GVNCIQWXGTPCPEGFOKPVGTPGV
.CEQQTFKPCVKQPVGEJPKSWGEQOOGNGXKGT F O WPGRQNKVKSWGRWDNKSWGOQPFKCNG
*CPU-NGKP
.CIQWXGTPCPEGFOKPVGTPGV
+PVGTPGVGUV UQWXGPV UCNWÃ EQOOG WP TQ[CWOG FOCPCTEJKG DKGPXGKNNCPVG QÔ NC EQOOWPKECVKQP NKDTG GUV UQNKFGOGPV ÃVCDNKG %OGUV WPG nJ[FTG OQFGTPGECRCDNGFGEQPVQWTPGTNCTÃINGOGPVCVKQP(TQQOMKPR GVWPnGURCEGJQTUEQPVTÏNG.GUUKIR%QOOGNGFKV,QJP2GTT[
$CTNQYEJCPVTGFGNOKPVGTPGVn§IQWXGTPGOGPVUFWOQPFGKPFWUVTKGNWXQWU POCXG\RQKPVFGUQWXGTCKPGVÃN´QÔPQWUPQWUTCUUGODNQPUEKVÃKP.GUUKI R
2QWT NG FKTG FG HCÁQP OQKPU RKVVQTGUSWG KPVGTPGV OGV ´ NOÃRTGWXG NC IQWXGTPCPEG ,OGPVGPFU RCT nIQWXGTPCPEG NOGZKUVGPEG FOWPG SWGNEQPSWG CWVQTKVÃ ECRCDNG FG ETÃGT RQWT NOWUCIG FOKPVGTPGV FGU TÂINGU INQDCNGOGPV
7PGRTGOKÂTGXGTUKQPFGNOCTVKENGGUVRCTWGKP6JG+PHQTOCVKQP5QEKGV[XQNPu 6CKNQT CPF (TCPEKU GF .GU TGEJGTEJGU EQPVTKDWCPV ´ EGVVG ÃVWFG QPV ÃVÃ GHHGEVWÃGUNQTUFOWPGTÃUKFGPEGCW%GPVTGFGUQEKQNQIKGFGNOKPPQXCVKQPFGNO'EQNGFGU /KPGU FG 2CTKU CXGE NG UQWVKGP FOWPG DQWTUG %JCVGCWDTKCPF FG NO#ODCUUCFG FG (TCPEG CWZ 'VCVU7PKU 6TCFWEVKQP FG 4QUGOCT[ 2GVGT%TKEMU GV (TCPÁQKUG /CUUKV (QNNÃC
CRRNKECDNGUGVTGPHQTEÃGURCTFGUUCPEVKQPU.CIQWXGTPCPEGFOKPVGTPGVGZKUVG UQWU FGU HQTOGU FKXGTUGU GV RCTVKGNNGU UCNQPU FG EJCV UWT #1. QW TÃINGOGPVCVKQP IQWXGTPGOGPVCNG FGU QTFKPCVGWTU ´ NOKPVÃTKGWT FW VGTTKVQKTG PCVKQPCN OCKU FCPU NOGPUGODNG KPVGTPGV PG RQUUÂFG RCU FG U[UVÂOG EQJÃTGPVGVGHHKECEGRQWTÃVCDNKTGVKORQUGTCWVQTKVCKTGOGPVFGUTÂINGU%GNC UOGZRNKSWGVCPVRCTNGUECTCEVÃTKUVKSWGUFGNCVGEJPQNQIKGSWKTGPFGPVFKHHKEKNG VQWVEQPVTÏNGSWGRCTNOGZRCPUKQPOQPFKCNGFGUEQOOWPKECVKQPUXKCKPVGTPGV SWKETÃGWPEQPHNKVFGLWTKFKEVKQPGPVTGNGUTÃIWNCVGWTUIQWXGTPGOGPVCWZ
%GVVG FKOGPUKQP nKPIQWXGTPCDNG FOKPVGTPGV RQWTVCPV GUV GP VTCKP FG EJCPIGT &CPU UQP NKXTG %QFG .CYTGPEG .GUUKI CPCN[UG FKXGTUGU UVTCVÃIKGU XKUCPV ´ ÃNKOKPGT NOCPQP[OCV FGU KPVGTPCWVGU GV ´ HCEKNKVGT NOCRRNKECVKQPFGNQKUEQPVTCKIPCPVGU'ZGORNGTÃEGPV´NCUWKVGFOWPRTQEÂU EQPEGTPCPVNCXGPVGCWZGPEJÂTGUUWTKPVGTPGVFGUQWXGPKTUPC\KUKPVGTFKVGGP (TCPEG NC UQEKÃVÃ ;CJQQ HWV EQPFCOPÃG ´ FÃVGEVGT NOQTKIKPG IÃQITCRJKSWG FGUWVKNKUCVGWTURQWTNGWTCRRNKSWGTNCNÃIKUNCVKQPUWTNGUEQPVGPWUGPXKIWGWT FCPUNGWTRC[U#(2%QOOGCXGEFOCWVTGUVGEJPQNQIKGUCPVÃTKGWTGU RNWUKPVGTPGVUGTÃRCPFFCPUNCUQEKÃVÃRNWUQPV¸EJGFGNOKPVÃITGTFCPUNGU UVTWEVWTGUTÃINGOGPVCKTGUGZKUVCPVGU
.G FÃXGNQRRGOGPV NG RNWU UKIPKHKECVKH FG EGVVG VGPFCPEG ´ nIQWXGTPGT
KPVGTPGVGUVNCETÃCVKQPFO+%#00+PVGTPGV%QTRQTCVKQPHQT#UUKIPGF0COGU CPF0WODGTU%TÃÃGGP+%#00GUVWPGCUUQEKCVKQPRTKXÃG´DWVPQP NWETCVKH C[CPV TGÁW NG OCPFCV QHHKEKGN FOGHHGEVWGT NC EQQTFKPCVKQP VGEJPKSWG FGUTGUUQWTEGUHQPFCOGPVCNGUFOKPVGTPGVVQWVRCTVKEWNKÂTGOGPVNGUPQOUFG FQOCKPG RCT GZGORNG OQPQTFKPCVGWTQTI $KGP SWOGNNG UQKV KORNCPVÃG GP
%CNKHQTPKG UQP CWVQTKVÃ UOÃVGPF FKTGEVGOGPV QW KPFKTGEVGOGPV ´ VQWU NGU WVKNKUCVGWTUFOKPVGTPGV
+%#00 C NG RQVGPVKGN FG EJCPIGT TCFKECNGOGPV NC PCVWTG FOKPVGTPGV 'P OGVVCPV GP RNCEG VQWU NGU OÃECPKUOGU PÃEGUUCKTGU ´ NC ETÃCVKQP ´ NC RTQOWNICVKQP GV CW TGPHQTEGOGPV FG NC TÃIWNCVKQP +%#00 TGPF RQUUKDNG RQWT NC RTGOKÂTG HQKU WPG XTCKG IQWXGTPCPEG FOKPVGTPGV +PVGTPGV PG UGTC RNWU FÃUQTOCKU EGVVG *[FTG KPEQPVTÏNCDNG 1T NGU OÃECPKUOGU FG IQWXGTPCPEGFO+%#00TGPFGPVRQUUKDNGUVQWVGUUQTVGUFGTÃIWNCVKQPU#FG PQODTGWUGUTGRTKUGUEGUFGTPKÂTGUCPPÃGUFGUVGPVCVKXGUFGTÃINGOGPVCVKQP FOKPVGTPGV UQPV CRRCTWGU UKIPG FOWP KPVÃTÄV ITCPFKUUCPV RQWT FG VGNU OÃECPKUOGU (TQQOMKP 5GNQP NGU RQKPVU FG XWG NC ETÃCVKQP FOWPG ECRCEKVÃFGIQWXGTPCPEGKORNKSWGNCRTQOGUUGQWNCOGPCEGFOWPGOCÉVTKUG FGNCHTQPVKÂTGÃNGEVTQPKSWG
,G XCKU RTÃUGPVGT WPG CPCN[UG FÃVCKNNÃG FO+%#00 RQWT TGPFTG EQORTÃJGPUKDNG NG TCRRQTV OWVWGN GPVTG VGEJPQNQIKG CFOKPKUVTCVKQP GV
IQWXGTPCPEG GP GZRNKSWCPV EQOOGPV NG U[UVÂOG FOCFTGUUCIG FOWP TÃUGCW FOQTFKPCVGWTU HCEKNKVG WP U[UVÂOG FG IQWXGTPCPEG 2QWT EG HCKTG LG EQOOGPEGTCKRCTGZRNKSWGTEGSWOGUVNCIQWXGTPCPEGNGHQPEVKQPPGOGPVFW U[UVÂOG FGU PQOU FG FQOCKPGU UWT KPVGTPGV &05 GV NC OCPKÂTG FQPV NG
&05RGTOGVNCIQWXGTPCPEG
%GVVG OKUG CW RQKPV RQWTTC ÃENCKTGT NC RQNKVKSWG FGU FÃEKFGWTU EQOOG EGNNG FGU WVKNKUCVGWTU FOKPVGTPGV .G HCKV SWOKPVGTPGV C WP RQKPV FG EQPVTÏNG EGPVTCN GV SWO+%#00 GZGTEG WPG RQNKVKSWG RWDNKSWG INQDCNG GUV NQKP FOÄVTG EQOOWPÃOGPV CFOKU .C TGEQPPCKUUCPEG FG EGU ECRCEKVÃU FG IQWXGTPCPEG LWUVKHKGNOCRRNKECVKQPFGUETKVÂTGUPQTOCVKHUFGNÃIKVKOKVÃFGTGURQPUCDKNKVÃGV FOÃSWKVÃ ´ NOKPUVKVWVKQP GV ´ UQP HQPEVKQPPGOGPV 0QVTG ÃVWFG RCTVKEKRG FOCKNNGWTU FOWP GPUGODNG ETQKUUCPV FG VTCXCWZ SWK CPCN[UGPV RQNKVKSWGOGPV +%#00 FCPU NC RGTURGEVKXG FG UGU QTKIKPGU JKUVQTKSWGU /WGNNGT -NGKP C FG UQP UVCVWV NÃICN (TQQOMKP -NGKP E GV FG UC EQPEGRVKQPKPUVKVWVKQPPGNNG2QUV
'NNGRTGPFCWUUKGPEQORVGNGUFÃDCVUVJÃQTKSWGURQTVCPVUWTNGTCRRQTV GPVTGU[UVÂOGUVGEJPQNQIKSWGUGVEQPVGZVGUQEKCN&GUÃVWFGUTÃEGPVGUUWTNC EQPUVTWEVKQP UQEKCNG FG NC VGEJPQNQIKG QPV UQWNKIPÃ NOKPHNWGPEG FGU HCEVGWTU UQEKCWZUWTNGUOQFCNKVÃUFWEJCPIGOGPVVGEJPQNQIKSWG$KLMGT$KLMGT
*WIJGU2KPEJ-NGKPGV-NGKPOCP&GOÄOGFGUURÃEKCNKUVGUFG NCRQNKVKSWGFGUVGEJPKSWGUQPVKPUKUVÃUWTNGHCKVSWGEQPEGXQKTWPU[UVÂOG KPHQTOCVKSWG UOCRRCTGPVG ´ NÃIKHÃTGT FCPU NC OGUWTG QÔ NGU FGWZ CEVKXKVÃU GPIGPFTGPV FGU UVTWEVWTGU UQEKCNGU SWK EQPVTCKIPGPV NG EQORQTVGOGPV JWOCKP .GUUKI -CRQT -NGKP +%#00 RTÃUGPVG ´ NOÃXKFGPEG NGU ECTCEVÃTKUVKSWGU FOWPG VGNNG UVTWEVWTCVKQP UQEKCNG FCPU NC OGUWTG QÔ NG U[UVÂOG FG PQOU FG FQOCKPG &05 FÃHKPKV FGU RCTCOÂVTGU KORQTVCPVUFGIQWXGTPCPEG
,GEQPUKFÃTGTCKVQWVFOCDQTFNGUHCEVGWTUVGEJPQNQIKSWGUGVKPUVKVWVKQPPGNU SWK QPV LWUSWOKEK GORÄEJÃ NC TÃIWNCVKQP FOKPVGTPGV RWKU LG FKUEWVGTCK RNWU NCTIGOGPV NC PQVKQP FG IQWXGTPCPEG 'PUWKVG LOGZCOKPGTCK NG U[UVÂOG FGU PQOUFGFQOCKPGGPVCPVSWGJKÃTCTEJKGVGEJPQNQIKSWGGVCFOKPKUVTCVKXGGP KFGPVKHKCPV NGU ECTCEVÃTKUVKSWGU SWK RGTOGVVGPV NC IQWXGTPCPEG 5WKXTC WPG CPCN[UGFGUOÃECPKUOGUFGIQWXGTPCPEGFOKPVGTPGVVGNUSWGEQPETÃVKUÃURCT +%#002WKURQWTKNNWUVTGTNCOCPKÂTGFQPVNGUOÃECPKUOGUFGIQWXGTPCPEG HQPEVKQPPGPV GP RTCVKSWG LOÃVWFKGTCK NC RQNKVKSWG RWDNKSWG OQPFKCNG FO+%#00´VTCXGTUNCHCÁQPFQPVGNNGCFÃHKPKNGUFTQKVUFGRTQRTKÃVÃRQWTNGU PQOUFGFQOCKPG'PHKPLGEQPUKFÃTGTCKNGRTQDNÂOGFGNÃIKVKOKVÃRQUÃRCT +%#00 GV LG OOKPVGTTQIGTCK UWT NGU CKTGU FG TÃIWNCVKQP GPXKUCIGCDNGU RQWT NOCXGPKT
.GRTQDNÂOGFGNCIQWXGTPCPEGFOKPVGTPGV
3WG NOQP UQKV RQWT QW EQPVTG FGU TÃIWNCVKQPU URÃEKHKSWGU QP TGEQPPCÉV IÃPÃTCNGOGPV SWG NC TÃIWNCVKQP FOKPVGTPGV UOGUV VQWLQWTU CXÃTÃG FKHHKEKNG
%QRKGT WPG OWUKSWG FGU NQIKEKGNU GV FOCWVTGU HQTOGU FG RTQRTKÃVÃ KPVGNNGEVWGNNGFGXKGPVFGRNWUGPRNWUCKUÃGVNCOWNVKRNKECVKQPFGUCEVKQPUGP LWUVKEG´NOGPEQPVTGFGEGWZSWKXKQNGPVNCRTQRTKÃVÃPGTGRTÃUGPVGUCPUFQWVG SWOWPG RCTV KPHKOG FGU ECU FG EQRKGU PQP CWVQTKUÃGU (T[GT &GU VGPVCVKXGU FG EQPVTÏNG FGU EQPVGPWU =FOKPVGTPGV? RCT FGU IQWXGTPGOGPVU PCVKQPCWZ QPV DWVÃ UWT NC PCVWTG OQPFKCNG FOKPVGTPGV GV FGU EQPHNKVU KPVGTLWTKFKEVKQPPGNU#PFTGYU
.GUDCTTKÂTGU´NCTÃIWNCVKQPRTQXKGPPGPVGPRCTVKGFGUECTCEVÃTKUVKSWGUFG NCVGEJPQNQIKG.GUEQOOWPKECVKQPUFOKPVGTPGVPGRCUUGPVRCURCT WP ECPCN EGPVTCN OCKU CW EQPVTCKTG RCT RNWUKGWTU TÃUGCWZ KPFÃRGPFCPVU GV NGU OGUUCIGU GWZOÄOGU UG UÃRCTGPV GP GURÂEGU FG RCSWGVU PWOÃTKSWGU SWK UWKXGPV FKXGTU KVKPÃTCKTGU FG NGWT UQWTEG ´ NGWT FGUVKPCVKQP %GTH GV -CJP
&GOWNVKRNGUÃOGVVGWTUKPFÃRGPFCPVUGPXQKGPVFGOWNVKRNGURCSWGVU KPFÃRGPFCPVU´VTCXGTUFGOWNVKRNGUECPCWZKPFÃRGPFCPVUKNPOGZKUVGFQPE RCU FG ECPCN EGPVTCN FG EQOOWPKECVKQP SWK RQWTTCKV UGTXKT FG RQKPV FG EQPVTÏNGRQWTNCRTQOWNICVKQPGVNOCRRNKECVKQPFGUTÂINGU
.C TÃIWNCVKQP DWVG ÃICNGOGPV UWT FGU HCEVGWTU KPUVKVWVKQPPGNU +PVGTPGV OGV´NOÃRTGWXGNGULWTKFKEVKQPUÃVCDNKGU,QJPUQPGV2QUV2GTTKV .OCWVQTKVÃ RWDNKSWG TGNÂXG FG NO'VCV FQPV NC ECTCEVÃTKUVKSWG FG DCUG GUV FOGZGTEGTUQPEQPVTÏNGUWTWPFQOCKPGIÃQITCRJKSWGOGPVFÃHKPK5EJTQGFGT 1T NC PCVWTG nCURCVKCNG FOKPVGTPGV OGV GP ECWUG EGU HQPFGOGPVU IÃQITCRJKSWGU FG NOCWVQTKVÃ RWDNKSWG *QNKVUEJGT .C FKUEQTFCPEG GPVTG WP TÃUGCW OQPFKCN GV FGU TÂINGU PCVKQPCNGU UCRG DKGP FGU VGPVCVKXGU TÃINGOGPVCKTGU(TQQOMKP
2QWT EQORTGPFTG NOGUUGPEG FG EGVVG UKVWCVKQP KN GUV WVKNG FG RTGPFTG FW TGEWNRCTTCRRQTVCWZFÃVCKNUGVFGEQPUKFÃTGTNCIQWXGTPCPEGFOWPRQKPVFG XWG VJÃQTKSWG 3WOGUVEG SWG NC IQWXGTPCPEG! 3WOGUVEG SWK GUV PÃEGUUCKTG RQWTIQWXGTPGT!3WGTGSWKGTVNCIQWXGTPCPEGFOKPVGTPGV!
&CPU UQP QWXTCIG .C FÃOQETCVKG GV UGU ETKVKSWGU 4QDGTV &CJN GZRNKSWG EG SWOGUV NC IQWXGTPCPEG GV EQOOGPV NOCVVGKPFTG +N KFGPVKHKG WPG UÃTKG FOnJ[RQVJÂUGU RQNKVKSWGU R SWK RTÃEKUGPV NGU EQPFKVKQPU OKPKOCNGURQWTWPU[UVÂOGFG IQWXGTPCPEG %GU EQPFKVKQPU LG NGU CRRGNNG NGU nOÃECPKUOGU FG NC IQWXGTPCPEG 'P RCTCRJTCUCPV NC FÃHKPKVKQP FG
&CJN QP RGWV KFGPVKHKGT SWCVTG FG EGU OÃECPKUOGU FQPV NG RTGOKGT UGTC NOCWVQTKVÃ .C IQWXGTPCPEG FGOCPFG WP IQWXGTPGWT QW WP UQWXGTCKP 7PG
GPVKVÃ L KPFKXKFW QW ITQWRG L FQKV RTGPFTG NGU FÃEKUKQPU RQNKVKSWGU SWK UOCRRNKSWGPVCWZOGODTGUFGNCEQOOWPCWVÃ7PFGWZKÂOGOÃECPKUOGFG IQWXGTPCPEG GUV NC NQK .GU NQKU OGVVGPV GP WXTG FGU FÃEKUKQPU RQNKVKSWGU UQWUNCHQTOGUQKVFOWPGVCZGUQKVFOWPGCWVQTKUCVKQPQWUKORNGOGPVFOWPG TÂING SWK GPICIG 6TQKUKÂOGOGPV KN HCWV WP OÃECPKUOG RQWT KORQUGT FGU UCPEVKQPU SWK RGTOGVVGPV FG RWPKT EGWZ SWK XKQNGPV NGU NQKU 'PHKP NC IQWXGTPCPEGGZKIGWPGFÃHKPKVKQPFGNCLWTKFKEVKQP%GNNGEKFÃHKPKVNOGURCEGCW UGKP FWSWGN NOCWVQTKVÃ RGWV CRRNKSWGT UGU FÃEKUKQPU GV QÔ NGU NQKU UQPV CRRNKECDNGU UQWU RGKPG FG UCPEVKQPU %GU SWCVTG OÃECPKUOGU TGPFGPV RQUUKDNG NC IQWXGTPCPEG NOCWVQTKVÃ IQWXGTPCPVG RGWV RTGPFTG WPG FÃEKUKQP RQNKVKSWGSWKUOCRRNKSWGTC´NOKPVÃTKGWTFGUCLWTKFKEVKQPGPKPEQTRQTCPVEGVVG FÃEKUKQP FCPU FGU NQKU GV GP KORQUCPV FGU UCPEVKQPU ´ VQWU EGWZ SWK PG UO[
EQPHQTOGPV RCU EGVVG CPCN[UG UG TGVTQWXG FCPU NOCRRGPFKEG FG %QFG
=.GUUKI?
.GECTCEVÂTGKPIQWXGTPCDNGGVVCPVXCPVÃFOKPVGTPGVTÃUWNVGFGNOCDUGPEGFG EGUSWCVTGOÃECPKUOGU.CTÃIWNCVKQPGUVFKHHKEKNGRCTEGSWGNOCWVQTKVÃNCNQK NGUUCPEVKQPUGVNCLWTKFKEVKQPPGUQPVRCUCUUWTÃGU
1T +%#00 TÃCNKUG EGU SWCVTG OÃECPKUOGU ´ VTCXGTU UQP EQPVTÏNG FW U[UVÂOG FG PQOU FG FQOCKPG KPVGTPGV &05 %QPVTCKTGOGPV CWZ CWVTGU CURGEVU FOKPVGTPGV NG &05 GUV EGPVTCNKUÃ DKGP SWG NC EQOOWPKECVKQP RCT KPVGTPGV UQKV FÃEGPVTCNKUÃG NOCFTGUUCIG UWT KPVGTPGV GUV EGPVTCNKUÃ .G &05 HQWTPKV NG RQKPV FG EQPVTÏNG ´ RCTVKT FWSWGN KN GUV RQUUKDNG FG TÃIWNGT NGU WVKNKUCVGWTU.G&05GUVCWUUKWPGTGUUQWTEGGUUGPVKGNNGGVEQOOGVGNHQWTPKV WP OQ[GP FOCRRNKSWGT FGU UCPEVKQPU CWZ WVKNKUCVGWTU NG TGHWU FOCEEÂU CWZ PQOUFGFQOCKPGGUVNOÃSWKXCNGPVFWDCPPKUUGOGPVFOKPVGTPGV'PQWVTGNG
&05 FÃHKPKV GP ITCPFG RCTVKG NGU LWTKFKEVKQPU FOKPVGTPGV .OQTICPKUCVKQP NQIKSWGFW&05TÃRCTVKVNOCWVQTKVÃUWTFGU\QPGUFKUVKPEVGU.GUHQPFGOGPVU EQPVTCEVWGNU FW &05 RGTOGVVGPV FG RTQOWNIWGT FGU TÂINGU #UUQEKÃGU NGU WPGU CWZ CWVTGU EGU ECTCEVÃTKUVKSWGU TGPFGPV +%#00 ECRCDNG FG IQWXGTPCPEG
/CKU RQWT EQORTGPFTG +%#00 KN HCWV FOCDQTF EQORTGPFTG NG U[UVÂOG FGUPQOUFGFQOCKPGU
.G&05GVNCIQWXGTPCPEGÃVCVFGUNKGWZ
,G XCKU CPCN[UGT NG &05 GP FGWZ ÃVCRGU NG RTÃUGPVCPV FOCDQTF UQWU UC HQTOG UKORNKHKÃG WP U[UVÂOG WPKSWG GV PQP FKUVTKDWÃ &CPU EGVVG RGTURGEVKXG NGU ECTCEVÃTKUVKSWGU FG NC IQWXGTPCPEG FW &05 UQPV RNWU XKUKDNGU,OÃVWFKGTCKRCTNCUWKVGNCUVTWEVWTGKPVGTPGGVFKUVTKDWÃGFW&05GV
RTÃUGPVGTCK NGU FKXGTU OÃECPKUOGU WVKNKUÃU RQWT CUUWTGT NC EQJÃTGPEG FG NOCFOKPKUVTCVKQPGVFGNCFÃEKUKQPRQNKVKSWG
.G&05RQKPVFGEQPVTÏNGFOKPVGTPGV
%QOOGPÁQPU RCT WPG TÃCNKVÃ OÃEQPPWG KPVGTPGV EQPUKUVG FCPU NC TÃWPKQPFGFGWZnU[UVÂOGUFQPVNOWPXKUGNCEQOOWPKECVKQPNGURTQVQEQNGU 6%2+2 GV NOCWVTG NOCFTGUUCIG NG &05 .G U[UVÂOG FG EQOOWPKECVKQP GUV NOCURGEV NG RNWU EQPPW FOKPVGTPGV +N GUV GZVTÄOGOGPV FÃEGPVTCNKUÃ L QP RQWTTCKVOÄOGFKTGSWOKNPOGUVRCUWPnU[UVÂOGOCKURNWVÏVWPGUÃTKGFG RTQVQEQNGUIT¸EGCWZSWGNUFGUTÃUGCWZFOQTFKPCVGWTUKPFÃRGPFCPVURGWXGPV UOGPXQ[GTFGUFQPPÃGU%OGUVNWKSWKPQWTTKVNOKOCIGFOKPVGTPGVFCPUNGITCPF RWDNKEGVNGURTÃVGPVKQPU´NOnKPIQWXGTPCDKNKVÃ(TQQOMKP
.G U[UVÂOG FOCFTGUUCIG L NG &05 L GUV CW EQPVTCKTG EGPVTCNKUÃ 2TGUSWG VQWVGUNGUEQOOWPKECVKQPUUWTKPVGTPGVGPFÃRGPFGPV1PRGWVEQPEGXQKTNG
&05 EQOOG NOCPPWCKTG GV NGU TGPUGKIPGOGPVU VÃNÃRJQPKSWGU FOKPVGTPGV
#XCPV SWOWP QTFKPCVGWT RWKUUG EQOOWPKSWGT CXGE WP CWVTG KN FQKV EQORQUGTNOÃSWKXCNGPVFWnFQPPGTNGPQOFGEGNWKSWOKNCRRGNNGRWKU CVVGPFTG NC EQORQUKVKQP FW PWOÃTQ %OGUV WP RTÃCNCDNG KPFKURGPUCDNG ´ NC EQOOWPKECVKQP
%JCSWGHQKUSWOWPWVKNKUCVGWTENKSWGUWTWPNKGPFGRCIGYGDQWGPXQKG WPGOCKNSWKEQORQTVGWPPQOFGFQOCKPGNG&05FQKVTÃUQWFTGEGPQOFG FQOCKPG&WRQKPVFGXWGFGUCUVTWEVWTG KPVGTPG NG &05 EQPUKUVG GP WPG DCUGFGFQPPÃGUGVWPUGTXKEGFGTGEJGTEJGF[PCOKSWG.GUGPVTÃGUFCPUNC DCUGFG FQPPÃGU EQORTGPPGPV WP KFGPVKHKCPV CNRJCPWOÃTKSWG EQPXKXKCN NG PQOFGFQOCKPGGVWPKFGPVKHKCPVPWOÃTKSWGRQWTNCOCEJKPGNGPWOÃTQQW CFTGUUG +2 +PVGTPGV 2TQVQEQN #KPUK NG PQO FG FQOCKPG FOWP QTFKPCVGWT UGTCKVOQPQTFKPCVGWTQTIGVUQPPWOÃTQ+2EQTTGURQPFCPV.G&05 TGEQPPCÉV NG PQO FG FQOCKPG GV HQTOG NG PWOÃTQ EQTTGURQPFCPV .GU QTFKPCVGWTU SWK GHHGEVWGPV EGVVG QRÃTCVKQP UOCRRGNNGPV FGU PCOG UGTXGTU UGTXGWTU FG PQOU 7PG HQKU EGNNGEK GHHGEVWÃG NC EQTTGURQPFCPEG RCT EQWTTKGTÃNGEVTQPKSWGQWNCEQOOWPKECVKQPUWTNGYGDRGWXGPVUOGPICIGT
%G RTQEGUUWU ´ FGWZ ÃVCRGU GUV KOOÃFKCVGOGPV RGTEGRVKDNG CXGE NC RNWRCTVFGUPCXKICVGWTUEQOOG0GVUECRG7PGHQKUSWGNOWVKNKUCVGWTCVCRÃ
%GVVGGZRNKECVKQPUKORNKHKGWPRGWNGUEJQUGU&GHCKVUKNOQPWVKNKUGNGUPWOÃTQU+2 FKTGEVGOGPV QP POC RNWU DGUQKP FOKPVGTCIKT CXGE NG &05 RQWT EQOOWPKSWGT XKC KPVGTPGV 0QVG CW NGEVGWT UGNQP OQP GZRÃTKGPEG ´ VQWVG CHHKTOCVKQP EQPEGTPCPV NG
&05QPRGWVVTQWXGTWPGGZEGRVKQP/GTEKFOGPVGPKTEQORVGGPNKUCPVEGVVGRCTVKGFG NOCTVKENGUKORNKHKECVTKEG´NOGZVTÄOGRCTUQWEKFGENCTVÃ
NGPQOFWFQOCKPGNGPCXKICVGWTKPFKSWGSWOKNGUVGPEQTTGURQPFCPEGCXGE NG &05 CXGE WP OGUUCIG FW IGPTG n4GEJGTEJG FG NOJÏVGW 2NWUKGWTU UGEQPFGU RGWXGPV UOÃEQWNGT CXCPV SWG NC TÃUQNWVKQP UQKV GHHGEVWÃG GV SWG NC EQOOWPKECVKQP GPVTG QTFKPCVGWTU RWKUUG EQOOGPEGT 2CTHQKU NC TÃUQNWVKQP FW PQO ÃEJQWG EQOOG RCT GZGORNG SWCPF WPG HCWVG FG HTCRRG QW FOQTVJQITCRJG FQPPG WP OGUUCIG FW IGPTG n+ORQUUKDNG FG VTQWXGT NOJÏVGW GV CWEWP PWOÃTQ PG TÃRQPF 'P TGICTFCPV NGU OGUUCIGU UWT NOÃETCPFWPCXKICVGWTWPWVKNKUCVGWTRGWVQDUGTXGTNGRTQEGUUWUFGTÃUQNWVKQP FWPQO
#WEWTFW&05UGUKVWGNOGURCEGFGPQOOCIGFOKPVGTPGV%GNWKEKHQWTPKV WPGNKUVGFGRTGUSWGVQWUNGUQTFKPCVGWTUEQPPGEVÃU´KPVGTPGV#EGLQWT NOGURCEG FG PQOOCIG EQPVKGPV FGU FK\CKPGU FGOKNNKQPU FOGPVTÃGU &CPU NGU UVCVKUVKSWGUUWTNCETQKUUCPEGFOKPVGTPGVNGUEJKHHTGUUGTÃHÂTGPVGPIÃPÃTCN´
NOÃVGPFWG FG NOGURCEG FG PQOOCIG SWK HQWTPKV WPG CRRTQZKOCVKQP FW PQODTG FOWVKNKUCVGWTU KPFKXKFWGNU RWKUSWG NC RNWRCTV FGU QTFKPCVGWTU SWK HKIWTGPV UWT NC NKUVG FW &05 UQPV FGU RQTVCKNU FOCEEÂU CWZ TÃUGCWZ RTKXÃU EQPPGEVCPV WP ITCPF PQODTG FOWVKNKUCVGWTU KPFKXKFWGNU NG PQODTG FOWVKNKUCVGWTU GUV DKGP RNWU ÃNGXÃ SWG EGNWK FGU GPVTÃGU FCPU NOGURCEG FG PQOOCIG
'P FOCWVTGU VGTOGU NOGURCEG FG PQOOCIG GUV KPVGTPGV 2QWT GZKUVGT UWT KPVGTPGVWPQTFKPCVGWTFQKVHKIWTGTUWTNCNKUVGFGNOGURCEGFGPQOOCIG#
FÃHCWV FQPE UCPU PQO FG FQOCKPG GV UCPU PWOÃTQ +2 WP QTFKPCVGWT PG RQWTTC RCU ÄVTG VTQWXÃ RCT FOCWVTGU 'PNGXGT WP QTFKPCVGWT FW NKUVKPI FG NOGURCEG FG PQOOCIG EOGUV EQOOG NG DCPPKT FOKPVGTPGV ECT NOQTFKPCVGWT FKURCTCÉVFGNCNKUVGFGUQTFKPCVGWTUCFTGUUCDNGU3WGNNGSWGUQKVNOGPVKVÃSWK EQPVTÏNGNOGURCEGFGPQOOCIGGNNGEQPVTÏNGCWUUKGHHGEVKXGOGPVKPVGTPGV1P TGXGTTCEGNCGPFÃVCKNRNWUNQKP
&CPU UC EQPEGRVKQP CEVWGNNG NOGURCEG FG PQOOCIG FQKV UG EQPHQTOGT ´ EGTVCKPU RTKPEKRGU +#$ +%#00 .GU EQPEGRVGWTU FW U[UVÂOG RTÃVGPFGPVSWGNOGURCEGFGPQOOCIGFQKVÄVTGWPKSWGGVIÃTÃRCTWPGUGWNG GPVKVÃ+NPGRGWVGZKUVGTSWOWPGUGWNGDCUGFGFQPPÃGUSWKEQPUVKVWGNGNKUVKPI FÃHKPKVKHFGUQTFKPCVGWTUUWTKPVGTPGV+NRGWV[CXQKTFGUEQRKGUOCKUPQPRCU FGU GURCEGU FG PQOOCIG KPFÃRGPFCPVU UK EOÃVCKV NG ECU VQWV PQO FG
%OGUVRGWVÄVTGVTQRFKTG %GTVCKPU QTFKPCVGWTU HKIWTGPV UWT NC NKUVG RNWUKGWTU HQKU
&OCWVTGUPO[HKIWTGPVRGWVÄVTGRCUFWVQWVGVPGRGWXGPVÄVTGEQPVCEVÃUSWOGPVCRCPV NOCFTGUUG +2 FKTGEVGOGPV &CPU NC OCLQTKVÃ FGU ECU RQWTVCPV WP QTFKPCVGWT UWT KPVGTPGVWPGGPVTÃGFCPUNOGURCEGFGPQOOCIGFW&051TEQOOGQPNGXGTTCRNWU NQKP NC RNWRCTV FGU QTFKPCVGWTU RTÃUGPVU FCPU NG &05 PG UQPV RCU FGU QTFKPCVGWTU KPFKXKFWGNUOCKUFGURQTVCKNUFOCEEÂUCWZTÃUGCWZRTKXÃUCWUGKPFGUSWGNUGZKUVGPVFGU EQORVGUFOWVKNKUCVGWTUKPFKXKFWGNU
FQOCKPGRQWTTCKVEQTTGURQPFTG´FGUCFTGUUGU+2FKHHÃTGPVGUUGNQPNOGURCEG FG PQOOCIG WVKNKUÃ EG SWK ÏVGTCKV VQWVG HKCDKNKVÃ ´ NC EQOOWPKECVKQP %GV KORÃTCVKHVGEJPQNQIKSWGFWECTCEVÂTGWPKSWGUQWUVGPFNCEGPVTCNKVÃFW&05 ECT VQWVG EQOOWPKECVKQP WVKNKUG WP GURCEG FG PQOOCIG WPKSWG GV QDNKICVQKTG.GTGEQWTUUWTKPVGTPGV´WPGURCEGFGPQOOCIGWPKSWGCXGE WP CFOKPKUVTCVGWT WPKSWG nW GUV WPG PÃEGUUKVÃ VGEJPKSWG GV PQP WP EJQKZ RQNKVKSWG +#$ 5K EGVVG ECTCEVÃTKUVKSWG POÃVCKV RCU KORÃTCVKXG NOÃXGPVCKNFGUEJQKZRQNKVKSWGUUGTCKVNCTIGOGPVQWXGTV
.OCFOKPKUVTCVKQP
.G &05 GUV RNWU SWOWP U[UVÂOG VGEJPKSWG EOGUV CWUUK WP U[UVÂOG CFOKPKUVTCVKHGVRQNKVKSWG2QWTUWKXCPVPQVTGRTÃUGPVCVKQPUKORNKHKÃGFW&05 EQOOGDCUGFGFQPPÃGUWPKSWGGVPQPFKUVTKDWÃGQPRGWVNOGZCOKPGTUQWU NOCPING FG NOCFOKPKUVTCVGWT WPKSWG GV FG NOCWVQTKVÃ RQNKVKSWG GZENWUKXG .OGPVKVÃ FOCWVQTKVÃ RQNKVKSWG HQTOWNG FGU TÂINGU IÃPÃTCNGU RQWT VQWV EJCPIGOGPV CRRQTVÃ ´ NOGURCEG FG PQOOCIG FÃEKFCPV RCT GZGORNG FGU PQOU FG FQOCKPG CFOKUUKDNGU FW EQÖV FOGPTGIKUVTGOGPV FCPU NOGURCEG FG PQOOCIG GV FGU TGUVTKEVKQPU UWT NOCLQWV QW NC UWRRTGUUKQP FG PQOU .OCFOKPKUVTCVGWT OGV GP WXTG EGU FÃEKUKQPU GP CLQWVCPV UWRRTKOCPV QW OQFKHKCPVNGUGPVTÃGUFCPUNCDCUGFGFQPPÃGURQWTTGHNÃVGTNOGPVTÃGNCUQTVKG QWNGEJCPIGOGPVFGUVCVWVFGFKXGTUQTFKPCVGWTU.OCFOKPKUVTCVGWTICTCPVKV ÃICNGOGPVNCHKCDKNKVÃFWUGTXGWTFGPQOU
.OQDNKICVKQP FW ECTCEVÂTG WPKSWG FW &05 KORNKSWG SWG NOCWVQTKVÃ RQNKVKSWGGVNOCFOKPKUVTCVGWTGZGTEGPVWPRQWXQKTFGV[RGOQPQRQNKUVKSWG+N [ C KORÃTCVKXGOGPV WP GURCEG FG PQOOCIG WPKSWG IÃTÃ RCT WP CFOKPKUVTCVGWTWPKSWGSWK´UQPVQWTGUVUWLGV´NOCWVQTKVÃRQNKVKSWGWPKSWG n.CEQPEGRVKQPEQOOGNGHQPEVKQPPGOGPVFWRTQVQEQNGFW&05UQPVRWKUUCOOGPV EQPFKVKQPPÃURCTNOGZKUVGPEGFOWPRTQRTKÃVCKTGQWCFOKPKUVTCVGWTWPKSWGW+#$
.CHKCDKNKVÃFWHQPEVKQPPGOGPVFGNOGURCEGFGPQOOCIGGUV´EGRTKZ
&KTGEVGOGPVQWKPFKTGEVGOGPVEGVCFOKPKUVTCVGWTWPKSWGFW&05RCUUGWP EQPVTCV CXGE VQWV TÃUGCW EQPPGEVÃ ´ KPVGTPGV #KPUK NC EGPVTCNKUCVKQP CFOKPKUVTCVKXG GV RQNKVKSWG XC FG RCKT CXGE NC EGPVTCNKUCVKQP VGEJPKSWG FW
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.OCFOKPKUVTCVGWT FW &05 UOCRRGNNG CWUUK WP TGIKUVT[ 2QWT SWOWP QTFKPCVGWT UQKV FKURQPKDNG UWT KPVGTPGV NOWVKNKUCVGWT FQKV FGOCPFGT ´ NOCFOKPKUVTCVGWT FOÄVTG GPTGIKUVTÃ .G TGIKUVT[ GPTGIKUVTG NOQTFKPCVGWT GP CLQWVCPVNGEQWRNGPQOPWOÃTQFGNOWVKNKUCVGWT´NOGURCEGFGPQOOCIG
.GOÃECPKUOGNÃICNSWKTGNKGNOCWVQTKVÃRQNKVKSWGEGPVTCNGCWZWVKNKUCVGWTU GUVWPEQPVTCV+PVGTPGVGUVWPTÃUGCWFGTÃUGCWZNCRNWRCTVFGUQTFKPCVGWTU
GPTGIKUVTÃUFCPUNOGURCEGFGPQOOCIGUQPVGPHCKVFGURQTVCKNUFOCEEÂU´FGU TÃUGCWZRTKXÃUIÃTÃU´NGWTVQWTRCTFGUCFOKPKUVTCVGWTUFGTÃUGCW%JCSWG GPVTÃGFCPUNG&05UOCEEQORCIPGFOWPEQPVTCVGPVTGNOCFOKPKUVTCVGWTEGPVTCN FW &05 GV WP CFOKPKUVTCVGWT FG TÃUGCW %G EQPVTCV RTÃEKUG NGU TÂINGU GV EQPFKVKQPU RQWT NOKPENWUKQP FCPU NOGURCEG FG PQOOCIG EOGUV´FKTG NC HQWTPKVWTG FGU EQQTFQPPÃGU FG EQPVCEV NG TÂINGOGPV FOWPG EQVKUCVKQP CPPWGNNGNCTGEQPPCKUUCPEGFWTÏNGFGNOCFOKPKUVTCVGWTFW&05GVE#KPUK VQWVTÃUGCWFOKPVGTPGVRCUUGWPEQPVTCVCXGENOGPVKVÃWPKSWGSWKUWRGTXKUGNG
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.G&05GVNCIQWXGTPCPEGFOKPVGTPGV
# RCTVKT FG EGVVG XKUKQP UKORNKHKÃG FW &05 QP XQKV EQOOGPV NC IQWXGTPCPEG GUV GPXKUCIGCDNG +N UWHHKTCKV FG SWGNSWGU OQFKHKECVKQPU OKPGWTGU RQWT OGVVTG GP WXTG NGU SWCVTG OÃECPKUOGU FG NOCWVQTKVÃ FG NC NQKFGUUCPEVKQPUGVFGNCLWTKFKEVKQP
.G &05 KPUVCWTG WPG CWVQTKVÃ EGPVTCNG RQWT KPVGTPGV .OQDNKICVKQP FW ECTCEVÂTGWPKSWGFGNOGURCEGFGPQOOCIGGZKIGWPGCWVQTKVÃEGPVTCNGWPKSWG FQPV NGU FÃEKUKQPU UOCRRNKSWGPV ´ VQWU NGU UGTXGWTU FCPU NOGURCEG FG PQOOCIG 2QWT HCKTG FG NOCWVQTKVÃ RQNKVKSWG FW &05 WPG XTCKG GPVKVÃ TÃIWNCVTKEGKNHCWFTCKVUKORNGOGPVSWGUQPEJCORFGFÃEKUKQPUOÃVGPFGCWZ GPLGWZ FG RQNKVKSWG RWDNKSWG VGNU SWG NC TÃINGOGPVCVKQP FG NC RTQRTKÃVÃ KPVGNNGEVWGNNGQWNGEQPVTÏNGFWEQPVGPW2WKUSWOKN [C VTÂU RGW FG DCTTKÂTGU VGEJPKSWGU´WPGVGNNGGZRCPUKQPKNUOCIKTCKVDKGPCNQTUFOWPEJQKZRQNKVKSWG .OGZGTEKEG FG NC IQWXGTPCPEG UWT KPVGTPGV GZKIGTCKV FQPE UKORNGOGPV FOÃNCTIKTNCICOOGFGUUWLGVUTÃIWNÃURCTNOCWVQTKVÃRQNKVKSWGFW&05
.G &05 FÃHKPKV ÃICNGOGPV NG FGWZKÂOG OÃECPKUOG FG IQWXGTPCPEG NC NQK .C NQK FOKPVGTPGV UOGZRTKOG FCPU NGU EQPVTCVU RQWT NOGPTGIKUVTGOGPV FGU PQOU FG FQOCKPG .GU EQPVTCVU CXGE NGU CFOKPKUVTCVGWTU FG TÃUGCWZ FÃVCKNNGPV NGU TÂINGU ´ TGURGEVGT 2QWT TÃIWNGT FG RNWU XCUVGU SWGUVKQPU KN UWHHKTCKVFOÃNCTIKTNCHQTOWNCVKQPFGUEQPVTCVU
6TQKUKÂOGOGPVNG&05KPVÂITGWPRWKUUCPVOÃECPKUOGFGUCPEVKQPU NG TGHWU FOWP PQO FG FQOCKPG RCT GZGORNG UWRRTGUUKQP FW EQWRNG PQO PWOÃTQ FOWP WVKNKUCVGWT FW NKUVKPI FG NOGURCEG FG PQOOCIG %OGUV NG RQWXQKTFGDCPPKTNGUCFOKPKUVTCVGWTUFGTÃUGCWZTGHWUCPVFGUGEQPHQTOGT CWZTÂINGURTÃEKUÃGUFCPUNGWTUEQPVTCVURQWTTCKGPVÄVTGÃNKOKPÃUFGNOGURCEG FG PQOOCIG GV EQPVTCKPVU ´ NC FKURCTKVKQP KPHQTOCVKSWG .OGPTGIKUVTGOGPV FGU PQOU GUV FQPE EQPÁW EQOOG WP RTKXKNÂIG TÃXQECDNG GP ECU FG VTCPUITGUUKQP
.G &05 TÃUQWV VQWV CWUUK PGVVGOGPV NG RTQDNÂOG FG NC LWTKFKEVKQP .C LWTKFKEVKQP FG NOCWVQTKVÃ RQNKVKSWG FW &05 UOÃVGPF ´ VQWV QTFKPCVGWT TGNKÃ ´ KPVGTPGV OCKU PG XC RCU RNWU NQKP %OGUV NG EQPVTCV FOGPTGIKUVTGOGPV SWK OCPKHGUVG NC LWTKFKEVKQP 6QWV CFOKPKUVTCVGWT FG TÃUGCW GUV NKÃ EQPVTCEVWGNNGOGPV´NOCWVQTKVÃRQNKVKSWGFW&05
%OGUVCKPUKSWGNGU[UVÂOGFGPQOUFGFQOCKPGUHQWTPKVNGUOQ[GPUFGNC IQWXGTPCPEG +N UWHHKTCKV FG SWGNSWGU EJCPIGOGPVU OKPGWTU RQWT EQPHQTVGT EJCSWG OÃECPKUOG .OCWVQTKVÃ RQNKVKSWG FW &05 POCWTCKV SWO´ ÃNCTIKT UQP EJCORFGTÃIWNCVKQPRQWTKPENWTGFGUTÃINGOGPVCVKQPURNWUNCTIGUFCPUNGU EQPVTCVU UKIPÃU CXGE NGU CFOKPKUVTCVGWTU FG TÃUGCW .G TGHWU FOWP PQO FG FQOCKPG HQWTPKV WP OÃECPKUOG UWHHKUCPV RQWT UCPEVKQPPGT EGWZ SWK PG UG EQPHQTOGPV RCU CWZ TÂINGU 'V NC LWTKFKEVKQP FG NOCWVQTKVÃ RQNKVKSWG UOCRRNKSWGTCKVGZCEVGOGPV´KPVGTPGVPKRNWUPKOQKPU
/CKU RQWT CUUWTGT RNWU EQORNÂVGOGPV NC IQWXGTPCPEG FOKPVGTPGV KN HCWV EQPUKFÃTGT FGWZ RTQDNÂOGU UWRRNÃOGPVCKTGU .G RTGOKGT GUV RTCVKSWG KN HCWFTCKVVTQWXGTNGOQ[GPFOÃVGPFTGNOCWVQTKVÃRQNKVKSWGLWUSWO´NOWVKNKUCVGWT KPFKXKFWGN.GEQPVTCVFOGPTGIKUVTGOGPVFWPQOFGFQOCKPGÃVCPVEQPXGPW GPVTG NOCWVQTKVÃ EGPVTCNG GV WP CFOKPKUVTCVGWT FG TÃUGCW NGU WVKNKUCVGWTU KPFKXKFWGNUPGUQPVRCUFKTGEVGOGPVUQWOKU´EGUTÃIWNCVKQPU.CTÃIWNCVKQP FGUWVKNKUCVGWTUKPFKXKFWGNUKORNKSWGTCKVWPEQPVTCVCXCN.GUCFOKPKUVTCVGWTU FG TÃUGCW FGOCPFGPV GP IÃPÃTCN CWZ WVKNKUCVGWTU FG UKIPGT WP CEEQTF NQTUSWOKNU RTGPPGPV WP EQORVG GV EGV CEEQTF CXGE NOWVKNKUCVGWT RQWTTCKV TGRTGPFTGNGUVGTOGUFWEQPVTCVFGUCFOKPKUVTCVGWTU#KPUKWPGUGWNGUÃTKGFG TÂINGUKTTKIWGTCKVVQWUNGUPKXGCWZFGNOCFOKPKUVTCVGWTEGPVTCN FW &05 CWZ CFOKPKUVTCVGWTU FG TÃUGCWZ NQECWZ GV FÂU NQTU ´ VQWV WVKNKUCVGWT &G HCÁQP KPFKTGEVG VQWU NGU WVKNKUCVGWTU FOKPVGTPGV UG XGTTCKGPV CNQTU TÃIWNÃU RCT NOCFOKPKUVTCVGWTEGPVTCNFW&056QWVGXKQNCVKQPFWEQPVTCVRCTNOWVKNKUCVGWT RQWTTCKVHCKTGKPVGTFKTGFOCEEÂUUQPEQORVG'VNGUCFOKPKUVTCVGWTUFGTÃUGCW SWKPGTÃWUUKTCKGPVRCU´KORQUGTFGUEQPVTCVUnCXCNCXGENGWTUWVKNKUCVGWTU UG XGTTCKGPV UQWOKU CW TGHWU FW PQO FG FQOCKPG EOGUV´FKTG CW DCPPKUUGOGPVFOKPVGTPGV$KGPSWOWPVGNEQPVTCVTGUVGCWLQWTFOJWKVJÃQTKSWG KN GUV PÃCPOQKPU VQWV ´ HCKV GPXKUCIGCDNG &CPU WP RCTCITCRJG WNVÃTKGWT LG TÃUWOGTCKNGUV[RGUFGTÃIWNCVKQPSWKQPVÃVÃQWSWKRQWTTCKGPVÄVTGKPUVCWTÃU CWOQ[GPFOWPVGNU[UVÂOG
7PG FGWZKÂOG EQPUKFÃTCVKQP ´ RTQRQU FG NC IQWXGTPCPEG GUV FG PCVWTG RNWU PQTOCVKXG 5K NOCWVQTKVÃ RQNKVKSWG FW &05 FGXGPCKV WP TÃIWNCVGWT ´ XKUÃG IÃPÃTCNG KN HCWFTCKV CNQTU TGRGPUGT HQTVGOGPV UC NÃIKVKOKVÃ #XGE NOGZVGPUKQPFGUCECRCEKVÃFÃEKUKQPPGNNGUQPCWVQTKVÃFGXTCKVUGHQPFGTUWTWP RTKPEKRG FG EQORÃVGPEG %G UGTCKV NG ECU UK NOQP RNCÁCKV NOCWVQTKVÃ RQNKVKSWG WNVKOG GPVTG NGU OCKPU FGU IQWXGTPGOGPVU QW FOWPG KPUVKVWVKQP
TGRTÃUGPVCVKXG EQPUVKVWÃG ´ EGV GHHGV %QOOG QP NG XGTTC RNWU NQKP SWCPF NOCWVQTKVÃ RQNKVKSWG HWV EQPHKÃG ´ +%#00 EGNNGEK CFQRVC WP RTQEGUUWU TGRTÃUGPVCVKHRQWTCUUWTGTUCNÃIKVKOKVÃ
,WUSWOKEK LOCK FÃXGNQRRÃ WPG J[RQVJÂUG UKORNKHKECVTKEG NOGURCEG FG PQOOCIGFOKPVGTPGVUGEQORQUGFOWPGUGWNGDCUGFGFQPPÃGUEGPVTCNKUÃG#W VQWVFÃDWVFWFÃXGNQRRGOGPVFOKPVGTPGVEOÃVCKVNGECU&CPUNGUCPPÃGU NOGURCEG FG PQOOCIG VQWV GPVKGT UG VTQWXCKV FCPU WP UGWN HKEJKGT CRRGNÃ nJQUVUVZV (TQQOMKP # RCTVKT FG RQWTVCPV NC ETQKUUCPEG EQPVKPWG FW TÃUGCW EQPFWKUKV NGU EJGTEJGWTU ´ TGEQPEGRVWCNKUGT NOGURCEG FG PQOOCIGGV´NGHTCIOGPVGTGPRKÂEGUOWNVKRNGUGVKPVGTEQPPGEVÃGU.OGURCEG FGPQOOCIGGUVOQKPUEGPVTCNKUÃSWGLGPGNOCKTGRTÃUGPVÃLWUSWOKEKGVEGVVG FÃEGPVTCNKUCVKQPTGPFDKGPRNWUEQORNGZGNCIQWXGTPCPEGFOKPVGTPGV,GXCKU OCKPVGPCPVRTQEÃFGT´NOCPCN[UGFGEGVVGCTEJKVGEVWTGEQORNGZG
.G&05EQOOGU[UVÂOGFKUVTKDWÃ
.OGURCEGFGPQOOCIGGUVWPGDCUGFGFQPPÃGUFKUVTKDWÃG6JÃQTKSWGOGPV VQWVGUNGURCKTGUPQOPWOÃTQRQWTTCKGPVÄVTGKPENWUGUFCPUWPGUGWNGDCUG FGFQPPÃGUEGPVTCNGEQOOGFÃETKVRNWUJCWV/CKURWKUSWO´EJCSWGUGEQPFG QPVNKGWFGUOKNNKGTUFGTGSWÄVGUFGPQOUWPQTFKPCVGWTEGPVTCNKUÃGPEJCTIG FW&05UGTCKVHCEKNGOGPVFÃDQTFÃ.OGURCEGFGPQOOCIGGUVFQPEFKUVTKDWÃ GPVTGFGOWNVKRNGUQTFKPCVGWTURQWTRCTVCIGTNCV¸EJG
.OGURCEG FG PQOOCIG EQPUKUVG GP WPG EQNNGEVKQP FG DCUGU FG FQPPÃGU RCTVKGNNGU UÃRCTÃGU NGU WPGU FGU CWVTGU VQWTPCPV UWT FGU QTFKPCVGWTU FKUVKPEVU %JCSWG DCUG FG FQPPÃGU RCTVKGNNG UOCRRGNNG WP HKEJKGT\QPG QW n\QPG 7PG \QPG EQORTGPF WP UQWUGPUGODNG FG NC NKUVG IÃPÃTCNG FG RCKTGU PQOPWOÃTQ # EJCSWG \QPG GUV CUUQEKÃ WP UGTXGWT FG PQOU QW nUGTXGWT L WP NQIKEKGN RQWT NC TÃUQNWVKQP FGU PQOU GV WP QTFKPCVGWT JÏVG QW nJÏVG L NG OCVÃTKGN QÔ UG NQIGPV NG FQUUKGT FG \QPG GV NG UGTXGWT FG PQOU #KPUK NOGURCEG FG PQOOCIG VQWV GPVKGT GUV WP U[UVÂOG FKUVTKDWÃ FG DCUGU FG FQPPÃGU GV FG TÃUQNWVKQP FG PQOU FQPV NC RKGTTG CPIWNCKTG GUV NC VTKCFGHKEJKGT\QPGNQIKEKGNFWUGTXGWTFGPQOUQTFKPCVGWTJÏVG
%QOOG RQWT VQWVG DCUG FG FQPPÃGU FKUVTKDWÃG NG TCRRQTV GPVTG NGU OGODTGU GUV UQKIPGWUGOGPV UVTWEVWTÃ .GU FKXGTUGU \QPGU UQPV NKÃGU GPVTG GNNGURQWTHQTOGTWPGJKÃTCTEJKGR[TCOKFCNGKPXGTUÃGQWWPCTDTG´NOGPXGTU CXGENGUTCEKPGUGPJCWV#W UQOOGV FG NC JKÃTCTEJKG UG VTQWXG WPG \QPG WPKSWGNCTCEKPG%GVVG\QPGTCEKPGGVTGNKÃG´FGOWNVKRNGU\QPGUUKVWÃGULWUVG GPFGUUQWUTGNKÃGU´NGWTVQWT´FGPQODTGWUGUCWVTGU\QPGUKPHÃTKGWTGUGVE
%OGUV NC OÄOG UVTWEVWTG SWOQP TGVTQWXG RQWT NGU FQUUKGTU FOWP QTFKPCVGWT
RGTUQPPGN .GU UVTCVGU FG NC JKÃTCTEJKG UQPV HCEKNGU ´ KFGPVKHKGT NC \QPG TCEKPGGUVNKÃGCWZ\QPGUnJCWV PKXGCW SWK UQPV TGNKÃGU ´ NGWT VQWT ´ FGU
\QPGU FG nFGWZKÂOG PKXGCW XKGPPGPV GPUWKVG NGU \QPGU FG nVTQKUKÂOG PKXGCWGVE
$KGP SWOWPG \QPG FQPPÃG RWKUUG ÄVTG TGNKÃG XGTU NG DCU ´ FG OWNVKRNGU
\QPGU GNNG PG RGWV NOÄVTG XGTU NG JCWV SWO´ WPG UGWNG &G HCÁQP FKTGEVG QW KPFKTGEVGVQWVGUNGU\QPGUUQPVTGNKÃGUXGTUNGJCWV´NC\QPGTCEKPGWPKSWG .OGZKUVGPEG FOWPG TCEKPG WPKSWG FCPU NOGURCEG FG PQOOCIG UCVKUHCKV ´ NOQDNKICVKQPFOWPKEKVÃ
.GUUQWUCTDTGUFCPUEGU[UVÂOGUOCRRGNNGPVFGUFQOCKPGU7PFQOCKPGGUV EQPUVKVWÃFOWPG\QPGGVFGVQWVGUNGU\QPGUKPHÃTKGWTGU1PRCTNGUQWXGPVFGU PQOU FG FQOCKPG UGNQP NGWT PKXGCW FCPU NOCTDTG %GWZ SWK TGNÂXGPV FGU
\QPGU FG JCWV PKXGCW UOCRRGNNGPV nFQOCKPGU FG JCWV PKXGCW VQRNGXGN FQOCKPUQW6.&UEGWZSWKTGNÂXGPVFWPKXGCWUWKXCPVUQPVFGUnFQOCKPGU FGFGWZKÂOGPKXGCWGVE.GFQOCKPGFGNCTCEKPGGUVNOGURCEGFGPQOOCIG INQDCN .OGPUGODNG FW U[UVÂOG EQPUVKVWG NG nU[UVÂOG FGU PQOU FG FQOCKPGU QW &05 .GU VGTOGU n\QPG GV nFQOCKPG UQPV UQWXGPV GORNQ[ÃU FG HCÁQP KPVGTEJCPIGCDNG OCKU NC n\QPG UG TÃHÂTG ´ WP UGWN HKEJKGTGVNGnFQOCKPG´EGOÄOGHKEJKGTGVVQWVCWVTGHKEJKGTKPHÃTKGWT´NWK FCPUUQPUQWUCTDTG
7P FQOCKPG RQUUÂFG WP PQO L SWK UCPU UWTRTKUG UOCRRGNNG WP PQO FG FQOCKPG .GU PQOU FG FQOCKPG FG JCWV PKXGCW NGU RNWU EQPPWU UQPV EQO QTIGVPGV.GFQOCKPGNGRNWU XCUVG FCPU NOGURCEG FG PQOOCIG EQO GUV TGNKÃ ´ FGUOKNNKQPU FG FQOCKPGU FOÃEJGNQP KPHÃTKGWT 7PG CFTGUUG KPVGTPGV EQOOG OQPQTFKPCVGWTEQO CUUQEKG WP FQOCKPG FG FGWZKÂOG PKXGCW OQPQTFKPCVGWT´WPFQOCKPGFWRTGOKGTÃEJGNQPEQO7PGUÃTKGFGPQOU FGFQOCKPGQÔNGUPKXGCWZUQPVUÃRCTÃURCTFGURQKPVUKFGPVKHKGFGOCPKÂTG RTÃEKUGGVWPKSWGVQWVQTFKPCVGWTFCPUNOGURCEGFGPQOOCIG
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%QOOG WP RQWXQKT FG XKG QW FG OQTV XKTVWGNNGW 3WCPF WP UGTXGWT FG PQOU UG EQPPGEVG ´ NC TCEKPG ´ VTCXGTU WPG UÃTKG FG NKGPU KN GZKUVG FCPU NOGURCEGFGPQOOCIG5KNOQPOQFKHKGWPHKEJKGT\QPGRQWTÃNKOKPGTWPNKGP NG QW NGU QTFKPCVGWTU KPHÃTKGWTU ´ NWK FCPU NC JKÃTCTEJKG UGTQPV GZENWU FG NOGURCEG FG PQOOCIG %JCSWG UGTXGWT UKVWÃ FCPU NC JKÃTCTEJKG EQPVTÏNG NC TQWVGLWUSWO´NCTCEKPGRQWTNGUUGTXGWTUFGPKXGCWKPHÃTKGWT
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NOCFOKPKUVTCVGWT FG TÃUGCW KPFKXKFWGN QW OÄOG ´ NOWVKNKUCVGWT KPFKXKFWGN EQOOGQPNOCFÃL´XW
1P PG UOÃVQPPGTC RCU FG EG SWG NOCFOKPKUVTCVKQP FG NC \QPGTCEKPG UQKV FOWPG KORQTVCPEG VQWVG RCTVKEWNKÂTG 6QWU NGU CWVTGU JÏVGU UWT KPVGTPGV POCEEÂFGPV ´ NOGURCEG FG PQOOCIG SWG RCT WPG FÃNÃICVKQP FOCWVQTKVÃ SWK RTQXKGPVFKTGEVGOGPVQWKPFKTGEVGOGPVFGNCTCEKPG.OCWVQTKVÃRQNKVKSWGUWT NC TCEKPG L NG RQWXQKT FOCLQWVGT QW FG UWRRTKOGT NGU FQOCKPGU FG JCWV PKXGCWLEQPHÂTGWPEQPVTÏNGFKTGEVUWTVQWVFQOCKPGFGJCWVPKXGCWGVWP RQWXQKT KPFKTGEV UWT VQWV FQOCKPG FG PKXGCW KPHÃTKGWT .OGZGTEKEG FG NOCWVQTKVÃUWTNC\QPGTCEKPGUOÃVGPF´KPVGTPGVVQWVGPVKGT
2QWTTÃUWOGTEGVVGCRRTQEJGRNWURTÃEKUGFW&05TÃXÂNGWPGEQORNGZKVÃ VGEJPKSWG GV CFOKPKUVTCVKXG FG ITCPFG CORNGWT %QPUKFÃTÃ FCPU UQP GPUGODNG NG &05 GUV DKGP WP RQKPV FG EQPVTÏNG EGPVTCNKUÃ FOKPVGTPGV 'V RQWTVCPV RWKUSWOKN GUV WP U[UVÂOG FÃEGPVTCNKUÃ NG &05 RQUUÂFG WPG UVTWEVWTGKPVGTPGSWKEQORVGUWTNGEQPVTÏNGJKÃTCTEJKSWGGVNGUEQPVTCVURQWT TGPFTGGHHGEVKHUQPRQVGPVKGNFOCEVKQPRQNKVKSWGWPKHKECVTKEG
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+PVGTPGVCXWNGLQWTEQOOGRTQLGVFGTGEJGTEJGFCPUNGUCPPÃGUGV NGU UEKGPVKHKSWGU FW OQPFG FG NOKPHQTOCVKSWG SWK NOQPV FÃXGNQRRÃ QPV HQTOCVÃNOÃXQNWVKQPFGUGUKPUVKVWVKQPUCFOKPKUVTCVKXGUGVRQNKVKSWGU*CHPGT GV .[QP %GVVG EQOOWPCWVÃ FG EJGTEJGWTU C VTQWXÃ UQP CUUKUG FCPU FGU KPUVKVWVKQPU EQOOG NO+PVGTPGV 'PIKPGGTKPI 6CUM (QTEG +'6( NO+PVGTPGV
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SWKCFOKPKUVTGGVGZGTEGNOCWVQTKVÃRQNKVKSWGUWTEQOPGVGVQTI05+RTGPF UGU QTFTGU FO+#0# OCKU VTCXCKNNG GP TÃCNKVÃ UQWU EQPVTCV CXGE NG IQWXGTPGOGPVFGU'VCVU7PKU
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05+FOCOCUUGTFGUEGPVCKPGUFGOKNNKQPUFGFQNNCTUFGTGXGPWUFWHCKVFGUQP OQPQRQNGUWTNGUGWNFQOCKPGEQOOGTEKCNFOKPVGTPGV
'P TGXCPEJG NGU CFOKPKUVTCVGWTU FG 6.& FG EQFGURC[U UQPV OCLQTKVCKTGOGPVVQWVEQOOG+#0#FGUUQEKÃVÃUUCPUDWV NWETCVKH UQWXGPV CHHKNKÃGUCWZEGPVTGUFGTGEJGTEJGUWPKXGTUKVCKTGU2CTEGSWO+#0#CFÃHKPKNGU HKEJKGTU\QPGGPVGTOGUFGEQFGURC[UGVETÃÃWPUGWNHKEJKGT\QPGRCTRC[UKN PO[ C SWOWP UGWN CFOKPKUVTCVGWT RCT RC[U %JCEWP FOGWZ EQPUVKVWG WP OQPQRQNG PCVKQPCN KORNKEKVG NG TGIKUVTG HT GUV NG UGWN RQWT NC (TCPEG FG OÄOGWMRQWTNG4Q[CWOG7PKGVE/ÄOGUOKNPO[CCWEWPGDCUGVGEJPKSWG RQWT NGU OQPQRQNGU PCVKQPCWZ NC EQPXGPVKQP FG PQOOCIG FG 4(%
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,QP2QUVGNUWRGTXKUGNCFÃNÃICVKQPFOCWVQTKVÃCWZPQWXGCWZCFOKPKUVTCVGWTU .G&05FGNCHKPFGUCPPÃGUGUVGPEQTGDKGPRNWUEQORNGZGSWGNG U[UVÂOG FÃETKV KEK &OCDQTF KN GUV FÃEGPVTCNKUÃ 'P NG &05 C ÃVÃ ETÃÃ EQOOGWPGDCUGFGFQPPÃGUFKUVTKDWÃG/QEMCRGVTKU2WKUCWHKNFGU CPUFGPQODTGWZFÃXGNQRRGOGPVUPQPVGEJPKSWGU QPVHQTOCVÃNGU[UVÂOG .C OCLQTKVÃ FGU 6.& RQTVGPV FGU KFGPVKHKECVGWTU FG EQFGURC[U SWK NGU CUUQEKGPVCWZIQWXGTPGOGPVUPCVKQPCWZ7PHKEJKGT\QPGFCPUNCJKÃTCTEJKG EQOEQPVKGPVRTGUSWGVQWVNOGURCEGFGPQOOCIGDCVVCPVCKPUKGPDTÂEJGNC FÃEGPVTCNKUCVKQP&CPUWPGEQOOWPCWVÃFGRGVKVUCFOKPKUVTCVGWTU´DWVPQP NWETCVKH 0GVYQTM 5QNWVKQPU EQOOGPEG ´ ÃOGTIGT EQOOG WP IÃCPV FW EQOOGTEG 'V UWTVQWV NOCWVQTKVÃ RQNKVKSWG UWT NOGPUGODNG FW &05 GUV EQPEGPVTÃG UWT WPG UGWNG RGTUQPPG ,QP 2QUVGN .C EQORNGZKVÃ FW &05 GUV NQWTFGFGEQPHNKVURQVGPVKGNU
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&CPU FG PQODTGWUGU KPUVCPEGU EGU RTKPEKRGU HWTGPV OCNOGPÃU ,OGP OGPVKQPPGTCKVTQKU.GRTGOKGTEQOKVÃFKTGEVGWTFO+%#00ÃVCKVEQORQUÃFG PGWH OGODTGU ´ VKVTG VTCPUKVQKTG %G RTGOKGT ITQWRG HWV PQOOÃ UCPU NC RCTVKEKRCVKQP PK OÄOG NC EQPUWNVCVKQP FW RWDNKE L EG SWK UWUEKVC OCKPVGU RTQVGUVCVKQPU RWDNKSWGU GV CWFKVKQPU FGXCPV NG EQPITÂU FGU 'VCVU7PKU .C UÃNGEVKQP GWV NKGW ´ JWKU ENQU RTQEGUUWU FÃETKV RCT ,QP 2QUVGN NWKOÄOG EQOOG nPQP FÃOQETCVKSWG GV HGTOÃ &CNG[ %G HWV RQWTVCPV EG
$WTGCWSWKRTQOWNIWCNO7&42
.C EQPUVKVWVKQP FW EQPUGKN FOCFOKPKUVTCVKQP FO+%#00 HWV VQWV CWUUK KPÃICNKVCKTG .GU FKTGEVGWTU TGRTÃUGPVCPV NGU PGWH EQNNÂIGU FOGZRGTVU HWTGPV KPUVCNNÃU GP NOGURCEG FO´ RGW RTÂU WP CP CRTÂU NC ETÃCVKQP FO+%#00 GV KNU EJGTEJÂTGPV CWUUKVÏV ´ TÃFWKTG NC TGRTÃUGPVCVKQP FGU WVKNKUCVGWTU FOKPVGTPGV .QTU FOWPG UÃTKG FG TÃWPKQPU GP GV NGU FKTGEVGWTU PQOOÃU VQWU FGU GZRGTVU EJGTEJÂTGPV ´ ÃNKOKPGT TÃFWKTG QW FKHHÃTGT NOKPUVCNNCVKQP FG FKTGEVGWTU ÃNWU +%#00 # EGVVG HKP KNU TÃXKUÂTGPV UCPU CTTÄV NG TÂINGOGPVKPVÃTKGWTSWKEQPVTCKIPCKVNGUCEVKQPUFWEQPUGKN%QOOGNGFÃENCTC WP JCWV HQPEVKQPPCKTG NQTU FOWPG TÃWPKQP VGPWG GP LWKNNGV nNG EQPUGKN FQPPGFGRNWUGPRNWUNOKORTGUUKQPFOÄVTGGZVTÄOGOGPVECXCNKGTGPEGSWKEQPEGTPG NGU OQFKHKECVKQPU FW TÂINGOGPV KPVÃTKGWT 9KNMKPUQP 2GW CRTÂU NG EQPUGKN FÃEKFC FG OQFKHKGT WPG PQWXGNNG HQKU NG TÂINGOGPV RQWT TGVCTFGT NG FGTPKGTVQWTFGUÃNGEVKQPUFGFKTGEVGWTULWUSWOGPLUQKVSWCVTGCPUCRTÂU NCETÃCVKQPFO+%#00
'PHKP EG RTGOKGT EQPUGKN CHHKEJC UC PGVVG RTÃHÃTGPEG RQWT SWG NC TGRTÃUGPVCVKQPFGUWVKNKUCVGWTUFOKPVGTPGVUQKVCUUWTÃGRCTNGURTQHGUUKQPPGNU FG NOKPFWUVTKG .QTU FW RTGOKGT VQWT RCTVKGN FG NOÃNGEVKQP FGU FKTGEVGWTU RTGUSWG VQWU NGU UKÂIGU HWTGPV RQWTXWU RCT FGU ECPFKFCVU PQOKPÃU RCT NWK FQPV DGCWEQWR FG RGTUQPPCNKVÃU KUUWGU FGU IÃCPVU FGU VÃNÃEQOOWPKECVKQPU EQOOG (TCPEG 6GNGEQO (WLKVUW &GWVUEJG 6GNGMQO GV 8GTK\QP +%#00 .QTUFGNCTÃWPKQPFO+%#00FGLWKNNGVEGVVGVGPFCPEG´HCXQTKUGT NOKPFWUVTKG FGU VÃNÃEQOOWPKECVKQPU RNWVÏV SWG NGU WVKNKUCVGWTU FOKPVGTPGV UCWVCCWZ[GWZFOWPQHHKEKGNCWUVTCNKGPSWKFÃENCTCn=+%#00?EQWTVNGTKUSWG FG UG VTCPUHQTOGT FG HCEVQ GP CUUQEKCVKQP FOKPFWUVTKGNU 6YQOG[ .C NÃIKVKOKVÃFW%QPUGKNHWVGPEQTGCHHCKDNKGRCTNCVGPFCPEGFGEGTVCKPUITQWRGU FOKPVÃTÄV ´ TGEJGTEJGT GV RTQDCDNGOGPV ´ QDVGPKT WPG KPHNWGPEG FKURTQRQTVKQPPÃGUWTUGUFÃEKUKQPU
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KPUVKNNÃ WPG EGTVCKPG FQUG FG TGRTÃUGPVCVKQP FGU WVKNKUCVGWTU FCPU +%#00 GNNGU QPV ÃEJQWÃ ´ KPUVCWTGT NG PKXGCW FG TGRTÃUGPVCVKXKVÃ GZKIÃ RCT UQP TÂINGOGPVKPKVKCN-NGKPD-NGKPE
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.G FQOCKPG FOGZRCPUKQP RQNKVKSWG NG RNWU RTQDCDNG GUV EGNWK FG NC RTQVGEVKQPFGNCRTQRTKÃVÃKPVGNNGEVWGNNG7PCEETQKUUGOGPVFGURQWXQKTUFCPU EG FQOCKPG TGXGPFKSWÃ FÂU NGU FÃDWVU FO+%#00 UGTCKV EQJÃTGPV CXGE UGU QDLGEVKHU KPKVKCWZ (TQQOMKP C .O7&42 RQWTTCKV ÄVTG ÃNCTIKG LWUSWO´
FQPPGT FGU FTQKVU FOGPTGIKUVTGOGPV URÃEKCWZ CWZ RTQRTKÃVCKTGU FG PQOU EÃNÂDTGU FG OCTSWGU FÃRQUÃGU FG PQOU IÃQITCRJKSWGU GVE +%#00 FGXKGPFTCKV CNQTU WPG KPUVCPEG TÃIWNCVTKEG OQPFKCNG CW UGTXKEG FG NC RTQRTKÃVÃGVFWEQOOGTEGÃNGEVTQPKSWG
.GEQPVTÏNGFGNOGURCEGFGPQOOCIGRQWTTCKVCWUUKUGTXKTFGNGXKGTRQWT RTQOQWXQKT NC LWUVKEG UQEKCNG +%#00 GV NGU OQPQRQNGU EE6.& RQWTTCKGPV EQNNGEVGT FGU HQPFU RQWT HKPCPEGT WP UGTXKEG WPKXGTUGN RGTOGVVCPV FG UWTOQPVGT NC FKXKUKQP PWOÃTKSWG FW OQPFG NGU RC[U RCWXTGU RC[CPV NGWT CEEÂU´KPVGTPGVOQKPUEJGTSWGNGURC[UTKEJGU#WEQWTUFGEQPXGTUCVKQPU RTKXÃGU EGTVCKPU FGU FKTGEVGWTU FO+%#00 KUUWU FGU RC[U GP XQKG FG FÃXGNQRRGOGPVQPVFÃHGPFWFGXCPVOQKFGVGNNGUQTKGPVCVKQPURQNKVKSWGU
.G RQVGPVKGN RQNKVKSWG FO+%#00 RQWTTCKV ÃICNGOGPV EQPEGTPGT NC TÃIWNCVKQP FGU EQPVGPWU &GU UKVGU EQPVTGXGPCPVU RQWTTCKGPV ÄVTG EGPUWTÃU RCTNCTÃXQECVKQPQWNCTÃCHHGEVCVKQPFGNGWTUPQOUFGFQOCKPG.GRTGOKGT´
ÄVTG CKPUK UCPEVKQPPÃ HWV NG UKVG XQVGCWEVKQPEQO SWK RTQRQUCKV WP EQPVGPW KNNÃICNWPU[UVÂOGFGXGPVGGVFOCEJCVFGXQVGUCWZGPEJÂTGUGPNKIPG.G TGIKUVTCTFWFQOCKPGCCPPWNÃNOGPTGIKUVTGOGPVRQWTUWRRTKOGTUQPEQPVGPW 2GTTKVV 'P VJÃQTKG +%#00 RQWTTCKV TGPHQTEGT UGU KORÃTCVKHU FG TÃIWNCVKQPGPWVKNKUCPVRNWUNCTIGOGPVFGVGNUOÃECPKUOGU
+%#00RQWTTCKVCWUUK FGXGPKT WP KPUVTWOGPV FG VCZCVKQP RGTOGVVCPV ´ WPIQWXGTPGOGPVFGEQNNGEVGTNOKORÏVUWTNGGEQOOGTEGQWFÃICIGCPV NGU OQ[GPU FG HKPCPEGT UQP RTQRTG RGTUQPPGN 5K NGU PQOU FG FQOCKPG ÃVCKGPV CEEQTFÃU XKC WPG UQWTEG WPKSWG NGU WVKNKUCVGWTU FGXTCKGPV RC[GT NGU HTCKU EQTTGURQPFCPVU QW ´ FÃHCWV UG XGTTCKGPV TGHWUGT NOCEEÂU &G HCKV FGU
NÃIKUNCVGWTU PQTFCOÃTKECKPU GV FGU EE6.& OÃEQPVGPVU QPV FÃL´ CEEWUÃ +%#00FGNGXGTFGUVCZGU/E%WNNCIJ9CTF
'PHKP+%#00RQWTTCKVFGXGPKTWPKPUVTWOGPVFG NC RQNKVKSWG PCVKQPCNG FGU 'VCVU7PKU 'P VGORU FG IWGTTG QW FG VGTTQTKUOG WP RC[U SWK UOQRRQUGTCKV CWZ 'VCVU7PKU RQWTTCKV XQKT FKURCTCÉVTG FOKPVGTPGV UGU FQOCKPGU &GU GPTGIKUVTGOGPVU KPFKXKFWGNU RQWTTCKGPV ÄVTG CPPWNÃU QW VTCPUHÃTÃU RQWT CHHCKDNKT FGU GPVKVÃU JQUVKNGU .G TCRRQTV GPVTG NC RQNKVKSWG FO+%#00GVNCRQNKVKSWGPCVKQPCNGFGU'VCVU7PKUUOGUVFÃL´OCPKHGUVÃSWCPF NG&ÃRCTVGOGPVFW%QOOGTEGCCRRTQWXÃNOCLQWVFWFQOCKPGRULRQWTNC 2CNGUVKPG L ´ NC \QPGTCEKPG $KGP SWG NGU 'VCVU7PKU POCKGPV RCU ÃVÃ IWKFÃU RCT WP KPVÃTÄV PCVKQPCN ÃVTQKV NOCHHCKTG C HCKV ITCPF DTWKV GP TCKUQP FG UQP RQVGPVKGNEQPHNKEVWGN%KUPGTQU
.GU OÃECPKUOGU FG IQWXGTPCPEG ÃVCPV OKU GP RNCEG WPG nECORCIPG FOKPHKNVTCVKQP L NOGZRCPUKQP EQPVKPWG FW EJCOR TÃIWNCVQKTG FO+%#00 L UGODNGRQUUKDNG.CEQODKPCKUQPFGOÃECPKUOGUGHHKECEGUFGIQWXGTPCPEGGV FG OÃECPKUOGU HCKDNGU FG NÃIKVKOKVÃ RQWTTCKV OÄOG EQPFWKTG ´ ETÃGT FGU TÂINGUGPHQPEVKQPFGUQRRQTVWPKVÃU
%QPENWUKQP
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,GVGTOKPGTCKRCTSWGNSWGUQDUGTXCVKQPUUWTNGTCRRQTVGPVTGVGEJPQNQIKG GVUQEKÃVÃ+%#00TÃXÂNGUQWUVTQKUHCEGVVGU NC OCPKÂTG FQPV NC VGEJPQNQIKG OQFÂNGNCUQEKÃVÃ
.GUVTCKVUQDLGEVKHUFGNCVGEJPQNQIKGQPVFGUUKPÃNGU[UVÂOGCFOKPKUVTCVKH GV TÃIWNCVGWT 'P RCTVKEWNKGT NGU ECTCEVÃTKUVKSWGU VGEJPKSWGU FOWPG DCUG FG FQPPÃGUFKUVTKDWÃGQPVGHHGEVKXGOGPVRCTCOÃVTÃNCRQNKVKSWG.GDGUQKPFOWP GURCEG FG PQOOCIG WPKSWG CXGE WPG TCEKPG WPKSWG C ETÃÃ WP RQKPV FG EQPVTÏNGEGPVTCN&GOÄOGNGDGUQKPFOKFGPVKHKCPVUWPKSWGUCHKPSWOWPPQO EQTTGURQPFG´WPUGWNQTFKPCVGWTJÏVGCETÃÃFGURTQDNÂOGUFGEQPVTÏNGGV
