%4®2(-')2ž { --7­6-) { 2ž { HI*IZIVIMVSHI
GSQTIXÎRGMEWHSWKSZIVRSWGMZMWSUYEPIRXVEVÅIQZMKSVHMEW
ET×WETYFPMGEËÇSHIWXIEZMWSRS(MÅVMSHE6ITÞFPMGE
'¦1%6% 192-'-4%0 () 1%*6%
%ZMWSRžŽWÍVMI{%4{2EWIUYÎRGMEHS
EZMWSRžHIHI7IXIQFVSHITYFPMGEHSGSQS
RžRSETÎRHMGIRžES(MÅVMSHE6ITÞFPMGEŽ WÍVMI
Rž HIHI3YXYFVSHSERSXVERWEGXSXSVREWITÞFPMGSUYI
IQVIYRMÇSHE'ÆQEVE1YRMGMTEPIIQWIWWÇSHE%WWIQFPIME1Y
RMGMTEPVIEPM^EHEWIQ I HI(I^IQFVS HSERSNÅVIJIVMHS
VIWTIGXMZEQIRXIIET×WXIVHIGSVVMHSSTVE^SHIETVIGMEËÇSTÞ
FPMGERSWXIVQSWHSWEVXMKSWžIžHS'×HMKSHS4VSGIHM
QIRXS%HQMRMWXVEXMZSJSMETVSZEHSS6IKYPEQIRXSWSFVIS0M
GIRGMEQIRXSHEW(MZIVWEW%GXMZMHEHIWTVIZMWXEWRS(IGVIXS0IM
Rž HIHI2SZIQFVSIRS(IGVIXS0IMRž
HIHI(I^IQFVS8VERWJIVÎRGMETEVEEWGÆQEVEWQYRMGMTEMWHI
HI.ERIMVSHI{3:MGI4VIWMHIRXIHE'ÆQEVE+MP6M
GEVHS7EVHMRLE6SHVMKYIW
'¦1%6% 192-'-4%0 () 1%28)-+%7
0MWXEKIQRž{%4{ 0MWXEKIQHIEHNYHMGEËÙIW
HI SFVEW TÞFPMGEW IJIGXYEHEW HYVERXI S ERS HI { 4EVE
GYQTVMQIRXSHSHMWTSWXSRSEVXMKSžHS(IGVIXS0IMRž
HIHI1EVËSJE^WITÞFPMGSUYISQYRMGÑTMSHI1ERXIMKEW
EHNYHMGSYRSERSHIEWWIKYMRXIWSFVEW
)QTVIMXEHE
*SVQE HI EXVMFYMËÇS
%HNYHMGEXÅVMS
:EPSVIQIYVSW
)HMJÑGMSTMRWXHSEVUYMZSQYRMGMTEPIVIGYTIVEËÇSI
GVMEËÇSHIIWTEËSWZIVHIW{EVVERNSHEIRZSPZIRXI
ESEVUYMZSFERHE
3FVEWHIGSRWIVZEËÇSRE)WGSPE4VMQÅVMEHI7EQIMVS 6IQSHIPEËÇSHEWMRWXEPEËÙIWHSIHMJMGMSHE'ÆQEVE1Y
RMGMTEPEGEFEQIRXSW
%VVERNSHEIRZSPZIRXIÄ%ËYHI2SZE %ËYHIRSZE{VMS>Î^IVI 'SRGYVWSTÞFPMGS 'SRWXVYËÙIW.6EQMVS0HE %NYWXIHMVIGXS %NYWXIHMVIGXS %RX×RMS&EXMWXE&MWGEME 'SRWXVSTI 'SRWXVYËÇS 'MZMP
I3FVEW4ÞFPMGEW0 HE
'SRWXVYËÙIW.6EQMVS0HE 'SRWXVYËÙIW.6EQMVS0HE %HVMERS0Y^(YEVXI&EPEME0HE
%HVMERS0Y^(YEVXI&EPEME0HE
'SRWXVYËÙIW.6EQMVS0HE 'SRWXVYËÙIW.6EQMVS0HE 4EZMQIRXEËÇSIFIRIJMGMEËÇSHIYQXVSËSHSGEQMRLS
HS4SËSHS-RJIVRS{1ERXIMKEW
4EZMQIRXEËÇSRSGEQMRLSHEW6IKEHEW{1ERXIMKEW
1YVSHIWYTSVXIHSGEQMRLSHEW6IKEHEW %VVERNSYVFERÑWXMGSHE6YEHE-KVINE { :EPIHI%QSVIMVE
%VVERNSHEIRZSPZIRXIES 'IRXVS 7SGMEP HI:EPI HI
%QSVIMVE
%NYWXIHMVIGXS 'SRGYVWSPMQMXEHSWIQTYFPM
GEËÇSHIERÞRGMS
'SRGYVWSPMQMXEHSWIQTYFPM
GEËÇSHIERÞRGMS
'SRGYVWSPMQMXEHSWIQTYFPM
GEËÇSHIERÞRGMS
'SRGYVWSPMQMXEHSWIQTYFPM
GEËÇSHIERÞRGMS
'SRGYVWSPMQMXEHSWIQTYFPM
GEËÇSHIERÞRGMS
'SRGYVWSPMQMXEHSWIQTYFPM
GEËÇSHIERÞRGMS
HE
'SRWXVYËÙIW.6EQMVS0 HI.ERIMVSHI{4SVHIPIKEËÇSHIGSQTIXÎRGMEWS:MGI4VIWMHIRXI.SWÍ1ERYIP7EVEMZE'EVHSWS
'¦1%6% 192-'-4%0 (% 1%6-2,% +6%2()
%ZMWSRžŽWÍVMI{%4{6IKYPEQIRXSHSW
'IQMXÍVMSW1YRMGMTEMWHE1EVMRLE+VERHI{*E^WITÞFPMGSIQ
GYQTVMQIRXSHSEVXMKSžHE0IMRžHIHI7IXIQFVS
REVIHEGËÇSHEHETIPE0IMRž%HIHI.ERIMVSUYITSV
HIPMFIVEËÇSHE%WWIQFPIME1YRMGMTEPHE1EVMRLE+VERHIXSQEHE
IQVIYRMÇSSVHMRÅVMEVIEPM^EHEIQHI(I^IQFVSHIWSF
TVSTSWXEHE'ÆQEVE1YRMGMTEPTSVHIPMFIVEËÇSXSQEHEIQVIY
RMÇSHIHI3YXYFVSHIJSMETVSZEHSS6IKYPEQIRXSHSW
'IQMXÍVMSW1YRMGMTEMWHE1EVMRLE+VERHIUYIWIERI\EESTVI
WIRXIEZMWS
HI.ERIMVSHI{34VIWMHIRXIHE'ÆQEVE¥PZEVS2IXS
·VJÇS
6IKYPEQIRXS HSW 'IQMXÍVMSW 1YRMGMTEMW
2SXENYWXMJMGEXMZE
)QHI(I^IQFVSHIJSMTYFPMGEHSS(IGVIXS0IMRž UYIZIMSIWXEFIPIGIVS6IKMQI.YVÑHMGSHEVIQSËÇSXVERWTSVXI
MRYQEËÇSIGVIQEËÇSHIGEHÅZIVIW
3VIJIVMHSHMTPSQETVSGYVSYRÇSW×EKPYXMREVRYQÞRMGSHS
GYQIRXSXSHSSHMVIMXSQSVXYÅVMS4SVXYKYÎWGSQSENYWXÅPSÄVIE
PMHEHIHSTEÑW
'SRWMHIVERHSUYISEVXMKSžEPÑRIEGGSQIXIESW×VKÇSW
QYRMGMTEMWSTPERIEQIRXSEKIWXÇSIEVIEPM^EËÇSHIMRZIWXMQIR
XSWIQQEXÍVMEHIGIQMXÍVMSWQYRMGMTEMWSTVIWIRXIVIKYPEQIRXS
TVSGYVSYEHETXEVEUYIPIVIKMQIÄRSWWEVIEPMHEHIGSRGIPLME
3GIQMXÍVMSGSQSFIQHSHSQÑRMSTÞFPMGSIRGSRXVEWIEJIGXS
ÄWEXMWJEËÇSHIYQERIGIWWMHEHITÞFPMGEGSRWYQTËÇSGEHEZÍVMGE
RIWWEQIHMHEÍYQFIQMREPMIRÅZIPXERXSEXÑXYPSKVEXYMXSGSQS
EXÑXYPSSRIVSWS
%YXMPM^EËÇSISGYTEËÇSHEWTEVGIPEWHSVIJIVMHSFIQWÇSXÇS
W×YQEJSVQEHSWIYYWSTVMZEXMZSXMXYPEHSTSVEPZEVÅGSRWXM
XYMRHSWIEJEZSVHSWTEVXMGYPEVIWHMVIMXSWVIEMWHIREXYVI^EEHQM
RMWXVEXMZE
)WXIWHMVIMXSWHIYWSIJVYMËÇSTVMZEXMZSWWSFVIIWWIHSQÑRMS
TÞFPMGSWÇSSYXSVKEHSWESWTEVXMGYPEVIWTSVGSRGIWWÇS
%TEVXMGYPEVMHEHIHIWXIWHMVIMXSWPIZSYÄGSRWEKVEËÇSRSTVIWIR
XIVIKYPEQIRXSHESFVMKEXSVMIHEHIHIWYFQIXIVEYQEEYXSVM^EËÇS
I\TVIWWEHSTVIWMHIRXIHE'ÆQEVETSVPLIIWXEVGSQIXMHETSVPIM
EGSRGIWWÇSHIXIVVIRSWRSWGIQMXÍVMSWTVSTVMIHEHIHSQYRMGÑ
TMSTEVENE^MKSWQEYWSPÍYWIWITYPXYVEWTIVTÍXYEWEWXVERWQMW
WÙIWIRXVIZMZSWHIWXEWGSRGIWWÙIWHIWHIUYIRÇSI\MWXEQGSVTSW
SYSWWEHEWREVIWTIGXMZEWITYPXYVESYNE^MKSSYGEWSI\MWXEQE
VIWTSRWEFMPM^EËÇSHSEHUYMVIRXITIPEWYETIVTIXYMHEHI
2EWXVERWQMWWÙIWTSVQSVXIJI^WIETIPSESWXIVQSWKIVEMWHS
HMVIMXSWYGIWW×VMSGSRWEKVERHSWIREWIRHEHSUYIETV×TVME.Y
VMWTVYHÎRGMEZIQHIJIRHIRHSUYIRSWGEWSWHIWYGIWWÇSPIKÑXMQE
EGSRGIWWÇSXVERWQMXIWIEYXSQEXMGEQIRXIRÇSWIRHSRIGIWWÅVME
EYXSVM^EËÇSTVÍZMEFEWXERHSETIREWSEZIVFEQIRXSHEXVERWQMW
WÇSRSEPZEVÅHIGSRGIWWÇS3WJEQMPMEVIWWÇSRIWXEWWMXYEËÙIWSW
UYIQIPLSVKEVERXIQETVIWIVZEËÇSHSWZEPSVIWQSVEMWIWIRXM
QIRXEMWUYIERHEQPMKEHSWEUYIPIXMTSHIGSRWXVYËÙIWNE^MKSWI
WITYPXYVEWTIVTÍXYEW
.Å RS UYI HM^ VIWTIMXS Ä WYGIWWÇS XIWXEQIRXÅVME STXSYWI TSV
YQEWSPYËÇSUYIQIPLSVTVIWIVZIEJMREPMHEHIHSFIQTÞFPMGSUYI
IWXÅIQGEYWEWYFQIXIRHSEIJMGÅGMEHEXVERWQMWWÇSEI\TVIWWE
EGIMXEËÇSTSVTEVXIHSTVIWMHIRXIHE'ÆQEVE
3(IGVIXS0IMRžZIMSGSQSWIWEFIVIHY^MVSTVE^S
HII\YQEËÇSTEVEXVÎWERSW*MRHSIWWITIVÑSHSIHIQSHSEIZM
XEVEWEXYVEËÇSHSGIQMXÍVMSSWMRXIVIWWEHSWWÇSRSXMJMGEHSWTEVE
VIUYIVIVEI\YQEËÇSHISWWEHEW%FVIWITSVÍQYQEI\GITËÇSRS
GEWSHIRÇSWIVRIGIWWÅVMSVIETVSZIMXEVHIMQIHMEXSEUYIPEWITYP
XYVE2IWXIWGEWSWSMRXIVIWWEHSQIHMERXIVIUYIVMQIRXSISTEKE
QIRXSHEWXE\EWHIZMHEWTSHIVÅWSPMGMXEVETIVQERÎRGMEHEWSWWE
HEWTSVTIVÑSHSWWYGIWWMZSWHIHSMWERSW
*MREPQIRXI I WIQTVI GSQ S MRXYMXS HI VIETVSZIMXEQIRXS HSW
XIVVIRSWGSRWEKVSYWIRSTVIWIRXIVIKYPEQIRXSEGEHYGMHEHIHE
GSRGIWWÇSIGSRWIUYIRXITVIWGVMËÇSEJEZSVHSQYRMGÑTMSHEWWI
TYPXYVEWTIVTÍXYEWSYNE^MKSWEFERHSREHSWTSVTIVÑSHSWYTIVMSVE
ERSW
3EVXMKSžHS(IGVIXS0IMRžHIHI(I^IQFVS
ESVIZSKEVXSHEWEWHMWTSWMËÙIWHSWVIKYPEQIRXSWQYRMGMTEMWUYI
GSRXVEVMEWWIQ S VIKMQI RIPI TVIZMWXS VIQIXIY TEVE SW ×VKÇSW
GSQTIXIRXIWEETVSZEËÇSHIYQVIKYPEQIRXSENYWXEHSÄ0IMIÄ
VIEPMHEHIHIGEHEQYRMGÑTMS
%4®2(-')2ž { --7­6-) { 2ž { HI*IZIVIMVSHI
%WWMQRSYWSHSTSHIVVIKYPEQIRXEVGSRJIVMHSTIPSEVXMKSž
HE'SRWXMXYMËÇSHE6ITÞFPMGEÄWEYXEVUYMEWPSGEMWE'ÆQEVE1YRM
GMTEPIQWYEVIYRMÇSHIHI3YXYFVSHIHIPMFIVSYRSWXIVQSW
HSEVXMKSžRžEPÑRIEEHE0IMRžHIHI7IXIQ
FVSVITYFPMGEHEIQERI\SÄ0IMRž%HIHI.ERIMVS
ETVIWIRXEVÄ%WWIQFPIME1YRMGMTEPSTVSNIGXSHI6IKYPEQIRXSHSW
'IQMXÍVMSW1YRMGMTEMWHE1EVMRLE+VERHI
2EWYEWIWWÇSHIHI(I^IQFVSHIE%WWIQFPIME1YRM
GMTEPESEFVMKSHSEVXMKSžRžEPÑRIEEHSWHMTPSQEWGMXE
HSWETVSZSYSVIJIVMHS6IKYPEQIRXS
3TVSNIGXSJSMWYNIMXSEETVIGMEËÇSTÞFPMGEET×WEWYEEJM\EËÇS
RSWPYKEVIWHSGSWXYQIITYFPMGEËÇSRS(MÅVMSHE6ITÞFPMGETIPS
TVE^SHIHMEWGSRXEHSWIQHMEWÞXIMWET×WEWYETYFPMGEËÇSRS
(MÅVMSHE6ITÞFPMGERÇSXIRHSWMHSETVIWIRXEHEWUYEMWUYIVWY
KIWXÙIW
'%4±8903(MWTSWMËÙIWTVIPMQMREVIW
3WWEHEW{SUYIVIWXEHSGSVTSLYQERSYQEZI^XIVQM
REHSSTVSGIWWSHIQMRIVEPM^EËÇSHSIWUYIPIXS
:MEXYVEIVIGMTMIRXIWETVSTVMEHSW{EUYIPIWIQUYIWINE
TSWWÑZIPTVSGIHIVESXVERWTSVXIHIGEHÅZIVIWSWWEHEWJI
XSWQSVXSWSYVIGÍQREWGMHSWJEPIGMHSWRSTIVÑSHSRISREXEP
TVIGSGIIQGSRHMËÙIWHIWIKYVERËEIHIVIWTIMXSTIPE
HMKRMHEHILYQERE
4IVÑSHSRISREXEPTVIGSGI{EWTVMQIMVEWGIRXSIWIWWIR
XEISMXSLSVEWHIZMHE
)RXMHEHIVIWTSRWÅZIPTIPEEHQMRMWXVEËÇSHSGIQMXÍVMS{
E'ÆQEVE1YRMGMTEP
+YMEHIMRYQEËÇSI\YQEËÇS{HSGYQIRXSIQMXMHSTIPE
'ÆQEVE1YRMGMTEPIUYILEFMPMXESWIYXMXYPEVETVSGIHIV
ÄMRYQEËÇSI\YQEËÇSGYNEIRXVIKEESGSZIMVSÍSFVMKE
X×VMETEVEVIEPM^EËÇSHSWIVZMËS
3WWÅVMS { GSRWXVYËÇS HIWXMREHE ES HIT×WMXS HI YVREW
GSRXIRHSVIWXSWQSVXEMWSWWEHEW
8EPLÇS{ÅVIEGSRXÑRYEHIWXMREHEEWITYPXYVEWYRMGEQIRXI
HIPMQMXEHSTSVVYEWTSHIRHSWIVGSRWXMXYÑHSTSVYQESY
ZÅVMEWWIGËÙIW
%VXMKS ž
7)'«§3'SQTIXÎRGME
(MWTSWMËÙIW KIVEMW
%VXMKS ž
3FNIGXS
3TVIWIRXI6IKYPEQIRXSXIQTSVSFNIGXSEVIKYPEQIRXEËÇSHE
VIQSËÇSXVERWTSVXIMRYQEËÇSI\YQEËÇSXVEWPEHEËÇSHIGEHÅ
ZIVIWRSWGIQMXÍVMSWQYRMGMTEMWHE1EVMRLE+VERHII'EWEP+EPI
KSFIQGSQSHIEPKYRWHIWWIWEGXSWVIPEXMZSWESWWEHEWJIXSWQSVXSW
ITIËEWEREX×QMGEW
%VXMKS ž
¦QFMXS
{3TVIWIRXI6IKYPEQIRXSETPMGEWIESWGEHÅZIVIWHIMRHMZÑ
HYSWVIWMHIRXIWREÅVIEHSQYRMGÑTMSHE1EVMRLE+VERHI
{4SHIQEMRHEWIVMRYQEHSWRSWGIQMXÍVMSWQYRMGMTEMW
E 3WGEHÅZIVIWHIMRHMZÑHYSWJEPIGMHSWJSVEHEÅVIEHSQY
RMGÑTMSUYIWIHIWXMRIQENE^MKSWTEVXMGYPEVIWSYWITYPXY
VEWTIVTÍXYEW
F 3WGEHÅZIVIWHIMRHMZÑHYSWJEPIGMHSWJSVEHSQYRMGÑTMS
QEWUYIXMZIWWIQÄHEXEHEQSVXISWIYHSQMGÑPMSLEFM
XYEPREÅVIEHIWXI
G 3WGEHÅZIVIWHIMRHMZÑHYSWRÇSEFVERKMHSWREWEPÑRIEW
ERXIVMSVIWEVIUYIVMQIRXSJYRHEQIRXEHSHSMRXIVIWWEHS
I QIHMERXI EYXSVM^EËÇS HE IRXMHEHI VIWTSRWÅZIP TIPE
EHQMRMWXVEËÇS HSGIQMXÍVMSGSRGIHMHEIQJEGIHEWGMVGYRW
XÆRGMEWUYIWIVITYXIQTSRHIVSWEW
%VXMKS ž
(IJMRMËÙIW
4EVEIJIMXSWHSTVIWIRXI6IKYPEQIRXSGSRWMHIVEWI
%YXSVMHEHIHITSPÑGME{E+YEVHE2EGMSREP6ITYFPMGEREI
E4SPÑGMEHI7IKYVERËE4ÞFPMGEIE4SPÑGME1EVÑXMQE
%YXSVMHEHIHIWEÞHI{SHIPIKEHSVIKMSREPHIWEÞHIIS
HIPIKEHSGSRGIPLMSHIWEÞHISYSWWIYWEHNYRXSW
%YXSVMHEHINYHMGMÅVME{SNYM^HIMRWXVYËÇSIS1MRMWXÍVMS
4ÞFPMGSGEHEYQVIPEXMZEQIRXIESWEGXSWTVSGIWWYEMWUYI
GEFIQREWYEGSQTIXÎRGME
6IQSËÇS { S PIZERXEQIRXS HI GEHÅZIV HS PSGEP SRHI
SGSVVIYSYJSMZIVMJMGEHSS×FMXSISWIYWYFWIUYIRXIXVERW
TSVXIEJMQHITVSGIHIVÄWYEMRYQEËÇS{RSWGEWSWTVI
ZMWXSWRSRžHSEVXMKSžHS(IGVIXS0IMRž
HIHI(I^IQFVS
-RYQEËÇS{EGSPSGEËÇSHIGEHÅZIVIQWITYPXYVESYNE
^MKS
)\YQEËÇS{EEFIVXYVEHIWITYPXYVESYGEM\ÇSHIQIXEP
SRHIWIIRGSRXVEMRYQEHSSGEHÅZIV
8VEWPEHEËÇS{SXVERWTSVXIHIGEHÅZIVMRYQEHSIQNE
^MKSSYHISWWEHEWTEVEPSGEPHMJIVIRXIHEUYIPIIQUYIWI
IRGSRXVEQEJMQHIWIVIQHIRSZSMRYQEHSWSYGSPSGE
HSWIQSWWÅVMS
'EHÅZIV{SGSVTSLYQERSET×WE QSVXIEXÍIWXEVIQ
XIVQMREHSWSWJIR×QIRSWHIHIWXVYMËÇSHEQEXÍVMESVKÆ
RMGE
{%MRYQEËÇSIQGIQMXÍVMSWQYRMGMTEMWHIZIWIVVIUYIVMHEÄ
'ÆQEVE1YRMGMTEPIQVIUYIVMQIRXSEJSVRIGIVTIPE7IGËÇSHI8E\EW
I0MGIRËEW
{%XVEWPEHEËÇSHIZIWIVVIUYIVMHEÄIRXMHEHIVIWTSRWÅZIPTIPE
EHQMRMWXVEËÇSHSGIQMXÍVMSSRHISGEHÅZIVSYEWSWWEHEWIWXMZI
VIQMRYQEHSWIQVIUYIVMQIRXSEJSVRIGIVTIPE7IGËÇSHI8E\EW
I0MGIRËEW
{3HIJIVMQIRXSHSTIHMHSHIXVEWPEHEËÇSHIGEHÅZIVIWSY
SWWEHEWTEVESWGIQMXÍVMSWQYRMGMTEMWHE1EVMRLE+VERHIÍHE
GSQTIXÎRGMEHE'ÆQEVE1YRMGMTEPQIHMERXIWSPMGMXEËÇSHEIRXM
HEHIÄUYEPSQIWQSJSMETVIWIRXEHS
{ 'SQTIXI Ä'ÆQEVE 1YRMGMTEPTVSQSZIVE MRYQEËÇS HI
JIXSWQSVXSWEFERHSREHSWREÅVIEHSGSRGIPLSHE1EVMRLE+VER
HIFIQGSQSHSWGEHÅZIVIWUYIRÇSWINEQWYNIMXSWEEYX×TWMEQÍHMGS
PIKEPITSVUYEPUYIVQSXMZSRÇSJSVTSWWÑZIPEWWIKYVEVEWYEIRXVI
KEEUYEPUYIVHEWTIWWSEWHSEVXMKSžEJMQHIWITVSGIHIVÄWYE
MRYQEËÇSRSTVE^SPIKEP
{2SWGEWSWTVIZMWXSWRSRÞQIVSERXIVMSVSGEHÅZIVÍVI
QSZMHSTEVEEGEWEQSVXYÅVMEHSXEHEHIGÆQEVEJVMKSVÑJMGEUYIJMUYI
QEMWTV×\MQEHSPSGEPHEZIVMJMGEËÇSHS×FMXSHIZIRHSEWYEMRY
QEËÇSXIVPYKEVHIGSVVMHSWHMEWWSFVIEHEXEHEZIVMJMGEËÇSHS
×FMXS
%VXMKS ž
0IKMXMQMHEHI
{8ÎQPIKMXMQMHEHITEVEVIUYIVIVETVÅXMGEHIEGXSWTVIZMW
XSWRIWXIVIKYPEQIRXSWYGIWWMZEQIRXI
E 3XIWXEQIRXIMVSIQGYQTVMQIRXSHIHMWTSWMËÇSXIWXEQIR
XÅVME
F 3GØRNYKIWSFVIZMZS
G %TIWWSEUYIZMZEGSQSJEPIGMHSIQGSRHMËÙIWERÅPSKEW
ÄWHSWGØRNYKIW
H 5YEPUYIVLIVHIMVS
I 5YEPUYIVJEQMPMEV
J 5YEPUYIVTIWWSESYIRXMHEHI
{7ISJEPIGMHSRÇSXMZIVEREGMSREPMHEHITSVXYKYIWEXIQ
XEQFÍQPIKMXMQMHEHISVITVIWIRXERXIHMTPSQÅXMGSSYGSRWYPEVHS
TEÑWHEWYEREGMSREPMHEHI
{3VIUYIVMQIRXSTEVEETVÅXMGEHIWWIWEGXSWTSHIXEQFÍQ
WIVETVIWIRXEHSTSVTIWWSEQYRMHEHITVSGYVEËÇSGSQTSHIVIW
IWTIGMEMWTEVEIWWIIJIMXSTEWWEHETSVUYIQXMZIVPIKMXMQMHEHIRSW
XIVQSWHSWRÞQIVSWERXIVMSVIW
7)'Ǥ3-(S TVSGIHMQIRXS
%VXMKS ž
7IVZMËSW HI VIKMWXS I I\TIHMIRXI KIVEP
{3WWIVZMËSWHIVIKMWXSII\TIHMIRXIKIVEPIWXÇSEGEVKSHE
WIGËÇSHIXE\EWIPMGIRËEWHE'ÆQEVE1YRMGMTEPSRHII\MWXIQTEVE
SIJIMXSPMZVSWTV×TVMSWHIVIKMWXSHIMRYQEËÙIWXVEWPEHEËÙIWI\Y
QEËÙIWIGSRGIWWÙIWHIXIVVIRS
{3EVUYMZEQIRXSHSFSPIXMQHI×FMXSÍHEGSQTIXÎRGMEHE
'ÆQEVE1YRMGMTEP
%4®2(-')2ž { --7­6-) { 2ž { HI*IZIVIMVSHI
%VXMKS ž
%VXMKS ž
6IUYIVMQIRXS
-RYQEËÇS ES JMQ HI WIQERE
{3WTIHMHSWHIMRYQEËÇSI\YQEËÇSIXVEWPEHEËÇSHIGEHÅZI
VIWSWWEHEWJIXSWQSVXSWITIËEWEREX×QMGEWHIZIQWIVETVIWIRXE
HSWRE'ÆQEVE1YRMGMTEPTSVTIWWSEGSQPIKMXMQMHEHITEVEXEP
QIHMERXIVIUYIVMQIRXSXMTSEJSVRIGIVTIPSWVIWTIGXMZSWWIVZMËSW
{3VIUYIVMQIRXSHIZIWIVMRWXVYÑHSGSQSWWIKYMRXIWHS
GYQIRXSW
{2EWMRYQEËÙIWUYISGSVVEQESJMQHIWIQEREEWEKÎRGMEW
JYRIVÅVMEWWÇSVIWTSRWÅZIMWTIPSGYQTVMQIRXSHEWHMWTSWMËÙIWHS
TVIWIRXI6IKYPEQIRXSRSQIEHEQIRXIRSUYIWIVIJIVIÄI\MKÎR
GMEHIHSGYQIRXEËÇSPIKEPTVIZMWXSRSWEVXMKSWžIž
{%HSGYQIRXEËÇSVIJIVMHERSRÞQIVSERXIVMSVÍIRXVIKYI
REWIGËÇSHIXE\EWIPMGIRËEWRSžHMEÞXMPWIKYMRXIÄMRYQEËÇS
{%EKÎRGMEMRJVEGXSVEÍVIWTSRWÅZIPTIPSWTVINYÑ^SWHIGSV
VIRXIWHSRÇSGYQTVMQIRXSWHSHMWTSWXSRSTVIWIRXIEVXMKS
E %WWIRXSEYXSHIHIGPEVEËÇSHI×FMXSSYFSPIXMQHI ×FMXS
F 3WHSGYQIRXSWEUYIEPYHISEVXMKSžHIWXIVIKYPEQIR
XSUYERHSSWVIWXSWQSVXEMWWIHIWXMRIQEWIVMRYQEHSW
IQNE^MKSTEVXMGYPEVSYWITYPXYVETIVTÍXYE
%VXMKS ž
7IVZMËS HI VIGITËÇS I MRYQEËÇS HI GEHÅZIVIW
{%SVIUYIVMQIRXSVIJIVMHSRSRÞQIVSERXIVMSVWIVÅERI\E
HEEYXSVM^EËÇSHEEYXSVMHEHIHIWEÞHIRSWGEWSWIQUYILENERI
GIWWMHEHIHIMRYQEËÇSERXIWHIHIGSVVMHEWZMRXIIUYEXVSLSVEWWSFVI
S ×FMXS
%VXMKS ž
{% VIGITËÇS I MRYQEËÇS HI GEHÅZIVIW IWXÇS E GEVKS HSW
GSZIMVSWQYRMGMTEMW
{3WJYRGMSRÅVMSWVIJIVMHSWRSRÞQIVSERXIVMSVHIZIQHEV
GYQTVMQIRXSÄWHMWTSWMËÙIWHSTVIWIRXI6IKYPEQIRXSIHIXSHEE
PIKMWPEËÇSIQZMKSVVIWTIMXERXIÄTVIWIRXIQEXÍVME
-RWYJMGMÎRGME HI HSGYQIRXEËÇS
'%4±8903---
{2EJEPXESYMRWYJMGMÎRGMEHEHSGYQIRXEËÇSPIKEPSWGEHÅ
ZIVIWJMGEQIQHIT×WMXSEXÍUYIIWXEIWXINEHIZMHEQIRXIVIKYPEVM
^EHE
{(IGSVVMHEWZMRXIIUYEXVSLSVEWWSFVISHIT×WMXSSYIQ
UYEPUYIVQSQIRXSIQUYIWIZIVMJMUYISEHMERXEHSIWXEHSHIHI
GSQTSWMËÇSHSGEHÅZIVWIQUYIXIRLEWMHSETVIWIRXEHEEHSGYQIR
XEËÇSIQJEPXESWWIVZMËSWGSQYRMGEVÇSMQIHMEXEQIRXISGEWSÄW
EYXSVMHEHIWWERMXÅVMEWSYTSPMGMEMWTEVEUYIXSQIQEWTVSZMHÎRGM
EWEHIUYEHEW
%VXMKS ž
)QMWWÇS HI KYMEW
{%WIGËÇSHIXE\EWIPMGIRËEWHE'ÆQEVE1YRMGMTEPIQMXI
YQEKYMEHIMRYQEËÇSI\YQEËÇSHIGEHÅZIVSYSWWEHEWGYNSSVMKM
REPÍIRXVIKYIÄTIWWSEGSQPIKMXMQMHEHIRSWXIVQSWHSEVXMKSž
{%MRYQEËÇSSYI\YQEËÇSIJIGXYEWIQIHMERXIEETVIWIRXE
ËÇSHSSVMKMREPHEKYMEVIJIVMHERSRÞQIVSERXIVMSVSYFSPIXMQHI
×FMXSESWGSZIMVSWQYRMGMTEMW
{%XVEWPEHEËÇSIJIGXYEWIQIHMERXIEETVIWIRXEËÇSHIYQE
KYMEHIXVEWPEHEËÇS
%VXMKS ž
4EKEQIRXS HI XE\EW
4IPETVIWXEËÇSHIWIVZMËSWRSÆQFMXSHSTVIWIRXI6IKYPEQIRXS
WÇSHIZMHEWXE\EWRSWXIVQSWHS6IKYPEQIRXSQYRMGMTEPHIXE\EW
IQZMKSV
'%4±8903-*YRGMSREQIRXSHSWGIQMXÍVMSW
%VXMKS ž
,SVÅVMS
{3WGIQMXÍVMSWQYRMGMTEMWJYRGMSREQXSHSWSWHMEWGSQS
WIKYMRXILSVÅVMS
E (IWHI HI 3YXYFVS E HI 1EVËS { HEW LSVEW ÄW
LSVEW
F (IWHIHI%FVMPEHI7IXIQFVS{HEWLSVEWÄW LS
VEW
(EWMRYQEËÙIW
7)'«§3(MWTSWMËÙIW GSQYRW
%VXMKS ž
4VE^SW
{2IRLYQGEHÅZIVTSHIWIVMRYQEHSSYIRGIVVEHSERXIWHI
HIGSVVMHEWZMRXIIUYEXVSLSVEWWSFVIS×FMXS
{2IRLYQGEHÅZIVTSHIWIVIRGIVVEHSIQGÆQEVEJVMKSVÑJMGE
ERXIWHIHIGSVVMHEWWIMWLSVEWET×WEGSRWXEXEËÇSHIWMREMWHIGIV
XI^EHIQSVXI
{5YERHSRÇSLENEPYKEVÄVIEPM^EËÇSHIEYX×TWMEQÍHMGS
PIKEPILSYZIVTIVMKSTEVEEWEÞHITÞFPMGEEEYXSVMHEHIHIWEÞHI
TSHISVHIREVTSVIWGVMXSUYIWITVSGIHEÄMRYQEËÇSIRGIVVE
QIRXSIQGEM\ÇSHI^MRGSSYGSPSGEËÇSHIGEHÅZIVIQGÆQEVE
JVMKSVÑJMGEERXIWHIHIGSVVMHSSTVE^STVIZMWXSRSRž
{9QGEHÅZIVHIZIWIVMRYQEHSHIRXVSHSWWIKYMRXIWTVE^SW
QÅ\MQSW
E 7IMQIHMEXEQIRXIET×WEZIVMJMGEËÇSHS×FMXSXMZIVWMHS
IRXVIKYIEYQEHEWTIWWSEWMRHMGEHEW RSEVXMKSžIQ
WIXIRXEIHYEWLSVEW
F 7IXMZIVWMHSXVERWTSVXEHSHITEÑWIWXVERKIMVSTEVE4SVXY
KEP { IQWIXIRXE I HYEW LSVEWEGSRXEV HE IRXVEHE IQ
XIVVMX×VMS REGMSREP
G 7IXMZIVLEZMHSEYX×TWMEQÍHMGSPIKEPSYGPÑRMGE{IQ
UYEVIRXEISMXSLSVEWET×WSXIVQSHEQIWQE
H 2SWGEWSWTVIZMWXSWRSRžHSEVXMKSžIQZMRXIIUYEXVS
LSVEWEGSRXEVHSQSQIRXSIQUYIJSVIRXVIKYIEYQE
HEWTIWWSEWMRHMGEHEWRSEVXMKSž
{ 2SW GEWSWTVIZMWXSWRSRž HSEVXMKSžWISGEHÅZIV
RÇSJSVIRXVIKYIEYQEHEWTIWWSEWMRHMGEHEWRSEVXMKSžHIZIE
WYEMRYQEËÇSXIVPYKEVHIGSVVMHSWHMEWWSFVIEHEXEHEZIVMJMGE
ËÇSHS×FMXS
{3HMWTSWXSRSWRÞQIVSWERXIVMSVIWRÇSWIETPMGEESWJIXSW
QSVXSW
%VXMKS ž
0SGEMW HI MRYQEËÇS
{%WMRYQEËÙIWHIGSVVIQRSWWIKYMRXIWTIVÑSHSW
E )Q XSHSW SW HMEW HS ERS HEW LSVEW I QMRYXSW ÄW
LSVEW
F (IWHIHI3YXYFVSEHI1EVËS{HEWLSVEWÄW
LSVEW
G (IWHI HI%FVMP E HI 7IXIQFVS { HEW LSVEW I
QMRYXSWÄWLSVEWIQMRYXSW
{3WGEHÅZIVIWUYIHIVIQIRXVEHERSGIQMXÍVMSJSVEHSLS
VÅVMSIWXEFIPIGMHSJMGEQIQHIT×WMXSEKYEVHERHSEMRYQEËÇSHIRXVS
HEWLSVEWVIKYPEQIRXEVIWWEPZSGEWSWIWTIGMEMWHIZMHEQIRXIJYR
HEQIRXEHSWIQUYIQIHMERXIEYXSVM^EËÇSHE'ÆQEVE1YRMGMTEP
TSHIVÇSWIVMQIHMEXEQIRXIMRYQEHSW
{%WMRYQEËÙIWRÇSTSHIQXIVPYKEVJSVEHSGIQMXÍVMSTÞFPM
GSHIZIRHSWIVIJIGXYEHEWIQWITYPXYVEWXIQTSVÅVMEWTIVTÍXYEWI
XEPLÙIWTVMZEXMZSWIQNE^MKSWISWWÅVMSWTEVXMGYPEVIWSYQYRMGM
TEMWSYPSGEPHIGSRWYQTËÇSEIV×FMEHIGEHÅZIVIW
{ )\GITGMSREPQIRXI I QIHMERXI EYXSVM^EËÇS HE 'ÆQEVE
1YRMGMTEPTSHIVÅWIVTIVQMXMHS
E %MRYQEËÇSIQPSGEMWIWTIGMEMWSYVIWIVZEHSWETIWWSEW
HIHIXIVQMREHEWGEXIKSVMEWRSQIEHEQIRXIHIGIVXERE
GMSREPMHEHIGSRJMWWÇSSYVIKVEVIPMKMSWE
F %MRYQEËÇSIQGETIPEWTVMZEXMZEWWMXYEHEWJSVEHSWEKPS
QIVEHSWTSTYPEGMSREMWIXVEHMGMSREPQIRXIHIWXMREHEWES
HIT×WMXSHSGEHÅZIVSYSWWEHEWHSWJEQMPMEVIWHSWVIWTIG
XMZSWTVSTVMIXÅVMSW
%4®2(-')2ž { --7­6-) { 2ž { HI*IZIVIMVSHI
{%XVEWPEHEËÇSTEVEGIQMXÍVMSQYRMGMTEPHIGEHÅZIVSYSW
WEHEWUYIIWXINEQMRYQEHSWRYQHSWPSGEMWTVIZMWXSWREWEPÑRIEW
EIFHSRÞQIVSERXIVMSVÍVIUYIVMHETSVYQEHEWTIWWSEWMRHM
GEHEWRSEVXMKSžÄ'ÆQEVE1YRMGMTEPVIWTSRWÅZIPTIPEEHQMRMW
XVEËÇSHSGIQMXÍVMSTEVESUYEPEQIWQEZEMWIVIJIGXYEHE
%VXMKS ž
-RYQEËÙIW JSVE HS GIQMXÍVMS TÞFPMGS
{2EWWMXYEËÙIWTVIZMWXEWRSRžHSEVXMKSERXIVMSVSTI
HMHSHIEYXSVM^EËÇSÍETVIWIRXEHSTSVUYEPUYIVHEWTIWWSEWVIJIVM
HEWRSEVXMKSžHIPIHIZIRHSGSRWXEV
E -HIRXMJMGEËÇSHSVIUYIVIRXI
F -RHMGEËÇS I\EGXE HS PSGEP SRHI WI TVIXIRHI MRYQEV SY
HITSWMXEVSWWEHEW
G *YRHEQIRXEËÇSEHIUYEHEHETVIXIRWÇS
%VXMKS ž
3VKERM^EËÇS HI IWTEËS
{%WWITYPXYVEWHIZMHEQIRXIRYQIVEHEWWÇSEKVYTEHEWIQ
XEPLÙIWXERXSUYERXSTSWWÑZIPVIGXERKYPEVIW
{3WMRXIVZEPSWIRXVIEWWITYPXYVEWIIRXVIIWXEWISWPEHSW
HSWXEPLÙIWRÇSTSHIQWIVMRJIVMSVIWEQ
{(IZIQERXIVWITEVEGEHEWITYPXYVEEGIWWSGSQSQÑRMQS
HIQHIPEVKYVE
{%WWITYPXYVEWTIVTÍXYEWHIZIQPSGEPM^EVWIIQXEPLÙIWHMW
XMRXSWHSWHIWXMREHSWEWITYPXYVEWXIQTSVÅVMEW
{3IRXIVVEQIRXSHIGVMERËEWÍJIMXSIQWIGËÙIWWITEVEHEW
HSWPSGEMWUYIWIHIWXMREQESWEHYPXSW
%VXMKS ž
1EXIVMEMW TVSMFMHSW
{%MRYQEËÇSJSVEHSWGIQMXÍVMSWTÞFPMGSWÍEGSQTERLEHE
TSVYQVIWTSRWÅZIPEHWXVMXSESWWIVZMËSWHSWGIQMXÍVMSWQYRMGM
TEMW
%VXMKS ž
1SHSW HI MRYQEËÇS
{3WGEHÅZIVIWEMRYQEVWIVÇSIRGIVVEHSWIQGEM\ÙIWHIQEHIMVE
SYHI^MRGS
{3WGEM\ÙIWHI^MRGSHIZIQWIVLIVQIXMGEQIRXIJIGLEHSW
TEVESUYIWIVÇSWSPHEHSWREGETIPEHSGIQMXÍVMSSYREGEWEQSVXYÅVME
TIVERXIGSZIMVSQYRMGMTEP
{%RXIWHSHIJMRMXMZSIRGIVVEQIRXSHIZIQWIVHITSWMXEHSW
REWYVREWQEXIVMEMWUYIEGIPIVIQEHIGSQTSWMËÇSHSGEHÅZIVSY
GSPSGEHSWJMPXVSWHITYVEHSVIWIHMWTSWMXMZSWEHIUYEHSWEMQTIHMVE
TVIWWÇSHSWKEWIWRSWIYMRXIVMSVGSRWSERXIWIXVEXIHIMRYQEËÇS
IQWITYPXYVESYIQNE^MKS
{­TVSMFMHSREWWITYPXYVEWXIQTSVÅVMEWSIRXIVVEQIRXSHI
GEM\ÙIWHIGLYQFSHI^MRGSIHIQEHIMVEWQYMXSHIRWEWHMJMGMP
QIRXIHIXIVMSVÅZIMWSYREWUYEMWXIRLEQWMHSETPMGEHEWXMRXEWSY
ZIVRM^IWUYIHIQSVIQEWYEHIWXVYMËÇS
{2EWWITYPXYVEWTIVTÍXYEWEMRYQEËÇSJE^WIIQGEM\ÙIWHI
QEHIMVE
{4EVEIJIMXSWHIRSZEMRYQEËÇSTSHIVÅTVSGIHIVWIÄI\Y
QEËÇSHIGSVVMHSSTVE^SPIKEPHIXVÎWERSWHIWHIUYIREWMRYQE
ËÙIWERXIVMSVIWWIXIRLEYXMPM^EHSGEM\ÇSTV×TVMSTEVEEMRYQEËÇS
XIQTSVÅVME
7)'«§3--(EW MRYQEËÙIW IQ NE^MKS
%VXMKS ž
7)'«§3-)WTÍGMIW HI NE^MKSW
(EW MRYQEËÙIW IQ WITYPXYVEW
%VXMKS ž
-RYQEËÇS IQ WITYPXYVE GSQYQ RÇS MHIRXMJMGEHE
{3WNE^MKSWTSHIQWIVHIXVÎWIWTÍGMIW
E 7YFXIVVÆRISW{ETVSZIMXERHSETIREWSWYFWSPS
F 'ETIPEW{GSRWXMXYÑHSWWSQIRXITSVIHMJMGEËÙIWEGMQEHS
WSPS
G 1MWXSW{HSWHSMWXMTSWERXIVMSVIWGSRNYRXEQIRXI
{­TVSMFMHEEMRYQEËÇSIQWITYPXYVEGSQYQRÇSMHIRXMJM
GEHEWEPZS
E )QWMXYEËÇSHIGEPEQMHEHITÞFPMGE
F 8VEXERHSWIHIJIXSWQSVXSWEFERHSREHSWSYTIËEWERE
X×QMGEW
%VXMKS ž
{3WNE^MKSWSWWÅVMSWIWWIRGMEPQIRXIHIWXMREHSWESHIT×WMXS
HISWWEHEWTSHIVÇSXIVHMQIRWÙIWMRJIVMSVIWÄWHSWNE^MKSWRSV
QEMW
%VXMKS ž
-RYQEËÇS IQ NE^MKS
'PEWWMJMGEËÇS
{%MRYQEËÇSIQNE^MKSSFIHIGIÄWWIKYMRXIWVIKVEW
{%WWITYPXYVEWGPEWWMJMGEQWIIQ
E 8IQTSVÅVMEW
F 4IVTÍXYEW
{7ÇSXIQTSVÅVMEWEWWITYPXYVEWTEVEMRYQEËÇSTSVTIVÑSHSW
HIXVÎWERSWJMRHSWSWUYEMWTSHIVÅTVSGIHIVWIÄI\YQEËÇS
{7ÇSTIVTÍXYEWEUYIPEWGYNEPSGEPM^EËÇSJSMI\GPYWMZEITIV
TIXYEQIRXIGSRGIHMHEQIHMERXIVIUYIVMQIRXSHSWMRXIVIWWEHSW
E 3GEHÅZIVHIZIIWXEVIRGIVVEHSIQGEM\ÇSHI^MRGSXIR
HSEJSPLEIQTVIKEHERSWIYJEFVMGSEIWTIWWYVEQÑRMQE
HIQQ
F (IRXVSHSGEM\ÇSHIZIQWIVGSPSGEHSWJMPXVSWHITYVEHSVIW
IHMWTSWMXMZSWEHIUYEHSWEMQTIHMVSWIJIMXSWHETVIWWÇS
HSWKEWIWRSWIYMRXIVMSV
%VXMKS ž
%VXMKS ž
1ERYXIRËÇS I VITEVEËÇS
(MQIRWÙIW
{3WMRXIVIWWEHSWHIZIQGSRWIVZEVSWGEM\ÙIWHITSWMXEHSW
IQNE^MKSIQTIVJIMXEWGSRHMËÙIWTVSGIHIRHSHIMQIHMEXSÄWYE
VITEVEËÇSWIQTVIUYIETVIWIRXIQVSXYVESYUYEPUYIVSYXVEHIXIVM
SVEËÇS
{5YERHSSWMRXIVIWWEHSWHITSMWHIRSXMJMGEHSWTIPE'Æ
QEVE1YRMGMTEPTEVESWIJIMXSWHSRÞQIVSERXIVMSVRÇSTVSGI
HIVIQ Ä VITEVEËÇS TSHI E 'ÆQEVE 1YRMGMTEP I\IGYXÅPE HI
MQIHMEXS
{%WUYERXMEWVIPEXMZEWÄWHIWTIWEWMRHMGEHEWRSWXIVQSWHS
RÞQIVSERXIVMSVWÇSHEGSRXEHSMRJVEGXSV
{3GEM\ÇSHIXIVMSVEHSUYIRÇSTSWWEVITEVEVWIGSRZIRMIR
XIQIRXIWIVÅIRGIVVEHSRSYXVSGEM\ÇSHI^MRGSSYVIQSZMHSTEVE
WITYPXYVEÄIWGSPLEHSWMRXIVIWWEHSWSYREJEPXEHIWXETSVHIGMWÇS
HE'ÆQEVE1YRMGMTEP
{%WWITYPXYVEWHIZIQETVIWIRXEVIQTPERXEEJSVQEVIG
XERKYPEVSFIHIGIRHSÄWWIKYMRXIWHMQIRWÙIWQÑRMQEW
E 4EVEEHYPXSW
'SQTVMQIRXS{Q
0EVKYVE{Q
4VSJYRHMHEHI{Q
F 4EVEGVMERËEW
'SQTVMQIRXS{Q
0EVKYVE{Q
4VSJYRHMHEHI{Q
%4®2(-')2ž { --7­6-) { 2ž { HI*IZIVIMVSHI
'%4±8903-:
(EWI\YQEËÙIW
%VXMKS ž
{4SHIXEQFÍQWIVIJIGXYEHEEXVEWPEHEËÇSHIGEHÅZIVSY
SWWEHEWUYIXIRLEQWMHSMRYQEHSWIQGEM\ÇSHIGLYQFSERXIWHE
IRXVEHEIQZMKSVHSTVIWIRXIHMTPSQE
{5YERHSEXVEWPEHEËÇSWIIJIGXYEVTEVEJSVEHSGIQMXÍVMS
XIVÅUYIWIVYXMPM^EHEZMEXYVEETVSTVMEHEII\GPYWMZEQIRXIHIWXM
REHEEIWWIJMQRSWXIVQSWHEPIM
4VE^SW
%VXMKS ž
{%T×WEMRYQEËÇSÍTVSMFMHSEFVMVUYEPUYIVWITYPXYVEERXIW
HIHIGSVVMHSWXVÎWERSWWEPZSIQGYQTVMQIRXSHIQERHEHSHE
EYXSVMHEHINYHMGMÅVME
{7IRSQSQIRXSHEEFIVXYVERÇSIWXMZIVIQXIVQMREHSWSW
JIR×QIRSWHIHIWXVYMËÇSHEQEXÍVMESVKÆRMGEVIGSFVIWIHIRSZS
SGEHÅZIVQERXIRHSSMRYQEHSTSVTIVÑSHSWWYGIWWMZSWHIHSMW
ERSWEXÍÄQMRIVEPM^EËÇSHSIWUYIPIXS
6IKMWXSW I GSQYRMGEËÙIW
{%WXVEWPEHEËÙIWWÇSVIKMWXEHEWRSVIWTIGXMZSPMZVSHEWWI
TYPXYVEW
{%WIGËÇSHIXE\EWIPMGIRËEWHIZIMKYEPQIRXITVSGIHIVÄ
GSQYRMGEËÇSTEVESWIJIMXSWTVIZMWXSWREEPÑRIEEHSEVXMKSž
HS'×HMKSHS6IKMWXS'MZMP
%VXMKS ž
%ZMWS ESW MRXIVIWWEHSW
{(IGSVVMHSSTVE^SIWXEFIPIGMHSRSRžHSEVXMKSERXIVMSV
TVSGIHIVWIÅÄI\YQEËÇS
{9QQÎWERXIWHIXIVQMREVSTIVÑSHSPIKEPHIMRYQEËÇSSW
MRXIVIWWEHSWWÇSRSXMJMGEHSWEXVEZÍWHIGEVXEVIKMWXEHEGSQEZMWS
HIVIGITËÇSTEVEVIUYIVIVRSTVE^SHIXVMRXEHMEWEI\YQEËÇSHEW
SWWEHEW
{3EZMWSHEI\YQEËÇSÍTYFPMGEHSIQHSMWHSWNSVREMWQEMW
PMHSWHEVIKMÇSIIQIHMXEMW
{'SQSHIJIVMQIRXSHSTIHMHSHII\YQEËÇSMRWXVYÑHSRSW
XIVQSWHSEVXMKSžSMRXIVIWWEHSÍRSXMJMGEHSHSHMEILSVEHE
VIEPM^EËÇSHEI\YQEËÇS
{(IGSVVMHSSTVE^SJM\EHSRSRžWIQUYIXIRLELEZMHS
VIUYIVMQIRXSHSWMRXIVIWWEHSWTEVEEI\YQEËÇSIWXEWIVÅIJIG
XYEHEWITSWWÑZIPTIPSWWIVZMËSWGEQEVÅVMSWGSRWMHIVERHSWIEFER
HSREHEESWWEHEI\MWXIRXI
{%WSWWEHEWEFERHSREHEWRSWXIVQSWHSRÞQIVSERXIVMSV
WIVÇSMRYQEHEWREWTV×TVMEWWITYPXYVEWQEWETVSJYRHMHEHIWWYTI
VMSVIWÄWMRHMGEHEWRSEVXMKSž
{% TIHMHS HS MRXIVIWWEHS HIZMHEQIRXI JYRHEQIRXEHS I
QIHMERXIS TEKEQIRXS HI YQE XE\EE 'ÆQEVE 1YRMGMTEP TSHI
EYXSVM^EVETIVQERÎRGMEHEWSWWEHEWREWITYPXYVEET×WSTIVÑSHS
PIKEPHIMRYQEËÇSTSVTIVÑSHSWWYGIWWMZSWHIHSMWERSW
%VXMKS ž
)\YQEËÇS HI SWWEHEW IQ GEM\ÙIW MRYQEHSW IQ NE^MKSW
%WSWWEHEWI\YQEHEWHIGEM\ÇSIQNE^MKSUYITSVQERMJIWXE
YVKÎRGMESYZSRXEHIHSWMRXIVIWWEHSWWIXIRLEVIQSZMHSTEVEWI
TYPXYVERSWXIVQSWHSEVXMKSžHSTVIWIRXI6IKYPEQIRXSWIVÇS
HITSWMXEHEWRSNE^MKSSVMKMRÅVMSSYIQPSGEPEGSVHEHSGSQE'Æ
QEVE1YRMGMTEP
'%4±8903:
(EWXVEWPEHEËÙIW
'%4±8903:(EGSRGIWWÇSHIXIVVIRSW
7)'Ǥ3(EW JSVQEPMHEHIW
%VXMKS ž
'SRGIWWÇS
{3WXIVVIRSWHSWGIQMXÍVMSWTSHIQQIHMERXIEYXSVM^EËÇS
HSTVIWMHIRXIHE'ÆQEVE1YRMGMTEPWIVSFNIGXSHIGSRGIWWÙIWHI
YWS TVMZEXMZS TEVE MRWXEPEËÇS HI WITYPXYVEW TIVTÍXYEW I TEVE E
GSRWXVYËÇSHINE^MKSWTEVXMGYPEVIW
{%WGSRGIWWÙIWHIXIVVIRSWRÇSGSRJIVIQESWXMXYPEVIWRI
RLYQXÑXYPSHITVSTVMIHEHISYUYEPUYIVHMVIMXSVIEPTVMZEHSQEW
WSQIRXISHMVIMXSHIYWSGSQEJIGXEËÇSIWTIGMEPIRSQMREXMZEIQ
GSRJSVQMHEHIGSQEWPIMWIVIKYPEQIRXSW
{4SHIQWIVGSRGIWWMSREHSWSWNE^MKSWUYIXIRLEQZSPXEHS
ÄTSWWIHE'ÆQEVE1YRMGMTEPIQZMVXYHIHEGEHYGMHEHIHIGSRGIW
WÇS
{3WXIVVIRSWINE^MKSWTSHIQXEQFÍQWIVGSRGIHMHSWIQ
LEWXETÞFPMGERSWXIVQSWIGSRHMËÙIWUYISTVIWMHIRXIHE'ÆQEVE
ZMIVEJM\EV
%VXMKS ž
4IHMHS
{3TIHMHSTEVEEGSRGIWWÇSHIXIVVIRSWÍHMVMKMHSESTVIWM
HIRXIHE'ÆQEVEIHIPIHIZIQGSRWXEVEMHIRXMJMGEËÇSHSVIUYI
VIRXIEPSGEPM^EËÇSHSXIVVIRSIUYERHSWIHIWXMREVENE^MKSE
ÅVIETVIXIRHMHE
{3TIHMHSHIZIEMRHEWIVEGSQTERLEHSHIHSGYQIRXSWMHIR
XMJMGEXMZSWHSVIUYIVIRXI
%VXMKS ž
2SXMJMGEËÇS HE HIGMWÇS
%VXMKS ž
'SQTIXÎRGME
{%XVEWPEHEËÇSÍVIUYIVMHEÄ'ÆQEVE1YRMGMTEPTIPEWTIWWS
EWGSQPIKMXMQMHEHITEVEXEPRSWXIVQSWHSEVXMKSžHIWXI6IKY
PEQIRXSQIHMERXIVIUYIVMQIRXSEJSVRIGIVTIPSWWIVZMËSWGEQE
VÅVMSW
{7IEXVEWPEHEËÇSGSRWMWXMVREQIVEQYHERËEHIPSGEPRS
MRXIVMSVHSGIQMXÍVMSÍWYJMGMIRXISHIJIVMQIRXSHSVIUYIVMQIRXS
TVIZMWXSRSRÞQIVSERXIVMSV
{7IEXVEWPEHEËÇSGSRWMWXMVREQYHERËETEVEGIQMXÍVMSHMJI
VIRXISHIJIVMQIRXSHSVIUYIVMQIRXSTVIZMWXSRSRžÍHEGSQ
TIXÎRGMEHEIRXMHEHIVIWTSRWÅZIPTIPEEHQMRMWXVEËÇSHSGIQMXÍVMS
TEVESUYEPZEMWIVXVEWPEHEHSSGEHÅZIVSYEWSWWEHEWWIRHSTEVE
IWWIIJIMXSVIQIXMHSTIPEWIGËÇSHIXE\EWIPMGIRËEW
%VXMKS ž
3VIUYIVIRXIÍRSXMJMGEHSHEHIGMWÇSWSFVIEGSRGIWWÇSRSTVE
^S HI HMEW E GSRXEV HE IRXVEHE HS VIUYIVMQIRXS RE 'ÆQEVE
1YRMGMTEP
%VXMKS ž
%PZEVÅ HI GSRGIWWÇS
{ % GSRGIWWÇS HI XIVVIRSW Í XMXYPEHE TSV EPZEVÅ IQMXMHS
QIHMERXIEETVIWIRXEËÇSHSWHSGYQIRXSWGSQTVSZEXMZSWHSTEKE
QIRXSHEXE\EHIGSRGIWWÇSIHSMQTSWXSHIWMWE
{(SEPZEVÅGSRWXEVÇSSWIPIQIRXSWHIMHIRXMJMGEËÇSHSGSR
GIWWMSRÅVMSQSVEHEVIJIVÎRGMEWHSNE^MKSSYWITYPXYVETIVTÍXYE
RIPIHIZIRHSQIRGMSREVTSVEZIVFEQIRXSXSHEWEWXVERWQMWWÙIW
7)'«§3-(SW HMVIMXSW I HIZIVIW HSW GSRGIWWMSRÅVMSW
'SRHMËÙIW HE XVEWPEHEËÇS
%VXMKS ž
{%XVEWPEHEËÇSHIGEHÅZIVÍIJIGXYEHEIQGEM\ÇSHI^MRGS
HIZIRHSEJSPLEIQTVIKEHERSWIYJEFVMGSXIVEIWTIWWYVEQÑRMQE
HIQQ
{%XVEWPEHEËÇSHISWWEHEWÍIJIGXYEHEIQGEM\EHI^MRGS
GSQEIWTIWWYVEQÑRMQEHIQQSYHIQEHIMVE
4VE^SW HI VIEPM^EËÇS HI SFVEW
{7IQTVINYÑ^SHSIWXEFIPIGMHSRSRžEGSRWXVYËÇSHINE^MKSW
TEVXMGYPEVIW I S VIZIWXMQIRXS HEW WITYPXYVEW TIVTÍXYEW HIZIQ
GSRGPYMVWIRSWTVE^SWJM\EHSWTIPE'ÆQEVE1YRMGMTEP
%4®2(-')2ž { --7­6-) { 2ž { HI*IZIVIMVSHI
{)QGEWSWHIZMHEQIRXINYWXMJMGEHSWTSHISTVIWMHIRXIHE
'ÆQEVETVSVVSKEVIWXIWTVE^SW
{'EWSRÇSWINEQVIWTIMXEHSWSWTVE^SWEGSRGIWWÇSGEHYGE
GSQTIVHEHEWMQTSVXÆRGMEWTEKEWVIZIVXIRHSEMRHETEVEE'ÆQE
VE1YRMGMTEPXSHSWSWQEXIVMEMWIRGSRXVEHSWRESFVE
%VXMKS ž
%YXSVM^EËÙIW
{%WMRYQEËÙIWI\YQEËÙIWIXVEWPEHEËÙIWEIJIGXYEVIQ
NE^MKSWSYWITYPXYVEWTIVTÍXYEWHITIRHIQHIEYXSVM^EËÇSI\TVIWWE
HSGSRGIWWMSRÅVMSSYHIUYIQPIKEPQIRXISVITVIWIRXEVQIHM
ERXIEI\MFMËÇSHSVIWTIGXMZSEPZEVÅISFMPLIXIHIMHIRXMHEHI
HEUYIPI
{7IRHSZÅVMSWSWGSRGIWWMSRÅVMSWEEYXSVM^EËÇSTSHIVÅWIV
HEHETSVEUYIPIUYIIWXMZIVRETSWWIHSXÑXYPSSYEPZEVÅXVEXERHS
WIHIJEQMPMEVIWEXÍESWI\XSKVEYFEWXERHSEYXSVM^EËÇSHIUYEP
UYIVHIPIWUYERHSWIXVEXIHIMRYQEËÇSHIGØRNYKIEWGIRHIRXIHI
GSRGIWWMSRÅVMS
{3WVIWXSWQSVXEMWHSGSRGIWWMSRÅVMSWIVÇSMRYQEHSWMRHI
TIRHIRXIQIRXIHIUYEPUYIVEYXSVM^EËÇS
{7IQTVIUYISGSRGIWWMSRÅVMSRÇSHIGPEVITSVIWGVMXSUYI
EMRYQEËÇSXIQGEVÅGXIVXIQTSVÅVMSXIVWIÅEQIWQEGSQSTIV
TÍXYE
%VXMKS ž
%VXMKS ž
%ZIVFEQIRXS
{%WXVERWQMWWÙIWHIGSRGIWWÙIWHINE^MKSWIWITYPXYVEWTIV
TÍXYEWWÇSEZIVFEHEWRSEPZEVÅHIGSRGIWWÇSQIHMERXIVIUYIVM
QIRXSHSWMRXIVIWWEHSWIET×WSTEKEQIRXSHSWMQTSWXSWHIZMHSW
ES)WXEHS
{3VIUYIVMQIRXSEUYIWIVIJIVISRÞQIVSERXIVMSVÍMRWXVY
ÑHSGSQSWWIKYMRXIWIPIQIRXSW
E -HIRXMJMGEËÇSHSVIUYIVIRXIXVERWQMWWÅVMSRÞQIVSHIMHIR
XMJMGEËÇSJMWGEPQSVEHEIFMPLIXIHIMHIRXMHEHI
F -HIRXMJMGEËÇSHSGSRGIWWMSRÅVMS
G -HIRXMJMGEËÇSHSNE^MKSSYWITYPXYVE
H (SGYQIRXS GSQTVSZEXMZS HS TEKEQIRXS HSW MQTSWXSW
HIZMHSWES)WXEHS
I %PZEVÅHIGSRGIWWÇS
J ,EFMPMXEËÇSHILIVHIMVSWRSGEWSHIXVERWQMWWÇSTSV QSVXI
{4IPSEZIVFEQIRXSWÇSHIZMHEWXE\EWRSWXIVQSWHS6IKY
PEQIRXS1YRMGMTEPHI8E\EW
'%4±8903:--7ITYPXYVEWINE^MKSWEFERHSREHSW
8VEWPEHEËÇS HI VIWXSW QSVXEMW
%VXMKS ž
{ 3 GSRGIWWMSRÅVMS HI NE^MKS TEVXMGYPEV TSHI TVSQSZIV E
XVEWPEHEËÇSHSWVIWXSWQSVXEMWEÑHITSWMXEHSWEXÑXYPSXIQTSVÅVMS
RSWXIVQSWHSEVXMKSžIWIKYMRXIW
{%EYXSVM^EËÇSGEQEVÅVMEÍTVIGIHMHEHETYFPMGEËÇSHIIHM
XEMWGSRXIRHSEMHIRXMJMGEËÇSHSWVIWXSWQSVXEMWSHME I ELSVE
IQUYIXIVÅPYKEVEVIJIVMHEXVEWPEHEËÇS
{%XVEWPEHEËÇSEUYIEPYHIIWXIEVXMKSW×TSHIVÅIJIGXYEVWI
TEVESYXVSNE^MKSSYTEVESWWÅVMSQYRMGMTEP
{3WVIWXSWQSVXEMWHITSWMXEHSWEXÑXYPSTIVTÍXYSW×TSHIQ
WIVXVEWPEHEHSWTEVENE^MKSWITYPXYVESYSWWÅVMSHIGEVÅGXIVTIVTÍ
XYS
%VXMKS ž
3FVMKEËÙIW HS GSRGIWWMSRÅVMS HS NE^MKS
SY WITYPXYVE TIVTÍXYE
{3GSRGIWWMSRÅVMSHINE^MKSSYWITYPXYVETIVTÍXYEUYIE
TIHMHSHIMRXIVIWWEHSPIKÑXMQSRÇSJEGYPXIEVIWTIGXMZEEFIVXYVE
TEVEIJIMXSWHIXVEWPEHEËÇSHIVIWXSWQSVXEMWRSQIWQSMRYQEHSW
WIVÅRSXMJMGEHSEJE^ÎPSIQHMEILSVEGIVXEWSFTIREHISWWIV
ZMËSWTVSQSZIVIQEEFIVXYVEHSNE^MKSSYWITYPXYVE
{3GSZIMVSQYRMGMTEPPEZVESEYXSHESGSVVÎRGMEUYIHIZI
VÅWIVEWWMREHSTSVHYEWXIWXIQYRLEW
'SRGIMXS
{'SRWMHIVEQWIEFERHSREHSWTSHIRHSHIGPEVEVWITVIWGVM
XSWEJEZSVHSQYRMGÑTMSSWNE^MKSWIWITYPXYVEWGYNSWGSRGIWWMS
RÅVMSWRÇSWINEQGSRLIGMHSWSYVIWMHEQIQTEVXIMRGIVXEIRÇS
I\IVËEQSWWIYWHMVIMXSWTSVTIVÑSHSWYTIVMSVEERSWRIQWI
ETVIWIRXIQEVIMZMRHMGÅPSWHIRXVSHSTVE^SHIWIWWIRXEHMEWHI
TSMWHIGMXEHSWTSVQIMSHIIHMXEMWITYFPMGEHSWIQHSMWHSWNSV
REMWVIKMSREMWIHMXEHSWREÅVIEHSQYRMGÑTMS
{(SWIHMXEMWGSRWXEVÇSSWWIKYMRXIWIPIQIRXSW
E 3WRÞQIVSWHSWNE^MKSWIWITYPXYVEWTIVTÍXYEW
F -HIRXMJMGEËÇSIHEXEHEWMRYQEËÙIWHSWGEHÅZIVIWSYSWWE
HEWUYIWIIRGSRXVIQHITSWMXEHSWRIWWINE^MKSWSYWITYP
XYVEW
G 2SQIHSÞPXMQSSYÞPXMQSWGSRGIWWMSRÅVMSWUYIJMKYVIQ
RSWVIKMWXSW
{3TVE^SVIJIVMHSRSRžHIWXIEVXMKSGSRXEWIETEVXMVHE
HEXEHEÞPXMQEMRYQEËÇSSYHEQEMWVIGIRXIEYXSVM^EËÇSTEVEE
VIEPM^EËÇSHISFVEWHIGSRWIVZEËÇSSYHIFIRIJMGMEËÇSI\IGYXEHEW
REWQIRGMSREHEWGSRWXVYËÙIWWIQTVINYÑ^SHIUYEMWUYIVSYXVSWEGXSW
HSWGSRGIWWMSRÅVMSWGSQVIPIZÆRGMEIQXIVQSWHITSWWI
{7MQYPXERIEQIRXIGSQEGMXEËÇSHSWMRXIVIWWEHSWÍGSPSGE
HEREGSRWXVYËÇSJYRIVÅVMETPEGEMRHMGEXMZEHSEFERHSRS
'%4±8903:-%VXMKS ž
8VERWQMWWÙIWHINE^MKSWIWITYPXYVEWTIVTÍXYEW
(IGPEVEËÇS HI GEHYGMHEHI
%VXMKS ž
8VERWQMWWÇS TSV EGXS IRXVI ZMZSW
{7×WÇSEHQMXMHEWXVERWQMWWÙIWIRXVIZMZSWHIGSRGIWWÙIW
HINE^MKSWIWITYPXYVEWTIVTÍXYEWUYERHSRIPIWRÇSI\MWXEQGSV
TSWSYSWWEHEWSYWISEHUYMVIRXIWIVIWTSRWEFMPM^EVTIPETIVTIXYM
HEHIHEGSRWIVZEËÇSRSTV×TVMSNE^MKSSYWITYPXYVEHSWGSVTSWSY
SWWEHEWEÑI\MWXIRXIWWSFI\TVIWWEEYXSVM^EËÇSHSTVIWMHIRXIHE
'ÆQEVE
{%WWIKYRHEWXVERWQMWWÙIWIWIKYMRXIWWÇSEYXSVM^EHEWHI
TSMWHIHIGSVVMHSWQEMWHIGMRGSERSWWSFVIEERXIVMSVXVERWQMW
WÇS
%VXMKS ž
8VERWQMWWÇS TSV QSVXI
{%WXVERWQMWWÙIWTSVQSVXIHEWGSRGIWWÙIWHINE^MKSWSY
WITYPXYVEW TIVTÍXYEW SFIHIGIQ ESW XIVQSW KIVEMW HI HMVIMXS
WYGIWW×VMS
{%WXVERWQMWWÙIWTSVXIWXEQIRXSW×WÇSIJMGE^IWET×WEEGIM
XEËÇSTIPS4VIWMHIRXIHE'ÆQEVE1YRMGMTEP
{(IGSVVMHSSTVE^SHIWIWWIRXEHMEWTVIZMWXSRSEVXMKSER
XIVMSVWIQUYISGSRGIWWMSRÅVMSSYWIYVITVIWIRXERXIXIRLEJIMXS
GIWWEVEWMXYEËÇSHIEFERHSRSE'ÆQEVE1YRMGMTEPTSHIHIGPEVEV
EGEHYGMHEHIHEGSRGIWWÇSITVIWGVMXSWEJEZSVHSQYRMGÑTMSSW
NE^MKSWIWITYPXYVEWEFERHSREHSW
{%HIGPEVEËÇSHIGEHYGMHEHIÍTYFPMGEHEIQIHMXEPEJM\EHS
RSWPYKEVIWHIIWXMPSHYVERXIGMRGSHSWHMEWWYFWIUYIRXIWÄXS
QEHEHIHIGMWÇSIRSWNSVREMWVIJIVMHSWRSRžHSEVXMKSERXIVMSV
%VXMKS ž
6IEPM^EËÇS HI SFVEW
{% 'ÆQEVE 1YRMGMTEP TSHI SJMGMSWEQIRXI SY E VIUYIVM
QIRXS HI UYEPUYIVMRXIVIWWEHSSVHIREVJM\ERHSYQTVE^STEVES
IJIMXS
E %I\IGYËÇSHISFVEWHIGSRWIVZEËÇSRIGIWWÅVMEWÄGSVVIG
ËÇSHIQÅWGSRHMËÙIWHIWIKYVERËESYHIWEPYFVMHEHI
F %HIQSPMËÇSXSXEPSYTEVGMEPHSWNE^MKSWUYIEQIEGIQVYÑRE
SYSJIVIËEQTIVMKSTEVEEWEÞHITÞFPMGEITEVEEWIKY
VERËEHEWTIWWSEW
%4®2(-')2ž { --7­6-) { 2ž { HI*IZIVIMVSHI
{%HIPMFIVEËÇSVIJIVMHERSRÞQIVSERXIVMSVÍTVIGIHMHEHI
ZMWXSVMEEVIEPM^EVTSVXVÎWXÍGRMGSWEHIWMKREVTIPE'ÆQEVE1YRM
GMTEP
{(EZMWXSVMEÍPEZVEHSSEYXSHSUYEPGSRWXESFVMKEXSVME
QIRXIEHIWGVMËÇSHSIWXEHSHSNE^MKSIGEWSWIVITYXIZMÅZIPEW
SFVEWHIGSRWIVZEËÇSRIGIWWÅVMEW
{%SVHIQHII\IGYËÇSHISFVEWSYHIHIQSPMËÇSEUYIWI
VIJIVISRžÍERXIGIHMHEHIEYHMËÇSHSGSRGIWWMSRÅVMSUYIHMW
TÙIHIHMEWÞXIMWEGSRXEVHEHEXEIQUYIJSVRSXMJMGEHSTEVEWI
TVSRYRGMEVTSVIWGVMXSWSFVISGSRXIÞHSHEQIWQE
{5YERHSSGSRGIWWMSRÅVMSRÇSMRMGMEVEWSFVEWSYRÇSEW
GSRGPYMVHIRXVSHSWTVE^SWJM\EHSWTSHIE'ÆQEVE1YRMGMTEPI\IGYXÅ
PEWEI\TIRWEWHSMRJVEGXSVWIKYMRHSWISWHIQEMWXIVQSWHSEV
XMKSžHS'×HMKSHS4VSGIHMQIRXS%HQMRMWXVEXMZS
{(IGSVVMHSYQERSWSFVIEHIQSPMËÇSHIYQNE^MKSWIQUYI
ES XIVVIRS XIRLE WMHS HEHS UYEPUYIV YWS TIPS GSRGIWWMSRÅVMS Í
HIGPEVEHEEGEHYGMHEHIHEGSRGIWWÇSRSWXIVQSWHSEVXMKSž
%VXMKS ž
)\IGYËÇS HI SFVEW TIPE 'ÆQEVE
4EVESWIJIMXSWHSRžHSEVXMKSERXIVMSVWIVÇSTYFPMGEHSWERÞRGMSW
IQHSMWHSWNSVREMWVIKMSREMWIHMXEHSWREÅVIEHSQYRMGÑTMSHERHS
GSRXEHSIWXEHSHSWNE^MKSWIMHIRXMJMGERHSTIPSWRSQIWIHEXEWHI
MRYQEËÇSSWGSVTSWRIPIHITSWMXEHSWFIQGSQSSRSQIHSSY
HSWÞPXMQSWGSRGIWWMSRÅVMSWUYIJMKYVIQRSWVIKMWXSWTEVEIZIR
XYEPVIGPEQEËÇSHSWGSVTSWSYVIWXSWQSVXEMWRSTVE^SEÑJM\EHS
%VXMKS ž
6IWXSW QSVXEMW RÇS HIGPEVEHSW
3WVIWXSWQSVXEMWI\MWXIRXIWIQNE^MKSWEHIQSPMVSYHIGPEVEHSW
TVIWGVMXSWUYERHSHIPIWWINEQVIXMVEHSWWÇSMRYQEHSWIQWITYPXY
VEWEMRHMGEVTIPSTVIWMHIRXIHE'ÆQEVEGEWSRÇSWINEQVIGPEQE
HSWRSTVE^SUYITEVESIJIMXSJSVIWXEFIPIGMHS
TVIKEVGSVIUYEMWUYIVSYXVSWIPIQIRXSWIWGPEVIGIHSVIW
HESFVEEI\IGYXEV
G (IGPEVEËÇSHIVIWTSRWEFMPMHEHI
H )WXMQEXMZESVËEQIRXEP
{2EIPEFSVEËÇSIETVIGMEËÇSHSWTVSNIGXSWHIZIEXIRHIVWI
ÄWSFVMIHEHITV×TVMEHEWGSRWXVYËÙIWJYRIVÅVMEWI\MKMHETIPSJMQE
UYIWIHIWXMREQ
{%WTEVIHIWI\XIVMSVIWHSWNE^MKSWW×TSHIQWIVGSRWXVYÑHEW
GSQQEXIVMEMWRSFVIWRÇSWITIVQMXMRHSSVIZIWXMQIRXSGSQEV
KEQEWWEHIGEPSYE^YPINSWHIZIRHSEWVIWTIGXMZEWSFVEWWIVGSR
ZIRMIRXIQIRXII\IGYXEHEW
{7EPZSIQGEWSWI\GITGMSREMWREGSRWXVYËÇSHINE^MKSWSY
VIZIWXMQIRXSHIWITYPXYVEWTIVTÍXYEWW×ÍTIVQMXMHSSIQTVIKSHI
TIHVEHIYQEW×GSV
%VXMKS ž
6IZIWXMQIRXS HI WITYPXYVEW TIVTÍXYEW SY XIQTSVÅVMEW
{3TIHMHSHIPMGIRGMEQIRXSTEVEVIZIWXMQIRXSHIWITYPXYVE
TIVTÍXYESYXIQTSVÅVMEÍETVSZEHSTIPE'ÆQEVE1YRMGMTEP
{3VIUYIVMQIRXSHIZIWIVEGSQTERLEHSHSWWIKYMRXIWIPI
QIRXSW
E (IWIRLSHIZMHEQIRXIGSXEHSÄIWGEPEHI
F 1IQ×VMEHIWGVMXMZEUYIIWTIGMJMUYIEREXYVI^EIGSVHSW
QEXIVMEMWEYXMPM^EV
{*MRHSSTIVÑSHSHIMRYQEËÇSSVIZIWXMQIRXSHEWWITYPXY
VEWXIQTSVÅVMEWÍVIXMVEHSTIPSVIUYIVIRXISYJEQMPMEVIWRSTVE^S
JM\EHSTIPE'ÆQEVE1YRMGMTEP
{%'ÆQEVEWYFWXMXYMVWIÅESWMRXIVIWWEHSWWIQTVIUYI
RÇSJSVVIWTIMXEHSSTVE^SVIJIVMHSRSRÞQIVSERXIVMSVGSVVIRHS
EWHIWTIWEWTSVGSRXEHSMRJVEGXSVVIZIVXIRHSTEVEE'ÆQEVESW
QEXIVMEMWHIVIZIWXMQIRXSVIXMVEHSW
%VXMKS ž
6IUYMWMXSW HSW NE^MKSW
%VXMKS ž
{3WNE^MKSWQYRMGMTEMWSYTEVXMGYPEVIWWÇSGSQTEVXMQIRXEHSW
IQGÍPYPEWGSQEWWIKYMRXIWHMQIRWÙIW
¦QFMXS HIWXI GETÑXYPS
3TVIGIMXYEHSRIWXIGETÑXYPSETPMGEWIGSQEWRIGIWWÅVMEWEHET
XEËÙIWÄWWITYPXYVEWTIVTÍXYEW
'%4±8903-<
'SRWXVYËÙIWJYRIVÅVMEW
7)'Ǥ3(EW SFVEW
'SQTVMQIRXS{Q
0EVKYVE{Q
%PXYVE{Q
{2SWNE^MKSWRÇSTSHILEZIVQEMWHSUYIGMRGSGÍPYPEWWS
FVITSWXEWEGMQEHSRÑZIPHSXIVVIRSSYIQGEHETEZMQIRXSUYERHS
WIXVEXIHIIHMJMGEËÇSHIZÅVMSWERHEVIWTSHIRHSXEQFÍQHMWTSV
WIIQWYFXIVVÆRISW
{2ETEVXIWYFXIVVÆRIEHSWNE^MKSWI\MKIQWIGSRHMËÙIWIW
TIGMEMWHIGSRWXVYËÇSXIRHIRXIWEMQTIHMVEWMRJMPXVEËÙIWHIÅKYE
IETVSTSVGMSREVEVINEQIRXSEHIUYEHSJÅGMPEGIWWSIHIFSEMPY
QMREËÇS
%VXMKS ž
3WWÅVMSW QYRMGMTEMW
%VXMKS ž
0MGIRGMEQIRXS
{3TIHMHSHIPMGIRËETEVEGSRWXVYËÇSVIGSRWXVYËÇSSYEPXI
VEËÇSHINE^MKSWTEVXMGYPEVIWHIZIVÅWIVJSVQYPEHSTIPSGSRGIWWM
SRÅVMSIQVIUYIVMQIRXSHMVMKMHSESTVIWMHIRXIHE'ÆQEVEMRWXVY
ÑHSGSQSTVSNIGXSHESFVEIPEFSVEHSTSVXÍGRMGSGVIHIRGMEHSRE
'ÆQEVE1YRMGMTEPIHYTPMGEHS
{7IVÅHMWTIRWEHEEMRXIVZIRËÇSHIXÍGRMGSTEVETIUYIREW
EPXIVEËÙIWUYIRÇSEJIGXIQEIWXVYXYVEHESFVEMRMGMEPHIWHIUYI
TSWWEQWIVHIJMRMHEWIQWMQTPIWHIWGVMËÇSMRXIKVEHERSTV×TVMS
VIUYIVMQIRXS
{)WXÇSMWIRXEWHIPMGIRËEEWSFVEWHIWMQTPIWGSRWIVZEËÇSI
FIRIJMGMEËÇSHIWHIUYIRÇSMQTPMUYIQEPXIVEËÇSHSEWTIGXSMRMGM
EPHSWNE^MKSW
%VXMKS ž
4VSNIGXS
{(STVSNIGXSVIJIVMHSRSEVXMKSERXIVMSVHIZIQGSRWXEVSW
WIKYMRXIWIPIQIRXSW
{3WSWWÅVMSWQYRMGMTEMWHMZMHIQWIIQGÍPYPEWGSQEWWI
KYMRXIWHMQIRWÙIWQÑRMQEWMRXIVMSVIW
'SQTVMQIRXS{Q
0EVKYVE{Q
%PXYVE{Q
{2SWSWWÅVMSWRÇSTSHILEZIVQEMWHSUYIWIXIGÍPYPEWWS
FVITSWXEWEGMQEHSRÑZIPHSXIVVIRSSYIQGEHETEZMQIRXSUYERHS
WIXVEXIHIIHMJMGEËÇSHIZÅVMSWERHEVIW
{%HQMXIWIEMRHEEGSRWXVYËÇSHISWWÅVMSWWYFXIVVÆRISWIQ
GSRHMËÙIWMHÎRXMGEWIGSQSFWIVZÆRGMEHSHIXIVQMREHSRSRžHS
EVXMKSERXIVMSV
%VXMKS ž
.E^MKSW HI GETIPE
3WNE^MKSWHIGETIPERÇSTSHIQXIVHMQIRWÙIWMRJIVMSVIWEQ
HIJVIRXIIQHIJYRHS
%VXMKS ž
3FVEW HI GSRWIVZEËÇS
E 6ITVIWIRXEËÇSHSWEPËEHSWHIZMHEQIRXIGSXEHSWÄIWGEPE
QÑRMQEHIGSQMHIRXMJMGEËÇSHEWGSVIW
F 1IQ×VMEHIWGVMXMZEHESFVEIQUYIWIIWTIGMJMUYIEWGE
VEGXIVÑWXMGEWHEWJYRHEËÙIWREXYVI^EHSWQEXIVMEMWEIQ
2SWNE^MKSWHIZIQIJIGXYEVWISFVEWHIGSRWIVZEËÇSTIPSQI
RSWHISMXSIQSMXSERSWSYWIQTVIUYIEWGMVGYRWXÆRGMEWSMQ
TSRLEQ
%4®2(-')2ž { --7­6-) { 2ž { HI*IZIVIMVSHI
%VXMKS ž
%VXMKS ž
'EWSW SQMWWSW
4VSMFMËÙIW RS VIGMRXS HS GIQMXÍVMS
)QXYHSSUYIRIWXEWIGËÇSRÇSWIIRGSRXVIIWTIGMEPQIRXIVI
KYPEHSETPMGEVWIÅGSQEWHIZMHEWEHETXEËÙIWSHMWTSWXSRS6IKMQI
.YVÑHMGSHE9VFERM^EËÇSI)HMJMGEËÇS
7)'«§3-(SW WMREMW JYRIVÅVMSW I HS IQFIPI^EQIRXS
HSW NE^MKSW I WITYPXYVEW
%VXMKS ž
7MREMW JYRIVÅVMSW
{2EWWITYPXYVEWINE^MKSWTIVQMXIWIEGSPSGEËÇSHIGVY^IW
IGEM\EWTEVEGSVSEWEWWMQGSQSMRWGVMËÇSHIITMXÅJMSWISYXVSW
WMREMWJYRIVÅVMSWGSWXYQEHSW
{2ÇSWÇSTIVQMXMHSWITMXÅJMSWIQUYIWII\EPXIQMHIMEWTSPÑXMGEW
SYVIPMKMSWEWUYITSWWEQJIVMVEWYWGITXMFMPMHEHITÞFPMGESYUYI
TIPEWYEVIHEGËÇSTSWWEQGSRWMHIVEVWIHIWVIWTIMXSWSWSYMREHI
UYEHSW
%VXMKS ž
)QFIPI^EQIRXS
­TIVQMXMHSIQFIPI^EVEWGSRWXVYËÙIWJYRIVÅVMEWGSQVIZIWXM
QIRXSWEHIUYEHSWENEVHMREQIRXSFSVHEHYVEWZEWSWTEVETPERXEW
SYTSVUYEPUYIVSYXVEJSVQEUYIRÇSEJIGXIEHMKRMHEHITV×TVMEHS
PSGEP
%VXMKS ž
%YXSVM^EËÇS TVÍZME
%VIEPM^EËÇSTSVTEVXMGYPEVIWHIUYEMWUYIVXVEFEPLSWRSGIQMXÍ
VMSJMGEWYNIMXEETVÍZMEEYXSVM^EËÇSHSTVIWMHIRXIHE'ÆQEVEIÄ
SVMIRXEËÇSIJMWGEPM^EËÇSHSWWIVZMËSWQYRMGMTEMW
{2SVIGMRXSHSGIQMXÍVMSÍTVSMFMHS
E 4VSJIVMVTEPEZVEWSYTVEXMGEVEGXSWSJIRWMZSWHEQIQ×VME
HSWQSVXSWSYHSVIWTIMXSHIZMHSESPSGEP
F )RXVEVEGSQTERLEHSHIUYEMWUYIVERMQEMW
G 8VERWMXEVJSVEHSWEVVYEQIRXSWSYHEWZMEWHIEGIWWSUYI
WITEVIQEWWITYPXYVEW
H 'SPLIVJPSVIWSYHERMJMGEVTPERXEWSYÅVZSVIW
I 4PERXEVÅVZSVIWHIJVYXSSYUYEMWUYIVTPERXEWUYITSWWEQ
YXMPM^EVWIREEPMQIRXEËÇS
J (ERMJMGEVNE^MKSWWITYPXYVEWWMREMWJYRIVÅVMSWSYUYEMW
UYIVSYXVSWSFNIGXSW
K 6IEPM^EVQERMJIWXEËÙIWHIGEVÅGXIVTSPÑXMGS
L 9XMPM^EVETEVIPLSWÅYHMSI\GITXSGSQEYVMGYPEVIW
M %TIVQERÎRGMEHIGVMERËEWUYERHSRÇSEGSQTERLEHEW
%VXMKS ž
6IXMVEHE HI SFNIGXSW
3WSFNIGXSWYXMPM^EHSWTEVEJMRWHISVREQIRXEËÇSSYHIGYPXS
IQNE^MKSWSYWITYPXYVEWRÇSTSHIQHEÑWIVVIXMVEHSWWIQETVIWIR
XEËÇSHSEPZEVÅSYEYXSVM^EËÇSIWGVMXEHSGSRGIWWMSRÅVMSRIQWEMV
HSGIQMXÍVMSWIQEYXSVM^EËÇSHIJYRGMSRÅVMSEHWXVMXSESGIQMXÍ
VMS
%VXMKS ž
6IEPM^EËÇS HI GIVMQ×RMEW
{(IRXVSHSIWTEËSHSGIQMXÍVMSGEVIGIQHIEYXSVM^EËÇSHS
TVIWMHIRXIHE'ÆQEVE
E
F
G
H
I
1MWWEWGEQTEMWISYXVEWGIVMQ×RMEWWMQMPEVIW
7EPZEWHIXMVSWREWI\ÍUYMEWJÞRIFVIWQMPMXEVIW
%GXYEËÙIWQYWMGEMW
-RXIVZIRËÙIWXIEXVEMWGSVISKVÅJMGEWIGMRIQEXSKVÅJMGEW
6ITSVXEKIRWVIPEGMSREHEWGSQEEGXMZMHEHIGIQMXIVMEP
(EQYHERËEHIPSGEPM^EËÇSHSGIQMXÍVMS
{3TIHMHSHIEYXSVM^EËÇSEUYIWIVIJIVISRÞQIVSERXIVMSV
HIZI WIV JIMXS GSQ ZMRXI I UYEXVS LSVEW HI ERXIGIHÎRGME WEPZS
QSXMZSWTSRHIVSWSW
%VXMKS ž
%VXMKS ž
-RGMRIVEËÇS HI SFNIGXSW
6IKMQI PIKEP
2ÇSTSHIQWEMVHSGIQMXÍVMSEÑHIZIRHSWIVUYIMQEHSWSWGEM
\ÙIWSYYVREWUYIXIRLEQGSRXMHSGSVTSWSYSWWEHEW
'%4±8903<
%QYHERËEHIYQGIQMXÍVMSTEVEXIVVIRSHMJIVIRXIHEUYIPISRHI
IWXÅMRWXEPEHSUYIMQTPMUYIEXVERWJIVÎRGMEXSXEPSYTEVGMEPHSW
GEHÅZIVIWSWWEHEWJIXSWQSVXSWITIËEWEREX×QMGEWUYIEÑIWXI
NEQMRYQEHSWÍHEGSQTIXÎRGMEHE'ÆQEVE1YRMGMTEP
%VXMKS ž
8VERWJIVÎRGME HS GIQMXÍVMS
2SGEWSHIXVERWJIVÎRGMEHSGIQMXÍVMSTEVESYXVSPSGEPSWHM
VIMXSWIHIZIVIWHSWGSRGIWWMSRÅVMSWWÇSEYXSQEXMGEQIRXIXVERW
JIVMHSWTEVESRSZSPSGEPWYTSVXERHSE'ÆQEVE1YRMGMTEPSWIR
GEVKSWGSQSXVERWTSVXIHSWVIWXSWMRYQEHSWIWITYPXYVEWINE^MKSW
GSRGIWWMSREHSW
%VXMKS ž
%FIVXYVE HI GEM\ÇS HI QIXEP
{­TVSMFMHEEEFIVXYVEHIGEM\ÇSHI^MRGSWEPZSIQGYQTVM
QIRXSHIQERHEHSHEEYXSVMHEHINYHMGMÅVMETEVEIJIMXSWHIGSPS
GEËÇSIQWITYPXYVESYIQPSGEPHIGSRWYQTËÇSEIV×FMEHIGEHÅZIV
RÇSMRYQEHSSYTEVEIJIMXSWHIGVIQEËÇSHIGEHÅZIVSYHISWWE
HEW
{3HMWTSWXSRSRÞQIVSERXIVMSVETPMGEWIÄEFIVXYVEHIGEM
\ÇSHIGLYQFSYXMPM^EHSIQMRYQEËÇSIJIGXYEHEERXIWHEIRXVEHE
IQZMKSVHS(IGVIXS0IMRžHIHI(I^IQFVS
'%4±8903<-'%4±8903<*MWGEPM^EËÇSIWERËÙIW
(MWTSWMËÙIWKIVEMW
%VXMKS ž
%VXMKS ž
*MWGEPM^EËÇS
)RXVEHE HI ZMEXYVEW TEVXMGYPEVIW
{2SGIQMXÍVMSÍTVSMFMHEEIRXVEHEHIZMEXYVEWTEVXMGYPEVIW
WEPZSRSWWIKYMRXIWGEWSWIET×WEYXSVM^EËÇSHSWWIVZMËSWHSGIQM
XÍVMS
E :MEXYVEWUYIXVERWTSVXIQQÅUYMREWSYQEXIVMEMWHIWXMRE
HSWÄI\IGYËÇSHISFVEWRSGIQMXÍVMS
F :MEXYVEWPMKIMVEWHIREXYVI^ETEVXMGYPEVXVERWTSVXERHSTIWWSEW
UYIHEHEEWYEMRGETEGMHEHIJÑWMGEXIRLEQHMJMGYPHEHIW
IQWIHIWPSGEVETÍ
%JMWGEPM^EËÇSHSGYQTVMQIRXSHSTVIWIRXI6IKYPEQIRXSGEFIÄ
'ÆQEVE1YRMGMTEPÄWEYXSVMHEHIWHIWEÞHIIÄWEYXSVMHEHIWHITSPÑGME
%VXMKS ž
'SQTIXÎRGME
%GSQTIXÎRGMETEVEHIXIVQMREVEMRWXVYËÇSHSTVSGIWWSHIGSR
XVESVHIREËÇSITEVEETPMGEVEVIWTIGXMZEGSMQETIVXIRGIESTVI
WMHIRXIHE'ÆQEVE
%4®2(-')2ž { --7­6-) { 2ž { HI*IZIVIMVSHI
%VXMKS ž
'SRXVESVHIREËÙIW I GSMQEW
{'SRWXMXYMGSRXVESVHIREËÇSTYRÑZIPGSQGSMQEHIIYVSW
E IYVSW E ZMSPEËÇS HEW WIKYMRXIW RSVQEW HS (IGVIXS0IM
Rž HIHI(I^IQFVS
E %VIQSËÇSHIGEHÅZIVTSVIRXMHEHIHMJIVIRXIHEWTVIZMW
XEWRSRžHSEVXMKSž
F 3XVERWTSVXI HIGEHÅZIVJSVE HIGIQMXÍVMSTSVZMEJÍV
VIEQEVÑXMQESYEÍVIEIQMRJVEGËÇSESHMWTSWXSRSEV
XMKSžRSWI G 3XVERWTSVXIHISWWEHEWJSVEHIGIQMXÍVMSTSVIWXVEHESY
TSVZMEJÍVVIEQEVÑXMQESYEÍVIEIQMRJVEGËÇSESHMW
TSWXSRSEVXMKSž R SWI H 3 XVERWTSVXIHI GEHÅZIVSY SWWEHEWJSVEHI GIQMXÍVMS
TSV IWXVEHE SY TSV ZME JÍVVIE QEVÑXMQE SY EÍVIE
HIWEGSQTERLEHSHIJSXSG×TMEWMQTPIWHIYQHSWHSGYQIR
XSWTVIZMWXSWRSRžHSEVXMKSž
I %MRYQEËÇSGVIQEËÇSIRGIVVEQIRXSIQGEM\ÇSHI^MR
GSSYGSPSGEËÇSIQGÆQEVEJVMKSVMJMGEHIGEHÅZIVERXIW
HIHIGSVVMHEWZMRXIIUYEXVSLSVEWWSFVIS×FMXS
J %MRYQEËÇSSYGVIQEËÇSHIGEHÅZIVJSVEHSWTVE^SWTVI
ZMWXSWRSRžHSEVXMKSž
K %MRYQEËÇSGVIQEËÇSIRGIVVEQIRXSIQGEM\ÇSHI^MR
GSSYGSPSGEËÇSIQGÆQEVEJVMKSVÑJMGEHIGEHÅZIVWIQUYI
XIRLEWMHSTVIZMEQIRXIPEZVEHSEWWIRXSSYEYXSHIHIGPE
VEËÇSHI×FMXSSYIQMXMHSFSPIXMQHI×FMXSRSWXIVQSWHS
RžHSEVXMKSž
L %EFIVXYVEHIGEM\ÇSHI^MRGSSYHIGLYQFSJSVEHEWWM
XYEËÙIWTVIZMWXEWRSRžHSEVXMKSž
M %EFIVXYVEHIGEM\ÇSHI^MRGSSYHIGLYQFSTEVEIJIMXSW
HIGVIQEËÇSHIGEHÅZIVSYHISWWEHEWHIJSVQEHMJIVIRXI
HE UYI JSM HIXIVQMREHE TIPE IRXMHEHI VIWTSRWÅZIP TIPE
'ÆQEVE1YRMGMTEP
N %MRYQEËÇSJSVEHIGIQMXÍVMSTÞFPMGSSYHIEPKYRWPSGEMW
TVIZMWXSWRSRžHSEVXMKSž
O %YXMPM^EËÇSRSJEFVMGSHIGEM\ÇSSYGEM\EHI^MRGSHI
JSPLEGSQIWTIWWYVEMRJIVMSVEQQ
M %MRYQEËÇSIQWITYPXYVEGSQYQRÇSMHIRXMJMGEHEJSVEHEW
WMXYEËÙIWTVIZMWXEWRSEVXMKSž
Q %GVIQEËÇSHIGEHÅZIVUYIXMZIVWMHSSFNIGXSHIEYX×TWME
QÍHMGSPIKEPWIQEYXSVM^EËÇSHEEYXSVMHEHINYHMGMÅVME
R %GVIQEËÇSHIGEHÅZIVJSVEHSWPSGEMWTVIZMWXSWRSEV
XMKSž
S %EFIVXYVEHIWITYPXYVESYPSGEPHIGSRWYQTËÇSEIV×FME
ERXIWHIHIGSVVMHSWXVÎWERSWWEPZSIQGYQTVMQIRXSHI
QERHEHSHEEYXSVMHEHINYHMGMÅVME
T %MRJVEGËÇSESHMWTSWXSRSRžHSEVXMKSž
U %XVEWPEHEËÇSHIGEHÅZIVWIQWIVIQGEM\ÇSHIGLYQFS
RSWGEWSWTVIZMWXSWRSRžHSEVXMKSžSYHI^MRGS
GSQEIWTIWWYVEQÑRMQEHIQQ
{'SRWXMXYMGSRXVESVHIREËÇSTYRÑZIPGSQYQEGSMQEQÑRM
QEHIIYVSWIQÅ\MQEHIIYVSWEZMSPEËÇSHEWWIKYMR
XIWRSVQEWHS(IGVIXS0IMRžHIHI(I^IQFVS
E 8VERWTSVXIHIGMR^EWVIWYPXERXIWHEGVIQEËÇSHIGEHÅZIV
SYHISWWEHEWJSVEHIGIQMXÍVMSIQVIGMTMIRXIRÇSETVS
TVMEHS
F XVERWTSVXIHIGEHÅZIVSWWEHEWSYGMR^EWVIWYPXERXIWHE
GVIQEËÇSHSWQIWQSWHIRXVSHIGIQMXÍVMSHIJSVQEHM
JIVIRXIHEUYIXMZIVWMHSHIXIVQMREHE'ÆQEVE1YRMGMTEP
G %MRJVEGËÇSESHMWTSWXSRSRžHSEVXMKSž
H %XVEWPEHEËÇSHISWWEHEWWIQWIVIQGEM\EHI^MRGSGSQ
EIWTIWWYVEQÑRMQEHIQSYHIQEHIMVE
{%RIKPMKÎRGMEIEXIRXEXMZEWÇSTYRÑZIMW
%VXMKS ž
7ERËÙIW EGIWW×VMEW
{)QJYRËÇSHEKVEZMHEHIHEMRJVEGËÇSIHEGYPTEHSEKIRXI
WÇSETPMGÅZIMWWMQYPXERIEQIRXIGSQEGSMQEEWWIKYMRXIWEGIW
W×VMEW
E 4IVHEHISFNIGXSWTIVXIRGIRXIWESEKIRXI
F -RXIVHMËÇSHSI\IVGÑGMSHITVSJMWWÙIWSYEGXMZMHEHIWGYNS
I\IVGÑGMSHITIRHEHSXÑXYPSTÞFPMGSSYHIEYXSVM^EËÇSSY
LSQSPSKEËÇSHIEYXSVMHEHITÞFPMGE
G )RGIVVEQIRXSHIIWXEFIPIGMQIRXSGYNSJYRGMSREQIRXSIWXINE
WYNIMXSEEYXSVM^EËÇSSYPMGIRËEHIEYXSVMHEHIEHQMRMWXVE
XMZE
H 7YWTIRWÇSHIEYXSVM^EËÙIWPMGIRËEWIEPZEVÅW
{­HEHETYFPMGMHEHIÄHIGMWÇSUYIETPMGEVYQEGSMQEEYQE
EKÎRGMEJYRIVÅVME
'%4±8903<--(MWTSWMËÙIWJMREMW
%VXMKS ž
3QMWWÙIW
¤WWMXYEËÙIWRÇSGSRXIQTPEHEWRSTVIWIRXI6IKYPEQIRXSWÇS
ETPMGÅZIMWEWRSVQEWITVMRGÑTMSWKIVEMWHIHMVIMXS
%VXMKS ž
2SVQE VIZSKEX×VME
­VIZSKEHSS6IKYPEQIRXSHS'IQMXÍVMS1YRMGMTEPETVSZEHS
IQWIWWÇSHS'SRGIPLS1YRMGMTEPVIEPM^EHSIQHI*IZIVIMVS
HIITSWXIVMSVIWEPXIVEËÙIW
%VXMKS ž
)RXVEHE IQ ZMKSV
)WXI6IKYPEQIRXSIRXVEIQZMKSVRSHMEWIKYMRXIÄWYETYFPMGE
ËÇSRS(MÅVMSHE6ITÞFPMGE
'¦1%6% 192-'-4%0 () 13+%(3963
%ZMWSRžŽWÍVMI{%4 { 'SRXVEXSHIXVE
FEPLSEXIVQSGIVXS{4EVESWHIZMHSWIJIMXSWXSVREWITÞFPMGS
UYITSVQIYHIWTEGLSHEXEHSHIHI(I^IQFVSHIJSVEQ
GIPIFVEHSWSWWIKYMRXIWGSRXVEXSWHIXVEFEPLSEXIVQSGIVXSTSV
YQERSRSWXIVQSWHSWEVXMKSWžIžHS(IGVIXS0IMRž
HIHI.YPLSTEVEEGEXIKSVMEHIQIHMHSVSVËEQIRXMWXEMRÑGMS
HIJYRËÙIWIQHI(I^IQFVSHIGSQ6YM*MPMTI'EVZEPLS
1EGLEHS
3W GSRXVEXSW JSVEQ GIPIFVEHSW TSV YVKIRXI GSRZIRMÎRGME HI
WIVZMËSRSWXIVQSWHSRžHSEVXMKSžHS(IGVIXS0IMRž
HIHI.YPLS-WIRXSWHIZMWXSHS8VMFYREPHI'SRXEW
HI(I^IQFVSHI{4IPS4VIWMHIRXIHE'ÆQEVE%WWM
REXYVEMPIKÑZIP
%ZMWSRžŽWÍVMI{%4{'SRXVEXSHIXVE
FEPLSEXIVQSGIVXS{4EVESWHIZMHSWIJIMXSWXSVREWITÞFPMGS
UYITSVQIYHIWTEGLSHEXEHSHIHI(I^IQFVSHIJSVEQ
GIPIFVEHSWSWWIKYMRXIWGSRXVEXSWHIXVEFEPLSEXIVQSGIVXSTSV
YQERSRSWXIVQSWHSWEVXMKSWžIžHS(IGVIXS0IMRž
HIHI.YPLSTEVEEGEXIKSVMEHIHIWIRLEHSVGSQMRÑGMSHI
JYRËÙIWIQHI.ERIMVSHIGSQ0Y^ME'SVHIMVS7EPKEHS
HIWIRLEHSV
3W GSRXVEXSW JSVEQ GIPIFVEHSW TSV YVKIRXI GSRZIRMÎRGME HI
WIVZMËSRSWXIVQSWHSRžHSEVXMKSžHS(IGVIXS0IMRž
HIHI.YPLS-WIRXSWHIZMWXSHS8VMFYREPHI'SRXEW
HI(I^IQFVSHI{4IPS4VIWMHIRXIHE'ÆQEVE%WWM
REXYVEMPIKÑZIP
%ZMWSRžŽWÍVMI{%4 { 'SRXVEXSHIXVE
FEPLSEXIVQSGIVXS{4EVESWHIZMHSWIJIMXSWXSVREWITÞFPMGS
UYITSVQIYHIWTEGLSHEXEHSHIHI(I^IQFVSHIJSVEQ
GIPIFVEHSWSWWIKYMRXIWGSRXVEXSWHIXVEFEPLSEXIVQSGIVXSTSV
YQERSRSWXIVQSWHSWEVXMKSWžIžHS(IGVIXS0IMRž
HIHI.YPLSTEVEEGEXIKSVMEHIEVUYMXIGXSGSQMRÑGMSHI
JYRËÙIWIQHI.ERIMVSHIGSQ-WEHSVE+EFVMIPE%JSRWS
'SIPLS
3W GSRXVEXSW JSVEQ GIPIFVEHSW TSV YVKIRXI GSRZIRMÎRGME HI
WIVZMËSRSWXIVQSWHSRžHSEVXMKSžHS(IGVIXS0IMRž
HIHI.YPLS-WIRXSWHIZMWXSHS8VMFYREPHI'SRXEW
HI(I^IQFVSHI{4IPS4VIWMHIRXIHE'ÆQEVE%WWM
REXYVEMPIKÑZIP
Download

Regulamento dos Cemitérios Municipais