.C UÃEWTKVÃ FG NOKPHQTOCVKQP UG FQKV FOÄVTG RTQCEVKXG GV RCU UGWNGOGPV TÃCEVKXG 2GPFCPV NQPIVGORU NC 55+ OKNKVCKTG C EQPUKUVÃ UGWNGOGPV GP WPG RTQVGEVKQP FG NC EQPHKFGPVKCNKVÃ FGU KPHQTOCVKQPU RCT NOGORNQK FG NC ET[RVQITCRJKG GV RCT NC NWVVG EQPVTG NGU UKIPCWZ RCTCUKVGU ÃOKU RCT NGU ÃSWKRGOGPVU ÃNGEVTQPKSWGU EQPVGPCPV FGU KPHQTOCVKQPU ENCUUKHKÃGU TÃUWOÃG RCTNC.+&
.C55+FQKVUOKPUETKTG´RTÃUGPVFCPUWPECFTGQRÃTCVKQPPGNGVÄVTGRGPUÃG EQOOG VGNNG +N UOCIKV CNQTU FG NC EQPEGXQKT GP VGTOG QHHGPUKH &CPU WPG RQUVWTGQHHGPUKXGQPPGFQKVRCU´NCFKHHÃTGPEGFWFÃHGPUGWTRTÃXQKTVQWU NGU UEÃPCTKK FOCVVCSWGU RQUUKDNGU GV [ HCKTG EQTTGURQPFTG WP RTQVQEQNG FG FÃHGPUGUÃEWTKVCKTG
.C .+1 FÃRGPF FW FGITÃ FG FÃRGPFCPEG FG NOCFXGTUCKTG XKU´XKU FGU 06+% +N PG HCWV RCU QWDNKGT SWG PQU RTQRTGU XWNPÃTCDKNKVÃU PG UQPV RCU HQTEÃOGPVEGNNGUFGNOCFXGTUCKTG5KNCFÃRGPFCPEGFGURC[UQEEKFGPVCWZUWT NGEJCORFGDCVCKNNGGUVHQTVGOGPVNKÃG´NOGZRCPUKQPFGU06+%EGTVCKPURC[U PGUQPVEQPEGTPÃUSWGFCPUWPGOQKPFTGOGUWTGRCTEGRJÃPQOÂPG
#WVQVCNNGU06+%UGODNGPVÄVTGRNCEÃGUCWEWTFWEJCORQRÃTCVKQPPGN .OKPHQTOCVKQPRGWVCXQKTWPGHHGVOWNVKRNKECVGWTUWTNGEJCORFGDCVCKNNGC EQPVTCTKQ VQWVG OGPCEG UWT NOKPHQTOCVKQP RGWV HTGKPGT NOGHHKEKGPEG FGU 06+%
UWT EG OÄOG EJCOR .GU U[UVÂOGU FOKPHQTOCVKQP FGXTCKGPV EQPUVKVWGT WP ICIG FOCOÃNKQTCVKQP FGU QRÃTCVKQPU OCKU NC NWVVG KPHQTOCVKSWG FQPPG FG NOCORNGWTCWZRTQDNÂOGUFGUÃEWTKVÃFGNOKPHQTOCVKQP
.OKPXGUVKUUGOGPV OCUUKH UWT NGU 06+% EQPUVKVWG WPG RTKUG FG TKUSWG UWRRNÃOGPVCKTG UWT NG EJCOR FG DCVCKNNG 2QWT ÃEJCRRGT ´ EG TKUSWG KP EQPXKGPV FG EQPUCETGT WP KPXGUVKUUGOGPV OCUUKH GP VGTOGU FG HQTOCVKQP GV FOGPVTCÉPGOGPV
%41015U[UVÂOGFGUÃEWTKVÃFGUOQ[GPUFGEQOOWPKECVKQP16#0
%&6.QQVGP#TOÃGFGNOCKT&GNC55+´NC.+1
&GUEQPUÃSWGPEGUUWTNCHQTOCVKQPGVNOGPVTCÉPGOGPV
n.G::+GUKÂENGGVUGUPQWXGNNGUVGEJPQNQIKGUPGHGTQPVRCUFKURCTCÉVTGNGEJGH EGNWKSWKFQPPGFWUGPU´NOCEVKQP
.GU06+%GPVTCÉPGPVPÃEGUUCKTGOGPVFGUEQPUÃSWGPEGUFCPUNGUFQOCKPGU FGNCHQTOCVKQPGVFGNOGPVTCÉPGOGPV5KGNNGUKPFWKUGPVFGUGZKIGPEGUCEETWGU GP VGTOGU FOGHHKECEKVÃ FOCFCRVCVKQP GV FG EQOOWPKECVKQP GNNGU CRRGNNGPV CWUUK WPG TÃXKUKQP FGU EQPEGRVU FOKPUVTWEVKQP GV FOGPVTCÉPGOGPV GV WPG PQWXGNNGÃVJKSWGRQWTNCHQTOCVKQPFGUECFTGU
&GUGZKIGPEGUCEETWGU 7PGPVTCÉPGOGPVKPNCUUCDNG
.GUGTXKEGFGUCTOGUOQFGTPGUTGSWKGTVWPGPVTCÉPGOGPV´NCHQKUCFCRVÃ
´NCTÃCNKVÃFWVGTTCKPGVRGTOCPGPVFGNCRCTVFGUGZÃEWVCPVU'PGHHGVOÄOG UKNGUÃSWKRGOGPVUOQFGTPGUUQPVFGRNWUGPRNWURGTHQTOCPVUNGWTOKUGGP WXTGPOGUVRCURQWTCWVCPVRNWUUKORNGFCPUNCOGUWTGQÔNGUEQPVTCKPVGU SWK GPVQWTGPV NGWT GPXKTQPPGOGPV NGWT UQWVKGP GV NGWT UGTXKEG TGPFGPV HKPCNGOGPVVTÂUEQORNGZGNCV¸EJGFGUGZÃEWVCPVU
.OGPVTCÉPGOGPV POGUV RCU TÃUGTXÃ CW UGWN UGTXKEG FGU CTOGU 6QWU NGU ÃEJGNQPU UQPV CRRGNÃU ´ UOGPVTCÉPGT GV FG RNWU GP RNWU ´ OGUWTG SWG NGU QWVKNU UG EQORNGZKHKGPV #KPUK NOÃEJGNQP FG EQPEGRVKQP PKXGCW FW EQTRU FOCTOÃG QW FG EQORQUCPVG VGTTGUVTG C DGUQKP ´ RTÃUGPV FG URÃEKCNKUVGU ECRCDNGU FG OGVVTG GP WXTG 5+%( GV 4+6# 5CPU EGNC GV VQWU NGU GZGTEKEGUNGFÃOQPVTGPVNGUÃVCVUOCLQTUPGUQPVRNWUGPOGUWTGFGRNCPKHKGT GVEQPFWKTGNOCEVKQP
1T NC OCÉVTKUG FW 5+%( GV FG 4+6# CRRNKECVKQP EQPETÂVG FGU PQWXGNNGU VGEJPQNQIKGU CW OÃVKGT FGU CTOGU FGOCPFG WP GPVTCÉPGOGPV UQWVGPWRCTFGUWVKNKUCVGWTUDKGPKFGPVKHKÃU.CFÃEKUKQPFGOGVVTGGPRNCEG FGU UQWUQHHKEKGTU URÃEKCNKUVGU FGTTKÂTG EJCSWG EQPUQNG 5+%( NQTU FGU GZGTEKEGU VÃOQKIPG FGU GZKIGPEGU SWG RQUGPV NGU PQWXGNNGU VGEJPQNQIKGU ´ NOQTKIKPGKNCXCKVÃVÃKOCIKPÃSWGNGUQHHKEKGTUFOÃVCVOCLQTUGTCKGPV´NCHQKU FGUEQPEGRVGWTUGVFGUQRÃTCVGWTU
%8FG5CKPV5CNX[EQNNQSWG(QTWOFWHWVWT#UUQEKCVKQP/CTUFWHÃXTKGT
&KTKIGTGVEQOOCPFGTCW::+GUKÂENG
n5[UVÂOG FOKPHQTOCVKQP GV FG EQOOCPFGOGPV FGU HQTEGU 1LGEVKH &QEVTKPG
%&'5LWKPR
n4ÃUGCW KPVÃITÃ FG VTCPUOKUUKQP CWVQOCVKSWG XCNQTKUÃ RCT NOKPVTQFWEVKQP FG NC EQOOWVCVKQP ´ NCTIG DCPFG PÃEGUUCKTG RQWT FKURQUGT FOWPG XÃTKVCDNG CWVQTQWVG FG NOKPHQTOCVKQP1LGEVKH&QEVTKPG%&'5LWKPR
7PGOKUG´LQWTRGTOCPGPVG
.OÃXQNWVKQP VTÂU TCRKFG FGU NQIKEKGNU GV FGU UVCPFCTFU FCPU NG FQOCKPG PWOÃTKSWG KORQUG FG NC RCTV FGU WVKNKUCVGWTU CW OKPKOWO FG UG VGPKT CW EQWTCPV GV CW OKGWZ FGU TGOKUGU ´ PKXGCW +N GUV CKPUK FKHHKEKNG XQKTG KORQUUKDNG FG FGOGWTGT WP CWVQFKFCEVG VQWVG UC ECTTKÂTG FWTCPV .C OWNVKRNKEKVÃ FGU UVCIGU FG TQDQVKSWG FGU HQTOCVKQPU CW OWNVKOÃFKC VÃOQKIPGPVN´GPEQTGFGNCITCPFGGZKIGPEGFGUPQWXGNNGUVGEJPQNQIKGU 7PNCPICIGEQOOWPNOCPINCKU
'PHKP UK NG NCPICIG PWOÃTKSWG GUV FGXGPW RCT PÃEGUUKVÃ NG NCPICIG EQOOWPWPCWVTGNCPICIGUOKORQUGCXGEHQTEGEGNWKFGNOCPINCKU'PGHHGV NGU PQWXGNNGU VGEJPQNQIKGU PG EQPPCKUUGPV RCU NGU PQVKQPU FG HTQPVKÂTGU IÃQITCRJKSWGU EH NG PGV &ÂU NQTU GNNGU VTQWXGPV PCVWTGNNGOGPV NGWT FÃXGNQRRGOGPV RTGOKGT UGNQP NGU UVCPFCTFU NGU RNWU TÃRCPFWU EOGUV´FKTG EGWZFGUCPINQUCZQPU
+PUVTWEVKQPGVGPVTCÉPGOGPVFGUEQPEGRVU´TGXQKT
.OKPUVTWEVKQPRCTURÃEKCNKVÃFGNCEQORÃVGPEGFGU'EQNGUFOCRRNKECVKQP .GU'EQNGUFOCTOGUQHHTGPVPCVWTGNNGOGPVWPECFTGRTQRKEG´WPGDQPPG KPUVTWEVKQPURÃEKCNKUÃG
.C EQORNGZKVÃ FGU ÃSWKRGOGPVU NGU EQÖVU ÃNGXÃU FOCESWKUKVKQP GV FG OCKPVGPCPEG GV NGU PQODTGWUGU V¸EJGU ´ GPUGKIPGT GZKIGPV FGU TGITQWRGOGPVU'PGHHGVNCPÃEGUUKVÃFGTCVKQPCNKUCVKQPFGUFÃRGPUGURCUUG RCT WP EGTVCKP PQODTG FOÃEQPQOKGU FOÃEJGNNG %GNC GUV RQUUKDNG FCPU NG FQOCKPGFGNOKPUVTWEVKQPCXGENCOKUGGPRNCEGFGUOQ[GPUGPÃEQNGFOCTOGU UGNQP WP RTKPEKRG FG OWVWCNKUCVKQP FGU OQ[GPU FOKPUVTWEVKQP COQTVKUUGOGPV FGU KPUVCNNCVKQPU TGPVCDKNKUCVKQP FGU KPUVTWEVGWTU #KPUK NOGPUGODNGFGUVKTGWTUnECPQPFGOOUQPVPCVWTGNNGOGPVCRRGNÃU´ÄVTG KPUVTWKVUCWUGKPFGNO'EQNGFOCRRNKECVKQPFGNOCTVKNNGTKGSWGNNGSWGUQKVNOCTOG XQKTGNOCTOÃGFOCRRCTVGPCPEGFGUGZÃEWVCPVU
'PHKP EGU TGITQWRGOGPVU RGTOGVVGPV FOCUUWTGT WP GPUGKIPGOGPV WPKHQTOGTGPFCPVRCTN´nKPVGTQRÃTCDNGGVnKPVGTEJCPIGCDNGNOGPUGODNG FGUUGTXCPVU
.OGPVTCÉPGOGPVFGUOQFWNGUFGNCEQORÃVGPEGFGUEGPVTGUFGRTÃRCTCVKQP CWEQODCV
5K NOKPUVTWEVKQP TGNÂXG FGU 'EQNGU FOCTOGU RQWT FGU TCKUQPU FG TCVKQPCNKUCVKQP NGU OÄOGU RTKPEKRGU PG RGWXGPV GV PG FQKXGPV RCU UOCRRNKSWGT´NOGPVTCÉPGOGPV
'PGHHGVFCPUNCOGUWTGQÔNGUQDLGEVKHUTGEJGTEJÃUUQPVVTÂUFKHHÃTGPVUKN EQPXKGPVFGFKUVKPIWGTNOGPVTCÉPGOGPVFGNOKPUVTWEVKQP
.OGPVTCÉPGOGPV HCKV FG RNWU GP RNWU CRRGN ´ FGU OQ[GPU FG UKOWNCVKQP RQWT NGUSWGNU WPG XÃTKVCDNG RQNKVKSWG FQKV ÄVTG OKUG GP WXTG UGNQP NG PKXGCW EQPUKFÃTÃ &ÃUQTOCKU NGU GZÃEWVCPVU HQTOÃU GV KPUVTWKVU GP 'EQNGU FGXTQPV UOGPVTCÉPGT TÃIWNKÂTGOGPV FCPU FGU EGPVTGU FG RTÃRCTCVKQP CW EQODCV#KPUK´NOKPUVCTFWEGPVTGFOGPVTCÉPGOGPVCOÃTKECKPGP #NNGOCIPG
*QJGPHGNFNGUHQTEGUUQPVCRRGNÃGU´HTÃSWGPVGTFGUEGPVTGUFOGPVTCÉPGOGPV VGN SWG NG %'06#% RQWT NGU EQORCIPKGU NGU EGPVTGU ,CPWU RQWT NGU DCVCKNNQPUGVNG%'2%RQWTNGUÃVCVUOCLQTUFGDTKICFGQWFGFKXKUKQP
'PHKPNOGPVTCÉPGOGPVXKUG´CUUWTGTNCEQJÃUKQPFGUOQFWNGUFGEQODCVU ITQWRGUGEVKQPEQORCIPKG+NGUVGUUGPVKGN GP GHHGV SWG EGV GPVTCÉPGOGPV UQKV TÃCNKUà CW RTQHKV FGU OQFWNGU RTQLGVCDNGU EQTTGURQPFCPV ´ WP ITQWRG FOGZÃEWVCPVUEQPUVKVWÃFGHCÁQPRGTOCPGPVGGVCRRGNôÄVTGNGECUÃEJÃCPV RTQLGVÃUWTWPVJøVTGFOQRÃTCVKQP
.CHQTOCVKQPFGUECFTGUWPGPQWXGNNGÃVJKSWG
&G VQWVG ÃXKFGPEG NOJQOOG EQPUGTXG VQWVG UC RNCEG FCPU NOCTV FG NC IWGTTG .GU VGTTKDNGU ÃXÃPGOGPVU UWTXGPWU CWZ 'VCVU7PKU NG UGRVGODTG KNNWUVTGPV GP RTGOKÂTG CRRTQEJG NOÃEJGE FOWPG RQNKVKSWG FW TGPUGKIPGOGPV HQPFÃG GP ITCPFG RCTVKG UWT NG nVQWV VGEJPQNQIKSWG %GEK ÃVCPV KN PG UNCIKV RCU FOWPG TGOKUG GP SWGUVKQP FGU 06+% FCPU NOCTV FG NC IWGTTGOCKUDKGPFGNGUEQPUKFÃTGTEQOOGFGUnOWNVKRNKECVGWTFOGHHKECEKVÃ
#KPUKNGU06+%FQKXGPVFGOGWTGTCWUGTXKEGFGNOJQOOGGP PQPNOKPXGTUG .C HQTOCVKQP CWZ 06+% FQKV FQPE UOKPUETKTG UGNQP WPG CRRTQEJG GORTWPVG FOÃVJKSWG
.GU06+%GVNCRTKUGFGTGURQPUCDKNKVÃU
.GU 06+% PG FÃFQWCPGPV RCU NG EJGH OKNKVCKTG FG UGU TGURQPUCDKNKVÃU ´ SWGNSWGPKXGCWSWGEGUQKV'NNGURGTOGVVGPVEGTVGUFGOKGWZIÃTGTNCOCUUG FGU KPHQTOCVKQPU FKURQPKDNGU GV FOÃNCDQTGT FGU OQFÂNGU UKOWNCPV NOCEVKQP OCKUGPCWEWPECUPGTGORNCEGPVNCECRCEKVÃFGFÃEKUKQPFWEJGHOKNKVCKTGGV EGNCRQWTVTQKUTCKUQPU
LVQWV FOCDQTF NC NÃIKVKOKVÃ FW EJGH VKGPV FCXCPVCIG ´ UQP CRVKVWFG ´ RTGPFTG NOCUEGPFCPV UWT UGU UWDQTFQPPÃU SWO´ UC ECRCEKVÃ ´ OCÉVTKUGT NC VGEJPQNQIKG
LGPUWKVG NG EJGH OKNKVCKTG GUV FÃUKIPÃ RQWT GPFQUUGT WPG TGURQPUCDKNKVÃ KPJÃTGPVG´UCHQPEVKQP
LGPHKPNGEJGHFQKVGZGTEGTEQPETÂVGOGPVNGRQWXQKTQTEGNWKEKPGRGWV ÄVTG FKUUQEKÃ FG UQP CWVQTKVÃ RGTUQPPGNNG SWK FQKV ÄVTG EQPUVKVWÃG FOKPVGNNKIGPEG FG ECTCEVÂTG GV FOKPVWKVKQP L EQOOG EGNC HWV TCRRGNÃ NG HÃXTKGT ´ NOQEECUKQP FW EQNNQSWG &KTKIGT GV EQOOCPFGT CW ::+GUKÂENG
.GU06+%GVNCECRCEKVÃFGFKUEGTPGOGPVFWEJGH
0QWU NOCXQPU FKV NGU 06+% POGZQPÂTGPV RCU NOJQOOG FOCUUWOGT UGU TGURQPUCDKNKVÃU /CKU GNNGU HCEKNKVGPV NG RTQEGUUWU FÃEKUKQPPGN .G VGORU UOCEEÃNÂTG NOGURCEG UG TÃVTÃEKV NGU TCRRQTVU UQEKCWZ UG VTCPUHQTOGPV NG EQOOGTEG GP NKIPG FÃUVCDKNKUG FGU ECVÃIQTKGU UQEKQÃEQPQOKSWGU EQOOG EGNNGUFGUnKPVGTOÃFKCKTGUW
#KPUK NOKPUVCDKNKVÃ FGXKGPV NC TÂING NOKPVTQFWEVKQP FGU PQWXGNNGU VGEJPQNQIKGUFGNOKPHQTOCVKQPFQKVCNQTURGTOGVVTGFGTÃRQPFTGCWDGUQKPFG EQORTÃJGPUKQP GV FG EQJÃTGPEG FGU GPVTGRTKUGU FGU KPUVKVWVKQPU GV FGU CEVGWTU FG NC &ÃHGPUG %GTVGU VQWV POGUV RCU TÃFWEVKDNG CWZ PQWXGNNGU VGEJPQNQIKGU OCKU UCPU NGWT CKFG RTÃEKGWUG NG FÃEKFGWT UGTCKV RTKXÃ FOWPG RCTVKG FG NC EQPPCKUUCPEG KUQNÃ FW TGUVG FW OQPFG GV HKPCNGOGPV TÃFWKV ´ UWDKT
.GU06+%GVNGUTCRRQTVUJWOCKPU
*KGT PQU UVTWEVWTGU ÃVCKGPV VTÂU JKÃTCTEJKUÃGU .OKPHQTOCVKQP EKTEWNCKV UGNQP NG OQFG FG NC XGTVKECNKVÃ NKÃ CWZ UVTWEVWTGU JKÃTCTEJKSWGU FG NOGPVTGRTKUG.C&ÃHGPUGPGHCKUCKVRCUGZEGRVKQP#RTÃUGPVNGU06+%CXGENGU TÃUGCWZ KPHQTOCVKSWGU KPVTCPGV GV NOKPVGTPGV DQWNGXGTUGPV NOQTFTG JKÃTCTEJKSWG ÃVCDNK .C RTCVKSWG FG NOJQTK\QPVCNKVÃ GV UQP GHHGV KPFWKV FG FÃEQPEGPVTCVKQPFGUCEVKXKVÃUCRQWTEQPUÃSWGPEGFGOQFKHKGTNGUUVTWEVWTGU FÃEKUKQPPGNNGU 'P RCTVKEWNKGT NC TGURQPUCDKNKVÃ FGXKGPV RNWU EQNNGEVKXG GV FQPEEGNNGFGUFÃEKFGWTURNWUEQPVTCKPVG
2KGTTG$QPPGNNKRTÃUKFGPVFG5'/#)4172n.GU06+%PGHQPVSWOÃNGXGTNGPKXGCW FG LGW +NU POÃNKOKPGPV RCU NOGZKIGPEG FOKPVWKVKQP FG ECTCEVÂTG FG NGCFGTUJKR FOKPUVKPEV FOGZRÃTKGPEGGVFGEJCPEG
.OCTOÃGFGVGTTGGVUCPQWXGNNGQTICPKUCVKQPGPEJCÉPGUHQPEVKQPPGNNGUGP VÃOQKIPGPV *KGT NC EQORÃVGPEG FG NO'/#6 ÃVCKV SWCUK WPKXGTUGNNG ´ RTÃUGPVEJCSWG EQOOCPFGOGPV QW FKTGEVKQPUOGUV TGEGPVTÃ UWT NG EWT FG UQP OÃVKGT UGNQP NG RTKPEKRG FG UWDUKFKCTKVÃ GV DÃPÃHKEKG CKPUK FOWPG ITCPFG NKDGTVÃ FOCEVKQP FCPU UC URJÂTG FG EQORÃVGPEG .C EQJÃTGPEG FOGPUGODNG ÃVCPV CUUWTÃG IT¸EG ´ NC OKUG GP RNCEG FOWP nFKCNQIWG FG IGUVKQPNGRKNQVCIGSWKKPVÂITGNGU06+%%GVVGPQWXGNNG QTICPKUCVKQPFW EQOOCPFGOGPV UWRRQUG SWG VQWU NGU CEVGWTU HCUUGPV RTGWXG FG TGURQPUCDKNKVÃVCPVCWVTCXGTUFGUKPHQTOCVKQPU SWK [ UQPV RCTVCIÃGU SWOCW PKXGCWFGUFÃEKUKQPUGVFGUEQPUÃSWGPEGUSWOGNNGURGWXGPVGPVTCÉPGTUWTNGU CWVTGUEQOOCPFGOGPVUQWFKTGEVKQPU
'PHKP EGNC RQUG NG RTQDNÂOG FG NC UÃEWTKVÃ FGU KPHQTOCVKQPU RTQDNÂOG SWK PÃEGUUKVG NC OKUG GP WXTG FOWPG HKNKÂTG FOGZRGTVU GP UÃEWTKVÃ FGU U[UVÂOGUFOKPHQTOCVKQP55+
.GU06+%GVNCHQTOCVKQPUÃEWTKVCKTGNCXCNQTKUCVKQPFGNCHKNKÂTGnGZRGTV 55+
.CXQKGGZRGTVKUGTGNCVKXG ´ NC UÃEWTKVÃ FGU U[UVÂOGU FOKPHQTOCVKQP TGUVG KPUWHHKUCOOGPVXCNQTKUÃG'PGHHGVNGUCTOÃGUPGHQPVFGNC55+SWOWPUQWU FQOCKPG FW OCPCIGOGPV FGU U[UVÂOGU FOKPHQTOCVKQP .C HKNKÂTG 55+ PG DÃPÃHKEKG RCU FG VQWVG NOCVVGPVKQP SWOGNNG OÃTKVGTCKV EQOOG GP VÃOQKIPG NOKFGPVKHKECVKQP FG UGWNGOGPV SWCVTG RQUVGU FOGZRGTV GP UKVWCVKQP FG TGURQPUCDKNKVÃRQWTVQWVGNOCTOÃGFGVGTTG
&GUEQPUÃSWGPEGUUWTNCEWNVWTGFWEQOOCPFGOGPV
.OCRRQTV FGU PQWXGNNGU VGEJPQNQIKGU FG NOKPHQTOCVKQP GV FG NC EQOOWPKECVKQP FQKV ÄVTG EQPUKFÃTÃ EQOOG WPG XÃTKVCDNG TÃXQNWVKQP CW OÄOGVKVTGSWGEGNNGGPIGPFTÃGRCTNOKORTKOGTKG%OGUVFQPEWPEJQEEWNVWTGN SWK GUV GP VTCKP FG UG RTQFWKTG GV NOGZGTEKEG FW EQOOCPFGOGPV PG UCWTCKV ÄVTG ÃRCTIPÃ .G EQOOCPFGOGPV UOGZGTEGTC VQWLQWTU CW VTCXGTU FGU UGWNGU TGNCVKQPU JWOCKPGU OCKU KN WVKNKUGTC ÃICNGOGPV FG RNWU GP RNWU FGU XQKGU LWUSWOCNQTU KPÃFKVGU RGTOGVVCPV ´ NC HQKU FG UCVKUHCKTG WP KORÃTCVKH FG
'VCVOCLQTFGNO#TOÃGFGVGTTG
.O#TOÃGFGVGTTGEQORVGSWCVTGITCPFUEQOOCPFGOGPVU%(#6%(.6%&'5
%1(#6
.O#TOÃG FG VGTTG EQORVG SWCVTG FKTGEVKQPU RTKPEKRCNGU &%6'+ &%%#6 &%)
&%/#6
%H DTQEJWTG FW /KPFGH n2CTEQWTU RTQHGUUKQPPGNU FGU QHHKEKGTU FG NC XQKG GZRGTVKUGÃFKVKQP
TCRKFKVÃ NGU DQWENGU EQWTVGU WP KORÃTCVKH FOGHHKECEKVÃ NOCRRTQEJG HQPEVKQPPGNNG UCPU TGOGVVTG HQPFCOGPVCNGOGPV GP ECWUG NOQTICPKUCVKQP JKÃTCTEJKSWGFWEQOOCPFGOGPV
8GTUWPPQWXGCWU[UVÂOGFGEQOOCPFGOGPVGPTÃUGCWZ
.CTGNCVKQPGPVTGNOJQOOGGVNOQWVKNKPHQTOCVKSWGGUVWPRJÃPQOÂPGSWK UOCEEGPVWG CXGE NG FÃXGNQRRGOGPV FGU 06+% #WLQWTFOJWK NC EQJÃUKQP JQOOGOCEJKPGGUVWPEQORNÃOGPVCWZTGNCVKQPUJWOCKPGUVTCFKVKQPPGNNGU .QTUFGUGZGTEKEGULQWÃUCXGE5+%(NGUEGNNWNGU#EJCTIÃGUFOCPCN[UGTNGU GZGTEKEGU CW TGICTF FG NC FQEVTKPG QPV OKU GP ÃXKFGPEG SWG NGU ECFTGU PG RCTXGPCKGPVRNWU´UGFÃVCEJGTFGNOQWVKNKPHQTOCVKSWGRQWTOGPGTNGVTCXCKN FGTÃHNGZKQPGPITQWRGSWKEQPUVKVWGNCTCKUQPFOÄVTGFGUÃVCVUOCLQTU#WUUK NCOKUGGPRNCEGFOQRÃTCVGWTUGUVWPGKFÃGSWKHCKVUQPEJGOKPGPFÃRKVFW EQÖV HKPCPEKGT SWG EGNC TGRTÃUGPVG GV FGXTCKV RGTOGVVTG CWZ ECFTGU FG RTGPFTGNGTGEWNPÃEGUUCKTG´NCEQPFWKVGFGUVTCXCWZFOÃVCVOCLQTUCPUÄVTG CEECRCTÃURCTNCIGUVKQPFGNCEKTEWNCVKQPFGNOKPHQTOCVKQP'PQWVTGEGTVCKPU RQUVGU UVTCVÃIKSWGU FGXTQPV ÄVTG KFGPVKHKÃU RQWT SWG UQKV CUUWTÃG WPG XGKNNG KPHQTOCVKSWGRGTOCPGPVG
.GDWVRTGOKGTFGNCPWOÃTKUCVKQPPOGUVRCUFGTÃFWKTGNGRGTUQPPGNOCKU FG OKGWZ EQOOCPFGT #KPUK NGU ÃEQPQOKGU GP RGTUQPPGN PG RGWXGPV ÄVTG SWOWPGEQPUÃSWGPEGFGUPQWXGNNGUOÃVJQFGUGPIGPFTÃGURCTNGU06+%.GU CTEJKVGEVWTGUFG2%SWKGPFÃEQWNGPVQPVRQWTQDLGEVKHFGRGTOGVVTGNOGZGTEKEGFW EQOOCPFGOGPV ´ VQWU NGU PKXGCWZ CXGE RNWU FG TÃCEVKXKVÃ FG OCÉVTKUG GV FOKPVGNNKIGPEG#KPUKNOGZGTEKEGFGEQTRUFOCTOÃG#+).'COKUGPÃXKFGPEG NCPÃEGUUKVÃFGETÃGT WPG EGNNWNG KPVGNNKIGPEG OCPCIGOGPV EGNN +/% XÃTKVCDNG EWTFW2%RQWTNGVTCKVGOGPVFGNOKPHQTOCVKQP
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