EQORÃVGPEGUGPGPVTGRTKUG
%JTKUVQRJG2CTOGPVKGT
GU VGEJPQNQIKGU FG NOKPHQTOCVKQP GV FG NC EQOOWPKECVKQP VQWEJGPV RTQHQPFÃOGPV NGU GPVTGRTKUGU CW EWT FG NGWTU CEVKXKVÃU GV FG NGWTU UVTCVÃIKGU GNNGU FGXKGPPGPV KPEQPVQWTPCDNGU #WLQWTFOJWK FGU ITCPFGU GPVTGRTKUGU FKURQUGPV FG TÃUGCWZ NQECWZ FKVU KPVTCPGV 2GVKVGU QW ITCPFGU GNNGU UOÃSWKRGPV FG RNWU GP RNWU FG EGU TÃUGCWZ ÃNGEVTQPKSWGU FOKPHQTOCVKQP HQPFÃU UWT NC VGEJPQNQIKG KPVGTPGV .GU CRRNKECVKQPU NGU RNWU EQOOWPÃOGPV WVKNKUÃGU UQPV NG VTCPUHGTV FG HKEJKGTU NGU HQPEVKQPU FG UCWXGICTFG NC EQPUWNVCVKQP F[PCOKSWG FG DCUGU FG FQPPÃGU NOWVKNKUCVKQP FOWPG OGUUCIGTKG QW FG HQTWOU # FGU HKPU FG RTQFWEVKQP QW FG IGUVKQP EQOOGTEKCNG FG EGU TÃUGCWZ UQPV KPVGTEQPPGEVÃU ´ NOGZVTCPGV QW RNWU UKORNGOGPV ´ NOKPVGTPGV %GU TÃUGCWZ RGTOGVVGPV CWZ EQNNCDQTCVGWTU FOÃEJCPIGT FGU KPHQTOCVKQPU FOCEEÃFGT GV FG EQORNÃVGT FGU DCUGU FG FQPPÃGUFGRCTVCIGTGVFOQTICPKUGTFGUTGUUQWTEGURCTHQKUFGVTCXCKNNGT GP FKTGEV´FKUVCPEG#KPUKVQWVGUEGUCRRNKECVKQPUC[CPVFÃOQPVTÃNGWTWVKNKVÃCW UGKPFGUGPVTGRTKUGUNGUKPVTCPGVUUGOWNVKRNKGPVTCRKFGOGPV
#WUUKNOKPVGTPGVEQOOGPEG´HCKTGRCTVKGFGNCRCPQRNKGFOQWVKNUWVKNKUÃU RCT NGU FKTGEVKQPU FGU TGUUQWTEGU JWOCKPGU %G POGUV ÃXKFGOOGPV RCU NOCRRNKECVKQP NC RNWU EQWTCPVG ECT UK NOQP GP ETQKV NG UQPFCIG 5QHTGU TÃCNKUÃ RQWT NG UCNQP 6GNGHQTO FCPU NC JKÃTCTEJKG FGU WUCIGU RTQHGUUKQPPGNU FG
'VJGTPGVQW6QMGP4KPIGUUGPVKGNNGOGPVCXGEWPRTQVQEQNG+2FQOKPCPV .G/QPFG+PHQTOCVKSWGOCK
.
NOKPVGTPGV NC TGEJGTEJG FOGORNQK GV NC HQTOCVKQP FGU TÃRQPUGU FOKPVGTPCWVGUXKGPPGPVNQKPFGTTKÂTGNCTGEJGTEJGFOKPHQTOCVKQPU.C FGOCPFG FG HQTOCVKQPU UWT NOKPVGTPGV UOQTKGPVG GP RTKQTKVÃ XGTU FGU FKUEKRNKPGU VGEJPKSWGU CXGE NOKPHQTOCVKSWG GV NGU TÃUGCWZ CW RTGOKGT TCPI FGU FGOCPFGU RWKU NGU NCPIWGU GV NGU NCPICIGU GV QWVKNU FG RTQITCOOCVKQP
.GU FKTKIGCPVU FOGPVTGRTKUG C[CPV EQPVTKDWÃ ´ EGVVG ÃVWFG EGPV SWCVTG TÃRQPUGUFQPVNGUFGWZVKGTUXGPCPVFOGPVTGRTKUGUFGOQKPUFGFKZUCNCTKÃU UG OQPVTGPV GPEQTG TÃVKEGPVU ´ TGETWVGT RCT NOKPVGTPGV OCKU UOKPVÃTGUUGPV´NOCRRQTVFGNOKPVGTPGVGPOCVKÂTGFOQTICPKUCVKQPFWVTCXCKNGV PQVCOOGPVCWTGEQWTU´FGUEQORÃVGPEGUFÃNQECNKUÃGUGVCWZICKPUFG RTQFWEVKXKVÃNKÃU´NCUQWRNGUUGGV´NCTÃCEVKXKVÃ
%QOOGPVGVRQWTSWQK!
&CPU NG OÄOG VGORU NGU GPVTGRTKUGU QPV DGUQKP FG HQTOCNKUGT GV FG ICTFGTGPOÃOQKTGNGUUCXQKTUGVUCXQKTHCKTGFGUJQOOGUSWKNCEQORQUGPV .OKPVTCPGV RGWV ÄVTG NG UWRRQTV FG EGVVG IGUVKQP FGU EQPPCKUUCPEGU GP RGTOGVVCPV FG EQPUGTXGT NC VTCEG GV GP OGVVCPV ´ NC FKURQUKVKQP FG VQWU NGU RTKPEKRCWZ TÃUWNVCVU FG RTQLGVU QW FOÃVWFGU OGPÃU #NQTU NGU KPVTCPGVU RÃPÂVTGPV NGU GPVTGRTKUGU GV NGU KPUVKVWVKQPU CXGE WP FQWDNG KORCEV GNNGU KPFWKUGPV FG RTQHQPFGU OWVCVKQPU FCPU NOGZGTEKEG FGU OÃVKGTU GV UKOWNVCPÃOGPV TÃXÂNGPV FGU OQ[GPU PQWXGCWZ RQWT CEEQORCIPGT NGU EJCPIGOGPVU IT¸EG ´ NOKPVGTCEVKXKVÃ FW OWNVKOÃFKC CUUQEKÃG ´ NC RWKUUCPEG FGUTÃUGCWZ
.OKPVTCPGVGUVNOCRRNKECVKQPFGNCVGEJPQNQIKGKPVGTPGVCWFQOCKPGKPVGTPG FG NOGPVTGRTKUG QW FG NOQTICPKUCVKQP +N UOCRRWKG UWT NGU TÃUGCWZ NQECWZ GZKUVCPVU%GTVCKPUNOQPVRNWUUKORNGOGPVFÃHKPKVQWVUKORNGOGPVEQOOGWP YGDRTKXÃ+NUOCRRWKGUQKVUWTNGUTÃUGCWZNQECWZGZKUVCPVUUQKVUWTNOKPVGTPGV .OKPVTCPGV GUV FQPE CEEGUUKDNG CWZ UCNCTKÃU GP KPVGTPG QW FG NOGZVÃTKGWT RCT NOKPVGTOÃFKCKTGFGNOKPVGTPGV&GEGHCKVNOKPVTCPGVGUVRTQVÃIÃFGUKPEWTUKQPU RCTFGHKTGYCNNUGVFGUOQVUFGRCUUG
%QOOGPV EGU TÃUGCWZ KPVTCPGV CEEQORCIPGPVKNU NG FÃXGNQRRGOGPV FGU EQORÃVGPEGUFGUUCNCTKÃU!'PSWQKRGWXGPVKNUÄVTGNGUWRRQTVFGNCHQPEVKQP TGUUQWTEGJWOCKPG!)ÃTGTNCEQORÃVGPEGRCTFGUTÃUGCWZKPVTCPGVRQUGWPG XÃTKVCDNGSWGUVKQPFGHQPFFKHHKEKNG´CDQTFGT%GPOGUVSWOGPUOCRRW[CPVUWT FGU GZRÃTKOGPVCVKQPU SWOKN GUV RQUUKDNG FG FÃICIGT FGU ITCPFU CZGU FG TÃHNGZKQP 2NWUKGWTU ÃVWFGU FG V[RG QDUGTXCVQKTG QW EQPEQWTU QPV FÃL´ ÃVÃ OGPÃGU CWRTÂU FOGPVTGRTKUGU OQ[GPPGU GV FG ITCPFG VCKNNG FGU UGEVGWTU
UGEQPFCKTG GV VGTVKCKTG UOÃSWKRCPV FOKPVTCPGV +PVTCPGVU FOQT QTICPKUÃU EQPLQKPVGOGPV RCT NC %GIQU GV 'PVTGRTKUG GV %CTTKÂTGU +PVT"PGV GV UWKVGU6ÃNÃHQTOW.GUEQOOWPKECVKQPUHCKVGU UWT EGU ÃXÃPGOGPVU UQPV FG RNWUGPRNWUPQODTGWUGU
%GU EQPEQWTU QPV RQWT QDLGEVKH FG TÃEQORGPUGT GV FG RTQOQWXQKT FGU WVKNKUCVKQPU KPPQXCPVGU FGU KPVTCPGVU RCT NGU GPVTGRTKUGU 7P CWVTG FGU QDLGEVKHUFGEGURTKZGUVFGHCKTGFÃEQWXTKTEJCSWGCPPÃGNGUFÃXGNQRRGOGPVU NGU RNWU TÃEGPVU FCPU NG FQOCKPG FG NC IGUVKQP FW ECRKVCN JWOCKP GV FW FÃXGNQRRGOGPVFGUEQORÃVGPEGUFGHCEKNKVGTNCECRKVCNKUCVKQPFOGZRÃTKGPEGU GV NC FKHHWUKQP FGU DQPPGU RTCVKSWGU GPHKP FOCRRTÃEKGT NGU ÃXQNWVKQPU FG NC VGEJPQNQIKG GV NGWT KORCEV +N UOCIKV FG OGPGT WPG XGKNNG VGEJPQNQIKSWG OWVWCNKUÃG GV CWUUK FG RTQOQWXQKT FGU FÃXGNQRRGOGPVU PCKUUCPVU RCTHQKU VQWV LWUVG HQTOCNKUÃU 6QWVGHQKU FG PQODTGWUGU GPVTGRTKUGU POGPVTGPV RCU FCPUEGV[RGFGEQOOWPKECVKQP'PGHHGVNGFÃXGNQRRGOGPVFGUKPVTCPGVUGUV GPEQTG TÃEGPV GP (TCPEG FG PQODTGWUGU GPVTGRTKUGU PG UQWJCKVGPV RCU RCTVKEKRGTECTNGWTKPVTCPGVGUVGPEQWTUFGTÃCNKUCVKQPQWGPRTQLGV&OCWVTGU PG UQWJCKVGPV RCU FKHHWUGT FOKPHQTOCVKQPU ECT GNNGU EQPUKFÂTGPV SWOKN UOCIKV FOWPGTÃCNKUCVKQPUVTKEVGOGPVKPVGTPGXÃJKEWNCPVFGUFQPPÃGUEQPHKFGPVKGNNGU
3WGNUQDLGEVKHU!
7PGEGTVCKPGFKXGTUKVÃRGWVÄVTGEQPUVCVÃGGPEGSWKEQPEGTPGNGUQDLGEVKHU FÃXQNWU ´ NOKPVTCPGV +N GUV EGRGPFCPV RQUUKDNG FG NGU ENCUUGT GP FKHHÃTGPVGU ÃVCRGU FG OCVWTKVÃ UCEJCPV SWG EGTVCKPU KPVTCPGVU RGWXGPV ÄVTG TCVVCEJÃU ´ FGWZFGEGNNGUEKEQOOWPKECVKQPKPVGTPGIGUVKQPFGUKPHQTOCVKQPURCTVCIG FGUEQPPCKUUCPEGUGVTGVQWTFOGZRÃTKGPEGU
KPVGTPGEQOO
IGUVKQP F KPHQ
RCTVCIGFGU EQPPCKUUCPEGU
TGVQWT F GZRÃTKGPEGU
#WUGKPFGUGPVTGRTKUGUNOKPVTCPGVGVNGTÃUGCWUQPVTCTGOGPVFÃXGNQRRÃU URÃEKHKSWGOGPV RQWT NGU TGUUQWTEGU JWOCKPGU +N UQPV FÃXGNQRRÃU CKNNGWTU
RQWTFGUHQPEVKQPUOÃVKGTUCXGEFGUQTKGPVCVKQPUOÃVKGTUUWTNGUSWGNNGURCT NC UWKVG NGU TGUUQWTEGU JWOCKPGU XKGPPGPV ITGHHGT NGWTU HQPEVKQPU GV CRRNKECVKQPU%GNCXGWVFKTGSWGVQWVGUNGUHQPEVKQPUTGUUQWTEGUJWOCKPGUSWK TÄXGPV FOCEEÃFGT ´ NOKPVTCPGV FQKXGPV VTCXCKNNGT GP RCTVGPCTKCV GV GP PÃIQEKCVKQPKPVGTPGCXGEFOCWVTGUUGTXKEGU.GURCTVGPCTKCVUKPVGTPGUUQPVWPG EQPFKVKQPGUUGPVKGNNGFWFÃXGNQRRGOGPVGVFGNOWVKNKUCVKQPFGUKPVTCPGVURQWT NC IGUVKQP FGU EQORÃVGPEGU GV RQWT NGU TGUUQWTEGU JWOCKPGU .C TGEQPPCKUUCPEG GZVÃTKGWTG GUV WP XGEVGWT KORQTVCPV RQWT NC ETÃFKDKNKVÃ GP KPVGTPG%OGUVFOCKNNGWTUEGSWKEQPFWKVEGTVCKPGUGPVTGRTKUGU´RCTVKEKRGT´EGU EQPEQWTU
/CNITÃ EGNC NC XKUKDKNKVÃ SWOQHHTGPV NGU GPVTGRTKUGU RQWT NOGORNQK FGU TÃUGCWZ GUV GP HCKV HQTV HCKDNG .GU CXCPVCIGU EQPEWTTGPVKGNU CRRQTVÃU RCT NOWUCIG FGU KPVTCPGVU PG UQPV EQOOWPKSWÃU SWG FCPU FGU NQIKSWGU OCTMGVKPI &OCKNNGWTU NGU QDUGTXCVKQPU TGEWGKNNKGU KPFKSWGPV ENCKTGOGPV SWG NOGORNQK FGU TÃUGCWZ GUV RQWT EJCEWPG ENCKTGOGPV TGNKÃ ´ NC EQPUVTWEVKQP FOWP CXCPVCIG EQPEWTTGPVKGN %GTVCKPGU QPV WPG UVTCVÃIKG FOGPUGODNG FOCWVTGUUQPVGPSWÄVGFGRNCPU´OQ[GPVGTOGRQWTNOGORNQKFGEGUTÃUGCWZ KPVTCPGV .GU TÃRGTEWUUKQPU CVVGPFWGU EQPEGTPGPV FGU ICKPU FG RTQFWEVKXKVÃ GV WPG QRVKOKUCVKQP FGU V¸EJGU # VKVTG FOGZGORNG GV UK NOQP GP ETQKV NGU KPHQTOCVKQPU RWDNKÃGU RCT .OGUUGPVKGN FW OCPCIGOGPV FOCXTKN EJG\ 5RKG
$CVKIPQNNGUNGTÃUGCWKPVTCPGVFQKVRGTOGVVTGFOÃEQPQOKUGTUWTNGUCEJCVUFG EJCPVKGTGVEJG\5KGOGPUFOQRVKOKUGTNOCEVKQPFGUHQTEGUFGXGPVG%OGUVFQPE UQWXGPVGPRTQFWEVKQPFGUGTXKEGUGPFÃXGNQRRGOGPVFGRTQFWKVUQWFCPU NGUUGEVGWTUEQOOGTEKCNGVOCTMGVKPISWGUGUKVWGPVNGUCRRNKECVKQPUNGURNWU UWDUVCPVKGNNGU
'PHKPHQTEGGUVFGEQPUVCVGTSWOKNPO[CRCUFOGZRÃTKGPEGVTÂUCPEKGPPGFG NOWUCIG FG EGU TÃUGCWZ RQWT NC IGUVKQP FGU EQORÃVGPEGU 6QWVGU NGU GZRÃTKGPEGU UQPV GP RJCUG FG OKUG GP WXTG HQTV RGW UQPV XÃTKVCDNGOGPV UVCDKNKUÃGUGNNGUUQPVVQWVGUGPEQWTUFGFÃXGNQRRGOGPV5KNGUUWRRQTVUUQPV PQWXGCWZNCPQVKQPOÄOGFGTÃUGCWPGNOGUVRCUGPTGXCPEJGGVNOGZRÃTKGPEG OQPVTGSWOGNNGKORNKSWGWPGUVTWEVWTCVKQPGVWPGCPKOCVKQP
%QODKGP!
&CPU NGU FKHHÃTGPVU EQPEQWTU NGU QTICPKUCVKQPU ECPFKFCVGU EQORVGPV FG FKZ ´ SWCTCPVG OKNNG UCNCTKÃU EG SWK OQPVTG SWG NGU KPVTCPGVU PG UG FÃXGNQRRGPVRCUUGWNGOGPVFCPUNGUITCPFGUGPVTGRTKUGU%GNCUOGZRNKSWGRCT FGWZ TCKUQPU FOWPG RCTV NGU DGUQKPU FG EQOOWPKECVKQP CWIOGPVGPV RQWT VQWU FCPU NG UGEVGWT VGTVKCKTG OCKU CWUUK UGEQPFCKTG FOCWVTG RCTV NC VGEJPQNQIKG KPVTCPGV GUV FG RNWU GP RNWU HCEKNGOGPV CEEGUUKDNG GV FGXKGPV
ÃEQPQOKSWGOGPV CDQTFCDNG &OCKNNGWTU EGTVCKPU KPVTCPGVU FOGPVTGRTKUGU UG UQPVFÃXGNQRRÃU´VTCXGTUNGOQPFGGV QPV CVVGKPV FGU VCKNNGU IKICPVGUSWGU SWCTCPVGOKNNGUCNCTKÃUFO7UKPQTEQPPGEVÃU´VTCXGTUNGOQPFG*2CPPQPEG RNWUFGEKPSEGPVUUGTXGWTUKPVGTPGUYGDGV(QTFRNWUFGEKPSWCPVGUKZOKNNG NKEGPEGUFOGZRNQKVCVKQPFOWPOÄOGPCXKICVGWT
.GPQODTGFGRGTUQPPGUEQPEGTPÃGURCTNOWVKNKUCVKQPFGUKPVTCPGVUOKUGP WXTGXCTKGFQPEFGFKZJWKV´RNWUFGUQKZCPVGOKNNG&KZJWKVEOGUVWPRGW RCTVKEWNKGTKNUOCIKVFOWPGCRRNKECVKQPVTÂUEKTEQPEKUGCWFGN´FGXKPIVOKNNG WVKNKUCVGWTUUWTWPGOÄOGCRRNKECVKQPKNUOCIKVFGFKHHWUKQPFOKPHQTOCVKQPU
.CFÃHKPKVKQPFGURQUVGUOKUGPTÃUGCWÃXQNWGVTÂUUGPUKDNGOGPV)T¸EG´
EGUTÃUGCWZEGTVCKPUUCNCTKÃUPQOCFGUVTCXCKNNGPV´FKUVCPEGCXGENGEQPEQWTU FOCWVTGURNWUUÃFGPVCKTGU.GUCNCTKÃFQKVRQWXQKTUOCFCRVGT ´ EGU PQWXGNNGU HQTOGUFGVTCXCKNGPTÃUGCWSWGNGEQPVGZVGÃEQPQOKSWGGVVGEJPKSWGCVVGPF FGNWKUKPQPKNTKUSWGFGUGTGVTQWXGTGPOCTIGFWOQPFGFWVTCXCKN1PNG EQPUVCVG U[UVÃOCVKSWGOGPV NC OKUG GP WXTG FOKPVTCPGV PÃEGUUKVG WPG HQTOCVKQPCFCRVÃGSWKUGEQPUVTWKVRQWTWPGRCTV´NOGZVÃTKGWTFWTÃUGCWNWK OÄOGOCKUSWKFQKVCWUUKTCRKFGOGPVSWGRQUUKDNGNOKPVÃITGT
/GVVTGGPRNCEGWPTÃUGCWKPVTCPGVUWRRQUGFQPESWGNGUWVKNKUCVGWTUUQPV ECRCDNGUFGNGHCKTGHQPEVKQPPGTGV´OÄOGFOWVKNKUGTCWOKGWZNOGPUGODNGFGU HQPEVKQPPCNKVÃU SWK NG EQORQUGPV 1T NGU KPVTCPGVU UQPV OQKPU CPEKGPU SWG PQODTG FG UCNCTKÃU FGU GPVTGRTKUGU OCKU NGU TÃUGCWZ XKGPPGPV OQFKHKGT RCTHQKUDQWNGXGTUGTNGUCPEKGPPGURTCVKSWGU QWEGTVCKPGU JCDKVWFGU+N UOCIKV FQPEFGOGVVTGGPRNCEGWPGHQTOCVKQPCFCRVÃG´EGUPQWXGCWZWUCIGU
'P EG SWK EQPEGTPG NGU EQÖVU NGU GZRÃTKGPEGU UQPV ÃXKFGOOGPV VTÂU FKXGTUGU 3WGNSWGU EJKHHTGU NG RTQWXGPV .GU EQÖVU FG FÃXGNQRRGOGPV CPPQPEÃUUGUKVWGPVGPVTGGVOKNNKQPUFGHTCPEUGVNGUEQÖVURCTRQUVG EQPPGEVÃ GPVTG GV HTCPEU .C SWGUVKQP GUV FG UCXQKT EG SWG TGRTÃUGPVGPVEGUEQÖVUECTKNPGUWHHKVRCUFGFÃXGNQRRGTGVFGOGVVTGGPRNCEG WPKPVTCPGVGPHCKUCPVCRRGN´FGNCUQWUVTCKVCPEGGPEQTGHCWVKNUWRGTXKUGT OCKPVGPKT IÃTGT GV CNKOGPVGT NGU DCUGU FG FQPPÃGU 'V RCTHQKU NGU DWFIGVU RTÃXKUKQPPGNUPÃEGUUCKTGUCWHQPEVKQPPGOGPVUQPVUQWUÃXCNWÃUCNQTUSWGEGU RQUVGU UQPV FÃVGTOKPCPVU /CNITÃ FG PQODTGWUGU EQOOWPKECVKQPU OGTECPVKNGUCWEWPGGPVTGRTKUGPGUQWJCKVGQDLGEVKXGOGPVEQOOWPKSWGTUWT WPGQWRNWUKGWTUCPPÃGUFGUTGNGXÃUFGEQÖVUFOGZRNQKVCVKQP URÃEKHKSWGU'V SWCPFDKGPOÄOGGNNGUNGHGTCKGPVKNEQPXKGPFTCKVFGUGFGOCPFGTRQWTSWQK +N POGZKUVG RCU XTCKOGPV FG TÃHÃTGPEGU UÃTKGWUGU GV HCEKNGOGPV VTCPUHÃTCDNGU FOCPCN[UGUFGUEQÖVUFOGZRNQKVCVKQPFGEGUU[UVÂOGURQWTNCUGWNGIGUVKQPFGU EQORÃVGPEGU
.GUÃVCRGUFGOKUGGPWXTGFOWPKPVTCPGV
%JCSWG RTQLGV GUV URÃEKHKSWG GV RCTVKEWNKGT 6QWVGHQKU KN GUV UCPU FQWVG RQUUKDNG FG OQFÃNKUGT WPG FÃOCTEJG IÃPÃTCNG DKGP SWG VQWU NGU KPVTCPGVU POCKGPV RCU CVVGKPV NG OÄOG PKXGCW FG OCVWTKVÃ +N UGODNG SWG NOQP RGWV OGVVTG GP ÃXKFGPEG VTQKU ITCPFGU RJCUGU FCPU NG FÃXGNQRRGOGPV FG EGU TÃUGCWZ
LEQOOWPKECVKQP FCPU WP RTGOKGT VGORU NOKPVTCPGV TÃRQPF CWZ UGWNU QDLGEVKHU FOCOÃNKQTCVKQP FG NC EQOOWPKECVKQP KPVGTPG GV FG FKHHWUKQP FOKPHQTOCVKQPU.GUHQPEVKQPPCNKVÃUFÃXGNQRRÃGUUQPVCUUG\UKORNGU
LCFOKPKUVTCVKQP FCPU WP FGWZKÂOG VGORU FGU CRRNKECVKQPU RNWU URÃEKHKSWGUSWKEQTTGURQPFGPVCWZITCPFGUHQPEVKQPUFGNOGPVTGRTKUG)4*
OCTMGVKPIGVEUQPVFÃXGNQRRÃGU.GUKPVTCPGVUFG)4*SWKRTQRQUGPVFGU TWDTKSWGUFGV[RGHQTOCVKQPOQDKNKVÃQWÃXCNWCVKQPUQPVFGEGV[RG
LUGTXKEG FCPU EGVVG FGTPKÂTG RJCUG NGU CRRNKECVKQPU FGXKGPPGPV EQORNGZGU # EG PKXGCW FG FÃXGNQRRGOGPV NGU KPVTCPGVU RGTOGVVGPV GP RCTVKEWNKGT NC OKUG GP NKIPG FG DCUGU FG EQPPCKUUCPEGU QW FG OQFWNGU FOCWVQHQTOCVKQP .C HKIWTG OQPVTG NC RJCUG WNVKOG SWK EQPUKUVG GPHKP ´ KPXGUVKT NG TGVQWT FOGZRÃTKGPEG RQWT TGPFTG NGU DCUGU FG EQPPCKUUCPEGU F[PCOKSWGUGVGPVTGTFCPUNGE[ENGFWMPQYNGFIGOCPCIGOGPV
1PFKUVKPIWGFQPEIÃPÃTCNGOGPVEGU VTQKU RJCUGU FCPU NC OKUG GP RNCEG FOWP KPVTCPGV NC EQOOWPKECVKQP XGTU NGU EQNNCDQTCVGWTU NOCFOKPKUVTCVKQP FGU KPHQTOCVKQPU NC OKUG GP RNCEG FG UGTXKEGU CWZ EQNNCDQTCVGWTU /CKU EQOOGEGNCCÃVÃUQWNKIPÃNGUTÃUGCWZUQPVOKUGPRNCEGRQWTCEEQORCIPGT FGUEQOOWPCWVÃUFGRTCVKSWGU+NUUQPVFOCDQTFQTKGPVÃUXGTUFGUHQPEVKQPU OÃVKGT2CTCFQZCNGOGPVEGPOGUVSWGNQTUSWGNOQWVKNGUVRTÃUGPVCKNNGWTUSWG NGUEQNNCDQTCVGWTUUOKPVGTTQIGPVUWTNOWVKNKUCVKQPSWKRQWTTCKVGPÄVTGHCKVGRCT NGWTEQOOWPCWVÃ
+PVTCPGVGVEQOOWPKECVKQP
(CEG CWZ RTGUUKQPU FG NC EQPEWTTGPEG NGU GPVTGRTKUGU QPV DGUQKP FOÄVTG TÃCEVKXGU GV KPPQXCPVGU .C ECRCEKVÃ ´ FKURQUGT TCRKFGOGPV FOKPHQTOCVKQPU RGTVKPGPVGU UWT NOÃXQNWVKQP FGU OCTEJÃU ENKGPVU EQPEWTTGPVU RTQFWKVU NÃIKUNCVKQP GVE GV ´ UCXQKT WVKNKUGT EGNNGUEK FGXKGPV UQWTEG FOCXCPVCIGU EQPEWTTGPVKGNU .OKPVTCPGV RGWV ÄVTG WP QWVKN CW UGTXKEG FG NC UVTCVÃIKG FG NOGPVTGRTKUG 'P GHHGV NG RNWU UQWXGPV UQPV FKURQPKDNGU UWT KPVTCPGV NGU HQPEVKQPU FG OGUUCIGTKG FG VTCPUHGTVU FG HKEJKGTU GV FG HQTWOU .OKPVTCPGV HCXQTKUG FQPE NG RCTVCIG FOKPHQTOCVKQPU CW UGKP FG ITQWRGU FG VTCXCKN
XKTVWGNUSWKPGUWDKUUGPVRNWUNGUEQPVTCKPVGUFGFÃRNCEGOGPVGVFGRTÃUGPEG
´FGPQODTGWUGUTÃWPKQPU
+N HCWV VQWVGHQKU TGRCTVKT FW RQUVWNCV EQOOG SWQK NOKPVTCPGV FCPU NOGPVTGRTKUG POC RCU ÃVÃ ETÃÃ RQWT NGU TGUUQWTEGU JWOCKPGU %QOOG EJCSWG HQKU SWOGZKUVG WP TÃUGCW FG EQOOWPKECVKQP KPVGTPG CW UGKP FG NOGPVTGRTKUG NQTUSWOKN GUV CEJGXÃ UVCDKNKUÃ GV UÃEWTKUÃ NC SWGUVKQP UG RQUG FG UCXQKT EQOOGPVKNRGWVXÃJKEWNGTFGNOKPHQTOCVKQPTGUUQWTEGUJWOCKPGU
.OKPVTCPGV 4* RGTOGV FG TGPFTG RNWU VTCPURCTGPVGU RNWU CEEGUUKDNGU NGU KPHQTOCVKQPU 4* GV NGU FKHHÃTGPVGU RTQEÃFWTGU +N GUV CKPUK RQUUKDNG FG EQPUWNVGT GP NKIPG NGU OQFCNKVÃU FG IGUVKQP FGU ECTTKÂTGU FG TÃOWPÃTCVKQP NGU RTQITCOOGU FGU UVCIGU FG HQTOCVKQP GVE .GU UCNCTKÃU RGWXGPV UG RTQEWTGTNGUFQEWOGPVUFGTÃHÃTGPEGTÃHÃTGPVKGNUFGEQORÃVGPEGUUWRRQTVU FOGPVTGVKGP CPPWGN +NU RGWXGPV CWUUK RCT GZGORNG TGORNKT GP NKIPG NGWT HQTOWNCKTGFOKPUETKRVKQP´FGUHQTOCVKQPU'PQWVTGNGUQTICPKITCOOGUNGU FGUETKRVKQPU FGU GORNQKU GV FGU FKHHÃTGPVU UGTXKEGU RGWXGPV ÄVTG OKU UWT NG TÃUGCWEGSWKRGTOGV´EJCEWPFGUGTGRÃTGTFCPUNOQTICPKUCVKQPGVHCXQTKUG NCOQDKNKVÃKPVGTPG
.GU TÃUGCWZ KPVTCPGV XKGPPGPV CNQTU HÃFÃTGT NGU KPHQTOCVKQPU FG NOGPVTGRTKUG GV FQPPGPV WP PQWXGN GUUQT ´ NC EQOOWPKECVKQP KPVGTPG IT¸EG CWZ NKGWZ FOÃEJCPIGU DQÉVGU CWZ NGVVTGU HQTWOUW n5OKORNKSWGT FCPU WP KPVTCPGV GPVTCÉPG PCVWTGNNGOGPV WPG OGKNNGWTG EQPPCKUUCPEG FG NOGPVTGRTKUG GV WP RNWU ITCPF KPVÃTÄV RQWT EG SWK UO[ RCUUG 7PG GPSWÄVG KPVGTPG PQWU C OQPVTÃ SWG RNWU NGU IGPU ÃVCKGPV KPHQTOÃU RNWU KNU ÃVCKGPV CXKFGU FOKPHQTOCVKQPU TÃXÃNCKV
;3WGPQWKNNG FKTGEVGWT FG NC EQOOWPKECVKQP KPVGTPG FG 2ÃEJKPG[ CW OGPUWGN/CÉVTKUGTGPFÃEGODTG
+PVTCPGVGVCFOKPKUVTCVKQPFGTGUUQWTEGU
.OKPVTCPGVRGTOGVFGOGVVTG´NCFKURQUKVKQPFGUUCNCTKÃUEQPPGEVÃUNCNKUVG FGUGORNQKUKPVGTPGUXCECPVU %GNC RTÃUGPVG CNQTU RNWUKGWTU CXCPVCIGU RCT TCRRQTV´WPGFKHHWUKQPRCRKGTNOKPVTCPGVFQPPGCWZUCNCTKÃU´OQKPFTGEQÖV WPGKPHQTOCVKQPCEVWCNKUÃGGVEQORNÂVGNGURTQEÃFWTGUUQPVRNWUNKUKDNGUGV VTCPURCTGPVGU.GUQHHTGU UQPV EQOOWPKSWÃGU FKTGEVGOGPV ´ NOGPUGODNG FGU UCNCTKÃUGVKN[COQKPUFGRTCVKSWGUFGEQQRVCVKQP
.COKUGGPRNCEGFOWPKPVTCPGVKORNKSWGNCHQTOCVKQPFGUUCNCTKÃU´EGVVG PQWXGNNGVGEJPQNQIKG%GVVGHQTOCVKQPFQKVEQORTGPFTGVTQKUCZGU=2#4D?
LWPCZGVGEJPKSWGEQOOGPVWVKNKUGVQPNOKPVTCPGV!%QOOGPVCEEÂFGVQP CWZFKHHÃTGPVGUHQPEVKQPPCNKVÃUFGEGNWKEK!
LWP CZG EQQRÃTCVKH EQOOGPV RCTVCIGT NOKPHQTOCVKQP GV VTCXCKNNGT GPUGODNG!
LWPCZGOCPCIÃTKCNEQOOGPVOCPCIGTNGUEQPPCKUUCPEGU!
/CKUUKNGUKPVTCPGVUUQPVQDLGVFGNCHQTOCVKQPKNURGWXGPVÃICNGOGPVÄVTG NGUWRRQTVFGEGNNGEK
.C FKHHWUKQP FOKPHQTOCVKQPU UWT NGU HQTOCVKQPU GV NGU RTQEÃFWTGU CFOKPKUVTCVKXGUKPUETKRVKQPURNCPPKPIUÃXCNWCVKQPUFGUUVCIGU GVE RCT NG DKCKUFGNOKPVTCPGVTGPFRQUUKDNGWPGÃEQPQOKGFGOQ[GPURQWTNC&4*NG VGORURCUUôFGUV¸EJGUCFOKPKUVTCVKXGUFKOKPWGNCFKHHWUKQPFGRCRKGTGUV TÃFWKVGNGUOKUGU´LQWTUQPVCWVQOCVKSWGUGVE
.OKPVTCPGVTGPFRQUUKDNGNCOKUGGPEQOOWPFGTGUUQWTEGURÃFCIQIKSWGU GV NOCEETQKUUGOGPV FG NC EQOOWPKECVKQP GPVTG HQTOCVGWTU FCPU NG DWV FOJCTOQPKUGTNGURTCVKSWGU&CPUWPGTÃEGPVGÃVWFGEQPFWKVGFCPUNGECFTG FW RTQITCOOG GWTQRÃGP #FCRV RWDNKÃG GP PQXGODTG NG %GPVTG +PHQ CPCN[UG FKZ GZRÃTKGPEGU FG HQTOCVKQP EQPFWKVG CXGE NG UWRRQTV FG TÃUGCWZ KPVTCPGVU 5K NOKPVTCPGV CKFG NGU CRRTGPCPVU KN CUUKUVG CWUUK NGU HQTOCVGWTU 7VKNGCWUVCIKCKTGNCOKUGGPEQOOWPFGUTGUUQWTEGURÃFCIQIKSWGURGTOGV FOCEETQÉVTG NC EQOOWPKECVKQP GPVTG NGU HQTOCVGWTU RQWT JCTOQPKUGT NGWTU RTCVKSWGU %[DGTPGH FÃXGNQRRÃ RCT NC %JCODTG U[PFKECNG FGU DCPSWGU RQRWNCKTGUTGORNKVRQWTRCTVKGEGVVGHQPEVKQP
.OKPVTCPGVGUVÃICNGOGPVWPOQ[GPFGOGVVTG´NCFKURQUKVKQPFGUUCNCTKÃU FGUDCUGUFGEQPPCKUUCPEGUSWKRGWXGPVÄVTGNGUWRRQTVFOCWVQHQTOCVKQP#W UGKP FO7UKPQT RCT GZGORNG NGU VCWZ FG EQPPGZKQPU ´ NC DCUG FG EQPPCKUUCPEGU UQPV DGCWEQWR RNWU ÃNGXÃU FCPU NOWUKPG QÔ FG PQODTGWZ LGWPGU KPIÃPKGWTU QPV ÃVÃ GODCWEJÃU %GWZEK WVKNKUGPV NC DCUG RQWT OKGWZ EQPPCÉVTG7UKPQTUGUVGEJPKSWGUGVCEVWCNKUGTNGWTUEQPPCKUUCPEGU
5WKXCPVWPUEJÃOCDKGPÃVCDNKNCVGEJPQNQIKGKPVTCPGVUGFÃXGNQRRGRQWT NC HQTOCVKQP n0QVTG KPVTCPGV RQWT IÃTGT NC EQPPCKUUCPEG &KCFGOG GUV OKU GP RNCEGFGRWKUSWCVTGEGPVUUEKGPVKHKSWGUOGVVGPVFÃUQTOCKUGPEQOOWPNGWTU RTKPEKRCWZ CESWKU &OCWVTGU UGTXKEGU FO'&( XGWNGPV GP HCKTG CWVCPV GV PQWU FGOCPFGPVCEVWGNNGOGPVEQPUGKNFÃENCTG,($CNNC[EJGHFGRTQLGVIGUVKQPFG NCEQPPCKUUCPEGEJG\'&(2CTNCUWKVG'&(FGXTCKVQWXTKTRTQEJCKPGOGPVWP FKURQUKVKH FG HQTOCVKQP ´ FKUVCPEG UWT KPVTCPGV SWK RQTVGTCKV UWT FG NOCWVQHQTOCVKQP CW UGETÃVCTKCV ´ NC DWTGCWVKSWG GV CWZ NCPIWGU &GU VÃNÃVWVGWTUCEEQORCIPGTQPVNGUCRRTGPCPVUXKCKPVTCPGV
n+PVTCPGVPQWXGCWZQWVKNUFGHQTOCVKQP%GPVTG+PHQ .G/QPFGLWKP
+PVTCPGVCWUGTXKEGFGNCHQPEVKQPTGUUQWTEGUJWOCKPGU
.GUTGURQPUCDNGUTGUUQWTEGUJWOCKPGUXQKGPVNGWTHQPEVKQPÃXQNWGTCXGE NC OKUG GP RNCEG FOKPVTCPGV .GU UCNCTKÃU FGXKGPPGPV RNWU CWVQPQOGU RCT TCRRQTV ´ NGWT ECTTKÂTG HQTOCVKQP OQDKNKVÃ GVE GV NGU TGURQPUCDNGU 4*
XQKGPV UG TGPHQTEGT NGWT TÏNG FG UWRRQTV GV FG EQPUGKN CWZ FÃRGPFU FG NGWT TÏNG RNWU CFOKPKUVTCVKH #W UGKP FG EGVVG DCPSWG FOKPXGUVKUUGOGPV GV FG IGUVKQP FGU CEVKHU HKPCPEKGTU NC &4* POCFOKPKUVTG RNWU NGU ITKNNGU FOÃXCNWCVKQPFGU OCPCIGTU'NNGCOKUGP RNCEG WPG ÃXCNWCVKQP GP NKIPG FG V[RGuHGGFDCEM.GUTÃUWNVCVUUQPVCEEGUUKDNGU´VQWUGVNC&4*EQPEGPVTG VQWVGU UGU TGUUQWTEGU UWT NC OKUG GP RNCEG FG RTQITCOOGU FOCEVKQPU KPFKXKFWGNURQWTCOÃNKQTGTNGURQKPVUHCKDNGUFGEJCEWP
&ÃXGNQRRÃG FOCRTÂU NGU RTKPEKRGU FGU RÂTGU FG NC VJÃQTKG FGU QTICPKUCVKQPU (C[QN GV 6C[NQT NC UVTWEVWTG JKÃTCTEJKEQHQPEVKQPPGNNG SWK RCTVCIGCKV NOCWVQTKVÃ GPVTG NGU EJGHU QRÃTCVKQPPGNU SWK CIKUUGPV GV NGU EJGHU HQPEVKQPPGNUSWKEQPUGKNNGPVGVKPHNWGPEGPVGUVGPXQKGFGFKURCTKVKQP'NNGGUV TGORNCEÃGRCTFGUUVTWEVWTGUGPTÃUGCWRCTFGURTQLGVUCWUGKPFOGPVTGRTKUGU ÃENCVÃGU QW XKTVWGNNGU /CKU VQWU NGU TÃUGCWZ POQHHTGPV RCU WP V[RG FG EQOOWPKECVKQP RCTHCKVGOGPV CFCRVÃ ´ NC FÃEGPVTCNKUCVKQP 5WT KPVTCPGV GV UWKXCPV NGU CTEJKVGEVWTGU NC EQOOWPKECVKQP GUV UQWXGPV ÃVCDNKG FG OCPKÂTG FGUEGPFCPVG FGRWKU NOGPVTGRTKUG XGTU NG UCNCTKÃ 5K NG VTCXCKN EQQRÃTCVKH GUV GHHGEVKHUWTFGNCRTQFWEVKQPFGFQEWOGPVUPQVCOOGPVNGUDCUGUFGFQPPÃGU UQPV EGPVTCNKUÃGU GV EQPUVKVWGPV NG XÃTKVCDNG UCXQKTHCKTG GV NGU TGUUQWTEGU FG EGUPQWXGNNGUGPVTGRTKUGUGPTÃUGCW.GUUVTWEVWTGU OCVTKEKGNNGUQPV UQWXGPV FGU QTICPKUCVKQPU XGTVKECNGU QW VTCPUXGTUGU 6QWVGHQKU WPG RCTVKG FG NC EQOOWPKECVKQP ÃVCDNKG GV UWRGTXKUÃG GP TÃUGCW VGPF RCTHQKU XGTU WPG RTQHQPFG TÃITGUUKQP %GTVCKPGU GPVTGRTKUGU RCT GZGORNG GPXKUCIGPV FGU CRRNKECVKQPU4*GODCTSWÃGUUWTKPVTCPGV+NUOCIKVFCPUWPRTGOKGTVGORUFG FKHHWUGT FGU KPHQTOCVKQPU RWKU RCTHQKU FG HCXQTKUGT NC OQDKNKVÃ KPVGTPG GP EQOOWPKSWCPVFGUDQWTUGUGVRTQHKNUFGRQUVGUXCSWCPVU
#XGE NC OKUG GP RNCEG FGU KPVTCPGVU NC FKTGEVKQP UOCFTGUUG FKTGEVGOGPV CWZUCNCTKÃUUCPURCUUGTRCTNGUEQTRUKPVGTOÃFKCKTGU%'U[PFKECVUGVE.G UCNCTKÃUGVTQWXGFQPEUGWNHCEG´NOGPVTGRTKUGGVFQKVFGXGPKTCWVQPQOGFCPU NCIGUVKQPFGUC ECTTKÂTG %GNC UQWNÂXG FGWZ SWGUVKQPU GUUGPVKGNNGU XCVQP XGTU WPG FKURCTKVKQP FG NC IGUVKQP EQNNGEVKXG FW HCKV FGU RTQITÂU VGEJPQNQIKSWGU!3WOGPGUVKNFGEGWZSWKPGRGWXGPVRCUPGUCXGPVRCUQW PGXGWNGPVRCUCEEÃFGT´NOKPHQTOCVKQPOKUGGPTÃUGCWFGEGWZSWKPGUQPV RCUEQPPGEVÃUCWTÃUGCWQWRCUHCOKNKCTKUÃUCXGENGU06+%!
.GU GPVTGRTKUGU QPV DGUQKP FG HQTOCNKUGT GV FG ICTFGT GP OÃOQKTG NGU UCXQKTUGVUCXQKTHCKTGFGUJQOOGUSWKNCEQORQUGPV.OKPVTCPGVRGWVÄVTGNG
UWRRQTV FG EGVVG IGUVKQP FGU EQPPCKUUCPEGU GP RGTOGVVCPV FG EQPUGTXGT NC VTCEGGVGPOGVVCPV´NCFKURQUKVKQPFGVQWUNGURTKPEKRCWZTÃUWNVCVUFGRTQLGVU QWFOÃVWFGUOGPÃGU
3WGNUWUCIGU!
&GRWKU NOKPVGTPGV QWXTG NC XQKG CW VGORU RCTVCIÃ .GU GPVTGRTKUGU FÃXGNQRRGPV NGU EQORÃVGPEGU XCNQTKUGPV NGWT ECRKVCNOÃVKGT GV KPXGUVKUUGPV FCPUNGMPQYNGFIGOCPCIGOGPVGVFCPUNCOKUGGPTÃUGCWFGUUCXQKTHCKTG
#WLQWTFOJWK NG VTCKVGOGPV FG NOKPHQTOCVKQP RTGPF WPG RCTV RTÃRQPFÃTCPVG FCPU VQWU NGU RQUVGU FG VTCXCKN .G UCNCTKà CIKV TÃCIKV GV KPVGTCIKV GP KPVGTRTÃVCPV FGU KPHQTOCVKQPU CHKP FG RTGPFTG FGU FÃEKUKQPU .G PKXGCW FOCDUVTCEVKQP CWIOGPVG NOQDLGV FW VTCXCKN GUV FG OQKPU GP OQKPU NG TÃGN GV FGXKGPVFGRNWUGPRNWUU[ODQNKSWG&ÂUNQTUNOWPGFGUEQORÃVGPEGUENÃUGUV NCECRCEKVôVTQWXGTNOKPHQTOCVKQP´NOKPVÃITGTQW´NCIÃPÃTGT
(TÃSWGOOGPV NC OKUG GP RNCEG FOWP TÃUGCW KPVTCPGV HCKV UWKVG ´ WPG TWRVWTG FGU RTCVKSWGU OCPCIÃTKCNGU GV KPHQTOCVKSWGU CPVÃTKGWTGU .GU KPVTCPGVU UQPV FÃXGNQRRÃU RCT GZGORNG NQTU FW EJCPIGOGPV FOWP TGURQPUCDNG NQTU FG NC OKUG GP WXTG FOWPG PQWXGNNG UVTCVÃIKG OCTEJÃ QW RTQFWKVNQTUFWRCUUCIG´NOCPQWGPEQTGNQTUFWRCUUCIG´NOGWTQ.GU CEVGWTUFGNOGPVTGRTKUGFQKXGPVEGUPQWXGNNGUVGEJPQNQIKGUOCNITÃVQWVGUNGU TÃUKUVCPEGU CW EJCPIGOGPV SWG EGU KPPQXCVKQPU PG OCPSWGPV RCU FG UWUEKVGT .GU TGURQPUCDNGU UQPV EQPUEKGPVU FOGPICIGT NOGPVTGRTKUG RQWT RNWUKGWTUCPPÃGU6QWVGHQKUNGUVGEJPQNQIKGUÃXQNWGPVTCRKFGOGPVCWUUKNGU OCPCIGTU VGPVGPVKNU FG HCKTG NGWTU EJQKZ ´ NC NWOKÂTG FG UVTCVÃIKGU CWUUK ENCKTGUSWGRÃTGPPGUVQWVGPTGEJGTEJCPVFGUUQNWVKQPUÃXQNWVKXGU
/GVVTGGPRNCEGWPKPVTCPGVCWUGKPFOWPGGPVTGRTKUGQWWPGKPUVKVWVKQP EOGUV FQPE CWUUK KPVÃITGT NG OCPCIGOGPV FCPU NG MPQYNGFIG OCPCIGOGPV .GUUQEKÃVÃUVTCXCKNNCPVFCPUFGUUGEVGWTUUEKGPVKHKSWGUQPVÃVÃNGURTGOKÂTGU´
GPVTGRTGPFTG FGU FÃOCTEJGU FCPU EG UGPU 5WT NG UGTXGWT KPVTCPGV FG 5EJPGKFGTnUQPVFKURQPKDNGUFGUKPHQTOCVKQPUUWTNGUEQPEWTTGPVUFGUFGUETKRVKQPU FG FKHHÃTGPVGU OÃVJQFGU OCTMGVKPI QW GPEQTG NOGZRQUÃ FGU OGKNNGWTU UCXQKTHCKTG CRRCTWU FCPU NOGPVTGRTKUG FÃENCTG ,; (GTVQP CW LQWTPCN .G /QPFG /CKU FCPU EGVVG GPVTGRTKUG CWUUK HQTEG GUV FG EQPUVCVGT SWG RQWT KPKVKGT EGVVG FÃOCTEJG XQNQPVCKTG KN PG HWV SWGUVKQP PK FOKORQUGT PK FOCVVGPFTG NG HTWKV FOWPG FÃOCTEJG URQPVCPÃG +N UOCIKV FOWPG TÃCNKUCVKQP FOÃSWKRG EQPFWKVG EQOOGWPRTQLGVRCTÃVCRGUUWEEGUUKXGUEQRTQFWKVGUGPVTGNGUWVKNKUCVGWTU
.G/QPFGLWKP
#WUGKPFGUKPUVKVWVKQPUWVKNKUCPVNOKPVTCPGVNGUTGURQPUCDNGUFQKXGPVIÃTGT FGU EQPPCKUUCPEGU OKUGU GP TÃUGCW SWOKNU POCFOKPKUVTGPV RCU %GU EQPPCKUUCPEGUFÃRCUUGPVNGUNGWTUGVNGTÃUGCWHQWTPKVFGUEQPFKVKQPUFOCEEÂU SWOKNUOCÉVTKUGPVRCTHQKUOCN.GFKCNQIWGGVNCEQOOWPKECVKQPUOÃVCDNKUUGPV GP FGJQTU FG NGWT EQPVTÏNG GV NGU YGDOCUVGTU CUUWOGPV NG RQWXQKT SWOKNU RTGPPGPV UWT NGU EQPFKVKQPU FW VTCPUHGTV &G NGWT EÏVÃ NGU EQNNCDQTCVGWTU CVVGPFGPVNGTGVQWTFOKPXGUVKUUGOGPVVGORUSWOKNUQPVEQPUGPVKRQWTCEEÃFGT CW TÃUGCW 2QWT GWZ EG TGVQWT FQKV UG VTCFWKTG GP VGTOGU FG EQPHQTV FG VTCXCKN .GU FQPPÃGU HGWKNNGU FG UV[NGU QWVKNU FG RTQFWEVKQP GV FG IGUVKQP EQTRQTCVGKPHQTOCVKQPFQKXGPVÄVTGGODCTSWÃUUQWUEQPVTÏNGFWOCPCIGOGPV
&CPUNGUITCPFGUGPVTGRTKUGUFÃEGPVTCNKUÃGUEJCEWPPGRGWVFÃXGNQRRGTWPG CRRNKECVKQP RTQRTG ´ UQP UGTXKEG 7P ITQWRG RTQLGV IÃTCPV EGTVCKPGU EQORQUCPVGU HQPEVKQPPGNNGU FW UEJÃOC FKTGEVGWT KPVTCPGV CUUQEKCPV FGU ECFTGUFGUFKHHÃTGPVUUGEVGWTUFGNOGPVTGRTKUGRGWVÄVTGWPGUVTWEVWTGFGUWKXK GV FOCEEQORCIPGOGPV HCXQTKUCPV NC EQPUVTWEVKQP GV NOCRRTQRTKCVKQP RCT NOÃSWKRGFGOCPCIGOGPV
.GU GPVTGRTKUGU SWK XGWNGPV UWKXTG EGU ÃXQNWVKQPU FQKXGPV RCUUGT FOWPG FKXKUKQP FW VTCXCKN ´ UC OWNVKRNKECVKQP 2QWT EGNC GNNG FQKXGPV UOCFCRVGT ÃXQNWGTGVRTQITGUUGTGPRGTOCPGPEGOCKURCTHQKUCWUUKGPVTGTGPUVTCVÃIKG FGTWRVWTGRQWTEJCPIGTFGECFTG'PTCEKPÃFCPUNGUQEKCNRNWVÏV SWGFCPU NOQWVKN NG EJCPIGOGPV GP GPVTGRTKUG RCU RNWU SWOKN PG UG FÃETÂVG PG UG EQPFWKVUGWNKNGUVCEEQORCIPÃGPHQPEVKQPFGUQPPKXGCWFOKORNKECVKQP.G HQPEVKQPPGOGPVGPOQFGRTQLGVGUVEQWTCOOGPVCFQRVÃRQWTCEEQORCIPGT NCOKUGGPRNCEGFGUKPVTCPGVU+NOGVXÃTKVCDNGOGPVNOGPVTGRTKUGUQWUVGPUKQP RQWT NOCOGPGT ´ TGNGXGT NGU PQWXGCWZ FÃHKU ´ CUUWOGT NGU TWRVWTGU GV ´ GPVTGT FCPU NC F[PCOKSWG FW EJCPIGOGPV %QOOG NG OQPVTG % /KFNGT EGVVGF[PCOKSWGKORNKSWGFGHCKTGÃXQNWGTNGUOÃVKGTUUWTUKZCZGU=/+&?
LCLWUVGTNOQTICPKITCOOG´NCNQIKSWGFGFÃEQWRCIGFGUVTCXCWZCWUGKP FGURTQLGVU
LCLWUVGTNGUU[UVÂOGUFGUWKXKFGNCRGTHQTOCPEG
LTGPHQTEGTNGUEQORÃVGPEGUFGEQOOWPKECVKQPFGUURÃEKCNKUVGU LTGPHQTEGTNCECRCEKVÃFOCDUVTCEVKQPFGUOÃVKGTUCXCN
LFQPPGT WPG XÃTKVCDNG FÃNÃICVKQP CWZ TGRTÃUGPVCPVU FGU OÃVKGTU FCPU NOÃSWKRGRTQLGV
LFÃXGNQRRGTNGTÏNGFOCPKOCVGWTFGUTGURQPUCDNGUJKÃTCTEJKSWGU
.G EJCPIGOGPV UOCEEQORCIPG RCT NC HQTOCVKQP &G HCKV NG FKURQUKVKH FG HQTOCVKQPGUVU[UVÃOCVKSWGOGPVKPVÃITôNCEQPFWKVGFWEJCPIGOGPV+N[C VQWLQWTU ´ NOQTKIKPG FG NC HQTOCVKQP NG FÃUKT FOWPG COÃNKQTCVKQP VGEJPKSWG QTICPKUCVKQPPGNNGQWEWNVWTGNNG%GRTQLGVFGEJCPIGOGPVUGTVFQPEFGIWKFG
´NCOKUGGPWXTGFWRTQLGVFGHQTOCVKQP%GUFGWZRTQLGVUGPFGXKGPPGPV KUQOQTRJGU WVKNKUGPV FGU QWVKNU UGODNCDNGU GV UQPV EQPFWKVU FCPU FGU NQIKSWGU UKOKNCKTGU %OGUV FOCKNNGWTU GP ÃXCNWCPV NC TÃWUUKVG FW RTQLGV FG EJCPIGOGPV SWG NOQP OGUWTGTC CWUUK NG UWEEÂU QW NOÃEJGE FW RTQLGV FG HQTOCVKQP
3WGNNGURGTURGEVKXGU!
.CRTGOKÂTGGVEOGUVWPGÃXKFGPEGOCNITÃVQWUNGUHTGKPUOGPVKQPPÃUEOGUV SWG NGU KPVTCPGVU FCPU NGU GPVTGRTKUGU GV [ EQORTKU RQWT NC IGUVKQP FGU TGUUQWTEGU JWOCKPGU UQPV WP RJÃPQOÂPG OCLGWT SWK UG FÃXGNQRRG GV GPIGPFTGNCETÃCVKQPFGPQWXGNNGUXQKGURQWTNCIGUVKQPFGUEQORÃVGPEGU#
VKVTGFOGZGORNGNOWPGFGEGUPQWXGNNGUHQTOGUCEVWGNNGOGPVQDUGTXCDNGUUQPV nNGUWPKXGTUKVÃUXKTVWGNNGUFOGPVTGRTKUGGVVQWVGUNGUCWVTGUHQTOGUFOÃEQNGU FOGPVTGRTKUGU#XGENOKPVTCPGVGNNGUTCRRTQEJGPVNCHQTOCVKQPFGNOGZGTEKEGFW OÃVKGT GV FÃENKPGPV NC RTQFWEVKQP FGU EQORÃVGPEGU CW RNWU RTÂU FGU EQPFKVKQPUFOGZGTEKEGFGNCRGTHQTOCPEGTGNC[ÃGCWLQWTFOJWKRCTNGUHQTOGU PCKUUCPVGUFWMPQYNGFIGOCPCIGOGPV
&GPQODTGWZITQWRGUKPFWUVTKGNUOWNVKUKVGUOWNVKGPUGKIPGUOGVVGPVGP WXTGFGUWPKXGTUKVÃUFGITQWRGU&GUVKPÃGUCWZECFTGUGVCWOCPCIGOGPV GNNGUFQKXGPVRÃTGPPKUGTNCEWNVWTGNGUXCNGWTUGVNOKOCIGFWITQWRGCWFGN´
FGUGPVKVÃURTQRTGU+NUOCIKVFOWPXGEVGWTHÃFÃTCVGWTFGNCEWNVWTGFWITQWRG
%GU WPKXGTUKVÃU RGWXGPV ÄVTG VQWV ´ HCKV TÃGNNGU GV OKUGU GP WXTG CXGE NG EQPEQWTUFOWPRTGUVCVCKTGGZVGTPG´NOKPUVCTRCTGZGORNGFGEGSWGNGITQWRG
&CPQPG C EQPUVTWKV CXGE *'% GNNGU RGWXGPV UKPQP ÄVTG RNWU XKTVWGNNGU GV UOCRRW[GT UWT NGU TÃUGCWZ KPVTCPGV FG EQOOWPKECVKQPU KPVGTPGU EQOOG CW UGKP FW ITQWRG 2KPCWNV 2TKPVGORUNC4GFQWVG &G OÄOG EGU WPKXGTUKVÃU RGWXGPV ÄVTG GPXKUCIÃGU FCPU FGU NQIKSWGU FOGPVTGRTKUG ÃNCTIKGU ´ UGU HQWTPKUUGWTU QW ´ UGU ENKGPVU #ZC %QWTVCIG QHHTG WP DGN GZGORNG FG EGU RCTVGPCTKCVUOKUGPWXTGFCPUWPGNQIKSWGGZVTCPGV'PHKPEGUWPKXGTUKVÃU RGWXGPV UOKPUÃTGT FCPU FGU NQIKSWGU FG DTCPEJGU QW FG DCUUKP 'NNGU EQTTGURQPFGPV´FGUCVVGPVGUURÃEKHKSWGUGV´FGUUVTCVÃIKGUDKGPKFGPVKHKÃGU 'NNGUUWRRQUGPVFGUEQPVGPWUKPVGTPGUOKUGPHQTOGFCPUEJCSWGKPUVKVWVKQP GVUQPVNGRNWUUQWXGPVTGNC[ÃGURCTFGUHQTOCVGWTUQEECUKQPPGNU
%QPENWUKQP
#RRNKSWCPV NGU RTKPEKRGU FGU VGEJPQNQIKGU ENKGPVUUGTXGWTU NOKPVTCPGV WVKNKUG NGU VGEJPQNQIKGU FG NOKPHQTOCVKSWG GP TÃUGCW CUUQEKÃGU ´ EGNNGU FW OWNVKOÃFKC GV FG NC IGUVKQP FQEWOGPVCKTG &G EG HCKV NOKPVTCPGV HÃFÂTG NGU
U[UVÂOGU FOKPHQTOCVKQPU GV UVCPFCTFKUG NGU VGEJPQNQIKGU FG EQOOWPKECVKQP CWUGKPFGUGPVTGRTKUGU.GUGPVTGRTKUGUFGVQWVGUVCKNNGUFGVQWVGUDTCPEJGU UOÃSWKRGPV GV IÂTGPV GP KPVGTPG NGWTU UGTXGWTU QW NGU HQPV JÃDGTIGT 'NNGU DCRVKUGPVOÄOGNGWTUKPVTCPGVU+PVTCPQQ´(TCPEG6ÃNÃEQO9GD%QOGEJG\
6JQOUQP GVE 2CT NOKPVGTOÃFKCKTG FG NGWT QTFKPCVGWT NOKPVTCPGV OGV GP TGNCVKQPVQWUNGUCEVGWTUFGNOGPVTGRTKUG.OKPVTCPGVTÃRQPFFQPE´WPGFQWDNG FGOCPFG ECRKVCNKUGT NGU KPHQTOCVKQPU FÃVGPWGU GP KPVGTPG CW UGKP FGU QTICPKUCVKQPUGVÃNCTIKTNGWTRÃTKOÂVTG
#WFGN´ FGU ITCPFGU VGPFCPEGU GV FGU GHHGVU FG OQFG SWK QPV RCTHQKU VQWEJÃ NGU GPVTGRTKUGU NG OCPCIGOGPV RCT NC EQPPCKUUCPEG QWXTG FGU RGTURGEVKXGU KORQTVCPVGU GV HÃEQPFGU #WLQWTFOJWK KN UOCRRWKG GUUGPVKGNNGOGPV UWT EGU TÃUGCWZ KPVTCPGV GV RTQHKVG FGU VGEJPQNQIKGU FG PCXKICVKQPFWOWNVKOÃFKCEQOOGFGUHQTOKFCDNGUECRCEKVÃUFGUVQEMCIGFGU QWVKNU KPHQTOCVKSWGU 5OKNU UQPV EQODKPÃU ´ FGU OÃVJQFGU GV ´ WPG QTICPKUCVKQP CFCRVÃG EGU FGTPKGTU CKFGPV ´ RCUUGT FGU FQPPÃGU ´ NOKPHQTOCVKQP RWKU CWZ EQPPCKUUCPEGU GV GPHKP RGTOGVVGPV FG EQPUVTWKTG NC EQORÃVGPEGRQWTCEETQÉVTGNCTÃCEVKXKVÃNCRTQFWEVKXKVÃGVNGURGTHQTOCPEGU FOKPPQXCVKQP FGU QTICPKUCVKQPU %OGUV VQWV NOGPLGW GV NC FÃOCTEJG FW GNGCTPKPI
$KDNKQITCRJKG
=/+&?/+&.'4%.OCWVQSWKPOGZKUVCKVRCU+PVGT'FKVKQPU
=2#4C?2#4/'06+'4%(QTOGTNOGPVTGRTKUGFGFGOCKP'FKVKQPUFO1TICPKUCVKQP
=2#4D?2#4/'06+'4% n$QPPG XKGKNNG HQTOCVKQP VTÂU RTQHGUUKQPPGNNG TGEJGTEJG LGWPG +PVTCPGV RQWT TGPEQPVTGU GV RNWU UK CHHKPKVÃU #EVWCNKVÃ FG NC (QTOCVKQP 2GTOCPGPVGPuR
=2#4?2#4/'06+'4% .'$17..'7:2 n0QWXGNNGU VGEJPQNQIKGU FG HQTOCVKQP GP GPVTGRTKUGKP)WKFGFWOWNVKOÃFKCGPHQTOCVKQP4'6<R
=2#4?2#4/'06+'4%n(CXQTKUGTNOKPFKXKFWCNKUCVKQPGPHQTOCVKQPGVFGUOQVUENÃU EQORÃVGPEGU EQPPCKUUCPEGU RGTHQTOCPEG KPIÃPKGTKG KP )WKFG RTCVKSWG FG NC HQTOCVKQP'5(
