Professional Documents
Culture Documents
060810digitofagia Complete PDF
060810digitofagia Complete PDF
060810digitofagia Complete PDF
"USJCVJÎÜFTEB-JDFOÎB
&ʽBQVCMJDBÎÍPGPJQSPEV[JEBDPNPBQPJPEB1MBUBGPSNB4BSBJ8BBH&YDIBOHF
JOJDJBEBQFMB8BBH4PDJFUZ "NʽFSEBN
FQFMPMBCPSBUØSJP4BSBJ$4%4 %FMIJ
"1MBUBGPSNB4BSBJ8BBH&YDIBOHFÏBQPJBEBQFMP.JOJʽÏSJPEBT3FMBÎÜFT&YUF
SJPSFTEB)PMBOEB
&ʽFMJWSPÏVNBFEJÎÍPEB3BEJDBM-JWSPTDPNPTFMP$PNVN
$PQZSJHIU3BEJDBM-JWSPT
XXXDPNVNMBCPSHTFMP
IUUQDPNVNSBEJDBMMJWSPTDPNCS
A
RÀ FIC
LOG
C ATA
ICHA
D OF
A LTAN
F
.BOJGFʽPBOUSPQPGÈHJDP EJHJUPGBHJBNJY
QPS%+3BCCJ
1PMÓUJDBTEP4BNQMFS
07FOFOPEB-BUB
QPS.BSDVT#BʽPT
"TTJOP
MPHPFYJʽP
QPS$JDFSP*OBDJPEB4JMWB
0QFSBÎÍP1JSBUB
QPS)FSOBOJ%JNBOUBT
*NBHFNBÎÍP
/ÍPÏQPTTÓWFMTPDJFEBEFEFDPOUSPMFFEFMFV[F
QPS"OESF-VJT-B4BMWJB
8PSLJO1SPHSFTTQFSGPSNBODF
WKJOHXJSFMFTT
QPS.JMFOB4[BmS
0$JOFNBDPNP1SFʽBÎÍP
EF4FSWJÎP 3BEJP&EJU
QPS$JOF'BMDBUSVB
$POEJÎÍP*NQFSNBOFOUFEP
4JHOJmDBEPEF1SPEV[JS7ÓEFP
QPS²SJLB'SBFOLFM
4POTF4JTUFNBT
%JÈʼPSB3ÓUNJDBUÏDOJDBDPNP
GFSSBNFOUBEFNVOEJBMJ[BÎÍP
QPS"OUSPQPCBTT
"SFEFJO EJ
WJTÓWFMEPGVOL
QPS#SVOP/BUBM
&ʼBÎP<OBWF>NBOJGFʽBÎÍP
DPMFUJWBEPBQBSFMIBNFOUPNJEJÈUJDP
QPS(JTFMJ7BTDPODFMPT
0BOBMØHJDPFPEJHJUBM
QPS1FESP'FSSFJSB
5FPSJBT5ÈUJDBT
"FSBEPSVÓEPTFNSVÓEP
QPS4ÏSHJP3#BTCBVN
*OUFSGBDFTDPNBSFBMJEBEF
QPS-VDBT#BNCP[[J
$PMFUJWBÎÜFT
$PMFUJWPTBÎÜFTEFPOUFNFEFIPKF
QPS%BOJFMB-BCSB
$VNQMJDJEBEFT)FNBUPGÈHJDBTo$PSFPHSBmBT
WFSNFMIPTBOHVF
QPS'BCJBOB#PSHFT
&OUSFPBOUJFʼFUÈDVMPFPBSSBʽÍPTFNJØUJDP
QPS3JDBSEP3PTBT
EJHJUPGBHJBPVEJHJUPFNJB
QPS.ÈSDJP'"SBÞKP+S
(SVQP6SVDVN
3FTMBUJN
DPOUJOVBOEP
QPS"SUIVS-FBOESP
$PSQP'FDIBEP
QPS"MFYBOESF1FSFJSB
3ÏTEP$IÍP$PNP4BUÏMJUF
QPS&ETPO#BSSVT
-JOLBOJBT
$VMUVSBFN3FEF"MHVOT1POUPTQBSB3FnFYÍP
QPS$MÈVEJP.BOPFM%VBSUF
0*NQBʹPEB4PDJFEBEF$JWJM
EFT
0SHBOJ[BEB$VMUVSB%JHJUBM
PT"SUJDVMBEPSFTF4PGUXBSF-JWSF
OP1SPKFUPEPT1POUPTEF$VMUVSB
EP.JO$
QPS'FMJQF'POTFDB
"MFYBOESF'SFJSFF"SJFM'PJOB
0DJCFSGFNJOJTNPOVODB
DIFHPVË"NÏSJDB-BUJOB
QPS5BUJBOB8FMMT
$VMUVSBEJHJUBMEPTNBSHJOBMJ[BEPT
"QSPQSJBÎÍPUFDOPMØHJDBDPMPDBPDSJNF
PSHBOJ[BEPFNSFEF
QPS"ESJBOB7FMPTP
$.*FOUSFBQPMÓUJDBFPNPWJNFOUP
QPS1BCMP0SUFMMBEP
*OUFSWFOÎÜFT%JHJUBJT
/FUBSUFNÓEJBBUJWJTNP
QPS1SJTDJMB"SBOUFT
.Z@"QPMPHJ[F
QPS#SVOOP(BMWÍP
;POBEFSJTDPQPÏUJDBTEFJOUFSWFOÎÍPEJHJUBM
QPS$ISJʽJOF.FMMP
4PCSFPT"VUPSFT
"NBJMJOHMJTUEP%JHJUPGBHJBQFSNBOFDFBUJWBDPNPBSRVJWPEPQFSÓPEPEFDPODFQÎÍPF
SFBMJ[BÎÍPEPGFTUJWBM*OTDSFWBTF
"MHVOTSFHJTUSPTFEPDVNFOUBÎÍPTPCSFDBEBVNBEFTTBTJOJDJBUJWBTDJUBEBTFTUÍPEJTQP
OÓWFJTOPXFCTJUFIUUQXXXNJEJBUBUJDBPSH"DFTTPFNKVO
mDBWBNEFGPSBEFTTBDPODFJUVBÎÍP
OÍPGPTTFNFMBTKÈNBSHJOBMJ[B
EBTOPDPOUFYUPHFSBMEBBSUFFEBUFDOPMPHJBFFNFʽVEPTEFDJCFS
DVMUVSBPVFNDPNVOJEBEFTBUJWJʽBT&MFNFOUPTDPSSFOUFTDPNPB
QSÈUJDBEBQJSBUBSJB
PNPEPEFBUVBÎÍPEPTDBNFMÙT
BHBNCJBSSB
B
QSÈUJDBJOEJTDSJNJOBEBFJMFHBMEBTBNQMFBHFNFʼPOUÉOFBFEPSFNJY
OBGPSNBÎÍPEBDVMUVSBCSBTJMFJSB
BDPMBCPSBÎÍPFBQSÈUJDBEPNVUJ
SÍPFSBNQPOUPTOPSNBMNFOUFJHOPSBEPTUBOUPQPSUFØSJDPTRVBOUP
QPSBSUJʽBTFBUJWJʽBT'B[JBGBMUBVSHFOUFVNBSFnFYÍPRVFBCBSDBTTF
FTTBTQSÈUJDBTFBTiSFNJYBTTFwDPNPDPODFJUPUÍPQSØYJNPEFNÓEJB
UÈUJDB%VSBOUFBDPODFQÎÍPEP%JHJUPGBHJB
QFOTPVTFOVNBFʼÏDJF
EFSFBUVBMJ[BÎÍPEFVNUFNBKÈCBʽBOUFQSFTFOUFOBDVMUVSBCSBTJ
MFJSBEPTÏDVMPĩĩ
BBOUSPQPGBHJB&NQBSUFDPOTBHSBEBFNOPTTPT
NFJPT DVMUVSBJT
FN QBSUF EFTDPOIFDJEB OFTTFT NFTNPT NFJPT
EB
BOUSPQPGBHJBTFFʽVEBWBNFTFEJWVMHBWBNEFUFSNJOBEPTBʼFʹPT
FORVBOUPTFJHOPSBWBNPVUSPT1PSDFSUP
EFUFSNJOBEBTSFMFJUVSBTEP
DPODFJUP
DPNPBTSFBMJ[BEBTQFMPDPMFUJWPĕě3BCCJFQFMPUFØSJDPEF
OPWBTNÓEJBT.BSDVT#BʽPT
RVFUSB[JBNP.BOJGFʽP"OUSPQØGBHP
QBSBPDPOUFYUPDPOUFNQPSÉOFPEPTEFCBUFTTPCSFQSPQSJFEBEFJOUF
MFʹVBMFEFEPNÓOJP
OBÈSFBDPNQVUBDJPOBM
EB.JDSPTPGUFEFPVUSBT
DPSQPSBÎÜFT
OPTJOʼJSBSBNBSFMFSBBOUSPQPGBHJBTPCOPWPTPMIPT
0NPWJNFOUPBOUSPQPGÈHJDPEBUBOBSFBMJEBEFEBEÏDBEBEFȵȳ
EPTÏDVMPQBTTBEP
FEFGFOEFVNBBTTJNJMBÎÍPBCTPSÎÍPEFWPSBNFOUP
EFSFBMJEBEFTFDVMUVSBTBMIFJBTBP#SBTJM
DPNPGPSNBEFTFSFBQSPQSJBS
EPQPEFSEP0VUSP
UFOEPDPNPCBTFBQSÈUJDBJOEÓHFOBEFEFWPSBSP
HVFSSFJSP JOJNJHP QBSB UPNBS TFV QPEFS
JODPSQPSBOEPP QBSB FMJNJ
OBSBTEJGFSFOÎBT'PJPQFSÓPEPFNRVFBMJOHVBHFNNBJTQSØYJNBEB
SFBMJEBEFTPDJBMSFBmSNBWBPTWBMPSFTOBDJPOBJTFRVFPDPOUBUPDPN
BTSFWPMVDJPOÈSJBTUÏDOJDBTEBWBOHVBSEBFVSPQÏJBSFTPMWJBNPEJMFNB
OBDJPOBMDPTNPQPMJUB
OVNJEFÈSJPTJOUFUJ[BEPBQBSUJSEP.BOJGFʽP
"OUSPQØGBHPFNQSFFOEJEPQPS0TXBMEEF"OESBEF
GPDBEPOPTVKFJUP
TPDJBMFDPMFUJWP
i4ØBBOUSPQPGBHJBOPTVOF4PDJBMNFOUF&DPOPNJDB
NFOUF'JMPTPmDBNFOUFw
"DPODFQÎÍPEF%JHJUPGBHJBGPJQFOTBSVNBQSÈUJDBBOUSPQPGÈHJDB
RVFSFBUVBMJ[BTTFFTTFJEFÈSJPOPDPOUFYUPEBDVMUVSBEJHJUBM
SFBCBT
UFDFOEPTFVWJÏTMJCFSUÈSJP1BSBUBOUP
BCSBÎBSQSÈUJDBTFʼPOUÉOFBT
OBDVMUVSBDPOUFNQPSÉOFBCSBTJMFJSB
DPNPBQJSBUBSJB
PTDBNFMÙTFB
HBNCJBSSB
TFSJB
RVFNTBCF
VNBGPSNBEFUSB[FSBNÓEJBUÈUJDBQBSB
VNDBNQPNBJTGBNJMJBSFNBJTDPUJEJBOPBPTQSBUJDBOUFT
UFØSJDPT
F BUJWJʽBT CSBTJMFJSPT
F UBNCÏN QVCMJDBNFOUF FYQPS P TFOUJEP EB
DPMBCPSBÎÍPOBTUSPDBTEFJOGPSNBÎÜFT
GB[FSFTFSFDVSTPTNBUFSJBJT
BQBSBGFSOÈMJBUFDOPMØHJDBDPNQBSUJMIBEBQBSBBÎÜFTDPMFUJWBT-PHP
BJEÏJBEFVNXJLJRVFGPTTFDPOʽSVÓEPQPSUPEPTPTQBSUJDJQBOUFT
FEFVNBNBJMJOHMJʽDPNQSFFOEFOEPBEJTDVTTÍPUBOUPEPGFʽJWBM
RVBOUPEPTDPODFJUPTFOWPMWJEPTTFNPʽSPVDBUBMJTBEPSEPBQSPGVO
EBNFOUP EFTTF EFCBUF F EBT OFDFTTJEBEFT FYQPʽBT
Ë NFEJEB RVF
JOÞNFSBT RVFʽÜFT GPSBN MFWBOUBEBT
EJTDVTTÜFT TF JOJDJBSBN F TF
BQSPGVOEBSBN
OPWBTJEÏJBTGPSBNJOUSPEV[JEBTFWÈSJPTUFYUPTGPSBN
QSPEV[JEPT
EJWVMHBEPTFUSBEV[JEPTOFTTFÓOUFSJN
i3PUFJSPT3PUFJSPT3PUFJSPT3PUFJSPT3PUFJSPT3PUFJSPT3PUFJSPTw
"OUFTNFTNPEBSFBMJ[BÎÍPFNTJEPGFʽJWBM
IBWJBKÈVNEFʽBDB
EPWPMVNFEFNBUFSJBMQSPEV[JEP
RVFHFSPVVNMJWSPiEFNPwDIBNB
EP%JHJUPGBHJB$PPLCPPL
FOHMPCBOEPUPEBBSJRVF[BEBTEJTDVTTÜFT
HFSBEBTFNUPSOPEPTUFNBT/ÍPQPSBDBTP
OPWBTGBDFUBTFEJTDVT
TÜFTBÓTVSHJSJBN
DPNPPEFCBUFTPCSFVNQPTTÓWFMDJCFSGFNJOJTNP
OP#SBTJMFPNBSBTNPJEFPMØHJDPEBNÓEJBBSUFCSBTJMFJSB5BNBOIPT
EFCBUFT
EFVNBJNQPSUÉODJBUBMWF[FʽSBUÏHJDBOPBUVBMDPOUFYUPEB
QSPEVÎÍP NJEJÈUJDB CSBTJMFJSB
DPSSFSJBN P SJTDP EF DBJS OVN DFSUP
PʽSBDJTNP
FODFSSBEPPGFʽJWBM
"QSPQPʽBEBQMBUBGPSNB4BSBJ8BBHEFQVCMJDBSVNMJWSPUF
NÈUJDPDPNQPTTJCJMJEBEFEFMBOÎBNFOUPBOVBMEFNBOEBWBQPSDFSUP
BFTDPMIBEFVNUFNBDFOUSBMRVFFOHMPCBTTFVNEFCBUFDPSSFOUF
OPT NFJPT EF NÓEJB UÈUJDB CSBTJMFJSPT 1BSB FʽF QSJNFJSP OÞNFSP
QFOTPVTFFNOÍPBQFOBTSFDVQFSBSVNDPSQVTEFQSPEVÎÍPUFØSJDB
FSFnFYJWBKÈEJʼPOÓWFM
NBTJHVBMNFOUFQPTTJCJMJUBSOPWBTSFnFYÜFT
F EFTFOSPMBSFT
VUJMJ[BOEP VNB SFEF EF UFØSJDPT
BSUJʽBT F BUJWJʽBT
KÈNPCJMJ[BEBEVSBOUFBSFBMJ[BÎÍPEP%JHJUPGBHJB1BSBUBOUP
PCWJB
NFOUF
PUFNBQFOTBEPGPJKVʽBNFOUFB%JHJUPGBHJB
EBEPPSJTDPEF
FTRVFDJNFOUPEPNBUFSJBMQSPEV[JEPFBSFOPWBEBQFSUJOÐODJBFBUV
BMJEBEFEBTRVFʽÜFTBMJMFWBOUBEBT0QSPDFEJNFOUPBEPUBEPQBSBB
GFJUVSBFBPSHBOJ[BÎÍPEPNBUFSJBMBRVJQVCMJDBEPTFEFVUBOUPQFMB
SFDPMIBEFUFYUPTKÈEJʼPOÓWFJTFJOÏEJUPTFNMJWSPRVBOUPQFMBQSP
EVÎÍPEFOPWPTNBUFSJBJTTPMJDJUBEPTBmNEFDPOUSJCVJSDPNOPWBT
SFnFYÜFTFQPTTJCJMJEBEFTEFBQSPGVOEBNFOUP
0MJWSPBRVJBQSFTFOUBEPÏVNmMIPMFHÓUJNPEFʽFQSPDFTTP
%JHJUPGBHJB $PPLCPPL PV %JHJUPGBHJB $VRVFCVRVÐ USB[ PT UFYUPT F NFMIPSFT
NPNFOUPTEBEJTDVTTÍPTFMFDJPOBEPT
FEJUBEPTFEJBHSBNBEPTQPS5BUJBOB8FMMTF
3JDBSEP 3VJ[
EJTQPOÓWFM QBSB EPXOMPBE OP FOEFSFÎP IUUQXXXNJEJBUBUJDBPSH
JQEPXOMPBETEJHJUP@DPPLCPPLQEG"DFTTPFNKVO
"1MBUBGPSNB4BSBJ8BBH&YDIBOHFQSPNPWFBUSPDBEFJEÏJBT
TPGUXBSFTFPVUSPT
SFDVSTPTQBSBDPOTUSVJSSFEFT
BTTJNDPNPGPNFOUBSBTFNFSHFOUFT"QMBUBGPSNB
CSBTJMFJSBÏQBUSPDJOBEBQFMBTEVBTJOTUJUVJÎÜFTRVFGPSNBNPQSPHSBNB
8BBH4P
DJFUZGPS0ME"OE/FX.FEJBJOTUJUVUPIPMÉOEFTRVFPQFSBOPÉNCJUPEBTSFMBÎÜFT
UFDOPMØHJDBTDPNBTPDJFEBEF
FEVDBÎÍP
HPWFSOPFJOEÞTUSJB
F4BSBJ5IF/FX.F
EJB*OJDJBUJWF
RVFEFTFOWPMWFVNQSPHSBNBEFDFOUSPEFFTUVEPTFEFTFOWPMWJNFOUP
EBTTPDJFEBEFTDPNPGPSNBEF SF
DPOIFDFSBDVMUVSBQÞCMJDBVSCBOB
3JDBSEP3PTBTF(JTFMJ7BTDPODFMPT
QBTTBEPVUJMJ[BEBQSJODJQBMNFOUFQBSBDPOʽSVJSCPNCBTEÈHVBOBT
ÈSFBTSVSBJT
GPJVTBEBQBSBFʽBCFMFDFSPDFOUSPEFOPWBTNÓEJBTEP
4BSBJ
NBTSBQJEBNFOUFPVUSBTGPOUFTEFTVCWFOÎÍPGPSBNFODPOUSB
EBT&Nȵȳȳȷ
VNBTFHVOEBGBTFEPJOUFSDÉNCJPDPNFÎPV
RVBOEP
PVUSBT JOJDJBUJWBT GPSBN DPOWJEBEBT QBSB GPSNBS VNB QMBUBGPSNB
&N ȵȳȳȷ
P "MUFSOBUJWF -BX 'PSVN 'ØSVN EB -FJ "MUFSOBUJWB
FN
#BOHBMPSF
OB¶OEJB
TFUPSOPVPUFSDFJSPOPEPOBSFEF"QBSUJSEP
mNEFȵȳȳȷ
JOJDJBSBNTFDPOWFSTBTDPNHSVQPTCSBTJMFJSPT"MÏNEP
mOBODJBNFOUPEFʽBQVCMJDBÎÍP
BQMBUBGPSNB4BSBJ8BBHUBNCÏNÏ
BQBUSPDJOBEPSBEBDPOGFSÐODJB4VCNJEJBMPHJBFN$BNQJOBT ȵȺBȶȳ
EFPVUVCSP
ȵȳȳȸ
%FOUSPEPDPOUFYUPEFNÓEJBUÈUJDB
PRVFTJHOJmDBDSJBSVNBiQMB
UBGPSNB HMPCBMw *TTP OÍP Ï QVSB JEFPMPHJB 4FSFNPT SFWPMVDJPOÈSJPT
NFSBNFOUFOPʽÈMHJDPTRVFTPOIBNFNSFWJUBMJ[BSBCPBFWFMIBTPMJEB
SJFEBEFJOUFSOBDJPOBMRVFGVODJPOÈSJPTDPNVOJʽBTPVUSPSBQSFHBWBN
/PTJUFEP4BSBJ8BBHQPEFNPTMFSBTFHVJOUFFFYUFOTBQBTTBHFN
(FFSU-PWJOL
%JTQPOÓWFMFNIUUQXBBHTBSBJOFUEJTQMBZQIQ JE"DFTTPFNNBJP
.BOJGFTUP"OUSPQØGBHP QPS%+3BCCJ
*OUSPEVÎÍP
4ØBBOUSPQPGBHJBOPTMJOLB4PDJBMNFOUF&DPOPNJDBNFOUF'JMPTPmDBNFOUF
ÁOJDBJOUFSGBDFEPNVOEP&YQSFTTÍPFNVMBEBEFUPEPTPTJOEJWJEVBMJTNPT
EFUPEPTPTDPMFUJWJTNPT%FUPEBTBTSFMJHJÜFT%F
UPEPTPTUSBUBEPTEFQB[
QIQPSOPUQIQUIBUJTUIFRVFʽJPO
$POUSBUPEBTBTDBUFRVFTFT&DPOUSBB.JDSPTPGU
NÍFEPT/FSET
4ØJOUFSFTTBPRVFOÍPÏNFV-FJEPIBDLFS-FJEP(FFL
&ʽBNPTGBUJHBEPTEFUPEPTPTBENJOTTVʼFJUPTPTQPʽPTFNESBNB5VSLMFBDBCPVDPNPFOJHNBJOEJWÓEVPFDPNPVUSPT
TVʽPTEBQTJDPMPHJBIVNBOB
0RVFBUSPQFMBWBBWFSEBEFFSBPDPSQP
PJNQFSNFÈWFMFOUSFPNVOEPJOUFSJPSFPNVOEPFYUFSJPS"SFBÎÍPDPOUSBPIPNFN
EFTDPOFʹBEP0/FUUJNFEJHFʽJOGPSNBSÈ
'JMIPTEB4VO
NÍFEPTWJWFOUFT&ODPOUSBEPTFBNBEPTGFSP[NFOUFDPNUPEBBIJQPDSJTJBEBTBVEBEF
QFMPTEFʼMVHBEPT
QFMPT
BSRVJWPT
DPSSPNQJEPT
QFMPTUVSJOHT/PQMBOFUBEBSFEFNVOEJBM
'PJQPSRVFOVODBUJWFNPTQSPHSBNBT
OFNDPMFÎÜFTEFDØEJHPTGPOUF&OVODBTPVCFNPTPRVFFSBIVNBOP
QØTIVNBOP
GSPOUFJSJÎPFDPOUJOFOUBM1SFHVJÎPTPTEPNBQBNÞOEJEP#SBTJM
6NBDPOTDJÐODJBQBSUJDJQBOUF
VNBSÓUNJDBUFDOPMØHJDB
$POUSB UPEPT PT JNQPSUBEPSFT EF QSPHSBNBT MJDFODJBEPT " FYJʽÐODJB QBMQÈWFM EB WJEB & B NFOUBMJEBEF HFOÏSJDB QBSB -FW
.BOPWJDIFʽVEBS
10/8/2006 07:17:20
DIGITO_Book.indb 19
2VFSFNPTB3FWPMVÎÍP*OGPSNÈUJDB.BJPSRVFB3FWPMVÎÍP(FOÏUJDB"VOJmDBÎÍPEFUPEBTBTSFWPMUBTFmDB[FTOBEJSFÎÍPEP
DMPOF4FNOØTBSFEFOÍPUFSJBTFRVFSPTFVQPCSF.BOJGFʽP$ZCPSHVF
"JEBEFEPPVUSPBOVODJBEBQFMB"NÏSJDB"JEBEFEPPVUSP&UPEBTBTHJSMTTJOUÏUJDBT
'JMJBÎÍP0DPOUBUPDPNP#SBTJM*OGPSNÈUJDP0V7JMMFHBJHOPOQSJOUUFSSF)BSBXBZ0DJCPSHVFIÓCSJEP)BZMFT%BSFWPMVÎÍP
FMFUSÙOJDBBP1ØTIVNBOJTNP
ËSFWPMVÎÍPEJHJUBM
Ë3FWPMVÎÍPHFOÏUJDBFBPDPFMIPNBOJQVMBEPEF,BD$BNJOIBNPT
/VODBGPNPTDBUFRVJ[BEPT7JWFNPTBUSBWÏTEFVNEJSFJUPTPOÉNCVMP7JNPT$ISJʽPFODBQBSP&MFWBEPS-BDFSEBOB#BIJB0V
VNBÈSWPSFFN#FMÏNEP1BSÈ
.BTOVODBBENJUJNPTPOBTDJNFOUPEBMØHJDBEFQSPHSBNBÎÍPFOUSFPTOØT
$POUSBP1BESF7JFJSB"VUPSEFOPTTPQSJNFJSPFNQSÏʽJNP
QBSBHBOIBSDPNJTTÍP0SFJBOBMGBCFUPEJTTFSBMIFRVFJNFJTTPFN
ĔĕNBTFNGPSNBEFEBEPT'F[TFPFNQSÏʽJNP(SBWPVTFPHFOFEPBÎÞDBSCSBTJMFJSP7JFJSBEFJYPVPEJOIFJSPFN1PSUVHBM
FOPTUSPVYFBTFRàÐODJBEPĕğĒ
0BWBUBSJOTJʽFFNDPODFCFSPFʼÓSJUPTFNDPSQP0UFDOPNPSmTNP/FDFTTJEBEFEBWBDJOBBOUSPQPGÈHJDB1BSBPFRVJMÓCSJP
DPOUSBBTDPSQPSBÎÜFTEBFDPOPNJBHMPCBM&BTJORVJTJÎÜFTPČJOF
4ØQPEFNPTBUFOEFSBPNVOEPEP0SBDMF
5ÓOIBNPTBKVʽJÎBDPEJmDBÎÍPEBWJOHBOÎB"DJÐODJBDPEJmDBÎÍPEB.BHJB"OUSPQPGBHJB"NJHSBÎÍPQFSNBOFOUFEP$ØEJHP
FNJOUFSGBDF
$POUSBPEJTDPSÓHJEPFBTJEÏJBTmYBT$BEBWFSJ[BEBT0ʽPQEPTJʽFNBEJOÉNJDP0JOEÓWJEVPWÓUJNBEPWÓSVT-JCEBTJOKVʽJÎBT
DMÈTTJDBT%BTJOKVʽJÎBTSPNÉOUJDBT&PFTRVFDJNFOUPEBTDPORVJʽBTJOUFSJPSFT
.BOJGFTUPBOUSPQØGBHP
#BODPTEFEBEP#BODPTEFEBEP#BODPTEFEBEP#BODPTEFEBEP#BODPTEFEBEP#BODPTEFEBEP#BODPTEFEBEP
10/8/2006 07:17:20
DIGITO_Book.indb 20
0JOʽJOUP*OGPSNÈUJDP
.PSUFFWJEBEPTCBDLVQT%BFRVBÎÍPPCKFUPQBSUFEP1SPHSBNBBPBYJPNB1SPHSBNBQBSUFEPPCKFUP4VCTJʽÐODJB$POIFDJ
NFOUP"OUSPQPGBHJB
*OUSPEVÎÍP
$POUSBBTFMJUFTWFHFUBJT&NDPNVOJDBÎÍPDPNPTJMÓDJP
/VODBGPNPTDBUFRVJ[BEPT'J[FNPTGPJ$BSOBWBM0JOEFYWFʽJEPEFTFOBEPSEP*NQÏSJP'JOHJOEPEF#VTI0VmHVSBOEPOBT
ØQFSBTEF/PSUPODIFJPEFCPOTTFOUJNFOUPTQPSUVHVFTFT
+ÈUÓOIBNPTPDPNVOJTNP+ÈUÓOIBNPTBJOUFSGBDFNØWFM"JEBEFEPPVUSP
5*5-&UJUMF
IUNMQIQ
QIQnBTI
QMVHJO
"NBHJBFBWJEB5ÓOIBNPTBSFMBÎÍPFPFOWJPEFEBEPTJNBUFSJBJT
EPʼBN
EBTNFOTBHFOTFODSJQUBEBT&TBCÓBNPTUSBOʼPS
PNJʽÏSJPFBNPSUFDPNPBVYÓMJPEFBMHVOTTDSJQUTWBHBCVOEPT
1FTRVJTFJOVNNPUPSEFCVTDBPRVFFSBP%JSFJUP&MFSFUPSOPVTJUFTTPCSFBHBSBOUJBEPFYFSDÓDJPEBQPTTJCJMJEBEF&TTFQSP
HSBNBDIBNBWBTF(PPHMF4BNQMFFJ
4ØOÍPIÈMPPQJOHPOEFIÈCBOEBMBSHB.BTRVFUFNPTOØTDPNJTTP
$POUSBBTIJʽØSJBTEPIPNFNRVFDPNFÎBNOP4JMJDPO7BMMFZ0NVOEPTFNEBEPT/ÍPWBMJEBEP4FN#JMM(BUFT4FN4UFWF
+PCT
"mYBÎÍPEPQSPHSFTTPQPSNFJPEFCMPHTFUFMFGPOFTDFMVMBSFT4ØBJOUFSGBDF&PTDPEJmDBEPSFTEFÈVEJP
$POUSBBTTVCMJNBÎÜFTBOUBHÙOJDBT$PNQBSUJMIBEBTWJB/BQʽFS
10/8/2006 07:17:20
DIGITO_Book.indb 21
$POUSBBWFSEBEFEPTQPWPTNJTTJPOÈSJPT
EFmOJEBQFMBTBHBDJEBEFEFVNBOUSPQØGBHP
-JOVT5SPWBME²NFOUJSBNVJUBTWF[FT
SFQFUJEB
.BTOÍPGPSBNDSV[BEPTRVFWJFSBN'PSBNGVHJUJWPTEFVNBDJWJMJ[BÎÍPRVFFʽBNPTTBNQMFBOEP
QPSRVFTPNPTNÞMUJQMPTF
JNQSFWJTÓWFJTDPNP5FE/FMTPO
4F(BUFTÏBDPOTDJÐODJBEP6OJWFSTP*ODSJBEP
5SPWBMEÏBNÍFEPTWJWFOUFT+PCTÏBNÍFEPTWFHFUBJT
/ÍPUJWFNPTBDVʽPNJ[BÎÍP.BTUÓOIBNPTSBOEPNJ[BÎÍP5ÓOIBNPTQPMÓUJDBRVFÏBDJÐODJBEBEJʽSJCVJÎÍP&VNTJʽFNBEF
DPNQBSUJMIBNFOUPTPDJBMQMBOFUÈSJP
"TNJHSBÎÜFT"GVHBEBTUFDOPMPHJBTPCTPMFUBT$POUSBBTFTDMFSPTFTVSCBOBT$POUSBBT4BMBTEFCBUFQBQPFPUÏEJPFʼFDV
MBUJWP
%F8JMMJBN(JCTPOF3JEMFZ4DPUU"USBOTmHVSBÎÍPEP$ØEJHPFNJOUFSGBDF"OUSPQPGBHJB
0QBUIGBNÓMJBFBDSJBÎÍPEPNFDBOJTNPJOUFMJHFOUF*HOPSÉODJBSFBMEBTVSMTGPOUFEFEJHJUBMJ[BÎÍPTFOUJNFOUPEFBMUFSJEBEF
BOUFBQSPMFDVSJPTB
²QSFDJTPQBSUJSEFVNQSPGVOEPOPNBEJTNPQBSBTFDIFHBSËJEÏJBEF3FEF.BTBDBSBÓCBOÍPQSFDJTBWB1PSRVFUJOIB"OEFS
TFFO
0PCKFUJWPDSJBEPSFBHFDPNPPT"OKPTEB2VFEB%FQPJT5FE/FMTPOEJWBHB2VFUFNPTOØTDPNJTTP
"OUFTEPTQPSUVHVFTFTEFTDPCSJSFNP#SBTJM
P#SBTJMUJOIBEFTDPCFSUPBGFMJDJEBEF
$POUSBPQSPHSBNBEPSDPPSQPSBUJWP0QSPHSBNBEPSmMIPEF#JMM(BUFT
BmMIBEPEF$BUBSJOBEF4FBUUMFFHFOSPEF%"OUÙOJP
EF4JMJDPOJB
"BMFHSJBÏBQSPWBEB/PWFMM
.BOJGFTUPBOUSPQØGBHP
/BTMBOIPVTFTEF1JOEPSBNB
10/8/2006 07:17:20
DIGITO_Book.indb 22
$POUSBB.FNØSJBGPOUFEPDPʽVNF"FYQFSJÐODJBWJSUVBMSFOPWBEB
10/8/2006 07:17:21
DIGITO_Book.indb 23
PTXBME@EF@BOESBEF!EKSBCCJDPN
/VNDZCFSDBGÏ
"OPEP"QBHÍPRVFEFJYPV4ÍP1BVMPPČJOF
.BOJGFTUPBOUSPQØGBHP
10/8/2006 07:17:21
1PMÓUJDBTEP4BNQMFS
1PMÓUJDBTEP4BNQMFS
TVSBFNGFʽJWBJTQBUSPDJOBEPTQPSHSBOEFTDPSQPSBÎÜFTFTDBODB
SBNBBSNBEJMIBFNCVUJEBOFTTBTGPSNBTEFFOUSFUFOJNFOUPRVF
BQFTBSEBBQBSÐODJBMJCFSUÈSJB
TÍPQSPEVUPTEFDPOTVNPDPNP
PVUSPTEJʼPOÓWFJTDPOGPSNFPHPʽPEPGSFHVÐT&TTBUFOTÍPFO
USFPEJTDVSTPDPOUFʽBEPSFBTGPSNBTDPNRVFFMFDJSDVMBOÍPÏ
OFDFTTBSJBNFOUF
OFHBUJWB
EFTEFRVFFYJʽBBDPOTDJÐODJBEFRVF
BDVMUVSBBMUFSOBUJWBÏ
UBNCÏN
QBSUFEBJOEÞʽSJBEPFOUSFUFOJ
NFOUPFRVFFʽBUSBOTGPSNBUVEP
TFHVOEPTFVTQSØQSJPTJOUF
SFTTFT
PRVFUPSOBOFDFTTÈSJBVNBBUJUVEFEFDSÓUJDBJOJOUFSSVQUB
FNVUBOUF
/BFEJÎÍPEFEFBHPʽPEFEPDBEFSOP.BJT
EPKPSOBM
'PMIBEF41BVMP
PmMØTPGPDBOBEFOTF+PTFQI)FBUIEFTFOWPMWF
FNFOUSFWJʽBB%BOJFM#VBSRVF
PBSHVNFOUPEFRVFBDPOUSBDVMUV
SBÏBUVBMNFOUFVNOPWPOJDIPEFNFSDBEP)FBUIBDSFEJUBRVFP
FOUFOEJNFOUPEBDPOUSBDVMUVSBDPNPGPSNBEFSFCFMJÍPÏCBTFBEP
OBUFPSJB
PSJHJOBEBOPmNEPTBOPTEF
EFRVFPDBQJUBMJTNP
FYJHFDPOGPSNJTNP
OFNUBOUPEPTUSBCBMIBEPSFT
NBTEPTDPOTV
NJEPSFT
QBSBBCTPSWFSPFYDFTTPEFCFOTQSPEV[JEPTQFMBJOEÞʽSJB
NBTTJmDBEB1PSJTTP
)FBUIDPODMVJ
BDPOUSBDVMUVSBEFQFOEFEP
QSFTTVQPʽPEFRVFBNFMIPSNBOFJSBEFMVUBSDPOUSBPTJʽFNBÏ
USBOTGPSNBSBTQFTTPBTFNDPOTVNJEPSFTOÍPDPOGPSNBEPT
5FOEPFNWJʽBPBUVBMDPOUFYUPFNRVFPNFSDBEPTFFYQBOEF
OPNBJPSOÞNFSPEFEJSFÎÜFTQPTTÓWFJT
)FBUIEFGFOEFRVFÏQSF
DJTPEFTBmBSFTTBJEÏJBCÈTJDBEFRVFPDBQJUBMJTNPSFRVFSDPOGPS
NJTNP1BSBFMF
iVNBEBTGPSÎBTEBFDPOPNJBEFNFSDBEPÏRVFFMB
ÏNVJUPCPBFNTBUJTGB[FSTJNVMUBOFBNFOUFPTHPʽPTWBSJBEPTEPT
BDFTTÓWFJT BT QFTRVJTBT BDBEÐNJDBT NBJT SFDFOUFT TPCSF FDTUBTZ
EJWVMHBOEP FN MJO
HVBHFNDPNVNEFTDPCFSUBTDJFOUÓmDBTPGFSFDFOEPQPOUPTEFWJTUBBMUFSOBUJWPTTPCSFB
JOGPSNBÎÍPFYJTUFOUFBSFTQFJUPEPTSJTDPTFCFOFGÓDJPTEP.%."6NEPTBTQFDUPTRVF
JOUFSFTTBWBNCBTUBOUFB4BVOEFSTFSBPVTPUFSBQÐVUJDPEFESPHBTEPUJQP&N%BCBMBEB
BPEJWÍ
+VMJBOB5JSBCPTDIJGB[VNQBOPSBNBEPUFNB
DPOGPSNFBFEJÎÍPEFKBOFJSPEF
EBSFWJTUB(BMJMFV
&N"MUFWFSZUIJOH0QPEFSEPTOFXTHSPVQT0NFSDBEPKPWFNFPNBSLFUJOHEPDPPM
/BPNJ,MFJOFYQMJDBDPNPiËNFEJEBRVFBQSJWBUJ[BÎÍPPDVQBUPEPTPTDBOUPTEBWJEB
QÞCMJDB
NFTNPBRVFMFTJOUFSWBMPTEFMJCFSEBEFFSVFMBTEFFTQBÎPTFNQBUSPDÓOJPFTUÍP
FTDBQVMJOEP5PEPTPTTLBUJTUBTFQBUJOBEPSFTJOEJFUÐNDPOUSBUPTDPNUÐOJT7BOT
KPHBEP
SFTEFIØRVFJBMJNFOUBNPTDPNFSDJBJTEFDFSWFKB
QSPKFUPTEFEFTFOWPMWJNFOUPEPDFOUSP
NBJT EJGFSFOUFT JOEJWÓEVPTw 1PS JTTP
FMF BSHVNFOUB RVF
iBP TF
UPSOBSVNOÍPDPOGPSNJʽB
OÍPTFFʽÈSFBMNFOUFMVUBOEPDPO
USBPTJʽFNB
QPSRVFFMFOÍPSFRVFSFTTFUJQPEFDPOGPSNJTNPw
0VTPEPTEJÈMPHPTEF8JME"OHFMT
mMNFUÓQJDPEBEÏDBEBEF
OPJOÓDJPEFVNBEBTNÞTJDBTRVFTFUPSOPVSFGFSÐODJBPCSJ
HBUØSJBEBHFSBÎÍPRVFJOWBEJVBTQJʽBTEFEBOÎBOBQBTTBHFNEB
EÏDBEBEFQBSBBEF
NPʽSBDPNPBRVFʽÍPBQPOUBEB
QPS)FBUIFYUSBQPMBPÉNCJUPEBDFOBFMFUSÙOJDBFPDPOUFYUPDPO
UFNQPSÉOFP5SBUBTFEFEJMFNBSFDPSSFOUFEBDPOUSBDVMUVSB
RVF
EFTEFBEÏDBEBEFPTDJMBFOUSFPESPQPVUFPQMVHJO
FBOF
HPDJBÎÍPNBJTPVNFOPTJOUFMJHFOUFDPNPTJOUFSFTTFTEPNFSDBEP
&N 0 DVMUP EB JOGPSNBÎÍP
ʾFPEPSF 3PT[BL NPʽSB DPNP
iEFTEF TFVT QSJNØSEJPT
P NJDSPDPNQVUBEPS FʽBWB DFSDBEP QPS
VNB BVSB EF WVMHBSJEBEF F SBEJDBMJTNP RVF DPOUSBʽBWB BHVEB
NFOUFDPNBTQSFUFOTÜFTEFNBOEBSJNEBBMUBUFDOPMPHJBw*TTP
BDPOUFDJBiQPSRVFHSBOEFQBSUFEFTTBOPWBUFDOPMPHJBFNNFOPS
FTDBMB GPJ EFJYBEB QBSB TFS EFTFOWPMWJEB GPSB EB DJEBEFMB
QPS KP
WFOT F JNQFUVPTPT IBDLFST FʼFDJBMNFOUF OB $BMJGØSOJB
POEF
PTUJQPTTPDJBMNFOUFEJWFSHFOUFTUJOIBNTFSFVOJEPOBGBJYBEBQF
OÓOTVMBEF4ÍP'SBODJTDP
RVFFʽBWBDPNFÎBOEPBTFSDIBNBEBEF
7BMFEP4JMÓDJPw
" UÓUVMP EF SFHJʽSP EP BNCJFOUF FN RVF TVSHF B DVMUVSB EPT
NJDSPDPNQVUBEPSFT
WBMFEJ[FSRVFB$BMJGØSOJBEPmNEBEÏDBEB
EFFJOÓDJPEBEÏDBEBEFÏPQBSBÓTPMJTÏSHJDPEBKVWFO
UVEFNVOEJBM
TFEFEFNBOJGFʽBÎÜFTQJPOFJSBTEBDVMUVSBDPOUFN
QPSÉOFB
DPNPPGFʽJWBM.POUFSSFZ1PQ"MÏNEJTTP
DPNPMFNCSB
EBDJEBEFTÍPQBUSPDJOBEPTQFMB8FMMT'BSHFUPEPTPTGFTUJWBJTHSBUVJUPTGPSBNCBOJEPT
TVCTUJUVÓEPTQFMPBOVBM5SJCBM(BUIFSJOH
VNGFTUJWBMEFNÞTJDBFMFUSÙOJDBRVFTFQSPDMBNB
AVNBEFGFTBDPOUSBPNBMJHOPJNQÏSJPEBNFEJPDSJEBEFEPFTUBCMJTINFOUFEBTCPBUFT
EP
DPNFSDJBMJTNPFEPDBQJUBMJTNPDPSQPSBUJWPSBTUFKBOUFEFOPTTBDPOUSBDVMUVSBDØTNJDBF
OPRVBMPTPSHBOJ[BEPSFTSFHVMBSNFOUFDPOmTDBNBÈHVBFOHBSSBGBEBRVFOÍPUFOIBTJEP
BERVJSJEBOBTJOTUBMBÎÜFTEPGFTUJWBM
BQFTBSEPGBUPEFBQSJODJQBMDBVTBEFNPSUFOFTTFT
FWFOUPTTFSBEFTJESBUBÎÍPw$G,-&*/
/BPNJ4FN-PHP"UJSBOJBEBTNBSDBTOVNQMBOF
UBWFOEJEP3JPEF+BOFJSP3FDPSE
304;",
5IFPEPS0DPNQVUBEPSFBDPOUSBDVMUVSB*O0DVMUPEBJOGPSNBÎÍP4ÍP1BVMP
#SBTJMJFOTF
EPTEFTEPCSBNFOUPTEBDPOUSBDVMUVSBCSBTJMFJSB
QFMBDBQBDJEBEF
EFTDSJUBQPS"OUPOJP3JTÏSJPFNi-FNJOTLJFBTWBOHVBSEBTw
EFBQSPYJNBSPFYQFSJNFOUBMJTNPEFMJOHVBHFNEPFYQFSJNFO
UBMJTNPDPNQPSUBNFOUBM$POGPSNF3JTÏSJP
BOPÎÍPEFWBOHVBS
EB QSPQPʽB QPS $ILMØTWTLJ Ï B EF iEFTWJP EF OPSNBw 1BSB FMF
FTTB iEFmOJÎÍP Ï WÈMJEB UBOUP QBSB WBOHVBSEBT FʽÏUJDBT RVBOUP
QBSBWBOHVBSEBTFYUSBFʽÏUJDBT"NCBTQPEFNTFSFODBSBEBTFN
UFSNPTEFDPNQPSUBNFOUPEFTWJBOUFw
4FHVOEP3JTÏSJP
iBWBOHVBSEBFʽÏUJDBÏEFTWJPFNSFMBÎÍPB
VNEFUFSNJOBEPNVOEP
PNVOEPBSUÓʽJDPJOUFMFʹVBM
UBMDPNP
PEFmOJV)PXBSE4#FDLFS+ÈOPDBTPEFVNBWBOHVBSEBFYUSBFT
UÏUJDBDPNPBDPOUSBDVMUVSBM
PEFTWJPTBJEBQJʽBEBPCSB
EPQFO
TBNFOUP
FWBJTFJOTDSFWFSOBWJEBFOPDPSQPEPJOEJWÓEVPw1PS
JTTP
PQPFUBCBJBOPDPOUJOVB
PiDPNQPSUBNFOUPEFTWJBOUFBTTV
NF
BRVJ
EJNFOTÍPFYJʽFODJBM²PEFTWJPEPTVKFJUPOÍPFNSFMBÎÍP
BPDÉOPOFFʽÏUJDP
NBTËOPSNBTPDJBM&TTBÏBEJGFSFOÎB
EJHBNPT
FOUSFPEFTWJPEF+BNFT+PZDFFPEFTWJPEF5JNPUIZ-FBSZw
4VBDPODMVTÍPÏRVF
OPDBTPEF-FNJOTLJ
iFTTFTEFTWJPTTFKVT
UBQÜFNFNFTNPTFNFTDMBN
BMJNFOUBOEPTFNVUVBNFOUF/ÍPTF
USBUBEFSFUPSOBSBRVJBPWFMIPDMJDIÐ
SFQFUJEPBEOBVTFBNQFMPTMJ
UFSBUUJ
EFRVFOFMFWJEBFPCSBTÍPJOTFQBSÈWFJT7JEBFPCSBTÍPF
TFSÍPTFNQSFJOTFQBSÈWFJT
RVBMRVFSRVFTFKBPDBTP0RVFRVF
SPTVCMJOIBSÏBDPOʽBUBÎÍPPCKFUJWB
TPDJPMØHJDB
EFRVFBUSBKFUØ
SJBMFNJOTLJBOBTFEFJYBnBHSBSOBFODSV[JMIBEBEFTTFEVQMPEFTWJPw
"DPOUSBDVMUVSBTFJOʽBMBTFNQSFOBFODSV[JMIBEBFOUSFPFY
QFSJNFOUBMJTNP FʽÏUJDP F P FYQFSJNFOUBMJTNP DPNQPSUBNFOUBM
QPJTTFNBUFOTÍPFOUSFBNCPTFMBFTHPUBTF
UPSOBTFPVEJTDVSTP
QBOnFUÈSJPPVGPSNBMJTNPJOØDVP/PBSUJHPi$FOTVSBÏVNBMBUBOB
CPDBw
QVCMJDBEP SFDFOUFNFOUF OB'PMIB EF 41BVMP
-ÓWJP 5SBHUFO
CFSHUPDBOVNQPOUPOFWSÈMHJDPEPTEFTEPCSBNFOUPTUVQJOJRVJOT
EBDFOBBMUFSOBUJWB5SBHUFOCFSHPCTFSWBDPNPiPSFDFOUFFQJTØEJP
FOWPMWFOEPDFSUBTASFDPNFOEBÎÜFTDPOUSBUVBJTRVFWFUBWBNPVTP
3*4²3*0
"OUPOJP*O#3*$"#3"$-FNJOTLJFBTWBOHVBSEBT#SBTÓMJB
O*7
Q
SFQSPEV[JEP FN IUUQQBHJOBTUFSSBDPNCSBSUF1PQ#PYLBNJRVBTFFOTBJPIUN
"DFTTPFNKVO
EFDFSUPTUJQPTEFJNBHFOTQFMPT7+TOVNHSBOEFGFʽJWBMEFNÞ
TJDBFMFUSÙOJDBFN4ÍP1BVMPFYQÜFBTJUVBÎÍPSFBMEBBUJWJEBEF
BSUÓʽJDBFNOPTTPTUFNQPTw
"DPOʽBUBÎÍPQSFDJTBEF5SBHUFOCFSHOÍPQPEFTFSFOUFOEJEB
OPFOUBOUP
DPNPVNBKVʽJmDBUJWBQBSBPBCBOEPOPEPTFʼBÎPT
RVFFMFDSJUJDB5SBUBTF
BOUFT
EFVNBMFSUBQBSBBPDVQBÎÍPDPOT
DJFOUFFQPMÓUJDBEFTTFTFʼBÎPT7BMFBQFOBSFDVQFSBSP3PMBOE
#BSUIFTEFi&TDSJUVSBTQPMÓUJDBTw
OFʽFDPOUFYUP
i 5PEBTBTFTDSJUVSBTBQSFTFOUBNVNDBSÈUFSEFGFDIB
NFOUP RVF Ï FʽSBOIP Ë MJOHVBHFN GBMBEB " FTDSJUVSB
OÍPÏOFOIVNJOʽSVNFOUPEFDPNVOJDBÎÍP
OÍPÏVN
DBNJOIP BCFSUP QPS POEF QBTTBSJB VNB TØ JOUFOÎÍP EF
MJOHVBHFN5PEBVNBEFTPSEFNTFFTDPBBUSBWÏTEBGBMB
EBOEPMIF NPWJNFOUP EFWPSBEP RVF NBOUÏN FTTB NFT
NB EFTPSEFN FN FʽBEP EF FUFSOP BEJBNFOUP *OWFSTB
NFOUF
BFTDSJUVSBÏVNBMJOHVBHFNFOEVSFDJEBRVFWJWF
EFTJNFTNBFOÍPUFNFNBCTPMVUPBNJTTÍPEFDPOmBS
Ë TVB QSØQSJB EVSBÎÍP VNB TFRàÐODJB NØWFM EF BQSPYJ
NBÎÜFT
NBT
BPDPOUSÈSJP
EFJNQPS
QFMBVOJEBEFFQFMB
TPNCSBEFTFVTTJHOPT
BJNBHFNEFVNBGBMBDPOʽSVÓEB
NVJUPBOUFTEFTFSJOWFOUBEBw
#"35)&4
3PMBOE&TDSJUVSBT1PMÓUJDBT*O0HSBV[FSPEBFTDSJUVSB4ÍP1BVMP$VMUSJY
Q
'BMTP
QJSBUBFBQSPQSJBEP
NFSDBEPFOPWPTNFJPT
QPS(JTFMMF#FJHVFMNBO
4BMWFVNNFTNPBSRVJWPDPNEPJTOPNFTOPTFVDPNQVUB
EPS2VBMÏPSJHJOBM 2VBMÏBDØQJB /FOIVN
PVNFMIPSBNCPT
"JOGPSNÈUJDBFNTJÏUFDOPMPHJBEFSFQMJDBÎÍP
DMPOBHFN"P
NFTNPUFNQPFNRVFQFSNJUFBQSPEVÎÍPEFJEÐOUJDPTNÞMUJQMPT
QFMBDØQJBEPDØEJHP
FOHFOESBPGFOÙNFOPDVMUVSBMFFʽÏUJDPEP
iPSJHJOBMEFTFHVOEBHFSBÎÍPw
/ÍPFYJʽFQFSEBEFBVUFOUJDJEBEFOPDBNQPEBBSUFEJHJUBM
FBBSUFQSPEV[JEBQBSBBJOUFSOFUMFWBFTTBBmSNBÎÍPBPMJNJUF
FYUSFNP0iBRVJFBHPSBwTFGB[QFMPnVYP
OPEFTMPDBNFOUPEPT
BSRVJWPTQFMBSFEF
"PCSBFGFUJWBTFQFMBiMJOLBHFNw
QFSEFBQSFDJTÍPEFTFVTMJ
NJUFT0QMÈHJPUSBOTGPSNBTFFNVNBFʽSBUÏHJBSFDPNCJOBUØSJB
1ÜFFNDVSTPVNBDIBNBEB
QBSBRVFTFBCSBBCBTFEFEBEPTDVM
UVSBM
BmNEFEFJYBSRVFBUFDOPMPHJBEFQSPEVÎÍPUFYUVBM
TPOPSB
FWJTVBMTFKBVTBEBBUÏTVBQPUÐODJBNÈYJNB
/FTTFTFOUJEP
SFʽBVSBBEFSJWBEJOÉNJDBEPTJHOJmDBEPRVFP
KPHPJEFPMØHJDPEPNFSDBEPPDVMUBTPCPEPNÓOJPEBDJUBÎÍPBVUP
SJ[BEB
BSSFNFTTBOEPFTTBEJOÉNJDBFNVNBSFEFEFNVMUJVTVÈSJPT
F DPMPDBOEP BHPSB BT FʽSBUÏHJBT EF SFDPNCJOBÎÍP F SFDJDMBHFN
DPNPDPOEJÎÍPEFVNBFQJʽFNPMPHJBBOÈSRVJDB
/ÍPTFUSBUBEFVNBBQPMPHJBEBCBSCÈSJF
EBBQSPQSJBÎÍPQVSB
FTJNQMFT
NBTEBSFWBMJEBÎÍPEBBVUPSJBQBSBBMÏNEFTFVTOFYPT
CJPMØHJDPTFPOUPMØHJDPT
EBTDPOEJÎÜFTEFGPNFOUPËDSJBÎÍP
RVF
FʽÍPFNKPHPFNJOUFSWFOÎÜFTEFiIBDLUJWJTNPw
DPNPBQSPNPWJ
EBQFMBPSH
RVFBQBSFDFVFNGFWFSFJSPEFF
DBVTPVFʽBSEBMIBÎPEFTEFPQSJNFJSPEJB
5SBUBWBTF EF VN TJUF EF iSFTJʽÐODJBw BP USBUBNFOUP EB XFC
BSUFTPCPTQBSÉNFUSPTEPTBNCJFOUFTEFBSUFJOʽJUVDJPOBJT
DPNP
*O1IPUPHSBQIZBGUFSQIPUPHSBQIZNFNPSZBOESFQSFTFOUBUJPOJOUIFEJHJUBMBHF
"NTUFSEÍ(#
Q
$3*5*$"- "35 &/4&.#-& 1MÈHJP VUØQJDP
IJQFSUFYUVBMJEBEF F QSPEVÎÍP DVMUVSBM
FMFUSÙOJDB*O%JTUÞSCJPFMFUSÙOJDP4ÍP1BVMP$POSBE
Q
IUUQXXXPSH" PSHBOJ[BÎÍP GPJ QPTUFSJPSNFOUF QMBHJB
EBQFMBQMBHJBSJTUPSH7FSIUUQQMBHJBSJTUPSHXXX03(
"DFTTPFNKVO
SPVCP
OÍPEJ[SFʼFJUPËTQSÈUJDBTEFSFTJʽÐODJBRVFFNFSHFN
DPNBTFʽSBUÏHJBTEFNJYBHFN
NBTIVQFEFTFOWPMWJNFOUPEF
TPGUXBSFTMJWSFT
0SPVCPÏVNBBDFJUBÎÍPUÈDJUBEBTSFHSBTEPTTJʽFNBTDVMUV
SBJTWJHFOUFTFTFVTWBMPSFTEFNFSDBEP"TQSÈUJDBTEFSFTJʽÐODJB
EFNBOEBNBUJUVEFTDSÓUJDBTFNVJUPUSBCBMIPDPMFUJWPFBOÙOJNP
#BʽBBRVJNFODJPOBSPDBTPEP(/6-JOVY2VBOUBTQFTTPBTKÈ
FʽJWFSBNFOWPMWJEBTOFTTFDPOUÓOVPQSPDFTTBNFOUPEFMJOIBTEF
DPNBOEP
0TQSPDFTTPTEFNJYBHFN
NBTIVQ
EFTFOWPMWJNFOUPEFTPG
UXBSFTBCFSUPTFBmOTTÍPBUJUVEFTDSÓUJDBT5SBUBTFOÍPEFBQSP
QSJBÎÍPPVSPVCPEPRVFOÍPNFQFSUFODF
NBTEFVNBBQPʽB
DPNPEJSJBP$SJUJDBM"SU&OTFNCMF
OBDIBNBEBQBSBRVFTFBCSBB
CBTFEFEBEPTDVMUVSBM
BmNEFEFJYBSRVFBUFDOPMPHJBEFQSPEV
ÎÍPUFYUVBM
TPOPSBFWJTVBMTFKBVTBEBBUÏTVBQPUÐODJBNÈYJNB
/FTTFDPOUFYUP
mDBFWJEFOUFRVFPUFSNPBQSPQSJBÎÍPRVF
SFNFUFËJEÏJBEFQSPQSJFEBEFQBSUJDVMBSÏUBNCÏNJOBEFRVBEP
QBSBBEJTDVTTÍPTPCSFBDSJBÎÍPOPDBNQPEBDVMUVSBEJHJUBM
/PUBTF RVF B BmSNBÎÍP BDJNB QSFTTVQÜF RVF TF EJGFSFODJF
BSUFRVFVUJMJ[BNFJPTEJHJUBJTEFDVMUVSBEJHJUBMQSPQSJBNFOUFEJUB
FOUFOEJEBBRVJDPNPBRVFMBRVFQSPCMFNBUJ[BPTNFJPTEFRVFTF
WBMFQBSBDSJBS JODMVJOEPOFTTBQBVUBBQSPCMFNBUJ[BÎÍPEBTTVBT
SFMBÎÜFTDPNPNFSDBEP
"BQSPQSJBÎÍPUBMWF[TFKBNBJTQSØYJNBEBDSJBÎÍPNPEFSOJʽB
EFOUSPEBRVBMGPSBNBCVOEBOUFTPTQSPDFTTPTEFFNQSÏʽJNPTFO
USFDVMUVSBTFMJOHVBHFOT
FEBQSPEVÎÍPQØTNPEFSOB
RVFGF[VTP
GBSUPEBDJUBÎÍP
/POPTTPÉNCJUP
PEBDVMUVSBEJHJUBM
NBSDBEPQFMBTFʽSBUÏHJBT
EFNJYBHFN
OÍPTFUSBUBEFSFWFSPVSFMFS
NBTEFDSJBSPVUSBDPJTB
BQBSUJSEFFMFNFOUPTEJʼPOÓWFJT
/FTTFTFOUJEP
ÏVNBBUJUVEFDSÓUJDBFNSFMBÎÍPËTVQPʽBiBVSBw
EPBSUJʽBDPNPHÐOJPJOWFOUPSEFSFBMJEBEFTTFOTÓWFJTFRVFTFGVOEB
FNQSJODÓQJPTEFDPQZMFGUEFJYBSDPQJBS0VTFKB
TFNJOWJBCJMJ[BS
PT QSPDFTTP EF SFDJDMBHFN %FTBVUPSJ[BEPT
QPSUBOUP
NBT OÍP
OF
DFTTBSJBNFOUF
TFNBVUPSJB
EFQFOEFOUFTOÍPTØEPFʼBÎPQÞCMJDP
NBTUBNCÏNEBGSVJÎÍPDPMFUJWB
*NQMJDBN
UBNCÏN
PVUSBTFʽSBUÏHJBTEFSFDPOIFDJNFOUPEFTFVFʽBUVUP
DPNPQPSFYFNQMPBMFJUVSBEFTFVTFOEFSFÎPTRVFQFSNJUFNJEFOUJmDBSTVBJO
TFSÎÍPJOʽJUVDJPOBMFTVBTSFMBÎÜFTEFQBUSPDÓOJP
*TTPQPʽP
DPNPNFSBJOUSPEVÎÍPBPEFCBUF
QBSFDFNFDMBSPRVFTØTFSÈ
QPTTÓWFMEJTDVUJSBTSFMBÎÜFTEBQSPEVÎÍPEFDVMUVSBEJHJUBMBQBSUJSEPNPNFOUP
FNRVFUJWFSNPTBSUJʽBTDPOTDJFOUFTEBOÍPOFVUSBMJEBEFUFDOPMØHJDBFVNBDSÓ
UJDBBQBSFMIBEBDPODFJUVBMFUFDOJDBNFOUFDPNPCSBTRVFPQFSBNBQBTTB
HFNEFPCKFUPTBDPJTBT
TFNDFEFSËGBDJMJEBEFEBCSJODBEFJSBDPNBTOPÎÜFTEF
GBMTJEBEF
QJSBUBSJBFBQSPQSJBÎÍP
$BTPDPOUSÈSJP
SFʽBSFDPOIFDFSRVFPTDBNFMÙTTÍPBWBOHVBSEBEBDVMUVSBEJHJUBM
#JCMJPHSBmB
#"6.("&35&-
5JMNBO8FIPQFUIBUTPNFCPEZJTHPJOHUPSFDVQFSBUFVT0VUV
CSPEFIUUQXXXOFUUJNFPSH-JʽT"SDIJWFTOFUUJNFMNTH
IUNM"DFTTPFNBHP
$3*5*$"-"35&/4&.#-&1MÈHJPVUØQJDP
IJQFSUFYUVBMJEBEFFQSPEVÎÍPDVMUVSBM
FMFUSÙOJDB%JʽÞSCJPFMFUSÙOJDP4ÍP1BVMP$POSBE
Q
-6/&/'&-%
1FUFS"SU1Pʽ)JʽPSZ%JHJUBM1IPUPHSBQIZ&MFʹSPOJD4FNJPUJDT
*O1IPUPHSBQIZBGUFSQIPUPHSBQIZNFNPSZBOESFQSFTFOUBUJPOJOUIFEJHJUBMBHF
"NʽFSEÍ(#
&ʽFFOTBJPEJTDVUFBRVFʽÍPEPOPNFQSØQSJPFEBBTTJOB
UVSBFSFnFUFTPCSFPFʽBUVUPEBBVUFOUJDBÎÍP
PVTFKB
EBSFDFQ
ÎÍP"USBWÏTEBFMBCPSBÎÍPEFVNQSPKFUPRVFRVFʽJPOBFUFOUB
QFOTBSBBVUPSJBOBJOUFSOFUQSPQVTUFʽBSNJOIBTIJQØUFTFTOP
QSØQSJPPCKFUPEFFʽVEPBXXX
0 QSPKFUP QBSUF EP QPOUP EF WJʽB EB UFPSJB GPSNVMBEB QPS
+BDRVFT%FSSJEBBDFSDBEBBTTJOBUVSBRVFRVFʽJPOB
GSPOUBMNFOUF
BBmSNBÎÍPEF"VʽJOTPCSFBiBTTJOBUVSBwEFVNUFYUP1BSB"VT
UJO
BBTTJOBUVSBÏFNTJVNQFSGPSNBUJWP
PRVFUBNCÏNTJHOJmDB
iQSPNFTTBw "VʽJO
FQBSB%FSSJEBBBTTJOBUVSB
BPNFTNP
UFNQP FN RVF QPEF TFS VN QFSGPSNBUJWP
QPEF UBNCÏN
QBSB
EPYBMNFOUF
TFSMJEBDPNPDPOUJOVJEBEFEPUFYUP
PVTFKB
DBJSJB
OVNBEJDPUPNJBJOEFDJEÓWFMQFSGPSNBUJWPDPOʽBUBUJWP
&NBSUJHPSFEJHJEPFNFʼFDJBMNFOUFQBSBVNDPOHSFT
TPEFmMPTPmBOPRVBMTFEJTDVUJBBDPODFQÎÍPEFiDPNVOJDBÎÍPw
%FSSJEB BQSFTFOUB QFMB QSJNFJSB WF[ VNB EBT DSÓUJDBT NBJT DPO
UVOEFOUFTËJEÏJBEFNÓEJBF
DPOTFRàFOUFNFOUF
EFDPNVOJDBÎÍP
2VFʽJPOBWB %FSSJEB DPN TFV BSUJHP i"TTJOBUVSB BDPOUFDJNFOUP
DPOUFYUPw TFNWÓSHVMBFOUSFBTQBMBWSBT
PFʽBUVUPRVFFSBEBEPË
DPNVOJDBÎÍPTFNRVFOVODBTFUJWFTTFRVFʽJPOBEPTJNQMFTNFO
UFPRVFBQBMBWSBDPNVOJDBÎÍPDPNVOJDBSJB"MÏNEJTTP
%FSSJEB
WBJNBJTMPOHFBJOEBFGPSNVMBVNBRVFʽÍPNVJUPJODÙNPEBRVF
WBJBDBCBSEFNPOʽSBOEPRVFJODMVTJWFPQSØQSJPDPODFJUPEFiDPO
UFYUPw
BQBSUJSEFEFUFSNJOBEBTWBSJBOUFTTJHOJmDBOUFT
QBTTBBTFS
JOEFDJEÓWFMFEFTMPDBEPEFTVBJOʽÉODJBGBOUBTJPTBNFOUFUJEBDPNP
iPSJHJOBMw0VTFKB
BPRVFʽJPOBSPFʽBUVUPEBQSØQSJBDPODFQÎÍPEF
iDPNVOJDBÎÍPwFiDPOUFYUPw
%FSSJEBEFTNPOUBBDSFOÎBOVNBSFQSF
TFOUBÎÍPGBʹÓWFMFDFSUFJSBEBQBMBWSB
F
QPSDPOTFRàÐODJB
EFTFV
TJHOJmDBEPFʽÈUJDP%FTBVUPSJ[B
EFTTBGPSNB
UPEBBJEÏJBFNUPSOP
EBNPWJNFOUBÎÍPFʽSVUVSBMJʽBRVFKPHBDPNBTGPSÎBTNBJTMJHBEBT
BPQPEFSFRVFOFMBTTFBQFHBQBSBQSPEV[JSPDPOIFDJEPiTFOUJEPw
"PEFTMPDBSËQFSHVOUBiPRVFBDPNVOJDBÎÍPDPNVOJDB wBQSØ
QSJB DBSBʹFSÓʽJDB EB QBMBWSB DPNVOJDBÎÍP
QFSDFCFNPT RVF
QBSB
OPTFOUFOEFSNPTTPCSFVNTFOUJEPEFVNBQBMBWSB
EFWFNPTTBCFS
BOUFDJQBEBNFOUFPRVFBQBMBWSBTJHOJmDB
PVBPNFOPTUFSNPTVNB
EFTTFNPWJNFOUPEFimNEPDPOUSPMFw
DPNPQPSFYFNQMPFN
SFMBÎÍPËBTTJOBUVSB
RVFBUÏPTEJBTEFIPKFDPOGFSFVNBMFHJCJMJ
EBEFBPUFYUP1PSUBOUP
TFOÍPIÈNBJTDPNPiBTTJOBSwVNUFYUP
OBXFC
MFWBOEPFNDPOTJEFSBÎÍPRVFRVBMRVFSVNQPEFQVCMJ
DBSVNUFYUPFBTTJOÈMP HSBGBSPOPNF
ËTWF[FTFNTFVOPNF
QSØQSJPFËTWF[FTOPOPNFQSØQSJPEFPVUSPT
DPNPMJHBSFQFOTBS
BRVJMPRVF"VʽJOEJ[EPQFSGPSNBUJWPBPNPWJNFOUPEFMFHJCJMJ
EBEFEPUFYUP $PNPJNBHJOBSRVFVNBBTTJOBUVSBDBSSFHBFNTJ
FBQBSUJSEFTJ
VNBQSPNFTTBTFPSFDFQUPS
PSFDFQUBEPSPVIPT
QFEFJSP
TFBTTJNRVJTFSNPT
ÏEFBOUFNÍPBCFSUP 1PSUBOUP
QBSB
UFʽBS FTTBT RVFʽÜFT FV EFTFOWPMWJ VNB TÏSJF EF SFWJʽBT
DPNP
B 1MBUP 0OMJOF
F FOEFSFÎPT FMFUSÙOJDPT RVF TJNVMBN JOʽJUVUPT
VOJWFSTJEBEFT FUD
RVF TF BQSPQSJBN EF USBCBMIPT EF WÈSJBT QFT
TPBT
NBTDPNVNBÞOJDBEJGFSFOÎBFNWF[EFNFBQSPQSJBSEPT
USBCBMIPTEFPVUSPTBSUJʽBT DPNP
QPSFYFNQMP
+FĊ,PPOTF4IFS
SJF-FWJOF
FVNFBQSPQSJPEPiOPNFQSØQSJPwFGBÎPEFMFNJOIB
PCSB5FOUPEJ[FSDPNJTTPRVFÏOFDFTTÈSJB
TJN
VNBJOʽÉODJBRVF
MFJB
WBMJEF
DPOʽBUFFDSFEJUF
BVUFOUJRVFTFGPSPDBTP
RVBMRVFS
UJQPEFOPNF.BTBPNFTNPUFNQPQFSDFCPRVFPiOPNFwBJOEB
ÏVNBRVFʽÍPCBʽBOUFDBSBËNBJPSJBEPTBSUJʽBT
QFOTBEPSFTF
BVUPSFT
NFTNPËRVFMFTRVFDBOTBSBNEFBmSNBSNVOEPBGPSBRVF
PiBVUPSNPSSFVw"MJÈT
BNBJPSJBEBTBQSPQSJBÎÜFTEFOPNFTRVF
m[GPSBNEFBVUPSFTRVFFNBMHVNNPNFOUPBmSNBSBNFNTFVT
UFYUPTDPJTBTEPUJQPi/ÍPIÈNBJTBVUPSJB
UVEPQPEFTFSSFMJHBEP
BTTPDJBEP
EFTGFJUPyOBEBÏEFOJOHVÏN
UVEPÏDPMBCPSBUJWP
ÏP
MFJUPSRVFGB[BPCSBw1FSHVOUPFPOPNF "MHVÏNBCEJDBSÈEPTFV
&BJEFOUJEBEF &MBBJOEBQBSUFPVTFGVOEBNFOUBOPDPODFJUPEF
iOPNFQSØQSJPw 0VPiOPNFwKÈTFEFTMPDPVUBNCÏNQBSBPÉNCJUP
EBTJNVMBÎÍP 1PSUBOUP
OÍPNFBQSPQSJPEFOFOIVNBPCSB
UFYUP
JNBHFNFUD
UVEPRVFGBÎP
OBNBJPSJBEBTWF[FT
ÏDSJBSQFRVFOPT
BMHPSJUNPT DPNQVUBDJPOBJT RVF UÐN
NVJUBT WF[FT
PT NFTNPT OP
NFTEPTBVUPSFTRVFEJ[FNRVFBBVUPSJBBDBCPV
PVTFKB
RVFOÍPIÈ
QSPCMFNBOBBQSPQSJBÎÍP
TFOEPRVFPTBMHPSJUNPTQSPEV[FNVNB
TÏSJFEFUFYUPT
FNNVJUPTDBTPTTFNOFYPBMHVN
FEFQPJTPTBTTJ
OBNDPNTFVQSØQSJPOPNF
TFOEPRVFJTTPÏFYQMJDBEPFNUPEPTPT
XFCTJUFTRVFQSPEV[J
$PNFTTBFYQFSJÐODJBOBSFEFUFOUFJQSPEV[JSVNBTÏSJFEF
SFnFYÜFT TPCSF P RVF Ï VN OPNF QSØQSJP
F DPOʽBUFJ RVF OØT
BJOEBOÍPDPNQSFFOEFNPTBTNVEBOÎBTOPÉNCJUPFQJʽFNPMØ
HJDPRVFBEFTNBUFSJBMJ[BÎÍPEBFTDSJUB
DPNPBEWFOUPEPEJHJUBM
QSPEV[JVFNOPTTBTSFQSFTFOUBÎÜFT
.VJUPTEFOØT
QPSFYFNQMP
BJOEBBDSFEJUBNRVF
TFBMHPFʽÈ
FTDSJUP
EFWFiTFSwFiWBMFSwBMHVNBDPJTB0V
TFBMHVÏNBTTJOBEF
UFSNJOBEPUFYUP
FMFFOUÍPEFWFTFSMFWBEPFNDPOTJEFSBÎÍP UFO
EPFNNFOUFPRVFFTTBQBMBWSBQPEFTJHOJmDBS
$PNPTFQBSBSB
BTTJOBUVSBEPOPNF )ÈOFDFTTJEBEFEFGB[FSJTTP
1BSBUFSVNBJEÏJBEPRVFPQSPKFUPBDBSSFUPV
BSFWJʽB1MBUP
0OMJOFSFDFCFVDFSUPEJBVNFNBJMEPEJSFUPSEBSFWJʽB-FPOBSEP
3PHFS.BMJOB
RVFʽJPOBOEPPQSPKFUPRVFFMBTFQSPQVOIBSFBMJ[BS
%J[JBFMFOPFNBJMRVFPQSPKFUP
PVNFMIPS
BSFWJʽB1MBUP0OMJOF
EFQSFDJBWBPUSBCBMIPEBTQFTTPBTRVFFʽBWBNDPNTFVTOPNFT
FYQPʽPT.BJTEPRVFJTTP
BmSNBWBRVFB1MBUP
QPSTFSVNBSFWJT
UBDPQJBEBRVBTFOBÓOUFHSB WJTVBMNFOUF
EB-FPOBSEP
FOHBOBSJB
BTQFTTPBTFFMBTBDBCBSJBNMFOEPVNBDPJTBRVFOÍPQFSUFODJBBPT
BVUPSFTiSFBJTw1BSBmOBMJ[BS
EJ[JBRVFNFVQSPKFUPFSBVNQSPCMF
NBFRVFOÍPWJBDPNPFMFDIFHBSJBBPTTFVTQSPQØTJUPT3FʼPOEJ
RVFOÍPFOUFOEJBBPOEFFMFRVFSJBDIFHBSFRVFNFDPMPDBWBËEJT
QPTJÎÍPQBSBEJTDVUJSDPNFMFNFVTBSHVNFOUPT
"P FOWJBS QBSB 3PHFS .BMJOB VN UFYUP FYQMJDBOEP NJOIBT JO
UFOÎÜFTDPNFTTFQSPKFUP
FMFNFSFʼPOEFVRVFIBWJBFOUFOEJEP
NFMIPS-PHPBQØTFTTFGBUP
SFUPSOFJTFVFNBJMFMIFQFEJTFVOPNF
FNQSFʽBEP QBSB CBUJ[BS VN BMHPSJUNP %JTTFMIF RVF EBSJB BP BM
HPSJUNPPOPNFEF3PHFS.BMJOB1BSBNJOIBTVSQSFTB
3PHFSNF
BVUPSJ[PV B VUJMJ[BS TFV OPNF OB JOUFSOFU QPS VN NÐT FN MFUSBT
NBJÞTDVMBT
2VFNFOUFOEFPNÓOJNPEFDPNQVUBEPSFTFPCÈTJDPEFJOUFS
CPPLT JF65'WJE*4#/JEN'3.YR[1*$OVNERQMBUP
#POMJOF#OPUIJOHQH1"QSJOUTFDMQH1"TJH0#T#2/RXGD'%6P
)6SWC$.YE@P"DFTTPFNKVO
OFUEFWFUFSmDBEPFʽBSSFDJEPDPNBDFTTÍPEFEJSFJUPTEPOPNF
EVSBOUF iVN NÐTw OB JOUFSOFU 'JRVFJ QFOTBOEP DPNP RVF VN
EPTQBQBTEBBSUFUFDOPMPHJBOÍPDPOIFDFPCÈTJDPTPCSFBSFEF
$PNPRVFSFNEJTDVUJSUFPSJDBNFOUFTPCSFBMHPRVFOÍPTFEÍP
OFNBPUSBCBMIPEFBOBMJTBSEFNBOFJSBNBJTDPNQMFYB #BʽBEJ
[FSRVFPRVFFVQSFWJBBDBCPVBDPOUFDFOEP.FTFTEFQPJTQFEJB
3PHFS.BMJOBBBVUPSJ[BÎÍPQBSBQVCMJDBSOPTTBDPSSFʼPOEÐODJB
FNMJWSPFSFDFCJVNFNBJMEFSFʼPʽBOPRVBMEJ[JBRVFIBWJBFO
DPOUSBEPWÈSJBTDØQJBTEFTFVUFYUPQVCMJDBEBTOBJOUFSOFUFRVFP
(PPHMFNBOUJOIBPUFYUPBTTJOBEPQFMPBMHPSJUNP3PHFS.BMJOBPO
MJOF5FOUFJMIFFYQMJDBSTPCSFBRVFʽÍPEPDBDIF
FUBNCÏNTPCSF
PQSPCMFNBRVFÏQVCMJDBSOBJOUFSOFUFUVEPNBJT
NBTOÍPBEJBO
UPVNVJUP
QPJTOPTTBTDPOWFSTBTOÍPUJWFSBNNBJTNVJUPÐYJUPOP
TFOUJEPEFCVTDBSVNBDPNQSFFOTÍPEPRVFTFQBTTBOPÉNCJUP
EBTQVCMJDBÎÜFTFEPTQBSBEPYPTEJHJUBJTDPOUFNQPSÉOFPT
%FTTBNBOFJSB
ÏQPSFTTFDBNJOIPRVFUFOUFJQFOTBSBBVUPSJB
BBTTJOBUVSB
FMFHJCJMJEBEF
POPNFQSØQSJP
PFʽBUVUPEPOPNF
P
FʼBÎPQÞCMJDPFPFʼBÎPQSJWBEPOFTTBOPWBMJOHVBHFNFOFTTBT
PVUSBTNBUSJ[FTEFQVCMJDBÎÍP
"MÏNEJTTP
DPOUJOVBOEPBSFnFUJSTPCSFPiOPNFEPBSRVJWPw
FNBMHVNBTSFWJʽBTRVFEFTFOWPMWJ IUUQTFNJPMPHJFTFNJPUJRVF
USJQPEDPN
FYJʽFNWÈSJPTiBSRVJWPTwDPNOPNFTEFBVUPSFT
TFO
EPRVFFNBMHVOTHVJBTEFQFTRVJTB IPUCPU
QPSFYFNQMP
ËTWF[FT
POPNFEPBSRVJWPTFSWFDPNPSFHJʽSPEFDMBTTJmDBÎÍPEPiʼJEFSw
EPHVJB0VTFKB
m[VNBTÏSJFEFUFYUPTKPHBEPTEFOUSPEFQÈHJOBT
iIUNMw RVF OÍP GB[FN TFOUJEP BQBSFOUF
NBT RVF TÍP iSFHJʽSBEPTw
OPTHVJBTEFQFTRVJTBBUSBWÏTEPTOPNFTQSØQSJPTRVFFʽÍPOPFT
QBÎPOÍPMFHÓWFM EFOUSPEPIUNM
nBTIFUD
OPQSØQSJPDØEJHPEP
BSRVJWP OPTFVOPNF
1PSUBOUP
TFWPDÐEJHJUBPOPNFQSØQSJPEF
BMHVÏNOP(PPHMFFUDWPDÐDBJOPNFVTJUF
NBTOÍPFODPOUSBP
OPNFQSØQSJPEPTVKFJUPOPFʼBÎPMFHÓWFMEPIUNM
TØOPOPNFEP
BSRVJWP
5FOUPEJTDVUJSTFPiOPNFEPBSRVJWPwTFSÈUBNCÏNVNEJBNP
UJWP EF BQSPQSJBÎÍP PV NFTNP TF FMF TFSÈ QBTTÓWFM EF QFSUFODFS B
VNEPNÓOJPQSJWBEP4FSÈRVFEBRVJBMHVOTBOPTQBHBSFNPTEJSFJUPT
iQSJWJMFHJBPGVUVSP
QPSRVFÏFʽBQSPKFÎÍPQBSBPEFWJSF
PHPMQFEBEFWPMVÎÍPOPFNCBUFDPNBNPSUFRVFMÈFʽÈ
FRVFPMFWBBQFOTBSFËBVUPDPOTDJFOUJ[BÎÍP0IPNFN
QPEF FOUÍP JOUSPEV[JS FTTF DPOIFDJNFOUP FYJʽFODJBM OP
QSPKFUPEFTVBWJEB
FBTTJNTFBQSPQSJBSEBFYJʽÐODJBGB
[FOEPBFGFUJWBNFOUFTVB
UPSOBOEPTFBVUÐOUJDP
OÍPNBJT
VNFOUFTFNSBÓ[FTw
5FNPTRVFBQSFOEFSBPMIBSPNVOEPTPCPFOGPRVFEPPVUSP
1BSBOÍPDBJSOPTDBTVÓTNPT
OPTDMJDIÐTFOBCBCBRVJDFDPUJEJBOB
$0#3"
3VCFN 2 .BSUJO )FJEFHHFS IUUQXXXDPCSBQBHFTOPNCSGDIFJEFHHFS
IUNM"DFTTPFNKVM
"mOBM
BFYQFSJÐODJBWJSUVBMÏQFTTPBM%FQFOEFEBWPOUBEF
EPJOUFSMPDVUPSEFFTDPWBSNFSDBEPT#SJODBSEFMFWBSOPTTPTEF
TFKPTBTÏSJP&DPNFTTBTFSJFEBEFFODBSPBSFEFDPNPVNDPOT
DJFOUFDPMFUJWPRVFGVODJPOBDPNSFHSBTEJGFSFOUFTEPDPOWFODJP
OBM/ÍPGB[TFOUJEPUFOUBSEJWJEJSBWJEBFNDPOUÐJOFSFTEPTBCFS
1SFmSPUFOUBSFOYFSHBSPUPEPSJ[PNÈUJDP/ÍPBQFOBTBÈSWPSF
"TTJN
B 0QFSBÎÍP 1JSBUB Ï VNB DPOWFSTBÎÍP FN SFEF 6N
UJQPEFJOUFSDPOFYÍPRVFBDPOUFDFFNUFNQPSFBM6NBDPOWFS
TBÎÍP FOHBKBEB &
QSJODJQBMNFOUF
DPN VNB FYQFʹBUJWB FYJT
UFODJBM PUJNJʽB FN SFMBÎÍP ËT QPTTJCJMJEBEFT EF NVEBOÎBT F EF
SFWPMVÎÜFT " 0QFSBÎÍP 1JSBUB GBWPSFDF P EJÈMPHP 6NB SFMBÎÍP
RVF TØ Ï QPTTÓWFM RVBOEP IÈ VNB DPNQSFFOTÍP JOFRVÓWPDB EP
RVFÏ-JOLBOJB/PMJOLFʽÈBNFOTBHFN"/PWB& IUUQXXX
OPWBFJOGCS
P .BSLFUJOH )BDLFS IUUQXXXNBSLFUJOHIBDLFS
DPNCS
P 1SPKFUP .FUÈGPSB IUUQXXXQSPKFUPNFUBGPSBPSH
P.FUB3FDJDMBHFN IUUQNFUBSFDJDMBHFNPSH
FP$PMBC IUUQ
DPMBCJOGP
GPSBN
TÍPPVFʽÍPEFTFOWPMWJEPTOFTTFBNCJFOUFEB
iSFWPMVÎÍP OÍP UFMFWJTJPOBEBw $PN VN FOGPRVF QSØQSJP RVF NVJ
UBTWF[FTOÍPFYQMJDB
DPNPUBNCÏNBQSFTFOUBVNBEJSFÎÍPEJGF
SFOUF EF DBEB 0QFSBÎÍP 1JSBUB &TTB PQFSBÎÍP OÍP FʽÈ FOTJNFT
NBEBOBUFDOPMPHJB4ÍPQFTTPBTRVFFʽÍPQBSUJDJQBOEPEFVNB
HSBOEF DPOWFSTBÎÍP & NVJUBT EFMBT OFN TBCFN EJTTP JOUFSOFU Ï
VNBUFDOPMPHJBBTTÓODSPOB
POEFUVEPQBSFDFEJGFSFOUF/PFOUBO
UP
TÍPQFTTPBTTFSFMBDJPOBOEPDPNPVUSBTQFTTPBT&TTFÏPNPUF
/ÍPFYJʽFDPMBCPSBÎÍPTFNHFOFSPTJEBEF
/ÍPFYJʽFDPMBCPSBÎÍPTFNHFOFSPTJEBEF/ÍPFYJʽF-JOLBOJB
TFNHFOFSPTJEBEF&ʽPVBCFSUPQBSBDPOWFSTBSDPNRVBMRVFSQFT
TPB EP NVOEP " JOUFSOFU NF EÈ FTTB QPTTJCJMJEBEF $PMBCPSBÎÍP
UFNBWFSDPNQSPKFUPTEFJOUFSFTTFDPNVN6NJODFOUJWPËCVTDB
EFJOGPSNBÎÍPSFMFWBOUF"ÓÏRVFFOUSBPiFTDPWBSNFSDBEPTwRVFN
OÍPFTDPWBPTNFSDBEPTOÍPWBJDPOTFHVJSDPNQSFFOEFSRVFPNVO
EPFʽÈNBJTDPMFUJWP
&453"7*;
."-JOLBOJBFP3FMJHBSFIUUQXXXOPWBFJOGCSFTUSBWJ[MJOLBOJBIUNM
"DFTTPFNKVM
.BTFTTFDPMFUJWPOÍPEFʽSØJPTVKFJUP7JWFNPTVNDPMFUJWP
EFJOEJWJEVBMJEBEFT0VTFKB
POFUXPSLEFFHPUSJQT 1PJTOBXFC
QPEFNPTQFSDFCFSBGPSÎBEBTQVCMJDBÎÜFTJOEJWJEVBJT1PJTBQV
CMJDBÎÍPEFBSUJHPTFJEÏJBT
BVNCBJYPDVʽP
FPFOHBKBNFOUPEF
QFTTPBTSFVOJEBTBUSBWÏTEFDIBUT
MJʽBTEFEJTDVTTÍP
IPNFQBHFT
FGØSVOTOPTBQPOUBVNEJGFSFODJBM
i-JOLBSw
iMJOLBSwFiMJOLBSw&TTBÏBNÈYJNBEFʽFOPWPNVO
EP i-JOLBSw QPS HFOFSPTJEBEF
QPJT TBCFNPT RVF HFOUJMF[B HFSB
HFOUJMF[Bi-JOLBSwQPSRVFUFNPTJOUFSFTTFTDPNVOTDPNQFTTPBT
EFWFSEBEF1FTTPBTRVFQFOTBN
BNBN
CSJODBN
OBNPSBNFUÐN
mMIPT&TTFTmMIPTDPOUJOVBOEPiMJOLBOEPwTVBTWJEBTËTPVUSBTWJ
EBTi-JOLBSwUFNPCKFUJWPT3FDVQFSBSBWP[QFSEJEB#VTDBSOBT
FOUSFMJOIBTEJHJUBJTVNMBQTPEFFʼFSBOÎB6NBIVNBOJEBEFNBJT
IVNBOB-JOLBOJBÏBFWPMVÎÍPDPMBCPSBUJWB
*TTPQBSFDFØCWJP.BTNVJUBTWF[FTOÍPBHJNPTEFTTBGPSNB
$SJBNPT DBSBQVÎBT QBSB OPT FTDPOEFS 1FRVFOPT BUPT TÍP JNQPS
UBOUFT QBSB TVCWFSUFS P DPUJEJBOP & TÍP FTTFT QFRVFOPT BUPT EF
HFOFSPTJEBEFRVFBMJNFOUBNBSFWPMVÎÍPEJHJUBM
i"WJEBÏNVJUPDVSUBQPSRVFOØTNPSSFNPT2VBOEP
FʽBNPT TP[JOIPT
SFnFUJOEP
QBSBNPT QBSB QFOTBS OB
RVJMP RVF Ï SFBMNFOUF JNQPSUBOUF /PTTBT DSJBOÎBT
OPT
TPT BNJHPT
BNBOUFT F OPTTBT QFSEBT "T DPJTBT NVEBN
&
NVEBOÎBT TÍP TFNQSF EPMPSPTBT 1FTTPBT EJNJOVFN
TVBTWJEBT
NVEBNTF
BWFMIBWJ[JOIBOÎBOÍPÏNBJTBRVJ
MPRVFDPʽVNBWBTFS$SJBOÎBTmDBNEPFOUFT
NFMIPSBN
mDBNFOUFEJBEBT
OPTFOFSWBN&MFTDSFTDFNPVWJOEPOPUÓ
DJBTEPNVOEPNVJUPNBJTIPSSPSJ[BOUFTEPRVFPTBOUJHPT
DPOUPTEFGBEBTw
7JWFNPT FʽF NPNFOUP EF FCVMJÎÍP 0 QFOTBNFOUP GFSWF "
IUUQXXXCV[[JOFJOGPNBSLFUJOHIBDLFSJOEFYQIQ JUFNJEDBUJE"DFTTP
FNKVM
-0$,&
$*OUFSOFU"QPDBMZQTP*O8&*/#&3(&3
%BWJEFUBM5IF$MVFUSBJO.BOJGFTUP5IF
&OEPG#VTJOFTTBT6TVBM1FSTFVT#PPLT
DBCFÎBFTRVFOUB"TJEÏJBTEFʽSPFNTFVTMJNJUFTFTFUPSOBNMJWSFT
QBSBPNVOEP6NUVSCJMIÍPEFMBWBFʼBMIBNFEPOBTJOUFSGBDFT
DVMUVSBJT
"FSBEBDPOFYÍP
7JWFNPTFNSFEF3FEFEFBNJHPT
EFQBSFOUFT
GBNÓMJB
OFHØ
DJPT
FOHFOESBEBTOPTSFMBDJPOBNFOUPTiDPOWFSTBDJPOBJTwEBTQFT
TPBTDPNVOT"SFEFÏPQSJODÓQJPEFVNBTPDJFEBEF
RVFFNFSHF
RVBOEPBHFOUJMF[BHFSBHFOUJMF[B.BTFʽBNPTWJWFOEPVNQSP
DFTTPEFJOUFSTFDÎÍP/ÍPFOUSFBDVMUVSBEFNBTTBTFBDVMUVSBEF
SFEF
NBTFOUSFJEÏJBTFUFPSJBTEJGFSFOUFT
%BWJE8FJOCFSHFSFOUFOEFBXFCDPNPVNNVOEPDPNQBS
UJMIBEP
RVF FʽBNPT DPOʽSVJOEP KVOUPT &TTF QSPDFTTP EF DPOT
USVÎÍP TFSJB DBSBʹFSJ[BEP QPS VNB SVQUVSB EPT DPOUÐJOFSFT EP
UFNQPFFʼBÎP
PVBiEFTDPOUFJOFSJ[BÎÍPEBNFUBGÓTJDBQBESÍPw
/FTTF TFOUJEP
B JOUFSOFU QPEF TFS FOUFOEJEB DPNP VN OPWP MV
HBS6NBNCJFOUFEJGFSFOUF*OUFSOFUOÍPÏBQFOBTVNBOPWBNÓEJB
VNDBOBMEFDPNVOJDBÎÍP&YJʽFWJEBJOUFMJHFOUFQPSUSÈTEFDBEB
NPOJUPS&FTTFOPWPMVHBSÏQSPQÓDJPQBSBBTDPOWFSTBÎÜFTF
DPNP
DPOTFRàÐODJB
QBSB VNB TPDJFEBEF DPMBCPSBUJWB 6N OPWP CPN
TFOTPFNFSHFEBJNFOTJEÍPEPTIVCT
*OUFSOFU OÍP UFN OBEB B WFS DPN DPNQVUBEPSFT 5FN B WFS
DPNQFTTPBT%FOBEBBEJBOUBNQSPHSBNBTJODSÓWFJT
UFDOPMPHJBEF
CPMTPPVRVBJTRVFSPVUSPTBQMJDBUJWPTTFBTQFTTPBTOÍPFʽJWFSFN
WJWFOEP
DPOWJWFOEPFQBSUJDJQBOEPEFTTFMVHBSGFJUPEFDBCPT
TJMÓ
DJPF
UBNCÏN
EFUFDOPMPHJBTFNmP
"JOUFSOFUEFQFOEFEBUFDOPMPHJBQBSBDSFTDFSFnPSFTDFS.BT
OÍPÏQFMPWJÏTEBUFDOPMPHJBRVFQPEFNPTQFOTBSFFYQMJDBSBSFWP
MVÎÍPEJHJUBM&TTBTUFDOPMPHJBTTÍPNFJPTRVFOPTMFWBNQBSBPJOm
OJUPFBMÏN.FJPTEFUSBOTMBÎÍP
EFDPNVOJDBÎÍP
EFJOUFSBÎÍP
OP
TFOUJEPRVFOPTQPTTJCJMJUBNPUSÉOTJUP
PWJWFSFOUSFJEÏJBT
DVMUVSBT
JOGPSNBÎÍPFDPOIFDJNFOUPEJWFSTPT
%FTEFPTÏDVMP9*9
HSBOEFQBSUFEPFTGPSÎPDJFOUÓmDPUFNTJEP
8&*/#&3(&3
%BWJE5IF)ZQFSMJOLFE.FUBQIZTJDTPGUIF8FCIUUQXXXIZQFSPSH
DPNNJTDNFUBQIZTJDTJOEFYIUNM"DFTTPFNKVM
BQMJDBEBOPEFTFOWPMWJNFOUPEFNFJPTEFUSBOTMBÎÍPFDPNVOJ
DBÎÍP
PVTFKB
EFOPWBTGPSNBTEFDPOFʹBSQFTTPBT$BSSPT
BWJ
ÜFT
SÈEJPFUFMFWJTÍP
EFVNBDFSUBGPSNB
FODVSUBNBEJʽÉODJB
FOUSFPTTFSFTIVNBOPT$BSSPT
BWJÜFT
SÈEJPFUFMFWJTÍP
BPNFT
NPUFNQP
TFDPOʽJUVFNFNQPEFSPTPTJOʽSVNFOUPTFʽSBUÏHJ
DPTQFMPTRVBJTDJSDVMBNJEÏJBTFNPEPTEFWJEB"JOUFSOFUTFHVF
OFʽB NFTNB MJOIB TFSWF QBSB DPOFʹBS QFTTPBT
JEÏJBT
NPEPT
EF WJEB F QSPEVÎÍP TPDJBM 8FJOCFSHFS EFOPNJOB FTTF FTGPSÎP
DPNPBFSBEBDPOFYÍP
FNCPSBPVUSPTUFSNPTQBSFÎBNEFTDSFWFS
JHVBMNFOUF FʽFT UFNQPT NBSDBEPT QFMB DPNVOJDBÎÍP
JOGPSNB
ÎÍP
DPOFYÍP
.BT
DPNSFMBÎÍPBPTEFNBJTNFJPTEFDPNVOJDBÎÍPFJOGPS
NBÎÍP
BJOUFSOFUÏNBJTBCSBOHFOUF&MBOÍPBQFOBTBQSPYJNBBT
QFTTPBT&MBDSJBVNOPWPMVHBSEFDPOWJWÐODJB"JOUFSOFUÏVN
NVOEPEJGFSFOUFEBRVFMFOPRVBMDSFTDFNPT
5FNQP F FʼBÎP OÍP UÐN P NFTNP TJHOJmDBEP RVF BQSFOEF
NPTOBTFYQFSJÐODJBTDPNVOTPVNFTNPDPNPTEFNBJTNFJPTEF
DPNVOJDBÎÍP0NFJPGÓTJDPDBNJOIBQBSBBWJSUVBMJEBEF&BWJSUV
BMJEBEFDBNJOIBQBSBBSFBMJEBEF0QBSBEPYP
BTTJN
TFUSBOTGPSNB
FNQBSBEJHNB
*OUFSOFUOÍPEFQFOEFBQFOBTEFDPNQVUBEPSFT
NBTOFDFTTJUB
EBUFDOPMPHJBQBSBFʽBCFMFDFSPʽBUVTRVPWJSUVBM4FNNFJPTEF
BDFTTPmDBSFNPTNBSHJOBJTËTPDJFEBEFWJSUVBM%FNPDSBDJBTJOUFS
DPOFʹBEBT
QBSB FYJʽJS
QSFDJTBN EF BDFTTP JSSFʽSJUP QBSB HBSBO
UJSTF FORVBOUP UBJT /FTTF DPOUFYUP
B UFOEÐODJB Ï RVF IBKB DPO
WFSHÐODJBEFUFDOPMPHJBT
OPTFOUJEPEFPQFSBSBQBTTBHFNFOUSFB
UFDOPMPHJBBOUFSJPSQBSBBEJHJUBMJEBEFEBSFEF5FMFGPOFTDPOWFSTBN
DPNBSFEF
FOWJBOEPFSFDFCFOEPJOGPSNBÎÜFT5FMFWJTÜFTEFWFN
GB[FS P NFTNP 0T QPSUÈWFJT
JODMVJOEP DFMVMBSFT F 1%"T
EFWFSÍP
FʽBSDPOFʹBEPTFNSFEF
QSPQJDJBOEPBPTVTVÈSJPTVNBDPOFYÍP
BPNVOEPWJSUVBM
POEFQPTTBTFSQPTTÓWFMBDFEFSËTJOGPSNBÎÜFTF
iCMPHBSwTVBTBOÈMJTFT
SFUSPBMJNFOUBOEPBSFEF
"UVBMNFOUFVUJMJ[BNPTVNBUFDOPMPHJBRVFSFNPOUBBNBJTEF
8&*/#&3(&3
%BWJE8IZ 0QFO 4QFDUSVN .BUUFST5IF &OE PG UIF #SPBEDBTU /BUJPO
IUUQXXXHSFBUFSEFNPDSBDZPSHGSBNJOH@PQFOTQFDUSVNIUNM "DFTTP FN KVM
BOPT1PSRVFQSPQPSBWBOÎPT 4JNQMFTBWBOÎPTTJHOJmDBNCBSB
UFBNFOUPFNBTTJmDBÎÍPEBUFDOPMPHJB"TTJN
BHSBOEFTBDBEB
FʽÈFNEBSWB[ÍPBFTTBDPOFʹJWJEBEF#VTDBSPQPUFODJBMQBSB
JODSFNFOUBS P JOUFSSFMBDJPOBNFOUP EPT NFSDBEPT
PV CB[BSFT
QBSBVTBSPUFSNPEF&SJD3BZNPOE
FORVBOUPNFEJBÎÜFTFOUSF
QFTTPBT
QSPEVÎÍP
QSPEVUPTFTJHOPT
&OUÍP
Ï JNQPTTÓWFM EFTWJODVMBS DJCFSDVMUVSB EF JOUFMJHÐODJB
DPMFUJWBFEBDBUBMJTBÎÍPEFTTBTJOUFMJHÐODJBTQFMBJOUFSOFU1PSUSÈT
EFDBEBDPNQVUBEPSIÈVNTFSIVNBOPCVTDBOEPVNBOPWBGPS
NBEFBQSFOEFS
QSPEV[JS
TFFYQSFTTBS
FOTJOBS
BQSPWFJUBSFQSPT
QFSBS&IVNBOPTTÍPUBNCÏNTPOIPT
TFOUJNFOUPTFDPOUSBEJÎÜFT
OÍPBQFOBTSB[ÍP
DÏSFCSPFNÈRVJOB+ÈEJTTFSBNRVFEFOUSPEF
OØT IÈ NVMUJEÜFT 5BNCÏN KÈ EJTTFSBN RVF TPNPT TÓNCPMPT PV
TJHOPT)PKFQPEFNPTEJ[FSRVFTPNPTMJOLT-JOLTRVFTFDPOFD
UBNDPNPVUSPTMJOLT
4PGUXBSFMJWSFFNÓEJBUÈUJDB
"BEPÎÍPEPTPGUXBSFMJWSFQFMPHPWFSOPGFEFSBMÏSFBM6NB
BGSPOUBBPNPOPQØMJP 0VBDPNQSFFOTÍPEFRVFPDPOIFDJNFO
UPMJWSFQPEFTFSVNBTBÓEBWJÈWFMQBSBBTPCSFWJWÐODJBEP5FSDFJSP
.VOEP "UFDOPMPHJBMJWSFÏVNHSBOEFBUBMIPQBSBPGVUVSP/ÍP
ÏOFDFTTÈSJPFʼFSBSQFMBCPBWPOUBEFEBQPMÓUJDBJNQFSJBM"BQSP
QSJBÎÍPFBPDVQBÎÍPEFFʼBÎPTBDPOUFDFNEFNBOFJSBFNFSHFOUF
RVBOEPPDPOIFDJNFOUPQFSUFODFËNVMUJEÍP
/ÍPUFOIPBJOUFOÎÍPEFGB[FSQSPTFMJUJTNPTPCSFFTTBHVJOBEB
QSØTPGUXBSFMJWSF
DPNPBMHVOTTFUPSFTWÐNGB[FOEP$SFJPRVFFTTF
QSPDFTTPOÍPEFWFSJBTFSQPMÓUJDPQBSUJEÈSJP.VJUPQFMPDPOUSÈSJP
TPGUXBSFMJWSF
DPNPPQSØQSJPOPNFEFmOF
ÏMJWSF6NQBUSJNÙOJP
EBIVNBOJEBEFRVFEFWFTFSUSBUBEPMPOHFEBTBNBSSBTEPQPEFS
4ÍPBTDPNVOJEBEFTBTQFTTPBTFOWPMWJEBTOFTTFQSPDFTTPEFT
DFOUSBMJ[BEP
F OÍP VN PV PVUSP QBSUJEP
VNB PV PVUSB FNQSFTB
1SPHSBNBEPSFT
QFOTBEPSFT
VOJWFSTJUÈSJPT
QSPGFTTPSFT
HFʽPSFTTP
DJBJT
FOmN
QFTTPBTRVFFʽÍPDPOFʹBEBTOÍPQSFDJTBNFʼFSBSQFMP
TJOBMWFSEFEPHPWFSOP0VQFMBEFNBOEBEBTDPSQPSBÎÜFT1PEFNPT
BHJSQPSOØTNFTNPT"PQÎÍPQFMPTPGUXBSFMJWSFÏJNQPSUBOUFQBSB
BTOPTTBTDPNVOJEBEFT&OUÍP
WBNPTGBMBSTPCSFJTTP"UÏDBOTBS
SFQFUJSFSFQFUJS1FMBOPTTBMJCFSEBEF
0#SBTJM OÍPBQFOBTPHPWFSOPCSBTJMFJSP
UFNBQPTTJCJMJEB
EFEFDSJBSQSPEVUPTFTFSWJÎPTDPNVNBUFDOPMPHJBEJʼPOÓWFM
BUPEPT
OVNBNCJFOUFDPMBCPSBUJWP
POEFBTNFMIPSFTDBCFÎBT
EPNVOEPFʽÍPDPNQSPNFUJEBTDPNFTTFNPWJNFOUPFEFEJDBN
TVBT IBCJMJEBEFT QBSB EJTTFNJOBS VNB OPWB GPSNB EF EFTFOWPM
WJNFOUP EF TPGUXBSFT F EF USBCBMIBS DPMBCPSBUJWBNFOUF DPN P
DPOIFDJNFOUP/FʽFNVOEPEFDØEJHPTMJWSFTOÍPFYJʽFKPHPEF
QPEFS&YJʽFBQFOBTPMJWSFnVYPEPTBCFS
0 TPGUXBSF MJWSF KÈ Ï VNB SFBMJEBEF QBSB P VTVÈSJP iEFGBVMUw
QFTTPBTRVFVUJMJ[BNVNBNCJFOUFHSÈmDP
DMJFOUFEFFNBJM
.1
RVFJNBEPSEF$%
QMBOJMIBTFMFUSÙOJDBTFPVUSPTBQMJDBUJWPTEFVTP
DPUJEJBOP/ÍPDPOTJEFSPTPGUXBSFMJWSFTVCʽJUVUPEPTPGUXBSFQSP
QSJFUÈSJP4ÍPFRVJWBMFOUFTFDPNQMFNFOUBSFTTPCPQPOUPEFWJʽB
NBDSPFDPOÙNJDP/PFOUBOUP
mMPTPmDBNFOUFPTPGUXBSFMJWSFUFN
VNB SFMBÎÍP EF SVQUVSB QBSBEJHNÈUJDB OB TPDJFEBEF NPEFSOB ²
VNOPWPNPEFMPEFQSPEVÎÍP$PMBCPSBÎÍPFNWF[EFJOWFʽJNFO
UPEFDBQJUBM(FOFSPTJEBEFFNWF[EFDPODPSSÐODJB
0TPGUXBSFMJWSF
OPFOUBOUP
OÍPQSPQPSDJPOBQFSTJBEFTBQSP
QSJBÎÍPNFOUBM&TTFÏVNQSPDFTTPRVFUFNNBJTBWFSDPNBMJCFS
EBEFEFDPOIFDJNFOUP
EBRVBMPTPGUXBSFMJWSFÏ
CBTJDBNFOUF
VN
CPNFYFNQMP.BTOÍPTFKBNPTJOHÐOVPT0TMBUJGÞOEJPTDVMUVSBJT
TFBSSBOKBNNFTNPEFOUSPEPTNPWJNFOUPTEFTPGUXBSFMJWSF²QPS
JTTPRVFQSFmSPGBMBSFNEFTDFOUSBMJ[BÎÍPFNWF[EFEFNPDSBUJ[BÎÍP
/BWFSEBEF
TPGUXBSFMJWSFÏVNBUFOEÐODJBJOFYPSÈWFM/ÍPÏ
OFDFTTÈSJPEJHMBEJBSNPTDPOUSBPʽBUVT RVPQSPQSJFUÈSJP0NPWJ
NFOUPQFMPTPGUXBSFMJWSFOÍPQPEFTFSDPOUJEP/ÍPÏVNDÉOUJDP
EFWJUØSJBQSFNBUVSP²MØHJDPRVFFYJʽFNGPSÎBTNVJUPQPEFSPTBT
DPNJOUFSFTTFFNCSFDBSBBTDFOTÍPEPDPOIFDJNFOUPMJWSF/FHSJ
EFmOFBBÎÍPEP*NQÏSJPEFNBOFJSBQSJNPSPTB"NVMUJEÍPIJQFS
DPOFʹBEBFNFSHFDPNPVNDPOUSBQPEFS&TTFDPOUSBQPEFSTÍPBT
DPOWFSTBÎÜFT QSFTDSJUBT QFMP .BOJGFʽP $MVFUSBJO
TÍP BT MJOIBT EF
DPNBOEPQSPQPʽBTQFMPTNPWJNFOUPTEPTPGUXBSFMJWSF&TTBSFEF
TØQPEFTFSRVFCSBEBQFMBOFHBÎÍPEPBDFTTP*TTPOÍPNFQBSFDF
"OPWBDSJBUVSBÏUÈUJDB6NB5";nVUVBOUF
'B[BMHVNUFNQPRVFUFNPTTVHFSJEPRVFPDBQJUBMJTNPFʽÈ
TPGSFOEP VN QSPDFTTP EF SVQUVSB BUSBWÏT EBT DPOWFSTBÎÜFT EB
SFEF&TTBBmSNBÎÍPQBSFDFJOHÐOVB&
UBMWF[
VNSFDPSUFMFWJBOP
RVFOPTBQPOUBQBSBVNBWFSEBEFBOVODJBEB3FBMNFOUF
RVBOEP
BOBMJTBNPT EF GPSB
EFTWJODVMBEPT EBT JEÏJBT SFDPSSFOUFT
QBSFDF
VNBHSBOEFVUPQJB5FOUPQSPWBSPDPOUSÈSJP3FEFQSFTTVQÜFFO
HBKBNFOUPFJNBOÐODJB
1PSUBOUP
QBSB FOUFOEFS FTTB SVQUVSB UFNPT RVF NPOUBS VN
DFOÈSJPQBSBBDPOUFYUVBMJ[BÎÍPEPRVFTJHOJmDBDPOWFSTBÎÍP/ÍP
ÏUÍPEJGÓDJMEFmOJSFTTFNPWJNFOUP;POBTQJSBUBTFNFSHFNEFVNB
SFEFDBUBMJTBEBQFMBDPOFʹJWJEBEFDJCFSOÏUJDB)BLJN#FZEFOPNJ
OB FTTF GFOÙNFOP DPNP 5"; 5FNQPSBSZ "VUPOPNPVT ;POF
&TTFCBSVMIPEBT5";FTJEFOUJmDBFBQPOUBQBSBBTNVUBÎÜFTQSPWP
DBEBTQPSVNBTPDJFEBEFRVFDPNFÎB
TFOTJWFMNFOUF
BBDSFTDFOUBS
VNWJÏTDPMBCPSBUJWPBPTNFJPTEFQSPEVÎÍP
5";TJHOJmDB[POBBVUÙOPNBUFNQPSÈSJB4ÍPMVHBSFTOPFʼBÎP
OPUFNQPFOBTJEÏJBTRVFFTDBQBNEPTQPEFSFT0VNFMIPSJOWJ
TÓWFJTBPTQPEFSFT
EVSBOUFBMHVNUFNQPFEFVNBNBOFJSBOVODB
BCTPMVUBKÈRVFOÍPFYJʽFiMJCFSEBEFUPUBMw5";FTTÍPFʼBÎPT
OPTRVBJTQFTTPBTEFTFOWPMWFNBVUPHPWFSOP T
FFYQBOEFNEFTFKPT
NÞMUJQMPT'FʽBT
DPNVOBT
TVSVCBT
JOWBTÜFTPVTJNQMFTNFOUFDP
#&:
)BLJN5B[;POB"VUÙOPNB5FNQPSÈSJB4ÍP1BVMP$POSBE
NVOJEBEFT
MJWSFTBTTPDJBÎÜFT"5";OPTGB[SFUPNBSBJEÏJBEF
JNQFSNBOÐODJB
&TTBJNQFSNBOÐODJBÏVNBBUJUVEFEFVNBTPDJFEBEFDPOFD
UBEB6NBEFTDPOʽSVÎÍPQBSBVNBBHMVUJOBÎÍPDPNVNBPVUSB
FʽBCJMJEBEF "TTJN
OÍP EÈ QBSB FOUFOEFS FTTF OPWP NPNFOUP
TPC B ØUJDB F DPOWFOÎÜFT EP WFMIP QBSBEJHNB DBQJUBMJʽB " JN
QFSNBOÐODJBÏVNBʼFʹPEBFTRVJ[PGSFOJBJOGPSNBDJPOBM/FHSJ
F)BSEUDIBNBNEFNVMUJEÍPFTTFNPOʽSPPOUPMØHJDPRVFBnPSB
EFCBJYPQBSBDJNBQBSBPFOGSFOUBNFOUPEPQPEFSJNQFSJBM
i$PNPFNUPEPTPTQSPDFTTPTJOPWBEPSFT
PNPEPEF
QSPEVÎÍPRVFFNFSHFÏJOʽBMBEPDPOUSBBTDPOEJÎÜFTEBT
RVBJTFMFEFWFTFMJCFSBS0NPEPEFQSPEVÎÍPEBNVMUJ
EÍPÏJOʽBMBEPDPOUSBBFYQMPSBÎÍPFNOPNFEPUSBCBMIP
DPOUSBBQSPQSJFEBEFFNOPNFEBDPPQFSBÎÍP
FDPOUSB
BDPSSVQÎÍPFNOPNFEBMJCFSEBEF"VUPWBMPSJ[BPTDPS
QPTOPUSBCBMIP
TFSFBQSPQSJBEBJOUFMJHÐODJBQSPEVUJWB
NFEJBOUF B DPPQFSBÎÍP
F USBOTGPSNB B FYJʽÐODJB FN MJ
CFSEBEF"IJʽØSJBEBDPNQPTJÎÍPEFDMBTTFFBIJʽØSJB
EBNJMJUÉODJBUSBCBMIBEPSBEFNPOʽSBNBNBUSJ[EFʽBT
TFNQSF OPWBT
F BJOEB BTTJN EFUFSNJOBEBT
SFDPOmHVSB
ÎÜFT EF BVUPWBMPSJ[BÎÍP
DPPQFSBÎÍP F BVUPPSHBOJ[BÎÍP
QPMÓUJDB
DPNPVNFGFUJWPQSPKFUPTPDJBMw
/&(3*
"OUPOJP)"3%5
.JDIBFM&NQJSF-POEPO)BSWBSE6OJWFSTJUZ1SFTT
1FOTBNPTSJ[PNBT/ÍPTØOBTSBÓ[FTRVFTFCJGVSDBN
DSFT
DFNBMFBUPSJBNFOUFTFNDPNBOEPFDPOUSPMF0SJ[PNBOPTNPT
USBPDPNQPSUBNFOUPEBTSFEFT
POEFBUSBNBEFOØTOÍPNBJT
JEFOUJmDBPTFS
PDPSQP
PBVUPS4PNPTVNQSPEVUPSJ[PNÈUJDP
.VMUJEÜFTEFOUSPEFUPEPTOØT%FOUSPFGPSB
GPSBFEFOUSP0
DPSQPOÍPUFNMJNJUF
"NÈRVJOBFʽÈJODPSQPSBEBBPOPTTPEFʽJOP6TBNPTBNÈ
RVJOBDPNPEJʽFOTÍPEPIPNFN
² DPNQMJDBEP #FN
FTRVFÎB BRVJMP RVF P GB[ TF FOYFSHBS
DPNPTFSIVNBOP&ʽBNPTOPTSFGFSJOEPBVNBPVUSBUSBEJÎÍP
mMPTØmDB*TTPJNQMJDBOBNBOFJSBEFTFOUJSNPTBWJEB1BSBRVF
UBOUPSBDJPOBMJTNP 1PSRVFQFOTBSOPIPNFNDPNPDFOUSPEP
NVOEP &QBSBRVFUBOUPFTGPSÎP 0DPSQPTFEJʽFOEFQBSBVN
UPEP"TSFMBÎÜFTDPSQPNÈRVJOB FUPEBTBTSFMBÎÜFTRVFEFSJWBN
EFTTBTBQSPYJNBÎÜFT
OPTGB[FNFOUFOEFSRVFOÍPNBJTJNQPSUB
EJGFSFODJBSBTQBSUFT0TFSOBUVSBM
BRVFMFEFʼSPWJEPEPTNBMFT
UFDOPMØHJDPT
KBNBJT FYJʽJV 0V NFMIPS
OÍP FYJʽF EFTEF RVF BT
GVOÎÜFT EP IPNFN TF EJʽFOEFN OB SFMBÎÍP DPN P BNCJFOUF &
JTTPEBUBEBJEBEFEBQFESBMBTDBEB/PTTBDVMUVSBÏIÓCSJEB
NFʽJ
ÎBFNJTDJHFOBEB4PNPTUPEPTmMIPTEBTQVUBT
#SBTJMÏIBDLFS
&NʾFIBDLFS&UIJDBOEUIFʼJSJUPGUIFJOGPSNBUJPOBHF
1FLB
)JNBOFOJEFOUJmDBPIBDLFSBTTJN
DPNPVNBGPSNBWJÈWFMEFCBMBOÎPFOUSFPTQPEFSFT"DFJUBRVF
PDPOIFDJNFOUPEFWFTFSMJWSF
FPEJSFJUPEFBTQFTTPBTDPNVOT
EJWJEJSFN FTTF DPOIFDJNFOUP "TTJN
FNQSFTBT F P HPWFSOP TF
UPSOBNNVJUPNBJTGSÈHFJTGSFOUFBFTTBSFBMJEBEF$POʽSVÓSBN
VNWFSEBEFJSPNVSPEF#FSMJN
RVFEJWJEFBTPDJFEBEFFNDBʽBT
EPTPQSFTTPSFTFEPTPQSJNJEPT
EPTQPEFSPTPTFEPTGSBDPT
EPT
QSPEVUPSFTFEPTDPOTVNJEPSFT
EPCFNFEPNBM/ÍPBDSFEJUP
OVNBTPDJFEBEFUÍPNBOJRVFÓʽB"TTJN
BNVMUJEÍPIJQFSDPOFD
UBEBWFNQSPNPWFSBSVQUVSBEBÏUJDBQSPUFʽBOUF
RVFBKVEPVB
FWPMVÎÍP EB TPDJFEBEF JOEVʽSJBM 1PJT
OB FSB EP DPOIFDJNFOUP
FTTFTWBMPSFTEFWFNTFSTPCSFQVKBEPTQPSVNBPVUSBÏUJDB"QSP
QPʽBEBTPDJFEBEFEBJOGPSNBÎÍPÏBÏUJDBIBDLFS
RVFFʽÈTFOEP
BEPUBEBQFMPNPWJNFOUPEPTPGUXBSFMJWSF
1BSBFOUFOEFSFTTBSVQUVSBEPTQBSBEJHNBTUFNPTRVFQFOTBS
FQBSUJDJQBS6NOPWPTJʽFNBFʽÈOBTDFOEP&TRVFÎBPWFMIPDP
NBOEPFDPOUSPMF&ʽÈTVSHJOEPVNBDPOTDJÐODJBJOFRVÓWPDBEF
RVFBDPOʽSVÎÍPEFCBJYPQBSBDJNBUFNNVJUPQBSBPGFSFDFSQBSB
P EFTFOWPMWJNFOUP EP QSPDFTTP DPMFUJWP 6NB TPDJFEBEF RVF TP
CSFWJWFFTFSFDSJBOBTVBQSØQSJBEJWFSTJEBEF
&
BTTJN
UVEPNVEB$SJBOÎBTBQSFOEFNBDPMBCPSBS
BEFTFO
WPMWFSQSPKFUPTPOMJOFFBFʼFMIBSPTTPOIPTOPBNCJFOUFXFC0
NVOEPWJSUVBMOÍPÏEJGFSFOUFEPOPTTPCPNFRVFSJEPNVOEPSFBM
"JOUFSOFUFʽÈFOTJOBOEPPTVTVÈSJPTBTFJOUFSSFMBDJPOBSFNOFTTF
FʼBÎPWJSUVBM/ÍPFYJʽFTFHSFEP
BQFOBTCPBWPOUBEFFPCʽJOBÎÍP
$SJBSQBSBBTPDJFEBEF'B[FSBDPOUFDFSJOEFQFOEFOUFNFOUFEP
SFUPSOPmOBODFJSPBDVSUPQSB[P²FTTBBHSBOEFOPWJEBEF"NF
UPEPMPHJBEFUSBCBMIPÏTJNQMFTFWJSUVBM2VBMRVFSQFTTPBDPNVN
DPNQVUBEPSDPOFʹBEPOBSFEFFDPNVNQPVDPEFDPOIFDJNFOUP
UFNBQPTTJCJMJEBEFEFQBSUJDJQBSWPMVOUBSJBNFOUFEFBMHVOTQSPKF
UPTJNQPSUBOUFT"TTJN
POPWPNVOEPFʽÈQSPOUPQBSBPVTVÈSJP
TJD
mOBM&TFNEÞWJEBÏBNFMIPSPQÎÍP
"HFODJBNFOUPDPMFUJWP
(JTFMF #FJHVFMNBO TVHFSF RVF B JOUFSGBDF OÍP Ï BQFOBT VNB
NFNCSBOBRVFTFQBSBPFʼBÎPEPDJCFSFʼBÎP"JOUFSGBDFÏVNB
i$PNPBEJʽSJCVJÎÍPEFUPEBTBTGPSNBTEFDVMUVSBTF
UPSOB CBTFBEB OPT DPNQVUBEPSFT
OØT FʽBNPT BVNFO
UBOEPBSFMBÎÍPDPNPTEBEPTQSFEPNJOBOUFTEBJOUFSGBDF
DVMUVSBMUFYUPT
GPUPHSBmBT
mMNFT
NÞTJDBT
BNCJFOUFT
WJSUVBJT&NSFTVNP
OÍPFʽBNPTNBJTOPTSFMBDJPOBOEP
DPNPTDPNQVUBEPSFTNBTDPNBDVMUVSBDPEJmDBEBFN
GPSNBEJHJUBMw
&TTBBmSNBÎÍPUFNUVEPBWFSDPNBJEÏJBEPBHFODJBNFOUP
DPMFUJWPEBFOVODJBÎÍP%FMFV[FF(VBUUBSJEJ[FN
i#FN
BRVJUFNPTEPJTNVOEPT/PNVOEPSFBMBTQFT
TPBTTÍPTFQBSBEBTQFMBEJʽÉODJB1PSDBVTBEBWBʽJEÍP
EB UFSSB EJGFSFOUFT DVMUVSBT TF EFTFOWPMWFSBN 1FTTPBT WJ
WFNFNQBÓTFTTFQBSBEPT
EJWJEJEPTQPSGSPOUFJSBTF
ËTWF
[FT
QPSNVSPTDPNTPMEBEPTFBSNBT/BXFCBTQFTTPBT
DBNJOIBNKVOUBTTFDPOFʹBNQPJTFʽÍPJOUFSFTTB
EBTOBTNFTNBTDPJTBT&MFTTFQSFPDVQBNDPNBTNFTNBT
DPJTBT0NVOEPSFBMÏTPCSFDPNPBTEJʽÉODJBTBQBSUBN
BTQFTTPBT"XFCÏTPCSFDPNPPDPNQBSUJMIBNFOUPEPT
%&-&6;&
((6"55"3*
'.JM1MBUÙT
1PTUVMBEPTEFMJOHàÓTUJDB
Q
i/ØTEFWFNPTDPNQSFFOEFSBTPDJFEBEFEPDPOUSPMF
OP
DPOUSBʽF
DPNPTFFTTBTPDJFEBEF RVFTFEFTFOWPMWFOB
QFSJGFSJBEBNPEFSOJEBEFFTFBCSFQBSBPQØTNPEFSOP
POEFPTNFDBOJTNPTEPDPNBOEPTFUPSOBNTFNQSFNBJT
AEFNPDSÈUJDPT
FNBJTJNBOFOUFTOPDBNQPTPDJBM
EJʽSJCV
ÓEPBUSBWÏTEPTDÏSFCSPTFEPTDPSQPTEPTDJEBEÍPTw
"JNBOÐODJBBQBSFDFDPNPVNBGPSÎBFOHBKBEB&N.BSLFUJOH
IBDLFSBSFWPMVÎÍPEPTNFSDBEPTBQSFTFOUBNPTBOFDFTTJEBEFEF
iFTDPWBSNFSDBEPTwDPNPVNQSFTTVQPʽPIBDLFSQBSBPDVQBÎÍPF
BQSPQSJBÎÍPEPTFʼBÎPTJOGPSNBDJPOBJTEFEJDBEPT&OUFOEBFTTFT
FʼBÎPT DPNP PT MPDBJT POEF BT QFTTPBT TF SFÞOFN OP DJCFSFʼB
ÎP4ÍPPTNJDSPNFSDBEPT
BTDPNVOJEBEFTWJSUVBJT
CMPHT
MJʽBTEF
EFCBUFT
TPGUXBSFT TPDJBJT F PVUSBT GPSNBT EF BÎÍP 0 i.BOJGFʽP
$MVFUSBJOwBQSFTFOUBBUFTFEFRVFiPTNFSDBEPTTÍPDPOWFSTBÎÜFTw
i6NB QPEFSPTB DPOWFSTBÎÍP HMPCBM DPNFÎPV "USBWÏT EB JOUFSOFU
QFTTPBT FʽÍP EFTDPCSJOEP F JOWFOUBOEP OPWBT NBOFJSBT EF DPN
QBSUJMIBSSBQJEBNFOUFDPOIFDJNFOUPSFMFWBOUF$PNPVNSFTVMUBEP
EJSFUP
NFSDBEPTFʽÍPmDBOEPNBJTFʼFSUPTFNBJTFʼFSUPTRVF
BNBJPSJBEBTFNQSFTBTw
8&*/#&3(&3
%BWJE 4NBMM 1JFDFT -PPTFMZ +PJOFE B VOJmFE UIFPSZ PG UIF XFC
1FSTFVT#PPLT
/&(3*
"OUPOJP)"3%5
.JDIBFM0QDJUQ
&NBJTFʼFSUPTRVFBWFMIBGPSNBEFDPNQBSUJMIBNFOUP
EF
GB[FSQPMÓUJDBFEFBHFODJBNFOUP*NBOÐODJBFBHFODJBNFOUPDP
MFUJWPUÐNUPUBMBEFSÐODJBDPNBTPDJFEBEFFNSFEF
/FHSJ F )BSEU BQPOUBN QBSB B NVMUJEÍP DPNP JNBOFOUF
DPNPVNDPODFJUPEFDMBTTFFDPNPVNDPODFJUPEFQPEFS
i$POUSBUPEPTPTBWBUBSFTEBUSBOTDFOEÐODJBEPQPEFS
TPCFSBOP FOPNFBEBNFOUFEPiQPWPTPCFSBOPw
PDPO
DFJUPEFNVMUJEÍPÏPEFVNBJNBOÐODJBVNNPOʽSPSF
WPMVDJPOÈSJPEBTTJOHVMBSJEBEFTOÍPSFQSFTFOUÈWFJTQBSUF
EBJEÏJBEFRVFRVBMRVFSDPSQPKÈÏVNBNVMUJEÍP
F
QPS
DPOTFHVJOUF
B FYQSFTTÍP F B DPPQFSBÎÍP ² JHVBMNFOUF
VNDPODFJUPEFDMBTTF
TVKFJUPEFQSPEVÎÍPFPCKFUPEFFY
QMPSBÎÍP
FʽBEFmOJEBDPNPFYQMPSBÎÍPEBDPPQFSBÎÍP
EBTTJOHVMBSJEBEFT
VNEJʼPTJUJWPNBUFSJBMJʽBEBNVMUJ
EÍPQPEFSÈBQFOBTQBSUJSEFVNBUPNBEBQSJPSJUÈSJBEP
DPSQPFBMVUBDPOUSBBTVBFYQMPSBÎÍPw
&TTFQSPUPDPMPOÍPBQFOBTJOʽBMBPDPOUSPMF y
1SPUPDPMP
Ï GVOEBNFOUBMNFOUF B UFDOPMPHJB EF JODMVTÍP
F B BCFSUVSB Ï B
DIBWFQBSBFTTBJODMVTÍP "DVMUVSBIBDLFSQFSDFCFBJNBUVSJEBEF
EFTTFTQSPUPDPMPTFQSPQÜFVNBOPWBÏUJDBFVNCPNTFOTPRVF
OÍPWFNSPNQFSPTQBSBEJHNBTRVFBJOEBOÍPFYJʽFN
NBT
TJN
GPSKBSVNOPWPNPEFMP&TTFTBSHVNFOUPTFJEÏJBTNFMFWBNBQFO
TBSOBJOUFSOFUDPNPVNFʼBÎPEFBHFODJBNFOUP
NBTRVFUPSOB
QPTTÓWFJTTBMUPTBDFOUVBEPTUBOUPEBNVUBÎÍPÏUJDBDPNPEBBÎÍP
EJSFUBOBNJDSPGÓTJDBEPQPEFS
/FTTBFʼVNBJOGPSNBDJPOBMFNFSHFNOPWBTGPSNBTEFJOUFSB
ÎÍP-JʽBTEFEJTDVTTÍP
CMPHT
nPHT
PSLVUT
NFOTBHFOTJOʽBOUÉOFBT
PV RVBMRVFS PVUSB GFSSBNFOUB RVF DPOFʹF HSVQPT &TTFT HSVQPT
GPSNBNGPDPTEFNPWJNFOUPTTPDJBJT2VBOUPNBJTFOHBKBEPGPSP
QSPKFUPNBJTJOUFOTBTFSÈBBÎÍPDPMFUJWB&TTFGV[VÐJOGPSNBDJPOBM
UPSOBQPTTÓWFMBDBUBMJTBÎÍPEPBHFODJBNFOUPDPMFUJWP
0 FGFJUP Ï SJ[PNÈUJDP " JOGPSNBÎÍP DPMB OP BHFODJBNFOUP &
WJDFWFSTB /VNB NVMUJEÍP IJQFSDPOFʹBEB P DPOIFDJNFOUP MJWSF
UFOEFBTFFYQBOEJS/PFOUBOUP
BQSÈUJDBEPDPOIFDJNFOUPMJWSF
USB[ B SFCPRVF VNB TÏSJF EF OPWPT QBSBEJHNBT RVF EJBMPHBN FN
UFNQP SFBM DPN PT FOVODJBEPT RVF BUÏ BHPSB EFSBN TVʽFOUBCJMJ
EBEF mMPTØmDB Ë IVNBOJEBEF &ʽBNPT QSFTFODJBOEP NVEBOÎBT
ESÈʽJDBT OPT EFCBUFT TPCSF QSPQSJFEBEF JOUFMFʹVBM
MJCFSEBEF EF
4&"3-4
%PD8&*/#&3(&3
%BWJE8PSMEPGFOET5SBEVÎÍPCSBTJMFJSB.VOEPEFQPOUBT
5SBEVÎÍP EF 3BJOFS #SPDLFSIPGG IUUQXXXCSPDLFSIPGGOFUCCWJFXUPQJDQIQ U
"DFTTPFNKVM
("--08":
"1SPUPDPM)PXDPOUSPMFYJTUTBGUFSEFDFOUSBMJ[BUJPO.*5
FYQSFTTÍP
OBTQPMÓUJDBTEFDPNVOJDBÎÍP&ʽBNPTBQFOBTOPJOÓ
DJPEFTTBSFWPMVÎÍPOÍPUFMFWJTJPOBEB
0QFSBÎÍPQJSBUB
6N QSPKFUP DPMBCPSBUJWP TF GB[ DPN VN FTGPSÎP DPMFUJWP
6NBPQFSBÎÍPWPMVOUÈSJBFFOHBKBEB/ÍPÏQPTTÓWFMFʽBCFMFDFS
WÓODVMPTFOUSFFTTBBÎÍPDBØUJDBDPNPTNÏUPEPTEFBENJOJʽSB
ÎÍPUSBEJDJPOBJT5PEBWF[RVFUFOUBNPTBENJOJʽSBS
DBÓNPTOB
BSNBEJMIB EP WFMIP NVOEP 6NB BENJOJʽSBÎÍP WPMUBEB QBSB P
OFHØDJP&OÍPQBSBPTQSPKFUPT
&N 6UPQJBT QJSBUBT
1FUFS -BNCPSO 8JMTPO EJ[ i0T QJSBUBT
FNFʽBEPQVSPTFBQSPYJNBNNVJUPEPDPNVOJTNP1FSJUPTRVF
PTWÐFNDPNPQSPUPDBQJUBMJʽBTFʽÍPDPNFUFOEPVNHSBOEFFO
HBOP0TQJSBUBTOÍPTFFODBJYBNOBEFmOJÎÍPNBSYJʽBEFACBO
EJUJTNPTPDJBM JʽPÏ
3FWPMVDJPOÈSJPQSJNJUJWP
QPSRVFOÍPUÐN
DPOUFYUPTPDJBMw
6NBTPDJFEBEFQJSBUB
FOUÍP
OÍPFSBVNBTPDJFEBEFJHVBMËT
PVUSBT"MHPEJGFSFOUFBDPOUFDJBFOUSFNPVSPT
SFOFHBEPTFIFSF
HFT²JOUFSFTTBOUFPCTFSWBSRVFTFUSBUBWBEFVNBTPDJFEBEFRVF
GB[JBPQPTJÎÍPBPʽBUVTRVPWJHFOUFËÏQPDB
"TDPOEJÎÜFTJEFBJTJODMVÓBNQSPYJNJEBEFDPNSPUBTNBSJOIBT
DPOIFDJEBT
OBUJWPT FOBUJWBT
BNJʽPTPT
JTPMBNFOUPFHSBOEFEJT
UÉODJB EF UPEB BVUPSJEBEF F SFBMJEBEF EF QPUÐODJB FVSPQÏJB
VN
BHSBEÈWFM DMJNB USPQJDBM F UBMWF[ VN QPʽP DPNFSDJBM PV UBWFSOB
POEF QVEFTTFN HBʽBS P CVUJN &ʽBWBN QSFQBSBEPT QBSB BDFJUBS
MJEFSBOÎB UFNQPSÈSJB FN TJUVBÎÍP EF DPNCBUF
NBT FN UFSSB QSF
GFSJBNBMJCFSEBEFBCTPMVUBNFTNPBPQSFÎPEBWJPMÐODJB/BCVTDB
QFMPCVUJN
FʽBWBNEJʼPʽPTBWJWFSPVNPSSFSQFMBEFNPDSBDJB
SBEJDBMDPNPQSJODÓQJPPSHBOJ[BEPS.BT
OPEFTGSVUFEPCVUJN
JO
TJʽJBNOBBOBSRVJB
"TBÎÜFTQJSBUBTBQSFTFOUBWBNVNBMUPHSBVEFBVUPOPNJB.FT
NPBMJEFSBOÎBEFOUSPEFOBWJPTFSBBMHPRVFʽJPOÈWFM"FʼBEBDP
MBCPSBUJWBTVCWFSUJBBIJFSBSRVJB
%FTTBGPSNB
QFOTPOVNOBWJPDPNPVNBDÏMVMBNPUJWBEBQBSB
BMDBOÎBSVNPCKFUJWP/PDBTPQJSBUBFSBBQJMIBHFNEFPVUSPTOBWJPT
)PNFOTTFSFVOJBNQBSBFTTFmN-FWBWBNDPNJEBFFʽSBUÏHJBT
NVJUBTCBOEFJSBTEJGFSFOUFTQBSBMVEJCSJBSPTPQPOFOUFT
QBSBP
NBS.BTPNBJTJNQPSUBOUFFSBBDBQBDJEBEFEFUPNBEBEFEF
DJTÍPBVUÙOPNBFBJOGPSNBÎÍP0OBWJPQJSBUBFSBJOEFQFOEFOUF
$POUBWBBQFOBTDPNTVBTQSØQSJBTBSNBT
&ʽBNPTDPNFÎBOEPBWJWFSOVNBTPDJFEBEFFNSFEF&PUFS
SPS
PTQBSUJEPTQPMÓUJDPTFBQJSBUBSJBTFNQSFTFWBMFSBNNFMIPS
EBSFEFEPRVFBTPDJFEBEFDPODFCJEBTPCBHMØSJBEBDVMUVSBEF
NBTTB&FʽBNPTDPNFÎBOEPBQFSDFCFSRVFQBSBWJWFSFNSFEF
UFNPTRVFFOYFSHBSTFVTNFBOESPT
/VNBTPDJFEBEFFNSFEFPTQSPKFUPTTÍPNVMUJGBDFUBEPT1P
EFNPTDPOʽSVJSQPSNVJUPTWJFTFTEJGFSFOUFT&VBQSFOEJGB[NVJ
UPUFNQPOÍPBNBSEFNBJTBRVJMPRVFGBÎP"NPPTPCKFUJWPT
NBT
TFJRVFOFʽBWJEBUVEPÏFGÐNFSP&DPNFTTBJEÏJBQPTTPDPOWJWFS
NFMIPSDPNBNPSUF&BTTJN
DPNBDBSBʹFSÓʽJDB5";
5VEP UFN TFV mN " DPNVOJDBÎÍP USBEJDJPOBM
BRVFMB FN
RVFUVEPFʽÈDFOUSBMJ[BEPOVNBFʽSVUVSB
OÍPDPNCJOBDPNPT
QSFTTVQPʽPT EF VNB PSHBOJ[BÎÍP FN SFEF 1FOTP QJSBUB &N DÏ
MVMBTRVFTÍPBUJWBEBTQFMPTQSPKFUPT$PNVNHSBVEFMJEFSBOÎB
BMUBNFOUFEFTDFOUSBMJ[BEP1PJTUVEPEFQFOEFEBPSHBOJ[BÎÍPFEB
BVUPOPNJBEPHSVQPEFUPNBSBTEFDJTÜFT6NHSVQPBVUÙOPNP
WBJFOUFOEFSDPNNBJTTFHVSBOÎBBOFDFTTJEBEFFBGPSNBEFHFʽÍP
EFEFOUSPQBSBGPSB"BOBSRVJBTØÏCFNTVDFEJEBRVBOEPÏVN
PCKFUJWPBTFSWJWJEP.BTDÏMVMBTQSFDJTBNEFPVUSBTDÏMVMBTQBSBTF
EFTFOWPMWFSFN0TQJSBUBTTØQVEFSBNFYJʽJSQPJTIBWJBNNVJUPTF
NVJUPTOBWJPT$BEBRVBMDPNTVBQSØQSJBBVUPOPNJB.BTPHSVQP
EBWBTVCʽÉODJBBPQSPKFUPDPNVN
"TTJN
QSPKFUPTDPNPP.FUB3FDJDMBHFNTØQPEFNTFEFTFOWPM
WFSTFQFOTBSNPTQJSBUB$ÏMVMBTPSJFOUBEBTBQSPKFUPT"VUPOPNJB
EF HFʽÍP .VJUB JOGPSNBÎÍP nVJOEP FOUSF BT QBSUFT &
QSJODJQBM
NFOUF
BDPOWJDÎÍPEFRVFDBEBDÏMVMBSFQSFTFOUBPUPEP&BTTJNUFS
NPTBDFSUF[BEBDPOʽSVÎÍPEFVNQSPKFUPDPNVN$BEBNFNCSP
EPHSVQPOFDFTTJUBDPOUSJCVJSDPNPCBTFQBSBPTPVUSPT&TRVFÎBN
DPPSEFOBEPSJBT
FTRVFÎBNDIFGFT
FTRVFÎBNy
3JDIBSE#BSCSPPLEJ[RVF
OPmNEPTÏDVMP99
PBOBSDPDPNV
OJTNPOÍPFʽÈNBJTDPOmOBEPFOUSFFNPTJOUFMFʹVBJTEFWBO
HVBSEB0RVFGÙSBSFWPMVDJPOÈSJPBHPSBÏCBOBM&MFEJ[RVFBT
QFTTPBTQBSUJDJQBNEFTTBIJUFDIHJGUFDPOPNZ
PVTFKB
VNBFDP
OPNJBPOEFPTCFOTFʽÍPEJʼPOÓWFJTUÍPBCVOEBOUFNFOUFRVF
nVFNMJWSFNFOUF6NBFDPOPNJBRVF
EFDFSUBGPSNB
SFHFBQSÈ
UJDBEPDPOIFDJNFOUPMJWSF1BSBNVJUBTQFTTPBTBiHJGUFDPOPNZw
ÏTJNQMFTNFOUFPNFMIPSNÏUPEPEFDPMBCPSBÎÍPOPFʼBÎPDJ
CFSOÏUJDP/FTTBFDPOPNJBNJʽBEBSFEF
PBOBSDPDPNVOJTNPTF
UPSOPVVNBSFBMJEBEFEPDPUJEJBOP
$PMBCPSBÎÍPÏBQBMBWSBEPTÏDVMP99*-JOVT5PSWBMET
PDSJB
EPS EP -JOVY
DBVTPV VN BMWPSPÎP FOPSNF BP MJCFSBS P DØEJHP
OVNBMJʽBEFEFCBUFTi3FMFBTFFBSMZBOESFMFBTFPGUFOwQBTTPVB
SFEFTFOIBSVNNPEFMPEFQSPEVÎÍP$PMBCPSBÎÍPDPNPDBQJUBM
TPDJBM$PMBCPSBÎÍPQBSBGB[FSRVBMRVFSDPJTBRVFPEFTFKPQSPWP
RVF$PMBCPSBÎÍPDPNPDPOEJÎÍPEFTPCSFWJWÐODJB
&OUSB B JOUFSOFU & QPS JODSÓWFM RVF QPTTB QBSFDFS FTTB GFSSB
NFOUBGF[VNFʽSBHPOBTJEJPTTJODSBTJBTEPTQPEFSPTPT"JOUFSOFU
ÏNBRVÓOJDB
QPJTSFDSJBVNQPEFSOÙNBEFOPÉNBHP6NQPEFS
RVFTFSFDSJBBDBEBJOʽBOUF$BUBMJTBEPTQFMPTOØTEBTSFEFT6NB
SFWJSBWPMUBBDPOUFDFOPTEPHNBTPDJEFOUBJT0OEFTFMJBUSBOTDFO
EÐODJB
BHPSBTFFOYFSHBFTFWJWFBJNBOÐODJB
#"3#300,
35IF)J5FDI(JGU&DPOPNZIUUQTVCTPMDIVTVCTPM@DPOUSJCVUPST
CBSCSPPLUFYUIUNM"DFTTPFNKVM
*NBHFN"ÎÍP
PQSPDFTTP
i"I&YDMBNPVPJOʼFUPSRVFKÈFʽBWBKVOUPËQPSUBWPDÐ
OÍPDPNQSFFOEFVCFN²WFSEBEFRVFFʽÈEFUJEP
NBTJTTP
EFOFOIVNNPEPMIFJNQFEFEFDVNQSJSBTTVBTPCSJHBÎÜFT
/ÍPEFWFNPEJmDBSBTVBWJEBIBCJUVBMw
'SBO[,BGLB
PVUEPPSTQMBDBTQVCMJDJUÈSJBTQSPHSBNBTEFUW
MPHPUJQPTDPNFS
DJBJTFNFʽSVUVSBTNFUÈMJDBTFOPSNFT
EWETFWITCBODBTEFKPSOBMF
TVBTNJMIBSFTEFSFWJʽBT
KPSOBJT
HVJBTyWIGVIGDFMVMBSFTDPNQVUB
EPSFTCBODPTEFEBEPT
DPOUSPMFSFNPUP
UW
TPGÈEBTBMBTFQBTTBSNPTVNEJBBDPNQB
OIBOEPBQSPHSBNBÎÍPEBUFMFWJTÍPBCFSUB
I
EPi#PNEJBwBP
i'JNEFOPJUFw
UBMWF[PCTFSWFNPTVNBTJUVBÎÍPQBSBEPYBMPEFTFO
WPMWJNFOUPUFDOPMØHJDPEBTNÈRVJOBTEFJOGPSNBÎÍPQSPQPSDJPOPV
QPSFYFNQMP
VNTJʽFNBDBQB[EFUSBOTNJUJSTJOBJTUFMFWJTJWPTDPN
BMUPBMDBODFNBTVNNFTNPQBESÍPEFUSBOTNJTTÍPTFNQSFSFOPWB
EPOBBCVOEÉODJBEFiJOGPSNBÎÜFTwRVFOPTDIFHBN
PMIBNPTBTJUVBÎÍPBUSBWÏTEFTTFQBSBEPYP
QPJTBTTPDJBNPTBMFJ
UVSBEFUFYUPTEPmMØTPGP(JMMFT%FMFV[FTPCSFBiTPDJFEBEFEPDPO
USPMFwDPNVNBQSÈUJDBDJOFDMVCJʽBEJGFSFODJBEBEJ[%FMFV[FFOUÍP
iÏFNOPTTBWJEBTPDJBMRVFPTJʽFNBKBOFMBFYUFSJPSUFOEF
B TFS TVCʽJUVÓEP QFMP TJʽFNB BQPTFOUP GFDIBEPNFTB EF
JOGPSNBÎÍP
OØTMFNPTPNVOEPNBJTRVFPWFNPTwDPOWFS
TBÎÜFT
Q
USCS
FʽBNPT FN DPOUBUP EJSFUP DPN VN DBPT FYDFEFOUF EF JOGPS
NBÎÍP
OÍPNBJTPCTFSWBNPTBOBUVSF[B
NBTQPSUPEPMBEPNFTBT
EFJOGPSNBÎÍP PTQSPEVUPTEPTBOVODJBOUFT
PDJOFNB
FʽBUÓʽJDBT
QFTRVJTBT DJFOUÓmDBT
SFWJʽBT
KPSOBJT
TJUFT
ÓOEJDFT EF WBMPSFT
UFMF
WJTÍPy
FYDFTTPEFJOGPSNBÎÍPQPSRVFTÍPBCVOEBOUFT
TÍPWÈSJBT
FNJTTPSBT
WÈSJBT SFWJʽBT
TJUFT
QSPEVUPTy F DBØUJDB QPSRVF FʽÍP
UPEBTMÈTFNmMUSPT
ÏTØFOUSBSFTDPMIFSFDPNQSBS
BSFWJʽBB
C
Dy
F OJTTP DPOTJʽF P HPMQF QSJODJQBM EB NÓEJB B QSPGVTÍP EF JOGPSNB
ÎÍPEBTNÓEJBTGPSNBVNDBPTEFJOGPSNBÎÜFTFBTQSØQSJBTNÓEJBTTF
FODBSSFHBNEFEBSQSPMPOHBNFOUPFTFOUJEPBPDBPT
PSHBOJ[BOEP
iPNBSLFUJOHÏBHPSBPJOʽSVNFOUPEFDPOUSPMFTPDJBM
FGPS
NBBSBÎBJNQVEFOUFEFOPTTPTTFOIPSFT y
PIPNFNOÍP
ÏNBJTPIPNFNDPOmOBEP
NBTPIPNFNFOEJWJEBEPwDPO
WFSTBÎÜFT
Q
USCS
iÏRVFBUFMFWJTÍPÏBGPSNBBUSBWÏTEBRVBM
PT OPWPT QPEFSFT EF ADPOUSPMF UPSOBNTF
JNFEJBUPTFEJSFUPTwDPOWFSTBÎÜFT
Q
US
CS
iRVFSTFGVOEBSVNADPOTFOTP
NBTPDPOTFOTPÏ
VNBSFHSBJEFBMEFPQJOJÍPRVFOBEBUFNBWFSDPN
BmMPTPmBwDPOWFSTBÎÜFT
Q
USCS
i y
BUFMFWJTÍP
BQFTBSEBTUFOUBUJWBTJNQPSUBOUFTFFNCPB
QBSUFWJOEBTEPTHSBOEFTDJOFBʽBT
OÍPCVTDPVTVBFʼFDJmDJ
EBEFOVNBGVOÎÍPFʽÏUJDB
NBTOVNBGVOÎÍPTPDJBM
GVOÎÍP
EFDPOUSPMFFEFQPEFS
POEFSFJOBPQMBOPNÏEJP
RVFSFDVTB
UPEBBBWFOUVSBEBQFSDFQÎÍPFNOPNFEPPMIPQSPmTTJPOBMw
DPOWFSTBÎÜFT
Q
USCS
%FMFV[FFOUÍPEJ[RVFOBTPDJFEBEFEFDPOUSPMFBGPSNBEFDPO
USPMBSPTIPNFOTÏPGBTDÓOJPEPNBSLFUJOH
OPTFOUJEPEFRVFTPNPT
BVUÙNBUPT GBTDJOBEPT QFMBT NBSDBT
QFMPT QSPEVUPT
QFMBT FʽSFMBT
EBUWy(JMCFSUP'FMJTCFSUP7BTDPODFMPTDIBNBPNPNFOUPBUVBMEF
AJNQFSJBMJTNP WJEFPmOBODFJSP 'FSOBOEP 4PMBOBT EF AIPNPHFOFJ[B
ÎÍPEPJNBHJOÈSJP%FMFV[FDIBNBSÈEFADPOTFOTPEPTVOJWFSTBJTEF
DPNVOJDBÎÍPBDPNVOJDBÎÍPTFGB[QBTTBSQPSEJTDJQMJOBDSJBEPSBEF
DPODFJUPTFUFOUBFʽBCFMFDFSPDPOTFOTPDPNPPMIPQSPmTTJPOBMB
NFSDBEPSJBFBPQJOJÍPEPKPSOBMJʽB
PQMBOPNÏEJPFBNFEJPDSJ[B
ÎÍPEPDJOFNBFPHPMQFDFOUSBMEPQPEFSDPOUSPMBEPSÏPDMJDIÐ
iQPSVNMBEPBJNBHFNFʽÈTFNQSFDBJOEPOBDPOEJÎÍPEF
DMJDIÐ QPSRVF TF JOTFSF FN FODBEFBNFOUPT TFOTØSJPNPUP
SFT
QPSRVFFMBQSØQSJBPSHBOJ[BPVJOEV[TFVTFODBEFBNFO
UPT
QPSRVF OVODB QFSDFCFNPT UVEP P RVF IÈ OB JNBHFN
QPSRVFFMBÏGFJUBQBSBJTTP QBSBRVFOÍPQFSDFCBNPTUVEP
QBSBRVFPDMJDIÐOPTFODVCSBBJNBHFNy
DJWJMJ[BÎÍPEB
JNBHFN OBWFSEBEFVNBDJWJMJ[BÎÍPEPDMJDIÐ
OBRVBMUP
EPT PT QPEFSFT UÐN JOUFSFTTF FN OPT FODPCSJS BT JNBHFOT
GPSÎPTBNFOUFFNOPTFODPCSJSBNFTNBDPJTB
NBTFNFO
DPCSJSBMHVNBDPJTBOBTJNBHFOTwJNBHFNUFNQPDJOFNB
Q
iFOmN
PGVOEPEPQPÎPEBWFSHPOIBGPJBUJOHJEPRVBOEPB
JOGPSNÈUJDB
PNBSLFUJOH
PEFTJHO
BQVCMJDJEBEF
UPEBTBT
EJTDJQMJOBT EB DPNVOJDBÎÍP BQPEFSBSBNTF EB QSØQSJB QB
MBWSBDPODFJUPFEJTTFSBNÏOPTTPOFHØDJP
TPNPTOØTPTDSJB
UJWPT
OØTTPNPTPTDPODFJUVBEPSFT4PNPTOØTPTBNJHPTEP
DPODFJUP
OØTPTDPMPDBNPTOPTDPNQVUBEPSFT*OGPSNBÎÍP
F DSJBUJWJEBEF
DPODFJUP F FNQSFTB VNB BCVOEBOUF CJCMJP
HSBmBKÈyPNBSLFUJOHSFUFWFBJEÏJBEFVNBDFSUBSFMBÎÍP
FOUSFPDPODFJUPFPBDPOUFDJNFOUPNBTFJTRVFPDPODFJUPTF
UPSOPVPDPOKVOUPEBTBQSFTFOUBÎÜFTEFVNQSPEVUP IJʽØ
SJDP
DJFOUÓmDP
BSUÓʽJDP
TFYVBM
QSBHNÈUJDPy
FPBDPOUFDJ
NFOUP
BFYQPTJÎÍPRVFQÜFFNDFOBBQSFTFOUBÎÜFTEJWFSTBT
FBUSPDBEFJEÏJBTËRVBMTVQPʽBNFOUFEÈMVHBSPTÞOJDPT
BDPOUFDJNFOUPTTÍPBTFYQPTJÎÜFT
FPTÞOJDPTDPODFJUPT
QSP
EVUPTRVFTFQPEFWFOEFSPNPWJNFOUPHFSBMRVFTVCʽJUVJV
BDSÓUJDBQFMBQSPNPÎÍPDPNFSDJBMOÍPEFJYPVEFBGFUBSBm
MPTPmBPTJNVMBDSP
BTJNVMBÎÍPEFVNQBDPUFEFNBDBSSÍP
UPSOPVTFPWFSEBEFJSPDPODFJUP
FPBQSFTFOUBEPSFYQPTJUPS
EPQSPEVUPNFSDBEPSJBPVPCSBEFBSUF
UPSOPVTFPmMØTPGP
PQFSTPOBHFNDPODFJUVBMPVPBSUJʽBDPNPBmMPTPmB
FTTB
WFMIBTFOIPSB
QPEFSJBBMJOIBSTFDPNPTKPWFOTFYFDVUJWPT
OVNB DPSSJEB BPT VOJWFSTBJT EB DPNVOJDBÎÍP QBSB EFUFS
NJOBS VNB GPSNB NFSDBOUJM EP DPODFJUP
DFSUBNFOUF
Ï
EPMPSPTPEFTDPCSJSRVFADPODFJUPEFTJHOBVNBTPDJFEBEFEF
TFSWJÎPTFEFFOHFOIBSJBJOGPSNÈUJDBQPSÏN
RVBOUPNBJT
BmMPTPmBUSPQFÎBFNSJWBJTJNQSVEFOUFTFTJNQMØSJPT
NBJT
FMBPTFODPOUSBFNTFVQSØQSJPTFJP
QPJTFMBTFTFOUFQSFQB
SBEB QBSB SFBMJ[BS B UBSFGB
DSJBS DPODFJUPT
RVF TÍP BOUFT
NFUFPSJUPT RVF NFSDBEPSJBT FMB UFN BUBRVFT EF SJTP RVF
BMFWBNËTMÈHSJNBTBTTJN
QPJT
BRVFʽÍPEBmMPTPmBÏP
QPOUPTJOHVMBSPOEFPDPODFJUPFBDSJBÎÍPTFSFNFUFNVN
BPPVUSPwPRVFÏBmMPTPmB
Q
USCS
iUBMWF[PTKPSOBMJʽBTUFOIBNVNBQBSUFEFSFʼPOTBCJMJEBEF
OFTTBDSJTFEBMJUFSBUVSBÏØCWJPRVFPTKPSOBMJʽBTGSFRàFOUF
NFOUF FTDSFWFSBN MJWSPT NBT
RVBOEP FTDSFWJBN MJWSPT
FO
USBWBNOVNBPVUSBGPSNBRVFOÍPBEPKPSOBMEFJNQSFOTB
UPSOBWBNTFFTDSJUPSFTBTJUVBÎÍPNVEPVQPSRVFPKPSOBMJʽB
BERVJSJV B DPOWJDÎÍP EF RVF B GPSNB MJWSP MIF QFSUFODF EF
QMFOPEJSFJUP
RVFFMFOÍPUFNOFOIVNUSBCBMIPFʼFDJBMB
GB[FSQBSBDIFHBSBFTTBGPSNBGPJJNFEJBUBNFOUF
FFORVBO
UPDPSQPSBÎÍP
RVFPTKPSOBMJʽBTDPORVJʽBSBNBMJUFSBUVSB
y
PMJWSPUPSOPVTFFMFNFTNPSFMBUØSJPDPOTFRàFOUFNFOUF
DBEB VN QBSFDF
F QBSFDF B TJ NFTNP
QSFOIF EF VN MJWSP
CBʽBRVFUFOIBVNBQSPmTTÍPPVTJNQMFTNFOUFVNBGBNÓMJB
VNQBJEPFOUF
VNDIFGFBCVTJWPFTRVFDFTFRVFBMJUFSBUVSB
JNQMJDBQBSBUPEPNVOEPVNBCVTDBFVNFTGPSÎPFʼFDJBJT
VNB JOUFOÎÍP DSJBEPSB FʼFDÓmDB
RVF TØ QPEF TFS GFJUB OB
QSØQSJB MJUFSBUVSB
TFOEP RVF FMB OÍP FʽÈ EF NPEP BMHVN
FODBSSFHBEBEFSFDFCFSPTSFTÓEVPTEJSFUPTEFBUJWJEBEFTFEF
JOUFOÎÜFTNVJUPEJGFSFOUFTÏVNBATFDVOEBSJ[BÎÍPEPMJWSP
RVFUPNBPBʼFʹPEFVNBQSPNPÎÍPQFMPNFSDBEPwDPO
WFSTBÎÜFT
Q
USCS
P DPOUSPMF OBTDF EPT HPMQFT DFOUSBJT EBT FNQSFTBT EF DPNVOJ
DBÎÍPBSFDPSSÐODJBEPTDMJDIÐT BUFMFWJTÍPFBQVCMJDJEBEFBGB[FS
RVBMRVFSDJOFNB
FPTDPOUSPMFTJOUFSQSFUBUJWPTWJNPTRVFBEPNFT
UJDBÎÍPQFMPDPOTFOTPBHFQPSDSJBÎÍPEFVOJWFSTBJTEFDPNVOJDBÎÍP
ANBJTCSBODP
ANBJTDPNQBʹPy
OVNNVOEPNFTBEFJOGPSNBÎÍP
SFQFUJSPQBSBEPYPEFTFOWPMWJNFOUPUFDOPMØHJDPEBTNÈRVJOBTEF
JOGPSNBÎÍP
QBESPOJ[BÎÍP EB GPSNB EF USBOTNJTTÍP QBSBEPYBM QPS
FYFNQMP OP DBTP EB UW EFTFOWPMWJNFOUP UFDOPMØHJDP GB[ DIFHBS B
UPEPTBTFNJTTPSBT
NBTOÍPIÈFYQMPSBÎÍPEPQPUFODJBMFʽÏUJDP
TFKB
SFUSBOTNJUJOEP
TFKBDSJBOEPQPEFNPTEJ[FSFOUÍPRVFBTNÓEJBTDPO
USPMBNBUPEPTOÍPQSPCMFNBUJ[BOEPBTJOGPSNBÎÜFTRVFWFJDVMBN
GBMUBWBOPTDSJBÎÍPRVFTFKBVNWB[JPOFTTFTJʽFNBKÈRVFOÍPTPNPT
DJOFBʽBTËNBOFJSBEF(PEBSE
%PT4USBVC
EF(MBVCFS3PDIB
PVEF
4ZCFSCFSHyBQFOBTFYJCJNPTmMNFT
DIFHPVBIPSBFOUÍPEFGBMBSEPOÍPÏQPTTÓWFMOBVOJWFSTJEBEFFʽB
EVBMEFDBNQJOBTKÈFYJʽFNQSPKFUPTDPNVTPEJGFSFODJBEPEFNÓEJBT
DJOFDMVCF F SÈEJP PT SFDVSTPT UFDOPMØHJDPT WÐN EBÓ
NBT USBOTGPS
NPVTFPVTPEBTNÈRVJOBTDPNFÎBNPTQPSFYJCJS
BPBSMJWSF
mMNFT
DPN BQSFTFOUBÎÍP EF CBOEBT FPV EKT BÓ
DPN VNB DFSUB EPTF EF
FYQFSJNFOUBMJTNPDPNFÎBNPTBNVTJDBSmMNFTEJGFSFOUFNFOUFEF
DSJBSVNBNÞTJDBQBSBVNmMNF
PVBSSBOKBSmMNFQBSBBNÞTJDBRVF
TFUFNm[FNPTFYQFSJNFOUBMJTNPTSFVOJOEPSFQFSUØSJPT
JNBHFOTF
TPOTRVFTFFOUSFDSV[BWBN
EPJTFYFNQMPTVNBWF[FEJUBNPTHPMTEF
1FMÏFFYJCJNPT(BSSJODIB
BMFHSJBEPQPWPEF+PBRVJN1FESPEF"O
ESBEFDPNEJTDPUFDBHFNEFTBNCB
NVJUPTDPNGVUFCPMDPNPUFNB
PVUSBWF[GPJPNPNFOUPEFEJTDPUFDBSKB[[
FNEFTFOIPTEBQBOUFSB
DPSEFSPTBFDPNPTFBPGB[FSVNBFYJCJÎÍPFʽJWÏTTFNPTRVFCSBOEP
UPEPPHFʽVBMDMÈTTJDPEFWFSmMNFTFFTDVUBSNÞTJDB
QBSBJOʽBMBS
VNFʼBÎPiQSPCMFNÈUJDPwOPTFVMVHBSQFHBNPTBJNBHFNRVFHF
SBMNFOUFUFNOPTPNVNSFGPSÎPOPTFOUJEPRVFFMBKÈDPOUJOIBF
BDSFTDFOUBNPTTPOPSJEBEFTGB[ÓBNPT
UPTDBNFOUF
VNBJNBHFNBV
EJPWJTVBM
ÈVEJPFWJTÍPTFQBSBEPT
NBTDPSSFOEPVNBUSÈTEPPVUSP
GBMBDSJBSTFNQSFGPJDPJTBEJʽJOUBEFDPNVOJDBSPJNQPS
UBOUFUBMWF[WFOIBBTFSDSJBSWBDÞPMPTEFOÍPDPNVOJDBÎÍP
JOUFSSVQUPSFT
QBSB FTDBQBS BP DPOUSPMFw DPOWFSTBÎÜFT
Q
USCS
BTJUVBÎÍPQBSBEPYBMOÍPÏVNBDPOUSBEJÎÍP
PQPTJÎÍPNBTNBO
EBEPJTTFOUJEPTBPNFTNPUFNQP
QBSEFJOGPSNBÎÜFTFÏBOBUVSF
[BEPQSPCMFNÈUJDPDBSSFHBSNBJTRVFVNBJOGPSNBÎÍPF
BÓ
OÍPTF
USBUBEF
FOUSFWÈSJBTJOGPSNBÎÜFT
FTDPMIFSBNFMIPSPVBNBJTWFS
EBEFJSBNBTBUBSFGBÏJNQMJDBSBTJOGPSNBÎÜFTFUJSBSEFMBTSFMBÎÜFT
GVHBT
SFWFSCFSBÎÜFFT
SFTTPOÉODJBTyQSPCMFNBUJ[BSÏQBSFDJEPDPN
DPMPDBSQBSBEPYPTQSPCMFNÈUJDPFQBSBEPYPTÍPGPSNBTEJGFSFOUFT
EFMJEBSDPNFTTBBCVOEÉODJBEFJOGPSNBÎÍP
EJGFSFOUFTEPTVOJWFS
TBJTFEPDPOTFOTP
FVDPNFDFJQPSNPOUBSVNDJOFDMVCFBQSFUFOTÍPFSBQSPHSBNBS
PTQSØQSJPTmMNFTRVFTFRVFSJBBTTJʽJSQFTRVJTBNPT
SFMBDJPOBNPT
mMNFTQPSBMHVNNPUJWPFFYJCJNPT/JMTPO
(VJMIFSNF
5ÞMJPF1BVMP
GB[FNSÈEJPTVSHJSBNJEÏJBTOPWBTOÍPTFSJBUBNCÏNCBDBOBFYJCJS
BPBSMJWSF
DPNTPNBOUFTQBSBRVFBTQFTTPBTDPOWFSTBTTFN
TFEJT
USBÓTTFNBOUFTEFWFSPmMNFQPSTFSBCFSUP
TFNMVHBSFTQSÏWJPT
FSB
EBEBBPTQBSUJDJQBOUFTDPNQMFUBBMFBUPSJFEBEFQBSBFʽBCFMFDFSVNB
SFMBÎÍP FʼFʹBEPSmMNF OVODB iBw SFMBÎÍP FʽBOEBSUJ[BEB
QBESP
OJ[BEB EP DJOFNB
QPMUSPOB BUSÈT EF QPMUSPOB
TPNCSBT QSPKFUBEBT
OPGVOEPEBTBMBNBTTFNQSFiVNwUJQPEFSFMBÎÍP
SFMBÎÜFTEPUJQP
FODPʽBEPOBÈSWPSF
TFOUBEPOPDIÍP
DBNJOIBOEP
FNQÏDPOWFS
TBOEP
EBOÎBOEPy
OBTFYJCJÎÜFTBPBSMJWSFDPNTPN
BNÞTJDBUBNCÏNGPJTFNPT
USBOEPVNNFJPQBSBFYQMPSBÎÍP
KÈRVFBPNPOUBSBFʽSVUVSBUÏD
OJDBPTJOBMEFWÓEFPÏTFQBSBEPEPTJOBMEFTPN
FʽFQBTTBOEPQPS
FRVJQBNFOUPTRVFQPEFNBDSFTDFOUBSJOGPSNBÎÜFTËTKÈQSFTFOUFT
OPTmMNFTUVEPNVEPVRVBOEPEJWJEJNPTPTTJOBJTEFÈVEJPFWÓEFP
RVFWJOIBNEPmMNFFSFFMBCPSBNPTQSPQPʽBTEFTPNBTFYQFSJÐO
DJBTDPNDFOBTEFGVUFCPMFEFTBNCBFEFEFTFOIPBOJNBEPFEFKB[[
GPSBNQSPQPʽBTRVFTVSHJSBNEBFYQFSJNFOUBÎÍPEFBDSÏTDJNPEF
TPNPTTPOTEFNVJUPTmMNFTSFGPSÎBNPTFOUJEPKÈDPOUJEPOBJNB
HFN
OÍPSFQSFTFOUBOEPBTTJNVNBDPNQMFYJEBEFNBJPSEFTFOUJEP
BPDPMPDBSPVUSPTPNOBTJNBHFOTMJUFSBMNFOUFFʽÈWBNPTUSBCBMIBO
EPDPNPBVEJPWJTVBM
BDPNQMFYJEBEFEPFʼBÎPJOGPSNÈUJDP
PQBS
EFTFOUJEPT
PQSPCMFNÈUJDP
iBT OPWBT JNBHFOT KÈ OÍP UÐN FYUFSJPSJEBEF FYUSBDBNQP
UBNQPVDP JOUFSJPSJ[BNTF OVN UPEP UÐN
NFMIPS EJ[FOEP
VNEJSFJUPFVNBWFTTP
SFWFSTÓWFJTFOÍPQBTTÓWFJTEFTVQFS
QPTJÎÍP
DPNPVNQPEFSEFTFWPMUBSTPCSFTJNFTNBTFMBT
TÍP PCKFUP EF VNB QFSQÏUVB SFPSHBOJ[BÎÍP
OB RVBM VNB
OPWB JNBHFN QPEF OBTDFS EF RVBMRVFS QPOUP EB JNBHFN
QSFDFEFOUFwJNBHFNUFNQP
Q
USCS
B
OPTTBTFYQFSJÐODJBTDPNPOÍPÏQPTTÓWFMGPSBNFOUÍPBUSÈTEFTTB
DPNQMFYJEBEFEPFʼBÎPJOGPSNÈUJDPBDSFTDFOUBOEPTPOTËTJNBHFOT
OÍP TF USBUB EF DPNVOJDBÎÍP
EF CVTDBS P DPOTFOTP F B IPNPHFJ
OJ[BÎÍP EP JNBHJOÈSJP F BTTJN UJSBNPT VTP iNFOPSw EB UFDOPMPHJB
DPOʽJUVJOEPWBDÞPMPTEFJOGPSNBÎÍPOPTJʽFNBNBJPSQSPCMFNBUJ
[BNPTBQSØQSJBGPSNBEFFYJCJSmMNFT
QBSBEFMBFYUSBJSVNBPVUSB
QPʽVSBBOUFBDPNVOJDBÎÍPSFUJSBNPTEPTNFDBOJTNPTUÏDOJDPTVN
VTP iNFOPSw OÍP QPS TFS JOGFSJPS
NBT iNFOPSw QPS OÍP TFS DPNP
PTTJʽFNBTiNBJPSFTwBTHSBOEFTDPSQPSBÎÜFTEFCSPBEDBʽJOH
OBT
EBR
HPPHMF
XBSOFS
EJTOFZ
GPY
HMPCP
TJMWJPTBOUPTFPVUSBTHSBOEFT
FNJTTPSBT
EJʽSJCVJEPSBT
USBOTNJTTPSBTOPiNBJPSwQPSRVFTÍPDPO
HMPNFSBEPT EF BUJWJEBEF HMPCBM
DPOʽJUVJOEP VN TJʽFNB NVOEJBM
EFDPOUSPMFNBJPSOPTFOUJEPEFRVFBUÏQFRVFOBTUWTEFFTDPMBTF
VOJWFSTJEBEFTPVEFHSVQPTEFFNQSFTÈSJPTEFNVOJDÓQJPTQFRVFOPT
PVQSPKFUPTEFDJOFNBJUJOFSBOUFT
TFHVFNVNDFSUPQBESÍPEFRVB
MJEBEF
FʽF
TJN
VNQBESÍPEFRVBMJEBEFiNBJPSw
NFOPSFOUÍPGVHJOEPEFTTFNBJPSÏJNQPSUBOUFOPUBSRVFBQJSB
UBSJBÏQBSUFEBBUJWJEBEFSFTJʽFOUFPCWJBNFOUFRVFDJEBEFEFMFʽF
FPTDBNFMÙTBJOEBOÍPTÍPPTCBMVBSUFTEFVNBSFWPMVÎÍPQPSWJS
KÈ
RVFQJSBUFJBNBTHSBOEFT
NBTSFWFOEFN
GB[FNEFTFVUSBCBMIPB
SFJUFSBÎÍPEPTQSFTTVQPʽPTEPDBQJUBMJTNPFMFTOÍPDSJBNVNVTP
NFOPSQBSBPGSVUPEBQJSBUBSJB
BQJSBUBSJBQSFDJTBUBNCÏNQBTTBS
QFMPTFVVTPiNFOPSwFOUÍP
SFʽBEJ[FSRVFFORVBOUPBDFTTPFSF
EJʽSJCVJÎÍPEFJOGPSNBÎÍPOÍPWJPMBNPTPTEJSFJUPTEFBVUPSBQFOBT
BDFMFSBNPTPEPNÓOJPQÞCMJDPEBTPCSBTBWFMPDJEBEFEJUBOPTTBTSF
MBÎÜFTDPNPNVOEPUSFNCBMB
TVQFSTÙOJDPT
BVUPFʽSBEBT
CBOEB
MBSHB
DBJYBFMFUSÙOJDP
ESJWFUISVyQPSRVFFʼFSBSBOPTQBSBB
PCSBDBJSFNEPNÓOJPQÞCMJDPFTFSEFMJWSFBDFTTP ÏDPNPTFGÙTTF
NPTQJSBUBTQPJTOÍPEFTFKBNPTVNBFNQSFTBJOUFSNFEJBOEPOPTTB
SFMBÎÍPDPNPBVUPS
KÈRVFOÍPGB[FNPTVNVTPDPNFSDJBMGPSNBM
EBPCSB OÍPWBNPTWFOEFSHMBVCFSPVCV×VFMQFMBTFTRVJOBT
OÍP
QSFDJTBNPTBERVJSJMBQFMPTNFDBOJTNPTDPNFSDJBJTGPSNBJTÏPVUSB
DJWJMJ[BÎÍPFNDVSTPEFOUSPEBBOUJHBOÍPÏDSJNF
ÏOFDFTTÈSJBUPEB
VNBOPWBKVSJʼSVEÐODJB
JNBHFOTFTPOT
QSPQPʽB
GJMNFT NVEPT F EFTFOIPT NVTJDBEPT PV EJTDPUFDBEPT EV
SBOUFBTFTTÍP
EPDVNFOUÈSJPTNVTJDBJTRVFQPEFNPVOÍPTFSFNNPEJmDB
EPTEVSBOUFBTFTTÍP
EPDVNFOUÈSJPTFCBOEBTPVEK
mMNFTDPNTBMBTEFFʼFSBNVTJDBJT
JNQMJDBÎÜFTUÏDOJDBT
BPNPOUBSBFʽSVUVSBQBSBFYJCJSmMNFT
GPJOFDFTTÈSJPTFQBSBSP
TJOBMEFWÓEFPEPTJOBMEFÈVEJPEJWJEJNPTPTTJOBJT
QPJTPEFWÓEFPÏ
FYJCJEPEJSFUPOBUFMBFPEFÈVEJPQBTTBQFMPNJYFSFBTTJNFOUSBOB
FʽSVUVSBEFTPNRVFQPEFBDSFTDFOUBSOPWBTTPOPSJEBEFTËJNBHFN
CBOEBTFPVEKT
FTTFFTRVFNBOPTGF[OPTBQSPYJNBSEPQFSÓPEP
JOJDJBMEPDJOFNB
RVBOEPUFDOJDBNFOUFOÍPFSBQPTTÓWFM
JOTFSJSUSJMIBOBQSPEVÎÍPEPTmMNFTFFMFTFSBNNVTJDBEPTBPWJWP
OBTTBMBTEFFYJCJÎÍP
QPSNÞTJDPTOPTTBTQFTRVJTBTTFEJWJEJSBNFN
NVTJDBSmMNFTNVEPTFSFDPNCJOBSTPOPSJEBEFTBMÏNEBEFTDPCFSUB
BDJNBSFGFSJEB
PVUSBJNQMJDBÎÍPUÏDOJDBÏEFDPSSFOUFEBTFYQFSJÐO
DJBTOPOÍPÏQPTTÓWFMQSJWJMFHJBNPTPVTPEFUPEPFRVBMRVFSFRVJ
QBNFOUPEJʼPOÓWFMQBSB
QSJODJQBMNFOUF
TJNQMJmDBSBFʽSVUVSBEF
FYJCJÎÍPQBSBGBDJMJUBSTVBNPOUBHFNFNRVBMRVFSMVHBSQPSRVBMRVFS
VNBUVBMNFOUF
OPOÍPÏQPTTÓWFM
GB[FNPTUSBOTNJTTÜFTEFJNBHFOT
F TPOT QBSB NPʽSBS DPNP TF GB[FN FTTBT USBOTNJTTÜFT VUJMJ[BS PT
FRVJQBNFOUPT QBSB QSPEV[JS
USBOTNJUJS F SFUSBOTNJUJS JNBHFOT F
TPOT
BPNFTNPUFNQPFNRVFQSPDVSBNPTFYQMJDBSDPNPPQÞCMJDP
QSFTFOUFQPEFUBNCÏNNPOUBSTVBTQSØQSJBTFYJCJÎÜFT
QSPQPʽB
FYJCJÎÜFT EF mMNFT DPN SFDPNCJOBÎÜFT DSJBUJWBT EF JNBHFOT F
TPOTSFDPNCJOBS
FYQMPSBSBTQPTTJCJMJEBEFTEFKVOUBSTPN CBOEBT
EKT
NVTJDBSmMNFTNVEPT
JOUFSBÎÍPDPNJNBHFOT
FJNBHFOT mMNFT
NVEPT
EPDVNFOUÈSJPT
BOJNBÎÜFT
EFTFOIPT
DVSUBT
QSPHSBNBTEF
UW
mMNFTNVEPTy
QSFGFSFODJBMNFOUFBPBSMJWSFFFNFʼBÎPTQÞCMJDPT QSBÎBT
FTDP
MBT
VOJWFSTJEBEFT
SFQBSUJÎÜFTy
UPEPTPTFRVJQBNFOUPTEJʼPOÓWFJTVTBSFRVJQBNFOUPTDBTFJ
SPTDPNPFNJTTPSFTEFJOGPSNBÎÜFTDBEBFYJCJÎÍPÏBEFNPOʽSB
ÎÍPEFDPNPNPOUBSVNNFDBOJTNPEFFYJCJÎÍP
DPODFJUPT
SFDPNCJOBÎÍP DSJBUJWB BDSFTDFOUBS TPOT BP TPN PSJHJOBM EB
JNBHFNÏVNBDSÏTDJNPEFJOGPSNBÎÍPHFSBOEPVNBOPWBDPNCJ
OBÎÍPJNBHFNTPNmMNFTNVEPT
FNTVBQSØQSJBFʽSVUVSB
FYJHFN
RVFBJOTFSÎÍPEFJOGPSNBÎÜFTTPOPSBTTFKBEFTTBGPSNBmMNFTNV
EPTQFSNJUFNRVFNÞTJDPTMJWSFNFOUFFTDPMIBNiUFNBTwPViDMJNBTw
QBSBBDPNQBOIBSBTJNBHFOTTÍPDPOIFDJEBTBTQBSUJUVSBTQBSBNPO
UBSPTDMJNBT
NBTBJNQSPWJTBÎÍPÏFMFNFOUPJOUSÓOTFDPËFYJCJÎÍPEP
mMNFNVJUPTEFTFOIPTBOJNBEPT
BMHVOTEPDVNFOUÈSJPT
QSPHSBNBT
EFUWFBUÏmMNFTUBNCÏNQPEFNQBTTBSQPSFTTBJNQSPWJTBÎÍPHF
SBOEPBTTJNVNBSFDPNCJOBÎÍPEFJNBHFOTFTPOTDSJBNTFOPWBT
BTTPDJBÎÜFTBQBSUJSEFVNSFQFSUØSJPCBTF
TBMBEFFʼFSBDPNBNCJFOUBÎÍPTPOPSBTBMBEFFʼFSBÏPNP
NFOUPBOUFT
EFQPJTFOPJOUFSWBMPEBTFYJCJÎÜFTQSJODJQBJTOPRVBM
EKTGB[FNBNCJFOUBÎÜFTTPOPSBTHFSBMNFOUFPTPNEJTDPUFDBEPUFN
BmOJEBEFUFNÈUJDBDPNBTJNBHFOT
NBTBTJOUFSWFOÎÜFTTPOPSBTQP
EFNDSJBSDPNCJOBÎÜFTTFNQSFOPWBTBJEÏJBÏRVFPQÞCMJDPFOUSF
OPDMJNBEBTFYJCJÎÜFTFBQSFDJFPUSBCBMIPEPEKRVF
EFGPSNBQMBOF
KBEBPVEFJNQSPWJTP
JOUFSBHFDPNBTJNBHFOTFYJCJEBT
GPOUFTEFJNBHFOT TPNEBTJNBHFOT
QBSUJDJQBNBUJWBNFOUFFFʽÍPEJSFUBNFOUFMJHBEPTBPRVFBRVJ
GPJFTDSJUPTPCSFPOÍPÏQPTTÓWFMOJMTPOGFSSFJSB
HVJMIFSNFCBUFMPDIJ
QBVMP KPTÏ F UÞMJP DFOF SFʼPOTBCJMJ[PNF QFMP RVF TF UFOUPV SFMB
DJPOBSDPNHJMMFTEFMFV[FTFNKFTVTFPTWBMEPT
NVJUPOÍPÏQPTTÓWFM
OÍPTFSJBQPTTÓWFMUPEPTPTEJSFJUPTDFEJEPT DPQJFNQSJODJQBMNFOUF
BTDJUBÎÜFT
CJCMJPHSBmB
%&-&6;&
(JMMFT"JNBHFNUFNQP
DJOFNB5SBEVÎÍPEF&MPJTB
EF"SBVKP3JCFJSP4ÍP1BVMP#SBTJMJFOTF
@@@@@@ " JNBHFNNPWJNFOUP
DJOFNB 5SBEVÎÍP EF 4UFMMB
4FOSB4ÍP1BVMP#SBTJMJFOTF
@@@@@@-JMFEFTFSUFUPVUSFTUFYUT1BSJT.JOVJU
@@@@@@$POWFSTBÎÜFT
5SBEVÎÍPEF1FUFS1ÏM1FMCBSU
3JPEF+BOFJSP&EJUPSB
@@@@@@%JGFSFOÎBFSFQFUJÎÍP5SBEVÎÍPEF-VJ[0SMBOEJF3PCFS
UP.BDIBEP3JPEF+BOFJSP(SBBM
@@@@@@0BUPEBDSJBÎÍP'PMIBEF41BVMP
EFKVO$B
EFSOP."*4
@@@@@@0BUVBMFPWJSUVBM*O"--*&;
&SJD%FMFV[FmMPTPmBWJS
UVBM5SBEVÎÍPEF)FMPJTB#43PDIB4ÍP1BVMP&EJUPSB
@@@@@@(6"5"33*
'ÏMJY0RVFÏBmMPTPmB 5SBEVÎÍPEF#FO
UP1SBEP+VOJPSF"MCFSUP"MPOTP.V×P[3JPEF+BOFJSP&EJUPSB
@@@@@@.JMMFQMBUFBVYDBQJUBMJTNFFUTDIJ[PQISÏOJF$PMMFD
UJPOi$SJUJRVFw-FT²EJUJPOTEF.JOVJU
&OUSF
QSB[FS
EBQVSBQFSDFQÎÍP
PTTFOUJEPT
TFKBNBDSÓUJDB
EBSB[ÍP
1BVMP-FNJOTLJ
1SPDVSBNPTQSPCMFNBUJ[BSBRVJBQSPEVÎÍPEFTJHOPTWJTVBJTQF
MPT7+T*OUFSFTTBOPTEJTDVUJSFTTBGFʽBEBDVMUVSBQPQFTVBPGFSUBEF
BDPOUFDJNFOUPTUSÉOTJUP)ÈBDPOʽSVÎÍPEFVNFʼBÎPBVEJPWJTVBM
FOUSFTPOTFJNBHFOT
FOUSFmHVSBÎÍPFBCʽSBÎÍP
FOUSFWFSFOÍPWFS
FOUSF JOGPSNBS F SFGPSNBS TJHOPT WJTVBJT PSJHJOBSJBNFOUF JOGPSNBUJ
WPT&NTVNBUSBUBTFEFJNBHFOTFNUSÉOTJUPOBTQJʽBT$POʽJUVFN
TFFOUSFMV[FT
FOUSFDPSUJOBTEFGVNBÎBFTPOTDPNBMUPTHSBVTEF
EFDJCÏJTQSPNPUPSFTEFVNBNCJFOUFEFQSPYJNJEBEF
RVBTFJOUJNJ
EBEFFNNFJPBDFOUFOBTEFQFTTPBT)ÈBJOEBPUSÉOTJUPDPNPKPHP
FOUSFJNBHFOTDPNFʽBUVUPTFRVBMJEBEFTEJʽJOUBT0QSPDFTTPEF
QSPEVÎÍPEBTJNBHFOTMIFTDPOGFSFFʽBUVUPTEJʽJOUPTFNUFSNPTEF
NBUFSJBMJEBEFWJTVBM"TJNBHFOTNBOJQVMBEBTBPWJWPQPEFNUFSTJEP
BQSPQSJBEBTEBJOUFSOFU
EB57FEFUPEBTPSUFEFNBUFSJBMHSÈmDP
QSPEV[JEP"HSBWBÎÍPEFDFOBTEPDPUJEJBOPPVEFTJUVBÎÜFTQSPEV
[JEBTÏBGPSNBEFUSBCBMIPNBJTVTVBMEPTSFBMJ[BEPSFTCSBTJMFJSPT
"DSJBÎÍPEFJNBHFOT
HSÈmDPTPVUFYUVSBTQPSBMHPSJUNPT
BMHV
/P UFYUPi1BSUJUVSBT BVEJPWJTVBJTw
QVCMJDBEP OB ÞMUJNB SFWJTUB $POUSBDBNQP EF
EJTDVUJNPTBSFMBÎÍPJOEJTTPDJÈWFMFOUSFBQFSDFQÎÍPEPBDPOUFDJNFOUPUBOUPFNTFVT
BTQFDUPTTFOTPSJBJTDPNPEFTFOUJEPFPFTQBÎPPOEFBDPOUFDFNBTGFTUBTDPNFTUÓ
NVMPTWJTVBJTDPNPMV[FTFTUSPCPTDØQJDBTFGVNBÎB
NBTBPWJWP
PVUSBTQSFQBSBEBTFNCBODPTEFJNBHFOTQSFWJBNFOUF
FMBCPSBEPT
UBNCÏN TÍP QSPDFEJNFOUPT EPT 7+T OB DSJBÎÍP EF TFV
CBODPEFEBEPT6NBNBSDBOBSFQSFTFOUBÎÍPEBTQPÏUJDBTÏPUSÉO
TJUPFOUSFmHVSBÎÍPFBCʽSBÎÍP*NBHFOTmHVSBUJWBTUFOEFNËBCʽSB
ÎÍPFBBCʽSBÎÍPTVHFSFDFOBT0mHVSBUJWPEFTMPDBTF
RVFSTFSJUNP
FPSJUNPEBBCʽSBÎÍPTVHFSFVNBGPSNBMJ[BÎÍPmHVSBUJWB&NTVNB
UFNPTPUSÉOTJUPFOUSFFʽBUVUPTFRVBMJEBEFTBVEJPWJTVBJTRVFBPT
QPVDPTFYQMJDBSFNPT
0DFOÈSJPÏBOPJUF
BGFʽB
PBDPOUFDJNFOUPÞOJDP)ÈVNBQSP
QPʽBEFFODPOUSPEPQÞCMJDPPSFJOPEPMÞEJDP1SPDVSBTFPQBʹP
EFQSB[FSFMB[FS0VWJSNÞTJDBFMFUSÙOJDB
EBOÎBSFQPSRVFOÍPWFS
EFSFMBODFBMHVNBTJNBHFOT"JOEBOÍPTFQPEFEJ[FSRVFPTIBCJUVÏT
EBTGFʽBTFʽÍPBMJQBSBWFS%JGFSFOUFNFOUFEFJSBPDJOFNB
QPVDPT
TBFNEFDBTBQBSBWJWFSSFQSFTFOUBÎÜFTQSPQPʽBTQFMPT7+T
QFMP0V
USP%FVNBNBOFJSBHFSBM
BRVFMFRVFGSFRàFOUBBGFʽBTBJQSBGB[FS
TVBQSØQSJBIJʽØSJB
TFNDPNQSPNJTTPEPFODPOUSPDPNPPVUSPmD
DJPOBM
DPNPPVUSPUSBWFʽJEPEFJOGPSNBÎÍP"JNBHFNÏVNBEBT
BUSBÎÜFT"JNBHFNÏVNFʽÓNVMP
ÏVNEPTDPNQPOFOUFTEBOPJUF
"QSJODÓQJPJOUFSFTTBBPQÞCMJDPPSJUNPTPOPSP0SJUNPWJTVBMÏVN
BEFOEP
iGB[QBSUFEPQBDPUFw
"JNBHFNOÍPÏBQSJODJQBMDPOWJEBEBQBSBBGFʽB
NBTTFNPʽSB
FTFGB[WFS
PDBTJPOBMNFOUFQSPWPDBWBJBTPVNBOJGFʽBÎÜFTEFBQPJP
&MBUFNEJWFSTBTGPSNBTFSJUNPT
BQSFTFOUBTFTFHVOEPBRVFMFRVF
BDPNBOEB
TFHVOEPBRVFMFRVFBNBOJQVMB&NFʽBEPEFBUFOÎÍP
EFTBUFOUB
PGFʽFJSPTFFODPOUSBDPNJNBHFOT
FFNNÍPTBUFOUBT
FʽBTTFGB[FNBPWJWPOVNSJUNPQBTTÓWFMEFPDVQBSBDFOB
EFTF
GB[FSQSFTFOUF0SJUNPÏUFNQPSFBM
TJODSPOJBTFOTPSJBM"TJNBHFOT
TÍPPSFQFSUØSJPEFUPEBBHBNBEFJNBHFOTmYBTFEFJNBHFOTFN
NPWJNFOUP
mHVSBUJWBTPVBCʽSBUBT
BDVNVMBEBTBPMPOHPEBIJʽØ
SJBEBDSJBÎÍPJDPOPHSÈmDB
"T JNBHFOT mYBT HBOIBN NPWJNFOUP QFMP DJOUJMBS EB MV[
QFMB
TPCSFQPTJÎÍP EF DBNBEBT EF JNBHFOT QSPQPSDJPOBEB QPS TPGUXBSF
QBSBNBOJQVMBÎÍPBPWJWP0NPWJNFOUPWFNEPDIPRVFFOUSFBTDB
NBEBTFQFMBTVDFTTÍP
BTQSPKFÎÜFTQSPWPDBNTBUVSBÎÍPIPSJ[POUBM
NFOUF
OBTFRàÐODJBUFNQPSBM
FWFSUJDBMNFOUF
QPSTPCSFQPTJÎÍP)È
%FFʼBÎPUFNQPBUFNQPFʼBÎP
*NBHFOT BCʽSBUBT TÍP VNB DPOʽBOUF OB QJʽB &YJʽF HSBOEF
RVBOUJEBEFEFUJQPTEFJNBHFOTFQSPQPTJÎÜFTBTTPDJBUJWBT
JODMVTJWF
BMHVNBTTPCSFDPEJmDBEBT
DPNSFGFSFODJBMEFTFOUJEPFWJTVBMNVJUP
EJSFUP
RVF SFJUFSBN VNB GPSNVMBÎÍP UFSDFJSB EF OPÎÜFT NBSDBEBT
FNFOVODJBEPTBVEJPWJTVBJTEBDPNVOJDBÎÍPEFNBTTB
GB[FOEPVN
VTPQSFWJTÓWFMEBJEÏJBBPMBOÎBSNÍPEPTJHOPWJTVBM
TFKBFMFQBMBWSB
NBSDB
TMPHBO
PCKFUP
PCSBEFBSUFPVNFTNPFʽJMPPVFTDPMBHSÈm
DB.BOUÐNPTFOUJEPQSJNÈSJP/ÍPTFNJʽVSBN
0SJUNPÏVNFYDFMFOUFQSPWPDBEPSEFNJʽVSBT²DMBSPRVFB
FTDPMIBBQSPQSJBEBEBDPNCJOBÎÍPEFJNBHFOTFPTFVUSBUBNFOUP
DPNQÜFNBNJʽVSB"TNJʽVSBTTFEÍPOPQMBOPØQUJDPFEBTJHOJm
DBÎÍP"TEFTJHOJmDBÎÍPUÐNFʽSFJUBSFMBÎÍPDPNBTQVSBNFOUFØQUJ
DBT0DJOUJMBSEFMV[FT
FNHFSBMCSBODBT
ÏQSPEV[JEPQFMPTTPGUXBSFT
EPT7+TFQFMBJMVNJOBÎÍPEBGFʽB7+TRVFTFVUJMJ[BNEFQSPHSBNBT
EFFEJÎÍPDPNPP'JOBM$VUOÍPDPOUBNDPNQMVHJOTQBSBDPMPDBS
RVBESPTGSBNFTCSBODPTFOUSFBTJNBHFOTEPTGSBNFTEFVNMPPQJOH
0QJTDBSBJOEBBTTJNBDPOUFDF
OFTTFDBTPQFMBEFTDPOUJOVJEBEFEP
NPWJNFOUP
QFMBJOUFSSVQÎÍPCSVTDBEBFWPMVÎÍPEPHFʽPPVEFTMP
DBNFOUPFQPSMV[FʽSPCPTDØQJDBFSBJPTMBTFS
SFDVSTPTSFDPSSFOUFT
OBBNCJFOUBÎÍPEBTGFʽBT"Ó
NFTNPBJNBHFNTJNCØMJDBmHVSBUJWB
PUFSDFJSPEBUSJDPNJBEPTJHOPEF1FJSDF
UFOEFËBCʽSBÎÍP
BNFB
ÎBDBJSQBSBBQSJNFJSF[B*TTPTFEÈQFMPQJTDBSFQFMBBCʽSBÎÍPEP
TFOUJEPDPOʽJUVÓEPQPSNFUÈGPSBT0TÓNCPMPQBTTBBTFSQPÏUJDP
IÈ
VNBJOWFSTÍP
VNFʽPVSPEBEFOPUBÎÍP"OPSNBEPTJHOPÏRVFT
UJPOBEBQFMBQSPYJNJEBEFDPNPVUSPTJHOPRVFDPMPDBFNRVFʽÍP
TFVTFOUJEP0TEPJTTFBOVMBN
TFQSPWPDBN
USBOTGPSNBNTF$PNP
OBQPFTJBBTJHOJmDBÎÍPDJSDVMBTFNMVHBS
PTFOUJEPQFSNBOFDFBCFS
UP)ÈVNTJHOPQPÏUJDPQPSRVFBOPWBTJOUBYFQSPEV[JVSVÓEP
VNB
"SFGFSÐODJBBUFSDFJSPBRVJÏ
OBUVSBMNFOUF
ËBSRVJUFUVSBQFJSDFBOBEFDBUFHPSJ[BÎÍPEB
FYQFSJÐODJBFGB[RVFTUÍP
EFNPEPDFOUSBM
BPTTFOUJEPTDPEJmDBEPTFTUJQVMBEBNFOUFF
RVFDJSDVMBNOBBDFJUBCJMJEBEFHFSBM
/PWBNFOUF
BSFGFSÐODJBÏËTDBUFHPSJBTEBFYQFSJÐODJBUBJTDPNPGPSNVMBEBTQPS1FJSDF
.FTNPËDVTUBEFBMHVNBSFQFUJÎÍP
BQSJNFJSF[BÏBFYQFSJÐODJBOÍPSFnFUJEBEPGFOÙ
NFOP
DPOTUJUVJOEPVNBRVBTFJOEJ[JCJMJEBEFDPNQBSÈWFMËiQVSF[BwEBTFNPÎÜFTTFOUJEBT
TFNBDPOTDJÐODJBEBTFOTBÎÍP"UFSDFJSF[B
QPSPVUSPMBEP
HBSBOUFBEFOPUBÎÍPEPTFOUJ
EPFTUJQVMBEPTPDJBMNFOUFJTTPTJHOJmDBBRVJMPQPSRVFTFJRVFJTTPTJHOJmDBBRVJMP
BHSBNBUJDBMJEBEFRVFQSPQJDJBPCZQBTTEPKÈDPOmHVSBEPQBSBBRVJ
MPRVFFʽÈQBSBTFDPOmHVSBS
EPTFSQBSBPWJSBTFS
/P#SBTJMIÈVNBUFOEÐODJBEFUSBCBMIPTmHVSBUJWPT
UBOUPEFTF
OIPTRVBOUPJNBHFOTQSPEV[JEPTQPSQSPDFTTPTEFDBQUBÎÍPDPNP
PWÓEFP"MHVOT7+TDSJBNJNBHFOTBCʽSBUBTBMVTJWBTBGPSNBTEBOB
UVSF[B
BPCKFUPTEPFʼBÎPVSCBOP
PVNFTNPQSPQÜFNGPSNBTBO
USPQPNØSmDBT0HSVQPQBVMJʽB#JKBSJ
GPSNBEPQPSBSRVJUFUPT
UFN
DPNPQSPDFEJNFOUPEFUSBCBMIPBEFTDPOUSVÎÍPQFMBTPCSFQPTJÎÍP
EFMJOIBT
TFUBT
DÓSDVMPTFNNPWJNFOUP
[JHVF[BHVFTFUPEBTPSUFEF
HSÈmDPTTPCSFJNBHFOTmHVSBUJWBT"TDJEBEFTFPNPWJNFOUPDPUJEJB
OPEFQFTTPBTFNFJPTEFUSBOʼPSUFWBSJBEPTTÍPUFNBTSFDPSSFOUFT
FNTVBTBQSFTFOUBÎÜFT"PTVQPʽPDBPTVSCBOPEPUSÉOTJUPBHSFHB
TFPDBPTEBTMJOIBTDPSUBOEPBUFMBFNEJWFSTBTEJSFÎÜFTFDSJBOEP
QPOUPT EF GVHB FN EJʽJOUPT MVHBSFT EB UFMB 5SBUBEBT FN EJWFSTPT
NBUJ[FTBDFNQPSDFOUPBTJNBHFOTTBUVSBEBTFOUSBNFTBFNOBmHV
SBÎÍP
EFTFODBSOBEBTEFRVBMRVFSWÓODVMPOBUVSBMJʽBDFEFNMVHBSB
GPSNBTFʽJMJ[BEBT
BPSJUNP
BPTVQFSFʽÓNVMP0#JKBSJUBNCÏNKPHB
GSBTFT F JNBHFOT DPN DPOPUBÎÍP QPMÓUJDB
OFTTFT DBTPT FOUSBN FN
DFOBFMFNFOUPTMÞEJDPTQFMBNBOFJSBDPNPBTRVFʽÜFTTÍPBQSFTFO
UBEBT0EFTJHOOÍPFTWB[JBBQPMÓUJDBPVQSPEV[FGFJUPEFFʽFUJ[BÎÍP
P BDBCBNFOUP EBT JNBHFOT TVCNFUJEBT BP QSPHSBNB "GUFS &ĊFʹT
GVODJPOBDPNPQBMBWSBTEFPSEFNDPNSFWFSCFSBÎÍPOBQJʽB
+ÈOPTTFUTEPNJOFJSP7+NQBS
OÍPIÈmHVSBT7BMFMFNCSBSRVF
NQBSDPʽVNBTFBQSFTFOUBSTFNQSFDPNP%+5FF&MFTGB[FNPJN
QSPWJTPDPNDPOIFDJNFOUPQSÏWJPEPCBODPEFEBEPTVNEPPVUSP
7+F%+DPOUSPMBNTFVTCBODPTEFEBEPTBQBSUJSEFVNBQMBDB.*%*
NQBS VUJMJ[B P QSPHSBNB 3FTPMVNF
RVF MIF QPTTJCJMJUB B TPCSFQP
TJÎÍPEFUSÐTDBNBEBTEFJNBHFOTFBBMUFSBÎÍPBPWJWPEFQBSÉNF
USPTDPNPDPS
WFMPDJEBEF
QPTJÎÍPOBUFMB
RVBOUJEBEFEFQJTDBEBT
UJQPʽSPCP
BMÏNEFFGFJUPTiQSÏTFUBEPTwNBJTØCWJPTDPNPB
NVMUJQMJDBÎÍPEFVNNFTNPGSBNF
FNNPWJNFOUPPVmYP
OBUFMB
&TTFTPGUXBSF
FBVUJMJ[BÎÍPEFFGFJUPTWJTVBJTNFOPTHBʽPTQFMPVTP
FYDFTTJWPOBT57T
DPOGFSFËBQSFTFOUBÎÍPVNSJUNPBmOBEPFTVSQSF
FOEFOUF"FWPMVÎÍPEBTMJOIBTTVHFSFVNDBNJOIPQBSBPPMIBSDPN
KPHPTEFQFSʼFʹJWB
EFQSPGVOEJEBEFEFDBNQP
EFDPSFTFGPSNBT
FNNPWJNFOUPQSPQPOEPVNBFWPMVÎÍPEPPMIBSOPFʼBÎP"FWP
MVÎÍPTVSQSFFOEFFNQBSUFEFWJEPBPNPWJNFOUPFEJSFÎÍPEBGPSNB
FWPMVJOEPDPNPMJOIBT
QFSʼFʹJWBFRVFCSBEBQSØQSJBMJOIBFWPMV
UJWBFFNKPHPTØQUJDPTRVFTVHFSFNTFOUJEPFʼBDJBM0QBTTFJPQFMB
UFMBQFEFRVFTFCVTRVFBMHPOPGVOEP
TJNVMBTFBQSPGVOEJEBEFEF
DBNQPQFMPNPWJNFOUPEFVNUSBÎPQBSBPGVOEP"JNBHFNCSJODB
EFUSÐTOPFʼBÎPEFEVBT&MBÏVNBGPSNBUFNQPSBMJ[BEBFNUSÐT
EJNFOTÜFT
ÏSJUNP0UFNQPEBJNBHFNFYJʽF
FOUSFPVUSBTNBOFJ
SBT
QFMBWBSSFEVSBEPPMIBSOBNFTNB2VBOEPmHVSBUJWBTQPEFNPT
QFOTBSFNDFOBT
FNOBSSBUJWBTQFSDPSSJEBTQFMPPCTFSWBEPS/FTTBT
JNBHFOTBCʽSBUBTPSHÉOJDBTPVHSBmTNPTIÈVNDPOWJUFËOB
WFHBÎÍP
ËDPOUFNQMBÎÍP
$POUFNQMBÎÍP 0SJUNPTFBQSFTFOUB
FNHFSBM
BOTJPTP
SÈQJEPF
SFQFUJUJWP*NBHFOTTVHFʽJWBTJOEJDBN
FʼBDJBMNFOUFPVQFMPUSBÎP
MVHBSFT SFDPOIFDÓWFJT /ÍP TF USBUB EF mHVSBT
NBT EF BMVTÍP DPOT
USVÓEB QFMP EFTFOWPMWJNFOUP EF GPSNBT OP FʼBÎP
QFMP SJUNP EBT
GPSNBT"CVTDBQPSTJHOJmDBÎÍPQSPDVSBUSBEV[JSBTGPSNBT
QSPDVSB
BOÈMPHPTWJTVBJT
BJNBHFNÏBCFSUB
DPNPBTOVWFOTOPDÏVTVHFSFN
mHVSBT"TDPSFT
BTGPSNBTFBFWPMVÎÍPEBTJNBHFOTHSÈmDBTQPEFN
TFSFGFSJSBBVUPSFTPVFʽJMPTOBTBSUFTWJTVBJT&ʽBNPTDIBNBOEPEF
FTDPMBPDPOʽSVUJWJTNP
PTUJQPTEFHSBmTNPTFPWFSNFMIPEB3ÞTTJB
SFWPMVDJPOÈSJB
B#BVIBVT
QJOUPSFTDPNPPFʼBOIPM+VBO.JSØ.BT
RVBOEPP7+TFJNQÜFOBQJʽBÏNBJTQFMPSJUNPFQFMBTVHFʽÍPEF
mHVSBT
FNFOPTQFMBNFOÎÍPËFTDPMBËRVBMTFSFGFSF0DPOWJUFEB
BQSFTFOUBÎÍPÏEFVNBFYQFSJÐODJBEPFʼBÎP&NUFSNPTTFNJØUJDPT
FʽBNPTEJBOUFEFVNQVSPRVBMJTTJHOP
FʽFTFSFMBDJPOBBPKPHPEBT
GPSNBTRVFBOUFDFEFNPTFOUJEPFPHPWFSOBN
EFBMHVNNPEP
&TTBTJNBHFOTBCʽSBUBTTVHFSFNVNBOÍPmMJBÎÍPËSFQSFTFOUB
ÎÍP
UBMDPNPQFOTBEBOBmMPTPmBNPEFSOB/BSFQSFTFOUBÎÍPUSBEJ
DJPOBM
PTJHOVNTFSFGFSFBVNTJHOBUVN
ËNFEJEBRVFPBTTJOBMBEP
ÏBOUFSJPSBPTJHOPRVFFMFQSPEV[FRVFBFMFTFSFGFSF0QFOTBNFO
UPSFQSFTFOUBDJPOBM
QPSUBOUP
QPʽVMBBBOUFSJPSJEBEFEPSFGFSFOUF
QBSBRVFBSFMBÎÍPEFSFGFSÐODJBTFBUVBMJ[FFTFKBSFJOUFSQSFUBEBQFMP
SFDFQUPS EFTTF TJHOP &ODBJYBTF OFTTB QFSʼFʹJWB B USBEJDJPOBM USJ
DPUPNJBQSPQPʽBQPS1FJSDFQBSBPTJHOPFNTVBSFMBÎÍPDPNPPC
MBÎÍPSFUJOJBOBNVJUPTFNFMIBOUFTBPTQBESÜFTSÓUNJDPTEBNÞTJDB
PRVFPTBQSPYJNBEBRVFMBJDPOPHSBmBQVMTBOUFRVF/BN+VOF1BJL
USBOTGPSNPVFNBSUFFFYQSFTTÍPEFVNBTFOTJCJMJEBEFDPOUFNQPSÉ
OFBw1BSBPBVUPS
PTWÓEFPTNVTJDBJTEF1BJLBOUFDFEFNPWJEFPDMJQF
F P WJEFPDMJQF Ï BOUFDFTTPS EPT 7+T 5FNPT BRVJ VNB HFOFBMPHJB B
DPOmHVSBSBQSFWBMÐODJBEPSJUNP
EPTFOTÓWFM
EBFʽJNVMBÎÍPDPNP
QPSUB EF BDFTTP BP QÞCMJDP " UFMB EFTDBSOBEB Ï VNB TVDFTTÍP EF
TVHFʽÜFTEFTJUVBÎÜFTRVFTFNPWJNFOUBNOPUFNQP0TFOUJEPÏ
KPHBEPQBSBGPSBEBUFMB
QBSBGPSBEBGFʽB
FMFFʽÈOPEJÈMPHPEBT
TVHFʽÜFT EF TJUVBÎÜFT DPMPDBEBT QFMP SJUNP DPN B DPNVOJDBÎÍP
EF NBTTB &TTFT iQBESÜFT EF FʽJNVMBÎÍP SFUJOJBOBw TÍP FYQSFTTÍP
EFVNBiOPWBTFOTJCJMJEBEFw"DPMPDBÎÍPEPBVUPSÏQFSUJOFOUFBP
FʽBEPEBBSUF
EPFOUSFUFOJNFOUPFEBDPNVOJDBÎÍPFYQFSJNFOUB
EPTOPDPUJEJBOPEFʽFJOÓDJPEFTÏDVMP/BTGFʽBTDPN7+T
UBNCÏN
DPOIFDJEBTDPNPIZQF
BOPWJEBEFQPEFTFSQFOTBEBFNEVBTEJSF
ÎÜFTBWFMPDJEBEFFNRVFTFTVDFEFNBTJNBHFOTFBQSFWBMÐODJBEP
FʽÓNVMPNVMUJNPEBMEPTTFOUJEPTTPCSFBDPOʽSVÎÍPEFFOVODJBEPT
BDBCBEPT
PVTFKB
DPODMVTJWPT
$PN PT 7+T
IÈ VNB JNBHFN RVF TF FʽSVUVSB DPNP VN nVYP
&TTBOPÎÍPGPJUSBCBMIBEBQPS3BZNPOE8JMMJBNTQBSBQFOTBSVNB
DBSBʹFSÓʽJDBHFOÏSJDBEBUFMFWJTÍP"QSPHSBNBÎÍPEB57DPNPVN
nVYP Ï B NJʽVSB EF QSPHSBNBT
QVCMJDJEBEF FUD
FN VNB NFTNB
FʽBÎÍP/PDBTPEPT7+TFʽBNPTEJBOUFEPnVYPDPNPQSJODÓQJP)È
VNNJʽVSBEFWJEPËOBUVSF[BEPFWFOUPFEBJNBHFN
QPJTTÍPiKVO
UBEBTwJNBHFOTEFEJʽJOUBTOBUVSF[BT
RVBMJEBEFTFDPNQSPQPʽBT
EFFOVODJBÎÍPPVOÍPFOVODJBÎÍP0nVYPÏUBNCÏNVNBQSPQPʽB
EPNPWJNFOUPEBBQSFTFOUBÎÍPDPNPVNUPEP4FRàÐODJBTBDPOUF
DJNFOUPT FN TJ BCBOEPOBN PT QSJODÓQJPT EB DJOFNBUPHSBmB EF FO
SFEP
PVNFTNPEP[BQQJOHF[JQQJOHEBUFMFWJTÍP
QBSBTFJOʽBVSBS
DPNPRVBESPTIÈVNBFWPMVÎÍPBQBSUJSEPRVBESPmYP
DPNPOP
DBTPFYFNQMBSEF7+1BMVNCP
BDJNBEFTDSJUP
0 EJGFSFOUF OB SFQFUJÎÍP WFN QSJPSJUBSJBNFOUF EP RVBESP /P
."$)"%0
"SMJOEP3FJOWFOÎÍPEPWJEFPDMJQF*O"UFMFWJTÍPMFWBEBBTÏSJP4ÍP1BVMP
&EJUPSB4FOBD
Q
*EFN
QSJODJQBMNFOUFPSHÉOJDP
EFGPSNBTDPNPNPWJNFOUP&TTBTFYQPTJ
ÎÜFTTÍPPUFʽFNVOIPEBSFUPNBEBEFVNPMIBSRVFCVTDBVNNFJP
FYQSFTTJWPFNPVUSP
"WJTVBMJEBEFEFTTBTJNBHFOTÏNVTJDBM²PNPWJNFOUPTVHFSJEP
EFHPUBT
SJTDPT
DPSFTFGPSNBTRVFUSBEV[FNBNÞTJDB1PSRVFB
JNBHFNBCʽSBUBÏNBJTNVTJDBMEPRVFBmHVSBUJWB "MHVOTBSUJʽBT
QMÈʽJDPT
DPNP'SBODJT1JDBCJB
BmSNBNTFSBNÞTJDBDPNPBQJOUVSB
" SFQSFTFOUBÎÍP FTRVFNÈUJDB EBT JNBHFOT BQSFTFOUB VNB RVBMJEB
EFDPNPBNÞTJDBTFNMFUSB
ÏVNQSJNFJSP
ÏVNTFOUJNFOUP
OÍP
IÈVNUFNB
NBTFYQMPSBÎÍPEFGPSNBT²VNBGPSNBFWPMVJOEPOP
UFNQP/BNÞTJDBUFNPTPNPWJNFOUPUFNQPSBMJ[BEP
BIBSNPOJB
P SJUNP FWPMVJOEP UFNQPSBMNFOUF
P UFNQP BTTJN DPOʽJUVJOEP B
NÞTJDB
JOʽBVSBOEPBDPNPVNHFʽP/BQJOUVSBBCʽSBUB
PNPWJ
NFOUPUFNQPÏFʼFDJBMJ[BEPFBDPOʽJUVJÎÍPEPUSBCBMIPTFEÈOB
DPOUFNQMBÎÍP"JNBHFNFYJʽFJOEFQFOEFOUFNFOUFEFVNSFGFSFO
DJBM
DPNPOPTFYFNQMPTEPT7+TTÍPRVBMJEBEFT
0T mMNFT FYJCJEPT OBT FYQPTJÎÜFT SFJUFSBN P RVF FʽBNPT EJ
[FOEP
TÍPUSBCBMIPTBCʽSBUPTDPNPPTEF-FO-ZF
8BMUFS3VUUNBO
0TLBS'JTDIJOHFS
/PSNBO.BD-BSFO
+PIO+BNFT8IJUOFZ
7JLJOH
&HHFMJO
)BOT3JUDIFS
4UBO#SBLIBHFFBWJEFPBSUFEPDPSFBOP/BN
+VOF1BJLFEF4UFJOBF8PPEZ7BTVMLB&ʽFTUBNCÏNUSB[FNVNB
JNBUFSJBMJEBEFQSØYJNBËEPTPN5ÐNFNDPNVNBBCʽSBÎÍP
FN
BMHVOTDBTPTVNBDFSUBFWPMVÎÍPEBGPSNB3JNBTBVEJPWJTVBJT"QF
MBN QSJODJQBMNFOUF QBSB VNB FʽÏUJDB PV NFTNP WJWÐODJB F CFN
NFOPTQBSBVNBMØHJDB
QBSBVNFODBEFBNFOUP5FNPTOPWBNFOUF
nVYP
FOÍPTFRàÐODJBEFGBUPTFNVNFOSFEP/PDBTPEPDJOFNB
VNBFWPMVÎÍPOBSSBUJWBEFUFSNJOBEBBQSJPSJ
QPJTBBSUJDVMBÎÍPEBT
TFRàÐODJBTFYJʽFQBSBTFSWJʽBFNPSEFNUFNQPSBM7FSFʽFTmMNFT
USB[BSFQFUJÎÍPEFVNBGPSNBFYQFSJNFOUBEB
"WJEFPBSUFFNmHVSBTDPNPPDBTBM4UFJOBF8PPEZ7BTVMLBKÈ
QSPEV[JBNBQSFTFOUBÎÜFTBPWJWPDPNDÉNFSBTBCFSUBTFQFMBUSBOT
GPSNBÎÍP EB WJCSBÎÍP TPOPSB FN JNBHFN "JOEB IÈ P JNQSPWJTP
/ÍP FTUBNPT SFBMJ[BOEP VNB DPNQBSBÎÍP FN UFSNPT EF WBMPSFT
NBT QFOTBOEP VNB
FYQSFTTÍP QPÏUJDB RVF UFN NBUFSJBMNFOUF F QPS QSJODÓQJP FTUÏUJDP B FYQFSJNFOUBÎÍP
B
JOWFOÎÍPFBEFTUSVJÎÍPGPSNBM
NBTVNJNQSPWJTPEJGFSFOUF
OÍPBQBSUJSEFVNCBODPEFJNBHFOT
FEFQSPHSBNBT
NBTEBUSBOTGPSNBÎÍPEBNBUFSJBMJEBEFTPOPSBFN
JNBHFN
QBSBTFSNBJTDMBSB
TJOUFUJ[BEPSFTEFTPOTUFNTVBTDVSWBT
USBOTGPSNBEBTFNJNBHFOT
TJOBJTEFWÓEFPUBNCÏN/FTTFDBTPUF
NPT VNB NFTNB GPOUF FYQSFTTJWB
FYJCJEB FN EPJT NFJPT " DFOB
UBNCÏNÏPVUSB
FʽBNPTFNFʼBÎPTDPNOPUBÎÍPEFBSUFFOÍPEF
WJWÐODJB
OÍPEFMB[FS
"DJEBEFNJEJÈUJDBFBDPOUSBJOGPSNBÎÍP
"DFOBFMFUSÙOJDBFTFVT7+TF%KTÏVNBDPOUFDJNFOUPEBTOPJUF
VSCBOBT"DJEBEFDPOUJOVBBDFTBFNMFUSFJSPT
SVBTFCPBUFT"DVM
UVSBVSCBOBFNJNBHFOT
UFYUPTFTPOTUFNOBTOPJUFTPQBMDPQBSBB
EFʽSVJÎÍPPVPSFQSPDFTTBNFOUPEBTJHOJmDBÎÍPFNHFSBM"BmSNB
ÎÍPDPSSFOUFEFBOBMJʽBTFFʽVEJPTPTEBDPNVOJDBÎÍPTPDJBM
EFRVF
BFSBEBJOEVʽSJBMJ[BÎÍPDFEFVMVHBSËFSBEBJOGPSNBÎÍP
FODPOUSB
OFTTFNFJPFYQSFTTJWPUFSSFOPQBSBQFOTBSNPTBDJSDVMBÎÍPFBBQSP
QSJBÎÍPEBDVMUVSBEFNBTTB%FOPWPUFNPTnVYP
OFTTFDBTPDPNP
SFDVSTPBVNSFQFSUØSJPQSÏFYJʽFOUF
ÓDPOFTQSFʽFTBTFDPOʽJUVJS
DPNP TFOUJEP OÍP DIFHBN B TF BUVBMJ[BS
QFSNBOFDFN QSFHOBOUFT
%FJOGPSNBÎÍPBKPHPTWJTVBJTFTFNÉOUJDPT
RVBOEPPTFOUJEPDIFHB
BTFDPOʽJUVJS$POUSBJOGPSNBÎÍPQFMPFYDFTTPEFTÓNCPMPTDPNVTP
QSFWJBNFOUFQSFWJʽP/ÍPTFUSBUB
OPDBTP
EFJOUFSWFOÎÍPOBTJNB
HFOT
DPNPFSBVTVBMOBDPOUSBJOGPSNBÎÍPQSBUJDBEBQPSNJMJUBOUFT
QPMÓUJDPT F EF NJDSPQPMÓUJDBT " DPOUSBJOGPSNBÎÍP Ï FTWB[JBNFOUP
QFMPDIPRVF
&ʽBNPTOPTSFGFSJOEPBJNBHFOTDPEJmDBEBTQBSBVTPTVSCBOPT
DPNVUJMJEBEFTEJʽJOUBTDPNPTJOBMJ[BÎÍPEFTFHVSBOÎBVSCBOB
FEF
USÉOTJUP
ÓDPOFTEFFYUJOUPSFTEFJODÐOEJPFEFNBUFSJBMSBEJPBUJWPF
GSBTFTDPNBWJTPTRVFGB[FNQBSUFEPSFQFSUØSJPEF7+TDPNP4QFUUP
EP#JKBSJFEPHSVQPNJOFJSP'"2
FOUSFPVUSPT$PNPKÈIBWÓBNPT
NFODJPOBEP
PTÓNCPMPÏBRVJMPRVFSFJUFSBPPCKFUP
TFDPOʽJUVJCB
TFBEPFNVNBFʽÏUJDBEPSFDPOIFDJNFOUP"MHVOTTFOUJEPTKÈFʽÍP
USBCBMIBEPTOBTJNBHFOT
JTTPÏØCWJPRVBOEPQFOTBNPTFNUFSNPT
TFNJØUJDPT²OFTTFNBSEFTJHOPTRVFFTTFTDSJBEPSFTEPBVEJPWJTVBM
"MHVNBT GFTUBT DPNP BT SBWFT BDPOUFDFN FN TÓUJPT F MVHBSFT BGBTUBEPT EPT DFOUSPT
VSCBOPT
NBTTFVQÞCMJDPÏNFUSPQPMJUBOP
OBWFHBN &TTB DBSBʹFSÓʽJDB EF OPTTB ÏQPDB QPEF TFS VUJMJ[BEB OB
QSPEVÎÍP EF USBCBMIPT GVOEBEPT QFMB SFQFUJÎÍP 3FQFUJÎÍP OÍP Ï
OFDFTTBSJBNFOUFSFEVOEÉODJB
FNFʽSVUVSBTNBJTUSBEJDJPOBJTQPEF
TFSVNEBEPEBFʽSVUVSBOBSSBUJWBRVFKPHBDPNBQSØQSJBOBSSBUJWB
DPNPFOSFEP
DPNPEBEPQBSBFʽBCFMFDFSPQBʹPDPNPFʼFʹB
EPS/PT7+T
TFNFYDFÎÍPDPOIFDJEBBUÏBHPSB
FʽÈOBSFQFUJÎÍPB
CBTFEBQPÏUJDBRVFFTHPUBFSFJOʽBVSBOPWPTTFOUJEPT
"SFQFUJÎÍPEPT7+TÏEFVNNFTNPGSBNF
PVEFQFRVFOBTDF
OBTFNRVFIÈCBTJDBNFOUFBFWPMVÎÍPEFVNBTJUVBÎÍPNPWJNFOUP
$IBNPEFTJUVBÎÍPNPWJNFOUPBOEBNFOUPTEFVNBFODFOBÎÍPFY
QMÓDJUBOPBQFMP
NFTNPTFNTPNPVFʽBOEPGPSBEFVNBTFRàÐODJB
FODBEFBEBFNUFSNPTDBVTBJTPTFOUJEPEBDFOBFʽÈEJUP
EFOPWP
VNB TJUVBÎÍP EF SFDPOIFDJNFOUP &N VN TFU EP HSVQP &NCPMFY
VNBKPWFNFTFEVUPSBHBSPUBPGFSFDFVNBNBÎÍ0GFSFDFFTFSFDV
TBFNSJUNPTFDPNGSBNFTEJGFSFOUFT"PDBCPEFBMHVOTNJOVUPT
B PGFSUB Ï WB[JB &N UFSNPT TFNJØUJDPT
BQSPWFJUBNTF PT TÓNCPMPT
KÈ JOʽBVSBEPT OB SFJUFSBÎÍP FN MPPQ QBSB B DSJBÎÍP EF VN QSPDFT
TPEFEFTFODBSOBÎÍP PVSFFODBOUBNFOUP
EBJNBHFNEPDPUJEJBOP
® NFEJEB RVF P 7+ SFUPNB PV SFDSJB JNBHFOT EF VNB JNBHFCBTF
QPS FMF QSPEV[JEB PV QPS FMF SFDBQUVSBEB EP NBS EF TJHOPT
F
QSPEV[DPNFMBTBMHPDPNPVN%/"SFDPNCJOBOUF
FMFQSPNPWFB
PʽSBOFOJF /FTTF QSPDFTTP EF QSPEV[JS P FʽSBOIBNFOUF GBNJMJBS
EFTMPDBTFBSFMBÎÍPSFQSFTFOUBDJPOBMEPSFGFSFOUF PCKFUP
QBSBBSF
GFSÐODJBFQSPQÜFTF
OPMVHBSEPNFSPSFDPOIFDJNFOUP
VNSFFODBO
UBNFOUPEPCBOBMQFMBiGBOUBTNBUJ[BÎÍPwEPPCKFUP$PNFGFJUP
P
BʼFʹPHFSBMEBTJNBHFOTOPBNCJFOUF7+ÏPEFCSVYVMFJP0iFʽSP
CPwÏVNFMFNFOUPEBGFʽBBDPOUSJCVJSQBSBPCSVYVMFJPOÍPBQFOBT
EBQSPKFÎÍP
NBTEPQÞCMJDP"JNBHFNQJTDBFNWFMPDJEBEFBMUFSBEB
PNPWJNFOUPEBTQFTTPBTOBQJʽBÏDPOUJOVBEPOBUFMB1ÞCMJDPFN
NPWJNFOUPVOJGPSNF
UFMBTFNDBEÐODJBQBTTÓWFMEFQSFWFS"SJHPS
$PODFJUPEFFTUSBOIBNFOUP
VNGB[FSFTUSBOIP
BQBSUJSEPDPOIFDJEP0UFSNPGPJQSP
QPTUPQFMPTGPSNBMJTUBTSVTTPTOBTFHVOEBEÏDBEBEPTÏDVMP99DPNPBRVJMPRVFNBSDB
PEJTDVSTPQPÏUJDPFNDPOUSBTUFDPNBTPVUSBTEJTDVSTJWJEBEFTQPTTÓWFJT$VSJPTBNFOUF
'SFVESFGFSFTFBPNFDBOJTNPEPVNIFJNMJDIPFTUSBOIBNFOUFGBNJMJBSPV
EJSÓBNPT
OØT
PGBNJMJBSNFOUFFTUSBOIPDPNPBMHPSFTTVSHJEPEPQSØQSJPQSPDFTTPBOBMÓUJDP
JF
EBiOBSSBUJWJ[BÎÍPwEBNFNØSJBEBFYQFSJÐODJB
QFOTBEPSFTJEFOUJmDBNDPNPQSPDFTTPWJTÓWFMEFQSFTFOUJmDBÎÍPEB
FYQFSJÐODJB OB DPOUFNQPSBOFJEBEF 0V
FN PVUSBT QBMBWSBT
VNB
QBTTBHFNEPFʼBÎPUFNQPQBSBPUFNQPFʼBÎP
DBNJOIPBOVODJB
EPQFMPEFTFʼFSPEBRVFMFTRVFWÐFNBBOJRVJMBÎÍPEPFʼBÎPQFMB
EJHJUBMJ[BÎÍPEBFYQFSJÐODJB$VSJPTBNFOUF
FTTFEFTFʼFSPEBQFSEB
EPFʼBÎPÏTVCʽJUVÓEP
QPSNFJPEBBÎÍPEP7+
QFMBBOTJFEBEFHF
SBEBQFMBSFQFUJÎÍPMPPQUFNQPSBMEPFʼBÎPEPDPUJEJBOPOPFʼBÎP
EBGFʽB
#JCMJPHSBmB
#&/+".*/
8BMUFS 4PCSF BMHVOT UFNBT FN #BVEFMBJSF 5SBE
EJWFSTPT BVUPSFT *O 0T QFOTBEPSFT 4ÍP 1BVMP 7JʹPS $JWJUB
Q
;*-$;&3
+VEJUI 0SH
7JTVBM .VTJD 4ZOBTFʽIFTJB JO "SU BOE
.VTJD4JODF/:ʾBNFT)VETPO
."$)"%0
"SMJOEP 3FJOWFOÎÍP EP WJEFPDMJQF *O " UFMFWJTÍP
MFWBEBBTÏSJP4ÍP1BVMP&EJUPSB4FOBD
Q
1*/50
+VMJP 0 SVÓEP F PVUSBT JOVUJMJEBEFT #FMP )PSJ[POUF
"VUÐOUJDB
7*3*-*0
1BVM0FʼBÎPDSÓUJDP&BTQFSʼFʹJWBTEPUFNQPSFBM
5SBE1BVMP3PCFSUP1JSFT3JPEF+BOFJSP&EJUPSB
@@@@@@"NÈRVJOBEFWJTÍP5SBE1BVMP3PCFSUP1JSFT3JPEF
+BOFJSP+PTÏ0MZNQJP
8*--*".4
3BZNPOE5FDIOPMPHZBOE$VMUVSBM'PSN/:4DIP
DLFO
:06/(#-00%
(FOF&YQBOEFE$JOFNB/:&1%VUUPO$0
*OD
4POT -VNJÒSFT 6OF IJʽPJSF EV TPO EBOT MBSU EV YYF TJÒDMF
1BSJT&EJUJPOTEV$FOUSF1PNQJEPV
QPS.JMFOB4[BmS
1PSPOEFWPDÐQBTTBFODPOUSBTFVNPMIBSTPCSFWPDÐ6NPMIBS
FMFUSPNFDÉOJDPF
QPSUSÈTEFTTFPMIBS
VNPVUSPPMIBSyIVNBOP&
UVEPPRVFUFNPTBGB[FSÏTPSSJSi4PSSJBWPDÐFʽÈTFOEPmMNBEPwF
FMFTQSPMJGFSBNyFUFQFSTFHVFN
#FOUIBNPJOWFOUPSEPi1BOØQUJDPwOPTÏDVMP9*9BQSFTFO
UPVTFVTJʽFNB BSRVJUFUÙOJDPQFOJUFODJÈSJP
QPEFOEPTFSFʽFOEJEP
BRVBMRVFSVTP
CBTFBEPOPTQSJODÓQJPTEFDPOUSPMFFQSPEVUJWJEBEF
FNVNBTPDJFEBEFDBQJUBMJʽB1BSBPOEFWPDÐPMIBFÏPMIBEP 2VFN
WÐ RVFN 2VFN QFSTFHVF RVFN 2VFN WJHJB RVFN i y
" FmDÈ
DJB EP 1BOØQUJDP SFTJEF
QPSUBOUP
OB EFʼFSTPOBMJ[BÎÍP EP QPEFS
OBTVBUSBOTGPSNBÎÍPFNQVSBmHVSBHFPNÏUSJDB
VNBBSRVJUFUVSB
FYFNQMBSEFRVFUPEPTQBSUJDJQBNFNBMHVNBJOʽÉODJBw
i1FSGPSNBODFT 1BOPQUJDBEBT QFSGPSNBODFWKJOHXJSFMFTTw
USBCB
MIP NVMUJNJEJÈUJDP FMBCPSBEP F iFYQPʽPw QFMP DPMFUJWP NN OÍP Ï
DPOGFUF
UPNBUBNCÏNDPNPSFGFSÐODJBPTiIPNFOTTBOEVÓDIFwRVF
QFSBNCVMBNQSPQBHBOEPEJWFSTPTTFSWJÎPTQFMBDJEBEFEF4ÍP1BV
MP%FTTBNBOFJSBGB[TFDPNRVFBBSUF QFSGPSNBODF
OÍPTPNFOUF
TBJB ËT SVBT SFGFSFODJBOEP P DPUJEJBOP EP TFS VSCBOP NBT UPSOFTF
JOUFSBUJWB FDPOWJEBUJWB
ËRVFMFTRVFUSBOTJUBNQFMPFʼBÎPQÞCMJDP
FOFNTFNQSFTFBUSFWFNBBEFOUSBSVNBHBMFSJB
VNNVTFVPVVNB
JOʽJUVJÎÍPEFBSUF4JNVMUBOFBNFOUFBPCSBQSFʽBTFBTFEV[JS
JOJCJS
FBBVUPDPOTDJFOUJ[BSPTUSBOTFVOUFT
0TSFBMJUZTIPXTUFMFWJTJWPTTÍPIPKFP1BOØQUJDPËTBWFTTBT
POEF
BT QFTTPBT TF QSFEJʼÜFN B TFSFN WJHJBEBT F
EFTTB NBOFJSB
PCUFS
PTUÍPGBNPTPTiNJOVUPTEFGBNBwQSPQBHBEPTQPS"OEZ8BISPM
."$)"%0
"SMJOEP.ÈRVJOBFJNBHJOÈSJP4ÍP1BVMP&EVTQ
Q
OPTBOPTEF&NOPTTBBUVBMTPDJFEBEFNJEJÈUJDBTÏDVMP99*
DPOUBCJMJ[BNPT iDJODP TFHVOEPTw " OPÎÍP EF UFNQP NVEPV OB
&SBEB*OGPSNBÎÍP
EP$POUSPMF
EB7JHJMÉODJBBMJBEBBP&ʼFUÈDVMPB
EÏDBEBEFÏQBTTBEB
NBTEFJYPVGPSUFCFSÎPTPDJPmMPTØmDPBP
BUVBMNPNFOUPFNRVFWJWFNPT
4F QSJNFJSBNFOUF P i.BOJGFʽP 1BOØQUJDPw TF EFʽJOPV B iDBSUJ
MIBSwVNBTPDJFEBEFEBWJHJMÉODJBQSFHBEBEF#FOUIBNB'PVDBVMU
GPJQFSBOUFPQÞCMJDP
FNNFJPËJOUFSBUJWJEBEFEFi1FSGPSNBODFT
1BOPQUJDBEBTwRVFPNBOJGFʽPTFDPOTPMJEPV'PJPGFFECBDLEPQÞ
CMJDPBPJOUFSBHJSDPNBPCSBRVFEFVBFMBVNSFBMDPODFJUPEBFSB
FNRVFWJWFNPTOFʽFJOÓDJPEPTÏDVMP99*
&NVNBQFRVFOBUFMBEJHJUBMJNBHFOTDBQUBEBTBPWJWPTÍPNJYB
EBTFNUFNQPSFBMFUBNCÏNQSPKFUBEBTFNVNiÏDSBOBSRVJUFUÙOJ
DPwBPQÞCMJDPDPBCJUBNPFʼBÎPJOUFSWFOÎÜFTTPOPSBTFVNBOPWB
NBOFJSBEFDPNQSFFOTÍPÏFOUÍPGPSNVMBEB&TTBSFUØSJDBJNBHÏUJDB
BMJOHVBHFNEBTJNBHFOT
PVNFMIPS
BSFUØSJDBBVEJPWJTVBMQFSGPS
NÈUJDBBQSFTFOUBOÍPTPNFOUFBQBSBOØJBEPTFSVSCBOPRVBOUPBFT
UBSTFOEPWJHJBEPDPNPUBNCÏNTVBFTRVJ[PGSFOJBDBOEFOUFBÓFʽÈB
NFUBNPSGPTFEPIPNFNDPOUFNQPSÉOFP
PQBOØQUJDPEFVNTFSOP
iOPWPNVOEPw
BOFVSPTFFOUSFEPJTTÏDVMPT P99FP99*
BTFEVÎÍP
EFWJHJBSFEFTFSWJHJBEPDPOʽBOUFNFOUF
" GSBTF OB QMBDB i4PSSJB
WPDÐ FʽÈ TFOEP mMNBEPw OÍP DIFHB B
BUFSSPSJ[BSOPFYBUPNPNFOUPFNRVFBQFTTPBmMNBEBTFWÐDPBE
KVWBOUFPVQSPUBHPOJʽBEFTTFUSBCBMIP"PDPOUSÈSJP
UPSOBTF
JSPOJDBNFOUFVNQFRVFOPUFBUSPEFBQBSFOUFTWJSUVEFTF
EFTTBNB
OFJSB
TFBEFRVBQFSGFJUBNFOUFBPDPODFJUPEF#FOUIBNi01BOØQUJ
DPÏ
BOUFTEFUVEP
VNBFTDPMBEFWJSUVEFT
POEFQFSTPOBHFOTPEJP
TPTFODFOBNEJBSJBNFOUFPESBNBEBQVOJÎÍP$PNPUBM
FMFEFWFTFS
BCFSUPËWJTJUBÎÍPQÞCMJDB
EFWFTFSVNMPDBMEFJOʽSVÎÍP
VNUFBUSP
FEVDBUJWPQBSBPOEFPTQBJTMFWBNFNQBTTFJPPTTFVTmMIPT y
w
0QPEFSDFOUSBMJ[BOUFEP1BOØQUJDPDPNPBJEÏJBEFVN#JH#SP
UIFSEFTDFOUSBMJ[BTFOBFSBDPOUFNQPSÉOFBNJEJÈUJDBUSBOTGPSNBO
EPP FN VNB WFSEBEFJSB $BTB EPT "SUJʽBT i1PS MÈ QBTTBSÍP DVSJP
TPT
USBOTFVOUFT
QBSFOUFT EPT QSJTJPOFJSPT
BNJHPT EPT JOʼFUPSFT
."$)"%0
"SMJOEP0QDJUQ
FPVUSPTPmDJBJTEBQSJTÍP
DBEBVNEFMFTBOJNBEPQPSVNNPUJWP
EJGFSFOUFw
5BOUP B BSUF RVBOUP PT IPNFOTTBOEVÓDIF PV IPNFOT QMBDBT
DBNJOIBNFOUSFPQÞCMJDPFPQSJWBEP
OÍPTPNFOUFOVNBDBSBʹF
SÓʽJDBVSCBOPBSRVJUFUÙOJDBDPNPUBNCÏNTPDJPFDPOÙNJDBRVFN
WJHJB RVFN PV TFS QBOPQUJDBEP BUSJCVJ FN VNB FTGFSB QÞCMJDB F
QSJWBEBBRVFʽÍPEFVNBTPDJFEBEFEJTDJQMJOBEBQFMPUFNPSWFSTVT
BSFDPNQFOTB
" PCSB XPSL JO QSPHSFTT i1FSGPSNBODFT 1BOPQUJDBEBT QFSGPS
NBODFWKJOHXJSFMFTTwUFOUBBQBSUJSEBUFDOPMPHJBËEJʼPTJÎÍPOB
TPDJFEBEFVSCBOB DÉNFSBTEFWJHJMÉODJB
UFMB-$%
USBOTNJTTPSFTTFN
mPQBSBJNBHFOTFTPN
NFTBNJYFS
FEPVTPEFTPGUXBSFMJWSFQBSB
FEJÎÍPBPWJWPEFTTBTJNBHFOT WKJOH
FYQSFTTBSTFOVNUFSNPBV
EJPWJTVBMQFSGPSNÈUJDP
VNBSFUØSJDBBMÏNWFSCBM4FBmMPTPmBOPT
USB[ P QFOTBS MJOFBS
B BSRVJUFUVSB GSBʹBM RVF QFSNJUF B SFBMJ[BÎÍP
OÍPMJOFBSDPHOJUJWBBBSUFDPNPBÎÍPNVMUJNJEJÈUJDBEFDPOUFʽBÎÍP
KVOUPËTPDJFEBEFFNRVFWJWFNPT BWJHJMÉODJBBMJBEBBPFʼFUÈDVMP
4FBNFOTBHFNBVUPDPOTDJFOUJ[BEPSBEFNNOÍPÏDPOGFUFDPN
i1FSGPSNBODFT 1BOPQUJDBEBTw Ï DPNQSFFOEJEB y B JOUFSBÎÍP FNJT
TPSSFDFQUPS UPSOBTF P NFJP
F EFʽF OBTDF P XPSL JO QSPHSFTT EP
USBCBMIPPCSBFNRVFʽÍPFTVBTSFDPODFJUVBMJ[BÎÜFT
#&/5)".
JO."$)"%0
"SMJOEP0QDJUQ
QPS$JOF'BMDBUSVB
i"DVMUVSB
FORVBOUPGPSFODBSBEBTJNQMFTNFOUFDPNPCFN
TJNCØMJDPEFVNHVFUP
OVODBQPEFSÈGB[FSGSFOUFBPDBQJ
UBM
CFNTJNCØMJDPVOJWFSTBMw
3PCFSU)BEBXBZ
&YJʽFN EVBT MØHJDBT TBVEÈWFJT QPS USÈT EP TVCTÓEJP QÞCMJDP EF
CFOT DVMUVSBJT " QSJNFJSB Ï B EP GVOEP EF QSFWJEÐODJB EBRVFMFT
TÓNCPMPT PCTPMFUPT
RVF PT mMIPT BNFBÎBN DPOʽBOUFNFOUF NBO
EBSQBSBPBTJMP1FOTFOPGPMDMPSF
OPTSJUNPTQPQVMBSFT
OBGFʽBEB
DPMIFJUBEBCFUFSSBCB
"PVUSBÏBEPJOWFʽJNFOUPBMPOHPQSB[PFNVNBUÏDOJDBDVMUV
SBMJODJQJFOUF
QBSBRVFFMBQPTTBDSFTDFSFTFFʽBCFMFDFSEFNBOFJSB
BVUÙOPNB²PDBSBʹFSÓʽJDPDBTPEPDJOFNBCSBTJMFJSP
RVFGVODJPOB
ËDVʽBEFMFJTEFJODFOUJWPOBFʼFSBOÎBEFVNEJBTFSJOEÞʽSJB
0HSBOEFQSPCMFNBÏRVF
FNCPSBQSPMJGFSFTVCTÓEJPQÞCMJDPQBSB
B QSPEVÎÍP BVEJPWJTVBM
OÍP P IÈ QBSB B EJGVTÍP OFN QBSB B FYJCJ
ÎÍP
FPDJOFNBBDBCBEFRVBMRVFSGPSNBSFGÏNEPDJSDVJUPJOTBMVCSF
EPT NVMUJQMFYFT %FTTB NBOFJSB
OÍP IÈ DPNP P mMNF DVNQSJS TFV
QBQFMPFʼFʹBEPSOÍPTFJOUFSFTTBBQPOUPEFBSDBSDPNPTDVʽPT
EFSFBMJ[BÎÍP
FPQSPEVUPSTFBQFHBBPJODFOUJWPQÞCMJDPDPNPVN
SBQB[GPSNBEPËNFTBEBEPTQBJT
"QPMÓUJDBDVMUVSBMTFEFEJDBUBOUPBmOBODJBSQSPEVUPTRVFQBSF
DFJHOPSBSRVFBDVMUVSBÏOBWFSEBEFVNFNBSBOIBEPEFQSPDFTTPT
BmOBM
EFRVFTFSWFBQSPOUBSPmMNF
TFOÍPGPSQBSBFYJCJMP
0OEFGBMIBP&ʽBEP
NFDFOBTNBJPSEBOPTTBTÏUJNBBSUF
PNVO
EPQBSFDFGVODJPOBSTP[JOIP
BUSBWÏTEFQSÈUJDBTRVFKÈGPSBNRVB
MJmDBEBT DPNP NÓEJB BUJWJTNP
QJSBUBSJB F PVUSPT OPNFT GFJPT
NBT
RVFOÍPFʽÍPMPOHFEPRVFÏPDJOFNBFNTVBGPSNBNBJTQVSB
B
JOWFOÎÍPIVNBOB
"TTJNDPNPBDÉNFSB.JOJ%7EFNPDSBUJ[BBmMNBHFN
FBJMIB
OÍPMJOFBS
BFEJÎÍP
BJOUFSOFUBQSPYJNBBEJʽSJCVJÎÍPDJOFNBUPHSÈ
mDBEFDBEBVNEFOØT
FDFSUBTUFDOPMPHJBTEJHJUBJTDBTFJSBTUPSOBN
QPTTÓWFMFNVMBSVNBTBMBEFFYJCJÎÍPDPNRVBMJEBEFØUJNBEFTPN
FJNBHFNIBKBWJʽBBFYQFSJÐODJBSFDFOUFEPHSVQP$IBTLJ
RVF
DPOTFHVJV PYJHFOBS P DJSDVJUP DJOFNBUPHSÈmDP QFSVBOP DPN VNB
SFEF EF NJDSPDJOFNBT RVF DVʽBN JOmOJUBNFOUF NFOPT RVF VN
DVSUBNFUSBHFNDBEBVN
1PSPVUSPMBEP
TFSJBCPNRVFPTSFBMJ[BEPSFTBDFJUBTTFNP%JW9
EBNFTNBGPSNBRVFPTNÞTJDPTBQSFOEFSBNBVTBSP.1
FQFS
EFTTFNPQVEPSEFMBOÎBSTFVTmMNFTTPCDPQZMFGUPVVNBEBTWÈSJBT
MJDFOÎBT$SFBUJWF$PNNPOT
RVFQFSNJUFNBMJWSFDØQJB
EJʽSJCVJÎÍP
FFYFDVÎÍPEBPCSBQBSBmOTOÍPDPNFSDJBJT
"PDPOUSÈSJPEPRVFQPTTBQBSFDFS
FTTBTMJDFOÎBTOÍPTJHOJmDBN
QSFKVÓ[PQBSBPTSFBMJ[BEPSFT&NQSJNFJSPMVHBS
FMBTTJNQMFTNFOUF
DPOGPSNBNPEJSFJUPEPBVUPSËFDPOPNJBJOFWJUÈWFMEBSFEF/PDBTP
FʼFDÓmDPEBBUVBMFʽSVUVSBCSBTJMFJSBEFEJʽSJCVJÎÍPDJOFNBUPHSÈ
mDB
QPVDP PVOFOIVN
MVDSPBEWÏNEBFYJCJÎÍPEPmMNF/ÍPIÈ
FʼBÎPQBSBDVSUBTNFUSBHFOTOBTTBMBTDPNFSDJBJT
FQBSBJOHSFTTBS
OPDJSDVJUPEPTGFʽJWBJTPSFBMJ[BEPSUFNRVFEFDFSUBGPSNBQBHBS
BQPʽBHFN
BDØQJBo
TFNUFSBDFSUF[BEFTFSTFMFDJPOBEPFNVJUP
NFOPTEFSFDFCFSRVBMRVFSDPJTBQPSJTTP0TMPOHBT
NFTNPRVBOEP
DIFHBN BPT DJOFNBT EF TIPQQJOH
OÍP DPOTFHVFN MVDSP OBT CJMIF
UFSJBTBNFOPTRVFIBKBVNJOWFʽJNFOUPNBDJÎPFNQVCMJDJEBEF0
GBUPSEFTDBTPBCSFQSFDFEÐODJBQBSBVNBFʼÏDJFQFSWFSTBEFEBSXJ
OJTNP
FNRVFBTDPUBTEFFYJCJÎÍPTFQSFʽBNBHBSBOUJSVNNFSDB
EPJOGBMÓWFMQBSBPCMPDLCVʽFSOBDJPOBM
/PmNEBTDPOUBT
PSFBMJ[BEPSSFDFCFQFMBEJSFÎÍPPVQSPEVÎÍP
FOÍPQFMPTEJWJEFOEPTEFFYJCJÎÍP4FVNBJPSMVDSPDPNBFYJCJÎÍP
ÏNFTNPPEFGB[FSDPOIFDFSTVBPCSB
QBTTBSTVBNFOTBHFNQBSBP
NBJPSOÞNFSPQPTTÓWFMEFFʼFʹBEPSFT
FUBNCÏNTFGB[FSDPOIFDFS
QPSFMBRVFNTBCF
BTTJN
BCSJOEPQPSUBTQBSBPVUSPTUSBCBMIPT
1PSJTTP
PMJDFODJBNFOUPFNDPQZMFGUOÍPÏVNBRVFʽÍPEFWÍ
KVʽJÎBTPDJBM
NBTEFFʽSBUÏHJBQBSBGPNFOUBSBNCPTPTFYUSFNPTEP
DJSDVJUPDJOFNBUPHSÈmDP-JWSFEBTQJDVJOIBTCVSPDSÈUJDBT
PTmMNFT
OBDJPOBJTQPEFSJBNDJSDVMBSMJWSFNFOUFFFGFUJWBNFOUFDJSDVMBSJBN
BUSBWÏTEBJOUFSOFUo
DPOʽJUVJOEPVNWBʽPNBUFSJBMEFBDFSWPQBSB
BTTBMBTEFFYJCJÎÍPOÍPDPNFSDJBJT
%BÓ
BmHVSBEPBUSBWFTTBEPSTFUPSOBPCTPMFUB
FBDJSDVMBÎÍPEF
DVMUVSBBDVMUVSBFNTJ
USPDBTJNCØMJDBEFFYQFSJÐODJBTEFJYBEF
UFSVNQSFÎP0FJYPFDPOÙNJDPEPDJOFNBTFEFTMPDBBTTJNDPNP
PSFBMJ[BEPSHBOIBBPGB[FSBPCSB
PFYJCJEPSHBOIBBPFGFUJWBNFOUF
FYJCJMB
QSFʽBOEPVNTFSWJÎPRVFFOWPMWFEFTEFBDVSBEPSJBEPmM
NFBUÏBMPHÓʽJDBEFNPOUBHFNEBTBMBEFQSPKFÎÍP
/PEFDPSSFSEBNJOIBUSBKFUØSJBFNBSUFTQMÈʽJDBT JOJDJBEBFN
FEFTEFRVFNFFOWPMWJDPNBMJOHVBHFNEFWÓEFPFN
UFOIP UJEP B OFDFTTJEBEF EF USPDBS JOGPSNBÎÜFT DPN WJEFPBSUJʽBT
GPSB EP #SBTJM
QBSB QBSUJMIBS JNQSFTTÜFT
PSHBOJ[BS FWFOUPT F QSJO
DJQBMNFOUFUSPDBSUSBCBMIPT
DSJBOEPVNOFUXPSL KVOUPDPN$BSMP
4BOTPMP
PRVFOPTDBQBDJUBBFOUFOEFSVNQPVDPNBJTTPCSFFTTB
MJOHVBHFN QSPEV[JEB OFTTF NPNFOUP 7JEFPBSUJʽBT RVF DPOTVNJ
SBN57
FRVFBQSFOEFSBNBVTBSBJOUFSOFU
FDPOʽSVÓSBNTFVTQSØ
QSJPTTJUFTQBSBFTDSFWFSFUSPDBSJOGPSNBÎÜFT*TTPÏBFSBEBIJQFS
NÓEJB
EBUSPDB
EFJOGPSNBÎÜFTGSBHNFOUBEBT
EBWJTÍPEPNVOEP
DPNPSFBMUJNF
EBOFDFTTJEBEFEFPCUFSJOGPSNBÎÜFTQBSBQPEFSTF
TFOUJSQBSUJDJQBOUFEPHMPCP
TFNBOUFSMJHBEPOBTOPUÓDJBT
QBSBQP
EFSSFJOUFSQSFUBSJOGPSNBÎÜFT
"DPNQBOIBNPT BT OPUÓDJBT QSPEV[JEBT QBSB DSJBS JOUFSFTTF
FT
QFUBDVMBSJ[BOEPPTBDPOUFDJNFOUPT GB[FOEPVTPEFTVQFSMBUJWPT
F
GPNFOUBOEP VNB SFBMJEBEF B TFS WFOEJEB QPS QPOUPT EF BVEJÐODJB
GPSÎBOEPVNTFOTBDJPOBMJTNPFMBCPSBEPDPODFJUVBMNFOUFHSBÎBTBPT
SFOEJNFOUPTEFBOÞODJPTFYJCJEPT
6NDJOFNBRVFFYQMPSBVNDFOÈSJPEFNÈRVJOBTQPUFOUFTRVF
TFDIPDBNTFNQSF
BÎÜFTDPNQJʽPMBTTJMFODJPTBT
BSNBTSÈQJEBTF
FmDJFOUFT
FYUSBUFSSFʽSFT BNPSPTPT
RVF BNBN DSJBOÎBT F QPEFN
TBMWÈMBT
BQSFEPNJOÉODJBEFPSHBTNPTGBMTPTFNMPPQJOHIPSBT
FNUSBOTF
VNBFUFSOBDPNVOIÍPEFDPSQPTPVBQPTTJCJMJEBEFEF
USBOTDFOEFS QFMP BVNFOUP EPT TFJPT
F QFMB GSJDÎÍP EF DPSQPT RVF
FYJʽFNBQFOBTQPSRVFTFFYJCFN
DPNPVNBFWPDBÎÍPEBCFʽJBMJEB
EFFEPUSBOTF
EBTTFOTBÎÜFTQSJNJUJWBT
QBSBDSJBSVNBNCJFOUFEF
GVHBPOEFÏNFMIPSFTRVFDFS
EFTBQBSFDFSNBJTVNQPVDP"QBSFDFS
FʽBSTFNQSFGSFOUFBDÉNFSBT
FYJʽJSBUPEPNPNFOUPDPNPQFSTP
OBMJEBEFBUVBOUF
PVTVHFSJSVNFTRVFDJNFOUPDPMFUJWP
FTRVFDFS
PV
FYJʽJSFBQBSFDFSBMMUIFUJNF
&ODPOUSBNPTBJEÏJBEFRVFCSBEFnVYPIJʽØSJDP
IBWFOEPSPN
QJNFOUPTCSVTDPTEBDPOEJÎÍPEFDPOUJOVJEBEFFNBSUF
POEFBNBOJ
GFʽBÎÍPEFOPWPTNFEJVOTFGFSSBNFOUBT
JOTFSJOEPOPWPTDØEJHPT
F
JOnVFODJBOEP
EFWJEPBJTTP
OPWBTBÎÜFT
NVEBOEPDPOʽBOUFNFOUF
EFBDPSEPDPNBTDJSDVOʽÉODJBTEFPSHBOJ[BÎÍPTPDJBMFFDPOÙNJDB
0T DPOʽBOUFT VQHSBEFT UÏDOJDPT
F P BVNFOUP EF QPTTJCJMJEB
EFTQBSBDSJBÎÍP
HFSBNOPTBSUJʽBTVNJOUFSFTTFQFMPEFTBmP
NBT
UBNCÏNGSVʽSBÎÍPQBSBFʽFTRVFTFWÐFNPCSJHBEPTBFʽBSTFNQSF
FOHBKBEPTFNBQSFOEFSBVTBSOPWPTTPGUXBSFT
OPWPTGPSNBUPT*TTP
UFNBWFSDPNVNNFSDBEPEFQSPEVUPTRVFPCSJHBPDPOTVNJEPSB
DPNQSBSVNBOPWBNFSDBEPSJB
TFOÍPBNFTNBQPEFBDBCBSJODPN
QBUÓWFMDPNPOPWPTJʽFNBPQFSBDJPOBM
"TFOTBÎÍPÏEFRVFMJEBNPTDBEBWF[NBJTDPNJNBHFOT
FÏDMB
SPRVFPNBJPSJOUFSFTTFEBWFJDVMBÎÍPEFTTBTJNBHFOT
RVFTÍPNBJT
FNBJTJNQFSNBOFOUFT
ÏDBEBEJBNBJTSÈQJEP
PTBOÞODJPTTPNFN
BQØTVNNÐTPVNFOPT
VNBWFSEBEFJSBGÈCSJDBEFOÍPTFOUJEPT
SFB
MJEBEFDSJBEBBSUJmDJBMNFOUFQBSBPTWBMPSFTEFWFOEBFMVDSP"THSBO
EFTJOUFMJHÐODJBTEPNBSLFUJOHDPNBDPOEJÎÍPEFDSJBSOFDFTTJEBEFEF
DPNQSB0QSB[FSQFSNBOFOUFEBJNBHFNEFWJUBMJEBEFFEFFUFSOB
QPUÐODJBFCSBODVSB MJNQF[B
BMNFKBEPT"FmDJÐODJBFBSBQJEF[DPN
UPUBMBVUPOPNJBOVNNVOEPCSBODP
MJHIU
GBTIJPO
TVUJM
UFSOPFGFMJ[
&YJʽFN HSVQFMIPT EFTFOWPMWFOEP QSPDFTTPT EJGFSFOUFT EF QSP
EVÎÍP EF JNBHFOT
NFTNP RVF FTTBT JNBHFOT TFKBN BQSPQSJBEBT F
UPNBEBTQBSBVTPEPTJʽFNBDPNFSDJBM
DSJBOEP
FNPQPTJÎÍPVNB
DMBTTFRVFOÍPQPEFDPOTVNJS
FTTFTIVNBOPTJODBQB[FTEFPCUFSPC
KFUPTNÈHJDPT
FEFTFTFOUJSOPUPQP
OPDPOGPSUPEPTQVGFT&ʽFT
FʽÍPDPOEFOBEPTËQFOBNÈYJNBEFDPOWJWFSDPNSPʽPTDBSJDBUVSB
EPT
BVTÐODJBEFTJOHVMBSJEBEF
&YJʽF P JOUFSFTTF EF QSPEV[JS JNBHFOT RVF TF PQPOIBN B FTTF
TJʽFNB TFEVÎÍP
MVDSP
DPNQSBFWFOEB
FOUÍPTFBCSFNQPTTJCJMJ
EBEFTEFFYJʽJSDØEJHPTBTFSFNDPOʽBOUFNFOUFSFJOWFOUBEPT
POEF
WPDÐNBOJQVMBDPNQBMBWSBTFTFOUJEPBTJNBHFOTDBQUBEBTFFEJUB
EBTPVDSJBEBTOVNVOJWFSTP%
WPDÐTFBQSPQSJBEFUPEPPMJYPEF
JNBHFOT QSPEV[JEBT OB JOUFSOFU EJBSJBNFOUF F FYUSBJ EFTTB HSBOEF
NBTTBPVDPJTB
FBJOEBQPEFMJEBSDPNPUFYUP
PRVFQPTTJCJMJUBUÐ
OVFTMFJUVSBTEFTFOUJEP
" WJEFPBSUF DPNP NFJP EF SVQUVSB EB QFSDFQÎÍP F FYQFSJNFO
UBÎÍPDPNBMJOHVBHFNFTDSJUB
QSPEV[JOEPBNCJHàJEBEFOÍPDPNP
WFSEBEFJSBPVGBMTB QPSTFSTFNQSFGBMTBFTVKFJUBËEVWJEB
NBTDPN
VNEJTDVSTPRVFOÍPÏJNQPTJUJWP0VTPEBUFDIOÏQBSBUJSBSOPTTB
TFOTBÎÍP EF TFHVSBOÎB
NBT RVF QPTTB HFSBS TFNQSF VN FʽSBOIB
NFOUPNFTNPRVFPTFOUJEPTFKBBBUJWBÎÍPEPCBOBM
DBTPFTTFSF
DFQUPSRVFJSBDPNQBSUJMIBSEBFYQFSJÐODJBEPBSUJʽB
QPJTPNVOEP
EFBVEJUØSJPTQPEFGPSOFDFSNBJPSTFOTBÎÍPEFDPOGPSUPFDPOEJÎÍP
EFTFSQSFNJBEP&ORVBOUPPNVOEPEBWJEFPBSUFUSB[VNBEFTDJEB
OVBTFEFQBSBOEPDPOUSBBJNBHFNFOÍPBUSBWÏTEBJNBHFN
QPSFTTB
JNBHFNTFSQSFUFOTBNFOUFVNBCSFDIBEPNVOEPFNRVFTPNPT
DPOEFOBEPT B QBSUJDJQBS
FOUÍP TFSÓBNPT TVKFJUPT UPDBEPT QPS FTTB
JOUFOÎÍPEFSFJOWFOUBS
FEFʽSVJSQBESÜFTQSÏFʽBCFMFDJEPT
QBSBJO
TFSJSPVUSPTQBESÜFTRVFFYJʽJSJBNBUSBWÏTEFVNBSFTTJHOJmDBÎÍPEP
FʽBCMJTINFOU DPNQSB
WFOEB
MVDSP
UFSÓBNPTPQSJWJMÏHJPEFGB[FS
QBSUFEFVNBTPDJFEBEFRVFFYBMUBDPOʽBOUFNFOUFBBMFHSJB FVGPSJB
FJNQVMTPEBOFDFTTJEBEFEFDPNQSB
BMFHSJBJSSFʽSJUB
DPOʽBOUF
FBNFBÎBEPSB
RVBTFDPNPVNFYÓMJPEBGFMJDJEBEF
PNVOEPEPTRVF
OÍPTPGSFN
UÐNUVEP
FCSJMIBNTFNQSFBUÏRVBOEPNPSSFN
EBÓB
JOGBOUJMJEÏJBEFVNSFEVUPPOEFBBMFHSJBFPTPSHBTNPTFNMPPQJOH
OÍPJOWBEFN
POEFBRVFMFTRVFUÐNEÞWJEBTFBnJÎÜFTTFSJBNCFN
WJOEPT
OÍP QPTTP FTRVFDFS EBRVFMB JNBHFN EP VÓTRVF TBCPSFBEP
QFMPWFMIPTÈCJPRVFUFNFYQFSJÐODJBFEJOIFJSP
QPSJTTPSFWFMBVNB
BVSBEFNJʽÏSJP JEFBMJ[BÎÍPFTFEVÎÍP
DSJBÎÍPEFWBMPSFT
2VBMPTFOUJEP 5BMWF[OBEBSDPOUSBBNBSÏEPTDVSUBT BWFMIB
JEÏJBEBDPOUSBDVMUVSBEBDSJBÎÍPEFVNBTPmʽJDBEBMJOHVBHFNQBSB
HFSBSSFTJʽÐODJB
FEFQPJTTFSDIBNBEPEFFMJUJʽBFBDVTBEPEFQSP
NPWFSBJEÏJBEFBMUBDVMUVSB
TFNQSFHFSBOEPBNCJHàJEBEFT
OPXBZ
PVU
BOEBS DPOUSB B OBSSBUJWB DPOWFODJPOBM F BSSPHBOUF
BSSPHBOUF
QPSTFSVOJMBUFSBM
FSFFODBSBSB57DPNPQPTTJCJMJEBEFEFSFBQSPQSJB
ÎÍPEFTTFTQBSBEJHNBTFEJʼPOJCJMJ[ÈMPTBPBWFTTP
JODMVTJWFBWFTTP
EPDJOFNJOIBDPOWFODJPOBM
FOmNNFNBOUFSEFʼFSUPFDPNVNB
DPOʽBOUF DPOEJÎÍP DSÓUJDB RVF NF USBSJB VNB TFOTBÎÍP EF GB[FS
HJSBSVNTFOUJEPQSØQSJPEFMJOHVBHFNRVFNFQFSNJUJSJBSFMFJUVSBT
EF DØEJHPT BQSFFOEJEPT BOUFSJPSNFOUF NBT RVF QPTTBN TFS FYQBO
EJEPT &TTFT DØEJHPT QPEFSJBN BQBSFDFS EF PVUSB NBOFJSB
DSJBOEP
EVCJFEBEFBPFYQPSPQBESÍPDPOʽBOUFEFTVCWBMPSFTBQSFTFOUBEPT
OB NÓEJB /PT TFOUJNPT SFʼPOTÈWFJT QFMB BQSFTFOUBÎÍP EPT USBCB
MIPTRVFQSPEV[JNPT
NFTNPRVFPCTDVSPTFDPNNÞMUJQMBTMFJUVSBT
FOmNNFTNPBTTJNTPNPTQSJWJMFHJBEPTQPSSFQFOTBSOFTTBTQPTTJCJ
MJEBEFTEFMJOHVBHFN
SFTTJHOJmDBS
EFTFKBSPVUSBTJNBHFOT
QPEFOEP
FYJʽJS OP BWFTTP
QPJT
FN OPTTB iDBPUJEJBOJEBEFw
QPEFNPT FNJUJS
VNBCSFDIBQBSBPPVUSPRVFTFSJBPSFDFQUPSEBJOGPSNBÎÍP
POEF
FTTBJOGPSNBÎÍPOÍPÏQVSB PI
JOTFSJOEPBTTJNBNFOUJSB
PEFTWJP
QPJT OÍP TF DPODFCF VNB JEFBMJ[BÎÍP JNFEJBUB EP NVOEP
F TJN B
QPTTJCJMJEBEF EF BMUFSOBS TJHOJmDBEPT
F KPHBS DPN FMFT
KPHBS
KPHBS
KPHBSDPNPUFNQP
DPNPTTJHOPT
DPNBNFOTBHFN
DPOTVNPEF
OPWBTNFOTBHFOT
NBTTFNNBOJGFʽBSVNMVHBSTFHVSPBTFSBMDBO
ÎBEP
DPNPBDBTBQSØQSJB
PTFHVSPEFWJEBFTBÞEF
BJEÏJBEFQMFOB
SFBMJ[BÎÍP VOJEBEF
IBSNPOJB
FPTPSSJTPQFSGFJUP
DPNPDPOEJÎÍP
EFQFSNBOFOUFBOHÞʽJBQPSFTTBGFMJDJEBEF TPSSJTP
DBEBWF[NBJT
JOBMDBOÎÈWFM TPSSJTPEFOPWP
PVSJTP
QPJTWPDÐBJOEBOÍPQPTTVJ
PTPCKFUPTDFSUPTQBSBTFSBDFJUP SFKFJUBEP
DPNPDBSSPDPNBMUBWF
MPDJEBEF
FVNBKBRVFUBCFNMBWBEBDPNVNCSBODPSFMV[FOUF
VN
DIÍPCSJMIBOUF
EFOUFTFDBCFMPTCSJMIBOUFT
NBTDPNVNDPSQPÈHJMF
EJOÉNJDPDPNPVNMJODF
FVNBTFHVSBOÎBEFRVFNTFFODPOUSBFN
QFSNBOFOUFTGÏSJBT
SFBMNFOUFBMÏNEJTTPWPDÐQFSDFCFBRVFMFBUPS
RVFTFFODPOUSBOBUFMBTFNQSFGB[FOEPUPEPTPTQBQÏJTFDBEBEJB
NBJTKPWFN
QBSFDFRVFUVEPTFFODPOUSBFNTFVMVHBS
TFHVSP
POEF
TFSÓBNPTJOWBEJEPTQFMBTFOTBÎÍPEFQSPUFÎÍP
JOEV[JEPTBPFTRVFDJ
NFOUPEFUVEP EFJYFPQBQBJDVJEBSQBSBWPDÐ
EFJYFQBSBBNBOIÍ
TFNQSF&OUÍPBWJEFPBSUFFʽBSJBDPOUBNJOBEBQFMBEJTTFDBÎÍPEPT
TJHOJmDBOUFTFTJHOJmDBEPT
QFMBGSBHNFOUBÎÍPEBJNBHFNJEFBMJ[BEB
DPOUBNJOBEBQFMBTVCKFUJWJEBEFEPBSUJʽBFTVBMFJUVSBEPTTFOUJEPT
UBNCÏNEJʽBOUFEFVNBBQSFFOTÍPJNFEJBUBFGÈDJM
DBEBWF[NBJT
QSØYJNBEBJEÏJBEBEFHVʽBÎÍP
%FTEFPDPNFÎPEPTÏDVMP99JOÞNFSPTBQBSBUPTGPSBNEFTFOWPM
WJEPTDPNBJOUFOÎÍPEFSFQSPEV[JSFBMUFSBSPTPNGPTTFNFDÉOJDBPV
FMFUSJDBNFOUF*OJDJBMNFOUFUSBUBSFNPTFNFʼFDJBMEBRVFMFTJOWFOUPT
JOWFOUPSFT
NÞTJDPTFNPWJNFOUPTRVFEJBMPHBSBNEJSFUBNFOUFDPN
B NVTJDPMPHJB
NBJT FʼFDJmDBNFOUF BRVFMFT RVF JOUSPEV[JSBN SBEJ
DBJTJOPWBÎÜFTBPDPODFJUPEFJOʽSVNFOUPNVTJDBMFNÞTJDB4ÍP
FT
UFT
TPCSJOIPTEBSFWPMVÎÍPJOEVʽSJBMmMIPTEP0DJEFOUFQØTHVFSSB
$PNFÎBSFNPTQPS3PNB
POEFQFMBQSJNFJSBWF[
FNGPSNB
EF NBOJGFʽP
3VTTPMP BQPOUB QBSB VNB OPWB EJSFÎÍP
EFʼFSUBEP
OPTQBSBBTUSBOTGPSNBÎÜFTEPNVOEPNPEFSOPSFDIFBEPEFOPWBT
QFSDFQÎÜFT
TFOTBÎÜFTFWFMPDJEBEFT
0.PWJNFOUP'VUVSJʽBDPNPCSBTOBMJUFSBUVSBFOBTBSUFTQMÈT
UJDBTBUFOUBWB
UBNCÏN
QBSBPTPNFQBSBBNÞTJDB6NBNÞTJDB
RVFSFUSBUBTTFPTFVUFNQP
PVNFMIPS
RVFm[FTTFVTPEFTTBOPWB
OBUVSF[BVNBOBUVSF[BVSCBOB
i"USBWFTTFNPT VNB HSBOEF DBQJUBM NPEFSOB
DPN PT PV
WJEPTNBJTBUFOUPTRVFPTPMIPT
FEFHVʽBSFNPTFOUÍPP
EJʽJOHVJS EPT SFEFNPJOIPT EF ÈHVB
EF BS PV EF HÈT OPT
UVCPTNFUÈMJDPT
PNVSNÞSJPEPTNPUPSFTRVFSFTGPMFHBN
FQVMTBNDPNVNBJOEJTDVUÓWFMBOJNBMJEBEF
PQBMQJUBSEBT
WÈMWVMBT
PWBJFWFNEPTÐNCPMPT
PTSBOHJEPTEBTTFSSBT
NFDÉOJDBT
PBOEBSEPTUSFOTQPSTPCSFPTUSJMIPT
PFʽBMBS
EPTDIJDPUFT
PHPSKFBSEBTDPSUJOBTFEBTCBOEFJSBTw
36440-0"QVE.&/&;&4
'MP 0SH
.ÞTJDBFMFUSPBDÞTUJDBIJTUØSJBFFTUÏUJDB4ÍP1BV
MP&EVTQ
&JTBTQBMBWSBTQSPGFSJEBTFNi""SUFEPT3VÓEPT.BOJGFʽP'VUV
SJʽBwRVFSFTTPBSBNFJOnVFODJBSBNPTUSBCBMIPTEF1JFSSF4DIBFĊFS
BOPTEFQPJT"MHPDPNPBDMBTTJmDBÎÍPEPTUJNCSFTTFHVOEPTFV
UPN QSFEPNJOBOUF iTPN SVÓEPw
F TVB QSFPDVQBÎÍP FN OÍP USBOT
GPSNBSiBBSUFEPTSVÓEPTwOVNBNFSBSFQSPEVÎÍPJNJUBUJWBKÈSFDFCJB
BUFOÎÍP NFTNP BOUFT EBT FYQFSJÐODJBT SFBMJ[BEBT
FN
DPN B
NÞTJDBDPODSFUB
"TJEÏJBTQBSBVNOPWPDPODFJUPNVTJDBMFʽBWBNNBOJGFʽBT
F
GPJMPHPOPQØTHVFSSB
NBJTQSFDJTBNFOUFOBEÏDBEBEF
RVF
BTFYQFSJÐODJBTEPTFSIVNBOPDPNBTNÈRVJOBTJOUFOTJmDBSBNTF
OBEJSFÎÍPEFQSPQPSVNOPWPDPODFJUPNVTJDBMBCSJOEPVNEJÈMPHP
EJSFUPDPNPTDPODFJUPTDMÈTTJDPTRVFEFmOJBNPRVFEFWFSJBPVOÍP
EFWFSJBTFSFSBPVOÍPFSBNÞTJDB
'PJVNBSÈEJPGSBODFTB035'
OBDJEBEFEF$PMÙOJB
RVFQPS
NVJUP UFNQP BCSJHPV PT FYQFSJNFOUPT EF 1JFSSF 4IBFĊFS
RVF
FN
EFmOJSJBTVBTFYQFSJÐODJBTEBTFHVJOUFNBOFJSB
i5PNBS QBSUJEPT DPNQPTJDJPOBMNFOUF EPT NBUFSJBJT PSJVO
EPT EP EBEP TPOPSP FYQFSJNFOUBM FJT P RVF DIBNP
QPS
DPOʽSVÎÍP
EF .ÞTJDB $PODSFUB
QBSB RVFN CFN QPTTB
QPOUVBSBEFQFOEÐODJBFNRVFOPTFODPOUSBNPT
OÍPNBJT
FNSFMBÎÍPBBCʽSBÎÜFTTPOPSBTQSFDPODFCJEBT
NBTDPN
SFMBÎÍPBGSBHNFOUPTTPOPSPTFYJʽFOUFTDPODSFUBNFOUF
F
DPOTJEFSBEPT DPNP PCKFUPT TPOPSPT EFmOJEPT F ÓOUFHSPT
NFTNPRVBOEPFTPCSFUVEPTFFMFTFTDBQBNEBTEFmOJÎÜFT
FMFNFOUBSFTEPTPMGFKPw
" NÞTJDB DPODSFUB UJOIB B JOUFOÎÍP EF QSPEV[JS TPN BUSBWÏT
EBNBOJQVMBÎÍPEBJOmOJEBEFEPTiPCKFUPTTPOPSPTw0CKFUPT
FʽFT
RVFQPWPBNOPTTPDPUJEJBOPFTÍPDBQB[FTEFQSPEV[JSVNBJNFOTB
RVBOUJEBEFEFSVÓEPT&TTFTTPOTFʽÍPPDPSSFOEPUPEPPUFNQPFFN
UPEBQBSUFDPNQPOEPVNBQBJTBHFNTPOPSB iTPVOETDBQFw
FʽÍP
QFSUP
MPOHF
BCBGBEPT
FʽÈUJDPTPVFNNPWJNFOUPTÍPJOEFQFOEFO
UFTEBWPOUBEFIVNBOBOPTFOUJEPEFRVFOÍPTÍPDPOUSPMBEPTBJOEB
RVFTFKBNPTOØTPTSFʼPOTÈWFJTQPSTVBFYJʽÐODJB
1BSB RVF FTTFT TPOT EFJYBTTFN EF TFS FWFOUPT EFTPSEFOBEPT F
4)"&''&3"QVE.&/&;&4
'MP0QDJU
PVJNBHJOBEPT0SVÓEP
DBSBʹFSÓʽJDPEPTJOʽSVNFOUPTQFSDVTTJWPT
iTPNFOUFTFJODPSQPSPVËTFʽSVUVSBTNVTJDBJTBPMPOHPEBIJʽØSJB
EBNÞTJDBPDJEFOUBMTPCPQSJTNBEFVNBFYDFÎÍPEJBOUFEBPSHBOJ
[BÎÍPTFNQSFQSJPSJUÈSJBEBTBMUVSBTw0BEWFOUPEBNÞTJDBDPODSF
UBFNBODJQPVBTFʽSVUVSBTJOBSNÙOJDBTUJEBTBUÏFOUÍPDPNPOÍP
NVTJDBJTVNBWF[RVFTFDPOTJEFSBWBNÞTJDBBQFOBTBRVJMPRVFQV
EFTTF TFS HSBGBEP OVNB QBVUB QFOUBHSBNB
0VUSB OPWJEBEF GPJ
DMBTTJmDBSPTTPOTOÍPTFHVOEPTVBGPOUFPVJOʽSVNFOUP
NBTTJN
TFHVOEPTFVUJNCSF
0TVSHJNFOUPEFTTFTOPWPTDPODFJUPTFBMPOHBIJʽØSJBPDJEFOUBM
EFEFTFOWPMWJNFOUPUFDOPMØHJDPQPTTJCJMJUBSBNBDSJBÎÍPEBNÞTJDB
DPODSFUBFFMFUSÙOJDB/PWPTIPSJ[POUFT
KÈQSPDMBNBEPTQFMPTGVUV
SJʽBT
HBOIBSBN
BTTJN
DPODSFUVEF
.BT BPOEF FOUSB B JEÏJB
QSPGFSJEB OP UÓUVMP
EF VNB EJÈʼPSB
SÓUNJDB
"OUFTEFNBJTOBEBDIBNPBBUFOÎÍPQBSBVNEFUFSNJOBEPQPO
UP/ÍPRVFSPEFJYBSBJNBHFNEFRVFOÍPFYJʽFNJOUFSJOnVÐODJBT
FOUSFPTQPWPTPDJEFOUBJTFOÍPPDJEFOUBJTOBFTGFSBNVTJDBMBOUFT
EF UBJT BEWFOUPT 5BJT NPWJNFOUPT F nVYPT DVMUVSBJT KÈ FYJʽFN EF
MPOHBEBUB0RVFTFSÈFOGBUJ[BEP
QPJT
ÏDPNPBUÏDOJDB
SFDPOIF
DJEB DPNP SBDJPOBM DBSBʹFSÓʽJDB QSFEPNJOBOUF EB TPDJFEBEF
PDJEFOUBM RVF TF WPMUB QBSB TVB DPOʽBOUF USBOTGPSNBÎÍP F B
UFDOPMPHJBPDJEFOUBMGPSBNSFTTJHOJmDBEBTFSFBQSPQSJBEBTQFMPVOJ
WFSTPDVMUVSBMOFHSP*OTJʽPRVFUBMGFOÙNFOPOÍPQPTTVJNÍPÞOJDB
6NSFDFOUFUSBCBMIPOBÈSFBEBTPDJPMPHJBJOUJUVMBEPEFi#MBDL
"UMBOUJDw GB[ SFGFSÐODJB B VN FOPSNF DJSDVJUP DVMUVSBM OFHSP RVF
WFNTFOEPUSBÎBEPEFTEFRVBOEPPQSJNFJSPOBWJPOFHSFJSPBUSBDPV
FNUFSSBTBNFSJDBOBT
3FUJSBEP EF TFV VOJWFSTP F USBOʼPʽP B VNB OPWB SFBMJEBEF
UBOUP NBUFSJBM RVBOUP TJNCØMJDB P OFHSP SFDSJPV TFV SFGFSFODJBM
DVMUVSBM
QBSUF ÓOUJNB EP TFV TFS WBMPSFT QSPGVOEPT RVF OÍP TÍP
.&/&;&4
'MP0QDJU
(*-30:"QVE7*"//"
)FSNBOP0BUMÉOUJDPOFHSPNÞTJDBBGSPBNFSJDBOBÏVNDJSDVJUP
JOUFSDPOUJOFOUBMEFUSBEJÎÜFT'PMIBEF41BVMP
.BJT
4ÍP1BVMP
OPW
.6/"/("
,BCFOHFMF"SUFBGSPCSBTJMFJSBPRVFÏBmOBM *O'&33&*3"
&EFNBS$JE"SUF
BGSPCSBTJMFJSB4ÍP1BVMP"TTPDJBÎÍP#SBTJM"SUFT7JTVBJT
Q
1SPKFUPEFJOJDJBÎÍPDJFOUÓmDB
&TTBEJÈʼPSBSÓUNJDBRVFTFBQSPQSJPVEBUFDOPMPHJBPDJEFOUBM
OÍPTFMJNJUPVËTDPOmHVSBÎÜFTSFDPOIFDJEBTDPNPiDVMUVSBTUSBEJ
DJPOBJTw &TTB BQSPQSJBÎÍP EJ[ SFʼFJUP BPT BQBSBUPT EF SFQSPEVÎÍP
NPEFSOPTRVFQSPQPSDJPOBSBNVNBNBJPSQPQVMBSJ[BÎÍPEPTNFJP
FMFUSPBDÞʽJDPTBUÏFOUÍPVUJMJ[BEPTQPSVNBFMJUFJOUFMFʹVBMQBSBB
QSPNPÎÍPEFVNEFCBUFDJFOUÓmDPBDFSDBEBNÞTJDBNVTJDPMPHJB
PVFNBQSFTFOUBÎÜFTRVFJOUFODJPOBWBNQSPNPWFSVNBOPWBDPO
DFQÎÍPEFNÞTJDBFSVEJUB
0 QSPDFTTP TPDJPDVMUVSBM EB EJÈʼPSB OFHSB
FN NFJP BPT QSP
DFTTPTEFNVOEJBMJ[BÎÍPDVMUVSBM
QSPDFTTPFʽFRVFUPSOBSPUJOFJSPT
DFSUPTIÈCJUPT
QSÈUJDBTFPCKFUPTEBDJWJMJ[BÎÍPPDJEFOUBMDBQJUBMJʽB
IPSBEPUSBCBMIP
IPSBEPMB[FS
SPEPWJBT
DPNQVUBEPSFT
TFNÈGPSPT
NPʽSPVTFFYUSFNBNFOUFJOWFOUJWPFPSJHJOBMBPQPSBTNÍPTOBT
DSJBÎÜFTRVFEFTEFPDPNFÎPEPTÏDVMP99HBOIBWBNDPSQP
5FNPTFOUÍP
OPTBOPT
BFMFUSJmDBÎÍPEPCMVFTEBOEPPSJHFNBP
SIZUINBOECMVFT+ÈOPTBOPT
KBNBJDBOPT
RVFEFTEFBEÏDBEBEF
QSPNPWFSBNVNJOUFOTPNPWJNFOUPDVMUVSBMBPSFEPSETPVOE
TZʽFN
EFJYBSBNEFVTÈMPDPNPTJNQMFTSFQSPEVUPSTPOPSPQSJWBEP
5BJTBQBSFMIPTSFQSPEV[JBN
EVSBOUFBTi%BODFIBMMTw
NÞTJDBTRVFQFMB
QSJNFJSBWF[
OBDVMUVSBQPQVMBS
FSBNQSPEV[JEBTFNJYBEBTFNFʽÞEJP
HBOIBOEPSFDPOIFDJNFOUPGSFOUFËTQFSGPSNBODFTEFCBOEBTBPWJWP
.BJTUBSEF
OPJOÓDJPEPTBOPT
,PPM)FSD
UBNCÏNVNKBNBJ
DBOP
EJTTFNJOBBTUÏDOJDBTEFEJTDPUFDBHFNQBSBHBSPUPTEP#SPOY
HVFUPOFHSPEF/PWB:PSL
TVSHJOEPEFTTFFODPOUSPPSBQFBVUJMJ[B
ÎÍPEPUPDBEJTDPTDPNPJOʽSVNFOUPNVTJDBMNBOFKBEPDPNUÏDOJ
DBT
IPKFUSBEJDJPOBJT
CBUJ[BEBTEFiTDSBUDIwFiCSFBLCFBUw
&N%+TEP#SPOYDPNFÎBNBVUJMJ[BSPWJOJMDPNPVNBSRVJ
WPNVTJDBMEFPOEFTFFYUSBFNQFEBÎPT iTBNQMFTw
QBSBBDPOʽJUVJ
ÎÍPEFVNBOPWBNÞTJDB²EFTTFQSPDFTTPRVFHBOIBTFOUJEPBUSJCVJS
ËiIPVTFwFNBJTUBSEFBPiKVOHMFwBQPʽVSBEFSFMFJUPSFTEFVNBUSB
EJÎÍPFMFUSÙOJDBQPQVMBS"IPVTF
EFTFOWPMWJEBFN$IJDBHP
ÏVNBSFMFJUVSBEBiEJTDPNVTJDwFORVBOUPRVFPKVOHMF EÏDBEBEF
DPOʽJUVJVNBSFMFJUVSBEFEJWFSTBTUFOEÐODJBTNVTJDBJTOFHSBT
FʼBMIBEBTQFMPNVOEP
FOUSFFMBTPSFHHBF
PEBODFIBMMFJODMVTJWFP
GVOLEFNFBEPTEPTBOPTEF
&TTFCSFWFBQBOIBEPEFFʽÏUJDBTNVTJDBJTDPOmHVSBVNDJSDVJUP
NVTJDBMSÓUNJDPQBSUJDVMBSPOEFBTDBSBʹFSÓʽJDBTUÏDOJDBTEFOPTTB
TPDJFEBEF TF FWJEFODJBN DMBSBNFOUF .FTNP TF GPSNPT BUSÈT EBT
PSJHFOTEFTTBTNÞTJDBT
TØJOUFSQSFUBSFNPTNFMIPSTVBTSFGFSÐODJBT
JOnVÐODJBT F TÓNCPMPT TF WPMUBSNPT OPTTB BUFOÎÍP QBSB P JOUFOTP
USÉOTJUPDVMUVSBMRVFDPOmHVSBPDIBNBEPi"UMÉOUJDP/FHSPw
"UFDOPMPHJB
FNBJTFʼFDJmDBNFOUFBNÈRVJOB
SFDFCF
FNOPT
TBTPDJFEBEF
BDPOPUBÎÍPEFBMHPEJʽBOUFFFʽSBOIPBPIPNFN0
EFCBUFÏFSHVJEPQFMBTBMBTNBJTDPOTFSWBEPSBEFBSUJʽBTRVFWÐFN
OB SFQSPEVÎÍP B QFSEB EB VOJDJEBEF F TJOHVMBSJEBEF EB PCSB 1SJO
DJQBMNFOUFOBÈSFBEBTIVNBOJEBEFTQFSDFCFTFDFSUPSFQÞEJPBPT
BWBOÎPTUÏDOJDPTRVFP0DJEFOUFDPORVJʽPV
TFOEPUBMQSPDFTTPP
DVMQBEPEFOPTTBBMJFOBÎÍP&ʽBSÓBNPTDBEBWF[NBJTMPOHFEBOPTTB
OBUVSBMQPTJÎÍPEFQSPEVUPSFTOPTFOUJEPEFTBCFSFBDPNQBOIBS
DPNDJÐODJBPTQSPDFTTPTEFDSJBÎÍPQBSB
DBEBWF[NBJT
VNBDSFT
DFOUFEFQFOEÐODJBEBTNÈRVJOBT1BTTBSÓBNPT
FOUÍP
QBSBBDPOEJ
ÎÍPEFNFSPTDPOTVNJEPSFT
)FJEFHHFS BOVODJB VN iBSSB[PBNFOUP JNQPʽP QFMB DJWJMJ[BÎÍP
EBT NÈRVJOBTw )FJEFHHFS BQVE "SMJOEP
DPSSFʼPOEFOEP
BTTJN
B
VNQSPHSFTTPUÏDOJDPFVNBFʽBHOBÎÍPOPQMBOPDVMUVSBM/ÍPRVF
SPEJ[FSBRVJRVFUBJTDSÓUJDBTOÍPTFKBNEFTFKÈWFJT
QPJT
BmOBM
TÍP
QSPCMFNBT RVF NFSFDFN SFnFYÍP VNB WF[ RVF P TJʽFNB DBQJUBMJT
UBJNQMJDBFNVNBQSPEVÎÍPJODFTTBOUFEBEFTJHVBMEBEFTPDJBMFN
FTDBMBQMBOFUÈSJBUFOEPBUÏDOJDBDPNPGFSSBNFOUB
.BTOÍPQPEFNPT
EBÓ
JOWBMJEBSUPEBSFMBÎÍPFOUSFIPNFOTFNÈ
RVJOBT
QPJTÏBQSØQSJBUÏDOJDBFTFVDPOʽBOUFEFTFOWPMWJNFOUP
RVFDPOʽJUVJUSBÎPGPSUFEFOPTTBDVMUVSB
VNBiDVMUVSBPDJEFOUBM
VSCBOBw 4BCFS EPNÈMB UBMWF[ TFKB B UBSFGB NBJT EJGÓDJM " EJÈʼPSB
SÓUNJDBNPʽSBVNEFTFVTDBNJOIPT"USBWÏTEBBOÈMJTFEBTNBOJGFT
UBÎÜFTNVTJDBJTQPEFSFNPTNFMIPSDPNQSFFOEFSBRVFʽÍP
0TFYFNQMPTNFODJPOBEPTBOUFSJPSNFOUFJOEJDBNRVFBNÈRVJOB
OÍPSFQSFTFOUBOFDFTTBSJBNFOUFEPNJOBÎÍP0IPNFNNBOUFWFTF
OBQPTJÎÍPEFQSPEVUPSi6NWFSEBEFJSPQPFUBEPTNFJPTUFDOPMØHJ
DPTÏKVʽBNFOUFBRVFMFRVFTVCWFSUFBGVOÎÍPEBNÈRVJOB
NBOFKBO
EPBOBDPOUSBNÍPEFTVBQSPEVUJWJEBEFQSPHSBNBEBwBFYFNQMP
EBDVMUVSBIJQIPQRVFGB[EPUPDBEJTDPT QFOTBEPDPNPNÈRVJOB
EFTJNQMFTSFQSPEVÎÍPTPOPSB
VNJOʽSVNFOUPNVTJDBM
0TQSPEVUPSFTEPUFDOPFEPKVOHMF
QPSFYFNQMP
TÍPNJʽVSBEF
BSUJʽBFFOHFOIFJSP
QPJTMJEBNEJSFUBNFOUFDPNBDSJBÎÍPBUSBWÏT
EPTSFDVSTPTUFDOPMØHJDP POEBT
NPEVMBEPSFT
BSRVJUFUVSB
TFRàFO
DJBEPSFT
BDÞʽJDB
UÏDOJDB
"USBWÏTEFTTBTNBOJGFʽBÎÜFTQPEFNPT
FOYFSHBS VNB JOUFSTFÎÍP DBEB WF[ NBJPS FOUSF BSUF
UFDOPMPHJB F
DJÐODJB1JFSSF4IBFĊFSKÈIBWJBTFRVFʽJPOBEPTFFSBN
PTDPODSFUJT
UBT
NÞTJDPTPVDJFOUJʽBT
"UÏDOJDBTFNQSFFʽFWFBMJBEBBPIPNFNFUPEPBWBOÎPUÏDOJ
DPDPSSFʼPOEFVBBMHVNBUSBOTGPSNBÎÍPOPQMBOPDVMUVSBMFBTTJN
UBNCÏNTFEÈOPPVUSPTFOUJEP
"EJÈʼPSBSÓUNJDBÏVNFYFNQMPEFDPNPBUSBWÏTEFHFSBÎÜFTP
VOJWFSTPOFHSPGPJDSJBEPFSFDSJBEPTFKBRVBMGPTTFPBNCJFOUFDVMUV
SBMFNRVFFʽJWFTTFIBCJUBOEP
"USBWÏTEPBDFMFSBEPEFTFOWPMWJNFOUPEBTGPSÎBTUÏDOJDBTEFOPT
TBTPDJFEBEFDPOTFHVJSBNFYQPSTVBTFʽÏUJDBT
BSUFT
NÞTJDBT
WBMPSFT
FOmN
PFNBSBOIBEPNBUFSJBMFTJNCØMJDPRVFEFMJOFJBVNBDVMUVSB
FYUSBWBTBOEPGSPOUFJSBT
DPMPDBOEPTF
BTTJN
FNEJNFOTÍPNVOEJBM
0 SVÓEP
BUÏ IÈ QPVDP
DPOTJEFSBEP TPN OÍP NVTJDBM EFO
USF BT UFPSJBT NVTJDBJT EP 0DJEFOUF HBOIB WJTJCJMJEBEF F JOEF
QFOEÐODJB EFOUSP EB DPOʽSVÎÍP F EB DPODFQÎÍP EF NÞTJDB "
USBEJÎÍP QSFEPNJOBOUFNFOUF SÓUNJDB EP VOJWFSTP OFHSP BMJBEB Ë
UFDOPMPHJBEPNVOEPNPEFSOPDPORVJʽPVTFVFʼBÎPGSVUPEFVNB
DVMUVSBNVOEJBMJ[BEB
.FUÈGPSBTQPTTÓWFJT
2VBOEPNFSFGFSJËJEÏJBEFVNnVYPDVMUVSBMUSBOTBUMÉOUJDPNF
UBGPSJ[BEPTPCPDPODFJUPi#MBDL"UMBOUJDwWJFSBNNFPVUSBTNFUÈGP
SBTQPTTÓWFJT
0%+MJEBDPNEPJTEJTDPTOFHSPTOPTRVBJTFʽÍPDSBWBEBTPOEBT
$BEBRVBMVNVOJWFSTPEJʽJOUPyVNPDFBOPEJʽJOUPNBSFTCSBTJMFJ
SPT
JOHMFTFT
KBNBJDBOPT
FTDPDFTFTy
0BUPEFNJYBSÏPBUPEFDPMPDBSFNDPOUBUPUBJTPDFBOPTOÍP
."$)"%0
"SMJOEP.ÈRVJOBFJNBHJOÈSJP*O."$)"%0
"SMJOEP.ÈRVJOBFJNBHJOÈSJP
P
EFTBmPEBTQPÏUJDBTUFDOPMØHJDBTFE4ÍP1BVMP&EVTQ
Q
TØDPOUBUBS
NBTGVOEJSVOJWFSTPTNVJUBTWF[FTMPOHÓORVPTVOTEPT
PVUSPT
NBT
QPSÏN
UPEPTTPCSFBNFTNBDPSSFOUFNVTJDBM
$BEB WJOJM Ï VN i"UMÉOUJDP /FHSPw
DBCFOEP BP %+ USBOʼPSUBS
OPTTPTTVKFJUPT QSPEVUPSFT
OPEJTDPNBUFSJBMJ[BEPT
"DVMUVSBEPWJOJMNBUFSJBMJ[BVOJWFSTPTNVTJDBJTRVFUBMWF[OVODB
QVEFTTFNFNWJEBTFFODPOUSBS
#JCMJPHSBmB
#-"$,*/(
+PIO.VTJD
$VMUVSFBOE&YQFSJFODF4FMFʹFE1BQFST
$IJDBHP6OJWFSTJUZPG$IJDBHP
."$)"%0
"SMJOEP.ÈRVJOBFJNBHJOÈSJP*O."$)"%0
"S
MJOEP.ÈRVJOBFJNBHJOÈSJP
PEFTBmPEBTQPÏUJDBTUFDOPMØHJDBT
FE4ÍP1BVMP&EVʼ
Q
.&/&;&4
'MP 0SH
.ÞTJDB FMFUSPBDÞʽJDB IJʽØSJB F FʽÏUJDB
4ÍP1BVMP&EVʼ
.6/"/("
,BCFOHFMF "SUF BGSPCSBTJMFJSB P RVF Ï BmOBM *O
'&33&*3"
&EFNBS $JE "SUF BGSPCSBTJMFJSB 4ÍP 1BVMP "TTPDJBÎÍP
#SBTJM"SUFT7JTVBJT
Q
035*;
3FOBUP6NPVUSPUFSSJUØSJPFOTBJPTTPCSFBNVOEJBMJ[B
ÎÍP4ÍP1BVMP&EJUPSB0MIPE«HVB
@@@@@@.VOEJBMJ[BÎÍPFDVMUVSB4ÍP1BVMP#SBTJMJFOTF
1"4$6&5
.BVSÓDJP#SJMIPEBOPJUFVNCVNCBNFVCPJOBDJEB
EFEF4ÍP1BVMP1SPKFUPEFJOJDJBÎÍPDJFOUÓmDB
7*"//"
)FSNBOP 0 BUMÉOUJDP OFHSP NÞTJDB BGSPBNFSJDBOB
ÏVNDJSDVJUPJOUFSDPOUJOFOUBMEFUSBEJÎÜFT'PMIBEF41BVMP
.BJT
4ÍP1BVMP
OPW
@@@@@@5FDOPMPHJBEPUSBOTF'PMIBEF41BVMP
.BJT
4ÍP1BVMP
BCS
7JEFPHSBmB
-&&
*BSB4%.PEVMBÎÜFT$BJQJSJOIB3FDPSET
.ÞTJDBFMFUSÙOJDBCSBTJMFJSBBJOEBÏBMHPOPWP&NCPSBFYJʽBN
CPOTQSPEVUPSFTOP#SBTJM
VNDJSDVJUPHSBOEFEFGFʽBTFCPBUFTF
VNQÞCMJDPDSFTDFOUF
PQSPDFTTPFʽÈFNBOEBNFOUP4ÍPQPVDBT
BTQSPEVÎÜFTRVFOÍPTPBNDPNPDØQJBT
BJOEBRVFCFNFYFDVUBEBT
EPRVFÏEJUBEPQFMBTQJʽBTEFEBOÎBFʽSBOHFJSBT
"TWFSEBEFJSBTJOPWBÎÜFTWJFSBNKVʽBNFOUFEFPOEFNFOPTTF
FʼFSBWB /BT GBWFMBT DBSJPDBT
CSPUPV VN IÓCSJEP EF TPVM
FMFʹSP
.JBNJCBTTFPVUSPTFʽJMPTDIBNBEPGVOL"DPOUFDFOEPEFNBOFJSB
FʼPOUÉOFBF
NBJTJNQPSUBOUF
BVUPHFSJEB
PGVOLÏUPUBMNFOUFJO
EFQFOEFOUF&YBUBNFOUFQPSOÍPUFSBNBSSBTPVSFHSBTÏRVFPGVOL
ÏUÍPSJDP
UPSOBOEPTFVNUFSSFOPEFFYQFSJNFOUBÎÍPWBMJPTP5SÐT
BʼFʹPTDIBNBNBBUFOÎÍPBQSPEVÎÍPNVTJDBM
RVFSFWFSUFTVBT
MJNJUBÎÜFTFNCFOFGÓDJPQSØQSJPBFʽÏUJDBTJOHVMBSFPTNÏUPEPTEF
EJʽSJCVJÎÍP
"SFEFEPGVOLRVFQPTTJCJMJUBTVBFYJʽÐODJBÏNBJTBOUJHBRVFP
QSØQSJPHÐOFSPFDPOIFDFSTVBTPSJHFOTÏGVOEBNFOUBMQBSBFOUFOEFS
DPNPPGVOLOBTDFV
DSFTDFVFBMDBOÎPVBNBUVSJEBEF
NFSFDFOEPP
UÓUVMPEFQSJNFJSBNÞTJDBFMFUSÙOJDBPSJHJOBMNFOUFCSBTJMFJSB
0CBUJ[BEP
0GVOLGFJUPOBTGBWFMBTDBSJPDBTÏVNBNJʽVSBEFUBOUBTDPJTBT
RVFBDPOGVTÍPDPNFÎBQFMPOPNF1BSBFWJUBSNJʽVSBFOUSFPQBO
DBEÍPFPGVOLBNFSJDBOPGFJUPOPTBOPTEF
FNWÈSJPTMVHBSFTP
UFSNPGVOLHBOIPVVNBEFOEP
WJSBOEPOPNFDPNQPʽP/PSFʽP
EP#SBTJMÏiGVOLDBSJPDBw
OB&VSPQBÏiGBWFMBGVOLwFOPT&6"ÏiCSB
[JMJBOCBJMFGVOLw
DBEBMVHBSUFOUBBDIBSVNKFJUPEFFYQMJDBS
&ORVBOUPQBSBVOTPBEFOEPÏVNBRVFʽÍPNFSBNFOUFEJEÈUJDB
QSÈUJDB EPJT FʽJMPT DPN B NFTNB EFOPNJOBÎÍP DPNQMJDBN P FO
UFOEJNFOUP
QBSBPVUSPTÏRVFʽÍPEFQVSJTNPFQSFDPODFJUPi*TTP
OÍPQPEFUFSPNFTNPOPNFEPGVOLTFUFOUJʽBw
EJ[FN
DPNPTFP
QSØQSJPGVOLUJWFTTFBMHPEFQVSP"DPOUSPWÏSTJBFNUPSOPEPOPNF
TFSWF QBSB JMVʽSBS VNB DPOʽBOUF OB IJʽØSJB EP GVOL BT PQJOJÜFT
EJWJEFNTFFOUSFPBNPSFPØEJP
SBSBNFOUFIÈJOEJGFSFOÎB
&TTBEJTDVTTÍP FUPEBTBTPVUSBT
BCFNEBWFSEBEF
QPVDPJN
QPSUB QBSB B NVMUJEÍP RVF IÈ BOPT TBDPEF BP TPN EP CBUJEÍP FN
UPEPTPTDBOUPTEP3JPEF+BOFJSP1BSBFTTFTFQBSBPTRVFUBQBN
PTPVWJEPTUBNCÏNOÍPFYJʽFEÞWJEB'VOLÏTJOÙOJNPEFTPN
EFNBTTB
VSCBOP
DPOUFNQPSÉOFP
EFVNBNÞTJDBFMFUSÙOJDBPSJHJ
OBMNFOUFCSBTJMFJSB
%PGVOLBPGVOL
"UFOUBUJWBEFSFOPNFBSPGVOL
BMÏNEFJOÞUJM
ÏEFTOFDFTTÈSJB0
GVOLUFNVNBMJHBÎÍPQSØYJNBDPNPTPVM/FTTFTFOUJEP
DPOIFDFS
VNQPVDPEPDFOÈSJPPOEFPFʽJMPTVSHJVÏJNQSFTDJOEÓWFMQBSBDPN
QSFFOEFS
TFOÍPPGVOL
QFMPNFOPTEFPOEFWFNFTTFOPNFBQSJODÓ
QJPUÍPEJʽBOUFEFEFTDSFWFSPRVFTFPVWFTBJOEPEBRVFMBTUPSSFTEF
DBJYBTEFTPN
DVʼJOEPHSBWFTRVFGB[FNUVEPUSFNFS
"SBJ[EPTCBJMFTGVOLFʽÈOPTCBJMFTRVFBDPOUFDJBNOPTTVCÞS
CJPTEP3JP/BQSJNFJSBNFUBEFEPTBOPTEF
GFʽBTEFCMBDL
NVTJD
DIBNBEBTEFCBJMFTCMBDL
BOJNBWBNPTDMVCFTFBTRVBESBT
EFTBNCBEBQFSJGFSJBDBSJPDB
UPDBOEPNVJUPTPVMFGVOLOPSUFBNF
SJDBOP ² EFTTB ÏQPDB RVF WÐN FRVJQFT EF TPN DPOIFDJEBT
DPNP
4PVM(SBOE1SJY
$BTI#PY
$VSUJTPN
1JQPTF'VSBDÍP)BWJB
UBNCÏNPTCBJMFTEFDPDPUB
EFEJDBEPTBPSPDLQSPHSFTTJWPFBPTPVM
DPNPP#BJMFEB1FTBEB
EPTBOUPMØHJDPT#JH#PZF"EFNJS-FNPT
OP
$BOFDÍP
/P DPNFÎP
P QÞCMJDP EFTTFT CBJMFT FSB CFN EJWJEJEP
UBOUP OP
RVFTJUP NVTJDBM RVBOUP OP HFPHSÈmDP &ORVBOUP PT CBJMFT CMBDL nP
JOÓDJPEPGVOLCSBTJMFJSPDPNPDPOIFDFNPTIPKF
"QSJNFJSBNÞTJDBGFJUBQPS.BSMCPSPGPJBi.FMÙEBNVMIFSGFJBw
EFQPJT
FN
WFJPBDPNQJMBÎÍP'VOL#SBTJM
DPNEJWFSTPTBSUJT
UBT
VN TVDFTTP FʽSPOEPTP 0VUSP QSPEVUPS
(SBOE .BʽFS 3BGBFM
UBNCÏNMBOÎPVVNEJTDPOPNFTNPBOP/ÍPTFUSBUBWBEFNFSB
DØQJBEP.JBNJCBTTRVFBMJNFOUPVPCBJMFQPSNVJUPTBOPT&YJʽJB
BMHPEFEJGFSFOUFOBRVFMFTPN0TPNNFUÈMJDPUJOIBVNHSBWFBJOEB
NBJTQSFTFOUF
BQSPEVÎÍPFSBNBJTTFDB
PTFGFJUPT
NBJTTJNQMFT"
QSJODJQBMEJGFSFOÎB
OPFOUBOUP
FSBPVUSBBHPSB
BTNÞTJDBTFSBNFN
QPSUVHVÐT
0UPSOPVTFOPWPJOʽSVNFOUP
VNNFJPEFDPNVOJDBÎÍPQBSB
BTGBWFMBT(FOUFRVF
BQFTBSEFKBNBJTUFSTFHVSBEPVNNJDSPGPOF
UJOIBNVJUPPRVFGBMBS
FFODPOUSPVPWFÓDVMPQFSGFJUPQBSBFYUFSOBS
TFVT QFOTBNFOUPT 3ÈQJEP
EJSFUP F
QSJODJQBMNFOUF
TFN JOUFSNF
EJÈSJPTRVFQVEFTTFNmMUSBSBNFOTBHFN"GBWFMBQPEJBFOmNGBMBS
EF TFVT QSPCMFNBT
TFVT TPGSJNFOUPT F UBNCÏN EF TVBT BMFHSJBT F
EP PSHVMIP EF WJWFS FN DPNVOJEBEF
HFSBOEP DMÈTTJDPT DPNP P
i3BQ EB GFMJDJEBEFw
EF ,ÈUJB F +VMJOIP 3BʽB
DBOUBEP QFMB EVQMB
$JEJOIPF%PDB
$PNPQBTTBSEPUFNQP
UFOEPBDFTTPBFRVJQBNFOUPTNFMIPSFT
DPNPCBUFSJBTFMFUSÙOJDBTFTBNQMFST
PGVOLDPOUJOVPVTFVQSPDFTTP
BOUSPQPGÈHJDP&MFNFOUPTEBDVMUVSBNVTJDBMCSBTJMFJSB
EPTBNCBBP
DBOEPNCMÏ
GPSBNTFOEPBCTPSWJEPT
FOSJRVFDFOEPFUSB[FOEPQFS
TPOBMJEBEFQSØQSJBQBSBTPOPSJEBEF
&ʽÏUJDBGBWFMBEB
%FTEFPQSJODÓQJP
QPSUFSTPGSJEPQPVDBTJOUFSGFSÐODJBTEFNFJPT
EJUPT NBJT DVMUPT
P GVOL QPTTVJ DBSBʹFSÓʽJDBT NVJUP QSØQSJBT "
BQSPQSJBÎÍPEBBMUBUFDOPMPHJBQPSQFTTPBTDPNQPVDPBDFTTPBFEV
DBÎÍPGF[DPNRVFQPVDBTSFHSBT
PVOFOIVNB
GPTTFNTFHVJEBT
TJN
QMFTNFOUFQPSRVFOÍPIBWJBVNB
/FTTF TFOUJEP
P GVOL OÍP Ï VN DBTP JTPMBEP )È BMHP EF TJNJ
MBS FOUSF P SJUNP DBSJPDB F GFOÙNFOPT NVTJDBJT RVF WÐN TVSHJOEP
BPSFEPSEPNVOEPOBTÞMUJNBTEÏDBEBT
DPNPPSFHHBFEJHJUBMEP
EBODFIBMM KBNBJDBOP
P SFHHBFUØO QBOBNFOIPQPSUPSJRVFOIP
P
LVEVSV BOHPMBOP
P CBOHISB JOEJBOP F NFTNP P UFDOP CSFHB QBSB
FOTF&NUPEPTFTTFTFʽJMPTBTGBDJMJEBEFTQSPNPWJEBTQFMBSFWPMVÎÍP
EJHJUBMQFMPNFOPTPTRVFFWFOUVBMNFOUFGPSBNQBSBSOBTDMBTTFT
NFOPTGBWPSFDJEBTEBTTPDJFEBEFTGPSBNEFUFSNJOBOUFTQBSBPTFV
DSFTDJNFOUP
1SPEVUPSFTNVTJDBJTEPQSJNFJSPNVOEP
EFVNBNBOFJSBPVEF
PVUSB
TFNQSFUJWFSBNBDFTTPËUFDOPMPHJB%PQPOUPEFWJʽBNVTJ
DBM
FTTBSFWPMVÎÍPEJHJUBMQÙEFTFSNBJTGBDJMNFOUFTFOUJEBOPTQBÓTFT
TVCEFTFOWPMWJEPTPVFNEFTFOWPMWJNFOUP2VFNBOUFTOVODBUJOIB
WJʽPVNDPNQVUBEPS
IPKFTBCFVUJMJ[ÈMPNJOJNBNFOUF
PCBʽBOUF
QBSBGB[FSTVBTQSØQSJBTNÞTJDBT
"FʼFSBGPJMPOHB
QPSJTTPBGPNFEFDPOIFDJNFOUPFBWPOUB
EFEFQSPEV[JSTÍPFOPSNFT/BTGBWFMBT
FODPOUSBSOPWBTVUJMJEBEFT
QBSBPCKFUPTÏDPJTBEPEJBBEJB
WBMFBMFJEPEFʼFSEÓDJPNÓOJNP%B
NFTNBNBOFJSB
DPNPVNCVSBDPOFHSPTVHBOEPUVEPBTVBWPMUB
OPGVOLVUJMJ[BTFRVBMRVFSDPJTBFNGBWPSEBNÞTJDB"TTJN
OÍPÏ
BOPSNBMPVWJSTBNQMFTEFʾF$MBTI
1SJODF
ʾF4NJUIT
ÈSJBTJUBMJB
OBTPV-BZP#VTIXBDLBTFSWJOEPEFCBTFOBTQSPEVÎÜFTiGVOLFJSBTw
/ÍPTFUSBUBEFDJUBÎÍPPVEFNPOʽSBÎÍPEFDPOIFDJNFOUPNVJ
UBTWF[FTPTQSPEVUPSFTOFNTBCFNRVFBSUJʽBTTÍPFTTFT0RVFJN
QPSUBÏBTPOPSJEBEFFPRVFJTTPWBJDBVTBSOPSFTVMUBEPmOBM
"DPNCJOBÎÍPFOUSFBGBMUBEFDSJUÏSJPTDMBSPTRVBOUPBPRVFQPEF
PVOÍPGB[FSQBSUFEFVNBNÞTJDBFPGBUPEFOÍPTFQSFPDVQBSFN
BHSBEBSOJOHVÏNRVFOÍPBTJQSØQSJPÏPGBUPSSFʼPOTÈWFMQFMBDB
SBʹFSÓʽJDBNBJTNBSDBOUFEPGVOLBPSJHJOBMJEBEF4ÍPNJʽVSBTUÍP
JNQSPWÈWFJT
UBOUPTFMFNFOUPTKVOUPT
RVFOÍPIÈDPNPTPBSOBEB
NFOPTEPRVFOPWP1PSJTTP
PGVOLÏFOYFSHBEP QSJODJQBMNFOUFOP
FYUFSJPS
DPNPBNÞTJDBFMFUSÙOJDBHFOVJOBNFOUFCSBTJMFJSB'FJUBOP
#SBTJM
EFVNBNBOFJSBÞOJDBFRVFTØQPEFSJBUFSTVSHJEPBRVJ
&TTBBVTÐODJBEFMØHJDBPVSFGFSÐODJBTQSÏFʽBCFMFDJEBTÏ
NVJUBT
WF[FT
BGPOUFEPQSFDPODFJUP
VNEPTQSJODJQBJTPCʽÈDVMPTEPGVOL
4PCSFUVEPFOUSFBDMBTTFNÏEJB
TFNQSFEFQFOEFOUFEFVNBWBMFY
UFSOPQBSBBDFJUBSBMHPDPNPCPN
4FNOFVSPTF
&TTF QSFDPODFJUP Ï
FN QBSUF
SFʼPOTÈWFM QPS PVUSP FʽJHNB
RVFQFSTFHVFPGVOLPEBWJPMÐODJB+VOUPDPNBEJTDVTTÍPTPCSFP
DPOUFÞEPEBTMFUSBT
FTTFÏPQSJODJQBMFOUSBWFEPHÐOFSP&OUSFPT
BDPOUFDJNFOUPTDSVDJBJT
FʽÈPBSSBʽÍPOBQSBJBEP"SQPBEPS
FN
BOPFMFJUPSBM
7JTJUBSVNCBJMFQPEFBKVEBSBFMVDJEBSQPOUPT
JNQPSUBOUFT&N
BDPNQBOIBEPEP%+.BSMCPSP
FʽFBVUPSGPJ
BPCBJMFOBDPNVOJEBEFEB'PSNJHB GBWFMBMPDBMJ[BEBOB5JKVDB
[POB
OPSUFEP3JP
4VCJOEPPNPSSP
VNBTÏSJFEFJOʽSVÎÜFTUJWFSBNRVFTFSTFHVJ
EBT"MÏNEFPCFEFDFSBPTDPNBOEPTEPNPUPRVFJSPRVFGB[JBBFT
DPMUBBUÏPUPQP
UPEBTBTKBOFMBTEPWFÓDVMPEFWFSJBNFʽBSBCFSUBT
FBMV[JOUFSJPS
BDFTB2VBTFMÈFNDJNB
VNBCBSSJDBEBEFMJYFJSBT
mMUSBWBBQBTTBHFN
TPCPPMIBSWJHJMBOUFEFSBQB[FTQPSUBOEPQJʽP
MBTDSPNBEBT&SBBDIFHBEB
'PSBEBRVBESBEFFʼPSUFTPOEFBDPOUFDJBPCBJMF
SBQB[FTEF
BOPTBOEBWBNDPNGV[JTRVBTFEPTFVUBNBOIP%FOUSPEBRVBESB
UVEPNBJTUSBORàJMP1SPWBWFMNFOUFQPSDPOUBEBWJTJUBEFKPSOBMJʽBT
OÍPIBWJBOFOIVNBBSNBËWJʽB
0FʼBÎPFʽBWBWB[JP%FWJEPËTSFDFOUFTPQFSBÎÜFTQPMJDJBJTOB
SFHJÍP
FTTBFSBBQSJNFJSBGFʽBFNEJBT0TRVFGPSBNEBOÎBSBN
CF
CFSBN
TFEJWFSUJSBNFGPSBNFNCPSB'PSBBFOPSNFRVBOUJEBEFEF
DSJBOÎBTEFTFJT
PJUPBOPTEFJEBEFDJSDVMBOEPQFMPMVHBSËTIEB
NBOIÍ
OÍPIPVWFOBEBGPSBEPOPSNBM/FOIVNBQBODBEBSJB
OF
OIVNQSPJCJEÍP
OFOIVNBBQPMPHJB
&NCPSBOFOIVNBEBTFRVJQFTEFSFQPSUBHFNQSFTFOUFTFʽJWFT
TFJOUFSFTTBEBOBTJNQMJʽBBTTPDJBÎÍPGVOLUSÈmDP
BTBSNBTFʽÍPMÈ
OÍPUFNDPNPJHOPSBS$PNPTFTBCF
P3JPÏVNBDJEBEFEJWJEJEB&N
DFSUBTQBSUFTFNNVJUBTQBSUFTOÍPTFFOUSBTFNBVUPSJ[BÎÍP
EPTiEPOPTwEPMVHBS*TTPOÍPÏFYDMVTJWJEBEFEPTCBJMFTGVOL
RVBM
RVFSBUJWJEBEFOVNBGBWFMBEPNJOBEBQFMPUSÈmDPÏBTTJN
JODMVJOEP
PTTFSWJÎPTQÞCMJDPTDPNPDPMFUBEFMJYP
HÈTF
DMBSP
QPMJDJBNFOUP
² JNQPSUBOUF FOUFOEFS DPNP P GVOL GPJ QBSBS OFTTF BNCJFOUF
OFN TFNQSF GPJ BTTJN 0 HSBOEF FSSP EP &ʽBEP GPJ B UFOUBUJWB EF
QSPJCJÎÍPEPTCBJMFTOPDPNFÎPEPTBOPTEF
OPGSFOFTJQØTBS
SBʽÍPUFMFWJTJPOBEPEP"SQPBEPS
RVBOEPQFMBQSJNFJSBWF[PGVOL
GPJ BTTPDJBEP EF NBOFJSB EJSFUB B CBEFSOB F BUJWJEBEFT JMFHBJT
BUÏ
IPKFNPUJWPEFEJTDVTTÍPOPTNFJPTBDBEÐNJDPTFKPSOBMÓʽJDPT0C
EFEBTGBWFMBT/FTTFDBTP
PSØUVMPQSPJCJEÍPTFSWJSJBDPNPEFTDVMQB
QBSBDBMBSBTEFOÞODJBT
/FTTFDPOUFYUP
EJ[FSRVFiGVOLÏWJPMFOUPwÏRVFSFSTJNQMJmDBSBT
DPJTBT0TCBJMFTPVPGVOLOÍPTÍPWJPMFOUPT"GBWFMBRVFÏ0NFT
NPSBDJPDÓOJPQPEFTFSBQMJDBEPOBDPOUSPWÏSTJBTPCSFPDPOUFÞEP
EBTMFUSBT
PVUSBGPOUFJOFTHPUÈWFMEFEJTDVTTÍP
TFKBNBTFSØUJDBTPV
PTQSPJCJEÜFT"mOBM
ÏEJGÓDJMFYJHJSQPMJEF[FmOF[BEFQFTTPBTRVF
NVJUBTWF[FTNBMUJWFSBNBDFTTPËFEVDBÎÍPNBJTCÈTJDB
%FNÍPFNNÍP
.BJTVNBWF[VTBOEPUÈUJDBTEFGBWFMB
PGVOLGF[EPQSFDPODFJUP
FEBTBEWFSTJEBEFTTVBGPSÎB"NÓEJBQPSNVJUPUFNQPJHOPSPV
B
JOEÞʽSJBEPEJTDPEJTGBSÎPVFBTDMBTTFTTPDJBJTNBJTGBWPSFDJEBTOFHB
SBNTVBMFHJUJNJEBEF.FTNPBTTJNPGVOLDSFTDFV"WFSEBEFÏRVF
RVBOUPNBJTTFUFOUBSFQSJNJSPGVOL
NBJPSPHÐOFSPmDB
%FTEFPQSJODÓQJPEPTBOPTEF
QFMPNFOPTVNBNÞTJDBFT
UPVSBOBDJPOBMNFOUF%FQPJTRVFBPOEBQBTTB
BJNQSFOTBFTRVFDF
PBTTVOUPFBTPDJFEBEFWBJBUSÈTEFPVUSBOPWJEBEF0GVOL
QPSÏN
DPOUJOVB0HÐOFSPOÍPTPGSFDPNNPEJTNPT
QFMPDPOUSÈSJP
TFBQSP
WFJUB EFMFT OB NFTNB QSPQPSÎÍP FN RVF Ï FYQMPSBEP
TFSWF DPNP
VNB JOKFÎÍP EF HÈT 4FKB OPT CBJMFT OBT GBWFMBT PV OBT CBSSBDBT EP
DBNFMØESPNPEB6SVHVBJBOB OPDFOUSPEP3JP
VNEPTNBJTJNQPS
UBOUFTQPOUPTEFWFOEBEFEJTDPTEPFʽJMP
BNÞTJDBOÍPQÈSB
0TFHSFEPEJTTPÏRVF
FNCPSBTFNQSFIBKBnFSUFT
PGVOLOVODB
EFQFOEFV PV BMNFKPV EFQFOEFS EF HSBOEFT HSBWBEPSBT QBSB FYJʽJS
" JOEFQFOEÐODJB USBOTGPSNPV P GVOL OVN HÐOFSP BVUPTVʽFOUÈWFM
BMHPQPSTJTØJOWFKÈWFMFÞOJDP0TQSPEVUPSFTFQSPmTTJPOBJTFOWPMWJ
EPTFODPOUSBNFMBOÎBNPTBSUJʽBT
GBCSJDBNFEJʽSJCVFNPTQSØQSJPT
EJTDPT
OVNSJUNPGSFOÏUJDP
FDPOUSPMBNDFOUFOBTEFFWFOUPTOPDJS
DVJUPEPTCBJMFT&TTBSFEFJOWJTÓWFMÏPNBJPSQBUSJNÙOJPEPGVOL
$SV[BOEPGSPOUFJSBT
&TTBSFEFTFQSPWPVUÍPFmDJFOUFRVFPGVOLBDBCPVDPORVJʽBOEP
SFDPOIFDJNFOUP JOUFSOBDJPOBM
BMHP RVF NVJUPT NÞTJDPT CSBTJMFJSPT
QBTTBNBDBSSFJSBUFOUBOEPFNWÍP+VOUPT
BSUJʽBTDPNP%+.BSMCP
SP
.S$BUSBF5BUJ2VFCSB#BSSBDPEFSBNBWPMUBBPNVOEP
UPDBOEP
FN BMHVOT EPT QSJODJQBJT GFʽJWBJT JOUFSOBDJPOBJT *OHMBUFSSB
'SBOÎB
0HFØHSBGP.JMUPO4BOUPTBTTJNFTDMBSFDFi7JWFNPTVNBSBDJPOBMJEBEFUPUBMJUÈSJBRVF
WFNBDPNQBOIBEBEFVNBQFSEBEFSB[ÍP0EFCPDIFEFDBSÐODJBTFFTDBTTF[RVFBUJOHF
VNBQBSDFMBDBEBWF[NBJPSEBTPDJFEBEFIVNBOBw"TDPOUSBSBDJPOBMJEBEFTFSBDJPOB
MJEBEFTQBSBMFMBTRVFFTDBQBNEFTTFUPUBMJUBSJTNPTÍPQSPEV[JEBTFNBOUJEBT
TPCSFUVEP
QFMPTQPCSFT
PTRVFPDVQBNPTUFSSJUØSJPTGPSBEPTDPOGPSNFTEFTTBSBDJPOBMJEBEFEPNJ
OBOUF&N4"/504
.JMUPO1PSVNBPVUSBHMPCBMJ[BÎÍPEPQFOTBNFOUPÞOJDPËDPOTDJÐO
DJBVOJWFSTBM3JPEF+BOFJSP3FDPSE
Q
6NBSFHJÍPRVFFWJEFODJBBEJTDSFQÉODJBFOUSFBSFBMJEBEFEFNPHSÈ
mDB
BHSBOEF[BEFTVBFDPOPNJBFBEJʽSJCVJÎÍPEFSFOEBFOUSFPT
TFVTIBCJUBOUFT
"DJEBEFFʽÈTJUVBEBOBTQSPYJNJEBEFTEB-JOIBEP&RVBEPS
Ï
JNQPTTÓWFMOÍPTFOUJSPDBMPSFPiCBGÍPwDBVTBEPQPSTFVDMJNBRVFO
UFFDIVWPTP4VBMPDBMJ[BÎÍPHFPHSÈmDBEFUFSNJOBUBNCÏNTVBTDB
SBʹFSÓʽJDBTEFPDVQBÎÍPVSCBOB
FNÈSFBQSFEPNJOBOUFEFWÈS[FBT
F JHBQØT PSJHJOÈSJPT EBT CBDJBT IJESPHSÈmDBT RVF DPSUBN P NVOJDÓ
QJP " DJEBEF TF VSCBOJ[PV OB TVQFSGÓDJF EF BUFSSPT
DBSBʹFSJ[BEPT
DPNPÈSFBTEFCBJYBEB
POEFTFDPODFOUSBNUBNCÏNBTQPQVMBÎÜFT
EFCBJYBSFOEB/PDFOUSPFOBTTVBTQSPYJNJEBEFT
BTTJNDPNPOPT
TVCÞSCJPT
BTJOWBTÜFTFNUFSSBTBMBHBEJÎBTGPSNBSBNVNBHMPNFSB
EPVSCBOPEJWFSTPFNRVFBEJWJTBFOUSFCBJSSPTEFSJDPTFEFQPCSFT
GPSBNBUFOVBEBT
OPFOUBOUPBTEJGFSFOÎBTTÍPFYQMÓDJUBTEFOUSPEF
DBEBCBJSSP
/BNFUSØQPMFEPCBSVMIPPTOÓWFJTEFSVÓEPFYUSBQPMBNPMJNJUF
EFEFDJCÏJTFʽBCFMFDJEPQFMB0.4
BNÏEJBÏEFEFDJCÏJT
QSP
WPDBEPTQPSQFDVMJBSJEBEFTMPDBJTDPNPPTUSFNFUSFNFT TJʽFNBT
TPOPSPT
BT CPDBTEFGFSSP SÈEJPDJQØ
SÈEJPQPʽF
BMUPGBMBOUFT
FNMPKBTEFCBJSSPFJOÞNFSPTDBSSPTEFTPN0RVFTFDPOTPNFÏ
QSPQBHBEP
DBOUBEPFBOVODJBEPDPNPWJOIFUBTSBEJPGÙOJDBT
EJBF
OPJUF/BTSVBTPVOBTQPSUBTEBTDBTBTBNCVMBOUFTWFOEFNBQJQPDB
BWBTTPVSB
PDIFJSPWFSEF
BUBQJPDB
PDBNBSÍPFPKPSOBMBOVODJBO
EPBTNÓEJBTEPNJOBOUFTEBTGBNÓMJBT
BTFMJUFTQPMÓUJDBT"JOGPSNB
ÎÍPDPMFUJWBDPNTVBTIFSBOÎBTEPQBTTBEP
BTNVEBOÎBTHMPCBJTOP
QSFTFOUFFBTBʼJSBÎÜFTGVUVSBTFʽÍPOBTSVBT
OBRVJMPRVFBWJEB
VSCBOBUBMWF[UFOIBEFNBJTQÞCMJDP
BNQMJmDBOEPTFBPTPVWJEPTEB
NVMUJEÍPFOÍPOBTNÓEJBTEFRVFNiMÐFBDSFEJUBw
" QPQVMBÎÍP QPCSF
B NBJPSJB
BQSPQSJBTF EP FʼBÎP TPDJBM TP
CSFWJWFOEPEBTGFJSBT
EPDPNÏSDJPBNCVMBOUF
EPTDBNFMØESPNPT
Ï
POEFFʽÍPBDPOEJDJPOBEPTPTTPOPSPTJOGPSNBDJPOBJTBSÈEJPQPʽF
PDBSSPEFTPN
BTCJDJDMFUBTTPOPSJ[BEBTFNBJTBNCVMBOUFT"JOGPS
1*/50
-ÞDJP 'MÈWJP 0 1BSÈ OÍP DBJV
UBNCÏN OÍP TVCJV +PSOBM 1FTTPBM " BHFOEB
BNB[ÙOJDBEF-ÞDJP'MÈWJP1JOUP#FMÏN
O
OPW
1"3"/"(6«
1BUSÓDJBFUBM#FMÏNTVTUFOUÈWFM#FMÏN*NB[PO
Q
NBMJEBEFTFTPCSFQÜFËGPSNBMJEBEF
DPOEV[JOEPEFGPSNBOBUVSBM
QBSBTVQSJSOFDFTTJEBEFTCÈTJDBTEFTPCSFWJWÐODJB0NFSDBEP7FSP
1FTPÏVNNBSDPIJʽØSJDPRVFSFUSBUBDPNPPTSFTVMUBEPTEBFDP
OPNJBHMPCBMTFJODPSQPSBSBNËDJEBEFNFSDBEPEBDVMUVSBUÓQJDBF
USBEJDJPOBM
EBTFODBOUBSJBTBNB[ÙOJDBT
EBCJPQJSBUBSJBFTDBODBSBEB
EBQBKFMBOÎB
EPTGSVUPTFEPTBOJNBJT
BTTJNDPNPEPTQJSBUBTEPT
CFOTEFDPOTVNPEBFMJUF
QSPEV[JEPTQFMPTBTJÈUJDPT
" QPMÓUJDB DVMUVSBM F UVSÓʽJDB EFTFNCPDB FN DIBWÜFT F DPODIB
WPT
DPMBCPSBEPSBQBSBBSFWFOEBQBVUBEBOPTJOUFSFTTFTEFRVFN
SFNFUFTFVTMVDSPTEBRVJ3FnFYPTEBDPSPBQPSUVHVFTBFEPTMJCFSBJT
$VMUVSBTBRVFBEBFTVCFʽJNBEBOVNBDJEBEFRVFQSPDVSBGPSBEFMB
TVBTBÓEBOBDJPOBM
TVBFYQSFTTÍPQBSBBOBDJPOBMJEBEF
NFTNPDPMB
CPSBOEP
DPNTFVTSFDVSTPT
DPNCPBQBSUFEPNVOEP
"FYQSFTTÍPDVMUVSBMVSCBOBÏEFSBJ[BGSPBNB[ÙOJDBRVFSFJOUFS
QSFUBOPWBTFYQFSJÐODJBT
FOUSFUSPDBTFNVEBOÎBT
USBOTGPSNBOEP
PTTFVTDPUJEJBOPTOBTCBJYBEBTFJHBQØT"NBQÈ
1BSÈF.BSBOIÍP
TÍPSFEVUPTEFTTBDVMUVSB
FOUSFTVBTGSPOUFJSBTQFSQBTTBNPTSJUNPT
DBSJCFOIPT
BTTJNJMBEPTQFMBBNB[ÙOJBDBCPDMBFÓOEJB
USBOTNJUJEPT
BUSBWÏTEFPOEBTDVSUBTEFSÈEJP
QFMPTOBWJPTFQPSWFOEFEPSFTEF
EJTDPTFN#FMÏN0OEFBBNB[ÙOJBFODPOUSBPNBSFP#SBTJMWJSB$B
SJCFBSFQSPEVÎÍPFBUSBOTGPSNBÎÍPEPTTPVOETZʽFNTKBNBJDBOPT
EFSBNPSJHFNËTSBEJPMBTEP.BSBOIÍPFËTBQBSFMIBHFOTEP1BSÈ
$JUBOEPVNDBTPBTBQBSFMIBHFOT
)ÈNBJTEFNFJPTÏDVMPOBDJEBEFEF#FMÏNBTBQBSFMIBHFOTQSP
NPWFNGFʽBTQPQVMBSFT
JUJOFSBOUFT
FOUSFDFOÈSJPFMFUSÙOJDPFQBSF
EFTTPOPSBTEFBMUBQPUÐODJB"TNBJTUSBEJDJPOBJTGPSBNBRVJTJÎÜFT
EF QBUSJBSDBT RVF BP MPOHP EP UFNQP TF UPSOBSBN QSPQSJFEBEF EB
GBNÓMJB&SBNPTQBUSJBSDBT
PT%KTF.$TEFTTFTTJʽFNBT
RVFSFQBT
TBSBNGVOÎÜFTFUÏDOJDBTBPTTFVTmMIPTFGPSNBSBNKVOUBNFOUFDPN
PTDPMBCPSBEPSFTFGVODJPOÈSJPTBTGBNPTBTFRVJQFTEFTPN
)ÈQPSWPMUBEFEVBTNJMBQBSFMIBHFOTEFQFRVFOP
NÏEJPFHSBO
EFQPSUFRVFWJBKBNQFMPTJOUFSJPSFTEP1BSÈ
FFNPVUSBTDJEBEFTEP
/PSUFF/PSEFʽF
NBOUFOEPUSBEJDJPOBMNFOUFFNTFVTSFQFSUØSJPT
BQSPEVÎÍPEFNÞTJDBMPDBM/PTQSJNØSEJPT
PTUSFNFUSFNFTUPDB
WBN PT SJUNPT SFHJPOBJT FOUSF CPMFSPT F SJUNPT DBSJCFOIPT 4ÍP BT
BTBQBSFMIBHFOTGB[FNBTVBNÓEJBVUJMJ[BOEPTFEBTUFDOPMPHJBTJO
GPSNBDJPOBJTBDFTTÓWFJTQBSBBTTJNBNQMJBSPDJSDVJUPEFBUVBÎÍP
KÈ
B QSPEVÎÍP EP CSFHB JNQVMTJPOB VNB SFEF EF BQSPQSJBÎÍP TPDJBM
EFTFOWPMWFOEP P NFSDBEP JOGPSNBM F JOUSPEV[JOEP OPWBT GVOÎÜFT
DPNPQSPEVUPSFTNVTJDBJT
UÏDOJDPTEFFEJÎÍPFUD
OFTTFDJSDVJUP
0 CSFHB EFʼPOUB OP 1BSÈ OPT BOPT EF QSPQBHBEP QPS
DBOUPSFTSPNÉOUJDPTEBÏQPDBRVFWJOIBNQSPEV[JOEPNÞTJDBTEF
BQFMP QPQVMBS EFTEF P FOGSBRVFDJNFOUP EB KPWFN HVBSEB &SB P
HÐOFSP NVTJDBM EP QPWÍP
RVF DPOUBWB DPN NÞTJDPT DPOUSBUBEPT
QPSHSBWBEPSBTOBDJPOBJT
QPSDPOTFHVJSFNNPCJMJ[BSNVMUJEÜFTFN
TIPXTFBUJOHJSRVBOUJEBEFTFOPSNFTEFWFOEBTEF-1T0HÐOFSPKÈ
EFʼPOUBWBQSFDPODFJUPTOBNÓEJBFʼFDJBMJ[BEBRVFPDPOTJEFSBWB
DBGPOB F NBMGFJUP /FTTF QFSÓPEP
B FYQSFTTÍP DBGPOB GPSB BEPUBEB
QFMP KPSOBMJʽB $BSMPT *NQFSJBM CBTFBEP OB QBMBWSB JUBMJBOB DBGØOF
RVF TJHOJmDB TVKFJUP IVNJMEF
UPMP F WJMÍP "P mN EB EÏDBEB
FTTF
QSJNFJSPNPWJNFOUPEPCSFHBQFSEFTFVFʼBÎPOBTNÓEJBTFDPOTF
RàFOUFNFOUFTFVTDPOUSBUPT
KVʽBNFOUFQPSTVDVNCJSËTDMBTTJmDB
ÎÜFTQFKPSBUJWBT&TTBGBTFOÍPPTJNQFEJVEFDPOUJOVBSQSPEV[JOEP
BTTJNJMBOEPOPWBTJOnVÐODJBTFNBOUFOEPTFVQÞCMJDPOBTQFSJGFSJBT
$PNBOFDFTTJEBEFEFEJWVMHBÎÍPPCSFHBQBTTBBVUJMJ[BSTFEPTTJT
UFNBTEFQSPEVÎÍPQBSBMFMPTEJTTFNJOBOEPTFBQBSUJSEFDBNFMÙTF
DJSDVJUPTEFTIPXTFNDBTBTOPUVSOBT
CBSFTFBQBSFMIBHFOT
/BEÏDBEBEFPSJUNPHBOIBNBJTHJOHB SFTJʽÐODJB
BUSBÎÍP
FNPMFKP
FRVBMJEBEFOBTHSBWBÎÜFT
FSBPQFSÓPEPEFDSFTDJNFOUP
FYQPOFODJBMEBTJOEÞʽSJBTEFNÓEJBFEJʼPOJCJMJEBEFDSFTDFOUFEF
FRVJQBNFOUPTQPSUÈUFJT'PJPNPNFOUPEBSFWPMVÎÍPEPTDPNQVUB
EPSFTQFTTPBJTFEBTDÉNFSBTEFWÓEFP
GBDJMJUBOEPTVBBRVJTJÎÍPTFN
OFDFTTJUBSEFNVJUPTSFDVSTPT4VSHJBBTTJNPCSFHBQPQ
iBEJHFʽÍP
BOUSPQPGÈHJDB EBT JOnVÐODJBT NVTJDBJT EF QSPEVUPSFT F BSUJʽBT EP
/&7&4
+S#SFHBEFB%PCSFHBQPQBPDBMZQTPEP1BSÈ%JTQPOÓWFMFN
IUUQXXXCSFHBQPQDPNIJTUPSJBJOEFY@KSOFWFTBTQ"DFTTPFNKVO0TJUF
#SFHB1PQSFÞOFVNBTÏSJFEFUFYUPTTPCSFPCSFHBQSPEV[JEPTQPSKPSOBMJTUBT
QSPEVUPSFT
FDPNQPTJUPSFTMPDBJT
"EJTTFSUBÎÍPEF'FSOBOEP'POUBOFMMBGB[VNBBOÈMJTFEPCSFHBEBTTVBTPSJHFOTBUÏ
TVBDIFHBEBBPOPSEFTUFCSBTJMFJSP'0/5"/&--"
'FSOBOEP"FTUÏUJDBEPCSFHBDVMUVSB
EFDPOTVNPFPDPSQPOBTQFSJGFSJBTEP3FDJGFG%JTTFSUBÎÍP .FTUSBEPFN
$PNVOJDBÎÍP
$FOUSPEF"SUFTF$PNVOJDBÎÍP
6OJWFSTJEBEF'FEFSBMEF1FSOBNCVDP
FFWJUBOEPPGSFRàFOUFQVMBQVMBEPT$%T4ÍPFTTFTEBEPTFNGPS
NBUPEJHJUBMRVFDIFHBNBPT%KTFRVFTFFʼBMIBNFNDPNQJMBÎÜFT
QSPEV[JEBTQFMBTBQBSFMIBHFOTFFNFʽÞEJPTEFGVOEPEFRVJOUBM
/BGFʽBSBEJPGÙOJDB
TPCPDPNBOEPEP%+
IÈBMÙTDBSJOIPTPTBP
QÞCMJDP
QSJODJQBMNFOUFQBSBPTGÍDMVCFT
PBOÞODJPEBQSPHSBNBÎÍP
EBGFʽBFEBBHFOEBFPDPOUSPMFEFVNCBODPEFEBEPTHJHBOUFTDP
DPN FN NÏEJB EF[ NJM BSRVJWPT EJʼPOÓWFJT QBSB NJYBHFN 4ÍP PT
%+T.$TQSPHSBNBEPSFTRVFBHPSBUBNCÏNBDJPOBNPTFRVJQBNFO
UPTEFMV[FWÓEFP
'VUVSÓʽJDPGVUVSJOH
&N QBSBMFMP
B NPEFSOJ[BÎÍP SFWPMVDJPOPV P NPEFMP EF BQSF
TFOUBÎÍPEBTBQBSFMIBHFOTPRVFBOUFTFSBNQBSFEFTTPOPSBTFOUSF
MFET
MV[FTFUFMFWJTPSFTDPOEV[JEBTQPSVN%+EFDPʽBT
BHPSBTÍPBT
OBWFTEFDPNBOEPRVFQSPKFUBNBQFSGPSNBODFGSPOUBMBPQÞCMJDP
DPNUFMÜFTEFQMBTNB
DÉNFSBTEJHJUBJT
MV[FTHJSBOEP
GVNBDÐ
QBQFM
QJDBEP
DFSWFKBTOPCBMEFFSBJPMBTFS0SFTVMUBEPÏVNBFʽÏUJDBTDJm
POEF TF FODPOUSBN QPVDPT SFHJʽSPT EF SFGFSÐODJBT RVF JOnVFODJB
SBNPNPEFMPWJTVBMBEPUBEP1PTTJWFMNFOUFFODPOUSBSÓBNPTQJʽBT
OBTDBQBTEFEJTDPTQSPEV[JEPTOPDBSJCFRVFDIFHBSBNBPTQPOUPT
EFWFOEB FN #FMÏN
PV B JOnVÐODJB WJSJB EB FYQPTJÎÍP NBDJÎB EF
mMNFTQBTTBEPTOB57BCFSUB
DPNP$POUBUPT*NFEJBUPTEF1SJNFJSP
(SBV
FOUSFPVUSPTRVFHVBSEBNPTEFGPSNBTVCMJNJOBSOBNFNØSJB
.BTOÍPQPEFNPTEFTDPOTJEFSBSRVFBTSBÓ[FTEFTTBJOnVÐODJBFʽÍP
CFNQSØYJNBTEBTBCPSEBHFOTEPBGSPGVUVSJTNP
FNRVFTFPCTFSWB
BEJÈʼPSBEP"UMÉOUJDP/FHSPFPTSFTVMUBEPTEBNJHSBÎÍPEBOFHSJ
UVEFQBSBBT"NÏSJDBT
+PÍPEP4PN
DPOIFDJEPDPNPPBSRVJUFUPEBTBQBSFMIBHFOT
IÈ
BOPTQSPKFUBBTOBWFT
PDFOÈSJPFMFUSÙOJDPFPTJʽFNBIJESÈVMJDP
DPOʽSVJOEP UPEB B FʽSVUVSB RVF BDPQMB PT FRVJQBNFOUPT
EFTFO
QBSBFOTF7MBEJNJS$VOIBUSB[FNNBJTJOGPSNBÎÜFTTPCSFFTUBOPWBUFOEÐODJBEPCSFHB
$6/)"
7MBEJNJS 0T DZCFSNBOPT F B QFSJGFSJB HMPCBMJ[BEB %JTQPOÓWFM FN IUUQXXX
SJ[PNBOFUJOUFSOBQIQ JETFDBPFTRVJ[PGPOJB"DFTTPFNKVO7*"//"
)FSNBOP5FDOPCSFHBBNÞTJDBQBSBMFMB%JTQPOÓWFMFNIUUQXXXCSFHBQPQDPNIJT
UPSJBJOEFY@IFSNBOPBTQ"DFTTPFNKVO
8&3/&$,
(VJMIFSNF0QBODBEÍPRVFWFNEP/PSUF0&TUBEPEF41BVMP
4ÍP1BV
MP
BHP %JTQPOÓWFM FN IUUQXXXMJOLFTUBEBPDPNCSJOEFYDGN JE@DPOUFV
EP"DFTTPFNKVO
WPMWFOEPUBNCÏNBUJQPMPHJBFBDBSUFMBEFDPSFT1BSBQSPEV[JSB
BQBSFMIBHFN .BUSJY 3FWPMVUJPO
+PÍP VUJMJ[PV PT UPOT FTWFSEFBEPT
FDØEJHPTCJOÈSJPTTFNOVODBUFSBTTJʽJEPBPmMNFIBWJBVNBGPUP
5SJOJUZ
DPNPTVHFʽÍPEPQSPQSJFUÈSJP
NBTFMFKVSBUFSTFHVJEPTVB
JOUVJÎÍP 5SBCBMIB OVN TBMÍP EF TVB DBTB
IÈ BOPT FN DPOʽSVÎÍP
DPODJMJBOEPTVBNPSBEBFFʼBÎPEFUSBCBMIPOVNEJʽSJUPQFSJGÏSJDP
EP NVOJDÓQJP 4FV QSPDFTTP DSJBUJWP QBSUF EF VN EFTFOIP
RVF IÈ
USÐTBOPTQSFGFSFEFTFOWPMWFSVUJMJ[BOEPPDPNQVUBEPS"IBCJMJEBEF
BQSFFOEJEBEFGPSNBBVUPEJEBUBQFSNJUFPUSBCBMIPDPNWFUPSFTPV
NFTNPFNCJUNBQT
FMFEFmOFGPSNBT
DPSFT
QMBOPTFQFSʼFʹJWBT
VUJMJ[BOEPP1BJOU#SVTI
SPEBOEPOPTJʽFNB8JOEPXT
+PÍPGPJRVFNDSJPVi"/BWF&ʼBDJBMEP4PNwEP1PEFSPTP3VCJ
BCPBUFOÙNBEFRVFJOPWPVBPBEPUBSPTJʽFNBIJESÈVMJDP
QFSNJUJO
EPBNPWJNFOUBÎÍPEBDBCJOFEP%+i"FʼBÎPOBWFEPTPNEFDPMBO
EPWBJHJSBOEP
DPN%+(JMNBSPQPWPWBJTFCBMBOÎBOEPw
USFDIPEB
NÞTJDBi3VCJwSFGFSFTFBPNPNFOUPRVFNBSDBPDMÓNBYEBTGFʽBT
Ï RVBOEP BT OBWFT TPCFN OP DFOÈSJP GVUVSÓʽJDP QBSB EFDPMBS KVO
UBNFOUFDPNBQFSGPSNBODFWJTVBMEP%+QSJODJQBMUPDBOEPPTIJUT
EBUFNQPSBEBEFUFDOPCSFHB&MFBmSNBRVF
BDBEBOBWFQSPKFUBEB
RVFS BDPNQBOIBS P SFTVMUBEP OBT GFʽBT B mN EF PCTFSWBS P DPN
QPSUBNFOUPFDPNFOUÈSJPTEPQÞCMJDP&MFJOʽJOUJWBNFOUFFʽVEBB
SFMBÎÍPEBQSPGVTÍPEFDPSFTFMV[FTBmNEFDPODFCFSJEÏJBTQBSBVN
BNCJFOUFJNFSTJWP0QSPKFUPOÍPTFSFʽSJOHFBQFOBTËTOBWFT
UPEPT
PT FRVJQBNFOUPT FʽÍP BDPQMBEPT B VNB FʽSVUVSB NØWFM F NPEV
MBSFOUSFFʽSVUVSBTNFUÈMJDBT
NBEFJSBFmBNFOUPFMÏUSJDP"UFOUPË
BUVBMJ[BÎÍPEPFRVJQBNFOUPFMFUSÙOJDP
PBSRVJUFUPEBTBQBSFMIBHFOT
MBOÎBNÍPEBJOWFOUJWJEBEFQBSBEBSTVQPSUFWJTVBMBFTTFDJSDVJUPEF
JOGPSNBÎÍP4VBSFDFOUFJOWFOÎÍPÏPTJʽFNBIJESÈVMJDPEFOPNJOB
EPUFSSBFBS
RVFQFSNJUFBEFDPMBHFNEBOBWFEFBUÏUSÐTNFUSPTEF
BMUVSB
TFOEPNBJTVNBDPOUSJCVJÎÍPEF+PÍPBPDFOÈSJPGVUVSÓʽJDP
/PTUFMÜFTIÈTFRàÐODJBEFJNBHFOT
DPNPVNTMJEFTIPX²PSF
6UJMJ[PPUFSNPGVUVSJOHDPNPSFGFSÐODJBBPTWÓEFPTFBTÏSJFEFQJOUVSBTEPTBSUJTUBT&WB
F"EFMF
RVFBCPSEBNGPSNBTEFMJCFSBÎÍPEPTQBSBEJHNBTVOJWFSTBJTFTUBCFMFDJEPT&WB
F"EFMF TÍP HÐNFPT IFSNBGSPEJUBT EB"MFNBOIB
FOWJBEPT EP GVUVSP QBSB EJGVOEJS VNB
NFOTBHFN BSUÓTUJDB HMPCBM 0T WÓEFPT FTUÍP EJTQPOÓWFJT OP TÓUJP FMFUSÙOJDP EPT BSUJTUBT
IUUQXXXFWBBEFMFDPNWJEFPIUNM"DFTTPFNKVO
HJʽSPEPQPWPOBTGFʽBTDBQUBEPQPSVNUÏDOJDPDPOUSBUBEP
RVF
BPWJWPTFMFDJPOBPTDMJRVFTFʼFDJBJT²BNJOVUBHFNEBDFMFCSJEBEF
POEFUPEPTRVFSFNTFWFSOBTUFMBTBTiHBUJOIBTw
PHSVQPEFBNJHPT
PTGÍDMVCFT5BUVBHFOT
BNPEBFNWFʽFT
BTGFʽBTNBSDBOUFTTÍP
EFʽBRVFT EP CBODP EF JNBHFN QSPKFUBEP EVSBOUF BT GFʽBT
UVEP
JTTP FOUSF WJOIFUBT WJTVBJT
RVF UBNCÏN DPOTBHSBN B NBSDB F TFV
TMPHBOFOUSFPVUSBTJNBHFOTDBQUVSBEBTEBJOUFSOFU
"JEFOUJEBEFOPFTRVJ[PFʼBÎP
0RVFQSFUFOEPEFʽBDBSBPBOBMJTBSFʼFDJmDBNFOUFBTSFMBÎÜFT
EFTTBNBOJGFʽBÎÍPDPMFUJWBÏPTJʽFNBEFJEÏJBTFWJEBRVFTFDPO
mHVSBBUSBWÏTEBDVMUVSBFMFUSÙOJDBOVNBSFHJÍPEFEJTDSFQÉODJBTF
JOUFSFTTFTJOUFSOBDJPOBJTDPNPÏBBNB[ÙOJB²EJTTPDJBSBEJTDVTTÍP
EBRVFʽÍPEPHPʽP
EPSFDPOIFDJNFOUPOBDJPOBMPVEBRVBMJEBEF
NVTJDBMQBSBGPDBSOBTJOHVMBSJEBEFDVMUVSBMEBSFHJÍP0BSHVNFOUP
EF.JMUPO4BOUPTSFGPSÎBFTTFQPOUPEFWJʽB
PFʼBÎP
DPNPMVHBS
Ï RVF SFBMJ[B F SFWFMB P NVOEP 0T MVHBSFT TÍP NVOEPT
RVF TF SF
QSPEV[FNEFNPEPTFʼFDÓmDPT
JOEJWJEVBJTFEJʼFSTPT
TFOEPTJO
HVMBSFT
NBTUBNCÏNHMPCBJT"QSPGFTTPSB/FVTB1SFTTMFSBOBMJTB
FTTBQFSʼFʹJWBEF.JMUPO4BOUPTFEPDJFOUJʽBTPDJBM0ʹBWJP*BOOJ
DPOTJEFSBOEPRVF
iDPNPJNQBʹPEBNVOEJBMJ[BÎÍPEBDVMUVSBBMJBEBËTOP
WBTGPSNBTEFSFMBÎÍPDPNBUFDOPMPHJBEFJOGPSNBÎÍP
P
DPODFJUPEFMPDBMFSFHJÍPUFNRVFTFSWJʽPEFGPSNBVOJ
WFSTBMJ[BEB
PVTFKB
OÍPEFGPSNBJTPMBEB
NBTDPNBÎÜFT
OPMPDBM
OPOBDJPOBMFOPHMPCBM/FTTFTFOUJEPPEJGFSFO
DJBMTFSÈBNBSDBEBTJOHVMBSJEBEFEFDBEBSFHJÍP
RVF
OVN
DPOUFYUPHMPCBM
DPOTFHVFTFSWJʽPDPNPEJGFSFOUF
QSØQSJP
FPSJHJOBMw
0DPSSFRVFBDBEBBOPDSFTDFBQSFPDVQBÎÍPFNEFʼPOUBSOP
DFOÈSJPDVMUVSBMOBDJPOBMPSJUNPCSFHBDPNPSFQSFTFOUBÎÍPEBDVM
UVSB OB SFHJÍP
RVF P Ï EF GBUP
NBT B NPWJNFOUBÎÍP SFnFUF VNB
4"/504
.JMUPO0QDJUQ
13&44-&3
/FVTB0CSFHBOBFSBEPTJUF0SJHFN
EFTFOWPMWJNFOUPFNFSDBOUJMJ[BÎÍP
EFVNGFOÙNFOPEBDVMUVSBSFHJPOBM%JTQPOÓWFMFNIUUQXXXCSFHBQPQDPNIJTUPSJB
JOEFY@FSBEPTJUFBTQ"DFTTPFNKVO
BEFRVBÎÍPEFVNNPEFMPNFSDBEPMØHJDPRVFTFSFQSPEV[DPNBT
SFHSBTEPSBDJPOBMJTNPEPNJOBOUFPSFTVMUBEPEJTTPÏBEJGVTÍPEP
DBMZQTP DPNP B UFSNJOPMPHJB RVF DBSSFHB FTTF NBSLFUJOH SFQSFTFO
UBUJWPEJWFSHJOEPDJSDVOʽBODJBMNFOUFEBDFOBSFBMRVFUSBEV[UPEP
P TJʽFNB WJWP FN GVODJPOBNFOUP &TTB FNQSFJUBEB OÍP JSÈ SFnFUJS
OFN UÍP QPVDP SFHJʽSBS
B DPNQMFYJEBEF EB NJʽVSB DVMUVSBM JOEÓ
HFOPBGSJDBOPBNB[ÙOJDB
KVʽBNFOUFQPSRVFFTTBTTÍPJEFOUJEBEFT
RVFIJʽPSJDBNFOUFTÍPGPSNBEBTQFMBPQSFTTÍPFQFMBUPUBMBVTÐODJB
EFSFDPOIFDJNFOUP&
TFDPOTJEFSBSNPTVNBQPQVMBÎÍPQPCSFFN
OBEBBTTJʽJEBQFMPTQPEFSFTEP&ʽBEP
BBCPSEBHFNTFEÈBJOEBOP
UFSSJUØSJP EPT FYDMVÓEPT 1BSB RVBMRVFS TFHNFOUP EB TPDJFEBEF OB
SFHJÍP
Ï OPUØSJP P EJʽBODJBNFOUP EFTTB SFnFYÍP
iB GBMUB EF SFDP
OIFDJNFOUPOÍPBQFOBTSFWFMBPFTRVFDJNFOUPEPSFʼFJUPEFWJEP
&MBQPEFJOnJHJSVNBGFSJEBDSVFMBPPQSJNJSTVBTWÓUJNBT0SFDPOIF
DJNFOUPOÍPÏVNBTJNQMFTDPSUFTJBRVFTFGB[ÏVNBOFDFTTJEBEF
IVNBOBWJUBMw
0TQPCSFTFYDMVÓEPTGSVUPTEFTTBNFTNBSBDJPOBMJEBEFDSJBNJODÙ
NPEPTQBSBBHMPCBMJ[BÎÍPQFSWFSTB
JEFOUJmDBOEP
BQBSUJSEBFTDBT
TF[
TVBTOFDFTTJEBEFTEFDPOTVNPFQBSBMFMBNFOUFPSHBOJ[BOEPTFVT
TJʽFNBTEFUÏDOJDBTFQPMÓUJDBTDPNPFNSFʼPʽBTËTBVTÐODJBT
iRVBOEP BT QPQVMBÎÜFT QPCSFT VSCBOBT CSBTJMFJSBT TÍP JH
OPSBEBT FDPOPNJDBNFOUF PV DVMUVSBMNFOUF
QBTTBN B SF
DPSSFS B TJʽFNBT QBSBMFMPT RVF QPTTBN TVQSJS TVBT OFDFT
TJEBEFT OFTTFT DBNQPT BUSBWÏT EF NFJPT BMUFSOBUJWPT
RVF
NVJUBT WF[FT TF NPMEBN DPNP QBʽJDIFT EP TJʽFNB EF
DPOTVNPTJNCØMJDPEBTDMBTTFTIFHFNÙOJDBT1BSBBRVFMFT
RVFOÍPQPEFNGSFRàFOUBSPVBQSPWFJUBSPDPNÏSDJPEPT
TIPQQJOHT
TVSHFN PT HSBOEFT ADBNFMØESPNPT
GFJSBT EF
QFSJGFSJB
RVFWFOEFNJNJUBÎÜFTNBJTCBSBUBTEPTCFOTEF
DPOTVNPEBFMJUF$%T
SPVQBT
CSJORVFEPTQJSBUBT2VBOEP
PUSBOʼPSUFDPMFUJWPOÍPBUFOEFËTTVBTOFDFTTJEBEFT
TVS
HFNPTLPNCFJSPTBMUFSOBUJWPT&BTTJNQPEFSÓBNPTTFHVJS
5":-03
$IBSMFT"T GPOUFT EP TFMG B DPOTUSVÎÍP EB JEFOUJEBEF NPEFSOB 4ÍP 1BVMP
-PZPMB
Q
'0/5"/&--"
'FSOBOEP0QDJU
DJUBOEPDBTPTFNRVF
OBTQSØQSJBTDPNVOJEBEFTTVCVSCB
OBT
TVSHFN ATPMVÎÜFT QBSB TFVT QSPCMFNBT EF DPOTVNP
QBSUJDVMBSFTw
0DBTPEPTTJʽFNBTTPOPSPTFEPSJUNPFMFUSÙOJDPEJTTFNJOBEP
FYQÜF VNB FʽSBUÏHJB EF NPCJMJEBEF F PSHBOJ[BÎÍP FN SFEF
DVKP
DPUJEJBOPÏBQSPDVSBEFVNBDJEBEFNBJTTVʽFOUÈWFMRVFFOUSFnV
YPT NJHSBUØSJPT GPSNB VNB JEFOUJEBEF VSCBOB OB TVB SFMBÎÍP DPN
PUFSSJUØSJP0RVFWFNPTÏVNTJʽFNBEFUÏDOJDBTRVFTVSHFNFN
UPEBTBTQBSUFT
OBQSPEVÎÍP
OBDJSDVMBÎÍP
OPUFSSJUØSJP
OBQPMÓUJ
DBFQSJODJQBMNFOUFOBDVMUVSB/ÍPIÈDPNPJNQFEJSBSFQSPEVÎÍP
EFJEFPMPHJBT
NBTQPEFNPTDPOTJEFSBSDPNPVNSFnVYPEBDVMUVSB
QPQVMBS SJWBMJ[BOEP DPN B DVMUVSB EF NBTTBT
FN PVUSPT OÓWFJT EF
UÏDOJDB
EF DBQJUBM F EF PSHBOJ[BÎÍP 4BCFNPT RVF WJWFNPT DFSDB
EPTQPSVNTJʽFNBJEFPMØHJDPEPDPOTVNPFJOGPSNBÎÍP
FNRVF
PSBDJPOBMJTNPEFUFSNJOBOUFQSPEV[DPOTVNJEPSFTBOUFTNFTNPEF
QSPEV[JSTFVTQSPEVUPT&TTBiJEFPMPHJ[BÎÍPwÏGVOEBNFOUBEBQFMP
JNQÏSJPEBJOGPSNBÎÍPFQVCMJDJEBEF
GB[FOEPDPNRVFTFVTQSPEV
UPT DJSDVMFN GVOEBNFOUBEPT OB QSPQBHBOEB JOTJʽFOUF F FOHBOPTB
PSHBOJ[BOEP EFTTB GPSNB P DPOTVNP QBSB FN TFHVJEB PSHBOJ[BS B
QSPEVÎÍP&TTBMØHJDBPSHBOJ[BDJPOBMEPDPOTVNPTFEJʼFSTBRVBO
EPEBTTPMVÎÜFTQBSBMFMBTSFTVMUBNVNBFDPOPNJB
VNBDVMUVSB
VN
EJTDVSTPFVNBQPMÓUJDBUFSSJUPSJBMJ[BEB*TTPOÍPJNQFEFBSFQSPEV
ÎÍP EBT JEFPMPHJBT
NBT OÍP QPEFNPT OPT PQPS F EFTFNCPDBS OB
GSBHJMJEBEFJOEJWJEVBMRVBOEPBQFOBTDPOTFHVJNPTJEFOUJmDBSPRVF
OPTTFQBSBFOÍPPRVFOPTVOF
ÏQFMBUPNBEBEFDPOTDJÐODJBEBT
EJGFSFOÎBTFOÍPQFMBTEJGFSFOÎBTFNTJRVFTFDPOʽSØJBJEFOUJEBEF
"FYQFSJÐODJBEBFTDBTTF[FEBDPOWJWÐODJBDPNBTPMJEBSJFEBEFÏSF
WFMBEPSBEPQSØQSJPNPWJNFOUPEBTPDJFEBEF
FOP#SBTJMEPDBQJUB
MJTNPJOGPSNBDJPOBM
TFIÈJEFOUJEBEFFBMNBOBDJPOBM
FMBFODPOUSBB
TVBFYQSFTTÍPOBQPCSF[B
6NB PVUSB RVFʽÍP EF GVOEBNFOUBM JNQPSUÉODJB B TF EFʽBDBS
OFʽBBOÈMJTFÏBJEFOUJmDBÎÍPEFDPOWFSHÐODJBTRVFQPTTJCJMJUFNB
USBOTGPSNBÎÍPEFQBSÉNFUSPTEPQSPDFTTBNFOUPDVMUVSBMCSBTJMFJSP
5FNPTOPQBÓTVNBTJHOJmDBUJWBFYQSFTTJWJEBEFEFSFEFTDPOFʹBEBT
ËJOUFSOFURVFFNTVBTBÎÜFT
SFHJʽSPTFFʽVEPTQSPDVSBNTFEFTBT
TPDJBSEBJOEÞʽSJBEPDPOIFDJNFOUPFJOGPSNBÎÍP4VBTBCPSEBHFOT
SFNFUFNBBTTVOUPTDPNPBPSHBOJ[BÎÍPDPMFUJWBFDPMBCPSBUJWB
P
NPWJNFOUPPQFOTPVSDF
RVFʽÜFTEFEJʽSJCVJÎÍPEFDPOUFÞEPTVUJ
MJ[BOEPGFSSBNFOUBTEBTOPWBTNÓEJBT
BQSPEVÎÍPEFNÓEJBJOEFQFO
EFOUFFUÈUJDB
BTTJNDPNPPTQBSBEJHNBTEBQSPQSJFEBEFJOUFMFʹVBM
DPNP P DPQZMFGU F B MJDFOÎB $SFBUJWF $PNNPOT
)È TJNJMBSJEBEFT
OBCVTDBFOBTQSÈUJDBTEPBQBSFMIBNFOUPNJEJÈUJDPOBSFHJÍP
TFSJB
VNBUFOUBUJWB
VUJMJ[BOEPVNBTPMVÎÍPDPMPDBEBUBNCÏNQPS.JMUPO
4BOUPT
EF QBTTBS EF VNB TJUVBÎÍP DSÓUJDB QBSB VNB WJTÍP DSÓUJDB F
FN TFHVJEB
BMDBOÎBS VNB UPNBEB EF DPOTDJÐODJB "NCPT FʽÍP Ë
NBSHFN
FNHVFUPTFTFQVMWFSJ[BNQBSBNVMUJEÜFTFNUFSSJUØSJPT
EJʽJOUPT4FPEFCBUFEBJOUFSOBDJPOBMJ[BÎÍPEBBNB[ÙOJBSFNFUFB
VNBBQSPQSJBÎÍPFʽSBOHFJSB
WBNPTBNB[POJ[BSPNVOEPFJOUFS
OBDJPOBMJ[BSTVBTWP[FTFFYQSFTTÜFT
i'BMBSBNNF EF DSJTF FDPOÙNJDB RVBOEP FʽJWF BÓ JTTP
OÍP JNQPSUB *TTP Ï VN KPHP EF HSBOEFT
RVF QPVDP
UFN B WFS DPN B QPQVMBÎÍP 2VFN WBJ NVEBS P #SBTJM
WBJ TFS P QPWP
NFTNP RVF TFKB Ë GPSÎB & WBJ TFS ØUJNP
BDSFEJUF&ʽBSFJBÓw
3FGFSÐODJBËBTTJOBUVSBQBESÍPEPTFNBJMTFOWJBEPTQFMBMJTUBEFEJTDVTTÍPEBPSHBOJ
[BÎÍPBNCJFOUBMJTUB"SHPOBVUBTi"PJOWÏTEFJOUFSOBDJPOBMJ[BSB"NB[ÙOJB
WBNPTBNB
[POJ[BSPNVOEPw
'SBTF RVF FODFSSB B FOUSFWJTUB EF"GSJLB #BNCBBUBB DPODFEJEB BP KPSOBMJTUB"MFYBO
ESF .BUJBT EP CMPH5SBCBMIP 4VKP IUUQXXXHBSEFOBMPSHUSBCBMIPTVKP %JTQPOÓWFM
FN IUUQXXXSJ[PNBOFUJOUFSOBQIQ JETFDBPBGSPGVUVSJTNP "DFTTP FN
KVO
QPS1FESP'FSSFJSB
7JOJMY$%
i<->FNCSBOEPBUPEPTRBQFSUBEPSEFDEKUFNPTBPTNPOUFT
NBTEFFKBZTUFNPTQPVDPTw
"GSBTFBDJNBGFDIPVVNFNBJMFOWJBEPQPSVN%+BVNBMJʽBEF
EJTDVTTÍPOBJOUFSOFUEFEJDBEBBPUFNBNÞTJDBFMFUSÙOJDB
POEFFSB
EJWVMHBEBVNBiAPGFSUBFʼFDJBMQBSB%+TwEBiÁ/*$"GÈCSJDBEFWJOJM
EP#SBTJMw 1PMZTPN
3JPEF+BOFJSP
&MBEFNPOʽSBDMBSBNFOUFBEJT
UJOÎÍPDPNVNGFJUBQPSEJWFSTPT%+TFOUSFBRVJMPRVFFMFDIBNPVEF
iBQFSUBEPSEF$%+w
RVFFYJʽFiBPTNPOUFTw
FPTiEFFKBZTw %+T
RVF
TÍPiQPVDPTw5FOUBSFNPTDPNQSFFOEFSBRVJ
BQBSUJSEFBMHVOTUSF
DIPTEFFNBJMTFOWJBEPTQBSBFTTBNFTNBMJʽBEFEJTDVTTÍP
DPNPFTTB
EJʽJOÎÍP
OPSNBMNFOUFGFJUBBQBSUJSEFDSJUÏSJPTUÏDOJDPTFFʽÏUJDPT
FWJEFODJBQSÈUJDBTNJDSPQPMÓUJDBTTVCKBDFOUFTBPEJTDVSTPEPT%+T
"DJUBÎÍPBTFHVJSBQSFTFOUBKÈBMHVOTFMFNFOUPTSFMFWBOUFTEFTTB
VUJMJ[BÎÍP
QPS%+T
EBNÓEJBFNQSFHBEBFNTVBTBUJWJEBEFTDPNPNBS
DBEPSEFQPEFS
IJFSBSRVJBFMFHJUJNBÎÍP5SBUBTFEFVNEFQPJNFOUP
EFVN%+EFUFDIOPBDFSDBEFTVBFYQFSJÐODJBDPNVNUPDBEPSEF
$%TDPODFCJEPFʼFDJBMNFOUFQBSB%+T P%FOPNNL
6NBWFSTÍPBOUFSJPSEFTUFUFYUPTFSWJVEFCBTFËNJOIBBQSFTFOUBÎÍPOB3FVOJÍP
EB "TTPDJBÎÍP #SBTJMFJSB EF "OUSPQPMPHJB 0MJOEB 1FSOBNCVDP
#SBTJM
B EF
KVOIPEF
.BOUJWFFNTJHJMPPTBVUPSFTJOEJWJEVBJTEBTDJUBÎÜFTVUJMJ[BEBT0QUFJUBNCÏNQPSOÍP
BMUFSBSBHSBmBEBTDJUBÎÜFT
NBOUFOEPPTFSSPTEFEJHJUBÎÍPFBTBCSFWJBÎÜFT"QSPWFJUP
QBSBMPVWBSBJOJDJBUJWBEBRVFMFTRVFNBOUÐNMJTUBTEFEJTDVTTÍPEFBMUPOÓWFMTPCSFNÞTJ
DBFMFUSÙOJDBOBJOUFSOFU
GPOUFWBMJPTÓTTJNBEFJOGPSNBÎÍPQBSBEJWFSTPTUJQPTEFQFTRVJTB
FUBNCÏNQBSBVNBPSHBOJ[BÎÍPSJ[PNÈUJDBFNJDSPQPMÓUJDBEBQSØQSJBiDFOBw$JUBÎÍP<>
i<.>FJMVEJDPNPDEQMBZFSQSBEKT$PNPUFNQPJTTPQBTTPV
FWJRQPSVNBRVFʽBPEFDVMUVSBROPWJOJMFʽBWBBBMNBEP
%K<y>/BPUFOIPSBJWBPVPEJPQPSRVFNFTDPMIFVTBSDE
QPJTNPSBNPTFNVNQBJTEFNVOEP
POEFPEFTFNQSFHP
ÏVNBSFBMJEBEF
PEPMBSÏDBSP
FQBSBBMHVFNQPTTVJSFRVJ
QBNFOUPTPVNFTNPWJOJM RDVʽBIPKFBRVJOP#SBTJMPV
SFBJT
0ROBPBDIPDFSUPÏBMHVOTGBMBSFNRAVNEK
UFNRFʽBBGSFOUFEFOPWBUFDOPMPHJBTFVTBSFNJTTPQBSB
QSPWBSBNPEFSOJEBEF
TFGPTTFBTTJNOBFVSPQBFOPTFʽB
EPVOJEPTUPEPTPTEKTJSJBNVTBSDET
NBJTJTTPOBPBDPOUF
DF2VFNRUPDBSNVTJDBFMFUSPOJDBVOEFSHSPVOE
OBPQPEF
GFDIBSPTPMIPT
PTQSPEVUPSFTGB[FNTVBTNVTJDBTFNWJOJM
BTVBQFTRVJTBNVTJDBMUFNRTFSGFJUBOPWJOJM4BFNUCFN
DET DPMFUBOJBT
"MCVOT
NBTQBSBVNEKBNFMIPSGPOUFWFN
EPWJOJM<y>0RFVUJSPEPNFVTBOPTEFEJTDPUFDBHFN
ÏRPPWJOJMNFEBNBJTTFHVSBÎB
DEQVMB
USBWB MPHJDP
R
DVJEBEPTTBPOFDFTTBSJPT
<y><6NBEFTWBOUBHFNEFUPDBS
DPN$%Ï>BGSJF[BRÏQBTTBEBQBSBNJN<y>
PVUSB<y>Ï
ROPDEBTNJYBHFOTOBPUBPTFHVSBTDPNPOVNBNLUF
DIJODT
UBMWF[QFMPEJBNFUSPEPDEPVPQPUFODJPNFOUSPR
ÏQFRVFOP4FNQSFOVNBEFOPNWDUFNRmDBSBQFSUBEPP
PVQSBOBPTBJS
FORVBOUPOVNNLUFDIOJDTWDTPMUBF
OBPNFYFNVJUP JTTPWBMFRVBOEPWDBDIBPQJUDIDFSUPEBT
EVBTNVTJDB
w
"QFTBS EF UFS BERVJSJEP P BQBSFMIP QPS DPOTJEFSBS iOFDFTTÈSJP
DPNP%K
QPEFSNJYBS$%Tw
P%+BDBCPVQPSTFEFTJMVEJSDPNBNÓEJB
BQPOUBOEPDPNPNPUJWPTQBSBJTTPBiGSJF[BwEFTFBQSFTFOUBSUPDBOEP
$%T BSHVNFOUPFʽÏUJDP
BiJOTFHVSBOÎBwEFNJYBSDPNUPDBEPSFTEF
$% BSHVNFOUPUÏDOJDP
FBQFSDFQÎÍPEFRVFBiBMNBEP%+wFʽÈOP
"BCSFWJBÎÍPi$%+wTFSFGFSFBPTUPDBEPSFTEF$%DPODFCJEPTFTQFDJBMNFOUFQBSB%+T
DPNSFDVSTPTOPSNBMNFOUFOÍPFODPOUSBEPTFNUPDBEPSFTDPNFSDJBJTNBTOFDFTTÈSJPTËT
TVBTBUJWJEBEF DPNPPQJUDI
RVFBMUFSBBWFMPDJEBEFEBNÞTJDB
FPKPHHMF
RVFQFSNJUFB
NBOJQVMBÎÍPMJWSFEBTFRàÐODJBTPOPSB
FOUSFPVUSPT
0VUSP%+
QPSFYFNQMP
BmSNBi%+RVFÏ%+UFNRVFVTBSWJOJM<y>
<y>UFNNVJUBHFOUF
RVFOÍPQBTTBEFAUPDBEPSFTEF$%w
$JUBÎÍP<>
WJOJM0VTPEP$%QFMP%+ÏBQSFTFOUBEPDPNPVNBOFDFTTJEBEFDPO
UJOHFOUFEFNPSBEPSFTEPi<UFSDFJSP>NVOEPw
iPOEFPEFTFNQSFHPÏ
VNBSFBMJEBEFw
iPE<Ø>MBSÏDBSPwFPT%+TTÍPPCSJHBEPTBTFSFOEFSFN
BNÓEJBTNFOPTEJʼFOEJPTBTFNBJTGBDJMNFOUFSFQSPEVUÓWFJTDPNPP
$%"BmSNBÎÍPEFRVFFMFOÍPUFNiSBJWBPV<Ø>EJPQPSRVFNFTDPMIF
VTBS$%wTVHFSFKÈBDBSHBFNPDJPOBMRVFGSFRàFOUFNFOUFBDPNQBOIB
PTEFCBUFTFNUPSOPEFTTBRVFʽÍP
WFMBEBOBTVHFʽÍPEFVNBDFSUB
IJQPDSJTJBEBRVFMFTRVFFTDPMIFNVTBS$%T
TVQPʽBNFOUFiGFDIBOEP
PTPMIPTwBPGBUPEFRVFiPTQSPEVUPSFTGB[FNTVBTN<Þ>TJDBTFNWJOJMw
FRVF
QPSUBOUP
iQBSBVNEKBNFMIPSGPOUFWFNEPWJOJMw
5FNPT KÈ FTCPÎBEP
QPSUBOUP
P UFNB DFOUSBM EB QSPCMFNÈUJDB
BRVJBCPSEBEBBQPMJUJ[BÎÍPEBPQÎÍPFOUSFEFUFSNJOBEBTNÓEJBTQPS
DFSUPT%+TBQBSUJSEFBSHVNFOUPTTJNVMUBOFBNFOUFUÏDOJDPTFFʽÏUJ
DPT/PDBTP
OPUBNPTBQSPQPTJÎÍPEFVNBIJFSBSRVJ[BÎÍPFOUSFPT
%+TRVFVTBNWJOJMFNTVBTBQSFTFOUBÎÜFTFBRVFMFTRVFVTBN$%T
BQBSUJSEFBSHVNFOUPTRVFFWPDBNUBOUPBTWBOUBHFOTUÏDOJDBTEB
NÓEJBBOBMØHJDBFNSFMBÎÍPËEJHJUBMRVBOUPBTVQFSJPSJEBEFFʽÏUJDB
EBRVFMBFNSFMBÎÍPBFʽB6NPVUSPFNBJMEFPVUSP%+EFUFDIOP
BDSFTDFOUBNBJTFMFNFOUPTSFMFWBOUFTËQSPCMFNÈUJDB
i<6>NBWF[GVJUPDBSFNVNBDJEBEFEPJOUFSJPSBÓ
DIFHVBO
EPMÈ
OBIPSBRVFGVJUPDBS
WJRVFTØUJOIBDE
FTFNQJUDI
BJOEB
EBÓ QFSHVOUFJ BP DBSB TPCSF BT NL
QR FV UPDBWB
DPNWJOJM
FOUÍPFMFEJTTFABJOEBFYJʽFEKTRVFVTBNWJOJM
FOUÍPFVGBMFJADMBSP
EKQSPmTTJPOBMSFʼFJUBTFVQVCMJDP
F
UPDBDPNWJOJM
PDESBSBNFOUFÏ
FDPNPVNBSUJmDJPOP
DPOUSBUPDPOʽBWBUVEPRVFFVJSJBQSFDJTBSEBÓFMFSFʼPO
EFVABI
FVOFNMJEJSFJUP
BTTJOFJEFVNBWF[QRFʽBWBPDV
QBEPDPNBMHVNBTDPJTBTEBGFʽB<y>GPEBGPJPEKMPDBM
EJTDVUJOEPDPNJHPTPCSFBTAWBOUBHFOTEFVTBSDE
EBÓFV
SBTHVFJPWFSCP
EJTTFRVFPWJOJMÏQSFOTBEPFʼFDJBMNFOUF
QBSBJTTP
FPCFEFDFUPEPTPTSFRVJTJUPTQBSBQSPQPSDJPOBS
VNTPNEFRVBMJEBEFFOÍPBHSFEJSPPVWJEPEPQVCMJDP
F
CMBCMBCMBGBMFJRVFPBDFTTPBPNQÏNVJUPGÈDJM
NBTRVF
&MBDIFHPVNFTNPBTFUPSOBSiUBCVwFNDFSUPTNPNFOUPTOBMJTUBEFEJTDVTTÍPQFT
RVJTBEB
EFWJEPËTDPOTUBOUFTBHSFTTÜFTQFTTPBJTBRVFOPSNBMNFOUFEÈPSJHFN
OBNBJPSJBEBTWF[FTFMFFʽÈDPNVNBNÈRVBMJEBEF
DIFJP
EF SVJEPT PDVMUPT RVF OÍP TÍP QFSDFQUJWFJT BP PVWJEP IV
NBOP
NBTFʽÍPBMJ
BHSFEJOEPBUPEPTRVFFʽÍPPVWJOEPy
OPTTB
EFVGPJDPOWFSTBFQBSBUFSNJOBS
PVWJVNDBSJOIB
GB[FOEP VN DPNFOUBSJP JSPOJDP DPN PVUSP MB AP EK TBJ MÈ
EF<DJEBEFEFPSJHFNEP%+
BDBQJUBM>FOFNUSB[PRVFFMF
WBJVTBSUJQPPDBSBÏPNBJPSBNBEPSyNBTQSFGFSJEFJYBS
RVJFUP
OFNSFUSVRVFJ%w
0DBTPSFMBUBEPQFMP%+TFJOTFSJBOPDPOUFYUPEFVNBEJTDVTTÍP
TPCSFBiGBMUBEFSFʼFJUPwEFDFSUPTPSHBOJ[BEPSFTEFGFʽBTQBSBDPN
BTFYJHÐODJBTDPOUSBUVBJTEPT%+T&MFOPTJOUFSFTTB
QPJTPiEFTSFʼFJUPw
TFEFVKVʽBNFOUFOPUPDBOUFËFYJHÐODJB
OÍPBUFOEJEBQFMPTPSHBOJ
[BEPSFTEBGFʽB
EFVNQBSEFUPDBEJTDPT OPDBTP
PNPEFMP5FDIOJDT
4-.,**
QFMP%+"QPMÐNJDBHFSBEBQFMBFYJHÐODJBUSPVYFËUPOB
EJWFSTPTBSHVNFOUPTEF%+TRVFCVTDBNTFEJGFSFODJBSQFMBEFGFTBEF
FʼFDJmDJEBEFTEPWJOJM
DPNPPGBUPEFTFSiQSFOTBEPFʼFDJBMNFOUF
QBSBJTTPw JF
QBSBTFSUPDBEPBQFOBTQPS%+T
FNBMUBQPUÐODJBFFN
BNCJFOUFTDPMFUJWPT
EJGFSFOUFNFOUFEPT$%TRVFTÍPQSPEV[JEPTQBSB
VTPDPNFSDJBMFEPNÏʽJDP
QSPQPSDJPOBOEPVNiTPNEFRVBMJEBEFw
RVFOÍPBHSJEFPiPVWJEPEPQ<Þ>CMJDPw.BT
NBJTEPRVFWBMPSJ[BSP
WJOJMDPNPJOʽSVNFOUPEFUSBCBMIPQSJWJMFHJBEPEP%+
FMFGB[RVFT
UÍPEFEFTWBMPSJ[BSP$%RVFʽJPOBOEPBTVBRVBMJEBEFFBmSNBOEP
BQSFTFOÎBEFTVQPʽPTiSVÓEPTPDVMUPTRVFOÍPTÍPQFSDFQU<Ó>WFJTBP
PVWJEPIVNBOP
NBT<RVF>FʽÍPBMJ
BHSFEJOEPBUPEPTw
0 iEFTSFʼFJUPw EP PSHBOJ[BEPS EB GFʽB QFMBT FYJHÐODJBT EP %+
TFUPSOPV
BTTJN
PQPSUVOJEBEFQBSBRVFP%+TFRVFJYBTTFEPBMFHB
EPiEFTSFʼFJUPwQFMPQÞCMJDPOBGPSNBEFiBHSFTTÜFTBPPVWJEPwQPS
iSVÓEPTPDVMUPTwQSFTFOUFTOPTBSRVJWPTEJHJUBJT NFTNPRVFBTTVNJ
EBNFOUFJNQFSDFQUÓWFJTBPQSØQSJPiPVWJEPIVNBOPw
UPDBEPTQFMPT
%+TRVFVTBN$%T"GPSNBDPNPP%+QPMBSJ[PVTFVEJTDVSTPFOUSF
BRVFMFT %+T DPTNPQPMJUBT QSPmTTJPOBJT RVF SFʼFJUBN TFV QÞCMJDP
UPDBOEPDPNWJOJMFBRVFMFT%+TJOUFSJPSBOPTRVFEFTSFʼFJUBNTFV
QÞCMJDPUPDBOEPDPN$%SFWFMBRVF
NFTNPTFOEPJSPOJ[BEPQFMPT
%+TMPDBJT
FMFBJOEBTFDPMPDBWBBDJNBEFMFTFNVNBIJFSBSRVJBUBDJ
$JUBÎÍP<>
UBNFOUFDPNQBSUJMIBEBDPNPVUSPTQBSUJDJQBOUFTEBMJʽBEFEJTDVT
TÍP"MÏNEJTTP
PGPSUFDPNQPOFOUFFNPDJPOBMEBRVFʽÍPSFBQBSF
DFBRVJRVBOEP
EJBOUFEBEFGFTBEBTiAWBOUBHFOTEFVTBSDEwQPSVN
iEKMPDBMwFMFEFDJEFiSBTHBSPWFSCPw
EFTmMBOEPBSHVNFOUPTFYQMÓDJUPT
FJNQMÓDJUPT iCMBCMBCMBw
DPOUSBBTJUVBÎÍP"TTJNDPNPOBDJUBÎÍP
BOUFSJPS
P %+ OÍP TF DPMPDB DPOUSB BT DPOUJOHÐODJBT RVF PCSJHBN
PT%+TB
FNDFSUPTDPOUFYUPT
GB[FSFNVTPEF$%T iSBSBNFOUFwF
iDPNPVNBSUJGÓDJPw
NBTTJNDPOUSBPQSJODÓQJPEFRVFVN%+QPTTB
TFDPOTJEFSBSDPNQMFUP
iDPNBMNBwFiQSPmTTJPOBMw
VTBOEPBQFOBT
$%TFPVUSBTNÓEJBTEJHJUBJT
5ÏDOJDBFFʽÏUJDBTFJNQMJDBNNVUVBNFOUFOPEJTDVSTPEPT%+T
6NCPNFYFNQMPEJTTPQPEFTFSWJʽPOBTFHVJOUFBQSFTFOUBÎÍP
GFJ
UBQPSVN%+
EPNPEFMPEFUPDBEJTDPT5FDIOJDT4-.,**
iPCKF
UPEFEFTFKPEFEF[FOUSFEF[EKTw
i1JDLVQ5FDIOJDT.,**"TNFMIPSFTFʽÍPBÓ
)ÈBOPT
B5FDIOJDTDVMUJWBBNBJPSGBNBEFGB[FSBNFMIPSQJDL
VQEPNVOEPFDPOUJOVBTFOEPPCKFUPEPEFTFKPEFEF[FOUSFEF[EKT
"PMPOHPEBFWPMVÎÍPEPTUPDBEJTDPT
BNBSDBQFSNJUJV
DPNPOF
OIVNBPVUSB
RVFBUÏDOJDBEP%+BQBSFDFTTFJOUFJSB
TFNGBMIBT5BO
UPRVFBQJDLVQHBOIPVEPTNBOPTEPIJQIPQPBQFMJEPEFASPEBEF
BÎP
QPSDBVTBEPNPUPS
PÞOJDPRVFÏDBQB[EFQSPEV[JSFTVQPSUBS
TFNRVFCSBS
PWBJFWFNEPATDSBUDI
NBSDBEFTTFFʽJMPNVTJDBM)PKF
FYJʽFVNBWBSJFEBEFNBJPSEFCPOTUPDBEJTDPTBWFOEBOPNFSDBEP
NBJTBNBJPSJBEPTEKTOÍPUSPDBTVBT.,**QPSOBEB"UFDIOJDTUBN
CÏNMBOÎPVBMHVOTNPEFMPTOPNFSDBEPDPNPB.,MMMFPVUSPT
NBJT
B.,**BJOEBDPOUJOVBOPUPQPEBTNBJTWFOEJEBT
" .LMM UFN CBTFT EF BOUJNÙOJP
P NFTNP NBUFSJBM EF NPUPS
EFDBSSPFVNBCBTFQFTBEBEFCPSSBDIBRVFFWJUBWJCSBÎÜFTJOEFTF
KBEBT'PJEFTFOWPMWJEBQFMBUFDIOJDTBNBJTEFBOPT7FMPDJEBEF
DPOUSPMBEBQPSRVBSU[PFBKVʽÈWFMQPSDPOUSPMFEFTMJ[BOUF
BKVʽFEF
QJUDIDPOUÓOVPEF
.PUPSEFBMUPUPSRVFQBSBQBSUJEBF
QBSBEBTSÈQJEBTw
$JUBÎÍP<>
0FNBJMJODMVJVBJOEBVNBmDIBUÏDOJDBEPUPDBEJTDPTi'*$)"5²$/*$".,<y>
<y>%JNFOTÜFTYYDN<y>1FTP,H<y>*OUFSWBMPEFBKVTUFEBBMUVSBEP
CSBÎPNN<y>.PUPS#SVTIMFTT%$.PUPS<y>1SBUP"MVNÓOJP<y>%JÉNFUSP
DN<y>7FMPDJEBEFSQNFSQN<y>$BSUVDIPHwFMJOLTQBSBTJUFT
EFEJDBEPTËNÈRVJOB
4*.0/%0/(JMCFSU4PCSFBUFDOPFTUÏUJDBDBSUBB+BDRVFT%FSSJEB5SBEVÎÍPEF4UFMMB
7JOJM $%
²iMFHBMw /VODBTFSÈUÍPiMFHBMwRVBOUP
PWJOJM
'B[QBSUFEBiJNBHFNwEP%+
Ï /ÍPÏBUSBFOUFFOÍPGB[QBSUF
iCPOJUPw EBJNBHFNEP%+
²BNÓEJBiQSFEJMFUBwEPT%+T 4ØÏFNQSFHBEPRVBOEPBT
DPOUJOHÐODJBTPFYJHFN
0TQPOUPTFʼFDÓmDPTEBNÞTJ 0TPNOÍPÏWJTÓWFM²OF
DBTÍPGBDJMNFOUFWJTÓWFJT DFTTÈSJPTBCFSFYBUBNFOUF
PTNJOVUPTFTFHVOEPTEPT
QPOUPT
PVQSPHSBNÈMPTDPN
BOUFDFEÐODJB
.BUFSJBMJEBEFJNFEJBUBPTPN .FEJBÎÍPBCʽSBUBPTPN
ÏNBOJQVMBEPEJSFUBNFOUF ÏNBOJQVMBEPQPSCPUÜFTF
DPNBNÍP
FÏWJTÓWFMOP PVUSBTJOUFSGBDFTJOEJSFUBTF
NPNFOUPFNRVFFʽÈTFOEP OÍPÏWJTÓWFM
UPDBEP
&GFJUPTRVFEFQFOEFNEB 4JNVMBÎÍPEFTTFTFGFJUPT
NBUFSJBMJEBEFEPWJOJMFEP RVBOEPEJʼPOÓWFM
OÍPÏ
NFDBOJTNPEPUPDBEJTDPT DPOWJODFOUF
²HFSBMNFOUFBTTPDJBEPB%+T ²HFSBMNFOUFBTTPDJBEPB%+T
RVFQFTRVJTBNFJOWFʽFN EFUSBODFFEFEBODFNVTJD
UFNQPFEJOIFJSPFNVNB DPNFSDJBM
RVFBQFOBTiCBJYBNw
EFUFSNJOBEBDFOBHSBWBEPSB BSRVJWPT.1QFMBJOUFSOFU
FʽJMP mOBODJBOEPiNFSDBEPT FNWF[EFQFTRVJTBSPTMBOÎB
BMUFSOBUJWPTw
FOPEFTFOWPMWJ NFOUPTFNWJOJM
OÍPDPOUSJ
NFOUPEFUÏDOJDBTNBOVBJTEF CVJOEPBTTJNQBSBBSFQSPEV
UVSOUBCMJTN ÎÍPEFVNBDFOBVOEFSHSPVOE
BUSBWÏTEBDPNQSBEFWJOJT
1PSOÍPTFSNBJTQSPEV[JEP ²PGPSNBUPDPNFSDJBMNFOUF
iFNNBTTBwQFMBJOEÞʽSJB QSFQPOEFSBOUFF QBSBEP
DVMUVSBM
TFSWFEFTVQPSUF YBMNFOUF
KVOUPDPNPVUSPT
QBSBVNiNFSDBEPBMUFSOBUJ GPSNBUPTEJHJUBJT
QFSNJUFB
WPw TVCDVMUVSBM
VOEFSHSPVOE
BRVJTJÎÍPEFNÞTJDBTTFNP
FYQFSJNFOUBM
EFWJEPQBHBNFOUPEFEJSFJUPT
BVUPSBJT
JNQFEJOEPBDSJBÎÍP
EFVNiNFSDBEPBMUFSOBUJWPw
.JYBHFOTiDBMPSPTBTw .JYBHFOTiGSJBTw
.JYBHFOTiTFHVSBTw .JYBHFOTiJOTFHVSBTw
0WJOJMFʽÈOBiBMNBwEP%+ 0$%ÏBQFOBTVNiRVFCSBHB
MIPwFVNNPEJTNP
0TNBJPSFTQSPEVUPSFTF%+T $%THFSBMNFOUFTÍPVTBEPT
EPNVOEPTØUPDBNWJOJM QPS%+TJOFYQFSJFOUFTFJOFY
QSFTTJWPT
7JOJMJNQÜFSFʼFJUPFEJGFSFO $%BQSPYJNBP%+EFVNBQFT
DJB BQSFOTBHFNEFWJOJM TPBRVBMRVFSBQFSUBOEPCPUÜFT
FYJHFVNBJOGSBFʽSVUVSB RVBMRVFSVNQPEFiRVFJNBSw
EJʼFOEJPTB
VN$%
"UJOHFGSFRàÐODJBTNBJTHSBWFT "QFTBSEFBUJOHJSGSFRàÐODJBT
iTVCHSBWFTw
EPRVFP$%
NBJTBHVEBTEPRVFPWJOJM
OÍP
QPSUBOUPTFQSFʽBOEPNBJTË SFQSPEV[CFNPTiTVCHSBWFTw
BUJWJEBEFEPT%+T UÍPWBMPSJ[BEPTQFMPT%+T
0TPNÏNBJTimFMwBP 0TPNTPGSFEJʽPSÎÜFT SVÓEPT
DPODFCJEP NVJUBTWF[FTSFDPOIFDJEBNFO
UFJNQFSDFQUÓWFJTNBTDPOTJEF
SBEPTSFMFWBOUFT
²NBJTiOBUVSBMw OÍPBQFOBT ²NBJTiBSUJmDJBMw OÍPTØQFMB
QFMBOBUVSF[BBOBMØHJDBEPTPN
OBUVSF[BEJHJUBMEPTPNNBT
NBTUBNCÏNQFMPNBUFSJBM UBNCÏNQFMPQMÈʽJDPVUJMJ[BEP
CJPEFHSBEÈWFMEBTDBQBTFQFMB UBOUPOBFNCBMBHFNRVBOUP
PSJHFNiPSHÉOJDBwEPWJOJM
OPQSØQSJP$%
0DPOUBUPNFDÉOJDPEBBHVMIB /ÍPIÈGFFECBDLEPBNCJFOUF
OPWJOJMQFSNJUFVNGFFECBDL BOÍPTFSFNDBTPTFYUSFNPT
HSBEVBMFEFTFKÈWFMEPBNCJFO FJOEFTFKBEPT FSSPTEFMFJUVSB
UF VNBDFSUBiBNCJÐODJBw
VN QSPWPDBNFGFJUPTFʽFUJDBNFO
DFSUPiDBMPSw
6OEFSHSPVOE
RVFWÍPEPTRVFTØUPDBN
DPN WJOJM ËRVFMFT RVF TØ
UPDBNDPN$%TFPVUSBT
NÓEJBTEJHJUBJTTVHFSF
BTTJN
BQSPEVÎÍPFSFQSPEVÎÍPEFSFMBÎÜFTEF
FNMJʽBTEFEJTDVTTÍPFTJUFTOBJOUFSOFU
SFWJʽBTFʼFDJBMJ[BEBTFFO
USFWJʽBT QBSB KVʽJmDBS B TVQFSJPSJEBEF EP EJTDP EF WJOJM GSFOUF BP
$%DPNPJOʽSVNFOUPEFUSBCBMIP%FGPSNBHFSBM
PWJOJMÏEFTDSJUP
DPNP NBJT iOBUVSBMw
iDBMPSPTPw
iCPOJUPw F iBEFRVBEPw Ë BUJWJEBEF
EP%+QPSPGFSFDFSUPEPPFʼFʹSPEFGSFRàÐODJBTEFTFKBEP QSJODJ
QBMNFOUFBTNBJTHSBWFT
MIFQFSNJUJSDPMPDBSFNBÎÍPUÏDOJDBTEF
NBOJQVMBÎÍPEBNÓEJBRVFMIFTÍPFʼFDÓmDBT
FQPTTJCJMJUBSPEFTFO
WPMWJNFOUPEFiNFSDBEPTBMUFSOBUJWPTwFEFVNBiDFOBVOEFSHSPVOEw
EFEJDBEBËFYQFSJNFOUBÎÍPFʽÏUJDBEFRVBMJEBEF1PSPVUSPMBEP
P
$%ÏEFTDSJUPDPNPNBJTiBSUJmDJBMw
iGSJPw
iGFJPwFiJOBEFRVBEPwQPS
OÍPSFQSPEV[JSmFMNFOUFPTTPOTiTVCHSBWFTw
USBOTGPSNBSP%+FN
VNiBQFSUBEPSEFCPUÜFTwFFʽBSFYDFTTJWBNFOUFMJHBEPUBOUPËDVM
UVSBEFNBTTBTFËNÞTJDBDPNFSDJBMFʽFUJDBNFOUFQPCSFFEFCBJ
YBRVBMJEBEFRVBOUPËGBMUBEFJOWFʽJNFOUPmOBODFJSPOPTQSØQSJPT
QSPEVUPSFTFBSUJʽBTQSPWPDBEPQFMBDØQJBJMFHBMEFBSRVJWPTEJHJUBJT
"MÏNEJTTP
BHSBEVBMUSPDBEPEJTDPEFWJOJMQFMP$%DPNPNÓEJB
QSJWJMFHJBEB EB JOEÞʽSJB DVMUVSBM HMPCBM BDBCPV DPOUSJCVJOEP QBSB
RVF BRVFMF TF UPSOBTTF
QFMB TVB SBSJEBEF F QFMB TVB GPSNB EJʼFO
EJPTBEFQSPEVÎÍPFNDPNQBSBÎÍPBFʽF
VNFMFNFOUPEJGFSFODJBM
RVFHBSBOUFBEJʽJOÎÍPEP%+GSFOUFBNFSPTiUPDBEPSFTEF$%w&N
PVUSBTQBMBWSBT
PTBMUPTDVʽPTFOWPMWJEPTOBQSFOTBHFNEFVNEJTDP
EFWJOJM
BMJBEPTBPGBUPEFBJOEÞʽSJBDVMUVSBMUFSEFJYBEPPGPSNBUP
BOBMØHJDPEFMBEP
GB[DPNRVFPTJNQMFTGBUPEFFNQSFHBSFTTFTV
QPSUFDPNPNFJPEFUSBCBMIPKÈJOEJRVFBMHPBDFSDBEBMFHJUJNJEBEF
TPDJBMEP%+&TTFQPOUPmDBCBʽBOUFDMBSPOVNBTJUVBÎÍPDPNPB
SFMBUBEBOPTFHVJOUFFNBJM
i7PVGBMBSEFVNFWFOUPRVFBDPOUFDFVOB<OPNFEBGFʽB>OFT
UFTÈCBEP
0TFUFMBEPEK<OPNFEF%+JOHMÐTEFUFDIOP>6NBNJHPNFVWJ
6NFYFNQMPEBEJGVTÍPEFTTBIJFSBSRVJ[BÎÍPÏPWFSCFUFi%+wEP5IF/FX(SPWF%JDUJP
OBSZPG.VTJDBOE.VTJDJBOT
RVFBQSFTFOUBEVBTEFmOJÎÜFT
VNBNBJTDFOUSBEBOBJOEÞT
USJBEPFOUSFUFOJNFOUP RVFTFJOJDJBOPSÈEJPEPTBOPTEFFUFSNJOBOPT7+TEB.57
#6$,-&:
%BWJE%+<%JTD+PDLFZ> J
*O4"%*&
4UBOMFZ FE
5IF/FX(SPWF%JDUJPOBSZPG
.VTJDBOE.VTJDJBOTOEFE
7-POEPO.BDNJMMBO
Q
FPVUSBNBJTWPMUBEB
QBSBBFYQFSJNFOUBÎÍPUÏDOJDBFFTUÏUJDBEPT%+TEFDMVCFT JOJDJBOEPOPTBOPTEFF
DIFHBOEPËFYQMPTÍPHMPCBMEBNÞTJDBFMFUSÙOJDBOPTBOPTEF1&&-
%+<%JTDKPDLFZ>
DJBEPOPDBSBIBWJBMFWBEPVNBEFTVBTQSPEVÎÜFTFNWOM
FʽÈWBNPT
OBQSJNFJSBmMB
JODPSQPSBEPTQFMPTPNREPBPMFWBOUBSPEJTDPEP
DBSBFVm[VNTJOBMQBSBFMFEJ[FOEPA5PDBFʽFEJTDPBRVJ<y>/ÍPÏ
RPDBSBNFFOUFOEFPTJOBMFGBMBQBSBFOUSFHBSPEJTDP
$BSB
NJOEFQPJTFMFNFCPUBFʽFEJTDPFRHBMFSBWBJBMPVDVSB<y>&ʽB
DFOBTFSJBQPTTÓWFMTFFMFVTBTTF$% w
² QPTTÓWFM RVF OÍP
QPJT RVBMRVFS VN QPEFSJB HSBWBS RVBMRVFS
DPJTB FN VN $%
BP QBTTP RVF VNB NÞTJDB HSBWBEB FN WJOJM QSFT
TVQÜFKÈVNBTFMFÎÍPSJHPSPTB2VBMRVFSVNQPEFSJBHSBWBSNÞTJDBT
EFQÏTTJNBRVBMJEBEFFNVN$%FQFEJSQBSBRVFVN%+PUPDBTTF
/PFOUBOUP
PTSFRVJTJUPTOFDFTTÈSJPTQBSBQSFOTBSVNBNÞTJDBFN
WJOJMTÍPUBOUPTRVFPQSØQSJPGPSNBUPKÈTFUPSOBVNBCPBJOEJDBÎÍP
EBRVBMJEBEFEFTFVDPOUFÞEP6NBNÞTJDBFNWJOJMKÈDPOUB
BTTJN
DPNNVJUPNBJTiBMJBEPTJNQMÓDJUPTwEPRVFVNBNÞTJDBFN$%
QPJT
FMBOÍPUFSJBUJEPUBOUPJOWFʽJNFOUPBTTJNTFKÈOÍPDPOUBTTFDPN
VNBDPOTJEFSÈWFMSFEFEFBQPJP/FTTFDBTPFʼFDÓmDP
BSFEFEF
BQPJPEPWJOJMÏDIBNBEBEFiDFOBVOEFSHSPVOEw
DPNTFVTQSØQSJPT
DØEJHPTUFDOPFʽÏUJDPTFTVBTQSØQSJBTSFMBÎÜFTEFQPEFSFTPMJEBSJF
EBEFGSFOUFBPNBJOʽSFBNJNQFTTPBMFFʽSJUBNFOUFDPNFSDJBM
.BTQPSRVFTFQSFPDVQBSUBOUPDPNBEFGFTBEFVNBNÓEJB 1PS
RVFOÍPEFJYBSTJNQMFTNFOUFRVFDBEB%+UPRVFDPNBNÓEJBRVF
DPOTJEFSBS NFMIPS & QSJODJQBMNFOUF
QPS RVF
BMÏN EF EFGFOEFS P
VTPEPWJOJM
FTTFEJTDVSTPTFWÐOBBQBSFOUFPCSJHBÎÍPEFEFTMFHJUJNBS
DPNGPSUFDBSHBBGFUJWBPT%+TRVFVUJMJ[BN$%T 4FOEPBQPMJUJ[BÎÍP
UFDOPFʽÏUJDBEPEJTDVSTPEPT%+TVNGBUPFNQÓSJDP
UFOUFNPTFOUÍP
DPOIFDFSFNRVFUFSNPTFMBTFEÈ
JJ
*O4"%*&
4UBOMFZ FE
0QDJUQ
" DPNPÎÍP HFSBEB FOUSF PT %+T CSBTJMFJSPT QFMB BRVJTJÎÍP
QFMP %+ CSBTJMFJSP EF
ESVNOCBTT 934
EF VNBiNÈRVJOB EF DPSUF EF EVCQMBUFTw
Ï VN FYFNQMP EBT EJmDVM
EBEFTFOWPMWJEBTOBQSPEVÎÍPEFEJTDPTEFWJOJM DG,"5*"
"OB934FBNÈRVJOB#FBU[
FEJÎÍP
Q
&WPDPBRVJBJEÏJBEF#SVOP-BUPVSEBiDPPQUBÎÍPEFBMJBEPTwQPSDPOTUSVUPSFTEFNÈ
RVJOBTFUFPSJBTDJFOUÓmDBT
DBQB[EFMFWÈMBTiFNEJSFÎÍPBPGBUPwOPDBTPEFVNBHSBOEF
SFEFPCKFUJWBEFBMJBEPTPViFNEJSFÎÍPËmDÎÍPwOPDBTPEFWP[FTJTPMBEBTFTVCKFUJWBT
-"5063
#SVOP$JÐODJBFNBÎÍPDPNPTFHVJSDJFOUJTUBTFFOHFOIFJSPTTPDJFEBEFBGPSB
5SBEVÎÍPEF*WPOF$#FONFEFUUJ4ÍP1BVMP6OFTQ
Q
5FPSJBT5ÈUJDBT
/PJTFMFTTOPJTF
3FDFOUFNFOUF
OVNFWFOUPTPCSFNÓEJBUÈUJDB
SFFODPOUSFJBMHVNBT
QPTJÎÜFTRVFSFQSFTFOUBNUFOEÐODJBTGPSUFTOFTTFUFNQPBDFMFSBEBNFO
UFNVUBOUFRVFWJWFNPT1PSVNMBEP
IÈPFOUVTJBTNPEPTPUJNJʽBTP
QBSRVFUFDOPMØHJDPEJHJUBM
EFBDFTTP
QFMPNFOPTBQBSFOUFNFOUF
DBEB
WF[NBJTEFNPDSBUJ[BEP
SFBMJ[BQSPNFTTBTEFJOUFHSBÎÍPFOUSFQPWPTF
JOBVHVSB NJSÓBEFTEFQPTTJCJMJEBEFTFYQSFTTJWBTQFMBGBDJMJEBEFEFNB
OJQVMBÎÍPTFNJØUJDBFFYQFSJFODJBMRVF EJʼPOJCJMJ[B QPS PVUSP MBEP
IÈBRVFMFTRVF
BQBSUJSEPFTHPUBNFOUPEPTWBMPSFTEBNPEFSOJEBEF
F EB DSÓUJDB JNQMBDÈWFM B RVF FTTFT NPEFMPT GPSBN TVCNFUJEPT QF
MBTQSÈUJDBTEFQFOTBNFOUP
QFMBBSUFF
BQFOBTBQBSFOUFNFOUF
BUÏ
NFTNPQFMBDJÐODJBBPMPOHPEPTÏDVMP99
BDSFEJUBNOVNBFʼÏDJF
EFSFJOBVHVSBÎÍPEFUPEBTBTDPJTBTÏ DPNPTFIPVWFTTFBMHPEFOF
DFTTBSJBNFOUFFVOJMBUFSBMNFOUFQPTJUJWP
TFNQFSEB
OBTVQFSBÎÍP
EFUPEP NPEPDPNQMFUBNFOUFDPOTVNBEB
EPNPEFSOP
ËRVBMTF
BEFSFRVBTFTFNDSÓUJDBFNUPSOPEPTDPOUFYUPTEPTRVBJTFNFSHFN
PT NPEFMPT QØTNPEFSOPT EF QFOTBNFOUP
F EP JNQBʹP FʼFDÓm
DPFUBMWF[BUÏNFTNPMPDBMJ[BEPBRVFWJTBWBN QPSFYFNQMP
RVF-ZP
UBSEWJTBTTFQPTTJCJMJUBSVNFʼBÎPEJTDVSTJWPRVFBCSJHBTTFRVFʽÜFT
FNFSHFOUFTFEFTMPDBEBTOB FOUÍPPOJQSFTFOUF BHFOEBNBSYJʽBPV
OBBHFOEBDJFOUJmDJʽB
"DSÓUJDB
RVFÏTPCSFUVEPBNBOVUFOÎÍPEB
WJUBMJEBEFEBDPOWFSTBÎÍPQFMBBCFSUVSBEFOPWPTQSPCMFNBT
UPSOB
TFFOUÍP POPWPEPHNBFPQFOTBNFOUPTFQBSBMJTBOVNQSFTFOUF
RVFÏQPSWF[FTEFTDSJUP
NBTOFNTFNQSFQFOTBEPOBTTVBTJNQMJ
DBÎÜFTQPMÓUJDBTFNFTNPFYJʽFODJBJT
OPTUFSNPTEPTTFOUJEPTRVFB
FYQFSJÐODJBDPOUFNQPSÉOFBBTTVNF
5FYUPDPODMVÓEPFNOPWFNCSPEF
1FSDFQÎÍPDPOUSBUPDPNPNVOEP
/VNUBM JOUFSFTTF QFMBFYQFSJÐODJBDPOUFNQPSÉOFB
UFOIPCVT
DBEP BMHVNBT JEÏJBT TPCSF B QFSDFQÎÍP
RVF WPV QSPDVSBS FOUÍP
SFMBDJPOBSËRVFʽÜFTEFQPEFSFUFDOPMPHJB²JOUFSFTTBOUF
OFʽFDPO
UFYUPDPOUFNQPSÉOFP
SFUPNBSNPTEFVNBNBOFJSBCFNTJOUÏUJDB
FDFSUBNFOUFTJNQMJmDBEPSB
BTSFnFYÜFTTPCSFBQFSDFQÎÍPRVFGF[
.FSMFBV1POUZ
QBSBSFDPMPDBSBSFMFWÉODJBEPQSPCMFNBQFSDFQUJWP
OBDPOʽJUVJÎÍPEPTFOUJEPEBOPTTBFYQFSJÐODJB1BSB.FSMFBV1POUZ
PTFOUJEPEBFYQFSJÐODJBWJWJEBTFEÈ OFTTFFODPOUSPNFEJBEPQFMB
QFSDFQÎÍPEBDPOTDJÐODJBDPNBTDPJTBTFBTEFNBJTTVCKFUJWJEBEFT
OBJOUFSTVCKFUJWJEBEFEPTOPTTPTNVOEPTTJOHVMBSFT
GVOEBNPTFTTB
HSBOEFBMVDJOBÎÍPDPMFUJWBRVFDIBNBNPTiPSFBMw²BQFSDFQÎÍP
BP
GB[FSFTTBNFEJBÎÍP
RVFFʽBCFMFDFOPTTPDPOUSBUPDPNPNVOEP²
UBNCÏNBQFSDFQÎÍPRVFGVOEBFNNJNBQSØQSJBOPÎÍPEFWFSEBEF
F Ï B QBSUJS EFTTB OPÎÍP
OBTDJEB EF VNB DFSUB GÏ DPN RVF JOWJʽP
NJOIBTQFSDFQÎÜFT
RVFBmMPTPmBFEFQPJTBDJÐODJBQVEFSBNUSBCB
MIBSOVNNÏUPEPRVFHBSBOUJTTFVNBWFSEBEFiSBDJPOBMwFiNBUFNB
UJDBNFOUFEFNPOʽSÈWFMw"QFSDFQÎÍPÏBTTJNBGVOEBÎÍPEPQFOTB
NFOUP
FSFTVMUBOVNBFʼÏDJFEFmMPTPmBTJMFODJPTBFJNQFOTBEBEP
DPUJEJBOP
RVFTFPDVMUBQBSBRVFQPTTBNPTUFSVNNVOEP
FRVFÏP
GVOEPTPCSFPRVBMTFEFʽBDBNOPTTBTJEÏJBTFOPTTPTBUPT
/ÍP TF USBUB
QPSÏN
EF FOUSBSNPT FN EFUBMIFT
BRVJ
TPCSF B
SFnFYÍPEF.FSMFBV1POUZ4PNFOUFHPʽBSJBEFBTTJOBMBSRVFBQBSUJS
EFMB QPEFTF TVHFSJS RVF PT TFOUJEPT B QFSDFQÎÍP
OPT MBOÎBN OP
TFOUJEP EJSFÎÍP
EP NVOEP F TÍP B GVOEBÎÍP EP TFOUJEP TJHOJmDB
EP
DPN P RVBM JOWFʽJNPT OPTTB FYQFSJÐODJB 0 RVF FTDBQB B .FS
MFBV1POUZ
QPSÏN
Ï RVF B QFSDFQÎÍP Ï DVMUVSBMNFOUF GPSNBEB P
DPOKVOUP EPOPTTPBQBSBUP TFOTPSJBM QFSNJUFEJWFSTPTBSSBOKPT
F P
QSFEPNÓOJP FʼFDÓmDP EB WJTÍP RVF DPOʽJUVJ P NPEP EF QFSDFCFS
RVFEFmOJVBSB[ÍPPDJEFOUBMOÍPÏPÞOJDPNPEPEFDPOʽJUVJSFTTF
DPOUSBUP DPNPSFBM/BWFSEBEF
EJGFSFOUFTQPWPTQPTTVFNDPTNP
MPHJBTNBSDBEBTQFMBQSJNB[JBEPNVOEPBVEJUJWP
EPNVOEPUÈUJMPV
EPNVOEPPMGBUØSJPDPNPWFNNPʽSBOEP
EFTEFPTBOPTEF
PUSBCBMIPEPTBOUSPQØMPHPTDBOBEFOTFT$POʽBODF$MBTTFO
%BWJE
)PXFTF"OUIPOZ4ZOOPUU
1FSDFQÎÍPFQPEFSBJOʽBMBÎÍPEPQFSDFCJEP
"HFODJBOEPBHÐOFTFEPTFOUJEPEBFYQFSJÐODJB
BQFSDFQÎÍP
Ï
DMBSP
UPSOBTFDBNQPEFCBUBMIBBIFHFNPOJB TPCSFPDBNQPQFS
DFQUJWPDPOʽJUVJBIFHFNPOJBTPCSFPTTFOUJEPTRVFBTTVNFPSFBM
QBSBBFYQFSJÐODJBDPNQBSUJMIBEB
ÏPRVF+BDRVFT3BODJÒSFDIBNBiB
QBSUJMIBEPTFOTÓWFMw1PSVNMBEP
JOÞNFSPTDØEJHPTQFSDFQUJWPTDP
UJEJBOPTNBSDBNSFMBÎÜFTEFHÐOFSP
EFDMBTTFFEFIJFSBSRVJBTOVNB
FNQSFTB
QPSFYFNQMP
FORVBOUPBPTVQFSJPSTFQFSNJUFUPDBSPTGVO
DJPOÈSJPT
BFʽFTOÍPÏQFSNJUJEPUPDBSPDIFGFFMFÏJOUPDÈWFM$POT
UBODF$MBTTFOEFTDSFWFPNPEPQFSWFSTPDPNP
OBTDJSDVOʽÉODJBT
EFHSBEBEBTEBWJEBOPTDBNQPTEFDPODFOUSBÎÍP
BTPmDJBJTOB[JʽBT
PʽFOUBWBN
FN TVBT WJTJUBT
SJDPT QFSGVNFT RVF BT TJUVBWBN OVN
VOJWFSTPRVBTFJOUBOHÓWFMEJBOUFEBJNVOEÓDJFFEBGBMUBEFIJHJFOFB
RVFFSBNTVCNFUJEPTPTQSJTJPOFJSPT PTBSPNBTFSBN
FOUÍP
TJHOP
EFQPEFS FVNBGPSNBEFUPSUVSB.FOPTPVNBJTTVUJT
DØEJHPTQFS
DFQUJWPTEFTTBPSEFN
BTTPDJBEPTBIJFSBSRVJBTEFDMBTTFFEFQPEFS
QPEFNTFSFODPOUSBEPTFNUPEPTPTVOJWFSTPTTFOTPSJBJT
FNUPEPT
PTOÓWFJTEPWJWJEP
FNUPEBTBTTPDJFEBEFT
.BTBJNQPTJÎÍPEFVNBPSEFNEFQPEFSQPS NFJPEBFYQFSJ
ÐODJBQFSDFQUJWBTFEÈEFGPSNBNBJTEFDJTJWBOPDBNQPFYQFSJFODJBM
DPNPVNUPEP4FWFʽJNPTOPTTBBCFSUVSBBPNVOEPEBGÏQFSDFQ
UJWBEFRVFGBMB.FSMFBV1POUZ
ÏOFTTBBCFSUVSBQBSBPNVOEPRVF
DPOʽJUVÓNPTVNBFʼÏDJFEFNPSBEBQFSDFQUJWB
PNVOEPEFOPTTB
GBNJMJBSJEBEF
PNVOEPFNRVFJOWFʽJNPTOPTTPBGFUP6NFYFNQMP
USJWJBMQPEFFMVDJEBSBRVFʽÍPDBEBVNEFOØTKÈWJWFVBFYQFSJÐODJB
EF
BQØTDFSUPUFNQPWJBKBOEP
NFTNP RVFFNDPOEJÎÜFT FYUSBPSEJ
OÈSJBT
TFOUJSPEFTFKPEFTBCPSFBSVNQSBUPEFTVBUFSSBOBUBM
TFOUJS
PDPOGPSUPEPNVOEPEFTVBGBNJMJBSJEBEF
DPOmHVSBEBFNVNVOJ
WFSTPEFTFOTBÎÜFTPOEFTFDPOʽJUVJVTVBFYQFSJÐODJB®NFEJEBRVF
UPEPPNVOEPRVFIBCJUBNPTÏIPKFUFSSJUØSJPEFTFOTBÎÜFTJOʽBMB
EPQFMBIJʽØSJB
QFMBDVMUVSBFQFMBTJOʽÉODJBTEFQPEFS
PNVOEP
EFOPTTB GBNJMJBSJEBEFTFDPOʽJUVJTFHVOEPPDBNQPQFSDFQUJWPJOT
UBMBEPQPSFTTBIJʽØSJB0TTJHOPTESBNÈUJDPTEBQSFTFOÎBEPQPEFS
DPOʽJUVJOEPVNNVOEPDPOUFNQPSÉOFPTPCSF PRVBMTFQSPKFUBN
EFNPEP QPVDPQFOTBEP
PTBGFUPTTÍP
QPSVNMBEP
BPOJQSFTFOÎB
EFMPHPUJQPTDPSQPSBUJWPTFNFʼBÎPTPVUSPSBQÞCMJDPTRVFDPOmHV
SBNBGBMÐODJBEP &ʽBEPNPEFSOPDPNPQPEFSMFHÓUJNPFNBOBEP
EPQPWP
F
DPNPCFNOPUBP$SJUJDBM"SU&OTFNCMF
FTTFEFTJOUFSFTTF
EP&ʽBEPQFMPTFʼBÎPTQÞCMJDPTFʽÈ EJSFUBNFOUFMJHBEP ËEJTTPMV
ÎÍPEPMPDVTEPQPEFSOBTJOʽÉODJBTOÙNBEFTEBSFEF
F
QPSPVUSP
BDPOTPMJEBÎÍPEFUPEPVNNVOEPEF TBCPSFTFBSPNBTFFʼBÎPT
DBMDVMBEPTFQMBOFKBEPT
RVFDPOʽJUVFNBGVOEBÎÍPEFUPEBBFYQFSJ
ÐODJBDPOUFNQPSÉOFB
BHÐOFTFEPTTFOUJEPTWJWJEPTOÍPQFSDFCFNPT
OFOIVNBJOʽÉODJBEPWJWJEPRVFOÍPTFKBNBSDBEBQFMBPOJQSFTFOÎB
DPSQPSBUJWBPVQFMBNFEJBÎÍPUÏDOJDBEFUPEBTBTTFOTBÎÜFT
1FSDFQÎÍPFUFDOPMPHJBUFʽFNVOIPTOPUÈWFJT
4FBDFJUBNPTBTUFTFTEFRVFBQFSDFQÎÍPÏBHÐOFTFEPTFOUJEP
EBFYQFSJÐODJB
FEFRVFIÈVNBJOʽÉODJBEFQPEFSSFMBDJPOBEBËIF
HFNPOJB TPCSFPDBNQPQFSDFQUJWP
FʽÓNVMPTBMJÈTDBMDVMBEPTDBEB
WF[NBJT TFHVOEP BTNBJTBVʼJDJPTBT FBUFNPSJ[BOUFTUSBUBTF EF
JNQPSVNBTVCKFUJWJEBEFQPSNFJPEPDÈMDVMPEBQFSDFQÎÍP
DPNP
TFQBMBWSBTDPNPiGFMJDJEBEFwGPTTFNSFEVUÓWFJTBPVOJWFSTPMJNJUBEP
EPTFYQFSJNFOUPTMBCPSBUPSJBJTFBPT RVFʽJPOÈSJPTQMBOFKBEPT
QFT
RVJTBTEBQTJDPMPHJBFEBOFVSPMPHJB
FOUÍPOÍPQPEFNPTEFJYBSEF
OPUBSUBNCÏNBJOUFSWFOÎÍP EFDJTJWBEBTUFDOPMPHJBTEFNFEJBÎÍP
TPCSFPDBNQPQFSDFQUJWP5BMJOUFSGFSÐODJBGPJQSJNFJSBNFOUFOPUB
EBQPS#FOKBNJO
OPTFVUFYUPDMÈTTJDPTPCSFBSFQSPEVUJCJMJEBEF
FN
RVFBTTJOBMBBQSFTFOÎBEFVNBNPEBMJEBEFFʼFDÓmDBEBQFSDFQÎÍP
NPEFSOB BUFOUB B UVEP P RVF TF SFQFUF JEFOUJDBNFOUF OP NVOEP
BGFJUBËTFʽBUÓʽJDBTFEFʼJEBEFJOWFʽJNFOUPBVSÈUJDPFEBBCFSUVSB
EFVNJODPOTDJFOUFØQUJDP 1BSB#FOKBNJO
TBCFNPT
BT UFDOPMPHJBT
JOUFSWÐNEFDJTJWBNFOUFOPDBNQPQFSDFQUJWP
6NBBCPSEBHFNEFBMHVNNPEPTFNFMIBOUFGPJBRVFMBDPOEV[JEB
FNUFSNPTSBEJDBJT QPS.D-VIBO
RVF BTTPDJPV ËTUFDOPMPHJBTBQP
UÐODJBEFJNQPSNPEPTEFQFSDFCFSPNVOEP
F
FNDPOTFRàÐODJB
"SUFFQPEFSQBTTFJPOPDBNQPEFHVFSSB
'PJOVN QBTTFJPQFMP)ZEF 1BSLMPOESJOPRVF FVmOBMNFOUFF
UBSEJBNFOUFFOUFOEJBTJNQMJDBÎÜFTEBRVJMPRVFTFDIBNBDPOTPMJEB
ÎÍPEBBVUPOPNJBEBBSUFBPMPOHPEPTÏDVMP9*9
EFRVFFNFSHJSBN
BBSUFNPEFSOB
BTWBOHVBSEBTFmOBMNFOUFBQSPGVTÍPEFEJTDVSTPT
EFNBUFSJBJT
EFBWFOUVSBTFQSPQPTJÎÜFTFʽÏUJDBTFDPODFJUVBJTRVF
DPOmHVSBNBDPNQMFYBQBJTBHFNEBBSUFDPOUFNQPSÉOFB
FQFOTP
RVF
OFTTFTFOUJEP
BTQSPEVÎÜFTQPÏUJDBTRVFFNQSFHBNNBUFSJBJTF
TVQPSUFTUFDOPMØHJDPTOÍPQPEFN
TFOÍPQPSSB[ÜFTEFVNBOFDFTTJ
EBEFEFDMBTTJmDBÎÍPRVFÏOPGVOEPFTTFODJBMNFOUFNPEFSOB
TFSFN
QPʽBTËQBSUFOVNDBNQPNBJTBNQMPEFQPÏUJDBTDPOUFNQPSÉOFBT
/BWFSEBEF
ÏFNDPNQBOIJBEFPCSBTRVFOÍPUÐNFNTFVQSPKFUPP
GFUJDIFEBUFDOPMPHJBRVFNFMIPSTFFOUFOEFNBTEJGFSFOÎBT
FTPCSF
UVEPBTTFNFMIBOÎBTFOUSFFTTFTUSBCBMIPT
RVF BmOBMQFSUFODFNF
NFTNPFWJEFODJBNUFOTÜFTRVFDPOʽJUVFNVNBNFTNBÏQPDB4FSÈ
QPSBDBTPRVFNPEBMJEBEFTCBUJ[BEBTEFQFSGPSNBODFPVJOʽBMBÎÍP
FʽFKBNUÍPGPSUFNFOUFQSFTFOUFTOPTUFSSJUØSJPTUFDOPMØHJDPTF
WB
NPTEJ[FS
OÍPUFDOPMØHJDPT 0VRVFFTTBTQBMBWSBTUFOIBNTJEPBEP
UBEBTQBSBEFTJHOBSNBOJGFʽBÎÜFTRVFFNFSHFNFNTJODSPOJBDPNP
EFTFOWPMWJNFOUPEPQBSRVFEJHJUBM
'PJEJBOUFEBTFʽÈUVBTEPTNJMJUBSFTF EPTOPCSFTJOHMFTFT
SFT
QPOTÈWFJTQFMBBENJOJʽSBÎÍPEBTQPTTFTDPMPOJBJTEPJNQÏSJPCSJUÉOJ
DP
FEFQSÓODJQFTFQSJODFTBT
SFJTFSBJOIBTRVFGPSBNBFODBSOBÎÍP
EFVNDFSUPNPEFMPEFQPEFS
RVFQVEFEFGBUPFOUFOEFSVNBDPJTB
OBWFSEBEFCBʽBOUFØCWJB
RVFÏPRVBOUPBPCSBEFBSUFFʽFWFIJT
UPSJDBNFOUFWJODVMBEBËQSPEVÎÍPEPTTJHOPTEFEFUFSNJOBEPTEJT
DVSTPT
F BVNDBNQPQFSDFQUJWPBTTPDJBEPBFʽBPVBRVFMBPSEFN
EFQPEFS
B*HSFKB
BOPCSF[B
BCVSHVFTJB
P&ʽBEPFUD
FDPNPBTVB
DPORVJʽBEFVNDBNQPEPUBEPEFVNBDFSUBBVUPOPNJBTFNQSF
QSPCMFNÈUJDB
JOʽÈWFMFBUSBWFTTBEBQPSUPEBT BTPSEFOTEFJOUFSFT
TFTFEJTDVSTPT
NBTFOmNVNBBVUPOPNJBDPNPUFSSJUØSJPOBDVMUV
SBFDPNPDBNQPEFTBCFSQFSNJUJVDPNRVFTFQSPEV[JTTFNPT
TJHOPTEFPVUSBTPSEFOTEFEJTDVSTP
EFPVUSBTDBEFJBTTJNCØMJDBT
EF
PVUSBTPSEFOTFYQFSJFODJBJTFEFTVCKFUJWJEBEFTBMUFSOBUJWBTPVNFT
NPPQPʽBTËRVFMBPSEFN5FSSJUØSJPRVFBCSJHBPJOGPSNBMJ[ÈWFM
RVF
BQPOUB QBSB BMÏN EPT MJNJUFT FʽSFJUPT EB MJOHVBHFN F TVBT EFUFS
NJOBÎÜFT
UFSSJUØSJPEFWFSEBEFTUSBOTJUØSJBT
GSVUPEFFNCBUFTDPN
DPOUFYUPTEFQPEFSFʼFDÓmDPTFEFSFnFYÍPTPCSFBTMJOIBTEFGPSÎB
RVFOPTBUSBWFTTBNFEFUFSNJOBNOPTTPDPUJEJBOP
BBSUFQFSNBOFDF
QPSJOÞUJMËPSEFN
TPCDPOʽBOUFBNFBÎBFDBEBWF[NBJTOFDFTTÈSJB
"HSBOEFMJÎÍPEBBSUFDPOUFNQPSÉOFBGPJUPSOBSPBSUJʽBDPOTDJFOUF
EBTDBEFJBTEJTDVSTJWBTFEPTDJSDVJUPT TFNJØUJDPTBPTRVBJTTFBMJOIB
EBT GBMBT RVF GVOEB
BMJNFOUB PV SFWFSCFSB F DPN BT RVBJT EJBMPHB
0EJTDVSTPJOHÐOVPEBFYQSFTTJWJEBEF QPVDPSFnFUJEBDPSSFTFNQSF
PSJTDPEFTFSBQSPQSJBEPDPNPTÓNCPMPEPQPEFSJOʽBMBEP
DPNPVQ
HSBEFEJTTJNVMBEP
OVNBFSBEBIFHFNPOJBEBTHSBOEFTDPSQPSBÎÜFT
EBT FʽÈUVBT EB OPCSF[B F EP EJTDVSTP EPNJOBOUF 0 FYFNQMP QB
SBEJHNÈUJDPEBSFTJʽÐODJBQFSNBOFDF
DVSJPTBNFOUF
TFOEPPVSJOPM
B'POUFEVDIBNQJBOBTFQPSVNMBEP(PFCFMMTQFEJBBPTDJOFBʽBT
BMFNÍFTRVFMIFEFTTFNVN 1PUFNLJODPNPPEF&JTFOʽFJO
QBSFDF
NBJTEJGÓDJMJNBHJOBS4UBMJOTPMJDJUBOEPBPTBSUJʽBTTPWJÏUJDPTRVFMIF
EFTTFNPTFVVSJOPM
(VFSSJMIBQFSDFQUJWB
²GÈDJMOPUBSRVFPQBSRVFUFDOPMØHJDPSFNPEFMPVBTDBUFHPSJBT
POUPMØHJDBT EF UFNQP F FʼBÎP "T EJʽÉODJBT EFTBQBSFDFSBN F B
WFMPDJEBEF WFSUJHJOPTB EBT EFNBOEBT QSPEVUJWBT DPOUFNQPSÉOFBT
PCWJBNFOUFQPUFODJBMJ[BEBTQFMPQBSRVFEJHJUBMJOʽBMBEP
DSJBNVNB
UFNQPSBMJEBEFTPCBRVBMUSPDBNPTJODFTTBOUFNFOUFPJNQPSUBOUF
QFMPVSHFOUF
DPNPEJ[(JMMFT-JQPWFUTLZ²DVSJPTP
QPSÏN
RVF-JQP
WFUTLZOÍPTFEÐDPOUBEBTEFUFSNJOBÎÜFTEBUFDOPMPHJBOBDPOʽJUVJ
ÎÍPEFTTFUFNQPIJQFSNPEFSOP&
TPCSFUVEP
RVFOÍPUFOIBOPUBEP
RVFPNPNFOUPEFSFMBYBNFOUPEBTUFOTÜFTNPEFSOBT
RVFBMFHSF
NFOUFWJWFNPTDPNPBQØTNPEFSOJEBEF
SFQSFTFOUPVQSFDJTBNFOUF
PIJBUPFOUSFBEJTTPMVÎÍPEPTSJHPSFTEBPSEFN NPEFSOB
GVOEBEB
OPMJWSP
FBJOʽBMBÎÍPEFVNBOPWBNPEBMJEBEFEFQPEFSNBJTSJHP
SPTB
QFMPDPOUSPMF
QFMBWJHJMÉODJB
QFMPDÈMDVMP JODFTTBOUFEFUPEBT
BTJOʽÉODJBTEPWJWJEP
QFMBQSPEVUJWJEBEFDPNQVMTJWBFQFMPGFUJDIF
EBQSFDJTÍPFEBFmDJÐODJB
QFMPDVMUPËBOPSFYJBFËUFDOJmDBÎÍPEPT
BGFUPT
FNRVFPTWBMPSFTDIBWFEBPSEFNQSPEVUJWBEBNPEFSOJEBEF
TÍPUSBOTGFSJEPTBPQBSRVFUFDOPMØHJDPRVFEFUFSNJOBBTDPOEJÎÜFT
EPNVOEPIJQFSNPEFSOP
$IFHBNPT
mOBMNFOUF
BPDBNQPQFSDFQUJWPDPOUFNQPSÉOFP
F
TPNPTGPSÎBEPTB SFDPOIFDFSRVF
BPNFOPTOPRVFEJ[SFʼFJUP Ë
JOUFSOFUFTFVTNJMIÜFTEFNPOJUPSFTFʼBMIBEPTQFMPTDJODPDPOUJ
OFOUFT
OØTFʽBNPTWJWFOEPVNBJOBDSFEJUÈWFM FOUSPQJB QFSDFQUJWB
DPNUPEPTPMIBOEPQBSBUFMBTJEÐOUJDBTFFTDVUBOEPNÞTJDBFNGPS
NBUP .1 $PNP QFOTBS UBM DPOUFYUP QFSDFQUJWP 1PSRVF
TVCMJNJ
OBSNFOUF
FʽBNPTUPEPTPMIBOEPJODFTTBOUFNFOUFQBSBBTNFTNBT
FʽSVUVSBTEFQJYFMTPOJQSFTFOUFT&OUÍPUBMWF[GPTTFPDBTPEFQFOTBS
FNBMHVNUJQPEFUFSSPSJTNPQFSDFQUJWPDPNPÞOJDBBMUFSOBUJWBQBSB
EFnBHSBS RVBMRVFS SFWPMVÎÍP OPT TFOUJEPT EP WJWJEP RVF TF RVFJSB
QPTTÓWFM&VQFOTPRVFFTTFUJQPEFUFSSPSJTNP
PÞOJDPRVFFVDPOTJ
EFSPDPODFCÓWFM
ÏBmOBMBRVJMPRVFFVUFOIPDIBNBEPEFBSUF0V
TF
RVFSFNPTGVHJSEFJNQMJDBÎÜFTQPTTÓWFJTEFTTFUFSNPUÍPDBSSFHBEPF
VNUBOUPTJOJʽSPRVFÏBQBMBWSBUFSSPSJTNP
UBMWF[QPTTBNPTBEPUBS
VNUFSNPNBJTCSBOEPRVF ÏBQBMBWSBiHVFSSJMIBw
DBCFËBSUFQFS
NBOFDFSOFTTFFʽBEPEFBMFSUB
EFBGSPOUBNFOUP
EFFOGSFOUBNFOUP
FEFBDPSEBNFOUPRVFÏQSÈUJDBEFVNBJODFTTBOUFHVFSSJMIBDPOUSB
BFOUSPQJBEPDBNQPQFSDFQUJWP
UPNBEPBRVJ
DPNPTBCFNPT
DPNP
DBNQPEFQPEFSPOEFTFEFmOFNPTNPEPTEFTJHOJmDBÎÍPEPSFBM
.BOJGFTUPQFMB
SFDJDMBHFN EF SVÓOBT
QPS(SVQP&TRVBESÍP4BSDÈʽJDP
"i&YQSFTTÍP4BSDÈʽJDBwDPNPmMPTPmB
2VBOEP VN QSPEVUPS DVMUVSBM EFDJEF SFBMJ[BS VNB QSPQPʽB
OPWB PV BUÏNFTNPGPSBEPTQBESÜFTDPNFSDJBJT
BDBCBQPSUSBWBS
VNBWFSEBEFJSBiCBUBMIBw
$PNPVNBVUÐOUJDPSFWPMVDJPOÈSJP FNQSPMEBNVEBOÎBQFMPT
TFVTJEFBJT
FMFTFWÐPCSJHBEPBJSDPOUSBUPEPTPTUJQPTEFGPSÎBTRVF
UJSBNQSPWFJUPEBFʽBHOBÎÍPNFOUBMEPQBÓTBPMJHBSRVJB
PJNQFSJB
MJTNP
BDPSSVQÎÍPFPNPOPQØMJPEBDPNVOJDBÎÍP
0&TRVBESÍP4BSDÈʽJDPÏVNHSVQPEFJOUFSWFOÎÍPOBNÓEJB
RVF
VTBDPNPGFSSBNFOUBTBMVUBQFMBEFNPDSBUJ[BÎÍPEBDPNVOJDBÎÍP
B
BSUF
PHPMQFEFNBSLFUJOHFBQSPQBHBOEBHSBUVJUBOBEJWVMHBÎÍPFVTP
EPTWFÓDVMPTBMUFSOBUJWPT
DBVTBOEPJNQBʹPOPTNFJPTDPOWFODJPOBJT
-FNCSBNPTBJOEB RVFOFN NFTNPPVTPEFTTFTÏEJʼFOTÈWFM
FNGVOÎÍPEBWJTJCJMJEBEF
QPJTUPEPPFʼBÎPFSFDVSTP
QPSNBJT
JOTØMJUPTRVFTFKBN
TÍPÞUFJTQBSBEJʼPOJCJMJ[BSJOGPSNBÎÜFTRVFOÍP
iQBTTBSJBwQFMPTQSPDFTTPTOPSNBJTy
"JOUFSWFOÎÍPFP CPJDPUFTÍPGPSNBTEFDIBNBSBBUFOÎÍPEP
DJEBEÍPFNTVBSPUJOBEJÈSJBFNBTTJmDBEBQBSBPTQSPCMFNBTEFSFBM
JNQPSUÉODJBEFTVBDPNVOJEBEFF
DPOTFRàFOUFNFOUF
TFVT
5PEPPHPMQFEFNBSLFUJOHVOJEPBVN EJTDVSTPFOHBKBEP NFT
NPDPNBTNFMIPSFTJOUFOÎÜFTQPTTÓWFJT
UPNBVNBSEFiUFSSPSJTNPw
FNVNBTPDJFEBEFEPNFʽJDBEBFBOFʽFTJBEBQFMBNÓEJBEPNJOBOUF
$PNPGPSNBEFSFBÎÍPCFNIVNPSBEBBPTSØUVMPTFNJUJEPTQFMP
TJʽFNBQBSBBCBGBSFBUÏEFUVSQBSBTJOJDJBUJWBTPSJHJOBJT
PDVQBTFEB
QBSBOØJBiUFSSPSJʽBwOBEFmOJÎÍPEFVNiFTRVBESÍPw
IUUQXXXTBSDBTUJDPDPNCS
4ØRVFVNFTRVBESÍPGFJUPEFHVFSSJMIFJSPTEFQBQFM
TPOTFCZUFT
BHJOEPOPNFJPDVMUVSBM
4FOEPFTTFPNFJPNBJTBQSPQSJBEPQBSBPUSBWBNFOUPEFDPOnJ
UPT
QPJTÏPOEFTFSFnFUFNFJOUFSBHFNBTBʼJSBÎÜFT
OFDFTTJEBEFT
FBUÏiFʽSBWBTBNFOUPTwIVNBOPTRVF SFRVFSFNSFTPMVÎÜFTOÍPFO
DPOUSBEBTGBDJMNFOUFEFWJEPËDPNQMFYJEBEFEFTVBTDBVTBT
&NCPSBUFOIBNPTDPOTDJÐODJBEFRVFBUÏFNVNBSFWPMVÎÍPDVMUV
SBMIÈNPSUPTFGFSJEPT
MVUBNPTQBSBRVFPQÞCMJDPOÍPTFKBBQFOBTBMWP
04BSDBTNPÏVNBSFʼPʽBBPiSFBMJTNPGBOUÈʽJDPwWJWJEPOFʽF
QBÓTEFWFSEBEFTUÍPBCTVSEBTFJOBDSFEJUÈWFJTFNTFVDPUJEJBOP
RVF
QBSB QSPDFTTÈMBT Ï OFDFTTÈSJP
BMÏN EF FʽÙNBHP
VNBQÐOEJDF EF
BUJUVEFDPOUFʽBEPSBFDSÓUJDB
RVFQPSVNBRVFʽÍPEFTPCSFWJWÐODJB
UFOIBTFOTPEFIVNPSPTVmDJFOUFQBSBOÍPDBJS FNBSNBEJMIBT PT
SØUVMPT
4FOEPBTTJN
P4BSDBTNPFWPMVJVEFVNTVCʽBOUJWP
BOBMP
HBNFOUF FNGVOÎÍPEBEFTDSFOÎBHSBEBUJWBOPFʽBEPEFHFOFSBEP
FNRVFBTPSHBOJ[BÎÜFTIVNBOBT HPWFSOP
SFMJHJÍPFTJʽFNBFDPOÙ
NJDP
TFDPOʽJUVFN
QBSBVNBmMPTPmB
7PDÐEÈBPVUSBGBDFDPNVNBiFYQSFTTÍPTBSDÈʽJDBwRVFPEFGFO
EB
BPNFTNPUFNQPFNRVFBUBDBTFVTBHSFTTPSFT
DPOGVOEJOEPPT
1PJTTBSDBTNPÏDSJUJDBSTPSSJOEP
0T 4BSDÈʽJDPT DVMUJWBN B EFTJMVTÍP DPNP VN TFOUJNFOUP DPO
UFʽBEPS FDPOʽSVUJWP
OPTFOUJEPRVF
OÍPUFOEPRVFFʼFSBSQPS
NBJTOBEB
QBTTBBQSPEV[JSQPSTJNFTNP6NBEBTNBJTGBNPTBTF
BOUJHBTSFGFSÐODJBT EFTTFTFOUJNFOUPWFN
IÈNBJTEFEPJTNJMBOPT
EBÏQPDBEF%JØHFOFTEF4ÓOPQF B$
VNmMØTPGPDÓOJDP
HSFHPRVFWJWFVFN"UFOBT
4VBEFTJMVTÍPFSBUBOUBRVFDBNJOIBWBQFMBTSVBTEF"UFOBTDPN
VNBMÉNQBEBHSJUBOEPi#VTDPVNIPNFNIPOFʽPw
"mMPTPmBEF%JØHFOFTFSBP$JOJTNP
EPVUSJOBGVOEBEBQPS"O
UÓʽFOFTEF"UFOBT
BRVBMSF[BWBRVF SJRVF[BFBGBNBFSBNNBMFT
FORVBOUPBQPCSF[BFBPCTDVSJEBEFFSBNCFOT
0T$ÓOJDPTCVTDBSBNEFTDPOTJEFSBSMFJT
GSPOUFJSBT
DPOWFOÎÜFT
PQJOJÍP QÞCMJDB
SFQVUBÎÍP
IPOSB F EFTPOSB %FGFOEJBN B BVUP
TVGJDJÐODJB BVUBSRVJB
FOGBUJ[BOEP P FHP EPNÓOJP NPSBM F OFHBO
EPBOFDFTTJEBEFEFWBMPSFT DPNPBGBNÓMJB
BDVMUVSB
BSFMJHJÍPFP
&ʽBEP"TEFTJMVTÜFTEF%JØHFOFTQFSQFUVBSBNTFBUÏFʽFNJMÐOJP
BHSBWBEBTQPSVNBTFOTBÎÍPEFFYUJOÎÍPJNJOFOUFQFMBFYQMPSBÎÍP
EFTFOGSFBEBEPTSFDVSTPTOBUVSBJTFQFMPBVUPDPOIFDJNFOUPRVFB
IJʽØSJB
BQTJDBOÈMJTFFPVUSBTDJÐODJBTUSPVYFSBN
04BSDBTNPÏPSFTVMUBEPEFTTFmNEFTÏDVMP
VNFTHPUBNFOUP
FVNBCVTDBEFUSBOTJÎÍP
OÍPTØQBSBVNOPWPTÏDVMP PVNJMÐOJP
NBTQBSBVNOPWPNVOEP%BÓTFVDBSÈUFSRVBTFiBQPDBMÓQUJDPw
0T4BSDÈʽJDPTTÍPJOEJWÓEVPTGSVʽSBEPTFBVUPDSÓUJDPT
QBSPEJBO
EPTFFNUVEPRVFBNÓEJB TVCTFSWJFOUFBPTJʽFNBF
QPSUBOUP
EF
JOUFSFTTFOBFʽBHOBÎÍP
NBTTJmDBDPNVNBQFMPiGBOUÈʽJDPw
OBUFO
UBUJWBEFFNCSJBHBSPDJEBEÍPEJBOUFEFVNBSFBMJEBEFGSJBFDSVFM
%FWJEP Ë FTDBTTF[ EF SFGFSÐODJBT RVF VNB DVMUVSB UPUBMJUÈSJB
PGFSFDF
UFNTFOBQBSØEJB
OBiBOUSPQPGBHJBw
BÞOJDBWJBEFEJTDFS
OJNFOUPQBSBBWFSEBEFJSBDSJBUJWJEBEF&NNFJPBUPEBFTTBiSFDJDMB
HFNwEF SVÓOBTP4BSDÈʽJDP TPSSJEFQFSQMFYBJOEJHOBÎÍP
TBUVSBEP
DPNPTBUVBJTNFJPTEFDPNVOJDBÎÍP
RVFQPSNPUJWPEFGPSÎBNBJPS
HSBOB
FNQMFOBFSBEBJOGPSNBÎÍP
DPMBCPSBNQBSBQJPSBSBTJUVB
ÎÍPEFVNQPWPTFNNFNØSJB
BVUPFʽJNBFDBEBWF[NBJTDBSFOUF
ËNFEJEBRVFMIFTÍPSFUJSBEBTPQÎÜFTRVFGB[FNNVJUBEJGFSFOÎBOB
IPSBEFWPUBS
UFSFEVDBSTFVTmMIPTF JOUFSBHJSDPOTDJFOUFNFOUFOP
NFJPBNCJFOUF
FWPMVJOEPEFʽBiFSBEBTUSFWBTw
OÍPNVJUPEJGFSFO
UFTEBRVFMBT
WJWJEBTOBÏQPDBEF%JØHFOFTy
0T 4BSDÈʽJDPT FYQSFTTBN BT TVBT JOTBUJTGBÎÜFT F DPOUFʽBÎÜFT
BUSBWÏT EF NFUÈGPSBT
SFQSFTFOUBÎÜFT F mHVSBT EF MJOHVBHFN
QPJT
BDSFEJUBNOBBSUFDPNPVNTFOUJEPFWPMVÓEPFFYUSFNBNFOUFOFDFT
TÈSJPOBDPNVOJDBÎÍPIVNBOB"EJGFSFOÎBEBTJDPOPHSBmBTFQFSTP
OJmDBÎÜFTDSJBEBTQFMPT4BSDÈʽJDPTFBTEFPVUSPTHSVQPTFEPVUSJOBT
Ï B DPOʽBOUF DPOTDJÐODJB EP DBSÈUFS mHVSBUJWP EF TFVT DPODFJUPT
NBOUFOEPTFVTFOUJEPPSJHJOBMFOÍPPTUPSOBOEPNJUPTEFSFGFSÐODJB
EVWJEPTBPVVOJDBNFOUFTÓNCPMPTEFGÏ
%FOUSPEFTTBmMPTPmBGPJDSJBEP4JNPO(PEF'MPSJQB E$
BQFSTPOJmDBÎÍPEFVNBOEBSJMIPJOTBUJTGFJUPRVFQFSDPSSFPTDBNJ
OIPT PCTDVSPT EB DVMUVSB CSBTJMFJSB DPN VNB MBOUFSOB BMUFSOBUJWB
QSPDVSBOEPBWFSEBEFJSBQSPEVÎÍPBSUÓʽJDBFRVFNSFBMNFOUFUFN
JOUFSFTTF OFMB"MÏNEFFYQPSBTJOGPSNBÎÜFTFYDMVÓEBTEPTDÓSDVMPT
WJDJPTPTEPTJʽFNB
*OUFSGBDFTDPNBSFBMJEBEF
QPS-VDBT#BNCP[[J
1BSUPEPQSJODÓQJPEFRVFBiSFBMJEBEFwWFNJOUFSFTTBOEP B
TFUPSFTEBJOEÞʽSJBDVMUVSBMFEBQSPEVÎÍPBSUÓʽJDBEFGPSNBEJGFSFO
UFEPRVFWJOIBBDPOUFDFOEP1BSUPUBNCÏNEFVNQSJODÓQJP
UBMWF[
RVFʽJPOÈWFM
EFRVFFTTBiSFBMJEBEFPSEJOÈSJBwWFNJOUFSFTTBOEPBPT
JOEJWÓEVPTEFGPSNBUBNCÏNEJGFSFOUF
OBNFEJEBFNRVFFTTFTF
SFMBDJPOBNDPNBWJEBQÞCMJDBEBDJEBEFFDPNTVBTSFʼFʹJWBTEV
SF[BTEFGPSNBDBEBWF[NBJTNFEJBEB4FDPOTJEFSBSNPTRVFBNBJP
SJBEBTQFTTPBTRVFGSFRàFOUBNPDJSDVJUPEBBSUFOÍPTFSFMBDJPOB
DPNBSFBMJEBEFEFGPSNBDPUJEJBOB
FGFUJWB/PTQSPUFHFNPTEFTTB
SFBMJEBEFBUSBWÏTEBVUJMJ[BÎÍPEFDBSSPT
EFQPSUBSJBT
HSBEFT
KBOFMBT
DPOEPNÓOJPTDFSDBEPT
QSÏEJPTEJʽBOUFTEPDFOUSPEBTDBQJUBJT/FN
UPEPTBTTVNFN
NBTOÍPÏTFNQSFRVFBTQFTTPBTFODPOUSBNEJʼP
TJÎÍPQBSBPDIFJSP
PHPʽPDPOUÓOVPEFTTBSFBMJEBEF/PTQSPNFUFN
RVFBGPSNBTFHVSBEFOPTSFMBDJPOBSNPTDPNBSFBMJEBEFTFSJBBUSB
WÏTEFTJʽFNBTNFEJBEPSFT
EFEJʼPTJUJWPTUÏDOJDPT
GÓTJDPTFWJSUVBJT
.VJUBTWF[FT
FTTB NFEJBÎÍPTFRVFSFʽBCFMFDFVNDPOUBUPFGFUJWP
FOUSFOPTTBTWJEBTQSPUFHJEBTFBPSEJOBSJFEBEFFTDBODBSBEBEBTSVBT
EBDJEBEFPVEBQPFJSBEPJOUFSJPSEP QBÓT.VJUBTWF[FT PTJʽFNB
NFEJBEPSTFUSBWFʽFEFSFBMJEBEF
FNCFCJEPFNVNBFʼÏDJFEFWFS
OJ[EFVNBSFBMJEBEFTVQFSmDJBMFQPSWF[FTFʽFUJ[BEBOÍPNBJTB
SVB
PFʼBÎPQÞCMJDP
PDIFJSPEBUFSSB
NBTVNBFʼÏDJF EFBCʽSB
ÎÍPRVFDPSSFQBSBMFMBËOPTTBWJEB
/FTTFT NFDBOJTNPT EF NFEJBÎÍP DPNVNFOUF FOUSBN PVUSPT
FMFNFOUPTRVFSFGPSÎBNPiTBCPSwEFTTBSFBMJEBEF
DPNPBJOUJNJEB
EFFPBDFTTPËQSJWBDJEBEFNFTNPFNTJʽFNBTEFSFMBÎÜFTUJQJDB
NFOUFQÞCMJDPT"QSPYJNPFTTBJEÏJBEFSFBMJEBEFËTUFDOPMPHJBTEB
JOUJNJEBEF4ÍPUFDOPMPHJBTRVFUÐNBQSFTVOÎÍPEFNVEBSBTGPSNBT
0UFSNPSFBMJEBEFBRVJEFWFTFSFOUFOEJEPDPNPSFMBUJWPBPPSEJOÈSJP
DPNPSFGFSFOUFË
WJEBQÞCMJDB
SFTVMUBEPEFSFMBÎÜFTEJSFUBT
JNFSTBTOPBNCJFOUFVSCBOPPVSVSBM
EFTFSFMBDJPOBSDPNPNVOEP"TGSPOUFJSBTFOUSFQÞCMJDPFQSJWBEP
FʽÍPTFBQBHBOEPTPCBJOnVÐODJBEBTOPWBTUFDOPMPHJBTEJHJUBJT
EPT
DFMVMBSFT BPTDPNQVUBEPSFT RVFTFQPEFWFʽJS
EBTNÓEJBTDPNQPT
TJCJMJEBEFTUÈUFJT JOUFSGBDFTIÈQUJDBT
BPTJOʽSVNFOUPTEFDPNVOJDB
ÎÍPJOʽBOUÉOFB
DIFHBOEPBPTNBJTSFDFOUFTFiQFSWBTJWPTwTJʽFNBT
CBTFBEPTOBQPTJÎÍPFMPDBMJ[BÎÍPEPVTVÈSJP MPDBUJWFNFEJB
"OPÎÍPEFRVFBQSJWBDJEBEFFʽÈTFUPSOBOEPVNDPODFJUPJOT
UÈWFMFWPMÈUJMÏEFGBUPFYQFSJNFOUBEBRVBOEPFMBÏDPOUSBʽBEBDPN
B SFEF EF DPOFYÜFT TVHFSJEB QFMBT UFOEÐODJBT EF DPNVOJDBÎÍP EB
WJEBDPOUFNQPSÉOFB4FSÈRVFBJOEBQPEFNPTQFOTBSOBJOUJNJEBEF
DPNPVNUFSSFOPEFQSB[FS
QSPYJNJEBEF
GSVJÎÍPPVBQSFDJBÎÍP 0
RVBOUPOPTUPSOBNPTEFQFOEFOUFTEPTTJʽFNBT EFNFEJBÎÍPEBSF
BMJEBEF 0VNFMIPSRVFNFDBOJTNPTQPEFSJBNOPTSFDPOFʹBSDPN
SFBMJEBEFTFGFUJWBT
"TQBMBWSBTSFBMFSFBMJEBEFOÍPOPTEJ[FNNBJTNVJUBDPJTB&MBT
TF UPSOBSBN VNB FʼÏDJF EF FNCBMBHFOT QBSB QSPEVUPT EJWFSTPT
6NBTÏSJFEFPDPSSÐODJBTTVHFSFBiSFBMJEBEFwDPNPVNNFSPEJTDVS
TP
VNEJTDVSTPRVFTFGPSKBDPNPiSFBMw
FNPMEVSBEPQPSFʽÏUJDBT
RVFTFUSBWFʽFNEFSFBM
NBTRVFCVTDBNOBSFBMJEBEFNBJTSBTBP
TVCʽSBUPEFTFVTQSPEVUPT
NFSDBEPSJBTFTFSWJÎPT
"MHVOTFYFNQMPT "QVCMJDJEBEFIÈNVJUPTFBQSPQSJPVEFVNB
FʽÏUJDBTVQPʽBNFOUFEPDVNFOUBM
CBTFBEBOBiSFBMJEBEFwPVOBTV
QPʽBMFHJUJNJEBEFPGFSFDJEBQPSGBUPTSFBJTDPNPFNUFʽFNVOIPT
DPMIJEPTDPNDÉNFSBTUSÐNVMBT
DSJBOEPTJOUBYFTEFVNB iQSFDBSJF
EBEFRVFTFQSFUFOEFWFSEBEFw5SBUBTFEFVNBFʽÏUJDBDPOIFDJEB
UPNBEBQPSFNQSÏʽJNPEPTQSPHSBNBTQPMJDJBT
EPUJQP"RVJ"HPSB
FNRVFBFRVJQFTFNQSFFOGSFOUBTJUVBÎÜFTEFSJTDPPVUFOTÍP0GBUP
ÏRVFFTTBNFTNBFʽÏUJDBTFFODPOUSBIPKFQSFTFOUFFNBOÞODJPTEF
TBCÍPFNQØ
FMFUSPEPNÏʽJDPTFOVNBJOmOJEBEFEFQSPEVUPTRVF
OBEB UÐN FN DPNVN DPN QSPDFTTPT EPDVNFOUBJT DBSBʹFSJ[BEPT
QFMBVSHÐODJBPVQFMBQSFDBSJFEBEF
0EFTJHO
QPSTVBWF[
TFJOʼJSBOBBVUFOUJDJEBEFEFDPJTBTQP
QVMBSFTF FʼPOUÉOFBT
OBTMFUSBTNBOVTDSJUBTJNQFSGFJUBT
SFQSPEV
)ÈJOÞNFSPTGBUPSFTRVFDPNQSPWBNJTTPIPKFFNEJBFFVUFOIPVNUFYUPCFNNBJT
GPDBMJ[BEPOFTTFUFNB
[JOEPDBMJHSBmBTFGPOUFTUPTDBT
SFGFSFODJBEBTOBFTDSJUBWFSOBDVMBSF
FʼPOUÉOFBEFVNBQPQVMBÎÍPQBSDBNFOUFBMGBCFUJ[BEB
0TCMPHTDPOʽJUVFNIPKFVNWFÓDVMPEFMFHJUJNBÎÍPKPSOBMÓʽJDB
FMJUFSÈSJB4ÍPEFGBUPVNGFOÙNFOPOJUJEBNFOUFJOʼJSBEPOPPSEJ
OÈSJP
DBQB[EFEBSQPEFSBPQPOUPEFWJʽBiDPNVNw"VUÐOUJDPTOB
NFEJEBFNRVFTVHFSFNVNBEFTDFOUSBMJ[BÎÍPEPQFOTBNFOUPJOʽJ
UVDJPOBMJ[BEP
FMFT WÐNTFOEPDBEBWF[NBJTBDFTTBEPTDPNPGPOUFT
UÍPPVNBJTDPOmÈWFJTRVFPTWFÓDVMPTEFJOGPSNBÎÍPFʽBCFMFDJEPT
RVF KÈ OÍP NBJT DPOWFODFN OJOHVÏN DPNP KBOFMBT BCFSUBT QBSB B
SFBMJEBEF VN EPT QSPQØTJUPT EB $//
"UFʽBN B QPUFODJBMJ[BÎÍP
EPQSPTBJDP
EPiUSJWJBMwFNDPOUSBQPTJÎÍPËiWFSEBEFJEFPMØHJDBwEPT
HSBOEFTJNQÏSJPTEFDPNVOJDBÎÍP
"TUFDOPMPHJBTMJHBEBTËTJNBHFOTEF TÓOUFTFOPTQSPNFUJBNBP
MPOHPEPTBOPTEFBDSJBÎÍPEFVOJWFSTPTJNBHJOÈSJPT
EFʼSFO
EJEPT EB SFBMJEBEF
GPSNBT EF MJCFSUBÎÍP EB WJTÍP JNQPʽB QFMB DÉ
NFSBGPUPHSÈmDBPVEFDJOFNB.FTNPOFTTFDBNQP
RVFJODMVJPT
WJEFPHBNFTFPVUSBTGPSNBTJOGPHSÈmDBT
PRVFTFQBTTPVGPJEJʽJOUP
EP QSPNFUJEP /B HSBOEF NBJPSJB EPT DPNQVUFSHBNFT FYJʽFOUFT
IPKFUPNBTFFNQSFʽBEBOÍPBQFOBTVNBFʽÏUJDB
NBTDPODFJUPTF
TJUVBÎÜFTEFVNBSFBMJEBEFUÓQJDBEPNVOEPNBJTJNFEJBUP&NNVJ
UPT
PBWBUBSOÍPÏNBJTVNTVQFSIPNFN
NBTVNDJEBEÍPDPNVN
NFNCSPOÍPEBDMBTTFEPTFʼFDJBJTNBTEPTPQSJNJEPT
$BEB WF[ NBJT QSFTFOUFT FN OPTTPT NBJMCPYFT
P VOJWFSTP EP
ʼBNTJNVMBGBUPT RVFUBNCÏNTFQSFUFOEFNiSFBMJEBEFw²NFTNP
OBSFEFRVFPTFYFNQMPTTÍPNBJTJNQMBDÈWFJT0TiSFBMJUZQPSOTJUFTw
P (PPHMF MJʽB EPJT NJMIÜFT TFUFDFOUPT F EF[ NJM EFMFT FN NFOPT
EF
TFHVOEP
TÍPVNBDBUFHPSJBSFMBUJWBNFOUFOPWB
TJNVMBOEP
TJUVBÎÜFTEPJNBHJOÈSJPQPQVMBSFNTVBTNBJTEJSFUBTNBOJGFʽBÎÜFT
HBOHCBOHT
BEPMFTDFOUFTRVFGB[FNTFYPQPSEJOIFJSP
QBSDFJSBTTF
YVBJTUSB[JEBTEBSVB
HBSPUBTMBUJOBT
mMNFTEFFʽVQSP
GFʽBTVOJWFS
TJUÈSJBT
WJ[JOIBTTBGBEBT
HBSPUPTFHBSPUBTCÐCBEBTFUD5VEPQBSFDF
DPOWFSHJSFNVNB TÏSJFEFTJUVBÎÜFT
WFSEBEFJSBTPVOÍP
NBTUPEBT
CVTDBOEPBUPEPDVʽPiQBSFDFSFNSFBJTwDPNPBiSFBMJEBEFw
&OmN
TÍPNVJUPTPTFYFNQMPTEFNBOJGFʽBÎÜFTBSUÓʽJDBT
DVMUV
SBJTFDPNFSDJBJTRVFDPSSPCPSBSJBNDPNFTTBiJEÏJBwPViEJTDVSTPwFN
UPSOP EP PSEJOÈSJP
DVKBT GPSNBT EF SFQSFTFOUBÎÍP
EF DFSUB GPSNB
FWJEFODJBNFTTBTVQPʽBPCTFTTÍP
VNBFʼÏDJFEFTÓOESPNF$PNP
TFUBMBCPSEBHFNEBSFBMJEBEF FNBMHVOTDBTPTBQFOBTBQFMF
BSFBMJ
EBEFNBJTBQBSFOUF
PWFSOJ[
QVEFTTFMFWBSOPTBUPDBSVNBTVQPʽB
iWFSEBEFw
RVFBOTFJBQFMPSFBM
1PMBSJ[BOEPDPODFJUPT
"QPMBSJ[BÎÍPFOUSFiSFBMwF iSFBMJEBEFwQPEFQSPWPDBSEFCBUFT
CBʽBOUF DPNQMJDBEPT *OUFSFTTB BRVJ JOWFʽJHBS TPCSF DPNP DIFHB
NPTBDPOIFDFSVNBEFUFSNJOBEBSFBMJEBEF
TPCSFDPNPBSFBMJEBEF
WFNTFOEPBVUFOUJDBEBDPNPiWFSEBEFJSBw
DPNPTFPBVUÐOUJDPQV
EFTTFTFSVNBNFSBDBNBEBEFWFSOJ[BDPOGFSJSMFHJUJNJEBEF
4VFMZ3PMOJLSFTFSWBBQBMBWSBSFBMJEBEFQBSBiBSFBMJEBEFUBMDPNP
FMBFʽÈGPSNBUBEB FFʽSVUVSBEBw $POTFRàFOUFNFOUF
3PMOJL EF
30-/*,
4VFMZ"XBLFOGSPN-FUIBSHZ"SUBOE1VCMJD-JGFJO4ÍP1BVMPBUUIF$FOUVSZT
5VSO*O1BSBDIVUF$POUFNQPSBSZ"SU.POUSFBM1BSBDIVUF
O
Q
*EFN
*EFN
BOÞODJPDIBNPVBNJOIBBUFOÎÍP
5VSJʽBTQPEFNDPNQSBSiQBDPUFEFGÏSJBTTFNUFUPw
*OʽJUVJÎÜFTEFDBSJEBEFBDVTBNDPNQBOIJBIPMBOEFTBEFUSJWJB
MJ[BSPTTFNUFUP
" FNQSFTB ,BNʽSB 5SBWFM
EB DJEBEF EF &FNTIBWFO
BP OPSUF
EB)PMBOEB
FʽÈPGFSFDFOEPBUVSJʽBTBPQPSUVOJEBEFBPDVʽP
EFMJCSBTEF WJWFSDPNPNFOEJHPTOBTSVBTEF-POESFT
1BSJT
#SVYFMBT
1SBHBF"NʽFSEÍ
$PNP QBSUF EP QBDPUF
FMFT SFDFCFN CJMIFUFT QBSB P WÙP EF
WPMUB
TÍPEJʽSJCVÓEPTQFMBTDJEBEFTFNQFRVFOPTHSVQPTOBDPN
QBOIJBEFVNHVJB FMFWBEPTBDVJEBS EFTJNFTNPT
TFNOFOIVN
EJOIFJSP
QPSUSÐTOPJUFT
0TUVSJʽBTFNGÏSJBTSFDFCFNVNTBDPEFEPSNJS
BMÏNEFVN
JOʽSVNFOUPNVTJDBMPVNBUFSJBMEFEFTFOIPDPNPRVBMEFWFNUFO
UBSDPOTFHVJSBMHVNEJOIFJSP"QFOBTOBRVBSUB OPJUFFMFTSFDFCFN
BMJNFOUBÎÍP F BDPNPEBÎÍP
FNCPSB PT UVSJʽBT RVF BDIBSFN UVEP
NVJUPEJGÓDJMQPEFNJSQBSBVNIPUFMBRVBMRVFSNPNFOUP
0 QSFTJEFOUF EB ,BNʽSB
#FSU (BOTTFOT
RVF EJTTF UFS WJWJEP
DPNPTFNUFUPFN1BSJT
IÈBOPT
EFDMBSPVRVFPQBDPUFEFGÏSJBT
TFSJB VNB iBWFOUVSB DSJBUJWBw QBSB QFTTPBT EF OFHØDJP
BMHP RVF BT
GBSJBNBJTGPSUFTFNBJTTPDJÈWFJT
6NBQPSUBWP[EBGPSÎBQPMJDJBMEF-POESFTBWJTPVRVFPTUVSJT
UBTQPEFSJBNTFSQSFTPT&MBEJTTFRVFPDPODFJUPEFiUVSJʽBTNFO
EJHPTwFSB
OPNFMIPSEPTDBTPT
iEFNVJUPNBVHPʽPF
OPQJPSEPT
DBTPT
QPEFSJB UFS TÏSJBT DPOTFRàÐODJBTw $//DPN
1FUFS8JMLJOTPO
/PUÓDJBT DPNP B EB BHÐODJB EF UVSJTNP IPMBOEFTB QPEFN OPT
MFWBSBQFOTBSFNWÈSJBTRVFʽÜFTBOFDFTTJEBEFEFFYQFSJNFOUBSiPV
USBTSFBMJEBEFTwBOFDFTTJEBEFEFDPOTDJFOUJ[BÎÍPTPCSFBiSFBMJEBEFw
BOFDFTTJEBEFEFFOUFOEFSPRVFÏWJWFSBWJEBEPPVUSP
SFMBDJPOBSTF
DPNBTQFTTPBTEFGPSNBEJGFSFOUFBOFDFTTJEBEFEFFMJNJOBSPTNF
EJBEPSFT QFMPNFOPTUFNQPSBSJBNFOUF
DPNP GPSNBEFSFMBDJPOBS
TFNBJTFGFUJWBNFOUFDPNBDJEBEF
IUUQBSDIJWFTDOODPN803-%FVSPQFCSJUBJOIPNFMFTT "DFTTP FN
KVO
BDJNBEF UVEPQFMBQSPHSFTTJWBNFEJBÎÍPEBSFBMJEBEFQFMPTBUVBJT
NFDBOJTNPTEBQSPEVÎÍPDVMUVSBM'PSNBMNFOUFDPOʽJUVÓEBT
GBCSJ
DBEBTPVTJNQMFTNFOUFSFWFMBEBT
FTTBTWFSTÜFTEBSFBMJEBEFIPKFFN
EJBTPCSFQÜFNTF BPiSFBMwOÍPNBJTDPNPiFʼFUÈDVMPw
NBTDPNP
KBOFMBTBCFSUBT
DPNPVNnVYPFʽÏUJDP
DPNPVNBMJOHVBHFN
IUUQBSDIJWFTDOODPN803-%FVSPQFCSJUBJOIPNFMFTT "DFTTP FN
KVO
²FNOPNFEBTUFDOPMPHJBTEJHJUBJTRVFPTIÈCJUPTEFDPOTVNP
WÐNTFFYQBOEJOEP
PRVFSFQFSDVUFUBNCÏNFNGPSNBTEFBDFTTP
ËDVMUVSB)ÈBQSPMJGFSBÎÍPEFFYQFSJÐODJBTFWJEFODJBEPSBTEFVNB
SFBMJEBEFRVFVSHFËTWF[FTGBMTFBEB
NBTËTWF[FTDPNPJOEÓDJP
EFBMHPiSFBMw
.BT
FOUÍP
RVFUJQPEFUSBCBMIPEFBSUFQPEFFNFSHJSEBVUJMJ[B
ÎÍPEFTTFTTJʽFNBT 'BMFNPTFOUÍPEFBSUF
NBTEFVNBBSUFRVFTF
EFJYBBGFUBSQFMPDPOUFYUP5PSOBSBNFEJBÎÍPBMHPNBJTUSBOʼBSFOUF
NBJTVNBDPOFYÍP QPTTÓWFM VNBJOUFSGBDFBNJʽPTB
FNFOPTVN
PCʽÈDVMP
ÏVNBEBTUFOUBUJWBTËTRVBJTNFMBOÎPGSFRàFOUFNFOUF
/PBOPEFBQSFTFOUFJBJOʽBMBÎÍP 5BYJEFSNJBFPVUEPPS
OB#JFOBMBOPT5SBUBTFEFVNEFNFVTQSJNFJSPTQSPKFUPTFNRVF
FTTBJEÏJBEFJOUFSGBDFDPN BSFBMJEBEFGPJMFWBEBBEJBOUFDPNVNB
NBJPSDPOTDJÐODJBEPRVFFʽBWBGB[FOEP&SBVNUSBCBMIPDPNQPʽP
EF EPJT FMFNFOUPT QSJODJQBJT VN PVUEPPS F VN DBSSP &MF SFQSPEV
[JBVNQBJOFMEPUJQPiUSJFESPw
DPNUSÐTGBDFT
EVBTEFMBTWJTÓWFJTBP
QÞCMJDP%FVNMBEP
GPSBNQSPKFUBEBTJNBHFOTEFFʼBÎPTQÞCMJDPT
WB[JPTFEFTBCJUBEPT%FPVUSPMBEP
TJUVBÎÜFTRVFBDPOUFDFNFNFT
QBÎPTQÞCMJDPTNBT RVF
TVQPʽBNFOUF
TFSJBNNBJTBQSPQSJBEBTFN
FʼBÎPTQSJWBEPT&TTBTJNBHFOTNPʽSBWBNUSÐTTJUVBÎÜFTRVFTFTP
CSFQVOIBNËQSPKFÎÍPEPTFʼBÎPTWB[JPTPSJUVBMEFVNiUSBCBMIPw
GFJUP QPS VN DBSJKFCØ OVNB FODSV[JMIBEB VNB FODPNFOEB EF DBO
EPNCMÏPTBDSJGÓDJPEFVNB HBMJOIB
EPJTUSBWFʽJTTFNBʽVSCBOEP
FNSFHJÜFTQÞCMJDBT FOPCSFT
EBDJEBEFFVNTVKFJUPGVNBOEPDSBDL
4ÍPTJUVBÎÜFTUBCV
RVFJODPNPEBNBTPDJFEBEF
NBTRVFDPOWJWFN
OPFʼBÎPQÞCMJDPTFNNBJPSFTDPOnJUPT/PDFOUSPEBJOʽBMBÎÍPGPJ
DPMPDBEPFOmNVNDBSSP
VNUÈYJ
RVFGVODJPOBWBDPNPVNBFʼÏDJF
EFFMFNFOUPNFEJBEPS
VNBJOUFSGBDFQBSBBTQFTTPBTTFSFMBDJPOBSFN
DPNFTTBTJNBHFOT
DPOTJEFSBEBTFYFNQMPTEBCBSCÈSJFVSCBOB"TJ
UVBÎÍPQSPQPʽBQFMPUSBCBMIPTVHFSJB RVFBTQFTTPBTTFDPMPDBTTFN
EFOUSPEPDBSSPQBSBRVFQVEFTTFNWFSNBJTDPNPEBNFOUFBRVFMBT
JNBHFOT
DPNVN DPOʽSBOHJNFOUPNFOPS
VNBWF[QSPUFHJEBTQPS
FTTFWFÓDVMPEFGSVJÎÍPEBDJEBEF&ORVBOUPFʽBWBNOPDBSSPQPEJBN
UBNCÏN PVWJSWÈSJPTEFQPJNFOUPTEF NPUPSJʽBTEFUÈYJ
DPOUBOEP
FYQFSJÐODJBT FYUSFNBT WJWJEBT FN TFV JOUFSJPS
EFOUSP EFTTF WFÓDVMP
NFJPBNCÓHVP
RVFUFNGVOÎÍPUBOUPQSJWBEBDPNPQÞCMJDB
"TTJNDPNPFNBMHVOTPVUSPTUSBCBMIPTQSPEV[JEPTOPTÞMUJNPT
BOPT
IÈFNVNBSFJODJEFOUFQSPDVSBQFMPT MJNJUFTEFGSPOUFJSBT
FOUSFPTVOJWFSTPTQÞCMJDPFQSJWBEP/FTTBTPCSBT
JOUFSFTTBFYBUBNFOUF
PQPOUPEFDPOnVÐODJB
PDPOUPSOPFNCBÎBEP
BT[POBTEFJOUFSTFDÎÍP
6SHÐODJBT BSUFSFBMJEBEF
"HJS FN [POBT EF DPOnJUP DPN P PVUSP
FN [POBT NBSHJOBJT F
EFʼSPUFHJEBT
FN TJUVBÎÜFT OÍP JOʽJUVDJPOBJT
KÈ Ï VNB JOEJDBÎÍP
EFRVFBMHPEJGFSFOUFFʽÈBDPOUFDFOEPOPTJʽFNBEBBSUF
FOÍPGPJ
VNBUFOEÐODJBEJUBEBQPSDVSBEPSFTPVHBMFSJBT
/BQSPEVÎÍPBSUÓʽJDBDPOUFNQPSÉOFB
BSFMFWÉODJBEBiSFBMJEB
EFwGPSKBVNDFOÈSJPNVMUJGBDFUBEP0BQBSFDJNFOUPEFUSBCBMIPTEF
BSUFRVFTFMBOÎBN TPCSFPTBQBSBUPTEBUFDOPMPHJBQPSUÈUJMPVTFN
mPWFNUPSOBOEP PDPOUFYUPBJOEBNBJTDPNQMFYP"OUFTEFQBSUJS
NPTQBSBVNBBOÈMJTFNBJTFʼFDÓmDBBDFSDBEPTEFTMPDBNFOUPTQSP
EV[JEPTQFMPVTPNBDJÎPEFTTBTUFDOPMPHJBT
UBMWF[EFWBNPTMFWBSFN
DPOTJEFSBÎÍPRVFPBVNFOUPEFQSÈUJDBTEFJOUFSWFOÎÍPVSCBOBPV
BUJWJTNPEBNÓEJBTVSHFUBNCÏNEFVNBDPOnVÐODJBBNCÓHVBFOUSF
PQFOTBNFOUPQPMÓUJDPRVFVTBBBSUFDPNPFʽSBUÏHJBFBBSUFRVFTF
MBOÎBOBSFBMJEBEFNBJTEJSFUB DPNBVSHÐODJBEFVNBBÎÍP TFN
FTRVFDFS VNBDFSUBQVCMJDJEBEFRVFTFVUJMJ[BEFBNCPT
EBUFDOP
MPHJBFEBQPMÓUJDBQBSBmOTFʽSJUBNFOUFNFSDBEPMØHJDPT&NUPEPT
PTDBNJOIPT
BSFBMJEBEFTFUPSOBVN DBNQPEFCBUBMIB
PMVHBSEF
FNCBUFFOWPMWFOEPFʽSBUÏHJBTEJWFSTBT
ËTWF[FTEBBSUF
EBQPMÓUJDB
PVEPNBSLFUJOH
0 GFOÙNFOP EPT DPMFUJWPT BSUÓʽJDPT DPMBEPT OP BUJWJTNP UBN
CÏNQPEFFOGBUJ[BSBWJTÍP EFRVÍPJNFSTBOBSFBMJEBEFFʽÈBQSP
EVÎÍPEFBSUFDPOUFNQPSÉOFB'BMPEFEFUFSNJOBEPTQSPKFUPTRVF
QPEFNOPTBQPOUBSNVJUPTBʼFʹPTFNUPSOPEPTDPOnJUPTFOUSFB
BSUFFBOFDFTTJEBEFEFBÎÍPOPBNCJFOUFNBJTJNFEJBUP
i"MHVNBTDPJTBTWPDÐKBNBJTmDBSÈTBCFOEPQFMBNÓEJBwGPJVNB
QSPWPDBÎÍPJNQSFTTBEPHSVQP'PSNJHVFJSP
DPMPDBEBFNQPʽFT
IUUQXXXDPNVNDPNEJQIVTBGPSNJHVFJSP"DFTTPFNKVO
)0-.&4
#SJBO)JFSPHMZQITPGUIF'VUVSF"SUBOE1PMJUJDTJOB/FUXPSLFE&SB;BHSFC
"SL[JO
Q
OBMEFDPOUSPMFCJPQPMÓUJDPFYJʽFOUFOBTPDJFEBEF"TDBUSBDBT
NF
UBGØSJDBTPVOÍP
TÍPBQBSBUPTEFVNDPOUSPMFFGFUJWBEPQFMBTGPSÎBT
EFQPEFS TPCSFPTDJEBEÍPT"BÎÍPJOJDJBMFRVFEJʼBSPVVNBTÏSJF
EFBDPOUFDJNFOUPTDPSSFMBUPTDPOTJʽJVOBDPMPDBÎÍPEFVNBDBUSBDB
FOGFSSVKBEBTPCSFVNQFEFʽBMOPMBSHPEP"SPVDIF
POEFTFFODPO
USBVNBQSBÎBDPNCVʽPTEFQPFUBT FFTDSJUPSFTDPNP 0MBWP#JMBD
(VJMIFSNFEF"MNFJEBFPVUSPTiOPCSFTwEBMJUFSBUVSBCSBTJMFJSB
1PVDPTDPOTFHVJSBNFYQMJDBSPPDPSSJEP"QSFGFJUVSBEF4ÍP1BVMP
TFNBOJGFʽPVEJ[FOEPRVFJSJBQSPWJEFODJBSBSFUJSBEBPNBJTCSFWF
QPTTÓWFM0GBUPÏRVFBDBUSBDBWJSPVOÍPBQFOBT GBUPNBT QBTTPVB
TFSSFBMNFOUFVNBNFUÈGPSBQBSBNVJUPTEPTQSPCMFNBTFODPOUSBEPT
QFMPTDJEBEÍPTOBDJEBEFEF4ÍP1BVMP0TKPSOBJTQBTTBSBNBOPUJDJBS
PBTTVOUP
OBTDPMVOBTEFMFJUPSFTFBUSBWÏTEFTFVTQSJODJQBJTDPMV
OJʽBT
RVFʽJPOBOEPBDPOEJÎÍPEFBSUFPVOÍPEPQSPKFUP0HSVQP
MBOÎPVBTRVFʽÜFTi1PSRVBOUBTDBUSBDBTQBTTBNPTEJBSJBNFOUF w
i1PSRVBOUBTOÍPQBTTBNPT
BQFTBSEFUFSNPTBTFOTBÎÍPEFQBTTBS w
&OUSFPVUSPTBʼFʹPTEFJOUFSFTTF
WBMFSFTTBMUBS PRVBOUPBBÎÍPSF
QFSDVUJVOPTNFJPT EFDPNVOJDBÎÍP
DSJBOEPNFTNPJODJEFOUFTFN
UPSOPEP QSPKFUP0DBSUVOJʽB-BFSUFSFUPNPVTFVQFSTPOBHFNIP
NFNDBUSBDB
BHPSBJOTFSJEP OPEJTDVSTPEFEFTDBUSBDBMJ[BÎÍPTVHF
SJEPQFMBPCSBEP$POUSB'JMÏ&NKBOFJSPEF
NBJTEFTFJTNFTFT
BQØTBBÎÍP
B'VWFʽ
PNBJPSWFʽJCVMBSCSBTJMFJSP
VTPVPGBUPDPNP
UFNBEBTVBQSPWBEFSFEBÎÍP1PVDPUFNQPEFQPJTP#BODP*UBÞJO
TFSJVPUFNBFNTFVTBOÞODJPTQVCMJDJUÈSJPT OVNBBUJUVEFUÓQJDBEF
BQSPQSJBÎÍPFPVTVCWFSTÍP EFTFOUJEP
EJHBTFEFQBTTBHFN
DPN
PTEJ[FSFTi7FʽJCVMBOEP
EFTDBUSBDBMJ[FTVBWJEBBCSBVNBDPOUBOP
*UBÞw.BJTUBSEF
FʽVEBOUFTFNQSPUFʽPDPOUSBBUBYBEPWFʽJCVMBS
SFGPSÎBSBNPTFOUJEPEFVTPEBDBUSBDB DPNPPCKFUPEFVTPDPOUSP
MBEPSBPJODFOEJBSVNBDBUSBDBBOUFTEFJOWBEJSVNQSÏEJPEB'VWFʽ
0 DÓSDVMP EF SFMBÎÜFT NÞUVBT TF EFNPOʽSB EF NBOFJSB FYFNQMBS
DPNFTTFQSPKFUP
OÍPBQFOBTJOUFSGFSJOEPOPDVSTPEBSFBMJEBEF
NBT
DSJBOEPVNBQSØQSJBSFBMJEBEF
GBʹVBMFQPUFOUF
IUUQJSBUJPOBMPSHUUUQ5551"DFTTPFNKVO
IUUQJSBUJPOBMPSHNWDFOHMJTIIUNM"DFTTPFNKVO
IUUQXXXNWDCJPUFDPSH"DFTTPFNKVO
1SPEVÎÍPEFSFBMJEBEFT
%FGPSNBBOÈMPHB
OPFʼBÎPEBTWJSUVBMJEBEFT
QSPKFUPTEFOFU
BSU DPNP 5FDIOPMPHJFT UP UIF 1FPQMF
EP BSUJʽB FʼBOIPM %BOJFM
(BSDJB"OEVKBS
.FKPS7JEB$PSQF.FKPS7JEB#JPUFDI
EBBSUJʽB
NFYJDBOB.JOFSWB $VFWBT
UÐNDSJBEPPDPSSÐODJBTJHVBMNFOUFJOUF
SFTTBOUFT BPQSPEV[JSFWFOUPTRVFMJEBNEJSFUBNFOUFDPNFʽBGSJD
ÎÍPFOUSFBSFBMJEBEF3FTTBMUBNBFNFSHÐODJBEFJOUFSGBDFTFʽÏUJDBT
RVFGB[FNVNBQPOUFFOUSFPNVOEPSFBMFPWJSUVBM3FEJSFDJPOBOEP
B OBWFHBÎÍP EP VTVÈSJP QBSB MJOLT FYUFSOPT
FTTFT USBCBMIPT QSPEV
[FNBTFOTBÎÍPEFRVFBRVJMPRVFBDPOUFDFFNTFTTÜFTPOMJOFOÍPÏ
EJTTPDJBEPEBRVJMPRVFBDPOUFDFOBWJEBiSFBMw
®TWF[FTÏQSFDJTPQMBOUBSVNBTFOTBÎÍPOFHBUJWBQBSBQSPEV[JS
QFOTBNFOUPTDPOʽSVUJWPTFNVNEFUFSNJOBEPDPOUFYUP BMHPBWFS
DPNiDPOTDJFOUJ[BÎÍPw
0 QSPKFUP NFUBXBMMT EF NJOIB BVUPSJB QSPEV[JB FTTB TFOTB
ÎÍPEFEFTDPOGPSUP"TQFTTPBTRVFBDFTTBSBNPUSBCBMIPFNDPNQV
UBEPSFTMPDBMJ[BEPTFNFʼBÎPTQÞCMJDPTPVOPTFVMPDBMEFUSBCBMIP
NVJUBTWF[FTTFBTTVʽBWBN RVBOEPIBWJBPVUSBQFTTPBOBTBMB*TTP
QPSRVFBTKBOFMBTEPKPHPNPWFNTFQBSBPQSJNFJSPQMBOPEBUFMBF
TÍPEJGÓDFJTEFGFDIBS
SFWFMBOEPPJOUFSFTTFEPVTVÈSJPQPSTJUFTJMÓDJUPT
PViTVKPTw"ÞOJDB GPSNBEF GFDIBSDPNQMFUBNFOUFUPEBTBTKBOFMBT
ÏVTBOEPVNGPSDFRVJUQBSBPCSPXTFSJOUFJSP
FNVJUPTVTVÈSJPTOÍP
GBNJMJBSJ[BEPTDPNPDPNQVUBEPSOÍPTBCFNDPNPGB[ÐMP5FOIP
SFHJʽSPT EFRVF
FNDFSUBTTJUVBÎÜFT
PNFUBXBMMTDIFHPVBDBVTBS
QÉOJDP"MÏNEJTTP
PUSBCBMIPGPJMBOÎBEPKVʽBNFOUFRVBOEPPTFN
QSFHBEPSFT OP 3FJOP 6OJEP BERVJSJSBN QPEFSFT QBSB CJTCJMIPUBS P
USBCBMIP EPTFNQSFHBEPTBQBSFDFOEPDPODPNJUBOUFNFOUFDPN
EFCBUFTFQSFPDVQBÎÜFTDPNBQSJWBDJEBEF
&ʽBNPTPCTFSWBOEPPRVBOUPBNÓEJBOÍPTØ SFQSFTFOUBVNB
NFUBXBMMTÏBTJNVMBÎÍPEFVNQPSUBMEFTFSWJÎPTFTDVTPTFEVWJEPTPT&ORVBOUPOB
WFHBQPSFTTFTEPNÓOJPT
PTJTUFNBDPMFUBEBEPTEPVTVÈSJPFPTEFWPMWF
DPOTUSBOHFOEP
PQÞCMJDPEFVNBDFSUBGPSNB
BPNFTNPUFNQPFNRVFUPSOBUSBOTQBSFOUFTBMHVOTNFDB
OJTNPTJOUSVTJWPTMBSHBNFOUFVUJMJ[BEPTOBJOUFSOFU'PJDSJBEPFTTFODJBMNFOUFBQBSUJSEF
FNBJMTDPOTJEFSBEPTTQBNT
DPMFDJPOPFYFNQMPTNBJTBCFSSBOUFTIÈVNCPNUFNQP
0
TJUFGVODJPOBDPNPVNBFTQÏDJFEFEFWPMVÎÍPQBSBPEPNÓOJPQÞCMJDPEFVNMJYPEFTQFKBEP
TPCSFVNFTQBÎPQSJWBEP1BSBJTTPVUJMJ[BVNBMJOHVBHFNBNCÓHVBFUBMWF[iDBQDJPTBw
IUUQXXXDPNVNDPNEJQIVTBNFUB"DFTTPFNKVO
SFBMJEBEF iQSÐUËQPSUFSw
NBT TF UPSOB
DBEB WF[ NBJT
VNB GPSNB
EF DPOʽSVJS SFBMJEBEFT 4JʽFNBT CBTFBEPT OB NÓEJB OÍP SFUSBUBN
P NVOEP FYJʽFOUF FMFT P TVCʽJUVFN QPS iSFBMJEBEFT NJEJÈUJDBTw
$PNPBT EJGFSFOUFTNÓEJBTGPSNBNFTTBiUFYUVSBEFSFBMJEBEFwÏPV
USBRVFʽÍPRVFWBMFMFWBOUBS
*OUFSGBDFT
'PSNBTEJʽJOUBTEJTTPRVFFʽBNPTDIBNBOEPBRVJEFSFBMJEBEF
UÐNTJEP GPSKBEBTQFMBNÓEJB FBNBOFJSBDPNP MJEBNPTDPNBSFBMJ
EBEFFGFUJWBÏDBEBWF[NBJTNFEJBEBQPSWÈSJPTUJQPTEFJOUFSGBDFT
2VFʽÜFTBEWJOEBTEFTTBSFBMJEBEFPSEJOÈSJBFQSPTBJDBUÐNBGFUBEP
OÍPTPNFOUFBBSUF
NBTBQSØQSJBWJEB6NBBSUFFNFʽSFJUBMJHBÎÍP
DPNBʼFʹPTDPUJEJBOPT BMHVOTVSHFOUFTPVUSPTOFNUBOUPT
EFWF
FOGSFOUBS RVFʽÜFT UBNCÏN JNFEJBUBT
PGFSFDFOEP DPOFYÜFT F
TF
OÍPGPSOFDFOEPSFʼPʽBT
QFMPNFOPTMFWBOUBOEPRVFʽÜFTDSVDJBJT
0TJOʽSVNFOUPTEBBSUFQBSBFTTBTJOUFSWFOÎÜFTQPEFNDPOTJʽJSEF
JOUFSGBDFTBMHPRVFOÍPTPNFOUFWBJNFEJBSPTJOEJWÓEVPTOBEJSFÎÍP
EF FʼBÎPT QÞCMJDPT DPNQBSUJMIBEPT SFBMJEBEF NBT UBNCÏN
QPEFTVHFSJSDPOTDJFOUJ[BÎÍP
.FTDMBOEP DPODFJUPT SFMBDJPOBEPT DPN DPOUFYUP
NFEJBÎÍP
UFDOPMØHJDB F VTP EP FʼBÎP
FV DIBNBSJB EF iJOUFSGBDFT CBTFBEBT
OB SFBMJEBEFw BMHP QFOTBEP PSJHJOBMNFOUF FN JOHMÐT DPNP iSFBMJUZ
CBTFEJOUFSGBDFTw
FTTBTUFOUBUJWBTEFQSPEV[JSVNBDPOFYÍPNFEJBEB
FOUSFDFSUBTNÈRVJOBTFUSBCBMIPTJOʼJSBEPTQFMBSFBMJEBEF*OUFSGB
DFTCBTFBEBTOBSFBMJEBEFMFWBSJBNFNDPOTJEFSBÎÍPBJOʽBCJMJEBEF
EBNÓEJB
RVFʽÜFTDVMUVSBJT
JEFOUJEBEF
PPVUSPFPFʼBÎPRVFOPT
DJSDVOEB &MBT UBNCÏN QPEFN TFS JOUFSGBDFT EF TJNVMBÎÍP
KÈ RVF
VTBNNPEFMPTFODPOUSBEPT OBWJEBSFBMQBSBQSPEV[JSBQSPYJNBÎÍP
FNQBUJBFVNTFOUJEPEFBUFOÎÍP
1PSOÍPDBSSFHBSOFDFTTBSJBNFOUFWBMPSFʽÏUJDP
BBSUFQPMÓUJDB
DPN DBSÈUFS BUJWJʽB
OÍP TF SFʼBMEB OB MØHJDB DBQJUBMJʽB F OÍP TF
DPOʽJUVJDPNPNFSDBEP QBSBNVJUPT
TFRVFSDPNPBSUF
1PSPVUSPMBEPTVBBQSPYJNBÎÍPDPNPTWBMPSFTFʽÏUJDPTTVQPʽB
NFOUFBEJʽBODJBEFTVBTGPSNBTNBJTEJSFUBTFDPOWJODFOUFTEFJOTFS
ÎÍPOBSFBMJEBEF$PNPTFGPTTFNBJTQBTTÓWFMEFDPPQUBÎÍPQPSQBSUF
EFTJʽFNBTNFSDBEPMØHJDPTNBJTQFSWFSTPT FJTTPEFTBVUPSJ[BTTFTFV
3FMBUPmOBM
)ÈQPVDPUFNQP
QBSUJDJQFJBUJWBNFOUFEBSFBMJ[BÎÍPEPQSPKFUP
ĔĦēĠ
RVFBDPOUFDFVEVSBOUFUSÐTmOTEFTFNBOBOPDFOUSPEBDJEBEF
F GPJ VN EFTTFT QSPKFUPT RVF TF MBOÎBN TPCSF FTTF UJQP EF SFMBÎÍP
FOUSF SFBMJEBEF
FOUSF TF QSPUFHFS
PV TF MBOÎBS BP SJTDP F EFJYBSTF
BGFUBSQFMBSFBMJEBEF$PODFCJEPQFMPTHSVQPT"3FWPMVÎÍP/ÍP4FSÈ
5FMFWJTJPOBEB
#JKBSJ
$PCBJB
$POUSB'JMÏ
$PNQBOIJB$BDIPSSBF1FS
EB5PUBM
PĔĦēĠGPJQMBOFKBEPDPNPVNEJʼPTJUJWPOÍPFYBUBNFOUF
EFFʼFUÈDVMP
NBTEFJOUFSBÎÍPFEJÈMPHPDPN VNUJQPEFQÞCMJDP
FDPNVNBNCJFOUFNBJTPVNFOPTFʼFDÓmDPPDFOUSPEBDJEBEFF
TFVT IBCJUBOUFT
BRVFMFT RVF FGFUJWBNFOUF DJSDVMBN BMJ F GB[FN EB
RVFMFBNCJFOUFTVBWJEB5SBUBTFEFVNQÞCMJDPRVFHFSBMNFOUFFʽÈ
ËNBSHFNEFBQSFTFOUBÎÍP
BOÍPTFSRVBOEPBQSFGFJUVSBGB[BMHVN
UJQP EF GFʽB OP "OIBOHBCBÞ
BT JHSFKBT FWBOHÏMJDBT QSPNPWFN FO
DPOUSPTNVTJDBJTQBSBHSBOEFTNBTTBTPVPVUSBTJOJDJBUJWBTEPHÐOFSP
"JEÏJBJOJDJBMFSBRVFDBEBHSVQPQSPEV[JSJBJNBHFOTQBSBVNBEBT
VNUFYUPCBTF
FNDPOTPOÉODJBDPNPRVFPDPSSJBBDBEBNPNFOUP
NBTFNGVOÎÍPEBSFʼPʽBEPQÞCMJDPFTVBEJʼPOJCJMJEBEFFNJOUF
SBHJSDPNPĔĦēĠ
2VBOEPGBMBNPTOFTTFDPOUFYUPEFSFNJY
EFBQSPQSJBÎÍPEFSF
DJDMBHFN
OFNTFNQSFOPTEBNPTDPOUBEPRVBOUPJTTPFʽÈQSØYJNP
EFNBOJGFʽBÎÜFTNBJTQPQVMBSFT
EFRVFJTTPBDPOUFDFOBTSVBT
P
UFNQPUPEP"QBSUJSEBÓBTDPJTBTGPSBNNVEBOEPFBTBQSFTFOUBÎÜFT
GPSBN HBOIBOEP OBUVSBMNFOUF B QBSUJDJQBÎÍP EPT WFSEBEFJSPT IBCJ
UBOUFTEPDFOUSP
EFTTFQÞCMJDPRVFFʽBWBBMJFNWPMUB
BOUFTBQÈUJDP
/BTFHVOEBTFNBOBEFBQSFTFOUBÎÍP
OP"OIBOHBCBÞDPOTFHVJ
NPTEBSFTTFQBTTPBEJBOUFNBJTEFSBQQFSTTFNBOJGFʽBSBNDPN
JNQSPWJTPTDPNPT%+TF.$TEPQSPKFUPRVFTFWJBNDPNQFMJEPT
BNVEBSBTCBTFTQSFFʽBCFMFDJEBT
QPSRVFFTTBGBMBRVFWJOIBEBSVB
PiSFQFOUFwFBNÞTJDBRVFWJOIBNEBQBSUJDJQBÎÍPMFHÓUJNBEPMBEP
EFGPSBEPĔĦēĠEFNBOEBWBFNWÈSJPTNPNFOUPTVNPVUSPUJQPEF
USBUBNFOUP TPOPSP F WJTVBM $PNQSFFOEFS JTTP FN QMFOP QSPDFTTP
GPJ CBʽBOUF SJDP 5ÓOIBNPT RVF CVTDBS PVUSBT DPOFYÜFT FN OPTTP
CBODP EF JNBHFOT
PVUSBT DFOBT
OÍP OFDFTTBSJBNFOUF BRVFMBT RVF
UÓOIBNPTQMBOFKBEPQBSBBFʽSVUVSBOBSSBUJWB
/BTÞMUJNBTBQSFTFOUBÎÜFTOBQSBÎBEB4ÏBBQSFTFOUBÎÍP BmOBM
GVODJPOPVEFGPSNBCFNQSØYJNBEBT FYQFʹBUJWBT0QÞCMJDPRVF
FʽBWBBMJSFBMNFOUFQBSUJDJQPVOBNFEJEBFNRVFÓBNPT USB[FOEP
NBJTFMFNFOUPTEF EFOUSPEPĔĦēĠQBSBGPSB0TQFSGPSNFSTF.$T
FʽBWBNNVJUPNBJTFNDPOUBUPDPNPQÞCMJDPFYUFSOPEPRVFDPN
PJOUFSOP"TDÉNFSBTDPNFÎBSBNBGVODJPOBSDPNPNFDBOJTNPTEF
NFEJBÎÍPFGFUJWB
FOÍPEFDPOʽSBOHJNFOUP*TTPOPTQFSNJUJBWFSF
TFOUJSPRVFTFQBTTBWBEPPVUSPMBEPEBUFMB
EBNFTNBGPSNBDPNP
BCSJBQBSBPQÞCMJDPPDPOWJUFËDFMFCSBÎÍPRVFWJOIBEFEFOUSP
0VTFKB
OBQSJNFJSBBQSFTFOUBÎÍPFYJʽJBVNBPQBDJEBEFFWJEFO
UFFOUSFPTFʼBÎPTJOUFSOPFFYUFSOP/ÍPIBWJBEJÈMPHPEJSFUPFOUSF
P FʼBÎP EB QFSGPSNBODF F P EB FʼPOUBOFJEBEF EB SVB /B QSBÎB
EB4Ï
BNFEJBÎÍPTFUPSOPVNBJTUSBOʼBSFOUF
FFʽBCFMFDFVTFVN
EJÈMPHP
QPUFODJBMJ[BEP JODMVTJWF QFMBT DÉNFSBT F NJDSPGPOFT &TTB
SFMBÎÍPBDPOUFDFVEFVNBGPSNBCBʽBOUFiFOFSHJ[BOUFw
BMHPRVFTF
FWJEFODJBRVBOEP TFUSBCBMIBDPNPDPOUFYUPFNUFNQPSFBM'BMBS
EFTJOFʽFTJBQPEFSFTVMUBSFNVNEJTDVSTPNFSBNFOUFSFUØSJDP
NBT
JTTPUBNCÏNBDPOUFDFVFN CPBNFEJEB
UBOHFODJBOEPFTTFTJEFBJT
RVF NVJUB HFOUF BMNFKB OFTTB SFMBÎÍP JNBHFNTPN OP DBTP
FʼF
DJBMNFOUFBQBSUJSEPTPN
1FTTPBMNFOUF
DPNPėĒĢPVP$PCBJBWF
OIPQBSUJDJQBOEPBUJWBNFOUFEFPVUSBTFYQFSJÐODJBTEFTTBOBUVSF[B
PRVFWFNTFOEPWBMJPTPQBSBBMJBSBʼFʹPTJNQPSUBOUFTFOUSFUFPSJB
FQSÈUJDB4ÍPGPSNBTDPNQMFNFOUBSFTFOÍPFYDMVEFOUFTEFFYQMPSBS
FʽSVUVSBTMJHBEBTËNFEJBÎÍPFOUSFSFBMJEBEFTEJʽJOUBT CFNDPNP
PVUSPT iDPODFJUPT MJHBEPT ËT OPWBT NÓEJBT DPNP BT QPTTJCJMJEBEFT
EFNVMUJTTFOTPSJBMJEBEF
PTJEFBJTEFDPOnVÐODJBFOUSFNFJPT
MJOHVB
HFOT FGFUJWBNFOUF IÓCSJEBT
GPSNBT EF JOUFSBÎÍP F QBSUJDJQBÎÍP EP
QÞCMJDPyw
.BTTPCSFUVEPDPNPQSPQØTJUPDMBSPEFJOʽSVNFOUB
MJ[BSVNBPVUSBDPJTBEFGVODJPOBSDPNPVNDBOBMWFJDVMBEPS
VNB
JOUFSGBDF EF NFEJBÎÍP RVF QPEF TFS DPMPDBEB B TFSWJÎP EF BMHVÏN
VNBQFTTPB
VNHSVQP
&FTTFJOEJWÓEVPPVFTTFHSVQP BMHVÏNRVF
BOTFJBQPSEJ[FSBMHP
QPEFFWFOUVBMNFOUFUPNBSDPOTDJÐODJBEBSFBM
VUJMJEBEFEFTTFTDBOBJT
5FNTFB JNQSFTTÍPNVJUBTWF[FTFRVJWPDBEBEFRVFPTBSUJʽBT
UFSJBNTFNQSFBMHPNBJTJNQPSUBOUFBEJ[FSEP RVFRVBMRVFSPVUSP
$PNPTF FʽFTFNQSFUJWFTTFBQSFSSPHBUJWBEPEJTDVSTP
BRVFMFRVF
WBJQSPEV[JSJOUFSWFOÎÜFT
SVQUVSBTFEFTMPDBNFOUPT.BTQPVDPOPT
QFSHVOUBNPTTFPQÞCMJDPEFGBUPRVFSFTTBJOUFSWFOÎÍP
TFPQÞCMJDP
PT IBCJUBOUFT EP DFOUSP
QPS FYFNQMP
RVFSFN TF SFMBDJPOBS DPN
FTTFUJQP EFBSUF.BTOÍPTFUSBUBEF EFGFOEFS BRVJVNBBSUFBTTJT
UFODJBMJʽB'BMPEF TJUVBÎÜFTBTTPDJBEBTBPiGB[FSBSUFwFNUFSSFOPT
EFʼSPUFHJEPT&FOWPMWFSPPVUSPÏTFNQSFVNSJTDPRVBOEPTFUFN
BEFWJEBSFʼPOTBCJMJEBEFTPCSFPRVFTFGB[FTPCSFPDPOUFYUP
'PJ QPS NPUJWPT RVF SFTWBMBN QPS RVFʽÜFT EFTTB PSEFN RVF
QBTTFJBGB[FSEPDVNFOUÈSJPT
QPSFYFNQMP1PSRVFGB[FSEPDVNFO
UÈSJPTQPEFTFSVNBGPSNBEFBQSFOEFSDPNBSFBMJEBEF
VNBGPSNB
EF TF JOTFSJS OVNB SFMBÎÍP DPN P PVUSP
DPN P BNCJFOUF PV DPN
VNEFUFSNJOBEPDPOUFYUPRVFOÍPTFDPOIFDF&FTTFQSPDFTTP
FTTF
QFSDVSTPQPEFNFUSBOTGPSNBS
QPEFNFGB[FSEJGFSFOUF
NFGB[FSWFS
BMHPRVFFVOÍPWJBBOUFT&
NBJTRVF JTTP
QPEFGVODJPOBSDPNPDB
OBMQBSBRVFBMHVÏNTFFYQSFTTF0USBCBMIPDPNNÓEJBTUFNRVFUFS
FTTBNÍPEVQMB
FMFUFNRVFQPUFODJBMJ[BSPEJÈMPHP"DPOFʹJWJEBEF
OÍPCBʽB ÏQSFDJTPQSFFODIFSFTTFDBOBMDPNBMHPRVFWBMIBBQFOB
#JCMJPHSBmB
#".#0;;*
-VDBT 304"4
3JDBSEP $POUSBmMF
6SHFODZ *O
30-/*,
4VFMZ &E
1BSBDIVUF $POUFNQPSBSZ "SU .POUSFBM 1BSB
DIVUF
O
%*".0/%
4BSB.BQQJOHUIF$PMMFʹJWF*O$POUFYU$SFBUPST7&4
/"
7JʹPSJB1"6-
$ISJʽJBOF &E
$BNCSJEHF.*51SFTT
$POGFSFODF 1SPDFFEJOHT
"SU BOE 5FDIOPMPHZ
#SBTÓMJB
KVMIP
$POGFSFODF1SPDFFEJOHT
IUUQXXXFDJBEDB_SCVSOFUUNBQQJOHDPMMFʹJWFQEG "DFTTP
FNEF[
)0-.&4
#SJBO)JFSPHMZQITPGUIF'VUVSF"SUBOE1PMJUJDTJOB /F
UXPSLFE&SB;BHSFC"SL[JO
@@@@@@3FWFSTF*NBHJOFFSJOH5PXBSEUIF/FX6SCBO4USVHHMFTPS
8IZ4NBTIUIF4UBUF8IFO :PVS/FJHICPSIPPEʾFNF1BSL*T4P
.VDI $MPTFS /FUUJNF
IUUQBNʽFSEBNOFUUJNFPSH-JʽT
"SDIJWFTOFUUJNFMNTHIUNM"DFTTPFNEF[
3)&*/(0-%
)PXBSE 4NBSU .PCT ʾF /FYU 4PDJBM 3FWPMVUJPO
$BNCSJEHF1FSTFVT
30-/*,
4VFMZ"XBLFOGSPN-FUIBSHZ"SUBOE1VCMJD-JGFJO4ÍP1BV
MPBUUIF$FOUVSZT5VSO*O1BSBDIVUF$POUFNQPSBSZ"SU.POUSFBM
1BSBDIVUF
O
/PmMNFʾFFEVLBUPST
EJSJHJEPQPS)BOT8FJOHBSUOFS
IÈVNSJUVBMRVFTFSFQFUF %PJTKPWFOTBUJWJʽBTFTDPMIFNDBTBTEB
BMUBCVSHVFTJBCFSMJOFOTFF
HSBÎBTBPCMPRVFJPEPTBQBSBUPTEFWJHJ
MÉODJB
JOWBEFN BT NBOTÜFT
NVEBN UVEP EF MVHBS F EFJYBN VNB
NFOTBHFNHSBmUBEBiPTEJBT EFGBSUVSBFʽÍPDIFHBOEPBPmNBT
TJOBEPFEVLBUPSTw&NTFHVJEB
QBSUFNTFNOBEBMFWBS/ÍPTFUSBUB
EFVNBBNFBÎBPVVNBSFWPMUBDPOUSBPTJʽFNB"EVQMBEFiFEV
DBEPSFTw
+BOF1FUFS
QSPQÜFVNBQFEBHPHJBCBTFBEBOBDPOʽSVÎÍP
EFVNDPOUSBTFOTP
EFVNBCTVSEP
EFVNEJʼBSBUF"BÎÍPÏDMBSB
DSJBSVNBJOʽBCJMJEBEFEPTTVKFJUPTFEPTPCKFUPT0NVOEPEPCPN
TFOTPFEPTFOTPDPNVN
FYQSFTTPOBPSEFNFOPHPʽPEBTDBTBT
CVSHVFTBTBCBʽBEBT
VNBWF[SFWJSBEPQFMPBWFTTP
TFUPSOBJOʽÈWFM
FFʽSBOIP BQBSFMIPTEFTPNOBHFMBEFJSB
QPSDFMBOBTDIJOFTBTOP
WBTPTBOJUÈSJP
NØWFJTFNQJMIBEPT
PTPGÈCPJBOEPOBQJTDJOBy
0BUPEF JOWBEJSQSPQSJFEBEFTQBSUJDVMBSFTÏDPOTJEFSBEP JMFHBM
.BTOPDPOUFYUPEFVNFʽBEPEFFYDFÎÍP
RVBOEPPTEJSFJUPTFʽÍP
TVʼFOTPTOPBS
PRVFGB[FS &NCBSBMIBSPTDØEJHPT$SJBSVNQFOTB
NFOUPRVFQBTTFQPSEFCBJYPEBTMFJT
SFDVTBOEPBT
QPSEFCBJYPEBT
SFMBÎÜFT DPOUSBUVBJT
EFTNFOUJOEPBT
QPS EFCBJYP EBT JOʽJUVJÎÜFT
QBSPEJBOEPBT i" DPOUFʽBÎÍP IPKF mDPV VN QPVDP NBJT DPN
QMJDBEBw
EJ[ +BO Ë BNJHB +VMF OVN EPT EJÈMPHPT EP mMNF 1PʽFSJPS
NFOUF
BUSBWÏT EB JOUFSWFOÎÍP EB QSØQSJB +VMF
FNFSHF VN DIPRVF
EFHFSBÎÜFTJOFWJUÈWFMʾFFEVLBUPSTDPMPDBGSFOUFBGSFOUFBHFSBÎÍP
EFFPTBUJWJʽBTEPOPWPNJMÐOJP
/ÙNBEFT
MJCFSUÈSJPTFBOBSRVJʽBT
EFPOUFNFEFIPKF
UÐNFN
DPNVNPGBUPEFJOʽBMBSFNPQBSBEPYPOPQFOTBNFOUP FOBWJEB
%&-&6;&
(JMMFT/JFU[TDIFIPKF DPMØRVJPEF$FSJTZ."350/
4DBSMFUU 0SH
4ÍP1BV
MP#SBTJMJFOTF
Q
QPMÓUJDB0QBSBEPYPUFNVNBGVOÎÍPEFTBVUPNBUJ[BEPSBEBQFSDFQ
ÎÍP EP NVOEP
OB NFEJEB FN RVF USBOTGPSNB B QFSNBOÐODJB FN
QVSP EFWJS & TF QPS VN MBEP Ï UÍP EJGÓDJM USBUBS IJʽPSJDBNFOUF PT
NPWJNFOUPTQBSBEPYBJT
BPNFTNPUFNQPQPEFNPTBQSPYJNBSNVJ
UPTUFØSJDPTRVFOVODBTFEFmOJSBNBOBSRVJʽBT /JFU[TDIF
'PVDBMU
%FMFV[F
EBiNÈRVJOBEFHVFSSBwBOÈSRVJDBDPOUSBPQPEFS
*OʼJSBEPQFMBQFEBHPHJBEPTFEVLBUPST
QSFUFOEFTFBRVJBQFOBT
FUÍPTPNFOUFNBQFBSBMHVNBTSFWFSCFSBÎÜFTQBSBEPYBJTEFNBUSJ[
OJFU[TDIFBOB OBT NBOJGFʽBÎÜFT DPOUFNQPSÉOFBT EF NJEJBUJWJTNP
UFSNPBTTJNEFmOJEPQPS.BUUFP1BTRVJOFMMJ
i0NJEJBUJWJTNPOÍPÏTØVNGFOÙNFOPTPDJBMFQPMÓUJDP
SFQSF
TFOUBVNMBCPSBUØSJPEFJOPWBÎÜFTFFYQFSJNFOUBÎÜFTRVFWFSFNPT
TVSHJSOB TPDJFEBEFEPGVUVSP5SBUBTF EFVNQSPUØUJQPPVEFVNB
PmDJOBEFVNBOPWBDVMUVSBFEFVNBOPWBNFOUBMJEBEFEPTGØSVOT
TPDJBJTBPIBDLUJWJTNP
EPPSÎBNFOUPQBSUJDJQBUJWPËFDPOPNJBTPMJ
EÈSJB
EB EFTPCFEJÐODJBTPDJBMËJOUFSWFOÎÍPQBDÓmDBOPTUFSSJUØSJPT
EB HVFSSB HMPCBM ² VNB OPWB BUJUVEF
VN NPEFMP DVMUVSBM
VNB
GPSNBNFOUBMRVFDPOTJEFSBNPTDFOUSBMOPIVNBOJTNPEPNVOEP
RVFFʽÈQPSWJS6NQSPUØUJQPNFOUBMRVFBJOEBÏFNCSJPOÈSJP
NBT
DBSSFHBEPEFQPUFODJBMJEBEFTSBEJDBMNFOUFJOPWBEPSBT
RVFKÈBSSB
OIBSBNBTVQFSGÓDJFEBTQJSÉNJEFTJNQFSJBJTEPQPEFS
EPTNFJPTEF
DPNVOJDBÎÍP
EBFDPOPNJByw
$PNFDFNPTQPSVNBQJʽBGPSOFDJEBQPS.JDIFM'PVDBVMU
FN
OVNBJOVTJUBEBFOUSFWJʽBDPODFEJEBË3FWJʽB.BODIFUF'PV
DBVMU
FNTVBTFHVOEBFÞMUJNBWJTJUBBP#SBTJM
BVUPEFmOJBTFVN
KPSOBMJʽBi0RVF NFJOUFSFTTBÏBBUVBMJEBEF
PRVFTFQBTTBFN
OPTTPSFEPS
PRVF TPNPT
P RVFBDPOUFDFOPNVOEPw
EFDMBSPV
&NTFHVJEB
BSSFNBUPV
i"mMPTPmB
BUÏ/JFU[TDIF
UJOIBDPNP SB[ÍPEF TFSBFUFSOJEBEF
0QSJNFJSPmMØTPGPKPSOBMJʽBGPJ/JFU[TDIF&MFJOUSPEV[JVPIPKFOP
DBNQPEBmMPTPmB "OUFT
PmMØTPGPDPOIFDJBPUFNQPFBFUFSOJEB
JOEJQFOEFOUFNBQQBJOUFSOB[JPOBMFFNBOVBMFEVTP3PNB%FSJWF"QQSPEJ
Q
-&*5&
3JDBSEP(PNFT0NVOEPÏVNHSBOEFIPTQÓDJP3FWJTUB.BODIFUF
O
KVOQ
EF.BT/JFU[TDIFUJOIBVNBPCTFTTÍPQFMBBUVBMJEBEF1FOTPRVFP
GVUVSPTPNPTOØTRVFGB[FNPT0GVUVSPÏBNBOFJSBDPNPSFBHJNPT
BPRVFTFQBTTB
Ï BNBOFJSBDPNPUSBOTGPSNBNPTFNWFSEBEFVN
NPWJNFOUP
VNBEÞWJEB4F OØTRVJTFSNPTTFS NFʽSFTEPOPTTPGV
UVSP
EFWFNPTDPMPDBSGVOEBNFOUBMNFOUFBRVFʽÍPEPIPKF1PSJTTP
QBSBNJN
BmMPTPmBÏVNBFʼÏDJFEFKPSOBMJTNPSBEJDBMw
0SB
PQSPKFUPNBJT HFSBMEF/JFU[TDIF
FOTJOBOPT(JMMFT%FMFV[F
DPOTJʽFFNJOUSPEV[JSOPVOJWFSTPmMPTØmDPPTDPODFJUPTEFTFOUJEP B
SFMBÎÍPEFBMHVNBDPJTBQBSBDPNBGPSÎBRVFEFMBTFBQPEFSB
FWBMPS
BIJFSBSRVJBEFGPSÎBTRVFTFFYQSJNFNOPPCKFUP
²DPNPTFPiIPKFw
FBiBUVBMJEBEFwEFRVFOPTGBMB'PVDBVMUOBDJUBÎÍPBDJNBQBTTBTTFNB
HBOIBSVNOPWPTFOUJEPFVNSFOPWBEPWBMPS PVUSBOTWBMPS
RVFTØ
QPEFNTFSFOUFOEJEPTEJBOUFEFVNBDSÓUJDBSBEJDBMEPKPHPEFGPSÎBT
DPOUFNQPSÉOFBT6NBmMPTPmB
DPOGPSNF/JFU[TDIFEJ[JB
SFBMJ[BEBB
iNBSUFMBEBTw.BTRVFUJQPEFKPSOBMJTNPSBEJDBM
BPNFTNPUFNQPDSÓ
UJDPFDSJBUJWP
EFʼPOUBSJBBQBSUJSEBTNBSUFMBEBTEF/JFU[TDIF
*NFEJBUJTNP
1PʽP RVF OÍP TF QPEF GBMBS FN KPSOBMJTNP TFN BMVEJS B VNB
MJOHVBHFNTVCKBDFOUF
USBUBTFEFCVTDBSFN/JFU[TDIFBOPWJEBEF
EJTDVSTJWB
VNBOPWBOBSSBUJWB
DBQB[EFJMVNJOBSiBBVSPSBEFVNB
DPOUSBDVMUVSBwFEFVNBDPOUSBmMPTPmB² FYBUBNFOUFJTTPRVFP
mMØTPGP(JMMFT%FMFV[FBQSPGVOEBOBTVBGBMBi1FOTBNFOUPOÙNBEFw
OP$FOUSP$VMUVSBM *OUFSOBDJPOBMEF$FSJTZMB4BMMF /PSNBOEJB
EV
SBOUFPDPMØRVJPi/JFU[TDIFIPKF w
FNKVMIPEF
/BUSBEJÎÍPmMPTØmDB
BSFMBÎÍPDPNPFYUFSJPSTFNQSFGPJNFEJB
EBFEJTTPMWJEBOVNBJOUFSJPSJEBEF BBMNB
BDPOTDJÐODJB
BFTTÐODJBPV
PDPODFJUP
/JFU[TDIF
BPDPOUSÈSJP
GVOEBPQFOTBNFOUP
B FTDSJUVSB
TPCSFVNBSFMBÎÍP JNFEJBUB DPNPFYUFSJPSBUSBWÏTEPBGPSJTNP TFO
UFOÎBCSFWF
NÈYJNB
EBQPFTJB
EBQBSØEJB
EBJSPOJBFEPQBSBEPYP
.JHVFM"OHFMEF#BSSFOFDIFBJOTJʽFOBFYBMUBÎÍPFOGÈUJDBRVF
%FMFV[FGB[EPFʽJMPOJFU[TDIFBOP
iyPBGPSJTNPÏTBVEBEPDPNPVNBOPWBGPSNBEFFTDSJUB
VNBGBMB
*EFN
%&-&6;&
(JMMFT0QDJUQ
1BSB(JMMFT%FMFV[F
DPOFʹBSPQFOTBNFOUPBPFYUFSJPSÏPRVF
PTmMØTPGPTOVODBm[FSBN
NFTNPRVBOEPGBMBWBNEFQPMÓUJDB/ÍP
CBʽBGBMBSEPFYUFSJPSQBSB DPOFʹBS PQFOTBNFOUPEJSFUBNFOUF F
JNFEJBUBNFOUFBPFYUFSJPS0TUFYUPTEF/JFU[TDIFTÍPBUSBWFTTBEPT
QPSVNNPWJNFOUPRVFWFNEFGPSB
RVFOÍPDPNFÎBOBQÈHJOBEP
MJWSP OFN OBT QÈHJOBT QSFDFEFOUFT
RVF OÍP DBCF OP RVBESP EP MJ
WSP
FRVFÏBCTPMVUBNFOUFEJGFSFOUFEPNPWJNFOUPJNBHJOÈSJPEBT
SFQSFTFOUBÎÜFT PV EP NPWJNFOUP BCʽSBUP EPT DPODFJUPT "MHVNB
DPJTBTBMUBEPMJWSP
FOUSBFNDPOUBUPDPNVNQVSPFYUFSJPSF
PRVF
Ï NBJT JNQPSUBOUF
BCSFTF QBSB BT QMVSBMJEBEFT F EJGFSFOÎBT EFTTF
FYUFSJPSi'SJFESJDI/JFU[TDIFBmSNPVRVFPIBCJUBUEPTHSBOEFTQSP
CMFNBTÏBSVBw
BOPUPVDFSUBWF[PFTDSJUPS0TXBMEEF"OESBEF
#"33&/&$)&"
.JHVFM"OHFMEF1FOTBNFOUPOÙNBEFBMFJUVSBEFMFV[JBOBEPBGPSJTNP
EF/JFU[TDIF*O/JFU[TDIFF%FMFV[FJOUFOTJEBEFFQBJYÍP-*/4
%BOJFM$045"
4ZMWJP
EF4PVTB(BEFMIB7&3"4
"MFYBOESF7FSBT 0SH
3JPEF+BOFJSP3FMVNF%VNBSÈ
Q
"/%3"%&
0TXBMEEF"QVE#03(&4
'FSOBOEB$BSMPT"7POUBEFEF.VEBOÎBFP.FEP
EB2VFEB*OTJUFEP4JOUF 4JOEJDBUPEPT5FSBQFVUBT
IUUQXXXTJOUFDPNCSNPEVMFT
QIQ OBNF$POUFOUQBTIPXQBHFQJEQBHF
+PHPEFGPSÎBT
4FHVJOEPBTDBSBʹFSÓʽJDBTRVF(JMMFT %FMFV[FEÈBPTBGPSJTNPT
OJFU[TDIFBOPT
UFNPTVNNBQB
OÍP QBSBBOBMJTBSPVDBUFHPSJ[BS B
DPOUSBDVMUVSBEPTBOPTPV RVFUFNNBJTBWFSDPN'SFVE
F.BSY
NBTQBSBDPOUJOVBSBFʽVEBSBTBÎÜFTQBSBEPYBJTOBFTGFSB
DPNVOJDBDJPOBM
RVFFNFSHFNOBFSBQØT4FBUUMF
FRVFQBSF
DFNFʽBCFMFDFSVNEJÈMPHPNVJUPSJDPDPN/JFU[TDIF
0SB
OVNNVOEPPOEF
DPNPCFNEFNPOʽSB 5POJ/FHSJ
OÍP
FYJʽFNBJTPGPSB
/JFU[TDIFTVHFSFUSBUBSPBGPSJTNP
FʽBDFOUFMIB
EFMJOHVBHFN
DPNPVNGFOÙNFOPË FʼFSBEFOPWBTGPSÎBTRVFWF
OIBNiTVCKVHÈMPw
PVGB[ÐMPGVODJPOBS
PVFOUÍPGB[ÐMPFYQMPEJS
+ÈTBCFNPTRVFDBEBJOPWBÎÍPFʽÏUJDB
UFDOPMØHJDBFDPNVOJDBDJP
OBMÏJNFEJBUBNFOUFBCTPSWJEBQFMPTJʽFNB.BT
EJBOUFEFTTFNBS
SFWPMUP EF GPSÎBT
Ï QSFDJTP NBJT EP RVF OVODB TBCFS BWBMJBS
QFTBS
DPOGFSJSTFOUJEPTFTJHOJmDBEPT5BMWF[TFKBFYBUBNFOUFFTTFPNÏUP
EPOJFU[TDIFBOP
iyRVFGB[EPUFYUPEF/JFU[TDIFOÍPNBJTBMHVNBDPJTBBSFʼFJUP
#&:
)BLJN*NFEJBUJTN*OTJUFIUUQXXXMFGUCBOLPSHCFZJNNFEJBUIUN
1"426*/&--*0QDJUQ
%&-&6;&
(JMMFT0QDJUQ
²QSFDJTPDPOTJEFSBSFTTFKPHPEFGPSÎBTBQBSUJSEBOPÎÍPEFTFO
UJEPFN/JFU[TDIF
i/ØTOVODBFODPOUSBSFNPTPTFOUJEPEFBMHVNB DPJTB GFOÙNFOP
IVNBOP
CJPMØHJDPPVNFTNPGÓTJDP
TFOÍPTBCFNPTRVBMÏBGPSÎBRVF
TFBQSPQSJBEBDPJTB
RVFBFYQMPSB
RVFEFMBTFBQPEFSBPVRVFOFMBTF
FYQSJNF6NGFOÙNFOPOÍPÏ VNBBQBSÐODJB JNBHFN
OFNNFTNP
VNBBQBSJÎÍP
NBT VNTJHOP
VNTJOUPNBRVFFODPOUSBPTFVTFOUJEP
OVNBGPSÎBBUVBM"JOUFJSBmMPTPmBÏVNBTJOUPNBUPMPHJBFVNBTFNJP
MPHJB"TDJÐODJBTTÍPVNTJʽFNBTJOUPNBUPMØHJDPFTFNJPMØHJDPw
-FJBTFPTFHVJOUFBGPSJTNPEF/JFU[TDIFi/ÍPTFCBTFJBQSFDJTB
NFOUFBEJWJOEBEFFNIBWFSEFVTFT
FOÍPEFVT w
"JOUFSQSFUBÎÍPRVF%FMFV[FGB[EPBGPSJTNPNFSFDFEFʽBRVF1BSB
FMF
PTEFVTFTNPSSFSBN
NBTOBWFSEBEFFMFTNPSSFSBNEFSJS
RVBO
EPPVWJSBNVN%FVTGBMBSRVFFMFFSBPÞOJDP&BNPSUFEFʽF%FVT
RVFTFEJ[JBPÞOJDPÏ
UBNCÏN
VNFWFOUPQMVSBMBNPSUFEF%FVTÏ
VNBDPOUFDJNFOUPPOEFDBEBTFOUJEPÏNÞMUJQMP²QPSRVFiOJFU[TDIF
OÍPBDSFEJUBOPTHSBOEFTFWFOUPTSVJEPTPT
NBTOBQMVSBMJEBEFTJMFO
DJPTBEFTFOUJEPTEFDBEBFWFOUPw
4FPVWJSNPTPVUSPJOUÏSQSFUFBmBEPEF/JFU[TDIF
PmMØTPGPJUBMJBOP
(JBOOJ7BUUJNP
QFSDFCFSFNPTRVF/JFU[TDIFF)FJEFHHFSOPT
m[FSBNWFSRVFEFWFNPTUSBOTGPSNBSBJEÏJBEFRVFBWFSEBEFOÍPÏ
PCKFUJWBOVNBEJTDJQMJOBEPEJÈMPHP/ÍPFYJʽFNQSJODÓQJPTBCTPMV
UPT
PCKFUJWPT
NBTBQFOBTPQJOJÜFT
QPOUPTEFWJʽB
GPSÎBT4FFVTFJ
RVFBWFSEBEFOÍPÏEFmOJUJWB
QSPDVSPVNBDPSEP
QSPDVSPFTDVUBS
PTPVUSPT
DPSSJHJSNF
*EFN
%&-&6;&
(JMMFT/JFU[TDIFFUMBQIJMPTPQIJF1BSJT2VBESJHF16'
Q
/*&5;4$)&
'SJFESJDI"TTJNGBMBWB;BSBUVTUSB4ÍP1BVMP)FNVT
Q
1*/50
.BOVFM EB $PTUB 0 OJJMJTNP DPNP SFTJTUÐODJB 'PMIB EF 4 1BVMP
.BJT
4ÍP
1BVMP KVO
*OUFOTJEBEFT RVBMJEBEFT
"JOUFOTJEBEFOÍPSFNFUFOFNBTJHOJmDBEPTRVFTFSJBNDPNPB
SFQSFTFOUBÎÍPEBT DPJTBT
OFNBTJHOJmDBOUFTRVFTFSJBNDPNPBSF
QSFTFOUBÎÍPEBTQBMBWSBT0BGPSJTNBÏJOUFOTPQPSRVFOBTDFEPnVYP
WJUBMEFVNJOEJWÓEVP
DPODSFUP
FODBSOBEP
EFVNOPNFQSØQSJP
EF
VNDPSQPQSØQSJP &MFFʽÈQSFTFOUFFNUPEBTBTNBOJGFʽBÎÜFTNJ
EJBUJWJʽBTRVFDMBNBNQPSVNQSPDFTTPEFSFBQSPQSJBÎÍPEPDPSQP
EPDPSQPQÞCMJDP
EPDPSQPTPDJBM
0BGPSJTNPQSPDVSBJOUFOTJEBEFTF
QPSTVBWF[
JOUFOTJEBEFTTÍP
EJGFSFOÎBT&TTFDPODFJUPQSØQSJPEBEJGFSFOÎB%FMFV[FCVTDBSÈNFS
HVMIBOEPQSPGVOEBNFOUFOBTUFPSJBT EP&UFSOP3FUPSOP FEB7PO
UBEFEF1PUÐODJBEF/JFU[TDIF1FOTBOEPFNUFSNPTEFJOWFOÎÍPF
OÍPEFPSJHFNEPDPOIFDJNFOUP
FOUFOEFOEPTVBSFMBÎÍP EFQPEFS
DPNBTDPJTBTBDPOIFDFS
UJSBOEPPQBQFMEFQSPUBHPOJʽBEPTVKFJUP
EPDPOIFDJNFOUP
FOmN
/JFU[TDIFOPTBQSPYJNBEFVNBGPSNBEF
FTRVFDJNFOUPSFWPMVDJPOÈSJBQBSBBUSBEJÎÍPEBmMPTPmBPDJEFOUBM²
VNBRVFCSBEFTDPODFSUBOUFFNSFMBÎÍPBPRVFWJOIBTFOEPEPHNB
UJ[BEP
FOTJOBEP
EFNPOʽSBEP
FYFNQMJmDBEPFJODVUJEPEFRVFP
DPOIFDJNFOUPÏTFNFMIBOUFËOBUVSF[BIVNBOBFBPNVOEP
EFRVF
PNVOEPÏQFSGFJUP
PSEFOBEPFJNJUBPIPNFN
EFRVFUVEPÏCFMP
IBSNÙOJDPFUFNVNBPSJHFNRVF
JOWBSJBWFMNFOUF
DVMNJOBWBOPi&
P7FSCPFSB%FVTyw.BT/JFU[TDIFSFUJSBBmHVSBEFʽF%FVTÞOJDP
JOÓDJPFmNEFUVEP
EPNVOEP
CFNDPNPBCVTDBBOHVʽJBEBEBT
PSJHFOTEBTDPJTBTRVFSFTRVFDFSBNCPTPTDBNJOIPT
KÈRVFSFQSF
TFOUBNVNGBSEPQFTBEPEFNBJTQBSBTFDBSSFHBS4FVNVOEPFʽÈ
BMÏNEBNPSBM
BMÏNEPCFNFEPNBM4FVVOJWFSTPÏiVNQSPDFTTP
DJSDVMBSEPUPEPw
ÏBi5FPSJBEP&UFSOP3FUPSOPw/FTTFBOFM
OFTTF
DÓSDVMPGFDIBEPRVFTFSJBPVOJWFSTP
BRVBOUJEBEFEFGPSÎBFYJʽFOUF
TFSJBEFUFSNJOBEB/FMFUVEPÏFUFSOP
OBEBWFJPBTFS%JGFSFOUFNFO
UFEFPVUSPTDVSTPTDJSDVMBSFT
PEPVOJWFSTPÏVNBMFJPSJHJOÈSJBPOEF
PTBDPOUFDJNFOUPTTFSFQFUFN
i4FKBRVBMGPSPFʽBEPRVFFTTFNVOEPQPTTBBMDBOÎBS
FMFUFN
EF UÐMP BCSBÎBEP
F OÍP VNB WF[
NBT JOÞNFSBT WF[FTy )PNFN
5VBWJEBJOUFJSB
DPNPVNBBNQVMIFUB
TFSÈTFNQSFEFTWJSBEBPVUSB
WF[FTFNQSFTFFTDPBSÈPVUSBWF[
VNHSBOEFNJOVUPEFUFNQPOP
PJOGPSNBM
w"JEFOUJEBEF
SFʼPOTÈWFMQFMBNPEFMBÎÍPGPSNBMEPT
GFOÙNFOPTFNGVOÎÍPEFVNJEFBMBTFSSFQSFTFOUBEP
EFTGB[TFOP
TJNVMBDSP
RVFMPOHFEFTFSVNBDØQJBQSPDVSBSÈFYQFSJFODJBSPSFBMB
QBSUJSEFVNBTFMFÎÍPEPTFMFNFOUPTEJWFSHFOUFT
EÓʼBSFT
i$PNFGFJUP
QPSTJNVMBDSPOÍPEFWFNPTFOUFOEFSVNBTJNQMFT
JNJUBÎÍP
NBTTPCSFUVEPPBUPQFMPRVBMBQSØQSJBJEÏJBEFVNNP
EFMPPVEFVNBQPTJÎÍPQSJWJMFHJBEBÏDPOUFʽBEB
SFWFSUJEB0TJNV
MBDSPÏBJOʽÉODJBRVFDPNQSFFOEFVNBEJGFSFOÎBFNTJ
DPNPEVBT
TÏSJFTEJWFSHFOUFT QFMPNFOPT
TPCSFBTRVBJT FMFBUVB
UPEBTFNF
MIBOÎBUFOEPTJEPBCPMJEB
TFNRVFTFQPTTB
QPSDPOTFHVJOUF
JOEJDBS
B FYJʽÐODJB EF VN PSJHJOBM F EF VNB DØQJB ² OFʽB EJSFÎÍP RVF Ï
QSFDJTPQSPDVSBSBTDPOEJÎÜFT
OÍPNBJTEBFYQFSJÐODJBQPTTÓWFM
NBT
EBFYQFSJÐODJBSFBM TFMFÎÍP
SFQFUJÎÍPFUD
²BÓRVFFODPOUSBNPTB
SFBMJEBEFWJWJEBEFVNEPNÓOJPTVCSFQSFTFOUBUJWP4FÏWFSEBEFRVF
BSFQSFTFOUBÎÍPUFNBJEFOUJEBEFDPNPFMFNFOUPFVNTFNFMIBOUF
DPNPVOJEBEFEFNFEJEB
BQVSBQSFTFOÎB
UBMDPNPBQBSFDFOPTJ
NVMBDSP
UFNPAEÓʼBSDPNPVOJEBEFEFNFEJEB
JʽPÏ
TFNQSFVNB
EJGFSFOÎBEBEJGFSFOÎBDPNPFMFNFOUPJNFEJBUPw
&TTFFMPHJPEBEJGFSFOÎB
EBJOUFOTJEBEFFEPTJNVMBDSPTPBIPKF
DPNPVNMJCFMPDPOUSBBTMFJTEFQBUFOUFTFPGVOEBNFOUBMJTNPEBT
QSPQSJFEBEFTJOUFMFʹVBJT
0TFOTPEFIVNPSFBJSPOJB
²JNQPTTÓWFMOÍPSJSRVBOEP
OPDPNFÎPEFʾFFEVLBUPST
BGB
NÓMJBDIFHBEFGÏSJBTFFODPOUSBPNVOEPEFDBCFÎBQBSBCBJYP0
IVNPS Ï VN FYFSDÓDJP EF EJTTFDBÎÍP EB SFBMJEBEF UBM DPNP FMB Ï F
OÍPDPNPPCPNTFOTPPVP TFOTPDPNVNHPʽBSJBNRVF FMBGPTTF
/P TFOTP DPNVN
PT EJGFSFOUFT PCKFUPT JHVBMJ[BNTF iF PT EJGFSFO
UFTFVTUFOEFNBTFVOJGPSNJ[BSw-PHP
P RVF%FMFV[FJEFOUJmDB
OPQBSBEPYPDPNPNBOJGFʽBÎÍPEBmMPTPmB BPDPOUSÈSJPEPCPN
TFOTP
Ï WÈMJEPUBNCÏNQBSBPTFGFJUPTQBSBEPYBJTOPIVNPSiyP
QBSBEPYPRVFCSBPFYFSDÓDJPDPNVNFMFWBDBEBGBDVMEBEFEJBOUFEP
TFVQSØQSJPMJNJUF
EJBOUFEFTFVJODPNQBSÈWFM
PQFOTBNFOUPEJBOUF
%&-&6;&
(JMMFT0QDJUQ
%&-&6;&
(JMMFT0QDJUQ
6NBGPSJTNPÏVNKPSSPEFSJTPFBMFHSJBi²QSFDJTPMFS/JFU[TDIF
SJOEPFHBSHBMIBOEP
DBTPDPOUSÈSJPOÍPIÈMFJUVSBEF/JFU[TDIF*ʽP
OÍPÏWFSEBEFJSPTPNFOUFFNSFMBÎÍPË/JFU[TDIF
NBTFNSFMBÎÍP
BUPEPTPTBVUPSFT RVFGB[FNQSFDJTBNFOUFFʽFNFTNPIPSJ[POUF
EBOPTTB DPOUSBDVMUVSBw/ÍPTFQPEFEFJYBSEFSJSRVBOEPTFFN
CBSBMIBNPTDØEJHPT ÏFYBUBNFOUFJTTPRVFGB[PTVCWFSUJTFNFOU F
BTBÎÜFTEFDVMUVSFKBNNJOHDPOUFNQPSÉOFBT
0SJTPFN/JFU[TDIF
SFNFUFTFNQSFBPNPWJNFOUPFYUFSJPS EPTIVNPSFTFEBT JSPOJBTF
FTTFNPWJNFOUPÏPEBTJOUFOTJEBEFT
EBTRVBMJEBEFT
EBTEJGFSFOÎBT
FYUFSJPSFTRVFSFTTPBNDPOUJOVBNFOUF
"RVJÏQSFDJTPDPNQSFFOEFS RVFPIVNPSFBJSPOJBTFDPOUSB
QÜFN BP QFTP EPT WBMPSFT QMBUÙOJDPT
KVEBJDPDSJʽÍPT WBMPSFT RVF
DPOEFOBSBN B WJEB
QPʽVMBOEP VN VUØQJDP NVOEP EP BMÏN BT
JEÏJBT PV JEFBMJTNP QMBUÙOJDP
1PSUBOUP
OVODB Ï EFNBJT SFTTBMUBS
RVFVNEPTQSPKFUPTEF/JFU[TDIFÏEFNPMJSPDBʽFMPNFUBGÓTJDP
BS
NBEJMIBOBRVBM
TFHVOEP0TXBMEP(JBDPJB+VOJPS
i/PTTB BMNB PV FʼÓSJUP
OPTTB WFSEBEFJSB FTTÐODJB
FʽBSJB QSJ
TJPOFJSB EP OPTTP DPSQP 0T TFOUJEPT JOEV[JSJBN OPTTB WFSEBEFJSB
FTTÐODJBBPFSSPFBPFOHBOPQFMPTTFOUJEPT
RVFOPTBSSBʽBNDPOUJ
OVBNFOUFQBSBPQMBOPTEBTBQBSÐODJBT
EFTWJBOEPOPTEPRVFTFSJB
B OPTTB WFSEBEFJSB EFʽJOBÎÍP B DPOUFNQMBÎÍP EBT GPSNBT QVSBTy
5PEPDPOIFDJNFOUPWFSEBEFJSPTFSJB
QPJT
VNBFʼÏDJFEFSFDPSEB
ÎÍPEPRVFPVUSPSB
BOUFTEPDBUJWFJSPEFOPTTBBMNBQFMPDPSQPF
OPNVOEPUFSSFʽSF
DPOUFNQMÈSBNPTEPWFSEBEFJSPFEJWJOPNVOEP
EBTJEÏJBT6NFʼÓSJUP
PVSB[ÍPQVSB
FVNCFNFNTJDPOʽJUVFNBT
SFGFSÐODJBTNFUBGÓTJDBTRVFEÍPTVʽFOUBÎÍPUBOUPBPDPOIFDJNFOUP
DJFOUÓmDPRVBOUPËTBÎÜFTNPSBJTEPTFSIVNBOPOPNVOEPw
%&-&6;&
(JMMFT0QDJUQ
%&-&6;&
(JMMFT/JFU[TDIFIPKF DPMØRVJPEF$FSJTZ."350/
4DBSMFUU 0SH
4ÍP1BVMP
#SBTJMJFOTF
Q
(*"$0*"+6/*03
0TXBMEP/JFU[TDIF4ÍP1BVMP1VCMJGPMIB
Q
.ÈRVJOBEFHVFSSBOPNÈEJDBFJOUFNQFʽJWB
/VN USBCBMIP SFDÏNMBOÎBEP
7JWJBOF .PTÏ NPʽSB DPNP B
OPWBQPMÓUJDBRVFOBTDFDPN/JFU[TDIFQBTTBQPSVNBUSBOTWBMPSB
ÎÍPEBMJOHVBHFN0VTFKB
BEFTBVUPSJ[BÎÍPEBMJOHVBHFN
BEFTDPOT
USVÎÍP EB MØHJDB EB JEFOUJEBEF MFJT F HSBNÈUJDB
F P JOWFʽJNFOUP
OVNBSFMBÎÍPBmSNBUJWBDPNPTTJHOPTBQBSUJSEFVNOPWPDBNQP
EFGPSÎBTJOUFSQSFUBUJWP
%FOUSPEFTTFDPOUFYUPJOTFSFTFBRVFʽÍPEPBGPSJTNBOPNÈEJ
DP%FMFV[FJOUVÓBRVFPQSPCMFNBQPMÓUJDPTFSJBPEFFODPOUSBSVNB
VOJEBEF EBT MVUBT QPOUVBJT TFN SFDBJS OB PSHBOJ[BÎÍP EFʼØUJDB F
CVSPDSÈUJDB EP QBSUJEP F EP BQBSFMIP EF &ʽBEP VNB NÈRVJOB EF
HVFSSBRVFOÍPSFQSPEV[JTTFVNBQBSFMIPEF&ʽBEP
VNBVOJEBEF
OPNÈEJDB FN SFMBÎÍP DPN P FYUFSJPS
RVF OÍP SFQSPEV[JTTF B VOJ
EBEFEFʼØUJDBJOUFSOB/FTTFTFOUJEP
BOPWBQPMÓUJDBRVFDPNFÎB
DPN/JFU[TDIFJOBVHVSBVNBNÈRVJOBEFHVFSSBNØWFM OPNÈEJDB
FJOUFNQFʽJWB
'SBOÎPJT;PVSBCJDIWJMJEÈVNBJOUFSQSFUBÎÍPQSÈUJDB
BPDPODFJUPEFMFV[JBOPEFNÈRVJOBEFHVFSSB
iyFNMVHBSEFEFQPTJUBSVNBGÏJOUBʹBFOÍPDSÓUJDBOBSFWPMVÎÍP
PVEFDPOWJEBSBCʽSBUBNFOUFQBSBVNBAUFSDFJSBWJBSFWPMVDJPOÈSJB
PVSFGPSNJʽB
FMBQFSNJUFQSFDJTBSBT DPOEJÎÜFTEFVNBQPMÓUJDBSF
WPMVDJPOÈSJBOÍPCPMDIFWJRVF
TFNPSHBOJ[BÎÍPEFQBSUJEP
RVFEJT
QPSJBBPNFTNPUFNQPEFVNBGFSSBNFOUBEFBOÈMJTFQBSBGB[FSGBDF
BPQFSJHPEFEFSJWBAGBTDJʽBQSØQSJPEBTMJOIBTEFGVHBDPMFUJWBTw
"RVJ BT MJOIBT EF GVHB OJFU[TDIFBOBT F BOBSRVJʽBT TF FODPO
USBN0TBGPSJTNPTOÙNBEFTTÍPBRVFMFTRVFFTDBQBNBPTDØEJHPT
PTNBSHJOBJT
PTFYDMVÓEPT
PTQFOTBEPSFTNBMEJUPT
0OÙNBEFOÍP
ÏOFDFTTBSJBNFOUFBRVFMFRVFTFNPWJNFOUBFYJʽFNWJBHFOTOVN
NFTNPMVHBS BJOUFSOFURVFPEJHB
WJBHFOTFNJOUFOTJEBEF
FNFT
NPIJʽPSJDBNFOUFPTOÙNBEFTOÍP TÍPBRVFMFTRVFTFNVEBN Ë
NBOFJSBEPTNJHSBOUFT
BPDPOUSÈSJP
TÍPBRVFMFTRVFOÍPNVEBN
FQÜFNTFBOPNBEJ[BSQBSBQFSNBOFDFSFNOPNFTNPMVHBS
FTDB
QBOEPEPTDØEJHPT
;063"#*$)7*-*
'SBOÎPJT0WPDBCVMÈSJPEF%FMFV[F3JPEF+BOFJSP3FMVNF%VNBSÈ
Q
%&-&6;&
(JMMFT0QDJUQ
1BSBRVFNBJOEBOÍPWJVʾFFEVLBUPSTmDBVNBWJTP/PDPO
GSPOUPFOUSFBHFSBÎÍPEFFPTBUJWJʽBTEPOPWPNJMÐOJPOÍP
KPHVFUPEBTBTmDIBTOBBMJFOBÎÍPEBKVWFOUVEFDPOUFNQPSÉOFB
#JCMJPHSBmB
#"33&/&$)&"
.JHVFM"OHFMEF1FOTBNFOUPOÙNBEFBMFJUVSBEF
MFV[JBOBEPBGPSJTNPEF/JFU[TDIF*O/JFU[TDIFF%FMFV[FJOUFOTJ
EBEFFQBJYÍP-*/4
%BOJFM$045"
4ZMWJPEF4PVTB(BEFMIB7&3"4
"MFYBOESF7FSBT 0SH
3JPEF+BOFJSP3FMVNF%VNBSÈ
#&:
)BLJN *NFEJBUJTN *O IUUQXXXMFGUCBOLPSHCFZJNNF
EJBUIUN"DFTTPFNKVO
#03(&4
'FSOBOEB $BSMPT " 7POUBEF EF .VEBOÎB F P .FEP EB
2VFEB *O TJUF EP 4JOUF 4JOEJDBUP EPT 5FSBQFVUBT
IUUQXXX
TJOUFDPNCSNPEVMFTQIQ OBNF$POUFOUQBTIPXQBHFQJE
QBHF"DFTTPFNKVO
%&-&6;&
(JMMFT/JFU[TDIFIPKF DPMØRVJPEF$FSJTZ."350/
4DBS
MFUU 0SH
4ÍP1BVMP#SBTJMJFOTF
%&-&6;&
(JMMFT%JGFSFOÎBFSFQFUJÎÍP3JPEF+BOFJSP(SBBM
%&-&6;&
(JMMFT/JFU[TDIFFUMBQIJMPTPQIJF1BSJT2VBESJHF16'
(*"$0*"+6/*03
0TXBMEP/JFU[TDIF4ÍP1BVMP1VCMJGPMIB
-&*5&
3JDBSEP(PNFT0NVOEPÏVNHSBOEFIPʼÓDJP3FWJʽB.BO
DIFUF
O
KVO
.04²
7JWJBOB/JFU[TDIFFBHSBOEFQPMÓUJDBEBMJOHVBHFN3JPEF
+BOFJSP$JWJMJ[BÎÍP#SBTJMFJSB
/*&5;4$)&
'SJFESJDI"TTJNGBMBWB;BSBUVʽSB4ÍP1BVMP)FNVT
/*&5;4$)&
'SJFESJDI 4PCSF P OJJMJTNP F P FUFSOP SFUPSOP *O 0T
QFOTBEPSFTFE
4ÍP1BVMP"CSJM
O
Q
1"426*/&-*
.BUUFP 0SH
.FEJB "ʹJWJTN ʽSBUFHJF F QSBUJDIF
EFMMBDPNVOJDB[JPOFJOEJQFOEFOUFNBQQBJOUFSOB[JPOBMFFNBOVBMF
EVTP 3PNB %FSJWF "QQSPEJ
1BSB GB[FS EPXOMPBE EB WFSTÍP
PSJHJOBM IUUQXXXSFLPNCJOBOUPSHNFEJBBʹJWJTN "DFTTP
FNKVO
1*/50
.BOVFM EB $PʽB 0 OJJMJTNP DPNP SFTJʽÐODJB 'PMIB EF 4
1BVMP
.BJT
4ÍP1BVMP
KVO
;063"#*$)7*-*
'SBOÎPJT0WPDBCVMÈSJPEF%FMFV[F3JPEF+BOFJSP
3FMVNF%VNBSÈ
$PMFUJWBÎÜFT
4FFOHBOBRVFNBDSFEJUBRVFPTDPMFUJWPTEFBSUFTÍPGSVUPEP
HMPCBMJ[BEPTÏDVMPĩĩĚ²DFSUPRVFGBUPSFTSFDFOUFTDPOUSJCVÓSBN
QBSBPTFVJODSFNFOUPOPNVOEP
DPNPBFʼFUBDVMBSJ[BÎÍPEB
DVMUVSB EÏDBEB EF ȴȼȻȳ
B TBUVSBÎÍP EP NFSDBEP BSUÓʽJDP EÏ
DBEBEFȴȼȼȳ
BDPNVOJDBÎÍPQPSNFJPTEJHJUBJT
BSFQSPEVÎÍPEF
TPNFJNBHFOTFPTOPWPTNPEPTEFPSHBOJ[BÎÍPEPUSBCBMIPQFMB
JOUFSOFU.BT
EFGBUP
PNPEFMPDPMFUJWPEFQSPEVÎÍPOBTBSUFT
DPNFÎB B TF DPOmHVSBS OP JOÓDJP EP TÏDVMPĩĩ
OBT 7BOHVBSEBT
BSUÓʽJDBT
DPNPP'VUVSJTNP
P%BEÈFP4VSSFBMJNP
DVKBBUVBÎÍP
GPJGPSUFBUÏB4FHVOEB(VFSSB.VOEJBM ȴȼȶȻȴȼȷȸ
RVBOEPEJWFS
TPTBSUJʽBTGPSBNQFSTFHVJEPTFTFVTHSVQPT
EFTNBOUFMBEPT
$PNPmNEB4FHVOEB(VFSSB
PFJYPmOBODFJSPFDVMUVSBMEP
NVOEPTBJEB&VSPQBQBSBPT&ʽBEPT6OJEPT
BTDJEBEFTDPNFÎB
SBNBTFBHJHBOUBS
FPDBQJUBMJTNPSJWBMJ[BWBDPNPDPNVOJTNP
/FTTFNPNFOUP
TVSHJBNPVUSPTNPWJNFOUPTFVSPQFVTGPSNBEPT
QPS BSUJʽBT
JOUFMFʹVBJT F BUJWJʽBT
RVF WJOIBN Ë DFOB DVMUVSBM
OÍPNBJTQBSBBQFOBTRVFʽJPOBSPTGPSNBUPTBDBEÐNJDPTEBBSUF
DPNP m[FSBN BT 7BOHVBSEBT
NBT QBSB GBMBS EF DVMUVSB EF VN
QPOUPEFWJʽBQPMÓUJDP
UFOEPBBSUFDPNPJOʽSVNFOUPQBSBVNB
QSPGVOEBUSBOTGPSNBÎÍPTPDJBM
%FTTFT NPWJNFOUPT
P RVF NBJT JOʼJSB PT DPMFUJWPT EF BSUF
DPOUFNQPSÉOFPT Ï P 4JUVBDJPOJTNP
GVOEBEP FN ȴȼȸȺ QFMP GSBO
DÐT(VZ%FCPSE"*OUFSOBDJPOBM4JUVBDJPOJʽB ĚĤ
FSBVNHSVQPEF
iBSUJʽBT
QFOTBEPSFTFBUJWJʽBTRVFMVUBWBNDPOUSBPFʼFUÈDVMP
B
DVMUVSBFʼFUBDVMBS
BOÍPQBSUJDJQBÎÍP
BBMJFOBÎÍPFBQBTTJWJEBEF
EBTPDJFEBEF0BOUÓEPUPDPOUSBPFʼFUÈDVMPTFSJBPTFVPQPʽPB
QBSUJDJQBÎÍPBUJWBEBQPQVMBÎÍP
FNUPEPTPTDBNQPTTPDJBJT
QSJODJ
QBMNFOUFOPDBNQPEBDVMUVSB0NFJPVSCBOPFSBBTTJN
PUFSSFOPEF
BÎÍPQBSBBQSPEVÎÍPEFOPWBTGPSNBTEFJOUFSWFOÎÍPFEFMVUBDPOUSB
BNPOPUPOJB
PVBVTÐODJBEBQBJYÍPEBWJEBDPUJEJBOBNPEFSOBw
"MVUBTJUVBDJPOJʽBDPOUSBBBMJFOBÎÍPEPFʼFUÈDVMP RVFNBUBB
iQBJYÍPEBWJEBw
QSPQVOIBVNBOPWBSFMBÎÍPEPJOEJWÓEVPDPNBDJEB
EF
BUSBWÏTEFVNVSCBOJTNPJEFBM
NBJTIBSNPOJPTP
IVNBOP&NSF
WJʽBTJOEFQFOEFOUFT
%FCPSEFTFVTDPMFHBTEJTTFNJOBWBNTVBTJEÏJBT
F
SBQJEBNFOUF
BTJOEBHBÎÜFTTJUVBDJPOJʽBTTFWPMUBSBNQBSBBTFTGFSBT
QPMÓUJDBTFSFWPMVDJPOÈSJBT
DVMNJOBOEPOBQBSUJDJQBÎÍPEPNPWJNFOUP
OPTFWFOUPTMJCFSUÈSJPTEFNBJPEFȴȼȹȻ
FN1BSJT/FTTFNPNFOUP
BĚĤ
UFWFTÞCJUPSFDPOIFDJNFOUP
BUSBJVNVJUPTNFNCSPTEFWÈSJPTQBÓTFTF
UPSOPVTFJODPOUSPMÈWFM
JODIBEB
BUÏTFEJTTPMWFSFNȴȼȺȵ
$POUVEP
PMFHBEPEFJYBEPQFMBPSHBOJ[BÎÍPSFWFSCFSBBUÏIPKF
F
NVJUPTDPMFUJWPTUÐNOP.BOJGFʽP4JUVBDJPOJʽB
EFȴȼȹȳ
VNBFʼÏDJF
EFTBMWPDPOEVUPQBSBBÎÜFTFNFʼBÎPTQÞCMJDPT/FTTFUFYUP
FODPO
USBNTFJEÏJBTCÈTJDBT
DPNPPEFʼSF[PQFMBTJOʽJUVJÎÜFTCVSPDSÈUJDBT
QFMBBSUFiDPOTFSWBEBwEPTNVTFVT
QFMBBVUPSJBJOEJWJEVBMFQFMPPCKFUP
EFBSUF%FBDPSEPDPNP.BOJGFʽP
i"BSUFGSBHNFOUBEBTFSÈHMPCBM
y
&MBUFOEFQBSBVNBQSPEVÎÍPDPMFUJWBFBOÙOJNBQFMPNFOPTOB
NFEJEBFNRVF
QPSOÍPFʽBSFNBTPCSBTFʽPDBEBTDPNPNFSDBEPSJBT
FTTBDVMUVSBOÍPÏEPNJOBEBQFMBOFDFTTJEBEFEFEFJYBSWFʽÓHJPTw
"UVBMNFOUF
BTFʽSBUÏHJBTTJUVBDJPOJʽBTTFSFGPSNVMBSBNFTFBEBQ
UBSBNBPOPTTPNVOEPVMUSBFʼFUBDVMBSFNJEJBUJ[BEP%FTTFNPEP
PT
DPMFUJWPT
QBSBDSJUJDBSFNPTFVFOUPSOP
BTTJNJMBNFMFNFOUPTEPDPUJ
EJBOP
EPTOPUJDJÈSJPT
EBJOUFSOFU
EBTUFMFOPWFMBT
EBQVCMJDJEBEF
EP
SÈEJP
EPDJOFNBFUVEPPNBJT
6NDPMFUJWPVOFJOEJWÓEVPTOVNBNFTNBQFTRVJTBBSUÓʽJDBQPMÓUJDB
EF SFTVMUBEP VOJGPSNF
NBT TFN VN EJSFUPS PV MÓEFS EFDMBSBEP 0SHB
OJ[BEPTFNSFEFTEFUSBCBMIP OFUXPSLT
VOTDPMFUJWPTTFJOUFHSBNB
PVUSPTFGPSNBNVNBFʼÏDJFEFDPNVOJEBEFDPNWJTÜFTTFNFMIBOUFT
0TVSHJNFOUPEFNVJUPTDPMFUJWPTOFTTFNPNFOUPIJʽØSJDPOÍPDBSBD
UFSJ[B
QPSÏN
VNNPWJNFOUPVOP
DPNVNBDBSUJMIBPVNBOJGFʽPB
+"$26&4
1BPMB#FSFOTUFJO 0SH
"QPMPHJBEBEFSJWBFTDSJUPTTJUVBDJPOJTUBTTPCSFB
DJEBEF3JPEF+BOFJSP$BTBEB1BMBWSB
TFSTFHVJEPQPSUPEPT"MHVOTHSVQPTGB[FNPTFVQSØQSJPNBOJGFʽP
BQSPQSJBOEPTFEFUFYUPTFEFPVUSPTNBOJGFʽPTDMÈTTJDPT
&NHFSBM
PTUSBCBMIPTWBMPSJ[BNPBUPDSJBUJWPFNFʼBÎPQÞ
CMJDPDPOUSBBBMJFOBÎÍPFBQBTTJWJEBEFEPFʼFʹBEPSUSBOTFVOUF
DPN P TFV FOUPSOP %FTTF NPEP
BT BÎÜFT EPT HSVQPT OÍP WJTBN
BQSPEVÎÍPEFVNPCKFUPBSUÓʽJDP
NBTEFVNFWFOUPQPSNBJT
FGÐNFSPFSÈQJEPRVFFMFTFKBRVFTBDVEBPFʼFʹBEPSIBCJUBOUF
DPNVN"TTJN
BRVFʽÍPFʽÏUJDBBRVJUFNBWFSDPNVNBTJUVBÎÍP
FBDPOTFRàFOUFSFnFYÍPRVFFMBQSPWPDB
FNPQPTJÎÍPËDPOUFN
QMBÎÍPEFVNBPCSBEFBSUFPCKFUVBM
DPNPOPTNPMEFTBSUÓʽJDPT
USBEJDJPOBJT .VJUP EP EJTDVSTP EPT DPMFUJWPT WFN EBT UFTFT EF
UFØSJDPTBUJWJʽBTBSUJʽBTQFOTBEPSFT DPNP (VZ %FCPSE
#SJBO
)PMNFT
)BLJN#FZ
-VUIFS#MJTTFU
$SJUJDBM"SU&OTFNCMF
4UFXBSU
)PNF
FOUSFPVUSPT
%JWFSTPTDPMFUJWPTTFWBMFNEFSFDVSTPTEBNÓEJBFTFVTFRVJ
QBNFOUPT
DPNPBĥħ
PWÓEFP
PSÈEJP
BJOUFSOFU
PDFMVMBSFB
FʽÏUJDB EB QVCMJDJEBEF
QBSB DSJUJDBS P FʼFUÈDVMP B QBSUJS EF
TVBT FOHSFOBHFOT
F SFDPOIFDFN RVF B NÈRVJOB EP TJʽFNB Ï
VNHSBOEFJOJNJHP
NBTUBNCÏNÏBMJBEP
KÈRVFPFʼFUÈDVMP
RVFBMJFOBUBNCÏNQPEFEJTTFNJOBSVNBDSÓUJDBDPNFYUSFNB
FmDÈDJB .BOJQVMBS B NÓEJB F TVCWFSUFS TFV DPOUFÞEP Ï P RVF
GB[FNDPMFUJWPTDPOIFDJEPTDPNP"3FWPMVÎÍP/ÍP4FSÈ5FMFWJ
TJPOBEB
#JKBSJ
FPNNOÍPÏDPOGFUF FNMFUSBTNJOÞTDVMBT
OÍP
UÍPGBNPTPNBTKÈQPMÐNJDPOPTIPXCJ[[
0NNyUFWFVNFNCBUFJEFPMØHJDPDPNBPSHBOJ[BÎÍPEP
ÞMUJNPGFʽJWBM4LPM#FBUT0HSVQP
RVFNBOJQVMBJNBHFOTBPWJWP
SFUJSBEBT EF BSRVJWPT QFTTPBJT F EF mMNFT BOUJHPT
TF BQSFTFOUB
UBOUPFNFWFOUPTEFBSUFDPNPFNGFʽBT
BQPʽBOEPOPFOSJRVF
DJNFOUPDPODFJUVBMEBTiCBMBEBTw1PSJTTP
GPSBNDPOWJEBEPTBQBS
UJDJQBSEPNFHBFWFOUPDPNPħěT/BÞMUJNBIPSB
QPSÏN
BQØTB
QSPEVÎÍPSFBWBMJBSPDPOUFÞEPWJTVBM
SFGF[PDPOWJUFQBSBRVFFMFT
BQFOBTEJʼPOJCJMJ[BTTFNTFVFRVJQBNFOUPNPOUBEPBQBSUJSEB
KVOÎÍPEFPVUSPTFRVJQBNFOUPTFMFUSÙOJDPTFYJʽFOUFT"SFBÎÍPGPJ
JNFEJBUB&NDBSUBFOWJBEBËPSHBOJ[BÎÍPFQBSBHSVQPTEFEJTDVTTÍP
POMJOF
PNNOBPFIDPOGFUFEFDMBSBWBRVFGPSBDIBNBEPQBSBiVNB
FʽSBOIBQBSUJDJQBÎÍPFʼFDJBMOFʽF4LPM#FBUTȵȳȳȸBMVHBSFNPOUBSP
FRVJQBNFOUPEFTFVUSBCBMIP1FSGPSNBODF7KJOH8JSFMFTT y
QBSBRVF
PTħěTASFTJEFOUFTKPHBTTFNJNBHFOTw&FʼBMIBSBNGSBTFTJOEJHOBEBT
DPNPi7ěT3FNJYFN.BSY6OJWPTwFi/BP4F1FSNJUBN4FS.BJT6N
1SPEVUP%FʽF4VQFSNFSDBEP$VMUVSBMw0HSVQPOÍPTFBQSFTFOUPVOB
GFʽB
NBTDPOTFHVJVBBUFOÎÍPEFBSUJʽBTFħěTQBSUJDJQBOUFT
0VUSPTDPMFUJWPT
DPNPPHSVQP1PSP
EF#FMP)PSJ[POUF
FP&O
UPSOP
EF#SBTÓMJB
DPNFYQMÓDJUPEJTDVSTPQPMÓUJDPFOHBKBEP
OÍPVUJMJ[BN
BMUBUFDOPMPHJBNBT
QPSWF[FT
UÐNOBFʽÏUJDBQVCMJDJUÈSJBVNBFʽSB
UÏHJB01PSPDSJBTJUVBÎÜFTFNFWFOUPTDPNPP'ØSVN4PDJBM.VOEJBM
CFNDPNPGB[JOUFSWFOÎÜFTVSCBOBTTVUJT
QBSBEFʼFSUBSVNTFOUJNFO
UPQPÏUJDPOPUSBOTFVOUF&N4BMWBEPS
PĘĚĒ(SVQPEF*OUFSGFSÐODJB
"NCJFOUBM
GPSNBEPQPSHSBEVBOEPTEFBSRVJUFUVSBFBSUFTQMÈʽJDBT
WFNSFBMJ[BOEPOBDJEBEFFODPOUSPTFTJUVBÎÜFTRVFTFBQSPYJNBNCFN
EPEJTDVSTPTJUVBDJPOJʽB
USBOʼPOEPPQBSBBSFBMJEBEFVSCBOBMPDBM
0DPMFUJWP&OUPSOP
EF#SBTÓMJB
NFSFDFEFʽBRVFQPSBÎÜFTRVFBM
WFKBNBNÈRVJOBQPMÓUJDBCSBTJMFJSB0OPNFÏPTJOÙOJNPQPMJUJDBNFOUF
DPSSFUPEFiQFSJGFSJBw
VUJMJ[BEPQFMPHPWFSOBEPS+PBRVJN3PSJ['PSNBEP
FNȵȳȳȵ
BNJTTÍPEP&OUPSOPÏiDVUVDBSBTUSBQBMIBEBTQPMÓUJDBTw
&Nȵȳȳȶ
OVNQSPKFUPPVTBEP
P&OUPSOPQFTRVJTPVPUSBCBMIPFT
DSBWPOP#SBTJMFEFTDPCSJVRVFPTEFQVUBEPTOÍPJBNWPUBSOBTMFJTDPO
USBPQSPCMFNB
QPSQVSBGBMUBEFJOUFSFTTF"TTJNTVSHJVBJEÏJBEFVNB
DBNQBOIBEFDPOTDJFOUJ[BÎÍPEPTEFQVUBEPTF
CVSMBOEPBJOBCJMJEBEF
EPTBENJOJʽSBEPSFTEB$ÉNBSB
PHSVQPDPOTFHVJVBQSPWBSQBSBPT
DPSSFEPSFTEPQSÏEJPPmDJBMVNQSPKFUPEFGPUPHSBmBTFNUBNBOIP
EFPVUEPPS
DPNOPWFGPUPTEFQSPEVUPTCSBTJMFJSPTEJWFSTPTUBSKBEPT
JOEJDBOEPi5SBCBMIP&TDSBWPw/BJOBVHVSBÎÍP
PTQBSMBNFOUBSFTSFB
HJSBN
F
BQØTNVJUBEJTDVTTÍPTPCSFPUFPSFEVDBUJWPEPTQBJOÏJT
FMFT
QVEFSBNmDBSFYQPʽPT
0&OUPSOPUBNCÏNQSPNPWF
IÈUSÐTBOPT
BMBWBHFNEBQSBÎB
EPT5SÐT1PEFSFT
OPTFHVOEPEPNJOHPEFEF[FNCSP
OVNBBMVTÍP
ËTMBWBHFOTEBTJHSFKBTCBJBOBT&MFTDPOUSBUBNVNDBNJOIÍPQJQB
MFWBNTBCÍP
FDPOWPDBNWPMVOUÈSJPTQBSBDPNQBSFDFSFNEFCSBO
DP
DPNVNSPEPFQBOPEFDIÍP
"TBÎÜFTEPTDPMFUJWPTQPEFNTFSTJMFODJPTBT
FʼFUBDVMBSFTPV
$VNQMJDJEBEFTIFNB
UPGÈHJDBToDPSFPHSBGJBT
WFSNFMIPTBOHVF
QPS'BCJBOB#PSHFT
$FOB
.ÍPTFOSVHBEBTUSFNVMBNBNFESPOUBEBTOPVNCSBMEBQPS
UBBPUFʽFNVOIBSFNBTBHBEPTNBMUSBQJMIPTFNEJSFÎÍPBTVBUFS
SB"NVMIFSÏMBOÎBEBFNMFNCSBOÎBTEFDBNQPTEFDPODFOUSBÎÍP
OB[JʽBTEFPOEFGPJTPCSFWJWFOUF/ÍPEJʽJOHVFQÉOJDPFSFBMJEBEF
"PWFSBRVFMFTNJMIBSFTEFJOEJHFOUFTJÎBOEPCBOEFJSBTWFSNFMIP
TBOHVFFDBOUBOEPIJOPTEFWJUØSJBTPCSFBUFSSBBCBOEPOBEBBP
MBEPEBTVB
FMBDPOGVOEFTFFNBGFUPTEFTDPNQBTTBEPT0DVQBÎÍP
EFTFNUFSSB1PSFOUSFPTCBSSBODPTFCBSSBDPTMFWBOUBEPT
ÏQPT
TÓWFMRVFWFKBVNBNVMIFSQFRVFOBBCSBÎBOEPIPNFOTTVBEPTF
FNJUJOEPHFʽPTEFTBVEBÎÜFTB%FVT
ËUFSSB
ËOBTDFOUFEPSJPFË
QMBOUBÎÍPEFHPJBCBT1FSDFCFVNBNPÎBBDBSJDJBOEPVNHJSBTTPM
QSPWBWFMNFOUFUSB[JEPEBPVUSBUFSSBEFPOEFGPSBEFʼFKBEB
$FOB
²OPJUF6NIPNFNBDVBEPOPDBOUPEPRVBSUPPVWFBQBSFEF
OVB6NBFʽSBOIBSF[BFDPBEPQSÏEJPBCBOEPOBEPBPMBEP4JMFO
DJBy$IPSPEFDSJBOÎB
NVMIFSFTSJOEP
BMHVÏNGBMBOEPOPDFMVMBS
BPMBEPEBTVBKBOFMB1FEJEPTEFTJMÐODJPOBEBEJTDSFUPTEFMBUBN
BTJUVBÎÍPPDVQBÎÍPEFTFNUFUPT0IPNFNQFOTBOPmMIPOÍP
BTTVNJEPFUFNFBJOWBTÍPEBTVBDBTB/ÍPEPSNF/BUFMFWJTÍPP
mMNFNPʽSBVNBNVMUJEÍPEFSBUPTUPNBOEPBDJEBEFFUSB[FOEPB
QFʽF
FMFUSFNFEFTPSJFOUBEBNFOUFOPFTDVSP
4VCUFYUP
$POʽFMBÎÜFT EF QBMBWSBT F TFOUJEPT QSFWJBNFOUF DPEJmDBEPT
PQFSBN OBT NFOUFT EB NVMIFS F EP JOTPOF
BMUFSOBOEPTF
TPCSF
QPOEPTF
DPOGVOEJOEPTFFNTVBTJOUSJODBEBTUSBNBTBTTPDJBEBT"
UFSSÓWFMTFOTBÎÍPEFUFSTJEPJOWBEJEPFNTFVTUFSSJUØSJPTFYUFOTJWPT
DPODBUFOBTF B VNB FʽSBOIB FVGPSJB EF FYUSBDPUJEJBOJEBEF "MHP
GPHF"JOEBOÍPIÈQBMBWSBT
$FOB
0T NBOÓBDPT EBT OPWBT SFEFT EF DPNVOJDBÎÜFT JOUFSOÈVUJDBT
TFKVOUBNOPNVTFV-JEBNDPNBTQSFDBSJFEBEFTUFDOPMØHJDBTRVF
OÍPTVʽFOUBNTVBTQPUFODJBMJEBEFTDPOFʹJWBT(BNCJBSSBNMJOIBTF
OPUFCPPLT FORVBOUP BTTJʽFN B TFNUFSSB F TFNUFUP WFSTBEPT FN
QSFDBSJFEBEFUFODJPOBSFNBUBSEFNBVTPMÏJDBEFGFOEFOEPTFEFBDV
TBÎÜFTEFBTTBTTJOBUPT"JOEBOÍPIÈTPGUXBSFTMJWSFTRVFPTEFTFOMB
DFNEBTUFSSÓWFJTUSBNBTEBHSBOEFNÓEJB-BNFOUPDPMFUJWPQFOP
TBJOTVmDJÐODJB$POUSBPTĤĖĞPQFTPEBPQJOJÍPQÞCMJDBMFHJUJNBEB
QFMBMFJ"GBWPSVNBÓOmNBQPTTJCJMJEBEFEFDPOFYÍPFNÓEJBTUÈUJDBT
(BNCJBSSBTTVCKFUJWBTFOUSFTFNUFUPFIBDLFST
$FOB
$PSJCBOUFTMBOÎBNMFOÎØJTDPMPSJEPTEBTKBOFMBTEPFEJGÓDJPPDVQB
EP
EBOÎBNBPTTPOTEFnBVUBT
IBSQBTFUBNCPSFTFWPDBOEPDPNTFVT
HFʽPTFQJGÉOJDPTBTGPSÎBTPOUPMØHJDBTEBWJEB0IPNFNFYBVʽPEF
UVEP EFSSBNBMIFT NJKP EB TBDBEB BOTJBOEP QFMP TJMÐODJP JNQPTTÓWFM
FORVBOUP B FʼPTB TBSBDPUFJB OB DBMÎBEB " FNFSHÐODJB Ï SVJEPTB F
BJOEBOÍPGPSBNDBOUBEPTUPEPTPTEJUJSBNCPT6NUFDJEPHJHBOUFDPS
EFTBOHVFBSSFHBOIBTFQFMBTBCFSUVSBTEBTGBDIBEBT
NBʽVSCBOEPPT
IJFSØHMJGPTQJDIBEPT1MBDBTBUSBWFTTBNBDBMÎBEBTPMFUSBOEP%ĚĘğĚĕĒ
ĕĖ
FORVBOUPPNPÎPFODBQV[BEPUPDBHBJUBEFQBMIBÎPQBSBBOPJWB
FTCPGFUFBEB6NBNVMIFSSPMBQFMBDBMÎBEBFNHSVOIJEPTEFTDPOFYPT
0QJOUPSTPSSJ"MV[BCBJYBFVNBGVNBÎBBNBSFMBEBUPNBDPOUBEP
SFDJOUPBMÓEFSEPTTFNUFUPHSJUBEFEFOUSPEBTOÏWPBTi2VFN
OÍP-VUB wy"NVMUJEÍPSFʼPOEFi5È.PSUPw
4VCUFYUP
&ORVBOUPVNBDJEBEFEPSNFFTPOIBTFVTTPOIPTDPUJEJBOPTFN
CBÎBEPTVNBPVUSBDJEBEFTFQSPEV[OBTTPNCSBT
DPNPTFWJWJmDBTTF
PPOJSJTNPEBQSJNFJSB$PNPWBNQJSPTOPUÓWBHPT
PTEFʼFKBEPTEP
NVOEPTFBKVOUBNQBSBEFTFʽBCJMJ[BSBDJEBEFQSFUFOEJEBFNPSEFN
JOWFSUFOEPPTNBQBTCVSPDSÈUJDPT
PDVQBOEPUFSSJUØSJPTPDJPTPT
TF
MBOÎBOEPOBJOWFOÎÍPEFGVUVSPOBCPSEBEPTFVQSØQSJPUFNQP
SF
NFNPSBOEPPTFʼBÎPTFTRVFDJEPTEBNFUSØQPMFFUFODJPOBOEP%J
SFJUPT$POʽJUVDJPOBJT*EJPTTJODSBUJDBNFOUF1PʽFSHBEPT
"NVMIFSFWPDB
$SJTFEFWBMPSFT0EJBCPNPSSFV3FʽBOPTBHPSBSFTJHOJm
DBSBCBOEFJSBTBOHVFQBSBMJCFSUÈMBEFTVBDPOʽFMBÎÍPNPSBMJʽB
SFQMFUBEFBTTPDJBÎÜFTEFWJPMÐODJBFNBMEBEF1PSBDBTPPQFSGPS
NFSRVFTFTVʼFOEFOPTHBODIPTEFBÎPVHVFOÍPSFJOWFOUBPT
TFOUJEPTEPTBOHVFFTDPSSJEP &"SUBVEOÍPSFWFSUFVPTTFOUJEPT
EBTQFʽFTMFWBOEPBTBPUFBUSP /PUÓWBHPTTFNUFUPTFUFSSBT
SFJOWFOUBJWPT-JCFSUFNTFEPFʽJHNBEPNBMFBQSPYJNBJWPT
EBTBHBEPTWBNQJSPTJNPSUBJTRVFDPOIFDFNBWJCSBÎÍPEB5FS
SB5PNBJPTFʼBÎPT
MBOÎBJWPTQFMBHFPHSBmBUSÐNVMBEBDJEBEF
EPSNFOUFFBSSFCBUBJOPTTPTDPUJEJBOPTDPNTVBTNPSEJEBTFNP
SBEJBTDPOUBNJOBOUFT3FMFNCSBSFNPTTFNQSFTVBTFYQFSJÐODJBT
EBOPJUF
RVBOEPFOmBWBTPTQÏTOPTQPSUÜFTBCBOEPOBEPTFJOT
UBVSBWBTDPNVOJEBEFTJOWFOUBEBT/ÍPQFSNJUJSFNPTRVFSFQJUBT
BWJMIJFSBSRVJBRVFUFGF[NJTFSÈWFM
1SPTDSJUP
)ÈRVFTFBUFOUBSQBSBPTSVÓEPTEBNVMUJEÍPFNNBSDIBRVF
GB[ WJCSBS PT UFSSFOPT EFTÏSUJDPT DPN TFVT WPMVQUVPTPT UFDJEPT
WFSNFMIPTBOHVF"TSFEFTFʽÍPMBOÎBEBTOVNFʽSBOIPWJHPSEF
DVNQMJDJEBEFTIFNBUPGÈHJDBT
$PSSFʼPOEFOUFTSFBJT
$FOB%JUJSBNCPGFJUPTPCSFSFMBUPEFVNBNVMIFSRVFBT
TJʽJVËPDVQBÎÍPBPMBEPEFTVBGB[FOEBOPJOUFSJPSEF4ÍP1BVMP
$PNVOBTEB5FSSBĞĤĥ
BCSJMEFȵȳȳȷ
$FOB%JUJSBNCPGFJUPTPCSFSFMBUPEFVNIPNFNRVFFTDV
UPVBPDVQBÎÍPSFBMJ[BEBBPMBEPEPTFVQSÏEJPOB[POBOPSUFEF4ÍP
1BVMP $PNVOBT6SCBOBT
TFUFNCSPEFȵȳȳȷ
$FOB1BSUJDJQBÎÍPEFUSÐTMÓEFSFTEPTNPWJNFOUPT4FN5FS
SBF4FN5FUPOPFODPOUSPEFOPNJOBEP%JHJUPGBHJB
SFBMJ[BEPOPĞĚĤ
.VTFVEB*NBHFNFEP4PN
FNPVUVCSPEFȵȳȳȷ
$FOB&WFOUPEFOPNJOBEP*OUFHSBÎÍP4FN1PTTF
SFBMJ[BEPUP
EPTPTTÈCBEPTQPSDPMFUJWPTEFJOUFSWFOÎÍPVSCBOBDPNPTNPSBEPSFT
EBPDVQBÎÍP1SFʽFT.BJB ĞĤĥĔ
EFTEFKVMIPEFȵȳȳȸ
&OUSFPBOUJFTQFUÈDV
MPFPBSSBTUÍPTFNJØUJDP
QPS3JDBSEP3PTBT
$PNPUFOUBSEFmOJSVNTIPXRVFOÍPÏTIPX
VNQSPHSB
NBEFĥħRVFOÍPÏQSPHSBNB 0RVFGB[FSRVBOEPDSJUÏSJPTOPS
NBMNFOUFVTBEPTQBSBDSJUJDBSQFSGPSNBODFTPVWÓEFPTQPEFN
DBJSOVNDFSUPWÈDVPEFSFGFSÐODJBTRVBOEPPUSBCBMIPBOBMJTB
EPDPOUSBSJBQSFNJTTBTCÈTJDBTEFTTFTNFJPT
0FWFOUVBMQÞCMJDP
PEFTBWJTBEPDSÓUJDPRVFBTTJʽBBUSBCBMIPT
DPNP'VUFCPM
EB'SFOUFEF'FWFSFJSP
PVBTÏSJFEFQSPHSBNBT
EPHSVQP"3FWPMVÎÍP/ÍP4FSÈ5FMFWJTJPOBEB ĒģğĤĥħ
QPEFTF
WFSEJBOUFEFTFNFMIBOUFTEJMFNBT7JTÜFTQSÏGPSNBUBEBTQPEFN
BRVJTFSQPʽBTFNYFRVF&
BJOEB
DPNPDMBTTJmDBSBBÎÍPEFRVFN
TFQFOEVSBOVNBQPOUFQÐOTJMFN3PUFSEÍQBSBSFDJUBS)FSNFT5SJ
NFHJʽP
BUSBJOEPBQPMÓDJBMPDBM
PVUFOUBDSJBSiQPOUFTWJSUVBJTw EF
SBJPMBTFS
FOUSFBGBWFMBFPDFOUSPmOBODFJSP
FN4ÍP1BVMP
FFOUSF
BCBÓBEF5PEPTPT4BOUPTFB«GSJDB
PVRVFBJOEBiQSPNPWFwVN
BSSBʽÍP
OP3JPEF+BOFJSP
TØRVFyDPNBQBSUJDJQBÎÍPFYDMVTJWB
EFJOEJWÓEVPTCSBODPT
5BMWF[VNBCPBQJʽBQBSBFOUFOEFSFTTFQFRVFOPRVFCSBDB
CFÎB EF SFGFSÐODJBT DSV[BEBT F DPOUSBEJUØSJBT TFKB TBCFS RVF VN
FMFNFOUP RVF MJHB UPEPT PT HSVQPT DJUBEPT F BÎÜFT SFGFSJEBT Ï P
BSUJʽB %BOJFM -JNB 4FKB DPNP QBSUJDJQBOUF EF EJWFSTPT DPMFUJWPT
DPNPiNÓEJBBSUJʽBwPVQSBUJDBOUFEFJOUFSWFOÎÜFTVSCBOBT
-JNB
&TUFUFYUPGPJPSJHJOBMNFOUFFTDSJUPQBSBBTÏSJF''%PTTJFSEB"TTPDJBÎÍP$VMUVSBM
7JEFPCSBTJM
EFEJDBEP B OPWPT BSUJTUBT OB ÈSFB EF WJEFPBSUF F NÓEJBBSUF
F TF FODPOUSB
OPTJUFEBBTTPDJBÎÍPIUUQXXXTFTDTQPSHCSTFTDWJEFPCSBTJMTJUFIPNFIPNFBTQ
"DFTTPFNKVO
QBSFDFUFSVNHPʽPDVMUJWBEPQPSDPOUSBEJ[FSKVÓ[PTQSFDPODFCJEPT
RVBOUPBGPSNBUPTBSUÓʽJDPT
BTTJNDPNPQPSUPDBSPEFEPFNGFSJEBT
BCFSUBTOPUFDJEPVSCBOPTPDJBM"WPOUBEFEFJSBMÏNEBTBQBSÐODJBT
PVEFTVCWFSUÐMBTQPEFTFSFODPOUSBEB
FNTFVDBTP
NFTNPOPTUSB
CBMIPTDPNUFPSQPMÓUJDPNBJTQSPOVODJBEP
FNRVFNFTNPUBMUFPS
QPSWF[FTQBSFDFTFSQPʽPFNEÞWJEBPVJSPOJ[BEP
5BNCÏNQVEFSB
KÈOÍPWJWFNPTOVNBFSBEFDFSUF[BTBCTPMVUBT
4FBTiHSBOEFTOBSSBUJWBTwKÈGPSBNEFTDBSUBEBT
PVQFMPNFOPTFN
QBSUFEFTBDSFEJUBEBT
TFBTHSBOEFTWPHBTSFDFOUFTEPTFʽVEPTDVMUV
SBJT
EPQØTDPMPOJBMJTNPFEBEFTDPOʽSVÎÍPKÈUSBUBSBNEFEFNPMJS
UPEBVNBTÏSJFEFQBSBEJHNBTFBYJPNBTBOUFTTBHSBEPTOPTNBJTWB
SJBEPTDBNQPTEPTBCFS
FTFNFTNPPHSBOEFCBʽJÍPEBJEFOUJEBEF
IPKFTFWÐFOUSJODIFJSBEPQPSNPWJNFOUPTQØTJEFOUJUÈSJPTEBTNFT
NBTNJOPSJBT
RVFIÈBQFOBTQPVDBTEÏDBEBTBEFGFOEJBNDPNPUÈCVB
EFTBMWBÎÍP
BTJOWFʹJWBTRVFʽJPOBEPSBTEF%BOJFM-JNBOÍPDIFHBN
BTVSQSFFOEFSUPUBMNFOUF
.BTPTiHSBOEFTQSPCMFNBTw
BTHSBOEFTGFSJEBT
OPFOUBOUP
DPOUJ
OVBNBFYJʽJS"EFTJHVBMEBEFTPDJBM
PSBDJTNP
BGBMUBEFNPSBEJB
B
EPNJOBÎÍPEBHSBOEFNÓEJB
FOUSFPVUSBT
TÍPRVFʽÜFTRVFDPOUJOV
BNOBPSEFNEPEJB
FOÍPFTDBQBNJHVBMNFOUFËTMFOUFTEF-JNB$PN
BEJGFSFOÎBEFOÍPTFUSBUBS
OPDBTP
EFVNBBVUPWJUJNJ[BÎÍPDPNQBT
TJWB
EBWFMIBFDPOIFDJEBMBNÞSJBiDPOUSBPTPQSFTTPSFTw5BNQPVDP
IÈBRVJVNBEFGFTBDFHBEFVNBTVQPʽBJEFOUJEBEF
TFKBFMBSBDJBM
PVRVBMRVFSPVUSB
NBTBOUFTQFRVFOBTJOTFSÎÜFTUÈUJDBTPViHPMQFTw
DPNPEJSJB.JDIFM%F$FSUFBV
RVFOÍPFGFUVBNVNFNCBUFDMBSPPV
BOUBHPOJʽB FN SFMBÎÍP B VN TVQPʽP JOJNJHP
NBT BOUFT TVSQSFFO
EFN
BUBDBN
QFMBBʽÞDJB
QFMBTPQPSUVOJEBEFTFEJʽSBÎÍPEPNBJT
GPSUF"SU F
NBOIBTEBPDBTJÍP
/FTTBTJOUFSGFSÐODJBTBUSJUPT
ËTWF[FTTVUJT
ËTWF[FTEFDMBSBEPT
Ï
RVFTFQFSDFCFNDFSUPTKPHPT
CSJODBEFJSBTDPNPTDØEJHPT
TVBTVC
5SBUPNFMIPSEFTUBRVFTUÍPJEFOUJUÈSJBSBDJBMFNSFMBÎÍPËPCSBEF%BOJFM-JNBFNPVUSP
UFYUP
QVCMJDBEPOPDBUÈMPHPEB.PTUSB1BO"GSJDBOBEF"SUF$POUFNQPSÉOFB%BOJFM-JNB
-BOÎBOEPVNSBJPEFDPOTDJÐODJBNVMUÓQMFY '"3,"4
4PMBOHF
DVS.PTUSB1BO"GSJDBOB
EF"SUF$POUFNQPSÉOFB4ÍP1BVMP"TTPDJBÎÍP$VMUVSBM7JEFPCSBTJM
Q
%&$&35&"6
.JDIFM"*OWFOÎÍPEPDPUJEJBOP"SUFTEFGB[FS1FUSØQPMJT7P[FT
)0-.&4
#SJBO)JFSPHMZQITPGUIF'VUVSF"SUBOE1PMJUJDTJOB/FUXPSLFE&SB;BHSFC
"SL[JO
Q
ÎÍPEFTDPOGPSUBOUFEPEJʽBODJBNFOUPRVF#SFDIUQFOTBWBQBSBTFV
UFBUSP1PJTÏ
'VUFCPMJODPNPEBTJNFUPDBTJNFNGFSJEBTRVFEJ[FN
SFʼFJUP Ë GPSNBÎÍP NFTNB EP #SBTJM
NBT
BP NFTNP UFNQP
UFN
SJUNP
UFNnVJEF[
iWBJDPNPnVYPw
EJWFSUF4ÍPBTBNCJHàJEBEFTFN
BÎÍP/ÍPOPTFOHBOFNPTBRVFʽÍPÏTÏSJBFNVJUPSFBM
QPJT
BmOBM
OP#SBTJMIÈEFNPDSBDJBSBDJBM &BJEFOUJEBEF
IÈJEFOUJEBEF i2VBMÏB
TVB w4FQPSVNMBEPUFNPTBWJCFEPIJQIPQBFNCBMBSPiNPOØMPHP
TPDSÈUJDPwEBGBTDJOBOUFĞĔRVFÏ3PCFSUB&ʽSFMB%"MWBRVFʽJPOBOEP
QSPGVOEBNFOUFBIJʽØSJBCSBTJMFJSB
QPSPVUSPMBEPUFNPTPSFNJYEF
JNBHFOTEBNÓEJBEFNBTTBT
EPTUFMFKPSOBJTFEFQPMÐNJDBTSFDFOUFTEF
DFMFCSJEBEFTEPGVUFCPMDPNFOUBOEPPSBDJTNP
PQJOBOEP
OVNBNPO
UBOIBSVTTBEFMPPQT
SFQFUJÎÜFT
TBNQMFBHFOTFBEJDJPOBOEPPUPNEF
EÞWJEB
EFJSPOJB
EFRVFʽJPOBNFOUP1PEFNPTQFOTBSFN'VUFCPMSFBM
NFOUFDPNPVNFʼFUÈDVMP 0RVFEJSFNPT
BJOEB
EFTFVTUSFDIPTNBJT
DPOUVOEFOUFT
EBTQFSHVOUBTDJSÞSHJDBTTPCSFOPTTBBSRVJUFUVSB
NFTNP
BDPOUFNQPSÉOFB
BPEFTWFMBSPRVBSUPEFFNQSFHBEBDPNPSFTRVÓDJP
EBUSBEJÎÍPFTDSBWPDSBUB
PVBJOEBEFTTFTiTFRàFʽSPTSFMÉNQBHPwTFNJ
ØUJDPT RVF GPSBN BT JOTFSÎÜFT EF HJHBOUFTDBT GBJYBT DPN GSBTFT DPNP
i0OEF&ʽÍPPT/FHSPT wFNKPHPTUSBOTNJUJEPTQFMBHSBOEFNÓEJB
4FPBOUJFʼFUÈDVMPTFFYQMJDBQFMBBNCJHàJEBEFFQFMPTSVÓEPTRVF
PEFʽPBNEFVNFʼFUÈDVMPDPOWFODJPOBMQFOTBEPQBSBPFOUSFUFOJ
NFOUP
PT TDSBUDIFT TJNCØMJDPT
WFSEBEFJSPT iTFRàFʽSPTSFMÉNQBHPw
EBBUFOÎÍPNJEJÈUJDBRVFPFʽFOEFSJOʽBOUÉOFPFGVHB[
IJUBOESVO
EBTGBJYBTOPTFʽÈEJPTSFBMJ[B
DPOmHVSBSJBN
QPSTVBWF[
PTFHVOEP
FMFNFOUPTJHOJmDBUJWPQBSBFOUFOEFSDPNPTFEÈBTVCWFSTÍPEPTDØEJ
HPTOPTUSBCBMIPTJOEJWJEVBJTFDPMFUJWPTEF%BOJFM-JNB
5BMFMFNFOUPÏPQSØQSJPVTPSFWFSTP
JOWFSUJEP
RVF%BOJFMGB[EPT
TJHOPT
EPTQSPUPDPMPTTJNCØMJDPTRVFOPTDFSDBNFEPTRVBJTFMFTF
BQSPQSJBFTVCWFSUF
OPRVFDIBNBSFJBRVJEFiBSSBʽÍPTFNJØUJDPw"
mHVSBEPBSSBʽÍPTFEFWF
FNQSJNFJSPMVHBS
BVNBJOUFSWFOÎÍPEF
NFTNPOPNFRVFPQSØQSJP%BOJFMSFBMJ[PVOPGFʽJWBMEFOPWBTNÓ
4DSBUDI
OBHÓSJBEPIJQIPQ
TÍPBRVFMFTFGFJUPTEFBSSBOIÍPRVFPT%+TGB[FNOPT
EJTDPT
QSPWPDBEPT QFMB EJTUPSÎÍP EB NÍP EP %+ FN BUSJUP DPN P WJOJM
EBOEP MPPQT F
SFQFUJOEPUSFDIPTEFDBOÎÜFT
FNTPOPSJEBEFTRVFQPSWF[FTMFNCSBNBTTPCJPTPVTPOT
BHVEPTTJNJMBSFT
EJBT1SPH.FOP3JPEF+BOFJSP
FNȵȳȳȸ%JBOUFEBQSFPDVQBÎÍP
EBDVSBEPSJBFNSFMBÎÍPBQSPCMFNBTDPNCBOIJʽBTOBQSBJB
QFMP
VTPEFQFTTPBTOFHSBTOVNBSSBʽÍPTJNVMBEP
-JNBPQUPVFOUÍP
QPSVNDBNJOIPSBDJBMNFOUFiPQPʽPwVNiBSSBʽÍPEFMPJSPTw4VB
JOUFOÎÍPGPJUSB[FSËUPOBVNBQSFNJTTBTVCMJNJOBSOBTDJEBEFTTF
QSPDFTTPBEFRVFUSJOUBOFHSPTKVOUPTOÍPQPEFNDBNJOIBSFN
*QBOFNB
NBT USJOUB MPJSPT KVOUPT QPEFN 0V TFKB
DMBSBNFOUF
B
JNBHFNEPBSSBʽÍPFʽÈMJHBEBBPOFHSPQPCSF
&NTFUSBUBOEPEFTJHOPT
OÍPQSFDJTBNPTJSNVJUPMPOHFQBSB
DPOʽBUBSFNRVFQBUBNBSEBIJFSBSRVJBTJNCØMJDB
FNOPTTBTP
DJFEBEF
FʽÈBJNBHFNEPOFHSP PVEFPVUSBTFUOJBTRVFOÍPB
CSBODB
&MFQSØQSJPVNmMIPEFTTBFUOJB
OÍPTÍPQPVDBTBTWF[FT
DPNPKÈWJNPT
FNRVFPUSBCBMIPEF-JNBEJBMPHBDPNRVFʽÜFT
SBDJBJTFBTmTTVSBTTPDJBJTBFMBTSFMBUJWBT0RVFOÍPJNQFEF
ÏDMB
SP
BNCJHàJEBEFTFBVUPJSPOJBTRVFDPOGVOEFNPVOÍPTFQSFO
EFNBPTHSJMIÜFTEFVNBJEFOUJEBEFSFJWJOEJDBEB&YFNQMPEJTTP
Ï B TÏSJF EF GPUPT #MJU[
FN RVF
BP DPOUSÈSJP EP UPN DSÓUJDP EB
;POBEF"ÎÍP
FNRVFBQPMÓDJBFSBDSJUJDBEBQPSSBDJTNP
%BOJFM
BQBSFDFBRVJDVNQSJNFOUBOEPTPSSJEFOUFQPMJDJBJTFNGPUPTRVF
EFUÍPFʽSBOIBNFOUFBNFOBT
DIFHBSBNNFTNPBTFSFYJCJEBT
OBGBDIBEBEP4ÏUJNP#BUBMIÍPEBġĞFN4ÍP1BVMP.BTDFSUP
GVOEPJSÙOJDPQPEFTFFTDPOEFSOBRVFMFTPSSJTPBNBSFMPEPDJEB
EÍPOFHSPRVFBQFSUBBNÍPEFQPMJDJBJTDPOIFDJEPTQFMBWJPMÐODJB
DPOUSBBQPQVMBÎÍPOFHSB
EFVNBGPSNBRVFBTVQFSJEFOUJmDBÎÍP
BRVJTFUPSOBFMBQSØQSJBGPOUFEFEÞWJEBT
3FUPSOFNPTFOUÍPBPBSSBʽÍP"JEÏJBEPBSSBʽÍPDPNPQSÈUJ
DBEFDSJBÎÍPDVMUVSBMGPJQFOTBEBQSJNFJSBNFOUFQFMPNÞTJDP5PN
;Ï
OVNB JEÏJB EF VNB FʽÏUJDB EF BQSPQSJBÎÍP
EF DSJBÎÍP iQMÈHJ
DPNCJOBEPSBw&TTBiUÏDOJDBEFSPVCPVSCBOPw
DPNPEJ[PQSØQSJP
5PN ;Ï OP FODBSUF EF TFVĔĕ $PN EFGFJUP EF GBCSJDBÎÍP
FN RVF
VNiQFRVFOPHSVQPDPSSFWJPMFOUBNFOUFBUSBWÏTEFVNBNVMUJEÍP
FAWBSSFEJOIFJSP
BOÏJT
CPMTBT
ËTWF[FTBUÏBTSPVQBTEBTQFTTPBTw
;²
5PNi" FTUÏUJDB EP QMÈHJPw *O $% $PN EFGFJUP EF GBCSJDBÎÍP 4ÍP 1BVMP5SBNB
0TUFYUPTFTUÍPEJTQPOÓWFJTOPTJUFEPBSUJTUBIUUQXXXUPN[FDPNCSQEFGFJUP
IUN"DFTTPFNKVO
ÏNFUÈGPSBQBSBVNBDSJBÎÍPBSUÓʽJDBBQSPQSJBEPSB
NFTNPJOWBTJWB
EFTJOJCJEBQBSBDPNPTDØEJHPTFEJTDVSTPTFʽBCFMFDJEPT$PNPQFOTB
P UFØSJDP BNFSJDBOP $ISJʽPQIFS %VOO
FʽVEJPTP EB USPQJDÈMJB
iOP
DPOUFYUPBUVBMEFHMPCBMJ[BÎÍPOFPMJCFSBM
BDSJBÎÍPBSSBʽBEBUBNCÏN
QPEFTFSVNBUPEFWJPMÐODJB
TVCWFSTÍPPVNFTNPEFSFTJʽÐODJBw
1BSB%VOO
PBSSBʽÍPTFSJBVNTVDFEÉOFPDPOUFNQPSÉOFPEPRVFGPJ
BBOUSPQPGBHJBFNPVUSBTÏQPDBT
QPJTTFVTQSBUJDBOUFTGB[FNiABSSBT
UÍPOPMFHBEPDVMUVSBMEPRVBMTÍPFYDMVÓEPTw
BMÏNEFBNFUÈGPSBTVHF
SJSiFYQMJDJUBNFOUFBQPTJÎÍPTPDJBMEBmHVSBTVCBMUFSOBw
/PDBTPEF%BOJFM
QPSFYFNQMP
QPEFNPTQFOTBSOVNBFʼÏDJF
EF iBSSBʽÍP TFNJØUJDPw
BRVFMF RVF TF BQSPQSJBSJB QSJODJQBMNFOUF EF
DØEJHPTFTJHOPTDPSSFOUFT
SFWFSUFOEPTFOUJEPT
JOWFSUFOEPPVQSPWP
DBOEPSVÓEPTFDVSUPTDJSDVJUPTOBTNFOTBHFOT4FNJØUJDPBRVJOÍPTF
SFGFSFFYBUBNFOUFËDJÐODJBBOBMÓUJDBEBMJOHVBHFNEF1JFSDFPV(SFJNBT
NBTËQPTTJCJMJEBEFQPMJTTÐNJDBEFBSUJDVMBSTJʽFNBTEFDPOUFÞEPDPN
TJʽFNBTEFFYQSFTTÍP"JEÏJBOÍPFʽBSJBUBNQPVDPEJʽBOUFEPRVF
6NCFSUP&DPDIBNPVEFiHVFSSJMIBTFNJPMØHJDBw
BPQFOTBSBSFJOUSPEV
ÎÍPEBEJNFOTÍPDSÓUJDBOBSFMBÎÍPDPNBNÓEJBPVBBNCJHàJEBEFEPT
DØEJHPT
QPSFYFNQMP
OBDPNVOJDBÎÍPFʽÏUJDBPVOBEFNBTTBT/FT
TFTFOUJEP
QPEFTFUFSFNNFOUF
UBNCÏN
PRVF'SBODP#FSBSEJ #JGP
DIBNBEFiTFNJPDBQJUBMw
PDBQJUBMTFNJØUJDP
VNBPVUSBQBMBWSBQBSB
EFOPNJOBSPDBQJUBMEPUSBCBMIPJNBUFSJBM
EBiFDPOPNJBEPDPOIFDJ
NFOUPw
RVFFʽBSJBGPSNBOEPBCBTFEBFDPOPNJBHMPCBMJ[BEBDPOUFN
QPSÉOFB
TFHVOEP
QPSFYFNQMP
PTUFØSJDPT.JDIBFM)BSEUF"OUPOJP
/FHSJ
BVUPSFTEF*NQÏSJPF.VMUJEÍP$PNPEJ[#JGP
iPQSPDFTTPNBJT
QSPGVOEP RVF DPNFÎPV B TF EFTFOWPMWFS BP MPOHP EPT BOPT ȴȼȼȳ Ï
BRVFMFEBDPNQMFUBJOUFSBÎÍPFOUSFTJʽFNBFDPOÙNJDPFTJʽFNBTF
%6//
$ISJTUPQIFSi5PN;ÏQÜFEJOBNJUFOPTQÏTEPTÏDVMPw*O0&TUBEPEF41BVMP
EJTQPOJCJMJ[BEPOPTJUFEF5PN;ÏIUUQXXXUPN[FDPNCSBSUIUN"DFTTPFN
KVO
$"-"%0
$BSMPTi"OUSPQPGBHJB EFWPSB B BUVBMJEBEF OP &*"w 'PMIB EF 4 1BVMP
4ÍP
1BVMP
EF[
.0/5"/"3*
'FEFSJDPi4FNJPUJDBEFJNFEJFEFMNPWJNFOUP4FNJPUJDBJONPWJNFOUP w
*O1"426*/&--*
.BUUFP.FEJB"DUJWJTN
4USBUFHJFFQSBUJDIFEFMMBDPNVOJDB[JPOFJOEJQFO
EFOUF3PNB%FSJWF"QQSPEJ
Q0MJWSPQPEFTFSCBJYBEPOPTJUFIUUQXXX
SFLPNCJOBOUPSHPMENFEJBBDUJWJTN.FEJB"DUJWJTNQEG"DFTTPFNKVO
NJØUJDP
BDPNQMFUBJOUFHSBÎÍPEPUSBCBMIPQSPEVUJWPËQSPEVÎÍP
TFNJØUJDB"HMPCBMJ[BÎÍPÏFTTFODJBMNFOUFFTTBJOUFHSBÎÍPw
/VNIPSJ[POUFDPNPFTTF
FNRVFPTQSØQSJPTTJHOPTBMJO
HVBHFN
DPNPQFOTBPmMØTPGP1BPMP7JSOPWJSBNPNPUPSEB
FDPOPNJB
QFOTBS B mHVSB EF VN BSSBʽÍP TFNJØUJDP
PV NFTNP
EFVNiSBQUPw
VNiTFRàFʽSPSFMÉNQBHPwTJNCØMJDPDPNPQSÈUJDB
TVCWFSTPSBPVBOUBHPOJʽB
UBMWF[OÍPQBSFÎBUÍPFʽSBOIP+ÈQP
EFNPTWFSJTTPOVNBEBTQSJNFJSBTBÎÜFTEF%BOJFM
PTQFRVFOPT
UFSSPSJTNPTQPÏUJDPTEFBMUFSBÎÍPPVTVCʽJUVJÎÍPEFBEFTJWPTFN
FTDBEBTEPNFUSÙ
OPRVBMTFMJBi"UFOÎÍP4FHVSFTFTFNQSFBPT
DPSSJNÍPTw PV i"UFOÎÍP 4FHVSF BT DSJBOÎBT QFMBT NÍPTw
DPMPDB
WBBEFTJWPTDPNBNFOTBHFNi"UFOÎÍP4FHVSFTFNQSFBNJOIB
NÍPw0VOBUSBOʼPTJÎÍPEBQJDIBÎÍPQBSBPSBJPMBTFSFN4DSJCF
F1JDIBÎÍPMBTFS
OBTiQPOUFTWJSUVBJTwUBNCÏNEFMBTFSVOJOEPB
QFSJGFSJBFVNCBJSSPSJDPEF4ÍP1BVMP
PV4BMWBEPSFB«GSJDB
PV
BJOEBOPEFQFOEVSBSTFEFVNBQPOUFQÐOTJMFNNPWJNFOUPFN
3PUFSEÍ
SFDJUBOEPWFSTPTEP)FSNFT5SJNFHJʽP
EF+PSHF#FO
F
BUSBJOEPBBUFOÎÍPEBQPMÓDJBIPMBOEFTB1PEFNPTWFSJTTPJHVBM
NFOUFOBBÎÍPEFQSFOEFSBRVFMFTRVFQSFOEJBN
PTHVBSEBT
OB
KÈDJUBEBBÎÍPFN)BWBOB
$VCB
"QMJDBSFOUÍPBmHVSBEPBSSBʽÍPBPUSBCBMIPEF%BOJFM-JNB
ÏUFOUBSGB[FSVNBDFSUBBOBMPHJBDPNTVBBUJUVEFFNSFMBÎÍPBPT
DØEJHPT WJHFOUFT
OB TVB WJPMÐODJB RVBTF iUFSSPSJʽBw
PV
NFMIPS
BJOEB
iEFTPCFEJFOUFw
QBMBWSBBJOEBUÍPDBSBBPTNPWJNFOUPTBUJ
WJʽBTDPOUFNQPSÉOFPT
VNBWF[RVF
TFPRVFGB[OBTFBSBTFNJ
ØUJDBOÍPÏBMHPQSPQSJBNFOUFJMFHBMPVJMÓDJUP
Ï
TJN
VNBSSBʽÍP
BQSPQSJBEPSRVFUPNBBTJVNFʼBÎP
VNTJHOP
VNGPSNBUP
FP
SFNPMEB
JOWFSUFQBSBPFGFJUPEFTFKBEP
5BMWF[PFYFNQMPNBJTFNCMFNÈUJDPEFBSSBʽÍPTFNJØUJDPOPT
USBCBMIPTEF-JNBTFKBNBTPCSBTEFTFOWPMWJEBTOP"3FWPMVÎÍP
/ÍP4FSÈ5FMFWJTJPOBEB4FKBUBOUPQFMBSFDJDMBHFN
EFTWJPFQMÈHJP
&$0
6NCFSUPi(VFSSJMIBTFNJPMØHJDBw*O7JBHFNOBJSSFBMJEBEFDPUJEJBOB3JPEF+BOFJ
BMUFSBEP EF EJWFSTBT QSPEVÎÜFT EB DVMUVSB EF NBTTBT
QFMP DBSÈUFS
FNJOFOUFNFOUF DPMFUJWP EBT DSJBÎÜFT EP ĒģğĤĥħ
TFKB QFMPT TJOBJT
JOWFSUJEPTFBNCÓHVPTEBQSPEVÎÍP
NVJUPEPRVFFʽÈOBTÏSJFQSP
EV[JEBQFMPHSVQPFGFUVBWFSEBEFJSPTBSSBʽÜFTOPTTJHOPTVTVBJTEB
UFMFWJTÍP
EBiNÓEJBBSUFwFWJEFPBSUF
PVEBDVMUVSBQPQEJUBEBQFMB
Ğĥħ
FOUSFPVUSBT
"QSFTFOUBEPTJOJDJBMNFOUFOVNBĥħQÞCMJDBQBHB
BĥħĦĤġ
PTPJUP
FQJTØEJPT CFNDPNPPTEFNBJTTVDFEÉOFPTEPDPMFUJWP
NBJTDVSUPT
PVNBJTMPOHPTRVFPTȵȸNJOVUPTGPSNBUBEPTOBTÏSJF
UJWFSBNJOÓDJP
FN ȵȳȳȵ
QFOTBEPT DPNP VN iBOUJQSPHSBNB EFĥħw
DPNP BTTVNJEP
QFMPHSVQP3FVOJOEPBSUJʽBTFDPMFUJWPTPTNBJTEJWFSTPT
NJʽVSBOEP
JNBHFOTKPSOBMÓʽJDBT
DFOBTEFEPDVNFOUÈSJPT
FOUSFPVUSBTJNBHFOT
F
DPOUBOEPBIJʽØSJBEFVNHVFSSJMIFJSPVSCBOPDPNQSPCMFNBTFYJʽFO
DJBJT
BTÏSJFTFEFTFOSPMBFOUSFBDPMBHFNBCSVQUBEFDFOBTFQSPEVÎÜFT
TVSSFBJTPVFYQFSJNFOUBJTFVNBOBSSBUJWBFNPĊEFVNBWP[EFGPSNBEB
QPSWF[FTBTTVʽBEPSB
DSJBOEP
FNEFUFSNJOBEPTNPNFOUPT
VNDMJNB
DMBSBNFOUFQBSBOØJDP
" JOWFSTÍP EF TJHOPT DPNFÎB QFMP QSØQSJP OPNF EP DPMFUJWP RVF
FYJCJEPOVNBĥħQBHB
PVTFKB
GFJUPQBSBBĥħ
BmSNB
TFHVJOEPPUÓUVMP
EFVNBDBOÎÍPEF(JM4DPUU)FSPO
RVFBSFWPMVÎÍPOÍPQBTTBSÈOBUFMF
WJTÍP1PSPVUSPMBEP
JOʼJSBEPT
DPNPEJ[FNOVNBFOUSFWJʽB
QFMPT
QJDIBEPSFTFQFMBHVFSSJMIBDVMUVSBMVSCBOB
TVBJOUFOÎÍPÏTFNEÞWJEB
JOUFSWJSOBNÓEJBUFMFWJTJWB$PNTFVEFTDBSBEPFYQFSJNFOUBMJTNPBS
UÓʽJDP
PĒģğĤĥħOÍPTFFORVBESBSJBOBQSPHSBNBÎÍPEFVNBĥħBCFSUB
QPJTGPHFEFNBTJBEPEPTEJUBNFTDPNFSDJBJTFiVUJMJUÈSJPTwEFTTBĥħ4FV
UFPSQPMÓUJDPJOFHÈWFM
QPSTVBWF[
UPSOPVPQSPHSBNBQPVDPQBMBUÈWFM
QPSFYFNQMP
QBSBVNBĞĥħ
RVFOÍPTFJOUFSFTTPVFNFYJCJSBTÏSJF
'JOBMNFOUF
BFEJÎÍPSÈQJEB
FOUSFDPSUBEB
CBʽBOUFQSPmTTJPOBM FN
NVJUPSFDPSEBOEPBQSØQSJBFEJÎÍPFʽJMPĞĥħ
PWJTVBMFYUSFNBNFO
UF QPQ
CFNBDBCBEP
EF TÏSJF EFĥħ
UBNCÏN BGBʽBN P QSPHSBNB
7FSBQÈHJOBEPHSVQPOBSFEF$PSP$PMFUJWPIUUQXXXDPSPDPMFUJWPPSHBSOTUWJOEFY
IUN"DFTTPFNKBO
"FOUSFWJTUBÏJHVBMNFOUFSFWFMBEPSBEBTDPOUSBEJÎÜFTBTTVNJEBTQFMPDPMFUJWPFFTUÈ
BSRVJWBEB BRVJ IUUQXXXSJ[PNBOFUJOUFSOBQIQ JETFDBPDBNFSB "DFTTP
FNKBO
EBTFBSBEBWJEFPBSUFDPNPBDPOIFDFNPTVTVBMNFOUF"GBMUBEF
QVEPSFNTFSOBSSBUJWPFQPQ
PVPQJPOFJSJTNPFNFYQFSJNFOUBS
DPNWÓEFPFQPMÓUJDBOP#SBTJM
POEFIÈQPVDBUSBEJÎÍPOFTTFUFSSFOP
UPEPTFTTFTFMFNFOUPTUPSOBNBTÏSJFEPĒģğĤĥħVNBDSJBÎÍPÞOJDB
OBQSPEVÎÍPBVEJPWJTVBMCSBTJMFJSB
&TTFIJCSJEJTNPPVPVTBEJB
QBSBBMHVOTFNNJʽVSBSJO
UFSWFOÎÍP
WÓEFP
UFSSPSJTNPQPÏUJDPFGPSNBUPUFMFWJTJWPUBMWF[EJ
mDVMUFVNFOUFOEJNFOUPDPOWFODJPOBMEFTTBDSJBÎÍP4FSFDPSSFS
NPTRVJÎÈBUFPSJ[BÎÜFTNFOPTDBOÙOJDBTDPNPBEFNÓEJBUÈUJDB
UBM DPNP UFPSJ[BEB QPS %BWJE (BSDJB F (FFSU -PWJOL
WFSFNPT
RVFPTFQJTØEJPTEPĒģğĤĥħ DPNP
BUÓUVMPEFFYFNQMP
PTħěTQFS
OBNCVDBOPTEPDPMFUJWP.FEJB4BOB
QPSOÍPTFSFNFYBUBNFOUF
BOUBHPOJʽBTFNFTNPBTTJNFGFUVBSFNVNDIPRVFOBFTGFSBNJ
EJÈUJDB
FʽÍPQSPWBWFMNFOUFFOUSFPTNBJTTJHOJmDBUJWPTFYFNQMPT
EFNÓEJBUÈUJDBQSPEV[JEBOP#SBTJM
"TDPOUSBEJÎÜFTFBNCJHàJEBEFTQFSNBOFDFN"TCBOEFJSBT
EFGFOEJEBTOÍPTÍPUÍPDMBSBT
NBTTFSÈRVFBRVFʽÍPBRVJÏBCBO
EFJSBPVBGPSNBDPNPBTFHVSBNPT $PNPEFGFOEFSBHVFSSJMIB
DVMUVSBMFNFTNPBTTJNQSPEV[JSQBSBBĥħQBHB &TTFTQBSBEPYPT
TÍP KVʽBNFOUF P RVF QFSGB[FN B SJRVF[B F B QSPCMFNÈUJDB OBT
DSJBÎÜFTEF%BOJFM-JNB4FNFMFT
OÍPPFOUFOEFSÓBNPT2VBOEP
QFSHVOUBEPTTFUFNFSJBNTFSFOHPMJEPTQFMBWPSBHFNEBJOEÞʽSJB
EPFOUSFUFOJNFOUP
PĒģğĤĥħSFʼPOEFVi2VFFMFTOPTFOHVMBN
QBTTFNNBM
WPNJUFNw4JHOJmDBUJWBNFOUF
VNBEBTDFOBTÓDPOFT
EBTÏSJFÏVNBEBRVFMBTRVFKBNBJTQBTTBSJBNOVNBSFUSPʼFʹJWB
EB (MPCP TJN
BRVFMB iJOPDFOUFw JNBHFN EB 9VYB FN TFV QSP
HSBNBRVF
FNDÉNFSBMFOUB FEJÎÍPEP3FWPMVÎÍP
EFTDPCSFVN
GPHPOPDFOÈSJPFDPSSF
BTDSJBOÎBTDPSSFN
PDFOÈSJPQFHBGPHP
%ÐPOPNFBSUF
BQSPQSJBÎÍP
BUJWJTNP
EJWFSTÍP
"SFTQFJUPEFDFSUBEJmDVMEBEFEBWJEFPBSUFFNMJEBSDPNOBSSBUJWBTNBJTQPQTFQSØYJ
NBTEPGPSNBUPUFMFWJTJWPUSBEJDJPOBM
CFNDPNPEFTVBHVJOBEBNBJTQBSBPDPOUFNQMBUJWP
EPDVCPCSBODPEBTHBMFSJBT
WFSPFOTBJP#&"(-&4
+PIO#&&$)
%BWJEi7JEFP1VSJmFE
PG5FMFWJTJPO 0O XIZ WJEFP BSU XBOUT UP CF CPSJOHw *O7BSJBOU IUUQXXXWBSJBOU
SBOEPNTUBUFPSHUFYUTWJEFPCPSFIUNM"DFTTPFNKBO
-07*/,
(FFSU("3$*"
%BWJEi0"#$EBNÓEJBUÈUJDBw*O3J[PNBIUUQXXXSJ[PNB
OFUEFTFOWJOUFSOBQIQ JETFDBPJOUFSWFODBP"DFTTPFNKBO
i"TGPSÎBTOPIPNFNFOUSBNFNSFMBÎÍPDPNGPSÎBTEF
GPSB
BTEPTJMÓDJP
RVFTFWJOHBEPDBSCPOP
BTEPTDPN
QPOFOUFTHFOÏUJDPT
RVFTFWJOHBNEPPSHBOJTNP
BTEPT
BHSBNBUJDBJTRVFTFWJOHBNEPTJHOJmDBOUF<y>0RVF
ÏPTVQFSIPNFN ²PDPNQPʽPGPSNBMEBTGPSÎBTOP
IPNFNDPNFTTBTOPWBTGPSÎBTw(JMMFT%FMFV[F
7FSTÍP
" BQSPQSJBÎÍP WFSUJHJOPTB EF EFUFSNJOBEBT UFDOPMPHJBT
EF QPOUB QFMP IPNFN NÏEJP
QSJODJQBMNFOUF BUSBWÏT EB QP
QVMBSJ[BÎÍPEBJOGPSNÈUJDBFEBJOUFSOFU
FʽÈNVEBOEPBRVJMP
RVF TF DPʽVNBWB QSPKFUBS FORVBOUP iGVUVSPw F
DPOTFRàFOUF
NFOUF
P QBQFM EP JOEJWÓEVP OFTTF iGVUVSPw
BHPSB QSFTFOUF ²
OFTTF TFOUJEP RVF B mDÎÍP DJFOUÓmDB
QPS FYFNQMP
EFTMVNCSB
PTMFJUPSFT"USBWÏTEFTVBFʼFDVMBÎÍPBDFSDBEPBWBOÎPUFDOP
MØHJDP FN TJ DPNP OPT MJWSPT EF "MEPVT )VYMFZ PV 8JMMJBN
(JCTPO
EBEFTDPCFSUBEFNVOEPTiFYUFSJPSFTwBTTPNCSPTPT
RVFUBMBWBOÎPUFDOPMØHJDPQPTTJCJMJUBSJBF
UBNCÏN
EPDPOUSPMF
EB TPDJFEBEF QPS JOUFSNÏEJP EPT NFJPT UFDOPMØHJDPT DPNP
FN ȴȼȻȷ EF (FPSHF 0SXFMM
"ENJSÈWFM NVOEP OPWP EF "MEPVT
)VYMFZ
'BSFOIFJUȷȸȴEF3BZ#SBECVSZ
PVOBUSJMPHJB.BUSJYEPT
JSNÍPT8BDIPXTLJ
1PS NFJP EB BOÈMJTF EBT PCSBT EF BMHVOT FTDSJUPSFT EF mD
ÎÍPDJFOUÓmDBDPNP1IJMJQ,%JDL
+(#BMMBSE
#SVDF4UFSMJOH
8JMMJBN(JCTPOF3PCFSU4JMWFSCFSHDJOFBʽBTDPNP4UBOMFZ
,VCSJDLF%BWJE$SPOFOCFSHFBUÏEPQPFUBCFBU8JMMJBN#VS
SPVHIT
OPUBNPTEFTEFPTBOPTȴȼȹȳVNBGVTÍPJOFʼFSBEBFOUSFB
NFOUFIVNBOBFBUFDOPMPHJBRVFFMBDSJB
HFSBOEPVNPVUSPiOÓWFM
EF DPOTDJÐODJBw 6NB TPDJFEBEF QØTIVNBOB " SFBMJEBEF EFTEP
CSBEBFNiDBNBEBTw &NiVOJWFSTPWJSUVBMw
5BJT PCSBT EF mDÎÍP PQFSBN
QPEFSÓBNPT EJ[FS
BMÏN EB NFSB
EJDPUPNJB CFNNBM
NÈRVJOBTFS IVNBOP
QSPHSFTTPBUSBTP PV
EF DPNP P EFTFOWPMWJNFOUP UFDOPMØHJDP Ï B QPSUB QBSB SFWFMBS BT
QVMTÜFTNBJTTPNCSJBTEPTFSIVNBOPFNWF[EFBGBʽÈMPEFMBT-ØHJ
DB
EFDFSUBNBOFJSB
QSFTFOUFFNPCSBTDPNP7JEFPESPNF
F9JʽFO;
$SBTI
"NPTDB
#MBEF3VOOFSFEFNBOFJSBSFMBUJWBFN.BUSJY
7FSTÍP
*OEFQFOEFOUFEFWJWFSNPT
PVOÍP
OVNBTJNVMBÎÍPHFSBEBQPS
DPNQVUBEPS
OÍPQPEFNPTQFSEFSEFWJʽBPGBUPEFRVFPTNBJTJOV
TJUBEPT FMFUSPEPNÏʽJDPT OFDFTTJUBN EF QSPDFTTBEPSFT FMFUSÙOJDPT
QSPHSBNÈWFJTGSFF[FS
NJDSPPOEBT
ĥħ
WÓEFPy
PTWFÓDVMPTNBJT
SFDFOUFT QFMP NFOPT EF[ BOPT EF GBCSJDBÎÍP UBNCÏN QPEFN
TFS QSPHSBNBEPT HSBÎBT Ë DFOUSBM FMFUSÙOJDB EF JOKFÎÍP ĖĔĦ
RVF
QPEF PQFSBS FN
PV CJUT TFNFMIBOUFNFOUF Ë QMBDBNÍF EF
VNEFTLUPQDPNVNSFDFCFOEPDIBNBEBTEPTBQMJDBUJWPTFEJʽSJ
CVJOEP RVBOUJEBEFT FʼFDÓmDBT EF NFNØSJB ģĒĞ
EF BDPSEP DPN B
OFDFTTJEBEFEPBQMJDBUJWP5BNCÏNBCJPNFUSJBUPSOBTFBMHPDPNVN
OPDPOUSPMFEFGSFRàÐODJBEFGVODJPOÈSJPTFOBJEFOUJmDBÎÍPEFiQSJ
TJPOFJSPTw*ODMVTJWFBQSØQSJBSFMBÎÍPQSJTJPOFJSPQSJTÍPTFUSBOTGPSNB
QPJT QFOBT BMUFSOBUJWBT DPNP B MJCFSEBEF BTTJʽJEB UPSOBNTF NBJT
GSFRàFOUFT EBEBT BT JOÞNFSBT GPSNBT EF SBʽSFBNFOUP F DPOUSPMF
FMFUSÙOJDPËEJʼPTJÎÍP
"JOEBUFNPT5SJMPCJUF
2SJPF4XPSET&ORVBOUPPQSJNFJSPBʼJ
SBQØ
PTFHVOEPEBOÎBFSFHFPSRVFʽSBT
4XPSETVNBDSÙOJNP
EF4QFDJBM8FBQPOT0CTFSWBUJPO3FDPOOBJTTBODF%FUFʹJPO4ZʽFNT
4JʽFNBTEF0CTFSWBÎÍP3FDPOIFDJNFOUPF%FUFDÎÍPQBSB"SNBT
&ʼFDJBJT
FTRVBESJOIBPUFSSJUØSJPFNBUB4FOEPPBOUJHPGPSNB
UPEBHVFSSB
QSPMFUÈSJPTPMEBEPYQSPMFUÈSJPTPMEBEP
DBEBWF[NBJT
VMUSBQBTTBEBQFMBiJNQFTTPBMJEBEFwFWFMPDJEBEFNPSUBMEPQSPKÏUJM
"HPSBUFNPTSPCPUT
EVCMÐTEFDPSQP
RVFGFSFN
EJMBDFSBNFBOJ
7FSTÍP
i/BOPSSPCÙTSPCÙTEPUBNBOIPEFVNBIFNÈDJBOPT
EBSÍP PT NFJPT QBSB SFGB[FS SBEJDBMNFOUF PT OPTTPT TJʽFNBT
EJHFʽJWPTF
JODJEFOUBMNFOUF
RVBTFUVEPPNBJT&NVNBGBTF
JOUFSNFEJÈSJB
OBOPSSPCÙT OP TJʽFNB EJHFʽJWP F OB DPSSFOUF
TBOHVÓOFBFYUSBJSÍPEFGPSNBJOUFMJHFOUFPTOVUSJFOUFTFYBUPTEF
RVF QSFDJTBNPT F OPT BWJTBSÍP RVBJT TÍP PT OVUSJFOUFT F TVQMF
NFOUPTRVFOPTGBMUBNQPSNFJPEFOPTTBSFEFTFNmPMPDBMF
NBOEBSÍPPSFʽBOUFEBDPNJEBBDBNJOIPEBFMJNJOBÎÍPw
"MHVOT QPEFSJBN EJ[FS RVF P QBSÈHSBGP BDJNB OÍP QBTTB
EFNFSBFʼFDVMBÎÍPGVUVSÓʽJDBSFUJSBEBEFVNBPCSBEFmDÎÍP
DJFOUJmDBRVBMRVFS
NBTOÍPÏ0BVUPSEBGSBTFÏ3BZ,VS[XFJM
JOWFOUPSFUFDOØMPHPOPSUFBNFSJDBOPSFʼPOTÈWFMQFMBDSJBÎÍP
EB QSJNFJSB NÈRVJOB EF MFJUVSB QBSB DFHPT 3BZ
BQFTBS EF QB
SFDFSNFSPBQPMPHJʽBEBUFDOPMPHJBFNBMHVOTNPNFOUPT
OPT
BQSFTFOUBVNNVOEPSFQMFUPEFNJOÞTDVMBTDSJBUVSBTËTRVBJT
mDBSJBNEFMFHBEBTGVOÎÜFTPSHÉOJDBTIPKFUJEBTDPNPPCTPMFUBT
F QBSB BT RVBJT KÈ FYJʽFN TVCʽJUVUPT HSPTTFJSPT 1PJT FYQBOEJ
NPTOPTTBDBQBDJEBEFiOBUVSBMwWJBUFDOPMPHJBESPHBT
TVQMF
i"NBOPCSBRVFDPOTJTUJBPOUFNFNDFEFSUFSSFOPQBSBHBOIBSUFNQPQFSEFUPEPP
TFOUJEPBUVBMNFOUF
PHBOIPEFUFNQPÏRVFTUÍPFYDMVTJWBNFOUFEFWFUPSFT
FPUFSSJUØSJP
QFSEFVTFVTJHOJmDBEPBUFPQSPKÏUJM%FGBUPPWBMPSFTUSBUÏHJDPEPOÍPMVHBSEBWFMPDJEBEF
TVQMBOUPVEFmOJUJWBNFOUFPEPMVHBS
FBRVFTUÍPEBQPTTFEPUFNQPSFOPWPVBEBQPTTF
UFSSJUPSJBMw7*3*-*0
1BVM7FMPDJEBEFFQPMÓUJDB4ÍP1BVMP&TUBÎÍP-JCFSEBEF
Q
'PMIBEF41BVMP
4ÍP1BVMP
NBS$BEFSOP.BJT
7FSTÍP
i-FJUFGSFTDPEB'B[FOEBw&TTBÏBGSBTFDPNRVF4JNPO+
QSPUBHP
OJʽBEF6NQPOUP[FSPBCSFPmMNFFTDSJUPFEJSJHJEPQPS+FĊ3FOGSPF
F.BSUFJOʾPSTTPO4JNPO+EFSFQFOUFQBTTBBSFDFCFSFʽSBOIPT
*EFN
1BSB QFOTBSNPT B QSPEVÎÍP FN FTDBMB OBOP EFWFNPT JNBHJOBS P FODPMIJNFOUP EP
DPSQPOBTUSÐTEJNFOTÜFTQPSVNGBUPSEFVNNJMIÍP
SFEV[JOEPPBPUBNBOIPEF
VNÞOJDPHMØCVMPWFSNFMIPRVFÏBNFOPSDÏMVMBEPDPSQPIVNBOP&
FOUÍP
SFEV[J
NPTFTTBDÏMVMBNBJTVNBWF[QPSVNGBUPSEFNJM0RVFUFNPTDPNPSFTVMUBEPÏVN
OBOÙNFUSP
8*--*".4
4UBOMFZ$IFGFEFQFTRVJTBTEB)FXMFUU1BDLBSE
FNEFDMBSBÎÍPBP4FOBEP
EPT&6"TPCSFOBOPUFDOPMPHJBQVCMJDBEBOPTJUFIUUQXXXJOPWBDBPVOJDBNQCSFTQF
DJBMOBOPUFDIJOUFTUBOIUNM"DFTTPFNKVO
QBDPUFTWB[JPTFTPNFOUFNBJTUBSEFJSÈEFTDPCSJSRVFTFUSBUBEF
VNBFYQFSJÐODJBEFNBSLFUJOHFNRVFOBOPSSÙCPTEFOPNJOBEPT
iOBOPNJUFTw TÍP JOUSPEV[JEPT FN TFV DPSQP F BHFN EJSFUBNFOUF
FNTFVDÏSFCSP1PSUBOUP
BTNFOTBHFOTDPSQPSBUJWBTBHFNEJSFUB
NFOUFTPCSFTVBFTDPMIB0QSPCMFNBBQBSFDFRVBOEPTFQFSDFCF
RVFPTOBOPNJUFTGPSBNDPOUBNJOBEPTDPNVNWÓSVTFQSFDJTBN
TFSBUVBMJ[BEPT6QHSBEFȵȴȵ
1PEFSÓBNPTEJ[FSRVFTFUSBUBBQFOBTEFVNBPCSBEFmDÎÍP
NBT UPNBEPT PT EFWJEPT DVJEBEPT
DPNP OPT BEWFSUF %FMFV[F
iTPCQFOBEFDBJSNPTOBIJʽØSJBFNRVBESJOIPTw
OPTDPOUFOUB
NPTDPNJOEJDBÎÜFTEJTDSFUBT
NBTOÍPUÍPEJTDSFUBT
QPJT4UBOMFZ
8JMMJBNTOPTEJ[RVFiyBDSJBUJWJEBEFIVNBOBFʽÈFNBMUBFMB
WBJTJHOJmDBSQSPEVUPTEFBMUPWBMPSBHSFHBEPFBMUPSFUPSOPmOBO
DFJSPQBSBBTDPNQBOIJBTRVFEPNJOBSFNB/BOPUFDOPMPHJBw
%FWFNPTBUFOUBSQBSBFTTFGBUPQBSBQFSDFCFSNPTRVFBmD
ÎÍPFPEFTFOWPMWJNFOUPUFDOPMØHJDPFʽÍPFNDPOʽBOUFSFMBÎÍP
EFSFUSPBMJNFOUBÎÍP"TWBOUBHFOTFEFTWBOUBHFOTTÍPNVJUBT
F
DPNPOPTEJ[%FMFV[Fi y
OÍPTFEFWFQFSHVOUBSRVBMÏPSFHJNF
NBJTEVSP
PVPNBJTUPMFSÈWFM
QPJTÏFNDBEBVNEFMFTRVFTF
FOGSFOUBN BT MJCFSBÎÜFT F BT TVKFJÎÜFTw 5FNPT
QPSUBOUP
DPNP
QSJODJQBJTNFJPTEFSFTJʽÐODJBTFTTFTFʼBÎPTFGFSSBNFOUBT
TVB
TVCWFSTÍPFBQSPQSJBÎÍP
&OmN
BDPOWJWÐODJBDPNNBUFSJBJTOBOPFOHFOIFJSBEPTTFSÈ
VNBDPOʽBOUF"OBUVSF[BTFNPEJmDBSÈ
TFSÈTJOUFUJ[BEBPV
EFTOBUVSBMJ[BEB²BNÈRVJOBRVF
BPSFQSPEV[JSBTGPSÎBTEBOB
UVSF[BEFVNBNBOFJSBRVFTFRVFSBOBUVSF[BÏDBQB[
QFSNJUFF
QFSNJUJSÈBFYJʽÐODJBEFNBUFSJBJTRVFBOBUVSF[BFNTFVDJDMPDP
NVNEFNBOFJSBBMHVNBTFSJBDBQB[EFQSPEV[JS1PSUBOUP
OFTTF
DFOÈSJP
PIPNFNTFiNFDBOJ[Bw
BNÈRVJOBTFiIVNBOJ[BwFB
OBUVSF[BÏiEFTOBUVSBMJ[BEBw
%&-&6;&
(JMMFT'PVDBVMU4ÍP1BVMP#SBTJMJFOTF
Q
8*--*".4
4UBOMFZ0QDJU
%&-&6;&
(JMMFT1PTU4DSJQUVNTPCSFBTTPDJFEBEFTEFDPOUSPMF*O$POWFSTBÎÜFT3JP
EF+BOFJSP&EJUPSB
i"WJHÐODJBEBTMFJTEBOBUVSF[BTFNBOJGFTUB
QPSUBOUP
FNEJWFSTBTEJNFOTÜFT/PDBNQP
#V[[)PNPTBQJFOT EFNFOT
ÏSFDPOIFDJNFOUPEFQBESÜFT
i"DJWJMJ[BÎÍPQØTIVNBOBQPEFSJBBTTVNJSWÈSJBTGPSNBT1PEFSJB
TFSQBSFDJEBFNWÈSJPTBʼFʹPTDPNBDJWJMJ[BÎÍPBUVBMPVSBEJDBMNFO
UFEJGFSFOUF$MBSP
ÏRVBTFJNQPTTÓWFMQSFEJ[FSPEFTFOWPMWJNFOUPEF
BTMFJT
SPNQFTFBCBSSFJSBFOUSFBIVNBOJEBEFEPIPNFNFBOBUVSBMJEBEFEBOBUVSF[B
JOTUBVSBOEPTFVNBQSPGVOEBQFSWFSTÍP
VNBJOWFSTÍPEBSFMBÎÍPNBJTFMFNFOUBSOBRVBMP
IPNFNBTTVNJSJBPDPOUSPMFEBTMFJTEBOBUVSF[BQPSNFJPEPDPOUSPMFRVFFTTBTNFTNBT
MFJTGPSKBSBNTPCSFBWJEBFPUSBCBMIPEPIPNFNBHPSBBTMFJTEBOBUVSF[BSFBTTVNFNP
DPOUSPMFBUSBWÏTEFVNQSPDFTTPEFNFDBOJ[BÎÍPEPIPNFN4"/504
-BZNFSU(BSDJBEPT
1PMJUJ[BSBTOPWBTUFDOPMPHJBT0JNQBDUPTPDJPUÏDOJDPEBJOGPSNBÎÍPEJHJUBMFHFOÏUJDB4ÍP
1BVMP&EJUPSB
Q;²
5PNi"FTUÏUJDBEPQMÈHJPw*O$%$PNEFGFJUP
EFGBCSJDBÎÍP4ÍP1BVMP5SBNB
0TUFYUPTFTUÍPEJTQPOÓWFJTOPTJUFEPBSUJTUBIUUQ
XXXUPN[FDPNCSQEFGFJUPIUN"DFTTPFNKVO
8*--*".4
4UBOMFZ0QDJU
FNQSFTB
NBTFNRVFBNBSDBBQBSFDFFÏEJTTFNJOBEBQFMBJOUFSOFU
QPSGXE
PVTFKB
UPEPTTFUSBOTGPSNBNFNBHFOUFTEFNBSLFUJOHF
DPOTVNJEPSFT"QBSUJSEFVNBPQFSBÎÍPTJNQMFTDPNPTFOE&DPNP
PTQSØQSJPTNBSRVFUFJSPTEJ[FNVNTJNQMFTTFOEHFSBVNPVNJMIÜFT
EFiDMJFOUFTNJTTJPOÈSJPTwRVFmDBNSFʼPOTÈWFJTQFMBEJGVTÍPEBNBS
DB/FTTFQSPDFTTPIPNFPʽÈUJDPTÍPVUJMJ[BEPTNFDBOJTNPTEFGFFE
CBDLOFHBUJWPQBSBDPOTFSWÈMPFʽÈWFMEPNFʽJDBOEPPGFOÙNFOP
EPCV[[FFNQVSSBOEPVNTJʽFNBJOJDJBMNFOUFnVJEPFNVUÈWFMFN
EJSFÎÍPBVNPCKFUJWP/PDBTP
BPUJNJ[BÎÍPEBTWFOEBTEFEFUFSNJOB
EPTQSPEVUPT&JTTPBDPOUFDFQPSRVFi y
ÏQSFDJTPQBSUJDJQBSFÏQPS
FʽFBUPRVFVNBQFTTPBTFGB[SFDPOIFDFSWJWB/ÍPÏNBJTQSPEV[JOEP
OVNMPDBM/BTPDJFEBEFEFDPOUSPMFTFQSPEV[QBSUJDJQBOEPEBDSJBÎÍP
HFSFODJBNFOUP
TVQFSBÎÍP
SFGPSNBPVBDPNPEBNFOUPEFQSPHSBNBT
FTVBTEJQMPNÈUJDBTJOUFSGBDFTOVNBWJBFMFUSÙOJDB²VNBQSPEVÎÍPOB
RVBMTFQBSUJDJQBFNEJWFSTBTQBSUFT
QPSQFEBÎPT CJUT
w
%JHJUPGBHJBPVEJHJUPFNJB
$MBVEF-ÏWJ4USBVTTGB[BEJʽJOÎÍPFOUSFEPJTUJQPTEFTPDJFEBEF
BT
RVFQSBUJDBNBBOUSPQPGBHJB QPJTBDSFEJUBNRVFBBCTPSÎÍPEFDFSUPT
JOEJWÓEVPTEFUFOUPSFTEFGPSÎBTUFNÓWFJTÏBÞOJDBGPSNBEFOFVUSBMJ[ÈMBT
BQSPWFJUBOEPMIFTBFOFSHJB
UBOUPFGFUJWBNFOUFRVBOUPTJNCPMJDBNFOUF
FBRVFMBTRVFQSBUJDBNBBOUSPQPFNJB FEJBOUFEPNFTNPQSPCMFNBFT
DPMIFNDPNPTPMVÎÍPBFYQVMTÍPEPDPSQPTPDJBM
NBOUFOEPUFNQPSÈSJB
PVEFmOJUJWBNFOUFJTPMBEPT
TFNDPOUBUPDPNBiIVNBOJEBEFw
PTTFSFTF
HSVQPTUFNJEPT
USBODBmBEPTFNiSFTFSWBTUFSSJUPSJBJTw
%BEBBTJUVBÎÍP
FNRVFOPTFODPOUSBNPTQPEFNPTTVQPSRVFOPTTBTPDJFEBEFÏBOUSP
QPÐNJDBFOÍPBOUSPQPGÈHJDBFQBSBJTTPCBʽBPMIBSNPTQBSBBTJUVBÎÍP
%&-&6;&
(JMMFT0QDJUQ
7*3*-*0
1BVM7FMPDJEBEFFQPMÓUJDB4ÍP1BVMP&TUBÎÍP-JCFSEBEF
Q
i"TTPDJFEBEFTEFUJQPPDJEFOUBMFOGSFOUBNEPJTQSPCMFNBTQSJODJQBJTBEJTUSJCVJÎÍPEF
TJHVBM EB SJRVF[B F EP USBCBMIP BTTBMBSJBEP 0T EPJT QSPCMFNBT TÍP GPOUFT QPUFODJBJT EF
JOUSBORàJMJEBEF" JOEÞTUSJB EP DPOUSPMF EP DSJNF EFTUJOBTF B FOGSFOUÈMPT &TUB JOEÞTUSJB
GPSOFDFMVDSPFUSBCBMIPF
BPNFTNPUFNQP
QSPEV[PDPOUSPMFTPCSFPTRVFEFPVUSBGPSNB
QPEFSJBNQFSUVSCBSPQSPDFTTPTPDJBMw$)3*45*&
/JMT"JOEÞTUSJBEPDPOUSPMFEPDSJNFB
DBNJOIPEPT(6-"(TFNFTUJMPPDJEFOUBM3JPEF+BOFJSP'PSFOTF
1BSB P DPODFJUP EFiQØTIVNBOPw WFS UBNCÏN '6,6:"."
'SBODJT /PTTP GVUVSP QØT
EFOPTTBTQFSJGFSJBTFPDSFTDJNFOUPEBQPQVMBÎÍPDBSDFSÈSJB
0 JOUVJUP EFʽF BSUJHP GPJ P EFJEFOUJmDBS BMHVOT EJʼPTJUJWPT
VUJMJ[BEPTQFMPDPOUSPMF
EFTBCFSDPNRVFPVUSBTGPSÎBTFʽÍPFN
SFMBÎÍPËTGPSÎBTEPIPNFN1PJT
i y
QBSFDFOPT
FOUSFUBOUP
RVF
FNTVBEJʼFSTÍPSFʼFD
UJWB
PUSBCBMIPFBWJEBTØQVEFSBNTFSFVOJSDBEBVN
EFMFTOVNBFʼÏDJFEFEFTDPMBNFOUPGBDFËFDPOPNJB
PVËCJPMPHJB y
'PJQSFDJTPRVFBCJPMPHJBTBMUBTTFQBSB
BCJPMPHJBNPMFDVMBS
PVRVFBWJEBEJʼFSTBTFSFVOJTTFOP
DØEJHPHFOÏUJDP y
RVFPUSBCBMIPEJʼFSTBEPTFSFVOJTTF
OBTNÈRVJOBTEFUFSDFJSBHFSBÎÍP
DJCFSOÏUJDBTPVJOGPS
NÈUJDBT2VBJTTFSJBNBTGPSÎBTFNKPHP
DPNBTRVBJTBT
GPSÎBTEPIPNFNFOUSBSJBNFOUÍPFNSFMBÎÍP w
5FOUBOEPJEFOUJmDBSQPSRVBJTQFSDVSTPTUSBOTJUBSOPJOUVJUP
EFDSJBSSVÓEPTOBDPNVOJDBÎÍPFOBFDPOPNJBEFnVYPTFMFUSÙ
OJDPTRVFDPNQÜFNBTPDJFEBEFEFDPOUSPMF1PSJTTPDPOTJEFSP
QFSUJOFOUFQFSHVOUBSBUÏRVFQPOUPTPNPTiEJHJUPGÈHJDPTwPViEJ
HJUPÐNJDPTw1PJTOPQSPDFTTPEFEFʽFSSJUPSJBMJ[BÎÍP
UÍPDBSBË
BOUSPQPGBHJB
OÍPQPEFNPTTFSJEFOUJmDBEPT
OPNFBEPTPVDMBT
TJmDBEPTQFMP&ʽBEP&NVJUPNFOPTTFSNPTNJOPSJBRVFEFTFKB
TFSNBJPSJB
QPJTJTTPUBNCÏNÏQSFSSPHBUJWBEP&ʽBEP&OUÍPB
SFTJʽÐODJBEFWFPQFSBSDPNPEJGVTÍPEFDPNQPSUBNFOUPTSFTJT
UFOUFT
BUSBWÏTEPÐYPEP'VHBEPTFʼBÎPTDPMPOJ[BEPTQFMPQPEFS
UFOEP FN WJʽB RVF OÍP EFWFNPT BMNFKBS P MVHBS EP QPEFS
PV
OPTBQBJYPOBSNPTQPSFMF1BSBUBOUPEFWFNPTQSBUJDBSBBSUFEP
IVNBOP$POTFRàÐODJBTEBSFWPMVÎÍPEBCJPUFDOPMPHJB3JPEF+BOFJSP3PDDP
F
4"/504
-BZNFSU(BSDJBEPT1PMJUJ[BSBTOPWBTUFDOPMPHJBT0JNQBDUPTPDJPUÏDOJDPEBJOGPS
NBÎÍPEJHJUBMFHFOÏUJDB4ÍP1BVMP&EJUPSB
#04530.
/JDL7JWFNPT OB .BUSJY 0 BSHVNFOUP EB TJNVMBÎÍP *O" QÓMVMB WFSNFMIB
GVOEJSDPNGFSWPSRVBTFSFMJHJPTPPBQSFÎPRVFTFOUFNQPSFTUBPVBRVFMBNBSDBw&6%&4
:WFT0TNBSRVFUFJSPTEBXFC*O'PMIBEF41BVMP
4ÍP1BVMPNBJP$BEFSOP.BJT
1"44&55*
&ETPO&DPQPMÓUJDB*O"OBSRVJTNPTFTPDJFEBEFEFDPOUSPMF4ÍP1BVMP$PSUF[
EFTBQBSFDJNFOUPPViÉOTJBEFQPEFSDPNPEFTBQBSFDJNFOUPw
EBEFʽFSSJUPSJBMJ[BÎÍP
EBGVHBOÙNBEFRVFFWJUBPTJUJOFSÈSJPTF
TVCWFOÎÜFTFʽBUBJT
0&ʽBEPÏIBCJUBEPQPSGPSÎBTSFBUJWBTFQPSJTTPQSFDJTBNPT
BCBOEPOBSTVBTFʽSVUVSBT*NQÏSJPEFGPSÎBTSFBUJWBTRVFPCʽBDVMJ
[BNPRVFÏQPUFOUF
BmSNBUJWPFWJWP"SFTJʽÐODJBRVFTFDPOGPSNB
BPNFTNPUPSOBTFPNFTNP'PSÎBSFBUJWB1PSJTTPBSFTJʽÐODJBB
QBSUJSEBDPOGPSNBÎÍPËTGPSÎBTFʽBUBJT
TFKBBUSBWÏTEFTVCWFOÎÜFT
RVBOUPEBJOʽJUVDJPOBMJ[BÎÍPQFMBTĠğĘT
PQFSBNDPNPEJʼPTJUJWP
EFDPOTFSWBÎÍPFNBOVUFOÎÍPEBPSEFN
1PSUBOUP
OÍPTFUSBUBEFQFOTBSFNEFNPDSBUJ[BSPTNFJPT/ÍP
TFUSBUBEFTFSVNBBMUFSOBUJWB
QPJTFMBOBEBNBJTGB[EPRVFSFQPSPV
SFEJNFOTJPOBSBPSEFN&PRVFUFNPTÏVNBSFTJʽÐODJBSFBUJWBGPSUF
NFOUF WJODVMBEB Ë JEFOUJEBEF F
QPSUBOUP
B EJHJUPFNJB &ORVBOUP OB
EJHJUPGBHJBPRVFUFSÓBNPTTFSJBNSFTJʽÐODJBTBUJWBTRVFQSFTTVQÜFNB
EJGFSFOÎBFQPSJTTPPQMVSBM%JGFSFOÎBRVFDPNQÜFBUÍPQSPQBMBEB
NVMUJEÍPRVFQPEFUBOUPDPOmHVSBSTFDPNPSFTJʽÐODJB T
DPNPQPEF
FMBNFTNBGVODJPOBSDPNPMFHJUJNBEPSBEBTPDJFEBEFEFDPOUSPMFOB
NFEJEBFNRVFBEFSFBMJOHVBHFNEBPSEFN1PSJTTPEFWFNPTUPNBS
DVJEBEPBPGBMBSNPTFNEFNPDSBUJ[BÎÍPEPTNFJPTPVEBJOUFSOFU1PJT
BJOUFSOFUOÍPÏVNFʼBÎPEFEFNPDSBUJ[BÎÍPFTFRVFSQSFDJTBTFS%F
NPDSBDJBÏVNUFSNPDBSPËTPDJFEBEFEFDPOUSPMFFNRVFUPEPTTÍP
DPOWPDBEPTBQBSUJDJQBSFDPNQPSPTnVYPTFMFUSÙOJDPT%FNPDSBUJ[BSP
BDFTTPËNÓEJBDPNTVCWFOÎÍPFʽBUBM
QPSFYFNQMP
OÍPÏEJHJUPGÈHJDPF
TJNEJHJUPÐNJDPUFOEPFNWJʽBRVFiJODMVJwOPDPOUSPMFFNWF[EFDSJBS
SVÓEPT3FDPMPDBBTQFTTPBTOPTnVYPTFNWF[EFQPTTJCJMJUBSBFNFS
Q
i² QSFDJTP NBOUFS QPQVMBÎÜFT DPOmOBEBT FN TFVT UFSSJUØSJPT
PVUSBT FN SFHJNF EF
HVFSSB QFMB SFTUBVSBÎÍP EF BOUJHPT UFSSJUØSJPT
NBT BDJNB EF UVEP TFOEP SFGPSNBEBT ²
BIPSBEBTFHVSBOÎBOPTFVFTQBÎPMPOHÓORVP
QPCSFEFTJOUFSFTTBOUF
DIFJPEFQFTTPBT
EFTJOUFSFTTBOUFT
DFSDBEPTQPSQBTUPSFT
QPMÓDJBFCBOEJEPT
FNSFHJNFEFDPOTUBOUFJO
TFHVSBOÎBw1"44&55*
&ETPO&DPQPMÓUJDB*O"OBSRVJTNPTFTPDJFEBEFEFDPOUSPMF4ÍP
1BVMP$PSUF[
Qi$PNQBSBEBDPNBNBJPSJBEBTJOEÞTUSJBT
BEPDPOUSPMFEP
DSJNFPDVQBVNBQPTJÎÍPQSJWJMFHJBEB/ÍPIÈGBMUBEFNBUÏSJBQSJNBBPGFSUBEFDSJNFT
QBSFDFJOFTHPUÈWFM5BNCÏNOÍPUFNMJNJUFBEFNBOEBQFMPTFSWJÎP
CFNDPNPBEJTQPTJ
ÎÍPEFQBHBSQFMPRVFÏFOUFOEJEPDPNPTFHVSBOÎB&OÍPFYJTUFPTIBCJUVBJTQSPCMFNBT
HÐODJBEFDPOUSBnVYPT4PBNOPNÓOJNPJOHÐOVBTBmSNBÎÜFTDPNP
BEF1JFSSF-ÏWZEFRVFPiDPNQVUBEPS PVDJCFSFʼBÎP
GB[BDPOT
DJÐODJBIVNBOBQBTTBSBVNOÓWFMTVQFSJPS
JʽPÏ
QFSNJUFMIFFOUSBS
FNDPOUBUPDPOTJHPNFTNBFTFVOJmDBSBRVJFBHPSBOBFTDBMB
EBFʼÏDJF y
-JCFSBEPTEBSB[ÍPFEPDÈMDVMPQFMPDPNQVUBEPS
FʽBNPTSFVOJOEPOPTTBJOUFMJHÐODJBDPMFUJWB'BSFNPTJTTPBUÏRVF
EFTDVCSBNPTKVOUPTPRVFIÈEFNBJTVOJWFSTBM
EFNBJTFUFSOPFEF
NBJTDPODSFUP
PJOʽBOUFQSFTFOUF
BMV[RVFOFMFCSJMIBFRVFJNB
QFSQFUVBNFOUF
PGPHPÞOJDPEBDPOTDJÐODJBw
3FTJʽÐODJBT7*7"PVCBSVMIP
$PNPSFTJʽJS $PNPSFTJʽJSRVBOEPBTEFDJTÜFTEFQFOEFN
DBEBWF[NFOPTEBTWPOUBEFTFDBEBWF[NBJTEFNFEPT
DSFOÎBT
FUSBEJÎÜFT $PNPSFTJʽJSRVBOEPPTFTRVFNBTQPMÓUJDPTFʽÍP
UÍPQSFWJBNFOUFEFmOJEPTFPTEJTDVSTPTTÍPFOUÍPTVCʽJUVÓEPT
QPSJNBHFOT &NRVFBQPMÓUJDB
OPTnVYPTFMFUSÙOJDPT
UPSOBTF
NJEJBUJ[BEB
'B[TFOFDFTTÈSJBBSFBMJ[BÎÍPEFVNUSBCBMIPEFDBSUPHSBmBF
JEFOUJmDBÎÍPEPTnVYPTSFʼPOTÈWFJTQFMBNPEFMBÎÍPEBDPHOJÎÍP
FQFMBEJʽPSÎÍPEPTTJʽFNBTEFSFQSFTFOUBÎÍP²FOUÍPRVFTFUPS
OBQPTTÓWFMFʽBCFMFDFSEJʼPTJUJWPTEFSFDPNCJOBÎÍPRVFNJOFN
FBSSVÓOFNFTTBTFʽSVUVSBTEFDPOUSPMF/PDPOTFRàFOUFQSPDFTTP
EFJNQMPTÍPEFTTFNPEFMPNBTTJmDBEPSTFSÍPDSJBEPTWBDÞPMPTEF
DPNVOJDBÎÍP F DPOUSBnVYPT EF JOGPSNBÎÍP IPSJ[POUBMJ[BEPT "
BDVNVMBÎÍPEFUBJTGPSÎBTFGFUJWBNFOUFMFWBSÈBVNBGPSNBEFSF
TJʽÐODJBEJGVTB
DPNPDPOTFRàÐODJBEBGVHBFEPÐYPEP
CJOÈSJBTEBSB[ÍP y
BJEÏJBEFRVFFTTBGVHBÏFMBNFTNBVNPCKFUPQSJWJMFHJBEPEP
QFOTBNFOUPJOEÓHFOBw7*7&*304%&$"4530
&EVBSEP"JODPOTUÉODJBEBBMNBTFMWBHFN
7ĚħĒåPVCBSVMIPÏVNDPMFUJWPGPSNBEPFN4ÍP1BVMPRVFBUVB
QBSB BMÏN EBT iVUPQJBTw QPTTJCJMJEBEF EF BDSFEJUBS FN VNB PV
NBJTJEÏJBT y
FNPWJNFOUBSTFOFTTBEJSFÎÍP5SBOTJUBQFMBTIFUFSP
UPQJBTRVFJORVJFUBNFTPMBQBNBMJOHVBHFNiQPSRVFJNQFEFNEF
OPNFBSJʽPFBRVJMP
QPSRVFGSBDJPOBNPTOPNFTDPNVOTPVPTFNB
SBOIBN
QPSRVF BSSVÓOBN B ATJOUBYFw 1SPNPWFN GFʽBT TPVOE
TZʽFNT OÙNBEFT QPS CBSFTCPUFDPT F PVUSPT FʼBÎPT *OWFOUBN
PJOPNJOÈWFMRVFOÍPÏQBTTÓWFMEFDMBTTJmDBÎÍP
PJEJPTTJODSÈUJDPRVF
FʽBCFMFDFNBOFJSBTQSØQSJBTFHFOVÓOBTEFJOUFSBÎÍPDPNBBMUFSJEBEF
F P FYUFNQPSÉOFP RVF OÍP QFSUFODF BP UFNQP
F QPS JOWFSTÍP QPEF
QFSUFODFSBRVBMRVFSUFNQP/VNBTJUVBÎÍPEFDPOUSPMFJODFTTBOUFF
EJSFUPJOWFOUBNWBDÞPMPTBMUFSOBOEPFOUSFFʼBÎPTBCFSUPTFGFDIBEPT
4JMFODJBOEP&TDSFWFOEP
iNVTJDBOEPwJOEJWJEVBMPVDPMFUJWBNFOUF
QP
UFODJBMJ[BOEPBWJEBBUSBWÏTEBDPOʽJUVJÎÍPEFVNBTPDJBCJMJEBEFRVF
OÍPÏBUSBWFTTBEBQPSSFMBÎÜFTIJFSÈSRVJDBT&NRVFPSJTDPEPFNCBUF
FOUSFEJGFSFOÎBTÏTFOUJEPOPDPSQP#BSVMIPSVÓEP
0T JOUFHSBOUFTBNJHPTBUJWJʽBT EP 7ĚħĒå PV CBSVMIP BQSPQSJBN
TF EBT MJOHVBHFOT F NFJPT EJʼPOÓWFJT QBSB BSSVJOÈMPT F SFJOWFOUÈMPT
WFKBCFN
SFJOWFOUBSOÍPÏEFNPDSBUJ[BS1SPDVSBNQSFFODIFSBTJNB
HFOT
IPKFFNEJBUÍPCBOBMJ[BEBT
EFTFOUJEPOÍPNFSDBEPMØHJDP*OWFO
UBNFʼBÎPTOPWPTFʼBÎPT
PVUSPTFʼBÎPTPOEFBDSJBÎÍPOÍP
FʽFKBTVCNFUJEBËMØHJDBEBDPNQSBFWFOEB1PSJTTPQFOTBNPVUSPT
UFNQPTFFʼBÎPT%FʽFSSJUPSJBMJ[BEPT1PJTFʽBCFMFDFNPVUSBSFMBÎÍP
DPNBTJNBHFOTFNÈRVJOBT5FOEPFNWJʽBRVFBiVUJMJEBEFwEFVN
JOʽSVNFOUPOÍPFʽÈEBEBB QSJPSJ&UBNCÏNRVFVNJOʽSVNFOUP
DPOUÏNNÞMUJQMPTJOʽSVNFOUPT&ʽBCFMFDFNSFMBÎÜFTDPNPEJGFSFOUF
PPVUSPRVFOÍPÏPNFTNP&RVFOÍPEFWFUPSOBSTFPNFTNP0OEF
OÍPTFSQPTTJCJMJUBBFYQFSJNFOUBÎÍP0OEFBWP[ÏDPNPVNBBSNB
FPTEJʼPTJUJWPTRVFBJOGPSNÈUJDBFBDJCFSOÏUJDBGPSOFDFN GVODJP
OBNDPNPQSFDJPTPTBEKVWBOUFTEFTTFQSPDFTTPEFEFʽSVJÎÍP%FT
USVJÎÍPEBTPDJFEBEFFPFʽBCFMFDJNFOUPEFBTTPDJBÎÜFTMJWSFT
OP
QSFTFOUF4ÍPKPWFOTWJWFOEPTVBÏQPDBFi y
RVFFʼFSBOÎB
QFMP
DPOUSÈSJP
EFWFSJBBOJNBSUPEPTBRVFMFTRVFOÍPTFTFOUFNDJEBEÍPT
EFʽFUFNQP
QPJTTFPGPTTFN
DPOUSJCVJSJBNQBSBNBUBSTVBÏQPDB
FTPÎPCSBSDPNFMB y
BJOEBRVFPGVUVSPOÍPOPTEFJYBTTFRVBM
RVFSFʼFSBOÎB
BTJOHVMBSJEBEFEBOPTTBFYJʽÐODJBOFʽFNPNFOUP
QSFDJTPÏRVFOPTFODPSBKBSJBNBJTGPSUFNFOUFBWJWFSTFHVOEPB
OPTTBQSØQSJBMFJFDPOGPSNFBOPTTBQSØQSJBNFEJEB y
w
.JOPSJB RVF OÍP BNCJDJPOB TFS NBJPSJB
ĠğĘ PV P RVF RVFS
RVFPWBMIB7ĚħĒPVCBSVMIP*OUFSKFJÎÍPOBRVBMTFFYQSJNFTFO
UJNFOUPT
BmSNBÎÍPFJOWFOÎÍP1PJTPVUSPNVOEPBMUFSOBUJWP
OÍPÏQPTTÓWFMTFOÍPDPNPSFQPTJÎÍPEBPSEFN0VUSPTNVO
EPTQSÈUJDBTKÈFYJʽFNFTÍPJOTVQPSUÈWFJTQBSBPTVCVFT
DPTHVBSEJÜFTEBPSEFN
/*&5;4$)&
'SJFESJDI&TDSJUPTTPCSFFEVDBÎÍP4ÍP1BVMP-PZPMB
Q
i5BMWF[WFOIBNPTBEFTDPCSJS
VNEJB
RVFBNFTNBMØHJDBPQFSBOPQFOTBNFOUPNÓUJDP
FOPQFOTBNFOUPDJFOUÓmDP
FRVFPIPNFNTFNQSFQFOTPVJHVBMNFOUFCFN0QSPHSFTTP
TFÏRVFPUFSNPQPEFSJBFOUÍPTFBQMJDBSOÍPUJWFSB
QPSUBOUP
BDPOTDJÐODJBQPS
UFBUSP
NBTPNVOEPPOEFVNBIVNBOJEBEFEPUBEBEFGBDVMEBEFTDPOTUBOUFTFODPOUSB
SBTF
OPEFDPSSFS EF TVB MPOHB IJTUØSJB
DPOUJOVBNFOUF ËT WPMUBT DPNP OPWPT PCKFUPTw
-²7:453"644
$MBVEF"OUSPQPMPHJB FTUSVUVSBM 3JP EF +BOFJSP5FNQP #SBTJMFJSP
Qi4FPTDPOUSBTUFTFOUSFSFMBUJWJTNPFQFSTQFDUJWJTNPPVFOUSFNVMUJDVMUVSBMJTNPF
NVMUJOBUVSBMJTNPGPSFNMJEPTËMV[
OÍPEFOPTTPSFMBUJWJTNPNVMUJDVMUVSBM
NBTEBEPVUSJOB
JOEÓHFOB
ÏGPSÎPTPDPODMVJSRVFBSFDJQSPDJEBEFEFQFSTQFDUJWBTTFBQMJDBBFMBNFTNB
F
RVFBEJGFSFOÎBÏEFNVOEP
OÍPEFQFOTBNFOUPw7*7&*304%&$"4530
&EVBSEP1FST
QFDUJWJTNPFNVMUJOBUVSBMJTNPOB"NÏSJDBJOEÓHFOB*O"JODPOTUÉODJBEBBMNBTFMWBHFN
FPVUSPTFOTBJPTEFBOUSPQPMPHJB4ÍP1BVMP$PTBDF/BJGZ
Q
i5BOUBQPTJUJWJEBEFOPQFOTBNFOUPOÍPGB[EFTBQBSFDFS
NBTFOGBUJ[BPCVSPDSBUBHSP
UFTDP&TUFÏVNTFSRVFQSPMJGFSBJOEFQFOEFOUFNFOUFEBMFJFMFÏVNBQSPDFEÐODJBEP
QSØQSJP&TUBEP
MVHBSPOEFHBOIBNBJPSFYQSFTTÍP
NBTFMFFTUÈOBGÈCSJDB
OBFTDPMB
OB
FNQSFTB
OBQSJTÍP
OPQBSUJEPQPMÓUJDP
OPIPTQÓDJP
OBNBUFSOJEBEF
OPIPTQJUBM
OBVOJ
WFSTJEBEF<>ÏVNBTTBMBSJBEP
DPNPRVBMRVFSPVUSP
FDPSSFPSJTDPEFTFUPSOBSVCVFTDP
QFMPBNPSBPDBSHPw1"44&55*
&ETPO$BSUPHSBmBTEFWJPMÐODJBT*O"OBSRVJTNPTFTPDJF
EBEFEFDPOUSPMF4ÍP1BVMP$PSUF[
Q
(SVQP6SVDVN3FT
MBUJN
DPOUJOVBOEP
'SBHNFOUPTEFSJUVBMEFQBTTBHFN
QPS"SUIVS-FBOESP
QBSFUFUVCBQPʽÏMF
%Fi&UFUVCBwFUFUVCB!VPMDPNCS
%BUB4FY.BJ
BN
"TTVOUPSFTMBUJN
1ģĠėĖĤĤĖĦģ5ĠĦēĒ
(SBOEWPZBOU
SFDPOOVNPOEJBMNFOU
EPOEFOBJTTBODF
EFQFSFFOmMT
QMVTEFȵȳBOTEFYQFSJFODFT
WPVTQSPQPTF
TFT TFSWJDFT QPVS SFTPVESF UPT WPT QSPCMFNFT BCBOEPO
EVUBCBD
EFMBMDPPM
JOQVJTTBODFTFYVFMMF
SFUPVSEFMIF
USFBJNÏFEBOTVOFTFNBJOFQPVSOJNQPSUFRVFMSBJTPO
SÏVTTJUF EBOT UPVMT MFT EPNBJOFT EF MB WJF DPNNFSDF
FYBNFOTy5SBWBJMTFSJFVYFUHBSBOUJFEVSBCMF3FTVMUBUT
JNNFEJBUT/IFTJF[QBTNFDPOUBʹFS"QQFMF[NPJEÐT
NBJUFOBOUPVTVSSEWUPVTMFTKPVSTEFȻIBȵȴI
ġĒĚĖĞĖğĥĒġģŢĤģţĤĦĝĥĒĥ
0TSFTMBUJNGB[FNSFGFSÐODJBËTDPOWFSTBTJOUFSDÉNCJPTOP3ÏTEPDIÍP
NBTUBNCÏN
USBUBTFEPSÏTDPNPOPMBUJNDPJTBFPMBUJNDPNPMÓOHVBEFBTDFOEÐODJBDPNVNFOUSF
QPSUVHVÐT F GSBODÐT PT SFTMBUJN UBNCÏN TÍPADPJTBT EB MÓOHVB & EVSBOUF PT RVBUSP
NFTFTFNRVFWJWFVOPTVMEB'SBOÎBTFDPNVOJDBOEPOBMJOHVBHFNVOJWFSTBMEBNÓNJDB
FUSBCBMIBOEPDPNPABSUJTUFJOWJUÏEBµDPMF4VQFSJFVSEF#FVY"SUTE"WJHOPO POEFEF
TFOWPMWFVPQSPKFUP3JUVBMEF1BTTBHFNoRVFFOUSFPVUSBTDPJTBTQSPQVOIBTFNJOÈSJPT
EF DPNQSFFOTÍP JNQFSGFJUB DPN FTUVEBOUFT GSBODFTFT
FMFT GPSBN FOWJBEPT FN UFNQP
SFBM
OP DBMPS EPT BDPOUFDJNFOUPT
F WJB JOUFSOFU
QBSB BT USÐT VOJWFSTJEBEFT DPN RVF
UJOIBWÓODVMPUBNCÏNQBSBBSUJTUBT
QSPGFTTPSFTFBNJHPTRVFm[FSBNFTTBFYQFSJÐODJB
DJSDVMBS0TASFTMBUJNTÍPFTQFDJFTEFDBQJUVMPTFTDBSBWFMIPTEPSFMBUØSJPEFBUJWJEBEFTEB
5SBOTDSJUPEFVNQBOnFUPEFSVB
WPVDPMPDBSNFVFOEFSFÎP
EFFNBJMBCBJYPEPUFYUPFWFSOPRVFEÈ
1PʽFJVNBFODPNFOEBQBSBB(VJBOB
VOTPO[FQPʽBJTFDJODP
DBSUBT JOUFSOBDJPOBJT 3FDFCJ $POmSNBÎÍP EF FOUSFHB EF DJODP EPT
TFJTDBUÈMPHPTFOWJBEPTQBSB#FMÏNF.BDBQÈ
QPʽBEPTFOUSFȷFȹF
RVFDIFHBSBNFOUSFȵȳFȵȸEFNBJPoPPVUSPTFJRVFPDPSSFJPWBJ
EFWPMWFS3POZ
PFOEFSFÎPEBTFEFEP6SVDVNGPJJEFOUJmDBEPDPNP
DBTBBCBOEPOBEBVNQPʽBMEF4BJOU(FPSHFTEFM0ZBQPDL
(VJBOF
'SBOÎBJTF
QPʽBEPFNȴȴFFOUSFHVFFNȴȼEFNBJPEPJTDBSUÜFTQPT
UBJTEF#FMÏN
BNCPTQPʽBEPTFNȴȹFFOUSFHVFTFNȵȸEFNBJPEPJT
QPʽBJTEP3JPEF+BOFJSP
QPʽBEPTEJBȸFFOUSFHVFTFNȵȸEFNBJP0
ĕħĕEP$PODFSUPEFSPRVFSPRVFTOBGFJSBNBMVDBFDBSUBQPʽBEPTEF
.BDBQÈFNFFOUSFHVFFNEFNBJPOFOIVNDJHBSSPy
)PKF
UJQPȺEBOPJUF
GVJOVNDBJYBEFBVUPBUFOEJNFOUPEF-B1PʽF
FUJSFJȶȳFVSPT
DPNQSBTCÈTJDBTEFDJHBSSPTFDPNJEB
KBOUFJOPSFʽBV
SBOUFEPTNBSSPDTFQVYFJBOPUBEFȴȳFVSPTQBSBQBHBSBDPOUB"OPUB
UBWBEBOJmDBEBFOÍPGPJBDFJUB
QBHVFJDPNBOPUBEFȵȳFVTFJPUSPDP
FNDJHBSSPT"JRVBOEPIPKFEFNBOIÍGVJQSBFTDPMB
FYQMJRVFJOBBENJ
OJʽSBÎÍPPRVFUJOIBBDPOUFDJEPFQFSHVOUFJPRVFGB[FS
DPNPSFDVQF
SBSBOPUBRVFNFSFʽBWBQBSBQPEFSBMNPÎBS
RVFNNFBUFOEFVEJTTF
QSFVJSBVNSFʽBVSBOUF
DPOTVNJSPTȴȳFVSPTFTBJSEFJYBOEPBOPUBFN
DJNBEBNFTBFDPNBQBSUFEBOJmDBEBBCBJYPEFVNDJO[FJSPy
&PTQBVMJʽBTE"MFNBOIBTFBDIBOEPQPMJUJDBNFOUFDPSSFUPTQPS
RVF FʽBWBN FOWFSHPOIBEPT EF TFSFN TVMBNFSJDBOPT F EJ[JBN RVF
CSBTJMFJSPOB&VSPQBÏRVFÏmMIPEBQVUBy'JMIPEBQVUBUFNFNRVBM
RVFSMVHBS
NVJUPTFN.BDBQÈ
FTFUJWFQSPCMFNBTDPNJOGPSNBÎÜFT
EB QPMÓDJB EB GSPOUFJSB QBSB FOUSBS OP USFN GPJ VN PVUSP JHVBM B FMB
RVFNBKVEPVy
4JUVBÎÍPiTBJBKVʽBw
FVTØUJOIBFTTBHSBOBQSPBMNPÎPFPBMNPÎP
ÏOPSFʽBVSBOUFEPTNFVTBNJHPTNBSSPRVJOPT1FEJQSBFMBUSPDBS
TVBQBSUJDJQBÎÍPOPQSPKFUP*OUFSGBDFToEFJOUFSDÉNCJPFOUSFP3FTTFBVM"HFE0SDPN
B&#"6'3+
POEFFTUVEPVFOÍPDPODMVJVDVSTPEFEPVUPSBEPFN"SUFT7JTVBJT
FDPNB
&4%*6&3+%JBOUFEPDPOWJUF
EFDMBSPVRVFOÍPGBMBGSBODÐTFOFNJOHMÐT
FEFQPJTEFNVJ
UBJOTJTUÐODJBBDFJUPVBQSPQPTUBNFTNPDPNFTTBEJmDVMEBEF0TSFMBUPTEFTUFQFSDVSTP
FTUÍPOPFOEFSFÎPIUUQXXXSJUVBMEFQBTTBHFNPSH
BOPUBQSBNJNFRVFm[FTTFJTTPFMBNFTNBFNFEFTTFPVUSBOPUB
QPS RVF FV TPV FʽSBOHFJSP F NFV UJQP GÓTJDP OVODB GPJ DPNVNy
4PVGÈDJMEFTFSSFDPOIFDJEP3FʼPʽBEFTPMÏFFy&VPPPEEEEFFF
FFJJJJJJJJJPPPPPPEFFFTPPPMÏFFFFFF"WPOUBEFÏEFSFʼPOEFSWBJ
UFGPEFSUVUBNCÏNy&mDPDPNGPNF
NBTOÍPHBʽPȴȳFVSPT
OVNBMNPÎP
NVJUPNFOPTQBSBNFEBSCFNUSBJOEPBDPOmBOÎB
EPTRVFDPOTJEFSPBNJHPT4ØÏmMIPEBQVUBTBDBOBRVFNSPVCB
QSBTJPVUSBJFNDBVTBQSØQSJB
FOÍPTPVEFTTFUJQPEFmMIPEB
QVUBoNJOIBMBNBÏPVUSB
/P3JPEF+BOFJSPTFNPSSFDPNCBMBQFSEJEB
FN.BDBQÈÏ
OBQPOUBEBGBDBFBRVJTFNPSSFOPEFTPMÏFF.BTBWJPMÐODJBÏB
NFTNB
PEFTPMÏFFÏJSPOJBWJPMFOUBEJTGBSÎBEBEFFEVDBÎÍP0RVF
ÏPIVNBOJTNPGSBODÐT 5FNCPOKVS
QBSEPOFNFSDJ
NBTUBNCÏN
UFNEFTPMÏFQSBUVEP#POKVS
EFTPMÏF&PEFTPMÏFFOÍPÏGBMUBEF
FOUFOEJNFOUPEPTTFVTQSPCMFNBT
OÍPFʽÈJOTFSJEPOVNDPOUFY
UPPOEFOJOHVÏNDPOTFHVFFYQSFTTBSPRVFQFOTBPVFOUFOEFSP
RVFMIFÏEJUPPVNPʽSBEPBJOEBRVFOBNFTNBMÓOHVB.VJUP
QFMPDPOUSÈSJP
PEFTPMÏFÏQVSBGBMUBEFTPMJEBSJFEBEF
ÏVNiTFVT
QSPCMFNBTOÍPNFJOUFSFTTBNFSFTPMWBTP[JOIPw
ÏVNBVUPSJUÈSJP
BVUPNBUJTNPOJWFMBOEPRVBMRVFSDPJTBOVNBGPSNBHFOÏSJDBDVKP
ÞOJDP PCKFUJWP Ï TBMWBHVBSEBS B QPʽVSB QFTTPBMCMB[Ò F mMIB EB
QVUBEFOÍPRVFSFSTFDPNQSPNFUFSDPNOBEBBGPSBTFVTQSØQSJPT
BOTFJPTFPCKFUJWPT
WPDÐGB[DPNRVFBQBMBWSBEJUBQFSDBTVBGPSÎB
DPHOJUJWBQBSBEJMVJSTFVTJHOJmDBEPFTFNTJHOJmDBEPOÍPIÈDPN
QSPNJTTPFVMIFFOUFOEPFJTTPOÍPTJHOJmDBOBEBQSBNJN
0EFTPMÏFÏWB[JPTFNÉOUJDP
ÏPDPOUSBSJPEPHàFSBRVFMBOÎBB
QBMBWSBFTFVTJHOJmDBEPBPFODPOUSPEFOPWBTDJSDVOʽÉODJBT
WFKP
PEFTPMÏFDPNPBBUJUVEFEBNVSBMIBEBDPNVOJDBÎÍP
ÏNVSBMIB
EPFVQBSBDPNBDPNVOJEBEFDPNRVFTFDPNWJWF
&TPVDPOWJEBEP
OÍPTPVVNUPUBMNFOUFPVUSPRVFMIFTÏFT
USBOIPPVJNQSFWJTÓWFM.BTPUSBUBNFOUPÏPEFMIFEBNPTCPB
WJOEBTFMIFUSBUBNPTCFNEFTEFRVFWPDÐTFBEBQUFBTMFJTFOPS
NBTEPUFSSJUØSJP
EBMÓOHVBFEBUSBEJÎÍP
JODMVTJWFBBSUÓʽJDB5PNF
DPOWFODFOEPEFRVFPNFMIPSFSBUFSFOUSBEPDMBOEFʽJOPQFMBGSPO
UFJSBEB(VJBOB
DPNPFNBCSJMEFȵȳȳȷQSPQÙTP+PTBQIBFNSFVOJÍP
EP6SVDVNOBTFEFRVFPTDPSSFJPTJEFOUJmDBNDPNPBCBOEPOBEB
UBYJBSQFMBTFʽSBEBTQSPUFHJEPQFMPDPNÏSDJPJMFHBMEPTVCFNQSFHP
GSBODÐTBUÏDIFHBSOBCBTFEFMBOÎBNFOUPEFGPHVFUFTFHSJUBSGSBV
EF'VJEFQPSUBEPEF.BDBQÈQPSRVFHSJUFJGSBVEF&QPSRVFFV
RVJT&OÍPNFBSSFQFOEPFOFNUFOIPNFEPEFTFSEFQPSUBEPEP
UFSSJUØSJPGSBODÐT
FQPTTPHSJUBSGSBVEFEFOPWPEF"WJHOPO
EP3JP
EF+BOFJSP
EF.BDBQÈy
0CPNEBQSPQPʽBEF+PTBÏRVFTFSÓBNPTiBSUJʽBTwCSBTJMFJSPT
SFBMJ[BOEPBÎÜFTJMFHBJTFNUFSSJUØSJPGSBODÐTEVSBOUFPBOPPmDJBMEB
DVMUVSBCSBTJMFJSBOB'SBOÎB
FBEFQPSUBÎÍPPmDJBMJ[BSJBPTFSJOEFTF
KBEPoRVBMBDVMUVSBCSBTJMFJSBRVFFMFTEFTFKBN 0BOPEP#SBTJMWBMF
QBSBB(VJBOB 7BMFQSP"NBQÈ oFFʽBSÓBNPTNFYFOEPDPNBTMFJT
QSFDJTBTFDPNPTFGFJUPTFYBUPTEPNFJPHFPHSÈmDP
DPOTDJFOUFNFOUF
PSHBOJ[BEPPVOÍP
FNGVOÎÍPEFTVBJOnVÐODJBEJSFUBTPCSFPDPN
QPSUBNFOUPBGFUJWPEPTJOEJWÓEVPT"MÏNEFHBSBOUJSBWPMUBQBSBWJPO
EFJYBOEPBDPOUBEFTTFUSBOʼPSUFQBSBPHPWFSOPCSBTJMFJSPy4FSÓB
NPTmMIPTEBQVUBQBSBEPJT&ʽBEPT
NBTOÍPDPNPTBGFUPTFBNJHPT
BMJÈT
DPOWJEBNPTBRVFMFTRVFDPOTJEFSBNPTBNJHPTQBSBJSDPOPTDP
.BTBTDJSDVOʽÉODJBTUSPVYFSBNPVUSPTDBNJOIPTFPWFOUPNFMFWB
ËTJOUJNJEBEFTFNFBQPOUBPNBQBEF7PMVCJMJT
3FTPMWJTP[JOIPFUSBORàJMBNFOUFPQSPCMFNBEBOPUBEBOJmDBEB
BEFWPMWJQBSBP&ʽBEPGSBODÐTFBMNPDFJDPNNFVTBNJHPT$PNFS
KVOUPTPVQBTTBSGPNFKVOUPTFFNUPUBMDPOmBOÎBDPNVOIÍP
4FHVFBCBJYPPQSPKFUPBQSFTFOUBEPQPSNJNBRVJ
ÏGFJUPQPSWÈSJPT
&ʼFSBWBQPEFSDPSSJHJSPTFSSPTPSUPHSÈmDPT
NBTFVBTTVNPNFVT
FSSPTTFRVJTFSFNDJUBSCPUFNP TJD
PVBTTVNBNNFVTFSSPTQSBTJ
F@UBOUPGB[
1SPKFUP3JUVBM%F1BTTBHFN
1SPKFUP BQSFTFOUBEP QPS "SUIVS -FBOESP QBSB B &TDPMB EF "SUF
E"WJHOPOFQBSBPGFʽJWBMEF"WJHOPO
DPNPBSUJʽBDPOWJEBEPFJOUF
HSBOUFEP1SPKFUP*OUFSGBDFT
EFJOUFSDÉNCJPFOUSFP3FTTFBVM"HFEPS
FB&TDPMBEF#FMBT"SUFTEBĦėģěF&TDPMB4VQFSJPSEF%FTJHOEBĦĖģě
&QFOTBOEPBQBSUJSEFDPOWFSTBTDPN&ETPO#BSSVT
$FDJMJB$PUSJN
FNFNCSPTEP(SVQP6SVDVN
ÏVNQSPKFUPBMUBNFOUFJNQSFHOBEP
QFMBTJEÏJBTHFSBEBTBQBSUJSEBTEJTDVTTÜFTFFYQFSJÐODJBTEBDPNV
OJEBEFWJSUVBM3FTUP
QBSFUFUVCBQPʽÏMF
"SUIVS
%Fi&UFUVCBwFUFUVCB!VPMDPNCS
%BUB5FS.BJ
BN
"TTVOUPSFTMBUJN
1VCMJDJEBEF
7PVOBQSFGFJUVSBËTEBNBOIÍUFOUBSSFTPMWFSBFʽØSJBEPWJT
UP
QBSFDFRVFBTJOʽÉODJBTDBSSBTDPDSBUBTSFTPMWFSBNTFFOUFOEFSF
BDIPRVFFNCSFWFTBCFSFJBEBUBEBWPMUB
NBTPQSPHSBNBNBUJOBM
KÈÏVNBDIBUJDFQPSTJTØFOÍPTFJTFNJOIBQBDJÐODJBFʽBQBSBBT
TVNJSQPʽVSBEFDPNQMFYPEF1PMZBOB
FFʼFSPEFUBSEFDPNFÎBS
BOFHPDJBSPUSBCBMIPEPTFʽVEBOUFTDPNBFTDPMB7BJTFSUFOTP
)PKF
EFQPJTEFUFSTJEPBUFʽBEPRVFNFVQVMNÍPOÍPÏUÍP
CMBDLBTTJNQSBOÍPNFTFSQFSNJUJEPSFTJEJSOB'SBOÎB
GVJBMNP
ÎBSDPN+FBO.BSD EJSFUPSEBFTDPMBEBRVJFQSFTJEFOUFEP3FTTBV
M"HFEPS
&NJMJF TFDSFUBEFěĞFNJOIBCBCÈ
FPEJSFUPSEBFT
DPMBEFBSUFTEF.POUQFMJFS
OÍPBOPUFJPOPNFEPDBSB
NBTBDIP
RVFÏ$SJʽJBO P
'BMBSBNEFDPJTBTEFJOUFSFTTFTEFMFT
BWBMJBSBN
QPSBMUPP*OUFSGBDFTFJOUFSFTTFTDPNVOTQBSBBÎÜFTGVUVSBT
%FQPJTDPOWFSTBNPTTPCSFQPTTJCJMJEBEFTEFVSFBMJ[BSBMHVN
QSPKFUPQPSMÈUBNCÏN
DPNPTFʽVEBOUFTRVFGPSBNBP3JPPV
NFTNPPVUSBTBÎÜFTOBFTDPMB
EBÓSFMBUBSBNBNJOIBEJmDVMEBEF
DPN P JOEJPNB F P DBSB SFʼPOEFV RVF QPS MÈ UB DIFJP EF FʽV
EBOUFTQPSUVHVFTFTFRVFPJNQPSUBOUFÏBDPOWJWÐODJBUFNQPSÈ
SJBNFTNPRVFPFOUFOEJNFOUPOÍPTFKBUPUBM
EPSFJ1SPQPʽBEF
DPNWJWFS2VBOUPUFNQPÏQSFDJTPQSBDPNWJWFS $PNUBMWF[TFKB
QSFDJTPFNWFSCP
NBTWJWFSOÍPÏQSFDJTPBEKFUJWBEP$BNÜFTOP
FRVBEPSÏEJGFSFOUFFFMFTOÍPTBCFNEJTTP2VBOUPUFNQPÏQSFDJ
TPQSBDPNWFODFS ²QSFDJTPDPOWFODFS
&NJMJF DPOUPV B $SJʽJBOP EP i3JUVBM EF QBTTBHFNw
P QSPKFUP
RVFBQSFTFOUFJËFTDPMBFRVFUSBUBUBNCÏNEFTTBTRVFʽÜFT
FGBMPV
EPTFODPOUSPTDPNFʽVEBOUFTFNTFNJOÈSJPTEFDPNQSFFOTÍPJNQFS
GFJUBDPNNFVTBSHVNFOUPTEFRVFDPNVOJDBÎÍPÏNBJTJNQPSUBOUF
RVFFOUFOEJNFOUP0TPSSJTPEFBQSPWBÎÍPEPDBSBGPJNBSBWJMIPTPy
"FTTBTBMUVSBTFVKÈUJOIBQFSEJEPPNFEPEFGBMBSCFʽFJSBFGBMBWBOP
JOEJPNBQPTTÓWFMTFNQVYBSOFOIVNMJWSJOIPJOGBOUJM7PVQBSBMÈEF
USFNOBNBOIÍEFUSJOUBEFNBJPFBDIPRVF+FBO.BSDmDPVNFJPFO
DJVNBEPQPSRVFOPEFTFOSPMBSEBDPOWFSTB
NFTNPRVFOBCSJODBEFJSB
EJTTFRVF$SJʽJBOPUBWBRVFSFOEPNFSPVCBSyEFMF %FRVFN
4F EFMF
FOUÍP QPSRVF TPV QBHP F CFN USBUBEP BHPSB UFOIP P
ANFVEPOPRVFBDIBRVFPTFVJHVBMSJWBMRVFSANFSPVCBS4FÏEB
JOʽJUVJÎÍPÏMBESÍPSPVCBOEPMBESÍP
QPJTBĖēĒGPJSPVCBEBRVBOEP
PDPOWJUFWFJPEJSFUBNFOUFBNJNFOÍPWJBJOʽÉODJBTEBĦėģěSPV
CBSBNEBVOJWFSTJEBEFCSBTJMFJSB BNVSBMMBEBFNTVBGBMUBEFWFSCBTF
PVUSPTQSPCMFNBT
PEJSFJUPEFFTDPMIFS
F
BQFTBSEFTBCFSEBTQPVDBT
DIBODFTEFVNQSPKFUJOIPEFDPNQSFFOTÍPJNQFSGFJUBEFBMHVÏNRVF
OÍP GBMB P JOEJPNB EFMFT QBTTBS QFMP DSJWP EPT FTDPMIÜFT CSBTJMFJSPT
RVFBJOEBFYJHFNEPNÓOJPEFEVBTMÓOHVBTFʽSBOHFJSBTQBSBEJQMPNBS
EPVUPSFT
BUJUVEFUÓQJDBEFDPMPOJ[BEPTFVOÍPTFJGBMBSEJSFJUPOFN
PQPSUVHVÐT
NBTBQSFOEJBQFOTBS
FOÍPNFTJOUPËWPOUBEFDPNP
GBUPEFMFTTFSFNPTÞOJDPTFTDPMIÜFT HMPTTÈSJPFTDPMIÍPBRVFMFRVF
FTDPMIF
0OEFFʽÈPJOUFSDÉNCJP *OUFSDÉNCJPÏUSPDBPVJOUFSDÉN
CJPÏSPVCP .BTTFFTTFANFWJFSEFNJN
IÈBMHPQSFDJPTPFNNJN
RVFFVEFTDPOIFÎPFRVFTFJRVFOÍPJOUFSFTTBBFMFTUSPDBS
NBTSPV
CBS
NFVPVSP 4FSÈRVFDPNPTÍPEP3FTTFVBVM"HFEPS
FTTFPSEPT
UPMPTBJOEBÏQFOTBEPDPNPPPSEB"NÏSJDBTBRVFBEB .FV
4FFVGPSPEPOPEPJOUFSFTTFEBDPCJÎB
QSPWBWFMNFOUFWÍPSPV
CBSQPSRVFOÍPTFJPRVFÏ4FBDPCJÎBGPSQPSNJN
FTFSFBMNFOUFFV
GPSPMJCFSUPRVFQFOTPTFS
OFN+FBO.BSDÏNFVEPOPFOFN$SJT
UJBOPWBJSPVCÈMPQPSRVFFʽFCFNQSFDJPTPOÍPÏQPTTFTVB
FOFN
EFʽBPVEFPVUSBFTDPMB
FOFNEFʽBFEFPVUSBDJEBEFPVQBJT-J
CFSEBEFOJOHVÏNTBCFEJ[FSFYBUBNFOUFPRVFÏ
NBTUPEPTTBCFN
PRVFTJHOJmDB&FVRVFSPNFTNPÏBUSBWFTTBSPNBSFJSQSP$BJSP
5SJQPMJ
"MFYBOESJB
.BSSBRVFTI
$BTBCMBODBPVTFHVJSPVUSPNBQB
JNQPTTÓWFMEPJNBHJOÈSJPQBSBGB[FSPDBNJOIPJOWFSTPEJWFSTP
4FSFTTBDFMFCSJEBEFEFCBJYPEFTTFTIPMPGPUFT
JOEJWJEVBMNFOUF
PV OP DPMFUJWP EP 6SVDVN RVF OÍP FYJʽF
NF JODPNPEB QPSRVF
FVUBNCÏNTPVMBESÍP&OÍPWPVFTRVFDFS3POBMEP3POZQPSRVF
FTTFEJTDVSTPÏEFMF
FOFTTFSPVCPPNFVÏOPTTPQPSRVFBOPTTB
GBMBOÍPÏNJOIBOFNEFOFOIVNPVUSPJOEJWJEVP
ÏGBMBEBRVFMFT
RVFDPNWJWFNDPUJEJBOBNFOUF
BJOEBRVFWBJEPTPTRVFOFNFV
F
$VOIBVOBOVODBTFTFOUJVMFTBEBDPNJHP
QPSRVF ²GBMBDPNVOJ
UÈSJB 0RVFÏPDPMFUJWP 2VFNÏPBVUPS /ÍPCBʽBSFDPOIFDFS
TJOUPNBT
NBTDPOIFDFSVNBSFBMJEBEFQBSBQPEFSJOUFSWJS
FTFÏ
DPNWPDÐTRVFFVGBMPFÏEFWPDÐTRVFFVFTDVUP
FÏWPDÐTRVFFV
DJUPQPSRVFBTGSBTFTSPVCBEBTEBTDFMFCSJEBEFTBNVSBMMBEBTOBT
HBJPMBTEPVSBEBTEPTIPMPGPUFTEBMJUFSBUVSBDJFOUÓmDB
FEJMVÓEBT
OPT NFVT UFYUPT
TÍP EF SFDPOIFDJNFOUP PCSJHBUØSJP EF PVUSPT
RVFWJWFNEFTTFSPVCPEFDPOIFDJNFOUPOBTVOJWFSTJEBEFTFPV
USBTJOʽJUVJÎÜFTBNVSBMMBEBT5BNQPVDPFTTBBUJUVEFÏNJOIB
3FDPOIFÎBN
BDVTFN
PSPVCPUÈEFDMBSBEP5BMWF[FTTBBUJ
UVEFTFKBPUBMiHàFSBEPFVwRVFP"MFYBOESFNFBMFSUPVRVBO
EPMFVNFVQSPKFUPEFRVBMJmDBÎÍPDPNPP9BOEFEPNFVBGFUP
RVFOÍPQSFDJTBTFSQSPGFTTPSVOJWFSTJUÈSJP&UBMWF[FVTFKBNVJUP
SBEJDBM
NBTRVFSPDPOUJOVBSBWJWFSOBIJESPTPMJEBSJFEBEFFOB
IJESPHFOFSPTJEBEF RVF GB[ B HFOUF USBCBMIBS KVOUP QPS VN QSP
KFUPDPMFUJWPRVFOJOHVÏNTBCFPRVFÏ
DPNPBMJCFSEBEF
NBT
RVFUFNBQBSUJDJQBÎÍPEFUPEBBDPNVOJEBEF
DPNPBMJCFSEBEF
+VOUPT/PTTPTQSPKFUPTTÍPEFDMBSBEBNFOUFDPMFUJWPTFFVRVFSP
EJMVJS&VBQSFTFOUPPEBRVJ
NBTEFDMBSPRVFOÍPÏNFV
Ï
SPVCPTFRàFʽSPEFDMBSBEPFOØTTBCFNPTRVFÏQPTTÓWFMy"JOEB
RVFFNUSÉOTJUPQPSRVFBNPSOÍPÏWFSCPDPOEJDJPOBMZDVBOEPMP
NJSBTDPNPBVODBCSPOTPMPFʽBTEBOEPNBMBWJEB
DPSB[POy$P
SB[PO
NFVCFNyNFVCFNy/ÍPEÐPVWJEPTBNBMEBEFBMIFJBF
DSFJBOBRVJMPRVFWPDÐTBCFGB[FSNVJUPCFN
WBNPTTFSTPMJEÈSJPT
NFFOTJOFRVFFVUBNCÏNMIFRVFSPTFSQSPGFTTPS
IPKFy
&VKÈOÍPTFJNBJTRVFEJBÏPIPKFEPTNFVTSFMBUPT
FTDSFWP
FNWÈSJPTEJBTEJGFSFOUFTFTFNQSFNFSFmSPBPIPKFDPNPIPKF
NBTRVBMIPKFÏFTTF *TTPUÈWJSBOEPVNQSPCMFNB "UFODJÛO
UPEP
DFʽQFSJHPTP)PKFÏIPKFFQSPOUP
PRVFOÍPUFNTPMVÎÍPTPMVDJP
OBEPFʽÈFWPVWJWFSBQFOBTOPEJBEFIPKF
IPKFPWFOUPNFUSPVYF
VNDBSUÍPQPʽBMFNCSBODP
OPWBNFOUF&QB)FZ7FJPFNUSPDBEB
DBSUBJOTPOFQFSEJEBSPVCBEB
ÏEF7PMVCJMJTDJUFSPNBJOFEVÏNF
TJFDMF
DMBTTÏFQBUSJNPJOFVOJWFSTFM-BSDEFUSJPNQIFEF$BSBDBMMBFUMB
DBSUFEFTWFʽJHFTSPNBJOTBV.BSSPD&FʽFKÈFʽÈBDBNJOIPEP#SBTJM
WJBDJSDVMBÎÍPEFFNBJMUPEPTSFDFCFSBNBOPUÓDJBEBDBSUBQFSEJEB
UPEPTSFDFCFNPDBSUÍPRVFWFJPFNUSPDB0TFSUÍPWBJWJSBSNBS 0
NBSWJSPVTFSUÍPy/ÍPBHàFOUPNBJTBTFDBy
"DIPWPVUFSRVFWPMWBSNJOIBEJHJOBOPBCBOUP
)PKFPĦĠĝWPMUPVBGVODJPOBS4BVEBEFT
"SUIVS
$PSQP'FDIBEP
QPS"MFYBOESF1FSFJSB
1SPQPTJÎÍPQBSBPQSPKFUP*OUFSGBDFT
1SBJBEF*QBOFNB
3JPEF+BOFJSP
OPWFNCSPEF
NFJPTGPUPHSBmB
WJEFPBOJNBÎÍP
SFMBUPT
YYYYYYYY
&N0JBQPRVFVNBNFOJOBEFEP[FQBSBUSF[FBOPTQPEFUFSVN
EFʽJOP NBJT PV NFOPT BTTJN JOJDJBS TVB DBSSFJSB TFYVBM F BCSJS TVB
QFSOBQFMBQSJNFJSBWF[
FTØQBSBSRVBOEPUJWFSNBJTWFMIB
BÓFMBQPEF
TFSPVEPOBEFNBJTVNQVUFJSPFBTTJNDPOUSJCVJSQBSBBHFSBÎÍPEF
FNQSFHPMPDBMPV
TFFMBOÍPUJWFSDPOTFHVJEPKVOUBSVNBHSBOB
DP
[JOIFJSBEFHBSJNQPy"2VJOUBTFN-FJÏVNBDPSEPFOUSFBTEPOBT
'SBTFFNRVJCVOEP
EJBMFUPCBOUV
RVFÏVTBEBFNJOJDJBÎÍPOP$BOEPNCMÏ"OHPMB2VFS
EJ[FSBMHPTFNFMIBOUFBiHSJUBSNFVOPNFQBSBPNVOEPwPViGB[FSNFDPOIFDFSw
EFQVUFJSPFBQPMÓDJBMPDBMFNRVFUVEPÏQFSNJUJEP
PQPOUPDIBWF
EPFWFOUPÏRVBOEPFMBTDIVQBNPTQBVTEPTNJMJUBSFTGSBODFTFT
EB-FHJÍP&ʽSBOHFJSBFGB[FNDPNRVFFMFTFKBDVMFNOPQÞCMJDP
RVFPCTFSWBBGBMBÎÍPDPMFUJWB&N0JBQPRVFBTGSPOUFJSBTTÍPSF
BJT
MJNJUFHFPHSÈmDPEFVNQSPWÈWFMQSJNFJSPNVOEP"MÓOHVBEF
0JBQPRVF
DSJPVMPDPNFSDJBM
P FVSP 0T iGSBODFTFTw
GSBODPHVJB
OFOTF
OBWFSEBEF
BEPSBNDSV[BSVNBGSPOUFJSBEFCBSDPFGB[FS
TVBTDPNQSBTFN0JBQPRVF
ÏNBJTCBSBUP
MFJUFFNQØ
mBNCSF
CJTDPJUPT&DPNPHPʽBNEBTCSBTJMFJSBT
EBTKPWFOTQVUBTCSBTJMFJ
SBTBMJÈT
TFJEFDBTPTEFNVMIFSFTCSBTJMFJSBTRVFTÍPQFSTFHVJEBT
OBTSVBTEF4BJOU(FPSHFF$BZFOOF²CPNQBSBBFDPOPNJBMPDBM
BGSPOUFJSBDPNB(VJBOB'SBODFTB&N0JBQPRVFÏSFBMBGSPOUFJ
SBEBTPCSFWJWÐODJB
EBQSPʽJUVJÎÍPFEPPVSPyBTGSPOUFJSBTTÍP
SFBJTFOUSFBWJEBFBNPSUF
0"SUIVSJSÈSFDFCFSVNHSVQPEFGSBODFTFTOBDBTBEFMFFN
OPWFNCSP
FMFTEJTDVUFNGSPOUFJSBT
FQBSBJTTPRVFSFNJSBPNBS
VNBGSPOUFJSBØCWJB
VNBGSPOUFJSBEFFWBTÍP
EFEJWJTBTCSBTJMFJSBT
EFTEFBDPMÙOJByQBSFDFNBJTRVFRVFSFNJSB$PQBDBCBOByFB
IJʽØSJBTFSFQFUF
IJʽØSJBPDBSBMIP&YJʽFVNBQPMÓUJDBEFFYQMP
SBÎÍPTFYVBM
FBTTVNPBHPSBVNEJTDVSTPGFNJOJʽBPVGFNJOJOB
KÈRVFFMBTFTRVFDFSBNEFGBMBSyBQVCMJDJEBEFTFYVBMÏFWJEFOUF
FOÍPWPVEJTDVUJSOFʽFFNBJMBDIVWBEFFʽFSFØUJQPTEBNÓEJB
EP$BSOBWBMFUD.BTOÍPÏBNVMIFSCSBTJMFJSBBUBM $PNPEJTTF
-BNBSUJOF#BCPiQSFUBÏQSFUB
CSBODBÏCSBODBNBTBNVMBUBÏB
UBM
ÏBUBMwyEFMÈQBSBDÈÏQJDBTVÓÎBQSBUPEPMBEPyJTTPÏVNB
GSPOUFJSBEFSFTJʽÐODJBDPSQPSBMDPNPEJTTF5PN;Ïy
1SPKFUP$PSQP'FDIBEP
7BNPTEBSVNCBOIPEFQFNCBOPTGSBODFTFT
P"SUIVSDPN
QSPV WÈSJPT CBOIPT BRVJ OB QFSGVNBSJB 0SJPN FN #FMÏN
UFN
$IPSBOPTNFVTQÏT
"HBSSBEJOIP
#BOIPEFUBNBRVBSÏ
"NBOTB
"NBOTBDPSOPFUD
"JEÏJBÏDFSDBSPTGSBODFTFTDPNSPVQBEFCBOIPFNQMFOPTPM
EFNFJPEJBOBQSBJB
BDFOEFSWFMBTEF4ÍP+PSHFWFSNFMIBT
DJSDVOT
DSFWFOEPPT
FEBSVNCBOIPQÞCMJDPOFMFTDPNFTTFTiQSFQBSBEPTw
3ÏTEPDIÍPDPNP
VNTBUÏMJUF
QPS&ETPO#BSSVT
"OUFTEFUVEP
OØTRVFSFNPTBHSBEFDFSBBUFOÎÍPEFUPEPT
BRVJ QSFTFOUFT OB /FX :PSL 6OJWFSTJUZ F UFOUBS QSPEV[JS VNB
SFnFYÍP TPCSF BT OPTTBT BUJWJEBEFT OP &ʼBÎP EF "VUPOPNJB
&YQFSJNFOUBM3ÏTEP$IÍPFPFWFOUP"ÎÞDBS*OWFSUJEPȵ
RVF
FʽBNPTSFBMJ[BOEPFNQBSDFSJBDPNʾF"NFSJDBT4PDJFUZ&O
RVBOUPBVSHÐODJBEBWJEBQBTTBEFQSFTTB
BDPNVOJEBEFBENJ
OJʽSBUJWBFJOʽJUVDJPOBMEBBSUFCSBTJMFJSB
EFTEFRVFPSFHJNF
NJMJUBSEJTTJQPVTFEPDFOUSPEFDPOUSPMFEBWJEBFEBDVMUVSB
BUVBDPNPHBOHVFT
FNRVFBQSJNFJSBMFBMEBEFEPTNFNCSPT
EFTTBDPNVOJEBEFQBTTBBTFSPQSØQSJPHSVQPFNWF[EFVNB
MVUBPVQSPQPʽBEFBÎÍPEJBOUFEFRVBMRVFSTJUVBÎÍPFʽBCFMFDJ
EB
DIFHBOEPTFBPBCTVSEPEFPTGPSNBMJʽBTTFSFNPTNFTNPT
FʼFDJBMJʽBT EF RVBMRVFS BUJWJEBEF RVF KÈ OÍP FOGBUJ[F NBJT B
GPSNBFNUFSNPTEFDPOUFÞEP/P#SBTJM
TFNOFOIVNBFYDFÎÍP
PDPMFDJPOBEPSEFBSUF
PBENJOJʽSBEPSEFNVTFV
PDVSBEPS
P
HBMFSJʽB
PDSÓUJDP
PKVSBEPEPTTBMÜFTEFBSUFFPQSPGFTTPSBDB
EÐNJDPFEFDVSTPTMJWSFTGVOEFNTFFNVNNFTNPTJNVMBDSP
POJQSFTFOUF *TTP TFN FTRVFDFS P KPSOBMJTNP RVF Ï UPUBMNFOUF
WJODVMBEPBFTTFFʼFʹSPPOJQPUFOUF
%JBOUFEFUBMTJUVBÎÍP
PRVBESPEFFYDMVTÍP TPDJBM
mDBWJTJWFM
NFOUFJNPSBMFBUFPSJBQØTNPEFSOBEFEJWFSTJEBEFUSBOTGPSNBTF
FNVNBBEFRVBÎÍPGPSÎBEBFRVBTFFTPUÏSJDBBFTTBQSÈUJDBEPNJOBOUF
03ÏTEP$IÍP
VNFʼBÎPEFDPOWJWÐODJBTJUVBEPFNNFVBQBS
5FYUPQVCMJDBEPPSJHJOBMNFOUFOBSFWJTUB/ØT$POUFNQPSÉOFPT
FEJÎÍP/FX:PSL
3JPEF
+BOFJSP
.ÈJNQSFTTÍP&EJUPSB
UBNFOUP OP CBJSSP EB -BQBģě
DPNP PVUSBT JOJDJBUJWBT HSVQBJT RVF
TVSHJSBNOP#SBTJMOPTÞMUJNPTEPJTBOPT
GPJVNBBMUFSOBUJWBQPMÓUJDB
FODPOUSBEBDPNPGPSNBEFiBMDBOÎBSQPSGPSBwFESJCMBSFTTFTJʽFNB
DPOUSPMBEPSEFWJHJMÉODJBFQVOJÎÍPRVFTFCBTFJBOVNWFSEBEFJSPKPHP
EFCBKVMBÎÜFTFTVCNJTTÍPJEFPMØHJDBT%JʽJOHVJOEPTFEBNBJPSJBEPT
HSVQPT F FʼBÎPT BMUFSOBUJWPT
RVF GVODJPOBN HFSBMNFOUF EFOUSP EF
VNBFʽSVUVSBTJOEJDBMDPNFʽSBUÏHJBTEFJOTFSÎÍPOPDJSDVJUPEFBSUF
P3ÏTEP$IÍP
DPOʽJUVÓEPQPSVNHSVQPIFUFSPHÐOFPEFJOEJWÓEVPT
BmOT
BUSBWÏTEFFʽVEPT
DPOWJWÐODJBTFUSPDBTEFFYQFSJÐODJBT
QSPDVSPV
FOGBUJ[BSTVBBÎÍPEFOUSPEFVNBBSUJDVMBÎÍPFʼPOUÉOFB
IPSJ[POUBMF
BCFSUBËEJWFSTJEBEFEBFYQFSJNFOUBÎÍPDSJBUJWB
EFʼSF[BOEPQSÏSFRVJ
TJUPTSBDJBJTTPDJBJTFEFPSJFOUBÎÍPTFYVBM
UÍPFWJEFOUFTOBCFNTVDFEJEB
DPNVOJEBEFBSUÓʽJDBCSBTJMFJSB7BMFTBMJFOUBSRVF
BQFTBSEFTFSNPTVNB
OBÎÍP QSFQPOEFSBOUFNFOUF BGSPÓOEJPEFTDFOEFOUF
Ï RVBTF JOFYJʽFO
UFTVBSFQSFTFOUBÎÍPOBQSPEVÎÍPBSUÓʽJDB
DPOʽJUVÓEBCBTJDBNFOUFEF
IFUFSPTTFYVBJTCSBODPTFWJOEPTEFGBNÓMJBTBCBʽBEBTOPDBTPFʼFDÓmDP
EP3JPEF+BOFJSP
TÍPUPEPTQSPWFOJFOUFTEB[POBTVM
5BMJOJDJBUJWB
MPHJDBNFOUF
BUSBJVVNBHSBOEFDPNVOJEBEFEFiQFSJ
GÏSJDPTwFHBOIPVVNBNBHOJUVEFRVFOÍPQPEFSJBNBJTQBTTBSEFʼFS
DFCJEB
QPSNBJTRVFPTiDPOUSPMBEPSFTEFQPʽVSBTwEBDVMUVSBPmDJBM
UFOIBNUFOUBEPEFTDMBTTJmDBSOPTFNBOUFSOPTOBPCTDVSJEBEFEFTTB
QSPEVÎÍP DVMUVSBM IJFSÈSRVJDB
BVUPSJUÈSJB
DFOUSBMJ[BEPSB
DBSUFMJʽB
F QPS RVF OÍP EJ[FS GBTDJʽB $IFHBOEPTF BP PVUSP BCTVSEP EF VNB
HSBOEF QSPEVÎÍP UFØSJDB EF BSHVNFOUPT RVBTF FTPUÏSJDPT DPOTJEFSBS
iBSSBOKPTwFiBEFSFÎPTwDPNPDPOTFRàÐODJBTIJʽØSJDBTEBTJOJDJBUJWBTFY
QFSJNFOUBJTEPOFPDPODSFUJTNPDBQJUBOFBEBTQPS)ÏMJP0JUJDJDBF-ÓHJB
$MBSL*HOPSBOEPPVBEBQUBOEPGPSÎPTBNFOUFBTQSPQPʽBTCÈTJDBTEF
MJCFSEBEF
NJʽVSBEBTDBUFHPSJBTFJOUFHSBÎÍPEBBSUFOBWJEB
QSPQPT
UBTQPSFTTFNPWJNFOUP
.VJUPEBOPTTBGPSÎBGPJFYUSBÓEBEBJODPOTFRàÐODJBFFʽVQJEF[
EBTBVUPSJEBEFTDVMUVSBJTEP#SBTJM&OUSFNBJPFKVOIPEFȵȳȳȵ
GPNPT
DPOWJEBEPTQBSBGB[FSVNFWFOUPOB'VOBSUFģě 'VOEBÎÍP/BDJPOBM
EF"SUF
TJUVBEBFNVNQSÏEJPRVFÏDPOTJEFSBEPBiDBUFESBMwEP
SBDJPOBMJTNPCSBTJMFJSP
QSPKFUPEF-ÞDJP$PʽBFEFDPSBÎÍPEF$BOEJ
EP1PSUJOBSJFEFNBJTPmDJBJTEPOPTTPNPEFSOJTNP
OVNBUFOUBUJWB
&ʽB4FHVOEB2VBSFOUFOB
3ÏTEP$IÍPDPNPVN4BUÏMJUFEF$VM
UVSB $POUFNQPSÉOFB
RVF TF EFTFOWPMWF
PSB FNğĪģěĤġġĖĘĠ5Ø
RVJP
FNQBSDFSJBDPNʾF"NFSJDBT4PDJFUZ
WJTBFʽJNVMBSBPDVQBÎÍP
EJSFUBEPi&ʼBÎPEF2VBSFOUFOBw
UFOEPDPNPPSJFOUBÎÍPOÍPNBJTP
QSPEVUPBSUÓʽJDPBDBCBEPFORVBOUPPCSB
NBTFORVBOUPQSPDFTTPEF
USBCBMIPOÍPJOUFSFTTBOEPOPTNBJTBGPSNBmOBMEPUSBCBMIPBSUÓʽJDP
NBTPTFVQFSDVSTPFORVBOUPBUJUVEFRVFUSBOTCPSEFGSPOUFJSBT
HFSFJO
DMVTÍPFEJWFSTJEBEFQBSBBRVFMFTTJOUPOJ[BEPTDPNP"ÎÞDBS*OWFSUJEPȵ
OFʽBWJWÐODJBRVFQSFUFOEFJNQSFHOBSUPEPTDPNVNBFYQFSJÐODJBBMÏN
EPUFNQPFEPFʼBÎPPDVQBEPT5SBUBNPTEBBSUFOÍPDPNPQSPEVUP
SBEFPCSBT
NBTDPNPQSPDFTTPFNQFSNBOFOUFDPOUJOVJEBEF
BCFSUPË
WJEB
SFEJSFDJPOBOEPPQFOTBNFOUPOÍPTØFNSFMBÎÍPËBSUF
NBTUFOUBO
EPDPMPDBSTPCRVFʽJPOBNFOUPUPEPPTJʽFNBEFNFSDBEPSJBTFMVDSP
SFTJʽJOEPBUSBOTGFSÐODJBEBBVUPOPNJBEPBSUJʽBQBSBBJOʽJUVJÎÍP/ÍP
TFUSBUBNBJTEFJOUFHSBSBBSUFOBWJEBFTJNEFEJTTPMWFSPBSUJʽBOBTPDJF
EBEF
FYQMPSBOEPBTQPTTJCJMJEBEFTEFTJHOJmDBEPOBRVJMPRVFKÈFYJʽF
OBT
USPDBTDPNBWJEB&RVFUPEBBTPDJFEBEFTFKBDBQB[EFQBSUJDJQBSEBJOUFS
QSFUBÎÍPFEBNVUBÎÍPEFTTBQSPEVÎÍPDVMUVSBM²JNQPSUBOUFEFJYBSDMB
SPNBJTVNBWF[RVFP"ÎÞDBS*OWFSUJEPȵÏVNBDPOUFDJNFOUPBVUÙOPNP
FBVUPHFʽJWP
RVFEFQFOEFEPOPTTPFTGPSÎPDPMFUJWPEJBOUFEBPNJTTÍPF
OFHMJHÐODJBEBTBVUPSJEBEFTCSBTJMFJSBT
RVFOPTOFHBSBNRVBMRVFSBQPJP
JOʽJUVDJPOBMQBSBBWJBCJMJEBEFEFTTFFWFOUP
UFOUBOEPPCʽSVJSBDJSDVMB
ÎÍPEFTTBHFSBÎÍPFNFSHFOUF
RVFFʽÈTFOEPDVʽFBEBUPUBMNFOUFQFMPT
OPTTPTQBSUJDJQBOUFT7FOIPBRVJ
QPSUBOUP
DPOWJEBSUPEPTQBSBDPOIF
DFSFTFQPTTÓWFMQBSUJDJQBSEFOPTTBTBUJWJEBEFT
FFNOPNFEFUPEPT
OØTSFQVEJBSQVCMJDBNFOUFBPNJTTÍPEP.JOJʽÏSJPEB$VMUVSBFEFNBJT
BVUPSJEBEFTCSBTJMFJSBT
FBHSBEFDFSBʾF"NFSJDBT4PDJFUZ
BUSBWÏTEB
JOJDJBUJWBEF4PmB)FSOBOEF[FTVBFRVJQF
BPQPSUVOJEBEFEFNPʽSBS
FWJWFODJBSBRVBOUJEBEFFEJWFSTJEBEFEFJOJDJBUJWBTFNVNBSFBMJEBEF
EFBSUJDVMBÎÍP
DPNVOJDBÎÍPFBÎÍPHMPCBMJ[BEB
DPOʽSVÓEBQFMBBQSP
YJNBÎÍPFJOUFSDPOIFDJNFOUPEFJOEJWÓEVPTBmOT
SPNQFOEPGSPOUFJSBT
EJ[FOEPOÍPËTHFOFSBMJEBEFTWFSEBEFJSBT
DPNWJʽBTËMVUBQPSVNB
TPDJFEBEFFVNBBSUFMJCFSUÈSJBT
.VJUPPCSJHBEP
ȻEFEF[FNCSPEFȵȳȳȶ
-JOLBOJBT
"TSFEFTUFMFNÈUJDBTTFNQSFQSPQVTFSBNVNFʼBÎPBWBO
ÎBEPEFDJSDVMBÎÍPEFJOGPSNBÎÍP
/ÍPTØEPQPOUPEFWJʽBUÏDOJDP
DPNPFʼBÎPJOPWBEPSRVF
TVQFSBPTMJNJUFTEBHFPHSBmB
NBTDPNPFʼBÎPEFnVYPQBSBB
DJSDVMBÎÍPEFJEÏJBT
%FTEFBT##4
PV$##4$PNQVUFS#VMMFUJO#PBSE4ZʽFN i4JT
UFNBEF2VBESPEF"WJTPTQPS$PNQVUBEPSw
UJWFNPTQFTTPBT
DPOFʹBEBT
EFCBJSSPTEJʽBOUFTFBUÏEFPVUSBTDJEBEFT&PRVFBT
DPOFʹBWB F DPOFʹB OÍP Ï UÍPTPNFOUF B SFEF FN TJ
NFSBNFOUF
UÏDOJDB
NBTBJOGPSNBÎÍP
BDJSDVMBÎÍPEBDVMUVSB
0T##4TOBTDFSBNFNOPT&6"FFNOP#SBTJM
NVJUP
BOUFTEFBJOUFSOFUTFSDPNFSDJBMJ[BEBQPSBRVJ4FVBVHFGPJFOUSF
F)PKFTÍPSBSPT.BT
ËÏQPDB
TJHOJmDBWBNUSPDBEFJOGPS
NBÎÜFT JNBHFOT
UFYUPTFQSJODJQBMNFOUFTPGUXBSFT
FDPNJTTPKÈ
HFSBWBNDPNVOJEBEFTRVFGB[JBNDJSDVMBSBDVMUVSBEJHJUBM
QSPQSJB
NFOUFEJUB
NBTUBNCÏNMJUFSBUVSBFBUÏQPSOPHSBmB&JTBÓBTEVBT
DBSBʹFSÓʽJDBTRVFTFNQSFNBSDBSBNBSFEFRVBOEPQFOTBNPTFN
DVMUVSBBJOGPSNBÎÍPDJFOUÓmDBUÏDOJDBEFUPEBPSEFNFBTQSÈUJ
DBTIFEPOJʽBT
"TSFEFTGPSBEBNBDSPJOGPSNÈUJDBFNQSFTBSJBMTØQVEFSBNFYJT
UJSQPSDPOUBEBSFQFSDVTTÍPEBDPOUSBDVMUVSBEBQB[FBNPSEPTBOPT
F&NUFNPTVNNBSDPEBSFWPMVÎÍPOBJOGPSNÈUJDB
RVFFOUSBOPDPUJEJBOPEPDJEBEÍPDPNVN0TKPWFOT4UFWF+PCTF
4UFWFO8P[OJBL
VOJWFSTJUÈSJPTEB$BMJGØSOJB &6"
TFFOUSFHBNBP
TPOIPEBJOGPSNÈUJDBQBSBPQPWPF
BCBOEPOBOEPPTFʽVEPT
MBO
ÎBNP"QQMF*&JTPQFSTPOBMDPNQVUFS
P1$0"MUBJS
PQSJ
NFJSPDPNQVUBEPSEFVTPQFTTPBMBOVODJBEPQFMBSFWJʽB1PQVMBS
&MFUSPOJDT
KÈIBWJBTJEPQSPEV[JEPOP/PWP.ÏYJDP.BTP1$
EPTKPWFOT4UFWFOT DSJBEPOBDBTBEBGBNÓMJBEF+PCT
DPOUJOIB
PEJTDVSTPBEWJOEPEBDPOUSBDVMUVSBFQSPQVOIBVNBJOGPSNÈUJDB
QBSBBWJEBEPDJEBEÍPDPNVN$PNBDSJBÎÍPEP1$TVSHFPQSPKF
UPQSPQPʽBEFCVTDBSQSPDFTTBSBTJOGPSNBÎÜFTFMFUSPOJDBNFOUF
EFGPSNBEFTDFOUSBMJ[BEB"JOGPSNÈUJDBTFUPSOBNJDSPJOGPSNÈUJDB
FTBJEPTHSBOEFTHBCJOFUFT1SFÎPTBDFTTÓWFJTUSBOTGPSNBNBGÈCSJDB
EPT4UFWFOTOVNBEBTNBJPSFTFNQSFTBTEPT&6"
"NJDSPJOGPSNÈUJDBTFFODPOUSBDPNBSFEFNVOEJBM
DPNBJO
UFSOFU
FBJOGPSNBÎÍPDJSDVMBBUÏOPTTPTRVBSUPTEFEPSNJS
OBTOPT
TBTDBTBT0JOWFSTPUBNCÏNÏWFSEBEFEPOPTTP1$DBTFJSPKPHBNPT
JOGPSNBÎÜFTQBSBPNVOEP"TDVMUVSBTEFUPEBPSEFNDJSDVMBNQP
UFODJBMNFOUFQBSBUPEPT"TDVMUVSBTEFmOJUJWBNFOUFFOUSBNFNSFEF
4JN
BTDVMUVSBT OP QMVSBM
QPJT PVUSBT DPSSFOUFT DVMUVSBJT MJHB
EBTBPVOEFSHSPVOEFOUSBNFNSFEF
DJSDVMBNFFʽSVUVSBNDPNV
OJEBEFTUFNÈUJDBT
QBVUBEBTOBDVMUVSBJEFOUJUÈSJB5SJCPTVSCBOBT
HBOIBNWP[OPDJCFSFʼBÎP"TOPWBTQSÈUJDBTDVMUVSBJTEFOUSPEB
QSØQSJBSFEFBMUFSBNTVBDPOmHVSBÎÍPUÏDOJDBFTFVPCKFUJWPJEFPMØ
HJDP TFÏRVFQPEFNPTJEFOUJmDBSVNBJEFPMPHJBEBSFEF
6NBDPSSFOUFDVMUVSBMBMUFSBFSFTJHOJmDBVNBUÏDOJDB.FTNP
B"SQBOFU
SFEFRVFGPSNPVBJOUFSOFU
GPJNBSDBEBQPSFTTBUSBOT
GPSNBÎÍP " JOUFSOFU
DSJBEB PSJHJOBMNFOUF DPN mOT NJMJUBSJʽBT
Ï
IPKF VNB BNCJÐODJB SFTVMUBOUF EB DVMUVSB EB BDBEFNJBDJFOUÓmDB
EBJOWFOÎÍPEBNJDSPJOGPSNÈUJDBFEP1$EBDVMUVSBIBDLFSFEP
$IBPT$PNQVUFS$MVCRVFNJMJUBQFMBMJWSFJOGPSNBÎÍP"TSFEFT
UBNCÏNUSB[FNVNEBEPOPWPOBFʽSVUVSBUSBEJDJPOBMEBDPNVOJ
DBÎÍP"OUFTEBTSFEFTUFMFNÈUJDBT
PSFDFQUPS
BRVFMFRVFDPOTVNJB
BJOGPSNBÎÍPRVBTFRVFQBTTJWBNFOUF
EFQBSBDPNVNPVUSPQSPDFT
TPEFDPNVOJDBÎÍPEFNÍPEVQMB
FNRVFFMF
SFDFQUPS
ÏPFNJTTPS
UBNCÏN
4FBFNJTTÍPEBTJOGPSNBÎÜFTFNSFEFGPHFEPDPOUSPMFEPTEF
UFOUPSFTEPTNFJPTUSBEJDJPOBJTEFDPNVOJDBÎÍP
PSFDFQUPSBHPSB
ÏUBNCÏNQSPQSJFUÈSJPEPQØMPEFFNJTTÍP-FNPT iPDJCFSFʼB
ÎPQFSNJUFVNBMJCFSUBÎÍPEPQØMPEBFNJTTÍP
POEFDBEBVNQPEF
IUUQXXXQPTDPNVGCBCSDJCFSQFTRVJTB"DFTTPFNKVO
DPMPDBSTVBTJEÏJBT
PQJOJÜFTFJOGPSNBÎÜFTTFNQBTTBSQPSVN
DFOUSPFEJUPSDPNPOPDBTPEPTNBTTNFEJBTw"TUFPSJBTEFDPNV
OJDBÎÍP
RVFFʽBWBNQBVUBEBTOPNPEFMPFNJTTPSNÓEJBSFDFQUPS
OÍP NBJT EBWBN DPOUB EPT OPWPT QSPDFTTPT DPNVOJDBDJPOBJT FN
SFEF&NBJTFNRVFTFOUJEP
FOUÍP
PQPEFSBERVJSJEPQFMPVTVÈSJP
DPNVNEPDJCFSFʼBÎPOBQSPEVÎÍP
DJSDVMBÎÍPFDPOTVNPEFTVBT
JOGPSNBÎÜFTBCSJVFʼBÎPQBSBBDPOʽSVÎÍPFDJSDVMBÎÍPEFDVMUVSBT
JEFOUJUÈSJBT 1BSUJOEPEPQSJODÓQJPEFRVFBTTVCDVMUVSBTPVFʽJMPT
EFWJEBBOUFTBMJKBEBTEPTNBTTNFEJBBHPSBFʽÍPQSFTFOUFT
OB SFEF
UFNPT DPOTPMJEBEP OFTTF FʼBÎP BHSVQBNFOUPT CBTFBEPT
FNDVMUVSBJEFOUJUÈSJBTBUSBWÏTEFTJUFTFQSJODJQBMNFOUFMJʽBTEF
EJTDVTTÍP "T TVCDVMUVSBT FN SFEF TF PSHBOJ[BN FN DPNVOJEBEFT
&TTBÏVNBPVUSBDBSBʹFSÓʽJDBEBDVMUVSBFNSFEFPBHSVQBNFOUP
UFNÈUJDP *OGPSNBÎÍP FʼFDJBMJ[BEB BMJNFOUB PT GPDPT EF JOUFSFTTF
"MJCFSBÎÍPEPQØMPFNJTTPSEBJOGPSNBÎÍPFNSFEFJODFOUJWPVB
FGFSWFTDÐODJBEFTVCDVMUVSBT
PVDVMUVSBTEPVOEFSHSPVOE
&TTBTDVMUVSBTVOEFSHSPVOETEFOUSPEPDJCFSFʼBÎPNBUFSJBMJ[BN
QSPKFUPT F QSÈUJDBT RVF SFGPSNBUBN EJOBNJDBNFOUF P TFV QSØQSJP
BNCJFOUF EF FYJʽÐODJB 6N FYFNQMP NBJT QBSUJDVMBS EF DPNP BT
QSÈUJDBTTPDJBJTTJNVMUÉOFBTJODFOUJWBNPEFTFOWPMWJNFOUPEFOPWBT
GPSNBTFQSPDFTTPTÏBDSJBÎÍPEP/BQʽFSFUPEBBHBNBEFTPGUXB
SFTCBTFBEBOP11 DPNQVUBEPSBDPNQVUBEPS
BTTJNDPNPUJQP
EFNÓEJBBSRVJWPTDPNPP.1
RVFBHJMJ[PVBDJSDVMBÎÍPEPÈVEJP
DPNPJOGPSNBÎÍPTFNDPOUSPMF'PSBNBTTVCDVMUVSBTFNSFEFRVF
PTJOWFOUBSBN4PGUXBSFTDPNPP4PVMTFFLPV&.VMFTÍPGVOEBNFO
UBJT QBSB B DJSDVMBÎÍP MJWSF EF BSRVJWPT QPS OÍP TPGSFSFN RVBMRVFS
UJQPEFDFOTVSBPVDPOUSPMFEFTFSWJEPSFT0T NJDSP
DPNQVUBEPSFT
BCFSUPT 11
USBOTGPSNBNPDJCFSFʼBÎPOVNFOPSNFDPNQVUBEPS
DPMFUJWP
FNCVUJOEP BÓ P DFOUSP EB DVMUVSB IBDLFS iB JOGPSNBÎÍP
RVFSTFSMJWSFw&OUÍP
BTDVMUVSBTRVFSFNTFSMJWSFT
OBSFEF&JTPDBTP
EP1PEDBʽDJCFSSBEJPTMJWSFT
&TTFTQSPHSBNBTDPNQBʹBEPSFT .1&(
.1
FQPOUPBQPO
UP 11
JOUFOTJmDBN QPS FYFNQMP QSPDFTTPT EF QSPEVÎÍP DPP
QFSBUJWB 6N TJNQMFT .1
BTTPDJBEP BP 11
DPMPDB FN YFRVF
P QPEFS EBT HSBOEFT DPSQPSBÎÜFT GPOPHSÈmDBT RVF TFN
JOEFQFOEFOUFNFOUFEFQSPYJNJEBEFTHFPHSÈmDBT
TÍPPHSBOEF
TVQPSUFQBSBBDVMUVSBFNSFEF1BSBDJUBS-FNPT
FTTBTDPNVOJ
EBEFTSFTHBUBNTFOPiTFOUJNFOUPFYQSFTTPEFVNBBmOJEBEFTVCKF
UJWBEFMJNJUBEBQPSVNUFSSJUØSJPTJNCØMJDP
DVKPDPNQBSUJMIBNFOUP
EFFNPÎÜFTFUSPDBEFFYQFSJÐODJBTQFTTPBJTTÍPGVOEBNFOUBJTQBSB
BDPFTÍPEPHSVQPw
.BTBDPOFYÍPDVMUVSBSFEFUFNUSB[JEPPVUSBTEJTDVTTÜFT6NB
EFMBTÏBSFDPOmHVSBÎÍPEPNFSDBEPBVUPSBMFEBQSPQSJFEBEFJO
UFMFʹVBM6NUSBCBMIPEJʼPOJCJMJ[BEPFNSFEFQFSEFPDPOUSPMFEF
DJSDVMBÎÍPFNBOJQVMBÎÍP1BTTBBTFSVNBSRVJWPEJHJUBMRVFQPEF
TFSCBJYBEP
NBOJQVMBEPFSFFOWJBEPQBSBRVBMRVFSVN&NSFEF
B
JOGPSNBÎÍPRVFSTFSMJWSFFNQSPEVÎÍP
DJSDVMBÎÍPFDPOTVNP
1SPKFUPTDVMUVSBJTUJQPPSHTFBSUJDVMBNFBOUFDJQBNBEJTDVTTÍP
EPEJSFJUPBVUPSBM
EBKBNTFTTJPOËEJʽÉODJBFEPSFNJYDVMUVSBM3&
DPNCP
1JOH'.
$SFBUJWF$PNNPOT
5VEPQPEFFʽBSFNSFEFQFMPNFOPTBTSFQSFTFOUBÎÜFTEP
UVEP"SFEFIPKFÏJOʽSVNFOUPEFSFPSEFOBÎÍPEBJOGPSNBÎÍPFEF
NFSDBEPTEFCFOTEFDPOTVNPTJNCØMJDPEFWÈSJBTPSEFOT*ODMVTJWF
EFNFSDBEPTRVFFʽBWBNGPSBEPDJCFSFʼBÎPPUVSJTNP
QPSFYFN
QMP
ÏVNDPOKVOUPEFBSRVJWPTEJHJUBJTFFʽÈFNSFEFFQBSFDFVNB
DPOUSBEJÎÍPPUVSJTNPEFWFSEBEF
BRVFMFMPDBM
ÏGÓTJDP.BTUVSJTNP
ÏJOGPSNBÎÍPFNSFEF*OGPSNBÎÍPÏDVMUVSB5VSJTNPÏDVMUVSB
$VMUVSBÏUPEBQSPEVÎÍPNBUFSJBMFTJNCØMJDBEPIVNBOP &OUÍP
BSFEFFTFVTmPTFDBCPTFJEÏJBTTÍPDVMUVSB5VEPRVFFʽÈFN
SFEFÏDVMUVSB"DVMUVSBÏSFEFBSFEFÏDVMUVSB
*EFN
QPS#FSOBSEP4PSKF-VÓT&EVBSEP(VFEFT
*OUSPEVÎÍP
&ʽFBSUJHPQSPDVSBDPOUSJCVJSQBSBBDPNQSFFOTÍPEBEJOÉNJDB
EF JODMVTÍPFYDMVTÍP EJHJUBM OPT TFUPSFT NBJT QPCSFT EB QPQVMBÎÍP
B QBSUJS EPT SFTVMUBEPT EF VNB BNQMB QFTRVJTB RVBOUJUBUJWB F RVB
MJUBUJWBSFBMJ[BEBOBTDPNVOJEBEFTEFCBJYBSFOEBOPNVOJDÓQJPEP
3JPEF+BOFJSP0TVSWFZGPJSFBMJ[BEPFNEVBTFUBQBT
OPTFHVOEP
TFNFʽSFEF
DPNNJMFRVJOIFOUBTFOUSFWJʽBTFNDBEBFUBQB
PRVFSFQSFTFOUBVNVOJWFSTPEFDFSDBEFVNNJMIÍPFEV[FOUPTNJM
QFTTPBT"QFTRVJTBGPJDPNQMFNFOUBEBQFMBSFBMJ[BÎÍPEFSFVOJÜFT
DPNPJUPHSVQPTGPDBJTDPNBNPʽSBTEBTEFWÈSJBTGBJYBTFUÈSJBTF
EFHÐOFSP
"HSBEFDFNPT BP *$" *OTUJUVUF GPS $POOFDUJWZ"NFSJDBT
*%3$ F Ë 6OFTDP QFMP BQPJP
QBSBBSFBMJ[BÎÍPEBQFTRVJTB&TUFUSBCBMIPOÍPUFSJBTJEPQPTTÓWFMTFNPTDPNFOUÈSJPT
EF3VCFN$ÏTBS'FSOBOEFT
'SBOLMJO$PFMIPFTFNBEFEJDBÎÍPEBFRVJQFEP/ÞDMFPEF
1FTRVJTBT'BWFMB
0QJOJÍPF.FSDBEPEP*4&37JWB3JP
/PQSJNFJSPTVSWFZGPJSFBMJ[BEPVNMFWBOUBNFOUPDPNVNVOJWFSTPSFQSFTFOUBUJWPEP
DPOKVOUPEPTIBCJUBOUFTEBTGBWFMBT/PTFHVOEP
GPSBNQFTRVJTBEBTTFJTGBWFMBT
EVBT
DPNSFOEBNÏEJBNBJTBMUB
EVBTEFSFOEBNÏEJBJOUFSNFEJÈSJBFVNBEFSFOEBNÏEJBCBJ
YB
VUJMJ[BOEPTFVNRVFTUJPOÈSJPNBJTEFUBMIBEP&ORVBOUPOPQSJNFJSPTVSWFZGPJJODMVÓEB
B QPQVMBÎÍP BDJNB EF RVJO[F BOPT RVF VUJMJ[B PV OÍP NJDSPDPNQVUBEPSFT OP TFHVOEP
GPSBNJODMVÓEBTDSJBOÎBTBQBSUJSEFEF[BOPT
FUPEPTPTFOUSFWJTUBEPTEFWFSJBNGB[FSVTP
EPNJDSPDPNQVUBEPS
QBSBBQSPGVOEBSPDPOIFDJNFOUPEFTUFVOJWFSTP
"FYDMVTÍPEJHJUBMÏNÞMUJQMB
/FʽF FʽVEP
B FYDMVTÍP EJHJUBM TF SFGFSF ËT DPOTFRàÐODJBT
TPDJBJT
FDPOÙNJDBTFDVMUVSBJTEBEJʽSJCVJÎÍPEFTJHVBMBPBDFTTPB
DPNQVUBEPSFTFJOUFSOFU
FYDMVJOEPPBDFTTPËUFMFGPOJB&NCPSBP
UFMFGPOFQFSUFOÎBBPNFTNPHSVQPEFQSPEVUPTEF*$ *OGPSNÈUJDB
F $PNVOJDBÎÍP
JODMVTJWF QPSRVF DPNQBSUJMIB EB NFTNB JOGSBFT
USVUVSB
TPCVNBQFSʼFʹJWBTPDJPMØHJDB
FMFQPTTVJDBSBʹFSÓʽJDBT
CBʽBOUFEJGFSFOUFTEPTEFNBJTQSPEVUPT0TUFMFGPOFTTÍPQBSUFEB
GBNÓMJBEFQSPEVUPTiJODMVTJWPTQBSBBOBMGBCFUPTwJʽPÏ
QSPEVUPT
RVFQPEFNTFSVUJMJ[BEPTQPSQFTTPBTUFDOJDBNFOUFTFNOFOIVNB
FTDPMBSJEBEF
FORVBOUPDPNQVUBEPSFTFJOUFSOFUFYJHFNVNNÓ
OJNPHSBVEFJOʽSVÎÍP4FBGVUVSBDPOWFSHÐODJBEFUFDOPMPHJBTEF
TFOWPMWFSUFMFGPOFTDFMVMBSFTQBSBUSBOTNJTTÍPEFMFJUVSBEFNFOTB
HFOTFTDSJUBT
UFSFNPT
QPTTJWFMNFOUF
OPWBTGPSNBTEFEFTJHVBMEBEF
EFOUSFPTVTVÈSJPTEFUFMFGPOFT
&ʽF BSUJHP UBNCÏN GPDBMJ[BSÈ P BDFTTP JOEJWJEVBM B DPNQVUB
EPSFTFJOUFSOFU
UFNBRVFFʽÈSFMBDJPOBEPNBTRVFOÍPQPEF
TFS DPOGVOEJEP DPN P VTP EBT UFDOPMPHJBT EB JOGPSNBÎÍP F EB
DPNVOJDBÎÍP 5*$
DPNP VN JOʽSVNFOUP EF EFTFOWPMWJNFOUP F
DSFTDJNFOUPFDPOÙNJDP&NCPSBBNBJPSQBSUFEBCJCMJPHSBmBTPCSF
FYDMVTÍPEJHJUBMQSPEV[JEBQFMBTPSHBOJ[BÎÜFTJOUFSOBDJPOBJTFOGBUJ[F
PQPUFODJBMEBT5*$TQBSBSFEV[JSBQPCSF[BFBEFTJHVBMEBEF
BEJOÉ
NJDBTPDJBMGVODJPOB
OBQSÈUJDB
FNTFOUJEPSFWFSTPBJOUSPEVÎÍPEF
OPWBT5*$TBVNFOUBBFYDMVTÍPFBEFTJHVBMEBEFTPDJBM"VOJWFSTBMJ
[BÎÍPEPBDFTTPÏBOUFTEFUVEPVNJOʽSVNFOUPQBSBEJNJOVJSPTEB
OPTTPDJBJT
EPQPOUPEFWJʽBEBMVUBDPOUSBBEFTJHVBMEBEF1PSRVÐ
"QPCSF[BOÍPÏVNGFOÙNFOPJTPMBEP"NBOFJSBQFMBRVBMB
QPCSF[BÏEFmOJEBFQFSDFCJEBEFQFOEFEPOÓWFMEFEFTFOWPMWJNFO
UPDVMUVSBMUFDOPMØHJDPQPMÓUJDPEFDBEBTPDJFEBEF"JOUSPEVÎÍPEF
OPWPT QSPEVUPT RVF QBTTBN B TFS JOEJDBUJWPT EF DPOEJÎÍP EF WJEB
iDJWJMJ[BEBw UFMFGPOF
FMFUSJDJEBEF
HFMBEFJSB
SÈEJP PV 57
BVNFOUB
P QBUBNBS EF CFOT DPOTJEFSBEPT OFDFTTÈSJPT
BCBJYP EP RVBM VNB
$G403+
#FSOBSEP"MVUBDPOUSBBEFTJHVBMEBEFOBTPDJFEBEFEBJOGPSNBÎÍP3JPEF
+BOFJSP+PSHF;BIBS
3FQSPEV[TF VNB PQPTJÎÍP CBTUBOUF DPNVN FOUSF FTUVEPT RVBOUJUBUJWPT
SFBMJ[BEPT
HFSBMNFOUFQPS FDPOPNJTUBT
F USBCBMIPT RVBMJUBUJWPT
SFBMJ[BEPT QPS TPDJØMPHPT F BOUSP
QØMPHPT
*TUPÏ
BBOÈMJTFEBTDPOTFRàÐODJBTTPDJBJT
FDPOÙNJDBTFDVMUVSBJTEBEJTUSJCVJÎÍPEFTJ
HVBMEPBDFTTPËTOPWBTUFDOPMPHJBTEBJOGPSNÈUJDBFDPNVOJDBÎÍP
UVEPTRVBOUJUBUJWPTTVQÜFNDPNPTFOEPPVOJWFSTPEFVTVÈSJPT
BRVFMFTRVFQPTTVFNDPNQVUBEPSOPEPNJDÓMJP
D
&MFTOÍPPGFSFDFNQJʽBTTPCSFBEJWFSTJEBEFEFVTPTFBSFMF
WÉODJBEBJODMVTÍPEJHJUBMQBSBPTVTVÈSJPT&ʽFÞMUJNPQPOUP
FN
CPSBGVOEBNFOUBM
TFSÈNBSHJOBMNFOUFEJTDVUJEPOFʽFBSUJHP
OÍP
TFOEPPCKFUPEFʽBBQSFTFOUBÎÍP
"FYDMVTÍPEJHJUBMOÍPTFSFGFSFBVNGFOÙNFOPTJNQMFT
OÍPTF
MJNJUB BP VOJWFSTP EBRVFMFT RVF UÐN WFSTVT BP EBRVFMFT RVF OÍP
UÐNBDFTTPBDPNQVUBEPSFJOUFSOFU
EPTJODMVÓEPTFEPTFYDMVÓEPT
QPMBSJEBEF SFBM NBT RVF QPS WF[FT NBTDBSB PT NÞMUJQMPT BʼFʹPT
EBFYDMVTÍPEJHJUBM"SB[ÍPEJTTPÏTJNQMFTBPQPTJÎÍPBDFTTPOÍP
BDFTTP Ï VNB HFOFSBMJ[BÎÍP SB[PÈWFM TPNFOUF FN SFMBÎÍP B DFSUPT
TFSWJÎPTQÞCMJDPT DPNP
QPSFYFNQMP
FMFUSJDJEBEF
ÈHVB
FTHPUP
F
CFOTUSBEJDJPOBJTEFDPOTVNPJOUFSNFEJÈSJPUSBEJDJPOBJT BSFMFWÉO
DJBEPUJQPRVBMJEBEFEF57
HFMBEFJSB
UFMFGPOFPVDBSSPÏTFDVOEÈ
SJB
FNCPSBQBSBBQPQVMBÎÍPQPCSFPDVʽPEBMJHBÎÍPMJNJUFTPCSF
NBOFJSBPVTPEFUFMFGPOFPVPDVʽPEBHBTPMJOB
OPVTPEPDBSSP
/PDBTPEBUFMFNÈUJDBBTJUVBÎÍPÏEJGFSFOUF0OÞNFSPEFQSP
QSJFUÈSJPTEFDPNQVUBEPSPVQFTTPBTDPNBDFTTPËJOUFSOFUÏVNB
NFEJEBQSJNJUJWBEFNBJTQBSBNFEJSBFYDMVTÍPEJHJUBM1PSRVÐ B
1PSRVFBRVBOUJEBEFEFUFNQPEJʼPOÓWFMFBRVBMJEBEFEPBDFTTP
BGFUBN EFDJTJWBNFOUF P VTP EB JOUFSOFU C
QPSRVF BT UFDOPMPHJBT
EBJOGPSNBÎÍPFDPNVOJDBÎÍP EBRVJFNEJBOUFVTBSFNPTPUFSNP
UFMFNÈUJDB
TÍPNVJUPEJOÉNJDBTFPCSJHBNBVNBBUVBMJ[BÎÍPDPOT
UBOUF EF IBSEXBSF F TPGUXBSF F EPT TJʽFNBT EF BDFTTP
RVF
QBSB
OÍPmDBSFNPCTPMFUPT
FYJHFNVNJOWFʽJNFOUPSFHVMBSEPVTVÈSJP
D
QPSRVFPTFVQPUFODJBMEFVUJMJ[BÎÍPEFQFOEFEBDBQBDJEBEFEF
MFJUVSBFEFJOUFSQSFUBÎÍPEBJOGPSNBÎÍPQPSQBSUFEPVTVÈSJP OP
DBTPEBJOUFSOFU
FEFTVBSFEFTPDJBM OPDBTPEPFNBJM
"QSFTFOUBSFNPTBMHVOTEPTQSJODJQBJTSFTVMUBEPTEBQFTRVJTBF
TVBTJNQMJDBÎÜFTQBSBBFMBCPSBÎÍPEFQPMÓUJDBTFQSPKFUPTTPDJBJTEF
JODMVTÍPEJHJUBM%FWFNPTEFʽBDBSRVFOFʽFUSBCBMIPFOGBUJ[BNPTB
JODMVTÍPEJHJUBMEFJOEJWÓEVPT0VUSPTBʼFʹPTUBNCÏNEFWFSÍPTFS
DPOTJEFSBEPT&NDFSUPTDPOUFYUPT
BJODMVTÍPEJHJUBMEFJOʽJUVJÎÜFT
DPNVOJUÈSJBTQPEFNFMIPSBSBRVBMJEBEFEFWJEBEFQPQVMBÎÜFT
MVHBSEFBDFTTP
7FKBNPTPTSFTVMUBEPTEBQFTRVJTB
%F BDPSEP DPN B QFTRVJTB
EPT EPNJDÓMJPT MPDBMJ[BEPT OBT
GBWFMBTQPTTVFNDPNQVUBEPS0TFOUSFWJʽBEPTFBTFOUSFWJʽBTEPT
HSVQPTGPDBJTJOEJDBNRVFPDPNQVUBEPSHFSBMNFOUFÏWJʽPDPNP
VN CFN EF DPOTVNP QFTTPBM
FNCPSB QPTTF F QSPQSJFEBEF OÍP m
RVFN DMBSBNFOUF EFmOJEBT .VJUPT
FN QBSUJDVMBS PT KPWFOT
EFm
OFNPDPNQVUBEPSDPNPiTFVTw
FNCPSBUFOIBNTJEPDPNQSBEPT
QFMPTQBJT"RVFʽÍPEBQPTTFFʽÈBTTPDJBEBEJSFUBNFOUFËVUJMJ[B
ÎÍP
QPJT
FNHFSBM
ÏPVUJMJ[BEPSRVFNEFmOFPDPNQVUBEPSDPNP
TFV"UFOEÐODJBBJOEJWJEVBMJ[BSBQSPQSJFEBEFEPDPNQVUBEPSFʽÈ
BTTPDJBEBUBOUPBPGBUPEFRVFNVJUPTNFNCSPTEBGBNÓMJBOÍPVTBN
DPNQVUBEPSDPNPËWPOUBEFEFBmSNBSBQPTTF
EBEPPDPOnJUPTP
CSFPTIPSÈSJPTEFTVBVUJMJ[BÎÍP
UFNBRVFGPJJOEJDBEPOPTHSVQPT
GPDBJTDPNPQSPEVUPSEFUFOTÜFTOBGBNÓMJB
(SÈmDP1PTTFEFDPNQVUBEPSOPEPNJDÓMJPOBTDPNVOJEB
EFTEPNVOJDÓQJPEP3JPEF+BOFJSP
B TFV BNCJFOUF EJSFUP
P NVOJDÓQJP EP 3JP EF +BOFJSP
VNB SF
MBÎÍPEFVNDPNQVUBEPSQBSB
DPNQVUBEPSFT FDPNQBSBEPT
DPNPTCBJSSPTNBJTSJDPT
BEJʽÉODJBÏFNUPSOPEFVNQBSBTFJT
(SÈmDP$PNQBSBÎÍPFOUSFBTUBYBTEFJODMVTÍPEJHJUBMEBT
DPNVOJEBEFT EF CBJYB SFOEB EP NVOJDÓQJP EP 3JP EF +BOFJSP F
BMHVNBTDBQJUBJT
%
&
"
!
!
$
"
"
(
'
#
$!
&"
(
0QSPDFTTPEFTJHVBMEFEJTTFNJOBÎÍPEPDPNQVUBEPSFOUSFBQP
QVMBÎÍPEBTEJGFSFOUFTDJEBEFTEP#SBTJMSFnFUF
TFNEÞWJEB
POÓWFM
EFTJHVBMEFSJRVF[BFEFFTDPMBSJEBEFFOUSFBTEJGFSFOUFTSFHJÜFTFDJ
EBEFTEPQBÓT
FNQBSUJDVMBSEBTQPQVMBÎÜFTQPCSFTEBTSFHJÜFT/PS
UFF/PSEFʽFFNSFMBÎÍPBPDFOUSPTVM.BTBQPTTFEPDPNQVUBEPS
FʽÈUBNCÏNBTTPDJBEBBVNDPNQPOFOUFJOUBOHÓWFMBEJTTFNJOBÎÍP
EFVNBDVMUVSBEFWBMPSJ[BÎÍPEBJOGPSNÈUJDBBTTPDJBEBFNQBSUJDV
MBSËOPÎÍPEFRVFTFVEPNÓOJPÏDPOEJÎÍPEFFNQSFHPFTVDFTTPOB
FEVDBÎÍP/PVUSBTQBMBWSBT
ËQSPQPSÎÍPRVFPTJʽFNBQSPEVUJWP
TF JOGPSNBUJ[B
B OPÎÍP EF RVF Ï OFDFTTÈSJP EPNJOBS FTTF JOT
USVNFOUPQBSBBTTFHVSBSNBJPSFTDIBODFTEFUSBCBMIPTFiJOmMUSBw
SBQJEBNFOUFFOUSFPTEJWFSTPTTFUPSFTTPDJBJT
QPJTPVTPEFJOGPS
NÈUJDBQBTTBBTFSWJʽPDPNPDPOEJÎÍPEFPCUFOÎÍPEFUSBCBMIPF
EFTVDFTTPFTDPMBS%FGBUP
BÞOJDBQFSHVOUBOBRVBMFODPOUSBNPT
VNBSFʼPʽBDPOTFOTVBM
JOEFQFOEFOUFNFOUFEFHSBVEFFTDPMBSJ
EBEF
SFOEB
DPSFHÐOFSP
ÏFNSFMBÎÍPËJNQPSUÉODJBEPDPOIFDJ
NFOUPEFJOGPSNÈUJDBOBPCUFOÎÍPEFFNQSFHPBRVBTFUPUBMJEBEF
EPTFOUSFWJʽBEPTJOEJDPVRVFFMBBKVEBBDPOTFHVJSUSBCBMIP1PSUBO
UP
TFBEJTTFNJOBÎÍPEPDPNQVUBEPSUFNVNBØCWJBDPSSFMBÎÍPDPN
POÓWFMEFSFOEBFEFFTDPMBSJEBEF
FMBFʽÈJHVBMNFOUFBTTPDJBEBBPT
QBESÜFTDVMUVSBJTNBJTBNQMPTEFJOGPSNBUJ[BÎÍPEBTPDJFEBEF
"FYDMVTÍPEJHJUBMTFEÈUBNCÏNOPJOUFSJPSEPTHSVQPTQPCSFT
FOUSFHÐOFSPT
SBÎBTFHSVQPTFUÈSJPT
BTTJNDPNPFOUSFEJGFSFOUFT
DPNVOJEBEFT " NFOÎÍP BPT CBJSSPT QPCSFT QPEF EBS VNB WJTÍP
IPNPHÐOFBEFMFT
RVBOEP
UBOUPOPJOUFSJPSEFDBEBCBJSSPQPCSF
DPNPFOUSFFMFT
BEFTJHVBMEBEFEFQPTTFEFDPNQVUBEPSÏNVJUP
QSPOVODJBEB
(SÈmDP$PNQBSBÎÍPFOUSFBTUBYBTEFJODMVTÍPEJHJUBMFN
DPNVOJEBEFTEFCBJYBSFOEBEPNVOJDÓQJPEP3JPEF+BOFJSPF
FNBMHVOTNVOJDÓQJPTEP&ʽBEP
- #%'+
$!'*'/'
-)- /#+
'."-3-
2''2' *#,#
'0,1 +
'*#'
'%-&'#'
2''&3$'
* +4('$#+
#$4('$#+
,*4('$#+
+ &
'$, '&
#' & #*'
#, *4#
(SÈmDP1FSDFOUVBMEFQFTTPBTRVFQPTTVFNFRVFVUJMJ[BN
NJDSPDPNQVUBEPSFTOBTDPNVOJEBEFTEFCBJYBSFOEBEPNVOJ
DÓQJPEP3JPEF+BOFJSP
6NBFYQMJDBÎÍPQPTTÓWFMQBSBPOÞNFSPEFVTVÈSJPTEFDPNQV
UBEPSTFSNBJPSRVFPOÞNFSPEFEPNJDÓMJPTDPNDPNQVUBEPSÏRVF
DBEBDPNQVUBEPSTFSJBVUJMJ[BEPQPSWÈSJPTNFNCSPTEBGBNÓMJB.BT
FTTBFYQMJDBÎÍPÏJOTVmDJFOUF
QPJTTPNFOUF
EPTFOUSFWJʽBEPT
JOEJDBSBNPEPNJDÓMJPDPNPQSJODJQBMMPDBMEPVTPEPDPNQVUBEPS
0OÞNFSPNBJPSEFVTVÈSJPTFNSFMBÎÍPBPTQSPQSJFUÈSJPTÏDPOTFRà
ÐODJB
QSJODJQBMNFOUF
EFRVFOBTGBWFMBTPEPNJDÓMJPOÍPÏPQSJODJ
QBMMPDBMEFBDFTTPBPDPNQVUBEPS
(SÈmDP1SJODJQBMMPDBMEFVUJMJ[BÎÍPEPNJDSPDPNQVUBEPS
OBTDPNVOJEBEFTEFCBJYBSFOEBEPNVOJDÓQJPEP3JPEF+BOFJSP
('%"&(%&
!''(*+&("!&
&'*)"('(%" " (!&$(
#"&&( &'*)"('(%"
&'*)"('(%"" (!& %
(%&"&
& "&"!"&
%"
&
(SÈmDP1FSDFOUVBMEFQFTTPBTRVFQPTTVFNFRVFVUJMJ[BN
NJDSPDPNQVUBEPSFTFJOUFSOFUOBTDPNVOJEBEFTEFCBJYBSFOEB
EPNVOJDÓQJPEP3JPEF+BOFJSP
/PUB0TQFSDFOUVBJTTFSFGFSFNBPUPUBMEBBNPʽSB
C
'BUPSFTEFJOUFHSBÎÍPFYDMVTÍP
&OUSFPTVTVÈSJPTEFJOGPSNÈUJDBFYJʽFOUFTOBGBWFMB
DPNPFNHFSBMOP
DPOKVOUPEBQPQVMBÎÍP
WFSJmDBTFVNBUFOEÐODJBEFDSFTDFOUFBPVTP
EBJOGPSNÈUJDBËQSPQPSÎÍPRVFTFBWBOÎBBGBJYBFUÈSJB/BGBWFMB
QP
SÏN
UBMUFOEÐODJBTFBDFOUVB
QFMPTNFOPSFTOÓWFJTEFFTDPMBSJEBEFOPT
TFUPSFTNBJTJEPTPTFNFOPSFTDIBODFTEFBQSFOEJ[BHFNOPFNQSFHP
(SÈmDP1FSDFOUVBMEFVUJMJ[BÎÍPEPNJDSPDPNQVUBEPSTF
HVOEPBGBJYBFUÈSJB
/PUB0TQFSDFOUVBJTGPSBNDBMDVMBEPTFNSFMBÎÍPBPQSØQSJPHSVQP
$PNPFSBEFFʼFSBS
PTHSÈmDPTBTFHVJSJOEJDBNRVFFYJʽFVNB
DMBSBDPSSFMBÎÍPFOUSFOÓWFMEFSFOEBFEFFTDPMBSJEBEFFQPTTFEF
DPNQVUBEPS0OÓWFMFTDPMBSÏGVOEBNFOUBMFOUSFBRVFMFTRVFQPT
TVFNEFVNBUSÐTBOPTEFFʽVEP
FODPOUSBNPTEPJTDPNQVUBEPSFT
QBSBDBEBDFNEPNJDÓMJPT
F
OBGBJYBEFQFTTPBTDPNNBJTEFRVJO[F
BOPTEFFʽVEP
BQPTTFEPDPNQVUBEPSDIFHBB
QBSBDBEBDFN
EPNJDÓMJPT
(SÈmDP3FOEBQFTTPBMFGBNJMJBSQFSDBQJUBNÏEJBTFHVO
EP B QPTTF EF NJDSPDPNQVUBEPS OBT GBWFMBT EP NVOJDÓQJP EP
3JPEF+BOFJSP
! "!
! !
(SÈmDP1FSDFOUVBMEFQFTTPBTRVFQPTTVFNDPNQVUBEPS
OPEPNJDÓMJPQPSBOPTEFFʽVEPOBTGBWFMBTEPNVOJDÓQJPEP3JP
EF+BOFJSP
/PUB0TQFSDFOUVBJTGPSBNDBMDVMBEPTFNSFMBÎÍPBPQSØQSJPHSVQP
0NFTNPWBMFQBSBPOÓWFMEFSFOEB
(SÈmDP3FOEBGBNJMJBSQFSDBQJUBTFHVOEPBQPTTFFVUJMJ
[BÎÍPEFNJDSPDPNQVUBEPS
$PNPNPʽSBPHSÈmDP
FORVBOUPPQFSDFOUVBMEFQFTTPBTCSBO
DBTDPNQPTTFEFDPNQVUBEPSTVQFSBBNÏEJB
FPTQBSEPTB
JHVBMBN
BQPQVMBÎÍPOFHSBBQSFTFOUBVNOÓWFMEFQPTTFFRVJWBMFOUF
ËNFUBEFEBNÏEJB
(SÈmDP1FSDFOUVBMEFQFTTPBTRVFQPTTVFNDPNQVUBEPS
FNTFVEPNJDÓMJPQPSDPSSBÎBOBTDPNVOJEBEFTEPNVOJDÓQJPEP
3JPEF+BOFJSP
/PUB0TQFSDFOUVBJTGPSBNDBMDVMBEPTFNSFMBÎÍPBPQSØQSJPHSVQP
$PNPJOEJDBPHSÈmDP
FTTBTJUVBÎÍPSFnFUFBEVQMBQPTJÎÍPEFTGB
WPSFDJEBEBQPQVMBÎÍPOFHSBFNUFSNPTEFSFOEBFFEVDBÎÍP
.BT FN UFSNPT EF VTVÈSJPT EF JOGPSNÈUJDB FTTB EJGFSFOÎB UFOEF B
EJNJOVJSHSBÎBTBPVUSPTBDFTTPTGPSBEPEPNJDÓMJP
/PUB0TQFSDFOUVBJTGPSBNDBMDVMBEPTFNSFMBÎÍPBPQSØQSJP
HSVQP
/PUB1BSBVUJMJ[BÎÍPGPJVTBEPPVOJWFSTPPTRVFVUJMJ[BNPDPN
QVUBEPS
EBQPQVMBÎÍP
0VTFKB
PBDFTTPGPSBEFEPNJDÓMJPGVODJPOBDPNPVNGBUPSEF
DSJBÎÍPEFPQPSUVOJEBEFTQBSBBQPQVMBÎÍPOFHSB0PQPʽPBDPOUF
DFDPNBQPQVMBÎÍPGFNJOJOB
(SÈmDP6UJMJ[BÎÍPEFNJDSPDPNQVUBEPSFTTFHVOEPPTFYP
OBTDPNVOJEBEFTEPNVOJDÓQJPEP3JPEF+BOFJSP
0RVFBDPOUFDFFNBNCPTPTDBTPT CBJYPBDFTTPEBTNVMIFSFT
FJODSFNFOUPEPQFSDFOUVBMEBQPQVMBÎÍPOFHSBEFVTVÈSJPT
PUSB
CBMIPBUVBDPNPGBUPSEFFYDMVTÍPEJHJUBMOPDBTPEBTNVMIFSFTFEF
JHVBMBÎÍPTPDJBMOPDBTPEPTOFHSPT"NBJPSJBEBTNVMIFSFTUSBCBMIB
FNTFSWJÎPTEFMJNQF[BPVDPNPFNQSFHBEBTEPNÏʽJDBTFOÍPUFN
PQPSUVOJEBEFEFVUJMJ[BSDPNQVUBEPS
FORVBOUPVNOÞNFSPNBJPS
EF IPNFOT
JODMVTJWF NVJUPT RVF USBCBMIBN DPNPPċDF CPZT
BDB
CBNDPOWJWFOEPFNBNCJFOUFTRVFJODFOUJWBN
FQPSWF[FTQFSNJ
UFN
PDPOIFDJNFOUPEPTVTPTCÈTJDPTEPDPNQVUBEPS
"TUFOEÐODJBTFNSFMBÎÍPBPVTPEFDPNQVUBEPSFTTFSFQSPEV
[FNFNSFMBÎÍPËJOUFSOFU
FBUÏmDBNNBJTNBSDBEBT%PUPUBM
EPTQPTTVJEPSFTEFDPNQVUBEPS
TPNFOUFVNUFSÎPUFNBDFTTP
ËJOUFSOFU
EFGPSNBRVF
EPUPUBMEFVTVÈSJPTEFJOUFSOFU
QPVDP
NBJTEFPGB[FNOPEPNJDÓMJP
SFQSPEV[JOEPPTQBESÜFTEFVTP
EFDPNQVUBEPSNFODJPOBEPTBDJNB
JʽPÏ
BQSJODJQBMGPOUFEFBDFT
TPTFFODPOUSBGPSBEPEPNJDÓMJP
6OJWFSTPPTRVFVTBNBJOUFSOFU
EBQPQVMBÎÍP
/PVTPEFJOUFSOFU
BGBJYBFUÈSJBBJOEBÏNBJTEFDJTJWB
KÈRVFTVB
JNQPSUÉODJBBVNFOUBOPTTFUPSFTNBJTKPWFOT
/PUB0TQFSDFOUVBJTGPSBNDBMDVMBEPTFNSFMBÎÍPBPQSØQSJPHSVQP
"EJʽÉODJBFOUSFNBJPSFNFOPSSFOEBBVNFOUBWJTJWFMNFOUFRVBO
EPQBTTBNPTEFVTVÈSJPTEFDPNQVUBEPSQBSBVTVÈSJPTEFJOUFSOFU
P
RVFEFWFFʽBSSFMBDJPOBEPBPDVʽPFËEJmDVMEBEFEFBDFTTPBFMB
(SÈmDP1FSDFOUVBMEFVTPEFFNBJMFNSFMBÎÍPËVUJMJ[BÎÍP
EFNJDSPDPNQVUBEPSFTFJOUFSOFUOPUPUBMEBQPQVMBÎÍPEBTGBWFMBT
.FOPTEBNFUBEFEPTVTVÈSJPTEBJOUFSOFUÏVTVÈSJBEFFNBJM
5SBUBTFEFVNBQPSDFOUBHFNNVJUPCBJYBEFVTVÈSJPT
QSPEVUPEP
DPOUFYUPTPDJBMEPTIBCJUBOUFTEBTGBWFMBT
FNRVFCPBQBSUFEBSFEF
TPDJBMOÍPVUJMJ[BJOUFSOFU
GB[FOEPEPFNBJMVNJOʽSVNFOUPNFOPT
ÞUJMEFDPNVOJDBÎÍP
D
2VBMJEBEFEPBDFTTP
4FPTEBEPTBOUFSJPSFTJOEJDBNRVFPTDBNJOIPTQBSBVUJMJ[BSP
DPNQVUBEPSFBDFTTBSBJOUFSOFUTÍPNÞMUJQMPT
UPEPTFMFTDPOWFSHFN
OPTFOUJEPEFJOEJDBSBTMJNJUBÎÜFTEPUFNQPEJʼPOÓWFMFEFRVBMJEB
EFEFBDFTTPEPVTVÈSJPEFCBJYBSFOEB
"RVFMFT RVF QPTTVFN DPNQVUBEPS F BDFTTP Ë JOUFSOFU FN
DBTBFʽÍPMJNJUBEPTQFMBRVBMJEBEFEFBDFTTP BHSBOEFNBJP
SJBTFNBDFTTPËCBOEBMBSHB
FQFMPUFNQPFNRVFQPEFNQFS
NBOFDFSMJHBEPT KÈRVFVUJMJ[BNBDFTTPEJTDBEP
FNRVFÏQBHPP
UFNQPEFQFSNBOÐODJBOBMJOIB
0SFTVMUBEPÏVNBCBJYBGSFRàÐODJB
EFVTP
0OÍPBDFTTPËJOUFSOFUSÈQJEBDPNVNWBMPSNFOTBMmYP
JOEF
QFOEFOUFNFOUFEPUFNQPEFVTP
UFNVNBEVQMBDPOTFRàÐODJBB
JOGPSNBÎÍPEFNPSBNBJTUFNQPQBSBTFSBDFTTBEB
FORVBOUPPUFN
QPEJʼPOÓWFMQBSBQFSNBOFDFSOBJOUFSOFUÏNFOPS
KÈRVFPVTVÈSJP
QBHBQFMPUFNQPFNRVFQFSNBOFDFMJHBEP"TTJN
BJOGPSNBÎÍPEF
NPSBNBJTUFNQPQBSBDIFHBS
FPUFNQPEJʼPOÓWFMQBSBSFDFCÐMB
ÏNFOPS
$PNPNPʽSBPHSÈmDPBTFHVJS
BJOUFOTJEBEFEPVTPEBJOUFSOFU
FOUSFPTIBCJUBOUFTEBTGBWFMBTBJOEBÏCBʽBOUFCBJYB/PFʽVEPEB
FYDMVTÍPEJHJUBM
QPSUBOUP
EFWFTFSDPOTJEFSBEPOÍPTPNFOUFPOÞ
NFSPEFVTVÈSJPTFOÍPVTVÈSJPT
NBTUBNCÏNBJOUFOTJEBEFEFTFV
VTP
UBOUPOBRVBMJEBEFEFBDFTTP CBJYBFBMUBWFMPDJEBEF
DPNPOP
UFNQPFGFUJWBNFOUFEJʼPOÓWFM
(SÈmDP'SFRàÐODJBEPBDFTTPËJOUFSOFUOBTDPNVOJEBEFT
EPNVOJDÓQJPEP3JPEF+BOFJSP
6OJWFSTPPTRVFVTBNBJOUFSOFU
EBQPQVMBÎÍP
0TRVFUÐNBDFTTPËJOGPSNÈUJDBFBPDPNQVUBEPSOPUSBCB
MIPQPEFNVUJMJ[BSFTTFTJOʽSVNFOUPTOPTMJNJUFTEFTVBTPCSJHBÎÜFT
FIPSÈSJPEFUSBCBMIP
"RVFMFT RVF TF VUJMJ[BN EF UFMFDFOUSPT EFQFOEFN EB QSPYJ
NJEBEFFSFDVSTPTQBSBQBHBSPTFSWJÎPFPVEBEJʼPOJCJMJEBEFEF
DPNQVUBEPSFTOPUFMFDFOUSPOPIPSÈSJPEFTFVJOUFSFTTF
"RVFMFTRVFUÐNBDFTTPFNDBTBEFBNJHPTPVGBNJMJBSFTFO
GSFOUBNJHVBMNFOUFEJmDVMEBEFTEFEJʼPOJCJMJEBEFMJNJUBEBTEFTTFT
JOʽSVNFOUPT
'JOBMNFOUF
PT VTVÈSJPT EBT &ʽBÎÍP 'VUVSP UFMFDFOUSPT EB
0/(7JWB3JP
DPNBDFTTPBQSFÎPTNFOPSFTBQSFTFOUBNPNFTNP
QFSmMFEVDBDJPOBMFEFSFOEBRVFPVTVÈSJPUÓQJDPEFDPNQVUBEPSF
JOUFSOFUOBGBWFMB0TUFMFDFOUSPT
EFUPEBGPSNB
BVNFOUBNBCBTF
EFVTVÈSJPTFQSPWÐFNPTIBCJUBOUFTEBGBWFMB
JODMVTJWFBRVFMFTRVF
QPTTVFNBDFTTPFNDBTB
DPNNFMIPSRVBMJEBEFEFTFSWJÎPT
JOGSB
FʽSVUVSBFBQPJP
&NCPSB PT DPNFOUÈSJPT BOUFSJPSFT OÍP JOWBMJEFN B SFMFWÉODJB
EBTWÈSJBTFʽSBUÏHJBTEFVOJWFSTBMJ[BÎÍPEFBDFTTP
OÍPQPEFEFJYBS
EFTFSBTTJOBMBEBBDPOUJOVJEBEFEBTEFTJHVBMEBEFTFOUSFPTWÈSJPT
HSVQPTTPDJBJT
NFTNPFOUSFBRVFMFTFNRVFBTFʽBUÓʽJDBTBQSFTFO
UBNDPNPUFOEPBDFTTPËUFMFNÈUJDB
$PODMVTÜFTQPMÓUJDBTQÞCMJDBTFJODMVTÍPEJHJUBM
-FWBOEP FN DPOTJEFSBÎÍP PT BDIBEPT EB QFTRVJTB F B CJCMJP
HSBmBJOUFSOBDJPOBMTPCSFPUFNBEBFYDMVTÍPEJHJUBM
BMHVNBTDPO
DMVTÜFTTPCSFPTPCKFUJWPTEFVOJWFSTBMJ[BÎÍPEPBDFTTPËJOUFSOFUF
TPCSFBEFNPDSBUJ[BÎÍPEBJOGPSNBÎÍPTFJNQÜFN4FNQSFÏCPN
MFNCSBS RVF
NFTNP TVCMJOIBOEP BT MJNJUBÎÜFT EF EFNPDSBUJ[BS B
JOGPSNBÎÍP
OÍPFʽBNPTEFGPSNBBMHVNBJOEJDBOEPBJNQPSUÉODJB
EBTQPMÓUJDBTEFVOJWFSTBMJ[BÎÍPEFBDFTTP1FMPDPOUSÈSJP
VOJWFSTBMJ
[BSPDPOIFDJNFOUPCÈTJDPTPCSFPVTPEFDPNQVUBEPSFTFJOUFSOFUÏ
GVOEBNFOUBMQBSBMJNJUBSPJNQBʹPOFHBUJWPRVFFMFTQPEFNUSB[FS
QBSB TFUPSFT NBJT QPCSFT /B BUVBMJEBEF
DPOIFDJNFOUPT CÈTJDPT
EFDPNQVUBÎÍPFJOUFSOFUTÍPDSFTDFOUFNFOUFQSFDPOEJÎÍPEF
BDFTTPBPFNQSFHP
"TQPMÓUJDBTEFVOJWFSTBMJ[BÎÍPEFBDFTTPEFWFNDPOGSPOUBSBTDPN
QMFYJEBEFT BTTPDJBEBT Ë BQSPQSJBÎÍP FGFUJWB EBT 5*$T QFMPT TFUPSFT
NBJTQPCSFTEBQPQVMBÎÍP
0WBMPSFGFUJWPEBJOGPSNBÎÍPEFQFOEFEBDBQBDJEBEFEPTVTV
ÈSJPTEFJOUFSQSFUÈMB*OGPSNBÎÍPTØFYJʽFOBGPSNBEFDPOIFDJNFO
UP
FDPOIFDJNFOUPEFQFOEFEFVNMPOHPQSPDFTTPEFTPDJBMJ[BÎÍPF
EFQSÈUJDBTRVFDSJBNBDBQBDJEBEFBOBMÓUJDBRVFUSBOTGPSNBCJUTFN
DPOIFDJNFOUP1PSUBOUP
DPOGSPOUBSBFYDMVTÍPEJHJUBMTVQÜFFOGSFO
UBSBFYDMVTÍPFTDPMBS
"TQPMÓUJDBTEFVOJWFSTBMJ[BÎÍPEPBDFTTPËJOUFSOFUOPTQBÓTFT
FNEFTFOWPMWJNFOUPTFSÍPVNBRVJNFSBTFOÍPFʽJWFSFNBTTPDJBEBT
BPVUSBTQPMÓUJDBTTPDJBJT
FNQBSUJDVMBSBTEBGPSNBÎÍPFTDPMBS/ÍP
IBWFSÈVOJWFSTBMJ[BÎÍPEFBDFTTPËTOPWBTUFDOPMPHJBTEBJOGPSNBÎÍP
F EB DPNVOJDBÎÍP TFN VOJWFSTBMJ[BÎÍP EF PVUSPT CFOT TPDJBJT &N
QBÓTFTFNEFTFOWPMWJNFOUP
FNRVFBTUBYBTEFBOBMGBCFUJTNPGVO
DJPOBMTÍPBMUÓTTJNBT OP#SBTJM
DBMDVMBTFFNUPSOPEF
BMVUB
DPOUSBBTEJWFSTBTDBSÐODJBTEFBDFTTPBTFSWJÎPTQÞCMJDPT FEVDBÎÍP
TBOFBNFOUP
TFHVSBOÎB
TBÞEF
TFSWJÎPTKVSÓEJDPT
FYJHFNVNBWJTÍP
DPNQMFYBBSFʼFJUPEBMVUBDPOUSBBFYDMVTÍPEJHJUBM0CWJBNFOUF
JTTPOÍPTJHOJmDBFʼFSBSBFSSBEJDBÎÍPEPBOBMGBCFUJTNPQBSBEFTFO
WPMWFSQPMÓUJDBTEFJODMVTÍPEJHJUBM/ÍPQPEFNPTFTRVFDFSRVFBMVUB
QFMBJODMVTÍPEJHJUBMÏVNBMVUBDPOUSBPUFNQP"TOPWBTUFDOPMPHJBT
EBJOGPSNBÎÍPBVNFOUBNBEFTJHVBMEBEFTPDJBM
EFGPSNBRVFBVOJ
WFSTBMJ[BÎÍPEPBDFTTPOÍPÏNBJTEPRVFBMVUBQPSSFOJWFMBSBTDPO
EJÎÜFTEFBDFTTPBPNFSDBEPEFUSBCBMIP"TFYJHÐODJBTEBFDPOPNJB
FPTOPWPTFNQSFHPTPCSJHBNBDPOWJWÐODJBEFQPMÓUJDBTQÞCMJDBTRVF
USBCBMIFNTJNVMUBOFBNFOUFDPNEJGFSFOUFTTFUPSFTTPDJBJTFSJUNPT
EFTJHVBJTEFVOJWFSTBMJ[BÎÍPEFTFSWJÎPTQÞCMJDPT1PSÏN
OÍPTFQPEF
EFTDPOIFDFSPJNCSJDBNFOUPEBTQPMÓUJDBTTPDJBJT
FRVFPTVDFTTP
mOBMEFʽBTEFQFOEFEFVNQSPHSBNBJOUFHSBEPEFVOJWFSTBMJ[BÎÍP
EPTWÈSJPTTFSWJÎPTQÞCMJDPT/PDVSUPQSB[P
BTQPMÓUJDBTEFJODMVTÍP
EJHJUBM
RVFUFSÍPOFDFTTBSJBNFOUFVNJNQBʹPTPCSFTPNFOUFVNB
QBSUFEBQPQVMBÎÍPNBJTQPCSF
EFWFNEFmOJSDMBSBNFOUFRVBMÏP
QÞCMJDPBMWP
QPUFODJBMPGFSFDJEPQFMBJOUFSOFU"QSPNPÎÍPEFTJUFTDPNDPO
UFÞEPTFʼFDÓmDPTQBSBBTQPQVMBÎÜFTEFCBJYBSFOEB
PVMÓOHVBT
OBUJWBT
QPEFUFSVNQBQFMJNQPSUBOUFQBSBDPNQFOTBSBTEJmDVMEB
EFTEFBDFTTPBDPOUFÞEPTQSPEV[JEPTQBSBQÞCMJDPTEFDMBTTFNÏEJB
PVDPNDPOIFDJNFOUPEFPVUSBTMÓOHVBT.BTOFTTBÈSFB
BQFTBSEP
SFDPOIFDJNFOUPEPQSPCMFNBQPSPSHBOJTNPTEFEJDBEPTËJODMVTÍP
EJHJUBM
PTBWBOÎPTUÐNTJEPNVJUPMJNJUBEPT/BBUVBMJEBEF
PmOBO
DJBNFOUPEBNBJPSJBEPTOPWPTDPOUFÞEPTEJʼPOÓWFJTOBJOUFSOFUÏ
GFJUPQPSDBQJUBMEFSJTDP
PRVFTVQÜFVNSFUPSOPBPTFVJOWFʽJNFO
UP#PBQBSUFEPNFSDBEPBMWPEFTTFTDPOUFÞEPTÏDPOʽJUVÓEBQFMB
DMBTTFNÏEJB
0 EFTFOWPMWJNFOUP EF UFMFDFOUSPT
JʽP Ï
DBCJOBT EF BDFTTP
QÞCMJDPËJOUFSOFU
ÏQBSUFJNQPSUBOUFFNRVBMRVFSQPMÓUJDBEFVOJ
WFSTBMJ[BÎÍP EF TFSWJÎPT "QFTBS EPT FTGPSÎPT EF 0/(T FN EFTFO
WPMWFS UFMFDFOUSPT DPNVOJUÈSJPT
BT JOJDJBUJWBT UÐN DPOTFHVJEP VN
JNQBʹPRVBOUJUBUJWPQSBUJDBNFOUFSFTJEVBM
FNCPSBDVNQSBNVNB
JNQPSUBOUFGVOÎÍPEFFGFJUPEFEFNPOʽSBÎÍPFQPTTBNUFS
QPSWF
[FT
VNQBQFMJNQPSUBOUFOBTDPNVOJEBEFTOBRVBMBUVBN.BTB
VOJWFSTBMJ[BÎÍP EP BDFTTP QBTTB GVOEBNFOUBMNFOUF QFMBT QPMÓUJDBT
QÞCMJDBT BTTPDJBEBT FWFOUVBMNFOUF BP TFUPS QSJWBEP F QFMPT JODFO
UJWPT BP NFSDBEP 0 TFUPS QSJWBEP UFN EFTFNQFOIBEP VN QBQFM
JNQPSUBOUFOBDSJBÎÍPEFUFMFDFOUSPT
FNHFSBMRVBOEPVTBFRVJQB
NFOUPEFCBJYPDVʽP
QSPHSBNBTQJSBUBTFTÍPBENJOJʽSBEPTQFMBGB
NÓMJBQSPQSJFUÈSJB
DPNPJOEJDBPFYFNQMPQFSVBOP.BTBTQPMÓUJDBT
QÞCMJDBT
DPOUVEP
TÍPGVOEBNFOUBJTQBSBBUJOHJSVNBFTDBMBRVFJOJ
DJBUJWBTWPMVOUÈSJBTOÍPUÐNDPOEJÎÜFTEFPCUFS"TQPMÓUJDBTQÞCMJDBT
EFVOJWFSTBMJ[BÎÍPEFBDFTTPFYJHFNTPMVÎÜFTDSJBUJWBTEFMJDJUBÎÍPEF
TFSWJÎPTQBSBBTDPNVOJEBEFTNBJTQPCSFT
DPNTFSWJÎPTTVCTJEJBEPT
SFBMJ[BEPTQPSFNQSFTBTQSJWBEBT
PVBTTPDJBÎÜFTDPNVOJUÈSJBTFPV
0/(T
0JNQBDUPEBTPDJFEBEF
DJWJM EFT
PSHBOJ[BEBDVMUV
SBEJHJUBM
PTBSUJDVMBEPSFTF
TPGUXBSFMJWSFOPQSPKFUPEPT
QPOUPT EF DVMUVSB EP .JO$
QPS'FMJQF'POTFDB
"MFYBOESF'SFJSFF"SJFM'PJOB
0PCKFUJWPEFʽFBSUJHP
NBJTEPRVFBQSFTFOUBSVNFʽVEP
EF DBTP
Ï EFMJOFBS P DPOUFYUP OP RVBM BMHVOT HSVQPT SFMBDJPOB
EPTËDVMUVSBEJHJUBMFBPBUJWJTNPFMFUSÙOJDPT
FBTJEFPMPHJBTRVF
PTDFSDBN
FʽSVUVSBSBNTFQBSBJOnVFODJBSQSPKFUPTEP.JOJʽÏSJP
EB$VMUVSBCSBTJMFJSP6NBJOUSPEVÎÍPTPCSFPIJʽØSJDPEPTPGUXBSF
MJWSF OP HPWFSOP CSBTJMFJSP Ï OFDFTTÈSJB
FNCPSB UFOIBNPT DPOTDJ
ÐODJB EF RVF RVBOEP B QVCMJDBÎÍP TF DPODSFUJ[BS UVEP QPEF FʽBS
EJGFSFOUF&NTFHVJEB
BQSFTFOUBNPTBIJʽØSJBEPQSPKFUP1POUPTEF
$VMUVSB.BJTEPRVFTJNQMFTBÎÍPHPWFSOBNFOUBM
FTTFQSPKFUPUFN
QPSPCKFUJWPDIFHBSBPTMJNJUFTHFPHSÈmDPTFTPDJBJTEP#SBTJMDPN
VNBFʽSBUÏHJBJOUFHSBEBEFHFSBÎÍPEFBVUPOPNJB
TVʽFOUBCJMJEBEF
FBSUJDVMBÎÍPFNSFEF
DBMDBEBOPGPNFOUPËQSPEVÎÍPEFNÓEJBFË
DVMUVSBDPMBCPSBUJWBFMJWSF
4PGUXBSFMJWSFOP#SBTJM
/PTÞMUJNPTBOPT
P#SBTJMBTTVNJVVNQBQFMEFEFʽBRVFOPDPO
UFYUPJOUFSOBDJPOBMEPTPGUXBSFMJWSF0HPWFSOPGFEFSBMBQSFTFOUPV
VNQPTJDJPOBNFOUPQÞCMJDPEFEFGFTBEBBEPÎÍPEFTPGUXBSFMJWSF
FNEJWFSTPTQSPKFUPT"SFQFSDVTTÍPOPFYUFSJPSGPJUBMBPQPOUPEFB
SFWJʽB8JSFESFUSBUBSPQBÓTDPNPVNBi/BÎÍP0QFOTPVSDFw
8F1MFEHF"MMFHJBODFUPUIF1FOHVJO8JSFE
*TTVF
OPW
0NJOJʽSP)BDLFS
(JMCFSUP(JM
BUVBOUFEFTEFPTBOPTOBNÞTJDBQPQCSBTJMFJ
SBFNVOEJBM
FDPNVNIJʽØSJDPEFFOWPMWJNFOUPDPNPBUJWJTNP
QPMÓUJDPFDVMUVSBM
BTTVNJVOPJOÓDJPEPNBOEBUPEF-VMBPDBSHPEF
NJOJʽSPEB$VMUVSB-PHPOPTQSJNFJSPTNFTFTEPOPWPHPWFSOP
P
.JO$BQPJPVP.5#MBCPSBUØSJPCSBTJMFJSPEFNÓEJBUÈUJDB
RVF
BDPOUFDFVFN4ÍP1BVMP
SFVOJOEPBUJWJʽBT
IBDLFST
BSUJʽBTFPVUSPT
%VSBOUFPFWFOUP
$MÈVEJP1SBEP
BNJHPEF(JMEFTEFPUFNQPEP
FYÓMJPFN-POESFTFBHJUBEPSDVMUVSBMMJHBEPËIJʽØSJBEBDPOUSBDVMUV
SBCSBTJMFJSB
QSPDVSPVPNJOJʽSPQBSBDPNQBSUJMIBSBMHVNBTJEÏJBT
5BNCÏNQSFTFOUFTBPFWFOUPFʽBWBN3JDIBSE#BSCSPPLF+PIO1FSSZ
#BSMPX"QSFTFOÎBEF#BSMPXGPJGVOEBNFOUBM
BQBSUJSEPNPNFOUP
FNRVFFMFEFDJEJVRVFmDBSJBQPSBMHVNUFNQPOP#SBTJM
FNHSBO
EFQSPYJNJEBEFDPN(JMCFSUP(JMFJOnVFODJBOEPFʽSBUFHJDBNFOUF
NVJUBTEBTTVBTGVUVSBTBÎÜFTDPNPNJOJʽSP
FʼFDJBMNFOUFFNSF
MBÎÍPBUFDOPMPHJBFDVMUVSB(JMKÈUJOIBBMHVNJOUFSFTTFOPBTTVOUP
BMHVNBTNÞTJDBTEFTVBBVUPSJBQPEFNEFNPOʽSBSJTTP
FDPNFÎPV
BBQSPGVOEBSTF%FDMBSPVTFVNIBDLFS)FSNBOP7JBOOBBOUSP
QØMPHPFOWPMWJEPDPNUFDOPMPHJBFQSPEVÎÍPDVMUVSBMUBNCÏN
GPJ VNB GPSUF JOnVÐODJB EF (JM OFTTB GBTF $MÈVEJP 1SBEP QBTTPV B
DPOWFSTBS DPN BMHVNBT QFTTPBT FOWPMWJEBT DPN B PSHBOJ[BÎÍP EP
.5#BmNEFEFMJOFBSMJOIBTEFBÎÍP
$MÈVEJPDPNFÎPVBJSQBSB#SBTÓMJBFiJOmMUSPVTFwFNVNQSPKFUP
DIBNBEP#"$ BT#BTFTEF"QPJPË$VMUVSB
%PJTNFTFTBQØTP.5#
FMF QBSUJDJQPV EB TFHVOEB 0mDJOB EF *ODMVTÍP %JHJUBM
QSPNPWJEB
QFMP .JOJʽÏSJP EP 1MBOFKBNFOUP FN #SBTÓMJB 0 FWFOUP HFSPV NVJ
UPCBSVMIPGPJBQSJNFJSBWF[FNRVFPHPWFSOP-VMB
FOUÍPFNTFV
QSJNFJSP TFNFʽSF
BTTVNJV P BQPJP BPTPGUXBSF MJWSF %VSBOUF B
PmDJOB
$MÈVEJPDPOWFSTPVDPNNVJUBHFOUF
FYJCJOEPPQSPKFUP
RVFEJ[JBiDPOmEFODJBMwDØQJBTEBQMBOUBCBJYBEPRVFTFSJBNBT
#"$T2VBOEPBMHVÏNQFSHVOUBWBPRVFIBWFSJBFNEFUFSNJOBEB
QBSUFEPQSÏEJP
$MÈVEJPSFʼPOEJBDPNBNFTNBQFSHVOUB&NQPV
DPUFNQP
KÈUJOIBVNBJEÏJBHFSBMEFPDVQBÎÍPVNBVEJUØSJP
FʽÞ
EJPT
CJCMJPUFDB
MBODIPOFUFFPVUSBTDPJTBT&NVNBNFTBSFEPOEB
EFDMBSPVRVFiTFNUFTÍPOÍPIÈJODMVTÍPw
4BJOEPEBPmDJOB
$MÈVEJPGPJEJSFUBNFOUFB1PSUP"MFHSFUPNBS
QBSUFOP'JTMJ 'FʽJWBM*OUFSOBDJPOBMEF4PGUXBSF-JWSF
6NBWF[MÈ
FOUFOEFVBGPSÎBEFNPCJMJ[BÎÍPTPDJBMRVFPTPGUXBSFMJWSFQPEFSJB
UFSQBSBVNBFGFUJWBUSBOTGPSNBÎÍPOBNBOFJSBEFQSPEV[JSDVMUVSB
&ODPOUSPVBMHVNBTQFTTPBTEVSBOUFP'JTMJFDIBNPVBTQBSBDPOWFS
TBSFNTFVBQBSUBNFOUPFN4ÍP1BVMPOBTFNBOBTFHVJOUF
'PSNBOEPVNHSVQPEFBSUJDVMBEPSFT
&TTFFODPOUSPGPJPQSJNFJSPEFVNBTÏSJFRVFSFVOJVBUJWJʽBT
IBDLFSTFBSUJʽBTQBSBEJTDVUJSPRVFQPEFSJBNWJSBTFSBT#"$T
BQF
TBSEPGBUPEFOJOHVÏNDPOTFHVJSFOUFOEFSFYBUBNFOUFPRVFBRVFMF
TFOIPSRVFGBMBWBFNOPNFEPNJOJʽÏSJPRVFSJB%FRVBMRVFSGPSNB
BQPTTJCJMJEBEFEFDSJBSVNBNBOFJSBEFNBUFSJBMJ[BSBTJEÏJBTEBRVF
MBTQFTTPBTFNFTDBMBOBDJPOBMGPJPDBUBMJTBEPSRVFVOJVVNHSBOEF
HSVQPEFBUPSFTEFPSJHFOTEJʽJOUBT
WJOEPTEFEJGFSFOUFTDPMFUJWPT
RVFEFBMHVNBGPSNBUSBCBMIBWBNFNCVTDBEFPCKFUJWPTTJNJMBSFT
"MHVOTEFMFTKÈUJOIBNFYQFSJÐODJBDPNQSPKFUPTDPMFUJWPTFBÎÍPFN
SFEF
NBTOVODBOBFTDBMBRVFPSBTFBQSFTFOUBWB
3BQJEBNFOUF
TVSHJVBOFDFTTJEBEFEFGFSSBNFOUBTEFDPMBCPSB
ÎÍPQBSBBHSFHBSBTDPOWFSTBTEBRVFMFHSVQP'PJDPOmHVSBEBVNB
MJʽB EF EJTDVTTÍP DIBNBEB "SUJDVMBEPSFT
RVF TFSWJSJB DPNP BN
CJFOUFEFCSBJOʽPSNDPOʽBOUFQBSBQFTTPBTEFEJGFSFOUFTSFHJÜFT
EPQBÓTRVFRVJTFTTFNQBSUJDJQBSEPQSPDFTTP"MHVNUFNQPEFQPJT
VNXJLJGPJDSJBEPQBSBDPOTPMJEBSPRVFFSBEJTDVUJEPBUSBWÏTEBMJʽB
/FTTFTEPJTBNCJFOUFT
GPJHFSBEBHSBOEFQBSUFEFVNQSPKFUPJOJDJBM
EFTEFPEFTJHOFʽSVUVSBMBUÏFʼFDJmDBÎÜFTUÏDOJDBTEPTPGUXBSFF
IBSEXBSFRVFTFSJBNVTBEPT
EFQSJODÓQJPTHFSBJTEFHFʽÍPBUÏRVBM
TFSJBNBTGFSSBNFOUBTEFDPOWFSTBÎÍPQFMBJOUFSOFU
%FVNBNBOFJSBJOGPSNBM
BTPDJFEBEFDJWJMBQSPQSJPVTFEPQSP
KFUPEBT#"$TFPSFFTDSFWFV"QSJODÓQJP
PPCKFUJWPEBT#"$T
FSBNVJUPNBJTWPMUBEPËEJWVMHBÎÍPDVMUVSBMiMFWBSDVMUVSBQBSB
BQFSJGFSJBw"BUVBÎÍPEPTBSUJDVMBEPSFTJOWFSUFVFTTBMØHJDBDBEB
QPOUB TFSJB VN FMP QSPEVUPS EF DVMUVSB F NÓEJB
FN WF[ EF NFSB
BVEJÐODJB5PEPFTTFQSPDFTTPEFSFFʽSVUVSBÎÍPBDPOUFDFVTFNVN
QMBOFKBNFOUP DFOUSBM /FN NFTNP IBWJB DSJUÏSJPT PV BVUPSJEBEFT
EFmOJOEPRVFNFSBNBTQFTTPBTRVFQPEFSJBNQBSUJDJQBS"MJʽBEF
EJTDVTTÍPFPXJLJQPTTJCJMJUBSBNRVFRVBMRVFSQFTTPBRVFPVWJTTF
TPCSFPQSPKFUPQVEFTTFFOUSBSFQBSUJDJQBS0HSVQPUPSOPVTFVNB
NJʽVSB EF QFTTPBT RVF QPVDP PV OVODB TF FODPOUSBWBN QFTTPBM
NFOUF
FNFTNPOFTTBEJOÉNJDBDBØUJDBBQSPEVÎÍPFSBJOUFOTB
CB
TFBEBFNQSJODÓQJPTEFJHVBMEBEFEFWP[FBNQMBMJCFSEBEFEFPQJ
OJÍP.VJUBTQFTTPBTRVFm[FSBNQBSUFEFTTFHSVQPKÈUJOIBNVN
IJʽØSJDPFNPVUSPTNPWJNFOUPT
DPMFUJWPTFQSPKFUPTSFMBDJPOBEPT
BNÓEJB
BSUF
UFDOPMPHJBFBmOT/FTTFTFOUJEP
BJEÏJBEFVNDJDMP
BCFSUPFDPOUJOVBEPEFJOPWBÎÍPDPMFUJWBOÍPDSJBWBUBOUPDPOnJUP
.VJUPT EPT BSUJDVMBEPSFT IBWJBN FʼFSBEP QPS NVJUP UFNQP QFMB
PQPSUVOJEBEFRVFFOUÍPBQBSFDJB$PNUPEBBFNQPMHBÎÍP
PSJUNP
EFUSPDBEFFNBJMTFSBNVJUPBDFMFSBEP"MJʽB
EFTEFBUÏIPKF
UFNVNBNÏEJBEFNFOTBHFOTQPSEJB.VJUPTEFCBUFTGPSBNHF
SBEPTQPSFNBJMFDPOTPMJEBEPTOPXJLJ
NVJUBTSFVOJÜFTBDPOUFDF
SBN0QSPKFUPUPSOBWBTFDBEBWF[NBJTEJOÉNJDP&
ËNFEJEBRVF
TF UPSOBWB NBJT EJOÉNJDP
NBJT HFOUF FOUSBWB QBSB QBSUJDJQBS &SB
DSJBUJWJEBEF QVSB 5PEPT CVTDBWBN DPODSFUJ[BS VNB QSPQPʽB RVF
QFSNJUJSJBBSFQSPEVÎÍPFNMBSHBFTDBMBEFVNBNCJFOUFJEFBMFVNB
NBOFJSBDPMBCPSBUJWBEFQSPEVÎÍP
RVFBUÏFOUÍPTØIBWJBTJEPUFO
UBEBQPSBRVFMBTQFTTPBTFNQFRVFOPTHSVQPT
MPOHFEBFʽSVUVSB
FʽBUBM &MFT GBMBWBN TPCSF B DSJBÎÍP EF )BDL-BCT EFTDFOUSBMJ[BEPT
NBTDPPSEFOBEPT
RVFUBNCÏNDPOUFNQMBSJBNQSPEVÎÍPNVMUJNÓ
EJBF.FUB3FDJDMBHFNSFBQSPQSJBÎÍPEFIBSEXBSF
5PEPPUSBCBMIPOPXJLJFOBMJʽB
BQØTBMHVNUFNQP
HFSPVEVBT
HSBOEFTQSPQPʽBTDIBNBEBT#"$T BT#BTFTEF"QPJPË$VMUVSBFNTJ
F#*$ #SBTJM
¶OEJB
$IJOB
"T#"$TTFSJBNHSBOEFTDFOUSPTEFQSP
EVÎÍP
EJʽSJCVJÎÍPFFYJCJÎÍPEFDPOIFDJNFOUPMJWSFFGPSNBÎÍP
EFUFØSJDPTEFOUSPEFVNBVNBQFSʼFʹJWBEFQSPEVÎÍPRVF
FSBDPMFUJWBFIPSJ[POUBM#*$FSBBFʽSBUÏHJBQBSBJOUFHSBSUFD
OPMPHJBFQSPEVÎÍPOVNBDPPQFSBÎÍPTVMTVM
UFOUBOEPDSJBSVNB
BQSPYJNBÎÍPFOUSFFDPOPNJBTFNFSHFOUFTDPNPVNBUFOUBUJWBEF
DPOTPMJEBSVNBOPWBPSEFNDPOUSBPNPEFMPEFJOGPQPMÓUJDBFʽBCF
MFDJEP*SPOJDBNFOUF
FTTFTQSPKFUPTTFSJBNTVʽFOUBEPTQFMPHPWFSOP
EFVNQBÓTDPOIFDJEPQPSTVBTDPSSVQÎÍPFJOFmDJÐODJBFOEÐNJDBT
"CBOEPOBOEPBWFMIBJEÏJBEBSFWPMVÎÍPWFSUJDBMNFOUFJNQPʽB
"P DPOUSÈSJP EP RVF TF QPTTB JNBHJOBS
FTTFT QSPKFUPT OVODB
DIFHBSBN B TFS FYFDVUBEPT 0T QSPKFUPT DIFHBSBN B TFS FOWJBEPT
BP.JOJʽÏSJP
NBTPTQPMÓUJDPTQPSUSÈTEBTEFDJTÜFTTJNQMFTNFOUF
JHOPSBSBNPSFTVMUBEPEFUPEPBRVFMFUSBCBMIPDPMFUJWP"JEÏJBEP
QSPKFUPEBT#"$TEFDPOʽSVJSHSBOEFTDFOUSPTOBTHSBOEFTDBQJUBJT
CSBTJMFJSBTFSBNVJUPDBSBFJSJBEFNBOEBSVNBFOPSNFJOGSBFʽSV
UVSBEFFRVJQBNFOUPT
TFHVSBOÎBFQFTTPBMUÏDOJDPFʼFDJBMJ[BEP0
TFDSFUÈSJPSFʼPOTÈWFMQFMPQSPKFUP
BQØTJHOPSBSUPEBBJOGPSNBÎÍP
RVFMIFIBWJBTJEPFOWJBEBDPNPVNBNBOJGFʽBÎÍPMJWSFEBTPDJFEB
EFDJWJM
GPJBDVTBEPEFDPSSVQÎÍPF
QPSDPOUBEJTTP
EFNJUJEPQFMP
NJOJʽSP(JMCFSUP(JM
PRVFBDBCPVGB[FOEPDPNRVFPQSPKFUPGPTTF
EFJYBEPEFMBEPFFTRVFDJEPEFOUSPEPNJOJʽÏSJP
.BTUPEBBRVFMBFOFSHJBRVFSFTVMUPVOPTQSPKFUPTEBT#"$TF
#*$DPOUJOVBWBOPBS"TQFTTPBTRVFBKVEBSBNBDPOʽSVJSBJEÏJB
RVFSJBNWÐMBFYFDVUBEB-PHP
PVUSPQSPKFUPUPNPVPMVHBSEPQSP
KFUPEBT#"$TEFOUSPEP.JOJʽÏSJPEB$VMUVSB6NBOPWBJEÏJB
QFMB
RVBMTFQPEFSJBBMDBOÎBSUPEPTPTDBOUPTMPOHÓORVPTEPQBÓT6NB
SFEFEFTDFOUSBMJ[BEBEFQSPEVUPSFTDVMUVSBJTJOUFSDBNCJBOEPFYQFSJ
ÐODJBTTPCSFPTNBJTEJWFSTPTDPOUFYUPTDVMUVSBJTEP#SBTJM&TTFOPWP
QSPKFUPGPJEFOPNJOBEP1POUPTEF$VMUVSB FNBMVTÍPBPiEPJOBO
USPQPMØHJDPwRVF(JMEFGFOEJB
F
EFTTBWF[
PTQPMÓUJDPTQPSUSÈTEB
QSPQPʽBFOUSBSBNFNDPOUBUPDPNBTQFTTPBTRVFIBWJBNUSBCBMIB
EPOPTQSPKFUPTEBT#"$T
$MÈVEJP1SBEPBQPOUBBOBUVSF[BEPQSPKFUPFNTVBGBMBOPFWFO
UPRVFSFVOJVIBDLFSTOB)PMBOEB
Pi8IBUUIF)BDLw
UBNPTEJʽSJCVJOEPQBSBÈSFBTOÍPQSJWJMFHJBEBTDPNP
VNBNBOFJSBEFQVMBSEPTÏDVMP9*9EJSFUPBP99*
JHOP
SBOEPBTSVBTTFNTBÓEBEPTÏDVMP995FNPTNVJUPJOUF
SFTTF FN FYQPS OPTTP QSPKFUP FʼFDJBMNFOUF FN CVTDB EF
TJOFSHJBQFMPNVOEP/PTTPQSPKFUPÏBPNFTNPUFNQPHP
WFSOBNFOUBMFOÍPHPWFSOBNFOUBM&MFÏÞOJDPOPTFOUJEPEF
FNQPEFSBSNPWJNFOUPTBUJWJʽBTOVNQSPDFTTPBOÈSRVJDP
EFDPOʽSVÎÍPEFiJMIBTwEFDPOIFDJNFOUPMJWSFy&VBDSFEJUP
RVFFʽFÏFYBUBNFOUFPQPOUPEFAXIBUUIFIBDLRVFFʽÈ
BDPOUFDFOEPOP#SBTJMyw
EFOUSPEPTJʽFNBFBQSFOEFSDPNQSFFOEFSDPNPFMFGVODJPOB
"TQFTTPBTOPT1POUPTEF$VMUVSBQPEFNUSPDBSTVBTQSØQSJBTQSP
EVÎÜFTDVMUVSBJT
JOEFQFOEFOUFEFTFSVNBNÞTJDB
VNmMNFPVVN
QSPHSBNBEFDPNQVUBEPS
/B CBUJEB TPGUXBSF MJWSF
.FUB3FDJDMBHFN F DVMUVSB CSBTJMFJSB
"NBJPSJBEBTQFTTPBTRVFQFOTBSBNPQSPKFUPEBT#"$TmDPV
TBUJTGFJUBQPSUPNBSQBSUFOPT1POUPTEF$VMUVSB5BMGBUPQPEFTFS
FYQMJDBEP QPS EJWFSTBT SB[ÜFT
B NBJPSJB EFMBT SFMBDJPOBEBT DPN P
GBUPQSBHNÈUJDPEFRVFFTTFTFSJBPÞOJDPNPEPEFWFSBMHVNBTEB
RVFMBTJEÏJBTDPODSFUJ[BEBT
BMÏNEBTFYQFSJÐODJBTJTPMBEBTRVFKÈSFB
MJ[BWBN&TTFHSVQPEFQFTTPBTRVFJOJDJPVUPEPPFTGPSÎPDPMFUJWPEF
QFOTBSUSBCBMIBS
OÍPUFNOFDFTTBSJBNFOUFDPNQSPNFUJNFOUPDPN
PHPWFSOPFNTJ
PVDPNTVBJEFPMPHJB0RVFOÍPTJHOJmDBRVFOÍP
DPOTJEFSFPQSPKFUPDPNPFTTFODJBMNFOUFEFOBUVSF[BQPMÓUJDB
NBT
RVFBHFDPNPVNBJOWBTÍPIBDLFSEFOUSPEPTJʽFNB
DPNHFʽÍP
QSØQSJBFPCKFUJWPTCFNEFmOJEPT"NBJPSJBTØRVFSWFSPQSPKFUP
GVODJPOBOEP
1POUPTEF$VMUVSBPSHBOJ[BEPTFNSFEF
BVUÙOPNPTF
TVʽFOUÈWFJT
EJʽSJCVÓEPTQFMPQBÓT
DPMBCPSBOEPFDPNQBSUJMIBOEP
TVBQSPEVÎÍPDVMUVSBMMJWSF
6NB EBT NBJT JNQPSUBOUFT DBSBʹFSÓʽJDBT EFTTF OPWP QSPKF
UPF
UBMWF[
VNEPTNPUJWPTRVFm[FSBNDPNRVFNVJUBTQFTTPBT
NBOUJWFTTFN TFV BQPJP Ë JEÏJB
NFTNP FN QFSÓPEPT EF DPSUFT PS
ÎBNFOUÈSJPT
RVBOEPOÍPIBWJBRVBJTRVFSQFSʼFʹJWBTGBʹÓWFJTEF
SFNVOFSBÎÍPPVCFOFGÓDJPT
GPJVNBFʼÏDJFEFGÏOPGBUPEFRVFVNB
WF[JOJDJBEPUPEPPQSPDFTTP
BSFEFDPOʽSVÓEBFOUSFPT1POUPT
DPN
QBSUJDJQBOUFTFʼBMIBEPTQPSUPEPP#SBTJM
TFSJBBVUPTVmDJFOUF
OÍP
NBJTEFNBOEBOEPBQPJPHPWFSOBNFOUBMQBSBTVBNBOVUFOÎÍP
&TTBDSFOÎBOBBVUPTVʽFOUBCJMJEBEFEPQSPKFUPDPNPVNUPEP
NFTNPEFQPJTEFVNBQPTTÓWFMNVEBOÎBEFHPWFSOP
TFCBTFJBFN
USÐTQPOUPTJNQPSUBOUFTRVFTFSÍPEFUBMIBEPTBTFHVJSFYQFSJÐODJB
BOBUVSF[BEPNPEPCSBTJMFJSPEFBÎÍPTPDJBMFNSFEFFPiKFJUJOIP
CSBTJMFJSPw
1FMBTVBQSØQSJBFYQFSJÐODJBPHSVQPTBCJBRVFPDPODFJUPQSP
QPʽPGVODJPOBWB"NBJPSJBDPOUJOVBWBBUVBOEPFNSFEFFSF
%BWJE(BSDJBUBNCÏNNFODJPOBFTTBJOJDJBUJWB
i/P mN EF USÐT OPWPT DFOUSPT EF NÓEJB GPSBN FT
UBCFMFDJEPT
OÍPCBTFBEPTTPNFOUFFNTPGUXBSFMJWSF
NBT
FNDSFOÎBTFQSÈUJDBTBVUÙOPNBT0GBUPEFRVFOÍPFʽB
NPTQSFTFODJBOEPNBJTVNFYFSDÓDJPEF0/(TFNFEVDBÎÍP
DPNVOJUÈSJBTFUPSOPVFWJEFOUFRVBOEPBMHVOTJOʽSVUPSFT
mOBMJ[BSBN P QSPKFUP DPN VNB EFNPOʽSBÎÍP QSÈUJDB EF
DPNPNPOUBSVNB57QJSBUBw
6NMBCPSBUØSJPEFDPOIFDJNFOUPTMJWSFTUBNCÏNGPJPSHBOJ[BEP
QFMPTEJGFSFOUFTDPMFUJWPTOP'ØSVN4PDJBM.VOEJBM
FNKBOFJSPEF
FN1PSUP"MFHSF-BXSFODF-FTTJHFTDSFWFVTPCSFTVBWJTJUBB
FTTFMBCPSBUØSJPFNTFVCMPH
VNMBCPSBUØSJPEF4PGUXBSFMJWSF
DPNNBJTPVNFOPT
DJORàFOUBNÈRVJOBT
UPEBTSPEBOEP(/6-JOVY
FBVMBT
DPOʽBOUFT TPCSF DPNP NPOUBS TJʽFNBT
DPNP GB[FS NÞ
TJDB F FEJUBS WÓEFPT
DPNP QBSUJDJQBS FN DPNVOJEBEFT EF
TPGUXBSF MJWSF *TTP GPJ UPUBMNFOUF PSHBOJ[BEP QFMPT KPWFOT
RVFPQFSBWBNPMBCPSBUØSJP.ÈRVJOBTFNDBJYPUFT
QBMIB
OP DIÍP
mPT F DBJYBT QPS UPEPT PT MBEPT &V DPOTFHVJ DPO
WFSTBSDPNQFMPNFOPTQBSUFEPTPSHBOJ[BEPSFTQPSRVBTF
VNBIPSB&ORVBOUPFVF+1#BSMPXPTJOUFSSPHÈWBNPTFMFT
GBMBWBNTPCSFTFVQSPKFUPEFA.JM1POUPTEF$VMUVSBDPOT
USVJSNJMMVHBSFTQFMP#SBTJMPOEFFYJʽBNGFSSBNFOUBTEFTPG
UXBSFMJWSFQBSBRVFBTQFTTPBTGBÎBN
FSFNJYFN
DVMUVSB
0GPDPÏFNFEJÎÍPEFWÓEFPFÈVEJPOJOHVÏNFʽÈNVJUP
QSFPDVQBEPDPNBQMJDBÎÜFTEFFTDSJUØSJPFDPJTBTEPHÐOFSP
²VNNPWJNFOUPEFCBTFFYUSBPSEJOÈSJP
EFEJDBEPQSJNFJ
SBNFOUFBVNJEFBM TPGUXBSFMJWSF
FTFHVOEPBVNBQSÈUJDB
UPSOBSJTTPVNBSFBMJEBEF
&MFTUÐNBDVMUVSBQBSBGB[ÐMP
/PWBNFOUF
MÈFʽBWBNHFFLT
NBTOÍPTPNFOUF&ʽBWBN
IPNFOT
NBTNVJUBTNVMIFSFT FDSJBOÎBT
&MFTFʽBWBNFO
TJOBOEPVOTBPTPVUSPTBMHVOTTPCSFDØEJHP
PVUSPTTPCSF
DVMUVSB
PVUSPTTPCSFPSHBOJ[BÎÍP
FNBJTTPCSFDPNPMJEBS
DPN P HPWFSOP FORVBOUP FMFT DPOʽSVÓBN FTTB JOGSBFT
USVUVSB1FOTFFN8PPEʽPDL
TFNBMBNB
POEFBBVEJÐODJB
GB[TVBQSØQSJBNÞTJDBw
$"45&--4
.BOVFMi-B4PDJFEBE3FE6O.BSDP"OBMÓUJDPw*O$"45&--4
.BOVFM(*
%%&/4
"OUIPOZ5063"*/&
"MBJO5FPSJBTQBSBVOBOVFWBTPDJFEBE.BESJE'VOEBDJØO
.BSDFMJOP#PUJO
,0--0$,
1FUFSi5IFFDPOPNJFTPGPOMJOFDPPQFSBUJPOHJGUBOEQVCMJDHPPETJODZCFST
BOUFTEFPDPSSFSVNDPNQSPNFUJNFOUPFNNBTTB
*TTP BDPOUFDF QPSRVF DPPQFSBS OFTTF UJQP EF DPNVOJEBEF Ï P
NPEPDPNPBTQFTTPBTEFmOFNTVBQSØQSJBJEFOUJEBEF
PRVFTF
UPSOBQSJODÓQJPDPNVNËBÎÍPFNUPEPTPT1POUPTEF$VMUVSB
RVBM
TFKB
QFSNJUJSRVFBTQFTTPBTEFmOBNTVBTQSØQSJBTJEFOUJEBEFTDVM
UVSBJT MPDBJT QPS VN QSPDFTTP EJBMØHJDP FOUSF P DPOUFYUP MPDBM F P
OBDJPOBM
DPNQBSUJMIBOEPBTTJNTFVTEJGFSFOUFTDPOUFYUPTDVMUVSBJT
EFEJGFSFOUFTMPDBJTEFOUSPEP#SBTJM
%FTTBGPSNB
PQSJNFJSPQBTTP
BDPOʽSVÎÍPEBSFEFFNTJ
ÏDIB
WFQBSBPJOÓDJPEPQSPDFTTPDPNPVNUPEP6NBWF[GVODJPOBOEP
FTTBÏVNBSFEFRVFWBJDPOFʹBSQSPEVUPSFTDVMUVSBJT
BSUJʽBTEJHJ
UBJT
EFTFOWPMWFEPSFTEFTPGUXBSFMJWSFFUÏDOJDPTEFJOGPSNÈUJDBQBSB
DSJBS
FNUFSNPTEFiLOPXIPXwVNBFʽSVUVSBTPDJBMBVUPTVmDJFOUF
.BTUBMBÎÍPQPEFTFBGVOEBSOPPDFBOPEPFTRVFDJNFOUPTFN
VNBJOGSBFʽSVUVSBGÓTJDBEFIBSEXBSFRVFNBOUFOIBBTDPOFYÜFT
GVODJPOBOEP&TTBJOGSBFʽSVUVSBCÈTJDBUBNCÏNFʽÈTFOEPJNQMF
NFOUBEBKVOUBNFOUFDPNUPEPPFTGPSÎPTPDJBM
NBTWBJEFNBOEBS
NBOVUFOÎÍPFBTVCʽJUVJÎÍPEFBMHVNBTEFTVBTQBSUFT
²FTTBTVCʽJUVJÎÍPEFQBSUFTEFTTBFʽSVUVSBGÓTJDBEFIBSEXBSF
RVFOPTMFWBBPTFHVOEPFMFNFOUPBQPOUBEPBOUFSJPSNFOUFDPNP
TFOEP VNB DBSBʹFSÓʽJDB DVMUVSBM CSBTJMFJSB $VMUVSB CSBTJMFJSB OÍP
Ï P QPOUP EFʽF UFYUP
NBT VNB GPSUF JEFOUJEBEF VSCBOB OBDJPOBM
TF CBTFJB
EFOUSF PVUSPT
OB IBCJMJEBEF RVF B NBJPSJB EPT CSBTJMFJ
SPTUFN PVDSÐUFS
FNFODPOUSBSTPMVÎÜFTQBSBBTTJUVBÎÜFTTPDJBJT
NBJTBEWFSTBT
OBNBJPSJBEPTDBTPTJNQSPWJTBOEPDPNPTSFDVSTPT
EJʼPOÓWFJT&TTFÏPiKFJUJOIPCSBTJMFJSPwRVF
FNUFSNPTDPODFJUVBJT
TJHOJmDBUFSBDBQBDJEBEFDSJBUJWBEFDPOWFSUFSVNSFDVSTPBCVOEBO
UF
UFNQP
FNVNSFDVSTPFTDBTTP
NBUFSJBJT"QMJDBOEPFTTBJEÏJBË
JOGSBFʽSVUVSBEFIBSEXBSFEBSFEFTPDJBMSFTVMUBOUFEBJNQMFNFO
UBÎÍPOPQSPKFUPEPT1POUPTEF$VMUVSB
UFNTFBGVTÍPEBJEÏJBEF
'0*/"
"('MPTT03,65i1PSVNBUFPSJBTPDJBMEPDJCFSFTQBÎPCSBTJMFJSP USBCBKPEF
JOWFTUJHBDJØOEFMEPDUPSBEPEF1SPDFTPEF$BNCJPFOMB4PDJFEBE"DUVBM
6OJWFSTJEBEEF
4BMBNBODB
0RVFBMHVOTDIBNBSJBNEFQFSTQFDUJWB*OUFSBDJPOJTUBWFS.&"%
()&TQJSJUV
QFS
TPOBZTPDJFEBE#BSDFMPOB1BJEØT
.FUB3FDJDMBHFNDPNPVNBNFUPEPMPHJBBTFSBQMJDBEBËFʽSV
UVSBUPEBDPNPNPEPEFHBSBOUJSPGVODJPOBNFOUPEPTDBOBJTEF
DPNVOJDBÎÍPFDPOUJOVJEBEFEBJOGSBFʽSVUVSBDPNQVUBDJPOBMBQØT
VNBQPTTÓWFMGBMUBEFBQPJPHPWFSOBNFOUBM
FWJUBOEPBSFQFUJÎÍPEB
PSGBOEBEFEFBMHVOTUFMFDFOUSPTEF1PSUP"MFHSFF4ÍP1BVMPBQØTB
NVEBOÎBEFPSJFOUBÎÍPQPMÓUJDBEBBENJOJʽSBÎÍPQÞCMJDB
5BM DBSBʹFSÓʽJDB DVMUVSBM EFOPNJOBEB iKFJUJOIP CSBTJMFJSPw
QP
SÏN
OÍPTFBQMJDBTPNFOUFBPIBSEXBSFNBT
VNBWF[BQMJDBEBBP
TPGUXBSFMJWSFFEFDØEJHPBCFSUP
QBSFDFTFSCFNTJNJMBSBPTDPODFJ
UPTEF-FWZF4UBMMNBOEFIBDLJOH
$SÐTFRVFPHSVQPEFiBSUJDVMBEPSFTwGPJDBQB[EFIBDLFBSVN
QSPKFUPEPHPWFSOPCSBTJMFJSP
FRVFPQSPKFUPUFNVNBDIBODFEF
TVDFTTP "HPSB
FTTF HSVQP QSFDJTB EF QFTTPBT QBSB BKVEBS
QSFDJTB
FODPOUSBS NBJT DPOIFDJNFOUP OFTTFT UJQPT EF BUVBÎÍP TPDJBM
QSF
DJTBBQSFOEFSFFOTJOBS&TTBJEÏJBQSFDJTBEFBNQMJUVEFEFCBOEBF
EFDPNQVUBEPSFT
FEFBQPJPmOBODFJSP&
NBJTEPRVFJTTP
QSFDJTB
DPOUJOVBSDPMBCPSBOEPDPNPVUSPTHSVQPTRVFUFOIBNJOUFSFTTFFN
5FDOPMPHJBEF*OGPSNBÎÍPF$PNVOJDBÎÍPQBSBP%FTFOWPMWJNFOUP
*$5%
QSJODJQBMNFOUFBHPSBRVFTFTBCFRVF
BQFTBSEFUPEPPCB
SVMIP
BQFOBT BÎÍP MPDBM F GPDBEB QPEF EF GBUP UFS JNQBʹP TPDJBM
SFBM
#JCMJPHSBmB
$"45&--4
.BOVFMi-B4PDJFEBE3FE6O.BSDP"OBMÓUJDPw*O$"4
5&--4
.BOVFM(*%%&/4
"OUIPOZ5063"*/&
"MBJO5FPSJBTQBSB
VOBOVFWBTPDJFEBE.BESJE'VOEBDJØO.BSDFMJOP#PUJO
'0*/"
"('MPTT03,65i1PSVNBUFPSJBTPDJBMEPDJCFSFʼBÎP
CSBTJMFJSP USBCBKPEFJOWFʽJHBDJØOEFMEPʹPSBEPEF1SPDFTPEF$BN
CJPFOMB4PDJFEBE"ʹVBM
6OJWFSTJEBEEF4BMBNBODB
JOÏEJUP
IUNM"DFTTPFNKVO
-&7:
4UFWFO)BDLFSTIFSPFTPGUIFDPNQVUFSSFWPMVUJPO&ʽBEPT
6OJEPT1FOHVJO
45"--."/
3JDIBSEi0O)BDLJOHw*OIUUQXXXʽBMMNBOPSHBS
UJDMFTPOIBDLJOHIUNM"DFTTPFNKVO
,0--0$,
1FUFSiʾFFDPOPNJFTPGPOMJOFDPPQFSBUJPOHJGUBOEQV
CMJDHPPETJODZCFSʼBDFw*O4.*5)
.BSD",0--0$,
1FUFS &E
$PNNVOJUJFTJO$ZCFSʼBDF-POESFT3PVUMFEHF
&ʽFUSBCBMIPÏDPQZMFGU
0 DJCFSGFNJOJTNP
OVODB DIFHPV Ë "NÏSJDB
-BUJOB
QPS5BUJBOB8FMMT
$MBNBOEPRVFPDJCFSFʼBÎPÏVNFʼBÎPQSØQSJPEFBSUJDVMB
ÎÍPGFNJOJOBBPQSPWPDBSVNBGPSNBEFBUJWJTNPEJHJUBM
DPNVNB
FYQSFTTJWJEBEFF JN
QPTTÓWFMMJOHVBHFNGFNJOJOB
PDJCFSGFNJOJTNP
OBTDFFNVNDPOUFYUPFVSPQFVEPTBOPT
DPNPUFSNPTFOEP
DVOIBEPOB"VʽSÈMJBFN
QFMPHSVQP7/4.BUSJYBPEJWVMHBS
i0.BOJGFʽP$JCFSGFNJOJʽBQBSBPTÏDVMPw
VNBIPNFOBHFNË
CJØMPHBFUFØSJDBTPDJBMGFNJOJʽB%POOB)BSSBXBZ
RVFFNIBWJB
FTDSJUPi0.BOJGFʽPEP$JCPSHVFw
VNPMIBS NVMUJ
QBSUJDVMBSQBSB
BDJÐODJBFBUFDOPMPHJB4FHVOEPBQSØQSJBBVUPSBPDJCPSHVFUFSJB
TJEPiVNBFʽSBUÏHJBSFUØSJDB
BTTJNDPNPNÏUPEPQPMÓUJDPwPV
TFKB
VNBUÈUJDBQPÏUJDPQPMÓUJDBQBSBPFOGSFOUBNFOUPEBTPDJFEBEF
UFDOPBVUPSJUÈSJBFTFVTEJTDVSTPT
RVFTÍPDIBNBEPTQPSFMBEFiJO
GPSNÈUJDBEBEPNJOBÎÍPw
1BSBFOUFOEFSDPNPPDJCPSHVFKÈFʽÈFOUSFOØT
RVBOEPOÍPP
TPNPTOØTNFTNBT
)BSSBXBZWFSTBTPCSFUSÐTHSBOEFTNVEBOÎBTOP
EFTFOWPMWJNFOUP DJFOUÓmDP F UFDOPMØHJDP RVF TF EFTEPCSBSJBN FN
'SBTFFUFYUPEF$JOEZ'MPSFT
BOPTTBÞOJDBDJCFSGFNJOJTUBBTTVNJEBEB"NÏSJDB-BUJOB
.ÏYJDP
*OIUUQXXXDJCFSGFNJOJTUBPSH"DFTTPFNKVO&TUFUFYUPÏUBOUP
FNTVBIPNFOBHFNRVBOUPFNIPNFOBHFNB.BHBMZ1B[FMMP
%F5BUJBOB8FMMT
DPNBKVEBGVOEBNFOUBMEF.BHBMZ1B[FMMP&TUFUFYUPFTUÈFNQFS
NBOFOUFFTUBEPEFSFFTDSJUVSB1PSGBWPSDPNQBSUJMIFTVBTJEÏJBTDPNJHPQFMPFNBJMUBUJ
YY!HNBJMDPN PV FEJUFP WPDÐ NFTN! FN IUUQXXXNJEJBUBUJDBPSHXBLLBXBLLB
QIQ XBLLB(FOFSP"DFTTPFNKVO
1BSBMFSPNBOJGFTUPEPHSVQP7/4.BUSJYFNJOHMÐTIUUQXXXNJEJBUBUJDBPSHJQ
JOEFYQIQ JE
PV7/4.BUSJYIUUQMYTZTYPSHWOTNBUSJYIUNM"DFTTP
FNKVO
SFMBÎÜFTTPDJBJTFʼFDÓmDBT
QFSNJUJOEPBTIJCSJEJ[BÎÜFTFOUSFPT
DBNQPT B USBOTHSFTTÍP EB GSPOUFJSB FOUSF P IVNBOP F P BOJNBM
FOUSFTVKFJUPFNÈRVJOBFPTOPWPT WBHPT
MJNJUFTFOUSFPGÓTJDPFP
OÍPGÓTJDP
$PN B NFTNB iDJCFSw BMUFSJEBEF DBSBʹFSÓʽJDB EB ÏQPDB
UBN
CÏNNBOJGFʽPVTFPDJCFSQVOL
DVMUVSBmDDJPOBMOPSUFBNFSJDBOB
DPOTJEFSBEB NVJUP QSØYJNB EBT RVFʽÜFT DJCFSGFNJOJOBT
OP TFOUJ
EPEFSFWFMBEPSEFTVCDVMUVSBT
BMUFSOBUJWBTFPQPʽPTWJWFOEPFN
DPOnJUP EFOUSP EP TJʽFNB $PODFCJEP DPNP DSÓUJDB BPT EJTDVSTPT
UFDOPVUØQJDPT
P DJCFSFʼBÎP
UBOUP QBSB QVOLT RVBOUP QBSB GFNJ
OJʽBT
JOʼJSBSJB QFSNJUJS VN OPWP EJÈMPHP FOUSF BT EJGFSFOÎBT 4F
HVOEP4BEJF1MBOU UFØSJDBDJCFSGFNJOJʽB
PDJCFSFʼBÎPUFSJBVNB
iFTTÐODJBwGFNJOJOB
TFOEPVNFʼBÎPOBUVSBMQBSBBTNVMIFSFT
RVF
EFTEFTFNQSFUFSJBNWJWJEPJODPOTDJFOUFNFOUFQSFQBSBOEPTFQBSB
PNPNFOUPIJʽØSJDPEFTVBDPOʽSVÎÍP$PNPQSPWB
DJUB"EB-P
WFMBDF
RVFQÙEFFTDSFWFSTPCSFJOUFSQSPDFTTPTJOFYJʽFOUFT"TNV
MIFSFTWJWFSJBNKÈIÈNVJUPUFNQPDPOFʹBEBT
OPNFTNPNPEFMP
EB JOUFSOFU
NFTNP RVF FN TFVT IJʽPSJDBNFOUF NBSHJOBJT MPDBJT
EFUSBCBMIP1MBOUEFGFOEFRVFBTGPSÎBTRVFFʽBSJBNEJTTPMWFOEP
PNVOEPUSBEJDJPOBMTPCEPNÓOJPEFWBMPSFTNBTDVMJOPT DPNTVBT
SFJWJOEJDBÎÜFT QPS VOJWFSTBMJEBEF
FUFSOJEBEF
PCKFUJWJEBEF F USBOT
DFOEÐODJB
BDBCBSJBN GPSÎBOEP JSSFTJʽJWFMNFOUF P DPOFYJPOJTNP
GFNJOJOP iBBCPSEBHFNEBPSEFNRVFFNFSHFEBTDPOFYÜFTNÞM
UJQMBTEFmOFBJOUFMJHÐODJBOÍPNBJTDPNPNPOPQPMJ[BEB
JNQPʽB
EBEBQPSVNBGPSÎBFUFSOB
USBOTDFOEFOUFFTVQFSJPS
NBT
FNWF[
EJTTP
EFTFOWPMWFOEPTFDPNPQSPDFTTPFNFSHFOUF
FOHFOESBOEPTF
BTJNFTNBEFDJNBQBSBCBJYPw
0BSUJHPEF%POOBFNQPSUVHVÐTQPEFTFSFODPOUSBEPDPNPi6NNBOJGFTUPQBSBPT
DZCPSHTDJÐODJB
UFDOPMPHJBFGFNJOJTNPTPDJBMJTUBOBEÏDBEBEFw
OBPSHBOJ[BÎÍPEF
)FMPÓTB #VBSRVF EF )PMMBOEB FN5FOEÐODJBT F JNQBTTFT P GFNJOJTNP DPNP DSÓUJDB EB
DVMUVSB3JPEF+BOFJSP3PDDP
1BSB TF BDMJNBUBS DPN P HÐOFSP DJCFSQVOL F B DJCFSDVMUVSB
TFJT MJWSPT QBSB MFS FN
IUUQXXXNJEJBUBUJDBPSHJQJOEFYQIQ JE
"DFTTPFNKVO
1-"/5
4BEJF5IFWJSUVBMDPNQMFYJUZPGDVMUVSF&EJUBEPQPS(FPSHF3PCFSUTPO
'VUVSF
$"45&--4
.BOVFM 0 QPEFS EB JEFOUJEBEF 4FHVOEP WPMVNF EB PCSB EB DPMFÎÍP
IUUQXXXEBXOPSHPSH"DFTTPFNKVO
DPODVSTPEFOFUBSUF
DSJBVNQSPHSBNBRVFDPMFUBJOGPSNBÎÜFT
EFNVMIFSFTFGPUPTOBJOUFSOFUFDPOʽSØJVNBQÈHJOBÞOJDB4FV
USBCBMIPQBSBBFYJCJÎÍPGPJPEFNBOEBS
TFNBWJTÈMBT
BJOTDSJÎÍPEF
NVMIFSFTQBSBPDPODVSTP/BUFMBEFFOUSBEBEFTFVTJUF6NB
BSUJʽBJOUFMJHFOUFEFJYBRVFBNÈRVJOBGBÎBPUSBCBMIP<i"DMFWFS
BSUJʽNBLFTUIFNBDIJOFEPUIFXPSLw>
5SPDPUSÐTGPHÜF[JOIPTFDPOKVOUPDPNQMFUPEFQBOFMBTQMÈʽJDBT
SPTBTQPSVNTBRVJOIPEFCPMBTEFHVEF
$PNBOFDFTTJEBEFOB3FWPMVÎÍP*OEVʽSJBMEFVNOÞNFSPDBEB
WF[NBJPSEFGPSÎBEFUSBCBMIP
FDPNBEJNJOVJÎÍPEPUBNBOIPF
BVUPNBUJ[BÎÍPEPNBRVJOÈSJP
CVTDPVTFVNUSBCBMIPNFOPTCSBÎBM
NBJTÈHJM
F
ÏDMBSPQPSRVFOÍP NBJTCBSBUP²OFTTFDPOUFYUP
FOUSFPVUSBTQBSUJDVMBSJEBEFTEBÏQPDB
RVFËTNVMIFSFTJNQÜFTF
VNTBMÈSJPNFOPSEPRVFEPTIPNFOT
NBJTVNBKPSOBEBEFBUÏ
EF[PJUPIPSBTEFUSBCBMIP NBJTPVNFOPTEBTDJODPEBNBOIÍËT
PO[FEBOPJUF
TFNEJSFJUPBBVNFOUPTBMBSJBMPVNFTNPEFTDBOTP
EPNJOJDBM&N
RVBOEPBTUSBCBMIBEPSBTUFDFMÍTEBGÈCSJDB
UÐYUJM$PUUPOEF/PWB*PSRVFTFSFDVTBSBNBUSBCBMIBS
QBUSÜFTFQP
MÓDJBOÍPRVJTFSBNTBCFSEFSFJWJOEJDBÎÜFTUSBODBSBNBTQPSUBTEBGÈ
CSJDBFBUFBSBNGPHP
NBUBOEPBTmYJBEBTFDBSCPOJ[BEBTUPEBTBTUF
DFMÍT)PKFIÈCPBUPTEFRVFBIJʽØSJBOÍPÏWFSEBEFJSB/PFOUBOUP
OBNFTNBÏQPDB
FN
EFʼPOUBOB*OHMBUFSSBBTEFTDSJÎÜFTEB
QSJNFJSBNÈRVJOBEFDPNQVUBS
BFOHFOIPDBBOBMÓUJDB
DVKBDBQBDJ
EBEFEFBOBMJTBSEBEPTGPJFTDSJUBQPS"EB-PWFMBDF4FVQMBOPEFDBM
DVMBSQPEFTFSDPOTJEFSBEPPQSJNFJSPQSPHSBNBEFDPNQVUBS"VUP
JOUJUVMBEBNFUBGÓTJDBFBOBMJʽB
"EBFSBUBNCÏNmMIBEPQPFUB#ZSPO
" FOUSBEB EB NVMIFS OP NFSDBEP EF USBCBMIP BDPOUFDF UBOUP
DPNPEJSFJUPDPORVJʽBEPEFDJEBEBOJBRVBOUPQFMBMØHJDBEFNFS
DBEP
TFOEPUBNCÏNGSVUPEPEFTFOWPMWJNFOUPFOFDFTTJEBEFTEP
DBQJUBM 0 GBUP Ï RVF BUÏ PT EJBT EF IPKF FMBT DPOUJOVBN QSFEPNJ
OBOEPOBMJOIBEFNPOUBHFN
OPTUSBCBMIPTNBOVBJT
OPDPNÏSDJP
BPCBMDÍP
OPDBNQPDPMIFOEP
OBT57TOBGSFOUFEBTDÉNFSBT
PV
TFKB
SBSBNFOUF BT NVMIFSFT UÐN B PQPSUVOJEBEF EF DPOIFDFS P
GVODJPOBNFOUPEFVNBNÈRVJOB
NVJUPNFOPTBJOEBDPOIFDFS
PTFVTPGUXBSF
mDBOEPSFʽSJUBTËFYFDVÎÍPEPRVFGPJEFDJEJEP
QPSPVUSFN 5SÐTTÏDVMPTEFQPJT
FN
OPDVSTPEFDJÐODJBT
DPNQVUBDJPOBJTEB641 6OJWFSTJEBEFEF4ÍP1BVMP
IÈUSÐTNFOJOBT
QBSBVNBUVSNBEFDJORàFOUBNFOJOPT
&TTFRVBESPBQBSFOUFNFOUFJNVUÈWFMEBIJʽØSJBIVNBOBTFDPO
mHVSBBUÏNFTNPEFOUSPEFDBTB
BQBSUJSEBDVMUVSBRVFQSFTFOUFJB
BTNFOJOBTDPNGPHÜFTFQBOFMBTQBSBPUSFJOBNFOUPEPNÏʽJDPF
PT NFOJOPT DPN P DPNQVUBEPS OP RVBSUP
BTTJN DPNP TF GPSUBMF
DFQFMPiDPMBQTPEBFmDJÐODJBTJNCØMJDBwNPNFOUPBUVBMFNRVF
DBEBWF[NBJTBTBVUPSJEBEFTEJMVFNTFOPTnVYPTJOGPSNBDJPOBJTEJ
WFSTPT
DIBNBEPQPS+PEJ%FBOEFQØTQBUSJBSDBMJTNPFNRVF
BQFSEBEFSFGFSÐODJBFBVUPSJEBEF
VOJEBËUSBEJDJPOBMNVMUJQMJDJEB
EFEBTMVUBTEBTNVMIFSFT
BMFWBSJBNBTFSFNPSBJODMVÓEBTOPQSP
HSFTTPEBDJÐODJB DPNBOUJDPODFQUJWPTQSPEV[JEPTQPSFOHFOIBSJB
HFOÏUJDB
UÏDOJDBTEFSFQSPEVÎÍPBTTJʽJEB
DSJPQSFTFSWBÎÍP
EJBHOØT
UJDP
NBOJQVMBÎÍP
TFMFÎÍP
BSNB[FOBNFOUPFNCSJPOÈSJP
EPBÎÍPF
DPOHFMBNFOUPEFHBNFUBT
BTTJNDPNPTFVDVMUJWPFNMBCPSBUØSJP
EJBHOØʽJDP HFOÏUJDP QSÏJNQMBOUBDJPOBM
UFʽFT F EJBHOØʽJDPT QSÏ
OBUBJT
DMPOBHFN SFQSPEVUJWB F UPEB VNB TÏSJF EF UFDOPMPHJBT DIB
NBEBT/53OPWBTUFDOPMPHJBTEFSFQSPEVÎÍP
PSBBNFESPOUBEBT
QPSOÍPTBCFSFNNFYFSOPiOPWPw
BUÏDOJDBRVFTFSÈJOFWJUBMNFOUF
QBSUF EF TVB WJEB /ÍP IÈ DPJODJEÐODJB OP FODPOUSP EB NVMUJQMJDJ
EBEFGFNJOJOBFPTQSØQSJPTEJTDVSTPTUFDOPDJFOUÓmDPT
RVFVTBNP
WPDBCVMÈSJPEFQFSGFJÎÍPFiOPWBDBQBDJEBEFEFFTDPMIBwQBSBTFEV
[JSNPNFOUBOFBNFOUF
DPNBTEFNBOEBTEBDVMUVSBEPDPOTVNP
B
QPTTÓWFMBVUPOPNJBGFNJOJOB
"NJOIBCBSSJHBTBSBEBOÍPDPNCJOBDPNFTTFUPNFTWFSEFBEP
"DJÐODJBUFNTJEP
EFTEFPDPNFÎPEBIJʽØSJB
BPMBEPEB*HSFKB
QSP
EVUPSBEFDPOIFDJNFOUP
F
DPOTFRàFOUFNFOUF
BVUPSJEBEF&ʽBOEP
.BJTTPCSFBTDPOEJÎÜFTEFUSBCBMIPEBNVMIFSFNIUUQXXXVOJWFSTJBDPNCSIUNM
NBUFSJBNBUFSJB@EBCBIUNM"DFTTPFNKVO
%FQPJNFOUPEFFTUVEBOUFEPDVSTPEFTDSJUP
%&"/
+PEJ 'FNJOJTN JO 5FDIOPDVMUVSF *O IUUQQFPQMFIXTFEVEFBOGFN@UFDI
IUNM"DFTTPFNKVO
IPKFFMBBGBWPSEBTOFDFTTJEBEFTEPDBQJUBMiOÍPTPNFOUFQBSB
HFSBSMVDSP
NBTQBSBOÍPHFSBSOFOIVNDPOIFDJNFOUPPVBQMJDB
ÎÍPRVFQPTTBTFSEFUSJNFOUBMQBSBBNBOVUFOÎÍPFPVFYQBOTÍPEP
TJʽFNB y
B DJÐODJB DPOʽSØJ VNB SFUØSJDB EF QSPNFTTB
PSJVOEB
EPTQSJODÓQJPTQPMÓUJDPTJMVNJOJʽBT
FQPEFDBVTBSFSSPTBCPNJOÈWFJT
DPNPBFVHFOJBw4FHVOEP-BZNFSU(BSDJB
BCJPUFDOPMPHJBTFSJBB
iQPTTJCJMJEBEFEFDPOWFSUFSBMHPRVFUJOIBEFEJSFJUPVN
WBMPSBNCJFOUBMFNBMHPRVFQPEFUFSEFGBUPVNWBMPSFDP
OÙNJDP y
VNBDPOWFSTÍPEFVNWBMPSBPVUSP y
VN
NPEPFʼFDJBMEFEFʽBDBSBCJPEJWFSTJEBEFEFMBNFTNB0
DBNQP EB UFDOJDPDJÐODJB
RVF USBOTGPSNB PT PSHBOJTNPT
IVNBOPTFNJOGPSNBÎÍPFPTGVOEF
FDPOGVOEF
DPNBTUÏDOJDBT
UFSJBDPOUBHJBEPEFDJTJWBNFOUF
BCJPMPHJBNPEFSOB
UFOEPJOÓDJPOPQØTHVFSSBOBTDJÐODJBT
EB DPNVOJDBÎÍP DPN P QSØQSJP DPODFJUP EF JOGPSNBÎÍP
)PKF
BTIJCSJEJ[BÎÜFTFOUSFIPNFOT
NÈRVJOBT
TFSFTWJWPT
FTFSFTJOBOJNBEPTTFSJBNUBOUBT
RVFBQSØQSJBOBUVSF[B
IVNBOBFʽÈQPʽBSBEJDBMNFOUFFNRVFʽÍPw
"MFKBOESB"OB3PUBOJBBMFSUBTPCSFPTTVQPʽPTEJSFJUPTFEFTFKPT
EFNPEJmDBÎÍPFEFJOUFSWFOÎÍPOPDBNQPEBSFQSPEVÎÍPIVNBOB
QPSFYFNQMP
RVFPCFEFDFNBEFUFSNJOBOUFTFDPOÙNJDPT
TPDJBJTF
QPMÓUJDPT
TFOEPQPSUBOUPTPDJBMFIJʽPSJDBNFOUFDPOʽSVÓEPTiDPN
VNBOBUVSF[BRVFOÍPÏPVUSBBOÍPTFSBEPQPEFS
FEFTVBTNÞMUJ
QMBTWJTÓWFJTFJOWJTÓWFJTFYQSFTTÜFT y
TFOEPPQPEFSEBTCJPUFDOPMP
HJBTBOUJEFNPDSÈUJDP
BMUBNFOUFDFOUSBMJ[BEP
NVMUJOBDJPOBM
HMPCBMF
FYDMVEFOUFw $POUSBJTTP
BTTJNDPNP)BSSBXBZ
"OBTVHFSFVNB
QPMÓUJDBEFSBEJDBMJEBEFPQPTJDJPOJʽBFEFSFTJʽÐODJBQSPQPTJUJWB
$"&FN.PMFDVMBS*OWBTJPO5PEPTPTMJWSPTEFTTFHSVQPEFNÓEJBUÈUJDBRVFUFNGPDP
OBTUFDOPMPHJBTCJPHFOÏUJDBTFTUÍPEJTQPOÓWFJTQBSBEPXOMPBEFNIUUQXXXDSJUJDBMBSU
OFUCPPLTJOEFYIUNM"DFTTPFNKVO
4"/504
-BZNFSU(BSDJB1PMJUJ[BSBTOPWBTUFDOPMPHJBT4ÍP1BVMP&EJUPSB
6NMJWSPCSBTJMFJSPNVJUPJNQPSUBOUFQBSBPFOUFOEJNFOUPEPFTUBEPEBBSUFEBJOGPSNBÎÍP
EJHJUBMFHFOÏUJDB
&OHFOIBSJBPVNPEJmDBÎÍPHFOÏUJDBQPEFTFSDPOTJEFSBEB
DPNPBBMUFSBÎÍPEPDØEJHPHFOÏUJDPQPSNFJPTBSUJmDJBJT
PVBDSJB
ÎÍPEFNPOʽSPTQBSBOPTBGBʽBSEBOBUVSF[BFBGBʽÈMBEFOØT
² QPSUBOUP SBEJDBMNFOUF EJGFSFOUF EF VN DSV[BNFOUP TFMFUJWP USB
EJDJPOBM6NFYFNQMPÏQFHBSVNHFOFRVFQSPEV[WFOFOPEBDBV
EBEFVNFTDPSQJÍPFDPNCJOBSDPNPEFVNSFQPMIP0TSFQPMIPT
HFOFUJDBNFOUF NPEJmDBEPT NBUBN BT MBHBSUBT QFESBEPSBT QPSRVF
BQSFOEFN B HFSBS WFOFOP EF FTDPSQJÍP
VN JOTFUJDJEB
FN TVB TFJ
WB/PTJUFRVFEFTDSFWFFʽBFUBOUBTPVUSBTFYQFSJÐODJBTHFOÏUJDBT
HFOFTIVNBOPTFNPWFMIBTQBSBEFTFOWPMWFSSFTJʽÐODJBBVNBEP
FOÎBEFQVMNÍP
VNBHBMJOIBDPNRVBUSPQFSOBTFTFNBTBTWPDÐ
DPNFOP,'$ IVNyOIBNJPVVNCPEFDPNHFOFTEFBSBOIB
QBSBDSJBSTFEBFNTFVMFJUF
UBNCÏNFODPOUSBTFPRVBTFBMFHSF F
QFSJHPTPQØTIVNBOJʽB
BMBSNFTFiSFWPMVÎÍPEJHJUBMNPEJmDBPRVF
GB[FNPT
FOHFOIBSJBHFOÏUJDBNPEJmDBPRVFTPNPTw
/P#SBTJM
DPNBDPOʽBUBÎÍPQFMBTPSHBOJ[BÎÜFTGFNJOJʽBTRVF
USBCBMIBWBNKVʽBNFOUFDPNBTOPWBTUFDOPMPHJBTFPUFNBTBÞEF
FN BTTVOUPT DPNP CJPÏUJDB
SFQSPEVÎÍP BTTJʽJEB
DPOUSBDFQÎÍP
USBOTHÐOJDPTFHFOÏUJDB
EBGBMUBEFVNBNQMPEFCBUFTPCSFUBJTRVFT
UÜFT
DPNFÎBOPNFJPEPTBOPT
VNNPWJNFOUPQBSBiQVCMJDJ
[BSwPBTTVOUP
DVKBJNQPSUÉODJBÏBCTVSEBNFOUFWFMBEBQPSHSBOEF
QBSUFEBNÓEJB
FDPOTFRàFOUFNFOUFEBTPDJFEBEF6NFYFNQMPGPJ
PEFCBUFJOUJUVMBEPi4PCPTJHOPEBCJPTw
QSPNPWJEPQFMB'VOEBÎÍP
)FJOSJDI #PFMM
FN QBSDFSJB DPN BT 0/(T GFNJOJʽBT 4FS NVMIFS F
$SJPMBEVSBOUFPBOPEF
/PFOUBOUP
NVJUBTEFTTBTPSHBOJ[BÎÜFTGFNJOJʽBTBJOEBTPGSFN
EFVNBFOPSNFEFTWBOUBHFNFNDPOIFDJNFOUPQSÈUJDPFQPMÓUJDP
FNSFMBÎÍPËTOPWBTUFDOPMPHJBTEFDPNVOJDBÎÍPFJOGPSNBÎÍP&EF
DPNPUSB[FSUBJTRVFʽÜFTQBSBPTFJPEBDVMUVSB
QBSBBDPNVOJDBÎÍP
CVSHP4FSNVMIFS$FOUSPEF&TUVEPTF"ÎÍPEB.VMIFS6SCBOBF3VSBM
%JTQPOÓWFM
QBSBWFOEBFNIUUQXXXTFSNVMIFSPSHCSTJUFJOEFYQIQ BQVCMJDBDPFT"DFTTPFN
KVO
IUUQXXXHMPCBMDIBOHFDPNHFOFUJDFOHJOIUN"DFTTPFNKVO
IUUQXXXTFSNVMIFSPSHCSTJUFJOEFYQIQFIUUQXXXDSJPMBPSHCS
"DFTTPFNKVO
DPUJEJBOB/PFOUBOUPIÈJOJDJBUJWBTJOUFSFTTBOUFTOP#SBTJMDPNP
B0/($FNJOBRVFUSBCBMIBDPNNVMIFSFTFSÈEJPQPSUPEPPQBÓT
B3FEF$ZCFSFMMBFB3FEF.VMIFSEF&EVDBÎÍP
RVFEFTFOWPMWF
QSPKFUPTRVFVTBN5*$T UFDOPMPHJBTEFDPNVOJDBÎÍPFJOGPSNBÎÍP
DPNNVMIFSFTBEVMUBT"ʼFʹPTTPDJBJT
FDPOÙNJDPTFQPMÓUJDPTEB
DIBNBEB iTPDJFEBEF EB JOGPSNBÎÍPw UBNCÏN UÐN TJEP USBCBMIB
EPTQFMB3FEF%"8/
VNBPSHBOJ[BÎÍPEFBDBEÐNJDBTFBUJWJʽBT
EPTVMFDPOÙNJDP
DVKPQPOUPGPDBMQBSBB$ÞQVMB.VOEJBMTPCSFB
4PDJFEBEFEB*OGPSNBÎÍP 84*48PSME4VNNJUPO*OGPSNBUJPO4P
DJFUZ
EFTEF
BUSBWÏTEF.BHBMZ1B[FMMP #SBTJM
UFNTJEPPEF
QSPNPWFSPEFCBUFTPCSFPTUFNBTSFMBDJPOBEPTË$ÞQVMBBQBSUJSEB
QFSʼFʹJWBEFHÐOFSP
FʽJNVMBOEPBQBSUJDJQBÎÍPEBTPDJFEBEFDJWJM
KVOUPDPNPVUSBTSFEFTFPSHBOJ[BÎÜFTEFNVMIFSFTRVFQBSUJDJQBN
EFʽFQSPDFTTP
/P DBNQP EB UÏDOJDB
USBCBMIPT RVF WJTBN KVʽBNFOUF GPNFO
UBS OBT NVMIFSFT P EFTDPCSJNFOUP EB UFDOPMPHJB TÍP P EF HSVQPT
DPNP-JOVY$IJY
RVFIÈDJODPBOPTWFNEBOEPBQPJPBNVMIFSFT
JOUFSFTTBEBTOPEFTFOWPMWJNFOUPQSPmTTJPOBMOBTÈSFBTEF5*
BTTJN
DPNP(OVSJBTFPSFDFOUF14-NVMIFSFT
UPEPTWJTBOEPTVQFSBSP
EPNÓOJPIJʽØSJDPFTPCFSBOPEFIPNFOTOBQSPHSBNBÎÍPEFTPGUXB
SFT&TTBTTÍPBTÈSFBTDPOTJEFSBEBTDSÓUJDBTQBSBBDPOʽSVÎÍPEBBV
UPOPNJBEBNVMIFS
QFSNJUJOEPRVFOPWBTEJSFÎÜFTFTFOTJCJMJEBEFT
NBJTFRVBMJUÈSJBT
TFKBNJODPSQPSBEBTBPTSÈQJEPTEFTFOWPMWJNFOUPT
UFDOPMØHJDPT
& JNQPSUBOUF GSJTBS RVF OFN UPEPT PT HSVQPT RVF USBCBMIBN
DPNNVMIFSFTFUFDOPMPHJBUSBCBMIBNDPNHÐOFSP0FʽJHNBEBT
RVFJNBEPSBTEFTVUJÍÏTJNCØMJDPEFNBJTQBSBTFSFTRVFDJEP SFFO
DFOÈMPPVFYPSDJ[ÈMP
&TTBQFSDFQÎÍPFSSÙOFB
TPNBEBBVNBSF
QSFTFOUBÎÍPIPNPHÐOFBEPNPWJNFOUPQFMBNÓEJB
FPGBUPEFRVFB
NBJPSQBSUFEBTNVMIFSFTRVFGSFRàFOUBNPTSFDFOUFTFODPOUSPTEF
IUUQXXXSFEFNVMIFSPSHCS"DFTTPFNKVO
IUUQXXXEBXOPSHCS"DFTTPFNKVO
IUUQXXXMJOVYHJSMTPSH"DFTTPFNKVO
IUUQXXXHOVSJBTPSHCS"DFTTPFNKVO
IUUQNVMIFSFTTPGUXBSFMJWSFPSH"DFTTPFNKVO
0TFVBGSPSPTBOÍPDPNCJOBDPNPNFVTDSFFOTBWFSPVDBMÎBEB
(BOHUPEBNVMIFSRVFSSFBJTQSBEFJYBSBCVOEBFNQÏ
"TTJNDPNPPDJCPSHVFEF)BSSBXBZ
BTGPSNBÎÜFTIÓCSJEBTEF
NVMIFSFT TÍP JOnVFODJBEBT UBOUP QFMBT TVCDVMUVSBT EF SFTJʽÐODJB
RVBOUP QFMPT GFOÙNFOPT EF NBTTB DPNP #SJUOFZ 4QFBST CFJKBOEP
.BEPOOB TVHFSJOEP GBMTBNFOUF NBJT MJCFSEBEF TFYVBM
7BMF OPUBS
OPFOUBOUP
PBʼFʹPEFNPDSBUJ[BEPSRVF(JMCFSUP'SFJSFEFTDSFWF
BPGBMBSEBTNJTDJHFOBÎÜFTÏUOJDBTGVOEBEPSBTEPQPWPCSBTJMFJSP
F
VNBEBTSB[ÜFTQPSRVFWBNPTFODPOUSBSBQBSFOUFNFOUFUÍPMPOHF
EPiDJCFSwFUÍPQFSUPEPTQBSBEPYPTEBDPODFOUSBÎÍPNJEJÈUJDBOP
#SBTJM P DPOUFYUP DSJBUJWP F BP NFTNP UFNQP QFSWFSTP EBT USBOT
'3&*3&
(JMCFSUP$BTBHSBOEFFTFO[BMB3JPEF+BOFJSP.BJB4DINJEU
GPSNBÎÜFTQFMBTRVBJTBNVMIFSQBTTB
BPTFDPOGSPOUBSDPNB
SFBMJEBEFFNRVFWJWF1PJTÏKVʽBNFOUFOBTÈSFBTNBJTNBSHJOB
MJ[BEBTEPQBÓT
OBTGBWFMBTFOBTQFSJGFSJBT
RVFVNSFOPWBEPTFOTP
EFDVMUVSBFMJOHVBHFNFNFSHF
OP$BSOBWBM
TBNCB
DBQPFJSB
GVOL
NBSBDBUV
CVNCBNFVCPJ
IJQIPQ
CSFHB
DBOEPNCMÏ
FNRVFVN
SJDPIJCSJEJTNPBnPSF
QSJNFJSPQSPJCJEP
FEFQPJTTJMFODJBEPQFMBJO
WJTJCJMJEBEFBUÏBIPSBFNRVFQPTTBTFSJOTFSJEPFNVNBMØHJDBEF
NFSDBEP
SPUVMBEPFWFOEJEP
PViEFTDPCFSUPwQPSBSUJʽBTFʽBCFMF
DJEPT
NVJUBTWF[FTFʽSBOHFJSPT
0GVOL
NBJTEPRVFRVBMRVFSPVUSBNBOJGFʽBÎÍPDVMUVSBMCSB
TJMFJSB
OPTEÈVNBDMBSBEJNFOTÍPEBTSFMBÎÜFTPSBDPOnJUVPTBT
PSB
BNPSPTBT EPT HÐOFSPT RVF DPNQÜFN B OPTTB TPDJFEBEF &MF OBEB
NBJTÏEPRVFVNBSFQSFTFOUBÎÍPEBTDPOEJÎÜFTEFQPCSF[B
WJPMÐO
DJBFDPOÙNJDBFJOEJHOBÎÍPFYJʽFOUFFOUSFBTNVMIFSFTQPCSFT0
RVFÏDPOTJEFSBEPQPVDPQBMBUÈWFMQFMBFMJUFOÍPÏOBEBTFDPNQBSB
EBËSFBMJEBEFEBTWÈSJBTQFSJGFSJBTCSBTJMFJSBTFEBTDPOEJÎÜFTQSFDÈ
SJBTEFWJEBEFNFOJOBTFNVMIFSFTRVFUÐNOFTTFDPOUFYUPPTFVDP
UJEJBOP%FBDPSEPDPNBEPVUPSBFNTPDJPMPHJBQFMB6417FSØOJDB
$PSUFT
PGVOLSFQSFTFOUBVNHSVQPTPDJBMi"TMFUSBT
BQBSFOUFNFOUF
TFNDPOUFÞEP
NPʽSBNBSFBMJEBEFEFTTBQPQVMBÎÍPQPCSF"GSBHJ
MJEBEFEFTVBTWJEBT
EFWJEPËWJPMÐODJB
DBVTBBGBMUBEFQFSʼFʹJWB
"TTJN
PDPNQPSUBNFOUPEFTTBTNFOJOBT
EVSBOUFPTCBJMFTGVOL
Ï
BQFOBTPSFUSBUPEFVNBDMBTTFNBSHJOBMJ[BEBw
&OUFOEJEP DPNP VN FʼBÎP EF DPOʽSVÎÍP EF JEFOUJEBEF DPMF
UJWB
GFJUBEFGPSNBBVUÙOPNBFBPNFTNPUFNQPJOnVFODJBEBQPS
UPEPTPTQBQÏJTEFNBSDBEPTTPDJBMNFOUFFYBUBNFOUFDPNPOP
NVOEPQVCMJDJUÈSJP NVMIFSFDFSWFKBQSB[FSQBSBPTIPNFOT
QPEFNPTQFSDFCFSRVFPGVOLOPTEÈQBSBDBEB5BUJ2VFCSB#BSSB
DPVNB.ÍF-PJSB/ÍPFYJʽFOØTFFMBT$PNPPIJQIPQQPEFTFS
DPOTJEFSBEPVNFʼBÎPQPMJUJ[BEP
BTTJNDPNPNBTDVMJOP
OPGVOL
QSFEPNJOBNPTCPOEFTEFNFOJOBTFBTMFUSBTDBUÈSUJDBT.BTDPNP
DIFHBSEPGVOLBPDJCFSGFNJOJTNP
4ÍPQPVDPTPTFTUVEPTEPGVOL
QBSBTBCFSNBJTSFDPNFOEBTFPMJWSPEF)FSNBOP7JBO
OB0NVOEPGVOLDBSJPDB
1FRVFOPUFYUPEF)FSNBOP7JBOOBFN1%'IUUQXXX
DQEPDGHWCSSFWJTUBBSRQEG"DFTTPFNKVO
"DPOUFDFRVFBNPCJMJ[BÎÍPGFNJOJOBKÈFʽÈMÈ0DJCFSGFNJ
OJTNPUBMWF[OVODBUFOIBDIFHBEPË"NÏSJDB-BUJOB
KVʽBNFOUF
QPSDPOUBEFTTBSFMBÎÍPTJNCJØUJDB
BRVJNVJUPNBJTDMBSB
QPJTFYQMÓ
DJUBFJNQSPWÈWFM
FOUSFBTEJGFSFOUFTDVMUVSBTCSBTJMFJSBT
VNBFMJUJʽB
RVFTFBMJNFOUBEBTNBOJGFʽBÎÜFTEFBmSNBÎÍPEPGFNJOJOPCSBTJ
MFJSPQBSBEBSJCPQFËTOPWFMBTFWFOEFSQSPEVUPT
BPNFTNPUFNQP
RVFDSJUJDBOPTKPSOBJTUBJTNBOJGFʽBÎÜFTFBTWP[FTEFWÈSJBT.$T
RVFFʽÍPBÓQBSBBDPSEBSPFʽBCMJTINFOUEFTVBIJQPDSJTJB
TBCFOEP
RVFQSFDJTBNHSJUBSNVJUPQBSBTFSFNPVWJEBT
'8%'VUVSF'VOL
&YQFSJÐODJBT EF NPCJMJ[BÎÍP F PSHBOJ[BÎÍP EF NVMIFSFT TÍP
JNQPSUBOUFT QBSB P SFTHBUF EB DVMUVSB GFNJOJOB
DPNP PT SFDFOUFT
GFʽJWBJTi-BEZ'Fʽ#SBTJMwEFNFOJOBTRVFTFDPOTJEFSBNSJPUHSSMT
TVCEJWJTÍPEPQVOLFEBDVMUVSBEPGBÎBWPDÐNFTNP
FN4ÍP1BVMP
Fi$PSQVT$SJTJTw
FN#SBTÓMJB
PVPTFODPOUSPTEFHSVQPTEFHSBm
UFJSBT
DPNP51.$SFXF4Ø$BMDJOIB
RVFUBNCÏNVTBNGPUPMPHT
TJUFT EF GPUPT
FOUSF PVUSPT
DPNP P F[JOF #FOEJUB iNPʽSBOEP
IJʽØSJBTSFBJTEFWJPMÐODJBDPOUBEBTQFMBTNVMIFSFTQBSB y
BDBCBS
DPNPNJʽJDJTNPEFRVFWJPMÐODJBDPOUSBBNVMIFSTØÏQSBUJDBEBFN
CBSSBDPTTVKPT
QPSIPNFOTCÐCBEPTw
FRVFNPʽSBNRVFFYJʽFN
NVJUPNBJTNBOJGFʽBÎÜFTGFNJOJOBT
RVFTFVUJMJ[BNEBTNBJTEJWFS
TBTNÓEJBTQBSBTFPSHBOJ[BS
DPNVOJDBSNBTUBNCÏNCSJODBS
OFN
TFNQSFRVFʽJPOBOEPFTJNDFMFCSBOEPBUFDOPDVMUVSB
4ÍPFYFNQMPTEFGPSNBÎÜFTNVMUJEJTDJQMJOBSFTEFNVMIFSFTUBN
CÏNGPSBEFRVBMRVFSNPEFMPPSHBOJ[BDJPOBMQFSNBOFOUFQSPKFUPT
UÈUJDPT RVF OÍP QPTTVFN VN CBDLHSPVOE JOʽJUVDJPOBM
F RVF OÍP
TÍPNFEJBEPTQPSOFOIVNWFÓDVMPEFDPNVOJDBÎÍPDPNFSDJBM
CFOF
mDJBOEPTFTPNFOUFEFGFSSBNFOUBTEFDPNVOJDBÎÍPPOMJOF
FCVT
DBOEPVNEJÈMPHPDPNBUJWJEBEFTOBTNBJTEJWFSTBTÈSFBTEFBUVBÎÍP
DVMUVSBMEBNVMIFS
BHSFHBOEPNVJUBTNFOJOBTRVFTFRVFSPVWJSBN
IUUQXXXSFEFNVMIFSPSHCS"DFTTPFNKVO
IUUQXXXEBXOPSHCS"DFTTPFNKVO
IUUQXXXMJOVYHJSMTPSH"DFTTPFNKVO
IUUQXXXHOVSJBTPSHCS"DFTTPFNKVO
GBMBSEFDJCFSGFNJOJTNPPVNFTNPTFFODBJYBNOPTEJGFSFOUFT
GFNJOJTNPT FYJʽFOUFT i$POIFDJNFOUP QBSB B SFTJʽÐODJB GFNJOJ
OBw
PV DPNP VNB JOUFHSBOUF EP HSVQP 2VJUÏSJB EFTDSFWF FN TFV
CMPHDBOTFJEFTFSTFYZ
0VUSPT USBCBMIPT RVF UÐN VN GPDP NBJT BCSBOHFOUF F BUJWJʽB
OÍPFʽÍPOBTBMBEFBVMBOFNOPFTDSJUØSJP
FTJNOBTSVBT
OPNFJP
EPTMJWSPTFSFWJʽBT
FEFOUSPEFDBTBDPNPPUSBCBMIPEFMJOHVBHFN
JODMVTJWB
SFWFMBOEPPTEJTDVSTPTMJOHàÓʽJDPTEPNJOBOUFTFNOPUÓDJBT
BSUJHPTFUFYUPT
FPQSPKFUPEPTFSWJEPSEFNVMIFSFT#JSPTLB
BNCPT
EP$.*NVMIFSFT
VNBNÈRVJOBDPOʽSVÓEBQBSBFQPSNVMIFSFT
RVFWJTBEBSBQPJPMPHÓʽJDPQBSBTVBTPSHBOJ[BÎÜFT
DPNMJʽBTEFEJT
DVTTÍP
IPʼFEBHFNEFTJUFTFEFTNJʽJmDBÎÍPEFJOGPSNBÎÜFTUÏDOJ
DBTQVCMJDBEBTEJOBNJDBNFOUFPOMJOF0VBTPmDJOBTEFNÓEJBMJWSF
QBSB NFOJOBT EP HSVQP ((
'BÎBWPDÐNFTN!
RVF WJTB FNQP
EFSBSNVMIFSFTFNFOJOBTRVFUFOIBNJOUFSFTTFOBDVMUVSBEJHJUBMF
OBTUFDOPMPHJBTMJWSFT
DPNFYFNQMPTJMVʽSBEPTEFBÎÜFTBmSNBUJWBT
FNSFMBÎÍPËQSPEVÎÍPEFWBMPSFTGFNJOJOPT
OBJOUFSTFDÎÍPEFBSUF
F UFDOPMPHJB
F EBOEP UBNCÏN TVʽFOUP JOUFMFʹVBM BPT USBCBMIPT
DVMUVSBJTDPMBCPSBUJWPTEFNVMIFSFTFNNÓEJBEJHJUBMDPNPVTPEF
TPGUXBSFTMJWSFT"PSFMBDJPOBSTFDPNEJGFSFOUFTBHFOEBTGFNJOJʽBT
FPVGFNJOJOBT
BKVEBOEPBNBQFBSFEBSDPSBPTUSBOTMPDBJTEFMV
UBTEBTNVMIFSFT
KVOUBOEPDPOIFDJNFOUPFBQUJEÜFTRVFQPEFNTFS
VTBEBTFNRVBTFUPEBTBTFTGFSBTEPDPUJEJBOP
FTTBTTÍPQPMÓUJDBTEF
DPOIFDJNFOUPFSFHJʽSP
.BJTEPRVFOVODBGB[QBSUFEBMVUBEPJNBHJOBEPFBRVJDPOT
USVÓEP DJCFS
GFNJOJTNPDPOUFNQPSÉOFPCSBTJMFJSPOÍPEFTFKBSQSP
EV[JSVNBUFPSJBUPUBM
QSPmTTJPOBM
DPOWFODJPOBM
EFEFGFTBPVBN
QBSP
DPNUFSNPTFBÎÜFTEFmOJEPSBT
NBTDPNP)BSSBXBZGBMBFN
TFVNBOJGFʽP
iVNBFYQFSJÐODJBÓOUJNBEFGSPOUFJSBT
EFTVBTDPOT
USVÎÜFTFEFTDPOʽSVÎÜFTw0GFNJOJTNPOÍPÏVNBQBMBWSBRVFOPT
VOFOBUVSBMNFOUF
NVJUBTNVMIFSFTKÈFYQSFTTBSBNBOFDFTTJEBEFEF
IUUQXXXRVJUFSJBDPNCS"DFTTPFNKVO
IUUQMJTUTJOEZNFEJBPSHNBJMNBOMJTUJOGPDNJNVMIFSFT"DFTTPFNKVO
IUUQXXXNJEJBUBUJDBPSHJQJOEFYQIQ JE
"DFTTPFNKVO
EFTVNBOJ[BÎÍPEPTFSIVNBOP
FBPTQSPDFTTPTEFNPEFMBHFN
F SFGPSNB DPNP PT SFBMJ[BEPT OP DJCFSFʼBÎP
OBT 5$* EF NBTTB
FOBTCJPUFDOPMPHJBT'SVUPTPMJUÈSJPFFʽSBOIBNFOUFEFMJDJPTPEPT
DPOUFYUPTTPDJBJTEFOPTTBQBSBEPYBMTPDJFEBEF
DPOUSBQPOEPËUF
PSJBGFNJOJʽBQØTNPEFSOB
PTNJUPTRVFHBOIBNWJEBBUSBWÏTEB
TJNCJPTFDPNPTJʽFNB
NVJUBTWF[FTQBSBDSJUJDBSPQSPHSFTTPFB
BQSPQSJBÎÍPEBOBUVSF[BFEPGFNJOJOPDPNPSFDVSTPEFQSPEVÎÍP
EFDVMUVSB
PVUSBTWF[FTQBSBQSPWPDÈMP
0OEFDPOFʹPNJOIBNFNØSJBFYUSB
0CTFSWBSBBQSPQSJBÎÍPEBTOPWBTUFDOPMPHJBTQFMBTPDJFEB
EFCSBTJMFJSBSFRVFSVNBQSPGVOEBNFOUPOPRVFTFSFGFSFBPDPO
DFJUP EF QPQVMBS
NBSHJOBMJ[BEP F FYDMVÓEP ² JNQPTTÓWFM DPOʽSVJS
VNEJTDVSTPBVUÐOUJDPCBTFBEPTPNFOUFOBFYQFSJÐODJBTVCVSCBOB
EBDMBTTFNÏEJB1PSJTTP
FʽFBSUJHPBOBMJTBPNPEPDPNPBUFDOPMP
HJBDPʽVNBTFSVUJMJ[BEBOBTGBWFMBTEBTNFUSØQPMFTCSBTJMFJSBT/ÍP
TFQSFUFOEF
EFGPSNBBMHVNB
BmSNBSUBJTQSÈUJDBTDPNPEFmOJUJWBT
UBNQPVDPSPUVMÈMBTDPNPÞOJDBTFSFQSFTFOUBOUFTEFUBMSFBMJEBEF
"QFOBTTFQPEFBmSNBSRVFVNBUFDOPMPHJBSFBMNFOUFUPSOBTFQP
QVMBSVNBWF[RVFFMBÏWJʽBFNQPEFSEBTDMBTTFTNBJTCBJYBT0
DFMVMBS
DPNQMBOPTQSÏQBHPT
UBMWF[UFOIBTJEPPQSJNFJSPEFVNB
TÏSJFEFBSUFGBUPTEJHJUBJTRVFDIFHPVËTGBWFMBTQBSBNPEJmDBSPDP
UJEJBOPEBTDPNVOJEBEFT&ʽFBSUJHPPCTFSWBPTJNQBʹPTEBTOPWBT
UFDOPMPHJBT F B GPSNB DPNP FʽÍP TFOEP VUJMJ[BEBT QFMP DIBNBEP
iQPEFSQBSBMFMPw
PDSJNFPSHBOJ[BEPEFOUSPEBTDPNVOJEBEFTDBSFO
UFTEFHSBOEFTDJEBEFTEPQBÓT"OUFTEFQSPTTFHVJS
ÏJNQPSUBOUFSFT
TBMUBSRVFOÍPTFQSFUFOEFBmSNBSPVTVHFSJSRVFQSÈUJDBTDSJNJOPTBT
PDPSSBN TPNFOUF OFTTBT SFHJÜFT
PV RVF TFVT NPSBEPSFT FʽFKBN
OFDFTTBSJBNFOUFFOWPMWJEPTDPNBRVFʽÍP
1BSBEJTDVUJSPBTTVOUP
TFSÍPBOBMJTBEPTEPJTBSUJHPTQVCMJDBEPT
OPQSJNFJSPTFNFʽSFEFRVFTFSFGFSFNËBQSPQSJBÎÍPUFD
OPMØHJDBQFMPDSJNFPSHBOJ[BEPOP&ʽBEPEF4ÍP1BVMP0VUSPT
BSUJHPTEFKPSOBMFSFGFSÐODJBTCJCMJPHSÈmDBTUBNCÏNGPSBNDPOTVM
UBEPTQBSBPEFTFOWPMWJNFOUPEPBSUJHP0VUSBSFTTBMWBTFGB[OFDFT
TÈSJB
FʽBDPNSFMBÎÍPËPSJHFNEBTJOGPSNBÎÜFT"NCBTBTNBUÏSJBT
RVFCBTFBSBNFʽFBSUJHPGPSBNEJʽSJCVÓEBTTFNBUSJCVJÎÍPEFBVUPSJB
QPSBHÐODJBTEFOPUÓDJBTFDJSDVMBSBNFNHSBOEFTKPSOBJT
DPNP'PMIB
EF41BVMPF$PSSFJP1PQVMBSEF$BNQJOBT"TTJN
QBSUFTFEPQSJODÓQJP
EFRVFQFMPNFOPTQBSUFEBTOPUÓDJBTSFMBUBEBTTFKBNGBUPTWFSÓEJDPT
i5ÈEPNJOBEP
UÈUVEPEPNJOBEPw
/ÍPÏEFIPKFRVFEFOUSPEBTDPNVOJEBEFTNBJTQPCSFTEPQBÓT
TFWJWFVNBSFBMJEBEFOBRVBMBTMFJTOÍPTÍPBTEP&ʽBEP0TNBSHJ
OBMJ[BEPTTFNQSFFODPOUSBSBNOBDPMBCPSBÎÍPVNBGPSNBTBVEÈWFM
EFTPCSFWJWÐODJB8JMMJBNEB4JMWB-JNB
FNTFVMJWSP2VBUSPDFOUPT
DPOUSBVNVNBIJʽØSJBEP$PNBOEP7FSNFMIP
DPOUBRVF
OPJOÓDJP
P$7iOÍPFSBVNBPSHBOJ[BÎÍPFTJNVNBGPSNBEFTPCSFWJWFSOB
BEWFSTJEBEFw
0 FODPOUSP EF QSFTPT QPMÓUJDPT
DPNP P EFQVUBEP GFEFSBM F FT
DSJUPS 'FSOBOEP (BCFJSB F PVUSPT
DPN NBSHJOBJT iDPNVOTw DPNP
8JMMJBN EB 4JMWB SFTVMUPV FN HSBOEFT USBOTGPSNBÎÜFT EFDPSSFOUFT
QSJODJQBMNFOUFEPBDFTTPËJOGPSNBÎÍP)PNFOTTJNQMFT
RVBTFTFN
FEVDBÎÍPGPSNBM
PVWJBNPVUSPTEBDMBTTFNÏEJBEJTDVSTBSFNTPCSF
JOKVʽJÎBTTPDJBJTFDPNVOJTNP%FTTBNJʽVSBOBTDFVP$ØEJHPEF
²UJDB
RVFTFUSBOTGPSNPVOBQSJNFJSBHSBOEFPSHBOJ[BÎÍPDSJNJOPTB
EPQBÓTP$PNBOEP7FSNFMIP
4F OB EÏDBEB EF P BDFTTP ËT JOGPSNBÎÜFT FʽBWB MJNJUBEP
QFMBEJUBEVSBNJMJUBSBQØTBRVFEBEPSFHJNFPRVFTFWJVGPJVNB
BCFSUVSBOÍPTPNFOUFQPMÓUJDB
DPNPUBNCÏNEFJOGPSNBÎÍP3ÈEJPT
QJSBUBT
DPNP B SÈEJP 'BWFMB EF #FMP )PSJ[POUF
F GBO[JOFT BOBSDP
QVOLT
FOUSFPVUSPT
QSFDFEFSBNBHSBOEFSFWPMVÎÍPRVFTFTFHVJSJB
DPNBTPDJFEBEFFNSFEF
&ORVBOUPBJOUFSOFUDIFHBWBËTDBTBTEBDMBTTFNÏEJB
PQPWÍP
-*."
8JMJBN EB 4JMWB 2VBUSPDFOUPT DPOUSB 6N VNB IJTUØSJB EP $PNBOEP7FSNFMIP
1FUSØQPMJT7P[FT
DPNBFʽBCJMJ[BÎÍPEPSFBMEVSBOUFPTQSJNFJSPTBOPTEPHPWFS
OP'FSOBOEP)FOSJRVF$BSEPTP
QÙEFDPNQSBSBQSFʽBÎÜFTBQB
SFMIPTEF57
WJEFPDBTTFUFTFDBSSPT%BEPTEP*#(& *OʽJUVUP#SBTJ
MFJSPF(FPHSBmBF&ʽBUÓʽJDB
BQPOUBNRVFOBTGBWFMBTDBSJPDBT
EPT EPNJDÓMJPT UÐN QFMP NFOPT VN BQBSFMIP EF 57 DPMPSJEB
QPTTVFNWJEFPDBTTFUFFQPTTVFNDBSSPT1PSPVUSPMBEP
EPTBEVMUPTOÍPDIFHBNËPJUBWBTÏSJF
1BSBMFMBNFOUF B FTTBT NVEBOÎBT TPDJBJT
P DSJNF DPOUJOVBWB B
BDPOUFDFS EFOUSP EBT DPNVOJEBEFT EF CBJYB SFOEB EBT QSJODJQBJT
DBQJUBJTEPQBÓT/BWFSEBEF
DPNPBDFTTPBBSNBTDBEBWF[NBJT
GÈDJM
BWJPMÐODJBTFUPSOPVQJPSFP$ØEJHPEF²UJDBEP$PNBOEP7FS
NFMIPEBEÏDBEBEFGPJQPVDPBQPVDPFTRVFDJEPQFMBTOPWBT
HFSBÎÜFT
5FDOPMPHJBQPQVMBS
0 QSPGFTTPS EB 6'3+ 6OJWFSTJEBEF 'FEFSBM EP 3JP EF +BOFJSP
#FSOBSEP 4PSK QFTRVJTPV PT VTPT EB UFMFGPOJB DFMVMBS FOUSF PT HSV
QPTEFCBJYBSFOEBOPMJWSP#SBTJM!QPWPDPN"MVUBDPOUSBBEFTJ
HVBMEBEFOBTPDJFEBEFEBJOGPSNBÎÍP1BSBFMF
iPUFMFGPOFDFMVMBS
TJHOJmDPV QBSB PT FOUSFWJʽBEPT VN JOʽSVNFOUP JNQPSUBOUF QBSB
NFMIPSBSTVBTQFSʼFʹJWBTEFSFOEBFUSBCBMIPw&OUSFUBOUP
JOGFMJ[
NFOUF
BTGBWFMBTOÍPTÍPQPWPBEBTTPNFOUFQPSQFTTPBTIPOFʽBTF
USBCBMIBEPSBT&NNFJPBNJTÏSJBFDBSÐODJB
PDSJNFPSHBOJ[BEPFO
DPOUSB
QSJODJQBMNFOUFFOUSFBTOPWBTHFSBÎÜFT
PTDBOEJEBUPTJEFBJT
QBSBGVOÎÜFTEFDBSSFJSBSÈQJEBF
QPSRVFOÍPEJ[FS
TVJDJEB
EFOUSP
EPUSÈmDPEFESPHBT
%F BDPSEP DPN B "OBUFM "HÐODJB /BDJPOBM EF 5FMFDPNVOJDB
ÎÜFT
FNNBJPEFKÈFYJʽJBN
NJMIÜFTEFVTVÈSJPTEFUFMF
GPOJBDFMVMBSOP#SBTJM
DFSDBEFEBQPQVMBÎÍPEPQBÓT"VUJMJ[B
ÎÍPEBUFMFGPOJBDFMVMBSQPSUSBmDBOUFT
FʼFDJmDBNFOUFOBTGBWFMBT
PGFSFDFQPTTJCJMJEBEFTEFBSUJDVMBÎÍPFDPNVOJDBÎÍPRVFEFJYBNPT
iNFOJOPTQJQBwDPNPVNBMFNCSBOÎBEBFSBOÍPFMFUSÙOJDBEFOUSP
403+
#FSOBSEP #SBTJM!QPWPDPN " MVUB DPOUSB B EFTJHVBMEBEF OB TPDJFEBEF EB
JOGPSNBÎÍP3JPEF+BOFJSP+PSHF;BIBS
EFTTBTDPNVOJEBEFT
/ÍPIÈEÞWJEBEFRVFPDFMVMBSTFKBVUJMJ[BEPQBSBmOTDSJNJOP
TPT
NBTBQBSFOUFNFOUFPDSJNFPSHBOJ[BEPEBTGBWFMBTBJOEBTFHVFB
DBSUJMIBEP$PNBOEP7FSNFMIP
RVFVUJMJ[BDØEJHPT/ÍPTFUFNOPUÓ
DJBEFBQSFFOTÜFTEFESPHBTFNGBWFMBTEFWJEPBFTDVUBTFNDFMVMBSFT
TPNFOUFOBDMBTTFNÏEJB
DPOGPSNFBSUJHPi1PMÓDJBQSFOEFBDVTBEPT
EFWFOEFSESPHBTQFMPDFMVMBSOP3JPwQVCMJDBEPQFMB'PMIB0OMJOFFN
EFBCSJMEF
&OUSFUBOUP
SFDFOUFNFOUF
EVBT PVUSBT GPSNBT EF BQSPQSJBÎÍP
UFDOPMØHJDB GPSBN SFMBUBEBT B EJʽSJCVJÎÍP EF $%T JOEFQFOEFOUFT
DPN NÞTJDBT SFMBUBOEP P DPUJEJBOP EP USÈmDP F B VUJMJ[BÎÍP EF
SÈEJPT QJSBUBT QBSB P JOGPSNF EF SPOEBT EB QPMÓDJB OB QFSJGFSJB EF
$BNQJOBT
/P$%1SPJCJEÍPEB-VJ[(BNB
FODPOUSBEPQPSDJODPSFBJTOB
SFHJÍPEBCBJYBEBTBOUJʽB
EFBDPSEPDPNB'PMIBEF41BVMP
iBMHV
NBTGBJYBTSFQSPEV[FNUSFDIPTEFUFMFKPSOBJTEB3FEF(MPCP
JODMVTJ
WFDPNBTWJOIFUBTEFBCFSUVSB
FNRVFPTBQSFTFOUBEPSFTOPUJDJBN
BTTVOUPTSFMBDJPOBEPTBPUSÈmDPEFESPHBTw"JOEBTFHVOEPBSFQPS
UBHFN
BMHVNBTNÞTJDBTGB[FNSFGFSÐODJBTFYQMÓDJUBTB/BMEJOIP
BQF
MJEPEPFNQSFTÈSJP3POBMEP%VBSUF#BSTPUUJEF'SFJUBT
BDVTBEP
EFTFSVNEPTMÓEFSFTEPUSÈmDPEFESPHBTOBSFHJÍP0KPSOBMBJOEB
JOGPSNBRVFPÈMCVNUFSJBTJEPHSBWBEPBPWJWPFNVNCBJMFGVOL
PDPSSJEP OB SFHJÍP 0 DPOUFÞEP EP $% DMBSBNFOUF FYBMUB BT PSHB
OJ[BÎÜFTEPUSÈmDPEFESPHBTFNUSFDIPTDPNPiVNQPEFSQBSBMFMP
NBOUÏNBDJEBEFTPCUFOTÍPw
OBSSBÎÍPEP+PSOBM/BDJPOBMVUJMJ[BEB
FNVNBEBTNÞTJDBT
"HSBWBÎÍPEFNÓEJBEJHJUBMBPWJWP
BSFNJYBHFNEPNBUFSJBM
P
FTRVFNBEFDØQJBFEJʽSJCVJÎÍPEF$%BQSFÎPTCBJYPTÏPEFTFKPEF
1PMÓDJBQSFOEFBDVTBEPTEFWFOEFSESPHBTQFMPDFMVMBSOP3JP*O'PMIB0OMJOFIUUQ
XXXGPMIBVPMDPNCSGPMIBDPUJEJBOPVMUVTIUNM"DFTTPFNKVO
$%TEFGVOLWFOEJEPTFN4BOUPTDJUBNTVQPTUPMÓEFSEPUSÈmDPEFESPHBT*O"HÐODJB
RVBMRVFSHSBWBEPSBPVCBOEBJOEFQFOEFOUFF
BQBSFOUFNFOUF
PDSJNFPSHBOJ[BEPDPOTFHVJVUVEPJTTPOVNQJTDBSEFPMIPT2VBM
TFSJBPJOUFSFTTFEPTEJʽSJCVJEPSFTEFDSBDLFDPDBÓOBOBEJGVTÍPFN
NBTTBOBNÓEJB &ʽBSJBNPTUSBmDBOUFTJOUFSFTTBEPTOPSFDPOIFDJ
NFOUP
QPSQBSUFEPTDPOTVNJEPSFTEFTFVTQSPEVUPT
EFTVBNBSDB
DPNPTFGPTTFVNMPHPUJQP
VNUÐOJTEFNBSDB
PVVNBDBNJTFUBEF
HSJGF "mOBMEFDPOUBT
RVBMÏPEFTFKPEPDSJNFPSHBOJ[BEPBPBQSP
QSJBSTFEPTNFJPTEFDPNVOJDBÎÍPEFNBTTB
1SPTTFHVJOEPFNUBMJOWFʽJHBÎÍP
PCTFSWBNPTRVFPTVCUÓUVMP
EBNBUÏSJBQVCMJDBEBOP$PSSFJP1PQVMBSEF$BNQJOBT
OPEJBEF
KVOIPEF
FNTJKÈÏVNBEFOÞODJBi1BSBEFMFHBEP
FNJTTPSBT
DMBOEFʽJOBTTFSJBNVTBEBTQPSCBOEJEPTQBSBTFDPNVOJDBSFNDPN
QSFTPTPVQBSBBMFSUBSTPCSFBÎÜFTQPMJDJBJTw/PBSUJHP
WÈSJPTBʼFD
UPTTPCSFBRVFʽÍPEBTSÈEJPTDPNVOJUÈSJBTTÍPNPʽSBEPT
DPNP
EFDMBSBÎÜFT EP SFQSFTFOUBOUF EB "CSBÎP "TTPDJBÎÍP #SBTJMFJSB EF
3BEJPEJGVTÍP $PNVOJUÈSJB
+FSSJ EF 0MJWFJSB
RVF RVFʽJPOB iDPNP
VNB SÈEJP FWBOHÏMJDB GFDIBEB IPKF
RVF TØ UPDB DBOÎÜFT EF JHSFKB
FʽÈBTFSWJÎPEP1$$ 1SJNFJSP$PNBOEPEB$BQJUBM
w
"JOEBBTTJN
BSFQPSUBHFNBmSNBRVFPEFMFHBEPUJUVMBSEB%*(
)BNJMUPO $BWJPMMB 'JMIP
BDSFEJUB RVF iGBDÎÜFT DSJNJOPTBT TVQPʽB
NFOUFFʽBSJBNVTBOEPBTSÈEJPTQBSBUSBOTNJUJSSFDBEPTBQSFTJEJÈ
SJPTPVBMFSUBSPTDSJNJOPTPTTPCSFBDIFHBEBEFWJBUVSBTQPMJDJBJTFN
EFUFSNJOBEPTCBJSSPTw.FTNPDPNBMUFSOBUJWBTËWFSTÍPEPEFMFHB
EP
PBSUJHPQPTJDJPOBTFDMBSBNFOUFFNBmSNBÎÜFTUFOEFODJPTBTEF
RVFUBJTSÈEJPTQJSBUBTTFSWJSJBNOBSFBMJEBEFQBSBBDPNVOJDBÎÍPEP
DSJNFPSHBOJ[BEPOBSFHJÍP
%FBDPSEPDPNUBJTBSUJHPT
PDSJNFPSHBOJ[BEPVUJMJ[BBSBEJPEJ
GVTÍPFBEJʽSJCVJÎÍPEF$%TQBSBTFBSUJDVMBS
BMÏNEPVTPEFDFMVMB
SFT4FSJBFʽFVNUSBCBMIPFNSFEF 4FSÈRVFOBQSPHSBNBÎÍPNVTJ
DBMEFUBJTSÈEJPTBTGBJYBTEP1SPJCJEÍPEB-VJ[(BNBFʽÍPFOUSFBT
NÞTJDBTNBJTQFEJEBTQFMPTPVWJOUFT
'BWFMBTPOMJOF
1BTTPBQBTTP
PTFYDMVÓEPTFNBSHJOBMJ[BEPTFOUSBNOBTPDJFEBEF
EFDPOTVNPDPNPBDMBTTFNÏEJB
BERVJSFNCFOT
JOnVFODJBN
BDVMUVSBFFODPOUSBNVNMVHBSBPTPMEFOUSPEPTJʽFNB0NFS
DBEPWÐOPQPWPPTDPOTVNJEPSFTQPUFODJBJTEFQSPEVUPTEFCBJYP
DVʽPFQPVDBEVSBÎÍP4ÍP57T
FRVJQBNFOUPTEFTPN
WJEFPDBTTF
UFT
DFMVMBSFT
DBSSPTFFNCSFWFDPNQVUBEPSFTFQBMNUPQT
%FBDPSEPDPNEBEPTEJWVMHBEPTQFMP*#(&FNNBJPEF
POÞNFSPEFJOUFSOBVUBTBUJWPTOP#SBTJMBUJOHJV
NJMIÜFT
TFN
DPOUBSDPNBRVFMFTRVFBDFTTBNEFUFMFDFOUSPTPVMBOIPVTFT0OÞ
NFSPSFQSFTFOUBPBDFTTPËJOUFSOFUEFDFSDBEFEPTCSBTJMFJSPT
%JBOUFEFTTFTEBEPTFBQBSUJSEBPCTFSWBÎÍPEBBQSPQSJBÎÍPUFDOPMØ
HJDBQFMBDMBTTFNÏEJB
QPEFTFTVQPSRVFPQSØYJNPBNCJFOUFRVFP
DSJNFPSHBOJ[BEPJSÈJOWBEJSTFSÈPFʼBÎPWJSUVBM6NBWF[EPNJOB
EBTBTGFSSBNFOUBTEFBDFTTP
BTGBWFMBTPOMJOFFNFSHJSÍPDPNPQPOUPT
EFDPOWFSHÐODJBEFDPOUSBJOGPSNBÎÍP
BTTJNDPNPÏPDBTPEP1SPJ
CJEÍPEB-VJ[(BNBPVEBTSÈEJPTQJSBUBTOBQFSJGFSJBEF$BNQJOBT
0 RVF QPEF BDPOUFDFS RVBOEP SFBMNFOUF PT NPSBEPSFT EF GB
WFMBTFPTQFRVFOPTUSBmDBOUFTUJWFSFNBDFTTPDPOUÓOVPËJOUFSOFU
PV TFKB
B NBJT JOGPSNBÎÍP
BTTJN DPNP PT DSJNJOPTPT DPNVOT OB
EÏDBEBEFUJWFSBNBPFOUSBSFNDPOUBUPDPNQSFTPTQPMÓUJDPT
TØTFQPEFJNBHJOBS²QPTTÓWFMUSBÎBSBQFOBTVNQBSÉNFUSPQBSBUBM
BQSPQSJBÎÍP UFDOPMØHJDB 4F
OPT ÞMUJNPT BOPT
P DSJNF PSHBOJ[BEP
QBTTPVBVUJMJ[BSFBDSJUJDBSPTNFJPTEFDPNVOJDBÎÍP
JTTPTJHOJmDB
RVF
NFTNPTFNFTDPMBSJEBEF
OBCBTFEPBVUPEJEBUJTNP
TFDPOʽSØJ
VNBOPWBHFSBÎÍPEJHJUBMFOUSFPTNBSHJOBMJ[BEPT
"HSBOEFEJGFSFOÎBÏRVF
VNBWF[EFOUSPEBSFEF
FTTFTQSPEV
UPSFTEFNÓEJBQBSBPDSJNFPSHBOJ[BEPQPEFSÍPQFSDFCFSRVFBTIJF
SBSRVJBTEBWJEBSFBMOÍPOFDFTTBSJBNFOUFTFSFQSPEV[FNOPFʼBÎP
WJSUVBM0UBMQPEFSQBSBMFMP
UÍPUFNJEPRVBOUPPCTDVSP
FʽBSÈEJBO
UFEPEJMFNBEPFYDFTTPEFJOGPSNBÎÍP
EFDPNPVUJMJ[BSUBJTGFSSB
NFOUBT4FSÈQPTTÓWFMDPOUJOVBSBRVFʽJPOBSBIFHFNPOJBEPTNFJPT
EFDPNVOJDBÎÍP
EJʽSJCVJSTVBTNÞTJDBT
BSUJDVMBSTFFNSFEF
NBT
UBNCÏNJOGPSNBSTFQBSBSFBMJ[BSNVEBOÎBTTPDJBJT
%JBOUFEFUBOUBTQPTTJCJMJEBEFT
PNBJTJNQPSUBOUFÏRVFDBEB
*OUFSOBVUBTCSBTJMFJSPTCBUFNOPWPSFDPSEFEFUFNQPPOMJOF*O"HÐODJB'PMIBIUUQ
XXXGPMIBVPMDPNCSGPMIBJOGPSNBUJDBVMUVTIUNM"DFTTPFNKVO
TFSIVNBOPRVFTPGSFDPNBWJPMÐODJBPVEFMBQBSUJDJQBFʽBSÈ
FNDPOUBUPDPNVNBSFBMJEBEFEJGFSFOUFEBRVFMBWJWJEBFNTFV
DPUJEJBOP
QPJT FODPOUSBSÈ OPWBT QPTTJCJMJEBEFT OB DPNVOJDBÎÍP
FNSFEF0TSFTVMUBEPTTFSÍPVNBCPNCBQBSBPSFʽPEBTPDJFEBEF
CSBTJMFJSBRVFUBQBPTPMIPTQBSBUBMSFBMJEBEF4FNEÞWJEB
HSBOEFT
USBOTGPSNBÎÜFTTFTFHVJSÍP"EÞWJEBMBUFOUFÏTFBDMBTTFNÏEJBSF
QFUJSÈPDPNQPSUBNFOUPEPTQSFTPTQPMÓUJDPTEBEÏDBEBEF
PV
TFKB
TFJSÈBHJSDPNPTFTPNFOUFFMB
DPNBDFTTPBDVMUVSBFFEVDB
ÎÍP
UJWFTTFBMHPQBSBPGFSFDFS0VTF
BPPCTFSWBSPTFSSPTEPQBTTBEP
QPEFSÈDPOʽSVJSVNBSFMBÎÍPEJBMØHJDBDPNPTNBSHJOBMJ[BEPT
$.*FOUSFBQPMÓUJDB
FPNPWJNFOUP
QPS1BCMP0SUFMMBEP
$MBSPRVFUVEPJTTPQSFTTVQVOIBNVJUBDPJTBRVFPTNPWJNFO
UPTTPDJBJTRVFFʽBWBNNBJTFOHBKBEPTOPDIBNBEPiNPWJNFOUP
BOUJHMPCBMJ[BÎÍPw PTNPWJNFOUPTEFKPWFOTBVUPOPNJʽBTFBMHVOT
NPWJNFOUPT TPDJBJT MJHBEPT Ë SFEF "ÎÍP (MPCBM EPT 1PWPT
FSBN
SFQSFTFOUBUJWPTEPVOJWFSTPUPUBMEPTNPWJNFOUPTTPDJBJTFRVFP
QSPDFTTPEFBQSPQSJBÎÍPEP$.*RVFFMFTIBWJBNMJEFSBEPQPEJBTFS
FʽFOEJEPBPTNPWJNFOUPTTPDJBJTDPNPVNUPEPFNFTDBMBHMPCBM
&TTFTQSFTTVQPʽPTFSBNGBMTPTFBWFSEBEFDPNFÎPVBTFFWJEFO
DJBSRVBOEPBPOEBEFQSPUFʽPTDPOUSBPTFODPOUSPTEFDÞQVMBBS
SFGFDFVFBBUJWJEBEFiOBDJPOBMwEPT$.*TDPNFÎPVBHBOIBSDFOUSB
MJEBEF/FTTFNPNFOUP
PT$.*TUJWFSBNRVFPMIBSQBSBBSFBMJEBEF
EFDBEBMVHBSFUFOUBSDPNQBUJCJMJ[BSPEJTDVSTPTPDJBMEP$.*DPNP
WFÓDVMPEPTNPWJNFOUPT
DPNBDPOWJDÎÍPQPMÓUJDBOVNBTPDJFEBEF
DPNKVʽJÎBTPDJBMFEFNPDSBDJBEJSFUB&NNVJUPQPVDPUFNQP
m
DPVDMBSPRVFPTEPJTQSJODÓQJPTFSBNJODPNQBUÓWFJT
"JEÏJBEFRVFPTNPWJNFOUPTTPDJBJTFSBNEFCBTFFSBVNBJEÏJB
OPSNBUJWB
VNQFOTBNFOUPEFDPNPEFWFSJBNTFSFOÍPEFDPNP
FGFUJWBNFOUFFSBN²DMBSPRVFIBWJBVNTFUPSEFCBTFOB"NÏSJDB
-BUJOBGPSNBEPQPSNPWJNFOUPTDPNPPT[BQBUJʽBTOP.ÏYJDP
P
.PDBTF F BMHVOT HSVQPT QJRVFUFJSPT OB "SHFOUJOB
BMÏN EPT NPWJ
NFOUPTEFKPWFOTOPTDFOUSPTVSCBOPT.BTFTTFTNPWJNFOUPTOÍP
FSBNOBEBSFQSFTFOUBUJWPTEPDPOKVOUPEPTNPWJNFOUPTTPDJBJTEP
DPOUJOFOUF
UPEPT WJOEP EF FYQFSJÐODJBT EJSFUB PV JOEJSFUBNFOUF
ʽBMJOJʽBTFNVJUPNBSDBEBTQFMPFʽBUJTNPFQFMPDFOUSBMJTNPEF
NPDSÈUJDP%FGPSNBRVF
OVNEFUFSNJOBEPNPNFOUP
mDPVDMBSP
RVFTFP$.*GPTTFVNWFÓDVMPiPSHÉOJDPwBPTNPWJNFOUPTTPDJBJT
FMFUFSJBRVFBCSJSNÍPEBTVBPSJFOUBÎÍPQPMÓUJDBFTVCNFUFSTFË
PSJFOUBÎÍPEPNJOBOUFEPTNPWJNFOUPTPVFOUÍP
JOWFSTBNFOUF
TF
BQPʽBTTFOBTVBPSJFOUBÎÍPQPMÓUJDB
UFSJBRVFTFDPOGPSNBSDPNTFV
JTPMBNFOUP &TTF EJMFNB
DPNP EFWF TFS DMBSP QBSB RVBMRVFS MFJUPS
OVODBGPJBCFSUBNFOUFFOGSFOUBEPFBBNCJHàJEBEFDPOʽJUVUJWBEP
$.*EFTFOWPMWFVTFBÓUBNCÏN
"QPʽVSBUÓQJDBEP$.*DPOTJʽFFNnFSUBSDPNPTNPWJNFOUPT
TPDJBJTOPRVFFMFTUÐNEFSBEJDBMFBOUJDBQJUBMJʽBFJHOPSBSUPEBB
TVBEJNFOTÍPiSFGPSNJʽBwFiBVUPSJUÈSJBw'SFRàFOUFNFOUF
FTTF
KPHPEFTFEVÎÍPFEFʼSF[PDPJODJEFDPNBTEVBTEJNFOTÜFTRVF
-FOJOKÈIBWJBEJʽJOHVJEPFNBEJNFOTÍPTPDJBMFBEJNFOTÍP
QPMÓUJDB /P DMÈTTJDP 0 RVF GB[FS
-FOJO IBWJB BSHVNFOUBEP RVF P
NPWJNFOUPTJOEJDBMEFJYBEPQPSTJTØUJOIBVNBDPOTDJÐODJBQBSDJBMF
VNBQMBUBGPSNBSFGPSNJʽBQPSJTTP
DPNQMFUBWB
FSBQSFDJTPRVF
PQBSUJEP
RVFUJOIBPDPOIFDJNFOUPDJFOUÓmDPEPQSPDFTTPIJʽØSJDP
TFJOmMUSBTTFOPNPWJNFOUPTJOEJDBMQBSBEBSMIFVNBPSJFOUBÎÍPSF
WPMVDJPOÈSJB%VSBOUFUPEPPTÏDVMP990RVFGB[FS GVODJPOPVDPNP
VNWFSEBEFJSPNBOVBMEFDPNPPTQBSUJEPTDPNVOJʽBTEFWJBNTFJO
mMUSBSFNBOJQVMBSPTNPWJNFOUPTTPDJBJTQBSBDPOEV[JMPTOBEJSFÎÍP
EFUFSNJOBEBQFMPDFOUSBMJTNPEFNPDSÈUJDPEPTDPNJUÐTDFOUSBJT
"IJʽØSJBEPTÏDVMP99Ï
OVNTFOUJEP
BIJʽØSJBEBDPPQUBÎÍP
EPT NPWJNFOUPT TPDJBJT QFMPT QBSUJEPT QPMÓUJDPT F QFMP &ʽBEP 0T
NPWJNFOUPTiTFMWBHFOTwRVFSFTJʽJSBNFMVUBSBNQPSTVBBVUPOPNJB
DPNPPTDPOTFMIPTPQFSÈSJPT
BSFCFMJÍPEFNBJPEFPVBSFWPMUB
BSHFOUJOBEF
FNHSBOEFNFEJEBGSBDBTTBSBNFEFJYBSBNBQFOBT
PMFHBEPQPMÓUJDPEFVNBMVUBBTFSDPOUJOVBEBFBQSPGVOEBEB$PNP
IFSEFJSPTEFTTBDPSSFOUFNJOPSJUÈSJBEBFTRVFSEBUFNPTBEJGÓDJMUB
SFGBEFQFOTBSFNDPNPWBNPTOPTSFMBDJPOBSDPNPTNPWJNFOUPT
NBKPSJUÈSJPTWJOEPTEFPVUSBTUSBEJÎÜFT
FʼFDJBMNFOUFRVBOEPFMFT
FʽÍPFNPQPTJÎÍPBPTOPTTPTQSJODÓQJPTNBJTDBSPT
" QSFTFOUF TJUVBÎÍP OB "NÏSJDB -BUJOB Ï CBʽBOUF EFTBmBEPSB
OFTTFTFOUJEP$PNBBTDFOTÍPEFQBSUJEPTQPMÓUJDPTEFFTRVFSEBBP
QPEFS OB 7FOF[VFMB
#SBTJM F "SHFOUJOB
IPVWF VN NPWJNFOUP FN
FTDBMBDPOUJOFOUBMEFBMJOIBNFOUPEPTNPWJNFOUPTTPDJBJTDPNPT
HPWFSOPTOBDJPOBJT$PMPDBSTFDPNPQPSUBWP[EPTNPWJNFOUPTTP
DJBJTOFTTFDPOUFYUPTJHOJmDBOBEBNBJT
OBEBNFOPTEPRVFBQPJBS
PTHPWFSOPTOBDJPOBJTOÍPBQFOBTMFHJUJNBSBFʽSVUVSBEP&ʽBEP
DPNPBQPJBSBTQPMÓUJDBTOBEBFTRVFSEJʽBTEPTHPWFSOPTEF-VMB
,JS
DIOFSF$IÈWF[0QSFÎPQPSOÍPGB[ÐMPOØTKÈFʽBNPTQBHBOEPÏ
PJTPMBNFOUP
&TTB TJUVBÎÍP FYUSFNB UBMWF[ WFOIB QBSB CFN &MB FʽÈ OPT GPS
ÎBOEPBSFnFUJSTPCSFPQSPKFUPPSJHJOBMEP$.*FFʽÈOPTPCSJHBO
EPBFOGSFOUBSEJGÓDFJT NBTOFDFTTÈSJBT
FTDPMIBTQPMÓUJDBT5BMWF[
UFOIBNPT RVF
DPNP -FOJO
EJʽJOHVJS BT EJNFOTÜFT TPDJBJT F
QPMÓUJDBTEPTNPWJNFOUPT
OÍPQBSBDSJBSBMHVNBFʽSBUÏHJBEF
NBOJQVMBÎÍP
NBTQBSBSFDPOIFDFSBEJOÉNJDBPSHBOJ[BDJPOBMEPT
NPWJNFOUPT"EJʽJOÎÍPMFOJOJʽBÏBJOEBVNBSFBMJEBEFEFOUSPEPT
NPWJNFOUPT 4VBT MJEFSBOÎBT TBCFN RVF PT TFNUFSSB BQFOBT RVF
SFNUFSSB
RVFPTTFNUFUPBQFOBTRVFSFNUFUPFRVFPTUSBCBMIBEP
SFTBQFOBTRVFSFNNFMIPSFTTBMÈSJPT&MFTUFOUBNBJOEBNBOJQVMÈMPT
QBSB RVF BQØJFN PV DSJUJRVFN P HPWFSOP
RVF TFKBN DPOUSB PV B
GBWPSEBTSFGPSNBT
EBTQSJWBUJ[BÎÜFTFEFTTBPVEBRVFMBWFSTÍPEB
SFWPMVÎÍP4FPQUBNPT
QPSOPTTPTWBMPSFTQPMÓUJDPT
BOÍPBQPJBSFT
TFTQSPHSBNBTQPMÓUJDPTPVNFOPTBJOEBPQSPDFTTPEFNBOJQVMBÎÍP
EPTQBSUJEPT
JTTPOÍPTJHOJmDBRVFOÍPEFWFNPTBQPJBSBMVUBTPDJBM
QPSUFSSB
DBTBFTBMÈSJPT.BT
JTTP
FWJEFOUFNFOUFÏJOTVmDJFOUF1PS
RVF
BPBQPJBSBMVUBTPDJBMEPNPWJNFOUP
BQPJBNPTJOEJSFUBNFOUF
BMVUBQPMÓUJDBEBMJEFSBOÎBMVUBQPMÓUJDBRVFQPEFFʽBSFNUPUBM
PQPTJÎÍPBPTOPTTPTWBMPSFT
/VNBTJUVBÎÍPDPNPFTTB
TØVNBTBÓEB
RVFOÍPÏDÙNPEB
OFN
NVJUPCFNEFmOJEBBMÏNEFDPOʽSVJSNPTVNWFÓDVMPEFDPNVOJ
DBÎÍPDPNPTWBMPSFTRVFUFNPTÏQSFDJTPDPOʽSVJSVNNPWJNFOUP
DPNPTWBMPSFTRVFUFNPTVNNPWJNFOUPRVFWÈBMÏNEPTQFRVF
OPTFʼBÎPTRVFUFNPTDPOTFHVJEP"UBSFGBÏFOPSNFFJOBEJÈWFM
*OUFSWFOÎÜFT%JHJUBJT
i®NFEJEBRVFmDBDBEBWF[NBJTFYQMÓDJUPEFRVFPDJCFSFT
QBÎPOÍPÏVNBiUFSSBEFOJOHVÏNw y
mDBUBNCÏNDBEB
WF[NBJTFYQMÓDJUPEFRVFFʽFÏVNOPWPUFSSJUØSJPEFCBUBMIB
FMVUBTPDJBM
VNMVHBSPOEFBTOPWBTGPSNBTEFMFHJUJNBÎÍP
EPTJʽFNBDBQJUBMJʽBQØTJOEVʽSJBM
nVJEPFOÙNBEF
UFOUB
DPOTPMJEBSTFVQPEFSw
$SJUJDBM"SU&OTFNCMF
"."%&6
4ÏSHJP 0SH
4PGUXBSF-JWSFFJODMVTÍPEJHJUBM4ÍP1BVMP$POSBE
EJTDVTTÜFTTPCSFBTRVFʽÜFTEPDPQZMFGUFJODMVTÍPEJHJUBM.VOJEPT
QFMPFʼÓSJUPEFEFNPDSBUJ[BÎÍPBPBDFTTPFBPDPNQBSUJMIBNFOUP
EBJOGPSNBÎÍP
FTTFTNPWJNFOUPTCVTDBNSPNQFSDPNPBQSJTJPOB
NFOUPEPDPOIFDJNFOUPUFDOPMØHJDPBVNBJOUFMJHÐODJBSFEVUPSBF
NPOPQPMJʽB
1PSPVUSPMBEP
ÏEFGB[FSOPUBS
UBMDPNPOPTBTTJOBMBUÍPCFN%FMFV[F
BTFT
USBUÏHJBTNBJTDPNQMFYBT
OÙNBEFTFEFTDFOUSBMJ[BEPSBTEFDPOUSPMF
F WJHJMÉODJB FOHFOESBEBT QFMB NÈRVJOB DBQJUBMJʽB QØTJOEVʽSJBM "T
BOUJHBTTPDJFEBEFTEFTPCFSBOJB
EJ[%FMFV[F
iNBOFKBWBNNÈRVJOBT
TJNQMFT
BMBWBODBT
SPMEBOBT
SFMØHJPT y
BT TPDJFEBEFT EF DPOUSPMF
PQFSBNQPSNÈRVJOBTEFVNBUFSDFJSBFʼÏDJF
NÈRVJOBTEFJOGPSNÈ
UJDBFDPNQVUBEPSFT
DVKPQFSJHPQBTTJWPÏBJOUFSGFSÐODJBF
PBUJWP
B
QJSBUBSJBFBJOUSPEVÎÍPEFWÓSVTw
+È"MFY(BMMPXBZ
FNTFVMJWSP1SPUPDPMIPXDPOUSPMFYJʽTBGUFSEFT
DFOUSBMJ[BUJPO
QVCMJDBEPFN
QBSUJOEPEPTQSFTTVQPʽPTKÈEFMJOF
BEPTQPS%FMFV[F
'PVDBVMU
)BSEUF/FHSJ
BSHVNFOUBRVFPDPOUSPMF
EFTDFOUSBMJ[BEPFOÙNBEFEBTPDJFEBEFDBQJUBMJʽBDPOUFNQPSÉOFBTF
EFCSVÎBOPTQSPUPDPMPT
UBJTDPNPP%/4
P5$1*1
RVFHPWFSOBNPT
nVYPTEFJOGPSNBÎÜFTOBSFEF
%FGBUP
PRVFPTUFØSJDPTEBDPOUFNQPSBOFJEBEFOPTUÐNBMFSUBEP
ÏRVF
QBSBMFMBNFOUFBPTVSHJNFOUPEFVNBOPWBFDPOPNJB
EFOPWBT
PSHBOJ[BÎÜFTFNQSFTBSJBJT
EFUSBOTGPSNBÎÜFTOPNVOEPEPUSBCBMIP
DPNBQFSEB
JODMVTJWF
EFWÈSJPTEPTEJSFJUPTUSBCBMIJʽBTDPORVJʽBEPT
BPMPOHPEPTÏDVMPQBTTBEP
UÐNTVSHJEPOPWBTGPSNBTEFQPEFS
DPO
USPMFFWJHJMÉODJBFOHFOESBEBTQFMPTJʽFNBDBQJUBMJʽBQØTJOEVʽSJBM
"BSUFDPNPGPSNBEFSFTJʽÐODJBPEFCBUFUFØSJDP
$PNP FOUÍP SFTJʽJS DPOUSB BT TPDJFEBEFT EF DPOUSPMF TFN DBJS
FNTVBTNBMIBTEFNBOJQVMBÎÍPRVBTFJOWJTÓWFJT "TGPSNBTEFSFTJT
UÐODJBOBTPDJFEBEFDPOUFNQPSÉOFBTÍPTFNFMIBOUFTËTEFMJOFBEBT
BOUFSJPSNFOUF 1BSBBMHVOTQFOTBEPSFT
QBSFDFRVFOÍP&TTFÏPDBTP
EPHSVQP$SJUJDBM"SU&OTFNCMF
VNDPMFUJWPEFBUJWJʽBTQBSBRVFN
BTSFHSBTEBSFTJʽÐODJBQPMÓUJDBFDVMUVSBMEFWFNTFNPEJmDBSFTF
BEBQUBS Ë nVJEF[ F BP OPNBEJTNP EP TJʽFNB RVF MIF EÈ PSJHFN
DPODFJUP EF NJNFTF DSÓUJDB
DPNP VNB GPSNB EF SFDVQFSBS B QSP
EVÎÍPBSUÓʽJDBFNVNBTPDJFEBEFFNRVFUVEPTFUSBOTGPSNBFN
NFSDBEPSJB
+È(JMMFT%FMFV[FBmSNBRVFVNBEBTFʽSBUÏHJBTQBSBSFTJʽJSËT
OPWBTGPSNBTEFNBOJQVMBÎÍPEBTPDJFEBEFDBQJUBMJʽBÏPQFSBSOP
TFOUJEPEBDPOUSBJOGPSNBÎÍP6NBJOGPSNBÎÍP
EJ[PmMØTPGP
iÏVN
DPOKVOUPEFQBMBWSBTEFPSEFN2VBOEPOPTJOGPSNBNOPTEJ[FNP
RVFKVMHBNRVFEFWFNPTDSFS&NPVUSPTUFSNPT
JOGPSNBSÏGB[FSDJS
DVMBSVNBQBMBWSBEFPSEFN y
FNQBÓTFTTPCEJUBEVSBDFSSBEB
FN
DPOEJÎÜFTQBSUJDVMBSNFOUFEVSBTFDSVÏJT
FYJʽFBDPOUSBJOGPSNBÎÍP
y
BDPOUSBJOGPSNBÎÍPTØTFUPSOBFmDB[RVBOEPFMBÏFFMBPÏQPS
OBUVSF[BPVTFUPSOBVNBUPEFSFTJʽÐODJBw
*OUFSFTTBOUFQFSDFCFSRVF
QBSB%FMFV[F
BPCSBEFBSUFÏ
FNTJ
NFTNB
BRVJMPRVFSFTJʽFi"PCSBEFBSUFOÍPDPOUÏN
FʽSJUBNFOUF
BNÓOJNBJOGPSNBÎÍP&NDPNQFOTBÎÍP
FYJʽFVNBBmOJEBEFGVOEB
NFOUBMFOUSFBPCSBEFBSUFFPBUPEFSFTJʽÐODJB*ʽPTJN&MBUFNBMHP
BWFSDPNBJOGPSNBÎÍPFBDPNVOJDBÎÍPBUÓUVMPEFBUPEFSFTJʽÐODJBw
"BSUFDPNPDSÓUJDBEFBSUFFEPTNFJPTEFDPNVOJDBÎÍP
"QPOUBSPBUPEFSFTJʽÐODJBDPNPBJOUFSGBDFDPNVNFOUSFBDPNV
OJDBÎÍPFBBSUFFNVNBTPDJFEBEFEFDPOUSPMFQBSFDFGVOEBNFOUBM
QBSBFOUFOEFSBTMJOHVBHFOTDPOUFNQPSÉOFBT
QBSUJDVMBSNFOUFBTOP
WBTQPTTJCJMJEBEFTFʽÏUJDBTRVFEFʼPOUBNEBJOUFSQFOFUSBÎÍPEBBSUF
DPNBTNÓEJBTEJHJUBJT
TPCBTTVBTNBJTEJGFSFOUFTWFSUFOUFTUBJTDPNP
BOFUBSU
BXFCBSUFFBTBSUFTUFMFNÈUJDBT
²JNQPSUBOUFSFTTBMUBS
DPOUVEP
RVFNVJUPTEPTNPWJNFOUPTBSUÓʽJ
DPTEBBSUFNPEFSOBFDPOUFNQPSÉOFBGPSBN
DBEBRVBMËTVBNBOFJSB
BUPTEFSFTJʽÐODJB3FTJʽÐODJBBPTQBSBEJHNBTEBFʽÏUJDBDPOWFODJP
OBM
SFTJʽÐODJBËTJNQMJmDBÎÍPEBTMJOHVBHFOT
SFTJʽÐODJBËFYQPTJÎÍP
FNFʼBÎPTFMVHBSFTEJUPTUSBEJDJPOBJT
UBJTDPNPNVTFVTFHBMFSJBT
EFBSUF
SFTJʽÐODJBBPTTVQPSUFTUSBEJDJPOBJTEPGB[FSBSUÓʽJDP"FTTF
SFʼFJUP CBʽB MFNCSBS P QBQFM SFWPMVDJPOÈSJP EPTSFBEZ NBEFT EV
DIBNQJBOPT
BTDSÓUJDBTQPMÓUJDPJEFPMØHJDBTOPTUSBCBMIPTEFBSUFDPO
DFJUVBMEF$JMEP.FJSFMMFT
PDJOFNBNPOUBHFNEF&JTFOʽFJO
CFN
DPNPBTDSÓUJDBTBPTQBSBEJHNBTEBFʽÏUJDBDMÈTTJDBFiCVSHVFTBwOBT
NBOJGFʽBÎÜFTOFPEBEBÓʽBTEPHSVQP'MVYVT%FGBUP
TFPMIBSNPT
QBSBBQSPEVÎÍPBSUÓʽJDBNPEFSOBFDPOUFNQPSÉOFB
QFSDFCFSFNPT
RVFBQBMBWSBSFTJʽÐODJBBTTVNJV
BÓ
VNTFOUJEPBNQMPJOEPNVJUP
NBJTBMÏNEPRVFBTJNQMFTDPOUFʽBÎÍPEPTJʽFNBDBQJUBMJʽB
*NQPSUBOUFMFNCSBS
BRVJ
RVFPTQSPDFTTPTEFSFTJʽÐODJBFDSÓUJDBBP
QBQFMEBNÓEJBOPNVOEPEBBSUFUBNCÏNOÍPÏSFDFOUF+ÈOPJOÓDJP
EPTÏDVMP99BSUJʽBTDPNP-BT[MØ.PIPMZ/BHZ
FOUSFPVUSPT
DPNF
ÎBSBNBGB[FSVTPEPUFMFGPOF
SÈEJP
FOUSFPVUSPTNFJPTEFDPNVOJDB
ÎÍP
DPNPSFDVSTPFYQSFTTJWPFFʽÏUJDP
/PKÈIJʽØSJDP(VFSSBEPTNVOEPT0STPO8FMMFT
VUJMJ[BOEPVN
QSPHSBNBSBEJPGÙOJDP
TJNVMPVVNBJOWBTÍPEFNBSDJBOPTOPQMBOF
UB5FSSB"QFTBSEFPTBOÞODJPT
EVSBOUFPQSPHSBNB
BmSNBSFNRVF
TFUSBUBWBEFVNBQFÎBEFmDÎÍP
PQÉOJDPUPNPVDPOUBEPQÞCMJDP
PVWJOUF
FYQMJDJUBOEPPQPEFSEPSÈEJPDPNPWFÓDVMPEFDPNVOJDBÎÍP
.BTGPJFNTFVDMÈTTJDP$JEBEÍP,BOF
EF
RVF8FMMFTVTPVEFMJ
CFSBEBNFOUFBBSUFQBSBPQFSBS
EFGPSNBJOÏEJUBOPDJOFNB
BDSÓUJDB
BPTNFJPTEFDPNVOJDBÎÍPEFNBTTB$PNQMBOPTFQPTJDJPOBNFOUP
EFDÉNFSBJOPWBEPSFT
8FMMFTDPOUBWBBIJʽØSJBEFVNTVQFSNBHOBUB
EBNÓEJBQBSBFYQMJDJUBSDPNPPTWFÓDVMPTEFDPNVOJDBÎÍPQPEFNTFS
UBNCÏNWFÓDVMPTEFNBOJQVMBÎÍPJEFPMØHJDBFDPMFUJWB
&YFNQMBS OFTTF TFOUJEP Ï P EPDVNFOUÈSJP #FZPOE $JUJ[FO ,BOF
QSPEV[JEPOPTBOPTQFMPJOHMÐT4JNPO)PHBSUI
RVF
FNWJTJUBBP
#SBTJM
DPOIFDFVPJNQÏSJPEB3FEF(MPCP"FEJÎÍPEPEFCBUF$PMMPS
-VMBFN
BiDPCFSUVSBwEBT%JSFUBT+È
DFOBTEFDSJBOÎBDIFJSBOEP
DPMBTFBMUFSOBOEPDPNUSFDIPTEPQSPHSBNB9PVEB9VYBFNRVFFMB
DBOUBiUPEPNVOEPFʽÈGFMJ[
UPEPNVOEPRVFSEBOÎBSw
TÍPBMHVNBT
EBTDFOBTEFTTFEPDVNFOUÈSJPRVFDPMPDBFNQMFOBFWJEÐODJBPQPEFS
EBSFEFEFUFMFWJTÍPOPQBÓT
.BTOÍPGPJBQFOBTOPOÓWFMUFNÈUJDPRVFPGPSNBUPUFMFWJTJWP
TFSWJV ËT OPWBT FʽSBUÏHJBT EF SFTJʽÐODJB BPT NFDBOJTNPT EF NBOJ
QVMBÎÍPFNPEVMBÎÍPQFSNJUJEPTQFMPVTPEPTTJʽFNBTEFUFMFDPNV
OJDBÎÍP 2VBOEP /BN +VOF 1BJL
FN .BHOFU 57
EF
EFTWJPV
DPNBBKVEBEFJNÍTQPEFSPTPT
PnVYPEFFMÏUSPOTOPJOUFSJPSEP
UVCPJDPOPTDØQJPPVRVBOEP8PMG7PʽFMM
OBWJEFPJOʽBMBÎÍP57
EÏDPMMBHFO
EF
BQSFTFOUPV TFJT UFMFWJTPSFT RVF USBOTNJUJBN
JNBHFOTBCʽSBUBTTFHVOEPVNQSPDFTTPEFEFTFʽSVUVSBÎÍP PVEÏ
DPMMBHFO
EPnVYPFMFUSPNBHOÏUJDP
ÏBNFTNBJEÏJBRVFTFBNQMJB
EFOUSP
BHPSB
EPDPOUFYUPFʼFDÓmDPEBWJEFPBSUF
1BMBWSBT B TBMB EF DPOGFSÐODJB EF JNQSFOTB EF "OUPOJ .VOUB
EBT
BQSFTFOUBEBQFMBQSJNFJSBWF[OP.VTFVEF"SUFEF*OEJBOØQP
MJTFN
UBNCÏNDPMPDBEFGPSNBFWJEFOUFBDSÓUJDBBPFʽBUVUP
EPT NFJPT EF DPNVOJDBÎÍP EF NBTTB OB TPDJFEBEF DPOUFNQPSÉOFB
"TBMB
PCTDVSFDJEB
DPOUJOIBVNUBQFUFGPSNBEPQPSKPSOBJTRVFMJ
HBWBPQÞMQJUPEFVNPSBEPS
WB[JPFDPNNJDSPGPOFT
BVNNPOJUPS
EFWÓEFP
RVFWFJDVMBWBJNBHFOTEFEJTDVSTPTQPMÓUJDPT
FWJEFODJBOEP
B QBESPOJ[BÎÍP EPT EJʼPTJUJWPT GPSNBJT EF FNJTTÍP F SFDFQÎÍP EFT
TFUJQPEFEJTDVSTPOPTWFÓDVMPTNJEJÈUJDPT&TTBNFTNBJOʽBMBÎÍPGPJ
BQSFTFOUBEBOP#SBTJM
OBHBMFSJB-VÓTB4USJOBOPBOPEF
RVBOEPP
BSUJʽBBDSFTDFOUPV
ËTJNBHFOTFTPOTEFEJTDVSTPTQPMÓUJDPTUPNBEPT
FNWÈSJPTDPOUFYUPTJOUFSOBDJPOBJT
NBUFSJBJTEFBSRVJWPTCSBTJMFJSPT
5BNCÏNQPEFNPTGB[FSSFGFSÐODJBËTFYQFSJÐODJBTEF.BSDFMP5BT
RVF
OBmHVSBEPSFQØSUFS&SOFʽP7BSFMB
SFBMJ[PVEFGPSNBJSÙOJDBF
TBSDÈʽJDBVNBDSÓUJDBDPOUVOEFOUFBPQPEFSDPOʽSBOHFEPSEPTNFJPT
EFDPNVOJDBÎÍPEFNBTTB/FTTBNFTNBQFSʼFʹJWB
P.BOJGFʽPEF
"SUFÙOJDB
EF
EF8BMEFNBS$PSEFJSPEFʽBDBWBPQBQFMPCTPMF
UPEBBSUFUSBEJDJPOBMFBJNQPSUÉODJBEBEFNPDSBUJ[BÎÍPEPBDFTTPË
QSPEVÎÍPBSUÓʽJDBQFMPTNFJPTUFMFDPNVOJDBUJWPT
JEÏJBRVFTFSJBSFUP
NBEBNBJTUBSEFQPS+ÞMJP1MB[B
FOUÍPDVSBEPSEBTFÎÍPEF"SUF1PʽBM
EB#JFOBM*OUFSOBDJPOBMEF4ÍP1BVMP
1MB[B
OPDBUÈMPHPEB
FYQPTJÎÍP
BDFOUVBWBPBʼFʹPEFNPDSBUJ[BEPSEBNBJMBSUF
DSJUJDBO
EPPFʽBUVUPEBiQSPQSJFEBEFEBBSUFPVTFKBBDVMUVSBDPNPQSÈUJDB
FDPOÙNJDB
FRVFQSPQÜFBJOGPSNBÎÍPBSUÓʽJDBDPNPQSPDFTTPFOÍP
DPNPBDVNVMBÎÍPw
"QBSUJSEPTBOPTFVNBTÏSJFEFBSUJʽBT
EFOUSPFGPSBEP
#SBTJM
DPNFÎBNBVUJMJ[BS
EFGPSNBNBJTTJʽFNÈUJDB
PTTVQPSUFTJNB
UFSJBJTEFDPNVOJDBÎÍPDPNPSFDVSTPFYQSFTTJWP
FʽÏUJDPFEFDSÓUJDB
1PSNFJPEBVUJMJ[BÎÍPEFTBUÏMJUFT
TMPXTDBO57
UFMFGPOF
GBY
FOUSF
PVUSBTGPSNBTEFEJʽSJCVJÎÍPEFJOGPSNBÎÍP
PTBSUJʽBTEFTTBÏQPDB
QSPDVSBSBNQSJWJMFHJBSPTQSPKFUPTEFPSEFNHMPCBM"QSPQPʽBEFT
$BUÈMPHPEF"SUF1PTUBMEB#JFOBM*OUFSOBDJPOBMEF4ÍP1BVMP
TFTFWFOUPTGPJBEFVMUSBQBTTBSBBUJUVEFUSBEJDJPOBMFDPOUFNQMBUJWB
FNSFMBÎÍPBPPCKFUPBSUÓʽJDPFËNÓEJBEFNBTTB
KÈRVFFTTFUJQPEF
QSPEVÎÍPQSPDVSPVQSJWJMFHJBSNVJUPNFOPTPPCKFUPPVBJNBHFN
QSPEV[JEBEPRVFPQSPDFTTPDPNVOJDBUJWPPEJÈMPHPFBDPNVOJDB
ÎÍP CJEJSF
DJPOBMRVFTFFʽBCFMFDJBNFOUSFPTEJWFSTPTDPNQPOFOUFTEPFWFOUP
0DBSÈUFSUSBOTHSFTTJWPEFBMHVNBTEFTTBTQSÈUJDBTTFGB[OPUBS
QPS
FYFNQMP
FNQSPKFUPTDPNP-PVWSFEV-PVWSF
RVFDPOUPVDPN
BDVSBEPSJBEF1BVMP-BVSFOUJ[FDVKB
QSPQPʽBFSBBJOWBTÍP
QPSGBY
EP.VTFVEP-PVWSFOB'SBOÎB
/FUBSUFPVBSFTJʽÐODJBEPNFJPBPNFJP
" QSPEVÎÍP BSUÓʽJDB DPOUFNQPSÉOFB RVF TF TJUVB OB JOUFSGBDF DPN
BTNÓEJBTEJHJUBJTSFUPNBN
EFDFSUBGPSNB
FTTBTFʽSBUÏHJBTEFSFTJT
UÐODJB
PQFSBOEPEJTDVSTPTDSÓUJDPTOPÉNCJUPEBQSØQSJBFʽSVUVSBEF
GVODJPOBNFOUP EB JOUFSOFU .VJUPT USBCBMIPT
BTTVNJOEP RVBTF VN
WJÏTEFTDPOʽSVUJWJʽB
OÍPTPNFOUFTVCWFSUFNPTQSPUPDPMPTOPSNBJT
EP USÉOTJUP F nVYP EF JOGPSNBÎÜFT SFBMJ[BEPT FN SFEF
EJTDVUJOEP
RVFʽÜFTRVFEJ[FNSFʼFJUPBPDPOUFYUPFËFʽSVUVSBFʼFDÓmDBEB
JOUFSOFU
DPNP UBNCÏN USB[FN Ë MV[ UFNBT RVF
OP DJCFSFʼBÎP
TF
UPSOBNNBJTFYQMÓDJUPT
UBJTDPNPBRVFʽÍPEBBVUPSJB
EPQMÈHJP
EP
iIBDLFBNFOUPw
EPDPQZSJHIU
EBTTJUVBÎÜFTEFDPNQBSUJMIBNFOUPFEPT
FʼBÎPTDPMBCPSBUJWPT$PMPDBNFNEJTDVTTÍP
UBNCÏN
RVFʽÜFTRVF
EJ[FNSFʼFJUPËQSJWBDJEBEF
ËNBOJQVMBÎÍPEPDPSQØSFPFËÏUJDBEF
SFMBDJPOBNFOUPDPNBTOPWBTGPSNBTEFWJEB
*OUFSFTTBOUFQFSDFCFSRVFFTTFFʼÓSJUPUSBOTHSFTTPSBDPNQBOIBPQSØ
QSJPUFSNPOFUBSUF
RVFQBSFDFUFSTVSHJEPQFMBQSJNFJSBWF[FN
DPNPVNBFʼÏDJFEFSFBEZNBEFFNVNBMJʽBEFEJTDVTTÍPTPCSFBT
QSPEVÎÜFTBSUÓʽJDBTSFBMJ[BEBTOBJOUFSOFU
* GFMM JUT UJNF OPX UP HJWF B MJHIU PO UIF PSJHJO PG UIF UFSN OFU BSU
"ʹVBMMZ
JUJTBSFBEZNBEF*OEFDFNCFS7VL$PTJTHPUBNFTTBHF
TFOUWJBBOPOZNPVTNBJMFS#FDBVTFPGJODPNQBCJMJUZPGTPGUXBSF
UIF
PQFOFEUFYUBQQFBSFEUPCFQSBʹJDBMMZVOSFBEBCMFBTDJJBCSBDBEBCSB
ʾF'JMF3PPN
EF"OUPOJP.VOUBEBT
ÏVNEPTQSJNFJSPTUSBCBMIPT
EFTFOWPMWJEPT QBSB B JOUFSOFU 0 QSPKFUP
RVF EJTDVUJB P UFNB EB
DFOTVSBDVMUVSBM
DPOTJʽJBEFVNBJOʽBMBÎÍPFVNCBODPEFEBEPT
FNRVFPTVTVÈSJPTQPEFSJBNEFQPTJUBSPTTFVTQSPKFUPTDFOTVSBEPT
2VBUSP BOPT NBJT UBSEF .BSL /BQJFS
FN ʾF %JHJUBM -BOEmMM
UBN
CÏNDPOWJEPVPTVTVÈSJPTBDPMPDBSFNJOGPSNBÎÜFTFNVNCBODPEF
EBEPT.BT
DPOUSBSJBNFOUFBPUSBCBMIPEF.VOUBEBT
PEF/BQJFSSF
BMJ[PVVNBDSÓUJDBBPTQSPDFTTPTDBEBWF[NBJTBDVNVMBUJWPTFFOUSØ
QJDPTEBTJOGPSNBÎÜFTOBTTPDJFEBEFTNJEJÈUJDBT+ÈFN1BJTBHFNEF
(JTFMMF#FJHVFMNBO
.BSDVT#BʽVTF3BGBFM.BSDIFUUJ
BJEÏJBEFVN
CBODPEFEBEPTHBOIBDPOUPSOPTEJGFSFODJBEPTOFTTFDBTPPCBODPEF
EBEPTOÍPÏWJʽPDPNPVNQSPDFTTPEFBDVNVMBÎÍPFYDFTTJWBEFJO
GPSNBÎÍP
NBTDPNPBMHPRVFFʽÈTFOEPDPNQBSUJMIBEPFDPOʽSVÓEP
DPMFUJWBNFOUFBQBSUJSEBTSFDJDMBHFOTFTBNQMFBHFOTSFBMJ[BEBTQFMPT
QSØQSJPTJOUFSOBVUBTEFNBOFJSBDPMBCPSBUJWB
.VJUPTFUFNEJTDVUJEPTPCSFBBVUPSJB
PTEJSFJUPTEFBVUPSFB
QSPQSJFEBEFEBPCSBEFBSUFFNSFMBÎÍPBPFʼBÎPEBJOUFSOFUVN
FʼBÎPOPRVBMOFOIVNBJOGPSNBÎÍPFʽÈBTBMWPEFTFSSFQSPEV[JEB
FSFVUJMJ[BEB/FTTFDPOUFYUPDPMPDBTFFNYFRVFBOPÎÍPEFBVUPSJB
FEPBSUJʽBHÐOJPFBBOUJHBEJTDVTTÍPTPCSFPPSJHJOBMFBDØQJB
CFN
DPNPTPCSFPWBMPSBVSÈUJDPEBPCSBEFBSUFRVFQBSFDF
BRVJ
OÍPUFS
OFOIVNTFOUJEP
KÈRVFBNÈRVJOBJOGPSNÈUJDBÏFNTJNFTNBVNB
UFDOPMPHJBEBEJHJUBMJ[BÎÍP
JʽPÏ
EBDMPOBHFN
EBUSBOTGPSNBÎÍPEF
VNFNPVUSP
&TTF Ï
QPS FYFNQMP
VN EPT QPOUPTDIBWF EP DPMFUJWP 3F$PNCP
RVF WFN EFTFOWPMWFOEP QSPKFUPT EF BSUF EF GPSNB DPMBCPSBUJWB
PQFSBOEPVNEJTDVSTPFTTFODJBMNFOUFDSÓUJDPTPCSFPTQSPDFTTPTEF
DPNFSDJBMJ[BÎÍP EB JOUFSOFU F TPCSF PT DPODFJUPT EF QSPQSJFEBEF
JOUFMFʹVBMFBVUPSJB
&YFNQMBSTPCSF BOPÎÍP EFBVUPSJB OP BNCJFOUFEBJOUFSOFUTÍPPT
USBCBMIPTEF$ÓDFSP*OÈDJP4JMWBDPNPPQSPKFUP"TTJOBEPUFYUPBP
DPOUFYUP
RVFJOWFʽJHBBTRVFʽÜFTRVFEJ[FNSFʼFJUPËBVUPSJB
Ë
WFSBDJEBEFFBPFYDFTTPEFJOGPSNBÎÜFTWFJDVMBEBTOBSFEF&N1MB
UP 0OMJOF /PUIJOH
4DJFODF BOE 5FDIOPMPHZ
$ÓDFSP EFTFOWPMWF VN
QFSJØEJDPDJFOUÓmDPmʹÓDJPRVFBQSFTFOUBUFYUPTiBDBEÐNJDPTwHFSB
EPTQPSBMHPSJUNPT0TUFYUPT
UPUBMNFOUFTFNTFOUJEP
DPMPDBNFN
EFCBUFOÍPTPNFOUFBJOEÞʽSJBEPiDJUBDJPOJTNPBDBEÐNJDPw
DPNP
UBNCÏNBWFSBDJEBEFEBTJOGPSNBÎÜFTWFJDVMBEBTQFMBJOUFSOFU
7BMFMFNCSBS
UBNCÏN
BTJOUFSWFOÎÜFTEFBSUFIBDLUJWJTNPQSP
NPWJEBT QFMP PSH
VN TJUF UJQJDBNFOUF EF SFTJT
UÐODJB
RVFDPMPDBFNEFCBUFBTOPÎÜFTEFBVUPSJB
EJSFJUPBVUPSBMF
QMÈHJPOPDPOUFYUPEBJOUFSOFU&N7BUJDBOPPSHBQSPQPʽBFSBBEF
iIBDLFBSwPXFCTJUFPmDJBMEP7BUJDBOPDPMPDBOEP
POMJOF
VNBWFS
TÍPDPNBMHVNBTNPEJmDBÎÜFT0VUSPUSBCBMIPRVFBDPNQBOIBFTTF
FʼÓSJUPBUJWJʽBÏ.FKPS7JEB$PSQPSBUJPO
EF.JWFSWB$VFSWBT
VN
TJUFEFVNBFNQSFTBmʹÓDJBRVFPGFSFDFJOÞNFSPTQSPEVUPTQBTTÓWFJT
EFTFSFNiDPNQSBEPTwQFMBSFEFSFBMJ[BOEP
EFGPSNBJSÙOJDB
VNBTÏ
SJFEFRVFʽJPOBNFOUPTBPTJʽFNBDBQJUBMJʽB
%FOUSPEFVNBPVUSBQFSʼFʹJWBFODPOUSBNTFBRVFMFTUSBCBMIPT
RVF TVCWFSUFN BT JOUFSGBDFT VTVBJT
SPNQFOEP DPN BT FYQFʹBUJWBT
DPNVOTEPTVTVÈSJPTEBJOUFSOFU
DPNPÏPDBTPEPEJWFSUJEPUSBCBMIP
;EF"OUPOJ"CBE"RVJTPNPTMFWBEPTBVNBUFMBDJO[BRVFDPOUÏN
VNBNPTDBJNQPTTÓWFMEFTFSDMJDBEB0PCKFUJWPEFTTFQSPKFUPÏPEF
OÍPDPNVOJDBS3PNQFDPNPTQSPUPDPMPTIBCJUVBJTEBJOUFSOFU
RVBO
EPDMJDBSTJHOJmDBBDFTTBS
FODPSBKBOEP
BTTJN
PVTVÈSJPBQFOTBSTPCSF
BTSFʽSJÎÜFTFPDPOUSPMFJNQPʽPTQFMBJOUFSOFU+ÈFN3FGFSFODJBTEF
3JDBSEP*HMFTJBTPVOPTJUFEPHSVQPCSBTJMFJSP$PSQPT*OGPSNÈUJDPTB
JEÏJBÏRVFʽJPOBSBTJOUFSGBDFTGVOEBEBTFNKBOFMBT"QSFTFOUBNVN
FʼBÎPnVJEPFDBØUJDP
SPNQFOEPDPNBFʽSVUVSBUSBEJDJPOBMEBTEJT
QPTJÎÜFTEBTKBOFMBTOBUFMBEPDPNQVUBEPS
7BMFMFNCSBS
BJOEB
EBFYQPTJÎÍP$0%F%0$
DVSBEBQPS
$ISJʽJBOF 1BVM F RVF UFWF DPNP PCKFUJWP FYQMPSBS P DØEJHP GPOUF
DPNP QBSUF GVOEBNFOUBM EB PCSB B TFS EFTFOWPMWJEB %FOUSF PT USB
CBMIPTBÓBQSFTFOUBEPTEFʽBDBTFPEF4BXBE#SPPLT1FSM
VNTJUFFN
RVFPDØEJHPGPOUFBMUFSBFJOUFSGFSFOBQÈHJOBJOJDJBMEFTJUFTEFUSÐT
HSBOEFTKPSOBJTEPNVOEP
5PEBTFTTBTQPÏUJDBTSFWFMBN
DBEBVNBËTVBNBOFJSB
VNBGPSNBEF
SFTJʽÐODJBËTTPDJFEBEFTEFDPOUSPMF
TFKBTVCWFSUFOEPPTQSPUPDPMPT
EPnVYPEFJOGPSNBÎÍPQFMBSFEF
TFKBQSPCMFNBUJ[BOEPRVFʽÜFTRVF
EJ[FNSFʼFJUPBPDPOUFYUPFËFʽSVUVSBFʼFDÓmDBEBJOUFSOFU5SB
[FNËMV[FBPEFCBUFUFNBTRVF
OBTPDJFEBEFNJEJÈUJDB
TFUPSOBN
NBJTFYQMÓDJUPTOFUBUJWJTNP
DPQZMFGU
BVUPSJB
DPOUSBJOGPSNBÎÍP
EJ
#JCMJPHSBmB
"%03/0
ʾFPEPS5FPSJBFʽÏUJDB4ÍP1BVMP.BSUJOT'POUFT
"."%&6
4ÏSHJP 0SH
4PGUXBSF-JWSFFJODMVTÍPEJHJUBM4ÍP1BVMP
$POSBE
"3"/5&4
1SJTDJMB"SUFFNÓEJBOP#SBTJMQPSVNBFʽÏUJDBFNUFNQP
EJHJUBM5FTFEFEPVUPSBNFOUP1POUJGÓDJB6OJWFSTJEBEF$BUØMJDBEF4ÍP
1BVMP
@@@@@@1&3&*3"
.JSOB'FJUP[Bi"SUFEJHJUBMÏUFNBEFEPJTFODPO
USPTFN4ÍP1BVMPw*O3FWJʽB(BMÈYJB$VSTPEFQØTHSBEVBÎÍPFNDP
NVOJDBÎÍPFTFNJØUJDBEB16$41
O
@@@@@@i#JFOBMEF4ÍP1BVMPnVJFNUFNQPSFBMOBOFUw*O'PMIBEF4
1BVMP
4ÍP1BVMP
KVM'PMIB*MVʽSBEB
#"6.("35&-
5JMNBOi/FUBSUPOUIFIJʽPSZPGBSUJʽJDXPSLXJUI
UFMFDPNVOJDBUJPOTNFEJBw*O8&*#&-
1FUFS%36$,&:
5JNPUIZ/FU
$POEJUJPO BSU BOE HMPCBM NFEJB ,BSMTSVIF
;,. $FOUFS GPS BSU BOE
NFEJB$BNCSJEHF.*5
#&/+".*/
8BMUFS5SBEVÎÍPEF4ÏSHJP1BVMP3PVBOFUi.BHJBFUÏD
OJDB
BSUFFQPMÓUJDBw*O0CSBTFTDPMIJEBT
7
FE
4ÍP1BVMP#SBTJ
MJFOTF
$"45&--4
.BOVFM."+&3
3POFJ7FOÉODJP 5SBE
"TPDJFEBEFFN
SFEFBFSBEBJOGPSNBÎÍPFDPOPNJB
TPDJFEBEFFDVMUVSB4ÍP1BV
MP1B[F5FSSB
$045"
.BSJP0TVCMJNFUFDOPMØHJDP5SBEVÎÍPEF%JPO%BWJ.BDF
EP4ÍP1BVMP&YQFSJNFOUP
@@@@@@-&ʽFUJDBEFJ.FEJB4BMFSOP$BQPOF&EJUPSF
$06$)05
&ENPOE"UFDOPMPHJBOBBSUFEBGPUPHSBmBËSFBMJEBEF
WJSUVBM1PSUP"MFHSF&EJUPSBEB6'3(4
%&-&6;&
((6"55"3*.JM1MBUÙTDBQJUBMJTNPFFTRVJ[PGSFOJB4ÍP
1BVMP&EJUPSB
%0.*/(6&4
%JBOB 0SH
"BSUFOPTÏDVMP99*BIVNBOJ[BÎÍPEBT
UFDOPMPHJBT4ÍP1BVMP&EJUPSBEB6OFʼ
@@@@@@$SJBÎÍPFJOUFSBUJWJEBEFOBDJCFSBSUF4ÍP1BVMP&YQFSJNFO
UP
@@@@@@"SUFFWJEBOPTÏDVMP99*4ÍP1BVMP&EJUPSBEB6OFʼ
&.4&.#-&
$"%JʽÞSCJPFMFUSÙOJDP4ÍP1BVMP$POSBE
'06$"6-5
.JDIFM)JʽØSJBEBTFYVBMJEBEF*BWPOUBEFEFTBCFS3JP
EF+BOFJSP&EJÎÜFT(SBBM
("--08":
" 1SPUPDPMIPX DPOUSPM FYJʽT BGUFS EFDFOUSBMJ[BUJPO
.*51SFTT
$BNCSJEHF
.BTTBDIVTFUUT
-POESFT
)03,)&*.&3
.BY"%03/0
5%JBMÏUJDBEPFTDMBSFDJNFOUP3JPEF
+BOFJSP+PSHF;BIBS
,&3$,)07&
%FSSJDLEF$POOFʹJOUFMMJHFODFUIFBSSJWBMPGUIFXFC
TPDJFUZ5PSPOUP4PVFSWJMMF)PVTF1VCMJTIJOH
-²7:
1JFSSF"TUFDOPMPHJBTEBJOUFMJHÐODJBPGVUVSPEPQFOTBNFOUP
OB FSB JOGPSNÈUJDB 5SBE $BSMPT *SJOFV EB $PʽB 4ÍP 1BVMP &EJUPSB
@@@@@@$JCFSDVMUVSB5SBE$BSMPT*SJOFVEB$PʽB4ÍP1BVMP&EJUPSB
-:05"3%
'01ØT.PEFSOP5SBE3JDBSEP$PSSFJB#BSCPTBFE3JP
EF+BOFJSP+PTÏ0MZNQJP
."3$64&
)FSCFSU i" BSUF OB TPDJFEBEF VOJEJNFOTJPOBMw *O -*."
-VJ[ $PʽB 0SH
5FPSJB EB $VMUVSB EF .BTTB 3JP EF +BOFJSP 1B[ F
5FSSB
.D-6)"/
.0TNFJPTEFDPNVOJDBÎÍPDPNPFYUFOTÜFTEPIPNFN
4ÍP1BVMP$VMUSJY
7*3*-*0
10FʼBÎPDSÓUJDPFBTQFSʼFʹJWBTEPUFNQPSFBM4ÍP
1BVMP&EJUPSB
-JOLT
i4PCSF BT TPDJFEBEF EF DPOUSPMF QPʽ TDSJQUVNw EF (JMMFT %FMFV[F
IUUQXXXJOGPSNBSUFOFUCBJMFEFNBTDBSBTDPOUSPMFIUN
&OUSFWJʽB DPN (JMMFT %FMFV[F IUUQXXXJNFEJBUBDPN"4"7
BUPDSJBEFMFV[FIUNM
%FSFQFOUFVNDBSBWFNOBSVBFEPOBEBSFTPMWFRVFWPDÐEFWF
BQBOIBS&DPNFÎBBJODJUBSBNVMUJEÍPQBSBDPODPSEBSDPNFMFTPCSF
PGBUPEFWPDÐTFSVNBBNFBÎBBUPEPT$PNFÎBBEJ[FSRVFWPDÐFʽÈ
BSNBEP
RVFWPDÐÏVNBBNFBÎBFRVFEFWFTFSEFʽSVÓEP"mOBMWPDÐ
RVBOEPDSJBOÎBCBUFVOPNFOJOPRVFUFOUPVUJSBSPTFVQJDPMÏ*TTP
CBʽBQBSBQSPWBSRVFWPDÐÏVNTFSFYUSFNBNFOUFQFSJHPTP
FRVF
PRVBOUPBOUFT y
EFWFTFSEFʽSVÓEP
7PDÐmDBDPNQMFUBNFOUFBQBWPSBEP6NTFOUJNFOUPEFUPUBMJNQP
UÐODJB/ÍPBEJBOUBOBEBEJ[FSRVFWPDÐOÍPUFNBSNBT
OÍPBEJBOUB
MFWBOUBSBTNÍPT
MFWBOUBSBDBNJTB
BSSFHBÎBSBTDBMÎBTy/ÍPBEJBOUB
FMFNBOEBSBMHVÏNQBSBSFWJʽBSWPDÐFQPSEJWFSTBTWF[FTOBEBFODPO
USBSy"SFʼPʽBÏTFNQSFBNFTNBWPDÐFʽÈFTDPOEFOEPFNBMHVN
MVHBS&FMFDMBNBBBKVEBEBNVMUJEÍPQBSBEFʽSVJSWPDÐ
BOUFTRVF
WPDÐUFOIBDIBODFEFVTBSBTTVBTBSNBTTFDSFUBT
" NVMUJEÍP PMIB NFJP EFTDPOmBEB "MHVOT DPODPSEBN
PVUSPT
BDFJUBNFPVUSPTBQFOBTGBMBN
NBTOÍPGB[FNOBEB
BmOBM
FMFÏUÍÍÍÍP
GPSUF&OFTTBWPDÐEBOÎB²FʼBODBEP
UPSUVSBEP
UFNTVBTGPSÎBTUP
EBTEFʽSVÓEBT
FUVEPPRVFWPDÐUFNEFWBMPSEFWFTFSQBTTBEPBP
DPOUSPMFEFBMHVÏNUPUBMNFOUFJTFOUPFMF
%FQPJT EF VN BOP EF NVJUB TVSSB
RVBOEP WPDÐ FʽÈ UPUBMNFO
UFFTHPUBEP
RVBTFNPSSFOEP
FMFQFSDFCFRVFWPDÐOÍPFSBQFSJHPTP
2VFWPDÐOÍPUJOIBTBSNBT2VFBRVFMFJODJEFOUFEPQJDPMÏGPJBQF
OBTVNBCSJHVJOIBDBTVBMEFDSJBOÎB1FEFEFTDVMQBF
QSPOUP
UÈUVEP
SFTPMWJEP"mOBMUVEPTFSFTPMWFDPNVNQFEJEPEFEFTDVMQBRVF
OJOHVÏNFTDVUB
"NVMUJEÍPWBJTFEJʼFSTBOEPFmOHJOEPRVFOÍPFʽBWBGB[FOEPDPSP
mOHJOEPRVFOÍPFʽBWBDPODPSEBOEP
mOHJOEPRVFOÍPFʽBWBMÈ
y
²FNNFJPBFTTFVOJWFSTPBOHVʽJBOUFEFFYUSFNBWJPMÐODJBRVF
FV
DPNPBSUJʽBRVFTPV
NBOEPBSFʼPʽB&NPVUSPUFSSJUØSJP
FN
PVUSBMJOHVBHFN
NBTRVFUSBOTNJUFVNBTJNJMBSTFOTBÎÍPEFBOHÞT
UJBFJNQPUÐODJBEJBOUFEFBMHPNBJTGPSUFFDPNDBQBDJEBEFEFEFT
USVJÎÍPEFTDPOIFDJEB
.Z@"QPMPHJ[FÏJTTP6NFYFDVUÈWFMDPNDBSBEFWÓSVT
DPNGPS
NBEFWÓSVT
CMPRVFBEPQPSNVJUPTBOUJWÓSVTQBSBOØJDPTFDPNBDBQB
DJEBEFEFHFSBSBMHVOTUSBOʽPSOPT4ÍPBQSPYJNBEBNFOUFOPWFDFO
UPTRVJMPCJUTRVFPDVQBNVNFʼBÎPDPOTJEFSÈWFMOBTVBDBJYBDPN
VNFYFDVUÈWFMBOFYBEPUÍPNJʽFSJPTPRVBOUPRVBMRVFSWÓSVTEFTTFT
RVFSFDFCFNPTEJBSJBNFOUFDPNPOPNFEFVNBQFTTPBDPOIFDJEB
EV[FOUPT QFEJEPT EF EFTDVMQB F VN BWJTP MFHBM RVF JOʽJHBN BJOEB
NBJTBDVSJPTJEBEFEPSFDFQUPS4FSÈRVFJTTPÏSFBMNFOUFVNBSRVJWP
TFHVSP "P UFOUBS FYFDVUBS P QÉOJDP DPNFÎB &SSPT EP 8JOEPXT
P
NPVTFEFTBQBSFDF
PUFDMBEPÏCMPRVFBEP
FBTJNBHFOTRVFBQBSFDFN
OPTFVWÓEFPOÍPTÍPOBEBBOJNBEPSBTDFOBTEFUPSUVSBBNQMBNFOUF
EJWVMHBEBTOBJOUFSOFUBDPNQBOIBEBTEBNFOTBHFNi%FMFUJOH'JMFTyw
&WPDÐOÍPQPEFGB[FSOBEB"QFOBTEVWJEBSRVFBRVJMPFʽÈSFBMNFO
UFBDPOUFDFOEP.BT
QBSBRVBMRVFSEBOPRVFQPSWFOUVSBFVUFOIB
DBVTBEP
.Z"QPMPHJ[F
QPS#SVOOP(BMWÍP
SBM
BTTPDJBSFTTFTFWFOUPTËJEÏJBEPTPGUXBSFWJSØUJDPBEWÏNDPNP
B OPÎÍP EP NFJP EJHJUBM EFTDPOʽSVJOEP BT GPSNBT PSHBOJ[BEBT EF
MJOHVBHFN
1BSB B FʽVEJPTB /JOB 7FMBTDP F $SV[
PT FWFOUPT EP UFSSPSJT
NPNVOEJBMRVFSFDFOUFNFOUFUFʽFNVOIBNPTBUFʽBNKVʽBNFOUF
BT OPWBT GPSNBT EF SFTJʽÐODJB BP NVOEP DBQJUBMJʽB QØTEJTDJQMJ
OBS
FN RVF iBT FʽSBUÏHJBT EFTDFOUSBMJ[BEBT
USBOTOBDJPOBJTw UÐN
NBJT FGFJUP EP RVF P QSPKFUP EF SFWPMVÎÍP RVF QSFUFOEJB PDVQBS B
UPSSFEPQBOØQUJDP
$POGPSNF BmSNB 7FMBTDP F $SV[
OP DBQJUBMJTNP QØTJOEVʽSJBM
FNRVFWJWFNPT
PQBSBEJHNBÏBRVFMFEPDPOUSPMFEFTDFOUSBMJ[BEP
JOEJDBEPQPS%FMFV[F
FNRVFPQBOØQUJDPGPJEFʽSVÓEPFQVMWFSJ[B
EPFNJOÞNFSPTNFDBOJTNPTEJHJUBJTNPEVMBSFTEFDPOUSPMF1PSFTTB
DPODFQÎÍP
BTDÉNFSBTEFWJHJMÉODJB
PTNFDBOJTNPTEFSBʽSFBNFOUP
EB JOUFSOFU DPPLJFT
P DØEJHP EF CBSSBT RVF VOJmDB UPEBT BT JOGPS
NBÎÜFTFNVNQBESÍPVOJWFSTBMFPTDIJQTEFMPDBMJ[BÎÍPQPSTBUÏMJUF
(14
TÍPBMHVOTEPTOPWPTNPEFMPTEFDPOUSPMFRVFTVCʽJUVFNBWJ
TÍPDFOUSBMJ[BEBEPQBOØQUJDPEF#FOUIBN
"WJTÍPEF7FMBTDPF$SV[USB[ËUPOBBOPÎÍPEFRVFPTDPODFJUPT
EFSJ[PNB
EF%FMFV[F
PVPEFDBNQPNJOBEP
EF-PUNBO
QSFUFOEFN
EBSDPOUBEPOPWPFʼBÎPJOʽBVSBEPDPNPBEWFOUPEBTPDJFEBEFEF
DPOUSPMF&MBTBMJFOUB
OPFOUBOUP
RVFPOPWPNPEFMPOÍPÏUPUBMNFO
UFJNVOFBGBMIBT"TTJN
ÏQPTTÓWFMPCTFSWBS
FOUSFPVUSBTDPJTBT
RVF
BTJOUFSWFOÎÜFTUFSSPSJʽBTBUFʽBNRVFPTJʽFNBOÍPÏJNQFOFUSÈWFM
1PSFTTFSBDJPDÓOJP
VUJMJ[BSBNFUÈGPSBEPTPGUXBSFWJSØUJDPÏBEFRVB
EBOBNFTNBNFEJEBFNRVFÏBEFRVBEPDPOTJEFSBSRVFPWÓSVTOÍP
ÏBMHPUPUBMNFOUFFʽSBOIPBPTJʽFNB
NBTTJNBMHPRVFTFVUJMJ[BEP
QSØQSJPTJʽFNBQBSBNJOÈMP
$PNPVNNÏUPEPEFSFWFSTÍPËTOPSNBTFʽBCFMFDJEBT
USBUBTF
OPDBNQPFYQSFTTJWP
EFVNBOPWBQFSʼFʹJWBBSUÓʽJDBQPMÓUJDBFʽB
CFMFDJEBFOUSFBFTGFSBQÞCMJDBFBQSJWBEB
FNRVFÏBDFOUVBEPPGBUP
EFRVFEFUFSNJOBEPTBSUJʽBTRVFUSBCBMIBNDPNBTNÓEJBTQBSB
BMÏNEPQSPKFUPJOEVʽSJBMRVFBTEFUFSNJOBNOÍPPCKFUJWBNPDV
1SPGFTTPSBEB6OJWFSTJEBEF'FEFSBM'MVNJOFOTF
ÏQFTRVJTBEPSBBTTPDJBEBEP/ÞDMFPEF
5FDOPMPHJBEB*NBHFN /JNBHFN
EB6OJWFSTJEBEF'FEFSBMEP3JPEF+BOFJSP
QBSOBTPDJFEBEFVNQBQFMDPNQMBDFOUF
NBTTJNBTTVNFNFNTFVT
USBCBMIPTVNBQPʽVSBDSÓUJDBFVNBGPSÎBEFTFʽBCJMJ[BEPSBDBQB[EF
PSJHJOBSHFʽPTEFJOTVCPSEJOBÎÍPFOPWPTQSPDFTTPTEFTVCKFUJWJEBEF
5BJTNBOJGFʽBÎÜFTEFNPOʽSBN
EFTTBNBOFJSB
BGPSÎBDSÓUJDBDBQB[
EFSFTJEJSEBVOJÍPQSPWFOJFOUFFOUSFBSUFFUFDOPMPHJB
/PDBNQPEBTFʽSBUÏHJBTTFOTÓWFJTEBBSUFDPOUFNQPSÉOFB
IÈ
P DPOWÓWJP EFTTBT NBOJGFʽBÎÜFT DPN BRVJMP RVF &ENPOE $PVDIPU
EFOPNJOBiEFTFʼFDJmDBÎÍPEBTQSÈUJDBTBSUÓʽJDBTwFRVFSFWFMB
TF
HVOEPFMF
VNBIJCSJEBÎÍPHFOFSBMJ[BEBFʽFOEJEBBHPSBBUPEPVOJ
WFSTP EPT NPEFMPT GPSOFDJEPT QFMB UFDOPDJÐODJB 1PS FTTF SBDJPDÓOJP
QPEFNPT DPNQSFFOEFS VNB OPWB GPSNB EF PSHBOJ[BÎÍP EBT QSPQP
TJÎÜFTBSUÓʽJDBTRVFEFOPUBPOEBTFYQBOTJWBTFMJCFSUÈSJBTHFSBEBTFN
UPSOPBPTTJʽFNBTNJEJÈUJDPT
/JOB 7FMBTDP F $SV[ DIBNB B BUFOÎÍP
OP FOUBOUP
RVF TF EFWF
EFʽBDBSBTQPTTÓWFJTDPOTFRàÐODJBTQPMÓUJDBTJNQMÓDJUBTOFʽBBMJBOÎB
FOUSFBSUF
UFDOPMPHJBFDJÐODJB&MBMFNCSBRVF
DPNPCFNJOEJDB"SMJO
EP.BDIBEP
BTFYQFSJÐODJBTEFBSUJʽBTRVFTFVOFNBUÏDOJDPTFN
MBCPSBUØSJPTEFFNQSFTBTQSJWBEBTPVFNJOʽJUVJÎÜFTEFQFTRVJTBTHP
WFSOBNFOUBJTQPEFNFʽBSBTFSWJÎPEPTJʽFNB
BPFYQMPSBSFNNFMIPS
EP RVF OJOHVÏN BT QPUFODJBMJEBEFT DVMUVSBJT EBT OPWBT UFDOPMPHJBT
"TTJN
Ï QSFDJTP SFTTBMUBS P GBUP EF RVF OFN UPEB FYQFSJÐODJB IÓCSJ
EBiEFOPUBPOEBTFYQBOTJWBTFMJCFSUÈSJBTw
DPNPTFUPSOBJNQMÓDJUPOB
BSHVNFOUBÎÍPBRVJUSBWBEB
EBNFTNBGPSNBUBNCÏNRVFOFNUPEB
FYQFSJÐODJBDPNBSUFFUFDOPMPHJBTFFODPOUSBFNi[POBEFSJTDPw
5SBCBMIBSDPNBSUFFUFDOPMPHJBUBNCÏNQPEFTFUSBEV[JSDPNP
[POBEFSJTDPBPJOTFSJSFTTBTQPÏUJDBTEFJOUFSWFOÎÍPEJHJUBMOPTFʼB
ÎPTFDJSDVJUPTDPOWFODJPOBJTEBBSUF#BTFBEBTFNTVBTJOUFSWFOÎÜFT
EJHJUBJTFFNTVBTDPOʽJUVJÎÜFTTÓHOJDBT
BT[POBTEFSJTDPFOGSFOUBEBT
IPKFQFMBTQPÏUJDBTEJHJUBJTTÍPBDJPOBEBTOVNDJSDVJUPDVMUVSBMFʽB
CFMFDJEP
EFTTFNPEP
FNNFJPBVNBOPWBPSEFNQPMÓUJDBFTPDJBM
%FTTBGPSNB
BOPÎÍPEFi[POBEFSJTDPwBRVJFʽVEBEBÏVNUJQP
$06$)05
&ENPOE"UFDOPMPHJBOBBSUFEBGPUPHSBmBËSFBMJEBEFWJSUVBM1PSUP"MFHSF
&EJUPSBEB6'3(4
Q
."$)"%0
"SMJOEP.ÈRVJOBFJNBHJOÈSJPPEFTBmPEBTQPÏUJDBTUFDOPMØHJDBT4ÍP
1BVMP&EVTQ
EFMFJUVSBRVFQSFUFOEFEBSDPOUBUBOUPEBTJUVBÎÍPDPOUFNQPSÉOFB
RVFUFNDPNPFNCMFNBPBUFOUBEPËTUPSSFTHÐNFBTEP8PSME5SB
EF$FOUFSRVBOUPPMVHBSQSØQSJPEFUFOTÍPFNRVFTFFODPOUSBNBT
FYQFSJÐODJBTRVFTFVUJMJ[BNEPTOPWPTNFJPTUFDOPMØHJDPTFEFTVB
SFMBÎÍPDPNPTDJSDVJUPTEBBSUFFEBTNÓEJBT
1PÏUJDBTEBXJSFEDJUZ
/P #SBTJM
FV WJWFODJP FʽB FYQFSJÐODJB OVNB DJEBEF DPNP 4ÍP
1BVMP6NBDJEBEFRVFÏQSPWBWFMNFOUFBRVFNBJTDPNQSFFOEFOP
QBÓTBEJOÉNJDBEJHJUBM4ÍP1BVMPÏVNHSBOEFBQBSFMIPDVMUVSBM
VNB
XJSFEDJUZDPNPKÈQFOTBWB7JMÏN'MVTTFSOPTBOPT&NCPSBTFKB
VNBDJEBEFNJEJBUJ[BEB
FMBWJWFFNJOUFSNJUFOUFDPOUSBEJÎÍPFOFHP
DJBÎÍPFOUSFBMØHJDBEPMPDBMFEPHMPCBM
FOUSFOPÎÜFTEFJODMVTÍPF
FYDMVTÍPEJHJUBM
6NBDJEBEFDPNVNBUSBEJÎÍPEFBSUJʽBT
DPNP+VMJP1MB[B
RVFFN
QSFFOEFNTVBTPCSBTEFTEFPTBOPTFNDPOGSPOUPEJSFUPFOUSFP
TJʽFNBVSCBOPFPNJEJÈUJDP/FTTBTDJSDVOʽÉODJBT
BDJEBEFJOUFHSB
SFMBÎÜFTBNCÓHVBTDPNPBTHFSBEBTOBTDPOnVÐODJBTDPNBTHSBOEFT
DPSQPSBÎÜFT
DPNBTJOʽJUVJÎÜFTDVMUVSBJT
DPNPTBHFOUFTMPDBJTFDPN
PQPEFSQÞCMJDPNVOJDJQBM/FTTFÉNCJUP
BPNFTNPUFNQPFNRVFB
QSFGFJUVSBDSJBDFOUSPTDPNVOJUÈSJPTEFBDFTTPEJHJUBMMJWSFBQBSUJSEP
VTPEFTPGUXBSFBCFSUPFHSBUVJUP
FMBQFSNJUFUBNCÏNBDPFYJʽÐODJB
EFVNFNBSBOIBEPEFMJHBÎÜFTFDBCFBNFOUPTDMBOEFʽJOPTOBSFEF
JOGPSNBDJPOBM
3FDFOUFNFOUFUFNPTDPOWJWJEPFN4ÍP1BVMPDPNUSBCBMIPTEF
BSUFRVFQSPWPDBNPFNCBUFEJSFUPDPNBSFBMJEBEFBQBSUJSEPDPO
UFYUPEJHJUBM&TTFTUSBCBMIPTTJUVBNTFFN[POBTEFSJTDPQPSUFOUBSFN
RVFCSBS CMPRVFJPT JOʽJUVDJPOBJT F EFTFOWPMWFSFNTF FN DJSDVOʽÉO
DJBTHFSBMNFOUFOÍPQSPUFHJEBT"RVFʽÍPÏTBCFSDPNPPTBSUJʽBT
RVFHFSBNFTTBTPCSBTBSUJDVMBNEFGPSNBDPOTDJFOUFFTFOTÓWFMPFO
GSFOUBNFOUPDPNPFʼBÎPDPMFUJWPOBDPOUSBNÍPEBCBCFMEFNÓEJBT
FEBTDPOWFOÎÜFTJOʽJUVDJPOBJT
&TTF UJQP EF WJTÍP EF BSUF BEWJOEB EBT QSÈUJDBT NJEJÈUJDBT GPJ
WJWFODJBEBBOUFSJPSNFOUFFN4ÍP1BVMPUBOUPQFMPDJOFNBNJMJUBO
UF DPNPBFNQSFFOEJEBQFMPHSVQP"MFHSJB
FQFMBTJOUFSWFOÎÜFT
IUUQXXXSJ[PNBOFU
VNOÞDMFPEFJOUFMJHÐODJBDPMFUJWBRVF
JOUFSDPOFʹBBÎÜFTEFEFOUSPFGPSB
FOUSFPQFOTBNFOUPMPDBMFHMP
CBM$ÓDFSP*OÈDJPEB4JMWBFBDPOUSBJOGPSNBÎÍPOBFTDSJUBEPUFYUP
DJFOUÓmDPDPNPÏPDBTPEPT7+TFTVBTQFSGPSNBODFTEFWÓEFPBPWJWP
OBDFOBOPUVSOBFMFUSÙOJDB
DPNPBTEP#JKBSJFEPT7KT%VWB
"MÏYJT
1BMVNCPF4QFUUP
TFOEPPUSBCBMIPEFʽFÞMUJNPBTTPDJBEPUBNCÏN
ËDSJBÎÍPEFTPGUXBSFBCFSUPFHSBUVJUPFËOPÎÍPEFDPQZMFGU
&TTF DPOKVOUP EF BSUJʽBT BDJNB DJUBEPT FYQMPSB B NÓEJB EJHJUBM
QBSBBMÏNEPTFʼBÎPTDPOIFDJEPTEPDJSDVJUPEBBSUFFWJWFNBDJEB
EFDPNPVNBFYQFSJÐODJBEFTVCKFUJWBÎÍP4VBTBÎÜFTTÍPSFBMJ[BEBTB
QBSUJSEPDPNQSPNJTTPDPNBWJEBQÞCMJDBFOÍPOFDFTTBSJBNFOUFB
QBSUJSEPDPNQSPNJTTPDPNPTJʽFNBEBDJÐODJBPVEBBSUF
%FMJCFSBEBNFOUF EJTTPDJBEP EP BDFTTP ËT UFDOPMPHJBT EF QPOUB
FʽFNPWJNFOUPDPMFUJWPFNFSHFOUFFN4ÍP1BVMPTFBQSPQSJBFSFQSP
DFTTBPTBNCJFOUFTMPXUFDIFYJʽFOUFTDPNBUJUVEFDSÓUJDB
5BMDJSDVOʽÉODJBÏBTTVNJEBDPNPVNBGPSNBEFJOʽBVSBSVNB
WJTÍPQBSUJDVMBSEFNVOEPFGVSBSCMPRVFJPTOBDPOʽJUVJÎÍPEFVNQFS
DVSTPFYQSFTTJWPOPTNFJPTEJHJUBJT
&TTFDPOKVOUPEFJOUFSWFOÎÜFTBSUÓʽJDBTJOUFSBHFDSJBUJWBNFOUFFN4ÍP
1BVMPDPNVNBFʼÏDJFEFTJOUBYFSBEJDBMBPWFJDVMBSDPOUSBJOGPSNB
ÎÜFTOPQSØQSJPTJʽFNBNJEJÈUJDP0QPOUPEFWJʽBOÍPGBNJMJBSOFTTFT
USBCBMIPTUBNCÏNJNQFEFPFOWPMWJNFOUPJOPDFOUFDPNBMJOHVBHFN
FFYJHFPFNQFOIPEPMFJUPSFʼFʹBEPSQBSBEFDPEJmDBSTPCVNB
OPWBMØHJDBPiUFYUPwDPOUBNJOBEPEBTNÓEJBTOPVOJWFSTPEBBSUF
FEBWJEB
'PSBEPDPOUSPMFJOʽJUVDJPOBM
EBMØHJDBEPNFSDBEPFOBNBJPS
QBSUFEBTWF[FTBGBʽBEBEPDPOUFYUPBDBEÐNJDP
FTTBTQSÈUJDBTJOTV
CPSEJOBEBTRVFʽJPOBNBMJCFSEBEFOPTNFJPTEJHJUBJTFTFBQSFTFOUBN
DPNPVNNPEPEFPDVQBÎÍPEPFʼBÎPQÞCMJDP
OBNFEJEBFNRVF
JOUFSWÐN OP DJSDVJUP EBT NFOTBHFOT DPNVOJDBDJPOBJT RVF DJSDVMBN
QFMBDJEBEF
*OUFSWFOÎÜFTEJHJUBJT
3FMBDJPOBEP B FTTF DPOUFYUP EB BSUF EJHJUBM
HFSBEB EF GPSNB
NBJT DPNCBUJWB OBT SFMBÎÜFT FOUSF P BNCJFOUF QÞCMJDP
EFʽBDBTF
BQPÏUJDBEF-VDBT#BNCP[[JF4JNPOF.JDIFMJODPNPFYFSDÓDJPTEF
JOUFHSBSBBSUFBQSPDFTTPTEFWJEB-VDBT#BNCP[[JF4JNPOF.JDIF
MJOTÍPBSUJʽBTRVFTFEFʽBDBNOFTTFDPOUFYUPFBNCPTJOUFHSBSBN
SFDFOUFNFOUF B FYQPTJÎÍP EF BSUF F UFDOPMPHJB &NPÎÍP BSUJmDJBM **
QSPNPWJEBFNQFMP*UBÞ$VMUVSBM
²QPTTÓWFMWFSJmDBSOBPCSBEF-VDBT#BNCP[[JFYQFSJÐODJBTFNQSFFO
EJEBTEFJOUFSWFOÎÜFTFEFTWJPTOPDFSOFEPQSØQSJPNFJPEJHJUBM&MF
DPNQBSUJMIBPDPOUBUPFGFUJWPEJSFUPFOUSFBFYQFSJÐODJBJOEJWJEVBMFB
FYQFSJÐODJBQÞCMJDB4FVTUSBCBMIPTTÍPDPNPNBOJGFʽPTTPCSFBJOUJ
NJEBEFFBJEFOUJEBEFFNQMFOBFSBEBEFTNPOUBHFNEBJOGPSNBÎÍP
1BSBUBOUP
#BNCP[[JDIBNBBBUFOÎÍPQBSBBTGPSNBTEFDPOUSPMF
FJOWBTÍPEBQSJWBDJEBEFBEWJOEBTEPTNFJPTUFDOPMØHJDPT
"BSUFQBSB#BNCP[[JEJ[SFʼFJUPBDPMPDBSFNDPOUBUP
PVFNSF
MBÎÍP
TJʽFNBTDPNVOJDBDJPOBJTEFQBSUJMIBFUSPDBDPNPPVUSP/FTTF
TFOUJEP
QBSBFMF
WJWFODJBSBTJUVBÎÍPEPUSBCBMIP
BFYQFSJÐODJBRVFFMF
DBSSFHB
ÏJOFSFOUFËDPOʽJUVJÎÍPEBQSØQSJBJEÏJBEFBSUF4FVTUSBCB
MIPT EJ[FN SFʼFJUP
EF VN NPEP HFSBM
BP DPOGSPOUP NJEJÈUJDP QSP
EV[JEPOPFODPOUSPDPNPPVUSPFËTSFMBÎÜFTEPTVKFJUPFOUSFBWJEB
QÞCMJDBFBWJEBQSJWBEB&TTFÏPDBTPEFTFVQSPKFUP4QJPFTFVSPCÙ
FʼJÍP BQSFTFOUBEP OB FYQPTJÎÍP &NPÎÍP BSUJmDJBM **
FN
DPN
DVSBEPSJBEF"SMJOEP.BDIBEPF(JMCFSUUP1SBEP
&TTBPCSBGB[DPNRVFPTVKFJUP
QSPUFHJEPFNTFVBQBSFOUFBOP
OJNBUPEBTDÉNFSBTEFWJHJMÉODJB
RVFʽJPOFBUÏRVFQPOUPFMFNFTNP
OÍPBDBUBBTTJUVBÎÜFTJMÓDJUBTEBWJHJMÉODJBFDPNQBSUJMIBDPNPJOWBTPS
VNBNFTNBSFBMJEBEF%FVNBDFSUBNBOFJSB
#BNCP[[JQSPQPSDJPOB
OFTTFUSBCBMIPBQPTTJCJMJEBEFEFDBEBJOEJWÓEVPTFQPTJDJPOBSEJBOUF
EPDPOUFYUPNJEJÈUJDP
GB[FOEPDPNRVFDBEBVNTFPCTFSWFUBOUPOB
GVOÎÍPEFJOWBEJEPRVBOUPOBGVOÎÍPEFJOWBTPS
5SBCBMIPT DPNP FTTFT USB[FN RVFʽÜFT OPWBT QBSB P FʼBÎP
FYQPTJUJWPEPTDJSDVJUPTEBBSUF5SBUBTFEFUSBCBMIPTEFJOUFSWFOÎÍP
OP FʼBÎP DPMFUJWP RVF HFSBMNFOUF BUVBN FN FʼBÎPT OÍP JOʽJUV
DJPOBJT"RVFʽÍPNBJTQSFNFOUFBTFSBRVJQFOTBEBÏFNRVFNF
EJEB FTTFT USBCBMIPT TF SFMBDJPOBN DPN PT FʼBÎPT JOʽJUVDJPOBJT
PVTFKB
FNFʼBÎPTEBBSUFRVFBJOEBOÍPGPSBNQFOFUSBEPTQFMBT
JOUFSWFOÎÜFTEJHJUBJT
&TTFQSPKFUPEF-VDBT#BNCP[[JQBTTPVQPSVNBTÏSJFEFOFHP
DJBÎÜFTOPEFDPSSFSEBFYQPTJÎÍP&NPÎÍPBSUJmDJBM**DPNBFRVJQF
EB FNQSFTB UFSDFJSJ[BEB RVF QSFʽB TFSWJÎPT EF TFHVSBOÎB BP *UBÞ
$VMUVSBM F UBM GBUP PDPSSFV UBNCÏN DPN P USBCBMIP EF 4JNPOF .J
DIFMJO
QSFTFOUFOBNFTNBNPʽSB
"%"BOBSRVJUFUVSBEPBGFUP&TTB
FYQFSJÐODJBPDPSSFVQPSDPOUBEFBNCPTDSJBEPSFTRVFʽJPOBSFNFN
TFVTQSPKFUPTBRVFʽÍPEBWJHJMÉODJBFTFVTNFDBOJTNPTEFBÎÍPOPT
FʼBÎPTQÞCMJDPTJOʽJUVDJPOBJT
$PNPVNBFʼÏDJFEFTVCWFSTÍP
PVVNBNFUÈGPSBBDFSDBEBUFO
TÍPRVFIÈFOUSFPDPOUSPMFEFTDPOUSPMFEBNBOJQVMBÎÍPOPNFJPEJ
HJUBM
#BNCP[[JBPMJEBSDPNFTTFBSUJGÓDJPTBCFNVJUPCFNRVFTFUSBUB
EFVNNPEPEFTJUVBSTVBPCSBOVNB[POBEFUFOTÍP
VNB[POBEB
PSEFNEPDPOUSPMFEFTDPOUSPMF&BDSFEJUPRVFGBÎBQBSUFEPQBQFMEP
BSUJʽBTBCFSBMBSHBSFTTBT[POBTEFDPOGSPOUPFFNCBUFFYQSFTTJWP
4FBTQPÏUJDBTEFJOUFSWFOÎÍPEJHJUBMQSPQJDJBNRVFOPVOJWFSTPEB
DJCFSDVMUVSBPBSUJʽBNBOJGFʽFBTVBSBEJDBMJEBEFFBTVBTVCKFUJWJEBEF
UBOUP DPNP FTDMBSFDF "SMJOEP .BDIBEP BP BmSNBS RVF DPNQFUF BP
BSUJʽBEBTNÓEJBTFʽBCFMFDFSVNEJTDVSTPRVFTVCWFSUBiBFOVODJBÎÍP
EPNJOBOUFOBTVBQSØQSJBHÐOFTFw
IÈRVFTFFODPOUSBSUBNCÏNOP
WBTNBOFJSBTEFDPOTFHVJSDPODJMJBSFDPOWJWFSDPNFTTFUJQPEFQSPQP
TJÎÍPBSUÓʽJDBFNNFJPËTJOʽJUVJÎÜFTDVMUVSBJT
DPNPBTFOGSFOUBEBT
BRVJQFMPDPSQPEFDVSBEPSFT
QPS"SMJOEP.BDIBEPF(JMCFSUUP1SBEP
RVFTPVCFSBNUÍPCFNBQPJBS#BNCP[[JF.JDIFMJOFGVODJPOBSDPNP
JOUFSGBDFOPEFDPSSFSEPTEJÈMPHPTFOFHPDJBÎÜFTRVFFOWPMWFSBNFTTBT
QSPQPTJÎÜFTBSUÓʽJDBT
"TTJNDPNPOPQSPKFUP4QJP
BQSFTFOUBEPQPS-VDBT#BNCP[[J
ÏEFTTB
NBOFJSBUBNCÏNRVFPTPVUSPTBSUJʽBTBOUFSJPSNFOUFDJUBEPTPSHB
OJ[BNVNBCPBQBSUFEPDPOKVOUPEFTFVTUSBCBMIPTQSPEV[FNVNB
FʼÏDJFEFDPOGSPOUPFOUSFBNÓEJBFPSFBM
USBEV[JEPQFMBJOTDSJÎÍP
EF[POBTEFSFWFSTJCJMJEBEFOBWJEBFOBMJOHVBHFN
" JOTFSÎÍP EF FYQFSJÐODJBT EF BSUF EJHJUBM OPT FʼBÎPT F DJSDVJ
UPTUSBEJDJPOBJTEBBSUFQPEFTFSDPNQSFFOEJEBDPNPi[POBEFSJTDPw
DPOGPSNFBWJTÍPEF/JOB7FMBTDPF$SV[
KVʽBNFOUFRVBOEPFTTF
."$)"%0
"SMJOEP"JEFPMPHJBEPDJOFNBNJMJUBOUF*OSFWJTUB$JOF0MIPO PVUEF[
4vP1BVMP
Q
UJQPEFJOUFSWFOÎÍPQSPQÜFBTVCWFSTÍPEPTJʽFNBEFVNBGPSNB
NBJTBNQMB/FTTFTFOUJEP
QBSBFMB
BTPCSBTEF-VDBT#BNCP[[JF
4JNPOF.JDIFMJOTFUPSOBNFNCMFNÈUJDBTOÍPEBUFOTÍPFOUSFBSUF
UFDOPMØHJDBFFʼBÎPEFBSUF BUÏQPSRVFP*UBÞ$VMUVSBM
DPNPFMB
BmSNB
OÍP Ï FYBUBNFOUF P RVF QPEFSÓBNPT DPOTJEFSBS DPNP VN
iFʼBÎPUSBEJDJPOBMEBBSUFw
NBTTJNEPVTPEBUFDOPMPHJBDPNPJOT
USVNFOUPTVCWFSTJWPEPTJʽFNBEFDPOUSPMF1BSB7FMBTDPF$SV[
B
TJUVBÎÍPFOGSFOUBEBQPSFMFTOÍPTFEFVQFMPGBUPEFFʽBSFNUSBCB
MIBOEPDPNBSUFFUFDOPMPHJB
BUÏQPSRVFUPEBTBTPCSBTEBFYQPTJÎÍP
FN RVFʽÍP P GB[JBN
NBT TJN QPS UFSFN DPOTFHVJEP JNQSJNJS VN
RVFʽJPOBNFOUPTPCSFPTJʽFNBEFDPOUSPMF
HFSBOEPVNQSPCMFNB
QBSBPTGVODJPOÈSJPTEBFNQSFTBEFTFHVSBOÎBEBJOʽJUVJÎÍP²QSFDJTP
MFNCSBS
QBSBUBOUP
RVFP*UBÞ$VMUVSBMÏVNBJOʽJUVJÎÍPCBODÈSJBRVF
UFN VNB QBSUJDJQBÎÍP JNQPSUBOUF OP TJʽFNB DBQJUBMJʽB QØTJOEVT
USJBMFRVF
QPSUBOUP
GVODJPOBTFHVOEPBTOPSNBTFʽBCFMFDJEBTQFMP
TJʽFNBEBTPDJFEBEFEFDPOUSPMF
/FTTFDPOKVOUPEFQSPQPTJÎÜFTBDJNBMFWBOUBEBT
ÏQPTTÓWFMPCTFS
WBSFʽSBUÏHJBTFQPUÐODJBTHFSBEBTQFMPTBSUJʽBTEFSFBHJSFFOGSFOUBS
VNBEFUFSNJOBEBSFBMJEBEFBQBSUJSEBFYQFSJÐODJBDPNPTNFJPTUFD
OPMØHJDPT&OUSFFMBT
PCTFSWBTFRVFPTDSJBEPSFTRVFBUVBNFNUPSOPB
QPÏUJDBTEFJOUFSWFOÎÍPEJHJUBMHFSBNFʽSBOIBNFOUPFBUSJUPQPSJOUFS
NÏEJPEF[POBTEFUFOTÍPFOUSFTJʽFNBTNJEJÈUJDPT
FOUSFEFTWJPTOP
TJʽFNBEJHJUBM
OPTTJʽFNBTEFWJHJMÉODJBFTFHVSBOÎBFBTTJNQPSEJBO
UF5BMFʽSBUÏHJBEFBÎÍPÏTJNJMBSËJEÏJBEFTPGUXBSFWJSØUJDP
QPSÏN
DPNP WJʽP BRVJ OFʽFT FYFNQMPT
NBOJGFʽBTF UBOUP OP DJSDVJUP EB
BSUFRVBOUPOPDJSDVJUPEBTSFEFTEJHJUBJT
OBUFOUBUJWBEFEFTDPOʽSVJS
PTEFTÓHOJPTFBTJEFPMPHJBTQSFWJBNFOUFJOTFSJEBTOPQSPKFUPDBQJUBMJT
UBRVFEFUFSNJOBBFYJʽÐODJBEFTTFTNFTNPTDJSDVJUPT
%FMFV[FBmSNBRVFiOÍPIÈMJOIBSFUB
OFNOBTDPJTBTOFNOBMJO
HVBHFNw1BSBFMF
BTJOUBYFÏPDPOKVOUPEPTEFTWJPTOFDFTTÈSJPTDSJB
EPTBDBEBWF[QBSBSFWFMBSBWJEBOBTDPJTBT/BQPÏUJDBQSPEV[JEBIPKF
QFMBTJOUFSWFOÎÜFTEJHJUBJT
DPNPOBTBDJNBFYFNQMJmDBEBT
ÏQPTTÓWFM
FODPOUSBSUBJTDPOFYÜFT
BNCJHàJEBEFTFiEFTWJPTwFOUSFBT[POBTEF
SJTDP
FOUSFCBSSFJSBTBJOEBOÍPQFOFUSBEBT
FOUSFPTBNCJFOUFTEBBSUF
PTBNCJFOUFTEBWJEB
CFNDPNPPTBNCJFOUFTEBMJOHVBHFNEJHJUBM
#JCMJPHSBmB
$06$)05
&ENPOE"UFDOPMPHJBOBBSUFEBGPUPHSBmBËSFBMJEBEF
WJSUVBM1PSUP"MFHSF&EJUPSBEB6'3(4
%&-&6;&
(JMMFTi4PCSFBTTPDJFEBEFTEFDPOUSPMFw*O$POWFSTBÎÜFT
3JPEF+BOFJSP&EJUPSB
@@@@@@ $SÓUJDB F DMÓOJDB 5SBE 1FUFS 1ÈM 1FMCBSU 4ÍP 1BVMP &EJUPSB
."$)"%0
"SMJOEP"JEFPMPHJBEPDJOFNBNJMJUBOUF*OSFWJʽB$JOF
0MIPO PVUEF[
4ÍP1BVMP
Q
@@@@@@ .ÈRVJOB F JNBHJOÈSJP P EFTBmP EBT QPÏUJDBT UFDOPMØHJDBT
4ÍP1BVMP&EVʼ