.FEJBEJHJUBJT
OPWPTUFSSFOPTQBSBB
FYQBOTÍPEBUFYUVBMJEBEF
1FESP3FJT
"JOUFSTFDÎÍPEBMJUFSBUVSBDPNBJOGPSNÈUJDBDPN
DPOUSBQBSUJEBEFVNTJTUFNBPVEFVNBDPOmHV
FTQFDJBMJODJEÐODJBOBQPFTJBBOJNBEBFNDPNQV
SBÎÍPNBJTDPNQMFYBiNÈRVJOBQSPHSBNBUFYUPw
UBEPSRVFTFSÈPPCKFDUPFNBOÈMJTFOFTUFCSFWF
FOTBJPBDFOUVBBUFOEÐODJBEPUFYUPQBSBUSBOTQPS
0VTPEPDPNQVUBEPSJNQMJDBFTUSBUÏHJBTRVFTF
PTMJNJUFTDPOWFODJPOBJTBPJOUFOTJmDBSBTQSPQPT
BGBTUBNEPQSPDFTTPEFMFJUVSBBRVFPMJWSPJNQSFTTP
UBTEFJOUFSQFOFUSBÎÍPEPWFSCBMDPNPTPOPSPF
OPTIBCJUVPVBQÈHJOBMVNJOPTBFYQPTUBOPFDSÍ
PWJTVBMKÈQSFTFOUFTFNNBOJGFTUBÎÜFTBOUFSJPSFT
BQFMBNBJTBWFSBQFSDPSSFSDPNPPMIBSEPRVFBMFS
QPSFYFNQMPOPÉNCJUPEBQPFTJBFYQFSJNFOUBM
FNTFRVÐODJB&TUBNVUBÎÍPOBJOTDSJÎÍPUFNJNQMJ
NBTUBNCÏNDPNPMFNCSB+PTÏ"VHVTUP.PVSÍP
DBÎÜFTQSPGVOEBTKÈRVFBQÈHJOBEFQBQFMPVPVUSP
QFTT
BPFOUSBSFGFDUJWBNFOUFFNNPWJ
TVQPSUFNBUFSJBMUSBEJDJPOBM
USBOTQPSUBDPOTJHPP
NFOUPFBPQSFTUBSTFBNPEJmDBÎÜFTPRVFJNQMJDB
SFHJTUPmYPBNBSDBJOBMUFSÈWFMEFVNTJHOPBPQBTTP
RVFBTUSBOTGPSNBÎÜFTEFNBJPSBMDBODFQSPEV
RVFPFDSÍBQSFTFOUBVNBTVQFSGÓDJFMJTBFMVNJOPTB
[JEBTQFMBMJUFSBUVSBEJHJUBMOPDPODFJUPEFUFYUP
PGFSFDJEBËQFSDFQÎÍPWJTVBM%BJOTDSJÎÍPJNQSFTTB
TÍPQSPWPDBEBTQFMPTUFYUPTNBJTJOUFSBDUJWPT
RVFQSFEPNJOBOUFNFOUFHVJBPPMIBSMJOIBBQØT
MJOIBQBTTBTFFOUÍPQBSBPFDSÍOPRVBMPPMIBSUFN
"JOUSVTÍPEBJOGPSNÈUJDBOPEPNÓOJPEBMJUFSBUV
UFOEÐODJBBEJTQFSTBSTFPCTFSWBOEPUPEBBTVQFS
SBQSFTTVQÜFEFTEFMPHPBUFOEFSËTJNQMJDBÎÜFT
GÓDJFFNTJNVMUÉOFPDPNPMFJUPSBUSBOTGPSNBSTF
DPNQMFYBTFOUSFNÈRVJOBIBSEXBSF
QSPHSBNB
OVNFTQFDUBEPSEFVNUFYUPJMVNJOBEPQPSEFOUSP
TPGUXBSF
FUFYUPDVKBDPOTFRVÐODJBTFHVOEP
RVFQBSFDFnVUVBSOVNBDFSUBJSSFBMJEBEF1PEFQPS
"NCSPJTF#BSSBTQ
ÏRVFKÈOÍPTFSÈQPTTÓ
JTTPBmSNBSTFRVFOFTUFTVQPSUFPUFYUPFTQFDUB
WFMGBMBSEFUFYUPEFGPSNBBVUØOPNBNBTTJNFN
DVMBSJ[BTFFEFNBSDBTFEBJOTDSJÎÍPSÓHJEBFmYB
1SPGFTTPSDPOWJEBEPEB6OJWFSTJEBEF'FSOBOEP1FTTPB.FNCSPGVOEBEPSEP$&5*$$FOUSPEF&TUVEPTEF5FYUP*OGPSNÈUJDPF$JCFSMJUFSBUV
SB%PVUPSFN-JUFSBUVSB$PNQBSBEBQFMB6OJWFSTJEBEFEF-JTCPB
7FSQPSFYFNQMP$BNQPT"VHVTUPEF%ÏDJP1JHOBUBSJF)BSPMEPEF$BNQPT5FPSJBEB1PFTJB$PODSFUB5FYUPT$SÓUJDPTF.BOJGFTUPT
‹FE4ÍP1BVMP#SBTJMJFOTF<>(BSOJFS1JFSSF4QBUJBMJTNFFUQPÏTJFDPODSÒUF1BSJT(BMMJNBSE3FJT1FESP1PFTJB
$PODSFUB6NB1SÈUJDB*OUFSTFNJØUJDB1PSUP&EJÎÜFT6OJWFSTJEBEF'FSOBOEP1FTTPB
.PVSÍP+PTÏ"VHVTUPi5FDOPMPHJBFMJUFSBUVSBBTNÈRVJOBTUFYUVBJToEF'-BSVFMMFB-BOEPXwJO$PNVOJDBÎÍPF-JOHVBHFOT
#BSSBT"NCSPJTFi1SPMÏHPNÒOFTËUPVUFMJUUÏSBUVSFJOGPSNBUJRVFwJO-JUUÏSBUVSF.BJP
²OFTUFDPOUFYUPRVF+BZ%BWJE#PMUFSJEFOUJmDBBÏQPDBBDUVBMDPNPiUIFMBUFBHFPGQSJOUw7FS#PMUFS+BZ%BWJE8SJUJOH4QBDF5IF
$PNQVUFS)ZQFSUFYUBOEUIF)JTUPSZPG8SJUJOH)JMMTEBMF/+-BXSFODF&SMCBVN"TTPDJBUFTF#PMUFS+BZ%BWJEF3JDIBSE(SVTJO3FNFEJB
UJPO6OEFSTUBOEJOH/FX.FEJB$BNCSJEHF.".*51SFTT
'JHVSB2VBUSPNPNFOUPTEFiWQwEF-BEJTMBP1BCMP(ZÚSJJOBMJSF0VUVCSP
"TTJNFTUFOPWPFTQBÎPFMFDUSPFTUÏUJDPQBSFDF
6NBPVUSBRVFTUÍPTFJNQÜFPOEFFTUÈPUFYUP
DPOTUJUVJSVNJODFOUJWPQBSBSFOPWBSBJOUFSQFOF
JOGPSNÈUJDP /VNDFSUPTFOUJEPQPEFNPTBmSNBS
USBÎÍPEFDØEJHPTEFSFQSFTFOUBÎÍPPMFHÓWFMP
RVFOÍPFTUÈFNMVHBSOFOIVNPVNBJTQSFDJTB
WJTÓWFMFPBVEÓWFM4VKFJUBOEPBFMBCPSBÎÍPEPUFYUP
NFOUFOÍPTFFODPOUSBOVNMVHBSEFUFSNJOBEP
BVNBTÏSJFEFPQFSBÎÜFTBMHPSÓUNJDBTUSBOTGPS
/VNQSJNFJSPNPNFOUPÏDPEJmDBEPTPCGPSNB
NBÎÜFTDSPNÈUJDBTPVEFGPSNBÎÜFTRVFQPEFN
EFQPMBSJ[BÎÜFTFMÏDUSJDBTRVFPUFYUPTFFODPOUSB
RVFCSÈMPGSBHNFOUÈMPNFUBNPSGPTFÈMPOPUFYUP
OPTDJSDVJUPTJOUFHSBEPTEPDPNQVUBEPS1PSJTTPÏ
FMFDUSØOJDPQBMBWSBJNBHFNFTPNDBNJOIBNQBSJ
OFDFTTÈSJPUPEPVNUSBUBNFOUPNBRVÓOJDPQSÏWJP
QBTTVOPTFOUJEPEFVNBJOUFHSBÎÍPTJOUÏUJDB0
ËEFDJGSBÎÍPRVFOVNTFHVOEPNPNFOUPWFN
UFYUPBTTJNFMBCPSBEPÏEPUBEPUBOUPEFWFSCB
DPOGPSNÈMPOPFDSÍPRVFOPTQFSNJUFBmSNBSRVF
MJEBEFRVBOUPEFQMBTUJDJEBEFFTPOPSJEBEF
OBOPÎÍPEFGPSNBQBSFDFNJODPSQPSBSTFBHPSB
UBNCÏNBTEFUSBUBNFOUPFUSBOTGPSNBÎÍP1PSUBOUP
NVJUPTBVUPSFTBTVCMJOIBSBEJNFOTÍPJOPWB
PBNCJFOUFFMFDUSØOJDPOÍPÏTVQPSUFEFVNBJOTDSJ
EPSBEFTUBUFOEÐODJBDPNP1BTDBM(SFWFU
ÎÍPUFYUVBMNBTEFVNDØEJHPRVFBEFTJOUFHSBFN
VOJEBEFTCJOÈSJBTOÍPTJHOJmDBOUFTEFJOGPSNBÎÍP
<->JOWFOUJPOBDIBOHÏEFUFSSBJOJMOFTBHJUTVSUPVUQBT
UFYUVBM&TTFTVQPSUFUSBOTGPSNBPTVCTUSBUPDPODFQ
EFGBJSFBWFDEFTPSEJOBUFVSTPVEBVUSFTNBDIJOFTË
UVBMEPUFYUPFNFTUBEPTFMFDUSPNBHOÏUJDPTFBDPO
WFOJSVOFMJUUÏSBUVSFJEFOUJRVFËDFMMFBEBQUÏBVMJWSF
TFRVÐODJBEFTUBFMFDUSPOJ[BÎÍPEPUFYUPOBNFNØSJB
NBJTEJOWFOUFSVOFMJUUÏSBUVSFRVJTBDIFUJSFSQMFJOFNFOU
EPDPNQVUBEPSÏBTVBEFTJOUFHSBÎÍPOVNDØEJHP
QBSUJEFUPVUFTMFTSJDIFTTFTEFMJNNBUÏSJBMJTBUJPO
MJOHVJTUJDBNFOUFOÍPTJHOJmDBOUFKÈRVFPTNBUF
SJBJTRVFSTFKBNQPUFODJBMNFOUFMJOHVÓTUJDPTWJTVBJT
/PEPNÓOJPQPSFYFNQMPEPTQPFNBTEJOÉNJDPTNBT
PVTPOPSPTFYJTUFNOPDPNQVUBEPSOVNFTUBEP
TFNJOUFSWFOÎÍPEPMFJUPSQFMPRVFQPEFSÓBNPTEFTJH
RVFDPOGVOEFBTNPEBMJEBEFTEFMJOHVBHFN-PHP
OBSDPNPDJOFNÈUJDPTUFYUPTBOJNBEPTBQSFTFOUBNVN
OBDPOmHVSBÎÍPDPNQMFYBRVFGPSNBNiNÈRVJOB
NPWJNFOUPWJTÓWFMFMBCPSBEPBUSBWÏTEFQSPDFEJNFOUPT
QSPHSBNBFUFYUPwKÈOÍPIÈUFYUPOPTFOUJEPDPO
UBJTDPNPBQBHBNFOUPTPVTVCTUJUVJÎÜFTEFFMFNFO
WFODJPOBMEPUFSNPBUFOEFOEPBRVFFTUFGPJEF
UPTUFYUVBJTUSBOTQPTJÎÜFTHSÈmDBTMFUSBTFNNVUBÎÍP
DFSUPNPEPJNBUFSJBMJ[BEPQFMBNÈRVJOBFÏUPSOBEP
FOUSFPVUSPT/FTUFTDBTPTPMFJUPSDPOUFNQMBPQPFNB
BDFTTÓWFMFNDPOGPSNJEBEFDPNPTTJHOPTEBFTDSJUB
WÐPUFYUPiHBOIBSWJEBwEJBOUFEPTTFVTPMIPTEVSBOUF
FDPNPVUSPTRVFPDPNQPOIBNQFMPQSPDFTTPEF
VNEFUFSNJOBEPQFSÓPEPEFUFNQPOÍPJOUFSGFSFOB
USBOTGPSNBÎÍPEPTFVQSØQSJPDØEJHPRVFPDPOTUJUVJ
FTUSVUVSBUFYUVBMFBTVBMFJUVSBJOUFSQSFUBÎÍPWBJTFOEP
WJSUVBMNFOUF%FTUFNPEPJNBUFSJBMPUFYUPOPDPN
GFJUBEVSBOUFFBQØTPWJTJPOBNFOUPEPQPFNB"UFO
QVUBEPSFRVJWBMFBPQSPHSBNBEBTVBQSØQSJBUSBOT
EFOEPËQSFTFOÎBEFFMFNFOUPTFTUSVUVSBOUFTDPNP
GPSNBÎÍPSFWFMBOEPRVFVNBDSJBÎÍPFNMJUFSBUVSB
BBOJNBÎÍPFDPOTFRVFOUFNFOUFVNBEFUFSNJOBEB
EJHJUBMÏOFDFTTBSJBNFOUFDPOGPSNFËTDBSBDUFSÓTUJDBT
WFMPDJEBEFEFBQSFTFOUBÎÍPFBJSSVQÎÍPEBUFNQPSB
EPFRVJQBNFOUPUFDOPMØHJDPFNRVFTFJOTDSFWF MJEBEFBQSFFOTÜFTJOJDJBJTQPEFNTFSJOTBUJTGBUØSJBTPV
JOTVmDJFOUFTFQPSDPOTFHVJOUFPCSJHBSBGB[FSSFMFJUVSBT
1PTUPJTUPGBDJMNFOUFTFDPNQSFFOEFRVFBT
QPUFODJBMJEBEFTEFTUFBNCJFOUFRVBOEPFYQMPSB
/FTUFRVBESPQPEFNPTSFGFSJSPQPFNBBOJNBEP
EBTQBSBmOTMJUFSÈSJPTDPOGFSFNËMJUFSBUVSBEJHJUBM
EPBSHFOUJOP-BEJTMBP1BCMP(ZÚSJQVCMJDBEPFN
DBSBDUFSÓTUJDBTNVJUPQSØQSJBTPRVFUFNMFWBEP
BMJSFiWQwOPRVBMBBCFSUVSBEFTJHOJmDÉODJB
7FS#PPU[1IJMJQQFFE
"=-*55²3"563&-JMMFF7JMMFOFVWFE"TDR-F(FSJDP$JSDBWF.PUTWPJS7VJMMFNJO"MBJOF.JDIFM-FOPCMF
FET
-JUUÏSBUVSFFU*OGPSNBUJRVFo-B-JUUÏSBUVSF(ÏOÏSÏFQBS0SEJOBUFVS"SSBT"SUPJT1SFTTFT6OJWFSTJUÏ7VJMMFNJO"MBJOF.JDIFM-FOPCMF
FET
-JUUÏSBUVSF*OGPSNBUJRVF-FDUVSFo%FMBMFDUVSFBTTJTUÏFQBSPSEJOBUFVSËMBMFDUVSFJOUFSBDUJWF-JNPHFT1SFTTFT6OJWFSTJUBJSFTEF
-JNPHFT16-*.
F(MB[JFS-PTT1FRVF×P%JHJUBM1PFUJDT5IF.BLJOHPG&1PFUSJFT5VTDBMPPTBF-POESFT5IF6PG"MBCBNB1
(SFWFUDJUJO#BSSBT
i1PVSVOFMJUUÏSBUVSFJNNBUÏSJFMMFwJO"DUJPO1PÏUJRVFo,"04
0UÓUVMPEPQPFNBEFSJWBEPGBDUPEFPBVUPSDMBTTJmDBSPTFVUSBCBMIPDPNPiQPFTJBWJSUVBMwiWJSUVBMQPFUSZw
EFTJHOBÎÍPRVFDPOTJEFSPVB
NBJTBEFRVBEBQBSBVNBQSÈUJDBQPÏUJDBFNRVFPTQSPDFTTPTDSJBUJWPTFWPMVFNOPFTQBÎPWJSUVBMQSPQPSDJPOBEPQFMBNÈRVJOB
TFSFBMJ[BQPSEFDPNQPTJÎÍPTJMÈCJDBEPTWPDÈCV
BJOPWBÎÍPQPSFYFNQMPOPGBDUPEFBTRVFTUÜFT
MPTRVFTVSHFNJOJDJBMNFOUFFQFMBSFVCJDBÎÍP
FTUÏUJDBTTFDPMPDBSFNOÍPTØBPOÓWFMEPQSPEV
EPTNFTNPTQBSBGPSNBSTJHOJmDBEPTOPWPTBTTJN
UPNBTUBNCÏNBPOÓWFMEBQSPEVÎÍPBPJNQMJDBS
DPNPQFMBSFTTFNBOUJ[BÎÍPEBTVOJEBEFTMJOHVÓTUJ
QSPHSBNBÎÍPBMJUFSBUVSBEJHJUBMUPSOBTFJNBUFSJBM
DBTBUSBWÏTEFUSPDBTEFJEJPNBTFEBJOUSPEVÎÍPEF
EJOÉNJDBNÞMUJQMB%FGBDUPNVJUBTPCSBTMJUFSÈ
DPODFJUPTEFSJWBEPTEFEJGFSFOUFTSBNPTEBDJÐODJB
SJBTDSJBEBTFNBNCJFOUFFMFDUSØOJDPKÈOÍPUÐN
VNBBDUVBMJ[BÎÍPÞOJDBPRVFQSPWPDBQFSQMF
/VNEBEPNPNFOUPEPQPFNBBQBMBWSBiPSEFSw
YJEBEFOVNJNBHJOÈSJPIBCJUVBEPBDPOTJEFSBS
USBOTGPSNBTFFNiPSEJOBMwFFTUBFNiPSEPOOBODFw
PUFYUPDPNPVNBNBOJGFTUBÎÍPTJOHVMBS
RVFEÈMVHBSBiPSEOBODFwRVFQPSTVBWF[PSJHJOB
iPSEJOBODFwFBDPODMVJSFTUBTFRVÐODJBiPSEJOBODFTw
"TQPUFODJBMJEBEFTEPTNFEJBEJHJUBJTBQMJDBEBT
&TUBQBTTBHFNJMVTUSBDPNPVNBFTUSVUVSBJOJDJBMWBJTF
ËDSJBÎÍPMJUFSÈSJBMFWBNOPTQPJTBJEFOUJmDBS
EFTNBOUFMBOEPQSPEV[JOEPVNDPSQPDPNQMFYPEF
DPOEJÎÜFTJOÏEJUBTEFQSPEVÎÍPRVFUSBOTGPSNBN
TJHOJmDBÎÜFTOÍPMJOFBSFTDPNBHFSBÎÍPTVDFTTJWBEF
FUSBOTUPSOBNEFTEFMPHPBOPÎÍPEFUFYUPEB
OPWPTWPDÈCVMPTNFSDÐEBTQPTTJCJMJEBEFTEFNPWJ
MJUFSBUVSBEPNJOBOUFFORVBOUPSFBMJ[BÎÍPWFSCBM
NFOUPFDPOFYÍPBUSBWÏTEPFTQBÎPWJSUVBM"UPEPP
JNQSFTTBMPHPmYBFJOBMUFSÈWFMBTTJNDPNPDPO
NPNFOUPNBOUÏNTFPDPODFJUPUSBEJDJPOBMEFiQBMB
GFSFNSFOPWBEBTQPTTJCJMJEBEFTBDBSBDUFSÓTUJDBT
WSBwDPNPHFSBEPSEFTJHOJmDBEPTFNCPSBFNBTTPDJB
KÈDPODFQUVBMJ[BEBTFNUFOEÐODJBTFYQFSJNFO
ÎÍPDPNPVUSPTTJHOPTDBSBDUFSÓTUJDPTEFPVUSBTGPSNBT
UBJTBOUFSJPSFTBPNFTNPUFNQPRVFQFSNJUFN
EFMJOHVBHFNTFUBTQPOUPTDPSFTTJOBJTNBUFNÈUJDPT
BDSJBÎÍPEFOPWBTDBSBDUFSÓTUJDBTUFYUVBJT
FOUSFPVUSPT
"iWJBHFNwUFSNJOBRVBOEPPDPOKVOUP
EFTJHOPTEFTBQBSFDFOPBCJTNPEPFTQBÎPWJSUVBM
$PNPSFGFSF5JCPS1BQQQFTT
DPNBVUJMJ[BÎÍP
/ÍPPCTUBOUFBJODMVTÍPEFTJHOPTOÍPWFSCBJTFVNB
EPTDPNQVUBEPSFTVNBEBTUSBOTGPSNBÎÜFTQSP
DFSUBBUPNJ[BÎÍPEPNBUFSJBMWFSCBMOVNKPHPEF
GVOEBTFNSFMBÎÍPBPQBQFMSFTJEFOPDJOFUJTNPEB
EFTFTUSVUVSBÎÍPSFTUSVUVSBÎÍPEBMJOHVBHFNSFBMJ[B
JOTDSJÎÍP0iKÈFTFNQSFMÈwEPFTUFSFØUJQPEBPCSB
EPQPS(ZÚSJÏBJOEBQPTTÓWFMJEFOUJmDBSFTUSVUVSBT
JNQSFTTBDFEFMVHBSBVNBTVQFSGÓDJFOBRVBMPUFYUP
TJOUÈDUJDBTDPNPFYQSFTTÜFTPVNFTNPGSBTFT
FTUÈFNHFTUBÎÍP&NWF[EFFTUBSQSFTFOUFPUFYUP
TVSHFTFOEPRVFPTFVBQBSFDJNFOUPQPEFTFSHMPCBM
"MÏNEJTTPDPOTJEFSBSUPEBTBTDBSBDUFSÓTUJDBTEFTUF
FJOTUBOUÉOFPPVFOUÍPQPEFBQSFTFOUBSTFTPCGPS
QPFNBDPNPJOPWBEPSBTTFSJBOFHMJHFODJBSBMPOHB
NBEFVNFODBEFBNFOUPEFDIFHBEBTDPOUSPMBEBT
USBEJÎÍPEPFYQFSJNFOUBMJTNPMJUFSÈSJPRVFUBNCÏN
EPTTFVTFMFNFOUPTIBWFOEPBDPOTJEFSBSEJWFSTPT
DVMUJWBWBQPSFYFNQMPVNUFYUPJOUFSTFNJØUJDP
GBDUPSFTDPNPPTJOUFSWBMPTEFUFNQPFOUSFBDIF
FFYQMPSBWBQSJODÓQJPTFTUÏUJDPTDPNPBTJNVMUB
HBEBEFTTFTFMFNFOUPTBDPMPDBÎÍPEBJOTDSJÎÍPPV
OFJEBEFBJNQFTTPBMJEBEFFBOÍPMJOFBSJEBEF
BJOEBBTEJSFDÎÜFTEPEFTMPDBNFOUP/FTUBQFSTQFD
UJWBVNBPCSBiWFSCJWPDPWJTVBMwGFJUBFNDPNQVUBEPS
1PEFNPTQPSÏNDPOTJEFSBSQBSBMFMBNFOUFRVF
DPOUFNQMBBJOEBNBJTDPOTUJUVJOUFTFYUFSJPSFTËMÓO
BMJUFSBUVSBEJHJUBMDPOTUJUVJVNOPWPUFSSFOPQBSB
HVBUBJTDPNPPUFNQPBUPQPMPHJBFPNPWJNFOUP
$POUSBSJBNFOUFBPRVFTFQBTTBDPNTVQPSUFTNBJT
EFTQFSUBSBBUFOÎÍPEPMFJUPSUBOUPRVBOUPPTQSØ
DPOWFODJPOBJTPUFYUPFPHSBmTNPJOGPSNÈUJDPT
QSJPTFMFNFOUPTWFSCBJTFOÍPWFSCBJT"MFJUVSBEF
QPEFNOÍPTFSmYPT0MFJUPSQPEFFODPOUSBSTF
VNUFYUPFODPOUSBTFBTTJNQSPGVOEBNFOUFBMUFSBEB
DPOGSPOUBEPDPNUFYUPTFNQFSQÏUVBUSBOTGPS
DPNPMFJUPSBUFSBTVBBUFOÎÍPEJTQFSTBQFMPTEJWFS
NBÎÍPQBSBPTRVBJTRVBMRVFSUJQPEFmYBÎÍP
TPTFMFNFOUPTUFYUVBJTFOÍPUFYUVBJTMFUSBTTÓMBCBT
BPTFSFNJNQSFTTPTSFQSFTFOUBTFSFNUSVODB
QBMBWSBTGPSNBTDPSFTWPMVNFTMJOIBTTPOT
FQFMPT
EPTOPGVOEPBEVMUFSBEPT&TUBQBSUJDVMBSJEBEFÏ
QSPDFTTPTEFFODFOBÎÍPEFTTFTNFTNPTFMFNFOUPT
FTQFDJBMNFOUFOPUØSJBOPTIJQFSUFYUPTFPVUSBT
/FTUFDPOUFYUPQPEFSÈNFTNPBDPOUFDFSRVFPMFJ
NPEBMJEBEFTEJTDVSTJWBTRVFDPOTUJUVFNTJTUFNBT
UPSQSFTUFNBJTBUFOÎÍPBPTQSPDFTTPTEFSFBMJ[BÎÍP
JOGPSNBUJ[BEPTEFHFTUÍPEFDPOKVOUPTEFGSBH
EPUFYUPEPRVFBPUFYUPFNTJEBEPRVFPUFYUP
NFOUPTEÓTQBSFTFEJTQFSTPTFQSPQPSDJPOBNVN
JOGPSNBUJ[BEPHSBÎBTËUFNQPSBMJEBEFFËEJOÉNJ
USBUBNFOUPUJQPHSÈmDPEJOÉNJDPEBJOGPSNBÎÍPFN
DBÏFNDFSUPTFOUJEPEBPSEFNEBQFSGPSNBODF
GVOÎÍPEPTQFSDVSTPTEFMFJUVSBEPVUJMJ[BEPS 0TQPFNBTBOJNBEPTFNDPNQVUBEPSBQSFTFO
"JOGPSNÈUJDBJOUSPEV[BTTJNBUFNQPSBMJEBEFDPNP
UBNVNBHSBOEFWBSJFEBEFEFFMFNFOUPTWFSCBJT
FMFNFOUPDPOTUJUVUJWPEPTUFYUPTUBOUPOPNPEP
JNBHÏUJDPTFTPOPSPTRVFTFBQBHBNTFTVCTUJ
EFQSPEVÎÍPDPNPOPEBMFJUVSB"USBWÏTEFQSP
UVFNTFEFTNVMUJQMJDBNEFTMJ[BNPVTFEFTMPDBN
DFEJNFOUPTJOGPSNÈUJDPTPBVUPSQPEFDSJBSVNB
TPCWÈSJBTGPSNBTJOUFSGFSJOEPDPNBBUFOÎÍPOP
FTUSVUVSBFWPMVUJWBFNNPWJNFOUPQFSNBOFOUF
DSV[BNFOUPEFTUBTFYJHÐODJBToBEBTJHOJmDB
&TUBDBSBDUFSÓTUJDBUFNDPNPFGFJUPJOUSPEV[JSBMHP
ÎÍPBSUJDVMBEBWFSCBMJEBEF
BEFTFOUJEPQMÈTUJDP
EBPSEFNEBUFBUSBMJ[BÎÍPOVNUFYUPRVFTFUPSOB
mHVSBMJEBEF
FBEFTFOUJEPBDÞTUJDPTPOPSJEBEF
FTQFDUÈDVMPEFVNUFYUPFNWJBTEFTFSFBMJ[BS4FP
/FTUFDPOUFYUPQBSFDFJOFHÈWFMRVFBQFSDFQÎÍP
FTUFSFØUJQPEPUFYUPJNQSFTTPÏJNVUÈWFMOPQBQFM
EBQPFTJBTFUSBOTGPSNBEFVNNPEPSBEJDBM
OPFDSÍQFMPDPOUSÈSJPPUFYUPUFNVNBEVSBÎÍPF
EJWFSTBTGBTFTUFNQPSBJT0MFJUPSÏUÍPFTQFDUBEPSEP
0CWJBNFOUFBRVFTUÍPEPUFNQPFEPSJUNPOÍPFTUÈ
UFYUPBGBCSJDBSTFDPNPEPUFYUPSFBMJ[BEPKÈRVF
UPUBMNFOUFBVTFOUFOBFYQFSJÐODJBEFMFSVNMJWSP
FTUBiNJTFFOFTQBDFwEPTFMFNFOUPTUFYUVBJTFPT
EFQPFTJBJNQSFTTBEBEPRVFVNBDFSUBEVSBÎÍPTF
QSPDFTTPTEFSFBMJ[BÎÍPEPUFYUPTÍPTVTDFQUÓWFJTEF
FODPOUSBJOTDSJUBOBFYQFSJÐODJBUFNQPSBMWJWJEBQFMP
1BSBNBJTJOGPSNBÎÜFTTPCSFPQSPKFDUPEBSFWJTUBBMJSFWFSUBNCÏN-BJSFPSH
BMJSFoSFWVFBOJNÏFEÏDSJUTEFTPVSDFÏMFDUSPOJRVF
+BOFJSP
%F[FNCSP
+VOIP
'FWFSFJSP
%F[FNCSP
%F[FNCSP
"CSJM
/PWFNCSP
+VOIP
0VUVCSP
+VOIP
7JMMFOFVWFE"TDR.PUTWPJS-BJSFPSH
-F4BMPOEF-FDUVSF²MFDUSPOJRVFBMJSF
BFN$%ʰ30.
7JMMFOFVWFE"TDR.PUTWPJSF3FJT1FESPiBMJSFoVNUFTUFNVOIPEFBOPTEFTJNCJPTFFOUSFMJUFSBUVSBFJOGPS
NÈUJDBwJO3FWJTUBEB6'1%F[FNCSP
1BQQ5JCPSi'PSNFTQPÏUJRVFTWJTVFMMFTFUPSEJOBUFVSwJO"MBJO7VJMMFNJOF.JDIFM-FOPCMFFET
-JUUÏSBUVSFFU*OGPSNBUJRVFo-B-JUUÏSB
UVSF(ÏOÏSÏFQBS0SEJOBUFVS"SSBT"SUPJT1SFTTFT6OJWFSTJUÏQQ
7FSQPSFYFNQMPi)ZNOFËMBGFNNFFUBVIBTBSEiEF1IJMJQQF#PPU[BMJSF"CSJM
i+PJOWJMMFMFQPOUo-B1PJOUFEFMÔMF'BOBDwEF
$ÏESJD%PVUSJBVYBMJSF0VUVCSP
i3VQUVSFiPVi0SJPOiEF5JCPS1BQQF$MBVEF.BJMMBSEPVi-FQPJOUEFTVTQFOTJPOiEF1BUSJDL)FOSJ
#VSHBVEBMJSF+BOFJSP
MFJUPS1PSÏNVNQPFNBBOJNBEPFNDPNQVUBEPS
GPSNBODF0QPFNBBOJNBEPQBSFDFTJUVBSTFBTTJN
FODPOUSBTFTVKFJUPËEVSBÎÍPEFVNBNBOFJSBEVQMB
OVNFTQBÎPEFGSPOUFJSBFOUSFBmYJEF[SÓHJEBEP
OFMFTFFODPOUSBBOPÎÍPUFNQPSBMUBNCÏNWFSJmDÈWFM
JNQSFTTPFBWPMBUJMJEBEFEPPSBMPVEBQFSGPSNBODF
OBMFJUVSBJNQSFTTBRVFDPSSFTQPOEFBPUFNQPEB
MFJUVSBEPQPFNBWBSJÈWFMTFHVOEPBWPOUBEFEPMFJUPS
"MÏNEJTTPPGBDUPEFDFSUPTUFYUPTTFSFNJEFBMJ[B
EBEPRVFFTUFQPEFJOUFSSPNQFSBMFJUVSBSFUPNÈMBPV
EPTDPNPUFYUPTNBUSJ[FTRVFQPEFNEBSPSJHFN
SFOVODJBSEFGPSNBEFmOJUJWBNBTBFTUBBDSFTDFOUBTF
BEJGFSFOUFTNBOJGFTUBÎÜFTUFYUVBJTDPNPÏPDBTP
VNBTFHVOEBOPÎÍPUFNQPSBMUSJCVUÈSJBEBEVSBÎÍP
EP4JOUFYU
QSPWPDBOBUVSBMNFOUFBNVMUJQMJDJ
EBBOJNBÎÍPRVFÏEFUFSNJOBEBRVFSQFMPGVODJPOB
EBEFRVFOPTTVTDJUBJOUFSSPHBÎÜFTDPNPRVBM
NFOUPNBUFSJBMEPDPNQVUBEPSOPNFBEBNFOUFB
TFSÈPFTUBUVUPEFVNBPCSBDVKBTNBOJGFTUBÎÜFT
TVBWFMPDJEBEFEFQSPDFTTBNFOUPRVFSQFMBWPOUBEF
UFYUVBJTTÍPJODFTTBOUFNFOUFNVUÈWFJT 0RVFMÐ
EPBVUPS/FTUFTFOUJEPWFSJmDBTFVNBFYQBOTÍP
PMFJUPSRVBOEPMÐVNQFSDVSTPFOUSFVNBJOmOJ
EBOPÎÍPEFUFNQPRVFOBMJUFSBUVSBJNQSFTTBTF
EBEFEFQFSDVSTPTQPTTÓWFJT 2VBMÏBQPTJÎÍPEP
FODPOUSBFYDMVTJWBNFOUFOPEPNÓOJPEBBDUJWJEBEF
BVUPSGBDFBUPEBTFTUBTNBOJGFTUBÎÜFTNÞMUJQMBT
MFJUPSBMFORVBOUPRVFOBMJUFSBUVSBEJHJUBMFMBJOWBEF
RVFFMFKÈOÍPQPEFEFDFSUPNPEPEPNJOBS UBNCÏNPEPNÓOJPEPQSØQSJPUFYUP&TUBJOTUBVSBÎÍP
EPNPWJNFOUPFDPOTFRVFOUFNFOUFEBUFNQPSBMJEB
"NPCJMJEBEFBUFNQPSBMJEBEFBUPQPMPHJBF
EFDPNPFMFNFOUPFTUSVUVSBMEPQPFNBDPOTUJUVJQPJT
BNVMUJQMJDJEBEFFTUÍPOBUVSBMNFOUFMJHBEBTË
VNBJOPWBÎÍPJOUSPEV[JEBQPSFTUBDPSSFOUFQPÏUJDB
JOUFSBDUJWJEBEFJTUPÏËQPTTJCJMJEBEFEFVN
UFYUPTFSTFOTÓWFMËTFWFOUVBJTBDÎÜFTEFVNPV
$PNFTUBMJUFSBUVSBEBEBBEFTNBUFSJBMJ[BÎÍPBQBSFO
WÈSJPTMFJUPSFTPRVFDPOTUJUVJBNFVWFSVNBEBT
UFEPUFYUPRVFUBNCÏNÏNØWFMFJOTUBOUÉOFPOB
JNQMJDBÎÜFTNBJTEFUFSNJOBOUFTQBSBBSFDPO
UFNQPSBMJEBEFRVFPHFSBDPOTVNBTFBQBTTBHFN
TJEFSBÎÍPEPUFYUPKÈRVFJOUFSGFSFDPNVNB
EPTQPFNBTEBmYJEF[EPTVQPSUFJNQSFTTPPV
USBEJÎÍPNJMFOBSRVFQSFEJTQVOIBPMFJUPSBGSVJS
PVUSBTGPSNBTSÓHJEBTQBSBBFWBOFTDÐODJBEPFDSÍEF
EFVNBPCSBTFNJOUFSWJSOBTVBNBUFSJBMJEBEF
DPNQVUBEPS%BEBTFTUBTDBSBDUFSÓTUJDBTPTQPFNBT
BOJNBEPTFNDPNQVUBEPSJODMVFNNPEBMJEBEFT
7FSJmDBTFJOUFSBDUJWJEBEFRVBOEPVNMFJUPSBHF
EFQFSDFQÎÍPRVFPTGB[FNPTDJMBSFOUSFBBQBSJÎÍP
TPCSFPTQFSDVSTPTEFMFJUVSBRVFSTFKBNPVOÍP
GVHJEJBDBSBDUFSÓTUJDBEBPSBMJEBEFBQPOUBOEPQBSB
UPUBMNFOUFQSFEFUFSNJOBEPTQFMPTDPODFQUPSFT
BMHPEFFGÏNFSPFFWBOFTDFOUFFBQFSNBOÐODJB
WJTUPRVFOPEFDPSSFSEFTTFTQFSDVSTPTQFMBTTVBT
mYBEBFTDSJUB$PNFGFJUPTFÏDFSUPRVFBFTQBDJB
SFTQPTUBTËTQSPQPTUBTEPDPNQVUBEPSPMFJUPS
MJ[BÎÍPEJOÉNJDBSFDVTBBJNPCJMJ[BÎÍPBmYJEF[EB
QPEFPQFSBSWBSJBÎÜFTUFYUVBJTBMUFSBSPEFTFOSPMBS
FTDSJUBDPOUSJCVJOEPQBSBRVFVNQPFNBBOJNBEP
EPUFYUPRVFFTUÈBMFSFQPSWF[FTNFTNPPTFV
TFOEPNØWFMTFKBNBJTJOTUÈWFMEPRVFVNUFYUP
DPOUFÞEP"TTJNTFOEPPUFYUPOÍPmDBEFmOJ
JNQSFTTPUBNCÏNÏWFSEBEFRVFQPSPVUSPMBEP
UJWBNFOUFNBUFSJBMJ[BEPOPTTVQPSUFTEFSFHJTUPFMF
EBEBTBTGBDJMJEBEFTEFSFHJTUPFSFBDUJWBÎÍPOÍP
QFSNBOFDFBCFSUPBUSBOTGPSNBÎÜFTUPSOBOEPTFP
TFSÈUÍPFGÏNFSPRVBOUPVNUFYUPPSBMPVVNBQFS
QSPEVUPEPTDPNQPSUBNFOUPTBDUJWPTEPTMFJUPSFT
%FGBDUPVNUFYUPJOUFSBDUJWPTØBERVJSFWFSEBEFJSB
6NÞOJDPJOEÓDJPEFJOUFSBDUJWJEBEFQSFTFOUFFNUPEP
NFOUFTFOUJEPBUSBWÏTEBMFJUVSBQBSUJDJQBUJWBOBRVBM
DBNQPWFSEFÏPDVSTPSTPCGPSNBEFNÍPEJSFJUB
BTJHOJmDBÎÍPQBTTBQFMPFTUBCFMFDJNFOUPEFDPO
DPNPJOEJDBEPSFTUJDBEPDPOWFOÎÍPJOGPSNÈUJDB
FYÜFTOÍPQSFWJBNFOUFEFUFSNJOBEBTKÈRVFPUFYUP
RVFBTTJOBMBVNDBNQPBDUJWP$MJDBOEPËTVBWPO
FTUÈOFDFTTBSJBNFOUFiQPSGB[FSwQPSUBEPSBQFOBTEF
UBEFPMFJUPSWBJSFWFMBOEPTFHNFOUPTFBTTJTUJOEP
QPUFODJBMJEBEFTMBUFOUFTRVFPMFJUPSBDFJUBSFWFMBS
ËDPNQPTJÎÍPEFVNNPTBJDPHSÈmDP"PNFTNP
UFNQPWÍPTVSHJOEPFMFNFOUPTWFSCBJTOPRVBESP
"BOJNBÎÍPJOUFSBDUJWBi&OUSPQPQIBHZwBMJSF
EF
BWFSNFMIBEPRVFQSPHSFTTJWBNFOUFWÍPTVHFSJOEP
"OESÏ7BMMJBTÏVNFYFNQMPJNQSFTTJWPEFJOUFSBDUJ
EJWFSTBTQBMBWSBTFORVBOUPVNBNÞTJDBFFGFJUPT
WJEBEFOÍPEPDVNFOUBEBNBTBPNFTNPUFNQPVN
TPOPSPTNPOØUPOPTFJORVJFUBOUFTBDPNQBOIBNFTUB
EBRVFMFTDBTPTFNRVFmDBDMBSBNFOUFEFNPOTUSBEB
EFBNCVMBÎÍP1PSmNUPEPPQV[[MFmDBDPNQMFUP
BOFDFTTJEBEFEFJOUFSWFOÎÍPFGFDUJWBEPMFJUPS
BTTJNDPNPPRVBESPEFQBMBWSBTDPNBJOTDSJÎÍPiB
QBSBRVFPUFYUPTFSFWFMF/VNQSJNFJSPDPOUBD
WJPMFOUPSEFSJTEJTPSEFSBHSFBUEJTPSEFSJTBOPSEFSw
UPPMFJUPSQPEFmDBSQFSQMFYPBPEFQBSBSDPNVN
RVBESPWB[JPEFDPSWFSEFFVNPVUSPBWFSNFMIBEP
1FSDFCFTFFOUÍPRVFBDPNQPTJÎÍPHSÈmDBÏBUSBWFT
NBJTQFRVFOPOPDBOUPJOGFSJPSEJSFJUPEPFDSÍ
TBEBQPSVNBEJBHPOBMRVFQBSFDFEJWJEJSDMBSBNFOUF
&Ni4JOUFYUw1FESP#BSCPTBDPN"CÓMJP$BWBMIFJSPBMJSF/PWFNCSP
FQPTUFSJPSNFOUFDPN+PTÏ.BOVFM5PSSFT
BQSFTFO
UBNBPMFJUPSVNBFTUSVUVSBUFYUVBMFNFTUBEPQPUFODJBMEFJYBOEPMIFBMJCFSEBEFEFFYQMPSBSFGFJUPTTFNÉOUJDPTBEPJTOÓWFJT/VNQSJNFJSP
OÓWFMPi4JOUFYUwTJOUFUJ[BEPSEFUFYUPT
ÏVNHFSBEPSBVUPNÈUJDPRVFSFMBDJPOBPUFYUPWJSUVBMFORVBOUPFTUSVUVSBMJUFSÈSJBDPNVNNPUPS
JOGPSNÈUJDPRVFPQÜFBGVODJPOBS%FTUFNPEPPTUFYUPTFYJTUFNOPDPNQVUBEPSFNFTUBEPQPUFODJBMTFNVNTFOUJEPQSFEFmOJEPTFOEP
PQSPHSBNBBFOUJEBEFHFSBEPSBEFUFYUPTOVNBNVMUJQMJDJEBEFJOmOJUBPRVFJNQMJDBEPJTFTUÈEJPTUFYUVBJTRVF1FESP#BSCPTB
EFTJHOBDPNPiUFYUPNBUSJ[wFiNÞMUJQMPTWBSJBDJPOBJTw/VNTFHVOEPOÓWFMPQSPHSBNBBQSFTFOUBVNBDPNQPOFOUFJOUFSBDUJWBQSFTTVQPOEP
BQBSUJDJQBÎÍPEPMFJUPSOBDPDSJBÎÍPEFDBEBUFYUPmOBMNFEJBOUFVNQSPDFTTPTJNVMUÉOFPEFFTDSJUBFMFJUVSBoBiFTDSJMFJUVSBw
7FS#BSCPTB1FESP"$JCFSMJUFSBUVSBo$SJBÎÍP-JUFSÈSJBF$PNQVUBEPS-JTCPB&EJÎÜFT$PTNPT#BSCPTB1FESPF"CÓMJP$BWBMIFJSP
5FPSJBEP)PNFN4FOUBEP1PSUP"GSPOUBNFOUPF#BSCPTB1FESPF+PTÏ.BOVFM5PSSFT.PUPSUFYUVBMoMJWSPJOmOJUP1PSUP&EJÎÜFT
6OJWFSTJEBEF'FSOBOEP1FTTPB$POTJEFSBOEPFNQBSUJDVMBSPUFYUPDBSBDUFSÓTUJDPEBMJUFSBUVSBHFOFSBUJWBRVFEFTJHOBDPNPUFYUPiWJSUVBMw
1FESP#BSCPTB
TJOUFUJ[BEFTUFNPEPBTDBSBDUFSÓTUJDBTGVOEBNFOUBJTEFTUFUJQPFTQFDÓmDPEFUFYUP
DPOTJTUFOVNBFTUSVUVSBPV
NPEFMPRVFTFBDUVBMJ[BFNUFYUPTWBSJBDJPOBJTDPODSFUPTWJTUPRVFBBSUFWBSJBDJPOBMDPOTJTUFOBSFBMJ[BÎÍPEFWBSJBÎÜFTFNUPSOPEFVNB
JEFJBNPUSJ[QFMPRVFPUFYUPWBSJBDJPOBMÏNÞMUJQMPNVMUJGPSNFFNVMUJTJHOJmDBUJWP
EFTFOWPMWFTFOPUFNQPSFBMJ[BTFNFEJBOUFPnVJS
DPOUÓOVPEFOPWBTDPOmHVSBÎÜFTPVFTUBEPTQBSDJBJTTVDFTTJWPTBFYJCJSEFGPSNBWPMÈUJMOPFDSÍEFVNDPNQVUBEPS
PTVQPSUFQBQFMOÍP
ÏBEFRVBEPBPUFYUPWJSUVBMQPSTFSVNTVQPSUFmYPFTUÈWFMDPOTPMJEBEPQPSJTTPDPOUSÈSJPËOBUVSF[BnVÓEBNØWFMJOTUÈWFMFEFDPOUPSOPT
JOEFmOJEPTBTTVNJEBQFMPUFYUPWJSUVBM
BQFMBBVNBMFJUVSBNÞMUJQMBWBSJBDJPOBMSFQFUJUJWBNBTTFNBOUJDBNFOUFTFNQSFSFOPWBEB
SFWFMBVNBOBUVSF[BQPUFODJBMEBEPRVFTØQPEFTFSWFSEBEFJSBNFOUFEFTFOWPMWJEPOBTVBUFOEFODJBMJOmOJUVEFQPSVNBMHPSJUNPPVQSP
HSBNBHFSBEPSRVFPBDUVBMJ[FOBTVBDPOUÓOVBFTQJSBMEFGPSNBTOPWBT
ÏVNiUFYUPPWPwPViUFYUPTFNFOUFwJTUPÏUBMDPNPPPWPOÍPÏ
BJOEBPBOJNBMRVFEFMFJSÈOBTDFSOFNBTFNFOUFÏBÈSWPSFHFSBEBUBNCÏNPUFYUPWJSUVBMOÍPEFWFTFSDPOGVOEJEPDPNBPCSBRVFPMFJUPS
JSÈGSVJS0UFYUPWJSUVBMÏBQFOBTPNPUPSEFVNBQMVSBMJEBEFEFSFBMJ[BÎÜFTUFYUVBJTQPSNBUFSJBMJ[BSTJHOJDBNFOUF6NUFYUPFMFDUSØOJDPEF
QMFOPEJSFJUPOÍPTFDBSBDUFSJ[BNFSBNFOUFQPSTFSEJGVOEJEPFNTVQPSUFFMFDUSØOJDPEJTRVFUF$%ʰ30.PVWJBJOUFSOFU
NBTFOWPMWFVNB
PVUSBOPÎÍPEFUFYUPRVFOÍPUFNOFNQPEFUFSDBCJNFOUPOPMJWSPJNQSFTTPUSBEJDJPOBMPUFYUPWJSUVBMJNQMJDBJOBDBCBNFOUPFNVMUJQMJDJEB
EF0TUFYUPTOÍPFYJTUFNOPTVQPSUFNBHOÏUJDPFORVBOUPUFYUPTBQFOBTFYJTUFNOPDPNQVUBEPSFNFTUBEPQPUFODJBMFNFTUBEPMBUFOUFFN
FTUBEPEFQSPKFDUPFNFTUBEPEFQSPHSBNB#BSCPTBBQPOUBFTUBTDBSBDUFSÓTUJDBTDPNPTFOEPFTQFDÓmDBTEPTUFYUPTSFTVMUBOUFTEBMJUFSBUVSB
HFOFSBUJWBNBTFMBTQPEFNTFSQBSUJMIBEBTUBNCÏNQPSUFYUPTSFTVMUBOUFTEBTPVUSBTUFOEÐODJBTEBMJUFSBUVSBEJHJUBMOPNFBEBNFOUFBQPFTJB
BOJNBEBFNDPNQVUBEPSDVKPTUFYUPTTÍPJHVBMNFOUFnVÓEPTNØWFJTEPUBEPTEFUFNQPSBMJEBEFFQPEFNJODMVTJWFTFSNÞMUJQMPTNVMUJGPS
NFTFNVMUJTJHOJmDBUJWPTUBNCÏNTFMIFTBQMJDBOEPQPSUBOUPBNFUÈGPSBEPiUFYUPPWPwPViUFYUPTFNFOUFw
&TUBÞMUJNBTJUVBÎÍPÏQPTTJCJMJUBEBQPSFYFNQMPQPSi4JOUFYUwBMJSF/PWFNCSP
RVBOEPBQFTBSEFTFFORVBESBSOVNB
FTUSVUVSBCBTFGPSOFDJEBQFMPBVUPSPMFJUPSÏDPOWJEBEPBJOUSPEV[JSPTFVQSØQSJPMÏYJDP
'JHVSB5SÐTNPNFOUPTEFi&OUSPQPQIBHZwEF"OESÏ7BMMJBTJOBMJSF+BOFJSP
UBJTFWFSUJDBJTBMFNCSBSBQMBOUBEFVNBDJEBEFVOFN
PTEPJTBNCJFOUFTDPOUSBTUBOUFTDPNPRVFBTVHFSJS
RVFPTEPJTFNCPSBNVJUPEJTUJOUPTGB[FNQBSUFEF
VNBNFTNBDJEBEF"MJÈTBTQSJNFJSBTMFUSBTSFWFMBEBT
TÍP3*F0QPSFTUBPSEFNDPNQPOEPBQBMBWSBi3JPw
1PSPVUSPMBEPFTUBTMJOIBTQPEFNTVHFSJSJHVBMNFOUF
HSBEFBNFOUPTFNWPMUBEFQSÏEJPTDBTBTPVNFTNP
PTEFVNBQSJTÍP
FNÓOUJNBMJHBÎÍPDPNBTVHFTUÍP
EFWJPMÐODJBFEFTPSEFNEBDPNQPOFOUFWFSCBM
®NFEJEBRVFWBJEFTWFMBOEPFTUFNPTBJDPPMFJUPS
WBJSFVOJOEPTJHOPTEFEJWFSTBOBUVSF[BHSÈmDPTTP
OPSPTWFSCBJT
BQPOUBOEPQBSBVNBSFBMJEBEFSFDPO
IFDJEB/FTUFTFOUJEPBTTJMIVFUBTEFQSÏEJPTBMUPT
QPEFSÍPSFUSBUBSPTCBJSSPTGBWPSFDJEPTEBDJEBEFEP
3JPEF+BOFJSP$PQBDBCBOB-FCMPO
FNDPOUSBTUF
DPNBGBWFMBSFWFMBEBQFMBGPUPHSBmB&TUFDPOUFYUP
WBJTFUPSOBOEPDBEBWF[NBJTFYQMÓDJUPBDVMNJOBS
DPNBDPNQPOFOUFTPOPSBBRVFPMFJUPSBDFEFBQØT
BDPNQPTJÎÍPEFUPEPPNPTBJDPBPQBTTBSDPNP
DVSTPSTPCSFBTMFUSBT3*F0FOUÍPDBNQPTBDUJWPT
RVFOPTQFSNJUFNPVWJSOVNBWP[SFWFSCFSBOUF
FDPNFGFJUPEFFDPi3JPEF+BOFJSPwFiP3JPw
$PNJTUPUPEBBDPOTUSVÎÍPTÓHOJDBEJWFSTJmDB
EBGPSNBTDPSFTTJMIVFUBTJNBHFOTGPUPHSÈm
DBTNÞTJDBFGFJUPTTPOPSPTDPNQPOFOUFWFSCBM
FTDSJUBFPSBM
DPODPSSFQBSBPSFUSBUPFEFOÞODJB
EPJTBNCJFOUFTPEBQBSUFTVQFSJPSEJSFJUBFNUPOTEF
BKVMHBSQFMPUÓUVMP
EP3JPEF+BOFJSPDPNPDJEBEF
WFSNFMIPFWFSEFJODMVJOEPFNGVOEPPRVFQBSFDFN
DPOUSBTUBOUFFWJPMFOUBMVHBSEFHSBOEFFYVCFSÉO
TFSQSÏEJPTBMUPTVSCBOJ[BÎÜFTNPEFSOBTEFVNB
DJBNBTUBNCÏNEFQSPGVOEBTEFTJHVBMEBEFT
HSBOEFDJEBEFOBQBSUFJOGFSJPSFTRVFSEBFNUPOTEF
B[VMFSPTBBTVHFTUÍPEFVNBQBJTBHFNNBJTEFTPSHB
2VBOEPÏGBDVMUBEBBPMFJUPSBQPTTJCJMJEBEFEF
OJ[BEBDPNVNBGPUPHSBmBEFIBCJUBÎÜFTQSFDÈSJBT"
FNDFSUPTFOUJEPQBSUJDJQBSOPQSPDFTTPDSJBUJWP
DPOGFSJSVNQBESÍPVOPËDPNQPTJÎÍPMJOIBTIPSJ[PO
QSBUJDBOEPBMFJUVSBQFMBFTDSJUBFBFTDSJUBQFMBMFJUVSB
OVNBOPWBTJNCJPTFJOUFSBDUJWBEBRVJOBTDFSÈP
iFTDSJMFJUPSwTFHVOEP1FESP#BSCPTB OÍPQPEFSÈ
TFMIFTBDSFTDFOUBNDPOUSJCVJOEPJHVBMNFOUF
QBSBVNBBNQMJBÎÍPEBQSØQSJBOPÎÍPEFUFYUP
EFJYBSEFOPUBSTFRVFBJOUFSBDÎÍPBMUFSBBJOEBNBJT
EFDJTJWBNFOUFBSFMBÎÍPEPMFJUPSDPNPUFYUP
0NFTNPTFQPEFSÈEJ[FSEPBVUPSFEPMFJUPS
JNQMJDBEPTOBMJUFSBUVSBEJHJUBMRVFTÍPEJGFSFO
/FTUFRVBESPTVSHFVNBJOFWJUÈWFMNPEJmDBÎÍPOP
UFTOPTFVFTUBUVUPFQBQFMEPTEBMJUFSBUVSB
DPODFJUPEFUFYUPRVFEFWFSÈTFSFODBSBEPDPNP
JNQSFTTBUSBEJDJPOBM/PFOUBOUPOÍPDPOTJEFSP
VNBFTUSVUVSBFNQSPDFTTPFBNQMJBEBOBTVBDB
RVFFTUBTJUVBÎÍPSFQSFTFOUFBEJTTPMVÎÍPEBT
QBDJEBEFHFSBEPSBEFTFOUJEPTFOÍPBQFOBTDPNP
OPÎÜFTEPNJOBOUFTEFBVUPSFMFJUPSNBTTJN
VNNFJPFTUBCJMJ[BEPEPQPOUPEFWJTUBNBUFSJBMEF
VNBBNQMJBÎÍPEBTBDÎÜFTEFTTFTBHFOUFT
DPNVOJDBÎÍPJOUFSTVCKFDUJWBFOUSFBVUPSFGSVJEPS
1PSUVEPJTUPVSHFDPOUJOVBSBSFQFOTBSPDPODFJUP
&TUFTQSPEVUPTQPEFNBJOEBFYQMPSBSPVUSB
EFUFYUVBMJEBEFQPSGPSNBBBCBSDBSBTWÈSJBTFTDBMBT
EBTQBSUJDVMBSJEBEFTEPUFYUPJOGPSNÈUJDPBTVB
EFNFUBNPSGPTFRVFGPSBNBDFOUVBEBTQFMBTQPT
EFTMPDBÎÍP$PNPRVBMRVFSTJOBMFMFDUSØOJDPP
TJCJMJEBEFTEJHJUBJTEPTOPWPTNFEJBTVTDFQUÓWFJT
UFYUPQPEFTFSDSJBEPOVNMVHBSFMJEPBPNFTNP
EFDBVTBSFNFTUSBOIF[BBPJOUFSGFSJSFNDPNB
UFNQPPVQPVDPEFQPJTOPVUSP1PEFJHVBMNFOUF
OPÎÍPEPNJOBOUFEFUFYUP²JOEFTNFOUÓWFMRVFP
TFSUSBOTGPSNBEPËEJTUÉODJBTFOEPBDPMPDBÎÍPFN
DPNQVUBEPSDPOTUJUVJVNJOTUSVNFOUPRVFQPT
SFEFBDPOTFRVÐODJBMØHJDBEBEFTNBUFSJBMJ[BÎÍP
TJCJMJUBVNBOPÎÍPBNQMJBEBEFUFYUVBMJEBEFFNCPSB
EPTUFYUPTJOGPSNÈUJDPT2VBMRVFSUFYUPJOGPSNB
NFQBSFÎBJOUFJSBNFOUFKVTUJmDÈWFMRVFOPÉNCJUP
UJ[BEPÏUSBOTQPSUÈWFMJNFEJBUBNFOUFMFHÓWFMFN
EBDPNVOJDBÎÍPOPTFJPEBTUFDOPMPHJBTEJHJUBJTP
RVBMRVFSMVHBSFÏBMÏNEJTTPNPEJmDÈWFM²P
DPODFJUPEFUFYUPTPCSFWJWB&TUBSFBMJEBEFFTUÈBMJÈT
RVFTFWFSJmDBDPNEJWFSTPTQPFNBTBOJNBEPT
FYQSFTTBOPGBDUPEFQFSTJTUJSFNFYQSFTTÜFTDPNP
FNDPNQVUBEPSRVFTFFODPOUSBNOBJOUFSOFU
iMJWSPFMFDUSØOJDPwimDÎÍPJOUFSBDUJWBwPViEPDVNFOUP
WJSUVBMwRVFVUJMJ[BNOPÎÜFTMJWSPmDÎÍPEPDV
%PNFVQPOUPEFWJTUBFTUBMJUFSBUVSBEJHJUBMOÍP
NFOUP
EFSJWBEBTEPNVOEPEPJNQSFTTP"TTJN
DPOEV[BVNBTVCTUJUVJÎÍPEBMJUFSBUVSBEPNJ
TFOEPPiUFYUPFMFDUSØOJDPwÏBJOEBVNiUFYUPw4F
OBOUFBOUFTTFMIFBDSFTDFOUBDPOUSJCVJOEPQBSB
BDFJUBSNPTJTTPPRVFTFUPSOBFOUÍPDMBSPÏRVF
VNBBNQMJBÎÍPEBQSØQSJBOPÎÍPEFMJUFSBUVSB%P
FTUFOPWPTVQPSUFOPTPCSJHBBEFmOJSUFYUVBMJEBEF
NFTNPNPEPPTUFYUPTSFTVMUBOUFTOÍPDPOEV[FN
BEV[JOEPDSJUÏSJPTQBSBBMÏNEBRVFMFTUSBEJDJPOBM
BVNBTVCTUJUVJÎÍPEPTUFYUPTJNQSFTTPTBOUFT
NFOUFVUJMJ[BEPTRVFTÍPCBTFBEPTOPQBSBEJHNB
"iFTDSJMFJUVSBwTFHVOEP#BSCPTB
QSPDFTTPTJNVMUÉOFPEFFTDSJUBFMFJUVSBQFSNJUFOPTDPNQSFFOEFSNFMIPSDPNPDPNFTUF
UJQPEFMJUFSBUVSBTFFODPOUSBBMUFSBEBBSFMBÎÍPUSBEJDJPOBMFOUSFBVUPSFMFJUPS0MFJUPSUSBOTGPSNBEPWFSEBEFJSBNFOUFFNiFTDSJMFJUPSwQPEF
JODMVTJWFJOUSPEV[JSPTFVQSØQSJPMÏYJDPOBFTUSVUVSBUFYUVBMEJTQPOJCJMJ[BEBQFMPTBVUPSFTFFNDFSUPTFOUJEPFTDSFWFSPTTFVTQSØQSJPTQPF
NBTEFUBMNPEPRVFQPEFSÈEJ[FSTFRVFOFTUFTDBTPTPBVUPSQSPQÜFFPMFJUPSEJTQÜFFGFDUJWBNFOUF7FSUBNCÏN(JMMPU-BOPUJPO
EjÏDSJMFDUVSFxËUSBWFSTMFTSFWVFTEFQPÏTJFÏMFDUSPOJRVFBMJSFFU,"040SBEFBF"SUPJT)FTUJB$&35&-
EBJNQSFTTÍPRVFEFWFSÈBHPSBBSUJDVMBSTFDPN
PVUSPPEBDVMUVSBEPWJSUVBMFNGBDFEBTQPT
TJCJMJEBEFTJOUSPEV[JEBTQFMBTOPWBTUFDOPMPHJBT
%FGBDUPTFPTUFYUPTTÍPQSPEVUPTRVFSFTVMUBN
EPDSV[BNFOUPEFVNDPOKVOUPEFNBUSJ[FT
TFNJØUJDBPFTDSJUP
IJTUØSJDBPDPOUFYUPTØ
DJPQPMÓUJDPDVMUVSBM
NBTUBNCÏNUFDOPMØHJDB
BTDPOEJÎÜFTEFQSPEVÎÍP
QBSFDFNFRVF
OÍPIÈOFOIVNBSB[ÍPQBSBRVFTVCFTUJNFNPT
FTUBÞMUJNBOBEFmOJÎÍPEPRVFÏUFYUP
"MÏNEJTTPEFWJEPËJOTUBCJMJEBEFUFNQPSBMEFUPEBT
FTUBTWBSJÈWFJTBUFYUVBMJEBEFEFWFTFSFODBSBEB
DPNPVNQSPDFTTPJNQPTTÓWFMEFmYBSPVQFUSJmDBS
4FPTNFJPTUFDOPMØHJDPTQSFTFOUFNFOUFVUJMJ[B
EPTQFSNJUFNBBDUJWBÎÍPEFFTUSBUÏHJBTEJTDVS
TJWBTDPNBTRVBJTTFFOHFOESBNUFYUPTNØWFJT
EJOÉNJDPTJOUFSBDUJWPTQBSFDFNFRVFOÍPIÈ
OFOIVNBSB[ÍPQBSBRVFUBJTQSJODÓQJPTOÍPWFOIBN
BTFSBCBSDBEPTOPDPODFJUPEFUFYUVBMJEBEF
1FMPDPOUSÈSJPPRVFNFQBSFDFJNQPSUBOUFÏWFSJ
mDBSRVFBTDPOEJÎÜFTUFDOPMØHJDBTEBQSPEVÎÍP
UFYUVBMOBBDUVBMJEBEFQPTTJCJMJUBNBDSJBÎÍPEF
OPWBTNBOJGFTUBÎÜFTUFYUVBJTRVFDPOUSJCVFNQBSB
VNBBNQMJBÎÍPEPDPODFJUPEFUFYUVBMJEBEFPRVF
QFSNJUFBmSNBSRVFDPNBJOUSPEVÎÍPQPSFYFNQMP
EPNPWJNFOUPDPNPDPNQPOFOUFFTUSVUVSBMEP
UFYUPÏBQSØQSJBOPÎÍPEFUFYUPRVFTFNPWJNFOUB