�XIQTS�HI�VIEFMPMXEV�WI����7EME�HE�RSMXI�I�VYQI�RE�FYWGE�HS�HME��3VI�I�MRYRHI�WI�HI�VIsGSRJSVXS��2¦S�XVERWJMVE�S�WIY�MRWXERXI�HI�JIPMGMHEHI����-VIQSW�GSRZMHEV�WYE�Q¦I�E�EGSQTERLEV�RSW�RE�SVEª¦S�I�H­�GSQIªS��N¤�EKSVE��£�WYE�VIWWYVVIMª¦S��E�YQ�VIREWsGMQIRXS�IWTMVMXYEP����~

3 TSHIV�HSW�EVKYQIRXSW�I�E�JSVªE�QSVEP�HS�ZIPLS�HSYXVMREHSV�EGEPQEVEQ�E�EXSVQIRXEHE�I��E�YQ�WMREP��HMWsTYWIQS�RSW�E�FYWGEV�(SRE�6SWE��UYI�IWTIVEZE�HS�PEHS�HI�JSVE��WIRHS�MRXVSHY M̂HE�RS�VIGMRXS�IQ�UYI�IWX¤ZEQSW�

7SPMGMXEHS�£�SVEª¦S��TVSGYVIM�IVKYIV�QI�ES�7IRLSV�I�WYTPMGEV�0LI�S�GSRGYVWS��)RUYERXS� MWWS�� S�%T¶WXSPS�HE� GEVMHEHI�IWTMVMXYEP�QMRMWXVEZE� VIGYVWSW� JPY°HMGSW�I�QEKR¬XMGSW�RE�WIRWMXMZE�GSQTVSQIXMHE��(ITSMW�HE�GYMsHEHSWE�STIVEª¦S�IWTMVMXYEP��PIZERXSY�WI�I��ZMW°ZIPQIRXI�IQSGMSREHE��EKVEHIGIY��GSQTVSQIXIRHS�WI�E�ZMWMXEV�S� KIsRMXSV� I� QIHMXEV� REW� RSZEW� HMVIXVM^IW� UYI� WI� PLI� HITEsVEZEQ� REUYIPEW�HSPSVSWEW�GMVGYRWX¥RGMEW�

3 TSHIV� HE� SVEª¦S�� 5YERHS� SW� LSQIRW� GSQTVIsIRHIVIQ� I� WI� YXMPM^EVIQ�

Page 124: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

VIEPQIRXI�HSW�VIGYVWSW�HE�TVIsGI��IQ�QYMXS�WI�QSHMJMGEV¦S�SW�GIR¤VMSW�HE�ZMHE�QSVEP�RE�8IVVE����

'YQTVMHSW�SW�HIZIVIW�RS�PEV�HSW�7SEVIW��HIQERHEsQSW�S�,SWTMXEP�HS�4VSRXS�7SGSVVS�TEVE�YQE�ZMWMXE�ES�7V��1EXIYW��GSRWMHIVERHS�WIV�EUYIPI�S�HME�TIVQMXMHS��'SRUYERXS�WI�IRGSRXVEWWI�IQ�VITSYWS�EFWSPYXS��IQ�G¥sQEVE�WITEVEHE��4IXMXMRKE�GSRWIKYMY� HS� Q¬HMGS� HI� TPERsX¦S�� GSQ� UYIQ� QERXMRLE� VIPEª¸IW� HI� EQM^EHI��TIVQMWW¦S�TEVE�SVEV�IQ�WMP­RGMS�NYRXS�ES�PIMXS�HS�TEGMIRXI��RS�UYI�JSM�EXIRHMHS�

'SRJSVQI�HIWGVIZIVE�S�Q¬HMGS�EQMKS�HE�JEQ°PME��S�IWXEHS�HS�TEM�HI�1EVMERE�IVE�HITPSV¤ZIP��%�VIWTMVEsª¦S�IRXVIGSVXEHE�TSV�IWKEVIW�HSPSVSWSW��EW�QEVGEW�HE�TEVEPMWME�HI�XSHS�YQ�PEHS�HS�GSVTS��HIRSXEZEQ�E�KVEZMHEHI�HS�TVSFPIQE�

)QFSVE� GSQTYRKMHS�� 4IXMXMRKE�� XVERUYMPS�� VIGSPLIY�WI� IQ� SVEª¦S�� RS� UYI� S�EGSQTERLEQSW�WMPIRGMSWEQIRXI��8VERWGSVVMHSW�EPKYRW�QMRYXSW��VIXMVEQS�RSW��JM¬MW�ES�GSQTVSQMWWS�HI�IZMXEV�TIVXYVFEV�S�IRJIVQS�

.¤� RE� VYE� S� EHQMV¤ZIP� WIRWMXMZS� IWGPEVIGIY�RSW� UYI� RSXEVE� E� TVIWIRªE� HI�7EXYVRMRS� I� E� HS� -VQ¦S� +PEYGYW� UYI� EPM� IWXEZEQ� EQTEVERHS� S� TEGMIRXI� I� S�EWWMWXMRHS��XIRHS�VIKMWXVEHS�E�MRXYMª¦S�HI�UYI�IPI�WI�VIGYTIVEVME�TEYPEXMREQIRXI��EXVEZ¬W�HS�XIQTS��%UYIPI�IVE�YQ�WYsFPMQI�VIGYVWS�HI�UYI�WI�YXMPM^EZE�E�0IM�TEVE�ENYHEV�S�ERGM¦S�XIQTIVEQIRXEP�RE�GSRWXVYª¦S�HE�TV¶TVME�JIPMGMsHEHI�IXIVRE���

2¦S�LEZME�GSQS�HYZMHEV�HE�(MZMRE�4VSZMH­RGME�

Page 125: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

��3�'VMWXS�GSRWSPEHSV

������%RXI�E�MQTSWWMFMPMHEHI�HI�S�7V��1EXIYW�GSRXMRYEV�RS�,SWTMXEP�HS�4VSRXS�7SGSVVS�I� E� JEQ°PME� R¦S� S� TSHIV�QERXIV� RYQ� 2SWSG·QMS� TEVXMGYPEV�� ET¶W� XVERWGSVVMHSW�ZMRXI�HMEW�HS�EGMHIRXI�UYI�S�TVSWXVEVE��JSM�VIGEQFMEHS�ES�PEV��)QFSVE�S�UYEHVS�WI�ETVIWIRXEWWI� TSYGS� ERMQEHSV�� IPI� GSRWIKYME� JEPEV� GSQ� QYMXE� HMJMGYPHEHI��HIsRSXERHS�TIVJIMXE�PYGMHI �̂� � � � � �(SRE�6SWE��JEXMKEHE�TIPEW�XEVIJEW�GSWXYQIMVEW��EKSsVE�EHMGMSREVME�ES�PEFSV�RSVQEP� S� IRGEVKS� HI� IRJIVQEKIQ� HMJ°GMP�� NYRXS� ES� GSQTERLIMVS� TVSWXVEHS� TIPE�IQFSPME�GIsVIFVEP��UYI�I\MKME�MQIRWS�VITSYWS��EQFMIRXI�HI�GEPQE�I�VIJE M̂QIRXS��EWWMWX­RGME�GSRX°RYE�I�HIZSXEHE�������7MQYPXERIEQIRXI��TSV¬Q��S�WSGSVVS�HMZMRS�R¦S�XEVHSY�������3�VIJE M̂QIRXS�TW°UYMGS�HI�1EVMERE�J­�PE�VIGSRWMHIsVEV�EW�EXMXYHIW�°RXMQEW�HI�ERMQSWMHEHI�QERXMHEW�GSRXVE�S�KIRMXSV��I��£�QIHMHE�UYI�S�GSRLIGMQIRXS�IWT°VMXE�PLI�TIRIXVEZE�E�QIRXI�I�S�GSVEª¦S��VIRSZEZE�WI�PLI�E�TEMsWEKIQ�MRXIVMSV��S�GSRXEGXS�GSQ�EW�PMª¸IW�WYFPMQIW�HS�'VMWXS�JE M̂E�E�QSHMJMGEV�WI�MRXIMVEQIRXI��(IWHI�EW�TVMsQIMVEW�LSVEW�HE�GLIKEHE�HS�7V��1EXIYW�ES�PEV��XSVRSY�WI�ZSPYRXEVMEQIRXI�E�GSQTERLME�KIRIVSWE��ENYHERHS�S�RE�LMKMIRI��QERXIRHS�SW�LSV¤VMSW�HSW�QIHMGEQIRXSW��WYFWXMXYMRHS�E�Q¦I�ES�PEHS�HIPI��IRUYERXS�IWXE�GYMHEZE�HS�QMRMWX¬VMS�HS�PEV��%HEPFIVXS��TSV�WYE�ZI �̂�UYI�N¤�JVIUYIRXEZE�E�GEWE��HIWHI�SW�HMEW�QEMW�HMJ°GIMW�HE�IRsJIVQMHEHI�HE�REQSVEHE��MRXIVIWWEHS�GEHE�ZI �̂QEMW�TIPE�(SYXVMRE�HSW�)WT°VMXSW��JSM�WI�XVERWJSVQERHS�IQ�JMPLS�HS�LIQMTP¬KMGS�UYI��ERXI�S�GEVMRLS�TIVWIZIVERXI�HSW�UYI�PLI�GIVGEZEQ�S�PIMXS��GSQIªSY�E�ETVIWIRXEV�WMREMW�GSsQSZIHSVIW�HI�VIRSZEª¦S�IWTMVMXYEP��%Q¤PME��JMIP�ESW�HIZIsVIW�HS�PEV�I�HIRXVS�HIWXI��IVE�EW�Q¦SW�UYI�XVE M̂EQ�EW�QSIHEW�TEVE�EW�EUYMWMª¸IW�MQIHMEXEW��IRUYERXS�1EVXE��UYI�TEWWEVE�E�YQE�EXMXYHI�HI�QEMSV�VIJPI\¦S��HITSMW�HE�IRXVIZMWXE�GSQ�4IXMXMRKE�WI�T·W�E�ENYHEV�E�KIRMXSVE�REW�GSWXYVEW��RS�PEV�I�RE�EVXI�HS�FSVHEHS��EYQIRXERHS�E�VIGIMXE�HSQ¬WXMGE�HI�JSVQE�I\TVIWWMZE�

2E� TV¶\MQE� ZMWMXE� UYI� JM^IQSW� £� JEQ°PME� 7SEVIW�� S� EQFMIRXI� WI� IRGSRXVEZE�WMKRMJMGEXMZEQIRXI�QSHMJMGEHS��(SRE�6SWE�RSW�GSRJIWWSY�E�WYE�EPIKVME��IQFSVE�E�WSQE�HI�TVISGYTEª¸IW�UYI�E�QEVXMVM^EZEQ�ERXI�E�IRJIVQMHEHI�HS�IWTSWS�I�SW�TVSFPIQEW�REXYVEMW��HMWWS�HIGSVVIRXIW�

(IWHI� SW� TVMQIMVSW�QSQIRXSW�QEMW� EJPMXMZSW�� TSV¬Q�� EW�Q¦SW� HE� GEVMHEHI��EXVEZ¬W�HI�4IXMXMRKE��GSQIªEVEQ�E�HSEV�S�WSGSVVS�QEXIVMEP��IQ�RSQI�HS�G°VGYPS�HSW�MVsQ¦SW�HE�J¬��HI�JSVQE�E�HMQMRYMV�E�GVYI^E�HEW�TVSZEsª¸IW�REUYIPE�GEWE�

2E�STSVXYRMHEHI�HE�RSWWE�ZMWMXE��S�EQSVSWS�EQMKS�HSW�WSJVIHSVIW�MRXIVVSKSY�1EVXE�� UYERXS� £� VIETVS\MQEsª¦S� GSQ� S� KIRMXSV�� )WXE�� QYMXS� GSRWXVERKMHE��VIWTSRHIY�

ô� 7MRXS�QI�RIVZSWE�� EKMXEHE� MRXIVMSVQIRXI����ôJEPSY�� IRGEFYPEHE��ô� 6IGIMS�YQ�RSZS�EXVMXS��RS�QSsQIRXS�HI�JE^IV�EW�TE^IW��GEWS�TETEM�R¦S�QI�VIGIFE�GSQS�HI�HMVIMXS����)RGSRXVS�QI�GSRJPMXEHE�IQ�VIPEª¦S�£�TV¤sXMGE�MRJIPM �̂E�UYI�QI�ZMRGYPIM�TSV�PEVKSW�ERSW��8YHS�QI�TEVIGI��EKSVE��YQ�HIWTIVXEV�HI�GVYIP�TIWEHIPS��RS�UYEP�IY�NSVREHIEWWI�EXEHE�E�GSVHEW�KVSWWEW�UYI�QI�GSRHY M̂EQ��MRI\SVEZIPQIRXI�GIKE��XV·TIKE��HI�QIRXI�EªYPEHE�TSV�EPYsGMREª¸IW�MRHIWGVMX°ZIMW������

%� I\�UYMQFERHMWXE� GSQIªSY� E� GLSVEV�� 3� GSVTS� JSM� XSQEHS� TSV� GSRXVEª¸IW�GSRWXVERKIHSVEW��I��QIWQS�VIsJVIERHS�E�EJPMª¦S��WIRXME�WI�PLI�E�HSV�WIPZEKIQ�UYI�

Page 126: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

E�HIWTIHEªEZE�MRXIVMSVQIRXI�4IXMXMRKE� IRZSPZIY�E� IQ� SRHEW� HI� GEVMRLS� I� XIVRYsVE�� EGIVGERHS�WI� HIPE� I�

FYWGERHS�EGEPQ¤�PE�GSQ�TEPEZVEW�HI�IWTIVERªE�ô�1EVXE��QMRLE�JMPLE��S�)ZERKIPLS�ô�EJMVQSY�GSRsZMGXS�ô�¬�TSVXE�HI�PY �̂TEVE�

SW�UYI�KIQIQ�RE�IWGYVMsH¦S��'EQMRLS�VIHIRXSV�UYI�WI�EFVI�IQ�STSVXYRMHEHIW�Q½PXMTPEW�TEVE�XSHSW�R¶W��SW�XV¥RWJYKEW�HSW�HIZIVIW�WYFPMQIW�

�� 3�HIWGSRLIGMQIRXS�HS�)WTMVMXMWQS�TSV�TEVXI�HI�EPKYRW�EHITXSW��RE�EXYEPMHEHI�� UYI� PLI� R¦S� TIRIXVEVEQ� EW� PMª¸IW� TVIsGMSWEW�� SY� UYI� WI�PMKEVEQ�£W� PMHIW�IWTMVMXMWXEW�TEVE�EXIRHMQIRXS�HI� -RXIVIWWIW� MQIHMEXSW��QEXIVMEMW� ô� GSRJMVQERHS� HIWWI� QSHS� E� EYW­RGME� HS� IWXYHS� I� HE�QIHMXEª¦S�HEW�FEWIW�HE�(SYXVMRE�ôZIQ�KIVERHS�MRSQMR¤ZIMW�GSRJYW¸IW��)\T¸IQ��TSV�I\IQTPS��EPsKYRW�HIWWIW�EHITXSW��UYI�HMERXI�HI�)RXMHEHIW�QYMXS� MRJIPM^IW�� TIVWIKYMHSVIW� ZMSPIRXSW�� SFWIWWSVIW� ZMKSVSWSW�� W¦S�RIGIWW¤VMEW�TVSsZMH­RGMEW�JSVE�HSW�EVVEMEMW�HE�(SYXVMRE��IQ�GYNSW�W°XMSW�W¦S�WYFQIXMHSW�XEMW�)WT°VMXSW�E�TVSGIWWSW�HI�XIVVSV��HI�JSVªE��I�E�TV¤XMGEW�IWXVERLEW��UYI�SW�EXIQSVM^EQ��I�TSV�QIMS�HEW�UYEMW�SW�TVIRHIQ�PSRKI�HEW�WYEW�Z°XMQEW����%VVIQEXEHE�PSYGYVE��%�WIZIVMHEHI�HEW�0IMW�HI�'EYWE�I�)JIMXS� W¦S� IPYGMHEª¦S� MQIHMEXE� E� IWWE� MRJSVQEª¦S� HIWGEFMHE�� )Q� XSHE�SFWIWW¦S� L¤� GSFVEHSV�� TSVUYI� L¤� HIZIHSV�� 0MFIVXEV� IWXI� I� TVINYHMGEV�EUYIPI�WIVME�TYRM�PS�SYXVE�ZI �̂�E�IPI�UYI�JSM�Z°XMQE�ERXIVMSVQIRXI��WIVME�MRsZIWXMV�GSRXVE�S�)WXEXYXS�HE�(MZMRE�.YWXMªE��TYRMV�S�MKRSVERXI�ES�MRZ¬W�HI�MRWXVYM�PS��PMFIVXEV�YQ�QIHMERXI�S�ETVMWMSREQIRXS�HI�3YXVS��HIJIRHIV�EPKY¬Q�TVINYHMGERHS�SYXVIQ��%�WSFIVERE�0IM�HI�%QSV�¬�E�JSVªE�GETE �̂HI�QSHMJMGEV� E� IWXVYXYVE� HE� ZMHE� I� TIRIXVEV� RE� JYVRE� SHMIRXE� HS� üIYý�EXSVQIRXEHS�TEVE�JIPMGMX¤�PS��)Q�UYEPUYIV�SFWIWW¦S��TSVXERXS��IQ�UYI�S�EQSV� I� S� IWGPEVIsGMQIRXS� R¦S� VIEPM^IQ� SW� WIYW�QMWXIVIW�� EW� QIHMHEW�LYQEREW�HE�XIQIVMHEHI�I�HE�ZMSP­RGME�WSQIRXI�TSHIV¦S�EKVEZEV�S�QEP��EHMERsHS�S�TEVE�SGEWM¦S�IQ�UYI�EW�VIWIVZEW�HS�TEGMIRXI�WINEQ�QIRSsVIW�I��TSMW��GSRWIUYIRXIQIRXI��QIRSW�JEZSV¤ZIMW�£�GYVE��£�PMsFIVXEª¦S�

3�TVIGPEVS�'SHMJMGEHSV�%PPER�/EVHIG�IPYGMHE�UYI�WI�üGLEQE�SFWIWW¦S�£�Eª¦S� TIVWMWXIRXI� UYI� YQ� )WT°VMXS� QEY� I\IVGI� WSFVI� YQ� -RHMZMHYS�ý� )�EHZIVXI�� ü%WWMQ� GSQS� EW� IRJIVQMHEHIW� VIWYPsXEQ� HEW� MQTIVJIMª¸IW�J°WMGEW� UYI� XSVREQ� S� GSVTS� EGIWW°ZIP� £W� TIVRMGMSWEW� MRJPY­RGMEW�I\XIVMSVIW��E�SFWIWW¦S�HIGSVVI�WIQTVI�HI�YQE�-QTIVJIMª¦S�QSVEP��UYI�H¤�EWGIRH­RGME�E�YQ�)WT°VMXS�QEY��%�YQE�GEYWE�J°WMGE��ST¸I�WI�YQE�JSVªE�J°WMGE��E�YQE�GEYWE�QSsVEP�TVIGMWS�¬�WI�GSRXVETSRLE�YQE�JSVªE�QSVEP�ý�'SRWMHIVE�� XSHEZME�� ZIIQIRXI�� ü2SW� GEWSW� HI� SFWIWW¦S� KVEZI�� S�SFWMHMEHS�JMGE�GSQS�UYI�IRZSPXS�I�MQTVIKREHS�HI�YQ�JPY°HS�TIVRMGMSWS��UYI�RIYXVEPM^E�E�Eª¦S�HSW�JPY°HSW�WEPYXEVIW�I�SW�VITIPI����HEUYIPI�JPY°HS�UYI�MQTSVXE�HIWIQFEVEª¤�PS��3VE��YQ�JPY°HS�QEY�R¦S�TSHI�WIV�IPMQMREHS�TSV� SYXVS� MKYEPQIRXI� QEY�� 4SV� QIMS� HI� Eª¦S� MH­RXMGE� £� HS� Q¬HMYQ�GYVEHSV�� RSW� GEWSW� HI� IRJIVQMHEHI�� 46)s'-73� 7)� *%>� )<4)0-6� 91�*09�(3�1%9�'31�3��%9<�0-3��()�91�*09�(3�1)0,36�

ü2IQ�WIQTVI��TSV¬Q��FEWXE�IWXE�Eª¦S�QIG¥RMGE��'YQTVI��WSFVIXYHS��EXYEV�WSFVI�S�WIV� MRXIPMKIRXI��ES�UYEP�¬�TVIGMWS�WI�TSWWYE�S�HMVIMXS�HI�JEPEV� GSQ� EYXSVMHEHI�� UYI�� IRXVIXERXS�� JEsPIGI� E� UYIQ� R¦S� XIRLE�WYTIVMSVMHEHI�QSVEP��5YERXS�QEMSV� IWXE� JSV�� XERXS�QEMSV� XEQF¬Q�WIV¤�EUYIPE�ý

Page 127: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

)��TSV�JMQ��SFWIVZE��ü)Q�XSHSW�SW�GEWSW�HI�SFWIWW¦S��E�TVIGI�¬�S�QEMW�TSHIVSWS� QIMS� HI� UYI� WI� HMWT¸I� TEVE� HIQSZIV� HI� WIYW� TVST¶WMXSW�QEP¬JMGSW�S�SFWIWWSV�

8EMW� W¦S� EW� ERSXEª¸IW� GSRWXERXIW� HI� ü%�+­RIWIý�� HI� %PPER� /EVHIG��'ET°XYPS� ����ü3FWIWW¸IW� I� TSWWIWW¸IWý�� ��m� IHMª¦S� HE� *)&�� HSW� UYEMW�I\XVEMQSW� IWXIW� X¶TMGSW� UYI� QIVIGIQ�� GSQS� SW� HIsQEMW� HS� STSVXYRS�IWXYHS��EGYVEHEW�QIHMXEª¸IW�

3YXVSW��QMPMXERXIW�ETVIWWEHSW��XEQF¬Q�-RJSVQEQ�UYI��TEVE�YQ�FSQ�TVSGIWWS�HI�HIWIRZSPZMQIRXS�SY�IHYGEª¦S�QIHM½RMGE��WI�JE �̂GSRGSVHI�E�ETPMGEª¦S� HI� HIXIVQMREHEW� I� IWUYMWMXEW� TV¤sXMGEW�� E� JMQ� HI� UYI� E�JEGYPHEHI� MVVSQTE� HI� YQE� ZI �̂� GSQ� VIsWYPXEHSW� FIR¬JMGSW�� GSQS� WI� E�QIHMYRMHEHI� J¸WWI� EPKS� IP¤WXMGS� UYI� EXIRHIWWI� £� XVEZ¦S� HE� JSVªE��HMPEXERHS�WI�HI�MQIHMEXS��'SQS�UYEPUYIV�SYXVE�JEGYPHEHI�TWMGSP¶KMGE�SY�JYRª¦S� JMWMSP¶KMGE�� E� QIHMYRMHEHI� VIUYIV� GYMHEHSW� IWTIGMEMW��EXIRHMQIRXS� E� VIUYMWMsXSW� TV¶TVMSW� I� GSRHMª¸IW� IWTIG°JMGEW� UYI� PLI�JEGYPXIQ�E�IHYGEsª¦S�I�S�HIWHSFVEQIRXS�HI�VIGYVWSW��TEVE�EXIRHIV�£W�JMREPMHEHIW�E�UYI�WI�HIWXMRE��2IWWI�WIRXMHS�ü3�0MZVS�HSW�1¬HMYRWý��HI�%PPER� /EVHIG�� ¬�� EMRHE�� S�QIPLSV� VSXIMVS� TEVE�Q¬HMYRW� I� TIWWSEW� UYI�HIWINIQ�GSRLIGIV�EW�JEGYPHEHIW�QIHMER°QMGEW�HS�LSQIQ��GSQS�GSRHY M̂�PEW�I�GSQ�IPEW�STIVEV��SW�TIVMKSW�HE�Q¤�TV¤XMGE�QIsHM½RMGE��IXG���

3� UYI� SGSVVI� RSVQEPQIRXI� RIWWIW� GLEQEHSW� HIWIRZSPZMQIRsXSW�MRWXERX¥RISW�� IQ� KVYTSW�� QIG¦RMGSW�� TIVXIRGI� ESW� GET°XYPSW� HE�7YKIWX¦S��HS�%RMQMWQS��HSW�'SRHMGMSREQIRXSW�TWMGSP¶KMGSW�I�EX¬�QIWQS�ESW�IWXEHSW�HI�RIZVSWI�

6IWKYEVHIQ�WI�� RS� GYMHEHSWS� IWXYHS� I� RE� GEVMRLSWE� SFWIVsZEª¦S�ZMKMPERXI��SW�UYI�HIWINEQ�VIEMW�I�TVSZIMXSWSW�VIWYPXEHSW�HE�QIHMYRMHEHI�I� HE� WYE� TV¤XMGE�� WIQ� TVIGMTMXEª¦S�� WIQ� I\MK­RsGMEW�� QIPLSVERHS�WI�QSVEP�I�IWTMVMXYEPQIRXI��SW�Q¬HMYRW�I�SW�I\TIVMQIRXEHSVIW�LSRIWXSW��E�JMQ� HI� WI� GVIHIRGMEVIQ� £� EWWMWX­RsGME� HSW� &SRW� )WT°VMXSW��ô� 2SXE� HS�%YXSV�IWTMVMXYEP�

SJIVIGIRHS�RSW� VIGSQIªS� IQ� UYEPUYIV� WMXYEª¦S� I� IQ� XSHS� XIQTS�� 4EVE� UYIQ�VIEPQIRXI� HIWINE� IPIZEª¦S�� R¦S� L¤� XIQTS� TIVHMHS�� RIQ� STSVXYRMHEHI�QEPFEVEXEHE�UYI�R¦S�XVEKE�TVIGMSWSW�IRWMRSW��UYI�TSHIQSW�ETVSZIMsXEV�HI�JYXYVS��6IERMQI�WI��QMRLE�JMPLE��3�QSQIRXS�HI�VIRSZEª¦S�SGSVVI�GSQS�MRWXERXI�HI�HSV��S�EV�UYI�TIRIsXVE�RS�TYPQ¦S�HS�VIG¬Q�REWGMHS��IRWINERHS�PLI�E�ZMHE�I\XVE�YXIVMRE��TVSZSGE�PLI�� XEQF¬Q�� E� WIRWEª¦S� HE� HSV���� %WWMQ� XEQF¬Q�� S� EV� FEPW¥QMGS� HS�'VMWXS��IQ�PLI�TIRIsXVERHS�E�EPQE��VSQTI�E�GSYVEªE�HI�WSQFVE�UYI�E�IRZSPZME�I�E�GPEVMHEHI� VYXMPERXI� HE� ZMHE� RSZE� PLI� TVSHY �̂� GSQsTVIIRWMZIPQIRXI�� ERK½WXME�TEWWEKIMVE�I�TEWWEKIMVE�ETVIsIRW¦S�

ô 8IRLS�QIHS�ô�GSRWIKYMY�I\XVEZEWEV��ô�6IGIMS�S�VIZMHI�HEUYIPIW�GSQ�SW�UYEMW� QI� HIQSVEZE� GSQTVSQIsXMHE�� )PIW� W¦S� XIVV°ZIMW����� ,¤� QYMXS� XIQTS�HIWINEZE� JYKMV�PLIW�ES� GIVGS� MQTPEG¤ZIP��QEW�R¦S� XMRLE� JSVªEW��R¦S� WEFME� GSQS�JE^IV�� 8IRLS�PLIW� WMHS� IWGVEZE� SFIHMIRsXI���� :INS�SW�� HM^IRHS�WI� QIYW� EQMKSW��TSV¬Q�� GVY¬MW� TEVE� GSQ�QYMXSW�� 4SV�(IYW�� IY� SW� XIQS��2¦S� WIM� WI� WYsTSVXEVIM�QERXIV�IWXE�HIGMW¦S�I�WI�GSRWIKYMVIM�E�PMFIVsHEHI��'SQS�ERWIMS�TSV�WIV�PMZVI�TEVE�XIRXEV�ZMHE�RSZE��RSZEW�EWTMVEª¸IW�UYI�EGEPIRXS�I�R¦S�XIRLS�TSHMHS�JVYMV����

ô n(IYW�¬�2SWWS�4EM~�ô� VIJIVMY�WI��4IXMXMRKE��HI�JEGI�VYFSVM^EHE�� MPYQMREHE�TSV�XVERWGIRHIRXI�JYPKYVEª¦S�ô��HMWWI�.IWYW��%WWMQ��)PI�¬�S�4EM�HI�XSHSW��)\EQMRI�

Page 128: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

IWWE� GSRJSVXEHSVE� MRJSVQEª¦S�� 2SWWS� 4EM�� )PI� GYMHE�� TSVsXERXS�� HSW� JMPLSW�QEMW�JVEGSW�UYI�0LI�IRXVIKEQ�E�ZMHE��GSQS�HSW�QEMW�VIFIPHIW�UYI�XVEQEQ�HMJMGYPXEV�E�ZMHE�HSW�WIYW�MVQ¦SW��(MKE�GSQS�.IWYW�IQ�EKSRME��I�XVERUYMPMs^I�WI��n4EM��REW�XYEW�Q¦SW�IRXVIKS�S�QIY�IWT°VMXS�~�� I� HIM\I�WI�EVVEWXEV� TIPEW� GSVVIRXIW� MRZMW°ZIMW� I�TSHIVSWEW�HS�7IY�EQSV�

(ITSMW�HI�YQE�TEYWE�QYMXS�I\TVIWWMZE��GSRGPYMY�ô -RMGMI� HIWHI� LSNI� E� JEWI� RSZE�� ETVS\MQERHS�WI� HS� WIY� TEM�� VSKERHS�PLI�

TIVH¦S�� 9QE� EXMXYHI� LSRIWXE� JE^�WI� EGSQTERLEV� HI� JPY°HSW� GSRZMRGIRXIW�� UYI�IRZSPZIQ��TSHIVSWSW��EUYIPIW�E�UYIQ�RSW�HMVMKMQSW��,YQMPLI�WI�ERXI�EUYIPI�UYI�PLI�GSRGIHIY��IQ�RSQI�HS�4EM�HI�XSHSW��E�MRHYQIRX¤VME�J°WMGE��I�JEªE�S�WIRXMV�WI�LSRVEHS�RE�GSRsHMª¦S�HI�GLIJI�HE�TVSPI��%NYHI�S�RS� XVERWI�EFIRªSEHS�UYI�IPI�ZMZI� I� E� JSVªE� HSW� WIYW� WIRXMQIRXSW� JEPEV¤�QEMW� EPXS� HS� UYI� EW� TEPEZVEW�QEMW�FVMPLERXIW� UYI� PLI� IWGETIQ�HSW� P¤FMSW�� 4EWWI�� PSKS� HITSMW�� E� JVIUYIRXEV� RSWWE�'EWE��IWXYHI�EW�3FVEW�HS�MRWMKRI�QIWXVI�/EVHIG��FIFIRHS�REW�JSRXIW�EYKYWXEW�HE�MRJSVQEª¦S�IWT°VMXE�E�¤KYE�PYWXVEP��PIRMJMGEHSVE�I�RYXVMIRXI�HS�GSRLIGMQIRXS�UYI�PMFIVXE��I��HI�EPQE�XSGEHE�TIPE�WYEZI�FVMWE�HS�)ZERKIPLS��HMWXVMsFYE�IWTIVERªE����5YIQ�WEFI#�)Q�FVIZI�EW�WYEW�TSWWMFMPMHEHIW�QIHMER°QMGEW��GSPSGEHEW�E�WIVZMªS�HS�'VMWXS��HITSMW�HI�RIGIWW£VMEQIRXI�HMWGMTPMREHEW��TSHIV¦S�EQTEsVEV�I�WSGSVVIV�IWWIW� QIWQSW� MVQ¦SW� UYI� E� NYKYPEVEQ� RE� MKRSV¥RGME� TSV� XERXSW� ERSW��XVERWJSVQERHS�SW� IQ� EQMKSW� I� GSQTERLIMVSW� HI� NSVREHE���� 2¦S� L¤� JSVªE� UYI�XIRLE�QEMW�JSVªE�HS�UYI�E�JSVªE�HS�EQSV���

'SQ�TIVQMWW¦S�HI�(SRE�6SWE�VYQEQSW��EXS�GSRX°sRYS��RE�HMVIª¦S�HE�EPGSZE�SRHI�WI�IRGSRXVEZE�S�IRJIVQS�

1EVMERE�� WIRXEHE� E� YQE� GEHIMVE� ES� PEHS� HS� PIMXS�� EWWMWXME�S� TEVE� UYEPUYIV�RIGIWWMHEHI��'EVMRLSWE��WEYHSY�RSW�MPYQMREHE�TSV�EQTPS�I�KIRIVSWS�WSVVMWS�

)RXVIKERHS�PLI�S�n0MZVS�HE�:MHE~��4IXMXMRKE�WSPMGMXSY�PLI�UYI�S�EFVMWWI�I�PIWWI�S�XI\XS�WSFVI�S�UYEP�SW�WIYW�SPLSW�MRGMHMWWIQ��%�QIRMRE�GIVVSY�EW�T¤PTIFVEW�I�EFVMY�S�I\IQTPEV�HI�n3�)ZERKIPLS�WIKYRHS�S�)WTMVMXMWsQS~�UYI�XMRLE�REW�Q¦SW��I�PIY��HS�'ET°XYPS���ô�3�'VMWXS�'SRWSPEHSV�ô��MXIQ���

n7SY�S�KVERHI�Q¬HMGS�HEW�EPQEW�I�ZIRLS� XVE^IV�ZSW� S� VIQ¬HMS� UYI�ZSW� L¤� HI� GYVEV�� 3W� JVEGSW�� SW� WSJVIHSVIW� I� SW� IRJIVQSW� W¦S� SW�QIYW�JMPLSW�TVIHMPIXSW��:IRLS�WEPZ¤�PSW��:MRHI��TSMW��E�QMQ��Z¶W�UYI�WSJVIMW�I�ZSW� EGLEMW� STVMQMHSW�� I� WIVIMW� EPMZMEHSW� I� GSRWSPEHSW�� 2¦S� FYWUYIMW�EPLYVIW�E�JSVªE�I�E�GSRsWSPEª¦S��TSMW�UYI�S�QYRHS�¬�MQTSXIRXI�TEVE�H¤�PEW�� (IYW� HMVMKI� YQ� WYTVIQS� ETIPS� ESW� ZSWWSW� GSVEª¸IW�� TSV� QIMS� HS�)WTMVMXMWQS�� )WGYXEM�S�� )\XMVTEHSW� WIsNEQ� HI� ZSWWEW� EPQEW� HSPSVMHEW� E�MQTMIHEHI��E�QIRsXMVE��S�IVVS��E�MRGVIHYPMHEHI��7¦S�QSRWXVSW�UYI�WYsKEQ�S� ZSWWS� QEMW� TYVS� WERKYI� I� UYI� ZSW� EFVIQ� GLEKEW� UYEWI� WIQTVI�QSVXEMW��5YI��RS�JYXYVS��LYsQMPHIW�I�WYFQMWWSW�ES�'VMEHSV��TVEXMUYIMW�E�WYE�PIM�HMZMRE��%QEM�I�SVEM��WIHI�H¶GIMW�ESW�)WT°VMXSW�HS�7IRLSV��MRZSGEM�S�HS� JYRHS�HI� ZSWWSW� GSVEª¸IW�� )PI�� IRX¦S�� ZSW� IRZMEV¤� S� WIY� *MPLS� FIQ�EQEHS��TEVE�ZSW�MRWXVYMV�I�HM^IV�IWXEW�FSEW�TEPEZVEW��)MW�QI�EUYM��ZIRLS�EX¬�Z¶W�TSVUYI�QI�GLEQEWXIW��3�)WT°VMXS�HI�:IVHEHI���&SVH¬YW������� ~

1EVMERE�GSRGPYMY�E�PIMXYVE�IQSGMSREHE��3�%PXS��MRWsTMVERHS�RSW�I�GSRHY M̂RHS�RSW��VIWTSRHME��£W�MRUYMIXEª¸IW�HI�XSHSW�R¶W��GSQ�S�'VMWXS�'SRWSPEHSV��'SRUYERXS�

Page 129: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

E�I\sTVIWW¦S�EPXIVEHE�RE� JEGI�HS�7V��1EXIYW��RSX¤QSW�PLI� P¤sKVMQEW�RSW�SPLSW��1EVXE��ZMW°ZIPQIRXI�WIRWMFMPM^EHE��XSsQSY�E�Q¦S�HMVIMXE�HS�KIRMXSV��UYI�R¦S�JSVE�EJIXEHE� TIPE� IQFSPME�� ENSIPLSY�WI� ES� PEHS� HS� GSVTS� WIQMQSVXS� RS� PIMXS�� I��SWGYPERHS�E��TIHMY�PLI�TIVH¦S����%�ZS �̂�HIFMPMXEHE�RE�KEVKERXE� MRXYQIWGMHE�TIPS�TVERXS�� WE°E� E� GYWXS�� 4IRW¤sZEQSW� IQ� .IWYW� REUYIPI� QSQIRXS� WYTVIQS� HI�VIHIRª¦S��VSKERHS�0LI�JSVªEW�I�WSGSVVSW�TEVE�R¶W�XSHSW��IWTIGMEPsQIRXI�TEVE�S�TEM�WSJVIHSV�UYI�RYRGE�WYTYWIVE�I\TIVMsQIRXEV�X¦S�WMKRMJMGEXMZS�EXIWXEHS�HI�EQSV�JMPMEP�

3 7V��1EXIYW�GSQ�QYMXS�IWJSVªS�XSVRSY�WI�HMKRS�HS�KIWXS�HE�JMPLE��'MRKMY�RSW�WIYW� SW� HIHSW� HI� 1EVXE�� EFIRªSERHS�E� IQ� WMP­RGMS� I� IQSXMZMHEHI� GSQ� S�IWUYIGMQIRXS�HS�QEP�I�E�IWTIVERªE�HS�FIQ��)VE��EUYIPE��YQE�GIRE�IZERK¬PMGE��IZSGEXMZE��IQ�XSHS�S�WIY�MQTEGXS��HSW�TVMQIMVSW�HMEW�HE�&SE�2SZE�REWGIRXI���

-RWTMVEHS� TSV� 7EXYVRMRS�� 4IXMXMRKE� IVKYIY� E� ZS �̂ I�� RYQE� IPSUYIRXI� SVEª¦S��XVEHY M̂Y�SW�WIRXMQIRXSW�HI�XSsHSW��ES�'VMWXS�HI�(IYW��S�)\GIPWS�&IRJIMXSV�I�+YME�HE�,YQERMHEHI�

'SQ� E� EPQE� X½QMHE� HI� IQSª¸IW�� VIXMVEQS�RSW� HE� EPGSZE�� TEVE� TSYTEV� S�TEGMIRXI�HI�RSZSW�GLSUYIW�IQSsGMSREMW��I�VIXSVREQSW�£�WEPE�HI�VIJIMª¸IW�

1EVMERE��UYI�XMRLE�WIHI�HI�PY �̂�TIVKYRXSY�WIQ�TVI¥QFYPSW�E�4IXMXMRKE�ô�%RXI�IWWE�TVSZE�HS�WSGSVVS�HSW�RSWWSW�+YMEW�)WsTMVMXYEMW��IY�R¦S�TSHIVME��

WIQTVI�UYI�TSWW°ZIP��IWXERHS�ES�PEHS�HS�TETEM��PIV�PLI�n3�)ZERKIPLS�WIKYRHS�S�)WsTMVMXMWQS~��HI�QSHS�E�RSW�MV�MRWXVYMRHS�PIRXEQIRXI�REW�PMª¸IW�HE�J¬#���GPEVS�UYI�TVSGYVEVIM�R¦S�GERW¤�PS��9QE�FSE�PIMXYVE��EP¬Q�HI�IHMJMGEV��XEQF¬Q�HMWXVEM��R¦S�¬�QIWQS#

4IXMXMRKE�JMXSY�E��EHQMVEHS��I�GSRGSVHSY�TVSRXEsQIRXI�ô�(I�TPIRS�EGSVHS����IZMHIRXI�UYI�E�QIWWI�HI�PY �̂QYMXS�JEZSVIGI�E�VMUYI^E�

HE� EVGE� UYI� E� VIGIFI�� 1YMXS� FSQ� IWWI� EPZMXVI�� IWWE� PIQFVERªE�� %� TEPEZVE�IZERKIPMs^ERXI� HMVMKMHE� E� IPI� EXIRHIV¤�� XEQF¬Q�� ESW� WSJVIHSVIW� IWTMVMXYEMW� UYI�TSVZIRXYVE�WI�PLI�ZMRGYPIQ�TSV�IWXE�SY�EUYIPE�VE^¦S��2YQE�GEWE�SRHI�WI�EGIRHI�E� GPEVMHEHI�HS�)ZERKIPLS�� IVKYIQ�WI�HIJIWEW�TSHIVSWEW�� MQTIHMRHS�E� MRsZEW¦S�HEW�JSVªEW�HIWEKVIKEHSVEW�HE�IVVEXMGMHEHI�MRJIsVMSV��5YERHS�YQ�KVYTS�SVE��YRMHS�RSW� PMEQIW� HE� GSQYsRL¦S� TIPE� TVIGI�� IWXEFIPIGIQ�WI� VIWMWX­RGMEW� GETE^IW� HI�WYTSVXEV�EW�HIWGEVKEW�HE�EKVIWW¦S�HE�QEPHEHI�SVMKMREHE�RYQ�SY�RSYXVS�TPERS�HE�ZMHE��%�TVIGI�I�E�PMª¦S�IHMJMGERXI�XVERWJSVQEQ�WI�IQ�TSXIRXIW�SRHEW�HI�IRIVKME�ZMsZMJMGEHSVE�UYI�FIRIJMGME�XSHSW�SW�UYI�HIPEW�TEVXMGMTEQ�

)�TEVE�HIM\EV�QYMXS�FIQ�IWGPEVIGMHS�S�ZEPSV�HS�RSsFVI�XIRXEQI��EVKYQIRXSY�ô %MRHE�R¦S�GSRLIGIQSW��HIZMHEQIRXI��RE�8IVVE��S�TSHIV�HS�TIRWEQIRXS��%�

QIRXI�EXYE�HIRXVS�I�JSVE�HS�G¬VIFVS�TIPS�UYEP�WI�QERMJIWXE��EXVEMRHS�SY�VITIPMRHS�JSVªEW�GSQTEX°ZIMW�SY�ERXEK·RMGEW��8SHSW�WSJVIQSW�SW�VIJPI\SW�YRW�HSW�SYXVSW��RE�GEVRI��GSQS�XEQF¬Q�HEsUYIPIW�UYI�IWXEKMEQ�JSVE�HS�MRZ¶PYGVS�QEXIVMEP��GSQ�SW�RSWWSW� VIGYVWSW� TSWW°ZIMW� HI� EWWMQMPEª¦S� SY� HIWEWWMQMsPEª¦S�� 2IRLYQ� LSQIQ�GSRWIKYI�IWXEGMSREV�� PMZVI�HEW�SRHEW�HI� MRXIVG¥QFMS�HIWWE�SY�HI�SYXVE�SVHIQ��UYI�RSW�IRZSPZIQ� MRGIWWERXIQIRXI��%FWSVZIQSW� GSQS�IPMQMREQSW�EW� MQEKIRW�UYI�RSW�W¦S�TIGYPMEVIW��¬�GEQMRLERHS�GSQ�IPEW�I�EXERHS�RSW�£W�WYEW�EQEVVEW�SY�HIPEW�RSW� PMFIVXERHS��RE�HMVIª¦S�HE� JIPMGMHEHI�� -WXS�UYIV�HM^IV�UYI�WSQSW�S�UYI�TVSHY M̂QSW�QIRXEPQIRXI��ZMZIRHS�MQEREHSW�ESW�RSWsWSW�GSQS�ESW�TIRWEQIRXSW�UYI�VIGIFIQSW�HSW�SYXVSW���

3� 9RMZIVWS� XSHS� W¦S� TIVQYXEW�� %� MH¬ME� UYI� S� LSQIQ� TPEWQE� I� GYPXMZE��I\XIVMSVM^E�I�HMJYRHI��XVEHY �̂S�WIY�IWsXEHS��E�WYE�EPXYVE�QSVEP�I�IWTMVMXYEP��3VE��WMRXSRM^EHSW� GSQ�E� MH¬ME� HE�:MHE� )\GIPWE�� TPEWQEVIQSW� MQEKIRW� WYsTIVMSVIW� I�

Page 130: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

ZMZIVIQSW�IQSª¸IW�ZMXEPM^ERXIW�UYI�RSW�IWFSsªEV¦S�SW�TV¶HVSQSW�HE�TE �̂MRXIVMSV�UYI��TSV�JMQ��RSW�HSQMREV¤�

1EVXE��ERMQEHE�TIPE�I\GIPIRXI�I\TPMGEª¦S��MRHEKSY�ô )�RS�QIY�GEWS��QIY�EQMKS#�'SQS�S�WIRLSV�R¦S� MKRSVE��L¤�QEMW�HI�HI �̂

ERSW� QI� IRGSRXVS� ERIWXIWMEHE� TIPS� ¶TMS� HEW� JSVªEW� FVYXEPM^ERXIW� HS� 1YRHS�)WTMVMXYEP� -RJIsVMSV��2S� G°VGYPS� HI� Eª¦S� IQ�UYI� XIRLS� PEFYXEHS�� EKMQSW� GSQ�EW�üJSVªEW� HE� 2EXYVI^Eý� I�� ES� VIGIFIVQSW� S� EPMGMEsQIRXS� HI� QYMXEW� )RXMHEHIW��EWWYQMQSW� XEQF¬Q� GSQTVSQMWWSW� TEVE� GSQ� IPEW�� 4SHIVIM� HIWJE^IV� XYHS� MWWS��TYVE�I�WMQTPIWQIRXI��WIQ�WSJVIV�HERSW�I�WIQ�EW�HIWIUYMPMFVEV#

%T¶W�PMKIMVE�I�RIGIWW¤VME�QIHMXEª¦S��4IXMXMRKE�IPYsGMHSY�ô 8SHS�GSQTVSQMWWS�UYI�EWWYQMQSW�IWTSRXERIEQIRXI�QIVIGI�GSRWMHIVEª¦S��

2S�IRXERXS��W¶�YQ�GSQTVSsQMWWS�RSW�TEVIGI�ZIVHEHIMVS��MVVIZIVW°ZIP��S�UYI�XIQSW�TEVE�R¶W�TV¶TVMS��TEVE�GSQ�E�RSWWE�IZSPYª¦S��)WWI�¬�MRXVERWJIV°ZIP��MRHIVVSK¤ZIP��%W�)RXMHEHIW�UYI�WI�RSW�ZMRGYPEQ�SY�GSQ�EW�UYEMW�RSW�MQEREQSW�XSVREQ�WI�GS�QIRWEMW�HEW�RSWWEW�IQEREª¸IW�TW°UYMGEW�� RYXVMRHS�WI�HEW�RSWWEW� JSVªEW�� GSQS�SGSVVI� REW� SFWIWW¸IW�� %PM¤W�� IQ� XSHS� TVSGIWWS� IQ� UYI� L¤� YQE� ZMRGYPEª¦S�GSRWXVMRKIRXI� HI� YQ� HIWIRGEVREHS� WSFVI� YQ� IRGEVREHS�� SY� ZMGI�ZIVWE��HITEVEQS�RSW� GSQ� YQE� SFWIWW¦S� IQ� GYVWS� SY�� UYERHS� QIRSW�� GSQ� YQE�JEWGMREª¦S�E�GEQMRLS�HS�HIWEWXVI�SFWIWsWMZS��%�I\TVIWW¦S�nHIWJE^IV�SW�Z°RGYPSW~�HIZI�WIV�WYFWsXMXY°HE�TSV�nQSHMJMGEV�EW�ZMRGYPEª¸IW~��TSVUYI�IQ�ZIVsHEHI�ZSG­�R¦S�HIWINE�EFERHSR¤�PSW��QEW�PMFIVXEV�WI�HS�IVVS�IQ�UYI�IPIW�WI�HIQSVEQ��TEVE�NSVREHIEV�RE�FYWGE�HE�LEVQSRME�UYI�PLI�JE �̂JEPXE�

)�ET¶W�VIJPI\¦S�QEMW�HIQSVEHE��EVVIQEXSY�ô %W�nJSVªEW�HE�2EXYVI^E~�W¦S�SW�)WT°VMXSW��UYI�TSHIQ�WIV�HIJMRMHSW�WIKYRHS�

%PPER�/EVHIG�GSQS��n3W�WIVIW�MRXIPMKIRXIW�HE�'VMEª¦S��4SZSEQ�S�YRMZIVWS��EP¬Q�HS�QYRHS�QEXIVMEP�~�3VE��EWWMQ�WIRHS��IWXEKMEQ�IQ�HMsZIVWSW�KVEYW�HI�IZSPYª¦S��HIWHI� SW� QEMW� TVMQMXMZSW� EX¬� EUYIPIW� QEMW� IPIZEHSW��� 2EXYVEPQIRXI� UYI� YQE�SVKERM^Esª¦S�JMWMSTW°UYMGE�EGPMQEXEHE�£W�IQEREª¸IW�JPY°HMGEW�QEMW�KVSWWIMVEW�WI�VIWWIRXMV¤��IQ�WI�EJEWXERHS�HS�GSR½FMS�LEsFMXYEP�HI�UYI�WI�RYXVME��.IWYW��TSV¬Q��¬�S�T¦S�HE�ZMHE�I�VIWSPZIV¤�S�TVSFPIQE��2¦S�L¤�TSVUYI�VIGIEV��)PI�E�RYXVMV¤�GSQ�WYTIVMSV� EPMQIRXS�� %GVIHMXEQSW�� XEQF¬Q�� UYI� XSQEHE� E� VIWSPYª¦S� HI� EZERªEV�RSYXVE� HMVIª¦S�� R¦S� L¤� GSQS� RIQ� TSVUYI� SPLEV� TEVE� XV¤W�� HIQSVERHS�WI� IQ�VIGIMSW��QERXIRHS�E�WMRXSRME�GSQ�MRXYMª¸IW�HITVMQIRXIW�I�WYTIVWXMª¸IW�ZYPKEVIW��UYI� R¦S� QIVIGIQ� GSRWMHIVEª¦S�� WIR¦S� UYERHS� WI� HIWINE� IWGPEVIG­�PEW�� 7IQ�H½ZMHE�� QYMsXEW� ZI^IW� ZSG­� I\TIVMQIRXEV¤� HMJMGYPHEHIW���� 'SRJMI�� TSsV¬Q�� I�EZERGI�

ô� *EGI� ES� I\TSWXS�ô� EJMVQSY�1EVXE�� GSRZMGXE�� WIQ� XMXYFIMSW�ô�� TVIXIRHS��EMRHE� LSNI�� PMFIVXEV�QI� HI� XEsPMWQ¦W� I� EQYPIXSW�� SFNIXSW� I� MRHYQIRX¤VMEW��GIVVERHS��IQ�HIJMRMXMZS��EW�TSVXEW�HS�QIY�ERXMKS�nGSRWYPX¶VMS~�I�EFVMRsHS�E�EPQE�£�PY �̂HS�7IRLSV�

)� TSVUYI� EMRHE� IWXMZIWWI� GSQTVIIRWMZIPQIRXI� EGPMsQEXEHE� ESW� L¤FMXSW� HSW�GYPXSW�I\XIVRSW��I\XVEZEKERXIW��ENSIPLSY�WI��I��IQ�XSQ�TEX¬XMGS��VSKSY�E�TVSXIª¦S�HSW�'¬YW�

1YMXS�KIRXMP��4IXMXMRKE�IVKYIY�E�I�JEPSY�GSQ�FSQ�LYQSV�ô�3�WIVZS�JMIP�I�ZMKMPERXI�IWX¤�WIQTVI�HI�T¬��IWTIsVERHS�S�WIVZMªS�UYI� PLI�

HIWXMRE�S�7IRLSV���8SHSW�WSVVMQSW�GSQ�E�JIPM �̂MRXIVJIV­RGME�(SRE�6SWE��UYI�IWXEZE�I\YPXERXI��EFVEªSY�E�JMPLE�HIQSVEHEQIRXI�4EYPEXMREQIRXI� E� TE �̂ ZIRGME� RS� PEV� HE� JEQ°PME� 7SEsVIW�� 3� TERSVEQE��

Page 131: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

GSRUYERXS�GSRWIVZEWWI�EMRHE�EPKYQEW�PIZIW�WSQFVEW��WI�ETVIWIRXEZE�EPZMWWEVIMVS��3�LSNI�VIWsTSRHME�N¤�£W�EJPMª¸IW�HS�TEWWEHS�I�S�EQERL¦�WI�HIWIsRLEZE�FIR¬JMGS��VIWTSRHIRHS�£W�MRUYMIXEª¸IW�HI�EKSVE�

)WWI��WIQ�H½ZMHE��¬�S�QMRMWX¬VMS�HS�)WTMVMXMWQS��XVEs^IV�HI�ZSPXE�.IWYW�'VMWXS�ESW�GSVEª¸IW�WSJVMHSW�HE�8IVsVE��VITIXMV�EW�I\TIVM­RGMEW�QIQSV¤ZIMW�HI�UYERHS�)PI� IWXIZI� IRXVI� R¶W�� GSRWSPEV� SW� MRJIPM^IW� HS� %P¬Q�8½QYPS�� PMFIVXERHS�SW� HE�WYTVIQE�MKRSV¥RGME�HEW�VIEPMHEHIW�IWsTMVMXYEMW��HIWEXEV�SW�PEªSW�GSRWXVMXSVIW�UYI�PMKEQ�HIsWIRGEVREHSW�IQ�TIVXYVFEª¦S�E�IRGEVREHSW�UYI�WI�TIVsXYVFEQ��GYMHEV�HSW�SFWIWWSW�I�MPYQMREV�E�GSRWGM­RGME�HI�SFWMHMEHSW�I�SFWIWWSVIW��WIQIEV�S�EQSV�IQ� XSHEW� EW� QSHEPMHEHIW�� EXVEZ¬W� HEW� Q¦SW� HE� GEVMHEHI�� IQ� XSsHEW� EW�HMQIRW¸IW�����TSV�WIV�S�)WTMVMXMWQS�S�'3273s0%(36�TVSQIXMHS�TSV�.IWYW�

Page 132: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

��)RJIVQMHEHI�WEPZEHSVE

������,EZME�YQ�Q­W�UYI�S�7V��1EXIYW�VIXSVREVE�ES�PEV��ET¶W�E�GVMWI�UYI�S�GSRHY M̂VE�MRGSRWGMIRXI�ES�4VSRXS�7SsGSVVS��Z°XMQE�HI�IQFSPME�GIVIFVEP��3�EQFMIRXI�IWTMVMXYEP�RE� VIWMH­RGME� HSW� 7SEVIW� IVE� WIRWMZIPQIRXI� QIPLSV�� ,EsZME� QIWQS� YQE�EXQSWJIVE� HI� TE �̂ MREFMXYEP� REUYIPI� HSsQMG°PMS� PSRKEQIRXI� WEGYHMHS� TSV�XIQTIWXEHIW�HI�Z¤VME�SVHIQ��3�KIRMXSV�HI�1EVMERE��GEVMRLSWEQIRXI�EWWMWXMHS�TIPE�IWTSWE� I� JMPLEW�� HEZE� QSWXVEW� HI� GSRJSVXEHSVE� VIsGYTIVEª¦S� SVK¥RMGE�� .¤�GSRWIKYME� JEPEV� GSQ� QIRSV� HSWI� HI� IWJSVªS� I� EW� PMª¸IW� GSRWSPEHSVEW� HS�)WTMVMXMWQS�� E� UYI� WI� EGSWXYQEVE� TEYPEXMREQIRXI�� QIHMERXI� E� PIMXYVE� HI� ü3�)ZERKIPLS� 7IKYRHS� S� )WTMVMXMWQSý� VIEPM^EHE� TIPE� I\�SFWMHMEHE�� TIRIXVEZEQ�RS�JYRHS��JE^IRHS�S�VIJSVQYPEV�GSRGIMXSW�I�QSHMJMsGEV�HMWTSWMª¸IW�°RXMQEW���������3�(IPIKEHS�HI�4SP°GME��UYI�GSRXMRYEZE�£�IWTIVE�HI�TSHIV�SYZMV�S�HITSMQIRXS�HE� Z°XMQE� GSRXVE� S� 7V�� 1EVGSRHIW� 4IVIMVE�� S� EKVIWWSV�� ZMWMXSY� S� IRJIVQS� TEVE�XSsQEV�TSV�XIVQSW�E�UYIM\E�GVMQI�GSRXVE�S�HIWEJIXS��I��TEVE�WYVTVIWE�KIVEP��S�7V��1EXIYW� IWXIZI� £� EPXYVE� HE� WMXYEª¦S�� 4IHMY� UYI� XYHS� JSWWI� IWUYIGMHS�� IQ�GSRWMHIsVERHS� E� TV¶TVME� PIZMERHEHI�� GEYWEHSVE� HS� EGSRXIGMQIRXS�� TSMW� UYI� IPI�R¦S� TVIXIRHME� ETVIWIRXEV� UYEPUYIV� EGYWEsª¦S�� +IVQMREZE� N¤� REUYIPI� XIVVIRS��ERXIW�W¤JEVS��E�WIsQIRXI�HS�)ZERKIPLS�6IHIRXSV��������3�VIWTSRW¤ZIP�TIPE�SVHIQ�WEMY�EKVEHIGMHS�I�MKYEPsQIRXI�JIPM �̂GSQ�E�HIGMW¦S�HS�7V��1EXIYW��IQ�GSRWMHIsVERHS��EJMREP��SW�HERSW�R¦S�XIVIQ�WMHS�HI�KVERHI�QSRXE�I�UYI�S�XIQTS�XYHS�VIKYPEVM^EVME�

(MEW� HITSMW�� EGSQTERLEHS� HS� QIWQS� 4SPMGMEP�� S� GMsHEH¦S� 1EVGSRHIW� ZIMS�ZMWMXEV�E� WYE�Z°XMQE�I� PLI� WSPMGMXSY�IWGYWEW�� GSRWMHIVERHS�E� GMVGYRWX¥RGME�HI� WI�GSsRLIGIVIQ�HI�L¤�QYMXS��GSRUYERXS�E�TSYGE�EJMRMHEHI�IWsTMVMXYEP�I\MWXIRXI�IRXVI�EQFSW�� 5YI� JSWWIQ� IWUYIGMHSW� SW� MRGMHIRXIW� PYXYSWSW� UYI� TSHIVMEQ� XIV�GYPQMREHS�RE�HIWKVEªE�HI�HSMW�GLIJIW�HI�JEQ°PME�I�RE�GSRWIUYIRXI�HIWsHMXE�HSW�WIYW�HIWGIRHIRXIW��%UYMPS�PLIW�WIVZMVME�E�EQsFSW�HI�PMª¦S�TVIGMSWE�

*SM� GSQ� IWWEW� RSXMGMEW� EPZMWWEVIMVEW� UYI� RSW� VIYRMsQSW� TEVE� SW� XVEFEPLSW�SVHMR¤VMSW�HI�HIWSFWIWW¦S��ET¶W�SYZM�PEW�HSW�P¤FMSW�HI�(SRE�6SWE�I�%Q¤PME�UYI��WIVIREsHEW�EW�HMJMGYPHEHIW�RS�PEV��VIXSQEZEQ�SW�HIZIVIW�HS�GYPXS�IWTMVMXYEP�I�HE�GEVMHEHI�ESW�HIWIRGEVREHSW�

%W� STIVEª¸IW� WSGSVVMWXEW� IWXEZEQ� RS� X¬VQMRS�� UYERsHS� 7EXYVRMRS��MRGSVTSVERHS� S� Q¬HMYQ� 1SVEMW�� XIGIY� EPsKYQEW� GSRWMHIVEª¸IW� IQ� XSVRS� HSW�PEFSVIW�HIWSFWIWWMsZSW�NYRXS�ESW�7SEVIW�

ô%W� RSWWEW� TEPEZVEW� HI� LSNI�ô� JEPSY� GSQ� MRsJPI\¦S� HI� QYMXE� XIVRYVE� I�FSRHEHI��GSQS�PLI�IVE�LEFMsXYEP�ô�W¦S�HMVMKMHEW�£� MVQ¦�6SWE��GYNS�I\IQTPS�HI�VIsWMKREª¦S�RSW�GSQSZI�I�RSW�JIPMGMXE��'SRZMHEHE�ES�VIWsKEXI�IQ�GEYHEPSWS�VMS�HI�WSJVMQIRXSW��E�MVQ¦�UYIVMHE�XIQ�WEFMHS�LSRVEV�E�GSRJMERªE�HS�7IRLSV��(IWHI�GIHS�VIUYMWMXSY� E� F­Rª¦S�HE� VIR½RGME� TIWWSEP�� VIYRMRHS�RS� PEV� ZIPLSW� GSQTVSQMWWSW�UYI�WI�GSQTPMGEZEQ�I�EGIMXSY�E�MRGYQF­RGME�HI�PEFYXEV�MRJEXMK¤ZIP�EX¬�S�JMQ�HE�XEsVIJE��WIQ�HIW¥RMQS�RIQ�VIFIPHME����NYWXS�UYI�PLI�WINE�GSRJIVMHS�S�WEP¤VMS�TIPE�JMHIPMHEHI�RS�TSWXS�HS�HIZIV�VIXEQIRXI�EXIRHMHS��)�S�WEP¤VMS�HS�WIVZS�HIZSXEHS�¬�E� IWTIVERªE� HI� QIPLSVIW� LSVEW�� GSQ� E� TE �̂ HI� XSHSW� SW� MRWXERXIW�� TEVE� E�GSRXMRYEª¦S�HS�IQTVIIRHMQIRXS�HI�PY �̂MRXIVMSV��ES�UYEP�WI�IRGSRXVE�RSFVIQIRXI�ZMRGYPEHE�

Page 133: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

)�HIWINERHS��XEPZI �̂�HIQSRWXVEV�E�IPIZEª¦S�HSW�Q¬sVMXSW�HE�Q¦I�HI�%Q¤PME��EGVIWGIRXSY�

ô8°RLEQSW�IQ�Q¦SW�S�HMPIQE�HI�GSQS�GSRHY M̂V�S�7V��1EXIYW��IQ�JEGI�HEW�HSVIW�UYI�TIWEZEQ�WSFVI�S�WIY�PEV�I�E�WYE�MVVIZIVIRXI�HIWPIEPHEHI�TEVE�GSQ�SW�HIsZIVIW� IWTSRX¥RIEQIRXI� EWWYQMHSW� NYRXS� ES� EPXEV� HE� JEsQ°PME�� 0SKS� ET¶W� S�PEQIRX¤ZIP� MRGMHIRXI� HI� UYI� WI� JI �̂ QIVIGIHSV�� VIYRMQS�RSW�� EUYIPIW� UYI�EWWYQMQSW�E�VIWsTSRWEFMPMHEHI�HS�WSGSVVS�E�1EVMERE�I�TSWXIVMSVQIRXI�£�JEQ°PME��TEVE�I\EQMREV�S�XVERWGYVWS�HEW�XEVIJEW�JYXYsVEW�RS�WIY�PEV��GLIKERHS�£�GSRGPYW¦S�HI�UYI�S�VIQ¬HMS�QEMW�IJMGE �̂I�QEMW�FIQ�ETPMGEHS�TEVE�S�RSWWS�MVQ¦S�WIVME�S�HI�HIQSVEHE� TIVQER­RGME� RS� PIMXS�� E� JMQ� HI� UYI� E� PMQMXEª¦S� HEW� JSVªEW� I� S�GSRWXVERKMQIRXS�HE�IRJIVQMsHEHI�PLI�TYHIWWIQ�HIWTIVXEV�S�IWT°VMXS�EXSVQIRXEHS�TEVE� EW� UYIWX¸IW� ZMXEMW� HE� VIIRGEVREª¦S�� HE� MQSVXEPMHEHI���� 7EFIQSW�� TSV�I\TIVM­RGME� I� SFWIVZEª¦S�� UYI� SW�QEMW� GEPsGIXEW� I� MRZIXIVEHSW� EHZIVW¤VMSW� HE�VE^¦S�� HS� WMWS�� HSW� WIRXMQIRXSW� IWTMVMXYEMW�� QSHMJMGEQ� SW� GSRGIMXSW� PSKS� WI�HITEVEQ� GSQ� EW� TIVWTIGXMZEW� TV¶\MQEW� HE� HIWIRGEVREsª¦S� I�� IQFSVE� R¦S�EGVIHMXERHS� RE� GSRXMRYEª¦S� HE� ZMHE�� GSQS� JE^IQ� GVIV�� VSKEQ�� HIWIWTIVEHSW��XIQTS�TEVE�VIJE^IV�S�GEQMRLS�I�TVITEVEV�WI����%WWMQ��GSRGPY°QSW�TIPE�LMT¶XIWI�HI�VIX­�PS�� RS� PIMXS�� HITIRHIRHS� HEW� Q¦SW� HE� JEQ°PME�� £� UYIHE� IWTIXEGYPEV� I�MVVIZIVW°ZIP�RS�HIWTIRLEsHIMVS�HE�HIPMRUY­RGME�TEVE�SRHI�QEVGLEZE�WSF�TSHIVSWS�GSQERHS� HI� MRWIRW°ZIMW� MRMQMKSW� GSQ� SW� UYEMW� WI� MQERsXEZE� HIWHI� L¤� QYMXS��(IWWE� JSVQE�� ET¶W� S� HIP°UYMS� RS� EXVMXS� GSQ� 1EVXE�� MKYEPQIRXI� TIVXYVFEHE��VIGSVVIQSW� E� TVSZMHIRGMEP� WSGSVVS�� ETPMGERHS�PLI� VIGYVWSW� QEKR¬XMGSW� UYI�PMFIVXEVEQ�E�FSPLE�HI�EV�UYI�WI�EPSNSY�IQ�GMVGYMXS�IWTIGMEP�HS�G¬VIFVS��KIVERHS�E�IQFSPME�HI�UYI� JSM�EGSsQIXMHS����'SQS�S�(MZMRS�&IRJIMXSV�HMWT¸I�HI� VIGYVWSW�I�XIVET­YXMGE� IWTIGMEPM^EHE� TEVE� XSHSW� SW� TVSFPIQEW� I� IRJIVQMHEHIW�� E� HSV�� UYI�EKSVE�PLI�¬�QIWXVE�I�Q¦I�KIRsXMP��EFVI�PLI��XEQF¬Q��EW�TSVXEW�HE�GSQTVIIRW¦S�HE�JEsQ°PME�I�HE�TE �̂RS�PEV��ENYHERHS�S�E�HIWGSFVMV�S�QYRHS�RSZS�HS�IWT°VMXS�TEVE�E�TV¶TVME�JIPMGMHEHI�

7MPIRGMSY�TSV�FVIZIW�QSQIRXSW�I��PSKS�HITSMW��TVSWsWIKYMY�ô 'IVXEQIRXI� UYI� L¤� QYMXS� EMRHE� TSV� JE^IV�� )PI� QIWQS� HIZIV¤� HIWEXEV�

MR½QIVSW�PMEQIW�E�UYI�WI�HIM\SY�TVIRHIV��RE�VIXEKYEVHE��-RGPMREHS��RS�IRXERXS��E�SFWIVsZEª¸IW�QEMW�TVYHIRXIW�I�ZEPMSWEW��TSHIV¤� VIJE^IV�QYMXS�HSW�HERSW�ERXIW�KIVEHSW��MRMGMERHS�RSZSW�GSQIXMQIRXSW�IQ�TVSP�HI�WM�QIWQS��7IYW�ZIVHYKSW�WI�EUYMIXEQ�RE�IRGVY M̂PLEHE�HEW�XVEQEW�WSI^IW�I�EKYEVHEQ�IRWINS��%PsKYRW�WMXMEQ�RS�HYVERXI�SW�QSQIRXSW�HE�PMFIVXEª¦S�TIPS�WSRS��TSMW�UYI�HI�QIRXI�JSVXIQIRXI�JEWGMREHE�TIPEW�HMWsWMTEª¸IW��TSV�GYNSW�GEQMRLSW�IRZIVIHSY��WMRXSRM^E�PMZVIsQIRXI�GSQ�SW�ERXMKSW�GSQTEVWEW�I�HIPIW� VIGIFI�WYKIWsX¸IW�RIKEXMZEW��EFYRHERXIW��I�EPXEW� HSWIW� HI� IRIVKME� HIPIX¬VME�� VIXSVRERHS� £� SVKERM^Eª¦S� J°WMGE� EGEFVYRLEHS��WEYHSWS��VIFIPHI����%�TVSZMHIRGMEP�I� MRWTMVEHE� MRXIVJIsV­RGME�HI�1EVMERE��UYERHS�WI�TVSRXMJMGSY�£�PIMXYVE�HS�)ZERKIPLS�NYRXS�ES�WIY�PIMXS��PIRXEQIRXI�PLI�QSHMJMGE�SW�TEMR¬MW�QIRXEMW��TIVQMXMRHS�PLI�HIWPSGEV�S�GIRXVS�HI�MRXIVIWWI��ERXIW�QSRSMHIEHS�TIPS�NSKS��TEVE�E�IPIZEª¦S�HSW�HIZIVIW��JE^IRHS�S�GSRWMHIVEV�E�TIVHE�HI�XIQTS�EX¬�IRX¦S�I�E�HIWZEPME�HEW�WYEW�EWTMVEª¸IW��ERXI�E�ZMHE�GEVsREP�UYI�WI�I\XMRKYI�GSQ�E�IRJIVQMHEHI��E�MHEHI��S�EGMsHIRXI����-QTSWWMFMPMXEHS�HI�JEPEV�GSQ�E�GPEVI^E�HIWIN¤sZIP��R¦S�TSHI�VIEKMV�RIQ�HMWGYXMV�E�XIQ¤XMGE�IWT°VMXE��I��WIQM�MQSFMPM^EHS��WIRXI�WI� GSRWXVERKMHS� £� VIJPI\¦S� HSW� GSRGIMXSW� SYZMHSW�� :EKEVSWEQIRXI� WI� PLI�EGEPQEQ�SW�GIRsXVSW�HIWSVHIREHSW�HSW�VEGMSG°RMSW��MQTSRHS�WI�PLI�RIGIWsW¤VMSW�RSZSW� GSQIRX¤VMSW� °RXMQSW� WSFVI� EW� FIPI^EW� HE� VIIRGEVREª¦S�� EX¬� IRX¦S�HIWTIVGIFMHSW���� 'SRGSQMXERXIQIRXI�� E� YRM¦S� HE� JEQ°PME� IQ� XSVRS� HSW� IWXYHSW�

Page 134: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

IPIsZEHSW�I�HEW�QIHMXEª¸IW�WEPYXEVIW�KVERNIME�WMQTEXMEW�IRSFVIGMHEW�HS�1YRHS�)WTMVMXYEP� I�S� VIHYXS�HSQ¬WXMGS� WI� XVERWJSVQE�RYQ�TSYWS�HI� VIJVMK¬VMS�TEVE�SW�PMHEHSVIW�HIWIRGEVREHSW�EJIMXSW�ES�FIQ�I��TSVUYI�R¦S�HM^IV��YQE�IWGSPE�ZMZE�TEVE�ETVIRHM^EKIQ�� RE� UYEP� EW� PMª¸IW� W¦S� ZMsHEW� UYI� WI� VIEVQSRM^EQ� IQ� XSVRS� HE�)\GIPWE�:MHE�HI�.IWYW��*VYXMJMGEQ�N¤��RSW�VEQSW�HS�EVZSVIHS�HE�J¬��EW�HSEª¸IW�HS�EQSV�I�HE�GEVMHEHI��XVERWJSVQEHEW�IQ�WIMZE�WEHME�I�TVSHYXSVE�

5YERHS�S�&IRJIMXSV�WMPIRGMSY��LEZME�YQE�WEXYVEª¦S�HI�TE �̂I�EPIKVME�KIVEP��UYI�TEVIGME�GEVVIEHE�TSV�Q¦SW�MRZMW°ZIMW�I�TSHIVSWEW�EPM�TVIWIRXIW�

(MVMKMY�WI��EMRHE��KIRIVSWS�I�GEPQS��E�EPKYRW�SYsXVSW�GSQTERLIMVSW��UYERHS��IRX¦S��SW�XVEFEPLSW�HE�RSMXI�JSVEQ�IRGIVVEHSW�

4SV�EPZMXVI�HS�TV¶TVMS�7EXYVRMRS�HMVIXEQIRXI�E�4IsXMXMRKE��JIMXS�ERXIVMSVQIRXI��I� ZIRGIRHS� MR½QIVEW� HMJMsGYPHEHIW�� TVSGIHIQSW� E� YQE� ZMWMXE� ES� 0E^EVIXS�� RS�FEMVsVS�HEW�5YMRXEW��TEVE�XIRXEV�EPKYQE�EWWMWX­RGME�E�%RE�1EVME��E�ERXMKE�RSMZE�EXSVQIRXEHE�I�MRHMXSWE�HS�MVQ¦S�8ISJVEWXYW�

7SPMGMXEQIRXI�EXIRHMHSW�TSV�YQ�IRJIVQIMVS�HI�TPERsX¦S��I�GSQ�S�HSGYQIRXS�HI�EYXSVM^Eª¦S�HS�WIVZMªS�HI�7E½HI�4½FPMGE��TIVGSVVIQSW�Z¤VMEW�HITIRH­RGMEW�HE�'EWE��EX¬� PSGEPM^EVQSW�E� NSZIQ��GYNE�TVIWIRªE�RSW� JI �̂ IZSGEV�� GSQS�IQ�WSRLS�FSQ�I�EKVEH¤ZIP��E�VIGSVHEª¦S�HE�ZMsWMXE�ERXIVMSV�UYI�JM^¬VEQSW�£UYIPI�VIHYXS�HI�WSJVMQIRXS�� IQ� IWT°VMXS�� WSF� E� WIKYVE� GSRHYª¦S� HS� -VQ¦S� +PEYGYW�� %� QSªE��WMRKYPEVQIRXI�HIWJIMXE��GSQ�EPKYRW�WMREMW�HI�EVVS\IEQIRXS�RE�JEGI�I�RSW�L¬PMGIW�I� P¶FYPSW� HEW� SVIPLEW�� GSQSZIY�RSW� TIPE� XVMWXI^E� UYI� VIJPIXME� RSW� SPLSW�ERKYWsXMEHSW�I�RS�VSWXS�QIPERG¶PMGS�

4IXMXMRKE��TSVXEHSV�HI�RSFVI�TIVWYEW¦S��GSRWIKYMY�QERXIV�PMKIMVE�TEPIWXVE�GSQ�IPE��IQSPHYVERHS�E�RS�LEPS�HE� WYE�GSVHMEP� WMQTEXME�IRZSPZIRXI�� 4SIXE� WIRW°ZIP��JEsPSY�PLI� PMKIMVEQIRXI�HS�'VMWXS� .IWYW�I�HEW�7YEW�GYVEW����1SXMZSY�E�£�WE½HI��£�IWTIVERªE��FIQ�EWWMQ�£W�HYEW�GSQsTERLIMVEW�UYI�PLI�HMZMHMEQ�E�EGERLEHE�GIPE��UYEWI�YQE�QEWQSVVE�REYWIERXI�I�MRJIGXE��TVSQIXIRHS�VIXSVREV�WIQsTVI�UYI�WI�RSW�TIVQMXMWWIQ�SW�GSQTVSQMWWSW�

2EUYIPI� XIQTS�� EW� QIHMHEW� WERMX¤VMEW� MQTIHMXMZEW� HI� GSRXEGXS� GSQ� SW�TSVXEHSVIW� HS� nQEP~� HI� ,ERWIR� IVEQ� QYMXS� VMKSVSWEW�� GSRUYERXS� EUYIPIW�TEGMIRXIW� ZMZIWWIQ� IRXVIKYIW� ES� UYEWI� XSXEP� EFERHSRS�� GYMHEHSW� GSQ�QIHMsGEQIRXSW� XEMW� %PSJEQ� �YQ�TVITEVEHS� HI� GEVSXIRS �� S� 'LEYPQSSWER� �JIMXS�GSQ� SW� ¬WXIVIW� IX°PMGSW� HS� ¶PIS� HI� GLEPQYKVE �� E� XIVQSXIVETME�� EW� WYPJEW���� %W�I\TIVM­RsGMEW� IQ� XSHS� S� QYRHS� IQ� UYI� LEZME� 0ITVSW¤VMSW� EMRHE� R¦S�YPXVETEWWEVEQ� IWWE� XIVET­YXMGE�� GSQ� EPKYQEW� PMKIMsVEW� ZEVMEª¸IW� WIQ� KVERHI�WMKRMJMGEHS�� %W� XIRXEXMZEW� TEVE� E� GYVE� WI� WYGIHMEQ� MR¶GYEW� I� HI� VIWYPXEHSW�HIWIWTIVEsHSVIW��3W�TEGMIRXIW��TSV¬Q��IVEQ�QYMXEW�ZI^IW�GEªEHSW�GSQS�ERMQEMW�I�� IQ� EPKYRW� TE°WIW�� GSRHY M̂EQ�RSW� ESW� 0E^EVIXSW�� EGSVVIRXEHSW�� GSQ� EVQEW�GSPEHEW�£�RYGE����)Q�PYKEVIW�QEMW�EXVEWEHSW��ZMZMEQ�GSQS�RSW�XIQTSW�F°sFPMGSW��QIRHMKERHS�� GSQ� E� JEGI� WIQMGSFIVXE�� GSRWMHIVEsHSW� WIPZEKIRW� I� QEPHMXSW��IWJEVVETEHSW��HSVQMRHS�REW�QEXEW�SY�REW� VSGLEW�TV¶\MQEW�HSW� GEQMRLSW�SRHI�IWsQSPEZEQ���

%WWMQ�� IVE� QYMXS� HMJ°GMP� GSRWIKYMV�WI� TIVQMWW¦S� TEVE� ZMWMXEW� VIKYPEVIW� E�TEGMIRXIW� MRXIVREHSW�� 3� JERXEWQE� HE� IRJIVQMHEHI� IVE� X¦S� TSHIVSWEQIRXI�MRGYPGEHS� IQ� XSHEW� EW� QIRXIW� I� S� nTIVMKS~� HS� GSRX¤KMS� X¦S� JSVXIQIRXI�HMsJYRHMHS�� UYI� R¶W� QIWQSW� WIRX°EQSW� S� GSRWXVERKMQIRXS� HIGSVVIRXI� HE�MKRSV¥RGME�

4IXMXMRKE��RS�IRXERXS��GSRWIKYMY��YXMPM^ERHS�WI�HI�EQM^EHIW�Q½PXMTPEW��EXMRKMV�S�HIWMHIVEXS�I�TEWWSY�E�ZMsWMXEV�%RE�1EVME�YQE�UYI�SYXVE�ZI �̂�SJIVIGIRHS�PLI��ES�

Page 135: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

TVMQIMVS�IRWINS��YQ�I\IQTPEV�HI�n3�)ZERKIPLS�WIKYRHS�S�)WT-VMXMWQS~��HM^IRHS�PLI�UYI�EPM��REUYIPE�JSRXI�HI�PY �̂I�¤KYE�:MZE~��IPE�IRGSRXVEVME�TE �̂I�VIGSRJSVXS�

3GSVVME�� XEQF¬Q�� YQ� EHQMV¤ZIP� JIR·QIRS�� UYERHS� HEW� RSWWEW� ZMWMXEW� I�IRUYERXS�GSRZIVW¤ZEQSW��7EXYVRMRS��IQ�IWT°VMXS��YXMPM^ERHS�WI�HEW�RSWWEW�JSVªEW�IGXSTP¤WQMsGEW��ETPMGEZE�VIGYVWSW�WEPYXEVIW�RE�TEGMIRXI�I�REW�WYEW�GSQTERLIMVEW��GSRXMRYERHS� E� EWWMWX­RGME�� IWTMVMXYEPQIRXI�� RSW� HMEW� WYFWIUYIRXIW�� 7IY� ERXMKS�SFWIWWSV� JSVE� HIWPSsGEHS� HIWHI� E� TVMQIMVE� ZMWMXE� UYI� JM^IQSW� GSQ� S� MVQ¦S�8ISJVEWXYW�� VIGSPLMHS� PSKS� ET¶W� TIPSW� MVQ¦SW� +PEYGYW� I� %QFV¶WMS� E� ,SWTMXEP�IWTIGMEPM^EHS� HE� )WJIVE� )WTMVMXYEP�� TEVE� TSWXIVMSV� XVEXEQIRXS�� (IWWE� JSVQE�� E�XVMWXI^E�I�E�QIPERGSPME� JSVEQ�HIWETEVIGIRHS�TEYPEXMREQIRXI�HE�IRsJIVQE�I�EW�QERGLEW� HE� MRXS\MGEª¦S� JPY°HMGE� MKYEPQIRXI� JSVEQ� IWQEIGIRHS� EX¬� S� XSXEP�HIWETEVIGMQIRXS�

4SV� MRWMWX­RGME�� EMRHE�� HI� 4IXMXMRKE�� WIMW� QIWIW� HIsTSMW� HE� RSWWE� TVMQIMVE�ZMWMXE�� E� IRJIVQE� JSM� WYFQIXMHE� E� VMKSVSWS� I\EQI� I� GSRWMHIVEHE� GYVEHE�� 3VE��WEF°EQSW�UYI�E� WYE�HSIRªE�IVE�YQE�IRJIVQMHEHI� WMQYPEGVS�� TVSsZSGEHE�TIPSW�JPY°HSW�QEP¬JMGSW�HS�WIY�SFWIWWSV��UYI�GSRsWIKYMVE� PIZ¤�PE�£UYIPI�0E^EVIXS�TEVE�GYPQMREV�GSQ�E�WYKIWX¦S�HI�WYMG°HMS�RIJERHS��UYI�E�IRVSHMPLEVME�IQ�XIMEW�JSVXIW�HI� HIWKVEªE�� GEMRHS�PLI� REW� KEVVEW� SHMIRXEW� TEVE� S� PSRKS� TVSGIWWS� HI�ZEQTMVM^Eª¦S�IWTMVMXYEP��HI�HIQSsVEHS�GYVWS��REW� VIKM¸IW�HSPSVSWEW�HEW�IWJIVEW�MRJIPM^IW���

+VEªEW�� XEQF¬Q�� £� MRXIVJIV­RGME� HI� 4IXMXMRKE�� IWXI� GSRWIKYMY� PSGEPM^EV� E�EJMPLLEHE�IQ�GEWE�HI�JEQ°PME�IWT°sVMXE�UYI��GSRUYERXS�WSYFIWWI�HS�PSGEP�HSRHI�E�QIWQE�TVSGIHME��R¦S�VIGYWSY�E�Q¦S�GEVMHSWE�HMVMKMHE�£�WYE�VIGYTIVEª¦S�XSXEP��%�JEQ°PME� MRJSVQEHE� HS� HVEQE� HE� SFWIWW¦S� HI� UYI� TEHIGIVE� E� NSZIQ�� S� UYI�QSXMZEVE�S� WIY� MRKVIWWS�REUYIPI�I\TYVKEHSYVS�QEXIVMEP�� I� GMIRXMJMsGEHE�HS�R¦S�TIVMKS�HI�GSRX¤KMS�TSV�MRI\MWX­RGME�HE�IRsJIVQMHEHI��VIGIFIY�E�QSªE�UYI�TEWWSY�E� I\TIVMQIRXEV� ZMHE� RSZE�� GSQTVSQIXMHE�� RS� IRXERXS�� E� ETVIWIRXEV�WI�VIKYPEVQIRXI�GEHE�WIMW�QIWIW��RS�0E^EVIXS��TEVE�I\EsQIW�HI�ZIVMJMGEª¦S�Q¬HMGE�RIGIWW¤VME�

)RUYERXS�MWXS�SGSVVME��1EVXE��VIG¬Q�PMFIVXEHE�HSW�ZIsPLSW�GSRGIMXSW�ZE^EHSW�RE�QEMW�GL¦�WYTIVWXMª¦S��FYWsGEZE�QERXIV�E� VIWSPYª¦S� JMVQI�HI�TIVWIZIVEV�REW�K¦W�MH¬MEW�HS�)WTMVMXMWQS�

+VEªEW��TSV¬Q��ES�PSRKS�GSRZ°sZMS�TW°UYMGS�GSQ�)RXMHEHIW�QYMXS�KVSWWIMVEW��S�UYI� SVMKMREVE� YQE� GIVXE� MRXIVHITIRH­RGME� IRXVI� E� WIRWMXMZE� MRsGEYXE� I� SW� WIYW�GSQIRWEMW�� GSQIªSY� E� I\TIVMQIRXEV� HIsWIUYMP°FVMSW� TIVJIMXEQIRXI�GSQTVIIRW°ZIMW�

:MHIRXI� GSQ� FSEW� TSWWMFMPMHEHIW� HI� VIKMWXVS� I� TIVsGITª¦S�� UYI�� GSRUYERXS�YPXVENEHE�TIPS�YWS�� GETXEZE�EW�QIRWEKIRW�HSW�HIWIRGEVREHSW��TEWWSY�E�WSJVIV�PLIW�S�GIVsGS�RIJERHS��E�UYI�JE M̂E�NYW��TIPE�TV¶TVME�PIZMERHEHI�

%� WMQTPIW� QYHERªE� HI� GPMQE� MQT¸I� ES� SVKERMWQS� EHETXEª¦S� RIGIWW¤VME��%WWMQ��E�EPXIVEª¦S�HE�üTWMGSWJIsVEý�WI�JE �̂�XEQF¬Q��EGSQTERLEV�HI�IWJSVªS�QYMXS�KVERsHI��TEVE�IPEFSVEª¦S�HI�SYXVEW�GSRHMª¸IW�°RXMQEW�I�GSRsZIRMIRXI�WMRXSRME�

)QFSVE�S�IWJSVªS�TEVE�ZMRGYPEV�WI�ESW�MHIEMW�VIsRSZEHSVIW��ZME�EW�IRXMHEHIW�ERXMKEW�� EQIEªEHSVEW�� IWsGEVRIGIRHS� HSW� WIYW� TVST¶WMXSW� I� TVSZSGERHS�MRNYWXMJMsG¤ZIMW� XIQSVIW��S�UYI�KIVE��RSVQEPQIRXI��E�GVIRªE�HI�UYI�EW�TIWWSEW�UYI�EFERHSREQ�XEMW�GSQTVSQMWWSW�WSsJVIQ�EX¬�£�HIWIRGEVREª¦S�S�EWW¬HMS�HSW�ERXMKSW� GSQTEVsWEW�� 4IVJIMXEQIRXI� GSQTVIIRW°ZIP� UYI� XEMW� Z°RGYPSW�� QYMXS�TVSJYRHSW��R¦S�TSHIQ�WIV�HIWJIMXSW�TYVE�I�WMQsTPIWQIRXI�GSQ�YQE�EXMXYHI��,¤�UYI�IHMJMGEV��RSZSW�PEsªSW�I�SVKERM^EV�VIWMWX­RGMEW�GSRZIRMIRXIW�

Page 136: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

4SWWYMHSVE�� RS� IRXERXS�� HI� QYMXE� JSVªE� HI� ZSRXEHI�� TEWWSY� E� IWXYHEV� S�)WTMVMXMWQS�GSQ�MRXIVIWWI��MRWXVYMRsHS�WI�REW�WYEW�PMª¸IW�TVIGMSWEW��EXVEZ¬W�HS�UYI�EVQE^IsREZE� EVKYQIRXEª¦S� TEVE� YWS� TV¶TVMS�� 'SRJMERªE� MPMQMsXEHE� RS� EY\°PMS�HMZMRS�

7YFQIXIY�WI� E� GEVMRLSWS� XVEXEQIRXS� HI� TEWWIW�QEKsR¬XMGSW�� ETPMGEHSW� TSV�Q¬HMYRW� EHIWXVEHSW� I� IHYGEHSW�� JE^IRHS�WI� QIQFVS� EXYERXI� HSW� XVEFEPLSW�HSYXVMR¤VMSW��RSW�UYEMW�EW�PMª¸IW�GSRJSVXEHSVEW�HE�J¬�VIRSZEHE�PLI�TIsRIXVEZEQ��WIRHS��TSV�JMQ��GSRZMHEHE�E�EXYEV�REW�I\TIsVM­RGMEW�QIHM½RMGEW��I�WI�XSVRERHS��ZEKEVSWEQIRXI��YQ�MRWXVYQIRXS�HMWGMTPMREHS��TSV�GYNE�QIHMYRMHEHI�HMZIVWSW�HSW�QIQFVSW�HEW� WYEW�ERXIVMSVIW�GVIRªEW� VIGIFIVEQ�E� PY �̂ IWGPEVIGIHSVE�HE� VE^¦S��HIWIVXERHS� HSW� TVST¶WMXSW� EGEPIRXEHSW� I� MRMGMERHS� RSZE� XVENIX¶VME�� GSQS� UYI�VIsREWGIRHS�TEVE�E�ZIVHEHIMVE�ZMHE��� �

�� 'LEQEQSW�E�EXIRª¦S�HS�PIMXSV�TEVE�S�UYI�IWGPEVIGI�%PPER�/EVHIG��IQ�ü3�0MZVS�HSW�)WT°VMXSWý��4EVXI��m��'ET°XYPS������m�IHMª¦S�HE�*)& �

ü�����4SHI�YQ�LSQIQ�QEY��GSQ�S��EY\°PMS��HI�YQ�QEY�)WT°VMXS�UYI�WINE�HIHMGEHS��JE^IV�QEP�ES�WIY�TV¶\MQS#

ü2¦S��()97�2�3�S�TIVQMXMVME�ý����� 5YI� WI� HIZI� TIRWEV� HE� GVIRªE� RS� TSHIV�� UYI� GIVXEW� TIWWSEW�

XIVMEQ��HI�IRJIMXMªEV#ü%PKYQEW�TIWWSEW�HMWT¸IQ�HI�KVERHI�JSVªE�QEKR¬XMGE��HI�UYI�TSHIQ�

JE^IV� QEY� YWS�� WI� QEYW� JSVIQ� WIYW� TV¶TVMSW� )WT°VMXSW�� GEWS� IQ� UYI�TSWW°ZIP� WI� XSVRE� WIVIQ� WIGYRHEHSW� TSV� SYsXVSW� )WT°VMXSW� QEYW�� 2¦S�GVIMEW��TSV¬Q��RYQ�TVIXIRWS�TSHIV�Q¤sKMGS��UYI�W¶�I\MWXI�RE�MQEKMREª¦S�HI�GVMEXYVEW�WYTIVXMGMSWEW��-KRSVERXIW�HEW�ZIVHEHIMVEW�PIMW�HE�2EXYVI^E��3W� JEXSW� UYI� GMsXEQ�� GSQ� TVSZE� HE� I\MWX­RGME� HIWWI� TSHIV�� W¦S� JEXSW�REXYVEMW��QEP�SFWIVZEHSW�I�WSFVIXYHS�QEP�GSQTVIIRHMHSW�ý

�����5YI�WIRXMHS�WI�HIZI�HEV�ES�UYEPMJMGEXMZS�HI�JIMXMGIMVS#ü%UYIPIW� E� UYIQ� GLEQEMW� JIMXMGIMVSW� W¦S� TIWWSEW� UYI�� UYERsHS� HI�

FSE�J¬��KS^EQ�HI�GIVXEW�JEGYPHEHIW��GSQS�WINEQ�E�JSVªE�QEKR¬XMGE�SY�E�HYTPE�ZMWXE��)RX¦S��GSQS�JE^IQ�GSMWEW�KIVEPsQIRXI�MRGSQTVIIRW°ZIMW��W¦S�XMHEW�TSV�HSXEHEW�HI�YQ�TSHIV�WSsFVIREXYVEP��3W�ZSWWSW�W¤F-SW�R¦S�X­Q�TEWWEHS�QYMXEW�ZI^IW�TSV�JIMXMGIMVSW�ESW�SPLSW�HSW��üMKRSVERXIW#ý

3�)WTMVMXMWQS�I�S�QEKRIXMWQS�RSW�H¦S�E�GLEZI�HI�YQE�MQIRsWMHEHI�HI�JIR·QIRSW�WSFVI�SW�UYEMW�E�-KRSV¥RGME�XIGIY�YQ�WIQ�R½QIVS�HI�J¤FYPEW��IQ� UYI� SW� JEXSW� WI� ETVIWIRXEQ� I\EKIVEHSW� TIPE� MQEKMREª¦S�� 3�GSRLIGMQIRXS�P½GMHS�HIWWEW�HYEW�GM­RGMEW�UYI��E�FIQ�HM^IV��JSVQEQ�YQE�½RMGE�� QSWXVERHS� E� VIEPMHEHI� HEW� GSMWEW� I� WYEW� ZIVHEHIMVEW� GEYWEW��GSRWXMXYM�S�QIPLSV�TVIsWIVZEXMZS�GSRXVE�EW� MH¬MEW�WYTIVXMGMSWEW��TSVUYI�VIZIPE� S� UYI� ¬� TSWW°ZIP� I� S� UYI� ¬� -QTSWW°ZIP�� S� UYI� IWX¤� REW� PIMW� HE�2EXYVI^E� I� S� UYI� R¦S� TEWWE� HI� VMH°GYPE� GVIRHMGI�ý�ô� 2SXE� HS� %YXSV�IWsTMVMXYEP�

������%W�HIQEMW�JMPLEW�HE�JEQ°PME�7SEVIW��WIQ�TVSFPIQEW�HI�VIPIZS��ERXI�I\IQTPSW�GSQSZIRXIW�UYI�XEMW��TEWWEsVEQ�E�GSSTIVEV�IJIXMZEQIRXI�RS�PEV��UYI�WI�XVERWJSVsQEZE�IQ�IWGSPE�HI�J¬�ZMZE�WSF�EW�PY^IW�I\YFIVERXIW�HS�)WTMVMXMWQS�GSRWSPEHSV�

Page 137: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

��'SQTVSQMWWSW�VIHIRXSVIW

������%W�EXMZMHEHIW�EFWSVZMEQ�RSW�I�S�XIQTS�XVERWGSVVME�KIRIVSWS��IRWINERHS�RSW�S�ETVSZIMXEQIRXS�HEW�WYEW�PMª¸IW��KIQEW�UYI�MRGSVTSV¤ZEQSW�ES�TEXVMQ·RMS�MQSVVIHSYVS�HS�IWT°VMXS�������%�JEQ°PME�7SEVIW�SVKERM^EVE�WMRKIPE�VIGITª¦S�TEVE�E�XEVHI�HI�HSQMRKS��UYERHS�%HEPFIVXS��NYFMPSWS�GSQ�S�ERMZIVW¤VMS�HI�1EVMERE��EWWYQMVME�S�GSQTVSQMWWS�HS�RSMZEHS��TIHMRHS�£�WYE�Q¦S�ES�7V��1EXIYW�������)VE�REXYVEP��TSVXERXS��UYI�RSW�VIYR°WWIQSW�REUYIPI�PEV��TEVXMGMTERHS�HEW�NYWXEW�EPIKVMEW�UYI�GLIKEZEQ�GSQS�VIWTSWXE�HMZMRE�£W�HSVIW�XIVVIREW�������3�KIRMXSV�HE�JEQ°PME��ET¶W�GMRGS�QIWIW�HI�VITSYWS�I�EWWMWX­RGME�Q¬HMGE�RS�PEV��VIGYTIVEZE�WI�QEVEZMPLSWEsQIRXI��.¤�WI�GSRWIKYME�T·V�HI�T¬��EY\MPMEHS�TIPEW�JMPLEW�I�ETSMEHS�E�YQE�FIRKEPE��GSQ�TIVWTIGXMZEW�HI�VIJE M̂sQIRXS�TV¶\MQS��3�VIIUYMP°FVMS�SVK¥RMGS��RS�IRXERXS��IVE�HI�TSYGE�WMKRMJMGEª¦S��IQ�WI�GSRWMHIVERHS�EW�QSHMJMGEª¸IW�VIEMW��STIVEHEW�RS�WIY�°RXMQS��������7I�S�WIY�TEWWEHS�IVE�EWWMREPEHS�TSV�HIWGEWS�I�HIWGSRWMHIVEª¦S�ESW�HIZIsVIW��NYWXS�¬�WI�PLI�VIGSRLIªE�S�IWJSVªS�TEVE�HIQSRWXVEV�S�EVVITIRHMQIRXS�UYI�S�EJPMKME��8SVREVE�WI�QIMKS�I�XVEXEZE�SW�JEQMPMEVIW�GSQ�S�RIGIWW¤VMS�EJIXS��0EQIRXEZE�E�TIVHE�HI�XIQTS�I�E�MHEHI�N¤�EZERªEHE��UYI�PLI�R¦S�TIVQMXMVME�VIJE^IV�SW�GEQMRLSW�TIVGSVVMHSW�TEVE�E�VIEsFMPMXEª¦S��3�)ZERKIPLS��IQ�PLI�TIRIXVERHS�S�IWT°VMXS��VEWKEVE�ZMW¸IW�IWTPIRHSVSWEW�HI�PY �̂I�ZMHE��)QSGMSREsZE�WI��UYERHS�IQ�TEPIWXVEW�°RXMQEW�WI�VITSVXEZE�£W�GSRsWSPEª¸IW�UYI�X¦S�XEVHMEQIRXI�GSRWIKYMVE�EGIMXEV��)QsFSVE�HIWGSRLIGIWWI�SYXVSW�MRJSVQIW�QEMW�IPYGMHEXMZSW�HSW�HVEQEW�UYI�EFEPEVEQ�SW�EPMGIVGIW�HS�WIY�PEV��IRGSRXVEVE�RE�VIIRGEVREª¦S�VIWTSWXE�£W�ERK½WXMEW�I�VIFIPHMEW�°RsXMQEW��UYI�XERXS�S�EXSVQIRXEVEQ�E�ZMHE�MRXIMVE��(M M̂E�WI�HSQMREHS�HYVERXI�UYEWI�XSHSW�SW�ERSW�HI�ZMHE��TSV�¶HMS�WYVHS��UYI��WIQIPLERXI�E�MRWXVYQIRXS�HI�TIVGYWW¦S��VIFSEZE�MRXIVMSVQIRXI��HIWTIHEªERHS�S�MRI\SV¤ZIP����8SsHEZME��S�XIQTS�PLI�IRWINEZE�VIGSQTSWMª¦S�°RXMQE��QIsPLSV�ZMW¦S�HEW�GSMWEW�I�HSW�EGSRXIGMQIRXSW��WIRXMRHS�WI�IQ�TVITEVEXMZSW�TEVE�E�TEVXMHE��.¤�R¦S�VIGIEZE�E�HIsWIRGEVREª¦S��3�GSRLIGMQIRXS�HS�)WTMVMXMWQS�PLI�QEXEVE�S�XIQSV�HE�QSVXI��������4SV�WYE�ZI �̂%HEPFIVXS��UYI�TVSGIHME�HS�MRXIVMSV�HS�)WXEHS�I�VIWMHME�IQ�'EWE�HI�4IRW¦S��WIQ�S�EVVMQS�HI�YQE�J¬�WIKYVE�I�RSFVI��HIM\EZE�WI�GSRHY M̂V�TSV�YQE�ZMHE�HI�JVMZSPMHEHIW�GSQYRW�ESW�HE�WYE�MHEHI��TEWWSY�XEQsF¬Q�E�WI�XVERWJSVQEV�MRXIVMSVQIRXI��JEWGMREHS�MQIRWEsQIRXI�TIPS�GSRLIGMQIRXS�HE�(SYXVMRE�HSW�)WT°VMXSW��3�QSªS��UYI�N¤�EVQE^IREVE�WYJMGMIRXI�HIT¶WMXS�HI�TVE^IsVIW�REW�I\TIVM­RGMEW�HE�PIZMERHEHI��IVE�EVHIRXI�I�ETEMs\SREHS��)QFSVE�R¦S�JSWWI�TSVXEHSV�HI�GYPXYVE��IVE�IWsGPEVIGMHS�I�TSWWYMHSV�HI�P½GMHS�XMVSG°RMS�MRXIPIGXYEP��4EWsWSY�E�IWXYHEV�E�'SHMJMGEª¦S�/EVHIUYMERE��I��HITSMW��SW�VSQERGIW�QIHM½RMGSW�PLI�XSQEVEQ�SW�WIRXMQIRXSW��%�P¶sKMGE�HE�VIIRGEVREª¦S�I�E�TVSKVEQEª¦S�HSW�HIWXMRSW��SFIsHIGIRHS�E�YQ�VSXIMVS�EHVIHI�XVEªEHS��GSQ�EW�REXYVEMW�GSRGIWW¸IW�ES�PMZVI�EVF°XVMS�HI�GEHE�YQ��IVE�TEVE�IPI�IWTIGMEP�XIQE�HI�GSRZIVWEª¸IW��'SQTVIIRHIRHS�EW�VIWTSRsWEFMPMHEHIW�HE�ZMHE��ETVIWWSY�WI�IQ�EFERHSREV�SW�ZIsPLSW�L¤FMXSW��I��ERXI�SW�MRJSVX½RMSW��UYI�WI�XVERWJSVQEsVEQ�IQ�F­Rª¦SW�RS�PEV�HSW�7SEVIW��ETVS\MQSY�WI�HE�JEQ°PME�HIWHI�E�IRJIVQMHEHI�HI�1EVMERE��I�JI^�WI�UYEWI�S�JMPLS�HS�WI\S�QEWGYPMRS�UYI�JEPXEZE�REUYIPI�HSQMG°sPMS��7YEW�Q¦SW�I�

Page 138: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

FVEªSW�ZMKSVSWSW�WI�XSVREVEQ�MR½QIVEW�ZI^IW�RS�WSGSVVS�IJMGMIRXI�ES�ZIPLS�HSIRXI��I�WYE�TVIWsXI^E�I�KIRIVSWMHEHI�JSVEQ�EPEZERGEW�HI�WEPZEª¦S�TSV�SGEWM¦S�HSW�HMZIVWSW�EGSRXIGMQIRXSW���

%GVIHMXERHS�WI�RIGIWWMXEHS�HI�GSRWXVYMV�S�TV¶TVMS�PEV��VIWSPZIVE�GSRWSVGMEV�WI�GSQ�1EVMERE��E�UYIQ�WI�IRsGSRXVEZE�JSVXIQIRXI�ZMRGYPEHS�TIPS�EQSV��3�H¬GMQS�W¬sXMQS�REXEP°GMS� HE�QSªE� IVE� SGEWM¦S� STSVXYRE� TEVE� S� GSQTVSQMWWS� SJMGMEP� HS�RSMZEHS��UYI�HIZIVME�GYPQMREV�GSQ�S�QEXVMQ·RMS��PSKS�IWXMZIWWIQ�IQ�GSRHMª¸IW�HI�JEs^­�PS�

%WWMQ��E�QSHIWXE�I�LSRVEHE� JEQ°PME�GSRZMHSY�SW�TSYGSW�EQMKSW�TEVE�S�EXS�SJMGMEP��UYI�IWXEZE�WIRHS�E�VE^¦S�HE�EPIKVME�HI�XSHSW��HIWHI�SW�HMEW�ERXIVMSVIW�

*SQSW� 4IXMXMRKE�� 1SVEMW� I� R¶W�� IRGSRXVERHS� E� JEsQ°PME� 7SEVIW� GSQ� EPKYRW�TSYGSW�GSRZMHEHSW��I�QEMW�%HEPsFIVXS�I�S�WIY�KIRMXSV�UYI�ZMIVE�TEVE�E�SGEWM¦S�

%T¶W� S� TIHMHS� JIMXS� TIPS� WIY� ES� TEM� HI� 1EVMERE�� JSsVEQ� ETVIWIRXEHEW� EW�EPMERªEW� VITVIWIRXEXMZEW� HS� GSQsTVSQMWWS� I� WIVZMHS� WMRKIPS� I� FIQ� GYMHEHS�PERGLI�

3W�WSVVMWSW�JEPEZEQ�HEW�IQSª¸IW�HEUYIPI�IRXEVHIsGIV��1EVXE�I�1EVMERE��(SRE�6SWE� I� EW� HIQEMW� JMPLEW� TEVIGMEQ� GVMERªEW� K¤VVYPEW�� IWJY M̂ERXIW��3� 7V��1EXIYW��FEWXERXI�JIPM �̂�XMRLE��TSV¬Q��S�WIQFPERXI�ZIPEHS�TSV�HMWsGVIXE�XVMWXI^E��)VE�TSV�WI�VIGSVHEV�HS�TEWWEHS�I�WI�WIRsXMV�MQTSWWMFMPMXEHS�HI�VIGSRWXVY°�PS�

4SV� RSWWE� ZI �̂� PIQFVEZE�QI� HSW� EGSRXIGMQIRXSW� UYI� EPM� XMZIVEQ� TEPGS� I�GSRWMHIVEZE�E�QMWIVMG¶VHME�HI�(IYW��REW�WYEW�WYXMPI^EW�I�WEFIHSVME� MRJMRMXE��UYI�RSW� IWGETE� I� UYI� R¦S� TSHIQSW� HI� TVSRXS� GSQTVIIRHIV�� 3� QMPEKVI� HE� HSV�TVSHY M̂VE�E�F­Rª¦S�HE�QMWIVMG¶VHME�HE�YRM¦S�HI�XSHSW�

%HEPFIVXS�� UYI� WI� IRGSRXVEZE� QYMXS� IQSGMSREHS�� XVEsªERHS� TPERSW� TEVE� S�JYXYVS�� GSRWMHIVSY� E� WYE� TSWMª¦S� HI� IWT°VMXE� I� TIVKYRXSY� E� 4IXMXMRKE� UYEP� E�WSPIRMHEHI� VIPMsKMSWE� UYI� HIZIVME� LEZIV� TSV� SGEWM¦S� HS� WIY� GSRW¶VGMS� GSQ�1EVMERE��'SQTVIIRHME�UYI�R¦S�WIVME�P°GMXS�WYFQIsXIV�WI�E�YQ�EXS�WEGVEQIRXEP�HE�-KVINE�6SQERE��XIRHS�IQ�ZMWXE�S�GSQTSVXEQIRXS�HSW�TVSJMXIRXIW�HEUYIPE�J¬��UYI�WI�WMXYEZE�QYMXS�HMWXERXI�HSW�IRWMRSW�I�TV¤XMGEW�HS�ZIVS�'VMWXMERMWQS��2¦S�WIVME�NYWXS��TSV¬Q��UYI�LSYZIWsWI�RS�)WTMVMXMWQS�YQE�GIVMQ·RME�UYEPUYIV��PEZVEHE�REW�PMª¸IW� IZERK¬PMGEW�� TEVE� GSQIQSVEV� SW� KVERHIW� EGSRXIsGMQIRXSW� HE� ZMHE#�ô�MRUYMVMY��MRXIVIWWEHS�

4IXMXMRKE��TVYHIRXI�I�P½GMHS��WSVVMY�I�IWGPEVIGIY�ô *SM�TSV�EHSXEV�EW�TV¤XMGEW�HS�4EKERMWQS�IQ�GVIT½WGYPS�UYI�S�'VMWXMERMWQS�

REWGIRXI�WSJVIY�EW�EHYPsXIVEª¸IW�UYI�VIHYRHEVEQ�RE�WYE�TEYPEXMRE�I\XMRª¦S��2EW�TV¤XMGEW�I\XIVREW�I�RS�GYPXS� PY\YSWS�HE�EXYEPMHEHI��UYI�IRGSRXVEQSW�HEW� PMª¸IW�ZMZEW�I�TYVEW�HS�'VMWXS#�3RHI�I�UYERHS�ZMQSW� .IWYW�TVEXMGERHS�EXSW�UYI� XEMW#�1YMXSW�WI�VIJIVIQ�£�GIRE�HS�FEXMWQS�HS�7IRLSV��TSV�.S¦S��GSQS�WIRHS�EGIMXEª¦S�X¤GMXE�I�GSRGSVHI�HI�YQ�GYPXS��2¦S�JSM�MWWS��XSHEZME��S�UYI�SGSVVIY��(IM\ERHS�WI�MHIRXMJMGEV�TIsPSW�WMREMW�HEW�TVSJIGMEW�I�TIPSW�HMXSW~�ERXMKSW�UYI�GEVEGXIVM^EVMEQ�S�1IWWMEW��S�)RZMEHS��)PI�WI�TIVQMXMY�VIGIFIV�HI�.S¦S��HMERXI�HI�XSHSW��EUYIPI�EXS��TEVE�UYI�WI�WSYFIWWI�WIV�)PPI�S�)WTIVEHS��JIR·QIRS�GSRJMVQEHS�TIPS�UYI�XSHSW�SYZMVEQ��REUYIPI�QSQIRXS�IQ�UYI�GPEsQEZE�YQE�ZS �̂�ü)WXI�¬�S�QIY�*MPLS�HMPIXS��IQ�UYIQ�QI�EKVEHSý��GSRJSVQI�ERSXEVEQ�SW�)ZERKIPMWXEW�I�UYI�.S¦S�EGVIWGIRXE��ü)PI�¬�S�*MPLS�HI�(IYWý��HIJMRMRHS�3�GSQS�S�1IWWMEW����2YRGE��TSV¬Q��FEXM^SY��)Q�XSHE�E�7YE�ZMHE�R¦S�3�ZIQSW�IQ�GSRMZ­RGME�GSQ�SW�UYI�WI�RYXVIQ�HE�MKRSV¥RGME�I�WI�TIVQMXIQ�S�EFYWS�HE�J¬�E�FIRIJ°GMS�TV¶TVMS�

(IPMGEHS� I� W¶FVMS�� JI �̂ FVIZI� WMP­RGMS�� RS� UYEP� SW� WIYW� SPLSW� GPEVSW� WI�MPYQMREVEQ��I�PSKS�TVSWWIKYMY�

Page 139: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

ô�3�)WTMVMXMWQS�¬�E�(SYXVMRE�HI�.IWYW��IQ�)WT°VMXS�I�ZIVHEHI��WIQ�J¶VQYPEW�RIQ� VMXSW�� WIQ� ETEV­RGMEW� RIQ� VITVIWIRXERXIW�� WIQ�QMRMWXVSW�� �� E� VIPMKM¦S� HS�EQSV� I� HE� ZIVHEHI�� RE� UYEP� GEHE� YQ� ¬� VIWTSRW¤ZIP� TIPSW� TV¶sTVMSW� EXSW��VIWTSRHIRHS�TSV�IPIW��GSRJSVQI�S�GSRLIGMsQIRXS�UYI�XIRLE�HE�-QSVXEPMHEHI��HSW�HIZIVIW��n��E�VIsPMKM¦S�HE�*MPSWSJME��E�*MPSWSJME�HE�'M­RGME�I�E�'M­RGME�HE�6IPMKM¦S��GSRJSVQI�TVIHMGSY�:MERRE�HI�'EVZEPLS�IQ�RSWsWE�'EWE��GSQ�NYWXEW�VE^¸IW��2¦S�WI�JMVQE� IQ� IRYRGMEsHSW� IWXVERLSW� £� &SE� 2SZE� I� XYHS� UYERXS� SW� )WT°VMXSW�MRJSVQEVEQ� ES� 1MWWMSR¤VMS� %PPER� /EVHIG� WI� IRGSRXVE� JYRHEQIRXEHS� RSW�)ZERKIPLSW��%PKYRW�EHZIVW¤VMSW�KVEsXYMXSW�HM^IQ�UYI�SW�)WT°VMXSW�REHE�XVSY\IVEQ�HI�RSZS��)�QI�TIVQMXS�MRHEKEV��VITIXMRHS�S�JMP¶WSJS�ERXMKS���5YI�L¤�HI�RSZS�WSF�S�7SP#� 2SZMHEHI� ¬� XEQF¬Q� WMREP� HI� PIZMERHEHI�� 3� UYI� RSW� TEVIGI� RSZS� ¬�EXYEPM^Eª¦S�HS�UYI�EGSRXIGME�I�MKRSV¤ZEQSW�

n3W�)WT°VMXSW�WIQTVI�WI�GSQYRMGEVEQ�I�JEPEVEQ�HSW�VIREWGMQIRXSW��HEW�0IMW�HI�'EYWE�I�)JIMXS��GSRLIGMHEW�HIWHI�VIQSX°WWMQEW�GMZMPM^Eª¸IW��WSF�E�HIWMKREª¦S�W¥RWsGVMXE�HI�'EVQE�� )Q� XSHSW�SW� XIQTSW�IRGSRXVEQSW�SW� GLEQEHSW� üQSVXSWý�JEPERHS�ESW�GLEQEHSW�üZMZSWý����3�UYI�SW�W¤FMSW�GSRWIKYMVEQ�RIWXIW�XIQTSW�JSM�GSRWXEXEV� E� PIKMXMQMHEHI� HE� I\MWX­RGME� TSWX�QSVXIQ� I� GSQTVSZEVIQ� E�TVII\MWX­RGME�HS�)WT°VMXS��ERXIW�HS�GSVTS��GSQ�E�GSRsWIUYIRXI�WSFVIZMZ­RGME�ET¶W�E�QSVXI� HS� GSVTS�� %PPER� /EVHIG�� S� )RZMEHS� TEVE� SW� XIQTSW�QSHIVRSW�� XIZI� S�MRGSQTEV¤ZIP�Q¬VMXS� HI� GSHMJMGEV� SW� IRWMRSW� IWTEVWSW�� HERsHS�PLIW� YQE� SVHIQ�JMPSW¶JMGE�� I\XVEMRHS� S� WMKRMJMGEHS� QSsVEP� I� IXIVRS� HEW� PMª¸IW� GSRX°RYEW� HSW�-QSVXEMW��(SXEHS�HI�VEVEW�JEGYPHEHIW�HI�MRXIPMK­RGME�I�VE^¦S��EGSPMXEHS�TSV�0IKM¦S�HI� &IRJIMXSVIW� I� TSV� IPIW� JSVXIQIRXI� MRWTMsVEHS�� TVST¸I� UYIWX¸IW� HS�GSRLIGMQIRXS��MRHEKSY�WSFVI�EWWYRXSW�R¦S�HIZMHEQIRXI�IWGPEVIGMHSW�EX¬�IRX¦S��2¦S�L¤��TSV¬Q��IQ�XSHE�E�'SHMJMGEª¦S�YQ�W¶�MXIQ�UYI�WI�R¦S�EPMGIVGI�RSW�IRWMRSW�HS�'VMWXS��SVE�GSRJMVQEHSW�YRMZIVsWEPQIRXI�TIPSW�)WT°VMXSW��3�TV¶TVMS�1IWXVI��RE�WYE� EWsWIVXMZE� HE� TVSQIWWE� HS� 'SRWSPEHSV�� MRJSVQSY� GPEVS� I� GSRGMWS� UYI� S�4EVEGPIXS�HMVME�QYMXS�QEMW�HS�UYI�)PI�HMWsWIVE�

)�HERHS�QIPLSV�­RJEWI�ESW�IRWMRSW��GSRGPYMY�ô2¦S��R¦S�L¤�UYEPUYIV�GYPXS�I\XIVRS�RS�)WTMVMsXMWQS�I�WI�LSYZIVE�XIV°EQSW�E�

WYE� QSVXI� ERYRGMEHE� N¤� TEVE� FVIZI�� 7IRHS� (SYXVMRE� HSW� )WT°VMXSW�� VIZMZI� S�'VMWsXMERMWQS��VITMXEQSW��IQ�IWT°VMXS�I�ZIVHEHI�

ô )� R¦S� TSHIV°EQSW�ô� VIXSVRSY� MRXIVIWWEHS�� %HEPsFIVXS�ô� JSVQYPEV� YQE�SVEª¦S�HI�Eª¦S�HI�KVEªEW�IQ�QSsQIRXSW�UYI�XEMW#

ô 7MQ��SVEV��TSHIQSW�JE^­�PS��TSV¬Q��RE�MRXMQMHEsHI�HSW�GSVEª¸IW��RS�WMP­RGMS�HS�UYEVXS��9QE�SVEª¦S�T½sFPMGE�VIUYIV�WIQTVI�EPKY¬Q�QEMW�FIQ�EHIWXVEHS��HI�ZIVsFS�J¤GMP�I�MRWTMVEHS��%WWMQ��MVIQSW�XVERWJIVMRHS�TEVE�SYXVIQ�S�UYI�RSW�GEFI�JE^IV�� )� GSQS� SVEV� ¬� FERLEV�WI� HI� PY �̂ I� TIRIXVEV�WI� HI� TE �̂� TIPE� HIGSVVIRXI�GSQYRL¦S�GSQ�S�%PXS��HIZIQSW�JE^­�PS��R¶W�QIWQSW��GEHE�YQ��IQ�TEVXMGYPEV��5YI�SW� GSQTVSQMWWEHSW� S� JEªEQ�� IWX¤�QYMXS� FIQ�� UYI� SW� RYFIRXIW� S� VIEPM^IQ�� RE�MRXMQMHEHI�HE�EPsGSZE��¬�HI�RIGIWWMHEHI��UYI�SW�ERMZIVWEVMERXIW�S�TVSHYs^EQ��RS�EPXEV�HE�EPQE��¬�QYMXS�NYWXS��1EW�IZMXIQSW�LSNI�UYI�E�RSWWE�IQSª¦S�I�E�RSWWE�JIWXMZMHEHI� WINEQ� XVERWJSVQEHEW� EQERL¦� RYQ� GYPXS� I\XIVMSV�� UYI� XIRLEsQSW�GSQIªEHS����'EHE�YQ�HI�R¶W��EUYM�TVIWIRXI��HIZI�IWXEV�IQ�SVEª¦S�WMPIRGMSWE�HI�FSRW�TIRWEQIRXSW��IQ�EXMsXYHI�HI�TVIGI�TIPE�WSFVMIHEHI�HSW�EXSW��QIHMERXI�S�VIWsTIMXS�QSVEP�I�JVEXIVREP�UYI�RSW�HIZIQSW�XSHSW�YRW�ESW�SYXVSW����3�)WTMVMXMWQS�¬� E� VIPMKM¦S� UYI� VIPMKE�� TIVQMsXEQ�RSW� E� VIHYRH¥RGME�� E� GVMEXYVE� ES� 'VMEHSV��MRXIVMSVQIRXI����5YI�XIRLEQSW�QEMW�EXMXYHIW�HS�UYI�TEPEZVEW����

%�JVEWI�JMREP�IRYRGMEHE�GSQ�YQ�XSUYI�HI�FSQ�LYsQSV�E�XSHSW�RSW�JI �̂WSVVMV��

Page 140: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

XIVQMRERHS��EWWMQ��E�QEVEsZMPLSWE�EYPE�UYI�S�RSMZS�GSRWIKYMVE�QSXMZEV�8SHSW� RSW� HIWTIHMQSW� NYFMPSWSW�� I� QIHMXEXMZSW�� UYERsXS� £W� RSWWEW�

VIWTSRWEFMPMHEHIW�IWTMV°XMGEW�IQ�VIPEª¦S�E�R¶W�QIWQSW��ES�TV¶\MQS�I�ES�TSVZMV��3W�RSWWSW�EXSW� JE^IQ�IWGSPE�I�E�RSWWE�IWGSPE�TSHI� XVERWJSVQEV�WI��TSV� MRG½VME�RSWWE��RYQ�QEY�)HYGERH¤VMS�

2EUYIPE� RSMXI�� ZMIQSW� E� WEFIV� TIPS� 1IRXSV� 7EXYVRMRS�� HYVERXI� S� VITSYWS�J°WMGS��IQ�HIWHSFVEQIRXS��UYI�JSQSW�VIYRMHSW�RE�WIHI�HE�9RM¦S�)WT°VMXE�&EMERE�TEVE�YQ�IRGSRXVS�TVSZSGEHS�TIPSW�-RWXVYXSVIW�

%PM�RSW�IRGSRXVEQSW�4IXMXMRKE��R¶W��S�Q¬HMYQ�1SsVEMW��SW�7SEVIW��(SRE�6SWE��7V��1EXIYW��1EVXE��I�1EsVMERE��%HEPFIVXS��%RE�1EVME��I�SW�&IRJIMXSVIW�)WTMVMsXYEMW��%PKYRW� HSW� IRGEVREHSW� WI� ETVIWIRXEZEQ� QEMW� P½sGMHSW�� SYXVSW�� QIRSW�EGSWXYQEHSW� £W� MRGYVW¸IW� RS� 1YRsHS� )WTMVMXYEP� TEVE� XEP� JMREPMHEHI�� TEVIGMEQ�WSR¥QFYsPSW�IQ� MRUYMIXEª¦S��%T¶W�E� VIGITª¦S�HI�TEWWIW�� XSHSW� WI�QSWXVEZEQ�XVERUYMPSW�

%�VIYRM¦S�JSM�TVIWMHMHE�TIPS�-VQ¦S�+PEYGYW��S�RSsFVI�1IRXSV�UYI�GSQERHEVE�SW�WSGSVVSW�I�IWXYHSW�HIWHI�S�%RJMXIEXVS��MRGSVTSVEHS�ESW�PEFSVIW�HI�HIWSFWIWW¦S�HE�JEQ°PME� 7SEVIW� TSV� HIXIVQMREª¦S� WYTIVMSV�� (ITSMW� HI� JSVQSWE� SVEª¦S� I� HI�EPSGYª¦S�QYMXS�IPIZEHE��I\TPMGSY�EW�JMREPMHEHIW�I�SFNIXMZSW�HS�IRGSRXVS�

8IVQMREZE�S�WIY�TVE^S�HI�IWXEHE�IRXVI�R¶W��TEVE�EUYIPI�QMWXIV��3W�WIVZMªSW�XVERWGSVVMEQ�GSQ�S�­\MXS�IWsTIVEHS��*E M̂E�WI�RIGIWW¤VMS��TSV¬Q��HIJMRMV�VSXIMVSW�TEVE� S� JYXYVS�� 9PXMQEZEQ�WI� SW� TVITEVEXMZSW� WSGSVVMWXEW� TEVE� SW� HMZIVWSW�HIWIRGEVREHSW�IRZSPZMHSW�RSW�HVEQEW�HEW�TIVWSREKIRW�EPM�TVIWIRXIW��%PKYRW� N¤�LEZMEQ� VIGIFMHS� S� GSRZIRMIRXI� XVEXEQIRXS� I� IRGSRXVEZEQ�WI� EQTEVEHSW� IQ�G°VGYPSW� JVEXIVRSW� HS� 1YRHS� )WTMVMXYEP�� SRHI� GSRWIKYMEQ� S� EY\°PMS� I� S�IWGPEVIGMQIRXS�HI�UYI�WI�VIWWIRXMEQ��,EsZME��RS�IRXERXS��EPKS�QEMW�E�JE^IV�

8IVQMREHE� E� I\TPMGEª¦S�� JSVEQ� XVE M̂HSW� HI� SYXVS� VIGMRXS� HE� 'EWE� S� MVQ¦S�8ISJVEWXYW�I�+YMPLIVQI��TSV�IRJIVQIMVSW�KIRXMW��UYI�SW�EGSQSHEVEQ�IQ�EWWIRXSW�VIsWIVZEHSW�TEVE�EQFSW�

%HEPFIVXS��ES�PEHS�HI�1EVMERE��EYXSQ£XMGEQIRXI�PLI�HIY�E�Q¦S��GSQS�E�IZMXEV�UYEPUYIV� WSJVMQIRXS�HIWsRIGIWW¤VMS�£�RSMZE��%RE�1EVME�� VIGSRLIGIRHS�S�ERXMKS�EQSV�� JI^�WI� P°ZMHE�� 3� 7V�� 1EXIYW�� ERXI� E� MRIWTIVEHE� TVIWIRªE� HI� +YMPLIVQI��GSRXERXS�R¦S�IWXMZIWWI�RS�YWS�HE�TPIRE�PYGMHI �̂�TEVIGIY�MRUYMIXS���

3 -VQ¦S�+PEYGYW�VIXSQSY�E�TEPEZVE��IWGPEVIGIRHS�ô%UYM�IWXEQSW�Z¤VMSW�HIWEJIXSW�HI�L¤�TSYGS��EQSsVIW�HS�TEWWEHS��MVQ¦SW�HS�

JYXYVS�I�HI�WIQTVI��RS�GEQMsRLS�HE�IZSPYª¦S���HMSW�I�TEM\¸IW��ERWIMSW�I�XIVRYVEW�W¦S�IXETEW�E�ZIRGIV�RE�VSXE�HS�KVERHI�EQSV�UYI�YQ�HME�RSW�YRMV¤�E�XSHSW�GSQS�MVQ¦SW�ZIVHEHIMVSW��2¦S�RSW�MQTSVXIQ�EW�WSQFVEW��GSRWMHIVERHS�E�PY �̂WSFIVERE�UYI�FVMPLE�WSFVI�R¶W��GSRGMXERHS�RSW�ES�EZERªS��)WUYIsªEQSW�EW�Q¤KSEW�UYI�W¦S�RYZIRW�TIVXYVFEHSVEW��EFVEQSW�S�GSVEª¦S�I�E�QIRXI�£�IWTIVERªE�UYI�¬�WIQIRXI�HI�ZMHE�KIVQMRERHS�RS�WSPS�HSW�RSWWSW�IWT°VMXSW�E�FIsRIJ°GMS�RSWWS��3�ZIVHEHIMVS�EQSV� R¦S� WI� IRGPEYWYVE� IQ� HIXIVQMREHEW� I\TVIWW¸IW� HS� WIRXMQIRXS�� UYI�HIWIRZSPZIQ� S� IKS°WQS� I� E� TSWWI� ERIWXIWMERXI�� ERXIW� WI� HMPEXE� IQ�Q½PXMTPEW�QERMJIWXEª¸IW� IRGEVVIKEHEW� HI� EQTPMEV� SW� VIsGYVWSW� IRXIWSYVEHSW� HE� EJIMª¦S��NSVREHIERHS� REW� QERMsJIWXEª¸IW� HS� WERKYI�� EXVEZ¬W� HE� JEQ°PME�� IQ� TSWMª¸IW�HMsZIVWEW��JMPLSW��TEMW��MVQ¦SW��TEVIRXIW��SY��JSVE�HIPE��RE�GSRHMª¦S�HI�EQSVIW�UYI�WI� EFVEªEQ� IQ� RSZEW� GSQYRL¸IW� I� IJYW¸IW�� I\TIVMQIRXERHS�� ETVIRHIRHS��ZEPSVM^ERHS�STSVsXYRMHEHIW��%W�GMVGYRWX¥RGMEW�I�SW�PSGEMW�W¦S�FERGSW�I�PMª¸IW�HE�+VERHI�)WGSPE�HE�)ZSPYª¦S��8SHSW�REWGIQSW�I�VIREWGIQSW�TEVE�WYFPMQEV�EX¬�£�PMFIVXEª¦S�� 2¦S� RSW� EJPMNEQSW�� TSMW�� :EPSVM^IQSW� S� IRWINS� I� EGIMXIQSW� S�

Page 141: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

MQsTSWMXMZS�IZSPYXMZS�GSQS�HMVIXVM �̂EFIRªSEHE�TEVE�R¶W�QIWsQSW��.IWYW�¬�E�RSWWE�TSVXE��EXVEZIWWIQS�PE��WIKYMRHS�0LI�EW�TIKEHEW���

8SHSW� RSW� QERX°RLEQSW� I\TIGXERXIW�� GSQSZMHSW�� %� ZMHE� EXE� I� HIWEXE��IWGVIZIRHS�REW�T¤KMREW�HS� PMsZVS�HI�GEHE�YQ�HI�R¶W�SW�TV¶TVMSW�EXSW�UYI�RSW�IWTIsVEQ�HITSMW��MRETIPEZIPQIRXI�

'SRZMHERHS�1EVMERE�I�%HEPFIVXS��UYI�WI�PIZERXEsVEQ�WIKYMHSW�TSV�%QFV¶WMS��S� %WWMWXIRXI� EQSVSWS�� S� -VQ¦S� +PEYGYW� ETVIWIRXSY� +YMPLIVQI� ES� QSªS��WSPMGMsXERHS�PLI�E�VIGITXMZMHEHI�JVEXIVRE��TSMW�UYI�EUYIPI�HIsZIVME�VIREWGIV�RS�WIY�PEV��TSV�RIGIWWMHEHI�MQTIVMSWE�HE�WYE�IZSPYª¦S��:°XMQE�UYI�JSVE�HE�PIZMERHEHI�HI�WM�QIWsQS�I�HI�1EVMERE��EPKS �̂UYI�WI�JM^IVE�HE�QSªE�I�HI�WM�TV¶TVMS��VIREWGIVME�RSW�WIYW�FVEªSW�RE�GSRHMª¦S�HI�JMsPLS�WSJVIHSV��RIGIWWMXEHS�HI�MQIRWS�GEVMRLS�I�TVSXIª¦S�EJIXYSWE���

:MWMZIPQIRXI� EXSVQIRXEHS�� +YMPLIVQI� FEM\SY� SW� SPLSW� I�� XV¬QYPS�� R¦S�GSRWIKYMY�HSQMREV�EW�P¤KVMQEW�EFYRsHERXIW�

1EVMERE�EZERªSY�I�S�IRZSPZIY�IQ�EFVEªS�HI�TYVE�XIVRYVE�7¿FMXEQIRXI�EHSVREHE�HI�X­RYI�PY �̂UYI�WI�PLI�SVMsKMREZE�HS�TPI\S�WSPEV��GSQ�

GSPSVEª¦S� STEPMRE�� IQSPHYsVSY� S� ERXMKS� IWTSWS� WYMGMHE� I� JEPSY�� MKYEPQIRXI�GSQSsZMHE�

ô�%TVSZIMXIQSW�E� PMª¦S��QIY�EQMKS��9REQSW�RSWsWEW�HSVIW�RYQE�W¶�HSV�I�VISVKERM^IQSW�RSWWS�TEWWEHS�RYQ�JYXYVS�TVSQMWWSV��&VMPLE�QI�LSNI�HMJIVIRXI�PY �̂RS� IWT°VMXS�� GSRHY^�QI� RSZE� ¬XMGE� HI� ZMHE�� ERMQEQ�QI� SYsXVSW� TVST¶WMXSW� RS�GSVEª¦S��EUYIGI�QI�E�IWTIVERªE�YQ�WSP�HMZIVWS����7I�S�RSWWS�LSNI�JSM�QEVGEHS�TSV�EFYRsHERXIW�P¤KVMQEW��S�RSWWS�JYXYVS�RSW�IWTIVE�GSQ�WSVVMsWSW����-RGETE �̂HI�WIV�XI�IWTSWE� ZMKMPERXI�� XIRXEVIM� WIV�XI�Q¦I� GYMHEHSWE�� %NYHE�QI� GSQ�S� XIY�TIVH¦S�I�JEZSsVIGI�QI� GSQ� IWXE� STSVXYRMHEHI�� 3� RSWWS� %HEPFIVXS�� GSRsJSVQI� TVIWWMRXS��R¦S�ETEVIGI�IQ�RSWWS�HIWXMRS�GSQS�YQ�IWXVERLS��YQ�EZIRXYVIMVS�UYI�RSW�VSYFI�EW�QIPLSVIW� IRsWERGLEW� HE� ZMHE�� �� ZIPLS� EQMKS� UYI� XIQ� GSQ� S� RSWWS� S� WIY�HIWXMRS� IRXVIPEªEHS�� (IWINEZEW� REWGIV� REW� QMRLEW� GEVRIW�� VIGSVHS�QI�� GSQS�VIWYPXEHS�HE�MPMGMXYHI�TEVE�EXSVQIRXEV��ZMRKEV��I�EXSVQIRXEV�XI����.IWYW�RSW�TIVQMXI�E�VIEPM^Eª¦S�HS�XIY�HIWINS��R¦S�GSQS�KSWXEVMEW��QEW�GSQS�HI�HIZIV��7IV¤W�RSWWS�JMPLS�RYQ�QEXVMQ·RMS�LSRVEHS�I�ZSPXEV¤W�ESW�FVEªSW�HI�TETEM��GSQS�S�RIXS�UYI�S�EQEsV¤�I�HIPI�VIGIFIV¤�QYMXS�EQSV��8EQF¬Q�IPI�QYHSY��8Y�XEQF¬Q�QYHEWXI��8SHSW�R¶W�QYHEQSW��%KSVE�XYHS�¬�HMJIVIRXI��QYMXS�HMJIVIRXI���

+YMPLIVQI�HIM\SY�WI�GSRHY M̂V�TSV�EUYIPE�ZS �̂HI�XIVsRE�FSRHEHI�I�WI�VIRHIY�ERXI�E�JSVªE�HS�EQSV�ZIVHEsHIMVS�

%QFV¶WMS� JSM� XSQEV� (SRE� 6SWE� I� S� 7V�� 1EXIYW� I� SW� XVSY\I� ES� KVYTS� IQ�GSRJEFYPEª¦S�

%�ZIRIVERHE�WIRLSVE� JMXSY�S� -VQ¦S�+PEYGYW��UYI� PLI�GSQTVIIRHIY�S�HIWINS�°RXMQS��EWWIRXMRHS��GSQ�YQ�PIZI�WSVVMWS�

%�QEXVSRE�XSGSY�S�JYXYVS�RIXS�GSQ�Q¦SW�HIPMGEsHEW�I�HMWWI�ô�7IV¤W��QIY�JMPLS��E�EPIKVME�HE�RSWWE�ZIPLMGI��GSQS�JSWXI�E�TVISGYTEª¦S�HSW�

RSWWSW�HMEW�N¤�TEWWEHSW��)Y�XIVIM�IQ�XM�S�WSVVMWS�HS�QIY�GSVEª¦S�JEXMKEHS�I�1EXIYW�IRGSRXVEV¤�RE�XYE�MVVIUYMIXYHI�NYZIRMP�SW�QSXMZSW�HI�N½sFMPSW�UYI�TSV�QYMXSW�ERSW�S�WIY�GSVEª¦S�HSVMHS�R¦S�I\TIVMQIRXSY��8EQF¬Q�IPI�XIQ�WSJVMHS�QYMXS�I�IWTIVE�UYI�EW�XYEW�Q¦SW��UYERHS�TIUYIRMREW�RS�GSVTS�� PLI�IRs\YKYIQ�SW�WYSVIW�I�EW�QYMXEW�P¤KVMQEW�UYI�ZIVXIV¤��:IV�XI�¤�GSQS�EPKY¬Q�UYI�MVVSQTI�HI�YQ�TEWWEHS�PSRK°RsUYS��WIHIRXS�HI�EQSV�I�EQSVSWS�XEQF¬Q���

3 7V��1EXIYW��WIQ�TEPEZVEW��QIMS�EGERLEHS��GEsRLIWXVEQIRXI�XSGSY�S�ERXMKS�EHZIVW¤VMS�I�TIVQERIGIY�QYHS�

Page 142: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

3 -VQ¦S�+PEYGYW�MRXIVZIMS�ô8SHSW� WI� VIIRGSRXVEV¦S� QEMW� XEVHI�� GSQS� GLIKEsHSW� HI� YQ� WSRLS�

MQTVIGMWS�� HI� GSRXSVRSW� GSRJYWSW�� RS� IRXERXS�� GSQ� PIQFVERªEW� UYIVMHEW� HIWXE�QEHVYKEHE�EMRsHE�MQIVWE�IQ�XVIZEW��IQ�UYI�GSRJEFYPEQSW�I�HIPMRIEQSW�RSWWS�TSVZMV� VIHIRXSV�� +YMPLIVQI� WIV¤� GSRHY M̂HS� E� RIsGIWW¤VMS� XVEXEQIRXS� IQ�3VKERM^Eª¦S�IWTIGMEPM^EHE��HS�PEHS�HI�G¤��I�VIGIFIV¤�TVITEVEª¦S�TEVE�S�XIRXEQI�TV¶s\MQS�

*SVEQ�WITEVEHSW��VIXSVRERHS�ESW�WIYW�PYKEVIW�3 -VQ¦S�+PEYGYW�XSQSY�S�ERXMKS�1EKS�HI�6Y¦S��UYI�WI�ETVIWIRXEZE�HIWJIMXS��

GSRXVE°HS��GSQ� MRHM °̂ZIP�WSsJVMQIRXS�IWXEQTEHS�RE� JEGI��I�S�ETVS\MQSY�HI�%RE�1EsVME��8SGERHS�E�NSZIQ��JEPSY�PLI�

ô(IZSPZS�XI� S� EQSV�R¦S� JVYMHS�� 8­�PS�¤W�RS� WIMS�QEXIVRS�I�RSW�FVEªSW�HE�XIVRYVE�� %QEQIRX¤�PS�¤W� I� PLI� JSVRIGIV¤W� E� JSVQE� SVK¥RMGE�� )PI�� TSV¬Q�� XIV¤�MRGSRX¤sZIMW�PMQMXEª¸IW�HI�QYMXE�REXYVI^E��I\MKMRHS�XI�WEGVMJ°GMSW�I�ZMK°PMEW��8EPZI �̂R¦S� GSRWMKE� JMVQEV�WI� RE� TVMQIMVE� XIRXEXMZE� HI� VIREWGMQIRXS�� 3W� WIYW� JPY°HSW�TSWWMZIPQIRXI� MRXS\MGEV¦S� ZIRIRSWEQIRXI� E� JSVQE� H¬FMP� HS� JIXS����1EW� ZSPXEV¤��WMQ�� ESW� XIYW� ERIPSW�� £W� XYEW� ERWMIHEHIW�� %RsXIW� HSVQMV¤� HIQSVEHS� WSRS� IQ�RSWWE�)WJIVE�HI�Eª¦S��TEVE�IWUYIGIV�I� VIGSQIªEV� WIQ�S�TIWS�HEW� PIQFVERªEW�GEYWXMGERXIW���� 8IY� EQSV� ENYH¤�PS�¤� E� GEVVIKEV� S� JEVHS� HEW� TV¶TVMEW� HSVIW�� 2¦S�WIKYMV¤W�E�W¶W��XIYW�%QMKSW�)WTMVMXYEMW�XI�ENYHEV¦S��XSHSW�SVEVIQSW�TSV�XM�I�TSV�IPI�

%RE�1EVME�XSGSY�E�JEGI�HS�MRHMXSWS�EJIXS��1MWXYsVSY�EW�WYEW�REW�P¤KVMQEW�HIPI��UYI�JPYMEQ�WMPIRGMSWEW�I�HSPSVMHEW�

ô %NYHE�QI��EQEHS�8IS�ô�HMWWI� PIRXE�� PEG·RMGEsQIRXI��ô�%NYHE�QI�GSQ�S�XIY�ZMKSV��S�XIY�IRXYWMEWQS�I�E�XYE�WEFIHSVME��XY�UYI�WIQTVI�JSWXI�QEMW�IPSUYIRXI�HS�UYI�IY��7SGSVVI�QI�GSQ�E�XYE�TVIWIRªE�I�R¦S�QI�HIM\IW�QEMW�WS M̂RLE����TSMW�IY�R¦S�WYTSVXEVME��EKSVE�UYI�XI�VIIRGSRXVIM�

ô 4IHI�S�E�(IYW�ô�VIWTSRHIY��PEQIRXSWS�I�H¬FMP�ô��R¦S�E�QMQ��)Y�WSY�YQ�MRJIPM �̂� N¤�UYI�XY�R¦S�GE°WXI�XERXS��R¦S�XI�GSQTVSQIXIWXI�XERXS�UYERXS�IY����7SY�EKSVE�QYMXS�JVEGS��ZIRGMHS�TSV�QMQ�QIWQS��6SKE�0LI��XY��UYI�WIV¤W�Q¦I�I�E�Q¦I�¬�WIQTVI�EFIRªSEHE��6SKE��TSV�R¶W�HSMW�

%RE� 1EVME� VIGIFME� S� MRJPY\S� QIRXEP� HS� -VQ¦S� +PEYGYW�� UYI� E� MRWTMVEZE�TSHIVSWEQIRXI��'SQSZMHE��E�I\�PITVSWE�VIXVYGSY�

ô7I� WSQSW� JVEGSW� IQ� JSVªEW�� RSWWS� EQSV� ¬� JSVXI� IQ� IWTIVERªE�� 2SWWE�JVEUYI^E� WIV¤� RSWWE� VIWMWX­RGME�� TSVUYI� RSW� HITIRHIVIQSW� I�� EWWMQ�� RSW�ENYHEVIQSW�

7IY� VSWXS�WI�HIWGSRXVEMY�I�IPE�UYEWI�WSVVMY��%JEsKSY�E� JVSRXI�WYEHE�HS�WIY�EQSV�I�GSRGPYMY�

ô 8YHS� UYERXS� R¦S� XMZIQSW�� EX¬� EKSVE�� S� EQERL¦� RSW� ENYHEV¤� E� TSWWYMV��)WXEVIQSW� QEMW� IRXVIPEªEHSW� HS� UYI� IQ� UYEPUYIV� SGEWM¦S�� 4SV� XM�� VIGIFIVIM�XEQF¬Q��RSW�FVEªSW��E�.IER���

ô .IER#�ô�MRXIVVSKSY��WYVTVIWS��S�)WT°VMXS�ô7MQ��.IER�:MPPIQEMR��VIGSVHEW#�'SQTVSQIXM�QI�E�ENYH¤�PS��XEQF¬Q��I�EWWMQ�

RSWWE� JIPMGMHEHI� R¦S� XIV¤� QERGLEW�� %NYHERHS�S�� ENYHEV�RSW�IQSW�� )PI� JSM� QEY�TSVsUYI� HIM\SY� UYI� S� WIY� EQSV� TSV� QMQ� S� IRPSYUYIGIWWI�� +YEVHEHEW� EW�TVSTSVª¸IW� R¦S� JSM�� XEQF¬Q�� HI� PSYGYVE�� S� RSWWS� EQSV#� (IWWI� QSHS� RSW�VIJEVIQSW�I�QEVGLEVIsQSW�NYRXSW�

*SVXIQIRXI�MQTVIWWMSREHE�TIPE�MRWTMVEª¦S�HS�)QMWsW¤VMS�HE�0Y �̂�EVVIQEXSY�ô %TVIRHM�� UYERHS� IWXYHEZE� S� )ZERKIPLS�� IQ� GVMERsªE�� IQ� 6Y¦S�� IWXI�

Page 143: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

GSRGIMXS� UYI� RYRGE� IWUYIGM�� n5YERHS� IY� FYWGEZE� (IYW� JSVE� HI� QMQ�� R¦S� 3�EGLEZE�� UYERHS� S� TVSGYVEZE� HIRXVS� HI� QMQ�� XMRLE�3� TIVHMHS�� VIWSPZM� EQEV� I�ENYHEV� S� QIY� TV¶\MQS� I� HITEVIM�QI� GSQMKS�� GSQ� (IYW� I� GSQ� S� QIY� MVQ¦S��&YWGERHS�.IER�I�S�ENYsHERHS��EGLEV�RSW�IQSW�SW�XV­W�RE�JIPMGMHEHI���

3 MVQ¦S�8ISJVEWXYW�EWWIRXMY��GERWEHS��GSQ�E�GEsFIªE�GE°HE�WSFVI�S�SQFVS�HE�RSMZE�ERXIW�MRJSVXYREHE�

3 &IRJIMXSV�+PEYGYW��GEVMRLSWS��IPYGMHSY�ô .IER� R¦S� TSHIVME� TEVXMGMTEV� HIWXE� VIYRM¦S�� TSMW� UYI� WI� IRGSRXVE� IQ�

XVEXEQIRXS���� 3W� RSWWSW� GSQTVSsQMWWSW� VIHIRXSVIW� RSW� HIWIRLEQ�� XEQF¬Q��EJPMª¸IW�I�VIWsKEXIW��2¦S�WIV¦S�MRGYVW¸IW�VSQ¥RXMGEW�ES�NEVHMQ�HEW�HIP°GMEW�SY�ESW�S¤WMW�HS�VITSYWS��7IV¦S�XEVIJEW�I�VIWTSRWEFMPMHEHIW�UYI�EWWYQMQSW�TIVERXI�R¶W�QIWQSW��4SsHIVIQSW�PSKVEV�­\MXS��TSHIVIQSW�JEPLEV��HITIRHIRHS�I\GPYWMZEQIRXI�HI�GSQS�VIJEªEQSW�E�WIRHE��3�EQSV�RSW�ENYHEV¤��WIQ�H½ZMHE��'SRZ¬Q�VIGSVHEV��XEQF¬Q�� UYI� R¦S� XIQSW� WEFMHS� ZEPSVM^EV� HIZMHEQIRXI� EW� GSRGIWW¸IW� HS� EQSV�ZIVHEHIMVS�I��EWWMQ��S�RSWWS�WSRLS�HI�EQSV�WIV¤��XEQF¬Q��QMRMWX¬VMS�HI�WEGVMJ°GMS�I� VIRYRGMEª¦S�� TIsWEHSW� XVMFYXSW� HI� HSV� VIHIRXSVE�� 8IRLEQSW� IQ� QIRXI� E�RIGIWWMHEHI� HE� SVEª¦S� I� HS� XVEFEPLS� GSQS� QIMSW� HI� WYWXIRXEª¦S� HE� J¬�� RSW�QSQIRXSW� ¤WTIVSW� UYI� WYVKMV¦S� MRsHYFMX£ZIPQIRXI�� 6ITSRXEV¦S� £� RSWWE� JVIRXI�SYXVSW� EQSsVIW� I� SYXVSW� HIWEJIXSW�� 3� RSWWS� TVIX¬VMXS� R¦S� IWX¤� EUYM� XSHS�VITVIWIRXEHS�� HIJMRMHS���� *SVXEPIªEQS�RSW� RS� FIQ�� TSMW� UYI� W¶� S� FIQ� RSW�JSVXEPIGIV¤�HIZMHEQIRXI�TEVE�SW�IQFEXIW�TSVZMRHSYVSW�

n6SKYIQSW�ES�4EM�UYI�EFIRªSI�SW�RSWWSW�TVST¶WMsXSW�HI�PY �̂I�VIWTIMXIQSW�RS�TSVZMV�E�KP¶VME�HE�RSWWE�JIPMGMHEHI�

'SRGIRXVERHS�WI�� HIQSVEHEQIRXI�� S� &IRJIMXSV� GSsQIªSY� E� VIJPIXMV� PY �̂TVEXIEHE�UYI� PLI� JPY°E�HS�G¬VIFVS��ZIWXMRHS�S� XSXEPQIRXI��%�WEPE�LYQMPHI� JI^�WI�FVMPLERXI�I�X°RLEQSW�E�MQTVIWW¦S�HI�UYI�WYXMP�EVSQE�TIVJYQEZE�S�EV�

8VERWJMKYVEHS��S�1IRWEKIMVS�SVSY�

7IRLSV�.IWYW��%QMKS�)\GIPIRXI�

������'LIKEQSW�GERWEHSW�HSW�GEQMRLSW�TIVGSVVMHSW�������8VE^IRHS�TSIMVE�XVERWJSVQEHE�IQ�PEQE�RSW�T¬W�HE�EPQE�������7IHIRXSW�I�JIVMHSW��HI�Q¦SW�ZE^MEW�I�HMPEGIVEHEW�������8SQFEHE��E�RSWWE�JVSRXI�R¦S�WI�PIZEQXE�TEVE�SPLEV�S�EQERL¦�������3W�SQFVSW�EVVMEHSW�R¦S�WYTSVXEQ�S�JEVHS�HEW�TV¶sTVMEW�HMWWMTEª¸IW�������7SGSVVI�RSW��'IPIWXI�&IRJIMXSV�������2¦S�¬�E�TVMQIMVE�ZI^�UYI�XI�IWUYIGIQSW��IRZSPsZIRHS�RSW�RS�GVMQI�������2¦S�¬�E�TVMQIMVE�XIRXEXMZE�UYI�JE^IQSW�GSQ�MRsWYGIWWS�������2¦S�¬�E�TVMQIMVE�STSVXYRMHEHI�UYI�TIVHIQSW��EGSMsQEHSW�TIPE�PSYGYVE�HS�nIY~�������%TMEHE�XI�EMRHE�QEMW�HI�R¶W�������*MXEQSW�S�G¬Y�I�RSWWSW�SPLSW�R¦S�Z­IQ�EW�IWXVIPEW��SPLEQSW�S�HME�I�S�WSP�RSW�IRGIKYIGI��WIKYMQSW�E�VSXE�I�XVSTIªEQSW�WIQ�E�ZMW¦S�HS�WSPS���������4IRWEQSW�IQ�XM�I�FVMPLE�IQ�RSWWS�IWT°VMXS�E�8YE�PY^�������%QTEVE�RSW��'SRWXVYXSV�HE�:MHE��%QERLIGI�S�HME�HS�RSZS�IRWINS�I�

Page 144: LXXT˚ [[[ GSRWGMIWT GSQ FV -2:)78-2(32 3* 98963% 86%:„7( 3) … · 2017-04-03 · etviwirxeheg sqvmkssvswsi uymp°fvms e xvez‹wh e3 fveq ekmwxvep 2si rxerxs h merxih swpergmrerxiwt

PSKS�QEMW�QIVKYPLEVIQSW�RS�GEYHEPSWS�VMS�HE�VIIRGEVREª¦S�������6IIRGSRXVEVIQSW�EW�H°ZMHEW�GLEQERHS�TSV�R¶W�I�EW�HSVIW�VIGPEQERHS�RSW�������(IJVSRXEVIQSW�S�¶HMS�YPXVENERHS�RSWWEW�EUYMWMª¸IW�HI�EQSV�I�S�WSJVMQIRXS�HMJMGYPXERHS�RSWWS�EZERªS�������(¤�RSW�E�8YE�Q¦S�TVSXIXSVE�������7SQSW�S�UYI�JSQSW��ENYHE�RSW�E�WIV�S�UYI�HIZIQSW�������%�8M�IRXVIKEQSW�RSWWEW�ZMHEW�������7EPZE�RSW��.IWYW��EXVEZ¬W�HS�XVEFEPLS�VIHIRXSV�

5YERHS�S�1IRWEKIMVS�WMPIRGMSY��RSWWSW�SPLSW�IWXEsZEQ�HIWPYQFVEHSW��6IGIF­VEQSW�E�ZMWMXE�HSW�'¬YW�TEVE�XIVQSW�JSVªE�HI�TVSWWIKYMV�RSW�HIZIVIW�HE�8IVVE�

'LIKSY�S�QSQIRXS�HEW�HIWTIHMHEW�(I�GSVEª¦S�X½QMHS�EFVEªEQSW�S�RSFVI�-VQ¦S�+PEYGYW�)PI�WSVVME�KIRXMP�I�GSRJMERXI�TEVE�XSHSW�R¶W�3�KVYTS�JSM�WIRHS�VIGSRHY M̂HS�ESW�WIYW�PEVIW�3W�MVQ¦SW�UYI�WI�VIIRGEVREVMEQ�JSVEQ�EXIRHMHSW�TSV�%WWMWXIRXIW�)WTMVMXYEMW�

HMZIVWSW�UYI�TEVXMGMTEVEQ�HEW�MR½QIVEW�XEVIJEW�I�XVERWJIVMHSW�TEVE�S�1YRHS�1EMSV�

7EXYVRMRS�I�%QFV¶WMS�GSRHY M̂VEQ�RSW�ES�PEV��EWWMQ�GSQS�SW�HIQEMW�QIQFVSW�HS�PEFSV�HIWSFWIWWMZS�

3�QERXS�HE�RSMXI�IWXEZE�WIRHS�IVKYMHS�TIPS�SYVS�HS�WSP�I�EW�RYZIRW�FVMRGEZEQ�HI�WSQFVE�I�GPEVMHEHI�RE�JIWXE�HS�(ME�

3�TIVIRI�EQERL¦�GSQ�.IWYW�IWTIVEZE�TSV�R¶W�

*MQ