fort bend county levee improvement district no. 12 …...sep 21, 2020 · city of houston ordinance...

93012-002 492010v1

FORT BEND COUNTY LEVEE IMPROVEMENT DISTRICT NO. 12

NOTICE OF PUBLIC MEETING

Notice is hereby given to all interested parties that the Board of Directors of the captioned District will hold a public meeting by telephone conference call. Members of the public may access the meeting by following the instructions listed at the bottom of this notice.

The meeting will be held at 12:00 p.m. on Monday, September 21, 2020.

The subject of the meeting will be to receive public comment on, consider and act on the following:

1. Minutes of Board of Directors Meeting(s)

2. Series 2020 Refunding Bonds; Approve Plan of Financing and Parameters Including Net Present Value Savings; Selection of Underwriter; Approve Preliminary Official Statement and Official Statement; Authorize Notice of Refunding; Approve Bond Order and Designate Authorized Officers to Approve Approval Certificate; Approve All Documents and Action Necessary to Allow Approval of Bonds by the Attorney General and Delivery to the Underwriter

3. Financial Advisor’s Disclosure

4. Bookkeeper’s Report; Checks and Invoices; Investment of District Funds; Investment Policy; General Fund Budget; Depository Pledge Agreement(s)

5. Audit Report for Fiscal Year Ended May 31, 2020

6. Tax Report; Delinquent Tax Collections; Tax Rate; Tax Exemptions; TaxAssessor/Collector’s Contract

7. Public Hearing on Proposed 2020 Tax Rate

8. Order Approving Tax Roll and Levying Debt Service Tax and Maintenance and Operation Tax

9. Amendment to Statement of Directors

10. Annual Report to Texas Comptroller pursuant to Senate Bill 625 (Texas Local Government Code, Chapter 203, Subchapter D)

11. Engineer’s Report; Design of Facilities; Advertisement for Bids; Award Construction Contract(s), Pay Estimate(s) and Change Order(s); Proposal(s)

12. Pending Business

James D. Bonham, Attorney for the District

000001

93012-002 492010v1

Instructions for accessing telephone conference call:

On March 16, 2020, in accordance with section 418.016 of the Texas Government Code, Governor Abbott has suspended various provisions of the Texas Open Meetings Act that require government officials and members of the public to be physically present at a specified meeting location (the “Order”). In accordance with the Order, the District has implemented procedures to allow members of the public to participate and address the Board of Directors during the telephone conference meeting. To participate in the telephone conference meeting:

1. Please call 1-866-773-8424 and use access Code 633101# to access the meeting and announce your name to the meeting host.

2. The agenda packet is available at the following web site:

https://2618compliance.wordpress.com/board-meeting-packets/

3. The audio of the meeting will be recorded.

000002

Page-1

Fort Bend County Levee Improvement District #12Refunding Effects

City of Houston Ordinance - Section 3.01 - Ordinance Year ("Aa2," Bank Qualified)

Year Ending10/31

Current TotalDebt Service

Less: Debt Serviceon Refunded

Bonds(1)

Plus: Series 2020 Refunding Bonds Current Interest Bonds

Principal InterestCapital

Appr BondsPost Rfndg

Debt ServicePost RfndgSavings (2)

2020 2021 2022 2023 2024

962,346 964,900 966,600 962,775 960,150

170,600 781,300 152,000 152,000

10,000 620,000

119,475 120,900 111,600 111,600

962,346 923,775 926,200 922,375 919,750

36,750 40,400 40,400 40,400

2025 2026 2027 2028 2029

963,350 959,075 962,550 955,425 962,625

152,000 152,000 152,000 152,000 152,000

111,600 111,600 111,600 111,600 111,600

922,950 918,675 922,150 915,025 922,225

40,400 40,400 40,400 40,400 40,400

2030 2031 2032 2033 2034

964,000 1,029,100 1,027,600 1,029,600 1,025,100

152,000 1,029,100 1,027,600 1,029,600 1,025,100

890,000 915,000 945,000 970,000

111,600 98,250 71,175 43,275 14,550

923,600 988,250 986,175 988,275 984,550

40,400 40,850 41,425 41,325 40,550

_______________ _______________ _______________ _______________ _______________ _______________ _______________Totals $14,695,196 $6,279,300 $4,350,000 $1,360,425 $14,126,321 $564,500

(1) - This column only reflects debt payments scheduled after the closing date of 11/11/2020.(2) - Savings are reduced by fund transfers at closing totaling $8,000.00 (see Sources of funds report).(2) - First year savings include $3,625.00 of accrued interest received at delivery.

0 FTBEND_LID12: RUN2020REF AGG2020OLD AGG2020REF NEW2020REF Prepared by: Rathmann & Associates - Houston, Texas 07/27/2020 @ 09:42 v10.99 -- Run "B"

000003

Page-2

Fort Bend County Levee Improvement District #12Refunding Effects

City of Houston Ordinance - Section 3.01 - Calendar Year ("Aa2," Bank Qualified)

Year Ending12/31

Current TotalDebt Service

Less: Debt Serviceon Refunded

Bonds(1)

Plus: Series 2020 Refunding Bonds Current Interest Bonds

Principal InterestCapital

Appr BondsPost Rfndg

Debt ServicePost RfndgSavings (2)

2020 2021 2022 2023 2024

962,346 964,900 966,600 962,775 960,150

170,600 781,300 152,000 152,000

10,000 620,000

119,475 120,900 111,600 111,600

962,346 923,775 926,200 922,375 919,750

-4,375 41,125 40,400 40,400 40,400

2025 2026 2027 2028 2029

963,350 959,075 962,550 955,425 962,625

152,000 152,000 152,000 152,000 152,000

111,600 111,600 111,600 111,600 111,600

922,950 918,675 922,150 915,025 922,225

40,400 40,400 40,400 40,400 40,400

2030 2031 2032 2033 2034

964,000 1,029,100 1,027,600 1,029,600 1,025,100

152,000 1,029,100 1,027,600 1,029,600 1,025,100

890,000 915,000 945,000 970,000

111,600 98,250 71,175 43,275 14,550

923,600 988,250 986,175 988,275 984,550

40,400 40,850 41,425 41,325 40,550

_______________ _______________ _______________ _______________ _______________ _______________ _______________Totals $14,695,196 $6,279,300 $4,350,000 $1,360,425 $14,126,321 $564,500

(1) - This column only reflects debt payments scheduled after the closing date of 11/11/2020.(2) - Savings are reduced by fund transfers at closing totaling $8,000.00 (see Sources of funds report).(2) - First year savings include $3,625.00 of accrued interest received at delivery.

0 FTBEND_LID12: RUN2020REF AGG2020OLD AGG2020REF NEW2020REF Prepared by: Rathmann & Associates - Houston, Texas 07/27/2020 @ 09:42 v10.99 -- Run "B"

000004

Page-3

Fort Bend County Levee Improvement District #12Sources & Uses Report


Sources of Funds: Principal Amount of Current Interest Bonds (CIBs) 4,350,000.00 CIB Premium 266,429.55 Transfer of Excess D/S Funds 8,000.00 Accrued Interest 3,625.00

Total SOURCES of Funds $4,628,054.55Uses of Funds: Initial Cash Deposit to Escrow 4,439,429.44 Accrued Interest Deposit to D/S Fund 3,625.00 Issuance Expenses: ( $182,625.00) Underwriter's Discount Rating Agency Bond Counsel Verification Agent Printing Trustee Financial Advisor Underwriter's Counsel Attorney General Miscellaneous

28,275.00 13,000.00 54,375.00 2,750.00 10,000.00 2,500.00 54,375.00 8,000.00 4,350.00 5,000.00

Rounding Amount 2,375.11

Total USES of Funds $4,628,054.55

Miscellaneous Bond Issuance Information:Delivery Date: 11/11/2020

Principal Amount of Bonds Being Refunded 4,420,000.00Principal Amount of the Refunding Bonds 4,350,000.00Proceeds of "The (new) Bonds" 4,616,429.55

Rate/Yield on the Refunded Bonds 3.31828497%"All Costs Included" TIC on the New Issue is 2.78147190%Federal Arbitrage Yield on the New Issue is 1.39858944%Yield on Escrow -Total Debt Service Savings 564,500.00Present Value Savings @ 2.78147190% 465,933.08

Total Debt Service Savings as a Percent of Total Debt Service of Refunded Bonds 8.98985556%Present Value Savings as a Percent of Principal Amount of Bonds Being Refunded 10.54147239%

FTBEND_LID12: RUN2020REF NEW2020REF AGG2020REF Prepared by: Rathmann & Associates - Houston, Texas 07/27/2020 @ 09:42 v10.99 -- Run "B"

000005

Page-4

Fort Bend County Levee Improvement District #12Issuance Expenses for NEW2020REF

City of Houston Ordinance - Section 3.01 - Calendar Year ("Aa2," Bank Qualified) Expenses for NEW2020REF

Expense Title

Type

Units

Expense RaisesArb Yield

Exp has no Affect

on Arb Yield

Total

Underwriter's Discount V 6.500000 0.00 28,275.00 28,275.00Rating Agency F 13,000.00 0.00 13,000.00 13,000.00Bond Counsel V 12.500000 0.00 54,375.00 54,375.00Verification Agent F 2,750.00 0.00 2,750.00 2,750.00Printing F 10,000.00 0.00 10,000.00 10,000.00Trustee F 2,500.00 0.00 2,500.00 2,500.00Bond Insurance D 0.000000 0.00 0.00 0.00Financial Advisor V 12.500000 0.00 54,375.00 54,375.00Underwriter's Counsel F 8,000.00 0.00 8,000.00 8,000.00Attorney General V 1.000000 0.00 4,350.00 4,350.00Miscellaneous F 5,000.00 0.00 5,000.00 5,000.00

______________ ______________ ______________Totals $0.00 $182,625.00 $182,625.00

Type: F - Fixed ExpenseV - Variable Expense Based on Issue SizeD - Variable Expense Based on Total Debt ServiceE - Variable Expense Based on Total Debt Service Less Accrued InterestR - Variable Expense Based on Reserve Fund Requirement

FTBEND_LID12: EXP2020REF Prepared by: Rathmann & Associates - Houston, Texas 07/27/2020 @ 09:42 v10.99 -- Run "B"

000006

Page-5

Fort Bend County Levee Improvement District #12City of Houston Ordinance - Section 3.01 - Calendar Year ("Aa2," Bank Qualified)

Dated Date = 11/01/2020 Series 2020 Refunding Bonds Delivery Date = 11/11/2020 Maturity

DatesTerm BondMaturities

BondRedemptions

Proceeds

CouponRate

Yield

Price

InterestAmount

TotalDebt Service

FY(ends 12/31)Debt Service

Debt Serviceto Call

04/01/202110/01/202104/01/202210/01/202204/01/2023

- - - - -

10,000.00 -

620,000.00 - -

10,098.50 -

641,421.00 - -

3.000 -

3.000 -

3.000

0.460000 -

0.500000 -

0.530000

100.985000 -

103.455000 -

105.855000

54,375.00 65,100.00 65,100.00 55,800.00 55,800.00

64,375.00 65,100.00 685,100.00 55,800.00 55,800.00

- 129,475.00

- 740,900.00

-

64,375.00 65,100.00 685,100.00 55,800.00 55,800.00

10/01/202304/01/202410/01/202404/01/202510/01/2025

- - - - -

- - - - -

- - - - -

- 3.000

- 3.000

-

- 0.600000

- 0.700000

-

- 108.038000

- 109.923000

-

55,800.00 55,800.00 55,800.00 55,800.00 55,800.00

55,800.00 55,800.00 55,800.00 55,800.00 55,800.00

111,600.00 -

111,600.00 -

111,600.00

55,800.00 55,800.00 55,800.00

3,775,800.00 -

04/01/202610/01/202604/01/202710/01/202704/01/2028

- - - - -

- - - - -

*

*

*

- - - - -

3.000 -

3.000 -

3.000

0.830000 -

0.950000 -

1.040000

109.332000 -

108.791000 -

108.386000

55,800.00 55,800.00 55,800.00 55,800.00 55,800.00

55,800.00 55,800.00 55,800.00 55,800.00 55,800.00

- 111,600.00

- 111,600.00

-

- - - - -

10/01/202804/01/202910/01/202904/01/203010/01/2030

- - - - -

- - - - -

*

*

- - - - -

- 3.000

- 3.000

-

- 1.130000

- 1.260000

-

- 107.984000

- 107.405000

-

55,800.00 55,800.00 55,800.00 55,800.00 55,800.00

55,800.00 55,800.00 55,800.00 55,800.00 55,800.00

111,600.00 -

111,600.00 -

111,600.00

- - - - -

04/01/203110/01/203104/01/203210/01/203204/01/2033

- - - - -

890,000.00 -

915,000.00 -

945,000.00

*

*

*

955,512.90 -

977,494.50 -

1,003,731.75

3.000 -

3.000 -

3.000

1.270000 -

1.390000 -

1.530000

107.361000 -

106.830000 -

106.215000

55,800.00 42,450.00 42,450.00 28,725.00 28,725.00

945,800.00 42,450.00 957,450.00 28,725.00 973,725.00

- 988,250.00

- 986,175.00

-

- - - - -

10/01/203304/01/2034

- -

- 970,000.00 *

- 1,028,170.90

- 3.000

- 1.580000

- 105.997000

14,550.00 14,550.00

14,550.00 984,550.00

988,275.00 984,550.00

- -

Total - 4,350,000.00 4,616,429.55 1,360,425.00 5,710,425.00 5,710,425.00 4,869,375.00Acc Int - - - -3,625.00 -3,625.00 - -

Grand Ttls - 4,350,000.00 4,616,429.55 1,356,800.00 5,706,800.00 5,710,425.00 4,869,375.00 * - Bonds callable ... 04/01/[email protected]

TIC (Incl. all expenses) .... 2.78147190% Average Coupon ....... 3.00000000%TIC (Arbitrage TIC) ......... 1.39858944% Average Life (yrs) ... 10.42 IRS Form 8038-G NIC = 2.264281% (with Adjstmnt of $0.00).Bond Years .................. 45,347.50 WAM (yrs) ............. 10.431280 NIC = 2.412471% (with Adjstmnt of $0.00).

FTBEND_LID12: NEW2020REF Prepared by: Rathmann & Associates - Houston, Texas 07/27/2020 @ 09:42 v10.99 -- Run "B"

000007

Page-6

Fort Bend County Levee Improvement District #12Refunding Analysis Savings Report


Dates

MaturingAmount

Proceeds @Issue Date

Coupon

Yield

InterestAmount

TotalDebt Service

EscrowedDebt

FY Begins 01/01

Savings

CumulativeSavings(1)

PV of Savings 2.78147190%

2020 2021 2022 2023 2024

10,000 620,000

10,098.50 641,421.00

3.000 3.000 3.000 3.000

0.460000 0.500000 0.530000 0.600000

119,475.00 120,900.00 111,600.00 111,600.00

129,475.00 740,900.00 111,600.00 111,600.00

170,600.00 781,300.00 152,000.00 152,000.00

-8,000.00 41,125.00 40,400.00 40,400.00 40,400.00

-8,000.00 33,125.00 73,525.00 113,925.00 154,325.00

-8,000.00 40,411.47 38,612.75 37,560.74 36,537.40

2025 2026 2027 2028 2029

3.000 3.000 3.000 3.000 3.000

0.700000 0.830000 0.950000 1.040000 1.130000

111,600.00 111,600.00 111,600.00 111,600.00 111,600.00

111,600.00 111,600.00 111,600.00 111,600.00 111,600.00

152,000.00 152,000.00 152,000.00 152,000.00 152,000.00

40,400.00 40,400.00 40,400.00 40,400.00 40,400.00

194,725.00 235,125.00 275,525.00 315,925.00 356,325.00

35,541.94 34,573.59 33,631.63 32,715.34 31,824.01

2030 2031 2032 2033 2034

890,000 915,000 945,000 970,000

955,512.90 977,494.50 1,003,731.75 1,028,170.90

3.000 3.000 3.000 3.000 3.000

1.260000 1.270000 1.390000 1.530000 1.580000

111,600.00 98,250.00 71,175.00 43,275.00 14,550.00

111,600.00 988,250.00 986,175.00 988,275.00 984,550.00

152,000.00 1,029,100.00 1,027,600.00 1,029,600.00 1,025,100.00

40,400.00 40,850.00 41,425.00 41,325.00 40,550.00

396,725.00 437,575.00 479,000.00 520,325.00 560,875.00

30,956.96 30,498.11 30,135.81 29,294.64 28,013.69

_____________ _____________ _____________ _____________ _____________ _____________ _____________ $4,350,000 $4,616,429.55 $1,360,425.00 $5,710,425.00 $6,279,300.00 $560,875.00 $462,308.08

Acc Int -3,625.00 -3,625.00 $3,625.00 $3,625.00Grnd Total $4,350,000 $4,616,429.55 $1,356,800.00 $5,706,800.00 $6,279,300.00 $564,500.00 $465,933.08

(1) Includes: -8,000.00 Transfer. and $0.00 New Funds.

FTBEND_LID12: RUN2020REF NEW2020REF AGG2020REF Prepared by: Rathmann & Associates - Houston, Texas 07/27/2020 @ 09:42 v10.99 -- Run "B"

000008

Page-7

Fort Bend County Levee Improvement District #12Partial Form 8038-G Report (Rev. September 2011)

City of Houston Ordinance - Section 3.01 - Calendar Year ("Aa2," Bank Qualified)Dated Date = 11/01/2020 Series 2020 Refunding Bonds Delivery Date = 11/11/2020

Part III Description of Obligations. (Complete for the entire issue for which this form is being filed.) (a) Final maturity

date

(b) Issue price

(c) Stated redemptionprice at maturity

(d) Weightedaverage maturity

(e) Yield

21 04/01/2034 $4,616,429.55 $4,350,000.00 10.431 years 1.398589%

Part IV Uses of Proceeds of Bond Issue (including underwriters' discount)22 Proceeds used for accrued interest 22 3,625.0023 Issue price of entire issue (enter amount from line 21, column (b)) 23 4,616,429.5524 Proceeds used for bond issuance costs (including underwriters' discount) 24 182,625.00 ##25 Proceeds used for credit enhancement 25 0.00 ##26 Proceeds allocated to reasonably required reserve or replacement fund 26 0.00 ##27 Proceeds used to currently refund prior issues 27 4,431,429.44 ##28 Proceeds used to advance refund prior issues 28 0.00 ##29 Total (add lines 24 through 28) 29 4,614,054.4430 Nonrefunding proceeds of the issue (subtract line 29 from line 23 and enter amount here) 30 2,375.11

Part V Description of Refunded Bonds (Complete this part only for refunding bonds.)31 Enter the remaining weighted average maturity of the bonds to be currently refunded => 10.4817 years32 Enter the remaining weighted average maturity of the bonds to be advance refunded => 0.0000 years33 Enter the last date on which the refunded bonds will be called (MM/DD/YYYY) => 11/12/202034 Enter the date(s) the refunded bonds were issued >> (mm/dd/yyyy) See each Issue's O/S

Note: $8,000.00 in transerred dollars were allocated to adjust downward the amounts reflected in lines 27 & 28.

FTBEND_LID12: RUN2020REF NEW2020REF Prepared by: Rathmann & Associates - Houston, Texas 07/27/2020 @ 09:42 v10.99 -- Run "B"

000009

Page-8

Fort Bend County Levee Improvement District #12Proof of Federal Arbitrage Yield

City of Houston Ordinance - Section 3.01 - Calendar Year ("Aa2," Bank Qualified)Dated Date 11/01/2020 Series 2020 Refunding Bonds Delivery Date 11/11/2020

Dates

Face

Amounts

Proceeds to:Bondholder(+)

Issuer(-)

Interest to:Bondholder(+)

Issuer(-)

Recoverable,Recurring

Fees

Total

Debt Service

Disc TermBond Adjstmtfor Yld Calc

BAB"Direct Pymt"Adjustment

Total (1)Adjusted

Cash Flow

PV of Adj D/Sto 11/11/2020

@ 1.39858944%11/11/202004/01/202110/01/202104/01/202210/01/2022

0.00 10,000.00

0.00 620,000.00

0.00

-4,616,429.55 10,098.50

0.00 641,421.00

0.00

-3,625.00 54,375.00 65,100.00 65,100.00 55,800.00

0.00 0.00 0.00 0.00 0.00

0.00 64,375.00 65,100.00

685,100.00 55,800.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

-4,620,054.55 64,375.00 65,100.00

685,100.00 55,800.00

-4,620,054.55 64,027.03 64,298.47

671,965.88 54,350.18

04/01/202310/01/202304/01/202410/01/202404/01/2025

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

55,800.00 55,800.00 55,800.00 55,800.00 55,800.00

0.00 0.00 0.00 0.00 0.00

55,800.00 55,800.00 55,800.00 55,800.00 55,800.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

55,800.00 55,800.00 55,800.00 55,800.00

3,775,800.00

53,972.76 53,597.95 53,225.74 52,856.12

3,551,760.4110/01/202504/01/202610/01/202604/01/202710/01/2027

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

55,800.00 55,800.00 55,800.00 55,800.00 55,800.00

0.00 0.00 0.00 0.00 0.00

55,800.00 55,800.00 55,800.00 55,800.00 55,800.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

04/01/202810/01/202804/01/202910/01/202904/01/2030

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

55,800.00 55,800.00 55,800.00 55,800.00 55,800.00

0.00 0.00 0.00 0.00 0.00

55,800.00 55,800.00 55,800.00 55,800.00 55,800.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

10/01/203004/01/203110/01/203104/01/203210/01/2032

0.00 890,000.00

0.00 915,000.00

0.00

0.00 955,512.90

0.00 977,494.50

0.00

55,800.00 55,800.00 42,450.00 42,450.00 28,725.00

0.00 0.00 0.00 0.00 0.00

55,800.00 945,800.00 42,450.00

957,450.00 28,725.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

04/01/203310/01/203304/01/2034

945,000.00 0.00

970,000.00

1,003,731.75 0.00

1,028,170.90

28,725.00 14,550.00 14,550.00

0.00 0.00 0.00

973,725.00 14,550.00

984,550.00

0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00 0.00

_____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________Totals 4,350,000.00 0.00 1,356,800.00 0.00 5,710,425.00 0.00 0.00 249,320.45 0.00

Plus PV of Bond Insurance .......... 0.00________________

0.00

(1) -- Adjustments to cash flow are based on the following "yield to call" optional redemption schedule: NEW2020REF -- Call the 04/01/2031 maturity on 04/01/2025 @ 100.000 NEW2020REF -- Call the 04/01/2032 maturity on 04/01/2025 @ 100.000 NEW2020REF -- Call the 04/01/2033 maturity on 04/01/2025 @ 100.000 NEW2020REF -- Call the 04/01/2034 maturity on 04/01/2025 @ 100.000

(2) Results reflected here are based on the 'NEW' Treasury regulations effective 10/17/2016.

PV FTBEND_LID12: NEW2020REF Prepared by: Rathmann & Associates - Houston, Texas 07/27/2020 @ 09:42 v10.99 -- Run "B"

000010

Page-9

Fort Bend County Levee Improvement District #12Escrow Sufficiency & Balance Report

City of Houston Ordinance - Section 3.01 - Calendar Year ("Aa2," Bank Qualified)Escrow Settlement Date Is 11/11/2020

Dates

Proceeds fromOriginal

Restricted Esc

Less Amts tobe Investedin 0% SLGs

Plus MaturingAmts Invested

in 0% SLGs

AdjustedProceeds from

Rstrct'd Esc

Present Value

@ 0.00000000%

Proceeds from'Other'

Investments

Old D/S

Requirement

Escrow

New Balance

Escrow

Old Balance

11/11/202011/12/2020

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

0.00 4,439,429.44

4,439,429.44 0.00

4,439,429.44 0.00

_____________ _____________ _____________ _____________ _____________ _____________ _____________Totals $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4,439,429.44

Cost of SLG Securities $0.00 Escrow Arbitrage YLD after Reinvestment in 0% SLGs = 0.00000000% Cost of 'Other' Restricted Investments $0.00Escrow Starting Balance $4,439,429.44 Total Escrow Cost ... $4,439,429.44 SLG Rates Were Taken From SLG Table Dated 07/20/2020

FTBEND_LID12: RUN2020REF AGG2020REF Prepared by: Rathmann & Associates - Houston, Texas 07/27/2020 @ 09:42 v10.99 -- Run "B"

000011

Page-10

Fort Bend County Levee Improvement District #12Aggregation Spreadsheet Report

City of Houston Ordinance - Section 3.01 - Calendar Year ("Aa2," Bank Qualified)Data are Principal Amounts Bonds to Refund Data are to Maturity

FY Ends12/31

Totals

OLD2012R

OLD2013R

2020 2021 2022 2023 2024

0.00 0.00

620,000.00 0.00 0.00

620,000.00

2025 2026 2027 2028 2029

0.00 0.00 0.00 0.00 0.00

2030 2031 2032 2033 2034

0.00 895,000.00 930,000.00 970,000.00

1,005,000.00

895,000.00 930,000.00 970,000.00

1,005,000.00______________ ______________ ______________ ______________ ______________ ______________ ______________ ______________ ______________

Totals $4,420,000.00 $620,000.00 $3,800,000.00Component Principal Amt ----- Title ----- P or I Flag Bias Days Date From Date To Proration %

OLD2012R $620,000.00 Series 2012 Current Refunding Bonds to R P&I 0 01/01/1900 12/31/2199 100.000 OLD2013R $3,800,000.00 Series 2013 Refunding Bonds to Refund P&I 0 01/01/1900 12/31/2199 100.000

FTBEND_LID12: AGG2020REF Prepared by: Rathmann & Associates - Houston, Texas 07/27/2020 @ 09:42 v10.99 -- Run "B"

000012

Page-11


Dated Date = 02/01/2012 Series 2012 Current Refunding Bonds to Refund Delivery Date = 02/21/2012

MaturityDates

Term BondMaturities

BondRedemptions

Proceeds

CouponRate

Yield

Price

InterestAmount

TotalDebt Service


Debt Serviceto Call

04/01/202010/01/202011/12/202004/01/202110/01/2021

- - - - -

- - - - -

*

- - - - -

3.000 - -

3.000 -

2.400000 - -

2.550000 -

104.396000 - -

103.499000 -

9,300.00 9,300.00

- 9,300.00 9,300.00

9,300.00 9,300.00

- 9,300.00 9,300.00

- 18,600.00

- -

18,600.00

9,300.00 9,300.00

622,118.33 - -

04/01/202210/01/2022

- -

620,000.00 -

* 634,365.40 -

3.000 -

2.700000 -

102.317000 -

9,300.00 -

629,300.00 -

- 629,300.00

- -

Total - 620,000.00 634,365.40 46,500.00 666,500.00 666,500.00 640,718.33Acc Int - - - -1,033.33 -1,033.33 - -

Grand Ttls - 620,000.00 634,365.40 45,466.67 665,466.67 666,500.00 640,718.33 * - Bonds callable ... 11/12/[email protected]


FTBEND_LID12: OLD2012R Prepared by: Rathmann & Associates - Houston, Texas 07/27/2020 @ 09:42 v10.99 -- Run "B"

000013

Page-12


Dated Date = 02/01/2013 Series 2013 Refunding Bonds to Refund Delivery Date = 02/13/2013 Maturity

DatesTerm BondMaturities

BondRedemptions

Proceeds

CouponRate

Yield

Price

InterestAmount

TotalDebt Service


Debt Serviceto Call

04/01/202010/01/202011/12/202004/01/202110/01/2021

- - - - -

(01)

(02)

- - - - -

*

- - - - -

2.000 - -

3.000 -

2.100000 - -

3.278559 -

99.339000 - -

98.023000 -

76,000.00 76,000.00

- 76,000.00 76,000.00

76,000.00 76,000.00

- 76,000.00 76,000.00

- 152,000.00

- -

152,000.00

76,000.00 76,000.00

3,817,311.11 - -

04/01/202210/01/202204/01/202310/01/202304/01/2024

- - - - -

(02)

(02)

(02)

- - - - -

*

*

*

- - - - -

3.000 -

3.000 -

3.000

3.251631 -

3.230050 -

3.212374

98.023000 -

98.023000 -

98.023000

76,000.00 76,000.00 76,000.00 76,000.00 76,000.00

76,000.00 76,000.00 76,000.00 76,000.00 76,000.00

- 152,000.00

- 152,000.00

-

- - - - -

10/01/202404/01/202510/01/202504/01/202610/01/2026

- - - - -

(02)

(02)

- - - - -

*

*

- - - - -

- 3.000

- 3.000

-

- 3.197637

- 3.185168

-

- 98.023000

- 98.023000

-

76,000.00 76,000.00 76,000.00 76,000.00 76,000.00

76,000.00 76,000.00 76,000.00 76,000.00 76,000.00

152,000.00 -

152,000.00 -

152,000.00

- - - - -

04/01/202710/01/202704/01/202810/01/202804/01/2029

- - - - -

(02)

(02)

(02)

- - - - -

*

*

*

- - - - -

3.000 -

3.000 -

3.000

3.174485 -

3.165234 -

3.157149

98.023000 -

98.023000 -

98.023000

76,000.00 76,000.00 76,000.00 76,000.00 76,000.00

76,000.00 76,000.00 76,000.00 76,000.00 76,000.00

- 152,000.00

- 152,000.00

-

- - - - -

10/01/202904/01/203010/01/203004/01/203110/01/2031

- - - - -

(02) - - -

895,000.00 -

*

*

- - -

940,636.05 -

- 3.000

- 4.000

-

- 3.150000

- 3.250000

-

- 98.023000

- 105.099000

-

76,000.00 76,000.00 76,000.00 76,000.00 58,100.00

76,000.00 76,000.00 76,000.00 971,000.00 58,100.00

152,000.00 -

152,000.00 -

1,029,100.00

- - - - -

04/01/203210/01/203204/01/203310/01/203304/01/2034

- - - - -

930,000.00 -

970,000.00 -

1,005,000.00

*

*

*

974,175.00 -

1,012,699.40 -

1,045,752.75

4.000 -

4.000 -

4.000

3.300000 -

3.350000 -

3.400000

104.750000 -

104.402000 -

104.055000

58,100.00 39,500.00 39,500.00 20,100.00 20,100.00

988,100.00 39,500.00

1,009,500.00 20,100.00

1,025,100.00

- 1,027,600.00

- 1,029,600.00 1,025,100.00

- - - - -

Total - 3,800,000.00 3,973,263.20 1,983,400.00 5,783,400.00 5,783,400.00 3,969,311.11Acc Int - - - -5,066.67 -5,066.67 - -

Grand Ttls - 3,800,000.00 3,973,263.20 1,978,333.33 5,778,333.33 5,783,400.00 3,969,311.11 * - Bonds callable ... 11/12/[email protected]


Term bonds and their respective sinking payments are marked by "(nn)" where each "nn" integer identifies a term bond.

FTBEND_LID12: OLD2013R Prepared by: Rathmann & Associates - Houston, Texas 07/27/2020 @ 09:42 v10.99 -- Run "B"

000014

&/

09$

8,203

04(8?

#--

0*0(

2%

;(;,

3,4

;(4

+;/

,04

-583

(;0

54

*5

4;(

04,+

/,8,

04(8,

9<

)1,

*;

;5*5

36

2,;0

54

58

(3

,4

+3

,4

;"&

/,9,

9,*<

80;0

,9

3(?

45

;)

,95

2+4

58

3(?

5--

,89

;5)

<?

),

(**,6

;,+

680

58

;5;/

,;0

3,

;/,

#--

0*0(

2%

;(;,

3,4

;09

+,20=,8,

+04

-04

(2-5

83"

'4

+,8

45

*08

*<

39;(

4*,9

9/

(22

;/09

$8,

203

04(8?

#--

0*0(

2%

;(;,

3,4

;*5

49;0

;<;,

(4

5--

,8

;59,22

58

;/,

95

20*0;

(;0

54

5-

(4

5--

,8

;5)

<?

45

89/

(22

;/,8,

),

(4

?9(2,

5-

;/,9,

9,*<

80;0

,9

04(4

?1<

809+

0*;0

54

04>

/0*

/9<

*/

5--

,8!

95

20*0;

(;0

54

58

9(2,

>5

<2+

),

<4

2(>

-<26

805

8;5

8,.

09;8

(;0

54

58

7<

(20-0

*(;0

54

<4

+,8

;/,

9,*<

80;0

,9

2(>

95

-(4

?9<

*/

1<80

9+

0*;0

54

"HJ=DAEAF8JQ G>>A;A8D KL8L=E=FL <8L=< K=HL=E9=J .-( .,.,

DI OC@ JKDIDJI JA =JI? >JPIN@G+ OC@ =JI?N <M@ Q<GD? J=GDB<ODJIN JA AJMO =@I? >JPIOT G@Q@@ DHKMJQ@H@IO ?DNOMD>O IJ- 01+ <I?DIO@M@NO JI OC@ =JI?N DN @S>GP?<=G@ AMJH BMJNN DI>JH@ AJM KPMKJN@N JA A@?@M<G DI>JH@ O<S<ODJI PI?@M NO<OPO@N+ M@BPG<ODJIN+KP=GDNC@? MPGDIBN <I? >JPMO ?@>DNDJIN @SDNODIB JI OC@ ?<O@ JA NP>C JKDIDJI- N@@ wG@B<G H<OO@MNx <I? wO<S H<OO@MNx C@M@DI AJM <?DN>PNNDJI JA OC@ JKDIDJI JA =JI? >JPIN@G-

O^[ =edZi ^Wl[ X[[d Z[i_]dWj[Z Wi wgkWb_\_[Z jWn,[n[cfj eXb_]Wj_edix \eh \_dWdY_Wb _dij_jkj_edi- N[[ wO<S H<OO@MN , LkWb_\_[Z OWn,@n[cfj JXb_]Wj_edi-x

F=O AKKM= ) 9aa])=`fdk G`^k JSf[`Ye6 K#H ?âTS^ JSf[`Ye %RRRRR AègdWV& * * * * m n %efST^W agfâa]&

EaaVkle A`hWefade KWdh[UW( AÙ* %M`VWd^k[`Y&* * * * m8S.n

KWW m9GF< AFKMJ8F;=n S`V mJ8LAF?Kn ZWdW[`

!0(/1,(,,,'

>GJL 9=F< ;GMFLQ D=N== AEHJGN=E=FL <AKLJA;L FG* -.

%8 Ha^[f[US^ KgTV[h[e[a` aX fZW KfSfW aX LWjSe

âUSfWV i[fZ[` >adf 9W`V ;ag`fk( LWjSe&

MFDAEAL=< L8P D=N== AEHJGN=E=FL J=>MF<AF? 9GF<K( K=JA=K .,.,

O^[ #3+24/+///) Aehj =[dZ >ekdjo G[l[[ Dcfhel[c[dj ?_ijh_Yj Ie- 01 Pdb_c_j[Z OWn M[\kdZ_d] =edZi+ N[h_[i 1/1/ 'j^[ w=edZix( Wh[ eXb_]Wj_edi e\ Aehj =[dZ >ekdjo G[l[[Dcfhel[c[dj ?_ijh_Yj Ie- 01 'j^[ w?_ijh_Yjx( WdZ Wh[ dej eXb_]Wj_edi e\ j^[ NjWj[ e\ O[nWi+ Aehj =[dZ >ekdjo+ O[nWi+ j^[ >_jo e\ Cekijed+ O[nWi+ eh Wdo [dj_jo ej^[h j^Wd j^[ ?_ijh_Yj- I[_j^[hj^[ \W_j^ WdZ Yh[Z_j deh j^[ jWn_d] fem[h e\ j^[ NjWj[ e\ O[nWi+ Aehj =[dZ >ekdjo+ O[nWi+ j^[ >_jo e\ Cekijed+ O[nWi+ deh Wdo [dj_jo ej^[h j^Wd j^[ ?_ijh_Yj _i fb[Z][Z je j^[ fWoc[dj e\ j^[fh_dY_fWb e\ eh _dj[h[ij ed j^[ =edZi-

<SfWV6 FahW_TWd -( .,., <gW6 8bd[^ -( Se eZai` TWâi

Ddj[h[ij ed j^[ =edZi m_bb WYYhk[ \hec Iel[cX[h 0+ 1/1/+ WdZ m_bb X[ fWoWXb[ ed <fh_b 0 WdZ JYjeX[h 0 e\ [WY^ o[Wh Yecc[dY_d] <fh_b 0+ 1/10 '\_l[,cedj^ _dj[h[ij fWoc[dj(+ kdj_bcWjkh_jo eh fh_eh h[Z[cfj_ed+ WdZ m_bb X[ YWbYkbWj[Z ed j^[ XWi_i e\ W 25/,ZWo o[Wh Yedi_ij_d] e\ jm[bl[ 2/,ZWo cedjî- O^[ Z[\_d_j_l[ =edZi m_bb X[ _d_j_Wbbo h[]_ij[h[Z WdZ Z[b_l[h[Z edboje >[Z[ % >e-+ j^[ dec_d[[ e\ O^[ ?[fei_jeho Ohkij >ecfWdo 'w?O>x( fkhikWdj je j^[ =eea,@djho,Jdbo Noij[c Z[iYh_X[Z ^[h[_d- =[d[\_Y_Wb emd[hi^_f e\ j^[ =edZi cWo X[ WYgk_h[Z_d Z[dec_dWj_edi e\ #4+/// eh _dj[]hWb ckbj_fb[i j^[h[e\- Ie fôi_YWb Z[b_l[ho e\ j^[ =edZi m_bb X[ cWZ[ je j^[ emd[hi j^[h[e\- Kh_dY_fWb e\ WdZ _dj[h[ij ed j^[ =edZi m_bb X[ fWoWXb[ Xoj^[ KWo_d] <][dj.M[]_ijhWh je >[Z[ % >e-+ m^_Y^ m_bb cWa[ Z_ijh_Xkj_ed e\ j^[ Wcekdji ie fW_Z je j^[ fWhj_Y_fWj_d] c[cX[hi e\ ?O> \eh ikXi[gk[dj fWoc[dj je j^[ X[d[\_Y_Wb emd[hi e\j^[ =edZi- N[[ wOC@ =JI?N , =eea,@djho,Jdbo Noij[cx ^[h[_d- O^[ _d_j_Wb KWo_d] <][dj.M[]_ijhWh _i O^[ =Wda e\ I[m Teha H[bbed Ohkij >ecfWdo+ I- <-+ _d ?WbbWi+ O[nWi 'j^[ wKWo_d]<][dj+x wM[]_ijhWhx eh j^[ wKWo_d] <][dj.M[]_ijhWhx(-

O^[ iY^[Zkb[Z fWoc[dj e\ fh_dY_fWb e\ WdZ _dj[h[ij ed j^[ =edZi m^[d Zk[ m_bb X[ ]kWhWdj[[Z kdZ[h W ckd_Y_fWb XedZ _dikhWdY[ feb_Yo je X[ _iik[Z YedYkhh[djbo m_j^ j^[ Z[b_l[hoe\ j^[ =edZi Xo VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV 'wVVVx eh j^[ wDdikh[hx(-

E8LMJALQ K;@=<MD=;MKAH HdWX[j %S&6 /0235-

A`[f[S^ A`[f[S^Hd[Ù[bS^ ESfgd[fk A`fWdWef JWaXXWd[`Y ;MKAH Hd[Ù[bS^ ESfgd[fk A`fWdWef JWaXXWd[`Y ;MKAH8_ag`f %<gW 8bd[^ -& JSfW Q[W^V %T& KgXX[j %S& 8_ag`f %<gW GUfaTWd -& JSfW Q[W^V %T& KgXX[j %S&

# 0/+/// 1/10 $ $ #804+/// 1/21'Y( $ $51/+/// 1/11 834+/// 1/22'Y(

)))) )))) 86/+/// 1/23'Y(78/+/// 1/20'Y(

VVVVVVVVVVVVVVVVVVVV

'W( >PNDK _i W h[]_ij[h[Z jhWZ[cWha e\ j^[ <c[h_YWd =Wda[hi <iieY_Wj_ed- >PNDK ZWjW _i fhel_Z[Z Xo >PNDK BbeXWb N[hl_Y[i+ cWdW][Z Xo N%K BbeXWb HWha[j Ddj[bb_][dY[ edX[^Wb\ e\ j^[ <c[h_YWd =Wda[hi <iieY_Wj_ed- >PNDK dkcX[hi ^Wl[ X[[d Wii_]d[Z je j^_i _iik[ Xo j^[ >PNDK N[hl_Y[ =kh[Wk WdZ Wh[ _dYbkZ[Z ieb[bo \eh j^[ Yedl[d_[dY[ e\j^[ emd[hi e\ j^[ =edZi- O^_i ZWjW _i dej _dj[dZ[Z je Yh[Wj[ W ZWjWXWi[ WdZ Ze[i dej i[hl[ _d Wdo mWo Wi W ikXij_jkj[ \eh j^[ >PNDK i[hl_Y[i- I[_j^[h j^[ ?_ijh_Yj+ j^[ A_dWdY_Wb<Zl_ieh 'Z[\_d[Z ^[h[_d(+ deh j^[ PdZ[hmh_j[hi 'Z[\_d[Z ^[h[_d( jWa[ Wdo h[ifedi_X_b_jo \eh j^[ WYYkhWYo e\ >PNDK dkcX[hi-

'X( Dd\ehcWj_ed m_j^ h[if[Yj je j^[ _d_j_Wb h[e\\[h_d] o_[bZi e\ j^[ =edZi _i j^[ h[ifedi_X_b_jo e\ j^[ PdZ[hmh_j[hi- Dd_j_Wb h[e\\[h_d] o_[bZi h[fh[i[dj j^[ _d_j_Wb e\\[h_d] fh_Y[ je j^[fkXb_Y m^_Y^ ^Wi X[[d [ijWXb_i^[Z Xo j^[ PdZ[hmh_j[hi \eh fkXb_Y e\\[h_d]i+ WdZ m^_Y^ ikXi[gk[djbo cWo X[ Y^Wd][Z- <YYhk[Z _dj[h[ij \hec Iel[cX[h 0+ 1/1/+ _i je X[ WZZ[Zje j^[ fh_Y[-

'Y( O^[ =edZi cWjkh_d] ed WdZ W\j[h <fh_b 0+ 1/15+ Wh[ ikX`[Yj je h[Z[cfj_ed fh_eh je cWjkh_jo Wj j^[ efj_ed e\ j^[ ?_ijh_Yj+ Wi W mêb[ eh _d fWhj+ ed <fh_b 0+ 1/14+ WdZ Wdo ZWj[j^[h[W\j[h+ Wj W fh_Y[ [gkWb je j^[ fh_dY_fWb Wcekdj j^[h[e\ fbki WYYhk[Z _dj[h[ij \hec j^[ ceij h[Y[dj _dj[h[ij fWoc[dj ZWj[ je j^[ ZWj[ \_n[Z \eh h[Z[cfj_ed-

D\ \[m[h j^Wd Wbb e\ j^[ =edZi Wh[ h[Z[[c[Z Wj Wdo j_c[+ j^[ fWhj_YkbWh cWjkh_j_[i WdZ Wcekdji e\ j^[ =edZi je X[ h[Z[[c[Z i^Wbb X[ i[b[Yj[Z Xo j^[ ?_ijh_Yj _d _dj[]hWb ckbj_fb[ie\ #4+/// m_j^_d Wdo ed[ cWjkh_jo- D\ \[m[h j^Wd Wbb e\ j^[ =edZi e\ Wdo ]_l[d cWjkh_jo Wh[ je X[ h[Z[[c[Z Wj Wdo j_c[+ j^[ fWhj_YkbWh =edZi je X[ h[Z[[c[Z i^Wbb X[ i[b[Yj[Z Xo ?O>_d WYYehZWdY[ m_j^ _ji fheY[Zkh[i-

O^[ =edZi Yedij_jkj[ j^[ \_\j^ i[h_[i e\ kdb_c_j[Z jWn h[\kdZ_d] XedZi _iik[Z Xo j^[ ?_ijh_Yj- O^[ ?_ijh_Yj Z[\Wkbj[Z ed _ji Pdb_c_j[Z OWn G[l[[ Dcfhel[c[dj =edZi+ N[h_[i0875 'j^[ wN[h_[i 0875 =edZix(+ \_b[Z XWdahkfjYo WdZ WZ`kij[Z _ji Z[Xj kdZ[h W KbWd e\ <Z`kijc[dj- N[[ wDIQ@NOH@IO >JIND?@M<ODJIN , ?_ijh_Yj =WdahkfjYo-x Cec[YedijhkYj_ed WdZ Z[l[befc[dj m[h[ h[Yecc[dY[Z _d 0888- N[[ w?@Q@GJKH@IO <I? CJH@ >JINOMP>ODJI+ ?@Q@GJK@MN <I? =PDG?@MN-x KkhikWdj je ikY^XWdahkfjYo+ j^[ N[h_[i 0875 =edZi m[h[ Wc[dZ[Z Xo j^[ ?_ijh_Yj m_j^ j^[ _iikWdY[ e\ @nY^Wd][ =edZi- O^[ ?_ijh_Yj _iik[Z _ji Pdb_c_j[Z OWn G[l[[ Dcfhel[c[dj M[\kdZ_d] =edZi+N[h_[i 1//4 'j^[ wN[h_[i 1//4 M[\kdZ_d] =edZiv( je h[\kdZ Wbb e\ j^[ @nY^Wd][ =edZi- Ie YbW_c h[cW_d[Z fWoWXb[ Xo j^[ ?_ijh_Yj kdZ[h j^[ KbWd e\ <Z`kijc[dj ikXi[gk[dj je j^[_iikWdY[ e\ j^[ N[h_[i 1//4 M[\kdZ_d] =edZi- O^[ =edZi+ je][j^[h m_j^ ej^[h bWm\kbbo WlW_bWXb[ \kdZi e\ j^[ ?_ijh_Yj+ m_bb X[ Wffb_[Z je h[\kdZ Y[hjW_d cWjkh_j_[i e\ j^[ ?_ijh_Yj&iJkjijWdZ_d] =edZi 'Z[\_d[Z ^[h[_d(- O^[ fheY[[Zi e\ j^[ =edZi m_bb Wbie X[ ki[Z je fWo j^[ Yeiji e\ _iik_d] j^[ =edZi- N[[ wKGDIB , NekhY[i WdZ Pi[i e\ AkdZi-xOC@ =JI?N <M@ NP=E@>O OJ NK@>D<G DIQ@NOH@IO >JIND?@M<ODJIN ?@N>MD=@? C@M@DI- N@@ wDIQ@NOH@IO >JIND?@M<ODJIN-x Qej[hi _d j^[ ?_ijh_Yj^Wl[ Wkjêh_p[Z W jejWb e\ #07+27/+/// fh_dY_fWb Wcekdj e\ XedZi \eh j^[ fkhfei[ e\ YedijhkYj_d] W b[l[[ _cfhel[c[dj ioij[c 'j^[ wNoij[cx( je i[hl[ j^[ ?_ijh_Yj+ WdZ #07+27/+///Wj jme [b[Yj_edi \eh h[\kdZ_d] ikY^ XedZi- Aebbem_d] j^[ _iikWdY[ e\ j^[ =edZi+ #7+6/4+/// fh_dY_fWb Wcekdj e\ kdb_c_j[Z jWn XedZi Wkjêh_p[Z Xo j^[ ?_ijh_Yjvi lej[hi \eh j^[YedijhkYj_ed e\ j^[ Noij[c+ WdZ #0/+08/+/// \eh h[\kdZ_d] fkhfei[i m_bb h[cW_d kd_iik[Z- N[[ wOC@ =JI?N , DiikWdY[ e\ <ZZ_j_edWb ?[Xj-x

O^[ =edZi Wh[ e\\[h[Z ikX`[Yj je fh_eh iWb[+ m^[d+ Wi WdZ _\ _iik[Z Xo j^[ ?_ijh_Yj WdZ WYY[fj[Z Xo j^[ PdZ[hmh_j[hi+ ikX`[Yj Wced] ej^[h j^_d]i je j^[ WffhelWb e\ j^[ <jjehd[oB[d[hWb e\ O[nWi WdZ e\ Nc_j^+ HkhZWk]^+ G_jjb[ % =ed^Wc+ G-G-K-+ =edZ >ekdi[b- >[hjW_d b[]Wb cWjj[hi m_bb X[ fWii[Z kfed \eh j^[ PdZ[hmh_j[hi Xo HY>Wbb+ KWha^khij % Cehjed

G-G-K-+ Cekijed+ O[nWi+ Wi PdZ[hmh_j[hiv >ekdi[b- ?[b_l[ho e\ j^[ =edZi _d Xeea,[djho \ehc _i [nf[Yj[Z ed eh WXekj Iel[cX[h VV+ 1/1/+ Wj O^[ =Wda e\ I[m Teha H[bbed Ohkij>ecfWdo+ I-<-+ _d ?WbbWi+ O[nWi-

J9; ;8HAL8D E8JC=LK @ADDLGHK=;MJALA=K

000015

L89D= G> ;GFL=FLK

HSYW

PN@ JA DIAJMH<ODJI DI JAAD>D<G NO<O@H@IO - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3N<G@ <I? ?DNOMD=PODJI JA OC@ =JI?N - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4

PdZ[hmh_j_d] - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4Kh_Y[i WdZ HWha[jWX_b_jo - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4N[Ykh_j_[i GWmi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5

=JI? DINPM@ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5=JI? DINPM@ MDNF A<>OJMN - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6M<ODIBN - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6JAAD>D<G NO<O@H@IO NPHH<MT - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 7DIOMJ?P>ODJI - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1/OC@ =JI?N - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1/

B[d[hWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1/KWoc[dj M[YehZ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1/=eea,@djho,Jdbo Noij[c - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 10Pi[ e\ >[hjW_d O[hci _d Jj^[h N[Yj_edi e\ j^_i J\\_Y_Wb NjWj[c[dj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 11<ii_]dc[dji+ OhWdi\[hi WdZ @nY^Wd][i - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 12M[YehZ ?Wj[ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 12M[Z[cfj_ed Khel_i_edi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 12M[fbWY[c[dj e\ =edZi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 12NekhY[ e\ KWoc[dj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 13<kj^eh_jo \eh DiikWdY[ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 13DiikWdY[ e\ <ZZ_j_edWb ?[Xj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 13?[\[WiWdY[ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 13G[]Wb Ddl[ijc[dj WdZ @b_]_X_b_jo je N[Ykh[ KkXb_Y AkdZi _d O[nWi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 14<c[dZc[dji - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 14M[]_ij[h[Z Jmd[hi& M[c[Z_[i - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 15=WdahkfjYo G_c_jWj_ed je M[]_ij[h[Z Jmd[hi& M_]^ji - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 15

KGDIB - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 16Pi[ e\ =edZ KheY[[Zi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 16O^[ M[\kdZ[Z =edZi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 16KWoc[dj e\ M[\kdZ[Z =edZi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 16O^[ Ied,M[\kdZ[Z =edZi 'M[cW_d_d] JkjijWdZ_d] =edZi( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 17NekhY[i WdZ Pi[i e\ AkdZi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 17

DIQ@NOH@IO >JIND?@M<ODJIN - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 18B[d[hWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 18AWYjehi <\\[Yj_d] OWnWXb[ QWbk[i WdZ OWn KWoc[dji - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 18?_ijh_Yj =WdahkfjYo - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2/?[l[bef[h.=k_bZ[h JXb_]Wj_ed je j^[ ?_ijh_Yj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2/HWn_ckc DcfWYj ed ?_ijh_Yj OWn MWj[i - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 20?_ijh_Yj OWn G[lo WdZ PdZ[hbo_d] ?_ijh_Yji OWn[i WdZ AkdYj_edi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 21OWn >ebb[Yj_ed G_c_jWj_edi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 22M[]_ij[h[Z Jmd[hi& M[c[Z_[i WdZ =WdahkfjYo - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 23O^[ @\\[Yj e\ j^[ A_dWdY_Wb Ddij_jkj_edi <Yj e\ 0878 ed OWn >ebb[Yj_edi e\ j^[ ?_ijh_Yj - - - - - - - - - - - - - - 23HWha[jWX_b_jo - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 23Akjkh[ ?[Xj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 23>ecf[j_j_l[ IWjkh[ e\ Cekijed N_d]b[,\Wc_bo Ceki_d]+ <fWhjc[dj WdZ >ecc[hY_Wb ?[l[befc[dj WdZ

>edijhkYj_ed HWha[ji - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 24>edj_dk_d] >ecfb_WdY[ m_j^ >[hjW_d >el[dWdji - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 24@dl_hedc[djWb M[]kbWj_edi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 24>^Wd][i _d OWn G[]_ibWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 27Ohef_YWb R[Wj^[h @l[dji - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 27Dd\[Yj_eki ?_i[Wi[ Jkjbeea '>JQD?,08( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 28

000016

OC@ ?DNOMD>O - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3/<kj^eh_jo - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3/?[iYh_fj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 30Hkd_Y_fWb Pj_b_jo ?_ijh_Yji - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 30HWdW][c[dj e\ j^[ ?_ijh_Yj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 31OWn <ii[iieh.>ebb[Yjeh - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 31=eeaa[[f[h - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 31<kZ_jeh - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 31@d]_d[[h - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 31<jjehd[o - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 31A_dWdY_Wb <Zl_ieh - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 31

?@Q@GJKH@IO <I? CJH@ >JINOMP>ODJI+ ?@Q@GJK@MN <I? =PDG?@MN - - - - - - - - - - - - - - - - - - - 32GWdZ ?[l[befc[dj WdZ N_d]b[,\Wc_bo Cec[+ <fWhjc[dj WdZ >ecc[hY_Wb >edijhkYj_ed _d j^[ ?_ijh_Yj - - 32Meb[ e\ j^[ ?[l[bef[hi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 33

APOPM@ ?@Q@GJKH@IO - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 33<@MD<G KCJOJBM<KC JA OC@ ?DNOMD>O - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 34KCJOJBM<KCN O<F@I RDOCDI OC@ ?DNOMD>O - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 35KCJOJBM<KCN O<F@I RDOCDI OC@ ?DNOMD>O - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 36KCJOJBM<KCN O<F@I RDOCDI OC@ ?DNOMD>O - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 37KCJOJBM<KCN O<F@I RDOCDI OC@ ?DNOMD>O - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 38KCJOJBM<KCN O<F@I RDOCDI OC@ ?DNOMD>O - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4/KCJOJBM<KCN O<F@I RDOCDI OC@ ?DNOMD>O - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 40KCJOJBM<KCN O<F@I RDOCDI OC@ ?DNOMD>O - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 41KCJOJBM<KCN O<F@I RDOCDI OC@ ?DNOMD>O - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 42KCJOJBM<KCN O<F@I RDOCDI OC@ ?DNOMD>O - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 43KCJOJBM<KCN O<F@I RDOCDI OC@ ?DNOMD>O - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 44?DNOMD>O ?@=O - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 45

?[Xj N[hl_Y[ M[gk_h[c[dj NY^[Zkb[ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 45=edZ[Z DdZ[Xj[Zd[ii - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 46@ij_cWj[Z ?_h[Yj WdZ Jl[hbWff_d] ?[Xj NjWj[c[dj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 48

O<S ?<O< - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5/?[Xj N[hl_Y[ OWn - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5/HW_dj[dWdY[ OWn - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5/OWn MWj[ G_c_jWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5/C_ijeh_YWb QWbk[i WdZ OWn >ebb[Yj_ed C_ijeho - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 50OWn MWj[ ?_ijh_Xkj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 50<dWboi_i e\ OWn =Wi[ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 51Kh_dY_fWb 1/1/ OWnfWo[hi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 51@n[cfj_edi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 52OWn MWj[ >WbYkbWj_edi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 52@ij_cWj[Z Jl[hbWff_d] OWn[i - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 53

O<SDIB KMJ>@?PM@N - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 55<kj^eh_jo je G[lo OWn[i - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 55Khef[hjo OWn >eZ[ WdZ >ekdjo,m_Z[ <ffhW_iWb ?_ijh_Yj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 55Khef[hjo NkX`[Yj je OWnWj_ed Xo j^[ ?_ijh_Yj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 55OWn <XWj[c[dj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 56QWbkWj_ed e\ Khef[hjo \eh OWnWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 56?_ijh_Yj WdZ OWnfWo[h M[c[Z_[i - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 57MebbXWYa e\ Jf[hWj_ed WdZ HW_dj[dWdY[ OWn MWj[ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 57G[lo WdZ >ebb[Yj_ed e\ OWn[i - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 58?_ijh_Yj&i M_]^ji _d j^[ @l[dj e\ OWn ?[b_dgk[dY_[i - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6/

1

000017

OC@ NTNO@H - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6/AbeeZ Khej[Yj_ed WdZ ?hW_dW][ AWY_b_j_[i - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6/0//,T[Wh AbeeZ KbW_d - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 60M[]kbWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 60

G@B<G H<OO@MN - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 60G[]Wb Jf_d_edi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 60G[]Wb M[l_[m - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 61Ie,G_j_]Wj_ed >[hj_\_YWj[ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 61Ie HWj[h_Wb <Zl[hi[ >^Wd][ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 61

O<S H<OO@MN - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 61Jf_d_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 61A[Z[hWb DdYec[ OWn <YYekdj_d] Oh[Wjc[dj e\ Jh_]_dWb Diik[ ?_iYekdj WdZ Kh[c_kc =edZi - - - - - - - - - - 62>ebbWj[hWb A[Z[hWb DdYec[ OWn >edi[gk[dY[i - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 63NjWj[+ GeYWb WdZ Aeh[_]d OWn[i - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 64LkWb_\_[Z OWn,@n[cfj JXb_]Wj_edi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 64

Q@MDAD><ODJI JA <>>PM<>T JA H<OC@H<OD><G >JHKPO<ODJI - - - - - - - - - - - - - - - - - - - - - - - - - - 64JAAD>D<G NO<O@H@IO - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 65

B[d[hWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 65@nf[hji - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 65>[hj_\_YWj_ed Wi je J\\_Y_Wb NjWj[c[dj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 65PfZWj_d] e\ J\\_Y_Wb NjWj[c[dj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 66

>JIODIPDIB ?DN>GJNPM@ JA DIAJMH<ODJI - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 66<ddkWb M[fehji - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 66@l[dj Iej_Y[i - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 66<lW_bWX_b_jo e\ Dd\ehcWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 67G_c_jWj_edi WdZ <c[dZc[dji - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 67>ecfb_WdY[ R_j^ Kh_eh PdZ[hjWa_d]i - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 67J\\_Y_Wb NjWj[c[dj w?[[c[Z A_dWbx - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 68

<KK@I?DS < , GJ><ODJI H<K<KK@I?DS = , <IIP<G <P?DO M@KJMO JA OC@ ?DNOMD>O<KK@I?DS > , NK@>DH@I JA HPID>DK<G =JI? DINPM@ KJGD>T

2

000018

MK= G> AF>GJE8LAGF AF G>>A;A8D KL8L=E=FL

Ie Z[Wb[h+ Xhea[h+ iWb[icWd eh ej^[h f[hied ^Wi X[[d Wkjêh_p[Z je ]_l[ Wdo _d\ehcWj_ed eh je cWa[ Wdo h[fh[i[djWj_ediej^[h j^Wd jêi[ YedjW_d[Z _d j^_i J\\_Y_Wb NjWj[c[dj WdZ+ _\ ]_l[d eh cWZ[+ ikY^ ej^[h _d\ehcWj_ed eh h[fh[i[djWj_edickij dej X[ h[b_[Z kfed Wi ^Wl_d] X[[d Wkjêh_p[Z Xo j^[ ?_ijh_Yj-

O^_i J\\_Y_Wb NjWj[c[dj Ze[i dej Yedij_jkj[+ WdZ _i dej Wkjêh_p[Z Xo j^[ ?_ijh_Yj \eh ki[ _d Yedd[Yj_ed m_j^+ Wd e\\[h jei[bb eh j^[ ieb_Y_jWj_ed e\ Wdo e\\[h je Xko _d Wdo ijWj[ _d m^_Y^ ikY^ e\\[h eh ieb_Y_jWj_ed _i dej Wkjêh_p[Z eh _d m^_Y^j^[ f[hied cWa_d] ikY^ e\\[h eh ieb_Y_jWj_ed _i dej gkWb_\_[Z je Ze ie eh je Wdo f[hied je mêc _j _i kdbWm\kb je cWa[ ikYê\\[h eh ieb_Y_jWj_ed-

<bb e\ j^[ ikccWh_[i e\ j^[ ijWjkj[i+ ehZ[hi+ h[iebkj_edi+ YedjhWYji+ WkZ_ji+ WdZ [d]_d[[h_d] WdZ ej^[h h[bWj[Z h[fehji i[j\ehj^ _d j^[ J\\_Y_Wb NjWj[c[dj Wh[ cWZ[ ikX`[Yj je Wbb e\ j^[ fhel_i_edi e\ ikY^ ZeYkc[dji- O^[i[ ikccWh_[i Ze dejfkhfehj je X[ Yecfb[j[ ijWj[c[dji e\ ikY^ fhel_i_edi+ WdZ h[\[h[dY[ _i cWZ[ je ikY^ ZeYkc[dji+ Yef_[i e\ m^_Y^ Wh[WlW_bWXb[ \hec Nc_j^+ HkhZWk]^+ G_jjb[ % =ed^Wc+ G-G-K-+ 00// Gek_i_WdW Njh[[j+ Nk_j[ 3//+ Cekijed+ O[nWi 66//1kfed fWoc[dj e\ Zkfb_YWj_ed Yeiji-

O^_i J\\_Y_Wb NjWj[c[dj YedjW_di+ _d fWhj+ [ij_cWj[i+ Wiikcfj_edi WdZ cWjj[hi e\ ef_d_ed m^_Y^ Wh[ dej _dj[dZ[Z WiijWj[c[dji e\ \WYj+ WdZ de h[fh[i[djWj_ed _i cWZ[ Wi je j^[ Yehh[Yjd[ii e\ ikY^ [ij_cWj[i+ Wiikcfj_edi+ eh cWjj[hi e\ef_d_ed+ eh j^Wj j^[o m_bb X[ h[Wb_p[Z- <do _d\ehcWj_ed WdZ [nfh[ii_edi e\ ef_d_ed ^[h[_d YedjW_d[Z Wh[ ikX`[Yj je Y^Wd][m_jêkj dej_Y[+ WdZ d[_j^[h j^[ Z[b_l[ho e\ j^_i J\\_Y_Wb NjWj[c[dj deh Wdo iWb[ cWZ[ ^[h[kdZ[h i^Wbb+ kdZ[h WdoY_hYkcijWdY[i+ Yh[Wj[ Wdo _cfb_YWj_ed j^Wj j^[h[ ^Wi X[[d de Y^Wd][ _d j^[ W\\W_hi e\ j^[ ?_ijh_Yj eh ej^[h cWjj[hiZ[iYh_X[Z ^[h[_d i_dY[ j^[ ZWj[ ^[h[e\- Cem[l[h+ j^[ ?_ijh_Yj ^Wi W]h[[Z je a[[f j^_i J\\_Y_Wb NjWj[c[dj Ykhh[dj XoWc[dZc[dj eh ij_Ya[h je h[\b[Yj cWj[h_Wb Y^Wd][i _d j^[ W\\W_hi e\ j^[ ?_ijh_Yj WdZ+ je j^[ [nj[dj j^Wj _d\ehcWj_ed WYjkWbboYec[i je _ji Wjj[dj_ed+ j^[ ej^[h cWjj[hi Z[iYh_X[Z _d j^[ J\\_Y_Wb NjWj[c[dj kdj_b Z[b_l[ho e\ j^[ =edZi je j^[PdZ[hmh_j[hi 'Wi ^[h[_dW\j[h Z[\_d[Z(+ WdZ j^[h[W\j[h edbo Wi Z[iYh_X[Z kdZ[h wJAAD>D<G NO<O@H@IO , PfZWj_d] e\J\\_Y_Wb NjWj[c[dj-x

O^[ PdZ[hmh_j[hi '^[h[_dW\j[h Z[\_d[Z( ^Wl[ fhel_Z[Z j^[ \ebbem_d] i[dj[dY[ \eh _dYbki_ed _d j^_i J\\_Y_Wb NjWj[c[dj-O^[ PdZ[hmh_j[h ^Wi h[l_[m[Z j^[ _d\ehcWj_ed _d j^_i J\\_Y_Wb NjWj[c[dj _d WYYehZWdY[ m_j^+ WdZ Wi fWhj e\+ _jih[ifedi_X_b_j_[i je _dl[ijehi kdZ[h j^[ \[Z[hWb i[Ykh_j_[i bWmi Wi Wffb_[Z je j^[ \WYji WdZ Y_hYkcijWdY[i e\ j^_i jhWdiWYj_ed+Xkj j^[ PdZ[hmh_j[h Ze[i dej ]kWhWdj[[ j^[ WYYkhWYo eh Yecfb[j[d[ii e\ ikY^ _d\ehcWj_ed-

I[_j^[h j^[ ?_ijh_Yj deh j^[ PdZ[hmh_j[hi cWa[ Wdo h[fh[i[djWj_edi Wi je j^[ WYYkhWYo+ Yecfb[j[d[ii+ eh WZ[gkWYo e\ j^[_d\ehcWj_ed ikffb_[Z Xo O^[ ?[fei_jeho Ohkij >ecfWdo \eh ki[ _d j^_i J\\_Y_Wb NjWj[c[dj-

O^_i J\\_Y_Wb NjWj[c[dj YedjW_di w\ehmWhZ,beea_d]x ijWj[c[dji m_j^_d j^[ c[Wd_d] e\ N[Yj_ed 10@ e\ j^[ N[Ykh_j_[i@nY^Wd][ <Yj e\ 0823+ Wi Wc[dZ[Z+ m^_Y^ ][d[hWbbo YWd X[ _Z[dj_\_[Z m_j^ mehZi eh f^hWi[i ikY^ Wi wWdj_Y_fWj[i+xwX[b_[l[i+x wYekbZ+x w[ij_cWj[i+x w[nf[Yji+x w\eh[i[[i+x wcWo+x wfh[Z_Yj+x wiêkbZ+x wm_bbx eh ej^[h mehZi eh f^hWi[i e\i_c_bWh _cfehj- <bb ijWj[c[dji _dYbkZ[Z _d j^_i J\\_Y_Wb NjWj[c[dj j^Wj Wdo f[hied [nf[Yji eh Wdj_Y_fWj[i m_bb+ iêkbZ ehcWo eYYkh _d j^[ \kjkh[ Wh[ \ehmWhZ,beea_d] ijWj[c[dji- O^[i[ ijWj[c[dji Wh[ XWi[Z ed Wiikcfj_edi WdZ WdWboi[i cWZ[_d b_]^j e\ [nf[h_[dY[ WdZ f[hY[fj_edi e\ ^_ijeh_YWb jh[dZi+ Ykhh[dj YedZ_j_edi WdZ [nf[Yj[Z \kjkh[ Z[l[befc[dji Wi m[bbWi ej^[h \WYjehi j^[ ?_ijh_Yj X[b_[l[i Wh[ Wffhefh_Wj[ _d j^[ Y_hYkcijWdY[i- Cem[l[h+ m^[j^[h WYjkWb h[ikbji WdZZ[l[befc[dji Yed\ehc m_j^ [nf[YjWj_edi WdZ fh[Z_Yj_edi _i ikX`[Yj je W dkcX[h e\ h_iai WdZ kdY[hjW_dj_[i+ _dYbkZ_d]+m_jêkj b_c_jWj_ed+ j^[ _d\ehcWj_ed Z_iYkii[Z kdZ[h wDIQ@NOH@IO >JIND?@M<ODJINx _d j^_i J\\_Y_Wb NjWj[c[dj+Wi m[bb Wi WZZ_j_edWb \WYjehi X[oedZ j^[ ?_ijh_Yjvi Yedjheb- O^[ _cfehjWdj _dl[ijc[dj Yedi_Z[hWj_edi WdZ Wiikcfj_ediZ[iYh_X[Z kdZ[h j^Wj YWfj_ed WdZ [bi[m^[h[ ^[h[_d YekbZ YWki[ WYjkWb h[ikbji je Z_\\[h cWj[h_Wbbo \hec jêi[ [nfh[ii[Z_d Wdo \ehmWhZ,beea_d] ijWj[c[dj- <bb e\ j^[ \ehmWhZ,beea_d] ijWj[c[dji cWZ[ _d j^_i J\\_Y_Wb NjWj[c[dj Wh[ gkWb_\_[ZXo j^[i[ YWkj_edWho ijWj[c[dji-

VVVVVVVVVVVVVVVVV'wVVVVx(cWa[i de h[fh[i[djWj_ed h[]WhZ_d] j^[ =edZi eh j^[ WZl_iWX_b_jo e\ _dl[ij_d] _d j^[ =edZi-Dd WZZ_j_ed+ VVVV ^Wi dej _dZ[f[dZ[djbo l[h_\_[Z+ cWa[i de h[fh[i[djWj_ed h[]WhZ_d]+ WdZ Ze[i dej WYY[fj Wdoh[ifedi_X_b_jo \eh j^[ WYYkhWYo eh Yecfb[j[d[ii e\ j^_i J\\_Y_Wb NjWj[c[dj eh Wdo _d\ehcWj_ed eh Z_iYbeikh[ YedjW_d[Z

3

000019

^[h[_d+ eh ec_jj[Z ^[h[\hec+ ej^[h j^Wd m_j^ h[if[Yj je j^[ WYYkhWYo e\ j^[ _d\ehcWj_ed h[]WhZ_d] VVVV ikffb_[Z Xo VVVVWdZ fh[i[dj[Z kdZ[h j^[ ^[WZ_d] w=JI? DINPM@x WdZ w<KK@I?DS > , NK@>DH@I JA HPID>DK<G =JI?DINPM@ KJGD>T-x

K8D= 8F< <AKLJA9MLAGF G> L@= 9GF<K

M`VWdid[f[`Y

M=> >Wf_jWb HWha[ji+ GG> 'wM=>x( WdZ C_bbjef N[Ykh_j_[i DdY- 'je][j^[h h[\[hh[Z je ^[h[_d Wi j^[ wPdZ[hmh_j[hx eh j^[wPdZ[hmh_j[hix( ^Wl[ W]h[[Z+ fkhikWdj je W =edZ KkhY^Wi[ <]h[[c[dj+ je fkhY^Wi[ j^[ =edZi \hec j^[ ?_ijh_Yj \eh#VVVVVVVVVVVV 'Wd Wcekdj [gkWb je j^[ fh_dY_fWb Wcekdj e\ j^[ =edZi+ b[ii Wd PdZ[hmh_j[hiv Z_iYekdj e\ #VVVVVVVVVV+b[ii W d[j eh_]_dWb _iik[ Z_iYekdj ed j^[ =edZi e\ #VVVVVVVVVV(+ fbki WYYhk[Z _dj[h[ij ed j^[ =edZi je j^[ ZWj[ e\Z[b_l[ho- O^[ PdZ[hmh_j[hi cWo e\\[h WdZ i[bb j^[ =edZi je Y[hjW_d Z[Wb[hi '_dYbkZ_d] Z[Wb[hi Z[fei_j_d] =edZi _dje kd_j_dl[ijc[dj jhkiji( WdZ ej^[hi Wj fh_Y[i bem[h j^Wd j^[ fkXb_Y e\\[h_d] fh_Y[ ijWj[Z ed j^[ Yel[h fW][ ^[h[e\- O^[ _d_j_Wbe\\[h_d] fh_Y[ cWo X[ Y^Wd][Z \hec j_c[ je j_c[ Xo j^[ PdZ[hmh_j[hi-

M=> ^Wi fhel_Z[Z j^[ \ebbem_d] _d\ehcWj_ed \eh _dYbki_ed _d j^_i J\\_Y_Wb NjWj[c[dj9 M=> WdZ _ji h[if[Yj_l[ W\\_b_Wj[iWh[ \kbb,i[hl_Y[ \_dWdY_Wb _dij_jkj_edi [d]W][Z _d lWh_eki WYj_l_j_[i j^Wj cWo _dYbkZ[ i[Ykh_j_[i jhWZ_d]+ Yecc[hY_Wb WdZ_dl[ijc[dj XWda_d]+ ckd_Y_fWb WZl_ieho+ Xhea[hW][+ WdZ Wii[j cWdW][c[dj- Dd j^[ ehZ_dWho Yekhi[ e\ Xki_d[ii+ M=>WdZ _ji h[if[Yj_l[ W\\_b_Wj[i cWo WYj_l[bo jhWZ[ Z[Xj WdZ+ _\ Wffb_YWXb[+ [gk_jo i[Ykh_j_[i 'eh h[bWj[Z Z[h_lWj_l[ i[Ykh_j_[i(WdZ fhel_Z[ \_dWdY_Wb _dijhkc[dji 'm^_Y^ cWo _dYbkZ[ XWda beWdi+ Yh[Z_j ikffehj+ eh _dj[h[ij hWj[ imWfi(- M=> WdZ _jih[if[Yj_l[ W\\_b_Wj[i cWo [d]W][ _d jhWdiWYj_edi \eh j^[_h emd WYYekdji _dlebl_d] j^[ i[Ykh_j_[i WdZ _dijhkc[dji cWZ[j^[ ikX`[Yj e\ j^_i i[Ykh_j_[i e\\[h_d] eh ej^[h e\\[h_d]i e\ j^[ ?_ijh_Yj- M=> WdZ _ji h[if[Yj_l[ W\\_b_Wj[i cWo WbieYecckd_YWj[ _dZ[f[dZ[dj _dl[ijc[dj h[Yecc[dZWj_edi+ cWha[j Yebeh+ eh jhWZ_d] _Z[Wi WdZfkXb_i^ _dZ[f[dZ[dj h[i[WhY^l_[mi _d h[if[Yj e\ j^_i i[Ykh_j_[i e\\[h_d] eh ej^[h e\\[h_d]i e\ j^[ ?_ijh_Yj- M=> WdZ _ji h[if[Yj_l[ W\\_b_Wj[i cWo cWa[W cWha[j _d Yh[Z_j Z[\Wkbj imWfi m_j^ h[if[Yj je ckd_Y_fWb i[Ykh_j_[i _d j^[ \kjkh[-

Hd[UWe S`V ESd]WfST[^[fk

O^[ Z[b_l[ho e\ j^[ =edZi _i YedZ_j_ed[Z kfed j^[ h[Y[_fj Xo j^[ ?_ijh_Yj e\ W Y[hj_\_YWj[ [n[Ykj[Z WdZ Z[b_l[h[Z Xo j^[PdZ[hmh_j[hi ed eh X[\eh[ j^[ ZWj[ e\ Z[b_l[ho e\ j^[ =edZi ijWj_d] j^[ fh_Y[i Wj m^_Y^ W ikXijWdj_Wb Wcekdj e\ j^[ =edZie\ [WY^ cWjkh_jo ^Wl[ X[[d iebZ je j^[ fkXb_Y- Aeh j^_i fkhfei[+ j^[ j[hc wfkXb_Yx i^Wbb dej _dYbkZ[ Wdo f[hied mê _iW XedZ êki[+ Xhea[h+ eh i_c_bWh f[hied WYj_d] _d j^[ YWfWY_jo e\ kdZ[hmh_j[h eh mêb[iWb[h- Jj^[hm_i[+ j^[ ?_ijh_Yj ^Wide kdZ[hijWdZ_d] m_j^ j^[ PdZ[hmh_j[hi h[]WhZ_d] j^[ h[e\\[h_d] o_[bZi eh fh_Y[i e\ j^[ =edZi WdZ ^Wi de Yedjheb el[hjhWZ_d] e\ j^[ =edZi W\j[h W XedW \_Z[ e\\[h_d] e\ j^[ =edZi _i cWZ[ Xo j^[ PdZ[hmh_j[hi Wj j^[ o_[bZi if[Y_\_[Z ed j^[Yel[h fW][- Dd\ehcWj_ed YedY[hd_d] h[e\\[h_d] o_[bZi eh fh_Y[i _i j^[ h[ifedi_X_b_jo e\ j^[ PdZ[hmh_j[hi-

O^[ ?_ijh_Yj ^Wi de Yedjheb el[h j^[ jhWZ_d] e\ j^[ =edZi _d j^[ i[YedZWho cWha[j- Heh[el[h+ j^[h[ _i de ]kWhWdj[[ j^WjW i[YedZWho cWha[j m_bb X[ cWZ[ _d j^[ =edZi- Dd Wdo ikY^ i[YedZWho cWha[j+ j^[ Z_\\[h[dY[ X[jm[[d j^[ X_Z WdZ Wia[Zfh_Y[ e\ kj_b_jo Z_ijh_Yj XedZi cWo X[ ]h[Wj[h j^Wd j^[ Z_\\[h[dY[ X[jm[[d j^[ X_Z WdZ Wia[Z fh_Y[ e\ XedZi e\ YecfWhWXb[cWjkh_jo WdZ gkWb_jo _iik[Z Xo ceh[ jhWZ_j_edWb ckd_Y_fWb [dj_j_[i+ Wi XedZi e\ ikY^ [dj_j_[i Wh[ ceh[ ][d[hWbbo Xek]^j+iebZ eh jhWZ[Z _d j^[ i[YedZWho cWha[j-

O^[ fh_Y[i WdZ ej^[h j[hci h[if[Yj_d] j^[ e\\[h_d] WdZ iWb[ e\ j^[ =edZi cWo X[ Y^Wd][Z \hec j_c[ je j_c[ Xo j^[PdZ[hmh_j[hi W\j[h j^[ =edZi Wh[ h[b[Wi[Z \eh iWb[+ WdZ j^[ =edZi cWo X[ e\\[h[Z WdZ iebZ Wj fh_Y[i ej^[h j^Wd j^[ _d_j_Wbe\\[h_d] fh_Y[+ _dYbkZ_d] iWb[i je Z[Wb[hi mê cWo i[bb j^[ =edZi _dje _dl[ijc[dj WYYekdji- DI >JII@>ODJI RDOCOC@ JAA@MDIB JA OC@ =JI?N+ OC@ PI?@MRMDO@MN H<T JQ@M,<GGJO JM @AA@>O OM<IN<>ODJINOC<O NO<=DGDU@ JM H<DIO<DI OC@ H<MF@O KMD>@ JA OC@ =JI?N <O < G@Q@G <=JQ@ OC<O RCD>CHDBCO JOC@MRDN@ KM@Q<DG DI OC@ JK@I H<MF@O- NP>C NO<=DGDUDIB+ DA >JHH@I>@?+ H<T =@?DN>JIODIP@? <O <IT ODH@-

4

000020

KWUgd[f[We DSie

Ie h[]_ijhWj_ed ijWj[c[dj h[bWj_d] je j^[ =edZi ^Wi X[[d \_b[Z m_j^ j^[ Pd_j[Z NjWj[i N[Ykh_j_[i WdZ @nY^Wd][>ecc_ii_ed kdZ[h j^[ N[Ykh_j_[i <Yj e\ 0822+ Wi Wc[dZ[Z+ _d h[b_WdY[ kfed [n[cfj_edi fhel_Z[Z j^[h[kdZ[h- O^[ =edZi^Wl[ dej X[[d h[]_ij[h[Z eh gkWb_\_[Z kdZ[h j^[ N[Ykh_j_[i <Yj e\ O[nWi _d h[b_WdY[ kfed lWh_eki [n[cfj_edi YedjW_d[Zj^[h[_d; deh ^Wl[ j^[ =edZi X[[d h[]_ij[h[Z eh gkWb_\_[Z kdZ[h j^[ i[Ykh_j_[i WYji e\ Wdo ej^[h `kh_iZ_Yj_edi- O^[ ?_ijh_YjWiikc[i de h[ifedi_X_b_jo \eh h[]_ijhWj_ed eh gkWb_\_YWj_ed e\ j^[ =edZi kdZ[h j^[ i[Ykh_j_[i bWmi e\ Wdo `kh_iZ_Yj_ed _dm^_Y^ j^[ =edZi cWo X[ e\\[h[Z+ iebZ+ eh ej^[hm_i[ jhWdi\[hh[Z- O^_i Z_iYbW_c[h e\ h[ifedi_X_b_jo \eh h[]_ijhWj_ed ehgkWb_\_YWj_ed \eh iWb[ eh ej^[h Z_ifei_j_ed e\ j^[ =edZi i^ekbZ dej X[ Yedijhk[Z Wi Wd _dj[hfh[jWj_ed e\ Wdo a_dZ m_j^h[]WhZ je j^[ WlW_bWX_b_jo e\ Wdo [n[cfj_ed \hec i[Ykh_j_[i h[]_ijhWj_ed eh gkWb_\_YWj_ed fhel_i_edi-

9GF< AFKMJ8F;=

>JKT OJ >JH@

5

000021

9GF< AFKMJ8F;= JAKC >8;LGJK

Dd j^[ [l[dj e\ Z[\Wkbj e\ j^[ fWoc[dj e\ fh_dY_fWb eh _dj[h[ij m_j^ h[if[Yj je j^[ =edZi m^[d Wbb eh iec[ X[Yec[i Zk[+Wdo emd[h e\ j^[ =edZi i^Wbb ^Wl[ W YbW_c kdZ[h j^[ Keb_Yo \eh ikY^ fWoc[dji-

Dd j^[ [l[dj j^[ Ddikh[h _i kdWXb[ je cWa[ fWoc[dj e\ fh_dY_fWb WdZ _dj[h[ij Wi ikY^ fWoc[dji X[Yec[ Zk[ kdZ[h j^[Keb_Yo+ j^[ =edZi Wh[ fWoWXb[ ieb[bo \hec j^[ ced[oi h[Y[_l[Z fkhikWdj je j^[ Wffb_YWXb[ XedZ ZeYkc[dji- Dd j^[ [l[djj^[ Ddikh[h X[Yec[i eXb_]Wj[Z je cWa[ fWoc[dji m_j^ h[if[Yj je j^[ =edZi+ de WiikhWdY[ _i ]_l[d j^Wj ikY^ [l[dj m_bbdej WZl[hi[bo W\\[Yj j^[ cWha[j fh_Y[ e\ j^[ =edZi eh j^[ cWha[jWX_b_jo 'b_gk_Z_jo( \eh j^[ =edZi-

O^[ bed],j[hc hWj_d]i ed j^[ =edZi Wh[ Z[f[dZ[dj _d fWhj ed j^[ \_dWdY_Wb ijh[d]j^ e\ j^[ Ddikh[h WdZ _ji YbW_c fWo_d]WX_b_jo- O^[ Ddikh[h&i \_dWdY_Wb ijh[d]j^ WdZ YbW_ci fWo_d] WX_b_jo Wh[ fh[Z_YWj[Z kfed W dkcX[h e\ \WYjehi m^_Y^ YekbZY^Wd][ el[h j_c[- Ie WiikhWdY[ _i ]_l[d j^Wj j^[ bed],j[hc hWj_d]i e\ j^[ Ddikh[h WdZ e\ j^[ hWj_d]i ed j^[ =edZi _dikh[ZXo j^[ Ddikh[h m_bb dej X[ ikX`[Yj je Zemd]hWZ[ WdZ ikY^ [l[dj YekbZ WZl[hi[bo W\\[Yj j^[ cWha[j fh_Y[ e\ j^[ =edZi ehj^[ cWha[jWX_b_jo 'b_gk_Z_jo( \eh j^[ =edZi- N[[ w=JI? DINPM@x WdZ wM<ODIBNx ^[h[_d-

O^[ eXb_]Wj_edi e\ j^[ Ddikh[h Wh[ YedjhWYjkWb eXb_]Wj_edi WdZ _d Wd [l[dj e\ Z[\Wkbj Xo j^[ Ddikh[h+ j^[ h[c[Z_[i WlW_bWXb[cWo X[ b_c_j[Z Xo Wffb_YWXb[ XWdahkfjYo bWm eh ijWj[ bWm h[bWj[Z je _diebl[dYo e\ _dikhWdY[ YecfWd_[i-

I[_j^[h j^[ ?_ijh_Yj deh j^[ PdZ[hmh_j[hi ^Wl[ cWZ[ _dZ[f[dZ[dj _dl[ij_]Wj_ed _dje j^[ YbW_ci fWo_d] WX_b_jo e\ j^[Ddikh[h WdZ de WiikhWdY[ eh h[fh[i[djWj_ed h[]WhZ_d] j^[ \_dWdY_Wb ijh[d]j^ eh fhe`[Yj[Z \_dWdY_Wb ijh[d]j^ e\ j^[ Ddikh[h_i ]_l[d- O^ki+ m^[d cWa_d] Wd _dl[ijc[dj Z[Y_i_ed+ fej[dj_Wb _dl[ijehi i^ekbZ YWh[\kbbo Yedi_Z[h j^[ WX_b_jo e\ j^[?_ijh_Yj je fWo fh_dY_fWb WdZ _dj[h[ij ed j^[ =edZi WdZ j^[ YbW_ci fWo_d] WX_b_jo e\ j^[ Ddikh[h+ fWhj_YkbWhbo el[h j^[ b_\[e\ j^[ _dl[ijc[dj- N[[ w=JI? DINPM@x ^[h[_d \eh \khj^[h _d\ehcWj_ed fhel_Z[Z Xo j^[ Ddikh[h WdZ j^[ Keb_Yo+m^_Y^ _dYbkZ[i \khj^[h _dijhkYj_edi \eh eXjW_d_d] Ykhh[dj \_dWdY_Wb _d\ehcWj_ed YedY[hd_d] j^[ Ddikh[h-

J8LAF?K

O^[ =edZi Wh[ [nf[Yj[Z je h[Y[_l[ Wd _dikh[Z hWj_d] e\ w<<x 'ijWXb[ ekjbeea( \hec N%K BbeXWb MWj_d]i 'wN%Kx(+ WXki_d[ii kd_j e\ NjWdZWhZ % Keehvi A_dWdY_Wb N[hl_Y[i GG>+ XWi[Z kfed j^[ _iikWdY[ e\ j^[ Keb_Yo Xo j^[ Ddikh[h Wj j^[j_c[ e\ Z[b_l[ho e\ j^[ =edZi- O^[ kdZ[hbo_d] Yh[Z_j hWj_d] e\ j^[ =edZi Wii_]d[Z Xo HeeZovi Ddl[ijehi N[hl_Y[+ DdY-'wHeeZovix( _iw<W1-x

<d [nfbWdWj_ed e\ j^[ i_]d_\_YWdY[ e\ j^[ \eh[]e_d] hWj_d]i cWo edbo X[ eXjW_d[Z \hec N%K WdZ HeeZovi- O^[ \eh[]e_d]hWj_d]i [nfh[ii edbo j^[ l_[m e\ N%K WdZ HeeZovi Wj j^[ j_c[ j^[ hWj_d]i Wh[ ]_l[d- Akhj^[hceh[+ W i[Ykh_jo hWj_d] _idej W h[Yecc[dZWj_ed je Xko+ i[bb eh ^ebZ i[Ykh_j_[i- O^[h[ _i de WiikhWdY[ j^Wj j^[ hWj_d]i m_bb Yedj_dk[ \eh Wdo ]_l[df[h_eZ e\ j_c[ eh j^Wj _j m_bb dej X[ h[l_i[Z ZemdmWhZ eh m_j^ZhWmd [dj_h[bo Xo N%K WdZ HeeZovi+ _\+ _d _ji `kZ]c[dj+Y_hYkcijWdY[i ie mWhhWdj- <do ikY^ ZemdmWhZ Y^Wd][ _d eh m_j^ZhWmWb e\ ikY^ hWj_d]i cWo ^Wl[ Wd WZl[hi[ [\\[Yj edj^[ cWha[j fh_Y[ e\ j^[ =edZi-

O^[ ?_ijh_Yj _i dej WmWh[ e\ Wdo hWj_d]i Wii_]d[Z j^[ =edZi ej^[h j^Wd j^[ hWj_d]i e\ N%K WdZ HeeZovi-

6

000022

G>>A;A8D KL8L=E=FL KMEE8JQ

O^[ \ebbem_d] cWj[h_Wb _i W ikccWho e\ Y[hjW_d _d\ehcWj_ed YedjW_d[Z ^[h[_d WdZ _i gkWb_\_[Z _d _ji [dj_h[jo Xo j^[ Z[jW_b[Z_d\ehcWj_ed WdZ \_dWdY_Wb ijWj[c[dji Wff[Wh_d] [bi[m^[h[ _d j^_i J\\_Y_Wb NjWj[c[dj-

L@= 9GF<K

O^[ Diik[h - - - - - - - - - - - - - - - - - - - - - - - - Aehj =[dZ >ekdjo G[l[[ Dcfhel[c[dj ?_ijh_Yj Ie- 01 'j^[w?_ijh_Yjx(+ W feb_j_YWb ikXZ_l_i_ed e\ j^[ NjWj[ e\ O[nWi+ _i beYWj[Z _dAehj =[dZ >ekdjo+ O[nWi- N[[ wOC@ ?DNOMD>O-x

O^[ Diik[ - - - - - - - - - - - - - - - - - - - - - - - - - Aehj =[dZ >ekdjo G[l[[ Dcfhel[c[dj ?_ijh_Yj Ie- 01 Pdb_c_j[Z OWnG[l[[ Dcfhel[c[dj M[\kdZ_d] =edZi+ N[h_[i 1/1/+ _d j^[ W]]h[]Wj[fh_dY_fWb Wcekdj e\ #3+24/+///) 'j^[ w=edZix(- Ddj[h[ij ed j^[=edZi WYYhk[i \hec Iel[cX[h 0+ 1/1/+ WdZ _i fWoWXb[ ed <fh_b 0+1/10 '\_l[,cedj^ _dj[h[ij fWoc[dj( WdZ ed [WY^ JYjeX[h 0 WdZ <fh_b0 j^[h[W\j[h kdj_b j^[ [Whb_[h e\ ijWj[Z cWjkh_jo eh h[Z[cfj_ed- O^[=edZi cWjkh[ ed <fh_b 0 _d [WY^ e\ j^[ o[Whi WdZ _d j^[ Wcekdji_dZ_YWj[Z ed j^[ Yel[h fW][ e\ j^_i J\\_Y_Wb NjWj[c[dj- =edZicWjkh_d] ed WdZ W\j[h <fh_b 0+ 1/15+ Wh[ ikX`[Yj je h[Z[cfj_ed+ _dmêb[ eh _d fWhj+ ed <fh_b 0+ 1/14+ WdZ ed Wdo ZWj[ j^[h[W\j[h+ Wj Wfh_Y[ [gkWb je j^[ fh_dY_fWb Wcekdj j^[h[e\ fbki WYYhk[Z _dj[h[ij je j^[ZWj[ \_n[Z \eh h[Z[cfj_ed- N[[ wOC@ =JI?N , B[d[hWbx WdZ ,wM[Z[cfj_ed Khel_i_edi-x O^[ =edZi m_bb X[ _iik[Z fkhikWdj je W=edZ JhZ[h 'j^[ w=edZ JhZ[hx( WZefj[Z Xo j^[ =eWhZ e\ ?_h[Yjehi e\j^[ ?_ijh_Yj- O^[ =edZi Wh[ X[_d] _iik[Z kdZ[h j^[ Wkjêh_jo e\<hj_Yb[ SQD+ N[Yj_ed 48 e\ j^[ O[nWi >edij_jkj_ed+ >^Wfj[hi 38 WdZ46 e\ j^[ O[nWi RWj[h >eZ[+ Wi Wc[dZ[Z+ WdZ >^Wfj[h 01/6+ O[nWiBel[hdc[dj >eZ[+ Wi Wc[dZ[Z-

=eea,@djho,Jdbo Noij[c - - - - - - - - - - - - O^[ Z[\_d_j_l[ =edZi m_bb X[ _d_j_Wbbo h[]_ij[h[Z WdZ Z[b_l[h[Z edbo je>[Z[ % >e-+ j^[ dec_d[[ e\ ?O>+ fkhikWdj je j^[ =eea,@djho,JdboNoij[c Z[iYh_X[Z ^[h[_d- =[d[\_Y_Wb emd[hi^_f e\ j^[ =edZi cWo X[WYgk_h[Z _d Z[dec_dWj_edi e\ #4+/// eh _dj[]hWb ckbj_fb[i j^[h[e\- Iefôi_YWb Z[b_l[ho e\ j^[ =edZi m_bb X[ cWZ[ je j^[ X[d[\_Y_Wb emd[hij^[h[e\- Kh_dY_fWb e\ WdZ _dj[h[ij ed j^[ =edZi m_bb X[ fWoWXb[ Xo j^[KWo_d] <][dj.M[]_ijhWh '^[h[_dW\j[h Z[\_d[Z( je >[Z[ % >e-+ m^_Y^m_bb cWa[ Z_ijh_Xkj_ed e\ j^[ Wcekdji ie fW_Z je j^[ fWhj_Y_fWj_d]c[cX[hi e\ ?O> \eh ikXi[gk[dj fWoc[dj je j^[ X[d[\_Y_Wb emd[hi e\j^[ =edZi 'i[[ wOC@ =JI?N , =eea,@djho,Jdbo Noij[cx(-

NekhY[ e\ KWoc[dj - - - - - - - - - - - - - - - - - O^[ =edZi Wh[ fWoWXb[ \hec Wd WddkWb WZ lWbeh[c jWn+ m_jêkj b[]Wbb_c_jWj_ed Wi je hWj[ eh Wcekdj+ b[l_[Z W]W_dij Wbb jWnWXb[ fhef[hjom_j^_d j^[ ?_ijh_Yj- N[[ wOC@ =JI?N , NekhY[ e\ KWoc[dj+xwDIQ@NOH@IO >JIND?@M<ODJIN , AWYjehi <\\[Yj_d] OWnWXb[QWbk[i WdZ OWn KWoc[dji , HWn_ckc DcfWYj ed ?_ijh_Yj OWn MWj[i+xWdZ wO<S ?<O< , OWn MWj[ >WbYkbWj_edi-x O^[ =edZi Wh[eXb_]Wj_edi e\ j^[ ?_ijh_Yj+ WdZ Wh[ dej eXb_]Wj_edi e\ j^[ NjWj[ e\O[nWi+ Aehj =[dZ >ekdjo+ O[nWi+ eh Wdo [dj_jo ej^[h j^Wd j^[ ?_ijh_Yj-

VVVVVVVVVVVVVVV) Kh[b_c_dWho+ ikX`[Yj je Y^Wd][- 7

000023

KWoc[dj M[YehZ - - - - - - - - - - - - - - - - - - - O^[ =edZi Yedij_jkj[ j^[ \_\j^ i[h_[i e\ kdb_c_j[Z jWn h[\kdZ_d] XedZi_iik[Z Xo j^[ ?_ijh_Yj- O^[ ?_ijh_Yj fh[l_ekibo _iik[Z _ji Pdb_c_j[ZOWn G[l[[ Dcfhel[c[dj =edZi+ N[h_[i 0875 'j^[ wN[h_[i 0875=edZix( \eh j^[ fkhfei[ e\ WYgk_h_d] WdZ YedijhkYj_d] _cfhel[c[djid[Y[iiWho eh fhef[h je WYYecfb_i^ W fbWd e\ h[YbWcWj_ed WZefj[Z Xoj^[ ?_ijh_Yj WdZ Wffhel[Z Xo j^[ O[nWi RWj[h >ecc_ii_ed'fh[Z[Y[iieh je j^[ O[nWi >ecc_ii_ed ed @dl_hedc[djWb LkWb_jo ,j^[ wO>@Lx eh j^[ w>ecc_ii_edx(- O^[ ?_ijh_Yj Z[\Wkbj[Z ed j^[fWoc[dj e\ fh_dY_fWb e\ WdZ _dj[h[ij ed j^[ N[h_[i 0875 =edZi+ \_b[ZXWdahkfjYo WdZ WZ`kij[Z _ji Z[Xj kdZ[h W KbWd e\ <Z`kijc[dj- N[[wDIQ@NOH@IO>JIND?@M<ODJIN ,?_ijh_Yj =WdahkfjYo-x Cec[YedijhkYj_ed WdZ Z[l[befc[dj m[h[ h[Yecc[dY[Z _d 0888- N[[w?@Q@GJKH@IO <I? CJH@ >JINOMP>ODJI+?@Q@GJK@MN <I? =PDG?@MN-x KkhikWdj je ikY^ XWdahkfjYo+j^[ N[h_[i 0875 =edZi m[h[ Wc[dZ[Z Xo j^[ ?_ijh_Yjvi HWhY^ 18+0884+ WZefj_ed e\ Wd <c[dZ[Z =edZ JhZ[h Wkjêh_p_d] j^[ Z[b_l[hoe\ @nY^Wd][ =edZi _d [nY^Wd][ \eh j^[ N[h_[i 0875 =edZi- O^[?_ijh_Yj _iik[Z _ji Pdb_c_j[Z OWn G[l[[ Dcfhel[c[dj M[\kdZ_d]=edZi+ N[h_[i 1//4 'j^[ wN[h_[i 1//4 M[\kdZ_d] =edZix( je h[\kdZWbb e\ j^[ @nY^Wd][ =edZi- Ie YbW_c h[cW_d[Z fWoWXb[ Xo j^[?_ijh_Yj kdZ[h j^[ W\eh[c[dj_ed[Z KbWd e\ <Z`kijc[dj ikXi[gk[dj je_iikWdY[ e\ j^[ N[h_[i 1//4 M[\kdZ_d] =edZi- O^[ ?_ijh_Yj Wbie ^Wi_iik[Z _ji Pdb_c_j[Z OWn G[l[[ Dcfhel[c[dj M[\kdZ_d] =edZi+N[h_[i 1/01 'j^[ wN[h_[i 1/01 M[\kdZ_d] =edZix(+ Pdb_c_j[Z OWnG[l[[ Dcfhel[c[dj M[\kdZ_d] =edZi+ N[h_[i 1/02 'j^[ wN[h_[i 1/02M[\kdZ_d] =edZix( WdZ Pdb_c_j[Z OWn G[l[[ Dcfhel[c[djM[\kdZ_d] =edZi+ N[h_[i 1/08 'j^[ wN[h_[i 1/08 M[\kdZ_d] =edZix(je h[\kdZ ekjijWdZ_d] XedZi e\ j^[ ?_ijh_Yj- >ebb[Yj_l[ h[\[h[dY[ _icWZ[ _d j^_i J\\_Y_Wb NjWj[c[dj je Wbb e\ ikY^ fh[l_ekibo _iik[Z XedZiWi j^[ wKh_eh =edZi-x =[\eh[ j^[ _iikWdY[ e\ j^[ =edZi+ j^[ fh_dY_fWbWcekdj e\ j^[ Kh_eh =edZi j^Wj ^Wi dej X[[d fh[l_ekibo h[j_h[Z Xo j^[?_ijh_Yj _i #0/+64/+/// 'j^[ wJkjijWdZ_d] =edZix(- O^[ ?_ijh_Yj ^Wid[l[h Z[\Wkbj[Z _d j^[ j_c[bo fWoc[dj e\ fh_dY_fWb e\ WdZ _dj[h[ij edj^[ Kh_eh =edZi [nY[fj j^[ N[h_[i 0875 =edZi- <\j[h _iikWdY[ e\ j^[=edZi+ j^[ W]]h[]Wj[ fh_dY_fWb Wcekdj e\ j^[ JkjijWdZ_d] =edZi+ b[iij^[ cWjkh_j_[i j^[h[e\ fh[l_ekibo fW_Z Xo j^[ ?_ijh_Yj+ WdZ b[ii j^[M[\kdZ[Z =edZi+ m_bb X[ #5+22/+/// 'j^[ wM[cW_d_d] JkjijWdZ_d]=edZix(+ WdZ j^[ W]]h[]Wj[ fh_dY_fWb Wcekdj e\ j^[ ?_ijh_Yj&i jejWbZ_h[Yj XedZ[Z _dZ[Xj[Zd[ii+ _dYbkZ_d] j^[ =edZi+ m_bb X[#0/+57/+///-

Kh_dY_fWb Pi[ e\ KheY[[Zi - - - - - - - - - - - - O^[ =edZi+ je][j^[h m_j^ ej^[h bWm\kbbo WlW_bWXb[ \kdZi e\ j^[?_ijh_Yj+ Wh[ _iik[Z je h[\kdZ W fehj_ed e\ j^[ N[h_[i 1/01 M[\kdZ_d]=edZi WdZ Wbb e\ j^[ N[h_[i 1/02 M[\kdZ_d] =edZi _d j^[ W]]h[]Wj[fh_dY_fWb Wcekdj e\ #3+31/+/// 'Yebb[Yj_l[bo+ j^[ wM[\kdZ[Z =edZix(-O^[ =edZi Wh[ X[_d] _iik[Z je h[ZkY[ j^[ ?_ijh_Yjvi WddkWb Z[Xji[hl_Y[ fWoc[dji+ WdZ m_bb h[ikbj _d fh[i[dj lWbk[ Z[Xj i[hl_Y[ iWl_d]ije j^[ ?_ijh_Yj- N[[ wKGDIBx WdZ w?DNOMD>O?@=O , ?[Xj N[hl_Y[ M[gk_h[c[dji-x

<kjêh_p[Z Xkj Pd_iik[Z =edZi - - - - - - - Qej[hi _d j^[ ?_ijh_Yj ^Wl[ Wkjêh_p[Z Wj jme [b[Yj_edi W jejWb e\#07+27/+/// fh_dY_fWb Wcekdj e\ XedZi \eh j^[ fkhfei[ e\YedijhkYj_d] W b[l[[ _cfhel[c[dj ioij[c 'j^[ wNoij[cx( je i[hl[ j^[

8

000024

?_ijh_Yj WdZ #07+27/+/// \eh h[\kdZ_d] ikY^ XedZi- Aebbem_d] j^[_iikWdY[ e\ j^[ =edZi+ #7+6/4+/// fh_dY_fWb Wcekdj e\ kdb_c_j[Z jWnXedZi Wkjêh_p[Z Xo j^[ ?_ijh_Yjvi lej[hi \eh j^[ YedijhkYj_ed e\ j^[Noij[c+ WdZ #0/+08/+/// \eh h[\kdZ_d] fkhfei[i+ m_bb h[cW_dkd_iik[Z- N[[ wOC@ =JI?N , DiikWdY[ e\ <ZZ_j_edWb ?[Xj-x

L@= 9GF<K 8J= KM9B=;L LG KH=;A8D AFN=KLE=FL

;GFKA<=J8LAGFK <=K;JA9=< @=J=AF* K==

mAFN=KLE=FL ;GFKA<=J8LAGFK*n

Hkd_Y_fWb =edZ DdikhWdY[ - - - - - - - - - - - - - VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV 'wVVVx(- N[[w=JI? DINPM@-x

Hkd_Y_fWb =edZ MWj_d]i - - - - - - - - - - - - - - - N%K BbeXWb MWj_d]i 'VVV _dikh[Z( wVVx 'ijWXb[ ekjbeea(- HeeZoviDdl[ijehi N[hl_Y[+ DdY- 'PdZ[hbo_d](---w<W1-x N[[ w=JI?DINPM@x WdZ wM<ODIBN-x

G[]Wb WdZ OWn Jf_d_edi - - - - - - - - - - - - - - - Nc_j^+ HkhZWk]^+ G_jjb[ % =ed^Wc+ G-G-K-+ Cekijed+ O[nWi+ =edZ>ekdi[b- N[[ wOC@ ?DNOMD>O , HWdW][c[dj e\ j^[ ?_ijh_Yj+xwG@B<G H<OO@MNx WdZ wO<S H<OO@MN-x

LkWb_\_[Z OWn,@n[cfj JXb_]Wj_edi - - - - - - O^[ ?_ijh_Yj m_bb Z[i_]dWj[ j^[ =edZi Wi wgkWb_\_[Z jWn,[n[cfjeXb_]Wj_edix fkhikWdj je N[Yj_ed 154'X( e\ j^[ Ddj[hdWb M[l[dk[ >eZ[e\ 0875+ Wi Wc[dZ[Z+ Wi _j m_bb dej _iik[ ceh[ j^Wd #0/+///+/// e\jWn,[n[cfj eXb_]Wj_edi Zkh_d] j^[ YWb[dZWh o[Wh 1/1/-

Q[h_\_YWj_ed <][dj - - - - - - - - - - - - - - - - - - - MeX[hj OêcWi+ >K<+ GG>- N[[ wQ@MDAD><ODJI JA<>>PM<>T JA H<OC@H<OD><G >JHKPO<ODJIN-x

L@= <AKLJA;L

?[iYh_fj_ed - - - - - - - - - - - - - - - - - - - - - - - - - Aehj =[dZ >ekdjo G[l[[ Dcfhel[c[dj ?_ijh_Yj Ie- 01 _i WYedi[hlWj_ed WdZ h[YbWcWj_ed Z_ijh_Yj Yh[Wj[Z Xo j^[ >ecc_ii_ed[hi>ekhj e\ Aehj =[dZ >ekdjo+ O[nWi+ _d 0874+ WdZ ef[hWj[i Wi W b[l[[_cfhel[c[dj Z_ijh_Yj fkhikWdj je >^Wfj[hi 38 WdZ 46 e\ j^[ O[nWiRWj[h >eZ[+ Wi Wc[dZ[Z+ WdZ ej^[h ][d[hWb ijWjkj[i Wffb_YWXb[ jeYedi[hlWj_ed WdZ h[YbWcWj_ed Z_ijh_Yji- O^[ ?_ijh_Yj YedjW_diWffhen_cWj[bo 3+/34-05 WYh[i e\ bWdZ- O^[ ?_ijh_Yj _i beYWj[Z [dj_h[bom_j^_d Aehj =[dZ >ekdjo+ O[nWi+ Wffhen_cWj[bo 1/ c_b[i m[ij e\ j^[Y[djhWb Xki_d[ii Z_ijh_Yj e\ j^[ >_jo e\ Cekijed+ O[nWi+ _d dehj^[Wij[hdAehj =[dZ >ekdjo+ O[nWi- O^[ ?_ijh_Yj _i beYWj[Z [dj_h[bo m_j^_d j^[[njhWj[hh_jeh_Wb `kh_iZ_Yj_ed e\ j^[ >_jo e\ Cekijed+ WdZ _i XekdZ[Z XoCWhb[c MeWZ ed j^[ [Wij+ Hehjed MeWZ ed j^[ iekj^+ =Wha[h ?Wc edj^[ dehj^+ WdZ fWhj_Wbbo Xo >WdWb MeWZ ed j^[ m[ij- O^[ ?_ijh_Yj _ibeYWj[Z Wffhen_cWj[bo 3-7 c_b[i m[ij e\ j^[ _dj[hi[Yj_ed e\ NjWj[C_]^mWo 5 WdZ AWhc,je,HWha[j MeWZ 0/82- O^[ BhWdZ KWhamWojhWl[hi[i j^[ m[ij[hbo fehj_ed e\ j^[ ?_ijh_Yj \hec dehj^ je iekj^+ WdZj^[ R[ijfWha Oebb MeWZ jhWl[hi[i j^[ ?_ijh_Yj \hec [Wij je m[ij- O^[?_ijh_Yj _i beYWj[Z m_j^_d j^[ GWcWh >edieb_ZWj[Z DdZ[f[dZ[dj NYêeb?_ijh_Yj+ FWjo DdZ[f[dZ[dj NYêeb ?_ijh_Yj WdZ Aehj =[dZ DdZ[f[dZ[djNYêeb ?_ijh_Yj- O^[ ?_ijh_Yj mWi Yh[Wj[Z \eh j^[ fkhfei[ e\ fhel_Z_d]\beeZ fbW_d h[YbWcWj_ed+ \beeZ fhej[Yj_ed WdZ ekj\Wbb ZhW_dW][d[Y[iiWho \eh j^[ Z[l[befc[dj e\ j^[ bWdZ beYWj[Z m_j^_d j^[

0/

000025

XekdZWh_[i e\ j^[ ?_ijh_Yj- JINOMP>ODJI+?@Q@GJK@MN <I? =PDG?@MN+x WdZ wOC@ NTNO@H+x j^[YedijhkYj_ed e\ j^[ ?_ijh_Yjvi \beeZ fbW_d h[YbWcWj_ed WdZ ekj\WbbZhW_dW][ \WY_b_j_[i+ _dYbkZ_d] Wced] ej^[h _j[ci+ ekj\Wbb ZhW_dW][Y^Wdd[b _cfhel[c[dji+ f_f[b_d[ WZ`kijc[dji+ Ykbl[hji WdZ Xh_Z][meha 'Yebb[Yj_l[bo+ j^[ wNoij[cx( m[h[ YedijhkYj[Z Xo j^[ ?_ijh_Yjm_j^ j^[ fheY[[Zi e\ j^[ iWb[ e\ j^[ N[h_[i 0875 =edZi- N[[ wOC@?DNOMD>O , <kjêh_jox WdZ , w?[iYh_fj_ed+x w<@MD<GKCJOJBM<KC JA OC@ ?DNOMD>O+x WdZ w<KK@I?DS < ,GJ><ODJI H<K-x

Hkd_Y_fWb Pj_b_jo ?_ijh_Yji - - - - - - - - - - - - - O^[ ?_ijh_Yj fhel_Z[i edbo \beeZ fbW_d h[YbWcWj_ed+ \beeZ fhej[Yj_ed+WdZ ekj\Wbb ZhW_dW][ \WY_b_j_[i- O^[ ?_ijh_Yj Ze[i dej fhel_Z[ mWj[hikffbo eh Z_ijh_Xkj_ed+ mWij[mWj[h Yebb[Yj_ed eh jh[Wjc[dj+ eh Y[hjW_dijehc ZhW_dW][ \WY_b_j_[i eh i[hl_Y[i- <bb eh W fehj_ed e\ [_]^jckd_Y_fWb kj_b_jo Z_ijh_Yji+ Aehj =[dZ >ekdjo Hkd_Y_fWb Pj_b_jo?_ijh_Yj Ie- 4/ 'wA=>HP? Ie- 4/x(+ Aehj =[dZ >ekdjo Hkd_Y_fWbPj_b_jo ?_ijh_Yj Ie- 011 'wA=>HP? Ie- 011x(+ Aehj =[dZ >ekdjoHkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 012 'wA=>HP? Ie- 012x(+ Aehj =[dZ>ekdjo Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 032 'wA=>HP? Ie- 032x(+Aehj =[dZ >ekdjo Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 054 'wA=>HP?Ie- 054x(+ >_dYe MWdY^ Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 7 'w>_dYeHP? Ie- 7x(+ BhWdZ H_ii_ed Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 0'wBhWdZ H_ii_ed HP? Ie- 0x( WdZ BhWdZ H_ii_ed Hkd_Y_fWb Pj_b_jo?_ijh_Yj Ie- 1 'wBhWdZ H_ii_ed HP? Ie- 1x( 'Yebb[Yj_l[bo+ j^[wPdZ[hbo_d] ?_ijh_Yjix(+ m^_Y^ Yel[h Wffhen_cWj[bo 3+/23 WYh[i e\j^[ jejWb e\ Wffhen_cWj[bo 3+/34-05 WYh[i YedjW_d[Z m_j^_d j^[?_ijh_Yj+ ^Wl[ X[[d \ehc[Z je \_dWdY[ j^[ WYgk_i_j_ed eh YedijhkYj_ede\ mWj[h ikffbo WdZ Z_ijh_Xkj_ed+ mWij[mWj[h Yebb[Yj_ed WdZjh[Wjc[dj+ WdZ Y[hjW_d ijehc ZhW_dW][ \WY_b_j_[i je i[hl[ j^[ bWdZbeYWj[Z m_j^_d ikY^ Z_ijh_Yji- RWj[h+ i[m[h WdZ ZhW_dW][ \WY_b_j_[i WdZijh[[j fWl_d] ^Wl[ X[[d YedijhkYj[Z je i[hl[ Wd W]]h[]Wj[ e\ 7+844\kbbo Z[l[bef[Z i_d]b[,\Wc_bo h[i_Z[dj_Wb beji WdZ ej^[h Z[l[bef[Zfhef[hjo ed m^_Y^ 7+666 êc[i '_dYbkZ_d] êc[i kdZ[hYedijhkYj_ed(+ 0+6/2 WfWhjc[dji WdZ Yecc[hY_Wb _cfhel[c[djiW]]h[]Wj_d] Wffhen_cWj[bo 0+505+3/6 igkWh[ \[[j e\ Xk_bZ_d] Wh[W^Wl[ X[[d Yecfb[j[Z WdZ Wffhen_cWj[bo 05+6// igkWh[ \[[j e\Xk_bZ_d] Wh[W Wh[ Ykhh[djbo kdZ[h YedijhkYj_ed _d j^[ PdZ[hbo_d]?_ijh_Yji Wi _i Z[iYh_X[Z X[bem kdZ[h j^[ YWfj_ed w?[l[befc[dj WdZCec[ >edijhkYj_ed+ ?[l[bef[hi WdZ =k_bZ[hi-x O^[ bWdZ beYWj[Zm_j^_d j^[ ?_ijh_Yj j^Wj _i dej Ykhh[djbo Yel[h[Z Xo Wdo ckd_Y_fWbkj_b_jo Z_ijh_Yj YekbZ X[ _dYbkZ[Z _d ed[ e\ j^[ PdZ[hbo_d] ?_ijh_Yji ehiec[ ej^[h ckd_Y_fWb kj_b_jo Z_ijh_Yj Wj iec[ \kjkh[ j_c[- O^[ ?_ijh_YjYWddej fh[Z_Yj m^[j^[h Wdo e\ ikY^ bWdZ Ykhh[djbo dej Yel[h[Z Xo Wckd_Y_fWb kj_b_jo Z_ijh_Yj c_]^j X[ _dYbkZ[Z _d W ckd_Y_fWb kj_b_joZ_ijh_Yj _d j^[ \kjkh[-

00

000026

?[l[befc[dj WdZ Cec[ >edijhkYj_ed+?[l[bef[hi WdZ =k_bZ[hi - - - - - - - - - - - - - DS`V <WhWâb_W`f S`V K[`Y^W)XS_[^k @a_W( 8bSdf_W`f S`V

;a__WdU[S^ ;aèfdgUf[a` [` fZW <[efd[Uf

O^[ bWdZ Z[l[befc[dj WdZ i_d]b[,\Wc_bo êc[+ WfWhjc[dj WdZYecc[hY_Wb YedijhkYj_ed WYj_l_jo m^_Y^ ^Wi X[[d kdZ[hjWa[d m_j^_dj^[ ?_ijh_Yj Wi e\ N[fj[cX[h 0+ 1/1/+ _i _bbkijhWj[Z X[bem-PdZ[h]hekdZ mWj[h Z_ijh_Xkj_ed+ mWij[mWj[h Yebb[Yj_ed WdZ ijehci[m[h \WY_b_j_[i WdZ ijh[[j fWl_d] ^Wl[ X[[d YedijhkYj[Z je i[hl[ j^[i_d]b[,\Wc_bo h[i_Z[dj_Wb beji j^Wj Wh[ [dkc[hWj[Z- Dd WZZ_j_ed+mWij[mWj[h jh[Wjc[dj YWfWY_jo WdZ mWj[h ikffbo YWfWY_jo ^Wl[ X[[dWbbeYWj[Z je fhel_Z[ i[hl_Y[ je ikY^ fhef[hjo-

OejWb QWYWdj N_d]b[,AWc_bo?[l[bef[Z ?[l[bef[Z Geji PdZ[h M[i_Z[dj_Wb

PdZ[hbo_d] HP? OejWb <Yh[i Geji Geji ?[l[befc[dj >edd[Yj_edi '_(

A=>HP? Ie- 4/ 0+/50'__( 0+272 / / 0+272A=>HP? Ie- 011 25/ 785 / / 785A=>HP? Ie- 012 380 0+271 / / 0+271A=>HP? Ie- 032 338'__( 0+060 4 / 0+056A=>HP? Ie- 054 274 0+334 4 / 0+33/>_dYe HP? Ie- 7 88'__( 0/1 / / 0/1BhWdZ H_ii_ed HP? Ie- 0 4/0'__( 0+188 / / 0+188BhWdZ H_ii_ed HP? Ie- 1 577 0+166 058 / 0+0/7

OJO<GN 3+/23 7+844 068 / 7+666

'_( DdYbkZ[i Yecfb[j[Z êc[i WdZ êc[i j^Wj Wh[ Ykhh[djbo kdZ[h YedijhkYj_ed-'__( Kehj_ed YedjW_d[Z m_j^_d j^[ ?_ijh_Yj-

>ebb[Yj_l[ h[\[h[dY[ _i iec[j_c[i cWZ[ _d j^_i J\\_Y_Wb NjWj[c[dj jej^[ êc[ Xk_bZ_d] YecfWd_[i j^Wj Wh[ YedijhkYj_d] êc[i m_j^_d j^[?_ijh_Yj Wi j^[ w=k_bZ[hi-x O^[ =k_bZ[hi _dYbkZ[ I[mcWha Cec[i+HCD+ Ze_d] Xki_d[ii Wi KbWdjWj_ed Cec[i+ C_]^bWdZ Cec[i+H[h_jW][ Cec[i+ F- CeldWd_Wd Cec[i+ G[ddWh Cec[i+ WdZ ?[ledNjh[[j Cec[i- O^[ =k_bZ[hi Wh[ Ykhh[djbo YedijhkYj_d] êc[i m_j^_dj^[ ?_ijh_Yj j^Wj hWd][ _d i_p[ \hec Wffhen_cWj[bo 0+475 je 2+637igkWh[ \[[j e\ Xk_bZ_d] Wh[W WdZ _d iWb[i fh_Y[ \hec Wffhen_cWj[bo#105+888 je #34/+///- O^[ =k_bZ[hi cWo Y^Wd][ j^[ i_p['i( WdZ j^[jof['i( e\ êc[i m^_Y^ j^[o [b[Yj je Xk_bZ+ WdZ j^[ iWb[i fh_Y[ij^[h[e\+ Wj j^[_h ieb[ Z_iYh[j_ed-

8bSdf_W`fe ) -(3,/ ;a_b^WfWV M`[fe

201,kd_j >WcZ[d GWa[cedj <fWhjc[dji145,kd_j @Y^[bed ed 88 <fWhjc[dji2//,kd_j O^[ M[i_Z[dY[i Wj >_dYe MWdY^217,kd_j <b[nWd BhWdZ H_ii_ed <fWhjc[dji10/,kd_j Q_bbWi Wj HWied MeWZ <fWhjc[dji186,kd_j O^[ CWl[d Wj =[bbW_h[ <fWhjc[dji

>ecfb[j[Z Yecc[hY_Wb _cfhel[c[dji beYWj[Z m_j^_d j^[ ?_ijh_Yj_dYbkZ[ Wffhen_cWj[bo 0+505+3/6 jejWb igkWh[ \[[j e\ Xk_bZ_d] Wh[W+Yedi_ij_d] e\ Z[fWhjc[dj ijeh[i+ \_jd[ii Y[dj[hi+ h[jW_b ijh_f Y[dj[hi+

01

000027

^[Wbj^YWh[ \WY_b_j_[i+ fkXb_Y ijehW][+ Yedl[d_[dY[ ijeh[i WdZ ]WiijWj_edi+ i[d_eh b_l_d] \WY_b_jo+ ZWoYWh[ \WY_b_j_[i+ e\\_Y[ Xk_bZ_d]i+Wkje fWhji ijeh[i+ cel_[ j^[Wj[hi+ b_gkeh ijeh[i+ f^WhcWY_[i+h[ijWkhWdji WdZ lWh_eki ej^[h h[jW_b [ijWXb_i^c[dji- >ecc[hY_Wb_cfhel[c[dji beYWj[Z m_j^_d j^[ ?_ijh_Yj Ykhh[djbo kdZ[hYedijhkYj_ed _dYbkZ[ Wffhen_cWj[bo 05+6// jejWb igkWh[ \[[j e\Xk_bZ_d] Wh[W Yecfh_i[Z e\ 2 e\\_Y[ YedZec_d_kc Xk_bZ_d]i-

O^[ ?_ijh_Yj YedjW_di Wffhen_cWj[bo 441-5 WYh[i e\ bWdZ j^Wj Wh[WlW_bWXb[ \eh \kjkh[ Z[l[befc[dj ed m^_Y^ de Z[l[befc[dj WYj_l_jo^Wi o[j X[[d kdZ[hjWa[d- N_dY[ de emd[h e\ Wdo e\ j^[ Ykhh[djbokdZ[l[bef[Z bWdZ beYWj[Z m_j^_d j^[ ?_ijh_Yj _i kdZ[h Wdo eXb_]Wj_edje j^[ ?_ijh_Yj je kdZ[hjWa[ j^[ Z[l[befc[dj e\ Wdo e\ ikY^ bWdZ+ WdZcWo i[bb Wdo e\ ikY^ bWdZ Wj _ji ieb[ Z_iYh[j_ed+ j^[ ?_ijh_Yj YWddejh[fh[i[dj m^[d+ eh m^[j^[h+ Wdo Z[l[befc[dj e\ Wdo e\ ikY^ bWdZc_]^j X[ kdZ[hjWa[d- N[[ wOC@ =JI?N , DiikWdY[ e\ <ZZ_j_edWb?[Xj+x wDIQ@NOH@IO >JIND?@M<ODJIN , Akjkh[ ?[Xjx WdZwAPOPM@ ?@Q@GJKH@IO-x

?[iYh_fj_edi e\ j^[ bWdZ Z[l[befc[dj WdZ i_d]b[,\Wc_bo êc[+WfWhjc[dj WdZ Yecc[hY_Wb YedijhkYj_ed j^Wj ^Wi X[[d kdZ[hjWa[d jeZWj[ m_j^_d j^[ ?_ijh_Yj+ j^[ PdZ[hbo_d] ?_ijh_Yji _d m^_Y^ ikY^Z[l[befc[dj WdZ YedijhkYj_ed ^Wi X[[d kdZ[hjWa[d+ WdZ e\ j^[?[l[bef[hi WdZ j^[ =k_bZ[hi \ebbem-

Ja^W aX fZW <WhWâbWde

Dd ][d[hWb+ j^[ WYj_l_j_[i e\ W Z[l[bef[h _d W b[l[[ _cfhel[c[djZ_ijh_Yj ikY^ Wi j^[ ?_ijh_Yj WdZ _d W ckd_Y_fWb kj_b_jo Z_ijh_Yj ikY^ Wij^[ PdZ[hbo_d] ?_ijh_Yji _dYbkZ[ fkhY^Wi_d] j^[ bWdZ m_j^_d j^[Z_ijh_Yj+ Z[i_]d_d] j^[ ikXZ_l_i_ed+ Z[i_]d_d] j^[ kj_b_j_[i WdZ ijh[[jije X[ YedijhkYj[Z _d j^[ ikXZ_l_i_ed+ Z[i_]d_d] Wdo Yecckd_jo\WY_b_j_[i je X[ Xk_bj+ Z[\_d_d] W cWha[j_d] fhe]hWc WdZ Xk_bZ_d]iY^[Zkb[+ i[Ykh_d] d[Y[iiWho ]el[hdc[djWb WffhelWbi WdZ f[hc_ji \ehZ[l[befc[dj+ WhhWd]_d] \eh j^[ YedijhkYj_ed e\ heWZi WdZ j^[_dijWbbWj_ed e\ kj_b_j_[i '_dYbkZ_d]+ _d iec[ YWi[i+ mWj[h+ mWij[mWj[h+WdZ ZhW_dW][ \WY_b_j_[i fkhikWdj je j^[ hkb[i e\ j^[ O>@L+ Wi m[bb Wi]Wi+ j[b[fêd[+ WdZ [b[Yjh_Y i[hl_Y[( WdZ i[bb_d] _cfhel[Z beji WdZYecc[hY_Wb h[i[hl[i je Xk_bZ[hi+ Z[l[bef[hi+ eh ej^[h j^_hZ fWhj_[i-O^[ h[bWj_l[ ikYY[ii eh \W_bkh[ e\ W Z[l[bef[h je f[h\ehc ikY^WYj_l_j_[i _d Z[l[befc[dj e\ j^[ fhef[hjo m_j^_d W Z_ijh_Yj cWo ^Wl[W fhe\ekdZ [\\[Yj ed j^[ i[Ykh_jo e\ j^[ kdb_c_j[Z jWn WdZ h[l[dk[XedZi _iik[Z Xo W Z_ijh_Yj- < Z[l[bef[h _i ][d[hWbbo kdZ[h deeXb_]Wj_ed je W Z_ijh_Yj je Z[l[bef j^[ fhef[hjo m^_Y^ _j emdi _d WZ_ijh_Yj- Akhj^[hceh[+ j^[h[ _i de h[ijh_Yj_ed ed W Z[l[bef[h&i h_]^j jei[bb Wdo eh Wbb e\ j^[ bWdZ m^_Y^ _j emdi m_j^_d W Z_ijh_Yj- Dd WZZ_j_ed+W Z[l[bef[h _i ehZ_dWh_bo W cWèh jWnfWo[h m_j^_d W Z_ijh_Yj Zkh_d] j^[Z[l[befc[dj f^Wi[ e\ j^[ fhef[hjo-

?_ijh_Yj OWn G[lo WdZ PdZ[hbo_d]?_ijh_Yj OWn[i WdZ AkdYj_edi - - - - - - - - - - O^[ ?_ijh_Yj \_dWdY[Z j^[ YedijhkYj_ed eh WYgk_i_j_ed e\ j^[ Noij[c

m_j^ j^[ fheY[[Zi e\ j^[ N[h_[i 0875 =edZi Wi _i Z[iYh_X[Z _d j^_iJ\\_Y_Wb NjWj[c[dj kdZ[h j^[ YWfj_ed wOC@ NTNO@H-x O^[ ?_ijh_Yj

02

000028

b[l_[Z W jejWb jWn e\ #/-/7 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08+Yedi_ij_d] e\ W Z[Xj i[hl_Y[ jWn e\ #/-/34 f[h #0// e\ <ii[ii[ZQWbkWj_ed+ fbki W cW_dj[dWdY[ jWn e\ #/-/24 f[h #0// <ii[ii[ZQWbkWj_ed+ WdZ Wdj_Y_fWj[i b[lo_d] jejWb jWn e\ #/-/64 f[h #0// e\<ii[ii[Z QWbkWj_ed \eh 1/1/+ Yedi_ij_d] e\ W Z[Xj i[hl_Y[ jWn e\ #/-/3f[h #0// e\ <ii[ii[Z QWbkWj_ed+ fbki W cW_dj[dWdY[ jWn e\ #/-/24 f[h#0// <ii[ii[Z QWbkWj _ed- N[[ wDIQ@NOH@IO>JIND?@M<ODJIN , AWYjehi <\\[Yj_d] OWnWXb[ QWbk[i WdZ OWnKWoc[dji-x

<i _i ijWj[Z WXel[+ Wbb Xkj Wffhen_cWj[bo 00 WYh[i e\ j^[ jejWb e\Wffhen_cWj[bo3+/34-05 WYh[i YedjW_d[Z m_j^_d j^[ ?_ijh_Yj Wh[ beYWj[Zm_j^_d j^[ XekdZWh_[i e\ j^[ PdZ[hbo_d] ?_ijh_Yji- O ?@=O ,@ij_cWj[Z ?_h[Yj WdZ Jl[hbWff_d] ?[Xj NjWj[c[dj+x Wbb e\ j^[PdZ[hbo_d] ?_ijh_Yji ^Wl[ je ZWj[ _iik[Z XedZi je \_dWdY[ j^[WYgk_i_j_ed eh YedijhkYj_ed e\ mWj[h+ i[m[h+ WdZ ZhW_dW][ \WY_b_j_[i jei[hl[ Z[l[befc[dj m^_Y^ ^Wi eYYkhh[Z m_j^_d ikY^ Z_ijh_Yji- O^[PdZ[hbo_d] ?_ijh_Yji Wh[ [nf[Yj[Z je _iik[ WZZ_j_edWb XedZi _d j^[\kjkh[ je \_dWdY[ WZZ_j_edWb mWj[h+ i[m[h WdZ ZhW_dW][ \WY_b_j_[i jeWYYecceZWj[ j^[ ed]e_d] Z[l[befc[dj e\ ikY^ PdZ[hbo_d] ?_ijh_Yji-O^[ PdZ[hbo_d] ?_ijh_Yji b[lo i[fWhWj[ jWn[i ed j^[ bWdZ beYWj[Zm_j^_d [WY^ ikY^ Z_ijh_Yj je fWo Z[Xj i[hl_Y[ ed j^[ kdb_c_j[Z jWnXedZi m^_Y^ [WY^ Z_ijh_Yj _iik[i- NkY^ jWn _i _d WZZ_j_ed je j^[ jWnb[l_[Z Xo j^[ ?_ijh_Yj- JIND?@M<ODJIN , AWYjehi <\\[Yj_d]OWnWXb[ QWbk[i WdZ OWn KWoc[dji+x j^[ jWn hWj[ j^Wj cWo X[ h[gk_h[Zje fWo Z[Xj i[hl_Y[ ed Wdo XedZi _iik[Z Xo W ckd_Y_fWb kj_b_jo Z_ijh_Yj+eh j^[ ?_ijh_Yj+ _i ikX`[Yj je dkc[heki kdY[hjW_dj_[i ikY^ Wi j^[ ]hemj^e\ jWnWXb[ lWbk[i _d j^[ ?_ijh_Yj+ j^[ Wcekdj e\ j^[ XedZi _iik[Z+h[]kbWjeho WffhelWbi+ YedijhkYj_ed Yeiji WdZ cWha[j _dj[h[ij hWj[i-O^[h[ YWd X[ de WiikhWdY[i j^Wj Yecfei_j[ jWn hWj[i _cfei[Z Xoel[hbWff_d] `kh_iZ_Yj_edi ed fhef[hjo Yel[h[Z Xo j^[ PdZ[hbo_d]?_ijh_Yji+ _dYbkZ_d] j^[ ?_ijh_Yj+ m_bb X[ Yecf[j_j_l[ m_j^ j^[ jWn hWj[ie\ Yecf[j_d] fhe`[Yji-

A=>HP? Ie- 4/ ^Wi b[l_[Z W jejWb jWn e\ #/-80 f[h #0// e\ <ii[ii[ZQWbkWj_ed \eh 1/08 '_dYbkZ_d] Z[Xj i[hl_Y[ WdZ cW_dj[dWdY[ jWnYecfed[dji e\ #/-57 WdZ #/-12 f[h #0// e\ <ii[ii[Z QWbkWj_ed+h[if[Yj_l[bo(- A=>HP? Ie- 011 ^Wi b[l_[Z W jejWb jWn e\ #/-864 f[h#0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08 '_dYbkZ_d] Z[Xj i[hl_Y[ WdZcW_dj[dWdY[ jWn Yecfed[dji e\ #/-5/ WdZ #/-264 f[h #0// e\<ii[ii[Z QWbkWj_ed+ h[if[Yj_l[bo(- A=>HP? Ie- 012 ^Wi b[l_[Z WjejWb jWn e\ #0-/7 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08 '_dYbkZ_d]Z[Xj i[hl_Y[ WdZ cW_dj[dWdY[ jWn Yecfed[dji e\ #/-57 WdZ #/-3/ f[h#0// e\ <ii[ii[Z QWbkWj_ed+ h[if[Yj_l[bo(- A=>HP? Ie- 032 ^Wib[l_[Z W jejWb jWn e\ #0-10 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08'_dYbkZ_d] Z[Xj i[hl_Y[ WdZ cW_dj[dWdY[ jWn Yecfed[dji e\ #/-67 WdZ#/-35 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ h[if[Yj_l[bo(- A=>HP? Ie-054 ^Wi b[l_[Z W jejWb jWn e\ #0-074 f[h #0// e\ <ii[ii[Z QWbkWj_ed\eh 1/08 '_dYbkZ_d] Z[Xj i[hl_Y[ WdZ cW_dj[dWdY[ jWn Yecfed[dji e\#/-624 WdZ #/-34 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ h[if[Yj_l[bo(->_dYe HP? Ie- 7 ^Wi b[l_[Z W jejWb jWn e\ #/-51 f[h #0// e\<ii[ii[Z QWbkWj_ed \eh 1/08 '_dYbkZ_d] Z[Xj i[hl_Y[+ cW_dj[dWdY[

03

000029

WdZ YedjhWYj jWn Yecfed[dji e\ #/-13 WdZ #/-11 WdZ #/-05 f[h #0//e\ <ii[ii[Z QWbkWj_ed+ h[if[Yj_l[bo(- BhWdZ H_ii_ed HP? Ie- 0 ^Wib[l_[Z W jejWb jWn e\ #/-65 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08'_dYbkZ_d] Z[Xj i[hl_Y[ WdZ cW_dj[dWdY[ jWn Yecfed[dji e\ #/-44 WdZ#/-10 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ h[if[Yj_l[bo(- BhWdZ H_ii_edHP? Ie- 1 ^Wi b[l_[Z W jejWb jWn e\ #0-0/ f[h #0// e\ <ii[ii[ZQWbkWj_ed \eh 1/08 '_dYbkZ_d] Z[Xj i[hl_Y[ WdZ cW_dj[dWdY[ jWnYecfed[dji e\ #/-52 WdZ #/-36 f[h #0// e\ <ii[ii[Z QWbkWj_ed+h[if[Yj_l[bo(- O^[h[\eh[+ j^[ YecX_d[Z Wdj_Y_fWj[Z 1/1/ b[lo e\ j^[?_ijh_Yj WdZ j^[ 1/08 b[l_[i e\ A=>HP? Iei- 4/+ 011+ 012+ 032+ WdZ054+ >_dYe HP? Ie- 7+ BhWdZ H_ii_ed HP? Ie- 0 WdZ BhWdZH_ii_ed HP? Ie- 1 Wh[ #/-874+ #0-/4+ #0-044+ #0-174+ #0-15/+#/-584+ #/-724+ WdZ #0-064 f[h #0// e\ <ii[ii[Z QWbkWj_ed+h[if[Yj_l[bo- NkY^ YecX_d[Z b[l_[i \eh j^[ ?_ijh_Yj WdZ A=>HP?Iei- 4/+ 011+ 012+ 032+ WdZ 054+ >_dYe HP? Ie- 7+ BhWdZ H_ii_edHP? Ie- 0 WdZ BhWdZ H_ii_ed HP? Ie- 1 Wh[ ^_]^[h j^Wd j^[ jWnhWj[i b[l_[Z Xo iec[ ckd_Y_fWb kj_b_jo Z_ijh_Yji _d j^[ Cekijedc[jhefeb_jWd Wh[W+ Xkj Wh[ m_j^_d j^[ hWd][ e\ jWn hWj[i X[_d] b[l_[ZXo ckd_Y_fWb kj_b_jo Z_ijh_Yji _d j^[ Cekijed c[jhefeb_jWd Wh[W m^_Y^Wh[ _d ijW][i e\ Z[l[befc[dj YecfWhWXb[ m_j^ j^[ ?_ijh_Yj- Heh[el[h+Wi _i _bbkijhWj[Z _d j^_i J\\_Y_Wb NjWj[c[dj kdZ[h j^[ YWfj_ed wO<S?<O< , @ij_cWj[Z Jl[hbWff_d] OWn[i+x j^[ W]]h[]Wj[ e\ j^[ 1/08 jWnb[l_[i e\ Wbb kd_ji e\ ]el[hdc[dj+ _dYbkZ_d] Aehj =[dZ >ekdjo WdZ j^[Aehj =[dZ DdZ[f[dZ[dj NYêeb ?_ijh_Yj+ FWjo DdZ[f[dZ[dj NYêeb?_ijh_Yj eh j^[ GWcWh >edieb_ZWj[Z DdZ[f[dZ[dj NYêeb ?_ijh_Yj+ fbkij^[ 1/08 hWj[i e\ A=>HP? Iei- 4/+ 011+ 012+ 032+ 054+ >_dYe HP?Ie- 7+ BhWdZ H_ii_ed HP? Ie- 0 WdZ BhWdZ H_ii_ed HP? Ie- 1WdZ j^[ Wdj_Y_fWj[Z 1/1/ ?_ijh_Yj hWj[ Wh[ #1-754+ #1-82+ #2-/24+#2-/04+ #1-88+ #2-0320+ #1-554 WdZ #2-//4 f[h #0// e\ <ii[ii[ZQWbkWj_ed+ h[if[Yj_l[bo- NkY^ W]]h[]Wj[ b[l_[i Wh[ ^_]^[h j^Wd j^[W]]h[]Wj[ e\ j^[ jWn b[l_[i e\ iec[ ckd_Y_fWb kj_b_jo Z_ijh_Yji beYWj[Z_d j^[ Cekijed c[jhefeb_jWd Wh[W+ Xkj Wh[ m_j^_d j^[ hWd][ e\ j^[W]]h[]Wj[ jWn b[l_[i e\ ckd_Y_fWb kj_b_jo Z_ijh_Yji _d j^[ Cekijedc[jhefeb_jWd Wh[W m^_Y^ Wh[ _d ijW][i e\ Z[l[befc[dj YecfWhWXb[m_j^ j^[ ?_ijh_Yj-

Jd[ ckij Yedi_Z[h j^[ jejWb jWn XkhZ[d e\ Wbb el[hbWff_d] WdZkdZ[hbo_d] `kh_iZ_Yj_edi _cfei[Z kfed fhef[hjo beYWj[Z m_j^_d j^[?_ijh_Yj Wi YedjhWij[Z m_j^ fhef[hjo beYWj[Z _d YecfWhWXb[ h[Wb [ijWj[Z[l[befc[dji je ]Wk][ j^[ h[bWj_l[ jWn XkhZ[d ed fhef[hjo m_j^_d j^[?_ijh_Yj- O^[ jWn hWj[ d[Y[iiWho je i[hl_Y[ j^[ Z[Xj _iik[Z eh je X[_iik[Z Xo j^[ ?_ijh_Yj WdZ j^[ PdZ[hbo_d] ?_ijh_Yji+ WdZ j^[ jWn hWj[ib[l_[Z Xo ej^[h el[hbWff_d] `kh_iZ_Yj_edi+ Wh[ ikX`[Yj je dkc[hekikdY[hjW_dj_[i WdZ lWh_WXb[i+ WdZ j^ki j^[ ?_ijh_Yj YWd ]_l[ deWiikhWdY[ j^Wj j^[ Yecfei_j[ jWn hWj[i _cfei[Z Xo el[hbWff_d]`kh_iZ_Yj_edi+ fbki j^[ ?_ijh_Yj&i jWn hWj[+ WdZ j^[ jWn hWj[i e\ j^[PdZ[hbo_d] ?_ijh_Yji+ m_bb X[ Yecf[j_j_l[ m_j^ j^[ jWn hWj[i e\Yecf[j_d] fhe`[Yji- Oe j^[ [nj[dj j^Wj ikY^ Yecfei_j[ jWn hWj[i Wh[dej Yecf[j_j_l[ m_j^ Yecf[j_d] Z[l[befc[dji+ j^[ ]hemjê\ fhef[hjojWn lWbk[i _d j^[ ?_ijh_Yj WdZ j^[ _dl[ijc[dj gkWb_jo eh i[Ykh_jo e\ j^[=edZi YekbZ X[ WZl[hi[bo W\\[Yj[Z- N[[ wDIQ@NOH@IO>JIND?@M<ODJIN-x

04

000030

Dd\[Yj_eki ?_i[Wi[ Jkjbeea'>JQD?,08( - - - - - - - - - - - - - - - - - - - - - O^[ RehbZ C[Wbj^ Jh]Wd_pWj_ed ^Wi Z[YbWh[Z W fWdZ[c_Y \ebbem_d]

j^[ ekjXh[Wa e\ >JQD?,08+ W h[if_hWjeho Z_i[Wi[ YWki[Z Xo W d[mijhW_d e\ YehedWl_hki 'j^[ wKWdZ[c_Yx(+ m^_Y^ _i Ykhh[djbo W\\[Yj_d]cWdo fWhji e\ j^[ mehbZ+ _dYbkZ_d] j^[ Pd_j[Z NjWj[i WdZ O[nWi- <iZ[iYh_X[Z ^[h[_d kdZ[h wDIQ@NOH@IO >JIND?@M<ODJIN ,Dd\[Yj_eki ?_i[Wi[ Jkjbeea '>JQD?,08(x+ \[Z[hWb+ ijWj[ WdZ beYWb]el[hdc[dji ^Wl[ Wbb jWa[d WYj_edi je h[ifedZ je j^[ KWdZ[c_Y+_dYbkZ_d] Z_iWij[h Z[YbWhWj_edi Xo Xej^ j^[ Kh[i_Z[dj e\ j^[ Pd_j[ZNjWj[i WdZ j^[ Bel[hdeh e\ O[nWi- NkY^ WYj_edi Wh[ \eYki[Z edb_c_j_d] _dijWdY[i m^[h[ j^[ fkXb_Y YWd Yed]h[]Wj[ eh _dj[hWYj m_j^[WY^ ej^[h+ m^_Y^ W\\[Yji [Yedec_Y ]hemj^ m_j^_d O[nWi-

N_dY[ j^[ Z_iWij[h Z[YbWhWj_edi m[h[ cWZ[+ j^[ KWdZ[c_Y ^Wid[]Wj_l[bo W\\[Yj[Z jhWl[b+ Yecc[hY[+ WdZ \_dWdY_Wb cWha[ji beYWbboWdZ ]beXWbbo+ WdZ _i m_Z[bo [nf[Yj[Z je Yedj_dk[ d[]Wj_l[bo W\\[Yj_d][Yedec_Y ]hemj^ WdZ \_dWdY_Wb cWha[ji mehbZm_Z[ WdZ m_j^_d O[nWi-

NkY^ WZl[hi[ [Yedec_Y YedZ_j_edi+ _\ j^[o Yedj_dk[+ YekbZ h[ikbj _dZ[Yb_d[i _d j^[ Z[cWdZ \eh h[i_Z[dj_Wb WdZ Yecc[hY_Wb fhef[hjo _d j^[Cekijed Wh[W WdZ YekbZ h[ZkY[ eh d[]Wj_l[bo W\\[Yj fhef[hjo lWbk[ieh ^ec[Xk_bZ_d] WYj_l_jo m_j^_d j^[ ?_ijh_Yj- O^[ =edZi Wh[ i[Ykh[ZXo Wd kdb_c_j[Z WZ lWbeh[c jWn+ WdZ W h[ZkYj_ed _d fhef[hjo lWbk[icWo h[gk_h[ Wd _dYh[Wi[ _d j^[ WZ lWbeh[c jWn hWj[ h[gk_h[Z je fWo j^[=edZi Wi m[bb Wi j^[ ?_ijh_Yj&i i^Wh[ e\ ef[hWj_edi WdZ cW_dj[dWdY[[nf[di[i fWoWXb[ \hec WZ lWbeh[c jWn[i-

R^_b[ j^[ fej[dj_Wb _cfWYj e\ >JQD?,08 ed j^[ ?_ijh_Yj YWddej X[gkWdj_\_[Z Wj j^_i j_c[+ j^[ Yedj_dk[Z ekjXh[Wa e\ >JQD?,08 YekbZ^Wl[ Wd WZl[hi[ [\\[Yj ed j^[ ?_ijh_Yj&i ef[hWj_edi WdZ \_dWdY_WbYedZ_j_ed- O^[ \_dWdY_Wb WdZ ef[hWj_d] ZWjW YedjW_d[Z ^[h[_d Wh[ j^[bWj[ij WlW_bWXb[+ Xkj Wh[ Wi e\ ZWj[i WdZ \eh f[h_eZi fh_eh je j^[[Yedec_Y _cfWYj e\ j^[ KWdZ[c_Y WdZ c[Wikh[i _dij_jkj[Z je ibem _j-<YYehZ_d]bo+ j^[o Wh[ dej _dZ_YWj_l[ e\ j^[ [Yedec_Y _cfWYj e\ j^[KWdZ[c_Y ed j^[ ?_ijh_Yj&i \_dWdY_Wb YedZ_j_ed-

AFN=KLE=FL ;GFKA<=J8LAGFK

OC@ =JI?N <M@ NP=E@>O OJ >@MO<DI DIQ@NOH@IO >JIND?@M<ODJIN- KMJNK@>ODQ@ KPM>C<N@MNNCJPG? M@QD@R OC@ @IODM@ JAAD>D<G NO<O@H@IO =@AJM@ H<FDIB DNDJI+DI>GP?DIB K<MOD>PG<MGT OC@ N@>ODJI JA OC@ JAAD>D<G NO<O@H@IO @IODOG@? wDIQ@NOH@IO>JIND?@M<ODJIN-x

05

000031

K=D=;L=< >AF8F;A8D AF>GJE8LAGF

%MF8M<AL=<&

1/1/ <ii[ii[Z QWbkWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #1+427+181+228'W('@?PM@N-x

?_h[Yj ?[XjO^[ M[cW_d_d] JkjijWdZ_d] =edZi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 5+22/+///O^[ =edZi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3+24/+///)

OejWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 0/+57/+///'X(

@ij_cWj[Z Jl[hbWff_d] ?[Xj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 264+45/+660

OejWb ?_h[Yj WdZ @ij_cWj[Z Jl[hbWff_d] ?[Xj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 275+13/+660)

?_h[Yj ?[Xj MWj_e9 Wi W f[hY[djW][ e\ 1/1/ <ii[ii[Z QWbkWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - /-31$

?_h[Yj WdZ @ij_cWj[Z Jl[hbWff_d] ?[Xj MWj_e9 Wi W f[hY[djW][ e\ 1/1/ <ii[ii[Z QWbkWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 04-11$

?[Xj N[hl_Y[ AkdZ =WbWdY[ @ij_cWj[Z <i e\ j^[ ?Wj[ e\ ?[b_l[ho e\ j^[ =edZi - - - - - - - - - - - - - # 68/+505'Y(

B[d[hWb AkdZ =WbWdY[ <i e\ Ekd[ 04+ 1/1/ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 3+53/+831

1/08 OWn MWj[ f[h #0// e\ <ii[ii[Z QWbkWj_ed?[Xj N[hl_Y[ OWn - - - - - - - - - - - - - - - - - #/-/34HW_dj[dWdY[ OWn - - - - - - - - - - - - - - - - - /-/24

OejWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-/7'Z(

<dj_Y_fWj[Z 1/1/ OWn MWj[ f[h #0// e\ <ii[ii[Z QWbkWj_ed?[Xj N[hl_Y[ OWn - - - - - - - - - - - - - - - - - #/-/3/HW_dj[dWdY[ OWn - - - - - - - - - - - - - - - - - /-/24

OejWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-/64'Z(

>ecX_d[Z <dj_Y_fWj[Z 1/1/ ?_ijh_Yj WdZ 1/08 PdZ[hbo_d] ?_ijh_Yji OWn MWj[i f[h #0// e\ <ii[ii[Z QWbkWj_edO^[ ?_ijh_Yj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-/64A=>HP? Ie- 4/ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - /-80/

OejWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-874.#0// <-Q-'Z(

O^[ ?_ijh_Yj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-/64A=>HP? Ie- 011 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - /-864

OejWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #0-/4.#0// <-Q-'Z(

O^[ ?_ijh_Yj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-/64A=>HP? Ie- 012 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0-/7/

OejWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #0-044.#0// <-Q-'Z(

O^[ ?_ijh_Yj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-/64A=>HP? Ie- 032 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0-10/

OejWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #0-174.#0// <-Q-'Z(

O^[ ?_ijh_Yj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-/64


000032

A=>HP? Ie- 054 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 0-074OejWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #0-15.#0// <-Q-'Z(

O^[ ?_ijh_Yj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-/64>_dYe HP? Ie- 7 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - /-51/

OejWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-584.#0// <-Q-'[(

O^[ ?_ijh_Yj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-/64BhWdZ H_ii_ed HP? Ie- 0 - - - - - - - - - - - - - - - - - - - - - - - /-65/

OejWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-724.#0// <-Q- 'Z(

O^[ ?_ijh_Yj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-/64BhWdZ H_ii_ed HP? Ie- 1 - - - - - - - - - - - - - - - - - - - - - - - 0-0//

OejWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #0-064.#0// <-Q- 'Z(

<l[hW][ K[hY[djW][ e\ OejWb OWn >ebb[Yj_edi '1//8,1/07( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 88-85$ebb[Yj_edi 1/08 OWn G[lo<i e\ N[fj[cX[h 00+ 1/1/- Dd fheY[ii e\ Yebb[Yj_ed- - - - - - - - - - - - - - - - - - - - - - - - - - 88-20$

<l[hW][ <ddkWb ?[Xj N[hl_Y[ M[gk_h[c[dji ed j^[ =edZiWdZ j^[ M[cW_d_d] JkjijWdZ_d] =edZi '1/10,1/23( - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 83/+173)

HWn_ckc <ddkWb ?[Xj N[hl_Y[ M[gk_h[c[dj ed j^[ =edZiWdZ j^[ M[cW_d_d] JkjijWdZ_d] =edZi '1/22( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 877+164)

OWn MWj[ f[h #0// e\ <ii[ii[Z QWbkWj_ed M[gk_h[Z je KWo <l[hW][ <ddkWb ?[XjN[hl_Y[ M[gk_h[c[dji ed j^[ =edZi WdZ j^[ M[cW_d_d] JkjijWdZ_d] =edZi

'1/10,1/23( Wj 84$ OWn >ebb[Yj_edi=Wi[Z Pfed 1/1/ <ii[ii[Z QWbkWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-/28

OWn MWj[ f[h #0// e\ <ii[ii[Z QWbkWj_ed M[gk_h[Z je KWoHWn_ckc <ddkWb ?[Xj N[hl_Y[ M[gk_h[c[dj ed j^[ =edZi WdZj^[ M[cW_d_d] JkjijWdZ_d] =edZi '1/22( Wj 84$ OWn >ebb[Yj_edi=Wi[Z Pfed 1/1/ <ii[ii[Z QWbkWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-/30

IkcX[h e\ N_d]b[,AWc_bo M[i_Z[dj_Wb >edd[Yj_ediWi e\ N[fj[cX[h 0+ 1/1/ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 7+666

0+6/2 >ecfb[j[Z <fWhjc[dji201,kd_j >WcZ[d GWa[cedj <fWhjc[dji145,kd_j @Y^[bed ed 88 <fWhjc[dji2//,kd_j O^[ M[i_Z[dY[i Wj >_dYe MWdY^217,kd_j <b[nWd BhWdZ H_ii_ed <fWhjc[dji10/,kd_j Q_bbWi Wj HWied MeWZ <fWhjc[dji186,kd_j O^[ CWl[d Wj =[bbW_h[ <fWhjc[dji

>ecfb[j[Z >ecc[hY_Wb Dcfhel[c[dji , <ffhen_cWj[bo 0+505+3/6 OejWb NgkWh[ A[[j e\ =k_bZ_d] <h[W>ecc[hY_Wb Dcfhel[c[dji >khh[djbo PdZ[h >edijhkYj_ed , <ffhen_cWj[bo 05+6// OejWb NgkWh[ A[[j e\ =k_bZ_d] <h[WVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV'W( [djhWb

<ffhW_iWb ?_ijh_Yj 'j^[ w<ffhW_iWb ?_ijh_Yjx( Wj 0//$ e\ Wii[ii[Z lWbkWj_ed Wi e\ EWdkWho 0 e\ [WY^ o[Wh- O^[?_ijh_Yj&i jWn hebb _i Y[hj_\_[Z Xo j^[ Aehj =[dZ >ekdjo <ffhW_iWb M[l_[m =eWhZ 'j^[ w<ffhW_iWb M[l_[m =eWhZx(-


000033

N[[ wDIQ@NOH@IO >JIND?@M<ODJIN , AWYjehi <\\[Yj_d] OWnWXb[ QWbk[i WdZ OWn KWoc[dji-x NkY^ ikc_dYbkZ[i Y[hjW_d lWbk[i m^_Y^ ^Wl[ dej X[[d Y[hj_\_[Z Xo j^[ <ffhW_iWb M[l_[m =eWhZ+ _dYbkZ_d] j^[ lWbk[ e\Y[hjW_d fhef[hj_[i m^_Y^ ^Wi X[[d fhefei[Z Xo j^[ <ffhW_iWb ?_ijh_Yj Xkj fhej[ij[Z Xo j^[ emd[hi j^[h[e\ je j^[<ffhW_iWb ?_ijh_Yj- O^[ <ffhW_iWb ?_ijh_Yj ^Wi fhefei[Z j^[ jejWb e\ ikY^ fhej[ij[Z lWbk[i je X[ #18+230+764- N_dY[j^[ ?_ijh_Yj _i kdWXb[ je fh[Z_Yj j^[ Wcekdj e\ j^[ ?_ijh_Yjvi \_dWb 1/1/ <ii[ii[Z QWbkWj_ed+ 8/$ e\ ikY^ jejWbfhej[ij lWbk[ e\ #18+230+764+ eh #15+3/6+577+ _i _dYbkZ[Z _d j^[ 1/1/ <ii[ii[Z QWbkWj_ed e\ #1+427+181+228+[dkc[hWj[Z _d j^_i J\\_Y_Wb NjWj[c[dj- NkY^ \_dWb 1/1/ <ii[ii[Z QWbkWj_ed m_bb dej X[ Z[j[hc_d[Z kdj_b j^[lWbkWj_ed e\ Wbb jWnWXb[ fhef[hjo beYWj[Z m_j^_d j^[ ?_ijh_Yj _i Y[hj_\_[Z Xo j^[ <ffhW_iWb M[l_[m =eWhZ \eh 1/1/-

'X( N[[ w?DNOMD>O ?@=O-x O^[ ?_ijh_Yj Ze[i dej Wdj_Y_fWj[ j^Wj _j m_bb _iik[ WZZ_j_edWb XedZi je \_dWdY[ j^[YedijhkYj_ed e\ WZZ_j_edWb Yecfed[dji e\ j^[ Noij[c Xkj YWddej h[fh[i[dj j^Wj _j m_bb dej Ze ie+ deh j^Wj \kjkh[h[fW_hi je j^[ Noij[c c_]^j dej d[Y[ii_jWj[ ikY^ _iikWdY[-

'Y( I[_j^[h O[nWi bWm deh j^[ =edZ JhZ[h h[gk_h[i j^[ ?_ijh_Yj je cW_djW_d Wdo fWhj_YkbWh ikc _d j^[ ?[Xj N[hl_Y[AkdZ- NkY^ \kdZ XWbWdY[ ]_l[i [\\[Yj je j^[ j_c[bo fWoc[dj Xo j^[ ?_ijh_Yj e\ j^[ [dj_h[jo e\ _ji Z[Xj i[hl_Y[h[gk_h[c[dji \eh 1/1/+ WdZ h[\b[Yji j^[ Yedjh_Xkj_ed Xo j^[ ?_ijh_Yj e\ #7+///) je j^[ h[\kdZ_d] e\ j^[ M[\kdZ[Z=edZi- O^[ ?_ijh_Yj&i _d_j_Wb fWoc[dj e\ Z[Xj i[hl_Y[ ed j^[ =edZi+ Yedi_ij_d] e\ j^[ fWoc[dj e\ W fh_dY_fWbfWoc[dj WdZ W \_l[,cedj^ _dj[h[ij fWoc[dj j^[h[ed+ m_bb X[ Zk[ ed <fh_b 0+ 1/10-

'Z( O^[ ?_ijh_Yj b[l_[Z W jejWb jWn e\ #/-/7 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08+ Yedi_ij_d] e\ W Z[Xj i[hl_Y[ jWne\ #/-/34 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ fbki W cW_dj[dWdY[ jWn e\ #/-/24 f[h #0// <ii[ii[Z QWbkWj_ed+ WdZWdj_Y_fWj[i b[lo_d] jejWb jWn e\ #/-/64 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/1/+ Yedi_ij_d] e\ W Z[Xj i[hl_Y[ jWne\ #/-/3 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ fbki W cW_dj[dWdY[ jWn e\ #/-/24 f[h #0// <ii[ii[Z QWbkWj_ed- O^[YecX_d[Z Wdj_Y_fWj[Z 1/1/ b[lo e\ j^[ ?_ijh_Yj WdZ j^[ 1/08 b[l_[i e\ A=>HP? Iei- 4/+ 011+ 012+ 032+ WdZ 054+>_dYe HP? Ie- 7+ BhWdZ H_ii_ed HP? Ie- 0 WdZ BhWdZ H_ii_ed HP? Ie- 1 e\ #/-874+ #0-/4+ #0-044+ #0-174+#0-15/+ #/-584+ #/-724+ WdZ #0-064 f[h #0// e\ <ii[ii[Z QWbkWj_ed++ h[if[Yj_l[bo+ Wh[ ^_]^[h j^Wd j^[ jWn hWj[ib[l_[Z Xo iec[ ckd_Y_fWb kj_b_jo Z_ijh_Yji _d j^[ Cekijed c[jhefeb_jWd Wh[W+ Xkj Wh[ m_j^_d j^[ hWd][ e\ jWn hWj[iX[_d] b[l_[Z Xo ckd_Y_fWb kj_b_jo Z_ijh_Yji _d j^[ Cekijed c[jhefeb_jWd Wh[W m^_Y^ Wh[ _d ijW][i e\ Z[l[befc[djYecfWhWXb[ m_j^ j^[ ?_ijh_Yj- Heh[el[h+ Wi _i _bbkijhWj[Z ^[h[_d kdZ[h j^[ YWfj_ed "O<S ?<O< , @ij_cWj[ZJl[hbWff_d] OWn[i+! j^[ W]]h[]Wj[ e\ j^[ 1/08 jWn b[l_[i e\ Wbb kd_ji e\ ]el[hdc[dj+ _dYbkZ_d] Aehj =[dZ >ekdjoWdZ j^[ Aehj =[dZ DdZ[f[dZ[dj NYêeb ?_ijh_Yj+ FWjo DdZ[f[dZ[dj NYêeb ?_ijh_Yj eh j^[ GWcWh >edieb_ZWj[ZDdZ[f[dZ[dj NYêeb ?_ijh_Yj+ fbki j^[ 1/08 hWj[i e\ A=>HP? Iei- 4/+ 011+ 012+ 032+ 054+ >_dYe HP? Ie- 7+BhWdZ H_ii_ed HP? Ie- 0 WdZ BhWdZ H_ii_ed HP? Ie- 1 WdZ j^[ Wdj_Y_fWj[Z 1/1/ ?_ijh_Yj hWj[ Wh[ #1-754+#1-82+ #2-/24+ #2-/04+ #1-88+ #2-0320+ #1-554 WdZ #2-//4 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ h[if[Yj_l[bo- NkY^W]]h[]Wj[ b[l_[i Wh[ ^_]^[h j^Wd j^[ W]]h[]Wj[ e\ j^[ jWn b[l_[i e\ iec[ ckd_Y_fWb kj_b_jo Z_ijh_Yji beYWj[Z _d j^[Cekijed c[jhefeb_jWd Wh[W+ Xkj Wh[ m_j^_d j^[ hWd][ e\ j^[ W]]h[]Wj[ jWn b[l_[i e\ ckd_Y_fWb kj_b_jo Z_ijh_Yji _d j^[Cekijed c[jhefeb_jWd Wh[W m^_Y^ Wh[ _d ijW][i e\ Z[l[befc[dj YecfWhWXb[ m_j^ j^[ ?_ijh_Yj- Oe j^[ [nj[dj j^WjikY^ Yecfei_j[ jWn hWj[i Wh[ dej Yecf[j_j_l[ m_j^ Yecf[j_d] Z[l[befc[dji+ j^[ ]hemj^ e\ fhef[hjo jWn lWbk[i _dj^[ ?_ijh_Yj WdZ j^[ _dl[ijc[dj gkWb_jo eh i[Ykh_jo e\ j^[ =edZi YekbZ X[ WZl[hi[bo W\\[Yj[Z- N[[ wDIQ@NOH@IO>JIND?@M<ODJIN-x


000034

MFDAEAL=< L8P D=N== AEHJGN=E=FL J=>MF<AF? 9GF<K

K=JA=K .,.,

AFLJG<M;LAGF

O^_i J\\_Y_Wb NjWj[c[dj fhel_Z[i Y[hjW_d _d\ehcWj_ed m_j^ h[if[Yj je j^[ _iikWdY[ Xo Aehj =[dZ >ekdjo G[l[[Dcfhel[c[dj ?_ijh_Yj Ie- 01 'j^[ w?_ijh_Yjx( e\ _ji Pdb_c_j[Z OWn G[l[[ Dcfhel[c[dj M[\kdZ_d] =edZi+ N[h_[i 1/1/'j^[ w=edZix(-

O^[h[ \ebbem _d j^_i J\\_Y_Wb NjWj[c[dj Z[iYh_fj_edi e\ j^[ =edZi+ WdZ Y[hjW_d _d\ehcWj_ed WXekj j^[ ?_ijh_Yj WdZ _ji\_dWdY[i- <bb Z[iYh_fj_edi e\ ZeYkc[dji YedjW_d[Z ^[h[_d Wh[ edbo ikccWh_[i WdZ Wh[ gkWb_\_[Z _d j^[_h [dj_h[jo Xoh[\[h[dY[ je [WY^ ikY^ ZeYkc[dj- >ef_[i e\ ikY^ ZeYkc[dji cWo X[ eXjW_d[Z \hec j^[ ?_ijh_Yj kfed h[gk[ij WdZfWoc[dj e\ j^[ Yeiji e\ Zkfb_YWj_ed j^[h[\eh-

L@= 9GF<K

?W`WdS^

O^[ \ebbem_d] _i W Z[iYh_fj_ed e\ iec[ e\ j^[ j[hci WdZ YedZ_j_edi e\ j^[ =edZi+ m^_Y^ Z[iYh_fj_ed _i gkWb_\_[Z _d _ji[dj_h[jo Xo h[\[h[dY[ je j^[ ehZ[h 'j^[ w=edZ JhZ[hx( e\ j^[ =eWhZ e\ ?_h[Yjehi e\ j^[ ?_ijh_Yj 'j^[ w=eWhZx( Wkjêh_p_d]j^[ _iikWdY[ e\ j^[ =edZi- < Yefo e\ j^[ =edZ JhZ[h cWo X[ eXjW_d[Z \hec j^[ ?_ijh_Yj kfed h[gk[ij-

O^[ =edZi Wh[ ZWj[Z Iel[cX[h 0+ 1/1/+ m_j^ _dj[h[ij WYYhk_d] \hec Iel[cX[h 0+ 1/1/+ WdZ fWoWXb[ ed <fh_b 0+ 1/10'\_l[,cedj^ _dj[h[ij fWoc[dj( WdZ ed [WY^ JYjeX[h 0 WdZ <fh_b 0 j^[h[W\j[h kdj_b j^[ [Whb_[h e\ cWjkh_jo eh h[Z[cfj_ed-O^[ =edZi cWjkh[ ed <fh_b 0 _d [WY^ e\ j^[ o[Whi WdZ _d j^[ Wcekdji Wi iêmd kdZ[h j^[ YWfj_ed wH<OPMDOTN>C@?PG@x ed j^[ Yel[h fW][ e\ j^_i J\\_Y_Wb NjWj[c[dj- O^[ =edZi m_bb X[ h[]_ij[h[Z _d j^[ dWc[ e\ >[Z[ % >e-+Wi dec_d[[ \eh O^[ ?[fei_jeho Ohkij >ecfWdo+ I[m Teha+ I[m Teha 'w?O>x(+ m^_Y^ m_bb WYj Wi i[Ykh_j_[i Z[fei_jeho\eh j^[ =edZi- =[d[\_Y_Wb emd[hi e\ j^[ =edZi m_bb dej h[Y[_l[ fôi_YWb Y[hj_\_YWj[i h[fh[i[dj_d] j^[ =edZi+ Xkj m_bbh[Y[_l[ W Yh[Z_j XWbWdY[ ed j^[ Xeeai e\ j^[ dec_d[[i e\ ikY^ X[d[\_Y_Wb emd[hi- Ne bed] Wi >[Z[ % >e- _i j^[ h[]_ij[h[Zemd[h e\ j^[ =edZi+ j^[ fh_dY_fWb e\ WdZ _dj[h[ij ed j^[ =edZi m_bb X[ fW_Z Xo j^[ KWo_d] <][dj '^[h[_dW\j[h Z[\_d[Z(Z_h[Yjbo je ?O>+ m^_Y^ m_bb+ _d jkhd+ h[c_j ikY^ fh_dY_fWb WdZ _dj[h[ij je _ji fWhj_Y_fWdji \eh ikXi[gk[dj Z_iXkhi[c[dj jej^[ X[d[\_Y_Wb emd[hi e\ j^[ =edZi Wi Z[iYh_X[Z X[bem kdZ[h w=eea,@djho,Jdbo Noij[c-x

HSk_W`f JWUadV

O^[ =edZi Yedij_jkj[ j^[ \_\j^ i[h_[i e\ kdb_c_j[Z jWn h[\kdZ_d] XedZi _iik[Z Xo j^[ ?_ijh_Yj- O^[ ?_ijh_Yj fh[l_ekibo_iik[Z _ji Pdb_c_j[Z OWn G[l[[ Dcfhel[c[dj =edZi+ N[h_[i 0875 'j^[ wN[h_[i 0875 =edZix( \eh j^[ fkhfei[ e\ WYgk_h_d]WdZ YedijhkYj_d] _cfhel[c[dji d[Y[iiWho eh fhef[h je WYYecfb_i^ W fbWd e\ h[YbWcWj_ed WZefj[Z Xo j^[ ?_ijh_Yj WdZWffhel[Z Xo j^[ O[nWi RWj[h >ecc_ii_ed 'fh[Z[Y[iieh je j^[ O[nWi >ecc_ii_ed ed @dl_hedc[djWb LkWb_jo , j^[wO>@Lx eh j^[ w>ecc_ii_edx(- O^[ ?_ijh_Yj Z[\Wkbj[Z ed j^[ fWoc[dj e\ fh_dY_fWb e\ WdZ _dj[h[ij ed j^[ N[h_[i 0875=edZi+ \_b[Z XWdahkfjYo WdZ WZ`kij[Z _ji Z[Xj kdZ[h W KbWd e\ <Z`kijc[dj- N[[ wDIQ@NOH@IO >JIND?@M<ODJIN ,?_ijh_Yj =WdahkfjYo-x Cec[ YedijhkYj_ed WdZ Z[l[befc[dj m[h[ h[Yecc[dY[Z _d 0888- N[[ w?@Q@GJKH@IO <I?CJH@ >JINOMP>ODJI+ ?@Q@GJK@MN <I? =PDG?@MN-x KkhikWdj je ikY^ XWdahkfjYo+ j^[ N[h_[i 0875 =edZim[h[ Wc[dZ[Z Xo j^[ ?_ijh_Yjvi HWhY^ 18+ 0884+ WZefj_ed e\ Wd <c[dZ[Z =edZ JhZ[h Wkjêh_p_d] j^[ Z[b_l[ho e\@nY^Wd][ =edZi _d [nY^Wd][ \eh j^[ N[h_[i 0875 =edZi- O^[ ?_ijh_Yj _iik[Z _ji Pdb_c_j[Z OWn G[l[[ Dcfhel[c[djM[\kdZ_d] =edZi+ N[h_[i 1//4 'j^[ wN[h_[i 1//4 M[\kdZ_d] =edZix( je h[\kdZ Wbb e\ j^[ @nY^Wd][ =edZi- Ie YbW_ch[cW_d[Z fWoWXb[ Xo j^[ ?_ijh_Yj kdZ[h j^[ W\eh[c[dj_ed[Z KbWd e\ <Z`kijc[dj ikXi[gk[dj je _iikWdY[ e\ j^[ N[h_[i 1//4M[\kdZ_d] =edZi O^[ ?_ijh_Yj Wbie ^Wi _iik[Z _ji Pdb_c_j[Z OWn G[l[[ Dcfhel[c[dj M[\kdZ_d] =edZi+ N[h_[i 1/01 'j^[wN[h_[i 1/01 M[\kdZ_d] =edZix(+ Pdb_c_j[Z OWn G[l[[ Dcfhel[c[dj M[\kdZ_d] =edZi+ N[h_[i 1/02 'j^[ wN[h_[i 1/02M[\kdZ_d] =edZix( WdZ Pdb_c_j[Z OWn G[l[[ Dcfhel[c[dj M[\kdZ_d] =edZi+ N[h_[i 1/08 'j^[ wN[h_[i 1/08 M[\kdZ_d]=edZix( je h[\kdZ ekjijWdZ_d] XedZi e\ j^[ ?_ijh_Yj- >ebb[Yj_l[ h[\[h[dY[ _i cWZ[ _d j^_i J\\_Y_Wb NjWj[c[dj je Wbb e\ ikY^fh[l_ekibo _iik[Z XedZi Wi j^[ wKh_eh =edZi-x =[\eh[ j^[ _iikWdY[ e\ j^[ =edZi+ j^[ fh_dY_fWb Wcekdj e\ j^[ Kh_eh =edZij^Wj ^Wi dej X[[d fh[l_ekibo h[j_h[Z Xo j^[ ?_ijh_Yj _i #0/+64/+/// 'j^[ wJkjijWdZ_d] =edZix(- O^[ ?_ijh_Yj ^Wi d[l[hZ[\Wkbj[Z _d j^[ j_c[bo fWoc[dj e\ fh_dY_fWb e\ WdZ _dj[h[ij ed j^[ Kh_eh =edZi [nY[fj j^[ N[h_[i 0875 =edZi- <\j[h

1/

000035

_iikWdY[ e\ j^[ =edZi+ j^[ W]]h[]Wj[ fh_dY_fWb Wcekdj e\ j^[ JkjijWdZ_d] =edZi+ b[ii j^[ cWjkh_j_[i j^[h[e\ fh[l_ekibofW_Z Xo j^[ ?_ijh_Yj+ WdZ b[ii j^[ M[\kdZ[Z =edZi+ m_bb X[ #5+22/+/// 'j^[ wM[cW_d_d] JkjijWdZ_d] =edZix(+ WdZ j^[W]]h[]Wj[ fh_dY_fWb Wcekdj e\ j^[ ?_ijh_Yj&i jejWb Z_h[Yj XedZ[Z _dZ[Xj[Zd[ii+ _dYbkZ_d] j^[ =edZi+ m_bb X[ #0/+57/+///-

L@= 9GF<K 8J= KM9B=;L LGKH=;A8D AFN=KLE=FL ;GFKA<=J8LAGFK <=K;JA9=< @=J=AF* K==

mAFN=KLE=FL ;GFKA<=J8LAGFK*n

9aa])=`fdk)G`^k KkefW_

7CDL L@>MDIH ?@L>KD=@L CIP IPH@KLCDJ IA MC@ +IH?L DL MI =@ MK<HLA@KK@? <H? CIP MC@ JKDH>DJ<F IA <H? DHM@K@LM IH MC@

+IH?L <K@ MI =@ J<D? MI <H? >K@?DM@? =R 7C@ -@JILDMIKR 7KNLM ,IGJ<HR$ 1@P ;IKE$ 1@P ;IKE$ "S-7,T# PCDF@ MC@ +IH?L

<K@ K@BDLM@K@? DH DML HIGDH@@ H<G@& 7C@ DHAIKG<MDIH DH MCDL L@>MDIH >IH>@KHDHB -7, <H? MC@ +IIE%.HMKR%2HFR 6RLM@G

C<L =@@H JKIOD?@? =R -7, AIK NL@ DH ?DL>FILNK@ ?I>NG@HML LN>C <L MCDL 2AAD>D<F 6M<M@G@HM& 7C@ -DLMKD>M <H? MC@

/DH<H>D<F *?ODLIK =@FD@O@ MC@ LINK>@ IA LN>C DHAIKG<MDIH MI =@ K@FD<=F@$ =NM H@DMC@K IA MC@ -DLMKD>M IK MC@ /DH<H>D<F

*?ODLIK M<E@L <HR K@LJIHLD=DFDMR AIK MC@ <>>NK<>R IK >IGJF@M@H@LL MC@K@IA&

7C@ -DLMKD>M ><HHIM <H? ?I@L HIM BDO@ <HR <LLNK<H>@ MC<M "'# -7, PDFF ?DLMKD=NM@ J<RG@HML IA ?@=M L@KOD>@ IH MC@ +IH?L$

IK K@?@GJMDIH IK IMC@K HIMD>@L$ MI -7, 3<KMD>DJ<HML$ "(# -7, 3<KMD>DJ<HML IK IMC@KL PDFF ?DLMKD=NM@ ?@=M L@KOD>@

J<RG@HML J<D? MI -7, IK DML HIGDH@@ "<L MC@ K@BDLM@K@? IPH@K IA MC@ +IH?L#$ IK K@?@GJMDIH IK IMC@K HIMD>@L$ MI MC@

+@H@AD>D<F 2PH@KL$ IK MC<M MC@R PDFF ?I LI IH < MDG@FR =<LDL$ IK ")# -7, PDFF L@KO@ <H? <>M DH MC@ G<HH@K ?@L>KD=@? DH

MCDL 2AAD>D<F 6M<M@G@HM& 7C@ >NKK@HM KNF@L <JJFD><=F@ MI -7, <K@ IH ADF@ PDMC MC@ 6@>NKDMD@L <H? .Q>C<HB@ ,IGGDLLDIH$

<H? MC@ >NKK@HM JKI>@?NK@L IA -7, MI =@ AIFFIP@? DH ?@<FDHB PDMC -7, 3<KMD>DJ<HML <K@ IH ADF@ PDMC -7,&

O^[ ?[fei_jeho Ohkij >ecfWdo 'w?O>x(+ I[m Teha+ IT+ m_bb WYj Wi i[Ykh_j_[i Z[fei_jeho \eh j^[ =edZi- O^[ =edZim_bb X[ _iik[Z Wi \kbbo,h[]_ij[h[Z i[Ykh_j_[i h[]_ij[h[Z _d j^[ dWc[ e\ >[Z[ % >e- '?O>vi fWhjd[hi^_f dec_d[[( eh ikYêj^[h dWc[ Wi cWo X[ h[gk[ij[Z Xo Wd Wkjêh_p[Z h[fh[i[djWj_l[ e\ ?O>- Jd[ \kbbo,h[]_ij[h[Z Y[hj_\_YWj[ m_bb X[ _iik[Z\eh [WY^ cWjkh_jo e\ j^[ =edZi+ [WY^ _d j^[ W]]h[]Wj[ fh_dY_fWb Wcekdj e\ ikY^ cWjkh_jo+ WdZ m_bb X[ Z[fei_j[Z m_j^ ?O>-

?O>+ j^[ mehbZvi bWh][ij i[Ykh_j_[i Z[fei_jeho+ _i W b_c_j[Z,fkhfei[ jhkij YecfWdo eh]Wd_p[Z kdZ[h j^[ I[m Teha=Wda_d] GWm+ W wXWda_d] eh]Wd_pWj_edx m_j^_d j^[ c[Wd_d] e\ j^[ I[m Teha =Wda_d] GWm+ W c[cX[h e\ j^[ A[Z[hWbM[i[hl[ Noij[c+ W wYb[Wh_d] YehfehWj_edx m_j^_d j^[ c[Wd_d] e\ j^[ I[m Teha Pd_\ehc >ecc[hY_Wb >eZ[+ WdZ WwYb[Wh_d] W][dYox h[]_ij[h[Z fkhikWdj je j^[ fhel_i_edi e\ N[Yj_ed 06< e\ j^[ N[Ykh_j_[i @nY^Wd][ <Yj e\ 0823- ?O>êbZi WdZ fhel_Z[i Wii[j i[hl_Y_d] \eh el[h 2-4 c_bb_ed _iik[i e\ P-N- WdZ ded,P-N- [gk_jo _iik[i+ YehfehWj[ WdZ ckd_Y_fWbZ[Xj _iik[i+ WdZ ced[o cWha[j _dijhkc[dji '\hec el[h 0// Yekdjh_[i( j^Wj ?O>vi fWhj_Y_fWdji 'w?_h[Yj KWhj_Y_fWdjix(Z[fei_j m_j^ ?O>- ?O> Wbie \WY_b_jWj[i j^[ feij,jhWZ[ i[jjb[c[dj Wced] ?_h[Yj KWhj_Y_fWdji e\ iWb[i WdZ ej^[h i[Ykh_j_[ijhWdiWYj_edi _d Z[fei_j[Z i[Ykh_j_[i+ j^hek]^ [b[Yjhed_Y Yecfkj[h_p[Z Xeea,[djho jhWdi\[hi WdZ fb[Z][i X[jm[[d ?_h[YjKWhj_Y_fWdjiv WYYekdji- O^_i [b_c_dWj[i j^[ d[[Z \eh fôi_YWb cel[c[dj e\ i[Ykh_j_[i Y[hj_\_YWj[i- ?_h[Yj KWhj_Y_fWdji_dYbkZ[ Xej^ P-N- WdZ ded,P-N- i[Ykh_j_[i Xhea[hi WdZ Z[Wb[hi+ XWdai+ jhkij YecfWd_[i+ Yb[Wh_d] YehfehWj_edi+ WdZ Y[hjW_dej^[h eh]Wd_pWj_edi- ?O> _i W mêbbo,emd[Z ikXi_Z_Who e\ O^[ ?[fei_jeho Ohkij % >b[Wh_d] >ehfehWj_ed 'w?O>>x(-?O>> _i j^[ êbZ_d] YecfWdo \eh ?O>+ IWj_edWb N[Ykh_j_[i >b[Wh_d] >ehfehWj_ed WdZ A_n[Z DdYec[ >b[Wh_d]>ehfehWj_ed+ Wbb e\ m^_Y^ Wh[ h[]_ij[h[Z Yb[Wh_d] W][dY_[i- ?O>> _i emd[Z Xo j^[ ki[hi e\ _ji h[]kbWj[Z ikXi_Z_Wh_[i-<YY[ii je j^[ ?O> ioij[c _i Wbie WlW_bWXb[ je ej^[hi ikY^ Wi Xej^ P-N- WdZ ded,P-N- i[Ykh_j_[i Xhea[hi WdZ Z[Wb[hi+XWdai+ jhkij YecfWd_[i+ WdZ Yb[Wh_d] YehfehWj_edi j^Wj Yb[Wh j^hek]^ eh cW_djW_d W YkijeZ_Wb h[bWj_edi^_f m_j^ W ?_h[YjKWhj_Y_fWdj+ [_j^[h Z_h[Yjbo eh _dZ_h[Yjbo 'wDdZ_h[Yj KWhj_Y_fWdjix(- ?O> ^Wi W hWj_d] e\ w<<*x \hec N%K BbeXWb MWj_d]i-O^[ ?O> Mkb[i Wffb_YWXb[ je _ji KWhj_Y_fWdji Wh[ ed \_b[ m_j^ j^[ N[Ykh_j_[i WdZ @nY^Wd][ >ecc_ii_ed- Heh[_d\ehcWj_ed WXekj ?O> YWd X[ \ekdZ Wj mmm-ZjYY-Yec-

KkhY^Wi[i e\ =edZi kdZ[h j^[ ?O> ioij[c ckij X[ cWZ[ Xo eh j^hek]^ ?_h[Yj KWhj_Y_fWdji+ m^_Y^ m_bb h[Y[_l[ W Yh[Z_j\eh j^[ =edZi ed ?O>&i h[YehZi- O^[ emd[hi^_f _dj[h[ij e\ [WY^ WYjkWb fkhY^Wi[h e\ [WY^ =edZ 'w=[d[\_Y_Wb Jmd[hx(_i _d jkhd je X[ h[YehZ[Z ed j^[ ?_h[Yj WdZ DdZ_h[Yj KWhj_Y_fWdjiv h[YehZi- =[d[\_Y_Wb Jmd[hi m_bb dej h[Y[_l[ mh_jj[dYed\_hcWj_ed \hec ?O> e\ j^[_h fkhY^Wi[- =[d[\_Y_Wb Jmd[hi Wh[+ êm[l[h+ [nf[Yj[Z je h[Y[_l[ mh_jj[d Yed\_hcWj_edifhel_Z_d] Z[jW_bi e\ j^[ jhWdiWYj_ed Wi m[bb Wi f[h_eZ_Y ijWj[c[dji e\ j^[_h êbZ_d]i+ \hec j^[ ?_h[Yj eh DdZ_h[Yj KWhj_Y_fWdjj^hek]^ m^_Y^ j^[ =[d[\_Y_Wb Jmd[h [dj[h[Z _dje j^[ jhWdiWYj_ed- OhWdi\[hi e\ emd[hi^_f _dj[h[iji _d j^[ =edZi Wh[ jeX[ WYYecfb_i^[Z Xo [djh_[i cWZ[ ed j^[ Xeeai e\ ?_h[Yj WdZ DdZ_h[Yj KWhj_Y_fWdji WYj_d] ed X[^Wb\ e\ =[d[\_Y_Wb Jmd[hi-

10

000036

=[d[\_Y_Wb Jmd[hi m_bb dej h[Y[_l[ Y[hj_\_YWj[i h[fh[i[dj_d] j^[_h emd[hi^_f _dj[h[iji _d =edZi+ [nY[fj _d j^[ [l[dj j^Wjki[ e\ j^[ Xeea,[djho ioij[c \eh j^[ =edZi _i Z_iYedj_dk[Z-

Oe \WY_b_jWj[ ikXi[gk[dj jhWdi\[hi+ Wbb =edZi Z[fei_j[Z Xo ?_h[Yj KWhj_Y_fWdji m_j^ ?O> Wh[ h[]_ij[h[Z _d j^[ dWc[ e\?O>vi fWhjd[hi^_f dec_d[[+ >[Z[ % >e-+ eh ikY^ ej^[h dWc[ Wi cWo X[ h[gk[ij[Z Xo Wd Wkjêh_p[Z h[fh[i[djWj_l[ e\?O>- O^[ Z[fei_j e\ =edZi m_j^ ?O> WdZ j^[_h h[]_ijhWj_ed _d j^[ dWc[ e\ >[Z[ % >e- eh ikY^ ej^[h ?O> dec_d[[ Zedej [\\[Yj Wdo Y^Wd][ _d X[d[\_Y_Wb emd[hi^_f- ?O> ^Wi de ademb[Z][ e\ j^[ WYjkWb =[d[\_Y_Wb Jmd[hi e\ j^[ =edZi;?O>vi h[YehZi h[\b[Yj edbo j^[ _Z[dj_jo e\ j^[ ?_h[Yj KWhj_Y_fWdji je mêi[ WYYekdji ikY^ =edZi Wh[ Yh[Z_j[Z+ m^_Y^ cWoeh cWo dej X[ j^[ =[d[\_Y_Wb Jmd[hi- O^[ ?_h[Yj WdZ DdZ_h[Yj KWhj_Y_fWdji m_bb h[cW_d h[ifedi_Xb[ \eh a[[f_d] WYYekdje\ j^[_h êbZ_d]i ed X[^Wb\ e\ j^[_h Ykijec[hi-

>edl[oWdY[ e\ dej_Y[i WdZ ej^[h Yecckd_YWj_edi Xo ?O> je ?_h[Yj KWhj_Y_fWdji+ Xo ?_h[Yj KWhj_Y_fWdji je DdZ_h[YjKWhj_Y_fWdji+ WdZ Xo ?_h[Yj KWhj_Y_fWdji WdZ DdZ_h[Yj KWhj_Y_fWdji je =[d[\_Y_Wb Jmd[hi m_bb X[ ]el[hd[Z Xo WhhWd][c[djiWced] j^[c+ ikX`[Yj je Wdo ijWjkjeho eh h[]kbWjeho h[gk_h[c[dji Wi cWo X[ _d [\\[Yj \hec j_c[ je j_c[- =[d[\_Y_Wb Jmd[hie\ =edZi cWo m_i^ je jWa[ Y[hjW_d ij[fi je Wk]c[dj j^[ jhWdic_ii_ed je j^[c e\ dej_Y[i e\ i_]d_\_YWdj [l[dji m_j^ h[if[Yjje j^[ =edZi+ ikY^ Wi h[Z[cfj_edi+ j[dZ[hi+ Z[\Wkbji+ WdZ fhefei[Z Wc[dZc[dji je j^[ =edZ ZeYkc[dji- Aeh [nWcfb[+=[d[\_Y_Wb Jmd[hi e\ =edZi cWo m_i^ je WiY[hjW_d j^Wj j^[ dec_d[[ êbZ_d] j^[ =edZi \eh j^[_h X[d[\_j ^Wi W]h[[Z jeeXjW_d WdZ jhWdic_j dej_Y[i je =[d[\_Y_Wb Jmd[hi- Dd j^[ Wbj[hdWj_l[+ =[d[\_Y_Wb Jmd[hi cWo m_i^ je fhel_Z[ j^[_h dWc[iWdZ WZZh[ii[i je j^[ M[]_ijhWh WdZ h[gk[ij j^Wj Yef_[i e\ dej_Y[i X[ fhel_Z[Z Z_h[Yjbo je j^[c-

M[Z[cfj_ed dej_Y[i i^Wbb X[ i[dj je ?O>- D\ b[ii j^Wd Wbb e\ j^[ =edZi m_j^_d Wd _iik[ Wh[ X[_d] h[Z[[c[Z+ ?O>vifhWYj_Y[ _i je Z[j[hc_d[ Xo bej j^[ Wcekdj e\ j^[ _dj[h[ij e\ [WY^ ?_h[Yj KWhj_Y_fWdj _d ikY^ _iik[ je X[ h[Z[[c[Z-

KWoc[dji ed j^[ =edZi m_bb X[ cWZ[ je >[Z[ % >e-+ eh ikY^ ej^[h dec_d[[ Wi cWo X[ h[gk[ij[Z Xo Wd Wkjêh_p[Zh[fh[i[djWj_l[ e\ ?O>- ?O>vi fhWYj_Y[ _i je Yh[Z_j ?_h[Yj KWhj_Y_fWdjiv WYYekdji kfed ?O>vi h[Y[_fj e\ \kdZi WdZYehh[ifedZ_d] Z[jW_b _d\ehcWj_ed \hec j^[ ?_ijh_Yj eh j^[ KWo_d] <][dj.M[]_ijhWh+ ed fWoWXb[ ZWj[ _d WYYehZWdY[ m_j^j^[_h h[if[Yj_l[ êbZ_d]i iêmd ed ?O>vi h[YehZi- KWoc[dji Xo KWhj_Y_fWdji je =[d[\_Y_Wb Jmd[hi m_bb X[ ]el[hd[ZXo ijWdZ_d] _dijhkYj_edi WdZ YkijecWho fhWYj_Y[i+ Wi _i j^[ YWi[ m_j^ i[Ykh_j_[i ^[bZ \eh j^[ WYYekdji e\ Ykijec[hi _dX[Wh[h \ehc eh h[]_ij[h[Z _d wijh[[j dWc[+x WdZ m_bb X[ j^[ h[ifedi_X_b_jo e\ ikY^ KWhj_Y_fWdj WdZ dej e\ ?O>+ j^[ KWo_d]<][dj.M[]_ijhWh+ eh j^[ ?_ijh_Yj+ ikX`[Yj je Wdo ijWjkjeho eh h[]kbWjeho h[gk_h[c[dji Wi cWo X[ _d [\\[Yj \hec j_c[ je j_c[-KWoc[dj je >[Z[ % >e- 'eh ikY^ ej^[h dec_d[[ Wi cWo X[ h[gk[ij[Z Xo Wd Wkjêh_p[Z h[fh[i[djWj_l[ e\ ?O>( _i j^[h[ifedi_X_b_jo e\ j^[ ?_ijh_Yj eh j^[ KWo_d] <][dj.M[]_ijhWh+ Z_iXkhi[c[dj e\ ikY^ fWoc[dji je ?_h[Yj KWhj_Y_fWdji m_bbX[ j^[ h[ifedi_X_b_jo e\ ?O>+ WdZ Z_iXkhi[c[dj e\ ikY^ fWoc[dji je j^[ =[d[\_Y_Wb Jmd[hi m_bb X[ j^[ h[ifedi_X_b_jo e\?_h[Yj WdZ DdZ_h[Yj KWhj_Y_fWdji-

?O> cWo Z_iYedj_dk[ fhel_Z_d] _ji i[hl_Y[i Wi Z[fei_jeho m_j^ h[if[Yj je j^[ =edZi Wj Wdo j_c[ Xo ]_l_d] h[WiedWXb[dej_Y[ je j^[ ?_ijh_Yj eh KWo_d] <][dj- PdZ[h ikY^ Y_hYkcijWdY[i+ _d j^[ [l[dj j^Wj W ikYY[iieh Z[fei_jeho _i dejeXjW_d[Z+ =edZ Y[hj_\_YWj[i Wh[ h[gk_h[Z je X[ fh_dj[Z WdZ Z[b_l[h[Z-

O^[ ?_ijh_Yj cWo Z[Y_Z[ je Z_iYedj_dk[ ki[ e\ j^[ ioij[c e\ Xeea,[djho jhWdi\[hi j^hek]^ ?O> 'eh W ikYY[iieh i[Ykh_j_[iZ[fei_jeho(- Dd j^Wj [l[dj+ =edZ Y[hj_\_YWj[i m_bb X[ fh_dj[Z WdZ Z[b_l[h[Z je ?O>-

MeW aX ;WdfS[` LWd_e [` GfZWd KWUf[aè aX fZ[e GXX[U[S^ KfSfW_W`f

Dd h[WZ_d] j^_i J\\_Y_Wb NjWj[c[dj _j iêkbZ X[ kdZ[hijeeZ j^Wj m^_b[ j^[ =edZi Wh[ _d j^[ =eea,@djho,Jdbo Noij[c+h[\[h[dY[i _d ej^[h i[Yj_edi e\ j^_i J\\_Y_Wb NjWj[c[dj je h[]_ij[h[Z emd[hi iêkbZ X[ h[WZ je _dYbkZ[ j^[ f[hied \eh m^_Y^j^[ KWhj_Y_fWdj WYgk_h[i Wd _dj[h[ij _d j^[ =edZi+ Xkj '_( Wbb h_]^ji e\ emd[hi^_f ckij X[ [n[hY_i[Z j^hek]^ ?O> WdZ j^[=eea,@djho,Jdbo Noij[c+ WdZ+ '__( [nY[fj Wi Z[iYh_X[Z WXel[+ dej_Y[i j^Wj Wh[ je X[ ]_l[d je h[]_ij[h[Z emd[hi kdZ[hj^[ JhZ[h m_bb X[ ]_l[d edbo je ?O>-

11

000037

8ee[Y`_W`fe( LdSèXWde S`V =jUZS`YWe

Dd j^[ [l[dj j^[ Xeea,[djho,edbo ioij[c _i Z_iYedj_dk[Z+ j^[ =edZi cWo X[ jhWdi\[hh[Z+ h[]_ij[h[Z WdZ Wii_]d[Z edbo edj^[ h[]_ijhWj_ed Xeeai a[fj Xo O^[ =Wda e\ I[m Teha H[bbed Ohkij >ecfWdo+ I-<-+ Ykhh[djbo _d ?WbbWi+ O[nWi 'j^[wKWo_d] <][dj+x wM[]_ijhWhx eh wKWo_d] <][dj.M[]_ijhWhx(+ Wj j^[ fh_dY_fWb fWoc[dj e\\_Y[ e\ j^[ M[]_ijhWh+ WdZ ikY^h[]_ijhWj_ed WdZ jhWdi\[h i^Wbb X[ m_jêkj [nf[di[ eh i[hl_Y[ Y^Wh][ je j^[ emd[h+ [nY[fj \eh Wdo jWn eh ej^[h]el[hdc[djWb Y^Wh][i h[gk_h[Z je X[ fW_Z m_j^ h[if[Yj je ikY^ h[]_ijhWj_ed WdZ jhWdi\[h- < =edZ cWo X[ Wii_]d[Z Xo j^[[n[Ykj_ed e\ Wd Wii_]dc[dj \ehc ed j^[ =edZi eh Xo ej^[h _dijhkc[dj e\ jhWdi\[h WdZ Wii_]dc[dj WYY[fjWXb[ je j^[M[]_ijhWh- <j Wdo j_c[ W\j[h j^[ ZWj[ e\ Z[b_l[ho e\ j^[ =edZi je j^[ Dd_j_Wb KkhY^Wi[h+ Wdo =edZ cWo X[ jhWdi\[hh[Z eh[nY^Wd][Z kfed _ji fh[i[djc[dj WdZ ikhh[dZ[h Wj j^[ e\\_Y[ e\ j^[ M[]_ijhWh+ Zkbo [dZehi[Z \eh jhWdi\[h eh WYYecfWd_[ZXo Wd Wii_]dc[dj Zkbo [n[Ykj[Z Xo j^[ M[]_ij[h[Z Jmd[h- Oe j^[ [nj[dj feii_Xb[+ d[m =edZi _iik[Z _d Wd [nY^Wd][ ehjhWdi\[h e\ =edZi m_bb X[ Z[b_l[h[Z je j^[ M[]_ij[h[Z Jmd[h eh Wii_]d[[ e\ j^[ emd[h dej ceh[ j^Wd j^h[[ Xki_d[ii ZWoiW\j[h j^[ h[Y[_fj e\ j^[ h[gk[ij _d fhef[h \ehc je jhWdi\[h+ [nY^Wd][ eh h[fbWY[ j^[ =edZi- I[m =edZi h[]_ij[h[Z WdZZ[b_l[h[Z _d Wd [nY^Wd][ eh jhWdi\[h i^Wbb X[ _d Z[dec_dWj_edi e\ #4+/// eh Wdo _dj[]hWb ckbj_fb[ j^[h[e\ \eh Wdo ed[cWjkh_jo WdZ \eh W b_a[ W]]h[]Wj[ fh_dY_fWb Wcekdj Wi j^[ =edZ eh =edZi ikhh[dZ[h[Z \eh [nY^Wd][ eh jhWdi\[h- I[_j^[hj^[ ?_ijh_Yj deh j^[ M[]_ijhWh _i h[gk_h[Z '0( je jhWdi\[h eh [nY^Wd][ Wdo =edZ Zkh_d] W f[h_eZ X[]_dd_d] Wj j^[ ef[d_d]e\ Xki_d[ii ed W M[YehZ ?Wj[ WdZ [dZ_d] Wj j^[ Ybei[ e\ Xki_d[ii ed j^[ d[nj ikYY[[Z_d] _dj[h[ij fWoc[dj ZWj[+ eh '1(je jhWdi\[h eh [nY^Wd][ Wdo =edZ i[b[Yj[Z \eh h[Z[cfj_ed _d mêb[ eh _d fWhj m_j^_d j^_hjo '2/( YWb[dZWh ZWoi e\ j^[h[Z[cfj_ed ZWj[-

JWUadV <SfW

O^[ h[YehZ ZWj[ \eh fWoc[dj e\ j^[ _dj[h[ij ed Wdo h[]kbWhbo iY^[Zkb[Z _dj[h[ij fWoc[dj ZWj[ _i Z[\_d[Z Wi j^[ 04j^ ZWoe\ j^[ YWb[dZWh cedj^ 'm^[j^[h eh dej W Xki_d[ii ZWo( fh[Y[Z_d] ikY^ _dj[h[ij fWoc[dj ZWj[-

JWVW_bf[a` Hdah[e[aè

O^[ =edZi iY^[Zkb[Z je cWjkh[ ed WdZ W\j[h <fh_b 0+ 1/15+ Wh[ ikX`[Yj je h[Z[cfj_ed WdZ fWoc[dj Wj j^[ efj_ed e\ j^[?_ijh_Yj+ _d mêb[ eh \hec j_c[ je j_c[ _d fWhj+ ed <fh_b 0+ 1/14+ eh ed Wdo ZWj[ j^[h[W\j[h+ Wj W fh_Y[ [gkWb je j^[ fh_dY_fWbWcekdj j^[h[e\ fbki WYYhk[Z _dj[h[ij je j^[ ZWj[ \_n[Z \eh h[Z[cfj_ed-

Iej_Y[ e\ j^[ [n[hY_i[ e\ j^[ h[i[hl[Z h_]^j e\ h[Z[cfj_ed m_bb X[ ]_l[d Wj b[Wij j^_hjo '2/( ZWoi fh_eh je j^[ h[Z[cfj_edZWj[ Xo i[dZ_d] ikY^ dej_Y[ Xo \_hij YbWii cW_b je j^[ M[]_ij[h[Z Jmd[h e\ [WY^ =edZ je X[ h[Z[[c[Z _d mêb[ eh _d fWhjWj j^[ WZZh[ii iêmd ed j^[ XedZ h[]_ij[h-

D\ \[m[h j^Wd Wbb e\ j^[ =edZi Wh[ efj_edWbbo h[Z[[c[Z Wj Wdo j_c[+ j^[ fWhj_YkbWh cWjkh_j_[i WdZ Wcekdji e\ j^[ =edZije X[ h[Z[[c[Z i^Wbb X[ i[b[Yj[Z Xo j^[ ?_ijh_Yj _d _dj[]hWb ckbj_fb[i e\ #4+///- D\ \[m[h j^Wd Wbb e\ j^[ =edZi e\ Wdo]_l[d cWjkh_jo Wh[ je X[ h[Z[[c[Z Wj Wdo j_c[+ j^[ fWhj_YkbWh =edZi i^Wbb X[ i[b[Yj[Z Xo ikY^ c[jêZ e\ hWdZec i[b[Yj_edWi _i Z[j[hc_d[Z Xo j^[ M[]_ijhWh 'eh Xo ?O> _d WYYehZWdY[ m_j^ _ji fheY[Zkh[i m^_b[ j^[ =edZi Wh[ _d Xeea,[djho,edbo\ehc(- O^[ M[]_ij[h[Z Jmd[h e\ Wdo =edZ+ _dYbkZ_d] ?O> m^_b[ j^[ =edZi Wh[ _d Xeea,[djho,edbo \ehc+ Wbb eh W fehj_ede\ m^_Y^ ^Wi X[[d YWbb[Z \eh h[Z[cfj_ed+ i^Wbb X[ h[gk_h[Z je fh[i[dj iWc[ je j^[ M[]_ijhWh \eh fWoc[dj e\ j^[ h[Z[cfj_edfh_Y[ ed j^[ fehj_ed e\ j^[ =edZi ie YWbb[Z \eh h[Z[cfj_ed WdZ _iikWdY[ e\ W d[m =edZ _d j^[ fh_dY_fWb Wcekdj [gkWb jej^[ fehj_ed e\ ikY^ =edZ dej h[Z[[c[Z-

JWb^SUW_W`f aX 9a`Ve

O^[ ?_ijh_Yj ^Wi W]h[[Z je h[fbWY[ ckj_bWj[Z+ Z[ijheo[Z+ beij eh ijeb[d =edZi kfed ikhh[dZ[h e\ j^[ ckj_bWj[Z =edZi Wjj^[ fh_dY_fWb fWoc[dj e\\_Y[ e\ j^[ M[]_ijhWh+ Ykhh[djbo _d ?WbbWi+ O[nWi+ eh h[Y[_fj e\ iWj_i\WYjeho [l_Z[dY[ Xo j^[M[]_ijhWh WdZ j^[ ?_ijh_Yj e\ ikY^ Z[ijhkYj_ed+ beii eh j^[\j+ WdZ h[Y[_fj Xo j^[ ?_ijh_Yj WdZ j^[ M[]_ijhWh e\ i[Ykh_jo eh_dZ[cd_jo je êbZ j^[c ^Whcb[ii- O^[ ?_ijh_Yj WdZ j^[ M[]_ijhWh cWo h[gk_h[ fWoc[dj e\ jWn[i+ ]el[hdc[djWb Y^Wh][iWdZ ej^[h [nf[di[i _d Yedd[Yj_ed m_j^ Wdo ikY^ h[fbWY[c[dj-

12

000038

KagdUW aX HSk_W`f

O^[ =edZi+ m^[d _iik[Z+ m_bb Yedij_jkj[ lWb_Z WdZ X_dZ_d] eXb_]Wj_edi e\ j^[ ?_ijh_Yj+ WdZ j^[ fh_dY_fWb j^[h[e\ WdZ_dj[h[ij j^[h[ed+ je][j^[h m_j^ j^[ fh_dY_fWb e\ WdZ _dj[h[ij ed ikY^ WZZ_j_edWb jWn XedZi e\ j^[ ?_ijh_Yj+ _\ Wdo+ Wi ^[h[W\j[hcWo X[ _iik[Z+ Wh[ fWoWXb[ \hec WdZ Wh[ i[Ykh[Z Xo j^[ fheY[[Zi e\ Wd WddkWb WZ lWbeh[c jWn+ m_jêkj b[]Wb b_c_jWj_edWi je hWj[ eh Wcekdj+ b[l_[Z W]W_dij Wbb jWnWXb[ fhef[hjo beYWj[Z m_j^_d j^[ ?_ijh_Yj- Dd j^[ =edZ JhZ[h+ j^[ ?_ijh_YjYel[dWdji je b[lo W jWn ik\\_Y_[dj je fWo fh_dY_fWb e\ WdZ _dj[h[ij ed j^[ =edZi+ m_j^ \kbb WbbemWdY[ X[_d] cWZ[ \ehZ[b_dgk[dY_[i+ Yeiji e\ b[lo WdZ Yebb[Yj_ed+ WdZ M[]_ijhWh WdZ Aehj =[dZ >[djhWb <ffhW_iWb ?_ijh_Yj \[[i- OWn fheY[[Zi+W\j[h Z[ZkYj_ed \eh Yebb[Yj_ed Yeiji+ m_bb X[ fbWY[Z _d j^[ ?[Xj N[hl_Y[ AkdZ WdZ ki[Z ieb[bo je fWo fh_dY_fWb e\ WdZ_dj[h[ij ed j^[ =edZi WdZ ed ikY^ WZZ_j_edWb XedZi fWoWXb[ \hec jWn[i m^_Y^ cWo X[ _iik[Z- N[[ wO<S ?<O<-x

8gfZad[fk Xad AeegSÙW

<j Wd [b[Yj_ed ^[bZ m_j^_d j^[ ?_ijh_Yj ed A[XhkWho 11+ 0875+ j^[ ?_ijh_Yj&i lej[hi Wkjêh_p[Z j^[ _iikWdY[ e\ #07+27/+///kdb_c_j[Z jWn XedZi \eh \_dWdY_d] ?_ijh_Yj \WY_b_j_[i- <j Wd [b[Yj_ed ^[bZ m_j^_d j^[ ?_ijh_Yj ed N[fj[cX[h 02+ 1//2+ j^[?_ijh_Yjvi lej[hi Wkjêh_p[Z j^[ _iikWdY[ e\ #07+27/+/// kdb_c_j[Z jWn XedZi \eh h[\kdZ_d] Wbb eh Wdo fehj_ed e\ XedZieh h[\kdZ_d] XedZi e\ j^[ ?_ijh_Yj-

O^[ =edZi Wh[ _iik[Z fkhikWdj je j^[ N[fj[cX[h 02+ 1//2 h[\kdZ_d] XedZ [b[Yj_ed; j^[ =edZ JhZ[h; >^Wfj[hi 38 WdZ 46e\ j^[ O[nWi RWj[h >eZ[+ Wi Wc[dZ[Z; >^Wfj[h 01/6 O[nWi Bel[hdc[dj >eZ[+ Wi Wc[dZ[Z; WdZ <hj_Yb[ SQD+ N[Yj_ed48 e\ j^[ O[nWi >edij_jkj_ed-

AeegSÙW aX 8VV[f[a`S^ <WTf

O^[ ?_ijh_Yj cWo _iik[ WZZ_j_edWb XedZi d[Y[iiWho je fhel_Z[ _cfhel[c[dji WdZ \WY_b_j_[i Yedi_ij[dj m_j^ j^[ fkhfei[i\eh m^_Y^ j^[ ?_ijh_Yj mWi Yh[Wj[Z WdZ \eh h[\kdZ_d] fkhfei[i- O^[ ?_ijh_Yj&i lej[hi ^Wl[ Wkjêh_p[Z j^[ _iikWdY[ e\#07+27/+/// kdb_c_j[Z jWn b[l[[ _cfhel[c[dj XedZi WdZ #07+27/+/// h[\kdZ_d] XedZi+ WdZ YekbZ Wkjêh_p[ WZZ_j_edWbWcekdji- Aebbem_d] j^[ _iikWdY[ e\ j^[ =edZi+ #7+6/4+/// kdb_c_j[Z jWn b[l[[ _cfhel[c[dj XedZi WdZ #0/+08/+///h[\kdZ_d] XedZi m_bb h[cW_d Wkjêh_p[Z Xkj kd_iik[Z- O^[ =edZ JhZ[h _cfei[i de b_c_jWj_ed ed j^[ Wcekdj e\ WZZ_j_edWbfWh_jo XedZi WdZ h[\kdZ_d] XedZi m^_Y^ cWo X[ _iik[Z Xo j^[ ?_ijh_Yj '_\ Wkjêh_p[Z Xo j^[ ?_ijh_Yj&i lej[hi WdZ Wffhel[ZXo j^[ =eWhZ(-

O^[ ?_ijh_Yjvi \beeZ fbW_d h[YbWcWj_ed WdZ ekj\Wbb ZhW_dW][ Noij[c+ m^_Y^ mWi \_dWdY[Z m_j^ j^[ fheY[[Zi e\ j^[ iWb[ e\j^[ N[h_[i 0875 =edZi+ _dYbkZ[i+ Wced] ej^[h _j[ci+ ekj\Wbb ZhW_dW][ Y^Wdd[b _cfhel[c[dji+ f_f[b_d[ WZ`kijc[dji+Ykbl[hji WdZ Xh_Z][ meha- O^[ Noij[c Yedi_iji e\ j^[ \WY_b_j_[i _dYbkZ[Z _d j^[ ?_ijh_Yj&i KbWd e\ M[YbWcWj_ed+ m^_Y^ _ij^[ el[hWbb fbWd \eh h[YbW_c_d] WdZ ZhW_d_d] j^[ bWdZ m_j^_d j^[ ?_ijh_Yj- N[[ wOC@ NTNO@H , AbeeZ Khej[Yj_ed WdZ?hW_dW][ AWY_b_j_[i-x <YYehZ_d] je j^[ ?_ijh_Yjvi @d]_d[[h+ =B@+ DdY- 'j^[ w@d]_d[[hx( Wi W h[ikbj e\ j^[ YedijhkYj_ede\ ikY^ \WY_b_j_[i+ j^[ [dj_h[jo e\ j^[ bWdZ beYWj[Z m_j^_d j^[ ?_ijh_Yj mWi h[cel[Z \hec j^[ 0//,o[Wh \beeZ fbW_d e\>beZ_d[ ?_jY^ WdZ Ged]fe_dj Nbek]^- <YYehZ_d] je j^[ @d]_d[[h+ ikY^ \WY_b_j_[i Wh[ ik\\_Y_[dj je fhel_Z[ \beeZ fbW_dh[YbWcWj_ed WdZ ekj\Wbb ZhW_dW][ d[Y[iiWho je i[hl[ j^[ [dj_h[jo e\ j^[ Wh[W e\ j^[ ?_ijh_Yj- O^[h[\eh[+ j^[ ?_ijh_Yj Ze[idej Wdj_Y_fWj[ j^Wj _j m_bb _iik[ WZZ_j_edWb XedZi je \_dWdY[ j^[ YedijhkYj_ed e\ WZZ_j_edWb Yecfed[dji e\ j^[ Noij[c XkjYWddej h[fh[i[dj j^Wj _j m_bb dej Ze ie+ deh j^Wj \kjkh[ h[fW_hi je j^[ Noij[c c_]^j dej d[Y[ii_jWj[ ikY^ _iikWdY[- N[[wDIQ@NOH@IO >JIND?@M<ODJIN , Akjkh[ ?[Xj-x

<WXWSeSÙW

O^[ =edZ JhZ[h fhel_Z[i j^Wj j^[ ?_ijh_Yj cWo Z_iY^Wh][ _ji eXb_]Wj_edi je j^[ M[]_ij[h[Z Jmd[hi e\ Wdo eh Wbb e\ j^[=edZi je fWo fh_dY_fWb+ _dj[h[ij WdZ h[Z[cfj_ed fh_Y[ j^[h[ed _d Wdo cWdd[h f[hc_jj[Z Xo bWm- PdZ[h Ykhh[dj O[nWi bWm+ikY^ Z_iY^Wh][ cWo X[ WYYecfb_i^[Z [_j^[h '_( Xo Z[fei_j_d] m_j^ j^[ >ecfjhebb[h e\ KkXb_Y <YYekdji e\ j^[ NjWj[ e\O[nWi W ikc e\ ced[o [gkWb je j^[ fh_dY_fWb e\+ fh[c_kc+ _\ Wdo+ WdZ Wbb _dj[h[ij je WYYhk[ ed j^[ =edZi je cWjkh_jo ehh[Z[cfj_ed eh '__( Xo Z[fei_j_d] m_j^ Wdo fbWY[ e\ fWoc[dj 'fWo_d] W][dj( e\ j^[ =edZi eh ej^[h eXb_]Wj_edi e\ j^[?_ijh_Yj fWoWXb[ \hec h[l[dk[i eh \hec WZ lWbeh[c jWn[i eh Xej^+ eh m_j^ W Yecc[hY_Wb XWda eh jhkij YecfWdo Z[i_]dWj[Z_d j^[ fheY[[Z_d]i Wkjêh_p_d] ikY^ Z_iY^Wh][+ Wcekdji ik\\_Y_[dj je fhel_Z[ \eh j^[ fWoc[dj WdZ.eh h[Z[cfj_ed e\ j^[

13

000039

=edZi; fhel_Z[Z j^Wj ikY^ Z[fei_ji cWo X[ _dl[ij[Z WdZ h[_dl[ij[Z edbo _d 'W( Z_h[Yj dedYWbbWXb[ eXb_]Wj_edi e\ j^[Pd_j[Z NjWj[i e\ <c[h_YW+ 'X( dedYWbbWXb[ eXb_]Wj_edi e\ Wd W][dYo eh _dijhkc[djWb_jo e\ j^[ Pd_j[Z NjWj[i+ _dYbkZ_d]eXb_]Wj_edi j^Wj Wh[ kdYedZ_j_edWbbo ]kWhWdj[[Z eh _dikh[Z Xo j^[ W][dYo eh _dijhkc[djWb_jo WdZ j^Wj+ ed j^[ ZWj[ j^[]el[hd_d] XeZo e\ j^[ ?_ijh_Yj WZefji eh Wffhel[i j^[ fheY[[Z_d]i Wkjêh_p_d] j^[ _iikWdY[ e\ h[\kdZ_d] XedZi+ Wh[ hWj[ZWi je _dl[ijc[dj gkWb_jo Xo W dWj_edWbbo h[Ye]d_p[Z _dl[ijc[dj hWj_d] \_hc dej b[ii j^Wd <<< eh _ji [gk_lWb[dj+ WdZ 'Y(ded,YWbbWXb[ eXb_]Wj_edi e\ W ijWj[ eh Wd W][dYo eh W Yekdjo+ ckd_Y_fWb_jo+ eh ej^[h feb_j_YWb ikXZ_l_i_ed e\ W ijWj[ j^Wj^Wl[ X[[d h[\kdZ[Z WdZ j^Wj+ ed j^[ ZWj[ j^[ ]el[hd_d] XeZo e\ j^[ ?_ijh_Yj WZefji eh Wffhel[i j^[ fheY[[Z_d]iWkjêh_p_d] j^[ _iikWdY[ e\ h[\kdZ_d] XedZi+ Wh[ hWj[Z Wi je _dl[ijc[dj gkWb_jo Xo W dWj_edWbbo h[Ye]d_p[Z _dl[ijc[djhWj_d] \_hc dej b[ii j^Wd <<< eh _ji [gk_lWb[dj+ WdZ m^_Y^ cWjkh[ WdZ.eh X[Wh _dj[h[ij fWoWXb[ Wj ikY^ j_c[i WdZ _d ikY^Wcekdji Wi m_bb X[ ik\\_Y_[dj je fhel_Z[ \eh j^[ iY^[Zkb[Z fWoc[dj WdZ.eh h[Z[cfj_ed e\ j^[ =edZi-

Pfed ikY^ Z[fei_j Wi Z[iYh_X[Z WXel[+ ikY^ =edZi i^Wbb de bed][h X[ h[]WhZ[Z Wi ekjijWdZ_d] eh kdfW_Z- <\j[h \_hcXWda_d] WdZ \_dWdY_Wb WhhWd][c[dji \eh j^[ Z_iY^Wh][ WdZ \_dWb fWoc[dj eh h[Z[cfj_ed e\ j^[ =edZi ^Wl[ X[[d cWZ[ WiZ[iYh_X[Z WXel[+ Wbb h_]^ji e\ j^[ ?_ijh_Yj je _d_j_Wj[ fheY[[Z_d]i je YWbb j^[ =edZi \eh h[Z[cfj_ed eh jWa[ Wdo ej^[h WYj_edWc[dZ_d] j^[ j[hci e\ j^[ =edZi Wh[ [nj_d]k_i^[Z; fhel_Z[Z+ êm[l[h+ j^Wj j^[ h_]^j je YWbb j^[ =edZi \eh h[Z[cfj_ed_i dej [nj_d]k_i^[Z _\ j^[ ?_ijh_Yj9 '_( _d j^[ fheY[[Z_d]i fhel_Z_d] \eh j^[ \_hc XWda_d] WdZ \_dWdY_Wb WhhWd][c[dji+[nfh[iibo h[i[hl[i j^[ h_]^j je YWbb j^[ =edZi \eh h[Z[cfj_ed; '__( ]_l[i dej_Y[ e\ j^[ h[i[hlWj_ed e\ j^Wj h_]^j je j^[emd[hi e\ j^[ =edZi _cc[Z_Wj[bo \ebbem_d] j^[ cWa_d] e\ j^[ \_hc XWda_d] WdZ \_dWdY_Wb WhhWd][c[dji; WdZ '___( Z_h[Yjij^Wj dej_Y[ e\ j^[ h[i[hlWj_ed X[ _dYbkZ[Z _d Wdo h[Z[cfj_ed dej_Y[i j^Wj _j Wkjêh_p[i-

O^[h[ _i de WiikhWdY[ j^Wj j^[ Ykhh[dj bWm m_bb dej X[ Y^Wd][Z _d j^[ \kjkh[ _d W cWdd[h m^_Y^ mekbZ f[hc_j _dl[ijc[djiej^[h j^Wd jêi[ Z[iYh_X[Z WXel[ je X[ cWZ[ m_j^ Wcekdji Z[fei_j[Z je Z[\[Wi[ j^[ =edZi- =[YWki[ j^[ =edZ JhZ[h Ze[idej YedjhWYjkWbbo b_c_j ikY^ _dl[ijc[dji+ M[]_ij[h[Z Jmd[hi cWo X[ Z[[c[Z je ^Wl[ Yedi[dj[Z je Z[\[WiWdY[ m_j^ ikYêj^[h _dl[ijc[dji+ dejm_jîjWdZ_d] j^[ \WYj j^Wj ikY^ _dl[ijc[dji cWo dej X[ e\ j^[ iWc[ _dl[ijc[dj gkWb_jo Wi jêi[Ykhh[djbo f[hc_jj[Z kdZ[h O[nWi bWm-

DWYS^ A`hWef_W`f S`V =^[Y[T[^[fk fa KWUgdW HgT^[U >g`Ve [` LWjSe

KkhikWdj je N[Yj_ed 38-075+ O[nWi RWj[h >eZ[+ WdZ >^Wfj[h 01/0+ O[nWi Bel[hdc[dj >eZ[+ j^[ =edZi+ m^[j^[h hWj[Zeh kdhWj[Z+ Wh[ 'W( b[]Wb _dl[ijc[dji \eh XWdai+ iWl_d]i XWdai+ jhkij YecfWd_[i+ Xk_bZ_d] WdZ beWd WiieY_Wj_edi+ iWl_d]iWdZ beWd WiieY_Wj_edi+ _dikhWdY[ YecfWd_[i+ \_ZkY_Wh_[i+ WdZ jhkij[[i WdZ 'X( b[]Wb _dl[ijc[dji \eh j^[ fkXb_Y \kdZi e\Y_j_[i+ jemdi+ l_bbW][i+ iYêeb Z_ijh_Yji+ WdZ ej^[h feb_j_YWb ikXZ_l_i_edi eh fkXb_Y W][dY_[i e\ j^[ NjWj[- O^[ =edZi Wh[Wbie [b_]_Xb[ kdZ[h j^[ KkXb_Y AkdZi >ebbWj[hWb <Yj+ >^Wfj[h 1146+ O[nWi Bel[hdc[dj >eZ[+ je i[Ykh[ Z[fei_ji e\ fkXb_Y\kdZi e\ j^[ NjWj[ eh Wdo feb_j_YWb ikXZ_l_i_ed eh fkXb_Y W][dYo e\ j^[ NjWj[ WdZ Wh[ bWm\kb WdZ ik\\_Y_[dj \eh jêi[Z[fei_ji je j^[ [nj[dj e\ j^[_h cWha[j lWbk[- Heij feb_j_YWb ikXZ_l_i_edi _d j^[ NjWj[ e\ O[nWi Wh[ h[gk_h[Z je WZefj_dl[ijc[dj ]k_Z[b_d[i kdZ[h j^[ KkXb_Y AkdZi Ddl[ijc[dj <Yj+ >^Wfj[h 1145+ O[nWi Bel[hdc[dj >eZ[+ WdZ ikY^ feb_j_YWbikXZ_l_i_edi cWo _cfei[ ej^[h+ ceh[ ijh_d][dj+ h[gk_h[c[dji _d ehZ[h \eh j^[ =edZi je X[ b[]Wb _dl[ijc[dji \eh ikY^[dj_jo&i \kdZi eh je X[ [b_]_Xb[ je i[hl[ Wi YebbWj[hWb \eh j^[_h \kdZi-

O^[ ?_ijh_Yj ^Wi dej h[l_[m[Z j^[ bWmi _d ej^[h ijWj[i je Z[j[hc_d[ m^[j^[h j^[ =edZi Wh[ b[]Wb _dl[ijc[dji \eh lWh_eki_dij_jkj_edi _d jêi[ ijWj[i eh [b_]_Xb[ je i[hl[ Wi YebbWj[hWb \eh fkXb_Y \kdZi _d jêi[ ijWj[i- O^[ ?_ijh_Yj ^Wi cWZ[ de_dl[ij_]Wj_ed e\ Wdo ej^[h bWmi+ hkb[i+ h[]kbWj_edi eh _dl[ijc[dj Yh_j[h_W j^Wj c_]^j W\\[Yj j^[ ik_jWX_b_jo e\ j^[ =edZi \ehWdo e\ j^[ WXel[ fkhfei[i eh b_c_j j^[ Wkjêh_jo eh Wdo e\ j^[ WXel[ f[hiedi eh [dj_j_[i je fkhY^Wi[ eh _dl[ij _d j^[ =edZi-

8_W`V_W`fe

O^[ ?_ijh_Yj ^Wi h[i[hl[Z j^[ h_]^j je Wc[dZ j^[ =edZ JhZ[h m_jêkj j^[ Yedi[dj e\ j^[ M[]_ij[h[Z Jmd[hi Wi cWo X[h[gk_h[Z 'W( Xo j^[ fhel_i_edi e\ j^[ =edZ JhZ[h+ 'X( \eh j^[ fkhfei[ e\ Ykh_d] Wdo WcX_]k_jo+ _dYedi_ij[dYo+ eh \ehcWbZ[\[Yj eh ec_ii_ed _d j^[ =edZ JhZ[h+ eh 'Y( _d Yedd[Yj_ed m_j^ Wdo ej^[h Y^Wd][ dej je j^[ fh[`kZ_Y[ e\ j^[ êbZ[hi e\j^[ =edZi+ Xkj cWo dej ej^[hm_i[ Wc[dZ j^[ j[hci e\ j^[ =edZi eh e\ j^[ =edZ JhZ[h m_jêkj j^[ Yedi[dj e\ j^[ êbZ[hie\ j^[ =edZi-

14

000040

JWY[efWdWV Gi`Wde$ JW_WV[We

O^[ =edZ JhZ[h YedjW_di W Yel[dWdj j^Wj m^_b[ Wdo e\ j^[ =edZi _i ekjijWdZ_d]+ j^[h[ i^Wbb X[ Wii[ii[Z+ b[l_[Z+ WdZYebb[Yj[Z Wd WddkWb WZ lWbeh[c jWn+ m_jêkj b_c_j Wi je hWj[ eh Wcekdj+ ed Wbb jWnWXb[ fhef[hjo m_j^_d j^[ ?_ijh_Yj+ik\\_Y_[dj je fWo fh_dY_fWb e\ WdZ _dj[h[ij ed j^[ =edZi m^[d Zk[ WdZ je fWo j^[ [nf[di[i d[Y[iiWho _d Yebb[Yj_d] jWn[i-KkhikWdj je O[nWi bWm+ j^[ =edZ JhZ[h fhel_Z[i j^Wj _d j^[ [l[dj j^[ ?_ijh_Yj Z[\Wkbji _d j^[ fWoc[dj e\ j^[ fh_dY_fWb e\eh _dj[h[ij ed Wdo e\ j^[ =edZi m^[d Zk[+ eh \W_bi je cWa[ fWoc[dji h[gk_h[Z Xo j^[ =edZ JhZ[h _dje j^[ ?[Xj N[hl_Y[AkdZ+ eh Z[\Wkbji _d j^[ eXi[hlWdY[ eh f[h\ehcWdY[ e\ Wdo e\ j^[ ej^[h Yel[dWdji+ YedZ_j_edi eh eXb_]Wj_edi i[j \ehj^ _dj^[ =edZ JhZ[h+ Wdo M[]_ij[h[Z Jmd[h i^Wbb X[ [dj_jb[Z Wj Wdo j_c[ je i[[a W mh_j e\ cWdZWcki \hec W Yekhj e\Yecf[j[dj `kh_iZ_Yj_ed Yecf[bb_d] WdZ h[gk_h_d] j^[ =eWhZ e\ ?_h[Yjehi e\ j^[ ?_ijh_Yj je cWa[ ikY^ fWoc[dji eh jeeXi[hl[ WdZ f[h\ehc ikY^ Yel[dWdji+ eXb_]Wj_edi eh YedZ_j_edi- NkY^ h_]^j _i _d WZZ_j_ed je Wbb ej^[h h_]^ji j^[ M[]_ij[h[ZJmd[hi cWo X[ fhel_Z[Z Xo j^[ bWmi e\ j^[ NjWj[ e\ O[nWi-

Dd j^[ [l[dj e\ Z[\Wkbj _d j^[ fWoc[dj e\ fh_dY_fWb e\ eh _dj[h[ij ed j^[ =edZi+ j^[ M[]_ij[h[Z Jmd[hi cWo i[[a W mh_je\ cWdZWcki h[gk_h_d] j^[ ?_ijh_Yj je b[lo WdZ Yebb[Yj WZ[gkWj[ jWn[i je cWa[ ikY^ fWoc[dji- @nY[fj \eh j^[ h[c[Zoe\ cWdZWcki+ j^[ =edZ JhZ[h Ze[i dej if[Y_\_YWbbo fhel_Z[ \eh h[c[Z_[i je W M[]_ij[h[Z Jmd[h _d j^[ [l[dj e\ W ?_ijh_YjZ[\Wkbj+ deh Ze[i _j fhel_Z[ \eh j^[ Wffe_djc[dj e\ W jhkij[[ je fhej[Yj WdZ [d\ehY[ j^[ _dj[h[iji e\ j^[ M[]_ij[h[Z Jmd[hi-O^[h[ _i de WYY[b[hWj_ed e\ cWjkh_jo e\ j^[ =edZi _d j^[ [l[dj e\ Z[\Wkbj WdZ+ Yedi[gk[djbo+ j^[ h[c[Zo e\ cWdZWckicWo ^Wl[ je X[ h[b_[Z kfed \hec o[Wh je o[Wh Xo j^[ M[]_ij[h[Z Jmd[hi- @l[d _\ j^[ M[]_ij[h[Z Jmd[hi YekbZ eXjW_dW `kZ]c[dj W]W_dij j^[ ?_ijh_Yj+ ikY^ W `kZ]c[dj YekbZ dej X[ [d\ehY[Z Xo Z_h[Yj b[lo WdZ [n[Ykj_ed W]W_dij j^[ ?_ijh_Yj&ifhef[hjo- Akhj^[h+ j^[ M[]_ij[h[Z Jmd[hi YWddej j^[ci[bl[i \eh[Ybei[ ed j^[ fhef[hjo e\ j^[ ?_ijh_Yj eh i[bb jWnWXb[fhef[hjo m_j^_d j^[ ?_ijh_Yj _d ehZ[h je fWo j^[ fh_dY_fWb e\ eh _dj[h[ij ed j^[ =edZi-

>[hjW_d jhWZ_j_edWb b[]Wb h[c[Z_[i Wbie cWo dej X[ WlW_bWXb[- O^[ [d\ehY[WX_b_jo e\ j^[ h_]^ji WdZ h[c[Z_[i e\ j^[M[]_ij[h[Z Jmd[hi cWo X[ \khj^[h b_c_j[Z Xo bWmi h[bWj_d] je XWdahkfjYo+ h[eh]Wd_pWj_ed eh ej^[h i_c_bWh bWmi e\ ][d[hWbWffb_YWj_ed W\\[Yj_d] j^[ h_]^ji e\ Yh[Z_jehi e\ feb_j_YWb ikXZ_l_i_edi ikY^ Wi j^[ ?_ijh_Yj- N[[ w=WdahkfjYo G_c_jWj_edje M[]_ij[h[Z Jmd[hi& M_]^jix X[bem-

9S`]dgbfUk D[_[fSf[a` fa JWY[efWdWV Gi`Wde$ J[YZfe

O^[ [d\ehY[WX_b_jo e\ j^[ h_]^ji WdZ h[c[Z_[i e\ j^[ M[]_ij[h[Z Jmd[hi cWo X[ b_c_j[Z Xo bWmi h[bWj_d] je XWdahkfjYo+h[eh]Wd_pWj_ed eh ej^[h i_c_bWh bWmi e\ ][d[hWb Wffb_YWj_ed W\\[Yj_d] j^[ h_]^ji e\ Yh[Z_jehi e\ feb_j_YWb ikXZ_l_i_edi ikY^Wi j^[ ?_ijh_Yj- NkX`[Yj je j^[ h[gk_h[c[dji e\ O[nWi bWm+ j^[ ?_ijh_Yj cWo lebkdjWh_bo fheY[[Z kdZ[h >^Wfj[h 8 e\ j^[A[Z[hWb =WdahkfjYo >eZ[+ 00 P-N->- {{ 8/0,835+ _\ j^[ ?_ijh_Yj '0( _i ][d[hWbbo Wkjêh_p[Z je \_b[ \eh \[Z[hWb XWdahkfjYofhej[Yj_ed Xo O[nWi bWm; '1( _i _diebl[dj eh kdWXb[ je c[[j _ji Z[Xji Wi j^[o cWjkh[; '2( Z[i_h[i je [\\[Yj W fbWd je WZ`kijikY^ Z[Xji; WdZ '3( ^Wi [_j^[h eXjW_d[Z j^[ W]h[[c[dj e\ eh d[]ej_Wj[Z _d ]eeZ \W_j^ m_j^ _ji Yh[Z_jehi eh _i kdWXb[ jed[]ej_Wj[ m_j^ _ji Yh[Z_jehi X[YWki[ d[]ej_Wj_ed _i _cfhWYj_YWXb[- PdZ[h O[nWi bWm+ W ckd_Y_fWb kj_b_jo Z_ijh_Yj+ ikY^ Wij^[ ?_ijh_Yj+ ckij eXjW_d j^[ WffhelWb e\ j^[ O>@L fh_eh je \_b_d] \eh XWdahkfjYo fhej[Yj_ed- NkY^ bWm h[gk_h[i j^Wj j^[O>@L _dl[ij_]Wj[ j^[ \_dWdY_Wb YedZ_j_ed e\ j^[ ?_ijh_Yj WdZ Wkjêh_p[ j^[ ?_ijh_Yj je fheY[[Z edbo _\ j^[ ?_ijh_Yj ^Wi \kbbo[n[hY_i[Z _ji h_]^ji WdZ fem[hi kdZ[h O[nWi bWm WdZ h[cW_di kdWXb[ je c[[j _ji Z[Xji WdZ ej^[h eXb_]Wj_edi Wi j^[ocWjkh[-

D\ j^[ ?_ijh_Yj Z[Y_Z[i _d j^[ \kjkh[ je fheY[[Z lebkdjWh_bo kdZ[h j^[ A[Z[hWb =WdahkfjYo >eZ[+ j^[ ?_ijh_Yj mekbZ Z[l[befWdZ \_b[ W fbWd \eh j^[ WZ`kijc[dj e\ _ji Z[Xji+ WdZ j^[ =WdahkfjYo >ekhj mekbZ Yed\_hc j^[ ?_ijh_Yj&i fbWd _\ '0( j^[ fbWdYecfb_[i m_j^ j^[ Wffb_YWXb[ fhel_i_edi e\ j^[ A[Z[hWb =WdahkfjYo >eZ[+ '1( Wbb fWoc[dji je X[ cWZ[ _d Yedd[Yj_ed m_j^j^[ fbWd Wh[ \kbbo Z_iYbei[Z WdZ h[WiedWXb[+ '2( j^[ ?_ijh_Yj _i dej fhe^_X_j[Z Xo bWm \hec jWa_d] Wdo WYj_ed d[Y[iiWho jeYWhho ekj j^[ fbWd+ '3( WZc_d_ijhWj_l[ [nf[di[i Wh[ fW_Z _d \kbb+ WdZ '4( j^[ fbWd _i _d j^[ X[ij _dj[h[iji e\ Yh[Z_jehi WdZ_i \[Wi_Xb[- D\ ikY^ W fbWd m[h[ Yed\_hc[Z Xo j^[ XWdahkfjYo Yekhj+ _j YekbZ+ Wced] ej^[h j^_d]i+ W\\[Yj j^[ M[]_ij[h[ZJmd[hi Xo h[ZkY_d] eh [b_c_dWj_d] j^[ _dj[h[ij hWj[ eh j^[ fh_dY_fWb Wcekdj+ ceZ_\o_d] eh WXhe]Wj_d] YebbWj[hWb eh i[Ykh_joWhhWd][c[dji+ ikXij_jkj_d] '_d mêb[ eh _d fWhj( ej^[h i[Ykh_j_[i+ WdZ ej^[hm_i[ Yecfhec_i_d] WdZ ceZ_\o_d] j^[ h_]^jiWdZ h[c[Z_[i e\ ikY^ M[]_ij[h[Z Jmd[hi& YbW_c W]W_dij j^[ ?_ijh_Yj- N[[ wDIQ@NOH@IO >JIND?@M<ODJIN-x

O^[ ?_ijh_Yj cWo dej X[ fbWY[Z _dje XWdahkfjYo _dlebkdjWh_bo-

15

000041

HD8F G> >AF8F;AF?

MeW aX 9a`V HdaUWWVe

KheY[[Zi e\ j^[ iWb[ e\ j^[ =edZi+ je][j^[h m_j^ ej^[h bWm\kbbo WlW_bWXb[ \kdZi e\ j^[ ?_ijh_Yj+ m_bb X[ Wffb_[Z je h[\kdZW fehj_ed e\ j^[ N[h_[i 1/01 M[\kdZ_d] =edZi WdZ Wbb e\ j^[ N[h_[i 1/02 M[\kdZ_d] =edZi _d j^[ W]]h[]Wj[ fh_dY_fWbWcekdj e\ #3+31/+/// 'Yebb[Yj_l[bo+ j^[ wM[\kdZ[Z =edZix(- O^[ fheY[[Zi e\ j^[ iWb[ e\ j^[ =edZi m_bb Wbie X[ ki[Zje fWo j^[ Yeiji e\ _iikWdY[ e\ j^[ =edZi- O^[ M[\kdZ[Z =edZi m_bb X[ h[Z[[c[Z ed Iel[cX[h VV+ 1/1/+ Wj W fh_Y[ [gkWbje j^[ fh_dY_fWb Wcekdj j^[h[e\ fbki WYYhk[Z _dj[h[ij \hec \kdZi je X[ Z[fei_j[Z m_j^ O^[ =Wda e\ I[m Teha H[bbedOhkij >ecfWdo+ I- <- _d ?WbbWi+ O[nWi- O^[ iWb[ e\ j^[ =edZi WdZ j^[ h[\kdZ_d] e\ j^[ M[\kdZ[Z =edZi m_bb h[ZkY[j^[ ?_ijh_Yj&i WddkWb Z[Xj i[hl_Y[ fWoc[dji+ WdZ fhel_Z[ fh[i[dj lWbk[ Z[Xj i[hl_Y[ iWl_d]i je j^[ ?_ijh_Yj-

LZW JWXg`VWV 9a`Ve

O^[ fh_dY_fWb Wcekdji WdZ cWjkh_jo ZWj[i 'eh cWdZWjeho h[Z[cfj_ed Wcekdji WdZ ZWj[i+ Wi Wffb_YWXb[( e\ j^[ M[\kdZ[Z=edZi Wh[ i[j \ehj^ X[bem-

N[h_[i 1/01 M[\kdZ_d] N[h_[i 1/02 M[\kdZ_d]M[\kdZ[Z =edZi M[\kdZ[Z =edZi

HWjkh_jo ?Wj[ Kh_dY_fWb <cekdj Kh_dY_fWb <cekdj

1/11 #51/+///))))1/20 #784+///1/21 82/+///1/22 86/+///1/23 0+//4+///

#51/+/// #2+7//+///

M[Z[cfj_ed ?Wj[9 00.VV.1/1/ 00.VV.1/1/

<]]h[]Wj[ Kh_dY_fWb <cekdj e\ M[\kdZ[Z =edZi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #3+31/+///)

HSk_W`f aX JWXg`VWV 9a`Ve

O^[ M[\kdZ[Z =edZi+ WdZ j^[ _dj[h[ij Zk[ j^[h[ed+ Wh[ je X[ fW_Z ed j^[ h[Z[cfj_ed ZWj[ \hec \kdZi je X[ Z[fei_j[Z m_j^O^[ =Wda e\ I[m Teha H[bbed Ohkij >ecfWdo+ I-<-+ ?WbbWi+ O[nWi+ Wi fWo_d] W][dj \eh j^[ M[\kdZ[Z =edZi 'j^[wKWo_d] <][dj \eh j^[ M[\kdZ[Z =edZix(-

O^[ =edZ JhZ[h fhel_Z[i j^Wj \hec j^[ fheY[[Zi e\ j^[ iWb[ e\ j^[ =edZi WdZ ej^[h WlW_bWXb[ \kdZi e\ j^[ ?_ijh_Yj+ j^[?_ijh_Yj m_bb Z[fei_j m_j^ j^[ KWo_d] <][dj \eh j^[ M[\kdZ[Z =edZi j^[ Wcekdj d[Y[iiWho je WYYecfb_i^ j^[ Z_iY^Wh][WdZ \_dWb fWoc[dj e\ j^[ M[\kdZ[Z =edZi- NkY^ \kdZi m_bb X[ ^[bZ Xo j^[ KWo_d] <][dj \eh j^[ M[\kdZ[Z =edZi _d Wi[]h[]Wj[Z fWoc[dj WYYekdj 'j^[ wKWoc[dj <YYekdjx(- <j j^[ j_c[ e\ Z[b_l[ho e\ j^[ =edZi+ MeX[hj O^ecWi+ >K<+ GG>+m_bb l[h_\o je j^[ ?_ijh_Yj+ j^[ KWo_d] <][dj \eh j^[ M[\kdZ[Z =edZi WdZ j^[ A_dWdY_Wb <Zl_ieh 'Z[\_d[Z ^[h[_dX[bem(j^Wj j^[ ced_[i ^[bZ _d j^[ KWoc[dj <YYekdj Wh[ ik\\_Y_[dj je fWo+ m^[d Zk[+ j^[ fh_dY_fWb e\ WdZ _dj[h[ij ed j^[M[\kdZ[Z =edZi- =o j^[ Z[fei_j e\ j^[ YWi^ m_j^ j^[ KWo_d] <][dj \eh j^[ M[\kdZ[Z =edZi WdZ j^[ cWa_d] e\_hh[leYWXb[ WhhWd][c[dji \eh j^[ ]_l_d] e\ dej_Y[ e\ h[Z[cfj_ed e\ j^[ M[\kdZ[Z =edZi+ j^[ j[hci e\ j^[ fh_eh ehZ[h e\j^[ ?_ijh_Yj i[Ykh_d] fWoc[dj e\ j^[ M[\kdZ[Z =edZi i^Wbb ^Wl[ X[[d iWj_i\_[Z WdZ ikY^ M[\kdZ[Z =edZi m_bb de bed][hX[ Yedi_Z[h[Z ekjijWdZ_d] [nY[fj \eh j^[ fWoc[dj ekj e\ Wcekdji ie Z[fei_j[Z+ WdZ j^[ Wcekdji ie Z[fei_j[Z _d j^[KWoc[dj <YYekdj m_bb Yedij_jkj[ \_hc XWda_d] WhhWd][c[dji kdZ[h O[nWi bWm \eh j^[ Z_iY^Wh][ WdZ \_dWb fWoc[dj e\ j^[M[\kdZ[Z =edZi-


000042

LZW Fa`)JWXg`VWV 9a`Ve %JW_S[`[`Y GgfefS`V[`Y 9a`Ve&

<\j[h _iikWdY[ e\ j^[ =edZi+ j^[ W]]h[]Wj[ fh_dY_fWb Wcekdj e\ j^[ JkjijWdZ_d] =edZi+ b[ii j^[ cWjkh_j_[i j^[h[e\fh[l_ekibo fW_Z Xo j^[ ?_ijh_Yj+ WdZ b[ii j^[ M[\kdZ[Z =edZi+ m_bb X[ #5+22/+/// 'j^[ wM[cW_d_d] JkjijWdZ_d] =edZix(+WdZ j^[ W]]h[]Wj[ fh_dY_fWb Wcekdj e\ j^[ ?_ijh_Yj&i jejWb Z_h[Yj XedZ[Z _dZ[Xj[Zd[ii+ _dYbkZ_d] j^[ =edZi+ m_bb X[#0/+57/+///-) N[[ wOC@ =JI?N , DiikWdY[ e\ <ZZ_j_edWb ?[Xj+x w?DNOMD>O ?@=O , ?[Xj N[hl_Y[ M[gk_h[c[djNY^[Zkb[+x wOC@ NTNO@H+x WdZ wDIQ@NOH@IO >JIND?@M<ODJIN , Akjkh[ ?[Xj-x

O^[ fh_dY_fWb Wcekdji WdZ cWjkh_jo ZWj[i e\ j^[ M[cW_d_d] JkjijWdZ_d] =edZi Wh[ Wi \ebbemi9

N[h_[i 1/01 M[\kdZ_d] =edZi N[h_[i 1/08 M[\kdZ_d] =edZiHWjkh_jo ?Wj[ Ied,M[\kdZ[Z =edZi Ied,M[\kdZ[Z =edZi

3.0.1/10 # 5//+///))))

3.0.1/12 # 524+///3.0.1/13 544+///3.0.1/14 574+///3.0.1/15 6/4+///3.0.1/16 62/+///3.0.1/17 634+///3.0.1/18 664+///3.0.1/2/ 7//+///

# 5//+/// #4+62/+///

OejWb Kh_dY_fWb <cekdj e\ Ied,M[\kdZ[Z =edZi 'M[cW_d_d] JkjijWdZ_d] =edZi( - - - - - - - - - - - - #5+22/+///

KagdUWe S`V MeWe aX >g`Ve

O^[ fheY[[Zi Z[h_l[Z \hec j^[ iWb[ e\ j^[ =edZi m_bb X[ Wffb_[Z Wi \ebbemi9

KGMJ;=K G> >MF<K6

Kh_dY_fWb <cekdj e\ =edZi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Kbki9 I[j Jh_]_dWb Diik[ Kh[c_kc ed j^[ =edZi - - - - - - - - - - - - - - - - - - - - - - - - - - - -

?_ijh_Yj >edjh_Xkj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -<YYhk[Z Ddj[h[ij - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

OejWb NekhY[i e\ AkdZi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

MK=K G> >MF<K9

?[fei_j m_j^ KWo_d] <][dj \eh j^[ M[\kdZ[Z =edZi - - - - - - - - - - - - - - - - - - - - - - - - - - - - -?[fei_j <YYhk[Z Ddj[h[ij je ?[Xj N[hl_Y[ AkdZ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -@nf[di[i9PdZ[hmh_j[hiv ?_iYekdj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -Hkd_Y_fWb =edZ DdikhWdY[ Kh[c_kc WdZ Jj^[h DiikWdY[ @nf[di[i - - - - - - - - - - - - - - - - -

OejWb Pi[i e\ AkdZi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

17

000043

AFN=KLE=FL ;GFKA<=J8LAGFK

?W`WdS^

O^[ =edZi+ m^_Y^ Wh[ eXb_]Wj_edi e\ j^[ ?_ijh_Yj WdZ dej e\ j^[ NjWj[ e\ O[nWi+ Aehj =[dZ >ekdjo+ O[nWi+ j^[ >_jo e\Cekijed+ eh Wdo feb_j_YWb ikXZ_l_i_ed ej^[h j^Wd j^[ ?_ijh_Yj+ m_bb X[ i[Ykh[Z Xo Wd WddkWb WZ lWbeh[c jWn+ m_jêkj b[]Wbb_c_jWj_ed Wi je hWj[ eh Wcekdj+ b[l_[Z W]W_dij Wbb jWnWXb[ fhef[hjo beYWj[Z m_j^_d j^[ ?_ijh_Yj- O^[h[\eh[+ j^[ kbj_cWj[i[Ykh_jo \eh fWoc[dj e\ j^[ fh_dY_fWb e\ WdZ _dj[h[ij ed j^[ =edZi Z[f[dZi kfed j^[ WX_b_jo e\ j^[ ?_ijh_Yj je Yebb[Yj \hecj^[ fhef[hjo emd[hi m_j^_d j^[ ?_ijh_Yj jWn[i b[l_[Z W]W_dij Wbb jWnWXb[ fhef[hjo beYWj[Z m_j^_d j^[ ?_ijh_Yj+ eh+ _d j^[[l[dj jWn[i Wh[ dej Yebb[Yj[Z WdZ \eh[Ybeikh[ fheY[[Z_d]i Wh[ _dij_jkj[Z Xo j^[ ?_ijh_Yj+ kfed j^[ lWbk[ e\ j^[ jWnWXb[fhef[hjo m_j^ h[if[Yj je jWn[i b[l_[Z Xo j^[ ?_ijh_Yj WdZ Xo ej^[h jWn_d] Wkjêh_j_[i- O^[ ?_ijh_Yj cWa[i de h[fh[i[djWj_edij^Wj el[h j^[ b_\[ e\ j^[ =edZi j^[ fhef[hjo m_j^_d j^[ ?_ijh_Yj m_bb cW_djW_d W lWbk[ ik\\_Y_[dj je `kij_\o Yedj_dk[ZfWoc[dj e\ jWn[i Xo j^[ fhef[hjo emd[hi- O^[ fej[dj_Wb _dYh[Wi[ _d jWnWXb[ lWbkWj_ed e\ ?_ijh_Yj fhef[hjo _i Z_h[Yjboh[bWj[Z je j^[ [Yedec_Yi e\ j^[ h[i_Z[dj_Wb êki_d] _dZkijho+ dej edbo Zk[ je ][d[hWb [Yedec_Y YedZ_j_edi+ Xkj Wbie Zk[je j^[ fWhj_YkbWh \WYjehi Z_iYkii[Z X[bem-

>SUfade 8XXWUf[`Y LSjST^W NS^gWe S`V LSj HSk_W`fe

=Uaà_[U >SUfade6 O^[ bWdZ beYWj[Z m_j^_d j^[ ?_ijh_Yj j^Wj ^Wi X[[d Z[l[bef[Z je ZWj[ Wi _i Z[iYh_X[Z _d j^_iJ\\_Y_Wb NjWj[c[dj kdZ[h j^[ YWfj_ed w?@Q@GJKH@IO <I? CJH@ >JINOMP>ODJI+ ?@Q@GJK@MN <I?=PDG?@MNx ^Wi X[[d Z[l[bef[Z \eh i_d]b[,\Wc_bo h[i_Z[dj_Wb+ ckbj_,\Wc_bo h[i_Z[dj_Wb WdZ Yecc[hY_Wb fkhfei[i-O^[ ?_ijh_Yjvi WX_b_jo je c[[j _ji Z[Xj i[hl_Y[ h[gk_h[c[dji _i Z_h[Yjbo h[bWj[Z je j^[ l_jWb_jo e\ h[i_Z[dj_Wb êki_d]cWha[ji WdZ ][d[hWb [Yedec_Y YedZ_j_edi Wi j^[o W\\[Yj j^[ lWbk[ e\ Yecc[hY_Wb WdZ i_d]b[,\Wc_bo WdZ ckbj_,\Wc_boh[i_Z[dj_Wb Z[l[befc[dji m_j^_d j^[ ?_ijh_Yj+ WdZ j^[ h[djWb WdZ b[Wi_d] e\ ckbj_,\Wc_bo h[i_Z[dj_Wb WdZ Yecc[hY_Wbfhe`[Yji- O^[ cWha[j lWbk[ e\ j^[ i_d]b[,\Wc_bo h[i_Z[dY[i j^Wj ^Wl[ X[[d YedijhkYj[Z m_j^_d j^[ ?_ijh_Yj _i h[bWj[Zje ][d[hWb [Yedec_Y YedZ_j_edi W\\[Yj_d] j^[ Z[cWdZ \eh h[i_Z[dY[i- ?[cWdZ \eh h[i_Z[dY[i e\ j^_i jof[ WdZ j^[YedijhkYj_ed WdZ b[Wi_d] e\ Yecc[hY_Wb Xk_bZ_d]i WdZ j^[ YedijhkYj_ed WdZ b[Wi_d] e\ WfWhjc[dji YWd X[ i_]d_\_YWdjboW\\[Yj[Z Xo \WYjehi ikY^ Wi _dj[h[ij hWj[i+ Yh[Z_j WlW_bWX_b_jo+ YedijhkYj_ed Yeiji+ [d[h]o WlW_bWX_b_jo WdZ Yeiji WdZ j^[fheif[h_jo WdZ Z[ce]hWf^_Y Y^WhWYj[h_ij_Yi e\ j^[ khXWd Y[dj[h jemWhZ m^_Y^ j^[ cWha[j_d] e\ beji _i Z_h[Yj[Z-?[Yh[Wi[Z b[l[bi e\ YedijhkYj_ed WYj_l_jo mekbZ j[dZ je h[ijh_Yj j^[ ]hemj^ e\ fhef[hjo lWbk[i _d j^[ ?_ijh_Yj eh YekbZWZl[hi[bo _cfWYj ikY^ lWbk[i- Akhj^[h Z[Yb_d[i _d j^[ fh_Y[ e\ e_b YekbZ WZl[hi[bo W\\[Yj èX ijWX_b_jo+ mW][i WdZiWbWh_[i+ j^[h[Xo d[]Wj_l[bo W\\[Yj_d] j^[ Z[cWdZ \eh êki_d] WdZ j^[ lWbk[i e\ [n_ij_d] êc[i 'i[[ wKej[dj_Wb@\\[Yji e\ J_b Kh_Y[ ?[Yb_d[i ed j^[ Cekijed <h[Wx X[bem(- M[Y[dj Y^Wd][i _d \[Z[hWb jWn bWm b_c_j_d] Z[ZkYj_edi\eh WZ lWbeh[c jWn[i cWo Wbie WZl[hi[bo W\\[Yj j^[ lWbk[i e\ [n_ij_d] êc[i- R[h[ j^[ ?_ijh_Yj je [nf[h_[dY[ Wi_]d_\_YWdj dkcX[h e\ h[i_Z[dj_Wb \eh[Ybeikh[i+ j^[ lWbk[ e\ Wbb êc[i m_j^_d j^[ ?_ijh_Yj YekbZ X[ WZl[hi[bo W\\[Yj[Z-<bjêk]^+ Wi _i Z[iYh_X[Z _d j^_i J\\_Y_Wb NjWj[c[dj kdZ[h j^[ YWfj_edi w?@Q@GJKH@IO <I? CJH@>JINOMP>ODJI+ ?@Q@GJK@MN <I? =PDG?@MN+x '_( j^[ Z[l[befc[dj e\ Wd W]]h[]Wj[ e\ 7+844 i_d]b[,\Wc_boh[i_Z[dj_Wb beji beYWj[Z m_j^_d j^[ ?_ijh_Yj _i Yecfb[j[+ '__( Wi e\ N[fj[cX[h 0+ 1/1/+ j^[ ?_ijh_Yj YedjW_d[Z 7+666i_d]b[,\Wc_bo êc[i '_dYbkZ_d] êc[i kdZ[h YedijhkYj_ed(+ 0+6/2 Yecfb[j[Z WfWhjc[dj kd_ji+ '___( j^[ =k_bZ[hi Wh[YedijhkYj_d] êc[i m_j^_d j^[ ?_ijh_Yj Wi _i Z[iYh_X[Z _d j^_i J\\_Y_Wb NjWj[c[dj kdZ[h ikY^ YWfj_ed+ WdZ '_l( j^[Z[l[befc[dj e\ W jejWb e\ Wffhen_cWj[bo 28/-16 WYh[i e\ bWdZ beYWj[Z m_j^_d j^[ ?_ijh_Yj 'd[j e\ WYh[i j^Wj Wh[YedjW_d[Z m_j^_d ijehcmWj[h Z[j[dj_ed \WY_b_j_[i+ h_]^ji,e\,mWo WdZ W Aehj =[dZ >ekdjo ?hW_dW][ ?_ijh_Yj [Wi[c[dj(j^Wj Wh[ [nf[Yj[Z je X[ kj_b_p[Z \eh Yecc[hY_Wb fkhfei[i ^Wi X[[d Yecfb[j[Z ed Wffhen_cWj[bo 167-20 WYh[i e\m^_Y^ Yecc[hY_Wb _cfhel[c[dji W]]h[]Wj_d] Wffhen_cWj[bo 0+505+3/6 igkWh[ \[[j e\ Xk_bZ_d] Wh[W ^Wl[ X[[dYedijhkYj[Z WdZ Yecc[hY_Wb _cfhel[c[dji W]]h[]Wj_d] Wffhen_cWj[bo 05+6// igkWh[ \[[j e\ Xk_bZ_d] Wh[W Wh[Ykhh[djbo kdZ[h YedijhkYj_ed; j^[ ?_ijh_Yj YWddej fh[Z_Yj j^[ fWY[ eh cW]d_jkZ[ e\ Wdo \kjkh[ bWdZ Z[l[befc[dj+ êc[YedijhkYj_ed+ eh j^[ YedijhkYj_ed e\ \kjkh[ WfWhjc[dji eh Yecc[hY_Wb Xk_bZ_d]i _d j^[ ?_ijh_Yj ej^[h j^Wd j^Wj m^_Y^^Wi eYYkhh[Z je ZWj[+ WdZ j^[ ?_ijh_Yj YWddej fh[Z_Yj j^[ b[l[b e\ eYYkfWdYo e\ j^[ WfWhjc[dji eh Yecc[hY_WbXk_bZ_d]i j^Wj ^Wl[ X[[d eh cWo X[ YedijhkYj[Z m_j^_d j^[ ?_ijh_Yj-

FSf[a`S^ =Uaà_k9 O^[h[ ^Wi X[[d W i_]d_\_YWdj Zemdjkhd _d d[m êki_d] YedijhkYj_ed _d j^[ Pd_j[Z NjWj[i+h[ikbj_d] _d W Z[Yb_d[ _d dWj_edWb êki_d] cWha[j lWbk[i- O^[ Cekijed Wh[W+ m^_Y^ _dYbkZ[i Aehj =[dZ >ekdjo+ ^Wi[nf[h_[dY[Z h[ZkY[Z b[l[bi e\ êc[ YedijhkYj_ed- <bjêk]^+ Wi _i Z[iYh_X[Z _d j^_i J\\_Y_Wb NjWj[c[dj kdZ[h j^[YWfj_edi w?@Q@GJKH@IO <I? CJH@ >JINOMP>ODJI+ ?@Q@GJK@MN <I? =PDG?@MN+x '_( j^[Z[l[befc[dj e\ Wd W]]h[]Wj[ e\ 7+844 i_d]b[,\Wc_bo h[i_Z[dj_Wb beji beYWj[Z m_j^_d j^[ ?_ijh_Yj _i Yecfb[j[+ '__( Wi

18

000044

e\ N[fj[cX[h 0+ 1/1/+ j^[ ?_ijh_Yj YedjW_d[Z 7+666 i_d]b[,\Wc_bo êc[i '_dYbkZ_d] êc[i kdZ[h YedijhkYj_ed(+ 0+6/2Yecfb[j[Z WfWhjc[dj kd_ji+ '___( j^[ =k_bZ[hi Wh[ YedijhkYj_d] êc[i m_j^_d j^[ ?_ijh_Yj Wi _i Z[iYh_X[Z _d j^_iJ\\_Y_Wb NjWj[c[dj kdZ[h ikY^ YWfj_ed+ WdZ '_l( j^[ Z[l[befc[dj e\ W jejWb e\ Wffhen_cWj[bo 28/-16 WYh[i e\ bWdZbeYWj[Z m_j^_d j^[ ?_ijh_Yj 'd[j e\ WYh[i j^Wj Wh[ YedjW_d[Z m_j^_d ijehcmWj[h Z[j[dj_ed \WY_b_j_[i+ h_]^ji,e\,mWo WdZW Aehj =[dZ >ekdjo ?hW_dW][ ?_ijh_Yj [Wi[c[dj( j^Wj Wh[ [nf[Yj[Z je X[ kj_b_p[Z \eh Yecc[hY_Wb fkhfei[i ^Wi X[[dYecfb[j[Z ed Wffhen_cWj[bo 167-20 WYh[i e\m^_Y^ Yecc[hY_Wb _cfhel[c[dji W]]h[]Wj_d] Wffhen_cWj[bo0+505+3/6igkWh[ \[[j e\ Xk_bZ_d] Wh[W ^Wl[ X[[d YedijhkYj[Z WdZYecc[hY_Wb _cfhel[c[dji W]]h[]Wj_d] Wffhen_cWj[bo 05+6//igkWh[ \[[j e\ Xk_bZ_d] Wh[W Wh[ Ykhh[djbo kdZ[h YedijhkYj_ed; j^[ ?_ijh_Yj YWddej fh[Z_Yj j^[ fWY[ eh cW]d_jkZ[ e\Wdo \kjkh[ bWdZ Z[l[befc[dj+ êc[ YedijhkYj_ed+ eh j^[ YedijhkYj_ed e\ \kjkh[ WfWhjc[dji eh Yecc[hY_Wb Xk_bZ_d]i_d j^[ ?_ijh_Yj ej^[h j^Wd j^Wj m^_Y^ ^Wi eYYkhh[Z je ZWj[+ WdZ j^[ ?_ijh_Yj YWddej fh[Z_Yj j^[ b[l[b e\ eYYkfWdYo e\j^[ WfWhjc[dji eh Yecc[hY_Wb Xk_bZ_d]i j^Wj ^Wl[ X[[d eh cWo X[ YedijhkYj[Z m_j^_d j^[ ?_ijh_Yj-

;dWV[f ESd]Wfe S`V D[cg[V[fk [` fZW >[`SÙ[S^ ESd]Wfe9 Ddj[h[ij hWj[i WdZ j^[ WlW_bWX_b_jo e\ cehj]W][ WdZZ[l[befc[dj \kdZ_d] ^Wl[ W Z_h[Yj _cfWYj ed j^[ YedijhkYj_ed e\ \kjkh[ i_d]b[,\Wc_bo êc[i+ WfWhjc[dji ehYecc[hY_Wb _cfhel[c[dji m_j^_d j^[ ?_ijh_Yj+ fWhj_YkbWhbo iêhj,j[hc _dj[h[ij hWj[i Wj m^_Y^ j^[ YedijhkYj_ed e\\kjkh[ i_d]b[,\Wc_bo êc[i+ WfWhjc[dji eh Yecc[hY_Wb _cfhel[c[dji m_j^_d j^[ ?_ijh_Yj c_]^j X[ \_dWdY[Z- =[YWki[e\ j^[ dkc[heki WdZ Y^Wd]_d] \WYjehi W\\[Yj_d] j^[ WlW_bWX_b_jo e\ \kdZi+ fWhj_YkbWhbo b_gk_Z_jo _d j^[ dWj_edWb Yh[Z_jcWha[ji+ j^[ ?_ijh_Yj _i kdWXb[ je Wii[ii j^[ \kjkh[ WlW_bWX_b_jo e\ ikY^ \kdZi \eh j^[ Yedj_dk[Z YedijhkYj_ed e\ \kjkh[i_d]b[,\Wc_bo êc[i+ WfWhjc[dji eh Yecc[hY_Wb _cfhel[c[dji m_j^_d j^[ ?_ijh_Yj- Dd WZZ_j_ed+ i_dY[ j^[ ?_ijh_Yj_i beYWj[Z Wffhen_cWj[bo 1/ c_b[i \hec j^[ Y[djhWb Xki_d[ii Z_ijh_Yj e\ j^[ >_jo e\ Cekijed+ j^[ ikYY[ii e\Z[l[befc[dj m_j^_d j^[ ?_ijh_Yj WdZ ]hemj^ e\ ?_ijh_Yj jWnWXb[ fhef[hjo lWbk[i Wh[+ je W ]h[Wj [nj[dj+ W \kdYj_ed e\j^[ Cekijed c[jhefeb_jWd WdZ h[]_edWb [Yedec_[i WdZ dWj_edWb Yh[Z_j WdZ \_dWdY_Wb cWha[ji- < Yedj_dk[Z Zemdjkhd_d j^[ [Yedec_Y YedZ_j_edi e\ Cekijed WdZ \khj^[h Z[Yb_d[ _d h[Wb [ijWj[ WdZ \_dWdY_Wb cWha[ji _d j^[ Pd_j[Z NjWj[iYekbZ WZl[hi[bo W\\[Yj j^[ YedijhkYj_ed e\ \kjkh[ i_d]b[,\Wc_bo êc[i+ WfWhjc[dji eh Yecc[hY_Wb _cfhel[c[dji _dj^[ ?_ijh_Yj WdZ h[ijhW_d j^[ ]hemj^ e\ j^[ ?_ijh_Yjvi fhef[hjo jWn XWi[+ WdZ YekbZ ^Wl[ Wd WZl[hi[ W\\[Yj edeYYkfWdYo b[l[bi e\ [n_ij_d] WfWhjc[dji WdZ Yecc[hY_Wb [dj[hfh_i[i m_j^_d j^[ ?_ijh_Yj-

<[efd[Uf 9S`]dgbfUk

Dd j^[ c_Z je bWj[ 087/&i+ j^[ Cekijed c[jhefeb_jWd Wh[W+ _dYbkZ_d] j^[ l_Y_d_jo e\ j^[ ?_ijh_Yj+ [nf[h_[dY[Z _dYh[Wi[i _dkd[cfbeoc[dj+ Xki_d[ii \W_bkh[i WdZ kdb[Wi[Z e\\_Y[ ifWY[- <hj_Yb[i _d j^[ c[Z_W h[fehj[Z Wd el[hikffbo e\ êc[i \ehiWb[ WdZ dkc[heki \eh[Ybeikh[i _d j^[ Cekijed ikXkhXi- O^[i[ \WYjehi WZl[hi[bo W\\[Yj[Z j^[ Z[cWdZ \eh d[m WdZ ki[ZikXkhXWd h[i_Z[dY[i- O^[ ][d[hWb el[hikffbo e\ êc[i+ _d jkhd+ WZl[hi[bo _cfWYj[Z fh_Y[i \eh êc[i WdZ beji WdZ+Yedi[gk[djbo+ fhef[hjo lWbk[i _d j^[ Cekijed c[jhefeb_jWd Wh[W Z[Yb_d[Z- O^[ ?_ijh_Yj Z[\Wkbj[Z ed _ji N[h_[i 0875=edZi+ \_b[Z XWdahkfjYo WdZ WZ`kij[Z _ji Z[Xj kdZ[h W KbWd e\ <Z`kijc[dj- Cec[ YedijhkYj_ed WdZ Z[l[befc[dj m[h[h[Yecc[dY[Z _d 0888- N[[ w?@Q@GJKH@IO <I? CJH@ >JINOMP>ODJI+ ?@Q@GJK@MN <I? =PDG?@MN-xKkhikWdj je ikY^ XWdahkfjYo+ j^[ N[h_[i 0875 =edZi m[h[ Wc[dZ[Z Xo j^[ ?_ijh_Yjvi HWhY^ 18+ 0884+ WZefj_ed e\ Wd<c[dZ[Z =edZ JhZ[h Wkjêh_p_d] j^[ Z[b_l[ho e\ @nY^Wd][ =edZi _d [nY^Wd][ \eh j^[ N[h_[i 0875 =edZi- O^[ ?_ijh_Yj_iik[Z j^[ N[h_[i 1//4 M[\kdZ_d] =edZi je h[\kdZ Wbb e\ j^[ @nY^Wd][ =edZi- Ie YbW_c h[cW_d[Z fWoWXb[ Xo j^[ ?_ijh_YjkdZ[h j^[ W\eh[c[dj_ed[Z KbWd e\ <Z`kijc[dj ikXi[gk[dj je _iikWdY[ e\ j^[ N[h_[i 1//4 M[\kdZ_d] =edZi- O^[ ?_ijh_YjWbie ^Wi _iik[Z _ji Pdb_c_j[Z OWn G[l[[ Dcfhel[c[dj M[\kdZ_d] =edZi+ N[h_[i 1/01 'j^[ wN[h_[i 1/01 M[\kdZ_d]=edZix(+ Pdb_c_j[Z OWn G[l[[ Dcfhel[c[dj M[\kdZ_d] =edZi+ N[h_[i 1/02 'j^[ wN[h_[i 1/02 M[\kdZ_d] =edZix( WdZPdb_c_j[Z OWn G[l[[ Dcfhel[c[dj M[\kdZ_d] =edZi+ N[h_[i 1/08 'j^[ wN[h_[i 1/08 M[\kdZ_d] =edZix( je h[\kdZekjijWdZ_d] XedZi e\ j^[ ?_ijh_Yj- O^[ ?_ijh_Yj ^Wi j_c[bo fW_Z Wbb e\ j^[ fh_dY_fWb e\ WdZ _dj[h[ij ed j^[ Kh_eh =edZim^[d Zk[ [nY[fj j^[ N[h_[i 0875 =edZi- N[[ wOC@ =JI?N , KWoc[dj M[YehZ-x

<WhWâbWd+9g[^VWd GT^[YSf[a` fa fZW <[efd[Uf

Nêfi Wj =[bbW O[hhW Jmd[h GK _i j^[ ?_ijh_Yj&i bWh][ij jWnfWo[h Wi _i h[\b[Yj[Z ed j^[ ?_ijh_Yj&i 1/1/ jWn hebb- O^[ 1/1/<ii[ii[Z QWbkWj_ed e\ fhef[hjo beYWj[Z _d j^[ ?_ijh_Yj emd[Z Xo Nêfi Wj =[bbW O[hhW Jmd[h GK _i #4/+/36+407+ eh0-86$ e\ j^[ ?_ijh_Yj&i jejWb 1/1/ <ii[ii[Z QWbkWj_ed- >M ?[i[e >ecckd_j_[i _i j^[ i[YedZ bWh][ij jWnfWo[h Wi _ih[\b[Yj[Z ed j^[ ?_ijh_Yjvi 1/1/ jWn hebb- O^[ 1/1/ <ii[ii[Z QWbkWj_ed e\ fhef[hjo beYWj[Z _d j^[ ?_ijh_Yj emd[Z Xo >M?[i[e >ecckd_j_[i _i #23+573+57/+ eh 0-26$ e\ j^[ ?_ijh_Yjvi jejWb 1/1/ <ii[ii[Z QWbkWj_ed- >RN BhWdZ GWa[i N<A

2/

000045

S GG> % >_dYe MWdY^ M@ GG> _i j^[ ?_ijh_Yjvi j^_hZ bWh][ij jWnfWo[h Wi _i h[\b[Yj[Z ed j^[ ?_ijh_Yjvi 1/1/ jWn hebb- O^[1/1/ <ii[ii[Z QWbkWj_ed e\ fhef[hjo beYWj[Z _d j^[ ?_ijh_Yj emd[Z Xo >RN BhWdZ GWa[i N<A S GG> % >_dYe MWdY^M@ GG> _i #18+33/+37/+ eh 0-05$ e\ j^[ ?_ijh_Yj&i jejWb 1/1/ <ii[ii[Z QWbkWj_ed- RWj[hijed[ <fWhjc[dji GG> _i j^[?_ijh_Yjvi \ekhj^ bWh][ij jWnfWo[h Wi _i h[\b[Yj[Z ed j^[ ?_ijh_Yjvi 1/1/ jWn hebb- O^[ 1/1/ <ii[ii[Z QWbkWj_ed e\ fhef[hjobeYWj[Z _d j^[ ?_ijh_Yj emd[Z Xo RWj[hijed[ <fWhjc[dji GG> _i #17+761+73/+ eh 0-03$ e\ j^[ ?_ijh_Yj&i jejWb 1/1/<ii[ii[Z QWbkWj_ed- Ie ej^[h jWnfWo[h h[\b[Yj[Z ed j^[ ?_ijh_Yjvi 1/1/ jWn hebb emd[Z fhef[hjo j^[ 1/1/ <ii[ii[ZQWbkWj_ed e\ m^_Y^ [nY[[Zi 0-/6$ e\ j^[ ?_ijh_Yjvi jejWb 1/1/ <ii[ii[Z QWbkWj_ed- N[[ wO<S ?<O< , Kh_dY_fWb 1/1/OWnfWo[hi-x O^[ h[if[Yj_l[ WX_b_j_[i e\ j^[ fh_dY_fWb jWnfWo[hi je cWa[ \kbb WdZ j_c[bo fWoc[dji e\ jWn[i b[l_[Z W]W_dijj^[_h fhef[hjo Xo j^[ ?_ijh_Yj WdZ i_c_bWh jWn_d] Wkjêh_j_[i m_bb Z_h[Yjbo W\\[Yj j^[ ?_ijh_Yj&i WX_b_jo je c[[j _ji Z[Xj i[hl_Y[eXb_]Wj_edi- O^[ ?_ijh_Yj YedjW_di Wffhen_cWj[bo 441-5 WYh[i e\ bWdZ j^Wj Wh[ WlW_bWXb[ \eh \kjkh[ Z[l[befc[dj ed m^_Y^de Z[l[befc[dj WYj_l_jo ^Wi o[j X[[d kdZ[hjWa[d- O^[h[ _i de Yecc_jc[dj Xo eh b[]Wb h[gk_h[c[dj e\ Wdo bWdZ emd[hje j^[ ?_ijh_Yj je fheY[[Z Wj Wdo fWhj_YkbWh hWj[ eh WYYehZ_d] je Wdo if[Y_\_[Z fbWd m_j^ j^[ Z[l[befc[dj e\ bWdZ _d j^[?_ijh_Yj+ e\ j^[ =k_bZ[hi eh Wdo ej^[h êc[ Xk_bZ[h je fheY[[Z Wj Wdo fWhj_YkbWh fWY[ m_j^ j^[ YedijhkYj_ed e\ êc[i _dj^[ ?_ijh_Yj+ eh Wdo fWhjo je YedijhkYj WZZ_j_edWb WfWhjc[dji eh Yecc[hY_Wb _cfhel[c[dji m_j^_d j^[ ?_ijh_Yj WdZ j^[h[_i de h[ijh_Yj_ed ed Wdo bWdZ emd[h&i h_]^j je i[bb _ji bWdZ- N[[ w?@Q@GJKH@IO <I? CJH@ >JINOMP>ODJI+?@Q@GJK@MN <I? =PDG?@MN-x O^[h[\eh[+ j^[ ?_ijh_Yj YWd cWa[ de h[fh[i[djWj_ed WXekj j^[ fheXWX_b_jo e\ \kjkh[Z[l[befc[dj+ _\ Wdo+ j^[ hWj[ e\ êc[ YedijhkYj_ed WYj_l_jo+ eh j^[ b_a[b_êeZ e\ j^[ YedijhkYj_ed e\ \kjkh[ WfWhjc[dji ehYecc[hY_Wb _cfhel[c[dji _d j^[ ?_ijh_Yj- N[[ wAPOPM@ ?@Q@GJKH@IO-x

ESj[_g_ A_bSUf a` <[efd[Uf LSj JSfWe

<iikc_d] de \khj^[h Z[l[befc[dj m_j^_d j^[ ?_ijh_Yj+ j^[ lWbk[ e\ j^[ bWdZ WdZ _cfhel[c[dji Ykhh[djbo m_j^_d j^[?_ijh_Yj m_bb X[ j^[ cWèh Z[j[hc_dWdj e\ j^[ WX_b_jo eh m_bb_d]d[ii e\ ?_ijh_Yj fhef[hjo emd[hi je fWo j^[_h jWn[i- O^[1/1/ <ii[ii[Z QWbkWj_ed e\ fhef[hjo beYWj[Z m_j^_d j^[ ?_ijh_Yj 'i[[ wO<S ?<O<x( _i #1+427+181+228- <\j[h _iikWdY[e\ j^[ =edZi+ j^[ HWn_ckc <ddkWb ?[Xj N[hl_Y[ M[gk_h[c[dj ed j^[ =edZi WdZ j^[ M[cW_d_d] JkjijWdZ_d] =edZi m_bbX[ #877+164 '1/22( WdZ j^[ <l[hW][ <ddkWb ?[Xj N[hl_Y[ M[gk_h[c[dji m_bb X[ #83/+173 '1/10 j^hek]^ 1/23+_dYbki_l[(- <iikc_d] de _dYh[Wi[ je deh Z[Yh[Wi[ \hec j^[ 1/1/ <ii[ii[Z QWbkWj_ed+ j^[ _iikWdY[ e\ de XedZi Xo j^[?_ijh_Yj _d WZZ_j_ed je j^[ =edZi WdZ j^[ Kh_eh =edZi+ WdZ de ki[ e\ ej^[h ?_ijh_Yj \kdZi ed ^WdZ+ jWn hWj[i e\ #/-/30 WdZ#/-/28 f[h #0// e\ <ii[ii[Z QWbkWj_ed Wj W 84$ jWn Yebb[Yj_ed hWj[ mekbZ X[ d[Y[iiWho je fWo j^[ HWn_ckc <ddkWb?[Xj N[hl_Y[ M[gk_h[c[dj WdZ j^[ <l[hW][ <ddkWb ?[Xj N[hl_Y[ M[gk_h[c[dji ed j^[ =edZi WdZ j^[ M[cW_d_d]JkjijWdZ_d] =edZi- N[[ wO<S ?<O< , OWn MWj[ >WbYkbWj_edix WdZ wOC@ =JI?N , NekhY[ e\ KWoc[dj-x

O^[ ?_ijh_Yj b[l_[Z W jejWb jWn e\ #/-/7 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08+ Yedi_ij_d] e\ W Z[Xj i[hl_Y[ jWn e\#/-/34 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ fbki W cW_dj[dWdY[ jWn e\ #/-/24 f[h #0// <ii[ii[Z QWbkWj_ed+ WdZ Wdj_Y_fWj[ib[lo_d] jejWb jWn e\ #/-/64 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/1/+ Yedi_ij_d] e\ W Z[Xj i[hl_Y[ jWn e\ #/-/3 f[h #0//e\ <ii[ii[Z QWbkWj_ed+ fbki W cW_dj[dWdY[ jWn e\ #/-/24 f[h #0// <ii[ii[Z QWbkWj_ed- <i _i _bbkijhWj[Z WXel[+ j^[?_ijh_Yjvi Wdj_Y_fWj[Z 1/1/ Z[Xj i[hl_Y[ jWn hWj[ e\ #/-/3 f[h #0// e\ <ii[ii[Z QWbkWj_ed _i ik\\_Y_[dj je fWo j^[ <l[hW][<ddkWb ?[Xj N[hl_Y[ M[gk_h[c[dji Xkj dej j^[ HWn_ckc <ddkWb ?[Xj N[hl_Y[ M[gk_h[c[dj ed j^[ =edZi WdZ j^[M[cW_d_d] JkjijWdZ_d] =edZi+ Wiikc_d] jWnWXb[ lWbk[i m_j^_d j^[ ?_ijh_Yj Wj j^[ b[l[b e\ j^[ 1/1/ <ii[ii[Z QWbkWj_ed+Wiikc_d] Wj W 84$ jWn Yebb[Yj_ed hWj[+ j^[ _iikWdY[ e\ de XedZi Xo j^[ ?_ijh_Yj _d WZZ_j_ed je j^[ =edZi WdZ j^[ Kh_eh=edZi+ WdZ de ki[ e\ ej^[h ?_ijh_Yj \kdZi ed ^WdZ- Cem[l[h+ j^[ ?_ijh_Yj&i ?[Xj N[hl_Y[ AkdZ XWbWdY[ _i [ij_cWj[Z jeX[ #68/+505 Wi e\ Z[b_l[ho e\ j^[ =edZi- <bjêk]^ d[_j^[h O[nWi bWm deh j^[ =edZ JhZ[h h[gk_h[i j^Wj Wdo if[Y_\_YWcekdj X[ h[jW_d[Z _d j^[ ?[Xj N[hl_Y[ AkdZ Wj Wdo j_c[+ j^[ ?_ijh_Yj [nf[Yji je Wffbo [Whd_d]i \hec j^[ _dl[ijc[dj e\ced_[i ^[bZ _d j^[ ?[Xj N[hl_Y[ AkdZ je c[[j j^[ Z[Xj i[hl_Y[ h[gk_h[c[dji e\ j^[ =edZi WdZ j^[ M[cW_d_d] JkjijWdZ_d]=edZi- O^[ ?_ijh_Yj ^Wi _d j^[ fWij Wffb_[Z [Whd_d]i \hec j^[ _dl[ijc[dj e\ ced_[i ^[bZ _d j^[ ?[Xj N[hl_Y[ AkdZ jec[[j j^[ Z[Xj i[hl_Y[ h[gk_h[c[dji e\ j^[ Kh_eh =edZi Wi _i Z[b_d[Wj[Z _d w<KK@I?DS = , <IIP<G <P?DO M@KJMOxj^Wj _i Wff[dZ[Z je j^_i J\\_Y_Wb NjWj[c[dj- Heh[el[h+ j^[ ?_ijh_Yj ^WZ+ Wi e\ N[fj[cX[h 00+ 1/1/+ jejWb WddkWb jWnYebb[Yj_edi Wl[hW]_d] 88-85$ \eh j^[ o[Whi 1//8 j^hek]^ 1/07+ WdZ _ji 1/08 jWn b[lo mWi 88-20$ Yebb[Yj[Z Wi e\ ikY^ZWj[- O^[h[\eh[+ j^[ ?_ijh_Yj [nf[Yji je X[ WXb[ je fWo Z[Xj i[hl_Y[ ed j^[ M[cW_d_d] JkjijWdZ_d] =edZi WdZ j^[ =edZim_jêkj _dYh[Wi_d] _ji Z[Xj i[hl_Y[ jWn WXel[ j^[ #/-/3 f[h #0// e\ <ii[ii[Z QWbkWj_ed Z[Xj i[hl_Y[ jWn j^Wj j^[ ?_ijh_YjWdj_Y_fWj[i b[lo_d] \eh 1/08- N[[ wOC@ =JI?N , NekhY[ e\ KWoc[djx WdZ wO<SDIB KMJ>@?PM@N-x Cem[l[h+ j^[?_ijh_Yj YWd cWa[ de h[fh[i[djWj_ed j^Wj j^[ jWnWXb[ fhef[hjo lWbk[i _d j^[ ?_ijh_Yj m_bb _dYh[Wi[ _d j^[ \kjkh[ eh m_bbcW_djW_d W lWbk[ ik\\_Y_[dj je ikffehj j^[ W\eh[c[dj_ed[Z jWn hWj[ eh je `kij_\o Yedj_dk[Z fWoc[dj e\ jWn[i Xo fhef[hjoemd[hi- N[[ wO<SDIB KMJ>@?PM@N-x

20

000046

DdYh[Wi[i _d j^[ ?_ijh_Yj&i jWn hWj[ je ikXijWdj_Wbbo ^_]^[h b[l[bi j^Wd j^[ YecX_d[Z Z[Xj i[hl_Y[ WdZ cW_dj[dWdY[ hWj[ e\#/-/64 f[h #0// e\ <ii[ii[Z QWbkWj_ed j^Wj j^[ ?_ijh_Yj Wdj_Y_fWj[i b[lo_d] \eh 1/1/ cWo ^Wl[ Wd WZl[hi[ _cfWYj kfed\kjkh[ Z[l[befc[dj e\ j^[ ?_ijh_Yj+ j^[ iWb[ WdZ YedijhkYj_ed e\ êc[i m_j^_d j^[ ?_ijh_Yj+ j^[ YedijhkYj_ed e\ \kjkh[WfWhjc[dji eh Yecc[hY_Wb _cfhel[c[dji m_j^_d j^[ ?_ijh_Yj+ WdZ j^[ WX_b_jo e\ j^[ ?_ijh_Yj je Yebb[Yj+ WdZ j^[ m_bb_d]d[iie\ emd[hi e\ fhef[hjo beYWj[Z m_j^_d j^[ ?_ijh_Yj je fWo+ WZ lWbeh[c jWn[i b[l_[Z Xo j^[ ?_ijh_Yj- Dd WZZ_j_ed+ j^[Yebb[Yj_ed Xo j^[ ?_ijh_Yj e\ Z[b_dgk[dj jWn[i em[Z je _j WdZ j^[ [d\ehY[c[dj Xo W M[]_ij[h[Z Jmd[h e\ j^[ ?_ijh_Yj&ieXb_]Wj_edi je Yebb[Yj ik\\_Y_[dj jWn[i cWo X[ W Yeijbo WdZ b[d]jô fheY[ii-

O^[ PdZ[hbo_d] ?_ijh_Yji Wh[ _dYbkZ[Z m_j^_d j^[ XekdZWh_[i e\ j^[ ?_ijh_Yj- O^[ PdZ[hbo_d] ?_ijh_Yji [WY^ b[lo i[fWhWj[kdb_c_j[Z WZ lWbeh[c jWn[i je fWo Z[Xj i[hl_Y[ ed j^[ XedZi j^Wj [WY^ ikY^ PdZ[hbo_d] ?_ijh_Yj _iik[i- <i _i Z_iYkii[ZX[bem kdZ[h j^[ YWfj_ed w?_ijh_Yj OWn G[lo WdZ PdZ[hbo_d] ?_ijh_Yji OWn[i WdZ AkdYj_edi+x ed[ ckij Yedi_Z[h j^[ jejWbjWn XkhZ[d e\ Wbb jWn_d] `kh_iZ_Yj_edi+ _dYbkZ_d] j^[ ?_ijh_Yj WdZ j^[ PdZ[hbo_d] ?_ijh_Yji+ _cfei[Z kfed fhef[hjo beYWj[Zm_j^ j^[ ?_ijh_Yj Wi YedjhWij[Z m_j^ fhef[hjo beYWj[Z _d YecfWhWXb[ h[Wb [ijWj[ Z[l[befc[dji je ]Wk][ j^[ h[bWj_l[ jWnXkhZ[d ed fhef[hjo m_j^_d j^[ ?_ijh_Yj- <i _i Z_iYkii[Z X[bem+ j^[ jWn hWj[i d[Y[iiWho je i[hl_Y[ j^[ Z[Xj _iik[Z eh jeX[ _iik[Z Xo j^[ ?_ijh_Yj eh Wdo e\ j^[ PdZ[hbo_d] ?_ijh_Yji Wh[ ikX`[Yj je dkc[heki kdY[hjW_dj_[i WdZ lWh_WXb[i+ WdZ j^kij^[ ?_ijh_Yj YWd ]_l[ de WiikhWdY[ j^Wj j^[ Yecfei_j[ jWn hWj[i _cfei[Z Xo j^[ ?_ijh_Yj WdZ j^[ PdZ[hbo_d] ?_ijh_Yji m_bbX[ Yecf[j_j_l[ m_j^ j^[ jWn hWj[i e\ Yecf[j_d] fhe`[Yji- N[[ wO<S ?<O< , @ij_cWj[Z Jl[hbWff_d] OWn[i+x wO<SDIBKMJ>@?PM@N+x WdZ wOC@ =JI?N , M[]_ij[h[Z Jmd[hi& M[c[Z_[i-x

<[efd[Uf LSj DWhk S`V M`VWd^k[`Y <[efd[Ufe LSjWe S`V >gÙf[aè

O^[ ?_ijh_Yj \_dWdY[Z j^[ YedijhkYj_ed eh WYgk_i_j_ed e\ j^[ Noij[c m_j^ j^[ fheY[[Zi e\ j^[ N[h_[i 0875 =edZi Wi _iZ[iYh_X[Z _d j^_i J\\_Y_Wb NjWj[c[dj kdZ[h j^[ YWfj_ed wOC@ NTNO@H-x O^[ ?_ijh_Yj b[l_[Z W jejWb jWn e\ #/-/7 f[h #0//e\ <ii[ii[Z QWbkWj_ed \eh 1/08+ Yedi_ij_d] e\ W Z[Xj i[hl_Y[ jWn e\ #/-/34 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ fbki WcW_dj[dWdY[ jWn e\ #/-/24 f[h #0// <ii[ii[Z QWbkWj_ed+ WdZ Wdj_Y_fWj[i b[lo_d] jejWb jWn e\ #/-/64 f[h #0// e\<ii[ii[Z QWbkWj_ed \eh 1/1/+ Yedi_ij_d] e\ W Z[Xj i[hl_Y[ jWn e\ #/-/3 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ fbki WcW_dj[dWdY[ jWn e\ #/-/24 f[h #0// <ii[ii[Z QWbkWj_ed- N[[ wDIQ@NOH@IO >JIND?@M<ODJIN , AWYjehi <\\[Yj_d]OWnWXb[ QWbk[i WdZ OWn KWoc[dji-x

<i _i ijWj[Z WXel[+ Wbb Xkj Wffhen_cWj[bo 00 WYh[i e\ j^[ jejWb e\ Wffhen_cWj[bo 3+/34-05 WYh[i YedjW_d[Z m_j^_d j^[?_ijh_Yj Wh[ beYWj[Z m_j^_d j^[ XekdZWh_[i e\ j^[ PdZ[hbo_d] ?_ijh_Yji- O ?@=O , @ij_cWj[Z ?_h[Yj WdZ Jl[hbWff_d] ?[Xj NjWj[c[dj+x Wbb e\ j^[ PdZ[hbo_d] ?_ijh_Yji ^Wl[je ZWj[ _iik[Z XedZi je \_dWdY[ j^[ WYgk_i_j_ed eh YedijhkYj_ed e\ mWj[h+ i[m[h+ WdZ ZhW_dW][ \WY_b_j_[i je i[hl[Z[l[befc[dj m^_Y^ ^Wi eYYkhh[Z m_j^_d ikY^ Z_ijh_Yji- O^[ PdZ[hbo_d] ?_ijh_Yji Wh[ [nf[Yj[Z je _iik[ WZZ_j_edWb XedZi_d j^[ \kjkh[ je \_dWdY[ WZZ_j_edWb mWj[h+ i[m[h WdZ ZhW_dW][ \WY_b_j_[i je WYYecceZWj[ j^[ ed]e_d] Z[l[befc[dj e\ ikY^PdZ[hbo_d] ?_ijh_Yji- O^[ PdZ[hbo_d] ?_ijh_Yji b[lo i[fWhWj[ jWn[i ed j^[ bWdZ beYWj[Z m_j^_d [WY^ ikY^ Z_ijh_Yj je fWoZ[Xj i[hl_Y[ ed j^[ kdb_c_j[Z jWn XedZi m^_Y^ [WY^ Z_ijh_Yj _iik[i- NkY^ jWn _i _d WZZ_j_ed je j^[ jWn b[l_[Z Xo j^[?_ijh_Yj-

JIND?@M<ODJIN , AWYjehi <\\[Yj_d]OWnWXb[ QWbk[i WdZ OWn KWoc[dji+x j^[ jWn hWj[ j^Wj cWo X[ h[gk_h[Z je fWo Z[Xj i[hl_Y[ ed Wdo XedZi _iik[Z Xo Wckd_Y_fWb kj_b_jo Z_ijh_Yj+ eh j^[ ?_ijh_Yj+ _i ikX`[Yj je dkc[heki kdY[hjW_dj_[i ikY^ Wi j^[ ]hemj^ e\ jWnWXb[ lWbk[i _d j^[?_ijh_Yj+ j^[ Wcekdj e\ j^[ XedZi _iik[Z+ h[]kbWjeho WffhelWbi+ YedijhkYj_ed Yeiji WdZ cWha[j _dj[h[ij hWj[i- O^[h[ YWdX[ de WiikhWdY[i j^Wj Yecfei_j[ jWn hWj[i _cfei[Z Xo el[hbWff_d] `kh_iZ_Yj_edi ed fhef[hjo Yel[h[Z Xo j^[ PdZ[hbo_d]?_ijh_Yji+ _dYbkZ_d] j^[ ?_ijh_Yj+ m_bb X[ Yecf[j_j_l[ m_j^ j^[ jWn hWj[i e\ Yecf[j_d] fhe`[Yji-

A=>HP? Ie- 4/ ^Wi b[l_[Z W jejWb jWn e\ #/-80 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08 '_dYbkZ_d] Z[Xj i[hl_Y[ WdZcW_dj[dWdY[ jWn Yecfed[dji e\ #/-57 WdZ #/-12 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ h[if[Yj_l[bo(- A=>HP? Ie- 011 ^Wib[l_[Z W jejWb jWn e\ #/-864 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08 '_dYbkZ_d] Z[Xj i[hl_Y[ WdZ cW_dj[dWdY[ jWnYecfed[dji e\ #/-5/ WdZ #/-264 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ h[if[Yj_l[bo(- A=>HP? Ie- 012 ^Wi b[l_[Z W jejWbjWn e\ #0-/7 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08 '_dYbkZ_d] Z[Xj i[hl_Y[ WdZ cW_dj[dWdY[ jWn Yecfed[dji e\ #/-57WdZ #/-3/ f[h #0// e\ <ii[ii[Z QWbkWj_ed+ h[if[Yj_l[bo(- A=>HP? Ie- 032 ^Wi b[l_[Z W jejWb jWn e\ #0-10 f[h #0//e\ <ii[ii[Z QWbkWj_ed \eh 1/08 '_dYbkZ_d] Z[Xj i[hl_Y[ WdZ cW_dj[dWdY[ jWn Yecfed[dji e\ #/-67 WdZ #/-35 f[h #0//

21

000047

e\ <ii[ii[Z QWbkWj_ed+ h[if[Yj_l[bo(- A=>HP? Ie- 054 ^Wi b[l_[Z W jejWb jWn e\ #0-074 f[h #0// e\ <ii[ii[Z QWbkWj_ed\eh 1/08 '_dYbkZ_d] Z[Xj i[hl_Y[ WdZ cW_dj[dWdY[ jWn Yecfed[dji e\ #/-624 WdZ #/-34 f[h #0// e\ <ii[ii[Z QWbkWj_ed+h[if[Yj_l[bo(- >_dYe HP? Ie- 7 ^Wi b[l_[Z W jejWb jWn e\ #/-51 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08 '_dYbkZ_d] Z[Xji[hl_Y[+ cW_dj[dWdY[ WdZ YedjhWYj jWn Yecfed[dji e\ #/-13 WdZ #/-11 WdZ #/-05 f[h #0// e\ <ii[ii[Z QWbkWj_ed+h[if[Yj_l[bo(- BhWdZ H_ii_ed HP? Ie- 0 ^Wi b[l_[Z W jejWb jWn e\ #/-65 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08'_dYbkZ_d] Z[Xj i[hl_Y[ WdZ cW_dj[dWdY[ jWn Yecfed[dji e\ #/-44 WdZ #/-10 f[h #0// e\ <ii[ii[Z QWbkWj_ed+h[if[Yj_l[bo(- BhWdZ H_ii_ed HP? Ie- 1 ^Wi b[l_[Z W jejWb jWn e\ #0-0/ f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08'_dYbkZ_d] Z[Xj i[hl_Y[ WdZ cW_dj[dWdY[ jWn Yecfed[dji e\ #/-52 WdZ #/-36 f[h #0// e\ <ii[ii[Z QWbkWj_ed+h[if[Yj_l[bo(- O^[h[\eh[+ j^[ YecX_d[Z Wdj_Y_fWj[Z 1/1/ b[lo e\ j^[ ?_ijh_Yj WdZ j^[ 1/08 b[l_[i e\ A=>HP? Iei- 4/+011+ 012+ 032+ WdZ 054+ >_dYe HP? Ie- 7+ BhWdZ H_ii_ed HP? Ie- 0 WdZ BhWdZ H_ii_ed HP? Ie- 1 Wh[ #/-874+#0-/4+ #0-044+ #0-174+ #0-15/+ #/-584+ #/-724+ WdZ #0-064 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ h[if[Yj_l[bo- NkY^ YecX_d[Zb[l_[i \eh j^[ ?_ijh_Yj WdZ A=>HP? Iei- 4/+ 011+ 012+ 032+ WdZ 054+ >_dYe HP? Ie- 7+ BhWdZ H_ii_ed HP? Ie- 0WdZ BhWdZ H_ii_ed HP? Ie- 1 Wh[ ^_]^[h j^Wd j^[ jWn hWj[i b[l_[Z Xo iec[ ckd_Y_fWb kj_b_jo Z_ijh_Yji _d j^[ Cekijedc[jhefeb_jWd Wh[W+ Xkj Wh[ m_j^_d j^[ hWd][ e\ jWn hWj[i X[_d] b[l_[Z Xo ckd_Y_fWb kj_b_jo Z_ijh_Yji _d j^[ Cekijedc[jhefeb_jWd Wh[W m^_Y^ Wh[ _d ijW][i e\ Z[l[befc[dj YecfWhWXb[ m_j^ j^[ ?_ijh_Yj- Heh[el[h+ Wi _i _bbkijhWj[Z _d j^_iJ\\_Y_Wb NjWj[c[dj kdZ[h j^[ YWfj_ed wO<S ?<O< , @ij_cWj[Z Jl[hbWff_d] OWn[i+x j^[ W]]h[]Wj[ e\ j^[ 1/08 jWn b[l_[ie\ Wbb kd_ji e\ ]el[hdc[dj+ _dYbkZ_d] Aehj =[dZ >ekdjo WdZ j^[ Aehj =[dZ DdZ[f[dZ[dj NYêeb ?_ijh_Yj+ FWjo DdZ[f[dZ[djNYêeb ?_ijh_Yj eh j^[ GWcWh >edieb_ZWj[Z DdZ[f[dZ[dj NYêeb ?_ijh_Yj+ fbki j^[ 1/08 hWj[i e\ A=>HP? Iei- 4/+ 011+012+ 032+ 054+ >_dYe HP? Ie- 7+ BhWdZ H_ii_ed HP? Ie- 0 WdZ BhWdZ H_ii_ed HP? Ie- 1 WdZ j^[ Wdj_Y_fWj[Z 1/1/?_ijh_Yj hWj[ Wh[ #1-754+ #1-82+ #2-/24+ #2-/04+ #1-88+ #2-0320+ #1-554 WdZ #2-//4 f[h #0// e\ <ii[ii[Z QWbkWj_ed+h[if[Yj_l[bo- NkY^ W]]h[]Wj[ b[l_[i Wh[ ^_]^[h j^Wd j^[ W]]h[]Wj[ e\ j^[ jWn b[l_[i e\ iec[ ckd_Y_fWb kj_b_jo Z_ijh_YjibeYWj[Z _d j^[ Cekijed c[jhefeb_jWd Wh[W+ Xkj Wh[ m_j^_d j^[ hWd][ e\ j^[ W]]h[]Wj[ jWn b[l_[i e\ ckd_Y_fWb kj_b_jo Z_ijh_Yji_d j^[ Cekijed c[jhefeb_jWd Wh[W m^_Y^ Wh[ _d ijW][i e\ Z[l[befc[dj YecfWhWXb[ m_j^ j^[ ?_ijh_Yj-

Jd[ ckij Yedi_Z[h j^[ jejWb jWn XkhZ[d e\ Wbb el[hbWff_d] WdZ kdZ[hbo_d] `kh_iZ_Yj_edi _cfei[Z kfed fhef[hjo beYWj[Zm_j^_d j^[ ?_ijh_Yj Wi YedjhWij[Z m_j^ fhef[hjo beYWj[Z _d YecfWhWXb[ h[Wb [ijWj[ Z[l[befc[dji je ]Wk][ j^[ h[bWj_l[ jWnXkhZ[d ed fhef[hjo m_j^_d j^[ ?_ijh_Yj- O^[ jWn hWj[ d[Y[iiWho je i[hl_Y[ j^[ Z[Xj _iik[Z eh je X[ _iik[Z Xo j^[ ?_ijh_YjWdZ j^[ PdZ[hbo_d] ?_ijh_Yji+ WdZ j^[ jWn hWj[i b[l_[Z Xo ej^[h el[hbWff_d] `kh_iZ_Yj_edi+ Wh[ ikX`[Yj je dkc[hekikdY[hjW_dj_[i WdZ lWh_WXb[i+ WdZ j^ki j^[ ?_ijh_Yj YWd ]_l[ de WiikhWdY[ j^Wj j^[ Yecfei_j[ jWn hWj[i _cfei[Z Xoel[hbWff_d] `kh_iZ_Yj_edi+ fbki j^[ ?_ijh_Yj&i jWn hWj[+ WdZ j^[ jWn hWj[i e\ j^[ PdZ[hbo_d] ?_ijh_Yji+ m_bb X[ Yecf[j_j_l[m_j^ j^[ jWn hWj[i e\ Yecf[j_d] fhe`[Yji- Oe j^[ [nj[dj j^Wj ikY^ Yecfei_j[ jWn hWj[i Wh[ dej Yecf[j_j_l[ m_j^ Yecf[j_d]Z[l[befc[dji+ j^[ ]hemj^ e\ fhef[hjo jWn lWbk[i _d j^[ ?_ijh_Yj WdZ j^[ _dl[ijc[dj gkWb_jo eh i[Ykh_jo e\ j^[ =edZi YekbZX[ WZl[hi[bo W\\[Yj[Z-

LSj ;a^^WUf[a` D[_[fSf[aè

O^[ ?_ijh_Yj&i WX_b_jo je cWa[ Z[Xj i[hl_Y[ fWoc[dji cWo X[ WZl[hi[bo W\\[Yj[Z Xo _ji _dWX_b_jo je Yebb[Yj WZ lWbeh[c jWn[i-PdZ[h O[nWi bWm+ j^[ b[lo e\ WZ lWbeh[c jWn[i Xo j^[ ?_ijh_Yj Yedij_jkj[i W b_[d _d \Wleh e\ j^[ ?_ijh_Yj ed W fWh_jo m_j^j^[ b_[di e\ Wbb ej^[h beYWb jWn_d] Wkjêh_j_[i ed j^[ fhef[hjo W]W_dij m^_Y^ jWn[i Wh[ b[l_[Z+ WdZ ikY^ b_[d cWo X[ [d\ehY[ZXo \eh[Ybeikh[- O^[ ?_ijh_Yj&i WX_b_jo je Yebb[Yj WZ lWbeh[c jWn[i j^hek]^ ikY^ \eh[Ybeikh[ cWo X[ _cfW_h[Z Xo 'W(YkcX[hiec[+ j_c[,Yedikc_d] WdZ [nf[di_l[ Yebb[Yj_ed fheY[Zkh[i+ 'X( W XWdahkfjYo Yekhj&i ijWo e\ jWn Yebb[Yj_edfheY[Zkh[i W]W_dij W jWnfWo[h+ 'Y( cWha[j YedZ_j_edi b_c_j_d] j^[ fheY[[Zi \hec W \eh[Ybeikh[ iWb[ e\ jWnWXb[ fhef[hjoeh 'Z( j^[ jWnfWo[h&i h_]^j je h[Z[[c j^[ fhef[hjo m_j^_d jme o[Whi e\ \eh[Ybeikh[ \eh h[i_Z[dj_Wb êc[ij[WZ WdZW]h_YkbjkhWb ki[ fhef[hjo WdZ m_j^_d i_n '5( cedjî e\ \eh[Ybeikh[ \eh ej^[h fhef[hjo- Dd WZZ_j_ed je j^[ WkjecWj_Y ijWoW]W_dij Yebb[Yj_ed e\ Z[b_dgk[dj jWn[i W\\ehZ[Z W jWnfWo[h Zkh_d] j^[ f[dZ[dYo e\ W XWdahkfjYo+ W XWdahkfjYo YekbZ W\\[YjfWoc[dj e\ jWn[i _d jme ej^[h mWoi9 \_hij+ W Z[Xjeh&i Yed\_hcWj_ed fbWd cWo Wbbem W Z[Xjeh je cWa[ _dijWbbc[dj fWoc[djied Z[b_dgk[dj jWn[i \eh kf je i_n o[Whi; WdZ+ i[YedZ+ W Z[Xjeh cWo Y^Wbb[d][+ WdZ W XWdahkfjYo Yekhj cWo h[ZkY[+ j^[Wcekdj e\ Wdo jWn[i Wii[ii[Z W]W_dij j^[ Z[Xjeh+ _dYbkZ_d] jWn[i j^Wj ^Wl[ Wbh[WZo X[[d fW_Z- R^_b[ j^[ ?_ijh_Yj ^Wi Wb_[d ed jWnWXb[ fhef[hjo m_j^_d j^[ ?_ijh_Yj \eh jWn[i b[l_[Z W]W_dij ikY^ fhef[hjo+ ikY^ b_[d YWd X[ \eh[Ybei[Z edbo _dW `kZ_Y_Wb fheY[[Z_d]-

22

000048

JWY[efWdWV Gi`Wde$ JW_WV[We S`V 9S`]dgbfUk

Dd j^[ [l[dj e\ Z[\Wkbj _d j^[ fWoc[dj e\ fh_dY_fWb e\ eh _dj[h[ij ed j^[ =edZi+ j^[ M[]_ij[h[Z Jmd[hi ^Wl[ W h_]^j je i[[aW mh_j e\ cWdZWcki h[gk_h_d] j^[ ?_ijh_Yj je b[lo WZ[gkWj[ jWn[i [WY^ o[Wh je cWa[ ikY^ fWoc[dji- @nY[fj \ehcWdZWcki+ j^[ =edZ JhZ[h Ze[i dej fhel_Z[ \eh h[c[Z_[i je fhej[Yj WdZ [d\ehY[ j^[ _dj[h[iji e\ j^[ M[]_ij[h[Z Jmd[hi-O^[h[ _i de WYY[b[hWj_ed e\ cWjkh_jo e\ j^[ =edZi _d j^[ [l[dj e\ Z[\Wkbj WdZ+ Yedi[gk[djbo+ j^[ h[c[Zo e\ cWdZWckicWo ^Wl[ je X[ h[b_[Z kfed \hec o[Wh je o[Wh- =Wi[Z ed h[Y[dj O[nWi Yekhj Z[Y_i_edi+ _j _i kdYb[Wh m^[j^[h {38-/55O[nWi RWj[h >eZ[ [\\[Yj_l[bo mW_l[i ]el[hdc[djWb _cckd_jo e\ W ckd_Y_fWb kj_b_jo Z_ijh_Yj \eh ik_ji \eh ced[o ZWcW][i-@l[d _\ j^[ M[]_ij[h[Z Jmd[hi YekbZ eXjW_d W `kZ]c[dj W]W_dij j^[ ?_ijh_Yj+ ikY^ W `kZ]c[dj YekbZ dej X[ [d\ehY[Z XoW Z_h[Yj b[lo WdZ [n[Ykj_ed W]W_dij j^[ ?_ijh_Yj&i fhef[hjo- Akhj^[h+ j^[ M[]_ij[h[Z Jmd[hi YWddej j^[ci[bl[i \eh[Ybei[ed fhef[hjo m_j^_d j^[ ?_ijh_Yj eh i[bb fhef[hjo m_j^_d j^[ ?_ijh_Yj _d ehZ[h je fWo j^[ fh_dY_fWb e\ WdZ _dj[h[ij ed j^[=edZi- N_dY[ j^[h[ _i de jhkij _dZ[djkh[ eh jhkij[[+ j^[ M[]_ij[h[Z Jmd[hi mekbZ ^Wl[ je _d_j_Wj[ WdZ \_dWdY[ j^[ b[]WbfheY[ii je [d\ehY[ j^[_h h[c[Z_[i-

O^[ [d\ehY[WX_b_jo e\ j^[ h_]^ji WdZ h[c[Z_[i e\ j^[ M[]_ij[h[Z Jmd[hi cWo X[ \khj^[h b_c_j[Z Xo bWmi h[bWj_d] jeXWdahkfjYo+ h[eh]Wd_pWj_ed eh ej^[h i_c_bWh bWmi e\ ][d[hWb Wffb_YWj_ed W\\[Yj_d] j^[ h_]^ji e\ Yh[Z_jehi e\ feb_j_YWbikXZ_l_i_edi ikY^ Wi j^[ ?_ijh_Yj- Dd j^_i h[]WhZ+ iêkbZ j^[ ?_ijh_Yj \_b[ W f[j_j_ed \eh fhej[Yj_ed \hec Yh[Z_jehi kdZ[h\[Z[hWb XWdahkfjYo bWmi+ W ik_j i[[a_d] j^[ h[c[Zo e\ cWdZWcki mekbZ X[ WkjecWj_YWbbo ijWo[Z WdZ YekbZ dej X[ fkhik[Zkdb[ii Wkjêh_p[Z Xo W \[Z[hWb XWdahkfjYo `kZ][- N[[ wOC@ =JI?N , M[]_ij[h[Z Jmd[hiv M[c[Z_[i-x

LZW =XXWUf aX fZW >[`SÙ[S^ Aèf[fgf[aè 8Uf aX -545 a` LSj ;a^^WUf[aè aX fZW <[efd[Uf

O^[ A_dWdY_Wb Ddij_jkj_edi M[\ehc+ M[Yel[ho WdZ @d\ehY[c[dj <Yj e\ 0878 'wADMM@<x( YedjW_di Y[hjW_d fhel_i_edim^_Y^ W\\[Yj j^[ j_c[ \eh fhej[ij_d] fhef[hjo lWbkWj_edi+ j^[ \_n_d] e\ jWn b_[di WdZ j^[ Yebb[Yj_ed e\ f[dWbj_[i WdZ _dj[h[ijed Z[b_dgk[dj jWn[i ed h[Wb fhef[hjo emd[Z Xo j^[ A[Z[hWb ?[fei_j DdikhWdY[ >ehfehWj_ed 'wA?D>x( m^[d j^[ A?D> _iWYj_d] Wi j^[ Yedi[hlWjeh eh h[Y[_l[h e\ Wd _diebl[dj \_dWdY_Wb _dij_jkj_ed- PdZ[h ADMM@< h[Wb fhef[hjo ^[bZ Xo j^[ A?D>_i ij_bb ikX`[Yj je WZ lWbeh[c jWnWj_ed+ Xkj ikY^ WYj ijWj[i '_( j^Wj de h[Wb fhef[hjo e\ j^[ A?D> i^Wbb X[ ikX`[Yj je\eh[Ybeikh[ eh iWb[ m_jêkj j^[ Yedi[dj e\ j^[ A?D> WdZ de _dlebkdjWho b_[di i^Wbb WjjWY^ je ikY^ fhef[hjo+ '__( j^[ A?D>i^Wbb dej X[ b_WXb[ \eh Wdo f[dWbj_[i+ _dj[h[ij+ eh \_d[i+ _dYbkZ_d] jêi[ Wh_i_d] \hec j^[ \W_bkh[ je fWo Wdo h[Wb eh f[hiedWbfhef[hjo jWn m^[d Zk[ WdZ '___( dejm_jîjWdZ_d] \W_bkh[ e\ W f[hied je Y^Wbb[d][ Wd WffhW_iWb _d WYYehZWdY[ m_j^ ijWj[bWm+ ikY^ lWbk[ i^Wbb X[ Z[j[hc_d[Z Wi e\ j^[ f[h_eZ \eh m^_Y^ ikY^ jWn _i _cfei[Z-

O^[h[ ^Wi X[[d de Z[\_d_j_l[ Z[j[hc_dWj_ed e\ j^[ lWb_Z_jo e\ j^[i[ fhel_i_edi e\ ADMM@< eh êm j^[o Wh[ je X[ Yedijhk[ZWdZ h[YedY_b[Z m_j^ h[if[Yj je Yed\b_Yj_d] ijWj[ bWmi- Dj _i Wbie dej ademd m^[j^[h j^[ A?D> m_bb Wjj[cfj je YbW_c j^[ADMM@< [n[cfj_edi Wi je j^[ j_c[ \eh Yedj[ij_d] lWbkWj_edi WdZ jWn Wii[iic[dji cWZ[ fh_eh je WdZ W\j[h j^[ [dWYjc[dje\ ADMM@<- <YYehZ_d]bo+ je j^[ [nj[dj j^[ ADMM@< fhel_i_edi Wh[ lWb_Z WdZ Wffb_YWXb[ je Wdo fhef[hjo _d j^[ ?_ijh_Yj+WdZ je j^[ [nj[dj j^Wj j^[ A?D> Wjj[cfji je [d\ehY[ j^[ iWc[+ j^[i[ fhel_i_edi cWo W\\[Yj j^[ j_c[b_d[ii e\ Yebb[Yj_ed e\jWn[i ed fhef[hjo+ _\ Wdo+ emd[Z Xo j^[ A?D> _d j^[ ?_ijh_Yj+ WdZ cWo fh[l[dj j^[ Yebb[Yj_ed e\ f[dWbj_[i WdZ _dj[h[ij edikY^ jWn[i-

ESd]WfST[^[fk

O^[ ?_ijh_Yj ^Wi de kdZ[hijWdZ_d] 'ej^[h j^Wd j^[ _d_j_Wb h[e\\[h_d] o_[bZi( m_j^ j^[ PdZ[hmh_j[hi h[]WhZ_d] j^[ h[e\\[h_d]o_[bZi eh fh_Y[i e\ j^[ =edZi WdZ ^Wi de Yedjheb el[h j^[ jhWZ_d] e\ j^[ =edZi _d j^[ i[YedZWho cWha[j- Heh[el[h+ j^[h[_i de WiikhWdY[ j^Wj W i[YedZWho cWha[j m_bb X[ cWZ[ \eh j^[ =edZi- D\ j^[h[ _i W i[YedZWho cWha[j+ j^[ Z_\\[h[dY[X[jm[[d j^[ X_Z WdZ Wia[Z fh_Y[ e\ j^[ =edZi cWo X[ ]h[Wj[h j^Wd j^[ X_Z WdZ Wia[Z ifh[WZ e\ ej^[h XedZi ][d[hWbboXek]^j+ iebZ eh jhWZ[Z _d j^[ i[YedZWho cWha[j- N[[ wN<G@ <I? ?DNOMD=PODJI JA OC@ =JI?N-x

>gfgdW <WTf

O^[ ?_ijh_Yj ^Wi j^[ h_]^j je _iik[ j^[ h[cW_d_d] #7+6/4+/// Wkjêh_p[Z Xkj kd_iik[Z XedZi \eh b[l[[ _cfhel[c[dji WdZZhW_dW][ \WY_b_j_[i WdZ #0/+08/+/// \eh h[\kdZ_d] fkhfei[i 'i[[ wOC@ =JI?N , DiikWdY[ e\ <ZZ_j_edWb ?[Xjx(+ WdZ ikY^WZZ_j_edWb XedZi Wi cWo ^[h[W\j[h X[ Wffhel[Z Xo Xej^ j^[ =eWhZ WdZ j^[ lej[hi e\ j^[ ?_ijh_Yj- O^[ ?_ijh_Yj Wbie ^Wi

23

000049

j^[ h_]^j je _iik[ Y[hjW_d ej^[h WZZ_j_edWb XedZi+ if[Y_Wb fhe`[Yj XedZi+ WdZ ej^[h eXb_]Wj_edi Z[iYh_X[Z _d j^[ =edZ JhZ[h-<bb e\ j^[ h[cW_d_d] #7+6/4+/// _d XedZi \eh b[l[[ _cfhel[c[dji WdZ ZhW_dW][ \WY_b_j_[i WdZ #0/+08/+/// \eh h[\kdZ_d]fkhfei[i m^_Y^ ^Wl[ ^[h[je\eh[ X[[d Wkjêh_p[Z Xo j^[ lej[hi e\ j^[ ?_ijh_Yj cWo X[ _iik[Z Xo j^[ ?_ijh_Yj \hec j_c[ jej_c[ Wi d[[Z[Z- O^[ _iikWdY[ e\ ikY^ _d #7+6/4+/// XedZi \eh b[l[[ _cfhel[c[dji WdZ ZhW_dW][ \WY_b_j_[i _i Wbie ikX`[Yjje O>@L Wkjêh_pWj_ed-

O^[ ?_ijh_Yjvi \beeZ fbW_d h[YbWcWj_ed WdZ ekj\Wbb ZhW_dW][ Noij[c+ m^_Y^ mWi \_dWdY[Z m_j^ j^[ fheY[[Zi e\ j^[ iWb[ e\j^[ N[h_[i 0875 =edZi+ _dYbkZ[i+ Wced] ej^[h _j[ci+ ekj\Wbb ZhW_dW][ Y^Wdd[b _cfhel[c[dji+ f_f[b_d[ WZ`kijc[dji+Ykbl[hji WdZ Xh_Z][ meha- O^[ Noij[c Yedi_iji e\ j^[ \WY_b_j_[i _dYbkZ[Z _d j^[ ?_ijh_Yj&i KbWd e\ M[YbWcWj_ed+ m^_Y^ _ij^[ el[hWbb fbWd \eh h[YbW_c_d] WdZ ZhW_d_d] j^[ bWdZ m_j^_d j^[ ?_ijh_Yj- N[[ wOC@ NTNO@H , AbeeZ Khej[Yj_ed WdZ?hW_dW][ AWY_b_j_[i-x <YYehZ_d] je j^[ ?_ijh_Yjvi @d]_d[[h+ =B@+ DdY- 'j^[ w@d]_d[[hx( Wi W h[ikbj e\ j^[ YedijhkYj_ede\ ikY^ \WY_b_j_[i+ j^[ [dj_h[jo e\ j^[ bWdZ beYWj[Z m_j^_d j^[ ?_ijh_Yj mWi h[cel[Z \hec j^[ 0//,o[Wh \beeZ fbW_d e\>beZ_d[ ?_jY^ WdZ Ged]fe_dj Nbek]^- <YYehZ_d] je j^[ @d]_d[[h+ ikY^ \WY_b_j_[i Wh[ ik\\_Y_[dj je fhel_Z[ \beeZ fbW_dh[YbWcWj_ed WdZ ekj\Wbb ZhW_dW][ d[Y[iiWho je i[hl[ j^[ [dj_h[jo e\ j^[ Wh[W e\ j^[ ?_ijh_Yj- O^[h[\eh[+ j^[ ?_ijh_Yj Ze[idej Wdj_Y_fWj[ j^Wj _j m_bb _iik[ WZZ_j_edWb XedZi je \_dWdY[ j^[ YedijhkYj_ed e\ WZZ_j_edWb Yecfed[dji e\ j^[ Noij[c XkjYWddej h[fh[i[dj j^Wj _j m_bb dej Ze ie+ deh j^Wj \kjkh[ h[fW_hi je j^[ Noij[c c_]^j dej d[Y[ii_jWj[ ikY^ _iikWdY[- N[[wOC@ =JI?N , DiikWdY[ e\ <ZZ_j_edWb ?[Xj-x D\ WZZ_j_edWb XedZi Wh[ _iik[Z _d j^[ \kjkh[ WdZ fhef[hjo lWbk[i ^Wl[ dej_dYh[Wi[Z fhefehj_edWj[bo+ ikY^ _iikWdY[ cWo _dYh[Wi[ ]heii Z[Xj.fhef[hjo lWbkWj_ed hWj_ei WdZ j^[h[Xo WZl[hi[bo W\\[Yjj^[ _dl[ijc[dj gkWb_jo eh i[Ykh_jo e\ j^[ =edZi-

;a_bWf[f[hW FSfgdW aX @agefa` K[`Y^W)XS_[^k @age[`Y( 8bSdf_W`f S`V ;a__WdU[S^ <WhWâb_W`f S`V

;aèfdgUf[a` ESd]Wfe

O^[ i_d]b[,\Wc_bo êki_d]+ WfWhjc[dj WdZ Yecc[hY_Wb Z[l[befc[dj _dZkijh_[i _d j^[ Cekijed Wh[W Wh[ l[ho Yecf[j_j_l[+WdZ j^[ ?_ijh_Yj YWd ]_l[ de WiikhWdY[ j^Wj Wdo i_d]b[,\Wc_bo h[i_Z[dj_Wb bej Z[l[befc[dj eh êc[Xk_bZ_d] fhe]hWci ehWdo WfWhjc[dj eh Yecc[hY_Wb fhe`[Yji m_bb X[ _d_j_Wj[Z _d j^[ ?_ijh_Yj _d WZZ_j_ed je j^[ i_d]b[,\Wc_bo h[i_Z[dj_Wb bejZ[l[befc[dj WdZ êc[Xk_bZ_d] fhe]hWci WdZ WfWhjc[dj WdZ Yecc[hY_Wb fhe`[Yji j^Wj ^Wl[ X[[d kdZ[hjWa[d _d j^[?_ijh_Yj je ZWj[ Wi Z[iYh_X[Z _d j^_i J\\_Y_Wb NjWj[c[dj kdZ[h j^[ YWfj_ed w?@Q@GJKH@IO <I? CJH@>JINOMP>ODJI+ ?@Q@GJK@MN <I? =PDG?@MN-x O^[ h[if[Yj_l[ Yecf[j_j_l[ fei_j_edi e\ Wdo Z[l[bef[h'i(+ ehêc[ Xk_bZ[h'i( m^_Y^ c_]^j Wjj[cfj \kjkh[ i_d]b[,\Wc_bo h[i_Z[dj_Wb bej Z[l[befc[dj eh êc[Xk_bZ_d] fhe]hWci _d j^[?_ijh_Yj _d j^[ iWb[ e\ Z[l[bef[Z i_d]b[,\Wc_bo h[i_Z[dj_Wb beji eh _d j^[ YedijhkYj_ed WdZ iWb[ e\ i_d]b[,\Wc_bo h[i_Z[dj_Wbkd_ji WdZ e\ Wdo WfWhjc[dj eh Yecc[hY_Wb Z[l[bef[h m^_Y^ c_]^j kdZ[hjWa[ \kjkh[ WfWhjc[dj eh Yecc[hY_Wb Z[l[befc[djeh YedijhkYj_ed fhe`[Yji Wh[ W\\[Yj[Z Xo ceij e\ j^[ \WYjehi Z_iYkii[Z _d j^_i i[Yj_ed+ WdZ ikY^ i_d]b[,\Wc_bo h[i_Z[dj_Wbbej Z[l[befc[dj+ WfWhjc[dj WdZ.eh Yecc[hY_Wb Z[l[befc[dj fhe`[Yji WdZ j^[ YedijhkYj_ed e\ i_d]b[,\Wc_bo h[i_Z[dj_Wbkd_ji+ WfWhjc[dji WdZ.eh Yecc[hY_Wb _cfhel[c[dji Wh[ Z_h[Yjbo h[bWj[Z je jWn h[l[dk[i h[Y[_l[Z Xo j^[ ?_ijh_Yj WdZ j^[]hemj^ WdZ cW_dj[dWdY[ e\ jWnWXb[ lWbk[i _d j^[ ?_ijh_Yj-

;a`f[`g[`Y ;a_b^[SÙW i[fZ ;WdfS[` ;ahW`S`fe

O^[ =edZ JhZ[h YedjW_di Yel[dWdji Xo j^[ ?_ijh_Yj _dj[dZ[Z je fh[i[hl[ j^[ [nYbki_ed \hec ]heii _dYec[ e\ _dj[h[ij edj^[ =edZi- AW_bkh[ e\ j^[ ?_ijh_Yj je Yecfbo m_j^ ikY^ Yel[dWdji ed W Yedj_dkeki XWi_i fh_eh je cWjkh_jo e\ j^[ =edZiYekbZ h[ikbj _d _dj[h[ij ed j^[ =edZi X[Yec_d] jWnWXb[ h[jheWYj_l[bo je j^[ ZWj[ e\ eh_]_dWb _iikWdY[- N[[ wO<SH<OO@MN , Jf_d_ed-x

=`h[da`_W`fS^ JWYg^Sf[aè

RWij[mWj[h jh[Wjc[dj+ mWj[h ikffbo+ ijehc i[m[h \WY_b_j_[i WdZ YedijhkYj_ed WYj_l_j_[i m_j^_d j^[ ?_ijh_Yj WdZ j^[PdZ[hbo_d] ?_ijh_Yji Wh[ ikX`[Yj je Yecfb[n [dl_hedc[djWb bWmi WdZ h[]kbWj_edi Wj j^[ \[Z[hWb+ ijWj[ WdZ beYWb b[l[bi j^WjcWo h[gk_h[ eh fhe^_X_j Y[hjW_d WYj_l_j_[i j^Wj W\\[Yj j^[ [dl_hedc[dj+ ikY^ Wi9

y M[gk_h_d] f[hc_ji \eh YedijhkYj_ed WdZ ef[hWj_ed e\ mWj[h m[bbi+ mWij[mWj[h jh[Wjc[dj WdZ ej^[h \WY_b_j_[i;y M[ijh_Yj_d] j^[ cWdd[h _d m^_Y^ mWij[i Wh[ jh[Wj[Z WdZ h[b[Wi[Z _dje j^[ W_h+ mWj[h WdZ ie_bi;y M[ijh_Yj_d] eh h[]kbWj_d] j^[ ki[ e\ m[jbWdZi eh ej^[h fhef[hj_[i; ehy M[gk_h_d] h[c[Z_Wb WYj_ed je fh[l[dj eh c_j_]Wj[ febbkj_ed-

24

000050

NWdYj_edi W]W_dij W ckd_Y_fWb kj_b_jo Z_ijh_Yj eh ej^[h jof[ e\ if[Y_Wb fkhfei[ Z_ijh_Yj \eh \W_bkh[ je Yecfbo m_j^[dl_hedc[djWb bWmi WdZ h[]kbWj_edi cWo _dYbkZ[ W lWh_[jo e\ Y_l_b WdZ Yh_c_dWb [d\ehY[c[dj c[Wikh[i+ _dYbkZ_d]Wii[iic[dj e\ ced[jWho f[dWbj_[i+ _cfei_j_ed e\ h[c[Z_Wb h[gk_h[c[dji WdZ _iikWdY[ e\ _d`kdYj_edi je [dikh[ \kjkh[Yecfb_WdY[- @dl_hedc[djWb bWmi WdZ Yecfb_WdY[ m_j^ [dl_hedc[djWb bWmi WdZ h[]kbWj_edi YWd _dYh[Wi[ j^[ Yeij e\fbWdd_d]+ Z[i_]d_d]+ YedijhkYj_d] WdZ ef[hWj_d] mWj[h fheZkYj_ed WdZ mWij[mWj[h jh[Wjc[dj \WY_b_j_[i- @dl_hedc[djWbbWmi YWd Wbie _d^_X_j ]hemj^ WdZ Z[l[befc[dj m_j^_d j^[ ?_ijh_Yj- Akhj^[h+ Y^Wd][i _d h[]kbWj_edi eYYkh \h[gk[djbo+ WdZWdo Y^Wd][i j^Wj h[ikbj _d ceh[ ijh_d][dj WdZ Yeijbo h[gk_h[c[dji YekbZ cWj[h_Wbbo _cfWYj j^[ ?_ijh_Yj-

*DK 4N<FDMR 0LLN@L

<_h gkWb_jo Yedjheb c[Wikh[i h[gk_h[Z Xo j^[ Pd_j[Z NjWj[i @dl_hedc[djWb Khej[Yj_ed <][dYo 'j^[ !@K<!( WdZ j^[ O[nWi>ecc_ii_ed ed @dl_hedc[djWb LkWb_jo 'j^[ !O>@L!( cWo _cfWYj d[m _dZkijh_Wb+ Yecc[hY_Wb WdZ h[i_Z[dj_WbZ[l[befc[dj _d j^[ Cekijed Wh[W- PdZ[h j^[ >b[Wd <_h <Yj '!><<!( <c[dZc[dji e\ 088/+ j^[ [_]^j,YekdjoCekijed,BWbl[ijed,=hWpeh_W Wh[W '!CB= <h[W!(,CWhh_i+ BWbl[ijed+ =hWpeh_W+ >^WcX[hi+ Aehj =[dZ+ RWbb[h+Hedj]ec[ho WdZ G_X[hjo >ekdj_[i,^Wi X[[d Z[i_]dWj[Z W dedWjjW_dc[dj Wh[W kdZ[h j^h[[ i[fWhWj[ \[Z[hWb eped[ijWdZWhZi9 j^[ ed[,êkh '013 fWhji f[h X_bb_ed '!ffX!(( WdZ [_]^j,êkh '73 ffX( ijWdZWhZi fheckb]Wj[Z Xo j^[ @K< _d0886 'j^[ !0886 Jped[ NjWdZWhZi!(; j^[ j_]^j[h+ [_]^j,êkh eped[ ijWdZWhZ e\ 64 ffX fheckb]Wj[Z Xo j^[ @K< _d 1//7'j^[ !1//7 Jped[ NjWdZWhZ!(+ WdZ j^[ @K<&i ceij,h[Y[dj fheckb]Wj_ed e\ Wd [l[d bem[h+ 6/ ffX [_]^j,êkh eped[ijWdZWhZ _d 1/04 'j^[ !1/04 Jped[ NjWdZWhZ!(- R^_b[ j^[ NjWj[ e\ O[nWi ^Wi X[[d WXb[ je Z[cedijhWj[ ij[WZo fhe]h[iiWdZ _cfhel[c[dji _d W_h gkWb_jo _d j^[ CB= <h[W+ j^[ CB= <h[W h[cW_di ikX`[Yj je ><< dedWjjW_dc[dj h[gk_h[c[dji-

O^[ CB= <h[W _i Ykhh[djbo Z[i_]dWj[Z Wi W i[l[h[ eped[ dedWjjW_dc[dj Wh[W kdZ[h j^[ 0886 Jped[ NjWdZWhZi- R^_b[j^[ @K< ^Wi h[lea[Z j^[ 0886 Jped[ NjWdZWhZi+ j^[ @K< ^_ijeh_YWbbo ^Wi dej \ehcWbbo h[Z[i_]dWj[Z dedWjjW_dc[dj Wh[Wi\eh W h[lea[Z ijWdZWhZ- <i W h[ikbj+ j^[ CB= <h[W h[cW_d[Z ikX`[Yj je Yedj_dk_d] i[l[h[ dedWjjW_dc[dj Wh[W!Wdj_,XWYaib_Z_d]! h[gk_h[c[dji+ Z[if_j[ j^[ \WYj j^Wj CB= <h[W W_h gkWb_jo ^Wi X[[d WjjW_d_d] j^[ 0886 Jped[ NjWdZWhZii_dY[ 1/03- Dd bWj[ 1/04+ j^[ @K< Wffhel[Z j^[ O>@L&i !h[Z[i_]dWj_ed ikXij_jkj[! \eh j^[ CB= <h[W kdZ[h j^[ h[lea[Z0886 Jped[ NjWdZWhZi+ b[Wl_d] j^[ CB= <h[W ikX`[Yj edbo je j^[ dedWjjW_dc[dj Wh[W h[gk_h[c[dji kdZ[h j^[ 1//7 Jped[NjWdZWhZ 'WdZ bWj[h+ j^[ 1/04 Jped[ NjWdZWhZ(-

Dd A[XhkWho 1/07+ j^[ P-N- >ekhj e\ <ff[Wbi \eh j^[ ?_ijh_Yj e\ >ebkcX_W >_hYk_j _iik[Z Wd ef_d_ed _d Nekj^ >eWij <_hLkWb_jo HWdW][c[dj ?_ijh_Yj l- @K<+ 771 A-2Z 0027 '?->- >_h- 1/07( lWYWj_d] j^[ @K< h[Z[i_]dWj_ed ikXij_jkj[ hkb[j^Wj fhel_Z[Z j^[ XWi_i \eh j^[ @K<&i Z[Y_i_ed je [b_c_dWj[ j^[ Wdj_,XWYaib_Z_d] h[gk_h[c[dji j^Wj ^WZ Wffb_[Z _d j^[ CB=<h[W kdZ[h j^[ 0886 Jped[ NjWdZWhZ- O^[ Yekhj ^Wi dej h[ifedZ[Z je j^[ @K<&i <fh_b 1/07 h[gk[ij \eh h[^[Wh_d] e\ j^[YWi[- Oe WZZh[ii j^[ kdY[hjW_djo Yh[Wj[Z Xo j^[ Nekj^ >eWij Yekhj&i hkb_d]+ j^[ O>@L ^Wi Z[l[bef[Z W \ehcWb h[gk[ijj^Wj j^[ CB= <h[W X[ h[Z[i_]dWj[Z je WjjW_dc[dj kdZ[h j^[ 0886 Jped[ NjWdZWhZi- O^[ O>@L >ecc_ii_ed[hi Wffhel[ZfkXb_YWj_ed e\ W fhefei[Z CB= <h[W h[Z[i_]dWj_ed h[gk[ij kdZ[h j^[ 0886 Jped[ NjWdZWhZi ed N[fj[cX[h 4+ 1/07-

O^[ CB= <h[W _i Ykhh[djbo Z[i_]dWj[Z Wi W !ceZ[hWj[! dedWjjW_dc[dj Wh[W kdZ[h j^[ 1//7 Jped[ NjWdZWhZ+ m_j^ WdWjjW_dc[dj Z[WZb_d[ e\ Ekbo 1/+ 1/07- D\ j^[ @K< kbj_cWj[bo Z[j[hc_d[i j^Wj j^[ CB= <h[W ^Wi \W_b[Z je c[[j j^[WjjW_dc[dj Z[WZb_d[ XWi[Z ed j^[ h[b[lWdj ZWjW+ j^[ Wh[W _i ikX`[Yj je h[YbWii_\_YWj_ed je W dedWjjW_dc[dj YbWii_\_YWj_edj^Wj fhel_Z[i \eh ceh[ ijh_d][dj Yedjhebi ed [c_ii_edi \hec j^[ _dZkijh_Wb i[Yjeh- Dd WZZ_j_ed+ j^[ @K< cWo _cfei[ WcehWjeh_kc ed j^[ WmWhZ_d] e\ \[Z[hWb ^_]^mWo YedijhkYj_ed ]hWdji WdZ ej^[h \[Z[hWb ]hWdji \eh Y[hjW_d fkXb_Y mehaiYedijhkYj_ed fhe`[Yji _\ _j \_dZi j^Wj Wd Wh[W \W_bi je Z[cedijhWj[ fhe]h[ii _d h[ZkY_d] eped[ b[l[bi-

O^[ CB= <h[W _i Ykhh[djbo Z[i_]dWj[Z Wi W !cWh]_dWb! dedWjjW_dc[dj Wh[W kdZ[h j^[ 1/04 Jped[ NjWdZWhZ+ m_j^ WdWjjW_dc[dj Z[WZb_d[ e\ <k]kij 2+ 1/10- Aeh fkhfei[i e\ j^[ 1/04 Jped[ NjWdZWhZ+ j^[ CB= <h[W Yedi_iji e\ edbo i_nYekdj_[i9 =hWpeh_W+ >^WcX[hi+ Aehj =[dZ+ BWbl[ijed+ CWhh_i+ WdZ Hedj]ec[ho >ekdj_[i-

Dd ehZ[h je Z[cedijhWj[ fhe]h[ii jemWhZ WjjW_dc[dj e\ j^[ @K<&i eped[ ijWdZWhZi+ j^[ O>@L ^Wi [ijWXb_i^[Z W ijWj[_cfb[c[djWj_ed fbWd '!NDK!( \eh j^[ CB= <h[W i[jj_d] [c_ii_ed Yedjheb h[gk_h[c[dji+ iec[ e\ m^_Y^ h[]kbWj[ j^[_dif[Yj_ed WdZ ki[ e\ WkjeceX_b[i- O^[i[ jof[i e\ c[Wikh[i YekbZ _cfWYj êm f[efb[ jhWl[b+ m^Wj Z_ijWdY[i f[efb[ Wh[m_bb_d] je jhWl[b+ m^[h[ f[efb[ Yêei[ je b_l[ WdZ meha+ WdZ m^Wj èXi Wh[ WlW_bWXb[ _d j^[ CB= <h[W- O^[i[ NDKh[gk_h[c[dji YWd d[]Wj_l[bo _cfWYj Xki_d[ii Zk[ je j^[ WZZ_j_edWb f[hc_jj_d].h[]kbWjeho YedijhW_dji j^Wj WYYecfWdo j^_iZ[i_]dWj_ed WdZ X[YWki[ e\ j^[ Yecckd_jo ij_]cW WiieY_Wj[Z m_j^ W dedWjjW_dc[dj Z[i_]dWj_ed- Dj _i feii_Xb[ j^Wj

25

000051

WZZ_j_edWb Yedjhebi m_bb X[ d[Y[iiWho je Wbbem j^[ CB= <h[W je h[WY^ WjjW_dc[dj m_j^ j^[ eped[ ijWdZWhZi Xo j^[ @K<&iWjjW_dc[dj Z[WZb_d[i- O^[i[ WZZ_j_edWb Yedjhebi YekbZ ^Wl[ W d[]Wj_l[ _cfWYj ed j^[ CB= <h[W&i [Yedec_Y ]hemj^ WdZZ[l[befc[dj-

9<M@K 6NJJFR ! -DL>C<KB@ 0LLN@L

RWj[h ikffbo WdZ Z_iY^Wh][ h[]kbWj_edi j^Wj ckd_Y_fWb kj_b_jo Z_ijh_Yji+ _dYbkZ_d] j^[ ?_ijh_Yj+ cWo X[ h[gk_h[Z je Yecfbom_j^ _dlebl[9 '0( ]hekdZmWj[h m[bb f[hc_jj_d] WdZ ikh\WY[ mWj[h Wffhefh_Wj_ed; '1( fkXb_Y mWj[h ikffbo ioij[ci; '2(mWij[mWj[h Z_iY^Wh][i \hec jh[Wjc[dj \WY_b_j_[i; '3( ijehc mWj[h Z_iY^Wh][i; WdZ '4( m[jbWdZi Zh[Z][ WdZ \_bb WYj_l_j_[i-@WY^ e\ j^[i[ _i WZZh[ii[Z X[bem9

>[hjW_d ]el[hdc[djWb [dj_j_[i h[]kbWj[ ]hekdZmWj[h kiW][ _d j^[ CB= <h[W- < ckd_Y_fWb kj_b_jo Z_ijh_Yj eh ej^[h jof[e\ if[Y_Wb fkhfei[ Z_ijh_Yj j^Wj '_( _i beYWj[Z m_j^_d j^[ XekdZWh_[i e\ ikY^ Wd [dj_jo j^Wj h[]kbWj[i ]hekdZmWj[h kiW][+WdZ '__( h[b_[i ed beYWb ]hekdZmWj[h Wi W iekhY[ e\ mWj[h ikffbo+ cWo X[ ikX`[Yj je h[gk_h[c[dji WdZ h[ijh_Yj_edi ed j^[Zh_bb_d] e\ mWj[h m[bbi WdZ.eh j^[ fheZkYj_ed e\ ]hekdZmWj[h j^Wj YekbZ W\\[Yj Xej^ j^[ [d]_d[[h_d] WdZ [Yedec_Y\[Wi_X_b_jo e\ Z_ijh_Yj mWj[h ikffbo fhe`[Yji-

KkhikWdj je j^[ \[Z[hWb NW\[ ?h_da_d] RWj[h <Yj '!N?R<!( WdZ j^[ @K<&i IWj_edWb Kh_cWho ?h_da_d] RWj[h M[]kbWj_edi'!IK?RMi!(+ m^_Y^ Wh[ _cfb[c[dj[Z Xo j^[ O>@L&i RWj[h Nkffbo ?_l_i_ed+ W ckd_Y_fWb kj_b_jo Z_ijh_Yj&i fhel_i_ed e\mWj[h \eh ^kcWd Yedikcfj_ed _i ikX`[Yj je [nj[di_l[ h[]kbWj_ed Wi W fkXb_Y mWj[h ioij[c- Hkd_Y_fWb kj_b_jo Z_ijh_Yji ckij][d[hWbbo fhel_Z[ jh[Wj[Z mWj[h j^Wj c[[ji j^[ fh_cWho WdZ i[YedZWho Zh_da_d] mWj[h gkWb_jo ijWdZWhZi WZefj[Z Xo j^[O>@L+ j^[ Wffb_YWXb[ Z_i_d\[YjWdj h[i_ZkWb WdZ _dWYj_lWj_ed ijWdZWhZi+ WdZ j^[ ej^[h h[]kbWjeho WYj_ed b[l[bi [ijWXb_i^[ZkdZ[h j^[ W][dYo&i hkb[i- O^[ @K< ^Wi [ijWXb_i^[Z IK?RMi \eh ceh[ j^Wd d_d[jo '8/( YedjWc_dWdji WdZ ^Wi _Z[dj_\_[ZWdZ b_ij[Z ej^[h YedjWc_dWdji m^_Y^ cWo h[gk_h[ dWj_edWb Zh_da_d] mWj[h h[]kbWj_ed _d j^[ \kjkh[-

O[nWi KebbkjWdj ?_iY^Wh][ @b_c_dWj_ed Noij[c '!OK?@N!( f[hc_ji i[j b_c_ji ed j^[ jof[ WdZ gkWdj_jo e\ Z_iY^Wh][+ _dWYYehZWdY[ m_j^ ijWj[ WdZ \[Z[hWb bWmi WdZ h[]kbWj_edi- O^[ O>@L h[_iik[Z j^[ OK?@N >edijhkYj_ed B[d[hWb K[hc_j'OSM04////(+ m_j^ Wd [\\[Yj_l[ ZWj[ e\ HWhY^ 4+ 1/07+ m^_Y^ _i W ][d[hWb f[hc_j Wkjêh_p_d] j^[ Z_iY^Wh][ e\ijehcmWj[h hkde\\ WiieY_Wj[Z m_j^ icWbb WdZ bWh][ YedijhkYj_ed i_j[i WdZ Y[hjW_d dedijehcmWj[h Z_iY^Wh][i _dje ikh\WY[mWj[h _d j^[ ijWj[- Dj ^Wi W 4,o[Wh f[hc_j j[hc+ WdZ _i j^[d ikX`[Yj je h[d[mWb- Heh[el[h+ j^[ >b[Wd RWj[h <Yj '!>R<!(WdZ O[nWi RWj[h >eZ[ h[gk_h[ ckd_Y_fWb mWij[mWj[h jh[Wjc[dj fbWdji je c[[j i[YedZWho jh[Wjc[dj [\\bk[dj b_c_jWj_ediWdZ ceh[ ijh_d][dj mWj[h gkWb_jo,XWi[Z b_c_jWj_edi WdZ h[gk_h[c[dji je Yecfbo m_j^ j^[ O[nWi mWj[h gkWb_jo ijWdZWhZi-<do mWj[h gkWb_jo,XWi[Z b_c_jWj_edi WdZ h[gk_h[c[dji m_j^ m^_Y^ W ckd_Y_fWb kj_b_jo Z_ijh_Yj ckij Yecfbo cWo ^Wl[ Wd_cfWYj ed j^[ ckd_Y_fWb kj_b_jo Z_ijh_Yj&i WX_b_jo je eXjW_d WdZ cW_djW_d Yecfb_WdY[ m_j^ OK?@N f[hc_ji-

O^[ ?_ijh_Yj&i ijehcmWj[h Z_iY^Wh][i Ykhh[djbo cW_djW_d f[hc_j Yel[hW][ j^hek]^ j^[ Hkd_Y_fWb N[fWhWj[ Njehc Noij[cK[hc_j 'j^[ !>khh[dj K[hc_j!( _iik[Z je j^[ Njehc RWj[h HWdW][c[dj Ee_dj OWia AehY[ Yedi_ij_d] e\ CWhh_i >ekdjo+CWhh_i >ekdjo AbeeZ >edjheb ?_ijh_Yj+ j^[ >_jo e\ Cekijed+ WdZ j^[ O[nWi ?[fWhjc[dj e\ OhWdifehjWj_ed- Dd j^[ [l[djj^Wj Wj Wdo j_c[ _d j^[ \kjkh[ j^[ ?_ijh_Yj _i dej _dYbkZ[Z _d j^[ >khh[dj K[hc_j+ _j cWo X[ h[gk_h[Z je i[[a _dZ[f[dZ[djYel[hW][ kdZ[h j^[ O>@L&i B[d[hWb K[hc_j \eh K^Wi[ DD 'NcWbb( Hkd_Y_fWb N[fWhWj[ Njehc N[m[h Noij[ci 'j^[ !HN3K[hc_j!(+ m^_Y^ Wkjêh_p[i j^[ Z_iY^Wh][ e\ ijehcmWj[h je ikh\WY[ mWj[h _d j^[ ijWj[ \hec icWbb ckd_Y_fWb i[fWhWj[ ijehci[m[h ioij[ci- D\ j^[ ?_ijh_Yj&i _dYbki_ed _d j^[ HN3 K[hc_j m[h[ h[gk_h[Z Wj W \kjkh[ ZWj[+ j^[ ?_ijh_Yj YekbZ _dYkhikXijWdj_Wb Yeiji je Z[l[bef+ _cfb[c[dj+ WdZ cW_djW_d j^[ d[Y[iiWho fbWdi Wi m[bb Wi je _dijWbb eh _cfb[c[dj X[ijcWdW][c[dj fhWYj_Y[i je c_d_c_p[ eh [b_c_dWj[ kdWkjêh_p[Z febbkjWdji j^Wj cWo ej^[hm_i[ X[ \ekdZ _d ijehcmWj[hhkde\\ _d ehZ[h je Yecfbo m_j^ j^[ HN3 K[hc_j-

Jf[hWj_edi e\ kj_b_jo Z_ijh_Yji+ _dYbkZ_d] j^[ ?_ijh_Yj+ Wh[ Wbie fej[dj_Wbbo ikX`[Yj je h[gk_h[c[dji WdZ h[ijh_Yj_edi kdZ[hj^[ >R< h[]WhZ_d] j^[ ki[ WdZ Wbj[hWj_ed e\ m[jbWdZ Wh[Wi j^Wj Wh[ m_j^_d j^[ !mWj[hi e\ j^[ Pd_j[Z NjWj[i-! O^[ ?_ijh_Yjckij Wbie eXjW_d W f[hc_j \hec j^[ Pd_j[Z NjWj[i <hco >ehfi e\ @d]_d[[hi '!PN<>@!( _\ ef[hWj_edi e\ j^[ ?_ijh_Yjh[gk_h[ j^Wj m[jbWdZi X[ \_bb[Z+ Zh[Z][Z+ eh ej^[hm_i[ Wbj[h[Z-

Dd 1/04+ j^[ @K< WdZ PN<>@ fheckb]Wj[Z W hkb[ ademd Wi j^[ >b[Wd RWj[h Mkb[ '!>RM!( W_c[Z Wj h[Z[\_d_d] !mWj[hie\ j^[ Pd_j[Z NjWj[i! el[h m^_Y^ j^[ @K< WdZ PN<>@ ^Wl[ `kh_iZ_Yj_ed kdZ[h j^[ >R<- O^[ >RM i_]d_\_YWdjbo[nfWdZ[Z j^[ iYef[ e\ j^[ \[Z[hWb ]el[hdc[dj&i >R< `kh_iZ_Yj_ed el[h _djhWijWj[ mWj[h XeZ_[i WdZ m[jbWdZi-

26

000052

Jd N[fj[cX[h 01+ 1/08+ j^[ @K< WdZ PN<>@ \_dWb_p[Z W hkb[ h[f[Wb_d] j^[ >RM+ j^ki h[_dijWj_d] j^[ h[]kbWjeho j[njj^Wj [n_ij[Z fh_eh je j^[ WZefj_ed e\ j^[ >RM- O^_i h[f[Wb X[YWc[ \_dWb ed ?[Y[cX[h 12+ 1/08-

Jd EWdkWho 12+ 1/1/+ j^[ @K< WdZ PN<>@ \_dWb_p[Z W h[fbWY[c[dj Z[\_d_j_ed e\ !mWj[hi e\ j^[ Pd_j[Z NjWj[i-! O^[fhefei[Z Z[\_d_j_ed ekjb_d[i j^[ YWj[]eh_[i e\ mWj[hi j^Wj mekbZ X[ Yedi_Z[h[Z !mWj[hi e\ j^[ Pd_j[Z NjWj[i+! _dYbkZ_d]jhWZ_j_edWb dWl_]WXb[ mWj[hi+ f[h[dd_Wb WdZ _dj[hc_jj[dj jh_XkjWh_[i je jêi[ mWj[hi+ Y[hjW_d bWa[i+ fedZi+ WdZ_cfekdZc[dji WdZ m[jbWdZi WZ`WY[dj je `kh_iZ_Yj_ed mWj[hi- O^[ fhefei[Z hkb[ Wbie Z[jW_bi m^Wj Wh[ dej !mWj[hi e\ j^[Pd_j[Z NjWj[i+! ikY^ Wi \[Wjkh[i j^Wj edbo YedjW_d mWj[h Zkh_d] eh _d h[ifedi[ je hW_d\Wbb; ]hekdZmWj[h; cWdo Z_jY^[i+_dYbkZ_d] ceij heWZi_Z[ eh \Whc Z_jY^[i; fh_eh Yedl[hj[Z YhefbWdZ; \Whc WdZ ijeYa mWj[h_d] fedZi; WdZ mWij[ jh[Wjc[djioij[ci- O^[ d[m hkb[ X[YWc[ [\\[Yj_l[ ed Ekd[ 11+ 1/1/+ WdZ _i Ykhh[djbo j^[ ikX`[Yj e\ ed]e_d] b_j_]Wj_ed

?k[ je j^[ ed]e_d] hkb[cWa_d] WYj_l_jo WdZ b_j_]Wj_ed+ j^[h[ h[cW_di kdY[hjW_djo h[]WhZ_d] j^[ kbj_cWj[ iYef[ e\ !mWj[hie\ j^[ Pd_j[Z NjWj[i! WdZ j^[ [nj[dj e\ @K< WdZ PN<>@ `kh_iZ_Yj_ed- ?[f[dZ_d] ed j^[ \_dWb ekjYec[ e\ ikY^fheY[[Z_d]i+ ef[hWj_edi e\ ckd_Y_fWb kj_b_jo Z_ijh_Yji+ _dYbkZ_d] j^[ ?_ijh_Yj+ YekbZ fej[dj_Wbbo X[ ikX`[Yj je WZZ_j_edWbh[ijh_Yj_edi WdZ h[gk_h[c[dji+ _dYbkZ_d] WZZ_j_edWb f[hc_jj_d] h[gk_h[c[dji-

;ZS`YWe [` LSj DWY[e^Sf[a`

>[hjW_d jWn b[]_ibWj_ed+ m^[j^[h Ykhh[djbo fhefei[Z eh fhefei[Z _d j^[ \kjkh[+ cWo Z_h[Yjbo eh _dZ_h[Yjbo h[ZkY[ eh[b_c_dWj[ j^[ X[d[\_j e\ j^[ [nYbki_ed e\ _dj[h[ij ed j^[ =edZi \hec ]heii _dYec[ \eh \[Z[hWb _dYec[ jWn fkhfei[i- <dofhefei[Z b[]_ibWj_ed+ m^[j^[h eh dej [dWYj[Z+ cWo Wbie W\\[Yj j^[ lWbk[ WdZ b_gk_Z_jo e\ j^[ =edZi- Kheif[Yj_l[fkhY^Wi[hi e\ j^[ =edZi iêkbZ Yedikbj m_j^ j^[_h emd jWn WZl_iehi m_j^ h[if[Yj je Wdo fhefei[Z+ f[dZ_d] eh \kjkh[b[]_ibWj_ed-

Ldab[US^ OWSfZWd =hW`fe

O^[ Cekijed Wh[W+ _dYbkZ_d] j^[ ?_ijh_Yj+ _i ikX`[Yj je eYYWi_edWb i[l[h[ jhef_YWb m[Wj^[h [l[dji+ _dYbkZ_d] jhef_YWb ijehciWdZ ^khh_YWd[i- D\ j^[ ?_ijh_Yj m[h[ je ikijW_d ZWcW][ je _ji \WY_b_j_[i h[gk_h_d] ikXijWdj_Wb h[fW_h eh h[fbWY[c[dj eh _\ikXijWdj_Wb ZWcW][ m[h[ je eYYkh je jWnWXb[ fhef[hjo m_j^_d j^[ ?_ijh_Yj Wi W h[ikbj e\ ikY^ W m[Wj^[h [l[dj+ j^[_dl[ijc[dj i[Ykh_jo e\ j^[ =edZi YekbZ X[ WZl[hi[bo W\\[Yj[Z-

O^[ ]h[Wj[h Cekijed Wh[W ^Wi [nf[h_[dY[Z \ekh ijehci [nY[[Z_d] W /-1$ fheXWX_b_jo '_-[- !4// o[Wh \beeZ! [l[dji( i_dY[1/04+ _dYbkZ_d] Ckhh_YWd[ CWhl[o+ m^_Y^ cWZ[ bWdZ\Wbb Wbed] j^[ O[nWi Bkb\ >eWij ed <k]kij 15+ 1/06+ WdZ Xhek]^j^_ijeh_Y b[l[bi e\ hW_d\Wbb Zkh_d] j^[ ikYY[ii_l[ \ekh ZWoi-

<YYehZ_d] je j^[ ?_ijh_Yj&i Jf[hWjeh WdZ @d]_d[[h+ j^[ ?_ijh_Yj&i ?hW_dW][ Noij[c Z_Z dej ikijW_d Wdo cWj[h_Wb ZWcW][Wi W h[ikbj e\ Ckhh_YWd[ CWhl[o-

<YYehZ_d] je A=>HP? Ie- 4/&i ef[hWjeh WdZ [d]_d[[h+ _ji ioij[c Z_Z dej ikijW_d Wdo cWj[h_Wb ZWcW][ WdZ j^[h[ mWide _dj[hhkfj_ed e\ mWj[h WdZ i[m[h i[hl_Y[+ WdZ WYYehZ_d] je A=>HP? Ie- 4/&i ef[hWjeh+ Wbjêk]^ A=>HP? Ie- 4/[nf[h_[dY[Z ijh[[j \beeZ_d]+ j^[h[ mWi de WffWh[dj cWj[h_Wb m_dZ eh mWj[h ZWcW][ je êc[i eh Yecc[hY_Wb _cfhel[c[djim_j^_d j^[ ?_ijh_Yj [nY[fj \eh hee\ ZWcW][ je Wffhen_cWj[bo 3 êc[i _d j^[ Geij >h[[a ikXZ_l_i_ed Wi W h[ikbj e\Ckhh_YWd[ CWhl[o-

<YYehZ_d] je A=>HP? Ie- 011&i ef[hWjeh+ _ji mWj[h fbWdj ikijW_d[Z iec[ ZWcW][ WdZ _dj[hhkfj_ed e\ fem[h Zk[ je\beeZ_d] 'ikY^ ZWcW][ mWi h[fW_h[Z iêhjbo W\j[h Ckhh_YWd[ CWhl[o(+ WdZ WYYehZ_d] je c[cX[hi e\ _ji =eWhZ e\ ?_h[Yjehi+ded[ e\ j^[ êc[i m_j^_d A=>HP? Ie- 011 [nf[h_[dY[Z Wdo \beeZ_d] eh ej^[h cWj[h_Wb ZWcW][ Wi W h[ikbj e\ Ckhh_YWd[CWhl[o-

<YYehZ_d] je A=>HP? Ie- 012&i [d]_d[[h+ _ji ioij[c Z_Z dej ikijW_d Wdo cWj[h_Wb ZWcW][ WdZ j^[h[ mWi de _dj[hhkfj_ede\ mWj[h WdZ i[m[h i[hl_Y[+ WdZ de êc[i eh ej^[h _cfhel[c[dji m_j^_d A=>HP? Ie- 012 [nf[h_[dY[Z ijhkYjkhWb\beeZ_d] eh ej^[h cWj[h_Wb ZWcW][ Wi W h[ikbj e\ Ckhh_YWd[ CWhl[o-

27

000053

<YYehZ_d] je A=>HP? Ie- 032&i [d]_d[[h WdZ ef[hWjeh+ _ji ioij[c Z_Z dej ikijW_d Wdo cWj[h_Wb ZWcW][ WdZ j^[h[ mWide _dj[hhkfj_ed e\ mWj[h WdZ i[m[h i[hl_Y[+ WdZ A=>HP? Ie- 032 Z_Z dej h[Y[_l[ Wdo h[fehji e\ êc[i+ WfWhjc[dji ehYecc[hY_Wb _cfhel[c[dji m_j^_d A=>HP? Ie- 032 j^Wj [nf[h_[dY[Z ijhkYjkhWb \beeZ_d] eh ej^[h cWj[h_Wb ZWcW][ WiW h[ikbj e\ Ckhh_YWd[ CWhl[o-

<YYehZ_d] je A=>HP? Ie- 054&i ef[hWjeh+ _ji ioij[c Z_Z dej ikijW_d Wdo cWj[h_Wb ZWcW][ WdZ j^[h[ mWi de _dj[hhkfj_ede\ mWj[h WdZ i[m[h i[hl_Y[+ WdZ A=>HP? Ie- 054 mWi dej dej_\_[Z j^Wj Wdo êc[i m_j^_d A=>HP? Ie- 054 j^Wj[nf[h_[dY[Z ijhkYjkhWb \beeZ_d] eh ej^[h cWj[h_Wb ZWcW][ Wi W h[ikbj e\ Ckhh_YWd[ CWhl[o-

<YYehZ_d] je >_dYe HP? Ie- 7&i ef[hWjeh+ _j _dYkhh[Z i_]d_\_YWdj \beeZ_d] m^_Y^ h[ikbj[Z _d Z[Xh_i h[celWb Yeiji+iWd_jWho i[m[h j[b[l_i_d] WdZ h[fW_hi+ mWij[mWj[h jhkda jhWdic_ii_ed b_d[ h[fW_h+ ijehc b_d[ Yb[Wd_d]+ [c[h][dYo fem[hWdZ \[dY[ h[fbWY[c[dj Wj b_\j ijWj_ed 0+ WdZ WYYehZ_d] je >_dYe HP? Ie- 7&i [d]_d[[h WdZ ef[hWjeh+ Wffhen_cWj[bo 8//êc[i '8/$ e\ j^[ êc[i m_j^_d j^[ >_dYe HP? Ie- 7( m_j^_d >_dYe HP? Ie- 7 [nf[h_[dY[Z mWj[h _dYkhi_edi eh ej^[hi_]d_\_YWdj ZWcW][ Wi W h[ikbj e\ Ckhh_YWd[ CWhl[o- NkXijWdj_Wbbo Wbb e\ ikY^ êc[i ^Wl[ X[[d h[fW_h[Z- Ied[ e\ ikY^êc[i Wh[ beYWj[Z m_j^_d j^[ ?_ijh_Yj-

<YYehZ_d] je BhWdZ H_ii_ed HP? Ie- 0&i [d]_d[[h WdZ ef[hWjeh+ _ji ioij[c Z_Z dej ikijW_d Wdo cWj[h_Wb ZWcW][ WdZj^[h[ mWi de _dj[hhkfj_ed e\ mWj[h WdZ i[m[h i[hl_Y[+ WdZ Wffhen_cWj[bo 47/ êc[i m_j^_d BhWdZ H_ii_ed HP? Ie-0 '22$ e\ j^[ êc[i m_j^_d BhWdZ H_ii_ed HP? Ie- 0( ^WZ Z[Xh_i f_b[i _dZ_YWj_d] \beeZ_d] Wi W h[ikbj e\ Ckhh_YWd[CWhl[o- NkXijWdj_Wbbo Wbb e\ ikY^ êc[i ^Wl[ X[[d h[fW_h[Z-

<YYehZ_d] je BhWdZ H_ii_ed HP? Ie- 1&i ef[hWjeh WdZ [d]_d[[h+ _ji ioij[c Z_Z dej ikijW_d Wdo cWj[h_Wb ZWcW][ WdZj^[h[ mWi de _dj[hhkfj_ed e\ mWj[h WdZ i[m[h i[hl_Y[+ WdZ WYYehZ_d] je BhWdZ H_ii_ed HP? Ie- 1&i [d]_d[[h+ Wbjêk]^BhWdZ H_ii_ed HP? Ie- 1 [nf[h_[dY[Z ijh[[j \beeZ_d]+ j^[h[ mWi de WffWh[dj cWj[h_Wb m_dZ eh mWj[h ZWcW][ je êc[iWi W h[ikbj e\ Ckhh_YWd[ CWhl[o-

D\ W \kjkh[ m[Wj^[h [l[dj i_]d_\_YWdjbo ZWcW][Z Wbb eh fWhj e\ j^[ _cfhel[c[dji m_j^_d j^[ ?_ijh_Yj+ j^[ Wii[ii[Z lWbk[e\ fhef[hjo m_j^_d j^[ ?_ijh_Yj YekbZ X[ ikXijWdj_Wbbo h[ZkY[Z+ m^_Y^ YekbZ h[ikbj _d W Z[Yh[Wi[ _d jWn h[l[dk[i WdZ.ehd[Y[ii_jWj[ Wd _dYh[Wi[ j^[ ?_ijh_Yj&i jWn hWj[- Akhj^[h+ j^[h[ YWd X[ de WiikhWdY[ j^Wj W YWikWbjo beii je jWnWXb[ fhef[hjom_j^_d j^[ ?_ijh_Yj m_bb X[ Yel[h[Z Xo _dikhWdY[ 'eh j^Wj fhef[hjo emd[hi m_bb [l[d YWhho \beeZ eh ej^[h YWikWbjo_dikhWdY[(+ j^Wj Wdo _dikhWdY[ YecfWdo m_bb \kb\_bb _ji eXb_]Wj_ed je fhel_Z[ _dikhWdY[ fheY[[Zi+ eh j^Wj _dikhWdY[fheY[[Zi m_bb X[ ki[Z je h[Xk_bZ eh h[fW_h Wdo ZWcW][Z _cfhel[c[dji m_j^_d j^[ ?_ijh_Yj- @l[d _\ _dikhWdY[ fheY[[ZiWh[ WlW_bWXb[ WdZ _cfhel[c[dji Wh[ h[Xk_bj+ j^[h[ YekbZ X[ W b[d]jô f[h_eZ _d m^_Y^ Wii[ii[Z lWbk[i m_j^_d j^[ ?_ijh_YjYekbZ X[ WZl[hi[bo W\\[Yj[Z-

6J@>DAD> /FII? 7RJ@ 5DLEL

KedZ_d]+ eh fbkl_Wb+ \beeZ_d] eYYkhi m^[d ^[Wlo hW_d\Wbb Yh[Wj[i W \beeZ [l[dj _dZ[f[dZ[dj e\ Wd el[h\bem_d] mWj[h XeZo+jof_YWbbo _d h[bWj_l[bo \bWj Wh[Wi- Ddj[di[ hW_d\Wbb YWd [nY[[Z j^[ ZhW_dW][ YWfWY_jo e\ W ZhW_dW][ ioij[c+ m^_Y^ cWo h[ikbj_d mWj[h m_j^_d j^[ ZhW_dW][ ioij[c X[Yec_d] jhWff[Z WdZ Z_l[hj[Z edje ijh[[ji WdZ d[WhXo fhef[hjo kdj_b _j _i WXb[ jeh[WY^ W dWjkhWb ekjb[j- KedZ_d] YWd Wbie eYYkh _d W \beeZ feeb kfijh[Wc eh X[^_dZ W ZWc+ b[l[[ eh h[i[hle_h-

A`XWUf[age <[eWSeW Ggfâa] %;GNA<)-5&

O^[ RehbZ C[Wbj^ Jh]Wd_pWj_ed ^Wi Z[YbWh[Z W fWdZ[c_Y \ebbem_d] j^[ ekjXh[Wa e\ >JQD?,08+ W h[if_hWjeho Z_i[Wi[YWki[Z Xo W d[m ijhW_d e\ YehedWl_hki 'j^[ !KWdZ[c_Y!(+ m^_Y^ _i Ykhh[djbo W\\[Yj_d] cWdo fWhji e\ j^[ mehbZ+ _dYbkZ_d]j^[ Pd_j[Z NjWj[i WdZ O[nWi- Jd EWdkWho 20+ 1/1/+ j^[ N[Yh[jWho e\ j^[ Pd_j[Z NjWj[i C[Wbj^ WdZ CkcWd N[hl_Y[i?[fWhjc[dj Z[YbWh[Z W fkXb_Y ^[Wbj^ [c[h][dYo \eh j^[ Pd_j[Z NjWj[i _d Yedd[Yj_ed m_j^ >JQD?,08- Jd HWhY^ 02+ 1/1/+j^[ Kh[i_Z[dj e\ j^[ Pd_j[Z NjWj[i 'j^[ !Kh[i_Z[dj!( Z[YbWh[Z j^[ KWdZ[c_Y W dWj_edWb [c[h][dYo WdZ j^[ O[nWi Bel[hdeh'j^[ !Bel[hdeh!( Z[YbWh[Z >JQD?,08 Wd _cc_d[dj j^h[Wj e\ Z_iWij[h \eh Wbb Yekdj_[i _d O[nWi 'Yebb[Yj_l[bo+ j^[ !Z_iWij[hZ[YbWhWj_edi!(- Jd HWhY^ 14+ 1/1/+ _d h[ifedi[ je W h[gk[ij \hec j^[ Bel[hdeh+ j^[ Kh[i_Z[dj _iik[Z W HWèh ?_iWij[h?[YbWhWj_ed \eh j^[ NjWj[ e\ O[nWi-

28

000054

KkhikWdj je >^Wfj[h 307 e\ j^[ O[nWi Bel[hdc[dj >eZ[+ j^[ Bel[hdeh ^Wi XheWZ Wkjêh_jo je h[ifedZ je Z_iWij[hi+_dYbkZ_d] ikif[dZ_d] Wdo h[]kbWjeho ijWjkj[ fh[iYh_X_d] j^[ fheY[Zkh[i \eh YedZkYj_d] ijWj[ Xki_d[ii eh Wdo ehZ[h eh hkb[e\ W ijWj[ W][dYo j^Wj mekbZ _d Wdo mWo fh[l[dj+ ^_dZ[h+ eh Z[bWo d[Y[iiWho WYj_ed _d Yef_d] m_j^ j^_i Z_iWij[h WdZ _iik_d][n[Ykj_l[ ehZ[hi j^Wj ^Wl[ j^[ \ehY[ WdZ [\\[Yj e\ bWm- O^[ Bel[hdeh ^Wi _iik[Z W dkcX[h e\ [n[Ykj_l[ ehZ[hi h[bWj_d]je >JQD?,08 fh[fWh[Zd[ii WdZ c_j_]Wj_ed- O^[i[ _dYbkZ[+ \eh [nWcfb[+ j^[ _iikWdY[ e\ Wd @n[Ykj_l[ JhZ[h ed HWhY^20+ 1/1/+ m^_Y^+ Wced] ej^[h j^_d]i+ fhe^_X_ji ieY_Wb ]Wj^[h_d]i e\ ceh[ j^Wd 0/ f[efb[ WdZ ehZ[hi j^[ Ybeikh[ e\ iYêebij^hek]êkj j^[ ijWj[ \eh Y[hjW_d Z[i_]dWj[Z j_c[ f[h_eZi+ m^_Y^ cWo X[ ej^[hm_i[ [nj[dZ[Z+ ceZ_\_[Z+ h[iY_dZ[Z+ ehikf[hi[Z[Z Xo j^[ Bel[hdeh- HWdo e\ j^[ \[Z[hWb+ ijWj[ WdZ beYWb WYj_edi WdZ feb_Y_[i kdZ[h j^[ W\eh[c[dj_ed[Z Z_iWij[hZ[YbWhWj_edi Wh[ \eYki[Z ed ibem_d] j^[ ifh[WZ e\ >JQD?,08 Xo b_c_j_d] _dijWdY[i m^[h[ j^[ fkXb_Y YWd Yed]h[]Wj[ eh_dj[hWYj m_j^ [WY^ ej^[h+ m^_Y^ W\\[Yji [Yedec_Y YedZ_j_edi m_j^_d O[nWi-

N_dY[ j^[ Z_iWij[h Z[YbWhWj_edi m[h[ cWZ[+ j^[ KWdZ[c_Y ^Wi d[]Wj_l[bo W\\[Yj[Z jhWl[b+ Yecc[hY[+ WdZ \_dWdY_Wb cWha[jibeYWbbo WdZ ]beXWbbo+ WdZ _i m_Z[bo [nf[Yj[Z je Yedj_dk[ d[]Wj_l[bo W\\[Yj_d] [Yedec_Y YedZ_j_edi WdZ \_dWdY_Wb cWha[jimehbZm_Z[ WdZ m_j^_d O[nWi WdZ j^[ Cekijed Wh[W- NjeYa lWbk[i WdZ e_b fh_Y[i+ _d j^[ P-N- WdZ ]beXWbbo+ ^Wl[ i[[di_]d_\_YWdj Z[Yb_d[i Wjjh_Xkj[Z _d fWhj je >JQD?,08 YedY[hdi- O[nWi cWo X[ fWhj_YkbWhbo Wj h_ia \hec Wdo ]beXWbibemZemd+ ]_l[d j^[ fh[lWb[dY[ e\ _dj[hdWj_edWb jhWZ[ _d j^[ ijWj[ WdZ j^[ h_ia e\ YedjhWYj_ed _d j^[ e_b WdZ ]Wi _dZkijhoWdZ if_bbel[h [\\[Yji _dje ej^[h _dZkijh_[i-

NkY^ WZl[hi[ [Yedec_Y YedZ_j_edi+ _\ j^[o Yedj_dk[+ YekbZ h[ikbj _d Z[Yb_d[i _d j^[ Z[cWdZ \eh h[i_Z[dj_Wb WdZYecc[hY_Wb fhef[hjo _d j^[ Cekijed Wh[W WdZ YekbZ h[ZkY[ eh d[]Wj_l[bo W\\[Yj fhef[hjo lWbk[i m_j^_d j^[ ?_ijh_Yj- O^[=edZi Wh[ i[Ykh[Z Xo Wd kdb_c_j[Z WZ lWbeh[c jWn+ WdZ W h[ZkYj_ed _d fhef[hjo lWbk[i cWo h[gk_h[ Wd _dYh[Wi[ _d j^[ WZlWbeh[c jWn hWj[ h[gk_h[Z je fWo j^[ =edZi Wi m[bb Wi j^[ ?_ijh_Yj&i i^Wh[ e\ ef[hWj_edi WdZ cW_dj[dWdY[ [nf[di[i fWoWXb[\hec WZ lWbeh[c jWn[i-

O^[ ?_ijh_Yj Yedj_dk[i je ced_jeh j^[ ifh[WZ e\ >JQD?,08 WdZ _i meha_d] m_j^ beYWb+ ijWj[+ WdZ dWj_edWb W][dY_[i jeWZZh[ii j^[ fej[dj_Wb _cfWYj e\ >JQD?,08 kfed j^[ ?_ijh_Yj- R^_b[ j^[ fej[dj_Wb _cfWYj e\ >JQD?,08 ed j^[ ?_ijh_YjYWddej X[ gkWdj_\_[Z Wj j^_i j_c[+ j^[ Yedj_dk[Z ekjXh[Wa e\ >JQD?,08 YekbZ ^Wl[ Wd WZl[hi[ [\\[Yj ed j^[ ?_ijh_Yj&ief[hWj_edi WdZ \_dWdY_Wb YedZ_j_ed- O^[ \_dWdY_Wb WdZ ef[hWj_d] ZWjW YedjW_d[Z ^[h[_d Wh[ j^[ bWj[ij WlW_bWXb[+ Xkj Wh[ Wie\ ZWj[i WdZ \eh f[h_eZi fh_eh je j^[ [Yedec_Y _cfWYj e\ j^[ KWdZ[c_Y WdZ c[Wikh[i _dij_jkj[Z je ibem _j- <YYehZ_d]bo+j^[o Wh[ dej d[Y[iiWh_bo _dZ_YWj_l[ e\ j^[ [Yedec_Y _cfWYj e\ j^[ KWdZ[c_Y ed j^[ ?_ijh_Yj&i \_dWdY_Wb YedZ_j_ed-

HafW`f[S^ =XXWUfe aX G[^ Hd[UW <WU^[`We a` fZW @agefa` 8dWS

O^[ h[Y[dj Z[Yb_d[i _d e_b fh_Y[i _d j^[ P-N- WdZ ]beXWbbo+ m^_Y^ Wj j_c[i ^Wl[ b[Z je j^[ bem[ij ikY^ fh_Y[i _d j^h[[Z[YWZ[i+ cWo b[WZ je WZl[hi[ YedZ_j_edi _d j^[ e_b WdZ ]Wi _dZkijho+ _dYbkZ_d] Xkj dej b_c_j[Z je h[ZkY[Z h[l[dk[i+Z[Yb_d[i _d YWf_jWb WdZ ef[hWj_d] [nf[dZ_jkh[i+ Xki_d[ii \W_bkh[i+ WdZ bWoe\\i e\ meha[hi- O^[ [Yedeco e\ j^[ CekijedWh[W ^Wi+ _d j^[ fWij+ X[[d fWhj_YkbWhbo W\\[Yj[Z Xo WZl[hi[ YedZ_j_edi _d j^[ e_b WdZ ]Wi _dZkijho+ WdZ ikY^ YedZ_j_edi WdZj^[_h if_bbel[h [\\[Yji _dje ej^[h _dZkijh_[i YekbZ h[ikbj _d Z[Yb_d[i _d j^[ Z[cWdZ \eh h[i_Z[dj_Wb WdZ Yecc[hY_Wb fhef[hjo_d j^[ Cekijed Wh[W WdZ YekbZ h[ZkY[ eh d[]Wj_l[bo W\\[Yj fhef[hjo lWbk[i eh êc[Xk_bZ_d] WYj_l_jo m_j^_d j^[ ?_ijh_Yj-<i fh[l_ekibo ijWj[Z+ j^[ =edZi Wh[ i[Ykh[Z Xo Wd kdb_c_j[Z WZ lWbeh[c jWn+ WdZ W h[ZkYj_ed _d fhef[hjo lWbk[i cWoh[gk_h[ Wd _dYh[Wi[ _d j^[ WZ lWbeh[c jWn hWj[ h[gk_h[Z je fWo j^[ =edZi Wi m[bb Wi j^[ ?_ijh_Yj&i i^Wh[ e\ ef[hWj_edi WdZcW_dj[dWdY[ [nf[di[i fWoWXb[ \hec WZ lWbeh[c jWn[i-

L@= <AKLJA;L

8gfZad[fk

O^[ ?_ijh_Yj _i W Yedi[hlWj_ed WdZ h[YbWcWj_ed Z_ijh_Yj Yh[Wj[Z Xo >ecc_ii_ed[hi >ekhj e\ Aehj =[dZ >ekdjo+ _d 0874-O^[ h_]^ji+ fem[hi+ fh_l_b[][i+ Wkjêh_jo WdZ \kdYj_edi e\ j^[ ?_ijh_Yj Wh[ [ijWXb_i^[Z Xo j^[ ][d[hWb bWmi e\ j^[ NjWj[ e\O[nWi f[hjW_d_d] je b[l[[ _cfhel[c[dj Z_ijh_Yji+ _dYbkZ_d] fWhj_YkbWhbo >^Wfj[h 46+ O[nWi RWj[h >eZ[- O^[ ?_ijh_Yj _iikX`[Yj je j^[ Yedj_dk_d] ikf[hl_i_ed e\ j^[ O>@L-

O^[ ?_ijh_Yj _i [cfem[h[Z+ Wced] ej^[h j^_d]i+ je fkhY^Wi[+ YedijhkYj+ ef[hWj[+ WdZ cW_djW_d Wbb _cfhel[c[dji WdZ\WY_b_j_[i d[Y[iiWho \eh j^[ Yedjheb WdZ Z_l[hi_ed e\ ijehc mWj[h-

3/

000055

<WeUd[bf[a`

O^[ ?_ijh_Yj YedjW_di Wffhen_cWj[bo 3+/34-05 WYh[i e\ bWdZ- O^[ ?_ijh_Yj _i beYWj[Z [dj_h[bo m_j^_d Aehj =[dZ >ekdjo+O[nWi+ Wffhen_cWj[bo 1/ c_b[i m[ij e\ j^[ Y[djhWb Xki_d[ii Z_ijh_Yj e\ j^[ >_jo e\ Cekijed+ O[nWi+ _d dehj^[Wij[hd Aehj=[dZ >ekdjo+ O[nWi- O^[ ?_ijh_Yj _i beYWj[Z [dj_h[bo m_j^_d j^[ [njhWj[hh_jeh_Wb `kh_iZ_Yj_ed e\ j^[ >_jo e\ Cekijed+ WdZ_i XekdZ[Z Xo CWhb[c MeWZ ed j^[ [Wij+ Hehjed MeWZ ed j^[ iekj^+ =Wha[h ?Wc ed j^[ dehj^+ WdZ fWhj_Wbbo Xo >WdWbMeWZ ed j^[ m[ij- O^[ ?_ijh_Yj _i beYWj[Z Wffhen_cWj[bo 3-7 c_b[i m[ij e\ j^[ _dj[hi[Yj_ed e\ NjWj[ C_]^mWo 5 WdZ AWhc,je,HWha[j MeWZ 0/82- O^[ BhWdZ KWhamWo jhWl[hi[i j^[ m[ij[hbo fehj_ed e\ j^[ ?_ijh_Yj \hec dehj^ je iekj^+ WdZ j^[R[ijfWha Oebb MeWZ jhWl[hi[i j^[ ?_ijh_Yj \hec [Wij je m[ij- O^[ ?_ijh_Yj _i beYWj[Z m_j^_d j^[ GWcWh >edieb_ZWj[ZDdZ[f[dZ[dj NYêeb ?_ijh_Yj+ FWjo DdZ[f[dZ[dj NYêeb ?_ijh_Yj WdZ Aehj =[dZ DdZ[f[dZ[dj NYêeb ?_ijh_Yj- O^[ ?_ijh_YjmWi Yh[Wj[Z \eh j^[ fkhfei[ e\ fhel_Z_d] \beeZ fbW_d h[YbWcWj_ed+ \beeZ fhej[Yj_ed WdZ ekj\Wbb ZhW_dW][ d[Y[iiWho \eh j^[Z[l[befc[dj e\ j^[ bWdZ beYWj[Z m_j^_d j^[ XekdZWh_[i e\ j^[ ?_ijh_Yj- JINOMP>ODJI+?@Q@GJK@MN <I? =PDG?@MN+x WdZ wOC@ NTNO@H+x j^[ YedijhkYj_ed e\ Y[hjW_d Yecfed[dji e\ j^[ Noij[c+Yedi_ij_d] e\ ZhW_dW][ _cfhel[c[dji+ _dYbkZ_d]+ Wced] ej^[h _j[ci+ ekj\Wbb ZhW_dW][ Y^Wdd[b _cfhel[c[dji+ f_f[b_d[WZ`kijc[dji+ Ykbl[hji WdZ Xh_Z][ meha m[h[ YedijhkYj[Z Xo j^[ ?_ijh_Yj m_j^ j^[ fheY[[Zi e\ j^[ iWb[ e\ j^[ N[h_[i 0875=edZi- N[[ w<@MD<G KCJOJBM<KC JA OC@ ?DNOMD>O+x WdZ w<KK@I?DS < , GJ><ODJI H<K-x

Eg`[U[bS^ Mf[^[fk <[efd[Ufe

O^[ ?_ijh_Yj Ze[i dej fhel_Z[ mWj[h ikffbo eh Z_ijh_Xkj_ed+ mWij[mWj[h Yebb[Yj_ed eh jh[Wjc[dj+ eh Y[hjW_d ijehc ZhW_dW][\WY_b_j_[i eh i[hl_Y[i- <bb eh W fehj_ed e\ [_]^j ckd_Y_fWb kj_b_jo Z_ijh_Yji+ Aehj =[dZ >ekdjo Hkd_Y_fWb Pj_b_jo ?_ijh_YjIe- 4/ 'wA=>HP? Ie- 4/x(+ Aehj =[dZ >ekdjo Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 011 'wA=>HP? Ie- 011x(+ Aehj =[dZ>ekdjo Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 012 'wA=>HP? Ie- 012x(+ Aehj =[dZ >ekdjo Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 032'wA=>HP? Ie- 032x(+ Aehj =[dZ >ekdjo Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 054 'wA=>HP? Ie- 054x(+ >_dYe MWdY^Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 7 'w>_dYe HP? Ie- 7x(+ BhWdZ H_ii_ed Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 0 'wBhWdZ H_ii_edHP? Ie- 0x( WdZ BhWdZ H_ii_ed Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 1 'wBhWdZ H_ii_ed HP? Ie- 1x( 'Yebb[Yj_l[bo+ j^[wPdZ[hbo_d] ?_ijh_Yjix(+ m^_Y^ Yel[h Wffhen_cWj[bo 3+/23 WYh[i e\ j^[ jejWb e\ Wffhen_cWj[bo 3+/34-05 WYh[i YedjW_d[Zm_j^_d j^[ ?_ijh_Yj+ ^Wl[ X[[d \ehc[Z je \_dWdY[ j^[ WYgk_i_j_ed eh YedijhkYj_ed e\ mWj[h ikffbo WdZ Z_ijh_Xkj_ed+mWij[mWj[h Yebb[Yj_ed WdZ jh[Wjc[dj+ WdZ Y[hjW_d ijehc ZhW_dW][ \WY_b_j_[i je i[hl[ j^[ bWdZ beYWj[Z m_j^_d ikY^ Z_ijh_Yji-RWj[h+ i[m[h WdZ ZhW_dW][ \WY_b_j_[i WdZ ijh[[j fWl_d] ^Wl[ X[[d YedijhkYj[Z je i[hl[ Wd W]]h[]Wj[ e\ 7+844 \kbboZ[l[bef[Z i_d]b[,\Wc_bo h[i_Z[dj_Wb beji WdZ ej^[h Z[l[bef[Z fhef[hjo ed m^_Y^ 7+666 êc[i '_dYbkZ_d] êc[i kdZ[hYedijhkYj_ed(+ 0+6/2 WfWhjc[dji WdZ Yecc[hY_Wb _cfhel[c[dji W]]h[]Wj_d] Wffhen_cWj[bo 0+505+3/6 igkWh[ \[[j e\Xk_bZ_d] Wh[W ^Wl[ X[[d Yecfb[j[Z WdZ Wffhen_cWj[bo 05+6// igkWh[ \[[j e\ Xk_bZ_d] Wh[W Wh[ Ykhh[djbo kdZ[hYedijhkYj_ed _d j^[ PdZ[hbo_d] ?_ijh_Yji Wi _i Z[iYh_X[Z X[bem kdZ[h j^[ YWfj_ed w?@Q@GJKH@IO <I? CJH@>JINOMP>ODJI+ ?@Q@GJK@MN <I? =PDG?@MN-x O^[ bWdZ beYWj[Z m_j^_d j^[ ?_ijh_Yj j^Wj _i dej Ykhh[djboYel[h[Z Xo Wdo ckd_Y_fWb kj_b_jo Z_ijh_Yj YekbZ X[ _dYbkZ[Z _d ed[ e\ j^[ PdZ[hbo_d] ?_ijh_Yji eh iec[ ej^[h ckd_Y_fWbkj_b_jo Z_ijh_Yj Wj iec[ \kjkh[ j_c[- O^[ ?_ijh_Yj YWddej fh[Z_Yj m^[j^[h Wdo e\ ikY^ bWdZ Ykhh[djbo dej Yel[h[Z Xo Wckd_Y_fWb kj_b_jo Z_ijh_Yj c_]^j X[ _dYbkZ[Z _d W ckd_Y_fWb kj_b_jo Z_ijh_Yj _d j^[ \kjkh[-

30

000056

ES`SYW_W`f aX fZW <[efd[Uf

O^[ ?_ijh_Yj _i ]el[hd[Z Xo j^[ =eWhZ e\ ?_h[Yjehi 'j^[ w=eWhZx(+ Yedi_ij_d] e\ j^h[[ Z_h[Yjehi+ mê ^Wl[ Yedjheb el[hWdZ cWdW][c[dj ikf[hl_i_ed e\ Wbb W\\W_hi e\ j^[ ?_ijh_Yj- Ied[ e\ j^[ ?_h[Yjehi h[i_Z[i _d j^[ ?_ijh_Yj- O^[ Z_h[YjehiWh[ Wffe_dj[Z Xo j^[ >ecc_ii_ed[hi >ekhj e\ Aehj =[dZ >ekdjo- O^[ Ykhh[dj c[cX[hi WdZ e\\_Y[hi e\ j^[ =eWhZ Wh[b_ij[Z X[bem9

O[hc @nf_h[iIWc[ O_jb[ Iel[cX[h

QWb[h_[ BWcXb[ Kh[i_Z[dj 1/11

GWhho Beh[ Q_Y[ Kh[i_Z[dj 1/11

>^[hob NjWb_diao N[Yh[jWho 1/11

<bjêk]^ j^[ ?_ijh_Yj Ze[i dej ^Wl[ W ][d[hWb cWdW][h eh Wdo ej^[h \kbb,j_c[ [cfbeo[[i+ _j ^Wi YedjhWYj[Z \ehXeeaa[[f_d]+ jWn Wii[ii_d] WdZ Yebb[Yj_d]+ WkZ_j_d]+ [d]_d[[h_d]+ \_dWdY_Wb WZl_ieho WdZ b[]Wb i[hl_Y[i Wi \ebbemi9

LSj 8eeWeead+;a^^WUfad

O^[ ?_ijh_Yj ^Wi [d]W][Z >Whh_[ NkhhWjj+ j^[ Aehj =[dZ >ekdjo OWn <ii[iieh.>ebb[Yjeh+ Wi j^[ ?_ijh_Yj&i OWn<ii[iieh.>ebb[Yjeh- O^[ OWn <ii[iieh.>ebb[Yjeh Wffb_[i j^[ ?_ijh_Yj&i jWn b[lo je jWn hebbi fh[fWh[Z Xo j^[ Aehj =[dZ>[djhWb <ffhW_iWb ?_ijh_Yj WdZ X_bbi WdZ Yebb[Yji ikY^ b[lo-

9aa]]WWbWd

O^[ ?_ijh_Yj&i Xeeaa[[f[h _i Hkd_Y_fWb =ki_d[ii N[hl_Y[i+ DdY- NkY^ \_hc WYji Wi Xeeaa[[f[h \eh 16 kj_b_jo Z_ijh_Yji-

8gV[fad

O^[ ?_ijh_Yj h[jW_di Wd _dZ[f[dZ[dj WkZ_jeh je WkZ_j j^[ ?_ijh_Yj&i \_dWdY_Wb ijWj[c[dji WddkWbbo+ m^_Y^ WddkWb WkZ_j _i \_b[Zm_j^ j^[ O>@L- O^[ ?_ijh_Yj&i Ykhh[dj WkZ_jeh _i HWha >- @oh_d]+ >K<+ KGG>- < Yefo e\ j^[ ?_ijh_Yj&i WkZ_j \eh j^[\_iYWb o[Wh [dZ[Z HWo 20+ 1/08+ m^_Y^ mWi fh[fWh[Z Xo HWha >- @oh_d]+ >K<+ KGG>+ _i _dYbkZ[Z Wi w<KK@I?DS =xje j^_i J\\_Y_Wb NjWj[c[dj-

=`Y[`WWd

O^[ Yedikbj_d] [d]_d[[h \eh j^[ ?_ijh_Yj _i =B@+ DdY- 'j^[ w@d]_d[[hx(-

8ffad`Wk

O^[ ?_ijh_Yj ^Wi [d]W][Z Nc_j^+ HkhZWk]^+ G_jjb[ % =ed^Wc+ G-G-K-+ Cekijed+ O[nWi Wi ][d[hWb Yekdi[b je j^[ ?_ijh_YjWdZ Wi XedZ Yekdi[b 'w=edZ >ekdi[bx( _d Yedd[Yj_ed m_j^ j^[ _iikWdY[ e\ j^[ =edZi- O^[ \[[i je X[ fW_Z =edZ >ekdi[b_d Yedd[Yj_ed m_j^ j^[ _iikWdY[ e\ j^[ =edZi Wh[ XWi[Z ed W f[hY[djW][ e\ j^[ =edZi WYjkWbbo _iik[Z WdZ iebZ- O^[h[\eh[+j^[ fWoc[dj e\ ikY^ \[[i _i Yedj_d][dj kfed j^[ iWb[ WdZ Z[b_l[ho e\ j^[ =edZi- N[[ wG@B<G H<OO@MN-x

>[`SÙ[S^ 8Vh[ead

O^[ ?_ijh_Yj ^Wi [d]W][Z MWj^cWdd % <iieY_Wj[i+ G-K- Wi \_dWdY_Wb WZl_ieh 'j^[ wA_dWdY_Wb <Zl_iehx( je j^[ ?_ijh_Yj- O^[\[[i je X[ fW_Z je j^[ A_dWdY_Wb <Zl_ieh \eh i[hl_Y[i h[dZ[h[Z _d Yedd[Yj_ed m_j^ j^[ _iikWdY[ e\ j^[ =edZi Wh[ XWi[Z edW f[hY[djW][ e\ j^[ =edZi WYjkWbbo _iik[Z WdZ iebZ- O^[h[\eh[+ j^[ fWoc[dj e\ ikY^ \[[i _i Yedj_d][dj kfed j^[ iWb[ WdZZ[b_l[ho e\ j^[ =edZi- MWj^cWdd % <iieY_Wj[i+ G-K- _i Wd _dZ[f[dZ[dj ckd_Y_fWb WZl_ieh h[]_ij[h[Z m_j^ j^[ Pd_j[Z

31

000057

NjWj[i N[Ykh_j_[i WdZ @nY^Wd][ >ecc_ii_ed 'j^[ wN@>x( WdZ j^[ Hkd_Y_fWb N[Ykh_j_[i Mkb[cWa_d]=eWhZ 'j^[ wHNM=x(-MWj^cWdd % <iieY_Wj[i+ G-K-vi N@> h[]_ijhWj_ed dkcX[h _i 756,//106 WdZ _ji HNM= h[]_ijhWj_ed dkcX[h _i F/050-MWj^cWdd % <iieY_Wj[i+ G-K-vi N@> h[]_ijhWj_ed Aehci H< WdZ H<,0&i+ m^_Y^ Yedij_jkj[ MWj^cWdd % <iieY_Wj[i+G-K-vi h[]_ijhWj_ed \_b_d]i+ cWo X[ WYY[ii[Z j^hek]^ ^jjf9..mmm-i[Y-]el.[Z]Wh.i[WhY^[Z]Wh.YecfWdoi[WhY^-^jcb-

<=N=DGHE=FL 8F< @GE= ;GFKLJM;LAGF( <=N=DGH=JK 8F< 9MAD<=JK

DS`V <WhWâb_W`f S`V K[`Y^W)XS_[^k @a_W( 8bSdf_W`f S`V ;a__WdU[S^ ;aèfdgUf[a` [` fZW <[efd[Uf

O^[ bWdZ Z[l[befc[dj WdZ i_d]b[,\Wc_bo êc[+ WfWhjc[dj WdZ Yecc[hY_Wb YedijhkYj_ed WYj_l_jo m^_Y^ ^Wi X[[dkdZ[hjWa[d m_j^_d j^[ ?_ijh_Yj Wi e\ N[fj[cX[h 0+ 1/1/+ _i _bbkijhWj[Z X[bem- PdZ[h]hekdZ mWj[h Z_ijh_Xkj_ed+ mWij[mWj[hYebb[Yj_ed WdZ ijehc i[m[h \WY_b_j_[i WdZ ijh[[j fWl_d] ^Wl[ X[[d YedijhkYj[Z je i[hl[ j^[ i_d]b[,\Wc_bo h[i_Z[dj_Wb bejij^Wj Wh[ [dkc[hWj[Z- Dd WZZ_j_ed+ mWij[mWj[h jh[Wjc[dj YWfWY_jo WdZ mWj[h ikffbo YWfWY_jo ^Wl[ X[[d WbbeYWj[Z jefhel_Z[i[hl_Y[ je ikY^ fhef[hjo-

OejWb QWYWdj N_d]b[,AWc_bo?[l[bef[Z ?[l[bef[Z Geji PdZ[h M[i_Z[dj_Wb

PdZ[hbo_d] HP? OejWb <Yh[i Geji Geji ?[l[befc[dj >edd[Yj_edi '_(

A=>HP? Ie- 4/ 0+/50'__( 0+272 / / 0+272A=>HP? Ie- 011 25/ 785 / / 785A=>HP? Ie- 012 380 0+271 / / 0+271A=>HP? Ie- 032 338'__( 0+060 4 / 0+056A=>HP? Ie- 054 274 0+334 4 / 0+33/>_dYe HP? Ie- 7 88'__( 0/1 / / 0/1BhWdZ H_ii_ed HP? Ie- 0 4/0'__( 0+188 / / 0+188BhWdZ H_ii_ed HP? Ie- 1 577 0+166 058 / 0+0/7

OJO<GN 3+/23 7+844 068 / 7+666

'_( DdYbkZ[i Yecfb[j[Z êc[i WdZ êc[i j^Wj Wh[ Ykhh[djbo kdZ[h YedijhkYj_ed-'__( Kehj_ed YedjW_d[Z m_j^_d j^[ ?_ijh_Yj-

>ebb[Yj_l[ h[\[h[dY[ _i iec[j_c[i cWZ[ _d j^_i J\\_Y_Wb NjWj[c[dj je j^[ êc[ Xk_bZ_d] YecfWd_[i j^Wj Wh[ YedijhkYj_d]êc[i m_j^_d j^[ ?_ijh_Yj Wi j^[ w=k_bZ[hi-x O^[ =k_bZ[hi _dYbkZ[ I[mcWha Cec[i+ HCD+ Ze_d] Xki_d[ii Wi KbWdjWj_edCec[i+ C_]^bWdZ Cec[i+ H[h_jW][ Cec[i+ F- CeldWd_Wd Cec[i+ G[ddWh Cec[i+ WdZ ?[led Njh[[j Cec[i- O^[=k_bZ[hi Wh[ Ykhh[djbo YedijhkYj_d] êc[i m_j^_d j^[ ?_ijh_Yj j^Wj hWd][ _d i_p[ \hec Wffhen_cWj[bo 0+475 je 2+637 igkWh[\[[j e\ Xk_bZ_d] Wh[W WdZ _d iWb[i fh_Y[ \hec Wffhen_cWj[bo #105+888 je #34/+///- O^[ =k_bZ[hi cWo Y^Wd][ j^[ i_p['i(WdZ j^[ jof['i( e\ êc[i m^_Y^ j^[o [b[Yj je Xk_bZ+ WdZ j^[ iWb[i fh_Y[i j^[h[e\+ Wj j^[_h ieb[ Z_iYh[j_ed-

<fWhjc[dji , 0+6/2 >ecfb[j[Z Pd_ji

201,kd_j >WcZ[d GWa[cedj <fWhjc[dji145,kd_j @Y^[bed ed 88 <fWhjc[dji2//,kd_j O^[ M[i_Z[dY[i Wj >_dYe MWdY^217,kd_j <b[nWd BhWdZ H_ii_ed <fWhjc[dji1/0,kd_j Q_bbWi Wj HWied MeWZ <fWhjc[dji186,kd_j O^[ CWl[d Wj =[bbW_h[ <fWhjc[dji

>ecfb[j[Z Yecc[hY_Wb _cfhel[c[dji beYWj[Z m_j^_d j^[ ?_ijh_Yj _dYbkZ[ Wffhen_cWj[bo 0+505+3/6 jejWb igkWh[ \[[j e\Xk_bZ_d] Wh[W+ Yedi_ij_d] e\ Z[fWhjc[dj ijeh[i+ \_jd[ii Y[dj[hi+ h[jW_b ijh_f Y[dj[hi+ ^[Wbj^YWh[ \WY_b_j_[i+ fkXb_Y ijehW][+Yedl[d_[dY[ ijeh[i WdZ ]Wi ijWj_edi+ i[d_eh b_l_d] \WY_b_jo+ ZWoYWh[ \WY_b_j_[i+ e\\_Y[ Xk_bZ_d]i+ Wkje fWhji ijeh[i+ cel_[j^[Wj[hi+ b_gkeh ijeh[i+ f^WhcWY_[i+ h[ijWkhWdji WdZ lWh_eki ej^[h h[jW_b [ijWXb_i^c[dji- >ecc[hY_Wb _cfhel[c[dji beYWj[Zm_j^_d j^[ ?_ijh_Yj Ykhh[djbo kdZ[h YedijhkYj_ed _dYbkZ[ Wffhen_cWj[bo 05+6// jejWb igkWh[ \[[j e\ Xk_bZ_d] Wh[W Yecfh_i[Ze\ 2 e\\_Y[ YedZec_d_kc Xk_bZ_d]i-

32

000058

O^[ ?_ijh_Yj YedjW_di Wffhen_cWj[bo 441-5 WYh[i e\ bWdZ j^Wj Wh[ WlW_bWXb[ \eh \kjkh[ Z[l[befc[dj ed m^_Y^ deZ[l[befc[dj WYj_l_jo ^Wi o[j X[[d kdZ[hjWa[d- N_dY[ de emd[h e\ Wdo e\ j^[ Ykhh[djbo kdZ[l[bef[Z bWdZ beYWj[Z m_j^_dj^[ ?_ijh_Yj _i kdZ[h Wdo eXb_]Wj_ed je j^[ ?_ijh_Yj je kdZ[hjWa[ j^[ Z[l[befc[dj e\ Wdo e\ ikY^ bWdZ+ WdZ cWo i[bb Wdo e\ikY^ bWdZ Wj _ji ieb[ Z_iYh[j_ed+ j^[ ?_ijh_Yj YWddej h[fh[i[dj m^[d+ eh m^[j^[h+ Wdo Z[l[befc[dj e\ Wdo e\ ikY^ bWdZ c_]^jX[ kdZ[hjWa[d- N[[ wOC@ =JI?N , DiikWdY[ e\ <ZZ_j_edWb ?[Xj+x wDIQ@NOH@IO >JIND?@M<ODJIN , Akjkh[ ?[XjxWdZ wAPOPM@ ?@Q@GJKH@IO-x

Ja^W aX fZW <WhWâbWde

Dd ][d[hWb+ j^[ WYj_l_j_[i e\ W Z[l[bef[h _d W b[l[[ _cfhel[c[dj Z_ijh_Yj ikY^ Wi j^[ ?_ijh_Yj WdZ _d W ckd_Y_fWb kj_b_joZ_ijh_Yj ikY^ Wi j^[ PdZ[hbo_d] ?_ijh_Yji _dYbkZ[ fkhY^Wi_d] j^[ bWdZ m_j^_d j^[ Z_ijh_Yj+ Z[i_]d_d] j^[ ikXZ_l_i_ed+Z[i_]d_d] j^[ kj_b_j_[i WdZ ijh[[ji je X[ YedijhkYj[Z _d j^[ ikXZ_l_i_ed+ Z[i_]d_d] Wdo Yecckd_jo \WY_b_j_[i je X[ Xk_bj+Z[\_d_d] W cWha[j_d] fhe]hWc WdZ Xk_bZ_d] iY^[Zkb[+ i[Ykh_d] d[Y[iiWho ]el[hdc[djWb WffhelWbi WdZ f[hc_ji \ehZ[l[befc[dj+ WhhWd]_d] \eh j^[ YedijhkYj_ed e\ heWZi WdZ j^[ _dijWbbWj_ed e\ kj_b_j_[i '_dYbkZ_d]+ _d iec[ YWi[i+ mWj[h+mWij[mWj[h+ WdZ ZhW_dW][ \WY_b_j_[i fkhikWdj je j^[ hkb[i e\ j^[ O>@L+ Wi m[bb Wi ]Wi+ j[b[fêd[+ WdZ [b[Yjh_Y i[hl_Y[( WdZi[bb_d] _cfhel[Z beji WdZ Yecc[hY_Wb h[i[hl[i je Xk_bZ[hi+ Z[l[bef[hi+ eh ej^[h j^_hZ fWhj_[i- O^[ h[bWj_l[ ikYY[ii eh \W_bkh[e\ W Z[l[bef[h je f[h\ehc ikY^ WYj_l_j_[i _d Z[l[befc[dj e\ j^[ fhef[hjo m_j^_d W Z_ijh_Yj cWo ^Wl[ W fhe\ekdZ [\\[Yj edj^[ i[Ykh_jo e\ j^[ kdb_c_j[Z jWn WdZ h[l[dk[ XedZi _iik[Z Xo W Z_ijh_Yj- < Z[l[bef[h _i ][d[hWbbo kdZ[h de eXb_]Wj_ed jeW Z_ijh_Yj je Z[l[bef j^[ fhef[hjo m^_Y^ _j emdi _d W Z_ijh_Yj- Akhj^[hceh[+ j^[h[ _i de h[ijh_Yj_ed ed W Z[l[bef[h&i h_]^j jei[bb Wdo eh Wbb e\ j^[ bWdZ m^_Y^ _j emdi m_j^_d W Z_ijh_Yj- Dd WZZ_j_ed+ W Z[l[bef[h _i ehZ_dWh_bo W cWèh jWnfWo[h m_j^_dW Z_ijh_Yj Zkh_d] j^[ Z[l[befc[dj f^Wi[ e\ j^[ fhef[hjo-

>MLMJ= <=N=DGHE=FL

O^[ i_d]b[,\Wc_bo h[i_Z[dj_Wb+ WfWhjc[dj WdZ Yecc[hY_Wb bWdZ Z[l[befc[dj WdZ YedijhkYj_ed WYj_l_jo j^Wj ^Wi X[[dkdZ[hjWa[d m_j^_d j^[ ?_ijh_Yj _i Z[iYh_X[Z WXel[ kdZ[h j^[ YWfj_ed w?@Q@GJKH@IO <I? CJH@ >JINOMP>ODJI+?@Q@GJK@MN <I? =PDG?@MN-x O^[ ?_ijh_Yj YedjW_di Wffhen_cWj[bo 441-5 WYh[i e\ bWdZ j^Wj Wh[ WlW_bWXb[ \eh \kjkh[Z[l[befc[dj ed m^_Y^ de Z[l[befc[dj WYj_l_jo ^Wi o[j X[[d kdZ[hjWa[d- O^[ PdZ[hbo_d] ?_ijh_Yji _d m^_Y^ ikY^Ykhh[djbo kdZ[l[bef[Z bWdZ _i beYWj[Z Wh[ Z[iYh_X[Z WXel[ kdZ[h j^[ YWfj_ed w?@Q@GJKH@IO <I? CJH@>JINOMP>ODJI+ ?@Q@GJK@MN <I? =PDG?@MN-x N_dY[ de emd[h e\ Wdo e\ j^[ Ykhh[djbo kdZ[l[bef[Z bWdZbeYWj[Z m_j^_d j^[ ?_ijh_Yj _i kdZ[h Wdo eXb_]Wj_ed je j^[ ?_ijh_Yj je kdZ[hjWa[ j^[ Z[l[befc[dj e\ Wdo e\ ikY^ bWdZ+ WdZcWo i[bb Wdo e\ ikY^ bWdZ Wj _ji ieb[ Z_iYh[j_ed+ j^[ ?_ijh_Yj YWddej h[fh[i[dj m^[d+ eh m^[j^[h+ Wdo Z[l[befc[dj e\ Wdoe\ ikY^ bWdZ c_]^j X[ kdZ[hjWa[d-

O^[ _d_j_Wj_ed e\ Wdo d[m i_d]b[,\Wc_bo h[i_Z[dj_Wb bej+ WfWhjc[dj eh Yecc[hY_Wb Z[l[befc[dj eh j^[ YedijhkYj_ed e\ d[mi_d]b[,\Wc_bo êc[i+ WfWhjc[dji WdZ Yecc[hY_Wb _cfhel[c[dji _d WZZ_j_ed je j^[ bWdZ Z[l[befc[dj WdZ YedijhkYj_ed j^Wj^Wl[ X[[d kdZ[hjWa[d m_j^_d j^[ ?_ijh_Yj je ZWj[ Z[iYh_X[Z _d j^_i J\\_Y_Wb NjWj[c[dj m_bb X[ Z[f[dZ[dj ed i[l[hWb \WYjehi_dYbkZ_d]+ je W ]h[Wj [nj[dj+ j^[ ][d[hWb WdZ ej^[h [Yedec_Y YedZ_j_edi m^_Y^ mekbZ W\\[Yj Wdo fWhjo&i WX_b_jo je i[bb bejiWdZ.eh ej^[h fhef[hjo WdZ e\ Wdo êc[ Xk_bZ[h je i[bb Yecfb[j[Z êc[i WdZ j^[ b[l[b e\ eYYkfWdYo e\ j^[ WfWhjc[dji ehYecc[hY_Wb Xk_bZ_d]i j^Wj ^Wl[ X[[d eh cWo X[ YedijhkYj[Z m_j^_d j^[ ?_ijh_Yj- N[[ wDIQ@NOH@IO>JIND?@M<ODJIN-x O^[ ?_ijh_Yjvi \beeZ fbW_d h[YbWcWj_ed WdZ ekj\Wbb ZhW_dW][ Noij[c+ m^_Y^ mWi \_dWdY[Z m_j^ j^[fheY[[Zi e\ j^[ iWb[ e\ j^[ N[h_[i 0875 =edZi+ _dYbkZ[i+ Wced] ej^[h _j[ci+ ekj\Wbb ZhW_dW][ Y^Wdd[b _cfhel[c[dji+f_f[b_d[ WZ`kijc[dji+ Ykbl[hji WdZ Xh_Z][ meha- O^[ Noij[c Yedi_iji e\ j^[ \WY_b_j_[i _dYbkZ[Z _d j^[ ?_ijh_Yj&i KbWd e\M[YbWcWj_ed+ m^_Y^ _i j^[ el[hWbb fbWd \eh h[YbW_c_d] WdZ ZhW_d_d] j^[ bWdZ m_j^_d j^[ ?_ijh_Yj- N[[ wOC@ NTNO@H ,AbeeZ Khej[Yj_ed WdZ ?hW_dW][ AWY_b_j_[i-x <YYehZ_d] je j^[ ?_ijh_Yjvi @d]_d[[h+ =B@+ DdY- 'j^[ w@d]_d[[hx( Wi W h[ikbje\ j^[ YedijhkYj_ed e\ ikY^ \WY_b_j_[i+ j^[ [dj_h[jo e\ j^[ bWdZ beYWj[Z m_j^_d j^[ ?_ijh_Yj mWi h[cel[Z \hec j^[ 0//,o[Wh\beeZ fbW_d e\ >beZ_d[ ?_jY^ WdZ Ged]fe_dj Nbek]^- <YYehZ_d] je j^[ @d]_d[[h+ ikY^ \WY_b_j_[i Wh[ ik\\_Y_[dj je fhel_Z[\beeZ fbW_d h[YbWcWj_ed WdZ ekj\Wbb ZhW_dW][ d[Y[iiWho je i[hl[ j^[ [dj_h[jo e\ j^[ Wh[W e\ j^[ ?_ijh_Yj- O^[h[\eh[+ j^[?_ijh_Yj Ze[i dej Wdj_Y_fWj[ j^Wj _j m_bb _iik[ WZZ_j_edWb XedZi je \_dWdY[ j^[ YedijhkYj_ed e\ WZZ_j_edWb Yecfed[dji e\ j^[Noij[c Xkj YWddej h[fh[i[dj j^Wj _j m_bb dej Ze ie+ deh j^Wj \kjkh[ h[fW_hi je j^[ Noij[c c_]^j dej d[Y[ii_jWj[ ikY^ _iikWdY[-N[[ wOC@ =JI?N , DiikWdY[ e\ <ZZ_j_edWb ?[Xjx WdZ wDIQ@NOH@IO >JIND?@M<ODJIN , Akjkh[ ?[Xj-x

33

000059

8=JA8D H@GLG?J8H@ G> L@= <AKLJA;L

%fS]W` KWbfW_TWd .,.,&

34

000060

H@GLG?J8H@K L8C=F OAL@AF L@= <AKLJA;L

8H8JLE=FLK 8F< ;GEE=J;A8D AEHJGN=E=FLK


35

000061

8H8JLE=FLK 8F< ;GEE=J;A8D AEHJGN=E=FLK


36

000062

>GJL 9=F< ;GMFLQ EMFA;AH8D MLADALQ <AKLJA;L FG* 1,


37

000063

>GJL 9=F< ;GMFLQ EMFA;AH8D MLADALQ <AKLJA;L FG* -..


38

000064

>GJL 9=F< ;GMFLQ EMFA;AH8D MLADALQ <AKLJA;L FG* -./


4/

000065

>GJL 9=F< ;GMFLQ EMFA;AH8D MLADALQ <AKLJA;L FG* -0/


40

000066

>GJL 9=F< ;GMFLQ EMFA;AH8D MLADALQ <AKLJA;L FG* -21


41

000067

;AF;G EMFA;AH8D MLADALQ <AKLJA;L FG* 4


42

000068

?J8F< EAKKAGF EMFA;AH8D MLADALQ <AKLJA;L FG* -


43

000069

?J8F< EAKKAGF EMFA;AH8D MLADALQ <AKLJA;L FG* .


44

000070

<AKLJA;L <=9L

<WTf KWdh[UW JWcg[dW_W`f KUZWVg^W)

O^[ \ebbem_d] iY^[Zkb[ i[ji \ehj^ j^[ Z[Xj i[hl_Y[ h[gk_h[c[dji e\ j^[ JkjijWdZ_d] =edZi+ b[ii j^[ Z[Xj i[hl_Y[h[gk_h[c[dji e\ j^[ M[\kdZ[Z =edZi+ fbki j^[ fh_dY_fWb WdZ [ij_cWj[Z _dj[h[ij fWoc[dji e\ j^[ =edZi-

DWee6 <WTf ;gddW`f

KWdh[UW a` H^ge6 o LZW 9a`Ve o LafS^ FWi

QWSd =`V[`Y ;gddW`f LafS^ JWXg`VWV Hd[`U[bS^ <WTf KWdh[UW

<WUW_TWd /- <WTf KWdh[UW 9a`Ve %<gW 0+-& A`fWdWef 'W( JWcg[dW_W`fe

1/1/ # 851+235 # 851+2351/10 853+8// # 06/+5// # 0/+/// # 008+364 812+6641/11 855+5// 670+2// 51/+/// 01/+8// 815+1//1/12 851+664 041+/// 000+5// 811+2641/13 85/+04/ 041+/// 000+5// 808+64/1/14 852+24/ 041+/// 000+5// 811+84/1/15 848+/64 041+/// 000+5// 807+5641/16 851+44/ 041+/// 000+5// 811+04/1/17 844+314 041+/// 000+5// 804+/141/18 851+514 041+/// 000+5// 811+1141/2/ 853+/// 041+/// 000+5// 812+5//1/20 0+/18+0// 0+/18+0// 78/+/// 87+14/ 877+14/1/21 0+/16+5// 0+/16+0// 804+/// 60+064 875+0641/22 0+/18+5// 0+/18+5// 834+/// 32+164 877+1641/23 0+/14+0// 0+/14+0// 86/+0// 03+44/ 873+44/

#03+584+085 #5+168+2// #3+24/+/// #0+25/+314 #03+015+210

<l[hW][ <ddkWb M[gk_h[c[dji '1/10,1/23( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #83/+173HWn_ckc <ddkWb M[gk_h[c[dj '1/22( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #877+164

N[[ wDIQ@NOH@IO >JIND?@M<ODJIN , HWn_ckc DcfWYj ed ?_ijh_Yj OWn MWj[ix WdZ wO<S ?<O< , OWn MWj[>WbYkbWj_edix \eh W Z_iYkii_ed e\ j^[ ?_ijh_Yj&i fhe`[Yj[Z jWn hWj[i WdZ j^[ [\\[Yj e\ j^[ =edZi j^[h[ed-

'W( Ddj[h[ij _i [ij_cWj[Z Wj hWj[i m^_Y^ lWho \hec cWjkh_jo je cWjkh_jo-


000071

9a`VWV A`VWTfWV`Wee

1/1/ <ii[ii[Z QWbkWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #1+427+181+228'W('@?PM@N-x

?_h[Yj ?[XjO^[ M[cW_d_d] JkjijWdZ_d] =edZi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 5+22/+///O^[ =edZi - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3+24/+///)

OejWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 0/+57/+///'X(

@ij_cWj[Z Jl[hbWff_d] ?[Xj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 264+45/+660

OejWb ?_h[Yj WdZ @ij_cWj[Z Jl[hbWff_d] ?[Xj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 275+13/+660)

?_h[Yj ?[Xj MWj_e9 Wi W f[hY[djW][ e\ 1/1/ <ii[ii[Z QWbkWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - /-31$

?_h[Yj WdZ @ij_cWj[Z Jl[hbWff_d] ?[Xj MWj_e9 Wi W f[hY[djW][ e\ 1/1/ <ii[ii[Z QWbkWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 04-11$

?[Xj N[hl_Y[ AkdZ =WbWdY[ @ij_cWj[Z <i e\ j^[ ?Wj[ e\ ?[b_l[ho e\ j^[ =edZi - - - - - - - - - - - - # 68/+505'Y(

B[d[hWb AkdZ =WbWdY[ <i e\ Ekd[ 04+ 1/1/ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 3+53/+831

1/08 OWn MWj[ f[h #0// e\ <ii[ii[Z QWbkWj_ed?[Xj N[hl_Y[ OWn - - - - - - - - - - - - - - - - - #/-/34HW_dj[dWdY[ OWn - - - - - - - - - - - - - - - - - /-/24

OejWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-/7'Z(

<dj_Y_fWj[Z 1/1/ OWn MWj[ f[h #0// e\ <ii[ii[Z QWbkWj_ed?[Xj N[hl_Y[ OWn - - - - - - - - - - - - - - - - - #/-/3/HW_dj[dWdY[ OWn - - - - - - - - - - - - - - - - - /-/24

OejWb - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #/-/64'Z(

VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV'W( [djhWb

<ffhW_iWb ?_ijh_Yj 'j^[ w<ffhW_iWb ?_ijh_Yjx( Wj 0//$ e\ Wii[ii[Z lWbkWj_ed Wi e\ EWdkWho 0 e\ [WY^ o[Wh- O^[?_ijh_Yj&i jWn hebb _i Y[hj_\_[Z Xo j^[ Aehj =[dZ >ekdjo <ffhW_iWb M[l_[m =eWhZ 'j^[ w<ffhW_iWb M[l_[m =eWhZx(-N[[ wDIQ@NOH@IO >JIND?@M<ODJIN , AWYjehi <\\[Yj_d] OWnWXb[ QWbk[i WdZ OWn KWoc[dji-x NkY^ ikc_dYbkZ[i Y[hjW_d lWbk[i m^_Y^ ^Wl[ dej X[[d Y[hj_\_[Z Xo j^[ <ffhW_iWb M[l_[m =eWhZ+ _dYbkZ_d] j^[ lWbk[ e\ Y[hjW_dfhef[hj_[i m^_Y^ ^Wi X[[d fhefei[Z Xo j^[ <ffhW_iWb ?_ijh_Yj Xkj fhej[ij[Z Xo j^[ emd[hi j^[h[e\ je j^[ <ffhW_iWb?_ijh_Yj- O^[ <ffhW_iWb ?_ijh_Yj ^Wi fhefei[Z j^[ jejWb e\ ikY^ fhej[ij[Z lWbk[i je X[ #18+230+764- N_dY[ j^[?_ijh_Yj _i kdWXb[ je fh[Z_Yj j^[ Wcekdj e\ j^[ ?_ijh_Yjvi \_dWb 1/1/ <ii[ii[Z QWbkWj_ed+ 8/$ e\ ikY^ jejWb fhej[ijlWbk[ e\ #18+230+764+ eh #15+3/6+577+ _i _dYbkZ[Z _d j^[ 1/1/ <ii[ii[Z QWbkWj_ed e\ #1+427+181+228+ [dkc[hWj[Z_d j^_i J\\_Y_Wb NjWj[c[dj- NkY^ \_dWb 1/1/ <ii[ii[Z QWbkWj_ed m_bb dej X[ Z[j[hc_d[Z kdj_b j^[ lWbkWj_ed e\ WbbjWnWXb[ fhef[hjo beYWj[Z m_j^_d j^[ ?_ijh_Yj _i Y[hj_\_[Z Xo j^[ <ffhW_iWb M[l_[m =eWhZ \eh 1/1/-

'X( O^[ ?_ijh_Yj Ze[i dej Wdj_Y_fWj[ j^Wj _j m_bb _iik[ WZZ_j_edWb XedZi je \_dWdY[ j^[ YedijhkYj_ed e\ WZZ_j_edWbYecfed[dji e\ j^[ Noij[c Xkj YWddej h[fh[i[dj j^Wj _j m_bb dej Ze ie+ deh j^Wj \kjkh[ h[fW_hi je j^[ Noij[c c_]^j dejd[Y[ii_jWj[ ikY^ _iikWdY[-


000072

'Y( I[_j^[h O[nWi bWm deh j^[ =edZ JhZ[h h[gk_h[i j^[ ?_ijh_Yj je cW_djW_d Wdo fWhj_YkbWh ikc _d j^[ ?[Xj N[hl_Y[ AkdZ-NkY^ \kdZ XWbWdY[ ]_l[i [\\[Yj je j^[ j_c[bo fWoc[dj Xo j^[ ?_ijh_Yj e\ j^[ [dj_h[jo e\ _ji Z[Xj i[hl_Y[ h[gk_h[c[dji\eh 1/1/+ WdZ h[\b[Yji j^[ Yedjh_Xkj_ed Xo j^[ ?_ijh_Yj e\ #7+///) je j^[ h[\kdZ_d] e\ j^[ M[\kdZ[Z =edZi- O^[?_ijh_Yj&i _d_j_Wb fWoc[dj e\ Z[Xj i[hl_Y[ ed j^[ =edZi+ Yedi_ij_d] e\ j^[ fWoc[dj e\ W fh_dY_fWb fWoc[dj WdZ W \_l[,cedj^ _dj[h[ij fWoc[dj j^[h[ed+ m_bb X[ Zk[ ed <fh_b 0+ 1/10-

'Z( O^[ ?_ijh_Yj b[l_[Z W jejWb jWn e\ #/-/7 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08+ Yedi_ij_d] e\ W Z[Xj i[hl_Y[ jWne\ #/-/34 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ fbki W cW_dj[dWdY[ jWn e\ #/-/24 f[h #0// <ii[ii[Z QWbkWj_ed+ WdZWdj_Y_fWj[i b[lo_d] jejWb jWn e\ #/-/64 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/1/+ Yedi_ij_d] e\ W Z[Xj i[hl_Y[ jWne\ #/-/3 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ fbki W cW_dj[dWdY[ jWn e\ #/-/24 f[h #0// <ii[ii[Z QWbkWj_ed- O^[YecX_d[Z Wdj_Y_fWj[Z 1/1/ b[lo e\ j^[ ?_ijh_Yj WdZ j^[ 1/08 b[l_[i e\ A=>HP? Iei- 4/+ 011+ 012+ 032+ WdZ 054+>_dYe HP? Ie- 7+ BhWdZ H_ii_ed HP? Ie- 0 WdZ BhWdZ H_ii_ed HP? Ie- 1 e\ #/-874+ #0-/4+ #0-044+ #0-174+#0-15/+ #/-584+ #/-724+ WdZ #0-064 f[h #0// e\ <ii[ii[Z QWbkWj_ed++ h[if[Yj_l[bo+ Wh[ ^_]^[h j^Wd j^[ jWn hWj[ib[l_[Z Xo iec[ ckd_Y_fWb kj_b_jo Z_ijh_Yji _d j^[ Cekijed c[jhefeb_jWd Wh[W+ Xkj Wh[ m_j^_d j^[ hWd][ e\ jWn hWj[iX[_d] b[l_[Z Xo ckd_Y_fWb kj_b_jo Z_ijh_Yji _d j^[ Cekijed c[jhefeb_jWd Wh[W m^_Y^ Wh[ _d ijW][i e\ Z[l[befc[djYecfWhWXb[ m_j^ j^[ ?_ijh_Yj- Heh[el[h+ Wi _i _bbkijhWj[Z ^[h[_d kdZ[h j^[ YWfj_ed "O<S ?<O< , @ij_cWj[ZJl[hbWff_d] OWn[i+! j^[ W]]h[]Wj[ e\ j^[ 1/08 jWn b[l_[i e\ Wbb kd_ji e\ ]el[hdc[dj+ _dYbkZ_d] Aehj =[dZ >ekdjoWdZ j^[ Aehj =[dZ DdZ[f[dZ[dj NYêeb ?_ijh_Yj+ FWjo DdZ[f[dZ[dj NYêeb ?_ijh_Yj eh j^[ GWcWh >edieb_ZWj[ZDdZ[f[dZ[dj NYêeb ?_ijh_Yj+ fbki j^[ 1/08 hWj[i e\ A=>HP? Iei- 4/+ 011+ 012+ 032+ 054+ >_dYe HP? Ie- 7+BhWdZ H_ii_ed HP? Ie- 0 WdZ BhWdZ H_ii_ed HP? Ie- 1 WdZ j^[ Wdj_Y_fWj[Z 1/1/ ?_ijh_Yj hWj[ Wh[ #1-754+ #1-82+#2-/24+ #2-/04+ #1-88+ #2-0320+ #1-554 WdZ #2-//4 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ h[if[Yj_l[bo- NkY^ W]]h[]Wj[b[l_[i Wh[ ^_]^[h j^Wd j^[ W]]h[]Wj[ e\ j^[ jWn b[l_[i e\ iec[ ckd_Y_fWb kj_b_jo Z_ijh_Yji beYWj[Z _d j^[ Cekijedc[jhefeb_jWd Wh[W+ Xkj Wh[ m_j^_d j^[ hWd][ e\ j^[ W]]h[]Wj[ jWn b[l_[i e\ ckd_Y_fWb kj_b_jo Z_ijh_Yji _d j^[ Cekijedc[jhefeb_jWd Wh[W m^_Y^ Wh[ _d ijW][i e\ Z[l[befc[dj YecfWhWXb[ m_j^ j^[ ?_ijh_Yj- Oe j^[ [nj[dj j^Wj ikY^Yecfei_j[ jWn hWj[i Wh[ dej Yecf[j_j_l[ m_j^ Yecf[j_d] Z[l[befc[dji+ j^[ ]hemj^ e\ fhef[hjo jWn lWbk[i _d j^[?_ijh_Yj WdZ j^[ _dl[ijc[dj gkWb_jo eh i[Ykh_jo e\ j^[ =edZi YekbZ X[ WZl[hi[bo W\\[Yj[Z- N[[ wDIQ@NOH@IO>JIND?@M<ODJIN-x


000073

=ef[_SfWV <[dWUf S`V GhWd^Sbb[`Y <WTf KfSfW_W`f

Jj^[h ]el[hdc[djWb [dj_j_[i mêi[ XekdZWh_[i el[hbWf j^[ ?_ijh_Yj ^Wl[ ekjijWdZ_d] XedZi fWoWXb[ \hec WZ lWbeh[c jWn[i-O^[ \ebbem_d] ijWj[c[dj e\ Z_h[Yj WdZ [ij_cWj[Z el[hbWff_d] WZ lWbeh[c jWn Z[Xj mWi Z[l[bef[Z \hec _d\ehcWj_edYedjW_d[Z _d wO[nWi Hkd_Y_fWb M[fehji+x fkXb_i^[Z Xo j^[ Hkd_Y_fWb <Zl_ieho >ekdY_b e\ O[nWi+ eh ej^[h WlW_bWXb[_d\ehcWj_ed- @nY[fj \eh j^[ Wcekdj h[bWj_d] je j^[ ?_ijh_Yj+ j^[ ?_ijh_Yj ^Wi dej _dZ[f[dZ[djbo l[h_\_[Z j^[ WYYkhWYo ehYecfb[j[d[ii e\ ikY^ _d\ehcWj_ed+ WdZ de f[hied _i [dj_jb[Z je h[bo kfed ikY^ _d\ehcWj_ed Wi X[_d] WYYkhWj[ eh Yecfb[j[-Akhj^[hceh[+ Y[hjW_d e\ j^[ [dj_j_[i b_ij[Z X[bem cWo ^Wl[ _iik[Z WZZ_j_edWb XedZi i_dY[ j^[ ZWj[i ijWj[Z _d j^_i jWXb[+ WdZikY^ [dj_j_[i cWo ^Wl[ fhe]hWci h[gk_h_d] j^[ _iikWdY[ e\ ikXijWdj_Wb Wcekdji e\ WZZ_j_edWb XedZi+ j^[ Wcekdj e\ m^_Y^YWddej fh[i[djbo X[ Z[j[hc_d[Z- Keb_j_YWb ikXZ_l_i_edi el[hbWff_d] j^[ ?_ijh_Yj Wh[ Wkjêh_p[Z Xo O[nWi bWm je b[lo WdZYebb[Yj WZ lWbeh[c jWn[i \eh ef[hWj_ed+ cW_dj[dWdY[ WdZ.eh ][d[hWb h[l[dk[ fkhfei[i _d WZZ_j_ed je jWn[i \eh fWoc[dj e\j^[_h Z[Xj+ WdZ iec[ Wh[ fh[i[djbo b[lo_d] WdZ Yebb[Yj_d] ikY^ jWn[i-

=ef[_SfWV GhWd^Sbb[`Y <WTf

=ef[_SfWV

<WTf Se aX GhWd^Sbb[`Y

LSj[`Y Bgd[eV[Uf[a` KWbfW_TWd .( .,., HWdUW`f 8_ag`f

Aehj =[dZ >ekdjo #531+280+20/ 2-20/8$ #10+157+881>_dYe HP? Ie- 7 5+054+/// 2/-714/ 0+8//+25/Aehj =[dZ >ekdjo HP? Ie- 4/ 52+104+/// 81-2087 47+248+841Aehj =[dZ >ekdjo HP? Ie- 011 04+8/4+/// 0//-//// 04+8/4+///Aehj =[dZ >ekdjo HP? Ie- 012 18+734+/// 0//-//// 18+734+///Aehj =[dZ >ekdjo HP? Ie- 032 30+61/+/// 0//-//// 30+61/+///Aehj =[dZ >ekdjo HP? Ie- 054 20+26/+/// 0//-//// 20+26/+///BhWdZ H_ii_ed HP? Ie- 0 20+77/+/// 62-411/ 12+327+687BhWdZ H_ii_ed HP? Ie- 1 25+23/+/// 0//-//// 25+23/+///Aehj =[dZ DdZ[f[dZ[dj NYêeb ?_ijh_Yj 0+186+522+656 1-4883 22+62/+666FWjo DdZ[f[dZ[dj NYêeb ?_ijh_Yj 0+777+6/5+848 /-1823 4+431+13/GWcWh >edieb_ZWj[Z DdZ[f[dZ[dj

NYêeb ?_ijh_Yj 0+027+834+/// 5-5740 65+028+541

OejWb @ij_cWj[Z Jl[hbWff_d] ?[Xj # 264+45/+660

?_h[Yj ?[Xj 'O^[ M[cW_d_d] JkjijWdZ_d] =edZi WdZ j^[ =edZi( - - - - - - - - - - - - - - - - - - - - # 0/+57/+///)

OejWb ?_h[Yj WdZ @ij_cWj[Z Jl[hbWff_d] ?[Xj - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - #275+13/+660

?_h[Yj ?[Xj MWj_e9 Wi W f[hY[djW][ e\ 1/1/ <ii[ii[Z QWbkWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - /-31$

?_h[Yj WdZ @ij_cWj[Z Jl[hbWff_d] ?[Xj MWj_e9 Wi W f[hY[djW][ e\ 1/1/ <ii[ii[Z QWbkWj_ed - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 04-11$

48

000074

L8P <8L8

<WTf KWdh[UW LSj

<bb jWnWXb[ fhef[hjo m_j^_d j^[ ?_ijh_Yj _i ikX`[Yj je j^[ Wii[iic[dj+ b[lo WdZ Yebb[Yj_ed Xo j^[ ?_ijh_Yj e\ Wd WddkWb WZlWbeh[c jWn m_jêkj b[]Wb b_c_jWj_ed Wi je hWj[ eh Wcekdj+ ik\\_Y_[dj je fWo fh_dY_fWb e\ WdZ _dj[h[ij ed j^[ =edZi 'i[[wO<SDIB KMJ>@?PM@Nx(- O^[ =eWhZ e\ ?_h[Yjehi e\ j^[ ?_ijh_Yj ^Wi _d _ji =edZ JhZ[h Yel[dWdj[Z je Wii[ii WdZ b[lo\eh [WY^ o[Wh j^Wj Wbb eh Wdo fWhj e\ j^[ =edZi h[cW_d ekjijWdZ_d] WdZ kdfW_Z W jWn Wcfb[ WdZ ik\\_Y_[dj je fheZkY[ \kdZije fWo j^[ fh_dY_fWb e\ WdZ _dj[h[ij ed j^[ =edZi 'i[[ wOC@ =JI?Nx WdZ wDIQ@NOH@IO >JIND?@M<ODJINx(- O^[?_ijh_Yj ^Wi b[l_[Z W Z[Xj i[hl_Y[ jWn \eh 1/08 e\ #/-/34 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ WdZ Wdj_Y_fWj[i b[lo_d] W Z[Xji[hl_Y[ jWn e\ #/-3/ f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/1/- N[[ wOWn MWj[ >WbYkbWj_edix X[bem-

ES[`fW`SÙW LSj

O^[ =eWhZ e\ ?_h[Yjehi e\ j^[ ?_ijh_Yj ^Wi j^[ ijWjkjeho Wkjêh_jo je b[lo WdZ Yebb[Yj Wd WddkWb WZ lWbeh[c jWn \ehcW_dj[dWdY[ e\ j^[ ?_ijh_Yj&i _cfhel[c[dji _\ ikY^ cW_dj[dWdY[ jWn _i Wkjêh_p[Z Xo lej[ e\ j^[ ?_ijh_Yj&i [b[Yjehi- Jd <fh_b4+ 0875+ j^[ =eWhZ mWi Wkjêh_p[Z Xo W lej[ e\ j^[ ?_ijh_Yj&i [b[Yjehi je b[lo ikY^ cW_dj[dWdY[ jWn _d Wd Wcekdj dej je[nY[[Z #0-// f[h #0// e\ Wii[ii[Z lWbkWj_ed- NkY^ jWn+ m^[d b[l_[Z+ _i _d WZZ_j_ed je jWn[i m^_Y^ j^[ ?_ijh_Yj _i Wkjêh_p[Zje b[lo \eh fWo_d] fh_dY_fWb e\ WdZ _dj[h[ij ed j^[ =edZi WdZ Wdo fWh_jo XedZi m^_Y^ cWo X[ _iik[Z _d j^[ \kjkh[- O^[?_ijh_Yj ^Wi b[l_[Z W cW_dj[dWdY[ jWn \eh 1/08 e\ #/-/24 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ WdZ Wdj_Y_fWj[i b[lo_d] WcW_dj[dWdY[ jWn e\ #/-/24 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/1/- N[[ wOWn MWj[ >WbYkbWj_edix X[bem-

LSj JSfW D[_[fSf[a`

?[Xj N[hl_Y[9 Pdb_c_j[Z 'de b[]Wb b_c_j Wi je hWj[ eh Wcekdj(-HW_dj[dWdY[9 #0-// f[h #0// <ii[ii[Z QWbkWj_ed-

5/

000075

@[efad[US^ NS^gWe S`V LSj ;a^^WUf[a` @[efadk

O^[ \ebbem_d] ijWj[c[dj e\ jWn Yebb[Yj_edi i[ji \ehj^ _d YedZ[di[Z \ehc j^[ ^_ijeh_YWb <ii[ii[Z QWbkWj_ed WdZ jWnYebb[Yj_edi e\ j^[ ?_ijh_Yj- NkY^ ikccWho ^Wi X[[d fh[fWh[Z \eh _dYbki_ed ^[h[_d XWi[Z kfed _d\ehcWj_ed eXjW_d[Z \hec?_ijh_Yj h[YehZi- M[\[h[dY[ _i cWZ[ je ikY^ h[YehZi+ _dYbkZ_d] j^[ ?_ijh_Yj&i WddkWb WkZ_j[Z \_dWdY_Wb ijWj[c[dji+ \eh ceh[Yecfb[j[ _d\ehcWj_ed-

" ;a^^WUf[a`e

8eeWeeWV LSj 8V\gefWV ;gddW`f # QWSd =`V[`Y

LSj QWSd NS^gSf[a` JSfW%S& DWhk Hd[ad QWSde %T& 5+/,

1//8 #0+/32+856+/51 #/-04/ #0+455+365 88-88$ 1/0/1/0/ 0+0/4+405+6/5 /-03/ 0+438+604 88-88 1/001/00 0+05/+415+627 /-02/ 0+40/+068 88-88 1/011/01 0+111+236+552 /-014 0+417+034 88-88 1/021/02 0+221+070+/88 /-014 0+561+05/ 88-88 1/031/03 0+414+23/+627 /-004 0+658+182 88-88 1/041/04 0+737+744+152 /-0// 0+737+744 88-85 1/051/05 1+/71+556+42/ /-/8/ 0+765+16/ 88-84 1/061/06 1+078+//4+255 /-/8/ 0+864+530 88-83 1/071/07 1+140+521+/18 /-/74 0+81/+728 88-72 1/081/08 1+277+775+148 /-/7/ 0+8/6+486 88-20'Y( 1/1/1/1/ 1+427+181+228'Z( /-/64'[( 0+8/2+608 '[( 1/10

VVVVVVVVVVVVVVVVVVVVVVVVVVVVV'W( K[h #0// e\ <ii[ii[Z QWbkWj_ed-'X( NkY^ f[hY[djW][i h[\b[Yj YkckbWj_l[ jejWb Yebb[Yj_edi \eh [WY^ o[Wh \hec j^[ j_c[ [WY^ h[if[Yj_l[ WddkWb jWn mWi

b[l_[Z j^hek]^ N[fj[cX[h 00+ 1/1/- O^[ Wcekdj e\ jWn Yebb[Yj[Z \eh [WY^ b[lo ed W Ykhh[dj XWi_i 'Xo N[fj[cX[h2/ e\ j^[ o[Wh \ebbem_d] [WY^ h[if[Yj_l[ WddkWb b[lo( _i dej h[\b[Yj[Z _d j^_i ijWj[c[dj-

'Y( <i e\ N[fj[cX[h 00+ 1/1/- Dd fheY[ii e\ Yebb[Yj_ed-'Z( NkY^ ikc _dYbkZ[i Y[hjW_d lWbk[i m^_Y^ ^Wl[ dej X[[d Y[hj_\_[Z Xo j^[ <ffhW_iWb M[l_[m =eWhZ+ _dYbkZ_d] j^[ lWbk[

e\ Y[hjW_d fhef[hj_[i m^_Y^ ^Wi X[[d fhefei[Z Xo j^[ <ffhW_iWb ?_ijh_Yj Xkj fhej[ij[Z Xo j^[ emd[hi j^[h[e\ je j^[<ffhW_iWb ?_ijh_Yj- O^[ <ffhW_iWb ?_ijh_Yj ^Wi fhefei[Z j^[ jejWb e\ ikY^ fhej[ij[Z lWbk[i je X[ #18+230+764- N_dY[j^[ ?_ijh_Yj _i kdWXb[ je fh[Z_Yj j^[ Wcekdj e\ j^[ ?_ijh_Yjvi \_dWb 1/1/ <ii[ii[Z QWbkWj_ed+ 8/$ e\ ikY^ jejWbfhej[ij lWbk[ e\ #18+230+764+ eh #15+3/6+577+ _i _dYbkZ[Z _d j^[ 1/1/ <ii[ii[Z QWbkWj_ed e\ #1+427+181+228+[dkc[hWj[Z _d j^_i J\\_Y_Wb NjWj[c[dj- NkY^ \_dWb 1/1/ <ii[ii[Z QWbkWj_ed m_bb dej X[ Z[j[hc_d[Z kdj_b j^[lWbkWj_ed e\ Wbb jWnWXb[ fhef[hjo beYWj[Z m_j^_d j^[ ?_ijh_Yj _i Y[hj_\_[Z Xo j^[ <ffhW_iWb M[l_[m =eWhZ \eh 1/1/-

'[( O^[ ?_ijh_Yj Wdj_Y_fWj[i b[lo_d] W Z[Xj i[hl_Y[ jWn hWj[ e\ #/-/3 f[h #0// e\ <ii[ii[Z QWbkWj_ed WdZ W cW_dj[dWdY[jWn e\ #/-/24 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/1/-

LSj JSfW <[efd[Tgf[a`

1/1/) 1/08 1/07 1/06 1/05

?[Xj N[hl_Y[ OWn #/-/3/ #/-/34 #/-/34 #/-/4/ #/-/4/HW_dj[dWdY[ OWn /-/24 /-/24 /-/3/ /-/3/ /-/3/OJO<G #/-/64 #/-/7/ #/-/74 #/-/8/ #/-/8/

VVVVVVVVVV) <dj_Y_fWj[Z jWn hWj[-

50

000076

8`S^ke[e aX LSj 9SeW

O^[ \ebbem_d] jWXb[ _bbkijhWj[i j^[ Yecfei_j_ed e\ fhef[hjo beYWj[Z m_j^_d j^[ ?_ijh_Yj Zkh_d] j^[ fWij \_l[ o[Whi-

1/08 1/07 1/06Oof[ e\ Khef[hjo <ii[ii[Z QWbk[ $ <ii[ii[Z QWbk[ $ <ii[ii[Z QWbk[ $

GWdZ # 44/+048+/12 12-/2$ # 383+071+322 10-84$ # 322+/33+662 08-67$Dcfhel[c[dji 0+834+855+338 70-35 0+722+4/6+212 70-32 0+7/5+604+303 71-43K[hiedWb Khef[hjo 50+555+10/ 1-47 48+124+006 1-52 46+003+167 1-50PdY[hj_\_[Z 4+71/+415 /-13 / /-// / /-//@n[cfj_edi '063+614+838( '6-20( '024+181+733( '5-/0( '0/6+758+/88( '3-82(OJO<G #1+277+775+148 0//-//$ #1+140+521+/18 0//-//$ #1+078+//4+255 0//-//$

1/05 1/04Oof[ e\ Khef[hjo <ii[ii[Z QWbk[ $ <ii[ii[Z QWbk[ $

GWdZ # 307+326+16/ 1/-/8$ # 3/1+//7+14/ 10-63$Dcfhel[c[dji 0+605+//8+6/1 71-28 0+417+006+28/ 71+54K[hiedWb Khef[hjo 43+021+1// 1-5/ 44+25/+45/ 1-88@n[cfj_edi '0/4+800+531( '4-/7( '025+52/+826( '6-27(OJO<G #1+/71+556+42/ 0//-//$ #0+737+744+152 0//-//$

Hd[`U[bS^ .,., LSjbSkWde

=Wi[Z kfed _d\ehcWj_ed ikffb_[Z Xo j^[ ?_ijh_Yjvi OWn <ii[iieh.>ebb[Yjeh+ j^[ \ebbem_d] jWXb[ b_iji fh_dY_fWb ?_ijh_YjjWnfWo[hi+ jof[ e\ fhef[hjo emd[Z Xo ikY^ jWnfWo[hi+ WdZ j^[ <ii[ii[Z QWbkWj_ed e\ ikY^ fhef[hjo Wi e\ EWdkWho 0+ 1/1/-O^[ _d\ehcWj_ed h[\b[Yji j^[ Yecfei_j_ed e\ j^[ <ffhW_iWb ?_ijh_Yj&i h[YehZ e\ fhef[hjo emd[hi^_f Wi e\ EWdkWho 0+ 1/1/-

<ii[ii[Z QWbkWj_ed $ e\ 1/1/OWnfWo[h Oof[ e\ Khef[hjo 1/1/ OWn Mebb OWn Mebb

N^efi Wj =[bbW O[hhW Jmd[h GGK GWdZ WdZ Dcfhel[c[dji #4/+/36+407 0-86$>M ?[i[e >ecckd_j_[i GG> GWdZ WdZ Dcfhel[c[dji 23+573+57/ 0-26>RN BhWdZ GWa[i N<A S GG> %

>_dYe MWdY^ M@ GG> GWdZ WdZ Dcfhel[c[dji 18+33/+37/ 0-05RWj[hijed[ <fWhjc[dji GG> GWdZ WdZ Dcfhel[c[dji 17+761+73/ 0-03GWa[cedj OS KWhjd[hi DD GG> GWdZ WdZ Dcfhel[c[dji 16+/73+84/ 0-/6RWb,HWhj M[Wb @ijWj[ =ki_d[ii Ohkij GWdZ+ Dcfhel[c[dji

WdZ K[hiedWb Khef[hjo 10+187+51/ /-73NWcvi M[Wb @ijWj[ =ki_d[ii Ohkij "5756 GWdZ+ Dcfhel[c[dji

WdZ K[hiedWb Khef[hjo 08+410+86/ /-66=HNC 0 FWjo OS GG> GWdZ WdZ Dcfhel[c[dji 04+253+/3/ /-50Njeh[ >Wf_jWb <Ygk_i_j_edi GG> GWdZ WdZ Dcfhel[c[dji 02+721+104 /-43Fe^bi Dbb_de_i DdY- GWdZ WdZ Dcfhel[c[dji 01+/85+11/ /-37

#141+132+522 8-84$

51

000077

=jW_bf[aè

O^[ ?_ijh_Yj ^Wi WZefj[Z W h[i_Z[dj_Wb êc[ij[WZ [n[cfj_ed [gkWb je #64+/// e\ j^[ Wii[ii[Z lWbk[ e\ fhef[hjo emd[Z Xof[hiedi 54 o[Whi eh ebZ[h eh Z_iWXb[Z f[hiedi+ Xkj ^Wi dej WZefj[Z W ][d[hWb h[i_Z[dj_Wb êc[ij[WZ [n[cfj_ed- N[[wO<SDIB KMJ>@?PM@N-x

Kehj_edi e\ j^[ bWdZ emd[Z Xo j^[ fh_dY_fWb ?_ijh_Yj fhef[hjo emd[hi Wh[ kdZ[l[bef[Z WdZ Wj iec[ \kjkh[ ZWj[ YekbZ X[ki[Z \eh W]h_YkbjkhWb fkhfei[i- <YYehZ_d]bo+ ikY^ fWhj_[i YekbZ X[ [dj_jb[Z je ^Wl[ j^[_h bWdZ lWbk[Z ed j^[ XWi_i e\ _jiW]h_YkbjkhWb fheZkYj_l_jo 'gkWb_\_[Z ef[d,ifWY[ bWdZ(+ m^_Y^ mekbZ X[ W icWbb \hWYj_ed e\ _ji \W_h cWha[j lWbk[- Ied[ e\ikY^ fWhj_[i ^Wi fh[l_ekibo YbW_c[Z Wd W]h_YkbjkhWb lWbkWj_ed- O^[h[ _i de b[]Wb fhe^_X_j_ed W]W_dij ej^[h Z[l[bef[hi WdZej^[h bWdZ emd[hi eh j^[_h ikYY[iiehi eh Wii_]di YbW_c_d] ikY^ lWbkWj_edi _d \kjkh[ o[Whi-

<d WffhW_iWb e\ bWdZ emd[Z Xo j^[ fh_dY_fWb ?_ijh_Yj fhef[hjo emd[hi XWi[Z ed W]h_YkbjkhWb fheZkYj_l_jo lWbk[ YekbZ ^Wl[W cWj[h_Wb WZl[hi[ W\\[Yj ed j^[ <ii[ii[Z QWbkWj_ed e\ j^[ ?_ijh_Yj+ WdZ j^[ ?_ijh_Yj mekbZ X[ h[gk_h[Z je b[lo WikXijWdj_Wbbo ^_]^[h jWn je Yebb[Yj ik\\_Y_[dj h[l[dk[i je fWo j^[ Z[Xj i[hl_Y[ ed j^[ M[cW_d_d] JkjijWdZ_d] =edZi WdZ^[ =edZi-

LSj JSfW ;SÛg^Sf[aè

O^[ jWn hWj[ YWbYkbWj_edi i[j \ehj^ X[bem Wh[ fh[i[dj[Z je _dZ_YWj[ j^[ jWn hWj[i f[h #0// e\ <ii[ii[Z QWbkWj_ed m^_Y^mekbZ X[ h[gk_h[Z je c[[j Y[hjW_d Z[Xj i[hl_Y[ h[gk_h[c[dji _\ de ]hemj^ _d j^[ ?_ijh_Yj&i jWn XWi[ eYYkhi X[oedZ j^[ 1/1/<ii[ii[Z QWbkWj_ed- O^[ YWbYkbWj_edi Wiikc[ Yebb[Yj_ed e\ 84$ e\ jWn[i b[l_[Z+ de ki[ e\ ej^[h WlW_bWXb[ ?_ijh_Yj \kdZi+WdZ j^[ iWb[ e\ de XedZi Xo j^[ ?_ijh_Yj _d WZZ_j_ed je j^[ =edZi WdZ j^[ Kh_eh =edZi-

<l[hW][ <ddkWb ?[Xj N[hl_Y[ M[gk_h[c[dji '1/10,1/23( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 83/+173

OWn MWj[ e\ #/-/28 ed j^[ 1/1/ <ii[ii[Z QWbkWj_ed '#1+427+181+228( fheZkY[i - - - - - - - - - - - - - - - # 83/+326

HWn_ckc <ddkWb ?[Xj N[hl_Y[ M[gk_h[c[dj '1/22( - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 877+164

OWn MWj[ e\ #/-/30 ed j^[ 1/1/ <ii[ii[Z QWbkWj_ed '#1+427+181+228( fheZkY[i - - - - - - - - - - - - - - - # 877+554

O^[ ?_ijh_Yj b[l_[Z W jejWb jWn e\ #/-/7 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/08+ Yedi_ij_d] e\ W Z[Xj i[hl_Y[ jWn e\ #/-/34f[h #0// e\ <ii[ii[Z QWbkWj_ed+ fbki W cW_dj[dWdY[ jWn e\ #/-/24 f[h #0// <ii[ii[Z QWbkWj_ed+ WdZ Wdj_Y_fWj[i b[lo_d]jejWb jWn e\ #/-/64 f[h #0// e\ <ii[ii[Z QWbkWj_ed \eh 1/1/+ Yedi_ij_d] e\ W Z[Xj i[hl_Y[ jWn e\ #/-/3 f[h #0// e\<ii[ii[Z QWbkWj_ed+ fbki W cW_dj[dWdY[ jWn e\ #/-/24 f[h #0// <ii[ii[Z QWbkWj_ed- <i j^[ WXel[ jWXb[ _dZ_YWj[i+ j^[?_ijh_Yjvi Wdj_Y_fWj[Z 1/1/ Z[Xj i[hl_Y[ jWn hWj[ e\ #/-/3 f[h #0// e\ <ii[ii[Z QWbkWj_ed _i ik\\_Y_[dj je fWo j^[ <l[hW][<ddkWb ?[Xj N[hl_Y[ M[gk_h[c[dji Xkj dej j^[ HWn_ckc <ddkWb ?[Xj N[hl_Y[ M[gk_h[c[dj ed j^[ =edZi WdZ j^[M[cW_d_d] JkjijWdZ_d] =edZi+ Wiikc_d] jWnWXb[ lWbk[i m_j^_d j^[ ?_ijh_Yj Wj j^[ b[l[b e\ j^[ 1/1/ <ii[ii[Z QWbkWj_ed+Wiikc_d] Wj W 84$ jWn Yebb[Yj_ed hWj[+ j^[ _iikWdY[ e\ de XedZi Xo j^[ ?_ijh_Yj _d WZZ_j_ed je j^[ =edZi WdZ j^[ Kh_eh=edZi+ WdZ de ki[ e\ ej^[h ?_ijh_Yj \kdZi ed ^WdZ- Cem[l[h+ j^[ ?_ijh_Yj&i ?[Xj N[hl_Y[ AkdZ XWbWdY[ _i [ij_cWj[Z je X[#68/+505 Wi e\ Z[b_l[ho e\ j^[ =edZi- <bjêk]^ d[_j^[h O[nWi bWm deh j^[ =edZ JhZ[h h[gk_h[i j^Wj Wdo if[Y_\_Y WcekdjX[ h[jW_d[Z _d j^[ ?[Xj N[hl_Y[ AkdZ Wj Wdo j_c[+ j^[ ?_ijh_Yj [nf[Yji je Wffbo [Whd_d]i \hec j^[ _dl[ijc[dj e\ ced_[i^[bZ _d j^[ ?[Xj N[hl_Y[ AkdZ je c[[j j^[ Z[Xj i[hl_Y[ h[gk_h[c[dji e\ j^[ =edZi WdZ j^[ M[cW_d_d] JkjijWdZ_d] =edZi-O^[ ?_ijh_Yj ^Wi _d j^[ fWij Wffb_[Z [Whd_d]i \hec j^[ _dl[ijc[dj e\ ced_[i ^[bZ _d j^[ ?[Xj N[hl_Y[ AkdZ je c[[j j^[ Z[Xji[hl_Y[ h[gk_h[c[dji e\ j^[ Kh_eh =edZi Wi _i Z[b_d[Wj[Z _d w<KK@I?DS = , <IIP<G <P?DO M@KJMOx j^Wj _iWff[dZ[Z je j^_i J\\_Y_Wb NjWj[c[dj- Heh[el[h+ j^[ ?_ijh_Yj ^WZ+ Wi e\ N[fj[cX[h 00+ 1/1/+ jejWb WddkWb jWn Yebb[Yj_ediWl[hW]_d] 88-85$ \eh j^[ o[Whi 1//8 j^hek]^ 1/07+ WdZ _ji 1/08 jWn b[lo mWi 88-20$ Yebb[Yj[Z Wi e\ ikY^ ZWj[-O^[h[\eh[+ j^[ ?_ijh_Yj [nf[Yji je X[ WXb[ je fWo Z[Xj i[hl_Y[ ed j^[ M[cW_d_d] JkjijWdZ_d] =edZi WdZ j^[ =edZi m_jêkj_dYh[Wi_d] _ji Z[Xj i[hl_Y[ jWn WXel[ j^[ #/-/3 f[h #0// e\ <ii[ii[Z QWbkWj_ed Z[Xj i[hl_Y[ jWn j^Wj j^[ ?_ijh_Yj Wdj_Y_fWj[ib[lo_d] \eh 1/1/- N[[ wOC@ =JI?N , NekhY[ e\ KWoc[djx WdZ wO<SDIB KMJ>@?PM@N-x Cem[l[h+ j^[ ?_ijh_Yj YWdcWa[ de h[fh[i[djWj_ed j^Wj j^[ jWnWXb[ fhef[hjo lWbk[i _d j^[ ?_ijh_Yj m_bb _dYh[Wi[ _d j^[ \kjkh[ eh m_bb cW_djW_d W lWbk[ik\\_Y_[dj je ikffehj j^[ W\eh[c[dj_ed[Z jWn hWj[ eh je `kij_\o Yedj_dk[Z fWoc[dj e\ jWn[i Xo fhef[hjo emd[hi- N[[wO<SDIB KMJ>@?PM@N-x O^[ W]]h[]Wj[ e\ j^[ 1/07 jWn b[l_[i e\ Wbb kd_ji e\ ]el[hdc[dj+ _dYbkZ_d] Aehj =[dZ>ekdjo WdZ j^[ Aehj =[dZ DdZ[f[dZ[dj NYêeb ?_ijh_Yj+ FWjo DdZ[f[dZ[dj NYêeb ?_ijh_Yj eh j^[ GWcWh >edieb_ZWj[Z

52

000078

DdZ[f[dZ[dj NYêeb ?_ijh_Yj+ fbki j^[ 1/08 hWj[i e\ A=>HP? Iei- 4/+ 011+ 012+ 032+ 054+ >_dYe HP? Ie- 7+ BhWdZH_ii_ed HP? Ie- 0 WdZ BhWdZ H_ii_ed HP? Ie- 1 WdZ j^[ Wdj_Y_fWj[Z 1/1/ ?_ijh_Yj hWj[ Wh[ #1-754+ #1-82+ #2-/24+#2-/04+ #1-88+ #2-0320+ #1-554 WdZ #2-//4 f[h #0// e\ <ii[ii[Z QWbkWj_ed+ h[if[Yj_l[bo- NkY^ W]]h[]Wj[ b[l_[i Wh[^_]^[h j^Wd j^[ W]]h[]Wj[ e\ j^[ jWn b[l_[i e\ iec[ ckd_Y_fWb kj_b_jo Z_ijh_Yji beYWj[Z _d j^[ ]h[Wj[h Cekijed c[jhefeb_jWdWh[W+ Xkj Wh[ m_j^_d j^[ hWd][ e\ j^[ W]]h[]Wj[ jWn b[l_[i e\ ckd_Y_fWb kj_b_jo Z_ijh_Yji _d j^[ Cekijed c[jhefeb_jWd Wh[Wm^_Y^ Wh[ _d ijW][i e\ Z[l[befc[dj YecfWhWXb[ m_j^ j^[ ?_ijh_Yj- N[[ wDIQ@NOH@IO >JIND?@M<ODJIN , AWYjehi<\\[Yj_d] OWnWXb[ QWbk[i WdZ OWn KWoc[dji-x

=ef[_SfWV GhWd^Sbb[`Y LSjWe

Khef[hjo m_j^_d j^[ ?_ijh_Yj _i ikX`[Yj je jWnWj_ed Xo i[l[hWb jWn_d] Wkjêh_j_[i _d WZZ_j_ed je j^[ ?_ijh_Yj- PdZ[h O[nWibWm+ W b_[d _i Yh[Wj[Z kfed j^[ fhef[hjo m^_Y^ _i je X[ jWn[Z Wi e\ EWdkWho 0 e\ [WY^ o[Wh- NkY^ b_[d _i Z_iY^Wh][Z WddkWbboWi j^[ jWn _i fW_Z- < jWn b_[d ed fhef[hjo _d \Wleh e\ j^[ ?_ijh_Yj _i ed W fWh_jo m_j^ jWn b_[di e\ ej^[h jWn_d] `kh_iZ_Yj_edi-Dd WZZ_j_ed je WZ lWbeh[c jWn[i h[gk_h[Z je cWa[ Z[Xj i[hl_Y[ fWoc[dji ed XedZ[Z Z[Xj e\ j^[ ?_ijh_Yj WdZ e\ ikY^ ej^[h`kh_iZ_Yj_edi 'i[[ w?DNOMD>O ?@=O , @ij_cWj[Z ?_h[Yj WdZ Jl[hbWff_d] ?[Xj NjWj[c[djx(+ Y[hjW_d jWn_d] `kh_iZ_Yj_ediWh[ Wkjêh_p[Z Xo O[nWi bWm je Wii[ii+ b[lo WdZ Yebb[Yj WZ lWbeh[c jWn[i \eh ef[hWj_ed+ cW_dj[dWdY[+ WZc_d_ijhWj_l[ WdZ.eh][d[hWb h[l[dk[ fkhfei[i-

N[j \ehj^ X[bem _i Wd [ij_cWj_ed e\ Wbb jWn[i f[h #0// e\ Wii[ii[Z lWbkWj_ed b[l_[Z Xo ikY^ `kh_iZ_Yj_edi- Ie h[Ye]d_j_ed_i ]_l[d je beYWb Wii[iic[dji \eh Y_l_Y WiieY_Wj_ed Zk[i+ [c[h][dYo c[Z_YWb i[hl_Y[ Yedjh_Xkj_edi+ \_h[ Z[fWhjc[djYedjh_Xkj_edi+ eh Wdo ej^[h Y^Wh][i cWZ[ Xo [dj_j_[i ej^[h j^Wd feb_j_YWb ikXZ_l_i_edi- O^[ \ebbem_d] Y^Whj _dYbkZ[i j^[1/08 jWn[i f[h #0// e\ <ii[ii[Z QWbkWj_ed b[l_[Z Xo Wbb ikY^ jWn_d] `kh_iZ_Yj_edi WdZ j^[ Wdj_Y_fWj[Z 1/1/ jWn hWj[ e\ j^[?_ijh_Yj- <ffhen_cWj[bo 1+034 e\ j^[ jejWb e\ Wffhen_cWj[bo 3+/34 WYh[i beYWj[Z m_j^_d j^[ ?_ijh_Yj b_[ m_j^_d j^[ Aehj=[dZ DdZ[f[dZ[dj NYêeb ?_ijh_Yj+ Wffhen_cWj[bo 0+717 ?_ijh_Yj WYh[i b_[ m_j^_d j^[ GWcWh >edieb_ZWj[Z DdZ[f[dZ[djNYêeb ?_ijh_Yj WdZ Wffhen_cWj[bo 61 ?_ijh_Yj WYh[i b_[ m_j^_d j^[ FWjo DdZ[f[dZ[dj NYêeb ?_ijh_Yj- O^[ \ebbem_d] Y^Whj_bbkijhWj[i+ h[if[Yj_l[bo+ j^[ Yecfei_j[ jWn hWj[i e\ Wbb jWn_d] `kh_iZ_Yj_edi+ _dYbkZ_d] j^[ ?_ijh_Yj+ m^_Y^ Yel[h j^[ fehj_edie\ j^[ ?_ijh_Yj m^_Y^ b_[ m_j^_d j^[ Aehj =[dZ DdZ[f[dZ[dj NYêeb ?_ijh_Yj+ j^[ GWcWh >edieb_ZWj[Z DdZ[f[dZ[dj NYêeb?_ijh_Yj WdZ j^[ FWjo DdZ[f[dZ[dj NYêeb ?_ijh_Yj- N[[ wDIQ@NOH@IO >JIND?@M<ODJIN , ?_ijh_Yj OWn G[lo WdZPdZ[hbo_d] ?_ijh_Yji OWn[i WdZ AkdYj_edi-x

;a_bae[fW LSj JSfWe ;ahWd[`Y ;WdfS[`

Hadf[aè aX fZW <[efd[Uf

Faf ;ahWdWV Tk 8`k Eg`[U[bS^ Mf[^[fk <[efd[Uf

HdabWdfk DaUSfWV O[fZ[` >adf 9W`V HdabWdfk DaUSfWV O[fZ[` DS_Sd ;aèa^[VSfWV

A`VWbW`VW`f KUZaa^ <[efd[Uf A`VWbW`VW`f KUZaa^ <[efd[Uf

.,-5 LSj JSfW+ .,-5 LSj JSfW+

LSj[`Y Bgd[eV[Uf[a` !-,, aX 8*N* LSj[`Y Bgd[eV[Uf[a` !-,, aX 8*N*

O^[ ?_ijh_Yj #/-/64) O^[ ?_ijh_Yj #/-/64)Aehj =[dZ >ekdjo /-35/ Aehj =[dZ >ekdjo /-35/Aehj =[dZ DdZ[f[dZ[dj NYêeb ?_ijh_Yj 0-16/ GWcWh >edieb_ZWj[Z

#0-7/4 DdZ[f[dZ[dj NYêeb ?_ijh_Yj 0-21/#0-744

VVVVVVVVVVVV) <dj_Y_fWj[Z 1/1/ jWn hWj[-

53

000079

JWbdWeW`fSf[hW ;a_bae[fW LSj JSfWe ;ahWd[`Y

Hadf[a`e aX fZW <[efd[Uf OZ[UZ 8dW ;a`fS[`WV

O[fZ[` Eg`[U[bS^ Mf[^[fk <[efd[Ufe

.,-5 LSj JSfW+

LSj[`Y Bgd[eV[Uf[a` !-,, aX 8*N*

Aehj =[dZ >ekdjo Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 4/ #/-80/>ecfei_j[ OWn MWj[i'W( 0-744Aehj =[dZ @c[h][dYo N[hl_Y[ ?_ijh_Yj Ie- 3 /-0//OejWb #1-754

Aehj =[dZ >ekdjo Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 011 #/-864>ecfei_j[ OWn MWj[i'W( 0-744CWhh_i Aehj =[dZ @N? 0// /-0//OejWb #1-82/

Aehj =[dZ >ekdjo Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 012 #0-/7/>ecfei_j[ OWn MWj[i'W( 0-744CWhh_i Aehj =[dZ @N? 0// /-0//OejWb #2-/24

Aehj =[dZ >ekdjo Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 032 #0-10/>ecfei_j[ OWn MWj[i'W( 0-7/4OejWb #2-/04

Aehj =[dZ >ekdjo Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 054 #0-074>ecfei_j[ OWn MWj[i'W( 0-7/4OejWb #1-88/

>_dYe Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 7'X( #/-51//O^[ ?_ijh_Yj /-/64/Aehj =[dZ >ekdjo /-35//>_dYe HP? Ie- 0 /-334/FWjo DdZ[f[dZ[dj NY^eeb ?_ijh_Yj 0-3320CWhh_i Aehj =[dZ @N? 0// /-0///OejWb #2-0320

BhWdZ H_ii_ed Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 0 #/-65/>ecfei_j[ OWn MWj[i'W( 0-7/4CWhh_i Aehj =[dZ @N? 0// /-0//OejWb #1-554

BhWdZ H_ii_ed Hkd_Y_fWb Pj_b_jo ?_ijh_Yj Ie- 1 #0-0//>ecfei_j[ OWn MWj[i'W( 0-7/4CWhh_i Aehj =[dZ @N? 0// /-0//OejWb #2-//4

'W( N[[ w>ecfei_j[ OWn MWj[i >el[h_d] >[hjW_d Kehj_edi e\ j^[ ?_ijh_Yj Iej >el[h[Z Xo <do Hkd_Y_fWb Pj_b_jo ?_ijh_YjxWXel[-

'X( <ffhen_cWj[bo 232 WYh[i e\ j^[ jejWb e\ Wffhen_cWj[bo 331 WYh[i YedjW_d[Z m_j^_d >_dYe HP? Ie- 7 Ze dej b_[m_j^_d j^[ ?_ijh_Yj- NkY^ WYh[i b_[ m_j^_d R_bbem Aeha ?hW_dW][ ?_ijh_Yj-

Ie fh[Z_Yj_ed YWd X[ cWZ[ e\ j^[ jWn hWj[i j^Wj m_bb X[ b[l_[Z _d \kjkh[ o[Whi Xo j^[ h[if[Yj_l[ jWn_d] `kh_iZ_Yj_edi-

54

000080

L8PAF? HJG;=<MJ=K

8gfZad[fk fa DWhk LSjWe

O^[ =eWhZ _i Wkjêh_p[Z je b[lo Wd WddkWb WZ lWbeh[c jWn+ m_jêkj b[]Wb b_c_jWj_ed Wi je hWj[ eh Wcekdj+ ed Wbb jWnWXb[fhef[hjo m_j^_d j^[ ?_ijh_Yj _d Wd Wcekdj ik\\_Y_[dj je fWo j^[ fh_dY_fWb e\ WdZ _dj[h[ij ed j^[ =edZi+ j^[ M[cW_d_d]JkjijWdZ_d] =edZi+ WdZ Wdo WZZ_j_edWb XedZi fWoWXb[ \hec jWn[i m^_Y^ j^[ ?_ijh_Yj cWo ^[h[W\j[h _iik[ 'i[[wDIQ@NOH@IO >JIND?@M<ODJIN , Akjkh[ ?[Xjx( WdZ je fWo j^[ [nf[di[i e\ Wii[ii_d] WdZ Yebb[Yj_d] ikY^ jWn[i-O^[ ?_ijh_Yj W]h[[i _d j^[ =edZ JhZ[h je b[lo ikY^ W jWn \hec o[Wh je o[Wh Wi Z[iYh_X[Z ceh[ \kbbo WXel[ kdZ[h wOC@=JI?N , NekhY[ e\ KWoc[dj-x PdZ[h O[nWi bWm+ j^[ =eWhZ cWo Wbie b[lo WdZ Yebb[Yj WddkWb WZ lWbeh[c jWn[i \eh j^[ef[hWj_ed WdZ cW_dj[dWdY[ e\ j^[ ?_ijh_Yj WdZ j^[ Noij[c WdZ \eh j^[ fWoc[dj e\ Y[hjW_d YedjhWYjkWb eXb_]Wj_edi- N[[wO<S ?<O< , HW_dj[dWdY[ OWnx WdZ , wOWn MWj[ ?_ijh_Xkj_ed-x

HdabWdfk LSj ;aVW S`V ;ag`fk)i[VW 8bbdS[eS^ <[efd[Uf

O^[ O[nWi Khef[hjo OWn >eZ[ 'j^[ wKhef[hjo OWn >eZ[x( if[Y_\_[i j^[ jWn_d] fheY[Zkh[i e\ Wbb feb_j_YWb ikXZ_l_i_edi e\j^[ NjWj[ e\ O[nWi+ _dYbkZ_d] j^[ ?_ijh_Yj- Khel_i_edi e\ j^[ Khef[hjo OWn >eZ[ Wh[ Yecfb[n WdZ Wh[ dej \kbbo ikccWh_p[Z^[h[- O^[ Khef[hjo OWn >eZ[ h[gk_h[i+ Wced] ej^[h cWjj[hi+ Yekdjo,m_Z[ WffhW_iWb WdZ [gkWb_pWj_ed e\ jWnWXb[ fhef[hjolWbk[i WdZ [ijWXb_i^[i _d [WY^ Yekdjo e\ j^[ NjWj[ e\ O[nWi Wd WffhW_iWb Z_ijh_Yj m_j^ j^[ h[ifedi_X_b_jo \eh h[YehZ_d] WdZWffhW_i_d] fhef[hjo \eh Wbb jWn_d] kd_ji m_j^_d W Yekdjo WdZ Wd WffhW_iWb h[l_[m XeWhZ m_j^ h[ifedi_X_b_jo \eh h[l_[m_d]WdZ [gkWb_p_d] j^[ lWbk[i [ijWXb_i^[Z Xo j^[ WffhW_iWb Z_ijh_Yj- O^[ Aehj =[dZ >[djhWb <ffhW_iWb ?_ijh_Yj 'j^[ w<ffhW_iWb?_ijh_Yjx( ^Wi j^[ h[ifedi_X_b_jo e\ WffhW_i_d] fhef[hjo \eh Wbb jWn_d] kd_ji m_j^_d Aehj =[dZ >ekdjo+ _dYbkZ_d] j^[?_ijh_Yj- NkY^ WffhW_iWb lWbk[i m_bb X[ ikX`[Yj je h[l_[m WdZ Y^Wd][ Xo j^[ Aehj =[dZ >ekdjo <ffhW_iWb M[l_[m =eWhZ'j^[ w<ffhW_iWb M[l_[m =eWhZx(-

HdabWdfk KgT\WUf fa LSjSf[a` Tk fZW <[efd[Uf

@nY[fj \eh Y[hjW_d [n[cfj_edi fhel_Z[Z Xo O[nWi bWm+ Wbb h[Wb fhef[hjo+ jWd]_Xb[ f[hiedWb fhef[hjo ^[bZ eh ki[Z \eh j^[fheZkYj_ed e\ _dYec[+ ceX_b[ êc[i WdZ Y[hjW_d YWj[]eh_[i e\ _djWd]_Xb[ f[hiedWb fhef[hjo m_j^ W jWn i_jki _d j^[ ?_ijh_YjWh[ ikX`[Yj je jWnWj_ed Xo j^[ ?_ijh_Yj- Kh_dY_fWb YWj[]eh_[i e\ [n[cfj h[Wb fhef[hjo _dYbkZ[9 fhef[hjo emd[Z Xo j^[ NjWj[e\ O[nWi eh _ji feb_j_YWb ikXZ_l_i_edi+ _\ j^[ fhef[hjo _i ki[Z \eh fkXb_Y fkhfei[i; fhef[hjo [n[cfj \hec WZ lWbeh[cjWnWj_ed Xo \[Z[hWb bWm; dedfhe\_j Y[c[j[h_[i; WdZ Y[hjW_d fhef[hjo emd[Z Xo gkWb_\_[Z Y^Wh_jWXb[+ h[b_]_eki+ l[j[hWdi+\hWj[hdWb+ eh [ZkYWj_edWb eh]Wd_pWj_edi- Dd WZZ_j_ed+ j^[ ?_ijh_Yj cWo Xo _ji emd WYj_ed [n[cfj h[i_Z[dj_Wb êc[ij[WZie\ f[hiedi i_njo,\_l[ '54( o[Whi eh ebZ[h WdZ e\ Y[hjW_d Z_iWXb[Z f[hiedi je j^[ [nj[dj Z[[c[Z WZl_iWXb[ Xo j^[ =eWhZ-Dd WZZ_j_ed+ j^[ ?_ijh_Yj mekbZ X[ h[gk_h[Z je YWbb ikY^ Wd [b[Yj_ed kfed f[j_j_ed Xo jm[djo f[hY[dj '1/$( e\ j^[ dkcX[he\ gkWb_\_[Z lej[hi mê lej[Z _d j^[ ?_ijh_Yj&i fh[Y[Z_d] [b[Yj_ed WdZ mekbZ X[ h[gk_h[Z je e\\[h ikY^ Wd [n[cfj_ed _\W cWèh_jo e\ lej[hi Wffhel[ _j Wj ikY^ [b[Yj_ed- Aeh j^[ 1/1/ jWn o[Wh+ j^[ ?_ijh_Yj ^Wi ]hWdj[Z Wd [n[cfj_ed e\ #0/+///e\ Wii[ii[Z lWbkWj_ed \eh f[hiedi 54 o[Whi e\ W][ WdZ ebZ[h WdZ je _dZ_l_ZkWbi mê Wh[ kdZ[h Z_iWX_b_jo \eh fkhfei[ e\fWoc[dj e\ Z_iWX_b_jo _dikhWdY[ X[d[\_ji kdZ[h A[Z[hWb JbZ,<][ Nkhl_lehi WdZ ?_iWX_b_jo DdikhWdY[ <Yj- O^[ ?_ijh_Yjckij ]hWdj [n[cfj_edi je Z_iWXb[Z l[j[hWdi eh Y[hjW_d ikhl_l_d] Z[f[dZ[dji e\ Z_iWXb[Z l[j[hWdi+ _\ h[gk[ij[Z+ je X[jm[[d#4+/// WdZ #01+/// e\ Wii[ii[Z lWbkWj_ed Z[f[dZ_d] kfed j^[ Z_iWX_b_jo hWj_d] e\ j^[ l[j[hWd- < l[j[hWd mê h[Y[_l[iW Z_iWX_b_jo hWj_d] e\ 0//$ _i [dj_jb[Z je Wd [n[cfj_ed \eh j^[ \kbb Wcekdj e\ j^[ l[j[hWd&i h[i_Z[dY[ êc[ij[WZ-<ZZ_j_edWbbo+ WdZ ikX`[Yj je Y[hjW_d YedZ_j_edi+ j^[ ikhl_l_d] ifeki[ e\ W Z_iWXb[Z l[j[hWd mê _i [dj_jb[Z je Wd [n[cfj_ed\eh j^[ \kbb lWbk[ e\ j^[ l[j[hWdvi h[i_Z[dY[ êc[ij[WZ _i Wbie [dj_jb[Z je Wd [n[cfj_ed \hec jWnWj_ed e\ j^[ jejWb WffhW_i[ZlWbk[ e\ j^[ iWc[ fhef[hjo je m^_Y^ j^[ Z_iWXb[Z l[j[hWdvi [n[cfj_ed Wffb_[Z- < fWhj_Wbbo Z_iWXb[Z l[j[hWd eh Y[hjW_dikhl_l_d] ifeki[i e\ fWhj_Wbbo Z_iWXb[Z l[j[hWdi Wh[ [dj_jb[Z je Wd [n[cfj_ed \hec jWnWj_ed e\ W f[hY[djW][ e\ j^[WffhW_i[Z lWbk[ e\ j^[_h h[i_Z[dY[ êc[ij[WZ _d Wd Wcekdj [gkWb je j^[ fWhj_Wbbo Z_iWXb[Z l[j[hWdvi Z_iWX_b_jo hWj_d] _\'_( j^[ h[i_Z[dY[ êc[ij[WZ mWi ZedWj[Z Xo W Y^Wh_jWXb[ eh]Wd_pWj_ed Wj de Yeij je j^[ Z_iWXb[Z l[j[hWd eh+ [\\[Yj_l[EWdkWho 0+ 1/07+ '__( j^[ h[i_Z[dY[ mWi ZedWj[Z Xo W Y^Wh_jWXb[ eh]Wd_pWj_ed Wj iec[ Yeij je j^[ Z_iWXb[Z l[j[hWd _\ ikY^Yeij _i b[ii j^Wd eh [gkWb je \_\jo f[hY[dj '4/$( e\ j^[ jejWb ]eeZ \W_j^ [ij_cWj[ e\ j^[ cWha[j lWbk[ e\ j^[ h[i_Z[dY[ Wie\ j^[ ZWj[ j^[ ZedWj_ed _i cWZ[- <bie+ j^[ ikhl_l_d] ifeki[ e\ '_( W c[cX[h e\ j^[ Whc[Z \ehY[i eh+ [\\[Yj_l[ EWdkWho0+ 1/07+ '__( W \_hij h[ifedZ[h Wi Z[\_d[Z kdZ[h O[nWi bWm+ mê mWi a_bb[Z _d WYj_ed _i+ ikX`[Yj je Y[hjW_d YedZ_j_edi+[dj_jb[Z je Wd [n[cfj_ed e\ j^[ jejWb WffhW_i[Z lWbk[ e\ j^[ ikhl_l_d] ifeki[vi h[i_Z[dY[ êc[ij[WZ+ WdZ ikX`[Yj je Y[hjW_dYedZ_j_edi+ Wd [n[cfj_ed kf je j^[ iWc[ Wcekdj cWo X[ jhWdi\[hh[Z je W ikXi[gk[dj h[i_Z[dY[ êc[ij[WZ e\ j^[ ikhl_l_d]ifeki[-

55

000081

JWe[VW`f[S^ @a_WefWSV =jW_bf[aè6 O^[ Khef[hjo OWn >eZ[ Wkjêh_p[i j^[ ]el[hd_d] XeZo e\ [WY^ feb_j_YWbikXZ_l_i_ed _d j^[ NjWj[ e\ O[nWi je [n[cfj kf je jm[djo f[hY[dj '1/$( e\ j^[ WffhW_i[Z cWha[j lWbk[ e\h[i_Z[dj_Wb êc[ij[WZi \hec WZ lWbeh[c jWnWj_ed- R^[h[ WZ lWbeh[c jWn[i ^Wl[ fh[l_ekibo X[[d fb[Z][Z \ehj^[ fWoc[dj e\ Z[Xj+ j^[ ]el[hd_d] XeZo e\ W feb_j_YWb ikXZ_l_i_ed cWo Yedj_dk[ je b[lo WdZ Yebb[Yj jWn[iW]W_dij j^[ [n[cfj lWbk[ e\ j^[ êc[ij[WZi kdj_b j^[ Z[Xj _i Z_iY^Wh][Z+ _\ j^[ Y[iiWj_ed e\ j^[ b[lo mekbZ_cfW_h j^[ eXb_]Wj_edi e\ j^[ YedjhWYj Xo m^_Y^ j^[ Z[Xj mWi Yh[Wj[Z- O^[ WZefj_ed e\ W êc[ij[WZ [n[cfj_edcWo X[ Yedi_Z[h[Z [WY^ o[Wh+ Xkj ckij X[ WZefj[Z Xo HWo 0- O^[ ?_ijh_Yj ^Wi dej WZefj[Z W h[i_Z[dj_Wbêc[ij[WZ [n[cfj_ed je ZWj[- N[[ wO<S ?<O< , @n[cfj_edi-x

>dWWbadf ?aaVe S`V ?aaVe)[`)LdSè[f =jW_bf[a`9 < wAh[[fehj @n[cfj_edx Wffb_[i je ]eeZi+ mWh[i+ eh[i+WdZ c[hY^WdZ_i[ ej^[h j^Wd e_b+ ]Wi+ WdZ f[jheb[kc fheZkYji 'Z[\_d[Z Wi b_gk_Z WdZ ]Wi[eki cWj[h_Wbi_cc[Z_Wj[bo Z[h_l[Z \hec h[\_d_d] f[jheb[kc eh dWjkhWb ]Wi(+ WdZ je W_hYhW\j eh h[fW_h fWhji ki[Z Xo W Y[hj_\_[ZW_h YWhh_[h WYgk_h[Z _d eh _cfehj[Z _dje O[nWi m^_Y^ Wh[ Z[ij_d[Z je X[ \ehmWhZ[Z ekji_Z[ e\ O[nWi WdZ m^_Y^Wh[ Z[jW_d[Z _d O[nWi \eh Wii[cXb_d]+ ijeh_d]+ cWdk\WYjkh_d]+ fheY[ii_d] eh \WXh_YWj_d] \eh b[ii j^Wd 064 ZWoi-<bjêk]^ Y[hjW_d jWn_d] kd_ji cWo jWa[ e\\_Y_Wb WYj_ed je jWn ikY^ fhef[hjo _d jhWdi_j WdZ d[]Wj[ ikY^ [n[cfj_ed+j^[ ?_ijh_Yj Ze[i dej ^Wl[ ikY^ Wd efj_ed- < wBeeZi,_d,OhWdi_jx @n[cfj_ed _i Wffb_YWXb[ je j^[ iWc[ YWj[]eh_[ie\ jWd]_Xb[ f[hiedWb fhef[hjo m^_Y^ Wh[ Yel[h[Z Xo j^[ Ah[[fehj @n[cfj_ed+ _\+ \eh jWn o[Wh 1/00 WdZ fh_ehWffb_YWXb[ o[Whi+ ikY^ fhef[hjo _i WYgk_h[Z _d eh _cfehj[Z _dje O[nWi \eh Wii[cXb_d]+ ijeh_d]+ cWdk\WYjkh_d]+fheY[ii_d]+ eh \WXh_YWj_d] fkhfei[i WdZ _i ikXi[gk[djbo \ehmWhZ[Z je Wdej^[h beYWj_ed _di_Z[ eh ekji_Z[ e\ O[nWidej bWj[h j^Wd 064 ZWoi W\j[h WYgk_i_j_ed eh _cfehjWj_ed+ WdZ j^[ beYWj_ed m^[h[ iW_Z fhef[hjo _i Z[jW_d[Z Zkh_d]j^Wj f[h_eZ _i dej Z_h[Yjbo eh _dZ_h[Yjbo emd[Z eh kdZ[h j^[ Yedjheb e\ j^[ fhef[hjo emd[h- Aeh jWn o[Wh 1/01WdZ ikXi[gk[dj o[Whi+ ikY^ BeeZi,_d,OhWdi_j @n[cfj_ed _i b_c_j[Z je jWd]_Xb[ f[hiedWb fhef[hjo WYgk_h[Z _deh _cfehj[Z _dje O[nWi \eh ijehW][ fkhfei[i edbo _\ ikY^ fhef[hjo _i ijeh[Z kdZ[h W YedjhWYj e\ XW_bc[dj Xo WfkXb_Y mWh[êki[ ef[hWjeh Wj ed[ eh ceh[ fkXb_Y mWh[êki[ \WY_b_j_[i _d O[nWi j^Wj Wh[ dej _d Wdo mWo emd[Zeh Yedjhebb[Z Xo j^[ emd[h e\ ikY^ fhef[hjo \eh j^[ WYYekdj e\ j^[ f[hied mê WYgk_h[Z eh _cfehj[Z ikY^fhef[hjo- <hj_Yb[ QDDD+ N[Yj_ed 0,d e\ j^[ O[nWi >edij_jkj_ed fhel_Z[i \eh j^[ [n[cfj_ed \hec jWnWj_ed e\w]eeZi,_d,jhWdi_j-x < fhef[hjo emd[h mê h[Y[_l[i j^[ BeeZi,_d,OhWdi_j @n[cfj_ed _i dej [b_]_Xb[ je h[Y[_l[j^[ Ah[[fehj @n[cfj_ed \eh j^[ iWc[ fhef[hjo- GeYWb jWn_d] kd_ji ikY^ Wi j^[ ?_ijh_Yj cWo+ Xo e\\_Y_Wb WYj_edWdZ W\j[h fkXb_Y ^[Wh_d]+ jWn ]eeZi,_d,jhWdi_j f[hiedWb fhef[hjo- < jWn_d] kd_j ckij [n[hY_i[ _ji efj_ed je jWn]eeZi,_d,jhWdi_j fhef[hjo X[\eh[ EWdkWho 0 e\ j^[ \_hij jWn o[Wh _d m^_Y^ _j fhefei[i je jWn j^[ fhef[hjo Wj j^[j_c[ WdZ _d j^[ cWdd[h fh[iYh_X[Z Xo Wffb_YWXb[ bWm- O^[ ?_ijh_Yj ^Wi jWa[d e\\_Y_Wb WYj_ed je Wbbem jWnWj_ed e\Wbb ikY^ ]eeZi,_d,jhWdi_j f[hiedWb fhef[hjo \eh j^[ jWn o[Wh 1/00 WdZ fh_eh o[Whi Wi m[bb Wi \eh jWn o[Wh 1/01 WdZikXi[gk[dj o[Whi-

LSj 8TSfW_W`f

Aehj =[dZ >ekdjo eh j^[ >_jo e\ Cekijed cWo Z[i_]dWj[ Wbb eh fWhj e\ j^[ Wh[W m_j^_d j^[ ?_ijh_Yj Wi W h[_dl[ijc[dj ped[-O^[h[W\j[h+ j^[ PdZ[hbo_d] ?_ijh_Yji WdZ j^[ ?_ijh_Yj+ Wj j^[ efj_ed WdZ Z_iYh[j_ed e\ [WY^ [dj_jo+ cWo [dj[h _dje jWnWXWj[c[dj W]h[[c[dji m_j^ emd[hi e\ fhef[hjo m_j^_d j^[ ped[- Kh_eh je [dj[h_d] _dje W jWn WXWj[c[dj W]h[[c[dj+ [WY^[dj_jo ckij WZefj ]k_Z[b_d[i WdZ Yh_j[h_W \eh [ijWXb_i^_d] jWn WXWj[c[dj+ m^_Y^ [WY^ [dj_jo m_bb \ebbem _d ]hWdj_d] jWnWXWj[c[dj je emd[hi e\ fhef[hjo- O^[ jWn WXWj[c[dj W]h[[c[dji cWo [n[cfj \hec WZ lWbeh[c jWnWj_ed Xo [WY^ e\ j^[Wffb_YWXb[ jWn_d] `kh_iZ_Yj_edi+ _dYbkZ_d] j^[ ?_ijh_Yj+ \eh W f[h_eZ e\ kf je j[d '0/( o[Whi+ Wbb eh Wdo fWhj e\ Wdo _dYh[Wi[_d j^[ Wii[ii[Z lWbkWj_ed e\ fhef[hjo Yel[h[Z Xo j^[ W]h[[c[dj el[h _ji Wii[ii[Z lWbkWj_ed _d j^[ o[Wh _d m^_Y^ j^[W]h[[c[dj _i [n[Ykj[Z+ ed j^[ YedZ_j_ed j^Wj j^[ fhef[hjo emd[h cWa[ if[Y_\_[Z _cfhel[c[dji eh h[fW_hi je j^[ fhef[hjo_d Yed\ehc_jo m_j^ j^[ j[hci e\ j^[ jWn WXWj[c[dj- @WY^ jWn_d] `kh_iZ_Yj_ed ^Wi Z_iYh[j_ed je Z[j[hc_d[ j[hci \eh _ji jWnWXWj[c[dj W]h[[c[dji m_jêkj h[]WhZ je j^[ j[hci Wffhel[Z Xo j^[ ej^[h jWn_d] `kh_iZ_Yj_edi-

NS^gSf[a` aX HdabWdfk Xad LSjSf[a`

B[d[hWbbo+ fhef[hjo _d j^[ ?_ijh_Yj ckij X[ WffhW_i[Z Xo j^[ <ffhW_iWb ?_ijh_Yj Wj cWha[j lWbk[ Wi e\ EWdkWho 0 e\ [WYô[Wh- JdY[ Wd WffhW_iWb hebb _i fh[fWh[Z WdZ \_dWbbo Wffhel[Z Xo j^[ <ffhW_iWb M[l_[m =eWhZ+ _j _i ki[Z Xo j^[ ?_ijh_Yj_d [ijWXb_i^_d] _ji jWn hebbi WdZ jWn hWj[- <ii[iic[dji kdZ[h j^[ Khef[hjo OWn >eZ[ Wh[ je X[ XWi[Z ed ed[ ^kdZh[Zf[hY[dj '0//$( e\ cWha[j lWbk[+ Wi ikY^ _i Z[\_d[Z _d j^[ Khef[hjo OWn >eZ[-

56

000082

O^[ Khef[hjo OWn >eZ[ f[hc_ji bWdZ Z[i_]dWj[Z \eh W]h_YkbjkhWb ki[+ ef[d ifWY[ eh j_cX[hbWdZ je X[ WffhW_i[Z Wj _ji lWbk[XWi[Z ed j^[ bWdZ&i YWfWY_jo je fheZkY[ W]h_YkbjkhWb eh j_cX[h fheZkYji hWj^[h j^Wd Wj _ji cWha[j lWbk[- O^[ Khef[hjo OWn>eZ[ f[hc_ji kdZ[h Y[hjW_d Y_hYkcijWdY[i j^Wj h[i_Z[dj_Wb h[Wb fhef[hjo _dl[djeho ^[bZ Xo W f[hied _d j^[ jhWZ[ eh Xki_d[iiX[ lWbk[Z Wj j^[ fh_Y[ Wbb e\ ikY^ fhef[hjo mekbZ Xh_d] _\ iebZ Wi W kd_j je W fkhY^Wi[h mê mekbZ Yedj_dk[ j^[ Xki_d[ii-Khel_i_edi e\ j^[ Khef[hjo OWn >eZ[ Wh[ Yecfb[n WdZ Wh[ dej \kbbo ikccWh_p[Z ^[h[- GWdZemd[hi m_i^_d] je WlW_bj^[ci[bl[i e\ j^[ W]h_YkbjkhWb ki[+ ef[d ifWY[ eh j_cX[hbWdZ Z[i_]dWj_ed eh h[i_Z[dj_Wb h[Wb fhef[hjo _dl[djeho Z[i_]dWj_edckij Wffbo \eh j^[ Z[i_]dWj_ed WdZ j^[ WffhW_i[h _i h[gk_h[Z Xo j^[ Khef[hjo OWn >eZ[ je WYj ed [WY^ YbW_cWdj&i h_]^j jej^[ Z[i_]dWj_ed _dZ_l_ZkWbbo- < YbW_cWdj cWo mW_l[ j^[ if[Y_Wb lWbkWj_ed Wi je jWnWj_ed Xo iec[ feb_j_YWb ikXZ_l_i_edim^_b[ YbW_c_d] _j \eh Wdej^[h- D\ W YbW_cWdj h[Y[_l[i j^[ W]h_YkbjkhWb ki[ Z[i_]dWj_ed WdZ bWj[h bei[i _j Xo Y^Wd]_d] j^[ki[ e\ j^[ fhef[hjo eh i[bb_d] _j je Wd kdgkWb_\_[Z emd[h+ j^[ ?_ijh_Yj YWd Yebb[Yj jWn[i XWi[Z ed j^[ d[m ki[+ _dYbkZ_d]jWn[i \eh j^[ fh[l_eki j^h[[ '2( o[Whi \eh W]h_YkbjkhWb ki[ WdZ jWn[i \eh j^[ fh[l_eki \_l[ '4( o[Whi \eh ef[d ifWY[ bWdZWdZ j_cX[hbWdZ-

O^[ Khef[hjo OWn >eZ[ h[gk_h[i j^[ <ffhW_iWb ?_ijh_Yj je _cfb[c[dj W fbWd \eh f[h_eZ_Y h[WffhW_iWb e\ fhef[hjo je kfZWj[WffhW_iWb lWbk[i- O^[ fbWd ckij fhel_Z[ \eh WffhW_iWb e\ Wbb h[Wb fhef[hjo _d j^[ <ffhW_iWb ?_ijh_Yj Wj b[Wij edY[ [l[ho j^h[['2( o[Whi- Dj _i dej ademd m^Wj \h[gk[dYo e\ h[WffhW_iWbi m_bb X[ kj_b_p[Z Xo j^[ <ffhW_iWb ?_ijh_Yj eh m^[j^[h h[WffhW_iWbim_bb X[ YedZkYj[Z ed W ped[ eh Yekdjo,m_Z[ XWi_i- O^[ ?_ijh_Yj+ êm[l[h+ Wj _ji [nf[di[+ ^Wi j^[ h_]^j je eXjW_d \hec j^[<ffhW_iWb ?_ijh_Yj W Ykhh[dj [ij_cWj[ e\ WffhW_i[Z lWbk[i m_j^_d j^[ ?_ijh_Yj eh Wd [ij_cWj[ e\ Wdo d[m fhef[hjo eh_cfhel[c[dji m_j^_d j^[ ?_ijh_Yj- R^_b[ ikY^ Ykhh[dj [ij_cWj[ e\ WffhW_i[Z lWbk[i cWo i[hl[ je _dZ_YWj[ j^[ hWj[ WdZ[nj[dj e\ ]hemj^ e\ jWnWXb[ lWbk[i m_j^_d j^[ ?_ijh_Yj+ _j YWddej X[ ki[Z \eh [ijWXb_i^_d] W jWn hWj[ m_j^_d j^[ ?_ijh_Yj kdj_bikY^ j_c[ Wi j^[ <ffhW_iWb ?_ijh_Yj Yêei[i je \ehcWbbo _dYbkZ[ ikY^ lWbk[i ed _ji WffhW_iWb hebb-

<[efd[Uf S`V LSjbSkWd JW_WV[We

PdZ[h Y[hjW_d Y_hYkcijWdY[i+ jWnfWo[hi WdZ jWn_d] kd_ji 'ikY^ Wi j^[ ?_ijh_Yj( cWo Wff[Wb j^[ ehZ[hi e\ j^[ <ffhW_iWbM[l_[m =eWhZ Xo \_b_d] W j_c[bo f[j_j_ed \eh h[l_[m _d NjWj[ Z_ijh_Yj Yekhj- Dd ikY^ [l[dj+ j^[ lWbk[ e\ j^[ fhef[hjo _dgk[ij_ed m_bb X[ Z[j[hc_d[Z Xo j^[ Yekhj+ eh Xo W `kho+ _\ h[gk[ij[Z Xo Wdo fWhjo- <ZZ_j_edWbbo+ jWn_d] kd_ji cWo Xh_d]ik_j W]W_dij j^[ <ffhW_iWb ?_ijh_Yj je Yecf[b Yecfb_WdY[ m_j^ j^[ Khef[hjo OWn >eZ[-

O^[ Khef[hjo OWn >eZ[ WdZ j^[ O[nWi RWj[h >eZ[ i[j \ehj^ dej_Y[ WdZ ^[Wh_d] fheY[Zkh[i \eh Y[hjW_d jWn hWj[ _dYh[Wi[iXo j^[ ?_ijh_Yj WdZ fhel_Z[ \eh jWnfWo[h h[\[h[dZW m^_Y^ YekbZ h[ikbj _d j^[ h[f[Wb e\ Y[hjW_d jWn _dYh[Wi[i- O^[ Khef[hjoOWn >eZ[ Wbie [ijWXb_i^[i W fheY[Zkh[ \eh dej_Y[ je fhef[hjo emd[hi e\ h[WffhW_iWbi h[\b[Yj_d] _dYh[Wi[Z fhef[hjo lWbk[i+WffhW_iWbi j^Wj Wh[ ^_]^[h j^Wd h[dZ_j_edi WdZ WffhW_iWbi e\ fhef[hjo dej fh[l_ekibo ed Wd WffhW_iWb hebb-

Ja^^TSU] aX GbWdSf[a` S`V ES[`fW`SÙW LSj JSfW

?kh_d] j^[ 75j^ M[]kbWh G[]_ibWj_l[ N[ii_ed+ N[dWj[ =_bb 1 '!N= 1!( mWi fWii[Z WdZ i_]d[Z Xo j^[ Bel[hdeh+ m_j^ Wd[\\[Yj_l[ ZWj[ e\ EWdkWho 0+ 1/1/+ WdZ j^[ fhel_i_edi Z[iYh_X[Z ^[h[_d Wh[ [\\[Yj_l[ X[]_dd_d] m_j^ j^[ 1/1/ jWn o[Wh-N[[ !N@G@>O@? ADID<G DIAJMH<ODJI! \eh W Z[iYh_fj_ed e\ j^[ ?_ijh_Yj&i Ykhh[dj jejWb jWn hWj[- ?[Xj i[hl_Y[WdZ YedjhWYj jWn hWj[i YWddej X[ h[ZkY[Z Xo W hebbXWYa [b[Yj_ed ^[bZ m_j^_d Wdo e\ j^[ Z_ijh_Yji Z[iYh_X[Z X[bem-

N= 1 YbWii_\_[i Z_ijh_Yji Z_\\[h[djbo XWi[Z ed j^[ Ykhh[dj ef[hWj_ed WdZ cW_dj[dWdY[ jWn hWj[ eh ed j^[ f[hY[djW][ e\Xk_bZ,ekj j^Wj j^[ ?_ijh_Yj ^Wi Yecfb[j[Z- ?_ijh_Yji j^Wj ^Wl[ WZefj[Z Wd ef[hWj_ed WdZ cW_dj[dWdY[ jWn hWj[ \eh j^[ Ykhh[djo[Wh j^Wj _i 1-4 Y[dji eh b[ii f[h #0// e\ jWnWXb[ lWbk[ Wh[ YbWii_\_[Z Wi !Nf[Y_Wb OWn_d] Pd_ji-! ?_ijh_Yji j^Wj ^Wl[\_dWdY[Z+ Yecfb[j[Z+ WdZ _iik[Z XedZi je fWo \eh Wbb _cfhel[c[dji WdZ \WY_b_j_[i d[Y[iiWho je i[hl[ Wj b[Wij 84$ e\ j^[fhe`[Yj[Z Xk_bZ,ekj e\ j^[ Z_ijh_Yj Wh[ YbWii_\_[Z Wi !?[l[bef[Z ?_ijh_Yji-! ?_ijh_Yji j^Wj Ze dej c[[j [_j^[h e\ j^[YbWii_\_YWj_edi fh[l_ekibo Z_iYkii[Z YWd X[ YbWii_\_[Z ^[h[_d Wi !?[l[bef_d] ?_ijh_Yji-! O^[ _cfWYj [WY^ YbWii_\_YWj_ed^Wi ed j^[ WX_b_jo e\ W Z_ijh_Yj je _dYh[Wi[ _ji cW_dj[dWdY[ WdZ ef[hWj_edi jWn hWj[ fkhikWdj je N= 1 _i Z[iYh_X[Z \eh [WY^YbWii_\_YWj_ed X[bem-

57

000083

6J@>D<F 7<QDHB 8HDML

Nf[Y_Wb OWn_d] Pd_ji j^Wj WZefj W jejWb jWn hWj[ j^Wj mekbZ _cfei[ ceh[ j^Wd0-/7 j_c[i j^[ Wcekdj e\ j^[ jejWb jWn_cfei[Z Xo ikY^ Z_ijh_Yj _d j^[ fh[Y[Z_d] jWn o[Wh ed W h[i_Z[dY[ êc[ij[WZ WffhW_i[Z Wj j^[ Wl[hW][ WffhW_i[Z lWbk[e\ W h[i_Z[dY[ êc[ij[WZ+ ikX`[Yj je Y[hjW_d êc[ij[WZ [n[cfj_edi+ Wh[ h[gk_h[Z je êbZ Wd [b[Yj_ed m_j^_d j^[ Z_ijh_Yjje Z[j[hc_d[ m^[j^[h je Wffhel[ j^[ WZefj[Z jejWb jWn hWj[- D\ j^[ WZefj[Z jejWb jWn hWj[ _i dej Wffhel[Z Wj j^[ [b[Yj_ed+j^[ jejWb jWn hWj[ \eh W Nf[Y_Wb OWn_d] Pd_j _i j^[ Ykhh[dj o[Wh&i Z[Xj i[hl_Y[ WdZ YedjhWYj jWn hWj[ fbki 0-/7 j_c[i j^[fh[l_eki o[Wh&i ef[hWj_ed WdZ cW_dj[dWdY[ jWn hWj[-

-@O@FIJ@? -DLMKD>ML

?[l[bef[Z ?_ijh_Yji j^Wj WZefj W jejWb jWn hWj[ j^Wj mekbZ _cfei[ ceh[ j^Wd0-/24 j_c[i j^[ Wcekdj e\ j^[ jejWb jWn_cfei[Z Xo j^[ Z_ijh_Yj _d j^[ fh[Y[Z_d] jWn o[Wh ed W h[i_Z[dY[ êc[ij[WZ WffhW_i[Z Wj j^[ Wl[hW][ WffhW_i[Z lWbk[ e\W h[i_Z[dY[ êc[ij[WZ+ ikX`[Yj je Y[hjW_d êc[ij[WZ [n[cfj_edi \eh j^[ fh[Y[Z_d] jWn o[Wh+ fbki Wdo kdki[Z _dYh[c[djhWj[i+ Wi YWbYkbWj[Z WdZ Z[iYh_X[Z _d N[Yj_ed 15-/02 e\ j^[ OWn >eZ[+ Wh[ h[gk_h[Z je êbZ Wd [b[Yj_ed m_j^_d j^[ Z_ijh_Yjje Z[j[hc_d[ m^[j^[h je Wffhel[ j^[ WZefj[Z jejWb jWn hWj[- D\ j^[ WZefj[Z jejWb jWn hWj[ _i dej Wffhel[Z Wj j^[ [b[Yj_ed+j^[ jejWb jWn hWj[ \eh W ?[l[bef[Z ?_ijh_Yj _i j^[ Ykhh[dj o[Wh&i Z[Xj i[hl_Y[ WdZ YedjhWYj jWn hWj[ fbki 0-/24 j_c[i j^[fh[l_eki o[Wh&i ef[hWj_ed WdZ cW_dj[dWdY[ jWn hWj[ fbki Wdo kdki[Z _dYh[c[dj hWj[i- Dd WZZ_j_ed+ _\ Wdo fWhj e\ W?[l[bef[Z ?_ijh_Yj b_[i m_j^_d Wd Wh[W Z[YbWh[Z \eh Z_iWij[h Xo j^[ Bel[hdeh e\ O[nWi eh Kh[i_Z[dj e\ j^[ Pd_j[Z NjWj[i+Wbj[hdWj_l[ fheY[Zkh[i WdZ hWj[ b_c_jWj_edi cWo Wffbo \eh W j[cfehWho f[h_eZ- D\ W Z_ijh_Yj gkWb_\_[i Wi Xej^ W Nf[Y_WbOWn_d] Pd_j WdZ W ?[l[bef[Z ?_ijh_Yj+ j^[ Z_ijh_Yj m_bb X[ ikX`[Yj je j^[ ef[hWj_ed WdZ cW_dj[dWdY[ jWn j^h[iêbZWffb_YWXb[ je Nf[Y_Wb OWn_d] Pd_ji-

-@O@FIJDHB -DLMKD>ML

?_ijh_Yji j^Wj Ze dej c[[j j^[ YbWii_\_YWj_ed e\ W Nf[Y_Wb OWn_d] Pd_j eh W ?[l[bef[Z ?_ijh_Yj YWd X[ YbWii_\_[Z Wi?[l[bef_d] ?_ijh_Yji- O^[ gkWb_\_[Z lej[hi e\ j^[i[ Z_ijh_Yji+ kfed j^[ ?[l[bef_d] ?_ijh_Yj&i WZefj_ed e\ W jejWb jWn hWj[j^Wj mekbZ _cfei[ ceh[ j^Wd 0-/7 j_c[i j^[ Wcekdj e\ j^[ jejWb jWn hWj[ _cfei[Z Xo ikY^ Z_ijh_Yj _d j^[ fh[Y[Z_d] jWno[Wh ed W h[i_Z[dY[ êc[ij[WZ WffhW_i[Z Wj j^[ Wl[hW][ WffhW_i[Z lWbk[ e\ W h[i_Z[dY[ êc[ij[WZ+ ikX`[Yj je Y[hjW_dêc[ij[WZ [n[cfj_edi+ Wh[ Wkjêh_p[Z je f[j_j_ed \eh Wd [b[Yj_ed je h[ZkY[ j^[ ef[hWj_ed WdZ cW_dj[dWdY[ jWn hWj[- D\ Wd[b[Yj_ed _i YWbb[Z WdZ fWii[i+ j^[ jejWb jWn hWj[ \eh ?[l[bef_d] ?_ijh_Yji _i j^[ Ykhh[dj o[Wh&i Z[Xj i[hl_Y[ WdZ YedjhWYj jWnhWj[ fbki 0-/7 j_c[i j^[ fh[l_eki o[Wh&i ef[hWj_ed WdZ cW_dj[dWdY[ jWn hWj[-

7C@ -DLMKD>M

< Z[j[hc_dWj_ed Wi je W Z_ijh_Yj&i ijWjki Wi W Nf[Y_Wb OWn_d] Pd_j+ ?[l[bef[Z ?_ijh_Yj eh ?[l[bef_d] ?_ijh_Yj m_bb X[ cWZ[Xo j^[ =eWhZ e\ ?_h[Yjehi ed Wd WddkWb XWi_i+ X[]_dd_d] m_j^ j^[ 1/1/ jWn hWj[- O^[ ?_ijh_Yj YWddej ]_l[ Wdo WiikhWdY[iWi je m^Wj _ji YbWii_\_YWj_ed m_bb X[ Wj Wdo fe_dj _d j_c[ eh m^[j^[h j^[ ?_ijh_Yj&i \kjkh[ jWn hWj[i m_bb h[ikbj _d W jejWb jWnhWj[ j^Wj m_bb h[YbWii_\o j^[ ?_ijh_Yj _dje W d[m YbWii_\_YWj_ed WdZ d[m [b[Yj_ed YWbYkbWj_ed-

DWhk S`V ;a^^WUf[a` aX LSjWe

O^[ ?_ijh_Yj _i h[ifedi_Xb[ \eh j^[ b[lo WdZ Yebb[Yj_ed e\ _ji jWn[i+ kdb[ii _j [b[Yji je jhWdi\[h ikY^ \kdYj_edi je Wdej^[h]el[hdc[djWb [dj_jo- =o N[fj[cX[h 0 e\ [WY^ o[Wh+ eh Wi ieed j^[h[W\j[h Wi fhWYj_YWXb[+ j^[ hWj[ e\ jWnWj_ed _i i[j Xo j^[=eWhZ XWi[Z kfed j^[ lWbkWj_ed e\ fhef[hjo m_j^_d j^[ ?_ijh_Yj Wi e\ j^[ fh[Y[Z_d] EWdkWho 0- OWn[i Wh[ Zk[ JYjeX[h 0+eh m^[d X_bb[Z+ m^_Y^[l[h Yec[i bWj[h+ WdZ X[Yec[ Z[b_dgk[dj W\j[h EWdkWho 20 e\ j^[ \ebbem_d] o[Wh- < Z[b_dgk[dj jWn_dYkhi W f[dWbjo e\ i_n f[hY[dj '5$( e\ j^[ Wcekdj e\ j^[ jWn \eh j^[ \_hij YWb[dZWh cedj^ _j _i Z[b_dgk[dj+ fbki ed[ f[hY[dj'0$( \eh [WY^ WZZ_j_edWb cedj^ eh fehj_ed e\ W cedj^ j^[ jWn h[cW_di kdfW_Z fh_eh je Ekbo 0 e\ j^[ o[Wh _d m^_Y^ _jX[Yec[i Z[b_dgk[dj- ?[b_dgk[dj jWn[i Wbie WYYhk[ _dj[h[ij Wj j^[ hWj[ e\ ed[ f[hY[dj '0$( f[h cedj^ Zkh_d] j^[ f[h_eZj^[o h[cW_d ekjijWdZ_d]- D\ j^[ jWn _i dej fW_Z Xo Ekbo 0 e\ j^[ o[Wh _d m^_Y^ _j X[Yec[i Z[b_dgk[dj+ j^[ jWn _dYkhi W jejWbf[dWbjo e\ jm[bl[ f[hY[dj '01$( h[]WhZb[ii e\ j^[ dkcX[h e\ cedjî j^[ jWn ^Wi X[[d Z[b_dgk[dj WdZ _dYkhi Wd WZZ_j_edWbf[dWbjo e\ kf je jm[djo f[hY[dj '1/$( _\ _cfei[Z Xo j^[ ?_ijh_Yj- O^[ Z[b_dgk[dj jWn Wbie Yedj_dk[i je WYYhk[ _dj[h[ijWj W hWj[ e\ ed[ f[hY[dj '0$( \eh [WY^ cedj^ eh fehj_ed e\ W cedj^ _j h[cW_di kdfW_Z- O^[ Khef[hjo OWn >eZ[ Wbie cWa[ifhel_i_edi \eh j^[ ifb_j fWoc[dj e\ jWn[i+ Z_iYekdji \eh [Whbo fWoc[dj WdZ j^[ feijfed[c[dj e\ j^[ Z[b_dgk[dYo ZWj[ e\

58

000084

jWn[i kdZ[h Y[hjW_d Y_hYkcijWdY[i- <ZZ_j_edWbbo+ j^[ emd[h e\ W h[i_Z[dj_Wb êc[ij[WZ fhef[hjo j^Wj _i W f[hied i_njo,\_l['54( o[Whi e\ W][ eh ebZ[h eh kdZ[h W Z_iWX_b_jo \eh fkhfei[i e\ fWoc[dj e\ Z_iWX_b_jo _dikhWdY[ fWoc[dji kdZ[h j^[A[Z[hWb JbZ,<][+ ikhl_lehi+ WdZ ?_iWX_b_jo DdikhWdY[ <Yj _i [dj_jb[Z Xo bWm je fWo Ykhh[dj jWn[i ed W h[i_Z[dj_Wbêc[ij[WZ _d _dijWbbc[dji eh je Z[\[h j^[ fWoc[dj e\ jWn[i m_jêkj f[dWbjo Zkh_d] j^[ j_c[ e\ emd[hi^_f-

<[efd[Uf$e J[YZfe [` fZW =hW`f aX LSj <W^[`cgWÙ[We

OWn[i b[l_[Z Xo j^[ ?_ijh_Yj Wh[ W f[hiedWb eXb_]Wj_ed e\ j^[ emd[h e\ j^[ fhef[hjo Wi e\ EWdkWho 0 e\ j^[ o[Wh \eh m^_Y^j^[ jWn _i _cfei[Z- Jd EWdkWho 0 e\ [WY^ o[Wh+ W jWn b_[d WjjWY^[i je fhef[hjo je i[Ykh[ j^[ fWoc[dj e\ Wbb ijWj[ WdZ beYWbjWn[i+ f[dWbj_[i WdZ _dj[h[ij kbj_cWj[bo _cfei[Z \eh j^[ o[Wh ed j^[ fhef[hjo- O^[ b_[d [n_iji _d \Wleh e\ [WY^ beYWb jWn_d]kd_j+ _dYbkZ_d] j^[ ?_ijh_Yj+ ^Wl_d] j^[ fem[h je jWn j^[ fhef[hjo- O^[ ?_ijh_Yj&i jWn b_[d _i ed W fWh_jo m_j^ j^[ jWn b_[die\ ej^[h ikY^ jWn_d] kd_ji 'i[[ wO<S ?<O< , @ij_cWj[Z Jl[hbWff_d] OWn[ix(- < jWn b_[d ed h[Wb fhef[hjo jWa[i fh_eh_joel[h j^[ YbW_ci e\ ceij Yh[Z_jehi WdZ ej^[h êbZ[hi e\ b_[di ed j^[ fhef[hjo [dYkcX[h[Z Xo j^[ jWn b_[d+ m^[j^[h eh dejj^[ Z[Xj eh b_[d [n_ij[Z X[\eh[ j^[ WjjWY^c[dj e\ j^[ jWn b_[d; êm[l[h+ m^[j^[h W b_[d e\ j^[ Pd_j[Z NjWj[i _i ed W fWh_jom_j^ eh jWa[i fh_eh_jo el[h W jWn b_[d e\ j^[ ?_ijh_Yj _i Z[j[hc_d[Z Xo Wffb_YWXb[ \[Z[hWb bWm- K[hiedWb fhef[hjo+ kdZ[hY[hjW_d Y_hYkcijWdY[i+ _i ikX`[Yj je i[_pkh[ WdZ iWb[ \eh j^[ fWoc[dj e\ Z[b_dgk[dj jWn[i+ f[dWbjo WdZ _dj[h[ij-

<j Wdo j_c[ W\j[h jWn[i ed fhef[hjo X[Yec[ Z[b_dgk[dj+ j^[ ?_ijh_Yj cWo \_b[ ik_j je \eh[Ybei[ j^[ b_[d i[Ykh_d] fWoc[dje\ j^[ jWn+ je [d\ehY[ f[hiedWb b_WX_b_jo \eh j^[ jWn+ eh Xej^- Dd \_b_d] W ik_j je \eh[Ybei[ W jWn b_[d ed h[Wb fhef[hjo+ j^[?_ijh_Yj ckij è_d ej^[h jWn_d] kd_ji j^Wj ^Wl[ YbW_ci \eh Z[b_dgk[dj jWn[i W]W_dij Wbb eh fWhj e\ j^[ iWc[ fhef[hjo->ebb[Yj_ed e\ Z[b_dgk[dj jWn[i cWo X[ WZl[hi[bo W\\[Yj[Z Xo j^[ Wcekdj e\ jWn[i em[Z je ej^[h jWn_d] kd_ji+ Xo j^[ [\\[Yjie\ cWha[j YedZ_j_edi ed j^[ \eh[Ybeikh[ iWb[ fh_Y[+ Xo jWnfWo[h h[Z[cfj_ed h_]^ji 'W jWnfWo[h cWo h[Z[[c fhef[hjo m_j^_di_n '5( cedjî \eh Yecc[hY_Wb fhef[hjo WdZ jme '1( o[Whi \eh h[i_Z[dj_Wb WdZ Wbb ej^[h jof[i e\ fhef[hjo W\j[h j^[fkhY^Wi[h&i Z[[Z _iik[Z Wj j^[ \eh[Ybeikh[ iWb[ _i \_b[Z _d j^[ Yekdjo h[YehZi( eh Xo XWdahkfjYo fheY[[Z_d]i m^_Y^ h[ijh_Yjj^[ Yebb[Yj_ed e\ jWnfWo[h Z[Xji- N[[ wDIQ@NOH@IO >JIND?@M<ODJIN , OWn >ebb[Yj_ed G_c_jWj_edi-x

L@= KQKL=E

O^[ \beeZ fbW_d h[YbWcWj_ed WdZ ekj\Wbb ZhW_dW][ \WY_b_j_[i YedijhkYj[Z Xo j^[ ?_ijh_Yj 'j^[ wNoij[cx( Wh[ Ykhh[djbo X[_d]cW_djW_d[Z Xo j^[ Pd_j[Z NjWj[i <hco >ehfi e\ @d]_d[[hi WdZ Aehj =[dZ >ekdjo- O^[ YedijhkYj_ed WdZ _dijWbbWj_ed e\?_ijh_Yj \WY_b_j_[i ckij X[ cWZ[ _d WYYehZWdY[ m_j^ j^[ ijWdZWhZi WdZ if[Y_\_YWj_edi e\ lWh_eki h[]kbWjeho W][dY_[i+_dYbkZ_d] Aehj =[dZ >ekdjo WdZ j^[ O>@L+ WdZ Wh[ ikX`[Yj je _dif[Yj_ed Xo ikY^ [dj_j_[i-

<i _i ijWj[Z _d j^_i J\\_Y_Wb NjWj[c[dj kdZ[h j^[ YWfj_ed wOC@ =JI?N , DiikWdY[ e\ <ZZ_j_edWb ?[Xj+x WYYehZ_d] je j^[?_ijh_Yj&i @d]_d[[h+ j^[ YedijhkYj_ed e\ j^[ Noij[c je i[hl[ j^[ Wh[W beYWj[Z m_j^_d j^[ ?_ijh_Yj ^Wi X[[d Yecfb[j[Z WiikY^ YedijhkYj_ed _i Ykhh[djbo fbWdd[Z- O^[ Noij[c Yedi_iji e\ j^[ \WY_b_j_[i _dYbkZ[Z _d j^[ ?_ijh_Yj&i KbWd e\M[YbWcWj_ed- <YYehZ_d] je j^[ @d]_d[[h+ ikY^ \WY_b_j_[i Wh[ ik\\_Y_[dj je fhel_Z[ \beeZ fbW_d h[YbWcWj_ed WdZ ekj\WbbZhW_dW][ d[Y[iiWho je i[hl[ j^[ [dj_h[jo e\ j^[ Wh[W e\ j^[ ?_ijh_Yj- O^[h[\eh[+ j^[ ?_ijh_Yj Ze[i dej Wdj_Y_fWj[ j^Wj _j m_bb_iik[ WZZ_j_edWb XedZi je \_dWdY[ j^[ YedijhkYj_ed e\ WZZ_j_edWb Yecfed[dji e\ j^[ Noij[c Xkj YWddej h[fh[i[dj j^Wj _jm_bb dej Ze ie+ deh j^Wj \kjkh[ h[fW_hi je j^[ Noij[c c_]^j dej d[Y[ii_jWj[ ikY^ _iikWdY[- N[[ wOC@ =JI?N , DiikWdY[e\ <ZZ_j_edWb ?[Xjx WdZ wDIQ@NOH@IO >JIND?@M<ODJIN , Akjkh[ ?[Xj-x O^[ ?_ijh_Yj \_dWdY[Z j^[ Yeij e\YedijhkYj_ed e\ j^[ \beeZ fbW_d h[YbWcWj_ed WdZ ekj\Wbb ZhW_dW][ \WY_b_j_[i Z[iYh_X[Z X[bem m_j^ fehj_edi e\ j^[ fheY[[Zie\ j^[ iWb[ e\ j^[ N[h_[i 0875 =edZi-

>âaV HdafWUf[a` S`V <dS[`SYW >SU[^[f[We

Dd WYYehZWdY[ m_j^ >^Wfj[h 46 e\ j^[ O[nWi RWj[h >eZ[+ j^[ ?_ijh_Yj WZefj[Z W KbWd e\ M[YbWcWj_ed+ m^_Y^ _i j^[ el[hWbbfbWd \eh h[YbW_c_d] WdZ ZhW_d_d] j^[ bWdZ m_j^_d j^[ ?_ijh_Yj- O^[ fbWd mWi Wffhel[Z Xo j^[ O[nWi RWj[h >ecc_ii_ed'dem j^[ O>@L( Xo ehZ[h ZWj[Z EWdkWho 6+ 0875- PdZ[h j^[ fhel_i_edi e\ >^Wfj[h 46 e\ j^[ O[nWi RWj[h >eZ[+ j^[?_ijh_Yj cWo edbo YedijhkYj ZhW_dW][ \WY_b_j_[i WdZ _cfhel[c[dji j^Wj Wh[ _dYbkZ[Z _d j^[ KbWd e\ M[YbWcWj_ed- DdYedd[Yj_ed m_j^ j^[ KbWd e\ M[YbWcWj_ed+ j^[ fh[Z[Y[iieh je j^[ O>@L _iik[Z W f[hc_j Wbbem_d] \eh j^[ YedijhkYj_ed e\Wffhen_cWj[bo 47+0// \[[j e\ Y^Wdd[b _cfhel[c[dji ed >beZ_d[ ?_jY^ WdZ Ged] Ke_dj Nbek]^+ h[fbWY[c[dj e\ Wd [n_ij_d]Nekj^[hd KWY_\_Y MW_bheWZ Xh_Z][+ ceZ_\_YWj_edi je Wd [n_ij_d] Xh_Z][ ed A-H- 0/82+ Wiiehj[Z Ykbl[hji+ WdZ j^[ WZ`kijc[dje\ W dkcX[h e\ f_f[b_d[i je WYYecceZWj[ j^[ kbj_cWj[ ekj\Wbb ZhW_dW][ d[[Zi e\ j^[ ?_ijh_Yj- >ecfb[j_ed e\ Wbb e\ j^[kbj_cWj[ ZhW_dW][ \WY_b_j_[i Wkjêh_p[Z kdZ[h j^[ KbWd e\ M[YbWcWj_ed mWi fbWdd[Z je [b_c_dWj[ j^[ el[hXWda 0//,o[Wh\beeZ fbW_d \hec j^[ ?_ijh_Yj-

6/

000085

>edijhkYj_ed e\ _cfhel[c[dji+ _dYbkZ_d] YedijhkYj_ed e\ j^[ Zemdijh[Wc 32+4// \[[j e\ Y^Wdd[b+ Wbed] m_j^ Wbb f_f[b_d[WZ`kijc[dji+ Ykbl[hji+ WdZ Xh_Z][ meha+ ^Wi X[[d Yecfb[j[Z- Dd WZZ_j_ed+ W Y^Wdd[b mWi YedijhkYj[Z \eh j^[ h[cW_d_d]03+5// \[[j kfijh[Wc- O^[ _cfhel[c[dji h[cel[Z Wbb e\ j^[ ?_ijh_Yj \hec j^[ 0//,o[Wh \beeZ fbW_d+ Wi [l_Z[dY[Z Xo j^[AbeeZ DdikhWdY[ MWj[ HWf ZWj[Z EWdkWho 2+ 0886-

O^[ ?_ijh_Yj \_dWdY[Z Wbb e\ j^[ \WY_b_j_[i fhefei[Z je X[ YedijhkYj[Z fkhikWdj je j^[ Wffhel[Z KbWd e\ M[YbWcWj_ed m_j^j^[ fheY[[Zi e\ j^[ iWb[ e\ j^[ N[h_[i 0875 =edZi-

-,,)QWSd >âaV H^S[`

<i ijWj[Z WXel[+ WYYehZ_d] je j^[ @d]_d[[h+ j^[ [dj_h[jo e\ j^[ Wh[W e\ j^[ ?_ijh_Yj ^Wi X[[d h[cel[Z \hec j^[ 0//,o[Wh\beeZ fbW_d Z[i_]dWj_ed Wi W Yedi[gk[dY[ e\ j^[ YedijhkYj_ed e\ \beeZ fbW_d h[YbWcWj_ed WdZ ekj\Wbb ZhW_dW][_cfhel[c[dji \_dWdY[Z Xo j^[ ?_ijh_Yj m_j^ j^[ fheY[[Zi e\ j^[ iWb[ e\ j^[ N[h_[i 0875 =edZi-

<\j[h YedijhkYj_ed e\ j^[ _cfhel[c[dji mWi Yecfb[j[Z+ j^[ [dj_h[jo e\ j^[ ?_ijh_Yj mWi h[cel[Z \hec j^[ 0//,o[Wh \beeZfbW_d- O^[ _cfhel[c[dji Wbbem \eh \kbb Z[l[befc[dj e\ fhef[hjo Wi bed] Wi j^[ ?_ijh_Yjvi ijehc mWj[h Z[j[dj_edh[gk_h[c[dji Wh[ iWj_i\_[Z- <do fhe`[Yj YedijhkYj[Z m_j^_d j^[ ?_ijh_Yj _i h[gk_h[Z je fhel_Z[ ijehc mWj[h Z[j[dj_ed jeW c_d_ckc if[Y_\_YWj_ed e\ /-5 WYh[,\[[j f[h WYh[- O^[ [dj_h[jo e\ j^[ ?_ijh_Yj _i beYWj[Z ekji_Z[ j^[ 0//,o[Wh \beeZ fbW_de\ j^[ >beZ_d[ ?_jY^ WdZ Ged]fe_dj Nbek]^ Y^Wdd[bi-

!AbeeZ DdikhWdY[ MWj[ HWf! eh !ADMH! c[Wdi Wd e\\_Y_Wb cWf e\ W Yecckd_jo ed m^_Y^ j^[ A[Z[hWb @c[h][dYoHWdW][c[dj <][dYo 'wA@H<x( ^Wi Z[b_d[Wj[Z j^[ Wffhefh_Wj[ Wh[Wi e\ \beeZ ^WpWhZi- O^[ 0$ Y^WdY[ e\ fheXWXb[_dkdZWj_ed+ Wbie ademd Wi j^[ 0//,o[Wh \beeZ fbW_d+ _i Z[f_Yj[Z ed j^[i[ cWfi- O^[ !0// o[Wh \beeZ fbW_d! 'eh 0$ Y^WdY[e\ fheXWXb[ _dkdZWj_ed( Wi iêmd ed j^[ ADMH _i j^[ [ij_cWj[Z ][e]hWf^_YWb Wh[W j^Wj mekbZ X[ \beeZ[Z Xo W hW_d ijehce\ ikY^ _dj[di_jo je ijWj_ij_YWbbo ^Wl[ W ed[ f[hY[dj Y^WdY[ e\ eYYkhh_d] _d Wdo ]_l[d o[Wh- B[d[hWbbo if[Wa_d]+ êc[ickij X[ Xk_bj WXel[ j^[ 0// o[Wh \beeZ fbW_d _d ehZ[h je c[[j beYWb h[]kbWjeho h[gk_h[c[dji WdZ je X[ [b_]_Xb[ \eh \[Z[hWb\beeZ _dikhWdY[- <d [d]_d[[h_d] eh h[]kbWjeho Z[j[hc_dWj_ed j^Wj Wd Wh[W _i WXel[ j^[ 0// o[Wh \beeZ fbW_d _i dej WdWiikhWdY[ j^Wj êc[i Xk_bj _d ikY^ Wh[W m_bb dej X[ \beeZ[Z+ WdZ W dkcX[h e\ d[_]^XehêeZi _d j^[ ]h[Wj[h Cekijed Wh[Wj^Wj Wh[ WXel[ j^[ 0//,o[Wh \beeZ fbW_d ^Wl[ \beeZ[Z ckbj_fb[ j_c[i _d j^[ bWij i[l[hWb o[Whi-

O^[ IWj_edWb R[Wj^[h N[hl_Y[ h[Y[djbo Yecfb[j[Z W hW_d\Wbb ijkZo ademd Wi IJ<< <jbWi 03+ Qebkc[ 00Kh[Y_f_jWj_ed,Ah[gk[dYo <jbWi e\ j^[ Pd_j[Z NjWj[i '!<jbWi 03!(- AbeeZfbW_d XekdZWh_[i m_j^_d j^[ N[hl_Y[ <h[W cWoX[ h[ZhWmd XWi[Z ed j^[ <jbWi 03 ijkZo XWi[Z ed W ^_]^[h ijWj_ij_YWb hW_d\Wbb Wcekdj+ h[ikbj_d] _d j^[ Wffb_YWj_ed e\ ceh[ijh_d][dj \beeZfbW_d h[]kbWj_edi Wffbo_d] je W bWh][h Wh[W WdZ fej[dj_Wbbo b[Wl_d] b[ii Z[l[befWXb[ fhef[hjo m_j^_d j^[N[hl_Y[ <h[W- O^[ Wffb_YWj_ed e\ ikY^ h[]kbWj_edi YekbZ WZZ_j_edWbbo h[ikbj _d ^_]^[h _dikhWdY[ hWj[i+ _dYh[Wi[ZZ[l[befc[dj \[[i+ WdZ ijh_Yj[h Xk_bZ_d] YeZ[i \eh Wdo fhef[hjo beYWj[Z m_j^_d j^[ [nfWdZ[Z XekdZWh_[i e\ j^[ \beeZfbW_d-

JWYg^Sf[a`

>edijhkYj_ed WdZ ef[hWj_ed e\ j^[ ?_ijh_Yj&i Noij[c Wi _j dem [n_iji eh Wi _j cWo X[ [nfWdZ[Z \hec j_c[ je j_c[ _i ikX`[Yjje j^[ h[]kbWjeho `kh_iZ_Yj_ed e\ i[l[hWb A[Z[hWb+ NjWj[ WdZ beYWb Wkjêh_j_[i- O^[ O>@L [n[hY_i[i iec[ ikf[hl_iehoWkjêh_jo el[h j^[ ?_ijh_Yj+ WdZ [n[hY_i[i Yedj_dk_d] ikf[hl_ieho Wkjêh_jo el[h j^[ PdZ[hbo_d] ?_ijh_Yji- >edijhkYj_ede\ ZhW_dW][ \WY_b_j_[i _i ikX`[Yj je j^[ h[]kbWjeho Wkjêh_jo e\ Aehj =[dZ >ekdjo+ WdZ+ _d iec[ _dijWdY[i+ j^[ O>@L+ WdZj^[ P-N- <hco >ehfi e\ @d]_d[[hi- O^[ >_jo e\ Cekijed Wbie [n[hY_i[i h[]kbWjeho `kh_iZ_Yj_ed el[h fehj_edi e\ j^[?_ijh_Yj&i Noij[c-

D=?8D E8LL=JK

DWYS^ Gb[`[aè

O^[ ?_ijh_Yj m_bb \khd_i^ j^[ PdZ[hmh_j[h W jhWdiYh_fj e\ Y[hjW_d Y[hj_\_[Z fheY[[Z_d]i ^WZ _dY_Z[dj je j^[ Wkjêh_pWj_edWdZ _iikWdY[ e\ j^[ =edZi- NkY^ jhWdiYh_fj m_bb _dYbkZ[ W Y[hj_\_[Z Yefo e\ j^[ Wffhel_d] ef_d_ed e\ j^[ <jjehd[o B[d[hWbe\ O[nWi+ Wi h[YehZ[Z _d j^[ =edZ M[]_ij[h e\ j^[ >ecfjhebb[h e\ KkXb_Y <YYekdji e\ j^[ NjWj[ e\ O[nWi+ je j^[ [\\[Yj j^Wj

60

000086

j^[ =edZi Wh[ lWb_Z WdZ X_dZ_d] eXb_]Wj_edi e\ j^[ ?_ijh_Yj- O^[ ?_ijh_Yj Wbie m_bb \khd_i^ j^[ Wffhel_d] b[]Wb ef_d_ede\ Nc_j^+ HkhZWk]^+ G_jjb[ % =ed^Wc+ G-G-K-+ Cekijed+ O[nWi+ =edZ >ekdi[b 'w=edZ >ekdi[bx(+ je j^[ [\\[Yj j^Wj+XWi[Z kfed Wd [nWc_dWj_ed e\ ikY^ jhWdiYh_fj+ j^[ =edZi Wh[ lWb_Z WdZ X_dZ_d] eXb_]Wj_edi e\ j^[ ?_ijh_Yj kdZ[h j^[>edij_jkj_ed WdZ bWmi e\ j^[ NjWj[ e\ O[nWi- O^[ b[]Wb ef_d_ed e\ =edZ >ekdi[b m_bb \khj^[h ijWj[ j^Wj j^[ =edZi+_dYbkZ_d] fh_dY_fWb e\ WdZ _dj[h[ij j^[h[ed+ Wh[ fWoWXb[ \hec WZ lWbeh[c jWn[i+ m_jêkj b[]Wb b_c_j Wi je hWj[ eh Wcekdj+kfed Wbb jWnWXb[ fhef[hjo beYWj[Z m_j^_d j^[ ?_ijh_Yj WdZ j^Wj _dj[h[ij ed j^[ =edZi _i [nYbkZWXb[ \hec ]heii _dYec[ \eh\[Z[hWb _dYec[ jWn fkhfei[i kdZ[h j^[ ijWjk[i+ h[]kbWj_edi+ fkXb_i^[Z hkb_d]i WdZ Yekhj Z[Y_i_edi [n_ij_d] ed j^[ ZWj[ e\ikY^ ef_d_ed+ Wiikc_d] Yecfb_WdY[ Xo j^[ ?_ijh_Yj m_j^ Y[hjW_d Yel[dWdji h[bWj_d] je j^[ ki[ WdZ _dl[ijc[dj e\ j^[fheY[[Zi e\ j^[ =edZi+ WdZ [nY[fj Wi je Y[hjW_d M[]_ij[h[Z Jmd[hi Wi Z[iYh_X[Z kdZ[h wO<S H<OO@MNx X[bem- O^[ef_d_ed e\ =edZ >ekdi[b m_bb X[ fh_dj[Z ed j^[ =edZi; êm[l[h+ [hhehi eh ec_ii_edi _d j^[ fh_dj_d] e\ ikY^ b[]Wb ef_d_eded j^[ =edZi i^Wbb dej W\\[Yj j^[ lWb_Z_jo e\ j^[ =edZi deh Yedij_jkj[ YWki[ \eh j^[ \W_bkh[ eh h[\kiWb Xo j^[ PdZ[hmh_j[hje WYY[fj Z[b_l[ho e\ WdZ fWo \eh j^[ =edZi- Heh[el[h+ j^[ ijWjkj[i+ h[]kbWj_edi+ hkb_d]i+ WdZ Yekhj Z[Y_i_edi Wi je j^[[nYbkZWX_b_jo e\ _dj[h[ij ed j^[ =edZi \hec ]heii _dYec[ ed m^_Y^ ikY^ ef_d_edi Wh[ XWi[Z Wh[ ikX`[Yj je Y^Wd][-

DWYS^ JWh[Wi

Dd _ji YWfWY_jo Wi =edZ >ekdi[b+ Nc_j^+ HkhZWk]^+ G_jjb[ % =ed^Wc+ G-G-K-+ ^Wi h[l_[m[Z j^[ _d\ehcWj_ed Wff[Wh_d]_d j^_i J\\_Y_Wb NjWj[c[dj kdZ[h j^[ YWfj_edi wOC@ =JI?Nx '[nY[fj \eh j^[ _d\ehcWj_ed YedjW_d[Z _d j^[ ikX^[WZ_d]w=eea,@djho,Jdbo,Noij[cx(+ wKGDIB , M[\kdZ[Z =edZi+x WdZ , wKWoc[dj e\ j^[ M[\kdZ[Z =edZi+xwO<SDIB KMJ>@?PM@N+x wOC@ ?DNOMD>O , <kjêh_jo+x WdZ , w<jjehd[o+x wG@B<G H<OO@MN , G[]Wb Jf_d_edi+xwO<S H<OO@MNx WdZ w>JIODIPDIB ?DN>GJNPM@ JA DIAJMH<ODJIx je Z[j[hc_d[ m^[j^[h ikY^ _d\ehcWj_ed\W_hbo ikccWh_p[i j^[ bWm h[\[hh[Z je j^[h[_d- =edZ >ekdi[b ^Wi dej+ êm[l[h+ _dZ[f[dZ[djbo l[h_\_[Z Wdo e\ j^[ ej^[h\WYjkWb _d\ehcWj_ed YedjW_d[Z _d j^_i J\\_Y_Wb NjWj[c[dj deh ^Wi _j YedZkYj[Z Wd _dl[ij_]Wj_ed e\ j^[ W\\W_hi e\ j^[ ?_ijh_Yj\eh j^[ fkhfei[ e\ fWii_d] kfed j^[ WYYkhWYo eh Yecfb[j[d[ii e\ j^_i J\\_Y_Wb NjWj[c[dj- Ie f[hied _i [dj_jb[Z je h[bokfed ikY^ fWhjovi b_c_j[Z fWhj_Y_fWj_ed Wi Wd Wiikcfj_ed e\ h[ifedi_X_b_jo \eh+ eh Wd [nfh[ii_ed e\ ef_d_ed e\ Wdo a_dZm_j^ h[]WhZ je j^[ WYYkhWYo eh Yecfb[j[d[ii e\ Wdo e\ j^[ _d\ehcWj_ed YedjW_d[Z ^[h[_d- O^[ b[]Wb \[[i je X[ fW_Z =edZ>ekdi[b \eh i[hl_Y[i h[dZ[h[Z _d Yedd[Yj_ed m_j^ j^[ _iikWdY[ e\ j^[ =edZi Wh[ XWi[Z ed W f[hY[djW][ e\ j^[ =edZiWYjkWbbo _iik[Z+ iebZ WdZ Z[b_l[h[Z WdZ+ j^[h[\eh[+ ikY^ \[[i Wh[ Yedj_d][dj ed j^[ iWb[ WdZ Z[b_l[ho e\ j^[ =edZi- =edZ>ekdi[b WYji Wi ][d[hWb Yekdi[b \eh j^[ ?_ijh_Yj ed cWjj[hi ej^[h j^Wd j^[ _iikWdY[ e\ XedZi- >[hjW_d b[]Wb cWjj[hi m_bbX[ fWii[Z kfed \eh j^[ PdZ[hmh_j[hi Xo j^[_h Yekdi[b+ HY>Wbb+ KWha^khij % Cehjed+ G-G-K-+ Cekijed+ O[nWi-

Fa)D[f[YSf[a` ;Wdf[X[USfW

O^[ ?_ijh_Yj m_bb \khd_i^ je j^[ PdZ[hmh_j[h W Y[hj_\_YWj[+ ZWj[Z Wi e\ j^[ ZWj[ e\ Z[b_l[ho e\ j^[ =edZi+ [n[Ykj[Z Xo Xej^j^[ Kh[i_Z[dj WdZ N[Yh[jWho e\ j^[ =eWhZ+ je j^[ [\\[Yj j^Wj de b_j_]Wj_ed e\ Wdo dWjkh[ ^Wi X[[d \_b[Z eh _i j^[d f[dZ_d]eh+ je j^[ ademb[Z][ e\ j^[ i_]dWjeh_[i+ j^h[Wj[d[Z+ [_j^[h _d ijWj[ eh \[Z[hWb Yekhji+ Yedj[ij_d] eh WjjWYa_d] j^[ =edZi;h[ijhW_d_d] eh [dè_d_d] j^[ _iikWdY[+ [n[Ykj_ed eh Z[b_l[ho e\ j^[ =edZi; W\\[Yj_d] j^[ fhel_i_edi cWZ[ \eh j^[ fWoc[dje\ eh i[Ykh_jo \eh j^[ =edZi; _d Wdo cWdd[h gk[ij_ed_d] j^[ Wkjêh_jo eh fheY[[Z_d]i \eh j^[ _iikWdY[+ [n[Ykj_ed+ ehZ[b_l[ho e\ j^[ =edZi; eh W\\[Yj_d] j^[ lWb_Z_jo e\ j^[ =edZi-

Fa ESfWd[S^ 8VhWdeW ;ZS`YW

O^[ eXb_]Wj_edi e\ j^[ PdZ[hmh_j[hi je jWa[ kf WdZ fWo \eh j^[ =edZi+ WdZ e\ j^[ ?_ijh_Yj je Z[b_l[h j^[ =edZi+ Wh[ ikX`[Yjje j^[ YedZ_j_ed j^Wj+ kf je j^[ j_c[ e\ Z[b_l[ho e\ WdZ h[Y[_fj e\ fWoc[dj \eh j^[ =edZi+ j^[h[ i^Wbb ^Wl[ X[[d de cWj[h_WbWZl[hi[ Y^Wd][ _d j^[ \_dWdY_Wb YedZ_j_ed e\ j^[ ?_ijh_Yj ikXi[gk[dj je j^[ ZWj[ e\ iWb[ \hec j^Wj i[j \ehj^ _d j^[Kh[b_c_dWho J\\_Y_Wb NjWj[c[dj+ Wi _j cWo ^Wl[ X[[d ikffb[c[dj[Z eh Wc[dZ[Z+ j^hek]^ j^[ ZWj[ e\ iWb[-

L8P E8LL=JK

Gb[`[a`

Jd j^[ ZWj[ e\ _d_j_Wb Z[b_l[ho e\ j^[ =edZi+ =edZ >ekdi[b m_bb h[dZ[h _ji ef_d_ed j^Wj+ _d WYYehZWdY[ m_j^ ijWjkj[i+h[]kbWj_edi+ fkXb_i^[Z hkb_d]i WdZ Yekhj Z[Y_i_edi [n_ij_d] ed j^[ ZWj[ j^[h[e\ 'w@n_ij_d] GWmx(+ '0( _dj[h[ij ed j^[ =edZi\eh \[Z[hWb _dYec[ jWn fkhfei[i m_bb X[ [nYbkZWXb[ \hec j^[ w]heii _dYec[x e\ j^[ êbZ[hi j^[h[e\+ WdZ '1( j^[ =edZim_bb dej X[ jh[Wj[Z Wi wif[Y_\_[Z fh_lWj[ WYj_l_jo XedZi+x j^[ _dj[h[ij ed m^_Y^ mekbZ X[ _dYbkZ[Z Wi Wd Wbj[hdWj_l[

61

000087

c_d_ckc jWn fh[\[h[dY[ _j[c kdZ[h N[Yj_ed 46'W('4( e\ j^[ Ddj[hdWb M[l[dk[ >eZ[ e\ 0875 'j^[ w>eZ[x(- @nY[fj WiijWj[Z WXel[+ =edZ >ekdi[b m_bb [nfh[ii de ef_d_ed Wi je Wdo ej^[h \[Z[hWb+ ijWj[ eh beYWb jWn Yedi[gk[dY[i e\ j^[fkhY^Wi[+ emd[hi^_f eh Z_ifei_j_ed e\ j^[ =edZi-

Dd h[dZ[h_d] _ji ef_d_ed+ =edZ >ekdi[b m_bb h[bo kfed 'W( Y[hjW_d _d\ehcWj_ed WdZ h[fh[i[djWj_edi e\ j^[ ?_ijh_Yj+_dYbkZ_d] _d\ehcWj_ed WdZ h[fh[i[djWj_edi YedjW_d[Z _d j^[ ?_ijh_Yj&i \[Z[hWb jWn Y[hj_\_YWj[ WdZ j^[ l[h_\_YWj_ed h[fehjfh[fWh[Z Xo BhWdj Oêhdjed GGK+ >[hj_\_[Z KkXb_Y <YYekdjWdji+ WdZ 'X( Yel[dWdji e\ j^[ ?_ijh_Yj YedjW_d[Z _d j^[ =edZZeYkc[dji h[bWj_d] je Y[hjW_d cWjj[hi+ _dYbkZ_d] WhX_jhW][ WdZ j^[ ki[ e\ j^[ fheY[[Zi e\ j^[ =edZi WdZ j^[ fhef[hjo\_dWdY[Z eh h[\_dWdY[Z j^[h[m_j^- AW_bkh[ Xo j^[ ?_ijh_Yj je eXi[hl[ j^[ W\eh[c[dj_ed[Z h[fh[i[djWj_edi eh Yel[dWdjiYekbZ YWki[ j^[ _dj[h[ij ed j^[ =edZi je X[Yec[ jWnWXb[ h[jheWYj_l[bo je j^[ ZWj[ e\ _iikWdY[-

O^[ >eZ[ WdZ j^[ h[]kbWj_edi fheckb]Wj[Z j^[h[kdZ[h YedjW_d W dkcX[h e\ h[gk_h[c[dji j^Wj ckij X[ iWj_i\_[Z ikXi[gk[djje j^[ _iikWdY[ e\ j^[ =edZi _d ehZ[h \eh _dj[h[ij ed j^[ =edZi je X[+ WdZ je h[cW_d+ [nYbkZWXb[ \hec ]heii _dYec[ \eh\[Z[hWb _dYec[ jWn fkhfei[i- AW_bkh[ je Yecfbo m_j^ ikY^ h[gk_h[c[dji cWo YWki[ _dj[h[ij ed j^[ =edZi je X[ _dYbkZ[Z_d ]heii _dYec[ h[jheWYj_l[bo je j^[ ZWj[ e\ _iikWdY[ e\ j^[ =edZi- O^[ ef_d_ed e\ =edZ >ekdi[b _i YedZ_j_ed[Z edYecfb_WdY[ Xo j^[ ?_ijh_Yj m_j^ ikY^ h[gk_h[c[dji+ WdZ =edZ >ekdi[b ^Wi dej X[[d h[jW_d[Z je ced_jeh Yecfb_WdY[ m_j^j^[i[ h[gk_h[c[dji ikXi[gk[dj je j^[ _iikWdY[ e\ j^[ =edZi-

=edZ >ekdi[b&i ef_d_ed h[fh[i[dji _ji b[]Wb `kZ]c[dj XWi[Z kfed _ji h[l_[m e\ @n_ij_d] GWm WdZ j^[ h[b_WdY[ ed j^[W\eh[c[dj_ed[Z _d\ehcWj_ed+ h[fh[i[djWj_edi WdZ Yel[dWdji- =edZ >ekdi[b&i ef_d_ed _i dej W ]kWhWdj[[ e\ W h[ikbj-@n_ij_d] GWm _i ikX`[Yj je Y^Wd][ Xo j^[ >ed]h[ii WdZ je ikXi[gk[dj `kZ_Y_Wb WdZ WZc_d_ijhWj_l[ _dj[hfh[jWj_ed Xo j^[Yekhji WdZ j^[ ?[fWhjc[dj e\ j^[ Oh[Wikho- O^[h[ YWd X[ de WiikhWdY[ j^Wj @n_ij_d] GWm eh j^[ _dj[hfh[jWj_ed j^[h[e\m_bb dej X[ Y^Wd][Z _d W cWdd[h m^_Y^ mekbZ WZl[hi[bo W\\[Yj j^[ jWn jh[Wjc[dj e\ j^[ fkhY^Wi[+ emd[hi^_f eh Z_ifei_j_ede\ j^[ =edZi-

< hkb_d] mWi dej iek]^j \hec j^[ Ddj[hdWb M[l[dk[ N[hl_Y[ Xo j^[ ?_ijh_Yj m_j^ h[if[Yj je j^[ =edZi eh j^[ fhef[hjo\_dWdY[Z eh h[\_dWdY[Z m_j^ fheY[[Zi e\ j^[ =edZi eh j^[ M[\kdZ[Z =edZi- Ie WiikhWdY[i YWd X[ ]_l[d Wi je m^[j^[hj^[ Ddj[hdWb M[l[dk[ N[hl_Y[ m_bb Yecc[dY[ Wd WkZ_j e\ j^[ =edZi+ eh Wi je m^[j^[h j^[ Ddj[hdWb M[l[dk[ N[hl_Y[ mekbZW]h[[ m_j^ j^[ ef_d_ed e\ =edZ >ekdi[b- D\ Wd Ddj[hdWb M[l[dk[ N[hl_Y[ WkZ_j _i Yecc[dY[Z+ kdZ[h Ykhh[dj fheY[Zkh[ij^[ Ddj[hdWb M[l[dk[ N[hl_Y[ _i b_a[bo je jh[Wj j^[ ?_ijh_Yj Wi j^[ jWnfWo[h WdZ j^[ =edZêbZ[hi cWo ^Wl[ de h_]^j jefWhj_Y_fWj[ _d ikY^ fheY[Zkh[- Ie WZZ_j_edWb _dj[h[ij m_bb X[ fW_Z kfed Wdo Z[j[hc_dWj_ed e\ jWnWX_b_jo-

>WVWdS^ AÙa_W LSj 8UUag`f[`Y LdWSf_W`f aX Gd[Y[`S^ AeegW <[eUag`f S`V HdW_[g_ 9a`Ve

O^[ _d_j_Wb fkXb_Y e\\[h_d] fh_Y[ je X[ fW_Z \eh ed[ eh ceh[ cWjkh_j_[i e\ j^[ =edZi cWo X[ b[ii j^Wd j^[ fh_dY_fWb Wcekdjj^[h[e\ eh ed[ eh ceh[ f[h_eZi \eh j^[ fWoc[dj e\ _dj[h[ij ed j^[ XedZi cWo dej X[ [gkWb je j^[ WYYhkWb f[h_eZ eh X[ _d[nY[ii e\ ed[ o[Wh 'j^[ wJh_]_dWb Diik[ ?_iYekdj =edZix(- Dd ikY^ [l[dj+ j^[ Z_\\[h[dY[ X[jm[[d '_( j^[ wijWj[Zh[Z[cfj_ed fh_Y[ Wj cWjkh_jox e\ [WY^ Jh_]_dWb Diik[ ?_iYekdj =edZ+ WdZ '__( j^[ _d_j_Wb e\\[h_d] fh_Y[ je j^[ fkXb_Y e\ikY^ Jh_]_dWb Diik[ ?_iYekdj =edZ mekbZ Yedij_jkj[ eh_]_dWb _iik[ Z_iYekdj- O^[ wijWj[Z h[Z[cfj_ed fh_Y[ Wj cWjkh_joxc[Wdi j^[ ikc e\ Wbb fWoc[dji je X[ cWZ[ ed j^[ XedZi b[ii j^[ Wcekdj e\ Wbb f[h_eZ_Y _dj[h[ij fWoc[dji- K[h_eZ_Y_dj[h[ij fWoc[dji Wh[ fWoc[dji m^_Y^ Wh[ cWZ[ Zkh_d] [gkWb WYYhkWb f[h_eZi 'eh Zkh_d] Wdo kd[gkWb f[h_eZ _\ _j _i j^[_d_j_Wb eh \_dWb f[h_eZ( WdZ m^_Y^ Wh[ cWZ[ Zkh_d] WYYhkWb f[h_eZi m^_Y^ Ze dej [nY[[Z ed[ o[Wh-

PdZ[h @n_ij_d] GWm+ Wdo emd[h mê ^Wi fkhY^Wi[Z ikY^ Jh_]_dWb Diik[ ?_iYekdj =edZ _d j^[ _d_j_Wb fkXb_Y e\\[h_d] _i[dj_jb[Z je [nYbkZ[ \hec ]heii _dYec[ 'Wi Z[\_d[Z _d i[Yj_ed 50 e\ j^[ >eZ[( Wd Wcekdj e\ _dYec[ m_j^ h[if[Yj je ikY^Jh_]_dWb Diik[ ?_iYekdj =edZ [gkWb je j^Wj fehj_ed e\ j^[ Wcekdj e\ ikY^ eh_]_dWb _iik[ Z_iYekdj WbbeYWXb[ je j^[ WYYhkWbf[h_eZ- Aeh W Z_iYkii_ed e\ Y[hjW_d YebbWj[hWb \[Z[hWb jWn Yedi[gk[dY[i+ i[[ Z_iYkii_ed i[j \ehj^ X[bem-

Dd j^[ [l[dj e\ j^[ h[Z[cfj_ed+ iWb[ eh ej^[h jWnWXb[ Z_ifei_j_ed e\ ikY^ Jh_]_dWb Diik[ ?_iYekdj =edZ fh_eh je ijWj[ZcWjkh_jo+ êm[l[h+ j^[ Wcekdj h[Wb_p[Z Xo ikY^ emd[h _d [nY[ii e\ j^[ XWi_i e\ ikY^ Jh_]_dWb Diik[ ?_iYekdj =edZ _dj^[ ^WdZi e\ ikY^ emd[h 'WZ`kij[Z kfmWhZ Xo j^[ fehj_ed e\ j^[ eh_]_dWb _iik[ Z_iYekdj WbbeYWXb[ je j^[ f[h_eZ \eh m^_YîkY^ Jh_]_dWb Diik[ ?_iYekdj =edZ mWi ^[bZ Xo ikY^ _d_j_Wb emd[h( _i _dYbkZWXb[ _d ]heii _dYec[-

62

000088

PdZ[h @n_ij_d] GWm+ j^[ eh_]_dWb _iik[ Z_iYekdj ed [WY^ Jh_]_dWb Diik[ ?_iYekdj =edZ _i WYYhk[Z ZW_bo je j^[ ijWj[ZcWjkh_jo j^[h[e\ '_d Wcekdji YWbYkbWj[Z Wi Z[iYh_X[Z X[bem \eh [WY^ i_n,cedj^ f[h_eZ [dZ_d] ed j^[ ZWj[ X[\eh[ j^[i[c_WddkWb Wdd_l[hiWho ZWj[i e\ j^[ ZWj[ e\ j^[ =edZi WdZ hWjWXbo m_j^_d [WY^ ikY^ i_n,cedj^ f[h_eZ( WdZ j^[ WYYhk[ZWcekdj _i WZZ[Z je Wd _d_j_Wb emd[h&i XWi_i \eh ikY^ Jh_]_dWb Diik[ ?_iYekdj =edZ \eh fkhfei[i e\ Z[j[hc_d_d] j^[ Wcekdje\ ]W_d eh beii h[Ye]d_p[Z Xo ikY^ emd[h kfed j^[ h[Z[cfj_ed+ iWb[ eh ej^[h Z_ifei_j_ed j^[h[e\- O^[ Wcekdj je X[ WZZ[Zje XWi_i \eh [WY^ WYYhkWb f[h_eZ _i [gkWb je 'W( j^[ ikc e\ j^[ _iik[ fh_Y[ WdZ j^[ Wcekdj e\ eh_]_dWb _iik[ Z_iYekdj WYYhk[Z_d fh_eh f[h_eZi ckbj_fb_[Z Xo j^[ o_[bZ je ijWj[Z cWjkh_jo 'Z[j[hc_d[Z ed j^[ XWi_i e\ YecfekdZ_d] Wj j^[ Ybei[ e\ [WY^WYYhkWb f[h_eZ WdZ fhef[hbo WZ`kij[Z \eh j^[ b[d]j^ e\ j^[ WYYhkWb f[h_eZ( b[ii 'X( j^[ Wcekdji fWoWXb[ Wi Ykhh[dj _dj[h[ijZkh_d] ikY^ WYYhkWb f[h_eZ ed ikY^ Jh_]_dWb Diik[ ?_iYekdj =edZ-

O^[ \[Z[hWb _dYec[ jWn Yedi[gk[dY[i e\ j^[ fkhY^Wi[+ emd[hi^_f+ h[Z[cfj_ed+ iWb[ eh ej^[h Z_ifei_j_ed e\ Jh_]_dWb Diik[?_iYekdj =edZi m^_Y^ Wh[ dej fkhY^Wi[Z _d j^[ _d_j_Wb e\\[h_d] Wj j^[ _d_j_Wb e\\[h_d] fh_Y[ cWo X[ Z[j[hc_d[Z WYYehZ_d]je hkb[i m^_Y^ Z_\\[h \hec jêi[ Z[iYh_X[Z WXel[- <GG JRI@MN JA JMDBDI<G DNNP@ ?DN>JPIO =JI?NNCJPG? >JINPGO OC@DM JRI O<S <?QDNJMN RDOC M@NK@>O OJ OC@ ?@O@MHDI<ODJI AJMA@?@M<G+ NO<O@ <I? GJ><G DI>JH@ O<S KPMKJN@N JA DIO@M@NO <>>MP@? PKJI M@?@HKODJI+N<G@ JM JOC@M ?DNKJNDODJI JA NP>C JMDBDI<G DNNP@ ?DN>JPIO =JI?N <I? RDOC M@NK@>O OJOC@ A@?@M<G+ NO<O@+ GJ><G <I? AJM@DBI O<S >JIN@LP@I>@N JA OC@ KPM>C<N@+ JRI@MNCDK+M@?@HKODJI+ N<G@ JM JOC@M ?DNKJNDODJI JA NP>C JMDBDI<G DNNP@ ?DN>JPIO =JI?N-

O^[ _d_j_Wb fkXb_Y e\\[h_d] fh_Y[ je X[ fW_Z \eh Y[hjW_d cWjkh_j_[i e\ j^[ =edZi cWo X[ ]h[Wj[h j^Wd j^[ Wcekdj fWoWXb[ed ikY^ =edZi Wj cWjkh_jo 'j^[ wKh[c_kc =edZix(- <d Wcekdj [gkWb je j^[ Z_\\[h[dY[ X[jm[[d j^[ _d_j_Wb fkXb_Y e\\[h_d]fh_Y[ e\ W Kh[c_kc =edZ 'Wiikc_d] j^Wj W ikXijWdj_Wb Wcekdj e\ j^[ Kh[c_kc =edZi e\ j^Wj cWjkh_jo Wh[ iebZ je j^[fkXb_Y Wj ikY^ fh_Y[( WdZ j^[ Wcekdj fWoWXb[ Wj cWjkh_jo Yedij_jkj[i fh[c_kc je j^[ _d_j_Wb fkhY^Wi[h e\ ikY^ Kh[c_kc=edZi- O^[ XWi_i \eh \[Z[hWb _dYec[ jWn fkhfei[i e\ W Kh[c_kc =edZ _d j^[ ^WdZi e\ ikY^ _d_j_Wb fkhY^Wi[h ckij X[h[ZkY[Z [WY^ o[Wh Xo j^[ Wcehj_pWXb[ XedZ fh[c_kc- NkY^ h[ZkYj_ed _d XWi_i m_bb _dYh[Wi[ j^[ Wcekdj e\ Wdo ]W_d 'ehZ[Yh[Wi[ j^[ Wcekdj e\ Wdo beii( je X[ h[Ye]d_p[Z \eh \[Z[hWb _dYec[ jWn fkhfei[i kfed W iWb[ eh ej^[h jWnWXb[Z_ifei_j_ed e\ W Kh[c_kc =edZ- O^[ Wcekdj e\ fh[c_kc m^_Y^ _i Wcehj_pWXb[ [WY^ o[Wh Xo Wd _d_j_Wb fkhY^Wi[h _iZ[j[hc_d[Z Xo ki_d] ikY^ fkhY^Wi[h&i o_[bZ je cWjkh_jo- KPM>C<N@MN JA OC@ KM@HDPH =JI?N NCJPG?>JINPGO RDOC OC@DM JRI O<S <?QDNJMN RDOC M@NK@>O OJ OC@ ?@O@MHDI<ODJI JA<HJMODU<=G@ =JI? KM@HDPH RDOC M@NK@>O OJ OC@ KM@HDPH =JI?N AJM A@?@M<G DI>JH@ O<SKPMKJN@N <I? RDOC M@NK@>O OJ OC@ NO<O@ <I? GJ><G O<S >JIN@LP@I>@N JA JRIDIBKM@HDPH =JI?N-

;a^^SfWdS^ >WVWdS^ AÙa_W LSj ;aèWcgWÙWe

O^[ \ebbem_d] Z_iYkii_ed _i W ikccWho e\ Y[hjW_d YebbWj[hWb \[Z[hWb _dYec[ jWn Yedi[gk[dY[i h[ikbj_d] \hec j^[ fkhY^Wi[+emd[hi^_f eh Z_ifei_j_ed e\ j^[ =edZi- O^_i Z_iYkii_ed _i XWi[Z ed [n_ij_d] ijWjkj[i+ h[]kbWj_edi+ fkXb_i^[Z hkb_d]i WdZYekhj Z[Y_i_edi+ Wbb e\ m^_Y^ Wh[ ikX`[Yj je Y^Wd][ eh ceZ_\_YWj_ed+ h[jheWYj_l[bo

O^[ \ebbem_d] Z_iYkii_ed _i Wffb_YWXb[ je _dl[ijehi+ ej^[h j^Wd jêi[ mê Wh[ ikX`[Yj je if[Y_Wb fhel_i_edi e\ j^[ >eZ[+ikY^ Wi \_dWdY_Wb _dij_jkj_edi+ fhef[hjo WdZ YWikWbjo _dikhWdY[ YecfWd_[i+ b_\[ _dikhWdY[ YecfWd_[i+ _dZ_l_ZkWb h[Y_f_[djie\ NeY_Wb N[Ykh_jo eh MW_bheWZ M[j_h[c[dj X[d[\_ji+ _dZ_l_ZkWbi Wbbem[Z Wd [Whd[Z _dYec[ Yh[Z_j+ Y[hjW_d N YehfehWj_edim_j^ WYYkckbWj[Z [Whd_d]i WdZ fhe\_ji WdZ [nY[ii fWii_l[ _dl[ijc[dj _dYec[+ \eh[_]d YehfehWj_edi ikX`[Yj je j^[ XhWdY^fhe\_ji jWn+ jWnfWo[hi gkWb_\o_d] \eh j^[ ^[Wbj^ _dikhWdY[ fh[c_kc Wii_ijWdY[ Yh[Z_j+ WdZ jWnfWo[hi mê cWo X[ Z[[c[Zje ^Wl[ _dYkhh[Z eh Yedj_dk[Z _dZ[Xj[Zd[ii je fkhY^Wi[ jWn,[n[cfj eXb_]Wj_edi-

OC@ ?DN>PNNDJI >JIO<DI@? C@M@DI H<T IJO =@ @SC<PNODQ@- DIQ@NOJMN+ DI>GP?DIB OCJN@RCJ <M@ NP=E@>O OJ NK@>D<G KMJQDNDJIN JA OC@ >J?@+ NCJPG? >JINPGO OC@DM JRI O<S<?QDNJMN <N OJ OC@ O<S OM@<OH@IO RCD>C H<T =@ <IOD>DK<O@? OJ M@NPGO AMJH OC@KPM>C<N@+ JRI@MNCDK <I? ?DNKJNDODJI JA O<S,@S@HKO J=GDB<ODJIN =@AJM@ ?@O@MHDIDIBRC@OC@M OJ KPM>C<N@ OC@ =JI?N-

PdZ[h N[Yj_ed 5/01 e\ j^[ >eZ[+ êbZ[hi e\ jWn,[n[cfj eXb_]Wj_edi+ ikY^ Wi j^[ =edZi+ cWo X[ h[gk_h[Z je Z_iYbei[_dj[h[ij h[Y[_l[Z eh WYYhk[Z Zkh_d] [WY^ jWnWXb[ o[Wh ed j^[_h h[jkhdi e\ \[Z[hWb _dYec[ jWnWj_ed-

63

000089

N[Yj_ed 0165 e\ j^[ >eZ[ fhel_Z[i \eh ehZ_dWho _dYec[ jWn jh[Wjc[dj e\ ]W_d h[Ye]d_p[Z kfed j^[ Z_ifei_j_ed e\ W jWn,[n[cfj eXb_]Wj_ed+ ikY^ Wi j^[ =edZi+ _\ ikY^ eXb_]Wj_ed mWi WYgk_h[Z Wj W wcWha[j Z_iYekdjx WdZ _\ j^[ \_n[Z cWjkh_joe\ ikY^ eXb_]Wj_ed _i [gkWb je+ eh [nY[[Zi+ ed[ o[Wh \hec j^[ ZWj[ e\ _iik[- NkY^ jh[Wjc[dj Wffb_[i je wcWha[j Z_iYekdjXedZix je j^[ [nj[dj ikY^ ]W_d Ze[i dej [nY[[Z j^[ WYYhk[Z cWha[j Z_iYekdj e\ ikY^ XedZi; Wbjêk]^ \eh j^_i fkhfei[+W Z[ c_d_c_i Wcekdj e\ cWha[j Z_iYekdj _i _]deh[Z- < wcWha[j Z_iYekdj XedZx _i ed[ m^_Y^ _i WYgk_h[Z Xo j^[ êbZ[hWj W fkhY^Wi[ fh_Y[ m^_Y^ _i b[ii j^Wd j^[ ijWj[Z h[Z[cfj_ed fh_Y[ Wj cWjkh_jo eh+ _d j^[ YWi[ e\ W XedZ _iik[Z Wj Wd eh_]_dWb_iik[ Z_iYekdj+ j^[ wh[l_i[Z _iik[ fh_Y[x '_-[-+ j^[ _iik[ fh_Y[ fbki WYYhk[Z eh_]_dWb _iik[ Z_iYekdj(- O^[ wWYYhk[Z cWha[jZ_iYekdjx _i j^[ Wcekdj m^_Y^ X[Whi j^[ iWc[ hWj_e je j^[ cWha[j Z_iYekdj Wi j^[ dkcX[h e\ ZWoi Zkh_d] m^_Y^ j^[ êbZ[hêbZi j^[ eXb_]Wj_ed X[Whi je j^[ dkcX[h e\ ZWoi X[jm[[d j^[ WYgk_i_j_ed ZWj[ WdZ j^[ \_dWb cWjkh_jo ZWj[-

KfSfW( DaUS^ S`V >adW[Y` LSjWe

Ddl[ijehi iêkbZ Yedikbj j^[_h emd jWn WZl_iehi YedY[hd_d] j^[ jWn _cfb_YWj_edi e\ j^[ fkhY^Wi[+ emd[hi^_f eh Z_ifei_j_ede\ j^[ =edZi kdZ[h Wffb_YWXb[ ijWj[ eh beYWb bWmi- Aeh[_]d _dl[ijehi iêkbZ Wbie Yedikbj j^[_h emd jWn WZl_iehi h[]WhZ_d]j^[ jWn Yedi[gk[dY[i kd_gk[ je _dl[ijehi mê Wh[ dej Pd_j[Z NjWj[i f[hiedi-

IgS^[X[WV LSj)=jW_bf GT^[YSf[aè

N[Yj_ed 154'W( e\ j^[ Ddj[hdWb M[l[dk[ >eZ[ e\ 0875+ Wi Wc[dZ[Z 'j^[ w>eZ[x( fhel_Z[i+ _d f[hj_d[dj fWhj+ j^Wj _dj[h[ijfW_Z eh _dYkhh[Z Xo W jWnfWo[h+ _dYbkZ_d] W w\_dWdY_Wb _dij_jkj_ed+x ed _dZ[Xj[Zd[ii _dYkhh[Z eh Yedj_dk[Z je fkhY^Wi[ ehYWhho jWn,[n[cfj eXb_]Wj_edi _i dej Z[ZkYj_Xb[ _d Z[j[hc_d_d] j^[ jWnfWo[hvi jWnWXb[ _dYec[- N[Yj_ed 154'X( e\ j^[ >eZ[fhel_Z[i Wd [nY[fj_ed je j^[ Z_iWbbemWdY[ e\ ikY^ Z[ZkYj_ed \eh Wdo _dj[h[ij [nf[di[ fW_Z eh _dYkhh[Z ed _dZ[Xj[Zd[iie\ W jWnfWo[h j^Wj _i W w\_dWdY_Wb _dij_jkj_edx WbbeYWXb[ je jWn,[n[cfj eXb_]Wj_edi+ ej^[h j^Wd wfh_lWj[ WYj_l_jo XedZi+x j^WjWh[ Z[i_]dWj[Z Xo W wgkWb_\_[Z icWbb _iik[hx Wi wgkWb_\_[Z jWn,[n[cfj eXb_]Wj_edi-x < wgkWb_\_[Z icWbb _iik[hx _i Wdo]el[hdc[djWb _iik[h 'je][j^[h m_j^ Wdo wed,X[^Wb\ e\x WdZ wikXehZ_dWj[x _iik[hi( mê _iik[i de ceh[ j^Wd #0/+///+///e\ jWn,[n[cfj eXb_]Wj_edi Zkh_d] j^[ YWb[dZWh o[Wh- N[Yj_ed 154'X('4( e\ j^[ >eZ[ Z[\_d[i j^[ j[hc w\_dWdY_Wb _dij_jkj_edxWi Wdo wXWdax Z[iYh_X[Z _d N[Yj_ed 474'W('1( e\ j^[ >eZ[+ eh Wdo f[hied WYY[fj_d] Z[fei_ji \hec j^[ fkXb_Y _d j^[ehZ_dWho Yekhi[ e\ ikY^ f[hiedvi jhWZ[ eh Xki_d[ii j^Wj _i ikX`[Yj je \[Z[hWb eh ijWj[ ikf[hl_i_ed Wi W \_dWdY_Wb _dij_jkj_ed-Iejm_jîjWdZ_d] j^[ [nY[fj_ed je j^[ Z_iWbbemWdY[ e\ j^[ Z[ZkYj_ed e\ _dj[h[ij ed _dZ[Xj[Zd[ii h[bWj[Z je wgkWb_\_[Z jWn,[n[cfj eXb_]Wj_edix fhel_Z[Z Xo N[Yj_ed 154'X( e\ j^[ >eZ[+ N[Yj_ed 180 e\ j^[ >eZ[ fhel_Z[i j^Wj j^[ WbbemWXb[Z[ZkYj_ed je W wXWda+x Wi Z[\_d[Z _d N[Yj_ed 474'0('1( e\ j^[ >eZ[+ \eh _dj[h[ij ed _dZ[Xj[Zd[ii _dYkhh[Z eh Yedj_dk[Zje fkhY^Wi[ wgkWb_\_[Z jWn,[n[cfj eXb_]Wj_edix i^Wbb X[ h[ZkY[Z Xo jm[djo,f[hY[dj '1/$( Wi W w\_dWdY_Wb _dij_jkj_edfh[\[h[dY[ _j[c-x

O^[ ?_ijh_Yj [nf[Yji je Z[i_]dWj[ j^[ =edZi Wi wgkWb_\_[Z jWn,[n[cfj eXb_]Wj_edix m_j^_d j^[ c[Wd_d] e\ N[Yj_ed 154'X(e\ j^[ >eZ[- Dd \khj^[hWdY[ e\ j^Wj Z[i_]dWj_ed+ j^[ ?_ijh_Yj m_bb Yel[dWdj je jWa[ ikY^ WYj_ed j^Wj mekbZ Wiikh[+ eh jeh[\hW_d \hec ikY^ WYj_ed j^Wj mekbZ WZl[hi[bo W\\[Yj+ j^[ jh[Wjc[dj e\ j^[ =edZi Wi wgkWb_\_[Z jWn,[n[cfj eXb_]Wj_edi-x

HafW`f[S^ bgdUZSeWde eZag^V TW SiSdW fZSf [X fZW [eegW bd[UW fa fZW bgT^[U WjUWWVe !-,(,,,(,,,( fZWdW [e S dWSea`ST^W

TSe[e fa UaÙ^gVW fZSf fZW bSk_W`f aX S VW _[`[_[e S_ag`f aX bdW_[g_ [` WjUWee aX !-,(,,,(,,, [e V[edWYSdVWV7

ZaiWhWd( fZW A`fWd`S^ JWhW`gW KWdh[UW Uag^V fS]W S Ua`fdSdk h[Wi* AX fZW A`fWd`S^ JWhW`gW KWdh[UW fS]We fZW

bae[f[a` fZSf fZW S_ag`f aX egUZ bdW_[g_ [e àf V[edWYSdVWV( fZW` egUZ aT^[YSf[aè _[YZf XS[^ fa eSf[eXk fZW

SXadW_W`f[a`WV Va^^Sd ^[_[fSf[a` S`V fZW 9a`Ve iag^V àf TW mcgS^[X[WV fSj)WjW_bf aT^[YSf[aè*n

N=JA>A;8LAGF G> 8;;MJ8;Q G> E8L@=E8LA;8D ;GEHML8LAGF

O^[ Wh_j^c[j_YWb WYYkhWYo e\ Y[hjW_d YecfkjWj_edi _dYbkZ[Z _d j^[ iY^[Zkb[i fhel_Z[Z ed X[^Wb\ e\ j^[ ?_ijh_Yj h[bWj_d]je 'W( YecfkjWj_ed e\ j^[ WZ[gkWYo e\ j^[ Wcekdji je X[ ^[bZ Xo j^[ KWo_d] <][dj \eh j^[ M[\kdZ[Z =edZi _d j^[KWoc[dj <YYekdj je fWo+ m^[d Zk[+ j^[ fh_dY_fWb eh h[Z[cfj_ed fh_Y[ e\ WdZ _dj[h[ij ed j^[ M[\kdZ[Z =edZi+ 'X( j^[YecfkjWj_ed e\ j^[ o_[bZ ed j^[ M[\kdZ_d] =edZi+ WdZ 'Y( j^[ cWj^[cWj_YWb YecfkjWj_edi h[bWj[Z je Y[hjW_d h[gk_h[c[djie\ >_jo e\ Cekijed JhZ_dWdY[ Ie- 86,305 m[h[ l[h_\_[Z Xo MeX[hj OêcWi+ >K<- O^[ YecfkjWj_edi m[h[ _dZ[f[dZ[djbol[h_\_[Z Xo MeX[hj OêcWi+ >K< XWi[Z ieb[bo kfed Wiikcfj_edi WdZ _d\ehcWj_ed ikffb_[Z ed X[^Wb\ e\ j^[ ?_ijh_Yj+ WdZj^[ ?_ijh_Yj- MeX[hj OêcWi+ >K< ^Wi h[ijh_Yj[Z _ji fheY[Zkh[i je l[h_\o_d] j^[ Wh_j^c[j_YWb WYYkhWYo e\ Y[hjW_d

64

000090

YecfkjWj_edi WdZ ^Wi dej cWZ[ Wdo ijkZo eh [lWbkWj_ed e\ j^[ Wiikcfj_edi WdZ _d\ehcWj_ed kfed m^_Y^ j^[ YecfkjWj_ediWh[ XWi[Z WdZ+ WYYehZ_d]bo+ ^Wi dej [nfh[ii[Z Wd ef_d_ed ed j^[ ZWjW ki[Z+ j^[ h[WiedWXb[d[ii e\ j^[ Wiikcfj_edi+ eh j^[WY^_[lWX_b_jo e\ \kjkh[ [l[dji-

MeX[hj OêcWi+ >K< h[b_[Z ed j^[ WYYkhWYo+ Yecfb[j[d[ii WdZ h[b_WX_b_jo e\ Wbb _d\ehcWj_ed fhel_Z[Z je _j Xo+ WdZ edWbb Z[Y_i_edi WdZ WffhelWbi e\+ j^[ ?_ijh_Yj- Dd WZZ_j_ed+ MeX[hj OêcWi+ >K< ^Wi h[b_[Z ed Wdo _d\ehcWj_ed fhel_Z[Zje _j Xo j^[ ?_ijh_Yjvi h[jW_d[Z WZl_iehi+ YedikbjWdji eh b[]Wb Yekdi[b- MeX[hj OêcWi+ >K< mWi dej [d]W][Z je f[h\ehcWkZ_j eh Wjj[ij i[hl_Y[i kdZ[h <D>K< WkZ_j_d] eh Wjj[ijWj_ed ijWdZWhZi eh je fhel_Z[ Wdo \ehc e\ Wjj[ij h[fehj eh ef_d_edkdZ[h ikY^ ijWdZWhZi _d Yed`kdYj_ed m_j^ j^_i [d]W][c[dj-

G>>A;A8D KL8L=E=FL

?W`WdS^

O^[ \_dWdY_Wb ZWjW WdZ ej^[h _d\ehcWj_ed YedjW_d[Z _d j^_i J\\_Y_Wb NjWj[c[dj ^Wl[ X[[d eXjW_d[Z fh_cWh_bo \hec j^[?_ijh_Yj&i h[YehZi+ j^[ @d]_d[[h+ j^[ OWn <ii[iieh.>ebb[Yjeh+ j^[ <ffhW_iWb ?_ijh_Yj WdZ ej^[h iekhY[i X[b_[l[Z je X[h[b_WXb[; êm[l[h+ de ]kWhWdj[[ _i cWZ[ Xo j^[ ?_ijh_Yj Wi je j^[ WYYkhWYo eh Yecfb[j[d[ii e\ j^[ _d\ehcWj_ed Z[h_l[Z\hec iekhY[i ej^[h j^Wd j^[ ?_ijh_Yj+ WdZ j^[ _dYbki_ed ^[h[_d e\ _d\ehcWj_ed \hec iekhY[i ej^[h j^Wd j^[ ?_ijh_Yj _i dejje X[ Yedijhk[Z Wi W h[fh[i[djWj_ed ed j^[ fWhj e\ j^[ ?_ijh_Yj je ikY^ [\\[Yj- Akhj^[hceh[+ j^[h[ _i de ]kWhWdj[[ j^Wj Wdoe\ j^[ Wiikcfj_edi eh [ij_cWj[i YedjW_d[Z ^[h[_d m_bb X[ h[Wb_p[Z- O^[ ikccWh_[i e\ j^[ W]h[[c[dji+ h[fehji+ ijWjkj[i+h[iebkj_edi+ [d]_d[[h_d] WdZ ej^[h h[bWj[Z _d\ehcWj_ed i[j \ehj^ _d j^_i J\\_Y_Wb NjWj[c[dj Wh[ _dYbkZ[Z ^[h[_d ikX`[Yj jeWbb e\ j^[ fhel_i_edi e\ ikY^ ZeYkc[dji- O^[i[ ikccWh_[i Ze dej fkhfehj je X[ Yecfb[j[ ijWj[c[dji e\ ikY^ fhel_i_edi+WdZ h[\[h[dY[ _i cWZ[ je ikY^ ZeYkc[dji \eh \khj^[h _d\ehcWj_ed-

O^[ ?_ijh_Yj&i WkZ_j[Z \_dWdY_Wb ijWj[c[dji \eh j^[ o[Wh [dZ[Z HWo 20+ 1/08+ m[h[ fh[fWh[Z Xo HWha >- @oh_d]+ >K<+KGG>+ Cekijed+ O[nWi+ WdZ ^Wl[ X[[d _dYbkZ[Z ^[h[_d Wi w<KK@I?DS =-x HWha >- @oh_d]+ >K<+ KGG>+ ^Wi Yedi[dj[Zje j^[ fkXb_YWj_ed e\ ikY^ \_dWdY_Wb ijWj[c[dji _d j^_i J\\_Y_Wb NjWj[c[dj-

=jbWdfe

O^[ _d\ehcWj_ed YedjW_d[Z _d j^[ J\\_Y_Wb NjWj[c[dj h[bWj_d] je [d]_d[[h_d] WdZ je j^[ Z[iYh_fj_ed e\ j^[ Noij[c+ WdZ+_d fWhj_YkbWh+ j^Wj [d]_d[[h_d] _d\ehcWj_ed _dYbkZ[Z _d j^[ i[Yj_edi [dj_jb[Z wOC@ ?DNOMD>Ox WdZ wOC@ NTNO@Hx ^WiX[[d fhel_Z[Z Xo =B@+ DdY-+ WdZ ^Wi X[[d _dYbkZ[Z ^[h[_d _d h[b_WdY[ kfed j^[ Wkjêh_jo e\ iW_Z \_hc Wi [nf[hji _d j^[\_[bZ e\ Y_l_b [d]_d[[h_d]-

O^[ _d\ehcWj_ed YedjW_d[Z _d j^[ J\\_Y_Wb NjWj[c[dj h[bWj_d] je Wii[ii[Z lWbkWj_edi e\ fhef[hjo ][d[hWbbo WdZ+ _dfWhj_YkbWh+ j^Wj _d\ehcWj_ed YedY[hd_d] Yebb[Yj_ed hWj[i WdZ lWbkWj_edi YedjW_d[Z _d j^[ i[Yj_edi YWfj_ed[Z wO<S ?<O<xWdZ w?DNOMD>O ?@=Ox mWi fhel_Z[Z Xo Aehj =[dZ >ekdjo OWn <ii[iieh.>ebb[Yjeh+ Hi- >Whh_[ NkhhWjj; WdZ j^[<ffhW_iWb ?_ijh_Yj- NkY^ _d\ehcWj_ed ^Wi X[[d _dYbkZ[Z ^[h[_d _d h[b_WdY[ kfed Hi- NkhhWjjvi Wkjêh_jo Wi Wd [nf[hj _dj^[ \_[bZ e\ jWn Yebb[Yj_ed WdZ j^[ <ffhW_iWb ?_ijh_Yj&i Wkjêh_jo Wi Wd [nf[hj _d j^[ \_[bZ e\ jWn Wii[ii_d]-

;Wdf[X[USf[a` Se fa GXX[U[S^ KfSfW_W`f

O^[ ?_ijh_Yj+ WYj_d] Xo WdZ j^hek]^ _ji =eWhZ e\ ?_h[Yjehi _d _ji e\\_Y_Wb YWfWY_jo WdZ _d h[b_WdY[ kfed j^[ [nf[hji b_ij[ZWXel[+ ^[h[Xo Y[hj_\_[i+ Wi e\ j^[ ZWj[ ^[h[e\+ j^Wj je j^[ X[ij e\ _ji ademb[Z][ WdZ X[b_[\+ j^[ _d\ehcWj_ed+ ijWj[c[dji WdZZ[iYh_fj_edi f[hjW_d_d] je j^[ ?_ijh_Yj WdZ _ji W\\W_hi ^[h[_d YedjW_d de kdjhk[ ijWj[c[dji e\ W cWj[h_Wb \WYj WdZ Ze dej ec_jje ijWj[ Wdo cWj[h_Wb \WYj d[Y[iiWho je cWa[ j^[ ijWj[c[dji ^[h[_d+ _d b_]^j e\ j^[ Y_hYkcijWdY[i kdZ[h m^_Y^ j^[o m[h[cWZ[+ dej c_ib[WZ_d]- O^[ _d\ehcWj_ed+ Z[iYh_fj_edi WdZ ijWj[c[dji YedY[hd_d] [dj_j_[i ej^[h j^Wd j^[ ?_ijh_Yj+ _dYbkZ_d]fWhj_YkbWhbo ej^[h ]el[hdc[djWb [dj_j_[i+ ^Wl[ X[[d eXjW_d[Z \hec iekhY[i X[b_[l[Z je X[ h[b_WXb[+ Xkj j^[ ?_ijh_Yj ^WicWZ[ de _dZ[f[dZ[dj _dl[ij_]Wj_ed eh l[h_\_YWj_ed e\ ikY^ cWjj[hi WdZ cWa[i de h[fh[i[djWj_ed Wi je j^[ WYYkhWYo ehYecfb[j[d[ii j^[h[e\-

65

000091

MbVSf[`Y aX GXX[U[S^ KfSfW_W`f

D\+ ikXi[gk[dj je j^[ ZWj[ e\ j^[ J\\_Y_Wb NjWj[c[dj+ je WdZ _dYbkZ_d] j^[ ZWj[ j^[ PdZ[hmh_j[hi Wh[ de bed][h h[gk_h[Zje fhel_Z[ Wd J\\_Y_Wb NjWj[c[dj je Ykijec[hi mê h[gk[ij iWc[ fkhikWdj je Mkb[ 04Y1,01 e\ j^[ Pd_j[Z NjWj[i N[Ykh_j_[iWdZ @nY^Wd][ >ecc_ii_ed 'j^[ wN@>x(+ j^[ ?_ijh_Yj b[Whdi+ eh _i dej_\_[Z Xo j^[ PdZ[hmh_j[hi+ e\ Wdo WZl[hi[ [l[djm^_Y^ YWki[i j^[ J\\_Y_Wb NjWj[c[dj je X[ cWj[h_Wbbo c_ib[WZ_d]+ WdZ kdb[ii j^[ PdZ[hmh_j[hi [b[Yj je j[hc_dWj[ _jieXb_]Wj_ed je fkhY^Wi[ j^[ =edZi+ j^[ ?_ijh_Yj m_bb fhecfjbo fh[fWh[ WdZ ikffbo je j^[ PdZ[hmh_j[hi Wd Wffhefh_Wj[Wc[dZc[dj eh ikffb[c[dj je j^[ J\\_Y_Wb NjWj[c[dj iWj_i\WYjeho je j^[ PdZ[hmh_j[hi; fhel_Z[Z+ êm[l[h+ j^Wj j^[eXb_]Wj_ed e\ j^[ ?_ijh_Yj je ie Wc[dZ eh ikffb[c[dj j^[ J\\_Y_Wb NjWj[c[dj m_bb j[hc_dWj[ kfed j^[ [Whb_[h e\ '_( 8/ ZWoiW\j[h j^[ [dZ e\ j^[ kdZ[hmh_j_d] f[h_eZ Wi Z[\_d[Z _d N@> Mkb[ 04Y1,01 eh '__( j^[ ZWj[ j^[ J\\_Y_Wb NjWj[c[dj _i \_b[Zm_j^ j^[ HNM= '^[h[_dW\j[h Z[\_d[Z(+ Xkj _d de YWi[ b[ii j^Wd 14 ZWoi W\j[h j^[ w[dZ e\ j^[ kdZ[hmh_j_d] f[h_eZ-x

;GFLAFMAF? <AK;DGKMJ= G> AF>GJE8LAGF

Dd j^[ =edZ JhZ[h+ j^[ ?_ijh_Yj ^Wi cWZ[ j^[ \ebbem_d] W]h[[c[dj \eh j^[ X[d[\_j e\ j^[ êbZ[hi WdZ X[d[\_Y_Wb emd[hie\ j^[ =edZi- O^[ ?_ijh_Yj _i h[gk_h[Z je eXi[hl[ j^[ W]h[[c[dj \eh ie bed] Wi _j h[cW_di eXb_]Wj[Z je WZlWdY[ \kdZi jefWo j^[ =edZi- PdZ[h j^[ W]h[[c[dj+ j^[ ?_ijh_Yj m_bb X[ eXb_]Wj[Z je fhel_Z[ Y[hjW_d kfZWj[Z \_dWdY_Wb _d\ehcWj_ed WdZef[hWj_d] ZWjW WddkWbbo+ WdZ j_c[bo dej_Y[ e\ if[Y_\_[Z [l[dji+ je j^[ Hkd_Y_fWb N[Ykh_j_[i Mkb[cWa_d] =eWhZ 'wHNM=x(j^hek]^ j^[ HNM=vi @b[Yjhed_Y Hkd_Y_fWb HWha[j <YY[ii 'w@HH<x( ioij[c Wj mmm-[ccW-cihX-eh]-

8``gS^ JWbadfe

O^[ ?_ijh_Yj m_bb fhel_Z[ Y[hjW_d kfZWj[Z \_dWdY_Wb _d\ehcWj_ed WdZ ef[hWj_d] ZWjW WddkWbbo je j^[ HNM= l_W @HH<-O^[ _d\ehcWj_ed je X[ kfZWj[Z _dYbkZ[i Wbb gkWdj_jWj_l[ \_dWdY_Wb _d\ehcWj_ed WdZ ef[hWj_d] ZWjW m_j^ h[if[Yj je j^[?_ijh_Yj e\ j^[ ][d[hWb jof[ _dYbkZ[Z _d j^_i J\\_Y_Wb NjWj[c[dj kdZ[h j^[ ^[WZ_d]i w?DNOMD>O ?@=Ox WdZ wO<S?<O<x WdZ _d w<KK@I?DS =x 'j^[ <kZ_j(- O^[ ?_ijh_Yj m_bb kfZWj[ WdZ fhel_Z[ j^_i _d\ehcWj_ed m_j^_d i_n cedjîW\j[h j^[ [dZ e\ [WY^ \_iYWb o[Wh [dZ_d] _d eh W\j[h 1/1/-

O^[ ?_ijh_Yj cWo fhel_Z[ kfZWj[Z _d\ehcWj_ed _d \kbb j[nj eh cWo _dYehfehWj[ Xo h[\[h[dY[ Y[hjW_d ej^[h fkXb_Ybo WlW_bWXb[ZeYkc[dji+ Wi f[hc_jj[Z Xo N@> Mkb[ 04Y1,01 'j^[ wMkb[x(- O^[ kfZWj[Z _d\ehcWj_ed m_bb _dYbkZ[ WkZ_j[Z \_dWdY_WbijWj[c[dji+ _\ j^[ ?_ijh_Yj&i WkZ_j _i Yecfb[j[Z Xo j^[ h[gk_h[Z j_c[- D\ WkZ_j[Z \_dWdY_Wb ijWj[c[dji Wh[ dej WlW_bWXb[ Xoj^[ h[gk_h[Z j_c[+ j^[ ?_ijh_Yj m_bb fhel_Z[ kdWkZ_j[Z \_dWdY_Wb ijWj[c[dji m_j^_d j^[ h[gk_h[Z j_c[+ WdZ WkZ_j[Z \_dWdY_WbijWj[c[dji m^[d j^[ WkZ_j h[fehj X[Yec[i WlW_bWXb[- <do ikY^ \_dWdY_Wb ijWj[c[dji m_bb X[ fh[fWh[Z _d WYYehZWdY[ m_j^j^[ WYYekdj_d] fh_dY_fb[i Z[iYh_X[Z _d j^[ =edZ JhZ[h eh ikY^ ej^[h WYYekdj_d] fh_dY_fb[i Wi j^[ ?_ijh_Yj cWo X[ h[gk_h[Zje [cfbeo \hec j_c[ je j_c[ fkhikWdj je ijWj[ bWm eh h[]kbWj_ed-

O^[ ?_ijh_Yj&i Ykhh[dj \_iYWb o[Wh [dZ _i HWo 20- <YYehZ_d]bo+ _j ckij fhel_Z[ kfZWj[Z _d\ehcWj_ed Xo j^[ bWij ZWo e\Iel[cX[h _d [WY^ o[Wh+ kdb[ii j^[ ?_ijh_Yj Y^Wd][i _ji \_iYWb o[Wh- D\ j^[ ?_ijh_Yj Y^Wd][i _ji \_iYWb o[Wh+ _j m_bb dej_\oj^[ HNM= e\ j^[ Y^Wd][-

=hW`f Faf[UWe

O^[ ?_ijh_Yj m_bb fhel_Z[ j_c[bo dej_Y[i e\ Y[hjW_d if[Y_\_[Z [l[dji je j^[ HNM=+ Xkj _d de [l[dj m_bb ikY^ dej_Y[i X[fhel_Z[Z je j^[ HNM= _d [nY[ii e\ j[d Xki_d[ii ZWoi W\j[h j^[ eYYkhh[dY[ e\ Wd [l[dj- O^[ ?_ijh_Yj m_bb fhel_Z[ dej_Y[e\ Wdo e\ j^[ \ebbem_d] [l[dji m_j^ h[if[Yj je j^[ =edZi9 '0( fh_dY_fWb WdZ _dj[h[ij fWoc[dj Z[b_dgk[dY_[i; '1(ded,fWoc[dj h[bWj[Z Z[\Wkbji+ _\ cWj[h_Wb; '2( kdiY^[Zkb[Z ZhWmi ed Z[Xj i[hl_Y[ h[i[hl[i h[\b[Yj_d] \_dWdY_Wb Z_\\_Ykbj_[i;'3( kdiY^[Zkb[Z ZhWmi ed Yh[Z_j [d^WdY[c[dji h[\b[Yj_d] \_dWdY_Wb Z_\\_Ykbj_[i; '4( ikXij_jkj_ed e\ Yh[Z_j eh b_gk_Z_jofhel_Z[hi+ eh j^[_h \W_bkh[ je f[h\ehc; '5( WZl[hi[ jWn ef_d_edi+ j^[ _iikWdY[ Xo j^[ Ddj[hdWb M[l[dk[ N[hl_Y[ e\ fhefei[Zeh \_dWb Z[j[hc_dWj_ed e\ jWnWX_b_jo+ Iej_Y[i e\ Khefei[Z Diik[ 'DMN Aehc 46/0,O@=( eh ej^[h cWj[h_Wb dej_Y[i ehZ[j[hc_dWj_edi m_j^ h[if[Yj je j^[ jWn,[n[cfj ijWjki e\ j^[ =edZi+ eh ej^[h [l[dji W\\[Yj_d] j^[ jWn,[n[cfj ijWjki e\ j^[=edZi; '6( ceZ_\_YWj_edi je h_]^ji e\ X[d[\_Y_Wb emd[hi e\ j^[ =edZi+ _\ cWj[h_Wb; '7( XedZ YWbbi+ _\ cWj[h_Wb+ WdZ j[dZ[he\\[hi; '8( Z[\[WiWdY[i; '0/( h[b[Wi[+ ikXij_jkj_ed+ eh iWb[ e\ fhef[hjo i[Ykh_d] h[fWoc[dj e\ j^[ =edZi+ _\ cWj[h_Wb; '00(hWj_d] Y^Wd][i; '01( XWdahkfjYo+ _diebl[dYo+ h[Y[_l[hi^_f eh i_c_bWh [l[dj e\ j^[ ?_ijh_Yj eh ej^[h eXb_]Wj[Z f[hied m_j^_d

66

000092

j^[ c[Wd_d] e\ N@> Mkb[ 04Y1,01; '02( YedikccWj_ed e\ W c[h][h+ Yedieb_ZWj_ed+ eh WYgk_i_j_ed _dlebl_d] j^[ ?_ijh_Yjeh ej^[h eXb_]Wj[Z f[hied m_j^_d j^[ c[Wd_d] e\ N@> Mkb[ 04Y1,01 eh j^[ iWb[ e\ Wbb eh ikXijWdj_Wbbo Wbb e\ j^[ Wii[ji e\j^[ ?_ijh_Yj eh ej^[h eXb_]Wj[Z f[hied m_j^_d j^[ c[Wd_d] e\ j^[ N@> Mkb[ 04Y1,01+ ej^[h j^Wd _d j^[ ehZ_dWho Yekhi[ e\Xki_d[ii+ j^[ [djho _dje W Z[\_d_j_l[ W]h[[c[dj je kdZ[hjWa[ ikY^ Wd WYj_ed eh j^[ j[hc_dWj_ed e\ W Z[\_d_j_l[ W]h[[c[djh[bWj_d] je Wdo ikY^ WYj_edi+ ej^[h j^Wd fkhikWdj je _ji j[hci+ _\ cWj[h_Wb; '03( Wffe_djc[dj e\ W ikYY[iieh eh WZZ_j_edWbjhkij[[ eh j^[ Y^Wd][ e\ dWc[ e\ W jhkij[[+ _\ cWj[h_Wb; '04( _dYkhh[dY[ e\ W \_dWdY_Wb eXb_]Wj_ed e\ j^[ ?_ijh_Yj 'Wi Z[\_d[ZXo N@> Mkb[ 04Y1,01+ m^_Y^ _dYbkZ[i Y[hjW_d Z[Xj+ Z[Xj,b_a[+ WdZ Z[Xj,h[bWj[Z eXb_]Wj_edi(+ _\ cWj[h_Wb+ eh W]h[[c[dj jeYel[dWdji+ [l[dji e\ Z[\Wkbj+ h[c[Z_[i+ fh_eh_jo h_]^ji+ eh ej^[h i_c_bWh j[hci e\ Wdo ikY^ \_dWdY_Wb eXb_]Wj_ed e\ j^[?_ijh_Yj+ Wdo e\ m^_Y^ W\\[Yj i[Ykh_jo êbZ[hi+ _\ cWj[h_Wb; WdZ '05( Z[\Wkbj+ [l[dj e\ WYY[b[hWj_ed+ j[hc_dWj_ed [l[dj+ceZ_\_YWj_ed e\ j[hci+ eh ej^[h i_c_bWh [l[dji kdZ[h j^[ j[hci e\ Wdo ikY^ \_dWdY_Wb eXb_]Wj_ed e\ j^[ ?_ijh_Yj+ Wdo e\m^_Y^ h[\b[Yj \_dWdY_Wb Z_\\_Ykbj_[i- O^[ j[hc wcWj[h_Wbx m^[d ki[Z _d j^_i fWhW]hWf^ i^Wbb ^Wl[ j^[ c[Wd_d] WiYh_X[Zje _j kdZ[h \[Z[hWb i[Ykh_j_[i bWmi- I[_j^[h j^[ =edZi deh j^[ =edZ M[iebkj_ed cWa[i Wdo fhel_i_ed \eh Z[Xj i[hl_Y[h[i[hl[i eh b_gk_Z_jo [d^WdY[c[dj- Dd WZZ_j_ed+ j^[ ?_ijh_Yj m_bb fhel_Z[ j_c[bo dej_Y[ e\ Wdo \W_bkh[ Xo j^[ ?_ijh_Yj jefhel_Z[ \_dWdY_Wb _d\ehcWj_ed+ ef[hWj_d] ZWjW+ eh \_dWdY_Wb ijWj[c[dji _d WYYehZWdY[ m_j^ _ji W]h[[c[dj Z[iYh_X[Z WXel[kdZ[h w<ddkWb M[fehji-x

8hS[^ST[^[fk aX A`Xad_Sf[a`

O^[ ?_ijh_Yj ^Wi W]h[[Z je fhel_Z[ j^[ \eh[]e_d] _d\ehcWj_ed edbo je j^[ HNM=- Ddl[ijehi m_bb X[ WXb[ je WYY[ii+ m_jêkjY^Wh][ \hec j^[ HNM=+ Yedj_dk_d] Z_iYbeikh[ _d\ehcWj_ed \_b[Z m_j^ j^[ HNM= j^hek]^ _ji @HH< ioij[c Wjmmm-[ccW-cihX-eh]-

D[_[fSf[aè S`V 8_W`V_W`fe

O^[ ?_ijh_Yj ^Wi W]h[[Z je kfZWj[ _d\ehcWj_ed WdZ je fhel_Z[ dej_Y[i e\ Y[hjW_d if[Y_\_[Z [l[dji edbo Wi Z[iYh_X[Z WXel[-O^[ ?_ijh_Yj ^Wi dej W]h[[Z je fhel_Z[ ej^[h _d\ehcWj_ed j^Wj cWo X[ h[b[lWdj eh cWj[h_Wb je W Yecfb[j[ fh[i[djWj_ed e\_ji \_dWdY_Wb h[ikbji e\ ef[hWj_edi+ YedZ_j_ed+ eh fheif[Yji eh W]h[[Z je kfZWj[ Wdo _d\ehcWj_ed j^Wj _i fhel_Z[Z+ [nY[fjWi Z[iYh_X[Z WXel[- O^[ ?_ijh_Yj cWa[i de h[fh[i[djWj_ed eh mWhhWdjo YedY[hd_d] ikY^ _d\ehcWj_ed eh YedY[hd_d] _jiki[\kbd[ii je W Z[Y_i_ed je _dl[ij _d eh i[bb =edZi Wj Wdo \kjkh[ ZWj[- O^[ ?_ijh_Yj Z_iYbW_ci Wdo YedjhWYjkWb eh jehjb_WX_b_jo \eh ZWcW][i h[ikbj_d] _d mêb[ eh _d fWhj \hec Wdo Xh[WY^ e\ _ji Yedj_dk_d] Z_iYbeikh[ W]h[[c[dj eh \hec WdoijWj[c[dj cWZ[ fkhikWdj je _ji W]h[[c[dj+ Wbjêk]^ êbZ[hi eh =[d[\_Y_Wb Jmd[hi e\ =edZi cWo i[[a W mh_j e\ cWdZWckije Yecf[b j^[ ?_ijh_Yj je Yecfbo m_j^ _ji W]h[[c[dj-

O^[ ?_ijh_Yj cWo Wc[dZ _ji Yedj_dk_d] Z_iYbeikh[ W]h[[c[dj \hec j_c[ je j_c[ je WZWfj je Y^Wd][Z Y_hYkcijWdY[i j^WjWh_i[ \hec W Y^Wd][ _d b[]Wb h[gk_h[c[dji+ W Y^Wd][ _d bWm+ eh W Y^Wd][ _d j^[ _Z[dj_jo+ dWjkh[+ ijWjki+ eh jof[ e\ef[hWj_edi e\ j^[ ?_ijh_Yj+ _\ Xkj edbo _\ j^[ W]h[[c[dj+ Wi Wc[dZ[Z+ mekbZ ^Wl[ f[hc_jj[Z Wd kdZ[hmh_j[h je fkhY^Wi[eh i[bb =edZi _d j^[ e\\[h_d] cWZ[ ^[h[Xo _d Yecfb_WdY[ m_j^ j^[ N@> Mkb[ 04Y1,01+ jWa_d] _dje WYYekdj WdoWc[dZc[dji eh _dj[hfh[jWj_edi e\ ikY^ Mkb[ je j^[ ZWj[ e\ ikY^ Wc[dZc[dj+ Wi m[bb Wi ikY^ Y^Wd][Z Y_hYkcijWdY[i+ WdZ[_j^[h j^[ êbZ[hi e\ W cWèh_jo _d W]]h[]Wj[ fh_dY_fWb Wcekdj e\ j^[ ekjijWdZ_d] =edZi Yedi[dj je j^[ Wc[dZc[dj eh Wdof[hied kdW\\_b_Wj[Z m_j^ j^[ ?_ijh_Yj 'ikY^ Wi dWj_edWbbo h[Ye]d_p[Z XedZ Yekdi[b( Z[j[hc_d[i j^Wj j^[ Wc[dZc[dj m_bbdej cWj[h_Wbbo _cfW_h j^[ _dj[h[iji e\ j^[ êbZ[hi WdZ X[d[\_Y_Wb emd[hi e\ j^[ =edZi- O^[ ?_ijh_Yj cWo Wc[dZ eh h[f[Wbj^[ W]h[[c[dj _d j^[ =edZ JhZ[h _\ j^[ N@> Wc[dZi eh h[f[Wbi j^[ Wffb_YWXb[ fhel_i_edi e\ ikY^ Mkb[ eh W Yekhj e\ \_dWb`kh_iZ_Yj_ed Z[j[hc_d[i j^Wj ikY^ fhel_i_edi Wh[ _dlWb_Z eh kd[d\ehY[WXb[+ Xkj edbo je j^[ [nj[dj j^Wj _ji h_]^j je Ze iemekbZ dej fh[l[dj j^[ PdZ[hmh_j[h \hec bWm\kbbo fkhY^Wi_d] j^[ =edZi _d j^[ _d_j_Wb e\\[h_d]- D\ j^[ ?_ijh_Yj ie Wc[dZij^[ W]h[[c[dj+ _j ^Wi W]h[[Z je _dYbkZ[ m_j^ Wdo \_dWdY_Wb _d\ehcWj_ed eh ef[hWj_d] ZWjW d[nj fhel_Z[Z _d WYYehZWdY[ m_j^_ji W]h[[c[dj Z[iYh_X[Z WXel[ kdZ[h w<ddkWb M[fehjix Wd [nfbWdWj_ed+ _d dWhhWj_l[ \ehc+ e\ j^[ h[Wiedi \eh j^[Wc[dZc[dj WdZ e\ j^[ _cfWYj e\ Wdo Y^Wd][ _d j^[ jof[ e\ \_dWdY_Wb _d\ehcWj_ed WdZ ef[hWj_d] ZWjW ie fhel_Z[Z-

;a_b^[SÙW O[fZ Hd[ad M`VWdfS][`Ye

?kh_d] j^[ bWij \_l[ o[Whi+ j^[ ?_ijh_Yj ^Wi Yecfb_[Z _d Wbb cWj[h_Wb h[if[Yji m_j^ Wbb Yedj_dk_d] Z_iYbeikh[ W]h[[c[djicWZ[ Xo _j _d WYYehZWdY[ m_j^ N@> Mkb[ 04Y1,01-

67

000093

GXX[U[S^ KfSfW_W`f m<WW_WV >[`S^n

Aeh fkhfei[i e\ Yecfb_WdY[ m_j^ N@> Mkb[ 04Y1,01+ j^_i ZeYkc[dj+ Wi j^[ iWc[ cWo X[ ikffb[c[dj[Z eh Yehh[Yj[Z Xoj^[ ?_ijh_Yj \hec j_c[ je j_c[+ cWo X[ jh[Wj[Z Wi Wd J\\_Y_Wb NjWj[c[dj m_j^ h[if[Yj je j^[ =edZi Z[iYh_X[Z ^[h[_dwZ[[c[Z \_dWbx Xo j^[ ?_ijh_Yj Wi e\ j^[ ZWj[ ^[h[e\ 'eh e\ Wdo ikY^ ikffb[c[dj eh Yehh[Yj_ed( [nY[fj \eh j^[ ec_ii_ede\ Y[hjW_d _d\ehcWj_ed h[\[hh[Z je _d j^[ ikYY[[Z_d] fWhW]hWf^-

O^[ J\\_Y_Wb NjWj[c[dj+ m^[d \khj^[h ikffb[c[dj[Z Xo WZZ_d] _d\ehcWj_ed if[Y_\o_d] j^[ _dj[h[ij hWj[i WdZ Y[hjW_d ej^[h_d\ehcWj_ed h[bWj_d] je j^[ =edZi+ i^Wbb Yedij_jkj[ W wADI<G JAAD>D<G NO<O@H@IOx e\ j^[ ?_ijh_Yj m_j^ h[if[Yj jej^[ =edZi+ Wi j^Wj j[hc _i Z[\_d[Z _d N@> Mkb[ 04Y1,01-

O^_i J\\_Y_Wb NjWj[c[dj mWi Wffhel[Z Xo j^[ =eWhZ e\ ?_h[Yjehi e\ Aehj =[dZ >ekdjo G[l[[ Dcfhel[c[dj ?_ijh_Yj Ie-01 Wi e\ j^[ ZWj[ i^emd ed j^[ \_hij fW][ ^[h[e\-

.i.Kh[i_Z[dj+ =eWhZ e\ ?_h[YjehiAehj =[dZ >ekdjo G[l[[ Dcfhel[c[dj ?_ijh_Yj Ie- 01

<OO@NO9

.i.N[Yh[jWho+ =eWhZ e\ ?_h[YjehiAehj =[dZ >ekdjo G[l[[ Dcfhel[c[dj ?_ijh_Yj Ie- 01

68

000094

8HH=F<AP 8

DG;8LAGF E8H

000095

8HH=F<AP 9


>GJL 9=F< ;GMFLQ( L=P8K

8FFM8D 8M<AL J=HGJL

E8Q /-( .,-5

000096

8HH=F<AP ;

KH=;AE=F G> EMFA;AH8D 9GF< AFKMJ8F;= HGDA;Q

000097

93012-003 494971v1

FORT BEND COUNTY LEVEE IMPROVEMENT DISTRICT NO. 12Resolution Authorizing Issuance and Distributionof Preliminary Official Statement and Provision

of Notice of Refunding and Redemption

The Board of Directors (“Board”) of Fort Bend County Levee Improvement District No. 12 (“District”) met on September 21, 2020, with the following directors present:

Valerie Gamble, PresidentLarry Gore, Vice PresidentCheryl Stalinsky, Secretary

and the following absent:

None

when the following business was transacted:

The resolution set out below was introduced for consideration by the Board. It

was duly moved and seconded that said resolution be adopted; and after due discussion said

motion was carried by the following vote:

Ayes: All directors shown presentNoes: None

The resolution adopted is as follows:

WHEREAS, the District intends to issue bonds for the purpose of refunding up to

$620,000 of the District’s Unlimited Tax Levee Improvement Refunding Bonds, Series 2012

(“Series 2012”) with original maturity date of April 1, 2022 and $3,800,000 of the District’s

Unlimited Tax Levee Improvement Refunding Bonds, Series 2013 (“Series 2013”) with original

maturity dates of April 1, 2031 through April 1, 2034, inclusive (collectively hereinafter referred

to as the “Refunded Bonds”);

WHEREAS, for purposes of allowing and enabling RBC Capital Markets, LLC

and Hilltop Securities Inc. (collectively referred to herein as the “Underwriter” or

“Underwriters”), to purchase bonds of the District, the Board desires to approve the distribution

and use by the Underwriter of the Preliminary Official Statement dated September 21, 2020 (the

000098

93012-003 494971v1 2

“Preliminary Official Statement”) relating to the issuance of bonds to refund the Refunded

Bonds; and

WHEREAS, the District has “deemed final” within the meaning of Securities and

Exchange Commission Rule 15c2-12 (“Rule 15c2-12”) the Preliminary Official Statement, dated

September 21, 2020, except for the permitted omissions described in paragraph (b)(1) of Rule

15c2-12; and

WHEREAS, the Bond Orders authorizing the issuance of the District’s Series

2012 and Series 2013 bonds requires that the District provide written notice of refunding and

redemption to the paying agent for the Series 2012 and Series 2013 bonds at least 45 days prior

to the date of redemption of the Refunded Bonds, and that provision be made for notice of the

redemption to be sent to the bondholders.

NOW THEREFORE, BE IT ORDERED by the Board of Directors of Fort Bend

County Levee Improvement District No. 12 that:

1. The Board hereby approves the distribution and use by the Underwriter of

the Preliminary Official Statement, being the “deemed final” Official Statement under

Rule 15c2-12, to solicit bids to purchase the District’s Series 2020 Unlimited Tax Levee

Improvement Refunding Bonds from the District, the proceeds of which will be used to refund

the Refunded Bonds.

2. The Board hereby authorizes the President or Vice President to send

written notice to the paying agent for the Series 2012 and Series 2013 bonds at least forty-five

(45) days prior to the date of redemption of the Refunded Bonds, and to cause notice of

redemption to be mailed at least thirty (30) days prior to the date of redemption, to the holders of

bonds being refunded.

000099

93012-003 494971v1 3

3. The Board hereby finds and declares that written notice of the date, hour,

place and subject of the meeting at which this resolution was adopted was posted according to

and in compliance with the Open Meetings Act, Tex. Gov’t. Code Ann. §551.001 et seq., and

that such meeting was open to the public as required by law at all times during which this

resolution and the subject matter thereof were discussed, considered and formally acted upon, all

as required by the Open Meetings Act.

4. This resolution shall take effect and be in full force and effect upon and

after its passage.

PASSED AND APPROVED this September 21, 2020.

PresidentATTEST:

Secretary

SEAL

000100

93012-003 494971v1

I, the undersigned secretary of the Board of Directors of Fort Bend County Levee

Improvement District No. 12, hereby certify that the foregoing is a true and correct copy of the

Resolution Authorizing Issuance and Distribution of Preliminary Official Statement and

Provision of Notice of Refunding and Redemption adopted by said Board at its meeting of

September 21, 2020, together with excerpts from the minutes of said Board’s meeting on that

date showing the adoption of said resolution, as same appear of record in the official minutes of

the Board, on file in the District’s office.

I further certify that said meeting was open to the public, and that notice was

given in compliance with the provisions of Tex. Gov’t. Code Ann. § 551.001 et seq. as adopted,

and as suspended in part by the Governor of Texas on March 16, 2020.

Witness my hand and the official seal of the said District, this _____________________.

Secretary

000101

93012-003 949972v1


BOND ORDER

The Board of Directors (the “Board”) of Fort Bend County Levee Improvement

District No. 12 (the “District”) met on September 21, 2020, with the following directors present:


and the following directors absent:

None


The order set out below (the “Bond Order”) was introduced for consideration by

the Board. It was then moved and seconded that said order be adopted; and, after due discussion,

said motion was carried by the following vote:

Ayes: All directors shown present

Noes: None.

The Bond Order thus adopted is as follows:

Whereas, the District has presently outstanding and unpaid the following bonds(the “Outstanding Bonds”):

$1,220,000 of the District’s $9,530,000 Unlimited Tax Levee Improvement Refunding Bonds, Series 2012;

$3,800,000 of the District’s $3,800,000 Unlimited Tax Levee Improvement Refunding Bonds, Series 2013; and

$5,730,000 of the District’s $5,745,000 Unlimited Tax Levee Improvement Refunding Bonds, Series 2019;

Whereas, the bond order issuing the Series 2012 Bonds (the “Series 2012 Bond Order”) and the associated Approval Certificate provide in part that the District expressly reserves and shall thereafter have the right to redeem any of the bonds of the Series 2012 Bonds prior to maturity, in whole or in part, on April 1, 2019 or any date thereafter, to which bond order reference is hereby made for all purposes; and

Whereas, the bond order issuing the Series 2013 Bonds (the “Series 2013 Bond Order”) and the associated Approval Certificate provide in part that the District expressly reserves and shall thereafter have the right to redeem any of the bonds of the Series 2013 Bonds

000102

93012-003 949972v1 2

prior to maturity, in whole or in part, on April 1, 2020 or any date thereafter, to which bond order reference is hereby made of all purposes; and

Whereas, Section 57.2131 of the Texas Water Code, as amended, Tex. Gov’t. Code Ann. Chapter 1207, and a refunding bond election held for and within the District on September 13, 2003, authorize the District to issue refunding bonds to refund all or any part of the District’s bonds; and

Whereas, in order for the District to achieve a reduction in debt service requirements and to achieve a present value savings, the Board has determined that refunding bonds should be issued and the proceeds thereof applied to refund and redeem the Refunded Bonds as defined herein; and

It is, therefore, ordered by the Board of the District, as follows:

ARTICLE I

FINDINGS AND DETERMINATIONS

It is hereby officially found and determined that:

1. All matters and facts contained in the recitals above are declared to be true and correct.

2. The District, acting through its Board, is authorized pursuant to and in accordance with the provisions of the Constitution and the laws of the State of Texas, specifically, Chapters 49 and 57, Texas Water Code, as amended and Tex. Gov’t. Code Ann. Chapter 1207, and at a refunding bond election held September 13, 2003, to issue its 2020 series refunding bonds in an amount not to exceed $4,350,000 for the purposes of redeeming a portion of the District’s outstanding debt, to pay all of the related legal and fiscal fees in connection therewith, and to pay costs of issuance of the Bonds.

ARTICLE II

DEFINITIONS AND INTERPRETATIONS

A. For all purposes of this Bond Order, except as otherwise expressly provided or unless the context otherwise requires, and in addition to the definitions provided for herein, the following definitions will apply:

1. “Approval Certificate” shall mean the approval certificate of the Authorized Officer to be executed and delivered pursuant to Article III of this Order.

2. “Attorney General” shall mean the Attorney General of the State of Texas.

3. “Blanket Issuer Letter of Representation” shall mean the Blanket Issuer Letter of Representation between the District, the Paying Agent/Registrar and DTC.

4. “Bond Order” or “Order” as used herein and in the Bonds shall mean this Order authorizing the issuance of the Bonds.

000103

93012-003 949972v1 3

5. “Bond Register” shall mean the registration books for the Bonds kept by the Paying Agent/Registrar in which are maintained the names and addresses of and the principal amounts registered to each Registered Holder.

6. “Bonds” shall mean any or all of the Fort Bend County Levee Improvement District No. 12 Unlimited Tax Levee Improvement Refunding Bonds, Series 2020.

7. “Comptroller” shall mean the Comptroller of Public Accounts of the State of Texas.

8. “Definitive Bonds” shall mean the Bonds, other than the Initial Bond, in the form of Exhibit A-1.

9. “District” or “Issuer,” when referred to herein, shall mean Fort Bend County Levee Improvement District No. 12.

10. “DTC” shall mean the Depository Trust Company of New York, New York, or any successor securities depository.

11. “DTC Participant” shall mean securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations on whose behalf DTC was created to hold securities to facilitate the clearance and settlement of securities transactions among DTC Participants.

12. “Holder” or “Holders” or “Registered Holder” or “Registered Holders” or “Owner” or “Registered Owner” when used with respect to any Bond or the Bonds means the person in whose name such Bond is registered in the Bond Register.

13. “Initial Bond” shall mean the initially issued Bond representing the entire series of Bonds in the form of Exhibit A-1-A and used in accordance with Article IV of this Bond Order.

14. “Interest Payment Date” shall mean, when used in connection with the Bonds, April 1, 2021 and each October 1 and April 1 thereafter until maturity or earlier redemption of the Bonds.

15. “Issue Date” or “Delivery Date” shall mean the date on which the Bonds are delivered to and paid for by the Purchaser, which is currently anticipated to be November __, 2020.

16. “Outstanding” when used with reference to the Bonds, shall mean, as of a particular date, all Bonds theretofore and thereupon delivered pursuant to this Order except: (a) any Bond canceled by or on behalf of the District at or before such date; (b) any Bond defeased pursuant to the defeasance provisions of this Order or otherwise defeased as permitted by applicable law; and (c) any Bond in lieu of or in substitution for which a replacement Bond shall have been delivered pursuant to this Order.

000104

93012-003 949972v1 4

17. “Paying Agent/Registrar” shall mean The Bank of New York Mellon Trust Company, N.A., Dallas, Texas, a national banking association, a bank organized and existing under the laws of the United States of America, with a corporate trust office in Dallas, Texas, or its successors in that capacity.

18. “Predecessor Bonds” of any particular Bond means every previous Bond evidencing all or a portion of the same debt as that evidenced by such particular Bond, and, for the purposes of this definition, any Bond registered and delivered pursuant to Article VI hereof in lieu of a mutilated, lost, destroyed, or stolen Bond shall be deemed to evidence the same debt as the mutilated, lost, destroyed, or stolen Bond.

19. “Record Date” shall mean with respect to the Bonds the fifteenth (15th) calendar day of the calendar month next preceding each Interest Payment Date.

20. “Refunded Bonds” shall mean the Bonds designated by the Authorized Officer to be refunded as set forth in the Approval Certificate.

21. “Report” shall mean the Verification Report prepared by Robert Thomas CPA, LLC.

22. “Serial Bonds” shall mean any one or more, as the case may be, of the Bonds maturing serially at terms as set out in the Approval Certificate (defined herein below).

B. All terms defined herein and all pronouns used in this Bond Order shall be deemed to apply equally to singular and plural and to all genders. The titles and headings of the articles of this Bond Order have been inserted for convenience of reference only and are not to be considered a part hereof and shall not in any way modify or restrict any of the terms or provisions hereof. This Bond Order and all the terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein and to sustain the validity of the Bonds and the validity of the levy of ad valorem taxes to pay the principal of and interest on the Bonds.

ARTICLE III

SALE AND ISSUANCE OF BONDS

A. Bonds of the District, to be called “Fort Bend County Levee Improvement District No. 12 Unlimited Tax Levee Improvement Refunding Bonds, Series 2020” (the “Bonds”), are hereby ordered to be issued in an amount not to exceed $4,350,000, for the purpose of refunding and redeeming a portion of the District’s outstanding debt, as authorized by the Constitution and laws of the State of Texas, particularly Article XVI, Section 59, Constitution of the State of Texas, including but not limited to Chapters 49 and 57, Texas Water Code, as amended, and Tex. Gov’t. Code Ann. Chapter 1207, and the refunding bond election of September 13, 2003.

B. As authorized by Chapter 1207 (“Chapter 1207”), Texas Government Code, as amended, the directors holding the office of President, Vice President or Secretary of the Issuer at the time of execution of the Approval Certificate, as herein defined, are each hereby

000105

93012-003 949972v1 5

designated as the “Authorized Officer” of the Issuer, and are hereby authorized, appointed, and designated as the officer or employee of the Issuer authorized to act on behalf of the Issuer, which actions shall be evidenced by a certificate executed by such Authorized Officer (the “Approval Certificate”) for a period not to extend beyond December 31, 2020 in the selling and delivering of the Bonds and carrying out the other procedures specified in this Order, including the use of a book-entry only system with respect to the Bonds and the execution of a letter of representation if deemed appropriate, the determining and fixing of the date of the Bonds, any additional or different designation or title by which the Bonds shall be known, the price at which the Bonds will be sold, the amount of each maturity of principal thereof, the due date of each such maturity (not exceeding forty years from the date of the Bonds), the rate of interest to be borne by each such maturity, the interest payment dates and periods, the dates, price and terms upon and at which the Bonds shall be subject to redemption prior to due date or maturity at the option of the Issuer, any mandatory sinking fund redemption provisions, and approving modifications to this Order and executing such instruments, documents and agreements as may be necessary with respect thereto, and all other matters relating to the issuance, sale and delivery of the Bonds, and the refunding of the Refunded Bonds. It is further provided, however, that, notwithstanding the foregoing provisions, the Bonds shall not be sold and delivered unless the issuance of the Bonds and the refunding of the Refunded Bonds will result in a net present value savings of _% or greater (net of expenses) calculated on a present value basis and as set forth in a verification report of independent certified public accountants, of the amount which would otherwise be payable on the Refunded Bonds.

C. The Authorized Officer, acting for and on behalf of the Issuer, is authorized to arrange for the Bonds to be sold at negotiated sale to RBC Capital Markets, LLCand Hilltop Securities Inc. (collectively referred to herein as the “Purchaser”), and to enter into and carry out a bond purchase agreement (the “Bond Purchase Agreement”) with such Purchaser of the Bonds, at such price and terms as shall be set forth therein. The price to be paid for the Bonds shall be not less than 95% of the initial aggregate principal amount thereof plus accrued interest thereon from their date to their delivery. Upon its execution and delivery, such Bond Purchase Agreement shall constitute a binding and enforceable agreement of the Issuer in accordance with its terms.

D. The Authorized Officer is further authorized, for and on behalf of the Issuer, to approve any preliminary official statement, official statement, and any supplements thereto relating to the Bonds and referred to in the Bond Purchase Agreement.

E. The President, Vice President and Secretary are hereby authorized to have control and custody of the Bonds and all necessary records and proceedings pertaining thereto pending their delivery, and the President, Vice President and Secretary and other officers and employees of the District are hereby authorized and directed to make such certifications and to execute such instruments as may be necessary to accomplish the delivery of the Bonds and the District’s obligations under this Order, and to assure the investigation, examination, and approval thereof by the Attorney General and the registration of the Initial Bond by the Comptroller. Upon registration of the Initial Bond, the Comptroller (or a deputy in the office of the Comptroller lawfully designated in writing to act for the Comptroller) shall manually sign the Comptroller’s Registration Certificate prescribed herein to be attached or affixed to the Initial Bond, and the seal of the Comptroller shall be impressed or printed or lithographed thereon.

000106

93012-003 949972v1 6

F. In addition, prior to the initial delivery of the Bonds, the President or Vice President and Secretary of the Board of Directors of the District, the District’s General Counsel and Bond Counsel are hereby authorized and directed to approve any technical changes or corrections to this Order or to any of the instruments authorized and approved by this Order necessary in order to (i) correct any ambiguity or mistake or to properly or more completely document the transactions contemplated and approved by this Order and as described in the Official Statement, (ii) obtain a rating from any of the national bond rating agencies or satisfy requirements of the Insurer, or (iii) obtain approval of the Bonds by the Texas Attorney General’s office.

ARTICLE IV

TERMS OF THE BONDS

A. The Bonds shall be issued in fully registered form in an authorized aggregate amount as set forth in the Approval Certificate. The Bonds are issued for the purpose of refunding, in advance of their maturities, and redeeming the Refunded Bonds, and for payment of the costs of issuance of the Bonds. The issuance of the Bonds will, among other benefits, produce debt service savings.

B. The Bonds shall be designated “Fort Bend County Levee Improvement District No. 12 Unlimited Tax Levee Improvement Refunding Bonds, Series 2020.” The Bonds shall be numbered separately from R-1 upward, except that the Initial Bond shall be numbered IB-1, and shall be submitted substantially in the form of the attached Exhibit A-1-A to the Attorney General for approval and to the Comptroller for registration until cancellation in accordance with Article IV (J) hereof.

C. The Bonds shall be dated as set forth in the Approval Certificate (the “Dated Date”) and shall bear interest at the rates set forth in the Approval Certificate from the later of the Dated Date, or the most recent Interest Payment Date on which interest has been paid or duly provided for, calculated on the basis of a 360-day year of twelve (12) thirty (30)-day months, payable semiannually commencing April 1, 2021 and each October 1 and April 1 of each year until maturity or earlier redemption of the Bonds.

D. The Bonds shall be issued in the principal amounts and bear interest at the rates set forth in the Approval Certificate and may be transferred and exchanged as set forth in this Bond Order. The Bonds shall mature, in accordance with this Bond Order, on April 1 of each of the years and in the amounts set out in the Approval Certificate. Bonds delivered in transfer of or in exchange for other Bonds as set out in this Bond Order shall be numbered in order of their authentication by the Paying Agent/Registrar. All Bonds other than the Initial Bond shall be in the denomination of $5,000 or integral multiples thereof and shall mature on the same date and bear interest at the same rate as the Bond or Bonds in lieu of which they are delivered. The Bonds are subject to optional redemption as further described in Article V herein.

E. Principal of the Bonds at maturity or on a redemption date, including accrued interest at maturity, shall be payable in lawful money of the United States of America, without deduction for paying agent services, at the payment office of the Paying Agent/Registrar, currently The Bank of New York Mellon Trust Company, N.A., in Dallas, Texas and its

000107

93012-003 949972v1 7

successors in that capacity. Interest on the Bonds shall be payable as provided in this Bond Order.

F. The Bonds (other than the Initial Bond in the form of Exhibit A-1-A), shall be substantially in the form set forth in Exhibit A-1 to this Bond Order, with such appropriate variations, omissions and insertions as are customary or as are permitted or required by this Bond Order, and the Bonds may have letters, numbers or other marks of identification as may be consistent herewith and determined by the officers executing the Bonds, as evidenced by their signing of the Initial Bond. Any portion of the text of the Bonds may be printed on the back of such Bond with an appropriate reference placed on the front of the Bond. There may be printed thereon any approving legal opinions and any CUSIP or other identifying number.

G. The Definitive Bonds shall be printed, lithographed or steel engraved or reproduced in any other similar manner, as determined by the officers of the District executing the Bonds as evidenced by their execution thereof. The Initial Bond submitted to the Attorney General may be typewritten, photocopied or otherwise reproduced.

H. Notwithstanding anything to the contrary contained in this Bond Order, the Initial Bond in the form of Exhibit A-1-A to this Bond Order shall be registered to CEDE & Co., as Registered Owner and as nominee for the Depository Trust Corporation (“DTC”) or such person or entity as the Purchaser designates, and shall be manually signed by the President or Vice President and attested to and manually sealed by the Secretary of the Board, submitted to the Attorney General for approval, and thereafter registered by the Comptroller by his manual signature on the Comptroller’s Certificate. The Initial Bond may thereafter be cancelled and exchanged for registered Definitive Bonds in accordance with the provisions of Article IV (I) of this Bond Order and the Public Security Procedures Act, Tex. Gov’t. Code Ann. Chapter 1201, et seq.

I. In the event the Purchaser instructs the Paying Agent/Registrar in writing five (5) business days prior to the Issue Date to exchange, authenticate, deliver and register Definitive Bonds to those persons named by the Purchaser, including their addresses, the maturities, interest rates and denominations, the Maturity Amounts that are to be so registered, then the Initial Bond will be cancelled, and Definitive Bonds will be issued, registered and delivered in accordance with the instructions of the Purchaser on the Issue Date. The Paying Agent/Registrar need not accept instructions regarding exchange of the Initial Bond less than five (5) business days before the Issue Date. If such instructions are not timely received, then cancellation of the Initial Bond and delivery of Definitive Bonds may be delayed until the fifth (5th) business day following receipt by the Paying Agent/Registrar of such instructions.

J. No Bond shall be entitled to any right or benefit under this Bond Order, or be valid or obligatory for any purpose, unless there appears on such Bond (1) with respect to the Initial Bond only, a certificate of registration substantially in the form of Exhibit A-1-A, executed by the Comptroller of Public Accounts of the State of Texas or duly authorized deputy by manual signature, and (2) with respect to the Definitive Bonds, a certificate of authentication substantially in the form thereof set forth in Exhibit A-1, manually signed, executed by the manual signature of the Paying Agent/Registrar. Such certificate of registration and/or

000108

93012-003 949972v1 8

authentication, as the case may be, upon any Bond shall be conclusive evidence, and the only evidence, that such Bond has been duly certified and/or authenticated, registered and delivered.

K. The District shall have control and custody of the Initial Bond and all necessary records and proceedings pertaining thereto pending their delivery to the Purchaser, and the President and other officers of the District are hereby authorized and instructed to make such certifications and to execute such instruments as may be necessary to accomplish the delivery of the Initial Bond and to assure the investigation, examination and approval thereof by the Attorney General and the registration thereof by the Comptroller.

ARTICLE V

REDEMPTION OF THE BONDS BEFORE MATURITY

A. Certain Bonds of this issue shall be callable for redemption prior to maturity at the option of the District, in whole or in part, on the interest payment date as set out in the Approval Certificate, or on any date thereafter, for the purpose of retirement or refunding, or both, at a price equal to the principal amount of the Bonds called for redemption plus accrued interest, if any, from the most recent Interest Payment Date on which interest has been paid or duly provided for to the date fixed for redemption. At least forty-five (45) calendar days before the date fixed for redemption (unless a shorter notice shall be satisfactory to the Paying Agent/Registrar), the District shall notify the Paying Agent/Registrar by first class mail of its choice of Bonds to be redeemed and prior to redemption shall place the appropriate amount of money in trust with the Paying Agent/Registrar for the purpose of said redemption. While the Bonds are in book-entry form pursuant to Article XIV of this Order, if less than all the bonds of a particular maturity are to be redeemed, the Bonds will be selected for redemption by DTC in accordance with its procedures. If the book-entry only system is discontinued, if less than all the Bonds of a particular maturity are to be redeemed, the Paying Agent/Registrar, on behalf of the District, shall select the Bonds of such maturity to be redeemed by lot or such other customary random method as the District deems fair and appropriate.

B. Any redemption of the Bonds shall be at par plus accrued interest to the date of redemption. If the date of redemption is on a date other than an Interest Payment Date, interest on the Bonds shall be calculated in accordance with Article IV of this Bond Order.

C. Notice of the redemption of the Bonds shall be mailed by United States mail, first class, postage prepaid, by the Paying Agent/Registrar in the name of and at the expense of the District not less than thirty (30) calendar days prior to the redemption date for the Bonds to each Registered Holder of the Bonds to be redeemed notifying such Registered Holder of the redemption date and the termination of the payment or accrual of interest on that date. Such notice shall be sent to each Registered Holder of a Bond to be redeemed at the address appearing on the Register of the Paying Agent/Registrar at the close of business on the date which is thirty (30) calendar days prior to redemption date.

D. All notices of redemption shall include a statement (1) as to the redemption date, (2) as to the redemption price, (3) as to the principal amount of the Bonds to be redeemed and, if less than all Bonds which are then Outstanding are to be redeemed, an identification (and, in the case of partial redemption, the respective principal amounts) of the

000109

93012-003 949972v1 9

Bonds to be redeemed, (4) to the effect that on the redemption date the redemption price of each of the Bonds to be redeemed will become due and payable and that interest thereon shall cease to accrue from and after such date, and (5) further, to the effect that such Bonds are to be surrendered for payment of the redemption price at the payment office of the Paying Agent/Registrar and the address of such office.

E. Notice of redemption having been given as aforesaid, the Bonds to be redeemed shall, on the redemption date, become due and payable at the redemption price, and from and after such date (unless the District shall default in the payment of the redemption price) such Bonds shall cease to bear interest. Upon the surrender of such Bonds for redemption in accordance with such notice, such Bonds shall be paid by the Paying Agent/Registrar at the redemption price out of money supplied by the District. Installments of interest with a stated maturity on or prior to the redemption date shall be payable to the Registered Holders of such Bonds registered as such on the relevant Record Dates according to their terms.

F. If any Bond called for redemption shall not be so paid on the date set for redemption by reason of the failure of the District to provide collected funds, the same shall continue to bear interest from the redemption date at the rate borne by such Bond until same is paid by the District.

G. Any Bond which is to be redeemed only in part shall be surrendered at thepayment office of the Paying Agent/Registrar (if payment is to be made to other than the Registered Holder with due endorsement by, or a written instrument of transfer in form satisfactory to the Paying Agent/Registrar duly executed by the Registered Holder or his attorney duly authorized in writing), and the District shall execute and the Paying Agent/Registrar shall register and deliver to the Registered Holder of such Bond, without service charge to the Registered Holder, a new Bond or Bonds of same stated maturity and any authorized denomination or denominations as requested by such Registered Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered.

ARTICLE VI

PAYING AGENT/REGISTRAR

A. The District will enter into an agreement and will maintain such agreement with The Bank of New York Mellon Trust Company, N.A., Dallas, Texas, to act as Paying Agent/Registrar for the Bonds. The District will maintain at least one paying agent/registrar for the purpose of maintaining the Bond Register on behalf of the District. The District will retain the right to select a successor paying agent/registrar under the same or similar agreements. The original Paying Agent/Registrar is and any successor paying agent/registrar, if any, shall be either a national or state banking institution and shall be a corporation organized and doing business under the laws of the United States of America or of any state, authorized under such laws to exercise trust powers, subject to supervision or examination by federal or State of Texas authority, registered with the Securities and Exchange Commission, with a combined capital and surplus of at least $25,000,000. In the event a successor paying agent/registrar is appointed, the Bond Insurer and each Registered Holder of the Bonds will be notified of same by first class mail. The Paying Agent/Registrar shall be responsible for the

000110

93012-003 949972v1 10

payment of the principal of and interest on the Bonds upon timely receipt of sufficient moneys from the District to pay the principal of and interest on the Bonds, for maintaining the Bond Register, and for the replacement, transfer and exchange of the Bonds under the terms and conditions hereinafter set forth in this Bond Order.

B. The principal or redemption price of the Bonds shall be deposited in trust by the District at least one (1) business day prior to a maturity or redemption date in immediately available funds with the Paying Agent/Registrar who shall pay out same to the Registered Holders of such Bonds at the maturity or redemption thereof upon surrender of such Bonds to the Paying Agent/Registrar for cancellation.

C. Interest on the Bonds shall be timely deposited in trust with the Paying Agent/Registrar by the District at least one (1) business day prior to an Interest Payment Date in immediately available funds, and such interest shall be paid by check, dated as of the Interest Payment Date, and mailed on the Interest Payment Date by United States mail, first class, postage prepaid, or if agreed to by the Paying Agent/Registrar and the Registered Holders, paid by other customary means of transfer of funds, including wire transfer, to the Registered Holders of the Bonds shown on the records of the Paying Agent/Registrar on the Record Date.

D. The Paying Agent/Registrar shall cause to be kept at its corporate trust office the Bond Register in which, subject to such reasonable regulations as it may prescribe, registration of the Bonds and transfers or assignments of the Bonds shall be made as provided herein.

E. Upon surrender for transfer of any Bond at the corporate trust office of the Paying Agent/Registrar, the Paying Agent/Registrar shall within three (3) business days after request and presentation, register and deliver, in the name of the designated transferee or transferees, one or more new Bonds of the same stated maturity, of any authorized denominations, and of a like aggregate principal amount.

F. The Paying Agent/Registrar for the District shall adopt and implement reasonable rules and regulations providing for the replacement of Bonds which are reported by the Registered Holder thereof to have been mutilated, lost, destroyed or stolen. Upon receipt of satisfactory evidence of such mutilation, destruction, loss or theft, and receipt by the District and Paying Agent/Registrar of security or indemnity as may be required by either of them to hold them harmless, the District will replace such mutilated, destroyed, lost or stolen Bond. The District may require payment of taxes, governmental charges, cost of printing of the replacement bond, and other expenses incurred in connection with any such replacement.

G. All Bonds issued upon any transfer or exchange of Bonds shall be the valid obligations of the District, evidencing the same debt and entitled to the same benefits under this Bond Order as the Bonds surrendered upon such transfer or exchange.

H. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Paying Agent/Registrar, duly executed by the Registered Holder thereof or the Registered Holder’s attorney duly authorized in writing.

000111

93012-003 949972v1 11

I. No service charge shall be made to the Registered Holder for any registration, transfer, or exchange of Bonds, but the District or the Paying Agent/Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds.

J. Neither the District nor the Paying Agent/Registrar shall be required to issue, transfer or exchange any Bond during a period beginning at the opening of business on a Record Date and ending at the close of business on the next succeeding Interest Payment Date. Neither the District nor the Paying Agent/Registrar shall be required to (1) issue, transfer or exchange any Bond selected for redemption, in whole or in part, during a period beginning on the opening of business fifteen (15) calendar days before the date of the first mailing of a notice of redemption of Bonds and ending at the close of business on the date of such mailing or (2) thereafter to transfer or exchange any Bond so selected for redemption when such redemption is scheduled to occur within thirty (30) calendar days.

K. Funds held by the Paying Agent/Registrar that represent principal of or interest on the Bonds remaining unclaimed by the Registered Holder after the expiration of three (3) years from the date such funds have become due and payable (1) shall be reported and disposed of by the Paying Agent/Registrar in accordance with the provisions of Title 6 of the Texas Property Code, as amended, to the extent such provisions are applicable to such funds, or (2) to the extent such provisions do not apply to the funds, such funds shall be paid by the Paying Agent/Registrar to the District upon receipt by the Paying Agent/Registrar of a written request therefor from the District.

ARTICLE VII

SECURITY FOR THE BONDS: TAX LEVY

For the current year and during each year thereafter while any of the Bonds or interest thereon are Outstanding, the District shall compute and ascertain a rate and amount of ad valorem taxes which, after taking into account other funds available to the District for such purpose, will be sufficient to raise and produce the moneys required to provide for the payment of the interest on the Bonds as such interest comes due and to provide and maintain a sinking fund adequate to pay the principal of the Bonds as such principal matures, and such tax shall be based on the certified tax rolls of the District at the time of the levy, with full allowance being made for tax delinquencies and the cost of tax collection. For the current year there shall hereby be levied and for each year thereafter while the Bonds or any part of the principal of and interest thereon are outstanding and unpaid, there shall be levied, assessed and collected in due time, form and manner, a continuing, direct annual ad valorem tax upon all taxable property in the District in the rate and amount as aforesaid, and the proceeds of such tax shall be appropriated and applied to the payment of principal of and interest on the Bonds. Said taxes are hereby irrevocably pledged to the payment of the principal and interest of the Bonds.

ARTICLE VIII

FUNDS AND ACCOUNTS

000112

93012-003 949972v1 12

A. There is hereby confirmed the prior establishment of the Fort Bend County Levee Improvement District No. 12 Debt Service Fund (the “Debt Service Fund”). The Debt Service Fund shall be used to pay the principal of and interest on the Bonds. An amount representing the interest accrued on the Bonds calculated from November 1, 2020 to the Issue Date, plus the proceeds from the levy of taxes, shall be deposited into the Debt Service Fund. The accrued interest on the Bonds and investment earnings thereon shall be used to pay a portion of the principal of and interest on the Bonds due on April 1, 2021, prior to the use of taxes in the Debt Service Fund therefor. Moneys in the Debt Service Fund shall be transferred to the PayingAgent/Registrar prior to any interest and/or principal payment date in an amount sufficient to pay the interest on and principal of the Bonds and Paying Agent/Registrar fees, if due.

B. There is hereby established the Fort Bend County Levee Improvement District No. 12 Series 2020 Costs of Issuance Account (the “Cost of Issuance Account”) of the District's previously established Operating Fund, and into the Cost of Issuance Account there shall be deposited a portion of the net proceeds of the Bonds which shall be used to pay all fees and expenses associated with the preparation and issuance of the Bonds.

ARTICLE IX

ISSUANCE OF ADDITIONAL BONDS

The District expressly reserves and shall hereafter have the right to issue in one or more installments, the unissued unlimited tax bonds for the purpose of completing, repairing, improving, extending, enlarging or replacing the facilities of the District which remain authorized but unissued out of the District February 22, 1986 bond election, the unissued unlimited tax refunding bonds which remain authorized but unissued out of the September 13, 2003 bond election, and any unlimited tax bonds, refunding bonds or combination unlimited tax and revenue bonds as may hereafter be authorized at subsequent elections. Furthermore, the District expressly reserves and shall hereafter have the right to issue in one or more installments the following:

A. Revenue Bonds. The District expressly reserves the right to issue bonds payable solely from net revenues of the District’s facilities for the purpose of completing, repairing, improving, extending, enlarging or replacing the District’s facilities, and such bonds may be payable from and equally secured by a lien on and pledge of said net revenues on a parity with the pledge on any previously issued bonds secured by net revenues to the extent net revenues are used to pay the principal of and interest on such bonds.

B. Inferior Lien Bonds. The District also reserves the right to issue inferior lien bonds and to pledge the net revenues of the District’s facilities to the payment thereof, such pledge to be subordinate in all respects to the lien of the Bonds and any previously issued or subsequently issued bonds which are on a parity with the Bonds.

C. Special Project Bonds. The District further reserves the right to issue special project bonds for the purchase, construction, improvement, extension, replacement, enlargement or repair of water, sewer and/or drainage facilities necessary under a contract or contracts with persons, corporations, municipal corporations, political subdivisions or other

000113

93012-003 949972v1 13

entities, such special project bonds to be payable from and secured by the proceeds of such contract or contracts. The District further reserves the right to refund such bonds.

D. Refunding Bonds. The District further reserves the right to issue bonds to refund any of the Bonds or the Outstanding Bonds or any additional bonds subject to prior redemption, or any bonds the holders of which have consented to have refunded. The refunding bonds so issued shall enjoy complete equality of lien with the remaining bonds not refunded, if any such bonds remain, and the refunding bonds so issued shall enjoy the priority of lien enjoyed by the bonds being refunded.

The District further reserves the right to refund all such bonds.

ARTICLE X

REMEDIES UPON DEFAULT

In addition to all of the rights and remedies provided by the laws of the State of Texas, the District further covenants and agrees that in the event of default in the payment of the principal of or any interest on any of the Bonds when due, or in the event it fails to make the payments required to be made into the Debt Service Fund or defaults in the observance or performance of any other covenants, conditions or obligations set forth in this Bond Order, the following remedies shall be available:

A. The Registered Holders of the Bonds shall be entitled to a writ of mandamus issued by a court of competent jurisdiction compelling and requiring the District and the officials thereof to observe and perform the covenants, obligations or conditions prescribed in this Bond Order.

B. Any delay or omission to exercise any right or power accruing upon any default shall not impair any such right or power and shall not be construed to be a waiver of any such default or acquiescence therein, and every such right and power may be exercised from time to time and as often as may be deemed expedient.

ARTICLE XI

ANNEXATION AND CONSOLIDATION

The District is wholly located within the extraterritorial jurisdiction of the City of Houston, Texas (the “City”). If the District is annexed by the City for full purposes, the City must assume all of the debts, liabilities and obligations of the District, including the Bonds and the Outstanding Bonds and must perform all of the functions of the District, including the provision of services. If the District is annexed and the obligations thereof payable in whole or in part from ad valorem taxes become obligations of the City, the City is thereafter required to levy and collect taxes on all taxable property in the City sufficient to pay the principal of and interest on the Bonds and the Outstanding Bonds as it becomes due and payable.

000114

93012-003 949972v1 14

ARTICLE XII

DEFEASANCE OF THE BONDS

The District may defease the Bonds and discharge its obligation to the Registered Owners of any or all of the Bonds to pay the principal of and interest thereon in any manner permitted by law. Upon “such deposit”, the Bonds shall no longer be outstanding or unpaid. Any surplus amounts not required to accomplish such defeasance shall be returned to the District.

ARTICLE XIII

CONTINUING DISCLOSURE UNDERTAKING

A. Definitions. As used in this Article, the following terms have the meanings ascribed below:

“EMMA” means the Electronic Municipal Market Access system of the Municipal Securities Rule Making Board.

“MSRB” means the Municipal Securities Rulemaking Board.

“Rule” means SEC Rule 15c2-12, as amended from time to time.

“SEC” means the United States Securities and Exchange Commission.

B. Annual Reports. The District shall provide at least annually to the MSRB through EMMA or such other SEC method approved by the SEC, within six months after the end of each fiscal year ending in or after 2021, financial information and operating data with respect to the District of the general type included in the final Official Statement authorized by this Bond Order, being the information described in this Article. Any financial statements so to be provided shall be (1) prepared in accordance with the accounting principles described in this Article and (2) audited, if the District commissions an audit of such statements and the audit is complete within the period during which they must be provided. If audited financial statements are not so provided, then the District shall provide audited financial statements for the applicable fiscal year to the MSRB, when and if audited financial statements become available.

If the District changes its fiscal year, it will notify the MSRB of the change (and of the date of the new fiscal year end) prior to the next date by which the District otherwise would be required to provide financial information and operating data pursuant to this Section.

The financial information and operating data to be provided pursuant to this Section may be set forth in full in one or more documents or may be included by specific reference to any publicly available document available on the MSRB website or filed with the SEC as permitted by SEC Rule 15c2-12. Any filing made hereunder may be made solely by transmitting such filing to the MSRB in electronic format as prescribed by MSRB currently to www.emma.msrb.org and shall be accompanied by identifying information as prescribed by the MSRB.

000115

93012-003 949972v1 15

C. Event Notices. The District shall notify the MSRB, within 10 business days of occurrence of the event, of any of the following events with respect to the Bonds:

1. Principal and interest payment delinquencies;2. Unscheduled draws on debt service reserves reflecting financial

difficulties;3. Unscheduled draws on credit enhancements reflecting financial

difficulties;4. Substitution of credit or liquidity providers, or their failure to perform;5. Adverse tax opinions, the issuance by the Internal Revenue Service of

proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the Bonds, or other material events affecting the tax status of the Bonds;

6. Defeasances; 7. Rating changes;8. Tender offers; 9. Bankruptcy, insolvency, receivership or similar proceeding of the District;

and10. Default, event of acceleration, termination event, modification of terms, or

other similar events under the terms of the financial obligation of the District, any of which reflect financial difficulties.

D. Material Event Notices. The District shall notify the MSRB, within 10 business days of occurrence of the event, of any of the following events with respect to the Bonds, if such event is material within the meaning of federal securities laws:

1. Non-payment related defaults;2. Modification to rights of holders of the Bonds;3. Bond calls;4. Release, substitution or sale of property securing repayment of the Bonds; 5. The consummation of a merger, consolidation, or acquisition involving the

District or the sale of all or substantially all of the assets of the District, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms;

6. Appointment of a successor or additional trustee or the change of the name of a trustee;

7. Incurrence of a financial obligation of the District or agreement to covenants, events of default, remedies, priority rights, or other similar terms of financial obligation of the District any of which affect security holders.

The District shall notify the MSRB, in a timely manner, of any failure by the District to provide financial information or operating data in accordance with this Article by the time required by such Section. Any filing under this Section/Article may be made solely by transmitting such filing to the MSRB in electronic format as prescribed by MSRB currently to

000116

93012-003 949972v1 16

www.emma.msrb.org and shall be accompanied by identifying information as prescribed by the MSRB.

E. Limitations, Disclaimers and Amendments. The District shall be obligated to observe and perform the covenants specified in this Article for so long as, but only for so long as, the District remains an “obligated person” with respect to the Bonds within the meaning of the Rule, except that the District in any event will give the notice required by this Article of any Bond calls and defeasances that cause the District to be no longer such an “obligated person.”

The provisions of this Article are for the sole benefit of the Registered Owners and beneficial owners of the Bonds, and nothing in this Article, express or implied, shall give any benefit or any legal or equitable right, remedy, or claim hereunder to any other person. The District undertakes to provide only the financial information, operating data, financial statements, and notices which it has expressly agreed to provide pursuant to this Article and does not hereby undertake to provide any other information that may be relevant or material to a complete presentation of the District’s financial results, condition, or prospects and does not hereby undertake to update any information provided in accordance with this Article or otherwise, except as expressly provided herein. The District does not make any representation or warranty concerning such information or its usefulness to a decision to invest in or sell Bonds at any future date.

UNDER NO CIRCUMSTANCES SHALL THE DISTRICT BE LIABLE TO THE REGISTERED OWNER OR BENEFICIAL OWNER OF ANY BOND OR ANY OTHER PERSON, IN CONTRACT OR TORT, FOR DAMAGES RESULTING IN WHOLE OR IN PART FROM ANY BREACH BY THE DISTRICT, WHETHER NEGLIGENT OR WITHOUT FAULT ON ITS PART, OF ANY COVENANT SPECIFIED IN THIS ARTICLE, BUT EVERY RIGHT AND REMEDY OF ANY SUCH PERSON, IN CONTRACT OR TORT, FOR OR ON ACCOUNT OF ANY SUCH BREACH SHALL BE LIMITED TO AN ACTION FOR MANDAMUS OR SPECIFIC PERFORMANCE.

No default by the District in observing or performing its obligations under this Article shall constitute a breach of or default under the Bond Order for purposes of any other provision of this Bond Order.

Nothing in this Article is intended or shall act to disclaim, waive, or otherwise limit the duties of the District under federal and state securities laws.

The provisions of this Article may be amended by the District from time to time to adapt to changed circumstances that arise from a change in legal requirements, a change in law, or a change in the identity, nature, status, or type of operations of the District, but only if (1) the provisions of this Article, as so amended, would have permitted an underwriter to purchase or sell Bonds in the primary offering of the Bonds in compliance with the Rule, taking into account any amendments or interpretations of the Rule to the date of such amendment, as well as such changed circumstances, and (2) either (a) the Registered Owners of a majority in aggregate principal amount of the Bonds Outstanding consent to such amendment or (b) a Person that is unaffiliated with the District (such as nationally recognized bond counsel) determines that such amendment will not materially impair the interests of the Registered Owners and beneficial

000117

93012-003 949972v1 17

owners of the Bonds. If the District so amends the provisions of this Article, it shall include with any amended financial information or operating data next provided in accordance with this Article an explanation, in narrative form, of the reasons for the amendment and of the impact of any change in the type of financial information or operating data so provided.

F. Description of Annual Financial Information. The following information is referred to in this Article:

(a) Annual Financial Statements and Operating Data. The financial information and operating data with respect to the District to be provided annually in accordance the Article are as specified below:

The financial information and operating data with respect to the District to be provided annually is found in sections of the Official Statement titled “DISTRICT DEBT,” “TAX DATA” and “APPENDIX B”, the Annual Audit Report of the District.

(b) Accounting Principles. The accounting principles referred to in herein are generally accepted accounting principles for governmental units as prescribed by the Governmental Accounting Standards Board from time to time, as such principles may be changed from time to time to comply with state law or regulation, or as otherwise stated in the financial statements.

ARTICLE XIV

BOOK ENTRY PROCEDURES

A. Registration of Nominee of DTC. Notwithstanding the procedures set forth previously in this Order relating to registration and exchange of the Bonds, the Initial Bond shall be delivered against payment to the Purchaser. The Purchaser shall be required to promptly surrender the Initial Bond to the Paying Agent/Registrar for exchange. Bonds issued in exchange shall be registered in the name of CEDE & CO, as nominee of the Depository Trust Co. (“DTC”), as Registered Owner of the Bonds, and held in the custody of DTC. Unless otherwise requested by DTC, a single certificate will be issued and delivered to DTC for each maturity of the Bonds. Beneficial owners of Bonds will not receive physical delivery of Bond certificates except as provided hereinafter. For so long as DTC shall continue to serve as securities depository for the Bonds as provided herein, all transfers of beneficial ownership interests will be made by book-entry only, and no investor or other party purchasing, selling or otherwise transferring beneficial ownership of Bonds is to receive, hold or deliver any Bond certificate.

B. Obligation of Paying Agent/Registrar and District to DTC Participants. With respect to Bonds registered in the name of CEDE & CO, as nominee of DTC, the District and the Paying Agent/Registrar shall have no responsibility or obligation to any DTC Participant or to any Person on whose behalf a DTC Participant holds an interest in the Bonds except as

000118

93012-003 949972v1 18

provided in this Order. Without limiting the immediately preceding sentence, the District and the Paying Agent/Registrar shall have no responsibility or obligation with respect to (i) the accuracy of the records of DTC, CEDE & CO., or any DTC Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any DTC Participant or any other Person, other than a Registered Owner of the Bonds, as shown on the Register, of any notice with respect to the Bonds, including any notice of redemption, and (iii) the payment to any DTC Participant or any other Person, other than a Registered Owner of the Bonds, as shown in the Register, of any amount with respect to principal of or premium, if any, or interest on the Bonds. Notwithstanding any other provision of this Order to the contrary, the District and the Paying Agent/Registrar shall be entitled to treat and consider the person in whose name each Bond is registered in the Register as the absolute Registered Owner of such Bond for the purpose of payment of principal of and interest on the Bonds, for the purpose of giving notices of redemption and other matters with respect to such Bond, for the purpose of registering transfer with respect to such Bond, and for all other purposes whatsoever. The Paying Agent/Registrar shall pay all principal of, premium, if any, and interest on the Bonds only to or upon the Order of the respective Registered Owners, as shown in the Register as provided in this Order, or their respective attorneys duly authorized in writing, and all such payments shall be valid and effective to fully satisfy and discharge the District’s obligations with respect to payments of principal, premium, if any, and interest on the Bonds to the extent of the sum or sums so paid. No person other than a Registered Owner, as shown in the Register, shall receive a Bond certificate evidencing the obligation of the District to make payments of amounts due pursuant to this Order. Upon delivery by DTC to the Paying Agent/Registrar of written notice to the effect that DTC has determined to substitute a new nominee in place of CEDE & CO., and subject to the provisions of this Order with respect to interest checks being mailed to the Registered Owner of record as of the Record Date, the phrase “CEDE & CO.” in this Order shall refer to such new nominee of DTC.

C. Blanket Issuer Letter of Representations. The execution and delivery of the Blanket Issuer Letter of Representations is hereby approved with such changes as may be approved by the President of the Board, and the President of the Board is hereby authorized and directed to execute such Blanket Issuer Letter of Representations.

D. Replacement of DTC or Issuance of Replacement Bonds. Replacement Bonds may be issued directly to beneficial owners of Bonds other than DTC, or its nominee, but only in the event that (i) DTC determines not to continue to act as securities depository for the Bonds (which determination shall become effective no less than 90 days after written notice to such effect to the District and the Paying Agent/Registrar); or (ii) the District has advised DTC of its determination (which determination is conclusive as to DTC and the beneficial owners of the Bonds) that the interests of the beneficial owners of the Bonds might be adversely affected if such book-entry only system of transfer is continued. Upon occurrence of any of the foregoing events, the District shall use its best efforts to attempt to locate another qualified securities depository. If the District fails to locate another qualified securities depository to replace DTC, the District shall cause to be authenticated and delivered replacement Bonds, in certificate form, to the beneficial owners of the Bonds. In the event that the District makes the determination noted in (ii) above (provided that the District undertakes no obligation to make any investigation to determine the occurrence of any events that would permit the District to make any such determination), and has made provisions to notify the beneficial owners of Bonds of such

000119

93012-003 949972v1 19

determination by mailing an appropriate notice to DTC, it shall cause to be issued replacement Bonds in certificate form to beneficial owners of the Bonds as shown on the records of DTC provided to the District.

E. DTC Requirements to be met. Whenever, during the term of the Bonds, the beneficial ownership thereof is determined by a book entry at DTC, the requirements in this Order of holding, delivering or transferring Bonds shall be deemed modified to require the appropriate Person or entity to meet the requirements of DTC as to registering or transferring the book entry to produce the same effect.

F. Payments to CEDE & CO. Notwithstanding any other provision of this Order to the contrary, so long as any Bonds are registered in the name of CEDE & CO., as nominee of DTC, all payments with respect to principal of, premium, if any, and interest on such Bonds, and all notices with respect to such Bonds, shall be made and given, respectively, in the manner provided in the Blanket Issuer Letter of Representations.

G. Cessation of DTC as Securities Depository. If at any time, DTC ceases to hold the Bonds as securities depository, all references herein to DTC shall be of no further force or effect.

ARTICLE XV

AMENDMENT OF BOND ORDER

The District may, without the consent of or notice to any Registered Holders of the Bonds, amend, change or modify this Bond Order as may be required (1) by the provisions hereof, (2) in connection with the issuance of any additional bonds, (3) for the purpose of curing any ambiguity, inconsistency, error or formal defect or omission herein, or (4) in connection with any other change which is not to the prejudice of any Registered Holder of the Bonds. Except for such amendments, changes, and modifications, the District shall not amend, change or modify this Bond Order in any manner without the written consent of each Registered Holder of the Bonds, including particularly any amendment, change or modification which would (1) extend the time or times of payment of the principal of and interest (or accrual of interest) on the Bonds, or reduce the principal amount thereof or the rate of interest thereon or in any other way modify the terms of payment of the principal of or interest on the Bonds, (2) create any lien ranking prior to or on a parity with the lien of the Bonds except for additional bonds as set forth in Article IX hereof, (3) give preference of any Bond over any other Bond, or (4) extend any waiver of default to subsequent defaults.

ARTICLE XVI

TAX EXEMPTION

A. The District covenants that it will make such use of the proceeds of the Bonds, regulate investments of proceeds thereof, and take such other and further actions as may be required by Sections 103 and 141-150 of the Internal Revenue Code of 1986, as amended (the “Code”), and all applicable temporary, proposed, and final regulations and procedures promulgated thereunder or promulgated under the Internal Revenue Code of 1954, to the extent

000120

93012-003 949972v1 20

applicable to the Code (the “Regulations”), necessary to assure that the interest on the Bonds is excludable from gross income for federal income tax purposes. Without limiting the generality of the foregoing covenant, the District hereby covenants as follows:

(1) to take any action to insure that no more than ten percent (10%) of the net proceeds of the Bonds are used for any “private business use,” as defined in Section 141(b)(6) of the Code or, if more than ten percent (10%) of the proceeds are so used, that amount, whether or not received by the District, with respect to such private business use, do not, under the terms of this Bond Order, directly or indirectly, secure or provide for the payment of more than ten percent (10%) of the debt service on the Bonds, in contravention of Section 141(b)(2) of the Code;

(2) to take any action to insure that in the event that the “private business use” described in subsection (1) hereof exceeds five percent (5%) of the net proceeds of the Bonds, then the amount in excess of five percent (5%) is used for a “private business use” which is related and not “disproportionate,” within the meaning of Section 141(b)(3) of the Code, to the governmental use;

(3) to take any action to insure that no amount which is greater than the lesser of (a) $5,000,000 or (b) five percent (5%) of the net proceeds of the Bonds is directly or indirectly used to finance loans to persons other than governmental units, in contravention of Section 141(c) of the Code;

(4) to refrain from taking any action which would otherwise result in the Bonds being treated as “private activity bonds” within the meaning of Section 141(b) of the Code;

(5) to otherwise restrict the use of the proceeds of the Bonds so that the Bonds do not contravene the requirements of Section 148 of the Code relating to arbitrage;

(6) to refrain from taking any action that would result in the Bonds being “federally guaranteed” obligations for purposes of Section 149(b) of the Code;

(7) to take all necessary steps to comply with the requirement that excess arbitrage profits earned on the investment of the “gross proceeds” of the Bonds (within the meaning of Section 148(f)(6)(B) of the Code), if any, be rebated to the federal government, and to maintain such records as will enable the District to fulfill its responsibilities under this section and Section 148 of the Code;

(8) to timely file with the Secretary of the Treasury of the United States the information required by Section 149(e) of the Code with respect to the Bonds on such form and in such place as such Secretary may prescribe;

(9) to use the proceeds of the Bonds to pay principal and interest on the Refunded Bonds;

(10) to refrain from using any portion of the proceeds of the Bonds, directly or indirectly, to acquire or to replace funds which were used, directly or indirectly, to acquire

000121

93012-003 949972v1 21

investment property (as defined in section 148(b)(2) of the Code) which produces a materially higher yield over the term of the Bonds, other than investment property acquired with

(a) proceeds of the Bonds invested for a reasonable temporary period until such proceeds are needed for the purpose for which the Bonds are issued,

(b) amounts invested in a bona fide debt service fund, within the meaning of section 1.148-1(b) of the Treasury Regulations, and

(c) amounts deposited in any reasonably required reserve or replacement fund to the extent such amounts do not exceed 10 percent of the stated principal amount (or, in the case of a discount, the issue price) of the Bonds; and

(11) to otherwise restrict the use of the proceeds of the Bonds or amounts treated as proceeds of the Bonds, as may be necessary, so that the Bonds do not otherwise contravene the requirements of section 148 of the Code (relating to arbitrage), section 149(g) of the Code (relating to hedge bonds), and, to the extent applicable, section 149(d) of the Code (relating to advance refundings).

B. Qualified Tax Exempt Obligations. The District hereby designates the Bonds as “qualified tax-exempt obligations” as defined in section 265(b)(3) of the Internal Revenue Code of 1986 (the “Code”), conditioned upon the purchaser identified in Article III.C hereof certifying that the aggregate initial offering price of the Bonds to the public (excluding any accrued interest) is no greater than $10,000,000 (or such amount permitted by such section 265 of the Code). Assuming such condition is met, in furtherance of such designation, the District represents, covenants, and warrants the following: (a) that during the calendar year in which the Bonds are issued, the District (including any subordinate entities) has not designated nor will designate obligations, which when aggregated with the Bonds, will result in more than $10,000,000 (or such amount permitted by such section 265 of the Code) of “qualified tax-exempt obligations” being issued; (b) that the District reasonably anticipates that the amount of tax-exempt obligations issued during the calendar year in which the Bonds are issued, by the District (or any subordinate entities) will not exceed $10,000,000 (or such amount permitted by such section 265 of the Code)

C. All officers, employees, and agents of the District are authorized and directed to provide certifications of facts and estimates that are material to the reasonable expectations of the District regarding the foregoing as of the date the Bonds are delivered. In complying with the foregoing covenants, the District may rely from time to time upon an opinion issued by nationally recognized bond counsel to the effect that any action by the District orreliance upon any interpretation of the Code or Regulations contained in such opinion will not cause interest on the Bonds to be includable in gross income for federal income tax purposes under existing law.

D. The District covenants that the property financed with the proceeds of the bonds to be refinanced with the proceeds of the Bonds will not be sold or otherwise disposed in a transaction resulting in the receipt by the District of cash or other compensation, unless the District obtains an opinion of nationally-recognized bond counsel that such sale or other

000122

93012-003 949972v1 22

disposition will not adversely affect the tax-exempt status of the Bonds. For purposes of the foregoing, the portion of the property comprising personal property and disposed in the ordinary course shall not be treated as a transaction resulting in the receipt of cash or other compensation. For purposes hereof, the District shall not be obligated to comply with this covenant if it obtains an opinion that such failure to comply will not adversely affect the excludability for federal income tax purposes from gross income of the interest.

E. The District understands that the term “proceeds” includes “disposition proceeds” as defined in the Treasury Regulations and, in the case of refunding bonds, transferred proceeds (if any) and proceeds of the refunded bonds expended prior to the date of issuance of the Bonds. It is the understanding of the District that the covenants contained herein are intended to assure compliance with the Code and any regulations or rulings promulgated by the U.S. Department of the Treasury pursuant thereto. In the event that regulations or rulings are hereafter promulgated which modify or expand provisions of the Code, as applicable to the Bonds, the District will not be required to comply with any covenant contained herein to the extent that such failure to comply, in the opinion of nationally recognized bond counsel, will not adversely affect the exemption from federal income taxation of interest on the Bonds under section 103 of the Code. In the event that regulations or rulings are hereafter promulgated which impose additional requirements which are applicable to the Bonds, the District agrees to comply with the additional requirements to the extent necessary, in the opinion of nationally recognized bond counsel, to preserve the exemption from federal income taxation of interest on the Bonds under section 103 of the Code.

F. Written Procedures. Unless superseded by another action of the District, to ensure compliance with the covenants contained herein regarding private business use, remedial actions, arbitrage and rebate, the District hereby adopts and establishes the instructions attached hereto and incorporated by reference herein as Exhibit “B” as the District’s written procedures.

ARTICLE XVII

APPLICATION OF PROCEEDS

The District covenants and agrees with the Registered Holders of the Bonds that the net proceeds from the sale of the Bonds, along with certain funds of the District, will be disbursed as follows:

(a) to The Bank of New York Mellon Trust Company, N.A., Dallas, Texas, in such amount so as to provide funds sufficient for the timely payment of principal of and interest on the Refunded Bonds to redemption, as more fully set forth in the Report;

(b) to the Debt Service Fund, the accrued interest on the Bonds;

(c) to the Cost of Issuance Account, an amount sufficient to pay fees and expenses incurred in the issuance of the Bonds; and

(d) the balance, if any, to the Debt Service Fund, to be used to pay principal of and interest on the Bonds.

000123

93012-003 949972v1 23

ARTICLE XVIII

REDEMPTION OF REFUNDED BONDS

A. The District hereby directs that there be called in whole on the dates set forth in the Approval Certificate for the redemption at par in addition to unpaid accrued interest, the Refunded Bonds with the maturities and principal amounts set forth in the Approval Certificate.

B. The remaining outstanding Bonds not specifically redeemed by this Bond Order shall continue to be outstanding and subject to all terms, covenants and conditions governing the remaining outstanding bonds pursuant to the bond orders issuing the remaining outstanding bonds.

C. The President or Vice President and Secretary of the Board of the District are authorized and directed to give written notice of said payment and redemption to the paying agent for the Refunded Bonds, in accordance bond orders issuing the Refunded Bonds.

ARTICLE XIX

APPROVAL AND REGISTRATION OF INITIAL BOND

A. The President of the Board shall submit the transcript of certified proceedings of the Bonds and the Initial Bond to the Attorney General for approval. After obtaining such approval, the President shall have the Initial Bond registered by the Comptroller. After the Initial Bond has been registered by the Comptroller, the President shall direct delivery of same to the proper party or parties at the appropriate time and place.

B. As and when the Initial Bond is delivered and paid for by the Purchaser, the proceeds therefrom are to be used in accordance with this Bond Order. All moneys to be deposited into the Debt Service Fund of the District shall be deposited in the depository bank of the District.

ARTICLE XX

MISCELLANEOUS

A. If any date on which interest is payable on the Bonds or principal of the Bonds matures shall be a legal holiday for the District or a day on which the Paying Agent/Registrar is authorized by law to close, then payment of interest or principal need not be made on such date but may be made on the next succeeding day which is neither a legal holiday for the District nor a day on which the Paying Agent/Registrar is authorized by law to close, and such payment on such succeeding day shall be treated with the same force and effect as if made on the Interest Payment Date or the date of maturity, and no interest shall accrue for the period from the Interest Payment Date or maturity date to the date of actual payment.

B. No recourse shall be had for the payment of principal of or interest on any of the Bonds or for any claim based thereon or on this Order against any official of the District or any person executing any Bonds.

000124

93012-003 949972v1 24

C. The President or Vice President and Secretary and other appropriate officials of the District are hereby authorized and directed to do any and all things necessary and/or convenient to carry out the terms or effectuate the intent of this Order in strict conformity and compliance with Tex. Gov’t. Code Ann. Chapter 1201.

D. If any section, paragraph, clause or provision of this Order shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Order.

E. It is hereby found, determined, and declared that a sufficient written notice of the date, hour, place, and subject of the meeting of the Board of Directors at which this Order was adopted was posted at a place convenient and readily accessible at all times to the general public for the time required by law preceding this meeting, as required by the Open Meetings Act, Tex. Gov’t. Code Ann. § 551.001 et seq., as amended, and that this meeting has been open to the public as required by law at all times during which this Order and the subject matter thereof has been discussed, considered, and formally acted upon. The Board of Directors further ratifies, approves, and confirms such written notice and the contents and posting thereof.

F. All District orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent of such inconsistency.

Passed, ordered and approved, this September 21, 2020.

ATTEST: President

Secretary

(SEAL)

000125

93012-003 949972v1

I, the undersigned Secretary of the Board of Directors of Fort Bend County Levee

Improvement District No. 12 hereby certify that the foregoing is a true and correct copy of the

Bond Order and excerpts of minutes, which Bond Order was adopted by said Board of Directors

at its regular meeting on September 21, 2020, as same appear of record in the official minutes of

said Board of Directors on file in said District’s office.

I further certify that said meeting was open to the public, and that notice was

given in compliance with the provisions of Tex. Gov’t. Code Ann. § 551.001 et seq. as adopted,

and as suspended in part by the Governor of Texas on March 16, 2020.

Witness my hand and the official seal of said District, this .

Secretary

000126

93012-003 949972v1 A-1

EXHIBIT A-1FORM OF DEFINITIVE BOND

UNITED STATES OF AMERICASTATE OF TEXAS


No. R- ________ Registered$__________

UNLIMITED TAX LEVEE IMPROVEMENT REFUNDING BONDSSERIES 2020

INTEREST RATE: CUSIP: MATURITY DATE: DATED DATE:_____________% ______ April 1, _______ November 1, 2019

PRINCIPAL AMOUNT:________________________________________________DOLLARSREGISTERED HOLDER: CEDE & CO, as nominee for the Depository Trust Company, New York New York, (“DTC”)

FORT BEND COUNTY LEVEE IMPROVEMENT DISTRICT NO. 12 of Fort Bend County, Texas (the “District”), a body politic and corporate, a governmental agency, and a political subdivision of the State of Texas, for value received, hereby promises to pay to the registered holder named above, or registered assigns, but solely from the source and in the manner hereinafter provided, on the Maturity Date specified above, in accordance with the Bond Order (as hereinafter defined), upon presentation and surrender of this Bond, the principal amount identified above and interest on such sum from the later of November 1, 2020, or the most recent interest payment date on which interest has been paid or duly provided for, at the per annum rate set forth above calculated on the basis of a 360-day year, semiannually on April 1 and October 1 of each year, commencing April 1, 2021, until the payment of such principal sum shall have been made or provided for. Principal of this Bond is payable on presentation and surrender of this Bond in lawful money of the United States of America, without deduction for paying agent services, at the office of the Paying Agent/Registrar, currently The Bank of New York Mellon Trust Company, N.A., a national banking association (the “Paying Agent/Registrar”). All interest on this Bond payable prior to the maturity hereof shall be paid by check mailed to the registered holder hereof at its address as it appears on the registration books of the Paying Agent/Registrar. The registered holder of this Bond shall be determined in each case as of the close of business on the fifteenth (15th) calendar day of the calendar month next preceding the interest payment date.

This Bond is one of the duly authorized Bonds of the District’s Unlimited Tax Levee Improvement Refunding Bonds, Series 2020 (the “Bonds”), aggregating in principal amount of $4,350,000, authorized by a Bond Order (the “Bond Order”) adopted by the Board of Directors of the District on September 21, 2020 pursuant to and in full conformity with the Constitution and the laws of the State of Texas. The Bonds are issued to provide funds to refund and redeem $620,000 of the District’s Unlimited Tax Levee Improvement Refunding Bonds, Series 2012 with original maturity date of April 1, 2022 and $3,800,000 of the District’s Unlimited Tax Levee Improvement Refunding Bonds, Series 2013 with original maturity dates of April 1, 2031 through April 1, 2034, inclusive, and to pay certain costs of issuance, under and in strict conformity with the Constitution and laws of the State of Texas, particularly Chapters 49 and 57, Texas Water Code, as amended, and Tex. Gov’t. Code Ann. Chapter 1207.

This Bond and the other Bonds of the series of which it is a part are payable from the proceeds of a direct annual ad valorem tax levied upon all taxable property subject to taxation within the District, without limitation as to rate or amount, in the manner provided by Section 57.251, Texas Water Code, as amended.

Bonds of this issue scheduled to mature on April 1, 2026 and thereafter shall be callable for redemption prior to maturity at the option of the District, in whole or in part, on April 1, 2025, or on any date thereafter for the purpose of retirement or refunding, or both, at par in addition to unpaid accrued interest to the date of redemption. If less than all of the Bonds of a particular maturity are to be redeemed at any time, the particular Bonds to be redeemed shall be selected by the DTC in accordance with its procedures, while the Bonds are in book-entry only form. If book-entry only form is discontinued and less than all of the Bonds of a particular maturity are to be

000127

93012-003 949972v1 A-2

redeemed at any time, the particular Bonds to be redeemed shall be selected by the Paying Agent/Registrar in accordance with the aforesaid Bond Order.

In the event all or any part of the Bonds then outstanding shall be called for redemption prior to maturity, notice thereof in writing shall be mailed, properly stamped and addressed, to each registered holder of the Bonds to be redeemed, at least thirty (30) calendar days before the date fixed for redemption. Payment of interest shall cease upon the date set for redemption, and the Paying Agent/Registrar shall notify the registered holder hereof, in writing, of both the redemption date and the termination of payment or accrual of interest.

This Bond and the other Bonds of the series of which it is a part, has been designated a Qualified Tax Exempt Obligation for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.

As provided in the Bond Order and subject to certain limitations therein set forth, this Bond is transferable on the Bond Register of the District, upon surrender of this Bond for transfer at the corporate trust office of the Paying Agent/Registrar, currently, The Bank of New York Mellon Trust Company, N.A., Dallas, Texas, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Paying Agent/Registrar, duly executed by the registered holder hereof, or the holder’s attorney duly authorized in writing, and thereupon one or more new fully registered Bonds of the same stated maturity, of authorized denominations of $5,000 or integral multiples thereof, bearing the same rate of interest and for the same aggregate principal amount will be issued to the designated transferee or transferees.

Neither the District nor the Paying Agent/Registrar shall be required to issue, transfer or exchange any Bond during a period beginning at the opening of business on the fifteenth (15th) calendar day of the month next preceding an interest payment date and ending at the close of business on the next succeeding interest payment date.

The District, the Paying Agent/Registrar, and any agent of either of them may treat the person in whose name this Bond is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Bond be overdue, and neither the District, the Paying Agent/Registrar, nor any agent of them shall be affected by notice to the contrary.

The District reserves the right to issue additional bonds and other evidences of indebtedness in the manner provided by Chapters 49 and 57, Texas Water Code, as amended, including without limitation, inferior lien bonds, refunding bonds, revenue bonds and special project bonds. Reference is made to the Bond Order for a complete description of the right to issue such additional bonds.

The District is wholly located within the extraterritorial jurisdiction of the City of Houston, Texas (the “City). The laws of the State of Texas contain provisions which require a municipality of the State of Texas, including a home rule city, that annexes all of the area within a district to take over all property and other assets of the district, assume all debts, liabilities and obligations of such district and perform all the functions of the district, including the provision of services, and dissolve the district. When a district is entirely annexed and dissolved, and the obligations thereof payable in whole or in part from ad valorem taxes become obligations of the annexing municipality, the governing body of such municipality is thereafter required to levy and collect taxes on all taxable property within the municipality sufficient to pay the principal of and interest on the bonds, warrants or other obligations of the district as they become due and payable. Reference is hereby made to the Bond Order for a more complete description of the terms, conditions and circumstances under and by virtue of which the District may be annexed and to the provisions of which the registered holder of this Bond by acceptance hereof expressly consents.

No Bond shall be valid or obligatory for any purpose or be entitled to any benefit under the Bond Order until the Certificate of Authentication hereon shall have been signed by the Paying Agent/Registrar.

IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the issuance of this Bond and the Bonds is duly authorized by law; that all acts, conditions and things required to exist and necessary to be done or performed precedent to and in the issuance of this Bond and the Bonds to render the same lawful, valid and binding have been properly done and performed and have happened in regular and due time, form and manner as required by law; that all acts, conditions and things necessary to be done or performed by the District or to have happened precedent to and in the execution and delivery of the Bond Order have been done and performed and have happened in regular and due form as required by law; that due provision has been made in the Bond Order for the payment of the principal of and interest on this Bond and the Bonds by the levy of a direct annual ad valorem tax levied upon all taxable property subject to taxation within the District, without limitation as to rate or amount, sufficient to pay the

000128

93012-003 949972v1 A-3

principal of and interest on this Bond in the manner provided by Section 57.251, Texas Water Code, as amended; and that the issuance of the Bonds does not contravene or violate any constitutional or statutory limitation.

IN WITNESS WHEREOF, the District has caused this Bond to be executed in its name by the President or Vice President of its Board of Directors and to be attested to by the Secretary or Assistant Secretary of its Board of Directors both by their respective manual signatures, and the official seal of the District to be placed manually thereon.


By: /S/ President, Board of Directors

ATTEST:

/S/ Secretary, Board of Directors (SEAL)

Certificate of Authentication

This is one of the Bonds referred to in the within-mentioned Bond Order. The undersigned Paying Agent/Registrar hereby certifies that on file in its office is an opinion of the Attorney General of the State of Texas approving the originally issued Bonds and the proceedings relating thereto and that such Bonds contain a Certificate of Registration by the Comptroller of Public Accounts of the State of Texas.

THE BANK OF NEW YORK MELLON TRUST COMPANY., N.A. as Paying Agent/Registrar

By: Authorized Signature

DATED: ______________________________

Assignment

FOR VALUE RECEIVED the undersigned hereby sells, assigns, and transfers unto __________________________________________________________________________(Transferee), (Social Security or other identifying number): ___________________________

______________ the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints ____________________________________ attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises.

Dated: _____________________________ _____________________________________Registered Holder

The signature of the Registered NOTICE: The signature on this Assignment Holder appearing on this Assignment must correspond with the name of theis hereby verified as true and Registered Holder as it appears on the genuine and is guaranteed by: face of the within Bond in every particular

____________________________________(Bank, Trust Company, or BrokerageFirm)

____________________________________

000129

93012-003 949972v1 A-4

(Authorized Representative)

The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full.

TEN COM - as tenants in common

TEN ENT - as tenants by the entirety

JT TEN - as joint tenants with right of survivorship and not as tenants in common

UNIF GIFT MIN ACT - ___________ - Custodian for ________________________ (Cust) (minor)

under Uniform Gifts to Minors Act __________ (State)

Additional abbreviations may also be used though not in list above.

000130

93012-003 949972v1 A-1-A (1)

EXHIBIT A-1-AFORM OF INITIAL BOND

UNITED STATES OF AMERICASTATE OF TEXAS

FORT BEND COUNTY LEVEE IMPROVEMENT DISTRICT NO. 12UNLIMITED TAX LEVEE IMPROVEMENT REFUNDING BONDS

SERIES 2020No. IB-1 Registered $_________

Dated: November 1, 2020

Maturity Principal Amount Interest Rate

To be inserted from information from Approval Certificate

REGISTERED HOLDER: CEDE & CO, as nominee for the Depository Trust Company, New York New York, (“DTC”)

FORT BEND COUNTY LEVEE IMPROVEMENT DISTRICT NO. 12 of Fort Bend County, Texas (the “District”), a body politic and corporate, a governmental agency, and a political subdivision of the State of Texas, for value received, hereby promises to pay to the registered holder named above, or registered assigns, but solely from the source and in the manner hereinafter provided, on the Maturity Date specified above, in accordance with the Bond Order (as hereinafter defined), upon presentation and surrender of this Bond, the principal amount identified above and interest on such sum from the later of November 1, 2020, or the most recent interest payment date on which interest has been paid or duly provided for, at the per annum rate set forth above calculated on the basis of a 360-day year, semiannually on April 1 and October 1 of each year, commencing April 1, 2021, until thepayment of such principal sum shall have been made or provided for. Principal of this Bond is payable on presentation and surrender of this Bond in lawful money of the United States of America, without deduction for paying agent services, at the office of the Paying Agent/Registrar, currently The Bank of New York Mellon Trust Company, N.A., a national banking association (the “Paying Agent/Registrar”). All interest on this Bond payable prior to the maturity hereof shall be paid by check mailed to the registered holder hereof at its address as it appears on the registration books of the Paying Agent/Registrar. The registered holder of this Bond shall be determined in each case as of the close of business on the fifteenth (15th) calendar day of the calendar month next preceding the interest payment date.

This Bond is one of the duly authorized Bonds of the District’s Unlimited Tax Levee Improvement Refunding Bonds, Series 2020 (the “Bonds”), aggregating in principal amount of $4,350,000, authorized by a Bond Order (the “Bond Order”) adopted by the Board of Directors of the District on September 21, 2020 pursuant to and in full conformity with the Constitution and the laws of the State of Texas. The Bonds are issued to provide funds to refund and redeem $620,000 of the District’s Unlimited Tax Levee Improvement Refunding Bonds, Series 2012 with original maturity date of April 1, 2022 and $3,800,000 of the District’s Unlimited Tax Levee Improvement Refunding Bonds, Series 2013 with original maturity dates of April 1, 2031 through April 1, 2034, inclusive, and to pay certain costs of issuance, under and in strict conformity with the Constitution and laws of the State of Texas, particularly Chapters 49 and 57, Texas Water Code, as amended, and Tex. Gov’t. Code Ann. Chapter 1207.

This Bond and the other Bonds of the series of which it is a part, are payable from the proceeds of a direct annual ad valorem tax levied upon all taxable property subject to taxation within the District, without limitation as to rate or amount, in the manner provided by Section 57.251, Texas Water Code, as amended.

Bonds of this issue scheduled to mature on April 1, 2026 and thereafter shall be callable for redemption prior to maturity at the option of the District, in whole or in part, on April 1, 2025, or on any date thereafter for the purpose of retirement or refunding, or both, at par in addition to unpaid accrued interest to the date of redemption. If less than all of the Bonds of a particular maturity are to be redeemed at any time, the particular Bonds to be redeemed shall be selected by the DTC in accordance with its procedures, while the Bonds are in book-entry only form. If book-entry only form is discontinued and less than all of the Bonds of a particular maturity are to be redeemed at any time, the particular Bonds to be redeemed shall be selected by the Paying Agent/Registrar in accordance with the aforesaid Bond Order.

000131

93012-003 949972v1 A-1-A (2)

In the event all or any part of the Bonds then outstanding shall be called for redemption prior to maturity, notice thereof in writing shall be mailed, properly stamped and addressed, to each registered holder of the Bonds to be redeemed, at least thirty (30) calendar days before the date fixed for redemption. Payment of interest shall cease upon the date set for redemption, and the Paying Agent/Registrar shall notify the registered holder hereof, in writing, of both the redemption date and the termination of payment or accrual of interest.

This Bond and the other Bonds of the series of which it is a part has been designated a Qualified Tax Exempt Obligation for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended.

As provided in the Bond Order and subject to certain limitations therein set forth, this Bond is transferable on the Bond Register of the District, upon surrender of this Bond for transfer at the corporate trust office of the Paying Agent/Registrar, currently, The Bank of New York Mellon Trust Company, N.A., a national banking association, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Paying Agent/Registrar, duly executed by the registered holder hereof, or the holder’s attorney duly authorized in writing, and thereupon one or more new fully registered Bonds of the same stated maturity, of authorized denominations of $5,000 or integral multiples thereof, bearing the same rate of interest and for the same aggregate principal amount will be issued to the designated transferee or transferees.

Neither the District nor the Paying Agent/Registrar shall be required to issue, transfer or exchange any Bond during a period beginning at the opening of business on the fifteenth (15th) calendar day of the month next preceding an interest payment date and ending at the close of business on the next succeeding interest payment date.

The District, the Paying Agent/Registrar, and any agent of either of them may treat the person in whose name this Bond is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Bond be overdue, and neither the District, the Paying Agent/Registrar, nor any agent of them shall be affected by notice to the contrary.

The District reserves the right to issue additional bonds and other evidences of indebtedness in the manner provided by Chapters 49 and 57, Texas Water Code, as amended, including without limitation, inferior lien bonds, refunding bonds, revenue bonds and special project bonds. Reference is made to the Bond Order for a complete description of the right to issue such additional bonds.

The District is wholly located within the extraterritorial jurisdiction of the City of Houston, Texas (the “City). The laws of the State of Texas contain provisions which require a municipality of the State of Texas, including a home rule city, that annexes all of the area within a district to take over all property and other assets of the district, assume all debts, liabilities and obligations of such district and perform all the functions of the district, including the provision of services, and dissolve the district. When a district is entirely annexed and dissolved, and the obligations thereof payable in whole or in part from ad valorem taxes become obligations of the annexing municipality, the governing body of such municipality is thereafter required to levy and collect taxes on all taxable property within the municipality sufficient to pay the principal of and interest on the bonds, warrants or other obligations of the district as they become due and payable. Reference is hereby made to the Bond Order for a more complete description of the terms, conditions and circumstances under and by virtue of which the District may be annexed and to the provisions of which the registered holder of this Bond by acceptance hereof expressly consents.

No Bond shall be valid or obligatory for any purpose or be entitled to any benefit under the Bond Order until this Bond is registered by the Comptroller of Public Accounts of the State of Texas by due execution of the Comptroller’s registration certificate affixed hereto.

IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the issuance of this Bond and the Bonds is duly authorized by law; that all acts, conditions and things required to exist and necessary to be done or performed precedent to and in the issuance of this Bond and the Bonds to render the same lawful, valid and binding have been properly done and performed and have happened in regular and due time, form and manner as required by law; that all acts, conditions and things necessary to be done or performed by the District or to have happened precedent to and in the execution and delivery of the Bond Order have been done and performed and have happened in regular and due form as required by law; that due provision has been made in the Bond Order for the payment of the principal of and interest on this Bond and the Bonds by the levy of a direct annual ad valorem tax levied upon all taxable property subject to taxation within the District, without limitation as to rate or amount, sufficient to pay the principal of and interest on this Bond in the manner provided by Section 57.251, Texas Water Code, as amended; and that the issuance of the Bonds does not contravene or violate any constitutional or statutory limitation.

000132

93012-003 949972v1 A-1-A (3)

IN WITNESS WHEREOF, the District has caused this Bond to be executed in its name by the Vice President of its Board of Directors and to be attested to by the Secretary of its Board of Directors both by their respective manual signatures, and the official seal of the District to be placed manually hereon.


By: ________________________________________President, Board of Directors

ATTEST:

Secretary, Board of Directors(SEAL)

OFFICE OF THE COMPTROLLER §§ REGISTER NO.

STATE OF TEXAS §

I hereby certify that there is on file and of record in my office an opinion of the Attorney General of the State of Texas to the effect that this Bond has been examined by him as required by law, and that he finds that it has been issued in conformity with the Constitution and laws of the State of Texas, and that it is a valid and binding obligation of Fort Bend County Levee Improvement District No. 12, and said Bond has this day been registered by me.

Witness my hand and seal of office, at Austin, Texas, this _______________, 2020.

Comptroller of Public Accounts of the State of Texas

000133

Exhibit B93012-003 494972v1

EXHIBIT “B”

WRITTEN PROCEDURES RELATING TO CONTINUING COMPLIANCE WITH FEDERAL TAX COVENANTS

A. Arbitrage. With respect to the investment and expenditure of the proceeds of the Fort Bend County Levee Improvement District No. 12 Unlimited Tax Levee Improvement Refunding Bonds, Series 2020 in the par amount of $4,350,000 (the “Obligations” or “Bonds”) the Board of Directors (the “Responsible Persons”) of Fort Bend County Levee Improvement District No. 12 (the “Issuer” or “District”) will:

monitor the actions of the escrow agent (to the extent an escrow is funded with proceeds) to ensure compliance with the applicable provisions of the escrow agreement, including with respect to reinvestment of cash balances;

maintain any official action of the Issuer (such as a reimbursement resolution) stating its intent to reimburse with the proceeds of the Obligations any amount expended prior to the Issue Date for the acquisition, renovation or construction of the facilities;

ensure that the applicable information return (e.g., IRS Form 8038-G, 8038-GC, or any successor forms) is timely filed with the IRS;

assure that, unless excepted from rebate and yield restriction under section 148(f) of the Code, excess investment earnings are computed and paid to the U.S. government at such time and in such manner as directed by the IRS (i) at least every 5 years after the Issue Date and (ii) within 30 days after the date the Obligations are retired.

B. Private Business Use. With respect to the use of the facilities financed or refinanced with the proceeds of the Bonds the Responsible Persons will:

monitor the date on which the facilities are substantially complete and available to be used for the purpose intended;

monitor whether, at any time the Bonds are outstanding, any person, other than the District, the employees of the District, the agents of the District or members of the general public has any contractual right (such as a lease, purchase, management or other service agreement) with respect to any portion of the facilities;

monitor whether, at any time the Bonds are outstanding, any person, other than the District, the employees of the District, the agents of the District or members of the general public has a right to use the output of the facilities (e.g., water, gas, electricity);

000134

Exhibit B93012-003 494972v1

monitor whether, at any time the Bonds are outstanding, any person, other than the District, the employees of the District, the agents of the District or members of the general public has a right to use the facilities to conduct or to direct the conduct of research;

determine whether, at any time the Bonds are outstanding, any person, other than the District, has a naming right for the facilities or any other contractual right granting an intangible benefit;

determine whether, at any time the Bonds are outstanding, the facilities are sold or otherwise disposed of; and

take such action as is necessary to remediate any failure to maintain compliance with the covenants contained in this Order related to the public use of the facilities.

C. Record Retention. The Responsible Persons will maintain or cause to be maintained all records relating to the investment and expenditure of the proceeds of the Bonds and the use of the facilities financed or refinanced thereby for a period ending three (3) years after the complete extinguishment of the Bonds. If any portion of the Bonds is refunded with the proceeds of another series of tax-exempt bonds or obligations, such records shall be maintained until the three (3) years after the refunding bonds or obligations are completely extinguished. Such records can be maintained in paper or electronic format.

D. Responsible Persons. Each Responsible Person shall receive appropriate training regarding the District’s accounting system, contract intake system, facilities management and other systems necessary to track the investment and expenditure of the proceeds and the use of the facilities financed with the proceeds of the Bonds. The foregoing notwithstanding, the Responsible Persons are authorized and instructed to retain such experienced advisors and agents as may be necessary to carry out the purposes of these instructions.

000135

93012-003 494549v1 *draft subject to change

$4,350,000*FORT BEND COUNTY LEVEE IMPROVEMENT DISTRICT NO. 12 UNLIMITED TAX LEVEE IMPROVEMENT REFUNDING BONDS,

SERIES 2020

BOND PURCHASE AGREEMENT

____________, 2020

Board of DirectorsFort Bend County Levee Improvement District No. 12c/o Smith, Murdaugh, Little & Bonham L.L.P.2727 Allen Parkway, Suite 1100Houston, Texas 77019

Dear President and Members of the Board of Directors:

The undersigned, RBC Capital Markets, LLC (“RBC Capital Markets”), acting on behalf of itself and Hilltop Securities Inc., (collectively, the "Underwriters") offers to enter into this Bond Purchase Agreement with Fort Bend County Levee Improvement District No. 12 (the "District"). This offer is made subject to the District's acceptance of this Bond Purchase Agreement on or before 10:00 p.m., Houston, Texas Time on the date hereof. The Underwriters, jointly and severally, hereby represent that RBC Capital Markets (sometimes referred to herein as the "Representative") has been duly authorized by the Underwriters to execute this Bond Purchase Agreement and that such firm has been duly authorized to act and shall have full authority to take such action as it may deem advisable with respect to all matters pertaining to this Bond Purchase Agreement.

1. Purchase and Sale of the Bonds. Upon the terms and conditions and upon the basis

of the representations set forth herein, the Underwriters hereby agree to purchase from the District, and the District hereby agrees to sell and deliver to the Underwriters, an aggregate of $4,350,000.00* principal amount of Fort Bend County Levee Improvement District No. 12 Unlimited Tax Refunding Bonds, Series 2020 (the "Bonds"). Inasmuch as this purchase and sale represents a negotiated transaction, the District understands, and hereby confirms that the Underwriters are not acting as fiduciaries or agents of the District, but rather are acting solely in their capacity as underwriters for their own account. The District acknowledges and agrees that (i) the primary role of the Underwriters, as underwriters is to purchase securities for resale to investors in an arm's length transaction between the District and the Underwriters; (ii) the Underwriters, as underwriters, have financial and other interests that differ from those of the District; (iii) the Underwriters are not acting as a municipal advisor, financial advisor or fiduciary to the District and have not assumed any advisory or fiduciary responsibility to the District with respect to the transaction contemplated hereby and the discussions, undertakings and procedures leading thereto (irrespective of whether the Underwriters have provided or are currently providing other services to the District on other matters); (iv) the only obligations the Underwriters have to the District with respect to the transaction contemplated hereby expressly are set forth in this Bond Purchase Agreement; (v) the District has consulted its own financial, municipal, legal, accounting, tax and/or other advisors, as applicable, to the extent it deems appropriate; and (vi) the Underwriters have provided to the District prior disclosures under Rule G-17 of the Municipal Securities Rulemaking Board ("MSRB"), which have been received by the District. The District has engaged a municipal advisor to advise it on this transaction.

000136

93012-003 494549v1 2 *draft subject to change

The Bonds shall be dated _______________ 1, 2020, and shall have the maturities and bear interest at the rate or rates per annum as shown on Exhibit A attached hereto. Interest on the Bonds (as defined in the Bond Order) shall accrue from __________, 2020, and be payable on April 1, 2021, and semiannually thereafter on October 1 and April 1 in each year until maturity or prior redemption. The purchase price for the Bonds shall be $____________ (representing the principal amount of the Bonds of $4,350,000.00* plus a net premium on the Bonds of $__________, and less an Underwriters' discount of $_________), plus interest accrued on the Bonds from their dated date until the date of Closing (hereinafter defined).

In accordance with Texas Government Code, Section 2252.908, each of the Underwriters represents and warrants that at the time of this Bond Purchase Agreement it is a publicly traded business entity, or a wholly owned subsidiary of a publicly traded business entity.

2. Bond Order. The Bonds shall be issued and secured under the provisions of an order adopted by the District on September 21, 2020, and the Officer's Approval Certificate of even date herewith executed pursuant thereto (collectively, the "Bond Order") which Bond Order shall approve and contain the pricing information set forth in this Bond Purchase Agreement and Exhibit A hereto. The Bonds shall be secured and payable as provided in the Bond Order.

3. Public Offering. It shall be a condition of the obligations of the District to sell and deliver the Bonds to the Underwriters, and of the obligations of the Underwriters to purchase and accept delivery of the Bonds, that the entire principal amount of the Bonds authorized by the Bond Order shall be sold and delivered by the District and accepted and paid for by the Underwriters at the Closing. The Underwriters agree to make a bona fide public offering of all of the Bonds, at prices not in excess of the initial public offering prices, as set forth on the cover page of the Official Statement, plus interest accrued on the Bonds.

(a) The Representative, on behalf of the Underwriters, agree to assist the District in establishing the issue price of the Bonds and shall execute and deliver to the District at Closing an "issue price" or similar certificate, together with the supporting pricing wires or equivalent communications, with such modifications as may be appropriate or necessary, in the reasonable judgment of the Underwriters, the District and Bond Counsel, to accurately reflect, as applicable, the sales price or prices or the initial offering price or prices to the public of the Bonds. As applicable, all actions to be taken by the District under this section to establish the issue price of the Bonds may be taken on behalf of the District by the District's municipal advisor and any notice or report to be provided to the District may be provided to the District's municipal advisor.

(b) Except as otherwise set forth in Exhibit B attached hereto, the District will treat the first price at which 10% of each maturity of the Bonds (the "10% test") is sold to the public as the issue price of that maturity (if different interest rates apply within a maturity, each separate CUSIP number within that maturity will be subject to the 10% test). At or promptly after the execution of this Agreement, the Underwriters shall report to the District the price or prices at which it has sold to the public each maturity of Bonds.

(c) The Representative confirms that the Underwriters have offered the Bonds to thepublic on or before the date of this Agreement at the offering price or prices (the "initial offering price"), or at the corresponding yield or yields, set forth in Exhibit A attached hereto, except as otherwise set forth therein. Exhibit B sets forth, as of the date of this Agreement, the maturities, if

000137


any, of the Bonds for which the 10% test has not been satisfied (the "Hold-The-Offering-Price Maturities"). The District and the Representative, on behalf of the Underwriters, agree that the restrictions set forth in the next sentence shall apply to the Hold-The-Offering-Price Maturities, which will allow the District to treat the initial offering price to the public of each such maturity as of the sale date as the issue price of that maturity (the "hold-the-offering-price rule"). So long as the hold-the-offering-price rule remains applicable to any maturity of the Bonds, the Underwriters will neither offer nor sell unsold Bonds of that maturity to any person at a price that is higher than the initial offering price to the public during the period starting on the sale date and ending on the earlier of the following:

(i) the close of the fifth (5th) business day after the sale date; or

(ii) the date on which the Underwriters have sold at least 10% of that maturity of the Bonds to the public at a price that is no higher than the initial offering price to the public.

The Underwriters shall promptly advise the District when the Underwriters have sold 10% of that maturity of the Bonds to the public at a price that is no higher than the initial offering price to the public, if that occurs prior to the close of the fifth (5th) business day after the sale date.

(d) The Representative confirms that:

(i) any agreement among underwriters, any selling group agreement and each retail distribution agreement (to which the Underwriters are a party) relating to the initial sale of the Bonds to the public, together with the related pricing wires, contains or will contain language obligating each Underwriter, each dealer who is a member of the selling group, and each broker-dealer that is a party to such retail or other third-party distribution agreement, as applicable, to (A) report the prices at which it sells to the public the unsold Bonds of each maturity allotted to it until it is notified by the Underwriters that either the 10% test has been satisfied as to the Bonds of that maturity or all Bonds of that maturity have been sold to the public and (B) comply with the hold-the-offering-price rule, if applicable, in each case if and for so long as directed by the Underwriters and as set forth in the related pricing wires, and

(ii) any agreement among underwriters relating to the initial sale of the Bonds to the public, together with the related pricing wires, contains or will contain language obligating each Underwriter that is a party to a retail or other third-party distribution agreement to be employed in connection with the initial sale of the Bonds to the public to require each broker-dealer that is a party to such retail or other third-party distribution agreement to (A) report the prices at which it sells to the public the unsold Bonds of each maturity allotted to it until it is notified by the Underwriters or the Underwriter that either the 10% test has been satisfied as to the Bonds of that maturity or all Bonds of that maturity have been sold to the public and (B) comply with the hold-the-offering-price rule, if applicable, in each case if and for so long as directed by the Underwriters or the Underwriter and as set forth in the related pricing wires.

000138


(e) The Underwriters acknowledge that sales of any Bonds to any person that is a related Party to an Underwriter shall not constitute sales to the public for purposes of this section. Further, for purposes of this section:

(i) "public" means any person other than an underwriter or a related party,

(ii) "underwriters" means (A) any person that agrees pursuant to a writtencontract with the District (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the public and (B) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to participate in the initial sale of the Bonds to the public (including a member of a selling group or a party to a retail or other third-party distribution agreement participating in the initial sale of the Bonds to the public),

(iii) a purchaser of any of the Bonds is a "related party" to the Underwriters if the underwriter and the purchaser are subject, directly or indirectly, to (A) more than 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (B) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (C) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other), and

(iv) "sale date" means the date of execution of this Bond Purchase Agreement by all parties.

4. Official Statement. Exhibit A hereto is the cover page of the Official Statement of the District with respect to the Bonds. The Official Statement of the District, dated October 17, 2019, including the cover page and Appendices thereto, as further amended or supplemented only in the manner hereinafter provided, is hereinafter called the "Official Statement." The Preliminary Official Statement, dated September 16, 2019 (as amended or supplemented through the date hereof, the "Preliminary Official Statement") has been prepared by the District for the use by the Underwriters in connection with the public offering, sale and distribution of the Bonds. The District confirms its consent to the use by the Underwriters prior to the date hereof of the Preliminary Official Statement. The District hereby represents and warrants that the Preliminary Official Statement was deemed final by the District as of its date, except for the omission of such information which is dependent upon the final pricing of the Bonds for completion, all as permitted to be excluded by Section (b)(1) of Rule 15c2-12 of the United States Securities and Exchange Commission (the "SEC") under the Securities Exchange Act of 1934 ("Rule 15c2-12"). The District hereby authorizes the Official Statement and the information therein contained to be used by the Underwriters in connection with the public offering and sale of the Bonds. The District agrees to cooperate with the Underwriters to provide a supply of final Official Statements within seven business days of the date hereof in sufficient quantities (not to exceed 250), and in such printed or electronic form as is sufficient, to comply, and the Underwriters agree to comply, with the Underwriters' obligations under applicable MSRB Rules and Rule 15c2-12 of the SEC. The District further specifically agrees to cooperate with the Underwriters to provide such information as is reasonably necessary for the Underwriters to

000139


comply with the filing requirements of MSRB Rule G-32. Unless otherwise notified in writing by the Underwriters, the "end of the underwriting period" for the purposes of Rule 15c2-12 is the date of Closing.

5. Representations, Warranties and Agreements of District. On the date hereof, theDistrict represents, warrants and agrees as follows:

(a) The District is a conservation and reclamation district created by Commissioners Court of Fort Bend County in 1985 and operates pursuant to Article XVI, Section 59 of the Texas Constitution and Chapters 49 and 57, Texas Water Code, as amended, and has full legal right, power and authority (i) to issue the Bonds to issue the Bonds, (ii) to authorize and approve the Preliminary Official Statement and the Official Statement and to authorize and approve their distribution by the Underwriters, (iii) to enter into this Bond Purchase Agreement, (iv) to adopt the Bond Order and to carry out and consummate the actions contemplated thereby, and (v) to carry out and consummate all other transactions contemplated by each of the aforesaid documents;

(b) The District has complied, and will be at the date of Closing in compliance, in all material respects, with the Constitution and laws of the State of Texas in connection with the authorization, issuance and sale of the Bonds;

(c) By official action of the District prior to or concurrently with the acceptance hereof, the District has duly adopted the Bond Order, has duly authorized and approved the execution and delivery of the Bonds and this Bond Purchase Agreement, and has duly authorized and approved the performance by the District of its obligations contained in the Bond Order and this Bond Purchase Agreement and such documents constitute legal, valid and binding obligations of the District, enforceable in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization, moratorium and other similar laws and principles of equity relating to or affecting the enforcement of creditors' rights;

(d) To the knowledge of the District, the District is not, in any material respect, in breach of or default under any applicable law or administrative regulation of the State of Texas or the United States or any applicable judgment or decree or any loan agreement, note, resolution, agreement or other instrument, except as may be disclosed in the Official Statement, to which the District is a party or is otherwise subject, which would have a material and adverse effect upon the business or financial condition of the District; and the execution and delivery of this Bond Purchase Agreement by the District and the execution and delivery of the Bonds and the adoption of the Bond Order by the District and compliance with the provisions of each thereof will not violate or constitute a material breach of or default under any existing law, administrative regulation, judgment, decree or any agreement or other instrument to which the District is a party or, to the knowledge of the District, is otherwise subject;

(e) All approvals, consents and orders of any governmental authority or agency having jurisdiction which approval, consent or order would constitute a condition precedent to the performance by the District of its obligation to issue the Bonds hereunder will have been obtained prior to the Closing;

(f) The Preliminary Official Statement did not, and at the time of the District's acceptance hereof, the Official Statement does not, and at the time of the Closing, the Official

000140


Statement will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading insofar as information within the knowledge of the District is concerned;

(g) The audited financial statements of the District as of May 31, 2018, contained in the Official Statement present fairly the financial position as of such date, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles, and there has been no material adverse change in the financial condition of the District since May 31, 2020;

(h) Between the date of this Bond Purchase Agreement and Closing, the District will not, without the prior written consent of the Underwriters, issue any additional bonds, notes or other obligations for borrowed money payable in whole or in part from ad valorem taxes;

(i) Except as described in the Official Statement, no litigation is pending or, to the knowledge of the District, threatened in any court affecting the existence of the District, the title of its officers to their respective offices, or seeking to restrain or enjoin the issuance or delivery of the Bonds, the levy or the collection of taxes pledged or to be pledged to pay the principal of and interest on the Bonds, or in any way contesting or affecting the issuance, execution, delivery, payment, security or validity of the Bonds, or in any way contesting or affecting the validity or enforceability of the Bond Order or this Bond Purchase Agreement, or contesting the powers of the District, or any authority for the Bonds, the Bond Order, or this Bond Purchase Agreement or contesting in any way the completeness, accuracy or fairness of the Preliminary Official Statement or the Official Statement;

(j) Although the District assumes no responsibility for the registration or qualification of the Bonds under the securities law of any jurisdiction, the District will cooperate with the Underwriters, at the Underwriters' request and expense, in arranging for the qualification of the Bonds for sale and the determination of their eligibility for investment under the securities laws of such jurisdictions as the Underwriters designate, and will, at the Underwriters' request and expense, use its best efforts to continue such qualifications in effect so long as required for the initial distribution of the Bonds; provided, however, that the District will not be required to execute a general consent to service of process or to qualify to do business in connection with any such qualification in any jurisdiction;

(k) The descriptions contained in the Official Statement of the Bonds and the Bond Order accurately reflect the provisions of each such instrument, and the Bonds, when validly executed, authenticated and delivered in accordance with the Bond Order and sold to the Underwriters as provided herein, will be validly issued and outstanding direct obligations of the District, entitled to the benefits of, and subject to the limitations contained in, the Bond Order; and

(l) If after the date of this Bond Purchase Agreement to and including the date the Underwriters are no longer required to provide an Official Statement to customers who request the same pursuant to Rule 15c2-12, an event occurs of which the District has knowledge and which would cause the Official Statement to contain any untrue statement of a material fact or to omit to state a material fact required to be stated therein or necessary to make the statements

000141


therein, in light of the circumstances under which they were made, not misleading, the District shall notify the Underwriters, and if in the opinion of the District or the Underwriters such event requires a supplement or amendment to the Official Statement, or if it is necessary to amend or supplement the Official Statement to comply with laws, the District will supplement or amend the Official Statement in a form and in a manner jointly approved by the District and the Underwriters, such that the Official Statement as so supplemented or amended will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which made, not misleading. If such supplement or amendment shall be subsequent to the Closing, the District shall furnish such certificates, instruments and other documents as the Underwriters may deem necessary to evidence the truth and accuracy of such supplement or amendment to the Official Statement.

6. Closing. At 10:00 A.M., Houston, Texas Time, on ______________, 2020 or such latertime as shall be agreeable to the Underwriters and the District (the "Closing"), the District will deliver the initial bond or bonds (as defined in the Bond Order) to the Underwriters or its designee, together with the other documents hereinafter mentioned, and the Representative will accept such delivery and pay the purchase price of the Bonds as set forth in Paragraph 1 hereof in immediately available funds. Delivery and payment as aforesaid shall be made at the offices of The Bank ofNew York Mellon Trust Company, N.A., in Dallas, Texas (the "Registrar"), or such other place as shall have been mutually agreed upon by the District and the Underwriters. The Bonds shall be delivered in fully registered form, bearing CUSIP numbers without coupons, with one Bond for each maturity of the Bonds, registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York, all as provided in the Bond Order, and shall be made available to the Representative or its designee at least one business day before the Closing for purposes of inspection in Houston, Texas, or such other place as shall be mutually satisfactory to the District and the Representative.

7. Conditions. The Underwriters have entered into this Bond Purchase Agreement inreliance upon the representations and warranties of the District contained herein and to be contained in the documents and instruments to be delivered at the Closing, and upon the performance by the District of its obligations hereunder, both as of the date hereof and as of the date of Closing. Accordingly, the Underwriters' obligations under this Bond Purchase Agreement to purchase and pay for the Bonds shall be subject to the performance by the District of its obligations to be performed hereunder and under such documents and instruments executed at or prior to the Closing, and shall also be subject to the following conditions:

(a) The representations and warranties of the District contained herein shall be true, complete and correct in all material respects on the date hereof and on and as of the date of Closing, as if made on the date of Closing;

(b) At the time of the Closing, the Bond Order shall be in full force and effect, the Bond Order shall not have been amended, modified or supplemented and the Official Statement shall not have been amended, modified or supplemented, except as may have been agreed to by the Underwriters;

(c) At the time of the Closing, all official actions of the District related to the Bond Order shall be in full force and effect and shall not have been amended, modified or supplemented, except as may have been agreed to by the Underwriters;

000142


(d) The District shall not have failed to pay principal or interest when due on any of its outstanding obligations for borrowed money;

(e) At or prior to the Closing, the Underwriters shall have received each of the following documents:

(1) The Official Statement of the District executed on behalf of the District by the President or Vice President and Secretary or Assistant Secretary of the Board of Directors of the District;

(2) The Bond Order certified by the Secretary or Assistant Secretary of the Board of Directors under its seal as having been duly adopted by the District and an executed Pricing Certificate, both as in effect, with such changes or amendments as may have been agreed to by the Underwriters;

(3) The opinion, dated the date of Closing, of Smith, Murdaugh, Little & Bonham L.L.P., Bond Counsel, to the effect described in the Official Statement and in form and substance acceptable to the Underwriters concerning the validity of the Bonds under Texas law and the excludability of interest on the Bonds from gross income for federal income tax purposes;

(4) An opinion certified by a Certificate of the Comptroller of Public Accounts of the State of Texas, dated on or prior to the date of Closing, of the Attorney General of Texas, approving the Bonds as required by law;

(5) The supplemental opinion, dated the date of Closing, of Smith, Murdaugh, Little & Bonham L.L.P., addressed to the District and the Underwriters to the effect that, in its capacity as Bond Counsel, such firm has reviewed the information contained under the captions "THE BONDS" (except for the information contained in the subheading "Book-Entry-Only-System"), "PLAN OF FINANCING - Refunded Bonds," and "- Payment of the Refunded Bonds," "TAXING PROCEDURES," "THE DISTRICT - Authority" and "- Attorney," "LEGAL MATTERS - Legal Opinions," "TAX MATTERS," and "CONTINUING DISCLOSURE OF INFORMATION" contained in the Official Statement, and such firm is of the opinion that such information, insofar as it relates to matters of law, is true and correct and fairly summarizes matters of law and provisions of the documents referred to therein;

(6) An opinion from McCall, Parkhurst & Horton L.L.P., Underwriters' Counsel, dated the date of the Closing, addressed to the Underwriters to the effect that the Bonds are exempted securities as described in Section 3(a)(2) of the Securities Act of 1933, as amended, and Section 304(a)(4) of the Trust Indenture Act of 1939, as amended, to the extent provided in such Acts, and it is not necessary in connection with the sale of the Bonds to the public to register the Bonds under the Securities Act of 1933, as amended, or to qualify the Bond Order under the Trust Indenture Act of 1939, as amended. The opinion of such firm shall also state that, based upon its participation in the preparation of the Official Statement, such Counsel has no reason to believe that the Official Statement (except for the financial statements and other financial and statistical data contained therein, as to which no view need be expressed), as of the date thereof,

000143


contained any untrue statement of a material fact or omitted to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

(7) A certificate, dated the date of Closing, signed by the President or Vice President of the Board of Directors of the District in his or her official capacity, to the effect that to the best of his or her knowledge or belief (i) the representations and warranties of the District contained herein are true and correct in all material respects on and as of the date of Closing, as if made on the date of Closing; (ii) except to the extent disclosed in the Official Statement, no litigation is pending or, to the knowledge of the District, threatened in any court to restrain or enjoin the issuance or delivery of the Bonds, or the levy or collection of the taxes pledged or to be pledged to pay the principal of and interest on the Bonds, or the pledge thereof, or in any way contesting or affecting the validity of the Bonds, the Bond Order, the Escrow Agreement, or this Bond Purchase Agreement, or contesting the powers of the District or contesting the authorization of the Bonds or the Bond Order, or contesting in any way the accuracy, completeness or fairness of the Preliminary Official Statement or the Official Statement (but in lieu of or in conjunction with such certificate, the Underwriters may, in their sole discretion, accept certificates or opinions of counsel of the District that, in his or her opinion, the issues raised in any such pending or threatened litigation are without substance or that the contentions of all plaintiffs therein are without merit); (iii) to the best of his or her knowledge, no event affecting the District has occurred since the date of the Official Statement which should be disclosed in the Official Statement for the purpose for which it is to be used or which it is necessary to disclose therein in order to make the statements and information therein not misleading in any material respect; and (iv) there has not been any material and adverse change in the financial condition of the District since May 31, 2018, the latest date as to which audited financial information is available;

(8) A certificate, dated the date of Closing, of an appropriate official of the District to the effect that, on the basis of the facts, estimates and circumstances in effect on the date of delivery of the Bonds, it is not expected that the proceeds of the Bonds will be used in a manner that would cause the Bonds to be arbitrage bonds within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended (the "Code");

(9) A copy of a special report (the "Verification Report") prepared by a verifier (as defined in the City of Houston Ordinance No. 97-416, as amended), addressed to the District, Bond Counsel, and the Underwriters verifying (i) the mathematical computations of the adequacy of the cash to be held by the paying agent of the Refunded Bonds to pay, when due, the principal of and interest on of the Refunded Bonds, (ii) the mathematical computations of yield used by Bond Counsel to support its opinion that interest on the Bonds will be excluded from gross income for federal income tax purposes, and (iii) compliance with City of Houston Ordinance 97-416;

(10) Evidence of the underlying rating of Moody's Investor Service of no less than "Aa2" on the Bonds;

(11) Such additional legal opinions, certificates, instruments and other documents as Bond Counsel or Underwriters' Counsel may reasonably request to

000144


evidence the truth, accuracy and completeness, as of the date hereof and as of the date of Closing, of the District's representations and warranties contained herein and of the statements and information contained in the Official Statement and the due performance and satisfaction by the District at or prior to the date of Closing of all agreements then to be performed and all conditions then to be satisfied by the District.

All of the opinions, letters, certificates, instruments and other documents mentioned above or

elsewhere in this Bond Purchase Agreement shall be in form and substance satisfactory to Bond Counsel and Counsel to the Underwriters.

If the District shall be unable to satisfy the conditions to the obligations of the Underwriters to purchase, accept delivery of and pay for the Bonds, as set forth in this Bond Purchase Agreement, or if the obligations of the Underwriters to purchase, accept delivery of and pay for the Bonds shall be terminated for any reason permitted by this Bond Purchase Agreement, this Bond Purchase Agreement shall terminate, and neither the Underwriters nor the District shall be under further obligation hereunder, except that the respective obligations of the District and the Underwriters set forth in Paragraph 9 hereof shall continue in full force and effect.

8. Termination. The Underwriters may terminate their obligation to purchase theBonds, if at any time after the date hereof, but before Closing, any of the following should occur:

(a) (i) Legislation shall have been enacted by the Congress of the United States, or recommended to the Congress for passage by the President of the United States, (by press release or other form of written notice, but expressly not including posting on a social media platform), or Treasury Department of the United States or the Internal Revenue Service, or favorably reported for passage to either House of the Congress by any Committee of such House, or (ii) a decision shall have been rendered by a court established under Article III of the Constitution of the United States or by the United States Tax Court, or (iii) an order, ruling or regulation (final, temporary, or proposed), press release, statement, or other form of notice shall have been issued or proposed by or on behalf of the Treasury Department of the United States or the Internal Revenue Service or any other agency of the United States, the effect of which, in any such case described in clause (i), (ii), or (iii), would be to impose, directly or indirectly, federal income taxation upon interest received on obligations of the general character of the Bonds or upon income of the general character to be derived by the District, other than any imposition of federal income taxes upon interest received on obligations of the general character as the Bonds on the date hereof, or other action or events shall have transpired which may have the purpose or effect, directly or indirectly, of changing the federal income tax consequences of any of the transactions contemplated herein, in such a manner as in the reasonable judgment of the Underwriters would materially impair the marketability or materially adversely affect the market price of the Bonds.

(b) Any action shall have been taken by the SEC or by a court of competent jurisdiction which would require registration of any security under the Securities Act of 1933, as amended, or qualification of any indenture under the Trust Indenture Act of 1939, as amended, in connection with the public offering of the Bonds, or any action shall have been taken by any court or by any governmental authority of competent jurisdiction suspending the use of the Preliminary Official Statement or the Official Statement or any amendment or supplement thereto, or any proceeding for that purpose shall have been initiated or threatened in any such court or by any such authority.

000145


(c) (i) The Constitution of the State of Texas shall be amended or an amendment shall be proposed, or (ii) legislation shall be enacted, or (iii) a decision shall have been rendered by a court of competent jurisdiction as to matters of Texas law, or (iv) any order, ruling or regulation shall have been issued or proposed by or on behalf of the State of Texas by an official, agency or department thereof, affecting the tax status of the District, its property or income, its bonds (including the Bonds) or the interest thereon, which in the judgment of the Underwriters would materially affect the market price of the Bonds.

(d) (i) A general suspension of trading in securities shall have occurred on the New York Stock Exchange, (ii) the United States shall have become engaged in hostilities,which have resulted in the declaration, on or after the date of this Bond Purchase Agreement, of a national emergency or war, except for current hostilities in Iraq, Afghanistan, and Syria, unless such current hostilities are escalated beyond that in existence on the date of this Agreement, or (iii) there shall have occurred any national or international calamity or crisis in the financial markets or otherwise of the United States, the effect of which, in any case described in clauses (i), (ii), or (iii), is, in the reasonable judgment of the Underwriters, so material and adverse as to make it impracticable or inadvisable to proceed with the public offering or the delivery of the Bonds on the terms and in the manner contemplated in this Bond Purchase Agreement and the Official Statement.

(e) An event described in Paragraph 5(1) hereof occurs which requires asupplement or amendment to the Official Statement, and such supplement or amendment has, or would have, a material adverse effect upon the marketability or market price of the Bonds.

(f) A general banking moratorium shall have been declared by authorities of the United States, the State of New York or the State of Texas.

(g) Failure to provide, within seven business days of the date hereof, an Official Statement in form and substance satisfactory to the Underwriters.

(h) There shall have occurred any materially adverse change in the financial condition of the District, except for changes which the Official Statement discloses are expected to occur.

(i) There shall have occurred or any notice shall have been given of any intended review, downgrading, suspension, withdrawal, or negative change in credit watch status by any national rating service to any of the District's obligations.

9. Expenses. At or promptly following the Closing:

(a) The District shall pay (and the Underwriters shall be under no obligation to pay) any expenses incident to the performance of the District's obligations hereunder, including but not limited to: (i) the cost of the preparation, printing and distribution of the Preliminary Official Statement and the Official Statement (including amendments or supplements thereto); (ii) the cost, if any, of the preparation and printing of the Bonds; (iii) the fees and expenses of Bond Counsel; (iv) the fees and disbursements of the Attorney General of the State of Texas and the District's accountants, financial advisors, engineers, and any other experts or consultants or advisors retained by the District, including the fee of the independent certified accountants named in the Official Statement for the preparation of the Verification Report; (v) fees and expenses of

000146


Underwriters' Counsel; (vi) bond insurance premiums, if any; (vii) rating agencies' fees, if any; and (viii) redemption fees, if any.

(b) The Underwriters hereby advise the District, and the District acknowledges, that the

Underwriters will pay from the Underwriters' expense allocation of the Underwriters' discount (i) any expenses incurred by the Underwriters which are incidental to implementing this Bond Purchase Agreement and the issuance of the Bonds, including but not limited to, meals, transportation, and lodging, if any, and any other miscellaneous closing costs, and (ii) the applicable per bondassessment charged by the Municipal Advisory Council of Texas, a non-profit corporation whose purpose is to collect, maintain and distribute information relating to issuing entities of municipal securities. An employee of RBC Capital Markets serves on the Board of the Municipal Advisory Council of Texas. The District acknowledges that it has had an opportunity, in consultation with such advisors as it may deem appropriate, if any, to evaluate and consider the fees and expenses being incurred as part of the issuance of the Bonds.

(c) The Underwriters shall pay (and the District shall be under no obligation to pay): (i) all advertising expenses in connection with the offering of the Bonds; (ii) the cost of the preparation and printing of all the underwriting documents (other than the Preliminary Official Statement and the Official Statement); and (iii) all other expenses incurred by them in connection with the offering and distribution of the Bonds.

(d) In the event that the Bonds are not purchased by the Underwriters, except as otherwise permitted in Paragraphs 7 and 8 hereof, the Underwriters shall be responsible for the payment of all costs and expenses of the District incident to the authorization, issuance and delivery of the Bonds.

10. Notices. Any notice or other communication to be given to the District under this Bond Purchase Agreement may be given by delivering the same in writing at the address for the District set forth above, and any notice or other communication to be given to the Underwriters under this Bond Purchase Agreement may be given by delivering the same in writing to RBC Capital Markets, LLC, 609 Main Street, Suite 3650, Houston, Texas 77002, Attention: Matt Boles. The approval of the Underwriters when required hereunder or the determination of their satisfaction as to any document referred to herein shall be in writing, signed by the Underwriters and delivered to the District.

11. Parties in Interest. This Bond Purchase Agreement is made solely for the benefit of the District and the Underwriters (including the successors or assigns of the Underwriters) and no other person shall acquire or have any right hereunder or by virtue hereof. The representations, warranties and agreements contained in this Bond Purchase Agreement shall remain operative and in full force and effect, regardless of (i) any investigations made by or on behalf of the Underwriters, and (ii) delivery of any payment for the Bonds hereunder.

12. Compliance With Laws Prohibiting Contracts With Companies Boycotting Israel and Certain Companies Engaged in Business With Iran, Sudan or Foreign Terrorist Organizations.

(a) Each of the Underwriters hereby verifies that it and its parent company, wholly-or majority-owned subsidiaries, and other affiliates, if any, do not boycott Israel and, to the extent

000147


this Agreement is a contract for goods or services, will not boycott Israel during the term of this Agreement. The foregoing verification is made solely to comply with Section 2271.002, Texas Government Code, and to the extent such Section does not contravene applicable Texas or Federal law. As used in the foregoing verification, "boycott Israel" means refusing to deal with, terminating business activities with, or otherwise taking any action that is intended to penalize, inflict economic harm on, or limit commercial relations specifically with Israel, or with a person or entity doing business in Israel or in an Israeli-controlled territory, but does not include an action made for ordinary business purposes. Each of the Underwriters understands "affiliate" to mean an entity that controls, is controlled by, or is under common control with the Underwriters and exists to make a profit. For purposes of this subsection (a), the term "company" has the meaning given to it in the Texas Government Code, Sections 808.001(2) and 2270.001(2).

(b) Each of the Underwriters represents that neither it nor any of its parent company,wholly- or majority-owned subsidiaries, and other affiliates is a company identified on a list prepared and maintained by the Texas Comptroller of Public Accounts under Section 2252.153 or section 2270.0201, Texas Government Code, and posted on any of the following pages of such officer's internet website:

https://comptroller.texas.gov/purchasing/docs/sudan-list.pdfhttps://comptroller.texas.gov/purchasing/docs/iran-list.pdfhttps://comptroller.texas.gov/purchasing/docs/fto-list.pdf.

The foregoing representation is made solely to comply with Section 2252.152, Texas GovernmentCode, and to the extent such Section does not contravene applicable Federal law and excludes the Underwriters and each of its parent company, wholly- or majority-owned subsidiaries, and other affiliates, if any, that the United States government has affirmatively declared to be excluded from its federal sanctions regime relating to Sudan or Iran or any federal sanctions regime relating to a foreign terrorist organization. For purposes of this subsection (b), the term "company" has the meaning given to it in the Texas Government Code, Section 2270.0001(2). Each of the Underwriters understands "affiliate" to mean any entity that controls, is controlled by, or is under common control with the Underwriters and exists to make a profit.

13. Severability. If any provision of this Bond Purchase Agreement is held to be illegal,invalid or unenforceable under present or future laws effective during the term hereof, such provision shall be fully severable, and this Bond Purchase Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision never comprised a part hereof and shall not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom. Furthermore, in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as part of this Bond Purchase Agreement a provision as similar in its terms and effect to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable.

000148

*draft subject to change

14. Effective Date. This Bond Purchase Agreement shall become effective upon theexecution of the acceptance hereof by the Authorized Representative of the District and shall be valid and enforceable as of the time of such acceptance.

Very truly yours,

RBC Capital Markets, LLCHilltop Securities Inc.

By: RBC Capital Markets, LLC, as representative of the Underwriters

By:

Title:

Fort Bend County Levee Improvement District No. 12 Unlimited Tax Levee Improvement Refunding Bonds, Series 2019

000149


Accepted at ________________ , this ____________________________.


By: President

000150


Fort Bend County Levee Improvement District No. 12 Unlimited Tax Levee Improvement Refunding Bonds, Series 2019

000151


EXHIBIT A

OFFICIAL STATEMENT

000152


EXHIBIT B

HOLD-THE-OFFERING-PRICE MATURITIES

000153

RBC Capital Markets, LLC Municipal Finance - Houston

609 Main St., Suite 3600 Houston, Texas 77002 Phone: (713) 651-3342

Page 1 of 2

September 21, 2020

Board of Directors Fort Bend County Levee Improvement District No. 12 c/o Smith, Murdaugh, Little & Bonham, L.L.P. 2727 Allen Parkway, Suite 1100 Houston, TX 77019

Re: Independent Registered Municipal Advisor Representation Letter $4,350,000* Unlimited Tax Refunding Bonds, Series 2020

Dear President and Board of Directors: The Securities and Exchange Commission (SEC) has adopted rules, known as the Municipal Advisor Rules (MA Rules). The MA Rules impose a registration regime upon municipal advisors (i.e., firms that give advice, absent an exemption or exclusion, to municipal entities or obligated persons) and impose a fiduciary duty on municipal advisors for advice given to municipal entities. The MA Rules further provide for certain exemptions which, when met and documented, will permit an underwriter or placement agent to provide advice and recommendations to a municipal entity or obligated person. One such exemption to the MA Rules for receiving advice and recommendations from an underwriter is if the municipal entity or obligated person is represented by and will rely on the advice of an independent registered municipal advisor for the same issue. In order to rely on this exemption, the underwriter or placement agent must receive certain representations from the municipal entity or obligated person. In our proposed role as Senior- Underwriter, RBC Capital Markets, LLC (RBC CM) has prepared the attached Form of Independent Registered Municipal Advisor Representation Letter, which is consistent with industry standard documents. The attached language can be relied upon by RBC CM, in its role as Senior-Underwriter, to provide advice to Fort Bend County Levee Improvement District No. 12 without being deemed a municipal advisor. Sincerely, RBC CAPITAL MARKETS, LLC

Loren Morales

Director

000154

of 2

Fort Bend County Levee Improvement District No. 12 (the “District”) has retained Rathmann & Associates, L.P. (“Municipal Advisor”) as its municipal advisor. We are represented by and will rely on our municipal advisor to provide advice concerning the issuance of municipal securities, investment of bond proceeds and escrow investments. The personnel of the Municipal Advisor who will advise the District on such matters have represented to the District that they have not been associated with the firm engaging in the principal transaction within the two years prior to the date of this certificate. This certificate may be relied upon until the termination of the District or upon notice from the District.

Acknowledgement:

By: _________________________________________

Name: _________________________________________

Title: _________________________, Board of Directors Date: _________________________________________

000155


September 21, 2020

To Whom it May Concern:

Fort Bend County Levee Improvement District No. 12 (the “District”) is represented by Rathmann

& Associates, L.P. (its “municipal advisor”) to provide advice on recommendations and other advice from

financial services firms concerning the issuance of municipal securities, the investment of bond proceeds

and escrow investments. The District will rely on its municipal advisor by seeking and considering its

advice, analysis, and perspective before acting on any such recommendation or other advice, although

the District may not necessarily follow its municipal advisor’s advice and may also rely on representations,

if any, made by financial services firms in proposals or otherwise.

The District intends that market participants may use and rely on this letter for purposes of

qualifying for the so‐called IRMA exemption afforded by SEC Rule 15Ba1‐1(d)(3)(vi). This certificate

expires six months from the date of its execution, unless earlier withdrawn.

Executed this 21st day of September, 2020


By: ______________________________________

Name: ___________________________________

Title: ____________________________________

000156

RBC Capital Markets, LLC Municipal Finance - Houston

609 Main St., Suite 3600 Houston, Texas 77002 Phone: (713) 651-3342

Page 1 of 5

September 21, 2020

Board of Directors Fort Bend County Levee Improvement District No. 12 c/o Smith, Murdaugh, Little & Bonham, L.L.P. 2727 Allen Parkway, Suite 1100 Houston, TX 77019 Re: Disclosures by Senior-Underwriter Pursuant to MSRB Rule G-17

$4,350,000* Fort Bend County Levee Improvement District No. 12 Unlimited Tax Refunding Bonds, Series 2020

Dear Board of Directors: RBC Capital Markets, LLC (RBC CM) is writing the Board of Directors of Fort Bend County Levee Improvement District No. 12 (the “Issuer”) to:

(i) Confirm the engagement of RBC Capital Markets as underwriter relating to the above- captioned Bonds pursuant to the Securities and Exchange Commission’s Municipal Advisor Rule, and

(ii) Provide certain disclosures as required by the Municipal Securities Rulemaking Board (MSRB) Rule G-17 as set forth in MSRB Notice 2012-25 (May 7, 2012)1.

As part of our services as Senior-Underwriter, RBC CM may provide advice concerning the structure, timing, terms, and other similar matters concerning the issuance of the Bonds.

I. Disclosures Concerning the Underwriters’ Role:

(i) MSRB Rule G-17 requires an underwriter to deal fairly at all times with both municipal issuers and investors.

(ii) The underwriter’s primary role is to purchase the Bonds with a view to distribution in an arm’s-length commercial transaction with the Issuer. The underwriters have financial and other interests that differ from those of the Issuer.

(iii) Unlike a municipal advisor, the underwriter does not have a fiduciary duty to the Issuer under the federal securities laws and are, therefore, not required by federal law to act in the best interests of the Issuer without regard to their own financial or other interests.

(iv) The underwriter has a duty to purchase the Bonds from the Issuer at a fair and reasonable price, but must balance that duty with their duty to sell the Bonds to investors at prices that are fair and reasonable.

1 Interpretive Notice Concerning the Application of MSRB Rule G-17 to Underwriters of Municipal Securities (effective August 2, 2012).

000157

of 5

(v) The underwriter will review the official statement for the Bonds in accordance with, and as part of, their respective responsibilities to investors under the federal securities laws, as applied to the facts and circumstances of this transaction.2

II. Disclosures Concerning the Underwriters’ Compensation:

The underwriter will be compensated by a fee and/or an underwriting discount that will be set forth in the bond purchase agreement to be negotiated and entered into in connection with the issuance of the Bonds. Payment or receipt of the underwriting fee or discount will be contingent on the closing of the transaction and the amount of the fee or discount may be based, in whole or in part, on a percentage of the principal amount of the Bonds. While this form of compensation is customary in the municipal securities market, it presents a conflict of interest since the underwriters may have an incentive to recommend to the Issuer a transaction that is unnecessary or to recommend that the size of the transaction be larger than is necessary.

III. Additional Conflicts Disclosures:

RBC CM has identified the following additional potential or actual material conflicts:

Ordinary Course of Business Activities and Relationships:

RBC CM and its affiliates comprise a full service securities firm and a commercial bank among other entities. RBC CM engages in municipal advisory activities, securities trading and underwriting, corporate investment banking, asset management, retail and institutional brokerage, and other commercial and investment banking products and services for a wide range of corporations, municipal entities and individuals.

The activities of RBC CM and its affiliates may include investment in, and trading of, securities and other financial instruments for their own account or the account of customers relating to the securities and/or financial instruments of the Issuer and/or Borrower.

RBC CM and its affiliates may also communicate independent investment recommendations, market advice or trading ideas and/or publish or express independent research views relating the securities of the Issuer and/or Borrower.

RBC CM maintains business relationships with municipal advisory firms, broker-dealers, law firms and other transaction participants as part of its national municipal securities business but does not utilize referral arrangements with such entities regarding municipal underwriting, sales or trading. Further, RBC CM does not maintain any distribution agreements with respect to municipal securities offerings.

IV. Disclosures Concerning Fixed-Rate Bonds:

The following is a general description of the financial characteristics and security structures of fixed rate municipal bonds (“Fixed Rate Bonds”), as well as a general description of certain financial risks that you should consider before deciding whether to issue Fixed Rate Bonds.

2 Under federal securities law, an issuer of securities has the primary responsibility for disclosure to investors. The review of the official statement by the underwriters is solely for purposes of satisfying the underwriters’ obligations under the federal securities laws and such review should not be construed by an issuer as a guarantee of the accuracy or completeness of the information in the official statement.

000158

of 5

Financial Characteristics

Maturity and Interest: Fixed Rate Bonds are interest-bearing debt securities issued by state and local governments, political subdivisions and agencies and authorities. Maturity dates for Fixed Rate Bonds are fixed at the time of issuance and may include serial maturities (specified principal amounts are payable on the same date in each year until final maturity) or one or more term maturities (specified principal amounts are payable on each term maturity date) or a combination of serial and term maturities. The final maturity date typically will range between 10 and 30 years from the date of issuance. Interest on the Fixed Rate Bonds typically is paid semiannually at a stated fixed rate or rates for each maturity date.

Redemption: Fixed Rate Bonds may be subject to optional redemption, which allows you, at your option, to redeem some or all of the bonds on a date prior to scheduled maturity, such as in connection with the issuance of refunding bonds to take advantage of lower interest rates. Fixed Rate Bonds will be subject to optional redemption only after the passage of a specified period of time, often approximately ten years from the date of issuance, and upon payment of the redemption price set forth in the bonds, which may include a redemption premium. You will be required to send out a notice of optional redemption to the holders of the bonds, usually not less than 30 days prior to the redemption date. Fixed Rate Bonds with term maturity dates also may be subject to mandatory sinking fund redemption, which requires you to redeem specified principal amounts of the bonds annually in advance of the term maturity date. The mandatory sinking fund redemption price is 100% of the principal amount of the bonds to be redeemed.

Security

Payment of principal of and interest on a municipal security, including Fixed Rate Bonds, may be backed by various types of pledges and forms of security, some of which are described below.

General Obligation Bonds

“General obligation bonds” are debt securities to which your full faith and credit is pledged to pay principal and interest. If you have taxing power, generally you will pledge to use your ad valorem (property) taxing power to pay principal and interest. Ad valorem taxes necessary to pay debt service on general obligation bonds may not be subject to state constitutional property tax millage limits (an unlimited tax general obligation bond). The term “limited” tax is used when such limits exist.

General obligation bonds constitute a debt and, depending on applicable state law, may require that you obtain approval by voters prior to issuance. In the event of default in required payments of interest or principal, the holders of general obligation bonds have certain rights under state law to compel you to impose a tax levy.

Revenue Bonds

“Revenue bonds” are debt securities that are payable only from a specific source or sources of revenues. Revenue bonds are not a pledge of your full faith and credit and you are obligated to pay principal and interest on your revenue bonds only from the revenue source(s) specifically pledged to the bonds. Revenue bonds do not permit the bondholders to compel you to impose a tax levy for payment of debt service. Pledged revenues may be derived from operation of the financed project or system, grants or excise or other specified taxes. Generally, subject to state law or local charter requirements, you are not required to obtain voter approval prior to issuance of revenue bonds. If the specified source(s) of revenue become inadequate, a default in payment of principal or interest may occur. Various types of pledges of revenue may be used to secure interest and principal payments on revenue bonds. The nature of these pledges may differ widely based on state law, the type of issuer, the type of revenue stream and other factors.

000159

of 5

The description above regarding “Security” is only a brief summary of certain possible security provisions for the bonds and is not intended as legal advice. You should consult with your bond counsel for further information regarding the security for the bonds.

Financial Risk Considerations

Certain risks may arise in connection with your issuance of Fixed Rate Bonds, including some or all of the following:

Issuer Default Risk

You may be in default if the funds pledged to secure your bonds are not sufficient to pay debt service on the bonds when due. The consequences of a default may be serious for you and, depending on applicable state law and the terms of the authorizing documents, the holders of the bonds, the trustee and any credit support provider may be able to exercise a range of available remedies against you. For example, if the bonds are secured by a general obligation pledge, you may be ordered by a court to raise taxes. Other budgetary adjustments also may be necessary to enable you to provide sufficient funds to pay debt service on the bonds. If the bonds are revenue bonds, you may be required to take steps to increase the available revenues that are pledged as security for the bonds. A default may negatively impact your credit ratings and may effectively limit your ability to publicly offer bonds or other securities at market interest rate levels. Further, if you are unable to provide sufficient funds to remedy the default, subject to applicable state law and the terms of the authorizing documents, you may find it necessary to consider available alternatives under state law, including (for some issuers) state-mandated receivership or bankruptcy. A default also may occur if you are unable to comply with covenants or other provisions agreed to in connection with the issuance of the bonds.

This description is only a brief summary of issues relating to defaults and is not intended as legal advice. You should consult with your bond counsel for further information regarding defaults and remedies.

Redemption Risk

Your ability to redeem the bonds prior to maturity may be limited, depending on the terms of any optional redemption provisions. In the event that interest rates decline, you may be unable to take advantage of the lower interest rates to reduce debt service.

Refinancing Risk

If your financing plan contemplates refinancing some or all of the bonds at maturity (for example, if you have term maturities or if you choose a shorter final maturity than might otherwise be permitted under the applicable federal tax rules), market conditions or changes in law may limit or prevent you from refinancing those bonds when required. Further, limitations in the federal tax rules on advance refunding of bonds (an advance refunding of bonds occurs when tax-exempt bonds are refunded more than 90 days prior to the date on which those bonds may be retired) may restrict your ability to refund the bonds to take advantage of lower interest rates.

Reinvestment Risk

You may have proceeds of the bonds to invest prior to the time that you are able to spend those proceeds for the authorized purpose. Depending on market conditions, you may not be able to invest those proceeds at or near the rate of interest that you are paying on the bonds, which is referred to as “negative arbitrage”.

000160

of 5

Tax Compliance Risk

The issuance of tax-exempt bonds is subject to a number of requirements under the United States Internal Revenue Code, as enforced by the Internal Revenue Service (IRS). You must take certain steps and make certain representations prior to the issuance of tax-exempt bonds. You also must covenant to take certain additional actions after issuance of the tax-exempt bonds. A breach of your representations or your failure to comply with certain tax-related covenants may cause the interest on the bonds to become taxable retroactively to the date of issuance of the bonds, which may result in an increase in the interest rate that you pay on the bonds or the mandatory redemption of the bonds. The IRS also may audit you or your bonds, in some cases on a random basis and in other cases targeted to specific types of bond issues or tax concerns. If the bonds are declared taxable, or if you are subject to audit, the market price of your bonds may be adversely affected. Further, your ability to issue other tax-exempt bonds also may be limited.

This description of tax compliance risks is not intended as legal advice and you should consult with your bond counsel regarding tax implications of issuing the bonds.

We look forward to working with you and the Issuer in connection with the issuance of the Bonds. Thank you.

Sincerely,

RBC CAPITAL MARKETS, LLC

Loren Morales Director cc: R. Craig Rathmann, Financial Advisor, Rathmann & Associates, L.P. Christie Samson, Closing Coordinator, Rathmann & Associates, L.P. Acknowledgement:

By: _________________________________________

Name: _________________________________________

Title: _________________________, Board of Directors Date: _________________________________________

000161

RATHMANN & ASSOCIATES, L.P. 8584 Katy Freeway, Suite 250 Julia A. Gerdes Houston, Texas 77024 Associate Phone 713-751-1890 (713) 751-1894 Fax 713-751-1891 [email protected] September 21, 2020 Board of Directors Fort Bend County Levee Improvement District No. 12 c/o Mr. James Bonham Smith, Murdaugh, Little & Bonham, L.L.P. 2727 Allen Parkway, Suite 1100 Houston, TX 77019 Re: Notification to Fort Bend County Levee Improvement

District No. 12 Regarding Selection of Underwriter (s) and Underwriters (s’) Compensation

Directors: With respect to the issuance of refunding bonds, the Board of Directors of the District selects the underwriter(s) involved in a bond refunding transaction and the underwriting compensation in bond refunding transactions is subject to negotiation. This Notification was executed prior to the selection of the underwriters of the District’s proposed Unlimited Tax Refunding Bonds, Series 2020.

ACKNOWLEDGEMENT Fort Bend County Levee Improvement District No. 12 By: ____________________________ President, Board of Directors

000162

Hilltop Securities Inc. 700 Milam Street Suite 500 Houston, Texas 77002

direct 713.654.8609 fax 713.651.9361

[email protected] HilltopSecurities.com

Public Finance September 18, 2020

Valerie Gamble, President

Fort Bend County Levee Improvement District No. 12

c/o Smith, Murdaugh, Little & Bonham, L.L.P.

2727 Allen Pkwy, Suite 1100

Houston, TX 77019

Re: Disclosures by Co‐Managing Underwriter

Pursuant to MSRB Rule G‐17

Unlimited Tax Levee Improvement Refunding Bonds, Series 2020

Dear Valerie:

We are writing to provide you, as President of Fort Bend County Levee Improvement District No.

12 with certain disclosures relating to the captioned bond issue (the “Bonds”), as required by Municipal

Securities Rulemaking Board (“MSRB”) Rules G‐17 and G‐23 and pursuant to the Dodd‐Frank Wall Street

Reform and Consumer Protection Act’s amendments to the Securities and Exchange Act of 1934 (the

“Act”). As a result of the recent rule changes and legislation, we are required to disclose to you

information concerning our role as co‐managing underwriter and other matters relating to our

underwriting of the Bonds and to risks that the Issuer may be exposed to by entering into the issuance of

the Bonds.

The Issuer has selected Hilltop Securities Inc. (“HilltopSecurities”) to serve as an underwriter, and

not as a financial advisor or municipal advisor in connection with the issuance of the Bonds. As a part of

our services as co‐managing underwriter, HilltopSecurities may provide advice concerning the structure,

timing, terms, and other similar matters concerning the issuance of the Bonds.

C.B. “Bix” Rathburn Ph. D. Director

000163

2

I. Disclosures Concerning the Underwriters’ Role

In serving as underwriter for the Bonds, these are some important disclosures that clarify our role

and responsibilities as an underwriter:

MSRB Rule G‐23 requires us to clarify that as an underwriter, HilltopSecurities will act solely as a

principal and not as a municipal advisor, financial advisor or fiduciary to the Issuer with respect to

the Bonds, and we have not assumed any advisory or fiduciary duty to the Issuer with respect to

the Bonds, regardless of whether we or any of our representatives or affiliates have advised or

are advising the Issuer on other matters. Unlike a municipal advisor, the underwriters do not have

a fiduciary duty to the Issuer under the federal securities laws and are, therefore, not required by

federal law to act in the best interests of the Issuer without regard to their own financial or other

interests.

MSRB Rule G‐17 requires an underwriter to deal fairly at all times with both municipal issuers and

investors.

The underwriters’ primary role is to purchase the Bonds with a view to distribution in an arm’s‐

length commercial transaction with the Issuer. The underwriters have financial and other

interests that differ from those of the Issuer.

The underwriters have a duty to purchase the Bonds from the Issuer at a fair and reasonable price,

but must balance that duty with their duty to sell the Bonds to investors at prices that are fair and

reasonable.

The underwriters will review the official statement for the Bonds in accordance with, and as part

of, their respective responsibilities to investors under the federal securities laws, as applied to the

facts and circumstances of this transaction.

The information in previous material provided, if any, was not intended to be and should not be

construed as “advice” within the meaning of Section 15B of the Act. You should consult with your

own financial, municipal, legal, accounting, tax and/or other advisors, as applicable, to the extent

you deem appropriate.

II. Disclosures Concerning the Underwriters’ Compensation

The underwriters will be compensated by a fee and/or an underwriting discount that will be set

forth in the bond purchase agreement to be negotiated and entered into in connection with the issuance

of the Bonds. Payment or receipt of the underwriting fee or discount will be contingent upon the closing

of the transaction and the amount of the fee or discount may be based, in whole or in part, on a

percentage of the principal amount of the Bonds. While this form of compensation is customary in the

municipal securities market, it presents a conflict of interest since the underwriters may have an incentive

to recommend to the Issuer a transaction that is unnecessary or to recommend that the size of the

transaction be larger than is necessary.

000164

3

III. Additional Conflicts Disclosures

HilltopSecurities has not identified any additional potential or actual material conflicts of interest that

require disclosure on behalf of the firm.

IV. Disclosures Concerning Complex Municipal Securities Financing

Since the Bonds involve a financing structure that may be a “complex municipal securities

financing” for purposes of MSRB Rule G‐17, attached is a description of the material financial

characteristics of that financing structure as well as the material financial risks of the financing that are

known to HilltopSecurities and are reasonably foreseeable at this time.

If you or any other Issuer officials have questions or concerns about these disclosures, please

make those questions or concerns immediately known to the undersigned. In addition, you should consult

with the Issuer’s own financial and/or municipal, legal, accounting, tax and other advisors, as applicable,

to the extent you deem appropriate. If the Issuer would like a municipal advisor that has legal fiduciary

duties to the Issuer, then the Issuer should engage a municipal advisor to serve in that capacity.

It is our understanding that you have the authority to bind the Issuer by contract with us, and that

you are not a party to any conflict of interest relating to the subject transaction. If our understanding is

incorrect, please notify the undersigned immediately.

We are required to seek your acknowledgement that you have received this letter. Accordingly,

please send me an email to that effect, or sign below and return the enclosed copy of this letter to me at

the address or fax number set forth above. Depending on the structure of the transaction that the Issuer

decides to pursue, or if additional potential or actual material conflicts are identified, we may be required

to send you additional disclosures regarding the material financial characteristics and risks of such

transaction and/or describing those conflicts. At that time, we also will seek your acknowledgement of

receipt of any such additional disclosures.

(The rest of this page is left blank intentionally.)

000165

4

We look forward to working with you and the Issuer in connection with the issuance of the Bonds.

Sincerely,

C. B. “Bix” Rathburn, Ph.D. Director, Investment Banker Co‐Managing Underwriter

CC: RBC Capital Markets

Smith, Murdaugh, Little & Bonham, L.L.P.

Rathmann & Associates, L.P.

McCall, Parkhurst & Horton

HilltopSecurities Municipal Underwriting

ACKNOWLEDGEMENT:

Fort Bend County Levee Improvement District No. 12

Name: ________________________________________ Title: ________________________________________ Date: ________________________________________

Execution Page Fort Bend County Levee Improvement District No. 12, TX

Unlimited Tax Levee Improvement Refunding Bonds, Series 2020

000166

5

Fixed Rate Bonds The following is a general description of the financial characteristics and security structures of fixed rate municipal bonds (“Fixed Rate Bonds”), as well as a general description of certain financial risks that you should consider before deciding whether to issue Fixed Rate Bonds. Financial Characteristics Maturity and Interest Fixed Rate Bonds are interest‐bearing debt securities issued by state and local governments, political subdivisions and agencies and authorities. Maturity dates for Fixed Rate Bonds are fixed at the time of issuance and may include serial maturities (specified principal amounts are payable on the same date in each year until final maturity) or one or more term maturities (specified principal amounts are payable on each term maturity date) or a combination of serial and term maturities. The final maturity date typically will range between 10 and 30 years from the date of issuance. Interest on the Fixed Rate Bonds typically is paid semiannually at a stated fixed rate or rates for each maturity date. Redemption Fixed Rate Bonds may be subject to optional redemption, which allows you, at your option, to redeem some or all of the bonds on a date prior to scheduled maturity, such as in connection with the issuance of refunding bonds to take advantage of lower interest rates. Fixed Rate Bonds will be subject to optional redemption only after the passage of a specified period of time, often approximately ten years from the date of issuance, and upon payment of the redemption price set forth in the bonds, which may include a redemption premium. You will be required to send out a notice of optional redemption to the holders of the bonds, usually not less than 30 days prior to the redemption date. Fixed Rate Bonds with term maturity dates also may be subject to mandatory sinking fund redemption, which requires you to redeem specified principal amounts of the bonds annually in advance of the term maturity date. The mandatory sinking fund redemption price is 100% of the principal amount of the bonds to be redeemed. Security Payment of principal of and interest on a municipal security, including Fixed Rate Bonds, may be backed by various types of pledges and forms of security, some of which are described herein. General Obligation Bonds “General obligation bonds” are debt securities to which your full faith and credit is pledged to pay principal and interest. If you have taxing power, generally you will pledge to use your ad valorem (property) taxing power to pay principal and interest. Ad valorem taxes necessary to pay debt service on general obligation bonds may not be subject to state constitutional property tax millage limits (an unlimited tax general obligation bond). The term “limited” tax is used when such limits exist. General obligation bonds constitute a debt and, depending on applicable state law, may require that you obtain approval by voters prior to issuance. In the event of default in required payments of interest or principal, the holders of general obligation bonds have certain rights under state law to compel you to impose a tax levy. The description above regarding “Security” is only a brief summary of certain possible security provisions for the bonds and is not intended as legal advice. You should consult with your bond counsel for further information regarding the security for the bonds.

000167

6

Financial Risk Considerations Certain risks may arise in connection with your issuance of Fixed Rate Bonds, including some or all of the following: Issuer Default Risk You may be in default if the funds pledged to secure your bonds are not sufficient to pay debt service on the bonds when due. The consequences of a default may be serious for you and, depending on applicable state law and the terms of the authorizing documents, the holders of the bonds, the trustee and any credit support provider may be able to exercise a range of available remedies against you. For example, if the bonds are secured by a general obligation pledge, you may be ordered by a court to raise taxes. Other budgetary adjustments also may be necessary to enable you to provide sufficient funds to pay debt service on the bonds. If the bonds are revenue bonds, you may be required to take steps to increase the available revenues that are pledged as security for the bonds. A default may negatively impact your credit ratings and may effectively limit your ability to publicly offer bonds or other securities at market interest rate levels. Further, if you are unable to provide sufficient funds to remedy the default, subject to applicable state law and the terms of the authorizing documents, you may find it necessary to consider available alternatives under state law, including (for some issuers) state‐mandated receivership or bankruptcy. A default also may occur if you are unable to comply with covenants or other provisions agreed to in connection with the issuance of the bonds. This description is only a brief summary of issues relating to defaults and is not intended as legal advice. You should consult with your bond counsel for further information regarding defaults and remedies. Redemption Risk Your ability to redeem the bonds prior to maturity may be limited, depending on the terms of any optional redemption provisions. In the event that interest rates decline, you may be unable to take advantage of the lower interest rates to reduce debt service. Refinancing Risk If your financing plan contemplates refinancing some or all of the bonds at maturity (for example, if you have term maturities or if you choose a shorter final maturity than might otherwise be permitted under the applicable federal tax rules), market conditions or changes in law may limit or prevent you from refinancing those bonds when required. Further, limitations in the federal tax rules on advance refunding of bonds (an advance refunding of bonds occurs when tax‐exempt bonds are refunded more than 90 days prior to the date on which those bonds may be retired) may restrict your ability to refund the bonds to take advantage of lower interest rates. Reinvestment Risk You may have proceeds of the bonds to invest prior to the time that you are able to spend those proceeds for the authorized purpose. Depending on market conditions, you may not be able to invest those proceeds at or near the rate of interest that you are paying on the bonds, which is referred to as “negative arbitrage”. Tax Compliance Risk The issuance of tax‐exempt bonds is subject to a number of requirements under the United States Internal Revenue Code, as enforced by the Internal Revenue Service (IRS). You must take certain steps and make certain representations prior to the issuance of tax‐exempt bonds. You also must covenant to take certain additional actions after issuance of the tax‐exempt bonds. A breach of your representations or your failure

000168

7

to comply with certain tax‐related covenants may cause the interest on the bonds to become taxable retroactively to the date of issuance of the bonds, which may result in an increase in the interest rate that you pay on the bonds or the mandatory redemption of the bonds. The IRS also may audit you or your bonds, in some cases on a random basis and in other cases targeted to specific types of bond issues or tax concerns. If the bonds are declared taxable, or if you are subject to audit, the market price of your bonds may be adversely affected. Further, your ability to issue other tax‐exempt bonds also may be limited. This description of tax compliance risks is not intended as legal advice and you should consult with your bond counsel regarding tax implications of issuing the bonds. Disclosure Compliance Risk By selling securities in the public capital markets, issuers are usually required by contract to enter into a continuing disclosure contract to provide certain financial information contained in the official statement for the life of the bonds to the Municipal Securities Rulemaking Board. The failure to comply with this contractual undertaking may impair or limit the ability of an issuer to access the capital markets, to make disclosure on its failure to comply with the contract and may be subject to other actions by regulatory bodies or investors or underwriter’s enforcing the contractual obligation. In addition, the issuer and its representatives are responsible for fair and accurate disclosure of its financial condition and all material information is contained within the offering document, and is amended as needed within the underwriting period. Failure to accurately disclose information within the offering document can have significant legal implications to the issuer and its representatives.

000169

000170

000171

000172

000173

000174

000175

000176

DRAFT

FORT BEND COUNTY

LEVEE IMPROVEMENT DISTRICT NO. 12

FORT BEND COUNTY, TEXAS

ANNUAL AUDIT REPORT

MAY 31, 2020

000177

DRAFT

C O N T E N T S

INDEPENDENT AUDITOR’S REPORT 1-2

MANAGEMENT’S DISCUSSION AND ANALYSIS 3-7

BASIC FINANCIAL STATEMENTS

STATEMENT OF NET POSITION AND GOVERNMENTAL FUNDS BALANCE SHEET 8

STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUND REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES 9

NOTES TO THE FINANCIAL STATEMENTS 10-17

SUPPLEMENTARY INFORMATION

SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE, BUDGET AND ACTUAL, GENERAL FUND 18

SCHEDULE OF TEXAS SUPPLEMENTARY INFORMATIONREQUIRED BY THE TEXAS COMMISSION ON ENVIRONMENTAL QUALITY 19

SCHEDULE OF SERVICES AND RATES 20

EXPENDITURES FOR THE YEAR ENDED MAY 31, 2020 21

ANALYSIS OF CHANGES IN DEPOSITS AND TEMPORARY INVESTMENTS,ALL GOVERNMENTAL FUND TYPES 22

SCHEDULE OF CERTIFICATES OF DEPOSIT AND TEMPORARY INVESTMENTS 23

TAXES LEVIED AND RECEIVABLE 24-25

LONG-TERM DEBT SERVICE REQUIREMENTS, BY YEARS 26-27

ANALYSIS OF CHANGES IN LONG-TERM BONDED DEBT 28

COMPARATIVE STATEMENTS OF REVENUES AND EXPENDITURES,GENERAL FUND 29

COMPARATIVE STATEMENTS OF REVENUES AND EXPENDITURES,DEBT SERVICE FUND 30

BOARD MEMBERS, KEY PERSONNEL AND CONSULTANTS 31-32

000178

DRAFT

1

September 21, 2020

INDEPENDENT AUDITOR’S REPORT

Board of DirectorsFort Bend County Levee

Improvement District No. 12Fort Bend County, Texas

I have audited the accompanying financial statements of the governmental activities and each fund of Fort Bend CountyLevee Improvement District No. 12, as of and for the year ended May 31, 2020, which collectively comprise theDistrict’s basic financial statements, as listed in the table of contents, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance withaccounting principles generally accepted in the United States of America; this includes the design, implementation, andmaintenance of internal control relevant to the preparation and fair presentation of financial statements that are free ofmaterial misstatement, whether due to fraud or error.

Auditor’s Responsibility

My responsibility is to express opinions on these financial statements based on my audit. I conducted my audit inaccordance with auditing standards generally accepted in the United States of America. Those standards require thatI plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor’s judgment, including assessment of the risk of materialmisstatement of the financial statements whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the entity’s preparation and fair presentation of the financial statements in orderto design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinionon the effectiveness of the entity’s internal control. Accordingly I express no such opinion. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimatesmade by management, as well as evaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinions.

Opinions

In my opinion, the financial statements referred to above present fairly, in all material respects, the respective financialposition of the governmental activities and each fund of Fort Bend County Levee Improvement District No. 12 as of May31, 2020, and the respective changes in financial position for the year then ended in conformity with accountingprinciples generally accepted in the United States of America.

000179

DRAFT

2

INDEPENDENT AUDITOR’S REPORT (Continued)

Other Matters

Accounting principles generally accepted in the United States of America require that the Management’s Discussion andAnalysis on Pages 3 to 7 and Schedule of Revenues, Expenditures and Changes in Fund Balance, Budget and Actual,General Fund, on Page 18 be presented to supplement the basic financial statements. Such information, although notpart of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers itto be an essential part of financial reporting for placing the basic financial statements in an appropriate operational,economic, or historical context. I have applied certain limited procedures to the required supplementary information inaccordance with auditing standards generally accepted in the United States of America, which consisted of inquiries ofmanagement about the methods of preparing the information and comparing the information for consistency withmanagement’s responses to my inquiries, the basic financial statements, and other knowledge I obtained during my auditof the basic financial statements. I do not express an opinion or provide any assurance on the information because thelimited procedures do not provide me with sufficient evidence to express an opinion or provide any assurance.

My audit was conducted for the purpose of forming an opinion on the financial statements as a whole. Thesupplementary information on Pages 19 to 32 is presented for purposes of additional analysis and is not a required partof the financial statements. Such information is the responsibility of management and was derived from and relatesdirectly to the underlying accounting and other records used to prepare the financial statements. Except for the portionmarked “unaudited,” the information has been subjected to the auditing procedures applied in the audit of the financialstatements and certain additional procedures, including comparing and reconciling such information directly to theunderlying accounting and other records used to prepare the financial statements or to the financial statementsthemselves, and other additional procedures in accordance with auditing standards generally accepted in the United Statesof America. In my opinion, the information is fairly stated in all material respects in relation to the financial statementsas a whole. The supplementary information marked “unaudited” has not been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, accordingly, I do not express an opinion or provide anyassurance on it. The accompanying supplementary information includes financial data excerpted from prior yearfinancial statements which were audited by my firm.

000180

DRAFT

3

Management’s Discussion and Analysis

Using this Annual Report

Within this section of the Fort Bend County Levee Improvement District No. 12 (the "District") annual report, theDistrict’s Board of Directors provides narrative discussion and analysis of the financial activities of the District for thefiscal year ended May 31, 2020.

The annual report consists of a series of financial statements plus additional supplemental information to the financialstatements as required by its state oversight agency, the Texas Commission on Environmental Quality. In accordancewith required reporting standards, the District reports its financial activities as a special-purpose government. Special-purpose governments are governmental entities which engage in a single governmental program. In the District’scase, the single governmental program is construction and maintenance of levees and other improvements on creeksand streams to reclaim lands from overflow from these creeks and streams and to provide drainage to the reclaimedland. The financial statements of special-purpose governments combine two types of financial statements into onestatement. These two types of financial statements are the government-wide financial statements and the fundfinancial statements. The fund financial statements are presented on the left side of the statements, a column foradjustments is to the right of the fund financial statements, and the government-wide financial statements arepresented to the right side of the adjustments column. The following sections describe the measurement focus of thetwo types of statements and the significant differences in the information they provide.

Government-Wide Financial Statements

The focus of government-wide financial statements is on the overall financial position and activities of the District. TheDistrict’s government-wide financial statements include the statement of net position and statement of activities, whichare prepared using accounting principles that are similar to commercial enterprises. The purpose of the statementof net position is to attempt to report all of the assets and liabilities owned by the District. The District reports all ofits assets when it acquires or begins to maintain the assets and reports all of its liabilities when they are incurred.

The difference between the District’s total assets and total liabilities is labeled as net position and this difference issimilar to the total owners’ equity presented by a commercial enterprise.

The purpose of the statement of activities is to present the revenues and expenses of the District. Again, the itemspresented on the statement of activities are measured in a manner similar to the approach used by a commercialenterprise in that revenues are recognized when earned or established criteria are satisfied and expenses are reportedwhen incurred by the District. Thus, revenues are reported even when they may not be collected for several monthsor years after the end of the accounting period and expenses are recorded even though they may not have used cashduring the current period.

Although the statement of activities looks different from a commercial enterprise’s income statement, the financialstatement is different only in format, not substance. Whereas the bottom line in a commercial enterprise is its netincome, the District reports an amount described as change in net position, essentially the same thing.

Fund Financial Statements

Unlike government-wide financial statements, the focus of fund financial statements is directed to specific activitiesof the District rather than the District as a whole. Except for the General Fund, a specific fund is established to satisfymanagerial control over resources or to satisfy finance-related legal requirements established by external parties orgovernmental statutes or regulations.

Governmental fund financial statements consist of a balance sheet and statement of revenues, expenditures andchange in fund balances and are prepared on an accounting basis that is significantly different from that used toprepare the government-wide financial statements.

000181

DRAFT

4

In general, these financial statements have a short-term emphasis and, for the most part, measure and account forcash and other assets that can easily be converted into cash. For example, amounts reported on the balance sheetinclude items such as cash and receivables collectible within a very short period of time, but do not include capitalassets such as land and water and sewer systems. Fund liabilities include amounts that are to be paid within a veryshort period after the end of the fiscal year. The difference between a fund’s total assets and total liabilities is labeledthe fund balance, and generally indicates the amount that can be used to finance the next fiscal year’s’ activities. Likewise, the operating statement for governmental funds reports only those revenues and expenditures that werecollected in cash or paid with cash, respectively, during the current period or very shortly after the end of the fiscal year.

Because the focus of the government-wide and fund financial statements are different, there are significant differencesbetween the totals presented in these financial statements. For this reason, there is an analysis in Note 3 of the notesto the financial statements that reconciles the total fund balances to the amount of net position presented in thegovernmental activities column on the statement of net position. Also, there is an analysis in Note 3 of the notes tothe financial statements that reconciles the total change in fund balances for all governmental funds to the change innet position as reported in the governmental activities column in the statement of activities.

Financial Analysis of the District as a Whole

Financial Analysis of the District as a Whole begins with an understanding of how financial resources flow through theDistrict’s funds. Resources in the Capital Projects Fund are derived principally from proceeds of the sale of bonds,and expenditures from this fund are subject to the Rules of the Texas Commission on Environmental Quality. Resources in the Debt Service Fund are derived principally from the collection of property taxes and are used for thepayment of tax collection costs and bond principal and interest. Resources in the General Fund are derived principallyfrom property taxes and are used to operate and maintain the system and to pay costs of administration of the District.

Management has financial objectives for each of the District’s funds. The financial objective for the Capital ProjectsFund is to spend the funds as necessary in accordance with the Rules of the Texas Commission on EnvironmentalQuality. The financial objective for the Debt Service Fund is to levy the taxes necessary to pay the fiscal year debtservice requirements plus the cost of levying and collecting taxes, leaving the appropriate fund balance asrecommended by the District’s financial advisor. The financial objective for the General Fund is to keep the fund’sexpenditures as low as possible while ensuring that revenues are adequate to cover expenditures and maintainingthe fund balance that Management believes is prudent. Management believes that these financial objectives weremet during the fiscal year.

Management believes that the required method of accounting for certain elements of the government-wide financialstatements makes the government-wide financial statements as a whole not useful for financial analysis. In thegovernment-wide financial statements, capital assets and depreciation expense have been required to be recordedat historical cost. Management’s policy is to maintain the District’s capital assets in a condition greater than or equalto the condition required by regulatory authorities, and management does not believe that depreciation expense isrelevant to the management of the District. In the government-wide financial statements, certain non-cash costs oflong-term debt are capitalized and amortized over the life of the related debt. Management believes that this requiredmethod of accounting is not useful for financial analysis of the District and prefers to consider the required cash flowsof the debt as reported in the fund statements and the notes to the financial statements. In the government-widefinancial statements, property tax revenues are required to be recorded in the fiscal year for which the taxes are levied,regardless of the year of collection. Management believes that the cash basis method of accounting for property taxesin the funds provides more useful financial information.

000182

DRAFT

5

The following required summaries of the District’s overall financial position and operations for the past year are basedon the information included in the government-wide financial statements. For the reasons described in the precedingparagraph, a separate analysis of the summaries is not presented.

Summary of Net Position

2020 2019 Change

Current and other assets $ 5,670,456 $ 5,016,220 $ 654,236Capital assets 0 0 0 Total assets 5,670,456 5,016,220 654,236

Long-term liabilities 10,500,879 10,867,570 (366,691)Other liabilities 711,007 742,569 (31,562) Total liabilities 11,211,886 11,610,139 (398,253)

Net position: Invested in capital assets, net of related debt (11,079,076) (11,432,914) 353,838 Restricted 951,319 852,489 98,830 Unrestricted 4,586,327 3,986,506 599,821 Total net position $ (5,541,430) $ (6,593,919) $ 1,052,489

Summary of Changes in Net Position

2020 2019 Change

Revenues: Property taxes $ 1,910,193 $ 1,922,492 $ (12,299) Other revenues 66,462 76,945 (10,483) Total revenues 1,976,655 1,999,437 (22,782)

Expenses: Service operations 358,768 281,683 77,085 Debt service 618,608 449,705 168,903 Total expenses 977,376 731,388 245,988

Excess revenues (expenditures) 999,279 1,268,049 (268,770)

Special Items: Sale of outfall capacity 53,210 116,276 (63,066)

Change in net position 1,052,489 1,384,325 (331,836)

Net position, beginning of year (6,593,919) (7,978,244) 1,384,325

Net position, end of year $ (5,541,430) $ (6,593,919) $ 1,052,489

Financial Analysis of the District’s Funds

The District’s combined fund balances as of the end of the fiscal year ended May 31, 2020, were $5,569,040, anincrease of $696,134 from the prior year.

The General Fund balance increased by $602,817, as property tax revenues and the receipt of $53,210 for the saleof outfall capacity exceeded expenditures.

000183

DRAFT

6

The Debt Service Fund balance increased by $93,317, in accordance with the District’s financial plan.

General Fund Budgetary Highlights

The Board of Directors did not amend the budget during the fiscal year. The District’s budget is primarily a planningtool. Accordingly, actual results varied from the budgeted amounts. A comparison of actual to budgeted amounts ispresented on Page 17 of this report. The budgetary fund balance as of May 31, 2020, was expected to be $4,669,322and the actual end of year fund balance was $4,572,814.

Capital Asset and Debt Administration

Capital Assets

The District has paid for improvements to drainage facilities which have been transferred to other governmental entitiesand, therefore, have been removed from the District’s financial statements.

Debt

Changes in the bonded debt position of the District during the fiscal year ended May 31, 2020, are summarized asfollows:

Bonded debt payable, beginning of year $ 11,395,000Refunding bonds sold 5,745,000Bonds refunded (5,795,000)Bonds paid (595,000)Bonded debt payable, end of year $ 10,750,000

At May 31, 2020, the District had $8,705,000 of bonds authorized but unissued for the purposes of acquiring,constructing, improving, adding to and rebuilding works and improvements necessary or proper to accomplish the planof reclamation adopted by the District.

On November 21, 2019, the District issued $5,745,000 in unlimited tax refunding bonds to refund $5,795,000 ofoutstanding Series 2012 bonds. The net proceeds of $5,826,011 (after payment of $226,871 in underwriting fees,insurance and other issuance costs, including the District’s contribution of $1,919) were used to call and retire therefunded bonds on November 22, 2019. As a result, these bonds are considered defeased and the liability for thesebonds has been removed from the financial statements.

The District refunded the bonds to reduce total debt service payments over future years by approximately $385,000and to obtain an economic gain (difference between the present values of the debt service payments on the old andnew debt) of approximately $329,000.

The District’s Series 2012 and 2013 bonds have an underlying rating of A- by Standard & Poor’s and the Series 2019bonds have an underlying rating of Aa2 by Moody’s. The Series 2012 and 2013 bonds are insured by AssuredGuaranty Municipal Corp. The Series 2019 bonds are not insured. The insured rating for the Series 2012 and 2013bonds is AA by Standard & Poor’s. The Series 2019 bonds are rated Aa2 by Moody’s. There were no changes in thebond ratings during the fiscal year ended May 31, 2020.

RELEVANT FACTORS

Property Tax Base

The District’s tax base increased approximately $122,590,000 for the 2018 tax year (approximately 5%) due to theaddition of new property improvements to the tax base.

000184

DRAFT

7

Channel Maintenance Agreement

The District has entered into an Interlocal Agreement for Channel Maintenance with the Fort Bend County DrainageDistrict (the “FBCDD”). The agreement provides that the District may elect to undertake the repair, maintenance orrehabilitation of all or a portion of flood control and drainage facilities within the boundaries of the District previouslyconstructed by the FBCDD and the District.

000185

DRAFT

8


STATEMENT OF NET POSITION AND GOVERNMENTAL FUNDS BALANCE SHEET

MAY 31, 2020

StatementDebt Capital Adjustments of Net

General Service Projects Total (Note 3) Position

ASSETS

Cash, including interest-bearing accounts, Note 7 $ 496,973 $ 223,033 $ $ 720,006 $ $ 720,006Certificates of deposit, at cost, Note 7 490,070 490,070 490,070Temporary investments, at cost, Note 7 4,387,229 37,844 4,425,073 4,425,073Receivables: Property taxes 13,513 17,410 30,923 30,923 Accrued interest 2,129 2,129 2,129Prepaid expenditures 2,255 2,255 2,255Debt service taxes collected not yet transferred from other fund 735,349 735,349 (735,349) 0Capital assets, net of accumulated depreciation, Note 4: Capital assets not being depreciated 0 0 0 Depreciable capital assets 0 0 0

Total assets $5,392,169 $1,013,636 $ 0 $ 6,405,805 (735,349) 5,670,456

LIABILITIES

Accounts payable $ 11,046 $ $ $ 11,046 11,046Outfall capacity deposits 59,447 59,447 59,447Accrued interest payable 0 62,317 62,317Debt service taxes collected not yet transferred to other fund 735,349 735,349 (735,349) 0Long-term liabilities, Note 5: Due within one year 0 578,197 578,197 Due in more than one year 0 10,500,879 10,500,879

Total liabilities 805,842 0 0 805,842 10,406,044 11,211,886

DEFERRED INFLOWS OF RESOURCES

Property tax revenues 13,513 17,410 0 30,923 (30,923) 0

FUND BALANCES / NET POSITION

Fund balances: Assigned to debt service 996,226 996,226 (996,226) 0 Unassigned 4,572,814 4,572,814 (4,572,814) 0

Total fund balances 4,572,814 996,226 0 5,569,040 (5,569,040) 0

Total liabilities, deferred inflows, and fund balances $5,392,169 $1,013,636 $ 0 $ 6,405,805

Net position: Invested in capital assets, net of related debt, Note 4 (11,079,076) (11,079,076) Restricted for debt service 951,319 951,319 Unrestricted 4,586,327 4,586,327

Total net position $ (5,541,430) $ (5,541,430)

The accompanying notes are an integral part of the financial statements.

000186

DRAFT

9


STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUNDS REVENUES, EXPENDITURES, ANDCHANGES IN FUND BALANCES

FOR THE YEAR ENDED MAY 31, 2020

Debt Capital StatementGeneral Service Projects Adjustments of

Fund Fund Fund Total (Note 3) Activities

REVENUES

Property taxes $ 832,598 $ 1,069,788 $ $ 1,902,386 $ (5,983) $ 1,896,403 Penalty and interest on property taxes 13,790 13,790 13,790 Accrued interest on bonds received at date of sale 10,319 10,319 (10,319) 0 Interest on deposits and investments 61,987 4,475 66,462 66,462

Total revenues 908,375 1,084,582 0 1,992,957 (16,302) 1,976,655

EXPENDITURES / EXPENSES

Service operations: Professional fees 233,368 233,368 233,368 Contracted services 27,279 27,279 27,279 Repairs and maintenance 87,572 87,572 87,572 Administrative expenditures 10,549 10,549 10,549 Debt service: Principal retirement 595,000 595,000 (595,000) 0 Refunding contribution/Bond iss. exp. 1,919 1,919 224,952 226,871 Interest and fees 394,346 394,346 (2,609) 391,737

Total expenditures / expenses 358,768 991,265 0 1,350,033 (372,657) 977,376

Excess (deficiency) of revenues over expenditures 549,607 93,317 0 642,924 356,355 999,279

OTHER FINANCING SOURCES (USES)

Bonds issued, Note 5 5,745,000 5,745,000 (5,745,000) 0 Bond issuance premiums, Note 5 305,963 305,963 (305,963) 0 Payment to refunding escrow agent, Note 5 (5,826,011) (5,826,011) 5,826,011 0 Refunding bond issuance expenditures, Note 5 (224,952) (224,952) 224,952 0 Sale of outfall capacity, Note 9 53,210 53,210 (53,210) 0

Total other financing sources (uses) 53,210 0 0 53,210 (53,210) 0

SPECIAL ITEMS

Sale of outfall capacity, Note 9 0 0 0 0 53,210 53,210

Total special items 0 0 0 0 53,210 53,210

Net change in fund balances / net position 602,817 93,317 0 696,134 356,355 1,052,489

Beginning of year 3,969,997 902,909 0 4,872,906 (11,466,825) (6,593,919)

End of year $ 4,572,814 $ 996,226 $ 0 $ 5,569,040 $(11,110,470) $ (5,541,430)

The accompanying notes are an integral part of the financial statements.

000187

DRAFT

10


NOTES TO THE FINANCIAL STATEMENTS

MAY 31, 2020

NOTE 1: REPORTING ENTITY

Fort Bend County Levee Improvement District No. 12 (the "District") was created by an order of theCommissioners Court of Fort Bend County on February 4, 1985. The District is a conservation andreclamation district created pursuant to the provisions of Chapter 57 of the Texas Water Code and operatesin accordance with Chapters 49 and 57 of the Texas Water Code. The District is a political subdivision of theState of Texas, governed by a three member Board of Directors which is appointed by the CommissionersCourt of Fort Bend County. The Board of Directors held its first meeting on June 11, 1985, and the first bondswere sold on June 10, 1986. The District is subject to the continuing supervision of the Texas Commissionon Environmental Quality and the Commissioners Court of Fort Bend County.

The principal functions of the District include constructing and maintaining levees and other improvementson, along and contiguous to rivers, creeks, and these streams; the control and distribution of the waters ofrivers and streams within and adjacent to the District by straightening and otherwise improving them; and theprovision of proper drainage and other improvements of the reclaimed land within the District.

In evaluating how to define the District for financial reporting purposes, the Board of Directors of the Districthas considered all potential component units. The decision to include a potential component unit in thereporting entity was made by applying the criteria established by the Governmental Accounting StandardsBoard. The basic, but not the only, criterion for including a potential component unit within the reporting entityis the governing body's ability to exercise oversight responsibility. The most significant manifestation of thisability is financial interdependency. Other manifestations of the ability to exercise oversight responsibilityinclude, but are not limited to, the selection of governing authority, the designation of management, the abilityto significantly influence operations and accountability for fiscal matters. The other criterion used to evaluatepotential component units for inclusion or exclusion from the reporting entity is the existence of specialfinancing relationships, regardless of whether the District is able to exercise oversight responsibilities. Basedupon the application of these criteria, there were no other entities which were included as a component unitin the District's financial statements.

000188

DRAFT

11

NOTES TO THE FINANCIAL STATEMENTS (Continued)

NOTE 2: SIGNIFICANT ACCOUNTING POLICIES

The District’s financial statements are prepared in accordance with generally accepted accounting principles(“GAAP”). The Governmental Accounting Standards Board (the “GASB”) is responsible for establishing GAAPfor state and local governments through its pronouncements (Statements and Interpretations). Governmentsare also required to follow the pronouncements of the Financial Accounting Standards Board issued throughNovember 30, 1989 (when applicable), that do not conflict with or contradict GASB pronouncements. Themore significant accounting policies established in GAAP and used by the District are discussed below.

Basic Financial Statements

The District’s basic financial statements include both government-wide (reporting the District as a whole) andgovernmental fund financial statements (reporting the District’s funds). Because the District is a single-program government as defined by the GASB, the District has combined the government-wide statementsand the fund financial statements using a columnar format that reconciles individual line items of fund financialdata to government-wide data in a separate column on the face of the financial statements. An additional reconciliation between the fund and the government-wide financial data is presented in Note 3.

The government-wide financial statements (i.e., the statement of net position and the statement of activities)report information on all of the nonfiduciary activities of the District. The effect of interfund activity has beenremoved from these statements. The District’s net position is reported in three parts – invested in capitalassets, net of related debt; restricted net position; and unrestricted net position. The government-widestatement of activities reports the components of the changes in net position during the reporting period.

The financial transactions of the District are reported in individual funds in the fund financial statements. Eachfund is accounted for in a separate set of self-balancing accounts that comprises its assets, liabilities, fundbalances, revenues and expenditures and changes in fund balances. The District’s fund balances arereported as nonspendable, restricted, committed, assigned or unassigned. Nonspendable fund balances areeither not in spendable form or are contractually required to remain intact. Restricted fund balances includeamounts that can only be used for the specific purposes stipulated by constitutional provisions, externalresource providers or enabling legislation. Committed fund balances include amounts that can only be usedfor the specific purposes determined by formal action of the District’s Board of Directors. Assigned fundbalances are intended for a specific purpose but do not meet the criteria to be classified as restricted orcommitted. Unassigned fund balance is the residual classification for the District’s General Fund and includesall spendable amounts not contained in the other classifications. The transactions of the District areaccounted for in the following funds:

General Fund -- To account for all revenues and expenditures not required to be accounted for in otherfunds.

Debt Service Fund -- To account for the accumulation of financial resources for, and the payment of, bondprincipal and interest, paid principally from property taxes levied by the District.

Capital Projects Fund -- To account for financial resources designated to construct or acquire capitalassets. Such resources are derived principally from proceeds of the sale of bonds.

000189

DRAFT

12


Basis of Accounting

The government-wide statements are reported using the economic resources measurement focus and theaccrual basis of accounting which recognizes all long-term assets and receivables as well as long-term debtand obligations. Revenues are recorded when earned and expenses are recorded when a liability is incurred,regardless of the timing of related cash flows. Ad valorem property taxes are recognized as revenues in thefiscal year for which they have been levied and related penalties and interest are recognized in the fiscal yearin which they are imposed. An allowance for uncollectibles is estimated for delinquent property taxes andreported separately in the financial statements.

Governmental fund financial statements are reported using the current financial resources measurementfocus and the modified accrual basis of accounting. Revenues are recognized as soon as they are bothmeasurable and available. Revenues are considered to be available if they are collectible within the currentperiod or soon enough thereafter to pay liabilities of the current period. Expenditures generally are recordedwhen a liability is incurred except for principal and interest on bonds payable which are recorded only whenpayment is due.

Interfund Activity

Activity between funds that is representative of lending/borrowing arrangements outstanding at the end of thefiscal year is reported as interfund receivables or payables, as appropriate, as are all other outstandingbalances between funds. Operating transfers between funds represent legally authorized transfers from thefund receiving resources to the fund through which the resources are to be expended.

Receivables

In the fund financial statements, ad valorem taxes and penalties and interest are reported as revenues in thefiscal year in which they become available to finance expenditures of the fiscal year for which they have beenlevied. Property taxes which have been levied and are not yet collected (or have been collected in advanceof the fiscal year for which they have been levied) are recorded as deferred inflow of resources. Propertytaxes collected after the end of the fiscal year are not included in revenues.

Capital Assets

Capital assets, which include property, plant, equipment, and immovable public domain or "infrastructure"assets are reported in the government-wide financial statements. The District has paid for improvements todrainage facilities which have been transferred to other governmental entities and, therefore, have beenremoved from the District’s financial statements. Costs incurred for repairs and maintenance are expensedas incurred.

000190

DRAFT

13


Long-term Liabilities

Long-term debt and other long-term obligations are reported in the government-wide financial statements. Bond premiums and discounts, are deferred and amortized over the life of the bonds. Bonds payable arereported net of the applicable premium or discount. If bonds are refunded and the carrying amount of thenew debt is different than the net carrying amount of the old debt, the difference is netted against the new debtand amortized using the effective interest method over the shorter of the remaining life of the refunded debtor the life of the new debt issued.

In the fund financial statements, governmental funds recognize bond premiums and discounts, as well asbond issuance costs, during the current period. The face amount of debt issued is reported as other financingsources. Premiums received on debt issuances are reported as other financing sources while discounts ondebt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actualdebt proceeds received, are reported as expenditures of the fund from which they are paid.

NOTE 3: RECONCILIATION OF FUND TO GOVERNMENT-WIDE FINANCIAL STATEMENTS

Reconciliation of year end fund balances to net position:

Total fund balances, end of year $ 5,569,040

Some long-term liabilities, including bonds payable, are not due and payable in thecurrent period and therefore are not reported in the funds:

Bonds payable $ (10,750,000) Issuance premium, net of discount (to be amortized as interest expense) (467,815) Deferred charge on refunding (to be amortized as interest expense) 138,739 (11,079,076)

Some receivables that do not provide current financial resources are not reported asreceivables in the funds:

Uncollected property taxes 30,923

Some liabilities that do not require the use of current financial resources are not reportedas liabilities in the funds:

Accrued interest (62,317)

Net position, end of year $ (5,541,430)

000191

DRAFT

14


Reconciliation of net change in fund balances to change in net position:

Total net change in fund balances $ 696,134

The issuance of long-term debt (bonds payable) provides current financial resources tothe funds, while the repayment of the principal of long-term debt consumes the currentfinancial resources of the funds. Neither transaction, however, has any effect on netposition. The effect of these differences in the treatment of long-term debt:

Bonds issued $ (5,745,000)Payment to escrow agent for refunding 5,826,011

Principal reduction 595,000 676,011

The funds report the effect of bond issuance costs, premiums, discounts, and similaritems when debt is first issued, whereas these amounts are deferred and amortized in thestatement of activities. The net effect of these differences in the treatment of these items:

Refunding charges (36,634) Issuance premium, net of discount (285,539) (322,173)

Some revenues reported in the statement of activities do not provide current financialresources and therefore are not reported as revenues in the funds:

Uncollected property taxes (5,983)

Some expenses reported in the statement of activities do not require the use of currentfinancial resources and therefore are not reported as expenditures in the funds:

Accrued interest 8,500

Change in net position $ 1,052,489

NOTE 4: CAPITAL ASSETS

At May 31, 2020, “Invested in capital assets, net of related debt” was $(11,079,076). This amount wasnegative primarily because the District has paid for improvements to drainage facilities which have beentransferred to other governmental entities and, therefore, have been removed from the District’s financialstatements. In addition, not all expenditures from bond proceeds (such as bond issuance costs) were for theacquisition of capital assets.

NOTE 5: LONG-TERM LIABILITIES AND CONTINGENT LIABILITIES

Long-term liability activity for the fiscal year ended May 31, 2020, was as follows:

Beginning Ending Due withinBalance Additions Reductions Balance One Year

Bonds payable $ 11,395,000 $ 5,745,000 $ 6,390,000 $ 10,750,000 $ 600,000Less deferred amounts: For issuance premiums (discounts) 305,164 305,963 143,312 467,815 15,178 For refunding charges (267,250) (27,146) (155,657) (138,739) (36,981)

Total bonds payable 11,432,914 6,023,817 6,377,655 11,079,076 578,197

Total long-term liabilities $ 11,432,914 $ 6,023,817 $ 6,377,655 $ 11,079,076 $ 578,197

000192

DRAFT

15


Bonds payable, beginning of year $ 11,395,000Refunding bonds sold: Proceeds $ 6,050,963 Premium (305,963) 5,745,000Bonds refunded (5,795,000)Bonds paid (595,000)

Bonds payable, end of year $ 10,750,000

As of May 31, 2020, the debt service requirements on the bonds payable were as follows:

FiscalYear Principal Interest Total

2021 $ 600,000 $ 373,900 $ 973,9002022 620,000 355,900 975,9002023 635,000 337,300 972,3002024 655,000 318,250 973,2502025 685,000 292,050 977,050

2026 - 2030 3,755,000 1,105,000 4,860,0002031 - 2034 3,800,000 387,400 4,187,400

$ 10,750,000 $ 3,169,800 $ 13,919,800

Bonds voted $ 18,380,000Bonds approved for sale and sold 9,675,000Bonds voted and not issued 8,705,000Refunding bonds voted 18,380,000Refunding bonds sold 8,190,000Refunding bonds voted and not issued 10,190,000

The bond issues payable at May 31, 2020 were as follows:

Refunding Refunding RefundingSeries 2012 Series 2013 Series 2019**

Amounts outstanding,May 31, 2020 $1,220,000 $3,800,000 $5,730,000

Interest rates 3.00% 3.00% to 4.00% 3.00% to 4.00%

Maturity dates, seriallybeginning/ending April 1, 2021/2022 April 1, 2031/2034 April 1, 2021/2030

Interest payment dates October 1/April 1 October 1/April 1 October 1/April 1

Callable dates April 1, 2019* April 1, 2020* April 1, 2024*

*Or any date thereafter at the option of the District, in whole or in part, at a price of par value plus unpaidaccrued interest from the most recent interest payment date to the date fixed for redemption.

**See following page.

000193

DRAFT

16


**On November 21, 2019, the District issued $5,745,000 in unlimited tax refunding bonds to refund $5,795,000of outstanding Series 2012 bonds. The net proceeds of $5,826,011 (after payment of $226,871 inunderwriting fees, insurance and other issuance costs, including the District’s contribution of $1,919) wereused to call and retire the refunded bonds on November 22, 2019. As a result, these bonds are considereddefeased and the liability for these bonds has been removed from the financial statements.

The District refunded the bonds to reduce total debt service payments over future years by approximately$385,000 and to obtain an economic gain (difference between the present values of the debt servicepayments on the old and new debt) of approximately $329,000.

Developer Construction Commitments and Liabilities

At May 31, 2020, there were no developer construction commitments or liabilities.

NOTE 6: PROPERTY TAXES

The Fort Bend County Appraisal District has the responsibility for appraising property for all taxing units withinthe county as of January 1 of each year, subject to review and change by the county Appraisal Review Board. The appraisal roll, as approved by the Appraisal Review Board, must be used by the District in establishingits tax roll and tax rate. The District's taxes are usually levied in the fall, are due when billed and becomedelinquent after January 31 of the following year or 30 days after the date billed, whichever is later. OnJanuary 1 of each year, a statutory tax lien attaches to property to secure the payment of all taxes, penaltiesand interest ultimately imposed for the year on the property. Taxes are due October 1, or when billed,whichever comes later.

The Bond Orders require that the District levy and collect an ad valorem debt service tax sufficient to payinterest and principal on bonds when due and the cost of assessing and collecting taxes.

At an election held April 5, 1986, the voters within the District authorized a maintenance tax not to exceed$1.00 per $100 valuation on all property subject to taxation within the District. This maintenance tax is beingused by the General Fund to pay expenditures of operating the District.

On September 16, 2019, the District levied the following ad valorem taxes for the 2019 tax year on theadjusted taxable valuation of $2,373,084,227:

Rate Amount

Debt service $ 0.0450 $ 1,068,560Maintenance 0.0350 831,102

$ 0.0800 $ 1,899,662

A reconciliation of the tax levy to property tax revenues on the Statement of Activities is as follows:

2019 tax year total property tax levy $ 1,899,662Appraisal district adjustments to prior year taxes (3,259)

Statement of Activities property tax revenues $ 1,896,403

NOTE 7: DEPOSITS AND TEMPORARY INVESTMENTS

The District complied with the requirements of the Public Funds Investment Act during the current fiscal yearincluding the preparation of quarterly investment reports required by the Act.

000194

DRAFT

17


State statutes authorize the District to invest and reinvest in direct or indirect obligations of the United States,the State of Texas, any county, city, school district, or other political subdivision of the state, or in localgovernment investment pools authorized under the Public Funds Investment Act. Funds of the District maybe placed in certificates of deposit of state or national banks or savings and loan associations within the stateprovided that they are secured in the manner provided for the security of the funds under the laws of the Stateof Texas. In accordance with the District's investment policies, during the current year the District's fundswere invested in interest bearing accounts at authorized financial institutions, in U. S. Government guaranteedobligations and in TexPool, a local government investment pool sponsored by the State Comptroller. TexPoolis rated AAAm by Standard & Poor’s.

In accordance with state statutes and the District's investment policies, the District requires that insurance orsecurity be provided by depositories for all funds held by them. At the balance sheet date, the carrying amountof the District's deposits was $1,210,076 and the bank balance was $1,322,954. Of the bank balance,$962,034 was covered by federal insurance and $360,920 was covered by the market value of collateral heldby the District's custodial bank in the District's name. The market value of collateral was reported to theDistrict by the depository.

At the balance sheet date the carrying value and market value of the investments in TexPool was $4,425,073.

Deposits and temporary investments restricted by state statutes and the Bond Orders:

Debt Service Fund

For payment of debt principal and interest,paying agent fees and costs of assessing andcollecting taxes:

Cash $ 223,033 Temporary investments 37,844

$ 260,877

NOTE 8: RISK MANAGEMENT

The District is exposed to various risks of loss related to: torts; theft of, damage to, and destruction of assets;errors and omissions; personal injuries and natural disasters. Significant losses are covered by insuranceas described below. There were no significant reductions in insurance coverage from the prior fiscal year. There have been no settlements which have exceeded the insurance coverage for each of the past threefiscal years.

At May 31, 2020, the District had comprehensive general liability coverage with a maximum limit of $1,000,000and $3,000,000 general aggregate, pollution liability coverage of $1,000,000, umbrella liability coverage of$1,000,000 and consultant’s crime coverage of $10,000.

NOTE 9: SALE OF OUTFALL CAPACITY

During the fiscal year ended May 31, 2020, the District sold capacity in the District’s outfall improvements toother districts and landowners for $53,210 . The outfall improvements are currently being maintained by theFort Bend County Drainage District. However, at such time as the District begins incurring maintenance costs,be they direct or indirect, the District will invoice any other entities with which the District has contracted fortheir share of such costs in proportion to the acreage benefitted by use of the outfall improvements.

000195

DRAFT

18


SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGESIN FUND BALANCE, BUDGET AND ACTUAL, GENERAL FUND


Variance withBudgeted Amounts Final Budget

PositiveOriginal Final Actual (Negative)

REVENUES

Property taxes $ 1,000,000 $ 1,000,000 $ 832,598 $ (167,402) Penalty and interest on property taxes 0 0 13,790 13,790 Interest on deposits and investments 50,000 50,000 61,987 11,987

TOTAL REVENUES 1,050,000 1,050,000 908,375 (141,625)

EXPENDITURES

Service operations: Professional fees 246,325 246,325 233,368 (12,957) Contracted services 12,000 12,000 27,279 15,279 Repairs and maintenance 75,000 75,000 87,572 12,572 Administrative expenditures 17,350 17,350 10,549 (6,801) Capital outlay 0 0 0 0

TOTAL EXPENDITURES 350,675 350,675 358,768 8,093

EXCESS REVENUES (EXPENDITURES) 699,325 699,325 549,607 (149,718)

OTHER FINANCING SOURCES (USES)

Sale of outfall capacity 0 0 53,210 53,210

TOTAL OTHER FINANCIAL SOURCES (USES) 0 0 53,210 53,210

EXCESS SOURCES (USES) 699,325 699,325 602,817 (96,508)

FUND BALANCE, BEGINNING OF YEAR 3,969,997 3,969,997 3,969,997 0

FUND BALANCE, END OF YEAR $ 4,669,322 $ 4,669,322 $ 4,572,814 $ (96,508)

The District's Board of Directors adopts an annual nonappropriated budget. This budget may be amended throughout the fiscal year andis prepared on a basis consistent with generally accepted accounting principles.

See accompanying independent auditor’s report.

000196

DRAFT

19


SCHEDULE OF TEXAS SUPPLEMENTARY INFORMATIONREQUIRED BY THE TEXAS COMMISSION ON ENVIRONMENTAL QUALITY

MAY 31, 2020

(Schedules included are checked or explanatory notes provided for omitted schedules.)

[X] TSI-1. Services and Rates

[X] TSI-2. General Fund Expenditures

[X] TSI-3. Temporary Investments

[X] TSI-4. Taxes Levied and Receivable

[X] TSI-5. Long-Term Debt Service Requirements by Years

[X] TSI-6. Changes in Long-Term Bonded Debt

[X] TSI-7. Comparative Schedule of Revenues and Expenditures - General Fund and Debt Service Fund - Five Year

[X] TSI-8. Board Members, Key Personnel and Consultants

000197

DRAFT

20


SCHEDULE OF SERVICES AND RATES

MAY 31, 2020

1. Services Provided by the District during the Fiscal Year:

Retail Water Wholesale Water Drainage Retail Wastewater Wholesale Wastewater Irrigation Parks/Recreation Fire Protection Security Solid Waste/Garbage X Flood Control Roads Participates in joint venture, regional system and/or wastewater service (other than emergency interconnect) Other

2. Retail Service Providers

a. Retail Rates for a 5/8" meter (or equivalent): X Not Applicable

b. Water and Wastewater Retail Connections: X Not Applicable

3. Total Water Consumption during the Fiscal Year (rounded to thousands): X Not Applicable

4. Standby Fees (authorized only under TWC Section 49.231):

Does the District have Debt Service standby fees? Yes No X

If yes, date of the most recent Commission Order: __________________

Does the District have Operation and Maintenance standby fees? Yes No X

If yes, date of the most recent Commission Order: __________________


000198

DRAFT

21


EXPENDITURES


Debt Capital TotalsGeneral Service Projects (Memorandum

Fund Fund Fund Only)CURRENT

Professional fees: Auditing $ 4,600 $ $ $ 4,600 Legal 70,790 70,790 Engineering 157,978 157,978

233,368 0 0 233,368

Contracted services: Bookkeeping 9,971 9,971 Central appraisal district 13,423 13,423 Tax assessor-collector 3,885 3,885

27,279 0 0 27,279

Repairs and maintenance 87,572 0 0 87,572

Administrative expenditures: Director's fees 2,400 2,400 Insurance 5,872 5,872 Other administrative expenditures 2,277 2,277

10,549 0 0 10,549

DEBT SERVICE

Principal retirement 0 595,000 0 595,000

Refunding contribution 0 1,919 0 1,919

Interest and fees: Interest 392,846 392,846 Paying agent fees 1,500 1,500

0 394,346 0 394,346

TOTAL EXPENDITURES $ 358,768 $ 991,265 $ 0 1,350,033


000199

DRAFT

22


ANALYSIS OF CHANGES IN DEPOSITS AND TEMPORARY INVESTMENTSALL GOVERNMENTAL FUND TYPES


GeneralFund

DebtServiceFund

CapitalProjects

Fund

Totals(Memorandum

Only)SOURCES OF DEPOSITS AND TEMPORARY INVESTMENTS

Cash receipts from revenues excluding debt service taxes $ 907,660 $ 14,794 $ $ 922,454Debt service tax receipts 1,069,788 1,069,788Proceeds from bonds 6,050,963 6,050,963Proceeds from bonds 35,415 35,415Debt service tax transfers 550,000 550,000Deposits for sales of outfall capacity 53,210 53,210

TOTAL DEPOSITS AND TEMPORARY INVESTMENTS PROVIDED 2,066,073 6,615,757 0 8,681,830

APPLICATIONS OF DEPOSITS AND TEMPORARY INVESTMENTS

Cash disbursements for:Current expenditures 298,016 298,016Debt service 991,265 991,265Other fund 23,390 23,390

Payment to refunding escrow agent 5,826,011 5,826,011Refunding bond issuance expenditures 224,952 224,952Debt service tax transfers 550,000 550,000

TOTAL DEPOSITS AND TEMPORARY INVESTMENTS APPLIED 848,016 7,065,618 0 7,913,634

INCREASE (DECREASE) IN DEPOSITS AND TEMPORARY INVESTMENTS 1,218,057 (449,861) 0 768,196

DEPOSITS AND TEMPORARY INVESTMENTS BALANCES, BEGINNING OF YEAR 4,156,215 710,738 0 4,866,953

DEPOSITS AND TEMPORARY INVESTMENTS BALANCES, END OF YEAR $ 5,374,272 $ 260,877 $ 0 $ 5,635,149


000200

DRAFT

23


SCHEDULE OF CERTIFICATES OF DEPOSIT AND TEMPORARY INVESTMENTS

MAY 31, 2020

InterestRate

MaturityDate

Year EndBalance

AccruedInterest

ReceivableGENERAL FUND

Certificates of Deposit

No. 32590 0.60% 2/01/21 $ 245,070 $ 415No. 226887 1.85% 9/25/20 245,000 1,714

$ 490,070 $ 2,129

TexPool

No. 7924500001 Market On demand $ 4,387,229 $ 0

DEBT SERVICE FUND

TexPool

No. 7924500002 Market On demand $ 37,844 $ 0

Total – All Funds $ 4,915,143 $ 2,129


000201

DRAFT

24


TAXES LEVIED AND RECEIVABLE


DebtMaintenance Service

Taxes Taxes

RECEIVABLE, BEGINNING OF YEAR $ 16,509 $ 20,397

Additions and corrections to prior year taxes (1,500) (1,759)

Adjusted receivable, beginning of year 15,009 18,638

2019 ADJUSTED TAX ROLL 831,102 1,068,560

Total to be accounted for 846,111 1,087,198

Tax collections: Current tax year (821,124) (1,055,731) Prior tax years (11,474) (14,057)

RECEIVABLE, END OF YEAR $ 13,513 $ 17,410

RECEIVABLE, BY TAX YEAR

2009 and prior $ 259 $ 506 2010 50 124 2011 58 131 2012 65 138 2013 56 84 2014 79 102 2015 300 367 2016 454 568 2017 558 698 2018 1,656 1,863 2019 9,978 12,829

RECEIVABLE, END OF YEAR $ 13,513 $ 17,410


000202

DRAFT

25


TAXES LEVIED AND RECEIVABLE (Continued)


ADJUSTED PROPERTY VALUATIONS AS OF JANUARY 1 OF TAX YEAR 2019 2018 2017 2016

Land $ 540,990,573 $ 494,182,173 $ 433,044,513 $ 418,437,270 Improvements 1,942,954,890 1,833,126,256 1,806,715,414 1,716,009,702 Personal property and other 62,444,920 57,392,027 55,369,398 52,910,240 Less exemptions (173,306,156) (134,203,275) (106,655,679) (104,701,682)

TOTAL PROPERTY VALUATIONS $ 2,373,084,227 $ 2,250,497,181 $ 2,188,473,646 $ 2,082,655,530

TAX RATES PER $100 VALUATION

Debt service tax rates $ 0.04500 $ 0.04500 $ 0.05000 $ 0.05000 Maintenance tax rates* 0.03500 0.04000 0.04000 0.04000

TOTAL TAX RATES PER $100 VALUATION $ 0.08000 $ 0.08500 $ 0.09000 $ 0.09000

TAX ROLLS $ 1,899,662 $ 1,914,978 $ 1,975,641 $ 1,876,270

PERCENT OF TAXES COLLECTED TO TAXES LEVIED 98.8% 99.8% 99.9% 99.9 %

*Maximum tax rate approved by voters on April 5, 1986: $1.00


000203

DRAFT

26


LONG-TERM DEBT SERVICE REQUIREMENTS, BY YEARS

MAY 31, 2020

Series 2012

Due During Principal Interest DueFiscal Years Due April 1,

Ending May 31 April 1 October 1 Total

2021 $ 600,000 $ 36,600 $ 636,6002022 620,000 18,600 638,600

TOTALS $ 1,220,000 $ 55,200 $ 1,275,200

Series 2013



2021 $ $ 152,000 $ 152,0002022 152,000 152,0002023 152,000 152,0002024 152,000 152,0002025 152,000 152,0002026 152,000 152,0002027 152,000 152,0002028 152,000 152,0002029 152,000 152,0002030 152,000 152,0002031 895,000 152,000 1,047,0002032 930,000 116,200 1,046,2002033 970,000 79,000 1,049,0002034 1,005,000 40,200 1,045,200

TOTALS $ 3,800,000 $ 1,907,400 $ 5,707,400


000204

DRAFT

27


LONG-TERM DEBT SERVICE REQUIREMENTS, BY YEARS (Continued)

MAY 31, 2020

Series 2019



2021 $ $ 185,300 $ 185,3002022 185,300 185,3002023 635,000 185,300 820,3002024 655,000 166,250 821,2502025 685,000 140,050 825,0502026 705,000 112,650 817,6502027 730,000 91,500 821,5002028 745,000 69,600 814,6002029 775,000 47,250 822,2502030 800,000 24,000 824,000

TOTALS $ 5,730,000 $ 1,207,200 $ 6,937,200

Annual Requirements for All Series

Due During Total TotalFiscal Years Principal Interest

Ending May 31 Due Due Total

2021 $ 600,000 $ 373,900 $ 973,9002022 620,000 355,900 975,9002023 635,000 337,300 972,3002024 655,000 318,250 973,2502025 685,000 292,050 977,0502026 705,000 264,650 969,6502027 730,000 243,500 973,5002028 745,000 221,600 966,6002029 775,000 199,250 974,2502030 800,000 176,000 976,0002031 895,000 152,000 1,047,0002032 930,000 116,200 1,046,2002033 970,000 79,000 1,049,0002034 1,005,000 40,200 1,045,200

TOTALS $ 10,750,000 $ 3,169,800 $ 13,919,800


000205

DRAFT

28


ANALYSIS OF CHANGES IN LONG-TERM BONDED DEBT


(1) (2) (3) Totals

Bond Series: 2012 2013 2019

Interest Rate: 3.00% 3.00% to4.00%

3.00% to4.00%

Dates Interest Payable: October1/April 1

October1/April 1

October1/April 1

Maturity Dates: April 1,2021/2022

April 1,2031/2034

April 1,2021/2030

Bonds Outstanding at Beginning of Current Year $ 7,595,000 $ 3,800,000 $ 0 $ 11,395,000

Add bonds sold 5,745,000 5,745,000

Less Retirements (6,375,000) 0 (15,000) (6,390,000)

Bonds Outstanding at End of Current Year $ 1,220,000 $ 3,800,000 $ 5,730,000 $ 10,750,000

Current Year Interest Paid $ 163,450 $ 152,000 $ 77,396 $ 392,846

Bond Descriptions and Original Amount of Issue

(1) Fort Bend County Levee Improvement District No. 12 Unlimited Tax Levee Improvement Refunding Bonds,Series 2012 ($9,530,000)



Paying Agent/Registrar

(1) (2) (3) The Bank of New York Mellon Trust Company, N.A., Dallas, Texas

Bond Authority Tax Bonds Other Bonds Refunding Bonds

Amount Authorized by Voters: $ 18,380,000 $ 0 $ 18,380,000Amount Issued: 9,675,000 8,190,000Remaining to be Issued: 8,705,000 10,190,000

Net Debt Service Fund deposits and investments balances as of May 31, 2020: $ 996,226Average annual debt service payment for remaining term of all debt: 994,271


000206

DRAFTFORT BEND COUNTY LEVEE IMPROVEMENT DISTRICT NO. 12

COMPARATIVE STATEMENTS OF REVENUES AND EXPENDITURES,GENERAL FUND

FOR YEARS ENDED MAY 31

AMOUNT PERCENT OF TOTAL REVENUES

2020 2019 2018 2017 2016 2020 2019 2018 2017 2016

REVENUES

Property taxes $ 832,598 $ 897,281 $ 874,410 $ 832,358 $ 830,618 91.7 % 92.0 % 95.6 % 97.5 % 99.4 %

Penalty and interest on property taxes 13,790 12,450 11,069 10,521 0 1.5 1.3 1.2 1.2 0.0

Interest and other revenues 61,987 65,623 29,347 11,002 4,888 6.8 6.7 3.2 1.3 0.6

TOTAL REVENUES 908,375 975,354 914,826 853,881 835,506 100.0 100.0 100.0 100.0 100.0

EXPENDITURES

Current:

Professional fees 233,368 204,050 152,292 118,262 118,029 25.7 20.9 16.6 13.9 14.2

Contracted services 27,279 25,042 26,155 38,297 139,551 3.0 2.6 2.9 4.5 16.7

Repairs and maintenance 87,572 42,275 54,030 51,583 39,900 9.6 4.3 5.9 6.0 4.8

Administrative expenditures 10,549 10,316 10,850 10,886 22,092 1.2 1.1 1.2 1.3 2.6

Capital outlay 0 0 0 430,376 378,821 0.0 0.0 0.0 50.4 45.3

TOTAL EXPENDITURES 358,768 281,683 243,327 649,404 698,393 39.5 28.9 26.6 76.1 83.6

EXCESS REVENUES (EXPENDITURES) $ 549,607 $ 693,671 $ 671,499 $ 204,477 $ 137,113 60.5 % 71.1 % 73.4 % 23.9 % 16.4 %

See accompanying independent auditor’s report. 29

000207

DRAFTFORT BEND COUNTY LEVEE IMPROVEMENT DISTRICT NO. 12

COMPARATIVE STATEMENTS OF REVENUES AND EXPENDITURES,DEBT SERVICE FUND

FOR YEARS ENDED MAY 31

AMOUNT PERCENT OF TOTAL REVENUES

2020 2019 2018 2017 2016 2020 2019 2018 2017 2016

REVENUES

Property taxes $ 1,069,788 $ 1,010,198 $ 1,093,008 $ 1,040,972 $ 1,015,949 98.6 % 98.9 % 99.6 % 99.8 % 98.8 %

Penalty and interest 0 0 0 0 10,945 0.0 0.0 0.0 0.0 1.1

Accrued interest on bonds received at date of sale 10,319 0 0 0 0 1.0 0.0 0.0 0.0 0.0

Interest on deposits and investments 4,475 11,322 4,454 1,620 1,204 0.4 1.1 0.4 0.2 0.1

TOTAL REVENUES 1,084,582 1,021,520 1,097,462 1,042,592 1,028,098 100.0 100.0 100.0 100.0 100.0

EXPENDITURES

Current:

Professional fees 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0

Contracted services 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0

Other expenditures 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0

Debt service:

Principal retirement 595,000 560,000 550,000 530,000 505,000 55.0 54.9 50.2 50.8 49.1

Refunding contribution 1,919 0 0 0 0 0.2 0.0 0.0 0.0 0.0

Interest and fees 394,346 442,700 459,200 469,800 479,900 36.4 43.3 41.8 45.1 46.7

TOTAL EXPENDITURES 991,265 1,002,700 1,009,200 999,800 984,900 91.6 98.2 92.0 95.9 95.8

EXCESS REVENUES $ 93,317 $ 18,820 $ 88,262 $ 42,792 $ 43,198 8.4 % 1.8 % 8.0 % 4.1 % 4.2 %

See accompanying independent auditor’s report. 30

000208

DRAFT

31


BOARD MEMBERS, KEY PERSONNEL AND CONSULTANTS

MAY 31, 2020

Complete District Mailing Address: Fort Bend County Levee Improvement District No. 12 c/o Smith, Murdaugh, Little & Bonham, L.L.P.2727 Allen Parkway, Suite 1100Houston, Texas 77019

District Business Telephone No.: 713-652-6500

Submission date of the most recent District Registration Form: December 6, 2018

Limit on Fees of Office that a Director may receive during a fiscal year: $7,200

BOARD MEMBERS

Name and Address

Term of Office

(Elected/Appointed)

Fees ofOfficePaid

Title atYear End

ExpenseReimb.

Valerie Gamble Appointed11/07/18- c/o Smith, Murdaugh, Little

& Bonham, L.L.P.2727 Allen Parkway, Suite 1100Houston, Texas 77019

11/07/22 $ 750 $ 101 President

Larry Gorec/o Smith, Murdaugh, Little & Bonham, L.L.P.2727 Allen Parkway, Suite 1100Houston, Texas 77019

Appointed11/07/18- 11/07/22

Vice President900 200

Cheryl Stalinskyc/o Smith, Murdaugh, Little & Bonham, L.L.P.2727 Allen Parkway, Suite 1100Houston, Texas 77019

Appointed11/07/18- 11/07/22 Secretary750 130


000209

DRAFT

32


BOARD MEMBERS, KEY PERSONNEL AND CONSULTANTS (Continued)

MAY 31, 2020

CONSULTANTS

Name and AddressDateHired

Fees and ExpenseReimbursements

Title atYear End

Smith, Murdaugh, Little & Bonham, L.L.P.2727 Allen Parkway, Suite 1100Houston, Texas 77019 Attorney

$ 67,7611/22/93 79,433 Bonds

Perdue, Brandon, Fielder,Collins & Mott, L.L.P.1235 North Loop West, Suite 600Houston, Texas 77008

DelinquentTax

AttorneyPrior to6/01/98 3,029

Municipal Business Services16902 El Camino Real, Suite 3AHouston, Texas 77058 Bonds Bookkeeper

9,9719/14/95 750

Bob IdeusMunicipal Business Services16902 El Camino Real, Suite 3AHouston, Texas 77058

InvestmentOfficer8/24/99 0

Brown & Gay Engineers, Inc.11490 Westheimer Rd., Suite 700Houston, Texas 77077 Engineer3/09/04 119,623

Patsy Schultz, Fort Bend County TAC1317 Eugene Heimann CircleRichmond, Texas 77469

TaxAssessor-Collector7/01/16 3,885

Fort Bend Central Appraisal District2801 B. F. Terry Blvd.Richmond, Texas 77471

LegislativeAction

CentralAppraisalDistrict13,423

Rathmann & Associates, L.P.8584 Katy Freeway, Suite 250Houston, Texas 77024

FinancialAdvisor6/03/03 73,313

Mark C. Eyring, CPA, PLLC12702 Century Drive, Suite C2Stafford, Texas 77477

IndependentAuditor

Prior to 4,6006/01/92 750 Bonds


000210

93012-002 489688v1

ANNUAL FILING AFFIDAVIT

THE STATE OF TEXAS §§

COUNTY OF FORT BEND §

I, Valerie Gamble, President of Fort Bend County Levee Improvement District No. 12, hereby swear, or affirm, that the district named above has reviewed and approved at a meeting of the Board of Directors of the District on September 21, 2020, its annual audit report for the fiscal year or period ended May 31, 2020 and that copies of the annual audit report have been filed in the district office, located at 2727 Allen Parkway, Suite 1100, Houston, Texas 77019.

The annual filing affidavit and the attached copy of the annual audit report are being submitted to the Texas Commission on Environmental Quality in satisfaction of all annual filing requirements within Section 49.194 of the Texas Water Code.

Date: September 21, 2020

By: Valerie Gamble, President Fort Bend County Levee Improvement District No. 12

Sworn to and subscribed to before me by Valerie Gamble on this September 21, 2020.

Notary Public, State of Texas

000211

93012-002 494840v1


Order Accepting Appraisal Roll; and SettingTax Rate and Levying a Tax for the Year 2020

The board of directors (“Board”) of Fort Bend County Levee Improvement District

No. 12 (“District”) met on September 21, 2020, with a quorum of directors present, as follows:


and the following absent:

None


The order set out below was introduced and considered by the Board. It was then moved,

seconded and unanimously carried that the following order be adopted:

Whereas, the Chief Appraiser of Fort Bend County has prepared and certified to the

District’s tax assessor-collector the appraisal roll of the District.

Whereas, the Board of the District is required to levy and cause to be assessed and

collected ad valorem taxes upon all taxable property within the District in sufficient amounts to

pay the interest on bonds issued by the District payable in whole or in part from taxes, and to

create a sinking fund for the payment of the principal of the bonds when due or the redemption

price at an earlier required redemption date and to pay the expenses of assessing and collecting

the taxes; and

Whereas, a majority of the electors voting in an election held for and within the District

have heretofore approved and authorized the levy and collection of a tax for maintenance

purposes in the District, including funds for planning, maintaining, repairing, and operating all

necessary plants, properties, facilities, and improvements of the District and for paying costs of

proper services, engineering and legal fees, and organization and administrative expenses of the

District; and

Whereas, the Board has determined that additional funds are required by the District

during the coming year for maintaining, repairing, and operating District facilities and

improvements and for paying costs of proper services and administrative expenses.

000212

93012-002 494840v1

Now, therefore, be it ordered by the Board of Directors as follows:

I.

The Board hereby accepts the appraisal roll of the District as prepared and certified by

the Chief Appraiser for the year 2020.

II.

The Board hereby levies and directs that there be assessed upon all taxable property

within the District an ad valorem tax for debt service for the year 2020 at the rate of $0.04 per

$100 of assessed valuation.

III.

The Board hereby levies and directs that there be assessed upon all taxable property

within the District a maintenance tax for the year 2020 at the rate of $0.035 per $100 of assessed

valuation.

IV.

Taxes shall be due and payable when billed and shall be paid on or before January 31,

2021. All taxes not paid before February 1, 2021, shall become delinquent on that date, and

there shall be added to the tax penalty and interest as provided in V.T.C.A., Property Tax Code.

V.

The tax assessor-collector for the District is hereby authorized and instructed to proceed

to collect the aforesaid taxes upon the basis of this order.

VI.

The President or Vice President is authorized to execute and the Secretary to attest this

order on behalf of the Board and District, and to do any and all things appropriate or necessary to

give effect to the intent hereof.

000213

93012-002 494840v1

Passed, ordered and adopted, this September 21, 2020.

President

ATTEST:

Secretary

000214

93012-002 494840v1

I, the undersigned Secretary of the board of directors of Fort Bend County Levee

Improvement District No. 12, hereby certify that the foregoing is a true and correct copy of the

order setting a tax rate for the year 2020, and minute entry showing its adoption at the Board’s

meeting held on September 21, 2020, the originals of which order and minute entry are on file in

the minute book of the Board in the District’s office.

I further certify that said meeting was open to the public, and that notice was given in

compliance with the provisions of Tex. Gov’t. Code Ann. § 551.001 et seq. as adopted, and as

suspended in part by the Governor of Texas on March 16, 2020.

Witness my hand and the seal of said District, this_________________________.

Secretary

000215

93012-002 452067v1

Amendment to Statement of Directors Furnishing InformationRequired by Section 49.455(b), Texas Water Code, as Amended


Whereas, the governing body of Fort Bend County Levee Improvement District No. 12 has heretofore filed with the County Clerk of the County (or Counties) in which said District is located a Statement of Directors Furnishing Information Required by Section 49.455(b), Texas Water Code, as amended (hereinafter called the “Statement”).

Whereas, certain changes have recently been made in the information contained in said Statement, and an amendment should be filed setting forth such changes, as required by Section 49.455(e) of said Code.

Now, therefore, the undersigned, who constitute a majority of the directors of District, file the following amendment to said Statement, hereby affirming and acknowledging that the following information is true and correct:

1. Sections 3 and 9 of said Statement are hereby amended in their entirety and shall hereafter read as follows:

“Section 3. The most recent tax levied by the District on property located within the District is that for the year 2020 and the rate is $0.075 per $100 assessed valuation.”

“Section 9. The particular form of Notice of Purchasers required by Section 49.452 to be furnished by a seller to a purchaser of real property in the District completed with all required information is as follows:

FORT BEND COUNTY LEVEE IMPROVEMENT DISTRICT NO. 12NOTICE TO PURCHASERS OF REAL PROPERTY

as Required by Section 49.452, Texas Water Code, as Amended

The real property which you are about to purchase is located in the Fort Bend County Levee Improvement District No. 12. The District has taxing authority separate from any other taxing authority, and may, subject to voter approval, issue an unlimited amount of bonds and levy an unlimited rate of tax in payment of such bonds. As of this date, the rate of taxes levied by the District on real property located in the District is $0.075 on each $100 of assessed valuation. The total amount of bonds, excluding refunding bonds and any bonds or any portionof bonds issued that are payable solely from revenues received or expected to be received under a contract with a governmental entity, approved by the voters and which have been or may, at this date, be issued is $18,380,000, and the aggregate initial principal amount of all bonds issued for one or more of the specified facilities of the District and payable in whole or in part from property taxes is $9,675,000.

000216

93012-002 452067v1

The district is located in whole or in part in the extraterritorial jurisdiction of the City of Houston. By law, a district located in the extraterritorial jurisdiction of a municipality may be annexed without the consent of the district if the municipality complies with the procedures and requirements of Chapter 43, Texas Local Government Code, as amended. The law also provides that, except in very limited circumstances, a municipality may not annex land in its extraterritorial jurisdiction without the consent of the landowners and/or voters in the area proposed to be annexed. If all of the area in a district is annexed, the district is dissolved. If the district and a municipality are parties to a strategic partnership agreement specifying the procedures for full purpose annexation of all or a portion of the district, the terms of that agreement will apply concerning annexation.

The purpose of the District is to provide water, sewer, drainage and flood control facilities and services within the District through the issuance of bonds payable in whole or in part from property taxes. The cost of these utility facilities is not included in the purchase price of your property, and these utility facilities are owned or to be owned by the District. The legal description of the property which you are acquiring is set forth in the Exhibit which is attached hereto and by this reference made a part hereof.

[Property Description]

Date Signature of Seller

[ACKNOWLEDGMENT OF SELLER]

PURCHASER IS ADVISED THAT THE INFORMATION SHOWN ON THIS FORM IS SUBJECT TO CHANGE BY THE DISTRICT AT ANY TIME. THE DISTRICT ROUTINELY ESTABLISHES TAX RATES DURING THE MONTHS OF SEPTEMBER THROUGH DECEMBER OF EACH YEAR, EFFECTIVE FOR THE YEAR IN WHICH THE TAX RATES ARE APPROVED BY THE DISTRICT. PURCHASER IS ADVISED TO CONTACT THE DISTRICT TO DETERMINE THE STATUS OF ANY CURRENT OR PROPOSED CHANGES TO THE INFORMATION SHOWN ON THIS FORM.

The undersigned purchaser hereby acknowledges receipt of the foregoing notice at or prior to execution of a binding contract for the purchase of the real property described in such notice or at closing of the purchase of the real property.

Date Signature of Purchaser[ACKNOWLEDGMENT OF PURCHASER]”

000217

93012-002 452067v1

Date:

Valerie Gamble Larry GorePresident and Director Vice President and Director

Cheryl StalinskySecretary and Director

THE STATE OF TEXAS §§

COUNTY OF FORT BEND §

This instrument was acknowledged before me on

by

the directors and officers of Fort Bend County Levee Improvement District No. 12, on behalf of Fort Bend County Levee Improvement District No. 12.

Notary Public, State of Texas

AFTER RECORDING RETURN TO:SMITH, MURDAUGH, LITTLE & BONHAM, L.L.P.2727 ALLEN PARKWAY, SUITE 1100HOUSTON, TEXAS 77019

000218

ENGINEER’S REPORT Date: September 21, 2020

To: Fort Bend County Levee Improvement District No. 12

From:

Alene M. Efaw, P.E. Engineer for the District

Reference: Engineer’s Status Report for August and September 2020 BGE Project No. 01260 Activities August and September are listed below:

1. Received Construction Plans for Lakeview Retreat Section 9, FBCMUD 190, prepared by Jones and Carter, on August 17, 2020 (Log No. 825). Plans are under review.

2. Received Plat for Lakemont Wastewater Treatment Plant, FBCMUD 122, prepared by LJA Engineering, on August 17, 2020 (Log NO. 826). A no objection letter was send on September 1, 2020.

Drainage review log sheet and map are attached (see pages 2-3). Long Point Slough Maintenance: In August, the slough was mowed (see pages 4-8) and the invoice, in the amount of $2,255 is attached (see page 9). Action Item: Approve CDC Unlimited’s invoice.

000219

S Ma son Rd

BuffaloBayou

Oyster Creek

Long Point Slough

Little Prong

Little

Prong

Oyster

Cree

k Oyster Creek

Buffalo BayouBuffalo Bayou

Oyster Creek

BELLAIRE BLVD

CINCO RANCH BLVD

MADDEN RD

WEST

MOOR

DRSEVE N

MEADOWS PKWY

HOLMESRD

HARLEM RD

VENTURE PARK DR

EMILY PARK LN

MASONRD

FRY RD

WEST BELLFORT

WEST BELLFORT

BELLAIRE BLVDCINCO TERRACE DR

CANAL RD

WHITEHILLLN

SKINNER LN

FM 1093

ENDEL WAY

GASTON RD

EMILY PARK L N

S FRY RD

HARLEM RD

RAINWOODPARK

LN C ANYON GATE BLV D

BELLAIRE BLVD

BEECHNUT ST

KATY GASTON RD

WEST BELLFORT

ALIEF CLODINE RD

W FRY RD

VIA RENATA DR

CANAL RD

BRANNOCK AVE

KATYGASTON

RD

SH 99 SB (W GRAND PKWY)

CANAL

RD

MEADOW RANCH PKWY

SKINNER LN

VIRGINIA

SH 99 NB (W GRAND PKWY)LEWISVILLE DR

WESTMOOR DR

WESTPARK TOLL-ROAD HWY

MORTON RD

EMPRESS LN

WINNER-FOSTER

BELLAIRE BLVD (PROPOSED)

LAKEMONT BEND LN

S A UKI LN

CASCADE SPRINGS DR

GASTON RD

GAST

ONRD

PEEK RD

GRANDMISSION BLVD

FM 1464

MASONRD

MASO

NRD

CREEKSI DEDR

BINI O

NLN

SIERRABENDDR

CI NCOCROSSING LN

YARD

LEY

DR

SH99

SB(W

GRAN

DPK

WY)

CINCOMUD 08

FT BENDMUD 122

FT BENDMUD 123

FT BENDMUD 123

FT BENDMUD 133

FT BENDMUD 143

FT BENDMUD 165

FT BENDMUD 190

FT BENDMUD 194

FT BENDMUD 30

FT BENDMUD 50

GRANDMISSIONMUD 01GRAND

MISSIONMUD 02

úù1464úù1093

")99

Fort Bend County Levee Improvement District 12

0 0.50.25

Miles

pDisclaimer:Every effort has been made to ensure theaccuracy of the basemap data. BGE, Inc.assumes no liability or damages due toerrors or omissions.

Date: Job No:June 2019 1260-00

LID 12 Districts& Developments

X:\D

istri

cts\

FBC

LID

012\

0_G

ener

al_D

istri

ct_S

ervi

ces\

09_G

IS\E

xhib

its\F

BCLI

D12

_201

9061

9.m

xd

LegendFBC LeveeImprovementDisctrict 12

CINCO MUD 08

FT BEND MUD 122Lakemont



FT BEND MUD 133Lakes of Bella Terra

FT BEND MUD 143Waterview Estates

FT BEND MUD 165Fieldstone

FT BEND MUD 190Terra Vista Lakes

FT BEND MUD 194Long MeadowFarms

FT BEND MUD 30Mission Sierra,Grand Vista,Mission Trace

FT BEND MUD 50Lost Creek, GrandMeadows, ParkwayLakes, WestparkLakes, Shops atBella Terra, BellaireCrossing atParkway Lakes

GRAND MISSIONMUD 01 GrandMission, BradfordPark

GRAND MISSIONMUD 02 GrandMission Estates

LPS Watershed2011

BGE, Inc.Tel: 281-558-8700 Fax: 281-558-9701

000220

Drainage Review LogFilename: G:\TXH\Projects\Districts\FBCLID12\0_General District Services\02_ENGR\07_Plan_Review\[Drainage Review Log.xls]Sheet1Fort Bend County Levee Improvement District No. 12

No.Arc Development/MUD Description Engineer Received Accepted825 FBCMUD 190 Lakeview Retreat Section 9 Construction Plans for Lakeview Retreat Section 9 Jones & Carter 8/17/2020826 FBCMUD 122 Lakemont Waste Water Treatment Plant Plat for Lakemont Waste Water Treatment Plant LJA Engineering 8/17/2020 9/1/2020

Page 1 of 1

000221

CDC Unlimited, LLC

Fort Bend LID #12 August 2020 Mowing Report

Lakemont

000222

CDC Unlimited, LLC


Lakehead

000223

CDC Unlimited, LLC


Mason Rd

000224

CDC Unlimited, LLC


Bellaire

000225

CDC Unlimited, LLC


Peek Rd

000226

InvoiceDate

8/31/2020

Invoice #

19867

Bill To

Fort Bend County LID 12c/o Brown & Gay Engineers, Inc.10777 Westheimer, #400Houston, TX 77042

Service Address

CDC Unlimited, LLC11104 W. Airport Blvd., #143Stafford, TX 77477

P.O. No. Terms

Net 30

Service Date

8/22/2020

Project

Total

Balance DuePayments/Credits

Description UOMQty Rate Amount

Unit A Item #1: Slough Maintenance for 41.2 AC from March to October, once amonth, to include mowing and handwork of tops, side slopes and backslopeswales

Ea1 1,339.00 1,339.00

Unit B Item #1: Slough Maintenance for 22.8 AC from March to October, once amonth, to include mowing and handwork of tops, side slopes and backslope swales

Ea1 741.00 741.00

Unit D Item #1: Inspection to identify erosion areas or other potential issues thatmay jeopardize the integrity of the side slopes once a month for a year

Ea1 75.00 75.00

Unit D Item #2: Written reports to the Engineer with updates on maintenanceitems and inspections completed within the prior month

Ea1 100.00 100.00

Phone: 281-879-0500 Fax: 281-879-0886

$2,255.00

$2,255.00

$0.00

000227

PLEASE CHECK THIS SITE OFTEN,

AS ITEMS MAY BE ADDED TO

THE PACKET UNTIL THE START

TIME OF THE TELEPHONIC

MEETING.

000228