*GPT[5COKGT
OWPKXGTUKVÃ XKTVWGNNG GUV DKGP TÃGNNG CWLQWTFOJWK 0QWU V¸EJQPU FG NG FÃOQPVTGT FCPU EG FGWZKÂOG %CJKGT FW PWOÃTKSWG SWK ÃENCKTGTC NG NGEVGWT UWT NGU CRRQTVU FGU VGEJPQNQIKGU FG NOKPHQTOCVKQP GV FG NC EQOOWPKECVKQP ´ NOÃFWECVKQP GP GP FÃVCKNNCPV NGU GPLGWZ NGU HQPFGOGPVU VJÃQTKSWGU GV NGU ECTCEVÃTKUVKSWGU RTCVKSWGU RTGOKÂTG RCTVKG %GU CRRQTVU PÃEGUUKVGPVNCHQTOCNKUCVKQPFGOQFÂNGUFOGPUGKIPGOGPVPWOÃTKSWGKNUUQPV RTÃUGPVÃUCWVTCXGTUFGUPQWXGNNGURTCVKSWGUFGHQTOCVKQPFGWZKÂOGRCTVKG +NNWUVTÃGURCTNGUGZRÃTKGPEGUFGUFKHHÃTGPVUCWVGWTUEGU RTCVKSWGU IÃPÂTGPV FGPQWXGNNGUKPVGTCEVKQPUGPVTGNGUCEVGWTUFWFQOCKPGFGNOÃFWECVKQPOCKU RTQFWKUGPV ÃICNGOGPV FG PQWXGCWZ FQEWOGPVU PWOÃTKSWGU VTQKUKÂOG RCTVKG
&KFKGT 1KNNQ GV 2CVTKEG $CTTCSWÃ OÂPGPV WPG TÃHNGZKQP UWT NC RTQHQPFG ÃXQNWVKQP FW U[UVÂOG ÃFWECVKH RQWT VQWU NGU CEVGWTU FW FQOCKPG NGU HQTOCVKQPU GV NGU PQWXGNNGU HQTOGU FOÃXCNWCVKQP .OWPKXGTUKVÃ XKTVWGNNG UG FÃEQORQUGGPUGK\GECTCEVÃTKUVKSWGUSWG5GTIG4CXGVFÃVCKNNGGPUGHQPFCPV FOWPG RCTV UWT NGU OQFKHKECVKQPU FGU TGNCVKQPU VTCXCKNCRRTGPVKUUCIG GV FOCWVTG RCTV UWT NGU QHHTGU FOGPUGKIPGOGPV ´ FKUVCPEG /ÃNKUUC 5CCFQWP FÃETKV NGU PQWXGCWZ GURCEGU FOCRRTGPVKUUCIG NGWTU QTICPKUCVKQPU NGWTU OÃECPKUOGU GV NGWTU TÂINGU FG HQPEVKQPPGOGPV KPFKURGPUCDNGU CW VTCXCKN EQNNCDQTCVKH FCPU WPG WPKXGTUKVÃ XKTVWGNNG .C VGTOKPQNQIKG CDQPFCPVG GUV GZRNKEKVÃGRCT,GCP/KEJGNSWKCPCN[UGNGUTGNCVKQPUGPVTGNGUQTICPKUOGUGVNGU CEVGWTU FG NOGPUGKIPGOGPV RWKU RTQRQUG WP RQKPV FG XWG TÃCNKUVG UWT NGU VTCPUHQTOCVKQPUFGNCHQTOCVKQPFGUKPIÃPKGWTU
.
(TCPÁQKU 2GEEQWF CPCN[UG NC RTQFWEVKXKVÃ EQORCTÃG FGU PQWXGNNGU RTCVKSWGU FOGPUGKIPGOGPV PWOÃTKSWG GV RTQRQUG WP OQFÂNG FG RTQEGUUWU RÃFCIQIKSWG .G ECORWU ÃNGEVTQPKSWG FW %0'& NG RQTVCKN HQTO"UWR QW GPEQTGNGRTQLGV8KUKDNG JWOCP UQPV CWVCPV FOGZGORNGU SWG $GTPCTF &GDQTF FÃVCKNNG UQWU NOCPING FG NOGPUGKIPGOGPV ´ FKUVCPEG /CTKQP $NCPE RTÃUGPVG FCPU UQP CTVKENG WPG FÃOCTEJG RTQITGUUKXG FG EQPEGRVKQP RÃFCIQIKSWG FOQWVKNFOCWVQHQTOCVKQP2TQITGUUKQPGVRCUUGGPTGXWGNGUTGUUQWTEGUWVKNGU
´UCOKUGGPWXTG&CPUWPEQPVGZVGFOGPVTGRTKUGNGFÃXGNQRRGOGPVFOWP KPVTCPGV RQWT NC IGUVKQP FGU EQORÃVGPEGU GUV RTÃUGPVÃ ÃVCRG RCT ÃVCRG RCT
%JTKUVQRJG2CTOGPVKGT
&QOKPKSWG $QWNNKGT VÃOQKIPG FG NOGZRÃTKGPEG FG VTQKU CPPÃGU FOGPUGKIPGOGPV PWOÃTKSWG HQPFÃ UWT NG UWRRQTV .QVWU 0QVGU.GCTPKPI 5RCEG .OGZRÃTKGPEG FW ECU 5WRGOUKV SWG FÃXGNQRRGPV 4QIGT /QWP[QN GV /CTKVÃ /KNQP OQPVTG FOWPG RCTV NOKORQTVCPEG FGU VGEJPQNQIKGU RQWT EG RTQLGV GV FOCWVTG RCTV FÃVCKNNG RCU ´ RCU NC EQPUVTWEVKQP FOWP PQWXGCW UWRRQTVRÃFCIQIKSWGOWNVKOÃFKC'PHKP#TPCWF)CNKUUQP*WIWGU%JQRNKP GV 5CTCJ .GOCTEJCPF CPCN[UGPV NOJKUVQKTG GV NOQTICPKUCVKQP FOWP ITQWRG RKQPPKGTFCPUNCETÃCVKQPFGPQWXGCWZUWRRQTVUOWNVKOÃFKCURÃFCIQIKSWGU GVFÃICIGPVNGUKPPQXCVKQPUOCLGWTGUFGEGVVGCXGPVWTG
#KPUK ´ RCTVKT FG EGU ÃNÃOGPVU PQWU RQWXQPU CHHKTOGT SWG NOWPKXGTUKVÃ XKTVWGNNGQWXTGWPGPQWXGNNGÂTGFGNCEQPPCKUUCPEGRQWTVQWUVQWVCWNQPI FG NC XKG GNNG POGUV RCU WPG UKORNG EQRKG FG NOWPKXGTUKVÃ VTCFKVKQPPGNNG SWK WVKNKUGTCKV NGU VGEJPQNQIKGU FG NOKPHQTOCVKQP GV FG NC EQOOWPKECVKQP %OGUV WPG WPKXGTUKVÃ CRRTGPCPVG UWRRQTV FG PQWXGCWZ GURCEGU FOÃEJCPIG GV FG RCTVCIG FG EQPPCKUUCPEGU %GU PQWXGNNGU nVTKDWU FG NC EQPPCKUUCPEG EQOOG NGU CEVGWTU FGU PQWXGNNGU FKUEKRNKPGU =6#4? ÃEJCPIGPV FGU KPHQTOCVKQPUGVFGUGZRÃTKGPEGUGPHQPEVKQPFOWPKPVÃTÄVEQOOWPGVPQPRNWU GP HQPEVKQP FOWP PKXGCW FOWP ¸IG QW FOWPG ENCUUG /CKU RQWTSWQK EGU VGEJPQNQIKGUOQFKHKGPVGNNGUVCPVNGOQPFGFGNOÃFWECVKQP!3WGNUUQPVNGWTU TÃGNUCRRQTVU!
.GU6+%GPVTCÉPGPVWPGHQTOGFOCDQNKVKQPFGUPKXGCWZGVFGUJKÃTCTEJKGU FCPU NGU GPXKTQPPGOGPVU ÃFWECVKHU VQWV EQOOG FCPU NGU GPXKTQPPGOGPVU FOGPVTGRTKUG=5#0?'NNGURGTOGVVGPVRCTNCEQPVTCEVKQPFGUFKUVCPEGUGVFW VGORUGVRCTWPHQPEVKQPPGOGPV´EQÖVHKZGNOGZRCPUKQPKNNKOKVÃGFWPQODTG FOKPHQTOCVKQPU ÃEJCPIÃGU %G HCEVGWT FOGZRCPUKQP TGPF PÃEGUUCKTG NOQTICPKUCVKQP FG EGU EQPPCKUUCPEGU FCPU NG DWV FG NGU UVTWEVWTGT GV FG FQPPGTUGPU´NOGPUGKIPGOGPVXKTVWGN
5GTGRQTVGTRCTGZGORNGCWZNKUVGUFGFKHHWUKQPUWTNGUKVGYYYETWHTNKUVGU
'P EG SWK EQPEGTPG NGU GPUGKIPCPVU GV NGU ÃVWFKCPVU NG OKPKUVÂTG FG NO'FWECVKQP PCVKQPCNG FG NC TGEJGTEJG GV FG NC VGEJPQNQIKG C OKU GP RNCEG FGRWKUSWGNSWGUCPPÃGUFGUCEVKQPUFGUUGTXKEGUGVFGUHQTOCVKQPU&GRWKU WP CP RCT GZGORNG NOWPKXGTUKVÃ FO#PIGTU C ETÃÃ NG %GPVTG WPKXGTUKVCKTG FOCOÃNKQTCVKQPRÃFCIQIKSWG%7#2FÃFKÃCWZGPUGKIPCPVURQWTNGUHQTOGT CWZPQWXGNNGUVGEJPQNQIKGUFGNOKPHQTOCVKQPGVFGNCEQOOWPKECVKQPGVRQWT COÃNKQTGTNGWTURTCVKSWGURÃFCIQIKSWGU
.GU GPUGKIPCPVU GV NGU ÃVWFKCPVU RGWXGPV VTQWXGT RTKPEKRCNGOGPV FGWZ ECVÃIQTKGU FOKPHQTOCVKQPU UWT NOKPVGTPGV .C ECVÃIQTKG nOKTQKT FW TÃGN GUV WPGEQRKGFGNCTÃCNKVÃNGUKPHQTOCVKQPUUQPVOKUGUGPNKIPGUWTFGUUKVGUSWK GZRNQKVGPVRGWNGUCRRQTVUFGU6+%EQOOGRCTGZGORNG
LNCRTÃUGPVCVKQPFGUWPKXGTUKVÃUQTICPKUCVKQPHQTOCVKQPUEQQTFQPPÃGU LNCRTÃUGPVCVKQPFGUQTICPKUOGUGVCUUQEKCVKQPURTQHGUUKQPPGNNGU
LFGUEQPITÂUEQPHÃTGPEGUGVE
LFGUHQTOCVKQPU´FKUVCPEGGVCWVQHQTOCVKQPU
LFGUUWRRQTVUFGEQWTUVTCPURCTGPVURQN[EQRKÃUÃVWFGUFGECUGVE LFGUVTCXCWZFOÃEQNGURTKOCKTGUUGEQPFCKTGURWDNKSWGURTKXÃGUW LFGUVTCXCWZFOÃVWFKCPVUOÃOQKTGUVJÂUGUGPVGZVGKPVÃITCNGVE LFGUDKDNKQVJÂSWGUCEEÂUCWZECVCNQIWGUTGXWGUQWXTCIGUGPNKIPGGVE .C ECVÃIQTKG nPQWXGCWVÃU XKTVWGNNGU EQTTGURQPF ´ FGU KPHQTOCVKQPU UVTWEVWTÃGUUQWUFGUHQTOGUKPPQXCPVGU
LFGUUKVGUTGUUQWTEGURQWTNGUGPUGKIPCPVUTGUUQWTEGURÃFCIQIKSWGU LFGHQTOCVKQPUXKTVWGNNGUKPFKXKFWGNNGU
LFGUHQTWOUFGFKUEWUUKQPUGPVTGGPUGKIPCPVU LFGUNKUVGUFGFKHHWUKQP
LFGUECORWUGVFGUENCUUGUXKTVWGNU
LFGURQTVCKNUUWTNOGPUGKIPGOGPV´FKUVCPEGGVE
/CKUUWTVQWVNGU6+%RGWXGPVEQPUVKVWGTWPGUQWTEGFGOQVKXCVKQPRQWT NOCRRTGPVKUUCIGFGUÃVWFKCPVURWKUSWOGNNGUCRRQTVGPVCWUUKDKGPWPGTKEJGUUG FGEQPVGPWSWOWPGKPVGTCEVKXKVÃ#WUUKNGUÃVWFKCPVUETÃGPVKNUNGWTURTQRTGU UKVGUGPTÃCNKUCPVFGUU[PVJÂUGUFGSWCNKVÃUWTFKHHÃTGPVUUWLGVUKNUOGVVGPVGP XCNGWTFGPQWXGCWZCURGEVUFGNGWTRTQHKNFGEQORÃVGPEGUGVXCNQTKUGPVFQPE NGWTECPFKFCVWTGCWRTÂUFOWPGORNQ[GWTRQVGPVKGN.GUÃEJCPIGUHCXQTKUGPV ÃICNGOGPV NG VTCXCKN FG ITQWRG NC RÃFCIQIKG RCT RTQLGV RGWV CNQTU UG FÃXGNQRRGT FCPU WP EQPVGZVG QÔ NGU ÃVWFKCPVU PG UQPV RNWU NKXTÃU ´ GWZ OÄOGU +NU EQPHTQPVGPV NGWTU KFÃGU GV NGWTU CEVKQPU CXGE WP ITQWRG GV FGU
.GNGEVGWTRQWTTCUGTGRQTVGT´NCUÃNGEVKQPFGUKVGUKPVGTPGVSWKGUVRTQRQUÃGGPHKP FOQWXTCIG
GPUGKIPCPVU VWVGWTU SWK CEEQORCIPGPV NG VTCXCKN FW ITQWRG FCPU NC UVTWEVWTCVKQPFGUGUEQPPCKUUCPEGU=%*4?
.GU6+%VTCPUHQTOGPVFQPEHQTVGOGPV NG OQPFG FG NOÃFWECVKQP FCPU UGU FKOGPUKQPU UVTWEVWTGNNG QTICPKUCVKQPPGNNG EWNVWTGNNG RÃFCIQIKSWG GV UQEKCNG.GUNKOKVGUCEVWGNNGUUQPVEGNNGUFGUWVKNKUCVGWTUSWK QPVNGWTRTQRTG T[VJOG EJTQPQDKQNQIKSWG .C ECRCEKVÃ GV NC TCRKFKVÃ FG NGEVWTG FGU WVKNKUCVGWTU UQPV EQPUVCPVGU CNQTU SWG NOÃXQNWVKQP FG NC RWKUUCPEG FGU U[UVÂOGUKPHQTOCVKSWGUGUVETQKUUCPVGUGNQPNCNQKFG/QQTG
1WVTG NC TÃFWEVKQP FGU FKUVCPEGU RJ[UKSWGU PQWU EQPUVCVQPU EGNNG FGU FKUVCPEGURU[EJQNQIKSWGUKPFWKVGRCTNCHKPFGNOKUQNGOGPVFGUKPVGTPCWVGU
#WLQWTFOJWK NGU TGEJGTEJGU FCPU NG FQOCKPG FG 6+% RQWT NOÃFWECVKQP RQTVGPVUWT
LFGUnOCEJKPGUFOCRRTGPVKUUCIG LFGUU[UVÂOGUFOCRRTGPVKUUCIGKPVGNNKIGPV LFGUCIGPVURÃFCIQIKSWGU
LFGUCIGPVUVWVGWTU
LFGUOQFÂNGUFOCRRTGPVKUUCIGEQNNCDQTCVKH
LFGUGPXKTQPPGOGPVUFOGPUGKIPGOGPVUFKUVTKDWÃUGVE
.GU HWVWTU WUCIGU FGU VGEJPQNQIKGU FG NOKPHQTOCVKQP GV FG NC EQOOWPKECVKQP FCPU NOÃFWECVKQP ÃXQNWGTQPV IT¸EG CWZ FÃXGNQRRGOGPVU FG PQWXGCWZ QWVKNUGVFGPQWXGNNGUKPVGTHCEGUGZRNQKVCPVCWOKGWZNG RQVGPVKGN VGEJPQNQIKSWG=/1. ?GVWVKNKUCPVOCUUKXGOGPVNGUVGEJPQNQIKGUFGTÃCNKVÃU XKTVWGNNGU=(4#?
$KDNKQITCRJKG
0QWU EQPUGKNNQPU CWZ PQWXGCWZ KPVGTPCWVGU GPUGKIPCPVU FOWVKNKUGT NGU CPPWCKTGUJVVRYYYKPFGZCHTJVVRYYY[CJQQHT JVVRYYY[CJQQEQO SWKUQPVUVTWEVWTÃURCTECVÃIQTKGU
.GUGPUGKIPCPVUKPVGTPCWVGUCXGTVKURGWXGPVQRVKOKUGTNGWTUWUCIGUCXGE VQWVGU NGU QRVKQPU FGU OQVGWTU FG TGEJGTEJG JVVRYYYPNUGCTEJEQO JVVRYYYHCUVHKPFEQOJVVRYYYCNVCXKUVCEQOGPFQPPCPVFWUGPU´NC SWGUVKQPTGEJGTEJGTNGUGZRTGUUKQPUGPVTGIWKNNGOGVUQWUÃNGEVKQPPGTNOQRVKQP
5GTGRQTVGTGPVTGCWVTGCWZUKVGU+65JVVRYYYKPHQWSCOECKVU 6KEG JVVRYYYWPKXVTQ[GUHTVKEG +YCNV JVVRNVVHKGGGQTIKYCNV 6GNGHQTWOJVVRYYYE[DGTYQTMGTUQTIVGNGHQTO
RJTCUGGVGPUVTWEVWTCPVNCTGEJGTEJGRCTPKXGCWRCTGZGORNGGPTGEJGTEJCPV WPKSWGOGPVFCPUNGVKVTGFOWPFQEWOGPVOÃVJQFG4CRKF(KPF=5#/?
0QWU EQPUGKNNQPU CWZ GPUGKIPCPVU KPVGTPCWVGU GZRGTVU FOWVKNKUGT FGU NQIKEKGNU FG V[RG CIGPVU OQDKNGU %QRGTPKE JVVRYYYEQRGTPKEEQO GV CIGPVU KPVGNNKIGPVU $WNNUG[G JVVRYYKPVGNNKUGGMEQO RQWT EQWXTKT WP UWLGVRNWUTCRKFGOGPVCXGENGUDQPUOQVUENÃUXCNKFÃURTÃCNCDNGOGPVFCPUNGU OQVGWTUFGTGEJGTEJG=5#/?
=(4# ? (4#5510 % n(QTOCVKQP OÃFKECNG GV TÃCNKVÃ XKTVWGNNG 8KTVWCN 4GCNKV[
+PVGTPCVKQPCN%QPHÃTGPEG.CXCN
=%*4?%*4+561(1.*.'%13/5#/+'4*n.CRTCVKSWGFWRTQLGV#RRNKECVKQP´
NOGPUGKIPGOGPV FG NC EQPEGRVKQP FG RTQFWKVU KP &KFCEVKSWG KPVGTCEVKXKVÃ GV RÃFCIQIKGGPÃEQNGUFOKPIÃPKGWTU
=/1.?/1.'$#5*2n6GEJPQNQI[CPFGFWECVKQP%WTTGPVCPFHWVWTGVTGPFU+6 ,QWTPCN=JVVRGVGZVXKTIKPKCGFW?
=5#/ ?5#/+'4 * 5#0&18#. 8 .C TGEJGTEJG KPVGNNKIGPVG UWT NOKPVGTPGV GV NOKPVTCPGV
*GTOÂU
=5#/ ?5#/+'4 * 5#0&18#. 8 .C XGKNNG CWVQOCVKSWG UWT NOKPVGTPGV GV NOKPVTCPGV
*GTOÂU´RCTCÉVTG
=5#0?5#0&18#.8+PVTCPGVNGTÃUGCWFOGPVTGRTKUG*GTOÂU
=6#4?6#4#8'.$)7+%&7%*#/245EKGPEGUFGNOKPPQXCVKQPRQUKVKQPPGOGPV FG NC FKUEKRNKPG QTKGPVCVKQP FG FÃXGNQRRGOGPV 4CRRQTV CWRTÂU FG NC /KUUKQP UEKGPVKHKSWGGVVGEJPKSWGFWOKPKUVÂTGFGNO'FWECVKQP
