navara

(,%O

BjgVcd

IZVcV

Hnae]n

AVi^dHedgi

HZcigVHedgi

c_ZXi^dcY^ Zc\^cZiZX]cdad\ ZhZa n#

)% (C b$'% %% ge b )L9)=

)L9)AD

^[[ZgZci^VaAH

9 IgVch[Zghi]ZcZ XZhhVgnigVXi^dc idl]^X]ZkZgl cZZYh^ibdhi# ]ZZai]Vi c[dgbVi^dch]dlc^h[dg6jidA:)L9kZgh^dcjcaZhhdi]Zgl^hZhiViZY# ;ZVijgZhVcYheZX^[^XVi^dchVgZhjW_ZXiidX]Vc\ZYZeZcY^c\dcbVg`ZigZfj^gZbZcih#EaZVhZXdchjaindjgadXVaYZVaZg#

)AD

*%%

-%

)%%

+% )%

%

*"heZZY6jid IgVchb^hh^dc bVi^X

KZghVi^aZVcYgZ hedch^kZ!i]^h*" heZZY igVchb^hh^dcl^i] dkZgYg^kZ]dhihV c ^begZhh^kZVggVnd [VYkVcXZYXdb ejiZg^hZY iZX]cdad\^Zhi] VibVm^b^hZZ[[^X ^ZcXnl]^aZ Zchjg^c\Vhbdd i]!YncVb^Xg^YZ ViVaai^bZh#

A^b^iZYHa^e9

EdlZg

&%%

(%%

IdgfjZ

'%%

'%

+"heZZYBVcj

VaIgVchb^hh^d

L^i]V\ZVggVi^d c i]ViÉhadlZgViadl \ZVgh VcYl^YZgVi]^\ ]\ZVgh!i]^h+"he ZZYbVcjVa igVchb^hh^dcd[[Z ghgZhedch^kZVX XZaZgVi^dc! hbddi]"h]^[i^c\ deZgVi^dcVcYi] ZXdcigda ndjcZZY[dgVcn h^ijVi^dc#

&%% -

&+ ') (' )% % )-

GZkdaji^dchgeb

m&% ' 

'L9KVg^Vci

BVmEdlZg/

&% +` L & )) eh $) %%

BVmIdgfjZ/

(* +C b$'% %% ge b

%g eb

Djieji`L

'L9

+%%

&'%

N9'*99I^B^Y

&%%

EdlZg

+%% *%%

-%

)%%

+%

(%%

)% IdgfjZ

'% %

IjgWd8]Vg\Z gl^i]K CdooaZIjgW^cZ Vg^VWaZ KCI

'%% &%%

-

IdgfjZCb

8dcig

daaZY)L9Hnh I]ZC6K6G6Éh iZb ÆH]^[i"dc"i]Z"; anÇ)L9hnhiZb ndjZVh^anhl^iX aZ ih ]WZilZZc'L 9VcY)L9) ]Vk^c\idhide =l^i]dji i]ZkZ]^XaZVhad c\VhndjÉgZigVk aZhhi]Vc&%%`b Zaa^c\Vi $]#I]ZgZVgZi] gZZYg^k^c\bdY X]ddhZ[gdbÅ Zhid 'L9!)=VcY )AD#

%g eb

Djieji`L

&' -` L & ,) eh $) %%

:aZXigdc^XVaan

,%%

&'%

IdgfjZCb

)L9KVg^Vcih

BVmIdgfjZ/

N9'*99I^=^\]

&)%

BVmEdlZg/

8dbbdcGV^a9 ^gZXi >c_ZXi^dc9^Zh Za:c\^cZ

% &+ ') (' )% )-

GZkdaji^dchgebm&

% '

>ciZgXddaZg

 L 6 G B D G ; 9 : K 86G A : : I H 9 C 6 A 6 I : B

[dgi^ijYZ

ah!\^k^c\^ii]Z i]Zidj\]Zhid[bViZg^V db [g iZY jae hX ^h 6 6G I]ZC6K Zh^ihlVn# gejc^h]bZcii]ViXdb idl^i]hiVcYVcnVWjhZd

L^h]WdcZl^i] >cYZeZcYZci9djWaZ WZg dg 8d^aDkZgH]dX`6Wh cigdaVcY]VcYa^c\

h\gZViXd I]ZC6K6G6edhhZhhZ Zch^dc Zl^h]WdcZ[gdcihjhe jWa Yd Zci l^i]^ih^cYZeZcY g# W^a^hZgWV l^i]Xd^aheg^c\hVcYhiV

HigZc\i][gdbl^i]^c

ZiVa[gVbZheZX^Vaan aZ"aVnZgZY]^\]"iZch^aZb 7j^aiidj\]l^i]VYdjW higZc\i]^icZZYh#>c Y\^kZhi]^hX]Vhh^hi]Z i]^X`ZcZYVcYgZ^c[dgXZ h^\cZYidVWhdgWi]Z ]^hX]Vhh^h[gVbZ^hYZ i]ZZkZcid[VXdaa^h^dc!i ^beVXihV[Zan#

i]H]dX`6WhdgWZg

Bjai^AZV[Heg^c\l^

d

Vg\ cV\^c\i]ZZmXZhh^kZX 6^Yhi]ZigjX`WZY^cbV iZggV^c# adVYhZkZcdcgj\\ZY

CZlEaVi[dgb D[["gdVYHeZX^Va^hi

° 9ZeVgijgZVc\aZ')

nhiZZe]^aa#

VhXZciidYZhXZcid[Vc

gV^cl^i]ZVhZ![gdbi]Z

IgVkZghZi]gdj\]VcniZg

^\cZ[[ZXi^kZan I]^hcZleaVi[dgbYZh Yk^WgVi^dchd[ XdjciZghi]Z^beVXiVc fjVa^in# ^YZ ]g i]ZgdVY[dghbddi i]ZC6K6G6 d[ i^dc gVX =VcYa^c\VcYi i# Vahd^begdkZVhVgZhja

6eegdVX]Vc\aZ('

°

9^[[ZgZci^Va8dkZg

i"kZci^aVi^c\ i^VaXdkZg[ZVijgZh]ZV I]^hVajb^c^jbY^[[ZgZc g^XVci# a^[Zd[i]ZY^[[ZgZci^VaajW [^chi]Vi]Zaeegdadc\i]Z

>c[dgbVi^dch]dlc^h[dg6jidA:)L9kZgh^dcjcaZhhdi]Zgl^hZhiViZY# ;ZVijgZhVcYheZX^[^XVi^dchVgZhjW_ZXiidX]Vc\ZYZeZcY^c\dcbVg`ZigZfj^gZbZcih#EaZVhZXdchjaindjgadXVaYZVaZg#

%+q%,

@>Cc[dgbVi^dch]dlc^h[dg6jidA:)L9kZgh^dcjcaZhhdi]Zgl^hZhiViZY# ;ZVijgZhVcYheZX^[^XVi^dchVgZhjW_ZXiidX]Vc\ZYZeZcY^c\dcbVg`ZigZfj^gZbZcih#EaZVhZXdchjaindjgadXVaYZVaZg#

>c[dgbVi^dch]dlc^h[dgCVkVgV@^c\8VW+BI)L9kZgh^dc# ;ZVijgZhVcYheZX^[^XVi^dchVgZhjW_ZXiidX]Vc\ZYZeZcY^c\dcbVg`ZigZfj^gZbZcih#EaZVhZXdchjaindjgadXVaYZVaZg#

%-q%.

dX]Vc

Vi^dchVgZhjW_ZXii

;ZVijgZhVcYheZX^[^X

: A 7 6 I G D ; B D 8 C J N =6G9A

djWaZ8VW#;^iiZYl^i] iZg^dgd[i]^hC6K6G69 ^c ]Z 8VW hi h^ dc ci^ kZ dc aaX hh!i]^hC6K6G69djWaZ 7gZV`^c\V cZ jh X^d eV \h Y^c ZV ha Vh dVhi^c\Xa eajh]aZVi]ZghZVihVcYW =:GIGJ8@:G# DI ^hYZ[^c^iZandcZ]j\ZB VaZg# ]Zgl^hZhiViZY# idA:)L9kZgh^dcjcaZhhdiY^c\dcbVg`ZigZfj^gZbZcih#EaZVhZXdchjaindjgadXVaYZ >c[dgbVi^dch]dlc^h[dg6j \ZYZeZc X]Vc ZXiid hjW_ hVgZ Vi^dc ;ZVijgZhVcYheZX^[^X

^c\gVe]^iZ# adjg^hVkV^aVWaZdcan 9kZgh^dc# I]ZVXijVa^ciZg^dgXd ^c\8VW+BI)L YZVaZg# V@ kVg CV [dg c^h >c[dgbVi^dch]dl gZbZcih#EaZVhZXdchjaindjgadXVa g`ZigZfj^ \ZYZeZcY^c\dcbV

C L D  G J D N  ; D  N G D I > G G : 6INIDJ:A9

^dc^hjcVkd^YVWaZ VcYYVbV\ZWnVXi^kVi^c\i]ZWgV`Zh!gZhigV^c^c\ VbV\Zl]ZcVXdaa^h dad\n]ZaehgZYjXZ^c_jg^Zh =Zaehb^c^b^hZi]ZY X]c ciZ WZVkd^YZY!VYY^i^dcVaC^hhV

ZaehegdiZXieZdeaZ#Ç

]^XaZi]Vi] C^hhVcÉhXdcXZeid[Æi]ZkZ

Y!egdVXi^kZ H]^ZaYÇXdcXZei!VcVYkVcXZ dkVi^dcVheVgid[^ihÆHV[Zin ^cc jZh hkVg^djh jgh k^YZ ce egd ^hhV X] n!C gdV ad\ Vee >ci]ZVgZVd[hV[ZiniZX]cd ZaeegdiZXieZdeaZ#I]^h Y] dja h] Vgh ViX Vi] ZgVc\Z l^Y ^YZ WVhZY dc i]Z ^hZYidZVX]d[V VeegdVX] idhV[Zin^hhjZh Zgh^clVnhi]ViVgZdei^b Vc\ ^YY Vkd iiZg WZ Zgh Zc\ gVcYeVhh dhi"XgVh]Ç# bZVhjgZhid]Zaei]ZYg^kZ hcdinZiVeeZVgZYÇidÆe aZbVnWZ^c![gdbÆg^h`]V ]^X ZkZ ii] i]V XZh iVc bh d[X^gXj

dbZd[i]ZhZ^ccdkVi^dch iVWaZYg^k^c\ V[ZYg^k^c\XdcY^i^dch#H bV^ciV^cXdb[dghb gi]ZYg^kZgidbV^ciV^ch g[d Vh^Z ceVg`^c\![dgZmVbeaZ# ^iZ l]Z =Zaehi]ZYg^kZgid V`Z cY ]iV \^Z ZY^ViZhjggdjcY^c\hVic^\ eeZVgZY!C^hhVciZX]cdad

>cXVhZhl]ZcVXgVh]XVccdi ]ZgbZVhjgZh# eVhhZc\Zgh!VcYVeean^c\di

9jgVWaZ9ddgHigjXijgZ

m^bjb

Yddg\jVgYWVghZchjgZbV

igV^ciHnhiZb 9jVaHjeeaZbZciVgnGZh HGH6^gWV\h

6gZ^c[dgXZYhigjXijgZVcY h^YZ^beVXiegdiZXi^dc#

ZgZ Vi^XVaan^ci]ZZkZcid[VhZk HGHV^gWV\hYZeadnVjidb i [gdc ]Z idi jgn [^c_ Zg^h`d [gdciVa^beVXiidb^c^b^hZi] kZg# Yg^ VcY \Zg hZc eVh

i]Z^bb :kZcl]Zcg^h`]VhcdiV ^W^a^inVcYVlVgZcZhhd[ l]^aZdi]ZghZc]VcXZk^h gZYjXZi]ZYg^kZgÉhWjgYZc!

MZcdc=ZVYaVbeh

g^\]i Zcdc]ZVYaVbeh#I]ZW HZZVcYWZhZZcl^i]M c^c ^h^d \k ^k^c Yg WaZ hh^ ed Zhi WZVba^\]iZchjgZhi]ZW Vi gY glV n[d ^aajb^cVi^c\i]ZlV i]ZYVg`]djgh!XaZVgan d aZi iVW _jh VY i^h #7ZVb]Z^\] Wdi]]^\]VcYadlaZkZah )aZkZah# aVi^dch#

8dbea^Vcil^i]?E?gZ\j

=^\]Bdjci HideAVbe

Zl 8Vghl^aa\ZiVXaZVgk^ ih b^ [gd d[i]ZhideaVbe  dc ZY jci bd ]^\]edh^i^dc  X`# i]Zigj

GZ^c[dgXZYYddghigjXijgZ

HeZZY"hZch^c\ >ciZgb^iiZci L^cYh]^ZaYL^eZgh

9ddg\jVgYWVgh

OdcZ7dYn8dchigjXi^dc

iZXi^dc[dg i^dcegdk^YZhi]Zjai^bViZegd C^hhVcÉhOdcZ7dYnXdchigjX XijgZhVcY higj ^c\ c[dgXZY!ZcZg\n"VWhdgW i]ZeVhhZc\ZgXVW^cl^i]gZ^ ih# eVX gWhhZkZgZ[gdciVa^b VXgjh]VWaZodcZi]ViVWhd

cY^c\ DeZgVi^dckVg^ZhYZeZ Zc^i l] ZY eZ aZh ]^X kZ dci]Z Z# ^hdc^ciZgb^iiZcibdY HV[ZinodcZ 8gjh]VWaZodcZ

c\ XdcY^i^dchidhV[ZYg^k^ g[gdbYVc\Zgdjhaei kZ Xd gZ id ^i# Zg d^Y g^k gVk g^kZ ZY ]ZY i] =Zaeh ZVhjgZh]Z ^c\hVcYVjidbVi^XXdjciZgb ^hig^Wji^dc L]ZcVg^h`VeeZVgh!lVgc :aZXigdc^X7gV`Z;dgXZ9X^c\WgV`^c\Xdcigdaid ]Vc nZc b 8dcig^WjiZhidhV[ZYg^k^c\W 6ci^"adX`7gV`^c\HnhiZ adVYh# gZkZci^c\l]ZZa XZWnZaZXigdc^XVaane Dei^b^hZhWgV`^c\eZg[dgbVc ZkZc^c bV^ciV^cY^gZXi^dcVaXdcigda adX`jeidZcVWaZi]ZYg^kZgid ch# KZ]^XaZl^i]67H ZbZg\ZcXnWgV`^c\h^ijVi^d

7gV`^c\ed^ci

Zl^i]Y^[[ZgZci

dei^b^hZWgV`^c\eZg[dgbVcX

:79

&#9g^kZgdcan

l^i]:79

'#AdVYZYl^i]:79 KZ]^XaZl^i]dji67H

&VcY( GZVgWgV`Z[dgXZ/aVg\Zgi]Vc

l^i]dji:79

(#AdVYZYl^i]dji:79

gXZYZeZcY^c\dci]ZadVY#

:79dei^b^hZhgZVgWgV`Z[d

gZ

eZdeaZ!kZ]^XaZhVcYcVij

HZZ`^c\VhnbW^dh^hd[

Z]^XaZh VhnbW^dh^hd[eZdeaZ!k ]nXVcWZYZhXg^WZYVh!Æ hde [jijgZ# ]^ad Vae i]Z Zci [dg dVa dcb jg\ ck^g C^hhVcÉhZ hdX^ZincdlVcYd Va[dgVhjhiV^cVWaZbdW^aZ \dVa!VcY i]Z a^hZ gZV id ^kZh _ZXi VcYcVijgZ#Ç>i^hdjg^YZ X^[^XdW c[dgbVi^dch]dlc^h[dg6jidA:)L9kZgh^dcjcaZhhdi]Zgl^hZhiViZY# ;ZVijgZhVcYheZX^[^XVi^dchVgZhjW_ZXiidX]Vc\ZYZeZcY^c\dcbVg`ZigZfj^gZbZcih#EaZVhZXdchjaindjgadXVaYZVaZg#

&)q&*

DEI>DC6A688 :HHDGN C^hhVcJi^a^in7dm ViGB&'%%^cX ajh^kZd[^chiVaaVi^d c#

Idj\]VcYYjgVWa Zl^i]VaVg\ZadVY ^c\XVeVX^ind[' Ji^a^in7dm[^iheZg %%AK96!i]ZC [ZXianl^i]i]ZYZ ^hhVc X`d[ndjgC6K6 ndjgkZ]^XaZÉhk^h G 6 l^i]dji]VbeZg^c ^W^a^in#8dchigjXi \ ZYl^i]]^\]"fjVa EdanZi]naZcZB ^inBZY^jb9Zch^ 9E:!i]ZWdm^h in  & %%lViZgVcYJ XdbeaZiZanhZVaZY KgZh^hiVciVcY^h l]Zc^i^hXadhZ  YidgZYjXZcd^hZ YjZidk^WgVi^dc# 

C^hhVcEgdYjXiFjVa^inEda^Xn Idegdk^YZZVX]d[djgXjhidbZghl^i]V Xdch^hiZcian]^\]aZkZad[fjVa^in!lZVeean i]ZhVbZ]^\]fjVa^inhiVcYVgYhldgaYl^YZÄ Zchjg^c\i]ViVaaC^hhVckZ]^XaZdlcZgh Zc_dnVeZVXZd[b^cY#

6beaZhidgV\Z

heVXZ

7D9N8DADJGH BV`ZndjgeZghdcVa^hZYX]d^XZ[gdbi]ZhZWdaYXdadjgh#

HjegZbZ7aVX`

Ijc\hiZcH^akZg

Il^a^\]iDCH C6K6G69DJ7A:867

BdYZa KVg^Vci IgVchb^hh^dc$beVXi9ddgciZg^dg8dadjg · · · · · · · · · · · · · · M ·  7dYn8dadjg 7dYn8dadjg 7dYn8dadjg 7dYn8dadjg · · · · · · · Dei^dcVa · · · · · · · · · · · ·

HGHHjeeaZbZciVgnGZhigV^ciHnhiZb!67H6ci^"adX`7gV`^c\HnhiZb!:79:aZXigdc^X7gV`Z"[dgXZ9^hig^Wji^dc

9>B:CH>DCH 6hdcZd[i]ZaVg\Zhi^c^ihXaVhh!i]ZC^hhVcC6K6G6\^kZhndji]ZcZXZhhVgnheVXZ[dgndjgdXXjeVcihVcYXVg\dVa^`Z# C6K6G69DJ7A:867

C6K6G6@>CcYZeZcYZci9djWaZL^h]WdcZl^i]8d^aDkZgH]dX`6WhdgWZgVcY;gdciHiVW^a^hZg7Vg    Bjai^AZV[Heg^c\l^i]H]dX`6WhdgWZg   EdlZg6hh^hiZYGVX`E^c^dcHiZZg^c\     +#* 9jVaX^gXj^ih0 9jVaX^gXj^ih0[gdcigZVg 9jVaX^gXj^ih0 9jVaX^gXj^ih0[gdcigZVg [gdcigZVgY^hig^Wji^dc Y^hig^Wji^dcl^i]67H:79 [gdcigZVgY^hig^Wji^dc Y^hig^Wji^dcl^i]67H:79





;gdci



 GZVg   EVg`^c\  6aadnL]ZZaH^oZ   IngZH^oZ    6eegdVX]6c\aZ   9ZeVgijgZ6c\aZ   9^bZch^dch$LZ^\]i$Idl^c\8VeVX^in DkZgVaaAZc\i]   bb DkZgVaaL^Yi]   bb DkZgVaa=Z^\]i   bb L]ZZaWVhZ   bb IgZVY ;gdci bb  GZVg bb B^c#