Annual report 2007 Raiffeisen capital

8/14/2019 Annual report 2007 Raiffeisen capital

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H} \@D pab`n; 8118

\npzibpalaca}anp; Dhbhfabf Ma|n }i| ig \haggnapnb Wn|d÷fnbpwn|vhc}~bfplhbe

Vn|bn| Banznc />1!

Nm~`h}aib; L~pabnpp mnf|nn

Z|ai| nzn|anb n; Ma|n`}i| ig gi|nafb abp}a}~}aibhc canb}p h} \haggnapnb [nb}|hclhbe5Lhbeoh~p Eh}o|nab ' @i

H} \@D pab`n; <::8

\npzibpalaca}anp; Dhbhfabf Ma|n`}i| ig \haggnapnb Ab}n|bh}aibhc G~bm Hmwapi|q




8<

Dhbhfndnb} ig }on p~lpamah|anp $ ìb}ab~nm

G|hb{ Z÷c}c /=0!# ~b}ac Dh|ò <::?


Z|ai| nzn|anb`n; Dhbhfabf ma|n`}i| ig LH@H \nhc Abwnp} Addi EHF5 onhm ig abwnp}dnb}ph} LH@H \nhc Abwnp} FdlO5 onhm ig l~pabnpp mnwncizdnb} h} DHACGabhb{ln|h}~bf FdlO5 igga`n| gi| p}|~`}~|nm gabhb`n h} @H Cnhpabf FdlO

H} \@D pab`n; <::6

\npzibpalaca}anp; Dhbhfabf Ma|n`}i| ig \haggnapnb Addilacanb EHF

Khb Pòvh|{ /=:!

Nm~`h}aib; L~pabnpp mnf|nn g|id @iznbohfnb L~pabnpp Pòiic

Z|ai| nzn|anb`n; Onhm ig }|hbph`}aibp# Bi|}on|b hbm @nb}|hc N~|izn# h} Mn~}pòn Lhbe\nhc Np}h}n5 abwnp}dnb} dhbhfn| h} Mneh Addilacanb Abwnp}dnb}5

onhm ig Bi|ma` igga`n h} Mn~}pòn Oqzi}onenblhbe /M|npmbn| Lhbe!

H} \@D pab`n; <::7


O~ln|} W÷fnc /=0!# pab`n Dh|ò <::?

Nm~`h}aib; Mi`}i|hc mnf|nn ab chv# mnf|nn ab Fn|dhb zoacicifq hbm oap}i|q

Z|ai| nzn|anb n; Cnfhc mnzh|}dnb} hbm |nhc np}h}n lhè igga n h} ×LL# zi|}gicai dhbhfn|

h} N~|izicap \nhc Np}h}n Hppn} Dhbhfndnb}# dhbhfabf ma|n`}i| igN~|izicap \nhc Np}h}n Hppn} Dhbhfndnb}

H} \@D pab`n; <::?





P~zn|wapi|q Lih|m hbm P}|h}nfa` Hmwapi|q Lih|m ig \haggnapnb EHFhbm \haggnapnb Wn|d÷fnbpwn|vhc}~bfplhbe HF

P~zn|wapi|q Lih|m

Fn|oh|m F|~bm# @oha|dhb /g|id \haggnapnb EHF!

Dhbg|nm ^|c# @oha|dhb /g|id \haggnapnb Wn|d÷fnbpwn|vhc}~bfplhbe!

Cnizicm L~òdhqn|# Mnz~}q @oha|dhb /g|id \haggnapnb EHF!

Vacg|anm Oizgbn|# Mnz~}q @oha|dhb

Fn|oh|m \noi|# Mnz~}q @oha|dhb /g|id \haggnapnb Wn|d÷fnbpwn|vhc}~bfplhbe!

Fni|f Dnppbn|

\nfabh \na}}n| /g|id \haggnapnb EHF!

Kiohbb Pòabvhcm

Fni|f P}h|{n|

Filn|} P}n|blhò

Hb}ib ]hèbn|

Dhbg|nm Lhqn| /P}hgg @i~bàc!

P}nghb F|óbvhcm /pab`n 8 Biwndln| <::6# p~``nnmabf Fhl|anc Zhb{nbl÷è5 P}hgg @i~bàc!

Dh|}ab Ohfn| /P}hgg @i~bàc!

Pqcwah E~la`ne /pab`n 8 Biwndln| <::6# p~``nnmabf ]oidhp E|addnc5 P}hgg @i~bàc!G|anm|aò Pòaccn| /P}hgg @i~bàc!

P}|h}nfa` Hmwapi|q Lih|m

Dhbg|nm ^|c# @oha|dhb

Oh|hcm Pòimn|# Mnz~}q @oha|dhb

Hb}ib ]|ikn|# Mnz~}q @oha|dhb

Zn}n| L|n{abpòne

Fn|oh|m F|~bmBaeich~p Ohfcna}bn| /pab`n <6 Dh|ò <::6# p~``nnmabf @o|ap}ahb Píèc!

^vn Ohbfoign|

Zh~c Ea|òebizg

@o|ap}ahb E~pòbaf /mn`nhpnm <0 I`}iln| <::6!

Zn}|h \~mn|n|$Ebiccdhq|

Oncd~} Vaddn| /pab`n 8 Biwndln| <::6# p~``nnmabf Fn|oh|m Oham!

Man}dh| Va|}o /~b}ac dammcn ig <::6!

80



Pn}}abf p}hbmh|mp }ifn}on|

\haggnapnb @hza}hc Dhbhfndnb} ‐ B~dln| Ibn gi| G~bmp



\@D\HAGGNAPNB @HZA]HC DHBHFNDNB]

87\HAGGNAPNB @HZA]HC DHBHFNDNB] ‐ B^DLN\ IBN GI\ G^BMP

]ON AB]N\BH]AIBHC$HVH\M$VABBABF HPPN] DHBHFN\ IG ]ON \HAGGNAPNBLHBEABF F\I^Z

\haggnapnb @hza}hc Dhbhfndnb} /\@D! ‐ }on ~dl|ncch

l|hbm ig \haggnapnb Ehza}hchbchfn$Fnpnccpòhg} hbm a}p}o|nn p~lpamah|anp# \haggnapnb Wn|d÷fnbpwn|vhc}~bfp$lhbe# \haggnapnb Ab}n|bh}aibhc G~bm Hmwapi|q hbm\haggnapnb Addilacanb Ehza}hchbchfn$Fnpnccpòhg} ‐ apivbnm lq \haggnapnb [nb}|hclhbe ×p}n||naò /\[L! hbm}on \haggnapnb |nfaibhc lhbep" \@D }o~p gi|dp zh|} ig }on\haggnapnb Lhbeabf F|i~z ‐ }on i~b}|q‑p mnbpnp} bn}vi|eig lhbeabf i~}cn}p /hbm ch|fnp} z|awh}n ndzciqn|! va}ohli~} >7: abmnznbmnb} ci`hc \haggnapnb lhbep# h }i}hc ighcdip} 8#6:: l|hbònp# nafo} \haggnapnb |nfaibhc lhbephbm }on cnhm abp}a}~}aib# \[L" Hli~} 8"6 daccaib H~p}|ahbph|n dndln|p# hbm }o~p ì$ivbn|p# ig \haggnapnb lhbep" Hcdip} =: zn| nb} ig }on H~p}|ahb ziz~ch}aib h|n

\haggnapnblhbe ~p}idn|p"

Va}o a}p p}nhmacq f|ivabf bn}vi|e ab @nb}|hc hbm Nhp}n|bN~|izn# }on \[L F|i~z ohp lnìdn ibn ig }on cnhmabflhbeabf ib`n|bp ab }on |nfaib# hbm }on ibn va}o }onf|nh}np} fnif|hzoa` iwn|hfn" \haggnapnb Ab}n|bh}aibhcLhbe$Oicmabf HF ap }on \[L F|i~z‑p cnhm ~ba} gi| }onlhbeabf p~lpamah|anp ab @nb}|hc hbm Nhp}n|b N~|izn"\haggnapnb Ab}n|bh}aibhc ap h g~ccq ibpicamh}nm p~lpamah|qig \[L" Pab`n voh} vhp h} }on }adn }on ch|fnp} aba}ahc z~lcaìggn|abf ab H~p}|ahb oap}i|q# ab Hz|ac <::># pnwnb}q zn| `nb}ig }on idzhbq ap ivbnm lq \[L" ]on i}on| 0: zn| nb} igpoh|np |nz|npnb} g|nn gcih}# }|hmnm ab }on Z|adn Dh|en}

pnfdnb} ig }on Wanbbh P}iè Nòhbfn hbm gi|dabf zh|}ig }on H~p}|ahb lc~n oaz abmn# }on H]_"

]ON BMAPZ^]NM B^DLN\ IBN AB G^BMP

Va}o h dh|en} poh|n ig <0"< zn| `nb}# \haggnapnb @hza}hcDhbhfndnb} ap }on ~bmapz~}nm cnhmn| ab }on H~p}|ahbg~bm dh|en} ‐ hbm ohp lnnb gi| dhbq qnh|p" Ab di|n }ohb

0:: g~bmp /n`c~mabf poncc g~bmp!# \@D dhbhfnp hppn}pig N^\ 0? laccaib /hp ig }on nbm ig <::6!# ab`c~mabfN^\ 87"7 laccaib ab |n}hac d~}~hc g~bmp" Ag ibn ab`c~mnp }onhmwapi|q dhbmh}np# \@D‑p hppn}p ~bmn| dhbhfndnb}hdi~b} }i iwn| N^\ =8 laccaib" ]on dh|en} poh|np h|n<7 zn| `nb} ab abp}a}~}aibhc g~bmp hbm pcafo}cq di|n }ohb<: zn| nb} ab |n}hac g~bmp" ]on l~pabnpp h|nhp h|n cnh|cqmncabnh}nm ib }on lhpap ig `~p}idn| lnbnga}; Gi| |n}hac`~p}idn|p# \haggnapnb EHF iggn|p h p}|~`}~|nm |hbfn igabwnp}dnb}p }oh} pqp}ndh}a`hccq iwn|p hcc ch|fn hppn}`chppnp" Pizoap}a`h}nm abwnp}dnb} bnnmp h|n hmma}aibhccqhmm|nppnm }o|i~fo pznàhc}q z|im~`}p /p~ò hp map`|n}ai$bh|q zi|}gicai dhbhfndnb} hbm g~bmp$ig$onmfn$g~bmp!"

Gi| abp}a}~}aibhc canb}p# \haggnapnb EHF iggn|p ~p}id$}haci|nm pic~}aibp" Ab}n|bh}aibhc canb}p h|n pn|wa`nm lq\haggnapnb Ab}n|bh}aibhc G~bm Hmwapi|q" \haggnapnb Addi$lacanb Ehza}hchbchfn$Fnpnccpòhg} dhbhfnp }on iznb$nbm|nhc np}h}n g~bmp" \haggnapnb \npnh|ò# }on p~lpamah|qkiab}cq oncm va}o \[L# z|iwamnp oafocq x~hcaganm l~q$pamn|npnh|ò gi| nx~a}q g~bm dhbhfndnb}"




86

N^\IZNHB ZCHQN\ ‐ << QNH\P IG\HAGGNAPNB @HZA]HC DHBHFNDNB]

\@D p}h|}nm ab 81?> va}o h p}hgg }oh} i~cm ln b~dln|nmib }on gabfn|p ig ibn ohbm5 lq }on nbm ig <::6# }on F|i~z

ohm di|n }ohb 0:: ndzciqnnp" Ohwabf vib dh|en} cnhm$n|poaz k~p} gawn qnh|p hg}n| }on idzhbq&p ch~bò# }oap zipa$}aib ohp lnnb p~``nppg~ccq |n}habnm }i }oap mhq" Gi| pidnqnh|p biv# }on ab}n|bh}aibhc l~pabnpp ‐ voaò h} }on nbm ig<::6 ohm N^\ 7"> laccaib ~bmn| dhbhfndnb} ‐ ohp ln$ìdn nwn| di|n ig h phcnp cnhmn| ab }on ìdzhbq" ]i}o|awn ab }oap ab}nbpncq idzn}a}awn dh|en} ab }on cibf |~b#\@D zch`np p}|ibf ndzohpap ib x~hca}q; ]on abwnp}dnb}hbm i|fhbaph}aibhc z|i`nppnp h|n ìb}ab~hccq gabn$}~bnmhbm ph}apgq }on oafonp} p}hbmh|mp" Dimn|b |ape dhbhfn$dnb} hbm ìdzcn}n }|hbpzh|nb`q nbp~|n phgn}q" Hp h|np~c}# a} ap bh}~|hc gi| \@D }i cnhm }on vhq ib app~np igpafbaga`hb`n }i }on nb}a|n g~bm abm~p}|q" @ch|a}q hbm }|hbp$

zh|nb`q hcpi oh|h`}n|apn \@D‑p hzz|ihò }i a}p gnnp"Mh}h p~ò hp }on }i}hc nznbpn |h}ai# i| ]N\# fawnp ~p}i$dn|p h cnh| hbm idzcn}n za`}~|n ig g~bmp‑ nznbpnp h}hcc }adnp"

X^HCA]Q IG ZN\GI\DHB@N ‐AB]N\BH]AIBHCCQ \N@IFBAPNM

Pab`n <::<# \haggnapnb EHF‑p gchfpoaz g~bmp h|n |nwanvnmlq h |afi|i~p P}hbmh|m ' Zii|‑p |h}abf z|i`npp" Ab }oh}ga|p} qnh|# \haggnapnb pn`~|a}anp g~bmp fh|bn|nm gi~| }iz|h}abfp ig HHH# h map}ab`}aib hvh|mnm ibcq }i }|~cq i~}$

p}hbmabf g~bmp" ]onpn }iz |h}abfp vn|n ibga|dnm ab }onqnh|p }oh} giccivnm" Hmma}aibhccq# ab <::=# hb HHH vhphvh|mnm }i \haggnapnb$N~|i$\nb}# }on ga|p} n~|i$mnbidabh$}nm libm g~bm ig hb H~p}|ahb ìdzhbq }i |n`nawn h }|azcn$ H |h}abf" @~||nb}cq \@D oicmp ibn HHH# 8= HH hbm }o|nn H |h}abfp g|id P}hbmh|m ' Zii|‑p"

ONHMX^H\]N\P H] P@OVH\[NBLN\FZCH][MNPAFBNM ]I ]ON OAFONP] @P\ P]HBMH\MP

Ibn ig Wanbbh‑p dip} z|np}afai~p hmm|nppnp# Pòvh|{nb$ln|fzch}{# ohp pab`n Biwndln| <::7 lnnb oidn }i }on

bnv onhm igga`n ig \haggnapnb @hza}hc Dhbhfndnb}" Hg}n|n}nbpawn |nbiwh}aibp }oh} vn|n idzcn}nm ab ibcq hli~}nafo} dib}op# }on p}hgg ig hzz|iadh}ncq 0:: diwnm ab}i}on dimn|b bnv z|ndapnp"

]on mnpafb ig }on vi|eabf nbwa|ibdnb} gi| }on oafocqx~hcaganm hbm nggn`}awn \@D vi|egi|`n ap hb nz|nppaibig }on idzhbq‑p p~p}habhlcn whc~np hbm }on |npzibpalcn}|nh}dnb} ig a}p dip} z|nài~p |npi~|`n; \@D ap wn|qhvh|n }oh} hppn} dhbhfndnb} ap h znizcn l~pabnpp" Hp zh|} ig }on mhq$}i$mhq z|h`}a`n ig i|zi|h}n piàhc |n$pzibpalaca}q /@P\!# }on igga`np h|n mnpafbnm }i iggn| li}oh di}awh}aib$nbohbàbf vi|epzh`n hbm pznàhc g~b`}aibhc$

a}q" ]on di|babf$dnn}abf |iid gi| }on g~bm dhbhfn|p‑mhacq fh}on|abf ap nx~azznm va}o }on wn|q ch}np} d~c}adnmah}nòbicifq# ghàca}h}abf ab}n|bhc hbm /ab nwnb}p p~ò hpwamniìbgn|nb`np! n}n|bhc idd~ba`h}aib" ]on }izp}i|nq oicmp h |n`|nh}aib {ibn gnh}~|abf h gcii| nn|àpn|iid gi| fqdbhp}a`p i| dnma}h}aib# h |iid va}o h|mai$whp`~ch| ga}bnpp dhòabnp# h dnma`hc hbm dhpphfn |iid#ci~bfn hbm |np}abf |iid" ]i onafo}nb }on pnbpn ig vncc$lnabf# }on nb}a|n igga`n idzcn ap mnì|h}nm va}o vi|eplq qi~bf dimn|b H~p}|ahb h|}ap}p hbm ap ìb`nawnm va}o`h|ng~c |nfh|m }i gnbf$po~a z|abàzcnp"



8?

H]]\H@]AWN \N]^\BP ]O\I^FO @CNH\CQ MNGABNM @I\N @IDZN]NB@ANP

Hp nh|cq hp }on dammcn ig }on 811:p# \@D cnh|cq amnb}aganma}p i|n idzn}nbànp; ]oipn h|nhp ab voaò }on ab$oi~pn

g~bm dhbhfndnb} ohp pznàhc nzn|}apn h|n dhbhfnmg|id Wanbbh" Ab }i}hc# }oap |nz|npnb}p hcdip} 1: zn| nb} igiwn|hcc g~bm hppn}p ~bmn| dhbhfndnb}" ]on libm g~bmpamn ig }oap iggn|abf ab`c~mnp li}o }|hma}aibhc z|im~`}p/g~bmp oicmabf n~|i$mnbidabh}nm hbm ab}n|bh}aibhclibmp! hbm libm g~bmp pznàhcapabf ab N~|iznhb oafo$qancm i| i|zi|h}n app~np i| ab Nhp}n|b N~|iznhb ganmabìdn pn`~|a}anp" Ab nx~a}q g~bmp# \haggnapnb EHF ap hbab}n|bh}aibhccq |nìfbapnm pznàhcap} gi| ndn|fabf N~|iznab voipn nzn|}apn dhbq abwnp}i|p h} oidn hbm hl|ihmzch`n }ona| }|~p}" G~|}on| h|nhp ig ndzohpap ab nx~a}q g~bmdhbhfndnb} h|n N~|iznhb pdhcc$`hzp hbm oafo$mawamnbmpoh|np" I}on| adzi|}hb} i|n p}|nbf}op h|n hppn} hcci`h}a$

ib# g~bmp$ig$g~bmp hbm hlpic~}n |n}~|b p}|h}nfanp"

Pab`n <::0 \@D ohp g~|}on| nzhbmnm a}p dhbhfndnb}`hzhlaca}q |nfh|mabf N~|iznhb nx~a}anp hbm ìb}ab~hccql|ihmnbnm }on |hbfn ig N~|izn$`nb}|nm g~bmp dhbhfnmab$oi~pn" Ab ennzabf va}o a}p nzhbpaib ig `hzhlaca}anp#\haggnapnb @hza}hc Dhbhfndnb} }imhq |nfh|mp a}pncg hp hN~|iznhb hppn} dhbhfn| ‐ l~acmabf ib }on p}|ibf lhpn ab H~p}|ah# a}p oidn dh|en} ap biv hcc ig N~|izn" ]on nzhb$paib ig ab$oi~pn N~|izn nzn|}apn }oh} ohp lnnb ~bmn|$vhq gi| pidn qnh|p dnhbp }oh} 6= zn| `nb} ig \@D‑p }i}hcnx~a}q g~bm wic~dn ap hc|nhmq dhbhfnm ab}n|bhccq"

HCCAHB@N VA]O AB]N\BH]AIBHC ]IZ HPPN] DHBHFN\P

\@D vi|ep va}o }on dip} p~a}hlcn zh|}bn|p ab i|mn| }i z|i$wamn i~}p}hbmabf dhbhfndnb} x~hca}q bi} ibcq ab a}p ivb

ì|n h|nhp# l~} ab nwn|q hppn} chpp" Hp h |np~c}# \@D ~p$}idn|p hcpi lnbnga} g|id h ~bax~n bn}vi|e ig ab}n|bh}aibhcg~bm pznàhcap}p p~ò hp @hza}hc Ab}n|bh}aibhc# Vnccabf}ibDhbhfndnb} @idzhbq CCZ hbm Hdn|a`hb Ab}n|bh}aibhcF|i~z /HAF! ‐ nca}n fcilhc abwnp}dnb} ga|dp }oh} ìb}|al~}n}ona| zh|}a`~ch| h|nh ig nzn|}apn ab dhbhfabf ab}n|bh}ai$bhc)|nfaibhc nx~a}q g~bmp# pn`}i| nx~a}q g~bmp hbm g~bmp$ig$onmfn$g~bmp"]on cap} ig zh|}bn|p# }on zn|gi|dhb`n igi~}pi~|`nm z|im~`}p hbm \@D‑p ivb p}|h}nfa` zipa}aib$abf ab }n|dp ig ì|n idzn}nbànp h|n |a}a`hccq |nwanvnmh} |nf~ch| ab}n|whcp# }heabf ab}i h`ì~b} hbq ohbfnp abà|`~dp}hb`np"

\NPNH\@O HBM ]\HBPZH\NB@Q ]ONOAFONP] Z\AI\A]ANP

\haggnapnb @hza}hc Dhbhfndnb} abwnp}p ib }on lhpap ig a}pivb |npnh|ò hbm hbhcqpap" \@D ap hb h`}awn dhbhfn|gi`~pnm ib g~bmhdnb}hcp" G~bm dhbhfndnb} giccivp h`cnh|cq mngabnm# p}|~`}~|nm abwnp}dnb} z|i`npp hbm apdh|enm lq }on mapàzcabnm nn`~}aib ig zi|}gicai p}|h}n$fanp" \npnh|ò ap |nfh|mnm hp `|a}a`hccq adzi|}hb}" ]onfihc ap }i hòanwn h cibf$}n|d i~}zn|gi|dhb`n idzh|nm}i }on dh|en} hbm idzn}a}i|p" Mnznbmabf ib }on hppn}`chpp# h }iz$mivb i| li}}id$~z hzz|ihò ap ~pnm"

G^BM DHBHFNDNB] H] \@D




81

]NB ABWNP]DNB] Z\AB@AZCNP# IBN FIHC;]I H@OANWN DI\N GI\ I^\ @^P]IDN\P

H |afi|i~p# vncc$g~b`}aibabf abwnp}dnb} z|i`npp ap }on pabn

x~h bib ig h p~``nppg~c hppn} dhbhfndnb} ìdzhbq"

\haggnapnb @hza}hc Dhbhfndnb} /\@D! ohp }on|ngi|nhbòi|nm }on enq z|abàzcnp ab a}p ivb –ìbp}a}~}aib—#voaò nbp~|np idzcn}n ib}ab~a}q ab }on abwnp}dnb} ig`canb}p& dibnq" ]on fihc lnoabm }onpn ì|n z|abàzcnp apbi} ibcq }i mi }on |afo} }oabfp# l~} hcpi hbm npznàhccq }imi }oabfp |afo}"

/8! Vn h|n h`}awn dhbhfn|p ‐ `hza}hc dh|en}p h|n bi}nggaànb}Vn h|n h`}awn dhbhfn|p ln`h~pn vn h|n ìbwab`nm }oh}vn `hb lnh} }on dh|en}p" ]oap ap ab ìb}|hma`}aib }i }onnggaànb}$dh|en} oqzi}onpap ab a}p pi$`hccnm ‒p}|ibf gi|d–;]oap oqzi}onpap ìb}nbmp }oh} hcc dh|en} zh|}aàzhb}p

/l~qn|p hbm pnccn|p! h`} ìdzcn}ncq |h}aibhccq hbm ib }onlhpap ig amnb}a`hc abgi|dh}aib# hbm }oh} hcc ig }oap abgi|dh$}aib ap hc|nhmq |ngcn`}nm h} hcc }adnp ab dh|en} z|a`np" ]oapvi~cm dnhb }oh} bi zh|}aàzhb} vi~cm ln hlcn }i i~}zn|$gi|d }on dh|en} ab }on cibf |~b"Vn p}|ibfcq lncanwn }oh} }oap hpp~dz}aib nggn`}awncq minpbi} oicm }|~n ab }on |nhc vi|cm ig gabhb`n# hbm vn }o~pnzcia} h}}|h`}awn dh|en} izzi|}~ba}anp hp }onq h|apn"

/<! I~| had; }i hmm di|n cibf$}n|d whc~n }ohb }ondh|en} hbm ìdzn}a}i|p Hp h`}awn dhbhfn|p vn bnnm h zn|gi|dhb`n lnbòdh|evoaò ap mngabnm lq –}on dh|en}— /na}on| hb abmn ig }on

~bmn|cqabf hza}hc dh|en}# i| }on hwn|hfn gi| idzh|hlcnz|im~`}p ab }on znn| f|i~z!" ]oap lnbòdh|e vn p}|awn }ip~|zhpp"

/0! ]on }vab ì|bn|p}ibnp ig i~| hzz|ihò h|np~``nppg~c# nzn|anb`nm g~bm dhbhfn|p va}o }onmndibp}|h}nm hlaca}q }i lnh} }on lnbòdh|e# hbm}|hbpzh|nb} abwnp}dnb} z|i`nppnp"]on hlaca}q }i i~}zn|gi|d }on dh|en} hbm idzn}a}i|p

/a"n"# }i fnbn|h}n hczoh!# i~zcnm va}o h vncc$mnwnciznmhbm }oi|i~focq mi`~dnb}nm abwnp}dnb} z|i`npp }oh} aph`}~hccq hmon|nm }i ab z|h`}a`n# ap |a}a`hc gi| |h}abfp lq il$kn`}awn }oa|m zh|}anp" H g~bm |h}abf ibga|dp }on abwnp}dnb}x~hca}q hbm fawnp canb}p }on pn`~|a}q ig ebivabf }onq h|nabwnp}abf ab h fiim g~bm"

/=! Hczoh# i| whc~n hmmnm hliwn }on zn|gi|dhb`n ig}on lnbòdh|e# ap fnbn|h}nm dhabcq ib }on lhpap igg~bmhdnb}hc |npnh|ò]on dhad~d zi}nb}ahc gi| }oap n`npp zn|gi|dhb`nh|apnp g|id p}|~`}~|nm |npnh|ò }oh} iwn|p }on ch|fnp}zippalcn ~bawn|pn ig ncafalcn abwnp}dnb}p" Ab }on mnwnciz$

dnb} ig }on h`}awn p}|h}nfanp# }on hbhcq}a`hc z|i`npp |ncanpnpznàhccq ib g~bmhdnb}hc mh}h /p~ò hp dh`|inìbida`p`nbh|aip# whc~h}aib dimncp# n}`"!" ]on |np~c}abf |n}~|bgi|n`hp}p# idlabnm va}o }on ab}n|h`}aibp ln}vnnb }onhppn} chppnp abwicwnm# gi|d }on lhpap gi| }on abwnp}dnb}mnàpaibp }oh} h|n adzcndnb}nm ab }on g~bmp"

/>! Mnàpaib p~zzi|} }o|i~fo x~hb}a}h}awn dimncpX~hb}a}h}awn dimncp pn|wn hp adzi|}hb} hamp ab mnàpaib$dheabf" Gi| nhdzcn# ab }on ì|zi|h}n libm pn`}i|# \@D~pnp h |nma} pz|nhm dimnc# voaò h`}p hp hb abma`h}i| igiwn| hbm ~bmn|whc~h}aib" Hmma}aibhccq# x~hb}a}h}awn dimncph|n hcpi ndzciqnm h} \@D hp p}hbm$hcibn mnàpaib ziab}p"

P~ò dimncp h|n mnwnciznm lq pncn`}abf }oipn mnàpaibzh|hdn}n|p voaò poiv p}hlcn z|nma`}awn zivn| gi| }onhppn} chpp ab x~np}aib" Va}oab mngabnm cada}p# }on dimncp‑|np~c}p h|n }onb z~} ab}i h`}aib ab }on zi|}gicaip" ]on h|nhpig hzzca`h}aib h} \@D ab`c~mn# hdibf i}on|p# ~||nbànp#ab}n|np} |h}n |ape hbm fcilhc }h`}a`hc hppn} hcci`h}aib"




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/7! Vn ~pn h ch|fn b~dln| ig abmnznbmnb} p}|h}n$fanp# }o~p nbp~|abf mawn|paga`h}aib ‐ bi pabfcnp}|h}nfq ap midabhb}\ape mawn|paga`h}aib ap ibn ig i~| }iz z|abàzcnp" Oicmabfmaggn|nb} eabmp ig hppn}p va}o hp ca}}cn i||nch}aib hp zippa$

lcn /zi|}gicai mawn|paga`h}aib! pafbaga`hb}cq |nm~`np }oniwn|hcc |ape ig hb abwnp}dnb} zi|}gicai" Vn hcpi hzzcq }oapz|abàzcn ab i~| wh|ai~p ln}p hfhabp} }on dh|en}# va}o bipabfcn p}|h}nfq lnabf hccivnm }i lnìdn midabhb}/p}|h}nfq mawn|paga`h}aib!"

/6! Gi| nhò hbm nwn|q p}|h}nfq }on|n ap h zn|gi|$dhb`n }h|fn} hbm h |ape l~mfn}# g~cc mi`~dnb}h}aib/}o|i~fo |nì|m$ennzabf!# }|hbpzh|nb`q /}o|i~fodnhp~|ndnb}! hbm `cnh| h`ì~b}hlaca}q /}o|i~fozn|gi|dhb`n$lhpnm ìdznbph}aib!^c}adh}ncq# nwn|q g~bm dhbhfn| ap h`ì~b}hlcn gi| oap i|on| ivb ib}|al~}aib }i |nch}awn zn|gi|dhb`n" I~| }nhd

hzz|ihò minp bi} dnhb }on mac~}aib ig zn|pibhc |npzib$palaca}q"

/?! \ape ap dhbhfnm z|n$ndz}awncq von|n a} h|apnp#hbm |ape ìb}|ic ap i|fhbaph}aibhccq abmnznbmnb}]oap dnhbp;2 Zi|}gicai ibp}|~`}aib lhpnm ib mngabnm |~cnp hbm ab

hvh|nbnpp ig }on /~p~hccq |nch}awn! |ape2 ]on hppn} chpp p}|h}nfq mnwnciznm ap adzcndnb}nm

ìbpap}nb}cq ab }on g~bmp lq h }nhd hzz|ihò# z|i$m~àbf oafo ib}ab~a}q ig zn|gi|dhb`n gi| }on abwnp}i|"

2 Oafo z|i`npp pn`~|a}q }ohbep }i cnh|cq mngabnm abwnp}$dnb} z|i`nppnp hbm labmabf mnàpaib zh}op"

2 N$zip} diba}i|abf# ìb}|ic hbm mi`~dnb}h}aib lq hbabmnznbmnb} i|fhbaph}aibhc ~ba}

/1! I~| }nhd hzz|ihò zn|da}p pznàhcaph}aib hbmìb}ab~a}q ig zn|gi|dhb`nVonb }nhdp# hp h} \@D# abwnp} lq z|i`nppnp }oh} }onqohwn mnwnciznm }ondpncwnp# }oap f~h|hb}nnp ib}ab~a}qhbm p}hlaca}q# nwnb ab }on nwnb} }oh} abmawam~hc }nhd dnd$

ln|p ohbfn" ]on lnbnga}p gi| }on ~p}idn| h|n nwamnb}"

/8:! I~| dimnc zi|}gicaip z|idi}n nwnbbnpp igzn|gi|dhb`n]on adzcndnb}h}aib ig ~||nb} dh|en} gi|n`hp}p wah dimnczi|}gicaip nbp~|np ibpap}nb`q ig zn|gi|dhb`n h`|ipp\@D‑p nb}a|n z|im~`} |hbfn"




<8

\N]HAC G^BMP+

Cibf$}n|d phwabfp g~bmp2 \haggnapnb$Znbpaibpgibmp$×p}n||naò <::?2 \haggnapnb$N~|i$\nb}

2 \haggnapnb$Mhògibmp Paòn|ona}# ebivb hp \haggnapnb$gibmp$Paòn|ona} pab`n <::? \haggnapnb$MhògibmpN|}|hf# ebivb hp \haggnapnbgibmp$N|}|hf pab`n <::?

2 \haggnapnb$Mhògibmp Vhòp}~d# ebivb hp\haggnapnbgibmp$Vhòp}~d pab`n <::?

2 \haggnapnb$Fcilhc$He}anb

Z|izn|}q g~bmp2 \haggnapnb$Addilacanbgibmp

Libm g~bmp2 \haggnapnb$N~|i$Cax~am2 \haggnapnb$Micch|$Cax~am

2 \haggnapnbgibmp$Hbcnaonb2 \haggnapnb$×p}n||naò$\nb}2 \haggnapnb$N~|iZc~p$\nb}2 \haggnapnb$Abgch}aibpp o~}{$Gibmp2 \haggnapnb$N~|i$@i|zi|h}np2 \haggnapnb$Fcilhc$\nb}2 \haggnapnb$Micch|$\nb}2 \haggnapnb$Ip}n~|izh$\nb}2 \haggnapnb$N~|izh$OafoQancm2 \haggnapnb$Ip}n~|izhZc~p$\nb}2 \haggnapnb$Ndn|fabfDh|en}p$\nb}

Lhchb`nm g~bmp

2 \haggnapnb$Fcilhc$Da

Nx~a}q g~bmp2 \haggnapnb$×p}n||naò$He}anb2 \haggnapnb$]izMawamnbmn$He}anb

2 \haggnapnb$N~|izh$He}anb2 \haggnapnb$Zh{agae$He}anb2 \haggnapnb$ P$He}anb2 \haggnapnb$Ip}n~|izh$He}anb2 \haggnapnb$N~|hpanb$He}anb2 \haggnapnb$Nbn|fan$He}anb2 \haggnapnb$Onhc}o@h|n$He}anb2 \haggnapnb$]nòbicifan$He}anb2 \haggnapnb$H`}awn$He}anb2 \haggnapnb$Ndn|fabfDh|en}p$He}anb2 \haggnapnb$N~|izh$Pdhcc@hz2 \haggnapnb$Ndn|fabf$N~|izn$Pdhcc@hz2 \haggnapnb$Ndn|fabfHPNHB$He}anb

Pznàhc}q z|im~`}p2 \haggnapnb$Znbpaibpgibmp$×p}n||naò <::0)<::=2 \haggnapnb$Znbpaibpgibmp$×p}n||naò <::>)<::72 \haggnapnb$Znbpaibpgibmp$×p}n||naò <::62 \haggnapnb$Ip}n~|izh$Fh|hb}angibmp2 \haggnapnb$N~|hpanb$Fh|hb}angibmp2 \haggnapnb$Nbn|fan$Fh|hb}angibmp2 \haggnapnb$]izPncn`}aib$Fh|hb}angibmp2 \haggnapnb$Onhc}o@h|n$Fh|hb}angibmp2 \haggnapnb$Vhòp}~dpcíbmn|$Fh|hb}angibmp2 \haggnapnb$Mqbhda`$Libmp2 \haggnapnb$N^$Pzn{ahc$\nb}

2 \$<:8<$Pzn{ahc2 \haggnapnb$P}hlaca}í}pgibmp2 \haggnapnb$P}hlaca}í}pgibmp$Vhòp}~dpcíbmn|2 \haggnapnb$N}oae$He}anb2 \haggnapnb$Onmfn$Mhògibmp2 \haggnapnb$IE$\nb}2 \haggnapnb$IE"Pzn{ahc$\nb}2 \haggnapnb$¦8=$\nb}2 \haggnapnb$¦8=$DaCafo}2 \haggnapnb$¦8=$Da

+ G~bmp |nfap}n|nm ab H~p}|ah hp ig Gnl|~h|q <::?

]ON \@D Z\IM^@] \HBFN




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]ON PNWNB \@D ABWNP]DNB] Z\AB@AZCNPGI\ ABWNP]DNB] HMWAPI\P HBM @CANB]P

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abwnp}dnb} h|n hcpi dhmn lq phcnp p}hgg hbm lq }on g~bm$ivbabf canb}p }ondpncwnp" \@D ohp }o~p gi|d~ch}nm }ongiccivabf abwnp}dnb} z|abàzcnp gi| gabhbàhc zchbbn|p hbm`~p}idn|p;8" ]hce }i ~p hli~} gabhb`np5 map`~ppabf dibnq gi| hb

oi~| ap nhpan| }ohb vi|eabf gi| a} gi| h dib}o<" Amnb}agq qi~| cagn fihcp hbm vonb qi~ vhb} }i hòanwn

}ond5 qi~ bnnm }i ebiv qi~| mnp}abh}aib }i |nhò a}0" Gabm }on lhchb`n ln}vnnb |apep hbm |n}~|bp }oh} qi~

h|n idgi|}hlcn va}o5 }on di|n |ape# }on f|nh}n| }onzi}nb}ahc |n}~|bp# hbm wa`n wn|ph

=" Mawn|pagq qi~| oicmabfp5 mib‑} z~} hcc qi~| bnp} nffpab ibn lhpen}

>" ]|~p} ibcq ab n`nccnb`n5 x~hca}q l|abfp p~``npp7" Abwnp} biv# hbm |nf~ch|cq ‐ dhen }adn vi|e gi| qi~;a} |nhccq ap dibnq

6" \ndhab }|~n }i qi~| mnàpaib5 abwnp} gi| }on cibf }n|d#mib‑} pzn`~ch}n gi| }on poi|} }n|d




<0

DH]OAHP LH^N\ AP NGHDH Z\NPAMNB]

Ab K~bn <::6 }on @oang Nn`~}awn ig \@D hbm cibf$p}hbmabf onhm ig }on Hppiàh}aib ig H~p}|ahb Abwnp}dnb}@idzhbanp /W×AF!# Dh}oahp Lh~n|# vhp ncn`}nm

Z|npamnb} ig }on N~|iznhb G~bm hbm Hppn} Dhbhfndnb} Hppiàh}aib /NGHDH!" NGHDH ap }on iggaàhc }|hmn hppi$àh}aib ig }on N~|iznhb g~bm hbm hppn} dhbhfndnb}abm~p}|q" A}p dappaib ap }i fawn }on abwnp}dnb} dhbhfn$dnb} abm~p}|q h p}|ibf wia`n h} }on p~z|h|nfaibhc cnwnc"]on }iz fihcp m~|abf Dh}oahp Lh~n|‑p }nb~|n h|n h cnwnczchqabf gancm gi| }on map}|al~}aib ig hcc gabhbàhc z|im~`}p#oh|dibaph}aib ig }on cnfhc |nx~a|ndnb}p gi| g~bmp}o|i~foi~} N~|izn# hbm }on picam nb}|nbòdnb} ig g~bmz|im~`}p hp |n}a|ndnb} phwabfp wnoa`cnp" Npznàhccq }onbnnm gi| h cnwnc zchqabf gancm /nx~hc ìbma}aibp gi| hccgabhbàhc z|im~`}p h} }on ziab} ig phcn! ap h z|nppabfìb`n|b" ]oap ohp }i mi va}o }on ‐ i}on|vapn zipa}awn ‐

gh`} }oh} g~bm map}|al~}aib ap p~lkn`} }i b~dn|i~p |afam|~cnp mnpafbnm }i nbp~|n }oh} g~bm abwnp}i|p& bnnmp h|ndn} ga|p}" Ab }n|dp ig }|hbpzh|nb`q hbm abwnp}i| z|i}n`$}aib# g~bmp poi~cm }on|ngi|n pn|wn hp h dimnc gi| i}on|gabhbàhc z|im~`}p# voipn map}|al~}aib |nx~a|ndnb}ppoi~cm ln hmk~p}nm h`ì|mabfcq" ^b}ac }oap ap mibn# g~bmpvacc ln h} h maphmwhb}hfn m~n }i }ona| ìp} }|hbpzh|nb`qh} }on ziab} ig phcn"

Hcpi ib }on hfnbmh ap }on ìbpap}nb} |ngabndnb} hbmadzcndnb}h}aib ig }on cnfhc nbwa|ibdnb} gi| abwnp}dnb}g~bmp ab N~|izn# dip} bi}hlcq gi| ^@A]P"]on NGHDH z|npamnb`q iggn|p }on H~p}|ahb g~bm abm~p}|qhb hmmnm izzi|}~ba}q }i zipa}aib Wanbbh hp h o~l gi|

g~bm hbm hppn} dhbhfndnb} pn|wa`np ab Nhp}n|bN~|izn" ]oap ap wn|q d~ò ab h`ì|m va}o \@D‑p oafocqab}n|bh}aibhccq i|anb}nm l~pabnpp p}|h}nfq"

]\NBMP AB <::6)<::? ‐ \@D ONHMX^H\]N\P AB WANBBH

H N^\IZNHB @NB]\N IG N_@NCCNB@N GI\ G^BMP

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H x~a`e |nwanv ig mnwncizdnb}pab }on g~bm abm~p}|q

]on <::6 abwnp}dnb} qnh|" B~dln|p ‐ mh}np ‐ gh`}p



]ON <::6 ABWNP]DNB] QNH\\HAGGNAPNB @HZA]HC DHBHFNDNB]

<7

DH\EN]P AB <::6

Ab }on vi|cm ig abwnp}abf# <::6 vhp hp wh|anm hp a} vhpòhccnbfabf" Ln}vnnb }on @oabh l~llcn# }on P p~lz|adn`|apap hbm }on }o|nh}nbabf |n}~|b ig abgch}aib hbm |n`nppai$

bh|q gnh|p# abwnp}i|p bnnmnm p}|ibf bn|wnp" Qn} ab }on nbm#<::6 vhp bi} h lhm qnh| ab nx~a}q dh|en}p# zh|}a`~ch|cq gi|abwnp}dnb}p ab Fn|dhbq hbm Hpah /n`nz} Khzhb!" Ab Fn|$dhbq }on MH_ dh|enm h oap}i|a` oafo ig ?#8>8 ab ab}|hmhq}|hmabf ib 80 K~cq <::6 hbm fhabnm << zn| `nb} iwn| }onqnh|" ]on zn|gi|dhb`n ig Oibf Eibf‑p Ohbf Pnbf Abmngi| }on qnh| vhp hb hmwhb`n ig 00"1 zn| `nb}" Oivnwn|#}onpn }vi zn|gi|dhb`n gaf~|np vn|n bi} |nz|npnb}h}awn igi}on| p}iè dh|en}p"

^PH

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}on g~cc qnh| <::6# l~} ibcq lq :"7 zn| nb} ab }on gabhcx~h|}n|# }on civnp} x~h|}n|cq f|iv}o ab gawn qnh|p"

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ga|p} }adn pab`n }on }oa|m x~h|}n| ig <::7" H zh|}a`~ch|cqm|hp}a` ib}|h`}aib ab abgcivp vhp nzn|anb`nm lq –cibf$}n|d— g~bmp /hbq g~bmp i}on| }ohb dibnq dh|en} g~bmp!#von|n }on bn} abgc~ ig hza}hc gncc lq hcdip} ?> zn| nb}g|id }on pnìbm }i }on }oa|m x~h|}n| ig <::6# }i N^\ >0laccaib# lngi|n |nli~bmabf hfhab }i N^\ 808 laccaib ab }ongi~|}o x~h|}n|" Ciieabf h} hppn} `h}nfi|anp# lhchb`nmg~bmp poivnm }on oafonp} f|iv}o idzh|nm }i }on gi~|}ox~h|}n| ig <::7# ab`|nhpabf lq 87"0 zn| nb} ab }on gabhcx~h|}n| ig <::6 }i N^\ 8"? }|accaib" Hppn}p ab nx~a}q g~bmp/N^\ ?"> }|accaib! hbm dibnq dh|en} g~bmp /N^\ 0"= }|acca$ib! vn|n ~z lq 7"< zn| `nb} hbm 8="? zn| nb}# |npzn`}awn$cq# ìdzh|nm va}o }on nbm ig <::7" Libm g~bm hppn}p

dnhbvoacn mazznm pcafo}cq }i N^\ <"1: }|accaib h} }on nbm ig<::6 g|id N^\ <"1= }|accaib ibn qnh| nh|can|"

Hc}oi~fo }on PH |ndhabnm }on dh|en} cnhmn| va}o hdh|en} poh|n ig =7": zn| nb}# }oap poh|n vhp mivbg~|}on|# ìb}ab~abf h mn`cababf }|nbm /<::>; =1 zn| `nb}#<::7; =6"> zn| nb}!" N~|izn‑p dh|en} poh|n mn`|nhpnmhp vncc# g|id 0= zn| nb} ab <::7 }i 00"< zn| nb}# }onphdn cnwnc hp ab <::>" H} }on nbm ig Pnz}ndln| <::6}on|n vn|n 77#0>: abwnp}dnb} g~bmp vi|cmvamn# =8 zn|`nb} ig }ond nx~a}q g~bmp /<7#1>:!" Libm g~bmp /80#==7!hbm lhchb`nm g~bmp /80#170! dhmn ~z h |npzn`}awn<: zn| `nb} hbm <8 zn| `nb} ig }on }i}hc# hbm dibnq

dh|en} g~bmp h`ì~b}nm gi| > zn| nb} /0#=?:!"

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]on g~bm hppn}p ig }on N~|iznhb g~bm abm~p}|q /^@A]P hbmbib$^@A]P! f|nv lq ="6 zn| nb} ab <::6# g|id N^\ 6"7 }|ac$caib }i N^\ ? }|accaib" ]oap |nz|npnb}nm h di|n dnhp~|nmzh`n }ohb }on zivn|g~c f|iv}o ig }on z|nwai~p qnh|p /<::>;<<"? zn| `nb}# <::7; 8="1 zn| `nb}!" ]on pcivmivb vhph}}|al~}hlcn z|adh|acq }i bn} i~}gcivp npznàhccq g|id @A]Pab }on }oa|m hbm gi~|}o x~h|}n| ig <::6 /ig N^\ 78 laccaibhbm N^\ =: laccaib# |npzn`}awncq! m~n }i }on ncnwh}nm |ape

hwn|paib ig N~|iznhb abwnp}i|p hdam }on cax~ama}q `|apap"




^@A]P /g~bmp app~nm ab h`ì|mhb`n va}o @A]P |~cnp! ohmhppn}p ig N^\ 7"< }|accaib wn|p~p N^\ 7": }|accaib ibn qnh|nh|can|# hbm }o~p dhmn ~z 6? zn| `nb} ig }on }i}hc wic~dnig N~|iznhb g~bmp" N~|iznhb Bib$^@A]P oncm hppn}p igN^\ 8"6 }|accaib h} }on nbm ig <::6"Ivabf }i }on oafo i~}gcivp ab }on chp} }vi x~h|}n|p ig }onqnh|# }on bn} abgcivp ig N^\ 86: laccaib ab}i ^@A]P ab <::6vn|n dh|enmcq civn| }ohb ab <::7# vonb }onq |nhònm=>< laccaib" ]on |nm~`}aib ab <::6 idzh|nm }i }on z|ai|qnh| vhp 7<"= zn| nb}"

C~ndli~|f# va}o N^\ <": }|accaib ~bmn| dhbhfndnb} h}}on nbm ig Mn`ndln| <::6 /ìdzh|nm }i N^\ 8"1 }|accaibh} }on nbm ig Pnz}ndln| <::7! nzhbmnm a}p cnhm ab }onN~|iznhb dh|en} hbm biv oncm h dh|en} poh|n ig <7 zn|`nb}" Hp ab }on qnh| lngi|n# G|hb`n vhp ab pnìbm zch`n h}81 zn| nb} va}o g~bm hppn}p ig N^\ 8"> }|accaib# giccivnmlq Fn|dhbq# voaò |ndhabnm }oa|m ab N~|izn va}o hppn}pig N^\ 8": }|accaib hbm h dh|en} poh|n ig 80"8 zn| nb}"

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]on |n}a`nb`n ig abwnp}i|p z|idz}nm lq }on zn|pap}nb}

wich}aca}q ab `hza}hc dh|en}p hbm |apabf ab}n|np} |h}np cng} a}pdh|e ib }on H~p}|ahb g~bm dh|en} hp vncc" Va}o }i}hc g~bmhppn}p ig N^\ 870"? laccaib# }on <= z|iwamn|p ig pn`~|a}anpg~bmp gi| }on ga|p} }adn |nì|mnm h pdhcc mn`|nhpn /<"8 zn|`nb}! g|id }on z|ai| qnh|" ]on mn`cabn |nch}awn }i }on <::7hppn} wic~dn ig N^\ 876"0 laccaib vhp N^\ 0"> laccaib"Ig }on }i}hc g~bm hppn}p# N^\ 0"< laccaib /<::7; N^\ 0"?laccaib! vhp map}|al~}nm }i ~ba}oicmn|p hbm N^\ 0": laccaib/<::7; N^\ ?"7 laccaib! |nz|npnb}nm |nmndz}aibp" @id$zh|nm }i <::7 /N^\ 7"1 laccaib! }on|n vhp hcpi h poh|z mn$`|nhpn ab zn|gi|dhb`n fhabp# voaò ab <::6 ib}|al~}nmN^\ 0"< laccaib }i g~bm hppn}p" Lhpnm ib mh}h ig }on H~p}|ahb nb}|hc lhbe# }on H~p}|ahb z~lca`&p hff|nfh}n

phwabfp h`ì~b} lhchb`np |ndhabnm h} hli~} N^\ 8=:laccaib# }on phdn cnwnc hp }vncwn dib}op nh|can|"

Gi| –f~h|hb}nn g~bmp— ‐ g~bmp }oh} abwnp} zh|}cq ab p}ièdh|en}p hbm z|iwamn h f~h|hb}nn ib }on abwnp}nm z|abà$zhc ‐ }on wafi|i~p f|iv}o pnnb ab <::7 ib}ab~nm chp}qnh|" ]ona| ìdlabnm hppn}p ab`|nhpnm lq 81 zn| `nb} ab<::6 }i N^\ >"0 laccaib hp h |np~c} ig abwnp}i|p& f|nh}n| mn$pa|n gi| phgn}q hdam }on }~d~c}~i~p diwndnb}p ib hza}hcdh|en}p"

Iznb$nbm z|izn|}q g~bmp mnganm }on di|}fhfn |apap ab<::6; Mnpza}n h bnfh}awn zn|gi|dhb`n ig }on cap}nm |nhc

np}h}n idzhbanp# |nhc np}h}n abwnp}dnb} g~bmp mncawn|nm

hb hwn|hfn |n}~|b ig ="? zn| `nb} gi| }on qnh|" Ab <::6 }ongi~| H~p}|ahb z|izn|}q g~bm ìdzhbanp nzhbmnm }ona|g~bm hppn}p lq hcdip} <: zn| nb} }i N^\ 8"? laccaib"

]on fnbn|hc }|nbm ab zn|gi|dhb`n hcpi poivnm }on nggn`}pig }on ~b`n|}hab}q ab gabhbàhc dh|en}p g|id }on pnìbmohcg ig <::6" ]on z|a`n fhabp ig nx~a}q g~bmp pznàhcapabfab H~p}|ah ibcq hwn|hfnm <"0 zn| `nb} gi| }on qnh|# ab ìb$}|hp} }i }on |nì|m qnh| <::7# vonb }onpn g~bmp |n}~|bnm0: zn| `nb}" N~|ichbm nx~a}q g~bmp mam pidnvoh} ln}}n|#fhababf 0"1 zn| nb}# l~} i~cm bi} dh}ò }on 8? zn| nb}

|n}~|b ig <::7" P nx~a}q g~bmp cip} hzz|iadh}ncq ="= zn|`nb} ib h n~|i lhpap" H~p}|ah‑p }iz zn|gi|dn|p ab <::6 vn$|n g~bmp va}o h gi`~p ib Nhp}n|b N~|izn# voaò zn|gi|dnmhmda|hlcq ab }on magga`~c} nbwa|ibdnb} hbm z|im~`nm hbhwn|hfn |n}~|b ig <>"? zn| `nb} lq }on nbm ig }on qnh|"

Ab }on ganm abìdn pn`}i|# ^P micch|$mnbidabh}nm libmg~bmp hcpi fhwn ~z ="? zn| nb} ab n~|i }n|dp# zn|gi|dabf|nch}awncq ln}}n| }ohb ab <::7 /$6"< zn| `nb}!" N~|iznhblibm g~bmp dhbhfnm h dimn|h}n }~|bh|i~bm g|id <::7/vonb }onq gncc lq :":1 zn| `nb}!# neabf i~} h pdhcc fhab ig:"7< zn| nb}" Dibnq dh|en} g~bmp ohm }on phdn zn|gi|$dhb`n hp ab <::7# hmwhbàbf lq <"8 zn| nb}"

H} }on nbm ig <::6# H~p}|ahb g~bm abwnp}i|p oncm N^\ 7>"6laccaib ab libm g~bmp hbm N^\ =>"7 laccaib ab lhchb`nmg~bmp" Nx~a}q g~bmp |hbenm }oa|m h} N^\ <?"1 laccaib" Ig }on}i}hc g~bm hppn}p ig N^\ 870"? laccaib# N^\ ?<"0 laccaib/>:"0 zn| nb}! vhp ab |n}hac d~}~hc g~bmp# N^\ =1"6 laccaib/0:"0 zn| `nb}! ab –Pzn{ahcgibmp— /abp}a}~}aibhc pznàhcg~bmp mnpafbnm gi| ~z }i }nb abwnp}i|p voi d~p} ln cnfhcnb}a}anp5 }onpn h|n cipnm }i abmawam~hcp hbm h|n bi} d~}~hcg~bmp! hbm N^\ 08"? laccaib /81"= zn| nb}! ab i}on| abp}a}~$}aibhc g~bmp /abp}a}~}aibhc d~}~hc g~bmp voaò h|n iznb }iabmawam~hcp ab z|abàzcn hbm `hb ohwn di|n }ohb }nb abwn$p}i|p!"

H }i}hc ig <?1 bnv g~bmp vn|n ch~bònm ab H~p}|ah chp}qnh|# ig voaò 8>0 vn|n abp}a}~}aibhc ibnp /li}o d~}~hcg~bmp hbm pznàhc g~bmp! hbm 807 vn|n z~|n |n}hac g~bmp" Hp h |np~c}# }on <= H~p}|ahb g~bm idzhbanp dhbhfnm<#08? pn`~|a}anp g~bmp h} }on nbm ig chp} qnh|# ab`c~mabf8#808 z~|n |n}hac g~bmp# =6? abp}a}~}aibhc d~}~hc g~bmp hbm6:1 abp}a}~}aibhc pznàhc g~bmp"

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Ab <::6# mnwncizdnb}p ab }on i|n l~pabnpp ig g~bm dh$bhfndnb} vn|n midabh}nm lq }on nzhbpaib ig ab}n|bhcì|n idzn}nbànp; ]o~p# }on z|nzh|h}aibp gi| l|abfabf

N~|iznhb nx~a}anp ab}i }on h|nh ig |npzibpalaca}q ig \@D&pab$oi~pn g~bm dhbhfndnb} nb}n|nm }on gabhc p}hfn" ]ondhbhfndnb} ig Nhp}n|b N~|iznhb poh|np ohp lnnb ibnig \@D‑p hlpic~}n i|n p}|nbf}op gi| di|n }ohb }nb qnh|p#hbm ab |n`nb} qnh|p }oap nzn|}apn vhp l|ihmnbnm hbmmnnznbnm }i }hen ab nx~a}anp g|id N~|izn hp h voicn"

N`nccnb} ebiv$oiv ap }on lhpa` |nx~apa}n gi| ìwn|abf hbqfawnb hppn} chppnp hbm |nfaibp va}o ab}n|bhc g~bm dh$bhfndnb}" ]oap ap voq }on h`}~hc abpi~|àbf ig N~|izn$vamn g~bm dhbhfndnb} h} }on lnfabbabf ig <::? hdn hp}on ~cdabh}aib ig }o|nn qnh|p ig ab}nbpawn z|nzh|h}aib5bn} }i idz|nonbpawn N~|izn nzn|}apn ab ìbbn`}aib

va}o nx~a}q dhbmh}np gi| enq h`ì~b}p# \@D hcpi fnbn|$h}nm wn|q pznàhcapnm ebivcnmfn# p~ò hp }o|i~fo }onch~bò ig g~bmp caen \haggnapnb$N~|izh$Pdhcc@hz hbm\haggnapnb$]iz$Mawamnbmn$He}anb" ]on abpi~|àbf ig N~|i$znhb nx~a}q dhbhfndnb} vhp }on cifa`hc bn} p}nz gi|\@D ab h oidn dh|en} }oh} gi| h cibf }adn biv ohp lnnbN~|izn |h}on| }ohb k~p} H~p}|ah"

Gi| ndn|fabf dh|en}p hp vncc# \@D |nabgi|`nm a}p nzn|$}apn" Voacn h gnv qnh|p hfi }on dhbhfndnb} h`}awa}anp p}acc`nb}|nm ib }on N~|iznhb ndn|fabf dh|en}p# giccivnm lqAbmah hbm @oabh# }on gi`~p biv ap ib }on nb}a|n HPNHB|nfaib" ]oap vhp hcpi |ngcn`}nm# hdibf i}on| vhqp# ab }on

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ab}n|bh}aibhc hbm bh}aibhc g~bm dh|en}" ]ohbep }i }onp~``nppg~c mawn|paga`h}aib ab }n|dp ig z|im~`}p hbm |nfaibp#\@D oncm a}p cnhm iwn| midnp}a` idzn}a}i|p hcdip} id$zcn}ncq p}nhmq" ]on dh|en} ibpicamh}aib vhp ~pnm }ig~|}on| dimn|bapn hbm maggn|nb}ah}n }on z|im~`} |hbfn hbmp}nz ~z l~pabnpp mnwncizdnb} nwnb di|n p}|ibfcq"




01

H} }on nbm ig <::6 \@D dhbhfnm g~bm hppn}p ig hcdip}N^\ 0? laccaib# h pdhcc mn`|nhpn ig 0"= zn| `nb} g|id<::7" Ab`c~mabf hmwapi|q dhbmh}np# hppn}p ~bmn| dh$bhfndnb} }i}hccnm hli~} N^\ =: laccaib" Voacn g~bm hppn}pdhbhfnm gi| abp}a}~}aibhc `canb}p nhpnm dacmcq g|id N^\

<8"6 laccaib }i N^\ <8"= laccaib# i| lq 8"6 zn| nb}# }on |n}hacg~bm pnfdnb} phv h di|n pafbaga`hb} mn`|nhpn ig >"> zn|`nb} }i N^\ 87"7 laccaib" ]oap mnwncizdnb} |ngcn`}p li}o}on iicabf ig }on abwnp}dnb} cadh}n ab N~|izn&p gabhbàhcdh|en}p hbm }on gan|`n idzn}a}aib ab gabhbàhc z|im~`}p"]on hppn} |nm~`}aib ib }on |n}hac pamn ‐ ab ~bapib va}o }ondh|en} ‐ vhp hcpi zh|}cq h~pnm lq }on ab`|nhpn ab dibnqdh|en} |h}np# hbm onb`n phwabfp h`ì~b} ab}n|np} |h}np" Hp vncc# dhbq ~p}idn|p voi nb}n|nm }on dh|en} h} }onnbm ig }on 811:p hbm nzn|anb`nm }on mivb}~|b ab nh|cq<::: ohm |nhònm }on z|iga} {ibn hbm ~pnm h}}|h`}awn|n}~|bp hp hb na} izzi|}~ba}q"

Ab pza}n ig }on ~bghwi~|hlcn l~pabnpp nbwa|ibdnb}#\@D vhp hlcn }i dhab}hab a}p zipa}aib hp }on ~bìb}np}nmdh|en} cnhmn| va}o h poh|n ig hcdip} ibn$x~h|}n| /<0"< zn|`nb}! ig }on dh|en}" ]oap vhp dhmn zippalcn ch|fncq lq }onf|ivabf gi|nafb l~pabnpp# voaò ab <::6 h`ì~b}nm gi|di|n }ohb 8> zn| nb} ig }i}hc hppn}p" Hp |n`nb}cq hp <::0}on gi|nafb idzibnb} vhp ibcq > zn| nb}"

AB]N\BH]AIBHC L^PABNPP

Ab <::6 }on H~p}|ahb dh|en} cnhmn|‑p g~bm phcnp izn|h}aibphl|ihm ib}ab~nm }i }o|awn" Nwnb ab }on magga`~c} ibma}aibp

z|nwhacabf m~|abf }on qnh|# g~bm phcnp i~}pamn H~p}|ah vn|nliip}nm lq 8? zn| nb}" Lq }on nbm ig <::6# }on ab}n|bh}ai$bhc zi|}aib ig hppn}p ~bmn| dhbhfndnb} vhp hzz|iadh$}ncq N^\ 7"> laccaib /<::7; N^\ >"> laccaib!" Dhbhfndnb}`hzhà}q vhp nzhbmnm }i |ngcn`} }on wafi|i~p f|iv}o abab}n|bh}aibhc l~pabnpp" Pab`n Pnz}ndln| <::6# @o|ap}hLn|blhòn| /=<! |nabgi|`np }on }iz dhbhfndnb} ig\haggnapnb Ab}n|bh}aibhc G~bm Hmwapi|q /\AGH!"

HPPN] L\NHEMIVB GI\ \HAGGNAPNB @HZA]HCDHBHFNDNB] +

LIBM G^BMP ==.

LHCHB@NM G^BMP 01.

NXÂ]Q G^BMP 86.

]ON CH\FNP] G^BM @CHPPNP H] \@D +

LHCHB@NM G^BMP /IWN\HCC! 6.

NXÂ]Q G^BMP /FCILHC! <.

NXÂ]Q G^BMP /NDN\FABF DH\EN]P! =.

G^BMP$IG$G^BMP <6.

N^\IZN LIBM G^BMP 0.

N^\I POI\]$]N\D LIBM G^BMP 8:.

NXÂ]Q G^BMP /NHP]N\B N^\IZN! 0.

I]ON\ 87.

G^BMP$IG$ONMFN$G^BMP 0.

N^\I LIBM G^BMP <8.

NXÂ]Q G^BMP /N^\I)N^\IZN! =.

+ Mh}h hp ig 08 Mn`ndln| <::65 lhpnm ib hppn}p ~bmn|dhbhfndnb}# ~pabf mi~lcn ì~b}abf /InEL dn}oim!



=:

H} z|npnb}# \@D g~bmp h|n hzz|iwnm gi| map}|al~}aib ab87 N~|iznhb i~b}|anp5 hmma}aibhccq# hzz|iwhc gi| Dhc}h#Pva}{n|chbm hbm }on Bn}on|chbmp ap ab }on vi|ep" ]onca`nbpabf ig \@D g~bmp ap hcpi zchbbnm gi| nafo} i}on|ì~b}|anp ‐ g|id Nhp}n|b N~|izn# }i Hpah# }i Pi~}o Hdn|a$`h" ]on }o|nn dip} adzi|}hb} dh|en}p h|n A}hcq# Fn|dhbqhbm @nb}|hc hbm Nhp}n|b N~|izn /@NN!" ]on fihc ig\haggnapnb @hza}hc Dhbhfndnb}# }ifn}on| va}o \haggnapnbAb}n|bh}aibhc# ap }i lnìdn }on cnhmabf g~bm z|iwamn| ab@NN" \apabf cawabf p}hbmh|mp# h f|ivabf n~|i i|anb}h}aib#mn`cababf ci`hc ab}n|np} |h}np hbm ab`|nhpabf bnnm gi| z|awh}n

|n}a|ndnb} phwabfp z|im~`}p hcc hmm ~z }i nbi|di~p zi$}nb}ahc ab }oap |nfaib" Hmma}aibhccq# bnv phcnp izzi|}~ba}anph|n iznbabf ~z ab <::? }o|i~fo dh|en} nb}|q ab Pva}{n|chbmhbm Pzhab" Ab }i}hc gi| <::?# \@D nzn`}p hppn} f|iv}o ighli~} <> zn| nb} ab l~pabnpp va}o gi|nafb canb}p"

Map}|al~}aib h`}awa}anp ab gi|nafb dh|en}p maggn| di|n i| cnppvamncq g|id dh|en}abf ab H~p}|ah" Ab Vnp}n|b N~|izn#\@D‑p p}|h}nfq ap }i vi|e }ifn}on| va}o dhbq maggn|nb}gabhbàhc abp}a}~}aibp# hp map}|al~}aib i|fhbaph}aibp ig }on|nx~a|nm x~hca}q h|n hc|nhmq hwhachlcn ab }oap |nfaib" AbNhp}n|b N~|izn# map}|al~}aib giccivp h padach| dimnc hp ab H~p}|ah# va}o \@D pnccabf a}p abwnp}dnb} g~bmp }o|i~fo }on

l|hbò bn}vi|e ig \haggnapnb Ab}n|bh}aibhc‑p p~lpamah|anp"

\@D‑p ga|p} ab}n|bh}aibhc dh|en} vhp A}hcq# von|n }onìdzhbq dhmn a}p mnl~} ab 811?" ]imhq# =? \@D g~bmph|n |nfap}n|nm ab A}hcq# picm z|adh|acq }o|i~fo h bn}vi|e igbi|}on|b A}hcahb lhbeabf zh|}bn|p" H} z|npnb}# }on \@Dg~bmp h|n hwhachlcn wah lhbep# \haggnapnb lhbep hbm abmn$znbmnb} gabhbàhc hmwapi|p ab Pi~}o ]q|ic# G|a~ca$Wnbn{ahFa~cah# ]|nb}abi# Wnbn}i# Ndacah$\idhfbh# Cidlh|mq#]~p`hbq hbm Phb Dh|abi" H ca}}cn di|n }ohb ibn$}oa|m ighppn}p ap oncm ab |n}hac g~bmp# va}o abp}a}~}aibhc g~bmp dh$eabf ~z }on |np}" Ab <::6 }on h`}awa}anp ab A}hcq nb}|nm ib}on |nfaibhc nzhbpaib ig }on l~pabnpp hbm }on hzz|iwhc

ig bnv abp}a}~}aibhc g~bmp" Ab <::? \@D zchbp }i nzhbm}on abp}a}~}aibhc l~pabnpp va}o lhbep"

H wn|q padach| pzca} ln}vnnb }on idzhbq‑p |n}hac hbmabp}a}~}aibhc g~bmp ap gi~bm ab Fn|dhbq# h dh|en} voaò\@D nb}n|nm ab 8111" ]on ~||nb} iggn|abf ig 07 g~bmp abFn|dhbq ap picm }o|i~fo map}|al~}i|p ab hcc pnfdnb}p ig}on gabhbàhc abm~p}|q; z~lca`cq }|hmnm iddn|àhc lhbep#ìizn|h}awnp# phwabfp lhbep# z|awh}n lhbep# ma|n`} lhbep#gabhbàhc hmwapi|p# n}`" Ab <::6 }on g~bm |hbfn vhp nzhb$mnm lq \haggnapnb$Poi|}]n|d$P}|h}nfq# \haggnapnb$Poi|}$]n|d$P}|h}nfq Zc~p hbm \haggnapnb$Fcilhc$G~bmhdnb}hc$ He}anb" ]on hppn} f|iv}o ab <::6 vhp z|iznccnm ch|fncq lq

abp}a}~}aibhc dhbmh}np"

]on hppn} wic~dn ab G|hb`n ap lhpnm ib abwnp}dnb}p igabp}a}~}aibhcp /dhabcq lhbep# abp~|n|p hbm hppn} dhbh$fn|p!" \@D ap oafocq |nfh|mnm ab G|hb`n gi| a}p Nhp}n|bN~|iznhb nzn|}apn hbm ab`|nhpabfcq gi| a}p p}|nbf}o abganm abìdn z|im~`}p" Z|nzh|h}aibp h|n ~bmn|vhq gi| hbnzhbpaib ab}i |n}hac g~bmp hbm }on z|awh}n lhbeabf pn`}i|"Padach|cq# ab Pzhab# C~ndli~|f hbm Pva}{n|chbm# \@Dap h`}awn hliwn hcc va}o a}p Nhp}n|b N~|izn hbm ganm ab$ìdn z|im~`}p" Ab Pzhab ab <::6# \@D |nfap}n|nm }on ga|p}nx~a}q hbm libm g~bmp# p}nzznm ~z }on abp}a}~}aibhc l~pa$bnpp hbm np}hlcaponm z|awh}n lhbeabf h`}awa}anp" Ab }on

Lnbnc~ i~b}|anp# abp}a}~}aibhc canb} ib}h`}p vn|nl|ihmnbnm chp} qnh|" ]on gi`~p ab }on Pvapp dh|en}|ndhabp ib abp}a}~}aibhc l~pabnpp hbm z|awh}n lhbeabf"]vnb}q$ibn g~bmp h|n `~||nb}cq |nfap}n|nm ab Canò}nb$p}nab5 on|n }ii# \@D ib`nb}|h}np ch|fncq ib }on z|awh}nlhbeabf dh|en}" \nch}awncq bnv dh|en}p gi| \@D abN~|izn h|n Mnbdh|e# A`nchbm# Dhc}h hbm }on ^ba}nmEabfmid"

H} }on lnfabbabf ig <::?# \@D |nfap}n|nm pnwnb ig a}pg~bmp ab Kn|pnq hbm }on E" H z|idapabf dh|en} gi| }ondnma~d }i cibf }n|d ap Hpah"

Zh|hccncabf }on nzhbpaib ig \haggnapnb Ab}n|bh}aibhc#\haggnapnb @hza}hc Dhbhfndnb} ohp lnnb abwicwnm abNhp}n|b N~|izn pab`n hp cibf hfi hp 8111" Hb adzi|}hb}dacnp}ibn vhp }on N^‑p nbch|fndnb} ab <::=# voaò zh$wnm }on vhq gi| map}|al~}aib hzz|iwhc ig @A]P$AAA g~bmp ab}on bnv dndln| i~b}|anp" Pab`n }onb# \@D ohp lnnbìb}ab~hccq nzhbmabf a}p z|im~`} zi|}gicai hbm# g|id }onlhpn ig }on z|awh}n lhbeabf `canb}ncn# ohp iznbnm ~z bnv}h|fn} f|i~zp ab }on |n}hac h|nh" H} }on nbm ig <::6# }on|nvn|n <= \@D g~bmp |nfap}n|nm ab Zichbm# <? ab }on @{nò\nz~lca`# 8? ab Pciwheah# <7 ab O~bfh|q# <: ab Pciwnbah#88 ab \idhbah# 8: ab L~cfh|ah hbm <: ab Ch}wah"

\N]HAC G^BMP

H oafocq p~``nppg~c <::7 vhp giccivnm lq h mn`cababf}|nbm gi| |n}hac g~bmp ab <::6" Ab p}nz va}o }on dh|en}# |n}hacg~bm hppn}p nhpnm pcafo}cq lq >"> zn| nb} idzh|nm }iibn qnh| nh|can|" Hp ig nbm$<::6# \haggnapnb @hza}hcDhbhfndnb} }o~p dhbhfnm g~bm hppn}p ig N^\ 87"7laccaib /<::7; N^\ 86"7 laccaib! gi| |n}hac ~p}idn|p" \@D‑pdh|en} poh|n ab |n}hac g~bmp# h} hli~} <: zn| nb}# |ndha$bnm ìbp}hb} h} }on z|ai|$qnh| cnwnc" ]on ìdzhbq }o~pìb}ab~np }i ln }on pnìbm ch|fnp} z|iwamn| ab }oap pnf$dnb} ig }on dh|en}"




=8

\n}hac abwnp}i|p& |~po }i }on pn`~|a}q ig z|abàzhc z|i}n`}aibvhp |nmi~lcnm lq }on }~|diac ab pn`~|a}anp dh|en}p;F~h|hb}nn g~bmp ‐ voaò iggn| z|abàzhc z|i}n`}aib hbm abdhbq hpnp hcpi z|i}n`} abwnp}i|p‑ fhabp ‐ vn|n }on }izpnccn|p gi| }on pnìbm qnh| |~bbabf" H oafo z|izi|}aib igbn} abgcivp vnb} }i }oap g~bm `h}nfi|q"Gi~| bnv |n}hac g~bmp vn|n ch~bònm ab <::6# }va`n hpdhbq hp ab }on qnh| lngi|n" ]onpn gi~| bnv g~bmp ‐\haggnapnb$Onhc}o@h|n$Fh|hb}angibmp ab }on pz|abf#\haggnapnb$Ndn|fabf$N~|izn$Pdhcc@hz ab }on p~ddn|#hbm \haggnapnb$Vhòp}~dpcíbmn|$Fh|hb}angibmp hbm

\haggnapnbgibmp$Hbcnaonb ab }on ghcc ‐ vn|n vncc |n`nawnmlq abwnp}i|p# va}o }on f~h|hb}nn g~bmp hcibn h}}|h`}abfN^\ 0:: daccaib ab bnv hppn}p" H} }on lnfabbabf ig <::?}on |n}hac g~bm |hbfn iggn|abf vhp hcpi nzhbmnm lq }onhc|nhmq dnb}aibnm \haggnapnb$Ndn|fabfHPNHB$He}anbhbm lq hb hlpic~}n |n}~|b z|im~`}# P}hlaca}í}pgibmpVhòp}~dpcíbmn|"

Pafbaga`hb} f|iv}o ab <::6 vhp hcpi hòanwnm ab \haggnapnbg~bm$lhpnm phwabf; Hcdip} =1#::: bnv ìb}ab~i~pphwabfp zchbp /va}o abwnp}i|p dheabf h~}idh}nm |nf~ch|ìb}|al~}aibp! vn|n hmmnm chp} qnh|# hb ab`|nhpn ig 8? zn|`nb} }oh} l|i~fo} }on bnv }i}hc }i bnh|cq 0<:#::: ib$

}|h`}p"

ZN\GI\DHB@N AB <::6

\haggnapnb @hza}hc Dhbhfndnb}‑p }adn$}np}nm h`}awndhbhfndnb} p}qcn hfhab z|iwnm a}pncg ab <::6" Ab dhbq`h}nfi|anp hbm |nfaibp# \haggnapnb pn`~|a}anp g~bmp lnh}li}o }on dh|en} hbm }ona| lnbòdh|e" ]onpn p~zn|ai||n}~|bp vn|n |nìfbapnm ab b~dn|i~p hvh|mp gi| }on <::6zn|gi|dhb`n qnh| hbm gi| d~c}a$qnh| zn|aimp nbmabf ab<::6"

HB HL^BMHB] OH\WNP] IG H@@ICHMNP

]on hbb~hc hvh|mp pnhpib gi| abwnp}dnb} ga|dp hfhabqancmnm h |aò oh|wnp} gi| \@D h} oidn hbm hl|ihm# ab$`c~mabf d~c}azcn |nìfba}aib hp }iz libm dhbhfn| ab hvamn |hbfn ig i~b}|anp" ]oap hvh|m ap zh|}a`~ch|cq dnhb$abfg~c ab }oh} libm g~bm dhbhfndnb} |nz|npnb}p ibn ig\@D‑p z|abàzhc i|n idzn}nbànp hbm ap mncawn|nm nb$}a|ncq lq }on ab$oi~pn g~bm dhbhfndnb} i~} ig Wanbbh"

PNCN@]NM OIBI^\P HVH\MNM AB <::?

2 ]on gabhb n dhfh{abn# @hza}hc# oipn \@D hp }onlnp} ig 8:: g~bm ìdzhbanp ab Fn|dhbq# honhm igFn|dhb idzn}a}i|p baib Abwnp}dnb} hbm MVP"]on H~p}|ahb dh|en} cnhmn| hcpi |n`nawnm# gi| }on gag}oìbpn`~}awn }adn# @hza}hc&p oafonp} |h}abf ig gawn p}h|p"

2 Ab }on Cazzn| G~bm Hvh|mp# \@D vhp bhdnm lnp}g~bm dhbhfn| iwn| }o|nn qnh|p ab H~p}|ah# Fn|dhbq#A}hcq hbm G|hb`n hbm }iie b~dn|i~p ga|p} zch`np gi|abmawam~hc g~bmp iwn| }o|nn hbm gawn qnh|p# bi}hlcq gi|

\haggnapnb$N~|hpanb$He}anb hbm \haggnapnb$N~|izh$OafoQancm"2 H} }on₣~|i$G~bm$Hvh|mp# }o|nn \@D g~bmp ohm

}iz$}o|nn gabaponp; \haggnapnb$N~|hpanb$He}anb zch`nmga|p} iwn| gawn qnh|p hbm pnìbm iwn| }o|nn qnh|p#\haggnapnb$N~|izh$OafoQancm hdn pnìbm iwn| gawnqnh|p hbm }oa|m iwn| }o|nn qnh|p# hbm \haggnapnb$Ip}n~|izh$\nb} }iie pnìbm zch`n iwn| }o|nn qnh|p"


GI\NAFB HPPN]P ^BMN\ DHBHFNDNB] LQ \NFAIB

IWN\PNHP)Ê 88.

VNP]N\B N^\IZNN_ A]HCQ HBM FN\ 88.

@NN 80.

FN\DHBQ 08.

A]HCQ 0=.



=<

\@D HL\IHM

HP IG 08 MN@NDLN\ <::6

FN\DHBQ 811? 07

G\HB@N 811? <8

A]HCQ 8111 =?

PZHAB <::< =PVA][N\CHBM <::0 +

C^_NDLI^\F <::0 <8

CAN@O]NBP]NAB <::= <8

^BA]NM EABFMID <::= ?

A@NCHBM <::7 >

DHC]H <::6 +

BN]ON\CHBMP <::6 +

KN\PNQ <::6 ?

O^BFH\Q 811? <7

PCIWHEAH 811? 8?

@[N@O \NZ^LCA@ 8111 <?

CA]O^HBAH <::: +@\IH]AH <::< +

\^PPAH <::= +

PCIWNBAH <::= <8

ZICHBM <::> <=

CH]WAH <::7 <:

L^CFH\AH <::7 8:

\IDHBAH <::6 88

VNP]N\B N^\IZN @NN

@I^B]\Q DH\EN] NB]\Q \NFAP]N\NMG^BMP

@I^B]\Q DH\EN] NB]\Q \NFAP]N\NMG^BMP

+ G^BM \NFAP]\H]AIB AB ZCHBBABF P]HFN

CAZZN\ G^BM HVH\MP FN\DHBQ

LNP] CH\FN LIBMDHBHFN\ IWN\ 0 QNH\P

ABMAWAM^HC$G^BM HVH\MP;Lnp} g~bm; \haggnapnb$N~|izh$OafoQancm iwn| 0 hbm > qnh|pLnp} g~bm; \haggnapnb$N~|hpanb$He}anb iwn| > qnh|p

CAZZN\ G^BM HVH\MP H^P]\AH

LNP] CH\FN G^BM @IDZHBQ AB DA_NM HPPN]P HBM LIBMDHBHFN\ HPPN] @CHPPNP

ABMAWAM^HC$G^BM HVH\MP;Lnp} g~bm; \haggnapnb$N~|izh$OafoQancm iwn| 0 hbm > qnh|pLnp} g~bm; \haggnapnb$N~|hpanb$He}anb iwn| 0 hbm > qnh|p

CAZZN\ G^BM HVH\MP G\HB@N

LNP] LIBM DHBHFN\IWN\ 0 QNH\P

ABMAWAM^HC$G^BM HVH\MP;Lnp} g~bm; \haggnapnb$N~|izh$OafoQancm iwn| 0 hbm > qnh|pLnp} g~bm; \haggnapnb$N~|hpanb$He}anb iwn| 0 hbm > qnh|p

CAZZN\ G^BM HVH\MP A]HCQ

LNP] CH\FN LIBM DHBHFN\IWN\ 0 QNH\P

ABMAWAM^HC$G^BM HVH\MP;Lnp} g~bm; \haggnapnb$Mqbhda`$Libmp iwn| 0 qnh|pLnp} g~bm; \haggnapnb$N~|izh$OafoQancm iwn| 0 hbm > qnh|pLnp} g~bm; \haggnapnb$N~|hpanb$He}anb iwn| 0 hbm > qnh|pLnp} g~bm; \haggnapnb$Ip}n~|izh$\nb} iwn| 0 qnh|pLnp} g~bm; \haggnapnb$N~|i$\nb} iwn| > qnh|p

DI\BABFP]H\ HVH\MP H^P]\AH

ABMAWAM^HC$G^BM HVH\MP;Lnp} g~bm; \haggnapnb$IE$Pznàhc$\nb}

CAZZN\ N^\IZNHBG^BM HVH\MP

ABMAWAM^HC$G^BM HVH\MP;Lnp} g~bm; \haggnapnb$Mqbhda`$Libmp iwn| 0 qnh|pLnp} g~bm; \haggnapnb$N~|i$\nb} iwn| > qnh|pLnp} g~bm; \haggnapnb$N~|izh$OafoQancm iwn| 0 hbm > qnh|p

@HZA]HC DHFH[ABN

]IZ \H]ABF IG > P]H\P GI\ GAG]O@IBPN@^]AWN ]ADN# HBM GA\P] ZCH@NI^] IG 8:: AB]N\BH]AIBHC G^BM@IDZHBANP AB FN\DHBQ

F\IV]O AB \@D F\I^Z‑P HPPN]P^BMN\ DHBHFNDNB] AB N^\ LACCAIB

PI^\@N; INEL# \@D

11 :: :8 :< :0 := :> :7 :6

87"78?"0 8?"1 81">

<8">

<6"?+

07"8+

=8"<+

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Annual report 2007 Raiffeisen capital

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