b Concept ondernemersplan

(1)

S^QZdQ]

C8D CBEF 8A C8D 8&@4<?

BZbZZciZ <hiZc i*V*k* YZ gVVY KdhiWjh .5, 13., <B <MN@I

B@H@@IN@ <MN@I

^c\Z`dbZc

cg*6

*. 4CD **+)*2**

4RP%3

MZcoZg

KdhiWjh.3.

13,,LB CZabdcY

i*,05.14 .000

?Vijb Jch`ZcbZg`

Ol`ZcbZg`

LZ[ZgZci^Z

--Veg^a.,-5

=ES+@YP+LQ+Zk+-5,-0

>dciVXieZghddc NZaZ[ddccjbbZg

@)bV^a GdXVi^Z

?]g*Ygh*GB*H*QVaZcWZg\

,05.)14.135 g*lVaZcWZg\whZcoZg*ca Hdci\dbZgneaZ^c2(CZabdcY

JcYZglZge -w >dcXZei JcYZgcZb^c\heaVc MZcoZg .,., Zc bZZg_VgZceZgheZXi^Z[

BZVX]iZ gVVY*

SdVah WZ`ZcY cZZbi jl \ZbZZciZ YZZa VVc YZ \ZbZZchX]VeeZa^_`Z gZ\Za^c\ QZg`WZYg^_[ <iaVci ?Z KZZa ]VcYZaZcY dcYZg YZ cVVb MZcoZg*

HZi ^cVX]icZb^c\ kVc ]Zi WZeVVaYZ ^c Vgi^`Za /1 a^Y - Q\g oZcYi ]Zi ?V\Za^_`h WZhijjg kVc MZcoZg j W^_\VVcY YZ dcilZgeWZ\gdi^c\ \ZcVVbY -# XdcXZei JcYZgcZb^c\heaVc .,., ^cXaj^h

bZZg_VgZceZgheZXi^Z[ kddgYVi YZoZ VVc ]Zi <a\ZbZZc WZhijjg kVc MZcoZg ldgYi VVc\ZWdYZc* ?^i ZZghiZ XdcXZei JcYZgcZb^c\heaVc .,., WZkVi YZ `VYZgh kVc ]Zi WZaZ^Y Zc YZ [^cVcX^raZ `VYZgh* =^_

YZ idihiVcY`db^c\ ^h gZ`Zc^c\ \Z]djYZc bZi YZ dcikVc\Zc gZVXi^Zh de YZ FVYZgWg^Z[ .,., Zc YZ hj\\Zhi^Zh Y^Z o^_c \ZYVVc i^_YZch YZ Xdbb^hh^ZkZg\VYZg^c\Zc lVVg YZ Va\ZbZZc Y^gZXiZjg kVc MZcoZg ZZc cVYZgZ idZa^X]i^c\ ]ZZ[i \Z\ZkZc* BgVV\ kZgcZbZc l^_ i^_Y^\ jl o^Zchl^_oZ

Y^ZcVVc\VVcYZ( W^_ kddg`Zjg j^iZga^_` ^c YZ ZZghiZ lZZ` kVc _jc^ .,-5( deYVi ]Zi ?V\Za^_`h WZhijjg YZoZ `Vc kZglZg`Zc Zc `Vc VVcW^ZYZc VVc ]Zi <a\ZbZZc WZhijjg*

A^cVcX^raZ `VYZg

SdVah j WZ`ZcY ^h MZcoZg b^YYZah YZ hZeiZbWZgX^gXjaV^gZ kdg^\ _VVg dckZglVX]i \ZXdc[gdciZZgY bZi ZZc hjWhiVci^raZ YVa^c\ kVc YZ =ODB)WjY\ZiiZc idi ZZc WZYgV\ kVc z 0(4 b^a_dZc higjXijgZZa kddg YZ _VgZc .,-5 Zc kZgYZg* JcYVc`h YVi Yddg k^_[ \ZbZZciZc WZolVVg ^h ^c\ZhiZaY iZ\Zc YZ $kddgade^\%

WZhX]^`WVVg \ZhiZaYZ WjY\ZiiZc ^h ]Zi ]ZaVVh c^Zi YZ kZglVX]i^c\ YVi YVVg de `dgiZ iZgb^_c ZZc edhî^Z[ jîhajîhZa de iZ kZglVX]iZc ^h*

?Z kddgade^\Z jî`dbhiZc kVc YZ WZ\gdi^c\ .,., Zc bZZg_VgZcWZ\gdi^c\ hiVVc ^c XdcigVhi bZi ]Zi gZhjaiVVi kVc YZ ^ciZ\gVaZ jîkdZg^c\ kVc YZ KVgi^XêVi^ZlZi( YZ Qhl( YZ aJ<Q( YZ aJ<S( YZ QV_dc\(

]Zi =Wo .,,0 Zc VVckZglVciZ lZi\Zk^c\ Yddg MZcoZg ^c .,-4* Oî YZ _VVggZ`Zc^c\ Wa^_ì YVi Yî ]ZZ[i

\ZaZ^Y idi ZZc edh^i^Z[ gZhjaiVVi kVc gj^b z 0( 0 b^a_dZc*

FkF6 -3.20520 =NOE6cG,,/1*/,*042*=,/ D=CL6 cG22LL=,,-.3032405

j_j_j_hZcoZgca

(2)

S^QZdQ]

^MZcoZgKdhiWjh .3.

13,, cd CZabdcY

i(,05. 14 .0 00

?Z hjWhiVci^raiZ YVa^c\ kVc YZ =ODB)WjY\ZiiZc `Vc jîZgVVgY ZZc \gddi Z[[ZXi ]ZWWZc de ]Zi idZ`dbhi^\Z WZaZ^Y kVc YZ \ZbZZciZc W^ccZc YZ VgWZ^YhbVgìgZ\^d CZabdcY)YZ KZZa Zc YVVgbZZ dd` YVi kVc ]VVg jîkdZg^c\hdg\Vc^hVi^Z MZcoZg* ?Z YVa^c\ kVc YZ [^cVcX^raZ b^YYZaZc kVcjî ]Zi L^_`

^h ZZc egdWaZZb TlVVgkddg TlZ \ZoVbZca^_` ZZc deadhh^c\ Y^ZcZc iZ k^cYZc* MZcoZg ^h YVVg ^c .,-5 oZa[

gZZYh VXi^Z[ ^c Yddg iZ WZoj^c^\Zc de ]VVg eZghdcZZahWZhiVcY Zc gZYjXZZgi Y^i bZi -,! dcYZg ZZc

\Za^_`Wa^_kZcYZ Y^ZchikZgaZc^c\* HVVg ]^Zg gZYYZc lZ ]Zi kVcV[ .,., c^Zi bZZg bZZ*

PVcoZa[hegZ`ZcY oVa MZcoZg o^X] YZ `dbZcYZ bVVcYZc \ZoVbZca^_` bZi YZ \ZbZZciZc Wj^\Zc dkZg bd\Za^_`Z VaiZgcVi^ZkZc YdX] ]ZZ[i gZZYh bdZiZc XdcXajYZgZc YVi YZ VaiZgcVi^ZkZc lZa`Z bZi YZ

\ZbZZciZc WZhegd`Zc o^_c $d*V* YZ bd\Za^_`]Z^Y kVc @MA)\ZaYZc Zc ]Zi bVi^\Zc kVc YZ gZ)

^ciZ\gVi^ZVXi^k^iZ^iZc% c^Zi idZgZ^`ZcY ojaaZc o^_c db idi ZZc WZ\gdi^c\ ^c .,., iZ `dbZc lVVgkVc YZ Kgdk^cX^Z IddgY)=gVWVci oVa `jccZc ddgYZaZc YVi Y^Z gZrZa Zc higjXijgZZa ^c ZkZcl^X]i ^h* Q^_

cdY^\Zc j Vah gVVY kVc ]VgiZ jî db hj\\Zhi^Zh db idi ZZc hajîZcYZ WZ\gdi^c\ iZ `dbZc bZi dch iZ YZaZc ^c jl o^Zchl^_oZ* OîZgVVgY o^_c l^_ Vai^_Y WZgZ^Y ]Zi XdcXZei dcYZgcZb^c\eaVc .,., ^cXaj^h bZZg_VgZceZgheZXi^Z[ ^c jl Xdbb^hh^Z idZ iZ a^X]iZc*

QZ lVX]iZc jl o^Zchl^_oZ ^c YZoZ \gVV\ V[*

HZi kg^ZcYZa^_`Z \gdZi*

CZi ?V\Za^_`h =Zhijjg kVc MZcoZg

?gh* G*B*H* QVaZcWZg\

<a\ZbZZc Y^gZXiZjg

=^_aV\Z6 -w XdcXZei JcYZgcZb^c\heaVc .,.,

(3)

6[ZOQ\_ BZPQ]ZQYUZS^\XMZ +)+) & +)+,

UZOX`^UQR

YQQ]VM]QZ\Q]^\QO_UQR

bbb'^QZdQ]'ZX S^QZdQ]

(4)

<ZT[`P

Dc]djY************************************************************************************************************************************************ - -* DcaZ^Y^c\***************************************************************************************************************************************.

-*- DcWjg\Zg^c\ Zc lZg`***************************************************************************************************************** / -*. QZ\cZbZc kVc WZaZbbZg^c\Zc bZi WZigZ``^c\ idi idZaZ^Y^c\ cVVg lZg`********************************0 -*/ MVbZclZg`^c\ ^c YZ `ZiZc********************************************************************************************************3 -*0 KZgheZXi^Z[ de lZg`****************************************************************************************************************** 4 -*1 ?Va^c\ =ODB)b^YYZaZc*************************************************************************************************************-, NdZeVhhZc ^cYZmZg^c\ W^_YgV\Z Va\ZbZcZ b^YYZaZc****************************************************************--

=Zoj^c^\^c\ Z^\Zc WZYg^_[hkdZg^c\ MZcoZg******************************************************************************** -.

PZgYZg iZ dcil^``ZaZc hXZcVg^d#h******************************************************************************************** -.

.*- HZZg_VgZcWZ\gdi^c\ MZcoZg****************************************************************************************************-1 .*. <VciVaaZc Zc cdgbZc***************************************************************************************************************-2 .*/ Oî\Vc\hejciZc********************************************************************************************************************** -3 .*0 =^_odcYZgZ WViZc Zc aVhiZc + gZhZgkZh************************************************************************************* -4 .*1 QZZghiVcYhkZgbd\Zc + QZZghiVcYhXVeVXîZî + L^h^XdeVgV\gVV[******************************************* -5

=^_aV\Z - NdiVaZ W^_YgV\Zc eZg \ZbZZciZ*************************************************************************************** ./

=^_aV\Z . MeZX^[^XVi^Z W^_YgV\Zc eVgi^X^eVi^ZWjY\Zi eZg \ZbZZciZ************************************************* .0

=^_aV\Z / NdZa^X]i^c\ bjiVi^Zh i*d*k* _VVghX]^_[ .,., ^c dcYZgcZb^c\heaVc .,-5****************************.1

(5)

-* DcaZ^Y^c\

MZcoZg ]ZZ[i W^_ YZ kdgb^c\ kVc ]Zi lZg`WZYg^_[ Vah b^hh^Z Zc k^h^Z bZZ\Z`gZ\Zc db ^ZYZgZZc iZ aViZc eVgi^XêZgZc cVVg kZgbd\Zc* CZi bZZYdZc kVc YZ lZgòdZ`ZcYZ ^h ]^ZgW^_ c^Zi kg^_Wa^_kZcY* >ZcigVVa hiVVi YVi Yî bdZi \ZWZjgZc kVcjî Z^\Zc `gVX]i Zc kZgVcilddgYZa^_`]Z^Y kVc bZchZc* Dc YZ

j^ikdZg^c\ ^h \Z`doZc kddg ZZc ^ciZ\gVaZ $hdX^VVa YdbZ^c WgZYZ% VVceV`* MZcoZg ^h ]^ZgW^_

dcYZghiZjcZcY VVc ]Zi ad`VaZ cZilZg` Zc XgZrZgi YVVgW^_ `VchZc Zc bd\Za^_`]ZYZc kddg ^ZYZgZ YdZa\gdZe( odVah bZchZc odcYZg Zc bZi WZeZg`^c\Zc( WVcZcV[hegVV` Zc =ZhX]ji QZg`*

Jd` ]ZZ[i MZcoZg YZ deYgVX]i \Z`gZ\Zc qqc ad`Zi iZ W^ZYZc lVVg lZg`\ZkZgh iZgZX]i `jccZc bZi Va ]jc VgWZ^Yh$bVg`i%kgV\Zc* ?Z Y^gZXiZ kgVV\ $kVc lZg`\ZkZgh% hiVVi ]^ZgW^_ XZcigVVa Zc ^h aZ^YZcY(

bVVg YZ bVg`i `Vc dd` egdVXi^Z[ WZcVYZgY ldgYZc*

MZcoZg W^ZYi( YddgYVi o^_ lZg`\ZkZgh dcYZghiZjci W^_ ZZc Z[[ZXi^ZkZ ^coZi kVc

VgWZ^YhXVeVX^iZ^i( VaaZ gj^biZ VVc $ediZci^raZ% lZg`cZbZgh db ]jc `VchZc de #YjjgoVbZ

^coZiWVVg]Z^Y# iZ kZg\gdiZc* CZi \dZY Zc Z[[^X^rci WZddgYZaZc kVc ZZc jî`Zg^c\ Vah kVc\cZi ^h kVc ZhhZci^ZZa WZaVc\ db lZgòdZ`ZcYZc i^_YZa^_` kVc ^c`dbZc iZ kddgo^Zc( lVVgYddg YZ lZgòdZ`ZcYZ YZ `Vch `g^_\i o^_c+]VVg iVaZci iZ dcieadd^Zc*

Dc .,., l^aaZc lZ Yddg\VVc bZi YZoZ VVceV` Zc YZ VXXZciZc Y^Z hjXXZhkda o^_c \ZWaZ`Zc*

QZ o^_c ZX]iZg b^YYZah YZ hZeiZbWZgX^gXjaV^gZ .,-4 \ZXdc[gdciZZgY bZi ZZc hjWhiVci^raZ YVa^c\ kVc YZ =ODB)b^YYZaZc kddg YZ _VgZc .,-5 Zc kZgYZg* ?^i hiZai dch hVbZc kddg ZZc j^iYV\^c\* =Z\^c .,-5

^h MZcoZg ^c \ZhegZ` \Z\VVc bZi YZ oZkZc gVVYhXdbb^hh^Zh ^c YZ VgWZ^YhbVgìgZ\^d CZabdcY)YZ KZZa db bd\Za^_`Z deadhh^c\Zc kddg YZoZ [^cVcX^raZ jîYV\^c\ iZ WZhegZ`Zc* @g ^h dcYZg bZZg \Zhegd`Zc dkZg ]Zi dkZg]ZkZaZc kVc ]Zi ad`VaZ eVgi^XêVi^ZWjY\Zi( ]Zi hideeZc bZi YZ ^coZi kVc [^cVcX^raZ b^YYZaZc kddg YZ YdZa\gdZe PMJ+Kgd Zc ]Zi cVhigZkZc kVc YZ iVV`hiZaa^c\ WZhX]ji lZg`*

O^i YZoZ \ZhegZ``Zc ^h \ZWaZ`Zc YVi Zg dckdaYdZcYZ YgVV\kaV` ^h kddg YZ ZZghiZ ilZZ bd\Za^_`]ZYZc*

MZcoZg o^Zi YZoZ bVVigZ\ZaZc ]^ZgYddg dd` c^Zi aVc\Zg Vah bd\Za^_`Z deadhh^c\ kddg ]Zi iZ`dgi*

?VVgbZZ ]VcY]VkZc lZ YZ [^cVcX^raZ V[hegV`Zc Y^Z o^_c \ZbVV`i W^_ YZ kdgb^c\ kVc ]Zi QZg`WZYg^_[

Zc Wa^_kZc lZ ZmigV ^coZiiZc de YZ `lZihWVgZ YdZa\gdZe PMJ+Kgd*

Pddg lVi WZigZ[i WZhX]ji lZg` YZaZc YZ gVVYhXdbb^hh^Zh YZ dekVii^c\ kVc MZcoZg YVi ]Zi WZ]VaZc kVc YZ iVV`hiZaa^c\ c^Zi VXi^Z[ ldgYi cV\ZhigZZ[Y Zc Yjh ldgYi Y^i WZaZ^Y kddgi\ZoZi*

?Z [^cVcX^raZ j^iYV\^c\ ldgYi cd\ \gdiZg Yddg YZ igVe de+igVe V[ hnhiZbVi^Z` Y^Z ^c YZ

BZbZZchX]VeeZa^_`Z LZ\Za^c\ ^h kVhi\ZaZ\Y* ?ddg YZ YVa^c\ kVc ]Zi VVciVa j^i`Zg^c\hYdhh^Zgh bZi bZZg YVc 1! eZg - _VcjVg^ .,-5 ldgYi YZ W^_YgV\Z Y^Z YZ \ZbZZciZc iZg WZhX]^``^c\ hiZaaZc VVc MZcoZg kddg YZ j^ikdZg^c\h`dhiZc gj^b z 4,,*,,, aV\Zg eZg _VVg*

JcYVc`h YZoZ jîYV\^c\ hiVVc lZ c^Zi hiâ* ?î `Vc dd` c^Zi lVci ]Zi #aVcYhX]Ve# lVVg^c MZcoZg VXiZZgi( kZgVcYZgi Xdci^cjZ* <VceVhh^c\Zc ^c lZi\Zk^c\ odg\Zc kddg c^ZjlZ bd\Za^_`]ZYZc( bVVg dd` c^ZjlZ Z^hZc* ?VVgcVVhi hiZai YZ ]j^Y^\Z YdZa\gdZe Y^Z ZZc WZgdZe YdZi de dcoZ Y^ZchikZgaZc^c\

dch kddg XdbeaZmZ j^iYV\^c\Zc*

DZ>dcXZeiJcYZgcZb^c\heaVc.,.,

(6)

BZYjgZcYZ Yî _VVg ojaaZc o^X] cd\ kZghX]âaZcYZ dcil^``Za^c\Zc kddgYdZc Y^Z ]jc ^beVXi ]ZWWZc de .,.,* CZi b^c^hiZg^Z kVc MdX^VaZ SV`Zc Zc QZg`\ZaZ\Zc]Z^Y oVa cd\ bZZg jîlZg`^c\ \ZkZc VVc ]Zi

=gZZY d[[Zch^Z[ Zc YZ kZgVcYZgde\VkZ ^cWjg\Zg^c\ Zc Yj^YZa^_`]Z^Y kZghX]V[[Zc dkZg YZ [^cVcX^raZ

`VYZgh ]^ZgW^_* ?VVgcVVhi `jccZc YZ bZ^) Zc hZeiZbWZgX^gXjaV^gZ .,-5 YZ [^cVcX^raZ de\VkZ lVVg lZ

\ZoVbZca^_` kddg hiVVc ) YZ hjWhiVci^raZ YVa^c\ kVc YZ =ODB)b^YYZaZc) \gdiZg bVVg dd` `aZ^cZg bV`Zc* Jd` oVa ^c .,-5 YZ kddg\ZcdbZc ZkVajVi^Z kVc MZcoZg eaVVihk^cYZc*

?ZoZ cd\ iZ kZglVX]iZc dcil^``Za^c\Zc bV`Zc YVi ]Zi kddga^\\ZcY XdcXZei g^X]i^c\\ZkZcY ^h kVc VVgY* BZbZZciZc ojaaZc hVbZc bZi MZcoZg Vci^X^eZgZc de kZgVcYZg^c\Zc Y^Z o^X] kddgYdZc Zc

`ZjoZh bV`Zc*

*'* <ZN`]SQ]UZS QZ bQ]W

CZi ^cWjg\Zg^c\hhiZahZa ldgYi VVco^Zca^_` \Zl^_o^\Y* I^Zjl`dbZgh bdZiZc hcZaaZg VVc ]Zi lZg`

`jccZc \VVc Zc dcYZgijhhZc YZ iVVa aZgZc de ]Zi ]dd\hi bd\Za^_`Z c^kZVj* CZi aZZchiZahZa lVVgbZZ c^Zjl`dbZgh cj ]jc ^cWjg\Zg^c\hXjghjh ^c`deZc( ldgYi V[\ZhX]V[i Zc YZ gZ\^Z de ^cWjg\Zg^c\ \VVi iZgj\ cVVg \ZbZZciZc* Je YZoZ bVc^Zg ldgYi ^cWjg\Zg^c\ \Zedhî^dcZZgY Vah dcYZgYZZa kVc ]Zi WgZYZ hdX^VaZ YdbZ^c odYVi YZ [dXjh bZiZZc de eVgi^XêVi^Z a^\i* ?î \ZZ[i MZcoZg hVbZc bZi YZ

\ZbZZciZc YZ bd\Za^_`]Z^Y db hiVijh]djYZgh \ZsciZ\gZZgYZ bVVilZg`igV_ZXiZc VVc iZ W^ZYZc ^c hVbZclZg`^c\ bZi dcYZgl^_h( lZg`\ZkZgh( kajX]iZa^c\Zcdg\Vc^hVi^Zh Zc YZ hiVijh]djYZg oZa[*

Dc YZ ZZghiZ eZg^dYZ ^h ]Zi YZ iVV` kVc YZ \ZbZZciZ db YZ c^Zjl`dbZgh iZ dciodg\Zc Yddg YZ kVhiZ aVhiZc odVah ]jjg( ZcZg\^Z`dhiZc Zc YZ kZgea^X]iZ kZgoZ`Zg^c\Zc iZ WZiVaZc j^i YZ W^_hiVcY* <Vc\Zo^Zc MZcoZg kZgVcilddgYZa^_` ^h kddg ]Zi WZiVaZc kVc YZ W^_hiVcY odj MZcoZg YZoZ iVV` de o^X] l^aaZc cZbZc*

=^ccZc ]Zi c^ZjlZ ^cWjg\Zg^c\hhiZahZa Y^Zci Za` igV_ZXi iZ hiVgiZc bZi ZZc WgZYZ ^ciV`Z( Y^Z de

^cY^k^YjZZa c^kZVj ^co^X]i \ZZ[i ^c YZ hiVgiedh^i^Z Zc YZ dcil^``Za^c\hbd\Za^_`]ZYZc kVc YZ

^cWjg\Zg^c\hea^X]i^\Z* QZg`Zc Zc aZgZc \VVc ]VcY ^c ]VcY Zc WZ^YZ VheZXiZc ldgYZc ^c ZZc

eZghddca^_` KaVc kddg DcWjg\Zg^c\ Zc KVgi^X^eVi^Z $KDK% de\ZcdbZc* <aaZ c^Zjl`dbZgh bdZiZc od hcZa bd\Za^_` bZZYdZc ^c YZ IZYZgaVcYhZ hVbZcaZk^c\* Dc ]Zi KDK ldgYi kVhi\ZaZ\Y lZa`Z gdjiZ YZ

^cWjg\ZgVVg \VVi kda\Zc7 YZ gZ\ja^ZgZ ^cWjg\Zg^c\hgdjiZ \Zg^X]i de ]Zi WZ]ZZghZc kVc ]Zi IZYZgaVcYh de iVVac^kZVj =D( YZ dcYZgl^_hgdjiZ bZi Vah Z^cYejci ZZc deaZ^Y^c\ de b^c^bVVa H=,.)c^kZVj d[ YZ S)gdjiZ lVVg^c oZa[gZYoVVb]Z^Y XZcigVVa hiVVi* Pddg ]VcY]Vk^c\ ldgYi ZZc kZgW^cY^c\ \ZaZ\Y bZi YZ KVgi^X^eVi^ZlZi*

AUQ`bQ S][Q\ UZN`]SQ]MM]^ +)+*

CZi c^ZjlZ ^cWjg\Zg^c\hhiZahZa \VVi lVVghX]^_ca^_` eZg -)-).,.- kVc hiVgi Zc Yjh bdZiZc YZ

kddgWZgZ^Y^c\Zc ^c .,., o^_c V[\ZgdcY* ?^i WZiZ`Zci kddg YZ VgWZ^YhbVg`igZ\^d CZabdcY)YZ KZZa de

`dgiZ iZgb^_c ]Zi kda\ZcYZ6

E #1 31911:?1: 9;1?1: .1<-81: ;2 D1 01 :51@B1 5:.@=31=5:3 >-91: A;=9 B5881: 31A1:"

PdajbZ ^h ZZc dckddgheZaWVgZ [VXidg ^c YZ Y^ZchikZgaZc^c\ gdcYdb ^cWjg\Zg^c\* Je Y^i bdbZci ^h YZ ^chigddb YVaZcYZ* ?Z kgVV\ Y^Zci o^X] VVc d[ kddg WZeVVaYZ dcYZgYZaZc YZ hX]VVa\gddiiZ kdaYdZcYZ ^h Zc d[ gZ\^dcVaZ hVbZclZg`^c\ \ZlZchi ^h* PZghX]^aaZcYZ \ZbZZciZc VX]iZc ]Zi c^Zi gZcYVWZa db YZ c^ZjlZ ^cWjg\Zg^c\ oZa[hiVcY^\ Vah \ZbZZciZ de iZ oZiiZc Zc odZ`Zc YZ

hVbZclZg`^c\* ?Z c^ZjlZ lZi W^ZYi kdaYdZcYZ gj^biZ db ^cWjg\Zg^c\higV_ZXiZc de gZ\^dcVVa c^kZVj ^c iZ `deZc*

(7)

E #1 31911:?1: 9;1?1: .1<-81: ;2 0-? D1 D18201 =1351 ?1: --:D51: A-: 5:.@=31=5:3 B5881: ;2 0-? D1 051 1801=> .181331:"

MZcoZg ]ZZ[i VVc\Z\ZkZc ZZc kddgigZ``Zghgda iZ lâaZc cZbZc bZi WZigZ``^c\ idi ^ckdZg^c\ kVc YZ c^ZjlZ ^cWjg\Zg^c\ Zc YZoZ kVcV[ .,.- jî iZ lâaZc kdZgZc kddg YZ \ZbZZciZc W^ccZc YZ VgWZ^YhbVgìgZ\^d CZabdcY)YZ KZZa* ?Z \ZbZZciZc dcYZghX]g^_kZc YVi lZg` ]Zi WZhiZ

^chigjbZci ^h db iZ ^ciZ\gZgZc Zc o^Zc gVV`kaV``Zc bZi YZ KVgi^X^eVi^ZlZi* C^ZgYddg a^\i ]Zi kda\Zch ]Zc kddg YZ ]VcY YVi Zg ZZc $kddgigZ``Zgh%gda kddg MZcoZg ^h lZ\\ZaZ\Y* CZi ^h VVc YZ

\ZbZZciZc ^c ]dZkZggZ Zc de lZa`Z bVc^Zg oZ YZoZ gda l^aaZc dkZgYgV\Zc VVc MZcoZg*

QVccZZg Zg bZZg Yj^YZa^_`]Z^Y ^h de YZoZ ilZZ ejciZc( bdZi ZZc k^h^Z de ^cWjg\Zg^c\ ldgYZc j^i\ZlZg`i Xdc[dgb YZ XdcidjgZc kVc YZ kZgVcYZgde\VkZ ^cWjg\Zg^c\ Zc `jccZc YZ

hVbZclZg`^c\hgZaVi^Zh bZi aVcYZa^_`Z Zc ad`VaZ eVgicZgh ldgYZc kdgb\Z\ZkZc*

;`UPUSQ S][Q\ UZN`]SQ]MM]^

MZcoZg kgVV\i dd` VVcYVX]i kddg YZ ]j^Y^\Z \gdZe ^cWjg\ZgVVgh* Pddg ]Zc `dbi YZ c^ZjlZ lZi DcWjg\Zg^c\ iZ aVVi* CZi V[\ZadeZc _VVg ]ZZ[i MZcoZg hVbZc bZi ]Zi LJ> NZg << hjXXZhkda

lZg`VggVc\ZbZciZc de\ZoZi lVVg^c YZ ^cWjg\ZgVVgh ZZc \ZXdbW^cZZgY igV_ZXi kda\Zc WZhiVVcYZ j^i lZg` Zc ^cWjg\Zg^c\* JcYZgYZZa kVc ]Zi igV_ZXi o^_c ZZc lZg`cZbZghkVVgY^\]ZYZcigV^c^c\ Zc

iVVaXdVX]^c\ de YZ lZg`kadZg* Oî YZ gZZYh de\ZYVcZ ZgkVg^c\ bZi YZoZ lZg`VggVc\ZbZciZc Wa^_ì YVi ]Zi igV_ZXi odg\i kddg ZZc kgdZ\Z [dXjh de lZg` Zc YVi YZ ^cWjg\ZgVVg hcZa ZZc gZVa^hi^hX] WZZaY dcil^``Zai kVc o^_c+]VVg bd\Za^_`]ZYZc de YZ VgWZ^YhbVgì* Jd` odg\i ]Zi lZg`VggVc\ZbZci kddg ZZc kZghcZaa^c\ kVc YZ iVVakZglZgk^c\ kVc YZ hiVijh]djYZg* HZc ldgYi de YZ lZg`kadZg

#dcYZg\ZYdbeZaY# ^c ZZc IZYZgaVcYhiVa^\Z db\Zk^c\* ?î kdgbi ZZc VVckjaa^c\ de YZ iVVaXjghjh kVcjî YZ ^cWjg\Zg^c\* JbYVi YZ ZZghiZ ZgkVg^c\Zc bZi YZoZ lZg`VggVc\ZbZciZc edhî^Z[ o^_c Zc YZoZ lZg`l^_oZ dd` YZ jî\Vc\hejciZc kVc YZ c^ZjlZ ^cWjg\Zg^c\hlZi kda\i( lâ MZcoZg ^c .,-5 dd`

bZi VcYZgZ iVVaVVcW^ZYZgh Zc ad`VaZ lZao^_ch^chiZaa^c\Zc YZoZ lZg`VggVc\ZbZciZc Yddgdcil^``ZaZc Zc j^iWgZ^YZc Zc YZoZ Wa^_kZc VVcW^ZYZc ^c .,-5 Zc .,.,*

Pddg YZ hiVijh]djYZgh Y^Z Va ZZgYZg \ZhiVgi o^_c bZi YZ ^cWjg\Zg^c\ Zc de ZZc $aZZg%lZgèaZ` oîiZc lâ MZcoZg( lVccZZg ]Zi iVVac^kZVj ZZc WZaZbbZg^c\ kddg lZg` kdgbi( dd` ZZc iVVaXdVX]^c\higV_ZXi

\Zg^X]i de lZg`kadZgiVVa VVcW^ZYZc db od YZ `Vch de j^ihigddb iZ kZg\gdiZc*

CZi `VW^cZi ]ZZ[i dd` VVcYVX]i kddg YZoZ ]j^Y^\Z \gdZe ^cWjg\ZgVVgh Zc hiZai odlZa ^c ]Zi _VVg .,-5 Vah ^c ]Zi _VVg .,., i^_YZa^_` z ., bâ_dZc WZhX]^`WVVg VVc \ZbZZciZc kddg YZ dcYZghiZjc^c\ Zc WZ\ZaZ^Y^c\ kVc YZoZ \gdZe odYVi c^ZjlZ ^chigjbZciZc Zc+d[ lZg`l^_oZc Y^Z VVchajîZc W^_ YZ jî\Vc\hejciZc kVc ]Zi c^ZjlZ ^cWjg\Zg^c\hhiZahZa VakVhi \ZiZhi `jccZc ldgYZc*

?ddg de YZoZ bVc^Zg ^cWjg\Zg^c\ Y^gZXi iZ kZgW^cYZc VVc gZ)^ciZ\gVi^Z Zc lZg`( ldgYi kVcV[ YZ hiVgi kVc ]Zi ^cWjg\Zg^c\higV_ZXi ZXdcdb^hX]Z Zc bVVihX]VeeZa^_`Z oZa[gZYoVVb]Z^Y kVc hiVijh]djYZgh

\Z`deeZaY*

*'+ IQSZQYQZ aMZ NQXQYYQ]UZSQZ YQ_ NQ_]QWWUZS _[_ _[QXQUPUZS ZMM] bQ]W

?ddg YZ ]j^Y^\Z VgWZ^YhbVg`ih^ijVi^Z k^cYZc bZchZc Y^Z \ZZc WZaZbbZg^c\Zc ZgkVgZc kVV`

oZa[hiVcY^\ ]jc lZ\ cVVg lZg`* Je Yî bdbZci YdZc bZi cVbZ lZgòdZ`ZcYZc bZi WZeZg`^c\Zc ZZc WZgdZe de YZ KVgi^XêVi^ZlZi* @g ^h hegV`Z kVc ZZc idZcZbZcYZ XdbeaZmîZî kVc YZoZ \gdZe* Sd Wa^_ì gj^b 4,! kVc YZ jî`Zg^c\h\ZgZX]i^\YZc bZi ZZc VgWZ^YhediZci^ZZa kVc /,)4,! \ZZc

hiVgi`lVa^[^XVi^Z iZ ]ZWWZc( 11! ]ZZ[i a^X]VbZa^_`Z YVc lZa ehnX]^hX]Z `aVX]iZc( 0,! ]ZZ[i odg\iV`Zc

(8)

bZi WZigZ``^c\ idi `^cYZgZc Zc gj^b /,! \ZZ[i VVc hX]jaYZc iZ ]ZWWZc* ?VVgcVVhi heZaZc _jhi^i^Z(

kZghaVk^c\( ]djY^c\+\ZYgV\ Zc \ZWgZ``^\Z bdWâîZî dd` kVV` cd\ ZZc \gdiZ gda* ?Z idZaZ^Y^c\ cVVg lZg` Yjjgi YVVgcVVhi kVV` cd\ aVc\Zg Yddg XjbjaVi^Z kVc YZoZ \ZXdchiViZZgYZ WZaZbbZg^c\Zc* ?Z kgVV\ ]^ZgW^_ ^h ]dZ YZoZ WZaZbbZg^c\Zc `jccZc ldgYZc db\ZoZi cVVg ]Zi WZcjiiZc kVc `VchZc db bZchZc lZg`[î iZ bV`Zc Zc lZa`Z ^chigjbZciZc ]^Zgkddg `jccZc ldgYZc ^c\ZoZi* ?î WZiZ`Zci c^Zi YVi VaaZ WZaZbbZg^c\Zc lZ\ bdZiZc ldgYZc \ZcdbZc* CZi \VVi Zgdb YVi YZoZ WZ]ZZghWVVg ldgYZc

\ZbVV`i* ?Z lZg`odZ`ZcYZ aZZgi db\VVc bZi o^_c WZaZbbZg^c\Zc Y^Z WZaZbbZgZcY o^_c kddg lZg`*

JkZg^\Zch ]ZZ[i ]Zi VVceV``Zc kVc WZaZbbZg^c\Zc c^Zi VaaZZc ZZc edhî^Z[ Z[[ZXi de ]Zi lZg`[î bV`Zc kVc jî`Zg^c\h\ZgZX]i^\YZc( bVVg ]ZZ[i ]Zi iZkZch ZZc \jchi^\Z jîlZg`^c\ de VaaZ VcYZgZ aZZ[\ZW^ZYZc Zc aZ^Yi YVVgbZZ idi kZgb^cYZg^c\ kVc bVVihX]VeeZa^_`Z `dhiZc*

Pddg ]Zi VVceV``Zc kVc WZaZbbZg^c\Zc oZiiZc lZ kZghX]^aaZcYZ bZi]dY^Z`Zc Zc ^chigjbZciZc ^c6

DciZch^ZkZ Y^ZchikZgaZc^c\

CZi \dZY Zc Z[[^X^rci odg\YgV\Zc kddg ZZc jî`Zg^c\ Vah kVc\cZi ^h kVc ZhhZci^ZZa WZaVc\ db jî`Zg^c\h\ZgZX]i^\YZc $i^_YZa^_`% kVc ^c`dbZc iZ kddgo^Zc( lVVgYddg YZ jî`Zg^c\h\ZgZX]i^\YZ YZ

`Vch `g^_\i o^_c iVaZci iZ dcieadd^Zc* CZi kZgigZèjci ^h YVi ^ZYZgZZc bZZYdZi cVVg kZgbd\Zc* ?Vi bZZYdZc ^h c^Zi kg^_Wa^_kZcY >ZcigVVa hiVVi YVi Yî bdZi \ZWZjgZc kVcjî YZ Z^\Zc `gVX]i Zc kZgVcilddgYZa^_`]Z^Y kVc bZchZc* Dc YZ jîkdZg^c\ ldgYi \Z`doZc kddg ZZc ^ciZ\gVaZ

$hdX^VVaYdbZ^cWgZYZ% VVceV`*

MZcoZg kdZgi Yî jî kda\Zch YZ [âdhd[^Z kVc YZ db\Z`ZZgYZ idZih( Y^Z lZ \ZWgj^`Zc ^c YZ ^ciZch^ZkZ Y^ZchikZgaZc^c\* ?Z db\Z`ZZgYZ idZih ^h ZZc bVc^Zg kVc lZg`Zc lVVgbZZ egd[Zhh^dcVah ^c ]Zi hdX^VVa YdbZ^c bVVilZg` `jccZc aZkZgZc odcYZg lâaZ`Zjg* ?Z idZih YdZi YVVgbZZ gZX]i VVc YZ

\ZZhi kVc YZ KVgi^X^eVi^ZlZi* =dkZcY^Zc ^h ]Zi kdaaZY^\ ^c a^_c bZi YZ WZYdZa^c\ kVc YZ lZi\ZkZg*

MZcoZg o^Zi ]VcY]Vk^c\ dd` Vah qqc kVc YZ bVVilZg`)^chigjbZciZc ^c YZ DciZch^ZkZ

?^ZchikZgaZc^c\hVVceV`* =^_ DciZch^ZkZ ?^ZchikZgaZc^c\ hiVVi gZhjaiVVi )^c YZ kdgb kVc ZZc WVVc d[

ZZc igV_ZXi cVVg lZg`) kddgde* ?Z dcYZghiZjc^c\ Y^Z ldgYi ^c\ZoZi( ^h Y^ZcZcY VVc Yî YdZa* ?Zc` VVc ZbedlZgbZci)igV^c^c\Zc( aZZglZgèaZ``Zc( iVVaXjghjhhZc( lZg`)egVì^_`VhhZhhbZci(

addc`dhiZchjWh^Y^Z( YZiVX]Zg^c\hbd\Za^_`]ZYZc qc dd` ]Zi kZghigZ``Zc kVc ZZc j^i`Zg^c\* HVVg dd`

]Zi de ZZc ha^bbZ bVc^Zg ^coZiiZc kVc ]VcY]Vk^c\ ^h ]^ZgW^_ ZZc WZaVc\g^_` ^chigjbZci* CVcY]Vk^c\

`Vc cZi ]Zi Yjli_Z o^_c YVi bZchZc ^c WZlZ\^c\ `g^_\i( ^c XdbW^cVi^Z bZi YZ VcYZgZ dcYZghiZjc^c\hb^YYZaZc Y^Z ldgYZc ^c\ZoZi*

=^_ ^ciZch^ZkZ Y^ZchikZgaZc^c\ Zc ]VcY]Vk^c\ ^h ]Zi ]Zg`ZccZc Zc ]Zi VXi^Z[ db\VVc bZi h^\cVaZc(

odVah hîjVi^ZkZgVcYZg^c\Zc W^_ YZ jî`Zg^c\h\ZgZX]i^\YZ XgjX^VVa* Je WVh^h kVc VaaZ h^\cVaZc `Vc MZcoZg bVVilZg` aZkZgZc VVc YZ jî`Zg^c\h\ZgZX]i^\YZ* M^\cVaZc aZ^YZc idi VXi^Zh de ]Zi \ZW^ZY kVc lZg`( ^c`dbZc( odg\ $W^ccZc YZ ad`VaZ \ZW^ZYhiZVbh% Zc ]VcY]Vk^c\* C^ZgYddg ^h MZcoZg WZiZg ^c hiVVi db WZaZbbZg^c\Zc cVVg lZg` lZ\ iZ cZbZc( egdWaZbZc de VcYZgZ iZggZ^cZc odVah odg\ d[

hX]jaYZc iZ dcYZghiZjcZc d[ VVchegVV` de kddga^\\ZcYZ kddgo^Zc^c\Zc iZ dg\Vc^hZgZc* Mdbh `jccZc h^\cVaZc aZ^YZc idi ]Zi WZr^cY^\Zc kVc YZ j^i`Zg^c\*

(9)

'@5>?1 950018 5: 01 6@5>?1 >5?@-?51

CZi ]VcY]Vk^c\h^cigjbZciVg^jb ^h YVVgW^_ lZa egdedgi^dcZZa Zc VVckjaaZcY* J[iZlZa6 lZ eVhhZc ]Zi _j^hiZ b^YYZa W^_ ]Zi _j^hiZ h^\cVVa idZ( deadeZcY ^c olVVgiZ* @c Yjh Vai^_Y \Zg^X]i de ]Zi gZhjaiVVi6 ]VcY]Vk^c\ hiVVi c^Zi de o^X]oZa[( bVVg Y^Zci ]Zi igV_ZXi cVVg lZg` Zc Yjh jîhigddb jî YZ jî`Zg^c\*

?Vi ]VcY]Vk^c\ kZZa WgZYZg ^h YVc [gVjYZWZhig^_Y^c\ kgVV\i db ZZc Va\Z]ZaZ WZljhildgY^c\ W^ccZc YZ dg\Vc^hVi^Z Zc YVVgWj^iZc* ?Z ^ciZ\gVaZ lZg`l^_oZ aZ^Yi idi ]Zi ^coZiiZc kVc ZZc b^m VVc

^chigjbZciZc Y^Z YZ j^i`Zg^c\h\ZgZX]i^\YZ dcYZghiZjci W^_ o^_c odZ`idX]i cVVg lZg`*

+1=?-85:3 4-:04-A5:3>.18150

?Z kZgiVa^c\ kVc Y^i ]VcY]Vk^c\hWZaZ^Y `g^_\i ZZc cVYZgZ j^ilZg`^c\ ^c ZZc ^beaZbZciVi^ZigV_ZXi*

?^i igV_ZXi hiVgi ^c .,-5 Zc addei Yddg ^c .,.,* CZi ^h \Zg^X]i de ]Zi kZgYZg kdgb \ZkZc kVc YZ MZcoZg) bZi]dY^Z`( Y^Z WZhiVVi j^i6

v ]Zi YddgkdZgZc kVc YZ ^ciZch^ZkZ Y^ZchikZgaZc^c\ lZg`l^_oZ MZcoZg)WgZZY* ?Z od\ZcVVbYZ MZcoZg)bZi]dY^Z`* <VcYVX]i kddg6 ]Zi deZc( ]ZaYZg Zc Yj^YZa^_` Xdbbjc^XZgZc( h^\cVaZc Yddg aZ^YZc( qqc Ydhh^Zg\ZYVX]iZ Yddg b^YYZa kVc ZZc ^ciZ\gVaZ WZcVYZg^c\ kVc YZ

j^i`Zg^c\h\ZgZX]i^\YZ( ]Zi ^coZiiZc kVc ZZc b^m VVc ^chigjbZciZc db ZZc od \dZY bd\Za^_`

gZhjaiVVi iZ WZgZ^`Zc kddg YZ j^i`Zg^c\h\ZgZX]i^\YZ*

v Zgkddg odg\YgV\Zc YVi VaaZ bZYZlZg`Zgh j^ikdZg^c\ KVgi^X^eVi^ZlZi W^ccZc ]jc

lZg`kddggVVY ^co^X]i ]ZWWZc ^c ]jc WZhiVcY( lVVgYddg Zg Z[[^X^rciZg \ZlZgì `Vc ldgYZc bZi bZZg VVcYVX]i kddg bVVilZg`* ?Z [dXjh kddg YZ kZgYZgZ Yttgdcil^``Za^c\ a^\i bZi cVbZ ^c jîlZg`^c\ kVc YZ lZg`l^_oZ( lVVgYddg ZZc YgVV^ \ZbVVì `Vc ldgYZc kVc ZZc gZVXi^ZkZ bVc^Zg kVc ]VcY]VkZc cVVg ZZc egdVXi^Z[ Zc VXi^kZgZcYZ bVc^Zg7

v Zgkddg odg\Zc YVi WZhiVcYZc cd\ heZX^[^Z`Zg \Z[^aiZgY ldgYZc Zc YVi VcYZgZ hZaZXi^Zh

\ZbVV`i ldgYZc iZcZ^cYZ YZ Y^ZchikZgaZc^c\ iZ dei^bVa^hZgZc bZi Vah YdZa ]Zi gZVa^hZgZc kVc j^ihigddb* C^ZgW^_ `jccZc lZ YZc`Zc VVc bZchZc bZi hX]jaYZc Zc VaaZZchiVVcYZ djYZgh bZi WZigZ``^c\ idi bd\Za^_`Z Va^bZciVi^Z*

v bZaY^c\Zc kVc j^i`Zg^c\h\ZgZX]i^\YZc de qqc ejci W^ccZc aViZc `dbZc( lVVgYddg ]Zi kddg YZ j^i`Zg^c\h\ZgZX]i^\YZ \ZbV``Za^_`Zg ^h iZ kdaYdZc VVc YZ cVaZk^c\ kVc YZ

^ca^X]i^c\Zcea^X]i Zc h^\cVaZc c^Zi kZgadgZc \VVc7

v ]Zi Xdci^cjZgZc Zc kZghiZg`Zc kVc YZ hVbZclZg`^c\Zc bZi ^ciZgcZ Zc ZmiZgcZ eVgicZgh de VcYZgZ YdbZ^cZc odVah odg\( dcYZgl^_h( VgbdZYZ( hX]jaYZc Zc ldcZc* PddgWZZaYZc ]^ZgkVc o^_c haj^iZcYZ `ZiZc kVc hX]dda cVVg lZg` Zc hVbZclZg`^c\ BBS+MZcoZg+OQP*

F[Q\M^^UZS M]_UWQX .. CI

@Zc VcYZg ^chigjbZci YVi ldgYi ^c\ZoZi db YZ WZaZbbZg^c\Zc o^X]iWVVg iZ bV`Zc Zc VVc iZ eV``Zc(

WZigZ[i ]Zi idZeVhhZc kVc Vgi^`Za 11 KVgi^X^eVi^ZlZi* CZi \VVi db kZgea^X]i^c\Zc Y^Z kVc idZeVhh^c\

o^_c ^c ]Zi ^cY^k^YjZaZ \ZkVa Zc Yjh c^Zi kVc gZX]ihlZ\Z kZgWdcYZc o^_c VVc YZ W^_hiVcY* C^ZgW^_ bdZi MZcoZg VVccZbZa^_` bV`Zc lVVgdb bZc ^c Yî ^cY^k^YjZaZ \ZkVa \ZWgj^` bV\ bV`Zc kVc YZoZ WZkdZ\Y]Z^Y* ?î VaaZh _j^hi WZo^Zc kVcjî YZ db\Z`ZZgYZ idZih bZi Vah jî\Vc\hejci lVi ^ZbVcY cdY^\ ]ZZ[i db oZa[gZYoVVb iZ ldgYZc*

CZi \ZWgj^` bV`Zc kVc YZoZ bd\Za^_`]Z^Y ^h W^_kddgWZZaY VVc YZ dgYZ lVccZZg ^c YZ eZghddc

\ZaZ\Zc WZaZbbZg^c\Zc VgWZ^Yh^chX]V`Za^c\ ^c YZ lZ\ hiVVc( odVah W^_ ehnX]^hX]Z bdZ^a^_`]ZYZc(

DZ>dcXZeiJcYZgcZb^c\heaVc.,., 2

(10)

kZghaVk^c\hegdWaZbZc d[ hX]jaYZcegdWaZbVi^Z`* @Zc VXi^ZkZ( od cdY^\ WZb^YYZaZcYZ dehiZaa^c\ kVc MZcoZg db YZg\Za^_`Z [VXidgZc( Yddg ^chX]V`Za^c\ kVc egd[Zhh^dcZaZ ]jae( lZ\ iZ cZbZc YVc lZa WZ]ZZghWVVg iZ bV`Zc ^h YVc cddYoV`Za^_`* PVcjî kgdZ\ZgZ gZ\Za^c\Zc odVah YZ QMQ Zc QV_dc\ o^_c YZg\Za^_`Z WZaZbbZg^c\Zc ]Zg`ZcWVVg* SZa[h bZi ZZc WZaZbbZg^c\ de bZY^hX]+ehnX]^hX] \ZW^ZY( ^h lZg`Zc bd\Za^_` Zc ]ZZ[i Yî kVV` ZZc edhî^ZkZ Z[[ZXi*

MZcoZg `Vc W^_kddgWZZaY( ^cY^Zc o^_ Y^i cddYoV`Za^_` VX]i kddg ]Zi ]ZghiZa kVc YZ oZa[hiVcY^\Z WZhiVVchkddgo^Zc^c\ kVc YZ lZg`odZ`ZcYZ( VVc YZ W^_hiVcY YZ kZgea^X]i^c\ kZgW^cYZc YVi ]^_ d[ o^_

ZZc bZY^hX]Z WZ]VcYZa^c\ YVc lZa ZZc VcYZgZ kdgb kVc egd[Zhh^dcZaZ ]jaekZgaZc^c\ dcYZg\VVi* ?Z odg\kjaY^\]Z^Y kZg\i lZa YVi MZcoZg( VakdgZch ZZc YZg\Za^_`Z kZgea^X]i^c\ de iZ aZ\\Zc( ]Zi YZh`jcY^\

VYk^Zh ^cl^ci kVc ZZc Vgih* CZi WZigZ[[Zc Yjh bd\Za^_`]ZYZc Y^Z kVc idZeVhh^c\ o^_c ^c ZZc

^cY^k^YjZZa \ZkVa Zc YZg]VakZ \ZWVhZZgY o^_c de bVVilZg`*

@Zc VcYZg kddgWZZaY WZigZ[i YZ bd\Za^_`]Z^Y db ZZc WZ\^c iZ bV`Zc bZi egd[Zhh^dcZaZ hVcZg^c\ kVc hX]jaYZc lVccZZg YZ jî`Zg^c\h\ZgZX]i^\YZ c^Zi ^c hiVVi ^h d[ dclâa^\ ^h db YZ hX]jaYZcaVhi oZa[ VVc iZ eV``Zc* ?VVgW^_ oVa lZa VVccZbZa^_` bdZiZc ldgYZc \ZbVVì YVi YZ hX]jaYZcaVhi ZZc gZraZ WZaZbbZg^c\ kdgbi kddg ]Zi kZg`g^_\Zc kVc WZiVVaYZ VgWZ^Y $jîhigddb% Zc Yjh YZ

W^_hiVcYhdcV[]Vc`Za^_`]Z^Y ^c YZ lZ\ hiVVi*

=^_ ZZc lZg`\ZkZg)lZg`cZbZghgZaVi^Z ^h ]Zi oZa[h lZiiZa^_` \ZgZ\ZaY YVi ZZc VgWZ^Yhdc\ZhX]^ìZ bZYZlZg`Zg Zg oZ^[ Va^Zh VVc YdZi db od hcZa Vah bd\Za^_` VVc YZ h^V\ iZ \VVc* ?î jî\Vc\hejci ^h dd`

kVc idZeVhh^c\ W^ccZc YZ KVgi^X^eVi^ZlZi*

MZcoZg \VVi WZljhiZg Vgi^`Za 11 KVgi^X^eVi^ZlZi kVcj^i YZ db\Z`ZZgYZ idZih idZeVhhZc Zc

]VcY]VkZc( lVccZZg WZaZbbZg^c\Zc cVVg lZg` ldgYZc \ZXdchiViZZgY( Y^Z bVVilZg` WZ]dZkZc* ?Z

`ZjoZ db YZ WZaZbbZg^c\Zc VVc iZ eV``Zc( a^\i kZgkda\Zch W^_ YZ j^i`Zg^c\h\ZgZX]i^\YZ* MZcoZg bdZi Vai^_Y ]ZZa Yj^YZa^_` YZ XdchZfjZci^Zh kVc YZ iZ bV`Zc `ZjoZh kddg YZ j^i`Zg^c\h\ZgZX]i^\YZc ^c WZZaY WgZc\Zc Zc ]^ZgdbigZci ]ZaYZg bZi ]Zc Xdbbjc^XZgZc*

CZi idZeVhhZc kVc WdkZc\ZcdZbYZ ^chigjbZciZc YgVV\i W^_ VVc ZZc YVa^c\ de ]Zi j^i`Zg^c\hWZhiVcY*

*', EMYQZbQ]WUZS UZ PQ WQ_QZ

Jb YZ WZaZbbZg^c\Zc dd` YVVYlZg`Za^_` VVc iZ `jccZc eV``Zc( ^h ]Zi i^_Y kddg YZ Yttgdcil^``Za^c\

kVc ]Zi hdX^VVa YdbZ^c \Zg^X]i de qX]iZ hVbZclZg`^c\ ijhhZc VaaZ `ZiZceVgicZgh* ?Z \ZYVX]iZ ^h YVi lZ Yddg idZeVhh^c\ kVc Z[[ZXi^ZkZ `ZiZchVbZclZg`^c\ c^Zi VaaZZc jîhigddb jî YZ jî`Zg^c\ `jccZc

\ZcZgZgZc Zc `dhiZc `jccZc WZheVgZc( bVVg \Za^_`i^_Y^\ YZ egZhiVi^Zh de YZ Y^bZch^Zh i^_Y Zc

`lVa^iZ^i ^c ]Zi hdX^VaZ YdbZ^c VVco^Zca^_` `jccZc kZg]d\Zc* CZi \VVi W^_ `ZiZchVbZclZg`^c\ db ]Zi

^cZZchaVVc kVc ]VcYZc Zc ]Zi Zg`ZccZc kVc ]Zi \ZbZZchX]VeeZa^_` WZaVc\*

?Z hVbZclZg`^c\ bZi Y^kZghZ $ad`VaZ% `ZiZceVgicZgh Zc YZ VcYZgZ Y^hXêa^cZh W^ccZc ]Zi hdX^VVa YdbZ^c ^h Yjh kVc \gddi WZaVc\( db YZ jî`Zg^c\h\ZgZX]i^\YZc YZ _j^hiZ Y^ZchikZgaZc^c\ iZ `jccZc W^ZYZc( odYVi jîhigddb jî YZ jî`Zg^c\ `Vc ldgYZc WZkdgYZgY* ?Z ZmeZgi^hZ kVc YZ WZigd``Zc eVgi^_Zc hiVVi ]^ZgW^_ XZcigVVa* Jd` kddg YZ YdZa\gdZe bZi ZZc addclVVgYZ ijhhZc /,! Zc 4,! ^h YZoZ hVbZclZg`^c\ ZhhZci^ZZa* ?ZoZ YdZa\gdZe ]ZZ[i( odVah ]^ZgWdkZc Va ^h VVc\Z\ZkZc( kZZa WZaZbbZg^c\Zc de kZghX]âaZcYZ $aZZ[%\ZW^ZYZc* =^ccZc YZoZ hVbZclZg`^c\ ^h de ZZc VVciVa ejciZc

(11)

VVcYVX]i cdY^\ db YZoZ cd\ kZgYZg iZ dei^bVa^hZgZc* C^ZgW^_ \ZkZc YZ \ZbZZciZc VVc YVi W^ccZc YZoZ hVbZclZg`^c\ lZg` $^cY^Zc bd\Za^_`% kddgde bdZi hiVVc Zc YVi MZcoZg ]Zi VVchegZZ`ejci ^h lVccZZg Zg bd\Za^_`]ZYZc idi lZg` o^_c* C^ZgW^_ ldgYZc j^iZgVVgY dd` YZ Z[[ZXiZc de YZ VcYZgZ hdX^VaZ YdbZ^cZc WZigd``Zc Zc bZZ\Zld\Zc*

GU_PMSUZSQZ PQXQZ O[ZRXUO_Q]QZPQ [\P]MOT_QZ

N^_YZch YZ \ZhegZ``Zc bZi YZ `ZiZceVgicZgh bdZi Yj^YZa^_`]Z^Y o^_c dkZg ^ZYZgh

kZgVcilddgYZa^_`]ZYZc Zc j^iYV\^c\Zc( lVVg YZoZ Za`VVg dkZgaVeeZc Zc lVVg Yjh `VchZc kddg hVbZclZg`^c\ a^\\Zc*

?î `Vc de ]Zi \ZW^ZY kVc W^_kddgWZZaY eVgi^XêVi^Z kVc hiVijh]djYZgh bVVg dd` Vah ]Zi \VVi db YZ de) Zc cZZghigddb kVc ZZc jî`Zg^c\h\ZgZX]i^\YZ ijhhZc odg\ $Qbd .,-1% Zc VgWZ^Y

$KVgi^X^eVi^ZlZi%*

@a`Z `ZiZceVgicZg ]ZZ[i ZZc Z^\Zc deYgVX]i* Dc YZ egVì^_` `Vc Yî aZ^YZc idi iZ\Zc\ZhiZaYZ WZaVc\Zc Zc Xdc[a^XiZgZcYZ jîkdZg^c\* ?ddg YZ YZZacZbZgh kVc YZ cV_VVghXdc[ZgZci^Z ^c hZeiZbWZg .,-4(

lVVg YZ ^ceji kddg ]Zi WZaZ^Y ^c .,., ^h de\Z]VVaY( ^h dcYZghigZZei YVi j^ihigddb cVVg lZg` YZ WZhiZ hdX^VaZ kddgo^Zc^c\ kddg bZchZc ^h* QZg` ^h ]Zi ka^Z\l^Za cVVg ZZc od bVm^bVVa bd\Za^_` oZa[gZYoVVb WZhiVVc* @Zc ^ciZ\gVaZ deYgVX]i Zc k^h^Z ^coV`Z eVgi^X^eVi^Z kVc ^cldcZgh( lVVgW^_ lZg` ]Zi

j^i\Vc\hejci ^h( ^h ZhhZci^ZZa*

MZcoZg odZì YVVgdb cd\ bZZg ]Zi \ZhegZ` Zc YZ hVbZclZg`^c\ bZi YZ Y^kZghZ `ZiZceVgicZgh de db \ZoVbZca^_` iZ `dbZc idi ZZc ^ciZ\gVaZ deYgVX]i( ZZc \ZYZZaYZ k^h^Z Zc ZZc hajîZcYZ VVceV` ^c YZ `ZiZc( Yddg ]^ZgdkZg bZi ]Zc ^c .,-5 XdcXgZiZ V[hegV`Zc iZ bV`Zc* C^Zg^c ^h ^ZYZgh gda Zc kZgVcilddgYZa^_`]Z^Y Yj^YZa^_` odYVi VaaZ WZigd``Zc eVgi^_Zc ^c .,., eg^dgîZî `jccZc \ZkZc VVc ]Zi dei^bVVa WZcjiiZc kVc VgWZ^YhediZci^ZZa Zc ]Zi oZa[gZYoVVb bV`Zc kVc bZchZc* ?Z \ZbVVìZ V[hegV`Zc ojaaZc ldgYZc kZglZgì ^c ZZc hVbZclZg`^c\hXdckZcVci bZi WZigZ[[ZcYZ eVgicZgh*

-*0 KZgheZXi^Z[delZg`

CZi \VVi \dZY bZi YZ ZXdcdb^Z ^c IZYZgaVcY* Dc YZ VgWZ^YhbVg`igZ\^d CZabdcY)YZ KZZa oZa[h cd\

WZiZg YVc aVcYZa^_` \Zo^Zc* HVVg YZoZ \gdZ^ ]ZZ[i dd` ZZc `ZZgo^_YZ* CZi VVciVa bdZâ^_` kZgkjaWVgZ kVXVijgZh ^h ^c ]Zi aVVihiZ _VVg Zcdgb idZ\ZcdbZc* Dc idZcZbZcYZ bViZ bZg`Zc WZYg^_kZc YVi ]Zi bdZâ^_`Zg ldgYi db YZ \dZYZ bViX] iZ k^cYZc de YZ VgWZ^YhbVgì* PZghX]âaZcYZ hZXidgZc ]ZWWZc Va YZ cddYàd` \Zaj^Y* MiZZYh bZZg lZg`\ZkZgh ZgkVgZc $egdYjXi^Z%WZaZbbZg^c\Zc Yddg ]Zi dciWgZ`Zc kVc kdaYdZcYZ \ZhX]^ì eZghdcZZa*

JcYVc`h Y^i iZ`dgi VVc eZghdcZZa hiVVi ZZc \gdiZ \gdZe lZg`odZ`ZcYZc cd\ iZ aVc\ VVc YZ `Vci*

?ZoZ \gdZe eVhi dckdaYdZcYZ ^c ]Zi [jcXi^Zegd[^Za kVc ]Zi ]j^Y^\Z kVXVijgZVVcWdY dbYVi YZ VgWZ^YhbVg`i hiZZYh ]d\ZgZ Z^hZc hiZai* HVVg dd` YZoZ \gdZe `Vc lVccZZg oZ YZ `Vch `g^_\i(

W^_YgV\Zc VVc bVVihX]VeeZa^_`Z Zc ZXdcdb^hX]Z \gdZ^* QZa kZg\i YZoZ \gdZe ZZc ZmigV ^cheVcc^c\

db Wa^_kZcY $lZZg% VVc ]Zi lZg` iZ `dbZc*

EMYQZbQ]WUZS YQ_ bQ]WSQaQ]^

MZcoZg lZg`i de Y^i bdbZci Va hVbZc bZi Y^kZghZ lZg`\ZkZgh db VgWZ^Yh`VchZc iZ gZVa^hZgZc kddg YZoZ YdZa\gdZe lVVgW^_ dd` cVYgj``Za^_` ldgYi \Z`Z`Zc cVVg YZ WZ]dZ[iZ kVc YZ lZg`cZbZg Zc YZ YjjgoVVb]Z^Y kVc YZ bViX]*

v MZcoZg ]Zaei lZg`\ZkZgh bZi ]Zi ]Zg^cg^X]iZc kVc lZg`egdXZhhZc Zc ]Zi VVceVhhZc kVc WZhiVVcYZ [jcXi^Zh $_dWXVgk^c\% d[ bZi ]Zi XgZrgZc kVc c^ZjlZ [jcXi^Zh $[jcXi^ZXgZVi^Z% odYVi

DZ>dcXZeiJcYZgcZb^c\heaVc.,., 4

(12)

YZoZ \dZY bViX]Zc bZi YZ YdZa\gdZe* ?ddg ]Zi lZg` VcYZgh iZ dg\Vc^hZgZc dcihiVVc Zg kddg YZ lZg`\ZkZg Zc lZg`cZbZg c^ZjlZ bd\Za^_`]ZYZc Zc `VchZc* MZcoZg kZglVX]i YVi Yddg YZ ]j^Y^\Z

`gVeiZ de YZ VgWZ^YhbVg`i YZ kgVV\ cVVg YZoZ dcYZgodZ`Zc oVa idZcZbZc Zc kZglVX]i YZoZ dcYZgodZ`Zc YZ `dbZcYZ _VgZc Yjh dd` de \gdiZgZ hX]VVa W^_ lZg`\ZkZgh iZ \VVc kZgg^X]iZc*

v MZcoZg oZi ^ccdkVi^ZkZ iZX]c^Z`Zc ^c odYVi lZg`cZbZgh bZi ZZc V[hiVcY idi YZ VgWZ^YhbVg`i VVc YZ haV\ `jccZc de ZZc $gZ\ja^ZgZ% lZg`eaZ`* ?ZoZ eaVVih^c\Zc odjYZc odcYZg YZoZ ^ccdkVi^ZkZ iZX]c^Z`Zc c^Zi bd\Za^_` o^_c* ?Z ^coZi kVc YZoZ iZX]c^Z`Zc odg\i kddg ZZc aV\ZgZ

WZ\ZaZ^Y^c\hWZ]dZ[iZ Zc ZZc WZiZgZ bViX] ijhhZc lZg`cZbZg Zc [jcXi^Z( lVVgYddg YZ addclVVgYZ ]d\Zg ^h Zc YZ eaVVih^c\ YjjgoVVb* Je Y^i bdbZci oZi MZcoZg YZoZ c^ZjlZ

iZX]cdad\^Z( ^c YZ kdgb kVc JeZgVidg Mjeedgi MnhiZbZc Zc >dWdihnhiZbZ( cd\ kddgcVbZa^_` ^c W^_

?dgZa* Dc .,-5 Zc .,., lâ MZcoZg Yî jîWgZ^YZc cVVg VcYZgZ lZg`\ZkZgh Zc WgVcX]Zh db od ZmigV Zc c^ZjlZ lZgèaZ``Zc kddg YZ YdZa\gdZe iZ gZVa^hZgZc* PZgYZg kda\i MZcoZg YZ ZmeZg^bZciZc bZi Zmdh`ZaZiiZc* QVccZZg YZoZ kdaYdZcYZ o^_c Yddgdcil^``ZaY lâ MZcoZg YZoZ dd` ^c \VVc oZiiZc*

v MZcoZg kddgo^Zi ^c ZZc _dWXdVX] lVccZZg YZ lZg`\ZkZg oZa[ dckdaYdZcYZ WZ\ZaZ^Y^c\ `Vc W^ZYZc*

?ZoZ _dWXdVX] ^h kVV` ZZc i^_YZa^_`Z deadhh^c\* Oî ^ciZgcVi^dcVVa dcYZgodZ` Wa^_ì YVi ]Zi kddg YZ gZaVi^Z ijhhZc lZg`\ZkZg Zc lZg`cZbZg Zc kddg YZ YjjgoVVb]Z^Y kVc YZ eaVVih^c\ WZaVc\g^_` ^h db YZ lZg`\ZkZg oZa[ iZ igV^cZc ^c ]Zi WZ\ZaZ^YZc kVc lZg`cZbZgh bZi ZZc V[hiVcY idi YZ VgWZ^YhbVgì* BdZYZ WZ\ZaZ^Y^c\ kgVV\i heZX^[^Z`Z `Zcc^h dkZg YZ egdWaZbVi^Z` kVc `lZihWVgZ lZg`cZbZgh Zc `Zcc^h dkZg lZg`VVceVhh^c\Zc Y^Z VVchajîZc de YZ WZ]dZ[iZc kVc YZ

lZg`cZbZgh* MZcoZg \VVi Z^\Zc lZg`aZ^YZgh Zc _dWXdVX]Zh igV^cZc ^c ]Zi egd\gVbbV

#HZcidgl^_h#* HZcidgl^_h ^h ZZc Yddg NIJ lZiZchX]VeeZa^_` dcYZgWdjlYZ igV^c^c\ Y^Z WZYdZaY ^h kddg aZ^Y^c\\ZkZcYZc W^ccZc gZ\ja^ZgZ dg\Vc^hVi^Zh* N^_YZch YZoZ igV^c^c\ ldgYZc heZX^[^Z`Z

`Zcc^h( ]djY^c\ Zc kVVgY^\]ZYZc VVc\ZaZZgY kddg YZ YV\Za^_`hZ WZ\ZaZ^Y^c\ Zc XdVX]^c\ kVc bZYZlZg`Zgh bZi ZZc V[hiVcY idi YZ VgWZ^YhbVg`i* ?Z _dWXdVX]Zh ojaaZc ]Zi igV^c YZ igV^cZg egd\gVbbV kda\Zc odYVi oZ kZgkda\Zch gZ\ja^ZgZ lZg`\ZkZgh `jccZc igV^cZc ^c YZoZ bZi]dY^Z`*

?Z kZglVX]i^c\ ^h YVi YZ lZg`\ZkZg Zc lZg`cZbZg ]^ZgYddg b^cYZg kVV` ZZc WZgdZe ]dZkZc iZ YdZc de YZ _dWXdVX] Zc ZkZcijZaZ `cZaejciZc hVbZc de `jccZc adhhZc* ?Z bZi]dYZ

#HZcidgl^_h# oVa eZg^dY^Z` ldgYZc \ZrkVajZZgY( odYVi Yttgdcil^``Za^c\ \ZWdg\Y ^h*

HZi WdkZc\ZcdZbYZ VXi^Zh ldgYZc YZ lZg`\ZkZgh odkZZa bd\Za^_` dciodg\Y Zc bVV`i MZcoZg ]Zi kddg lZg`\ZkZgh bd\Za^_` db ZZc c^ZjlZ VgWZ^YhedejaVi^Z VVc iZ hegZ`Zc*

=gZZY d[[Zch^Z[

Jd` ]Zi L^_` o^Zi kZgWZiZgbd\Za^_`]ZYZc Zc ]ZZ[i ZZc WgZZY d[[Zch^Z[ VVc\Z`dcY^\Y db YZ VgWZ^YhbVgìedhî^Z kVc `lZihWVgZ \gdZeZc iZ kZghiZg`Zc* ?Z XZcigVaZ WZaZ^Yh^coZi Wa^_[i YVi bZZg bZchZc bZi ZZc WZeZg`^c\ VVc ]Zi lZg` `dbZc Zc Wa^_kZc* @g o^_c k^Zg ^_èjciZc \Z[dgbjaZZgY6

-* @ZckdjY^\Zg kddg lZg`\ZkZgh Zc lZg`odZ`ZcYZc7

.* QZg`Zc VVcigZ``Za^_`Zg bV`Zc kddg bZchZc bZi WZeZg`^c\Zc7

/* QZg`\ZkZgh Zc lZg`odZ`ZcYZc bdZiZc Za`VVg bV``Za^_`Zg `jccZc k^cYZc7 0* CZi W^_YgV\Zc VVc YjjgoVVb lZg`*

Dc YZ Wg^Z[ WZcdZbi YZ hiVVihhZXgZiVg^h dd` ZZc \gddi VVciVa VXi^Zh W^_ YZ ^_`ejciZc* PddgWZZaYZc ]^ZgkVc o^_c6 kZgZZckdjY^\^c\ addc`dhiZchjWh^Y^Z $qqc aVcYZa^_`Z bZi]dY^Z` bZi

`lVa^iZ^ihhiVcYVVgY%( dcYZghiZjc^c\ de bVVi $_dWXdVX]^c\ Vah bVVilZg`kddgo^Zc^c\%( ]Zi lZ\cZbZc

(13)

kVc `cZaejciZc kVc YZ cd)g^h`eda^h+o^Z`iZbZaY^c\( kZg`Zcc^c\ VVceVhh^c\ [^cVcX^Zg^c\hhnhiZbVi^Z`

GFM( kZgZZckdjY^\^c\ kVc WVcZcV[hegVV` Zc fjdijb( WZaZbbZg^c\Zc lZ\cZbZc db kVcjî YZ QV_dc\ iZ \VVc lZg`Zc( h^beZa hlîX]Zc ^c YZ eVgi^XêVi^Z`ZiZc( ZmigV ^bejah eZgheZXi^Z[ de lZg` Zc kddg ]Zi XgZrgZc kVc WVVc`VchZc kddg _dc\ZgZc jî ]Zi PMJ+Kgd)dcYZglÊh* ?Z bZZhiZ VXi^Zh hiVgiZc

^c .,-5( db ^c .,., jî\ZkdZgY iZ `jccZc ldgYZc* =^_ hdbb^\Z ^_èjciZc Zc VXi^Zh o^_c YZ [^cVcX^raZ XdchZfjZci^Zh cd\ dcYj^YZa^_`* SdYgV ]Zi b^c^hiZg^Z kVc MdX^VaZ SV`Zc Zc QZg`\ZaZ\Zc]Z^Y ]^Zg bZZg Yj^YZa^_`]Z^Y dkZg \ZZ[i oVa Yî ldgYZc kZglZgì ^c ]Zi dcYZgcZb^c\heaVc*

Pddg ]Zi ^cî^Vi^Z[ #KZgheZXi^Z[ de lZg`# ^h lZa Va Yj^YZa^_` YVi Yî ldgYi dcYZghiZjcY bZi z 3, bâ_dZc* >dcXgZZi ^h Zg z - bâ_dZc eZg VgWZ^YhbVgìgZ\^d WZhX]^`WVVg ^c .,-5 Zc W^_ \dZYZ kddgi\Vc\

dd` z - bâ_dZc ^c .,.,* PddglVVgYZ kddg ]Zi jî`ZgZc kVc YZoZ b^YYZaZc ^h ZZc Yddg YZ hiVVihhZXgZiVg^h kVc MSQ \dZY\Z`ZjgY VXi^ZeaVc ?î VXi^ZeaVc ldgYi \ZoVbZca^_` de\ZhiZaY Yddg

\ZbZZciZc( lZg`\ZkZgh( MZcoZg( OQP( dcYZgl^_hkZaY Zc kV`WdcYZc* Jd` Xa^rcidg\Vc^hVi^Zh ldgYZc ]^ZgW^_ WZigd``Zc* ?Z VgWZ^YhbVg`igZ\^d bdZi hVbZc ZZc #YdZ)V\ZcYV# [dgbjaZgZc lVVgbZZ bZZg bZchZc VVc ]Zi lZg` ldgYZc \Z]daeZc*

*'. 7MXUZS 5G<:&YUPPQXQZ

MZcoZg ^h b^YYZah YZ hZeiZbWZgX^gXjaV^gZ .,-4 \ZXdc[gdciZZgY bZi ZZc hjWhiVci^raZ YVa^c\ kVc YZ

=ODB)b^YYZaZc kddg YZ _VgZc .,-5 Zc kZgYZg* ?^i ]ZZ[i o^_c Z[[ZXi de ]Zi idZ`dbhi^\Z $[^cVcX^ZZa%

WZaZ^Y kVc MZcoZg qc YZ oZkZc \ZbZZciZc W^ccZc YZ VgWZ^YhbVgìgZ\^d CZabdcY)YZ KZZa* CZi WZhajî ^h \ZcdbZc YVi MZcoZg YZ iZ`dgiZc dkZg .,-5 \Z]ZZa YZì jî ]VVg gZhZgkZh* Jd` kddg .,., ldgYi Va gZ`Zc^c\ \Z]djYZc bZi ZZc dciigZ``^c\ kVc z -*50.*,,,* JcYVc`h YZoZ dciigZ``^c\Zc Wa^_kZc Zg YZ `dbZcYZ _VgZc iZ`dgiZc WZhiVVc*

HZi YZ \ZbZZciZc ^h \ZYZZaY YVi ]Zi cVhigZkZc kVc YZ iVV`hiZaa^c\ WZhX]ji lZg` ZZc cZ\Vi^Z[

gZhjaiVVi `Zci* ?Z `dhiZc kddg ]Zi gZVa^hZgZc kVc ZZc WZhX]jiiZ lZg`eaZ` a^\\Zc VVco^Zca^_` ]d\Zg YVc YZ b^YYZaZc Y^Z ]Zi L^_` ]^Zgkddg WZhX]^`WVVg hiZai* QVccZZg ]Zi gZVa^hZgZc kVc YZ iVV`hiZaa^c\

]Zi jî\Vc\hejci ^h( ^h Zg VVckjaaZcYZ higjXijgZaZ [^cVcX^Zg^c\ WZcdY^\Y* ?Z \ZbZZciZc Zc MZcoZg ]ZWWZc YVVgdb YZ `ZjoZ \ZbVVì db kddgVahcd\ Zc`Za WZhX]ji lZg` VYk^ZoZc VVc iZ kgV\Zc kVcjî YZ kgVV\ kVc lZgòdZ`ZcYZc d[ lVccZZg YZ hîjVi^Z ]^Zgdb kgVV\i Zc Yjh jî iZ \VVc kVc YZ

WZ]dZ[iZ*

Je Y^i bdbZci aVVi ]Zi H^c^hiZg^Z kVc MSQ ZZc dcYZgodZ` j^ikdZgZc cVVg WZhX]ji lZg`* Je WVh^h ]^ZgkVc `jccZc YZ \ZbZZciZc Zc MZcoZg ]Zi \Z`doZc WZaZ^Y gdcYdb WZhX]ji lZg` dec^Zjl WZo^Zc*

HZi YZ \ZbZZciZc ^h YZ V[\ZadeZc eZg^dYZ dd` \Zhegd`Zc dkZg YZ bd\Za^_`]ZYZc idi ]Zi dkZg]ZkZaZc kVc ]Zi ad`VVa eVgi^X^eVi^ZWjY\Zi cVVg MZcoZg* =^_ YZ kdgb^c\ kVc ]Zi lZg`WZYg^_[ ^c .,-2 ^h WZhadiZc YVi ZZc eZgXZciV\Z kVc ]Zi Yddg ]Zi L^_` WZhX]^`WVVg \ZhiZaYZ eVgi^X^eVi^ZWjY\Zi

$`aVhh^Z` QQ= Zc c^ZjlZ YdZa\gdZeZc% W^_ YZ oZkZc \ZbZZciZc ^c YZ VgWZ^YhbVg`igZ\^d CZabdcY) YZ KZZa WaZZ[*

BZo^Zc YZ ]j^Y^\Z [^cVcX^raZ j^iYV\^c\ ^h dd` YZ bd\Za^_`]Z^Y kVc ]Zi c^Zi bZZg ^coZiiZc kVc b^YYZaZc kddg YZ PMJ+Kgd YdZa\gdZe VVc YZ dgYZ \ZlZZhi*

JbYVi MZcoZg idi cj idZ edhî^ZkZ gZhjaiViZc gZVa^hZZgYZ( ^h ^c ]Zi kZgaZYZc ]Zi WZhajî \ZcdbZc db ZmigV [^cVcX^raZ b^YYZaZc kVcjî YZ Z^\Zc ZmeadîVi^Z ^c iZ oZiiZc kddg YZ YdZa\gdZe PMJ+Kgd

hX]ddakZgaViZgh* ?î dcYVc`h ]Zi [Zî YVi o^_ c^Zi)jî`Zg^c\h\ZgZX]i^\YZc $cj\\Zgh% o^_c Zc MZcoZg kddg

DZ>dcXZeiJcYZgcZb^c\heaVc.,., -,

(14)

YZoZ \gdZe dckdaYdZcYZ idi \ZZc [^cVcX^Zg^c\ `g^_\i kVcj^i ]Zi L^_`* C^Zg ^h YZhi^_Yh kddg \Z`doZc dbYVi ]Zi kddg YZoZ \gdZe hX]ddakZgaViZgh kVc Zcdgb \gddi bVVihX]VeeZa^_` WZaVc\ ^h YVi cV ]jc hX]ddaeZg^dYZ YZ lZ\ cVVg lZg` Y^gZXi VVchaj^i*

O^i YZ \ZhegZ``Zc ^h \ZWaZ`Zc YVi kddg dkZg]ZkZa^c\ kVc ]Zi ad`VVa eVgi^X^eVi^ZWjY\Zi Zc ]Zi hideeZc bZi Y^ZchikZgaZc^c\ kddg PMJ+Kgd dckdaYdZcYZ idi \ZZc YgVV\kaV` VVclZo^\ ^h*

<aaZ gVVYhXdbb^hh^Zh ]ZWWZc o^X] jcVc^Zb jî\Zhegd`Zc db YZ Y^ZchikZgaZc^c\ VVc YZ PMJ+Kgd YdZa\gdZe ^c hiVcY iZ ]djYZc* C^ZgW^_ \ZkZc oZ VVc YVi ]Zi ZZc `lZihWVgZ YdZa\gdZe WZigZ[i Zc YVi de YZoZ YdZa\gdZe VWhdajji c^Zi WZoj^c^\Y bV\ ldgYZc* ?ddg lZg` iZ aViZc VVchajîZc de YZ hX]ddaeZg^dYZ ldgYi idZ`dbhi^\Z ^chigddb ^c YZ jî`Zg^c\ iZ\Zc\Z\VVc qc dd` ]Zi Va\ZbZZc bVVihX]VeeZa^_` WZaVc\ \ZY^ZcY* QZgàddh i]j^hoîiZc WZiZ`Zci kddg YZoZ _dc\ZgZc YVi YZ `Vch de ]Zi V[\a^_YZc cVVg dclZchZa^_`Z VXi^kîZîZc de YZ adZg a^\i( Y^Z kVV` \ZeVVgY \VVc bZi kZZa

bVVihX]VeeZa^_`Z $^bbViZg^raZ% hX]VYZ Zc `dhiZc*

SdVah ZZgYZg VVc\Z\ZkZc ^c Y^i XdcXZei dcYZgcZb^c\heaVc o^Zi MZcoZg YZ \ZcdZbYZ bVVigZ\ZaZc Yjh c^Zi aVc\Zg Vah bd\Za^_`Z deadhh^c\Zc kddg ]Zi iZ`dgi* ?VVgbZZ ]VcY]VkZc lZ YZ [^cVcX^raZ V[hegV`Zc Y^Z o^_c \ZbVV`i W^_ YZ kdgb^c\ kVc ]Zi QZg`WZYg^_[* @X]iZg ]ZWWZc YZoZ `ZjoZh lZa idi

\Zkda\ YVi YZ [^cVcX^raZ egdWaZbVi^Z` cd\ hiZZYh kVc idZeVhh^c\ ^h Zc db ZZc deadhh^c\ kgVV\i*

F[Q\M^^QZ UZPQcQ]UZS NUVP]MSQ MXSQYQZQ YUPPQXQZ

CZi L^_` hiZai k^V YZ Va\ZbZcZ b^YYZaZc \ZaYZc WZhX]^`WVVg kddg YZ j^ikdZg^c\ kVc YZ

KVgi^XêVi^ZlZi* =^_ YZ kdgb^c\ kVc ]Zi QZg`WZYg^_[ ^h kVhi\ZaZ\Y YVi YZ \ZbZZciZc ZZc W^_YgV\Z jî YZoZ Va\ZbZcZ b^YYZaZc WZiVaZc VVc MZcoZg iZg YZ``^c\ kVc YZ XVeVXîZîh`dhiZc kddg YZ jîkdZg^c\

kVc YZoZ lZiiZa^_`Z iV`Zc $Vgi^`Za // a^Y 1 dcYZg W kVc YZ \ZbZZchX]VeeZa^_`Z gZ\Za^c\ QZg`WZYg^_[

<iaVci YZ KZZa%* ?Z WZcdY^\YZ XVeVXîZî ^h \Z`deeZaY VVc ]Zi VVciVa jî`Zg^c\hYdhh^Zgh* =^_ ZZc V[l^_`^c\ kVc 1! d[ bZZg iZc deo^X]iZ kVc ]Zi kVhi\ZhiZaYZ eZâVVciVa Ydhh^Zgh ldgYi YZ W^_YgV\Z bZi 1! VVc\ZeVhi* PVcV[ .,-5 ^h ]^ZgkVc hegV`Z Zc ^h YZ W^_YgV\Z ^c YZ WZ\gdi^c\ bZi 1! kZgb^cYZgY*

Mi^_\^c\Zc kVc addc`dhiZc o^_c ZZc ZaZbZci ^c YZ VXXgZh hnhiZbVi^Z` Y^Z ]Zi L^_` ]VciZZgi db YZ j^i`Zg^c\ j^i ]Zi \ZbZZciZ[dcYh VVc YZ \ZbZZciZc iZ WZeVaZc*

MZcoZg ]ZZ[i idi cj idZ cdd^i ZZc ^cYZmZg^c\ bZi WZigZ``^c\ idi YZ W^_YgV\Z Va\ZbZcZ b^YYZaZc

\ZbZZciZc $jîkdZg^c\h`dhiZc% dcikVc\Zc* BZo^Zc ]Zi [Zî YVi MZcoZg idi de ]ZYZc edhî^ZkZ gZhjaiViZc ]ZZ[i WZ]VVaY( lVh ]Zi dd` c^Zi cdY^\ db YZoZ ^cYZmZg^c\ iZ Z[[ZXijZgZc* CZi c^Zi

^cYZmZgZc kVc kddgcdZbYZ b^YYZaZc YgVV\i cj ZX]iZg W^_ VVc ZZc cZ\Vi^Z[ gZhjaiVVi*

MZcoZg ldgYi ^bbZgh _VVga^_`h \ZXdc[gdciZZgY bZi YZ Z[[ZXiZc kVc kZg]d\^c\Zc kVc YZ XVd adcZc Zc YZ VahbVVg hi^_\ZcYZ $eZch^dZc%egZb^Zh* Dcb^YYZah o^_c kVcV[ -)-).,-2 idi Zc bZi .,-5 YZ

addc`dhiZc kVc YZ WZ\ZaZ^Y^c\hdg\Vc^hVi^Z de WVh^h kVc XVd kZg]d\^c\Zc \ZhiZ\Zc bZi 5(04!* BZo^Zc YZ WZ]VVaYZ gZhjaiViZc dkZg Y^Z eZg^dYZ ldgYi YZoZ ^cYZm c^Zi bZi iZgj\lZg`ZcYZ `gVX]i idZ\ZeVhi*

BZo^Zc YZ ]j^Y^\Z [^cVcX^raZ h^ijVi^Z ^h ]Zi ad\^hX] YVi YZoZ ^cYZmZg^c\ bZi ^c\Vc\ kVc .,., lZa ldgYi idZ\ZeVhi* PVcYVVg YVi YZoZ kVcV[ .,., kddg .(1! eZg _VVg ^h de\ZcdbZc ^c YZ WZ\gdi^c\ Zc bZZg_VgZcgVb^c\ kVc MZcoZg* JcYZghiVVcYZ iVWZa aVVi YZ WZgZ`Zc^c\ kVc YZoZ ^cYZmZg^c\ o^Zc*

(15)

BY^OT]UVaUZS +)+) $"$# +)++ +)+,

*'F[Q\M^^QZ_]M\MR. %UZPQcQ]UZS^_M]_QZaMZMR+)+)YQ_+%.2/\Q]=MM]

WVh^hW^_YgV\ZVa\ZbZcZb^YYZaZc\ZbZZciZc -2*,-0*-15 -2*,-0*-15 -2*,-0*-15 -2*,-0*-15

^cYZm><J .(1! .(1! .(1! .(1!

^cYZm><J$XjbjaVi^Z[% .(1! 1(-! 3(3! -,(0!

^cYZmWZYgV\><J 0,,*/10 4-,*3-3 -*./-*//5 -*22.*032

NQP]MSSQfZPQcQQ]P */'-*-'.*, */'1+-'10/ *0'+-.'-21 *0'/0/'/,.

5Qd`UZUSUZS QUSQZ NQP]UVR^a[Q]UZS EQZdQ]

MZcoZg ]ZZ[i iZc VVco^Zc kVc YZ VVc\Z`dcY^\YZ WZoj^c^\^c\Zc dd` ]VVg Z^\Zc dg\Vc^hVi^Z dcYZg YZ adZe \ZcdbZc* Dc YZ YZ[^c^i^ZkZ WZ\gdi^c\ .,-5 ]ZZ[i MZcoZg gZZYh ZZc kZgaV\^c\ kVc ]Zi VVciVa [iZ VahbZYZ ZZc kZgaV\^c\ kVc YZ dkZg^\Z `dhiZc de\ZcdbZc*

HZi YZ gZYjXi^Z kVc ]Zi VVciVa [iZ kVc /53(,0 jai^bd .,-4 cVVg WZ\gddi /15(0, ^c .,..( o^_cYZ ZZc kZgaV\^c\ kVc /3(20 [iZ $5(-!% ^c YZ WZ\ZaZ^Y^c\hdg\Vc^hVi^Z WgZZY( ^h MZcoZg cd\ ^c hiVVi db ^ckjaa^c\

iZ \ZkZc VVc YZ deYgVX]i Y^Z W^_ YZ kdgb^c\ kVc YZ lZg`WZYg^_[ ^h de\ZYgV\Zc* MZcoZg WZlZg`hiZaa^\i Y^i dcYZg bZZg Yddg ZZc kZgYZgZ dei^bVa^hZg^c\ kVc YZ WZYg^_[hkdZg^c\( VahbZYZ ]Zi YddgkdZgZc kVc kZgYZgZ VjidbVi^hZg^c\ Zc Y^\^iVa^hZg^c\*

MZcoZg ^h dkZg^\Zch kVc bZc^c\ YVi bZi YZ kddg\ZhiZaYZ kZgaV\^c\ kVc [iZ YZ WdYZb ^h WZgZ^`i*

PZgYZgZ gZYjXi^Z oVa ]Zi ]Vgi kVc YZ Y^ZchikZgaZc^c\ gV`Zc Zc oVa bdZiZc aZ^YZc idi ]Zi bV`Zc kVc

`ZjoZh bZi WZigZ``^c\ idi YZ ]j^Y^\Z Y^ZchikZgaZc^c\*

JkZg^\Zch ldgYi YZ WZheVg^c\ de YZ addc`dhiZc kddg ZZc YZZa iZc^Zi \ZYVVc Yddg YZ Z[[ZXiZc kVc YZ XVd)kZg]d\^c\Zc* ?^i ^h dd` gZZYh kZglZg`i ^c ]Zi dcYZgcZb^c\heaVc .,-5*

?Z WZheVg^c\ de YZ dkZg^\Z `dhiZc addei de kVc z 0//*,,, ^c .,-5 cVVg z 3//*,,, ^c .,..* Jd`

]^ZgW^_ bdZi gZ`Zc^c\ ldgYZc \Z]djYZc bZi ]Zi Z[[ZXi kVc eg^_hhi^_\^c\Zc* ?Z dkZg^\Z `dhiZc ]ZWWZc dcYZg bZZg WZigZ``^c\ de VXXdjciVcih`dhiZc( lZgk^c\h) " hZaZXi^Z`dhiZc( hijY^Z`dhiZc( ZmiZgcZ VYk^Zh`dhiZc Zc kZg\VYZg^c\) Zc gZegZhZciVi^Z`dhiZc*

=dkZc\ZcdZbYZ bVVigZ\ZaZc kVc MZcoZg o^_c kZglZg`i ^c YZ bZZg_VgZcWZ\gdi^c\ Y^Z ^h de\ZcdbZc

^c Y^i dcYZgcZb^c\heaVc* KZg hVaYd aZ^YZc YZoZ bVVigZ\ZaZc kddg YZ `dbZcYZ _VgZc idi YZ kda\ZcYZ cZ\Vi^ZkZ gZhjaiViZc* Pddg ZZc dehiZaa^c\ kVc YZ idiVaZ bZZg_VgZcWZ\gdi^c\ ldgYi kZglZoZc cVVg ]dd[Yhij` .*

BY^OT]UVaUZS +)+) $"$# +)++ +)+,

D8EG?F44F(F878>>8AF8>BDF $!)"#!)$% %!#++!(&) $!)&$!'+( %!#("!&)'

HQ]PQ] _Q [Z_bUWWQXQZ ^OQZM]U[!^

BZo^Zc ]Zi [Z^i YVi Zg cd\ hiZZYh hegV`Z ^h kVc ZZc gZhiZgZcY iZ`dgi( oVa MZcoZg oZa[ cd\ bZi VVckjaaZcYZ kddghiZaaZc `dbZc* ?ZoZ kddghiZaaZc `jccZc ZX]iZg lZa \Zkda\Zc ]ZWWZc kddg YZ ]j^Y^\Z Y^ZchikZgaZc^c\* ?VVgW^_ ldgYi cVYgj``Za^_` \Z`Z`Zc cVVg ]Zi Z[[ZXi de YZ j^ihigddb*

(16)

?VVgcVVhi o^_c YZ \ZbZZciZc j^iYgj``Za^_` \ZkgVV\Y db hVbZc bZi MZcoZg cV iZ YZc`Zc dkZg bd\Za^_`Z VaiZgcVi^ZkZ bVVigZ\ZaZc* S^_ ]ZWWZc idi de ]ZYZc dcYZg bZZg YZ kda\ZcYZ dei^Zh VVc\Z\ZkZc6

*1=@30=5:31: A-: 41? 78-:?1:.1>?-:0

Dc ]Zi dcYZgcZb^c\heaVc .,-5 hiVVi YZ VbW^i^Z de\ZcdbZc YVi ]Zi kdajbZ _VVga^_`h bZi 1, Ydhh^Zgh V[cZZbi* BZkgVV\Y ldgYi d[ YZoZ V[cVbZ c^Zi `Vc ldgYZc de\Z]dd\Y YVVg Y^i W^_YgVV\i VVc ]Zi iZgj\Yg^c\Zc kVc ]Zi iZ`dgi* Mj\\Zhi^Zh Y^Z ]^ZgW^_ ldgYZc \Z\ZkZc6

v AdXjh aZ\\Zc de YZ bZZhi `Vchg^_`Zc* <ah bZZhi `Vchg^_`Z \gdZeZc ldgYZc hiVijh]djYZgh(

eZghdcZc bZi ZZc VgWZ^YhkZgbd\Zc kVc 1,! d[ ]d\Zg Zc eZghdcZc _dc\Zg YVc 1, YVc lZa 2, _VVg \ZcdZbY*

v Gd`VaZ egd_ZXiZc Y^Z hjXXZhkda o^_c \ZWaZ`Zc ^c ]Zi iZgj\Yg^c\Zc kVc ]Zi `aVciZcWZhiVcY MZcoZg)WgZZY j^igdaaZc*

v @migV ^coZi de WZeZg`Zc kVc ^chigddb*

v @migV ^coZi de WZkdgYZgZc kVc j^ihigddb*

)5:01= 5:D1? ;< =1 5:?13=-?51

MZcoZg hiZai o^X]oZa[ Vah YdZa db Z^cY .,-5 ]VVg j^i`Zg^c\hWZhiVcY iZ gZYjXZgZc bZi 1, Ydhh^Zgh*

DcY^Zc MZcoZg Zgkddg `^Zhi db b^cYZg gZ)^ciZ\gVi^Z)VXi^k^iZ^iZc ^c iZ oZiiZc( lVi ^h YVc ]Zi Z[[ZXi de YZoZ YdZahiZaa^c\Zc kddg YZ WZYg^_[hkdZg^c\:

%1? .18150 A-: 01 31911:?1: A1=01= @:52;=91=1:

CZi kZgodZ` VVc MZcoZg ^h iZ dcYZgodZ`Zc lVi ]Zi kZgYZg jc^[dgbZgZc kVc WZaZ^Y kVc YZ \ZbZZciZc oVa deaZkZgZc VVc WZheVg^c\ de YZ j^ikdZg^c\h`dhiZc kVc MZcoZg* PddgWZZaYZc lVVg ]Zi WZaZ^Y c^Zi

\Zuc^[dgbZZgY ^h WZigZ[[Zc dcYZg bZZg6 gZ^h`dhiZc( lddc`dhiZcidZhaV\( hijY^ZidZhaV\( ^cY^k^YjZaZ

^c`dbZchidZhaV\( kZg]j^h`dhiZc*

(5671: :--= 1531: .10=562>A;1=5:3

?Z \ZbZZciZc kgV\Zc MZcoZg db iZ dcYZgodZ`Zc d[ YVi Zg cd\ bZZg WZoj^c^\^c\ iZc VVco^Zc kVc YZ Z^\Zc WZYg^_[hkdZg^c\ bd\Za^_` ^h Zc lVi YZ XdchZfjZci^Zh ]^ZgkVc o^_c* ?^i odj ZZc ZmigV WZoj^c^\^c\

WZigZ[[Zc WdkZcde YZ kZgaV\^c\ kVc ]Zi VVciVa [iZ VahbZYZ YZ kZgaV\^c\ kVc YZ dkZg^\Z `dhiZc odVah WZhX]gZkZc ^c ]Zi YZ[^c^i^ZkZ dcYZgcZb^c\heaVc*

DcoZi kVc @MA $@jgdeZZh MdX^VVa AdcYh_)WjY\ZiiZc <Xi^ZkZ DcXajh^Z kddg \ZbZZciZc .,-0).,., CZi @MA)i]ZbV <Xi^ZkZ DcXajh^Z W^ZYi \ZbZZciZc hjWh^Y^Z kddg ]Zi iZgj\Yg^c\Zc kVc

_Zj\YlZg`addh]Z^Y Zc YZ VgWZ^Yh^ceVhh^c\ kddg bZchZc bZi ZZc V[hiVcY idi YZ

VgWZ^YhbVg`i* LZ\ja^ZgZ lZg`oVVb]ZYZc kVc MZcoZg kddg WZigZ[[ZcYZ YdZa\gdZeZc o^_c de\ZkdZgY Vah `dhiZc W^ccZc YZ VVckgVV\* Dc .,-4 ^h dkZg YZ eZg^dYZ .,-0).,-2 cZiid z 231*,,, hjWh^Y^Z WZhX]^`WVVg \Z`dbZc* Jd` dkZg YZ eZg^dYZ .,-3).,., `dbZc cVVg kZglVX]i^c\ b^YYZaZc kg^_* ?Z

^chX]Vii^c\ ^h dc\ZkZZg - b^a_dZc Zjgd cZiid* ?ZoZ ldgYZc lVVghX]^_ca^_` j^i\Z`ZZgY ^c .,.-+.,..*

CZi kZgodZ` kVc YZ \ZbZZciZc ^h iZ WZo^Zc ^c ]dZkZggZ YZ j^iZ^cYZa^_`Z cZiid @MA)b^YYZaZc `jccZc ldgYZc ^c\ZoZi W^ccZc MZcoZg kddg YZ WZYdZaYZ heZX^[^Z`Z YdZa\gdZeZc ^c .,-5).,..* ?^i WZigZ[[Zc

\ZZc higjXijgZaZ( bVVg ^cX^YZciZaZ b^YYZaZc*

HdbZciZZa ^h Zg ZZc ^ciZ\gVaZ lZg`\gdZe \ZhiVgi( Y^Z `^_`i cVVg YZ bd\Za^_`Z WZhiZY^c\ kVc YZ

\ZaYZc* O^i\Vc\hejci ^h YZoZ ^c ^ZYZg \ZkVa iZ WZhiZYZc VVc YZ haj^iZcYZ `ZiZc kVc dcYZgl^_h cVVg

(17)

VgWZ^YhbVgì* CZi higZkZc ^h db ]Zi eaVc kVc VVceV` bZY^d bZ^ .,-5 àVVg iZ ]ZWWZc* ?VVgcV k^cYi WZhajîkdgb^c\ eaVVih*

Dco^X]iZa^_` bV`Zc egd_ZXiZc +eâdih+ Z^\Zc VXi^kîZîZc lVVgMZcoZg W^_ WZigd``Zc ^h

=^ccZc MZcoZg o^_c YZ V[\ZadeZc _VgZc Y^kZghZ VXi^kîZîZc dcil^``ZaY Y^Z c^Zi Y^gZXi dcYZgYZZa jîbV`Zc kVc YZ deYgVX]i ^c YZ BL bVVg lZa WZigZ``^c\ ]ZWWZc de ]Zi WgZYZ hdX^VaZ YdbZ^c*

CdZlZa YZ \ZbZZciZc WZ\g^_eZc YVi YZoZ VXi^kîZîZc de aVc\ZgZ iZgb^_c W^_ `jccZc YgV\Zc VVc YZ deYgVX]i kVc YZ BL( ^h YZ kgVV\ d[ ^c i^_YZc kVc iZ`dgiZc ^c YZ WZ\gdi^c\ YZoZ VXi^kîZîZc cd\ lZa iZ gZX]ikVVgY^\Zc o^_c* PddgWZZaY Y^Z YZ \ZbZZciZc \ZkZc o^_c dcYZg bZZg MiV\ZhiVY CZabdcY)KZZa(

]Zi JcYZgcZbZghejci( MdX^Va gZijgc Zc YZ ^coZi kddg hiVijh]djYZgh( VcYZgh YVc idZaZ^Y^c\ cVVg lZg`* MZcoZg oVa YZoZ ^co^X]iZa^_` bV`Zc Zc oVa YVc iZkZch VVc\ZkZc lVi ]^ZgdbigZci YZ aVhiZc YVc lZa $bVVihX]VeeZa^_`Z% deWgZc\hiZc o^_c*

);3185674101: ,>B 0;183=;1<

BZbZZciZc kgV\Zc ^co^X]i ^c YZ ^coZi kddg YZ Qhl)YdZa\gdZe Zc d[ ]^Zg cd\ `VchZc kddg WZheVg^c\

a^\\Zc Yddg dcYZg bZZg Yddghigddb cVVg gZ\ja^ZgZ lZg`\ZkZgh*

&:D5/4? 31A1: 5: 7;>?1:!.-?1: --:0181: #-=5@D

QZa`Z ^ckZhiZg^c\ YdZi MZcoZg ^c ?Vg^jo& Zc lVi WgZc\i Y^i de:

$1.=@571: 051:>?1:!1C<1=?5>1 <-=?:1=>

?Z kgVV\ VVc MZcoZg ^h iZ dcYZgodZ`Zc d[ Zg bZZg hVbZc\ZlZg`i `Vc ldgYZc bZi ]Zi $ad`VaZ%

kddga^\\ZcYZ kZaY $W^_kddgWZZaY iZc WZ]dZkZ kVc ]Zi WZgZ^`Zc kVc bZZg Z[[^X^ZcXn%*

,5:>? 31:1=1=1: @5? .10=562>-/?5A5?15?1: 1:!;2 8113>?--:01 .10=562>4-881:

BZkgVV\Y ldgYi iZ dcYZgodZ`Zc d[ Zg bZZg ]^ZgdbigZci bZZg l^chi `Vc ldgYZc \Z\ZcZgZZgY*

?ZoZ dei^Zh ojaaZc ^c hVbZclZg`^c\ bZi YZ \ZbZZciZc kZgYZg ldgYZc j^i\ZlZg`i( lVVgW^_

cVYgj``Za^_` ldgYi \Z`Z`Zc cVVg YZ $_jg^Y^hX]Z% bd\Za^_`]ZYZc( YZ YVVYlZg`Za^_`Z [^cVcX^raZ deWgZc\hiZc( YZ \Zkda\Zc kddg YZ Y^ZchikZgaZc^c\ VahbZYZ YZ gZhjaiViZc*

(18)

+'* @QQ]VM]QZNQS][_UZSEQZdQ]

BY^OT]UVaUZS

KBKB"NQS]K)*2# +)+) +)+* +)++ +)+,

?4EF8A

=ODBO^i`Zg^c\Zc+==S.,,0j^i`Zg^c\Zc 23*-,.*.1/ 21*//0(4.1 21*5,,*./3 22*02.*-/- 23*,.,*-0,

=ODBGddc`dhiZchjWh^Y^Zh 2*05,*24, 3*--/*,42 3*444*15- 4*23-*213 5*024*43.

KVgi^X^eVi^ZlZiWZ\ZaZ^Y^c\h`dhiZc .*0-,*3.0 .*2./*2-/ .*35.*4-/ .*512*2-/ /*--2*4-/

Gddc`dhiZcYdZa\gdZeZc 0/*311*1.- 00*,-,*4,. 00*1/0*325 01*-,4*253 01*3/,*/00

Gddc`dhiZcWZ\ZaZaY^c\hdg\Vc^hViaZ .2*,,.*,03 .2*-.5*.05 .2*,/3*5-, .2*-01*-45 .2*354*4-5

JkZg^\Z`dhiZc -,*3.-*410 -,*.51*,43 -,*/3,*.01 -,*002*1-1 -,*1./*5-0

=^_odcYZgZaVhiZc 0,,*,,, 0,,*,,, 0,,*,,, 0,,*,,,

FBF44??4EF8A *./'11,')01 <EE'2)/'//+ *.0'2+-'./. */)'*2)'1)* */+'/.1'2)+

NdZ\ZkdZ\YZlVVgYZ ).,*,51*53/ )-5*10/*5-- ).,*,3-*./2 ).,*2--*4/2 ).-*-22*,/-

CjjgdeWgZc\hiZc )133*40, )25-*,2, )3,0*44- )3-4*535 )3//*/15

=j^\b^YYZaZc )25*50,*132 )25*50,*132 )3.*-0-*-4. )3/*31.*4,- )30*5--*---

MjWh^Y^ZWjY\ZiQhldjY )/-*//,*02/ )/-*//,*02/ )/,*050*24- ).5*3,.*015 ).4*4-.*//-

=^_YgV\ZVa\ZbZcZb^YYZaZc\ZbZZciZc )-2*413*,,5 )-2*0-0*1-/ )-2*4.0(432 )-3*.01*054 )-3*232*2/1

MjWh^Y^Zhaddc`dhiZc )1*.42*320 )1*//2*022 )2*,32*0/4 |2*4./*.2- )3*14/*1,4

KVgi^X^eVi^ZWjY\Zi )0*/23*53- )0*/23*53- )0*1/4*5/1 )0*445*504 )1*.1-*/4/

=dcjhWZ\ZaZ^YlZg`Zc+WZhX]jilZg`Zc ) ) )

L^_`<gWZ^YhbVg`i\ZaYZc$^ckjaa^c\kda\icVkVhihiZaa^c\egd_ZXiZc% )-*,,,*,,,

) ) )

PZg\dZY^c\WZ\ZaZ^Y^c\h`dhiZc ).*.-2*/.0 ).*.-5*.-/ ).*/44*0-/ ).*11.*.-/ ).*3-.*0-/

JkZg^\ZhjWh^Y^Zh )/0,*,,, )/0,*,,, )//,*,,, )/.,*,,, )/-,*,,,

=^_odcYZgZWViZc * *

FBF44?54F8A &*EK')*K'2K) &*.)'*1-'*0, &*.,'.0)'/-K &*./'/*/'22, &*.2'*./'00*

D8EG?F44F?4EF8A&54F8A

JINNL@FFDIBODNL@M@LP@M

=ZhX]jilZg`ZcZmead^iVi^ZiZ`dgiZc

=ZYg^_[hgZhiVjgVci`Ve^iVVaaVhiZc Ij\\Zgh$Phd)Kgd%Gddc`dhiZchjWh^Y^Z Ij\\Zgh$Phd)KgdpWZ\ZaZ^Y^c\hkZg\dZY^c\

DciZgiZbedgVaZb^YYZaZc=ODB FlVa^iZ^ieZghdcZZadeaZ^Y^c\Zc

DccdkVi^ZYttgdcil^``Za^c\bZi]dYZHViX]XVgZ FcZaejciZceZghdcZZa

KVgi^X^eVi^ZlZi

<a\ZbZcZgZhZgkZ

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

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

!%%"### !%%"### !%%"### $$!""" $$!"""

!*"###

! ! !

.%#+!('( %#+!('( %#+!('( %#+!('( %#+!('(

&""!""" &""!""" &""!""" &""0""" -

!$",'%"### !$"(%%"###

! !

! !'%#"###

!

BAFFD8>><A:G<FD8E8DH8E &,')+0'0// &,')+)'0// &*'*.-'+0/ g1,*'+*+ g,-*'/./

D8EG?F44F(F878>>8AF8>BDF )-*40.*/5. ).*3,-*3./ )/*-55*203 ).*30.*152 )/*-2,*031

BZejWa^XZZgY^cdcYZgcZb^c\heaVc.,-5 &*'1-+',2+ ).*452*/54 ).*4/2*15-

HQ]^OTUX &1.2',,* g,),'+-1 2,'22-

IQQ]^_MZP^OM\MOU_QU_NUV[Z__]QWWUZS]Q^`X_MM_

@UZUY`YbQQ]^_MZP^OM\MOU_QU_".JaMZ_[_MXQNQS][_QXM^_QZ#

Oai^bd.,-5

-0*4.-*,,, *)'*00'+00 0'02.',,,

2*533*2/, 3*452*..4

-'+,.'),- 1'))2'.-)

*')0-'..2 1'*,+'2-.

=dkZchiVVcYZ iZ`dgiZc `jccZc dciigd``Zc ldgYZc jî YZ gZhZgkZh kVc MZcoZg* ?Z Va\ZbZcZ gZhZgkZh odjYZc YVc iZgj\adeZc kVc z -0(4 bâ_dZc cVVg z -(- bâ_dZc* ?î eVhi c^Zi W^ccZc YZ WVcYWgZZYiZh odVah Y^Z o^_c WZeVVaY i^_YZch ]Zi dcYZgodZ` cVVg YZ \ZlZchiZ lZZghiVcYhXVeVXîZî kVc MZcoZg* <a kVcV[ ]Zi _VVg .,.- ^h ^c YZoZ hnhiZbVi^Z` YZ lZZghiVcYXVeVXîZî aV\Zg YVc ]Zi kVhi\ZhiZaYZ b^c^bjb* NZkZch aZ^Yi Yî c^Zi idi ZZc higjXijgZZa hajîZcYZ WZ\gdi^c\* ?Vi ^h lZa ZZc kVc YZ kZgZ^hiZc kVc YZ WZ\gdi^c\hgZ\Zah kda\Zch =Zhajî =Z\gdi^c\ Zc PZgVcilddgY^c\ $==P%* ?Z egdk^cX^Z(

Y^Z ]Zi idZo^X]i j^ikdZgi de MZcoZg( oVa ]dd\hi lVVghX]^_ca^_` ZZc WZ\gdi^c\ bZi YZoZ deadhh^c\ c^Zi VXXZeiZgZc* ?Z egdk^cX^Z `Vc YVc kZgaVc\Zc YVi MZcoZg bZi YZ \ZbZZciZc ZZc higjXijgZaZ deadhh^c\

k^cYi kddg YZ iZ`dgiZc*

(19)

+'+ 4MZ_MXXQZ QZ Z[]YQZ

JbhX]g^_k^c\ UUUUU +)+)"NQS]+)*2# +)+) $"$# +)++

G<F>8DUA:8A

VVciVaj^i`Zg^c\hYdhh^ZgheZg-)-

^chigddb j^ihigddb

VVciVaj^i`Zg^c\hYdhh^ZgheZg/-)-.

SQYUPPQXPQMMZ_MX`U_WQ]UZSP[^^UQ]^

BZb^YYZaYj^i`Zg^c\hWZYgV\

<VciVaWZiVa^c\ZceZg/-)-.$[VXidg_jc^.,-4^h1,.3+035.%

?BBA>BEF8A&9F8&7B8?:DB8C8A 9F8SQYUPPQXPVMM]

Qhl

=Z\ZaZ^YQZg`Zc GFM

GddcY^heZchVi^Z PMJ)Kgd

QZg`\ZaZ\Zc]Z^Yhegd_ZXi

=ZhX]jiQZg`

=ZhX]jiQZg`$GddcY^heZchVi^Z%

Q^l

F[_MMXR_Q\][P`O_UQR GFMgZX]ihigZZ`hW^_YZgYZc PMJ)KgdgZX]ihigZZ`hW^_YZgYZc Qhl^cY^gZXi

F[_MMXR_QP[QXS][Q\

:QYUPPQXPQ?[ZQZ\Q]9F8P[QXS][Q\

IdgbGdcZcQhlYdZa\gdZe

=Z\ZaZ^YQZg`Zc QHG

QHGPMJ$_Zj\Y831!kVcQHG%

Q^l

QHGkddgWZgZ`Zc^c\GFM$hdX^VaZaVhiZc./(1!%

QHGkddgWZgZ`Zc^c\GFMPMJ$hdX^VaZaVhiZc./(1!%

?[[ZW[^_QZa[[]PQXQZ\Q]P[QXS][Q\

GFPGFM GDPQhl GDPGFM S^Z`Zc\ZaYQhl S^Z`Zc\ZaYGFM

S^Z`Zc\ZaYGddcY^heZchVi^Z

A[]YX[[ZW[^_QZ^`N^UPUQ"L*&X[[ZbMM]PQ#

GFM)GddcY^heZchVi^Z)QBK)PMJ

=ZhX]jiQZg`

A[]Y`]QZ&``][\N]QZS^_\Q]R_Q

<VciVaegdYjXi^ZkZjgZceZg_VVg BZb^YYZaYZjjgdeWgZc\hi^cz MjWh^Y^ZcdgbQhleZg[iZ^cz

A[]Y5QSQXQXPUZS^aQ]S[QPUZS\Q]R_Q\Q]VMM]

GFM

=ZhX]jiQZg`$z3*.,,m0,+/-%

QBKigV_ZXi EdWXdVX]gZ\Za^c\OPQ

?BBA>BEF8A&9F8&58:8?8<7<A:

9F8SQYUPPQXPVMM]

<bWiZa^_`

QZao^_c Dc]jjg F[_MMX5QSQXQUPUZS

:QYUPPQXPQ?[ZQZ\Q]9F8

<bWiZa^_`

QZao^_c Dc]jjg

+)+,

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

$"((# $"((# $"((# $"((# $"((#

$")## $")## $")## $")## $")##

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

&!((" &!&+, &!&&' &!%+' &!%&'

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

'"+)% '")+, '")&* '"(+' '"(&%

$"#%% $"#%% ,+) ,($ ,$)

$&# $&# $%# $$# $##

&%' &%' &*$ '$* ')$

%# %# %# %# %#

&% &% &% &% &%

$# $# $# $# $#

'# '# '# '# '#

( ( ( ( (

+ + + * +

#!,+# #!'+# #!'+# #!'+# #!'+#

() *) )( *) *)

&* )* )* *+ *+

%+ $* %) %( %(

#!)$% #!))% #!))# #!))" #!))"

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

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

%("#+* %("&%& %("+%, %)"&') %)"+*&

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

&#"%+* &#"+,% &$"($# &%"$'# &%"*+&

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

$,")%, $,"+$' %#"%$# %#")$' %$"#%)

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

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

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

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

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

!%%"'() !%#"### !%#"### !%#"### !%#"###

(#- (#- (#- (#- (#-

*#- *#- *#- *#- *#-

$"'## $"'## $"'## $"'## $"'##

$# %* .

$# #$ . $# %$ . $# '$ . $# )%

%)"(($ .

%)"(($ . %)",($ . %*"&)& . %*"),$

&")## .

&")## . &")## . &")## . &")##

,"%,# .

,"%,# . ,"%,# . ,"%,# . ,"%,#

$%"### .

$%"### . $%"### . $%"### . $%"###

)"### .

)"### . )"### . )"### . )"###

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

%)* ++ %)* ++ %)* ++ %)( ++ %)( ++

%)&-$' %)&-$' %('-+" %'+-&" %'+-&"

+)"(*$ .

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

)%",,* . )'"(*% . ))"$+) . )*"+'$

)$"&#' .

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

<Q6[ZOQ\_BZPQ]ZQYUZS^\XMZ+)+)

(20)

+', GU_SMZS^\`Z_QZ

<VciVaaZc + GVhiZc + =ViZc

?Z higjXijgZaZ Z[[ZXiZc kVc YZ gZVa^hVi^Z X^_[Zgh .,-4 o^_c ^c YZoZ bZZg_VgZcWZ\gdi^c\ kZglZgì* Sd o^_c YZ jî`Zg^c\ VVciVaaZc VVc\ZeVhi VVc YZ aV\ZgZ Z^cYhiVcY kVc .,-4* ?Z cZiid jîhigddb jî YZ jî`Zg^c\ ^h kddg .,-5 WZeVVaY de -,, Ydhh^Zgh Zc YVVgcV _VVga^_`h de 1, Ydhh^Zg* ?Z egdYjXi^ZkZ [iZ o^_c VaaZ _VgZc \Za^_` \Z]djYZc de -*15- [iZ* ?Z jîhigddb Qhl ldgYi de\ZkVc\Zc bZi ^coZi kVc VcYZgZ YdZa\gdZeZc* =ZhX]ji QZg` ldgYi cVVg WZ]dZ[iZ ^c\ZkjaY( YZ iVV`hiZaa^c\ ^h c^Zi ]Zâ^\* ?Z eaVVih^c\Zc W^_ YZgYZc o^_c qqcbVa^\ bZi 1, [iZ kZg]dd\Y( /, [iZ PMJ+KLJ Zc ., [iZ GFM*

CZi VVciVa ^cY^gZXiZ Qhl)Zgh cZZbi a^X]i V[ Vah \Zkda\ kVc eZch^dcZg^c\Zc*

QVVg cdY^\ o^_c YZ aVhiZc Zc WViZc higjXijgZZa W^_\ZhiZaY ^cY^Zc YZ gZVa^hVi^Z X^_[Zgh Zc igZcYh YVVg VVcaZ^Y^c\ kddg \ZkZc*

DcYZmZg^c\Zc

Dc YZ WZ\gdi^c\ ]djYZc lZ gZ`Zc^c\ bZi ZZc \Zb^YYZaYZ _VVga^_`hZ hi^_\^c\ kVc YZ j^i`Zg^c\Zc(

addc`dhiZchjWh^Y^Zh Zc adcZc YdZa\gdZe kVc .! eZg _VVg* Jd` YZ deWgZc\hiZc o^_c \ZscYZmZZgY bZi Y^ZoZa[YZ .! eZg _VVg*

Pddg YZ hVaVg^hhZc kVc YZ WZ\ZaZ^Y^c\hdg\Vc^hVi^Z ldgYi gZ`Zc^c\ \Z]djYZc bZi ZZc \Zb^YYZaYZ _VVga^_`hZ hi^_\^c\ kVc .(1! eZg _VVg*

Je YZ `dhiZc ldgYi j^i\Z\VVc kVc YZ ^cYZmZg^c\ kVc ]Zi >=M ]j^h]djYZch* ?^i ^h ZZc \Zb^YYZaY eZgXZciV\Z kVc -! eZg _VVg*

A^cVcX^Zg^c\

=ODB

QZ kda\Zc YVVg^c YZ dcil^``Za^c\Zc kVc ]Zi bVXgd WjY\Zi Xdc[dgb YZ WZ\gdi^c\ .,-5 kVc MSQ*

O^i\Vc\hejci ^h ]Zi kddgade^\ WjY\Zi .,-5 ^cXajh^Z[ bZZg_VgZceZgheZXi^Z[ YVi ]Zi b^c^hiZg^Z kVc MSQ

^c YZ hZeiZbWZgX^gXjaV^gZ .,-4 WZ`ZcY ]ZZ[i \ZbVV`i*

KVgi^X^eVi^ZWjYZZi $gZ\^dcVVa VVcYZZa MZcoZg%

QZ kda\Zc ]^Zg YZ aVVihiZ X^_[Zgh kVc YZ hZeiZbWZgX^gXjaV^gZ .,-4 bZi ]Zi YVVg^c de\ZcdbZc bZZg_VgZceZgheZXi^Z[ Zc ]Zi VVcYZZa MZcoZg* Pddg lVi WZigZ[i ]Zi KVgi^XêVi^ZWjY\Zi o^_c YZ X^_[Zgh dciaZZcY VVc YZ hZeiZbWZgX^gXjaV^gZ .,-4 bZi WZigZ``^c\ idi YZ DciZ\gVi^Z Oî`Zg^c\ KVgi^XêVi^Z

$dcYZgYZZa KVgi^X^eVi^Z c^Zjl QV_dc\ Zc KVgi^X^eVi^Z c^ZjlZ WZ\ZaZ^Y^c\% Zc ]Zi \ZbZZciZ[dcYh

$dcYZgYZZa LZ)^ciZ\gVi^Z `aVhh^Z` QQ=%*

KZg .,., oVa Y^i WjY\Zi ldgYZc de\ZcdbZc ^c ]Zi \ZbZZciZ[dcYh* PVcV[ YVc Y^Zci YZ \ZbZZciZ oZa[

YZ kdajbZ dcil^``Za^c\Zc Zc YZ cdb^cVaZ dcil^``Za^c\Zc $adcZc Zc eg^_oZc% kVcj^i ]Zi od\ZcdZbYZ VXXgZh iZ WZ`dhi^\Zc Zc bZi MZcoZg YVVgbZZ _VVga^_`h YZ ]dd\iZ kVc Y^i WjY\Zi iZ WZeVaZc*

MjWh^Y^Z QMQ djY

Je YZoZ hjWh^Y^Z ^h \ZZc ^cYZmZg^c\ bZZ\ZcdbZc* QZ kda\Zc ]^Zg YZ aVVihiZ X^_[Zgh j^i YZ hZeiZbWZgX^gXjaV^gZ .,-4*

=^_YgV\Z Va\ZbZcZ b^YYZaZc \ZbZZciZc $BL%

BZo^Zc YZ dcil^``Za^c\ kVc ]Zi WZhiVcY j^i`Zg^c\h\ZgZX]i^\YZc ldgYi YZ W^_YgV\Z Va\ZbZcZ b^YYZaZc ^c .,-5 kZgaVV\Y* QZ WZgZ^`iZc ^c .,-4 YZ 1! YVa^c\ $igVe V[%* CZi WZigZ[i ZZc YVa^c\ kVc

b Concept ondernemersplan

S^QZdQ]

B@H@@IN@ <MN@I

*. 4CD +)*2

j_j_j_*hZcoZg*ca

S^QZdQ]

6[ZOQ\_ BZPQ]ZQYUZS^\XMZ +)+) & +)+,

UZOX`^UQR

YQQ]VM]QZ\Q]^\QO_UQR

bbb'^QZdQ]'ZX S^QZdQ]

<ZT[`P

-* DcaZ^Y^c\

*. 4CD **+)*2**

j_j_j_hZcoZgca