GVKFÃQNQIKGURCVKCNGCOÃTKECKPGU
'UUCKFOCPVJTQRQNQIKGUVTCVÃIKSWG
#NGZKU$CWV\OCPP
CEVWGNRTQEGUUWUFGINQDCNKUCVKQPFGNCEQOOWPKECVKQPEQPUVKVWGWPG FQPPÃG PQWXGNNG FCPU NG EJCOR FGU TGNCVKQPU KPVGTPCVKQPCNGU .OCRRTQEJGFGEGRJÃPQOÂPGPGRGWVSWGFKHHKEKNGOGPVUGEQPEGXQKT UCPUWPGÃVWFGCRRTQHQPFKGFWRC[USWKPQWTTKVEGVVGF[PCOKSWGGVCUUWTG WPG UWRTÃOCVKG VGEJPQNQIKSWG GV RQNKVKSWG OQPFKCNG GP EG FQOCKPG NGU 'VCVU7PKU FO#OÃTKSWG .C INQDCNKUCVKQP FG NC EQOOWPKECVKQP CRRCTCÉV GP GHHGVEQOOGNGHTWKVFOWPG9GNVCPUEJCWWPICOÃTKECKPGWPGEQPEGRVKQPGVWP TCRRQTV CW OQPFG UKPIWNKGTU EQPFWKUCPV ´ NOÃOGTIGPEG FOWP NGCFGTUJKR RCT GUUGPEGPQPKORÃTKCNKUVGRWKUSWGGUUGPVKGNNGOGPVÃVCDNKCWVQWTFOWPCRRCTGKN FÃEGPVTCNKUÃGVFÃVGTTKVQTKCNKUÃFGFQOKPCPEGGVFGEQPVTÏNGKPHQTOCVKQPPGNU
+FÃQNQIKGURCVKCNGGVGZRCPUKQPPKUOGCOÃTKECKPU
.C EGTVKVWFG FG UOKPUETKTG FCPU WPG FGUVKPÃG UKOKNCKTG ´ EGNNG FW RGWRNG FO+UTCÅN KORTÂIPG NGU O[VJGU HQPFCVGWTU FG NC PCVKQP COÃTKECKPG %GVVG RGTEGRVKQPRCTVKEWNKÂTGCOÂPGNGRGWRNGCOÃTKECKP´EQPUKFÃTGTUQPVGTTKVQKTG EQOOG WP GURCEG IÃQITCRJKSWG RCT GUUGPEG UKPIWNKGT GV FOWPG PCVWTG GZEGRVKQPPGNNG %GV nGZEGRVKQPPCNKUOG EQPUVKVWG NOWPG FGU EQPUVCPVGU FG
. O
NOKFÃQNQIKGURCVKCNGCOÃTKECKPG&CPUNGFKUEQWTUKPVTQFWEVKHFGUQPQWXTCIG
&G NC FÃOQETCVKG GP #OÃTKSWG #NGZKU FG 6QESWGXKNNG RTÃUGPVG EGVVG OÄOG XKUKQPFOWPGIÃQITCRJKGCPKOÃGRCTFGURTKPEKRGUUWRÃTKGWTU
n7PGUQTVGFOQTFTGOÃVJQFKSWG[CRTÃUKFôNCUÃRCTCVKQPFGUVGTTGUGVFGU GCWZFGUOQPVCIPGUGVFGUXCNNÃGU7PCTTCPIGOGPVUKORNGGVOCLGUVWGWZUO[
TÃXÂNGCWOKNKGWOÄOGFGNCEQPHWUKQPFGUQDLGVUGVRCTOKNOGZVTÄOGXCTKÃVÃ FGUVCDNGCWZ
+NHCWVEGRGPFCPVCVVGPFTGUQWUNCRNWOGFG,QJP1O5WNNKXCPRQWT XQKTEGVGZEGRVKQPPCNKUOGVTCFWKVGPKPUVTWOGPVFGRQNKVKSWGÃVTCPIÂTGCXGE NOCRRCTKVKQPFGNCPQVKQPFGnFGUVKPÃGOCPKHGUVG/CPKHGUV&GUVKP[NQTUFG NOCPPGZKQP FW 6GZCU RCT NGU 'VCVU7PKU %QPUVKVWCPV NG UWDUVTCV OÄOG FG NOKFÃQNQIKG URCVKCNG COÃTKECKPG EGVVG FGUVKPÃG OCPKHGUVG KPKVKG WPG F[PCOKSWG CV[RKSWG FOGZRCPUKQPPKUOG VGTTKVQTKCN SWK UOKPUETKV FCPU WPG NQIKSWG WPKXGTUCNKUVG GV TGRQUG KORNKEKVGOGPV UWT NC &ÃENCTCVKQP FO+PFÃRGPFCPEG FGU 'VCVU7PKU %GNNGEK TÃENCOG GP GHHGV RQWT EJCSWG EKVQ[GPCOÃTKECKPNGnFTQKVCWDQPJGWTFQPVNGRTKPEKRGOÄOGEQPUKFÃTÃ EQOOGWPKXGTUGNPGRGWVUGUCVKUHCKTGFGNKOKVGUIÃQITCRJKSWGU%GFTQKVCW DQPJGWT FGXKGPV FÂU NQTU WP KFÃCN EKXKNKUCVKQPPGN XQWÃ ´ UOÃRCPQWKT ´ NC UWTHCEGFWOQPFGGVEQPUVKVWGNCDCUGOÄOGFOWPGZRCPUKQPPKUOG SWOWPG FGUVKPÃGOCPKHGUVGTGPFVQWV´NCHQKUNÃIKVKOGGVPÃEGUUCKTG&ÂUEGVVG F[PCOKSWGFGEQPSWÄVGVGTTKVQTKCNGGUVCPPQPEÃGFCPUNGUEQNQPPGUFW0GY
;QTM'XGPKPI2QUVEQOOGKPÃNWEVCDNGGVTGNGXCPVFOWPFTQKVRTQXKFGPVKGNW +NCRRCTVKGPVCWZ'VCVU7PKUFGFKTKIGTNGEQPVKPGPVPQTFCOÃTKECKP
%GVVG CURKTCVKQP XGTU NG RNWU ITCPF SWG NOJKUVQTKGP COÃTKECKP (TGFGTKEM ,CEMUQP6WTPGTCVTCFWKVRCTNGVGTOGFGHTQPVKGTGZEGRVKQPCNKUOFGOGWTGNOWPG FGU EQORQUCPVGU OCLGWTGU FG NOGZEGRVKQPPCNKUOG IÃQITCRJKSWG COÃTKECKP
.OKFÃQNQIKG URCVKCNG RGWV ÄVTG FÃHKPKG EQOOG W WP U[UVÂOG FOKFÃGU GV FG LWIGOGPVUQTICPKUÃGVCWVQPQOGSWKUGTV´FÃETKTGGZRNKSWGTKPVGTRTÃVGTQWLWUVKHKGT NCUKVWCVKQPFOWPITQWRGQWFOWPGEQNNGEVKXKVÃFCPUNOGURCEG5OKPURKTCPVNCTIGOGPVFG XCNGWTU GNNG RTQRQUG WPG QTKGPVCVKQP RTÃEKUG ´ NOCEVKQP JKUVQTKSWG FG EG ITQWRG QW EQNNGEVKXKVÃ%H)+.$'46#n.OKFÃQNQIKGURCVKCNGEQPEGRVWCNKUCVKQPOKUGGPHQTOG GVRQTVÃGRQWTNCIÃQITCRJKG.O'URCEG)ÃQITCRJKSWGPu2CTKU
61%37'8+..'FG#&GNC&ÃOQETCVKGGP#OÃTKSWGVQOG+(NCOOCTKQP2CTKU ÃFKVKQPQTKIKPCNG
1O57..+8#0,6JG7PKVGF5VCVGU/CIC\KPGCPF&GOQETCVKE4GXKGYLWKNNGVCQÖV Pu
6JGRWTUWKVQHJCRRKPGUU
4155+)01./,n.C.QWKUKCPGGPVGTTGFOGZRCPUKQPVGTTGFOGZRNQTCVKQP QW EQOOGPV NGU UEKGPEGU PCVWTGNNGU GV NC FKRNQOCVKG UG OÄNGPV 4GXWG HTCPÁCKUG FO'VWFGUCOÃTKECKPGUPu2CTKUCXTKNLWKNNGV
&CPUUQPGUUCKUWTNCUKIPKHKECVKQPFGNC(TQPVKÂTGFCPUNOJKUVQKTGCOÃTKECKPG 6WTPGTEQPUKFÂTGGPGHHGVNGRTQITÂUCOÃTKECKPEQOOGKPFKUUQEKCDNGOGPVNKÃ
´NOGZKUVGPEGFGXCUVGUGURCEGUXKGTIGUSWOKNCRRCTVKGPVCWRGWRNGFGU'VCVU 7PKU FOKPXGUVKT .C (TQPVKÂTG CRRCTCÉV FÂU NQTU EQOOG NC NKIPG FG FÃOCTECVKQP GPVTG EG SWK GUV COÃTKECKP GV EG SWK GUV XQWÃ ´ NG FGXGPKT GV EQPUVKVWG NG NKGW GP RGTRÃVWGN OQWXGOGPV SWK TGPF RQUUKDNG NOCEEQORNKUUGOGPV FG NC /CPKHGUV &GUVKP[ COÃTKECKPG %OGUV EGVVG SWÄVG FOGURCEG ´ EQPSWÃTKT KPFWKUCPV FÂU NC HKP FW :8+++G UKÂENG WP OQWXGOGPV FOGZRCPUKQP IÃQITCRJKSWG FG NO'UV XGTU NG 5WF GV NO1WGUV SWG VTCFWKV NG IÃQITCRJGHTCPÁCKU,GCP)QVVOCPPGPEGUVGTOGU
nW WP GHHQTV VKVCPGUSWG WPG CURKTCVKQP KPCUUQWXKG XGTU NG RNWU ITCPF NG RNWU RWKUUCPV NG RNWU GHHKECEG UCPU SWG NOQP RWKUUG CEEGRVGT NOQDUVCENG FG DCTTKÂTGU PK NC FÃHKPKVKQP FOWP DWV WNVKOG HKZÃ FCPU NOGURCEG QW FCPU NC SWCPVKVÃ W .WK CUUKIPGT FGU NKOKVGU UGTCKV TWKPGT VQWV NG UGPU FG NOCURKTCVKQP
/CNITÃNCnFKURCTKVKQPFGNC(TQPVKÂTGCPPQPEÃGRCT6WTPGT´NOCWDGFGU CPPÃGU NOÃNCP UCETÃ SWK UQWVKPV NC SWÄVG VGTTKVQTKCNG COÃTKECKPG FGOGWTGVQWLQWTUXKXCEG+NUOKPUETKV´NCHKPFW:+:GUKÂENGFCPUWPGPQWXGNNG ÃEJGNNG IÃQITCRJKSWG FG FKOGPUKQP OQPFKCNG PCIWÂTG NGU VGTTGU XKGTIGU FW EQPVKPGPV CWLQWTFOJWK NGU VGTTGU XKGTIGU CWFGN´ FGU OGTU .C IWGTTG JKURCPQ COÃTKECKPG FG SWK CDQWVKV ´ NOCPPGZKQP RCT NGU 'VCVU7PKU FGU 2JKNKRRKPGU KPECTPG EG RTQEGUUWU FG RTQLGEVKQP FG RWKUUCPEG FGRWKU NG VGTTKVQKTG COÃTKECKP GP FKTGEVKQP FG NOGURCEG OQPFKCN # NOKUUWG FG EGVVG IWGTTGNCFÃENCTCVKQPFG ;QWPIUVQPG RTQPQPEÃG RCT NG 2TÃUKFGPV 9KNNKCO /E-KPNG[TGRTGPFFOCKNNGWTUNGUVJÂOGUFOWPG#OÃTKSWGOKUUKQPPCKTG FQPV NC FGUVKPÃG UWT NC UEÂPG KPVGTPCVKQPCNG XKUG FÃUQTOCKU ´ VTCPUOGVVTG NGU XCNGWTUEKXKNKUCVKQPPGNNGURTQRTGU´NCPCVKQPCOÃTKECKPG
n9GCTGKPVJG2JKNKRRKPGU1WTHNCIKUVJGTGQWTDQ[UKPDNWGCTGVJGTG6JG[CTGPQV VJGTG HQT EQPSWGUV VJG[ CTG PQV VJGTG HQT FQOKPKQP 6JG[ CTG VJGTG DGECWUG KP VJG RTQXKFGPEGQH)QFYJQOQXGUO[UVGTKQWUN[VJCVITGCVCTEJKRGNCIQJCUDGGPRNCEGFKP VJGJCPFUQH#OGTKECPRGQRNGW1WTHNCIKUVJGTGPQVCUVJGU[ODQNQHQRRTGUUKQP
6740'4(,n6JG5KIPKHKECPEGQHVJG(TQPVKGTKP#OGTKEC*KUVQT[6JG(TQPVKGT KP#OGTKECP*KUVQT[*QNV0GY;QTM
)166/#00,.O#OÃTKSWG*CEJGVVG2CTKU
#RTÂUSWGNG%CPCFCCTGPQPEôUOKPVÃITGTCWZ'VCVU7PKU
5;910;7 # n%CTN 5EJWT\ GV NC FGUVKPÃG OCPKHGUVG 7PG ETKVKSWG FG NOKORÃTKCNKUOG FG NC HKP FG UKÂENG .C nFGUVKPÃG OCPKHGUVG CWZ 'VCVU7PKU CW :+:G UKÂENG'FKVKQPUFW6GORU2CTKU
1JKQNGQEVQDTG
PQVCUVJGVQMGPQHV[TCPP[PQVCUVJGGODNGOQHGPUNCXGOGPVDWVTGRTGUGPVKPIVJGTG CUKVFQGUJGTGNKDGTV[JWOCPKV[CPFEKXKNK\CVKQP
5WKXCPV WPG NQIKSWG UKOKNCKTG NG UÃPCVGWT #NDGTV $GXGTKFIG FÃENCTG SWGNSWGUOQKURNWUVCTFFGXCPVNG%QPITÂU9GYKNNPQVTGPQWPEGQWTRCTVKP VJGOKUUKQPQHQWTTCEGVTWUVGGWPFGT)QFQHVJGEKXKNK\CVKQPQHVJGYQTNF#EGVVG OÄOGÃRQSWGFCPUWPEQPVGZVGKPVGTPCVKQPCNOCTSWÃRCTNCEQPUVKVWVKQPFGU GORKTGUEQNQPKCWZGWTQRÃGPUFGPQODTGWZQWXTCIGUHQWTPKUUGPV´NCENCUUG RQNKVKSWG COÃTKECKPG WP CTIWOGPVCKTG GP HCXGWT FOWPG RQUVWTG KORÃTKCNKUVG %GPUÃ ÃXKVGT CWZ 'VCVU7PKU WP FÃENKP SWG NC HKP FG NC (TQPVKÂTGTGPFTCKVKPÃXKVCDNGNOKORÃTKCNKUOGCOÃTKECKPUGFÃXGNQRRGCWVQWT FG RTQRQUKVKQPU JÃVÃTQENKVGU NG FGXQKT OQTCN FG TÃRCPFTG ´ NOÃEJGNNG OQPFKCNGNCFÃOQETCVKGGVNGEJTKUVKCPKUOGNCUWRÃTKQTKVÃFGNCTCEGCPINQ UCZQPPGGVFGNCnEKXKNKUCVKQPUWTNCnDCTDCTKGNCOCÉVTKUGFGUOGTU´FGU HKPU EQOOGTEKCNGU NOGZGTEKEG FOWPG PÃEGUUCKTG TGCNRQNKVKM HCEG ´ FGU RTCVKSWGUKPVGTPCVKQPCNGUPQWXGNNGUGVE%GVVGTJÃVQTKSWGPGUWHHKVEGRGPFCPV RCU´EQPXCKPETGWPGQRKPKQPRWDNKSWGCOÃTKECKPGOCLQTKVCKTGOGPVTÃVKEGPVG
´VQWVCXGPVWTKUOGJQTU FGU HTQPVKÂTGU FW VGTTKVQKTG PCVKQPCN %GVVG RQUVWTG KORÃTKCNKUVGXCFÂUNQTUUOGHHCEGTFCPUNGURTGOKÂTGUCPPÃGUFW::GUKÂENGGP HCXGWT FOWP KPVGTXGPVKQPPKUOG OKNKVCKTG GV ÃEQPQOKSWG RQPEVWGN NGSWGN CFQRVG FÂU NC HKP FG NC 5GEQPFG )WGTTG OQPFKCNG WPG EQPHKIWTCVKQP GZQIÃQITCRJKSWGUKPIWNKÂTG
5RGGEJGU CPF CFFTGUUGU QH 9KNNKCO /E-KPNG[ HTQO /CTEJ VQ /C[
&QWDNGFC[/E%NWTG%Q0GY;QTM
$'8'4+&)'##OGTKECOU &GUVKP[ %QPITGUUKQPCN 4GEQTF VJ %QPIUV 5GUU
0QVCOOGPV EGNWK FG $TQQMU #FCOU 6JG .CY QH %KXKNK\CVKQP CPF &GEC[ RCTW GP
%QOOGNGFÃENCTGGPNGUÃPCVGWT$GXGTKFIGn.GEQOOGTEGOQPFKCNFQKVÄVTGGV UGTCNGPÏVTG.OQWXTCIGFGNO#OKTCN#NHTGF/CJCP6JGKPHNWGPEGQH5GC2QYGTWRQP
*KUVQT[UOKPUETKVFCPUEGVVGNQIKSWGGVXCEQPUVKVWGTNOWPFGURKNKGTU FG NC RGPUÃG UVTCVÃIKSWG COÃTKECKPG .C EÃNÂDTG OCZKOG FG NO75 0CX[ HQPFÃG RCT 6JGQFQTG 4QQUGXGNV FCPU NG RTQNQPIGOGPV FG NC RGPUÃG FG /CJCP EQPUVKVWG FOCKNNGWTUWPXKDTCPVJQOOCIG´NO#OKTCNCOÃTKECKP+NPO[CSWOWP&KGW2QUÃKFQP NO750CX[GUVUQP'INKUGGV/CJCPUQPRTQRJÂVG
0QWUSWCNKHKQPUFOGPFQIÃQITCRJKSWGVQWVGURCEGGWENKFKGPUKVWôNCUWTHCEGFGNC 6GTTG GURCEG VGTTGUVTG OCTKVKOG GV CÃTKGP # NOQRRQUà UQPV FÃUKIPÃU FOGZQIÃQITCRJKSWGU NGU GURCEGU PQP GWENKFKGPU NKDTGU FG VQWVG VGTTKVQTKCNKUCVKQP GV SWKUGTXGPVPQVCOOGPVFGUWRRQTV´NCINQDCNKUCVKQPFGNCEQOOWPKECVKQPGURCEGU GZVTCCVOQURJÃTKSWG GV E[DGTPÃVKSWG . GPUGODNG URCVKCN TGITQWRCPV NGU GURCEGU GPFQIÃQITCRJKSWGU GV GZQIÃQITCRJKSWGU GUV EQPUVKVWVKH FG N GURCEG IÃQITCRJKSWG FCPU UC VQVCNKVà %H $#76</#00 # 'ZQIÃQITCRJKG RQNKVKSWG FGU CWVQTQWVGU FG
&GNOGZRCPUKQPPKUOGVGTTKVQTKCN´NCFQOKPCPEGKPHQTOCVKQPPGNNG
.C F[PCOKSWG COÃTKECKPG FG EQPSWÄVG VGTTKVQTKCNG FGOGWTG KPVKOGOGPV NKÃG CW FÃXGNQRRGOGPV GV ´ NC OCÉVTKUG FG OQ[GPU FG EQOOWPKECVKQP RGTHQTOCPVU.OGZGORNGFGNCEQPSWÄVGFGNO1WGUVCOÃTKECKPFCPUNGUCPPÃGU [ GUV ´ EG VKVTG GODNÃOCVKSWG NOGZVGPUKQP VGTTKVQTKCNG COÃTKECKPG TGPFCPV PÃEGUUCKTG NC OKUG GP RNCEG FOWP XCUVG TÃUGCW FG EQOOWPKECVKQP HGTTQXKCKTG /CNITÃ NGU TÃUKUVCPEGU FG PQODTGWZ HGTOKGTU EG PQWXGCW OQ[GP FG EQOOWPKECVKQP XC KPECTPGT RQWT NC RNWRCTV FGU COÃTKECKPU NOKPUVTWOGPV RCTHCKV FOWP GZRCPUKQPPKUOG EQPVKPGPVCN GV NG HGTOGPV FOWP PÃEGUUCKTG F[PCOKUOG ÃEQPQOKSWG #WUUK NG 4CKNTQCF #EV FG SWK CWVQTKUG NC EQPUVTWEVKQP FW EJGOKP FG HGT VTCPUEQPVKPGPVCN COÃTKECKP CRRCTCÉV CWZ [GWZ FW RGWRNG COÃTKECKP EQOOG WPG ÃVCRG FÃEKUKXG FCPU NOJKUVQKTG FGU 'VCVU7PKU GV FGXKGPV NG PQWXGCW TÃXÃNCVGWT FG NC FGUVKPÃG OCPKHGUVG COÃTKECKPG EQOOG NOCPPQPEG GP NG EJTQPKSWGWT COÃTKECKP 5COWGN $QYNGUFCPU UGU ECTPGVU FG XQ[CIG n6JG 4CKNTQCF KU =W? VJG ITGCV YQTMQHVJGFC[VJGITGCVYCPVVJGITGCVTGXGCNGTVJGITGCVETGCVQTQHVJKU'ORKTG QHQWTUYGUVQHVJG/KUUKUUKRRK
%GVVG FKOGPUKQP EGPVTCNG FGU OQ[GPU FG EQOOWPKECVKQP RTGPF RTQITGUUKXGOGPV HQTOG CW UGKP OÄOG FG NC RQNKVKSWG ÃVTCPIÂTG FGU 'VCVU 7PKU CRTÂU NC 5GEQPFG )WGTTG OQPFKCNG # EGVVG ÃRQSWG NGU 'VCVU7PKU UOKPUETKXGPV FCPU WPG NQIKSWG FG FQOKPCPEG FCPU NG UGEVGWT FGU VÃNÃEQOOWPKECVKQPU GV FGU ÃEJCPIGU FOKPHQTOCVKQP ´ XQECVKQP OCTEJCPFG .GRTQRQUVGPWGPRCT9KNNKCO$GPVQP CNQTU UGETÃVCKTG FOÃVCV CFLQKPV KNNWUVTGEGVVGRQNKVKSWG
n.GFÃRCTVGOGPVFO'VCVGPVGPFHCKTGVQWVEGSWKGUVGPUQPRQWXQKTVCPVCW PKXGCW RQNKVKSWG SWG FKRNQOCVKSWG RQWT EQPVTKDWGT ´ ÃNKOKPGT NGU QDUVCENGU CTVKHKEKGNU ´ NOGZRCPUKQP RCTVQWV FCPU NG OQPFG FGU CIGPEGU FG RTGUUG FGU OCIC\KPGU FGU HKNOU QW FG VQWV CWVTG OQ[GP FG EQOOWPKECVKQP COÃTKECKP CRRCTVGPCPVCWUGEVGWTRTKXÃ .C NKDGTVÃ FG NC RTGUUG L GV EGNNG FGU ÃEJCPIGU
NOKPHQTOCVKQP )NQDCNKUCVKQP FG NC EQOOWPKECVKQP GV OWVCVKQP FW U[UVÂOGOQPFG 6JÂUG FG FQEVQTCV FG IÃQITCRJKG 7PKXGTUKVÃ FG 2TQXGPEG #KZGP2TQXGPEG FÃEGODTG
.GVTCKPU[ODQNKUCKV´NGWTU[GWZNCHKPFOWPOQFÂNGFGEKXKNKUCVKQPCITCKTGKFÃCNKUÃ RCTNGURTGOKGTUEQNQPUCWRTQHKVFOWPGUQEKÃVÃKPFWUVTKGNNGRGWXGTVWGWUG
$19.'55#ETQUUVJG%QPVKPGPV#5WOOGTOU,QWTPG[VQVJG4QEM[/QWPVCKPU6JG /QTOQPUCPFVJG2CEKHKE5VCVGUYKVJ5RGCMGT%QNHCZ5RTKPIHKGNF/CUUCEJWUGVVU5COWGN
$QYNGU CPF %QORCP[ /CTEJ QH #OGTKEC (CEUKOKNG 5GTKGU Pu #PP #TDQT 7PKXGTUKV[/KETQHKNOU
FOKPHQTOCVKQP GP IÃPÃTCN L HCKV RCTVKG KPVÃITCPVG FG PQVTG RQNKVKSWG ÃVTCPIÂTG
%GVVG F[PCOKSWG XKUCPV ´ NKDÃTCNKUGT NG OCTEJÃ FG NC EQOOWPKECVKQP GV FGU DKGPU EWNVWTGNU UOCRRWKG UWT WPG KPFWUVTKG OÃFKCVKSWG UQWXGPV RGTÁWG EQOOGNOKPUVTWOGPVRNCPÃVCKTGFOWPGZRCPUKQPPKUOGKFÃQNQIKSWGGVEWNVWTGN COÃTKECKP .G YGUVGTP GP VCPV SWG IGPTG EKPÃOCVQITCRJKSWG GP EQPUVKVWG NOWPFGUGZGORNGUNGURNWUUKIPKHKECVKHU.GFÃXGNQRRGOGPVURGEVCEWNCKTGFGU HKNOUFGYGUVGTPFWTCPVNC)WGTTGHTQKFGGVPQVCOOGPVFCPUNGUCPPÃGU POGUV´EGVKVTGRCUCPQFKPEQOOGNGTCRRGNNGPV,CESWGU/CWFW[GV)ÃTCTF
*GPTKGV
n.C NWVVG EQPVTG NGU +PFKGPU UQWUVGPFTC GPVTG CWVTGU NC NWVVG EQPVTG NG EQOOWPKUOG # VTCXGTU NC %QPSWÄVG NG YGUVGTP UCKV RTQFWKTG WP PCVKQPCNKUOG#NOQTKIKPGFWFKUEQWTUUGVTQWXGNOGURCEGXKFGVGTTKVQKTGPGWHGV FÃEKUKH NC PCVKQP COÃTKECKPG GUV HQPFÃG RCT NO1WGUV =W? 'P EQPUÃSWGPEG NG YGUVGTPGUVWPGTGRTÃUGPVCVKQPUCETÃGGVUCETCNKUCPVG
.OWPKXGTUCNKVÃ FGU O[VJGU XÃJKEWNÃU RCT EGU HKNOU GV NGWT FKHHWUKQP OQPFKCNG QPV EQPUCETÃ EG IGPTG EKPÃOCVQITCRJKSWG EQOOG NOWP FGU RKQPPKGTU FG NOGZRCPUKQPPKUOG EWNVWTGN COÃTKECKP %GVVG ECRCEKVÃ ´ VTCPUOGVVTG OCUUKXGOGPV WP EQTRWU FG TGRTÃUGPVCVKQPU RQNKVKSWGU GV EWNVWTGNNGU EQJÃTGPV GV JQOQIÂPG EQPUVKVWG NOWP FGU KPUVTWOGPVU RTGOKGTU FOWPGINQDCNKUCVKQPCOÃTKECKPGGPFGXGPKT%GVVGFKOGPUKQPCRRCTCÉVGPUQK VTÂU RTQEJG FG NOGIGOQPKC FÃETKVG GV CPCN[UÃG RCT NG RJKNQUQRJG KVCNKGP
#PVQPKQ)TCOUEKRCTNCSWGNNGWPITQWRGUQEKCNÃEQPQOKSWGOGPVFQOKPCPV VTCPUHQTOG EGVVG FQOKPCVKQP GP NGCFGTUJKR EWNVWTGN UQEKCN GV GP CWVQTKVÃ RQNKVKSWG XKC nW WPG EQODKPCKUQP FG NC HQTEG GV FW EQPUGPVGOGPV SWK UOÃSWKNKDTGPVFGFKXGTUGUHCÁQPUUCPUSWGNCHQTEGNOGORQTVGVTQRUWTNGEQPUGPVGOGPV OCKU GP EJGTEJCPV CW EQPVTCKTG ´ QDVGPKT SWG NC HQTEG RCTCKUUG UOCRRW[GT UWT NG EQPUGPVGOGPVFGNCOCLQTKVÃ
.CPQVKQPFG5QHV2QYGTFÃXGNQRRÃGRCTNO#OKTCNCOÃTKECKP,QUGRJ0[G
´NOKUUWGFGNC)WGTTGHTQKFGUOKPUETKVPGVVGOGPVFCPUEGVVGRGTURGEVKXG5GNQP 0[G NOCEVWGN NGCFGTUJKR INQDCN COÃTKECKP RCTVKEKRG RNGKPGOGPV FG EGVVG F[PCOKSWG HQPFÃG UWT NOKORQUKVKQP UCPU XÃTKVCDNGU EQPVTCKPVGU EQGTEKVKXGU
&GRCTVOGPVQH5VCVG$WNNGVKP
*'04+'6)/#7&7;,)ÃQITCRJKGUFWYGUVGTP0CVJCP2CTKU
)4#/5%+#n0QVGTGNNGUWNNCRQNKVKECFGN/CEJKCXGNNK3WCFGTPKFGN%CTEGTGXQN +++ 'KPCWFK 6WTKP %KVÃ FCPU #%*%#4 ) n&OWP UKÂENG ´ NOCWVTG GPVTG JÃIÃOQPKG GV FQOKPCVKQP .OJÃIÃOQPKG COÃTKECKPG #EVWGN /CTZ Pu 27( 2CTKU
0;',n5QHV2QYGT(QTGKIP2QNKE[PuCWVQOPG
FOWP GPUGODNG FG XCNGWTU GV FOKFÃGU XÃJKEWNÃGU RCT NGU VGEJPQNQIKGU FOKPHQTOCVKQPGVFGEQOOWPKECVKQP
n.GUKFÃGUGVNCEWNVWTGCOÃTKECKPGUUGUQPVRTQRCIÃGURCTVQWVFCPUNG/QPFG
#WUUK NC F[PCOKSWG CEVWGNNG FG nINQDCNKUCVKQP RQWTTCKV DKGP ÄVTG FÃHKPKG EQOOG NC RÃPÃVTCVKQP OQPFKCNG FOKFÃGU RQNKVKSWGU GV ÃEQPQOKSWGU FG OCTEJCPFKUGU FG UGTXKEGU FG OCTSWGU FG HKNOU FG EJCPUQPU GV OÄOG FOCEVKXKVÃUURQTVKXGUKUUWGUFGU'VCVU7PKU
5K NC OCÉVTKUG RCT NGU 'VCVU7PKU FW OCTEJÃ FG NOKPHQTOCVKQP GV FGU VÃNÃEQOOWPKECVKQPUEQPUVKVWGNOCDQWVKUUGOGPVFOWPNQPIRTQEGUUWUXKUCPV´
KPUETKTG NC OQFGTPKVÃ COÃTKECKPG FCPU WPG TÃCNKVÃ OQPFKCNG EGVVG RQUVWTG ECTCEVÃTKUVKSWGRQUUÂFGWPGFKOGPUKQPOKNKVCKTG&ÂUNCHKPFGUCPPÃGU CRRCTCKUUGPV CWZ 'VCVU7PKU NGU UKIPGU CXCPVEQWTGWTU FOWPG RGPUÃG IÃQUVTCVÃIKSWG GPINQDCPV NGU TÃUGCWZ KPHQTOCVKSWGU VTCPUPCVKQPCWZ CW OQOGPV OÄOG QÔ NOKPHQTOCVKSWG FGXKGPV RTQITGUUKXGOGPV WP ÃNÃOGPVENÃ FGU U[UVÂOGU FG EQOOCPFGOGPV OKNKVCKTG <DKIPKGY $T\G\KPUMK EQPUGKNNGT FW2TÃUKFGPV,KOO[%CTVGTRQWTNGUCHHCKTGUFGUÃEWTKVÃPCVKQPCNGHQTOCNKUG
´EGVVGÃRQSWGNGUEQPUÃSWGPEGUFWFÃXGNQRRGOGPVOQPFKCNFGUTÃUGCWZFG EQOOWPKECVKQPUWTNGUTGNCVKQPUKPVGTPCVKQPCNGUGVETÃGNOGZRTGUUKQPnUQEKÃVÃ VGEJPÃVTQPKSWGCHKPFGFÃUKIPGTNCPQWXGNNGUQEKÃVÃFWHWVWTWFQPVNC HQTOGGUVFÃVGTOKPÃGUWTNGURNCPUEWNVWTGNURU[EJQNQIKSWGUQEKCNGVÃEQPQOKSWGRCT NOKPHNWGPEG FG NC VGEJPQNQIKG GV FG NOÃNGEVTQPKSWG& VQWV RCTVKEWNKÂTGOGPV FCPU NG FQOCKPGFGUQTFKPCVGWTUGVFGNCEQOOWPKECVKQP
2QWT $T\G\KPUMK NGU 'VCVU7PKU UQPV FGXGPWU NC OCVTKEG FOWPG EWNVWTG WPKXGTUGNNG ÃVCDNKG IT¸EG ´ NGWT OCÉVTKUG FGU U[UVÂOGU INQDCWZ FG EQOOWPKECVKQP +N EQPUKFÂTG ´ EG VKVTG NC PCVKQP COÃTKECKPG EQOOG NC RTGOKÂTG nUQEKÃVÃ INQDCNG FQPV NC RWKUUCPEG RQNKVKSWG ´ NOÃEJGNNG KPVGTPCVKQPCNG FGXKGPV KPUÃRCTCDNG FG NOGZGTEKEG FOWPG JÃIÃOQPKG KPHQTOCVKQPPGNNG 'P EGNC KN RQUG NGU DCUGU FOWPG IÃQRQNKVKSWG FG NC INQDCNKUCVKQP KPHQTOCVKQPPGNNG SWK XC TCRKFGOGPV KORTÃIPGT NC UVTCVÃIKG COÃTKECKPG FG NOCRTÂU)WGTTG HTQKFG GV EQPFWKTG RTQITGUUKXGOGPV ´ WP EQPVTÏNGRCTNGU'VCVU7PKUFGUCWVQTQWVGUFGNOKPHQTOCVKQP
5QEKÃVÃFGNOKPHQTOCVKQPGVKPVÃITKVÃVGTTKVQTKCNG
.OGZEGRVKQPPCNKUOG IÃQITCRJKSWG COÃTKECKP GV UQP EQTQNNCKTG NC UCETCNKUCVKQP FW VGTTKVQKTG PCVKQPCN UQPV HQPFÃU UWT WPG TGNCVKQP SWCUK TGNKIKGWUG´NOGURCEGIÃQITCRJKSWG%GVVGCVVKVWFGSWKRWKUGUGUQTKIKPGUFCPU
0;',$QWPFVQNGCF6JGEJCPIKPI0CVWTGQH#OGTKECP2QYGT$CUKE0GY ;QTM
$4<'<+05-+<.C4ÃXQNWVKQPVGEJPÃVTQPKSWG%CNOCPP.ÃX[2CTKU
NGURTGOKGTUVGORUFGNOJKUVQKTGCOÃTKECKPGUGVTCFWKVRCTWPRTQEGUUWUNCVGPV FGUCPEVWCTKUCVKQPVGTTKVQTKCNGNGSWGNEQPUVKVWGNOWPGFGUENÃUFGNGEVWTGFGNC RQNKVKSWGÃVTCPIÂTGFGU'VCVU7PKU5OKPUETKXCPVCWFGN´FGNCUKORNGXQNQPVÃ FG RTQVGEVKQP EGVVG UCPEVWCTKUCVKQP TÃUWNVG FOWPG HQTOG J[RGTVTQRJKÃG FG VGTTKVQTKCNKUCVKQP NOGURCEG IÃQITCRJKSWG COÃTKECKP FGXGPCPV CUKNG GURCEG KPXKQNCDNG.OJKUVQKTGCOÃTKECKPGFW::G UKÂENG RCTVKEKRG NCTIGOGPV FG EGVVG RTQDNÃOCVKSWG .OGPVTÃG GP IWGTTG FGU 'VCVU7PKU FCPU NGU FGWZ EQPHNKVU OQPFKCWZ UOGUV PGVVGOGPV CRRW[ÃG UWT EG TGUUQTV FG NOKFÃQNQIKG URCVKCNG COÃTKECKPG +N HCNNWV GP GHHGV CVVGPFTG SWG NOKPVÃITKVÃ VGTTKVQTKCNG FGU VCVU 7PKU UQKV KORNKEKVGOGPV OGPCEÃG RQWT SWG NC /CKUQP $NCPEJG RWKUUG NÃIKVKOGT CWZ [GWZ FG UGU CFOKPKUVTÃU WP GPICIGOGPV OKNKVCKTG COÃTKECKP
#RTÂU NC 5GEQPFG )WGTTG OQPFKCNG NG FÃXGNQRRGOGPV FGU CTOGOGPVU PWENÃCKTGU GV NOWVKNKUCVKQP RQVGPVKGNNG FG NOGURCEG GZVTCCVOQURJÃTKSWG ´ FGU HKPU OKNKVCKTGU QPV EQPVTKDWÃ ´ CEEGPVWGT EG RGPEJCPV PCVWTGN ´ NC UCPEVWCTKUCVKQP&WTCPVNCFÃEGPPKGNCFÃOQETCVKUCVKQPFGNOCEEÂUCWZ QTFKPCVGWTURGTUQPPGNUGVNGFÃXGNQRRGOGPVFGRTQIKEKGNU´FGUVKPCVKQPFGU GPVTGRTKUGUGVFGUCFOKPKUVTCVKQPUQPVCOGPÃNGU'VCVU7PKU´UOKPUETKTGFCPU WPGRTQDNÃOCVKSWGFGFÃRGPFCPEGKPHQTOCVKSWGVCPVFCPUNGUUGEVGWTUEKXKNU SWGOKNKVCKTGUSWGRQRWNCTKUCGPNGTÃCNKUCVGWTCOÃTKECKP,QJP$CFJCO FCPU UQP HKNO 9CTICOGU 3WGNSWGU CPPÃGU RNWU VCTF NC UKIPCVWTG FW
%QORWVGT 5GEWTKV[ #EV RCT NG %QPITÂU COÃTKECKP UQWNGXC FCPU NG ECFTG FOWPG TÃHNGZKQP UWT NOCEEÂU GV NC UÃEWTKVÃ FGU DCPSWGU FG FQPPÃGU KPHQTOCVKSWGU NC SWGUVKQP FG NOKPUÃEWTKVÃ KPHQTOCVKQPPGNNG CWZ 'VCVU7PKU 'P NOKPVÃTÄV ETQKUUCPV FW 2GPVCIQPG RQWT NGU SWGUVKQPU KPHQTOCVKSWGU EQPFWKUKVNG&GRCTVOGPVQH&GHGPUG´EQOOCPFGTWPGGPSWÄVG´UQPCIGPEG EJCTIÃG FG NC UÃEWTKVÃ FGU U[UVÂOGU FOKPHQTOCVKQP NC &GHGPUG +PHQTOCVKQP 5[UVGOU #IGPE[ %GNNGEK OKV GP RNCEG WP RTQITCOOG FOÃXCNWCVKQP FGU PQWXGNNGU XWNPÃTCDKNKVÃU KPHQTOCVKSWGU NG 8WNPGTCDKNKV[ #PCN[UKU CPF
#UUGUUOGPV2TQITCO.GUTÃUWNVCVUFGEGRTQITCOOGTÃXÃNÂTGPVNOKORQTVCPVG
8KCFOWPGRCTVNGVÃNÃITCRJG<KOOGTOCPPFWLCPXKGTSWKRTQRQUCKVCW /GZKSWG FG TÃEWRÃTGT NG 0QWXGCW /GZKSWG NO#TK\QPC GV NG 6GZCU GP EQPVTGRCTVKG FOWPG CNNKCPEG CXGE NO#NNGOCIPG GV FOCWVTG RCTV NOCVVCSWG FG NC DCUG OKNKVCKTG COÃTKECKPGFG2GCTN*CTDQTRCTNGUHQTEGUCÃTQPCXCNGULCRQPCKUGUNGFÃEGODTG .C UQWFCKPG RTKUG GP EQORVG RCT NGU FKTKIGCPVU COÃTKECKPU FG NOGURCEG GZVTC CVOQURJÃTKSWG GP NQTU FW NCPEGOGPV RCT NO7PKQP UQXKÃVKSWG FW UCVGNNKVG CTVKHKEKGN5RQWVPKM+OCTSWCCWZ[GWZFGU#OÃTKECKPUNCHKPFGNOKPXWNPÃTCDKNKVÃ FG NGWTVGTTKVQKTGPCVKQPCN
%QORWVGT5GEWTKV[#EVQH2WDNKE.CY*4LCPXKGT +PHQTOCVKQP5GEWTKV[%QORWVGT#VVCEMUCV&GRCTVOGPVQH&GHGPUG2QUG+PETGCUKPI4KUMU 7PKVGF5VCVGU)GPGTCN#EEQWPVKPI1HHKEG4GRQTV)#16#+/&9CUJKPIVQP OCK
XWNPÃTCDKNKVÃ FG NOCTEJKVGEVWTG KPHQTOCVKQPPGNNG FW 2GPVCIQPG NC &GHGPUG +PHQTOCVKQP +PHTCUVTWEVWTG # ECWUG FG UC EQORNGZKVÃ GV UQP JÃVÃTQIÃPÃKVÃ VGEJPKSWGEGNNGEKQHHTGGPGHHGVWPNCTIGHNCPECWZKPVTWUKQPUKPHQTOCVKSWGU 'ZVTCRQNCPV NGU TÃUWNVCVU FG EGVVG ÃVWFG ´ NOGPUGODNG FGU KPHTCUVTWEVWTGU KPHQTOCVKSWGU COÃTKECKPGU OKNKVCKTGU EQOOG EKXKNGU NC &GHGPUG #FXCPEGF 4GUGCTEJ2TQLGEVU#IGPE[FGOCPFC´NC4#0&%QTRQTCVKQPFGEQPFWKTGFGU GZGTEKEGU FG UKOWNCVKQP UVTCVÃIKSWG CHKP FG FÃVGTOKPGT NG PKXGCW FG XWNPÃTCDKNKVÃFGNCUQEKÃVÃCOÃTKECKPGHCEG´NOWVKNKUCVKQPRCTFGURWKUUCPEGU CFXGTUGUFGNOGURCEGE[DGTPÃVKSWG´FGUHKPUOKNKVCKTGU#EGVVGHKPNC4#0&
OKVGPRNCEGGPVTGLCPXKGTGVLWKPUKZGZGTEKEGUFGUKOWNCVKQPRQTVCPVNG PQO FG 6JG &C[ #HVGTW KP %[DGTURCEG .GU QTICPKUCVGWTU FG EGU GZGTEKEGU CDQWVKTGPV ´ NC EQPENWUKQP SWG NGU CWVQTQWVGU FG NOKPHQTOCVKQP UG RTÄVCKGPV RCTVKEWNKÂTGOGPV DKGP ´ FGU CEVKQPU OKNKVCKTGU SWOGNNGU RTQXQSWCKGPV NOGHHCEGOGPVFGUHTQPVKÂTGURQNKVKSWGUGVFGOGWTCKGPV´NCRQTVÃGFGU'VCVUNGU OQKPU TKEJGU GV NGU OQKPU CXCPEÃU VGEJPQNQIKSWGOGPV 'P EQPENWUKQP NGU TGURQPUCDNGU FG EGU UEGPCTKK FG UKOWNCVKQP FÃENCTÂTGPV nW GP FÃHKPKVKXG PQVTG RCVTKG PG EQPUVKVWG RNWU FÃUQTOCKU WP UCPEVWCKTG ´ NOCDTK FOCVVCSWGU GZVÃTKGWTGU
# VTCXGTU EGU EQPENWUKQPU NGU VTCXCWZ FG NC 4#0& %QTRQTCVKQP QPV NCTIGOGPV KPURKTÃ NGU FÃEKUKQPU RQNKVKSWGU GV OKNKVCKTGU COÃTKECKPGU FG NC FGWZKÂOG OQKVKÃ FGU CPPÃGU +NU QPV QWXGTV NC XQKG ´ NOWPG FGU RTÃQEEWRCVKQPUOCLGWTGUFGUIQWXGTPGOGPVU%NKPVQPGV$WUJGPOCVKÂTGFG UÃEWTKVÃ PCVKQPCNG 'P NC RWDNKECVKQP FG VTQKU QWXTCIGU FG NC 4#0&
VTCKVCPV FGU PQWXGNNGU OGPCEGU KUUWGU FG NOGURCEG E[DGTPÃVKSWG5VTCVGIKE +PHQTOCVKQP9CTHCTG#0GY(CEGQH9CT5GEWTKV[KP%[DGTURCEG%JCNNGPIGUHQT UQEKGV[GVGPHKP6JG#FXGPVQH0GVYCTQPVEQPVTKDWôXWNICTKUGTCWRTÂUFG NOQRKPKQP RWDNKSWG GV FGU WPKXGTUKVCKTGU COÃTKECKPU NC VJÃOCVKSWG FG NC OGPCEG E[DGTPÃVKSWG %GU QWXTCIGU QPV EQPUVKVWà WP VGTTGCW RCTVKEWNKÂTGOGPV HGTVKNG ´ RCTVKT FWSWGN NC /CKUQP $NCPEJG GV NG 2GPVCIQPG QPV NÃIKVKOà L VQWV FOCDQTF CWRTÂU FG NGWTU EQPEKVQ[GPU RWKU ´ NOÃEJGNNG
&GRWKU NGU FÃDWVU FG NC )WGTTG HTQKFG NC 4#0& %QTRQTCVKQP C TÃCNKUÃ RQWT NG 2GPVCIQPGFGPQODTGWZGZGTEKEGUFGUKOWNCVKQPC[CPVRTKPEKRCNGOGPVRQWTVTCOGFG HQPF NGU TKUSWGU FG EQPHNKV VJGTOQPWENÃCKTG CXGE NO7PKQP UQXKÃVKSWG GZGTEKEGU FÃUKIPÃUUQWUNGPQOIÃPÃTKSWGFG6JG&C[#HVGTW
4#0&n+PHQTOCVKQP9CTCPF%[DGTURCEG5GEWTKV[4CPF4GUGCTEJ4GXKGY8QN :+:Pu5CPVC/QPKEC
/1.#0&'4 4 4+&&+.' # 9+.510 2 5VTCVGIKE +PHQTOCVKQP 9CTHCTG # 0GY (CEGQH9CT4#0&5CPVC/QPKEC
*70&.'; 4 #0&'4510 4 #437+..# , /1.#0&'4 4 5GEWTKV[ KP
%[DGTURCEG%JCNNGPIGUHQTUQEKGV[4#0&5CPVC/QPKEC
#437+..#,410('.&6&6JG#FXGPVQH0GVYCT4#0&5CPVC/QPKEC
KPVGTPCVKQPCNG NC RQNKVKSWG COÃTKECKPG FG EQPVTÏNG GV FG OKNKVCTKUCVKQP FGU CWVQTQWVGUFGNOKPHQTOCVKQP%GNNGEKUOGUVKPECTPÃGFWTCPVNCUGEQPFGOQKVKÃ FGUCPPÃGURCTNOÃFKHKECVKQPFOWPXÃTKVCDNGNKOGUÃNGEVTQPKSWGEQPUVKVWÃ FOWP ÃEJGXGCW FOQTICPKUOGU HÃFÃTCWZ EKXKNU GV OKNKVCKTGU FG EQPVTÏNG KPHQTOCVKQPPGN CKPUK SWG RCT FKHHÃTGPVU U[UVÂOGU FG UWTXGKNNCPEG ÃNGEVTQPKSWG %G RTQEGUUWU EQTTGURQPF ´ WPG NQIKSWG FG EQPSWÄVG RTÃÃVCVKSWGFGUHNWZINQDCWZFOKPHQTOCVKQP+NUOKPUETKVFCPUWPGF[PCOKSWG FGVGTTKVQTKCNKUCVKQPCOÃTKECKPGFGNOGURCEGE[DGTPÃVKSWGGVXKUG´CUUWTGTCWZ 'VCVU7PKU FGU ECRCEKVÃU WDKSWKUVGU RTQRTGU ´ UCVKUHCKTG EGTVCKPU VTCKVU UCKNNCPVUFGNOKFÃQNQIKGURCVKCNGCOÃTKECKPG
.GEQPVTÏNGKPHQTOCVKQPPGNRCTNOGURCEGGZVTCCVOQURJÃTKSWG
.OGURCEG GZVTCCVOQURJÃTKSWG EQPUVKVWG CW OÄOG VKVTG SWG NOGURCEG E[DGTPÃVKSWG WPG nPQWXGNNG HTQPVKÂTG FG NOGZRCPUKQPPKUOG COÃTKECKP GV NOWPFGUÃNÃOGPVUENÃUFGNCFQOKPCPEGKPHQTOCVKQPPGNNGINQDCNGCOÃTKECKPG .OWPGFGURTKPEKRCNGUTCKUQPUSWKCEQPFWKVNGUCWVQTKVÃUCOÃTKECKPGU´KPKVKGT EGVVG F[PCOKSWG FG EQPSWÄVG GZQIÃQITCRJKSWG GUV FOQTFTG OKNKVCKTG #W FGN´ FGU NKGPU VTÂU ÃVTQKVU NKCPV NG UGEVGWT URCVKCN EKXKN COÃTKECKP CW
&GRCTVOGPVQH&GHGPUGNOKPVÃITCVKQPFGRNWUGPRNWURQWUUÃGFGUU[UVÂOGU URCVKCWZ FG VÃNÃEQOOWPKECVKQP FCPU NGU QRÃTCVKQPU OKNKVCKTGU COÃTKECKPGU PÃEGUUKVG GP GHHGV UGNQP NG 2GPVCIQPG NC OKUG GP RNCEG FOWPG RQNKVKSWG FG UWRÃTKQTKVÃ GV FG EQPVTÏNG GZVTCCVOQURJÃTKSWGU FÃUKIPÃG UQWU NG VGTOG FG 5RCEG%QPVTQN#NCUWKVGFGURTQITCOOGU0KMG<GWUGV0KMG:NOCPPQPEGRCT NG 2TÃUKFGPV 4GCICP FG NOKPKVKCVKXG FG FÃHGPUG UVTCVÃIKSWG +&5 NG OCTU C EQPUVKVWÃ NOWP FGU VGORU HQTVU FG EGVVG F[PCOKSWG FG RTQLGEVKQP FG RWKUUCPEG GZQIÃQITCRJKSWG &CPU NC RGTURGEVKXG FW RTQITCOOG +&5 ,QJP
$#76</#00#n8WNPÃTCDKNKVÃGVFÃHGPUGFGUKPHTCUVTWEVWTGUKPHQTOCVKQPPGNNGU COÃTKECKPGU &ÃHKU CU[OÃVTKSWGU GV RTQLGEVKQP FG RWKUUCPEG .G FÃDCV UVTCVÃIKSWG COÃTKECKP%CJKGTUFO'VWFGU5VTCVÃIKSWGUPu%+42'5'*'552CTKU $#76</#00 # n)NQDCNKUCVKQP GV NGCFGTUJKR E[DGTURCVKCN COÃTKECKP .C INQDCNKUCVKQP nPQWXGNNG HTQPVKÂTG FW NGCFGTUJKR COÃTKECKP! %CJKGTU FO'VWFGU 5VTCVÃIKSWGUPu%+42'5'*'552CTKU
2TQITCOOGUFGUVKPÃU´TÃRQPFTG´NCOGPCEGRTQXGPCPV FOWPCTUGPCN PWENÃCKTG UQXKÃVKSWG GP TCRKFG RTQITGUUKQP GV ´ NOWVKNKUCVKQP OKNKVCKTG RQVGPVKGNNG FG NOGURCEG GZVTCCVOQURJÃTKSWG +NU HWTGPV KOCIKPÃU CWVQWT FOKPVGTEGRVGWTU NCPEÃU ´ RCTVKT FG SWGNSWGU UCVGNNKVGU ÃXQNWCPV GP QTDKVG DCUUG U[UVÂOG $#/$+ $CNNKUVKE #PVK /KUUKNG$QQUV+PVGTEGRVQTRQWTWPEQÖVVQVCNFGOKNNKCTFUFGFQNNCTU+NUHWTGPV CDCPFQPPÃU GP RQWT FGU TCKUQPU VGEJPQNQIKSWGU GV HKPCPEKÂTGU CW RTQHKV FGU U[UVÂOGUFGFÃHGPUGGPFQIÃQITCRJKSWGU5GPVKPGNRWKU5CHGIWCTF%H5%*9#46<#
#VQOKE #WFKV 6JG %QUV CPF %QPUGSWGPEGU QH 75 0WENGCT 9GCRQPU UKPEG
$TQQMKPI+PUVKVWVKQP9CUJKPIVQP
%QNNKPUFÃHKPKVGPFCPUWPGÃVWFGEQOOCPFÃGRCTNG%QPITÂUCOÃTKECKP VTQKU CZKQOGU nOCEMKPFÃTKGPU EQPFKVKQPPCPV RQWT NGU EKPSWCPVG RTQEJCKPGU CPPÃGU NC OKNKVCTKUCVKQP FG NOGURCEG GZVTCCVOQURJÃTKSWG RCT NG 2GPVCIQPG
L3WKEQPVTÏNGNOGURCEGEKTEWOVGTTGUVTGEQOOCPFGNC6GTTG L3WKEQPVTÏNGNCNWPGEQPVTÏNGNOGURCEGEKTEWOVGTTGUVTG
L3WKEQPVTÏNGNGUQTDKVGUNWPCKTGU.GV.EQOOCPFGNGU[UVÂOG6GTTG .WPG
$KGP SWG NO KPKVKCVKXG FG FÃHGPUG UVTCVÃIKSWG CKV ÃVÃ CDCPFQPPÃG RCT NG
&GRCTVOGPVQH&GHGPUGGPNCRTQDNÃOCVKSWGFGNCFQOKPCVKQPRCTNGU 'VCVU7PKU FG EGV GURCEG GZQIÃQITCRJKSWG GUV TGUVÃG CW EWT FGU RTÃQEEWRCVKQPUUVTCVÃIKSWGUFGNC/CKUQP$NCPEJGGVFW2GPVCIQPG'P NO#KT (QTEG 5EKGPVKHKE #FXKUQT[ $QCTF RWDNKC CKPUK WP FQEWOGPV KPVKVWNÃ 0GY9QTNF8KUVCUSWKKFGPVKHKCKVNGUVGEJPQNQIKGUGVNGUGURCEGUPÃEGUUCKTGU´
NC ICTCPVKG FG NOKPVÃITKVÃ FW VGTTKVQKTG COÃTKECKP CW ::+G UKÂENG GV ´ NOÃVCDNKUUGOGPV FOWPG WDKSWKVÃ INQDCNG SWG TGPFCKV PÃEGUUCKTG NC PQWXGNNG RNCEG FGU 'VCVU7PKU FCPU NG OQPFG %GVVG ÃVWFG FKTKIÃG RCT )GPG /E%CNN FKTGEVGWTFWEQPUGKNEQPUWNVCVKHGV,QJP%QTFGTFKTGEVGWTCFLQKPVGV OCLQT IÃPÃTCN FG NO75#( TGRTÃUGPVG RNWU FG RCIGU FOCPCN[UGU TÃRCTVKGU CW UGKP FG XQNWOGU OQPQITCRJKSWGU .G TCRRQTV HKPCN GUV ENCUUKHKÃ RCT NG 2GPVCIQPG OCKU KN GZKUVG WPG XGTUKQP nÃRWTÃG CEEGUUKDNG CW RWDNKE FCPU NCSWGNNGQPRGWVNKTG
n.GEQPVTÏNGFGNOGURCEGGZVTCCVOQURJÃTKSWGFGXKGPFTCETWEKCNFWTCPVNGUFKZ RTQEJCKPGUCPPÃGU0QWUFÃRGPFTQPUFGUUCVGNNKVGURQWTHQWTPKT´PQUHQTEGU ÃEQPQOKSWGUGVOKNKVCKTGUWPGKPHQTOCVKQPINQDCNGGVGPVGORUTÃGN
%GURTQRQUSWKEQPUVKVWGPVNOWPFGUHQPFGOGPVUFWEQPEGRVCOÃTKECKPFG 5RCEG %QPVTQN UQPV ECTCEVÃTKUVKSWGU FG NC UKPIWNKÂTG ECRCEKVÃ FGU CWVQTKVÃU COÃTKECKPGU ´ RTGPFTG NG EQPVTÏNG RQWT FGU OQVKHU FG UÃEWTKVÃ PCVKQPCNG FOGURCEGU GZQIÃQITCRJKSWGU PQP GPEQTG UQWOKU ´ VQWVG HQTOG FG UQWXGTCKPGVÃ .C PQVKQP FG 5RCEG %QPVTQN VTCFWKV FCPU NGU HCKVU EGVVG
2QKPVUFGNKDTCVKQPFG.CITCPIG%H$#76</#00#'ZQIÃQITCRJKGRQNKVKSWGFGU CWVQTQWVGU FG NOKPHQTOCVKQP )NQDCNKUCVKQP FG NC EQOOWPKECVKQP GV OWVCVKQP FW U[UVÂOG OQPFGQREKV
%1..+05 , /KNKVCT[ 5RCEG (QTEGU 6JG 0GZV ;GCTU 2GTICOQP$TCUUG[OU 9CUJKPIVQP
2QWTFGUTCKUQPUGUUGPVKGNNGOGPVVGEJPKSWGUGVDWFIÃVCKTGU
%QOKVÃUEKGPVKHKSWGEQPUWNVCVKHFGNO#TOÃGFGNOCKTCOÃTKECKPG
/E%#.. ) GV %14&'4 , 0GY 9QTNF 8KUVCU #KT CPF 5RCEG 2QYGT HQT VJG UV
%GPVWT[#KT(QTEG5EKGPVKHKE#FXKUQT[$QCTF
RTQRGPUKQP UKPIWNKÂTG ´ RTQLGVGT FW nPCVKQPCN CWFGN´ FGU NKOKVGU VGTTKVQTKCNGU FG NOGURCEG GPFQIÃQITCRJKSWG COÃTKECKP 'NNG EQPUVKVWG FG HCKV NOKPUVTWOGPV FOWP KPGZQTCDNG EQPVTÏNG FGU HNWZ INQDCWZ FOKPHQTOCVKQP NOGURCEGQTDKVCNÃVCPVFGRNWUGPRNWUEQPUKFÃTÃRCTNG2GPVCIQPGEQOOGNC HWVWTG ENGH FG XQÖVG FGU CWVQTQWVGU FG NOKPHQTOCVKQP GV NG UWRRQTV FOWPG PÃEGUUCKTGWDKSWKVÃKPHQTOCVKQPPGNNGINQDCNG)NQDCN#YCTGPGUU%GVVGPQVKQP FG 5RCEG %QPVTQN C VTQWXÃ FCPU NC PQWXGNNG CFOKPKUVTCVKQP $WUJ WP CTFGPV FÃHGPUGWTGPNCRGTUQPPGFG&QPCNF4WOUHGNFCEVWGN5GETÃVCKTG´NC&ÃHGPUG GV CPEKGP TCRRQTVGWT FOWPG EQOOKUUKQP HÃFÃTCNG UWT NC TÃQTICPKUCVKQP GV NG OCPCIGOGPVFGNOGURCEGGZVTCCVOQURJÃTKSWGRQWTNCUÃEWTKVÃPCVKQPCNGFGU 'VCVU7PKU &CPU NG TCRRQTV RWDNKÃ RCT EGVVG EQOOKUUKQP GP LCPXKGT
&QPCNF 4WOUHGNF FÃHKPKV VTQKU QDLGEVKHU RGTOGVVCPV UGNQP NWK FOCUUWTGT CWZ 'VCVU7PKU WPG UWRTÃOCVKG GZVTCCVOQURJÃTKSWG RGTOGVVTG CWZ 'VCVU7PKU FGHCÁQPPGTNGUTÂINGUKPVGTPCVKQPCNGUSWKGPECFTGTQPVNGUCEVKXKVÃUURCVKCNGU ETÃGT NGU EQPFKVKQPU FOWPG FQOKPCVKQP OKNKVCKTG FG NOGURCEG GZVTC CVOQURJÃTKSWG GV GPHKP GPEQWTCIGT WP TCRRTQEJGOGPV GPVTG NGU CEVKXKVÃU URCVKCNGUGVEGNNGUNKÃGUCWVTCKVGOGPVFGNOKPHQTOCVKQP%GFGTPKGTRQKPVOGV GP NWOKÂTG NC RNCEG EGPVTCNG FGU UWRGTECNEWNCVGWTU FCPU NC OCÉVTKUG RCT NGU
VCVU7PKUFGUHNWZINQDCWZFOKPHQTOCVKQP
.CRWKUUCPEGFGECNEWNEQOOGKPUVTWOGPVFGFQOKPCPEGKPHQTOCVKQPPGNNG .GUDGUQKPUFGNCTGEJGTEJGURCVKCNGGVPWENÃCKTGQPVEQPFWKVFGRWKUNCHKP FG NC 5GEQPFG )WGTTG OQPFKCNG NGU IQWXGTPGOGPVU COÃTKECKPU UWEEGUUKHU ´ FÃXGNQRRGT FOCODKVKGWZ RTQITCOOGU FG TGEJGTEJG GP OCVKÂTG FG ECNEWN KPHQTOCVKSWGKPVGPUKH&WTCPVNGUCPPÃGUVTQKUITCPFURTQLGVU*22%
#5%+ GV 2#%+ QPV HKIWTÃ RCTOK NGU RTKQTKVÃU UEKGPVKHKSWGU FGU CWVQTKVÃU COÃTKECKPGUKORNKSWCPVWPPQODTGETQKUUCPVFOCIGPEGUHÃFÃTCNGUGVRQUCPV NGUDCUGUFOWPGFQOKPCVKQPGHHGEVKXGFGU'VCVU7PKUGPNCOCVKÂTG/CKUCW FGN´KNGZKUVGWPQTICPKUOGCOÃTKECKPETKUVCNNKUCPVNCRTQRGPUKQPFGU'VCVU 7PKU ´ KPUVTWOGPVCNKUGT NGWT ECRCEKVÃ FG ECNEWN KPVGPUKH CHKP FG EQPVTÏNGT RQNKVKSWGOGPVNGUHNWZINQDCWZFOKPHQTOCVKQPNC0CVKQPCN5GEWTKV[#IGPE[
47/5('.&&4GRQTVQHVJG%QOOKUUKQPVQCUUGUU7PKVGF5VCVGUPCVKQPCNUGEWTKV[URCEG OCPCIGOGPVCPFQTICPK\CVKQP9CUJKPIVQPLCPXKGT
*KIJ2GTHQTOCPEG%QORWVKPICPF%QOOWPKECVKQP
#EEGNGTCVGF5VTCVGIKE%QORWVKPI+PKVKCVKXG
2CTVPGTUJKRHQT#FXCPEGF%QORWVCVKQPCN+PHTCUVTWEVWTG
#EGUVTQKURTQITCOOGUHÃFÃTCWZUOCLQWVGFCPUWPGOQKPFTGOGUWTGNG%QCNKVKQP QH #ECFGOKE 5WRGTEQORWVGT %GPVGTU %#5% RTQITCOOG CUUQEKCVKH KPVGT WPKXGTUKVCKTG ETÃÃ GP GV OWVWCNKUCPV NGU TGUUQWTEGU FG EGPVTGU FG ECNEWN KPHQTOCVKSWGUKVWÃUFCPU'VCVUHÃFÃTÃU
05#5VCVKQPPÃG´(QTV/GCFGFCPUNG/CT[NCPFNC05#GUVWPQTICPKUOG FGTGPUGKIPGOGPVFÃRGPFCPVFW2GPVCIQPGOCKUUGUCVVTKDWVKQPUHKZÃGURCT 0CVKQPCN5GEWTKV[%QWPEKN+PVGNNKIGPEG&KTGEVKXGPuUOGZGTEGPVVCPVFCPUNC URJÂTG EKXKNG SWG OKNKVCKTG .C 05# C RQWT OKUUKQP FOCUUWTGT NC EQPHKFGPVKCNKVÃ FGU EQOOWPKECVKQPU IQWXGTPGOGPVCNGU COÃTKECKPGU VQWV GP GURKQPPCPV NGU EQOOWPKECVKQPU FGU RC[U ÃVTCPIGTU RCT NOKPVGTEGRVKQP FG OGUUCIGUXQECWZGVÃETKVUVTCPUKVCPVRCTVÃNÃRJQPGHCZQWQTFKPCVGWTCKPUK SWG RCT NOÃEQWVG FG UKIPCWZ ÃOKU RCT NGU TCFCTU GV NGU UCVGNNKVGU .C 05#
EQORVGTCKVGPVTGGVUCNCTKÃURQWTWPDWFIGVCPPWGNFGRNWUFG SWCVTG OKNNKCTFU FG FQNNCTU 1P RGWV GUVKOGT SWG EGVVG CIGPEG HÃFÃTCNG FKURQUGFGRTÂUFGEQTTGURQPFCPVUTÃRCTVKUFCPURNWUFGUKVGU´
VTCXGTU NG OQPFG CODCUUCFGU GV UVCVKQPU ENCPFGUVKPGU .C 05# GUV UVTWEVWTÃGCWVQWTFGVTQKURÏNGUFGEQORÃVGPEGNCUWTXGKNNCPEGÃNGEVTQPKSWG FGU\QPGUFGETKUGNCTGEJGTEJGUEKGPVKHKSWGFCPUNGUFQOCKPGUFGUU[UVÂOGU ET[RVQNQIKSWGUGVFWFÃET[RVCIGFOKPHQTOCVKQPUEJKHHTÃGUGVGPHKPNCUÃEWTKVÃ KPHQTOCVKSWGGVFGUU[UVÂOGUFGEQOOWPKECVKQPCWRTQHKVFGUCWVTGUCIGPEGU IQWXGTPGOGPVCNGUCOÃTKECKPGU
'PVTG NGU CPPÃGU GV NC 05# UOGUV FQVÃG FW TÃUGCW 'EJGNQP (QPFÃUWTNGRCEVG7-75#FG'EJGNQPGUVNGHTWKVFOWPGÃVTQKVGGVVTÂU UGETÂVG EQNNCDQTCVKQP GPVTG NGU 'VCVU7PKU GV NG 4Q[CWOG7PK )QXGTPOGPV
%QOOWPKECVKQPU *GCF 3WCTVGTU NG %CPCFC %QOOWPKECVKQPU 5GEWTKV[
'UVCDNKUJOGPV NO#WUVTCNKG &GHGPUG 5KIPCNU &KTGEVQTCVG GV NC 0QWXGNNG
<ÃNCPFG )QXGTPOGPV %QOOWPKECVKQPU 5GEWTKV[ $WTGCW 5GNQP NG TCRRQTV
%CORDGNN FW 2CTNGOGPV GWTQRÃGP NG TÃUGCW 'EJGNQP EQWXTG RQVGPVKGNNGOGPV NOGPUGODNG FGU U[UVÂOGU FG EQOOWPKECVKQP EKXKNU GV OKNKVCKTGU FW INQDG +N KPVGTEGRVG PQVCOOGPV NGU VÃNÃEQOOWPKECVKQPU VTCPUKVCPVRCTNGUUCVGNNKVGU+POCTUCVGV+PVGNUCVGVWVKNKUGRQWTNCUWTXGKNNCPEG GV NG EQPVTÏNG FGU HNWZ FOKPHQTOCVKQP XÃJKEWNÃU UWT NOKPVGTPGV
%QORVG VGPW FG NC PCVWTG EQPHKFGPVKGNNG FGU V¸EJGU CUUKIPÃGU ´ NC 05# NGU FQPPÃGUNCEQPEGTPCPVFGOGWTGPVFKHHKEKNGOGPVXÃTKHKCDNGU%H2#'%*6#4CRRQTV FOKPHQTOCVKQP UWT NGU U[UVÂOGU FG UWTXGKNNCPEG GV FOKPVGTEGRVKQP ÃNGEVTQPKSWGU RQWXCPVOGVVTGGPECWUGNCUÃEWTKVÃPCVKQPCNG%QOOKUUKQPFGNC&ÃHGPUGPCVKQPCNGGV FGUHQTEGUCTOÃGU#UUGODNÃG0CVKQPCNG2CTKUQEVQDTG
7PKVGF-KPIFQOL7PKVGF5VCVGUQH#OGTKEC
%#/2$'.. & 4GRQTV VQ VJG &KTGEVQT )GPGTCN HQT 4GUGCTEJ QH VJG 'WTQRGCP 2CTNKCOGPV 5EKGPVKHKE CPF 6GEJPKECN 1RVKQPU #UUGUUOGPV 2TQITCO 1HHKEG QP VJG FGXGNQROGPVQHUWTXGKNNCPEGVGEJPQNQI[CPFTKUMQHCDWUGQHGEQPQOKEKPHQTOCVKQP CXTKNOCK
%¸DNGUVGTTGUVTGUQWUQWUOCTKPUQPFGUTCFKQUGVE
#VKVTGFOGZGORNGWPUCVGNNKVG+PVGNUCVGUVECRCDNGFGIÃTGTUKOWNVCPÃOGPV EQOOWPKECVKQPU
NOKORTGUUKQPPCPVGRWKUUCPEGFGECNEWNFGNC05#ECRCDNGFGVTCKVGTRNWUFG OKNNKCTFUFOQRÃTCVKQPURCTUGEQPFG
%GVVGECRCEKVÃFGVTCKVGOGPVKPHQTOCVKSWGUCPUÃSWKXCNGPVFCPUNGOQPFG RGTOGV CWZ CWVQTKVÃU COÃTKECKPGU FG EQPVTÏNGT GP VGORU SWCUK TÃGN FGU OKNNKQPUFGOGUUCIGUÃNGEVTQPKSWGUVTCPUKVCPVEJCSWGLQWTUWTNGUCWVQTQWVGU FG NOKPHQTOCVKQP IT¸EG ´ FKHHÃTGPVU KPUVTWOGPVU FG EQNNGEVG GV FOCPCN[UG CWVQOCVKSWGU &ÃXGNQRRÃU RCT NGU PQODTGWZ OCVJÃOCVKEKGPU GV UÃOKQNQIWGUGORNQ[ÃURCTNC05#EGUU[UVÂOGUFGEQPVTÏNGUQPVFÃRNQ[ÃU CW FÃVTKOGPV FG NC RTQVGEVKQP FGU NKDGTVÃU KPFKXKFWGNNGU GV FW FTQKV ´ NC EQPHKFGPVKCNKVÃ EQOOG NOC HTÃSWGOOGPV TCRRGNÃ NG 2CTNGOGPV GWTQRÃGP
%GRGPFCPV CWFGN´ FG NOCORNGWT FGU OQ[GPU EQPUCETÃU RCT NC 05# CW EQPVTÏNG FGU HNWZ INQDCWZ FOKPHQTOCVKQP NOGZGTEKEG FOWPG WDKSWKVà KPHQTOCVKQPPGNNGCOÃTKECKPGFGOGWTGEQPFKVKQPPôFGEQPUVCPVUGHHQTVUGP OCVKÂTG FG TGEJGTEJG KPHQTOCVKSWG 1T OCNITà NC VTÂU HQTVG CVVTCEVKXKVà FGU 'VCVU7PKUGPEGFQOCKPGEGUGEVGWTFOCEVKXKVÃTGUVGEQPHTQPVôWPITCXG FÃHKEKV FG EQORÃVGPEGU EQOOG NOKPFKSWGPV NGU CWVQTKVÃU HÃFÃTCNGU GNNGU OÄOGUn+N[CWPUKÂENG´NOÃRQSWGQÔNO#OÃTKSWGGWVCEEÂU´NOÃPGTIKGÃNGEVTKSWG FGPQODTGWZÃNGEVTKEKGPUGVKPIÃPKGWTUHWTGPVHQTOÃURQWTFÃXGNQRRGTEGVVGPQWXGNNG ÃEQPQOKG1TLWUSWO´RTÃUGPVNO#OÃTKSWGPOCRCUTÃWUUK´HQTOGTUWHHKUCOOGPVFG URÃEKCNKUVGUGPKPHQTOCVKSWGRQWTHCKTGHQPEVKQPPGTCOÃNKQTGTGVICTCPVKTNCUÃEWTKVà FGNCPQWXGNNGÃEQPQOKGKUUWGFGUVGEJPQNQIKGUFGNOKPHQTOCVKQP
%GVVG UKVWCVKQP SWK RQWTTCKV CHHCKDNKT ´ OQ[GP VGTOG NC OKUG GP RNCEG FOWPGJÃIÃOQPKGCOÃTKECKPGFCPUNGUGEVGWTUVTCVÃIKSWGFGUVGEJPQNQIKGUFG NOKPHQTOCVKQPGVFGNCEQOOWPKECVKQPPGUGODNGEGRGPFCPVIWÂTGTGOGVVTG GPECWUGNOCEVWGNNGRQNKVKSWGFGU'VCVU7PKUGPEGFQOCKPG'VUKNGUCVVGPVCVU FWUGRVGODTGQPVETKUVCNNKUÃNOÃOGTIGPEGFGTÃUKUVCPEGUTCFKECNGUHCEG
´ WPG OQFGTPKVÃ COÃTKECKPG SWK UOCRRWKG NCTIGOGPV UWT EGU PQWXGNNGU VGEJPQNQIKGU EGU ÃXÃPGOGPVU VTCIKSWGU UGODNGPV RCTCFQZCNGOGPV POCXQKT
IKICHNQRU
.C 0CVKQPCN 5GEWTKV[ #IGPE[ GUV ´ NOÃEJGNNG OQPFKCNG NG RTGOKGT GORNQ[GWT FG RGTUQPPGNUURÃEKCNKUÃUGPTGEJGTEJGOCVJÃOCVKSWGGVET[RVQITCRJKSWG
%GSWGFÃPQPEG2CWN8KTKNKQSWCNKHKCPVEGSWOKNEQPUKFÂTGÄVTGWPGPQWXGNNGHQTOG FG V[TCPPKG RCT NG PÃQNQIKUOG nINQDCNKVCKTG %H 8+4+.+1 2 n6ÃNÃUWTXGKNNCPEG INQDCNG.G/QPFG&KRNQOCVKSWG2CTKUCQÖV
%QORVG VGPW PQVCOOGPV FW HQTV VCWZ FOÃVWFKCPVU ÃVTCPIGTU GHHGEVWCPV NGWTU ÃVWFGUWPKXGTUKVCKTGUCWZ'VCVU7PKUGVUO[KPUVCNNCPVFÃHKPKVKXGOGPVRCTNCUWKVG%H (+00 / 5VC[ 4CVGU QH (QTGKIP &QEVQTCVG 4GEKRKGPVU HTQO 75 7PKXGTUKVKGU 1CM 4KFIG+PUVKVWVGHQT5EKGPEGCPF'FWECVKQP
&GHGPFKPI#OGTKECOU%[DGTURCEG0CVKQPCN2NCPHQT+PHQTOCVKQP5[UVGOU2TQVGEVKQP#P +PXKVCVKQPVQC&KCNQIWG6JG9JKVG*QWUG9CUJKPIVQPLCPXKGT
HCKV SWOCORNKHKGT RCT WPG OÃFKCVKUCVKQP OQPFKCNG GP SWCUK VGORU TÃGN CUUQEKÃG ´ WPG WVKNKUCVKQP OCUUKXG FG NOGPUGODNG FGU KPUVTWOGPVU FG EQOOWPKECVKQP EQPUVKVWVKHU FGU CWVQTQWVGU FG NOKPHQTOCVKQP VÃNÃXKUKQP KPVGTPGV VÃNÃRJQPKG UCVGNNKVCKTG GVE NC F[PCOKSWG FG INQDCNKUCVKQP FG NC EQOOWPKECVKQP SWK EQPUVKVWG NG RTKPEKRCN XGEVGWT FG EGVVG OQFGTPKVÃ RTQRQUÃGRCTNGU'VCVU7PKUCWTGUVGFWOQPFG
