FGNO'VCV´NOGPVTGRTKUG
&KFKGT&CPGV
KPVGNNKIGPEG ÃEQPQOKSWG GUV HKNNG FW FÃUCTTQK FCPU NGSWGN QPV ÃVÃ RNQPIÃU´NCHKPFWUKÂENGFGTPKGTEGTVCKPUIGUVKQPPCKTGUFGUITCPFGU QTICPKUCVKQPU UQEKQÃEQPQOKSWGU RWDNKSWGU QW RTKXÃGU HCEG CWZ TWRVWTGU KPFWKVGU RCT NGU DQWNGXGTUGOGPVU VGEJPQNQIKSWGU 6+%
DKQVGEJPQNQIKGUW ÃEQPQOKSWGU INQDCNKUCVKQP FG NC RTQFWEVKQP GV FGU ÃEJCPIGU UQEKÃVCWZ PQWXGNNGU TÂINGU FG IQWXGTPCPEG TÃVKEWNCTKUCVKQP FGU U[UVÂOGUUQEKQÃEQPQOKSWGUW%GFÃUCTTQKRGWVÄVTGCVVTKDWÃCWOQKPUGP RCTVKG CWZ UEKGPEGU FG IGUVKQP GNNGUOÄOGU GP EG SWOGNNGU TGXÄVGPV WP ECTCEVÂTG CUUG\ NCTIGOGPV CWVQTÃHÃTÃ 7P VGN OQFG FG RTQFWEVKQP FGU EQPPCKUUCPEGU GUV RCTVKEWNKÂTGOGPV CFCRVÃ ´ NC IÃPÃTCNKUCVKQP GV ´ NC PQTOCNKUCVKQPFGOÃVJQFGUGHHKECEGUFCPUWPWPKXGTUUVCDNGQWGPETQKUUCPEG TÃIWNKÂTGKNNOGUVOQKPUFCPUWPEQPVGZVGFGTWRVWTGUOWNVKRNGUGVRTQHQPFGU QÔ FGU RTQDNÂOGU TCFKECNGOGPV PQWXGCWZ UWTIKUUGPV GV QÔ NGU TÃRQPUGU PG RGWXGPVCRRCTCÉVTGSWGRTQITGUUKXGOGPVCWVGTOGFOWPRTQEGUUWUFOGUUCKU GTTGWTUOQDKNKUCPVFGUEJCORUFGEQPPCKUUCPEGUOWNVKRNGUGVPÃEGUUKVCPVFGU VGORUFOGZRÃTKOGPVCVKQPRTQNQPIÃU
%OGUV UWT EGVVG ECTCEVÃTKUVKSWG FG NC NKVVÃTCVWTG OCPCIÃTKCNG SWG UOGUV CPETÃG NOKPVGNNKIGPEG ÃEQPQOKSWG EQPINQOÃTCV JÃVÃTQENKVG GV KPUVCDNG FG TGEGVVGU FG VGEJPKSWGU FG OÃVCRJQTGU FOCRRNKECVKQPUW FQPV NC ECTCEVÃTKUVKSWGOCLGWTGGUVFGPGRCUUGNCKUUGTCRRTÃJGPFGTCWVTCXGTUFGU JCDKVWGNU ECFTGU FKUEKRNKPCKTGU FG NOWPKXGTUKVÃ 6QWV GHHQTV FG FÃHKPKVKQP
.GUCWVGWTUVJÃQTKUGPVNGURTCVKSWGUOCPCIÃTKCNGUGHHKECEGUDGUVRTCEVKEGUSWKUQPV GPUWKVGGPUGKIPÃGUGVFKHHWUÃGUEJG\NGUFKTKIGCPVU=)1/?
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U[PVJÃVKSWG GUV RÃTKNNGWZ SWK C FG HQTVGU EJCPEGU FG PG RCU UCKUKT NC OWNVKRNKEKVÃHQKUQPPCPVGFGUEJCORUEQWXGTVUGVFGUOQ[GPUUQNNKEKVÃU0QWU RTQRQUGTQPU EGRGPFCPV WPG CRRTQEJG HQPFÃG UWT WP VTKRNG ETKVÂTG QPVQNQIKSWGNCPCVWTGFGNOCEVKXKVÃFOKPVGNNKIGPEGÃEQPQOKSWGVÃNÃQNQIKSWG NGU QDLGEVKHU SWOGNNG UOCUUKIPG OÃVJQFQNQIKSWG NGU VGEJPKSWGU OKUGU GP WXTG &CPU EGVVG RGTURGEVKXG QP FÃHKPKTC NOKPVGNNKIGPEG ÃEQPQOKSWG EQOOG WP GPUGODNG FG RTCVKSWGU OCPCIÃTKCNGU KUUWGU FG EJCORU FKUEKRNKPCKTGU XCTKÃU GV SWK QPV RQWT CODKVKQP FG RGTOGVVTG CWZ FKTKIGCPVU FOGPVTGRTKUGFGOKGWZCRRTÃJGPFGTWPGPXKTQPPGOGPVEQORNGZGFCPUNGSWGN UOGZGTEG WPG EQPEWTTGPEG HQTVG OQWXCPVG GV OWNVKFKOGPUKQPPGNNG .OKPVGNNKIGPEG ÃEQPQOKSWG EQPUVTWKV WPG FÃOCTEJG QTICPKUÃG FG VTCKVGOGPV FG NOKPHQTOCVKQP GP RCTVKG HQPFÃG UWT NGU VGEJPKSWGU FW TGPUGKIPGOGPV GV CRRNKSWÃG CW VTCXGTU FG TÃUGCWZ EQQTFQPPÃU RTKXÃU GV RWDNKEU .C PWOÃTKUCVKQP FGU KPHQTOCVKQPU EQPUVKVWG WPG FKOGPUKQP GUUGPVKGNNG FG NC RTQDNÃOCVKSWGGPEGSWOGNNGKPHNWGPEGHQTVGOGPVNGUHQTOCVUGVNOCORNGWTFGU FQPPÃGU VTCKVÃGU NGU V[RGU FOQWVKNU OQDKNKUÃU GV RNWU RTQHQPFÃOGPV NGU UVTWEVWTGU GV NGU HTQPVKÂTGU UQEKCNGU QW QTICPKUCVKQPPGNNGU FGU GPVKVÃU KORNKSWÃGUFCPUNGVTCKVGOGPV
5GNQPNGRQKFURCTVKEWNKGTSWGNOQPCVVTKDWG´EJCEWPFGUVTCKVURCTVKEWNKGTU FGEGVVGFÃHKPKVKQPFQPVQPTCRRGNNGGPEQTGSWOGNNGPGUCWTCKVÄVTGEQPUKFÃTÃG EQOOGGZJCWUVKXGNGURTQDNÂOGUVTCKVÃUNGUFÃOCTEJGUOKUGUGPWXTGNGU CEVGWTU EQPEGTPÃUW UGTQPV CUUG\ NCTIGOGPV FKHHÃTGPVU 5K NOQP UG TÃHÂTG ´ NOJKUVQKTG UQOOG VQWVG GPEQTG EQWTVG FG NOKPVGNNKIGPEG ÃEQPQOKSWG GP (TCPEGEQOOGITKNNGFGNGEVWTGFGURTCVKSWGUFGWZÃRQSWGUUGFKUVKPIWGPV PGVVGOGPV # NOQTKIKPG NOKPVGNNKIGPEG ÃEQPQOKSWG GUV EQPÁWG GV FÃXGNQRRÃG EQOOG WP CXCVCT FG NC RQNKVKSWG EQOOGTEKCNG UVTCVÃIKSWG FGU RQWXQKTU RWDNKEU .OCEEGPV GUV OKU UWT NG ECTCEVÂTG FÃNQ[CN FGU ÃEJCPIGU EQPVGORQTCKPU GV NC PÃEGUUKVÃ RQWT NO'VCV FG UQWVGPKT NGU GPVTGRTKUGU PCVKQPCNGURCTNCRTQFWEVKQPGVNCFKHHWUKQPFOKPHQTOCVKQPUQDVGPWGUIT¸EG´
WP CRRCTGKN CFOKPKUVTCVKH SWG NOQP UCKV J[RGTVTQRJKÃ FCPU PQVTG RC[U .G ENKOCVGUVFQPEEGNWKFGNCnIWGTTGÃEQPQOKSWGNGRKXQVFGNOKPVGNNKIGPEG ÃEQPQOKSWGGUVNGOKPKUVÂTGFGNO'EQPQOKGGVUCFQEVTKPGGUVHQTOCNKUÃGFCPU NGTCRRQTV/CTVTG$KGPSWOGNNGCKVKPEQPVGUVCDNGOGPVGWUQPJGWTGFGINQKTG´
NC HKP FGU CPPÃGU EGVVG EQPEGRVKQP RQORKFQNKGPPG FG NOKPVGNNKIGPEG ÃEQPQOKSWGGUVCWLQWTFOJWKNCTIGOGPVFÃRCUUÃG#NCUWKVGFOWPGÃVWFGUWT NGUEQORQTVGOGPVUFGUHKTOGU´NCHKPFGUCPPÃGU(TCPEM$QWTPQKUVKVTG UQPEQORVGTGPFWn.GU'VCVUPGUQPVRNWUNGUCEVGWTUENÃUFGNOKPVGNNKIGPEG ÃEQPQOKSWG =$17? # NC XKUKQP EGPVTCNKUCVTKEG GV CFOKPKUVTCVKXG UOGUV RTQITGUUKXGOGPV UWDUVKVWÃG WPG CRRTQEJG FÃEGPVTCNKUÃG GV OCTEJCPFG PQVCOOGPV UQWU NOKPHNWGPEG FGU QTICPKUOGU RTQHGUUKQPPGNU QW EQPUWNCKTGU FGNOKPKVKCVKXGFGUHKTOGUGVFGNCOWNVKRNKECVKQPFGUECDKPGVUFGEQPUWNVCPVU
&CPU NG ECFTG FG EG PQWXGN ¸IG FG NOKPVGNNKIGPEG ÃEQPQOKSWG FG EGVVG KPVGNNKIGPEGFGFGWZKÂOGIÃPÃTCVKQPNGHQKUQPPGOGPVFGURTCVKSWGUFGXKGPV TÃGNNGOGPV GZRNQUKH 2QWT GUUC[GT FOGP RTGPFTG NC OGUWTG PQWU RTQRQUQPU FOKPUKUVGTUWTNGHCKVSWOGPVCPVSWGRTQEGUUWUFGVTCKVGOGPVFGNOKPHQTOCVKQP FGUVKPÃ ´ ÃENCKTGT NGU FKTKIGCPVU UWT WP GPXKTQPPGOGPV EQORNGZG GV FGU RTQDNÂOGUPQWXGCWZNOKPVGNNKIGPEGÃEQPQOKSWGUGEQPUVTWKVPÃEGUUCKTGOGPV
´ RCTVKT FG NC TGRTÃUGPVCVKQP SWG EGU FKTKIGCPVU UG FQPPGPV FG NOWPKXGTU EQPEWTTGPVKGNFCPUNGSWGNKNUUGUKVWGPV&ÂUNQTUKNGUVRQUUKDNGFGTCVVCEJGT NGU KPPQODTCDNGU VGPFCPEGU QW EQWTCPVU SWG NC RTCVKSWG TÃXÂNG ´ VTQKU TGRTÃUGPVCVKQPU HQPFCOGPVCNGU FG NOWPKXGTU EQPEWTTGPVKGN NOWPKXGTU FG NC RNCPKHKECVKQPUVTCVÃIKSWGEGNWKFGUHQTEGUEQPEWTTGPVKGNNGUEGNWKFGUTÃUGCWZ
# EJCEWP FG EGU WPKXGTU EQTTGURQPF WPG XKUKQP FKHHÃTGPVG FGU GPLGWZ FGU RTQDNÂOGUFGUUVTCVÃIKGUFGUNGXKGTUFOCEVKQP.OKPVGNNKIGPEGÃEQPQOKSWGUO[
FÃXGNQRRGCNQTUUGNQPFGUT[VJOGUFGUUVTWEVWTGU FGU CODKVKQPUW SWK NWK UQPVRTQRTGU
/ÄOGUKQPRGWVKOCIKPGTSWGEGUFGWZ CRRTQEJGU CNVGTPCVKXGU PG UQPV RCU GPVKÂTGOGPV EQPVTCFKEVQKTGU GV SWOKN GUV VQWLQWTU RQUUKDNG FOCTVKEWNGT NOCEVKQP NQECNG GV UKPIWNKÂTG FOWPG GPVTGRTKUG CXGE NOKPVGTXGPVKQP INQDCNG GV EGPVTCNKUÃG FW OKPKUVÂTG FG NO'EQPQOKG NOKPVGNNKIGPEG ÃEQPQOKSWG FG RTGOKÂTGIÃPÃTCVKQPUGODNGXQWÃG´RGTUKUVGTFCPUNGUKORCUUGUEQÖVGWUGUGV KPGHHKECEGU FOWPG ÃEQPQOKG VGEJPQFKTKIKUVG # NOKPXGTUG RCTEG SWOGNNG UG EQPHTQPVGCWZRTKPEKRGUFGIGUVKQPGPWUCIGFCPUNGUHKTOGUEQPEWTTGPVKGNNGU NOKPVGNNKIGPEG ÃEQPQOKSWG FG FGWZKÂOG IÃPÃTCVKQP GUV UWUEGRVKDNG FG TGPQWXGNGT GV FOGPTKEJKT EGTVCKPGU FGU FKOGPUKQPU NGU RNWU KORQTVCPVGU FW OCPCIGOGPV
.GUKORCUUGUFGNOKPVGNNKIGPEGÃEQPQOKSWGFGRTGOKÂTGIÃPÃTCVKQP
+NPOGUVIWÂTGFGVGZVGRQTVCPVUWTNOKPVGNNKIGPEGÃEQPQOKSWGFGRTGOKÂTG IÃPÃTCVKQPSWKPGUGTÃHÂTGCWTCRRQTV/CTVTGEGTCRRQTVÃVCPVNGHTWKVFOWP VTCXCKNEQNNGEVKHTÃCNKUÃFCPUNGECFTGFGUTÃHNGZKQPUFW%QOOKUUCTKCVIÃPÃTCN FWRNCPUWTNGUHCEVGWTUKOOCVÃTKGNUFGNC EQORÃVKVKXKVÃ =/#4? %G UQPV NGUCPCN[UGUGVNGURTQRQUKVKQPUSWKUGUKVWGPVFCPUNCNKIPGFGEGTCRRQTVSWG PQWUKFGPVKHKQPUKEKUQWU NG XQECDNG nKPVGNNKIGPEG ÃEQPQOKSWG OCTVTKGPPG
GV SWG PQWU EQPUKFÃTQPU EQOOG TGRTÃUGPVCVKHU FG NOCRRTQEJG QTKIKPGNNG FG NOKPVGNNKIGPEG ÃEQPQOKSWG #RTÂU CXQKT OKU GP ÃXKFGPEG SWGNSWGUWP FGU VTCKVUHQPFCOGPVCWZFGUCFQEVTKPGPQVCOOGPVUQPTGEQWTURGTOCPGPV´NC OÃVCRJQTG OKNKVCKTG PQWU CPCN[UGTQPU NGU HCKDNGUUGU TÃFJKDKVQKTGU FG EGVVG CRRTQEJG
6TCKVUECTCEVÃTKUVKSWGUFGNOKPVGNNKIGPEGÃEQPQOKSWGOCTVTKGPPG
.G EQWTCPV OCTVTKGP POGUV RCU NG UGWN PK OÄOG NG RTGOKGT ´ WUGT FG NC OÃVCRJQTGOKNKVCKTGRQWTTGPFTGEQORVGFGNCEQORÃVKVKQPÃEQPQOKSWGGVFG NOCTV FO[ HCKTG VTKQORJGT NOGPVTGRTKUG &CPU EGU FQOCKPGU NG XQECDWNCKTG OCTVKCNGUVQOPKRTÃUGPVSWOKNUOCIKUUGFGNCNKVVÃTCVWTGUCXCPVGCWUUKDKGPSWG NC RTGUUG URÃEKCNKUÃG QW ITCPF RWDNKE &G NC IWGTTG FGU OQPPCKGU QW FGU VCWZFOKPVÃTÄV´EGNNGFGUPQTOGUQWFGURTQFWKVUNCEQORÃVKVKQPÃEQPQOKSWG UGODNGPGRQWXQKTÄVTGFÃETKVGSWOGPVGTOGUFOCHHTQPVGOGPVUGVFGEJCORU FG DCVCKNNG &G OÄOG NG FKTKIGCPV FG NC OQKPFTG 2/' GUVKN KPXKVÃ ´ UOGORCTGTFGUÃETKVUFG5WP6UW%NCWUGYKV\QW)WKDGTVRQWTOKGWZÃNCDQTGT NC UVTCVÃIKGGV NGU VCEVKSWGU SWK EQPFWKTQPV UGU VTQWRGU ´ NC XKEVQKTG EQOOGTEKCNG
.G RTQRTG FG NOKPVGNNKIGPEG ÃEQPQOKSWG OCTVTKGPPG GUV FG U[UVÃOCVKUGT EGVVGXKUKQPEQPHNKEVWGNNGFGNOÃEJCPIGCHKPFGRTQRQUGTWPOQFÂNGGZRNKECVKH GVFGU RTKPEKRGU FOCEVKQP CNVGTPCVKHU ´ EGWZ FG NC UEKGPEG ÃEQPQOKSWG GV FW OCPCIGOGPV 2CTVCPV FW EQPUVCV SWG NGU CEVGWTU CFOKPKUVTCVKHU GV GPVTGRTGPGWTKCWZ HTCPÁCKU POQPV RCU UW UOCFCRVGT CWZ PQWXGCWZ ÃSWKNKDTGU OQPFKCWZ NOKPVGNNKIGPEG ÃEQPQOKSWG OCTVTKGPPG RTÃEQPKUG FG TGPQWXGNGT UVTWEVWTGUGVEQORQTVGOGPVUGPRTGPCPVGZGORNGUWTEGWZSWKUQPVPQURNWU HCTQWEJGUGPPGOKUFCPUNCIWGTTGÃEQPQOKSWGSWKUGNKXTGSWQVKFKGPPGOGPV
=$#7?
.GUPQWXGCWZÃSWKNKDTGUFGNCTKXCNKVÃÃEQPQOKSWG
.G FKUEQWTU PG UWTRTGPFTC RCU FCPU EG FQOCKPG QÔ NGU CWVGWTU UG EQPEGPVTGPVUWTVTQKUVTCPUHQTOCVKQPUEQPPWGUSWKRGWXGPVPOÄVTGTCRRGNÃGU SWGRQWTOÃOQKTG=.'8?
LNCOWVCVKQPFG NC URJÂTG ÃEQPQOKSWG GV HKPCPEKÂTG QWXTG NGU U[UVÂOGU RTQFWEVKHU ´ WPG EQPEWTTGPEG IÃPÃTCNKUÃG OQPFKCNKUCVKQP HCEKNKVG NGU FÃRNCEGOGPVUKPUVCPVCPÃUFGUECRKVCWZHKPCPEKCTKUCVKQPFQPPGNCRTKOCWVÃ CWZ CEVKHU KPEQTRQTGNU FÃOCVÃTKCNKUCVKQP CUUQKV NC RTQFWEVKQP GV NGU ÃEJCPIGUUWTFGUTÃUGCWZÃPGTIÃVKSWGUOCVÃTKGNUOQPÃVCKTGUWHQPEVKQPPCPV GP HNWZ VGPFWU TÃVKEWNCTKUCVKQP .GU U[UVÂOGU ÃEQPQOKSWGU RTKXKNÃIKGPV NGU
&CPUNCNKXTCKUQPHTCPÁCKUGFGNC*CTXCTF$WUKPGUU4GXKGYWPCTVKENGFO'\TC8QIGN KPVKVWNÃ n)WKFGF (TGG 'PVGTRTKUG KP ,CRCP FGXKGPV n.GU UGETGVU FOWP EQPEWTTGPV TGFQWVCDNG,CRCP+PE=81)?
7PSWQVKFKGPEQOOG.C6TKDWPGPOJÃUKVGRCU´VKVTGTUWTn.OKPHQTOCVKQPPQWXGCW EJCORFGDCVCKNNGRNCPÃVCKTGn%JKPG'VCVU7PKUOGPCEGFGIWGTTG EQOOGTEKCNG n$CKUUG FW FQNNCT NC NQIKSWG FG IWGTTG OQPÃVCKTG
n)WGTTGFGUEQNCU2GRUKGV%QECUOCHHTQPVGPVCW$TÃUKN
UVTWEVWTGUNÃIÂTGUGVNGUKPXGUVKUUGOGPVUXQNCVKNGUNGUUGTXKEGUUOKORQUGPVHCEG CWZ RTQFWKVU DTGH NOÃEQPQOKG VQWV GPVKÂTG UG FÃVCEJG FG NC OCVKÂTG %GU HQTOGU PQWXGNNGU FG NC RTQFWEVKXKVÃ GV FG NC TKEJGUUG KPFWKUGPV GP EQPVTGRCTVKG WP CEETQKUUGOGPV FGU UKVWCVKQPU FG FÃRGPFCPEG GV FG EQPVTÏNG TÏNG ETWEKCN FGU CIGPEGU FG PQVCVKQP FG PQTOCNKUCVKQP FG EGTVKHKECVKQP FOCWFKVWSWKUQPVCWVCPVFGUQWTEGUFGOGPCEGUGVFGXWNPÃTCDKNKVÃU
LNGUDQWNGXGTUGOGPVUUQEKQRQNKVKSWGUQDNKIGPV´TGRGPUGTNGUHTQPVKÂTGUGV NGU ÃSWKNKDTGU FW OQPFG DKRQNCKTG UWTIK ´ NC HKP FG NC 5GEQPFG )WGTTG OQPFKCNG 3WOKN UOCIKUUG FG OQWXGOGPVU KPUETKVU FCPU NC NQPIWG FWTÃG FÃUQTFTGUFÃOQITCRJKSWGUQWGPXKTQPPGOGPVCWZQWFGEQPXWNUKQPURNWU DTWVCNGU GZRNQUKQPU KFGPVKVCKTGU QW TGNKIKGWUGU VQWU UQPV UQWTEGU FG EQORNGZKVÃFQPVNGUCPCN[UGUVTCFKVKQPPGNNGUQPVFGRNWUGPRNWUFGFKHHKEWNVÃ
´TGPFTGEQORVG
LNCTÃXQNWVKQPVGEJPQNQIKSWGGZGTEGWPGHHGVFOGPVTCÉPGOGPVIÃPÃTCNRCT UGU KORNKECVKQPU UWT NGU U[UVÂOGU FOKPHQTOCVKQP GP OÄOG VGORU SWOGNNG TGPHQTEGNGRQWXQKTFGUKPUVKVWVKQPURWDNKSWGUQWRTKXÃGUSWKUQPVECRCDNGU FGNCUQWVGPKTGVFGNCIWKFGT=%1.?
LFCPUNGFQOCKPGRCTVKEWNKGTFGNCRTQFWEVKQPGVFGNOÃEJCPIGNGRTQFWKV FG EGU VTQKU VTCPUHQTOCVKQPU GUV FG HCKTG TGRQUGT NC EQORÃVKVKXKVÃ GV NC RWKUUCPEG FOWP CEVGWT UWT UQP CRVKVWFG ´ GZRNQKVGT NOKPHQTOCVKQP NCSWGNNG FGXKGPVCW::+GUKÂENGOCVKÂTGRTGOKÂTGUVTCVÃIKSWG=$#4?
.OKORTÃRCTCVKQPFGUGPVTGRTKUGVFGNO'VCV
%QPHTQPVÃU´EGUPQWXGCWZÃSWKNKDTGUNGURTKPEKRCWZCEVGWTUHTCPÁCKUUQPV RTÃUGPVÃU EQOOG FÃUGORCTÃU 7PG UGWNG FQPPÃG TÃUWOG NOCORNGWT FW TGVCTF FGU GPVTGRTKUGU GV FG NO'VCV CNQTU SWG NC (TCPEG GUV NG VTQKUKÂOG RTQFWEVGWTOQPFKCNFOKPHQTOCVKQPUGNNGPOGUVSWGNGUGK\KÂOGWVKNKUCVGWT'P FOCWVTGUVGTOGUUKPQWUEQPVTKDWQPUGHHKECEGOGPV´NOGZRCPUKQPFWUVQEMFGU EQPPCKUUCPEGUFKURQPKDNGUPQWUPQWU OQPVTQPU NCTIGOGPV FÃHCKNNCPVU FCPU NOGZRNQKVCVKQPFGNCTGUUQWTEGGZKUVCPVG
%QOOGPVGZRNKSWGTEGTGVCTF!6TQKUECWUGURQPEVWGNNGUUQPVIÃPÃTCNGOGPV CXCPEÃGU
LGP RTGOKGT NKGW NOGZRNQKVCVKQP U[UVÃOCVKSWG FG NOKPHQTOCVKQP RCTVKEKRG FOWPGEWNVWTGRTQRTG´EGTVCKPUOÃVKGTUGVPQPRCUFOWPGTÃHÃTGPEGEQOOWPG
´ NOGPUGODNG FGU UGEVGWTU FOCEVKXKVÃ #KPUK NC XGKNNG VGEJPQNQIKSWG GUVGNNG RTCVKSWGEQWTCPVGFCPUNGUVÃNÃEQOOWPKECVKQPUNCEJKOKGQWNOCÃTQPCWVKSWG 'NNGGUVGPTGXCPEJGRGWRTÃUGPVGFCPUNCEQPHGEVKQPQWNGDQKUCNQTUOÄOG SWOGNNGRQWTTCKV[RTÃUGPVGTWPGWVKNKVÃPQPPÃINKIGCDNG&G OÄOGN´QÔNC XGKNNG VGEJPQNQIKSWG GUV FÃXGNQRRÃG GNNG PG UOCEEQORCIPG RCU
PÃEGUUCKTGOGPV FOWPG XGKNNG EQPEWTTGPVKGNNG QW UQEKÃVCNG +N UOCIKV FQPE FÃVGPFTGNGEJCORFGNOKPVGNNKIGPEGÃEQPQOKSWG´FGUUGEVGWTUFOCEVKXKVÃSWK PGNCRTCVKSWGPVRCUGVFCPUFGUFQOCKPGUQÔGNNGGUVUQWUGORNQ[ÃG
LHTCIOGPVCKTGU FCPU NGWT QDLGV NGU RTCVKSWGU FG NC XGKNNG FGOGWTGPV ÃICNGOGPV VTQR FÃHGPUKXGU FCPU NGWT EQPEGRVKQP .GU QDLGEVKHU CUUKIPÃU CWZ UVTWEVWTGU URÃEKCNKUÃGU EQPEGTPGPV GUUGPVKGNNGOGPV NC RTQVGEVKQP FW RCVTKOQKPG GV NG UWKXK FGU KPXGPVKQPU VGEJPKSWGU EQPVTÏNG FGU XKUKVGWTU GV FGUUVCIKCKTGUEQPUWNVCVKQPFGUDCUGUFGDTGXGVU.CFKOGPUKQPQHHGPUKXGFG NC XGKNNG GUV RTGUSWG U[UVÃOCVKSWGOGPV CDUGPVG EG SWK CDQWVKV ´ WPG EQPPCKUUCPEG KORCTHCKVG FW OKNKGW ENKGPVU RQVGPVKGNU RTQFWKVU GV UGTXKEGU FGUEQPEWTTGPVUTÃUGCWZFOKPHNWGPEGGVE
# EG FÃHKEKV FG NC FGOCPFG UOCLQWVG PQP RCU VCPV WPG KPUWHHKUCPEG OCKU WPG KPCFCRVCVKQP FG NOQHHTG FOKPHQTOCVKQPU #KPUK NGU RQWXQKTU RWDNKEU EQPUCETGPV FGU DWFIGVU PQP PÃINKIGCDNGU ´ NC RTQFWEVKQP FG FQPPÃGU GV FKURQUGPV GP TGVQWT FG IKUGOGPVU FOKPHQTOCVKQPU FG VQWVGU PCVWTGU
%GRGPFCPV NG HTCEVKQPPGOGPV FGU GHHQTVU GV NG ENQKUQPPGOGPV FG NOCFOKPKUVTCVKQP RTQFWKUGPV TGFQPFCPEGU FGU TGEJGTEJGU EQPHNKVU FG VGTTKVQKTGU QW FKURGTUKQP FGU TÃUWNVCVU SWK UQPV CWVCPV FOQDUVCENGU ´ WPG GZRNQKVCVKQPGHHKECEGFGUUQWTEGUFKURQPKDNGU
#WFGN´ FGU ECWUGU RQPEVWGNNGU EG UQPV NGU DNQECIGU FG NC UQEKÃVÃ HTCPÁCKUGSWKUQPVKPETKOKPÃUEQOOGCWVCPVFGUQWTEGUOCLGWTGUFWTGVCTF HTCPÁCKUFCPUNGFÃXGNQRRGOGPVFGNOKPVGNNKIGPEGÃEQPQOKSWG
LDNQECIG EWNVWTGN CDUGPEG FG TGEQPPCKUUCPEG FW TÏNG UVTCVÃIKSWG FG NOKPHQTOCVKQP GV FKHHKEWNVÃ ´ RGTEGXQKT NGU PQWXGCWZ ÃSWKNKDTGU RTÃUGPVÃU EK FGUUWU
LDNQECIG UVTWEVWTGN NGU QTICPKUCVKQPU RTQFWEVKXGU GV CFOKPKUVTCVKXGU UQPV GPEQTG GUUGPVKGNNGOGPV EQPÁWGU FCPU WPG QRVKSWG VC[NQTKGPPG EOGUV´
FKTG HQTVGOGPV EGPVTÃG UWT NG TGURGEV FG NC JKÃTCTEJKG GV FCPU NCSWGNNG NOKPHQTOCVKQPGUV´NCHQKUNGU[ODQNGGVNCEQPFKVKQPFWRQWXQKT.GFKTKIGCPV GUV EGNWK SWK UCKV GV SWK TKUSWG FG RGTFTG UQP RQWXQKT UOKN RCTVCIG NOKPHQTOCVKQPCXGEUGURCKTUQWUGUUWDQTFQPPÃU.CEQPPCKUUCPEGPOGUVRCU WPQWVKNFGVTCXCKNOCKUWPGRTÃTQICVKXGFKTGEVQTKCNG.GFÃXGNQRRGOGPVFG NOKPVGNNKIGPEGÃEQPQOKSWGUGJGWTVG´WPGEWNVWTGFWUGETGVSWKPOGZKUVGRCU EJG\EGTVCKPUFGPQUEQPEWTTGPVU
LDNQECIGKPUVKVWVKQPPGNEQPVTCKTGOGPV´FGURC[UEQOOGNGU'VCVU7PKU QWNO#PINGVGTTGNC(TCPEGPOCRCUUWQTKGPVGTUGUUGTXKEGUFGTGPUGKIPGOGPV XGTUNCRTQFWEVKQPGVNCFKHHWUKQPFOKPHQTOCVKQPUÃEQPQOKSWGU.GUSWGUVKQPU KPFWUVTKGNNGUGVEQOOGTEKCNGUPGUQPVRCUWPGRTKQTKVÃGVPGHQPVRCUNOQDLGV FOWPG CVVGPVKQP UWHHKUCPVG EQOOG NG OQPVTG NC HCKDNGUUG FGU EQPVTCVU
TGORQTVÃURCTNGUHKTOGUPCVKQPCNGUUWTNGUVGTTCKPUQÔNGUOKNKVCKTGUHTCPÁCKU RCTVKEKRGPVCWZQRÃTCVKQPUFGOCKPVKGPFGNCRCKZ
LDNQECIGUQEKÃVCNNC(TCPEGGUVRTÃUGPVÃGEQOOGWPOQFÂNGFGUQEKÃVÃ KPFKXKFWCNKUVG nXKNNCIG ICWNQKU KPECRCDNG FG TKXCNKUGT CXGE FGU UQEKÃVÃU JQNKUVGU FW HCKV FG UGU OWNVKRNGU ENQKUQPPGOGPVU QRRQUKVKQPU RQNKVKSWGU EQTRQTCVKUOGUFKXGTUEQWRWTGRWDNKERTKXÃENKXCIGUUQEKCWZW
.OÃVCVFGIWGTTGÃEQPQOKSWG
#WFGN´ FGU TCKUQPU HCEVWGNNGU SWK XKGPPGPV FOÄVTG ÃXQSWÃGU NOWPG FGU HCKDNGUUGU NGU RNWU KORQTVCPVGU FW U[UVÂOG HTCPÁCKU GUV NOCXGWINGOGPV EQPEGRVWGN FQPV HQPV RTGWXG NGU FKTKIGCPVU GV NGWTU EQPUGKNNGTU .´ QÔ KNU UOQDUVKPGPV ´ XQKT WP VKUUW FG TGNCVKQPU RCEKHKSWGU HQPFÃGU UWT FGU NQKU ÃEQPQOKSWGU PQU nRCTVGPCKTGU EQOOGTEKCWZ TCKUQPPGPV GP VGTOGU FG EQPSWÄVG GV FG RWKUUCPEG EOGUV´FKTG FG IWGTTG SWOGNNG UQKV ÃEQPQOKSWG KPFWUVTKGNNGQWKPHQTOCVKQPPGNNG
.CIWGTTGÃEQPQOKSWG
1P FQKV ´ $GTPCTF 'UCODGTV FOCXQKT RQRWNCTKUÃ NC PQVKQP FG IWGTTG ÃEQPQOKSWG SWOKN HCKV TGOQPVGT CWZ CPPÃGU GV SWOKN CVVTKDWG ´ WP EJCPIGOGPVFGPCVWTGFGUÃEJCPIGUKPVGTPCVKQPCWZ='5#?#WFGN´OÄOG FGNCHQTOKFCDNGRTQITGUUKQPFG EGU ÃEJCPIGU GP XQNWOG DKGP RNWU TCRKFG SWGEGNNGFGNCRTQFWEVKQPKPVÃTKGWTGEOGUVNGEQPVGPWOÄOGFGUHNWZSWKUOGUV VTCPUHQTOÃ TCFKECNGOGPV .C RCTV TGNCVKXG FGU OCVKÂTGU RTGOKÂTGU GV FG NOÃPGTIKG UOGUV GHHQPFTÃG CW RTQHKV FG EGNNG FGU RTQFWKVU KPFWUVTKGNU GV FGU UGTXKEGU .G EQOOGTEG CXGE NG TGUVG FW OQPFG POC RNWU RQWT HKPCNKVÃ NOÃEJCPIG OCVKÂTGU RTGOKÂTGU EQPVTG RTQFWKVU OCPWHCEVWTÃU ÃEJCPIG 0QTF5WF V[RKSWG FW :+:G UKÂENG +N EQPEGTPG OCLQTKVCKTGOGPV NGU RC[U FÃXGNQRRÃU GPVTG GWZ GV TGHNÂVG NOCHHTQPVGOGPV FG U[UVÂOGU RTQFWEVKHU PCVKQPCWZGPNWVVGRQWTNCOCÉVTKUGFGOCTEJÃUSWKPGUQPVRCUGZVGPUKDNGU´
NOKPHKPK+NUOCIKVFOCEETQÉVTGUCRCTVFCPUWPLGW´UQOOGPWNNGEGSWGNOWP ICIPGNOCWVTGNGRGTF2QWTNGURWKUUCPEGUOQ[GPPGU QWXCKPEWGUÃECTVÃGU FGNCIGUVKQPRQNKVKSWG GV UVTCVÃIKSWG FW OQPFG DKRQNCKTG HQPFÃ ´ ;CNVC NC IWGTTG ÃEQPQOKSWG QHHTG WP VGTTCKP FG TGXCPEJG UWT NGSWGN GNNGU RGWXGPV EQPVGUVGT NOQTFTG ÃVCDNK RCT NG EQWRNG UQXKÃVQCOÃTKECKP 5WTVQWV GNNG NGWT FQPPGNOQEECUKQPFOWPCHHTQPVGOGPVPQPOKNKVCKTGFQPVNOGPLGWGUVNCRQUKVKQP FG NGCFGT FGU RWKUUCPEGU OQ[GPPGU GV FG RCTVGPCKTG QDNKIÃ RQWT VQWVG TGEQORQUKVKQPFGNOQTFTGOQPFKCNn$TGHNGVTQKUKÂOGEQPHNKVOQPFKCNGUVPÃFCPU NGUCPPÃGUGVUOGUVKPVGPUKHKÃFGRWKUW.GUCTOGUFWEQPHNKVUQPVNGUOQPPCKGUGV NGWTRCTKVÃNGEQOOGTEGGVUGUGPVTCXGUVCPFKUSWGNGUGPVTGRTKUGUHQWTPKUUGPVNGITQU
FGUVTQWRGUGVFÃDCTSWGPVFGRNWUGPRNWUUQWXGPV´NOÃVTCPIGTIT¸EGCWEQTRUFOÃNKVGU FGUOWNVKPCVKQPCNGU='5#?
'PVGPFWG FCPU NG UGPU FOWP CHHTQPVGOGPV IÃPÃTCNKUÃ ´ NOGPUGODNG FGU CEVKXKVÃU OCTEJCPFGU NC IWGTTG ÃEQPQOKSWG HCKV KPVGTXGPKT FG OCPKÂTG RTKXKNÃIKÃGNG,CRQPRC[UFÃUKIPÃEQOOGNOCITGUUGWTGPOÄOGVGORUSWGNG OQFÂNG´UWKXTGGPOCVKÂTGFOKPVGNNKIGPEGÃEQPQOKSWG
&ÃRQWTXW FG TGUUQWTEGU PCVWTGNNGU FOGPXGTIWTG EQPHKPà UWT WPG ÉNG XCKPEWFGNC5GEQPFG)WGTTGOQPFKCNGNG,CRQPCTÃWUUK´TÃCNKUÃNGTÄXGFG NOÃRQSWG/GKLKGVCTCVVTCRà NO1EEKFGPV UWT NG RNCP VGEJPQUEKGPVKHKSWG CWUUK DKGPSWOÃEQPQOKSWG+NGUVFQPEETÃFKVÃFOWPGHQTOKFCDNGECRCEKVôEQPLWTGT NGU EQPVTCKPVGU GZVÃTKGWTGU GV ´ VTQWXGT NGU NGXKGTU FG UQP UWEEÂU FCPU NGU TGUUQTVU IÃPÃTCWZ FOWPG UQEKÃVà JQNKUVG OÄNCPV ÃVTQKVGOGPV NOCEVKQP FGU QRÃTCVGWTURWDNKEUGVRTKXÃUPQVCOOGPV FCPU NG FQOCKPG FW TGEWGKN GV FW VTCKVGOGPV FG NOKPHQTOCVKQP .GU TGUUQTVU FG NC EWNVWTG GV FG NC OGPVCNKVà CUKCVKSWGUXQKTGNGLGWFGIQNGLWFQQWNCEQPHQTOCVKQPUWRRQUÃGURÃEKHKSWG FWEGTXGCWLCRQPCKU=/#4?UQPVCRRGNÃU´NCTGUEQWUUGRQWTGZRNKSWGTNC UWRÃTKQTKVà FGU RTCVKSWGU OCPCIÃTKCNGU PKRRQPGU %GRGPFCPV UOKN GUV CKPUK QDLGVFOCFOKTCVKQPNG,CRQPGUVÃICNGOGPVCEEWUÃFGTCXCIGTNGU[UVÂOGFG NKDTGÃEJCPIGFQPVKNGUVNOWPFGURTKPEKRCWZDÃPÃHKEKCKTGUGPUGETKURCPVUWT UQP OQFÂNG FG UQEKÃVà EQOOWPCWVCTKUVG GV GP VKTCPV CXCPVCIG FOWP RTQVGEVKQPPKUOGKORNKEKVGOCKUFÃNKDÃTÃ=.'$?2QWTNGURNWURGUUKOKUVGU KN PG HCWFTCKV RCU CVVGPFTG FOCOÃNKQTCVKQP UGPUKDNG GV FWTCDNG FG EG EQORQTVGOGPVFGUHKTOGU LCRQPCKUGU ECT GP WP UGPU GNNGU PG VTKEJGPV RCU NGWT QDLGEVKH POGUV RCU FG EQOOGTEGT OCKU FOKORQUGT NGWT RWKUUCPEG +N TGXKGPVCWZQEEKFGPVCWZFOGPRTGPFTGEQPUEKGPEG GV FG UG RTQVÃIGT RCT FGU OGUWTGUCFÃSWCVGU
.CIWGTTGKPFWUVTKGNNG
.CPQVKQPFGIWGTTGRGWVÄVTGGPXKUCIÃGFCPUWPUGPURNWUNKOKVÃEGNWKFG IWGTTGKPFWUVTKGNNG2QWT)ÃTCTF5KOQP%QJGPGPRCTVKEWNKGTNOKPFWUVTKGGUV GPXKUCIÃG EQOOG NG UQENG FG NC RWKUUCPEG EGNWK UCPU NGSWGN WP RC[U PG UCWTCKV LQWGT FG TÏNG KPVGTPCVKQPCN UKIPKHKECVKH n6QWVG RWKUUCPEG KPFWUVTKGNNG HKPKV RCT FGXGPKT RWKUUCPEG RQNKVKSWG VQWVG RWKUUCPEG RQNKVKSWG FQPV NOKPFWUVTKG UOGHHTKVGHKPKVRCTFGXQKTUOGHHCEGT=%1*?+EKGPEQTGEOGUVNG,CRQPSWKHCKV HKIWTG FOCEEWUÃ 5QP GZRCPUKQP TGRQUG PQP RCU UWT NG TGURGEV FGU NQKU FG NOÃEJCPIGOCKUUWTNCOKUGGPWXTGFOWPGÃEQPQOKGFGIWGTTGFCPUNCSWGNNG KPVGTXKGPPGPV EQPLQKPVGOGPV NGU KPUVKVWVKQPU ÃEQPQOKSWGU UQEKCNGU RQNKVKSWGUGVHKPCPEKÂTGU
(CEG ´ NC OGPCEG SWK RÂUG UWT NG TCPI FG NC (TCPEG FCPU NG OQPFG NC TKRQUVGPGRGWVXGPKTSWGFOWPGOKNKVCTKUCVKQPFGPQVTGU[UVÂOGCFOKPKUVTCVKH GVKPFWUVTKGN
.GU GPVTGRTKUGU CTOÃGU FG NC IWGTTG KPFWUVTKGNNG UQPV NGU RTGOKÂTGU XKUÃGU'NNGUFQKXGPVUOCUUKIPGTRQWTQDLGEVKHNCRWKUUCPEG´NQPIVGTOGEOGUV
´FKTGNCFQOKPCVKQPVQVCNGFWOCTEJÃGVPQPRCUNGRTQHKVKOOÃFKCV5GWNGNC RTGOKÂTGGUVICIGFGRÃTGPPKVÃFCPUWPEQODCVEQPUVCOOGPVTGPQWXGNÃGP RGTOGVVCPVFOÃETCUGTVQWVGÃDCWEJGFOCVVCSWGSWKXKGPFTCKV´UGRTQFWKTGUWT UGU OCTEJÃU 2QWT RCTXGPKT ´ EG FGITÃ FG RWKUUCPEG CDUQNW NG nUCDCMK
NOGPVTGRTKUG FQKV UG EQPHQTOGT CW VQ[QVKUOG RTKQTKVÃ ´ NC UCVKUHCEVKQP FW ENKGPV CNNÃIGOGPV FGU UVTWEVWTGU QTICPKUCVKQPPGNNGU RTQFWEVKQP GP HNWZ VGPFW SWCNKVÃ VQVCNGW GV NG U[UVÂOG ÃEQPQOKSWG FQKV UG TCRRTQEJGT FW OQFÂNG ECRKVCNKUVG LCRQPCKU UWDUKFKCTKVÃ FG NC HQPEVKQP HKPCPEKÂTG KORQTVCPEGECRKVCNGFWTGPUGKIPGOGPVFCPUNCFÃHKPKVKQPFGUQDLGEVKHUGVFGU UVTCVÃIKGUW
.GU RQWXQKTU RWDNKEU PG UQPV RCU QWDNKÃU SWK UQPV KPXKVÃU ´ UG EQPFWKTG UGNQPNGRTKPEKRGFKVFWPCVKQNKDÃTCNKUOG&OWPGRCTVNO'VCVFQKVUOCDUVGPKTFG VQWVG KPVGTXGPVKQP FCPU NC RTQRTKÃVÃ QW NG EQORQTVGOGPV FGU GPVTGRTKUGU RTKXÃGU NC RTQRTKÃVÃ RWDNKSWG QW NGU RQNKVKSWGU TGFKUVTKDWVTKEGU ÃVCPV RTÃUGPVÃGU EQOOG NGU UQWTEGU FG VQWVG TKIKFKVÃ GV FG VQWVG KPGHHKECEKVÃ FW VKUUWKPFWUVTKGN&OCWVTGRCTVNOCFOKPKUVTCVKQPFQKVCUUKUVGTNGUHKTOGUFCPUNC OCÉVTKUG FGU VGEJPQNQIKGU ENÃU GV EQPFWKTG WPG RQNKVKSWG EQOOGTEKCNG CITGUUKXG RQWT HCXQTKUGT NC RCTV TGNCVKXG FGU GPVTGRTKUGU HTCPÁCKUGU UWT NGU OCTEJÃUKPVGTPCVKQPCWZ
.CIWGTTGFGNOKPHQTOCVKQP
%GVVGVTQKUKÂOGKPVGTRTÃVCVKQPFGNCPQVKQPFGIWGTTGGUVRNWUÃVTQKVGOGPV GPEQTGCUUQEKÃGCWZÃXQNWVKQPUFGNCRGPUÃGUVTCVÃIKSWGRTQRTGOGPVOKNKVCKTG
=$#7? .OCEEGPV GUV OKU UWT NGU EQPUÃSWGPEGU KPFKHHÃTGPEKÃGU SWG NGU PQWXGNNGU VGEJPQNQIKGU FG NOKPHQTOCVKQP GZGTEGPV UWT NGU U[UVÂOGU FG EQOOCPFGOGPV OKNKVCKTG GV FG IGUVKQP FGU HKTOGU EKXKNGU &CPU NGU FGWZ J[RQVJÂUGU GZRNQKVGT NOKPHQTOCVKQP RNWU XKVG SWG UQP CFXGTUCKTG XQKTG NWK KPVGTFKTG VQWV CEEÂU ´ EGVVG KPHQTOCVKQP EQPUVKVWG NG HCEVGWT GUUGPVKGN FG NC XKEVQKTG#NCTÃXQNWVKQPFCPUNGUCHHCKTGUOKNKVCKTGURQWTTCKVÄVTGCUUQEKÃGWPG TÃXQNWVKQP FCPU NGU CHHCKTGU ÃEQPQOKSWGU NGU KPUVKVWVKQPU GV NGU RTQEÃFWTGU CWUGTXKEGFGNOWPGRQWXCPVCWDGUQKPÄVTGUQNNKEKVÃGUQWFWRNKSWÃGUCWRTQHKV FGNOCWVTG
%GVVGIWGTTGFGNOKPHQTOCVKQPUGFKUVKPIWGFGURTÃEÃFGPVGUUWTRNWUKGWTU RQKPVU =)'1? =)7+? =&7/? 5QP QTKIKPG GUV PCVWTGNNGOGPV RNWU
TÃEGPVG RWKUSWOGNNG UG VTQWXG FCPU NGU RTQITÂU TÃCNKUÃU RCT NGU VGEJPKSWGU ÃNGEVTQPKSWGUGVKPHQTOCVKSWGUCKPUKSWGFCPUNGFÃXGNQRRGOGPVFGUTÃUGCWZ FG VQWVG PCVWTG &G OÄOG UK NG ,CRQP GUV GPEQTG UWT NG DCPE FGU CEEWUÃU
=%.'? KN PO[ QEEWRG RNWU NC RNCEG RTKPEKRCNG NCSWGNNG TGXKGPV CWZ 'VCVU 7PKU#WRNCPÃEQPQOKSWGKNGUVTGRTQEJôEGUFGTPKGTUFGRTQOQWXQKTWPG RQNKVKSWGGZRNKEKVGOGPVRTQVGEVKQPPKUVGUQWUNOKPHNWGPEGFOCPCN[UVGURQWTSWK NC nEQORÃVKVKXKVà TÃXÃNÃG COÃTKECKPG C ÃVà HQTVGOGPV CHHGEVÃG RCT NC EQPEWTTGPEG FÃNQ[CNG FOKPFWUVTKGNU GWTQRÃGPU CÃTQURCVKCNG QW LCRQPCKU ÃNGEVTQPKSWG CWVQOQDKNG UQWVGPWU RCT NGWTU IQWXGTPGOGPVU TGURGEVKHU
=#0&?#TIWCPVFGEGURQNKVKSWGUCITGUUKXGUNGU'VCVU7PKUQPVTÃRNKSWÃ RCT FGU OGUWTGU FG VQWVGU PCVWTG 'P OCVKÂTG FOKPHQTOCVKQP EGU OGUWTGU RGWXGPV ÄVTG FÃHGPUKXGU FKUVTKDWVKQPU FKUETKOKPCVQKTGU FGU KPHQTOCVKQPU KUUWGUFGUDCPSWGUFGFQPPÃGUCOÃTKECKPGURCTNCETÃCVKQPFOWUCIGUTÃUGTXÃU 75 QPN[ CWUUK DKGP SWOQHHGPUKXGU FÃXGNQRRGOGPV FG NOGURKQPPCIG ÃEQPQOKSWGGVFGUUVTCVÃIKGUFOKPHNWGPEG=4'8?
.OCNKIPGOGPVUWTNGUEQPEWTTGPVU
5KNC(TCPEGGUVGPTGVCTFFOWPGIWGTTGKNPGVKGPVSWO´GNNGFGRTQITGUUGT GPUOKPURKTCPVFGUU[UVÂOGUPCVKQPCWZFOKPVGNNKIGPEGÃEQPQOKSWGSWKQPVHCKV NGWTU RTGWXGU ,CRQP 'VCVU7PKU #NNGOCIPG 5WÂFGW %QORVG VGPW FGU RCTVKEWNCTKVÃURTQRTGUFGPQVTGRC[UKNTGXKGPVCWZRQWXQKTURWDNKEUFOÄVTGNG RKXQVFWU[UVÂOGFOKPVGNNKIGPEGÃEQPQOKSWG
#W RNCP KPVÃTKGWT NO'VCV GUV RTÃUGPVÃ EQOOG NG UGWN CEVGWT ECRCDNG FG IWKFGT GHHKECEGOGPV NG RTQEGUUWU FG FÃXGNQRRGOGPV FGU CEVKXKVÃU UVTCVÃIKSWGU GP NGWT FQPPCPV WPG EQJÃTGPEG FOGPUGODNG GV GP NGU QTKGPVCPV FCPU NG UGPU FG NOKPVÃTÄV PCVKQPCN =%1.? #KPUK %JTKUVKCP *CTDWNQV GV 0KEQNCU /QKPG CUUKIPGPV ´ NC EQOOWPCWVÃ UEKGPVKHKSWG WPG OKUUKQP FG RTÃUGTXCVKQPFGUKPVÃTÄVUFGNCPCVKQPSWKNGUHKPCPEGGVSWKFQKVPQVCOOGPV NGU EQPFWKTG ´ WPG IGUVKQP RNWU TKIQWTGWUG FG NGWTU TÃUWNVCVU .GU CWVGWTU FÃPQPEGPV NOKPEQPUEKGPEG NC PCÊXGVÃ QW NC TGEJGTEJG FW UGPUCVKQPPGN SWK RQWUUG NGU EJGTEJGWTU ´ FKHHWUGT NGU EQPENWUKQPU FG NGWTU VTCXCWZ UCPU OGUWTGT NG ICKP FQPV DÃPÃHKEKGTQPV NGU EQPEWTTGPVU FGU HKTOGU PCVKQPCNGU
=*#4?
#WRNCPGZVÃTKGWTNO'VCVRGWVCEEQORCIPGTGVHCXQTKUGTNGUGZRQTVCVKQPU QW NOKPXGUVKUUGOGPV FKTGEV FGU GPVTGRTKUGU HTCPÁCKUGU +N RGWV RGUGT UWT NGU
.G EQPEGRV FG nEQORÃVKVKXKVà TÃXÃNÃG TGPXQKG ´ WP FQWDNG ETKVÂTG GZVGTPG ECRCEKVà ´ RTQFWKTG FGU DKGPU GV FGU UGTXKEGU SWK UCVKUHQPV CWZ ETKVÂTGU FW OCTEJà KPVGTPCVKQPCNGVKPVGTPGECRCEKVôOCKPVGPKTNCETQKUUCPEGFWTCDNGFWPKXGCWFGXKG FGUCOÃTKECKPU=#0&?
FÃEKUKQPURTKUGUCWUGKPFGUUVTWEVWTGUKPVGTPCVKQPCNGUQWUGUGTXKTFWRQKFU FGUCFKRNQOCVKGRQWTRTQOQWXQKTNGUGPVTGRTKUGUPCVKQPCNGU&ÃPÃEÃ
)NQDCNGOGPVEGVGPICIGOGPVFGNO'VCVCWEÏVÃFGUHKTOGURGWVTÃRQPFTG
´VTQKUQDLGEVKHU=%#&?
LCPVKEKRGT NO'VCV UG HCKV RTQFWEVGWT FOÃVWFGU RTQURGEVKXGU +N ÃENCKTG NOCXGPKT ´ OQ[GPNQPI VGTOG FCPU NG FQOCKPG FGU OCTEJÃU QW FGU VGEJPKSWGUFWHWVWT+NCNGTVGNGUHKTOGUUWTNGUOWVCVKQPUUWUEGRVKDNGUFGNGU FÃUVCDKNKUGTPQTOCNKUCVKQPUÃEWTKVÃKPPQXCVKQPUUQEKCNGUW
LRTQFWKTGFGUKPHQTOCVKQPUGVFGUOQ[GPUFGVTCKVGOGPVCFCRVÃURQWT TGOÃFKGTCWZFÃHCKNNCPEGUEQPUVCVÃGUFCPUNOQHHTGFOKPHQTOCVKQPUSWKÃOCPG FG NO'VCV NOCEEGPV FQKV ÄVTG RQTVÃ UWT NGU RTQEÃFWTGU GV NGU OQ[GPU FG FKHHWUKQP GP FKTGEVKQP FGU GPVTGRTKUGU &CPU EGVVG RGTURGEVKXG NOWPG FGU UGWNGUOGUWTGUURGEVCEWNCKTGUSWKCUWKXKNGTCRRQTV/CTVTGGUVNCEQPUVKVWVKQP FOWPG UVTWEVWTG RCTVKEWNKÂTG NG %QOKVÃ RQWT NC EQORÃVKVKXKVÃ GV NC UÃEWTKVÃ ÃEQPQOKSWGCWLQWTFOJWKFÃHWPV!FQPVNCOKUUKQPGUVFOÃENCKTGTNG2TGOKGT OKPKUVTG UWT NGU SWGUVKQPU TGNGXCPV FG NOKPVGNNKIGPEG ÃEQPQOKSWG 5C EQORQUKVKQPPGUWTRTGPFTCIWÂTGRWKUSWGNOQP[TGVTQWXGPQVCOOGPV*GPTK /CTVTG$GTPCTF'UCODGTVQW,GCPNWE.CICTFÂTG
LCEEQORCIPGT FCPU NC EQPSWÄVG FGU OCTEJÃU GZVÃTKGWTU NO'VCV FQKV OGVVTG´NCFKURQUKVKQPFGUGPVTGRTKUGUFGUnIWKFGUFOCEVKQPEKTEWKVUNQECWZ FG FÃEKUKQP ECTVQITCRJKG FGU FÃEKFGWTU TÃUGCWZ FG NQDD[KPI GHHKECEGU RQKPVUFOCRRWKURWDNKEUQWRTKXÃUUWTRNCEGW
#W HQPF NOKPVGNNKIGPEG ÃEQPQOKSWG OCTVTKGPPG TGRTGPF NG XKGWZ HQPFU EQNDGTVKUVG EOGUV´FKTG NOKFÃG SWG NOÃEQPQOKG HTCPÁCKUG PG UCWTCKV UG FÃXGNQRRGT UCPU SWG NO'VCV POGZGTEG WPG VWVGNNG DKGPXGKNNCPVG UWT NGU GPVTGRTKUGU TGPQWXGNCPV WP FKUEQWTU SWG NOQP ETQ[CKV ÃRWKUÃ FGRWKU NGU FGTPKGTUUQWDTGUCWVUFWFKTKIKUOGRQORKFQNKGPGNNGGZEKRGFGNCFKOGPUKQP UVTCVÃIKSWGXQKTGIWGTTKÂTGSWGTGXÄVPÃEGUUCKTGOGPVWPU[UVÂOGFOÃEJCPIG INQDCNUVTWEVWTÃGVKPHQTOÃRCTNGU6+%
+PEQPUKUVCPEGFGNCOÃVCRJQTGOKNKVCKTGGVNKOKVGUFGNOKPVGNNKIGPEG ÃEQPQOKSWGFGRTGOKÂTGIÃPÃTCVKQP
.CRGTVKPGPEGFGURTQRQUKVKQPUOCTVTKGPPGUFQKVÄVTGÃXCNWÃG´NOCWPGFGU HQPFGOGPVU SWOGNNG UOGUV GNNGOÄOG FQPPÃG EOGUV´FKTG ´ NC XCNGWT FG NC OÃVCRJQTGOKNKVCKTGGVFGNCPQVKQPFGIWGTTGÃEQPQOKSWG
2QWT CXQKT WPG XCNGWT GZRNKECVKXG WP FKUEQWTU FQKV RTÃUGPVGT WP OKPKOWOFGEQJÃTGPEGGVFGUVCDKNKVÃSWCPV´NCPCVWTGGVCWZRTQRTKÃVÃUFG NOQDLGVFQPVKNUGRTQRQUGFGVTCKVGT 1T UK NOQP UG TÃHÂTG ´ NC NKVVÃTCVWTG SWK
CPCN[UG NOCEVGWT RTKPEKRCN FG NOKPVGNNKIGPEG ÃEQPQOKSWG NG ,CRQP NGU RTQRQUKVKQPU SWG NOQP GP TGVKTG UQPV ´ NC HQKU CODKIWÅU GV XGTUCVKNGU RCT GZGORNG=014?
%QOOG NOC RCTHCKVGOGPV OQPVTÃ ,GCP2CWN *QPQTÃ NG RTQHKN V[RG FW ,CRQP VGN SWOKN TGUUQTV FGU PQODTGWZ CTVKENGU FG RTGUUG SWG NOCWVGWT C TGEWGKNNKUGVSWKEQTTGURQPFGPVRTÃEKUÃOGPV´NOCEOÃFWFKUEQWTUFGNCIWGTTG ÃEQPQOKSWGOÄNGVTÂUÃVTQKVGOGPVFGU UVÃTÃQV[RGUQRRQUÃUPKRRQRJKNGU GV PKRRQRJQDGUCWRQKPVFGnXCNKFGTFCPUNCTGRTÃUGPVCVKQPEQOOWPGFW,CRQPGV LWUSWGEJG\NGOÄOGNQEWVGWTFGUÃPQPEÃUEQPVTCFKEVQKTGU=*10R?
7POÃNCPIGFGHCUEKPCVKQPGVFGTÃRWNUKQP
%GVVG KPUVCDKNKVÃ FW FKUEQWTU RGWV FOCDQTF TGEGXQKT WPG GZRNKECVKQP NGZKECNG .GU PQ[CWZ UÃOCPVKSWGU SWK UQPV UWRRQUÃU FÃHKPKT NOKFGPVKVÃ LCRQPCKUGUQPVUWUEGRVKDNGUFGUGFÃENKPGTGPFGWZECVÃIQTKGUFGUVÃTÃQV[RGU NOWPGHCXQTCDNGGVNOCWVTGJQUVKNG&CPUUCXGTUKQPHCXQTCDNGNGUVÃTÃQV[RGGUV UQNNKEKVÃ RQWT GZRNKSWGT NC TÃWUUKVG FW OQFÂNG LCRQPCKU GV KN GUV QRRQUÃ CW OQKPU KORNKEKVGOGPV CWZ HCKDNGUUGU FGU U[UVÂOGU UQEKQÃEQPQOKSWGU QEEKFGPVCWZ&CPUUCXGTUKQPJQUVKNGNGUVÃTÃQV[RGPQWTTKVNGFKUEQWTUFGNC IWGTTGÃEQPQOKSWGGVLWUVKHKGNGUOGUWTGUFGRTWFGPEGQWFGTKRQUVGSWGNGU RC[UGWTQRÃGPUUGFQKXGPVFGOGVVTGGPWXTG'PTÃUWOCPVITQUUKÂTGOGPV NOCPCN[UG FG ,GCP2CWN *QPQTÃ ´ NCSWGNNG KN EQPXKGPFTC ÃXKFGOOGPV FG UG TGRQTVGTRQWTGPUCKUKTVQWVGNCTKEJGUUGNGUJWKVPQ[CWZUÃOCPVKSWGUGVNGWTU FÃENKPCKUQPUUGRTÃUGPVGPVFGNCOCPKÂTGUWKXCPVG
&ÃENKPCKUQPRQUKVKXG &ÃENKPCKUQPPÃICVKXG '0'4)+'
F[PCOKUOGRGTHQTOCPEGHQTEG VTCXCKNGHHKECEKVÃ
2GWRNGEQWTCIGWZQRKPK¸VTGUWTUQPÉNG
27+55#0%'
8+1.'0%' CITGUUKXKVÃIWGTTG2GCTN*CTDQT KPXCUKQPUCOQWTCÊ
%QPVKPWCVKQPFGNCIWGTTGRCTNC EQPSWÄVGÃEQPQOKSWG8KQNGPEG PCVWTGNNGFGULCRQPCKUOCPICU 8KQNGPEGEQPVTGGWZOÄOGUUWKEKFGU JCTCMKTK
%105'0575 EQPUGPUWUJCTOQPKGYCRQNKVGUUG
%QPUGPUWURCTVCIÃGV´FQWDNGUGPU HKFÃNKVÃFWVTCXCKNNGWTRTKUGGPEQORVG
FGUÃEJGNQPUKPHÃTKGWTURCTNGUFKTKIGCPVU 14&4'
%10(14/+5/' WPKHQTOGHQWTOKITÃICKTGFKNWVKQP FGURGTUQPPCNKVÃUFCPUNGITQWRG.G ,CRQPGUVNGRC[UFGUTQDQVUGVOCKUKN GUVUWTVQWVWPRC[UFGTQDQVU
52+4+67#.+6
OCÉVTGUCIGVGORNG\GP
1OPKRTÃUGPEGFWRCTEQWTUKPKVKCVKSWG CWRTÂUFOWPOCÉVTGGVFCPUWPNKGW
URÃEKHKSWGFQLQLCTFKPW /;56'4'
'516'4+5/'
ÃPKIOGHGTOÃEQORNKSWÃUWDVKNKVÃU +OCIGFOWPOQPFGHGTOÃCWZ ÃVTCPIGTUEQORNGZKVÃFGNCNCPIWG FGUEQORQTVGOGPVUUQWTKTG FKUUKOWNCVGWTW
'56*'6+37'
CTVTCHHKPGOGPVFÃRQWKNNGOGPVDGCWVÃ PCVWTG
5GPURCTVKEWNKGTFW$GCW4GNCVKQP RTKXKNÃIKÃGCXGENCPCVWTGLCTFKP
EGTKUKGTUGPHNGWTUW 4#((+0'/'06
/+'84'4+' RGVKVOKPKCVWTGEQWTDGVVGU +PEQOOWPKECDKNKVÃ&ÃHCWV FOKPURKTCVKQPUGEQPETÃVKUGFCPUNC TGRTQFWEVKQPGPOKPKCVWTGLCTFKP OCKUQPPGVVGUFÉPGVVGUW
*100'74 EQWTCIGNQ[CWVÃHKCDKNKVÃSWCNKVÃ FÃXQWGOGPVFGXQKTUCOQWTCÊ
*ÃTKVKGTUGVEQPVKPWCVGWTUFGU UCOQWTCÊUNGULCRQPCKUUQPVETÃFKVÃU FOWPUUÃTKGFGSWCNKVÃUOQTCNGUWVKNGU
RQWTNOGPVTGRTKUGEQFGFGNOJQPPGWT 4+)7'74
#.+'0#6+10 UCETKHKEGUQWOKUUUKQPUQWHHTCPEG UVTGUU
+OCIGFOWPGXKGRTQHGUUKQPPGNNG GPXCJKUUCPVGUCOQWTCÊFGNOGPVTGRTKUG .CUQWHHTCPEGCRRCTCÉVEQOOGWPG EQORQUCPVGGUUGPVKGNNGFGNCXKG ÃEQPQOKSWGHCOKNKCNGW 5172.'55'
HNGZKDNGCUUKOKNGTCFCRVGT KPVGNNKIGPEG
)ÃPKGLCRQPCKUFGNOCUUKOKNCVKQPFGNC RCVKGPEGGVFGNCOKPWVKG(QTOG FOKPVGNNKIGPEGGORKTKSWGGVKPVWKVKXG
CUUQEKÃGCWLWFQ 24#)/#6+5/'
&72.+%+6'
VTKEJGTEQRKGTGURKQPPGTUVTCVÃIKG +PCRVKVWFG´NCRTQFWEVKQPUEKGPVKHKSWG EQNNGEVGU[UVÃOCVKSWGFW
TGPUGKIPGOGPV8QECDNGUÃPKIOCVKSWGU UVTCVÃIKGFWPÃPWRJCTQWFG
NOKPXKUKDNG+OCIGFWLGWFGIQ GPEGTENGOGPVRCVKGPEGFWRNKEKVÃ 64#&+6+10
EWNVWTGCPEKGPVCVCOKMKOQPQ +OCIGFOWP,CRQPKOOWCDNGGV EJCTOCPV4ÃWUUKVGÃEQPQOKSWGHQPFÃG UWTNGUQENGFGUVTCFKVKQPUFGUXCNGWTU FGNCEWNVWTG
2#55'
#4%*#¢5/' HÃQFCNCTEJCÊSWGKORÃTKCNW +OOQDKNKUOGFGUUVTWEVWTGUGVFGU RTCVKSWGUHGTOGVWTGFOCWVCPVRNWUHQTVG SWGNGLCRQPCKUGUVFOWPGPCVWTG FKHHÃTGPVG
+0018#6+10 OQFGTPG::+GUKÂENGHWVWTKUVG TGEQTFW
%NKEJÃFGNOWUKPGWNVTCOQFGTPGUCPU JQOOGOCKUCXGEFGUTQDQVU
/1&'40+6'
&'%7.674#6+10 COÃTKECPKUÃRQNNWVKQPFÃVTWKTG ENCRKGTW
TGPKGOGPVUWKEKFCKTGFGUVTCFKVKQPU PCVKQPCNGUQEEKFGPVCNKUCVKQP ECVCUVTQRJKSWGXKNNGKPXKXCDNG RQNNWVKQPCDUGPEGFOKPVKOKVÃOCPSWG FGRNCEGW
6CDNGCW&ÃENKPCKUQPURQUUKDNGUFGUPQ[CWZUÃOCPVKSWGUTGNCVKHUCW,CRQP
.GECTCEVÂTGVTÂUCRRTQZKOCVKHFGUKOCIGUSWKEQORQUGPVNGRTQHKNV[RGFW ,CRQP HCXQTKUG ´ NOÃXKFGPEG NGU INKUUGOGPVU SWK RGWXGPV UOQRÃTGT GPVTG NGU
FÃENKPCKUQPUPÃICVKXGUGVRQUKVKXGUFOWPOÄOGPQ[CWUÃOCPVKSWG&OWPEÏVÃ NOQDLGEVKH RQWTUWKXK RCT NGU WVKNKUCVGWTU FG EGU ENKEJÃU GUV ENCKTGOGPV KFGPVKHKCDNGFQPPGTWPGTGRTÃUGPVCVKQPFGUVTCKVUURÃEKHKSWGUFGNCRWKUUCPEG GPPGOKG HKIGT EGU VTCKVU FCPU NC RTQHQPFGWT FOWPG EWNVWTG KOOÃOQTKCNG GV KOOQDKNG LWUVKHKGT NOCDCPFQP FOWP FKCNQIWG ÃSWKNKDTÃ VJÃQTKG ÃEQPQOKSWG FG NOÃEJCPIG KPVGTPCVKQPCN RQUÃ EQOOG KORQUUKDNG KORQUGT WPG XKUKQP EQPHNKEVWGNNGFGUTCRRQTVUGPVTGNO1EEKFGPVGVNG,CRQPIWGTTGÃEQPQOKSWG GPVKTGTNGUEQPUÃSWGPEGURTCVKSWGUSWKUOKORQUGPVKPVGNNKIGPEGÃEQPQOKSWG OCTVTKGPPG%GHCKUCPVKNFGXKGPVFKHHKEKNGFGUGRTQVÃIGTFGVQWVGHCUEKPCVKQP RQWTWPOQFÂNGFQPVNCTÃWUUKVGÃEQPQOKSWGGUVKPEQPVGUVCDNG.OCVVKTCPEGGV NC ETCKPVG UG OÄNGPV ÃVTQKVGOGPV FG UQTVG SWG NC FÃENKPCKUQP JQUVKNG FGU PQ[CWZ UÃOCPVKSWGU FÃEWNVWTCVKQP EQPHQTOKUOG QW XKQNGPEG DCUEWNG ´ FG PQODTGWUGUTGRTKUGUFCPUNGTGIKUVTGRQUKVKHFGNOKPPQXCVKQPFWEQPUGPUWUQW FGNOÃPGTIKG
%G OÃNCPIG FG FÃPQPEKCVKQP GV FOCVVKTCPEG GUV GPEQTG CEETW RCT NC XQECVKQPKPVGTPGGVPQTOCVKXGFWFKUEQWTU%GNWKEKGPVGPFEGTVGUFÃPQPEGTNC FWRNKEKVÃGVNCXKQNGPEGFWOQFÂNGLCRQPCKUKNPOGPVGPFRCUOQKPUOGVVTGGP NWOKÂTGNGUHCKDNGUUGUFOWPU[UVÂOGUQEKQÃEQPQOKSWGHTCPÁCKUOKPÃRCTFGU RQNKVKSWGU DWFIÃVCKTGU MG[PÃUKGPPGU GV NGWT HKUECNKVÃ GPXCJKUUCPVG NOCVVCEJGOGPV ´ WPG XKUKQP EQPHNKEVWGNNG FGU TCRRQTVU UQEKCWZ QW NC RGTUKUVCPEG FGU EQTRQTCVKUOGU NGU RNWU FKXGTU NG VTKQORJG FG NOKPFKXKFWCNKUOG NC RTKOCWVÃ FW ECRKVCNKUOG HKPCPEKGTW =%#&?
=/#4? .QTUSWG NOQP UG FQPPG EQOOG RTKPEKRG FOCEVKQP NG nPCVKQ NKDÃTCNKUOGQPPGRGWVRCU PGRCUÃRTQWXGT FOCVVKTCPEG RQWT FGU XCNGWTU nV[RKSWGOGPV LCRQPCKUGU EQOOG NG EQPUGPUWU NG RTCIOCVKUOG QW NOJQPPGWT.CXGTUCVKNKVÃFWFKUEQWTUVKGPVRTKPEKRCNGOGPV´EGFQWDNGQDLGV EQPVTCFKEVQKTGSWKGUVNGUKGPFÃPQPEGTNG,CRQPEQOOGGPPGOKÃEQPQOKSWG OCKUTGITGVVGTSWGNCUQEKÃVÃHTCPÁCKUGPGUQKVRCU´UQPKOCIGFCPUEGTVCKPU FGUGUVTCKVUUWRRQUÃU
7PGXGTUCVKNKVÃEQPUVKVWVKXGFGNCOÃVCRJQTG
.GFQWDNGOQWXGOGPVFOCVVTCEVKQPGVFGTÃRWNUKQPRQWTNG,CRQPGUVWPG RTGOKÂTGGZRNKECVKQPFGNCXGTUCVKNKVÃGVFGNOKPEQPUKUVCPEGFWFKUEQWTUFGNC IWGTTGÃEQPQOKSWG+NGUVRQUUKDNGFOGPVTQWXGTWPGUGEQPFGFCPUNGRTKPEKRG OÄOGFWVTCPUHGTVOÃVCRJQTKSWG
%GNWKEK RGWV UG FÃHKPKT RCT EQPVTCUVG CXGE NC EQORCTCKUQP NCSWGNNG KORNKSWGWPGCUUKOKNCVKQPGZRNKEKVG FGU EQPEGRVU OKU GP TÃUQPCPEG GV CXGE NOCPCNQIKG SWK UWRRQUG NOKFGPVKVÃ HQTOGNNG FGU U[UVÂOGU ÃVWFKÃU &CPU NG VTCPUHGTVOÃVCRJQTKSWGKNUOCIKVUGWNGOGPVFGVTCPUHÃTGTWPOQFÂNGGZRNKECVKH CRRCTVGPCPV GP RTQRTG ´ WP OQPFG FQPPÃ NC RQNÃOQNQIKG FCPU WP
GPXKTQPPGOGPV CWSWGN KN ÃVCKV LWUSWGN´ ÃVTCPIGT NOGPXKTQPPGOGPV EQPEWTTGPVKGN FG NC HKTOG GP EQORÃVKVKQP 'P FOCWVTGU VGTOGU WP OQFÂNG UQWTEGOKNKVCKTGGUVFÃVCEJÃFGNOGPXKTQPPGOGPVnPCVWTGNFQPVKNRGTOGV FGTGPFTGEQORVGNCIWGTTGRQWTÄVTGUWDUVKVWÃCWOQFÂNGUQWTEGCPCN[UG OCPCIÃTKCNG UWRRQUÃ KPCRVG ´ CRRTÃJGPFGT NGU TÃCNKVÃU FW OQPFG EQPEWTTGPVKGN CWSWGN UQPV EQPHTQPVÃGU NGU GPVTGRTKUGU .C TGNCVKQP EQPXGPVKQPPGNNG OCPCIÃTKCNG 4%/ GUV CDCPFQPPÃG CW RTQHKV FG NC OÃVCRJQTGSWKUOCPCN[UGFGEGHCKVEQOOGWPGTGNCVKQPPQPEQPXGPVKQPPGNNG 40%
(KIWTG2TKPEKRGFGNCOÃVCRJQTGOKNKVCKTG
.ÃIKVKOG GP VCPV SWG OQFG JGWTKUVKSWG FCPU FGU UKVWCVKQPU UQEKQ ÃEQPQOKSWGU EQORNGZGU QÔ NGU OQFÂNGU VTCFKVKQPPGNU FG NC UEKGPEG OCPCIÃTKCNG TGPEQPVTGPV FGU NKOKVGU ÃXKFGPVGU NG VTCPUHGTV OÃVCRJQTKSWG UWUEKVGEGRGPFCPVFGPQODTGWUGUKPVGTTQICVKQPUCWRNCPFGUCXCNKFKVÃ
'P RTGOKGT NKGW QP PG OCPSWGTC RCU FG TGNGXGT SWG NGU OWNVKRNGU FÃENKPCKUQPUFGNCOÃVCRJQTGOKNKVCKTGOQDKNKUGPVFGUEWNVWTGUFGUXCNGWTUGV FGUXQECDNGUSWKUQPVEGWZTÃGNUQWUWRRQUÃUFWOQPFGOKNKVCKTGVGNSWGNG RGTÁQKXGPVNGUFKHHÃTGPVUCWVGWTU'PHQPEVKQPFGNGWTEQPPCKUUCPEGRNWU QW OQKPU CRRTQHQPFKG FG NGWT RGTEGRVKQP RNWU QW OQKPU NQKPVCKPG FG NGWT GORCVJKG RNWU QW OQKPU OCTSWÃG RQWT NG OQPFG OKNKVCKTG EGU CWVGWTU XÃJKEWNGPV FGU KOCIGU VTÂU FKHHÃTGPVGU RCTHQKU EQORNÃOGPVCKTGU UQWXGPV EQPVTCFKEVQKTGU .G ECTCEVÂTG GZVTCQTFKPCKTG FG NC OKUUKQP SWK RGWV ÄVTG EQPHKÃG ´ NOKPUVKVWVKQP OKNKVCKTG OGVVTG GP WXTG NG HGW RQWT FÃVTWKTG WP GPPGOK POGUV RCU ÃVTCPIGT ´ NC EQPUVKVWVKQP FG TGRTÃUGPVCVKQPU GZVTÄOGU XQKTG ECTKECVWTCNGU # EGNNGU SWK RQTVGPV FGU XCNGWTU RQUKVKXGU GURTKV FG EQTRU EQWTCIG FÃXQWGOGPV ´ NC PCVKQPW TÃRQPFGPV EGNNGU PQP OQKPU
Monde de l’entreprise Monde de l’institution militaire Modèle source
Polémologie
Modèle source Management
Environnement source : guerre
Environnement cible : concurrence RCM
RNC
PQODTGWUGUSWKFÃPQPEGPVNGUVTCXGTUFWDGNNKEKUOGKPPÃKUOGFWEJGHEWNVG FGNCXKQNGPEGOCEJKUOGCUUGTXKUUGOGPV´NCRNCPKHKECVKQPEGPVTCNKUÃGW.G ECTCEVÂTG INQDCN GV KORTÃEKU FW VTCPUHGTV OÃVCRJQTKSWG CUUQEKà ´ NOCDUGPEG VQVCNGFOGZRNKEKVCVKQPFGUJ[RQVJÂUGUEQPUVKVWVKXGUFWOQFÂNGUQWTEGCWVQTKUG NGUKPVGTRTÃVCVKQPUNGURNWUQRRQUÃGUFGEGOQFÂNGGVLWUVKHKGNGURTQRQUKVKQPU NGURNWUXCTKÃGU.COÃVCRJQTGOKNKVCKTGEQPUGTXGVTÂUNCTIGOGPVNGECTCEVÂTG FOWPGDQÉVGPQKTGGVTGPXQKGGPWNVKOGTGUUQTV´NOGZRNKECVKQPFWUWEEÂURCTNG IÃPKGFWnUVTCVÂIGFGNCIWGTTGÃEQPQOKSWG%GVVGFKHHKEWNVôKFGPVKHKGTNGU OÃECPKUOGU SWK GZRNKSWGTCKGPV NOKORCEV FG NC OÃVCRJQTG OKNKVCKTG UWT NC RGTHQTOCPEGÃEQPQOKSWGUGOGUWTG´NOKORTÃEKUKQPFGUEQPEGRVU OQDKNKUÃU CITGUUKXKVà QTKGPVCVKQP EQPEWTTGPVUW QW ´ NC VTÂU ITCPFG XCTKÃVà FGU TÃUWNVCVUGORKTKSWGUQDVGPWU=.'4?
'PUGEQPFNKGWGVFGOCPKÂTGRNWUIÃPÃTCNGNGVTCPUHGTVOÃVCRJQTKSWGPG UGODNGRQWXQKTRTQFWKTGFWUGPUSWGUQWUEGTVCKPGUEQPFKVKQPUFGRTQZKOKVÃ FGU FGWZ OQPFGU GPVTG NGUSWGNU KN RTÃVGPF ÃVCDNKT WPG TGNCVKQP PQP EQPXGPVKQPPGNNG#WTGICTFFGNCTGRTÃUGPVCVKQPFWVTCPUHGTVOÃVCRJQTKSWG EGUEQPFKVKQPUFGRTQZKOKVÃRGWXGPVUOGZRTKOGTEQOOGUWKV
LEQORCTCDKNKVÃ FGU OQFÂNGU UQWTEGU RQNÃOQNQIKG GV UEKGPEG OCPCIÃTKCNG
LEQORCTCDKNKVÃFGUGPXKTQPPGOGPVUEKDNGUIWGTTGGVEQPEWTTGPEG LXCNKFKVÃ FG NC TGNCVKQP EQPXGPVKQPPGNNG SWK WPKV NG OQFÂNG OKNKVCKTG ´ NOGPXKTQPPGOGPVIWGTTKGT
LXCNKFKVÃFGNCTGNCVKQPEQPXGPVKQPPGNNGSWKWPKVNGOQFÂNGOCPCIÃTKCN´
NOGPXKTQPPGOGPVEQPEWTTGPVKGN
%GPOGUVSWGUQWUNCTÃWPKQPFGEGUSWCVTGJ[RQVJÂUGUQWCWOQKPUFGNC OCLQTKVÃFOGPVTGGNNGUSWGNGVTCPUHGTVOÃVCRJQTKSWGRQWTTCKVHQPEVKQPPGTFG OCPKÂTGGZRNKECDNG#FÃHCWVNOÃXGPVWGNKORCEVFGNCTGNCVKQPOÃVCRJQTKSWG UGTCKVXQWôFGOGWTGTFCPUNGEJCORFGURJÃPQOÂPGUO[UVÃTKGWZSWKHQPV NG EJCTOG FKUETGV FGU UEKGPEGU UQEKCNGU 1T UK NC SWCVTKÂOG J[RQVJÂUG GUV CUUG\ NCTIGOGPV UQWOKUG CW FÃDCV UEKGPVKHKSWG NC VTQKUKÂOG GUV NG RNWU UQWXGPV EQPÁWG EQOOG WP CTV SWK ÃEJCRRGTCKV ´ NC HQTOWNCVKQP FOÃPQPEÃU HCNUKHKCDNGU NG EJGH OKNKVCKTG UGTCKV RTÃEKUÃOGPV EGNWK SWK GUV ECRCDNG FG FÃRCUUGT NGU OQFÂNGU GV NGU TÂINGU FG EQPFWKVG RQWT KOCIKPGT NG RNCP FOGPUGODNGSWKNGEQPFWKTC´NCXKEVQKTGRCTCFKIOGFO#WUVGTNKV\'PEGSWK EQPEGTPG NGU FGWZ RTGOKÂTGU EQPFKVKQPU QP UG TGRQTVGTC CWZ VTCXCWZ FGU PQODTGWZCWVGWTURQWTSWKWPGFKHHÃTGPEGFGPCVWTGGVPQPUKORNGOGPVFG FGITÃGZKUVGGPVTGNCIWGTTGGVNOÃEJCPIGÃEQPQOKSWGNCPQVKQPFGnIWGTTG ÃEQPQOKSWGÃVCPVCWOKGWZWPCDWUFGNCPICIGGVRNWURTQDCDNGOGPVWP EQPEGRVXKFGFGUGPU=5%*?=.#%?=�?
.C OÃVCRJQTG OKNKVCKTG EQPUVKVWG FQPE WP OCWXCKU HQPFGOGPV RQWT NOKPVGNNKIGPEGÃEQPQOKSWG.OCWTCFGO[UVÂTGGVFOGZQVKUOGRGWVUCPUFQWVG UWUEKVGTWPGPIQWGOGPVRCUUCIGTEJG\FGUOCPCIGTUEWTKGWZGNNGPGUCWTCKV FKUUKOWNGT NQPIVGORU NOCTEJCÊUOG FG UQP KFÃQNQIKG NG FKTKIKUOG ÃEQPQOKSWG NGDGNNKEKUOG UKORNKHKECVGWT FG UGU CPCN[UGU HQPEVKQP FÃEWNRCDKNKUCVTKEG FOWP FKUEQWTU SWK KORWVG PQU ÃEJGEU ´ NC FWRNKEKVÃ FG EQPEWTTGPVU SWK UQPV PÃEGUUCKTGOGPV PQU GPPGOKU KTTÃFWEVKDNGU QW NG ECTCEVÂTG KPECPVCVQKTG FG UGU RTQRQUKVKQPU TÃXQNWVKQPPGT NG nXKNNCIG ICWNQKU .OKPVGNNKIGPEG ÃEQPQOKSWG PG RGWV TÃGNNGOGPV EQPVTKDWGT ´ NOGHHKECEKVÃFGUGPVTGRTKUGUHTCPÁCKUGUSWGFCPUNCOGUWTGQÔGNNGTGPQPEG´NGU VTCPUHQTOGTGPTÃIKOGPVUFGNCIWGTTGÃEQPQOKSWG.GOCPCIGTPOGUVRCUWP IÃPÃTCN´NCVÄVGFGUGUVTQWRGU+NCUCPUFQWVGOKGWZ´HCKTGSWGFOCVVGPFTG FG NOCFOKPKUVTCVKQP NGU KPHQTOCVKQPU UGETÂVGU SWK NWK RGTOGVVTQPV FG TGORQTVGTNGUOCTEJÃUSWOKNRTQURGEVG
0QWU PGFÃXGNQRRGTQPURCUKEKVCPVKNU UQPV ÃXKFGPVU NGU KPEQPXÃPKGPVU GP VGTOGU FG EQÖVU FG NQWTFGWT FGU RTQEÃFWTGU FG FÃNCKU FG VTCKVGOGPV FOCVVGKPVG CW NKDTG LGW FG NC EQPEWTTGPEGW SWK TÃUWNVGTCKGPV FOWPG EGPVTCNKUCVKQP RQWUUÃG FW RTQEGUUWU CWVQWT FW OKPKUVÂTG FG NO'EQPQOKG # NOGZEGRVKQP FG SWGNSWGU GPVTGRTKUGU URÃEKHKSWGU FQPV NG UQTV FÃRGPF FKTGEVGOGPV FG NOÃVTQKVGUUG FG NGWTU NKGPU CXGE NOCFOKPKUVTCVKQP GPVTGRTKUGU FOCTOGOGPV HKTOGU XKXCPV FOWP OQPQRQNG EQPHÃTÃ RCT NGU RQWXQKTU RWDNKEUW KN GUV CUUG\ HCEKNG FOKOCIKPGT SWG NGU FKTKIGCPVU FOGPVTGRTKUGU POCVVGPFGPV RCU CRTÂU $GTE[ QW NG 3WCK FO1TUC[ RQWT RTQURGEVGT NGWTU OCTEJÃU NCPEGT FGU RTQITCOOGU FG TGEJGTEJG GV FÃXGNQRRGOGPV QW TGPQWXGNGTNGWTUICOOGUFGRTQFWKVU.CNQWTFGWTFGNOCRRCTGKNÃVCVKSWGUC FKHHKEWNVÃ ´ UG TÃHQTOGT NWKOÄOG UC HQPEVKQP RTGOKÂTG FG EQPVTÏNG GV FG RTÃNÂXGOGPVXQKTGVQWVUKORNGOGPVNOKORQUUKDKNKVÃRQWTWPCIGPVSWGNSWOKN UQKVFOCXQKTWPGEQPPCKUUCPEGRCPQRVKSWGFGVQWVGUNGUTÃCNKVÃUEQOOGTEKCNGU QW KPFWUVTKGNNGUW VQWU EGU ÃNÃOGPVU RNCKFGPV EQPVTG NOKPVGNNKIGPEG ÃEQPQOKSWGOCTVTKGPPGSWKXQWFTCKVHCKTGFGNOCFOKPKUVTCVKQPNGRKXQVFOWPG KPVGNNKIGPEGÃEQPQOKSWGn´NCHTCPÁCKUG1PPGOCPSWGTCFOCKNNGWTURCUFG UQWNKIPGT NOCTEJCÊUOG FOWPG CRRTQEJG V[RKSWG FOWPG ÃRQSWG TÃXQNWG EGNNG QÔ NO'VCV GPVGPFCKV RNCPKHKGT FGRWKU NG OKPKUVÂTG FG NO'EQPQOKG NG FÃXGNQRRGOGPV FG NOCEVKXKVÃ PCVKQPCNG FÃVGPCKV NG ECRKVCN FOGPVTGRTKUGU RWDNKSWGU IÃTÃGU RCT FGU HQPEVKQPPCKTGU GV UQWVGPCKV NOCEVKQP FG UGU EJCORKQPU PCVKQPCWZ ´ EQWR FG UWDXGPVKQPU GV FG TGECRKVCNKUCVKQPU
=%1*?+NPOGUVRCUKPFKHHÃTGPVFGEQPUVCVGTSWGEGFÃXGNQRRGOGPVFOWPG KPVGNNKIGPEGÃEQPQOKSWGÃVCVKUVGGUVEQPEQOKVCPVFGNOCFJÃUKQPFGNC(TCPEG CWZ RTKPEKRGU FG NOÃEQPQOKG FG OCTEJÃ CFJÃUKQP U[ODQNKUÃG RCT NGU FÃPCVKQPCNKUCVKQPUQWNOQTFQPPCPEGFWGTFÃEGODTGUWTNGNKDTGLGWFG NC EQORÃVKVKQP +N UGTCKV CNQTU RQUUKDNG FG XQKT FCPU NG TCRRQTV /CTVTG
NOGZRTGUUKQPFOWPGKPSWKÃVWFGFGNCJCWVGCFOKPKUVTCVKQPHCEGCWTGEWNFGUGU RTÃTQICVKXGUVTCFKVKQPPGNNGUGV´UCRGTVGFGNÃIKVKOKVÃ
.GUCRRQTVUFGNOKPVGNNKIGPEGÃEQPQOKSWGGPVTGRTGPGWTKCNG
4GLGVGT NG HQPFGOGPV OÃVCRJQTKSWG FG NOKPVGNNKIGPEG ÃEQPQOKSWG PG UKIPKHKGRCUSWGNOCRRTQEJGUGTCKVKPVTKPUÂSWGOGPVKPECRCDNGFGFÃETKTGFGU RJÃPQOÂPGUFGNCTÃCNKVÃEQPEWTTGPVKGNNG.GUOCPWXTGUFÃNQ[CNGUGZKUVGPV OCKU UK EGU CEVGU FG IWGTTG ÃEQPQOKSWG UG RTQFWKUGPV GURKQPPCIG EQPVTGHCÁQPFÃUKPHQTOCVKQPWKNUFQKXGPVÄVTGEQPUKFÃTÃUEQOOGCWVCPVFG RCVJQNQIKGU FG NC EQPEWTTGPEG GV PQP RCU EQOOG WPG HQTOG PQTOCNG FG EQORÃVKVKQP UWT NCSWGNNG EQPUVTWKTG WP RTQLGV FOKPVGNNKIGPEG ÃEQPQOKSWG
%OGUV RQWTSWQK EGU EQORQTVGOGPVU RCVJQNQIKSWGU FQKXGPV TGNGXGT FG VTCKVGOGPVUCRRTQRTKÃURQNKEKGTUQWLWFKEKCKTGUGVPGRCUEQPUVKVWGTNCRKGTTG FOCPING FG NOKPVGNNKIGPEG ÃEQPQOKSWG FCPU NOGPVTGRTKUG &ÂU NQTU KN PQWU UGODNG RNWU RGTVKPGPV FOKPVÃITGT NOKPVGNNKIGPEG ÃEQPQOKSWG EQOOG WPG FKOGPUKQP PQWXGNNG FG NC TGRTÃUGPVCVKQP SWG NGU FKTKIGCPVU UG HQPV FG NGWT WPKXGTUEQPEWTTGPVKGNGVFGNCUVTCVÃIKGIÃPÃTCNGSWOKNUGPFÃFWKUGPVRQWTNC EQPFWKVG FG NC HKTOG 1P RCTNGTC CNQTU FOKPVGNNKIGPEG ÃEQPQOKSWG GPVTGRTGPGWTKCNG
2QWT NGU DGUQKPU FG NC RTÃUGPVCVKQP PQWU PQWU TÃHÃTGTQPU KEK ´ NC V[RQNQIKG FGU UVTCVÃIKGU RTÃUGPVÃG RCT /CWTKEG 5CÊCU GV 'OOCPWGN /GVCKU
=5#+? .C RTGOKÂTG HKIWTG UVTCVÃIKSWG GUV EGNNG FW RQUKVKQPPGOGPV NOGPVTGRTKUGEJGTEJG´UOCFCRVGT´UQPGPXKTQPPGOGPVCHKPFGEQPUVTWKTGWPG RQUKVKQP FQOKPCPVG GV FG NC FÃHGPFTG .C UGEQPFG HKIWTG GUV EGNNG FW OQWXGOGPV NOGPVTGRTKUG XKUG ´ VTCPUHQTOGT NOGPXKTQPPGOGPV CHKP FG ETÃGT FGPQWXGCWZGURCEGUEQPEWTTGPVKGNUSWOGNNGGZRNQKVGTCRCTNGTGPQWXGNNGOGPV KPEGUUCPVFGUQPRQTVGHGWKNNGFOCEVKXKVÃUGVFGEQORÃVGPEGU&CPUEJCEWPGFG EGU HKIWTGU UVTCVÃIKSWGU NGU FKXGTUGU HCEGVVGU FG NOKPVGNNKIGPEG ÃEQPQOKSWG RGWXGPVÄVTGWVKNGOGPVUQNNKEKVÃGU
+PVGNNKIGPEGÃEQPQOKSWGGVUVTCVÃIKGFGRQUKVKQPPGOGPV .GUUVTCVÃIKGUFGRQUKVKQPPGOGPV
.GUUVTCVÃIKGUFGRQUKVKQPPGOGPVQWUVTCVÃIKGUFÃFWKVGUQPVGPEQOOWP FGWZRTKPEKRGUHQPFCOGPVCWZ=(4'?&OWPGRCTVNOGPVTGRTKUGPGRGWVÄVTG FWTCDNGOGPV RTÃUGPVG FCPU WP UGEVGWT FOCEVKXKVÃ SWG UK GNNG UOCFCRVG CWZ EQPFKVKQPUFGUQPGPXKTQPPGOGPVEGNWKEKGUVFQPPÃ GV NOGPVTGRTKUG FQKV UG RNKGT´UQPÃVCVCEVWGNGVCWT[VJOGRTQRTGFGUQPÃXQNWVKQP&OCWVTGRCTVNC
TÃWUUKVG FG NOGPVTGRTKUG RTQXKGPV FG UC ECRCEKVÃ ´ CESWÃTKT WP CXCPVCIG EQPEWTTGPVKGNGV´GPFÃHGPFTGNGECTCEVÂTGFKUVKPEVKHHCEG´UGUEQPEWTTGPVU
5WTNCDCUGFGEGUFGWZETKVÂTGUKNGUVRQUUKDNGFGTÃWPKTNGUEQWTCPVUFGNC RGPUÃGUVTCVÃIKSWGSWKXQPVFGNO'EQNGFO*CTXCTF´2QTVGT=,1*?
.CRTGOKÂTGGUV´NOQTKIKPGFWOQFÂNG5916SWKEQPUKUVG´TGEJGTEJGTUK NOGPUGODNG FGU HQTEGU GV FGU HCKDNGUUGU RTQRTGU ´ NOGPVTGRTKUG UC ECRCEKVÃ UVTCVÃIKSWG RGWV NWK RGTOGVVTG FG UOCFCRVGT CWZ EQPFKVKQPU FG NOGPXKTQPPGOGPV QW FG RTQHKVGT FG PQWXGNNGU QRRQTVWPKVÃU RQWT NGUSWGNNGU GNNG FKURQUGTCKV FGU EQORÃVGPEGU TGSWKUGU =)'4? +N UOCIKV FQPE DKGP FOÃVCDNKTWPGEQTTGURQPFCPEGGPVTGNCECRCEKVÃUVTCVÃIKSWGFGNCHKTOGGVNGU EQPFKVKQPU FG TÃWUUKVG KORQUÃGU RCT NOGPXKTQPPGOGPV %GVVG TGEJGTEJG PG FQKVRCUUGNKOKVGT´WPGÃVWFGUVCVKSWGFGUFKOGPUKQPUCEVWGNNGUFW5916 'PEGUGPUNOCPCN[UG5916GUVKPUÃRCTCDNGFOWPGFÃOCTEJGFGRNCPKHKECVKQP UVTCVÃIKSWGSWKXCRGTOGVVTGFOKFGPVKHKGTNGUCZGUFOÃXQNWVKQPRQVGPVKGNNGFG NOGPXKTQPPGOGPVCKPUKSWGNGUOQVGWTUGVNGUHTGKPUSWKRGWXGPVTÃUWNVGTFGNC ECRCEKVÃ UVTCVÃIKSWG FG NC HKTOG 1P EQORTGPF PCVWTGNNGOGPV VQWV EG SWG NOKPVGNNKIGPEG ÃEQPQOKSWG GUV UWUEGRVKDNG FOCRRQTVGT ´ WPG CPCN[UG IQWTOCPFGGPKPHQTOCVKQPUGVGPRTÃXKUKQPU=.'5?
.G UGEQPF EQWTCPV FG RGPUÃG HQPFCOGPVCN RQWT NGU UVTCVÃIKGU FG RQUKVKQPPGOGPVGUV NKÃCWZ VTCXCWZ FG /KEJCGN 2QTVGT NGSWGN U[PVJÃVKUG NGU RTQITÂU TÃCNKUÃU ´ RCTVKT FW OQFÂNG 5916 GP FÃXGNQRRCPV VTQKU VJÂOGU OCLGWTU
LNOCPCN[UG FW UGEVGWT FOCEVKXKVÃ FCPU NGSWGN UG UKVWG NOGPVTGRTKUG GV PQVCOOGPVFWITQWRGUVTCVÃIKSWGCWSWGNGNNGCRRCTVKGPV=214?
LNCV[RQNQIKGFGUUVTCVÃIKGUSWKRGWXGPVEQPFWKTGNOGPVTGRTKUG´CESWÃTKT WPG RQUKVKQP FQOKPCPVG FQOKPCVKQP RCT NGU EQÖVU FKHHÃTGPEKCVKQP HQECNKUCVKQP=214?
LNCFÃHKPKVKQPFGNCEJCÉPGFGXCNGWTGPUGODNGFGUHQPEVKQPURTKOCKTGUGV FG UQWVKGP SWK UQWUVGPFGPV NC UVTCVÃIKG GV NOCXCPVCIG EQPEWTTGPVKGN FG NC HKTOG
&CPUNGOQFÂNGFG2QTVGTNGUWEEÂUFGNOGPVTGRTKUGTGRQUGUWTUCECRCEKVÃ
´OCÉVTKUGTNGUHQTEGUEQPEWTTGPVKGNNGU SWKUOGZGTEGPVCW UGKP FG UQP ITQWRG UVTCVÃIKSWGGPUGFQVCPVFOWPCXCPVCIG EQPEWTTGPVKGN CRRTQRTKÃ +EK GPEQTG SWOKN UOCIKUUG FG FÃHKPKT NGU HQTEGU EQPEWTTGPVKGNNGU QW FOCNNGT CWFGN´ FGU
.GVGTOG5916GUVNOCETQP[OGFG5VTGPIVJU9GCMPGUUGU1RRQTVWPKVKGU6JTGCVU'P FOCWVTGU VGTOGU EG OQFÂNG UOCVVCEJG ´ NOCFÃSWCVKQP FGU HQTEGU GV HCKDNGUUGU FG NOGPVTGRTKUG FOWPG RCTV CWZ QRRQTVWPKVÃU GV OGPCEGU KUUWGU FG NOGPXKTQPPGOGPV FOCWVTGRCTV
UGWNGUFKOGPUKQPUKFGPVKHKÃGURCT2QTVGTNOKPVGNNKIGPEGÃEQPQOKSWGRTÃUGPVG WPG WVKNKVÃ DKGP UWRÃTKGWTG NQTUSWOGNNG GUV GPXKUCIÃG EQOOG WP GPTKEJKUUGOGPVFGUQWVKNUGZKUVCPVURNWVÏVSWO´RCTVKTFOWPGUKVWCVKQPFGVCDNG TCUG
.OCRRQTVFGNOKPVGNNKIGPEGÃEQPQOKSWGCWZUVTCVÃIKGUFGRQUKVKQPPGOGPV
&CPUNGECFTGFGUUVTCVÃIKGUFGRQUKVKQPPGOGPVNOKPVGNNKIGPEGÃEQPQOKSWG CRQWTHQPEVKQPEGPVTCNGFOKPHQTOGTNGUFKTKIGCPVUUWTNOÃVCVCEVWGNGVHWVWTFG NGWT GPXKTQPPGOGPV CHKP FG RTGPFTG NGU FÃEKUKQPU FOCLWUVGOGPV QW FG VTCPUHQTOCVKQP TGSWKUGU RQWT SWG NOGPVTGRTKUG UQKV GP CFÃSWCVKQP CXGE UQP OKNKGW+NUOCIKVFQPEGUUGPVKGNNGOGPVFGOGVVTGGPRNCEGWPU[UVÂOGFGXGKNNG TÃRQPFCPV CWZ DGUQKPU RTQRTGU FG NOGPVKVÃ EQPUKFÃTÃG =9'/? =.'5?
=2#6? &GWZ FKOGPUKQPU UQPV GUUGPVKGNNGU ´ EGV ÃICTF NGU ECTCEVÂTGU FW U[UVÂOGFOKPVGNNKIGPEGÃEQPQOKSWGFOWPGRCTVNGEJCORFOKPXGUVKICVKQPSWK NWKGUVCUUKIPÃFOCWVTGRCTV
.GUECTCEVÂTGUFWU[UVÂOGFOKPVGNNKIGPEGÃEQPQOKSWG
%QOOG VQWLQWTU GP RCTGKN ECU KN POGZKUVG RCU FG OQFÂNG WPKXGTUGN FOKPVGNNKIGPEG ÃEQPQOKSWG RCU RNWU SWOKN POGZKUVG FG OQFÂNG WPKXGTUGN FG UVTCVÃIKG GV FG UVTWEVWTG =#05? %JCSWG HKTOG FQKV FÃHKPKT UQP U[UVÂOG RCTVKEWNKGT GP HQPEVKQP FG RCTCOÂVTGU OWNVKRNGU VCPV GZVGTPGU FGITÃ VWTDWNGPEG FG NOGPXKTQPPGOGPV SWOKPVGTPGU RTQHKN UVTCVÃIKSWG FGU FKTKIGCPVU .C FÃOCTEJG IÃPÃTCNG FG EQPUVTWEVKQP FW U[UVÂOG RGWV ÄVTG CPCN[UÃG CW VTCXGTU FW ECFTG UWKXCPV XQKT VCDNGCW EKFGUUQWU FQPV QP C XQNQPVCKTGOGPVUKORNKHKÃNCUVTWEVWTGRQWTFGUTCKUQPUFGRTÃUGPVCVKQP
.C RTGOKÂTG UÃTKG FG RCTCOÂVTGU TGPXQKG ´ WPG FKOGPUKQP GZVGTPG NG FGITÃ FG VWTDWNGPEG FG NOGPXKTQPPGOGPV SWG NOQP CRRTÃEKG CW VTCXGTU FOKPFKECVGWTU TGNCVKHU ´ NOKORQTVCPEG NOCORNGWT NC TCRKFKVÃ GVE FGU EJCPIGOGPVU UWUEGRVKDNGUFGUGRTQFWKTGFCPUNGOKNKGWFG NOGPVTGRTKUG .C UGEQPFG UÃTKG FG RCTCOÂVTGU RQTVG UWT NG RTQHKN FGU FKTKIGCPVU SWG RQWT UKORNKHKGT QP C UWRRQUÃ CFCRVÃ ´ NOGPXKTQPPGOGPV EQTTGURQPFCPV # WP GPXKTQPPGOGPV UVCDNG GUV CUUQEKÃ WP FKTKIGCPV FG V[RG EQPUGTXCVGWT SWK PG EJGTEJGTCRCU´DQWUEWNGTNGUEQPEWTTGPVUGVNGOCTEJÃRCTFGUKPPQXCVKQPU KPEGUUCPVGU
1PEQPÁQKVHCEKNGOGPVSWGUGNQPNGV[RGFOGPXKTQPPGOGPVGVFGRTQHKNFW FKTKIGCPVNGU[UVÂOGFGXGKNNGPGUGTCRCUEQPUVTWKVFGNCOÄOGHCÁQP#NOWP FGU GZVTÄOGU NG ECTCEVÂTG TÃRÃVKVKH FG NOGPXKTQPPGOGPV GV NG RTQHKN EQPUGTXCVGWTFGUFKTKIGCPVUKPFWKTCWPGKPVGNNKIGPEGÃEQPQOKSWGEGPVTCNKUÃG QTKGPVÃGUWTNGUWKXKFGURTQEÃFWTGUGVNGWTTÃHQTOGGPECUFOQDUQNGUEGPEG#
NOCWVTG GZVTÄOG NOGPVTGRTKUG SWK XKV FCPU WP GPXKTQPPGOGPV VTÂU VWTDWNGPV FQKVUGFQVGTFOWPFKURQUKVKHFOKPVGNNKIGPEGÃEQPQOKSWGQWXGTVFÃEGPVTCNKUÃ ECRCDNGFGRGTEGXQKTNGURTÃOKUUGUFGUEJCPIGOGPVU´XGPKT=#05?
6[RGFGUWTRTKUG $WUKPGUU 6GEJPQNQIKSWG 5QEKQRQNKVKSWG +ORQTVCPEG .QECNG 0CVKQPCNGQW
+PVGTPCVKQPCNG
)NQDCNG
(COKNKCTKVÃFGU
ÃXÃPGOGPVU (COKNKGTU 'ZVTCRQNCDNGU 0QWXGCWZ 4CRKFKVÃFW
EJCPIGOGPV .GPV 4CRKFG 6TÂUTCRKFG 8KUKDKNKVÃFW
HWVWT 4ÃEWTTGPV 2TÃFKEVKDNG +ORTÃXKUKDNG
'PXKTQPPGOGPV
&GITÃFG
VWTDWNGPEG 'PXKTQPPGOGPV
TÃRÃVKVKH %JCPIGOGPV
KPETÃOGPVCN %JCPIGOGPV FKUEQPVKPW /GPVCNKVÃFW
FKTKIGCPV %QPUGTXCVGWT .GCFGT +PPQXCVGWT
%WNVWTGRTQFWKVG 5VCDKNKVÃ %TQKUUCPEG %TÃCVKQP FOQRRQTVWPKVÃU
2CTCOÂVTGUFGEQPUVTWEVKQPFWU[UVÂOGFO+'
2TQHKNFW FKTKI
GCPV
%QORQTVGOGPV
TÃEQORGPUÃ .QPIÃXKVÃ 4GPVCDKNKVÃ %TÃCVKXKVÃ /CPCIGOGPVCZÃ
UWT 2TQEÃFWTGU 2NCPKHKECVKQP )GUVKQPFGU UWTRTKUGU
&QPPÃGU
TGEJGTEJÃGU 2TÃEÃFGPVU 6GPFCPEGU 5KIPCWZHCKDNGU 1TKGPVCVKQPFW
U[UVÂOGFG VTCKVGOGPVXGTU
1TICPKUCVKQP
KPVGTPG /KZVGKPVGTPG
GZVGTPG 'ZVGTPG (TÃSWGPEGFGU
KPVGTXGPVKQPU 1EECUKQPPGNNG 4ÃIWNKÂTG 2GTOCPGPVG
&GITÃFG
EGPVTCNKUCVKQP 'NGXÃ +PVGTOÃFKCKTG (CKDNG
2TKPEKRGUFGEQPUVTWEVKQPFW U[UVÂOGFOKPVGNNKIGPEGÃEQPQOKSWG
/ÃVJQFGFG
VTCKVGOGPV #PCN[UGFGU
TÂINGUÃETKVGU #PCN[UGUFGU
FQPPÃGU +PVWKVKQP 6CDNGCW'PXKTQPPGOGPVRTQHKNFWFKTKIGCPVKPVGNNKIGPEGÃEQPQOKSWG
.GEJCORFOKPXGUVKICVKQPFWU[UVÂOGFOKPVGNNKIGPEGÃEQPQOKSWG
.G EJCOR FOKPXGUVKICVKQP SWK GUV CUUKIPÃ CW U[UVÂOG FOKPVGNNKIGPEG ÃEQPQOKSWGPOGUVRCUKPFÃRGPFCPVFGNOGPXKTQPPGOGPVFGNCHKTOGPQPRNWU SWGFGUECTCEVÂTGUIÃPÃTCWZSWKQPVÃVÃFÃHKPKU%GRGPFCPVUQPQTKGPVCVKQP GVUQPÃVGPFWGPGUGVTQWXGPVXÃTKVCDNGOGPVFÃHKPKGUSWGRCTTÃHÃTGPEG´NC TGRTÃUGPVCVKQP SWG NGU FKTKIGCPVU UG UQPV FQPPÃU FG NGWT WPKXGTU EQPEWTTGPVKGN 5K NOQP PG TGVKGPV SWG FGWZ FGU TGRTÃUGPVCVKQPU NGU RNWU EQWTCPVGU WP WPKXGTU FG RNCPKHKECVKQP UVTCVÃIKSWG UQWXGPV EGPVTÃ UWT NC FKOGPUKQPVGEJPQNQIKSWGFWOÃVKGTGVWPWPKXGTUFGHQTEGUEQPEWTTGPVKGNNGU UQWXGPV EGPVTÃ UWT NC FKOGPUKQP EQOOGTEKCNG KN XKGPV FGWZ U[UVÂOGU FOKPVGNNKIGPEGÃEQPQOKSWGVTÂUFKHHÃTGPVU
7PKXGTU 2NCPKHKECVKQPUVTCVÃIKSWG (QTEGUEQPEWTTGPVKGNNGU 1TKGPVCVKQPFW
U[UVÂOG 1WXGTV 1WXGTV
&KOGPUKQPEGPVTCNG 6GEJPQNQIKG %QOOGTEG
2CTCOÂVTGU
#WVGWTFGTÃHÃTGPEG #PUQHH 2QTVGT
0CVWTGFGNCXGKNNG 6GEJPQNQIKSWG %QPEWTTGPVKGNNG 6[RGFOKPHQTOCVKQPU 6GEJPKSWG %QOOGTEKCNG
HKPCPEKÂTGW 5QWTEGFOKPHQTOCVKQPU $TGXGVU4GV&KPVGTPG 4CRRQTVUFOCEVKXKVÃ
EQORVGUTGPFWUHQTEGFG XGPVGW
'VGPFWG 7PKFKOGPUKQPPGNNG 2NWTKFKOGPUKQPPGNNG
%QPVTÏNGGZVGTPGFG
NOKPHQTOCVKQP 'NGXÃ+02+ +PÃICNRCTHQKUÃNGXÃ
%QOOKUUCKTGUCWZ EQORVGURCTHQKUHCKDNG 6[RGUFOQWVKNU 5EKGPVQOÃVTKG 5916CPCN[UG
HKPCPEKÂTGW
%JCORGZRNQTCVQKTG
'ZVGPUKQPRQUUKDNG 8CTKCDNGUUQEKQ
ÃEQPQOKSWGU (QTEGUJQTUOCTEJÃ 6CDNGCW%CTCEVÃTKUVKSWGUFWU[UVÂOGFOKPVGNNKIGPEGÃEQPQOKSWG
&CPU NGU FGWZ ECU NG FÃXGNQRRGOGPV FGU FKURQUKVKHU FOKPVGNNKIGPEG ÃEQPQOKSWG C ÃVÃ NCTIGOGPV HCXQTKUÃ RCT NC OWNVKRNKECVKQP FGU UQWTEGU FOKPHQTOCVKQP PWOÃTKUÃGU GV FGU QWVKNU FG VTCKVGOGPV CFCRVÃU =01;?
=%#.? %QOOG UQWXGPV GP RCTGKN ECU NC FKOGPUKQP VGEJPQNQIKSWG FG
NOKPVGNNKIGPEG ÃEQPQOKSWG EQPUVKVWG WP ÃNÃOGPV FG HCUEKPCVKQP SWK GUV WPG UQWTEGRQUUKDNGFGFÃTKXGU6TQKUCWOQKPUOÃTKVGPVFOÄVTGUKIPCNÃGU
.CRTGOKÂTGRTQEÂFGFOWPGEQPHWUKQPENCUUKSWGGPVTGCURGEVUSWCPVKVCVKHU GV SWCNKVCVKHU %QPHQPFCPV FQPPÃGU GV KPHQTOCVKQPU EGTVCKPU U[UVÂOGU UG ECTCEVÃTKUGPV RCT NOCEEWOWNCVKQP FG VTÂU ITQU EQTRWU FQPV NG nVTCKVGOGPV
GZKIGFGUOQ[GPUFGRNWUGP RNWU RWKUUCPVU =01;? =.'5? .QTUSWOKNU UQPV HTCRRÃU FG EGVVG FÃTKXG SWCPVKVCVKXKUVG NGU FKTKIGCPVU GZRTKOGPV FGU RTÃQEEWRCVKQPU VQWTPÃGU XGTU NGU OÃICQEVGVU NGU IKICJGTV\ GV CWVTGU U[ODQNGU FG TCRKFKVÃ GV FG XQNWOG +N EQPXKGPV FG TCRRGNGT EGVVG ÃXKFGPEG SWG NC SWCNKVÃ FGU KPHQTOCVKQPU QDVGPWGU GV FW U[UVÂOG SWK NGU RTQFWKV PG FQKV RCTHQKU SWG HQTV RGW ´ UC RWKUUCPEG FG VTCKVGOGPV QW ´ NOÃPQTOKVÃ FGU KPXGUVKUUGOGPVU TÃCNKUÃU # EGV ÃICTF NG FÃXGNQRRGOGPV TÃEGPV FG NOKPVGNNKIGPEG ÃEQPQOKSWG FCPU NGU GPVTGRTKUGU C RQWT EQTQNNCKTG NOCDUGPEG SWCUK IÃPÃTCNG FG U[UVÂOGU FOÃXCNWCVKQP GV FG EQPVTÏNG FG UQP WVKNKVÃ
=$17? .C FÃOGUWTG KPUVTWOGPVCNG RGWV CKPUK UG FQPPGT NKDTG EQWTU ECT GNNG POGUV RCU DQTPÃG RCT NC PÃEGUUKVÃ FG LWUVKHKGT FOWP SWGNEQPSWG TCRRQTV EQÖVGHHKECEKVÃ 2QWT CWVCPV EGVVG UKVWCVKQP PG UCWTCKV UG OCKPVGPKT FWTCDNGOGPV GV FGU RTQEÃFWTGU FG EQPVTÏNG RCT VCDNGCWZ FG DQTF EQOOGPEGPV ´ UG OWNVKRNKGT &ÂU NQTU NC EQPVTCKPVG FOGHHKECEKVÃ FGXTCKV RGTOGVVTGFGOGUWTGTRNWURTÃEKUÃOGPVNGFGITÃFGRGTVKPGPEGFGUOQ[GPU OKUGPRNCEGGVFGNOKPHQTOCVKQPQDVGPWG
.C UGEQPFG FÃTKXG SWG NG VTCKVGOGPV CWVQOCVKUÃ FGU KPHQTOCVKQPU PWOÃTKUÃGU RGWV RTQFWKTG TÃUKFG FCPU NOQUUKHKECVKQP FG NC FÃOCTEJG FOKPVGNNKIGPEGÃEQPQOKSWG+PUÃTÃGFCPUNGECFTGIÃPÃTCNFOWPRTQEGUUWUFG RNCPKHKECVKQPUVTCVÃIKSWGNCXGKNNGUWRRQUGNOCRRTQRTKCVKQPFOWPGVGEJPQNQIKG URÃEKHKSWG EGNNG FW U[UVÂOG FOKPHQTOCVKQP CKPUK SWOWPG EGTVCKPG HQTOCNKUCVKQPFGURTQEÃFWTGU%GVVGRTQHGUUKQPPCNKUCVKQPPÃEGUUCKTGGORQTVG CXGEGNNGNGTKUSWGFGNCEQORNGZKVÃFGNCNQWTFGWTGVFGNCDWTGCWETCVKUCVKQP .CFÃOCTEJGKPVGNNGEVWGNNGGUVCNQTUTGNÃIWÃGCWUGEQPFRNCPGVNCRTQFWEVKQP FOKPHQTOCVKQPU FGXKGPV XGEVGWT FOCRRTQRTKCVKQP FW RQWXQKT FCPU NOGPVTGRTKUG #W NKGW FG HCXQTKUGT NC EKTEWNCVKQP FG NOKPHQTOCVKQP FCPU NOGPUGODNG FG NC UVTWEVWTG NG U[UVÂOG FOKPVGNNKIGPEG ÃEQPQOKSWG GP TGXGPFKSWG NG OQPQRQNG GV GP VKTG FGU TGPVGU FG UKVWCVKQP HCEG CWZ CWVTGU UGTXKEGUTGXGPFKECVKQPFOWPFTQKVFGEQPVTÏNGUWTNGUEKTEWKVUFGRTQFWEVKQP FOKPHQTOCVKQP GV NGU RTQFWKVU SWK GP UQPV KUUWU FGOCPFG FG OQ[GPU UCPU EGUUGETQKUUCPVUOWNVKRNKECVKQPFGUUWRRQTVUFGFKHHWUKQPOCKUTÃVGPVKQPFGU KPHQTOCVKQPU´ECTCEVÂTGUVTCVÃIKSWG
.CFGTPKÂTGFÃTKXGSWKOGPCEGNGU[UVÂOGFOKPVGNNKIGPEGÃEQPQOKSWGGUV NC VC[NQTKUCVKQP FG UQP HQPEVKQPPGOGPV +EK GPEQTG NC PWOÃTKUCVKQP FGU FQPPÃGUHCXQTKUGWPCEEÂUVQWLQWTURNWUQWXGTV´FGUOCUUGUFOKPHQTOCVKQPU
VQWLQWTURNWUKORQTVCPVGU.GVTCKVGOGPVFGOCUUGUETQKUUCPVGUFGFQPPÃGU RTQXQSWG NG FÃRNCEGOGPV FW EGPVTG FG ITCXKVÃ FW RTQEGUUWU XGTU NGU ÃEJGNQPUKPHÃTKGWTUFGNCJKÃTCTEJKG7PGFKXKUKQPJQTK\QPVCNGGVXGTVKECNGFW VTCXCKNUGOGVGPRNCEGFGUQRÃTCVGWTUURÃEKCNKUÃUUQPVEJCTIÃUFGEQNNGEVGT GVFGVTKGTENCUUGTXÃTKHKGTWNOKPHQTOCVKQP´FGUPKXGCWZKPVGTOÃFKCKTGU.GU TGURQPUCDNGUFWU[UVÂOGGVCHQTVKQTKNGUFKTKIGCPVUPGTGÁQKXGPVRNWUSWGFGU U[PVJÂUGURGTFCPVCKPUKWPGRCTVKGPQPPÃINKIGCDNGFGUHCKVUKPVÃTGUUCPVU'P VGTOGU FG FQPPÃGU NGU RTGOKÂTGU XKEVKOGU FG EGVVG VC[NQTKUCVKQP UQPV NGU UKIPCWZHCKDNGUSWGUGWNGWPGXWGFOGPUGODNGRGTOGVFGFÃVGEVGTGVFGRGUGT +PVGNNKIGPEGÃEQPQOKSWGGVUVTCVÃIKGFGOQWXGOGPV
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%QOOG FCPU NG ECU FGU U[UVÂOGU FG XGKNNG VTCFKVKQPPGNNG NC IGUVKQP FW FKURQUKVKHFOKPVGNNKIGPEGTÃVKEWNCKTGFQKVUOCVVCEJGT´RTÃXGPKTNGUFCPIGTUFQPV NOKPXGUVKUUGOGPVGPECRKVCNUQEKCNGUVRQTVGWT
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.OGURTKV SWK NOCPKOG TGPXQKG ´ WPG HQTOG FOQTICPKUCVKQP ÃEQPQOKSWG FÃHWPVG EGNNG FW VGEJPQFKTKIKUOG ÃVCVKSWG SWK FGRWKU %QNDGTV C VQWLQWTU VGPFW ´ UQWOGVVTG NOKPKVKCVKXG RTKXÃG GV NGU QTICPKUCVKQPU RTQFWEVKXGU ´ NC HÃTWNG FG HQPEVKQPPCKTGU FOCWVCPV RNWU UÖTU FOGWZOÄOGU SWOKNU UQPV VQVCNGOGPV ´ NOCDTK FOWPG SWGNEQPSWG CEVKQP GP EQODNGOGPV FW RCUUKH SWG NGWTUKPKVKCVKXGUCWTQPVÃXGPVWGNNGOGPVRTQXQSWÃ%GECFTGFOWPGÃEQPQOKG EGPVTCNGOGPV FKTKIÃG FGRWKU $GTE[ POÃVCPV RNWU FOCEVWCNKVÃ NOKPVGNNKIGPEG ÃEQPQOKSWG OCTVTKGPPG RCTCÉV XQWÃG ´ UOGPHGTOGT FCPU NC PQUVCNIKG KORWKUUCPVGFOWP¸IGTÃXQNW
%OGUVRQWTSWQKPQWURGPUQPUSWOGUVVTÂUNCTIGOGPVRQUKVKXGNCOWVCVKQP QRÃTÃGFCPUNGUCPPÃGURCTNGEQWTCPVFGNOKPVGNNKIGPEGÃEQPQOKSWGSWK UOGUV FÃXGNQRRÃ ´ RCTVKT FGU GPVTGRTKUGU GV GP EQORNÃOGPVCTKVÃ CXGE NGU OÃVJQFGUVTCFKVKQPPGNNGUFGUU[UVÂOGUFOKPHQTOCVKQPFWOCTMGVKPIQWFGNC UVTCVÃIKG FOGPVTGRTKUG %OGUV ´ NC EQPFKVKQP FOGPTKEJKT NC TGNCVKQP EQPXGPVKQPPGNNGSWKWPKVNGUUEKGPEGUFGIGUVKQPCWUGPUNCTIGFWVGTOG ´ NOGPXKTQPPGOGPV EQPEWTTGPVKGN SWG EGVVG KPVGNNKIGPEG ÃEQPQOKSWG RGWV CEETQÉVTGNCEQORÃVKVKXKVÃFGUHKTOGU
$KDNKQITCRJKG
=#0&?#0&4'#6;510&O.9JQOU$CUJKPI9JQO!6TCFG%QPHNKEVKP*KIJ 6GEJPQNQI[+PFWUVTKGU+PUVKVWVGHQT+PVGTPCVKQPCN'EQPQOKEUPQXGODTG9CUJKPIVQP
=#05?#051((+'657..+8#02n'ORKTKECN5WRRQTVHQTC2CTCFKIOKE 6JGQT[W+PVGTPCVKQPCN4GXKGYQH5VTCVGIKE/CPCIGOGPVXQN
=#05? #051(( + n/CPCIKPI 5VTCVGIKPE 5WTRTKUG D[ 4GURQPUG VQ 9GCM 5KIPCNU%CNKHQTPKC/CPCIGOGPV4GXKGYR
=#5*? #5*-'0#5 4 & 7.4+%* GV 5 -'44 6JG $QWPFCT[NGUU 1TICPKUCVKQP $TGCMKPI VJG %JCKPU QH 1TICPK\CVKQPCN 5VTWEVWTG 5CP (TCPEKUEQ ,QUUG[
$CUU
=$#4? $#46* ,( n+PVGNNKIGPEG ÃEQPQOKSWG GV OCTEJÃ GZRQTV
.O#TOGOGPVLCPXKGTR
=$#7? $#7/#4& 2 n%QPEGRVKQPU HTCPÁCKUGU GV CPINQUCZQPPGU FGU CHHTQPVGOGPVU ÃEQPQOKSWGU KP 2 .#%156' .G 4GPUGKIPGOGPV ´ NC HTCPÁCKUG 2CTKU 'EQPQOKECR
=$#7?$#76</#08104#$'0#7#&GNCIWGTTGE[DGTPÃVKSWG JVVRYYYKPHQIWGTTGEQOIWGTTGIWGTTGAE[DGTPÃVKSWGJVO
=$17? $17401+5 ( n.GU 'VCVU PG UQPV RNWU NGU CEVGWTUENÃU FG NOKPVGNNKIGPEG ÃEQPQOKSWG TCFKQUEQRKG FGU ITCPFGU GPVTGRTKUGU HTCPÁCKUGU
)ÃQÃEQPQOKGCWVQOPGR
=%#&?%#&7%2n.O+PVGNNKIGPEGÃEQPQOKSWGWPPQWXGNGPLGWRQWTNO'VCV GVNGUGPVTGRTKUGU&ÃHGPUGFÃEGODTGR
=%#.?%#..10/,2%1746+#.GV*2'0#0.CUEKGPVQOÃVTKG2CTKU27(35, Pu
=%#4?%#4#;102GV,.%17,#4&%QPUVKVWVKQPFGTÃUGCWZFOGPVTGRTKUGU GV CPETCIG VGTTKVQTKCN NC XCNQTKUCVKQP FOWP RQVGPVKGN TGNCVKQPPGN u EQNNQSWG .C OÃVCOQTRJQUGFGUQTICPKUCVKQPU0CPE[QEVQDTG
=%.'? %.'4% 2 n+PVGNNKIGPEG ÃEQPQOKSWG GV VTCPUHGTV FG VGEJPQNQIKG
&ÃHGPUGFÃEGODTGR
=%1*?%1*'0'.GEQNDGTVKUOGnJKIJVGEJ2CTKU*CEJGVVG2NWTKGN
=%1*?%1*'0)5&GNCIWGTTGKPFWUVTKGNNG2CTKU&WPQF
=%1.? %1..'%6+( n&KZ TGEQOOCPFCVKQPU CW )QWXGTPGOGPV RQWT HCXQTKUGTNOKPPQXCVKQPVGEJPQNQIKSWG&ÃHGPUGFÃEGODTGR
=%7/?%7//+0)5,.GV,2&1*n+FGPVKH[KPI9JQ/CVVGTU%CNKHQTPKC /CPCIGOGPV4GXKGYR
=%74?%74+'00.OÃEQPQOKGFGUTÃUGCWZ2CTKU.C&ÃEQWXGTVG4GRÂTGU
=�? �'6 & n.C UVTCVÃIKG OKNKVCKTG CRRNKSWÃG ´ NC XKG FGU CHHCKTGU
#WUVGTNKV\QW9CVGTNQQ!4GXWG(TCPÁCKUGFG)GUVKQPLCPXKGTR
=&47? &47%-'4 2( n.G UCXQKT PQWXGCW FÃHK RQWT NOGPVTGRTKUG
.O'ZRCPUKQP/CPCIGOGPV4GXKGYOCTUR
=&7/?&7/106.n.C&56UOCVVCSWGCWZRKNNGWTUFGVGEJPQNQIKG58/
OCTUR
='5#?'5#/$'46$.CIWGTTGÃEQPQOKSWGOQPFKCNG2CTKU1TDCP
=(#*?(#*';.GV.2475#-n.GUQP\GGTTGWTU´PGRCUEQOOGVVTG
NO'ZRCPUKQP/CPCIGOGPV4GXKGYUGRVGODTGQEVQDTGR
=('4? ('44#4+ / n%QPHKCPEG GV CEEWOWNCVKQP FG ECRKVCN UQEKCN FCPU NC TÃIWNCVKQPFGUCEVKXKVÃUFGETÃFKV4GXWG(TCPÁCKUGFG5QEKQNQIKG:.R
=(4'?(4'4;(GV$.#41%*'n5OCFCRVGTQWEQPUVTWKTGKP%1..'%6+(
.OCTVFWOCPCIGOGPV2CTKU8KNNCIG/QPFKCN
=)#4? )#4'66' $ GV &755#7)' 2 .GU UVTCVÃIKGU FOCNNKCPEGU 2CTKU .GU ÃFKVKQPUFOQTICPKUCVKQP
=(74? (744'4 1 GV * 6*1/#5 n6JG 4KXCNT[ /CVTKZ PFGTUVCPFKPI 4KXCNT[
CPF%QORGVKVKXG&[PCOKEU'WTQRGCP/CPCIGOGPV,QWTPCNR
=)'1?)'1((41;%n.OKPHQTOCVKQPWPGCTOGFGIWGTTG ÃEQPQOKSWG
.G(KICTQ'EQUGRVGODTGR
=)'4? )'48#+5 / 5VTCVÃIKG FG NOGPVTGRTKUG u ÃFKVKQP 2CTKU 'EQPQOKEC )GUVKQP
=)'7? )'75 &' # 6JG .KXKPI %QORCP[ .QPFQP .QPIXKGY 2WDNKUJKPI .KOKVGF
=)1/?)1/'<2;.CTÃRWDNKSWGFGUCEVKQPPCKTGU2CTKU5[TQU#NVGTPCVKXGU 'EQPQOKSWGU
=)7+?)7+.*17:n.OKPVGNNKIGPEGÃEQPQOKSWG&ÃHGPUGFÃEGODTG R
=)7+?)7+50'.,)WGTTGFCPUNGE[DGTGURCEG2CTKU.C&ÃEQWXGTVG
=*#/? *#/'. ) GV 24#*#.#& %- .C EQPSWÄVG FW HWVWT 2CTKU +PVGT'FKVKQPU
=*#4? *#4$7.16 % GV 0 /1+0'6 n.G TÏNG FG NC EQOOWPCWVÃ UEKGPVKHKSWGFCPUNCRTÃUGTXCVKQPFGUKPVÃTÄVUFGRWKUUCPEG&ÃHGPUGFÃEGODTG R
=*10?*1014',2n&GNCPKRRQRJKNKG´NCPKRRQRJQDKG.GUUVÃTÃQV[RGU XGTUCVKNGU FCPU NC XWNICVG FG RTGUUG 4GXWG /QVU .GU NCPICIGU FW RQNKVKSWGPuR
=,1*?,1*0510)GV*5%*1.'55VTCVÃIKSWG2CTKU2WDNK7PKQPÃFKVKQP HTCPÁCKUG((4'4;
=.#%? .#%*#7: % n.C IWGTTG ÃEQPQOKSWG WP EQPEGRV CODKIW
2TQDNÂOGUÃEQPQOKSWGUQEVQDTGR
=.'$? .' $174&100'% ; n.O'WTQRG GPXCJKG .O'ZRCPUKQP OCK R
=.'4? .'41; ( .C UVTCVÃIKG OKNKVCKTG EQOOG OÃVCRJQTG FG NOCPCN[UG EQPEWTTGPVKGNNG%QPITÂUFGNO#UUQEKCVKQP+PVGTPCVKQPCNGFG/CPCIGOGPV5VTCVÃIKSWG
=.'5?.'5%#*n8GKNNGUVTCVÃIKSWGRQWTNGOCPCIGOGPVUVTCVÃIKSWG'EQPQOKGU GV5QEKÃVÃUUÃTKG5EKGPEGUFGIGUVKQPPuR
=.'5?.'5%#*GV/.%#410n8GKNNGUVTCVÃIKSWGETÃGTWPGKPVGNNKIGPEG EQNNGEVKXGCWUGKPFGNOGPVTGRTKUG4GXWG(TCPÁCKUGFG)GUVKQPR
