Buenas Prácticas Agrícolas para Agricultura Familiar Cadena de las

Buenas Prácticas
Agrícolas
para la
Agricultura Familiar
Cadena de las principales
hortalizas de hojas en Argentina
Editores: Jorge A. Ferratto, Marcos Rodríguez Fazzone
Buenas Prácticas
Agrícolas
para la
Agricultura Familiar
Cadena de las principales
hortalizas de hojas en Argentina
Editores: Jorge A. Ferratto, Marcos Rodríguez Fazzone
Buenas Prácticas
Agrícolas
para la
Agricultura Familiar
Cadena de las principales
hortalizas de hojas en Argentina
Editores: Jorge Adrián Ferratto, Marcos Rodríguez Fazzone
Autores:
Ferratto, Jorge Adrián; Mondino, María Cristina; Grasso, Rodolfo; Ortiz Mackinson, Mauricio;
Longo, Alejandro; Carrancio, Luis; Firpo, Inés Teresa; Rotondo, Roxana; Zembo, Juan Carlos;
Castro, Guillermo; García, Matías; Rodríguez Fazzone, Marcos; Iribarren, María Josefina.
Colaboradores Regionales: Szczesny, A.; Belavi, A.; Pineda, J.C.; Labourdette, B.; Neira, P.
Revisión Técnica: María Josefina Iribarren
Colaboradores Regionales: Szczesny, A.; Belavi, A.; Pineda, J.C.; Labourdette, B.; Neira, P.
Agradecimientos: Liliana Picardi
Ministerio de Agricultura, Ganadería y Pesca de la Nación
Julián Domínguez
Ministro de Agricultura, Ganadería y Pesca
Carla Campos Bilbao
Secretaria de Agricultura Familiar y Desarrollo Rural
Carlos Casamiquela
Presidente de INTA
Luciano Di Tella
Subsecretario de Economías Regionales
José María Mones Cazón
Coordinación Nacional por el Minagri
Oscar Balbi
Coordinación Nacional por Minagri
Amanda Fuxman
Coordinación Técnica por el Minagri
Organización de las Naciones Unidas para la Agricultura y la Alimentación (FAO)
Jorge González de la Rocha
Representante de la FAO en Argentina
Juan Izquierdo
Experto Retirado en Producción y Protección Vegetal FAO RLC
Francisco Yofre
Oficial de Programas - FAO Argentina
TCP/ARG/3203
Marcos Rodríguez Fazzone
Consultor Técnico Principal - FAO Argentina
Guillermo González Castro Feijoo
Consultor en Comercialización -FAO Argentina
Josefina Iribarren
Consultor en BPA Hortícola - FAO Argentina
Universidad Nacional de Rosario
Liliana Ramírez
Decana Facultad de Ciencias Agrarias
Proyecto Hortícola de Rosario (PHR)
Jorge Adrián Ferratto
Director del Proyecto Hortícola de Rosario
Docente e Investigador de la UNR
130-0(0
-BNBHOJUVEFJNQPSUBODJBTPDJPFDPOØNJDBRVFSFQSFTFOUBMB"HSJDVMUVSB'BNJMJBS"'
FOMBFTUSVDUVSBSVSBMEFMPTQBÓTFT
MBIBMMFWBEPBSFQPTJDJPOBSTFFOMBBHFOEBEFEFTBSSPMMPEF"SHFOUJOBZEFMSFTUPEF"NÏSJDB-BUJOB
"OJWFMOBDJPOBMFMEFMBTFYQMPUBDJPOFTBHSPQFDVBSJBTTPONBOFKBEBTQPSBHSJDVMUPSFTGBNJMJBSFTBCTPSCFONÈTEFM
EFMFNQMFPQFSNBOFOUFSVSBMFMEFMFNQMFPUSBOTJUPSJPZBQPSUBOFMEFMWBMPSCSVUPEFMBQSPEVDDJØOBHSPQF
DVBSJB**$"
&OMBDBEFOBIPSUÓDPMBFOUSFZEFMBTFYQMPUBDJPOFTFTUÈFONBOPTEFMB"HSJDVMUVSB'BNJMJBSMPRVF
SFQSFTFOUBFMEFMBTVQFSmDJFEFEJDBEBBFTUBBDUJWJEBEZMBDPOWJFSUFFOVOPEFMPTQSJODJQBMFTQSPWFFEPSFTEFBMJNFOUPT
GSFTDPTQBSBMBTFDPOPNÓBTMPDBMFT
"QFTBSEFRVFBÞOOPFYJTUFVODPODFQUPDMBSPZDPOTFOTVBEPTPCSFMBDBSBDUFSJ[BDJØOEFFTUFHSVQPMPTWBMPSFTNFODJP
OBEPTTPOVOJOEJDBUJWPEFRVFMB"HSJDVMUVSB'BNJMJBSFYDFEFBNQMJBNFOUFBMPTQSPEVDUPSFTWJODVMBEPTDPOMBQPCSF[BSVSBMZ
QPSFMDPOUSBSJPTFFWJEFODJBVODMBSPQPUFODJBMQSPEVDUJWP
'"0JEFOUJmDBVOBUJQPMPHÓBRVFQFSNJUFDPODMVJSRVFTJCJFOVOEFMUPUBMEFMBTFYQMPUBDJPOFTEFMB"'FO"SHFOUJOB
FTUÈSFMBDJPOBEBDPOFTUBEPTEFTVCTJTUFODJBFMSFTUBOUFTFFODVFOUSBFOVOBTJUVBDJØOEFUSBOTJDJØOZDPOTPMJEBDJØOEF
TVBDUJWJEBEFDPOØNJDBTJFOEPMBBHSJDVMUVSBDPNFSDJBMTVQSJODJQBMGVFOUFEFJOHSFTPT&OFTUFTFHNFOUPFTQPTJCMFFODPOUSBS
VOBFTUSVDUVSBIFUFSPHFOFBEFQSPEVDDJØORVFFOGVODJØOEFTVTBDUJWPTQVFEFJSEFTEFFYQMPUBDJPOFTNJOJGVOEJTUBTIBTUB
OJWFMFTNÈTFMFWBEPTEFUJFSSBZDBQJUBMQFSPDPOQSPCMFNBTEFHFTUJØONBOFKPZDPNFSDJBMJ[BDJØORVFOPMFTQFSNJUFQSPTQFSBS
&MMPEFKBEFNBOJmFTUPMBOFDFTJEBEEFQSJPSJ[BSFMEJTF×PEFQSPHSBNBTFTQFDÓmDPTQBSBDBEBTVCHSVQPQFSPDPOVONJTNP
PCKFUJWPEFJODMVTJØOZTPTUFOJCJMJEBE
&OFTUFTFOUJEPFMQSFTFOUFNBOVBMQSFUFOEFTFSVOBIFSSBNJFOUBQBSBDPOUSJCVJSBMEFTBSSPMMPEFMBQFRVF×BBHSJDVMUVSB
DPNFSDJBMCSJOEBOEPSFDPNFOEBDJPOFTRVFQFSNJUBOBDFSDBSMPTOJWFMFTUFDOPMØHJDPTZQSPEVDUJWPTEFFTUFHSVQPBMPTEFVOB
BHSJDVMUVSBFNQSFTBSJBM
&MNBOVBMGVFFMBCPSBEPQPSVOFRVJQPEFQSPGFTJPOBMFTEFMB6OJWFSTJEBE/BDJPOBMEF3PTBSJP'BDVMUBEEF$JFODJBT"HSB
SJBT
FM*OTUJUVUP/BDJPOBMEF5FDOPMPHÓB"HSPQFDVBSJB*/5"
ZMB0SHBOJ[BDJØOEFMBT/BDJPOFT6OJEBTQBSBMB"HSJDVMUVSBZ
MB"MJNFOUBDJØO'"0
FOFMNBSDPEFMBTBDDJPOFTEFMB4FDSFUBSJBEF%FTBSSPMMP3VSBMZ"HSJDVMUVSB'BNJMJBSEFM.JOJTUFSJPEF
"HSJDVMUVSB(BOBEFSÓBZ1FTDBEFMB/BDJØO
&TUFUSBCBKPTVSHFEFVODPOWFOJPFOUSF'"0ZFM*/5"FOCBTFBMQSPZFDUPEFDPPQFSBDJØOUÏDOJDB5$1"3(i#VFOBT
1SÈDUJDBT"HSÓDPMBT#1"
ZPSHBOJ[BDJØODPNVOJUBSJBQBSBMBHFOFSBDJØOEFJOHSFTPTZBDDFTPBNFSDBEPTEFMB"HSJ
DVMUVSB'BNJMJBS"'
FO"SHFOUJOBw&MQSPZFDUPTFPSJFOUBBMBDPOUSJCVDJØOEFTVTFHVSJEBEBMJNFOUBSJBBMBJNQMFNFOUBDJØO
EF#VFOBT1SÈDUJDBT"HSÓDPMBT#1"
DPNPVOBIFSSBNJFOUBJOUFHSBMEFEFTBSSPMMPBMBQSPEVDDJØOEFBMJNFOUPTJOPDVPTZEF
DBMJEBEBMGPSUBMFDJNJFOUPPSHBOJ[BDJPOBMFJOTUJUVDJPOBMEFMB"HSJDVMUVSB'BNJMJBSZBMEFTBSSPMMPEFFDPOPNÓBTSFHJPOBMFTFO
FMNBSDPEFVOBBHSJDVMUVSBTVTUFOUBCMF
1BSBNBZPSJOGPSNBDJØOTPCSFMBDBSBDUFSJ[BDJØOEFMB"HSJDVMUVSB'BNJMJBSFO"NÏSJDB-BUJOBWFS
XXXSMDGBPPSHFTEFTBSSPMMPGBPCJEQEGQPMJUJDBTBGQEG
&MDPODFQUPEF#VFOBT1SÈDUJDBTNBOFKBEPQPSMB'"0ZSFnFKBEPFOFTUFNBOVBMTFDBSBDUFSJ[BQPSTFSVOFOGPRVFIPMÓTUJDP
RVFCVTDBBQPZBSEFTEFEJTUJOUPTGSFOUFTMBTOFDFTJEBEFTEFMPTQFRVF×PTQSPEVDUPSFTQFSJVSCBOPTZSVSBMFTEFMQBÓT&MNP
EFMPOPTPMPJOWPMVDSBBTQFDUPTUFDOPMØHJDPTZQSPEVDUJWPTNBOFKPJOUFHSBEPEFQMBHBTZFOGFSNFEBEFTNBOFKPEFDPTFDIBZ
QPTDPTFDIBJOOPWBDJØOUFDOPMØHJDB
TJOPUBNCJÏOBTQFDUPTTPDJBMFTTFHVSJEBEBMJNFOUBSJBEJHOJmDBDJØOMBCPSBMFEVDBDJØO
BMJNFOUBSJBGPSUBMFDJNJFOUPPSHBOJ[BDJPOBMDPNVOJUBSJPZBTPDJBUJWJEBE
BNCJFOUBMFTBOÈMJTJTEFTVFMPZBHVBTPTUFOJCJMJEBE
EFMTJTUFNBVTPSBDJPOBMEFBHSPRVÓNJDPT
ZFDPOØNJDPTHFTUJØOFNQSFTBSJBMDPNQFUJUJWJEBEDPNFSDJPKVTUP
&MPCKFUJWPEFMNBOVBMFTDPOTUJUVJSTFFOVOJOTUSVNFOUPPSJFOUBEPSZEFSFGFSFODJBUÏDOJDBTPCSFMBTNFKPSFTQSÈDUJDBT
QBSBMBQSPEVDDJØOHFTUJØOZDPNFSDJBMJ[BDJØOEFIPSUBMJ[BTEFIPKBFO"SHFOUJOBZFOMPTQBÓTFTDPOTJTUFNBTEFQSPEVDDJØO
TFNFKBOUFT-PTQSJODJQBMFTEFTUJOBUBSJPTTPOMPTQSPGFTJPOBMFTZUÏDOJDPTWJODVMBEPTBMBTBDUJWJEBEFTEFJOWFTUJHBDJØODBQB
DJUBDJØOZFYUFOTJØOBHSPQFDVBSJBEJSJHJEBBMPTQFRVF×PTQSPEVDUPSFTEFMTFDUPSIPSUÓDPMB
&MBOÈMJTJTTFDPODFOUSBFOMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTWFSEFTEFMQBÓTMFDIVHBBDFMHBFTQJOBDBSBEJDIFUBZSÞDVMB
FOMPTDVBMFTFTJNQFSBUJWPQPOFSFONBSDIBVOBQMBOEFUSBCBKPEJSJHJEPBNFKPSBSMBTDPOEJDJPOFTEFDBMJEBEFJOPDVJEBEBMP
MBSHPEFUPEBMBDBEFOBBMJNFOUJDJB&MDPOUFOJEPEFMBPCSBTFTVTUFOUBFOMBJOWFTUJHBDJØOZMBTJTUFNBUJ[BDJØOEFMDPOPDJNJFOUP
DJFOUÓmDPEJTQPOJCMFBTÓDPNPFOFOTBZPTZQSÈDUJDBTDVMUVSBMFTDPOPDJEBTDPOFMPCKFUPEFEFUFSNJOBSMBTiNFKPSFTQSÈDUJDBTw
QBSBTFSJNQMFNFOUBEBTFODBEB[POBEFQSPEVDDJØOIPSUÓDPMB1BSBFMMPFMFRVJQPEFUSBCBKPIBEFTBSSPMMBEPVOBWBMJEBDJØOJO
TJUVFOBMHVOBTEFMBTQSJODJQBMFT[POBTEFQSPEVDDJØOIPSUÓDPMBTEF"SHFOUJOBMPT$JOUVSPOFTWFSEFTEFMBTDJVEBEFTEF3PTBSJP
Z4BOUB'FMB[POBEFMB$PTUBEFMB1SPWJODJBEF4BOUB'FMBTDJVEBEFTEF-B1MBUBZ.BSEFM1MBUBEFMB1SPWJODJBEF#VFOPT
"JSFTMBQSPWJODJBEF.FOEP[BZFM7BMMF*OGFSJPSEFM3ÓP$IVCVU7*3$)
FOMBQSPWJODJBEF$IVCVU
&MNBOVBMDPOUØDPOMBPSJFOUBDJØOZFMDPODFQUPUÏDOJDPEFMFRVJQPEFMB0mDJOB3FHJPOBMEFMB'"0QBSB"NÏSJDB-BUJOBZFM
$BSJCFQPSJOUFSNFEJPEF+VBO*[RVJFSEP1I%&YQFSUPSFUJSBEPFO1SPEVDDJØOZ1SPUFDDJØO7FHFUBM.BSDPT3PESÓHVF['B[[POF
FDPOPNJTUBDPOTVMUPSEF'"0FO"HSJDVMUVSB'BNJMJBS.BSÓB+PTFmOB*SJCBSSFODPOTVMUPSBEFMB'"0FOQSPEVDDJØOIPSUÓDPMB
#1"Z(VJMMFSNP(PO[BMF[$BTUSPDPOTVMUPSEFMB'"0FODPNFSDJBMJ[BDJØOZNFSDBEFP0TDBS#BMCJDPPSEJOBEPSOBDJPOBMQPSFM
.JOJTUFSJPEF"HSJDVMUVSB(BOBEFSJBZ1FTDBEFMB/BDJØOZ"NBOEB'VYNBODPOUSBQBSUFUÏDOJDBEFM.JOJTUFSJPEF"HSJDVMUVSB
(BOBEFSJBZ1FTDBEFMB/BDJØO
+PSHF"'FSSBUUP.BSDPT3PESJHVF['B[[POFFEJUPSFT
*/%*$&
$BQÓUVMP
*OUSPEVDDJØO
$BQÓUVMP
4JUVBDJØOEFMB$BEFOB)PSUÓDPMB
$BQÓUVMP
-B(FTUJØOEFMB$BMJEBEFO"HSPBMJNFOUPT
$BQÓUVMP
-B$BEFOB"HSPBMJNFOUBSJB 4VCDBQÓUVMP
&M.FSDBEP$POTVNJEPS
4VCDBQÓUVMP
-PT1SPWFFEPSFTEFJOTVNPTPTFSWJDJPT
4VCDBQÓUVMP
-BSFEEFEJTUSJCVDJØO
4VCDBQÓUVMP
-BJOEVTUSJBEFMQSPDFTBNJFOUPZEFMBUSBOTGPSNBDJØO
4VCDBQÓUVMP
-BQSPEVDDJØOQSJNBSJBZFMBDPOEJDJPOBNJFOUP
4VCDBQÓUVMP
&M$POUFYUP*OTUJUVDJPOBM
$BQÓUVMP
-BTQSJODJQBMFTIPSUBMJ[BTEFIPKBT
*/%*$&%&5&."43&-"$*0/"%04%*3&$5".&/5&"-"4#1"
$BQÓUVMP
4VCDBQÓUVMP&M.FSDBEP$POTVNJEPS
-BT#VFOBT1SÈDUJDBTQBSBMPTDPOTVNJEPSFT
4VCDBQÓUVMP-PT1SPWFFEPSFTEFJOTVNPTPTFSWJDJPT
-FHJTMBDJØOFODVBOUPBMUSBOTQPSUF#VFOBT1SÈDUJDBT"HSÓDPMBTFOFM5SBOTQPSUF
4VCDBQÓUVMP-BSFEEFEJTUSJCVDJØO
-BT#VFOBT1SÈDUJDBTZMBEJTUSJCVDJØO
4VCDBQÓUVMP-BJOEVTUSJBEFMQSPDFTBNJFOUPZEFMBUSBOTGPSNBDJØO
$VBSUBHBNBPQSPEVDUPTNÓOJNBNFOUFQSPDFTBEPZSFGSJHFSBEPT
4VCDBQÓUVMP-BQSPEVDDJØOQSJNBSJBZFMBDPOEJDJPOBNJFOUP
)JTUPSJBMEFMBFYQMPUBDJØOZEFUFSNJOBDJØOEFQVOUPTDSÓUJDPT
$PNPBSNBSVOQMBOEFQSPEVDDJØO
%FTJOGFDDJØOEFTVFMPT
3JFTHPTFOFMUSBCBKPDPONBRVJOBSJBTBHSÓDPMBT
4JFNCSB
3FDPNFOEBDJPOFTQBSBSFEVDJSFMJNQBDUPBNCJFOUBMFOMBQSPEVDDJØOEFQMBOUJOFT
5SBTQMBOUF$POEJDJPOFTBUFOFSFODVFOUBQBSBVOUSBTQMBOUFBEFDVBEP
-BCPSFTDVMUVSBMFT
%FTDPSUF[BEP
&TDBSEJMMBEP
1VOUPTBUFOFSFODVFOUBDPOSFTQFDUPBMBDBMJEBEEFBHVBQBSBSJFHP
$POEJDJPOFTBUFOFSFODVFOUBBMSFBMJ[BSVOBQFSGPSBDJØOQBSBFYUSBFSBHVB
4JTUFNBTEFSJFHP
.BOUFOJNJFOUPEFMPTFRVJQPTEFSJFHPQPSHPUFP
%FTDSJQDJØOEFFONJFOEBTPSHÈOJDBTFJOPSHÈOJDBT3FDPNFOEBDJØOEFMPTBVUPSFTQBSBFMDPN
QPTUBKFEFMPTFTUJÏSDPMFT
1VOUPTBUFOFSFODVFOUBFOMBBQMJDBDJØOEFFONJFOEBT
1BTPTBUFOFSFODVFOUBQBSBDBMDVMBSEPTJTEFGFSUJMJ[BOUFTZQSFQBSBDJØOEFMBTPMVDJØO
OVUSJUJWB
1VOUPTBUFOFSFODVFOUBDPOSFTQFDUPBMBBQMJDBDJØOEFGFSUJMJ[BOUFT
1VOUPTBUFOFSFODVFOUBDPOSFTQFDUPBMBBQMJDBDJØOEFmUPTBOJUBSJPT $POEJDJPOFTRVFEFCFSFVOJSMBDPTFDIBFOFMNBSDPEFMBT#1"
$SJUFSJPTEFDPTFDIB
.BOFKPEFMQFSTPOBM
$VJEBEPTBUFOFSFODVFOUBEVSBOUFMBSFDPMFDDJØO
0USBTDPOEJDJPOFTQBSBOPDPOUBNJOBSFMQSPEVDUP
1SPUPDPMPEFDPTFDIB
"DPOEJDJPOBNJFOUPZBMNBDFOBNJFOUPEFMBTIPSUBMJ[BTEFIPKB
&TUBCMFDJNJFOUPTEFFNQBRVFZBMNBDFOBNJFOUP
(FTUJØOEFSFTJEVPTZBHFOUFTDPOUBNJOBOUFT
4BMVETFHVSJEBEZCJFOFTUBSMBCPSBM
*NQBDUPBNCJFOUBM
3FHJTUSPTZ5SB[BCJMJEBE
3FHJTUSPEFDPTUPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
*OUSPEVDDJ¯O
**O
*OUS
OUS
U PE
PEVD
VDDJ¯O
VD
DJJ¯
¯O
O
"HSJDVMUVSB'BNJMJBSFO"SHFOUJOB
6ONBOVBMEF#1"QBSBMB"HSJDVMUVSB'BNJMJBS
3VCSPTQSPEVDUJWPTIPSUÓDPMBTDPOTJEFSBEPTFOMBPCSB
;POBTEFQSPEVDDJØOIPSUÓDPMBTBOBMJ[BEBT
1MBOUFPEFMQSPCMFNB
$ØNPDPOUSJCVJSBTPMVDJPOBSMPT
3FDPNFOEBDJPOFTBMMFDUPS
$POUFOJEPFTUSVDUVSBHFOFSBMEFMBPCSB
*OUSPEVDDJ¯O
"HSJDVMUVSB'BNJMJBSFO"SHFOUJOB
-B"HSJDVMUVSB'BNJMJBS"'
TJHVFQSFTFOUFFO
MBBHFOEBEFEFTBSSPMMPEF"SHFOUJOBZEFMSFTUPEF
MB
"NÏSJDB-BUJOBEFCJEPBMBNBHOJUVEFJNQPSUBODJB
TPDJPFDPOØNJDBRVFSFQSFTFOUBFTUFTFDUPSEFOUSPEFMBFT
USVDUVSBSVSBMEFMPTQBÓTFT
"OJWFMOBDJPOBMFMEFMBTFYQMPUBDJPOFTBHSPQFDVB
SJBTTPONBOFKBEBTQPSBHSJDVMUPSFTGBNJMJBSFTBCTPSCFONÈT
EFMEFMFNQMFPQFSNBOFOUFSVSBMFMEFMFNQMFP
USBOTJUPSJPZBQPSUBOFMEFMWBMPSCSVUPEFMBQSPEVDDJØO
BHSPQFDVBSJB**$"
&OMBDBEFOBIPSUÓDPMBFOUSFZEFMBTFYQMPUBDJPOFT
FTUÈFONBOPTEFMB"HSJDVMUVSB'BNJMJBSMPRVFSFQSFTFOUBFM
EFMBTVQFSmDJFEFEJDBEBBFTUBBDUJWJEBE&TUPMBDPOWJFSUF
FOVOPEFMPTQSJODJQBMFTQSPWFFEPSFTEFBMJNFOUPTGSFTDPT
QBSBMBTFDPOPNÓBTMPDBMFT
"QFTBSEFRVFBÞOOPFYJTUFVODPODFQUPDMBSPZDPOTFO
TVBEPTPCSFFTUFHSVQPMPTWBMPSFTNFODJPOBEPTTPOVOJOEJ
DBUJWPEFRVFMB"HSJDVMUVSB'BNJMJBSFYDFEFBNQMJBNFOUFBMPT
QSPEVDUPSFTWJODVMBEPTDPOMBQPCSF[BSVSBMZQPSFMDPOUSBSJP
TFFWJEFODJBVODMBSPQPUFODJBMQSPEVDUJWP
'"0JEFOUJmDBVOBUJQPMPHÓBRVFQFSNJUFDPODMVJSRVFTJCJFO
VOEFMUPUBMEFMBTFYQMPUBDJPOFTEFMB"'FO"SHFOUJOB
FTUÈSFMBDJPOBEBDPOFTUBEPTEFTVCTJTUFODJBFMSFTUBOUF
TFFODVFOUSBFOVOBTJUVBDJØOEFUSBOTJDJØOZDPOTPMJEBDJØO
EFTVBDUJWJEBEFDPOØNJDBTJFOEPMBBHSJDVMUVSBDPNFSDJBM
TVQSJODJQBMGVFOUFEFJOHSFTPT&OFTUFTFHNFOUPFTQPTJCMF
FODPOUSBSVOBFTUSVDUVSBIFUFSPHÏOFBEFQSPEVDDJØORVFFO
GVODJØOEFTVTBDUJWPTQVFEFJSEFTEFFYQMPUBDJPOFTNJOJGVO
EJTUBTIBTUBOJWFMFTNÈTFMFWBEPTEFUJFSSBZDBQJUBMQFSPDPO
QSPCMFNBTEFHFTUJØONBOFKPZDPNFSDJBMJ[BDJØORVFOPMFT
QFSNJUFQSPTQFSBS
PCKFUPEFBDFSDBSTVTOJWFMFTUFDOPMØHJDPTZQSPEVDUJWPTBMPT
EFMBBHSJDVMUVSBFNQSFTBSJBM
"TJNJTNPFMNBOVBMSFnFKBMBTUFOEFODJBTDPOVOBWJTJØO
NÈTFNQSFTBSJBMBNPEPEFFTUBCMFDFSVOOPSUFBMRVFEFCFEJ
SJHJSTFMBQFRVF×BBHSJDVMUVSBZFMTFDUPSIPSUÓDPMBFOHFOFSBM
6ONBOVBMEF#1"QBSBMB
"HSJDVMUVSB'BNJMJBS
6OBQFDVMJBSJEBEEFMFOGPRVFEFMB'"0FO
BQPZPBMB"HSJDVMUVSB'BNJMJBSFTRVFIBQFSTFHVJEP
FMEFTBSSPMMPEFJOTUSVNFOUPTEFDBQBDJUBDJØOUÏDOJDBFO#1"
RVFTFFTQFDJBMJ[BOFOSVCSPTQSPEVDUJWPTFTQFDÓmDPT1PSMP
UBOUPFMBOÈMJTJTZMPTDPOUFOJEPTQSPGVOEJ[BOFOMPTBTQFDUPT
EFQSPEVDDJØOZEFHFTUJØOEFDBEBDVMUJWPDPOGPSNBOEPVOB
HVÓBPQFSBUJWBQBSBVOEFTBSSPMMPSVSBMJOUFHSBMFOVONBSDPEF
#1"#BKPFTUFFOGPRVFFMNBOVBMUÏDOJDPJOUFHSBMPTTJHVJFOUFT
DPNQPOFOUFT
4JTUFNBUJ[BMBTNFKPSFTQSÈDUJDBTBHSPOØNJDBTEFMDVM
UJWPQBSBDBEB[POBBHSPFDPMØHJDBEFMQBÓTDPOVOBQSPQVFTUB
UFDOPMØHJDBRVFFTUÏBMBMDBODFEFMPTQSPEVDUPSFTGBNJMJBSFTZ
RVFSFnFKFNFKPSBTFOMBQSPEVDUJWJEBE
4FFOGPDBFOMBDBEFOBQSPEVDUJWBBSUJDVMBOEPQSPDFTPT
EFQSPEVDDJØOHFTUJØODPNFSDJBMJ[BDJØOZQPOJFOEPFMBDFOUP
FOMBEJGFSFODJBDJØOQPSDBMJEBEFJOPDVJEBE
"CPSEBVOBDPODFQDJØOJOUFHSBMEFMBT#1"QBSBNBO
UFOFSVOFRVJMJCSJPNVMUJDPNQPOFOUFTPDJBMFTBNCJFOUBMFT
MBCPSBMFTDVMUVSBMFTFDPOØNJDPTZQSPEVDUJWPT
$POTJEFSBMBOPSNBUJWBOBDJPOBMEF#1"3FTPMVDJØO
OÞNFSP4FDSFUBSÓBEF"HSJDVMUVSB(BOBEFSÓB1FTDBZ
"MJNFOUPT
&MMPEFKBEFNBOJmFTUPMBOFDFTJEBEEFQSJPSJ[BSFMEJTF×P
EFQSPHSBNBTFTQFDÓmDPTQBSBDBEBTVCHSVQPQFSPDPONJTNP
PCKFUJWPEFJODMVTJØOZTPTUFOJCJMJEBEFOTVQPTJDJØODPNP
QSPEVDUPSFTDPNQFUJUJWPTFOFMNVOEPSVSBM
&OFTUFTFOUJEPFMQSFTFOUFNBOVBMQSFUFOEFEBSSFDPNFO
EBDJPOFTBMBMDBODFEFMBQFRVF×BBHSJDVMUVSBDPNFSDJBMDPOFM
1BSBNBZPSJOGPSNBDJØOTPCSFMBDBSBDUFSJ[BDJØOEFMB"HSJDVMUVSB'BNJMJBSFO"NÏSJDB-BUJOBWFSXXXSMDGBPPSHFTEFTBSSPMMPGBPCJEQEGQPMJUJDBTBGQEG
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
3VCSPTQSPEVDUJWPTIPSU©DPMBT
DPOTJEFSBEPTFOMBPCSB
D
&MBOÈMJTJTEFMBT#VFOBT1SÈDUJDBTTFDPODFOUSBFO
MBTTJHVJFOUFTIPSUBMJ[BTEFIPKBMFDIVHBBDFMHBFTQJ
OBDBSBEJDIFUBZSÞDVMB-BTFMFDDJØOEFFTUBTIPSUBMJ[BTEFOUSP
EFMUPUBMEFMBDBEFOBTFCBTBFOMPTTJHVJFOUFTDSJUFSJPT
t &ODVBOUPBMBQSPEVDDJØOFTUFHSVQPEFIPSUBMJ[BT
UJFOFVOBSFQSFTFOUBDJØOTJHOJmDBUJWBEFMBTVQFSmDJFDVMUJWBEB
ZDPODFOUSBBMNBZPSQPSDFOUBKFEFMPTQFRVF×PTQSPEVDUPSFT
IPSUÓDPMBTEFMQBJT
t &ODVBOUPBMDPOTVNPMBTIPSUBMJ[BTEFIPKBTSFQSF
TFOUBOVOEFMWPMVNFOUPUBMEFWFOUBTEFMBTGSVUBTZ
IPSUBMJ[BT"TVWF[MBTFTQFDJFTDPOTJEFSBEBTSFQSFTFOUBOFM
EFMUPUBMEFMBTIPSUBMJ[BTEFIPKBDPNFSDJBMJ[BEBT
t&ODVBOUPBMBTBMVENÈTBMMÈEFTVJNQPSUBOUFDPO
USJCVDJØOOVUSJDJPOBMMPTQSPEVDUPTFMFHJEPTTPOBMUBNFOUF
WVMOFSBCMFTBMBUBRVFEFQMBHBTZFOGFSNFEBEFTFMMPPCMJHB
BSFBMJ[BSGSFDVFOUFTUSBUBNJFOUPTDPOQMBHVJDJEBT"MUFOFS
FTUPTDVMUJWPTVOFMFWBEPÓOEJDFEFÈSFBGPMJBSZBMDPOTVNJSTF
MBTIPKBTMBBQMJDBDJØOEFMBT#1"DPOUSJCVJSÈFOPSNFNFOUFB
SFEVDJSMPTSJFTHPTEFDPOUBNJOBDJØO
t;POBEF.FOEP[BEFMB1SPWJODJBEF.FOEP[BJNQPSUBOUF
[POBQSPEVDUPSBDPODMJNBBEFDVBEPQBSBMBQSPEVDDJØOEF
IPSUBMJ[BTEFDBMJEBEEVSBOUFUPEPFMB×P"EFNÈTEFQSPWFFS
SFHJPOBMNFOUFUBNCJÏOMPIBDFB#VFOPT"JSFT
t7BMMF*OGFSJPSEFM3ÓP$IVCVUEFMB1SPWJODJBEF$IVCVUTJ
CJFOMPTWPMÞNFOFTEFQSPEVDDJØOOPTPOJNQPSUBOUFTFOFTUB
[POBFTUÈOFTUBCMFDJEBTOVNFSPTBTFNQSFTBTGBNJMJBSFTTJFOEP
MB[POBNÈTBVTUSBMRVFQVFEFQSPEVDJSIPSUBMJ[BTQBSBFMTVS
EFMQBÓTQSJODJQBMNFOUFEVSBOUFMBTFTUBDJPOFTNÈTDÈMJEBT
1MBOUFPEFMQSPCMFNB
1BSBFTUBCMFDFSMBTOFDFTJEBEFTEFDBNCJPTFT
OFDFTBSJPIBDFSVOBOÈMJTJTDPOKVOUPEFMBTSFHJPOFT
OF
JOEFQFOEJFOUFNFOUFEFMBTGPSUBMF[BTZQPUFODJBMJEBEFTEFDBEB
VOB-PTQSPCMFNBTFODPNÞOEFMTFDUPSIPSUÓDPMBTPOMPTRVF
TFEFUBMMBOBDPOUJOVBDJØO
t-BGBMUBEFDPIFTJØOFTVOBSFBMJEBEFMQSPEVDUPSHF
OFSBMNFOUFUSBCBKBBJTMBEPEFMSFTUPEFMPTJOUFHSBOUFTEFM
TFDUPSZTFDPOTUJUVZFFOVOBWBSJBCMFEFBKVTUFEFMTJTUFNB
DPOKVOUBNFOUFDPOFMDPOTVNJEPS
t-BTFNQSFTBTHFOFSBMNFOUFFTUÈOEFTPSHBOJ[BEBTDPO
QPDBBDUJUVEEFDBNCJPZOPTFWBMPSBMBDBQBDJUBDJØO
;POBTEFQSPEVDDJ¯OIPSU©DPMBT
B
BOBMJ[BEBT
&MBOÈMJTJTTFDPODFOUSØFOMBTQSJODJQBMFT[POBT
WFSEFTDJOUVSPOFTIPSUJDPMBT
EFMQBÓTFOMPTDVBMFT
SFTJEFFMNBZPSOÞNFSPEFFYQMPUBDJPOFTGBNJMJBSFT
EFFTUFTFDUPSFMMBTTPO
t;POBEF-B1MBUBZEF.BSEFM1MBUB
EFMB1SPWJODJBEF#VFOPT"JSFTFTUB
QSPWJODJBQSPWFFNÈTEFMEFFTUBT
IPSUBMJ[BTBMPTQSJODJQBMFTDFOUSPT
DPOTVNJEPSFT4FEFTUBDBMBDBMJEBE
EFMBNJTNBEBEPRVFVOBMUPQPS
DFOUBKFTFQSPEVDFCBKPJOWFSOBEFSP
t ;POBEF3PTBSJPZEFMB$PTUB
EFMB1SPWJODJBEF4BOUB'F OVNFSPTBT
FNQSFTBTGBNJMJBSFTBCBTUFDFOVOBQPCMBDJØO
JNQPSUBOUFEFMQBÓTBEFNÈTQSPWFFOB#VFOPT"JSFT
EVSBOUFFMJOWJFSOP
t-BJOGPSNBDJØOFTFTDBTBZBTJNÏUSJDBOPTFUSBCBKBDPO
QMBOFTEFQSPEVDDJØOMPRVFQSPEVDFHSBOEFTPTDJMBDJPOFTEF
MPTQSFDJPTZFONVDIPTDBTPTPCMJHBBWFOEFSBQSFDJPTNVZ
JOGFSJPSFTBMPTDPTUPT
t-PTDPOUSPMFTOPTPOKVTUPTQBSBUPEPTZFMTFDUPSTF
NBOFKBFOMBJOGPSNBMJEBE
t-BTQSÈDUJDBTEFDPTFDIBZQPTDPTFDIBOPTPOBEFDVBEBT
QPSMPRVFMBTQÏSEJEBTEFQSPEVDUPZMPTSJFTHPTEFDPOUBNJ
OBDJØOTPONVZFMFWBEPT/PIBZDBEFOBEFGSÓPQBSBFMFOWÓP
BEJTUBODJBUBNQPDPFOFMTFDUPSEFMBEJTUSJCVDJØO
t/PTFMFEBWBMPSBHSFHBEPBMPTQSPEVDUPT
t)BZQSPCMFNBTEFDBMJEBEZDBOUJEBEEFNBOPEFPCSB
t-PTNFSDBEPTOPFTUÈONPEFSOJ[BEPTZHFOFSBMNFOUFMPT
QSPEVDUPTFTUÈOBGFDUBEPTQPSFMNBOJQVMFPJOBEFDVBEPZMB
GBMUBEFDPOEJDJPOFTBEFDVBEBTUFNQFSBUVSBIPSBSJPTFUD
RVFBGFDUBOBMBJOPDVJEBEZDBMJEBEEFMQSPEVDUP
*OUSPEVDDJ¯O
t.FKPSBSMB 5FDOPMPHÓBTEFQSPEVDDJØOSFEVDJFOEPCSFDIBT
t.FKPSBSMBT
FOUSFMBQFRVF×BBHSJDVMUVSBZMPTOJWFMFTNÈTFNQSFTBSJBMFT
FOUSFMB
QFRVF
-BTEJTUJOUBT
SFHJPOFTIPSUÓDPMBT
JOEFQFOEJFOUFNFOUFEFTVT
QPUFODJBMFTQSFTFOUBOQSPCMFNBT
EFUSBCBKPFODPOKVOUPPSHBOJ[BDJØO
EFMBFNQSFTBUFDOPMPHÓBTZQSÈDUJDBT
JOBEFDVBEBTEFQPTDPTFDIBZMBOP
BQMJDBDJØOEF#VFOBT1SÈDUJDBT
-BJNQMFNFOUBDJØOEFQMBOFTEFFEV
DBDJØOZDBQBDJUBDJØOQBSBNPTUSBS
FMiDØNPIBDFSMPwFTGVOEB
NFOUBMQBSBSFWFSUJSFTUB
TJUVBDJØO
t.FKPSBSM
t.FKPSBSMBTQSÈDUJDBTEFNBOFKPEFDVMUJWPDPNPUBNCJÏO
FODPTFDIBZQPTDPTFDIB
FODPTFDIBZ
t*NQMFNFOUBSMBT#VFOBT1SÈDUJDBT
t*NQMF
t"SNBSDBEFOBTEFWBMPS
t"SN
3FDPNFOEBDJPOFTBMMFDUPS
-BFTUSVDUVSBEFMNBOVBMNBOUJFOFVOB
MØHJDBEFSFEBDDJØORVFWBEFMPHFOFSBMBMP
MØH
QBSUJDVMBS&OFTUFTFOUJEPFMEFTBSSPMMPDPNJFO[BDPO
QBSUJDV
HFOFSBMJEBEFTZVOEJBHOØTUJDPEFMTFDUPSIPSUÓDPMB
HFOFSB
QBSBMVFHPJSBCPSEBOEPMBTSFDPNFOEBDJPOFTEF#VF
QBSBMV
OBT1SÈDUJDBTQBSBDBEB[POBBHSPFDPMPHJDBZQBSBDBEB
OBT1SÈD
FTQFDJFEFQSPEVDDJØO5SBOTWFSTBMNFOUFTFEFTBSSPMMBO
FTQFDJFE
MBTFTQFDJmDJEBEFTEFBDVFEPBMBTQSPQVFTUBTUFDOPMØHJDBT
MBTFTQFDJm
QBSBDBEB[POBZDVMUJWP
QBSBDBEB[
&TUBNPEBMJEBEQFSNJUFRVFFMMFDUPSOPOFDFTBSJBNFOUF
&TUBNPEB
EFCBSFMBMJ[BSVOBMFDUVSBEFDPSSJEPTJOPRVFQVFEFSFNJUJSTF
EFCBSFMBMJ[BS
BMPTUFNBTUÏDOJDPTHFOFSBMFTZFOFTQFDÓmDPQBSBMB[POBEF
BMPTUFNBTUÏD
QSPEVDDJØODVMUJWPTZUFDOPMPHÓBTEFJOUFSÏT
QSPEVDDJØODV
t/PTFBQMJDBO#VFOBT1SÈDUJDBTFOOJOHÞOTFDUPSEFMB
DBEFOB
t-BTJOTUJUVDJPOFTQÞCMJDBTZQSJWBEBTOPUSBCBKBOFO
GPSNBBSNPOJ[BEBFOUSFFMMBTOJDPOMPTBDUPSFTQSJODJQBMFT
EFMTFDUPS
$¯NPDPOUSJCVJSBTPMVDJPOBSMPT
%FMPTQVOUPTBOUFSJPSFTTVSHFRVFFTOFDFTBSJP
MBJNQMFNFOUBDJØOEFGVFSUFTQMBOFTEFFEVDBDJØO
MB
QSPEVDJSDBNCJPTFOMBGPSNBEFQFOTBS
ZDBQBDJUBDJØO-PT
UFNBTEFCFSÓBOMPHSBS
t6OBBDUJUVEEFUSBCBKPFODPOKVOUP
t.BZPSPSHBOJ[BDJØOEFMBFNQSFTB
t5SBCBKBSCBKPQMBOFTEFQSPEVDDJØOBDPSEBEPTDPOMPT
TFDUPSFTNÈTBWBO[BEPTEFMBDBEFOB
$POUFOJEPFTUSVDUVSBHFOFSBMEFMB
PCSB
P
&MNBOVBMFTUÈEJWJEJEPFODBQÓUVMPTRVFDPO
UFNQMBOMPTTJHVJFOUFTQVOUPT
*OUSPEVDDJØOFMPCKFUJWPFTJOUFSJPSJ[BSTPCSFFMQSPZFDUP
'"0ZMBGVOEBNFOUBDJØOEFTVUSBCBKPZPSJFOUBDJØO-PIBDF
BUSBWÏTEFMBEFTDSJQDJØOEFMNBSDPDPODFQUVBMRVFQSPNVFWF
MB'"0FODVBOUPBMBT#1"MBKVTUJmDBDJØOEFMBTFTQFDJFTZ
[POBTFMFHJEBTZVOSFTVNFOEFQSPCMFNBTEFMTFDUPSIPSUÓDPMB
ZFTQFDJBMNFOUFFMEFIPSUBMJ[BTEFIPKBT
4JUVBDJØOEFMB$BEFOB)PSUÓDPMBFMPCKFUJWPFT
SFBMJ[BSVOEJBHOØTUJDPEFMBTJUVBDJØOEFMTFDUPSRVFEBSÈ
MVHBSBMBQSPQVFTUBEFTBSSPMMBEBFOMPTDBQÓUVMPTTJHVJFOUFT
-PIBDFBUSBWÏTEFVOBOÈMJTJTTPCSFMBJNQPSUBODJBEFMBT
IPSUBMJ[BTEFIPKBTEFTDSJCFMBTEJTUJOUBTSFHJPOFTIPSUÓDPMBT
EFMQBÓTJEFOUJmDBOEPMPTQVOUPTDSÓUJDPTEFMBQSPEVDDJØOZMB
DPNFSDJBMJ[BDJØODPOUFYUVBMJ[BTPDJPFDPOØNJDBNFOUFFMTFDUPS
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
FOGBUJ[BOEPFOFMJNQPSUBOUFSPMRVFEFTFNQF×BOMBTGBNJMJBT
CPMJWJBOBTFOMBOVFWBFTUSVDUVSBTPDJPQSPEVDUJWB'JOBMJ[BFM
DBQÓUVMPDPOVOBOÈMJTJTEFUBMMBEPEFMBTEJTUJOUBT[POBTEF
QSPEVDDJØOEPOEFTFEFTBSSPMMBSÈFMQSPZFDUPEFMB'"0ZFM
'0%"EFDBEBSFHJØO
(FTUJØOEFMB$BMJEBEFO"HSPBMJNFOUPTFMPCKFUJWP
FTBOBMJ[BSMBJNQPSUBODJBEFMBBQMJDBDJØOEFVOBEFDVBEP
QMBOEFDBMJEBE%FTBSSPMMBOEPMPRVFFTDBMJEBEZHFTUJØOEF
MBDBMJEBEMPTDPTUPTEFMBiOPDBMJEBEwMBPSHBOJ[BDJØOEFMB
FNQSFTBMPTBTQFDUPTRVFIBDFOBMBDPNQFUJUJWJEBEOPSNBTEF
DBMJEBEMBT#VFOBT1SÈDUJDBTTFHÞOMB'"0ZPUSBTJOTUJUVDJPOFT
ZMPTOVFWPTQBSBEJHNBTZMPTDBNCJPTOFDFTBSJPTQBSBEBSMF
NBZPSDPNQFUJUJWJEBEBMBDBEFOB
-BT#VFOBT1SÈDUJDBTFOMBDBEFOBEFIPSUBMJ[BT
EFIPKBTEFTEFFMDPOTVNJEPSZIBTUBMBQSPEVDDJØO
QBSBMBTEJTUJOUBTSFHJPOFTQBSUFHFOFSBM
FMPCKFUJWPFT
BOBMJ[BSDBEBVOPEFMPTFTMBCPOFTEFMBDBEFOBDPNFO[BOEP
EFTEFFMDPOTVNJEPSZQBTBOEPQPSMPTEJTUJOUPTFTMBCPOFT
IBTUBMBQSPEVDDJØOGPDBMJ[BOEPFOMBTFTQFDJFTEFIPKBTZFO
MBT[POBT5SBUBFOGPSNBQSPGVOEBZTFDVFODJBMDBEBVOPEFMPT
BTQFDUPTQBSBJSEFTEFMBQMBOJmDBDJØOEFMPTMPUFTEFDVMUJWPBM
DPOTVNJEPSMPTDPNQPOFOUFTZSFHJTUSPBBQMJDBSQBSBDVNQMJS
DPOMBT#VFOBTQSÈDUJDBT
#1"QBSBMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBT
BTQFDUPTNPSGPMØHJDPTFDPmTJPMØHJDPTUFDOPMØHJ
DPTEFNFSDBEPZFDPOØNJDPTQBSUFFTQFDÓmDB
FM
PCKFUJWPEFFTUFDBQÓUVMPFTSFDPNFOEBSFMNBOFKPBEFDVBEP
QBSBDBEBFTQFDJFQPSTFQBSBEPUSBUBOEPMPTBTQFDUPTFDP
mTJPMØHJDPTUFDOPMØHJDPTEFNFSDBEPZFDPOØNJDPTEFDBEB
VOBZQBSBDBEB[POB.JFOUSBTFM$BQÓUVMPFTNÈTBOBMÓUJDP
FM$BQÓUVMPFYQMJDBFOGPSNBDPODSFUBMPRVFTFEFCFIBDFS
EFTEFMBQSPEVDDJØOZIBTUBFMDPOTVNPEFOUSPEFMNBSDPEF
MBT#VFOBT1SÈDUJDBT
*NQPSUBODJBEFMBTIPSUBMJ[BTFOFMNVOEPZFO"SHFOUJOB
*NQPSUBODJBFOFMNVOEP
*NQPSUBODJBFO"SHFOUJOB
&MDPNFSDJPJOUFSOBDJPOBMEFIPSUBMJ[BT
3FHJPOFTIPSUÓDPMBTBSHFOUJOBT6CJDBDJØO$BSBDUFSÓTUJDBTBHSPFDPMØHJDBTZUFDOPMØHJDBT &TQFDJFTQSPEVDJEBTFODBEBSFHJØO
'BDUPSFTRVFEFUFSNJOBOMBQSPEVDDJØOIPSUÓDPMB
'BDUPSFTDMJNÈUJDPT
'BDUPSFTFEÈmDPT
'BDUPSFTTPDJPFDPOØNJDPT
3FHJPOFTBSHFOUJOBT
3FHJØO/PSPFTUF
3FHJØO/PSFTUF
3FHJØO"OEJOB
3FHJØO$FOUSBM
3FHJØO-JUPSBM
3FHJØO1BUBHØOJDB
&WPMVDJØOTPDJPFDPOØNJDBEFMBIPSUJDVMUVSBBSHFOUJOBFMSPMZMBTFTUSBUFHJBTEFMBDPNVOJEBE
CPMJWJBOBFOMPTTJTUFNBTEFQSPEVDDJØOZDPNFSDJBMJ[BDJØO
.JHSBDJØOZMPDBMJ[BDJØO&ODMBWFTÏUOJDPT"TDFOTPTPDJBM
5FOEFODJBTUFDOPMØHJDBTZDPNFSDJBMFTFOFMTFDUPSIPSUÓDPMBFOFMNVOEPZFO"SHFOUJOB
-PTDBNCJPTFOFMNVOEP
$BNCJPTUFDOPMØHJDPTFOMBQSPEVDDJØODPTFDIBZFNQBRVF
$BNCJPTEFMBDPNFSDJBMJ[BDJØOFOFMNVOEP
$BNCJPTUFDOPMØHJDPTZEFDPNFSDJBMJ[BDJØOFO"SHFOUJOB
4JUVBDJØOEFDBEBVOPEFMPTFTMBCPOFTEFMBDBEFOBQBSBIPSUBMJ[BTEFIPKBZFTQFDJBMNFOUF
FOGVODJØOBMBT#VFOBT1SÈDUJDBT
"OÈMJTJTFTQFDÓmDPEFMBT[POBTIPSUÓDPMBTDJOUVSPOFTWFSEFT
TFMFDDJPOBEBTFOFMQSPZFDUP
DPOVOFOGPRVFIBDJBMBTIPSUBMJ[BTEFIPKB
$BSBDUFSÓTUJDBTHFOFSBMFTEFMBT[POBT
;POB-B$PTUBo1SPWJODJBEF4BOUB'F
3FHJØO(SBO-B1MBUB-B1MBUB#FSB[BUFHVJZ'MPSFODJP7BSFMB
;POB.BSEFM1MBUB
;POB.FOEP[B
3FHJØO3PTBSJP
;POB7*3$)
"OÈMJTJT'0%"QBSBMBTEJTUJOUBT[POBTEFQSPEVDDJØOIPSUÓDPMB
6OBOÈMJTJTTPCSFMBDPNQFUJUJWJEBEEFMBMFDIVHBQBSBMBTEJGFSFOUFT[POBT
#JCMJPHSBGÓB
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
&MQSFTFOUFDBQÓUVMPQSFUFOEFCSJOEBSVOEJBHOØTUJDPEFM
TFDUPSIPSUÓDPMBFO"SHFOUJOBBOBMJ[BOEPTVFWPMVDJØOFOMBT
ÞMUJNBTEÏDBEBTZMBTJUVBDJØOBDUVBM4FPCTFSWBSÈRVFFMTFDUPS
TFDBSBDUFSJ[BQPSTVDPNQMFKJEBEEFCJEPBTVJOGPSNBMJEBEBM
JNQPSUBOUFOÞNFSPEFBDUPSFTRVFQBSUJDJQBOFOMBDBEFOBZB
BTQFDUPTEFÓOEPMFTPDJPDVMUVSBMSFMBDJPOBEPTDPOFMFTQBDJP
DBEBWF[NBZPS
RVFMBDPNVOJEBECPMJWJBOBIBBMDBO[BEPFO
FMTJTUFNBQSPEVDUJWPZDPNFSDJBMIPSUÓDPMB
-BDPNQSFOTJØOEFFTUPTGBDUPSFTZEFTVTMØHJDBTGVO
DJPOBMFTTPOGVOEBNFOUBMFTEBEPRVFQVFEFOBDUVBSDPNP
MJNJUBOUFTPQSPNPUPSFTQBSBMBJNQMFNFOUBDJØOEFMBT#VFOBT
1SÈDUJDBT"HSÓDPMBTFOMBT[POBTEFQSPEVDDJØOZQSPEVDUPSFT
DPOTJEFSBEPT
*NQPSUBODJBEFMBTIPSUBMJ[BTFOFM
NVOEPZFO"SHFOUJOB
*NQPSUBODJBFOFMNVOEP
%FTEFBMBQSPEVDDJØOEFIPSUBMJ[BTDSFDJØEF
BNJMMPOFTEFUPOFMBEBTMPRVFSFQSFTFOUBVOBUBTB
QSPNFEJPBOVBMEF&TUFJNQPSUBOUFDSFDJNJFOUPTFEFCJØ
QSJODJQBMNFOUFBMBVNFOUPEFMBQSPEVDDJØOEF$IJOBRVFDSFDJØ
BVOSJUNPEFMBOVBMZSFQSFTFOUBBQSPYJNBEBNFOUFFM
EFMBQSPEVDDJØONVOEJBM
-BTFTQFDJFTEFNBZPSDSFDJNJFOUPBOVBM
FOFMQF
SÓPEPGVFSPOFTQÈSSBHP
FTQJOBDB
BKP
IPOHPTDPNFTUJCMF
ZMFDIVHB
-BTRVF
QSFTFOUBSPOVODSFDJNJFOUPOFHBUJWPGVFSPOCBUBUB
Z
QBQB
&OMPTÞMUJNPTB×PTBVNFOUBSPOMBTFYQPSUBDJP
OFTEFIPSUBMJ[BTQSPWFOJFOUFTEFQBÓTFTFOEFTBSSPMMPEFMTVS
GBWPSFDJEPQPSMBNFKPSBFOMPTUSBOTQPSUFTZQPSBDVFSEPTEF
$PNFSDJP*OUFSOBDJPOBM
*NQPSUBODJBFO"SHFOUJOB
4FHÞOFM $FOTP/BDJPOBM"HSPQFDVBSJP$/"
MBTVQFSmDJFEFIPSUBMJ[BTGVFEFIBBFMMPTFBHSF
HBIBEFMFHVNCSFTDPOVOUPUBMEFIB4J
CJFOFTUFWBMPSTJHOJmDØVOBSFEVDDJØOEFMSFTQFDUPBM
DFOTPEFTFFTUJNBRVFMBQSPEVDDJØOTFIBNBOUFOJEP
QPSFMBWBODFUFDOPMØHJDPZFMDPOTFDVFOUFBVNFOUPEFMPT
SFOEJNJFOUPT5PEBTMBTIPSUBMJ[BTEFDBZFSPOFOMBTVQFSmDJF
DVMUJWBEBFYDFQUPBKPZDFCPMMBDVZBTVQFSmDJFBDUVBMTVQFSB
MBTIB
-BQSPEVDDJØOUPUBMFTUJNBEBFTEFUPOFMBEBT
EFMBTDVBMFTOVFWFFTQFDJFTQBQBUPNBUFDFCPMMBCBUBUB
[BQBMMP[BOBIPSJBMFDIVHBQPSPUPBKP
SFQSFTFOUBOFM
QBSUJDJQBODPOFMPUSBTPDIPFTQFDJFTBDFMHBNBOEJPDB
[BQBMMJUPTBOEJBNFMØODIPDMPCFSFOKFOBZQJNJFOUP
ZFM
SFTUBOUFFTUÈDVCJFSUPQPSMBTEFNÈTIPSUBMJ[BT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BEJWFSTJEBEEFIPSUBMJ[BTRVFFTUÈQSPEVDJFOEP"SHFOUJOB
BMDBO[BBNÈTEFDJFOUPRVJODFFTQFDJFTDVMUJWBEBTFOQFRVF×BT
ZHSBOEFTFYUFOTJPOFTMBNBZPSÓBEFMBTDVBMFTTPOEFTUJOBEBT
BMDPOTVNPEFFDPOPNÓBTMPDBMFT/PPCTUBOUFDVBSFOUBZ
DJODPEFFMMBTMMFHBOBMPTQSJODJQBMFTNFSDBEPTFDPOØNJDPT
$BQJUBM'FEFSBM(SBO#VFOPT"JSFT3PTBSJP$ØSEPCB.BSEFM
1MBUB#BSJMPDIF
-BJNQPSUBODJBEFDBEBIPSUBMJ[BFOTVQFSmDJFTFQVFEF
PCTFSWBSFOMBmHVSB-BQBQBSFQSFTFOUBMBFTQFDJFNÈT
JNQPSUBOUFTFHVJEBQPSFM[BQBMMPZMBTQSJODJQBMFTIPSUBMJ[BT
EFIPKBTWFSEFT
-BQSPEVDDJØOIPSUÓDPMBTFEJTUSJCVZFBMPMBSHPEFUPEP
FMQBÓTEFTUBDÈOEPTFMBQSPWJODJBEF#VFOPT"JSFTDPOVOB
QBSUJDJQBDJØOEFMEFMÈSFBJNQMBOUBEBCFOFmDJBEBQPS
FMDMJNBGBWPSBCMFDPNPBTÓUBNCJÏOQPSMBDPODFOUSBDJØOEFMB
QPCMBDJØO&OPQPTJDJØOBMBNJTNBTFFODVFOUSB5JFSSBEFM'VFHP
RVFBQFTBSEFMDMJNBBEWFSTPDVFOUBDPOIBEFQSPEVDDJØO
BDBNQPZVOPTNFUSPTDVBESBEPTCBKPDVCJFSUB
-BTIPSUBMJ[BTEFIPKBTMFDIVHBBDFMHBFTQJOBDBZBQJP
SFQSFTFOUBOVOBTIB%FFMMBTIBDPSSFTQPOEFOB
MFDIVHB
IBBBDFMHB
IBBFTQJOBDB
ZIBBBQJP
MBSBEJDIFUBZSÞDVMBTFFODVFOUSBO
FOiPUSPTw
&MDVBESPNVFTUSBMBTVQFSmDJFEFMBTIPSUBMJ[BTEF
IPKBTWFSEFTQBSBMBTEJTUJOUBTQSPWJODJBTRVFGPSNBOQBSUFEFM
BOÈMJTJT²TUBTDPODFOUSBOFMEFMBTIFDUÈSFBTQSPEVDJEBTB
OJWFMOBDJPOBMZTVTTJTUFNBTBHSPFDPMØHJDPTZQSPEVDUJWPTTPO
SFQSFTFOUBUJWPTEFMPTEFNÈTDJOUVSPOFTIPSUÓDPMBTEFMQBÓT
$PNPTFPCTFSWBFOFMDVBESPUBOUP#VFOPT"JSFT
DPNP4BOUB'FIBOEJTNJOVJEPTVTVQFSmDJFNJFOUSBTRVFFO
.FOEP[BZ$IVCVUTFNVFTUSBVOJODSFNFOUPEFMBTVQFSmDJF
QMBOUBEB
-BTEFNÈTIPSUBMJ[BTEFIPKBTEFMQSPZFDUPSBEJDIFUB
ZSÞDVMB
TFHÞOFTUJNBDJPOFTEFMPTBVUPSFTSFQSFTFOUBOVOBT
IBQBSBDBEBFTQFDJFBOJWFMOBDJPOBM
4FHÞOMB'VOEBDJØO1SPEVDJS$POTFSWBOEPMBDPOUSJ
CVDJØOEFMBT$BEFOBT"HSPBMJNFOUBSJBTBOJWFMOBDJPOBMFT
MBTJHVJFOUF
t&M4FDUPS"HSPJOEVTUSJBMFTSFTQPOTBCMFEFNÈTEFM
EFMBTFYQPSUBDJPOFT
t-BT$BEFOBT"HSPJOEVTUSJBMFT
SFQSFTFOUBOFM
EFMFNQMFPUPUBMNJMMPOFTEFQFSTPOBT
t&MEFFTBDJGSBFTUÈOSFQSFTFOUBEBTQPSDBEFOBT
GSVUBTZWFSEVSBT
DBSOFT
UFYUJMFT
BDFJUFTZTVCQSPEVDUPT
QSPEVDDJØOZFYQPSUBDJØOEF
HSBOPT
DVFSPTZTVTNBOVGBDUVSBT
ZMÈDUFPT
t1PSDBEBFNQMFPFOMBTFUBQBTQSJNBSJBTTFHFOFSBODVBUSP
FOMBTFUBQBTTJHVJFOUFT
4FHÞOFTUBJOGPSNBDJØOMBHFOUFPDVQBEBFOMBDBEFOBGSV
UJIPSUÓDPMBBOJWFMOBDJPOBMFTTVQFSJPSBMNJMMØOEFQFSTPOBT
&MTFDUPSEFGSVUBTZIPSUBMJ[BTQSPEVDFEJWJTBTQPSNÈTEF
NJMMPOFTEFEØMBSFTBMB×PSFQSFTFOUBOEPFMEFMBT
FYQPSUBDJPOFTEFMQBÓT
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
&O"SHFOUJOB
MBGSVUJIPSUJDVMUVSBFTMBQSJ
NFSBDBEFOBBHSPBMJNFOUBSJBQPS
TVJNQPSUBODJBFOMBEFNBOEBEF
NBOPEFPCSBMBTIPSUBMJ[BTEFIP
KBTWFSEFTSFQSFTFOUBOFMEFMB
TVQFSmDJFJNQMBOUBEBZMBTSFHJPOFT
FMFHJEBTQPSFMQSPZFDUPSFQSFTFO
UBODBTJFMEFMBQSPEVD
DJØOOBDJPOBM
-BTJNQPS
JNQPSUBDJPOFTNVOEJBMFTEFIPSUBMJ[BTFO
TFHÞOMB"HFODJB"VTUSBMJBOBQBSBFM%FTBSSPMMP*OUFSOBDJPOBM
TFHÞOMB"HFO
GVFSPOEFBQSPYJNBEBNFOUFNJMMPOFTEFEØMBSFTBVO
GVFSPOEFBQSP
QSFDJPBQSPYJNBEPEFEØMBSFTLHFTUPSFQSFTFOUBFM
QSFDJPBQSPYJN
EFMWBMPSEFMBQSPEVDDJØONVOEJBM
EFMWBMPSE
&MBVNFOUPEFMBTJNQPSUBDJPOFTBOJWFMNVOEJBM
&MBVN
GVFEFMBOVBMZFMNBZPSJNQPSUBEPS
GVFMB6&EFMUPUBM
TFHVJEPQPSFM/"'5"ZFO
GVFMB
6
UFSDFSMVHBS"TJBEFM&TUF-B6&JNQPSUBFMEF
UFSDFS
TVTIPSUBMJ[BTEFQBÓTFTEFMB6&EFJHVBMNBOFSBFM
TVTIP
EFTVTFYQPSUBDJPOFTFTUÈOEFTUJOBEBTBQBÓTFT
EFMBNJTNB6&
EFMBN
-PTNBZPSFTQBÓTFTJNQPSUBEPSFTQBSBFMFO
-P
WBMPSDPOSFTQFDUPBMUPUBMNVOEJBM
GVFSPO&TUBEPT
WBMPSD
6OJEPT
"MFNBOJB
(SBO#SFUB×B
6OJEPT
'SBODJB
+BQØO
)PMBOEB
$BOBEÈ
#ÏMHJDB
*UBMJB
Z
$BOB
&TQB×B
&TQB×B
0USPTQBÓTFTDPNP$IJOBF*OEJBTJCJFOUJFOFOVOQPSDFOUBKF
0USPTQBÓT
CBKPEFMBTJNQPSUBDJPOFTNVOEJBMFTMBUBTBEFDSFDJNJFOUP
CBKPEFMBTJN
BOVBMEFMBTNJTNBTB
GVFEFMZSFT
BOVBMEFMBT
N
QFDUJWBNFOUFNJFOUSBTRVFQBÓTFTDPNP+BQØOUVWJFSPOVOB
QFDUJWBNFOUF
UBTBEFDSFDJFOUFEFM
UBTBEFDSFDJFO
&MDPNFSDJPJOUFSOBDJPOBMEFIPSUBMJ[BT
4FQSPEVDFFOUSFHSBOEFTSFHJPOFTHFPHSÈmDBTMB6OJØO
&VSPQFB6&
/"'5"5SBUBEPEF-JCSF$PNFSDJPEF"NÏSJDB
EFM/PSUF
Z"TJBEFM&TUF$IJOBZ+BQØO
5SBEJDJPOBMNFOUF
FTUBTÈSFBTFSBOBCBTUFDJEBTQPSQBÓTFTDFSDBOPTJOUFSDBNCJP
JOUSBSFHJPOBM
DPOTJNJMBSFTQBUSPOFTEFEFNBOEBFJOHSFTP
i1FSDBQJUBw4JOFNCBSHPFTUBTUFOEFODJBTIBOJEPDBNCJBOEP
FOMPTÞMUJNPTB×PTDPONBZPSFTJNQPSUBDJPOFTEFIPSUBMJ[BT
QSPWFOJFOUFTEFQBÓTFTFOEFTBSSPMMPEFMTVS&MMPIBTJEPGB
WPSFDJEPQPSMBNFKPSBFOMPTUSBOTQPSUFTZQPSBDVFSEPTEF
DPNFSDJPJOUFSOBDJPOBM
&OFMB×PMBIPSUBMJ[BDPONBZPSDPNFSDJPJOUFSOBDJP
OBMGVFFMUPNBUFEFMDPNFSDJPNVOEJBM
MVFHPQJNJFOUP
MFHVNCSFTTFDBT
DFCPMMBTBKPZQVFSSP
QBQB
ZWFHFUBMFTDPOHFMBEPT
"SHFOUJOBJNQPSUBNVZQPDBTIPSUBMJ[BTFOFMPSEFOEF
NJMMPOFTEFEØMBSFTFOIPSUBMJ[BTGSFTDBT-PTQSJODJQBMFT
SVCSPTTPO[BQBMMPZUPNBUFQSPWFOJFOUFTFOVOEF#SBTJM
ZVOPTNJMMPOFTEFQSPEVDUPTQSPDFTBEPT
&ODVBOUPBMBTFYQPSUBDJPOFT&TQB×BFTFMNBZPSFYQPSUBEPS
EFIPSUBMJ[BTEFMNVOEPDPOVOWBMPSEFMEFMBTNJTNBT
FMTFHVOEPFT)PMBOEBDPOTFHVJEPQPS.ÏYJDP
$IJOB
Z&TUBEPT6OJEPT
"SHFOUJOBFYQPSUBGSVUBTZIPSUBMJ[BTGSFTDBTZUSBOT
GPSNBEBTQPSVOWBMPSEFNJMMPOFTEFEØMBSFT4&/"4"
DPNQVFTUBTEFMBTJHVJFOUFNBOFSB
t'SVUBTGSFTDBTQPSWBMPSEFNJMMPOFTEFEØMBSFTZ
NJMMPOFTEFEØMBSFTFOQSPEVDUPTUSBOTGPSNBEPTFOUPUBM
TJHOJmDBFOUSFVOBEFMBQSPEVDDJØOOBDJPOBM
t)PSUBMJ[BTGSFTDBTQPSNJMMPOFTZEFNJMMPOFT
USBOTGPSNBEBTMPRVFSFQSFTFOUBVOEFMBQSPEVDDJØO
OBDJPOBM
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BTIPSUBMJ[BTNÈTFYQPSUBEBTQBSBEJDIPQFSJPEPGVFSPO
MBTMFHVNCSFTQPSPUPTZBSWFKBT
BKPZDFCPMMB-PTQSJODJQBMFT
NFSDBEPTTPO#SBTJM&TQB×BZMPT&TUBEPT6OJEPT4JDPOTJEF
SBNPTRVFMBTFYQPSUBDJPOFTEFPSJHFOBHSPQFDVBSJPZQFTDB
GVFSPOEFNJMMPOFTEFEØMBSFTMBTGSVUBTZIPSUBMJ[BT
SFQSFTFOUBONÈTEFMEFMUPUBMOBDJPOBM
-BTIPSUBMJ[BTRVFNÈTTFFYQPSUBOTPOBRVFMMBTOPQFSF
DFEFSBT-BTQFSFDFEFSBTUJFOFOQPDBDPNQFUJUJWJEBEEBEPRVF
MPTQSFDJPTJOUFSOBDJPOBMFTOPQFSNJUFOTFSFYQPSUBEBQPSBWJØO
ZTVDPSUBEVSBDJØOQPTDPTFDIBOPQFSNJUFRVFTFUSBOTQPSUFO
QPSCBSDPFMFTQÈSSBHPDPOTUJUVZFVOBFYDFQDJØOEBEPTVBMUP
QSFDJPRVFQFSNJUFTVUSBOTQPSUFWÓBBÏSFB
3FHJPOFTIPSU©DPMBTBSHFOUJOBT
6CJDBDJ¯O$BSBDUFS©TUJDBTBHSP
FDPM¯HJDBTZUFDOPM¯HJDBT&TQFDJFT
QSPEVDJEBTFODBEBSFHJ¯O
-BQSPEVDDJØOEFIPSUBMJ[BTFOMB3FQÞCMJDB"SHFOUJOBTF
VCJDBBMPMBSHPEFTVTVQFSmDJFDPOUJOFOUBMEFLN
FOUSFMPTZEF-4-BEJWFSTJEBEEFDMJNBTIBDFQPTJCMFFM
DVMUJWPEFMBNBZPSÓBEFMBTFTQFDJFTIPSUÓDPMBT&TUBDPOEJDJØO
QFSNJUFQSPEVDJSMBNBZPSQBSUFEFMB×PFOEJTUJOUBTSFHJPOFT
MPHSÈOEPTFVOBPGFSUBSB[POBCMFQBSBBUFOEFSMBEFNBOEBEF
MBQPCMBDJØO
-BNVMUJQMJDJEBEEFQSPEVDUPTZMBEJWFSTJEBEEFTVTDBSBDUF
SÓTUJDBTEJmDVMUBOIBCMBSEFVOTFDUPSIPSUÓDPMB$PNPFMFNFOUP
FODPNÞOQSFTFOUBOMBQFSFDJCJMJEBEMBEJmDVMUBEFOJOTUSVNFO
UBSMBUJQJmDBDJØOQBSBTVDPNFSDJBMJ[BDJØOHSBOQSFEPNJOJP
EFQFRVF×PTQSPEVDUPSFTZRVFMBNBZPSÓBEFMPTQSPEVDUPT
UJFOFODPNPQSJODJQBMEFTUJOPFMNFSDBEPJOUFSOP&TUBÞMUJNB
DBSBDUFSÓTUJDBMPTTPNFUFBHSBOEFTPTDJMBDJPOFTEFJOHSFTPT
SFBMFT-BGBMUBEFQMBOJmDBDJØOEFMTFDUPSKVOUPDPOMBSFEVDJEB
TBMJEBFYQPSUBEPSBDPOEVDFBDJDMPTEFTVQFSQSPEVDDJØODBÓEBT
EFSFOUBCJMJEBEZBVODÓSDVMPWJDJPTPRVFJOIJCFMBJODPSQPSBDJØO
EFUFDOPMPHÓBZMBQSPEVDDJØOQBSBFYQPSUBDJØO
"OUJHVBNFOUFMBIPSUJDVMUVSBTFVCJDØBMSFEFEPSEFMPT
DFOUSPTQPCMBEPTGPSNBOEPMPTi$JOUVSPOFTWFSEFTwRVFBÞO
IPZQFSTJTUFOHFOFSBOEPVOJNQPSUBOUFWPMVNFOEFQSPEVDDJØO
-BDSFBDJØOEFJOGSBFTUSVDUVSBFOFMJOUFSJPSEFMQBÓTSFHBEÓPT
DBNJOPTGFSSPDBSSJMFUD
ZMPTBWBODFTDJFOUÓmDPTUFDOPMØHJDPT
OVFWPDVMUJWBSFTDPOTFSWBDJØOFNQBRVFFUD
IBDFOQPTJCMF
MBVCJDBDJØOEFMPTDVMUJWPTFOBNCJFOUFTNÈTBEFDVBEPTQBSB
TVQSPEVDDJØO1PSFKFNQMPEVSBOUFFMJOWJFSOPHSBODBOUJEBE
EFIPSUBMJ[BTTFQSPEVDFOFOFMOPSUFEFMQBÓTBNÈTEF
LNEFMBT[POBTVSCBOBTNÈTJNQPSUBOUFT
4JOFNCBSHP FOVONBSDPEFFTDBTF[EFQFUSØMFPZ
EFDPOUBNJOBDJØOBNCJFOUBMFTQSPCBCMFRVFMPTHSBOEFT
DFOUSPTVSCBOPTUFOHBORVFDBNCJBSTVFTUSBUFHJBZGBWPSFDFS
BMBTQSPEVDDJPOFTSFHJPOBMFT
'BDUPSFTRVFEFUFSNJOBOMBQSPEVDDJ¯O
IPSU©DPMB
-PTGBDUPSFTRVFIBOEFUFSNJOBEPMBQSPEVDDJØOSFHJPOBM
TPO$MJNÈUJDPT&EÈmDPTZ4PDJPFDPOØNJDPT
-PTGBDUPSFTDMJNÈUJDPT
-PTRVFJOnVZFOEFDJTJWBNFOUFFOFMEFTBSSPMMPEFMPT
DVMUJWPTTPO
5FNQFSBUVSBFTFMGBDUPSNÈTJNQPSUBOUFZBRVFQVFEF
MJNJUBSZFOEFUFSNJOBEPTDBTPTJNQFEJSFMDVMUJWPEFBMHVOBT
FTQFDJFT
t-BTCBKBTUFNQFSBUVSBTJNQJEFOFMDVMUJWPEFFTQFDJFTTFO
TJCMFTFOFTBFTUBDJØOQPSFKFNQMPUPNBUFPCBKBOEPMBDBMJEBE
EFFTQFDJFTEFIPKBTMFDIVHBBDFMHBSBEJDIFUBFUD
t-BTBMUBTUFNQFSBUVSBTUBNCJÏOQVFEFOBDUVBSDPNPGBDUPS
MJNJUBOUFZBTFBBEFMBOUBOEPMBnPSBDJØOMFDIVHBFTQJOBDB
EFTNFKPSBOEPMBDBMJEBEQPSQÏSEJEBEFBHVBFTQÈSSBHP
P
CJFOQSPWPDBOEPDBNCJPTEFPSEFOCJPRVÓNJDPDPNPFMQBTBKF
EFMPTB[ÞDBSFTBBMNJEØOBSWFKBDIPDMP
'PUPQFSÓPEPFTVOGBDUPSJNQPSUBOUFFOMBmTJPMPHÓBEF
BMHVOBTFTQFDJFTUBMFTDPNPFTQJOBDBDFCPMMBBKPZQBQB
)VNFEBEBNCJFOUBMQVFEFTFSEFUFSNJOBOUFQPSMB
BQBSJDJØOEFFOGFSNFEBEFTZFODBTPTFYUSFNPTQVFEFBGFD
UBSFMDSFDJNJFOUPZEFTBSSPMMPEFMBTQMBOUBTJODJEJFOEPFOFM
DJFSSFZBQFSUVSBFTUPNÈUJDBZQPSFOEFFOMBUSBOTQJSBDJØOF
JOUFSDBNCJPEFHBTFT
'BDUPSFTFEÈmDPT
&TOFDFTBSJPEFUFSNJOBSMBDPNQPTJDJØOGÓTJDBZRVÓNJDBEFM
TVFMPDPOPDFSMBEJTQPOJCJMJEBEEFMPTOVUSJFOUFTRVFEFUFSNJ
OBSÈOMBGFSUJMJEBEBDUVBMZQPUFODJBM&TDPOWFOJFOUFNFKPSBS
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
MBFTUSVDUVSBEFMTVFMPNFEJBOUFFMFNQMFPEFFONJFOEBT
BCPOPTWFSEFTGFSUJMJ[BOUFTESFOBKFTZMBCPSFTFTQFDJBMFT-B
DBMJEBEEFMBHVBQBSBSJFHPFODVBOUPBMDPOUFOJEPEFTBMFT
QVFEFMMFHBSBTFSVOGBDUPSMJNJUBOUFQBSBFMEFTBSSPMMPEF
EFUFSNJOBEPTDVMUJWPT&KMFDIVHB
'BDUPSFTTPDJPFDPOØNJDPT
%FCFUFOFSTFFODVFOUBMBNBOPEFPCSBEJTQPOJCJMJ
EBEDBMJEBE
MBJOGSBFTUSVDUVSBEJTQPOJCMFDBOBMFTSVUBT
FM
HSBEPEFNFDBOJ[BDJØOMBQPMÓUJDBDSFEJUJDJBFJNQPTJUJWBMBT
WÓBTEFDPNVOJDBDJØODBNJOPTMÓOFBTGÏSSFBTZnVWJBMFT
ZMBT
EJTUBODJBTBMNFSDBEP
3FHJPOFTBSHFOUJOBT
-BTSFHJPOFTBSHFOUJOBTTPOSFHJØO/PSPFTUFSFHJØO
/PSFTUFSFHJØO"OEJOBSFHJØO$FOUSBMSFHJØO-JUPSBMZSFHJØO
1BUBHØOJDBmHVSB
3FHJØO/PSPFTUF
$PNQSFOEFFMOPSPFTUFZDFOUSPTVSEF4BMUBTVEFTUFEF
+VKVZ5VDVNÈO4BOUJBHPEFM&TUFSPBMSFEFEPSFTEFMBDJVEBE
EFZFOEFQBSUBNFOUPTEF-B#BOEBZ3PCMFT
&OFTUB[POB
QSFEPNJOBFMDMJNBTVCUSPQJDBMMBTUFNQFSBUVSBTNFEJBTBOVB
MFTPTDJMBOFOUSFZ$4JCJFOTFQSPEVDFOIFMBEBTIBZ
NJDSPDMJNBTEPOEFIJTUØSJDBNFOUFOPTFIBOSFHJTUSBEP
-BIVNFEBEUSBÓEBQPSMPTWJFOUPTRVFTPQMBOEFMFTUF
DPOEFOTBOFOMBTMBEFSBTPSJFOUBMFTEFMBTGPSNBDJPOFT
NPOUB×PTBTQSPEVDJFOEPBCVOEBOUFTMMVWJBTQSJNBWFSBMFTZ
FTUJWBMFT-BQSFDJQJUBDJØONFEJBBOVBMWBSÓBFOUSFZ
NNQPSB×P
&MUFSSFOPFOBMHVOBT[POBTFTNÈTPNFOPTBDDJEFOUBEP
EBOEPPSJHFOBEJWFSTPTUJQPTEFTVFMPQPSMPDPNÞOEFUFYUVSB
BSDJMMPBSFOPTP&YJTUFOBMHVOBTÈSFBTEPOEFFMTVFMPFTBGFDUBEP
QPSFSPTJØOFØMJDBZPUSBTQPSFSPTJØOIÓESJDB
-BQSPEVDDJØOEFFTUB3FHJØOBCBTUFDFBMPTQSJODJQBMFT
DFOUSPTVSCBOPTEFMQBÓT$BQJUBM'FEFSBM3PTBSJP$ØSEPCB
.FOEP[B
FTQFDJBMNFOUFFOJOWJFSOPEFTEFNBZPBTFQUJFN
CSF&O3PTBSJPEFMB'SPOUFSBZ.FUÈO4BMUB
MPTQSJODJQBMFT
DVMUJWPTSFBMJ[BEPTTPOQPSPUPQBSBHSBOPTFDPEFTUJOBEP
GVOEBNFOUBMNFOUFQBSBFYQPSUBDJØODPOTVNPJOUFSOPZQBSB
TFNJMMBUBNCJÏOTFDVMUJWBBSWFKBZHBSCBO[P&O7BMMFTEF-FSNB
Z$BMDIBRVÓFT4BMUB
TFSFBMJ[BQJNJFOUPQBSBMBFMBCPSBDJØOEF
QJNFOUØOZQBSBDPOTVNPFOGSFTDPUPNBUFQBQBZFONFOPS
DBOUJEBECFSFOKFOB[BQBMMJUPZQPSPUPQBSBDIBVDIB
&O4BMUBZ+VKVZTFFODVFOUSBFOQMFOPEFTBSSPMMPMBQSP
EVDDJØOFOJOWFSOÈDVMPTEFDVMUJWPTEFQJNJFOUPZUPNBUFZ
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
PUSBTFTQFDJFTDPNPNFMØODIBVDIBZQFQJOP&O5VDVNÈOMPT
JOWJFSOPTTPONFOPTCFOJHOPT-PTTVFMPTEFCVFOBGFSUJMJEBE
FTUÈOTPNFUJEPTBSJFTHPEFFSPTJØOIÓESJDBEVSBOUFFMQFSÓPEP
MMVWJPTP-PTDVMUJWPTRVFTFSFBMJ[BOTPOUPNBUFQBQBEF
QSPEVDDJØOUFNQSBOB
GSVUJMMBQJNJFOUPCFSFOKFOB[BQBMMJUP
QPSPUPDIBVDIBZBSWFKB&TUBQSPEVDDJØOMMFHBBMPTNFSDB
EPTMVFHPEF4BMUBZ+VKVZ&OMPTBMSFEFEPSFTEFMBDJVEBEEF
4BOUJBHPEFM&TUFSPZMPTEFQBSUBNFOUPTEF-B#BOEBZ3PCMFT
MPTDVMUJWPTNÈTJNQPSUBOUFTTPODVDVSCJUÈDFBTMFDIVHBEF
QSPEVDDJØOJOWFSOBMCBUBUBZDFCPMMB
3FHJØO/PSFTUF
$PNQSFOEFFMTVEFTUFEF'PSNPTBFTUFEF$IBDPZPFTUF
EF$PSSJFOUFT4FSFHJTUSBOUFNQFSBUVSBTNFEJBTBOVBMFTEF
B$-BTQSFDJQJUBDJPOFTNFEJBTBOVBMFTTPOEFB
NN&MDMJNBFTUFNQMBEPDÈMJEP-BTQSFDJQJUBDJPOFTTF
QSPEVDFOFOQSJNBWFSBWFSBOPZFMJOWJFSOPTVFMFTFSTFDP
-PTTVFMPTTPOHFOFSBMNFOUFMMBOPT"MHVOBTWFDFTQSFTFO
UBOPOEVMBDJPOFTEFKBOEPEFQSFTJPOFTDPOSJFTHPEFFSPTJØO
IÓESJDB&O$PSSJFOUFTQSFEPNJOBFMDVMUJWPEFUPNBUFZQJNJFOUP
CBKPJOWFSOBEFSP&O'PSNPTBZ$IBDPQSFEPNJOBFMNBÓ[EVMDF
NBOEJPDBZ[BQBMMP
3FHJØO"OEJOB
$PNQSFOEFMPT7BMMFTEF$BUBNBSDB-B3JPKB4BO+VBOZ
.FOEP[B4VDMJNBFTUFNQMBEPTFDP4FIBDFQSJODJQBMNFOUF
DVMUJWPTCBKPSJFHPBQSPWFDIBOEPMBTBHVBTEFEFTIJFMP-BT
QSFDJQJUBDJPOFTBOVBMFTWBSÓBOFOUSFZNN&OMBQBSUF
PSJFOUBMMPTTVFMPTTPOBSFOPTPTZBNFOVEPDPOQSFTFODJBEF
TBMFT&OMPT7BMMFT$PSEJMMFSBOPTTFQSFTFOUBONJDSPDMJNBT
RVFQPSTVTDBSBDUFSÓTUJDBTFDPMØHJDBTTPOBQUPTQBSBNVDIBT
FTQFDJFTIPSUÓDPMBTZQBSBMBQSPEVDDJØOEFTFNJMMBTDFCPMMB
[BOBIPSJBMFDIVHB
&OFMDFOUSPPFTUFEF$BUBNBSDBZFMDFOUSPOPSPFTUFEF
-B3JPKBTFDVMUJWBQJNJFOUPQBSBQJNFOUØOQPSPUPQBSBHSBOP
TFDP&O4BO+VBOZFMDFOUSPOPSUFEF.FOEP[BMPTQSJODJQBMFT
DVMUJWPTTPODFCPMMBQSJODJQBM[POBQSPEVDUPSBEFMQBÓT
BKP
QBQBNFMØOQPSPUPDIBVDIBUPNBUFZQJNJFOUPQBSBJOEVTUSJB
ZQBSBEFTIJESBUBEP[BOBIPSJBFTQJOBDBZBQJP-BTQSJODJQBMFT
DJVEBEFTDVFOUBODPOTVTDJOUVSPOFTWFSEFT
.FOEP[BFTMBNÈTJNQPSUBOUFFODVBOUPBMBQSPEVDDJØO
DPOVOBTIB*%3
EFMBTDVBMFTFOVO
TPOQSPEVDJEBTFOMB[POBDFOUSPZTVS"EFNÈTEFMPTQSPEVDUPT
UÓQJDPTEFMBSFHJØO[BQBMMPBKPFUD
IBZVODJOUVSØOWFSEF
QBSBFMBCBTUFDJNJFOUPSFHJPOBM&OBMHVOBÏQPDBEFMB×PTF
FYQPSUBOBMHVOBTIPSUBMJ[BTEFIPKBTUBMFTDPNPBDFMHBTZ
QSJODJQBMNFOUFDSVDÓGFSBT
3FHJØO$FOUSBM
$PNQSFOEFFMOPSPFTUFEF$ØSEPCBZOPSFTUFEF4BO-VJT&M
DMJNBFTUFNQMBEPDPOUJOFOUBMDPOUFNQFSBUVSBNFEJBTBOVBMFT
FOUSFZ$-BTQSFDJQJUBDJPOFTNFEJBTBOVBMFTWBSÓBOFOUSF
ZNN-BTMMVWJBTTFQSPEVDFOFOQSJNBWFSBWFSBOP
TJFOEPTFDPFMJOWJFSOP-PTTVFMPTTPOBSDJMMPTPTDPNQBDUPTP
NFEBOPTPTBWFDFTDPOQSFTFODJBEFTBMFTTVKFUPTBFSPTJØO
FØMJDB-PTDVMUJWPTEFCFOSFBMJ[BSTFCBKPSJFHPBKPDFCPMMB
DSVDÓGFSBTIPSUBMJ[BTEFIPKBT
TJCJFOBMHVOPTTFIBDFOFO
TFDBOPDPNPCBUBUBZ[BQBMMP&OMPTWBMMFTTFSSBOPTEF4BO
-VJTZ7JMMB%PMPSFTFO$ØSEPCBIBBVNFOUBEPOPUBCMFNFOUF
MBTVQFSmDJFEFDVMUJWPEFQBQBEFCJEPBMBBMUBDBMJEBEZ
SFOEJNJFOUPEFTVQSPEVDDJØO
3FHJØO-JUPSBM
*ODMVZFFMDFOUSPTVSEF4BOUB'FPFTUFEF&OUSF3ÓPTOPSFTUF
EF#VFOPT"JSFTZUPEBMBGSBOKBTPCSFMBDPTUBBUMÈOUJDBRVFTF
FYUJFOEFIBTUB#BIÓB#MBODB-BTQSFDJQJUBDJPOFTWBSÓBOFOUSF
ZNNBOVBMFT-PTTVFMPTTPOGÏSUJMFTIVNÓGFSPTEF
UFYUVSBGSBODPGSBODPBSDJMMPTPTPGSBODPMJNPTPT-BNBZPSÓB
EFMBTIPSUBMJ[BTTFIBDFODPOSJFHPDPNQMFNFOUBSJP
&OFM$JOUVSØOEFMBDJVEBEEF4BOUB'FZ3PTBSJPTF
DVMUJWBOOVNFSPTBTIPSUBMJ[BTQBSBMPTNFSDBEPTEF3PTBSJP
Z4BOUB'F
"×PTBUSÈTFTUBT[POBTFYQPSUBCBOIPSUBMJ[BTB
PUSBTSFHJPOFTQSJODJQBMNFOUFB#VFOPT"JSFTZ#BIÓB#MBODB
BQSPWFDIBOEPMPTCFOFmDJPTEFFODPOUSBSTFNÈTBMOPSUF&O
MPTÞMUJNPTB×PTOPTPMBNFOUFOPFTUÈOFYQPSUBOEPTJOPRVF
FTUÈOSFDJCJFOEPQSPEVDUPTEFPUSBTSFHJPOFTQSJODJQBMNFOUF
EFMBDJVEBEEF-B1MBUBZTVTBMSFEFEPSFT
&O$PSPOEBFMDVMUJWPEFGSVUJMMBFTVOBBDUJWJEBEQSJODJQBM
ZUSBEJDJPOBMFOMBSFHJØO&OMPTÞMUJNPTB×PTUBNCJÏOTFQSP
EVDFOPUSBTIPSUBMJ[BTFOWFSBOPNFMØOCFSFOKFOBTBOEÓB
FUD
&OMB[POBEFMB$PTUBTFDVMUJWB[BOBIPSJBMFDIVHB
QBSBFMQFSÓPEPJOWFSOBMGSVUJMMBZWBSJBTDPNPDIPDMPNFMØO
DFCPMMBEFWFSEFP
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
&OMB[POB/PSUFEF#VFOPT"JSFTFTUBTVCSFHJØOTFMPDBMJ[B
TPCSFMBDPTUBEFMSÓP1BSBOÈZFTUÈVOJEBBMTVSEF4BOUB'F
MPDBMJEBEFTEF7JMMB$POTUJUVDJØOZ3PTBSJP
&O#VFOPT"JSFT
FTUÈOMBTMPDBMJEBEFTEF4BO/JDPMÈT3BNBMMPMMFHBOEPIBTUB
4BO1FESPZ#BSBEFSP%FTEFIBDFNVDIPTB×PTFTUB[POBTF
DBSBDUFSJ[BQPSMBQSPEVDDJØOEFBSWFKBQBSBMBJOEVTUSJBEFM
FOMBUBEPBSWFKBTFDBZWFSEF
ZQBSBFYQPSUBDJØOTFDB
ZEF
MFOUFKB&OMB[POBEF4BO1FESPZBMSFEFEPSFTTFSFBMJ[BFM
DVMUJWPEFCBUBUBUBOUPQBSBFMNFSDBEPGSFTDPDPNPQBSB
JOEVTUSJBFMBCPSBDJØOEFEVMDFEFCBUBUB
&M$JOUVSØO)PSUÓDPMBEFM(SBO#VFOPT"JSFTTFVCJDB
BMTVSEFMBBOUFSJPSTVCSFHJØOBQBSUJSEFMBMPDBMJEBEEF
&TDPCBS&TUFDJOUVSØOWFSEFDPNQSFOEFBRVJODFEJTUSJUPT
EFMBQSPWJODJBEF#VFOPT"JSFTRVFBCBSDBOVOBTVQFSmDJF
EFLN¤DPOVOBQPCMBDJØORVFFTEF
NÈTEFNJMMPOFTEFQFSTPOBT
&OFTB[POBMBBDUJWJEBEIPSUÓDPMB
FTEFBQSPYJNBEBNFOUFIB
DPOFYQMPUBDJPOFTIPSUÓDPMBT
-PTQBSUJEPTJOWPMVDSBEPTTPO-B1MBUB
'MPSFODJP7BSFMB#FSB[BUFHVJ"MNJSBOUF
#SPXO&TUFCBO&DIFWFSSÓB-B.BUBO[B
.FSMP$B×VFMBT(FOFSBM3PESÓHVF[
-VKÈO.BSDPT1B[.FSMPZ.PSFOP
&OMBBDUVBMJEBETFFTUJNBRVFTF
DVMUJWBOVOBTIBFOJOWFSOBEFSP
-BNBZPSDPODFOUSBDJØOEFJOWFSOBEFSPTF
VCJDBFOMB[POBTVSQBSUJEPEF-B1MBUBZBMSFEFEPSFT
EFFTUB
TVCSFHJØODPOVOEFMBTVQFSmDJFUPUBMDJUBEB
&MÈSFBUJFOFVOBJNQPSUBOUFSFEEFDPNVOJDBDJPOFTUF
SSFTUSFTMPRVFGBDJMJUBMBDJSDVMBDJØOEFMBQSPEVDDJØOIBDJBMPT
.FSDBEPT$PODFOUSBEPSFT&MQSJODJQBMEFTUJOPEFMBQSPEVDDJØO
IPSUÓDPMBEFFTUB[POBFTFMDPOTVNPFOGSFTDPQBSBNFSDBEP
JOUFSOPDVZBDPNFSDJBMJ[BDJØOTFFGFDUÞBNBZPSJUBSJBNFOUFB
USBWÏTEFEJWFSTPTNFSDBEPTNBZPSJTUBTVCJDBEPTFOEJGFSFOUFT
MPDBMJEBEFTEFM(SBO#VFOPT"JSFTZ-B1MBUBZUBNCJÏONFEJBOUF
WFOUBEJSFDUBBMPTHSBOEFTTVQFSNFSDBEPT
&MNFSDBEPOBUVSBMEFFTUBTVCSFHJØOTPOMPTNJMMPOFTEF
QFSTPOBTRVFIBCJUBOFMÈSFBNFUSPQPMJUBOBEF#VFOPT"JSFT
OPPCTUBOUFQBSUFEFFTBQSPEVDDJØOTFEJSJHFBMPDBMJEBEFTEF
MBQSPWJODJBEF#VFOPT"JSFTZEFPUSBTEJTUBOUFTEFFTBÈSFB
ZBRVFMBTNJTNBTTFBCBTUFDFOEFMPTNFSDBEPTDJUBEPT
-BQSPEVDDJØOIPSUÓDPMBEFFTUBÈSFBTFSFBMJ[ØEFTEFTJFN
QSFBDBNQPBMBJSFMJCSF4JOFNCBSHPBQBSUJSEFMPT}TF
PCTFSWBVOBFUBQBUSBOTJDJPOBMRVFEBMVHBSBVODSFDJNJFOUP
TPTUFOJEPEFMBTFYQMPUBDJPOFTCBKPDPOEJDJPOFTQSPUFHJEBT
$PNPSFTVMUBEPMB4VCSFHJØOQSFTFOUBVOBFTUSVDUVSBIPSUÓDPMB
BMUBNFOUFEJWFSTJmDBEBFODVBOUPBMBGPSNBEFQSPEVDDJØOZ
DBOUJEBEEFFTQFDJFTRVFTFDVMUJWBO"MHVOPTEBUPT
B1SPEVDDJØOEFIPSUBMJ[BTBDBNQPBJSFMJCSF
TPMBNFOUF
&MEFMPTQSPEVDUPSFT
C1SPEVDDJØOEFIPSUBMJ[BTBDBNQPZFOJOWFSOÈDVMP&M
EFMPTQSPEVDUPSFTBEPQUBFTUFUJQPEFTJTUFNB
D1SPEVDDJØOEFIPSUBMJ[BTDPOJOWFS
OÈDVMPTPMBNFOUF"MSFEFEPSEFMEF
MPTQSPEVDUPSFT
-BNBZPSTVQFSmDJFFTUÈPDVQBEB
QPSMBQSPEVDDJØOBDBNQPOPPCTUBO
UFMBDPNCJOBDJØODBNQPJOWFSOÈDVMP
FTMBNÈTSFQSFTFOUBUJWBZBRVFJODMVZF
BMBNBZPSQSPQPSDJØOEFMPTQSPEVDUP
SFTEFMBTVCSFHJØO-BTFYQMPUBDJPOFT
QSPNFEJPEFMB[POBUJFOFOVOBTVQFSmDJF
EFBIBEFTUJOBEBTBMBQSPEVDDJØOEF
IPSUBMJ[BTVUJMJ[BOEPVOEFMBNJTNBBMDVMUJWP
CBKPJOWFSOÈDVMP
4JCJFOFYJTUFVOBIFUFSPHFOFJEBENBSDBEBFOUSFMPT
QSPEVDUPSFTTFEFTUBDBNBZPSJUBSJBNFOUFMBFYJTUFODJBEF
QFRVF×BTZNFEJBOBTFNQSFTBTEPOEFQSFEPNJOBVOBBHSJ
DVMUVSBGBNJMJBS
-BTQSJODJQBMFTIPSUBMJ[BTDVMUJWBEBTFOJOWFSOBEFSPTTPO
FOPSEFOEFJNQPSUBODJB
UPNBUFBQJPMFDIVHBQJNJFOUP
FTQJOBDBZPUSBTNFOPTJNQPSUBOUFTDPNPQFQJOPDIBVDIB
GSVUJMMBZBMCBIBDB&OMBTQSPEVDDJPOFTBMBJSFMJCSFTFEFTUBDBO
MFDIVHBBDFMHBUPNBUFBQJP[BQBMMJUPEFUSPODPBMDBVDJM
FTQJOBDBSFQPMMPSFNPMBDIBIJOPKPZPUSPT
$BTJFMEFMPTFTUBCMFDJNJFOUPTUJFOFODPNPSFTQPOTB
CMFTEFMBHFTUJØOEFMQSPDFTPQSPEVDUJWPBi.FEJFSPTw&TUPT
TPOQFSTPOBTRVFSFBMJ[BOMBQSPEVDDJØOFOVODBNQPRVFOP
FTEFTVQSPQJFEBEZDVZPBQPSUFBMBQSPEVDDJØOFTMBNBOP
EFPCSBZVOQPSDFOUBKFEFMDPTUPEFBMHVOPTJOTVNPTQBSBMB
QSPEVDDJØOGFSUJMJ[BOUFTTFNJMMBTQMBHVJDJEBT
&MQSPQJFUBSJPEF
MBUJFSSBSFBMJ[BMBTPQFSBDJPOFTEFQSFQBSBDJØOEFMTVFMPQBSBMB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
TJFNCSBZQBHBVOBQBSUFEFMDPTUPEFMPTJOTVNPT&OHFOFSBM
MBDPNFSDJBMJ[BDJØOMBSFBMJ[BFMQSPQJFUBSJPEFMBFYQMPUBDJØO
ZFMNFEJFSPPCUJFOFVOQPSDFOUBKFEFMPTJOHSFTPTEFMBWFOUB
OPSNBMNFOUFFTUÈFOFMPSEFOEFMB
&TUBNPEBMJEBEEFUSBCBKPOPFTFYDMVTJWBEFMBQSPEVDDJØO
IPSUÓDPMBEFFTUBTVCSFHJØOZBRVFTFIBEJGVOEJEPFOPUSBT
SFHJPOFT-PTUSBCBKBEPSFTEFPSJHFOCPMJWJBOPTPONBZPSÓBFO
FTUFTJTUFNBEFUSBCBKP
-BNJUBEEFMPTQSPEVDUPSFTSFDJCFOBTFTPSBNJFOUPBHSP
OØNJDPFOTVNBZPSÓBEFPSJHFOQSJWBEPQPSQBSUFEFQSPGF
TJPOBMFTJOEFQFOEJFOUFTPEFBRVFMMPTRVFUSBCBKBOQBSBMBT
FNQSFTBTQSPWFFEPSBTEFJOTVNPTQBSBMBQSPEVDDJØOZFO
NFOPSQSPQPSDJØOEFUÏDOJDPTEFPSHBOJTNPTPmDJBMFT*/5"
6OJWFSTJEBEFT.JOJTUFSJPTEFMB1SPEVDDJØO
-BSFHJØO$FOUSBM#POBFSFOTFDPNQSFOEFMPTQBSUJEPTEF
"ZBDVDIP"[VM#PMJWBS%BJSFBVY(SBM"MWFBS(SBM#FMHSBOP
(SBM-BNBESJE)*SJHPZFO-BQSJEB-BT'MPSFT0MBWBSJB4BMB
EJMMP5BOEJM5BQBMRVÏZEF.BZP"MSFEFEPSEFMBTQSJODJQBMFT
DJVEBEFTTFIBOEFTBSSPMMBEPDJOUVSPOFTIPSUÓDPMBT
-BTVQFSmDJFDPSSFTQPOEJFOUFBDVMUJWPTIPSUÓDPMBTBMBJSF
MJCSFFTEFVOBTIBNJFOUSBTRVFIBZIBDVMUJWBEBTDPO
JOWFSOBEFSPT&OFTUBTFTUSVDUVSBTTFDVMUJWBOQPDBTFTQFDJFT
UPNBUFZQJNJFOUPFOWFSBOPZMFDIVHBFOJOWJFSOP
"DBNQPIBZVOBBNQMJBEJWFSTJEBEEFFTQFDJFTIPSUBMJ[BT
EFIPKBDPNPMFDIVHBBDFMHBSFQPMMPFTQJOBDBZPUSBT[BQBMMP
Z[BQBMMJUPCBUBUBTFEFTUBDBFMQBSUJEPEF#PMÓWBS
GSVUJMMBFO
0MBWBSJBFOEJCJBTFO(SBM#FMHSBOPNBÓ[EVMDFZTBOEÓBFO
EF.BZPF)JQØMJUP*SJHPZFOQFSFKJMQBSBJOEVTUSJBZFONFOPS
NFEJEBFMSFTUPEFMBTIPSUBMJ[BT
&OFM4VEFTUFEF#VFOPT"JSFTFODPOUSBNPTEPTTJTUFNBT
EFQSPEVDDJØOSFMBDJPOBEPTDPOMBIPSUJDVMUVSB
B1SPEVDUPSFTEFQBQBFTUBTFNQSFTBTTFEFEJDBOTPMB
NFOUFBFTUFDVMUJWPZFOBMHVOPTDBTPTUBNCJÏOQSPEVDFO
DFSFBMFTPMFBHJOPTBTZPHBOBEFSÓB-B[POBEFQSPEVDDJØO
FTUÈEJTQFSTBFOMPTQBSUJEPTEF(FOFSBM1VFZSSFEØO#BMDBSDF
-PCFSÓB5BOEJMZ(FOFSBM"MWBSBEP&TUBFTMBQSJODJQBM[POBEF
QSPEVDDJØOEFQBQBFO"SHFOUJOBEFTUJOBOEPBFTUFDVMUJWP
VOBTIB
C1SPEVDUPSFTEFIPSUBMJ[BTFTUFUJQPEFQSPEVDUPSFTFTUÈO
DPODFOUSBEPTFOFMEFOPNJOBEP$JOUVSØO)PSUÓDPMBEF.BS
EFM1MBUBQBSUJEPEF(FOFSBM1VFZSSFEØOFYUFOEJÏOEPTFBMPT
QBSUJEPTWFDJOPT
&TUÈVCJDBEPFOVOBGSBOKBEFLNRVF
CPSEFBBFTUBDJVEBEFOMPDBMJEBEFTDPNP4BO'SBODJTDP-BHVOB
Z4JFSSBEFMPT1BESFT4BO$BSMPT#BUÈOZ7BMMF)FSNPTP6OPT
QSPEVDUPSFTDVMUJWBOBMSFEFEPSEFIBZFMEF
FMMPTEJTQPOFOEFDBNQPTEFNFOPTEFIBFOUSF
BIBZUBOTØMPVOUJFOFNÈTEFIB
-BDFSDBOÓBEFMNBSEFFTUB[POBEBDPNPSFTVMUBEPRVF
MPTWFSBOPTTFBOSFMBUJWBNFOUFGSFTDPTZMPTJOWJFSOPTOPUBO
SJHVSPTPTMPRVFEFUFSNJOBVOBCBKBBNQMJUVEUÏSNJDBBOVBM
&ODVBOUPBMBTDBSBDUFSÓTUJDBTEFMTVFMPFTUBSFHJØOQSFTFOUB
POEVMBDJPOFTJOUFSTFSSBOBTDPOBnPSBNJFOUPTSPDPTPTDPO
QFOEJFOUFTRVFTFWBOBUFOVBOEPBNFEJEBRVFTFBMFKBOEF
MBTTJFSSBT-PTTVFMPTTPOEFUFYUVSBGSBODPBSDJMMPBSFOPTB
SJDPTFONBUFSJBPSHÈOJDBZEFFMFWBEBGFSUJMJEBE
-BTQSJODJQBMFTFTQFDJFTIPSUÓDPMBTDVMUJWBEBTTPO[BOBIPSJB
FTUB[POBFTVOBEFMBTNÈTSFMFWBOUFTEF"SHFOUJOBKVOUPDPO
.FOEP[B4BOUB'F$ØSEPCBZ4BOUJBHPEFM&TUFSP
UPNBUF
MFDIVHBFTUBQSPEVDDJØOFTJNQPSUBOUFZBRVFBCBTUFDFBMPT
HSBOEFTNFSDBEPTOBDJPOBMFTFOFMWFSBOP
NBÓ[EVMDF[BQBMMP
FTQJOBDBBSWFKBGSFTDBBQJPBDFMHBSFNPMBDIBZFMSFTUPEF
MBTIPSUBMJ[BTUSBEJDJPOBMFT
&OFTUB[POBIBZJOTUBMBEPTFTUBCMFDJNJFOUPTBHSPJOEVT
USJBMFTQSJODJQBMNFOUFQBSBDPOHFMBEPEFQSPEVDUPTDPNP
DIBVDIBBSWFKBFTQJOBDBBDFMHBZNBÓ[EVMDF
&TUB[POBTFIBDBSBDUFSJ[BEPFOMPTÞMUJNPTB×PTQPSTV
EJOBNJTNPFODVBOUPBMBEJWFSTJEBEEFDVMUJWPTZBMBVNFOUP
EFMBTVQFSmDJFDVMUJWBEB
&OFM$JOUVSØOIPSUÓDPMBEF#BIÓB#MBODBMBBDUJWJEBE
IPSUÓDPMBTFEFTBSSPMMBQSJODJQBMNFOUFFOFMWBMMFEFMSÓP4BVDF
$IJDP-BFYUFOTJØOEFFTUFDJOUVSØOIPSUÓDPMBFTEFVOBTIB
-BDPNFSDJBMJ[BDJØOTFSFBMJ[BNBZPSJUBSJBNFOUFQBSBBCBTUFDFS
MBEFNBOEBEFMBDJVEBEEF#BIÓB#MBODB
-B[POB4VSEFMBQSPWJODJBEF#VFOPT"JSFTBCBSDBMPT
QBSUJEPTEF7JMMBSJOPZ1BUBHPOFTFTQFDÓmDBNFOUFMBTÈSFBTDPO
EJTQPOJCJMJEBEEFSJFHPEFM7BMMFEFM3ÓP$PMPSBEPFOMBQSPWJODJB
EF#VFOPT"JSFT&TUBTVC[POBTFEFTUBDBQPSMBQSPEVDDJØOEF
DFCPMMBNFSDBEPJOUFSOPZFYQPSUBDJØO
TJFOEPFMÈSFBNÈT
JNQPSUBOUFEF"SHFOUJOBFOMBQSPEVDDJØOEFFTUBFTQFDJF
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
SBSBWF[TVQFSBO
SBSBWF[TVQFSBONNBOVBMFTZTVEJTUSJCVDJØOBMPMBSHP
EFMB×POPQFSNJUFE
EFMB×POPQFSNJUFEFmOJSBOJOHVOBFTUBDJØODPNPUÓQJDBNFOUF
MMVWJPTB-BUFNQFSBUVSBNÈYJNBPTDJMBFOHSBEPT
MMVWJPTB-BUF
DFOUÓHSBEPTZMBNÓOJNBFOHSBEPTCBKPDFSP
DFOUÓHSBEP
"SHFOUJOB
QSPEVDFOVNFSPTBTIPSUBMJ[BT
MBTEFIPKBTWFSEFTHFOFSBMNFOUF
FTUÈOVCJDBEBTFOUPSOPBMBTHSBOEFT
DJVEBEFTBVORVFEFQFOEJFOEPEFMBFT
UBDJØOTVSHFOSFHJPOFTDPONFKPSFTDPO
EJDJPOFTBHSPFDPMØHJDBTRVFQSPEVDFOZ
USBOTQPSUBOMPTQSPEVDUPTBEJTUBODJB&O
FMNBSDPEFMBDPOUBNJOBDJØOEFMQMBOFUB
ZMBFTDBTF[EFQFUSØMFPTFHVSBNFOUF
TFSÈOFDFTBSJPBQMJDBSQPMÓUJDBTQBSB
GBWPSFDFSBMBT
QSPEVDDJPOFT
SFHJPOBMFT
&ODMBWBEPFOMBSFHJØOÈSJEBFM
7*3$)FTFMWBMMF
&ODMB
NÈTJNQPSUBOUFEFMBSFHJØOQBUBHØOJDBBVTUSBMF
NÈTJNQ
IJTUØSJDBNFOUFIBTJEPFMBCBTUFDFEPSEFBMJNFOUPT
IJTUØSJD
BMBQSPWJODJBZBMBSFHJØO
BMBQS
%FCJEPBDVFTUJPOFTDMJNÈUJDBTFYJTUFVOB
%F
NBSDBEBFTUBDJPOBMJEBEFOMPTQSPEVDUPTGSVUJ
NBSDB
IPSUÓDPMBTPGFSUBDPODFOUSBEBFOMPTNFTFTEF
IPSUÓD
GFCSFSPBNBZP
%VSBOUFFMQFSÓPEPEFPGFSUB
GFCSFS
FM7*3$)BCBTUFDFBMNFSDBEPMPDBMEFUPEBTMBT
FM7*3
IPSUBMJ[BTQFSPFMSFTUPEFMB×PTØMPMPBCBTUFDF
IPSUBM
DPOQBQBTDFCPMMBTZ[BOBIPSJBT
DPOQB
-BTDBSBDUFSÓTUJDBTEFFTUBDJPOBMJEBEHFOFSBO
-BTD
EJTDPOUJOVJEBEFOMBPGFSUB5BMDJSDVOTUBODJBPCMJHØ
EJTDPOUJO
BRVFTFDPOGPSNBSBVOBJOGSBFTUSVDUVSBUBOUPFO
BRVFTFDP
USBOTQPSUFDPNPFOBMNBDFOBNJFOUPQBSBUSBFSEJWFSTPT
USBOTQPSUFDP
QSPEVDUPTEFPUSBT[POBTEFMQBÓT
QSPEVDUPTEF
%FCJEPBFTUBTJUVBDJØOFMTFDUPSOPFODVFOUSBHSBOEFT
%FCJEPBFTUBT
EJmDVMUBEFTQBSBVCJDBSMBQSPEVDDJØO
EJmDVMUBEFTQBSBVC
3FHJØO1BUBHØOJDB
3FHJØO 1BUBHØOJDB
$PNQSFOEFMBQBSUFTVEPFTUFEF-B1BNQBZOPSUFEF
3ÓP/FHSPUPEPFM 7BMMFEFM3ÓP/FHSP
&OMB[POBEF-B
1BNQBMBTQSFDJQJUBDJPOFTPTDJMBONNDPOQJDPTFO
QSJNBWFSBPUP×P&MDMJNBFTUFNQMBEPDPOWFSBOPTDBMVSPTPT
FJOWJFSOPTGSÓPT
-PTTVFMPTTPOBSDJMMPBSFOPTPTDPOUFOEFODJBBTFSBSFOP
TPT-BTTVQFSmDJFTNFEBOPTBTFTUÈONVZFYQVFTUBTBFSPTJØO
FØMJDBDPOBMUFSBDJPOFTEFMSFMJFWFZGPSNBDJØOEFNÏEBOPTDPO
QSPCMFNBTEFGFSUJMJEBEZDPOTFSWBDJØO&MDVMUJWPEFIPSUBMJ[BTTF
DPODFOUSBFOFMWFSBOPZTFIBDFFYDMVTJWBNFOUFCBKPSJFHP
-PTDVMUJWPTEFUPNBUFZQJNJFOUPEFTUJOBEPTBJOEVTUSJB
TPOMBBDUJWJEBEIPSUÓDPMBEFNBZPSJNQPSUBODJBFDPOØNJDB
FOFTUBSFHJØO-BTPUSBTIPSUBMJ[BTTPOHFOFSBMNFOUFQBSBFM
DPOTVNPMPDBMDBTPEFMBQJP[BOBIPSJBZDFCPMMB
&OFM 7BMMFEFM3ÓP$IVCVU 7*3$)
FTEFTÏSUJDPDPO
QSFDJQJUBDJPOFTNVZFTDBTBTBMUBMVNJOPTJEBEZFWBQPSBDJØO
ZNBSDBEBTBNQMJUVEFTUÏSNJDBT-BTQSFDJQJUBDJPOFTQMVWJBMFT
&WPMVDJ¯OTPDJPFDPO¯NJDBEFMB
IPSUJDVMUVSBBSHFOUJOBFMSPMZMBT
FTUSBUFHJBTEFMBDPNVOJEBECPMJWJBOB
F
FOMPTTJTUFNBTEFQSPEVDDJ¯OZ
F
DPNFSDJBMJ[BDJ¯O
"MIBCMBSEFIPSUJDVMUVSBFO"SHFOUJOBFTJOFWJUBCMFTV
BTPDJBDJØODPOMBQBMBCSBNJHSBOUF%FTEFFMJOJDJPNJTNPEF
MBIPSUJDVMUVSBDPNFSDJBMGVFSPONJHSBOUFTEFVMUSBNBSJUB
MJBOPTZFONFOPSNFEJEBFTQB×PMFTZQPSUVHVFTFTRVJFOFT
BQPSUBSPOMBNBOPEFPCSBZMBPSHBOJ[BDJØOEFMBTRVJOUBTFO
MPTBMSFEFEPSFTEFMBTDJVEBEFTEF"SHFOUJOB-BNJHSBDJØOMJNÓ
USPGFFONBZPSNFEJEBEFTEF#PMJWJBDPNJFO[BBSFFNQMB[BS
BMPTWJFKPTIPSUJDVMUPSFTFVSPQFPTQSÈDUJDBNFOUFFOUPEBTMBT
SFHJPOFTEFMQBÓT
5SBTNJHSBSBMB"SHFOUJOBMBTGBNJMJBTCPMJWJBOBTEFTBSSPMMBO
VOBTFSJFEFFTUSBUFHJBTEPNÏTUJDBTQSPEVDUJWBTZDPNFSDJBMFT
EFOUSPEFMTFDUPSIPSUÓDPMBRVFMFTQFSNJUFOJOTFSUBSTFFOVO
QSPDFTPEFDBQJUBMJ[BDJØOZBTDFOTPTPDJBM&OFTUFTFOUJEPFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
OFDFTBSJPBOBMJ[BSFJOUFSQSFUBSFMSPMDBEBWF[NÈTQSPUBHØOJDP
EFMBTGBNJMJBTCPMJWJBOBTZTVTSFQFSDVTJPOFTFOMBFTUSVDUVSB
TPDJPDVMUVSBMQSPEVDUJWBZFDPOØNJDBEFMTFDUPSIPSUÓDPMB
.JHSBDJ¯OZMPDBMJ[BDJ¯O&ODMBWFT¥UOJDPT
"TDFOTPTPDJBM
.JHSBDJØOFOMBTFHVOEBQBSUFEFMTJHMPQBTBEPZQSJODJQBM
NFOUFFOMBEÏDBEBEFMBMFOUBEPTQPSVOBTPCSFWBMVBDJØOEF
MBNPOFEBBSHFOUJOBMBNJHSBDJØOEFTEF#PMJWJBTFJOUFOTJmDB
ZDPNJFO[BBEJSJHJSTFEFTEFFMOPSUFEFMQBÓTIBDJBFM«SFB
.FUSPQPMJUBOBEF#VFOPT"JSFT
-PTMVHBSFTEFPSJHFOEFEPOEFQSPWJFOFONBZPSJUBSJBNFOUF
MPTIPSUJDVMUPSFTTPOMPTWBMMFTBOEJOPT5BSJKB0SVSP
ZFM4VS
EFM"MUJQMBOP1PUPTÓ
)BTUBOPIBDFNVDIPFOFTUPTÞMUJNPT
EFQBSUBNFOUPTTFQSBDUJDBCBVOBBHSJDVMUVSBEFDBSBDUFSÓTUJDBT
DBNQFTJOBTBVUPQSPEVDDJØOEFBMJNFOUPTZDPNFSDJBMJ[BDJØOEF
FYDFEFOUFTQBSBPCUFOFSQSPEVDUPTRVFFMMPTOPQSPEVDÓBO
-BJOTFSDJØOFOVOOJDIPBHSPQFDVBSJPDPNPFTMBIPSUJDVM
UVSBGVFQPTJCJMJUBEBZQPUFODJBEBZBRVFFTUPTQSPEVDUPSFTTF
BKVTUBCBOBSNPOJ[BEBNFOUFBMB'VODJØO.BDSPFDPOØNJDBEF
1SPEVDDJØO)PSUÓDPMBDBSBDUFSJ[BEBQPSVOBBMUBEFNBOEBEFM
GBDUPSNBOPEFPCSBZCBKBFYJHFODJBFOUJFSSBZDBQJUBM4JCJFO
IVCPDBNCJPTFOFMTFDUPSMBIPSUJDVMUVSBBVOTJHVFTJFOEPMB
RVFNFKPSTFBEBQUBBFTUFUJQPEFTVKFUP
-PDBMJ[BDJØOJOTFSDJØOZDPOGPSNBDJØOEFFODMBWFT
ÏUOJDPTFTUPTUSBCBKBEPSFTCPMJWJBOPTBTFOUBEPTFOÈSFBTEF
QSPEVDDJØOIPSUÓDPMBEFMQFSJVSCBOPCPOBFSFOTFTFJOTDSJCFO
FOVOGFOØNFOPEFNJHSBDJØODPODBSBDUFSÓTUJDBTEFUSBOT
OBDJPOBMJEBE4DIJMMFSFUBM
&TUFDPODFQUPDPODJCF
MBDPOGPSNBDJØOEFUFSSJUPSJPTQSPEVDUJWPTDPOTUJUVJEPTQPS
DPNVOJEBEFTEFUSBOTNJHSBOUFTDVZPTJOUFHSBOUFTEFTBSSPMMBO
VODPNQPSUBNJFOUPQSPQJPEJGFSFOUFEFMEFMPTQPCMBEPSFTEF
MPTQBÓTFTEFPSJHFOZEFMEFMPTEFEFTUJOPRVFMFTQFSNJUF
FOGSFOUBSEFVOBNBOFSBTJOHVMBSMBTDPOTFDVFODJBTEFMBT
DSJTJTFDPOØNJDPQPMÓUJDBTRVFTFQSPEVDFOFOBNCPTUFSSJ
UPSJPTOBDJPOBMFT&OUSFMPTFMFNFOUPTRVFDPOGPSNBOEJDIP
DPNQPSUBNJFOUP#FOFODJBEFTUBDBFMVTPEFSFEFTGBNJMJBSFT
QBSBFMEFTQMB[BNJFOUPUFSSJUPSJBMMPTMB[PTEFSFMBDJØODPOUJ
OVBDPOMBTDPNVOJEBEFTEFPSJHFOMBDPNCJOBDJØOFOUSFVOB
GVFSUFFOEPHBNJBRVFDPIFTJPOBZMBUFOFODJBEFVOBGBNJMJB
OVNFSPTBDPONBZPSÓBEFIJKPTBSHFOUJOPTMBTFTUSBUFHJBT
FDPOØNJDBTRVFMFTQPTJCJMJUBOFMBDDFTPBMBUJFSSBFMBIPSSPMB
BVUPFYQMPUBDJØOZFMQSÏTUBNPEFEJOFSP
ZBMBDPNFSDJBMJ[BDJØO
QSPQJBEFMBQSPEVDDJØOIPSUÓDPMB
5PEPTÏTUPTTPOFMFNFOUPTRVFBZVEBOBEBSDPOUJOVJEBEB
MBDBEFOBNJHSBUPSJBZDPIFTJØOBMBDPNVOJEBEUSBOTOBDJPOBM
RVFTFIBDPOGPSNBEP&TUBDPODFQDJØOTFSÓBTJNJMBSBMFODMBWF
ÏUOJDPZSFTVMUBSÈVOPEFMPTQJMBSFTEFMBTDFOTPTPDJBMEF
FTUPTTVKFUPT
&OFMÈSFBIPSUÓDPMBCPOBFSFOTF")#
MBNÈTJNQPSUBOUF
EFMQBÓTQPSMBDBOUJEBEEFFTUBCMFDJNJFOUPTQSPEVDUJWPT
BMSFEFEPSEF
ZFMWPMVNFOEFQSPEVDDJØOFM$FOTP
)PSUÓDPMBEFMBQSPWJODJBEF#VFOPT"JSFT
SFHJTUSØFOMB
[POB4VSQBSUJEPTEF-B1MBUB#FSB[BUFHVJZ'MPSFODJP7BSFMB
MBQSFTFODJBEFVOEFQSPEVDUPSFTRVJOUFSPTEFPSJHFO
CPMJWJBOPMPTDVBMFTUSBCBKBODBTJFYDMVTJWBNFOUFDPONBOP
EFPCSBGBNJMJBSQSPWFOJFOUFEFTVQSPQJPQBÓT.JFOUSBTRVF
FM$FOTP)PSUJnPSÓDPMBEFMBQSPWJODJBEF#VFOPT"JSFT
SFHJTUSBVOEFIPSUJDVMUPSFTEFFTBOBDJPOBMJEBEFOUPEB
MBQSPWJODJB4JCJFOIBZVOBDPODFOUSBDJØOEFFTUPTIPSUJDVMUP
SFTCPMJWJBOPTFOFM«SFB)PSUÓDPMB#POBFSFOTFTVEJTUSJCVDJØO
FOMBIPSUJDVMUVSBEFMSFTUPEFMQBÓTFTMFOUBQFSPJOFYPSBCMF
6OSFDJFOUFUSBCBKPEF#FOFODJB
NVFTUSBMBTJHVJFOUF
SBEJPHSBGÓBEFMBCPMJWJBOJ[BDJØOEFMBIPSUJDVMUVSBFOFMQBÓT
B&OFMDJOUVSØOIPSUÓDPMBEFM«SFB.FUSPQPMJUBOBEF$ØS
EPCBIBDJBFMFMEFMPTQSPEVDUPSFTIPSUÓDPMBTFSBO
EFPSJHFOCPMJWJBOP
C&OFMDJOUVSØOIPSUÓDPMBEF3ÓP$VBSUPMBTFHVOEBDJV
EBEFOJNQPSUBODJBEFMBQSPWJODJBEF$ØSEPCBTFBQSFDJBMB
QSFTFODJBEFNBOPEFPCSBCPMJWJBOBFOVOEFMBTFY
QMPUBDJPOFTTJFOEPFMEFÏTUBTEJSJHJEBTQPSQSPEVDUPSFT
PSJVOEPTEFMBMPDBMJEBEEF4BO-PSFO[P5BSJKB
FODBSÈDUFSEF
BSSFOEBUBSJPTPQSPQJFUBSJPT
D&OFMDJOUVSØOWFSEFEFMDPOHMPNFSBEPRVFGPSNBOMBT
DJVEBEFTEF7JMMB.BSÓBZ7JMMB/VFWBDPSSFTQPOEJFOUFTBMB
QBNQBIÞNFEBDPSEPCFTBTFBQSFDJBBJOJDJPTEFMBEÏDBEBEFM
MBQSFTFODJBEFBSSFOEBUBSJPTNFEJFSPTZQFPOFTCPMJWJBOPT
CÈTJDBNFOUFUBSJKF×PTZQPUPTJOPTRVFDPOTUJUVÓBOFMEFM
UPUBMEFMBNBOPEFPCSBFOFTUBTBDUJWJEBEFT
E&OMBT[POBTEFJOnVFODJBEFMBTMPDBMJEBEFTEF$PMPOJB
4BOUB3PTB4BMUB
ZEF'SBJMF1JOUBEP+VKVZ
FODPOUSBNPT
JONJHSBOUFTCPMJWJBOPTPSJVOEPTEFMB[POBEF1BNQB3FEPO
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
EB5BSJKB
FOVOBJNQPSUBOUFQSPQPSDJØOEFFYQMPUBDJPOFT
IPSUÓDPMBTDPOEVDJEBTQPSQBUSPOFTOBUJWPTZQPSQBUSPOFT
CPMJWJBOPT
F&O-VMFT5VDVNÈO
FMEFMPTNJFNCSPTEFMBDPNV
OJEBECPMJWJBOBQFSTPOBT
TFPDVQBFOMBIPSUJDVMUVSB
GVOEBNFOUBMNFOUFFOMPTDVMUJWPTEFGSVUJMMBZUPNBUFFONFOPS
NFEJEBEF[BQBMMJUPDIBVDIBFUD
G&O.BSEFM1MBUBGBNJMJBTCPMJWJBOBTQSPWFOJFOUFTFOTV
NBZPSÓBEF$BSBDIJNBZP5BSJKB
DPNFO[BSPOBJODPSQPSBSTF
FOMBIPSUJDVMUVSBCBKPMBGPSNBEFNFEJFSÓBZFOMBBDUVBMJEBE
SFQSFTFOUBOVOBQBSUFJNQPSUBOUFEFMPTQSPEVDUPSFTIPSUÓ
DPMBTZDPNFSDJBMJ[BEPSFTEFWFSEVSBTFOFMDJOUVSØOWFSEF
NBSQMBUFOTF
H&OMBMPDBMJEBEEF1FESP-VSPTPCSFFMSÓP$PMPSBEPDFSDBOB
B#BIÓB#MBODBMBQSPEVDDJØOEFDFCPMMBQBSBFYQPSUBDJØOUVWP
VOBVHFNVZJNQPSUBOUFHSBDJBTBMBJODPSQPSBDJØOEFNBOP
EFPCSBCPMJWJBOBCÈTJDBNFOUFQSPWFOJFOUFEF0SVSPZRVF
SFQSFTFOUBSÓBOFMEFMBQPCMBDJØOMPDBMZFOFMDJOUVSØO
IPSUÓDPMBEF#BIÓB#MBODBMPDBMJEBEEF%BOJFM$FSSJBLN
EFBRVÏMMB
TFBQSFDJBRVFEFTEFIBDFBQSPYJNBEBNFOUFEPT
EÏDBEBTMBIPSUJDVMUVSBIBQBTBEPBFTUBSDBTJQPSDPNQMFUP
FONBOPTEFGBNJMJBTCPMJWJBOBTEFTQVÏTEFIBCFSFTUBEP
DPOEVDJEBQPSJONJHSBOUFTFVSPQFPT
I&O(FOFSBM3PDBQSPWJODJBEF3ÓP/FHSPFOFTUPTÞMUJNPT
B×PTMBJNQPSUBODJBEFMBJODPSQPSBDJØOEFBSSFOEBUBSJPTIPSUJ
DVMUPSFTCPMJWJBOPTFOMPUFTPUSPSBEFTUJOBEPTFYDMVTJWBNFOUF
BMBQSPEVDDJØOEFGSVUBMFT
J&O5SFMFXQSPWJODJBEF$IVCVU
TFFODVFOUSBOQSPEVD
UPSFTQSPQJFUBSJPTNFEJFSPTZQFPOFTCPMJWJBOPTQSPWFOJFOUFT
EF5BSJKB0SVSPZ$PDIBCBNCBEFTBSSPMMBOEPBDUJWJEBEFT
IPSUÓDPMBTUBOUPQSPEVDUJWBTDPNPEFDPNFSDJBMJ[BDJØO
FO
FMWBMMFJOGFSJPSEFMSÓP$IVCVU7*3$)
PUSPSBQSFEPNJOJPEF
JONJHSBOUFTHBMFTFT
K&O6TIVBJB5JFSSBEFM'VFHP
TFSFHJTUSBMBQSFTFODJBEF
BTBMBSJBEPTCPMJWJBOPTUSBCBKBOEPFOMBSFDPMFDDJØOEFIPSUBMJ[BT
CBKPJOWFSOÈDVMP.BMMJNBDJ"OB
.PWJMJEBETPDJPFNQSFTBSJBMEFMBDPNVOJEBECPMJWJB
OBFOFMTFDUPSIPSUÓDPMBFMDPODFQUPEFNPWJMJEBETPDJBM
IBDFSFGFSFODJBBMQBTPEFMPTJOEJWJEVPTEFVOFTUSBUPTPDJBM
BPUSPPEFVOHSVQPBPUSP-PTEJGFSFOUFTFTUSBUPTQVFEFO
TFSEFmOJEPTQPSDSJUFSJPTFDPOØNJDPT#FOFODJB
EPO
EFMBQSJODJQBMWBSJBCMFFTCÈTJDBNFOUFMBGVFOUFZFMNPOUP
EFMPTJOHSFTPTPCUFOJEPT"TÓUBOUPEFTEFVOBQFSTQFDUJWB
EFDSFDJNJFOUPFNQSFTBSJBMBUBEBBMBDBQBDJEBEEFHFOFSBS
JOHSFTPTQPEFNPTJEFOUJmDBSVOQSJNFSFTUSBUPRVFTFSÓBFM
EFBTBMBSJBEPDPNQVFTUPQPSNJHSBOUFTSFDJÏOMMFHBEPTBMB
SFHJØODVZPÞOJDPGBDUPSEFQSPEVDDJØOEJTQPOJCMFFTTVNBOP
EFPCSB&MTFHVOEPFTUSBUPTFSÓBFMEFUSBCBKBEPSNFEJFSP
DBSBDUFSJ[BEPQPSVONJHSBOUFZTVGBNJMJBRVFBDBNCJPEF
BQPSUBSUPEBTVNBOPEFPCSBiBDVFSEBOwDPOFMQBUSØOSFDJ
CJSVOQPSDFOUBKFEFMBQSPEVDDJØO&MUFSDFSFTUSBUPFTFMEF
QSPEVDUPSBSSFOEBUBSJPFOEPOEFFMNJHSBOUFOPTØMPBERVJSJØ
DPOPDJNJFOUPTQBSBHFTUJPOBSVOBRVJOUBTJOPEFDBQJUBMQBSB
BMRVJMBSVOBUJFSSBZQPOFSTFBQSPEVDJS&MDVBSUPFTUSBUPFT
FMEFMQSPEVDUPSDPNFSDJBOUFDBSBDUFSJ[BEPQPSFMQSPEVDUPS
NJHSBOUFRVFNVFTUSBVOBWBODFFOFMFTMBCØOEFMBDPNFSDJB
MJ[BDJØO%FFTUBNBOFSBTFEJTUJOHVFDPNPUSBCBKBEPSFTUBOUP
BQFPOFTDPNPBNFEJFSPTPCUFOJFOEPFMQSJNFSPTVTJOHSFTPT
EFVOTBMBSJPZFMTFHVOEPEFVOQPSDFOUBKFEFMBTWFOUBT
.JFOUSBTRVFFMQSPEVDUPSiQBUSØOw
PCUJFOFVOCFOFmDJPQPS
MBTWFOUBTEFTVTQSPEVDUPTIPSUÓDPMBTDVBESP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&TUSBUFHJBTDPNCJOBEBTQBSBTVEFTBSSPMMPFDPOØNJDP
FOFMTFDUPSIPSUÓDPMB
QSPQJDJBOTVDPOUSBUBDJØOZQPTUFSJPSBTDFOTPDPNPNFEJFSP
&TUPÞMUJNPUBNCJÏOGVFQSPQJDJBEPQPSFMNBSDPEFMTFDUPS
&MBTDFOTPTPDJBMQSBDUJDBEPQPSFMIPSUJDVMUPSCPMJWJBOP
QVFEFTFSNFUBGPSJ[BEPNFEJBOUFVOBiFTDBMFSBwQPSEPOEF
FTUFBHFOUFBWBO[BEFTEFFMFTUSBUPPQFMEB×PiQFØOwQBTBOEP
MVFHPQPSMBNFEJFSÓBMMFHBOEPBTFSQSPEVDUPSZFOBMHVOPT
DBTPTNPTUSBOEPBWBODFTFOFMFTUSBUPEFDPNFSDJBOUF"
NFEJEBRVFBWBO[BFOGPSNBBTDFOEFOUFMBTFTUSBUFHJBTEP
NÏTUJDBTQSPEVDUJWBTZDPNFSDJBMFTTFNPEJmDBOPCTFSWÈOEPTF
VOJODSFNFOUPEFMBnFYJCJMJEBEFMBQSFOEJ[BKFEFMPTTFDSFUPT
EFMBBDUJWJEBEZFMSJFTHPDPIFSFOUFNFOUFDPOFMNBZPSOJWFM
EFBDVNVMBDJØO
"OUFTEFMPTB×PT|IBCÓBVODJSDVJUPEFUSBCBKPTJOJO
WFSOÈDVMPRVFEFNBOEBCBNBOPEFPCSBFTUBDJPOBMZQPSMP
UBOUPHFOFSBCBVOUSBCBKBEPSHPMPOESJOBNVZEFQFOEJFOUFEFM
DMJNB6OPEFMPTDJSDVJUPTFSBFMMMFWBEPBDBCPQPSMPTDPTF
DIFSPTZFNCBMBEPSFTQBSBRVJFOFTMBUFNQPSBEBBSSBODBCB
FO$PSSJFOUFTFOJOWJFSOPMVFHPTFEJSJHÓBOBM«SFB)PSUÓDPMB
#POBFSFOTFZQPSÞMUJNPB.BSEFM1MBUBQBSBMVFHPSFJOJDJBS
FMDJDMPOVFWBNFOUFFO$PSSJFOUFT
B&UBQBEFQFØO
&NQÓSJDBNFOUFTFPCTFSWBRVFMPTNJHSBOUFTMJNÓUSPGFT
ZQSJODJQBMNFOUFMPTCPMJWJBOPT
IBOUFOJEPVOBJOTFSDJØO
NBSHJOBMFOFMNFSDBEPEFUSBCBKPGVODJPOBMBMBEFNBOEB
EFFNQMFPTEFDPOEJDJPOFTZSFNVOFSBDJPOFTQSFDBSJBT&O
FMDBTPEFMBIPSUJDVMUVSBFTUPIBTJEPQPUFODJBEPEFCJEPBM
BQSPWFDIBNJFOUPRVFMPTQSPEVDUPSFTWJFOFOSFBMJ[BOEPEFVO
USBCBKBEPSDPOCBKBDBMJmDBDJØOFODPOEJDJPOFTEFSFTJEFODJB
JSSFHVMBSZDPOVOBEFQFOEFODJBUPUBMEFTVNBOPEFPCSBDPNP
ÞOJDPJOHSFTPQBSBTVTVQFSWJWFODJBMPRVFHFOFSBUSBCBKBEP
SFTGÈDJMNFOUFFYQMPUBCMFT"QFTBSEFFTUBTJUVBDJØOZDPOFM
USBOTDVSTPEFMUJFNQPNVDIPTEFFMMPTIBOQPEJEPFWPMVDJPOBS
IBDJBFMNFSDBEPEFUSBCBKPNJYUPFJODMVTJWFBTDFOEFSIBTUB
DPOTUJUVJSVOBQFRVF×BFNQSFTBGBNJMJBS"QFOBTBSSJCBOBMB
SFHJØODPNJFO[BOBUSBCBKBSDPNPQFØOFOMBTRVJOUBTHFOF
SBMNFOUFSFDPNFOEBEPTQPSWJFKPTNFEJFSPTRVFMPTDPOPDFO
QPSTFSGBNJMJBSFTDPOPDJEPTPQSPWFOJFOUFEFMBNJTNBQSP
WJODJBPSFHJØOEF#PMJWJB
PCJFOQPSQSPEVDUPSFTQBJTBOPTRVF
MPTWBOBCVTDBSB#PMJWJB&MPCKFUJWPEPCMFFOFTUBQSJNFSB
FUBQBFTBEFNÈTEFHBOBSTFFMTVTUFOUPBQSFOEFSBDFSDBEF
MBBDUJWJEBEQSPEVDUJWBIPSUÓDPMB:BRVFTJCJFOMBNBZPSÓBEF
FTUPTNJHSBOUFTFSBODBNQFTJOPTRVFUSBCBKBSPOEVSBOUFUPEB
TVWJEBMBUJFSSBMBSFBMJEBEJOEJDBRVFMBIPSUJDVMUVSBDPNFSDJBM
MBBQSFOEJFSPOBRVÓFOGPSNBBOÈMPHBBMPTNJHSBOUFTFVSPQFPT
EFMBQSJNFSBNJUBEEFMTJHMP99
&OFTUBFUBQBMBQSJODJQBMFTUSBUFHJBEFFTUFTVKFUPTFDFOUSB
FOMBDPOUSBDDJØOEFMDPOTVNPZMBBVUPFYQMPUBDJØO$VBOEP
MPHSBOBDVNVMBSDJFSUPDBQJUBMUSBFOBTVGBNJMJBRVFIBCÓB
RVFEBEPFO#PMJWJB"TÓDPOVOBNBZPSPGFSUBEFNBOPEFPCSB
ZTVNBEPBMPTDPOPDJNJFOUPTRVFBERVJFSFOFOMBBDUJWJEBE
:BFOMPT}MBGVFSUFJODPSQPSBDJØOEFMBUFDOPMPHÓBEFM
JOWFSOÈDVMPPDBTJPOØDBNCJPTEFFOWFSHBEVSBFOMBBDUJWJEBE
&TUBUFDOPMPHÓBEFNBOEBNBZPSNBOPEFPCSBQPSVOJEBEEF
TVQFSmDJFBMBWF[RVFBUFOÞBMBGVFSUFFTUBDJPOBMJEBEEFMB
QSPEVDDJØOBDBNQPSFRVJSJÏOEPTFFOUPODFTDPOUJOVJEBEFOMB
OFDFTJEBEEFUSBCBKBEPSFTEVSBOUFDBTJUPEPFMB×P1PSPUSPMBEP
BVNFOUØMBQSPEVDUJWJEBEZQSPEVDDJØOHFOFSBOEPTBUVSBDJØO
FOMPTNFSDBEPTEFCJEPBMBQBSUJDVMBSJEBEEFMBTIPSUBMJ[BT
DPNPQSPEVDUPOPUSBOTBCMFZQPSFOEFEFDPOTVNPJOUFSOP
&TUBPGFSUBRVFTVQFSBCBBMBEFNBOEBQFSNJUJØMBBQBSJDJØO
EFMPTTVQFSNFSDBEPTZTVTFYJHFODJBTEFEJGFSFODJBDJØOOP
TØMPQPSQSFDJPTTJOPUBNCJÏOQPSDBMJEBE&TUPÞMUJNPKVOUP
BMPTUJCJPT
BWBODFTFOMBMFHJTMBDJØOOBDJPOBMUFOEJFOUFTB
QSFTFSWBSMBTBMVCSJEBEEFMPTBMJNFOUPTFYJHFMBJNQMFNFOUBDJØO
EFTJTUFNBTEFBTFHVSBNJFOUPEFMBDBMJEBEFJOPDVJEBE
"NCBTFYJHFODJBTUJFOEFOBSFFNQMB[BSJOTVNPTQPSiNB
OFKPwMPDVBMJNQMJDBNBZPSEFNBOEBFOHFTUJØOZNBOPEF
PCSB&TUBNBZPSEFNBOEBEFUSBCBKBEPSFTFTQFDJBMJ[BEPTZ
DPODJFSUBDBQBDJUBDJØOFOVODPOUFYUPEFCBKPTQSFDJPTCBKB
FTUBCJMJEBEZEFTSFHVMBDJØOEÏDBEBEFM|
QSPQJDJØVOBNB
ZPSnFYJCJMJ[BDJØOEFMUSBCBKP&TQBSBGSBTFBOEPVOFYDFMFOUF
USBCBKPEF3JOHVFMFUFUBM
iUJFNQPEFMNFEJBOFSPw
C&UBQBEFNFEJFSP
4JCJFOMBNFEJFSÓBFSBVOBNPEBMJEBEZBDPOPDJEBFOMB
BDUJWJEBEIPSUÓDPMBMBFYQBOTJØOZMPTDBNCJPTRVFUVWPDPOMB
MMFHBEBEFMPTNJHSBOUFTEFM"MUJQMBOPGVFNÈTRVFTJHOJmDBUJWB
.ÈTBÞOTFQPESÓBBmSNBSRVFMBmHVSBEFMNFEJFSPFTSFQSF
TFOUBEBQPSFMCPMJWJBOPUSBCBKBEPSRVFIBNPOPQPMJ[BEPFTUF
UJQPPNPEBMJEBEEFNBOPEFPCSBFOMBTÈSFBTEFQSPEVDDJØO
IPSUÓDPMBEFQSÈDUJDBNFOUFUPEPFMQBÓT-BIFHFNPOÓBEFFTUF
NJHSBOUFFOMBmHVSBEFMUSBCBKBEPSIPSUÓDPMBFOHFOFSBMNF
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
EJFSPFOQBSUJDVMBSTFDFOUSBFOMBEJTQPTJDJØOEFUSBCBKBSFO
DPOEJDJPOFTOPBDFQUBCMFTQBSBMPTUSBCBKBEPSFTMPDBMFTUBOUP
QPSMBTFYJHFODJBTFMSJFTHPZFMCFOFmDJPSFDJCJEP
-BNFEJFSÓBDPOTUJUVZFFOMBIPSUJDVMUVSBVOBNPEBMJEBE
RVFTFEFTQMB[BFOUSFVOBSFMBDJØOEFUSBCBKPEFQFOEJFOUF
OPTBMBSJBMZBRVFTVSFNVOFSBDJØOFTVOQPSDFOUBKFEFMB
QSPEVDDJØOPCUFOJEB
ZVOBTPDJFEBEEFTJHVBMFOUSFFMDBQJUBM
ZFMUSBCBKP&TUBNPEBMJEBEMFUSBFBQBSFKBEPCFOFmDJPTBM
QSPEVDUPSMPTUSBCBKBEPSFTTFJOWPMVDSBONÈTFYJTUFNFOPS
OFDFTJEBEEFTVQFSWJTJØOZUSBOTGPSNBVODPTUPmKPFOVOP
WBSJBCMFUSBTMBEBOEPMPTSJFTHPTZMPTDPTUPT
IBDJBBCBKP
"QFTBSEFFTUPFTUBNPEBMJEBEMFQPTJCJMJUBBMNFEJFSPVOB
NBZPSBDVNVMBDJØOTVTUFOUBEBFOMBFYQMPUBDJØOOPSFNVOFSB
EBEFTVGBNJMJBZMBBTVODJØOEFMPTSJFTHPTQSPEVDUJWPTZEF
NFSDBEP
"RVÓTVSHFDPOOJUJEF[VOBFTUSBUFHJBRVFDPNCJOB
VOSBTHPDBNQFTJOPDPOVOmODBQJUBMJTUB1PSVOMBEPQBSB
FTUFTVKFUPMBWBMPSJ[BDJØOEFMUSBCBKPFTBMHPTVCKFUJWPZRVF
OPDPOTJEFSBDPNPVODPNQPOFOUFJOEFQFOEJFOUFIBDJFOEP
EJGÓDJMBTJHOBSVOTBMBSJPPFRVJWBMFOUFBDBEBJOUFHSBOUFEFMB
NBOPEFPCSBGBNJMJBS$PNPTFWFSÈNÈTBEFMBOUFFTKVTUB
NFOUFFTUBOPWBMPSBDJØOPNFKPSEJDIPMBOPDVBOUJmDBDJØO
EFMBNBOPEFPCSBFMQSJODJQBMSBTHPEFDPNQFUJUJWJEBEEFM
IPSUJDVMUPSCPMJWJBOP
-BPGFSUBEFNBOPEFPCSBGBNJMJBSSFTVMUBEFWJUBMJNQPSUBO
DJBFOMBFTUSBUFHJBEFEFTBSSPMMP&MUBNB×PZMBDPNQPTJDJØO
GBNJMJBSEFmOFOBOUFUPEPMPTMÓNJUFTNÈYJNPTZNÓOJNPTEFM
WPMVNFOEFTVBDUJWJEBEFDPOØNJDB6OBGBNJMJBOVNFSPTB
JOWPMVDSBEBFOMBBDUJWJEBEQPTJCJMJUBBDDFEFSBVOBVOJEBE
NÈTHSBOEFNBOFKBSVOBNBZPSTVQFSmDJFPMBUPUBMJEBE
EF
MBRVJOUBPCJFOFWJUBSMBOFDFTJEBEEFDPOUSBUBDJØOEFNBOP
EFPCSBOPGBNJMJBSQBSBDVCSJSBMHVOBMBCPS
1SJODJQBMNFOUFFOMPT|NVDIPTNJHSBOUFTSFDJÏOMMF
HBEPTBMB"SHFOUJOBDPNFO[BCBOBUSBCBKBSDPNPNFEJFSPT
TBMUFÈOEPTFFMFTDBMØOEFQFØOPUBOUFSPZFMDPOTFDVFOUF
BQSFOEJ[BKF1PSFMMPTJCJFOMBQSJODJQBMGPSNBEFJOTUSVJSTFRVF
UJFOFOFTMBDPOTUBOUFiQSVFCBZFSSPSwFTDPNÞOMBFOTF×BO[B
EFTJOUFSFTBEBFOUSFQBJTBOPT
&OFTUBFUBQBMPTDVMUJWPTRVFTFMMFWBOBDBCPTVSHFO
EFMBOFHPDJBDJØOFOUSFFMQSPEVDUPSZFMNFEJFSPUFOJFOEP
PCWJBNFOUFVONBZPSQPEFSEFEFDJTJØOFMiQBUSØOw&OFTF
DPOUFYUPMBQSFGFSFODJBEFMNFEJFSPTFGPDBMJ[BFOMPTDVMUJWPT
EFBMUPWBMPSDPNPFMUPNBUFZQJNJFOUP-BTFMFDDJØOTFCBTB
FOMBQPTJCJMJEBEEFVOBNBZPSHBOBODJBRVFCSJOEBOFTUPT
DVMUJWPTTJFOEPMPTBMUPT
DPTUPTEFMNJTNPQBHBEPTFOTV
UPUBMJEBEPCJFOBEFMBOUBEPTQPSFMQSPEVDUPS&TUPÞMUJNP
WJBCJMJ[BMBQSPEVDDJØOZQPTJCJMJUBVOBNBZPSBDVNVMBDJØO
FOSFMBDJØOBMPTDVMUJWPTEFIPKBBDPTUBEFVONBZPSSJFTHP
FDPOØNJDPZBRVFFMJOHSFTPEFQFOEFEFMBQSPEVDDJØOZEF
MPTQSFDJPTEFMNFSDBEPNFTFTEFTQVÏTEFMBTJFNCSB
ZVOB
NBZPSFYQMPUBDJØOZBRVFOPTFSFNVOFSBBDBEBNJFNCSP
RVFUSBCBKBDPNPVOBTBMBSJBEP
&OMPTQTFVEPTDPOUSBUPTEFNFEJFSÓBFMNFEJFSPTFDPN
QSPNFUFBHBSBOUJ[BSMBNBOPEFPCSBOFDFTBSJB4JCJFOMB
TVQFSmDJFRVFTFBDVFSEBQSPEVDJSFTBDPSEFBMBDBQBDJEBEEF
USBCBKPEFMNFEJFSPZMBRVFJNQMÓDJUBNFOUFBQPSUBTVGBNJMJB
MB
QPTJCJMJEBEEFFWFOUVBMFTGBMUBOUFTEFCFTFSDVCJFSUBEFBMHVOB
NBOFSB&OFTFDBTPFMNFEJFSPDPOUSBUBQFPOFTRVFTFSÈO
JOEFGFDUJCMFNFOUFQBJTBOPT&TUFDPNQPSUBNJFOUPMPSFQFUJSÈO
FOTVSPMEFQSPEVDUPSFOEPOEFBMMÓUBNCJÏOMBNBOPEFPCSB
OPGBNJMJBSFTCPMJWJBOBPCJFOEFPSJHFOCPMJWJBOP
1BSBMFMBNFOUFMBFTUSBUFHJBTFDPNQMFUBDPOMBQFSTJTUFODJB
EFMBDPOUSBDDJØOEFMDPOTVNPOPTØMPFODVBOUPBMBDPNQSB
EFCJFOFTEFQSJNFSBOFDFTJEBETJOPUBNCJÏOQPSFMBIPSSP
FOWJWJFOEBRVFFTHFOFSBMNFOUFPUPSHBEBQPSFMQSPEVDUPSZ
RVFNÓOJNBNFOUFTFMBQPESÓBEFTDSJCJSDPNPQSFDBSJB
DPNP
BTÓUBNCJÏOQPSMBQSPEVDDJØOEFCJFOFTEFVTPWFSEVSBT
RVF
DPOTUJUVZFQBSUFJNQPSUBOUFEFMBEJFUBEFMBGBNJMJBCPMJWJBOB
FOFMTFDUPS
&MIFDIPEFRVFFMNFEJFSPQFSDJCBVONBZPSCFOFmDJPFDP
OØNJDPFOGVODJØOEFMBQSPEVDDJØOPCUFOJEBZDPNFSDJBMJ[BEB
JODJUBBRVFMPTUSBCBKBEPSFTJODVSSBOFOVOFYDFTJWPVTPEF
BHSPRVÓNJDPTBOUFMBOFDFTJEBEEFNJOJNJ[BSQÏSEJEBTEFSFOEJ
NJFOUPTQPSQMBHBTZFOGFSNFEBEFTZCBKPMBMØHJDBFRVJWPDBEB
EFRVFiBNBZPSBQMJDBDJØOFYJTUFNBZPSDPOUSPMw
&TUBDPOEVDUBQPOFFOSJFTHPMBJOPDVJEBEEFMPTBMJNFOUPT
MBTBMVEEFMPTUSBCBKBEPSFTFJNQBDUBOFHBUJWBNFOUFTPCSF
FMNFEJPBNCJFOUF&TUBTJUVBDJØOUBNCJÏOPDVSSFBOJWFMEF
QSPEVDUPS
D&UBQBEFQSPEVDUPS
&TUPTOVFWPTQSPEVDUPSFTCPMJWJBOPTMPHSBOMMFHBSBMUFSDFS
FTUSBUPFOVONPNFOUPFORVFTFQFSNFBCJMJ[BOMBTDPOEJDJPOFT
PCKFUJWBTQBSBMBNPWJMJEBETPDJBM-BDSJTJTEFMHFOFSØFM
BCBOEPOPEFMBBDUJWJEBEEFVOTJHOJmDBUJWPOÞNFSPEFFTUB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
CMFDJNJFOUPTIPSUÓDPMBTMPRVFTFUSBEVKPFOVOBDPZVOUVSB
JEFBMQBSBEBSFMTBMUP1PSVOMBEPFYJTUJØVOBQÏSEJEBEJSFDUB
EFMBGVFOUFMBCPSBMQSJODJQBMNFOUFBGFDUBOEPBMPTNFEJFSPT
RVFFSBONBZPSJUBSJBNFOUFTJOPUPUBMNFOUFCPMJWJBOPT
NJFOUSBTRVFFMBCBOEPOPEFMBBDUJWJEBEFOHFOFSBMQSPWPDØ
VOBNBZPSEJTQPOJCJMJEBEEFUJFSSBTMPRVFBMBWF[PDBTJPOØ
VOBEJTNJOVDJØOEFMDPTUPEFBSSFOEBNJFOUP&TUBDPZVOUVSB
EFMBDSJTJTIBCSÓBSFTVMUBEPDMBWFMBDBÓEBEFMBNFEJFSÓBZFM
BVNFOUPEFMBSSFOEBNJFOUPSFMFWBEPTFOFMGPSUBMFDFO
FTUBQSFTVODJØO
&TUBNPWJMJEBETFSÓBFOHSBOQBSUFEFJOUFSDBNCJPFOUFOEJEB
BFTUBDPNPBRVFMMBFOEPOEFBMHVOPTBDUPSFTBTDJFOEFOFOMB
FTUSVDUVSBTPDJBMBMBWF[RVFPUSPTEFTDJFOEFOPBCBOEPOBOFM
FTQBDJP&MEFTDFOTPTPDJBMPBCBOEPOPEFMBIPSUJDVMUVSBTFEB
QSJODJQBMNFOUFFOMPTDBTPTEFMPTWJFKPTIPSUJDVMUPSFTJUBMJBOPT
JOnVFODJBEPTJOMVHBSBEVEBTQPSJ
MBDSJTJTEFMJJ
QPSRVJOUBTRVFBUSBWFTBCBOVOQSPDFTPEFEFTDBQJUBMJ[BDJØO
BTPDJBEPNVDIBTWFDFTBMBOPJODPSQPSBDJØOUFDOPMØHJDBMÏBTF
JOWFSOÈDVMP
ZPJJJ
QPSQSPEVDUPSFTEFFEBEBWBO[BEBTJOIJKPT
PGBNJMJBSFTRVFDPOUJOÞFOMBFYQMPUBDJØO
-PTCVFOPTSFTVMUBEPTFDPOØNJDPTPCUFOJEPTEFTEFFTF
NPNFOUPGVFSPOVOHSBOBUFOVBOUFRVFKVOUPBMBTSFEFT
TPDJBMFTEFBQPZPEFMPTFYNFEJFSPTCPMJWJBOPTQPTJCJMJUØMB
TVQFSWJWFODJBEFFTUPTOVFWPTFTUBCMFDJNJFOUPTIPSUÓDPMBTEF
BMUBWVMOFSBCJMJEBE
EFQFOEFODJBEFJOTVNPTZMBOFDFTJEBEEFEFTJOGFDUBSFMTVFMP
DPOCSPNVSPEFNFUJMP
t&MUPNBUFZFMQJNJFOUPUJFOFVODJDMPQSPEVDUJWPMBSHP
DPOVOUJFNQPIBTUBDPTFDIBEFNFTFT
1PSMPUBOUPMBDPNCJOBDJØOBMUPTDPTUPTDJDMPTMBSHPTF
JODFSUJEVNCSFIBDFEFFTUPTDVMUJWPTVOOFHPDJPDVZPSJFTHPZ
mOBODJBNJFOUPOPRVJFSFOQVFEFOBTVNJSFTUPTQSPEVDUPSFT
FOFTUBFUBQBEFTVBTDFOTPTPDJBM&OFTFTFOUJEPMPTDVMUJWPT
EFIPKBQPTFFODBSBDUFSÓTUJDBTPQVFTUBTFOSFMBDJØOBFTUBT
IPSUBMJ[BTEFGSVUP
1PSPUSBQBSUFTFQVFEFFTUBCMFDFSVOBEJTUJODJØOFODVBOUP
BMiUJQPEFJOHSFTPwHFOFSBEPQPSMBTIPSUBMJ[BTEFGSVUPZQPS
MBTEFIPKB.JFOUSBTRVFFMQSJNFSPTFSÓBDPNPVOBTVFSUFEF
iHBOBODJBwPQBHPBMDBQJUBMVUJMJ[BEPFMTFHVOEPFTFOUFOEJEP
DBTJDPNPVOBSFUSJCVDJØOPiTBMBSJPwRVFTFMFBTJHOBBMQSP
EVDUPS4VSHFOFOUPODFTNÈTDMBSBNFOUFMBTEJGFSFOUFTQPUFO
DJBMJEBEFTEFDBEBUJQPEFDVMUJWPFOFMQSPDFTPEFBDVNVMBDJØO
PCUFOJFOEPFMQSPEVDUPSEFGSVUPNBZPSFTWFOUBKBT
$POTFDVFOUFNFOUFFOFMQFMEB×PEFQSPEVDUPSEFOUSP
EFMBTFTUSBUFHJBTMMFWBEBTBDBCPQPEFNPTEJGFSFODJBSUSFT
TVCFUBQBTPNJOJQFMEB×PTTJFOEPMBTEPTQSJNFSBTFOCBTFB
IPSUBMJ[BTEFIPKB
4JCJFOFMQBTBKFEFNFEJFSPBQSPEVDUPSGVFVOTBMUPRVFTF
PCTFSWØZBIBDJBmOFTEFMPT|HSBOQBSUFEFFTUFGFOØNFOP
FTDBUBMJ[BEPQPSMBDSJTJTEFM:MBTFTUSBUFHJBTQSPEVD
UJWBTMMFWBEBTBDBCPDPJODJEFOFOMÓOFBTHFOFSBMFTDVBMRVJFSB
IBZBTJEPFMNPNFOUPEFBSSJCPBMTUBUVTEFQSPEVDUPS1PEFNPT
IBCMBSEFUSFTUJQPTEFFTUSBUFHJBTQSPEVDUJWBTFOGVODJØOEFM
HSBEPEFBDVNVMBDJØOBMDBO[BEPZRVFHVBSEBODJFSUPPSEFO
UFNQPSBM-BTQSJNFSBTEPTTFDBSBDUFSJ[BOQPSFTUBSCBTBEBT
FOMBQSPEVDDJØOEFIPSUBMJ[BTEFIPKBT"EJGFSFODJBEFTV
FUBQBDPNPNFEJFSPFMOVFWPQSPEVDUPSCPMJWJBOPNPEJmDB
TVFTUSBUFHJBQSPEVDUJWB:BOPFMJHFIBDFSQJNJFOUPZUPNBUF
JODMJOÈOEPTFZFTQFDJBMJ[ÈOEPTFFODVMUJWPTEFCBKPWBMPSDJDMP
DPSUPZSÈQJEBDJSDVMBDJØOEFDBQJUBMDPNPMBTWFSEVSBTEFIPKB
&TUPTFEFCFBMPTTJHVJFOUFTNPUJWPT
¡NJOJQFMEB×P3BEJDIFUB"MCBIBDBZ3BCBOJUP-PTIPS
UJDVMUPSFTCPMJWJBOPTQSFWJPQFSPGVOEBNFOUBMNFOUFQPTUDSJTJT
DPNJFO[BOBQSPEVDJSBUSBWÏTEFMBSSFOEBNJFOUP
EFUJFSSBT4FDBSBDUFSJ[BOQPSIBDFSMPFOFTUBCMFDJNJFOUPTEF
SFEVDJEBTTVQFSmDJFTZBRVFVONFDBOJTNPVTVBMDPOTJTUÓB
FORVFØGBNJMJBTBMRVJMFOVOBRVJOUBBMBRVFTVCEJWJEFO
ZUSBCBKBOFOGPSNBTFQBSBEB4JCJFOFTUPMFTSFQSFTFOUBCB
DPOUBSDPOVOBFYJHVBTVQFSmDJFFOUSFZIB
UBNCJÏOMFT
PDBTJPOBCBVONFOPSDPTUPEFBMRVJMFSBMBWF[RVFTFBEBQUBCB
BTVOJWFMEFDBQJUBMEJTQPOJCMF&OFTUBTJUVBDJØOZDPOFTUPT
JODJQJFOUFTQSPEVDUPSFTQSFWBMFDJØMBQSPEVDDJØOEFSBEJDIFUB
ZBMCBIBDB&TUPTDVMUJWPTQFSNJUFOWBSJPTDPSUFTEFBZTJ
TFUSBCBKBCJFOIBTUBDPSUFTFOFMDBTPEFMBSBEJDIFUB
MP
RVFPQUJNJ[BMBQSPEVDDJØOFORVJOUBTQFRVF×BTZPDPOQPDP
JOWFSOÈDVMP"EFNÈTTFDPTFDIBUPEPTMPTEÓBTMPRVFQFSNJUF
UFOFSVOJOHSFTPDPOUJOVP
t&MUPNBUFZFMQJNJFOUPTPOEPTDVMUJWPTDPOBMUPTDPTUPT
&TUPTTFQVFEFOEFTBHSFHBSFOFMQSFDJPEFMBTTFNJMMBTJNQPSUB
EBTMBBMUBZFTQFDJBMJ[BEBNBOPEFPCSBMBFOPSNFEFNBOEBZ
¡NJOJQFMEB×P-FDIVHB"DFMHBZ&TQJOBDBMBBNQMJBDJØO
EFMBTVQFSmDJFEJTQPOJCMFCBKPDVCJFSUBJOWFSTJØOQPTJCMFZBTFB
QPSFMHSBEPEFBDVNVMBDJØOSFBMJ[BEPPCJFOWÓBmOBODJBNJFOUP
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
JODJEJØFOMBTFMFDDJØOEFPUSPTDVMUJWPTEFIPKBQSJODJQBMNFOUF
MBMFDIVHBBDFMHBZFTQJOBDBFOFTFPSEFOEFJNQPSUBODJB
5BMIBTJEPFMBWBODFZQPTUFSJPSIFHFNPOÓBEFMCPMJWJBOP
FOFTUPTDVMUJWPTRVFTFIBQPEJEPSFHJTUSBSVOBQPMBSJ[BDJØO
QSPEVDUJWB-BQSPEVDDJØOEFWFSEVSBTEFGSVUPRVFSFBMJ[BCBO
MPTQSPEVDUPSFTUSBEJDJPOBMFTBIPSBTPOBQPSUBEBTQSJODJQBM
NFOUFQPSHSBOEFTQSPEVDUPSFTRVFIBDFOQJNJFOUPZPUPNBUF
RVJFOFTBTVWF[SFOVODJBOBDPNQFUJSDPOMPTDPTUPTDBMJEBE
ZWPMVNFOEFMBTIPSUBMJ[BTEFIPKBRVFPGFSUBOMPTOVFWPT
QSPEVDUPSFTCPMJWJBOPT
-BTNPEFSOBTUFDOPMPHÓBTRVFQFSNJUFOMBQSPEVDDJØOFO
ÏQPDBTOPUSBEJDJPOBMFTZMBDPNQMFNFOUBDJØOEFMBPGFSUBMPDBM
DPOMBQSPWFOJFOUFEFPUSBTSFHJPOFTQFSNJUFOFTUBCJMJ[BSFM
WPMVNFOZMBDBMJEBEPGFSUBEBEVSBOUFFMB×PEJTNJOVZFOEP
BTÓMBTQSPCBCJMJEBEFTEFQJDPTEFBMUPTQSFDJPT"QFTBSEF
FTUPFMiMFDIVHVFSPwCPMJWJBOPBQVFTUBBVOBFTUSBUFHJBRVF
TJCJFOMPHSBCVFOBDBMJEBECÈTJDBNFOUFQSFUFOEFDBOUJEBEZ
DPOUJOVJEBE&TUBDPOUJOVJEBEFOMBFOUSFHBKVOUPDPOMPTEÓBT
EFBMUPTQSFDJPTEFMBTIPSUBMJ[BTEFIPKBDPNPDPOTFDVFODJB
EFMBTBEWFSTJEBEFTDMJNÈUJDBTZCJØUJDBTTPOMPTRVFTVTUFOUBO
TVOFHPDJP
¡NJOJQFMEB×P5PNBUFZ1JNJFOUPMPTQSPEVDUPSFTCPMJ
WJBOPTRVFOPTØMPTVCTJTUJFSPOFOTVOVFWPTUBUVTEFQSPEVDUPS
TJOPRVFQSPHSFTBSPOZMPHSBSPODBQJUBMJ[BSTFTFFODVFOUSBO
BIPSBEJTQVFTUPTBBVNFOUBSFMSJFTHPDPOMBmOBMJEBEEFQPEFS
BDVNVMBSNÈT1BSBFMMPSFDVSSFOBMBDPNQMFNFOUBDJØOEFMB
QSPEVDDJØOEFIPKBDPOIPSUBMJ[BTEFGSVUP%FFTUBNBOFSB
FOFTUBTVCFUBQBFMQSPEVDUPSCPMJWJBOPFTUBSÓBSFUPNBOEPMB
FTUSBUFHJBEFQSPEVDDJØOEJWFSTJmDBEBEFMPTWJFKPTIPSUJDVMUPSFT
JUBMJBOPTQPSMPRVFTFDPNJFO[BBEFTFTUSVDUVSBSMBQPMBSJ[BDJØO
QSPEVDUJWBRVFTFIBCÓBHFTUBEPUJFNQPBUSÈT
&TUBTVCFUBQBUFOESÓBVOBQSPEVDDJØOCBTFEFDVMUJWPT
EFIPKBRVFTJCJFOMFBQPSUBNFOPSFTJOHSFTPTQPTFFCBKP
DPTUPZSJFTHPMPRVFFODJFSUBNFEJEBMFHBSBOUJ[BVOMVDSP
1BSBMFMBNFOUFSFTFSWBOVOBTVQFSmDJFBMBRVFEFEJDBOB
MBQSPEVDDJØOEFUPNBUFZPQJNJFOUP&TUBTVQFSmDJFBVUP
MJNJUBEBEFIPSUBMJ[BTEFGSVUPFTBDPSEFBMBTQPTJCJMJEBEFT
EFmOBODJBNJFOUPZSJFTHPRVFFMQSPEVDUPSCPMJWJBOPFTUB
EJTQVFTUPBBTVNJSFOFTUBFUBQBEFBDVNVMBDJØO"MBWF[MB
DPNQMFNFOUBDJØODPOFTUPTDVMUJWPTMFTQFSNJUFJSDPOPDJFOEP
MPTTFDSFUPTEFVODVMUJWPDVZPNBOFKPFTTJHOJmDBUJWBNFOUF
NÈTDPNQMFKPRVFMPTEFIPKB
&OSFMBDJØOBMBQSFOEJ[BKFEFMNBOFKPEFFTUPTDVMUJWPTTJCJFO
NVDIPTEFFMMPTZBMPIBCÓBOUSBCBKBEPFOTVFUBQBEFNFEJFSP
PBVOEFQFØOPUSPTUBOUPOPMPIJDJFSPOPCJFOFMNBOFKPMFT
SFTVMUBTVTUBODJBMNFOUFEJGFSFOUF1PSMPUBOUPFMBQSFOEJ[BKF
ZMBJOGPSNBDJØORVFPCUJFOFEFPUSPTQBJTBOPTPCJFOWÓBMB
DPOUSBUBDJØOEFVONFEJFSPDPOFMBSSFHMPEFMBFOUSFHBEFM
EFMQSPEVDUP
DPOFMQSPQØTJUPEFBQSFOEFSFMNBOFKPFT
PUSBDBSBDUFSÓTUJDBEFFTUBTVCFUBQB&TQBSBEFTUBDBSRVFFTUB
FTMBGPSNBVTVBMEFBTFTPSBNJFOUPKVOUPBMBRVFPCUJFOFFO
MPTDPNFSDJPTEFJOTVNPTBHSPOPNÓBT
"EFNÈTEFMBTFTUSBUFHJBTQSPEVDUJWBTBVOQFSTJTUFFOFM
FTUSBUPEFQSPEVDUPSMBBVUPFYQMPUBDJØOEFMBNBOPEFPCSB
BVORVFMBDPOUSBUBDJØOEFBTBMBSJBEPTQPTFFVOHSBEPEFnF
YJCJMJEBENBZPS²TUBEFQFOEFSÈOPTØMPEFMBEJTQPOJCJMJEBE
EFUJFSSBTJOPUBNCJÏOEFDBQJUBMQBSBBNQMJBSMBQSPEVDDJØO
:MBPUSBWBSJBCMFRVFWJBCJMJ[BMBDPOUSBUBDJØOEFUSBCBKBEPSFT
FYUFSOPTBMHSVQPGBNJMJBSFTMBOFDFTJEBEZQPTJCJMJEBE
EF
DPODFOUSBSTFFOPUSBTUBSFBTUBMFTDPNPMBDPNFSDJBMJ[BDJØO
EJSFDUBEFMBQSPEVDDJØOFONFSDBEPTNBZPSJTUBT
4FBDVBMGVFSFFMNPUJWPFMUSBCBKBEPSFYUFSOPDPNQMFNFO
UBQFSPOVODBSFFNQMB[BNBOPEFPCSBGBNJMJBSZBRVFFTUB
TFHVJSÈUPUBMNFOUFBCPDBEBBMBRVJOUB&OMBDPOUSBUBDJØOTF
QSJWJMFHJBMBNPEBMJEBEEFMBTBMBSJBEPQPSTPCSFMBNFEJFSÓB
TJFOEPUPEPTFMMPTJOEFGFDUJCMFNFOUFGBNJMJBSFTPDPOPDJEPTEF
MBNJTNBSFHJØOEF#PMJWJBRVFMBGBNJMJB%FOPFODPOUSBSTFFO
MB[POBFTVTVBMRVFFMQSPEVDUPSWJBKFB#PMJWJBBUSBFSKØWFOFT
USBCBKBEPSFTRVJFOFTTFRVFEBOVOBUFNQPSBEBEF4FQUJFNCSF
B+VOJP
PCJFOTFJOTUBMBOEFmOJUJWBNFOUFJODPSQPSÈOEPTFB
MBFTDBMFSBCPMJWJBOB
E&UBQBEFQSPEVDUPSDPNFSDJBOUF
1SJODJQBMNFOUFUSBTMBDSJTJTEFMZTVBTDFOTPTPDJBMB
QSPEVDUPSFMIPSUJDVMUPSEFPSJHFOCPMJWJBOPDPOUJOÞBTVBWBODF
FOMBDBEFOBQSPEVDUJWBIBDJBFMFTMBCØOEFDPNFSDJBMJ[BDJØO
4VDFEFRVFBMMÓMBDSFBDJØOEFWBMPSFTNBZPSRVFDPOMBTJNQMF
QSPEVDDJØOMMFHBOEPBMHVOPTEFFMMPTJODMVTPBBCBOEPOBSMB
FUBQBQSJNBSJB
&TUBFUBQBEFMQSPEVDUPSTFEFTBSSPMMBDPONBZPSQSPGVOEJEBEFOFMUFNB
$PNFSDJBMJ[BDJØOEFMDBQÓUVMP*7
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&TQBSBEFTUBDBSRVFFMBTDFOTPMPHSBEPBERVJFSFEJGFSFOUFT
TJHOJmDBEPTTFHÞOFMFTQBDJPDPOTJEFSBEP.JFOUSBTRVFFMQB
TBKFEFBTBMBSJBEPIBTUBQSPEVDUPSTJCJFOJNQMJDBVOBTDFOTP
FDPOØNJDPOPDPOMMFWBBÞOFOFMQBÓTVOSFDPOPDJNJFOUP
TPDJBM4UBUVTTPDJBMRVFTÓMPPCUJFOFOEFTVTDPNQBUSJPUBT
FO#PMJWJB
"NPEPEFTÓOUFTJTTFQSFTFOUBMBTJHVJFOUFmHVSBRVF
FTRVFNBUJ[BQBSUFEFMPIBTUBBRVÓEFTBSSPMMBEP
EFMBDDFTPBMBUJFSSBFTNPUJWPEFQFTPQBSBOPDPOTUSVJSOBEB
RVFOPQVFEBTFSUSBTMBEBEPBOUFMBmOBMJ[BDJØOEFMDPOUSBUP
EFBSSFOEBNJFOUP&TUPEFUFSNJOBMBQBSBEPKBEFQSPEVDUPSFT
RVFWJWFOFODBTJMMBTEFNBEFSBZQMÈTUJDPBMMBEPEFJOWFSOÈ
DVMPTDPOQMBOUBDJPOFTDVZPTWBMPSFTTVQFSBOWBSJBTWFDFTMBT
EFDFOBTEFNJMFTEFQFTPT
„ 'JOBODJBNJFOUPJOUSBDPNVOJEBE
&MBTDFOTPTPDJBMRVFFYQFSJNFOUBSPOQSFDJTBEFDJFSUB
BDVNVMBDJØOQSFWJBEFDBQJUBM1FSPUBODJFSUPDPNPFTPFT
MBQPTJCJMJEBEEJGFSFODJBMEFmOBODJBNJFOUPRVFPCUJFOFFM
IPSUJDVMUPSCPMJWJBOP1BSUFEFMmOBODJBNJFOUPMPDPOTJHVFO
JOUSBDPNVOJEBECPMJWJBOB&OFTFTFOUJEPGBNJMJBSFTPBNJHPT
QSFTUBOEJOFSPBRVJFOFTTFJOJDJBOPRVJFSFOFYQBOEJSTVQSP
EVDDJØODPNQSBEFQMÈTUJDPNBEFSBQMBOUJOFTBHSPRVÓNJDPT
FUD
FOSFUSJCVDJØOZUBMDPNPFMMPTNJTNPTIBOTJEPBZVEBEPT
1FSPUBNCJÏOFYJTUFVOmOBODJBNJFOUPEFBMHVOPTDPNFSDJPTEF
JOTVNPTZNBEFSFSBTQBSBIPSUJDVMUPSFTCPMJWJBOPTDPOPDJEPTEF
MB[POB&TUPTFKVTUJmDBSÓBOPTØMPQPSMBJOWFSTJØORVFQPTFFO
MPRVFEJmDVMUBSÓBFMBCBOEPOPEFMBBDUJWJEBEZFMOPQBHPEF
MBEFVEB
DPNPBTÓUBNCJÏOZQSJODJQBMNFOUFQPSFMHSBEPEF
DVNQMJNJFOUPDPORVFTFBTPDJBBFTUFBHFOUFTPDJBM
1PSPUSBQBSUFMBDPOUSBDDJØOEFMDPOTVNPFTVOBFTUSBUFHJB
RVFBVOTFNBOUJFOFFOFTUFQFMEB×P
„ -ØHJDBEFSFJOWFSTJØO
$BSBDUFSÓTUJDBTDPNVOFTBUPEPTMPTFTUSBUPT
„$POEJDJPOFTIBCJUBDJPOBMFT
-BQSFDBSJFEBEEFMBWJWJFOEBEFFTUFBHFOUFFOUPEBMB
iFTDBMFSBCPMJWJBOBwFTVOBDPOTUBOUFBVORVFBIPSBMBKVTUJ
mDBDJØOBOUFFMOJWFMEFBDVNVMBDJØOFTPUSBiMBDBTBQSFDBSJB
FTDPIFSFOUFDPOMBQSFDBSJ[BDJØOEFMBUFOFODJBEFMBUJFSSBw
&TUPFTNÈTEFMEFMPTQSPEVDUPSFTCPMJWJBOPTEF#VFOPT
"JSFT$)'#"}
TPOBSSFOEBUBSJPTQPSMPRVFMBJOFTUBCJMJEBE
-BBDVNVMBDJØORVFMPHSBFOFMQFMEB×PEFQSPEVDUPSFT
NBZPSRVFFOMBEFNFEJFSPZBVOTVQFSJPSRVFFOMBEFQFØO
&MEFTUJOPRVFUJFOFFTUFDBQJUBMWBSÓBTFHÞOMB[POBEFM«SFB
)PSUÓDPMB#POBFSFOTF&OFMDBTPEFMB[POBTVSEFM")#FOEPOEF
TFEFTUBDB-B1MBUBQSÈDUJDBNFOUFMBUPUBMJEBEEFMPTBIPSSPT
RVFTFHFOFSBOFTEJSFDDJPOBEPIBDJBMBDPOTUSVDDJØOEFJOWFS
OÈDVMPTFOCÞTRVFEBEFSFTQPOEFSBMBTBDUVBMFTFYJHFODJBTEF
VOBPGFSUBEFDBMJEBEDBOUJEBEZDPOUJOVJEBE-BSBDJPOBMJEBE
EFFTUBFTUSBUFHJBTFQVFEFSFTVNJSFORVFBDBNQPFTEJGÓDJM
BDVNVMBSZBRVFOPWBMFMBQSPEVDDJØOMPTUJFNQPTNVFSUPT
TPONBZPSFTQPDPVTPFOJOWJFSOP
ZMPTDJDMPTEFMPTDVMUJWPT
NBTMBSHPTZBRVFMBTDPOEJDJPOFTEFDSFDJNJFOUPEJTUBOEFTFS
ØQUJNBT
MPRVFUJFOFDPNPDPOTFDVFODJBVOBDJSDVMBDJØOEFM
DBQJUBMNÈTMFOUBZVOEFTBQSPWFDIBNJFOUPEFVOCJFOFTDBTP
DPNPFTFMTVFMPDVZPDPTUPBSSFOEBNJFOUPFTNVZDBSP
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
&TUBJOWFSTJØOFTBÞONÈTQSJPSJUBSJBRVFMBOFDFTJEBEEF
NBRVJOBSJBTUSBDUPSZTVTJNQMFNFOUPT
DBSFODJBTVQFSBEB
HSBDJBTBMBBQBSJDJØOZQFSTJTUFODJBEFVONFSDBEPBNQMJBNFOUF
EJGVOEJEPEFiTFSWJDJPTEFMBCPSFPw3FDJÏODVBOEPMBRVJOUB
TFFODVFOUSBiUPEBDVCJFSUBwDPOJOWFSOÈDVMPTTFCVTDBMB
BERVJTJDJØOEFMUSBDUPS-PHSBEPFTUFOJWFMEFBDVNVMBDJØOFM
TJHVJFOUFEFTUJOPEFMPBDVNVMBEPFTMBDPNQSBEFVOWFIÓDVMP
DBNJPOFUBPDBNJØO
DBQJUBMEFHSBOJNQPSUBODJBFOVOB
FTUSBUFHJBEFBWBODFTPCSFFMFTMBCØOEFDPNFSDJBMJ[BDJØOFO
EPOEFMPTIPSUJDVMUPSFTCPMJWJBOPTDPNJFO[BOZBBIBDFSQJF
TPMVDJØOOVUSJUJWBMMBNBEPTTJTUFNBTDFSSBEPTTPOFTUJNVMBEPT
QBSBSFEVDJSMBDPOUBNJOBDJØOBNCJFOUBM
5FOEFODJBTUFDOPM¯HJDBTZ
DPNFSDJBMFTFOFMTFDUPSIPSU©DPMBFO
D
FMNVOEPZFO"SHFOUJOB
F
-PTDBNCJPTFOFMNVOEP
$BNCJPTUFDOPMØHJDPTFOMBQSPEVDDJØO
DPTFDIBZFNQBRVF
t.FEJDJPOFTSÈQJEBTEFMPTOJWFMFTEFOVUSJFOUFTFO
FMTVFMPZFOMBQMBOUBQFSNJUFUBOUPDPSSFDDJPOFTSÈQJEBT
EFMPTOJWFMFTZFRVJMJCSJPEFOVUSJFOUFTDPNPMBDBOUJEBEEF
OJUSBUPTRVFMBTQMBOUBTQPTFFOZRVFQVFEFOTFSOPDJWPTQBSB
MBTBMVEIVNBOB
-PTDVMUJWPTJOUFOTJWPTGPS[BEPTPTFNJGPS[BEPTRVF
BQVOUBOBNFKPSBSMBTDPOEJDJPOFTEFDVMUJWPDPOFMPCKFUJWP
EFPCUFOFSQSJNJDJBTBVNFOUBSFMSFOEJNJFOUPZMBDBMJEBEP
TJNQMFNFOUFSFEVDJSMPTSJFTHPTQFESBEBTIFMBEBTFUD
-B
HSBOFYQBOTJØOTFQSPEVDFHSBDJBTBMPTQVOUPTEFTBSSPMMBEPT
BDPOUJOVBDJØO
t/VFWBTFTUSVDUVSBTZNBUFSJBMFTEFDPCFSUVSBDPOMB
BQBSJDJØOEFOVFWPTUJQPTEFJOWFSOBEFSPTMMBNBEPTiEFÞMUJNB
HFOFSBDJØOwZQMÈTUJDPTEFNBZPSDBMJEBETFMPHSBOFTUSVDUVSBT
EFHSBOBQUJUVEQBSBVOBQSPEVDDJØONPEFSOB"EFNÈTVOB
HSBOEJGVTJØOEFOVFWBTUÏDOJDBTEFTFNJGPS[BEPUBMFTDPNP
MPTUÞOFMFTCBKPTMPTiBDPMDIBEPTnPUBOUFTwPBHSPUFYUJMFTZ
MPTBDPMDIBEPTEFTVFMPIBOQFSNJUJEPBVNFOUBSMBDBMJEBE
EFMPTQSPEVDUPT
t-BDMJNBUJ[BDJØOEFMPTJOWFSOBEFSPTMPTJOWFSOBEFSPT
EPUBEPTEFDBMFGBDDJØOTPNCSFBEPTZTJTUFNBTEFSFGSJHFSBDJØO
TVNBEPBMiNBOFKPEJOÈNJDPEFMDMJNBwDPOMBBZVEBEFMPT
PSEFOBEPSFTMPHSBOBMUPTSFOEJNJFOUPTDBMJEBEZDPOUJOVJEBE
EFMBQSPEVDDJØO
t-PTDVMUJWPTTJOTVFMPDPOTJTUFFOFMSFFNQMB[PEFM
TVFMPQPSTVTUSBUPMMBNBEPTUBNCJÏODVMUJWPTIJESPQØOJDPT
DPOEJTNJOVDJØOEFQSPCMFNBTEFFOGFSNFEBEFTZNFKPSBFOMB
OVUSJDJØOIÓESJDBZNJOFSBM-PTTJTUFNBTEFSFDJSDVMBDJØOEFMB
-BGFSUJSSJHBDJØOZMPTBVUPNBUJTNPT
t3JFHPTMPDBMJ[BEPTTPOTJTUFNBTRVFQFSNJUFOBQPSUBSMF
BMBQMBOUBMBDBOUJEBEFYBDUBEFBHVBFOFMNPNFOUPPQPSUVOP
NÈTBÞODPOMPTTJTUFNBTBVUPNBUJ[BEPT
t-BGFSUJSSJHBDJØOMBBQMJDBDJØOEFMPTOVUSJFOUFTDPOKVO
UBNFOUFDPOFMBHVBEFSJFHPFOGVODJØOBMBTOFDFTJEBEFTFO
GPSNBFRVJMJCSBEBZQSPHSBNBEB
.FKPSBFOMBJNQMBOUBDJØOZFOFMDVNQMJNJFOUPEF
QMBOFTEFQSPEVDDJØOMPTNJOPSJTUBTSFRVJFSFOMPTQSPEVD
UPTEJBSJBNFOUFZEVSBOUFUPEPFMB×PMPTTJHVJFOUFTQVOUPT
QFSNJUFONFKPSBSFMBCBTUFDJNJFOUP
t6UJMJ[BDJØOEFQMBOUJOFTDPODFQFMMØOFOSFFNQMB[P
EFMBTTJFNCSBTEJSFDUBTZEFMPTUSBTQMBOUFTBSBÓ[EFTOVEB
&TUBUÏDOJDBQFSNJUFVTBSTFNJMMBTEFNBZPSDBMJEBENFKPSBS
MBVOJGPSNJEBEEFMBJNQMBOUBDJØOZQPSMPUBOUPEFMBDBMJEBE
EFMBQSPEVDDJØO
t1MBOFTEFQSPEVDDJØOFMBWBODFFOMBDSFBDJØOZFOFM
DPOPDJNJFOUPEFOVFWPTNBUFSJBMFTZMBTQSPEVDDJPOFTNÈT
QMBOJmDBEBTZOPiQPSJNQVMTPwQFSNJUFVOBQSPEVDDJØONÈT
SFHVMBSEVSBOUFFMB×P
-BVUJMJ[BDJØOEFOVFWPTNBUFSJBMFTHFOÏUJDPTFOHF
OFSBMIÓCSJEPTBEBQUBEPTBEJGFSFOUFTDPOEJDJPOFTDMJNÈUJDBT
BNCJFOUBMFTZUFDOPMØHJDBTDPODBSBDUFSÓTUJDBTEJGFSFODJBMFT
UBMFTDPNPMBSHBWJEBEFFTUBOUFFOUPNBUFPTJOTFNJMMBTFO
TBOEÓB&OMPTÞMUJNPTB×PTTFIBUSBCBKBEPQBSBMBNFKPSBEF
MBDBMJEBEWJTVBMZOPHVTUBUJWBBDUVBMNFOUFTFSFWBMPSJ[BFM
TBCPSZBSPNBEFMPTBMJNFOUPTGSVUJMMBTEFMCPTRVFUPNBUFT
DPNPMPTEFB×PTBOUFSJPSFTFUD
EFNPEPRVFMPTQMBOFTEF
NFKPSBNJFOUPBQVOUBOBNFKPSBSFTUPTQVOUPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BNFDBOJ[BDJØO
t-BVUJMJ[BDJØOEFNBRVJOBSJBTQBSBFMDVMUJWPZMB
DPTFDIBQFSNJUFSFEVDJSMPTDPTUPTZFTUBOEBSJ[BSMBTPQF
SBDJPOFT"QBSJDJØOEFNÈRVJOBTTFNCSBEPSBTOFVNÈUJDBT
USBTQMBOUBEPSBTSFDPMFDUPSBTDPTFDIBEPSBTFUD"VORVFÏTUBT
ÞMUJNBTOPIBOUFOJEPVOHSBOBWBODFEFCJEPBMBEJmDVMUBE
QBSBMPHSBSQSPEVDUPTEFDBMJEBETÓTFIBOEFTBSSPMMBEPMPT
iBZVEBTDPTFDIBTw
t.BRVJOBSJBTQBSBFMFNQBRVFMBBQBSJDJØOEFMPT
QSPEVDUPTNÓOJNBNFOUFQSPDFTBEPIBSFRVFSJEPFMBDPNQB
×BNJFOUPEFMBNFDBOJ[BDJØOQVFTFTVOBGPSNBEFEJTNJOVJS
MPTDPTUPTZEFBVNFOUBSMBDBMJEBE
1SPEVDUPTPSHÈOJDPTPDPOCBKPOJWFMEFJNQBDUPP
SFTJEVPTDPOUSPMJOUFHSBEPFUDMBVUJMJ[BDJØOEFDPOUSPMFT
CJPMØHJDPTEFCBSSFSBTQBSBEJTNJOVJSMBFOUSBEBEFJOTFDUPTZ
MBVUJMJ[BDJØONÈTSBDJPOBMEFMPTBHSPRVÓNJDPTTPONPEBMJEB
EFTIBCJUVBMNFOUFBQMJDBEBTFOMPTQBÓTFTNÈTBWBO[BEPT-BT
DBEFOBTBHSPBMJNFOUBSJBTOFDFTJUBODBEBWF[NÈTDPOUBSDPO
FTUPTQSPEVDUPTFOTVTHØOEPMBTMPTRVFTPOSFRVFSJEPTQPSMPT
DPOTVNJEPSFT&TUBUFOEFODJBFTUÈFOJODSFNFOUPQPSFKFNQMP
&OUPEPTFTUPT
DBTPTMB
DBQBDJUBDJØO
EFMBTQFSTPOBTRVFTFFODVFO
USBOBMGSFOUFDPNPBTÓUBNCJÏOEFM
SFTUPEFMQFSTPOBMJOWPMVDSBEPTPO
DPOEJDJPOFTCÈTJDBTQBSBNFKPSBS
MBJOPDVJEBEDBMJEBEZMBQSPEVDUJ
WJEBEDPNPBTÓUBNCJÏOMPHSBSMB
SFEVDDJØOEFMPTDPTUPT
MB6&TVCTJEJBMBVUJMJ[BDJØOEFFTUPTTJTUFNBTQSPEVDUJWPT
)PMBOEBTFIBQSPQVFTUPFMPCKFUJWPEFMMFWBSEFVOBVO
MBQSPEVDDJØOPSHÈOJDBFOMPTQSØYJNPTB×PT
-BNFKPSBEFMBQPTDPTFDIBBWBODFTJNQPSUBOUFTUBOUP
FOFMDPOPDJNJFOUPDPNPFOFMEFTBSSPMMPEFUFDOPMPHÓBTQBSB
FMFOGSJBEPZMBDPOTFSWBDJØOEFMPTQSPEVDUPTQBSBRVFMPT
NJTNPTMMFHVFODPONBZPSDBMJEBEBMDPOTVNJEPS
"VNFOUPEFMQSPDFTBEPBQBSJDJØOEFOVFWBTHBNBT
UBMFTDPNPMB*7HBNBIPSUBMJ[BTGSFTDBTMJTUBTQBSBDPOTVNJS
RVJOUBHBNBBMJNFOUPTQSFDPDJEPT
PTJNQMFNFOUFMPTQSP
EVDUPTFNCBOEFKBEPTPFOCPMTBTTJOUSBUBNJFOUPBEJDJPOBM
4FIBODPOTUSVJEPHSBOEFTQMBOUBTEFFNQBRVFFOBMHVOPT
QBÓTFTTPO$PPQFSBUJWBTNVZDPNÞOFO*UBMJB
P"TPDJBDJPOFT
EFQSPEVDUPSFTFOPUSPTDBTPTTPOFNQSFTBTQSJWBEBTRVF
DPNQSBOMBNFSDBEFSÓBBMPTQSPEVDUPSFTFOHFOFSBMCBKP
QMBOFTEFQSPEVDDJØO
.FKPSBFOMB(FTUJØOEFMBDBMJEBEMBHFTUJØOEFMBDBMJEBE
EFOUSPEFMB$BEFOBEFMBTFNQSFTBTEFMPTNFSDBEPTFUDIB
QFSNJUJEPVOBQSPEVDDJØONÈTSBDJPOBMZDPOPQUJNJ[BDJØOEF
MPTDPTUPT-BT#VFOBT1SÈDUJDBTZFMFOGPRVFRVFDPOUFNQMBFM
i"OÈMJTJTEF1FMJHSPTZ1VOUPT$SÓUJDPTwDPOPDJEPDPNP)"$$1
i"O
IBDPCSBEPWJHFODJBBDUVBMNFOUF3FMBDJPOBEPDPOMPNJTNP
IBD
TFFODVFOUSBOMBTOPSNBT*40RVFDPNQSFOEFOVO
TFF
DPOKVOUPEFQBVUBTZPDSJUFSJPTWJODVMBEPTBMFTUBCMFDJNJFOUP
DPOK
ZDFSUJmDBDJØOEFTJTUFNBTEFHFTUJØOEFDBMJEBEQPSQBSUF
ZDF
EFMBTFNQSFTBT&OFMNJTNPTFOUJEPTFIBOFMBCPSBEPMBT
EF
OOPSNBT*40ZRVFUFOESÈODPNPGVODJØOMBQSPNPDJØO
EFVOBHFTUJØONÈTFmDB[ZSBDJPOBMEFMNFEJPBNCJFOUF
-BDBQBDJUBDJØOEFMQFSTPOBMJODMVJEPFOMPTQMBOFTEF
NFKPSBEFMBDBMJEBEFJOPDVJEBETPOGVOEBNFOUBMFTQBSB
MPHSBSFMPCKFUJWP
$BNCJPTEFMBDPNFSDJBMJ[BDJØOFOFM
NVOEP
1SJODJQBMFTUFOEFODJBT
t-BPSJFOUBDJØOMBJNQPOFMBEFNBOEBZOPMPTQSP
EVDUPSFTFTUPTÞMUJNPTEFCFOBKVTUBSTFBMBEFNBOEBZOP
EVD
USBUBSEFWFOEFSiMPRVFUJFOFOw
USBU
t4BMVEZNFEJPBNCJFOUFIBZVOBJSSFWFSTJCMFWBMPSJ[B
DJØOZQSJPSJ[BDJØOQPSMBTBMVEMBEJFUBEFMDPOTVNJEPSZQPS
DJØO
FMDVJEBEPEFMNFEJPBNCJFOUF&OVOBFODVFTUBSFBMJ[BEBFO
FMDV
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
'SBODJBFMFTUBCBQSFPDVQBEPQPSMBTBMVEZFMNFEJP
BNCJFOUF&ODBTJUPEPTMPTQBÓTFTIBOTVSHJEPQSPHSBNBTQV
CMJDJUBSJPTRVFWJODVMBOFMDPOTVNPGSVUJIPSUÓDPMBDPOMBTBMVE
ZMBQSFWFODJØOEFFOGFSNFEBEFTQPSFKFNQMPFMQSPHSBNBi
BMEÓBwFOWBSJPTQBÓTFTEFMNVOEP
t$PNFSDJPKVTUPMPTDPOTVNJEPSFTTPOQBSUJEBSJPTEFVOB
EJTUSJCVDJØONÈTFRVJUBUJWBEFMBHBOBODJBBMPMBSHPEFMBDBEFOB
QSPEVDUJWBFTUBOEPEJTQVFTUPBQBHBSTPCSFQSFDJPTPSJFOUBEPT
BHBSBOUJ[BSVOJOHSFTPiNÈTKVTUPwQBSBMPTQSPEVDUPSFT
t&MDPOTVNJEPSRVJFSFTBCFSFMPSJHFOEFMPTQSPEVD
UPTDPODFQUPEFUSB[BCJMJEBE
t"VNFOUPFOFMHSBEPEFDPODFOUSBDJØOEFMBT
DPNQSBTTØMPFYJTUFOVOBTQPDBTDBEFOBTBHSPBMJNFOUBSJBT
MBTRVFDPNFSDJBMJ[BOFMHSVFTPEFMBQSPEVDDJØO&O'SBODJB
FMEFMBTIPSUBMJ[BTTFWFOEFFOMPTTVQFSNFSDBEPTF
IJQFSNFSDBEPT
t"TPDJBDJPOFTEFQSPEVDUPSFTZFOUSFMPTEJTUJOUPT
FTMBCPOFTEFMBTDBEFOBTQBSBBVNFOUBSMBDBQBDJEBEEF
OFHPDJBDJØOMPTQSPEVDUPSFTTFIBOBTPDJBEPMBTPSHBOJ[BDJPOFT
FOBMHVOPTDBTPTDPNQSFOEFOBNÈTEFQSPEVDUPSFT
FOQBÓTFTDPNP)PMBOEBF*UBMJB
t"VNFOUPEFMBTWFOUBTEJSFDUBTTFIBOJODSFNFO
UBEPMPTWPMÞNFOFTEFMBTWFOUBTEJSFDUBTFOUSFQSPEVD
UPSFTZNJOPSJTUBT
-BTWFOUBTNBZPSJTUBTIPZOPMMFHBOBM
'SBODJB
ZTØMPFMEFMBNFSDBEFSÓBQBTBQPS
MPT.FSDBEPT.BZPSJTUBT&MMPUSBKPDPNPDPOTFDVFODJB
MBEJTNJOVDJØOEFMOÞNFSPEFPQFSBEPSFTZMBOFDFTJEBE
EFSFBDPNPEBSTFDPNPDPOTFDVFODJBEFMBDSJTJT
"NPEPEFTÓOUFTJTTFQSFTFOUBFMDVBESPSFTVNFOEF
MBDPODFQDJØOUSBEJDJPOBMEFMBBENJOJTUSBDJØOEFFNQSFTBT
BHSÓDPMBTZFMDPODFQUPNPEFSOP
&OFTUFNBSDPMB JOUFHSBDJØOWFSUJDBMVIPSJ[POUBMFM
DPOUSPMEFMPTDPTUPTZMBCÞTRVFEBEFNBZPSQSPEVDUJWJEBE
FODBEBVOPEFMPTSFDVSTPTVUJMJ[BEPTFOMPTQSPDFTPTQSPEVD
UJWPTDPNFSDJBMFTTFDPOWJFSUFOFOFMFNFOUPTGVOEBNFOUBMFT
QBSBBMDBO[BSOJWFMFTEFDPNQFUJUJWJEBEDPNQBUJCMFTDPOMPT
OVFWPTFTDFOBSJPT%BEPMBEJmDVMUBEQBSBMPHSBSMBJOUFHSBDJØO
WFSUJDBMFTRVFTFSFDVSSFBMBDBEFOBEFWBMPSRVFTFWFSÈFO
FMQSØYJNPDBQÓUVMP
$BNCJPTUFDOPM¯HJDPTZEF
DPNFSDJBMJ[BDJ¯OFO"SHFOUJOB
&O"SHFOUJOBMBFWPMVDJØOUFDOPMØHJDBBQBSUJSEFMPT
DVMUJWPTGPS[BEPTFTVOPEFMPTDBNCJPTNÈTJNQPSUBOUFT
DPOKVOUBNFOUFDPOUÏDOJDBTEFGFSUJSSJHBDJØOZEFOVFWPT
NBUFSJBMFTHFOÏUJDPTIBQFSNJUJEPBVNFOUBSOPUBCMFNFOUF
-BFTUSBUFHJBTFGVOEBNFOUBFOWJODVMBSTFDPOUPEPT
MPTFTMBCPOFTEFMBDBEFOBFTEFDJSEFTBSSPMMBSVOQSPEVDUP
KVTUPQBSBUPEBMBDBEFOBQBSBUPEPTMPTBDUPSFTJOWPMVDSBEPT
QSPEVDUPSFTTVCBTUBEPSFTPQFSBEPSFTMPHÓTUJDPTTVQFSNFS
DBEPTDPOTVNJEPSFTFYQPSUBEPSFTTFNJMMFSPTFUD
1PSFMMP
MPTQSPEVDUPSFTUSBCBKBODPOVOBGVFSUFWPDBDJØOHSVQBMZ
BTPDJBUJWBDPOEJOBNJTNPZDBQBDJEBEEFDBNCJP4F
IBDFVOBVUPDPOUSPMEFMQSPQJPHSVQPEPOEFOPUJFOFTFOUJEP
PDVMUBSMPTNBMPTSFTVMUBEPT&MPCKFUJWPFTMPHSBSVOQSPEVDUP
VOJGPSNFRVFFTMPRVFMFEFNBOEBFMNFSDBEP
&OEFmOJUJWBTFUSBUBEFBSUJDVMBSMBQSPEVDDJØODPOFM
DPOTVNPZDPOMBQBSUJDJQBDJØOEFUPEPTMPTBDUPSFT
EFMBDBEFOBFTRVFNBEFDPPQFSBDJØO
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
MBDBMJEBEZFMSFOEJNJFOUPEFMPTQSPEVDUPTBMBWF[RVFFMQSP
EVDUPSUJFOFNFOPSFTSJFTHPTDMJNÈUJDPTZEFNFSDBEP5BNCJÏO
IBQFSNJUJEPFOUSFOBSBMTFDUPSFODVBOUPBMBBEPQDJØOEFPUSBT
BMUFSOBUJWBTUFDOPMØHJDBTUBMFTDPNPMPTSJFHPTMPDBMJ[BEPTFO
DVMUJWPTBMBJSFMJCSF
-PTQSPEVDUPSFTIBODPNFO[BEPBSFBMJ[BSDVMUJWPTDPO
TVTUSBUPZIBOQSPMJGFSBEPFNQSFTBTQSPEVDUPSBTEFQMBOUJOFT
BMHVOBTBTPDJBEBTBFNQSFTBTEFSFOPNCSFJOUFSOBDJPOBM-B
NFDBOJ[BDJØOFTUÈMJNJUBEBFOTVDSFDJNJFOUPEBEPMBVUJMJ
[BDJØOEFMiNFEJFSPwRVFBQPSUBMBNBOPEFPCSBBDBNCJP
EFVOQPSDFOUBKFEFMBQSPEVDDJØO"MQSPEVDUPSOPMFJOUFSFTB
EFNBTJBEPJOWFSUJSQBSBIBDFSNÈTFmDJFOUFFMVTPEFMBNBOP
EFPCSBEBEPRVFFTVOSFDVSTPRVFÏMOPBQPSUB
-BBQMJDBDJØOEFBHSPRVÓNJDPTOPFTUÈNVZBKVTUBEBFO
HFOFSBMOPTFSFTQFUBOMPTUJFNQPTEFDBSFODJBZIBZNVZQPDPT
QSPEVDUPTJOTDSJQUPTQBSBDBEBVOBEFMBTFTQFDJFT"MHVOBT
FTQFDJFTDPNPSÞDVMBZSBEJDIFUBDBTJOPUJFOFOQSPEVDUPTJOT
DSJQUPTDPOMPDVBMFTJNQPTJCMFFMDVNQMJNJFOUPOPSNBUJWPEF
MBT#1"4JOFNCBSHPTFFTUÈFOVOBFUBQBEFDPODJFOUJ[BDJØO
FM4&/"4"FTUBSFBMJ[BOEPDPOUSPMFTEFSFTJEVPTBOJWFMEFMPT
NFSDBEPTBUSBWÏTEFMQSPHSBNB4*$0')03DPOFMPCKFUJWPEF
RVFTFDVNQMBOMBT#1"FOFM"MHVOBTQFRVF×BTFNQSFTBT
IBODPNFO[BEPMBQSPEVDDJØOPSHÈOJDBFOMBRVFIBZTFSJPT
JODPOWFOJFOUFTEBEPFMFTDBTPDPOPDJNJFOUPUÏDOJDPBOJWFM
OBDJPOBMFJOUFSOBDJPOBMFOFTUBNBUFSJB
-BQPTDPTFDIBFTVOEJTDJQMJOBNVZOVFWBFOOVFTUSP
QBÓTOPFTIBCJUVBMFMVTPEFMGSÓPQBSBFMBVNFOUPEFMQFSÓPEP
EFDPOTFSWBDJØOEFMPTBMJNFOUPTTJOFNCBSHPIBZFNQSFTBT
JOOPWBEPSBTDPONPEFSOBTUÏDOJDBTEFFOGSJBEP
4PCSFUPEPFOMPTBMSFEFEPSFTEFMBDJVEBEEF#VFOPT"JSFT
ZDFSDBOBTBM.FSDBEP$FOUSBMEF#VFOPT"JSFTIBOQSPMJGFSBEP
OVNFSPTBTQMBOUBTEFFNQBRVF²TUBTDPOQSPEVDDJPOFT
QSPQJBTPEFUFSDFSPTTFFODBSHBOEFBCBTUFDFSBMPTHSBOEFT
TVQFSNFSDBEPTEVSBOUFUPEPFMB×P&OHFOFSBMOPUSBCBKBO
CBKPQMBOFTEFQSPEVDDJØOTJOPBDPNQSBWFOUBFOMBTEJTUJOUBT
[POBTIPSUÓDPMBTFOGVODJØOBMBÏQPDBEFQSPEVDDJØO.VZ
QPDBTFNQSFTBTWFOEFOQSPEVDUPTEFDVBSUBHBNBMPTRVF
TPODPNFSDJBMJ[BEBTFOMPTNFSDBEPTBBMUPQSFDJPDPONVZ
CBKPWPMVNFOEFWFOUB
$POSFTQFDUPBMBHFTUJØOEFMBDBMJEBEHFOFSBMNFOUFOP
TFBQMJDBOMBT#1"BMHPEF#1.Z)"$$1FYDFQUPFOBRVFMMBT
RVFFYQPSUBOZUBNQPDPFYJTUFOFNQSFTBTRVFQSPEVDFOCBKP
OPSNBT*404JOFNCBSHPFTQSPCBCMFRVFDPNJFODFOB
EFTBSSPMMBSTFEBEPRVFMBEFNBOEBSÈOMBTDBEFOBTEFTVQFS
NFSDBEPT
4JUVBDJØOEFMBDPNFSDJBMJ[BDJØOFO"SHFOUJOB
t-BDPNFSDJBMJ[BDJØOTFSFBMJ[BQSJODJQBMNFOUFBUSBWÏT
EFMPT.FSDBEPT$PODFOUSBEPSFTDPOEJTUJOUBTNPEBMJEBEFT
TFHÞOMBSFHJØO
t&OMBQSPWJODJBEF#VFOPT"JSFTMB[POBEF-B1MBUBFTUÈ
EFTBSSPMMBOEPMBWFOUBFORVJOUBDPOEJTNJOVDJØOEFMB
NJTNBBUSBWÏTEFDPOTJHOBDJØOMPTQSPEVDUPSFTCPMJWJBOPT
WFOEFOTVTQSPEVDUPTFOMPTNFSDBEPTSFHJPOBMFTZFOMB
[POBEF.BSEFM1MBUBQSFEPNJOBMBWFOUBFORVJOUB
t&OMB[POBEF.FOEP[BUPEPTFWFOEFFORVJOUBZ
HFOFSBMNFOUFQPSMPUFT
t&OMB[POBEF3PTBSJPMPTQSPEVDUPSFTHFOFSBMNFOUF
DPNFSDJBMJ[BOTVQSPEVDDJØOFOMPT.FSDBEPT$PODFOUSB
EPSFTZTFIBPCTFSWBEPFOMPTÞMUJNPTB×PTVOBVNFOUP
EFMBWFOUBBDPOTJHOBDJØO
t-B[POBEFMB$PTUBEF4BOUB'FMBNBZPSQBSUFTFWFOEF
FO#VFOPT"JSFTBDPOTJHOBDJØO
t&OMB[POB7*3$)MBWFOUBFTQSJODJQBMNFOUFFORVJOUB
t&MDBNJOPEFMBRVJOUBBMBNFTBEFMDPOTVNJEPSEFCFTFS
DBEBWF[NÈTFmDJFOUFDPTBRVFOPPDVSSFFOOVFTUSPQBÓTFTUP
TFEFCFBVOBFTUSVDUVSBEÏCJMZVOBNBOFSBEFDPNFSDJBMJ[BS
QPDPUSBOTQBSFOUF
t-BOVFWBTJUVBDJØOSFTQFDUPBMBVOJEBEDBNCJBSJBIB
GBWPSFDJEPMBFYQPSUBDJØOZIBEJTNJOVJEPMBJNQPSUBDJØO
t&MUSBOTQPSUFEFNFSDBEFSÓBTTFSFBMJ[BBMBSHBTEJTUBODJBT
MBTDBSSFUFSBTOPTPONVZBEFDVBEBTBVORVFIBONFKPSBEP
OPUBCMFNFOUFFOMPTÞMUJNPTB×PT-PTDBNJPOFTFOHFOFSBM
OPFTUÈOFRVJQBEPTDPOGSÓPZMBDBTJUPUBMJEBEEFMUSBOTQPSUF
TFSFBMJ[BQPSFTUFNFEJP
t&YJTUFOVOPTNBZPSJTUBTFO"SHFOUJOBFMTPO
QSPEVDUPSFTRVFWFOEFOFONFSDBEPT&MBTFWFOEF
EFOUSPEFMDJSDVJUPJOGPSNBMBVORVFFTUPWBEJTNJOVZFOEP
BMWFOEFSBMPTTVQFSNFSDBEPT-PNJTNPRVFFO&VSPQBFM
NBZPSJTUBUSBEJDJPOBMUJFOEFBEFTBQBSFDFSTPMBNFOUFMPTRVF
JOUFHSBOUPEBMBDBEFOBUJFOFOQPTJCJMJEBEFTEFNBOUFOFSTF
&OHFOFSBMOPTFDVFOUBDPODÈNBSBTEFGSÓP
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
SBOEPOPUBCMFNFOUFMBNFSDBEFSÓB-PTTVQFSNFSDBEPTFTUÈO
SBOEP
DPNFO[BOEPBVUJMJ[BSMPTDBKPOFT*'$0
DPNFO
&TNVDIP
MPRVFRVFEBQPSIBDFS
FONBUFSJBEFMUSBCBKPFODPOKVOUP
EFMPTEJTUJOUPTFTMBCPOFT
EFMBDBEFOB
ZDBTJUPEPFONBUFSJBEFQSÈDUJDBT
QPTDPTFDIBZ
#VFOBT1SÈDUJDBT
t$POSFTQFDUPBMBDBMJEBEOPSNBMNFOUFMPTDPOUSPMFTTPO
FTDBTPTMBTGSVUBTZIPSUBMJ[BTTPODPTFDIBEBTNVZBOUJDJQB
EBNFOUFIBZQPDBDBEFOBEFGSÓPZEFFTUFNBOFSBMMFHBEF
NBMBDBMJEBEBMPTDPOTVNJEPSFT&OHFOFSBMOPFTUÈJNQVFTUP
VOQSFNJPBMBDBMJEBEBVORVFTFPCTFSWBVOMFWFDBNCJPFO
FTUFTFOUJEP-PTQSPEVDUPTFYQPSUBEPTTPONÈTDPOUSPMBEPT
NFKPSBOEPBTVWF[MBDBMJEBEJOUFSOB-PTQMBOFT)"$$1OPTPO
BQMJDBEPTUBNQPDPMBTOPSNBT*40&OVOB×PTFSÈPCMJHBUPSJP
MBBQMJDBDJØOEFMBT#1"FOMBTIPSUBMJ[BT
t-PTQSPEVDUPSFTOPDVFOUBODPOmOBODJBDJØOBEFDVBEB
FMDSÏEJUPFTNVZDBSPZFTDBTP
t-PTQSPEVDUPSFTZDPNFSDJBOUFTTPOiJOEJWJEVBMJTUBTw
BDPTUVNCSBEPTBDPNQFUJSFOUSFFMMPTZOPBUSBCBKBSFODPO
KVOUP-BTDPPQFSBUJWBTFOOVFTUSPQBÓTTPOiNBMWJTUBTwZMB
BDUJWJEBETFFODVFOUSBQPDPQSPGFTJPOBMJ[BEB
t/PFYJTUFJOGPSNBDJØOFTUBEÓTUJDBEFQSFDJPTWPMÞNFOFT
DPOMPDVBMFMNFSDBEPFTQPDPUSBOTQBSFOUF
t&ODVBOUPBMFNCBMBKFFYJTUFHSBOWBSJFEBEEFDBKBTZ
DBKPOFTMPTEFNBEFSBTPOMPTNÈTVUJMJ[BEPTZSFVUJMJ[BEPTFO
MBNBZPSÓBEFMPTDBTPTTJODVNQMJSDPOMBTOPSNBTIJHJÏOJDBT
-PTQSPEVDUPSFTMMFOBOBCVOEBOUFNFOUFMPTDBKPOFTEFUFSJP
0USPBTQFDUPEFTUBDBCMFFTFMBWBODFEFMIPSUJDVMUPSFO
0U
HFOFSBMZCPMJWJBOPFOQBSUJDVMBSTPCSFFMFTMBCØOEFDPNFS
HFOFSB
DJBMJ[BDJØOFOUPEPFMQBÓTDPOEFTJHVBMHSBEPEFQFOFUSBDJØO
DJBMJ[B
TFHÞOSFHJPOFTEFCFEFTUBDBSTFUBNCJÏOMBDSFBDJØOEFOVFWPT
TFHÞO
NFSDBEPTNBZPSJTUBTZMBNPEJmDBDJØOEFMPTFYJTUFOUFTKVOUP
NFSDB
BBMBCPMJWJBOJ[BDJØOEFMSFTUPEFMPTBHFOUFTEFMTJTUFNBUSBOT
B
MBCP
QQPSUJTUBTWFOUBNJOPSJTUBFUD
TPOIFDIPTWJTJCMFTRVFUJFOFO
PSUJTU
EJSFDUBTJNQMJDBODJBTFOMBTSFFTUSVDUVSBDJPOFTEFMTVCTJTUFNB
EJSFDUB
EEFDPNFSDJBMJ[BDJØOIPSUÓDPMBZBÞOEFMBFTUSVDUVSBBHSBSJB
FDPN
IPSUÓDPMBFOHFOFSBM
IPSUÓDP
-BDPODMVTJØOmOBMZFOTF×BO[BEFUPEPFTUFBWBODFEFM
-B
QSPEVDUPSIBDJBFMFTMBCØOFOEPOEFTFEJTUSJCVZFHSBOQBSUF
QSPEV
EFMJOHSFTPEFMTFDUPSEFKBFODMBSPRVFIPZEÓBMBTVTUFOUB
EFMJOH
CJMJEBEFDPOØNJDBPNÈTDMBSBNFOUFMBWJBCJMJEBE
EFVOB
CJMJEBE
RVJOUBPEFVOBSFHJØOIPSUÓDPMBEFQFOEFFOGPSNBTVQFSMB
RVJOUB
UJWBEFMHSBEPZUJQPEFJOTFSDJØORVFUFOHBDPOFMTJTUFNBEF
UJWBEF
DPNFSDJBMJ[BDJØO
DPNFS
4JUVBDJ¯OEFDBEBVOPEFMPT
FTMBCPOFTEFMBDBEFOBQBSBIPSUBMJ[BT
F
EFIPKBTZFTQFDJBMNFOUFFOGVODJ¯OB
E
MBT#VFOBT1SDUJDBT
MB
1BSBUSBUBSMBTJUVBDJØOEFDBEBVOPEFMPTFTMBCPOFTFT
OFDFTBSJPEJTDVUJSQSFWJBNFOUFMBTTJHVJFOUFTQBSUJDVMBSJEB
EFTEFMBTQSPEVDDJPOFTEFIPSUBMJ[BTRVFDPNPWFSFNPT
QSFTFOUBNBZPSQFMJHSPTJEBERVFFMSFTUPEFMBTDBEFOBT
BHSPBMJNFOUBSJBT
t-BTDPOEJDJPOFTBHSPFDPMØHJDBTEFMBQSPEVDDJØO
QSJNBSJBZTVDFSDBOÓBBMPTDFOUSPTVSCBOPT-BTIPSUBMJ[BTTF
QSPEVDFOFOHFOFSBMFOMPTDJOUVSPOFTWFSEFTEFMBTHSBOEFT
DJVEBEFTDPOBMUPHSBEPEFDPOUBNJOBDJØOEFUJFSSBTZBHVBT
%JGFSFOUFFTFMDBTPEFMBTGSVUBTDBSOFTZMFDIFRVFTFQSPEVDFO
GVFSBEFMBSDPQBNQFBOPNFOPSDPODFOUSBDJØOVSCBOB
FTEFDJS
FODPOEJDJPOFTEFNFOPSHSBEPEFDPOUBNJOBDJØO
t&MOÞNFSPEFQSPEVDUPSFTZFMHSBEPEFPSHBOJ[BDJØO
EFMPTNJTNPTDVBOEPNBZPSFTFMOÞNFSPEFQSPEVDUPSFTZ
NFOPSFTMBDPIFTJØONÈTEJGÓDJMTPOMBTDBQBDJUBDJPOFTZMPT
DPOUSPMFT-PTQSPEVDUPSFTGSVUJIPSUÓDPMBTOPUSBCBKBOFODPOKVO
UPQBSBSFTPMWFSMPTQSPCMFNBTTFDUPSJBMFTTPOFYUSFNBEBNFOUF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
JOEJWJEVBMJTUBT-PTEFDBSOFTZHSBOPTFOHFOFSBMUJFOFONFOPS
DPNQFUFODJBFOUSFFMMPTZVOBNBZPSPSHBOJ[BDJØO
t-BDBOUJEBEEFFNQMFBEPTRVFJOUFSWJFOFOZTVHSBEP
EFGPSNBDJØOBNBZPSOÞNFSPEFFNQMFBEPTNBZPSFTFM
HSBEPEFDPOUBNJOBDJØO"TÓQBSBDVMUJWBSVOBIBEFUPNBUF
TFSFRVJFSFIPSBTEFUSBCBKPZNFOPTEFVOBIPSBQBSB
VOBIBEFTPKB
t&MHSBEPEFJOUFOTJWJEBEEFMBQSPEVDDJØODVBOEP
NÈTJOUFOTJWBNBZPSFTMBDBOUJEBEEFmUPTBOJUBSJPTVUJMJ[BEPT
&OMBTGSVUBTZIPSUBMJ[BTFTEPOEFTFVUJMJ[BONBZPSDBOUJEBE
EFQMBHVJDJEBT
t-BDPODFOUSBDJØOEFMBQSPEVDDJØODVBOEPMBJOEVT
USJBTFDPODFOUSBFOQPDBTPSHBOJ[BDJPOFTTPONÈTGÈDJMFTEF
DPOUSPMBSZBEFNÈTÏTUBTPCMJHBOBMSFTUPEFMPTFTMBCPOFTB
MBBQMJDBDJØOEFOPSNBTEFDBMJEBE
t-BMPOHJUVEEFMBDBEFOBDVBOEPNBZPSFTFMOÞNFSP
EFBHFOUFTNBZPSFTMBQPTJCJMJEBEEFDPOUBNJOBDJØOZNÈT
EJGÓDJMFTTPOMPTDPOUSPMFT"TÓMBTGSVUBTZIPSUBMJ[BTGSFTDBT
QBTBOQPSFMQSPEVDUPSFMJOUFSNFEJBSJPFMDPOTJHOBUBSJPFM
EJTUSJCVJEPSNBZPSJTUBFMEJTUSJCVJEPSNJOPSJTUBFUD-BDBEFOB
MÈDUFBFTNÈTDPSUBQSPEVDUPSJOEVTUSJBZEJTUSJCVJEPS
t-BGPSNBEFDPOTVNPEFMQSPEVDUPMPTQSPEVDUPTRVF
OPTPOTPNFUJEPTBMBDPDDJØOGSVUBTZIPSUBMJ[BT
UJFOFONBZPS
SJFTHPEFUSBOTNJUJSFOGFSNFEBEFTBMPTDPOTVNJEPSFT
t-BDBOUJEBEEFNJOPSJTUBTOFHPDJPTNÈTQFRVF×PTZ
NBZPSOÞNFSPEFNJOPSJTUBTNBZPSFTMBWVMOFSBCJMJEBE&O
3PTBSJPQPSFKFNQMPDPODBTJNJMMØOEFIBCJUBOUFTIBZNÈT
EFWFSEVMFSÓBTFMQSPCMFNBFTNÈTHSBWFBÞODPOMB
WFOUBDBMMFKFSB
t&MEFTUJOPEFMBQSPEVDDJØOFOMPTQBÓTFTFOEFTBSSPMMP
DVBOEPFMEFTUJOPFTBNFSDBEPFYUFSOPNÈTFYJHFOUF
TF
BQMJDBOOPSNBTRVFMVFHPFTNÈTGÈDJMEFMMFWBSMBTBMNFSDBEP
JOUFSOP
t-PTDPOUSPMFTFOOVFTUSPQBÓTFTUÈONÈTEFTBSSPMMBEPT
MPTDPOUSPMFTFTUBUBMFTQBSBDBSOFTZMÈDUFPTRVFQBSBMPTQSP
EVDUPTGSVUJIPSUÓDPMBT
-PTBHFOUFTRVFJOUFSWJFOFOFOMBDBEFOBEFIPSUBMJ[BTZ
TVTJUVBDJØOFTMBRVFTFEFTDSJCFBDPOUJOVBDJØOZFTMBRVF
TFDPOTJEFSBNÈTWVMOFSBCMF
t1SPEVDDJØOQSJNBSJBBOJWFMEFMBQSPEVDDJØOOPFT
IBCJUVBMMBVUJMJ[BDJØOEF#1"BVORVFEFOUSPEFVOB×PTFSÈ
PCMJHBUPSJPTVBQMJDBDJØO-BBUPNJ[BDJØOEFMBQSPEVDDJØOMB
EJWFSTJEBEEFQSPEVDUPTZFMCBKPOJWFMEFGPSNBDJØOEFMPT
QSPEVDUPSFTEJmDVMUBSÈMBBQMJDBDJØOEFFTUBOPSNB
t"DPOEJDJPOBNJFOUPZFNQBRVFHFOFSBMNFOUFOPTF
BQMJDBOMBT#1.ZMPT10&4TJCJFOTPOPCMJHBUPSJBTBÞOFO
BRVFMMPTQSPEVDUPTEPOEFFTOFDFTBSJPQPSMBOBUVSBMF[BEFMB
BDUJWJEBENBZPSQPTJCJMJEBEEFDPOUBNJOBDJPOFT
QPSFKFNQMP
MPTQSPEVDUPTQSPDFTBEPTZMJTUPTQBSBDPOTVNJS
t-BJOEVTUSJBFTUÈNVZDPODFOUSBEBQSJODJQBMNFOUF
MBEFDPOTFSWBT4FFTUÈOBQMJDBOEPOPSNBTEFTFHVSJEBEZ
DBMJEBE
t5SBOTQPSUFFOHFOFSBMTJOFMNBOUFOJNJFOUPEFMBDBEF
OBEFGSÓPDPOHSBOEFUFSJPSPEFMBNFSDBEFSÓBTJOOPSNBTP
QSPDFEJNJFOUPEFGVODJPOBNJFOUPQBSBBTFHVSBSMBJOPDVJEBE
ZHSBODBOUJEBEEFWFIÓDVMPTQFRVF×PTRVFOPSFTQPOEFOB
MBTFYJHFODJBTQBSBFMUSBOTQPSUFEFQSPEVDUPTGSFTDPT&OVO
FTUVEJPSFBMJ[BEPQPSMPTBVUPSFTEFUFSNJOBRVFNÈTEFM
EFMBTVOJEBEFTEFUSBOTQPSUFOPDVFOUBODPODPCFSUVSBEFMB
NFSDBEFSÓBRVFUSBOTQPSUBO
t&ODVBOUPMPTQSPWFFEPSFTEFJOTVNPTZCJFOFTEF
DBQJUBMIBZOVNFSPTPTFTUBCMFDJNJFOUPTWFOEFEPSFTEFQSP
EVDUPTHFOFSBMNFOUFNVZQFRVF×PTZFOHFOFSBMOPJOUFSFTBEPT
FOMBTOPSNBTEFTFHVSJEBE
t.FSDBEPT.BZPSJTUBTMMFHBOQSPEVDUPTDPOBMUPOJWFM
EFDPOUBNJOBDJØOCJPMØHJDBZRVÓNJDBBMHVOPTFTUÈODPNFO
[BOEPBBQMJDBS10&4EBEPRVFFTVOBFYJHFODJBEFM4&/"4"
.VZQPDPT.FSDBEPTIBDFODPOUSPMEFDBMJEBETFSÈOFDFTBSJP
USBCBKBSFOMBCÞTRVFEBEFNFKPSFTDPOEJDJPOFTIJHJÏOJDPTB
OJUBSJBTFTUÈOEBSEFQSFTFOUBDJØOMPHÓTUJDBSFEVDDJØOEFMPT
DPTUPTEFUSBOTBDDJØONBZPSBUFODJØOBMDMJFOUFFUD
t.JOPSJTUBTFOHFOFSBMOPFYJTUFODPOEJDJPOFTBEFDVBEBT
QBSBFMNBOUFOJNJFOUPEFMBDBMJEBEQPTDPTFDIBOJDPOEJDJPOFT
IJHJÏOJDBTTBOJUBSJBT-PTTVQFSNFSDBEPTOPTPONVZJNQPS
UBOUFTFODVBOUPBMBDPNFSDJBMJ[BDJØONJOPSJTUBEFCFSÓBO
DBNCJBSTVBDUJUVEFODVBOUPBMUSBCBKPDPOTVTQSPWFFEPSFT
EFTBSSPMMBOEPVOUSBCBKPNÈTFODPOKVOUPFOMBCÞTRVFEB
EFMi(BOBHBOBw4ØMPEFFTUBGPSNBQPESÓBOEJTQPOFSEF
QSPEVDUPTEFDBMJEBE
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
t3FTUBVSBDJØODPMFDUJWJEBEFTEFOUSPEFMPTQSPDFTPT
JOUFSOPTTFSÓBEFTFBCMFMBSFBMJ[BDJØOEFDPNQSBTFOGVODJØOB
MBJOGPSNBDJØOZOPTØMPQPSQSFDJPTPWÓODVMPTDPOFODBSHBEPT
EFSFDFQDJØOGPSNBZMVHBSEFBMNBDFOBNJFOUPNÈTBEFDVBEPT
FMBCPSBDJØONFOPTBMFBUPSJBZNFKPSBEFMBIJHJFOF
t$POTVNJEPSFTFOHFOFSBMOPEJTQPOFOEFMBTVmDJFOUF
GPSNBDJØOFJOGPSNBDJØOQBSBEJGFSFODJBSMPTQSPEVDUPTNÈTBMMÈ
EFTVQSFTFOUBDJØOFMMPFTUÈBHSBWBEPQPSMBDSJTJTFDPOØNJDB
EPOEFHFOFSBMNFOUFTFCVTDBQSFDJP
t*OTUJUVDJPOFTEF$POUSPMTPOFM4&/"4"ZMBT%JSFDDJPOFT
EF#SPNBUPMPHÓBBOJWFMQSPWJODJBM&TUÈMBmSNFEFDJTJØOQPMÓUJDB
EFNFKPSBSMBDBMJEBEFJOPDVJEBEEFMPTQSPEVDUPTQFSPFTVO
QSPDFTPRVFMMFWBSÈB×PTTPCSFUPEPUFOJFOEPFODVFOUBMBT
DPOEJDJPOFTEFFTDBTPTSFDVSTPTIVNBOPTZFDPOØNJDPTEFMBT
JOTUJUVDJPOFT&M4&/"4"DSFØFM4*$0')03VOQSPHSBNBNVZ
JOUFSFTBOUFEFDPOUSPMEFGSVUBTZIPSUBMJ[BT
"OMJTJTFTQFD©ţDPEFMBT[POBT
IPSU©DPMBTDJOUVSPOFTWFSEFT
I
TFMFDDJPOBEPTFOFMQSPZFDUPDPOVO
T
F
FOGPRVFIBDJBMBTIPSUBMJ[BTEFIPKB
$BSBDUFS©TUJDBTHFOFSBMFTEFMBT[POBT
;POB-B$PTUBQSPWJODJBEF4BOUB'F
„ %FTDSJQDJØOHFOFSBM
/ÞNFSPEFQSPEVDUPSFTIFDUÈSFBTZFTQFDJFTDVMUJ
WBEBTMBBDUJWJEBEIPSUÓDPMBTFDFOUSBFOMBTMPDBMJEBEFTEF
4BOUB3PTBEF$BMDIJOFTDPOIB$BZBTUÈDPOIBZ
)FMWFDJBDPOIB
t*OTUJUVDJPOFTEF*OWFTUJHBDJØOZ%FTBSSPMMP
JOWJFSUFOQPDPEJOFSPFOFTUBDBEFOBBMJNFOUBSJBBVORVF
IBZVOBDPODJFODJBDJØOFOMPTÞMUJNPTB×PT&OHFOFSBM
MB&YUFOTJØOTFFODVFOUSBFODSJTJTMB"DBEFNJBZMPT*OT
UJUVUPTEF*OWFTUJHBDJØOZ%FTBSSPMMPUSBCBKBOFOGVODJØO
BMBTQVCMJDBDJPOFTZOPBMNFEJPQSPEVDUJWP
-BNFKPSBEFMBDBMJEBEFJOPDVJEBEEFMB$BEFOBGSVUJIPSUÓ
DPMBOPTFSÈVOBUBSFBTFODJMMBQPSMBDPNQMFKJEBEEFMBNJTNB
TJOFNCBSHPTFSÈOFDFTBSJPUSBCBKBSDPOHSBOJOUFOTJEBEFO
FMMBEBEPMBWVMOFSBCJMJEBEZMPTEB×PTRVFTFQVFEFDBVTBS
BMPTDPOTVNJEPSFT
&MUSBCBKPFODPOKVOUPEFUPEPTMPTFTMBCPOFTEFMBDBEFOB
ZFOUSFMBTJOTUJUVDJPOFTQÞCMJDBTZQSJWBEBTTFSÈGVOEBNFOUBM
TJFOEP-PT.FSDBEPT$PODFOUSBEPSFTVOÈNCJUPBEFDVBEP
EFUSBCBKPEBEPRVFDPODFOUSBBDBTJUPEPTMPTBHFOUFT)BZ
RVFDBQBDJUBSBUPEPTJODMVJEPTBMDPOTVNJEPSQSPGVOEJ[BS
OPTØMPFOMPTBTQFDUPTUÏDOJDPTZPSHBOJ[BDJPOBMFTTJOP
QSJODJQBMNFOUFFOMPTBTQFDUPTÏUJDPTEFDSFFODJBZEF
DPIFTJØO
4ØMPFMUSBCBKBSUPEPTKVOUPTOPTQFSNJUJSÈGPSUBMF
DFSBDBEBDBEFOBZDSFPRVFFTUBNPTFOUSBOEPFOVO
QFSÓPEPFOEPOEFTFWFSÈOBWBODFTNVZJNQPSUBOUFTB
NFEJBOPQMB[P
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t1FSmMEFMPTQSPEVDUPSFTTFHÞOFMQFSmMEFMPTQSPEVD
UPSFTEFCFNPTEJWJEJSBFTUB[POBFOEPTTFDUPSFT
t&MTFDUPSTVSRVFJODMVZFBMBTMPDBMJEBEFTEF4BOUB3PTBEF
$BMDIJOFTZ$BZBTUÈDBSBDUFSJ[BEPQPSQSPEVDUPSFTGBNJMJB
SFTNVZDBQJUBMJ[BEPTDPOVOBMUPHSBEPEFTJTUFNBUJ[BDJØO
EFTVTDVMUJWPTNBZPSNFOUFEFPSJHFOJUBMJBOPZBMFNÈO
&YJTUFOFOFTUBÈSFBFTUBCMFDJNJFOUPTIPSUÓDPMBTDPO
VOBTVQFSmDJFQSPNFEJPEFIBQPSFYQMPUBDJØOTJFOEP
FMEFMPTQSPEVDUPSFTQSPQJFUBSJPTEFTVTUJFSSBT&M
QPSDFOUBKFEFQSPEVDUPSFTCPMJWJBOPTFOFTUB[POBDPO
SFTQFDUPBMUPUBMFTEFM
„ 5FDOPMPHÓBTEF)PSUBMJ[BTEFIPKBTWFSEFT
t&MTFDUPSOPSUFDPNQSFOEJEPQPSMBTMPDBMJEBEFTEF)FMWFDJB
Z$BNQPEFM.FEJPDBSBDUFSJ[BEPQPSQSPEVDUPSFTGBNJMJBSFT
QPDPDBQJUBMJ[BEPTBCPDBEPTBDVMUJWPTEFBMUBEFNBOEBEF
NBOPEFPCSBNBZPSNFOUFEFPSJHFO&TQB×PMZ#PMJWJBOP
&YJTUFOFTUBCMFDJNJFOUPTDPOVOBTVQFSmDJFQSPNFEJP
EFIBTJFOEPFMQSPQJFUBSJPEFTVTUJFSSBT&MEF
QSPEVDUPSFTCPMJWJBOPTDPOSFTQFDUPBMUPUBMFOFTUB[POB
FTEFM
t#SFDIBUFDOPMØHJDBDPOMBNÈYJNBUFDOPMPHÓBFM
SFOEJNJFOUPTFQVFEFBVNFOUBSFOVOZNFKPSBS
TVTUBODJBMNFOUFMBDBMJEBEZBTQFDUPTTBOJUBSJPT
t$BOBMFTEFEJTUSJCVDJØOFMEFMBQSPEVDDJØOTF
DPNFSDJBMJ[BBUSBWÏTEFDPNJTJPOJTUBTPHBMQPOFTEFFNQBRVF
BMPTNFSDBEPTEF#VFOPT"JSFT3PTBSJPZ4BOUB'FFMQSJNFSP
SFQSFTFOUBFMEFFTUPTFOWÓPT6OQPSQSPEVDUPSFT
RVFUJFOFUSBOTQPSUFZTVTQSPQJPTQVFTUPTFOFMNFSDBEPZVO
WFOEFOTVTQSPEVDUPTBTVQFSNFSDBEPTZWFSEVMFSÓBT
t&WPMVDJØOTPDJPFDPOØNJDBEFM$JOUVSØOMBFWPMVDJØO
EFMBTVQFSmDJFIPSUÓDPMBEJmFSFFOFMOPSUFZFMTVSEFMB[POBEF
MB$PTUB&OMPTEJTUSJUPTIPSUÓDPMBTEFMOPSUF$BZBTUÈZ)FMWFDJB
MBTVQFSmDJFEJTNJOVZØVONJFOUSBTRVFFOFMEJTUSJUPIPS
UÓDPMBEFM4VSMBTVQFSmDJFDVMUJWBEBDPOIPSUBMJ[BTBVNFOUØVO
FOMPTÞMUJNPTB×PT&ODVBOUPBMBDPNFSDJBMJ[BDJØO
MPTEJTUSJUPTEFMOPSUFOPNPEJmDBSPOTVTGPSNBTFOMPTÞMUJNPT
B×PTTJFOEPQSJODJQBMNFOUFBUSBWÏTEFDPNJTJPOJTUBTZDPOTJH
OBUBSJPTSFQSFTFOUBOEPFMEFMUPUBMDPNFSDJBMJ[BEP&OMB
[POB4VSFTUBNPEBMJEBEEFDPNFSDJBMJ[BDJØOFTUBNCJÏOMBNÈT
VUJMJ[BEBQFSPQSFTFOUBVOBEJTNJOVDJØOÓOUFSDFOTBMEFM
EFCJEPBMBVNFOUPEFFNQSFTBTRVFDPNFSDJBMJ[BOTVTQSPQJPT
QSPEVDUPTFOEJGFSFOUFTNFSDBEPT-B[POBOPSUFNVFTUSBVOB
FTQFDJBMJ[BDJØODSFDJFOUFFODVMUJWPTEFBMUPSFRVFSJNJFOUPEF
NBOPEFPCSBDPNP[BQBMMJUPCFSFOKFOBDIBVDIBZQJNJFOUP
NPUPSJ[BEPQPSQSPEVDUPSFTQFSUFOFDJFOUFTBMBDPNVOJEBE
#PMJWJBOB&ODVBOUPBMB[POBTVSFYJTUFVOBHSBOFTQFDJBMJ[B
DJØOFOFMDVMUJWPEFMB[BOBIPSJBZNBÓ[EVMDF
t4JTUFNBUJ[BDJØOFJNQMBOUBDJØO
t-FDIVHBTFSFBMJ[BFOQMBUBCBOEBTEFNDPOTFN
CSBEPSBTEFZMÓOFBTFOTJFNCSBEJSFDUBFMSJFHPFTQPS
BTQFSTJØOMBVUJMJ[BDJØOEFQMBOUJOFTFTFTDBTBBMJHVBM
RVFFMSJFHPQPSHPUFP
t3FOEJNJFOUPQSPNFEJPMFDIVHBCVMUPTIB
3FHJØO(SBO-B1MBUB-B1MBUB#FSB[BUFHVJ
Z'MPSFODJP7BSFMB
„ %FTDSJQDJØOHFOFSBM
t/ÞNFSPEFQSPEVDUPSFTIFDUÈSFBTZFTQFDJFTDVMUJ
WBEBTTFHÞOFM$FOTP)PSUJnPSÓDPMBEFMBQSPWJODJBEF#VFOPT
"JSFT$)'#"
FTVOBSFHJØODPOQSPEVDUPSFT
ZIBDVMUJWBEBTEFIPSUBMJ[BTSFHJTUSBOEPVOBTVQFSmDJF
DPO*OWFSOBEFSPTEFIB-PTQSJODJQBMFTDVMUJWPTTPOMB
MFDIVHBIB
UPNBUFIB
DSVDÓGFSBTIB
BDFMHB
IB
BMDBVDJMIB
FTQJOBDBIB
ZQJNJFOUP
IB
-ØHJDBNFOUFBRVÓTFSFHJTUSBOWBSJPTDJDMPTEFQMBOUBDJØO
FOFTQFDJFTEFiIPKBw
4FHÞOEBUPTTVNJOJTUSBEPTQPSQSPWFFEPSFTEFJOTVNPT
FTUSBUÏHJDPTDPNPQMÈTUJDPTNBEFSBZQMBOUJOFTTFFTUJNBFO
MB[POBTVSBMSFEFEPSEFIBEF*OWFSOBEFSPTQBSBFMB×P
-BEJTUSJCVDJØOEFDVMUJWPTNÈTJNQPSUBOUFTCBKPDVCJFS
UBSFTVMUBEFMBTJHVJFOUFNBOFSBUPNBUFIBQJNJFOUP
IBDVMUJWPTEFIPKBIBZPUSPTCFSFOKFOBQFQJOP
DIBVDIB
IB
t1FSmMEFMPTQSPEVDUPSFTTJHVJFOEPMBJOGPSNBDJØOEFM
$)'#"FOUPEBTMBT[POBTIPSUÓDPMBTEFMBQSPWJODJBEF
#VFOPT"JSFTMPTQSPEVDUPSFTTPONBZPSJUBSJBNFOUF"SHFOUJOPT
ZTPMPFMNBOJmFTUBNBOUFOFSTVOBDJPOBMJEBECPMJWJBOB
TJFOEPFTUFQPSDFOUVBMTFOTJCMFNFOUFNBZPSFOMBQSPEVDDJØO
EFIPSUBMJ[BTEFIPKBEFM(SBO#VFOPT"JSFTZ-B1MBUB&O
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
DVBOUPBMBUFOFODJBEFMBUJFSSBQSFEPNJOBFMBSSFOEBNJFOUP
RVFUPUBMJ[BFMMPTQSPQJFUBSJPTTPOFMZVOEF
PDVQBOUFTQSJODJQBMNFOUFFOFMQBSUJEPEF#FSB[BUFHVJFM
WJWFFOFMDBNQP-PTQSPEVDUPSFTUSBEJDJPOBMFTEF
PSJHFOJUBMJBOPFTQB×PMFTZQPSUVHVFTFTZBFOFMSFDBNCJP
HFOFSBDJPOBMEFMBiHFTUJØOwEFTVT1:.&4GBNJMJBSFT
IPSUÓDPMBTNBZPSJUBSJBNFOUFQSPQJFUBSJPTEFMBUJFSSBTF
IBOFTQFDJBMJ[BEPFODVMUJWPTEFBMUPWBMPSFOJOWFSOBEFSP
DPNPUPNBUFQJNJFOUPCFSFOKFOBFODBNCJPMPTOVFWPT
iBDUPSFTwFOFMTFDUPSQSPEVDUJWPQSJODJQBMNFOUFJONJHSBOUFT
EFPSJHFOCPMJWJBOPEFTBSSPMMBOVOBFTUSBUFHJBTPCSFUJFSSBT
BMRVJMBEBTiDBQJUBMJ[ÈOEPTFwQPSJOUFSNFEJPEFMBQSPEVDDJØO
EFIPSUBMJ[BTEFIPKBFOJOWFSOBEFSPTNBOFKBEBTDPONBOP
EFPCSBGBNJMJBS&OMBNFEJEBRVFMBDBQBDJEBEEFiSFUJSPwEFM
TJTUFNBBVNFOUBTFQSPEVDFOBMHVOPTDVMUJWPTEFNBZPSWBMPS
DPNPFMUPNBUF
t$BOBMFTEFEJTUSJCVDJØOFMEFMBQSPEVDDJØOEF
WFSEVSBTEFIPKBTFDPNFSDJBMJ[BFOMPT.FSDBEPT$PODFOUSB
EPSFT.FSDBEP$FOUSBMEF#VFOPT"JSFT-B1MBUB"WFMMBOFEB
4FOTBCFMMP3BGBFM$BM[BEBi&M$BNQJUPw4BO.BSUÓO#FDDBS
#FSB[BUFHVJ2VJMNFT#VS[BDPFUD
ZVODPO"DPQJBEPSFT
NBZPSJTUBTDPOEJWFSTPTEFTUJOPTDPNPFMBCBTUFDJNJFOUPEJSFDUP
EF7FSEVMFSÓBTZ4VQFSNFSDBEPT&OMPT.FSDBEPT.BZPSJTUBT
TFPQFSBDPOQVFTUPTQSPQJPTBMRVJMFSZQMBZBMJCSF
ZQPS
JOUFSNFEJPEFDPOTJHOBUBSJPT4JCJFOMBNBZPSQBSUFEF
MBQSPEVDDJØOEFMBTIPSUBMJ[BTEFIPKBTFEFTUJOBOBM
DPOTVNPFOGSFTDPEFM(SBO#VFOPT"JSFTFOSFMBDJØO
EJSFDUBDPOMBOFDFTJEBEEFBCBTUFDFSEJBSJBNFOUFB
VOBQPCMBDJØOEFBMHPNÈTEFNJMMPOFTEFQFSTPOBT
TFHÞOÏQPDBTEFMB×PTFEJSJHFOUBNCJÏOB3PTBSJP.BS
EFM1MBUB
t&WPMVDJØOTPDJPFDPOØNJDBEFM$JOUVSØOFTMB[POB
EFQSPEVDDJØOIPSUÓDPMBZnPSÓDPMBJOUFOTJWBCBKPDVCJFSUBEF
NBZPSJNQPSUBODJBFOFMQBÓTWFSDVBESP
-BIPSUJDVMUVSBEFMBSFHJØOFTUÈDBSBDUFSJ[BEBQPSUFOFSVO
FTRVFNBEFQSPEVDDJØOQSJODJQBMNFOUFJOUFOTJWPZBMUBNFOUF
EJWFSTJmDBEPFODVBOUPBGPSNBEFQSPEVDDJØOZDBOUJEBEEF
FTQFDJFTRVFTFDVMUJWBO4PCSFMBCBTFEFMPT$FOTPT)PSUÓ
DPMBTEFMBQSPWJODJBEF#VFOPT"JSFTEFMB×PZ
FTJOUFSFTBOUFPCTFSWBSMBFWPMVDJØORVFIBUFOJEPMB3FHJØO
4VSDVBESP
.JFOUSBTMBDBOUJEBEEF&TUBCMFDJNJFOUPT
)PSUÓDPMBTBVNFOUBMBTVQFSmDJFUPUBMDVMUJWBEBTFSFEVDFQPS
PUSPMBEPTFPCTFSWBMBSFEVDDJØOEFMBTVQFSmDJFDVMUJWBEBB
DBNQPNJFOUSBTBVNFOUBMBEF*OWFSOBEFSPT
&MNPEFMPJOUFOTJWPEFQSPEVDDJØOIPSUÓDPMBFOMB3FHJØO
TFDPNQSFOEFDPNPFTRVFNBiDPNQFUJUJWPwEFDJFSUBSFOUBCJ
MJEBEGSFOUFBPQDJPOFTJONPCJMJBSJBTSFGPS[BEPBMBMFHJTMBDJØO
.VOJDJQBMBDPUBOEPMBJOTUBMBDJØOEFCBSSJPTQSJWBEPTRVF
JNQJEFOMBJOTUBMBDJØOEFFNQSFOEJNJFOUPTVSCBOÓTUJDPTFO
ÈSFBTSVSBMFTQSPUFHJFOEPFMTFDUPSQSPEVDUJWPQFSUFOFDJFOUF
BEJDIBKVSJTEJDDJØO-B1MBUB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&OFTUFUFSSJUPSJPUBNCJÏOTFNBOUJFOFOFTQBDJPTWFSEFTEF
HSBOJNQPSUBODJBRVFFODJFSUBGPSNBGSFOBOFMBWBODFEFMB
VSCBOJ[BDJØOFTFMDBTPEFM1BSRVF1FSFZSB*SBPMBEF
IB0USBEFMBTDBVTBTEFMBDPOTPMJEBDJØOEFMBBDUJWJEBETF
FOUJFOEFTPCSFMBJNQPSUBOUFQSFTFODJBEF0SHBOJ[BDJPOFT
QÞCMJDBTZQSJWBEBTBmOFTBMTFDUPSBHSPQFDVBSJPFTQFDÓmDP
.JOJTUFSJPEF"TVOUPT"HSBSJPTEFMBQSPWJODJBEF#VFOPT"JSFT
*/5"6OJWFSTJEBE/BDJPOBMEF-B1MBUB-PNBTEF;BNPSB
2VJMNFT6#"MPT.VOJDJQJPTBUSBWÏTEF*OTUJUVUPTEF%FTBSSPMMP
-PDBM.FSDBEPT$PODFOUSBEPSFTFOUJEBEFTEFQSPEVDUPSFT
ZUÏDOJDPTEFMTFDUPSQSJWBEP&TUBCMFDJNJFOUPT1SPWFFEPSFT
EF*OTVNPT"HSPOPNÓBT.BEFSFSBT'FSSFUFSÓBT*OEVTUSJBMFT
1SPWJTJØOZSFQBSBDJØOEF.BRVJOBSJBTFTQFDÓmDBTZFRVJQPTEF
SJFHP1SPWJTJØOEF1MBOUJOFTEJTQPOJCJMJEBEEF.BOPEF0CSB
FTQFDJBMJ[BEBDPNPFNCBMBEPSFTUSBDUPSJTUBTDVBESJMMBTEF
BSNBEPSFTEF*OWFSOBEFSPTFUD$POTUJUVZFOEPVOBWFSEBEFSB
iSFEwEFJOGPSNBDJØOZQSPWJTJØOEFTFSWJDJPTQBSBDPOTPMJEBS
FTUFQPMPQSPEVDUJWPJOUFOTJWP
„ 5FDOPMPHÓBTEFIPSUBMJ[BTEFIPKBTWFSEFTFO
JOWFSOBEFSP
t4JTUFNBUJ[BDJØOFJNQMBOUBDJØO
t-FDIVHBTJFNCSBTDPOUSBTQMBOUFEFiQMBOUÓOwEFWBSJFEB
EFTBKVTUBEBTBGFDIBTBMUBEFOTJEBESJFHPQPSHPUFP
t"DFMHBUSBTQMBOUFSJFHPQPSHPUFP
t&TQJOBDBTJFNCSBEJSFDUBFOMPNPTSJFHPQPSHPUFP
t3ÞDVMBZSBEJDIFUBTJFNCSBEJSFDUBFODBOUFSPTPMPNPT
SJFHPQPSHPUFP
t3FOEJNJFOUPQSPNFEJPMFDIVHBCVMUPTIB
BDFMHBCVMUPTDPSUFZDPSUFTFTQJOBDBCVMUPTIB
SÞDVMBCVMUPTIBSBEJDIFUBCVMUPTIBDPSUF
t#SFDIBUFDOPMØHJDBDPOMBNÈYJNBUFDOPMPHÓBTF
QVFEFOBVNFOUBSMPTSFOEJNJFOUPTFOQSPNFEJPFOVO
JODSFNFOUBEPOPUBCMFNFOUFMBDBMJEBE
;POB.BSEFM1MBUB
„ %FTDSJQDJØOHFOFSBMEFMBSFHJØO
t/ÞNFSPEFQSPEVDUPSFTIFDUÈSFBTZFTQFDJFTDVM
UJWBEBTMBSFHJØOTVEFTUFEFMBQSPWJODJBEF#VFOPT"JSFT
DPODBCFDFSBFOMBDJVEBEEF.BSEFM1MBUBTFDBSBDUFSJ[BQPS
EJTQPOFSEFDPOEJDJPOFTBHSPFDPMØHJDBTNVZGBWPSBCMFTQBSBMB
QSPEVDDJØOBHSPQFDVBSJBFYUFOTJWBFJOUFOTJWB-BJOnVFODJBEFM
NBSBDUÞBDPNPGBDUPSSFHVMBEPSEFMBUFNQFSBUVSBSFEVDJFOEP
MBBNQMJUVEUÏSNJDBZMBGSFDVFODJBFJOUFOTJEBEEFMBTIFMBEBT
FGFDUPRVFWBEJTNJOVZFOEPIBDJBFMJOUFSJPSEFMDPOUJOFOUF
&TUBTJUVBDJØOJNQSJNFMBDBSBDUFSÓTUJDBEFDMJNBNBSÓUJNPDPO
WFSBOPTNÈTGSFTDPTFJOWJFSOPTNFOPTSJHVSPTPT&TUBÈSFB
QSPEVDUJWBBCBSDBWBSJPTQBSUJEPTEFMTVEFTUFCPOBFSFOTF
EPOEFVOBTFYQMPUBDJPOFTIPSUÓDPMBTDVMUJWBOBMSFEFEPSEF
IBBMBJSFMJCSFFYDMVJEBMBQBQBDPOVOBTIB
ZVOBTIBEFDVMUJWPTCBKPDVCJFSUB%BEBTMBTQBSUJDVMBSFT
DPOEJDJPOFTEFTVFMPZDMJNBFTQPTJCMFMMFWBSBEFMBOUFVOB
BNQMJBHBNBEFDVMUJWPTIPSUÓDPMBTVOBTFTQFDJFT
FOUSFMPT
DVBMFTTFEFTUBDBOQPSFMWPMVNFOQSPEVDJEPZMBJNQPSUBODJB
FDPOØNJDBQBSBMBSFHJØOQBQBMFDIVHB[BOBIPSJBNBÓ[
EVMDF[BQBMMP[BQBMMJUPBSWFKBUPNBUFZGSVUJMMB&OFMÈSFBMB
MFDIVHBFTFMDVMUJWPEFIPKBNÈTJNQPSUBOUFDPOBQSPYJNB
EBNFOUFBIFDUÈSFBTBMBJSFMJCSFZBMHPNÈTEF
IFDUÈSFBTCBKPDVCJFSUB
t1FSmMEFMPTQSPEVDUPSFTMBJOGPSNBDJØOEFM$)'#"
JOEJDBRVFFOUPEBTMBT[POBTIPSUÓDPMBTEFMBQSPWJODJBEF
#VFOPT"JSFTMPTQSPEVDUPSFTTPONBZPSJUBSJBNFOUFBSHFOUJOPT
ZTPMPFMNBOJmFTUBNBOUFOFSTVOBDJPOBMJEBECPMJWJBOB
TJFOEPFTUFQPSDFOUVBMTFOTJCMFNFOUFNBZPSFOMBQSPEVDDJØO
EFIPSUBMJ[BTEFIPKB&ODVBOUPBMBUFOFODJBEFMBUJFSSBQSF
EPNJOBFMBSSFOEBNJFOUPRVFUPUBMJ[BFMMPTQSPQJFUBSJPT
TPOFMZVOEFPDVQBOUFTFMWJWFFOFMDBNQP
-PTQSPEVDUPSFTUSBEJDJPOBMFTEFPSJHFOJUBMJBOPFTQB×PMZ
QPSUVHVÏTZBFOFMSFDBNCJPHFOFSBDJPOBMEFMBiHFTUJØOwEF
TVT1Z.&4GBNJMJBSFTIPSUÓDPMBTNBZPSJUBSJBNFOUFQSPQJFUBSJPT
EFMBUJFSSBTFIBOFTQFDJBMJ[BEPFODVMUJWPTEFBMUPWBMPSFO
JOWFSOBEFSPDPNPUPNBUFZQJNJFOUP&ODBNCJPMPTOVFWPT
iBDUPSFTwFOFMTFDUPSQSPEVDUJWPQSJODJQBMNFOUFJONJHSBOUFT
EFPSJHFOCPMJWJBOPEFTBSSPMMBOVOBFTUSBUFHJBTPCSFUJFSSBT
BMRVJMBEBTiDBQJUBMJ[ÈOEPTFwQPSJOUFSNFEJPEFMBQSPEVDDJØO
EFIPSUBMJ[BTEFIPKBFOJOWFSOBEFSPTPBMBJSFMJCSFNBOFKB
EBTDPONBOPEFPCSBGBNJMJBS&TUPTNJTNPTQSPEVDUPSFTB
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
NFEJEBRVFWBOFWPMVDJPOBOEPQSPEVDFOBMHVOPTDVMUJWPTEF
NBZPSWBMPSDPNPFMUPNBUF"MHVOPTGBDUPSFTJODJEJFSPOQBSB
RVFFTUVWJFSBOBCJFSUPTBBDFQUBSMPTDBNCJPTQVEJÏOEPTF
NFODJPOBSFOUSFMPTNÈTEFTUBDBCMFTFMTVQFSNFSDBEJTNPRVF
JNQPOFVOQSPEVDUPVOJGPSNFDPOCVFOBQSFTFOUBDJØOZRVF
UFOHBODPOUJOVJEBEFOMBQSPWJTJØOVOTFDUPSEFMBQPCMBDJØO
RVFFYJHFQSPEVDUPTEFDBMJEBEZTBOPTVOBQSFTJØOEFPGFSUB
EFJOTVNPTFRVJQPTZNBRVJOBSJBTRVFJOnVZFOTPCSFMPT
QSPEVDUPSFTQBSBDPNQFUJSDPOQSPEVDUPTEFNFKPSDBMJEBEZ
BNFOPSDPTUP
t$BOBMFTEFEJTUSJCVDJØOMBQSPEVDDJØOTFDPNFSDJBMJ[B
FOUSFTNFSDBEPTDPODFOUSBEPSFTNBZPSJTUBT
t&MOVFWP.FSDBEP'SVUJIPSUÓDPMB1SPDPTVE4"²TUFTF
FODVFOUSBIBDJBFMPFTUFTPCSFMBSVUBRVFWBIBDJB
#BMDBSDFBEJF[LJMØNFUSPTEFM
DFOUSPEFMBDJVEBE
t-B$PPQFSBUJWBEF)PSUJ
DVMUPSFTFOFMJOUFSJPSEFMB
[POBVSCBOJ[BEBEFMBDJVEBE
EF.BSEFM1MBUB
t.FSDBEPEF"CBTUPFOMB3VUB
RVFQBTBQPS#BUÈOZTFEJSJHF
QBSBMFMBBMBDPTUBIBDJB/FDPDIFB
&TUB[POBQSPEVDUPSBTFDPOWJFSUFFOMB
QSJODJQBMQSPWFFEPSBEFWFSEVSBTEFIPKBTBMSFTUP EFMQBÓT
EVSBOUFMBUFNQPSBEBFTUJWBM)BZVOBDPOUJOVJEBEQSPEVDUJWB
FOUSFFM1BSUJEPEF(FOFSBM1VFZSSFEØOZQBSUJEPTQSØYJNPT
#BMDBSDF5BOEJM5SFT"SSPZPT/FDPDIFB(FOFSBM"MWBSBEPZ
PUSPT-B[POBFTDPOTJEFSBEBDPNPQSPWFFEPSBOBDJPOBMEF
IPSUBMJ[BTEFIPKBZPUSBTDPNP[BOBIPSJBTEVSBOUFMBÏQPDB
FTUJWBM%FTEFMB[POBTFQSPWFFBMBDJVEBEEF.BSEFM1MBUBZ
MPDBMJEBEFTEFMTVEFTUFCPOBFSFOTFBTÓDPNPEJWFSTPTDFOUSPT
VSCBOPTDPTUFSPTZMPTQSJODJQBMFTDFOUSPTQPCMBDJPOBMFTEFM
QBÓT4FFTUJNBRVFFOMBTFTQFDJFTRVFTFDVMUJWBOFONBZPS
FYUFOTJØOVOBMUPQPSDFOUBKFTFDPNFSDJBMJ[BEJSFDUBNFOUFFO
MBmODBTJOQBTBSQPSMPTNFSDBEPTEFDPODFOUSBDJØO
t&WPMVDJØOTPDJPFDPOØNJDBEFM$JOUVSØOMBIPSUJDVM
UVSBEFMB[POBFTUÈDBSBDUFSJ[BEBQPSUFOFSVOFTRVFNBEF
QSPEVDDJØOQSJODJQBMNFOUFJOUFOTJWPZBMUBNFOUFEJWFSTJmDBEP
FODVBOUPBGPSNBEFQSPEVDDJØOZDBOUJEBEEFFTQFDJFTRVF
TFDVMUJWBO&OFTQFDJFTDPNPUPNBUFQJNJFOUPBQJPFTQJOBDB
FUDTFPCTFSWBMBSFEVDDJØOEFMBTVQFSmDJFDVMUJWBEBBDBNQP
NJFOUSBTBVNFOUBMBEFJOWFSOBEFSPT0USBEFMBTDBVTBTEFMB
DPOTPMJEBDJØOEFMBBDUJWJEBETFFOUJFOEFTPCSFMBJNQPSUBOUF
QSFTFODJBEF0SHBOJ[BDJPOFTQÞCMJDBTZQSJWBEBTBmOFTBMTFDUPS
BHSPQFDVBSJPFTQFDÓmDP*/5"6OJWFSTJEBE/BDJPOBMEF.BS
EFM1MBUBMPTNVOJDJQJPTNFSDBEPTDPODFOUSBEPSFTFOUJEBEFT
EFQSPEVDUPSFTZUÏDOJDPTEFMTFDUPSQSJWBEPFTUBCMFDJNJFOUPT
QSPWFFEPSFTEFJOTVNPTBHSPOPNÓBTNBEFSFSBTQSPWFFEPSFT
EFJOTVNPTFTQFDÓmDBTZFRVJQPTEFSJFHPQSPWJTJØOEFQMBOUJOFT
EJTQPOJCJMJEBEEFNBOPEFPCSBFTQFDJBMJ[BEBDPNPFNCBMBEP
SFTUSBDUPSJTUBTDVBESJMMBTEFBSNBEPSFTEF*OWFSOBEFSPTFUD
DPOTUJUVZFOEPVOBWFSEBEFSBiSFEwEFJOGPSNBDJØOZQSPWJTJØO
EFTFSWJDJPTQBSBDPOTPMJEBSFTUFQPMPQSPEVDUJWPJOUFOTJWP
„
5FDOPMPHÓBTEFIPSUBMJ[BTEFIPKBTWFS
EFT
t4JTUFNBUJ[BDJØOFJN
QMBOUBDJØO
t-FDIVHBTJFNCSBEJSFDUBSJFHPQPS
BTQFSTJØO
t"DFMHBTJFNCSBEJSFDUBEPCMFIJMFSBQPS
MPNP
t&TQJOBDBTJFNCSBEJSFDUBFOMPNPTSJFHPQPSBTQFSTJØO
t3ÞDVMBZSBEJDIFUBTJFNCSBEJSFDUBFODBOUFSPTPMPNPT
SJFHPQPSBTQFSTJØO
t3FOEJNJFOUPQSPNFEJPMFDIVHBCVMUPTIBBDFM
HBUPUBMFODPSUFTFTQJOBDBCVMUPTIBSÞDVMB
CVMUPTIBSBEJDIFUBCVMUPTIBDPSUF
t#SFDIBUFDOPMØHJDBDPOMBNÈYJNBUFDOPMPHÓBTF
QVFEFOBVNFOUBSMPTSFOEJNJFOUPTFOQSPNFEJPFOVO
JODSFNFOUBOEPOPUBCMFNFOUFMBDBMJEBE
;POB.FOEP[B
„ %FTDSJQDJØOHFOFSBMEFMBSFHJØO
t1SPEVDUPSFTIFDUÈSFBTZFTQFDJFTDVMUJWBEBTFO
MBQSPWJODJBEF.FOEP[BTFDVMUJWBOIBEFIPSUBMJ[BT
WFSBOPJOWJFSOP
4FSFBMJ[BOOVNFSPTBTFTQFDJFTTJFOEPFM
BKPMBEFNBZPSTVQFSmDJFDPOIBTFHVJEBQPS[BOBIP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
SJBIBDFCPMMBIBQBQBIBMFDIVHBIB
FTQJOBDBIBZSFQPMMPIB-B[POB$FOUSPDPOTJEFSBEB
DPNPFM$JOUVSØOEF.FOEP[BDVFOUBDPOIBEFMBT
DVBMFTIBTPOEFBKPIBEFDFCPMMBIBEF
[BOBIPSJBIBEFQBQBIBEFMFDIVHBFMEFMB
MFDIVHBQSPEVDJEBFO.FOEP[B
IBEFPUSBTFOUSFMBT
DVBMFTTFFODVFOUSBOMBFTQJOBDBMBBDFMHBFOUSFPUSBT
t"MHVOPTEFMPTQSPEVDUPSFTTFIBOUSBOTGPSNBEPFO
PQFSBEPSFTEFOUSPEFMPTNFSDBEPTWFOEJFOEPTVQSPQJB
NFSDBEFSÓBDPNQSBOEPBTVTWFDJOPTFJNQPSUBOEPNFS
DBEFSÓBEFPUSBTSFHJPOFT
t1FSmMEFMPTQSPEVDUPSFTMPTQSPEVDUPSFTTPOEFPSJHFO
JUBMJBOPZFTQB×PMIPZIBZVOBVNFOUPJNQPSUBOUFEFQSPEVD
UPSFTCPMJWJBOPTRVFIBOJEPDPNQSBOEPUJFSSBTQSPQJFUBSJPT
EFMEFMBTUJFSSBTDVMUJWBEBTVOWJWFOFOFMDBNQP
&OHFOFSBMFMUBNB×PEFMBTQSPQJFEBEFTFOFMDJOUVSØOIPSUÓ
DPMBFTEFBQSPYJNBEBNFOUFBIFDUÈSFBT-PTQSPEVDUPSFT
USBCBKBOBQPSDFOUBKFFOBQBSDFSÓBEPOEFMBNBZPSÓBEFMPT
BQBSDFSPTTPOEFPSJHFOCPMJWJBOPSFDJCJFOEPFMMPTFM
-BTTFNJMMFSÓBTUJFOFOPCMJHBDJØOEFVOQSPGFTJPOBMJOHFOJFSP
BHSØOPNPSB[ØOQPSMBDVBMIBZVOBJODPSQPSBDJØOMFOUBEFM
UÏDOJDPBMBTmODBTTFPCTFSWBFOMBTWBSJFEBEFTOVFWBTJO
DPSQPSBEBTFOMPTEJTUJOUPTDVMUJWPTZFOMBGFSUJMJ[BDJØOOPBTÓ
FOFMUJFNQPEFDBSFODJBTEFMPTQSPEVDUPTRVÓNJDPTRVFTPO
VUJMJ[BEPTFOMPTDVMUJWPT
t-FDIVHBTJFNCSBEJSFDUBFOMPNPTZSJFHPQPSTVSDPT
t$BOBMFTEFEJTUSJCVDJØOMBTIPSUBMJ[BTTPOWFOEJEBT
FOMBNBZPSÓBEFMPTDBTPTBDPNQSBEPSFTRVFMBTWFOEFOFO
MPTNFSDBEPTDPODFOUSBEPSFTPBMPTTVQFSNFSDBEPTZBRVF
FTUPTÞMUJNPTUSBCBKBODPOFNQSFTBTmKBTSFTQFUBOEPBMPT
DMJFOUFT&OMBTWFSEVSBTEFIPKBMPTDPNQSBEPSFTTFFODBSHBO
EFMBDPTFDIBIBDJÏOEPTFDBSHPEFMBNBOPEFPCSBEFEFMB
NJTNB-PTQSPEVDUPSFTEFPSJHFOCPMJWJBOPUSBCBKBODPOTV
GBNJMJBJODMVZFOEPMPTNFOPSFTEFFEBEZWFOEFOFOMBGFSJB
MBQSPEVDDJØOEJSFDUBNFOUFFYJTUJFOEPIPZVONFSDBEPEPOEF
FMMPTQSFEPNJOBODPNPWFOEFEPSFTZRVFTFDBSBDUFSJ[BQPS
DPOTFHVJSTJFNQSFMBTIPSUBMJ[BTNÈTCBSBUBTZMBDBMJEBEEF
MBTNJTNBTFTJOGFSJPS
t&WPMVDJØOTPDJPFDPOØNJDBEFM$JOUVSØO-BTVQFSmDJF
IBEJTNJOVJEPQSFTFOUBOEPVOBEJTNJOVDJØOEFMOÞNFSPEF
QSPEVDUPSFTDPOUFOEFODJBBVOBVNFOUPFOFMUBNB×PEFMPT
QSPEVDUPSFTHSBOEFTZVOBEJTNJOVDJØOFOFMUBNB×PEFMPT
QSPEVDUPSFTDIJDPT
t"VNFOUPEFQSPEVDUPSFTCPMJWJBOPTRVFBMRVJMBOP
DPNQSBOMBUJFSSB
t*ODPSQPSBDJØONVZJNQPSUBOUFEFNBOPEFPCSBCPMJ
WJBOB
„ 5FDOPMPHÓBEFIPSUBMJ[BTEFIPKBTWFSEFT
t4JTUFNBUJ[BDJØOFJNQMBOUBDJØO
t"DFMHBTJFNCSBEJSFDUBMBNJTNBBMWPMFPPQPSHPMQFB
USFTCPMJMMPZSJFHPQPSJOVOEBDJØOFOFMQSJNFSDBTPZQPS
TVSDPFOFMPUSP
t&TQJOBDBÓEFNMFDIVHB
t3ÞDVMBZSBEJDIFUBTJFNCSBEJSFDUBFODBOUFSPTPMP
NPT
t3FOEJNJFOUPQSPNFEJPMFDIVHBCVMUPTIBBDFM
HBBUBEPTEFVOBEFDFOBIBFTQJOBDBCVMUPTIB
SÞDVMBCVMUPTIBSBEJDIFUBCVMUPTIBDPSUF
t#SFDIBUFDOPMØHJDBDPOMBNÈYJNBUFDOPMPHÓBTF
QVFEFOBVNFOUBSMPTSFOEJNJFOUPTFOQSPNFEJPFOVO
OPUBCMFNFOUFMBDBMJEBEZMBQPTJCJMJEBEEFQSPEVDJSEVSBOUF
FMWFSBOP
3FHJØO3PTBSJP
„ %FTDSJQDJØOHFOFSBMEFMBSFHJØO
t/ÞNFSPEFQSPEVDUPSFTIFDUÈSFBTZFTQFDJFTDVMUJ
WBEBTFTVOBSFHJØODPOQSPEVDUPSFTZIBDVMUJWBEBT
EFIPSUBMJ[BTJODMVJEBTMBQBQBIB
$VMUJWBOVOBT
FTQFDJFTMVFHPEFMBQBQBMPTDVMUJWPTQSJODJQBMFTTPOMBMFDIVHB
IB
BDFMHBIB
ZFTQJOBDBIB
t1FSmMEFMPTQSPEVDUPSFTMPTQSPEVDUPSFTTPOEFPSJHFO
JUBMJBOPZFTQB×PMQSPQJFUBSJPTEFMEFMBTUJFSSBTDVMUJWB
EBTVOWJWFOFOFMDBNQP"EJGFSFODJBTEFPUSBT[POBT
IBZNVZQPDPTQSPEVDUPSFTCPMJWJBOPT"USBWÏTEFM1SPZFDUP
)PSUÓDPMBEF3PTBSJPTFIBMPHSBEPVOBJNQPSUBOUFSFMBDJØODPO
MPTQSPEVDUPSFTDPOBEPQDJØOJNQPSUBOUFFOBMHVOBTUÏDOJDBT
QFSPOPEFMBNBZPSÓBOJEFMBTNÈTJNQPSUBOUFTUBMFTDPNP
FMEFMDVMUJWPGPS[BEP
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
t$BOBMFTEFEJTUSJCVDJØOFMEFMWPMVNFOEFMBT
IPSUBMJ[BTTPOWFOEJEBTBUSBWÏTEFMPT.FSDBEPT$PODFOUSB
EPSFTVOBUSBWÏTEFDPOTJHOBUBSJPTZVOFOGPSNB
EJSFDUB-BMPDBMJ[BDJØOEFMBJOEVTUSJBUBMFTDPNP"3$03F
*/"-1"IBDFRVFFMTFWFOEBBUSBWÏTEFFTUFDJSDVJUP.VZ
QPDPTFWFOEFFOGPSNBEJSFDUBBWFSEVMFSÓBTTVQFSNFSDBEPT
ZQMBOUBTEFFNQBRVF
„ &WPMVDJØOTPDJPFDPOØNJDBEFM$JOUVSØO
t-BTVQFSmDJFIBEJTNJOVJEPVOZVOFMOÞNFSP
EFQSPEVDUPSFT
t6OSFUSPDFTPFOMBDPNFSDJBMJ[BDJØONJFOUSBTBOUFTFM
EFMPTQSPEVDUPSFTWFOEÓBOTVTQSPQJPTQSPEVDUPTFOFM
NFSDBEPIPZTØMPMPIBDFOFM
t"MHVOPTEFMPTQSPEVDUPSFTTFIBOUSBOTGPSNBEP
FOPQFSBEPSFTEFOUSPEFMPTNFSDBEPTWFOEJFOEP
TVQSPQJBNFSDBEFSÓBDPOTJHOBOEP
NFSDBEFSÓBEFTVTWFDJOPTZDPN
QSBOEPFJNQPSUBOEPNFSDBEFSÓBEF
PUSBTSFHJPOFTUBMDPNP-B1MBUB
„ 5FDOPMPHÓBFOIPSUBMJ[BTEF
IPKBTWFSEFT
t4JTUFNBUJ[BDJØOFJNQMBOUBDJØO
t-FDIVHBTJFNCSBEJSFDUBFOMPNPTZFTUÈDPNFO[BOEPB
VUJMJ[BSTFFMSJFHPQPSHPUFPZBMNÈDJHPZUSBTQMBOUF
t"DFMHBTJFNCSBEJSFDUBFOMPNPTZTJOSJFHPQPSHPUFP
OJUSBTQMBOUF
t&TQJOBDBTJFNCSBEJSFDUBFOQMBOPPMPNPT
t3ÞDVMBZSBEJDIFUBTJFNCSBEJSFDUBFODBOUFSPTPMP
NPT
t3FOEJNJFOUPQSPNFEJPMFDIVHBCVMUPTIB
BDFMHBCVMUPTDPSUFZDPSUFTFTQJOBDBCVMUPTIB
SÞDVMBCVMUPTIBSBEJDIFUBCVMUPTIBDPSUF
t#SFDIBUFDOPMØHJDBDPOMBNÈYJNBUFDOPMPHÓBTF
QVFEFOBVNFOUBSMPTSFOEJNJFOUPTFOQSPNFEJPFOVO
OPUBCMFNFOUFMBDBMJEBEZMBQPTJCJMJEBEEFQSPEVDJSEVSBOUF
FMWFSBOP
;POB7*3$)
„ %FTDSJQDJØOHFOFSBMEFMBSFHJØOMPTEBUPTQSFTFO
UBEPTTPOFTUJNBUJWPTZBRVFOPTFDVFOUBDPOJOGPSNBDJØO
TJTUFNÈUJDBZGFIBDJFOUF
t/ÞNFSPEFQSPEVDUPSFTIFDUÈSFBTZFTQFDJFTDVMUJ
WBEBTFTVOBSFHJØODPOBMSFEFEPSQSPEVDUPSFTZIB
DVMUJWBEBTEFIPSUBMJ[BTJODMVJEBTMBQBQBIB
$VMUJWBO
DFSDBEFFTQFDJFTMVFHPEFMBQBQBMPTDVMUJWPTQSJODJQBMFT
TPOMBDFCPMMBIB
[BOBIPSJBIB
DVDVSCJUÈDFBTIB
MFDIVHBIB
BVORVFQBSBFTUFÞMUJNPDVMUJWPTF
HÞOMBFTUJNBDJØOEFMPTQSPEVDUPSFTTFQSPEVDFO
VOBTIB&OMPRVFSFTQFDUBBMPTDVMUJWPT
CBKPDVCJFSUBTFHÞOSFMFWBNJFOUPEFMB×P
TFEJTQPOÓBEFNBMBGFDIB
TFFTUJNBFMEPCMF
t1FSmMEFMPTQSPEVDUPSFTMPT
QSPEVDUPSFTTPOEFPSJHFOCPMJWJBOP
ZBSHFOUJOP
QSPQJFUBSJPT
EFMBTUJFSSBTDVMUJWBEBTVOWJWFO
FOFMDBNQP
t$BOBMFTEFEJTUSJCVDJØOMBDPNFS
DJBMJ[BDJØOMBSFBMJ[BOEFEJGFSFOUFTGPSNBTZ
EFQFOEFEFMBTVQFSmDJFRVFFYQMPUBO
7FOUBEJSFDUBFOMBDIBDSBDPOQSFDBSJBT
JOTUBMBDJPOFTHFOFSBMNFOUFTPOQSPEVDUPSFTRVF
FTUÈOBTFOUBEPTTPCSFSVUBTEFJNQPSUBOUFNPWJNJFO
UPZTVTWFOUBTTPONBZPSJUBSJBNFOUFMPTmOFTEFTFNBOB
7FOUBTFHÞODPNQSPNJTPQSFWJPDPONBZPSJTUBFO
FTUFDBTPTFQBDUBMPTQSPEVDUPTZWPMÞNFOFTZFTMPRVFTF
QSPEVDF
1SPEVDUPSFTDPOTVTNFEJFSPTRVFTPOQSPWFFEPSFTEFM
4VQFSNFSDBEP-B"OØOJNBZRVFQPTFFOVODFOUSPEFWFOUB
NBZPSJTUBZNJOPSJTUB
1SPEVDUPSDPOTVTNFEJFSPTRVFQPTFFOWFOUBNJOPSJTUB
ZBCBTUFDFOBCBSDPTZDSVDFSPTFO1VFSUP.BESZO
7FOUBTBMTVSEFM7BMMF*OGFSJPSEFM3ÓP$IVCVU$PNPEPSP
3JWBEBWJBZOPSUFEF4BOUB$SV[
t&WPMVDJØOTPDJPFDPOØNJDBEFMDJOUVSØOTJCJFOOP
FTUÈDVBOUJmDBEBFTUBFWPMVDJØOFOTVTBTQFDUPTHFOFSBMFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
MBBQSFDJBDJØOFTRVFFOMPTÞMUJNPTB×PTTFIBOPUBEPVOB
FYQBOTJØOEFMB[POBIPSUÓDPMBEFOUSPEFM7BMMFBTVFMPTEPOEF
FTUPTDVMUJWPTOPFSBOUSBEJDJPOBMFT
„ 5FDOPMPHÓBTEF)PSUBMJ[BTEFIPKBTWFSEFT
t4JTUFNBUJ[BDJØOFJNQMBOUBDJØOUPEBTMBTFTQFDJFTTPO
DPOTJFNCSBTEJSFDUBTFOMPNPTZFMSJFHPQPSTVSDP
t3FOEJNJFOUPQSPNFEJPMFDIVHBCVMUPTIB
BDFMHBCVMUPTDPSUFZDPSUFTFTQJOBDBCVMUPTIB
SÞDVMBCVMUPTIBSBEJDIFUBCVMUPTIBDPSUF
t#SFDIBUFDOPMØHJDBDPOMBNÈYJNBUFDOPMPHÓBTF
QVFEFOBVNFOUBSMPTSFOEJNJFOUPTFOQSPNFEJPFOVO
ZOPUBCMFNFOUFMBDBMJEBEZMBQPTJCJMJEBEEFQSPEVDJSEVSBOUF
FMWFSBOP
"OMJTJT'0%"QBSBMBTEJTUJOUBT[POBTEF
QSPEVDDJ¯OIPSU©DPMB
1BSBVOBNFKPSDPNQSFOTJØOEFMPTGBDUPSFTRVFBGFDUBOMB
IPSUJDVMUVSBEFMBTEJTUJOUBTSFHJPOFTTFEFUBMMBOMBT'PSUBMF[BT
%FCJMJEBEFT0QPSUVOJEBEFTZ"NFOB[BT
&TUBNFUPEPMPHÓBEFFTUVEJPJOWPMVDSBFMBOÈMJTJTEFMFOUPSOP
FYUFSOPEPOEFTFEFUFDUBO0QPSUVOJEBEFTZ"NFOB[BTZEFM
FOUPSOPJOUFSOPEPOEFTFEFUFDUBO'PSUBMF[BTZ%FCJMJEBETPCSF
MBTDVBMFTTFQVFEFBDUVBSFOGPSNBEJSFDUB
4FUSBUBEFVOBNFUPEPMPHÓBNÈTCJFOTVCKFUJWBQFSPRVF
QFSNJUFFOUFOEFSDPNPFTUÈQPTJDJPOBEBMBDBEFOBJOUFSOBNFO
UFZDØNPTFFODVFOUSBQBSBFOGSFOUBSMBTBNFOB[BTFYUFSOBT
PBQSPWFDIBSMBTPQPSUVOJEBEFTEFMNFSDBEP
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
6OBOMJTJTTPCSFMBDPNQFUJUJWJEBEEFMB
MFDIVHBQBSBMBTEJGFSFOUFT[POBT
1BSBSFBMJ[BSVOBOÈMJTJTEFMBDPNQFUJUJWJEBEEFMBTEJT
UJOUBT[POBTFTOFDFTBSJPDPOTJEFSBSVOBTFSJFEFWBSJBCMFT
FOUSFFMMBTMPTDPTUPTEFQSPEVDDJØOMBDBMJEBEPCUFOJEBMB
DFSDBOÓBBMNFSDBEPMBTGPSNBTEFDPNFSDJBMJ[BDJØOFMSÏHJ
NFOMBCPSBMVUJMJ[BEPTJMBSFHJØOFTVOQPMPEFEFTBSSPMMPZ
mOBMNFOUFMBTQPTJCJMJEBEFTEFQSPEVDJSFODPOEJDJPOFTEF
#1""DPOUJOVBDJØOTFEFUBMMBVOBOÈMJTJTEFMBDBEBVOPMPT
BTQFDUPTNFODJPOBEPT
"OÈMJTJTEFMPTDPTUPTFJOHSFTPTDVBOEPSFBMJ[BNPT
VOBOÈMJTJTFDPOØNJDPEFMBTIPSUBMJ[BTFTEJGÓDJMFTUJNBSFM
QSFDJPBMRVFTFWFOEFSÈFTNVZWBSJBCMFEFQFOEFEFMB
PGFSUBZMBEFNBOEB
ZDBTJOPFYJTUFOFTUBEÓTUJDBTFOOVFTUSP
QBÓT6OQVOUPNVZJNQPSUBOUFBDPOTJEFSBSQBSBBOBMJ[BSMB
DPNQFUJUJWJEBETPOMPTQSFDJPTNÓOJNPTFTEFDJSBRVÏQSFDJP
FTOFDFTBSJPWFOEFSTJOQFSEFSEJOFSPDPOMBNJTNBDBMJEBE
EFQSPEVDUP
%BEPRVFMPTQSFDJPTTVFMFONBOUFOFSTFCBKPTEVSBOUF
NVDIPUJFNQPBWFDFTNFTFT
TFQVFEFQFOTBSRVFMBT[P
OBTPFNQSFTBTEFOUSPEFDBEB[POBTFSÈONÈTDPNQFUJUJWBT
DVBOEPNBZPSFTTVDBQBDJEBEQBSBSFTJTUJSFTUBTJUVBDJØO
%JDIPEFPUSBNBOFSBFOBRVFMMBTFNQSFTBTRVFUJFOFOVO
DPTUPEFQSPEVDDJØONÈTCBKPNFOPSFTTFSÈOTVTQÏSEJEBTZ
QPSMPUBOUPNÈTUJFNQPQVFEFOFTQFSBSNFKPSFTQSFDJPTBOUFT
EFEFKBSMBBDUJWJEBE
$VBOEPBOBMJ[BNPTMPTQSFDJPTNÓOJNPTWFSDBQÓUVMP
EFMBTEJTUJOUBT[POBTQBSBMBUFDOPMPHÓBDPOWFODJPOBM
OPT
FODPOUSBNPTDPORVFVOQSPNFEJPBOVBMPTDJMBFOUSF
DBKØOQBSB-B1MBUBZEFDBKØOQBSB3PTBSJP4FSFmFSF
BMQSFDJPEFWFOUBFOUSBORVFSBFJODMVZFMPTDPTUPTEFDPTFDIB
ZDBSHB
"EFNÈTEFMPTNFOPSFTDPTUPTQBSBMB[POBEF-B1MBUB
TFTVNBMBNBZPSDBMJEBEEFMPTQSPEVDUPTPCUFOJEPTCBKPJO
WFSOBEFSPZPUSPTBTQFDUPTRVFMVFHPEFTBSSPMMBSFNPT%FTEF
FTUFQVOUPEFWJTUBTVSHFDMBSBNFOUFRVFMB[POBEF-B1MBUB
FTMBNÈTCFOFmDJBEB
$PNPWFSFNPTFOFMDBQÓUVMPFOFMBOÈMJTJTFDPOØNJDP
MPTNFOPSFTDPTUPTTFEFCFBMBQSPEVDDJØOCBKPJOWFSOBEFSP
BMTFSNBZPSRVFMBQSPEVDDJØOEFDBNQPQFSNJUFEFTNJOVJSMPT
DPTUPTVOJUBSJPTBÞODPOTJEFSBOEPMBNBZPSBNPSUJ[BDJØO
$BMJEBEEFMBQSPEVDDJØOEÓBBEÓBIBZNBZPSWBMPSJ[BDJØO
EFMBDBMJEBEDVBOUBNBZPSDBMJEBEQVFEBUFOFSVOB[POBNB
ZPSFTTVDPNQFUJUJWJEBE6OFKFNQMPFTMBDBMJEBERVFMPHSBMB
[POBEF-B1MBUBQPSTVQSPEVDDJØOCBKPJOWFSOBEFSPZMB[POB
EF.FOEP[BQPSTVTDPOEJDJPOFTBHSPFDPMØHJDBT
$FSDBOÓBBNFSDBEPTDVBOUBNÈTDFSDBTFFODVFOUSBVOB
[POBEFVONFSDBEPBMDVBMWFOEFNFOPSFTTPOMPTDPTUPTEF
USBOTQPSUFZNBZPSFTMBDPNQFUJUJWJEBEEFMBFNQSFTBBEFNÈT
NÈTGSFTDPTQVFEFOMMFHBSMPTQSPEVDUPT
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
6OFKFNQMPEFFMMPFTTJFOJOWJFSOPDPNQJUFOMPTQSPEVD
UPTEF-B1MBUBZ4BOUB'FQBSBMBFOUSBEBBMPTNFSDBEPTEF
#VFOPT"JSFTFTQPTJCMFRVFFMCBMBODFFDPOØNJDPTFBNÈT
GBWPSBCMFQBSB-B1MBUBUFOJFOEPFODVFOUBRVFMPTDPTUPTEF
QSPEVDDJØOTPOTJNJMBSFTQFSP4BOUB'FEFCFUSBOTQPSUBSTVT
QSPEVDUPTBNBZPSEJTUBODJB
$POSFTQFDUPBFTUFQVOUPQPEFNPTDPODMVJSRVF
t1BSBFMNFSDBEPEFMTVSEFOVFTUSPQBÓTEVSBOUFFMWFSBOP
FM7*3$)FTBMUBNFOUFDPNQFUJUJWP
t1BSBMPTNFSDBEPTEF3PTBSJP.FOEP[B.BSEFM1MBUBZ
MB1MBUBDPMPDBOEPTVTQSPEVDUPTFOTVTSFTQFDUJWPTNFSDBEPT
VCJDBEPTEFOUSPEFMBTQSPQJBTDJVEBEFTDBEBVOPEFFMMPFT
FMNÈTDPNQFUJUJWP
t4JOFNCBSHPFOFMQVOUPBOUFSJPSOPTFDPOTJEFSBOMBT
DPOEJDJPOFTBHSPFDPMØHJDBTRVFIBDFORVFQPSFKFNQMPQBSBWF
SBOPTFBNÈTGBWPSBCMFMBQSPEVDDJØOEFMFDIVHBTEFDBCF[BFO
.BSEFM1MBUBZFOJOWJFSOPFO4BOUB'FP4BOUJBHPEFM&TUFSP
'PSNBEFDPNFSDJBMJ[BDJØOMPTQSPEVDUPSFTRVFQVFEFO
PSHBOJ[BSTFZWFOEFSTVTQSPEVDUPTFOMPTNFSDBEPTUJFOFO
NBZPSQPTJCJMJEBEEFiEFGFOEFSwMPTQSFDJPTBEJDJPOBOEPMB
HBOBODJBEFMPTJOUFSNFEJBSJPT4JOFNCBSHPEFCFEJTQPOFSTF
EFVOBFTUSVDUVSBGVODJPOBMFOTVTFNQSFTBTRVFMFTQFSNJUB
QSPEVDJSZWFOEFS
6OFKFNQMPFTMBEFVOBFNQSFTBGBNJMJBSEPOEFVOPEF
MPTIFSNBOPTQSPEVDFNJFOUSBTRVFFMPUSPDPNFSDJBMJ[B0
MBFTUSVDUVSBEFMBTFNQSFTBT#PMJWJBOBTEFMUFSDFS$JOUVSØO
.FUSPQPMJUBOPEPOEFHFOFSBMNFOUFMBTNVKFSFTDPNFSDJBMJ[BO
FOMPTNFSDBEPT
"RVFMMPTQSPEVDUPSFTRVFWFOEFOTVTQSPEVDUPTFOMBUSBO
RVFSBZEFCFOFTQFSBSBMPTDPNQSBEPSFTDVBOEPMPTQSFDJPT
TPONVZCBKPTZOPFTUÈOVCJDBEPTFOMPTNFKPSFTBDDFTPT
UJFOFONFOPSQPTJCJMJEBEEFWFOEFSTVQSPEVDDJØO
-PTQSPEVDUPSFTEFM$JOUVSØOEF3PTBSJPTPOMPTRVFNÈT
QSFTFODJBUJFOFOFOMPT.FSDBEPT$PODFOUSBEPSFT
3ÏHJNFOMBCPSBMMBTFNQSFTBTRVFEJTQPOFOEFVOSÏHJ
NFOEFNFEJFSÓBTJCJFOUJFOFONFOPSFTHBOBODJBTDVBOEPFM
QSFDJPFTBMUPMPDPNQBSUFODPOFMNFEJFSP
FMQSFDJPNÓOJNP
BMDVBMEFCFOWFOEFSQBSBOPQFSEFSFTNFOPS
1BSUJDVMBSJEBEFTEFMBTFNQSFTBTFTUFQVOUPTFSFmFSFB
RVJÏOFTFMEVF×PEFMBFNQSFTBZTVTJUVBDJØOQBSUJDVMBSQBSB
ÏQPDBTEFQSFDJPTCBKPT
7BNPTBUSBCBKBSDPOVOFKFNQMPZDPOTJEFSBSFNPTVOB
FNQSFTBDPOMBTTJHVJFOUFTDBSBDUFSÓTUJDBT
B&MEVF×PEFMBFNQSFTBFTJONJHSBOUFEFPSJHFO#PMJWJBOP
MBFNQSFTBFTQFRVF×BIBEFMBDVBMNFEJBIBFTUBDVCJFS
UBDPOJOWFSOBEFSPT
ZMBNBOPEFPCSBFTGBNJMJBSDPOHSBO
DBQBDJEBEEFUSBCBKPMMFWBOVOOJWFMEFWJEBNVZBVTUFSPZ
OPQVFEFEBSMFBMBUJFSSBPUSPVTPRVFFMEFMBTQSPEVDDJPOFT
JOUFOTJWBT
&OFTUFDBTPFMQSFDJPNÓOJNPBMDVBMEFCFSÓBWFOEFS
QBSBDVCSJSBMHVOPTDPTUPTPQFSBUJWPTZQPEFSWJWJSFTEF
BQSPYJNBEBNFOUFMBFYQMJDBDJØOFTMBTJHVJFOUFB
DPO
BQSPYJNBEBNFOUFDBKØODVCSFOMPTDPTUPTEFQSPEVDDJØO
BHSPRVÓNJDPTBHVBDPNCVTUJCMFDVPUBEFBMRVJMFSFOFSHÓB
FUD
OPJODMVZFMBNBOPEFPCSBQPSRVFMBNJTNBFTGBNJMJBS
UBNQPDPMBTSFQBSBDJPOFTZMBTBNPSUJ[BDJPOFTC
BQSPYJNB
EBNFOUFFTFMJOHSFTPRVFEFCFSÓBUFOFSQBSBDVCSJSTVT
OFDFTJEBEFTCÈTJDBTUFOJFOEPFODVFOUBMBBVTUFSJEBERVF
DBSBDUFSJ[BBFTUBDPNVOJEBE
TPCSFVOBCBTFEFCVM
UPTWFOEJEPTQPSNFT&OFTUBTDPOEJDJPOFTQVFEFTPTUFOFSTF
FDPOØNJDBNFOUFEVSBOUFNVDIPUJFNQPIBTUBRVFVOQSFDJP
GBWPSBCMFMFTQFSNJUBJOHSFTPTTVmDJFOUFTQBSBIBDFSSFQBSBDJP
OFTNBRVJOBSJBTQMÈTUJDPQBSBMBTSFQBSBDJPOFTFUD
ZBIPSSBS
QBSBTFHVJSJOWJSUJFOEPFOTVFNQSFTB
C&MEVF×PFTBSHFOUJOPEFTDFOEJFOUFEFJUBMJBOPFTQB×PM
PQPSUVHVÏTMBFNQSFTBFTNÈTHSBOEFDPOEFQFOEFODJBEF
NBOPEFPCSBBTBMBSJBEBDPOVODPTUPEFWJEBGBNJMJBSNBZPS
RVFFOFMDBTPBOUFSJPSFMQSFDJPNÓOJNPBMDVBMEFCFSÓBWFOEFS
TVDBKØOEFMFDIVHBFTEFZOPQPESÓBWFOEFSQPSNVDIP
UJFNQPQPSEFCBKPEFFTUFQSFDJP
&TUBDMBSPRVFMBTEJGFSFODJBTFOUSFBNCBTFNQSFTBTTPONVZ
JNQPSUBOUFT%BEPMBBVUPFYQMPUBDJØOZFMBIPSSPEFMQSPEVDUPS
#PMJWJBOPQVFEFWJWJSZQSPHSFTBSBVOQSFDJPEFWFOUBDPOFM
RVFFMPUSPQSPEVDUPSOPQPESÓBTPTUFOFSTF
1PMPTEFEFTBSSPMMPDVBOEPTFHFOFSBVOQPMPEFEFTB
SSPMMPDPNPPDVSSFFO-B1MBUBNBZPSFTTPOMBTQPTJCJMJEBEFT
EFWFOEFSTVTQSPEVDUPTMPTUSBOTQPSUJTUBTEFMBTEJTUJOUBT
SFHJPOFTTFEJSJHFOBFTUPTiQPMPTEFEFTBSSPMMPwZDPOTJHVFO
NÈTWBSJFEBEEFQSPEVDUPTQBSBUSBOTQPSUBOBMJOUFSJPS
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
$VBOEPMPTQSFDJPTEFMBTIPSUBMJ[BTEFVOB[POBTPONVZ
CBKPTUPNFNPTDPNPFKFNQMPB3PTBSJPBMPTUSBOTQPSUJTUBT
PDPOTJHOBUBSJPTQPSDVFTUJPOFTFDPOØNJDBTOPMFTDPOWJFOF
WJBKBSBMB[POBEF-B1MBUBTJOFNCBSHPMPTJHVFOIBDJFOEP
QBSBNBOUFOFSFMWÓODVMPDPNFSDJBMZQPEFSEJTQPOFSEFMB
QSPEVDDJØODVBOEPMPTQSFDJPTTPONPEFSBEPTPBMUPT&TUP
BUFOUBDPOUSBMBQSPEVDDJØOMPDBMRVFOPQVFEFWFOEFSTV
QSPEVDDJØODVBMRVJFSBTFBFMQSFDJP
$POEJDJPOFTQBSBMBT#1"EBEPRVFMB#1"TFSÈODPO
EJDJPOFTFYJHJEBTBNFEJBOPQMB[PMBNBZPSDBQBDJEBEQBSB
BDDFEFSBFMMBTFTVOGBDUPSEFDPNQFUJUJWJEBE-BTDPOEJDJPOFT
RVFTPOGBWPSBCMFTBMBT#1"TPO
t-BTSFHJPOFTRVFUFOHBONFKPSFTDPOEJDJPOFTBHSPNF
UFPSPMØHJDBT
t0TJMBTDPOEJDJPOFTBHSPNFUFPSPMØHJDBTOPTPOMBTBEF
DVBEBTMBVUJMJ[BDJØOEFUÏDOJDBTUBMFTDPNPMBQSPEVDDJØO
GPS[BEB
t&MQFSmMEFMPTQSPEVDUPSFTQBSBBEPQUBSSÈQJEBNFOUFMBT
QSÈDUJDBTBEFDVBEBTSFHJTUSPTFUD
&OCBTFBMPTQVOUPTBOUFSJPSFTSFBMJ[BSFNPTVOBOÈMJTJT
EFDBEB;POB
B;POBEF-B1MBUBFTFMQPMPEFEFTBSSPMMPIPSUÓDPMBNÈT
JNQPSUBOUFEFMQBÓT$PODBTJIBEFJOWFSOBEFSPTEFMBT
DVBMFTVOBMUPQPSDFOUBKFTFEFTUJOBOBMBTIPSUBMJ[BTEFIPKBT&M
IFDIPEFRVFMBQSPEVDDJØOTFFODVFOUSBFONBOPTEFQFRVF×BT
FNQSFTBTCPMJWJBOBTDPOMBTQBSUJDVMBSJEBEFTRVFIFNPTWJTUP
FOMPTQVOUPTBOUFSJPSFTFTBMUBNFOUFDPNQFUJUJWB1VFEFO
WFOEFSVOQSPEVDUPEFCVFOBDBMJEBETFOTPSJBMOPPDVSSFMP
NJTNPDPOMBJOPDVJEBE
ZBVOCBKPQSFDJP&MQSPCMFNBFTTV
VCJDBDJØOFOVOBSFHJØOVSCBOBPQFSJVSCBOBDPOEJmDVMUBEFT
QBSBFMDVNQMJNJFOUPEFMBT#1"BVORVFMBDPNVOJEBECPMJ
WJBOBTFEFTUBDBQPSTVDBQBDJEBEQBSBBEPQUBSUFDOPMPHÓBT&M
BVNFOUPEFMBTVQFSmDJFCBKPJOWFSOBEFSPQVFEFMMFWBSBVOB
TVQFSQSPEVDDJØORVFBUFOUFDPOUSBMBNJTNBSFHJØO
C;POBEF3PTBSJPBEJGFSFODJBEFMB[POBBOUFSJPS3PTBSJP
UJFOFBMUPTDPTUPTEFQSPEVDDJØOZDPOPUSBTBMUFSOBUJWBTEF
OFHPDJPTBHSJDVMUVSBHBOBEFSÓBTFSWJDJPTFUD
RVFIBIFDIP
RVFMPTQSPEVDUPSFTEFKFOMBBDUJWJEBE
1BSBMPTRVFTJHVFOFODPOUBDUPDPOMPTNFSDBEPTMBNB
ZPSÓBTFIBOUSBOTGPSNBEPFOJOUSPEVDUPSFTEFQSPEVDUPTEF
PUSBTSFHJPOFTQSJODJQBMNFOUFEF-B1MBUB-PTRVFTJHVFOFO
QSPEVDDJØOTFFODVFOUSBOBGFDUBEPTQPSFTUBJNQPSUBDJØOFO
BMHÞOQFSÓPEPEFMB×PDPOQSFDJPTJOGFSJPSFTBMPTEFTVDPTUP
EFQSPEVDDJØO
-PTNFSDBEPTEF3PTBSJPTFWFOUBNCJÏOBGFDUBEPTEBEPRVF
MPTUSBOTQPSUJTUBTEFMJOUFSJPSUBNCJÏODPNQSBOTVTQSPEVDUPT
FOGPSNBEJSFDUBFOPUSBT[POBTEFQSPEVDDJØO
D;POBEF.BSEFM1MBUBQBSBMPTQSPEVDUPSFTCPMJWJBOPT
RVFWFOEFOTVTQSPEVDUPTFOMPTNFSDBEPTEF.BSEFM1MBUB
PIBDJBFMTVSTFFODVFOUSBODPOVOQBOPSBNBTJNJMBSBMEFMB
1MBUBQFSPTJOMBFTUSVDUVSBEFJOWFSOBEFSPTDPORVFDVFOUB
FTUBÞMUJNB-PTQSPEVDUPSFTUSBEJDJPOBMFTFTUÈOEFEJDÈOEPTFB
DVMUJWPTRVFSFRVJFSFONFOPSNBOPEFPCSB[BOBIPSJBQBQB
DFCPMMBDIPDMPPMFDIVHBEFDBCF[B
E;POBEFMB$PTUBEF4BOUB'FMBDPNQFUJUJWJEBEEFMB
MFDIVHBEFDBCF[BEVSBOUFFMJOWJFSOPDPOEFTUJOPBMNFSDBEP
EF#VFOPT"JSFTFTJODJFSUP$POFMDSFDJNJFOUPEFMPTJOWFSOB
EFSPTFO#VFOPT"JSFTZMBJOUSPEVDDJØOEFFTUFDVMUJWPDPOFTUB
UFDOPMPHÓBQFSNJUFTVQPOFSRVFFOMBTBDUVBMFTDPOEJDJPOFTOP
TFSÈUBSFBGÈDJMDPNQFUJSDPOFTUB[POBEBEPMBBMUBDBMJEBEZ
MBDFSDBOÓBBMPTNFSDBEPTEFMB[POBEF-B1MBUB
F;POBEF.FOEP[BFTVOBFYDFMFOUF[POBBHSPFDPMØHJ
DBDPOCBKPTDPTUPTEFQSPEVDDJØOZQPTJCJMJEBEFTEFWFOEFS
EVSBOUFUPEPFMB×PBVONFSDBEPDPOTVNJEPSEFNÈTEF
NJMMPOFTEFIBCJUBOUFT-BQSPEVDDJØOQBSBMB[POBEF#VFOPT
"JSFTEVSBOUFFMPUP×PZMBWFOUBBMSFTUPEFMQBÓTUJFOFVO
GVUVSPJODJFSUP
E;POBEFM7*3$)FTVODMJNBBEFDVBEPQBSBMBQSPEVDDJØO
EFWFSBOPDPOFMBCBTUFDJNJFOUPEFVONFSDBEPDBVUJWPEFNÈT
EFIBCJUBOUFT-BQSFTFODJBEFCPMJWJBOPTMFEBTVDB
SBDUFSÓTUJDBFTQFDJBMZMBUSBOTGPSNBFOVOBSFHJØODPOQPUFODJBM
FOCBTFBMBJOUFOTJmDBDJØOEFMBQSPEVDDJØOZFMBMBSHBNJFOUP
EFMPTDJDMPTEFQSPEVDDJØODPOTJTUFNBTGPS[BEPT
4JUVBDJ¯OEFMB$BEFOB)PSU©DPMB
#JCMJPHSBG©B
"QBSJDJP4
i5SBCBKPTZUSBCBKBEPSFTFOFMTFDUPSBHSPQFDVBSJPEFMB
"SHFOUJOBw&O&MDBNQPBSHFOUJOPFOMBFODSVDJKBEB&TUSBUFHJBTZSFTJTUFODJBT
TPDJBMFTFDPTFOMBDJVEBE/PSNB(JBSSBDBZ.JHVFM5FVCBMDPPSEJOBEPSFT
#VFOPT"JSFT"MJBO[B&EJUPSJBM1Q
"SDIFOUJ"3JOHVFMFU34BMWB.
i-PTQSPDFTPTEFEJGFSFODJBDJØOFO
MPTQSPEVDUPSFTIPSUÓDPMBTEF-B1MBUBw&5/*"/0MBWBSJB&OF%JD
"SDIFUUJ&Z4UÚMFO,
i&YQMPUBDJØOGBNJMJBSZBDVNVMBDJØOEFDBQJUBM
FOFMDBNQPBSHFOUJOPw#VFOPT"JSFT4JHMP99*1Q
#BSTLZ"
i-BCPMJWJBOJ[BDJØOEFMBIPSUJDVMUVSBZMPTJOTUSVNFOUPT
EFJOUFSWFODJØOUFSSJUPSJBMFOFMQFSJVSCBOPEF#VFOPT"JSFT"OÈMJTJTEF
MBFYQFSJFODJBEFJNQMFNFOUBDJØOEFVOQSPHSBNBEFiCVFOBTQSÈDUJDBT
BHSPQFDVBSJBTwFOFMQBSUJEPEF1JMBSw"DUBTEFM9$PMPRVJP*OUFSOBDJPOBM
EF(FPDSÓUJDB6OJWFSTJEBEEF#BSDFMPOBEFNBZPEF%JTQPOJCMF
FOIUUQXXXVCFTHFPDSJUYDPMIUN
%J5FMMB5
i.PWJMJEBE4PDJBMw&O5PSDVBUP4%J5FMMBFUBM%JDDJPOBSJP
EFDJFODJBTTPDJBMFTZQPMÓUJDBT#VFOPT"JSFT&EJUPSJBM1MBOFUB
(BSDÓB.
i1SPDFTPEFDBQJUBMJ[BDJØOEFDBNQFTJOPT&MDBTPEFMPT
IPSUJDVMUPSFTCPMJWJBOPTEF-B1MBUBw&OMBT7*+PSOBEBT*OUFSEJTDJQMJOBSJBT
EF&TUVEJPT"HSBSJPTZ"HSPJOEVTUSJBMFTZEF/PWJFNCSFEF
'BDVMUBEEF$JFODJBT&DPOØNJDBT6#"
*44/
(BSDÓB.Z-F(BMM+
i3FFTUSVDUVSBDJPOFTFOMBIPSUJDVMUVSBEFM
".#"UJFNQPTEFCPMJWJBOPw&O*7$POHSFTP"SHFOUJOPZ-BUJOPBNFSJDBOP
EF"OUSPQPMPHÓB3VSBM0SHBOJ[BEPQPS/"%"3ZFM*/5"ZEF.BS[P
EF)PUFMEF+VMJP.BSEFM1MBUB#VFOPT"JSFT
(BSDÓB.-F(BMM+.JFSF[-
i$PNFSDJBMJ[BDJØOUSBEJDJPOBMEF
IPSUBMJ[BTEFMBSFHJØONFUSPQPMJUBOBCPOBFSFOTF)FSFODJBTEJOÈNJDBTF
JOOPWBDJPOFTEFVOTJTUFNBDPNQMFKPw#PMFUÓO)PSUÓDPMBEFMB'BDVMUBEEF
$JFODJBT"HSBSJBTZ'PSFTUBMFT6/-1
6&&"*/5"(#"Z.JOJTUFSJPEF"TVOUPT
"HSBSJPT1#"
"×P/¡¡FUBQB
%JDJFNCSFEF&OQSFOTB
#FOFODJB3
i*OTFSDJØOEFCPMJWJBOPTFOFMNFSDBEPEFUSBCBKPEFMB
"SHFOUJOBw$POHSFTPEFMB"TPDJBDJØOEF&TUVEJPT-BUJOPBNFSJDBOPT
-"4"
3ÓPEF+BOFJSP#SBTJMEFMBMEFKVOJPEF
(BSDÓB.Z,FCBU$
i5SBOTGPSNBDJPOFTFOMBIPSUJDVMUVSBQMBUFOTF
6OBNJSBEBBUSBWÏTEFMPTDFOTPTw&O3FBMJEBE&DPOØNJDBO*"%&
#VFOPT"JSFT1Q
#FOFODJB3Z2VBSBOUB(
i.FSDBEPTEFUSBCBKPZFDPOPNÓB
EFFODMBWF-BFTDBMFSBCPMJWJBOBFOMBBDUVBMJEBEw&O3FWJTUB&TUVEJPT
.JHSBUPSJPT-BUJOPBNFSJDBOPT/¡$&.-"
(BSDÓB.Z.JFSF[-
i1SPCMFNÈUJDBEFMBNBOPEFPCSBFOMB
IPSUJDVMUVSBQMBUFOTFw&OMBT7+PSOBEBT*OUFSEJTDJQMJOBSJBTEF&TUVEJPT
"HSBSJPTZ"HSPJOEVTUSJBMFTBMEF/PWJFNCSFEF'BDVMUBEEF
$JFODJBT&DPOØNJDBT6#"
#FOFODJB3
i#PMJWJBOJ[BDJØOEFMBIPSUJDVMUVSBFOMB"SHFOUJOB
1SPDFTPTEFNJHSBDJØOUSBTOBDJPOBMZDPOTUSVDDJØOEFUFSSJUPSJPTQSPEVDUJWPTw
&O(SJNTPO"Z+FMJO&DPNQ
.JHSBDJPOFTSFHJPOBMFTIBDJBMB"SHFOUJOB
%JGFSFODJBTEFTJHVBMEBEZEFSFDIPT#VFOPT"JSFT1SPNFUFP-JCSPT
#FOFODJB3Z2VBSBOUB(
i1SPEVDDJØOUSBCBKPZOBDJPOBMJEBE
DPOmHVSBDJPOFTUFSSJUPSJBMFTEFMBQSPEVDDJØOIPSUÓDPMBEFMDJOUVSØOWFSEF
CPOBFSFOTFw3FWJTUB*OUFSEJTDJQMJOBSJBEF&TUVEJPT"HSBSJPT1*&"
1Q
#FOFODJB3Z2VBSBOUB(
i3FFTUSVDUVSBDJØOZDPOUSBUPTEFNFEJFSÓB
FOQSPEVDDJPOFTBHSPQFDVBSJBTEFMBSFHJØO1BNQFBOBBSHFOUJOBw&O3FWJTUB
&VSPQFBEF&TUVEJPT-BUJOPBNFSJDBOPTZEFM$BSJCF&VSPQFBO3FWJFXPG-BUJO
"NFSJDBOBOE$BSJCCFBO4UVEJFT$&%-""NTUFSEBNBCSJM
,SBTFS.Z0DLJFS$
i&MDJSDVJUPFDPOØNJDPIPSUÓDPMBFONBOPT
EFMBDPNVOJEBECPMJWJBOB%FMBQSÈDUJDBEFTVCTJTUFODJBBMBBHSJDVMUVSB
DPNFSDJBMw&O7+PSOBEBTEF*OWFTUJHBDJØOZ%FCBUFi5SBCBKPQSPQJFEBE
ZUFDOPMPHÓBFOFMNVOEPSVSBMBSHFOUJOPw)PNFOBKFBM1SPGFTPS.JHVFM
.VSNJTBMEFBCSJM6/2VJ#FSOBM#VFOPT"JSFT
-FOJO7
&MEFTBSSPMMPEFMDBQJUBMJTNPFO3VTJB&MQSPDFTPEFMB
GPSNBDJØOEFMNFSDBEPJOUFSJPSQBSBMBHSBOJOEVTUSJB&EJDJPOFT&TUVEJP
#VFOPT"JSFT
-MBNCÓ-
i-BTVOJEBEFTEFQSPEVDDJØODBNQFTJOBFOVOJOUFOUPEF
UFPSJ[BDJØOw&O&TUVEJPT3VSBMFT-BUJOPBNFSJDBOPT$PMPNCJB
.BZ"HP
W
1Q
#FOFODJB3
i&MDPODFQUPEFNPWJMJEBETPDJBMFOMPTFTUVEJPTSVSBMFTw
&O(JBSSBDB/DPPSE
&TUVEJPT3VSBMFT5FPSÓBTQSPCMFNBTZFTUSBUFHJBT
NFUPEPMØHJDBT&EJUPSJBM-B$PMNFOB1Q
.BSY,
i&M$BQJUBMw5PNP*7PM#VFOPT"JSFT4JHMP99*
$BSSBTDP$BSQJP$
i.FSDBEPTEFUSBCBKPMPTJONJHSBOUFT
FDPOØNJDPTw.JOJTUFSJPEF5SBCBKPZ"TVOUPT4PDJBMFT*.4&340$PMFDDJØO
0CTFSWBUPSJP1FSNBOFOUFEFMB*ONJHSBDJØOO.BESJE
.BTDBMJ)
i5SBCBKPZDJDMPEPNÏTUJDPFOMBTFYQMPUBDJPOFTGBNJMJBSFTw
3VSBMJB/'-"$40"SH#VFOPT"JSFT1Q
$BTUSP"OUPOJPZ-FTTB$BSMPT
*OUSPEVDDJØOBMBFDPOPNÓBVOFOGPRVF
FTUSVDUVSBMJTUB4JHMP99*&EJUPSFT7JHÏTJNPDVBSUBFEJDJØOQQ
$FOTP)PSUJnPSÓDPMBEF#VFOPT"JSFT$)'#"}
.JOJTUFSJPEF"TVOUPT
"HSBSJPTZ.JOJTUFSJPEF&DPOPNÓBEFMB1SPWEF#VFOPT"JSFTQQ
$IBZBOPW"
i-BPSHBOJ[BDJØOEFMBVOJEBEFDPOØNJDBDBNQFTJOBw
#VFOPT"JSFT/VFWB7JTJØO0SJHJOBMEF
1Q
.VSNJT.
i5JQPMPHÓBEFQFRVF×PTQSPEVDUPSFTDBNQFTJOPTFO
"NÏSJDBw&O3VSBMJB/¡'-"$40"SH#VFOPT"JSFT1Q
1BDIBOP4
i$BQJUBMJ[BDJØOEFDBNQFTJOPTPSHBOJ[BDJØOZ
FTUSBUFHJBTw&O#BSTLZZPUSPT&DVBEPSDBNCJPTFOFMBHSPTFSSBOP2VJUP
'-"$40$FQMBFT1Q
1B[3BÞM
i"HSJDVMUVSBGBNJMJBSZDJFODJBTBHSBSJBT{VOQBSBEJHNB
FODSJTJT w3FWJTUB"SHFOUJOBEF)VNBOJEBEFTZ$JFODJBT4PDJBMFT7PMVNFO
O%JTQPOJCMFFOIUUQXXXTBJDPNBSNFUPEPMPHJBSBIZDTSBIZDT@
W@O@IUN
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
3JOHVFMFU3"SDIFOUJ"4BMWB."UUBEFNP4
i5JFNQPEF
NFEJBOFSPw3FWJTUB$VFTUJPOFT"HSBSJBT3FHJPOBMFT/¡4FSJF&TUVEJPTF
*OWFTUJHBDJPOFTEFMB'BDVMUBEEF)VNBOJEBEFTZ$JFODJBTEFMB&EVDBDJØO
6/-1#VFOPT"JSFT
4BTTPOF4
i&MFOGPRVFDVMUVSBMFO(FPHSBGÓB/VFWBBQSPYJNBDJØO
UFØSJDPNFUPEPMØHJDBQBSBFMFTUVEJPEFMBTNJHSBDJPOFTJOUFSOBDJPOBMFTw
4FNJOBSJP-BNJHSBDJØOJOUFSOBDJPOBMFO"NÏSJDB-BUJOBFOFMOVFWPNJMFOJP
6#"ZEFOPWJFNCSF
*OUSPEVDDJØO
»QUJDBUSBEJDJPOBMZFOGPRVFNPEFSOP
-BPSHBOJ[BDJØOFNQSFTBSJBM0SHBOJ[BDJØOEFMBFNQSFTB7JTJØO.JTJØO7BMPSFT
'VODJØOEFMHFSFODJBNJFOUP
.PUJWBDJØO
3FTJTUFODJBBMDBNCJP
$PODFQUPTTPCSFDBMJEBE
2VÏFTMBDBMJEBE
-BHFTUJØOEFMBDBMJEBE
&MFOGPRVFTJTUÏNJDPZEFQSPDFTPT
&MDPODFQUPEFTJTUFNBZQSPDFTPBQMJDBDJØOBMBQFRVF×BFNQSFTB
$BEFOBBHSPBMJNFOUBSJBZDBEFOBEFWBMPS
$POGPSNBDJØOZHFTUJØOEFFRVJQPTFmDBDFT
-BOFDFTJEBEEFM-JEFSB[HP
-PTDPTUPTEFMBDBMJEBEZEFMBOPDBMJEBE
$PNQFUJUJWJEBEBUSBWÏTEFMEFTBSSPMMPEFTJTUFNBTEFHFTUJØOEFMBDBMJEBE
-BT#VFOBT1SÈDUJDBT"HSÓDPMBTFOHFOFSBMZFOQBSUJDVMBSQBSBMBTIPSUBMJ[BTEFIPKBT #VFOBT1SÈDUJDBT"HSÓDPMBT1SPUPDPMPT*OUFSOBDJPOBMFT
#1"TFHÞOMB'"0%FmOJDJØOZWJTJØOEFMB'"0
#1"DPNPFTUSBUFHJBEFEFTBSSPMMPJOUFHSBMQBSBMB"HSJDVMUVSB'BNJMJBS
%FmOJDJØOZWJTJØO
1SPHSBNBTEF#VFOBT1SÈDUJDBT"HSÓDPMBTQBSBMBQFRVF×BBHSJDVMUVSBGBNJMJBS
$VÈOUPDVFTUBIBDFS#1"FO)PSUBMJ[BTEFIPKBTRVJÏOQBHBFMEJGFSFODJBM
"TQFDUPTRVFIBDFOBMBNFKPSBEFMBTFHVSJEBEBMJNFOUBSJBZEFMBDBMJEBE
USB[BCJMJEBEUJQJmDBDJØONBSDBFOWBTFFUJRVFUBFUD
#JCMJPHSBGÓB
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
*OUSPEVDDJ¯O
&OMBÞMUJNBEÏDBEB"SHFOUJOBBMDBO[ØFMPDUBWP
BWP
MVHBSDPNPQSPEVDUPSNVOEJBMEFBMJNFOUPTZFM
MV
ZFM
RVJOUPDPNPFYQPSUBEPS&TUBQPTJDJØOEFMJEFSB[HP
J
HP
UJFOFVOBGVFSUFUFOEFODJBBDPOTPMJEBSTFFOMPTQSØYJNPT
PT
B×PTZBTPTUFOFSTFFOFMUJFNQPQFSPQBSBFMMPFTOFDFTBSJP
P
FMNBOFKPEFOVFWPTQBSBEJHNBT
-BQSPEVDDJØOEFBMJNFOUPTEFDBMJEBEDPOEFTUJOPB
NFSDBEPJOUFSOPZFYUFSOPFTEFBMUBQSJPSJEBEZFTMPRVFFM
DPOTVNJEPSEFNBOEB-PRVFIBTUBIBDFVOPTB×PTBMHVOPT
QFOTBCBORVFFSBVOBNPEBQBTBKFSBQPSMBQSFTJØOEFVOB
iSFBMJEBEHMPCBMJ[BEBwIBQBTBEPBTFSJNQFSBUJWPQBSB
MBTVQFSWJWFODJB
&MFOGPRVFNPEFSOP
EFMBTFNQSFTBTFTQVFSUBTIBDJB
BGVFSBGPDBMJ[BOEPMBBUFODJØOBM
DMJFOUFFOVONFSDBEPEJOÈNJDP
DPOVOBJNQPSUBOUFWBMPSJ[BDJØOEF
MPTSFDVSTPTIVNBOPT
EP
&MDPODFQUPEFMPRVFTFFOUJFOEFQPSDBMJEBEIBTJEP
EFTBSSPMMBEPQPSVOBTFSJFEFQFOTBEPSFTZiIBDFEPSFTwOPUB
UB
CMFTRVFTFBUSFWJFSPOBEFTBmBSVOBTFSJFEFQBSBEJHNBTNVZ
NVZ
BSSBJHBEPTFOUPEPTMPTÈNCJUPTFTUPTQBSBEJHNBTTPO
t-PTVTVBSJPTPDMJFOUFTQBSBRVJFOFTMPiCVFOPwFSBFYUSF
SF
NBEBNFOUFDBSPGSFDVFOUFNFOUFQSPIJCJUJWP&TDPNÞO
ÞO
FOFMÈNCJUPEFMBEJTUSJCVDJØODPOTJEFSBSRVFTJVOQSPEVDUP
DUP
FTDBSPBVORVFTFBNVZCVFOPFMDPOTVNJEPSOPMPWBMPSBSÈ
SÈ
4JOFNCBSHPFTTPSQSFOEFOUFDPNPMPTDPOTVNJEPSFTWBMPSBO
SBO
ZFTUÈOEJTQVFTUPBQBHBSNFKPSMPTQSPEVDUPTEFDBMJEBEBÞO
ÞO
BRVFMMPTDPOTVNJEPSFTDPONFOPSQPEFSBERVJTJUJWP
t-BTFNQSFTBTPFMFTUBEPTPOMPTRVFEFmOFOMBTDBSBD
UFSÓTUJDBTEFQSPEVDUPTPTFSWJDJPTEFTEFTVQFSTQFDUJWBFO
GPSNBFYDMVZFOUF)BZRVFUFOFSFODVFOUBRVFMBDBMJEBEMB
EFmOFFMDMJFOUFZOPRVJFOQSPEVDFFMQSPEVDUP
t-BHFTUJØOFNQSFTBSJBMTFPSJFOUBCBIBDJBVOFOGPRVF
NFSBNFOUFNFDBOJDJTUBZBTJTUÏNJDPEFMBTPSHBOJ[BDJPOFT
)PZQBSBMPHSBSRVFVOBQMBOUBEFMFDIVHBMMFHVFBMQMBUPEFM
DPOTVNJEPSDPODBMJEBEFTOFDFTBSJPVOUSBCBKPTJTUÏNJDPEF
UPEBMBDBEFOBQSJODJQBMNFOUFQPOJFOEPGPDPFOMPTSFDVSTPT
IVNBOPT
QUJDBUSBEJDJPOBMZFOGPRVFNPEFSOP
&OFMDVBESPQÈHJOB
TFDPNQBSBOMBTJEFBTEFTEF
VOBØQUJDBUSBEJDJPOBMZVOFOGPRVFNPEFSOPFOFMNBSDP
EFMBHFTUJØOEFMBDBMJEBEEFMBTPSHBOJ[BDJPOFT
-BPSHBOJ[BDJ¯OFNQSFTBSJBM
„ 0SHBOJ[BDJØOEFMBFNQSFTB
7JTJØO.JTJØO7BMPSFT
%FTEFMB(FTUJØOEF$BMJEBEOPTPMPOPTJOUFSFTBMBDBMJEBE
FOTFOUJEPFTUSJDUPEFMQSPEVDUPPEFMTFSWJDJPPGSFDJEPTJOP
GVOEBNFOUBMNFOUFMBDBMJEBEEFQSPDFTPFTEFDJSRVFMBTDB
SBDUFSÓTUJDBTEFMQSPEVDUPPTFSWJDJPPCUFOJEPFTMBDPOTFDVFODJB
PSFTVMUBOUFEFUPEPFMQSPDFTPEFQSPEVDDJØOEFMNJTNP
7JTUPEFFTUBNBOFSBMBDBMJEBEEFMQSPEVDUPPTFSWJDJP
RVFTFPGSFDFBMNFSDBEPOPTPMPFTSFTQPOTBCJMJEBEEFMWFO
EFEPSTJOPRVFFTEFUPEPTMPTJOUFHSBOUFTEFMBFYQMPUBDJØO
ZOBDFEFTEFMBQMBOJmDBDJØOEFMPTMPUFTEFMPTNÏUPEPTEF
QSPEVDDJØOEFMBDBMJEBEEFMPTJOTVNPTVUJMJ[BEPTEFMBQPZP
FYUFSOPFUD
5PEPTMPTTFDUPSFTFTUÈOJOWPMVDSBEPTEFGPSNBEJSFDUBP
JOEJSFDUBUPEPTTPOSFTQPOTBCMFTZQPSMPUBOUPUPEPTTPOQBSUÓ
DJQFTEFMÏYJUPPGSBDBTPRVFTFUFOHBFOBMDBO[BSMPTPCKFUJWPT
EFMBFNQSFTBJOEFQFOEJFOUFNFOUFEFTVUBNB×P
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
%FTEFFTUBQPTJDJØOTJFNQSFRVFTFIBCMFEFDBMJEBE
UFOFNPTRVFIBCMBSEF(FTUJØOEFMBNJTNBZFOUBMTFOUJEP
UFOFNPTRVFUSBCBKBSTPCSFMB%JSFDDJØOEFMB&NQSFTB&OMB
mHVSBTJHVJFOUFTFNVFTUSBDØNPTFPSHBOJ[BVOBFNQSFTBMB
RVFFYQMJDBSFNPTDPOEFUBMMFT
1BSBUPEPFNQSFOEJNJFOUPJOEFQFOEJFOUFNFOUFEFTV
OBUVSBMF[BEFCFNPTDPNFO[BSQPSUFOFSVOB7JTJØODMBSBEF
BEPOEFTFQSFUFOEFMMFHBS
&OMBTFNQSFTBTVOJQFSTPOBMFTMBWJTJØOTFNF[DMBDPOMB
WPDBDJØOQFSTPOBMEFMEVF×PDPOTVTiPCKFUJWPTEFWJEBwZ
BMDBO[BSMBWJTJØOEFMBFNQSFTBJOWPMVDSBPMMFWBJNQMÓDJUPMB
QSPQJBSFBMJ[BDJØODPNPQFSTPOB
-BWJTJØOEFVOBFNQSFTBEFCFTFSFOVODJBEBQPSMPTEVF×PT
MPTBTFTPSFTQVFEFOZEFCFOBZVEBSBRVFMBNJTNBTFEFmOB
QFSPOPQVFEFOIBDFSMPFOSFFNQMB[PEFFMMPT
&TUFDPODFQUPBTÓFYQSFTBEPFTBQMJDBCMFBUPEPUJQPEF
PSHBOJ[BDJØOQFSTPOBMPTPDJFUBSJBHSBOEFPDIJDBDPOPTJO
mOEFMVDSP3FTQPOEFBMBQSFHVOUB{$ØNPWFPRVFWBBTFS
NJFNQSFTBEFOUSPEFB×PT
/PFYJTUFVOBWJTJØODPSSFDUBPJODPSSFDUBEBEPRVFMB
NJTNBFTMBFYQSFTJØOQFSTPOBMEFVOGVUVSPEFTFBEP"NPEP
EFFKFNQMPFYQPOFNPTWJTJPOFT
BQBSBVOQSPEVDUPSTVWJTJØOFTMBEFQPTFFSVOBRVJOUB
EFIBDPOQSPEVDDJØOUPUBMCBKPJOWFSOBEFSPTEJWFSTJmDBEP
RVFMFTQFSNJUBWJWJSDØNPEBNFOUFDPOTVGBNJMJBFOGPSNB
FRVJMJCSBEBZTVTUFOUBCMF
CQBSBPUSPQSPEVDUPSTFWFDPNPVOQSPEVDUPSJOUFHSBEP
IBDJBMBDPNFSDJBMJ[BDJØOEPOEFWFOEFMPTQSPEVDUPTZMPTEFTVT
DPMFHBTFOTVQFSNFSDBEPTTFWFDPNPVOBFNQSFTBPSHBOJ[BEB
ZOÞNFSPVOPFOQSPEVDDJØOZDPNFSDJBMJ[BDJØO
-BTEPTWJTJPOFTFTUÈOCJFOFOMBNFEJEBRVFFTUÏODMBSBT
ZUSBCBKFOFOGVODJØOBFTUPTSFRVFSJNJFOUPT
t7JTJØOMBEFmOJNPTDPNPi*NBHFOJEFBMEFFNQSFTB
IBDJBMBDVBMEFTFBFWPMVDJPOBSVOBPSHBOJ[BDJØOwJN
QMJDBFMDMBSJmDBSZEFmOJSEFTEFMBEJSFDDJØOFTUSBUÏHJDBIBDJB
EPOEFTFRVJFSFEJSJHJSFMEFTUJOPEFMBFNQSFTBZFTUBWJTJØO
USBTMBEBSMBBUPEPTMPTNJFNCSPTEFMBPSHBOJ[BDJØOEFGPSNB
UBMEFMPHSBSFMBMJOFBNJFOUPFOQPTEFMNJTNP
-BWJTJØOEFCFTFSFOVODJBEBFOGPSNBDMBSBUFOJFOEPFO
DVFOUBMPTTJHVJFOUFTFMFNFOUPTRVFMBDBSBDUFSJ[BO
t4FSVOJEFBMEFFYDFMFODJB
t4FSGBDUJCMF
t5FOFSVONBSDBEPQPEFSJOTQJSBEPS
t&TGPSNVMBEBQPSMBEJSFDDJØOZDPNQBSUJEBQPSUPEPT
t&TUBSFYQSFTBEBFOUÏSNJOPTDVBMJUBUJWPT
t&TMBFMFHJEBFOUSFPUSBTBMUFSOBUJWBTQPTJCMFT
/PUFOFSWJTJØOFTDPNPFTUBSFOMBNJUBEEFMNBSZOPTBCFS
IBDJBRVFQVFSUPOBWFHBS.BMQPEFNPTMMFHBSBVOCVFOQVFSUP
TJOPMPUFOFNPTFOOVFTUSPTQMBOFT
6OBWF[FTUBCMFDJEPFMEFTUJOPEFMBFNQSFTBPTFBMBWJTJØO
EFMBNJTNBUFOFNPTRVFWFSDVBMFTTV.JTJØO
t.JTJØO iEFmOFFMQSPQØTJUPDPODSFUPRVFMB0S
HBOJ[BDJØODVNQMFFOFMNFSDBEPwFTUBCMFDJFOEPDPO
DMBSJEBERVÏWBMPSMBNJTNBQSPWFFBTVTDMJFOUFTBUSBWÏTEF
TVTQSPEVDUPTZTFSWJDJPT
&OTVDPOKVOUPMPTDPNQPOFOUFTEFMB.JTJØOSFTQPOEFOB
MBTQSFHVOUBTDMBWFTDPNP
t{$VÈMFTOVFTUSBSB[ØOEFTFS t{$VBMFTOVFTUSPOFHPDJP
t{"RVÏOPTEFEJDBNPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-B.JTJØOEFUPEBFNQSFTBHSBOEFPQFRVF×BFTMBEF
TBUJTGBDFSEFUFSNJOBEBTOFDFTJEBEFTPEFTFPTEFDJFSUPTHSVQPT
EFQFSTPOBTDPOTVNJEPSFTPDMJFOUFT
RVFFODPOKVOUPGPSNBO
TVTNFSDBEPT&TJNQPSUBOUFUFOFSFODVFOUBRVFQBSBRVFVOB
FNQSFTBHFOFSFCFOFmDJPTFTOFDFTBSJPRVFFOQSJNFSMVHBS
WFOEBMPTQSPEVDUPTPTFSWJDJPTRVFPGSFDFZRVFQBSBFMMPFT
OFDFTBSJPRVFUFOHBDMJFOUFT
"MFOVODJBSMB.JTJØOTFEFCFOUFOFSFODVFOUBMPTTJHVJFOUFT
QVOUPT
t-BOFDFTJEBERVFMBPSHBOJ[BDJØOTBUJTGBDFFKFNQMPQSPEV
DJSIPSUBMJ[BTFOVONFSDBEPEFNBOEBOUFPTFSVODPOTJHOBUBSJP
ZDVNQMJSDPOFMMPVOSPMFOMBEJTUSJCVDJØO
t-PTDMJFOUFTBMPTDVBMFTTFEJSJHFNFEJSJKPBWFSEVMFSÓBT
TVQFSNFSDBEPTPUSBOTQPSUJTUBT
t$PNPQSPDFEFSÈQBSBBUFOEFSBEJDIPTDMJFOUFTBCBTUF[DP
BUSBWÏTEFNJQSPEVDDJØOQSPQJBPMPIBHPBUSBWÏTEFMBEF
UFSDFSPTBDPQJBOEPZBDPOEJDJPOBOEPMBNJTNB
t "RVÏQSPEVDUPTZTFSWJDJPTTFEFEJDB{NFEFEJDPB
UPNBUFPMFDIVHBFOUSFHPFOUSBORVFSBPMMFWPBMBDBTBEFM
DPOTVNJEPS
t %FCFUFOFSBMHÞOBTQFDUPRVFMBIBHBQBSUJDVMBSZMB
EJTUJOHBEFPUSBT{FTFMTFSWJDJPMPTQSFDJPTMBJOUFHSBDJØO
DBMJEBEMBDPOUJOVJEBE
&OMBDSFBDJØOEFVOBFNQSFTBMB.JTJØOEFCFPSJFOUBSTF
DPNPMBGPSNBEFDPODSFUBSMB7JTJØOQSFUFOEJEB4JMBFNQSFTB
ZBFYJTUFZFTUÈJOTFSUBFOFMNFEJPFTQPTJCMFRVFUFOHBRVF
FOVODJBSTFQSJNFSPMB.JTJØOMBDVBMEFIFDIPZBFYJTUF
Z
MVFHPFOCBTFBÏTUBEFmOJSMB7JTJØODPNPSFPSJFOUBEPSBEFM
EFTUJOPEFMBFNQSFTB
t7BMPSFTDVBOEPTFFTUBCMFDFOMB7JTJØOZMB.JTJØOTF
MPIBDFTVTUFOUBEPFO7BMPSFTFTUPTTFQVFEFOEFmOJSDPNP
i6ODPOKVOUPEFQSJODJQJPTGVOEBNFOUBMFTRVFEFCFOTFS
PCTFSWBEPTFOMBTSFMBDJPOFTZPQFSBDJPOFTEFMBPSHBOJ
[BDJØOw8&%FNJOH
&TMBDPOEVDUBRVFEFCFPCTFSWBSMB
0SHBOJ[BDJØOFOTVDBNJOPQBSBBMDBO[BSMB7JTJØO
-PTWBMPSFTBUSBWJFTBOUPEBMBPSHBOJ[BDJØOZDVBOEPNÈT
QFRVF×BFTMBFNQSFTBMBJOnVFODJBEFMPTWBMPSFTEFMEVF×P
NÈTTFTVQFSQPOFDPOMPTEFMSFTUPBUBMQVOUPEFDPJODJEJS
UPUBMNFOUFFOMBTVOJQFSTPOBMFT
-BJOUFOTJEBEDPORVFMB7JTJØO.JTJØOZMPT7BMPSFTEFM
EVF×PPEJSFDUJWPT
TFBOBEPQUBEPTQPSUPEPTMPTNJFNCSPT
EFQFOEFEFMHSBEPEFMJEFSB[HPRVFMPTNJTNPTQPTFBOEFMPT
EFQF
DBOBMFTEFDPNVOJDBDJØOJOUFSOPTFYJTUFOUFTZEFMPTNFDBOJT
DBOBM
NPTQVFTUPTFOQSÈDUJDBQBSBMPHSBSMP
NPTQ
QBSÈNFUSPTSFDUPSFT
"NFOVEPMBHFOUFTFWFGPS[BEBBFODBSBSTVUSBCBKP
"
DPNPVOBDPNQFUFODJBIJQFSDPNQFUJUJWBEPOEFDBEBVOP
DPNP
CVTDBUSJVOGBSiBQFTBSwEFMPTEFNÈTZEPOEFTJFNQSFIBCSÈ
CVTDB
iHBOBEPSFTwZiQFSEFEPSFTwTJOEBSTFDVFOUBEFRVFBTÓBMB
iHBO
MBSHBUPEPTQJFSEFO
MBSHB
EFMBTBDUJWJEBEFTEFMBNJTNB
QPSMPUBOUPTJCJFOOPTPOBC
TPMVUBNFOUFSÓHJEBTEFCFOTFS
QFOTBEBTQBSBFMMBSHPQMB[P
BB×PT
TFSFTUBCMFTFO
FTUPTMBQTPTEFUJFNQP
&MDVNQMJNJFOUPDPUJEJBOPQPSQBSUFEFMMÓEFSEFMBFNQSFTB
&M
ZEFMPTJOUFHSBOUFTEFMPT7BMPSFTIBSÈOQPTJCMFFMDVNQMJ
ZEF
NJFOUPEFMB.JTJØOEFMB0SHBOJ[BDJØO&TEFGVOEBNFOUBM
NJFOU
JNQPSUBODJB
JNQP
t&MFKFNQMP
t
t-B$PIFSFODJB*OUFSOB
t
5BOUPMB7JTJØO
DPNPMB.JTJØOEFVOB
PSHBOJ[BDJØOTPO
4F
4FHÞO&+BRVFTFOi-B0SHBOJ[BDJØO3FRVFSJEBwFOTFOUJEP
BNQMJPMPTWBMPSFTTPOBRVFMMBTDPTBTRVFTFRVJFSFOBRVFMMP
BNQM
BMPDVBMTFMFDPODFEFQSJPSJEBEMBTDPTBTRVFBUSBFOPQPS
BMP D
MBTDVBMFTTFUSBCBKBSÓBPMVDIBSÓBMBTRVFNBSDBOVOSVNCPP
MBTDV
EFUFSNJOBODVBOUPEFVOPNJTNPJOWFSUJSÓBFOBMHP
EFUFS
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
-PTWBMPSFTTPOWFDUPSFTRVFFYQSFTBOVOBGVFS[BBQMJDBEB
FOVOBEFUFSNJOBEBEJSFDDJØO&OMBTQFSTPOBTEFUFSNJOBOFO
RVFNFEJEBTFDPNQSPNFUFSÈODPOVOEFUFSNJOBEPSPMZDVBM
TFSÈFMHSBEPEFNPUJWBDJØORVFUFOESÈOQBSBTVEFTFNQF×P
„ &KFNQMPEFWBMPSFTHFOÏSJDPT
t&YDFMFODJBFOUFOEJEBDPNPFMDPNQSPNJTPEFIBDFS
TJFNQSFVOQPDPNFKPSMBTDPTBTRVFTFIBDFOIBCJUVBMNFOUF
FTEFDJSMBTVQFSBDJØOQFSNBOFOUFZFOUPEPTFOUJEP
t*OOPWBDJØOZDSFBUJWJEBEFMFTGVFS[PQPSFODPOUSBS
OVFWBTGPSNBTEFIBDFSEFBQSFOEFSEFNBOFSBQFSNBOFOUF
BCVTDBSDBNJOPTEFTDPOPDJEPTFJOOPWBEPSFTDPOJNBHJOBDJØO
ZBVEBDJB
t$POmBO[BBTVNJSSJFTHPTZOPEVEBSEFMBDBQBDJEBEEF
BVUPUSBOTGPSNBDJØOZBQSFOEJ[BKFQPTJUJWP
t%FTBSSPMMPQFSTPOBMEFMPTNJFNCSPTRVFMBPSHB
OJ[BDJØOTFBVOÈNCJUPEFEFTBSSPMMPEFMBTQPUFODJBMJEBEFT
QFSTPOBMFTEFDBEBNJFNCSP
t$BMJEBEDPNPMBQFSNBOFOUFTBUJTGBDDJØOEFMBTOFDF
TJEBEFTEFMPTSFDFQUPSFTEFMPTQSPEVDUPTZTFSWJDJPTEFMB
PSHBOJ[BDJØOBMVNOPTDPNVOJEBEEPDFOUFTFDUPSEFQSPEVDUPT
JOUFOTJWPTDPNVOJEBEFOHFOFSBMZPFTUBEP
t-JEFSB[HPHFOFSBEPSEFMPTDBNJOPTBTFHVJSFOEPDFO
DJBJOWFTUJHBDJØOZEFTBSSPMMPEFOUSPEFVONBSDPEFUSBCBKP
TJTUFNÈUJDPJOUFSEJTDJQMJOBSJPFJOUFSJOTUJUVDJPOBM
t1MVSBMJTNPDPNPFMSFTQFUPBMBTMJCFSUBEFTJOEJWJEVBMFT
ZDPMFDUJWBTBQFOTBSEFGPSNBEJGFSFOUFBMBTDPSSJFOUFTNB
ZPSJUBSJBNFOUFBDFQUBEBTTJFNQSFFOVONBSDPEFUPMFSBODJB
ZSFTQFUPBMCJFODPNÞO
t-FBMUBEmEFMJEBEBVOBDBVTBQSPZFDUPBMPTEFNÈT
NJFNCSPTBMBWJTJØOZNJTJØOEFMBPSHBOJ[BDJØO
t)POFTUJEBEJOUFHSJEBEFOUFOEJEBDPNPMBBDUJUVE
KVTUBmSNFIPOFTUBZSFDUBTPCSFMBRVFTFCBTBOUPEBTMBT
BDDJPOFTEFMBPSHBOJ[BDJØO
t6UJMJEBEUPEBTMBTBDDJPOFTEFMBPSHBOJ[BDJØOEFCFO
SFBMJ[BSTFUFOJFOEPDPNPmOMBTBUJTGBDDJØOEFOFDFTJEBEFT
SFBMFTZDPODSFUBTEFMTFDUPSBMBTDVBMFTWBOEJSJHJEBT
t$PODJFODJBDSÓUJDBNBOJGFTUBEBFOMBDBQBDJEBEEF
BVUPDSÓUJDBZFOMBDPODJFODJBEFMBOFDFTJEBEEFMBNFKPSBZ
FMBQSFOEJ[BKFDPOUJOVP
t$PNQSPNJTPFTOFDFTBSJPRVFMBPSHBOJ[BDJØODPOTVT
NFUBTZQSPQØTJUPTTFBOBTVNJEPTQPSUPEPTTVTNJFNCSPTZ
FTUPTQBSUJDJQFOEFGPSNBBDUJWBEFGPSNBUBMRVFTFFOBMUF[DB
BMBTQFSTPOBTZFOSJRVF[DBBMBPSHBOJ[BDJØO
t$PNQSPNJTPTPDJBMMBTBDUJWJEBEFTEFTBSSPMMBEBTEFCFO
VCJDBSTFEFOUSPEFVODPOUFYUPEFCFOFmDJPQBSBMBTQFSTPOBT
ZFMNFEJPBNCJFOUFFOHFOFSBMFWJUBOEPFmDJFOUFNFOUFFM
QFSKVJDJPQPSBDDJØOVPNJTJØOEFMPTNJTNPT
t$PNQSPNJTPDPOFMTFDUPSIPSUÓDPMBMBTBDUJWJEBEFT
EFTBSSPMMBEBTEFCFOUFOEFSBMEFTBSSPMMPHFOFSBMEFMTFDUPSIPS
UÓDPMBCVTDBOEPFMCJFODPNVOJUBSJPQPSTPCSFFMQBSUJDVMBS
t-JCFSUBEJOUFMFDUVBMEFTBSSPMMBSDSJUFSJPTEFGVODJPOB
NJFOUPCBTBEPTFOEJBHOØTUJDPTWFSBDFTOPQFSNJUJFOEPRVF
FMEFTBSSPMMPEFMBPSHBOJ[BDJØOFTUÏJOnVFODJBEPQPSJEFBT
QSFDPODFCJEBTNPEBTPUFOEFODJBTDBSFOUFTEFGVOEBNFOUPT
SFBMFT
t5SBCBKPFOFRVJQPDPNPNFUPEPMPHÓBEFDSFDJNJFOUP
ZQPUFODJBDJØOEFMBTDVBMJEBEFTEFMPTNJFNCSPTEFMBPSHB
OJ[BDJØO
'VODJ¯OEFMHFSFODJBNJFOUP
4JCJFOTFHÞOFMEJDDJPOBSJPHFSFOUFFTMBQFSTPOBRVFMMFWB
MBHFTUJØOBENJOJTUSBUJWBEFVOBFNQSFTBPJOTUJUVDJØOQBSBMPT
BVUPSFTTPODPOTJEFSBEBTMBTQFSTPOBTRVFNBOFKBOSFDVSTPT
IVNBOPTPFDPOØNJDPTZUSBCBKBOQBSBFMNBZPSSFOEJNJFOUP
EFMPTNJTNPT1PSFKFNQMPVOFODBSHBEPEFDPTFDIBFTVO
HFSFOUFZBRVFNBOFKBSFDVSTPTIVNBOPTZEFCFBQMJDBSMBT
GVODJPOFTHFSFODJBMFTRVFMVFHPWFSFNPTNÈTBEFMBOUFQBSB
IBDFSRVFTVUSBCBKPTFBNÈTQSPEVDUJWP
&OFTUFTFOUJEPBOUFTEFDPNFO[BSEFMMFOPDPOFM
EFTBSSPMMPEFMUFNBFTOFDFTBSJPBDMBSBSRVFOPTWBNPT
BSFGFSJSGVOEBNFOUBMNFOUFBMBHFSFODJBDPNPGVODJØO
ZOPUBOUPDPNPBMBQFSTPOBEFMHFSFOUFEBEPRVFFTUB
mHVSBFTUÈQSFTFOUFDPOFTFUÓUVMPTPMPFOMBTHSBOEFTFNQSF
TBTQFSPFOMBTFNQSFTBTVOJQFSTPOBMFTNJDSPFNQSFTBTZFO
NVDIBTQZNFTTPCSFUPEPTFOMBTEFMTFDUPSBHSÓDPMBHBOBEFSBT
ZGSVUJIPSUÓDPMBT
MBmHVSBOPFYJTUF4JCJFOPCWJBNFOUFFYJTUF
MBGVODJØODPNPUBMFTFKFSDJEBQPSFMNJTNPEVF×PBWFDFT
DPNQBSUJEBFOUSFEVF×PTPFOUSFWBSJBTQFSTPOBTQFSPTJORVF
TFMBMMBNFEFFTFNPEP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
4FHÞO1FUFS%SVDLFSFMEJSFDUPSPHFSFOUFFTFMFMFNFOUP
EJOBNJ[BEPSPWJWJmDBOUFEFUPEPOFHPDJPTJOTVHVÓBMPTSFDVS
TPTEFMBQSPEVDDJØOTJHVFOTJFOEPSFDVSTPTZOPTFDPOWJFSUFO
OVODBFOQSPEVDDJØO
&OVOTJTUFNBBMUBNFOUFEFDPNQFUFODJBZDBMJEBEDPNP
TPOMBTBDUJWJEBEFTEFQSPEVDDJPOFTWFHFUBMFTJOUFOTJWBT
FM
EFTFNQF×PEFMPTRVFPDVQBOGVODJPOFTHFSFODJBMFTEFUFS
NJOBOHSBOQBSUFEFMÏYJUPEFMBFYQMPUBDJØOZNÈTBÞOTV
TVQFSWJWFODJBEBEPRVFFTMBNBZPSWFOUBKBRVFQVFEFUFOFS
VOBFNQSFTBEFOUSPEFFTFTJTUFNB
-BGVODJØOHFSFODJBMFTMBFODBSHBEBFTQFDÓmDBNFOUFEF
IBDFSQSPEVDUJWPTMPTSFDVSTPTEJTQPOJCMFTEFMBFNQSFTBEBEP
RVFFTMBRVFMPTBENJOJTUSBEJTUSJCVZFBTJHOBTFHÞOTVDSJUFSJP
ZTFFODBSHBEFQSPNPWFSZDPOUSPMBSTVDPSSFDUBVUJMJ[BDJØO
&OMBTFNQSFTBTQFRVF×BTFMSPMEFHFSFODJBNJFOUPOP
SFRVJFSFVOBEFNBOEBEFUJFNQPUBOJNQPSUBOUFDPNPQBSB
PDVQBSBBMHVJFOUJFNQPDPNQMFUPBIPSBTEJBSJBT
&T
DPNÞORVFRVJFOEFTFNQF×FFTUBUBSFBUBNCJÏOTFPDVQFEF
PUSBTGVODJPOFTEFÓOEPMFPQFSBUJWBTQPSFKFNQMPVOIPSUJDVMUPS
VOBWF[RVFIBEJTUSJCVJEPMBTUBSFBTZPSHBOJ[BEPFMEÓBEF
USBCBKPDPOTVTFNQMFBEPTGVODJØOHFSFODJBM
SFBMJ[BMBCPSFT
EFUSBDUPSJTUBGVODJØOPQFSBUJWB
&YJTUFOHSBOOÞNFSPEFUBSFBTEFOUSPEFMBGVODJØOHFSFODJBM
QFSPTPMPDVBUSPEFFMMBTTPOFTQFDÓmDBTZFTFODJBMFTBMQVFTUP
MBTDVBMFTQPSUBMNPUJWPTPOJOEFMFHBCMFTZEFMBDBMJEBEDPO
RVFTFEFTFNQF×FOEFQFOEFFMÏYJUPEFTVUSBCBKPZNÈTBÞO
FMEFMBFNQSFTB
&TUBTGVODJPOFTTPOMBTTJHVJFOUFTFOOFHSJUBFMOPNCSFHF
OÏSJDPZFOUSFQBSÏOUFTJTFMOPNCSFEBEPQPS1FUFS%SVDLFS
t1MBOJmDBSPmKBSPCKFUJWPT
FTFTUBCMFDFSMPTPCKFUJWPT
ZNÏUPEPTQBSBMPHSBSMPT
t0SHBOJ[BSPSHBOJ[BS
FTPCUFOFSZBEKVEJDBSMPTSFDVSTPT
ZMBBVUPSJEBEQBSBVUJMJ[BSMPT
t-JEFSBSNPUJWBZDPNVOJDB
FTFMQSPDFTPEFHVJBSBMPT
NJFNCSPTEFMBPSHBOJ[BDJØOFOFMMPHSPEFMPTPCKFUJWPT
t$POUSPMBSNFEJDJØO
FTNPOJUPSFBSMBTBDUJWJEBEFTZMPT
SFTVMUBEPTQBSBBTFHVSBSRVFTFPCUFOHBMPEFTFBEP
"MHVOPTBVUPSFTEBEPMBJNQPSUBODJBEFMBDBQBDJUBDJØO
BTJHOBOVOBRVJOUBGVODJØO$BQBDJUBSQSFQBSBSHFOUF
QSFQBSB
DVBESPTJEØOFPTQBSBMBSFBMJ[BDJØOEFMBTUBSFBTOFDFTBSJBT
QBSBBMDBO[BSMPTPCKFUJWPT
$BEBVOBEFFTUBTGVODJPOFTEFHFSFODJBNJFOUPQVFEF
EFTBSSPMMBSTFFOEPTOJWFMFTEJGFSFOUFTFMOJWFMFTUSBUÏHJDPZ
FMPQFSBUJWP
&M/JWFM&TUSBUÏHJDPFTUÈSFGFSJEPBMBTEFDJTJPOFTEFNB
ZPSBMDBODFUBOUPQPSTVJNQPSUBODJBPJNQBDUPFOMBFNQSFTB
DPNPQPSTVUJFNQPEFJNQMFNFOUBDJØO3FRVJFSFVOOJWFMEF
QFOTBNJFOUPFMFWBEPTJTUÏNJDPJOUFHSBEPSZEFMBSHPBMDBODF
UFNQPSBM&OFTUFOJWFMFMRVFFKFSDFFTUBGVODJØOEFCFQPEFS
JNBHJOBSGVUVSPTQSPCBCMFTBNFEJBOPZMBSHPQMB[PZEFTBSSPMMBS
FTUSBUFHJBTQBSBBCPSEBSMPDPOÏYJUP
&M/JWFM0QFSBUJWPTFSFmFSFBMBDPODSFDJØOEFMUSBCBKP
FTQFDÓmDPQPTFFVOIPSJ[POUFUFNQPSBMEFDPSUPQMB[PZHFOF
SBMNFOUFTFSFMBDJPOBDPOMBFKFDVDJØONJTNBEFMBTUBSFBT
%FFTUBGPSNBTFQVFEFEFTQMFHBSDBEBVOBEFMBTDJODP
GVODJPOFTFTQFDÓmDBEFMBHFSFODJBFOFTUSBUÏHJDBTZPQFSBUJWBT
DPNPWFSFNPTBDPOUJOVBDJØO
B1MBOJmDBS
t"OJWFMFTUSBUÏHJDPFTEFmOJSMB7JTJØO.JTJØOZ7BMPSFT
EFMBPSHBOJ[BDJØOZMPTPCKFUJWPTZFTUSBUFHJBTBVUJMJ[BS
t"OJWFMPQFSBUJWPFT
t&TUBCMFDFSPCKFUJWPTEFDPSUPQMB[P
t"OÈMJTJTQMBOJmDBDJØOZBEKVEJDBDJØOEFDBQBDJEBEFT
t1MBOJmDBSZPCUFOFSMPTSFDVSTPTOFDFTBSJPT
t%FmOJSQMB[PT
C0SHBOJ[BS
t"OJWFMFTUSBUÏHJDPFTEFUFSNJOBSMBFTUSVDUVSBPSHBOJ
[BDJPOBMZMBEJTUSJCVDJØOEFUBSFBTZEFBVUPSJEBE
t0SHBOJ[BSBOJWFMPQFSBUJWPFTQPEFSPCUFOFSMPTSFDVSTPT
BEFDVBEPTQBSBJNQMFNFOUBSMPTTJTUFNBT
D-JEFSBS
t"OJWFMFTUSBUÏHJDPFTDPNVOJDBS7BMPSFT7JTJØO.JTJØO
Z&TUSBUFHJBTEFGPSNBUBMRVFDBEBPQFSBSJPPFODBSHBEP
FOUJFOEBTVSPMFOFMÏYJUPEFMBPSHBOJ[BDJØO
t"OJWFMPQFSBUJWPFTEBSFMQPEFSZBDPNQB×BNJFOUPRVF
QFSNJUBBMPTJOUFHSBOUFTEFMBPSHBOJ[BDJØOBQMJDBSFmDB[NFOUF
TVTDPOPDJNJFOUPTZIBCJMJEBEFTQBSBTBUJTGBDFSBMDMJFOUF
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
E$POUSPMBS
t"OJWFMFTUSBUÏHJDPFTNPOJUPSFBSMBJNQMFNFOUBDJØOZ
MPTSFTVMUBEPTFTUSBUÏHJDPTVTBOEPNFEJDJPOFTEFEFTFNQF×P
BOJWFMNBDSP
t"OJWFMPQFSBUJWPFTNPOJUPSFBSNFEJEBTEFDPSUP
QMB[P
F$BQBDJUBS
t"OJWFMFTUSBUÏHJDPFTEFUFSNJOBSMPTMJOFBNJFOUPTTPCSF
IBDJBEPOEFTFEFCFPSJFOUBSMBGPSNBDJØOEFMQFSTPOBMZFM
EFTBSSPMMPEFMPTDVBESPTMBCPSBMFTEFMBFNQSFTB
t"OJWFMPQFSBUJWPFTEJTQPOFSMPTDPOUFOJEPTZUJFN
QPTEFFKFDVDJØOEFMBTUBSFBTFTQFDÓmDBTEFGPSNBDJØOEFM
QFSTPOBM
.PUJWBDJ¯O
&TUFUFNBFTEFTBSSPMMBEPDPOCBTUBOUFQSPGVOEJEBEEBEP
MBJNQPSUBODJBRVFUJFOFFOMPTJOUFHSBOUFTEFVOBFNQSFTB4J
CJFOHFOFSBMNFOUFOPTSFGFSJNPTBMPTFNQMFBEPTUBNCJÏOFT
EFTVNBJNQPSUBODJBFOVOBFNQSFTBGBNJMJBS
4FQPESÓBEFmOJSBMB .PUJWBDJØOFOFMUSBCBKPDPNPMB
WPMVOUBEEFSFBMJ[BSVOFTGVFS[PTPTUFOJEPQBSBBMDBO[BSMBT
NFUBTEFMBPSHBOJ[BDJØO
-BTBUJTGBDDJØOEFVOBOFDFTJEBEQFSTPOBMTFSFmFSFBVOB
DPOEJDJØOJOUFSOBRVFIBDFRVFDJFSUPTSFTVMUBEPTTFBOQFSDJ
CJEPTDPNPBUSBDUJWPTBTÓDPNPVOBOFDFTJEBEJOTBUJTGFDIB
DSFBUFOTJØOZQPTUFSJPSFTJNQVMTPTOFHBUJWPT
&MHSBEPEFNPUJWBDJØOOPEFQFOEFTØMPEFMBTDBSBDUFSÓTUJDBT
QFSTPOBMFTEFMPTJOEJWJEVPTTJOPEFMBTDJSDVOTUBODJBTRVFMPT
SPEFBO"TÓVOBQFSTPOBQVFEFMFFSVOBOPWFMBEVSBOUFVOB
MBSHBWFMBEBRVFBCBSRVFIPSBTZOPFTDBQB[EFiBHVBOUBSwVO
MJCSPEFUFYUPEVSBOUFNÈTEFWFJOUFNJOVUPT0BVOPQFSBSJP
FTUBNPUJWBEPQBSBUSBCBKBSFOFMDBNQPQFSPOPEFOUSPEFMB
QMBOUBEFFNQBRVF
-BNPUJWBDJØOUJFOFRVFWFSDPOFMHSBEPEFSFOEJNJFOUPEFM
USBCBKPFOMBTPSHBOJ[BDJPOFTOPFTTVmDJFOUFMBDBQBDJEBEZ
EFTUSF[BEFMBTQFSTPOBTQBSBRVFMBTDPTBTTFIBHBOFTNVZ
OFDFTBSJPRVFSFSIBDFSMBTZQBSBFMMPOFDFTJUBONPUJWBDJØO"
DPOUJOVBDJØOMBiGØSNVMBEFMSFOEJNJFOUPw
&OHFOFSBMQPEFNPTEFDJSRVFMBTQFSTPOBTTFWFOTVCFTUJ
NBEBTFOTVUSBCBKPZMBNBZPSÓBEFFMMBTOPUJFOFOMBNPUJWBDJØO
TVmDJFOUFQBSBUPEPMPRVFFMMBTQVFEFOEBSFTEFDJSRVFOP
iQPOFOFMDPSB[ØOw
"USBWÏTEFMBIJTUPSJBQPEFNPTEFmOJSDJODPFSBTEFMBWP[
EFMBDJWJMJ[BDJØO
tFMDB[BEPSSFDPMFDUPS
tMBBHSJDVMUVSB
tMBJOEVTUSJBM
tFMiUSBCBKBEPSEFMDPOPDJNJFOUPw
tZQPSÞMUJNPMBJODJQJFOUFFSBEFMBTBCJEVSÓB
&OHFOFSBMTFQVFEFEFDJSRVFFODBEBFSBMBQSPEVDUJWJEBE
BVNFOUBVOBTWFDFTDPOSFTQFDUPBMBBOUFSJPSBTÓFOFM
TJHMP99TFNVMUJQMJDØQPSMBQSPEVDUJWJEBEEFMUSBCBKBEPS
NBOVBM&TQPTJCMFRVFMBFSBEFMUSBCBKBEPSEFMDPOPDJNJFOUP
ZEFMBJOGPSNBDJØOFOMBRVFFTUBNPTFOUSBOEPQSPEV[DB
WFDFTNÈTRVFFOMBFSBJOEVTUSJBM
&MBDUJWPNÈTWBMJPTPEFMTJHMP99FSBFMBQBSBUPEFQSPEVD
DJØOMPNÈTWBMJPTPEFMTJHMP99*TFSÈBVNFOUBSMBQSPEVDUJWJEBE
EFMUSBCBKPEFMDPOPDJNJFOUPZEFMUSBCBKBEPSEFMDPOPDJNJFOUP
&TUBOWBMJPTPRVFMJCFSBSTVQPUFODJBMPGSFDFVOBPQPSUVOJEBE
FYUSBPSEJOBSJBQBSBMBDSFBDJØOEFWBMPSEFMBTFNQSFTBT
%VSBOUFMBFSBJOEVTUSJBMMBTQFSTPOBTFSBOSFFNQMB[BEBT
QPSMBTNÈRVJOBTMBHFOUFFSBOFDFTBSJBQFSPSFFNQMB[BCMFZ
TFSFEVDÓBBFTBQFSTPOBBVOBDPTB"TÓMBTQSÈDUJDBTFSBOEF
DPOUSPMBSZEJSJHJSBMBTQFSTPOBTBMBTQFSTPOBTTFMBTDPOUFNQMB
DPNPHBTUPNJFOUSBTRVFBMBTNÈRVJOBTDPNPJOWFSTJPOFTMB
NPUJWBDJØOCBTBEBFOQSFNJPTZDBTUJHPTFUD
.VDIBTQFSTPOBTUSBCBKBODPOFTUBDPOTJHOBZMBBQMJDBO
BMPTUSBCBKBEPSFTEFMDPOPDJNJFOUPFTUPMFTJNQJEFBQSPWF
DIBSMBTNPUJWBDJPOFTTVQFSJPSFTEFMBTQFSTPOBT&OHFOFSBM
MBHFOUFQJFOTBRVFEFDJEJSMPRVFTFWBBIBDFSTØMPFTUÈFO
NBOPTEFMBTQFSTPOBTRVFUJFOFOMBBVUPSJEBEBTÓTFDSFBVO
DÓSDVMPWJDJPTP
1BSBMBTQSPEVDDJPOFTJOUFOTJWBTRVFTPONVZDPN
QMFKBTDPOPQFSBSJPTEFEJGÓDJMDPOUSPMRVFMBHFOUFTF
FODVFOUSFNPUJWBEBBUSBCBKBSZBNFKPSBSMBTJUVBDJØO
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
FTEFGVOEBNFOUBMJNQPSUBODJB-BEFUFDDJØOUFNQSBOBEF
QSPCMFNBTFODJFSUPTTFDUPSFTEFMDVMUJWPMBFOUSBEBEFQMBHBT
ZFOGFSNFEBEFTNFKPSBSMBPSHBOJ[BDJØOEFVOUSBCBKPBEF
MBOUBSTFBSPUVSBTRVFMBTNÈRVJOBTQVFEBOUFOFSTPOFKFNQMP
NVZDPNVOFTEFDØNPMPTPQFSBSJPTQVFEBODPMBCPSBS
-BQBMBCSBQBSBEJHNBTFVTBIPZQBSBEFTJHOBSVOBQFSDFQ
DJØOVOTVQVFTUPVOBUFPSÓBVONBSDPEFSFGFSFODJBPVOBMFOUF
BUSBWÏTEFMBDVBMTFDPOUFNQMBFMNVOEP4JRVFSFNPTSFBMJ[BS
DBNCJPTZNFKPSBTEFQPDBFOUJEBEEFNBOFSBQBVMBUJOBUSB
CBKFNPTDPOQSÈDUJDBTDPOEVDUBTPBDUJUVEFT1FSPTJRVFSFNPT
IBDFSHSBOEFTNFKPSBTUSBCBKFNPTDPOQBSBEJHNBT
-PTTFSFTIVNBOPTUJFOFODVBUSPEJNFOTJPOFTDVFSQPNFO
UFDPSB[ØOZFTQÓSJUV$PODJFOUFPJODPODJFOUFNFOUFMBHFOUF
EFDJEFFORVÏNFEJEBTFFOUSFHBSÈBTVUSBCBKPFOGVODJØOBM
USBUPRVFSFDJCBZEFMBTPQPSUVOJEBEFTEFBQMJDBSMBTDVBUSP
QBSUFTEFTVOBUVSBMF[B
"TÓQPEFNPTUFOFSDJODPFTDFOBSJPTEJGFSFOUFTEFMQFSTPOBM
EFVOBIVFSUB
t3FCFMJØOPBCBOEPOP
t0CFEJFODJBNBMJDJPTB
t$POEFTDFOEFODJBWPMVOUBSJB
t$PPQFSBDJØOQMBDFOUFSB
t$PNQSPNJTPHFOVJOPZFYDJUBDJØODSFBUJWB
"DPOUJOVBDJØOEJTUJOUBTTJUVBDJPOFTMBCPSBMFTRVFQVFEBO
FTUBSEFOUSPEFMPTFTDFOBSJPT
t/POPTQBHBOCJFOZOPTFOPTSFTQFUB
t/PTQBHBOCJFODVFSQP
QFSPOPTFOPTSFTQFUBDPSB
[ØO
t/PTQBHBOCJFODVFSQP
ZOPTSFTQFUBODPSB[ØO
QFSP
OBEJFOPTQJEFPQJOJØONFOUF
t/PTQBHBOCJFODVFSQP
OPTSFTQFUBODPSB[ØO
UFOF
NPTVOUSBCBKPDSFBUJWPNFOUF
QFSPEFCFNPTFOHB×BSBMPT
DMJFOUFTFTQÓSJUV
t/PTQBHBOCJFODVFSQP
OPTSFTQFUBODPSB[ØO
UFOFNPT
VOUSBCBKPDSFBUJWPNFOUF
ZOPTTFOUJNPTCJFODPOOVFTUSPT
DMJFOUFTFTQÓSJUV
*OEVEBCMFNFOUFRVFFTOFDFTBSJPMMFHBSBMBÞMUJNBBM
UFSOBUJWBQBSBMPHSBSFMDPNQSPNJTPZMBDSFBUJWJEBEEFMPT
FNQMFBEPT
&OMBTPSHBOJ[BDJPOFTTFQVFEFOFTUBCMFDFS*OEJDBEPSFT
SFMBDJPOBEPTDPOMB.PUJWBDJØOFMMPTTPO
t1SPEVDUJWJEBE
t"VTFOUJTNP
t3PUBDJØOEFM1FSTPOBM
t4BUJTGBDDJØODPOMBUBSFB
3FTJTUFODJBBMDBNCJP
-BTBDUJWJEBEFTEFMB.FKPSB$POUJOVBEFMB$BMJEBEUJFOFO
RVFNBOFKBSEJWFSTPTUJQPTEFQSPCMFNBTFOUPEPTFMMPTIBZ
VOGBDUPSDPNÞORVFEFQFOEJFOEPEFMUJQPEFJODPOWFOJFOUF
BTPMVDJPOBSZEFMBNFKPSBBJNQMFNFOUBSTFQSFTFOUBSÈDPO
NBZPSPNFOPSJOUFOTJEBE&TFGBDUPSDPNÞOFTMB3FTJTUFODJB
BM$BNCJP
)BZBTQFDUPTQTJDPMØHJDPTQSFTFOUFTFOMPTDBNCJPTFMTØMP
IFDIPEFIBDFSVOOVFWPQSPZFDUPDBNCJBSVODPOTJHOBUBSJP
RVFOPOPTSFTQFUBBEPQUBSVOBOVFWBUFDOPMPHÓBFTVOEFTBGÓP
JNQPSUBOUFRVFNPEJmDBOVFTUSBFTUSVDUVSBEFQFOTBNJFOUP
BDPTUVNCSBEBBMUSBCBKPSVUJOBSJPFJOEJWJEVBM
&MIFDIPEFRVFHFOFSBMNFOUFMPTFRVJQPTEFUSBCBKPDPOMB
JODPSQPSBDJØOEFUÏDOJDPTFOMPTQSPZFDUPT
TFSFÞOFODPOmOFT
EFQSPQPOFSJNQMFNFOUBSZNPOJUPSFBSDBNCJPTRVFTJFNQSF
WBOBSFQFSDVUJSFOMBBDUJWJEBEDPUJEJBOBEFTVTNJFNCSPT
UPSOBFMQBOPSBNBBÞONÈTDPNQMFKPZBNFOB[BOUFSFTQFDUP
EFMPTQBSBEJHNBTWJHFOUFT
4JCJFOTFBDFQUBRVFFMDBNCJPFTVOBFYDFMFOUFPQPSUV
OJEBETPCSFUPEPDVBOEPMBTDPTBTOPBOEBOCJFOTFQFSDJCF
DPNPBNFOB[BOUFQBSBMBNBZPSÓBEFMPTJOEJWJEVPTZHSVQPT
FYJTUFOUFTFOMBTNJTNBT$POHFOJBSFTUPTEPTBTQFDUPTFTVO
EFTBGÓPEJGÓDJMQFSPOPJNQPTJCMFEFWFODFS
-B3FTJTUFODJBBM$BNCJPIBDFRVFFOMVHBSEFWFSRVÏ
TFQVFEFIBDFSTFHBTUFNVDIPUJFNQPJOWFOUJWBZFOFSHÓBT
FOFYQMJDBSQPSRVÏOPTFQVFEFIBDFS
)BTUBOPIBDFNÈTEFB×PTFMWBMPSFTFODJBMZEPNJOBOUF
FSBMBFYQFSJFODJB)PZMBNJTNBTFSÈWBMPSJ[BEBTØMPFOFMDBTP
RVFTFBGVODJPOBMNFOUFBEBQUBCMFBMBTOVFWBTSFBMJEBEFTRVF
TFWBZBOQSFTFOUBOEP
-BBDUJUVEQPTJUJWBPOFHBUJWBIBDJBMPTOVFWPTEFTBGÓPTFT
MBRVFEFUFSNJOBMBQPTJCJMJEBEPOPEFVOBBEBQUBDJØOBDUJWB
BMBSFBMJEBE
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
$PODFQUPTTPCSFDBMJEBE
2V¥FTMBDBMJEBE
(FOÏSJDBNFOUFFMTJHOJmDBEPEFMBQBMBCSB
DBMJEBEEJmFSFEFQFOEJFOEPEFMBTQFSDFQDJPOFTZMBTDJSDVOT
UBODJBTBDPOUJOVBDJØOTFDJUBOBMHVOBT
t$BMJEBEFTDVNQMJNJFOUPEFMBTFTQFDJmDBDJPOFTP
SFRVFSJNJFOUPT
t.BOUFOFSFMDPNQSPNJTPTPCSFVOQSPEVDUPRVFFTUBNPT
FOUSFHBOEP
t$VNQMJSUPUBMNFOUFDPOMBTFTQFDJmDBDJPOFTRVFUFOFNPT
FTUBCMFDJEBTDPOOVFTUSPDMJFOUF
t(FOFSBSQSPEVDUPTDPOGPSNFTFTEFDJSMJCSFTEFEF
GFDUPT
t$BMJEBEFTBEFDVBDJØOBMVTP
t%FMQSPEVDUPPFMTFSWJDJPIBDJBBRVFMMPQBSBMPRVFGVF
DSFBEP
t&TFMHSBEPEFDFSDBOÓBEFMBTFTQFDJmDBDJPOFTDPOMBT
SFBMFTFYQFDUBUJWBTEFMVTVBSJP
t&TFMUJFNQPFORVFNBOUJFOFTVTDBSBDUFSÓTUJDBTEVSBOUF
FMVTPQPSFKFNQMPMBDBMJEBEQPTDPTFDIB
t&TFWJUBSBMVTVBSJPDPTUPTBEJDJPOBMFTTJFMQSPEVDUPOP
TFDPNQPSUBDPNPFTUBCBQSFWJTUP
t&TMBBTJTUFODJBBMVTVBSJPEVSBOUFMBWJEBÞUJMEFMQSP
EVDUP
t$BMJEBEFTTBUJTGBDFSMBTFYQFDUBUJWBTEFMDMJFOUF
t&TTBUJTGBDFSBMDMJFOUF
t&TMPRVFFMDMJFOUFEJDFRVFFT
t&TUÈEFmOJEBQPSMBQFSDFQDJØOEFMPRVFFMDMJFOUFEJDF
RVFFT
)BZVO OVFWPDPODFQUPEFDBMJEBEEFTBSSPMMBEPQPS
3VTTFMM"DLPGGFMDVBMQMBOUFBRVFMBDBMJEBEFTMBTBUJTGBDDJØO
EFMPTHSVQPTEFJOUFSÏTFTUFDPODFQUPJODMVZFMPFYQSFTBEP
FOMBEFmOJDJØOBOUFSJPSEBEPRVFMPTDMJFOUFTDPOTUJUVZFO
FMQSJODJQBMHSVQPEFJOUFSÏT
QFSPUBNCJÏOJODPSQPSBBMPT
DMJFOUFTJOEJSFDUPTZÏTUBFTMBOPWFEBE"MPTQPCMBEPSFTRVF
TPOBGFDUBEPTPSFDFQUPSFTEFMPTQSPEVDUPTEFMPTQSPDFTPT
QPSFKFNQMPEFGBCSJDBDJØOEFTFDIPTSVJEPTFUDEFFTUBGPSNB
VOBFNQSFTBRVFTFDPOTJEFSFDPOQSPDFTPTPQSPEVDUPTEF
DBMJEBEUBNCJÏOEFCFTFSDVJEBEPTBEFMNFEJPBNCJFOUFZ
BDDJPOFTRVFOPFTUÏOSF×JEBTDPOMBSFTQPOTBCJMJEBETPDJBM
&TUFDPODFQUPTVQFSBEPSEFMPTBOUFSJPSFTJOUSPEVDFVOBÏUJDB
BDUJWBRVFTFSFMBDJPOBDPOVODPNQSPNJTPDPOMBTPDJFEBE
FOTVDPOKVOUPZDPOFMBNCJFOUF
"DPOUJOVBDJØOTFDBSBDUFSJ[BOMPTBTQFDUPTRVFIBDFO
FTQFDÓmDBNFOUFBMBDBMJEBEEFMBTGSVUBTZIPSUBMJ[BT
EFTEFMBQFSDFQDJØOEFMDPOTVNJEPS
B"TQFDUPTTFOTPSJBMFTTPOBRVFMMPTBTQFDUPTRVFQVFEFO
QFSDJCJSOVFTUSPTTFOUJEPTMPTRVFOPTØMPEFCFOFTUBSBMNP
NFOUPEFDPNQSBSFMQSPEVDUPTJOPBMNPNFOUPEFDPOTVNJSMP
FTEFDJSEFCFONBOUFOFSMBDBMJEBEQPTDPTFDIB
t7JTVBMFTFTVOPEFMPTBTQFDUPTNÈTJNQPSUBOUFTRVF
DBSBDUFSJ[BOBMBDBMJEBEZFTMPRVFIBCJUVBMNFOUFTFEFmOF
DPNPDBMJEBE-BFYQSFTJØOiMBQSJNFSBJNQSFTJØOFOUSBQPS
MPTPKPTwFTNVZWÈMJEBQBSBMPTQSPEVDUPTGSVUJIPSUÓDPMBT&T
NVZJNQPSUBOUFFMUBNB×PMBGPSNBFMCSJMMPFMDPMPSZMB
BVTFODJBEFEFGFDUPTWJTVBMFT6OBTQFDUPRVFOPIBDFBM
QSPEVDUPFOTÓNJTNPQFSPTÓBTVQSFTFOUBDJØOFTMBGPSNBFO
RVFFMNJTNPTFFODVFOUSBFNQBDBEPDBKBFUJRVFUBTFUD
t5ÈDUJMFTZBVEJUJWPTMBUFYUVSBEFVOQSPEVDUPFTVO
BUSJCVUPDPNQMFKPQFSDJCJEPDPNPTFOTBDJPOFTQPSMPTMBCJPT
MBMFOHVBMPTEJFOUFTFMQBMBEBSZMPTPÓEPT-BmSNF[BPUFS
OF[BEFVOQSPEVDUPFTUÈOSFMBDJPOBEBTDPOMBNBZPSPNFOPS
EJmDVMUBEQBSBEFTHBSSBSMPTUFKJEPTZNBTUJDBSMPT
t0MGBUPSJPTFMBSPNBEFMPTQSPEVDUPTGSVUJIPSUÓDPMBTFT
VODPNQPOFOUFNVZJNQPSUBOUFEFMBDBMJEBEZFTQSPEVDJEP
QPSOVNFSPTPTDPNQVFTUPT
t(VTUBUPSJPTTPOMPTQFSDJCJEPTQPSFMTFOUJEPEFMHVTUP
FMMPTTPOEVM[VSBBNBSHVSBBDJEF[ZTBMJOJEBE
*OEVEBCMFNFOUFVOBGSVUBPWFSEVSBTFSÈEFNBZPSDBMJEBE
DVBOEPNBZPSFTFMQFSÓPEPEFDPOTFSWBDJØOZQVFEBNBOUFOFS
MBDBMJEBETFOTPSJBMBUSBWÏTEFMUJFNQP
C/VUSJDJPOBMNVZBMFKBEPEFMBFYQSFTJØOi-BTGSVUBTZ
IPSUBMJ[BTTPOBHVBCJFOFOWBTBEBwCJFOTPODPNQMFNFOUBSJBT
FOVOBEJFUBEPOEFMPTSFRVFSJNJFOUPTFOFSHÏUJDPTZQSPUFJDPT
TPOTVNJOJTUSBEPTQPSPUSPTBMJNFOUPTFYDFQUPQBQBZCBUBUB
TPOGVFOUFNVZJNQPSUBOUFEFWJUBNJOBTNJOFSBMFTmCSBTZ
PUSPTDPNQVFTUPTRVFCFOFmDJBOFOPSNFNFOUFBMBTBMVE"TÓ
MPTBOUJPYJEBOUFTZmCSBTOFVUSBMJ[BONPMÏDVMBTRVFQSPEVDFO
FOWFKFDJNJFOUPUJFOFOFGFDUPQSFWFOUJWPDPOUSBFMDÈODFS
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
QSFWJFOFOFOGFSNFEBEFTDBSEJPWBTDVMBSFTNBOUJFOFOCBKP
MPTOJWFMFTEFDPMFTUFSPMZNBOUJFOFOFMCVFOGVODJPOBNJFOUP
JOUFTUJOBM&ONVDIPTQBÓTFTEFMNVOEPZUBNCJÏOFO"SHFOUJOB
FYJTUFVOBPSHBOJ[BDJØORVFQSPNVFWFFMDPOTVNPEFGSVUBTZ
IPSUBMJ[BTMMBNBEBBMEÓBDVZPMFNBFTiDPOTVNBQPSDJPOFT
EFGSVUBTVIPSUBMJ[BTQPSEÓBw
$PNPTFWFSÈFOFM$BQÓUVMP
MBTIPSUBMJ[BTEFIPKBTUJFOFOOVNFSPTBTQSPQJFEBEFTBÞO
NÈTBMMÈEFMBTWJUBNJOBTZNJOFSBMFT
D*OPDVJEBEPBTQFDUPRVFIBDFBMB4FHVSJEBE"MJ
NFOUBSJBVOBMJNFOUPEFCFSFTUBSMJCSFEFDPOUBNJOBOUFT
RVÓNJDPTQMBHVJDJEBTNFUBMFTQFTBEPTFUD
CJPMØHJDPT
IPOHPTCBDUFSJBTQBSÈTJUPTBOJNBMFTFUD
ZGÓTJDPTWJESJPT
NFUBMFTFUD
"WFDFTTFEJGFSFODJBMPRVFFTDBMJEBEFJOP
DVJEBETJOFNCBSHPVOQSPEVDUPOPQVFEFTFSEFDBMJEBETJ
OPFTTFHVSPEFNPEPRVFEFOUSPEFMDPODFQUPEFDBMJEBE
JOUFSWJFOFMBJOPDVJEBEUBNCJÏOFTWFSEBERVFVOBMJNFOUP
QVFEFTFSTFHVSPZOPEFDBMJEBEFOFTUFDBTPTFSÈNVZEJGÓDJM
TBUJTGBDFSBMDMJFOUF
E4FSWJDJPOPFTUÈSFMBDJPOBEPBMBGSVUBVIPSUBMJ[BFOTÓ
NJTNBTJOPBMPTTFSWJDJPTRVFMPDPNQMFNFOUBOQBSBTBUJTGBDFS
NBTBEFDVBEBNFOUFBMPTDPOTVNJEPSFTGSBDDJPOBNJFOUPFO
FOWBTFTUJQPGBNJMJBSFTDPSUBEPTZMJTUPTQBSBDPOTVNJSDPO
SFDFUBTPSFDPNFOEBDJPOFTEFDPOTVNPFOUSFHBEJSFDUBB
EPNJDJMJPmTDBMJ[BDJØOZDFSUJmDBDJØOEFMQSPEVDUPBTFHVSB
NJFOUPEFMBDBMJEBE
FUD6OFKFNQMPNVZDMBSPEFTFSWJDJP
4JCJFOFTOFDF
TBSJPQSPEVDJSIPS
UBMJ[BTEFDBMJEBEWJTVBM
DBEBWF[FTNÈTOFDFTBSJP
RVFTFBOJOPDVBTOVUSJUJWBT
DPOCVFOPTTFSWJDJPTZQPOJFO
EPGPDPFOMB
TBUJTGBDDJØOEFM
DMJFOUF
FTMBSBEJDIFUBZSÞDVMBDPSUBEBZMJTUBQBSBDPOTVNJSRVFIB
MPHSBEPVOHSBONFSDBEPFOMPTÞMUJNPTB×PT-MFWBNVDIP
UJFNQPFOFMIPHBSMJNQJBSFTUPTQSPEVDUPT
F$PTUPEFVTPSFMBDJØOFOUSFFMQSFDJPZCFOFmDJPEF
VTP&KFNQMPEFFMMPFTFMSFOEJNJFOUPMBWJEBQPTDPTFDIBMB
TFHVSJEBEFUD&TUPEFQFOEFSÈEFMDMJFOUFQPSFKFNQMP{DVBM
TFSÈVOWJOPEFNBZPSDBMJEBEFMEFCPUFMMBPFMEFCP
UFMMB EFTEFMBØQUJDBEFVODMJFOUFRVFOPDPOPDFEFNBTJBEP
EFWJOPTFMEFMPTBUJTGBDFZDPOVONFOPSDPTUP
&ONVDIPTDBTPTMBDBMJEBEEFQFOEFTJTFUSBUBEFQSPEVD
UPSFTDPNFSDJBOUFTZDPOTVNJEPSFT&TUÈONÈTQSØYJNBTMBT
FYJHFODJBTEFMPTDPNFSDJBOUFTZDPOTVNJEPSFTRVFMBEFÏTUPT
DPOMBTEFMPTQSPEVDUPSFT"MPTDPNFSDJBOUFTMFTJOUFSFTBVOB
CVFOBQSFTFOUBDJØOVOCVFOUBNB×PDPMPSZGPSNBUBNCJÏO
MFTJOUFSFTBGSVUPTSFTJTUFOUFTBMBTNBOJQVMBDJPOFTZBMPT
DPOTVNJEPSFTMFTJOUFSFTBDBEBWF[NÈTFMTBCPSFMBSPNBZ
FMWBMPSEJFUÏUJDP
-PTQSPEVDUPSFTWBMPSBOFTFODJBMNFOUFMBQSPEVDUJWJEBEZ
CVTDBOMBTJNQMJmDBDJØOEFMBHFTUJØOQBSBFMMPHSPEFMBNÈYJNB
FDPOPNÓBFTUPTVFMFEBSMVHBSDPOGSFDVFODJBBQSPEVDDJPOFT
RVFOPTJFNQSFQSFTFOUBOMBTDBSBDUFSÓTUJDBTDVBMJUBUJWBTZ
DPNFSDJBMFTEFTFBCMFT
6OBFTQFDJFEFIPKBRVFIBQFSEJEPQSFTFODJBFOMPTÞMUJNPT
B×PTFTFMBQJP-BTQSPEVDDJPOFTEFBQJPCBKPJOWFSOBEFSP
EEFNBUFSJBMFTBMUBNFOUFQSPEVDUJWPTQFSPEFFTDBTPTBCPS
IBOTJEPVOBEFMBTDBVTBTEFFMMP4JOFNCBSHPMBUFOEFODJB
EEFMBTFNQSFTBTTFNJMMFSBTFTBMBCÞTRVFEBEFMPTTBCPSFTZ
BBSPNBTQFSEJEPT
-BHFTUJ¯OEFMBDBMJEBE
$BEBWF[TFVUJMJ[BONÈTUÏSNJOPTSFGFSJEPTBMBDBMJEBEQPS
FMMPBDPOUJOVBDJØOTFEFmOFOMPTUÏSNJOPT
F
(FTUJØO(FTUJØO
EFMBDBMJEBE(FTUJØOEFMBDBMJEBEUPUBM$ÓSDVMPTEFMB
E
DDBMJEBEZNFKPSBDPOUJOVB
4FHÞOFMDSJUFSJPEFMPTBVUPSFTMPTQSPEVDUPSFTGBNJMJB
SFTTPOFNQSFTBSJPTNÈTPNFOPTPSHBOJ[BEPT
EFTEFFM
NPNFOUPFORVFNBOFKBOSFDVSTPTIVNBOPTZNBUFSJBMFTZ
UUJFOFODPNPPCKFUJWPFMDSFDJNJFOUPZEFTBSSPMMPEFTVBDUJWJEBE
&MMPFTJOEFQFOEJFOUFEFTVUBNB×PZHSBEPEFPSHBOJ[BDJØO
QPSTVQVFTUPRVFEBOFYDMVJEPTBRVFMMPTQSPEVDUPSFTRVFMP
IBDFOQBSBFMBVUPDPOTVNP
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
5BNCJÏOFTJNQPSUBOUFDPOPDFSRVFUPEPTUJFOFOVOQMBOEF
DBMJEBEFTDSJUPPOPGPSNBMPOPMBQSPQVFTUBEFFTUBPCSB
FTRVFMBHFTUJØOEFDBMJEBETFTJTUFNBUJDFZGPSNBMJDF
EBEPRVFOPTØMPFTOFDFTBSJPSFBMJ[BSMPTQSPDFEJNJFOUPTQBSB
MBDBMJEBETJOPUBNCJÏOQPEFSNPTUSBSMPT
t(FTUJØOFTMBBDDJØOEFSFHJSEJSJHJSDPOEVDJSMBFKFDVDJØO
EFVOPCKFUJWPPNFUB
t(FTUJØOEFMBDBMJEBEFTVODPOKVOUPEFBDUJWJEBEFTEF
MBGVODJØOFNQSFTBSJBRVFEFUFSNJOBMBQPMÓUJDBEFMBDBMJEBEMPT
PCKFUJWPTZMBTSFTQPOTBCJMJEBEFTZMBTJNQMFNFOUBQPSNFEJP
UBMFTDPNPMBQMBOJmDBDJØOEFMBDBMJEBEFMDPOUSPMEFMBDBMJEBE
FMBTFHVSBNJFOUPEFMBDBMJEBEFOFMNBSDPEFTJTUFNBEFMB
DBMJEBE&KOPSNB*3".*40
t"TFHVSBNJFOUPEFMBDBMJEBEDPOKVOUPEFBDUJWJEBEFT
QSFFTUBCMFDJEBTZTJTUFNÈUJDBTRVFTPOBQMJDBEBTFOFMNBSDPEFM
TJTUFNBEFMBDBMJEBEZRVFTPOOFDFTBSJBTQBSBEBSDPOmBO[B
BEFDVBEBEFRVFVOBPSHBOJ[BDJØODVNQMJSÈDPOMPTSFRVJTJUPT
QBSBMBDBMJEBE
t(FTUJØOEFMBDBMJEBEUPUBMGPSNBEFHFTUJØOEFVOB
FNQSFTBDFOUSBEBFOMBDBMJEBECBTBEBFOMBQBSUJDJQBDJØOEF
UPEPTTVTNJFNCSPTZRVFBQVOUBOBMÏYJUPBMBSHPQMB[PBUSBWÏT
EFMBTBUJTGBDDJØOBMDMJFOUFZBQSPQPSDJPOBSCFOFmDJPTQBSB
UPEPTMPTNJFNCSPTEFMBPSHBOJ[BDJØOZQBSBMBTPDJFEBE&K
/PSNB*3".*40
0USBEFmOJDJØONVZJOUFSFTBOUFFT
RVFFTVOBBQMJDBDJØOQBSUJDJQBUJWBZTJTUFNÈUJDBEFMTFOUJEP
DPNÞOFOMBCÞTRVFEBEFMBPQUJNJ[BDJØOEFMPTSFDVSTPT
&MDPODFQUPEF
DBMJEBEUPUBMUSBTDJFOEF
FMÈNCJUPEFMBFNQSFTBQBSB
IBDFSTFDBSOFFOOVFTUSPTBD
UPTDPUJEJBOPTIBTUBRVFUPEPT
WJWBNPTIBDJFOEPDBMJEBE
1PSFTPFTVOB
mMPTPGÓBEF7JEB
BHSBOQBSUFEFMBJOEVTUSJBPDDJEFOUBMEFTEFMBNPUPDJDMFUBT
ZMPTBVUPTQBTBOEPQPSMPTSFMPKFTMPTFRVJQPTNVTJDBMFTZ
EFWJEFPMPTUFMFWJTPSFTMBTDÈNBSBTGPUPHSÈmDBTMBTGPUPDP
QJBEPSBTZmMNBEPSBTFJODMVTJWFFOMPTTFSWJDJPTmOBODJFSPT
FOUSFNVDIBTNÈT
&OMBmHVSBWFNPTFMFTRVFNBEFMBNFKPSBDPOUJOVB
FTEFDJSMPTQBTPTRVFUFOFNPTRVFTFHVJSFOGPSNBQFSNB
OFOUF
t$ÓSDVMPEFMBDBMJEBEFTVOQFRVF×PHSVQPEFFN
QMFBEPTRVFSFBMJ[BOVOUSBCBKPJHVBMPTJNJMBSFOVOÈSFBEF
USBCBKPDPNÞOZRVFUSBCBKBOQBSBFMNJTNPFODBSHBEPRVF
TFSFÞOFOWPMVOUBSJBZQFSJØEJDBNFOUFZTPOFOUSFOBEPTQBSB
JEFOUJmDBSTFMFDDJPOBSZBOBMJ[BSQSPCMFNBTZQPTJCJMJEBEFTEF
NFKPSBSFMBDJPOBEPTDPOTVUSBCBKPSFDPNFOEBSTPMVDJPOFTZ
QSFTFOUBSMBTBMBEJSFDDJØOZTJÏTUBMPBQSVFCBMMFWBSBDBCP
TVJNQMBOUBDJØO
t.FKPSBDPOUJOVBFMDBNJOPQBSBDPNQSFOEFSFMOVFWP
QBSBEJHNBFTFMFOUSFOBNJFOUPQFSNBOFOUFFTEFDJSIPZNFKPS
RVFBZFSNB×BOBNFKPSRVFIPZ-PTQSPEVDUPTKBQPOFTFTRVF
FOMBEÏDBEBEFMFSBODPOTJEFSBEPTQPSMPTQSPEVDUPSFT
PDDJEFOUBMFTDPNPJODBQBDFTEFDPNQFUJSDPOFMMPTEFCJEPT
BTVTCBKPTOJWFMFTEFDBMJEBEGVFSPONFKPSBOEPEÓBBEÓBFO
DBMJEBEZEJTF×PIBTUBBSSJODPOBSZEFSSPUBSFONVDIPTDBTPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&OVOFTRVFNBUBODPNQMFKPDPNPTPOMBTFNQSFTBT
IPSUÓDPMBTQSPEVDUPSBTEFIPSUBMJ[BTEFIPKBTRVF
EFCFOQSPEVDJSDPTFDIBSZDPNFSDJBMJ[BSQSPEVDUPTQF
SFDFEFSPT
MBTSFVOJPOFTQFSJØEJDBTQBSBBSNPOJ[BS
MBTBDUJWJEBEFTZQSPDFTPTTPOEFGVOEBNFOUBM
JNQPSUBODJBQBSBMPHSBSFMNFKPSBQPSUFEFDBEB
VOPBMTJTUFNB
&MFOGPRVFTJTU¥NJDPZEFQSPDFTPT
7BSJPTTPOMPTEFTBGÓPTRVFFOGSFOUBOMPTTJTUFNBTBHSPBMJ
NFOUBSJPTFYJHFODJBTEFNBZPSDBMJEBEZWBMPSBHSFHBEPBTVT
QSPEVDUPTDPODFOUSBDJØOEFWFOUBTFO4VQFSF)JQFSNFSDBEPT
DPNFO[BOEPBDPOTUJUVJSTFFOMPTiPSHBOJ[BEPSFTwEFMB(SBO
%JTUSJCVDJØOZEFMBT$BEFOBT"HSPBMJNFOUBSJBTEFMPTEJTUJOUPT
SVCSPTQSPEVDUJWPTJOWFSTJPOFTEFFNQSFTBTUSBTOBDJPOBMFTZ
QPEFSPTBTFNQSFTBTOBDJPOBMFTFOFMBHSPOFHPDJPHFOFSBOEP
VOQSPDFTPDSFDJFOUFEFDPODFOUSBDJØODPONVZEJTQBSQPEFS
EFJOOPWBDJØOZOFHPDJBDJØOQPSQBSUFEFMPTQFRVF×PTZ
NFEJBOPTFNQSFTBSJPTUSBEJDJPOBMFT$BSBDUFSJ[BSMBDBEFOB
JEFOUJmDBSTVTFTMBCPOFTWFSTVTJOUFSBDDJPOFTZUFOFSFODVFOUB
MBJNQPSUBODJBEFMGVODJPOBNJFOUPBSNPOJPTPQVFTTJBMHVOPT
EFMPTFTMBCPOFTFTUÈOEFCJMJUBEPTQFSKVEJDBBUPEPFMTFDUPS
&MMPIBZRVFBOBMJ[BSMPIBDJBBEFOUSPZBGVFSBEFMBFNQSFTB
BTÓUFOFNPTDMJFOUFTFYUFSOPTFJOUFSOPT
%FCFNPTSFTDBUBSQBSBMBFNQSFTBBVORVFTFBNVZQFRVF
×BFMDPODFQUPEFDMJFOUFJOUFSOP&MMPTJHOJmDBRVFVOPQFSBSJP
FOVOQSPDFTPEFUFSNJOBEPQPSFKFNQMPDPTFDIB
EFCFUSBUBSBM
PQFSBSJPEFMQSPDFTPTJHVJFOUFQPSFKFNQMPBDPOEJDJPOBNJFOUP
DPNPVODMJFOUFBMRVFEFCFTBUJTGBDFSMP"TVWF[FTUFÞMUJNP
EFCFEFTBSSPMMBSMPDPNPVOQSPWFFEPS
&MDPODFQUPEFTJTUFNBZQSPDFTP
BQMJDBDJ¯OBMBQFRVF­BFNQSFTB
6OTJTUFNBQVFEFDPODFQUVBMJ[BSTFDPNPVODPOKVOUPEF
QBSUFTSFMBDJPOBEBTFOUSFTJRVFJOUFSBDUÞBOQFSNBOFOUFNFOUF
DPOFMQSPQØTJUPEFBMDBO[BSPCKFUJWPTDPNVOFT$VBOEPIBCMB
NPTEFTJTUFNBMPRVFDVFOUBFTFMUPUBMZOPMBTQBSUFT
6OQSPDFTPQVFEFTFSEFmOJEPDPNPVODPOKVOUPEFBDUJ
WJEBEFTFOMB[BEBTFOUSFTÓRVFQBSUJFOEPEFVOPPNÈTJOQVUT
FOUSBEBT
MPTUSBOTGPSNBHFOFSBOEPVOPVUQVUSFTVMUBEP
-BTBDUJWJEBEFTEFDVBMRVJFSPSHBOJ[BDJØOQVFEFOTFSDPO
DFCJEBTDPNPJOUFHSBOUFTEFVOQSPDFTPEFUFSNJOBEP%FFTUB
NBOFSBDVBOEPVODMJFOUFFOUSBFOVODPNFSDJPQBSBFGFDUVBS
VOBDPNQSBDVBOEPTFTPMJDJUBVOBIPSUBMJ[BEFUFSNJOBEBTF
FTUÈOBDUJWBOEPQSPDFTPTDVZPTSFTVMUBEPTEFCFSÈOJSFODBNJ
OBEPTBTBUJTGBDFSVOBEFNBOEB
%FTEFFTUFQVOUPEFWJTUBVOBPSHBOJ[BDJØODVBMRVJFSBQVF
EFTFSDPOTJEFSBEBDPNPVOTJTUFNBEFQSPDFTPTNÈTPNFOPT
SFMBDJPOBEPTFOUSFTÓFOMPTRVFCVFOBQBSUFEFMPTJOQVUTTFSÈO
HFOFSBEPTQPSQSPWFFEPSFTJOUFSOPTZDVZPTSFTVMUBEPTJSÈO
GSFDVFOUFNFOUFEJSJHJEPTIBDJBDMJFOUFTUBNCJÏOJOUFSOPT
$BEFOBBHSPBMJNFOUBSJBZDBEFOBEFWBMPS
-BDBEFOBBHSPBMJNFOUBSJBTFSFmFSFBUPEBDBEFOBWFSUJ
DBMEFBDUJWJEBEFTEFTEFMBQSPEVDDJØOFOFMFTUBCMFDJNJFOUP
BHSPQFDVBSJPQBTBOEPQPSMBFUBQBEFQSPDFTBNJFOUPZQPSMB
EJTUSJCVDJØONBZPSJTUBZNJOPSJTUB&TVODPOKVOUPEFDPNQP
OFOUFTJOUFSSFMBDJPOBEPTEPOEFJOUFSWJFOFO
t-PTQSPWFFEPSFTEFJOTVNPTTFSWJDJPTZCJFOFTEF
DBQJUBMQBSBMBQSPEVDDJØOQSJNBSJBFMBDPOEJDJPOBNJFOUPMB
USBOTGPSNBDJØOZMBDPNFSDJBMJ[BDJØO
t-BVOJEBEEFQSPEVDDJØOBHSPQFDVBSJBDPOTVTEJWFSTPT
TJTUFNBTQSPEVDUJWPT
t-BJOEVTUSJBEFMQSPDFTBNJFOUPZEFMBUSBOTGPSNBDJØO
t-BTVOJEBEFTEFBDPOEJDJPOBNJFOUPDPOTFSWBDJØO
FNQBRVFZPUSBTBDUJWJEBEFTEFQPTDPTFDIBEFQSPEVDUPTFO
GSFTDPT
t-BSFEEFEJTUSJCVDJØODPOTUJUVJEBTQPSNBZPSJTUBZ
NJOPSJTUBT
t&MNFSDBEPDPOTVNJEPSDPNQVFTUPQPSMPTJOEJWJEVPT
RVFDPOTVNFOFMQSPEVDUPmOBMZQBHBOQPSÏM
&OMBmHVSBFTUBFTRVFNBUJ[BEBMBDBEFOBGSVUJIPSUÓ
DPMB
"TVWF[MPTEJWFSTPTDPNQPOFOUFTFTUÈOSFMBDJPOBEPTDPO
VOBNCJFOUFPDPOUFYUPJOTUJUVDJPOBMMFZFTOPSNBTJOTUJUVDJP
OFT
ZDPOVOBNCJFOUFPDPOUFYUPPSHBOJ[BDJPOBMHPCJFSOP
QPMÓUJDBTTFDUPSJBMFTDSÏEJUPJOWFTUJHBDJØOZUSBOTGFSFODJBEF
UFDOPMPHÓB
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
"OBMJ[BSFMDPOUFYUPOBDJPOBMFJOUFSOBDJPOBM
MBFTUSVDUVSB
ZFMGVODJPOBNJFOUPEFFTUFTJTUFNBEFJOUFSSFMBDJPOFTEPOEF
JOUFSWJFOFOBEFNÈTEJWFSTPTZIFUFSPHÏOFPTTJTUFNBTEF
QSPEVDDJØOBOJWFMIPSJ[POUBMFYJHFVO FOGPRVFTJTUÏNJDP
JOUFHSBM
&MFOGP
RVFEFDBEFOBT
JODPSQPSBDPOÏOGBTJTMBWJ
TJØOEFMBEFNBOEBZEFMDPO
UFYUPBTÓDPNPMBDPOTJEFSBDJØOEF
MBTBSUJDVMBDJPOFTFOUSFMPTEJTUJOUPT
FTMBCPOFTRVFMBDPNQPOFO#VTDB
DPNQSFOEFSFMDPNQPSUBNJFOUPZ
FTUSBUFHJBTEFMPTEJGFSFOUFTHSVQPT
EFBDUPSFTRVFQBSUJDJQBOFOMB
DBEFOBCBKPVOB
WJTJØOJOUFHSBM
4VmOBMJEBEFT
DPOPDFSMPTGBDUPSFT
RVFBGFDUBOMBDPNQFUJUJWJEBE
WBMPSBOEPTVJODJEFODJBFJOUFSSFMBDJPOFT
QBSBQPEFSEFmOJSQSJPSJEBEFTZFTUSBUFHJBT
EFBDDJØODPODFSUBEBFOUSFMPTHPCJFSOPTMBT
JOTUJUVDJPOFTEFJOWFTUJHBDJØO
EFTBSSPMMPZFYUFOTJØOZMPTTFDUPSFTQSJWBEPT
JOWPMVDSBEPT
-B$BEFOBEF7BMPSFOMPTÞMUJNPTUJFNQPTTFIBCMBNVDIP
EFMBDBEFOBEFWBMPSMPTQSPEVDUPTGSVUJIPSUÓDPMBTUJFOFODPO
EJDJPOFTQBSBFMEFTBSSPMMPEFVOBFmDJFOUFDBEFOBEFWBMPSTJ
MMFHBOBMNFSDBEPDPOVOQSPEVDUPEJGFSFODJBEP'JHVSB
-BDBEFOBEFWBMPSFTMBDPMBCPSBDJØOFTUSBUÏHJDBEFFN
QSFTBTDPOFMQSPQØTJUPEFTBUJTGBDFSPCKFUJWPTFTQFDÓmDPTEF
Q
NFSDBEPFOFMMBSHPQMB[PZMPHSBSCFOFmDJPTNVUVPTQBSB
N
UPEPTMPTiFTMBCPOFTwEFMBNJTNB
U
-PTQSPEVDUPTIPSUÓDPMBTUJFOFOBMUPTDPTUPTEFUSBOTBDDJØO
FOUFOEJÏOEPTFDPNPUBMBRVFMMPTDPTUPTOPUBOHJCMFTZRVF
QVFEFOTFSDMBTJmDBEPTFODPTUPTEFMBJOGPSNBDJØODPTUPTEFMB
OFHPDJBDJØOZEFMBTVQFSWJTJØO&TUPTDPTUPTFTUÈOSFMBDJPOBEPT
DPOFMUJFNQPRVFJNQMJDBDPOTFHVJSJOGPSNBDJØOGFIBDJFOUFZ
PQPSUVOBFOFMTFDUPSMBDVBMFTNVZEJGÓDJMEFDPOTFHVJS&MMP
TJUVBBMPTQSPEVDUPSFTFOVOBQPTJDJØOEFEFTWFOUBKBFOMB
OFHPDJBDJØORVFHFOFSBMNFOUFOPTFQVFEFIBDFSFOGPSNB
EJSFDUBTJOPBUSBWÏTEFDPOTJHOBUBSJPTZFOMBTVQFSWJTJØO
EFCJEPBMBQPDBUSBOTQBSFODJBEFMPTNFSDBEPT
1PEFSHFOFSBSDBEFOBTEFWBMPSTJHOJmDBSÓBSFEVDJSOPUBCMF
NFOUFMPTDPTUPTEFUSBOTBDDJØOZTJEFOUSPEFFMMPTJODMVJNPT
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
MBTQÏSEJEBTQPTDPTFDIBMBTEJGFSFODJBTDPOFMTJTUFNBEF
DPNFSDJBMJ[BDJØOUSBEJDJPOBMTPONVZHSBOEFT
"DPOUJOVBDJØOTFNVFTUSBVOFTUVEJPEFDBTPTPCSFMB
GPSNBDJØOEFVOBDBEFOBEFWBMPSQBSBSFEVDJSMBTQÏSEJEBT
FDPOØNJDBTQSPEVDJEBTQPSBQMJDBDJØOEFUFDOPMPHÓBZMPHÓTUJDB
JOBEFDVBEB
$PNPIFNPTEFTDSJUPFODBQÓUVMPTBOUFSJPSFTMB$BEFOB
'SVUJIPSUÓDPMBTFFODVFOUSBFODSJTJTBMHVOPTEFMPTTÓOUPNBT
TPOHSBOEJGFSFODJBFOUSFMPTQSFDJPTBMQSPEVDUPSZDPOTVNJEPS
BMUBTQÏSEJEBTJOFTUBCJMJEBEEFMBPGFSUBFTDBTBUFDOPMPHÓB
ZDBTJOJOHVOPEFMPTJOUFSWJOJFOUFTEFMBDBEFOBUJFOFOVO
DSFDJNJFOUPTVTUFOUBCMF
1SPEVDJSDPOUFDOPMPHÓBTTVQFSBEPSBTBDPNQB×BEBTDPO
QSÈDUJDBTNÈTBEFDVBEBTFOMBQPTDPTFDIBZVOBMPHÓTUJDB
BKVTUBEBDPOFMNJOPSJTUBHFOFSBOEPVOBDBEFOBEFWBMPS
QFSNJUJSÓBVOBNBZPSDPNQFUJUJWJEBEEFMBDBEFOB
1BSBEFNPTUSBSMBIJQØUFTJTEFMFRVJQPEFUSBCBKPTFSFBMJ[Ø
VOBFWBMVBDJØOFDPOØNJDBCBKPMPTTJHVJFOUFTTVQVFTUPT
-B QSPEVDDJØOZDPNFSDJBMJ[BDJØO EFMFDIVHBBOJWFM
SFHJPOBM3PTBSJP
EPOEFJOUFSWJFOFOMPTQSPEVDUPSFTFMNFS
DBEPZMPTNJOPSJTUBT
"OJWFMEFMBQSPEVDDJØOZWFOUBNBZPSJTUBTFDPOTJEFSBO
BMUFSOBUJWBT
t"MUFSOBUJWBDPOWFODJPOBMDPOTJFNCSBEJSFDUBFMQSP
EVDUPDPODBMJEBENFEJBVOQSFDJPEFWFOUBEFLHMB
MFDIVHBFOWBTBEBFODBKPOFTFOGPSNBJOBEFDVBEBLH
TF
VUJMJ[BNFEJFSPBMRVFTFMFSFUSJCVZFDPOFMEFMJOHSFTP
EFTDPOUBEPTMPTHBTUPTEFDPNFSDJBMJ[BDJØOZFMQSPEVDUPS
WFOEFTVQSPEVDUPBUSBWÏTEFDPOTJHOBUBSJPT
t/"5OVFWBBMUFSOBUJWBUFDOPMØHJDB
DPONBOFKP#1"
TFVUJMJ[BFMNÏUPEPEFBMNÈDJHPZUSBTQMBOUFNBZPSDBOUJEBE
EFJOTVNPTGFSUJMJ[BOUFT
DBKPOFTFNCBMBEPTBEFDVBEBNFOUF
QBSBOPBSSVJOBSMBNFSDBEFSÓBLH
VUJMJ[BNFEJFSPBMRVFMF
SFUSJCVZFDPOFMEFMJOHSFTPEFTDPOUBEPTMPTHBTUPTEF
DPNFSDJBMJ[BDJØONFKPSDBMJEBEEFMQSPEVDUPQPSFMMPFMQSFDJP
EFWFOUBFTEFLHUBNCJÏOWFOEFTVTQSPEVDUPTFOMPT
.FSDBEPTBUSBWÏTEFDPOTJHOBUBSJPT
t/"5DPONBOFKP#1"ÓEFNBMBBOUFSJPSQFSPWFOEF
TVTQSPEVDUPTEJSFDUBNFOUFBNJOPSJTUBTBVOQSFDJPEFLH
DPNQBSUFMBSFEVDDJØOEFTVDPTUPEFDPNFSDJBMJ[BDJØODPOFM
NJOPSJTUB
$POFTUFTJTUFNBTFSFEVDFFOVOMPTHBTUPT
EFDPNFSDJBMJ[BDJØOFOMPT.FSDBEPTNBZPSJTUBTBVORVFUJFOF
VODPTUPEFEJTUSJCVDJØOEFCVMUP&TEFDJSRVFFOFTUFDBTP
TFHFOFSBVOBDBEFOBEFWBMPSFOUSFFMQSPEVDUPSZFMNJOPSJTUB
RVFUSBCBKBOCBKPVOQMBOEFQSPEVDDJØO
$PNPTFPCTFSWBFOFMDVBESPMBTOVFWBTBMUFSOBUJWBT
UFDOPMØHJDBTQFSNJUFOVOBVNFOUPEFMJOHSFTPOFUPIBDVMUJWP
5BNCJÏOUJFOFONFOPSFTSJFTHPTBMQFSNJUJSCBKBSMPTQSFDJPT
IBTUBFO/"5
QBSBRVFFMJOHSFTPTFBJHVBMB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
"OJWFMEFMBWFOUBNJOPSJTUBTTFDPOTJEFSBOBMUFSOB
UJWBT
t"MUFSOBUJWBDPOWFODJPOBMTJODBEFOBEFGSÓPZTJOMB
VUJMJ[BDJØOEFPUSBTUÏDOJDBTRVFQFSNJUJSÓBOSFEVDJSMBTQÏSEJEBT
QPSDPTFDIBUBMDPNPMBTFMFDDJØOQSFWJBBMBMNBDFOBNJFOUP
ZMBSFWJUBMJ[BDJØO-BTQÏSEJEBTQPTDPTFDIBTPOEFMZMPT
DPTUPTmKPTQPSVOJEBEWFOEJEPTPOEFVOJEBE&TUPT
DPTUPTJODMVZFOBMRVJMFSEFMMPDBMFOFSHÓBNBOPEFPCSBnFUF
NBOUFOJNJFOUPJOTVNPTCPMTBTFUD
OPJODMVZFOFMDPTUPEF
MBIPSUBMJ[B&MQSFDJPEFDPNQSBEFMBMFDIVHBFTEFLH
MBRVFDPNQSBFOFM.FSDBEP
t"MUFSOBUJWB/"5#1"DPODBEFOBEFGSÓPZDPOMBVUJ
MJ[BDJØOEFPUSBTUÏDOJDBTRVFQFSNJUJSÓBOSFEVDJSMBTQÏSEJEBT
QPSDPTFDIBUBMDPNPMBTFMFDDJØOQSFWJBBMBMNBDFOBNJFOUP
ZMBSFWJUBMJ[BDJØO-BTQÏSEJEBTQPTDPTFDIBTPOEFMZMPT
DPTUPTmKPTQPSVOJEBEWFOEJEBTPOEFTPONBZPSFTRVF
MBBMUFSOBUJWBBOUFSJPSQPSFMNBZPSDPTUPFOFSHÏUJDPZMBNBOP
EFPCSBEFBDPOEJDJPOBNJFOUP&MQSFDJPEFDPNQSBFTEF
LHFTBMHPNBZPSQPSTFSVOQSPEVDUPEFNBZPSDBMJEBE
UBNCJÏODPNQSBEPFOFM.FSDBEP
t"MUFSOBUJWB/"5#1"TFEJGFSFODJBEFMBOUFSJPSEBEP
RVFDPNQSBFMQSPEVDUPEJSFDUBNFOUFBMQSPEVDUPSMPHSBOEPVO
QSFDJPEFLHZQÏSEJEBTQPTDPTFDIBNFOPSFT
&OFMDVBESPFOMBBMUFSOBUJWBDPOWFODJPOBMFMNJ
OPSJTUBEFCFBVNFOUBSFMQSFDJPEFWFOUBBMDPOTVNJEPSFO
VOQBSBMPHSBSDVCSJSTVTDPTUPTNJFOUSBTRVFFOMBT
OVFWBTBMUFSOBUJWBTTØMPEFCFOJODSFNFOUBSVOZVO
SFTQFDUJWBNFOUF
-BSFEVDDJØOEFMQSFDJPBMDPOTVNJEPSQBSBMB/"5#1"Z
TPOEFMZSFTQFDUJWBNFOUF&ODBTPEFOPUFOFSSFEVDDJØO
EFQSFDJPTMBTHBOBODJBTTPONBZPSFTQBSBFMNJOPSJTUB
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
/PTFUSBUBEFFMVEJSBMBJOUFSNFEJBDJØOEFMPT.FSDBEPT
EBEPRVFMBEJTUSJCVDJØOEJSFDUBEFUPEPTMPTQSPEVDUPTOPFT
TFODJMMBZOPUPEPTMPTQSPEVDUPSFTQVFEFOIBDFSMB1FSPTÓ
FTOFDFTBSJPBDPSEBSMPTWPMÞNFOFTEFFOUSFHBZMBTGPSNBT
QBSBSFEVDJSMPTDPTUPTEFQÏSEJEBTQPTDPTFDIBZMPTDPTUPTEF
USBOTBDDJØO
$POGPSNBDJ¯OZHFTUJ¯OEFFRVJQPT
FţDBDFT
&TVOBEFMBTIFSSBNJFOUBTNÈTQPUFOUFTQBSBSFTQPOEFSBM
SFRVFSJNJFOUPEFMBTPSHBOJ[BDJPOFTNPEFSOBT-BFYQFSJFODJB
ZFMUBMFOUPEFUPEBTMBTQFSTPOBTRVFUSBCBKBOFOFMFRVJQP
FTNBZPSRVFMBFYQFSJFODJBZFMUBMFOUPRVFQVFEBQPTFFS
DVBMRVJFSBFOGPSNBJOEJWJEVBMFTEFDJSIBZVOFGFDUPTJOÏSHJDP
"FMMPIBZRVFBHSFHBSMBOFDFTJEBEEFBDDFEFSBMB*OUFSEJT
DJQMJOBSJFEBEFTEFDJSiDSFBSOVFWPTDPOPDJNJFOUPTRVFOP
QPESÓBOFNFSHFSEFOJOHVOBEJTDJQMJOBQBSUJDVMBSw&TUPÞMUJNP
FTWÈMJEPQBSBMPTFRVJQPTEFBTFTPSFTEFMBTJOTUJUVDJPOFTQBSB
RVFMBTNJTNBTMJEFSFOFMDBNCJPFTOFDFTBSJPFTUBHFOFSBDJØO
EFDPOPDJNJFOUPT
-BOFDFTJEBEEFM-JEFSB[HP
5PEPTMPTFNQSFOEJNJFOUPTFYJUPTPTFOMBIJTUPSJBEFMB
IVNBOJEBEZBTFBODJFOUÓmDPTSFMJHJPTPTQPMÓUJDPTTPDJBMFT
EFQPSUJWPTPFNQSFTBSJBMFTIBOUFOJEPVOGBDUPSDPNÞOVO
BQSPQJBEPMJEFSB[HP&MMPHSPEFMBDBMJEBEOPFTMBFYDFQDJØO
$PNPDJUBFM%S+PTFQI+VSBOFMÞOJDPPCTUÈDVMPJNQPSUBOUF
RVFGSFOBFMBWBODFFODBMJEBEFTMBGBMUBEFMJEFSB[HPFOMB
BMUBEJSFDDJØO
&MTJTUFNBEFMJEFSB[HPTFQVFEFEFmOJSDPNPiVODPOKVOUP
EFNÏUPEPTZQSPDFEJNJFOUPTNFEJBOUFMPTDVBMFTMBTNÈYJNBT
BVUPSJEBEFTFTUBCMFDFOZEJGVOEFOMPTWBMPSFTRVFHVJBSÈOFM
BDDJPOBSEFMBFNQSFTBWFSJmDBODØNPTFMPTQSBDUJDBFOMB
HFTUJØODPUJEJBOBEFmOFOTVWJTJØONJTJØOZPCKFUJWPTUPNBO
TVTEFDJTJPOFTFODPODPSEBODJBDPOFMMPTQSPDVSBMBNFKPSB
DPOUJOVBEFUPEPTMPTQSPDFTPTFTUJNVMBOMBDSFBUJWJEBEZMB
JOJDJBUJWBEFUPEPFMQFSTPOBMZGPNFOUBOFMBQSFOEJ[BKFQFS
NBOFOUFEFUPEPTMPTNJFNCSPTEFMBFNQSFTBw#BTFTEFM
1/$&EJDJØO
$POMBBQMJDBDJØO
BEFDVBEBEFUFDOPMPHÓB
ZMPHÓTUJDBTFQVFEFO
SFEVDJSMPTDPTUPTZ
BVNFOUBSMBTHBOBODJBT
QBSBMPTEJTUJOUPTFTMBCPOFT
EFMBDBEFOB
-PTDPTUPTEFMBDBMJEBEZEFMBOP
DBMJEBE
D
%VSBOUFMBTÞMUJNBTEÏDBEBTMBTDPNQB×ÓBT
EFMNVOEPPDDJEFOUBMUPNBSPODPODJFODJBEFMBFTUSBUÏHJDB
JNQPSUBODJBRVFSFQSFTFOUBMB"ENJOJTUSBDJØOEFMB$BMJEBE
5PUBM"$5
QBSBMBTBOJEBEEFTVTQSPQJBTFNQSFTBT
-BDBMJEBETBUJTGBDUPSJBEFVOQSPEVDUPPTFSWJDJPWBEFMB
NBOPDPODPTUPTTBUJTGBDUPSJPTEFDBMJEBEZTFSWJDJPT6OPEF
MPTPCTUÈDVMPTQSJODJQBMFTQBSBFMFTUBCMFDJNJFOUPEFVOQSPHSB
NBNÈTEJOÈNJDPEFDBMJEBEFOB×PTBOUFSJPSFTFSBMBOPDJØO
FRVJWPDBEBEFRVFFMMPHSPEFVOBNFKPSDBMJEBESFRVJFSFEF
DPTUPTNVDIPNÈTBMUPT
-BDBMJEBEJOTBUJTGBDUPSJBTJHOJmDBVOBVUJMJ[BDJØOEFSFDVSTPT
EFmDJFOUF&TUPJODMVZFEFTQFSEJDJPTEFNBUFSJBMEFTQFSEJDJPT
EFNBOPEFPCSBEFTQFSEJDJPTEFUJFNQPEFFRVJQPZFODPO
TFDVFODJBJNQMJDBNBZPSFTDPTUPT
6OGBDUPSQSJODJQBMFOFTUPTDPODFQUPTFSSØOFPTEFMQBTB
EPFOUSFDBMJEBEZDPTUPFSBMBQPDBEJTQPOJCJMJEBEEFEBUPT
JNQPSUBOUFT&OSFBMJEBEFOMPTQSJNFSPTB×PTIBCÓBVOB
FYUFOEJEBDSFFODJBEFRVFMBDBMJEBEOPQPEÓBTFSNFEJEB
QSÈDUJDBNFOUFFOUÏSNJOPTEFDPTUPT1BSUFEFMBSB[ØOEFFTUB
DSFFODJBFSBMBDPOUBCJMJEBEEFDPTUPTUSBEJDJPOBMRVFTFHVÓB
MBHVÓBEFMBFDPOPNÓBUSBEJDJPOBMZRVFOPIBCÓBUSBUBEPEF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
DVBOUJmDBSMBDBMJEBE&OGPSNBDPSSFTQPOEJFOUFFMDPTUPEFMB
DBMJEBEOPTFBKVTUBCBGÈDJMNFOUFBMBTWJFKBTFTUSVDUVSBTEF
MBDPOUBCJMJEBE
-PT$PTUPTEFMB$BMJEBETFEFmOFODPNPMPTDPTUPTFOMPT
RVFTFJODVSSFQBSBBTFHVSBSVOBDBMJEBETBUJTGBDUPSJBZEBS
DPOmBO[BEFFMMPBTÓDPNPMBTQÏSEJEBTTVGSJEBTDVBOEPOP
TFPCUJFOFMBDBMJEBETBUJTGBDUPSJB*40
4FEJWJEFOFO
MPTTJHVJFOUFT
t1SFWFODJØOFKFNQMPEFFMMPTTPOMBQMBOJmDBDJØOFM
EJTF×PEFQSPEVDUPFMEJTF×PEFQSPDFTPFMEJTF×PEFJOTQFD
DJØOMBTBVEJUPSJBTEFTJTUFNBTMBFWBMVBDJØOEFQSPWFFEPSFT
MBDBQBDJUBDJØO
t&WBMVBDJØOJOTQFDDJØOSFDFQDJØOQSPDFTPTZSFTVMUBEPT
FWBMVBDJØOEFTUPDLTSFWJTJØOEFSFHJTUSPT
t'BMMBTJOUFSOBTEFTQFSEJDJPTSFUSBCBKPTBOÈMJTJTEFGBMMBT
JOTQFDDJØO
t'BMMBTFYUFSOBTHBSBOUÓBTBUFODJØOEFRVFKBTEFWPMV
DJPOFTEFNBOEBT
-PTDPTUPTEFDBMJEBEFOMBTFNQSFTBTTFDPOUBCJMJ[BOFO
GPSNBRVFJODMVZBOEPTDPNQPOFOUFTQSJODJQBMFTMPTDPTUPTEF
DPOUSPMZMPTDPTUPTQPSGBMMBFOFMDPOUSPM²TUPTTPOMPTDPTUPT
GVODJPOBMFTEFDBMJEBEEFMQSPEVDUP
-PTDPTUPTEFDPOUSPMTFNJEFOFOEPTTFHNFOUPTDPTUPT
EFQSFWFODJØORVFFWJUBORVFPDVSSBOEFGFDUPTFJODPOGPSNJ
EBEFTZRVFJODMVZFOMPTHBTUPTEFDBMJEBEQBSBFWJUBSRVFFO
QSJNFSMVHBSTVSKBOQSPEVDUPTJOTBUJTGBDUPSJPT"RVÓTFJODMVZFO
DPTUPTEFQMBOJmDBDJØOFOUSFOBNJFOUPFOMBDBMJEBEFUD-PT
DPTUPTEFFWBMVBDJØOJODMVZFOMPTDPTUPTEFNBOUFOFSMPT
HSBEPTEFDBMJEBEEFMBDPNQB×ÓBQPSNFEJPEFFWBMVBDJPOFT
GPSNBMFTEFMBDBMJEBEEFMQSPEVDUP&MMPJODMVZFJOTQFDDJØO
QSVFCBTJOWFTUJHBDJPOFTFYUFSOBTBVEJUPSJBTEFDBMJEBEZ
HBTUPTTJNJMBSFT
-PTDPTUPTQPSGBMMBFOFMDPOUSPMRVFTPODBVTBEPTQPS
MPTNBUFSJBMFTZQSPEVDUPTRVFOPTBUJTGBDFOMPTSFRVJTJUPTEF
DBMJEBETFNJEFOUBNCJÏOFOEPTTFHNFOUPTDPTUPTQPSGBMMBT
JOUFSOBTRVFJODMVZFOMPTDPTUPTEFDBMJEBEJOTBUJTGBDUPSJBEFOUSP
EFMBDPNQB×ÓBUBMFTDPNPEFTFDIPTEFUFSJPSPTZNBUFSJBMWVFMUP
BUSBCBKBSZDPTUPTQPSGBMMBTFYUFSOBTRVFJODMVZFOMPTDPTUPT
EFDBMJEBEJOTBUJTGBDUPSJBGVFSBEFMBDPNQB×ÓBDPNPGBMMBTFO
FMEFTFNQF×PEFMQSPEVDUPZRVFKBTEFMPTDMJFOUFT
*NQPSUBODJBEFMPT$PTUPTFOMB$BMJEBE
-PTDPTUPTEFMPTQSPEVDUPTUJFOFOSFMBDJØODPOMBDBMJEBE
(FOFSBMNFOUFMPTBMUPTDPTUPTEFMBDBMJEBEFTUÈOSFMBDJPOB
EPTBMBTGBMMBTEFMPTQSPEVDUPTMPRVFPDBTJPOBSFDIB[PTP
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
QSFDJPTNVZCBKPT&OMBTIPSUBMJ[BTEFIPKBTMBCBKBDBMJEBE
QSFTFOUBDPTUPTNVZBMUPTFOQÏSEJEBTQPTDPTFDIBPDVBOEP
VOQSPEVDUPOPMMFHBBEFDVBEBNFOUFBMNFSDBEPFMQSPEVDUP
HFOFSBMNFOUFTFUJSBPTFQBHBBVOQSFDJPNVZCBKPFOFTUF
DBTPFMDPTUPVOJUBSJPEFMQSPEVDUPFTNVDIPNÈTBMUPRVF
BRVFMEFDBMJEBE
„ .PEFMPFDPOØNJDPEFMPTDPTUPTEFMBDBMJEBE
FOMBmHVSBTFQVFEFPCTFSWBSFMNPEFMPFDPOØNJDPEFM
DPTUPEFMBDBMJEBEUFOFSVOCBKPOJWFMEFDPOGPSNJEBEQPS
DPTUPTQPSGBMMBTOPTFMFWBFMDPTUPVOJUBSJPEFMQSPEVDUP
4JRVFSFNPTMPHSBSVODPTUPEFMBDBMJEBEEFVOEF
TBUJTGBDDJØOMBTGBMMBTTPOJHVBMFTB
MPTDPTUPTVOJUBSJPT
UBNCJÏOTFFMFWBOFOFTUFDBTPQPSBVNFOUPEFMPTDPTUPTEF
QSFWFODJØOZFWBMVBDJØO1PSPUSPMBEPTJQSFTFOUBNPTQPDB
QSFWFODJØOZFWBMVBDJØOUBNCJÏOMPTDPTUPTEFMBDBMJEBETPO
BMUPTEFCJEPBMPTBMUPTDPTUPTQPSGBMMBT&MQVOUPFTFODPOUSBS
VOFRVJMJCSJPQBSBRVFMBTBUJTGBDDJØOTFBMBBEFDVBEBDPOFM
NFOPSDPTUPEFMBDBMJEBE
6OFKFNQMPEFFTUPFTBQMJDBCMFBMBTIPSUBMJ[BTEF
IPKBTTJOPBQMJDBNPTQSFWFODJØOZDPOUSPMUFOESFNPTNVDIPT
QSPCMFNBTEFDPNFSDJBMJ[BDJØOQÏSEJEBTQPTDPTFDIBCBKB
DBMJEBEQSPCMFNBTEFJOPDVJEBEFUD
QPSMPUBOUPMPTDPTUPT
VOJUBSJPTTFSÈONVZBMUPT
1PSPUSPMBEPTJRVFSFNPTVOQSPEVDUPFYDFMFOUFRVFTB
UJTGBHBBFMEFMPTDPOTVNJEPSFTQVFEFPDVSSJSRVFFM
DPTUPTFBUBOBMUPRVFOPQFSNJUJSÓBUFOFSVOQSFDJPDPNQFUJUJWP
BNFOPTRVFBQVOUFNPTBVOOJDIPEFNFSDBEPRVFQVFEB
QBHBSMP6OFKFNQMPDPODSFUPFTMBQSPEVDDJØOEFIPSUBMJ[BT
CBKPJOWFSOBEFSPQBSBEJTNJOVJSFMFGFDUPOFHBUJWPEFMBT
DPOEJDJPOFTDMJNÈUJDBT
BMHVOPTQSPEVDUPTDPNPQVFEFTFSMB
SBEJDIFUBQSPCBCMFNFOUFOPTFSÓBDPOWFOJFOUFFOMBTBDUVBMFT
FYJHFODJBTEFMNFSDBEP4JFMNFSDBEPFWPMVDJPOBBNBZPS
FYJHFODJBQPESÓBSFRVFSJSTFFTUBUFDOPMPHÓB
-PTDPTUPTPDVMUPTIBZDPTUPTEFMBDBMJEBERVFTFQVFEFO
FWBMVBSGÈDJMNFOUFSFDIB[PTSFQBTBSMBNFSDBEFSÓBFUD
TJO
FNCBSHPIBZOVNFSPTPTDPTUPTRVFOPTPOWJTJCMFTQFSPTPO
NVZJNQPSUBOUFTUBMFTDPNPMPTDMJFOUFTJOTBUJTGFDIPTZMBT
WFOUBTQFSEJEBTmHVSB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
„ #FOFmDJPTEFMBBQMJDBDJØOEFVOBEFDVBEPQMBO
EFDBMJEBEVOBEFDVBEPQMBOEFHFTUJØOEFMBDBMJEBEOPT
QFSNJUJSÈVOBNBZPSPSHBOJ[BDJØOZTVTUFOUBCJMJEBEEFMB
FNQSFTBBUSBWÏTEFMPTTJHVJFOUFTQVOUPT
t*OUFOTJmDBFMFOGPRVFFOMPTDMJFOUFTZFMNFSDBEP
SFMFWBOEPFMHSBEPEFTBUJTGBDDJØOZFYQFDUBUJWBTEFMPT
DMJFOUFT
t4FGPSNBMJ[BFJOUFOTJmDBFMFRVJQPEFEJSFDDJØODPO
SPMFTZMJEFSB[HPTCJFODMBSPT
t4FBQMJDBFMDPODFQUPEFBTFHVSBNJFOUPEFMBDBMJEBEMB
DBMJEBETFQSFWÏZTFEJTF×B
t4FQSPNVFWFMBNFKPSBEFMPTQSPDFTPTQSPEVDUPTZ
TFSWJDJPTBUSBWÏTEFVOBNFKPSBDPOUJOVBDSFBUJWJEBEFJO
OPWBDJØOUBNCJÏOBUSBWÏTEFVOBNFEJDJØOTJTUÏNJDBEFMPT
SFTVMUBEPT
t"VNFOUBFMEFTBSSPMMPZFMDPNQSPNJTPEFMQFSTPOBM
BQMJDBOEPFMQSJODJQJPEFIBDFSMBTDPTBTCJFOZEFTEFMBQSJ
NFSBWF[
t.FKPSBMBSFMBDJØODPOMPTQSPWFFEPSFTFJOUFHSBOUFTEF
MBDBEFOBEFEJTUSJCVDJØO
t"VNFOUBMBSFTQPOTBCJMJEBETPDJBMEFMBFNQSFTBTFEF
TBSSPMMBOBDDJPOFTRVFDPOUSJCVZFOBFMFWBSMBDBMJEBEEFWJEB
EFMBTPDJFEBEFOTVDPOKVOUP6ODPNQSPNJTPDPOFMNFEJP
BNCJFOUFMPTDPODFQUPTEFFDPFmDJFODJBZEFEFTBSSPMMPTVTUFO
UBCMFFYDFEJFOEPFMTJNQMFDPNQSPNJTPEFMPTSFRVFSJNJFOUPT
MFHBMFTZSFHMBNFOUBSJPT%FFTUBNBOFSBTFQSPNVFWFMBDVMUVSB
EFMBDBMJEBEFOMBDPNVOJEBE
$PNQFUJUJWJEBEBUSBW¥TEFM
EFTBSSPMMPEFTJTUFNBTEFHFTUJ¯OEFMB
E
D
DBMJEBE
&OMPTÞMUJNPTB×PTTFQSPEVKPVODBNCJPEFQB
SBEJHNBFODVBOUPBMBQSPEVDDJØOZFMDPOTVNPEFBMJNFOUPT
SFMBDJPOBEPTBMBJOPDVJEBE$PNPTFQVFEFPCTFSWBSFOMPT
DVBESPTTJHVJFOUFTTFQBTØEFVOQBSBEJHNBEFMBSFWPMVDJØO
WFSEF1SPEVDUJWJEBE4BOJEBE
BMQBSBEJHNBEFMB4FHVSJEBE
"MJNFOUBSJB$BMJEBE4BOJEBE"HSPQFDVBSJB4BMVE1ÞCMJDB
WFSmHVSB
4FHÞOMB'"0MBTFHVSJEBEBMJNFOUBSJBFYJTUFDVBOEPUPEBT
MBTQFSTPOBTEFVOUFSSJUPSJPUJFOFOFOUPEPNPNFOUPBDDFTP
GÓTJDPZFDPOØNJDPBBMJNFOUPTJOPDVPTZOVUSJUJWPTQBSB
TBUJTGBDFSTVTOFDFTJEBEFTBMJNFOUJDJBTZQPEFSMMFWBSBTÓVOB
WJEBBDUJWBZTBOB
&OFTUFTFOUJEPMPTTJTUFNBTEFDPOUSPMmOBMEFQSPEVDUPT
OPTPOMPTBEFDVBEPTQBSBHBSBOUJ[BSMBDBMJEBEFJOPDVJEBE
TJOPRVFFTOFDFTBSJPBQMJDBSTJTUFNBCBTBEPTFOBOÈMJTJTEF
SJFHPTZDPOUSPMEFQSPDFTPTWFSmHVSB
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
4FHÞOFTUBCMFDFMB'"0FOTVQFSÓPEPEFTFTJPOFTEFM
$PNJUÏEF"HSJDVMUVSBSFMBUJWBBMFOGPRVFEFDBMJEBEFJOPDVJEBE
EFMPTBMJNFOUPTCBTBEPTFOMBDBEFOBBMJNFOUBSJBTFQMBOUFBO
MPTTJHVJFOUFTQVOUPT
4FBTVNFRVF UPEPTMPTJOUFSWJOJFOUFTEFMB$BEFOB
"MJNFOUBSJBDPNQBSUFOMBSFTQPOTBCJMJEBEEFMTVNJOJTUSPEF
BMJNFOUPTJOPDVPTTBOPTZOVUSJUJWPTBEJGFSFODJBEFMFOGP
RVFBOUFSJPSEPOEFMBSFTQPOTBCJMJEBEDBÓBFOMBTFNQSFTBT
FMBCPSBEPSBTEFBMJNFOUPT1PSTVQVFTUPMPTHPCJFSOPTEFCFO
BTVNJSMBTBMVEQÞCMJDB
&MFOGPRVFEFDBEFOBFTEFDJSEFTEFMBHSBOKBBMBNFTB
DPOVOBØQUJDBNÈTJOUFHSBEBZQSFWFOUJWBJOUFOTJmDBSÈMB
BUFODJØOQSFTUBEBBMBTEFNBOEBTEFMPTDPOTVNJEPSFTZ
DPOUSJCVJSÈBRVFMPTTJTUFNBTTFBONÈTWJBCMFTFOMPTQMBOPT
FDPOØNJDPBNCJFOUBMZOVUSJDJPOBM
-BT BMJNFOUPTDPODBEBWF[NÈTBMDBODFNVOEJBMB
NBZPSDPNFSDJPTFSÈDBEBWF[NÈTEJGÓDJMSFTPMWFSMPTQSPCMFNBT
EFJOPDVJEBE-BTDPOTFDVFODJBTFDPOØNJDBTEFSJWBEBTEFMPT
BMJNFOUPTZQSPEVDUPTBHSÓDPMBTDPOUBNJOBEPTQVFEFOTFS
EFWBTUBEPSBTCBTUBDPODJUBSFMQSPCMFNBEFMBWBDBMPDBFO
3FJOP6OJEPFTUJNBEPFONJMMPOFTEFEØMBSFT
BMJNFOUPZMPTIÈCJUPTEFDPOTVNPIBODPOUSJCVJEPBBVNFOUBS
MPTSJFTHPT
&YJTUFODJODPOFDFTJEBEFTGVOEBNFOUBMFTDMBSBNFOUFSFMB
DJPOBEBTFOUSFTÓFOMBTRVFEFCFSÓBCBTBSTFMBGVUVSBPSJFOUB
DJØOFTUSBUÏHJDBFOBQPZPEFMFOGPRVFSFMBUJWPBMBJOPDVJEBE
EFMPTBMJNFOUPTBQMJDBCMFTBUPEBMBDBEFOBBMJNFOUBSJB
t*ODPSQPSBSUSFTFMFNFOUPTGVOEBNFOUBMFTSFMBDJPOBEPT
BMBOÈMJTJTEFSJFTHPTMB FWBMVBDJØOMBHFTUJØOZMBDPNVOJ
DBDJØO
t.FKPSBSMBTUÏDOJDBTEFSBTUSFP
t"SNPOJ[BSMBTOPSNBTBMJNFOUBSJBT
t%FTBSSPMMBSTJTUFNBTBOÈMPHPTEFJOPDVJEBEEFMPTBMJ
NFOUPT
t&WJUBSPQSFWFOJSBQSJPSJMPTSJFTHPTFOFMQVOUPFORVF
TFPSJHJOBO
&MEFTBGÓPEFMBQSPEVDDJØOEFGSVUBTZIPSUBMJ[BTFTMBDPN
QFUJUJWJEBEQPSVONFSDBEPRVFEFNBOEBQSPEVDUPTEFDBMJEBE
DSFDJFOUFBQSFDJPTEFDSFDJFOUFT1BSBMBSFTQVFTUBBFTUB
TJUVBDJØOMBTFNQSFTBTEFCFOJNQMFNFOUBSTJTUFNBTEFBTFHV
SBNJFOUPEFMBDBMJEBE
-BNBZPSDPODJFODJBDJØOEFMBPQJOJØOQÞCMJDBBDFSDB
EFMPTQFMJHSPTBTPDJBEPTBMBJOPDVJEBEEFMPTBMJNFOUPTMB
QSFPDVQBDJØOQPSMBTBNFOB[BTBMBTBMVEQÞCMJDBRVFQVFEBO
BUSJCVJSTFBMPTQFMJHSPTBTPDJBEPTBMPTBMJNFOUPTMMFWBBMB
OFDFTJEBEEFUSBCBKBSFOVONBSDPEFNBZPSTFHVSJEBE
-B UFOEFODJBDSFDJFOUFEFDPNFSGVFSBEFMBDBTB
BMJNFOUPTQSFQBSBEPTZFMBVNFOUPEFMDPOTVNPEFGSVUBTZ
IPSUBMJ[BTQVFEFOBVNFOUBSFMSJFTHPBMBTBMVEEFSJWBEPTEF
MBQSFTFODJBEFQBUØHFOPT
-PTJOGPSNFTEFMB0.4JOEJDBORVFDBEBB×PVOBQFSTPOB
EFDBEBUSFTQVFEFFTUBSBGFDUBEBQPSFOGFSNFEBEFT
USBOTNJUJEBTQPSBMJNFOUPTSFDJFOUFTTJUVBDJPOFTEF
FNFSHFODJBBTPDJBEBTDPOMBJOPDVJEBEEFMPTBMJNFOUPTIBO
TPDBWBEPMBDPOmBO[BEFMPTDPOTVNJEPSFTFOMBFGFDUJWJEBEF
JOUFHSJEBEEFMPTTJTUFNBTEFJOPDVJEBEEFMPTBMJNFOUPT
&MQBSBEJHNBQBTØ
EFMB3FWPMVDJØO7FSEFBMB
4FHVSJEBE"MJNFOUBSJB
DPOVOTJTUFNBEPOEFTFBOBMJ[BO
MPTQFMJHSPTQBSBBTFHVSBSQSPEVD
UPTJOPDVPTZDPOVOFOGPRVFEF
DBEFOBEPOEFUPEPTEFCFNPT
QBSUJDJQBS
-BTOPSNBTEFJOPDVJEBEEFBMJNFOUPTFOQBÓTFTFOEFTBSSP
MMPQVFEFOFRVJQBSBSTFBMBTJOUFSOBDJPOBMFTQFSPTPONFOPT
FGFDUJWBTEFCJEPBMBGBMUBEFDBQBDJEBEJOTUJUVDJPOBMZ
UÏDOJDBQBSBWJHJMBSZBTFHVSBSFMDVNQMJNJFOUP&MSÈQJEP
SJUNPEFVSCBOJ[BDJØOMPTOVFWPTTJTUFNBTEFQSPEVDDJØOEF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&OFMNFSDBEPJOUFSOPMBJOTVmDJFOUFJOPDVJEBEQSPEVDF
EB×PTFDPOØNJDPTBVTFOUJTNPTNFEJDBNFOUPTFUD
BMBQP
CMBDJØOZBMFTUBEPQPSQSPCMFNBTFOMBTBMVEQÞCMJDB&5"
-BTFTQFDJBMJEBEFTVUJMJ[BOJOTUSVNFOUPTQBSBEJGFSFODJBSTFEF
MPTDPNPEJUJFTZDSFBSWFOUBKBTDPNQFUJUJWBTRVFMFTQFSNJUF
PCUFOFSVOQSFDJPNBZPSQPSTFSBNQMJBNFOUFSFDPOPDJEPQPS
FMDMJFOUF
4JOPTFVUJMJ[BOOPSNBTZFTQFDJmDBDJPOFTFMiTFOUJEPDPNÞO
ZMBTSFHMBTOPFTDSJUBTwPDVQBSÈOTVMVHBSFMQSPCMFNBFTRVF
FMMBTEFQFOEFOEFMBTQFSTPOBTZFODPOTFDVFODJBQVFEFONPT
USBSHSBOEFTEJGFSFODJBTEFJOUFSQSFUBDJØOEFTFSBTÓMBDBMJEBE
EFMPTQSPEVDUPTZTFSWJDJPTEFDBFSÈ&MMPDSFBSÈEFTDPOmBO[B
FOUSFMPTUSBCBKBEPSFTIBZEJTDPSEBODJBZTVTQJDBDJBTZFMMVHBS
EFUSBCBKPOPSFTVMUBBHSBEBCMF
4FFOUJFOEFQPSBTFHVSBNJFOUPEFMBDBMJEBEBMDPOKVOUP
EFBDUJWJEBEFTQSFFTUBCMFDJEBTZTJTUFNÈUJDBTBQMJDBEBTFOFM
NBSDPEFMTJTUFNBEFDBMJEBERVFTFIBEFNPTUSBEPRVFTPO
OFDFTBSJBTQBSBEBSDPOmBO[BBEFDVBEBEFRVFVOBFNQSFTB
TBUJTGBSÈMPTSFRVJTJUPTQBSBMBDBMJEBE/PSNB*3".*40
"MPTFGFDUPT EFMÈNCJUPEFBQMJDBDJØOZMBPCMJHB
UPSJFEBE EFMBTOPSNBTTFQVFEFDMBTJmDBSEFMBTJHVJFOUF
NBOFSB
t-BTOPSNBTEFJOPDVJEBETPOMBTDSFBEBTQBSBPCUFOFS
QSPEVDUPTBQUPTQBSBDPOTVNPIVNBOPRVFEFCFOTFSOPSNBT
PCMJHBUPSJBTEFDBSÈDUFSQÞCMJDP#VFOBT1SÈDUJDBT"HSÓDPMBT
#VFOBT1SÈDUJDBTEF.BOVGBDUVSBT)"$$1FUD
t-BTOPSNBTEFDBMJEBESFHVMBOOPTØMPRVFFMQSPEVDUP
TFBBQUPQBSBFMDPOTVNPIVNBOPTJOPRVFUBNCJÏOBQVOUBB
MBTBUJTGBDDJØOBMDMJFOUFTPOWPMVOUBSJBTZEFDBSÈDUFSQSJWBEP
EFOPNJOBDJØOEFPSJHFOQSPEVDUPTPSHÈOJDPTFUD
"DPOUJOVBDJØOFOMBmHVSBTFNVFTUSBOMPTBTQFDUPT
RVFIBDFOBMBDBMJEBEFJOPDVJEBE
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
"DPOUJOVBDJØOMBQJSÈNJEFNVFTUSBDPNPEFCFOJSJNQMF
NFOUÈOEPTFMBTOPSNBTFOFMTFDUPSQBSBMPHSBSMBJOPDVJEBE
EFMPTBMJNFOUPT
t-BCBTFMBDPOTUJUVZFMB MFHJTMBDJØOBMJNFOUBSJBEFM
QBÓT
t-VFHPFTOFDFTBSJBMBDBQBDJUBDJØOEFMTFDUPSPmDJBM
ZEFMPTQSPEVDUPSFT
t-BJNQMFNFOUBDJØOEFM.BOFKP*OUFHSBEPEF1MBHBT
.*1
ZMBT#VFOBT1SÈDUJDBT"HSÓDPMBT #1"
BOJWFMEFMB
QSPEVDDJØO
t-BJNQMFNFOUBDJØOEFMBT#VFOBT1SÈDUJDBTEF.BOV
GBDUVSBT#1.
Z1SPDFEJNJFOUPT0QFSBUJWPT&TUBOEBSJ[BEPT
EF4BOJUJ[BDJØO10&4
BOJWFMEFMBTQMBOUBTQSPDFTBEPSBTZ
mOBMNFOUFFM"OÈMJTJTEF1FMJHSPTZ$POUSPMEF1VOUPT$SÓUJDPT
)"$$1
1BSBUFOFSÏYJUP
FOVOÈNCJUPTVNBNFOUF
DPNQFUJUJWPDPNPFTFMEFMBTGSV
UBTZIPSUBMJ[BTFTOFDFTBSJP
BTFHVSBSMBDBMJEBE
QBSBEBSDPOmBO[BBMDPOTVNJEPS
QSPEVDJFOEPOPTØMPBMJNFOUPT
JOPDVPTTJOPUBNCJÏODPOPUSPT
BUSJCVUPTEFDBMJEBE
„ /PSNBTEFJOPDVJEBEZEFDBMJEBE
"DPOUJOVBDJØOTFFYQMJDBOMBTOPSNBTBTFSBQMJDBEBTFO
MBJOEVTUSJBBMJNFOUJDJB
#VFOBT1SÈDUJDBT"HSÓDPMBT#1"
&MNFSDBEPNVOEJBMEF
BMJNFOUPTFYJHFRVFMPTBDUPSFTEFMPTDJSDVJUPTZDBEFOBTQSP
EVDUJWBTTFBODBEBWF[NÈTFmDJFOUFTFOFMBTFHVSBNJFOUPEF
MBJOPDVJEBEZMBDBMJEBEBHSPBMJNFOUBSJB%JDIPBTFHVSBNJFOUP
TFIBFTUBCMFDJEPFOFMNVOEPDPNPVOUFNBQSJPSJUBSJPUBOUP
QBSBMBHFOFSBDJØOZUSBOTGFSFODJBDPNFSDJBMEFCJFOFTDPNP
QBSBMBDPOTFSWBDJØOEFMBNCJFOUFZEFMPTSFDVSTPTOBUVSBMFT
SFRVFSJEPTQBSBTVQSPEVDDJØO
4JTFQSFUFOEFOPTPMPMPHSBSJOPDVJEBETJOPUBNCJÏODBMJEBE
TFEFCFSÈSFDVSSJSBMBJNQMFNFOUBDJØOEFQSÈDUJDBTBEFDVBEBT
QBSBDPOTFHVJSMBT.VDIBTEFFMMBTTFFODVFOUSBOTJTUFNBUJ[BEBT
FOMBTOPSNBT*40
1SFNJP/BDJPOBMBMB$BMJEBE1/$"-
(FTUJØOEFMB$BMJEBE5PUBM(5$
FUD
-BT#1"QVFEFOTJNQMFNFOUFEFmOJSTFDPNPiIBDFSMBT
DPTBTCJFOwZiEBSHBSBOUÓBTEFFMMPw-BT#1"TPOVODPOKVOUP
EFQSJODJQJPTOPSNBTZSFDPNFOEBDJPOFTUÏDOJDBTBQMJDBCMFTB
MBQSPEVDDJØOQSPDFTBNJFOUPZUSBOTQPSUFEFBMJNFOUPTPSJFO
UBEBTBBTFHVSBSMBQSPUFDDJØOEFMBIJHJFOFMBTBMVEIVNBOBZ
FMNFEJPBNCJFOUFNFEJBOUFNÏUPEPTFDPMØHJDBNFOUFTFHVSPT
IJHJÏOJDBNFOUFBDFQUBCMFTZFDPOØNJDBNFOUFGBDUJCMFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
#VFOBT1SÈDUJDBTEF.BOVGBDUVSB#1.
FTMBQVFTUB
FOQSÈDUJDBEFMDPOPDJNJFOUPRVFTFUJFOFTPCSFGBDUPSFTBN
CJFOUBMFTFTUSVDUVSBMFTUFDOPMØHJDPTZPQFSBUJWPTQBSBFWJUBS
MBQSFTFODJBEFDVBMRVJFSBHFOUFEFSJFTHPIJHJÏOJDPTBOJUBSJP
PRVFMPNJOJNJDFIBTUBWBMPSFTBDFQUBCMFTQBSBMPHSBSMBJOP
DVJEBEEFVOBMJNFOUP*OWPMVDSBMPTQSPDFTPTEFTEFMBQMBOUB
EFFMBCPSBDJØOZIBTUBMBMMFHBEBBMDPOTVNJEPS
B$FSUJmDBDJØOEFFNQSFTBTFOOPSNBT*40QBSB
HFTUJØOFNQSFTBSJB
*40BNCJFOUBM
F*40MBCP
SBUPSJPT
1SPDFEJNJFOUPT0QFSBUJWPT&TUBOEBSJ[BEPTEF4BOJ
UJ[BDJØO10&4
FTMBBQMJDBDJØOEFVOQSPHSBNBEFMJNQJF[B
ZEFTJOGFDDJØO QSFPQFSBDJPOBMZPQFSBDJPOBMRVFTFMMFWB
BDBCPEJBSJBNFOUFFOMBTQMBOUBTEFBMJNFOUPT&MQSPHSBNB
EJBSJPTFSFBMJ[BBUSBWÏTEFQSPDFTPTFTUBCMFDJEPTNFUPEPMPHÓB
ZNBOVBMEFQSPDFEJNJFOUP
SFTQPOTBCMFTEFFKFDVDJØOEFUFS
NJOBEPTDPOQSPEVDUPTPmDJBMNFOUFBQSPCBEPTEFUFSHFOUFT
FUD
EFDPOGPSNJEBESFHJTUSBEBDPOTJTUFNBEFNPOJUPSFPEF
DVNQMJNJFOUPZQBSÈNFUSPCJPMØHJDPTEFmOJEPT
E$FSUJmDBDJØOEFQSPEVDUPPSHÈOJDPQPSPSHBOJTNPEF
DFSUJmDBDJØOIBCJMJUBEPTQPS4&/"4"
"OÈMJTJTEF1FMJHSPTZ$POUSPMEF1VOUPT$SÓUJDPT
)"$$1
FTVOTJTUFNBDPODFCJEPQBSBBMJNFOUPTEPOEFFM
PCKFUJWPFTEFTBSSPMMBSFJNQMFNFOUBSVOTJTUFNBQSFWFOUJWP
FOMPTQSPDFTPTEFFMBCPSBDJØOEFMPTBMJNFOUPTQBSBMPHSBS
TVJOPDVJEBEZBTÓEBSTFHVSJEBEBMBTBMVEEFMDPOTVNJEPS&T
VOBUBSFBUPUBMNFOUFUÏDOJDBTFDPODFOUSBUPEPTTVTFTGVFS[PT
FOMPTQVOUPTDSÓUJDPT
-BWFOUBKBEFMBOPSNB*40FTRVFVOBFNQSFTBTRVF
ZBUJFOFEFTBSSPMMBEPVOQSPHSBNBEFTFHVSJEBEBMJNFOUBSJB
QVFEFJODPSQPSBSMBEFOUSPEFMTJTUFNBFYJTUFOUFDPOVODPTUP
EFBEBQUBDJØONVZCBKP-B*40UPNBFODVFOUBMBT
FYJHFODJBTEFOVNFSPTBTPUSBTOPSNBTDPNP
t#VFOBT1SÈDUJDBTEF'BCSJDBDJØO1SPEVDDJØO(.1(11
QPSTVTJHMBFOJOHMÏT
Z4JTUFNBEF"OÈMJTJTEF1FMJHSPTZ1VOUPT
EF$POUSPM$SÓUJDP)"$$1
CBTBEPTFOMBT(VÓBTEFM$PEFY
"MJNFOUBSJVT
t64'%"64%"BOE&VSPQFBO3W"(.1)"$$1
t4BGF2VBMJUZ'PPE42'
FTUÈOEBSSFDPOPDJEPQPSFM
('4*(MPCBM'PPE4BGFUZ*OJUJBUJWF
CBTBEPFO)"$$1F*40
t&VSFQ("1
t#3$#SJUJTI3FUBJM$POTPSUJVN
t*'4*OUFSOBUJPOBM'PPE4UBOEBSE
&M)"$$1TJOTFSPCMJHBUPSJPTFIBUSBOTGPSNBEPFOVOTJT
UFNBEFFRVJWBMFODJBZBRVFDJFSUPTQBÓTFTMPFTUÈOBQMJDBOEP
IBDJBBEFOUSPZFODPOTFDVFODJBMPFTUÈOSFRVJSJFOEPQBSBMPT
QSPEVDUPTBMJNFOUBSJPTQSPDFEFOUFTEFPUSPTQBÓTFT
„ -BTDFSUJmDBDJPOFTEFDPOGPSNJEBEFO"SHFO
UJOB
&OMPTNFSDBEPTEFBMJNFOUPTEFMPTQBÓTFTEFTBSSPMMBEPT
MBTUFOEFODJBTFOMPTIÈCJUPTEFMPTDPOTVNJEPSFTZMBTUSBOTGPS
NBDJPOFTFOMPTTJTUFNBTEFEJTUSJCVDJØOEFBMJNFOUPTSFGVFS[BO
DBEBWF[NÈTOPTØMPFMDPODFQUPEFDBMJEBEFOHFOFSBMTJOP
MBOFDFTJEBEEFMBTFNQSFTBTQSPEVDUPSBTEFEJTQPOFSEFDFS
UJmDBDJPOFTEFDPOGPSNJEBEDPNPSFRVJTJUPJOFMVEJCMFQBSB
NBOUFOFSTFFOFMNFSDBEP&TUPQVFEFIBDFSTFQPSQSPEVDUP
DVBOEPMPTNJTNPTDVNQMFODPOMBTOPSNBTEFFTQFDJmDJEBE
UÏDOJDBP QPSFNQSFTBTJDVNQMFDPOOPSNBTPUÏDOJDBEF
HFTUJØOEFMBDBMJEBE
C$FSUJmDBDJØOEFDVNQMJNJFOUPEFOPSNBT*3".*40
D$FSUJmDBDJØOEFQSPEVDUPTBMJNFOUBSJPTTPCSFQSPUPDPMP
TFMMP*3"."3(&/*/5"
5JFOFVOBHSBOBDFQUBDJØOJOUFSOBDJPOBMMBOPSNB*40
TPCSF4FHVSJEBE"MJNFOUBSJBRVFJOWPMVDSBMPTQVOUPT
SFHVMBEPTQPSMBTOPSNBT*40#1"#1.)"$$1Z
PCWJBNFOUFFTUÈFODPOTPOBODJBDPOFM$ØEJHP"MJNFOUBSJP
*OUFSOBDJPOBMUFOJFOEPDPNPQSJODJQBMBTQFDUPQPTJUJWPFMEF
VOJmDBSMPTDSJUFSJPTRVFIPZFTUÈOEJTQFSTPTFODBEBVOBEF
MBTOPSNBTFYJTUFOUFT
„ %FTBSSPMMPEFDBEFOBT
"EFNÈTEFTJTUFNBTEFUJQPiDPMFDUJWPwDPNPMPTTJHOPT
PmDJBMFTEFDBMJEBEEFMB6&POPSNBTJOUFSOBDJPOBMFTUJQP*40
MBTFNQSFTBTUBNCJÏOTFMBO[BSPOBDSFBSTVTQSPQJPTQSPUPDPMPT
EFDBMJEBERVFQVFEBOEJGFSFODJBSMPTEFTVTDPNQFUJEPSFTFO
TVTFTGVFS[PTQPSiWFOEFSDBMJEBEw
6OCVFOFKFNQMPFTMBFTUSBUFHJBEFMHSVQP$BSSFGPVSRVF
CVTDBOEPTFHNFOUBSTVPGFSUBZMPHSBSVOBNFKPSPSHBOJ[B
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
DJØOEFTVDBEFOBEFBQSPWJTJPOBNJFOUPFOQSPEVDUPTGSFTDPT
TJONBSDBMBO[BFOMBT$BEFOBTEF$BMJEBE$BSSFGPVS
'JMJÒSFT2VBMJUÏ$BSSFGPVS'2$
&TBTDBEFOBTDPONBSDBEF
EJTUSJCVJEPSTFDBSBDUFSJ[BOQPSVOBPSHBOJ[BDJØONVZFmDJFOUF
ZMBPCMJHBUPSJFEBEEFBQMJDBDJØOEFUSB[BCJMJEBE
"EFNÈTEFFYJHFODJBTFTUSJDUBTEFUJQPDBMJEBEBMBQSPEVD
DJØOBTÓDPNPFTUSJDUBTOPSNBTEFUSBOTQPSUFZNBOJQVMBDJØO
BMPMBSHPEFUPEBMBDBEFOBEFBQSPWJTJPOBNJFOUPFMHSVQP
$BSSFGPVSBHSFHBEFNBOFSBQSPHSFTJWBOPSNBTBTPDJBEBTB
MBQSPUFDDJØOEFMNFEJPBNCJFOUF
-BTJOEJDBDJPOFTEFQSPDFEFODJBZMBTEFOPNJOBDJPOFT
EFPSJHFOTPOJOTUSVNFOUPTKVSÓEJDPTRVFQSPUFHFOMBEJGFSFO
DJBDJØOEFQSPEVDUPZTFFODVFOUSBOJOTFSUPTFOFMDBQÓUVMPEF
MBQSPQJFEBEJOUFMFDUVBM"DPOUJOVBDJØOTFEFmOFDBEBVOP
t*OEJDBDJØOEF1SPDFEFODJBJOEJDBRVFVOQSPEVDUPP
VOTFSWJDJPQSPWJFOFEFVOQBÓTEFVOBSFHJØOPEFVOMVHBS
EFUFSNJOBEP
t%FOPNJOBDJØOEF0SJHFOFMOPNCSFEFVOQBÓTEF
VOBSFHJØOEFVOMVHBSPEFVOÈSFBHFPHSÈmDBEFUFSNJOBEB
RVFTJSWFQBSBEFTJHOBSVOQSPEVDUPPVOTFSWJDJPPSJHJOBSJPEF
FMMPTPEFVOÈSFBBTJHOBEBZDVZBTDVBMJEBEFTZDBSBDUFSÓTUJ
DBTTFEFCFOFYDMVTJWBPFTFODJBMNFOUFBMNFEJPHFPHSÈmDP
DPNQSFOEJEPMPTGBDUPSFTOBUVSBMFTZPIVNBOPT
4FIBEFTBSSPMMBEPFMDPODFQUPEF 5SB[BCJMJEBEP3BT
USFBCJMJEBE6OTJTUFNBEFUSB[BCJMJEBEJODMVZFMBJEFOUJmDBDJØO
EFMBTQBSUJEBTBOJNBMFTMPUFTEFDVMUJWPTFUD
MBSFDPMFDDJØO
ZFMBMNBDFOBNJFOUPEFMBJOGPSNBDJØOBDFSDBEFMPTNJTNPT
ZMBQPTJCJMJEBEEFMBDDFTPBMBJOGPSNBDJØOQPSQBSUFEFMPT
BDUPSFTJOUFSFTBEPT&TUPDPOTUJUVZFVOQSJNFSQBTPEFVO
QSPDFTPRVFIBDFQPTJCMFFMTFHVJNJFOUPEFMBJOGPSNBDJØO
EFTEFMBQSPEVDDJØOZIBTUBFMDPOTVNPFTUFUFNBFTUBNÈT
EFTBSSPMMBEPFOFMQVOUP
1PSTVQVFTUPFMHSBOUSBDDJPOBEPSEFUPEPFTUPFTFMDPO
TVNJEPS1FSPQBSBFMMPFMNJTNPEFCFFTUBSFEVDBEPFMJHJFOEP
BRVFMMPTQSPEVDUPTRVFMFCSJOEFONBZPSTFHVSJEBE
0USPBTQFDUPBUFOFSFODVFOUBFTRVFFTUBTOPSNBTQVFEFO
TFSDFSUJmDBEBTQPSVOBUFSDFSBQBSUFFNQSFTBDFSUJmDBEP
SB
PTJNQMFNFOUFFTFMDMJFOUFFMRVFQFSJØEJDBNFOUFSFBMJ[B
BVEJUPSÓBT&OPUSPTDBTPTFTBMHVOBJOTUJUVDJØORVFSFBMJ[BMBT
BVEJUPSÓBTZQPOFTVTFMMP
%FCFSÓBNPTBWBO[BS
IBDJBVOBOVFWBDVMUVSB
EFMDPOTVNPBUSBWÏTEFDBNCJPEFM
NPEFMPNFOUBM%FCFSÓBIBCFSVOB
SFFEVDBDJØOBMJNFOUBSJB
FOMPTBTQFDUPTEFOVUSJDJØO
JOPDVJEBEDPOPDJNJFOUPEFMBTMFZFT
ZQFSDFQDJØOEFMBDBMJEBE
QBSBUFOFSVODPOTVNJEPS
NÈTQSPGFTJPOBM
-BT#VFOBT1SDUJDBT"HS©DPMBTFOHFOFSBMZ
FOQBSUJDVMBSQBSBMBTIPSUBMJ[BTEFIPKBT
#VFOBT1SDUJDBT"HS©DPMBTŊ1SPUPDPMPT
*OUFSOBDJPOBMFT
-BT#1"TFHÞO&VSFQ("1&VSP3FUBJMFS1SPEVDF8PSLJOH
(SPVQ
BDUVBMNFOUF(-0#"-("1
&OQBÓTFTJOUFHSBOUFTEFMB6&MBTOPSNBTEF1SPEVDDJØO
*OUFHSBEBTFWJFOFOEFTBSSPMMBOEPDPOÏYJUPEFTEF-BT
HSBOEFTDBEFOBTNJOPSJTUBTBHSPBMJNFOUBSJBTFOFMB×P
FMBCPSBSPOFMi$ØEJHP&63&1QBSBMBT#VFOBT1SÈDUJDBT"HSÓ
DPMBTFO)PSUJDVMUVSBw&63&1("1
DPOTUJUVZFOEPVOJOT
USVNFOUPRVFDPOUJFOFMPTFTUÈOEBSFTNÓOJNPTBDFQUBCMFT
&VSFQ("1FTVOQSPHSBNBQSJWBEPEFDFSUJmDBDJØOWPMVOUB
SJBDVZPQSPQØTJUPFTBVNFOUBSMBDPOmBO[BEFMDPOTVNJEPSFO
MBTBOJEBEEFMPTBMJNFOUPTEFTBSSPMMBOEPi#VFOBT1SÈDUJDBT
"HSÓDPMBTwBOJWFMEFMPTQSPEVDUPSFT
"EJGFSFODJBEFPUSPTQSPHSBNBTEFDFSUJmDBDJØO&63&1IBDF
ÏOGBTJTFOMBTBOJEBEEFMPTBMJNFOUPTZFMSBTUSFPEFMQSPEVDUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
IBTUBTVMVHBSEFPSJHFO&MÏOGBTJTEFMBTSFHMBTEF&VSFQ("1OP
FTUÈFOMPTBTQFDUPTBNCJFOUBMFTPTPDJBMFTTJOPFOMBTBOJEBE
EFMPTBMJNFOUPTZFOFMSBTUSFPEFMPTQSPEVDUPTFTEFDJSRVF
TFQVFEBSBTUSFBSFMPSJHFOEFMQSPEVDUPIBTUBMBQBSDFMBEFMB
mODBEPOEFGVFQSPEVDJEP4JOFNCBSHPUBNCJÏOTFSFmFSFO
BMPTSFRVJTJUPTTPCSFFMVTPEFQMBHVJDJEBTTFHVSJEBEEFMPT
USBCBKBEPSFTDVNQMJNJFOUPEFMBTMFZFTMBCPSBMFTOBDJPOBMFT
FUDQVEJÏOEPTFBTÓBmSNBSRVFUJFOFJNQPSUBOUFTJNQBDUPT
FOFMÈNCJUPBNCJFOUBMZTPDJBM
&M1SPUPDPMP&VSFQ("1SFQSFTFOUBMBTOPSNBTZQSPDFEJNJFO
UPTFMBCPSBEPTQPSFMiHSVQPEFUSBCBKPEFEJTUSJCVJEPSFTFVSP
QFPTTPCSFFMTVNJOJTUSPwDPOKVOUBNFOUFDPOSFQSFTFOUBOUFT
EFMPTBHSJDVMUPSFTBTÓDPNPHSBOEFTFNQSFTBTNVOEJBMFTEF
DPNFSDJPEFGSVUBT/PBCBSDBFMQSPDFTBNJFOUPEFBMJNFOUPT
OJTJRVJFSBFNQBDBEPSBTFYUFSOBT
)BTUBBIPSBTFIBOFMBCPSBEPOPSNBTFTQFDÓmDBTQBSBMB
QSPEVDDJØOEF
t'SVUBTZIPSUBMJ[BTGSFTDBT
t'MPSFTZQMBOUBTPSOBNFOUBMFT
t1SPEVDDJØOWFHFUBMZBOJNBMDVCJFSUPQPSMBTOPSNBT
i*OUFHSBUFE'BSN"TTVSBODFw
t4BMNØODVCJFSUPDPNPQBSUFEFi*OUFHSBUFE"RVBDVMUVSF
"TTVSBODFw
t$BGÏWFSEF
4JFOEPMBTGSVUBTZIPSUBMJ[BTGSFTDBTMBOPSNBNÈTGSFDVFO
UFNFOUFTPMJDJUBEBQPSFMNPNFOUP
.ÈTJOGPSNBDJØOXXXHMPCBMHBQPSH
„ -B#1"TFHÞO#SJUJTI3FUBJM$POTPSUJVN#3$
&MTJTUFNB&VSFQ("1MJNJUBEPBVODPOKVOUPEFOPSNBT
BTPDJBEBTBMBQSPEVDDJØONPTUSØJONFEJBUBNFOUFTVJOTV
mDJFODJBGVOEBNFOUBMNFOUFDVBOEPMPTQSPEVDUPTEFCFOTFS
BDPOEJDJPOBEPTZUSBOTQPSUBEPTMBSHBTEJTUBODJBT
1PSFMMPQBSBDPNQMFUBSFTFTJTUFNBEFTQVÏTEFUSBCBKBS
EVSBOUFEPTB×PTTFDSFØFO5IF#SJUJTI3FUBJM$POTPS
UJVN#3$
BTPDJBOEPBMBNBZPSÓBEFMBTHSBOEFTDBEFOBT
EFEJTUSJCVDJØOCSJUÈOJDBT4JHVJFOEPMBNFDÈOJDBJOTUJUVDJPOBM
EF&VSFQ("1TFSFEBDUØVOQSPUPDPMPUÏDOJDPEFOPNJOBEP
i/PSNB5ÏDOJDBZ1SPUPDPMPQBSBDPNQB×ÓBTTVNJOJTUSBEPSBT
EFQSPEVDUPTBMJNFOUJDJPTDPONBSDBEFDBEFOBTEJTUSJCVJEPSBTw
5FDIOJDBM4UBOEBSEBOE1SPUPDPMGPS$PNQBOJFT4VQQMZJOH3F
UBJMFS#SBOEFE'PPE1SPEVDUT
EFBQMJDBDJØOFOUPEBTBRVFMMBT
DPNQB×ÓBTRVFFMBCPSBOQSPEVDUPTBMJNFOUBSJPTDPOMBNBSDB
EFEJDIBTDBEFOBTEFEJTUSJCVDJØO
&TUBOPSNBTFEFTBSSPMMØQBSBBZVEBSBMBTDPNQB×ÓBTEF
EJTUSJCVDJØOCSJUÈOJDBTDPOQSPEVDUPTEFNBSDBQSPQJBBHB
SBOUJ[BSFMDVNQMJNJFOUPDPOMPTSFRVJTJUPTMFHBMFTEFEJDIPT
QSPEVDUPTZBTFHVSBSFMNÈTBMUPOJWFMEFQSPUFDDJØOEFTVT
DMJFOUFTZDPOTVNJEPSFT
-B/PSNB#3$DPNCJOBMPTQSJODJQJPTGVOEBNFOUBMFTEFMBT
OPSNBTJOEJWJEVBMFTEFDBEBVOBEFMBTDBEFOBTEJTUSJCVJEPSBT
FYJTUFOUFTFOVOBTPMBOPSNBDPNÞOBQMJDBCMFBMBFWBMVBDJØO
EFDPNQB×ÓBTTVNJOJTUSBEPSBTEFMBTDBEFOBTEJTUSJCVJEPSBTDPO
QSPEVDUPTEFNBSDBQSPQJB&TUBTJUVBDJØOQFSNJUFCFOFmDJPT
TJHOJmDBUJWPTBMPTGBCSJDBOUFTEFQSPEVDUPTBMJNFOUJDJPTZB
RVFBZVEBBFWJUBSMBDPOGVTJØOZSPNQFDPOFMNFDBOJTNPEF
BVEJUPSÓBTNÞMUJQMFTRVFUSBFDPOTJHPBTÓDPNPDPOMBOFDFTJEBE
EFSFQSPEVDJSMPTNJTNPTEBUPTQBSBDMJFOUFTEJGFSFOUFTMPRVF
TVQPOFVOBIPSSPJNQPSUBOUFEFDPTUPTZSFDVSTPT
"DUVBMNFOUFBMJHVBMRVF&VSFQ("1FMTJTUFNB#3$FT
VOPEFMPTNPEFMPTNÈTEJGVOEJEPTJOUFSOBDJPOBMNFOUFQBSB
RVFMPTEJTUSJCVJEPSFTZHSBOEFTTVQFSmDJFTDBMJmRVFOBTVT
QSPWFFEPSFTEFQSPEVDUPEFNBSDB
.ÈTJOGPSNBDJØOIUUQXXXCSDPSHVL
„ *'4o*OUFSOBUJPOBM'PPE4UBOEBSE
3FEBDUBEPFOQPSMB'FEFSBDJØO"MFNBOBEF"TPDJBDJP
OFTEF$PNFSDJP)BVQUWFSCBOEEFT%FVUTDIFO&JO[FMIBOEFMT
DPOUØDPOFMBQPZPEF'FEFSBDJØO'SBODFTBEFM$PNFSDJPZ
%JTUSJCVDJØO'%$
&M1SPUPDPMP*'4GVFBQSPCBEPFOQPS
FM('4*(MPCBM'PPE4BGFUZ*OJUJBUJWF
EFTQVÏTEFIBCFSDPN
QSPCBEPRVFTFHVÓBTVTEJSFDUSJDFTCÈTJDBTZBRVFFM1SPUPDPMP
*'4JODMVZFUPEPTMPTSFRVJTJUPTFYJHJCMFTBMPTQSPWFFEPSFTZTF
BKVTUBBMPTSFRVJTJUPTJOUFSOBDJPOBMFTEF('4*QSPQPSDJPOBOEP
VOBWJTJØODMBSBEFMPTDPODFQUPTEFTFHVSJEBEBMJNFOUBSJBZ
DPOUSPMEFMBDBMJEBEBUSBWÏTEFFWBMVBDJPOFTDPNQMFUBTBMPT
QSPWFFEPSFTFOMBTRVFTFPGSFDFVOBQFSTQFDUJWBUPUBMEFMB
BDUJWJEBEEFMPTNJTNPT
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
4VTPCKFUJWPTTPO
t1SPQPSDJPOBSVOBCBTFBMBTBVEJUPSÓBTEFTVQFSWJTJØO
SFBMJ[BEBTBQSPWFFEPSFTEFQSPEVDUPTBMJNFOUBSJPTDPONBSDB
EFEJTUSJCVDJØOCBTÈOEPTFFOQSPUPDPMPTZBFYJTUFOUFTZFO
EPDVNFOUPTPHVÓBTBMJNFOUBSJBTDPNPFM$PEFY"MJNFOUBSJVT
PMBTOPSNBT*40
t%JTQPOFSEFVOQSPUPDPMPDPNÞOCBTBEPFOTJTUFNBT
EFFWBMVBDJØOFTUBOEBSJ[BEPTZSFBMJ[BEPTQPSBVEJUPSFTFT
QFDJBMJ[BEPT
t.JOJNJ[BSFMNBSHFOEFJOUFSQSFUBDJØOEFMPTBVEJUPSFT
t$POUBSDPOFOUJEBEFTEFDFSUJmDBDJØOZBVEJUPSFTDBMJm
DBEPT
t&MBCPSBSVOJOGPSNFEFBVEJUPSÓBRVFEFmOBDPOFYBDUJUVE
MBTDBSBDUFSÓTUJDBTZTJUVBDJØOSFBMFTEFMBFNQSFTBBVEJUBEB
.ÈTJOGPSNBDJØOIUUQXXXFTTHTDPN
„ 42'A4BGF2VBMJUZ'PPET
42'TJHOJmDBA4BGF2VBMJUZ'PPETP"MJNFOUPT4BOPTZEF
$BMJEBE'VFFTUBCMFDJEPFOQPSMB 8FTUFSO"VTUSBMJBO
%FQBSUNFOUPG"HSJDVMUVSFQFSPUPNØNBZPSJNQPSUBODJB
EFTQVÏTEFIBCFSTJEPWFOEJEPFOBM 'PPE.BSLFUJOH
*OTUJUVUF'.*
VOBBTPDJBDJØOEF&TUBEPT6OJEPT
&MTJTUFNBFYJHFDFSUJmDBDJØOQPSQBSUFEFUFSDFSPTDPO
FUJRVFUB4FQVFEFOMPHSBSUSFTOJWFMFTEFDFSUJmDBDJØO
BMJNFOUBSJBTFHÞOMPSFRVFSJEPQPSMB%JSFDUJWB$&&4F
USBUBEFVOBDFSUJmDBDJØOWPMVOUBSJBDVZPPCKFUJWPFTNBOUFOFS
WJWPFMTJTUFNBJNQMBOUBEP
&M%VUDI)"$$1$PEFFTUÈJNQVMTBEPQPSFM%VUDI/BUJP
OBM#PBSE)"$$1PSHBOJTNPPmDJBMIPMBOEÏTFODBSHBEPEF
QPUFODJBSMBTFHVSJEBEEFMPTBMJNFOUPT&MDFSUJmDBEPTFFNJUF
CBKPFMPSHBOJTNPEFBDSFEJUBDJØO)PMBOEÏT3W"
-BTDBSBDUFSÓTUJDBTEFFTUBOPSNBTPO
t&TUSVDUVSBBMJOFBEBDPOMBOPSNB*40
t%FTBSSPMMBBMEFUBMMFMPTQSJODJQJPTDMÈTJDPTEFM)"$$1
t4FBQPZBFOVOQSPHSBNBEFQSFSSFRVJTJUPT#VFOBT
1SÈDUJDBTEF.BOJQVMBDJØOF)JHJFOF
t-BTBVEJUPSJBTEFNBOUFOJNJFOUPEFMDFSUJmDBEPTPO
TFNFTUSBMFT
t2VFEBFYQMÓDJUBNFOUFSFDPHJEPFOMBOPSNBRVFMPTSFRVJ
TJUPTBQMJDBOBUPEPTMPTQSPEVDUPTRVFQSPEVDFPDPNFSDJBMJ[B
FMDFOUSPBDFSUJmDBS
&M%BOJTI)"$$1$PEFP%4FTUÈJOEJDBEPQBSBEF
TBSSPMMBSVOTJTUFNB)"$$1FOMBJOEVTUSJBBMJNFOUBSJBZFOMB
GBCSJDBDJØOEFFOWBTFTZFNCBMBKFTQBSBVTPBMJNFOUBSJP4V
PSJHFOFTEBOÏTZFMDFSUJmDBEPFTFNJUJEPCBKPBDSFEJUBDJØO
%"/",&TUBOPSNBTJHVFMPTTJFUFQSJODJQJPTEFM)"$$1TFHÞO
FM$PEFY"MJNFOUBSJVTFJODPSQPSBVOPTNÓOJNPTSFRVJTJUPTEF
HFTUJØO
/JWFM"TQFDUPTCÈTJDPTEFTFHVSJEBEBMJNFOUBSJB
/JWFM1MBOFTDFSUJmDBEPTEFTFHVSJEBEBMJNFOUBSJBCB
TBEPTFO)"$$1
„ %FMBNVMUJQMJDBDJØOBMBTJNQMJmDBDJØOEF
/PSNBT
/JWFM4JTUFNBJOUFHSBMEFHFTUJØOEFTFHVSJEBEZDBMJEBE
BMJNFOUBSJB
4JCJFOEVSBOUFMPTQSJNFSPTB×PTTFPCTFSWØVOBGVFSUF
NVMUJQMJDBDJØOEFMPTTJTUFNBTEFDFSUJmDBDJØOEFDBMJEBE
GVOEBNFOUBMNFOUFQSJWBEPTMBUFOEFODJBBDUVBMQBSFDFTFS
MBCÞTRVFEBEFVOBTÓOUFTJTEFMPTNJTNPTDPOEPTDBSBDUF
SÓTUJDBT
-BOPSNB42'TFJNQMFNFOUBFONÈTEFFNQSFTBT
EFM"TJB1BDÓmDP.FEJP0SJFOUF&TUBEPT6OJEPT&VSPQBZ
"NÏSJDBEFM4VS
.ÈTJOGPSNBDJØOIUUQXXXTRmDPN
BCÞTRVFEBEFMBEJTNJOVDJØOEFMPTDPTUPTEFDFSUJmDBDJØO
EFMBTFNQSFTBT
„ %VUDI)"$$1$PEFZ%BOJTI)"$$1$PEF
CHFOFSBMJ[BDJØOEFVOBØQUJDBiEFMBHSBOKBBMDPOTVNJ
EPSw
&O)PMBOEBZ%JOBNBSDBTFIBOEFTBSSPMMBEPOPSNBTQBSB
GBDJMJUBSMBJNQMBOUBDJØOEFMTJTUFNBEFHFTUJØOEFMBTFHVSJEBE
0USBUFOEFODJBBUFOFSFODVFOUBFTMBRVFMMFWBEFVOB
OPDJØOEFDBMJEBEMJNJUBEBBMSFTQFUPEFVODVBEFSOPUÏDOJDP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
EFQSPEVDDJØOPEFDPNFSDJBMJ[BDJØORVFDBSBDUFSJ[ØQPS
FKFNQMPMBQSJNFSBFUBQBEFMBTOPSNBT*40
BVOBWJTJØONÈT
EJOÈNJDBEFWFSMBDBMJEBEDPNPBMHPNFKPSBCMFFOGPSNB
QFSNBOFOUFRVFMMFWBBFOGPDBSFMUFNBFOVOBQFSTQFDUJWB
EFQSPHSFTPDPOUJOVP
&MQBQFMRVFKVFHBOMBTOPSNBT*40FOMBEFUFSNJOBDJØO
EFFTUÈOEBSFTEFDBMJEBEVOJWFSTBMNFOUFSFDPOPDJEBTFOPUSP
OJWFMFM('4*(MPCBM'PPE4BGFUZ*OJUJBUJWF
UBNCJÏOBQPSUBFO
FTUFNJTNPTFOUJEP&TUBJOTUJUVDJØODSFBEBFOFMMPHSØFO
QPDPTB×PTBWBO[BSIBDJBVOBDFSDBNJFOUPFOUSFDVBUSPHSBOEFT
TJTUFNBTEF$FSUJmDBDJØO#3$*'442'Z%VUDI)"$$1
"GJOFTEFMQBSUJDJQBOFOFTUBJOTUJUVDJØO
FNQSFTBTPBTPDJBDJPOFTQBSUJDJQBOUFTUPEBTFMMBTFOBMHVOP
EFFTPTDVBUSPHSBOEFTTJTUFNBTEFDFSUJmDBDJØOQSJWBEBFO
EJGFSFOUFTQBSUFTEFMNVOEP
&TUBUFOEFODJBBMBIPNPHFOJ[BDJØOEFOPSNBTSFTVMUBFO
HSBONFEJEBEFOVNFSPTPTFTGVFS[PTSFBMJ[BEPTFOCVTDBSMPT
QVOUPTDPNVOFTFOUSFFMMBTUSBUBOEPEFPCUFOFSVOFTUÈOEBS
RVFTFBBMBWF[DPNQMFUPTFHVSPZNFOPTDPTUPTP
„ -BT#1"FO"SHFOUJOB
-B3FTPMVDJØOOÞNFSPEFMBFOUPODFT4FDSFUBSÓBEF
"HSJDVMUVSB(BOBEFSÓB1FTDBZ"MJNFOUBDJØO4"(1:"
BQSPCØ
MB(VÓBEF#VFOBT1SÈDUJDBTEF)JHJFOFZ"HSÓDPMBTQBSBMB1SP
EVDDJØO1SJNBSJBDVMUJWPDPTFDIB
&NQBDBEP"MNBDFOBNJFOUP
Z5SBOTQPSUFEF)PSUBMJ[BT'SFTDBT
-B3FTPMVDJØOEFMEFKVOJPEFEFM4FSWJDJP
/BDJPOBMEF4BOJEBEZ$BMJEBE"HSPBMJNFOUBSJBPSHBOJTNP
EFTDFOUSBMJ[BEPFOMBØSCJUBEFMB4FDSFUBSÓBEF"HSJDVMUVSB
(BOBEFSÓB1FTDBZ"MJNFOUPTFTUBCMFDFMBPCMJHBUPSJFEBEEF
UPEPQSPEVDUPSBHSPQFDVBSJPEFFTUBSJOTDSJQUPFOFM3FHJTUSP
/BDJPOBM4BOJUBSJPEF1SPEVDUPSFT"HSPQFDVBSJPT3&/41"
4F
DPOTJEFSBRVFEJDIBFYJHFODJBFTVOFMFNFOUPOFDFTBSJPQBSB
MBBQMJDBDJØOEFMBT#VFOBT1SÈDUJDBT"HSÓDPMBT
-B3FTPMVDJØO4"(1Z"
EFMDSFØMB
$PNJTJØO/BDJPOBMEF#VFOBT1SÈDUJDBT"HSÓDPMBT4FDPOWPDØ
BQBSUJDJQBSBSFQSFTFOUBOUFTEFPUSPTPSHBOJTNPTQÞCMJDPTZ
QSJWBEPTZPEF(PCJFSOPT1SPWJODJBMFTBMPTmOFTEFFKFDVUBSMB
FTUSBUFHJBEFEJGVTJØOFJNQMFNFOUBDJØOEFMBT#VFOBT1SÈDUJDBT
"HSÓDPMBT#1"
FOUPEPFMUFSSJUPSJPOBDJPOBMEFmOJEBFOFM
ÈNCJUPEFMB$PNJTJØOBTÓUBNCJÏOQPESÈDPOWPDBSBFWBMVBS
HFOFSBSZPQSPQPOFSOVFWPTEPDVNFOUPTEFUSBCBKPQBSBFM
SFTUPEFMPTTFDUPSFTBHSPQFDVBSJPTZPBHSPBMJNFOUBSJPT
-BQSFTFOUFSFHMBNFOUBDJØODPOUJFOFMBTQSÈDUJDBTCÈTJDBT
QBSBDVNQMJSDPOFMTJHVJFOUFPCKFUJWP
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
t4FHVSJEBEBMJNFOUBSJBSFEVDJSBMNÓOJNPMBDPOUBNJ
OBDJØOEFIPSUBMJ[BTGSFTDBTCBTÈOEPTFFOFMTFHVJNJFOUPEF
DSJUFSJPTEFBTFHVSBNJFOUPEFMBDBMJEBEIJHJÏOJDPTBOJUBSJB
BmOEFDPOUSJCVJSBMPHSBSBMJNFOUPTJOPDVPTZBQUPTQBSBFM
DPOTVNPIVNBOP
t.FEJPBNCJFOUFDPOUSJCVJSBMBVUJMJ[BDJØOTVTUFOUBCMF
EFMPTSFDVSTPTOBUVSBMFTNJOJNJ[BOEPFMJNQBDUPOFHBUJWPFO
FMNFEJPBNCJFOUF
t4BMVETFHVSJEBEZCJFOFTUBSEFMPTUSBCBKBEPSFT
BUFOEFSMPTBTQFDUPTRVFHBSBOUJDFOMBTBMVETFHVSJEBEZ
CJFOFTUBSEFMPTUSBCBKBEPSFTJOWPMVDSBEPTFOMBQSPEVDDJØO
EFIPSUBMJ[BT
&M"OFYP*DPOUFNQMBMB1SPEVDDJØO1SJNBSJB
"4JUJPEFQSPEVDDJØO
#.BUFSJBMEFQSPQBHBDJØO
$4VFMP
%4VTUSBUPT
&"HVB
''FSUJMJ[BOUFTZFONJFOEBT
(1SPEVDUPTmUPTBOJUBSJPT
)$PTFDIB
&M"OFYP**DPOUFNQMBFM&NQBRVFZ"MNBDFOBNJFOUPFO
FMFTUBCMFDJNJFOUPQSJNBSJP
"6CJDBDJØOEFMBTÈSFBTEFFNQBRVFZBMNBDFOBNJFOUP
#%JNFOTJPOFTEJTF×PZEJTQPTJDJØO
$$POTUSVDDJØO
%7FOUJMBDJØO
&*MVNJOBDJØO
'"HVB
(&RVJQBNJFOUP
)*OTUBMBDJPOFTQBSBMBIJHJFOFQFSTPOBM
*.BOUFOJNJFOUPZMJNQJF[BEFMBTJOTUBMBDJPOFTZFRVJ
QBNJFOUPT
+1SPDFTPTEFMFNQBRVF
,1FSTPOBM
-$POTFSWBDJØO
"OFYP***5SBOTQPSUF
"OFYP*7$BQBDJUBDJØO
"OFYP7%PDVNFOUBDJØOZSFHJTUSPT
"OFYP7*$POTJEFSBDJPOFTHFOFSBMFT
"3FTQPOTBCMFEFMBJNQMFNFOUBDJØOEF#1"
#3FTQPOTBCMFEFMQFSTPOBM
$4BMVEIJHJFOFZTFHVSJEBEMBCPSBM
%4F×BMJ[BDJØO
&"OJNBMFT
'5SB[BCJMJEBE
&OMBFMBCPSBDJØOEFFTUFNBOVBMTFFTUBCMFDJØDPNP
PCKFUJWPTRVFNÓOJNBNFOUFTFDPOTJEFSBSBMB-FHJTMBDJØO
"SHFOUJOB
#1"TFH¶OMB'"0%FţOJDJ¯OZWJTJ¯OEFMB
'"0#1"DPNPFTUSBUFHJBEFEFTBSSPMMPJOUFHSBM
QBSBMB"HSJDVMUVSB'BNJMJBS
%FmOJDJØOZWJTJØO
1BSBMB'"0MBT#VFOBT1SÈDUJDBT"HSÓDPMBT#1"
DPOTJTUFO
FOiMBBQMJDBDJØOEFMDPOPDJNJFOUPEJTQPOJCMFBMBVUJMJ[BDJØO
TPTUFOJCMFEFMPTSFDVSTPTOBUVSBMFTCÈTJDPTQBSBMBQSPEVDDJØO
FOGPSNBCFOÏWPMBEFQSPEVDUPTBHSÓDPMBTBMJNFOUBSJPTZOP
BMJNFOUBSJPTJOPDVPTZTBMVEBCMFTBMBWF[RVFTFQSPDVSBOMB
WJBCJMJEBEFDPOØNJDBZMBFTUBCJMJEBETPDJBMw
&TUBEFGJOJDJØOOPTTVHJFSFRVFMBT#1"OPEFCFOTFS
QSPNPWJEBTTPMBNFOUFDPNPFMDVNQMJNJFOUPEFVOBOPSNB
PQSPUPDPMPRVFCVTDBHBSBOUJ[BSMBJOPDVJEBEEFMPTBMJNFO
UPTPDPNPVOBTFSJFEFSFRVJTJUPTBBMDBO[BSQBSBBDDFEFSB
NFSDBEPTFYUFSOPTFYJHFOUFT
&OFMQMBOPPQFSBUJWPMBBQMJDBDJØOZDVNQMJNJFOUPEFMBT
#1"FOGSFOUBVODPOKVOUPEFEJmDVMUBEFTRVFOPOFDFTBSJBNFOUF
TFSFMBDJPOBODPOMBCVFOBWPMVOUBEEFMPTQSPEVDUPSFT-PT
QSPCMFNBTTFWJODVMBODPOEFmDJFODJBTQSPEVDUJWBTFDPOØNJDBT
ZDPOBTQFDUPTTPDJPDVMUVSBMFTZBNCJFOUBMFTRVFIPZDBSBDUF
SJ[BOBHSBOQBSUFEFMTFDUPSSVSBM1PSMPUBOUPTJCJFOFMNBSDP
SFHVMBUPSJPFTJNQPSUBOUFEFTEFMBBDDJØOMBT#1"EFCFOTFS
GPNFOUBEBTDPNPVOBFTUSBUFHJBEFEFTBSSPMMPSVSBMJOUFHSBM
&TUBQFSTQFDUJWBUPNBNBZPSSFMFWBODJBFOMBTFYQMPUBDJPOFT
NBOFKBEBTQPSQFRVF×PTQSPEVDUPSFTGBNJMJBSFT-BIFUFSPHF
OFJEBEEFMJNJUBDJPOFTEFFTUFHSVQPEFNBOEBEFVOUSBCBKP
JOUFSJOTUJUVDJPOBMZEFMEJTF×PEFQSPHSBNBTFTQFDÓmDPTFO
EPOEFMBT#1"QVFEFODPOTUJUVJSTFFOMBFYDVTBQBSBBMJOFBS
BDDJPOFTOFDFTBSJBTFNCBSDBSMPTFOQSPDFTPTNÈTDPNQFUJUJWPT
ZTPTUFOJCMFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
1PSMPBOUFSJPSTFPCTFSWBRVFFOGVODJØOEFMBTOFDFTJ
EBEFTEFMPTEJTUJOUPTHSVQPTEFQSPEVDUPSFTZEFMNFSDBEP
EFEFTUJOPMBT#1"QVFEFOTFSQSPNPWJEBTBUSBWÏTEFEPT
NÏUPEPTEJGFSFOUFT
$PNPVOJNQFSBUJWPQBSBBDDFEFSBMPTNFSDBEPTFYUFSOPT
FYJHFOUFTZQPSMPUBOUPMPTQSPUPDPMPTJOUFSOBDJPOBMFTTPOFM
SFGFSFOUF(MPCBM("164("1PUSPT
#BKPFTUFFOGPRVFBD
UVBMNFOUFTFBMJOFBOTFDUPSFTBHSÓDPMBTFNQSFTBSJBMFTMJHBEPT
BMBFYQPSUBDJØO&MDVNQMJNJFOUPEFMBT#1"TFEJOBNJ[BFO
NBZPSNFEJEBFOUSFBDUPSFTEFMTFDUPSQSJWBEPHFOFSBOEPFY
UFSOBMJEBEFTQPTJUJWBTJOPDVJEBEDVJEBEPEFMNFEJPBNCJFOUF
USB[BCJMJEBEFUD
EFMQSPDFTPQBSBMBTPDJFEBEFOHFOFSBM
$PNPVOEFTBSSPMMPFOEØHFOPJOUFHSBMRVFQFSNJUBBDFSDBS
HSBEVBMNFOUFMPTOJWFMFTUFDOPMØHJDPTQSPEVDUJWPTZDPNFS
DJBMFTEFMBQFRVF×BBHSJDVMUVSBBMBBHSJDVMUVSBFNQSFTBSJBM
DPOFMPCKFUJWPQVFTUPFOMBQSPEVDDJØOEFBMJNFOUPTJOPDVPT
QBSBFMNFSDBEPJOUFSOPZFOMBNFKPSBEFMFOUPSOPBNCJFOUBM
ZTPDJBMEFMBTGBNJMJBTEFMPTQSPEVDUPSFT
&TUFTFHVOEPFTDFOBSJPEFCFTFSMJEFSBEPQPSMBJOTUJUVDJP
OBMJEBEQÞCMJDBFODPOTPOBODJBDPOMPTBDUPSFTEFMBTDBEFOBT
QSPEVDUJWBT&MEFTBGÓPTFDFOUSBFOEFKBSFOFWJEFODJBMPTCF
OFmDJPTEFMBBQMJDBDJØOEFMBT#1"QBSBMPDVBMMPTTJHVJFOUFT
DBNCJPTEFFOGPRVFTPOGVOEBNFOUBMFT'JHVSB
1SPHSBNBTEF#VFOBT1SÈDUJDBT"HSÓDPMBTQBSB
MBQFRVF×BBHSJDVMUVSBGBNJMJBS
&OCVTDBEFVOBDPOTPMJEBDJØOEFMBBDUJWJEBEEFMPTQF
RVF×PTQSPEVDUPSFTMBT#VFOBT1SÈDUJDBT"HSÓDPMBTQVFEFOTFS
MBIFSSBNJFOUBRVFQFSNJUBBDFSDBSTVTOJWFMFTEFQSPEVDDJØO
BMPTEFMBBHSJDVMUVSBFNQSFTBSJBMDPOFMPCKFUJWPQVFTUPFO
MBQSPEVDDJØOEFBMJNFOUPTDPONBZPSFTOJWFMFTEFDBMJEBEF
JOPDVJEBE
&MEFTBGÓPFTJNQMFNFOUBS#1"BQBSUJSEFQSPHSBNBTEF
JODFOUJWPTCFOFmDJPTQBSBMBQFRVF×BBHSJDVMUVSBGBNJMJBSMPT
DVBMFTEFCFOFTUBSHVJBEPTQPSMBJOOPWBDJØOUFDOPMØHJDBFM
VTPEFTFNJMMBTNFKPSBEBTZVOFmDJFOUFNBOFKPEFMDVMUJWP
KVOUPBVOBDPOTUBOUFDBQBDJUBDJØOZBDPNQB×BNJFOUPEFMB
HFTUJØOQSFEJBMMBPSHBOJ[BDJØOZMBDPNFSDJBMJ[BDJØO
&OFMTFOUJEPEFDPOTUJUVJSBMBT#1"FOVOBIFSSBNJFOUBEF
EFTBSSPMMPSVSBMJOUFHSBMQBSBMB"HSJDVMUVSB'BNJMJBSFMFOGPRVF
EFCFDPOTJEFSBSBMNFOPTMPTTJHVJFOUFTFMFNFOUPT
„ $PNQPOFOUFT1JMBSFTRVFEFCFOQSPNPWFS
MBT#1"
6OBCPSEBKFJOUFHSBMEFMBT#1"RVFQSPNVFWBVOFRVJMJCSJP
EFMPTTJHVJFOUFTDPNQPOFOUFT
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
-BT#1"QBSBMB'"0JNQMJDBODJBT
t-BBQMJDBDJØOEFMBT#1"JNQMJDBFMDPOPDJNJFOUPMB
DPNQSFOTJØOMBQMBOJmDBDJØOZNFOTVSBSFHJTUSPZHFTUJØO
PSJFOUBEPTBMMPHSPEFPCKFUJWPTTPDJBMFTBNCJFOUBMFTZQSP
EVDUJWPTFTQFDÓmDPT
t-BBEPQDJØOQPSQBSUFEFQSPEVDUPSFTZFNQSFTBTFY
QPSUBEPSBTEFVOBTFSJFEFDBNCJPTUFDOPMØHJDPTZNFUPEP
MØHJDPTSFMBDJPOBEPTDPOMBNBOFSBEFQSPEVDJSZQSPDFTBSFM
QSPEVDUP
t-BVUJMJ[BDJØOEFIFSSBNJFOUBTRVFCVTRVFOEFNPTUSBS
NFEJBOUFQSPDFTPTBEFDVBEPTZFWJEFODJBEFFTUPTRVFTF
FTUÈOIBDJFOEPMBTDPTBTDPSSFDUBNFOUFBMPMBSHPEFVOB
DBEFOBBHSPBMJNFOUBSJB
-PT0CKFUJWPTEFMBT#1"TPO
t"DSFDFOUBSMBDPOmBO[BEFMDPOTVNJEPSFOMBDBMJEBEF
JOPDVJEBEEFMQSPEVDUP
t.JOJNJ[BSFMJNQBDUPBNCJFOUBM
t3BDJPOBMJ[BSFMVTPEFQSPEVDUPTmUPTBOJUBSJPT
t3BDJPOBMJ[BSFMVTPEFSFDVSTPTOBUVSBMFTTVFMPZBHVB
t1SPNPWFSUÏDOJDBTEF#JFOFTUBS"OJNBM
t"TVNJSVOBBDUJUVESFTQPOTBCMFGSFOUFBMBTBMVEZTFHV
SJEBEEFMPTUSBCBKBEPSFT
t-BJOJDJBUJWBEFMBT#VFOBT1SBDUJDBT"HSÓDPMBTCVTDBPGSFDFS
VONFDBOJTNPQBSBMMFWBSBDBCPNFEJEBTDPODSFUBTFOQSPEF
MBBHSJDVMUVSBZFMEFTBSSPMMPSVSBMTPTUFOJCMF
t-BGPSNVMBDJØOEFQSJODJQJPTDMBSPTEFMBT#VFOBT1SÈDUJ
DBT"HSÓDPMBTQPESÓBPGSFDFSMBCBTFEFMBBDDJØOJOUFSOBDJPOBM
ZOBDJPOBMDPODFSUBEBQBSBFMBCPSBSTJTUFNBTEFQSPEVDDJØO
BHSÓDPMBTPTUFOJCMFT
-PT#FOFGJDJPTEFMBJNQMFNFOUBDJØOEFMBT#1"
TPO
t-BQSPEVDDJØOCBKP#1"BTFHVSBBMPTDPOTVNJEPSFTEF
QSPEVDUPTBHSÓDPMBBMJNFOUJDJPTPCUFOFSVOBMJNFOUPTBOP
t-BT#1"DPOTUJUVZFOVOBIFSSBNJFOUBRVFQFSNJUFTBUJT
GBDFSNFKPSMBTEFNBOEBTEFMNFSDBEPRVFZBOPTØMPUPNBO
FODVFOUBMBDBMJEBEEFMQSPEVDUPTJOPBEFNÈTMBTDPOEJDJPOFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
CBKPMBTDVBMFTTFFGFDUVØTVQSPEVDDJØOFNCBMBKFBMNBDFOB
NJFOUPZUSBOTQPSUF
t(BOBSOVFWPTTFHNFOUPTFOMPTNFSDBEPTJOUFSOPT
t"TFHVSBSMBQSFTFODJBEFMBQSPEVDDJØOQSJNBSJBFOMPT
NFSDBEPTNÈTFYJHFOUFT
t%FTBSSPMMPØQUJNPEFUPEPTMPTQSPDFTPTBHSÓDPMBTTJFNCSB
DVMUJWPNBOFKPEFQMBHBTQSPEVDDJØOFNQBRVFBMNBDFOB
NJFOUPFOWBTFUSBOTQPSUF
t$POTPMJEBSMBJNBHFOQBÓTSFHJØOQPTJUJWBSFTQFDUPBMB
TBMVEIVNBOBZFMNFEJPBNCJFOUF
t1SPUFDDJØOEFMPTUSBCBKBEPSFTZBRVFFWJUBOBDDJEFOUFT
RVFBUFOUBODPOUSBMBTBMVEZFMCJFOFTUBSMBCPSBM
t%JTNJOVDJØOEFMPTDPTUPTEFMBOPDBMJEBETVSHFOQPSFM
OPDVNQMJNJFOUPEFMBTFYJHFODJBTEFMPTEFNBOEBOUFT
t"MFYJTUJSSFHJTUSPTTFMPHSBMBUSB[BCJMJEBEEFMQSPEVDUP
BTFHVSBOEPVOTJTUFNBEFSBTUSFPRVFQFSNJUFJEFOUJmDBSFM
QSPEVDUPEFTEFMBQSPEVDDJØOIBTUBFMDPOTVNJEPS
t1SPUFDDJØOEFMNFEJPBNCJFOUFNJOJNJ[BOEPSJFTHPT
BNCJFOUBMFTEÈOEPMFTVTUFOUBCJMJEBEBMTJTUFNB
„ *OUFHSBMJEBEEFBDDJPOFT
-BNVMUJQMJDJEBEEFOFDFTJEBEFTEFMPTQFRVF×PTQSPEVDUPSFT
PCMJHBBMEJTF×PZBSUJDVMBDJØOEFVODPOKVOUPEFFTUSBUFHJBT
QBSBFOGSFOUBSMPTQSPCMFNBTEFTEFVOFOGPRVFJOUFHSBM
-BT#VFOBT1SÈDUJDBT"HSÓDPMBTTFDPOTUJUVZFOFOFMOÞDMFP
EFMBBHSJDVMUVSBNPEFSOBBMJOUFHSBSCBKPVOTPMPDPODFQUP
FMEFTBSSPMMPBHSPOØNJDPFOGVODJØOEFMBTFYJHFODJBTEFM
NFSDBEPWFMBOEPQPSVONFKPSBEFMBDBMJEBEEFWJEBZEFM
BNCJFOUF"TJNJTNPFOMBBDUVBMJEBENÈTRVFVOBUSJCVUPTPO
VODPNQPOFOUFEFDPNQFUJUJWJEBERVFQFSNJUFBMQFRVF×P
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
QSPEVDUPSSVSBMEJGFSFODJBSTVQSPEVDUPEFMPTEFNÈTPGFSFOUFT
DPOUPEBTMBTJNQMJDBODJBTFDPOØNJDBTRVFFMMPIPZTVQPOF
NBZPSDBMJEBEBDDFTPBOVFWPTNFSDBEPTDPOTPMJEBDJØOEF
MPTBDUVBMFTSFEVDDJØOEFDPTUPTFUD
1BSBFMBMDBODFEFFTUPTPCKFUJWPTFMDPODFQUPPQFSBUJWP
EFMB'"0ZSFnFKBEPFOFTUFNBOVBMTFDBSBDUFSJ[BQPSTFSVO
FOGPRVFIPMÓTUJDP&OFTUFTFOUJEPFMNPEFMPOPTPMPJOWPMVDSB
BTQFDUPTUFDOPMØHJDPTZQSPEVDUJWPTNBOFKPJOUFHSBEPEF
QMBHBTZFOGFSNFEBEFTNBOFKPEFDPTFDIBZQPTDPTFDIB
JOOPWBDJØOUFDOPMØHJDB
TJOPUBNCJÏOBTQFDUPTTPDJBMFTTFHV
SJEBEBMJNFOUBSJBEJHOJmDBDJØOMBCPSBMFEVDBDJØOBMJNFOUBSJB
GPSUBMFDJNJFOUPPSHBOJ[BDJPOBMDPNVOJUBSJPZBTPDJBUJWJEBE
BNCJFOUBMFTBOÈMJTJTEFTVFMPZBHVBTPTUFOJCJMJEBEEFMTJT
UFNBVTPSBDJPOBMEFBHSPRVÓNJDPT
ZFDPOØNJDPTHFTUJØO
FNQSFTBSJBMDPNQFUJUJWJEBEDPNFSDJPKVTUP
-BmHVSB
SFTVNFFTUPTFMFNFOUPT
„ &MFNFOUPT$SÓUJDPT$ØNPUSBEVDJSFYJHFO
DJBTFOCFOFmDJPT
t(VÓBT5ÏDOJDBT#1"FOGPDBEBTFOMBTNFKPSFTQSÈD
UJDBTZDPNPNFEJPEFNFKPSBSMBQSPEVDUJWJEBEDBMJEBE
FJOPDVJEBE
t(FTUJØOTPDJPFNQSFTBSJBMZSFHJTUSPTQBSBMBSFnFYJØO
UPNBEFEFDJTJPOFTZUSB[BCJMJEBE
t$BQBDJUBDJØOZ"TJTUFODJB5ÏDOJDBDPOUJOVBZDPOÏOGBTJT
FOMPTQVOUPTDSÓUJDPTZDVFMMPTEFCPUFMMBEFTJTUFNBQSPEVD
UJWPDPNFSDJBM
t"QSPQJBDJØOEFUFDOPMPHÓBTWBMJEBEBT
t"MJBEPTDPNFSDJBMFTRVFCSJOEFOSFDPOPDJNJFOUPEFMQSP
EVDUPZEFMQSPDFTPEJGFSFODJBDJØOQPSDBMJEBEFJOPDVJEBE
t'PSUBMFDJNJFOUP0SHBOJ[BDJPOBMZBTPDJBUJWJEBE
t-ÓOFBEF#BTFDPOJOEJDBEPSFTDVBOUJmDBCMFTZEFNPTUSB
UJWPTEFMPTCFOFmDJPTEFMBT#1"
$VOUPDVFTUBIBDFS#1"FOIPSUBMJ[BTEF
IPKBTRVJ¥OQBHBFMEJGFSFODJBM
&MDPTUPEFIBDFS#1"EFQFOEFEFVOBTFSJFEFDPOEJDJPOFT
FOUSBFMMBTMBTJUVBDJØOFOMBRVFTFFODVFOUSBFMFTUBCMFDJNJFO
UP%FTEFJOWFSUJSFOVOBFTUBOUFSÓBDBTFSBQBSBMBDPMPDBDJØO
PSEFOBEBEFMPTBHSPRVÓNJDPTIBTUBFOBMHVOPTDBTPTMB
OFDFTJEBEEFIBDFSOVFWPTQP[PTQBSBTBDBSBHVBEFNBZPS
DBMJEBEHBMQPOFTNÈTBEFDVBEPTFUD
4JOFNCBSHPFOMBNBZPSÓBEFMPTDBTPTMBBQMJDBDJØOEFMBT
#1"TJHOJmDBIBDFSDBNCJPTFOMBTQSÈDUJDBTRVFFOBMHVOPT
DBTPTFMDPTUPFTDFSP.ÈTBÞODVBOEPVOBFNQSFTBFOUSB
FOVOTJTUFNBPSHBOJ[BEPUBMDPNPEFNBOEBOMBT#1"FMMP
QFSNJUFCBKBSMPTDPTUPTFOGVODJØOBVOBBEFDVBEBHFTUJØO
EFMBDBMJEBEDPNPIFNPTWJTUPFOFTUFDBQÓUVMPSFGFSJEPBMPT
DPTUPTEFMBDBMJEBE
-BT#1"QFSNJUFOBVNFOUBSMBQSPEVDUJWJEBEBNFEJBOP
ZMBSHPQMB[PEBEPRVFBMHVOPTEFTVTDPNQPOFOUFTNFKPSBO
FMDPOPDJNJFOUPZMBHFTUJØOEFMTJTUFNBQSPEVDUJWPDPNPWFNPT
FOMBmHVSB
6OBTQFDUPNVZJNQPSUBOUFFTMBFEVDBDJØOZDBQBDJUB
DJØO-BQSJNFSBTJHOJmDBFMDBNCJPEFMBWJTJØOPEFMQBSBEJHNB
EFMPTJOUFSWJOJFOUFTFOMBFNQSFTBGBNJMJBSZMBTFHVOEBFO
DPNPEFCFODBNCJBSTVTQSÈDUJDBT
4JOEVEBTFIBDFGVOEBNFOUBMMB QBSUJDJQBDJØOEFMBT
JOTUJUVDJPOFTEFDBQBDJUBDJØOQBSBBZVEBSBMMFWBSBDBCP
FTUFQSPDFTP&TOFDFTBSJPOPTØMPIBDFSDBQBDJUBDJPOFTTJOP
FMBDPNQB×BNJFOUPEFMPTQSPEVDUPSFTFOFMDBNQP4ØMPEF
FTUBNBOFSBTFSÈQPTJCMF
-BT#VFOBTQSÈDUJDBTEFCFSÓBOBQMJDBSTFQPSFUBQBTBDPO
UJOVBDJØOVOFKFNQMP
t1SJNFSFUBQBQVFEFTFSFMQSJNFSB×P
t*OTDSJQDJPOFTFKFNQMPFOFM3&/41"
t&WBMVBSZNFKPSBSMBDBMJEBEEFBHVBQBSBCFCJEBZ
MBWBEP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t"DPOEJDJPOBSMBTTBMBTEFBMNBDFOBNJFOUPEFBHSP
RVÓNJDPT
t.FKPSBFOMBTFHVSJEBEEFBQMJDBDJØO
t.FKPSBSMBTJOTUBMBDJPOFTBEFDVBEBTEFMPTCB×PT
t3FHJTUSPTEFDBNQP
t&EVDBDJØOZDBQBDJUBDJØOFOHFTUJØOEFDBMJEBEZUFD
OPMPHÓBEFQSPEVDDJØOZDPTUPT
t4FHVOEBFUBQBQVFEFTFSFMTFHVOEPB×P
t.FKPSBSMBEJTQPOJCJMJEBEZFMVTPEFMPTFMFNFOUPTEF
DPTFDIB
t.FKPSBSMBTJOTUBMBDJPOFTQBSBFMFNQBDBEP
t1POFSBQVOUPQSPDFTPTEFFOWBTBEPZUJQPTEFFOWB
TFT
t.FKPSBSMBTJOTUBMBDJPOFTQBSBFMBMNBDFOBNJFOUP
QPTDPTFDIB
t3FHJTUSPTEFDPTFDIBZWFOUB
t$BQBDJUBDJØOFOQPTDPTFDIBFNQBDBEPZDPTUPT
t5FSDFSBFUBQBQVFEFTFSFMUFSDFSB×P
t4F×BMÏUJDBCBTVSFSPT
t#PUJRVÓODPNJEBT
t(VBSEBSSPQB
t$FSDPT
t$BQBDJUBDJØOFODPNFSDJBMJ[BDJØOBMJBO[BTFUD
-PTDPOUFOJEPTNÓOJNPTEFVOQMBOEFDBQBDJUBDJØOQBSB
NFKPSBSMBHFTUJØOEFDBMJEBEJOUFHSBMEFMBTFNQSFTBTGBNJMJBSFT
EFCFSÓBOTFSMPTTJHVJFOUFT
t%JTDVTJØOEFMPTQSPCMFNBTEFMBDBEFOBGSVUJIPSUÓDPMB
t-BDBMJEBEEFTEFVOQVOUPEFWJTUBJOUFHSBMZFTQFDÓmDB
NFOUFEFMBTIPSUBMJ[BTEFIPKBT&MDPTUPEFMBOPDBMJEBE
t-BBDUJUVEEFVOBFNQSFTBGPDBMJ[BDJØOBMDMJFOUFBDUJUVE
QSPBDUJWBFUD
t-BDPIFTJØOEFMPTJOUFHSBOUFTEFMBDBEFOBGSVUJIPSUÓDPMBZ
DPNPQSPEVDJSDBNCJPTFOFTUFQVOUPMBJNQPSUBODJBEFMUSBCBKP
FODPOKVOUPMBSFTJTUFODJBBMDBNCJPZMBNPUJWBDJØO
t-BDPOGPSNBDJØOEFVOBFNQSFTBNJTJØOWJTJØOZWBMPSFT
MBJNQPSUBODJBEFMMJEFSB[HPMBTGVODJPOFTHFSFODJBMFT
t-BTOPSNBTZFTQFDJmDBDJPOFT-BT#1"TFHÞO'"0ZPUSBT
-FWFSFQBTPEFMBMFHJTMBDJØOBSHFOUJOB
t"SNBEPEFMQMBOEFNFKPSBQBSBDBEBFTUBCMFDJNJFOUP
QPSFUBQBT
"TQFDUPTRVFIBDFOBMBNFKPSBEF
MBTFHVSJEBEBMJNFOUBSJBZEFMBDBMJEBE
M
USB[BCJMJEBEUJQJţDBDJ¯ONBSDB
FOWBTFFUJRVFUBFUD
F
&OMBQSPEVDDJØOEFBMJNFOUPTDBEBEÓBTFUJFOFNÈTFO
DVFOUBMBTBUJTGBDDJØOEFMDMJFOUFBTÓFMDPODFQUPEFDBMJEBEIB
FWPMVDJPOBEPEFTEFTFSiVOBBEBQUBDJØOBMBTFTQFDJmDBDJPOFT
JOUFSOBTwBiMBDBQBDJEBEEFVOBPSHBOJ[BDJØOEFTBUJTGBDFSMBT
OFDFTJEBEFTFYQMÓDJUBTFJNQMÓDJUBTRVFFMDMJFOUFUFOHBw
1BSBFMMPFMNBSLFUJOHFTVOBIFSSBNJFOUBRVFUJFOFOMBT
FNQSFTBTQSPEVDUPSBTEFIPSUBMJ[BTRVFQFSNJUFJEFOUJmDBSTVT
QSPEVDUPTIBDJFOEPDPOPDFSMPTNJTNPTBTVTDMJFOUFTFTUBCMF
DJFOEPVOBEJGFSFODJBDJØODPOSFTQFDUPEFTVTDPNQFUJEPSFT
&TUFDPODFQUPFTUÈBTPDJBEPDPOFMEFMPHÓTUJDBZBRVFEFUSBUBSTF
EFQSPEVDUPTQFSFDFEFSPTFTNVZJNQPSUBOUFRVFMPTNJTNPT
MMFHVFOBTVEFTUJOPmOBMFOGPSNBSÈQJEBZBEFDVBEB
$BCFBDMBSBSRVFOPFTNVZVTVBMFOOVFTUSPQBÓTFMUSBOT
QPSUFSFGSJHFSBEPEFIPSUBMJ[BTEFIPKBTFTUPBTPDJBEPDPO
PUSPTFMFNFOUPTFOWBTFTQPSFKFNQMP
QFSNJUJSÓBONFKPSBS
TVTUBODJBMNFOUFMBDBMJEBEmOBMEFMQSPEVDUP
-PTTJTUFNBTEFHFTUJØOEFDBMJEBEQFSNJUFODPOGPSNBSVOB
TFSJFEFDPOUSPMFTZSFHJTUSPTEFTEFFMDBNQPBMDPOTVNJEPS
BCBSDBOEPUPEBMBDBEFOBEFMQSPEVDUPRVFQFSNJUFOPCUFOFSMB
USB[BCJMJEBEEFMBMJNFOUPMPTFTUÈOEBSFTEFDBMJEBESFRVFSJEPT
QPSMPTDMJFOUFTMBEJGFSFODJBDJØOEFMPTQSPEVDUPTFJNQPOFS
MBNBSDBNFKPSBOEPEFFTUBNBOFSBFMQPTJDJPOBNJFOUPFO
NFSDBEPTNÈTFYJHFOUFTMPHSBOEPNFKPSFTQSFDJPTBmBO[BOEP
MBQPTJDJØODPNFSDJBMDPOMPTDMJFOUFTZGBDJMJUBOEPFMBDDFTP
BOVFWPTNFSDBEPTTVQFSNFSDBEPTZDPOTVNJEPSFTRVJFOFT
DPNQSBODPODPOmBO[B
&YJTUFODJFSUPTBTQFDUPTRVFJOnVZFOFOMBDPNFSDJBMJ[BDJØO
EFMBTIPSUBMJ[BTFOHFOFSBMZFOMBTEFIPKBTFOQBSUJDVMBS
DPNPTFSFMUJQPEFQSPEVDUPRVFTFUSBUFMB[POBEPOEFTF
QSPEVDFZMBFTUBDJØOEFMB×PFORVFOPTFODPOUSFNPT&M
USBOTQPSUFUJQPEFFOWBTFZDMBTJmDBDJØOEFMQSPEVDUPQFSNJUFO
-BHFTUJ¯OEFMBDBMJEBEFOBHSPBMJNFOUPT
NBOUFOFSMBDBMJEBEPCUFOJEBBDBNQPZRVFFTUBTFUSBTMBEF
BMDPOTVNJEPS
"DPOUJOVBDJØOTFNFODJPOBOVOBTFSJFEFGBDUPSFTRVF
JOnVZFOFOFMBTFHVSBNJFOUPEFMBDBMJEBEEFMBTIPSUBMJ[BT
EFIPKBTEVSBOUFTVDPNFSDJBMJ[BDJØOZRVFQFSNJUFOVONFKPS
QPTJDJPOBNJFOUPFOFMNFSDBEP
-B5SB[BCJMJEBEFTVODPOKVOUPEFNFEJEBTBDDJPOFTZQSP
DFEJNJFOUPTRVFQFSNJUFOSFHJTUSBSFJEFOUJmDBSDBEBQSPEVDUP
EFTEFTVPSJHFOIBTUBTVEFTUJOPmOBM
$POTJTUFFOMBDBQBDJEBEQBSBSFDPOTUSVJSMBIJTUPSJBSFDPSSJ
EPPBQMJDBDJØOEFVOEFUFSNJOBEPQSPEVDUPJEFOUJmDBOEP
t0SJHFOEFTVTDPNQPOFOUFT
t)JTUPSJBEFMPTQSPDFTPTBQMJDBEPTBMQSPEVDUP
t%JTUSJCVDJØOZMPDBMJ[BDJØOEFTQVÏTEFTVFOUSFHB
"MDPOUBSDPOFTUBJOGPSNBDJØOFTQPTJCMFFOUSFHBSQSPEVDUPT
EFmOJEPTBNFSDBEPTFTQFDÓmDPTDPOMBHBSBOUÓBEFDPOPDFS
DPODFSUF[BFMPSJHFOZMBIJTUPSJBEFMNJTNP&MDPODFQUPEF
USB[BCJMJEBEFTUÈBTPDJBEPBQSPDFTPTQSPEVDUJWPTNPEFSOPTZ
QSPEVDUPTEFNBZPSDBMJEBEZWBMPSQBSBFMDMJFOUFmOBM
-BTOPSNBTEFUSB[BCJMJEBETVSHFODPNPDPOTFDVFODJB
EFMBTFYJHFODJBTEFMPTDPOTVNJEPSFTRVFFOMPTÞMUJNPT
B×PTEJFSPONBZPSJNQPSUBODJBBMBTFHVSJEBEBMJNFOUBSJB
-PTNJTNPTFYJHFONBZPSJOGPSNBDJØOTPCSFMPTQSPEVDUPT
RVFBERVJFSFO
-PTDPOTVNJEPSFTEFNBZPSQPEFSBERVJTJUJWPEBOQSJPSJEBE
BGBDUPSFTOPOFDFTBSJBNFOUFFDPOØNJDPTDPNPTFS
t2VFFMQSPEVDUPTFBJEFOUJmDBCMFEFTEFFMPSJHFO
t2VFFMQSPEVDUPTFBEJGFSFODJBCMFDPOSFTQFDUPBQSPEVDUPT
BMUFSOBUJWPTPTVTUJUVUPT
t2VFTFBTFHVSPFOUÏSNJOPTEFTBMVEFWJUBSFOGFSNFEBEFT
JOUPYJDBDJPOFTFUD
UJmDBEPZFTBHBSBOUÓBEFCFFTUBSQSFTFOUFFOMBFUJRVFUBEF
WFOUBEFEJDIPQSPEVDUP&MTFMMPSFQSFTFOUBQBSBFMDPOTVNJ
EPSFOUÏSNJOPTEFDBMJEBERVFFMQSPEVDUPFTUÈiUSB[BEPw
EBEPRVFFTUÈFYQMÓDJUBNFOUFEFTDSJQUPFTDPOmBCMFNFOUF
DPOUSPMBEPFTUÈTJTUFNÈUJDBNFOUFWFSJmDBEPZFTQBTJCMFEF
TBODJØOQBSBFMDBTPEFOPDVNQMJSDPOMPFTQFDJmDBEPEFGFOTB
EFMDPOTVNJEPS
-B5JQJmDBDJØOFTPUSPGBDUPSBUFOFSFODVFOUBBMBIPSBEFMB
DPNFSDJBMJ[BDJØOZBRVFQFSNJUFBMDPNQSBEPSJEFOUJmDBSFMUJQP
EFQSPEVDUPBBERVJSJSTJOOFDFTJEBEEFSFWJTBSMBNFSDBEFSÓBFO
GPSNBJOEJWJEVBM&TUPGBDJMJUBFMDPNFSDJPZNFKPSBMBDPOmBO[B
EFMDPNQSBEPS&O"SHFOUJOBMBSFTPMVDJØOEFMB4"(Z1
DPONPEJmDBDJPOFTSFBMJ[BEBTFOMBTSFTPMVDJØORVF
SFHMBNFOUBMBTOPSNBTEFUJQJmDBDJØOFNQBRVFZmTDBMJ[BDJØO
EFIPSUBMJ[BTGSFTDBTDPOEFTUJOPBNFSDBEPTOBDJPOBMFT
-BNBSDBFMFOWBTFZMBTFUJRVFUBTEFMQSPEVDUPFTPUSP
FMFNFOUPRVFOPFTNVZVUJMJ[BEPFOMBDPNFSDJBMJ[BDJØOEF
IPSUBMJ[BTEFIPKBTZRVFQFSNJUJSÓBNFKPSBSMBJEFOUJmDBDJØO
EFMQSPEVDUPBMDPOTVNJEPS&TUFBTQFDUPFTNVZVUJMJ[BEPFOMB
DPNFSDJBMJ[BDJØOEFGSVUBTFTQFDJBMNFOUFFONBO[BOBDJSVFMB
CBOBOBZDFSF[B&MDPOTVNJEPSTFTJFOUFBUSBÓEPQPSDJFSUPT
QSPEVDUPTFOMBHØOEPMBEPOEFMBJEFOUJmDBDJØOEFMNJTNPMF
BTFHVSBDBMJEBE
&TUFGBDUPSFNQJF[BBUPNBSNBZPSSFMFWBODJBDVBOEPMBT
IPSUBMJ[BTEFIPKBTUJFOFOVONBZPSHSBEPEFQSPDFTBEPZBRVF
FMTFHNFOUPEFNFSDBEPFOFMRVFTFDPNFSDJBMJ[BSÈUJFOFVOB
NBZPSEFNBOEBEFDBMJEBE&YJTUFOBMHVOPTDBTPTFOSÞDVMB
PSBEJDIFUBMJTUBQBSBDPOTVNJSEPOEFMPNFODJPOBEPRVFEB
FWJEFODJBEPZFMDMJFOUFBTPDJBMBNBSDBDPOFMQSPEVDUP
5PEPTFTUPTGBDUPSFTNFODJPOBEPTFTUÈOFTDBTBNFOUF
EFTBSSPMMBEPTFOFMDPNFSDJPEFIPSUBMJ[BTEFIPKBTZEPOEFFM
EFTBGÓPEFMQSPEVDUPSFOGPSNBJOEJWJEVBMPBTPDJBEBFTUÏFO
FODPOUSBSMBNBOFSBEFQPTJDJPOBSTFFOVONFSDBEPDPOBMUP
HSBEPEFTFHNFOUBDJØOZDPNQFUFODJB
t2VFTFBTBMVEBCMFQBSBMBEJFUBOJWFMEFHSBTBWJUBNJOBT
QSPUFÓOBTFUD
t2VFTFBDPOWFOJFOUFFOUÏSNJOPTEFDPNPEJEBEZTJN
QMJDJEBEEFDPDDJØO
6OQSPEVDUPDPOmBCMFQBSBVODPOTVNJEPSEFCFTFSDFS
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
#JCMJPHSBG©B
t#FSUBMBOGGZ-VEXJHWPO5FPSÓB(FOFSBMEFMPT4JTUFNBT'POEPEF$VMUVSB
&DPOØNJDBFEJDJØOSFJNQSFTJØO.ÏYJDPQBH
t$FOUSPSFHJPOBM1BUBHPOJB/PSUF&&""MUP7BMMF*/5"%JSFDUJWBT
1SPEVDDJØO*OUFHSBEBEF'SVUBMFTEF1FQJUB1SPUPDPMP*/5"$FOUSP
SFHJPOBM1BUBHPOJB/PSUF&&""MUP7BMMF*/5""SHFOUJOB
QBH
t$PNVOJEBE"VUØOPNBEF.VSDJB1SPEVDDJØO*OUFHSBEB"MJNFOUPTTBOPTZ
HBSBOUJ[BEPT/PSNB3FHVMBEPSB6OJØO&VSPQFB&TQB×BQBH
t$PWFZ&TUFQIFO3-PTTJFUFIÈCJUPTEFMBHFOUFBMUBNFOUFFGFDUJWB1BJEPT
"SHFOUJOBQBH
t%BOJFM5JHBOJ-B&YDFMFODJB6OBEFNBOEBJNQPTUFSHBCMFEFMBHMPCBMJ[BDJØO
IUUQXXXIBDFSDPNBS"SHFOUJOBQBH
t%FNJOH8&EXBSET$BMJEBE1SPEVDUJWJEBE$PNQFUJUJWJEBE%ÓB[EF4BOUPT
&TQB×BQBH
t%FNJOH8&EXBSET-BOVFWBFDPOPNÓB%ÓB[EF4BOUPT&TQB×B
QBH
t&&"$PODPSEJB*/5"1SPEVDDJØO*OUFHSBEBEF$ÓUSJDPT3FHJØO3ÓP
6SVHVBZ&&"$PODPSEJB*/5""SHFOUJOBQBH
t'PMHBS0TDBS#VFOBTQSBDUJDBTEFNBOVGBDUVSB"OÈMJTJTEFQFMJHSPTZDPOUSPM
EFQVOUPTDSÓUJDPT&EJDJPOFT.BDDIJ"SHFOUJOBQBH
t+VSBO+PTFQI+VSBOZFMMJEFSB[HPQBSBMBDBMJEBE(SBX)JMM.ÏYJDP
QBH
t+VSBO+PTFQI+VSBOZMBDBMJEBEQPSEJTF×P%ÓB[EF4BOUPT.ÏYJDP
QBH
t+VSBO+PTFQI.BOVBMEFDBMJEBE7PM*Z**.D(SBX)JMM.FYJDP
QBH
t,JOH#PC1MBOFBNJFOUP)04)*/&OGPRVFEFEFTBSSPMMP
t1FOOB"UJMJP0SHBOJ[BDJØOZEJSFDDJØOEFMB1Z.&$1$&"SHFOUJOB
QBH
t3PESÓHVF[%BSÓP%JBHOØTUJDPPSHBOJ[BDJPOBM"MGBPNFHB$IJMF
QBH
t4FDSFUBSÓBEF"HSJDVMUVSB(BOBEFSÓB1FTDBZ"MJNFOUBDJØOEFMB/BDJØO
"SHFOUJOB3FWJTUB"MJNFOUPT"SHFOUJOPT&EJDJØOUSJNFTUSBM
t4DIFJO&EHBS1TJDPMPHÓBEFMBPSHBOJ[BDJØO1SFOUJDF)BMM.ÏYJDP
QBH
t4DIMFNFOTPO"MEP"OÈMJTJTPSHBOJ[BDJPOBMFOMBFNQSFTBVOJQFSTPOBM$SJTJT
ZDPOnJDUPFODPOUFYUPTUVSCVMFOUPT1BJEPT"SHFOUJOBQBH
t4DIMFNFOTPO"MEP-BQFSTQFDUJWBÏUJDBFOFMBOÈMJTJTPSHBOJ[BDJPOBM6O
DPNQSPNJTPSFnFYJWPDPOMBBDDJØO1BJEPT"SHFOUJOBQBH
t'VOEBDJØO1SFNJP/BDJPOBMBMB$BMJEBE#BTFTEFM1SFNJP/BDJPOBMBMB
$BMJEBEQBSBFMTFDUPSQSJWBEP"SHFOUJOBQBH
t4FOHF1FUFS-BRVJOUBEJTDJQMJOBFOMBQSBDUJDB(SBOJDB&TQB×B
t(FSP-FWBHHJ/PSCFSUP5FPSÓB(FOFSBMEFMPT4JTUFNBT"QMJDBDJØOBMB
BENJOJTUSBDJØOEFMPTOFHPDJPT6HFSNBO&EJUPS"SHFOUJOBQBH
t4&/"4"(VÓB%F#VFOBT1SÈDUJDBT%F)JHJFOF:"HSÓDPMBT1BSB-B1SPEVDDJØO
1SJNBSJB$VMUJWPo$PTFDIB
&NQBDBEP"MNBDFOBNJFOUP:5SBOTQPSUF%F
)PSUBMJ[BT'SFTDBT3FT4"(1"/EFM
t(ØNF[$FKB(VJMMFSNP1MBOFBDJØOZPSHBOJ[BDJØOEFFNQSFTBT(VÓB
UÏDOJDB&EJDPM.ÏYJDPQBH
t(SFFO3/VFWBWJTJØOFVSPQFBFOMPTUFNBTEFTFHVSJEBEZDBMJEBE
BMJNFOUBSJB**$"1SPDJTVS.POUFWJEFP6SVHVBZ
t*3".*404JTUFNBEFHFTUJØOBNCJFOUBMFTQFDJmDBDJPOFTZEJSFDUJWBT
QBSBTVVTP*3".
t*3"./03."*OEVTUSJBEF"MJNFOUPT#VFOBT1SÈDUJDBTEF
.BOVGBDUVSBT1SJNFSB&EJDJØOoo3FGFSFODJBOVNÏSJDB*3".
t*3".*OEVTUSJBTEF"MJNFOUPT%JSFDUJWBTQBSBMB&MBCPSBDJØOEFM
.BOVBMEF#VFOBT1SÈDUJDBTEF.BOVGBDUVSBT+VOJPEF
t*404JTUFNBEFHFTUJØOEFMBDBMJEBE
t+BRVFT&MMJPUU-B0SHBOJ[BDJØOSFRVFSJEB(SBOJDB"SHFOUJOB
QBH
t+JNFOF[4.(PO[ÈMF[3+-BWBEPEF.BOPT6OQVOUPDSJUJDPFOMB
TFHVSJEBEBMJNFOUBSJB3FWJTJØOZSFDPNFOEBDJPOFT*OTUJUVUPEF5FDOPMPHÓB
EF"MJNFOUPT'BDVMUBEEF*OHFOJFSÓB2VÓNJDB6/-
t+VSBO+PTFQI"OÈMJTJTZQMBOFBNJFOUPEFMBDBMJEBE.D(SBX)JMM
.FYJDPQBH
&MNFSDBEPDPOTVNJEPS
*OUSPEVDDJØO
$POTVNPEFIPSUBMJ[BT
&MJNQBDUPEFMBTJUVBDJØOFDPOØNJDBFOFMDPOTVNP
)ÈCJUPTEFMDPOTVNJEPSTFHÞOTVOJWFMEFJOHSFTPT
&TUSBUFHJBTEFDPOTVNPTFHÞOMPTFTUSBUPTTPDJBMFTQPSOJWFMFTEFJOHSFTPT
-BJOnVFODJBEFMTFYPZFEBEFOMPTIÈCJUPTEFDPOTVNP 0USPTGBDUPSFTQPSHSVQPTFUÈSFPT 1FSDFQDJØOZNPUJWBDJPOFTEFMPTDPOTVNJEPSFTEFIPSUBMJ[BTBMNPNFOUPEFMBTFMFDDJØO
-BDBMJEBE "USJCVUPTEFFMFDDJØOQBSBMBTIPSUBMJ[BTEFIPKBT &MFDDJØOEFMDPOTVNJEPSFODVBOUPBMQSFDJPZMBDBMJEBE &MQSFDJPDPNPPCTUÈDVMPQBSBFMDPOTVNP &MGBDUPSUJFNQPEJTQPOJCMFQBSBMBQSFQBSBDJØOEFBMJNFOUPTZFMDSFDJNJFOUPEFMPT
QSPEVDUPTDPOEJTUJOUPTHSBEPTEFQSPDFTBNJFOUP $BSBDUFSJ[BDJØOEFMBDPNQSB $BNQB×BTEFQSPNPDJØOEFMDPOTVNPEF'SVUBTZ)PSUBMJ[BT 'PDBMJ[BDJØOZTBUJTGBDDJØOEFDMJFOUFT -BT#VFOBT1SÈDUJDBTQBSBMPTDPOTVNJEPSFT 3FTVNFOEFSFDPNFOEBDJPOFT #JCMJPHSBGÓB
-BDBEFOBBHSPBMJNFOUBSJB&MNFSDBEPDPOTVNJEPS
&MNFSDBEPDPOTVNJEPS
*OUSPEVDDJ¯O
"SHFOUJOBDBSFDFEFFTUBEÓTUJDBTTJTUFNBUJ[BEBTZ
FTQFDÓmDBTTPCSFFMDPOTVNPEFIPSUBMJ[BT%FNBOFSB
RVFFTUFJOEJDBEPSEFCFTFSJOGFSJEPBQBSUJSEFEJGFSFOUFT
BVUPSFTFJOGPSNBDJØOQSPQJB
&TUFBQBSUBEPJOUFOUBEFTDSJCJSMBTNPUJWBDJPOFTHVTUPTZ
QSFGFSFODJBTEFMPTDPOTVNJEPSFTBMNPNFOUPEFTFMFDDJPOBS
MPTQSPEVDUPTIPSUÓDPMBTBOBMJ[BSMPTQBUSPOFTRVFDPOEJDJPOBO
FMDPOTVNPQPSIBCJUBOUFZMPTDBNCJPTEFÏTUFFOFMUJFNQP
JEFOUJmDBSMPTPCTUÈDVMPTZEJmDVMUBEFTEFMDPOTVNPEFFTUPT
QSPEVDUPTFOMB"SHFOUJOBZmOBMNFOUFVODPOKVOUPEFQSÈDUJDBT
RVFEFCFSÓBTFHVJSFMDPOTVNJEPSQBSBNBOUFOFSMBJOPDVJEBE
EFMQSPEVDUP
$POTVNPEFIPSUBMJ[BT
-B0SHBOJ[BDJØO.VOEJBMEFMB4BMVE0.4
FTUBCMFDF
VOVNCSBMEFDPOTVNPNÓOJNPBOVBMEFLHEFGSVUBTZ
IPSUBMJ[BTQPSQFSTPOB-BTFTUJNBDJPOFTEFMPTDPOTVNPT
BDUVBMFTBOJWFMNVOEJBMZQPSHSBOSFHJØOSFnFKBORVFTFSJBO
TJHOJmDBUJWBNFOUFJOGFSJPSFTDPOSFEVDDJPOFTRVFWBSÓBOFOUSF
ZFMEFMNÓOJNPSFDPNFOEBEP
&OMBNJTNBGVFOUF0.4
SFQPSUBRVF&&66DPOTVNF
LHB×PQFSTPOBQBSB"VTUSBMJB+BQØOZ4JOHBQVSQBSB
#ÏMHJDB'JOMBOEJB%JOBNBSDB'SBODJB"MFNBOJB*OHMBUFSSB
*TSBFM*UBMJBZ/PSVFHBZQBSB&TQB×B
&OMB"SHFOUJOBMBTGSVUBTZIPSUBMJ[BT')
TJFNQSFIBO
FTUBEPQSFTFOUFTFOMBDPNQPTJDJØOEFMBDBOBTUBEFBMJNFOUPT
BVORVFMBTQSPQPSDJPOFTEFTVQBSUJDJQBDJØOIBOWBSJBEPDPO
FMQBTPEFMUJFNQPSFHJTUSÈOEPTFQFSÓPEPTEFNBZPSZNFOPS
JOHFTUB
-BEÏDBEBEFMTFDBSBDUFSJ[ØQPSVOBEJFUBBMJNFOUJDJB
FOSJRVFDJEBDPO')%BEPRVFEVSBOUFFTUFQFSÓPEPMPT
IPHBSFTTFTPTUFOÓBODPOVOÞOJDPJOHSFTPZMBNVKFSDPOUBCB
DPONÈTUJFNQPQBSBDPDJOBSSFTVMUBOEPBTÓFOVOBEJFUBNBT
FRVJMJCSBEB"EFNÈTQSFEPNJOBCBFOFTUBÏQPDBMBDVMUVSB
FVSPQFBDPOIÈCJUPTEFNBZPSJOHFTUBEFIPSUBMJ[BT
&OVOBOÈMJTJTQSPZFDUBEPQBSBFMQFSÓPEPTFHÞOEBUPT
EF$0/"%&
BEBUPTEF&1)*/%&$
TFMMFHBBMB
DPODMVTJØOEFRVFFMDPOTVNPEFGSVUBTZWFSEVSBTEFMPTIPHBSFT
EFM«SFB.FUSPQPMJUBOB#POBFSFOTFDBZØTJHOJmDBUJWBNFOUFFO
FMQFSÓPEPDPOTJEFSBEP$PODSFUBNFOUFTFSFHJTUSØVOBDBÓEBEFM
DPOTVNPQFSDÈQJUBBOVBMEFLHQBSBBLHQBSB
ZBLHQBSB-BCBKBJOHFTUBEFFTUPTBMJNFOUPT
BUSBWFTBCBUPEPTMPTTFDUPSFTTPDJBMFTBVORVFIBCSÓBBGFDUBEP
NÈTQSPGVOEBNFOUFBMPTTFDUPSFTEFNFOPSFTJOHSFTPT
4FHÞOVOFTUVEJPSFBMJ[BEPQPSFM*/5"4BO1FESPFOFM
B×PTFFTUBCMFDJØRVFFMDPOTVNPEFIPSUBMJ[BTZGSVUBT
EFMBQPCMBDJØOBSHFOUJOBFTUBSÓBFOMBNJUBEEFMBJOHFTUB
TVHFSJEBQPSMB'"00.4-BNJTNBJOWFTUJHBDJØOSFnFKØRVF
MPTQSJODJQBMFTJODFOUJWPTRVFFODVFOUSBOMPTDPOTVNJEPSFTEF
IPSUBMJ[BTZGSVUBTTPOMBQSFWFODJØOZDPOUSPMEFFOGFSNFEBEFT
ZFMBQPSUFOVUSJDJPOBM
%JTQPOFSEFJOGPSNBDJØOTPCSFFMDPOTVNPEFMPTQSPEVDUPT
TFMFDDJPOBEPTQBSBTVBCPSEBKFFOFMNBSDPEFFTUFQSPZFDUP
SFTQFDUPEFMWPMVNFOZTVFTUBDJPOBMJEBESFTVMUBFTUSBUÏHJDP
1BSBBNQMJBSMBJOGPSNBDJØODVBOUJUBUJWBEJTQPOJCMFTFFMBCPSB
SPOUSFTEJBHOØTUJDPTVUJMJ[BOEPEJTUJOUBTGVFOUFTEFJOGPSNBDJØO
EFNBOFSBRVFTFQVEJFTFPCUFOFSVOBBQSPYJNBDJØOSB[POBCMF
EFMDPOTVNPBQBSFOUFBDUVBMJ[BEP
B%BUPTEFQSPEVDDJØOQPSB×PBOJWFMOBDJPOBMVUJMJ[BOEP
EJTUJOUBTGVFOUFT$FOTP
QBSBMFDIVHBIBBDFMHB
IBZFTQJOBDB&TUJNBDJPOFTQSPQJBTFOMPRVFSFT
QFDUBBSBEJDIFUBZSÞDVMBQBSBMBTRVFTFFTUJNBOIBTQBSB
DBEBVOBBOJWFMOBDJPOBM1BSBMBTFTUJNBDJPOFTEFBDVFSEP
BMBTVQFSmDJFTFDPOTJEFSBVOSFOEJNJFOUPEF
ZUPOFMBEBTQBSBMPTDVMUJWPTEFMFDIVHBBDFMHBFTQJOBDB
SBEJDIFUBZSÞDVMBSFTQFDUJWBNFOUF&OUPEBTTFFTUBCMFDJØVOB
QÏSEJEBEFMFOUSFMBQSPEVDDJØOZFMDPOTVNP:TFUPNP
DPNPEBUPVOBQPCMBDJØOEFNJMMPOFTEFIBCJUBOUFT
C%BUPTQSPQJPTEFMDFOTPSFBMJ[BEPFO(FOFSBM1JDP-B
1BNQB
FOFMB×PQPSFMDVBMTFSFMFWPJOGPSNBDJØONF
EJBOUFFODVFTUBTFOCPDBTEFFYQFOEJPEFTQFOTBT
WFSEVMFSÓBTTVQFSNFSDBEPTZBVUPTFSWJDJPTZHSBOEFT
TVQFSNFSDBEPTDPOCPDBT
4PCSFMPTEBUPTEFWPMÞNFOFT
SFMFWBEPTBOJWFMEFDBEBQVOUPEFWFOUBNJOPSJTUBQBSBEF
UFSNJOBSFMDPOTVNPSFBMTFFTUBCMFDJØVOBQÏSEJEBGÓTJDBEFM
FOUSFMBDPNQSBZFMNPNFOUPEFDPOTVNP
D*OGPSNBDJØOSFMFWBEBNFEJBOUFVOFTUVEJPEFDBTPSFB
MJ[BEPTPCSFVODPNFSDJPNJOPSJTUBVCJDBEPFOVOCBSSJPEF
DMBTFNFEJBEFMBDJVEBEEF3PTBSJP&OFTUFDBTPUBNCJÏOTF
SFHJTUSBSPOMPTWPMÞNFOFTEFWFOUBQFSPQPSMBCVFOBDBMJEBE
EFMPTQSPEVDUPTZMBTDPOEJDJPOFTEFUSBCBKPVTPEFSFGSJHFSB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
DJØO
TFFTUBCMFDJØVOBQÏSEJEBNFOPSBMBFTUBCMFDJEBFOBZ
C
RVFWBSÓBFOUSFFMZFMFOUSFMBDPNQSBZFMDPOTVNP
EFQFOEJFOEPEFMQSPEVDUPDPOTJEFSBEP
$PNPTFQVFEFPCTFSWBSFOFMDVBESPMPTWBMPSFTEF
MPTDPOTVNPTTPOEJGFSFOUFTTFHÞOMBGVFOUFZMBNFUPEPMPHÓB
VTBEBT&MMPQVFEFFTUBSFYQMJDBEPQPSMPTJHVJFOUF
B$VBOEPDPOTJEFSBNPTMBQSPEVDDJØOOBDJPOBMZTFEJWJEF
QPSMBDBOUJEBEUPUBMEFIBCJUBOUFTTFEFUFSNJOBFMiDPOTVNP
BQBSFOUFwRVFJODMVZFBUPEBTMBTDMBTFTTPDJBMFTBÞOBRVFMMPT
FTUSBUPTRVFOPDPOTVNFOIPSUBMJ[BTEFIPKBTPDPOTVNFO
NVZQPDP
C&OFMDBTPEFMBDPNVOJEBEEF(FOFSBM1JDP-B1BNQB
TFUSBUBEFVOBDPNVOJEBEQSFEPNJOBOUFNFOUFEFTDFOEJFOUF
EFFTQB×PMFTFJUBMJBOPTQPSMPUBOUPDPOUSBEJDJPOFTRVFTPT
UJFOFOVOOJWFMEFDPOTVNPTVQFSJPSBMBNFEJBQPCMBDJPOBM4J
FNCBSHPFMIBCJUBOUFEF-B1BNQBHFOFSBMNFOUFOPEJTQPOF
IPSUBMJ[BTEFCVFOBDBMJEBEFOFMNFSDBEPMPDBMDPNPTJMB
QVFEFEJTQPOFSVODPOTVNJEPSEF3PTBSJPDPNPMPEFNVFTUSB
MBSFTQVFTUBBMDPOTVNPRVFSFnFKBFMDBTPBOBMJ[BEPTPCSFFM
DPNFSDJPNJOPSJTUBEF3PTBSJP
&OMBTmHVSBTZTFSFnFKBOEPTTJUVBDJPOFTEJTUJOUBT
EFDPOTVNPFTUBDJPOBMTPCSFMBCBTFEFJOGPSNBDJØOEFWPMÞ
-BDBEFOBBHSPBMJNFOUBSJB&MNFSDBEPDPOTVNJEPS
NFOFTEFWFOUBSFHJTUSBEPTFOFMFTUVEJPEFDBTPEFMDPNFSDJP
NJOPSJTUBEF3PTBSJP&OFMQSJNFSPTFUPNBOMBTIPSUBMJ[BTEF
IPKBTQBSBFOTBMBEBTNJFOUSBTRVFFOFMTFHVOEPTFQSFTFOUBO
MBTEPTQSJODJQBMFTUBNCJÏOEFIPKB
EFTUJOBEBTBMBDPDDJØO
1BSBFMDPOTVNPEFIPSUBMJ[BTEFIPKBTRVFTFDPOTVNFO
FOFOTBMBEBTMFDIVHBSBEJDIFUBZSÞDVMB
B-BMFDIVHBDBFFMDPOTVNPFOIBTUBVOFOJOWJFSOP
DPOFMNFOPSDPOTVNPFOKVOJP
C-BSBEJDIFUBOPUJFOFDBTJWBSJBDJPOFTFTUBDJPOBMFTFT
QSPCBCMFRVFIBZBDMJFOUFTDBVUJWPTRVFDPOTVNFOMBSBEJDIFUB
EVSBOUFUPEPFMB×PFOGPSNBJOEFQFOEJFOUFEFMBTDPOEJDJPOFT
BNCJFOUBMFT
D-BSÞDVMBQSFTFOUBVOJODSFNFOUPJNQPSUBOUFFOMB
QSJNBWFSBZMVFHPDBFBWBMPSFTNFEJPT&TUFQSPEVDUPUJFOF
HSBOEFTWBSJBDJPOFTEFDBMJEBEMBNBZPSDBMJEBEPCUFOJEBFO
MBQSJNBWFSBBTPDJBEPBVOBVNFOUPEFMBUFNQFSBUVSBQPESÓB
FYQMJDBSFTUFDPNQPSUBNJFOUP
&OFMDBTPEFBDFMHBZFTQJOBDBDVZPDPOTVNPFTQSFQPO
EFSBOUFNFOUFDPDJEBNVFTUSBOOJWFMFTEFWFOUBDPOTVNP
TJNJMBSFTEVSBOUFFMJOWJFSOPQFSPFODBNCJPFMWPMVNFOBOVBM
EFMBFTQJOBDBFTNFOPSQSPCBCMFNFOUFEFCJEPBRVFMBPGFSUB
EFFTUFQSPEVDUPEVSBOUFFMWFSBOPFTJOTJHOJmDBOUFZEFCBKB
DBMJEBEQPSQSPCMFNBTEFTFOTJCJMJEBEEFMDVMUJWPBMBTBMUBT
UFNQFSBUVSBT
-BTWBSJBDJPOFTPCTFSWBEBTEVSBOUFFMJOWJFSOPDBÓEBTDJS
DVOTUBODJBMFTEFMWPMVNFOEFWFOUB
TFQVFEFOJOUFSQSFUBSDPNP
VOBSFTQVFTUBBMQSFDJPDVBOEPÏTUPTTPONVZBMUPTBDBVTB
EFMBEJTNJOVDJØOEFMBPGFSUBEB×PTQPSIFMBEBT
5BNCJÏO
MBWBSJBCMFQSFDJPJOnVZFFOMBQSFGFSFODJBEFMDPOTVNJEPS-B
BDFMHBFOHFOFSBMQSFTFOUBNFOPSFTQSFDJPTRVFMBFTQJOBDB
QFSPBQSFDJPTTJNJMBSFTFTUBÞMUJNBFTNÈTEFNBOEBEBFT
UBSÓBFYQSFTBOEPVOBSFTQVFTUBEFQSFGFSFODJBEFQBSUFEFM
DPOTVNJEPS
&MJNQBDUPEFMBTJUVBDJ¯OFDPO¯NJDBFOFM
DPOTVNP
&OTJUVBDJPOFTEFDSJTJTFDPOØNJDBTDPOJOnBDJØOTFPCTFSWB
VODBNCJPFOFMDPNQPSUBNJFOUPEFMDPOTVNJEPSFMDPOTVNP
EFIPSUBMJ[BTEFIPKBTTFSFUSBFQSJODJQBMNFOUFEFBRVFMMPT
QSPEVDUPTDPONBZPSFTQSFDJPTZRVFOPJOUFHSBOMPRVFTF
DPOTJEFSBMBDBOBTUBCÈTJDBEFBMJNFOUPT&OFTUPTFTDFOBSJPT
EFDSJTJTMPTMMBNBEPTiQSPEVDUPTTFSWJDJPwDPNPTPOMPTEF
DVBSUBHBNBPiMJTUPTQBSBVTBSw
ZRVFDPOMMFWBOVOBMUP
OJWFMEFQSPDFTBNJFOUPQSFWJPZQPSMPUBOUPQSFDJPTNBTBMUPT
RVFMPTUSBEJDJPOBMFTQSPEVDUPTFOGSFTDPTPOMPTRVFTVGSFO
MBNBZPSDBÓEBEFMBEFNBOEB
"QFTBSEFFMMPFMEFTDFOTPEFMDPOTVNPEFIPSUBMJ[BTOP
FTUBOJNQPSUBOUFDPNPQVFEFPDVSSJSDPOPUSPTQSPEVDUPTRVF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
OPTPOBMJNFOUPTIBZRVFUFOFSFODVFOUBRVFQBSBVOBGBNJMJB
EFDMBTFTPDJBMNFEJBMBTIPSUBMJ[BTOPDPOTUJUVZFOVOBQBSUF
JNQPSUBOUFEFTVDBOBTUBGBNJMJBS
EPOEFFMQSJODJQBMSVCSPTPOMBTGSVUBTZWFSEVSBTTJHVJFOEP
MPTDFSFBMFTMÈDUFPTDBSOFTNBHSBTZHBTFPTBT
&OMBmHVSBTFDPNQBSBMBTJUVBDJØOEFMDPOTVNPEF
BMJNFOUPTFOMPTB×PTZTPCSFMBCBTFEFJOGPSNBDJØO
SFMFWBEBFOMBTFODVFTUBTEFDPOTVNP*/%&$
4FPCTFSWB
RVFTFIBQSPEVDJEPVOBVNFOUPEFDPOTVNPEFDFSFBMFTZ
UVCÏSDVMPTZVOBEJTNJOVDJØOEFMBTGSVUBTZIPSUBMJ[BT
)CJUPTEFMDPOTVNJEPSTFH¶OTVOJWFMEF
JOHSFTPT
&TDPOPDJEBMBWBSJBDJØORVFTFEBFOMBTDBOUJEBEFTZUJQPT
EFQSPEVDUPTEFMBBMJNFOUBDJØOTFHÞOMBFTUSBUJmDBDJØOEFMB
QPCMBDJØOQPSOJWFMFTEFJOHSFTPT
&OMBmHVSBTFQSFUFOEFNPTUSBSFMDPNQPSUBNJFOUPEF
MBQPCMBDJØOEJWJEJEBFORVJOUJMFTDPOGPSNFBTVTJOHSFTPT
SFTQFDUPEFMDPOTVNPEF$FSFBMFT$BSOFTZ7FHFUBMFT')
QBSBFMB×P
4FPCTFSWBRVFMPTFTUSBUPTEFCBKPTSFDVSTPTDPOTVNFO
NBZPSDBOUJEBEEFDFSFBMFTUVCÏSDVMPTBDFJUFTDBSOFTHSBTBT
ZB[ÞDBSFTRVFFMSFTUPEFMPTTFDUPSFT&MDPOTVNPEFMÞMUJNP
RVJOUJMSFQSFTFOUBMBRVJOUBQBSUFEFMBQPCMBDJØORVFDVFOUB
DPONÈTJOHSFTPT
EVQMJDBFMWPMVNFOSFTQFDUPBMQSJNFSP
&TUSBUFHJBTEFDPOTVNPTFH¶OMPTFTUSBUPT
TPDJBMFTQPSOJWFMFTEFJOHSFTPT
„%FJOHSFTPTCBKPTFOFTUFFTUSBUPQSFEPNJOBVOBDPO
DFQDJØOEFMiDVFSQPGVFSUFwBTPDJBEPBMDPOTVNPEFDBMPSÓBT
BMBOFDFTJEBEEFEJTQPOFSEFBMJNFOUPTiSFOEJEPSFTwZB
VOBDPNFOTBMJEBEDPMFDUJWB-PTBMJNFOUPTEFCFODVNQMJSDPO
USFTSFRVJTJUPTTFSiCBSBUPTwEFCFOiMMFOBSwZiHVTUBSw4F
QSFTFOUBVOBSFEVDDJØOEFMBDBOUJEBEEFBMJNFOUPTZBMNJTNP
UJFNQPVONBZPSBQSPWFDIBNJFOUPEFMPTNJTNPT&KFNQMPFO
FMDBTPEFMPTQPMMPTFOTFDUPSFTEFNBZPSFTJOHSFTPTFMBQSP
WFDIBNJFOUPFTEFVONJFOUSBTFOMBDMBTFCBKBFTEFM
(FOFSBMNFOUFDPOMMFWBVOBCBKBMBDBMJEBEEFMSÏHJNFO
BMJNFOUJDJP-BMØHJDBEFMBNBEFDBTBEFCBKPTSFDVSTPTQSJPSJ[B
FOTVDBOBTUBBMJNFOUBSJBMBTDBSOFTEFMDVBSUPEFMBOUFSPMPT
mEFPTZFMQBO
„%FJOHSFTPTNFEJPTFOFTUFFTUSBUPMBSFQSFTFOUBDJØO
DPSQPSBMEPNJOBOUFFTFMDVFSQPMJOEPSFQSFTFOUBEPQPSFM
iTFSEFMHBEPwJEFOUJmDBEPDPOMBCFMMF[BZMBTBMVE
&MQSJODJQJPQPSFMDVBMTFTFMFDDJPOBVOBDPNJEBFTQPS
TFSiSJDBwQFSPFMJEFBMEFCFMMF[BDPOTVNJFOEPBMJNFOUPT
DPOTJEFSBEPTSJDPTMMFOPTEFB[ÞDBSZHSBTBSFTVMUBVOBNJ
TJØOJNQPTJCMF"TÓFTUFTFDUPSFTFMQSJODJQBMDPOTVNJEPSEF
EJFUBTBEFMHB[BOUFTSFBMFTPJNBHJOBSJBT
1SJPSJ[BOMBDPNJEB
DPNPQMBDFSTPCSFMBOFDFTJEBEEFBMJNFOUBSTF$VCJFSUBTMBT
-BDBEFOBBHSPBMJNFOUBSJB&MNFSDBEPDPOTVNJEPS
OFDFTJEBEFTCÈTJDBTBMJNFOUJDJBTFMJHFODPNFSMPRVFRVJFSFO
NVDIPFODBOUJEBEZDBMJEBE-BGSVHBMJEBEOPFTEFOJOHVOB
NBOFSBMBOPSNBQFSPDPNPIBZVOMÓNJUFDPOSFTQFDUPBMP
RVFTFQVFEFDPNFSVOBWF[PCUFOJEBMBTBDJFEBEGÓTJDBMPT
DPOTVNPTTFEJSJHFOBDVCSJSMBTBDJFEBETJNCØMJDBZMVFHPTF
WVFMDBOBQSPEVDUPTOPBMJNFOUBSJPTJOEVNFOUBSJBTBMVE
UVSJTNPZHBTUPTQFSTPOBMFT
"TÓDPNPOPIBZVOBQPCSF[BIPNPHÏOFBUBNQPDPIBZ
VOTFDUPSNFEJPIPNPHÏOFP-BQPEFNPTEJWJEJSFOUSFT
DBUFHPSÓBT-PT FNQPCSFDJEPTTFDBSBDUFSJ[BOQPSRVFTVT
QSÈDUJDBTZTVTSFQSFTFOUBDJPOFTTFFODVFOUSBOFOUSBOTJDJØO
OPQVFEFONBOUFOFSFMFTUJMPEFWJEBEFMBDMBTFNFEJBBMRVF
ZBOPQFSUFOFDFOQPSTVTJOHSFTPTQFSPOPRVJFSFOOJQVFEFO
BEPQUBSMBTFTUSBUFHJBTEFMBTDMBTFTCBKBT-PTDPOTFSWBEPSFT
ZMPTJOOPWBEPSFTHBOBOMPNJTNPQFSPQJFOTBOEJGFSFOUF-PT
QSJNFSPTTPODPNJMPOFTZMPTTFHVOEPTEFHVTUBEPSFT
„%FJOHSFTPTBMUPTSJHFOFOMPTTFDUPSFTEFNBZPSFT
JOHSFTPTMBTSFQSFTFOUBDJPOFTEFMDVFSQPiTBOPwRVFUBNCJÏO
TFJEFOUJmDBDPOMBQSFPDVQBDJØOQPSFTUBSEFMHBEPTBTPDJBEB
UBOUPBMBFTUÏUJDBDPNPBMBTBMVE4JHVJFOEPFTUFÞOJDPEFTFP
EFFTUBSEFMHBEPTMPTBMJNFOUPTTFSÈOMJHIUTFFMFHJSÈODPNJEBT
FYFOUBTEFHSBTBTZB[ÞDBSFTQBSBGPSNBSQMBUPTÞOJDPT
"MBOBMJ[BSMBDBOBTUBEFBMJNFOUPWFNPTRVFMPTTFDUPSFT
EFBMUPTJOHSFTPTDPNFONBZPSDBOUJEBETFGSVUBTZWFSEVSBT
RVFOJOHÞOPUSPTFDUPS"TÓDPNPFMQFTDBEPFMRVFTPTFNJEVSP
ZMBMFDIFFOQPMWPEFTDSFNBEB
&MQMBUPEFDPNJEBJEFBMFTFMQMBUPJOEJWJEVBMDPNPTFS
MBUBSUFMFUBFMPNFMFUUMBFOTBMBEBZFMDSFQF&TUFJEFBMTF
WFFOMBTQSFQBSBDJPOFTEFMBBMUBDPDJOBEPOEFDBEBQMBUP
EFCFDPOUFOFSWBSJFEBEEFQSPEVDUPTFOGPSNBFRVJMJCSBEBZ
FTUÏUJDBNFOUFCJFOQSFTFOUBEB-BUFDOPMPHÓBMBWBMPSJ[BDJØO
ZFMUJFNQPEFEJDBEPBMBDPNJEBTFDPOKVHBOQBSBRVFMPT
QMBUPTTFBOÞOJDPT
-BTEPTFOGFSNFEBEFTRVFDPOTUJUVZFOFMGBOUBTNBEFMPT
WBSPOFTUSBCBKBEPSFTBEVMUPTEFFTUFTFDUPSTPOFMTUSFTTZFM
BDDJEFOUFDBSEJPWBTDVMBSBNCBTSFMBDJPOBEBTDPOMBJOUFOTB
BDUJWJEBEMBCPSBM1BSBQSPUFHFSZDPOTFSWBSMBTBMVEFOVONVOEP
FYJHFOUFEFUSBCBKPZDPOTFHVJSJOHSFTPTTVmDJFOUFTQBSBHP[BS
EFMBWJEBMBDPNJEBTFDPODJCFFOTVEFmOJDJØOIJQPDSÈUJDB
iEFUVTBMJNFOUPTIBSÈTVOBNFEJDJOBw
TFDPOTJEFSBVOB
IFSSBNJFOUBQBSBQSFWFOJSFOGFSNFEBEFTRVFJNQJEBOUSBCBKBS
ZVONFEJPQBSBPCUFOFSCFMMF[B
4VTUFOEFODJBTEFDPOTVNPTFFODVFOUSBOBMUBNFOUFSFMB
DJPOBEBTDPOMBTEFMDPOTVNPEFMPTQBÓTFTEFTBSSPMMBEPT
-BJOŤVFODJBEFMTFYPZFEBEFOMPTICJUPT
EFDPOTVNP
&MTFYPZMBFEBEJOUFSWJFOFOFOMBTBTJHOBDJPOFTEFTBMVE
ZBDFQUBDJØOEFMQMBUP
&MTFYPGFNFOJOPQSFTFOUBNBZPSFTQSFGFSFODJBTIBDJBMBT
DPNJEBTDSVEBTWFHFUBMFTZPSHBOJ[BOTVDBNQPEFBDDJPOFTSF
HJEBTQPSFMQSJODJQJPEFMPTBMVEBCMF.D$PSNJDL
JOEJDB
iMBTNVKFSFTKVTUJmDBOMBTFMFDDJØOEFBMJNFOUPTPSJFOUBEPTBM
DVJEBEPEFMBTJMVFUBPBNQBSBEPTQPSFMDPODFQUPEFMPiMJHIUw
4PNP[B:VTUF
FOTVUSBCBKPTPCSFKØWFOFTVOJWFSTJUBSJPT
FTQB×PMFTOPUBRVFiMBEJGFSFODJBNÈTTJHOJmDBUJWBFOUSFIPN
CSFTZNVKFSFTFTUÈFOFMDPOTVNPEFWFSEVSBTTJFOEPNBZPS
FOMBTNVKFSFTRVFFOMPTIPNCSFTw
&MTFYPNBTDVMJOPPSJFOUBTVDPOTVNPBQBSUJSEFMHVTUP
1PSFTUFNPUJWPPSJFOUBTVTQSFGFSFODJBTIBDJBMPTBMJNFOUPT
DÈSOJDPTiJOEVTUSJBMFTwBMUBNFOUFDBMØSJDPTZNBOJmFTUBBMHÞO
SFDIB[PIBDJBMPTQMBUPTDPOWFHFUBMFT&OFTQFDJBMMPTIPNCSFT
EFIBTUBB×PTZBRVFQBSFDFOOPFODPOUSBSJODFOUJWPTQBSB
DPOTVNJSGSVUBTZIPSUBMJ[BT&OFMDBTPEFMPTBEVMUPTKVTUJm
DBOTVDPOTVNPQPSNPUJWPTEFTBMVEFTQFDJBMNFOUFDVBOEP
QBEFDFOBMHVOBFOGFSNFEBE
0USPTGBDUPSFTQPSHSVQPTFUSFPT
&OMPTFTUVEJPTTPCSFBEPMFTDFOUFTMPGBDUPSFTRVFMPFTUJ
NVMBBDPOTVNJSTPOMBEJTQPOJCJMJEBEEFGSVUBTZIPSUBMJ[BTMB
QBSUJDJQBDJØOFOMBQSFQBSBDJØOEFMPTBMJNFOUPTMBJOnVFODJBEF
MPTQBSFTZMBFMFDDJØOEFMBTDPNQSBTGBNJMJBSFTRVFiHVTUFw
VOBDPNJEBZMBQFSDFQDJØOEFRVFTVTQBESFTZTVTBNJHPTMB
DPOTVNFOIBOTJEPJEFOUJmDBEBTDPNPJOnVFODJBTDMBWFT
1BSBMPTBEVMUPTMPTFTUVEJPTJOEJDBORVFQVFEFOEBSTF
EJTUJOUBTJOnVFODJBTRVFBDUÞBOFOMBTEJWFSTBTDPNJEBTZ
RVFMPTBTQFDUPTTFOTPSJBMFTQVFEFOTFSEFUFSNJOBOUFTNÈT
JNQPSUBOUFTQBSBFMDPOTVNPRVFMBQSFPDVQBDJØOQPSMBTBMVE
5BNCJÏOTFPCTFSWØFOFTUFHSVQPFMEFTDPOPDJNJFOUPTPCSF
MBTEJTUJOUBTNBOFSBTEFQSFQBSBSQMBUPTDPOEFUFSNJOBEBT
IPSUBMJ[BTDPNPCFSFOKFOBCSØDPMJSFNPMBDIBZDPMJnPS
4FHÞO(JBDJOUJ
MBQSFTFODJBEFSFTJEVPTEFQMB
HVJDJEBTFOGSVUBTZIPSUBMJ[BTOPGVFNFODJPOBEBDPNPVO
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
JNQFEJNFOUPQBSBFMDPOTVNPZBRVFTFMPTBDFQUBDPNP
JOFWJUBCMFTFOUÏSNJOPTEFMBTDBOUJEBEFTBENJUJEBTQPSMBT
OPSNBTFTUBCMFDJEBT
-BEJGVTJØOEFMDPOPDJNJFOUPSFTQFDUPEFMBTJOHFTUBTSFDP
NFOEBEBTTPCSFMBTFOGFSNFEBEFTWJODVMBEBTDPOBMJNFOUPT
&5"
ZMBUPNBEFDPODJFODJBBDFSDBEFMBBMJNFOUBDJØOTBMV
EBCMFQVFEFOJOnVJSNPEFSBEBNFOUFTPCSFMBJOHFTUBEFGSVUBT
ZIPSUBMJ[BT1BSÈNFUSPTDPNPFMDPTUPMBUFYUVSBFMHVTUP
MBBQBSJFODJBMBDBMJEBEMBTEJmDVMUBEFTEFBMNBDFOBNJFOUP
$POTFSWBDJØO
MBGBMUBEFEJTQPOJCJMJEBEFOMPTDPNFSDJPT"D
DFTJCJMJEBE
MBDPNPEJEBEMBTFHVSJEBEZMPTIÈCJUPTBERVJSJEPT
EFTEFMBJOGBODJBQVFEFOTFSGBDUPSFTDMBWFTBMBIPSBEFEFmOJS
MPTQBSÈNFUSPTEFDPOTVNP,BUSJOF#BHIVSTU
1FSDFQDJ¯OZNPUJWBDJPOFTEFMPT
DPOTVNJEPSFTEFIPSUBMJ[BTBMNPNFOUPEFMB
TFMFDDJ¯O
/PTFEJTQPOFEFBOUFDFEFOUFTTPCSFMBTNPUJWBDJPOFT
HVTUPTZQSFGFSFODJBTQPSMBTDVÈMFTMPTDPOTVNJEPSFTBSHFOUJOPT
PQUBOQPSQSPEVDUPTIPSUÓDPMBT&TUPIBDFOFDFTBSJPDPOPDFS
MBGPSNBFORVFSFBMJ[BOTVTFMFDDJPOFTEFDPNQSBTVSFMBDJØO
DPOMBDBMJEBEMBQSFGFSFODJBQPSMVHBSFTEFDPNQSBQSFDJPTZ
NFEJPTEFDPNVOJDBDJØORVFJOUFSWJFOFOFOFMDPNQPSUBNJFOUP
EFDPOTVNP
&MÈSCPMEFEFDJTJØOEFDPNQSBQBSBGSVUBTZIPSUBMJ[BTTF
FTUSVDUVSBDPOEJNFOTJPOFT'JHVSB
-BQSJNFSBEJNFOTJØOZBIBTJEPEFTDSJQUBZMBTFHVOEBMP
TFSÈFOFMBQBSUBEPi$BSBDUFSJ[BDJØOEFMB$PNQSBw1PSMPRVF
OPTGPDBMJ[BSFNPTFOMBUFSDFSBZDVBSUBEJNFOTJØO
-BDBMJEBE
-BQPEFNPTEFmOJSDPNPFMDPOKVOUPEFBUSJCVUPTRVF
MBTQFSTPOBTDPOTJEFSBOZFWBMÞBODPOEJTUJOUPTOJWFMFTEF
SFMFWBODJBEFQFOEJFOEPEFRVÏQSPEVDUPTFUSBUF
FOGVODJØO
EFMQSFTVQVFTUPEJTQPOJCMFQBSBFMHBTUPZDPOGPSNFBMVTPP
EFTUJOP
RVFTFMFWBBEBSBMQSPEVDUP&OMBTJHVJFOUFmHVSBTF
EFTDSJCFOMPTQSJODJQBMFTBUSJCVUPTRVFDPOTJEFSBFMDPOTVNJEPS
BMNPNFOUPEFFMFHJSVOBIPSUBMJ[B
-BDBEFOBBHSPBMJNFOUBSJB&MNFSDBEPDPOTVNJEPS
"USJCVUPTEFFMFDDJ¯OQBSBMBTIPSUBMJ[BTEF
IPKBT
"DPOUJOVBDJØOTFFOVNFSBOBMHVOPTBUSJCVUPTEFFMFDDJØO
QBSBMBTIPSUBMJ[BTEFIPKBT
„ -FDIVHBT-FDIVHBEFIPKBEFCFUFOFSIPKBTWFSEFT
TJOCPSEFTRVFNBEPTUVSHFOUFTMJCSFTEFQMBHBTZFOGFSNF
EBEFT -FDIVHBEFDBCF[B FOFTUFUJQPBEFNÈTMBDBCF[B
EFCFSQSFTFOUBSVOHSBEPEFDPNQBDJEBENFEJB-FDIVHB
NBOUFDPTBBEFNÈTEFMBTDBSBDUFSÓTUJDBTBOUFSJPSFTMBDBCF[B
EFCFTFSMBYB&OUPEPTMPTUJQPTFMDPSUFEFUBMMPQSPWPDBEP
FOMBDPTFDIBOPEFCFFTUBSBNBSSPOBEP&OFMTFHNFOUPEF
DPOTVNJEPSFTDPONBZPSFTJOHSFTPTBQBSFDFOQSFGFSFODJBT
JOEJWJEVBMFTQPSMFDIVHBDVMUJWBEBFOIJESPQPOÓBZQPSMBT
WBSJFEBEFTDPODPMPSNPSBEBT
„ "DFMHBMBTIPKBTEFCFOTFSUVSHFOUFTDPMPSWFSEFPT
DVSPTBOBTZDPOQFODBTCSJMMBOUFT-BQSFTFOUBDJØOTFSFBMJ[B
FOiBUBEPTwEFVOQFTPOPNFOPSBLHZFOFMDVBMMBTIPKBT
EFCFOTFSVOJGPSNFTFODPMPSZUBNB×P-BTQFODBTQVFEFO
TFSCMBODBTBODIBTPWFSEFTZmOBTBNCBTTPOBDFQUBEBT
QPSFMDPOTVNJEPSQFSPQPDPVUJMJ[BEBTBDUVBMNFOUFQBSBFM
DPOTVNP
„ &TQJOBDBBMJHVBMRVFMBBDFMHBMBTIPKBTEFCFOTFS
WFSEFTPTDVSBTUVSHFOUFTTBOBT4FQSFTFOUBFOiBUBEPTw
DVZPQFTPOPEFCFQFTBSTFSNFOPSBMNFEJPLJMP$VBOEPTF
MBTVUJMJ[BDSVEBQBSBFOTBMBEBTEFCFOTFSNÈTUJFSOBTZEF
NFOPSUBNB×P
„ 3BEJDIFUBMBTIPKBTEFCFOTFSDPSUBTZEFDPMPSWFSEF
DMBSPRVFFTUPNBEPDPNPiWBMPSwPTF×BMEFRVFQSPWJFOFO
EFQMBOUBTKØWFOFTUVSHFOUFTZTBOBT4FQSFTFOUBFOBUBEPT
DVZPQFTPWBSÓBTFHÞOMBSFHJØOEFQSPEVDDJØOQBSBMB[POB
EF3PTBSJPEFCFQFTBSOPNFOPTEFHNJFOUSBTRVFQBSB
#VFOPT"JSFTZQBSBMPTTVQFSNFSDBEPTEFCFTFSEFNFOPS
UBNB×PZQFTP
„ 3ÞDVMBFTNVZJNQPSUBOUFRVFMBIPKBTFBWFSEFPTDVSP
ZUVSHFOUF-BTIPKBTBNBSJMMBTTFMBTBTPDJBODPOFMEFUFSJPSPZ
TFMBQSFTFOUBFOBUBEPTEFBQSPYJNBEBNFOUFH
&OUPEPTMPDBTPTMBTIPKBTEFCFOFTUBSMJNQJBTMJCSF
EFCBSSP
&MFDDJ¯OEFMDPOTVNJEPSFODVBOUPBM
QSFDJPZMBDBMJEBE
&YJTUFVOBSFMBDJØOEJSFDUBFOUSFQSFDJPZDBMJEBE-BSFTQVFT
UBEFMPTDPOTVNJEPSFTBFTUBEJTZVOUJWBFTAMBNFKPSDBMJEBE
QPTJCMFEFOUSPEFMQSFDJPRVFTFQVFEFQBHBS&OHFOFSBMFM
QSFDJPUPNBNBZPSSFMFWBODJBZQSPUBHPOJTNPBNFEJEBRVF
EJTNJOVZFFMOJWFMTPDJPFDPOØNJDPZFOMBNFEJEBFORVFQSF
TVQVFTUPEFTUJOBEPBDPNJEBJODJEFFONBZPSQSPQPSDJØOTPCSF
FMHBTUPUPUBMGBNJMJBS4JOFNCBSHPMBNBZPSÓBEFDMBSBQSFGFSJS
EJTNJOVJSFODBOUJEBEZOPFODBMJEBEEFMPTQSPEVDUPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&MQSFDJPDPNPPCTUDVMPQBSBFMDPOTVNP
&MEFUFSJPSPFOFMQPEFSBERVJTJUJWPRVFQSPWPDBMBJOnB
DJØOHFOFSBDBNCJPTEFIÈCJUPTQPSQBSUFEFMBTGBNJMJBTQBSB
FOGSFOUBSMBTJUVBDJØOEFBVNFOUPTEFQSFDJPT4FFOVNFSBOB
DPOUJOVBDJØOBMHVOBTFTUSBUFHJBTEFDPNQSBRVFTFQSPDFEFO
FOFTUFFTDFOBSJP
B
&MDPOTVNJEPSSFGVFS[BFMDPOPDJNJFOUPTPCSFDBEBQSP
EVDUPZSFDVFSEBFMQSFDJPFKFSDJUBMBNFNPSJB
QBSBSFBMJ[BS
DPNQBSBDJPOFT1MBOJmDBTVTEFDJTJPOFTEFDPNQSBBKVTUÈOEPTF
BVOQSFTVQVFTUPQSFWJP1POFMÓNJUFTBMPTQSFDJPTFYBHFSBEPT
ZFNQJF[BBFWBMVBSDPODVJEBEPDBEBDPNQSBTFWVFMWFNÈT
SBDJPOBMZDBVUFMPTP#VTDBMBTNFKPSFTPGFSUBTEFNBOFSBQFS
NBOFOUF6UJMJ[BDPOQSFDJTJØOMPTEFTDVFOUPTRVFTFPGSFDFO
QPSFMVTPEFMBTUBSKFUBTEFDSÏEJUPZEFEÏCJUP
C
&MDPOTVNJEPSFTUÈEJTQVFTUPBWBSJBSFMDPOTVNPEF
BMJNFOUPTZMPFKFSDJUBUBOUPFODBOUJEBEDPNPFODBMJEBE
TFHÞOFMOJWFMTPDJPFDPOØNJDPFORVFTFVCJDB$VBOEPOPFTUÈ
EJTQVFTUPBTBDSJmDBSFODBMJEBEPQUBQPSSFEVDJSFODBOUJEBE
PFOOÞNFSPEFQSPEVDUPT
-BTQSJNFSBTNBSDBTBVORVFTJOQFSEFSFMMJEFSB[HPFO
FMNFSDBEPQJFSEFOUFSSFOPDFEJFOEPQBSUFEFMNJTNPBMBT
TFHVOEBTNBSDBTPNBSDBTJOTUJUVDJPOBMFTQSPQJBTEFMPTTVQFS
NFSDBEPT&TUPOPTJHOJmDBRVFQBSBFMDPOTVNJEPSMBDBMJEBE
EFMQSPEVDUPQJFSEBJNQPSUBODJBDPNPiWBMPSwPDPNPGBDUPS
EFEFDJTJØOEFDPNQSBNVZQPSFMDPOUSBSJP&OFMFTUSBUPEF
NFOPSFTJOHSFTPTUBNCJÏOFTNVZJNQPSUBOUFZBRVFFMDPO
TVNJEPSUJFOFNFOPSNBSHFOQBSBFMFSSPSPNFOPSDBQBDJEBE
FDPOØNJDBEFFYQFSJNFOUBSDPOOVFWPTQSPEVDUPT
1PSMPUBOUPEFmOFCVFOBEJTQPTJDJØOQBSBQBHBSQPSNBS
DBTJOUFSNFEJBTZBÞOMBTMÓEFSFTFOMBTDBUFHPSÓBTCÈTJDBT
EFBMJNFOUPT&OFTUFFTUSBUPTJCJFOTFNVFTUSBOTFOTJCMFTBM
QSFDJPTFEFCFUFOFSFODVFOUBRVFFOMBWBMPSBDJØOEFMNJT
NPQBSBVOEFUFSNJOBEPQSPEVDUP
FOUSBFODPOTJEFSBDJØOFM
DSJUFSJPEFNJOJNJ[BSFMDPTUPUPUBMEFMBDPNQSB"TÓTFEBRVF
FMEFMTFHNFOUPEFCBKPTSFDVSTPTTFMFDDJPOBOZDPNQSBO
QSJNFSBTNBSDBTQPSRVFDPOGÓBOFOMBTHBSBOUÓBTEFDBMJEBE
RVFFMMBTCSJOEBO
D
&MDPOTVNJEPSSFFNQMB[BBMHVOPTQSPEVDUPTQFSFDFEFSPT
QPSPUSPTDPOTJEFSBEPTCÈTJDPTEFMBSHBEVSBDJØOOPUJFOFO
QSPCMFNBTEFDPOTFSWBDJØO
ZBRVFFOBRVFMMPTEFMSVCSP
BMNBDÏOCSJOEBQPTJCJMJEBEFTEFiTUPDLFBSTFw
E
&MDPOTVNJEPSBVNFOUBMBGSFDVFODJBEFMBTDPNQSBT
DVBOEPTFFODVFOUSBFOTJUVBDJØOEFDFSDBOÓBSFTQFDUPEFM
MVHBSEFDPNQSB
-BTJUVBDJØOEFDPOUFYUPJOnBDJPOBSJPUBNCJÏOJNQBDUB
TPCSFFMQPTJDJPOBNJFOUPEFMDPNFSDJPNJOPSJTUBEFmOJFOEP
iQFSEFEPSFTwZiHBOBEPSFTwZQPSMPUBOUPOVFWPTFTDFOBSJPT
EFDPNQFUJUJWJEBE
&MGBDUPSUJFNQPEJTQPOJCMFQBSBMB
QSFQBSBDJ¯OEFBMJNFOUPTZFMDSFDJNJFOUP
EFMPTQSPEVDUPTDPOEJTUJOUPTHSBEPTEF
QSPDFTBNJFOUP
&MGBDUPSUJFNQPEJTQPOJCMFEFQBSUFEFMPTDPOTVNJEPSFT
QBSBMBQSFQBSBDJØOEFMPTBMJNFOUPTFTVOGBDUPSDMBWFQBSB
FOUFOEFSMBEJTNJOVDJØOEFMDPOTVNPEFGSVUBTZIPSUBMJ[BT-PT
USFTJNQFEJNFOUPTDPNÞONFOUFDJUBEPTFOEJTUJOUPTUSBCBKPT
TPOFMUJFNQPMJNJUBEPQBSBDPNQSBSQSFQBSBSZDPDJOBSMPT
BMJNFOUPT
"IPSBFYQMJDBSFNPTMBFWPMVDJØORVFIBOUFOJEPPUSBTHBNBT
EFQSPEVDUPDPONBZPSQSPDFTBNJFOUP
„ -PTBMJNFOUPTDPOHFMBEPT5FSDFSB(BNB
MBJODPS
QPSBDJØOEFBMJNFOUPTDPOHFMBEPTFOMPTIÈCJUPTBMJNFOUBSJPT
FO"SHFOUJOBDPNJFO[BBQBSUJSEF-BQSFGFSFODJBQPS
MPTBMJNFOUPTDPOHFMBEPTTFEFCFBRVFiTFSFMBDJPOBODPO
MBDPNPEJEBEGBDJMJEBEZSBQJEF[FOMBQSFQBSBDJØOw7JUFSJ
4JOFNCBSHPFMDPOTVNPFTCBKPFOUÏSNJOPTSFMBUJWPTDPO
FMDPOTVNPGSFTDP4FHÞOFTUJNBDJPOFTEFMBQSPQJBJOEVTUSJB
SPOEBSÓBFOMPTHIBCB×P&TUFUJQPEFQSPEVDUPFTBERVJSJEP
GVOEBNFOUBMNFOUFQPSIPHBSFTEFOJWFMTPDJPFDPOØNJDPBMUPP
NFEJPBMUPDVZPTJOUFHSBOUFTUSBCBKBOGVFSBEFMIPHBS
„ -BTIPSUBMJ[BTGSFTDBTNÓOJNBNFOUFQSPDFTBEBT
$VBSUB(BNB
MMBNBEBTUBNCJÏOIPSUBMJ[BTNÓOJNBNFOUF
QSPDFTBEBTZSFGSJHFSBEBTMJTUBTQBSBDPOTVNJS4FHÞOVOFT
UVEJPEFNFSDBEPSFBMJ[BEPFOFMB×PQPSMB'BDVMUBEEF
$JFODJBT"HSBSJBTEF3PTBSJPTFDPODMVZFRVFEPTQSPCMFNBT
QSJODJQBMFTBGFDUBOFMDPOTVNPZEFTBSSPMMPEFFTUFUJQPEFQSP
EVDUPTQPSVOMBEPMBGBMUBEFDBMJEBEZQPSPUSBQBSUFFMCBKP
OJWFMEFJOGPSNBDJØOQPSQBSUFEFMDPOTVNJEPSBTPDJBEPBMB
GBMUBEFQSPNPDJØO
MPDVBMEFmOFVOCBKPIÈCJUPEFDPOTVNP
-BDBEFOBBHSPBMJNFOUBSJB&MNFSDBEPDPOTVNJEPS
&OHFOFSBMBOJWFMEFMDPNFSDJPNJOPSJTUBOPTFNBOUJFOFMB
DBEFOBEFGSÓPBVNFOUBOEPFMQPSDFOUBKFEFEFTDBSUFRVFFO
BMHVOPTQSPEVDUPTBMDBO[BBNÈTEFM
&O&VSPQBFOQBÓTFTDPNP*UBMJB'SBODJB"MFNBOJBZ&TQB×B
FMDPOTVNPEFIPSUBMJ[BTNÓOJNBNFOUFQSPDFTBEBTZBDPOEJ
DJPOBEBTSFQSFTFOUBFOUSFVOZVOEFMDPOTVNPUPUBM
DPOVOBUBTBEFDSFDJNJFOUPBOVBMEFDPOTVNPEFM
1BSBMBSFHJØOEF3PTBSJPTFFTUJNBRVFFMDPOTVNPEF
QSPEVDUPTQSPDFTBEPTFTJOGFSJPSBMEFMUPUBMGSFTDPTFHÞO
FTUJNBDJØOEFMPTBVUPSFT
&MBOÈMJTJTEFMDPNQPSUBNJFOUPEFMPTDPOTVNJEPSFTEFFTUF
UJQPEFQSPEVDUPTZMBTFNQSFTBTEFMNFEJPRVFJOUFSWJFOFO
QFSNJUFTBDBSBMHVOBTDPODMVTJPOFTQSFMJNJOBSFTTPCSFMB
JEFOUJmDBDJØOEFMPTGBDUPSFTiDMBWFEFMÏYJUPwFOFMEFTBSSPMMP
EFMNFSDBEPEFIPSUBMJ[BTGSFTDBTQSPDFTBEBTZBDPOEJDJPOBEBT
MJTUBTQBSBDPOTVNJS
MBDBMJEBEFJOPDVJEBEEFMQSPEVDUPFM
TFSWJDJPBMDMJFOUFMBPSHBOJ[BDJØOFNQSFTBSJBMZMBQSPNPDJØO
EFMQSPEVDUP
&MNBZPSDPOTVNJEPSEFFTUFUJQPEFQSPEVDUPTFTMBDMBTF
NFEJBFOVOTJHVJÏOEPMFFOPSEFOEFJNQPSUBODJBMB
DMBTFBMUBDPOVO&TUFTFDUPSEFMBQPCMBDJØOEJTQPOFEF
NBZPSFTSFDVSTPTQFSPDPOTVNFFTDBTBDBOUJEBEEFIPSUBMJ[BT
FOWBTBEBTEFCJEPBRVFEJTQPOFOEFQFSTPOBMEPNÏTUJDPQBSB
MBMJNQJF[BZQSFQBSBDJØOEFMPTQSPEVDUPT&OFMDBTPEFMB
DMBTFEFCBKPTSFDVSTPTTFDPOTJEFSBRVFOPBDDFEFOBFTUF
UJQPEFQSPEVDUPTQPSTVDPTUPNBZPSQPSMPRVFPQUBOQPSMBT
IPSUBMJ[BTWFOEJEBTBHSBOFMFOGSFTDP
"MBOBMJ[BSFMDPNQPSUBNJFOUPEFOUSPEFMFTUSBUPNÈT
EFNBOEBOUFDMBTFNFEJB
TFSFBMJ[ØVOBOVFWBFTUSBUJmDB
DJØOQFSPQPSSBOHPTEFFEBESFTVMUBOEPRVFMPTNBZPSFT
EFNBOEBOUFTEFFTUFUJQPEFQSPEVDUPTPOQFSTPOBTRVF
UJFOFOFOUSFZB×PTDPOFMTJHVJÏOEPMFFMSBOHPEF
oB×PTDPOFMZmOBMNFOUFFMSBOHPEFo
B×PTDPOFM
&TJNQPSUBOUFSFNBSDBSRVFMPTQPUFODJBMFTDPNQSBEPSFT
EFFTUFQSPEVDUPFOTVNBZPSÓBTPONVKFSFTBNBTEFDBTB
RVFEFNBOEBOQSPEVDUPTQSFQBSBEPTEFCVFOBDBMJEBEZ
OVUSJUJWPT
„ )PSUBMJ[BTFODPOTFSWBZEFTIJESBUBEBT&MQFSmMEFM
DPOTVNJEPSEFFTUPTQSPEVDUPTQSFTFOUBEJGFSFODJBTTJHOJmDBUJ
WBTTFHÞOMBFEBE&OMPTIPHBSFTDPOJOUFHSBOUFTFOUSFZ
B×PTFMDPOTVNPEFFTUBGPSNBEFQSFTFOUBDJØOEFIPSUBMJ[BT
FTNVZGSFDVFOUFFOMPTJOUFHSBEPTQPSQFSTPOBTFOUSFZ
B×PTQSFmFSFOMBTIPSUBMJ[BTDPOHFMBEBTZFOMPTDPNQVFTUPT
QPSBEVMUPTNBZPSFTBB×PTMBUFOEFODJBTFJODMJOBIBDJB
MBTIPSUBMJ[BTGSFTDBT
&MBOÈMJTJTEFDPOTVNPEFIPSUBMJ[BTDPOHFMBEBTFODPOTFSWB
ZEFTIJESBUBEBT3PESÓHVF[&FUBM
QFSNJUFDPODMVJSRVF
NJFOUSBTRVFFMUJQPEFIPSUBMJ[BTZMFHVNCSFTDPOTVNJEBTFO
MBTSFHJPOFTNÈTQPCSFTEFMQBÓTOPSFTUFZOPSPFTUF
TPOCÈTJ
DBNFOUFQSPEVDUPTGSFTDPTZDPOFTDBTPOJWFMEFQSPDFTBNJFOUP
FOMBTSFHJPOFTDPONBZPSQPEFSBERVJTJUJWP.FUSPQPMJUBOB
1BNQFBOBZ$VZP
TFDPOTVNFOFONBZPSDBOUJEBEDPOTFSWBT
ZDPOHFMBEPT
-BTQSFGFSFODJBTEFMPTKØWFOFTQPSMPTQSPEVDUPTFODPOTFSWB
TFEFCFBTVQSBDUJDJEBEFMBIPSSPEFMUJFNQPFOMBDPDJOBMB
DPOmBO[BFOMBDBMJEBEZMBQPTJCJMJEBEEFEJTQPOFSEFMQSPEVDUP
FODPOUSBFTUBDJØO1PSPUSBQBSUFFMDPOTVNPEFDPOHFMBEPT
QSFGFSJEPTQPSMPTBEVMUPTEFFOUSFZB×PTTFSFMBDJPOB
BMSJDPTBCPSMBCVFOBEVSBDJØODBMJEBEZMBMJNQJF[BFIJHJFOF
FOFMVTPEFMPTNJTNPT'JOBMNFOUFMBTQFSTPOBTNBZPSFTB
B×PTQSFmFSFOMBTIPSUBMJ[BTGSFTDBTBDBVTBEFTVNBZPS
EJTQPOJCJMJEBEEFUJFNQP
$BSBDUFSJ[BDJ¯OEFMBDPNQSB
-PTDPNFSDJPTUSBEJDJPOBMFTWFSEVMFSÓBT
BCBSDBOFM
EFMNFSDBEPNJOPSJTUBNJFOUSBTRVFMPTTVQFSNFSDBEPTSF
QSFTFOUBOFOUSFFMBM&MDPOTVNJEPSBSHFOUJOPQSFmFSF
DPNQSBSTVTQSPEVDUPTGSFTDPTFOMPTDPNFSDJPTUSBEJDJPOBMFT
EPOEFSFDJCFBUFODJØOQFSTPOBMJ[BEBZQPSTVDFSDBOÓBGBDJMJUB
FMBCBTUFDJNJFOUPZBRVFBMTFSBMJNFOUPTQFSFDFEFSPTTPOEF
GSFDVFOUFBERVJTJDJØO
&OVOBGBNJMJBUJQPEFBJOUFHSBOUFTHFOFSBMNFOUFFT
MBNBESFMBFODBSHBEBEFSFBMJ[BSMBTDPNQSBTEFBMJNFOUPT
&MBQSPWJTJPOBNJFOUPTFQPESÓBDBSBDUFSJ[BSDPNPEFBMUB
GSFDVFODJBZQPSMBCBKBDBOUJEBEQPDBTVOJEBEFT
FODBEB
PQPSUVOJEBEPTDJMBOEPFMWBMPSNFEJPEFMUJDLFUEFDBEBDPNQSB
FOUSFZ
*OGPSNFTEF/JFMTFOEFNVFTUSBOVOBDPSSFMBDJØOEJSFDUBFO
USFMBGSFDVFODJBZFMQPEFSBERVJTJUJWPEFMDPOTVNJEPS:EFTUBDB
RVFNJFOUSBTMPTOJWFMFTFDPOØNJDPTNÈTBMUPTNFODJPOBOWJTJUBS
DBOBMFTFOQSPNFEJPQBSBSFBMJ[BSTVTDPNQSBTHFOFSBMFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
MPTOJWFMFTFDPOØNJDPTNÈTCBKPTNFODJPOBO-PTIPSBSJPT
EFNBZPSnVKPEFDMJFOUFTTPODFSDBOPTBMBQSFQBSBDJØOEFMBT
DPNJEBTEFBMNVFS[PPDFOB
$POSFTQFDUPBMBGPSNBEFQBHPTFEFTUBDBRVFMBEJTDSF
DJPOBMJEBEEFMQFRVF×PDPNFSDJPEFCBSSJPQBSBEBSimBEPwMP
DVBMFTVOBPQPSUVOJEBEQBSBHFOFSBSmEFMJEBEEFTVTDMJFOUFT
6OBDPOEJDJØORVFOPEJTQPOFMB(SBO%JTUSJCVDJØORVFTJDVFOUB
DPOFMSFDVSTPEFMBUBSKFUBEFDSÏEJUPZEFEÏCJUP&MmBEPTF
TVTUFOUBFOMBBQSFDJBDJØOEFMBDPOmBO[BDPNPDSJUFSJPEF
SFMBDJØODPNFSDJBM
$BNQB­BTEFQSPNPDJ¯OEFMDPOTVNPEF
'SVUBTZ)PSUBMJ[BT
4FUSBUBEFFOUFOEFSMBTQFSDFQDJPOFTZNPUJWBDJPOFT
SFMBDJPOBEBTBMDPOTVNPEFIPSUBMJ[BTDPNPBTÓUBNCJÏOMBT
CBSSFSBTRVFMPGSFOBO&TFMQVOUPEFQBSUJEBQBSBFMEJTF×PEF
QSPHSBNBTEFFEVDBDJØOZQSPNPDJPOFTFGFDUJWBT
4JCJFOMBFYQBOTJØOEFMDPOTVNPTFQSFTFOUBDPNPQPTJCMF
FTOFDFTBSJPVOUSBCBKPEFDPNVOJDBDJØOJOUFHSBMQBSBBmBO[BS
FMQPTJDJPOBNJFOUPZGBDJMJUBSMBJODPSQPSBDJØOEFVOTFHNFOUP
EFDPOTVNJEPSFTRVFTFFODVFOUSBBDUVBMNFOUFNBSHJOBEPQPS
GBMUBBMNFOPTFOQSJODJQJPEFJOGPSNBDJØOZFTUÓNVMPT
&TUBÞMUJNBQPTJCJMJEBETFQPUFODJBQPSVOBDSFDJFOUFBDFQ
UBDJØOEFMPTIPSUBMJ[BTFOWBTBEBTQSPDFTBEBTZDPOHFMBEBT
BMNFOPTFODJFSUPTTFHNFOUPTRVFIBCJMJUBPUSPTBDDFTPTBM
QSPEVDUPRVFQPESÓBOSFTVMUBSTVQFSBEPSFTEFDJFSUBTSFTJT
UFODJBTBDUVBMFT
%JGFSFOUFTUSBCBKPTEFNVFTUSBORVFMBTNVKFSFTIBOEFT
UBDBEPMBJNQPSUBODJBEFMPTNFEJPTEFDPNVOJDBDJØOQBSB
QSPNPWFSFMDPOTVNP*OEJDBORVFMPTNFOTBKFTZDPOTFKPT
CSJOEBEPTQPSQSPGFTJPOBMFTEFMBTBMVENÏEJDPTZOVUSJDJPOJT
UBT
ZEFQPSUJTUBTFOUFMFWJTJØOTPOQFSDJCJEPTDPNPQBMBCSBT
DPOBVUPSJEBERVFFKFSDFOVOBMFHÓUJNBZHSBOJOnVFODJBFOMB
EJFUBDPUJEJBOBEFBEVMUPTZOJ×PT&OFTUFÞMUJNPDBTPUBNCJÏO
MPTEPDFOUFTBDUVBSÓBODPNPmHVSBTMFHJUJNBEPSBTQBSBMPT
NFOPSFT4JOFNCBSHPFOFMIPHBSMBQSJODJQBMiWFOEFEPSBw
EFIPSUBMJ[BTZGSVUBTFTMBNVKFSRVFBWFDFTSFDVSSJFOEPBMB
DSFBUJWJEBEMJDVBEPZPQSPDFTBEP
JODPSQPSBFTUPTWBMJPTPT
BMJNFOUPTFOMBTDPNJEBT
-BNFSDBEPUFDOJBTPDJBMVUJMJ[BUFPSÓBTZNPEFMPTFEVDBUJ
WPTRVFIBOEFNPTUSBEPTFSFGFDUJWPTQBSBMPHSBSDBNCJPTEF
DPOEVDUB²TUPTTFCBTBOFOFTUVEJPTDVBMJUBUJWPTZDVBOUJUB
UJWPTTPCSFMBTQFSDFQDJPOFTDSFFODJBTZWBMPSFTBDUVBMFTEF
MPTEJTUJOUPTHSVQPTPCKFUJWPDPOSFTQFDUPBMUFNBDPOFMmO
EFEJTF×BSQSPEVDUPTNFOTBKFTZDBNQB×BTBKVTUBEPTBMBT
DBSBDUFSÓTUJDBTRVFDPNQBSUFO&TUBTUFPSÓBTTVHJFSFORVFMBT
DPOEVDUBTTPOJOnVJEBTQPSMBQFSDFQDJØOEFMPTCFOFmDJPTZ
CBSSFSBTPCUFOJEPTBMSFBMJ[BSVOBEFUFSNJOBEBBDDJØO
.VKFSFTEFDMBTFNFEJBRVFQBSUJDJQBSPOFOVOBJOWFTUJ
HBDJØONBOJGFTUBSPORVFMBQSJODJQBMSB[ØORVFEJmDVMUBFM
DPOTVNPEFIPSUBMJ[BTFTMBiGBMUBEFUJFNQPwQBSBEFEJDBSMF
BMBFMBCPSBDJØOEFMPTBMJNFOUPT&YQSFTBSPOUBNCJÏORVFMB
DPDDJØOSFRVJFSFEFVOMBSHPZDPNQMFKPQSPDFTP1BSBFMHSVQP
EFNFOPSQPEFSBERVJTJUJWPFMQSJODJQBMGBDUPSEFUFSNJOBOUF
QBSBFMDPOTVNPGVFFMQSFDJP5BNCJÏONBOJmFTUBOBNCPT
HSVQPTFMEFTDPOPDJNJFOUPBDFSDBEFMBTEJTUJOUBTNBOFSBTEF
QSFQBSBSQMBUPTDPOEFUFSNJOBEBTWFSEVSBTDPNPQPSFKFNQMP
MBCFSFOKFOBZMBSFNPMBDIB
-BFTUSBUFHJBEFQSPNPDJØOEFCFFOGBUJ[BSMBOFDFTJEBEEF
NJOJNJ[BSMBTCBSSFSBTZNBYJNJ[BSMPTCFOFmDJPTEFDPSUPQMB[P
UFOJFOEPTJFNQSFQSFTFOUFMBDPNQFUFODJBDPOPUSBTDPOEVDUBT
BDUVBMFTZQSFGFSJEBTQPSFMHSVQPPCKFUJWP-BCBSSFSBiGBMUBEF
UJFNQPwBQVOUBBMBGBMUBEFVOBFTUSBUFHJBEFNFSDBEPUFDOJB
TPDJBMRVFBEFNÈTEFEJGVOEJSMPTCFOFmDJPTEFDPOTVNJSIPSUB
MJ[BTNPUJWFFMEFTBSSPMMPEFQSPEVDUPTBUSBDUJWPTFOGPSNBUPT
JOEJWJEVBMFTZTBOJUBSJBNFOUFJOPDVPTRVFFTUÏOEJTQPOJCMFTFO
MPTMVHBSFTEFUSBCBKPFTUVEJPPEJWFSTJØOBMPTRVFDPODVSSFO
MPTOJ×PTTVTNBESFTZMBQPCMBDJØOHFOFSBM
6OFKFNQMPEFMPTDBNCJPTRVFQVFEFOQSPWPDBSMBTDBN
QB×BTEFQSPNPDJØOTPOMPT&TUBEPT6OJEPTRVFFOUÏSNJOPT
EFDJGSBTFMDPOTVNPEFIPSUBMJ[BTQBSBFMB×PGVFEF
LHQFSTPOBB×PZFOFMB×PTFJODSFNFOUØIBTUBMPT
BVNFOUØFM
'PDBMJ[BDJ¯OZTBUJTGBDDJ¯OEFDMJFOUFT
&OFTUFDBQÓUVMPUSBUBSFNPTMBJNQPSUBODJBRVFUJFOFMB
GPDBMJ[BDJØOZMBTBUJTGBDDJØOEFMDMJFOUFBVORVFFMNJTNP
OPOFDFTBSJBNFOUFTFBFMDPOTVNJEPSTJOPRVFQPESÓBTFSFM
EJTUSJCVJEPSNJOPSJTUBMBHSBOEJTUSJCVDJØOPTJNQMFNFOUFVO
DBNJØOEJTUSJCVJEPS6OBEFMBTDPTBTRVFEFCFSÓBNPTIBDFS
DPOOVFTUSPTDMJFOUFTFTmEFMJ[BSMPT
-BDBEFOBBHSPBMJNFOUBSJB&MNFSDBEPDPOTVNJEPS
&OUFOEFNPTQPSmEFMJ[BDJØOFMNBOUFOJNJFOUPEFSFMBDJPOFT
BMBSHPQMB[PDPOMPTDMJFOUFTNÈTSFOUBCMFTEFMBFNQSFTBPC
UFOJFOEPVOBBMUBQBSUJDJQBDJØOFOTVTDPNQSBT-BmEFMJ[BDJØO
UBMDPNPTFFOUJFOEFFOMBBDUVBMJEBEJNQMJDBFMFTUBCMFDJNJFOUP
EFTØMJEPTWÓODVMPTZFMNBOUFOJNJFOUPEFSFMBDJPOFTBMBSHP
QMB[PDPOMPTDMJFOUFT
5SBEJDJPOBMNFOUFNVDIBTFNQSFTBTTFDFOUSBCBOFOFM
QSPDFTPEFWFOUBZDPOTJEFSBCBODPODMVJEPEJDIPQSPDFTP
DVBOEPTFDPCSBCB&MJODSFNFOUPEFMBDPNQFUFODJBMBT
OVFWBTPCMJHBDJPOFTMFHBMFTZMBTDSFDJFOUFTFYJHFODJBTEF
MPTDPOTVNJEPSFTSFRVJFSFOEFMBTFNQSFTBTVOBTVTUBODJBM
BUFODJØOBMBTBUJTGBDDJØOEFMDPOTVNJEPSZBMQSPDFTPQPTU
DPNQSBPQPTUWFOUB
&MDPODFQUPEFmEFMJEBEJNQMJDBRVFMPTDPOTVNJEPSFT
SFBMJ[BOUPEBTPMBNBZPSÓBEFTVTDPNQSBTEFVODJFSUPUJQP
EFQSPEVDUPFOVOBFNQSFTB&TEFDJSVODPOTVNJEPSRVF
EVSBOUFB×PTDPNQSBVOQSPEVDUPFOFMNJTNPOFHPDJPFTVO
DMJFOUFmFM
0USPBTQFDUPEFMBmEFMJEBEEFTEFFTUBQFSTQFDUJWBFTRVF
USBUBEFNBOUFOFSDPNPDMJFOUFTPEFQSPGVOEJ[BSTVTBDDJPOFT
TPCSFDJFSUPTHSVQPTOPSNBMNFOUFMPTNÈTSFOUBCMFT
-BmEFMJ[BDJØOEFMPTDMJFOUFTSFRVJFSFVO QSPDFTPEF
HFTUJØOEFDMJFOUFTRVFQBSUFEFVODPOPDJNJFOUPQSPGVOEP
EFMPTNJTNPT-BJOWFTUJHBDJØODPNFSDJBMEFMPTDMJFOUFTOPT
GBDJMJUBMBJOGPSNBDJØORVFOPTQFSNJUJSÈBEBQUBSFMTFSWJDJPBM
DMJFOUFDPODSFUPZHFTUJPOBSFMQSPDFTPQBSBDPOTFHVJSVOBBMUB
TBUJTGBDDJØODPOFMTFSWJDJP
1BSUJFOEPEFJOGPSNBDJØOTPCSFMPTDMJFOUFTQPEFNPT
BHSVQBSMPTFOGVODJØOEFTVSFTQVFTUBBMPTPGSFDJNJFOUPT
EFQSPEVDUPTPTFSWJDJPTEFMBFNQSFTB3FBMJ[BNPTEFFTUB
NBOFSBVOBTFHNFOUBDJØOEFMPTDMJFOUFTGPSNBOEPHSVQPT
MPNÈTIPNPHÏOFPTQPTJCMF
1PSUBOUPUFOFNPTRVFSFUFOFSBMPTDMJFOUFTNÈTSFOUBCMFT
ZRVFTFNBOUFOHBOmFMFTBMBFNQSFTBSFBMJ[BOEPDPNQSBT
SFQFUJEBTQPSNVDIPUJFNQPBMNJTNPUJFNQPRVFFMFWBSMB
SFOUBCJMJEBEEFMPTDMJFOUFTRVFMPTPOFONFOPSNBHOJUVE
-BGJEFMJEBEEFMPTDMJFOUFTEFQFOEFEF USFTGBDUPSFT
GVOEBNFOUBMNFOUF
B-BTBUJTGBDDJØOEFMDMJFOUFFTMBTBUJTGBDDJØOEFMDMJFOUF
DPOFMTFSWJDJPPQSPEVDUPRVFTFMFPGSFDFMPRVFMPNBOUFOESÈ
DPNPDMJFOUFEVSBOUFB×PT:FTBTBUJTGBDDJØORVFDPNFOUBNPT
DPNPQSJNFSGBDUPSGVOEBNFOUBMEFQFOEFBTVWF[EFMBDPN
QBSBDJØORVFSFBMJ[BDBEBDMJFOUFFOUSFMBTFYQFDUBUJWBTRVF
UFOÓBBOUFTEFDPOTVNJSZMBQFSDFQDJØOQPTUDPNQSB
CMBTCBSSFSBTEFTBMJEBFTEFDJSDVBOEJmDVMUPTPP
DPTUPTPMFFTBMDMJFOUFDBNCJBSEFQSPWFFEPS/PTFUSBUBEF
VOBmEFMJEBEUBOBVUÏOUJDBDVBOEPFMDMJFOUFTFNBOUJFOFDPO
VOQSPWFFEPSQPSMPTBMUPTDPTUPTEFDBNCJP$PNPFKFNQMPT
EFFTUPTDBTPTUFOFNPTCBSSFSBTEFEJTUBODJBTFMQSPWFFEPS
BMUFSOBUJWPFTUÈNVZMFKPTPBUSBTNBOP
DPOPDJNJFOUPFM
QSPWFFEPSBMUFSOBUJWPNBOFKBQSPEVDUPTQPDPDPOPDJEPT
DVBOEPFMDBNCJBSEFQSPWFFEPSJNQMJDBOPSFDJCJSNBTVOEF
UFSNJOBEPBTFTPSBNJFOUPPCFOFmDJPEFPUSBÓOEPMFBMNBSHFO
EFMQSPEVDUPBERVJSJEPFUD
DFMWBMPSQFSDJCJEPEFMBTPGFSUBTEFPUSPTQSPWFFEP
SFTDPNQFUFODJB
MBFWBMVBDJØOEFMPTTFSWJDJPTPQSPEVDUPT
FMDMJFOUFMBSFBMJ[BDPNQBSÈOEPMPTDPOTVWBMPSBDJØOEFMPT
TFSWJDJPTZQSPEVDUPTPGSFDJEPTQPSMPTPUSPTQSPWFFEPSFT&MDPO
TVNJEPSWBMPSBEJTUJOUBTPQDJPOFTRVFMFPGSFDFOMBTFNQSFTBT
DPNQFUJEPSBT6ODMJFOUFmEFMJ[BEPNBOUJFOFMBSFMBDJØODPO
TVFNQSFTBTJOFWBMVBSDBEBWF[RVFDPNQSBUPEBTMBTQPTJCMFT
PQDJPOFTRVFPGSFDFMBDPNQFUFODJB
4FEFCFNBOUFOFSVOBWJHJMBODJBTPCSFMBTPGFSUBTEFMPT
PUSPTQSPWFFEPSFTBOBMJ[BOEPTVTQVOUPTGVFSUFTZEÏCJMFT:
EJGFSFODJBSOVFTUSBPGFSUBEFMBPGFSUBEFMPTDPNQFUJEPSFT4J
OVFTUSPQSPEVDUPTFQFSDJCFQPSQBSUFEFMPTDPOTVNJEPSFT
DPNPBCTPMVUBNFOUFJHVBMBMEFMPTEFNÈTTFFOUSBFOVOB
DPNQFUFODJBQPSFMQSFDJP
&OVOBFNQSFTBWFOEFEPSBEFBHSPRVÓNJDPTRVFDPNFSDJBMJ[B
MPTNJTNPTQSPEVDUPTRVFTVDPNQFUFODJBZRVFHFOFSBMNFOUF
UJFOFOQSFDJPEFMJTUBmKPTPDPOQPDBTQPTJCJMJEBEFTEFNPEJm
DBDJØO
MBÞOJDBNBOFSBEFHBOBSDMJFOUFTFTDPONFKPSTFSWJDJPT
QPSFKFNQMPCVFOBTFTPSBNJFOUPUÏDOJDPNPOJUPSFPEFQMBHBT
USBTMBEPEFMPTQSPEVDUPTBMDBNQPDSÏEJUPCVFONBOFKPEFMBT
VSHFODJBTFUD4JFTUPOPFTQPTJCMFSFBMJ[BSMPPMBDPNQFUFODJB
MPSFBMJ[BDPOMBNJTNBJOUFOTJEBEMBDBSSFSBEFEJTNJOVDJØO
EFQSFDJPTUFSNJOBDPOMBEFTBQBSJDJØOEFBMHVOPEFMPTDPN
QFUJEPSFTQPSGBMUBEFSFOUBCJMJEBEPFOFMSFBDPNPEBNJFOUP
FTEFDJSDBEBFNQSFTBTFUFSNJOBEFEJDBOEPBTFHNFOUPTEF
DMJFOUFTEJGFSFOUFTFWJUBOEPDPNQFUJSQPSMPTNJTNPT
-PTBTQFDUPTFOMPTRVFTFFTNFKPSRVFMPTPUSPTDPNQFUJ
EPSFTFTFFTGVFS[PNBSHJOBMRVFTFSFBMJ[BEFCFTFSSFTBMUBEP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
QBSBRVFTFUSBOTGPSNFFOVOBGVFOUFEFWFOUBKBDPNQFUJUJWB
TPTUFOJCMFZWBMPSBEBQPSFMDMJFOUFQPSFKFNQMPMBGVODJØODPNP
BTFTPSEFMJOHFOJFSPBHSØOPNPFOVOBFNQSFTBEFWFOUBEF
BHSPRVÓNJDPEFCFTFSSFTBMUBEBQBSBRVFMPTDMJFOUFTMBWBMPSFO
ZDPNQSFOEBORVFVONJTNPQSPEVDUPUBNCJÏOPGSFDJEPQPS
PUSBTFNQSFTBT
QVFEFEBSEJGFSFOUFTSFTVMUBEPTTJTFMPBQMJDB
FOGPSNBEJGFSFOUF
5BMDPNPFYQMJDB'SBODJTDP&MWJSBiMBDMBWFEFMBmEFMJ[BDJØO
DPOTJTUFFOPGSFDFSNÈTBMDMJFOUFQPSMPRVFQBHBZTPCSFUPEP
RVFMPQFSDJCBwZTPMBNFOUFFMDMJFOUFMPWBQFSDJCJSBTÓTJDPO
FMQSPEVDUPPTFSWJDJPBERVJSJEPTBUJTGBDFTVTOFDFTJEBEFT
&YJTUFOVOBHSBONVMUJUVEEFDBVTBTRVFMMFWBOBVODMJFOUF
BNBOUFOFSTFmFMBVOQSPWFFEPSQSPEVDUPPTFSWJDJP&OUSFMBT
QSJODJQBMFTDBVTBTEFmEFMJEBERVFMBTJOWFTUJHBDJPOFTTF×BMBO
TFFODVFOUSBO
B&MQSFDJPVOBQSJNFSBDBVTBEFmEFMJEBEFTFMQSFDJP
1FSPOPFTQPSMPHFOFSBMMBSB[ØONÈTJNQPSUBOUFQVFEFTFSMP
TJMBTJUVBDJØOmOBODJFSBEFMDMJFOUFFTNVZQSFDBSJBPTJFMQSFDJP
EFVOEFUFSNJOBEPJOTVNPJOnVZFEFNBOFSBEFDJTPSJBQBSB
MPTmOFTRVFTFQFSTJHVFO
C-BDBMJEBEFOMBNBZPSQBSUFEFMPTQSPEVDUPTZTFSWJDJPT
MBEFDJTJØOEFDPNQSBOPTFHVÓBFTUSJDUBNFOUFQPSFMQSFDJP
*ODMVTPBVORVFFMQSPEVDUPGÓTJDBNFOUFTFBFMNJTNPFMDPO
TVNJEPSQVFEFQFSDJCJSMPDPNPEJTUJOUPDPNPTFHVSBNFOUF
FTFMDBTPEFNVDIPTBHSPRVÓNJDPTGFSUJMJ[BOUFTTFNJMMBP
DPNCVTUJCMF1PSMPRVFTFTFMFDDJPOBFMQSPWFFEPSFOGVODJØOEF
MBNBSDBZEFMBMPDBMJ[BDJØOQFSPFONVDIPTDBTPTFOGVODJØO
EFMBDBMJEBEEFMTFSWJDJPRVFTFSFDJCF
D&MWBMPSQFSDJCJEPFTFTFWBMPSQFSDJCJEPTVCKFUJWBNFOUF
QPSFMDPOTVNJEPSFMRVFFNQMFBQBSBTFMFDDJPOBSPGFSUBT
E-BJNBHFOFMDPOTVNJEPSOPFTFTUSJDUBNFOUFSBDJPOBM
TJOPRVFNVZBMDPOUSBSJPTFTVFMFHVJBSQPSQFSDFQDJPOFTTVC
KFUJWBTQPSTFOUJNJFOUPTDPNPEJEBEFNPDJPOFTDPOmBO[BZ
QPSEJGFSFOUFTSBTHPTEFQFSTPOBMJEBEEFFTUBNBOFSBFTRVF
BTJHOBBMPTQSPEVDUPTPTFSWJDJPTEJGFSFOUFWBMPSZQSFmFSFVO
EFUFSNJOBEPDPNFSDJP
F-BDPOmBO[BMBDSFEJCJMJEBEFTVOPEFMPTBTQFDUPT
GVOEBNFOUBMFTFOMBFWBMVBDJØOEFBMUFSOBUJWBTEFDPNQSBQPS
QBSUFEFMDMJFOUFJNBHJOFNPTVOBQMBOUBEFFNQBRVFEPOEF
EFKBSBUPEPFMQSPEVDUPEFMBDPTFDIB
%FFTQFDJBMJNQPSUBODJB
FTMBDPOmBO[BFOMPTTFSWJDJPT
G$PTUVNCSFMBDPNPEJEBEPMPTPCTUÈDVMPTBMBTBMJEBFM
IFDIPEFRVFUSBEJDJPOBMNFOUFTFPQFSFDPOVOEFUFSNJOBEP
QSPWFFEPSBWFDFTEFTEFMBHFOFSBDJØOBOUFSJPSTPOVOBEF
MBTSB[POFTQBSBNBOUFOFSTFmFMBVOQSPWFFEPSBVORVFTFB
EFVONPEPBSUJmDJBMPRVFMBTBUJTGBDDJØOOPTFBUPUBM1PS
FKFNQMPVOQSPEVDUPSZTVGBNJMJBIBOFOUSFHBEPMBQSPEVDDJØO
BVOEFUFSNJOBEPDPOTJHOBUBSJPEFTEFTJFNQSFZOVODBTFIBO
QMBOUFBEPFOUSFHBSBPUSP
H$POGPSNJEBEDPOFMHSVQPFMIPNCSFFTVOTFS
TPDJBMZNVDIBTDPNQSBTTFWFOGVFSUFNFOUFJOnVJEBTQPS
DPOTJEFSBDJPOFTTPDJBMFT-BTSFMBDJPOFTQFSTPOBMFTBNJTUBEFT
QFSUFOFODJBBVOHSVQPFUDEFUFSNJOBOFOCVFOBNFEJEBTVT
DPNQPSUBNJFOUPTEFDPNQSB.VDIPTQSPEVDUPSFTBERVJFSFO
UFDOPMPHÓBEFQVOUBPVOBEFUFSNJOBEBNBSDBEFNBRVJOBSJB
PUSBDUPSTPMPQPSVOBDVFTUJØOEFJNBHFOGSFOUFBMHSVQPEF
DPMFHBT
I&WJUBSSJFTHPTVOPEFMPTHSBOEFTGSFOPTQBSBMBDPN
QSBQPSQBSUFEFMDMJFOUFTPOMPTSJFTHPTQFSDJCJEPT$VBOEPFM
DMJFOUFEFTDPOPDFMPTTFSWJDJPTPQSPEVDUPTFMDBNCJBSTVQPOF
QTJDPMØHJDBNFOUFVOSJFTHP:BEJDFFMSFGSÈOiNÈTWBMFNBMP
DPOPDJEPRVFCVFOPQPSDPOPDFSwFTQPSUBOUPVOBEFDMBSB
DJØOBGBWPSEFMBmEFMJEBEZFODPOUSBEFMPTSJFTHPTSFBMFTP
JNBHJOBSJPTEFMDBNCJP
J/PIBZBMUFSOBUJWBTMBmEFMJEBEFONVDIPTDBTPT
TFQSPEVDFQPSRVFFMDPOTVNJEPSOPDPOPDFPEJTQPOFEF
BMUFSOBUJWBT
K$PTUPTNPOFUBSJPTEFMDBNCJPDBNCJBSEFQSPWFFEPS
QVFEFUFOFSVODPTUPEJSFDUP1PSFKFNQMPFOFMQSPWFFEPS
USBEJDJPOBMDPNPTFDPOPDFBMDMJFOUFTFMFCSJOEBDSÏEJUPB
TPMBmSNBSFUJSPBDPTFDIBDPOJOUFSÏTOPSNBM
FOFMOVFWP
TFMFFYJHFVOQBHPBMDPOUBEPPTJTFMFPUPSHBDSÏEJUPMPTJO
UFSFTFTTPONÈTBMUPTEBEPRVFOPTFUJFOFFYQFSJFODJBTPCSF
MBDFSUF[BEFDPCSP
L$PTUPTOPNPOFUBSJPTFONVDIBTPDBTJPOFTFMDPTUP
FTNÈTEFUJQPQTJDPMØHJDPEFUJFNQPZFTGVFS[PQBSBSFBMJ[BS
FMDBNCJPRVFNPOFUBSJP
&MQSPDFTPEFmEFMJ[BDJØOEFMPTDMJFOUFTIBDFRVFMPTDMJFOUFT
FTQPSÈEJDPTTFUSBOTGPSNFOFODMJFOUFTmFMFTRVFNBOUJFOFO
FTUSFDIPTWÓODVMPTDPOMBFNQSFTBZRVFQVFEFOEJGVOEJSNFO
TBKFTQPTJUJWPTZBUSBFSBOVFWPTDPOTVNJEPSFT
-BDBEFOBBHSPBMJNFOUBSJB&MNFSDBEPDPOTVNJEPS
1PEFNPTEJGFSFODJBSVOBTFSJFEFFUBQBTPFTDBMPOFTRVF
TVCFFMDPOTVNJEPSEFTEFRVFOPDPOPDFMBFNQSFTBIBTUBRVF
TFDPOWJFSUFFOVOQSPQBHBOEJTUBEFMBNJTNB
t$POTVNJFOEPEFMBGPSNBNÈTWBSJBEBQPTJCMFFMMPIBSÈ
BMBEJWFSTJEBEEFMBQSPEVDDJØO
B$MJFOUFQPTJCMF FTVODPOTVNJEPSRVFTFHVSBNFOUF
OPDPOPDFMBFNQSFTBQFSPRVFTFFODVFOUSBEFOUSPEFMB
[POBPNFSDBEP1PSFKFNQMPQPSWJWJSPQSPEVDJSFOMB[POBEF
JOnVFODJBEFVOEFUFSNJOBEPDPNFSDJP
C$MJFOUFQPUFODJBMVOBQFSTPOBRVFUJFOFMBTDBSBDUFSÓT
UJDBTBEFDVBEBTQBSBDPNQSBSVOQSPEVDUPPTFSWJDJP
D$PNQSBEPSIBSFBMJ[BEPVOBPQFSBDJØOQVOUVBMEF
DPNQSB
E$MJFOUFFWFOUVBM DPNQSBPDBTJPOBMNFOUFZDPNQSB
UBNCJÏOFOPUSBTFNQSFTBTEFMBDPNQFUFODJB/PTFFTTV
ÞOJDPPQSJODJQBMQSPWFFEPS
F$MJFOUFIBCJUVBMDPNQSBEFGPSNBSFQFUJEBQFSPDPNQSB
UBNCJÏOFOPUSBTFNQSFTBT
G$MJFOUFFYDMVTJWPTØMPDPNQSBFOVOBFNQSFTBFTQF
DÓmDBVOUJQPEFQSPEVDUP/PDPNQSBBMPTDPNQFUJEPSFTEFM
TFDUPS
H$MJFOUFmEFMJ[BEP DPOWFODJEPEFMBTWFOUBKBTEFMB
PGFSUB5SBOTNJUFBPUSPTDPOTVNJEPSFTNFOTBKFTQPTJUJWPT
TPCSFMBFNQSFTB)BDFQSPQBHBOEBZSFDPNJFOEBTVTTFSWJDJPT
ZQSPEVDUPTBPUSPTDPOTVNJEPSFT&TNVZJNQPSUBOUFDVJEBSMPT
EBSMFTJOGPSNBDJØOBSHVNFOUPTZGBDJMJUBSFMRVFBUSBJHBOOVFWPT
DPOTVNJEPSFT1PSFKFNQMPMBNBZPSÓBEFMPTDMJFOUFTEFMPT
JOHFOJFSPTWJFOFOSFDPNFOEBEPTQPSPUSPTDMJFOUFT
-BT#VFOBT1SDUJDBTQBSBMPT
DPOTVNJEPSFT
{&MDPOTVNJEPSQVFEFDPOUSJCVJSBMBJOPDVJEBEZDBMJEBE
EFMPTQSPEVDUPT 1PSTVQVFTUPRVFTÓOPTPMPQVFEFTJOPRVFEFCFIBDFSMP
BUSBWÏTEFMPTTJHVJFOUFTQBTPT
t&MJHJFOEPQSPEVDUPTEFCJEBNFOUFJEFOUJmDBEPTTJFTQP
TJCMFRVFQSPEV[DBOCBKPQSPUPDPMPTEFDBMJEBEPJOPDVJEBE
t$VJEBOEPEFOPDPOUBNJOBSBMPTNJTNPTMVFHPEF
DPNQSBSMPT
t.BOUFOJFOEPTVDBEFOBEFGSÓPZDVJEBOEPQBSBRVFMPT
NJTNPTOPTFBOBGFDUBEPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-PRVFEFCFTBCFSFMDPOTVNJEPSQBSBDPOTFSWBS
MBTGSVUBTZIPSUBMJ[BT
$VBOEPTFDPTFDIBOMBT'SVUBTZ)PSUBMJ[BTMPTQSPDFTPT
WJUBMFTEFMBTNJTNBTDPOUJOÞBOBVORVFFOGPSNBNPEJmDBEB
5FOJFOEPFODVFOUBRVFVOBWF[DPTFDIBEPT ZBOPQVFEFO
SFQPOFSMBTTVTUBODJBTOVUSJUJWBTOJFMBHVBMPTQSPEVDUPTVUJ
MJ[BOTVTSFTFSWBTBMNBDFOBEBTBDFMFSBOEPFMFOWFKFDJNJFOUP
ZEFUFSJPSPNVDIBTWFDFTGBWPSFDJEPBEFNÈTQPSMBQSFTFODJB
EFPSHBOJTNPTQBUØHFOPT
-PTQSPEVDUPTGSFTDPTSFTQJSBOZUSBOTQJSBOBOUFTZEFTQVÏT
EFMBDPTFDIBQPSMPUBOUPEFCFOEBSTFMBTDPOEJDJPOFTRVF
QFSNJUBOMBNBZPSEJTNJOVDJØOQPTJCMFEFFTUPTQSPDFTPT
-B EJTNJOVDJØOEFMBSFTQJSBDJØOQFSNJUFVOBWJEBNÈT
QSPMPOHBEBZFMMPTFMPHSBBMNBDFOBEPMBTGSVUBTZIPSUBMJ[BTB
MBUFNQFSBUVSBBEFDVBEBZEJTNJOVZFOEPFMFTUSÏTQPSHPMQFT
IFSJEBT-PTTÓOUPNBTEFFOWFKFDJNJFOUPFOMPTWFHFUBMFTTPOFM
BNBSJMMBEPEFMBTIPKBTZPTDVSFDJNJFOUPEFMPTUFKJEPTPMPSFT
ZTBCPSFTFYUSB×PT
-B EJTNJOVDJØOEFMBUSBOTQJSBDJØOTFMPHSBFWJUBOEPMBT
QÏSEJEBTEFBHVBDPOFMVTPEFVOBUFNQFSBUVSBZIVNFEBE
BEFDVBEBZSFDVCSJFOEPFMQSPEVDUPDPOQFMÓDVMBTQMÈTUJDBT
-BTDPOTJEFSBDJPOFTRVFEFCFOUFOFSMPTDPOTVNJ
EPSFTQBSBDPNQSBSZHVBSEBSMBTGSVUBTZIPSUBMJ[BT
t$PNQSBSMPTBMJNFOUPTFOMVHBSFTMJNQJPTZPSEFOBEPTDPO
QFSTPOBMDPOVOJGPSNFTMJNQJPTZEFCJEBNFOUFBTFBEPTNBOFKP
EFMEJOFSPQPSFNQMFBEPTRVFOPNBOJQVMBOMBNFSDBEFSÓBZ
BVTFODJBEFBOJNBMFTEPNÏTUJDPT
t-BTFTUBOUFSÓBTEFCFSUBNCJÏOFTUBSMJNQJBTZCJFOBTFB
EBTTFQBSBEBTEFMTVFMPOVODBTPCSFFMQJTPPDPOUSBEFMBT
QBSFEFT
t-BUFNQFSBUVSBEFMBTHØOEPMBTEFCFFTUBSEFB$Z
MPTDPOHFMBEPTB$
t-BTGSVUBTZIPSUBMJ[BTEFCFOBERVJSJSTFBMmOBMEFMB
DPNQSBZDPMPDBSMBTFOMBQBSUFTVQFSJPSEFMDBSSPEFDPNQSBT
%FFTUBNBOFSBDPOTFSWBOTVJOUFHSJEBEOPTPOBQMBTUBEBTQPS
FMSFTUPEFMBTIPSUBMJ[BTZOPTPODPOUBNJOBEBT
t4JDPNQSBQSPEVDUPTFOWBTBEPTPMJTUPTQBSBDPOTVNJS
MFFSMBTGFDIBTEFWFODJNJFOUPZWFSJmDBSRVFMBTMBUBTOPTF
FODVFOUSFOIJODIBEBTBCPMMBEBTPYJEBEBTFUD
t$VBOEPMBTMMFWBBTVDBTBQSPUFHFSMBTEFMTPMZFMWJFOUPZ
FTDPOWFOJFOUFOPQFSEFSMBDBEFOBEFGSÓPFTEFDJSQPOFSMBTFOMB
IFMBEFSBMPBOUFTQPTJCMFQSJNFSPMBTRVFFTUÈODPOHFMBEBT
t-BTGSVUBTZIPSUBMJ[BTGSFTDBTFTDPOWFOJFOUFMBWBSMBT
PSFBSMBTPTFDBSMBTQPOFSMBTFOCPMTBTEFQPMJFUJMFOPZQPOFSMBT
FOMBIFMBEFSB
t%FOUSPEFMBIFMBEFSBVCJDBSMBTFOFMTFDUPSQBSBGSVUBT
ZWFSEVSBTBJTMBEBTEFMSFTUPEFMPTBMJNFOUPTRVFMBTQVFEBO
DPOUBNJOBSUBMFTDPNPDBSOFTIVFWPTFUD%FFTUBNBOFSB
MPHSBNPTRVFFMQSPEVDUPUFOHBNBZPSWJEBQPTDPTFDIBTF
NBOUFOHBGSFTDPMJNQJPZOPTFDPOUBNJOF3FDVFSEFRVFMB
IFMBEFSBEFCFFTUBSBOPNÈTEF$
t0SEFOBSMBTGSVUBTZIPSUBMJ[BTEFNPEPRVFSPUFOQSJNFSP
BRVFMMBTRVFUFOESÈONFOPSEVSBDJØOZTBDBSQSJNFSPMBTRVF
TFQVTJFSPOBOUFT%FFTUBNBOFSBTFTJHVFMBSFHMBEFRVFiMP
QSJNFSPRVFFOUSBFTMPQSJNFSPRVFTBMFw
t$VBOEPWBBEFTDPOHFMBSVOBMJNFOUPOVODBIBDFSMPB
UFNQFSBUVSBBNCJFOUFQVFTBVNFOUBMBQPTJCJMJEBEEFDPOUB
NJOBDJØO4FQVFEFEFTDPOHFMBSEFUSFTNBOFSBT
t$POFMNJDSPPOEBT
t1VFTUPFOMBIFMBEFSBFTNÈTMFOUP
t4VNFSHJEPFOBHVBGSÓBFTUBBHVBEFCFNBOUFOFSTF
GSÓB
-PRVFVODPOTVNJEPSEFCFTBCFSQBSBQSPDFTBS
DPSSFDUBNFOUFMBT'SVUBTZMBTIPSUBMJ[BT
t1BSBQSFQBSBSMBTBOUFTEFDPOTVNJSMBTEFCFUFOFSTFMB
TJHVJFOUFQSFDBVDJØO
t-BWBSTFCJFOMBTNBOPTEFTQVÏTEFJSBMCB×PUPDBS
VOBOJNBMEPNÏTUJDPMJNQJBSWØNJUPTDBNCJBSQB×BMFT
CBTVSBFUD
t&TDPOWFOJFOUFMBWBSEFCJEBNFOUFMBUBCMBEFDPSUBS
PUFOFSVOBUBCMBRVFTFVTBFTQFDJBMNFOUFQBSBMBT
GSVUBTZIPSUBMJ[BT-BWBSEFCJEBNFOUFMPTVUFOTJMJPTMPT
SFQBTBEPSFTFUD
t-BWFUPEPTMPTWFHFUBMFTZMBTGSVUBTCBKPDIPSSPEF
BHVBQPUBCMFPVUJMJ[BOEPBHVBDMPSBEBHPUJUBTEF
MBWBOEJOBQPSMJUSPEFBHVBEFKBSSFQPTBSNJOVUPT
QSFWJPBTVVTP
-BDBEFOBBHSPBMJNFOUBSJB&MNFSDBEPDPOTVNJEPS
t&OFMDBTPEFWFSEVSBTQBSBFOTBMBEBTMÈWFMBTIPKBQPS
IPKB$PNPVOBQSFDBVDJØOBEJDJPOBMDVBOEPQSFQBSF
FOTBMBEBTBHSFHVFMJNØOPWJOBHSFNJOVUPTBOUFT
EFDPOTVNJSMBT
t"RVFMMPTRVFTPODPOTVNJEPTTJOQSFWJBDPDDJØOMFDIV
HBUPNBUFFUD
PIBOTJEPDPDJEPTZFOGSJBEPTQBQB
[BOBIPSJBCSØDPMJ
UFOFSDVJEBEPEFOPDPOUBNJOBSMPT
DPOPUSPTBMJNFOUPTDBSOFTIVFWPT
t4JFNQSFRVFTFBQPTJCMFFTQSFGFSJCMFDPOTVNJSMBTIPS
UBMJ[BT TJOQFMBSQVFTUPRVFFOPDBTJPOFTQPTFFOVONBZPS
DPOUFOJEPEFWJUBNJOBTZPUSPTDPNQVFTUPTCFOFmDJPTPTFOMBT
[POBTNÈTFYUFSOBTQPSFKFNQMPFMUPNBUFQPTFFVONBZPS
DPOUFOJEPEFMJDPQFOPFOMBQJFMRVFFOMBQVMQB
&OFTUPTDBTPT
EFCFOMBWBSTFDPODVJEBEPZTFDBSTFDPOVOQB×PMJNQJPQBSB
FMJNJOBSDVBMRVJFSSFTUPEFQBSUÓDVMBTFYUSB×BTQPMWPUJFSSB
Z
QPTJCMFTSFTJEVPTEFQMBHVJDJEBTZUSBUBNJFOUPTRVÓNJDPT
t&MQFMBEPPDPSUBEPUBNCJÏOEFCFSFBMJ[BSTFKVTUPBOUFTEF
TVDPOTVNPQBSBFWJUBSFMQBSEFBNJFOUPPBNBSSPOBEPEFMPT
UFKJEPT[BOBIPSJBNBO[BOB
4JFTUPOPFTQPTJCMFTFBDPOTFKB
SPDJBSDPOKVHPEFMJNØOPWJOBHSFZDPDJOBSMPTPDPOTVNJSMPT
MPBOUFTQPTJCMF
t4JMPTWFHFUBMFTTFDPDJOBONVDIPUJFNQPTFQVFEFQFSEFS
NÈTEFMEFMBTWJUBNJOBTZNJOFSBMFTRVFDPODFOUSBOFTUPT
BMJNFOUPTFOTVDPNQPTJDJØO
t-BTQÏSEJEBTOVUSJUJWBTRVFBDPNQB×BOBMDPDJOBEPEF
MBTIPSUBMJ[BTTFQVFEFOSFEVDJSTJTFBUJFOEFBMPTTJHVJFOUFT
DPOTFKPTQSÈDUJDPT
t6TFMBNÓOJNBDBOUJEBEEFBHVBQBSBDPDFSMBT
WFSEVSBTZIPSUBMJ[BT
t"×BEBMPTWFHFUBMFTFO USP[PTMPNÈTHSBOEFT
QPTJCMFTBMBHVBDVBOEPZBFTUÏIJSWJFOEPZUBQFFM
SFDJQJFOUF
t 3FTQFUFMPTUJFNQPTEFDPDJOBEPHFOFSBMNFOUF
TFUJFOEFBTPCSFQBTBSFMQVOUPØQUJNPEFDPDDJØO
$POWJFOFBDPTUVNCSBSTFBDPNFSMBTWFSEVSBTDPDJOBEBT
iBMEFOUFw
t/PFTSFDPNFOEBCMFRVFMPTBMJNFOUPTRVFEFODPSUPTEF
DPDDJØOQPSRVFSFTVMUBOEFTBHSBEBCMFTZNÈTEJGÓDJMFTEF
EJHFSJSQFSPUBNQPDPIBZRVFFYDFEFSTFFOFMUJFNQP
t-PTÈDJEPTPSHÈOJDPTFKFNQMPWJOBHSFPMJNØO
QSP
UFHFOMBTWJUBNJOBTEFMBTIPSUBMJ[BTDPNPMBWJUBNJOB
$BMDPOUSBSJPRVFFMCJDBSCPOBUPRVFBVNFOUBFMDPMPS
WFSEFQFSPEFTUSVZFWJUBNJOBT
t &TDVSSBMPTWFHFUBMFTVOBWF[BMDBO[BEPFMQVOUP
ØQUJNPEFDPDJOBEPQBSBEFUFOFSFMQSPDFTP
t"QSPWFDIFFMBHVBEFDPDDJØOQBSBFMBCPSBSTPQBTP
DBMEPTPHVJTPT/PMPIBHBFOFMDBTPEFMPTQSPDFEFOUFT
EFWFHFUBMFTSJDPTFOOJUSBUPTZOJUSJUPTFTQJOBDBTBDFMHB
MFDIVHBIJOPKPSFNPMBDIBSÈCBOPZOBCP
QPSRVFFTUPT
DPNQVFTUPTUBNCJÏOQBTBOBMDBMEP
t-PT TVDFTJWPTDBMFOUBNJFOUPT EFMBTIPSUBMJ[BTZB
DPDJEBTQSPWPDBOQÏSEJEBTJNQPSUBOUFTEFOVUSJFOUFT
t5FOFSFODVFOUBFMUJFNQPZGPSNBEFDPDDJØOQBSB
FWJUBSMBTQÏSEJEBT
3FTVNFOEFSFDPNFOEBDJPOFT
t-BTIPSUBMJ[BTTFDPOTVNFOFONFOPSQSPQPSDJØOEFMP
SFDPNFOEBEPQFSPFYJTUFVOBDPODJFOUJ[BDJØOTPCSFMBJODJ
EFODJBEFMBTNJTNBTFOMBTBMVEZFOMBFTUÏUJDB
t&TOFDFTBSJPBEBQUBSMPTQMBOFTEFQSPEVDDJØOBMDPOTVNP
FTUBDJPOBMEFDBEBVOBEFMBTFTQFDJFTQPSFKFNQMPSFEVDJSMB
DBOUJEBEEFMFDIVHBTFOJOWJFSOPZBVNFOUBSMBTFOWFSBOP
t-PTDMJFOUFTJOEFQFOEJFOUFNFOUFEFMBDMBTFTPDJBM
QSFmFSFOIPSUBMJ[BTEFDBMJEBEEFNPEPRVFFTDPNPIBZ
RVFPCUFOFSMBT
t6OBEFMBTCBSSFSBTFTMBGBMUBEFUJFNQPEFNPEPRVFQBSB
SPNQFSMBFTOFDFTBSJPQSPEVDJSBMJNFOUPTNBTFMBCPSBEPT
t&YJTUFVOEFTDPOPDJNJFOUPTPCSFFMQSFQBSBEPEFNVDIBT
IPSUBMJ[BTFTJNQPSUBOUFDPMBCPSBSDPOFMNJOPSJTUBFOMB
EJGVTJØOEFOVFWBTGPSNBTEFDPOTVNP
t&TOFDFTBSJPSFDVSSJSBMBQSPNPDJØOEFIPSUBMJ[BTGPDB
MJ[BOEPBMBNBEFDBTBBUSBWÏTEFVOBQVCMJDJEBEBDBSHPEF
QSPGFTJPOBMFTZBMPTOJ×PTBUSBWÏTEFMPTFEVDBEPSFT
t)BZVOBDSFDJFOUFDPODJFOUJ[BDJØOTPCSFMBTQSÈDUJDBTBEF
DVBEBTFMMPEFCFSÓBFTUJNVMBSBMBDBEFOBBBEIFSJSGVFSUFNFOUF
QBSBMPHSBSNBZPSDPNQFUJUJWJEBEFOFTUFSVCSP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
#JCMJPHSBG©B
t""%:/%"TPDJBDJØO"SHFOUJOBEF%JFUJTUBTZ/VUSJDJPOJTUBT%JFUJTUBT
(VÓBTBMJNFOUBSJBTQBSBMBQPCMBDJØOBSHFOUJOBIUUQXXXBBEZOEPSH
BSTFDDJPOQIQ TFDBBEZOE
t"$BNQP$BNCJPTFOMBDPNFSDJBMJ[BDJØOEFIPSUBMJ[BTFOMB"SHFOUJOB
«SFBEF&DPOPNÓBZ4PDJPMPHÓB3VSBMEFMB&&"EFM*/5"EF#BMDBSDFZ'BDVMUBE
EF"HSPOPNÓBEFMB6OJWFSTJEBE/BDJPOBMEF.BSEFM1MBUB%JTQPOJCMFFO
IUUQXXXBDBNQPDPNBSFTQBOPMFM@UFNBFM@UFNBIUN
t)BSEFOCVSH38BUBEB"8BOH$"MNBDFOBNJFOUPDPNFSDJBM
EFGSVUBTMFHVNCSFTZFYJTUFODJBTEFnPSJTUFSÓBTZWJWFSPT5SBEVDDJØOEF
**$"$PTUB3JDB
tIUUQCPPLTHPPHMFDPNBSCPPLT IMFTJE-7L@(@2FH$ERV
BVZQSJOUTFDGSPOUDPWFSTPVSDFXFCPUTZXJ)4TJH;MZ@
YLFP[8#4&*O9URE)5/P
t"HVJSSF1%JF[B×PTEFDPOWFSUJCJMJEBEFOMBTFHVSJEBEBMJNFOUBSJB
EFMÈSFBNFUSPQPMJUBOBCPOBFSFOTF6OBWJTJØOEFTEFMBBOUSPQPMPHÓB
BMJNFOUBSJB1VCMJDBEPFO%FTBSSPMMP*OUFHSBMFOMB*OGBODJB&M'VUVSP
$PNQSPNFUJEP'VOEBDJØO$-"$:%$ØSEPCB
tIUUQDSJUJDBEJHJUBMDPNJNQSFTBJOEFYQIQ TFDDOPUBOJE
t"MHVOPTDPOTFKPTQBSBMBDPNQSBEFBMJNFOUPT4"(1:"
tIUUQXXXBONBUHPWBSDPEJHPBDBBIUN
t"41&$"TPDJBDJØO1FSVBOBEF$POTVNJEPSFTZ6TVBSJPT
$MBWFT
QBSBDPOTVNJSBMJNFOUPTTBOPTZTBMVEBCMFTIUUQXXXBTQFDPSHQF
BMJNFOUPTZOVUSJDJPOBMJNFOUPT@TBOPTDMBWFTQIQ
tIUUQXXXDIJMFQPUFODJBBMJNFOUBSJBDMDPOUFOUWJFX$POWFSTBDJ@O@
DPO@FM@%S@3JDBSEP@6BVZ@TPCSF@$IJMF@EJFUB@Z@OVUSJDJ@OIUNM
t"VMJDJOP+.Z4UFJHFS$"OÈMJTJTTPDJPFDPOØNJDPEF5JFOEBTEF
"MJNFOUPTFO«SFBT6SCBOBTEF#BKP3FDVSTPTFO-BUJOPBNÏSJDB$BQJUVMP
"SHFOUJOB*OGPSNFmOBM'"0
t"VMJDJOP+.Z.PSÏ.3&MDPOTVNPEFWFSEVSBTEFMPTIBCJUBOUFT
EFMPTBMSFEFEPSFTEF#VFOPT"JSFT6OFTUVEJPFYQMPSBUPSJP1VCMJDBEPFO
MPT$VBEFSOPTEFM$&"HSPO1ÈHBM$FOUSPEF&TUVEJPTEFM4JTUFNB
"HSPBMJNFOUBSJP'BDVMUBEEF$JFODJBT"HSBSJBT6OJWFSTJEBE/BDJPOBMEF
-PNBTEF;BNPSB
t"VMJDJOP+.Z1FSFZSB".)ÈCJUPTBMJNFOUBSJPTEFKØWFOFT
VOJWFSTJUBSJPTQSFGFSFODJBTEFDPOTVNPZBEKVEJDBDJPOFTEFTBMVEBVO
DPOKVOUPBMJNFOUPT1VCMJDBEPFOMPT$VBEFSOPTEFM$&"HSP
t#BHIVSTU,$POTVNPEF'SVUBTZ)PSUBMJ[BT1PSRVÏFTUBOEJGÓDJM
BVNFOUBSTVJOHFTUB/VUSJUJPO5PEBZIUUQXXXSFEEFIVFSUBT
DPNBSJOGPIVFSUBTBMJOGPIVFSUBTIUN
t$MBSÓO-PTBSHFOUJOPTDPNFOMBNJUBEEFMBTGSVUBTZWFSEVSBT
BDPOTFKBEBT4FDDJØO4PDJFEBE%JTQPOJCMFFOIUUQXXXDMBSJODPN
EJBSJPTPDJFEBETIUN
t$PEFY"MJNFOUBSJVT1SPHSBNB$POKVOUP'"00.4TPCSFOPSNBT
BMJNFOUBSÓBT
tIUUQXXXBMJNFOUPTBSHFOUJOPTHPWBS
tIUUQXXXBMJNFOUPTBSHFOUJOPTHPWBS
t I U U Q X X X E J B S J P Q F S G J M D P N B S F E J N Q B S U J D V M P
QIQ BSUFE
tIUUQXXXESDPSNJMMPUDPNBSUJDVMPTIUN
tIUUQXXXXIPJOUNFEJBDFOUSFOFXTSFMFBTFTQSFT
t*DPCVDDJ1$*OGPSNF'JOBM1SPEVDDJØOGSVUJIPSUÓDPMBIPSUBMJ[BT
nPSFTZGSVUBT1SPHSBNBEF4FSWJDJPT"HSPQFDVBSJPT1SPWJODJBMFT1SPHSBNB
1SPWJODJBMEF%FTBSSPMMP"HSPQFDVBSJPEFMBQSPWJODJBEF#VFOPT"JSFT
t -B '"0 Z MB 0.4 QJEFO NÈT GSVUBT Z IPSUBMJ[BT IUUQXXX
DIJMFQPUFODJBBMJNFOUBSJBDMDPOUFOUWJFX'BP@Z@0NT@QJEFO@N@T@
GSVUB@Z@IPSUBMJ[BTIUNM
t.JUJEJFSJ.1JPMB."*ODFOUJWPTFJOnVFODJBTFOFMDPOTVNPEF
IPSUBMJ[BTZGSVUBTVOBQPSUFQBSBFMEJTF×PEFFTUSBUFHJBTEFEJGVTJØOFO
"SHFOUJOB
t/JFMTFO"$.FSDBEPTFO$SFDJNJFOUPBMSFEFEPSEFMNVOEP"MJNFOUPT
ZCFCJEBT%JTQPOJCMFFOXXXBDOJFMTFODPNNYSFQPSUTEPDVNFOUT
.FSDBEPTFO$SFDJNJFOUP1SPEVDUPTQBSBFM)PHBSQEG
t0.40SHBOJ[BDJØO.VOEJBMEFMB4BMVE
$JODPDBMWFTQBSBMBJOPDVJEBE
EFMPTBMJNFOUPT
t$PSNJMMPU"-BDBTBEFMBOVUSJDJØO
t1BSSB1"Z+VTUP".#BMBODFFOUSFJOHFTUBSFDPNFOEBEBZDPOTVNP
FTUJNBEPEFIPSUBMJ[BT%PDVNFOUPEF5SBCBKP/"HPTUP
t$SJUJDBEFMB"SHFOUJOBi-BJOnBDJØODBNCJBMBTNBSDBTEFM
DIBOHVJUPw&OTFDDJØOFDPOPNÓB
t1FSmM4VCJØNBTEFFOVOB×PMBDBOBTUBRVFNJEFMB
QPCSF[Bw4FDDJØOFDPOPNÓB%JTQPOJCMFFO
t%WPTLJO3&-$0/46.0&/-""3(&/5*/"1045$3*4*4&WPMVDJØO
EFMDPOTVNPFOMPTTFDUPSFTNFEJPTZCBKPTBGFDUBEPTQPSMBDSJTJTEFM
6OJWFSTJEBEEF4BO"OESÏT
t1FSmM-BTVCBEFQSFDJPTJNQBDUBFOMBDBMJEBEEFWJEB-B
JOnBDJØOGPS[ØBDBNCJBSDBSOFTQPSQBQBTmEFPTZNJMBOFTBTEFTPKBw&O
TFDDJØOFDPOPNÓB%JTQPOJCMFFOIUUQXXXEJBSJPQFSmMDPNBSFEJNQ
TFDDJPOQIQ FETFFDD
t(JBDJOUJ."$POTVNPNVOEJBMEFGSVUBTIPSUBMJ[BTNJFMZCFCJEBT
BMDPIØMJDBTUFOEFODJBNVOEJBMEFMBEÏDBEBEFMPTOPWFOUB'BDVMUBEEF
$JFODJBT"HSBSJBT6OJWFSTJEBEEF$PNBIVF"SHFOUJOB
t(PCJFSOPEF$IJMF*OGPSNFmOBM1FSDFQDJØOEFMPTDPOTVNJEPSFT
TPCSFQSPEVDUPTIPSUPGSVUÓDPMBTMÈDUFPTDBSOFTZQBO0%&1"
-BDBEFOBBHSPBMJNFOUBSJB&MNFSDBEPDPOTVNJEPS
t1FSGJM-BBTJNFUSÓBEFMBJOGMBDJØO-PTQPCSFTMPTNÈT
HPMQFBEPT&OTFDDJØOFDPOPNÓB%JTQPOJCMFFOIUUQXXXQFSmMDPN
DPOUFOJEPTOPUJDJB@IUNM
t1JPMB.&M+BCFS&.JUJEJFSJ.i&TUVEJPTPCSFJODFOUJWPTZPCTUÈDVMPT
FOFMDPOTVNPEFGSVUBTZIPSUBMJ[BTFONVKFSFTEFMÈSFBNFUSPQPMJUBOBEF
#VFOPT"JSFT"SHFOUJOBw
t2VBHMJBOJ";VMJBOJ4&TUVEJPEFMNFSDBEPMPDBMEFIPSUBMJ[BT
QSPDFTBEBTZFOWBTBEBTFOMBDJVEBEEF3PTBSJP
t3FEEF$PPQFSBDJØOFOUSF.VOJDJQJPTZ$PNVOBTFO4FHVSJEBE"MJNFOUBSJB
Z%FTBSSPMMP1SPEVDUJWP.BOJQVMBDJØOEF"MJNFOUPT.BOVBMQBSB
GPSNBEPSEFGPSNBEPSFT
t3FEEF$PPQFSBDJØOFOUSF.VOJDJQJPTZ$PNVOBTFO4FHVSJEBE"MJNFOUBSJB
Z%FTBSSPMMP1SPEVDUJWP%JBSJPEFMB*OPDVJEBE
t3FNCBMP.Z-PSOB"MVGF0BUFT&MDPOTVNJEPSGSFOUFBMPTBMJNFOUPT
4"(1:"
t3PESÓHVF[&"UUVDIB"(FOUJMF/***"OÈMJTJTFTUSBUÏHJDPEF
SBNBTEFBDUJWJEBEQSJPSJUBSJBTFO#VFOPT"JSFT$&1"-4&3*&&TUVEJPTZ
QFSTQFDUJWBT/%JTQPOJCMFFOXXXDFQBMPSHQVCMJDBDJPOFTYNM
1BSUF$BQ***"Z#QEG4"(1Z")PSUBMJ[BT4VQFSDPOHFMBEBT"MJNFOUPT
"SHFOUJOPT
t4FSSB.BKFN-"SBODFUB#BSUSJOB+.BUBJY7FSEM+PT/VUSJDJØOZ
TBMVEQÞCMJDB&MTFWJFS&TQB×B*4#/
t6BVZ3JDBSEP%JTFSUBDJØO$IJMFEJFUBZOVUSJDJØO
t64%"%FQBSUBNFOUPEF"HSJDVMUVSBEFMPT&TUBEPT6OJEPT1BTPTIBDJB
VOBNFKPSTBMVEIUUQXXXNZQZSBNJEHPWTQJOEFYIUNM
t7JUFSJ-)PSUBMJ[BTDPOHFMBEBT%PDVNFOUPFO$PNQPOFOUFT"
'PSUBMF[BTZEFCJMJEBEFTEFMTFDUPSBHSPBMJNFOUBSJP.JOJTUFSJPEF&DPOPNÓB
EFMB/BDJØO4FDSFUBSÓBEF1PMÓUJDB&DPOØNJDB
-PTQSPWFFEPSFTEFJOTVNPTPTFSWJDJPT *OUSPEVDDJØO 3FMBDJØOFOUSFQSPWFFEPSFTZDMJFOUFT "DUJWJEBEFTEFDMJFOUFZQSPWFFEPS &TUBEPEFTJUVBDJØOEFQSPWFFEPSFTFOOVFTUSPQBÓT -FHJTMBDJØOFODVBOUPBMUSBOTQPSUF #JCMJPHSBGÓB -BDBEFOBBHSPBMJNFOUBSJB-PTQSPWFFEPSFTEFJOTVNPTPTFSWJDJPT
-PTQSPWFFEPSFTEFJOTVNPTP
TFSWJDJPT
T
*OUSPEVDDJ¯O
6OQSPWFFEPSFTVOTVNJOJTUSBEPSEFCJFOFTZTFSWJ
DJPTRVFQVFEFOTFSVTBEPTFODVBMRVJFSFUBQBEFMBQSPEVDDJØO
ZDPNFSDJBMJ[BDJØO-PTNJTNPTTPOVOFTMBCØONVZJNQPSUBOUF
EFOUSPEFMBDBEFOBQVFTOPTFQVFEFOPCUFOFSQSPEVDUPTEF
DBMJEBETJMPTQSPWFFEPSFTOPTPOEFDBMJEBE%FTBSSPMMBSMPT
QSPWFFEPSFTFTDBTJUBOJNQPSUBOUFDPNPEFTBSSPMMBSBOVFTUSPT
DMJFOUFT"DPOUJOVBDJØOTFDJUBOBMHVOPTDPODFQUPTRVFOPT
BZVEBSÈOBMBSNBEPEFMBDBEFOBEFWBMPS
5PEBFNQSFTBUJFOFRVFUFOFSJEFOUJmDBEPTTVTQSPWFFEPSFT
MPTQSPWFFEPSFTEFNBUFSJBMFTJODMVZFOOFHPDJPTUBMFTDPNP
BHSPRVÓNJDPTTFNJMMBTQMÈTUJDPTFJOTVNPTZPUSPTNBUFSJBMFT
QBSBFMBHSPDBKPOFTDPNCVTUJCMFTNBRVJOBSJBTSFQVFTUPT
-PT QSPWFFEPSFTEFTFSWJDJPT TPOJOHFOJFSPTDPOUBEPSFT
TFSWJDJPEFSFQBSBDJØONFDÈOJDPTDPNVOJDBDJPOFTUSBOTQPSUF
TFSWJDJPTEFTBMVEFOUSFPUSPT
3FMBDJ¯OFOUSFQSPWFFEPSFTZDMJFOUFT
%FOUSPEFMBTEJGFSFOUFTGPSNBTEFSFMBDJPOBSTFRVFUJFOFO
MPTQSPWFFEPSFTZMPTDMJFOUFTUFOFNPTWBSJBTPQDJPOFTEF
BDVFSEPBRVJFOHBOFPQJFSEBFOMBNJTNB
B(BOBSo1FSEFSFOMBNJTNBVOPEFMPTEPTQSPWFFEPS
PDMJFOUF
HBOBZQPSDPOTFDVFODJBFMPUSPQJFSEF-BTHBOBODJBT
PCUFOJEBTFOMBUSBOTBDDJØOQPSVOBEFMBTQBSUFTTPOFYDFTJWBT
ZDPOUSJCVZFBMEFUSJNFOUPEFMPUSP0DVSSFFODBTPEFNPOP
QPMJPTDMJFOUFTDBVUJWPTNBMBJOGPSNBDJØONBMBJOUFODJØO
FOHB×P
EJGFSFODJBTNBSDBEBTFOFMQPEFSEFOFHPDJBDJØO
FUD&MSFTVMUBEPEFFTUBGPSNBEFSFMBDJØOTPMPTFTPTUJFOF
QPSOFDFTJEBEZOPTPOTVTUFOUBCMFTFOFMUJFNQPMBQBSUFRVF
QJFSEFUFSNJOBQPSSFUJSBSTFEFMNFSDBEP
C1FSEFSo1FSEFSFOMBNJTNBMBTEPTQBSUFTQJFSEFO
FTEFDJSTBMFOQFSKVEJDBEBTEFMBUSBOTBDDJØOFTUBSFMBDJØO
FTUÈMJHBEBBBDUJUVEFTJOnFYJCMFTEPOEFMBTQBSUFTOPDFEFO
OJOHÞOBTQFDUPFOMBOFHPDJBDJØOZDPOUBMEFNBOUFOFSJOUBDUB
MBQPTUVSBBDFQUBOFMQFSKVJDJP1PSFKFNQMPVODPNQSBEPS
QBHBVOQSFDJPNFOPSBMEFNFSDBEPQPSVODBKØOEFMFDIVHB
ZFMWFOEFEPSDPMPDBEJGFSFOUFTDBMJEBEFTEFGSVUBFOMBQBSUF
WJTJCMFZFOFMJOUFSJPSEFDBKØO&OFTUFDBTPTFQSPEVDFVO
EPCMFFOHB×PVOPQBHBNFOPTQPSMBDBMJEBEQSFUFOEJEBFM
PUSPPGSFDFVOBDBMJEBEQFSPFOUSFHBPUSBFMWFOEFEPSSFDJCF
VOQSFDJPNFOPSBMEFQSPEVDDJØOZFMDPNQSBEPSDPNQSBBMHP
RVFOPMPTBUJTGBDFUPUBMNFOUF
D(BOBSo(BOBSFOFTUBGPSNBEFSFMBDJPOBSTFMBTEPT
QBSUFTHBOBOFTMBNÈTTVTUFOUBCMFEFUPEBTZTFQBSUFEFMB
QSFNJTBEFRVFDMJFOUFZQSPWFFEPSTFQPOFOEFBDVFSEPPFTUB
CMFDFOVOBBMJBO[BQBSBCFOFmDJBSTFNVUVBNFOUF1PSFKFNQMP
VOQSPEVDUPSEFIPSUBMJ[BTRVFOFDFTJUBVOBBMUBDBOUJEBEEF
GFSUJMJ[BOUFTFOFMB×PZRVFQPTFFVOQMBOEFBQMJDBDJØOEFmOJEP
DPNQBSUFDPOTVQSPWFFEPSEJDIPQMBODPOFMmOEFRVFFMNJTNP
TFQSPWFBBNFOPSDPTUP&MWFOEFEPSQVFEFIBDFSMPEBEPRVF
MBDBOUJEBEEFMPTBHSPRVÓNJDPTTPMJDJUBEPFTJNQPSUBOUFTPO
MPTRVFÏMEJTUSJCVZFZBMSFBMJ[BSFMQFEJEPUPUBMBMJOJDJPEFMB
DBNQB×BDPOTVmDJFOUFBOUFMBDJØOMFQFSNJUFPSHBOJ[BSTV
DPNQSBNFKPSZOFHPDJBSBTVWF[DPOTVTQSPWFFEPSFT
%FOUSPEFFTUBÞMUJNBmMPTPGÓBEFSFMBDJØOTFBCSFVOBCB
OJDPNVZJOUFSFTBOUFEFUSBCBKPDPOKVOUPFOUSFFMDMJFOUFZFM
QSPWFFEPSEFBVUPEFTBSSPMMPTPTUFOJEPFOFMUJFNQPFMDVBM
QVFEFDPNFO[BSDPOVOBCVFOBSFMBDJØOJOGPSNBMZUFSNJOBS
DPOVOBBMJBO[BGPSNBMJ[BEBDPNPQPSFKFNQMPVODPOUSBUPEF
QSPEVDDJØOFTQFDÓmDPQBSBVOEFUFSNJOBEPDMJFOUF6ODBTP
DPODSFUPFTMBBMJBO[BFOUSFVOQSPEVDUPSZVOQSPEVDUPSEF
VOBOVFWBWBSJFEBENVZFTQFDJBMEFMFDIVHBQBSBVOBDBEFOB
EFTVQFSNFSDBEPT
"DUJWJEBEFTEFDMJFOUFZQSPWFFEPS
"MHVOPTFKFNQMPTQVFEFOTFS
t5FDOPMPHÓBFJOUFSDBNCJPEFJOGPSNBDJØOQPSFKFNQMP
FMQSPEVDUPSVTBVOOVFWPJOTFDUJDJEBEFMQSPWFFEPSZMFBQPSUB
BMQSPWFFEPSMPTEBUPTTPCSFMPTSFTVMUBEPTEFMNJTNP
t%FTBSSPMMPEFQMBOFTEFSFEVDDJØOEFDPTUPTFMQSP
WFFEPSDPOTJHVFVOQMÈTUJDPQBSBFMBDPMDIBEPEFVOBDBMJEBE
EJGFSFODJBMRVFMFQFSNJUFBMQSPEVDUPSCBKBSTVTDPTUPTQFSP
UBNCJÏOBMQSPWFFEPSMFQFSNJUFMJDVBSTVTDPTUPTmKPT
t$BQBDJUBDJØOZBTJTUFODJBUÏDOJDBQBSBDVNQMJSDPO
MPTSFRVJTJUPTOPFTNVZDPNÞOFOMBTFNQSFTBTQFSPTJ
QVFEFOSFVOJSTFQFSJØEJDBNFOUFFOUSFFMDMJFOUFZFMQSPWFFEPS
QBSBJEFOUJmDBSFMQSPEVDUPiBEFDVBEPwRVFMFQFSNJUBDVNQMJS
DPOMPTSFRVJTJUPT
t-PHÓTUJDBFOUSFHBTKVTUPBUJFNQPZSFEVDDJØOEF
TUPDLTFTDVBOEPFMDMJFOUFTFQVFEFPSHBOJ[BSDPOTVTQFEJEPT
FKFNQMPEFBHSPRVÓNJDPT
BMPMBSHPEFVOBUFNQPSBEBZQBVUB
DPOFMQSPWFFEPSVOBFOUSFHBQFSJØEJDB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t*OWFSTJPOFTDPOKVOUBTQBSBCFOFmDJPNVUVPVODBTP
QVFEFTFSVOTVQFSNFSDBEPRVFEFDJEFJOWFSUJSDPOFMQSPEVDUPS
FOBMHVOBUFDOPMPHÓBRVFMFQFSNJUFPCUFOFSQSPEVDUPTEF
NBZPSDBMJEBE
t$POUSPMEFQSPDFTPTFTFMDBTPBOUFSJPSEPOEFFMTV
QFSNFSDBEPEFDJEFEFTBSSPMMBSBMQSPWFFEPSZQPSMPUBOUPMF
BZVEBDPOFMDPOUSPMEFMPTQSPDFTPTBMPTmOFTEFPCUFOFSVO
QSPEVDUPJOPDVP
-PTDMJFOUFTQSPEVDUPSFTFOFTUFDBTP
UBNCJÏOEFCFSÓBO
SFBMJ[BSBDUJWJEBEFTEF
t&WBMVBDJØOZTFMFDDJØOEFMPTNFKPSFTQSPWFFEPSFT
t%FTBSSPMMPEFVOTJTUFNBEFNFKPSBEFMBTDPNVOJDB
DJPOFT
t*OWJUBDJØOBMPTQSPWFFEPSFTBMBFNQSFTB
t%FUFSNJOBDJØOEFVOTJTUFNBEFFWBMVBDJØOEFQSPWFF
EPSFT
t*OWPMVDSBSBMPTQSPWFFEPSFTFOMBTPMVDJØOEFQSPCMFNBT
ZQSPDFTPTDPNPTFQVFEFVUJMJ[BSNFKPSMPTQSPEVDUPTEFTV
FNQSFTBFONJTQSPDFTPTEFQSPEVDDJØO
6OBSFMBDJØONVZBWBO[BEBFOUSFDMJFOUFZQSPWFFEPSFT
MB "MJBO[B-BNJTNBFTVOBSFMBDJØOEPOEFFMPCKFUJWPFT
NBYJNJ[BSMBDBMJEBEZNJOJNJ[BSFMDPTUPEFMBUPUBMJEBEEF
VOBDBEFOBEFTVNJOJTUSPTNFEJBOUFFMDPNQBSUJSDPOUJOVPEF
JOGPSNBDJØOSFDVSTPTZFTGVFS[PT
-BNJTNBUJFOFDPNPDBSBDUFSÓTUJDBTEFTFBEBT
t$PNQBUJCJMJEBEEFPCKFUJWPT
t*OUFSEFQFOEFODJB
t"MUPTOJWFMFTEFDPPSEJOBDJØO
t$POmBO[BZDPNQSPNJTP
t4JNFUSÓB
t'MVKPTEFJOGPSNBDJØOBCJFSUPTZCJEJSFDDJPOBMFT
t&OGPRVFFOUPNBEFEFDJTJPOFTDPOKVOUBT
t&OGPRVFFOFMMBSHPQMB[P
t$PNQBUJCJMJEBEDVMUVSBM
&O"SHFOUJOBTFDVFOUBDPOVOBSFEJNQPSUBOUFEFQSPWFF
EPSFTEFJOTVNPTQSJODJQBMNFOUFFOMBTQSJODJQBMFT[POBTEF
QSPEVDDJØO"VORVFFOBMHVOBT[POBTDPNPMBEFM7*3$)TF
PCTFSWBMBFTDBTF[EFBMHVOPTTFSWJDJPTUBMFTDPNPBTJTUFODJB
UÏDOJDBDPOPDJNJFOUPEFMBTNFKPSFTUFDOPMPHÓBTFJOTVNPT
&TUBEPEFTJUVBDJ¯OEFMPTQSPWFFEPSFTFO
OVFTUSPQB©T
7BNPTBBOBMJ[BSMPTQSPWFFEPSFTEFJOTVNPTZTFSWJDJPT
FOMPTEJTUJOUPTFTMBCPOFTDVBMFTFTUÈOEJTQPOJCMFTZDVBMFT
GBMUBO
B1BSBMBQSPEVDDJØOZFMBDPOEJDJPOBNJFOUP
&TUÈOEJTQPOJCMFTQSPWFFEPSFTEFBHSPRVÓNJDPTQMÈTUJDPT
PUSPTJOTVNPTQBSBFMBHSPDBKPOFTDPOTUSVDUPSFTEFJOWFS
OBEFSPT&TDBTBNFOUFEJTQPOJCMFFYDFQUPQBSBVOBTQPDBT
[POBT
TPOFMDPOPDJNJFOUPZMBBTJTUFODJBUÏDOJDB1BSBFM
BDPOEJDJPOBNJFOUPEFIPSUBMJ[BTEFIPKBTFTQFDÓmDBNFOUF
QBSBFMQSFFOGSJBEPEFMBTNJTNBTOPIBZDBTJQSPWFFEPSFT
"ÞOFOQMFOPWFSBOPMPTQSPEVDUPTSFBMJ[BOHSBOEFTEJTUBODJBT
DPOBMUBUFNQFSBUVSB
C1BSBMBEJTUSJCVDJØONBZPSJTUB
4JCJFOIBZOVNFSPTPTNFSDBEPTNBZPSJTUBTFOUPEPFMQBÓT
MPTNJTNPTDPNPQSPWFFEPSFTEFTFSWJDJPTUJFOFONVDIPRVF
EFTFBS4PCSFUPEPGBMUBFMTFSWJDJPEFMBJOGPSNBDJØO
D1BSBFMUSBOTQPSUF
4JCJFOIBZOVNFSPTPTDBNJPOFTQBSBFMUSBOTQPSUFEF
NFSDBEFSÓBEFTEFMB[POBEFQSPEVDDJØOBMBEFDPOTVNP
MPTDBNJPOFTiUFSNPTwPDPOFRVJQPTEFGSÓPUBNCJÏOTPO
NVZFTDBTPT1PSPUSPMBEPBVORVFMPTNJTNPTFTUVWJFTFO
EJTQPOJCMFTTJQSFWJBNFOUFOPTFSFBMJ[BVOQSFFOGSJBEPEFMB
NFSDBEFSÓBFODVBOUPBMBDBMJEBEQPTDPTFDIBOPFTNVDIP
MPRVFTFQVFEFMPHSBS
0USPTFSWJDJPEFDBMJEBEOPBEFDVBEBFTFMEFMUSBOTQPSUF
EFTEFMPTNFSDBEPTDPODFOUSBEPSFTIBTUBMPTOFHPDJPTNJ
OPSJTUBT&MQBSRVFBVUPNPUPSFTNVZBOUJHVPDPONVZQPDP
NBOUFOJNJFOUPZHFOFSBMNFOUFOPDVFOUBDPOMBTDPOEJDJPOFT
NÓOJNBTQBSBNBOUFOFSMBDBMJEBEQPTDPTFDIB6OBMUPQPSDFO
UBKFEFMPTWFIÓDVMPTOPEJTQPOFEFQSPUFDDJØOEFMBNFSDBEFSÓB
DPOFMFNFOUPTUBMFTDPNPVOBTJNQMFMPOB
-FHJTMBDJ¯OFODVBOUPBMUSBOTQPSUF
/VFTUSPQBÓTEFOUSPEFMDØEJHPBMJNFOUBSJPDVFOUBDPO
VOB-FHJTMBDJØOBOJWFMOBDJPOBM "SU#JT3FTPMVDJØO
$POKVOUB41Z34Z4"(1Z"OZOEFM
"
DPOUJOVBDJØOTFUSBOTDSJCFOBMHVOPTQVOUPTRVFTPOEFJOUFSÏT
QBSBFMUSBOTQPSUFEFGSVUBTZIPSUBMJ[BT
-BDBEFOBBHSPBMJNFOUBSJB-PTQSPWFFEPSFTEFJOTVNPTPTFSWJDJPT
„ 0CMJHBDJPOFTEFMPTNFEJPTEFUSBOTQPSUFT
-PTNFEJPTEFUSBOTQPSUFEFCFSÈO
t&YIJCJSFOFMFYUFSJPSEFMB6OJEBEEF5SBOTQPSUF65"
FO
GPSNBMFHJCMFFMOÞNFSPEFIBCJMJUBDJØOPUPSHBEPQPSMBBV
UPSJEBEDPNQFUFOUF%JDIBIBCJMJUBDJØOTFSÈDPOTJEFSBEBWÈMJEB
ZTVmDJFOUFFOUPEBTMBTKVSJTEJDDJPOFTEFMUFSSJUPSJPOBDJPOBM
t3FVOJSMBTDPOEJDJPOFTEFIJHJFOFZTFHVSJEBEBEFDVBEBT
ZFTUBSMJCSFTEFDVBMRVJFSUJQPEFDPOUBNJOBDJØO
t4FSDFSSBEBZPQSPUFHJEBPDVCJFSUBQPSBMHÞONBUFSJBM
BEFDVBEPMPOB
RVFJNQJEBTVDPOUBNJOBDJØO
t5FOFSTFQBSBEBMB65"EFMBDBCJOBEFMPTDPOEVDUPSFT
t4FSFMJOUFSJPSEFMB65"EPOEFTFUSBOTQPSUBOMPTBMJNFOUPT
EFNBUFSJBMFTRVFQFSNJUBOTVGÈDJMMJNQJF[B
2VFEBQSPIJCJEPUSBOTQPSUBSDPOKVOUBNFOUFDPOBMJNFOUPT
UPEPQSPEVDUPPTVTUBODJBRVFJNQMJRVFPQVFEBQSPEVDJSVO
SJFTHPQBSBMBTBMVEUBMFTDPNPNBUFSJBMFTSBEJBDUJWPTUØYJDPT
PJOGFDDJPTPTNBUFSJBMFTZTVTUBODJBTDPSSPTJWBTFUD
&MQFSTPOBMBGFDUBEPBMUSBOTQPSUFEFBMJNFOUPTEFCFSÈFTUBS
QSPWJTUPEFMBMJCSFUBTBOJUBSJBDPSSFTQPOEJFOUF
„ 3FTQPOTBCJMJEBEFTEFM5SBOTQPSUJTUB
&M5SBOTQPSUJTUBUFOESÈMBSFTQPOTBCJMJEBEEF
t&MNBOUFOJNJFOUPEFMBTDPOEJDJPOFTEFDPOTFSWBDJØO
BDPOEJDJPOBNJFOUPFJOUFHSJEBEEFMPTBMJNFOUPTRVFUSBOTQPSUF
EFTEFFMNPNFOUPEFMBDBSHBIBTUBFMNPNFOUPEFEFTDBSHB
EFMPTQSPEVDUPT
t&MEFUFSJPSPEFMPTBMJNFOUPTQPSBDDJØOPNJTJØOPOF
HMJHFODJB
&MDPOEVDUPSEFUPEPWFIÓDVMPEFCFFTUBSNV×JEPEFUPEBMB
EPDVNFOUBDJØORVFBDSFEJUFGFIBDJFOUFNFOUFFMPSJHFOEFMB
NFSDBEFSÓBUSBOTQPSUBEBZBRVFMMBEPDVNFOUBDJØOTBOJUBSJBRVF
FYJKBOMBTBVUPSJEBEFTOBDJPOBMFTQSPWJODJBMFTZPNVOJDJQBMFT
TFHÞODPSSFTQPOEB
&OFMDBTPEFMBFNQSFTBEFUSBOTQPSUFRVFEJTQPOHBEF
EFQØTJUPTEFNFSDBEFSÓBTFSÈSFTQPOTBCMFEFMBBQMJDBDJØOEF
QSPDFEJNJFOUPTBEFDVBEPEFMJNQJF[BZEFTJOGFDDJØOEFMPT
NJTNPTBTÓDPNPEFTVCVFONBOUFOJNJFOUP
-BMJNQJF[BEFMPTWFIÓDVMPTZEFMBT65"EFCFSÈSFBMJ[BSTF
BOUFTEFMBDBSHBDPOFMPCKFUPEFMPHSBSRVFFOFTFNPNFOUP
TFFODVFOUSFOFODPOEJDJPOFTIJHJÏOJDBTZTBOJUBSJBTBEFDVBEBT
-BTFDVFODJBEFMJNQJF[BEFCFSÈJODMVJSFMMBWBEPEFTJOGFDDJØO
ZTFDBEP
„ 3FTQPOTBCJMJEBEFTEFM%BEPSEFMBDBSHB
&M%BEPSEFMBDBSHBFTSFTQPOTBCMF
t%FCSJOEBSJOTUSVDDJPOFTQSFDJTBTZDPNQMFUBTQBSBVO
DPSSFDUPUSBOTQPSUFZBDPOEJDJPOBNJFOUPRVFHBSBOUJDFFM
NBOUFOJNJFOUPEFMPTBMJNFOUPTBUSBOTQPSUBSFTQFDJBMNFOUF
BRVFMMPTDPOHFMBEPTTVQFSDPOHFMBEPTZSFGSJHFSBEPT
t$VNQMJSDPOMBTEJTQPTJDJPOFTMFHBMFTWJHFOUFT
t&OUSFHBSBDPOEJDJPOBEPTMPTBMJNFOUPTBMBUFNQFSBUVSB
FTUJQVMBEBQBSBTVDPOTFSWBDJØOZUSBOTQPSUFDPOMBEFCJEB
SPUVMBDJØO
t%FWFSJmDBSMBTDPOEJDJPOFTBEFDVBEBTEFMWFIÓDVMPEF
USBOTQPSUF
t%FWFSJmDBSRVFFMUSBOTQPSUFTFFODVFOUSFIBCJMJUBEPQPS
MBBVUPSJEBEDPNQFUFOUFZRVFFMUSBOTQPSUJTUBQPTFBMBMJCSFUB
TBOJUBSJBDPSSFTQPOEJFOUF
„ #VFOBT1SÈDUJDBT"HSÓDPMBTFOFM5SBOTQPSUF
0CKFUJWPQSPDVSBSRVFMPTQSPEVDUPTDPTFDIBEPTNBOUFO
HBOTVJOPDVJEBEZDBMJEBE
+VTUJmDBDJØOMBTPQFSBDJPOFTEFDBSHBEFTDBSHBZUSBOT
QPSUFQVFEFOEBSMVHBSBDPOUBNJOBDJPOFTZEFUFSJPSPTQPSFM
DPOUBDUPDPOPUSPTQSPEVDUPTDPOTVQFSmDJFTDPOUBNJOBEBTZ
QPSFMNBOJQVMFP
$POTJEFSBDJPOFT(FOFSBMFT FTOFDFTBSJPFWBMVBSMBT
DPOEJDJPOFTIJHJÏOJDBTTJFNQSFRVFTFNBOJQVMBZUSBOTQPSUB
FMQSPEVDUPFTQFDJBMNFOUFFOMPTFOMBDFTEFMBTDBEFOBTEF
EJTUSJCVDJØO
-BTGSVUBTZIPSUBMJ[BTTFEFCFSÈOUSBOTQPSUBSTFQBSBEBTEF
PUSPTBMJNFOUPTQBSBFWJUBSMBDPOUBNJOBDJØODSV[BEB
„ #VFOBT1SÈDUJDBT(FOFSBMFT
t-PTQSPEVDUPTGSVUJIPSUÓDPMBTEFCFOUSBOTQPSUBSTFFO
WFIÓDVMPTBVUPSJ[BEPTMFHBMNFOUFQBSBFTUBTDBSHBT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t-PTQSPEVDUPTEFCFSÈOUSBOTQPSUBSTFQSPUFHJEPTEFMB
JOUFNQFSJFZDVBOEPDPSSFTQPOEBSFGSJHFSBEPTQBSBJNQFEJS
TVDPOUBNJOBDJØOPEFUFSJPSP
t-PTWFIÓDVMPTEFUSBOTQPSUFBMNPNFOUPEFMBDBSHBEFCFO
FTUBSUPUBMNFOUFMJNQJPTEFTJOGFDUBEPTZTFDPT
t&TDPOWFOJFOUFSFBMJ[BSMBDBSHBZEFTDBSHBEFEÓBZBRVF
EFOPDIFMBMV[BSUJmDJBMBUSBFJOTFDUPTRVFQVFEFOJOUSPEVDJSTF
FOMPTFOWBTFT
t-BDBSHBZEFTDBSHBEFCFFGFDUVBSTFFOMVHBSFTTFQBSBEPT
EFEPOEFTFQSPDFTBFMQSPEVDUPQSPUFHJEPTEFMBTJODMFNFODJBT
EFMUJFNQPZEFMBQPTJCMFDPOUBNJOBDJØO
t%VSBOUFMBDBSHBZEFTDBSHBEFMBNFSDBEFSÓBOPTFEFCFSÈO
USBUBSDPOCSVTRVFEBEMPTQBMMFUTPFOWBTFTJOEJWJEVBMFTQBSB
FWJUBSEB×PTBMQSPEVDUPQPSHPMQFTWJCSBDJØOPSPUVSB
t-BDBSHBEFCFSÈRVFEBSmSNFNFOUFTVKFUBPTPTUFOJEB
BMBDBKBEFMDBNJØOQBSBFWJUBSRVFMPTNPWJNJFOUPTEVSBOUF
FMUSBTMBEPQFSKVEJRVFOMBDBMJEBEEFMQSPEVDUPZBDDJEFOUFT
FYUFSOPT
t&ODBSHBTNJYUBTTFEFCFUFOFSFODVFOUBMBDPNQB
UJCJMJEBEEFMPTSFRVFSJNJFOUPTEFMPTEJTUJOUPTQSPEVDUPT
UFNQFSBUVSBQSPEVDDJØOEFFUJMFOPZTFOTJCJMJEBEBMNJTNP
IVNFEBEFUD
t&TUÈQSPIJCJEPFMUSBOTQPSUFEFQSPEVDUPTGSVUJIPSUÓDPMBT
KVOUPDPOQSPEVDUPTOPBMJNFOUJDJPTRVFQVFEBODPOUBNJOBSMPT
DPOPMPSFTFYUSB×PTPSFTJEVPTUØYJDPT
t&TUBDJPOBSZPHVBSEBSMPTWFIÓDVMPTQBSBFMUSBOTQPSUFFO
MVHBSFTBJTMBEPTEFMB[POBEPOEFTFNBOJQVMBOMPTQSPEVDUPT
QBSBFWJUBSMBDPOUBNJOBDJØOQPSHBTFTEFDPNCVTUJØO
t$BQBDJUBSBMQFSTPOBMRVFTFPDVQBEFMBDBSHBEFTDBSHB
ZUSBOTQPSUFEFQSPEVDUPGSVUJIPSUÓDPMBT
„ &OFMUSBOTQPSUFEFQSPEVDUPTOPSFGSJHFSBEPT
t-BTMPOBTRVFSFDVCSFOMBTDBSHBTEFCFOFTUBSMJNQJBTZ
TFDBTQBSBFWJUBSMBDPOUBNJOBDJØOQPSQPMWPZPUSBTTVTUBO
DJBT
t-BTMPOBTEFCFOHVBSEBSTFFOEFQØTJUPTCBKPUFDIPOVODB
TPCSFMBUJFSSB
t-BWBSMBTMPOBTZEFTJOGFDUBSMBTMVFHPEFVUJMJ[BSMBT
t$BSHBSZEFTDBSHBSMPTDBNJPOFTCBKPQSPUFDDJØO
„ &OFMUSBOTQPSUFEFQSPEVDUPTSFGSJHFSBEPT
t2VFFMMVHBSEFDBSHBTFBDFSSBEPZTFNBOUFOHBSFGSJHF
SBEP$BTPDPOUSBSJPMBDBSHBZEFTDBSHBEFCFIBDFSTFFOFM
NFOPSUJFNQPQPTJCMF
t1SFWJBNFOUFBMBDBSHBFOGSJBSFMDPNQBSUJNJFOUPEFM
WFIÓDVMPBMBUFNQFSBUVSBEFUSBOTQPSUFPBMNBDFOBKFEFM
QSPEVDUP
t"DPNPEBSMPTQBMMFUTPFOWBTFTJOEJWJEVBMFTEFOUSPEFM
USBOTQPSUFEFGPSNBUBMRVFTFBTFHVSFMBDJSDVMBDJØOEFMBJSF
GSÓPBUSBWÏTZBMSFEFEPSEFMPTNJTNPT
t$PNQSPCBSMBTCVFOBTDPOEJDJPOFTEFGVODJPOBNJFOUP
EFMFRVJQPEFSFGSJHFSBDJØOZRVFTFBEFDVFOBMBTSFRVFSJEBT
QBSBFMQSPEVDUPFOQBSUJDVMBS
t*ODMVJSUFSNØHSBGPTFOMBDBSHBQBSBDPNQSPCBSRVFMB
NJTNBIBTJEPNBOUFOJEBBMBUFNQFSBUVSBBQSPQJBEBEVSBOUF
UPEPFMUSBTMBEP
t$PSSPCPSBSFMCVFOFTUBEPEFMBTQBSFEFTQJTPUFDIPZ
QVFSUBTEFMDPNQBSUJNJFOUPEFDBSHBZBRVFQPSDVBMRVJFS
BCFSUVSBPEFUFSJPSPEFMBTNJTNBTQVFEFQFOFUSBSDBMPSTV
DJFEBEFJOTFDUPTPQFSEFSTFGSÓPZIVNFEBEDPNPBTÓUBNCJÏO
FMDPSSFDUPGVODJPOBNJFOUPZDJFSSFEFMBTQVFSUBTZBCFSUVSBT
EFWFOUJMBDJØO
t-JNQJBSZEFTJOGFDUBSFMFRVJQPDPODBEBDBSHBZBRVF
TFQVFEFEFUFSJPSBSQPSNJDSPPSHBOJTNPTPMPSFTQSPEVDJEPT
QPSDBSHBTQSFWJBTSFTJEVPTEFTVTUBODJBTUØYJDBTQSFTFODJBEF
JOTFDUPTSFTUPTEFQSPEVDUPTPMBPCTUSVDDJØOEFMPTESFOBKFT
EFMBDJSDVMBDJØOEFBJSFFOFMQJTP
-BDBEFOBBHSPBMJNFOUBSJB-PTQSPWFFEPSFTEFJOTVNPTPTFSWJDJPT
#JCMJPHSBG©B
t$ØEJHP"MJNFOUBSJP"SHFOUJOP"SU#JT3FTPMVDJØO$POKVOUB
41Z34Z4"(1Z"OZOEFM
t(ØNF[3JFSB1Z)VCF4FYBFRVP
.BOVBMEF#VFOBT1SÈDUJDBT
"HSÓDPMBTZEF.BOFKPZ&NQBRVFQBSB'SVUBTZ)PSUBMJ[BT
t4"(1Z"3FT/EFM(VÓBEF#VFOBT1SÈDUJDBTEF)JHJFOF
Z"HSÓDPMBTQBSBMB1SPEVDDJØO1SJNBSJBDVMUJWPDPTFDIB
&NQBDBEP
"MNBDFOBNJFOUPZ5SBOTQPSUFEF)PSUBMJ[BTGSFTDBT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BSFEEFEJTUSJCVDJØO *OUSPEVDDJØO 1BSUJDVMBSJEBEFTEFMQSPEVDUPIPSUÓDPMB -PTTJTUFNBTEFDPNFSDJBMJ[BDJØOEFIPSUBMJ[BTFO"SHFOUJOB %JOÈNJDBTJOOPWBDJPOFTFJOnVFODJBEFMIPSUJDVMUPSCPMJWJBOPFOFMTJTUFNBEF
DPNFSDJBMJ[BDJØO -PTQSPEVDUPSFTEFMBiTJNQMFwQSPEVDDJØOBMBQSPEVDDJØODPNFSDJBMJ[BDJØO 1BSUJDVMBSJEBEFTEFMTJTUFNBEFDPNFSDJBMJ[BDJØOEFMFDIVHBFOFMDJOUVSØOIPSUÓDPMB
QMBUFOTF -BEJTUSJCVDJØONJOPSJTUB -PTQSFDJPTFOMPT.FSDBEPT$PODFOUSBEPSFT -BT#VFOBT1SÈDUJDBTZMBEJTUSJCVDJØO 4ÓOUFTJTZDPODMVTJPOFTFODVBOUPBMBEJTUSJCVDJØO #JCMJPHSBGÓB -BDBEFOBBHSPBMJNFOUBSJB-BSFEEFEJTUSJCVDJ¯O
-BSFEEFEJTUSJCVDJ¯O
*OUSPEVDDJ¯O
&OFTUFBQBSUBEPTFCVTDBSFBMJ[BSVOBEFTDSJQ
DJØOZBOÈMJTJTEFM4JTUFNBEF$PNFSDJBMJ[BDJØOEF)PSUB
MJ[BTCVTDBOEPEFUFSNJOBSZFOUFOEFSDBNCJPTZDPOUJOVJEBEFT
PDVSSJEPTFOMPTÞMUJNPTB×PT
1BSBFMMPFOVOBQSJNFSBQBSUFTFSFUPNBZTJOUFUJ[BVOB
EFTDSJQDJØOEFMBTDBSBDUFSÓTUJDBTEFMQSPEVDUPBHSPQFDVBSJP
FOHFOFSBMZIPSUÓDPMBFOQBSUJDVMBSZMPTQSPCMFNBTRVFFTUP
QMBOUFBFOFMNBSDPEFTVJOnVFODJBFOFMTJTUFNBEFDPNFS
DJBMJ[BDJØO
"DPOUJOVBDJØOFOVOBTFHVOEBQBSUFTFFTCP[BVOTJTUFNB
EFDPNFSDJBMJ[BDJØOEFIPSUBMJ[BTFOEPOEFTFQVFEFOSFQSF
TFOUBSMPTEJGFSFOUFTDBOBMFTEFDPNFSDJBMJ[BDJØOQPSEPOEFFM
QSPEVDUPDJSDVMBEFTEFFMQSPEVDUPSIBTUBFMDPOTVNJEPS
&OVOBUFSDFSBQBSUFTFEFTBSSPMMBFOQSPGVOEJEBEFMDB
OBMRVFGVFZTJHVFTJFOEPFMNÈTJNQPSUBOUFFMSFQSFTFOUBEP
QPSFM.FSDBEP$PODFOUSBEPS"TJNJTNPTFBOBMJ[BFMBWBODF
EFMQSPEVDUPSCPMJWJBOPFOFMFTMBCØOEFDPNFSDJBMJ[BDJØOTF
EFTDSJCFOBMHVOBTEFTVTFTUSBUFHJBTQSPEVDUJWBTZDPNFSDJBMFT
FYQMJDJUBOEPUBOUPMBTDBVTBTDPNPMBTDPOTFDVFODJBTTPCSFFM
TJTUFNBEFDPNFSDJBMJ[BDJØO"TJNJTNPTFEFTDSJCFTPNFSB
NFOUFVOFTUVEJPEFDBTPBDFSDBEFMBTQBSUJDVMBSJEBEFTEFMB
DPNFSDJBMJ[BDJØOEFMFDIVHBFO-B1MBUB
6OBDVBSUBQBSUFUSBUBMBEJTUSJCVDJØONJOPSJTUBFOFTQFDJBM
MBTDPOEJDJPOFTRVFÏTUBEFCFSÓBSFVOJSQBSBBMDBO[BSVOBNBZPS
DPNQFUJUJWJEBEFOFMNFSDBEFPEFGSVUBTZIPSUBMJ[BT
6OBRVJOUBQBSUFBOBMJ[BMPTQSFDJPTNBZPSJTUBTEFDBEB
VOBEFMBTFTQFDJFTBOBMJ[BEBTEBUPGVOEBNFOUBMQBSBMB
SFBMJ[BDJØOEFQMBOFTEFQSPEVDDJØO
'JOBMNFOUFTFUFOESÈFODVFOUBMPRVFEFCFSUFOFSMB
EJTUSJCVDJØOQBSBFMNBOUFOJNJFOUPEFMBDBMJEBEFJOPDVJEBE
EFMBTIPSUBMJ[BTZVOBTDPODMVTJPOFTEFMTVCDBQÓUVMP
1BSUJDVMBSJEBEFTEFMQSPEVDUPIPSU©DPMB
-PTQSPEVDUPTBHSPQFDVBSJPTUJFOFOVOBTFSJFEFDPOEJ
DJPOBOUFTQPSTVPSJHFOCJPMØHJDP-BEFQFOEFODJBEFMDMJNB
TVFMPFTUBDJPOBMJEBESJFTHPTCJØUJDPTZBCJØUJDPTZSJHJEF[FO
FMQSPDFTPQSPEVDUJWPJNQMJDBOVOTJTUFNBDPNQMFKPOPTØMPB
OJWFMQSPEVDUJWPTJOPRVFUBNCJÏOFOFMFTMBCØODPNFSDJBM
&OFTUFNBSDPMBTIPSUBMJ[BTTFDBSBDUFSJ[BOQPSQSPGVO
EJ[BSBMHVOPTEFFTUPTGBDUPSFT1SJODJQBMNFOUFFOFMDBTPEF
MBTIPSUBMJ[BTEFIPKBTMBDPNFSDJBMJ[BDJØOEFCFSFTQPOEFSB
MBQBSUJDVMBSJEBEEFBMUBQFSFDFCJMJEBERVFIBDFRVFEFTEFFM
NPNFOUPEFDPTFDIBMBIPSUBMJ[BQJFSEBDBMJEBEZDPOTFDVFO
UFNFOUFWBMPS"TJNJTNPQPSSFMBDJPOFTEFDPTUPCFOFmDJP
TFSFEVDFOMBTQPTJCJMJEBEFTUSBEJDJPOBMFTEFDPOTFSWBDJØOZ
BMNBDFOBNJFOUPMBTRVFOPSNBMNFOUFOPTVQFSBMPTTJFUFEÓBT
1PSFTUPTNPUJWPTFOUSFPUSPT
FMTVCTFDUPSIPSUÓDPMBQPTFFVO
ÓOmNPWPMVNFOEFQSPEVDUPTRVFTFFYQPSUBO
4VDPOTVNPBEFNÈTEFTFSCBKPFOFMQBÓTOPFTDPOTJEF
SBEPEFQSJNFSBOFDFTJEBEFTUBOEPTVEFNBOEBJOnVFODJBEB
BEFNÈTEFMQSFDJP
QPSWBSJBCMFTEFDBMJEBEWJTVBMFTKVOUP
BOVFWBTFYJHFODJBTRVFUJFOFORVFWFSDPODBNCJPTFOMPT
IÈCJUPTBMJNFOUJDJPT&TUPJNQMJDBVOQSPEVDUPRVFBQSJPSJMF
PUPSHBNVZQPDPQPEFSEFOFHPDJBDJØOBMQSPEVDUPSZVONBZPS
NBSHFOEFFTQFDVMBDJØOBMPTBHFOUFTJOUFSNFEJBSJPTRVJFOFT
BEFNÈTTFNVFWFOFOVONFSDBEPHFOFSBMNFOUFTBUVSBEPDPO
VOBBMUBFMBTUJDJEBEQSFDJPSFTQFDUPBTVQSPEVDDJØOZDVZPT
WBMPSFTJOFTUBCMFTFJNQSFWJTJCMFTTFNPEJmDBOFOUSFMPTB×PT
EVSBOUFFMB×PEJBSJBNFOUFZFOUSFNFSDBEPT
5PEPFTUPHFOFSBMBOFDFTJEBEEFVOTJTUFNBEFDPNFSDJBMJ
[BDJØOEJOÈNJDPDPNQMFKPRVFQSFDJTBEFVOBKVTUFQFSNBOFOUF
FODVZPFTMBCØOTFEJTUSJCVZFHSBOQBSUFEFMJOHSFTPEFMTFDUPS
{$ØNPEJGFSFODJBSTFZBTFBUBOUPQBSBTPCSFWJWJSDPNPQBSB
BDVNVMBS {FMTJTUFNBEFDPNFSDJBMJ[BDJØOFTMBTBMJEB {DØNP
TFQVFEFSFWFSUJSFMCBKPQPEFSEFOFHPDJBDJØOEFMQSPEVDUPS
IPSUÓDPMB "DPOUJOVBDJØOTFBOBMJ[BOMPTEJGFSFOUFTDBOBMFTEF
DPNFSDJBMJ[BDJØOQBSBMVFHPTÓEJTDVUJSMBTFTUSBUFHJBTQPTJCMFT
ZFYJTUFOUFTMMFWBEBTBDBCPQSJODJQBMNFOUFQPSFMIPSUJDVMUPS
CPMJWJBOPFOMPTÞMUJNPTB×PT
-PTTJTUFNBTEFDPNFSDJBMJ[BDJ¯OEF
IPSUBMJ[BTFO"SHFOUJOB
-PTDBOBMFTEFDPNFSDJBMJ[BDJØOTPOMBTEJGFSFOUFTWÓBTQPSMBT
DVBMFTFMQSPEVDUPTBMFEFMBRVJOUBZMMFHBBMDPOTVNJEPS$BEB
VOPEFFMMPTQPTFFWFOUBKBTZEFTWFOUBKBTQVEJÏOEPTFBOBMJ[BS
EFTEFFMQVOUPEFWJTUBNBDSPFDPOØNJDPEFMIPSUJDVMUPSEFMPT
BHFOUFTEFMBJOUFSNFEJBDJØOEFMQSPEVDUPZEFMDPOTVNJEPS&M
TJTUFNBEFDPNFSDJBMJ[BDJØOEFIPSUBMJ[BTCVTDBQPSFOEFMB
SFQSFTFOUBDJØOEFMPTEJGFSFOUFTDBOBMFTQVEJÏOEPTFEFUFSNJOBS
TVJODJEFODJBJOUFSBDDJØOFJOUFSSFMBDJØO
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BWFOUBBMBJOEVTUSJBOPmHVSBFOFTUFBQBSUBEPZQP
EFNPTDPOTJEFSBSRVFTFIBDFCBKPDPOUSBUPEPOEFFMQSPEVDUPS
QPOFFMDBNQPMBQSFQBSBDJØOEFMTVFMPZMBTMBCPSFTDVMUVSBMFT
MBJOEVTUSJBHFOFSBMNFOUFBQPSUBBMHVOPTJOTVNPTTFNJMMBT
QMBOUJOFTBHSPRVÓNJDPT
MBEJSFDDJØOUÏDOJDBZMBDPTFDIB-PT
QSFDJPTHFOFSBMNFOUFTPOmKPTCBKPTZTFDPNQFOTBODPOBMUPT
WPMÞNFOFTEFQSPEVDDJØO
4FHÞOFMNBOFKPEFMQSPEVDUPFMOJWFMEFJOUFSNFEJBDJØOZFM
nVKPEFJOGPSNBDJØOFOMPTEPTFYUSFNPTEFMBDBEFOBDPNFSDJBM
TFQVFEFOEFUFSNJOBSEPTHSBOEFTDJSDVJUPTEFDPNFSDJBMJ[BDJØO
IPSUÓDPMB$JSDVJUP%JSFDUPF*OEJSFDUP
&MDJSDVJUPEJSFDUPIBDFSFGFSFODJBBVOQSPEVDUPSRVF
SFBMJ[BVOBQSPWJTJPOBNJFOUPEFQSPYJNJEBEZBTFBQPSRVF
WFOEFEJSFDUBNFOUFBMDPOTVNJEPSmOBMPCJFODPNFSDJBMJ[B
DPOFMFYQFOEFEPSNJOPSJTUB
&MDJSDVJUPJOEJSFDUPFTJOEFQFOEJFOUFNFOUFEFMBEJTUBODJB
HFPHSÈmDBFOUSFMBQSPEVDDJØOZFMDPOTVNPVODJSDVJUPDBSBDUF
SJ[BEPQPSVONBZPSOÞNFSPEFPQFSBDJPOFTJOUFSNFEJBSJBTRVF
DVNQMFOEJGFSFOUFTGVODJPOFT-BDBSBDUFSÓTUJDBTPCSFTBMJFOUF
FTTVDBQBDJEBEEFDPNFSDJBMJ[BSJNQPSUBOUFTWPMÞNFOFT"TV
WF[QVFEFEJWJEJSTFFO
$JSDVJUP5SBEJDJPOBMTJTUFNBUSBEJDJPOBMEFDPNFSDJBMJ[B
DJØOSFQSFTFOUBEPQPSFM.FSDBEP$PODFOUSBEPSZDVZBQSJODJQBM
DBSBDUFSÓTUJDBFTMBQSFTFODJBGÓTJDBEFMQSPEVDUP
$JSDVJUPEFMB(SBO%JTUSJCVDJØOTJTUFNBEFDPNFS
DJBMJ[BDJØOJOEJSFDUPRVFMMFWBBDBCPMB(SBO%JTUSJCVDJØO
)JQFSZ4VQFSNFSDBEPT
ZDVZBDBSBDUFSÓTUJDBTPCSFTBMJFOUF
FTMBBVTFODJBGÓTJDBEFMQSPEVDUPPFMJOUFSDBNCJPDPNFSDJBM
JONBUFSJBM
$POFTUBCSFWFQSFTFOUBDJØOTFFYQPOFVOFTRVFNBEFMPT
EJGFSFOUFTDBOBMFTZBDPOUJOVBDJØOTFSFBMJ[BVOBEFTDSJQDJØO
ZBOÈMJTJTEFMPTNJTNPT'JHVSB
„ $JSDVJUP$PNFSDJBM%JSFDUP
"DPOTVNJEPSmOBMFOFTUFDBOBMFMQSPEVDUPSDPNFSDJBMJ[B
TVQSPEVDDJØOEJSFDUBNFOUFDPOFMDPOTVNJEPSmOBM1BSBFMMP
FYJTUFOUSFTNPEBMJEBEFT
B
"EPNJDJMJP EFCJEPBMBTNFKPSBTFOFMUSBOTQPSUF
ZMBTDPNVOJDBDJPOFTZEFMBNBOPEFOVFWBTEFNBOEBTZ
OFDFTJEBEFTEFMBQPCMBDJØOMBDPNFSDJBMJ[BDJØOFOQVFSUBIB
DSFDJEPFOMPTÞMUJNPTB×PT-BNJTNBDPOTUBEFMBWFOUBEFVOB
DBOBTUBEFIPSUBMJ[BTFOUSFZ
DPNQVFTUBQPSBMHVOBT
mKBTZPUSBTFOMBTRVFFMDPOTVNJEPSQVFEFPQUBSZBTFBUFMF
GØOJDBNFOUFDPNPWÓB*OUFSOFU4FDPCSBVOQSFDJPmKPQPSVOB
FOUSFHBTFNBOBM&MTFSWJDJPJODMVZFMBTFMFDDJØOQSFMBWBEPZ
-BDBEFOBBHSPBMJNFOUBSJB-BSFEEFEJTUSJCVDJ¯O
FOWBTBEPEFMBTIPSUBMJ[BTQBSBTVNBZPSDPOTFSWBDJØOBMB
WF[RVFVTVBMNFOUFTFBDPNQB×BMBTNJTNBTDPOSFDFUBTRVF
PSJFOUBOBMDPOTVNJEPSQBSBVONFKPSVTPEFMQSPEVDUP
C
'FSJBTFTVOTJTUFNBNVZBOUJHVPEFDPNFSDJBMJ[BDJØO
BVOWJHFOUFOPTØMPFOOVFTUSPQBÓTTJOPRVFUBNCJÏOFO
DJVEBEFTEF&VSPQBZEFMSFTUPEFMNVOEP&TVOBNPEBMJEBE
nFYJCMFZBRVFTFGPSNBNFEJBOUFQVFTUPTNØWJMFTTPCSFMB
WFSFEBEFVOBDBMMFSBNCMBPQMB[B&TUPMFQFSNJUFOPTØMP
TVNBSPSFEVDJSQVFTUPTFOGVODJØOEFMBEFNBOEBTJOPRVF
QPTJCJMJUBTVUSBTMBEPEJBSJPZSPUBUJWPFOEJGFSFOUFTQVOUPT
QSFmKBEPTEFMQVFCMPPDJVEBE
.BZPSJUBSJBNFOUFFTPTQVFTUPTTPOBUFOEJEPTQPSQSPEVD
UPSFTQFSNJUJFOEPRVFTØMPVOQPSDFOUBKFNFOPSEFFMMPTTFBO
TJNQMFTSFWFOEFEPSFT$POFTUPÞMUJNPTFQSPDVSBMPHSBSVOB
PGFSUBEFQSPEVDUPTFYUSBSFHJPOBMFTZPiGVFSBEFFTUBDJØOw
QFSNJUJFOEPRVFFMDMJFOUFPCUFOHBUPEBMBHBNBEFNFSDBEFSÓB
FOMBGFSJB&OFTUFÞMUJNPTFOUJEPFTUBNCJÏOVTVBMMBIBCJMJUB
DJØOEFQVFTUPTQBSBMBWFOUBEFQSPEVDUPTOPIPSUÓDPMBTDPNP
MPTPOMBTGSVUBTQFTDBEPGSFTDPBWFTIVFWPTFUD
&M.VOJDJQJPFTRVJFOIBCJMJUBBMBGFSJBZBMPTGFSJBOUFTBMB
WF[RVFFTUBCMFDFPSFHVMBTVGVODJPOBNJFOUP&TUPÞMUJNPIBDF
SFGFSFODJBBOPSNBTEFMVHBSFTIPSBSJPTEJNFOTJPOFTEFMPT
QVFTUPTFUD"TJNJTNPFM.VOJDJQJPMFTDPCSBBDBEBGFSJBOUFVOB
UBTBDVZPEFTUJOPUFOESÈDPNPGVODJØOMBMJNQJF[BJONFEJBUB
BMDJFSSFEFMBGFSJBBTÓDPNPUBNCJÏODPOUFNQMBMPTHBTUPT
SFGFSJEPTBVOEFUFSJPSPBDFMFSBEPEFMBTBDFSBTBUSJCVJCMFBMB
BDUJWJEBEZBMDPOUSPMEFMDVNQMJNJFOUPEFOPSNBTEFQFTPTZ
NFEJEBTEFTBOJEBEZDBMJEBE
D
7FSEVMFSÓBTQSPQJBTFTVOUÓQJDPDBTPEFJOUFHSBDJØO
WFSUJDBMPQDJØOBMDBO[BEBQPSBMHVOPTQSPEVDUPSFT
-BWFOUBEJSFDUBBNJOPSJTUBFTVODBOBMNFEJBOUFFMDVBMFM
QSPEVDUPSDPNFSDJBMJ[BTVQSPEVDDJØODPOFMBHFOUFNJOPSJTUB
ZBTFBFOQMBZBEFRVJOUFSPTPFOMBTNJTNBTWFSEVMFSÓBT
B
7FOUBFO1MBZB-JCSFFOMPTHSBOEFT.FSDBEPT$PODFO
USBEPSFT.FSDBEP$FOUSBMEF#VFOPT"JSFT.FSDBEP3FHJPOBM
EF-B1MBUB.FSDBEPEF$PODFOUSBDJØO'JTIFSUPOFUD
FYJTUF
VOFTQBDJPEJWJEJEPFOiTFYUPTwZBRVFTPOÈSFBTEFYNF
USPT
FOEPOEFVORVJOUFSPQVFEFDPNFSDJBMJ[BSTVQSPEVDDJØO
QBHBOEPVOBMRVJMFSNÈTCBKPRVFFMEFVOQVFTUP&OFTUPT
MVHBSFTFMQSJODJQBMDMJFOUFFTFMQFRVF×PNJOPSJTUBWFSEVMFSP
QPSMPRVFMBWFOUBFTBOJWFMNBZPSJTUBZCVTDBOEPPGFSUBS
VOBBMUBWBSJFEBEEFQSPEVDUPTRVFQFSNJUBORVFFTUFDMJFOUF
TFBCBTUF[DBFOGPSNBNÈTTFODJMMBZSÈQJEB
C
%JTUSJCVDJØOTPCSFCPDBNJOPSJTUBFOFTUFTVCDBOBM
FMQSPEVDUPSQSPWFFEJSFDUBNFOUFBMBCPDBEFFYQFOEJPZB
TFBMMFWBOEPMBTIPSUBMJ[BTFOTVQSPQJPWFIÓDVMPPBMRVJMBO
EPVOnFUF
PCJFOWFOEJFOEPiFORVJOUBwBMWFSEVMFSP&TUB
NPEBMJEBEJNQMJDBVOBSFEVDDJØOFOFMDPTUPPQFSBUJWPZFOFM
NBMUSBUPEFMQSPEVDUPIPSUÓDPMBBMSFEVDJSTFMBTPQFSBDJPOFT
EFDBSHBZEFTDBSHB
&MDJSDVJUPEJSFDUPEFDPNFSDJBMJ[BDJØOEFIPSUBMJ[BTQPTFF
VOBTFSJFEFWFOUBKBTZEFTWFOUBKBT&OUSFMBTQSJNFSBTEFT
UBDBNPT
t&MNBZPSHSBEPEFBQSPQJBDJØOEFMWBMPSEFMQSPEVDUP
RVFUJFOFFMQSPEVDUPSBMTBMUFBSTFJOUFSNFEJBSJPTBUSBWÏTEFM
BWBODFFOFMDBOBMEFDPNFSDJBMJ[BDJØO:BTFBQPSRVFDBSFDFO
EFMBFTDBMBTVmDJFOUFZPEFMBDBMJEBERVFPUSPTDJSDVJUPTMFT
EFNBOEBOFMDJSDVJUPMFQFSNJUFBVOHSVQPEFIPSUJDVMUPSFT
MPHSBSVOOJDIPRVFMFTQPTJCJMJUBTPCSFWJWJS
t1BSBMFMBNFOUFFTUBGPSNBEFDPNFSDJBMJ[BSHFOFSBVO
WÓODVMPEJSFDUPEFJOUFSDBNCJPEFJOGPSNBDJØOFOUSFFM
QSPEVDUPSZFMDPOTVNJEPSMPRVFQFSNJUFVONFKPSZNÈTGÈDJM
BKVTUFBMBEFNBOEB
t-PTQSPEVDUPTTPONÈTGSFTDPTZDPONFOPSHSBEPEFNBOJ
QVMBDJØOZQPSMPUBOUPTFSFEVDFOMBTQÏSEJEBTQPTDPTFDIB
t&OFMDBTPEFMBTGFSJBTZFODPNQFUFODJBDPOPUSPTNJOP
SJTUBTDPNPWFSEVMFSÓBTZIBTUBTVQFSNFSDBEPTFTUFDBOBMmKBVO
QJTPEFQSFDJPTOPMMFHBOEPBDPOTUJUVJSTFVOBDPNQFUFODJB
EFTMFBMZBRVFMBDMJFOUFMBFTEJGFSFOUF
-BTQSJODJQBMFTEFTWFOUBKBTEFFTUFDJSDVJUPEJSFDUPTPOFM
MJNJUBEPWPMVNFOPQFSBCMFZMBTEJmDVMUBEFTEFDPOUSPMEFMBT
PQFSBDJPOFTBOJWFMCSPNBUPMØHJDPFJNQPTJUJWP
„ $JSDVJUP$PNFSDJBM*OEJSFDUP
$JSDVJUP5SBEJDJPOBM FTUFDBOBMTFDBSBDUFSJ[BQPSMB
DPNFSDJBMJ[BDJØODPOMBQSFTFODJBGÓTJDBEFMQSPEVDUPFOVO
NFSDBEPNBZPSJTUBEFOPNJOBEP.FSDBEP$PODFOUSBEPS&TFM
TJTUFNBEFDPNFSDJBMJ[BDJØOUSBEJDJPOBMFMDVBMWJFOFTVGSJFOEP
NVUBDJPOFTOPTØMPFOMB"SHFOUJOBTJOPRVFFOUPEPFMNVOEP
&MEFTBSSPMMPEFFTUFUJQPEFDJSDVJUPFOFMQBÓTUVWPDPNPQBUSØO
MPTNFSDBEPTEF'SBODJBZFOFTQFDJBMEF&TQB×B&MPCKFUJWPEF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
FTUFNPEFMPCVTDBCBiy*OTUJUVJSVOSÏHJNFORVFQSPNVFWB
ZQFSGFDDJPOFVOBSFEEFNFSDBEPTNBZPSJTUBTFYUFOEJEBB
UPEPFMQBÓTRVFTJSWJFSBQBSBNFKPSBSFMBCBTUFDJNJFOUPEFMB
QPCMBDJØOZPUPSHVFFTUÓNVMPZSFTQBMEPBMBQSPEVDDJØOw-FZ
EF
1SFUFOEÓB
B
-PHSBSVOQVOUPFOEPOEFMBPGFSUBZEFNBOEBTF
FODPOUSBSBO
C
"MDBO[BSVOBUSBOTQBSFODJBEFQSFDJPT
D
(FOFSBSVOBMPDBMJ[BDJØOBEFDVBEBQBSBMBQPTUFSJPS
EJTUSJCVDJØO
E
'PDBMJ[BSFMDPOUSPMTBOJUBSJPFJNQPTJUJWP
&MTJTUFNBEFDPNFSDJBMJ[BDJØOUSBEJDJPOBMTJNQMFTFQVFEF
FTRVFNBUJ[BSEFMBTJHVJFOUFNBOFSBmHVSB
-PTEJTUJOUPTQBSUJDJQBOUFTRVFJOUFSWJFOFOFOMBDPNFSDJB
MJ[BDJØOTPO
B 1SPEVDUPSRVFOPDPODVSSFBMNFSDBEPFOFTUF
DBTPTFQVFEFTVCEJWJEJSFOVOQSPEVDUPSQFRVF×P[POBM
EJWFSTJmDBEPZDPOFTDBTPWPMVNFORVFFOUSFHBBPUSPTQSP
EVDUPSFTJOUSPEVDUPSFTRVFDPODVSSFOBMNFSDBEPBWFOEFS
TVTQSPEVDUPTPFMQSPEVDUPSEFPUSBT[POBTEFMQBÓTRVF
NVFWFVOJNQPSUBOUFWPMVNFOZFOUSFHBTVTQSPEVDUPTBNB
ZPSJTUBTDPOTJHOBUBSJPT&OMPTÞMUJNPTB×PTIBJEPDSFDJFOEP
MBNPEBMJEBEEFMQSPEVDUPSRVFWFOEFFORVJOUBBBDPQJBEPSFT
RVFMVFHPSFWFOEFFOMPTNFSDBEPTDPODFOUSBEPSFT
C 1SPEVDUPSJOUSPEVDUPSMPT[POBMFTRVFVUJMJ[BOMB
QMBZBEFRVJOUFSPTDPOVOBQSFTFODJBDPOUJOVBFOFMNFSDBEPZ
BMUBEJWFSTJEBEEFQSPEVDUPT&OHFOFSBMTPORVJOUBTGBNJMJBSFT
EPOEFVOPEFMPTTPDJPTTFRVFEBFOFMDBNQP5BNCJÏOWFOEFO
MBNFSDBEFSÓBEFPUSPTQSPEVDUPSFTMMFHBOEPBMHVOPTEFFMMPT
BDPNFSDJBMJ[BSBMUPTWPMÞNFOFTZPDVQBOEPWBSJBTQMBZBT
5BNCJÏOIBZQSPEVDUPSFTNÈTHSBOEFTRVFDPNFSDJBMJ[BOFO
QVFTUPTmKPT
DPOQSPEVDDJPOFTFOPUSBT[POBTHFOFSBMNFOUF
FMOPSUF
RVFUBNCJÏODPNQSBOPDPOTJHOBOEFPUSBTSFHJPOFT
QBSBUFOFSVOBQSPEVDDJØODPOTUBOUFBMPMBSHPEFMB×P
D $POTJHOBUBSJPNBZPSJTUBQVFEFBDUVBSSFDJCJFOEP
NFSDBEFSÓBTEFUFSDFSPTQBSBDPNFSDJBMJ[BSMBTPBERVJSJFOEP
NFSDBEFSÓBFOmSNFEFTEFPUSBT[POBTEFQSPEVDDJØO(FOF
SBMNFOUFUJFOFOQVFTUPTFONÈTEFVONFSDBEPZOPSNBMNFOUF
mOBODJBBMQSPEVDUPSFOTVTDPTUPTEFQSPEVDDJØO
E 3FWFOEFEPSFTFMRVFUJFOFVOQVFTUPZDPNQSBB
DPOTJHOBUBSJPTPQSPEVDUPSFTZMPWFOEFBNJOPSJTUBTPEJTUSJ
CVJEPSFT
F %JTUSJCVJEPSPSFQBSUJEPSFTFMRVFBERVJFSFQSPEVD
UPTFOMPT.FSDBEPT$PNFSDJBMJ[BEPSFTZMVFHPMPEJTUSJCVZFBMPT
DPNFSDJPTNJOPSJTUBT%FOUSPEFFTUPTTFEFTUBDBOMPTMMBNBEPT
DBNJPOFSPTRVFTPOMPTRVFEJTUSJCVZFOFOFMJOUFSJPS
G 5SBOTQPSUJTUBTFTBRVFMRVFBERVJFSFNFSDBEFSÓBFO
MBT[POBTEFQSPEVDDJØOZMBTUSBTMBEBBDFOUSPTEFDPOTVNP
-BDBEFOBBHSPBMJNFOUBSJB-BSFEEFEJTUSJCVDJ¯O
QBSBEJTUSJCVJSMBTEJSFDUBNFOUFBMPTNJOPSJTUBT6OBNPEBMJEBE
NVZEJGVOEJEBFOMPTÞMUJNPTB×PT
)BTUBMBEÏDBEBEFMMBDBTJUPUBMJEBEEFMBTWFOUBTEF
IPSUBMJ[BTFOFMQBÓTTFSFBMJ[BCBOWÓB.FSDBEP$PODFOUSBEPS
4JCJFOIBOFYJTUJEPDBNCJPTMPTEBUPTDFOTBMFTNVFTUSBORVF
MBNBZPSQBSUFEFMWPMVNFOEFMBTIPSUBMJ[BTGSFTDBT
TFDPOUJOÞBDPNFSDJBMJ[BOEPFONFSDBEPTNBZPSJTUBT&TUPT
NFSDBEPTSFDJCFOIPSUBMJ[BTEFUPEPFMQBÓTZBVOJNQPSUBEBT
"MMÓTFSFBMJ[BMBWFOUBNBZPSJTUBDPOFMQSPEVDUPBMBWJTUB-B
NJTNBTFMMFWBBDBCPCBKPMBNPEBMJEBEEFiWFOUBBMPÓEPw
NJFOUSBTRVFMBTVCBTUBTFIBEFKBEPEFQSBDUJDBS
-PTNFSDBEPTNBZPSJTUBTTFFODVFOUSBOEJTUSJCVJEPTFO
MPTHSBOEFTDPOHMPNFSBEPTVSCBOPTEFUPEPFMQBÓTTJFOEP
TVFTUSVDUVSBPSHBOJ[BUJWBEJWFSTBZBRVFMPTIBZQÞCMJDPTZ
QSJWBEPT&MNBZPSDFOUSPEFDPNFSDJBMJ[BDJØONBZPSJTUBEF
GSVUBTZIPSUBMJ[BTEF"SHFOUJOBFTFM.FSDBEP$FOUSBMEF#VFOPT
"JSFT.$#"
RVFGVODJPOBEFTEFZTFFODVFOUSBFOUSF
MPTUSFTNÈTHSBOEFTEF"NÏSJDB-BUJOB)BTJEPDPOTUSVJEPZ
BENJOJTUSBEPQPSFMTFDUPSQÞCMJDP
-PTPQFSBEPSFTDPNFSDJBMFTRVFSFDJCFOIPSUBMJ[BTFODPO
TJHOBDJØOJOUFHSBOMBNPEBMJEBERVFNVFWFFMNBZPSWPMVNFO
EFWFOUBTBVORVFUBNCJÏOZDBEBWF[FONBZPSNFEJEB
FYJTUFOPUSPTBHFOUFTRVFDPNQSBOIPSUBMJ[BTBMPTQSPEVDUPSFT
PBDPQJBEPSFTZMBTWFOEFOFOMPTNFSDBEPTNBZPSJTUBT-PT
QSJODJQBMFTDMJFOUFTTPOWFSEVMFSÓBTZSFQBSUJEPSFT
-BTWFOUBKBTFTFODJBMFTEFFTUFDBOBMTFQVFEFOSFTVNJS
t4FUSBUBEFVOTJTUFNBØQUJNPQBSBBCBTUFDFSBMNJ
OPSJTUBDPNQSBBVYJMJBSEFMB(SBO%JTUSJCVDJØOZDPNQSB
JOTUJUVDJPOBM
t&TVOMVHBSEPOEFTFQVFEFDFOUSBMJ[BSFMDPOUSPMTBOJUBSJP
FJNQPTJUJWP
t&TVODBOBMRVFHBSBOUJ[BFOHSBONFEJEBMBWFOUBEFM
QSPEVDUPTJOJNQPSUBSFMWPMVNFOPGFSUBEP
&TUPÞMUJNPFTEFHSBOJNQPSUBODJBQBSBMBBDUJWJEBE
IPSUÓDPMBDPOTJEFSBOEPRVFFONVDIBTPQPSUVOJEBEFTMBT
DPOEJDJPOFTDMJNÈUJDBTQVFEFOBEFMBOUBSPDPODFOUSBSFOFM
UJFNQPMBTDPTFDIBTMBTDVBMFTOPQVFEFOBMNBDFOBSTFQPS
DVFTUJPOFTFDPOØNJDBTZFDPmTJPMØHJDBT
ZEFCFOWFOEFSTF
DBTJJONFEJBUBNFOUF&TUFFTFMÞOJDPDBOBMDBQB[EFBCTPSCFS
HSBOEÓTJNPTWPMÞNFOFTEFQSPEVDUPBVORVFDPOVOSFEVDJEP
DPOUSPMEFMQSFDJPmOBMEFWFOUB
$PNPEFTWFOUBKBFTQBSBSFNBSDBSMBTHSBWFTDPOTFDVFODJBT
RVFMBTTVDFTJWBTSVQUVSBTEFDBSHBZEFTDBSHBJNQMJDBOQBSBFM
EFMJDBEPQSPEVDUPIPSUÓDPMB&TUPPDBTJPOBUBOUPQÏSEJEBTEF
DBMJEBEDPNPNBZPSFTDPTUPTPQFSBUJWPTSFEVOEBOEPBNCPT
FOQÏSEJEBTFDPOØNJDBT
1PSPUSBQBSUF(SFFOEFOVODJBFTUFGPSNBUPDPNPVOiSFMPK
EFBSFOBwEPOEFFMQSPEVDUPSZFMDPOTVNJEPSQJFSEFOZTØMP
HBOBFMJOUFSNFEJBSJPEFMNFSDBEPDPODFOUSBEPSRVFTFFO
DVFOUSBFOMBDJOUVSBEFMSFMPK$PNPTFEFTDSJCJSÈNÈTBEFMBOUF
FTUPTUSFTÓUFNTTFSÈOQBSUFSFTQPOTBCMFEFMBTJNQPSUBOUFT
USBOTGPSNBDJPOFTFOFTUFFMDJSDVJUPEFDPNFSDJBMJ[BDJØONÈT
JNQPSUBOUFEFIPSUBMJ[BTEFMQBÓT
)BTUBTFDPOUBCBONFSDBEPTNBZPSJTUBTFT
UBCMFDJEPTFO$BQJUBM'FEFSBM"CBTUP4QJOFUUPFUD
ZFOMB
QSJNFSB[POBQFSJGÏSJDB#FDDBS5SFTEF'FCSFSPFUD
$POFM
DSFDJNJFOUPVSCBOPBQBSUJSEFMPTB×PTTFTFOUBVOBDPNJTJØO
HVCFSOBNFOUBMCVTDØMBGPSNBEFDPODFOUSBSFMBCBTUFDJNJFOUP
EFMBDJVEBEEBOEPDPNPSFTVMUBEPMBJOBVHVSBDJØOFO
EFM.FSDBEP$FOUSBMEF#VFOPT"JSFT.$#"
1FSPMBDFOUSB
MJ[BDJØOOPSFTVMUØDØNPEBBOVNFSPTPTDPNQSBEPSFTRVF
UFOÓBORVFSFBMJ[BSVOMBSHPUSBZFDUPQBSBMMFHBSBM.FSDBEP
$FOUSBMZEFCÓBOEFKBSTVWFSEVMFSÓBBMHVOBTIPSBTFOFMEÓB
DVBOEPBOUFTQPEÓBOBCBTUFDFSTFEFOPDIF5SFDFNFSDBEPTEF
MBQSJNFSBDPSPOBEFOPNJOBEPTiTBUÏMJUFTwQPSTVEJTQFSTJØOFO
MPTBMSFEFEPSFTEFMB$BQJUBM'FEFSBMWPMWJFSPOFOUPODFTBBCSJS
JMFHBMNFOUFIBTUBRVFFOVOBMFZPmDJBMJ[ØMBBQFSUVSBZ
TVEFTSFHVMBDJØO(BSDÓB-F(BMMZ.JFSF[
&MDJSDVJUPEFMB(SBO%JTUSJCVDJØOTFEFOPNJOB(SBO
%JTUSJCVDJØO(%
BMDPOKVOUPDPNQVFTUPQPSMBTHSBOEFTmSNBT
JOUFSOBDJPOBMFTEF4VQFSF)JQFSNFSDBEPTZMBNPEFSOJ[BDJØO
EFMBTDBEFOBTOBDJPOBMFT
&TUFDBOBMTFDBSBDUFSJ[BQPSFMJOUFSDBNCJPJONBUFSJBM
TVTUFOUBEPFOMBTNPEFSOBTUFDOPMPHÓBTDPNVOJDBDJPOBMFT
UFMFGPOÓBF*OUFSOFU
ZFOVOBSJHVSPTBOPSNBMJ[BDJØOEFM
QSPEVDUPZTVNBOFKP
-BDPNFSDJBMJ[BDJØOEFIPSUBMJ[BTFOMB(%TFBQPZØZHJSB
BMSFEFEPSEFMB1MBUBGPSNB-PHÓTUJDB&TUBFTMBHSBOSFTQPOTB
CMFEFMBNBZPSEJGFSFODJBDPOFMTJTUFNBUSBEJDJPOBMFODVBOUP
BRVF iMBTUSFTGVODJPOFTFTFODJBMFTEFMDPNFSDJPDPNQSB
NBOJQVMBDJØOZQBHPEFMBNFSDBEFSÓB
TFTFQBSBOw
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
$BEBmSNBEF4VQFSP)JQFSNFSDBEPQPTFFVOB1MBUBGPSNB
-PHÓTUJDB-BTNJTNBTTPOiHBMQPOFTwDPOVOQSPNFEJPEF
NSFGSJHFSBEPTDPOVOiGSÓPQPTJUJWPwEFB¡$
QBSBOPSPNQFSMBDBEFOBEFGSÓPEVSBOUFMBTPQFSBDJPOFT-BT
GVODJPOFTRVFQPTFFOTPOEF
t1MBOJmDBDJØOZDPPSEJOBDJØOEFi1SPHSBNBTEFQSPEVDDJØO
ZBCBTUFDJNJFOUPwDPOBMUBTFYJHFODJBTFODVBOUPBFOWBTFT
WPMÞNFOFTDBMJEBEZDVNQMJNJFOUPEFFOUSFHB
t$PNQSBEFMBNFSDBEFSÓBTJOFMNBUFSJBMBMBWJTUB
t3FDFQDJØOEFMBNJTNBDPOMPTDPOUSPMFTEFQFTPUJQP
ZDBMJEBEQSFmKBEBPmKBEBDPZVOUVSBMNFOUFFOGVODJØOEF
OFDFTJEBEEFBKVTUFT
t3VQUVSBEFDBSHBZBRVFMPTWPMÞNFOFTRVFTFNBOFKBOEF
DBEBQSPEVDUPIBDFRVFMPTDBNJPOFTRVFEJBSJBNFOUFBSSJCBO
BMBTQMBUBGPSNBTTFBOHFOFSBMNFOUFNPOPQSPEVDUP
t1SFQBSBDJØOEFMPTQSPEVDUPT1JDLJOH
QSFQBSBOEPMPT
FOWÓPTDPOMBDBOUJEBEEFDBEBIPSUBMJ[BTFHÞOMPTQFEJEPTEF
TVTMPDBMFT
t%FTQBDIPQBSBDBEBCPDBEFFYQFOEJP/PIBZDÈNBSBT
EFGSÓPZBRVFFMQSPEVDUPRVFEBQPDPUJFNQPBMMÓUSBCBKÈOEPTF
BnVKPUFOTPPTUPDLDFSP
&OFMNJTNPUPEPTMPTQSPEVDUPTEFCFOFTUBSQBMFUJ[BEPT
FODBKPOFTFTQFDJBMFTZTUBOEBSJ[BEPTRVFMPTQSPWFFMB*OUFS
OBUJPOBM'PPE$POUBJOFS0SHBOJ[BUJPO*'$0
VOBFNQSFTBRVF
NVFWFNJMMPOFTEFDBKPOFTFO&VSPQBZRVFFOMBBDUVBMJEBE
FTUÈBWBO[BOEPFO-BUJOPBNÏSJDB-VFHPMPTSFUJSBEFM4VQFS
NFSDBEPMPTMJNQJBZWVFMWFBFOUSFHBSBMQSPEVDUPSQSPWFFEPS
&TUPQFSNJUFVOBNBZPSGBDJMJEBEEFNBOFKPQBSBMB(%BMB
WF[RVFMPTDBKPOFTPUPSHBONFKPSUSBUBNJFOUPZSFEVDFOFM
EB×PEFMBTIPSUBMJ[BT
1BSBFOUSBSFOFTUFDJSDVJUPTFEFCFQSPWFFSDBOUJEBEDBMJEBE
ZDPOUJOVJEBE"M+FGFEF$PNQSBEFMB(%MFSFTVMUBNÈTTFO
DJMMPUSBCBKBSDPOQPDPTQSPWFFEPSFTRVFDPOVOBJOmOJEBEEF
QSPEVDUPSFTQFRVF×PTRVFTJCJFOPGFSUBODBMJEBEFMWPMVNFO
OPTJFNQSFFTTJHOJmDBUJWPQBSBMBEFNBOEBTPMJDJUBEBZDPO
VOBDPOUJOVJEBEMJNJUBEBQPSMBTDPOEJDJPOFTDMJNÈUJDBTEFMB
SFHJØOEFMQSPEVDUPS
"OUFFTUBTJUVBDJØOFTRVFTVSHFO MPTBCBTUFDFEPSFT
&TUPTTPONBZPSJUBSJBNFOUFQSPEVDUPSFTPZBFYQSPEVDUPSFT
RVFCVTDBOOPTØMPBNQMJBSMBHBNBEFQSPEVDUPTDPORVF
BCBTUFDFOBMB(%TJOPRVFUBNCJÏOJOUFOUBORVFFMNJTNP
TFBDPOTUBOUFBMPMBSHPEFMB×P1BSBFMMPBNFEJEBRVFTF
WJODVMBODPOMB(%FTUPTFNQSFTBSJPTMPHSBO
t7JODVMBSTFDPOQSPEVDUPSFTFTQFDJBMJ[BEPTZEJTUSJCVJEPT
FOUPEPFMQBÓT
t.FKPSBSTVMPHÓTUJDBDPOUSBUBOEPPDPNQSBOEPUSBOTQPSUFT
SFGSJHFSBEPT
t*ODPSQPSBSTJTUFNBTEFFNQBRVFZBDPOEJDJPOBNJFOUP
t#SJOEBSTFSWJDJPTBMQSPEVDUPS
$MBSBNFOUFTFFWJEFODJBVOBWBODFEFM4JTUFNBEF$PNFS
DJBMJ[BDJØOQPSTPCSFFMEF1SPEVDDJØOJNQPOJFOEPRVÏDØNP
ZDVÈOUPQSPEVDJS&TUPDPJODJEFDPOMBJEFBEFRVFFOQBÓTFT
FOEFTBSSPMMPDPNP"SHFOUJOBFMQSPCMFNBFTEFJOTVmDJFOUF
PGFSUBQPSMPRVFBEJGFSFODJBEFQBÓTFTEFTBSSPMMBEPT iMB
GVODJØOEF}DSFBDJØOEFEFNBOEB}QJFSEFQBSUFEFTVWJHFODJB
ZMBDPNFSDJBMJ[BDJØOQBTBBKVHBSVOQBQFMJNQPSUBOUFFOMB
}DSFBDJØOEFPGFSUB}NPUJWBOEPZPSJFOUBOEPBMQSPEVDUPS<y>
FONVDIPTDBTPTFMDPNFSDJBMJ[BEPSTFJOUFHSBWFSUJDBMNFOUF
IBDJBBUSÈTQBSBEJOBNJ[BSMBPGFSUB"TÓMBGVODJØOJOUFSQSFUB
EPSBBEBQUBEPSBZQSPNPUPSBTFPSJFOUBSÓBFOMBTFDPOPNÓBT
FOEFTBSSPMMPIBDJBMBPGFSUByw
"QFTBSEFMBJSSVQDJØOEFMBTDBEFOBTEF)JQFSZ4VQFS
NFSDBEPTMPTQFRVF×PTDPNFSDJPTNJOPSJTUBTBVODPOTFSWBO
TVJNQPSUBODJB4FHÞOEBUPTEFMBFY
4"(1Z"FMEF
MBTIPSUBMJ[BTFTBERVJSJEPFOWFSEVMFSÓBTIUUQXXXBMJNFO
UPTBSHFOUJOPTHPWBS
&TUPQVFEFTFSFYQMJDBEPZBRVFBQFTBSEFTFSVOQSPEVDUP
EFSÈQJEBDJSDVMBDJØOMPTiGSFTDPTwFOMPTIJQFSOPTVQFSBOFM
EFMBGBDUVSBDJØOEFBMJNFOUPTTJFOEPMBTGSVUBTZWFSEVSBT
BQFOBTVOEFFTFUPUBM:TJCJFOIBZJODSFNFOUPTFO
MPTNFUSPTDVBESBEPTEFTUJOBEPTBFTUPTBMJNFOUPTPSJFOUÈO
EPTFBMPTDPOTVNJEPSFTNFEJPTZBMUPTFMDPOTVNJEPSQSFmFSF
BERVJSJSGSFTDBTMBTIPSUBMJ[BTFOMPTDPNFSDJPTUSBEJDJPOBMFT&O
FMMPTPCUJFOFBUFODJØOQFSTPOBMJ[BEBNJFOUSBTRVFTVWFDJO
EBEGBDJMJUBFMBCBTUFDJNJFOUPZBRVFBMUSBUBSTFEFBMJNFOUPT
QFSFDFEFSPTTPOEFDPNQSBGSFDVFOUF
-BTWFOUBKBTEFFTUBDBOBMQVFEFOSFTVNJSTFFO
t$POUSPMFTCSPNBUPMØHJDPTZEF#VFOBT1SÈDUJDBT"HSÓDPMBT
#1"
t.FOPSFTJOUFSNFEJBDJPOFTZSVQUVSBTEFMQSPEVDUP
t#MBORVFPUPUBMTJFOEPFTUPSFRVJTJUPQBSBFOUSBSBMDJS
DVJUPEFMB(%
-BDBEFOBBHSPBMJNFOUBSJB-BSFEEFEJTUSJCVDJ¯O
1BSBBMHVOPTQSPEVDUPSFT
t$PMPDBDJØOEFTVTQSPEVDUPTBVOMPTFTQFDJBMJUJFT
DPO
VONFKPSNBSHFO
t4FHVSJEBEEFDPCSP
t$JFSUPiTUBUVTw
t3FUFODJØOEFVONBZPSFYDFEFOUFQPSFMJNJOBDJØOEF
JOUFSNFEJBSJPT
:FODVBOUPBMBTEFTWFOUBKBT
t1ÏSEJEBEFMQPEFSEFOFHPDJBDJØOEFMQSPEVDUPS
t1SÈDUJDBTDPNFSDJBMFTEFTMFBMFT
t$PTUPTmOBODJFSPTQPSDPCSPBMBSHPQMB[P
t&GFDUPTOFHBUJWPTTPCSFMPTDPNFSDJPTNJOPSJTUBT
0USPTQPSÞMUJNPMPTDBNCJPTFOMPTIÈCJUPTBMJNFOUJDJPT
BTPDJBEPTBMBWBMPSJ[BDJØOEFMBTBMVEEFMNFEJPBNCJFOUFEF
MBQMFOBJOUFHSBDJØOEFMBNVKFSBMNFSDBEPMBCPSBMFOUSFPUSPT
HFOFSBNBZPSFTFYJHFODJBTFODVBOUPBQSPEVDUPTZTFSWJDJPT
RVFTBUJTGBHBOFTUBTOVFWBTFYQFDUBUJWBTZOFDFTJEBEFT
4VSHFOBTÓEFNBOEBTEFEJWFSTJEBEFOGPSNBEFOVFWPT
QSPEVDUPTBCBTUFDJNJFOUPGVFSBEFUFNQPSBEBZWBSJFEBEEF
TBCPSFTFWPMVDJPOBQBSBMFMBNFOUFFMNFSDBEPEFQSPEVDUPT
IPSUÓDPMBTDPOHFMBEPTQSFQBSBEPTZQSPDFTBEPTBHBNB
1BSBMFMBNFOUFMBDBEBWF[NBZPSQSPQPSDJØOEFQFSTPOBT
RVFBMNVFS[BOGVFSBEFTVIPHBSQPTJCJMJUBFMBVHFEFMBSFT
UBVSBDJØODPMFDUJWBSFQSFTFOUBEPQPSMPTUSBEJDJPOBMFTCBSFT
SFTUBVSBOUFTZDPNFEPSFTJOTUJUVDJPOBMFTGÈCSJDBTFTDVFMBT
VOJWFSTJEBEFT
BERVJSJFOEPFOMPTÞMUJNPTB×PTVOJNQPSUBOUF
BVHFMPTGBTUGPPE
%FFTUBNBOFSBFM4JTUFNBEF$PNFSDJBMJ[BDJØO)PSUÓDPMB
FOMBBDUVBMJEBEQPESÓBTFSSFQSFTFOUBEPDPNPTFPCTFSWBFO
MB'JHVSB
%JONJDBTJOOPWBDJPOFTFJOŤVFODJB
EFMIPSUJDVMUPSCPMJWJBOPFOFMTJTUFNBEF
DPNFSDJBMJ[BDJ¯O
%FTBSSPMMBSFNPTDPONBZPSQSPGVOEJEBEFM$JSDVJUPUSBEJ
DJPOBMEFTUBDBOEPFMSPMEFMIPSUJDVMUPSCPMJWJBOPFOFMFTMBCØO
EFDPNFSDJBMJ[BDJØOFOHFOFSBMZQBSUJDVMBSNFOUFTPCSFMPT
EJGFSFOUFTTVCDBOBMFTFOEPOEFJOUFSWJFOFFM.FSDBEP$PO
DFOUSBEPS
5BNCJÏOTFEFTDSJCJSÈOFOFTUFBQBSUBEPBMHVOBTFTUSBUFHJBT
EFQSPEVDDJØOZDPNFSDJBMJ[BDJØOZBTFBDPNPVOBDBVTBZP
DPOTFDVFODJBEFFTUBOVFWBSFBMJEBEDPNFSDJBM
4VCDBOBMFTEFDPNFSDJBMJ[BDJØOEFOUSPEFM.FS
DBEP$PODFOUSBEPS
-BEFTDSJQDJØOZBOÈMJTJTEFMBTUSBOTGPSNBDJPOFTRVFWJFOF
TVGSJFOEPFM$JSDVJUPUSBEJDJPOBMTFDJSDVOTDSJCJSÈBMPTBHFOUFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
ZGVODJPOFTRVFWBOEFTEFMBQSPEVDDJØOIBTUBFM.FSDBEP
$PODFOUSBEPSmHVSB
-BTEJGFSFOUFTGPSNBTEFUSBOTBDDJØOEFIPSUBMJ[BTRVF
BMMÓPDVSSFOTFEFOPNJOBOTVCDBOBMFTTJFOEPTVTQSJODJQBMFT
DBSBDUFSÓTUJDBTMBTTJHVJFOUFT
„ &MTVCDBOBMiUSBEJDJPOBMwMBWFOUBWÓBDPO
TJHOBUBSJP
-BWFOUBWÓBDPOTJHOBDJØOFTFMTJTUFNBEFDPNFSDJBMJ[BDJØO
EFNBZPSBOUJHàFEBEZBVOFMEFNBZPSJNQPSUBODJBQBSBMB
3FHJØO.FUSPQPMJUBOBEF#VFOPT"JSFTZQBSBUPEPFMQBÓT&O
FTUBNPEBMJEBEFMQSPEVDUPSMFFOUSFHBMBNFSDBEFSÓBBVO
DPOTJHOBUBSJPRVFTJOUPNBSFOQSPQJFEBEFMQSPEVDUPQSFTUB
FMTFSWJDJPEFWFOUBFOMPTNFSDBEPTDPODFOUSBEPSFTDPCSBOEP
VOBDPNJTJØOQPSFMMP
&TUFTVCDBOBMMFQFSNJUFBMQSPEVDUPSSFEVDJSDJFSUPTDPTUPT
EFUSBOTBDDJØODPNPTFSFMUJFNQPEFOFHPDJBDJØOZQSFTFODJBFO
FMNFSDBEPBEFNÈTEFPGSFDFSMFDJFSUBTFHVSJEBEEFDPCSP4JO
FNCBSHPFMJOHSFTPmOBMQFSDJCJEPQPSMBNFSDBEFSÓBUBNCJÏO
FTNFOPS-BGBMUBEFJOGPSNBDJØOFOVONBSDPEFJOGPSNBMJEBE
EFMNFSDBEPDBTJOPTFSFBMJ[BOGBDUVSBTZMBTVCGBDUVSBDJØO
EFMWPMVNFOZEFMQSFDJPTPOGSFDVFOUFT
ZEFWPMBUJMJEBEEFM
QSFDJPZEFMPTWPMÞNFOFTPGFSUBEPTHFOFSBOVOBTJUVBDJØOEF
WVMOFSBCJMJEBEFJOEFGFOTJØOEFMQSPEVDUPSRVFQPTJCJMJUBRVF
FMDPOTJHOBUBSJPTFBQSPQJFFOGPSNBGSBVEVMFOUBEFNÈSHFOFT
NBZPSFTBMPTFTUJQVMBEPT&TUBBNQMJBNBOJPCSBCJMJEBEEFM
DPOTJHOBUBSJPFTNVZEJGÓDJMEFDPOUSPMBSQPSQBSUFEFMQSPEVDUPS
RVJFOEFCFBQFMBSQSJODJQBMNFOUFBMBDPOmBO[B
&TUFFTVOPEFMPTQSJODJQBMFTNPUJWPTEFMQBVMBUJOPEFTDFOTP
EFMWPMVNFODPNFSDJBMJ[BEPBUSBWÏTEFFTUFTVCDBOBM4JO
FNCBSHPDJFSUPTQSPEVDUPTTJHVFOWFOEJÏOEPTFNBZPSNFOUF
iBDPNJTJØOwUBMFTTPOMPTDBTPTEFMBTIPSUBMJ[BTEFGSVUP
FOWPMVNFO
ZMBTIPSUBMJ[BTFOHFOFSBMQSPWFOJFOUFT
EFMJOUFSJPSEFMQBÓTNPEBMJEBEWJHFOUFQBSUJDVMBSNFOUFFOFM
.FSDBEP$FOUSBMEF#VFOPT"JSFT
&OMPTÞMUJNPTB×PTEFMBNBOPEFMPTDBNCJPTJOUSPEVDJEPT
QPSMPTIPSUJDVMUPSFTCPMJWJBOPTBERVJFSFONBZPSQSPUBHPOJTNP
MBWFOUBEJSFDUBEFIPSUBMJ[BTFOTVTEPTNPEBMJEBEFTWFOUB
EJSFDUBFORVJOUBZWFOUBEJSFDUBFOFMNFSDBEP
-BDBEFOBBHSPBMJNFOUBSJB-BSFEEFEJTUSJCVDJ¯O
„ &MTVCDBOBMiWFOUBFORVJOUBwVOQJFFOFM
FTMBCØOEFDPNFSDJBMJ[BDJØO
-BWFOUBFORVJOUBFTVOBNPEBMJEBERVFTVSHFIBDFQPDP
NÈTEFB×PTTJFOEPFOMBBDUVBMJEBEMBNÈTVUJMJ[BEBFOMB
[POBEF-B1MBUBQPSQFRVF×PTIPSUJDVMUPSFT-BNFSDBEFSÓBFT
DPNQSBEBQPSVOBHFOUFRVFMBUSBOTQPSUBIBTUBVONFSDBEP
DPODFOUSBEPSFOEPOEFTFMBDPNFSDJBMJ[BBUSBWÏTEFVOQVFTUP
PCJFOMBSFWFOEFBPUSPQVFTUFSP
-BWFOUBEJSFDUBFORVJOUBTFEFTBSSPMMØGSFOUFBVONFSDBEP
NBOFKBEPQPSMPTDPOTJHOBUBSJPTZQFSDJCJEPDPNPQPDPUSBOT
QBSFOUF&TJNQPSUBOUFFMSPMEFMSFWFOEFEPSCPMJWJBOPRVJFO
MPHSBJOTFSUBSTFNFEJBOUFVOTJTUFNBEFUSBOTBDDJPOFTDPO
NÈSHFOFTNFOPSFTDPNQSBEJSFDUBEFMQSPEVDUPBMRVJOUFSPZ
QBHPBMDPOUBEPiFOMBUSBORVFSBw&TUBNPEBMJEBEQPTJCJMJUB
BMQSPEVDUPSOFHPDJBSFMQSFDJPEFWFOUBZMFQFSNJUFDPCSBSFO
FGFDUJWPBNÈTUBSEBSBMEÓBTJHVJFOUFEFMBUSBOTBDDJØO"TJ
NJTNPFTUFNBSHFOEFDPNFSDJBMJ[BDJØONÈTFTUSFDIPKVOUPB
MBSFEVDDJØOEFMBTJOFmDJFODJBTEFMDPOTJHOBUBSJPQFSNJUFVOB
EJTUSJCVDJØOEFMJOHSFTPNÈTKVTUBBVORVFOPOFDFTBSJBNFOUF
KVTUB
IBDJBFMQSPEVDUPS
1PSPUSBQBSUFFTUBNPEBMJEBETFBKVTUBCJFODPOQSPEVDUPSFT
QFRVF×PTZNFEJBOPTQSJODJQBMNFOUFEFPSJHFOCPMJWJBOP
RVF
OPUJFOFOTVmDJFOUFNFSDBEFSÓBQBSBMMFWBSBMNFSDBEPRVFOP
QVFEFOBGSPOUBSMPTTFSWJDJPTEFnFUFPMBDPNQSBEFVOWFIÓDVMP
ZPRVFDBSFDFOEFMBTVmDJFOUFPSHBOJ[BDJØOOFDFTBSJBQBSB
QPEFSBGSPOUBSFMUJFNQPRVFJNQMJDBQSPEVDJSZDPNFSDJBMJ[BSFO
FMNFSDBEP"EFNÈTMBQSFTFODJBEFMPTCPMJWJBOPTFOUPEPTMPT
FTMBCPOFTEFMBDBEFOBIPSUÓDPMBFTUBCMFDJØSFEFTFOUSFiQBJTB
OPTwRVFGBDJMJUBMBFOUSBEBEFTVTQSPEVDUPTFOMPTEJGFSFOUFT
NFSDBEPTFOUSFRVJOUFSPTUSBOTQPSUJTUBTZQVFTUFSPT
&TUBNPEBMJEBEEFWFOUBFORVJOUBUBNCJÏOFTNVZVUJMJ[BEB
FOMB[POBEF.BSEFM1MBUB7*3$)Z.FOEP[B&OFTUBÞMUJNB
[POBNVDIPTEFMPTQSPEVDUPSFTWFOEFOEJSFDUBNFOUFMPT
MPUFTZMVFHPMPTDPOTJHOBUBSJPTPUSBOTQPSUJTUBTTFFODBSHBO
EFMBDPTFDIB
ZFONFOPSNFEJEBEFM0FTUFFOQFTP
EFMB3FHJØO
.FUSPQPMJUBOBEF#VFOPT"JSFT"TJNJTNPFTUBNPEBMJEBEFT
DBEBWF[NÈTJNQPSUBOUFFOMPTDJOUVSPOFTWFSEFTEFMJOUFSJPS
EFMQBÓTFOEPOEFMBQSPEVDDJØOQMBUFOTFBNFOB[BMBWJBCJMJEBE
EFMBQSPEVDDJØOIPSUÓDPMB
-PTRVJOUFSPTDPNFSDJBMJ[BOFOGPSNBQFSTPOBMTVQSPEVDDJØO
FOMPT.FSDBEPT$PODFOUSBEPSFTFWFOUVBMNFOUFDPNQMF
NFOUBOEPDPONFSDBEFSÓBTEFPUSBTRVJOUBT5SBOTQPSUBOMPT
QSPEVDUPTBMNFSDBEPBUSBWÏTEFVOWFIÓDVMPQSPQJPDBNJØO
DBNJPOFUB
PCJFOWÓBVOnFUF
&OBMHVOPTNFSDBEPTBRVFMMPTRVJOUFSPTRVFWFOEFOTØMP
TVQSPQJBQSPEVDDJØOQVFEFOIBDFSMPFOMBi1MBZB-JCSFwMVHBS
FTQFDJBMZNÈTCBSBUPEFEJDBEPNBZPSNFOUFBMBTWFSEVSBT
EFIPKBT&OFTPTNFSDBEPTTJDPNFSDJBMJ[BOTVQSPEVDDJØOZ
BEFNÈTMBEFUFSDFSPTZBEFCFSÓBOBMRVJMBSVOQVFTUPDPTBRVF
HFOFSBMNFOUFOPPDVSSF&OMPTNFSDBEPTNÈTDIJDPTEPOEFOP
IBZQMBZBMJCSFMBWFOUBEJSFDUBTVFMFIBDFSTFBEFNÈTEFMPT
QVFTUPTFOMBTDBMMFTRVFSPEFBOFMNFSDBEP
&TUFTVCDBOBMTFQPESÓBJOGFSJSDPNPVOBWBODFNÈTEFM
QSPEVDUPSFOMBDBEFOBEFDPNFSDJBMJ[BDJØOFOEPOEFTVQFSB
MBJOTUBODJBEFWFOUBFORVJOUBBMDPNFSDJBMJ[BSEJSFDUBNFOUF
DPOFMNJOPSJTUBBQSPQJÈOEPTFBTÓEFMNBSHFOEFWBSJPTJOUFS
NFEJBSJPT&TBTVWF[FMÞMUJNPQBTPBOUFTEFMBWFOUBEJSFDUB
BMDPOTVNJEPSmOBM
4JUVBDJØODPOUSBSJBTFPCTFSWBFOMPTÞMUJNPTB×PTFOMB[POB
EF3PTBSJPFOEPOEFEJTNJOVZFSPOMPTQSPEVDUPSFTRVFBTJTUFO
BMPTNFSDBEPTQBSBWFOEFSFOGPSNBEJSFDUBTVNFSDBEFSÓB
"IPSBFTUBNFSDBEFSÓBFTDPNFSDJBMJ[BEBQPSBMHVOPTQPDPT
QSPEVDUPSFTRVFMMFWBOTVQSPEVDDJØOZWFOEFOBDPOTJHOBDJØO
MBEFPUSPT
&TUBTEJGFSFOUFTNPEBMJEBEFTEFDPNFSDJBMJ[BDJØOEFOUSPEFM
$JSDVJUPEFDPNFSDJBMJ[BDJØOUSBEJDJPOBMFTUÈOBDPNQB×BEBTQPS
VOBTFSJFEFFTUSBUFHJBTUBOUPQSPEVDUJWBTDPNPDPNFSDJBMFT
-BTNJTNBTTPOBTVWF[DBVTBZPDPOTFDVFODJBEFMEJOÈNJDP
TJTUFNBEFDPNFSDJBMJ[BDJØOIPSUÓDPMB7FBNPTBMHVOBTEFFMMBT
FOFMQVOUPTJHVJFOUF
„ &MTVCDBOBMiWFOUBEJSFDUBFOFMNFSDBEPw
VOBQSPGVOEJ[BDJØOEFMBWBODFFOFMFTMBCØOEFMB
DPNFSDJBMJ[BDJØO
-BWFOUBEJSFDUBFOFMNFSDBEPFTIPZMBGPSNBNÈTDPNÞO
EFWFOEFSFOMB[POB/PSUFFOQFTPTFHÞOFM$)'#"}
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-PTQSPEVDUPSFTEFMBŏTJNQMFŐQSPEVDDJ¯O
BMBQSPEVDDJ¯ODPNFSDJBMJ[BDJ¯O
„ &TUSBUFHJBTQSPEVDUJWBTEFMPTRVJOUFSPT
-PTQSPEVDUPSFTRVFWFOEFOiFORVJOUBwBEPQUBOEPT
HSBOEFTFTUSBUFHJBT1PSVOMBEPTFFODVFOUSBOMPTRVFCVTDBO
EJWFSTJmDBSMBQSPEVDDJØODPOFMmOEFSFEVDJSMPTSJFTHPTBOUF
MBDBÓEBEFMPTQSFDJPTEFBMHÞOQSPEVDUPZUFOFSTJFNQSFBM
HÞOQSPEVDUPEFNBOEBEPQPSFMNFSDBEP&TUPMFTQFSNJUFOP
TØMPPCUFOFSBMHÞOEJGFSFODJBMEFQSFDJPTJOPQSJODJQBMNFOUF
BUSBFSBMPTDBNJPOFSPTBDPQJBEPSFTBMBTRVJOUBTZEFFTB
NBOFSBUFOFSVONBSHFOEFOFHPDJBDJØOQBSBMBJODMVTJØOFO
MBPQFSBDJØOEFPUSPTQSPEVDUPTBEFNÈTEFMPTEFNBOEBEPT
DPZVOUVSBMNFOUF&TBFTUSBUFHJBUSBFBQBSFKBEPVOBNBZPS
EJmDVMUBEFOFMNBOFKPEFMBRVJOUBQPSMBEJWFSTJEBEEFUBSFBT
ZMBJNQPTJCJMJEBEEFFTQFDJBMJ[BDJØOFOVODVMUJWP"TJNJTNP
TJCJFOTFJODSFNFOUBOMBTQSPCBCJMJEBEFTEFUFOFSFMQSPEVDUP
RVFTFEFNBOEFFOFMEÓBFMWPMVNFORVFTFQVFEFPGFSUBSFT
SFMBUJWBNFOUFQFRVF×P
&TUBFTUSBUFHJBEFOPUBDBSBDUFSÓTUJDBTDPOTFSWBEPSBTZEF
SFTJTUFODJBZTFDPSSFTQPOEFOBRVJOUBTEFQFRVF×PTQSPEVD
UPSFTRVFQSJPSJ[BOSFEVDJSFMSJFTHPZEFOUSPEFMBEJWFSTJEBE
EFQSPEVDUPTTFTHBOTVPGFSUBIBDJBMBTIPSUBMJ[BTEFIPKB
%JGFSFOUFFTUSBUFHJBFWJEFODJBOPUSPTQSPEVDUPSFTRVFEFDJ
EFOSFBMJ[BSOPNÈTEFUSFTPDVBUSPQSPEVDUPTHFOFSBMNFOUF
QJNJFOUPZUPNBUFKVOUPBBMHVOBiFTQFDJBMJEBEwEFIPKBBQJP
FTQJOBDBFUD
CVTDBOEPDBOUJEBEZDBMJEBEDBSBDUFSÓTUJDBT
UBNCJÏOWBMPSBEBTQPSMPTBDPQJBEPSFT4JCJFOTFDPSSFVO
NBZPSSJFTHPBMFYJTUJSMBQPTJCJMJEBERVFFTPTQPDPTQSPEVDUPT
OPUFOHBOMBEFNBOEBQSFDJPFTQFSBEPMBHBOBODJBFTNVZ
BMUBEFTVDFEFSMPDPOUSBSJPZBRVFFMWPMVNFORVFTFPGFSUB
FTJNQPSUBOUF"TJNJTNPFMCBKPOÞNFSPEFDVMUJWPTQFSNJUF
FTQFDJBMJ[BSTFFOMPTNJTNPTTJNQMJmDBSMBTUBSFBTZFODPOTF
DVFODJBSFEVDJSMPTDPTUPTZBVNFOUBSMBDBMJEBE&TUBFTUSBUFHJB
FTFNQSFOEJEBQPSNFEJBOPTZHSBOEFTQSPEVDUPSFTFJODMVZF
JOWBSJBCMFZQSFQPOEFSBOUFNFOUFIPSUBMJ[BTEFGSVUP
&TUBTEPTFTUSBUFHJBTTFSÓBOJMVTUSBUJWBTEFMJNQMÓDJUPBDVFSEP
EFEJWJTJØOTPDJBMEFMBQSPEVDDJØOFOUSFQFRVF×PTQSPEVDUPSFT
CPMJWJBOPTRVFNPOPQPMJ[BCBODBTJMBPGFSUBEFIPSUBMJ[BTEF
IPKBZMPTHSBOEFTQSPEVDUPSFTEFGSVUPJUBMJBOPTPiDSJPMMPTw
4JOFNCBSHPFTUBTJUVBDJØODPNJFO[BBSFTRVFCSBKBSTFZBRVF
MPTQSPEVDUPSFTCPMJWJBOPTDPNJFO[BOMFOUBNFOUFBWJSBSIBDJB
FMHSVQPFOEPOEFDPOVOBBNQMJBWBSJFEBEEFIPSUBMJ[BT
EFIPKBFNQJF[BOBJODPSQPSBSBIPSBUBNCJÏOFMUPNBUFPFM
QJNJFOUPDVMUJWPTDBSPTQFSPEFNBZPSSFOUBCJMJEBE
„ &TUSBUFHJBTDPNFSDJBMFTEFMPTRVJOUFSPT
-BWFOUBWÓBDPOTJHOBDJØOFTVOBNPEBMJEBERVFQBVMBUJOB
QFSPJODFTBOUFNFOUFWBQFSEJFOEPJNQPSUBODJBFOSFMBDJØOB
MBWFOUBEJSFDUBQPSQBSUFEFMPTQSPEVDUPSFT&TEFDJSFMQSP
EVDUPSBWBO[BFOFMFTMBCØOEFDPNFSDJBMJ[BDJØOQVEJFOEP
EFMJNJUBSTFFOMPTUSFTFTDBMPOFTBOUFSJPSNFOUFEFTBSSPMMBEPT
WFOUBEJSFDUBFORVJOUBWFOUBEJSFDUBFOFMNBZPSJTUBWFOUB
EJSFDUBBMNJOPSJTUB
-BWFOUBFORVJOUBFTVOBNPEBMJEBENVZVUJMJ[BEBDVZB
JNQPSUBODJBZBTVQFSBFOMBIPSUJDVMUVSBCPOBFSFOTFFMEF
MBQSPEVDDJØO$)'#"}
-BNJTNBQPTFFVOBTFSJFEFWFOUBKBT
FWJEFOUFTZZBDPNFOUBEBT
FOSFMBDJØOBMBDPOTJHOBDJØOBVO
RVFQSFTFOUBBMHVOBTMJNJUBOUFT-BTWBSJBCMFTBUFOFSFODVFOUB
TPOBDDFTPBMBRVJOUBDPOEJDJPOFTEFMBTDBMMFTBTGBMUPSJQJP
UJFSSBEJTUBODJBBMBTSVUBTZBPUSBTRVJOUBTFUD
FMWPMVNFO
WBSJFEBEZDBMJEBEEFMBTIPSUBMJ[BTPGFSUBEBTMBEFNBOEBZ
PGFSUBDPZVOUVSBM5PEPFTUPTFUSBEVDJSÈFOVONFOPSPNBZPS
QPEFSEFOFHPDJBDJØODPOFMDPNQSBEPSRVJFOQSFGFSJSÈSFBMJ[BS
MBUSBOTBDDJØOBUSBWÏTEFMBDPOTJHOBDJØO
-BWPMVOUBEEFBWBO[BSBVONÈTFOFMFTMBCØOEFDPNFS
DJBMJ[BDJØOJNQMJDBUBNCJÏOMBDBQBDJEBEEFTVQFSBSPUSPT
JODPOWFOJFOUFT1PSFMMBEPFDPOØNJDPMBWFOUBFOMPTNFSDBEPT
IBDFOFDFTBSJPVONFEJPEFUSBOTQPSUFDBNJØOPQPSMPNFOPT
DBNJPOFUB
PCJFOFMBMRVJMFSEFVOnFUFBTÓDPNPMPTHBTUPT
EFMQVFTUPPTFYUP/PUPEPTMPTQSPEVDUPSFTFTUÈOEJTQVFTUPT
BIBDFSFTBTJOWFSTJPOFT1PSMPUBOUPBOUFFMJOUFSSPHBOUFEF
IBDJBEPOEFTFQSJWJMFHJBMBJOWFSTJØOEFDBQJUBMMBTSFTQVFT
UBTNVFTUSBOEJWFSHFODJBTTFHÞOMBTEJGFSFOUFTSFHJPOFTEFM
QBÓT.JFOUSBTRVFFO-B1MBUBTFFWJEFODJBMBQSJPSJ[BDJØO
EFMJOWFSOÈDVMPQBSBMVFHPJOWFSUJSFOMBDPNFSDJBMJ[BDJØOFO
QSÈDUJDBNFOUFFMSFTUPEFMPTDJOUVSPOFTWFSEFTRVFBCBTUFDFO
EFIPSUBMJ[BTGSFTDBTBHSBOEFTPNFEJBOBTNFUSØQPMJTEPOEF
MBTUÏDOJDBTEFJOWFSOÈDVMPTOPFTUÈOEFTBSSPMMBEBTMBQSJPSJEBE
EFJOWFSTJØOFTMBDPNFSDJBMJ[BDJØOMPRVFFYQMJDBSÓBFOQBSUF
MBJNQPSUBODJBEFMBWFOUBEJSFDUBFOMB[POBEFJOnVFODJBEF
FTUPTQSPEVDUPSFT
1PSPUSPMBEPMBWFOUBEJSFDUBFOVONFSDBEPNBZPSJTUB
EFNBOEBVOBQFSTPOBEFNÈYJNBDPOmBO[B&TEFDJSDBTJ
JOWBSJBCMFNFOUFVOQBSJFOUF-PTRVFIBOMPHSBEPBWBO[BSTPO
-BDBEFOBBHSPBMJNFOUBSJB-BSFEEFEJTUSJCVDJ¯O
MBTRVJOUBTDPOGBNJMJBTOVNFSPTBTFOEPOEFTFDPNQSVFCB
VOBDMBSBEFMJNJUBDJØOFOMBPSHBOJ[BDJØOFYJTUJFOEPBMHVOPT
SFTQPOTBCMFTEFMBQSPEVDDJØOZPUSPTEFMBDPNFSDJBMJ[BDJØO
(FOFSBMNFOUFFOVOBRVJOUBGBNJMJBSUÓQJDBFMIPNCSFTFFODBS
HBEFMBQSPEVDDJØOZFWFOUVBMNFOUFEFMUSBOTQPSUFNJFOUSBT
RVFMBNVKFSZPIJKBFTMBRVFWFOEFFOFMNFSDBEP
4JOFTPTSFRVJTJUPTPSHBOJ[BUJWPTMBDPNFSDJBMJ[BDJØOQVFEF
QSPWPDBSVOEFCJMJUBNJFOUPEFMBQSPEVDDJØODPNPFYQMJDBCB
VOQSPEVDUPSi/PTFQVFEFOIBDFSMBTEPTDPTBTPQSPEVDÓT
PWFOEÏTyw-PTDBTPTFTUVEJBEPTFOMPTRVFTFIBJOUFOUBEP
JOUFHSBSMBRVJOUBIBDJBFMFTMBCØOEFDPNFSDJBMJ[BDJØOZRVF
GSBDBTBSPOIBCMBOEFVOGVFSUFEFTHBTUFRVFOPFSBDPNQFOTB
EPFDPOØNJDBNFOUFi&OFMNFSDBEPQBTBCBNVDIÓTJNPGSÓPOP
EPSNÓBOBEBWJWÓBNVZOFSWJPTPZOPIBDÓBNVDIBEJGFSFODJB
DVBOEPFTRVFOPQFSEÓBw"RVÓTFFWJEFODJBRVFFMDPTUPEF
USBOTBDDJØOEFDPOPDFSFMNFSDBEPBQSFOEFSMBNFUPEPMPHÓBEF
WFOUBIBDFSTFEFMPTDMJFOUFTZBGSPOUBSMPTDPTUPTEFBMRVJMFS
ZnFUFOPTPOGÈDJMFTEFTVQFSBS:MBTFYQFSJFODJBTUFSNJOBO
EFmOJFOEPBDUJUVEFTZDPNQPSUBNJFOUPT
.BTBMMÈEFFTUBTEJmDVMUBEFTFMBWBODFIBDJBFMFTMBCØO
EFMBDPNFSDJBMJ[BDJØOFTFWJEFOUFZTVTSFTVMUBEPTiFYJUPTPTw
UBNCJÏO.ÈTBÞOBMHVOPTQSPEVDUPSFTIPZTFIBODPOWFSUJEP
FODPNFSDJBOUFTZBTFBSFWFOEFEPSFTPUSBOTQPSUJTUBTBCBOEP
OBOEPMBQSPEVDDJØO:FOFTUFBWBODFFOMBTUSBOTGPSNBDJPOFT
FOMBDPNFSDJBMJ[BDJØOZBVOFOMBQSPEVDDJØONVDIPIBUFOJEP
RVFWFSFMSPMEFMIPSUJDVMUPSEFPSJHFOCPMJWJBOP
1BSUJDVMBSJEBEFTEFMTJTUFNBEF
DPNFSDJBMJ[BDJ¯OEFMFDIVHBFOFMDJOUVS¯O
IPSU©DPMBQMBUFOTF
4FHÞOFTUJNBDJPOFTNÈTEFMEFMBMFDIVHBRVFTF
DPOTVNFFO#VFOPT"JSFTFTQSPEVDJEBFOMBQSPWJODJBNJFOUSBT
RVFFMSFTUPQSPWJFOFNBZPSJUBSJBNFOUFEF4BOUB'FZFONFOPS
NFEJEBEF4BOUJBHPEFM&TUFSP
-BMFDIVHBFTVOQSPEVDUPEFCBKPWBMPSZSÈQJEPEFUFSJPSP
QPSMPRVFTVDPNFSDJBMJ[BDJØOEFCFTFSDFSDBOBBTV[POBEFQSP
EVDDJØO4JOFNCBSHPBEWFSTJEBEFTDMJNÈUJDBTFOEFUFSNJOBEBT
ÏQPDBTEFMB×PPDBTJPOBOQSPCMFNBTEFDBMJEBEZQSPEVDDJØO
EFMDVMUJWPFOMB[POBQMBUFOTFKVTUJmDBOEPBTÓMBMMFHBEBEF
MFDIVHBEFTEFPUSBTSFHJPOFTBQFTBSEFMNBZPSDPTUPEFnFUF
ZEFMBTNFSNBTJOUSÓOTFDBTRVFPDBTJPOBFMUSBOTQPSUF
&OFTUFTFOUJEPMBTCBKBTUFNQFSBUVSBTEFMJOWJFSOPPDBTJP
OBOQSPCMFNBTFOMBQSPEVDDJØOEFMFDIVHBTRVFTFSFBMJ[BO
QSJODJQBMNFOUFBDBNQP1PSFTUFNPUJWPDPCSBSFMFWBODJBMB
QSPEVDDJØOCBKPJOWFSOÈDVMPRVFTFSFBMJ[BFO-B1MBUB'MPSFODJP
7BSFMBZ.BSEFM1MBUBZTFTVNBO4BOUB'FZ4BOUJBHPEFM&TUFSP
DPOJOWJFSOPTNÈTUFNQMBEPTRVFDPNQMFNFOUBOEFTEFNBZP
BTFQUJFNCSFMBPGFSUBEJSJHJEBBMBSFHJØONFUSPQPMJUBOBDPO
MBTWBSJFEBEFTDSJPMMBHBMMFHBZDBQVDIJOBFOFTFPSEFO
%F
MBNJTNBNBOFSBMBPGFSUBEFMBMFDIVHBNBOUFDPTBFOEJDIP
QFSÓPEPFTDBTJFYDMVTJWBNFOUFSFHJPOBMZBRVFTVQSPEVDDJØO
CBKPJOWFSOÈDVMPMBQSPUFHFEFMBTJODMFNFODJBTEFMJOWJFSOP
"TJNJTNPZEFCJEPBMBTBMUBTUFNQFSBUVSBTMBQSPEVDDJØO
EFMFDIVHBNBOUFDPTBCBKPJOWFSOÈDVMPFOMBSFHJØOTFFOGSFOUB
BHSBWFTQSPCMFNBTEFNBOFKPEVSBOUFFMWFSBOP"TÓFTDPNP
FTUBEJmDVMUBEQBSBPCUFOFSDBOUJEBEZDBMJEBEKVTUJmDBFMnFUF
QSJODJQBMNFOUFDPOFTUFUJQPEFTEF.BSEFM1MBUBEPOEFMB
FTUBDJØOFTUJWBMFTNÈTGSFTDB"QFTBSEFFTUPÞMUJNPIPSUJDVM
UPSFTEFPSJHFOCPMJWJBOPEFMB[POBFTUÈOPCUFOJFOEPMFDIVHB
NBOUFDPTBEFBMUÓTJNBDBMJEBEBÞOFOFTBÏQPDBFWJEFODJBOEP
VOBKVTUFFOMBTUÏDOJDBTEFMDVMUJWP
7FNPTFOUPODFTRVFFYJTUFVOBWBSJBDJØOFTUBDJPOBMFO
FMWPMVNFOPGFSUBEPEFMBTEJGFSFOUFTWBSJFEBEFTEFMFDIVHB
FOMB[POBQPSMBTDPOEJDJPOFTDMJNÈUJDBT4JOFNCBSHPDPOMB
QSPEVDDJØODPNQMFNFOUBSJBEF.BSEFM1MBUBFOFMWFSBOPZ
EF4BOUB'FZ4BOUJBHPEFM&TUFSPFOFMJOWJFSOPTFMPHSBVOB
PGFSUBWBSJFUBMDPOTUBOUFFOFMB×P
„ 7BSJBDJØOEFMPTWPMÞNFOFTDPNFSDJBMJ[BEPT
-B WBSJBDJØOTFNBOBM EFMBEFNBOEBRVFFYJTUFFOMPT
.FSDBEPT$PODFOUSBEPSFTFTVOBDBSBDUFSÓTUJDBRVFMBMFDIVHB
DPNQBSUFDPOFMSFTUPEFMBTIPSUBMJ[BT-PTEÓBTWJFSOFTZMVOFT
TFQSPEVDFMBNBZPSEFNBOEBMFTJHVFOMPTNJÏSDPMFTZQPS
ÞMUJNPNBSUFTZKVFWFT-BMØHJDBEFFTUFDPNQPSUBNJFOUPTF
EFCFBMBJOBDUJWJEBEEFMPT.FSDBEPT$PODFOUSBEPSFTEVSBOUF
FMmOEFTFNBOBQPSMPRVFMPTNJOPSJTUBTFTUÈOPCMJHBEPTB
BCBTUFDFSTFDPONFSDBEFSÓBQBSBUPEPFMmOEFTFNBOBEVSBOUF
MPTWJFSOFTZBSFQPOFSFMTUPDLFMEÓBMVOFT&MEÓBNJÏSDPMFTMB
EFNBOEBFTJOUFSNFEJBBMFODPOUSBSTFFOUSFMPTEPTQJDPTEF
WFOUBNJFOUSBTRVFNBSUFTZKVFWFTTPOEÓBTEFSFWFOUBDPO
CBKBDPODVSSFODJBBMNFSDBEP&TUPUBNCJÏOFYQMJDBRVFMBT
GFSJBTNVOJDJQBMFTDBMMFKFSBTBMNFOPTFOFMDBTPEFMBDJVEBE
EF-B1MBUB
TFMMFWFOBDBCPMPTNBSUFTNJÏSDPMFTKVFWFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
TÈCBEPZEPNJOHPRVFTPOMPTEÓBTFORVFMBTWFSEVMFSÓBTOP
UJFOFOWFSEVSBiGSFTDBw
-BWBSJBDJØONFOTVBMTFFODVFOUSBBTPDJBEBBMBEJTUSJ
CVDJØOEFMHBTUPRVFSFBMJ[BFMDPOTVNJEPSPCTFSWÈOEPTFVOB
NBZPSEFNBOEBBMJOJDJPEFMNFTEFDBZFOEPIBDJBFMmOBM
1PSÞMUJNPFMNFOPSDPOTVNPEFMFDIVHBBDBVTBEFMPT
IÈCJUPTBMJNFOUJDJPTEFMBQPCMBDJØOEVSBOUFJOWJFSOPFTFM
QSJODJQBMSFTQPOTBCMFEFMBWBSJBDJØOBOVBMEFMPTWPMÞNFOFT
JOHSFTBEPTBMNFSDBEPRVFEFDBFEVSBOUFEJDIBÏQPDB
"TÓWFNPTRVFFTUBTWBSJBDJPOFTJNQMJDBOVOBQMBOJmDBDJØO
FOMBTGFDIBTEFTJFNCSBZTVQFSmDJFDVMUJWBEBEFMFDIVHB
„ 1ÏSEJEBTFOMBDPNFSDJBMJ[BDJØO
"MHVOBTQSÈDUJDBTZNBOFKPTEFQPTUDPTFDIBOPTFJNQMF
NFOUBOEFCJEPBRVFTFHÞOFOUJFOEFOMPTJOUFHSBOUFTEFMB
DBEFOBFMDPTUPEFMBJOWFSTJØOOPTFUSBEVDFFOVOJODSFNFOUP
EFMCFOFmDJP$PNPFKFNQMPTOBEJFQBHBQPSVOBDÈNBSBEF
GSÓP¡$ZBMUBIVNFEBE
QBSBDPOTFSWBSMFDIVHBBTJNJTNP
FMUSBOTQPSUFEFTEFPUSBTSFHJPOFTOPFTSFGSJHFSBEPDBVTBOEP
JNQPSUBOUFTQÏSEJEBTDVBMJUBUJWBTZDVBOUJUBUJWBT
QSJODJQBM
NFOUFEVSBOUFFMWFSBOP&TUPÞMUJNPFTFWJEFOUFFOFMDBTPEF
MBMFDIVHBEF.BSEFM1MBUBRVFDPNQMFNFOUBBMNFSDBEPEF
$BQJUBMZEFMDPOVSCBOPEVSBOUFMPTNFTFTFTUJWBMFT
4JCJFOFTWFSEBERVFiEFTEF.BSEFM1MBUBIBTUBFM.FSDBEP
3FHJPOBMEF-B1MBUBMBMFDIVHBWJFOFFOIPSBTwMBPQFSBUPSJB
DPNQMFUBFYDFEFFMUJFNQPRVFMBNFSDBEFSÓBUSBOTDVSSFFOMB
SVUBZFTUPJOnVZFFOMBDBMJEBEmOBMEFEJDIPQSPEVDUP)BZ
RVFDPOUFNQMBSRVFFMQSPDFTPEFCFBCBSDBSMBDPTFDIBEFMPT
DVBESPTDPNQMFUBSMBTKBVMBTDBSHBSFMDBNJØOUSBOTQPSUFFO
SVUBEFTDBSHBFOFMNFSDBEPWFOUBBMNJOPSJTUBZMMFHBEBB
MBTWFSEVMFSÓBTQBSBTFSBERVJSJEBQPSFMDPOTVNJEPSmOBM&T
EFDJSEFTEFFMNPNFOUPEFDPSUFFOFMMPUFIBTUBRVFMMFHB
BMBWFSEVMFSÓBUSBOTDVSSFVOEÓB.ÈTBÞOTVDPOEJDJØOEF
QSPEVDUPBMUBNFOUFQFSFDFEFSPTFWFBHSBWBEPBÞONÈTQPS
MBTDPOEJDJPOFTDMJNÈUJDBTFTUJWBMFT
%FOUSPEFMNBOFKPQPTUDPTFDIBFYJTUFOPUSBTQSÈDUJDBTRVF
OPSFRVJFSFOJOWFSTJØOZRVFUJFOFORVFWFSDPOVOBiGPSNB
EFIBDFSMBTDPTBTwQFSPRVFBQFTBSEFMCBKPPOVMPDPTUPZ
EFMBSFEVDDJØOEFQÏSEJEBTRVFUSBFOBQBSFKBEBTUBNQPDPTF
SFBMJ[BO&OUSFFMMBTQPEFNPTDJUBSMBGPSNBEFFNQBDBSMBT
MFDIVHBTFOMBTKBVMBTZMBNBOJQVMBDJØORVFSFDJCFFMQSPEVDUP
&TUPTQSPCMFNBTEFQPTDPTFDIBJODSFNFOUBOMBTQÏSEJEBTZBEF
QPSTÓJNQPSUBOUFTRVFQPTFFMBMFDIVHBEFCJEPBMBDPOEJDJØO
mTJPMØHJDBRVFBOUFTSFNBSDBNPTEFQSPEVDUPBMUBNFOUFQFSF
DFEFSP&OFTUFTFOUJEPDBCFEFTUBDBSFMBÞONBZPSEFUFSJPSP
EFMBTMFDIVHBTiEFIPKBwDBSBDUFSÓTUJDBBUSJCVJCMFBTVUBTBEF
SFTQJSBDJØORVFEVQMJDBBMBTMFDIVHBTiEFDBCF[Bw
„ 1PEFSEFOFHPDJBDJØOEFMQSPEVDUPSDPOSFMBDJØO
BMUJFNQPEFDPTFDIB
&MUJFNQPEFDPSUFEFMBMFDIVHBFTEFEÓBTEVSBOUFFM
WFSBOPZIBTUBEÓBTFOJOWJFSOP&TUPJNQMJDBQPSVOMBEP
MBOFDFTJEBEEFTFNCSBSQBSBDPTFDIBSTFNBOBMNFOUFOP
TØMPFOCVTDBEFMBDPOUJOVJEBEEFNFSDBEFSÓBEFNBOEBEB
TJOPUBNCJÏOQBSBBQSPWFDIBSQJDPTPDBTJPOBMFTEFCVFOPT
QSFDJPT"TÓFMBDPUBEPUJFNQPEFDPTFDIBJNQJEFFTQFDVMBS
DPOMPTQSFDJPTNÈTPNFOPTGBWPSBCMFTQBSBWFOEFSZBRVF
MBMFDIVHBFOFMNPNFOUPRVFFTUÈMJTUBIBZRVFDPTFDIBSMBZ
MMFWBSMBBMNFSDBEP
&ODVBOUPBMBTWBSJFEBEFTNBZPSnFYJCJMJEBEQPTFFMB
MFDIVHBEFIPKBRVFQVFEFFOWJBSTFBMNFSDBEPDPOIBTUBVO
EFMUBNB×PmOBMEJGFSFOUFTJUVBDJØOTFEBFOMFDIVHBT
EFDBCF[BDVZPNPNFOUPEFDPTFDIBEFQFOEFEFMUBNB×PZ
DPOTJTUFODJBEFMBDBCF[B
„ &TQFDJBMJ[BDJØOZEJGFSFODJBDJØOEFMPTQSP
EVDUPSFT
&OMPTÞMUJNPTB×PTTFPCTFSWBVOBTFSJFEFUSBOTGPSNB
DJPOFTOPTØMPUFDOPMØHJDBTTJOPUBNCJÏOTPDJPPSHBOJ[BUJWBT
-PTIPSUJDVMUPSFTUSBEJDJPOBMFTQSPEVDUPSFTEFIPSUBMJ[BTEF
IPKBZEFGSVUPFTUÈOQFSEJFOEPFTQBDJPGSFOUFBQSPEVDUPSFT
FTQFDJBMJ[BEPT-FOUBNFOUFTFPCTFSWBRVFQFPOFTZNFEJFSPT
EFPSJHFOCPMJWJBOPDPNJFO[BOBBSSFOEBSPBERVJSJSUJFSSBT
WPMDÈOEPTFBMPTDVMUJWPTEFDJDMPDPSUPDPOCBKPTSJFTHPTZ
DPTUPTDPNPMFDIVHBBDFMHBSBEJDIFUBZSÞDVMBMPHSBOEPVO
QSPEVDUPEFDBMJEBEZHFOFSBOEPVOOJDIPEFWFSEVSBTEFIPKB
RVFQSÈDUJDBNFOUFNPOPQPMJ[BO&TUPTQSPEVDUPSFTDPNFSDJB
MJ[BOTVQSPEVDDJØOQSJODJQBMNFOUFFOMPTNFSDBEPTTBUÏMJUFT
BRVFMMPTRVFTFFODVFOUSBOFOMPTBMSFEFEPSFTEFMPT.FSDBEPT
$PODFOUSBEPSFT
PWÓBWFOUBEJSFDUBFORVJOUB
&MWPMVNFOFOLJMPTEFWFSEVSBTEFIPKBJOHSFTBEPFOFM
.FSDBEP$FOUSBMEF#VFOPT"JSFT.$#"
TFIBSFEVDJEPVO
FOB×PTQSFTVNJCMFNFOUFEFCJEPBMJODSFNFOUPEF
-BDBEFOBBHSPBMJNFOUBSJB-BSFEEFEJTUSJCVDJ¯O
MBWFOUBEJSFDUBFORVJOUBMPTDPOUSPMFTTPCSFSFTJEVPTEF
BHSPRVÓNJDPTNÈTFYJHFOUFTKVOUPDPOMBJOBEFDVBEBNBOJQV
MBDJØORVFBMMÓSFDJCFOMBTWFSEVSBTEFIPKBTFHÞONBOJmFTUBO
BMHVOPTQSPEVDUPSFT
&TUPTDBNCJPTIBOQPTJCJMJUBEPRVFPUSPTNFSDBEPTTF
QPTJDJPOFONFKPSDPNPPGFSFOUFTEFFTUPTQSPEVDUPTDPNP
FTFMDBTPEFM.FSDBEP3FHJPOBMEF-B1MBUBDVZPWPMVNFOEF
WFOUBEFMFDIVHBFOMPTÞMUJNPTB×PTMMFHBBMEFMUPUBM
DPNFSDJBMJ[BEPTFHÞOJOGPSNBOUFTEFMNJTNP
%FMBNJTNB
NBOFSBZBFTDPTUVNCSFQBSBMPTNJOPSJTUBTJSBDPNQSBS
WFSEVSBEFIPKBFOQFRVF×PTNFSDBEPTRVFTFFODVFOUSBOFO
MPTBMSFEFEPSFTEFM.$#"ZBCBTUFDFSTFMVFHPBMMÓEFMSFTUPEF
MBTIPSUBMJ[BTZGSVUBT
„ "MHVOBTFTUSBUFHJBTEFMBPGFSUBZMBEFNBO
EB
-BTOVFWBTUFDOPMPHÓBTQFSNJUFOMBQSPEVDDJØOEFMFDIVHB
FOÏQPDBTOPUSBEJDJPOBMFTZMBDPNQMFNFOUBDJØOEFMBPGFSUB
MPDBMDPOQSPEVDDJØOEFPUSBTSFHJPOFTQFSNJUJFOEPFTUBCJMJ[BS
FMWPMVNFOZMBDBMJEBEPGFSUBEBEVSBOUFFMB×PEJTNJOVZFOEP
BTÓMBTQSPCBCJMJEBEFTEFQJDPTDPOBMUPTQSFDJPT"QFTBSEF
FTUPFMiMFDIVHVFSPwBQVFTUBBVOBFTUSBUFHJBRVFTJCJFOMPHSB
CVFOBDBMJEBECÈTJDBNFOUFQSFUFOEFDBOUJEBEZDPOUJOVJEBE
&TUBDPOUJOVJEBEFOMBFOUSFHBKVOUPDPOMPTDBEBWF[NFOPT
EÓBTEFBMUPTQSFDJPTEFMBMFDIVHBQSPEVDUPEFBEWFSTJEBEFT
DMJNÈUJDBTTPOMPTRVFTVTUFOUBOTVOFHPDJP
1BSBMPTQSPEVDUPSFTUSBEJDJPOBMFTZQSJODJQBMNFOUFQBSB
BRVFMMPTRVFWFOEFOFO1MBZB-JCSFMBMFDIVHBDPOTUJUVZFVO
DVMUJWPTFDVOEBSJPQFSPJOEJTQFOTBCMFQBSBMPHSBSWFOEFSFM
SFTUPEFTVQSPEVDDJØOZBRVFMBEFNBOEBSFRVJFSFEJWFSTJEBE
EFQSPEVDUP&TEFDJSMBMFDIVHBQPTFFVOBJNQPSUBODJBJOEJ
SFDUBEFOUSPEFMTJTUFNBQSPEVDUJWPDPNFSDJBMEFFTUPTUJQPT
EFQSPEVDUPSFT
:DPNPDPNFOUBNPTMBTFNQSFTBTFTQFDJBMJ[BEBTRVFTF
IBODPODFOUSBEPFOQJNJFOUPZPUPNBUFDPNPBRVFMMPTRVF
SFBMJ[BOWFOUBEJSFDUBFORVJOUBIBOSFOVODJBOEPBDPNQFUJS
DPOWFSEVSBTEFIPKB
0CTFSWBNPTFOUPODFTRVFTFHÞODBEBUJQPEFQSPEVDUPS
MBMFDIVHBQPTFFEJGFSFOUFTJHOJmDBODJBFJNQPSUBODJBQBSB
TVFTRVFNBEFQSPEVDDJØO%FMBNJTNBNBOFSBVOPQPESÓB
BTFHVSBSRVFMBPGFSUBEFIPSUBMJ[BTQBSBVO)JQFSNFSDBEP
VO4VQFSNFSDBEPZVOB7FSEVMFSÓBQPTFFUBNCJÏOEFTJHVBM
JNQPSUBODJBQBSBFMOFHPDJPHMPCBMFOMBNFEJEBRVFDBEB
VOPEFTQMJFHBEJGFSFOUFTFTUSBUFHJBTZOPDPNQJUFOFOMPT
NJTNPTTFHNFOUPTEFNFSDBEP4JOFNCBSHPOJOHVOPEF
FMMPTQVFEFQSFTDJOEJSEFVOEFUFSNJOBEPHSVQPEFIPSUBMJ[BT
DPOPDJEPTDPNPEFiSFGFSFODJBwFOUSFMPTRVFTFFODVFOUSB
MBMFDIVHB&OFTUPTQSPEVDUPTEFSFGFSFODJBQPOFBUFODJØOFM
DPOTVNJEPSmOBMFOFMNPNFOUPEFFGFDUVBSDPNQBSBDJPOFT
FOUSFEJTUJOUPTDPNFSDJPTNJOPSJTUBTBQVOUBOEPBBTQFDUPT
UBMFTDPNPEJTQPOJCJMJEBEDBMJEBEZQSFDJPFOUSFPUSPTGBDUPSFT
&TUBDBSBDUFSÓTUJDBMFBHSFHBVOBWBSJBCMFNÈTBMZBDPNQMFKP
TJTUFNBEFQSPEVDDJØODPNFSDJBMJ[BDJØOEFMBMFDIVHB
-BEJTUSJCVDJ¯ONJOPSJTUB
-PTNJOPSJTUBTTPOMPTRVFWFOEFOEJSFDUBNFOUFBMPTDPOTV
NJEPSFTHSBOEJTUSJCVDJØOWFSEVMFSÓBTZGSVUFSÓBTSFTUBVSBDJØO
WFOUBBEPNJDJMJP
TJOEVEBFMEFNBZPSJNQPSUBODJBQPSTV
WPMVNFOEFWFOUBFTMBWFSEVMFSÓBFTQFDJBMNFOUFTJIBCMBNPT
EFMBTIPSUBMJ[BTEFIPKBT
1BSBEFTBSSPMMBSFTUFQVOUPUPNBSFNPTVOUSBCBKPSFBMJ
[BEPQPSMPTBVUPSFTFOFMB×PEPOEFTFFODVFTUBSPO
BQSPEVDUPSFTPQFSBEPSFTNJOPSJTUBTTVQFSNFSDBEPTZ
WFSEVMFSÓBTEFMBDJVEBEEF3PTBSJP-BTDPODMVTJPOFTGVFSPO
MBTTJHVJFOUFT
t-BDPNFSDJBMJ[BDJØOSFHJPOBMEFIPSUBMJ[BTUJFOFHSBO
EFQFOEFODJBEFMBQSPEVDDJØOMPDBMEBEPRVFDBTJFMEF
MBQSPEVDDJØOFTEFMB[POBQSJODJQBMNFOUFMBTIPSUBMJ[BTEF
IPKBT&TUFFTVOQVOUPDMBWFBMTFS3PTBSJPVOB[POBDÈMJEBZ
TJODBEFOBEFGSÓPFTFTUSBUÏHJDPMBQSPEVDDJØODFSDBOBBMPT
DFOUSPTEFDPOTVNP
t&ODVBOUPBMBTGPSNBTEFPSHBOJ[BDJØOEFMBTSFMBDJP
OFTFMDBOBMEFEJTUSJCVDJØOFTOPPSHBOJ[BEPUSBEJDJPOBM
OP
FYJTUJFOEPMPTQMBOFTEFQSPEVDDJØOVPUSPUJQPEFPSHBOJ[BDJØO
DPOUSBDUVBM
t-BDPNFSDJBMJ[BDJØONBZPSJTUBQPSMPTEPT.FSDBEPT
$PODFOUSBEPSFTVCJDBEPTFOMBDJVEBEQBTBFMEFM
WPMVNFOMPTHBMQPOFTEFFNQBRVFOPUJFOFOJNQPSUBODJB
&TUFWBMPSFTBMUPFOSFMBDJØOBMBDPNFSDJBMJ[BDJØOFO
'SBODJBEPOEFTØMPFMEFMBQSPEVDDJØOQBTBQPSFMDBOBM
NBZPSJTUBZNFOPTEFMQPSMPTNFSDBEPTDPODFOUSBEPSFT
&OHFOFSBMOPIBZFRVJQPTEFGSÓPFOMPTNFSDBEPTZUBNQPDPMP
QPTFFOMPTUSBOTQPSUJTUBT-BGBMUBEFUJQJmDBDJØOZEFSFHJTUSP
EFQSFDJPTIBDFRVFFMTJTUFNBTFBQPDPUSBOTQBSFOUF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t-BT UÏDOJDBTEFWFOUBTNJOPSJTUBTQSFEPNJOBOUFMP
DPOTUJUVZFOMPTOFHPDJPTUSBEJDJPOBMFTQSJODJQBMNFOUFMBT
WFSEVMFSÓBT
t-PT FOWBTFTFOHFOFSBMOPMMFWBONBSDBTFYJTUJFOEP
HSBOEFTWBSJBDJPOFTFOFMQFTPZGPSNBEFMPTDBKPOFTFTUPTOP
TPOEFTDBSUBCMFTFOHFOFSBMTFVUJMJ[BOKBVMBTEFNBEFSB
t-B(SBO%JTUSJCVDJØOOPUJFOFNVDIBJNQPSUBODJBFOFTUB
SFHJØOMPTTVQFSFIJQFSNFSDBEPTTØMPDPNFSDJBMJ[BOFM
EFMBQSPEVDDJØO4JCJFOFTUÈOQSFTFOUFTFOMB[POBMBNBZPSÓB
EFMBTDBEFOBTÞOJDBNFOUFMPTTVQFSNFSDBEPTMPDBMFTTPOMPT
RVFDPNQSBOFOMBSFHJØOZTØMPVOPEFFMMPTQSFTFOUBVOB
QMBUBGPSNBMPHÓTUJDBJOTUBMBEBFOFMNFSDBEPEF'JTIFSUPO
t&MUSBOTQPSUFÞOJDPFTFMBVUPNPUPSDBNJPOFTPDBNJP
OFUBT
-PTQSPEVDUPSFTRVFWFOEFOFOFMNFSDBEPUJFOFOTV
QSPQJPUSBOTQPSUFEFJHVBMNBOFSBMPTWFSEVMFSPTEJTQPOFOTVT
QSPQJPTWFIÓDVMPTPUBNCJÏOMPSFBMJ[BOBUSBWÏTEFnFUFSPT
-PTUSBOTQPSUJTUBTPDBNJPOFSPTRVFSFQBSUFOIPSUBMJ[BTFOFM
JOUFSJPSQPTFFODBNJPOFTEFNBZPSFTEJNFOTJPOFT
t-PTDPSSFEPSFTQSJODJQBMFTEFVTPTPOOPSUFQBSBUSBFS
MBTIPSUBMJ[BTEFM/PSPFTUF"SHFOUJOPEVSBOUFFMJOWJFSOP
-BEJTUSJCVDJØO
EF3PTBSJPQSFTFOUB
DBSBDUFSÓTUJDBTCBTUBOUF
USBEJDJPOBMFTDPODBOBMFTNVZ
MBSHPTGVFSUFDPODFOUSBDJØOEFMB
DPNFSDJBMJ[BDJØOFOMPT
NFSDBEPTDPODFOUSBEPSFT
ZFOMPT
WFSEVMFSPTUSBEJDJPOBMFT
DPOFTDBTBJNQPSUBODJB
EFMB(SBO%JTUSJCVDJØO
$FOUSBMQBSBIPSUBMJ[BTEF.FOEP[BQSJODJQBMNFOUFFOFM
PUP×P
ZNVZJNQPSUBOUF.BSEFM1MBUBQBSBMBTIPSUBMJ[BTEF
IPKBTEFWFSBOP
t-BDFSDBOÓBBNFSDBEPTUJFOFJNQPSUBODJBFOFMBCBTUF
DJNJFOUP6OBMUPQPSDFOUBKFEFMPTOFHPDJPTVCJDBEPTFO[POB
OPSUFZPFTUFEFMBDJVEBEEF3PTBSJPTFBCBTUFDFOFOFM.FSDBEP
$PODFOUSBEPSEF'JTIFSUPONJFOUSBTRVFFOMB[POBTVSZDFOUSP
MPIBDFOFOFM.FSDBEPEF1SPEVDUPSFTEF3PTBSJP
t&OIPSUBMJ[BTEFIPKBTFTQFDJBMNFOUFMBMFDIVHBBMHV
OPTEFMPTNJOPSJTUBTRVFNBOFKBOBMUPTWPMÞNFOFTEFWFOUB
DPNQSBOVOQFRVF×PQPSDFOUBKFEJSFDUBNFOUFBQSPEVDUPSFT
EFMB[POB
t-BTWFOUBTQSPNFEJPQPSWFSEVMFSÓBQBSBDBEB[POBPTDJMB
FOUSFZCVMUPTTFNBOB"VORVFTJDPOTJEFSBNPTMBT
WFSEVMFSÓBTFODVFTUBEBTMBTWFOUBTTPOEFMBTNVZQFRVF
×BT
IBTUBDBTJTFNBOBMBTNVZHSBOEFTVCJDBEBTFO
MVHBSFTFTUSBUÏHJDPT
"DPOUJOVBDJØOTFNFODJPOBOVOBTFSJFEFQVOUPTRVFTPO
JOUFSFTBOUFTBTFSDPOTJEFSBEPTFOMBWFOUBNJOPSJTUB
t&MNJOPSJTUBEFCFUFOFSDMBSPDPNPRVJFSFQPTJDJPOBSFM
QVOUPEFWFOUBÏTUFQVFEFTFS
Q
t2VFFMOFHPDJPTFBSÈQJEPZTJNQMJmDBEPDPNPFOFM
DBTPEFMPTTVQFSNFSDBEPTFIJQFSNFSDBEPT
t%JTQPOFSEFQSPEVDUPTEFDBMJEBEZEJGFSFODJBDJØOFO
FMDBTPEFMBNBZPSÓBEFMBTWFSEVMFSÓBTEFUBNB×PNFEJP
ZDIJDPDPOBUFODJØOQFSTPOBMJ[BEB
t-BFMFDDJØOEFMNPEPEFWFOUBUJFOFVOTFOUJEPQBSBFM
DDMJFOUF
t7FOUBUSBEJDJPOBMRVFFTUÈBTPDJBEBBGSFTDVSBDBMJEBE
DPOUBDUPZDPOmBO[B
t4ÓSWBTFVTUFEPTÓSWBTFVTUFEQFTFZFUJRVFUF&TUBT
TJUVBDJPOFTQFSNJUFOMBTFMFDDJØOEFMQSPEVDUPQPSFM
DMJFOUFDPNPEJEBEZSBQJEF[
t-BWFOUBNJOPSJTUBSFTQPOEFBMEJBHSBNBEF1BSFUPFM
EFMPTQSPEVDUPTTJHOJmDBFMEFMBTWFOUBTFTUB
TTFHNFOUBDJØOFTJNQPSUBOUFQBSBQSJPSJ[BSMBJNQPSUBODJBEF
DDBEBFTQFDJFTJOFNCBSHPFTOFDFTBSJPEJTQPOFSEFMBNBZPS
DDBOUJEBEEFQSPEVDUPT
t-BQFSDFQDJØORVFUJFOFOMPTDPOTVNJEPSFTEFMQVOUPEF
WWFOUBFTUBFOFMTJHVJFOUFPSEFO
-BDBEFOBBHSPBMJNFOUBSJB-BSFEEFEJTUSJCVDJ¯O
t&MQSFDJPMBDBMJEBEMBGSFTDVSBMBMJNQJF[BZFMDPOUBDUP
IVNBOPTFFODVFOUSBOFOVOQSJNFSOJWFM
t&MFTQBDJPFMNPCJMJBSJPMBJOGPSNBDJØOMBQSFTFOUBDJØO
ZMBFOTF×BO[BPDVQBOVOTFHVOEPOJWFM
t-BEFDPSBDJØOMBDPNVOJDBDJØOZFMTFSWJDJPPDVQBVO
UFSDFSOJWFM
t&ODVBOUPBMBVCJDBDJØOEFMQVOUPEFWFOUBEFCFUFOFS
WJTJCJMJEBEBDDFTJCJMJEBEZDJSDVMBDJØO
t&ODVBOUPBMUBNB×PEFMOFHPDJPMPTFTQFDJBMJ[BEPT
EFCFSÓBODPOUBSDPONMJOFBMFTEFHØOEPMBTUFOFSBMB
WFOUBVOPTQSPEVDUPTZVOBTVQFSmDJFEFN-PTNVZ
FTQFDJBMJ[BEPTDPOQSPEVDUPTZN
t-PTNPCJMJBSJPTEFCFOFTUBSCJFOVCJDBEPTEFNPEPEF
QFSNJUJSRVFFMDMJFOUFQVFEBBQSFDJBSMBNFSDBEFSÓB
t-BJMVNJOBDJØOEFCFTFSMBBEFDVBEBEFBMVY
&MTFDUPSEFNJOPSJTUBTFOOVFTUSPQBÓTQSFTFOUBVOHSBO
BUSBTPFOSFMBDJØOBPUSPTUJQPTEFOFHPDJPTWJTVBMJ[BEPTB
USBWÏTEFMPTQVOUPTRVFTFNFODJPOBOBDPOUJOVBDJØO
„ 7FSEVMFSÓBTGSVUFSÓBT
t&TVOTFDUPSNVZQPDPFTQFDJBMJ[BEPDPOFTDBTPDPOP
DJNJFOUPTPCSFFMNBOFKPQPTDPTFDIBZMBDPNFSDJBMJ[BDJØO
(FOFSBMNFOUFTPOFNQSFTBTGBNJMJBSFTRVFTFJOJDJBODPO
FTDBTPDBQJUBMZMVFHPFMJOHSFTPMFTQFSNJUFDVCSJSMPTDPTUPT
CÈTJDPTZOPSFJOWFSUJS
t(FOFSBMNFOUFOPDVFOUBODPODBEFOBEFGSÓPFJOGSBFT
USVDUVSBQBSBFMNBOUFOJNJFOUPBEFDVBEPEFMPTQSPEVDUPTQPS
MPUBOUPMBTQÏSEJEBTQPTDPTFDIBTPONVZBMUBTMPTQSPEVDUPT
RVFMMFHBOBMPTDPOTVNJEPSFTTPOEFCBKBDBMJEBEZMPTQSFDJPT
TPOFMFWBEPT
t-BNFSDBEFSÓBTFFYQPOFFOFMFYUFSJPSEFMPTMPDBMFTFO
MPTNJTNPTDBKPOFTFOMBRVFGVFDPNQSBEBDPOBMUBJODJEFO
DJBEFMPTGBDUPSFTDMJNÈUJDPTRVFMBEFTNFKPSBOZSJFTHPTEF
DPOUBNJOBDJØO
t$VFOUBODPONFEJPTEFUSBOTQPSUFNVZQSFDBSJPTFO
NVDIPTDBTPTTJOQSPUFDDJØOEFMBNFSDBEFSÓBNÈTBHSBWBEP
BÞOQPSFMIPSBSJPFORVFTPOUSBOTQPSUBEPTBMNFEJPEÓB
t-PTDPOUSPMFTTBOJUBSJPTTPOFTDBTPTZMPTMVHBSFTTF
FODVFOUSBOIBCJUVBMNFOUFQPDPMJNQJPT
„ 4VQFSNFSDBEPTF)JQFSNFSDBEPT
4JCJFOEJTQPOFOEFOVNFSPTPTQSPEVDUPTEVSBOUFUPEPFM
B×PFODPOEJDJPOFTEFIJHJFOFZDPODBEFOBEFGSÓPMPTQSFDJPT
TPOFMFWBEPTZMBDBMJEBEHFOFSBMNFOUFOPFTMBBEFDVBEB&O
HFOFSBMMB(SBO%JTUSJCVDJØOOPFTUÈQSFQBSBEBQBSBNBOFKBS
QSPEVDUPTQFSFDFEFSPT-BTQMBUBGPSNBTMPHÓTUJDBTOPSNBMNFOUF
BMFKBEBTEFMPTDFOUSPTEFWFOUBZMPTBMUPTDPTUPTEFMBTVQFSmDJF
EFMPTMPDBMFTEFWFOUBPCMJHBOBBQMJDBSNÈSHFOFTNVZBMUPT
QBSBDVCSJSMPTDPTUPT
&TUBTJUVBDJØOFTUÈNVZBMFKBEBEFMBTDPOEJDJPOFTBEF
DVBEBTQBSBMMFHBSBMDPOTVNJEPSDPOQSPEVDUPTJOPDVPTEF
DBMJEBEZBQSFDJPTSB[POBCMFT-BFTUSBUFHJBEFMTFDUPSEFMB
QSPEVDDJØOEFCFSÓBTFSRVFTFUSBCBKFCBKPMBGPSNBEFDBEFOB
EFWBMPSQBSBFWJUBSRVFFMQSPEVDUPTFEFUFSJPSFBOUFTEFMB
MMFHBEBBMQMBUPEFMDPOTVNJEPS
-PTQSFDJPTFOMPT.FSDBEPT
$PODFOUSBEPSFT
&OMBTmHVSBTBTFQSFTFOUBOMPTQSFDJPTNBZPSJTUBT
EFM.FSDBEP$PODFOUSBEPSEF'JTIFSUPO3PTBSJP
QFSÓPEPRVF
WBEFTEFBCSJMEFBNBS[PEF²TUPTTPOMPTRVFQBHB
FMNJOPSJTUBZDPSSFTQPOEFOBQSPEVDUPTEFCVFOBDBMJEBEDPO
CBKPTWPMÞNFOFTEFDPNQSBFTEFDJSFTUPTQSFDJPTQPESÓBOTFS
JOGFSJPSFTQBSBDPNQSBTEFNBZPSFTWPMÞNFOFT
&OFMDBTPEFMBMFDIVHBMPTQSFDJPTTPONBZPSFTEFFOFSP
BNBS[PQPSVONBZPSDPOTVNPFOFTUBÏQPDBMBEJmDVMUBE
RVFTJHOJmDBQSPEVDJSFODPOEJDJPOFTDMJNÈUJDBTBEWFSTBTZMB
BQBSJDJØOEFFOGFSNFEBEFTUBMFTDPNPMBQFTUFOFHSB
-PTNFOPSFTQSFDJPTTFSFHJTUSBOFOFMNFTEFNBZPQPS
MBTDPOEJDJPOFTDMJNÈUJDBTBEFDVBEBTEFQSPEVDDJØOZMBEJT
NJOVDJØOEFMDPOTVNPRVFTFQSPEVDFDPOMPTQSJNFSPTGSÓPT
4FFTUBCJMJ[BOEVSBOUFFMJOWJFSOPZDBFOBMBTBMJEBEFMNJTNP
DVBOEPMBTDPOEJDJPOFTDMJNÈUJDBTNFKPSBO
-BSBEJDIFUBZMBSÞDVMBUJFOFOVODPNQPSUBNJFOUPTJNJMBSFO
USFFMMBTDPONFKPSFTQSFDJPTFOFMWFSBOPEBEPMBTDPOEJDJPOFT
BEWFSTBTQBSBTVQSPEVDDJØOMMVWJBTUPSNFOUBTJOTFDUPTZBMUB
UFNQFSBUVSB
ZFOQMFOPJOWJFSOPQPSFMFTDBTPDSFDJNJFOUP-PT
NFOPSFTQSFDJPTFONBZPZQSJNBWFSBDVBOEPMBTDPOEJDJPOFT
TPOMBTNÈTBEFDVBEBTQBSBQSPEVDJS
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&OFMDBTPEFMBBDFMHBTFSFHJTUSBONVZCBKPTQSFDJPTFO
NBZPZQSJNBWFSBBVNFOUBOEPIBDJBFMWFSBOP&MQJDPEF
QSFDJPEVSBOUFFMJOWJFSOPEFFTUFB×P
TFEFCJØBRVFMBT
IFMBEBTQSPEVKFSPOTFWFSPTEB×PTTFHVJEPQPSVOQFSÓPEPEF
CBKBUFNQFSBUVSB
1BSBMBFTQJOBDBMPTQSFDJPTTPONBZPSFTFOFMNFTEFBCSJM
EBEPRVFFOFTUBGFDIBFTQSJNJDJBQBSBMBNJTNBRVFDBTJOP
TFQSPEVDFEVSBOUFFMWFSBOP-PTQSFDJPTTPOFTUBCMFTEVSBOUF
FMJOWJFSOPDPODBÓEBFOMBQSJNBWFSBEBEPMBGBDJMJEBEQBSB
TVQSPEVDDJØO
-BDBEFOBBHSPBMJNFOUBSJB-BSFEEFEJTUSJCVDJ¯O
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BSFEEFEJTUSJCVDJ¯O
&TUBTIPSUBMJ[BTEFIPKBTFTFTQFSBCMFRVFUFOHBO
CVFOPTQSFDJPTEVSBOUFFMWFSBOPFTUBCMFTZCBKPT
EVSBOUFFMJOWJFSOPNVZCBKPTQBSBFMNFTEFNBZP
ZEVSBOUFMBQSJNBWFSB
-BT#VFOBT1SDUJDBTZMBEJTUSJCVDJ¯O
-BT#VFOBT1SÈDUJDBT"HSÓDPMBTEFCFONBOUFOFSTFBMP
MBSHPEFUPEBMBDBEFOBOPTFSÓBBEFDVBEPRVFMPTFTGVFS[PT
SFBMJ[BEPTQPSMPTQSPEVDUPSFTTFBMVFHPBGFDUBEPBMPMBSHP
EFMBEJTUSJCVDJØOFTEFDJSFOMPTNFSDBEPTNBZPSJTUBTQMBOUBT
EFBCBTUFDFEPSFTZNJOPSJTUBT
4JCJFOTPOJNQPSUBOUFTMPTDPOUSPMFTTBOJUBSJPTFOUPEPT
MPTÈNCJUPTEFMBEJTUSJCVDJØOFOMPTNFSDBEPTDPODFOUSBEPSFT
RVFTPOMBQSJODJQBMWÓBEFDPNFSDJBMJ[BDJØOEFMPTQSPEVDUPT
EFIPKBTFTEFGVOEBNFOUBMJNQPSUBODJBMBBQMJDBDJØOEFQSÈD
UJDBTBEFDVBEBTFOFTUPTFTQBDJPTQBSBNBOUFOFSMBDBMJEBEF
JOPDVJEBEEFMPTQSPEVDUPT
-PT.FSDBEPT$PODFOUSBEPSFTEFCFSÓBODPOUBSNÓOJNB
NFOUFDPOMBTTJHVJFOUFTDPOEJDJPOFT
EFSÓBNBOJQVMFPDBQBDJUBDJØOEFMQFSTPOBMNBOFKPEFSFTJEVPT
DPOUSPMEFQMBHBTZFOGFSNFEBEFTFUD
t-BBQMJDBDJØOEFMPT1SPDFEJNJFOUPT0QFSBUJWPT&TUBOEBSJ
[BEPTEF4BOJUJ[BDJØO10&4
ÏTUPTTPOFYJHJEPTQPSFM4&/"4"
EFTEFIBDFVOPTB×PT
t$POSFTQFDUPBMJOHSFTPEFMBNFSDBEFSÓBEFCFSÓBJEFOUJ
mDBSTFMBQSPDFEFODJBDBOUJEBEDBMJEBEZVONVFTUSFPQBSBMB
EFUFSNJOBDJØOEFMBQSFTFODJBEFSFTJEVPTPEFQBUØHFOPT
t$POUBSDPOVOTJTUFNBEFFUJRVFUBEPZEFUSB[BCJMJEBE
EFMPTQSPEVDUPT
t%JTQPOFSEFVOTJTUFNBEFSFMFWBNJFOUPEFEBUPTZEF
JOGPSNBDJØOQBSBBVNFOUBSMBUSBOTQBSFODJB
t0UPSHBSDJFSUPTTFSWJDJPTUBMFTDPNPFMEFBMRVJMFSP
MBWBEPEFDBKPOFT
t&TUJNVMBSMBVUJMJ[BDJØOEFMBDBEFOBEFGSÓP
t1SPWFFSVOÈNCJUPBEFDVBEPMJNQJPZDØNPEPCB×PT
TBMBEFSFVOJPOFTFUD
QBSBGBWPSFDFSMBDPODFOUSBDJØOEFMBT
PQFSBDJPOFT$POUBSDPOFTQBDJPTBEFDVBEPTQBSBMBDPNFS
DJBMJ[BDJØOEFJOTVNPTZTFSWJDJPT
t6O.BOVBMEF#VFOBT1SÈDUJDBTRVFJODMVZBTJUVBDJPOFT
FTUSVDUVSBMFTFEJMJDJBTVCJDBDJØOFUD
FMJOHSFTPEFMBNFSDB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t&TUJNVMBSMBJOTUBMBDJØOEFQMBUBGPSNBTMPHÓTUJDBTEFMB
(SBO%JTUSJCVDJØODPNPEFPUSPTDBOBMFTEFDPNQSBTIPUFMFSÓB
SFTUBVSBOUFZDBUFSJOH
FYQPSUBDJØOFUD
t4FSVODFOUSPEFDBQBDJUBDJØOQBSBMPTBHFOUFTRVFJOUFS
WJFOFOFOMBDBEFOBEFDPNFSDJBMJ[BDJØOEFGSVUBTZIPSUBMJ[BT
QSPEVDUPSFTDIBOHBSJOFTNJOPSJTUBTPQFSBEPSFTUSBOTQPSUJT
UBTZBÞOEFDPOTVNJEPSFT
-PTOFHPDJPTNJOPSJTUBTUSBEJDJPOBMFTEFCFSÓBODPOUBS
DPO
t10&4Z#VFOBT1SÈDUJDBTEF.BOVGBDUVSB
t$POUSPMFTQFSJØEJDPTQPSDVFTUJPOFTEFIJHJFOF
t&YQPTJDJØOEFMBNFSDBEFSÓBFOFMJOUFSJPSEFMPTMPDBMFT
t$BEFOBEFGSÓP
t7FIÓDVMPTEFUSBOTQPSUFFODPOEJDJPOFTBEFDVBEBTQBSB
FTUPTQSPEVDUPTQFSFDFEFSPT
t1MBOEFDBQBDJUBDJØODPOUJOVP
4©OUFTJTZDPODMVTJPOFTFODVBOUPBMB
EJTUSJCVDJ¯O
t-BTIPSUBMJ[BTEFIPKBTTPOQSPEVDUPTQFSFDFEFSPTDPO
HSBOEFTPTDJMBDJPOFTEFQSFDJPTBMPMBSHPEFMB×PNFTTFNBOB
ZEÓB
t&MDBOBMEFDPNFSDJBMJ[BDJØONÈTJNQPSUBOUFTJHVFTJFOEP
FMUSBEJDJPOBMMBNFSDBEFSÓBQBTBFOVOBUSBWÏTEFMPT
.FSDBEPT$PODFOUSBEPSFT
t-PTQSPEVDUPSFTVUJMJ[BOEJTUJOUBTBMUFSOBUJWBTDPNFSDJB
MFTQBSBBEBQUBSTFBMTJTUFNBEFTEFWFOUBFOGPSNBEJSFDUB
BMPTOFHPDJPTNJOPSJTUBTIBTUBMBWFOUBEJSFDUBFOMBTmODBT
EFQSPEVDDJØO"TÓNJFOUSBTFOSFHJPOFTDPNPMBEF-B1MBUB
MPTQSPEVDUPSFTIBOBWBO[BEPIBDJBVOBDPNFSDJBMJ[BDJØOFO
MPT.FSDBEPT$PODFOUSBEPSFTZMBWFOUBEJSFDUBFORVJOUB
3PTBSJPBVNFOUØFMQPSDFOUBKFEFQSPEVDUPSFTRVFMPIBDFO
BUSBWÏTEFDPOTJHOBUBSJPTRVFFONVDIPTDBTPTTPOWFDJOPT
QSPEVDUPSFT&OPUSBTSFHJPOFTQSFEPNJOBOMBWFOUBBDBNQP
ZBÞOMBWFOUBEFMPUFT
t&ODVBOUPBMB$PNVOJEBE#PMJWJBOBBQBSUJSEFMPT}Z
QSJODJQBMNFOUFUSBTMBDSJTJTEFMMBWFOUBWÓBDPOTJHOB
DJØOWBQFSEJFOEPMFOUBNFOUFJNQPSUBODJB-BWFOUBFORVJOUB
BERVJSJØBVHFQSJODJQBMNFOUFFO-B1MBUB.JFOUSBTEJFSPOVO
QBTPNÈTBEFMBOUFMPTQSPEVDUPSFTCPMJWJBOPTEFM/PSUFZ0FTUF
EFMB3FHJØO.FUSPQPMJUBOB#POBFSFOTFZMPTRVJOUFSPTEFMPT
$JOUVSPOFT7FSEFTEFMJOUFSJPSEFMQBÓTRVJFOFTDPNFSDJBMJ[BO
NBZPSJUBSJBZEJSFDUBNFOUFDPOMPTNJOPSJTUBTFOMPT.FSDBEPT
$PODFOUSBEPSFT
t&MTFDUPSEFMBTWFSEVMFSÓBTQSFTFOUBVOBUSBTPFODVBOUP
BMBJOGSBFTUSVDUVSBQSÈDUJDBTBEFDVBEBTZDBQBDJUBDJØOMP
RVFQPESÓBBGFDUBSBMBDBMJEBEFJOPDVJEBEEFMPTQSPEVDUPT
&MMPEFNBOEBVOBBUFODJØOFTQFDJBMDVBOUPTFBCPSEBOQMBOFT
RVFBQVOUBOBBQMJDBS#1"BOJWFMEFMBQSPEVDDJØOTJOUFOFS
FODVFOUBFMSFTUPEFMBDBEFOB
t.BOUFOFSTFJOGPSNBEPFTVOBDPOEJDJØOJNQSFTDJOEJCMF
QBSBQPEFSQFSDJCJSMPTDBNCJPTJOTVNPRVFDPOUSJCVZFBMB
UPNBEFEFDJTJPOFTBDFSUBEBTUBOUPFOFMQMBOUFPEFFTUSBUFHJBT
QSPEVDUJWBTZDPNFSDJBMFTBOJWFMQSJWBEPDPNPFOMBJNQMF
NFOUBDJØOEFNFEJEBTEFQPMÓUJDBTQÞCMJDBTRVFDPOUSJCVZBO
BMEFTBSSPMMPFDPOØNJDPZTPDJBMEFMTFDUPS
t-BDPODMVTJØOmOBMZFOTF×BO[BEFUPEPFTUFBWBODFEFM
QSPEVDUPSIBDJBFMFTMBCØOFOEPOEFTFEJTUSJCVZFHSBOQBSUFEFM
JOHSFTPEFMTFDUPSEFKBFODMBSPRVFIPZEÓBMBTVTUFOUBCJMJEBE
FDPOØNJDBEFVOBRVJOUBPEFVOBSFHJØOIPSUÓDPMBEFQFOEF
GVOEBNFOUBMNFOUFEFMHSBEPZUJQPEFJOTFSDJØORVFUFOHBDPO
FMTJTUFNBEFDPNFSDJBMJ[BDJØO
-BDBEFOBBHSPBMJNFOUBSJB-BSFEEFEJTUSJCVDJ¯O
#JCMJPHSBG©B
t"HVJSSF1i&TUSBUFHJBTEFDPOTVNPRVÏDPNFOMPTBSHFOUJOPTRVF
DPNFOw#VFOPT"JSFT.J×PZ%ÈWJMBQ
t"MCBOFTJ3$BTTJOFSB"1SPQFSTJ12VFTUB53PTFOTUFJO4
i)PSUJDVMUVSBSPTBSJOB$PNFSDJBMJ[BDJØOPSHBOJ[BDJØOMBCPSBMZBEPQDJØO
UFDOPMØHJDB6/3&EJUPSBQ
t#BSPO$#BSFT$.BSBEFJ'4ÈODIF[(i1PTUDPTFDIBEF
MFDIVHBw#PMFUÓO)PSUÓDPMBO¡Q
t#FOFODJB3Z2VBSBOUB(i.FSDBEPTEFUSBCBKPZFDPOPNÓB
EFFODMBWF-BFTDBMFSBCPMJWJBOBFOMBBDUVBMJEBEw&O3FWJTUB&TUVEJPT
.JHSBUPSJPT-BUJOPBNFSJDBOPT/¡$&.-"
t#FOFODJB3i5SBCBKPZQSFKVJDJP7JPMFODJBTPCSFJONJHSBOUFT
CPMJWJBOPTFOMBBHSJDVMUVSBQFSJGÏSJDBEF#VFOPT"JSFTw3FWVFFVSPQÏFOOF
EFTNJHSBUJPOTJOUFSOBUJPOBMFT7PMOQ
t#FOFODJB3&E
«SFB)PSUÓDPMB#POBFSFOTF$BNCJPTFOMB
QSPEVDDJØOZTVJODJEFODJBFOMPTTFDUPSFTTPDJBMFT#VFOPT"JSFT-B$PMNFOB
Q
t#FOFODJB3Z$BUUBOFP$i-BDSJTJTEFTPCSFQSPEVDDJØOFOFMÈSFB
IPSUÓDPMBCPOBFSFOTFDBVTBTDPOTFDVFODJBTZFTUSBUFHJBTBEPQUBEBTQBSB
QBMJBSTVTFGFDUPTw$ÈUFESBEF&YUFOTJØOZ4PDJPMPHÓB3VSBM'BDVMUBEEF
"HSPOPNÓB6#"
#VFOPT"JSFT
t#JGBSFUUJ"Z)BOH(Bi*ODJEFODJBEFMB(SBO%JTUSJCVDJØOFOFM
4JTUFNBEF$P—NFSDJBMJ[BDJØOEFIPSUBMJ[BTEF"SHFOUJOBw99$POHSFTP
"SHFOUJOPEF)PSUJDVMUVSB#BIÓB#MBODB
t#JGBSFUUJ"Z)BOH(Ci&MSJFTHPEFNFSDBEPFOMBDPNFSDJBMJ[BDJØO
EFIPSUB—MJ[BTw#PMFUÓO)PSUÓDPMBO¡Q
t$FOTP/BDJPOBM"HSPQFDVBSJP$/"
t$FOTP)PSUJnPSÓDPMBEF#VFOPT"JSFT$)'#"}
.JOJTUFSJPEF"TVOUPT
"HSBSJPTZ.JOJTUFSJPEF&DPOPNÓBEFMB1SPWEF#VFOPT"JSFTQ
t$PMBJBDPWP+i$BOBMFTEFDPNFSDJBMJ[BDJØOJOUFSOBDJPOBMw#VFOPT
"JSFT.BDDIJQ
t'')'PSP'FEFSBM)PSUÓDPMB(SVQPEF5SBCBKP*OGPSNBDJØOZ&TUBEÓTUJDBT
4"(1Z"%."4%BUPT*OEFD$FOTP"HSPQFDVBSJPF*OGPSNBOUFTEFM
TFDUPS
t(BSDÓB.
i1SPDFTPEFDBQJUBMJ[BDJØOEFDBNQFTJOPT&MDBTPEFMPT
IPSUJDVMUPSFTCPMJWJBOPTEF-B1MBUBw&OMBT7*+PSOBEBT*OUFSEJTDJQMJOBSJBT
EF&TUVEJPT"HSBSJPTZ"HSPJOEVTUSJBMFTZEF/PWJFNCSFEF
'BDVMUBEEF$JFODJBT&DPOØNJDBT6#"
*44/
t(BSDÓB.Z-F(BMM+i3FFTUSVDUVSBDJPOFTFOMBIPSUJDVMUVSBEFM
".#"UJFNQPTEFCPMJWJBOPw&O*7$POHSFTP"SHFOUJOPZ-BUJOPBNFSJDBOP
EF"OUSPQPMPHÓB3VSBM0SHBOJ[BEPQPS/"%"3ZFM*/5".BSEFM1MBUB
#VFOPT"JSFT
t(BSDÓB.Z,FCBU$i5SBOTGPSNBDJPOFTFOMBIPSUJDVMUVSBQMBUFOTF
6OBNJSBEBBUSBWÏTEFMPTDFOTPTw&O3FBMJEBE&DPOØNJDBO*"%&
#VFOPT"JSFTQ
t(BSDÓB.-F(BMM+.JFSF[-i$PNFSDJBMJ[BDJØOUSBEJDJPOBMEF
IPSUBMJ[BTEFMBSFHJØONFUSPQPMJUBOBCPOBFSFOTF)FSFODJBTEJOÈNJDBTF
JOOPWBDJPOFTEFVOTJTUFNBDPNQMFKPw#PMFUÓO)PSUÓDPMBEFMB'BDVMUBE
EF$JFODJBT"HSBSJBTZ'PSFTUBMFT6/-1
6&&"*/5"(SBO#VFOPT"JSFT
Z.JOJTUFSJPEF"TVOUPT"HSBSJPT1SPWEF#VFOPT"JSFT
"×P/¡
¡FUBQB
Q
t(BSDÓB.Z.JFSF[-i1SFDJPTIPSUÓDPMBT{4JNQMFNFOUFVOQSPCMFNB
DMJNÈUJDP w#PMFUÓO)PSUÓDPMBEFMB'BDVMUBEEF$JFODJBT"HSBSJBTZ'PSFTUBMFT
6/-1
6&&"*/5"(SBO#VFOPT"JSFTZ.JOJTUFSJPEF"TVOUPT"HSBSJPT1SPW
EF#VFOPT"JSFT
"×P/¡¡FUBQB
Q
t(BSDÓB.Z.JFSF[-i1BSUJDVMBSJEBEFTEFMTJTUFNBEFDPNFSDJBMJ[BDJØO
EFMFDIVHBFOFM$JOUVSØO)PSUÓDPMB1MBUFOTFw#PMFUÓO)PSUÓDPMBEFMB'BDVMUBE
EF$JFODJBT"HSBSJBTZ'PSFTUBMFT6/-1
6&&"*/5"(SBO#VFOPT"JSFTZ
.JOJTUFSJPEF"TVOUPT"HSBSJPT1SPWEF#VFOPT"JSFT
"×P/¡¡
FUBQB
Q
t(PO[ÈMF[.POUFSP+1ÏSF[(BSDÓB"-FØO%FMHBEP'0MJWBSFT%JF[+
$BMEFSØO-VOB)"TUPSJ;BSBHP[B%'JHVFSPB5PNJD4-FF5i-B
1MBOJmDBDJØOEFM%FTBSSPMMP"HSPQFDVBSJPw7PM**OTUJUVUP-BUJOPBNFSJDBOP
EF1MBOJmDBDJØO&DPOØNJDBZ4PDJBM¡FEJDJØO
t(SFFO3Z4DIBMMFS#i-BFWPMVDJØOFOMBTJOUFSNFEJBDJPOFT
DPNFSDJBMFTFO'SBO—DJB²OGBTJTFOGSVUBTZIPSUBMJ[BTw1BOPSBNB"HSBSJP
.VOEJBM/¡*/5"1FSHBNJOP0DUVCSF/PWJFNCSF
t(SFFO3i$BNCJPTFTUSVDUVSBMFTFOMBDPNFSDJBMJ[BDJØOFOGSVUBTZ
IPSUBMJ[BTMBFYQFSJFODJBGSBODFTBw&O9&ODVFOUSPEF.FSDBEPT'SVUJIPSUJDPMBT
EFM.FSDPTVS$ØSEPCB"SHFOUJOBZEF4FQUJFNCSF
t,SBTFS#Z0DLJFS$i-BQPCMBDJØOCPMJWJBOBFOMBMPDBMJEBEEF(FOFSBM
%BOJFM$FSSJ1SÈDUJDBDVMUVSBMZBDDJPOBSEFMPTBHFOUFTFOMBIPSUJDVMUVSBw
7+PSOBEBT*OUFSEJTDJQMJOBSJBTEF&TUVEJPT"HSBSJPTZ"HSPJOEVTUSJBMFTBM
EF/PWJFNCSF'BDVMUBEEF$JFODJBT&DPOØNJDBT6#"
t.FSDBEP$FOUSBMEF#VFOPT"JSFTXXXNFSDBEPDFOUSBMDPNBS
"CSJM
t.JFSF[-Z(BSDÓB.i-BHSBOEJTUSJCVDJØO-PHÓTUJDBEF
DPNFSDJBMJ[BDJØOEFIPSUBMJ[BTGSFTDBTFOFM«SFB.FUSPQPMJUBOBEF#VFOPT
"JSFT"SHFOUJOB
w$PNVOJDBDJØOQVCMJDBEBFOMBT"DUBTEFM¡$POHSFTP
3FHJPOBMEF&DPOPNJTUBT"HSBSJPT$POHSFTP3JPQMBUFOTFEF&DPOPNÓB
"HSBSJB999*93FVOJØO"OVBMEFMB"TPDJBDJØO"SHFOUJOBEF&DPOPNÓB
"HSBSJB9***$POHSFTPEF&DPOPNJTUBT"HSBSJPTEF$IJMF*44/
*4#/.POUFWJEFP6SVHVBZ
ZEF/PWJFNCSF
t7JUFSJ.-Z(IF[BO(i&MJNQBDUPEFMBHSBOEJTUSJCVDJØONJOPSJTUB
FOMBDPNFSDJBMJ[BDJØOEFGSVUBTZIPSUBMJ[BTw&OIUUQXXXJOUBHPW
BSCBMDBSDFJOGPEPDVNFOUPTFDPOPNFSDBEPWJUFSJ1%'
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BJOEVTUSJBEFMQSPDFTBNJFOUPZEFMBUSBOTGPSNBDJØO *OUSPEVDDJØO1SJNFSBHBNBPFOGSFTDPFOUFSBT4FHVOEBHBNBPFODPOTFSWBT
5FSDFSBHBNBPDPOHFMBEP$VBSUBHBNBPNÓOJNBNFOUFQSPDFTBEBTZSFGSJHFSBEBT2VJOUBHBNB
ZIPSUBMJ[BTQSFDPDJEBT $VBSUBHBNBPQSPEVDUPTNÓOJNBNFOUFQSPDFTBEPZSFGSJHFSBEPT #JCMJPHSBGÓB -BDBEFOBBHSPBMJNFOUBSJB-BJOEVTUSJBEFMQSPDFTBNJFOUPZEFMBUSBOTGPSNBDJ¯O
-BJOEVTUSJBEFMQSPDFTBNJFOUPZEF
MBUSBOTGPSNBDJ¯O
M
*OUSPEVDDJ¯O
%FOUSPEFFTUFFTMBCØOQPEFNPTEJGFSFODJBSTFHÞOMPT
BVUPSFTMPRVFFTFMBDPOEJDJPOBNJFOUPFMQSPDFTBNJFOUPZMB
USBOTGPSNBDJØOEFMPTQSPEVDUPT
t"DPOEJDJPOBNJFOUPFTDVBOEPWFOEFNPTMBTIPSUBMJ[BT
DPTFDIBEBTFOGSJBEBTPOPFOFOWBTFTEFDBKØOCPMTBDBKB
VPUSPOPSFBMJ[BOEPOJOHÞOQSPDFTBNJFOUPFTQFDÓmDBNFOUF
DPSUF
ZMPTQSPEVDUPTTFWFOEFOFOGSFTDPMVFHPWFSFNPTRVF
UBNCJÏOTFQVFEFOMMBNBSQSJNFSBHBNB6OFKFNQMPEFFMMPFT
MBMFDIVHBFODBKPOFTMBBDFMHBFOBUBEPTVCJDBEPTFODBKPOFT
ZBÞOFMSFQPMMJUPEFCSVTFMBFOCBOEFKBTZMBSÞDVMBFOUFSBFO
CPMTBTDFSSBEBTEFQPMJFUJMFOP
t1SPDFTBNJFOUPFTDVBOEPFMQSPEVDUPTVGSFVOQSPDFTP
EFTFMFDDJØODPSUBEPMBWBEPZDPDJEPPOPFTFOWBTBEPZTF
FODVFOUSBMJTUPQBSBTFSVTBEPEJSFDUBNFOUFFOGSFTDPPMVFHP
EFVOBDPDDJØO
6OFKFNQMPEFFMMPFTMBSBEJDIFUBDPSUBEBFO
CPMTBTQMÈTUJDBTMJTUBTQBSBDPOTVNJSDVBSUBHBNB
PSFNPMBDIB
DPDJEBMJTUBQBSBDPOTVNJSRVJOUBHBNB
t5SBOTGPSNBDJØOFTDVBOEPFMQSPEVDUPTFUSBOTGPSNBZ
OPFTQPTJCMFPFTEJGÓDJMEFJEFOUJmDBSMBNBUFSJBQSJNBRVFMF
EJPPSJHFOQPSFKFNQMPEVMDFTKVHPTFYUSBDUPTFUD
&MBDPOEJDJPOBNJFOUPFTUSBUBEPFOFMDBQÓUVMPDPSSFTQPO
EJFOUFBMBQSPEVDDJØOZBDPOEJDJPOBEP-BUSBOTGPSNBDJØOOP
TFDPSSFTQPOEFDPOMBTFTQFDJFTDPOUFNQMBEBTFOFTUBPCSBEF
NPEPRVFTØMPUSBUBSFNPTFMQSPDFTBNJFOUPFOTVDMBTJmDBDJØO
FOUBZUBHBNB
6ODSJUFSJPEFDMBTJmDBDJØOPSJHJOBEPFO'SBODJBQFSNJUF
EJTUJOHVJSTFHÞOMBQSFTFOUBDJØOEFFTUPTQSPEVDUPTFOVOB
TFSJFEFiHBNBTw
1SJNFSBHBNBPFOGSFTDPFOUFSBTTPOMBTRVFOPUJFOFO
OJOHÞOQSPDFTBNJFOUPFTEFDJSTPOWFOEJEBTFOGSFTDPZSFQSF
TFOUBODBTJFMEFMBDPNFSDJBMJ[BDJØOEFOVFTUSPQBÓT
4FHVOEBHBNBPFODPOTFSWBTQSPDFEJNJFOUPNVZVUJMJ
[BEPEPOEFTFMFSFBMJ[BBMWFHFUBMVOFTDBMEBEPQSFWJPMMFWBS
SÈQJEBNFOUFB$ZMVFHPTFFOGSÓBFOGPSNBSÈQJEB
TFMP
FOWBTBQPSMPHFOFSBMFOSFDJQJFOUFTEFIPKBMBUBPWJESJPZTFMP
FTUFSJMJ[B&TUPQFSNJUFDPOTFSWBSMPFODPOEJDJPOFTBNCJFOUBMFT
EVSBOUFVOUJFNQPQSPMPOHBEP6OFKFNQMPTPOMPTEVSB[OPT
BMOBUVSBMZFMUPNBUFFOMBUBQBSBFMDBTPEFMBTIPSUBMJ[BTEF
IPKBTVOFKFNQMPFTMBBDFMHBFOMBUB
-BTFNQSFTBTJOEVTUSJBMFTHFOFSBMNFOUFSFBMJ[BODPOUSBUPT
DPOMPTQSPEVDUPSFTQBSBFMDVMUJWPEFMPUFTEFTUJOBEPTBMB
DPOTFSWBPFMDPOHFMBEP&MDBTPEFBDFMHBZFTQJOBDBFTFMNÈT
UÓQJDPEPOEFFMQSPEVDUPSSFBMJ[BMBQSFQBSBDJØOEFMPTMPUFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
DPOTFSWBTMPTQSPEVDUPSFTIBDFODPOUSBUPDPOMBJOEVTUSJBTPO
MPUFTEFNBZPSTVQFSmDJFDPOVTPEFDPTFDIBEPSBT
$VBSUBHBNBPNÓOJNBNFOUFQSPDFTBEBTZSFGSJHFSB
EBTUBNCJÏOMMBNBEPTQSFDPSUBEPTPMJTUPTQBSBDPOTVNJS
TF
QSFTFOUBOFOCBOEFKBTDPOmMNPCPMTBTDPOEJGFSFOUFTUJQPT
EFQPMJFUJMFOP%FCFOQFSNBOFDFSFOUSFZ$&OOVFTUSP
QBÓTFOMBNBZPSÓBEFMPTDBTPTOPTFSFTQFUBMBDBEFOBEFGSÓP
ZFMMPBUFOUBDPOUSBMBDBMJEBEZFMEFTBSSPMMPEFFTUPTQSPEVDUPT
&KFNQMPSBEJDIFUBDPSUBEB[BOBIPSJBSBMMBEB
&O&VSPQBZPUSPTQBÓTFTNÈTBWBO[BEPTTFBVNFOUØDPOTJ
EFSBCMFNFOUFFMDPOTVNPEFFTUBHBNB$POUSJCVZØBFMMPVOB
CVFOBDBMJEBEEFMPTQSPEVDUPTFOFMNFSDBEPZMBEJTNJOVDJØO
EFMUSBCBKPFOFMIPHBSQBSBMBQSFQBSBDJØOEFMBNJTNB
2VJOUBHBNBVIPSUBMJ[BTQSFDPDJEBTBMQSJODJQJPFSBO
QMBUPTDPDJEPTZBMWBDÓPMVFHPTFEFmOJFSPODPNPiQSPEVDUPT
BCBTFEFWFHFUBMFTRVFIBCJFOEPTVGSJEPVOUSBUBNJFOUP
UÏSNJDPFTUFSJMJ[BDJØO
TPOBDPOEJDJPOBEPTFOSFDJQJFO
UFTFTUBODPTBMPTMÓRVJEPTZBMBTBHSFTJPOFTNJDSPCJBOBT
HBSBOUJ[BOEPBMNFOPTVOEVSBDJØOEFTFNBOBTw-BT
IPSUBMJ[BTRVFNÈTTFQSFTUBOBFTUBHBNBTPOMBTSFNPMBDIBT
DIPDMPTZKBSEJOFSBT-BEJGFSFODJBDPOMBTFHVOEBHBNBFTRVF
MPTFOWBTFTBMTFSEFQMÈTUJDPUJFOFOJOUFSDBNCJPHBTFPTP
5BNCJÏOTFFODVFOUSBOEFOUSPEFFTUBHBNBMBTUFSSJOBT
EFIPSUBMJ[BTMPTQBTUFMFTWFHFUBMFTMBTTPQBTZQVSÏT
$VBSUBHBNBPQSPEVDUPTN©OJNBNFOUF
QSPDFTBEPZSFGSJHFSBEPT
-PTQSPEVDUPTNÓOJNBNFOUFQSPDFTBEPTZSFGSJHFSBEPT
UBNCJÏOMMBNBEPTEFDVBSUBHBNBUJFOFOVOBMUPQPUFODJBMEF
DPOTVNPTJCJFOFO"SHFOUJOBFTNVZFTDBTPOPMMFHBOEPBM
EFMUPUBMDPNFSDJBMJ[BEP
TJFNCSBTSJFHPQVMWFSJ[BDJPOFTZMBJOEVTUSJBBQPSUBQBSUFEF
MBNBUFSJBQSJNBZSFBMJ[BMBDPTFDIBNFDBOJ[BEB
5FSDFSBHBNBPDPOHFMBEPTPOIPSUBMJ[BTPGSVUBTRVF
SFDJCJFSPOVODPOHFMBEPSÈQJEP$
ZMVFHPFMQSPEVDUP
QVFEFTFSBMNBDFOBEPEVSBOUFNVDIPTNFTFT-BOFDFTJEBEEFM
NBOUFOJNJFOUPEFVOBDBEFOBEFGSÓPIBMJNJUBEPFMEFTBSSPMMP
EFFTUBHBNB4POFKFNQMPTMBFTQJOBDBFMDIPDMPFMCSØDPMJ
ZMBTQBQBTQSFGSJUBTDPOHFMBEBT"MJHVBMRVFFOFMDBTPEFMBT
&OMBmHVSBTFNVFTUSBDPNPFKFNQMPFMEJBHSBNB
EFnVKPQBSBFMQSPDFTBNJFOUPEFMBSBEJDIFUBDPOTUBEFMPT
TJHVJFOUFTQBTPT
t&MQSPEVDUPDPTFDIBEPZMBWBEPFTHVBSEBEPFODÈNBSBT
IBTUBTVQSPDFTBNJFOUPFMDVBMEFCFSÓBTFSMPNÈTSÈQJEP
QPTJCMF
t&OQSJNFSMVHBSTFTFMFDDJPOBQBSBTBDBSIPKBTBNBSJMMBT
SPUBTFUD
-BDBEFOBBHSPBMJNFOUBSJB-BJOEVTUSJBEFMQSPDFTBNJFOUPZEFMBUSBOTGPSNBDJ¯O
t4FQBTBQPSVOBNÈRVJOBQBSBSFBMJ[BSVODPSUFEFBQSPYJ
NBEBNFOUFDNEFBODIP
t1BTBBMB[POBMJNQJBEPOEFTFIBDFVOTFHVOEP
MBWBEPDPOBHVBZDMPSPBVOBDPODFOUSBDJØOEFQQN
EFDMPSPBDUJWP&MQSPEVDUPEFTJOGFDUBEPFTOFDFTBSJP
FOKVBHBSMPDPOBHVBQPUBCMFZDMPSPFOVOBQSPQPSDJØO
EFQQN
t4FQSPDFEFBDFOUSJGVHBSFMQSPEVDUPQBSBRVJUBSFM
BHVBMJCSFDPOVOBNÈRVJOBRVFUJFOFVOUBNCPSRVFHJSBB
SQN
t&MQSPEVDUPTFEFQPTJUBTPCSFNFTBEBTEFPSFPEFBDFSP
JOPYJEBCMFFOVOBEFMHBEBDBQBDN
EPOEFFTPSFBEPDPO
MBBZVEBEFWFOUJMBEPSFT
t&MQSPEVDUPFTUÈMJTUPQBSBTFSFOWBTBEPNBOVBMPNFDÈ
OJDBNFOUFZMMFWBEPBDÈNBSBBVOBUFNQFSBUVSBEF$
t-VFHPEFVOBTIPSBTDVBOEPFMQSPEVDUPMMFHØBMBUFN
QFSBUVSBBEFDVBEBB$
TFDBSHBFODBNJPOFTSFGSJHFSBEPT
ZTFEJTUSJCVZF
&OMBTmHVSBTZTFQVFEFPCTFSWBSVOBNFTBEB
EFDMBTJmDBDJØOVOBDJOUBIJESPMBWBEPSBFODPNCJOBDJØODPO
VOBNÈRVJOBDPSUBEPSB5PEPFMMPPDVSSFEFOUSPEFMB[POB
TVDJBFTEFDJSEPOEFBÞOOPTFIBSFBMJ[BEPMBEFTJOGFDDJØO
EFMQSPEVDUP
&OMBTmHVSBTZTFPCTFSWBFMTFHVOEPMBWBEP
DPOBHVBZDMPSPQQNEFDMPSPBDUJWP
ZFMPSFBEPFOMBT
NFTBEBTEFBDFSPJOPYJEBCMFUPEPEFOUSPEFMB[POBMJNQJB
%FMBmHVSBBTFNVFTUSBOMBTIPSUBMJ[BTEFIPKBT
USBUBEBTFOFTUBPCSBDPOEFUBMMFTEFTVDPSUFZFOWBTBEP
-BMFDIVHBFTQJOBDBBDFMHBZSÞDVMBTPODPSUBEBTDPOVOB
NFEJEBEFDNEFBODIPZEFMBSHPNJFOUSBTRVFMBSBEJDIFUB
FTEFDNEFBODIPZFMMBSHPWBSJBCMF
1BSBQSPDFTBSFTUPTQSPEVDUPTFTOFDFTBSJPUFOFSVOSFHJTUSP
EFMBQMBOUBZEFMQSPEVDUP-PTQVOUPTBUFOFSFODVFOUBQBSB
FMQSPDFTBNJFOUPTPOMPTDJUBEPTBDPOUJOVBDJØO
t3FRVJTJUPTHFOFSBMFTEFMFTUBCMFDJNJFOUPVCJDBDJØO
DBNJOPTDPOEJDJPOFTFTUSVDUVSBMFTEFMBQMBOUBNBUFSJBMFT
EJTUSJCVDJØOTFHVSJEBEGVFOUFEFFOFSHÓBBHVBFUD
t3FRVJTJUPTHFOFSBMFTEFMBNBUFSJBQSJNBSFHJTUSP
EFQSPWFFEPSFTGPSNBEFQSPEVDJSMBFODPOEJDJPOFTEF#1"
FMUSBOTQPSUFFUD
t3FRVJTJUPTEFIJHJFOFEFMFTUBCMFDJNJFOUP10&4
DPOTFSWBDJØOMJNQJF[BZEFTJOGFDDJØOEFTVCQSPEVDUPTNBOJ
QVMBDJØOBMNBDFOBNJFOUPZFMJNJOBDJØOEFEFTFDIPTBVTFODJB
EFBOJNBMFTEPNÏTUJDPTTJTUFNBEFDPOUSPMEFQMBHBTBMNBDF
OBNJFOUPEFTVTUBODJBTQFMJHSPTBTSPQBZFGFDUPTQFSTPOBMFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t3FRVJTJUPTTBOJUBSJPTZEFIJHJFOFEFMQFSTPOBMFO
TF×BO[BEFIJHJFOFFTUBEPEFTBMVEMBWBEPEFNBOPTIJHJFOF
QFSTPOBMDPOEVDUBHVBOUFTWJTJUBOUFTZTVQFSWJTJØO
t3FRVJTJUPTEFIJHJFOFFOMBFMBCPSBDJØOQSFWFODJØO
EFMBDPOUBNJOBDJØODSV[BEBFNQMFPEFMBHVBFMBCPSBDJØO
FOWBTBEPEJSFDDJØOZTVQFSWJTJØOEPDVNFOUBDJØOZSFHJTUSP
t"MNBDFOBNJFOUPZUSBOTQPSUFEFNBUFSJBTQSJNBT
ZQSPEVDUPTUFSNJOBEPT
t$POUSPMEFBMJNFOUPT
t0USPTSFRVJTJUPTEFDBMJEBEFWBMVBDJØOEFQSPWFFEPSFT
EJSFDDJØOZTVQFSWJTJØOEPDVNFOUBDJØOZSFHJTUSPZTBUJTGBDDJØO
BMDMJFOUF
/PFTUBQSFWJTUPFOFTUBPCSBEFTBSSPMMBSMBT#VFOBT1SÈDUJDBT
EF.BOVGBDUVSBQBSBMPTQSPEVDUPTQSPDFTBEPTTFBDPOTFKB
BMPTMFDUPSFTSFDVSSJSBMDBQÓUVMPQSPEVDDJØOZBDPOEJDJPOB
NJFOUP
FOFMRVFFODPOUSBSÈFMFNFOUPTRVFTPOEFJOUFSÏT
BFTUFUFNB
-BDBEFOBBHSPBMJNFOUBSJB-BJOEVTUSJBEFMQSPDFTBNJFOUPZEFMBUSBOTGPSNBDJ¯O
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
#JCMJPHSBG©B
t%BZ#i&OWBTBEPEFMPTBMJNFOUPTFOBUNØTGFSBNPEJmDBEBw
&EJUPSJBM".BESJE7JDFOUFQ&WFSTPO)18BMESPO,8(FFTPO+%
#SPXOF,.&GGFDUTPGNPEJmFEBUNPTQIFSFTPOUFYUVSBMBOEDFMMXBMM
DIBOHFTPGBTQBSBHVTEVSJOHTIFMGMJGF*OUFSOBUJPOBM+PVSOBMPG'PPE4DJFODF
BOE5FDIOPMPHZSFG
t'FSSFZSB3..VHSJEHF"$IBWFT"3&GGFDUTPGQBDLBHJOH
mMNTPOUIFRVBMJUBUJWFDIBSBDUFSJTUJDTPG#SVTTFMTTQSPVUTUI*OUFSOBUJPOBM
$POHSFTTPG3FGSJHFSBUJPO**3-B)BZB
t)FSSFSP"(VBSEJB+$POTFSWBDJØOEFGSVUPT.BOVBM5ÏDOJDP&E
.VOEJ1SFOTBQ
t/BNFTOZ7BMMFTQJS"1PTU3FDPMFDDJØOEF)PSUBMJ[BT7PM)PSUBMJ[B
EFIPKBUBMMPZnPS&EJDJPOFTEF)PSUJDVMUVSB4-Q
t3PUPOEP3'FSSBUUP+'JSQP*"MJNFOUPTZ4BMVE)PSUBMJ[BT
NÓOJNBNFOUFQSPDFTBEBTPEF*7(BNB3FWJTUB"HSPNFOTBKFT3FWJTUB'BD
$JFODJBT"HSBSJBT6/37PM
t5JSZMMZ:#PVSHFPJT$5FDOPMPHÓBEFMBT)PSUBMJ[BT&EJUPSJBM"DSJCJB
4"Q
t7J×B4;$IBWFT"32VBMJUZDIBOHFTJONJOJNBMMZQSPDFTTFE
DFMFSZVOEFSSFGSJHFSBUFETUPSBHFJO*NQSPWJOH1PTUIBSWFTU5FDIOPMPHJFTPG
GSVJUTWFHFUBCMFTBOEPSOBNFOUBMT**3$PNNJTTJPOT$%'"SUÏT.*(JM
BOE."$POFTB&E7PM
t8JMMFZ3'SVUBTZ)PSUBMJ[BTNÓOJNBNFOUFQSPDFTBEBTZSFGSJHFSBEBT
&EJUPSJBM"DSJCJB4"&TQB×BQ
-BQSPEVDDJØOQSJNBSJBZFMBDPOEJDJPOBNJFOUP 4JTUFNBTEFQSPEVDDJØO 1MBOFBNJFOUPEFMBQSPEVDDJØO 4JTUFNBTEFQSPEVDDJØOBDBNQPPBMBJSFMJCSF $VMUJWPTQSPUFHJEPTGPS[BEPTPTFNJGPS[BEPT
5JQPTEFNBUFSJBMFTVUJMJ[BEPTFOMPTDVMUJWPTGPS[BEPTZTFNJGPS[BEPT7JESJP.BUFSJBMFT
QMÈTUJDPTQPMJFUJMFOPOPSNBMPDSJTUBMQPMJFUJMFOPMBSHBEVSBDJØOQPMJFUJMFOPMBSHBEVSBDJØOUÏSNJDP
NVMDIJOH5*''JMNTGPUPTFMFDUJWPTBOUJWJSVTBOUJCPUSZUJTGPUPEFHSBEBCMFT &TRVFNBUFØSJDPEFJOUFSDBNCJPEFFOFSHÓBFOJOWFSOBEFSPT $POUSPMEFUFNQFSBUVSBTFYUSFNBTCBKBTZBMUBT
$POUSPMEFCBKBTUFNQFSBUVSBT4JTUFNBTBDUJWPTSFDJQJFOUFDPODBSCØOSFDJQJFOUFDPO
BTFSSÓOIPSOPTDBMFGBDUPSFTDPOBJSFDBMJFOUFQSPQVMTBEPDBMFGBDUPSFTDPOUVCFSÓBTSBEJBOUFTUVCPT
FOUFSSBEPT4JTUFNBTQBTJWPTEPCMFUFDIPQBOUBMMBUÏSNJDBBDPMDIBEPTSBEJBOUFTBTQFSKBEPEF
BHVBTPCSFFMUFDIPDPSUJOBTSPNQFWJFOUPT $POUSPMEFBMUBTUFNQFSBUVSBT7FOUJMBDJØOQBTJWBPBDUJWB3FEVDDJØOEFMBSBEJBDJØO
JODJEFOUFTCMBORVFBEPPFODBMBEPEFMUFDIPNFEJBTPNCSBQBOUBMMBTBMVNJOJ[BEBT
1SPEVDDJØOEFOJFCMBGPH$PSUJOBTIÞNFEBTPQBOUBMMBTFWBQPSBEPSBT 5JQPTEFGPS[BEPT'PS[BEPQBSDJBMBDPMDIBEPEFTVFMPPNVMDIJOHNBOUBTnPUBOUFTP
BHSPUFYUJMFTTPNCSFBEFSPTPNFEJBTTPNCSBTNBMMBTBOUJHSBOJ[PUÞOFMFTCBKPT'PS[BEPUPUBM
UÞOFMFTBMUPTJOWFSOBEFSPT"MHVOPTEFUBMMFTBUFOFSFODVFOUBQBSBMBJOTUBMBDJØOEFJOWFSOBEFSPT
$PODFQUPFJNQPSUBODJBEFMPTQMBOFTEFQSPEVDDJØO *EFOUJmDBDJØOZFTUVEJPEFMBTTF×BMFTEFMNFSDBEP 1PUFODJBMJEBEFTEFMBTEJTUJOUBTSFHJPOFTQSPEVDUPSBT %BUPTDMJNÈUJDPTEFMBTEJTUJOUBTSFHJPOFT 3FTVNFOEFMQPUFODJBMEFDBEBSFHJØO-B1MBUB3PTBSJP.BSEFM1MBUB-B$PTUBEF
4BOUB'F.FOEP[BZ7*3$) )JTUPSJBMEFMBFYQMPUBDJØOZEFUFSNJOBDJØOEFQVOUPTDSÓUJDPT.BOFKPEFMBFYQMPUBDJØO
FODVBOUPBMBJEFOUJmDBDJØOEFMPTMPUFT -BiGBUJHBEFMTVFMPwVODPODFQUPBUFOFSFODVFOUBFOMBQMBOJmDBDJØO $PNPBSNBSVOQMBOEFQSPEVDDJØO -BJNQMBOUBDJØOEFMPTMPUFT 1SFQBSBDJØOEFMTVFMP %FTJOGFDDJØOEFTVFMPT$POEJDJPOFTHFOFSBMFTEFMTVFMPQSFWJPBMBEFTJOGFDDJØO %FTJOGFDDJPOFTRVÓNJDBTGVNJHBOUFT#SPNVSPEFNFUJMPNFUBOTPEJPEB[PNFU
EJDMPSPQSPQFOP %FTJOGFDDJPOFTRVÓNJDBTOPGVNJHBOUFT*OTFDUJDJEBTOFNBTUÈUJDPTTJTUÏNJDPTFUPUSPQ
BMEJDBSCDBSCPGVSBOGFOBNJGØT'VOHJDJEBTNFUBMBYZMQFOUBDMPSPOJUSPCFODFOP %FTJOGFDDJØOQPSNÏUPEPTOPRVÓNJDPT7BQPSTPMBSJ[BDJØOEFMTVFMPCJPGVNJHBDJØO -BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
0USPTNÏUPEPTEFMVDIB$VMUJWPTJOTVFMPSPUBDJPOFTDVMUJWPEFDPCFSUVSBVUJMJ[BDJØO
EFDVMUJWBSFTBEFDVBEBT -BCSBO[BTQSJODJQBMFTQBSBDBEBUJQPEFTVFMP .ÈRVJOBTNÈTDPNVONFOUFVUJMJ[BEBTFOIPSUJDVMUVSB$VDIJMMBOJWFMBEPSBTVCTPMBEPS
EFTQBSSBNBEPSBEFHVBOPBSBEPEFDJODFMFTBSBEPEFSFKBTZWFSUFEFSBTNPUPDVMUJWBEPSFTP
NPUPDVMUJWBEPSFTSBTUSBEFEJTDPTEFEPCMFBDDJØOPEFUJSPFYDÏOUSJDPWJCSPDVMUJWBEPSEJTDPT
BMPNBEPUFTPTVSDBEPSFTCBSSBQPSUBIFSSBNJFOUBT 3JFTHPTFOFMUSBCBKPDPO.BRVJOBSJBT"HSÓDPMBT&MOJWFMEFSVJEPZTVFGFDUPTPCSF
MBTQFSTPOBT7JCSBDJPOFTNFDÈOJDBT*ODFOEJPT7VFMDPMBUFSBM7VFMDPQPTUFSJPS1BSBFWJUBS
BUSPQBNJFOUPTFOMBUPNBEFGVFS[B1BSBFWJUBSDBÓEBTZBUSPQBNJFOUPTFOFMUSBDUPS1SFWFODJØO
EFMBQSJTJPOBNJFOUPFOFMFOHBODIFEFTFOHBODIFEFMUSBDUPS1SFWFODJØOEFMBQSJTJPOBNJFOUP
FOUSFFMUSBDUPSZFMFRVJQP&OHBODIFDPOMÓOFBTFMÏDUSJDBT"OJNBMFTEPNÏTUJDPTZPEFHSBOKB 4JTUFNBUJ[BDJØO&OQMBOP&OMPNPT&OQMBUBCBOEBT&ODBOUFSPT 4JFNCSB%FBTJFOUPPEJSFDUBBMWPMFPFOMÓOFBBDIPSSJMMPFOMÓOFBEFQSFDJTJØO .ÈRVJOBTTFNCSBEPSBT1BSBTJFNCSBTBMWPMFP1BSBTJFNCSBTFOMÓOFBBDIPSSJMMP
1MBOFUNBOVBM1MBOFUNPOUBEB4UPSFSDP1BSBTJFNCSBFOMÓOFBEFQSFDJTJØOOFVNÈUJDB.JOJBJS
EFDJOUB4UBOIBZ 1SPEVDDJØOEFQMBOUJOFT *OUSPEVDDJØO 1SPEVDDJØOEFQMBOUJOFTDPODFQFMMØO%FTDSJQDJØO$POUFOFEPSFT4VTUSBUPT$MBTJmDBDJØO
EFMPTTVTUSBUPT%FTDSJQDJØOHFOFSBMEFMPTEJTUJOUPTTVTUSBUPT0SHÈOJDPTUVSCBTBDÓDVMBTEFQJOP
DÈTDBSBEFBSSP[BTFSSÓO*OPSHÈOJDPTEFPSJHFOOBUVSBMQFSMJUBWFSNJDVMJUBBSFOBUJFSSBWPMDÈOJDB
*OPSHÈOJDPTEFPSJHFOTJOUÏUJDPQPMFTUJSFOPQPMJVSFUBOP'BDUPSFTBUFOFSFODVFOUBQBSBMBJOTUBMB
DJØOEFVOQMBOUJOFSP4FDUPSFTEFVOQMBOUJOFSPZPQFSBDJPOFTBSFBMJ[BSFODBEBVOBEFFMMPT
4FDUPSEFQSFQBSBDJØOEFMBTNF[DMBTEFTVTUSBUPTZTFNCSBEP$ÈNBSBEFHFSNJOBDJØO
*OWFSOBEFSPT;POBEFSVTUSJDBDJØO%FTJOGFDDJØOEFMBTCBOEFKBTZNBUFSJBMFT$POUSPMFTZNPOJUP
SFPT1SPCMFNBTEFDBMJEBENPUJWPTQSJODJQBMFT$PTUPTEFQSPEVDDJØO$PNPSFDPOPDFMFMNPNFO
UPØQUJNPEFMQMBOUÓOQBSBTVUSBTQMBOUF $BSBSBDUFSÓTUJDBTEFVOCVFOQMBOUÓO 3FDPNFOEBDJPOFTQBSBSFEVDJSFMJNQBDUPBNCJFOUBMFOMBQSPEVDDJØOEFQMBOUJOFT 5SBTQMBOUF$POEJDJPOFTBUFOFSFODVFOUBQBSBVOUSBOTQMBOUFBEFDVBEP'PSNBTEFUSBT
QMBOUFNBOVBMNFDÈOJDP -BCPSFTDVMUVSBMFT %FTDPSUF[BEP $BSQJEB &TDBSEJMMBEP "QPSRVF 3BMFP 3BTUSJMMBEP %FTIPKF 3JFHP $BMJEBEEFBHVBQBSBSJFHP%FTDSJQDJØOEFMPTQSJODJQBMFTGBDUPSFT4BMJOJEBE.PEJDJEBE
5PYJDJEBE$MPSP#PSP"CTPSDJØOEFOVUSJFOUFT4VTUBODJBTPSHÈOJDBTFJOPSHÈOJDBT 1VOUPTBUFOFSFODVFOUBDPOSFTQFDUPBMBDBMJEBEEFBHVBQBSBSJFHP%FBDVFSEPBMB
-FHJTMBDJØO/BDJPOBM0USPTQVOUPTBUFOFSFODVFOUB5PNBEFNVFTUSBTEFBHVB1SPDFEFODJBEFM
BHVBEFSJFHP$POEJDJPOFTBUFOFSFODVFOUBMBSFBMJ[BSVOBQFSGPSBDJØOQBSBFYUSBFSBHVB #VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
4JTUFNBTEFSJFHP-PTTJTUFNBTEFSJFHPEFNBZPSVUMJ[BDJØOFOIPSUJDVMUVSB3JFHPQPS
BTQFSTJØO3FJHPQPSFTDVSSJNJFOUPPHSBWFEBE3JFHPMPDBMJ[BEPQPSHPUFPZNJDSPBTQFSTJØO
7FOUBKBTZEFTWFOUBKBTEFMTJTUFNBEFSJFHPMPDBMJ[BEP$PNQPOFOUFTEFVOTJTUFNBEFSJFHPMPDB
MJ[BEP.PUPCPNCB$BCF[BM'JMUSPT4JTUFNBTEFJODPSQPSBDJØOEFMGFSUJMJ[BOUF3FEEFDPOEVDDJØO
ZEJTUSJCVDJØOEFBHVB%JGVTPSFTPHPUFSPT $ÈMDVMPEFOFDFTJEBEFTEFSJFHP&UBQBTBTFHVJSQBSBMBFMBCPSBDJØOEFVOQSPZFDUPEF
SJFHPQPSHPUFP%FUFSNJOBDJØOEFMBDBMJEBEEFBHVB%FUFSNJOBDJØOEFMBOFDFTJEBEEFESFOBKF
%FUFSNJOBDJØOEFMPTSFRVFSJNJFOUPTEFMDVMUJWP&KFDVDJØOEFVOQMBOPEFMFTUBCMFDJNJFOUPDPOMB
VCJDBDJØOEFMPTMPUFTFMDBCF[BMZMBTDB×FSÓBT$ÈMDVMPEFMDBVEBMOFDFTBSJP$ÈMDVMPEFMBJOUFO
TJEBEZUJFNQPNÈYJNPEFSJFHP/ÞNFSPZUBNB×PEFMPTMPUFTEFSJFHP'SFDVFODJBNÓOJNBOFDF
TBSJBEFSJFHP&MFDDJØOEFMPTMBUFSBMFTEFSJFHPDÈMDVMPEFMBQSFTJØOOFDFTBSJBZEFMEJÈNFUSPEF
MBTDB×FSÓBT$ÈMDVMPEFMPTMBUFSBMFTZDB×FSÓBTTFDVOEBSJBT$ÈMDVMPEFDB×FSÓBQSJNBSJBZTVTEFSJ
WBDJPOFT$ÈMDVMPEFDBCF[BM$POUSPMEFMSJFHP.BOUFOJNJFOUPEFMPTFRVJQPTEFSJFHPQPSHPUFP 1SPCMFNBTEFTBMJOJ[BDJØOZTPEJmDBDJØOEFMPTTVFMPTQPSBDVNVMBDJØOEFTBMFT"MHVOBT
TPMVDJPOFTBFTUPTQSPCMFNBT5SBUBNJFOUPEFMBHVBEFSJFHPTJTUFNBEFØTNPTJTJOWFSTBDPMVNOB
EFJOUFSDBNCJPJØOJDP"DVNVMBDJØOEFBHVBEFMMVWJB$BNCJPEFMVHBSEFMPTJOWFSOBEFSPT
%SFOBKFTTVCTVQFSmDJBMFT6UJMJ[BDJØOEFFONJFOEBT "QMJDBDJØOEFBCPOPTFONJFOEBTZGFSUJMJ[BOUFT 1VOUPTRVFIBDFOBMBNBZPSDPNQSFOTJØOEFMQSPDFTPEFMBOVUSJDJØONJOFSBM4VFMP
ZDPNQPTJDJØO/VUSJDJØOWFHFUBM"CTPSDJØOZUSBTMBEPEFMPTOVUSJFOUFT'BDUPSFTRVFBGFDUBO
MBBCTPSDJØOEFOVUSJFOUFT&MQ)EFMTVFMP$BSBDUFSÓTUJDBTEFDBEBFMFNFOUPQSJNBSJPZTÓOUPNBT
EFDBSFODJBT.BUFSJBPSHÈOJDB %FTDSJQDJØOEFFONJFOEBTPSHÈOJDBTFJOPSHÈOJDBT&ONJFOEBTPSHÈOJDBT&TUJÏSDP
MFT$BNBEFQPMMP3FDPNFOEBDJØOEFMPTBVUPSFTQBSBFMDPNQPTUBKFEFMPTFTUJÏSDPMFT
&ONJFOEBTJOPSHÈOJDBT 1VOUPTBUFOFSFODVFOUBFOMBBQMJDBDJØOEFFONJFOEBT4FHÞOMB-FHJTMBDJØO/BDJPOBM
0USPTQVOUPTBUFOFSFODVFOUB 'FSUJMJ[BOUFTDPODFQUPTHFOFSBMFT$MBTJmDBDJØOEFMPTGFSUJMJ[BOUFT$BSBDUFSÓTUJDBTEF
MPTGFSUJMJ[BOUFT$PNQBUJCJMJBEEFMPTGFSUJMJ[BOUFT1BTPTBUFOFSFODVFOUBQBSBDBMDVMBSEPTJT
EFGFSUJMJ[BOUFTZQSFQBSBDJØOEFMBTPMVDJØOOVUSJUJWB 1VOUPTBUFOFSFODVFOUBDPOSFTQFDUPBMBBQMJDBDJØOEFGFSUJMJ[BOUFT4FHÞOMB-FHJTMBDJØO
/BDJPOBM0USPTQVOUPTBUFOFSFODVFOUB 4BOJEBE7FHFUBM *OUSPEVDDJØO -BTQMBHBTZFOGFSNFEBEFTNÈTDPNVOFTEFMBTIPSUBMJ[BTEFIPKBT $POUSPMRVÓNJDPEFQMBHBTHFOFSBMJEBEFT *OTFDUJDJEBT 'VOHJDJEBT )FSCJDJEBTZPUSBTGPSNBTEFDPOUSPMEFNBMF[BT .BRVJOBSJBZDBMJEBEEFBQMJDBDJPOFT 3FTJEVPTEFQMBHVJDJEBT $MBTJmDBDJØOUPYJDPMØHJDBEFQMBHVJDJEBT 1VOUPTBUFOFSFODVFOUBDPOSFTQFDUPBMBBQMJDBDJØOEFmUPTBOJUBSJPT $PTFDIB $POEJDJPOFTRVFEFCFSFVOJSMBDPTFDIBFOFMNBSDPEFMBT#1"4FHÞOMB-FHJTMBDJØO/BDJPOBM $SJUFSJPTEFDPTFDIBTFSÈOFDFTBSJPSFTQPOEFSVOBTFSJFEFQSFHVOUBT -BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
.PNFOUPEFDPTFDIB{&ORVÏNPNFOUPDPNJFO[PBDPTFDIBSFMMPUF .ÏUPEPEFSFDPMFDDJØO .ÏUPEPTEFEFTQSFOEJNJFOUP $PTFDIBZQSFQBSBDJØOQBSBMBWFOUBEFDBEBFTQFDJF"DFMHB&TQJOBDB-FDIVHBEFIPKB
-FDIVHBNPSBEB-FDIVHBNBOUFDPTB-FDIVHBBSSFQPMMBEB3BEJDIFUB3ÞDVMB .BOFKPEFMQFSTPOBM4FHÞOMB-FHJTMBDJØO/BDJPOBM $VJEBEPTBUFOFSFODVFOUBEVSBOUFMBSFDPMFDDJØO 0USBTDPOEJDJPOFTQBSBOPDPOUBNJOBSFMQSPEVDUP.BUFSJBMFTZFRVJQPTEFDPTFDIB 1SPUPDPMPEFDPTFDIB 5SBOTQPSUF 1PTDPTFDIB *OUSPEVDDJØO &OGFSNFEBEFTMJHBEBTBMDPOTVNPEF)PSUBMJ[BT3JFHPTCJPMØHJDPT#BDUFSJBT1BSÈTJUPT7JSVT %B×PTZQÏSEJEBTQPTDPTFDIB $BSBDUFSÓTUJDBTEFMBTIPSUBMJ[BTEFIPKB 'BDUPSFTTPCSFMPTRVFTFEFCFUSBCBKBSQBSBQSFTFSWBSMBDBMJEBEEFMBTIPSUBMJ[BTEFIPKB 'BDUPSFTEFQSFSFDPMFDDJØOPQSFDPTFDIB 'BDUPSFTEFQPTDPTFDIB &DPmTJPMPHÓBEFQPTDPTFDIB'BDUPSFTCJPMØHJDPT3FTQJSBDJØO5SBOTQJSBDJØO'BDUPSFTRVF
JOnVZFOFOMBUSBOTQJSBDJØO(BTFTFUJMFOP
$PNQPSUBNJFOUPEFMBTEJTUJOUBTIPSUBMJ[BTGSFOUF
BQBSÈNFUSPTmTJPMØHJDPT'BDUPSFTBNCJFOUBMFT 5FDOPMPHÓBEFQPTDPTFDIB5FDOPMPHÓBQBSBFMDPOUSPMEFMBUFNQFSBUVSB5FDOPMPHÓBQBSBFM
DPOUSPMEFMBIVNFEBESFMBUJWB6TPEFBUNØTGFSBTDPOUSPMBEBTZNPEJmDBEBT "DPOEJDJPOBNJFOUPZBMNBDFOBNJFOUPEFMBTIPSUBMJ[BTEFIPKB %FTØSEFOFTRVFTFQVFEFOQSPEVDJSQPSNBMBMNBDFOBNJFOUP&YDFTPEFEJØYJEPEFDBSCPOP
%FmDJFODJBEFPYÓHFOP/FSWBEVSBSPTBEB1VOUFBEPBOBSBOKBEP &NQBRVFBDPOEJDJPOBNJFOUPZEFTQBDIP &TUBCMFDJNJFOUPTEFFNQBRVFZBMNBDFOBNJFOUP1SPDFTPTEFFNQBRVF3FDFQDJØOEFM
QSPEVDUP"DPOEJDJPOBNJFOUPEFMQSPEVDUP-JNQJF[BZEFTJOGFDDJØO1SFFOGSJBEP"QMJDBDJØOEF
TVTUBODJBT&OWBTFT1FSTPOBM$POTFSWBDJØO 1MBOEFDPOUSPMEFQMBHBTFOQMBOUBTEFFNQBRVFT*OTQFDDJØOZEJBHOØTUJDP$VDBSBDIBT
.PTDBT*OTFDUPTBUSBÓEPTQPSMBMV[-JNQJF[BZUSBUBNJFOUP$BQBDJUBDJØOEFMQFSTPOBM4FHVJ
NJFOUP%JBHOØTUJDPEFMBTJUVBDJØO$POUSPMEJSFDUPJOJDJBM$POUSPMEFFDUPQBSÈTJUPT0SEFOBNJFOUP
EFMNFEJP$POUSPMEJSFDUPDPNQMFNFOUBSJP&WBMVBDJØO.BOUFOJNJFOUP*OGPSNFDPOUSPMEF
SPFEPSFT (FTUJØOEFSFTJEVPTZBHFOUFTDPOUBNJOBOUFT3FDJDMBKFZSFVUJMJ[BDJØO*EFOUJmDBDJØOEF
SFTJEVPTZBHFOUFTDPOUBNJOBOUFT1MBOEFBDDJØODPOUSBSFTJEVPTZBHFOUFTDPOUBNJFOBOUFT 4BMVETFHVSJEBEZCJFOFTUBSMBCPSBM&WBMVBDJØOEFSJFTHPT$BQBDJUBDJPOFT*OTUBMBDJPOFT
FRVJQBNJFOUPZQSPDFEJNJFOUPFODBTPEFBDDJEFOUFT.BOFKPEFQSPEVDUPTmUPTBOJUBSJPT
3PQBZFRVJQBNJFOUPEFQSPUFDDJØOQFSTPOBM#JFOFTUBSMBCPSBM *NQBDUPBNCJFOUBM(FTUJØOEFDPOTFSWBDJØOEFMBNCJFOUF 3FHJTUSPTZ5SB[BCJMJEBE-JTUBEPEFQMBOJMMBTFOPSEFOTFDVFODJBM 3FHJTUSPEFDPTUPT #JCMJPHSBGÓB #VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
-BQSPEVDDJ¯OQSJNBSJBZFM
BDPOEJDJPOBNJFOUP
B
4JTUFNBTEFQSPEVDDJ¯O
„ 4JTUFNBTEFQSPEVDDJØOBDBNQPPBM
BJSFMJCSF
4FSFBMJ[BOTJOOJOHÞOUJQPEFQSPUFDDJØOQBSDJBMPUPUBM
4POMPTNÈTHFOFSBMJ[BEPTZHSBOQBSUFEFMBQSPEVDDJØOEF
IPSUBMJ[BTTFMMFWBBDBCPCBKPFTUPTTJTUFNBT4JOFNCBSHP
BMHVOBTFTQFDJFTIPSUÓDPMBTDPNPFMUPNBUFZQJNJFOUPEBEB
MBSFTQVFTUBBMPTTJTUFNBTGPS[BEPTEFKBOEFQSPEVDJSTFB
DBNQP0USBTEBEBTVNFOPSTFOTJCJMJEBEEJGÓDJMNFOUFTFSÈO
SFFNQMB[BEBTQPSFMDVMUJWPQSPUFHJEPSFQPMMP[BQBMMPDFCPMMB
FUD
/PSNBMNFOUFTFFGFDUÞBOTJFNCSBTTVDFTJWBTQBSBMPHSBS
VOBDPOUJOVJEBEFOMBQSPEVDDJØOFOMPUFTEFEJWFSTBTTVQFS
mDJFTEFQFOEJFOEPEFMUBNB×PEFMBFYQMPUBDJØOIPSUÓDPMB
„ $VMUJWPTQSPUFHJEPTGPS[BEPTPTFNJ
GPS[BEPT
4POUPEBTBRVFMMBTUÏDOJDBTBSUJmDJBMFTBMBTRVFBQFMB
FMIPNCSFQBSBMPHSBSRVFVOBFTQFDJFQSPTQFSFDVBOEPMBT
DPOEJDJPOFTBNCJFOUBMFTOBUVSBMFTOPMPQFSNJUFOZBTFBQPS
BMUBTPCBKBTUFNQFSBUVSBTVPUSPGBDUPSDMJNÈUJDPHSBOJ[P
WJFOUPTSBEJBDJØOFUD
&TUPTTJTUFNBTDPNJFO[BOBEFTBSSPMMBSTFQPSRVFQSFTFOUBO
MBTTJHVJFOUFTWFOUBKBT
t"VNFOUPEFMBDBMJEBEDPNFSDJBMQVFTTFPCUJFOFOQMBOUBT
TBOBTMJNQJBTUJFSOBTHSBOEFTEFCVFOBTQFDUPZDPOMBSHB
WJEBQPTDPTFDIBGBDUPSFTGVOEBNFOUBMFTQBSBFTUJNVMBSFM
DPOTVNPEFIPSUBMJ[BT
t$POUJOVJEBEEFMBQSPEVDDJØOEVSBOUFUPEPFMB×PFM
DVMUJWPOPFTBGFDUBEPQPSIFMBEBTMMVWJBTHSBOJ[PFUD-B
DPOUJOVJEBEUJFOFVOWBMPSFTUSBUÏHJDPFOFMFTRVFNBEFDP
NFSDJBMJ[BDJØO
t&MFWBEBQSPEVDUJWJEBEOPTØMPQPSFMNBZPSSFOEJNJFOUP
TJOPUBNCJÏOQPSFMBDPSUBNJFOUPEFMDJDMPQSPEVDUJWPZDPOFMMP
TFQVFEFOFGFDUVBSNBZPSOÞNFSPEFDVMUJWPTEVSBOUFFMB×P
t#BKPTDPTUPTEFDVMUJWPZBDPSUBNJFOUPEFDJDMPTNFOPSFT
DPTUPTmOBODJFSPT
NFOPSFTSJFTHPTRVFPUSPTDVMUJWPTQVFT
OPTPOUBOBGFDUBEPTQPSMPTBDDJEFOUFTDMJNÈUJDPTIFMBEBT
FYUSFNBTSÈGBHBTEFWJFOUPTHSBOJ[PFUD
5BNCJÏOFTQPTJCMF
SFEVDJSMPTDPTUPTEFJOWFSTJØOEFMBTFTUSVDUVSBTEFGPS[BEP
„ 5JQPTEFNBUFSJBMFTVUJMJ[BEPTFOMPTDVMUJWPT
GPS[BEPTZTFNJGPS[BEPT
7JESJPFTFMNBUFSJBMNÈTBOUJHVPZUSBEJDJPOBM&OMB
BDUVBMJEBEGSFOUFBMBEJGVTJØOEFMPTNBUFSJBMFTQMÈTUJDPTTV
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
VTPTFIBEFKBEPEFMBEPBVORVFFOMPTJOWFSOBEFSPTEFBMUB
UFDOPMPHÓBTFTJHVFVUJMJ[BOEP1SFTFOUBMBTWFOUBKBTEFNFKPS
USBOTNJTJØOEFMBMV[WJTJCMFRVFMPTQMÈTUJDPTNBZPSSFUFODJØO
EFMPOHJUVEFTEFPOEBMBSHBEVSBOUFMBOPDIFSFMBUJWBGÈDJM
MJNQJF[BOPDPOEFOTBMBIVNFEBENFOPSFTQSPCMFNBTEF
FOGFSNFEBEFT
ZNBZPSEVSBDJØO$PNPEFTWFOUBKBTQSFTFOUB
VODPTUPFMFWBEPEJGÓDJMNBOJQVMFPZUSBOTQPSUFBMUPQFTPQPS
VOJEBEEFTVQFSmDJFOFDFTJUBFTUSVDUVSBTNVZTØMJEBTDPTUP
TBT
ZSFRVJFSFQSPUFDDJØOBEJDJPOBMNBMMBBOUJHSBOJ[P
PUFOFS
BMHÞOCMJOEBKF
.BUFSJBMFTQMÈTUJDPTMPTNÈTVUJMJ[BEPTTPOMÈNJOBT
nFYJCMFTRVFUJFOFOCVFOBBEBQUBCJMJEBEBDVBMRVJFSUJQPEF
FTUSVDUVSBHSBOSFTJTUFODJBBMEFTHBSSFTVTQSFDJPTTPOJOGFSJPSFT
FOSFMBDJØOBPUSPTNBUFSJBMFTDPNPFMWJESJP
WBSÓBOTFHÞODBMJEBE
EFDBEBVOPZTFQSFTFOUBOFOBODIPTWBSJBCMFTIBTUBN
1PMJFUJMFOPOPSNBM1&
PDSJTUBMFTVOQPMJFUJMFOPTJO
USBUBSEFDPSUBEVSBDJØONFOPSBB×P
TFEFHSBEBQPS
FGFDUPEFMBTSBEJBDJPOFTVMUSBWJPMFUBZEFBMUBTUFNQFSBUVSBT
FOMPTMVHBSFTRVFFTUÈFODPOUBDUPDPOMBFTUSVDUVSB1PTFF
CVFOBUSBOTQBSFODJBEFEÓBQFSPCBKBPQBDJEBEQPSMBOPDIF
EFKBFTDBQBSFMDBMPSHBOBEPEVSBOUFFMEÓBEFMB
EFSBEJBDJØO
ZTVQPEFSEFEJGVTJØOEFMBMV[BMJOHSFTBSBM
JOWFSOBEFSPFTEFVOBVO4FVUJMJ[BQBSBFMGPS[BEP
EFDVMUJWPTFOJOWFSOBEFSPTUÞOFMFTQSPUFDDJØOEFBMNÈDJHPT
CBSSBDBTUSBTQMBOUFEFUPNBUF
EPCMFUFDIPTZQBSBDPCFS
UVSBTEFTVFMPTTPMBSJ[BDJØO
PCJFOQBSBTVEFTJOGFDDJØODPO
QSPEVDUPTWPMÈUJMFTHBTFT
1PMJFUJMFOPMBSHBEVSBDJØO-%
QFMÓDVMBEFQPMJFUJMFOPEF
USFTDBQBTDPOBEJUJWPTBCTPSCFEPSFTEFMBSBEJBDJØOVMUSBWJPMFUB
67
RVFEFNPSBOTVEFHSBEBDJØOTVQFSmDJBMFYUFSOBBVNFO
UBOEPDPOTJEFSBCMFNFOUFBTÓTVWJEBÞUJM4FGBCSJDBFOBODIPT
EFIBTUBNMPRVFQFSNJUFDVCSJSHSBOEFTTVQFSmDJFTFOQPDP
UJFNQP%FCJEPBFTUBTDBSBDUFSÓTUJDBTTFVUJMJ[BQSJODJQBMNFOUF
QBSBDPCFSUVSBEFUFDIPTZMBUFSBMFTEFJOWFSOBEFSPT
1PMJFUJMFOPMBSHBEVSBDJØOUÏSNJDP-%5
UJFOFVOUSB
UBNJFOUPRVFMFQFSNJUFSFUFOFSMBTSBEJBDJPOFTOPDUVSOBTEF
POEBMBSHBEFKBOEPFTDBQBSTØMPFMBMCVFOQPEFS
EFEJGVTJØOIBTUBVOFMJNJOBOEPMBT[POBTEFTPNCSB
EFOUSPEFMJOWFSOBEFSPZVOBEVSBDJØOEFBB×PTPNÈT4F
FNQMFBFOMBQSPEVDDJØOEFIPSUBMJ[BTCBKPJOWFSOBEFSPT&M
FTQFTPSSFDPNFOEBEPFTEFBNJDSPOFTZTFGBCSJDB
FOBODIPTEFIBTUBN
.VMDIJOH5*'5PUBMMZJNQFSNFBCMFmMNPmMNUPUBM
NFOUFJNQFSNFBCMF
FTUBUFDOPMPHÓBQSPEVDFVOBCBSSFSB
RVFFWJUBRVFTFmMUSFOHBTFTZRVÓNJDPTQPSFKFNQMPJNQJEF
RVFFM#SPNVSPEF.FUJMPBQMJDBEPBMTVFMPCBKPFTUBDPCFSUVSB
QBTFBMBBUNØTGFSB"EFNÈTPQUJNJ[BMBTDBOUJEBEFTBVTBSBUBM
QVOUPRVFDPOFTUBUFDOPMPHÓBTFVUJMJ[BFOUSFVOBVO
NFOPTEFEJDIPQSPEVDUP&MmMNUJFOFDBQBTZFTUÈDPNQVFTUP
QPSQPMJFUJMFOPSFTJOBCBSSFSBEFHBTFTZBEIFTJWPT
4FHÞOMPTFOTBZPTSFBMJ[BEPTFOMB6OJWFSTJEBEEF%BWJT
$BMJGPSOJBMPTQMÈTUJDPT5*'BVNFOUBOMBSFUFODJØOEFBHSPRVÓ
NJDPTJODSFNFOUBOFMFGFDUPEFMDPOUSPMEFNBMF[BTZNFKPSBO
FMSFOEJNJFOUPEFDPTFDIB
"DPOUJOVBDJØOTFEFUBMMBOVOBTFSJFEFmMNTRVFFTUÈO
QSPCBEPTFOFMNVOEPQFSPRVFFOOVFTUSPQBÓTQPSSB[POFT
EFNFSDBEPOPFTUÈOEJTQPOJCMFTDPNFSDJBMNFOUF
'JMNTGPUPTFMFDUJWPTEBEPRVFMBTDPOEJDJPOFTEFBC
TPSDJØOEFMV[QSPEVDFOBMHVOPTFGFDUPTTPCSFMPTQSPDFTPT
CJPMØHJDPTIBTUBFMQVOUPEFWBSJBSFMSJUNPEFDSFDJNJFOUPZ
EFTBSSPMMPUBOUPEFMBTQMBOUBTDPNPEFBHFOUFTQBUØHFOPTTF
IBCVTDBEPEFUFSNJOBSTJFTBTWBSJBDJPOFTQVFEFOUFOFSFGFDUPT
QPTJUJWPTTPCSFMBQSPEVDUJWJEBEEFMBTFTQFDJFTFODVMUJWPFO
DBOUJEBEZDBMJEBE
"TÓTFIBOGPSNVMBEPQMÈTUJDPTRVFQFSNJUFOTFMFDDJPOBS
MPOHJUVEFTEFPOEBEFMJOGSBSSPKPZQPSUBOUPBEBQUBSMBTB
MBTOFDFTJEBEFTMVNÓOJDBTEFMBQMBOUBEVSBOUFTVEFTBSSPMMP
GFOPMØHJDPGPNFOUBOEPBMUPTOJWFMFTEFQSPEVDDJØO
1BSBFMMPTFBQMJDBOBEJUJWPTDPMPSBOUFTBMPTNBUFSJBMFTQMÈT
UJDPTFOGVODJØOEFMDPMPSZEFMBJOUFOTJEBEEFÏTUFBCTPSCFO
SBEJBDJPOFTWJTJCMFTEFVOBCBOEBEFUFSNJOBEBEFMFTQFDUSP
TPMBSEFKBOEPQBTBSPUSBT
%FOUSPEFFTUPTNBUFSJBMFTUFOFNPTBMPTBOUJWJSVTZBO
UJCPUSZUJTRVFTFEFTBSSPMMBOBDPOUJOVBDJØO
'JMNTBOUJWJSVTVOBBMUFSOBUJWBBMDPOUSPMEFWJSVTUSBOTNJ
UJEPTQPSMPTJOTFDUPTEFOUSPEFMJOWFSOBEFSPFTFMFNQMFPEF
DVCJFSUBTEFQMÈTUJDPGPUPTFMFDUJWBTRVFCMPRVFBOEFUFSNJOBEBT
MPOHJUVEFTEFPOEBEFOUSPEFMFTQFDUSPVMUSBWJPMFUB
OBOØNFUSPT
4FIBDPNQSPCBEPFO&TQB×BRVFMPTUPNBUFTDVMUJWBEPT
CBKPJOWFSOBEFSPTDVCJFSUPTDPOMÈNJOBTGPUPTFMFDUJWBTBCTPS
CFOUFTEFSBEJBDJPOFTVMUSBWJPMFUBTFFODVFOUSBOBNQMJBNFOUF
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
QSPUFHJEPTDPOUSBMBTJOWBTJPOFTEFMBNPTDBCMBODB#FNJTJB
UBCBDJZDPNPDPOTFDVFODJBEFFMMPDPOUSBFMWJSVT5:-$7
5PNBUP:FMMPX-FBG$VSM7JSVTPiWJSVTEFMBDVDIBSBw
USBOT
NJUJEPTQPSFTUBNPTDB"EFNÈTFMNJTNPQSPUFHFDPOUSBFM
NJOBEPSEFIPKBT-ZSJPNZ[BUSJGPMJJ
&OFM*/5"#FMMB7JTUBEFMBQSPWJODJBEF$PSSJFOUFTTF
FWBMVØFOQJNJFOUPDVMUJWBS'FTUPMBnVDUVBDJØOQPCMBDJPOBM
EFNPTDBTCMBODBTEFMDPNQMFKP#FNJTJBUBCBDJFOUSFTUJQPT
EFJOWFSOBEFSPB
DPOQPMJFUJMFOP-BSHB%VSBDJØO5ÏSNJDP
5FTUJHP
C
DPOQPMJFUJMFOP-BSHB%VSBDJØO5ÏSNJDP"OUJ7JSVT
BOUJWJSVT
ZD
DPO.BMMB"OUJBmEPT4FPCTFSWØNFOPSDBOUJEBE
EFNPTDBTQPSIPKBFOC
-%5"7BOUJWJSVT
WFDFTNFOPT
$ÈDFSFT
-BVUJMJ[BDJØOEFÏTUPTQMÈTUJDPTTVNBEPTBCBSSFSBTGÓTJDBT
DPNPMBTNBMMBTBOUJJOTFDUPTFWJUBFMVTPJOEJTDSJNJOBEPEF
mUPTBOJUBSJPTFOFMDPOUSPMEFJOTFDUPT
'JMNTBOUJCPUSZUJTMBQSPEVDDJØOEFFTQPSBTWJBCJMJEBEZ
DSFDJNJFOUPEFFTUFQBUØHFOPFTUÈODPOEJDJPOBEPTQPSGBDUPSFT
BNCJFOUBMFTDPNPMBMV[IVNFEBEZUFNQFSBUVSB4JTFSPNQF
FMDJDMPEFEFTBSSPMMPTFEJTUPSTJPOBTVFYQBOTJØO-BSBEJBDJØO
67CJODJEFTPCSFMBFTQPSVMBDJØOEF#PUSZUJTDJOFSFBZPUSPT
IPOHPTBMJHVBMRVFMBMV[NPOPDSPNÈUJDBB[VM
'JMNTGPUPEFHSBEBCMFTTFFNQMFBOQBSBBDPMDIBEPEFM
TVFMPEBEPRVFOPSFRVJFSFOFMFNQMFPEFNBOPEFPCSBQBSB
SFUJSBSMPTNJTNPT-BEFHSBEBDJØOEFQFOEFEFMBDBOUJEBEEF
SBEJBDJØOVMUSBWJPMFUBBCTPSCJEBQPSMPTNBUFSJBMFTWBSJBOEP
ÏTUBTFHÞOMBTFTUBDJPOFTEFMB×P-BDBOUJEBEDSÓUJDBEFSBZPT
VMUSBWJPMFUBOFDFTBSJBQBSBJOJDJBSFMQSPDFTPEFQFOEFEFMB
QSFTFODJBEFFTUBCJMJ[BOUFT7JTVBMNFOUFTFPCTFSWBFMDPNJFO[P
EFMBEFHSBEBDJØODVBOEPFMNBUFSJBMQJFSEFMBDBQBDJEBEEF
BMBSHBSTFBMTFSUSBDDJPOBEPZQPTUFSJPSNFOUFTFGSBHNFOUBFO
USP[PTQFRVF×PT
&TUFmMNOPUJFOFNVDIBVUJMJEBEEBEPRVFOPTFQVFEF
EFUFSNJOBSDPOFYBDUJUVEDVBOEPTFEFHSBEBZBMNJTNPUJFNQP
FMNBUFSJBMRVFOPFTUÈFYQVFTUPBMBMV[RVFRVFEBUBQBEP
QPSMBUJFSSB
OPTFEFHSBEB
FMEÓBZMBOPDIF%VSBOUFFMEÓBTFQSPEVDFVOBHBOBODJBEF
FOFSHÓBZEVSBOUFMBOPDIFVOBQÏSEJEB
&TJNQPSUBOUFDPOPDFSMBTEJGFSFOUFTGPSNBTEFQÏSEJEBEF
FOFSHÓBQBSBTBCFSDØNPEJTNJOVJSEJDIBTQÏSEJEBTFOJOWJFSOP
ZDØNPBVNFOUBSMBTFOWFSBOP
t$POEVDDJØODPOWFDDJØO$$
BUSBWÏTEFMBTDVCJFSUBT
QSPEVDJEBTQSJODJQBMNFOUFQPSEJGFSFODJBTEFUFNQFSBUVSBFOUSF
FMJOUFSJPSZFMFYUFSJPSMBWFMPDJEBEEFMWJFOUPZQPSDPOEVDDJØO
EFMTVFMP
t'VHBT'
QSPEVDJEBTQPSEFGFDUPTEFFTUBORVFJEBEEFM
JOWFSOBEFSPZNVZJODSFNFOUBEBTQPSFMWJFOUP
t3BEJBDJØO3
FTUBQÏSEJEBTFQSPEVDFBUSBWÏTEFMUFDIP
EFMJOWFSOBEFSPQPSSBEJBDJØOJOGSBSSPKBFMMPEFQFOEFEFMPT
NBUFSJBMFTEFDPCFSUVSBZEFMBTDPOEJDJPOFTBNCJFOUBMFTEFM
FYUFSJPS6ONBUFSJBMJEFBMFTBRVFMRVFEFKBJOHSFTBSMPOHJUVEFT
EFPOEBFOUSFBNJDSBTFNJUJEBTQPSFMTPM
ZFTPQBDP
BMBNBZPSMPOHJUVEEFPOEBEFBNJDSBTFNJUJEBTQPS
FMTVFMP
t(BOBODJBEFUFNQFSBUVSBEFMTVFMP"
PDVSSFEV
SBOUFFMEÓBZMVFHPEVSBOUFMBOPDIFFTDFEJEBBMBNCJFOUF
EFMJOWFSOBEFSP
t&OFSHÓBJSSBEJBEB&3
FTMBFNJUJEBEFTEFFMTVFMP
EVSBOUFMBOPDIFZPCUFOJEBEVSBOUFFMEÓB
&TRVFNBUFØSJDPEFJOUFSDBNCJPEFFOFSHÓB
FOJOWFSOBEFSPT
6OGBDUPSJNQPSUBOUFBUFOFSFODVFOUBFTMBEJTNJOVDJØOEF
MBUSBOTQBSFODJBEFMQMÈTUJDPEFDPCFSUVSBRVFTFQSPEVDFQPS
MBBDVNVMBDJØOEFQPMWPGSFOUFBMBBVTFODJBEFMMVWJBT0USP
GBDUPSFTMBSFMBDJØOFOUSFFMFTQFTPSEFMQMÈTUJDPZFMFTDBQF
EFFOFSHÓBQPSSBEJBDJØODVBOUPNBZPSFTFMFTQFTPSNFOPS
FTMBQÏSEJEBEFFOFSHÓB
&OMBmHVSBTFPCTFSWBFMFTRVFNBUFØSJDPEFMJOUFSDBNCJP
PCBMBODFFOFSHÏUJDPEFMJOWFSOBEFSPRVFTFQSPEVDFEVSBOUF
$PNPSFTVNFOFOMBTJHVJFOUFTmHVSBTQPEFNPTWFSMBSF
MBDJØOFOUSFMBUFNQFSBUVSBEFMBJSFJOUFSJPSEFMJOWFSOBEFSPZFM
„
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
BJSFFYUFSJPSEFBDVFSEPBMBTDPOEJDJPOFTBNCJFOUBMFTUJFNQP
OVCMBEPPDMBSPDPOPTJOWJFOUP
#FSOJOHFS
%VSBOUFFMEÓBDPOUJFNQPCVFOPMBUFNQFSBUVSBEFMJOWFSOB
EFSPFTNVDIPNBZPSBMBUFNQFSBUVSBEFMBJSFMJCSF5J5F
%VSBOUFFMEÓBDPOUJFNQPOVCMBEPPDJFMPDVCJFSUPMB
UFNQFSBUVSBEFMJOWFSOBEFSPFTNBZPSBMBUFNQFSBUVSBEFM
BJSFMJCSF5J5F
%VSBOUFMBOPDIFDPOUJFNQPCVFOPOPDIFEFTQFKBEB
Z
TJOWJFOUPMBUFNQFSBUVSBEFMJOWFSOBEFSPFTNBZPSPJHVBMB
MBUFNQFSBUVSBEFMBJSFMJCSF5JP5F
%VSBOUFMBOPDIFDPOUJFNQPCVFOPOPDIFEFTQFKBEB
Z
DPOWJFOUPTVBWFPMFWFCSJTBMBUFNQFSBUVSBEFMJOWFSOBEFSP
QVFEFTFSNFOPSBMBUFNQFSBUVSBEFMBJSFMJCSFJOWFSTJØO
UÏSNJDB
5J5F
%VSBOUFMBOPDIFDPOUJFNQPOVCMBEPZDPOWJFOUPTVBWF
PMFWFCSJTBMBUFNQFSBUVSBEFMJOWFSOBEFSPFTJHVBMBMBUFN
QFSBUVSBEFMBJSFMJCSF5J5F
&ODPODMVTJØOMPJEFBMFTDPOUBSDPOUÏDOJDBTRVFQFSNJUBO
OPQFSEFSDBMPSEVSBOUFMBOPDIFFGFDUPJOWFSOBEFSP
ZMPHSBS
MBNBZPSQÏSEJEBQPTJCMFEVSBOUFFMEÓBQSJODJQBMNFOUFEVSBOUF
FMWFSBOP
„ $POUSPMEFUFNQFSBUVSBTFYUSFNBT
CBKBTZBMUBT
%VSBOUFMBOPDIFDPOUJFNQPOVCMBEPZTJOWJFOUPMBUFN
QFSBUVSBEFMJOWFSOBEFSPFTJHVBMBMBUFNQFSBUVSBEFMBJSF
MJCSF5J5F
&OFTUFUFNBTFUSBUBSÈOMPTTJTUFNBTNÈTJNQPSUBOUFTQBSB
MPHSBSDPOUSPMBSMBUFNQFSBUVSBEFOUSPEFMPTJOWFSOBEFSPTRVF
QFSNJUBORVFMBTQMBOUBTDSF[DBOZTFEFTBSSPMMFOEFMBNFKPS
NBOFSBQPTJCMF
$POUSPMEFCBKBTUFNQFSBUVSBT
&OBMHVOPTDBTPTTFVUJMJ[BONÏUPEPTBOUJIFMBEBTQBSB
FWJUBSRVFMBUFNQFSBUVSBEFOUSPEFMJOWFSOBEFSPEFTDJFOEB
QPSEFCBKPEF$PBVOBUFNQFSBUVSBJOGFSJPSBBRVFMMB
RVFQVFEBEB×BSBMBQMBOUBFTUPTJOWFSOBEFSPTTFMMBNBO
i*OWFSOBEFSPT'SÓPTw$VBOEPTFDBMFGBDDJPOBODPOFRVJQPT
RVFQVFEBOMPHSBSVOBUFNQFSBUVSBNÓOJNBCJPMØHJDBQBSBMB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
QMBOUBRVFOPTØMPQVFEBDSFDFSTJOPUBNCJÏOEFTBSSPMMBSTF
TFEFOPNJOBOi*OWFSOBEFSPT$BMJFOUFTP$BMFGBDDJPOBEPTw
&MDPOUSPMEFCBKBTUFNQFSBUVSBTTFQVFEFSFBMJ[BSNF
EJBOUF
t4JTUFNBTBDUJWPT
t4JTUFNBTQBTJWPT
4JTUFNBTBDUJWPTTFVUJMJ[BFOHFOFSBMBMHVOBGVFOUFEF
FOFSHÓBQBSBMPHSBSFMFWBSMBUFNQFSBUVSB
4JTUFNBTEFDMJNBUJ[BDJØORVFSFRVJFSFOCBKPTOJWFMFT
EFJOWFSTJØO
3FDJQJFOUFDPODBSCØOFOHFOFSBMTFVUJMJ[BOUBNCPSFTEF
DIBQBNFUÈMJDBEFMJUSPTEFDBQBDJEBEBMPTRVFTFMFRVJUBO
MBTCBTFTZTFDVFMHBOEFMBTDVNCSFSBTEFMPTJOWFSOBEFSPTFO
GPSNBIPSJ[POUBM&OTVJOUFSJPSTFDPMPDBDBSCØOZDVBOEPMB
UFNQFSBUVSBEFTDJFOEFBWBMPSFTQFMJHSPTPTTFFODJFOEFDPO
BOUPSDIBT"MJOJDJPEFMBDPNCVTUJØOMBUFNQFSBUVSBEFOUSP
EFMJOWFSOBEFSPBTDJFOEFVOPTHSBEPTEFQFOEFEFMPTLHEF
DBSCØOVUJMJ[BEPTQPSN
ZMVFHPDPNJFO[BBEFTDFOEFSMFO
UBNFOUFNBOUFOJFOEPTVFGFDUPQPSBQSPYJNBEBNFOUFEPT
IPSBT-BDPNCVTUJØOEFMDBSCØOEFOUSPEFMJOWFSOBEFSPTJFT
NVZGSFDVFOUFQVFEFQSPEVDJSmUPUPYJDJEBEZNBODIBEPEFMPT
QMÈTUJDPTDPOIPMMÓO
3FDJQJFOUFDPOBTFSSÓODPOTJTUFFOSFDJQJFOUFTDPOVOB
DIJNFOFBDFOUSBMTFDPNQBDUBFMBTFSSÓOFOFMJOUFSJPSEFMNJTNP
EFKBOEPVOPSJmDJPFOFMNFEJPFTUFÞMUJNPFTFMRVFQFSNJUF
MBDPNCVTUJØOFOUSBEBEFBJSF
EVSBOUFWBSJBTIPSBT
)PSOPTTPODPOTUSVDDJPOFTDPODIJNFOFBTEFHSBOSF
DPSSJEPEFOUSPEFMPTJOWFSOBEFSPTQBSBIBDFSRVFMBFOFSHÓB
OPTFQJFSEBFOFMFYUFSJPS4FVUJMJ[BONBEFSBTDBSUPOFTFUD
DPNPGVFOUFEFFOFSHÓB
0USPTTJTUFNBTQSFDBSJPTTPOUPEPTBRVFMMPTRVFTF
QVFEBOBSNBSDPOMPTNBUFSJBMFTNÈTFDPOØNJDPTEFMBT
EJTUJOUBTSFHJPOFT
4JTUFNBTEFDMJNBUJ[BDJØORVFSFRVJFSFONBZPSFT
OJWFMFTEFJOWFSTJØO
$BMFGBDUPSFTDPOBJSFDBMJFOUFQSPQVMTBEPVUJMJ[BOFM
BJSFDBMJFOUFDPNPNFEJPEFUSBOTNJTJØOEFMDBMPS4FEJTUJOHVFO
BRVFMMPTRVFQPTFFOJOUFSDBNCJBEPSRVFFOWÓBOBJSFDBMJFOUF
BMJOUFSJPSZMPTRVFFOWÓBOFMBJSFNF[DMBEPDPOMPTHBTFT
EFDPNCVTUJØOFOFTUFDBTPTØMPFTBDPOTFKBCMFDVBOEPTF
VUJMJ[BODPNCVTUJCMFTMJNQJPTZFOQMBOUBTQPDPTFOTJCMFT
-BT
QBSUFTGVOEBNFOUBMFTEFFTUPTBQBSBUPTTPOVORVFNBEPS
QBSBRVFNBSFMDPNCVTUJCMF
VOJOUFSDBNCJBEPSEFFOFSHÓB
DPOVOBTFSJFEFBMFUBTRVFTFDBMJFOUBOQPSDPNCVTUJØOZQPS
EPOEFDJSDVMBFMBJSFJNQVMTBEP
ZVOWFOUJMBEPSDVZBNJTJØO
FTIBDFSDJSDVMBSFMBJSF&TUFÞMUJNPTFQVFEFDPOEVDJSEFMB
TJHVJFOUFGPSNB
t&OGPSNBEJSFDUBBMBNCJFOUFFOFTUFDBTPTFQSPEVDFO
EJGFSFODJBTJNQPSUBOUFTEFUFNQFSBUVSBEFOUSPEFMJOWFSOBEFSP
FOFMQMBOPIPSJ[POUBMZBMPMBSHPEFMJOWFSOBEFSP
t"USBWÏTEFNBOHBTEFQPMJFUJMFOPmHVSB
QFS
NJUFOVOBEJTUSJCVDJØOEFMBFOFSHÓBNÈTVOJGPSNFBMPMBSHP
EFMJOWFSOBEFSP1VFEFOVCJDBSTFDPMHBEBTPTPCSFFMTVFMPFO
FTUFÞMUJNPDBTPMBWFOUBKBFTRVFBVNFOUBOMBUFNQFSBUVSB
EFMNJTNPZDBMFGBDDJPOBOFOGPSNBNÈTEJSFDUBBMBTQMBOUBT
FMDBMPSTJFNQSFBTDJFOEF
-BTWFOUBKBTEFFTUFTJTUFNBTPONFOPSDPTUPEFJOTUBMBDJØO
DPOSFMBDJØOBMBTUVCFSÓBTSBEJBOUFTZTFFMJNJOBOMBTDPOEFOTB
DJPOFTEFMBTDBSBTJOUFSOBTEFMPTQMÈTUJDPT-BEFTWFOUBKBFTMB
QPDBJOFSDJBEFMTJTUFNBBOUFSPUVSBTZMBGBMUBEFVOJGPSNJEBE
EFUFNQFSBUVSBEFOUSPEFMJOWFSOBEFSPFMMPTFQVFEFSFEVDJS
DPOMBVUJMJ[BDJØOEFNBOHBTEFEJTUSJCVDJØO
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
$BMFGBDUPSFTDPOUVCFSÓBTSBEJBOUFTmHVSB
TPO
UVCFSÓBTFOMBTRVFDJSDVMBBHVBDBMJFOUFEFB$TFHÞO
FMTJTUFNB&MBHVBTFDBMJFOUBFODBMEFSBTZMBDJSDVMBDJØOTFIBDF
BUSBWÏTEFUFSNPTJGPOFTPTFGVFS[BDPOVOBCPNCB%JDIPT
UVCPTTFQVFEFOVCJDBSFOEJTUJOUPTTFDUPSFTEFMJOWFSOBEFSP
BNFOPSBMUVSBEFDPMPDBDJØONFOPSFTMBQÏSEJEBEFFOFSHÓB
#ÈTJDBNFOUFTFMPTQVFEFEJWJEJSFOEPTTJTUFNBT
$JSDVMBDJØOBBMUBUFNQFSBUVSBUVCPTNFUÈMJDPTDPOBHVB
BB$
NVZVUJMJ[BEPTQBSBDBMFGBDDJPOBSFMTVFMP
$JSDVMBDJØOBNFOPSUFNQFSBUVSBUVCPTQMÈTUJDPTDP
SSVHBEPTDPOBHVBEFB$
&TUPTTPONÈTFDPOØNJDPT
ZFmDJFOUFTEFTEFFMQVOUPEFWJTUBFOFSHÏUJDPZBRVFTFWBO
BHSFHBOEPNÈTUVCPTZTFMFWBOUBOBNFEJEBRVFMBTQMBOUBT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
DSFDFO5BNCJÏOTFVUJMJ[BOQBSBDBMFGBDDJPOBSMPTTVTUSBUPTEF
MPTDVMUJWPTTJOTVFMP
$POFTUFTJTUFNBMBFOFSHÓBTFFOUSFHBFOHSBOQBSUFQPS
SBEJBDJØOEFNPEPRVFMBTQMBOUBTUJFOFONBZPSUFNQFSBUVSB
RVFMBEFMBJSFZEFFTUBNBOFSBOPFYJTUFDPOEFOTBDJØOEFBHVB
TPCSFMBTIPKBTBEJGFSFODJBEFMTJTUFNBEFBJSFQSPQVMTBEP
-PDPOWFOJFOUFFTMBDPNCJOBDJØOEFMPTTJTUFNBTUVCFSÓB
SBEJBOUFQBSBMBQBSUFJOGFSJPSEFMBTQMBOUBTSBÓDFT
ZBJSF
QSPQVMTBEPQBSBMBQBSUFBÏSFB
5VCPTFOUFSSBEPTDPOTJTUFFOVUJMJ[BSMBJOFSDJBUÏSNJDB
EFMTVFMPGPS[BOEPFMQBTPEFMBJSFDPOWFOUJMBEPSFTBUSBWÏT
EFiUÞOFMFTwFOFMTVFMP&OFTUFDBTPTØMPTFOFDFTJUBFOFSHÓB
QBSBFMGVODJPOBNJFOUPEFMPTWFOUJMBEPSFT4JCJFOTFMPHSB
VOTBMUPUÏSNJDPEFJOUFSÏTTFSFRVJFSFMBSFBMJ[BDJØOEFPCSBT
DPTUPTBTQBSBFMEFTBSSPMMPEFMTJTUFNB
%PCMFUFDIPmHVSB
DPOTJTUFFOJOTUBMBSPUSBDVCJFSUB
EFQPMJFUJMFOPEFCBKPEFMUFDIPPDVCJFSUBQSJODJQBMFOHFOFSBM
EFVOQPMJFUJMFOPEFNFOPSFTQFTPSç
EFKBOEPVOBDÈNBSB
EFBJSFEFBDN
$VBOUPNFOPSFTMBEJTUBODJBFOUSFDBEBDVCJFSUBNBZPS
FTMBFGFDUJWJEBEEFMTJTUFNB3FEVDFIBTUBVOBMBT
QÏSEJEBTEFFOFSHÓBZQFSNJUFEJGFSFODJBTEFUFNQFSBUVSBEF
B¡$QFSPFMJODPOWFOJFOUFFTRVFUBNCJÏOQSPEVDFVOB
SFEVDDJØOEFMBMVNJOPTJEBE
&OFOTBZPTFGFDUVBEPTQPSMPTBVUPSFTEVSBOUFFMEÓBNÈT
GSÓPEFVOB×PFOMB[POBEF3PTBSJPTFPCUVWJFSPOMPTTJHVJFOUFT
SFTVMUBEPTDVBESPTZ
4JTUFNBTQBTJWPTTPONÏUPEPTRVFTFVUJMJ[BOQBSB
SFEVDJSMBTQÏSEJEBTEFFOFSHÓBTJOMBBZVEBEFDPN
CVTUJCMFT&OHFOFSBMTFVUJMJ[BODPNCJOBEPTDPOBMHÞO
TJTUFNBBDUJWP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&MQPMJFUJMFOPVUJMJ[BEPFOFMUFDIPGVFEFçMBSHBEVSB
DJØOZFMEPCMFUFDIPEFç&OFMBNCJFOUFCBKPTJNQMFUFDIP
TFSFHJTUSBSPOUFNQFSBUVSBTQPSEFCBKPEF0¡$EVSBOUFIT
NJFOUSBTRVFFOFMEPCMFUFDIPGVFEFTØMPIT
1BSBNFKPSBSFMTJTUFNBTFJNQMFNFOUBFMEPCMFUFDIPJO
nBCMFDPOVOBFGFDUJWJEBETJNJMBSBMWJESJPFOFTUFTJTUFNBTF
JOZFDUBBJSFFOUSFMBEPCMFDVCJFSUBDPOVOBQFRVF×BCPNCB
mHVSB
1BOUBMMBUÏSNJDBFTVONBUFSJBMRVFTFFYUJFOEFEVSBOUF
MBOPDIFZTFSFQMJFHBEVSBOUFFMEÓBSFEVDJFOEPFMWPMVNFOB
DBMFGBDDJPOBSZMPTJOUFSDBNCJPTEFFOFSHÓBFOUSFFMBNCJFOUF
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
FYUFSJPSZFMJOUFSJPS-BNJTNBQVFEFTFSEFQMÈTUJDPBMHVOPT
TFNJQFSNFBCMFT
PEFUFMBTBMVNJOJ[BEBTmHVSB
RVF
SFEVDFOOPUBCMFNFOUFMBTQÏSEJEBTEFFOFSHÓBQPSSBEJBDJØO
ZDPOEVDDJØODPOWFDDJØOB
1VFEFOVUJMJ[BSTFDPNP
VNCSÈDVMPEVSBOUFFMWFSBOPQBSBSFEVDJSMBFOUSBEBEFMV[
"DPMDIBEPTSBEJBOUFT'JHVSB
TPONBOHBTEFQPMJF
UJMFOPFOMBTRVFDJSDVMBBHVBDBMJFOUFQSPWFOJFOUFEFOBQBTP
DFOUSBMFTOVDMFBSFTFOBMHVOPTDBTPTTPOTJNQMFNFOUFDBMFOUB
EBTDPOMBFOFSHÓBEFMTPMEVSBOUFFMEÓBZDPOEFTQSFOEJNJFOUP
EFFOFSHÓBEVSBOUFMBOPDIF&TUFTJTUFNBVUJMJ[BEPFOQBÓTFT
DPNP(SFDJBIBOPCUFOJEPVOTBMUPUÏSNJDPEFB¡$
OP
UJFOFHSBOEFTWFOUBKBTFO[POBTEFDMJNBTFNJOVCMBEPQPDB
DBQUBDJØOEFFOFSHÓBEVSBOUFFMEÓB
"TQFSKBEPEFBHVBTPCSFFMUFDIPDPOTJTUFFOBTQFSKBS
BHVBTPCSFFMUFDIPDPONJDSPBTQFSTPSFT
EVSBOUFOPDIFTGSÓBT
$POFMMPTFEJTNJOVZFOMBTQÏSEJEBTEFFOFSHÓBQPSSBEJBDJØO
ZDPOEVDDJØODPOWFDDJØO4FHFOFSBVOBDBQBEFIJFMPTPCSF
FMUFDIPRVFMPBÓTMBEFMNFEJPFYUFSJPS4VTSFTVMUBEPTTPO
TFNFKBOUFTBMEPCMFUFDIPMBTWFOUBKBTSFTQFDUPBFTUFÞMUJNP
FTFMBVNFOUPEFMBSBEJBDJØOEVSBOUFFMEÓB&TUBUÏDOJDBGVF
FOTBZBEBQPSMPTBVUPSFTPCTFSWÈOEPTFEJGFSFODJBTEFUFNQF
SBUVSBEFB¡$SFTQFDUPBMUFTUJHP
ZBRVFMBNJTNBTØMPTFQSPEVDFQPSEJGFSFODJBEFUFNQFSBUVSB
FOUSFFMJOUFSJPSZFYUFSJPS&TJNQPSUBOUFUFOFSVOBTVQFSmDJF
EFWFOUJMBDJØOBMUBFTEFDJSVOBMUPQPSDFOUBKFEFBQFSUVSBT
DPOSFMBDJØOBMBTVQFSmDJFEFMJOWFSOBEFSPNBZPSBVO
BVORVFMBSFOPWBDJØOEFBJSFEFQFOEFSÈEFVOBTFSJFEF
GBDUPSFTGPSNBEFMJOWFSOBEFSPWFMPDJEBEEFMPTWJFOUPTFUD
6OÓOEJDFQBSBNFEJSMBWFOUJMBDJØOFTMBUBTBEFSFOPWBDJØOEF
BJSFRVFJOEJDBDVBOUBTWFDFTQPSIPSBTFSFOVFWBMBUPUBMJEBE
EFMBJSFEFMJOWFSOBEFSP
$PSUJOBTSPNQFWJFOUPTmHVSB
FTUBTQFSNJUFO
BIPSSBSEFMBMEFMBFOFSHÓBBMSFEVDJSMBTQÏSEJEBTQPS
DPOEVDDJØODPOWFDDJØOZQPSGVHBT
t7FOUJMBDJØOQBTJWBDVBOEPOPTFSFDVSSFBGPS[BEPSFTEF
WFOUJMBDJØOFTOFDFTBSJPEJTF×BSDPSSFDUBNFOUFMBTBCFSUVSBT
MBUFSBMFTZDFOJUBMFTDPOFMPCKFUJWPEFGBWPSFDFSVOBSFOPWBDJØO
BEFDVBEBEFBJSF&TJNQPSUBOUFEFUFSNJOBSVOBTVQFSmDJFEF
WFOUJMBDJØOQBSBDBEBSFHJØOEJTQPOFSMBTDPSSFDUBNFOUFZUFOFS
FODVFOUBMBOFDFTJEBEEFDPNCJOBSMBTBQFSUVSBTDFOJUBMFTZ
MBUFSBMFT
$POUSPMEFBMUBTUFNQFSBUVSBT
&TNÈTEJGÓDJMRVFFMDPOUSPMEFCBKBTUFNQFSBUVSBTZBRVF
ÏTUBTÞMUJNBTQVFEFOTFSBVNFOUBEBTDPODBMFGBDUPSFTQFSP
DVBOEPMBUFNQFSBUVSBFTNVZBMUBOPFTQPTJCMFSFEVDJSMB
NJTNBDPOBJSFBDPOEJDJPOBEPQPSVOBDVFTUJØOFDPOØNJDB
&OHFOFSBMMPTFTGVFS[PTFTUÈODFOUSBEPTFOMPHSBSRVFMBUFN
QFSBUVSBJOUFSJPSTFBBMHPTVQFSJPSBMBEFMFYUFSJPSØ¡$
4JOFNCBSHPDPOBMHVOBTUÏDOJDBTTFQVFEFOPCUFOFSEFOUSP
EFMJOWFSOBEFSPUFNQFSBUVSBQPSEFCBKPEFMBEFMFYUFSJPS
-PTTJTUFNBTQBSBDPOUSPMBSMBTBMUBTUFNQFSBUVSBTTFQVFEFO
BHSVQBSFOWFOUJMBDJØOSFEVDDJØOEFMBSBEJBDJØOJODJEFOUFZ
SFGSJHFSBDJØOQPSFWBQPSBDJØOEFBHVB
7FOUJMBDJØOFMJOUFSDBNCJPEFBJSFFOUSFFMJOUFSJPSZFM
FYUFSJPSJODJEFFOFMDMJNBEFMJOWFSOBEFSPQPSFMDBNCJPEFMB
UFNQFSBUVSBFMWBQPSEFBHVBZFM$0$VBOUPNFOPSFTMB
WFMPDJEBEEFMWJFOUPNÈTEJGÓDJMFTMPHSBSSFEVDJSMBUFNQFSBUVSB
t7FOUJMBDJØOBDUJWBmHVSB
FTDVBOEPTFSFDVSSF
BWFOUJMBEPSFTQBSBBTFHVSBSVOBSFOPWBDJØOEFBJSFBÞOFO
BVTFODJBEFWJFOUPFTUFTJTUFNBFTNÈTFGFDUJWPRVFFMBOUFSJPS
QFSPDPOVODPTUPNBZPSZQFMJHSPTPFODBTPEFQSPEVDJSTFDPSUFT
EFFOFSHÓB&TJNQPSUBOUFVODPSSFDUPEJTF×PEFMBTBCFSUVSBT
ZEFVCJDBDJØOEFMWFOUJMBEPSDPOFMmOEFMPHSBSVOJGPSNJEBE
FOFMnVKPEFBJSF
3FEVDDJØOEFMBSBEJBDJØOJODJEFOUFTPNCSFBEPT
DPOTJTUFFOSFEVDJSMBFOUSBEBEFMV[QBSBFWJUBSBTDFOTPTEF
UFNQFSBUVSBQVFEFTFSFTUÈUJDBDVBOEPTFTPNCSFBFOGPSNB
DPOTUBOUFTJOQPTJCJMJEBEEFHSBEVBDJØOPDPOUSPMPEJOÈNJDB
DVBOEPQFSNJUFVODPOUSPMEFMBSBEJBDJØOTPMBSFOGVODJØOEF
MBTOFDFTJEBEFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t#MBORVFBEPPFODBMBEPEFMUFDIPmHVSB
DPODBM
QJOUVSBTFTQFDJBMFTFUDFTVOPEFMPTNÏUPEPTNÈTVUJMJ[BEPT
FMJODPOWFOJFOUFQSJODJQBMFTRVFOPFTQPTJCMFDBNCJBSFMHSBEP
EFCMBORVFBEPFOMPTQFSÓPEPTNÈTDVCJFSUPT&O[POBTDPO
DMJNBTMMVWJPTPTFTOFDFTBSJPSFDVSSJSBQFHBNFOUPTZMVFHP
QBSBFMJOWJFSOPTFEJmDVMUBFMMBWBEP"MHVOBTWBSJBOUFTTPO
MBVUJMJ[BDJØOEFPUSPTFMFNFOUPTUBMFTDPNPCBSSPQJOUVSBT
FTQFDJBMFTRVFBVNFOUBOTVUSBOTQBSFODJBFOUJFNQPIÞNFEP
FUD0USPBTQFDUPOFHBUJWPFTMBSFEVDDJØOEFMB1"3SBEJBDJØO
GPUPTJOUÏUJDBNFOUFBDUJWB
&ODVBOUPBMPTSFTVMUBEPTEFQFOEF
EFMHSBEPEFTPNCSFBEPTFQVFEFEFDJSRVFTFSFEVDFMBUFN
QFSBUVSBBNCJFOUFFOB¡$QFSPFTNBZPSMBEJTNJOVDJØO
EFMBUFNQFSBUVSBEFMBTIPKBTEFMBQMBOUBB¡$
ZNBZPS
FTFMFGFDUPDVBOEPNÈTBMUBFTMBUFNQFSBUVSBNFOPSFTMB
WFOUJMBDJØOZFTQFDJBMNFOUFQBSBTVFMPEFTOVEPØ¡$
FT
NVZJNQPSUBOUFQBSBMBJNQMBOUBDJØOEFDVMUJWPTTFOTJCMFTB
MBTBMUBTUFNQFSBUVSBTMFDIVHBFUD
t.FEJBTPNCSBmHVSB
FYJTUFOFOFMNFSDBEP
EJTUJOUPTNBUFSJBMFTQBSBEJGFSFOUFHSBEPEFTPNCSFBEPMBT
NJTNBTEFCFOVCJDBSTFFOMBQBSUFFYUFSJPSBQPZBEBTTPCSFMB
DVCJFSUBPTVTQFOEJEB4JCJFOMBCJCMJPHSBGÓBDJUBMBDPOWFOJFODJB
EFDPMPDBSMBTVTQFOEJEBFOFYQFSJFODJBTSFBMJ[BEBTQPS'SBO
DFTDBOHFMJZ'FSSBUUP
EFUFSNJOBSPORVFMPTSFTVMUBEPT
TPOMPTNJTNPTFOBNCBTQPTJDJPOFTUBNQPDPTFPCTFSWBSPO
EJGFSFODJBTDPOFMFODBMBEPDPOMPTNJTNPTOJWFMFTEFDPCFS
UVSB
&TOFDFTBSJPUFOFSDVJEBEPDPOFMHSBEPEFTPNCSFBEP
ZBRVFFONVDIPTDBTPTVOBEJTNJOVDJØOEFMBMVNJOPTJEBE
TJHOJmDBVOBQÏSEJEBEFSFOEJNJFOUPT
t1BOUBMMBTBMVNJOJ[BEBTTPOQBOUBMMBTRVFTFEFTQMB[BO
EVSBOUFFMEÓBFOGVODJØOBMPTOJWFMFTEFMV[FOHFOFSBMDPO
NFDBOJTNPTBVUPNBUJ[BEPT
1SPEVDDJØOEFOJFCMBGPH
BUSBWÏTEFCPRVJMMBTEF
OFCVMJ[BDJØOmHVSB
DPOTJTUFFOEJTUSJCVJSFOFMBNCJFOUF
EFMJOWFSOBEFSPHPUBTEFBHVBQFRVF×BTQSØYJNBTBNJ
DSBT
MBTRVFQFSNBOFDFOFOTVTQFOTJØOFOFMJOWFSOBEFSPVO
UJFNQPTVmDJFOUFQBSBQFSNJUJSTVFWBQPSBDJØOFMBHVBBMQBTBS
EFMFTUBEPMÓRVJEPBWBQPSBCTPSCFFOFSHÓB
&MFMFNFOUPNÈT
EFMJDBEPFTMBCPRVJMMBRVFOPEFCFPCTUSVJSTFPSJmDJPNVZ
QFRVF×P
FOBMHVOPTDBTPTMBTBMJEBEFBHVBFTBDPNQB×BEB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
EFVOBDPSSJFOUFEFBHVB-PTTJTUFNBTEFOFCVMJ[BDJØONBT
FNQMFBEPTTPO
t#PRVJMMBTEFBMUBQSFTJØOFTUÈOQSFQBSBEBTQBSBGVO
DJPOBSDPOVOBQSFTJØOEFLHDNFMDIPSSPEFBHVBDIPDB
DPOVOPCTUÈDVMPBTVTBMJEBZTFSPNQFFOQFRVF×BTQBSUÓDVMBT
JOGFSJPSFTBNJDSBTFMDBVEBMFTEFBNNIPSB
t#PRVJMMBTEFCBKBQSFTJØODPOVOBQSFTJØOEFB
LHDN&OBMHVOPTDBTPTMBTCPRVJMMBTFOWÓBOVOBNF[DMBEF
BJSFZBHVBFTUPQFSNJUFVOCVFOUSBCBKPZSFEVDFMPTSJFTHPT
EFUBQPOBNJFOUP
t)VNJEJmDBEPSFTNFDÈOJDPTDPOTUBOEFQBSUFTNØWJMFT
FOBMHVOPTDBTPTVUJMJ[BOMBGVFS[BDFOUSÓGVHBQBSBQSPEVDJSHPUBT
EFBHVB4POEFNFOPSDBMJEBERVFFMSFTUPEFMPTTJTUFNBT
$PSUJOBTIÞNFEBTPQBOUBMMBTFWBQPSBEPSBTTFDPMP
DBOFOVOFYUSFNPEFMJOWFSOBEFSPFTUÈODPOTUSVJEBTEFVO
NBUFSJBMQPSPTPQPSEPOEFDJSDVMBBHVB&OFMPUSPFYUSFNPEFM
JOWFSOBEFSPTFJOTUBMBOMPTWFOUJMBEPSFTRVFGVFS[BOBQBTBSFM
BJSFQPSEJDIBTQBOUBMMBT
&OMBT'JHVSBTZTFNVFTUSBMBQSFEJDDJØOEFUFN
QFSBUVSBFOVOJOWFSOBEFSPDPOEJTUJOUBTUÏDOJDBTEFDPOUSPM
EFBMUBUFNQFSBUVSBUFTUJHPDPONFEJBTPNCSBDPOGPHZMB
DPNCJOBDJØOEFMGPHDPOMBNFEJBTPNCSB
&MFOTBZPNVFTUSBRVFEFUPEBTMBTUFDOPMPHÓBTEFDMJNB
UJ[BDJØOVUJMJ[BEBTMBDPNCJOBDJØOEFGPHTPNCSFBEPFTMB
RVFHFOFSBMBNBZPSEJGFSFODJBEFUFNQFSBUVSBRVFMPHSBFOUSF
FMJOUFSJPSZFMFYUFSJPSEFMJOWFSOBEFSPMMFHBOEPFODMJNBTFDP
ZDPOSFOPWBDJPOFTEFBJSFIBTUB¡$
„
5JQPTEFGPS[BEPT
'PS[BEPQBSDJBMTFNJGPS[BEP
DVBOEPMBQMBOUBQBTBMB
QSJNFSQBSUFEFTVDJDMPCBKPMBTDPOEJDJPOFTFTQFDJBMFTZGPS
[BEPUPUBMDVBOEPQBTBUPEPFMDJDMPFOEJDIBTDPOEJDJPOFT
"MHVOBTUÏDOJDBTEFGPS[BEPQBSDJBMTPO
t"DPMDIBEPEFTVFMPPNVMDIJOH
t.BOUBTnPUBOUFTPBHSPUFYUJMFT
t4PNCSFBEFSPTPNFEJBTTPNCSBT
t.BMMBTBOUJHSBOJ[P
t5ÞOFMFTCBKPT
%FOUSPEFMGPS[BEPUPUBMTFFODVFOUSBO
t5ÞOFMFTBMUPT
t*OWFSOBEFSPT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
%FTDSJQDJØOEFDBEBBMUFSOBUJWB
"DPMDIBEPEFTVFMPPNVMDIJOHMBUÏDOJDBDPOTJTUFFO
EJTQPOFSTPCSFFMUFSSFOPVOBDBQBQSPUFDUPSBRVFQFSNJUF
NFKPSBSFMDSFDJNJFOUPEFMDVMUJWP
7FOUBKBTEFTVVTP
t3FEVDFMBTQÏSEJEBTEFBHVBQPSFWBQPSBDJØO
t&OFMDBTPEFMBTIPSUBMJ[BTEFIPKBTQFSNJUFRVFMBT
IPKBTJOGFSJPSFTTFBQSPWFDIFODPNFSDJBMNFOUFTFDPTFDIFO
NÈTMJNQJBTZDPONFOPSQFMJHSPEFDPOUBNJOBDJØOQPSFMBHVB
EFSJFHP
t&ODBTPEFTVFMPTEFUFYUVSBMJWJBOBFMBDPMDIBEPTFQVFEF
VTBSQBSBOVNFSPTBTQMBOUBDJPOFTB
MPDVBMSFEVDFDPTUPT
FOFSHÏUJDPTQBSBMBQSFQBSBDJØOEFMBUJFSSBZQSPEVDFNFOPS
BMUFSBDJØOEFMBFTUSVDUVSBEFMTVFMP
t3FEVDFMBQSFTFODJBEFFOGFSNFEBEFTUBMFTDPNPMB
FTDMFSPUJOJBZMBCPUSJUJTQPSMPUBOUPMMFWBBVOBSFEVDDJØOEFM
VTPEFGVOHVJDJEBT
t%VSBOUFFMJOWJFSOPMBNBZPSUFNQFSBUVSBEFMTVFMP
BDPMDIBEPQFSNJUFBDFMFSBSFMDJDMPEFQSPEVDDJØO
&OVOBQSJNFSBFUBQBFSBDPNÞOFMVTPEFNBUFSJBMFTEF
PSJHFOWFHFUBMQBKBDB×BTIPKBTTFDBTBTFSSÓOFUD
PNJOFSBM
BSFOB
)PZEÓBFYJTUFONBUFSJBMFTQMÈTUJDPTRVFSFFNQMB[BOB
MPTBOUFSJPSFT-PTNÈTVUJMJ[BEPTTPOMPTQPMJFUJMFOPTEFQPDP
FTQFTPSBNJDSPOFT
TJOUSBUBNJFOUPUÏSNJDPZEFBODIP
WBSJBCMF-PTEFDPMPSOFHSPUJFOFOVOBNBZPSEVSBDJØODBMJFOUBO
NFOPTFMTVFMPQFSPOPEFKBODSFDFSMBTNBMF[BT
$VBOEPNBZPSFTMBUSBOTQBSFODJBNBZPSFTFMDBMFOUBNJFO
UPEFMTVFMPQFSPNBZPSFTFMDSFDJNJFOUPEFNBMF[BTFKFNQMP
VTPEFQPMJFUJMFOPUSBOTQBSFOUF-BTTJUVBDJPOFTJOUFSNFEJBT
UJFOFOVODPNQPSUBNJFOUPJOUFSNFEJPQPSFKFNQMPFMQPMJF
UJMFOPBOBSBOKBEP
&O[POBTMMVWJPTBTZDPODVMUJWPTBMBJSFMJCSFFMNVMDIJOH
EFQPMJFUJMFOPOPQFSNJUFMBFOUSBEBEFMBHVBEFMMVWJBZQPS
MPUBOUPTVVTPOPQBSFDFTFSFMNÈTBEFDVBEPFOFTUFDBTP
QPEFNPTQFOTBSFOVOBDPMDIBEPEFNBUFSJBPSHÈOJDB
&OVOFOTBZPSFBMJ[BEPEVSBOUFMPTB×PTBFO
FM.ØEVMP%FNPTUSBUJWPEFM1SPZFDUP)PSUÓDPMBEF3PTBSJP
mHVSB
TFDVCSJØFMTVFMPDPOQBKBEFGBSEPEFUSJHPZ
BMGBMGBEJTUSJCVJEBTPCSFFMUFSSFOPFOMPTMPNPTZQBTJMMPT
BOUFTEFMUSBTQMBOUF4FVUJMJ[ØFOQSPNFEJPLHNEFQBKB
QPSB×PSFQPOJÏOEPTFDVBOEPDPNFO[BCBBEFHSBEBSTFEF
QFOEJFOEPEFMBÏQPDBEFMB×PZMBDPNQPTJDJØOEFMGBSEP&M
UFSSFOPTFUSBCBKØTPMBNFOUFQBSBFMQSJNFSDVMUJWP-VFHPEF
B×PTDPOTFDVUJWPTEFDVMUJWPTEFMFDIVHBMBDPCFSUVSBEFM
TVFMPDPOQBKBQFSNJUJØPCUFOFSNBZPSSFOEJNJFOUPZDBMJEBE
FODVMUJWPTEFDJDMPQSJNBWFSPWFSBOPDPONBZPSOÞNFSPEF
IPKBTJOGFSJPSFTVUJMJ[BEBT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDPCFSUVSBEFMTVFMPQFSNJUFDPOTFSWBSMPTVQFSmDJBMNFOUF
NÈTIÞNFEPGBDJMJUBMBJOmMUSBDJØOEFMBHVBEJTNJOVZFMB
FSPTJØODPOTFSWBMBCJPFTUSVDUVSBEFMTVFMPZEJTNJOVZFMB
UFNQFSBUVSBEFMNJTNPQFSNJUJFOEPBMBTQMBOUBTDPOEJDJPOFT
EFDSFDJNJFOUPBEFDVBEBT&TBMUBNFOUFGBWPSBCMFFOFTUBDJØO
TFDBZDPOBMUBTUFNQFSBUVSBTZBRVFTFQSPEVDFHSBOEJTNJ
OVDJØOEFMBFWBQPUSBOTQJSBDJØO
4JDPOTJEFSBNPTMPTQSJNFSPTDFOUÓNFUSPTEFMTVFMPFMDBSCP
OPPSHÈOJDPUPUBMMBFTUBCJMJEBEBMBHVBEFBHSFHBEPTNBZPSFT
EFNNMBQPSPTJEBEUPUBMZMBDPOEVDUJWJEBEIJESÈVMJDB
TBUVSBEBNFKPSBOOPUBCMFNFOUFDPODPCFSUVSBDPOQBKB
&TJNQPSUBOUFUFOFSFODVFOUBRVFFMVTPEFNVMDIFO
DVBMRVJFSBEFTVTWFSTJPOFTQFSNJUFFMBIPSSPEFBHVBSFBMJ[BS
WBSJPTDVMUJWPTTPCSFFMNJTNPZBJTMBSBMWFHFUBMEFDVBMRVJFS
DPOUBNJOBDJØORVFTFQPESÓBMPHSBSQPSTVDPOUBDUPDPOFM
TVFMPQSJODJQBMNFOUFTJUSBCBKBNPTFODPOEJDJPOFTEFDVMUJWPT
QBSBJNQMFNFOUBS#1"
.BOUBTnPUBOUFTBHSPUFYUJMFTPUFMBTOPUFKJEBTmHVSB
Z
TPOQMÈTUJDPTQPMJFUJMFOPQPMJÏTUFSQPMJQSPQJMFOP
FUD
EFmCSBTOPUFKJEBTRVFDPOTUJUVZFOVONBUFSJBMNVZ
MJWJBOPZEFCVFOBQPSPTJEBEFMDVBMTFDPMPDBEJSFDUBNFOUF
TPCSFFMDVMUJWPTJOOJOHÞOUJQPEFFTUSVDUVSBEFTPQPSUFTVKF
UÈOEPTFTPMBNFOUFMPTCPSEFTEFNPEPRVFRVFEFTJOUFOTJØO
QBSBRVFBDPNQB×FFMDSFDJNJFOUPEFMDVMUJWP&MVTPEFFTUPT
NBUFSJBMFTFODVMUJWPTEFIPKBQFSNJUFOQSPUFHFSBMBTQMBOUBT
DPOUSBWJFOUPTZMPHSBSVOBEJGFSFODJBUÏSNJDBFOUSFFMJOUFSJPS
EFMBNBOUBZFMBJSFMJCSFEFBQSPYJNBEBNFOUF¡$&OBMHV
OPTDBTPTTFVUJMJ[BODPNPCBSSFSBQBSBSFEVDJSMBFOUSBEBEF
JOTFDUPTBMDVMUJWPFKQVMHPOFTZUSJQT
&OMBSFHJØOEF3PTBSJPFMVTPEFFTUBTNBOUBTTFIB
HFOFSBMJ[BEPQPSTVFGFDUPEFQSPUFDDJØOEFMBTIFMBEBT4PO
DPMPDBEBTFOQFSÓPEPTEPOEFMBUFNQFSBUVSBQVFEFEFTDFOEFS
EF$QBTBEPFMQFMJHSPEFIFMBEBTTPOSFUJSBEBT&ODMJNBT
IÞNFEPTDPNPFOFTUB[POBMBDPMPDBDJØOEVSBOUFUPEPFMDJDMP
QVFEFGBWPSFDFSMBQSFTFODJBEFFOGFSNFEBEFT
4PNCSFBEFSPTPNFEJBTTPNCSBTmHVSB
FOMBT
SFHJPOFTUSPQJDBMFTZTVCUSPQJDBMFTMBQSPEVDDJØOEFWFHFUBMFT
EFIPKBTTFMJNJUBBMQFSJPEPEFCBKBTUFNQFSBUVSBT1BSBDVMUJWBS
FOFMQFSJPEPFTUJWBMFTOFDFTBSJPSFDVSSJSBMBVUJMJ[BDJØOEFM
TPNCSFBEP&TUBTTPOFTUSVDUVSBTDPOTUSVJEBTQSFDBSJBNFOUF
DPODB×BTIPKBTFUD
PDPONBUFSJBMFTFTQFDJBMFTNFEJBT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
TPNCSBT
DPOFMPCKFUJWPEFSFEVDJSMBSBEJBDJØOMBUFNQFSBUVSB
BOJWFMEFIPKBTMBFWBQPUSBOTQJSBDJØOBVNFOUBSMBIVNFEBE
SFMBUJWBEFMBNCJFOUFZSFHVMBSMBIVNFEBEBOJWFMEFMTVFMP
MPHSBSNFKPSFTDPOEJDJPOFTEFDVMUJWPFOWFSBOP&TJNQPSUBOUF
FYUFOEFSTVVUJMJ[BDJØOBPUSBTÏQPDBTEFMB×PQBSBBNPSUJ[BS
NÈTSÈQJEBNFOUFMBJOWFSTJØO
-BTNFEJBTTPNCSBTQSPCBCMFNFOUFUFOHBOVOJNQPSUBOUF
EFTBSSPMMPBÞOQBSB[POBTUFNQMBEBTEBEPMBSFEVDDJØOEFMPT
DPTUPTEFJOWFSTJØOSFTQFDUPBVOJOWFSOBEFSPZMBQPTJCJMJEBEEF
-BMJNJUBOUFEFFTUBUÏDOJDBFTTVDPTUPSFTQFDUPBMPTDVM
UJWPTBMBJSFMJCSFZRVFFOSFHJPOFTDPODMJNBTTFNJOVCMBEPT
TJOPFTQPTJCMFDPSSFSMBMBMVNJOPTJEBEFTNVZFTDBTB&MMPTF
BHSBWBNÈTBÞODPOTVFMPTQFTBEPTZDMJNBTMMVWJPTPTEBEP
RVFMPTNJTNPTOPTFPSFBOTVmDJFOUFNFOUFZQVFEFGBWPSFDFS
MBBQBSJDJØOEFFOGFSNFEBEFT
.BMMBTBOUJHSBOJ[PTPOVUJMJ[BEBTFO.FOEP[BZQBSBFM
DVMUJWPEFBSÈOEBOPTFODBTJUPEPFMQBÓT4POQSPUFDDJPOFTRVF
TFDPOTUSVZFODPOFMPCKFUJWPEFSFEVDJSMPTSJFTHPTPDBTJPOBEPT
QPSHSBOJ[PTTPCSFMPTDVMUJWPTZFONFOPSNFEJEBBDUÞBODPNP
NFEJBTPNCSBEBEPRVFJNQJEFOFMQBTPEFMPTSBZPTTPMBSFT
SFEVDJÏOEPMPTIBTUBVO
5ÞOFMFTCBKPTmHVSB
TPOFTUSVDUVSBTTJNQMFTRVFTF
VUJMJ[BOQBSBDSFBSVONJDSPDMJNBBEFDVBEPQBSBFMDSFDJNJFOUP
ZEFTBSSPMMPEFFTQFDJFTWFHFUBMFT%BEPTVFTDBTBBMUVSBOPFT
QPTJCMFRVFMPTPQFSBSJPTUSBCBKFOEFCBKPEFFMMB
4PCSFFMUFSSFOPTJTUFNBUJ[BEPBEFDVBEBNFOUFQMBUBCBO
EBTMPNPTDBOUFSPT
TFEJTQPOFOBSDPTDB×BTNJNCSFIJFSSP
FUD
FRVJEJTUBOUFTZBMJOFBEPTTPCSFMPTDVBMFTTFEFQPTJUBFM
NBUFSJBMEFQSPUFDDJØOFMDVBMTFTVKFUBQPSBSSJCBDPOUFOTPSFT
ZUSBCBTEFEJTUJOUPUJQP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BTEJNFOTJPOFTTPOWBSJBCMFTTFHÞOFMPCKFUJWPEFMUÞOFMZ
NVDIBTWFDFTFTUÈFOSFMBDJØODPOMPTNBUFSJBMFTEFDVCJFSUB
QSFTFOUFTFOFMNFSDBEP&MBODIPEFMBCBTFPTDJMBHFOFSBMNFOUF
FOUSFNIBTUBNJODMVTPNMBBMUVSB
NÓOJNBQSPNFEJPFTEFNQVEJFOEPMMFHBSIBTUBN&O
HFOFSBMTPOTFNJDJSDVMBSFTMBBJSFBDJØOFTQFSNBOFOUFPUFN
QPSBMTFHÞOMBDVCJFSUBVUJMJ[BEBUFOHBPOPQFSGPSBDJPOFT
#SJOEBOMPTCFOFmDJPTEFMPTDVMUJWPTCBKPDVCJFSUBTQMÈTUJDBT
QFSNJUJFOEPPCUFOFSNBZPSDBMJEBEEFQSPEVDDJØOFOCBTFB
VOBNBZPSQSPUFDDJØOEFMBQMBOUBDPOUSBMPTWJFOUPTMBMMVWJB
FUDBVORVFMBTPTDJMBDJPOFTEFUFNQFSBUVSBZIVNFEBETPO
NÈTCSVTDBTRVFMBTEFVOJOWFSOBEFSPZMBQSPUFDDJØOEF
IFMBEBTOPFTUBOFGFDUJWB
4POEFCBKPDPTUPEFJOWFSTJØOQFSPVOBMUPDPTUPEFNBOP
EFPCSBFOBQFSUVSBZDJFSSF
5ÞOFMFTBMUPTmHVSB
TPOFTUSVDUVSBTJOUFSNFEJBT
FOUSFMPTUÞOFMFTCBKPTZMPTJOWFSOBEFSPTFOMPRVFSFTQFD
UBBMBJOWFSTJØOOFDFTBSJBZBMBQSPUFDDJØOEFMPTDVMUJWPT
5JFOFOBQSPYJNBEBNFOUFNFUSPTEFBODIPNFUSPTEF
BMUPMBSHPWBSJBCMFDVCJFSUPTDPOQPMJFUJMFOPEFNJDSPOFT
EFFTQFTPSZQFSNJUFOMBDJSDVMBDJØOJOUFSJPSEFNBRVJOBSJBT
QBSBMBSFBMJ[BDJØOEFMBTMBCSBO[BT&TQPTJCMFTJTUFNBUJ[BS
FMUFSSFOPFOQMBUBCBOEBTPFOMPNPTDVMUJWBOEPEFB
IJMFSBTEFQMBOUBT
*OWFSOBEFSPTTPODPOTUSVDDJPOFTNÈTBODIBTZBMUBTRVF
MPTUÞOFMFTBMUPTNBZPSWPMVNFOEFBJSF
MPRVFHFOFSBNFKP
SFTDPOEJDJPOFTBNCJFOUBMFTIVNFEBEZUFNQFSBUVSB
&TUBT
FTUSVDUVSBTEFCFOTFSDBQBDFTEFUFOFSVOBFMFWBEBDBQBDJEBE
EFSFOPWBDJØOEFBJSFWFOUJMBDJØO
QBSBFWJUBSUFNQFSBUVSBT
NVZBMUBTZCJFOFTUBODBTQBSBFWJUBSRVFMBTCBKBTUFNQFSBUVSBT
OPDUVSOBTBGFDUFOMPTDVMUJWPT
"MHVOPTEFUBMMFTBUFOFSFODVFOUBQBSBMBJOTUBMBDJØO
EFJOWFSOBEFSPT
t4VQFSmDJFBDPOTUSVJSDVBOEPNBZPSFTMBTVQFSmDJF
DVCJFSUBNFOPSFTTPOMBTQÏSEJEBTEFFOFSHÓBQFSPNÈTEJGÓDJM
FTMBWFOUJMBDJØOFOQFSÓPEPTEFFMFWBEBUFNQFSBUVSBBNFOPT
RVFMBBCFSUVSBTFBDFOJUBMZBCBSRVFVOBMUPQPSDFOUBKFEFM
UFDIP
t"MUVSBEFMJOWFSOBEFSPEFCFTFSBRVFMMBRVFMFTQFSNJUB
BMBTQMBOUBTVOEFTBSSPMMPØQUJNPBDUVBMNFOUFMPTJOWFSOBEFSPT
BEFDVBEPTTPOMPTRVFUJFOFOPNÈTNFUSPTFOMBQBSUFNÈT
CBKB"MHVOPTBVUPSFTDJUBORVFFTOFDFTBSJPUFOFSVOBDVCJ
DBDJØOSFMBDJØOFOUSFFMWPMVNFOZMBTVQFSmDJFDVCJFSUB
EF
WBMFEFDJSNQPSDBEBNEFJOWFSOBEFSP&TJNQPSUBOUF
EFTUBDBSRVFDVBOEPNBZPSFTMBBMUVSBEFVOJOWFSOBEFSP
NBZPSFTMBFTUBCJMJEBEUÏSNJDBQFSPNBZPSFTTVDPTUP
t'PSNBZPSJFOUBDJØOFTJNQPSUBOUFMBGPSNBZPSJFOUB
DJØOEFMPTUFDIPTDPOFMPCKFUJWPEFDBQUBSMBNBZPSSBEJBDJØO
QPTJCMFFOJOWJFSOP1PEFNPTEFDJSRVFMBPSJFOUBDJØOFTDPSSFDUB
DVBOEPFMFKFQSJODJQBMFTUÈPSJFOUBEPFOMBEJSFDDJØOFTUFPFTUF
&TUPFTUÈEBEPQPSMBTTJHVJFOUFTQSPQJFEBEFT
t$VBOEPNÈTQFSQFOEJDVMBSFTMBSBEJBDJØOBMUFDIPNBZPS
FTMBSBEJBDJØORVFJOHSFTBBMPTJOWFSOBEFSPT
t&TMBRVFQFSNJUFDBQUBSMBNBZPSDBOUJEBEEFMV[QFSP
DPONFOPSVOJGPSNJEBEBMPMBSHPEFMEÓBZFOMPTEJTUJOUPT
QVOUPTEFMJOWFSOBEFSP
t$VBOEPNBZPSFTMBDBOUJEBEEFNØEVMPTJOWFSOBEFSPT
NÞMUJQMFT
NFOPSFTMBMVNJOPTJEBE
t&TMBRVFSFDJCFNBZPSJNQBDUPQPSMPTWJFOUPT
5BNCJÏOMBGPSNBEFMPTUFDIPTJODJEFFOMBDBQUBDJØOEF
MV[BTÓMPTTFNJDJSDVMBSFTTPOMPTRVFSFDJCFONBZPSSBEJBDJØO
FOTVJOUFSJPSMBRVFBTVWF[WBSÓBOTFHÞOMPTNFTFTEFMB×P
-BPSJFOUBDJØOUBNCJÏOUJFOFJNQPSUBODJBFOMBWFOUJMBDJØO
DVBOUPNBZPSFTMBFYQPTJDJØOBMPTWJFOUPTQSFEPNJOBOUFT
NBZPSFTMBWFOUJMBDJØOJNQPSUBOUFFOWFSBOP
-BPSJFOUBDJØO
OPSUFTVSEFMDVMUJWPFTMBRVFQFSNJUFMBNBZPSVOJGPSNJEBE
EFSBEJBDJØOEFOUSPEFMPTJOWFSOBEFSPT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
&OSFTVNFOBOUFTEFEFmOJSMBDPOTUSVDDJØOEFVO
JOWFSOBEFSPFTOFDFTBSJPUFOFSFODVFOUBHSBODBOUJEBE
EFGBDUPSFTFMWJFOUPMBTDPSUJOBTFMUFSSFOPFMDVMUJWP
MBÏQPDBEFQSPEVDDJØOMBNBRVJOBSJBMPTNBUFSJBMFT
EFDPOTUSVDDJØOMBMVNJOPTJEBEFUD&MNPEFMPEFJO
WFSOBEFSPEFQFOEFSÈEFMBTDPOEJDJPOFTMPDBMFTZEFMPT
PCKFUJWPT5BNCJÏOFTJNQPSUBOUFUFOFSFODVFOUBRVF
FTUBUFDOPMPHÓBHFOFSBNVDIPTEFTFDIPTQSJODJQBMNFOUF
QMÈTUJDPTEJGÓDJMFTEFEFHSBEBS
&OFMTJNQPTJPEF$VMUJWPT1SPUFHJEPTSFBMJ[BEPFO-B1MBUB
FOFMB×PMPTBVUPSFTDPPSEJOBSPOVOUSBCBKPTPCSFi-PT
$VMUJWPT1SPUFHJEPTTJUVBDJØOQFSTQFDUJWBTZQBVUBTRVF
DPOUSJCVJSÓBOBTVEFTBSSPMMPoEJBHOØTUJDPQBSUJDJQBUJWPw
FMNJTNPMMFHØBMBTTJHVJFOUFTDPODMVTJPOFTFOSFMBDJØOBM
DBNJOPRVFEFCFSÓBSFDPSSFS"SHFOUJOBFODVBOUPBMBTFTUSVD
UVSBTEFJOWFSOBEFSPT
t%JTF×BSFTUSVDUVSBTDPONFKPSFTDPOEJDJPOFTQBSBGBWP
SFDFSFMBNCJFOUFJOUFSOPDPOFMPCKFUJWPEFEBSDPOEJDJPOFT
GBWPSBCMFTQBSBRVFMPTDVMUJWPTFYQSFTFOTVQPUFODJBM
t3FBMJ[BSVOUSBCBKPDPOKVOUPFOUSFMPTGBCSJDBOUFTEF
QPMJFUJMFOPTJOWFSOBEFSPTZMBTPSHBOJ[BDJPOFTEFJOWFTUJHBDJØO
-BTFTUSVDUVSBTEFCFSÓBODPOTUSVJSTFCBKPQSPUPDPMPTCÈTJDPT
t&TUVEJBSZBQMJDBSNFKPSBTFOMBTBDUVBMFTFTUSVDUVSBT
RVFUJFOEBOBNJUJHBSFMFGFDUPOFHBUJWPEFMBTEFmDJFODJBTFO
WFOUJMBDJØOZMBTUFNQFSBUVSBTFYUSFNBT
&OOVFTUSPQBÓTFYJTUFOFTUSVDUVSBTEFJOWFSOBEFSPTQSJODJ
QBMNFOUFDPOTUSVJEPTFONBEFSBZDPOEJGFSFOUFTDBMJEBEFT
5PNBOEPDPNPFKFNQMPMPTJOWFSOBEFSPTEF-B1MBUBFTUPT
TFDBSBDUFSJ[BOQPSTFS
t&DPOØNJDPTFODVBOUPBDPTUPTEFDPOTUSVDDJØO
t"QSPWFDIBOBMNÈYJNPMBTVQFSmDJFBMDPOTUSVJSTFFO
DBQJMMBTNÞMUJQMFTEBEPRVFFOHFOFSBMFTUÈOTPCSFUJFSSBT
BMRVJMBEBT
t1PTFFOFTDBTBTVQFSmDJFEFWFOUJMBDJØOFOSFMBDJØOBMB
TVQFSmDJFUFDIBEBEBEPRVFTFDPOTUSVZFONVMUJDBQJMMBTCBKBT
TJOWFOUJMBDJPOFTDFOJUBMFT
6OBNFKPSBTFSÓBDPNPNVFTUSBMBmHVSBEBSMFT
NÈTBMUVSBFOMPTMBUFSBMFTZDPOTUSVJSMPTDPOWFOUJMBDJPOFT
DFOJUBMFT
1MBOFBNJFOUPEFMBQSPEVDDJ¯O
„ $PODFQUPFJNQPSUBODJBEFMPTQMBOFT
EFQSPEVDDJØO
-BPGFSUBEFQSPEVDUPTGSVUJIPSUÓDPMBTUJFOFHSBOEFTPTDJ
MBDJPOFTEVSBOUFFMB×PDPOQFSÓPEPTEFBCVOEBODJBFORVF
MPTQSFDJPTTPONVZCBKPTZOPMMFHBOBDVCSJSMPTDPTUPTEF
QSPEVDDJØOTFHVJEPTQPSQFSÓPEPTEFFTDBTF[DPOQSFDJPTBMUPT
QFSPMPTQSPEVDUPSFTOPUJFOFONFSDBEFSÓBQBSBWFOEFS&TUF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
QSPCMFNBBUFOUBOPTØMPDPOUSBMPTQSPEVDUPSFTTJOPUBNCJÏO
DPOUSBMBFmDJFODJBEFMB$BEFOBGSVUJIPSUÓDPMBQSPEVDJFOEP
JOFTUBCJMJEBEZDSJTJTFOUPEPTMPTFTMBCPOFTQSPEVDUPSFTNB
ZPSJTUBTNJOPSJTUBTZBÞODPOTVNJEPSFT
-PTQSPEVDUPSFTHFOFSBMNFOUFOPQMBOFBOMBTQMBOUBDJPOFT
UPNBOEPEFDJTJPOFTFOGVODJØOBMBTJUVBDJØOEFNFSDBEPRVF
QPSFMCBKPOJWFMEFJOGPSNBDJØOOPFTVOBBEFDVBEBSFGFSFODJB
-B(SBO%JTUSJCVDJØOFOHFOFSBMOPEFTFBBTVNJSDPNQSPNJTPT
EFDPNQSBDPOMPTQSPWFFEPSFTEFFTUBNBOFSBQVFEFOQBHBS
QSFDJPTNÈTCBKPTFOQFSÓPEPTEFBCVOEBODJB5PEPFMMPFTUÈ
BDPNQB×BEPQPSMBi$VMUVSBPSHBOJ[BDJPOBMwEFMTFDUPSRVF
FTUBIBCJUVBEPBUSBUBSEFiQFHBSMBwZDPOFMMPiTBMWBSTFw
DPOUSJCVZFOEPFTUPBMJNJUBSMBTJTUFNBUJ[BDJØOZTPMVDJØOEFM
QSPCMFNB5BNCJÏODPOUSJCVZFOBFTUBJOFTUBCJMJEBEMPTQSP
CMFNBTDMJNÈUJDPTUBMFTDPNPIFMBEBTUBSEÓBTPUFNQSBOBT
MMVWJBTFYDFTJWBTHSBOJ[BEBTFUD
4PMVDJPOBSFTUFQSPCMFNBOPFTTFODJMMPBDSJUFSJPEFMPT
BVUPSFTIBZEPTBMUFSOBUJWBT
t2VFVOPSHBOJTNPPmDJBMSFHVMFMBTTJFNCSBTTJTUFNB
VUJMJ[BEPFO+BQØOEFEJGÓDJMBQMJDBDJØOFOOVFTUSPQBÓT
t"USBWÏTEFVOTJTUFNBEFQSPEVDUPSFTBTPDJBEPT
DPPQFSBUJWBTVPUSBTTPDJFEBEFT
RVFUSBCBKFOCBKPQMBOFT
EFQSPEVDDJØOFOGVODJØOBSFMBDJPOFTDPOUSBDUVBMFTDPOMB
EFNBOEBDBEFOBTBHSPBMJNFOUBSJBT
1PSTVQVFTUPRVFUPEPFMMPOPFTTVmDJFOUFFOQSPEVDDJPOFT
BMBJSFMJCSFQPSMBEJmDVMUBEQBSBFMVEJSMPTQSPCMFNBTDMJNÈUJDPT
4JOFNCBSHPQBSBMBTFTQFDJFTQSJODJQBMFTUPNBUFQJNJFOUPZ
IPSUBMJ[BTEFIPKBT
MBUFOEFODJBFTBQSPEVDJSMBTCBKPJOWFS
OBEFSPEFNPEPRVFFOVOGVUVSPOPTFSÈVOQSPCMFNB
&MQMBOFBNJFOUPDPOUJOVPZTJTUFNÈUJDPEFMBQSPEVDDJØO
DPTFDIB
FTVOBIFSSBNJFOUBEFTVNBJNQPSUBODJBBOJWFMEF
MBDBEFOBQFSPTPCSFUPEPQBSBMBTFNQSFTBTRVFTFEFEJDBO
BMBQSPEVDDJØOZDPNFSDJBMJ[BDJØOEFQSPEVDUPTQFSFDFEFSPT
-PTCFOFmDJPTEFFTUBNFUPEPMPHÓBTFFYQMJDBOFOMPTQVOUPT
TJHVJFOUFT
t-BQSPEVDDJØOFTFTUBCMFBUSBWÏTEFMUJFNQPBUFOVBOEP
MPTQJDPTEFQSPEVDDJØODPOQSPCMFNBTEFDPMPDBDJØOEFMB
NFSDBEFSÓB
ZMPTEÏmDJUEFQSPEVDDJØORVFMMFWBOBQSPCMFNBT
mOBODJFSPTZOPQFSNJUFODVNQMJSMPTDPNQSPNJTPTDPOMPT
DMJFOUFT
t.FKPSBFMVTPEFMPTSFDVSTPTIVNBOPTZNBUFSJBMFTUPEPT
DPOPDFODVBMFTTPOMPTPCKFUJWPTZQMBOFT
t1FSNJUFFMBCPSBSVOQSFTVQVFTUPZUSBCBKBSFOGVODJØOBM
NJTNPNFKPSBOEPFOGPSNBDPOUJOVBFOCBTFBMBTEJGFSFODJBT
FOUSFMBTJUVBDJØOQMBOFBEBZMBSFBM
t0QUJNJ[BFMVTPEFMBUJFSSBFTUBCMFDJFOEPVOQMBOEFSP
UBDJPOFTBMBSHPQMB[PDPOVOBQSPEVDDJØONÈTTVTUFOUBCMF
&MQMBOFBNJFOUPEFMBTTJFNCSBTFTNVZQPDPVUJMJ[BEBFO
OVFTUSPQBÓTFTOFDFTBSJPUFOFSFODVFOUBRVFMBNJTNBFTNVZ
OFDFTBSJBQBSBMPHSBSFMÏYJUPEFMBFNQSFTBEFOUSPEFMBDUVBM
ZGVUVSPTJTUFNBEFDPNFSDJBMJ[BDJØOBVORVFQPSTJTPMBOPFT
VOBHBSBOUÓBEFMNJTNP
&OFMQVOUPTJHVJFOUFTFQSFTFOUBVOBNFUPEPMPHÓBHFOFSBEB
QPSOVFTUSPHSVQPEFUSBCBKPRVFIBTJEPBQMJDBEBDPOÏYJUP
FOFNQSFTBTBCBTUFDFEPSBTEFTVQFSNFSDBEPTDPOQSPEVDDJØO
FOEJTUJOUBTQBSUFTEFMQBÓT
„ *EFOUJmDBDJØOZFTUVEJPEFMBTTF×BMFT
EFMNFSDBEP
1BSBBSNBSQMBOFTEFQSPEVDDJØOFTOFDFTBSJPDPOPDFSMBEF
NBOEBEVSBOUFUPEPFMB×PMPTQSFDJPTNFEJPTEFMPTNFSDBEPT
&TUFUFNBIBTJEPEFTBSSPMMBEPFOFMDBQÓUVMPEFMDPOTVNJEPS
DPOTVNPBOVBMEFDBEBIPSUBMJ[BEFIPKB
ZFMEFMBEJTUSJCVDJØO
QSFDJPTEFMBTEJTUJOUBTIPSUBMJ[BTEVSBOUFFMB×P
„ 1PUFODJBMJEBEFTEFMBTEJTUJOUBTSFHJPOFT
QSPEVDUPSBT
&OFMDBQÓUVMPQVOUPBOBMJ[BNPTMBTEJTUJOUBTSFHJPOFT
DPOTVTQPUFODJBMJEBEFTTFHÞOFMNPNFOUPEFQSPEVDDJØOEF
DBEBVOBZMBEJTUBODJBBOVFTUSB[POBEFQSPEVDDJØOTJHOJmDBSÈ
VOBDPNQFUFODJBPOPQBSBOVFTUSBQSPEVDDJØO
„
%BUPTDMJNÈUJDPTEFMBTEJTUJOUBTSFHJPOFT
-PTEBUPTDMJNÈUJDPTEFMBTEJTUJOUBT[POBTTFQVFEFOWFSFO
MPTDVBESPTTJHVJFOUFT-BMBUJUVE4VSFTEF
ZQBSBMBT[POBTEF4BOUB'F3PTBSJP
.FOEP[B-B1MBUB.BSEFM1MBUBZ5SFMFX
6OBTQFDUPBEFTUBDBSFTMBEJGFSFODJBEFIFMJPGBOÓBSFMBUJWB
EF-B1MBUBZ.BSEFM1MBUBDPOSFTQFDUPB3PTBSJPZ4BOUB'F
&OMBTQSJNFSBTMPTWFSBOPTTPONÈTOVCMBEPTMPRVFQFSNJUF
VONFKPSEFTBSSPMMPEFMBTIPSUBMJ[BTEFIPKBTDPNQBSBEBT
DPOMBTTFHVOEBT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
„
3FTVNFOEFMQPUFODJBMEFDBEBSFHJØO
B;POBEF-B1MBUBFTUB[POBEFHSBODPNQFUJUJWJEBE
QVFEFQSPEVDJSUPEBTMBTFTQFDJFTEVSBOUFDBTJUPEPFMB×P
DPONBZPSFTMJNJUBOUFTEVSBOUFFMWFSBOPEBEPMBTBMUBT
UFNQFSBUVSBTQSJODJQBMNFOUFQBSBMFDIVHBTBSSFQPMMBEBT4V
NFSDBEPQSJODJQBMFT#VFOPT"JSFTBVORVFUBNCJÏOUSBCBKBQBSB
NFSDBEPTDPNP3PTBSJP.FOEP[BFUD4VQSJODJQBMDPNQFUJEPS
QBSBWFSBOPQVFEFTFSMB[POBEF.BSEFM1MBUB
C;POBEF3PTBSJPBEJGFSFODJBEFMB[POBBOUFSJPS3P
TBSJPUJFOFBMUPTDPTUPTEFQSPEVDDJØOZDPOPUSBTBMUFSOBUJWBT
EFOFHPDJPTBHSJDVMUVSBHBOBEFSÓBTFSWJDJPTFUD
RVFIB
IFDIPRVFMPTQSPEVDUPSFTEFKBSBOTVBDUJWJEBE&MNFSDBEP
FTUÈMJNJUBEPBMBSFHJØOEF3PTBSJPDPNQJUJFOEPDPONFOPSFT
DPTUPTEFUSBOTQPSUFZQSPEVDUPTNÈTGSFTDPT-BTFYQFDUBUJWBT
EFNFKPSFTQSFDJPTTPOMPTEFWFSBOPBVORVFDPOEJmDVMUBEFT
QBSBPCUFOFSQSPEVDUPTEFDBMJEBE4VTQSJODJQBMFTDPNQFUJ
EPSFTTPOMBSFHJØOEF.BSEFM1MBUBZMB1MBUBEFTEFEPOEF
MPTUSBOTQPSUJTUBTUSBFOTVTQSPEVDUPTiJOVOEBOEPMBQMB[BwEF
3PTBSJP.FOEP[BUBNCJÏOFTVOBSFHJØODPNQFUJEPSBFOUSBOEP
DPOMFDIVHBTBSSFQPMMBEBTEVSBOUFFMWFSBOP
D;POBEF.BSEFM1MBUBMPTQSPEVDUPSFTCPMJWJBOPTRVF
WFOEFOTVTQSPEVDUPTFOMPTNFSDBEPTEF.BSEFM1MBUBPIBDJB
FMTVSTFFODVFOUSBODPOVOQBOPSBNBTJNJMBSBMEFMB1MBUB
QFSPTJOMBFTUSVDUVSBEFJOWFSOBEFSPTDPORVFDVFOUBFTUB
ÞMUJNB$POCVFOBTDPOEJDJPOFTQBSBWFOEFSTVTQSPEVDUPTFO
WFSBOPNPNFOUPTEFNFKPSFTQSFDJPTNVZCVFOBDBMJEBEEF
MFDIVHBTQSJODJQBMNFOUFMBEFDBCF[B-BTMMVWJBTPUP×BMFTTPO
VOQSPCMFNBQBSBFMNBOUFOJNJFOUPEFMBDBMJEBE
E;POBEFMB$PTUBEF4BOUB'FQPSDVFTUJPOFTDMJNÈUJDBT
MJNJUBTVQSPEVDDJØOBMPTNFTFTEFJOWJFSOPBMPTNFSDBEPT
EF#VFOPT"JSFTZBMHPBOJWFMSFHJPOBM4VQSJODJQBMDPNQFUJ
EPSFTMBSFHJØOEF-B1MBUBZ4BOUJBHPEFM&TUFSP&TUBÞMUJNB
SFHJØOUJFOFNBZPSEJTUBODJBB#VFOPT"JSFTZNFOPSHSBEPEF
PSHBOJ[BDJØORVFMBSFHJØOEFMBDPTUB
F;POBEF.FOEP[BFTVOBFYDFMFOUF[POBBHSPFDPMØHJ
DBDPOCBKPTDPTUPTEFQSPEVDDJØOZQPTJCJMJEBEFTEFWFOEFS
EVSBOUFUPEPFMB×PBVONFSDBEPDPOTVNJEPSEFNÈTEF
NJMMPOFTEFIBCJUBOUFT1BSBTVSFHJØOOPUJFOFDPNQFUJEPSFT
QBSBMPTNFSDBEPTEF#VFOPT"JSFTDPOMFDIVHBTBSSFQPMMBEBT
DPNQJUFDPO.BSEFM1MBUB
E;POBEFM7*3$)EVSBOUFFMQFSÓPEPEFWFSBOPOPUJFOF
DPNQFUJEPSFTFOFMSFTUPEFMB×PIBZVODBOBMEFTEF.FOEP[B
RVFQVFEFTFSVOBDPNQFUFODJBJNQPSUBOUFQSJODJQBMNFOUF
EVSBOUFFMJOWJFSOPEPOEFFMQSPEVDUPOPFTUBOQFSFDFEFSP
)BZRVFUFOFSFODVFOUBRVFMPFYQSFTBEPFTQSJODJQBMNFOUF
QBSBMFDIVHBTRVFQVFEFPCUFOFSVOQSFDJPEFJOUFSÏTZVOBMUP
DPOTVNPRVFQFSNJUBRVFTFBMMFWBEBBPUSBTSFHJPOFT
1BSBFMSFTUPEFMPTDVMUJWPTEFNFOPSDPOTVNPZDVZPT
QSFDJPTRVFOPMMFHBOBDJGSBTUBOBMUBTDPNPMBMFDIVHBEB
MVHBSBVOBQSPEVDDJØOQBSBFMBCBTUFDJNJFOUPSFHJPOBM"TÓ
QBSBBDFMHBDVZBTFYQFDUBUJWBTEFQSFDJPEJGÓDJMNFOUFTVQFSF
MPTQPSEPDFOBBMNJOPSJTUBOPQFSNJUFDVCSJSFMUSBTMBEPB
MBEJTUBODJBZMBHBOBODJBRVFFTQFSBPCUFOFSFMDPNFSDJBOUF
„ )JTUPSJBMEFMBFYQMPUBDJØOZEFUFSNJOB
DJØOEFQVOUPTDSÓUJDPT
1BSBMBFMBCPSBDJØOEFFTUFQVOUPFOUSFPUSBTGVFOUFTCJ
CMJPHSÈmDBTZBQPSUFEFMDPOPDJNJFOUPEFMPTBVUPSFTTFUPNØ
QSJODJQBMNFOUFDPNPCBTFMB-FHJTMBDJØO/BDJPOBMDPODFQUPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
1VOUPTBUFOFSFODVFOUBQBSBFWBMVBS[POBTZ
FTUBCMFDJNJFOUPTEFQSPEVDDJØO
t/PEFCFOFYJTUJSDVMUJWPTJOTUBMBEPTFOÈSFBTQSPIJCJEBT
QBSBMBQSPEVDDJØOIPSUÓDPMB
t$POUBSDPOMBIJTUPSJBQSPEVDUJWBEFMDBNQPZEF
MPTWFDJOPTP[POBTBEZBDFOUFTVTPEBEPBOUFSJPSNFOUF
DVMUJWPTBOUFDFTPSFTFUD
t*EFOUJmDBSGVFOUFTEFDPOUBNJOBDJØOQSFTFODJBEF
SFTJEVPTFOWBTFTWBDÓPTUBOUPQBSBFMFTUBCMFDJNJFOUP
FODVFTUJØODPNPFOMPTWFDJOPTCBTVSBMFTDFSDBOÓBTEF
GÈCSJDBTDFSDBOÓBTBQPCMBEPTDJSDVMBDJØOEFWFIÓDVMPT
BDVNVMBDJØOEFFTUJÏSDPMQSFTFODJBTBOJNBMFTFUD
t0CTFSWBSMBFTDPSSFOUÓBEFMBHVBMVFHPEFVOBMMVWJB
DPOFMmOEFUPNBSNFEJEBTDPSSFDUJWBTQBSBFWJUBSMBFOUSBEB
EFBHVBDPOUBNJOBEBPOPQSPWFOJFOUFEFMPTBMSFEFEPSFTF
JEFOUJmDBSFWJEFODJBTEFJOVOEBDJPOFTFOFMQSFEJP
t&TUVEJBSMBEJTQPOJCJMJEBEEFGVFOUFTTPTUFOJCMFTEF
BHVBQPSFKFNQMPFTUVEJPEFMBOBQBGSFÈUJDBTVQSPGVOEJEBE
QPTJCMFDBMJEBEEFBHVBDBVEBMFUD
t&WBMVBSFTQFDÓmDBNFOUFMPTTJHVJFOUFTEBUPT
t"OÈMJTJTEFBHVBQBSBDPOTVNPIVNBOPZSJFHP
RVÓNJDPCBDUFSJPMØHJDPDPOUBNJOBOUFTFUD
QBSB
NBZPSJOGPSNBDJØOWFSiDBMJEBEEFBHVBQBSBSJFHPw
FOMBMBCPSDVMUVSBMiSJFHPwEFMBQSFTFOUFPCSB
t"OÈMJTJTEFTVFMPZFSPTJØOEFMNJTNPBTFSFYUSBÓ
EPTEFDBSUBTEFTVFMPEFMB[POB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t3FBMJ[BSVOBOÈMJTJTEFJNQBDUPBNCJFOUBMFOFMÈSFBEF
MBFYQMPUBDJØOZFOTVTBMSFEFEPSFT1PSFKFNQMPTJFMFTUBCMF
DJNJFOUPFODVFTUJØOTFFODVFOUSBVCJDBEPFOMBTDFSDBOÓBTEF
VOBMPDBMJEBE&OFTUFDBTPIBZRVFUFOFSFODVFOUBMBEJTUBODJB
NÓOJNBRVFEFCFFYJTUJSFOUSFÏTUBZFMÈSFBEFQSPEVDDJØO
EFUFSNJOBEPQPSMBMFHJTMBDJØONVOJDJQBM
t3FMFWBSMPTUJQPTEFQMBHBTFOGFSNFEBEFTZNBMF[BT
FYJTUFOUFTQBSBEFUFSNJOBSBRVFMMBTRVFQVFEBOTFSMJNJUBO
UFTZQPSMPUBOUPEFTFTUJNBSMBQSPEVDDJØOFOFTFQSFEJPP
[POB1PSFKFNQMPTJFOMB[POBEFQSPEVDDJØOFYJTUFVOB
QPCMBDJØOJOTUBMBEBEFOFNÈUPEPTTFSFRVFSJSÈOVOBBMUB
DBOUJEBEEFUSBUBNJFOUPTRVÓNJDPTQBSBJOUFOUBSFSSBEJDBSMB
FOFTUPTDBTPTFTQPTJCMFEFTDBSUBSMB[POBEFQSPEVDDJØOP
FMFTUBCMFDJNJFOUPFODVFTUJØO
&OCBTFBMPTSFTVMUBEPTEFMBOÈMJTJTEFCFOJEFOUJmDBSTFMPT
QFMJHSPTMJNJUBOUFTQVOUPTDSÓUJDPT
FMMPEFCFSÈTFSMBCBTFQBSB
SFBMJ[BSVOQMBOEFBDDJØORVFMPTNJUJHVFOPDPOUSPMFO&OFM
DBTPEFVOBOVFWB[POBEFQSPEVDDJØOTJMPTQFMJHSPTOPTPO
DPOUSPMBCMFTZTPODSÓUJDPTQBSBMBTBMVEFMNFEJPBNCJFOUF
FJOPDVJEBEEFMQSPEVDUPOPTFQPESÈVUJMJ[BSFMUFSSFOPQBSB
MBQSPEVDDJØOEFBMJNFOUPT%FCFFYJTUJSFWJEFODJBEFMDVNQMJ
NJFOUPEFMQMBOEFBDDJØOEFTDSJQUPBOUFSJPSNFOUF
.BOFKPEFMBFYQMPUBDJØOFODVBOUPBMBJEFOUJm
DBDJØOEFMPTMPUFT
t4FEFCFOEPDVNFOUBSFJEFOUJmDBSGÓTJDBNFOUFMBTÈSFBT
DVMUJWBEBTDPOTVTBDUJWJEBEFTBHSÓDPMBTSFHJTUSBOEPFMOÞNFSP
EFMPUFTVQFSmDJFFTQFDJFIÓCSJEPPWBSJFEBEGFDIBEFTJFN
CSBPUSBOTQMBOUFTJTUFNBUJ[BDJØOEFMUFSSFOPUJQPEFSJFHP
QVMWFSJ[BDJPOFTGFSUJMJ[BDJPOFTGFDIBQSPCBCMFEFDPTFDIB
DVMUJWPBOUFDFTPSZDVBMRVJFSPUSBJOGPSNBDJØOEFJNQPSUBODJB
RVFTFSFBMJDFFOFMMPUF%JDIBJEFOUJmDBDJØOEFCFVUJMJ[BSVO
DØEJHPÞOJDPOPNCSFOÞNFSPPDPMPSRVFTFBVUJMJ[BEPFO
UPEPTMPTSFHJTUSPTSFMBDJPOBEPTDPOTVÈSFB
t3FHJTUSBSMBJOGPSNBDJØOFOMBQMBOJMMBi*NQMBOUBDJØO
Z$VMUJWPw
t%FCFFYJTUJSVOQMBOPEFMFTUBCMFDJNJFOUPRVFJOEJRVF
VCJDBDJØOTVQFSmDJFDBNJOPTJOTUBMBDJPOFTMPUFTEFQSPEVD
DJØOFUDmHVSB
DPNPBTÓUBNCJÏOVOBJEFOUJmDBDJØO
WJTVBMFODBEBQBSDFMBEFMFTUBCMFDJNJFOUPDBSUFM
RVFQFSNJUB
DPSSFMBDJPOBSMBDPOMPTSFHJTUSPT
EFMB'"0-JOFBNJFOUPT&TQFDÓmDPTEF*OPDVJEBE"MJNFOUBSJB
QBSBMB1SPEVDDJØOZ$PTFDIBEF-FDIVHBZ7FSEVSBTEF)PKBT
7FSEFTEF$BMJGPSOJBZ(MPCBM("1
5BOUPQBSBOVFWBT[POBTEFQSPEVDDJØODPNPQBSBmODBTZB
FTUBCMFDJEBTTFEFCFSFBMJ[BSVOBOÈMJTJTEFQFMJHSPTBWBMBEPQPS
VOQSPGFTJPOBMVPSHBOJTNPDPNQFUFOUFQBSBEFUFSNJOBSTJFM
TJUJPFODVFTUJØOFTBEFDVBEPQBSBMBQSPEVDDJØOEFBMJNFOUPT
FOMPSFGFSFOUFBMBTFHVSJEBEBMJNFOUBSJBMBCPSBMZEFMNFEJP
BNCJFOUFZQBSBSFBMJ[BSVOQMBOEFBDDJØO
„ -BiGBUJHBEFMTVFMPwVODPODFQUPBUFOFS
FODVFOUBFOMBQMBOJmDBDJØO
&MNPOPDVMUJWPEFVOBFTQFDJFZMBTSPUBDJPOFTJOBEFDVBEBT
QSPEVDFOVOBEJTNJOVDJØOEFTVSFOEJNJFOUPQPSVOBCBKBEF
WJHPSZIFUFSPHFOFJEBEEFDPNQPSUBNJFOUP
-BTDBVTBTQVFEFOTFS
B$BVTBTQBSBTJUBSJBT
t)POHPTQBUØHFOPTNVDIBTFTQFDJFTDPNP1IZUPQIUIPSB
1IJUJVN'VTBSJPTJT3J[PDUPOJBZPUSBT
t)POHPTQBSÈTJUPTEÏCJMFTOPFTQFDÓmDPT
EFCFIBCFS
VOFRVJMJCSJPQFSPQVFEFSPNQFSTFQPSFMDBNCJPEFDVMUJWPZ
MBTDPOEJDJPOFTGBWPSBCMFTQPSFKFNQMPMBBQBSJDJØOEF1IJUJVN
4JMWBUJDVN
t-BQSFTFODJBEFFTQFDJFTBOUBHPOJTUBTDPNP5SJDIPEFSNBT
Z -JPDMBEJVNQBSUJDJQBOFOFMFRVJMJCSJPDPOEJDJPOFTRVFMBT
QFSKVEJRVFOWBOBBGFDUBSBMPTDVMUJWPT5BNCJÏODPOUSJCVZFVO
EFTFRVJMJCSJPNJOFSBMZPSHÈOJDPSFTJEVPTEFSBÓDFTRVFUJFOFO
UPYJOBTZNJDSPnPSBFTQFDÓmDB
t#BDUFSJBT1TFVEPNPOBT&SXJOJB$PSJOPCBUFSJVN"HSP
CBDUFSJVNRVFTFNBOUJFOFOTPCSFSFTUPTWFHFUBMFT
t"DUJOPNJDFUFTFTUFHSVQPDPOUJFOFOMPTPSHBOJTNPTRVF
TPOTJNJMBSFTBMBTCBDUFSJBTEFFTUSVDUVSBmMBNFOUPTBTPO
JNQPSUBOUFTQPSRVFGPSNBOQBSUFEFMBNJDSPnPSBEFMTVFMPZ
QBSUJDJQBOEFMFRVJMJCSJP1BSBBMHVOPTBVUPSFTFTFMSFTQPOTBCMF
EFMEFTFRVJMJCSJPRVFTFQSPEVDFFOMPTTVFMPT
t7JSVTDPNPMBWFOBEFMBMFDIVHB#JH7FJO
t/FNÈUPEPTOPTPMPTPOJNQPSUBOUFTQPSFMEB×PTJOP
RVFTPOVOBWÓBEFFOUSBEBEFQBSÈTJUPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t*OTFDUPTOPGPSNBOQBSUFEFMBTDBVTBTEJSFDUBTQFSP
DJFSUPTDVMUJWPTFOMBSPUBDJØOGBWPSFDFOFMEFTBSSPMMPEFÏTUBT
QMBHBT1PSFKFNQMPHSJMMPUPQP
t.BMF[BTMPTNJTNPTDVMUJWPTGBWPSFDFOFMEFTBSSPMMPEF
ÏTUBTRVFTPOUSBOTNJTPSBTEFQMBHBTZFOGFSNFEBEFT
C$BVTBTOPQBSBTJUBSJBT
t&YDSFDJPOFTSBEJDVMBSFTMBTSBÓDFTFOFMTVFMPMVFHPEF
TVEFTDPNQPTJDJØOQVFEFOMJCFSBSTVTUBODJBTUØYJDBTQBSBFM
DVMUJWPTJHVJFOUF-BGPSNBEFDPOUSPMFTFYUSBFSDPNQMFUBNFOUF
MBTSBÓDFTEFMDVMUJWPBOUFSJPS
t5PYJDJEBERVÓNJDBSFTJEVPTEFIFSCJDJEBTSFNBOFOUFT
GFOØNFOPRVFUJFOEFBJODSFNFOUBSTFBNFEJEBRVFNÈTTF
VTB
t%FTFTUSVDUVSBDJØOEFMTVFMPSFEVDJFOEPMBBJSFBDJØOEFM
NJTNP
t%FTFRVJMJCSJPTOVUSJDJPOBMFTBMDVMUJWBSMBTNJTNBT
FTQFDJFT
„ $ØNPBSNBSVOQMBOEFQSPEVDDJØO$J
DMPT-BSPUBDJØOEFFTQFDJFTZGBNJMJBTFOMPTMPUFT
EFQSPEVDDJØO
-PTQBTPTBTFHVJSFOVOQSPHSBNBEFQSPEVDDJØOTPOMPT
TJHVJFOUFT
B&TUBCMFDFSMPTSFRVFSJNJFOUPTEFMBFNQSFTBFTEFDJSMP
RVFTFFTQFSBWFOEFSEFDBEBFTQFDJFFMMPTFQVFEFWFSFOFM
DVBESPSFRVFSJNJFOUPEJBSJP
ZDVBESPSFRVFSJNJFOUP
NFOTVBM
5PNBNPTDPNPFKFNQMPFMDBTPEFMBMFDIVHBDSFTQB
FMSFRVFSJNJFOUPFTEFDBKPOFTEJBSJPTEFLH
ZFMSF
RVFSJNJFOUPNFOTVBMFTEFDBKPOFTNFTQBSBTJNQMJmDBS
MPTDÈMDVMPTTFDPOTJEFSØRVFUPEPTMPTNFTFTUJFOFOMBNJTNB
DBOUJEBEEFEÓBTZRVFTFWFOEFEÓBTBMNFT
1BSBEFUFSNJOBSFMSFRVFSJNJFOUPEFMBFNQSFTBFTOFDFTBSJP
TFHVJSMPTTJHVJFOUFTQBTPT
t5PNBSDPOUBDUPDPOMPTWFOEFEPSFTPDPOTJHOBUBSJPTZ
BDPSEBSVOBFOUSFHBTFNBOBMUFOJFOEPFODVFOUBMBQSFTFOUB
DJØOEFMQSPEVDUPRVJÏOBQPSUBFMFOWBTFZMBNBSDBDVÈMTFSÈ
FMBTQFDUPEJGFSFODJBMEFMQSPEVDUPDØNPTFSÈFMUSBOTQPSUF
ZMBTDPNJTJPOFTZTJMBTWFOUBTTPOEFDPOUBEPPTFQFSNJUF
mOBODJBDJØO
t%FMPTWPMÞNFOFTBDFQUBEPTQPSFMWFOEFEPSUFOFSFO
DVFOUBVOBRVJUBEBEPRVFHFOFSBMNFOUFTFFTUJNBWFOEFSNÈT
EFMPQPTJCMFZFMMPSFQFSDVUFFOMPTQSFDJPTSFDJCJEPT
t5SBUBSEFNBOFKBSTFDPOEJTUJOUPTWFOEFEPSFTRVFOP
FYJTUBWJODVMBDJØOFOUSFFMMPTMPRVFOPTQFSNJUFTFMFDDJPOBSZ
RVFEBSOPTDPOMPTNFKPSFT
t)BDFSVOBOÈMJTJTDPOMPTWFOEFEPSFTEFMPTEJTUJOUPT
DPNQFUJEPSFT
t&ODBTPEFWFOUBBMBHSBOEJTUSJCVDJØOPBDBEFOBEF
WFSEVMFSÓBTDPOTJEFSBSRVÏDVMUJWPTUJFOFONBZPSEFNBOEBDPO
NBZPSUFNQFSBUVSBDPNPMBMFDIVHBSÞDVMBZSBEJDIFUBFO
DBNCJPMBBDFMHBZFTQJOBDBTPONÈTEFDPOTVNPJOWFSOBM
C&TUBCMFDFSMBTIBTBDVMUJWBSQBSBMPHSBSMBQSPEVDDJØO
OFDFTBSJBDVBESP
1BSBFMDBTPEFMBMFDIVHBDSFTQBTF
DPOTJEFSØVOSFOEJNJFOUPEFLHIB4JCJFOOPTF
DPOUFNQMBFOFTUFUSBCBKPIBCSÓBRVFBKVTUBSMPTSFOEJNJFOUPT
BMBTEJTUJOUBTÏQPDBTZSFHJPOFT
D4JFTUBNPTSFBMJ[BOEPFMQMBOQBSBVOBQMBOUBEFFNQBRVF
ZOPFTQPTJCMFBCBTUFDFSFMSFRVFSJNJFOUPBOVBMDPOVOBSFHJØO
EBEPRVFFOBMHVOBTEFFMMBTOPFTQPTJCMFPDPOWFOJFOUFQSP
EVDJSFOEFUFSNJOBEPTNPNFOUPTEFMB×P
FTOFDFTBSJPUSBCBKBS
DPOPUSBT[POBTDVBESP
&OFMFKFNQMPEFMBMFDIVHB
DSFTQBTFQSPQPOFDPTFDIBTFOMB[POBEF.BSEFM1MBUBEFTEF
PDUVCSFBNBZP-BQSPEVDDJØOEFKVOJPBTFUJFNCSFTFDVCSF
DPOMB[POBEF3PTBSJPRVFUJFOFVODMJNBNÈTCFOJHOPRVF
.BSEFM1MBUBQBSBMBQSPEVDDJØOEFJOWJFSOP-BQSPEVDDJØO
EFDBEB[POBEFCFQMBOFBSTFFOFMDBNQPEFVOPPWBSJPT
QSPEVDUPSFTFOFTUFÞMUJNPDBTPTFSÈOFDFTBSJPEJTUSJCVJSMBT
FTQFDJFTZTVQFSmDJFTFOGVODJØOBMBTEFCJMJEBEFTZGPSUBMF[BT
EFDBEBQSPEVDUPSQBSBFMDVMUJWPEFDBEBVOBEFFMMBT
E)BDFSVONBQBEFDBNQPQBSBDBEBQSPEVDUPSTFQB
SBSMPFOWBSJPTMPUFTQFRVF×PTZFOHSBOEFTMPUFTMBVOJØOEF
MPUFTQFRVF×PT
&TUBNFUPEPMPHÓBEFTVCEJWJEJSFOHSBOEFT
MPUFTQFSNJUJSÈFTUBCMFDFSNÈTGÈDJMNFOUFMBTSPUBDJPOFT"TÓ
QPEFNPTEFDJSRVFVOBFYQMPUBDJØORVFQSPEVDFOVNFSPTBT
FTQFDJFTEVSBOUFUPEPFMB×PTFSÈOFDFTBSJPDPOUBSDPOVOPT
MPUFTEFQSPEVDDJØOZEFBHSBOEFTMPUFT1PSFKFNQMP
FOFMHSBOMPUF"DVBESP
SFBMJ[BSFNPTDVMUJWPTEFMFDIV
HBTFHVJEPEFDVMUJWPTEFSFQPMMPFOPUSPTHSBOEFTMPUFTFM
QMBOUFPEFMBQSPEVDDJØOQVFEFTFSPUSBGBNJMJBEFIPSUBMJ[BT
UBMDPNPMBTRVFOPQPEJÈDFBTBDFMHBZFTQJOBDB
TFHVJEBTQPS
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
PUSBTFTQFDJFTRVFOPUFOHBOFOGFSNFEBEFTFODPNÞONBÓ[
CFSFOKFOBFUD
BMEFNBS[P
NJFOUSBTRVFFOPUSPTFTOFDFTBSJPTFNCSBS
DBEBEÓBTEFMBMEFNBZP
F1MBOFBSMBTGFDIBTEFTJFNCSBQBSBDBEBFTQFDJF&OFM
DBTPEFMBMFDIVHBDSFTQBDVBESP
QBSBDPTFDIBSFOMB
TFNBOBEFBCSJMBMEFNBZP
FMDJDMPFTEFEÓBTEF
NPEPRVFIBZRVFTFNCSBSFMEFNBS[PVOBTVQFSmDJFEF
IBQBSBBCBTUFDFSDBKPOFTTFNBOBMFTZTFSÈOFDFTBSJP
TFNCSBSDFMEBTDPOTJEFSBOEPVONÈTEFQMBOUBT
QBSBSFQPTJDJØOEFBRVFMMBTRVFOPQSFOEJFSPO
G&TOFDFTBSJPHSBmDBSMPTDJDMPTEFMPTDVMUJWPTFOMBT
QMBOJMMBTEFMPUFTEFQSPEVDDJØODVBESP
MPRVFQFSNJUF
VOBNBZPSWJTVBMJ[BDJØO$PNPWFNPTFOFTUFNJTNPDVBESP
BMBTQSPEVDDJPOFTEFMFDIVHBMFTTJHVFMBTQSPEVDDJPOFTEF
SFQPMMPRVFEBOEPVOQFSÓPEPEFNFTFTQBSBVOBBEFDVBEB
QSFQBSBDJØOEFMTVFMP
$PNPTFQVFEFPCTFSWBSFOFMNJTNPDVBESPOPFTDP
SSFDUPIBDFSVOBTJFNCSBTFNBOBMQVFTEBEPRVFMPTDJDMPTEF
TJFNCSBBDPTFDIBTPOEJGFSFOUFTFOGVODJØOBMBTFTUBDJPOFT
IBZQFSÓPEPTEPOEFFTOFDFTBSJPTFNCSBSDBEBEÓBTEFM
&OUPEPNPNFOUPZQBSBMFMBNFOUFFTUFUSBCBKPUÏDOJDPTF
UJFOFRVFBDPNQB×BSDPOVOUSBCBKPFDPOØNJDPFMMPQFSNJUJSÈ
FWBMVBSMPTQVOUPTQSJODJQBMFTMBTEFCJMJEBEFTZTFOTJCJMJEBEFT
RVFTFWFSÈFOMBQSØYJNBVOJEBE
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
-BJNQMBOUBDJ¯OEFMPTMPUFT
„ 1SFQBSBDJØOEFMTVFMP
1SFWJPBMBQSFQBSBDJØOEFMMPUFFTJNQPSUBOUFDPOUBSDPO
EBUPTTPCSFFMUJQPEFTVFMPQBSBMPDVBMQPEFNPTSFDVSSJSBMB
DBSUBEFTVFMPSFDPOPDFSTJFYJTUFOTFDUPSFTNÈTGÏSUJMFTDPO
VOBOÈMJTJTEFTVFMPRVFJOEJRVFDBOUJEBEEFOVUSJFOUFTNBUFSJB
PSHÈOJDBDPOEVDUJWJEBEFUD
$POUBSDPOFMBQPZPEFM5ÏDOJDPP
*OHFOJFSP"HSØOPNPZBOBMJ[BSDPOMPTEBUPTBOUFSJPSFTFMUJQP
EFTVFMPTVQSPGVOEJEBEMBQSFTFODJBPBVTFODJBEFMJNJUBOUFT
GÓTJDBTPRVÓNJDBTQBSBFMCVFODSFDJNJFOUPEFMBTSBÓDFT
-BQSFQBSBDJØOEFMTVFMPTFUSBUBFOQSPGVOEJEBEEBEPMB
JNQPSUBODJBEFMNJTNPBUSBWÏTEFMEFTBSSPMMPEFMPTTJHVJFOUFT
UFNBTQSJODJQBMFTEFTJOGFDDJØOQSFQBSBDJØOTJTUFNBUJ[BDJØO
ZNBRVJOBSJBTVUJMJ[BEBT
„
%FTJOGFDDJØOEFTVFMPT
&MTVFMPFTVODPNQMFKPWJWJFOUFGPSNBEPQPSVOBFOPSNF
DBOUJEBEEFNJDSPPSHBOJTNPTWFHFUBMFTZNJOFSBMFTRVF
EFBMHVOBNBOFSBZFOTVFTUBEPOBUVSBMTFFODVFOUSBOFO
FRVJMJCSJPFDPMØHJDPFOTVNFEJP&TFMIPNCSFFMRVFQSPEVDF
MPTHSBOEFTEFTFRVJMJCSJPTFOMBOBUVSBMF[BBMRVFSFSTBDBS
QSPWFDIPEFMBNJTNBEFVOBNBOFSBSÈQJEBZDJFSUBNFOUF
EFTDPOUSPMBEB&TFOFTFNPNFOUPRVFDPNJFO[BOBTVSHJS
QSPCMFNBTSFMBDJPOBEPTDPONJDSPPSHBOJTNPTRVFFTUBOEP
OPSNBMNFOUFFOFMTVFMPFOGPSNBQBTJWBDPNJFO[BOBTFS
QBUØHFOPTEFMPTDVMUJWPTRVFBMMÓTFJNQMBOUBO
7PMWFSBMTVFMPBTVOPSNBMFRVJMJCSJPCJPMØHJDPFTVOBUBSFB
RVFSFRVJFSFEFDJFSUBTQSÈDUJDBTRVFQVFEFOTFSDVMUVSB
MFTSPUBDJPOFTEFDVMUJWPTEFTDBOTPTEFMBUJFSSBFUD
CJPMØHJDBTDPNQPTUBKF
PEFDBSBDUFSÓTUJDBTNÈTSÈQJEBT
ZBHSFTJWBTDPNPTPOMPTEJTUJOUPTDBTPTEFEFTJOGFDDJØO
$POEJDJPOFTHFOFSBMFTEFMTVFMPQSFWJPBMBEFTJO
GFDDJØO
"OUFTEFDVBMRVJFSUJQPEFEFTJOGFDDJØOFMTVFMPEFCFQPOFS
TFFODPOEJDJPOFTEFQMFOBBDUJWJEBENFUBCØMJDBEFUPEPTTVT
PSHBOJTNPTWJWPTEFNBOFSBRVFFMBHFOUFFRVJMJCSBOUFQVFEB
BDUVBSTPCSFUPEBTFMMBT1BSBFMMPFOUPEPTMPTDBTPTFTOFDFTBSJP
SFBMJ[BSMPTTJHVJFOUFTQBTPTQSFWJPTBMBEFTJOGFDDJØO
t-BCPSFBSFMTVFMPQBSBEFTNFOV[BSTVTBHSFHBEPT/P
EFKBSBHSFHBEPTUFSSPOFT
EFHSBOUBNB×PZBRVFEFOUSPEF
MPTNJTNPTOPQPESÈBDUVBSFMBHFOUF
t-BCPSFBSFMTVFMPDPOBOUJDJQBDJØOEFNBOFSBEFOPEFKBS
SFTJEVPTWFHFUBMFTTJOEFTDPNQPOFS&OHFOFSBMMPTQSPEVDUPT
RVÓNJDPTTFmKBOBMBTQBSUÓDVMBTWFHFUBMFTSFEVDJFOEPMBBDDJØO
EFMPTNJTNPT&OMPTNÏUPEPTGÓTJDPTMBQFOFUSBDJØOEFMDBMPS
TFWFTVTUBODJBMNFOUFNPEJmDBEB
t5SBCBKBSDPOMBTDPOEJDJPOFTØQUJNBTEFUFNQFSBUVSBEF
TVFMPOFDFTBSJBTQBSBMBBDDJØOEFMEFTJOGFDUBOUF-BUFNQF
SBUVSBUJFOFRVFWFSDPOFMGVODJPOBNJFOUPØQUJNPEFMBHFOUF
EFTJOGFDUBOUFUBOUPDPNPFOFMEFTBSSPMMPEFMBTGPSNBTEF
SFTJTUFODJBEFMPTPSHBOJTNPTRVFTFRVJFSFODPNCBUJS
t5SBCBKBSDPOMBTDPOEJDJPOFTØQUJNBTEFIVNFEBEEFM
TVFMP&MPCKFUJWPFTMPHSBSBDUJWBSMPTPSHBOJTNPTEFMTVFMPB
DPNCBUJS4FSFDPNJFOEBNBOUFOFSFOUSFFMZEFDBQB
DJEBEEFDBNQPEFBEÓBTQSFWJPTBMBEFTJOGFDDJØO
t%PTJTFYBDUBQBSBDBEBUJQPEFTVFMPOPFTMPNJTNPVO
TVFMPDPOEF.BUFSJB0SHÈOJDBBPUSPDPOOPFTMP
NJTNPVOPEFUFYUVSBBSFOPTBBPUSPBSDJMMPTBOJUSBUBNJFOUPT
B$RVFB$&ODVBMRVJFSBEFMBTÞMUJNBTPQDJPOFT
SFGFSJEBTFTEFEFTUBDBSRVFMBEPTJmDBDJØOEFCFBVNFOUBS
QBSBDVCSJSCJFOTVFTQFDUSPEFUSBCBKP
B%FTJOGFDDJPOFTRVÓNJDBT
'VNJHBOUFT
t#SPNVSPEFNFUJMP$MPSPQJDSJOB
t.FUBOTPEJP7"1".
.FUBOBNPOJPZQPUBTJP
t%B[PNFU#"4".*%
t%JDMPSPQSPQFOP$MPSPQJDSJOB"(30$&-)0/&
/PGVNJHBOUFT
*OTFDUJDJEBTOFNBTUÈUJDPTTJTUÏNJDPT
t&UPQSPQ.0$"1
t"MEJDBSC5&.*,
t$BSCPGVSBO'63"%"/
t'FOBNJGØT/&."$63
'VOHJDJEBT
t.FUBMBYZM
t1FOUBDMPSPOJUSPCFODFOP1$/#
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
C%FTJOGFDDJØOQPSNÏUPEPTOPRVÓNJDPT
t7BQPS
t4PMBSJ[BDJØOEFMTVFMP
t#JPGVNJHBDJØO
D0USPTNÏUPEPTEFMVDIB
t$VMUJWPTJOTVFMP
t3PUBDJPOFT
t$VMUJWPTEFDPCFSUVSB
t6UJMJ[BDJØOEFDVMUJWBSFTBEFDVBEPT
"OUFTEFDPNFO[BSBEFTBSSPMMBSDBEBVOBEFMBTBMUFSOBUJWBT
FTJNQPSUBOUFBDMBSBSRVFOJOHVOPEFMPTQSPEVDUPTOPNCSBEPT
DPNPEFTJOGFDUBOUFTRVÓNJDPTGVNJHBOUFTZOPGVNJHBOUFT
FTUÈOSFHJTUSBEPTQBSBTVVTPFOMPTDVMUJWPTEFMFDIVHBSÞDVMB
SBEJDIFUBFTQJOBDBZBDFMHB
&MNPUJWPEFUSBUBSMPFOFTUBPCSBTFEFCFBRVFFOBMHVOPT
DBTPTTVVUJMJ[BDJØOTFBOFDFTBSJBZMBNJTNBTFQVFEFSFBMJ[BS
TPCSFVODVMUJWPBOUFDFTPSDPOUSPMBOEPFMQSPCMFNBZTVFGFDUP
QFSEVSFPTFFYUJFOEBIBTUBFMDVMUJWPRVFMVFHPRVFSFNPT
JNQMBOUBS&TUPTQSPEVDUPTFTUÈOSFHJTUSBEPTQBSBTVVTPFO
FMDVMUJWPEFUPNBUFZMVFHPEFMNJTNPTFQVFEFODVMUJWBS
DVBMRVJFSBEFMBTFTQFDJFTBOUFTOPNCSBEBTNBOUFOJFOEPFM
FGFDUPEFDPOUSPMMPHSBEP
%FTJOGFDDJPOFTRVÓNJDBTGVNJHBOUFT
t#SPNVSPEF.FUJMPFTVOGVNJHBOUFEFBNQMJPFTQFDUSP
UJFOFVOBQFOFUSBDJØOSÈQJEBZQSPGVOEBFOFMTVFMPEFGÈDJM
MJCFSBDJØO%FKBQPDPTSFTJEVPTmUPUØYJDPTDPOFYDFQDJØOEF
MBTQBSUÓDVMBTEFCSPNPRVFMJCFSBEBTBMFTQBDJPEFTDPNQPOFO
MBDBQBEFP[POP
ZQSFTFOUBMBWFOUBKBRVFTØMPDPOITEF
FYQPTJDJØOZITEFBJSFBDJØOTFQVFEFJNQMBOUBSFMDVMUJWP
$POUSPMBIPOHPTEFMTVFMPOFNÈUPEPTCBDUFSJBTZNBMF[BTZFO
NF[DMBDPO$MPSPQJDSJOBBVNFOUBTVFGFDUJWJEBEQBSBFMDPOUSPM
EF7FSUJDJMMJVN4DMFSPUJOJBZ4DMFSPUJVN-BNF[DMBDPNCJOBFM
QPEFSEFQFOFUSBDJØOEFM#SPNVSPDPOMBUPYJDJEBEGÞOHJDBEF
MB$MPSPQJDSJOB%FCJEPBTVFGFDUJWJEBETFSFBMJ[BSPOQPDPT
FTGVFS[PTQBSBFODPOUSBSOVFWBTBMUFSOBUJWBTQBSBMBGVNJHB
DJØOEFMTVFMPZMPTQSPHSBNBTEFNFKPSBNJFOUPFTUVWJFSPO
FOGPDBEPTIBDJBMBPCUFODJØOEFNBZPSQSPEVDDJØOZDBMJEBE
EFGSVUPTFOMVHBSEFSFTJTUFODJBBMPTIPOHPTQBUØHFOPTEFM
TVFMP&OGVFEFDMBSBEPDPNPEFTUSVDUJWPEFMBDBQBEF
P[POPEFNBOFSBRVFTFFTUBCMFDJØRVFTVVTPGVFSBEJTNJOV
ZFOEPZUFOESÓBQSPIJCJDJØOBQBSUJSEFFOFSPEFMQBSB
UPEPFMQMBOFUB
t.FUBO4PEJP7BQBO
DPOUSPMBIPOHPTOFNÈUPEPT
JOTFDUPTEFMTVFMPZNBMF[BT&TVOQSPEVDUPGPSNVMBEPFO
GPSNBEFTPMVDJØOBDVPTBTPMVCMFZOFDFTJUBIVNFEBEEVSBOUF
MBBQMJDBDJØO1PSTVGBMUBEFQFOFUSBDJØOOPDPOUSPMBBMPT
OFNÈUPEPTOJBMBTFOGFSNFEBEFTDBVTBEBTQPS'VTBSJVNZ
7FSUJDJMMJVNEFJHVBMNBOFSBRVFFM#SPNVSPEF.FUJMP3FRVJFSF
HSBOEFTDBOUJEBEFTEFBHVBQBSBTVEJTQFSTJØOFOFMTVFMPDPOFM
SJFTHPEFDPOUBNJOBDJØO-VFHPEFMBBQMJDBDJØOFTJNQPSUBOUF
EFKBSQBTBSEFBEÓBTFOTVFMPTMJWJBOPTDPOUFNQFSBUVSBT
TVQFSJPSFTB$ZEÓBTQBSBTVFMPTQFTBEPTDPONVDIB
NBUFSJBPSHÈOJDBIÞNFEPTZGSÓPTBOUFTEFQMBOUBDJØO&YJTUFO
PUSPTQSPEVDUPTEFMBNJTNBGBNJMJBRVÓNJDBDPNPFM.FUBN
"NPOJPZFM.FUBN1PUBTJPRVFUPEBWÓBOPFTUÈOSFHJTUSBEPT
FO"SHFOUJOBQBSBTVVUJMJ[BDJØOQFSPRVFQSFTFOUBOCVFOPT
SFTVMUBEPT
t%B[PNFU#BTBNJE
FTFGFDUJWPQBSBFMDPOUSPMEFNB
MF[BTOFNÈUPEPTIPOHPTEFMTVFMPZBVNFOUBMPTSFOEJNJFOUPT
EFMPTDVMUJWPT1PSTVGPSNVMBDJØOHSBOVMBEBFTGÈDJMEFBQMJDBS
QFSPMPTSFTVMUBEPTEFQFOEFOEFMBNF[DMBEFMQSPEVDUPDPOFM
TVFMPIBTUBMBQSPGVOEJEBEEFTFBEB4VEJGVTJØOFTMFOUBQPS
MPDVBMTFEFCFSÈFTQFSBSEÓBTDVBOEPMBUFNQFSBUVSBEFM
TVFMPTFBTVQFSJPSB$ZIBTUBEÓBTTJTVUFNQFSBUVSBFT
NFOPSB$MPDVBMFOBMHVOPTTVFMPTDPOSJFHPTJOUFOTPT
QVFEFBVNFOUBSFMSJFTHPEFDPOUBNJOBDJØOEFMBTBHVBTTVC
UFSSÈOFBT&O&TUBEPT6OJEPTOPFTUÈSFHJTUSBEPQBSBDVMUJWPT
RVFTFVTFODPNPBMJNFOUPT
t%JDMPSPQSPQFOP$MPSPQJDSJOB"HSPDFMIPOF
DPOUSPMBOFNÈUPEPTZIPOHPTEFTVFMPZUJFOFBDDJØOTPCSF
TFNJMMBTEFNBMF[BTFOHFSNJOBDJØOFJOTFDUPTEFTVFMP4F
QVFEFBQMJDBSQPSNFEJPEFMTJTUFNBEFSJFHPQPSHPUFPVOBWF[
UBQJ[BEPFMTVFMPDPOQPMJFUJMFOPPNVMDIZMVFHPEFMBBQMJDBDJØO
FTOFDFTBSJPEFKBSUSBOTDVSSJSEÓBTBOUFTEFQMBOUBS
%FTJOGFDDJPOFTRVÓNJDBTOPGVNJHBOUFT
*OTFDUJDJEBTOFNBUJDJEBT
t&UPQSPQ.PDBQ
QSPEVDUPPSHBOPGPTGPSBEPRVFBDUÞB
QPSDPOUBDUPFOFMDPOUSPMEFOFNÈUPEPTFJOTFDUPTDPOVOB
BDUJWJEBESFTJEVBMNBZPSBMPTEPTNFTFT4FSFDPNJFOEBTV
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
VUJMJ[BDJØOEFTEFVOBTFNBOBBOUFTEFQMBOUBSPFOFMNJTNP
NPNFOUPEFSFBMJ[BSMP%FCFTFSJODPSQPSBEPFOFMTVFMPZ
OPPDBTJPOBQSPCMFNBTEFGPUPUPYJDJEBE&OBMHVOPTDVMUJWPT
UPNBUF
TFQVFEFBQMJDBSBÞOEVSBOUFMBDPTFDIBEBEPRVF
FTUFQSPEVDUPOPFTBCTPSCJEPQPSSBÓDFT
t"MEJDBSC5FNJL
FTVODBSCBNBUPRVFQPTFFBDDJØO
TJTUÏNJDBZEFDPOUBDUP&TVOQSPEVDUPFYDMVTJWPQBSBUSBUB
NJFOUPTEFTVFMPRVFFTBCTPSCJEPQPSFMTJTUFNBSBEJDVMBSZ
TFUSBTMBEBBMBQBSUFBÏSFB&OFMTVFMPDPOUSPMBOFNÈUPEPT
QPSDPOUBDUPFJOHFTUJØOZFOMBQBSUFBÏSFBDPOUSPMBÈDBSPTF
JOTFDUPTDIVQBEPSFT4FBQMJDBQSFWJBNFOUFBMBTJFNCSBPBM
USBTQMBOUF&TJNQPSUBOUFRVFFMQSPEVDUPOPFOUSFFODPOUBDUP
DPOMBTFNJMMBPMBTSBÓDFTEFMQMBOUÓO
t$BSCPGVSBO'VSBEBO
QSPEVDUPEFDMBTJmDBDJØORVÓNJ
DBDBSCBNBUPRVFQPTFFBDDJØOTJTUÏNJDB&TVODVSBTFNJMMB
DPOBDDJØOJOTFDUJDJEBZOFNBUJDJEBTJTUÏNJDPQBSBFMDPOUSPM
UFNQSBOPEFQMBHBT4FBCTPSCFBUSBWÏTEFMBTSBÓDFTZTF
USBTMPDBBUPEBMBQMBOUBBDUVBOEPDPOUSBMBTQMBHBTEVSBOUF
MPTQSJNFSPTFTUBEJPTEFMDVMUJWPQSPUFHJÏOEPMPEFTEFMBHFS
NJOBDJØOZFNFSHFODJBIBTUBTVJNQMBOUBDJØOEFmOJUJWB&T
OFDFTBSJPDPOUBSDPOCVFOBIVNFEBEEFMTVFMPQBSBMBBDDJØO
EFMQSPEVDUP
t'FOBNJGØT/FNBDVS
QSPEVDUPEFDMBTJmDBDJØOPSHB
OPGPTGPSBEPEFBDDJØOTJTUÏNJDB*OEJDBEPQBSBFMDPOUSPMEF
OFNÈUPEPTMBTVTUBODJBBDUJWBFTBCTPSCJEBOPTPMBNFOUFQPS
MBSBÓDFTTJOPUBNCJÏOBUSBWÏTEFMBTIPKBTFGFDUVÈOEPTFFM
USBOTQPSUFFOMBQMBOUBFOBNCPTTFOUJEPT
'VOHJDJEBT
t.FUBMBYZMFTVOGVOHJDJEBEFBDDJØOTJTUÏNJDBRVF
QVFEFVUJMJ[BSTFDPNPUFSÈQJDPEFTFNJMMBTFOUSBUBNJFOUPT
BMBNJTNBPFOBQMJDBDJPOFTBMTVFMPDPOUSPMBIPOHPTEF
TVFMPEFMBTGBNJMJBTEF1IZUPQIUIPUBZ1ZUIJVN"QMJDBEPB
MBTFNJMMBFTBCTPSCJEPQPSMBQMÈOUVMBZUSBOTQPSUBEPQPSMB
DPSSJFOUFBTDFOEFOUFEFMBTBWJBQPSMPRVFTFQSPUFHFOMBT
QMBOUBTKØWFOFTEFTEFFMJOUFSJPS
t1FOUBDMPSPOJUSPCFODFOPFTVOGVOHJDJEBQBSBBQMJDBS
EJSFDUBNFOUFFOFMTVFMPBOUFTEFMBTJFNCSBDPOKVOUBNFOUF
DPOMBNJTNBZFOFMDVMUJWPTFQVMWFSJ[BPFTQPMWPSFBFMTVFMP
"DUÞBQPSDPOUBDUPZQSFWJFOFFOGFSNFEBEFTDBVTBEBTQPSFM
DPNQMFKPEFIPOHPTEFMTVFMP
%FTJOGFDDJØOQPSNÏUPEPTOPRVÓNJDPT
t7BQPSDPOTJTUFFOMBJOZFDDJØOEFWBQPSEFBHVBBMTVFMP
QBSBFMFWBSTVUFNQFSBUVSBZFMJNJOBSNBMF[BTOFNÈUPEPT
IPOHPTEFTVFMPFUD/PBGFDUBMBDBQBEFP[POPOPJOUSPEVDF
BMTVFMPSFTJEVPTUØYJDPTFTJOPDVPQBSBFMBQMJDBEPSQSPEVDUPS
ZDPOTVNJEPSZQFSNJUFJNQMBOUBSFMDVMUJWPJONFEJBUBNFOUF
-BEFTWFOUBKBFTRVFMBBQMJDBDJØOFTNVZMFOUBBNPEPEF
FKFNQMPDPOVOFRVJQPFTUÈOEBSTFMPHSBVOSFOEJNJFOUPEF
NQPSEÓB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&MWBQPSBMTVFMPQVFEFTFSBQMJDBEPEFEPTGPSNBTDPO
QMBDBTZDPO.ØWJM7BQ
t-BTQMBDBTDPOTJTUFOFODBKPOFTEFBMVNJOJPDPMPDBEPT
TPCSFFMTVFMPDPOMBCPDBIBDJBBCBKPZQPSMBQBSUFTVQFSJPS
TFJOZFDUBFMWBQPSFMDVBMQFOFUSBFOFMTVFMPBUSBUBSQBVMB
UJOBNFOUFZMBUFNQFSBUVSBBMPHSBSEFQFOEFEFMUJFNQPEF
FYQPTJDJØO
t&OFM.ØWJM7BQmHVSB
FMWBQPSTFWBJODPSQPSBOEP
BMTVFMPQPSNFEJPEFQÞBTRVFQFOFUSBOBMNJTNPZBMTFS
BSSBTUSBEPEFTJOGFDUBFOGPSNBQBSFKBZDPOTUBOUFMPRVFSFEVDF
FMDPTUPEFBQMJDBDJØO
&MDPTUPEFEFTJOGFDDJØODPOWBQPSQSPEVDJEPDPODBMEFSBT
DPNPJMVTUSBMBmHVSBVUJMJ[BOEPDPNPDPNCVTUJCMFHBTPJM
FJOZFDUBEPBMTVFMPQPS.ØWJM7BQFTEFQPSIFDUÈSFB
USBUBEB
t4PMBSJ[BDJØOEFMTVFMPFNQMFBMBFOFSHÓBTPMBSBM
DBMFOUBSFMTVFMPIÞNFEPDVCJFSUPDPOVOBQFMÓDVMBEFQPMJF
UJMFOPUSBOTQBSFOUFmHVSB
&TFGFDUJWPQBSBQBUØHFOPT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
EFMTVFMPOFNÈUPEPTZNBMF[BT&MTVFMPEFCFFTUBSCJFOQSF
QBSBEPNBOUFOJÏOEPMPIÞNFEPEVSBOUFFMUSBUBNJFOUPQBSB
BVNFOUBSMBTFOTJCJMJEBEEFMPTQBUØHFOPTZMBDPOEVDDJØOEFM
DBMPS&TUBUÏDOJDBDPOTJTUFFOIVNFEFDFSFMTVFMPUBQBSDPO
VOQPMJFUJMFOPUSBOTQBSFOUFEFBNJDSPOFTFOÏQPDBEF
WFSBOPEFNBOFSBRVFFMBVNFOUPEFUFNQFSBUVSBSFBMJDFVOB
EFTJOGFDDJØOOBUVSBM
t#JPGVNJHBDJØOFTFMDPOUSPMEFQMBHBTZQBUØHFOPTEFM
TVFMPQPSNFEJPEFMBMJCFSBDJØOFOFMNJTNPEFDPNQVFTUPT
PSJHJOBEPTOBUVSBMNFOUFEFMBEFTDPNQPTJDJØOEFSFTJEVPT
PSHÈOJDPT$POTJTUFFOBHSFHBSNBUFSJBPSHÈOJDBFTUJÏSDPMP
SFTUPTEFDVMUJWP
BMTVFMPJODPSQPSBSMBZDVCSJSMBDPOQPMJFUJMFOP
USBOTQBSFOUF$PNCJOBMBTPMBSJ[BDJØODPOMBEFTDPNQPTJDJØO
EFSFTUPTEFDVMUJWPT
6OBBNQMJBHBNBEFSFTJEVPTPSHÈOJDPTQVFEFOTFSVUJMJ[B
EPTQBSBCJPGVNJHBSDPNPEJTUJOUPTUJQPTEFFTUJÏSDPMFTQVSPT
PDPNPDBNBT
ZSFTJEVPTEFDVMUJWPTDPNPCBUBUBQBQBTPSHP
#SBTTJDBTSFQPMMPCSØDPMJDPMJnPS
NBÓ[FUD
$VBOEPMPTNBUFSJBMFTJODPSQPSBEPTBMTVFMPQBSBCJPGVNJHBS
TPOUFKJEPTEF#SBTTJDBTTFMJCFSBODPNQVFTUPTEFOPNJOBEPT
HMVDPTJOPMBUPTMPTRVFKVFHBOVOQBQFMNVZJNQPSUBOUFFOMB
TVQSFTJØOSÈQJEBEÓBT
EFQBUØHFOPT
"MHVOPTNBUFSJBMFTPSHÈOJDPTUJFOFOFGFDUPQPSFKFNQMP
DPOUSBOFNÈUPEPTBUSBWÏTEFMBBDUJWJEBENJDSPCJBOBSFMBDJP
OBEBDPOMBMJCFSBDJØOEFBNPOJP
5PEPTMPTUSBUBNJFOUPTNFKPSBSPOFOSFMBDJØOBMUFTUJHP
NFOPSQPSDFOUBKFEFQMBOUBTNVFSUBTBMmOBMEFMDJDMPNFOPS
QPSDFOUBKFEFQMBOUBTDPOTÓOUPNBTBÏSFPT-BTPMBSJ[BDJØO
FTUJÏSDPMBVNFOUØTJHOJmDBUJWBNFOUFFMSFOEJNJFOUPUPUBMZ
NFOPSOÞNFSPEFOFNÈUPEPTMBTPMBSJ[BDJØOTJOFONJFOEBT
QSFTFOUØFMNFOPSQPSDFOUBKFEFQPESFEVNCSFTSBEJDVMBSFT
&TUBFYQFSJFODJBEFNVFTUSBRVFMBUFNQFSBUVSBUJFOFVO
FGFDUPNVZJNQPSUBOUFFOFMDPOUSPMEFQMBHBTZQBUØHFOPTEFM
TVFMPZRVFMBCJPGVNJHBDJØOSFBMJ[BEBFOQSJNBWFSBQVFEFTFS
VONÏUPEPFmDB[QBSBFMDPOUSPMEFOFNÈUPEPTZQBUØHFOPT
EFMTVFMP
0USPTNÏUPEPTEFMVDIB
t$VMUJWPTTJOTVFMPFTFMDVMUJWPRVFTFSFBMJ[BEFOUSP
EFVONFEJPRVFTFFODVFOUSBBJTMBEPEFMTVFMP4FDPOTJEFSB
TVTUSBUPBMNFEJPEPOEFMBTSBÓDFTTFJOTUBMBOZTFQPOFOFO
DPOUBDUPDPOMBTPMVDJØOOVUSJUJWB-BTWFOUBKBTEFFTUBUÏDOJDB
QFSNJUFDVMUJWBSEPOEFFMTVFMPOPFTBEFDVBEPMBTSPUBDJPOFT
TPOSÈQJEBTTJOOFDFTJEBEEFSFBMJ[BSMBCPSFPTEFMTVFMPTF
GBDJMJUBMBMVDIBDPOUSBMBTFOGFSNFEBEFTZQBSÈTJUPTEFMTVFMPZ
FTNÈTTFODJMMPNBOFKBSMPTBQPSUFTEFBHVBZMPTOVUSJFOUFT
-BTÞMUJNBTWFOUBKBTIBOQFSNJUJEPBVNFOUBSOPUBCMFNFO
UFMPTQFSÓPEPTEFDPTFDIBZDPOFMMPMPHSBSHSBOEFTBVNFOUPT
EFSFOEJNJFOUPTZDBMJEBE&MQSPCMFNBFTRVFFTUBUÏDOJDBUSBF
&OEJGFSFOUFTFOTBZPTJODPSQPSBOEPFONJFOEBTDPOSFTJEVPT
EFCBUBUBQBQBFTQJOBDBUPNBUFZTPSHPGVFSPOUBOFGFDUJWPT
DPNPMPTSFTJEVPTEF#SBTTJDBTQPSMPRVFOVNFSPTPTBVUPSFT
TVQPOFORVFFMBQPSUFEFNBUFSJBPSHÈOJDBTPCSFMBDPNVOJEBE
NJDSPCJBOBQVFEFGBWPSFDFSMBBQBSJDJØOEFBOUBHPOJTUBTZ
DPOUSJCVJSBSFEVDJSMBQPCMBDJØOEFQBUØHFOPT
&TJNQPSUBOUFSFBMJ[BSMBFOMPTNFTFTEFNBZPSUFNQFSBUVSB
ZEVSBOUFBEÓBT
&OFM*/5"4BO1FESP#VFOPT"JSFT
TFSFBMJ[ØVOFOTBZP
EPOEFTFFWBMVBSPOEJTUJOUPTUSBUBNJFOUPTEFTVFMP
t4PMBSJ[BDJØOFTUJÏSDPMEFHBMMJOBQPOFEPSB
t4PMBSJ[BDJØODPM[B
t4PMBSJ[BDJØOTJOBQPSUFEFFONJFOEBPSHÈOJDB
t5FTUJHPTJOUSBUBS
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
BMUBTUFNQFSBUVSBEVSBOUFFMDVMUJWPZEFTQVÏTEFTVNVFSUF
BTÓFOFMNPOPDVMUJWPMBDBOUJEBEEFJOØDVMPBVNFOUBB×PB
B×P-PNJTNPQBSBMB BMFMPQBUÓBIBZVOBBDVNVMBDJØOEF
TVTUBODJBTFOFMTVFMPRVFQVFEFOUSBOTGPSNBSTFFOmUPUØYJDBT
DPOFMDPSSFSEFMPTDVMUJWPT
&MNPOPDVMUJWPSFEVDFMBEJWFSTJEBEEFMBQPCMBDJØOEF
NJDSPPSHBOJTNPTCFOÏmDPT$JFSUPTUFKJEPTDPNQVFTUPTEFMB
EFHSBEBDJØOEFMDVMUJWPQVFEFOTFSOFGBTUPTQBSBFMDVMUJWP
TJHVJFOUF-PTHMVDPTJOPMBUPTFJTPUJPDJBOBUPTRVFTPOTJOUF
UJ[BEPTQPSMBTDSVDÓGFSBTQVFEFOJOUFSWFOJSOFHBUJWBNFOUF
QPSMBJOIJCJDJØOPQPTJUJWBNFOUFTPCSFFMEFTBSSPMMPEFMB
DPNQPTJDJØOnPSÓTUJDB-PTFTUSBUPTBDVPTPTEFUFKJEPTRVF
DPOUJFOFOHMVDPTJOPMBUPTJOIJCFOMBHFSNJOBDJØOEFSBEJDIB
USJHPSFQPMMPZSÈCBOPQVFEFOSFEVDJSFMDSFDJNJFOUPZEFTBSSPMMP
EFMFDIVHBZFTQJOBDBZFTUJNVMBOFMFGFDUPTPCSF[BOBIPSJB
QJNJFOUPZUPNBUF
BQBSFKBEPVOBHSBOUFDOPMPHÓBZSFRVJFSFEFDPOPDJNJFOUPT
QBSBTVNBOFKPMPTRVFVOBWF[BERVJSJEPTZQVFTUPTBQVOUPT
TPOEFGÈDJMBQMJDBDJØO
&ODPNQBSBDJØODPOMBTUÏDOJDBTUSBEJDJPOBMFTMBTQMBOUBT
UJFOFOVOBSFEVDDJØONVZJNQPSUBOUFEFMWPMVNFOEFTVTUSBUP
BEJTQPTJDJØOEFMBTSBÓDFT1PSFKFNQMPNJFOUSBTFOFMTVFMP
MBTQMBOUBTUJFOFOEJTQPOJCMFTMJUSPTEFBHVBQPSQMBOUB
FOMBMBOBEFSPDBOPTVQFSBMPTMJUSPTDVBOEPVOBQMBOUB
EFUPNBUFQVFEFUSBOTQJSBSIBTUBMJUSPTEFBHVBFOVOEÓB
1PSFTUFNPUJWPFMNBOFKPEFMBGFSUJMJ[BDJØOZMBOVUSJDJØOFT
NVZJNQPSUBOUF&TUBUÏDOJDBTFFODVFOUSBFOQMFOBFYQBOTJØO
FOFMNVOEPQSJODJQBMNFOUFFOMPTQBÓTFTFWPMVDJPOBEPT&O
OVFTUSPQBÓTEFTEFFMB×PDVBOEPBVNFOUBFMWBMPSEFM
EØMBSFTUBUÏDOJDBDPNJFO[BBQFSEFSDPNQFUJUJWJEBEEBEPFM
BVNFOUPEFTVTJOTVNPTBQFTBSEFFMMPTFTJHVFNBOUFOJFOEP
QBSBVOOJDIPEFNFSDBEPEFCVFOQPEFSBERVJTJUJWPRVFWBMPSB
TVGSFTDVSBZDBMJEBE
t3PUBDJPOFTDPOTJTUFFOBMUFSOBSQMBOUBTEFEJGFSFOUFT
GBNJMJBTZDPOEJTUJOUBTOFDFTJEBEFTOVUSJUJWBTFOVONJTNP
MVHBSEVSBOUFWBSJPTDJDMPTFWJUBOEPRVFFMTVFMPTFBHPUF
ZRVFMBTFOGFSNFEBEFTRVFBGFDUBOBVOUJQPEFQMBOUBTTF
QFSQFUÞFOFOFMUJFNQPEFUFSNJOBEP-BBMUFSOBODJBEFDVMUJWPT
FTJNQPSUBOUF
&TOFDFTBSJPBQMJDBSFMDPODFQUPEFBVUPJODPNQBUJCJMJEBEEF
MBTFTQFDJFTMPTQBSÈTJUPTTFNVMUJQMJDBOGBWPSBCMFNFOUFDPO
-BT#SBTTJDBTTPOFmDJFOUFTFODBQUVSBSOJUSØHFOPNJOFSBM
ZEFFTBNBOFSBJNQFEJSTVMJYJWJBDJØOZEFKBSFTUFFMFNFOUP
EJTQPOJCMFQBSBFMDVMUJWPTJHVJFOUFDVBOEPTPOJODPSQPSBEBT
BMTVFMP&TUBTFTQFDJFTDPOUSJCVZFOBSFEVDJSMBQPCMBDJØOEF
OFNÈUPEPT.FMPJEPHZOFTQQ
BMBDUVBSDPNPOPIPTQFEBOUFT
QPSFKFNQMPSBCBOJUP3BQIBOVTTBUJWVT
PNPTUB[BCMBODB
4JOBQTJTBMCB
MPTOFNÈUPEPTDPMPOJ[BOTVTSBÓDFTQFSPOP
QVFEFOSFQSPEVDJSTFEJTNJOVZFOEPBTÓMBQPCMBDJØOBMTFNCSBS
FMDVMUJWPTJHVJFOUF
4FEFCFFWJUBSDVMUJWBSMBNJTNBFTQFDJFEFIPSUBMJ[BTRVF
QFSUFOFDFOBJHVBMGBNJMJBCPUÈOJDBEPTWFDFTDPOTFDVUJWBTFO
MBNJTNBQBSDFMBZEFCFFWJUBSTFMBTFTQFDJFTTFOTJCMFTBVO
NJTNPQSPCMFNBTBOJUBSJP
%FFTUBGPSNBTFBQSPWFDIBNFKPSFMBCPOBEPBMVUJMJ[BS
QMBOUBTDPOOFDFTJEBEFTOVUSJUJWBTEJTUJOUBTZDPOTJTUFNBT
SBEJDVMBSFTEJGFSFOUFT
TFDPOUSPMBONFKPSMBTNBMF[BTZ
EJTNJOVZFOMPTQSPCMFNBTDPOMBTQMBHBTZMBTFOGFSNFEBEFT
EBEPRVFBMOPFODPOUSBSVOIVÏTQFEUJFOFONÈTEJmDVMUBE
QBSBTPCSFWJWJS
&OFMDBTPEFMPTDVMUJWPTEFMFDIVHBZSBEJDIFUBBNCBT
FTQFDJFTEFMBGBNJMJBEFMBT$PNQVFTUBTP"TUFSBDFBTFTQJOBDB
ZBDFMHBEFMBGBNJMJBEFMBT2VFOPQPEJÈDFBTZMBSÞDVMBEF
MBT$SVDÓGFSBTTFSÓBJNQPSUBOUFSPUBSFOUSFGBNJMJBTTJOSFQFUJS
EFOUSPEFMBNJTNBQBSBFWJUBSQSPCMFNBTSFMBDJPOBEPTDPO
FOGFSNFEBEFTJOTFDUPTFUD
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t$VMUJWPTEFDPCFSUVSBMBTJFNCSBEFDVMUJWPTQBSBBCPOP
WFSEFPEFMFHVNJOPTBTRVFmKBOFMOJUSØHFOPBUNPTGÏSJDP
TPONVZGBWPSBCMFTQPSMBTTJHVJFOUFTSB[POFT
t5JFOFOFGFDUPTCFOÏmDPTTPCSFFMEFTBSSPMMPEFMPTDVM
UJWPTTVCTJHVJFOUFTZBRVFNBOUFOESÈOFMTVFMPDVCJFSUP
QSPUFHJÏOEPMPEFMBFSPTJØOFODVMUJWPTBMBJSFMJCSF
t*OUFSSVNQFOFMDJDMPEFMPTQBUØHFOPTZBRVFOPTF
FODVFOUSBOMPTIPTQFEBEPSFTBEFDVBEPTZSFEVDFOMB
QPCMBDJØOEFMPTNJTNPT
t"VNFOUBOFMDPOUFOJEPEFNBUFSJBPSHÈOJDBEFMTVFMP
NFKPSBOEPMBFTUSVDUVSBZMBQFOFUSBDJØOEFMBHVBFOFM
NJTNP
t6UJMJ[BDJØOEFDVMUJWBSFTBEFDVBEBTTPONVZOVNF
SPTBTMBTWBSJFEBEFTFIÓCSJEPTEJTQPOJCMFTQBSBDBEBFTQFDJF
-BTNJTNBTUJFOFOEJTUJOUPTDPNQPSUBNJFOUPTFOGVODJØOBMBT
[POBTÏQPDBEFMB×PZDPOEJDJPOFTDMJNÈUJDBT&MVTPBEFDVBEP
EFFTUPTNBUFSJBMFTQFSNJUJSÈMPHSBSNBZPSQSPEVDUJWJEBEDPO
NFOPSFTUSBUBNJFOUPTTBOJUBSJPT1BSBMBFMFDDJØOEFNBUFSJBMFT
BEFDVBEPTFTJNQPSUBOUFMBSFBMJ[BDJØOEFFOTBZPT[POBMFTB
DBSHPEFMBTJOTUJUVDJPOFTEFEFTBSSPMMPZMBFWBMVBDJØOEFMPT
QSPEVDUPSFTEVSBOUFØB×PTBOUFTEFEFmOJSTFUPUBMNFOUF
QPSVONBUFSJBM
-BFMFDDJØOBEFDVBEBEFMDVMUJWBSSFEVDJSÈMBBQMJDBDJØOEF
BHSPRVÓNJDPTZNFKPSBSÈMBQSPEVDUJWJEBEZDBMJEBE
„
-BCSBO[BTQSJODJQBMFTQBSBDBEBUJQPEF
TVFMP
-BQSFQBSBDJØOEFMPTTVFMPTQBSBMBTJFNCSBFTMBQSJNFSBMB
CPSZFTBMBWF[EFDJTJWBFOFMÏYJUPEFMBDBNQB×BBHSÓDPMB
-BGFSUJMJEBEEFMPTTVFMPTFTSFMBUJWBNFOUFGSÈHJMEFQFOEF
NVDIPEFMNBOFKPRVFTFMFQSPQPSDJPOF&TUÈFOGVODJØOEFM
NJOFSBMEFBSDJMMBEFMFTUBEPZDBOUJEBEEFNBUFSJBPSHÈOJDB
EFMBFTUSVDUVSBDBOUJEBEZEJTUSJCVDJØOEFQPSPTSÏHJNFOEF
IVNFEBEZTBMFTQSFTFOUFT
-BDBOUJEBEEFQPSPTMBEFOTJEBEFJODMVTJWFMBFTUSVDUVSBEF
QFOEFEFMNBOFKPNFDÈOJDPRVFTFMFQSPQPSDJPOFBMTVFMP
&OFMBTQFDUPFDPOØNJDPEFMBDBNQB×BBHSÓDPMBQVFEF
BGFDUBSGVFSUFNFOUFFMHBTUPFOMBQSFQBSBDJØOQPSTFSMBMBCPS
NÈTQFTBEBBTÓDPNPMBEVSBDJØOEFFTUBMBCPS&TUPRVJFSFEFDJS
RVFQBSBQSFQBSBSVOTVFMPTFOFDFTJUBDPOPDFSMBIFSSBNJFOUB
MBMBCPSZQMBOJmDBSMBEFNPEPRVFBGFDUFQPTJUJWBNFOUFBMTVFMP
ZTJHOJmRVFVOBCBKBJOWFSTJØOEFUJFNQPZEJOFSP
&TOFDFTBSJPQSFQBSBSFMTVFMPDPSSFDUBNFOUFDPOVOBCVFOB
OJWFMBDJØOQVFTFMFODIBSDBNJFOUPGBWPSFDFFMEFTBSSPMMPEF
FOGFSNFEBEFTBVORVFFOJOWFSOBEFSPPDVMUJWPQSPUFHJEPP
GPS[BEPFTUFQSPCMFNBTFNJOJNJ[BEFCJEPBMBBVTFODJBEF
QSFDJQJUBDJPOFTZFMVTPEFSJFHPMPDBMJ[BEP
&MTVFMPEFCFTFSUSBCBKBEPFOQSPGVOEJEBEQBSBMPHSBS
VOCVFOESFOBKFZGBWPSFDFSFMMBWBEPEFMBTTBMFTEFMBHVBEF
SJFHPZEFMBGFSUJMJ[BDJØO-PTBHSFHBEPTEFCFOTFSEFMUBNB×P
BEFDVBEPQSJODJQBMNFOUFFODBTPEFTJFNCSBEJSFDUBUFOJFOEP
FODVFOUBFMQFRVF×PUBNB×PEFMBTFNJMMBZMBQSPGVOEJEBEB
MBRVFEFCFDPMPDBSTF
-BTMBCPSFTQSFWJBTBMDVMUJWPUJFOFODPNPPCKFUJWPT
t3PNQFSMPTIPSJ[POUFTFOEVSFDJEPTFTUPFTNVZ
JNQPSUBOUFQBSBGBWPSFDFSFMMBWBEPEFTBMFTZMBQFOFUSBDJØO
EFMBTSBÓDFT-PTIPSJ[POUFTFOEVSFDJEPTQVFEFOQSPEVDJSTFQPS
MBDPNQBDUBDJØOEFMBTNBRVJOBSJBTRVFUSBCBKBOBMBNJTNB
QSPGVOEJEBEQJFEFBSBEPPQJFEFEJTDP
PQPSDPOEJDJPOFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
OBUVSBMFTEFMTVFMPQPSFKFNQMPVOBDBQBEFBSDJMMBPUPTDB
1BSBFTUBMBCPSTFQVFEFVUJMJ[BSFMTVCTPMBEPSPFMBSBEPEF
DJODFMFTRVFMVFHPEFUBMMBSFNPT
t&MJNJOBSMPTSFTUPTEFDPTFDIBBOUFSJPSFOBMHVOBT
PQPSUVOJEBEFTRVFEBOIPSUBMJ[BTTJODPTFDIBS&TDPOWFOJFOUF
USP[BSCJFOFTUPTSFTUPTPFYUSBFSMPT
t/JWFMBSFMMPUFQBSBMPHSBSVOSJFHPBEFDVBEPQBSB
FWJUBSFYDFTPTFODIBSDBNJFOUPT
PEÏmDJUEFBHVBFOMPT
DVMUJWPT
t.F[DMBSFMTVFMPDPOMBFONJFOEBFMGFSUJMJ[BOUF
FUDQBSBEJTUSJCVJSMPTFOMBDBNBEFTJFNCSBEFNBOFSB
VOJGPSNF
t$POGPSNBSFMUFSSFOPQBSBMBTJFNCSBPQMBOUBDJØO
MPNPTQMBUBCBOEBTFUD
.ÈRVJOBTNÈTDPNÞONFOUFVUJMJ[BEBTFO
IPSUJDVMUVSB
-BTNÈRVJOBTQBSBFMUSBCBKPEFMBUJFSSBEFVTPIPSUÓDPMB
TPOFTQFDJBMFTQPSTVUBNB×PSFEVDJEPFOBMHVOPTDBTPTFO
DPNQBSBDJØODPOMBTVUJMJ[BEBTFOBHSJDVMUVSBFYUFOTJWBZQPS
FMUJQPEFMBCPSRVFEFCFOSFBMJ[BS-PTMPUFTTPOQFRVF×PT
MBTVQFSmDJFEFCFBQSPWFDIBSTFJOUFOTJWBNFOUFFOBMHVOPT
DBTPTNÈTEFVODVMUJWPFOFMB×P
EFNPEPRVFMBVUJMJ[BDJØO
EFUSBDUPSFTEFCBKBBNFEJBOBQPUFODJBZDPOiUSFTQVOUPTwFT
GVOEBNFOUBM&MTJTUFNBEFiUSFTQVOUPTwmHVSB
QFSNJUF
JOUFHSBSMBIFSSBNJFOUBBSBEPEFDJODFMFTFTDBSEJMMPFUD
BM
USBDUPSDPOTUJUVZÏOEPTFFOVOBVOJEBERVFQVFEFNBOJPCSBS
FOMVHBSFTSFEVDJEPTUSBCBKBSMBUJFSSBEFKBOEPDBCFDFSBT
QFRVF×BTFUD
&OHFOFSBMMBUJFSSBTFUSBCBKBBNBZPSQSPGVOEJEBERVFFO
MPTDVMUJWPTBHSÓDPMBTFYUFOTJWPTHFOFSÈOEPTFVOOVFWPTVFMP
EPOEFTFNF[DMBOMPTIPSJ[POUFT"Z#QSJNFSPTDFOUÓNFUSPT
EFMTVFMP
DPOKVOUBNFOUFDPOMBTFONJFOEBTBQMJDBEBT"TÓ
EFTQVÏTEFB×PTEFUSBCBKPQPEFNPTFODPOUSBSFOGVODJØO
BTVIJTUPSJBVOTVFMPNFKPSBEPSFTQFDUPBTVTDPOEJDJPOFT
JOJDJBMFTPQPSFMDPOUSBSJPEFHSBEBEPQÏSEJEBEFFTUSVDUVSB
QSFTFODJBEFTBMJOJEBEFUD
6OGBDUPSJNQPSUBOUFBUFOFSFODVFOUBFOMBQSFQBSBDJØO
EFMUFSSFOPBJNQMBOUBSFTFMTJTUFNBEFSJFHPRVFVUJMJ[BSFNPT
EBEPRVFTJSFHBNPTQPSTVSDPPJOmMUSBDJØOTFSÈOFDFTBSJBVOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
CVFOBOJWFMBDJØOEFMNJTNPDPOMBQFOEJFOUFTVmDJFOUFQBSB
RVFFMBHVBDPSSBQPSFMTVSDPFJOmMUSFMPTVmDJFOUF
t$VDIJMMBOJWFMBEPSBTVGVODJØOQSJODJQBMFTOJWFMBSFM
UFSSFOPBSSBTUSBOEPFMTVFMPEFTEFMPTTFDUPSFTNÈTBMUPTIBDJB
EPOEFTFSFRVJFSBJODPSQPSBSTVFMPQBSBOJWFMBSMP&OBMHVOPT
DBTPTFMDPOUSPMEFMOJWFMEFMBDVDIJMMBQVFEFFTUBSPSJFOUBEP
QPSVOTJTUFNBBVUPNÈUJDPRVFQFSNJUFEBSMBQFOEJFOUFFO
GPSNBBVUPNÈUJDBZQSPHSBNBEB
t4VCTPMBEPSFOHFOFSBMUSBCBKBEFBDNEFQSP
GVOEJEBEPFOBMHVOPTDBTPTTVQFSJPS&TSFDPNFOEBCMFRVFFM
TVFMPPMPUFBUSBCBKBSDPOFTUBIFSSBNJFOUBOPFTUÏIÞNFEPFO
FYDFTPTVQFSJPSBMBDBQBDJEBEEFDBNQP
QPSRVFTJOPFMFGFDUP
FTEFiDPSUFQBOEFNBOUFDBwZMBMBCPSOPDVNQMFTVPCKFUJWP
EFSPUVSBEFIPSJ[POUFTFOEVSFDJEPT&TDPOWFOJFOUFSFBMJ[BS
MBPQFSBDJØOEFCBKPEFMBTMÓOFBTEFDVMUJWPQBSBGBWPSFDFSFM
MBWBEPEFTBMFT
t%FTQBSSBNBEPSBEFHVBOPFONJFOEBPSHÈOJDB
FTMB
IFSSBNJFOUBRVFFOHBODIBEBBMUSBDUPSZQPSNFEJPEFMBUPNB
EFGVFS[BEFMNJTNPEJTUSJCVZFNFDÈOJDBNFOUFFMHVBOPFO
FMTVFMPQSFQBSBEPQBSBMVFHPTFSJODPSQPSBEP&TJNQPSUBOUF
UFOFSFODVFOUBRVFFMHVBOPEFCFFTUBSTFDPZOPBQFMPUPOBEP
QBSBRVFMPTFMFNFOUPTEFMBNÈRVJOBOPTFUSBCFOZQVFEBO
EJTUSJCVJSFMQSPEVDUPDPOFGFDUJWJEBE
t"SBEPEFDJODFMFTNVZVUJMJ[BEPTFOMPTTVFMPTIPS
UÓDPMBTEBEPRVFSFBMJ[BOVOBMBCSBO[BWFSUJDBMEFMTVFMPZ
DPOFMMPQFSNJUFOSFTRVFCSBKBSMBFTUSVDUVSBZSPNQFSDBQBT
FOEVSFDJEBTEFMTVFMPDPNPFOFMDBTPEFMTVCTPMBEPSQFSPB
NFOPSQSPGVOEJEBE
t"SBEPEFSFKBTZWFSUFEFSBTFTUBIFSSBNJFOUBJOWJFSUF
MBDBQBBSBCMFBVNFOUBOEPMPTQPSPTEFMTVFMPQFSNJUJFOEP
NBZPSDBQBDJEBEEFBMNBDFOBNJFOUPEFBHVBZFOUFSSBOEP
MPTQBSÈTJUPTZSFTUPTWFHFUBMFTRVFGBWPSFDFFMDSFDJNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
EFMBTQMBOUBTBVORVFBMSFNPWFSFMTVFMPTFQJFSEFBHVBQPS
FWBQPSBDJØOZBMHPEFTVFMPQPSFSPTJØOZMBTFWFOUVBMFTMMVWJBT
MBWBOMPTOVUSJFOUFTZBCPOPTRVFQVFEBOIBCFSTFBQMJDBEP
BMTVFMPHFOFSBOEPQÏSEJEBT&TJNQPSUBOUFBDMBSBSRVFFM
QBTPTVDFTJWPEFFTUBIFSSBNJFOUBBVOBNJTNBQSPGVOEJEBE
PDBTJPOBMPRVFTFMMBNBiQJFEFBSBEPwJNQFEJNFOUPGÓTJDP
QBSBMBFYQMPSBDJØOEFMBTSBÓDFT
t3PUPDVMUJWBEPSFTPNPUPDVMUJWBEPSFTUBNCJÏO
MMBNBEPTBSBEPTSPUBUJWPTPSPUPWBUPS5JFOFOVOBUSBZFDUPSJB
DJSDVMBSTPOVOPEFMPTFMFNFOUPTNBTVUJMJ[BEPTFOIPSUJDVM
UVSBEBEPRVFQFSNJUFOEFKBSFMTVFMPCJFOBDPOEJDJPOBEPZ
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
MJCSFEFUFSSPOFT6OBCBKBWFMPDJEBEEFBWBODFEFMUSBDUPSZ
BMUBEFMSPUPSQFSNJUFVONBZPSEFTNFOV[BEPEFMTVFMP%FCF
UFOFSTFFODVFOUBRVFDVBOEPTFVUJMJ[BOBBMUBWFMPDJEBEZDPO
FMTVFMPTFDPQVFEFOBDFMFSBSMBEFTUSVDDJØOEFMBFTUSVDUVSB
EFMNJTNP
t3BTUSBEFEJTDPTEFEPCMFBDDJØOPEFUJSPFYDÏOUSJDP
TVGVODJØOQSJODJQBMFTSPNQFSMPTUFSSPOFTHSBOEFTEFTVFMP
PNPMFSFJODPSQPSBSBFTDBTBQSPGVOEJEBESBTUSPKPTBCPOPT
GFSUJMJ[BOUFTFUD"MJHVBMRVFFOFMBSBEPEFWFSUFEFSBTFMQBTP
TVDFTJWPEFFTUBIFSSBNJFOUBBMBNJTNBQSPGVOEJEBEQSPWPDB
FMiQJFEFEJTDPwFOEVSFDJNJFOUPEFMBTDBQBTEFMTVFMPRVF
JNQJEFOMBMJCSFDPMPOJ[BDJØOEFMNJTNPQPSMBTSBÓDFTEFM
DVMUJWP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t7JCSPDVMUJWBEPSFTVOBIFSSBNJFOUBRVFFOHBODIBEBBM
iUSFTQVOUPTEFMUSBDUPSwQFSNJUFFOVOBTPMBMBCPSmOBMJ[BSMB
QSFQBSBDJØOEFMBDBNBEFTJFNCSB1PTFFVOSBCBTUPIPKBEF
BDFSPRVFFNQVKBMBUJFSSBZMBBDPNPEBEPOEFGBMUB
FOFMGSFOUF
TFHVJEPQPSQÞBTUJQPi4wEFBMUBWJCSBDJØOQBSBEFTNFOV[BSZ
SPNQFSDPTUSBTZQPSÞMUJNPVOKVFHPEFEPTiSPMPTwTFHVJEPT
RVFQFSNJUFOFTUSBUJmDBSMPTUFSSPOFTZDPNQBDUBSQBSBSFUFOFS
IVNFEBEFOFMTVFMP
t%JTDPTBMPNBEPSFTPTVSDBEPSFTDPOGPSNBOMPNPT
EFEJTUJOUBBMUVSBZBODIP
t#BSSBTQPSUBIFSSBNJFOUBTFTVOBCBSSBBEBQUBEBBM
iUSFTQVOUPTwEFMUSBDUPSEPOEFTFQVFEFODPMPDBSEJTUJOUBT
IFSSBNJFOUBTUBMFTDPNPFTDBSEJMMPTUJQPiBSB×BwUJNPOFTDPO
SFKBTZPWFSUFEFSBTQBSBFMMFWBOUBEPEFMPNPT
3JFTHPTFOFMUSBCBKPDPONBRVJOBSJBT
BHSÓDPMBT
&MUSBDUPSFTMBNÈRVJOBNÈTSFQSFTFOUBUJWBZQPTFFVOB
QPUFODJBNVZFmDB[QBSBDPMBCPSBSDPOFMUSBCBKPQFSPTJOPTF
NBOFKBFOGPSNBSFTQPOTBCMFEJDIBQPUFODJBQVFEFWPMWFSTF
FODPOUSBEFMPTUSBCBKBEPSFT
-BTEJWFSTBTUBSFBTSFBMJ[BEBTDPOFMUSBDUPSZTVTJNQMFNFO
UPTTPOVOBGVFOUFDPOTJEFSBCMFEFBDDJEFOUFTSFMBDJPOBEPT
DPOFMUSBCBKP
-BNBZPSÓBEFMPTBDDJEFOUFTPDBTJPOBEPTQPSNBRVJOBSJB
UJFOFODBSÈDUFSHSBWFFONVDIPTDBTPTNPSUBMFTPDPOTFDVFMBT
EFJOWBMJEF[QFSNBOFOUF
-BTDBSBDUFSÓTUJDBTHFOFSBMFTEFMQBSRVFEFNÈRVJOBTEF
USBDUPSFTTPOTVBOUJHàFEBEBQSPYJNBEBNFOUFB×PT
ZMB
EJWFSTJEBEEFNBSDBTZNPEFMPT&TUPTIFDIPTIBDFORVFTF
JOUSPEV[DBVOBHSBOIFUFSPHFOFJEBEEFSJFTHPTZNFEJEBTEF
QSFWFODJØOQPTJCMF
4FUJFOFRVFUFOFSFODVFOUBFMNBOFKPSFTQPOTBCMFEFFTUBT
IFSSBNJFOUBTEFUSBCBKPFOUFOEJFOEPQPSNBOFKPSFTQPOTBCMF
MBVUJMJ[BDJØOEFMBNBRVJOBSJBEFNPEPUBMRVFBDPUFMPTSJFTHPT
FOMBTEJGFSFOUFTUBSFBTRVFTFSFBMJ[BODPOFMMBTDPOTJEFSBOEP
TVTDBSBDUFSÓTUJDBTSFBMFTZTVBOUJHàFEBE
"DPOUJOVBDJØOTFEFUBMMBOMPTQSJODJQBMFTSJFTHPTZMBT
NFEJEBTQSFWFOUJWBTBUPNBS
&MOJWFMEFSVJEPZTVFGFDUPTPCSFMBTQFSTPOBT
-BFYQPTJDJØOBBMUPTOJWFMFTEFSVJEPBEFNÈTEFHFOFSBS
NBMFTUBSFTDPNPJSSJUBCJMJEBEZOFSWJPTJTNPBGFDUBQSJODJQBM
NFOUFMBDBQBDJEBEBVEJUJWBFMSFOEJNJFOUPZMBTFHVSJEBE-B
FYQPTJDJØOBSVJEPTJOUFOTPTQSPWPDBVOEFTDFOTPUFNQPSBSJP
PQFSNBOFOUFEFMVNCSBMEFBVEJDJØO-PTOJWFMFTEFTFHVSJEBE
BDFQUBEPTmKBOFOHFOFSBMVOOJWFMQPSEFCBKPEFMPTE#"
EFDJCFMFTQBSBFMIVNBOP
FTUJNÈOEPTFRVFMBFYQPTJDJØOB
VOOJWFMQPSBSSJCBEFFTUBTDJGSBTEVSBOUFQFSÓPEPTDPSUPTEF
UFSNJOBMBQÏSEJEBUFNQPSBSJBEFMBBVEJDJØOZBRVFMVFHPEF
VOMBQTPEFEFTDBOTPFMPÓEPWVFMWFBSFDVQFSBSTVDBQBDJEBE
PSJHJOBM6OBQÏSEJEBQSPHSFTJWBQFSNBOFOUFFJSSFDVQFSBCMF
EFMBBVEJDJØOPDVSSFDVBOEPMBFYQPTJDJØOBMSVJEPTFQSPMPOHB
EÓBUSBTEÓB
-BTGVFOUFTEFMSVJEPFOMPTUSBDUPSFTZNÈRVJOBTBHSÓDPMBT
BVUPQSPQVMTBEBT
t&TDBQF BMEFMSVJEPUPUBM
t"TQJSBDJØOBMEFMSVJEPUPUBM
t7FOUJMBEPSBMEFMSVJEPUPUBM
t3VJEPPDBTJPOBEPQPSMBWJCSBDJØOEFMBTTVQFSmDJFT
TØMJEBTFODPOUBDUPEJSFDUPPJOEJSFDUPDPOFMNPUPSBM
EFMSVJEPUPUBM
-BTNFEJEBTQSFWFOUJWBTEFMQVOUPEFTBSSPMMBEPFOFMQVOUP
BOUFSJPSTPO
t"UFNQFSBSZBJTMBSFMSVJEPDPOBJTMBDJPOFT
t%PUBSEFTJMFODJBEPSFTBMPTFTDBQFTZFGFDUVBSVODVJEB
EPTPNBOUFOJNJFOUPRVFFWJUFGBMMBTFOFMGVODJPOBNJFOUPEFM
NPUPSZMBUSBOTNJTJØO
t"KVTUBSMBTQBSUFTNFUÈMJDBTDIBQBTQBSBFWJUBSFMSVJEP
HFOFSBEPQPSMBTWJCSBDJPOFT
t3FEVDJSMBFNJTJØOEFSVJEPEJTNJOVZFOEPFMSÏHJNFOEF
PQFSBDJØOEFMNPUPSEFMUSBDUPSFOMBTMBCPSFTRVFOPEFNBO
EFOTVQMFOBQPUFODJBFNQMFBOEPVODBNCJPiNÈTMBSHPwDPO
NFOPTBDFMFSBEPS
t7FSJmDBSMPTCVSMFUFTSFQBSBSMPTTJFTOFDFTBSJP
t-VCSJDBSMBNBRVJOBSJB
t1SPWFFSBMBDBCJOBEFNBUFSJBMBJTMBOUF
t"DPOEJDJPOBSWFOUBOBTDPOWJESJPTSPUPT
t*OTUBMBSNBUFSJBMFTQPSPTPTFOMPTQFEBMFTRVFFWJUFOTV
SFCPUF
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t$PMPDBSSFWFTUJNJFOUPTRVFBCTPSCBOFMSVJEPFOMBT
QBSFEFTQVFSUBTZUFDIPT
t&OFMDBTPEFMUSBDUPSTJMBDBCJOBDVFOUBDPOFMBJTMBNJFOUP
TVmDJFOUFDPOUSBFMSVJEPTFSÈOFDFTBSJPRVFFTUÏQSPWJTUBEF
BJSFBDPOEJDJPOBEPEFNBOFSBRVFFMPQFSBEPSUSBCBKFTJO
BCSJSMPTWJESJPT
t4JFMUSBDUPSOPUJFOFDBCJOBTFSÈOFDFTBSJPRVFVUJMJDF
QSPUFDUPSBVEJUJWPEFDPQB
EFMIPNCSFZOPTFDPOWJFSUBOFOVOBGVFOUFEFSJFTHPEFCJEP
BMBTFYJHFODJBTEFBEPQUBSQPTUVSBTGPS[BEBTFJODØNPEBT
t$BQBDJUBSBMPQFSBEPSTPCSFMBTQPTUVSBTDPSSFDUBT
t3FBMJ[BSQBVTBTQFSJØEJDBT
t6UJMJ[BSFMFNFOUPTRVFBCTPSCBOMBTWJCSBDJPOFTFOMBT
QMBUBGPSNBT
7JCSBDJPOFTNFDÈOJDBT
0USPEFMPTGBDUPSFTEFSJFTHPRVFUJFOFVOBGVFSUFJODJEFO
DJBFOMBTBMVEEFMPTPQFSBEPSFTBHSÓDPMBTDBVTBOEPTFWFSPT
QSPCMFNBTEFDPMVNOBFTFMEFMBTWJCSBDJPOFTBMBTRVFTF
WFTPNFUJEBMBQFSTPOBFOMBTEJGFSFOUFTNÈRVJOBTBVUPQSP
QVMTBEBT
%FTEFMPTDPNJFO[PTEFMBNFDBOJ[BDJØOBHSÓDPMBTFPCTFSWB
RVFEFCJEPBMBTWJCSBDJPOFTMPTDPOEVDUPSFTQSFTFOUBOVOB
NBZPSGSFDVFODJBEFEB×PTFOMBDPMVNOBWFSUFCSBMZPTUFP
NVTDVMBSFTFOHFOFSBM"EFNÈTEFFTUPTEB×PTFOMBDPMVNOB
QVFEFOFYJTUJSPUSPTUSBTUPSOPTFOFMBCEPNFOFOFTQFDJBMFO
FMBQBSBUPEJHFTUJWPZSFOBMEFMDPOEVDUPS
-PTBNPSUJHVBEPSFTBOUJWJCSBUPSJPTZFMBTJFOUPEFMDPO
EVDUPSTJHVFOTJFOEPFMQSJODJQBMFMFNFOUPQBSBBUFOVBSMBT
WJCSBDJPOFTRVFSFDJCFMBQFSTPOB*NQPSUBFTQFDJBMNFOUFMB
DBMJEBEEFMPTTJTUFNBTEFBNPSUJHVBDJØOMBBEFDVBEBSFHV
MBDJØOFOGVODJØOEFMQFTPEFMPQFSBEPSZFMNBOUFOJNJFOUP
EFMBTQBSUFTDPOTUJUVUJWBTEFMNJTNP$PNPFMBTJFOUPFTFM
OFYPEFVOJØOFOUSFFMIPNCSFZMBNÈRVJOBTFEFCFQSPUFHFS
BMDPOEVDUPSDPOUSBMBTWJCSBDJPOFTZTVTFGFDUPTBTÓDPNP
BTFHVSBSRVFMBQPTJDJØOTFBDPOGPSUBCMFDPOGPSNFBMBTFYJ
HFODJBTEFTVUSBCBKP
.FEJEBTQSFWFOUJWBTQBSBFWJUBSFMFGFDUPOPDJWPEFMBT
WJCSBDJPOFTFOFMDVFSQPIVNBOP
t%JTQPOFSEFBTJFOUPDPOGPSUBCMFBKVTUBCMFZIBEFUFOFS
VOBEFDVBEPBQPZPEFMBDPMVNOBZMBOVDBEFMDPOEVDUPS
mHVSB
t6TBSUBDPTZTJTUFNBTRVFBNPSUJHàFOMBTWJCSBDJPOFT
t&NQMFBSSFTPSUFT
t4FMFDDJPOBSBTJFOUPTOFVNÈUJDPTZBOUJWJCSBUPSJPT
t$VJEBSRVFFMBTJFOUPZMPTNBOEPTTFBEFDVFOBMBNFEJEB
*ODFOEJPT
1BSBFWJUBSFMSJFTHPEFJODFOEJPFOMBNBRVJOBSJB
t/PMMFWBSNBUFSJBMFTRVFQVFEBOQSPWPDBSJODFOEJPT
t/PGVNBSEFOUSPEFMWFIÓDVMP
t$POUBSDPOFYUJOHVJEPSFTZFGFDUVBSTVNBOUFOJNJFOUP
ZDPOUSPM
t-JNQJBSQFSJØEJDBNFOUFMBNBRVJOBSJB
t4VQFSWJTBSMBNÈRVJOBMVFHPEFVTBEB
t$BSHBSDPNCVTUJCMFDPOFMNPUPSGSÓPZBQBHBEPBTFHV
SBOEPMBDPOUJOVJEBEFMÏDUSJDBFOFMDJSDVJUPEFDBSHB
&MPQFSBSJPEFCFUPNBSDJFSUPTQSPDFEJNJFOUPTFO
MBTPQFSBDJPOFTQBSBRVFTFBOTFHVSBT-PTQSJODJQBMFT
SJFTHPTEFTFHVSJEBEEFMUSBDUPSTPOFMWVFMDPMBUFSBMZFMWVFMDP
QPTUFSJPS
1SFDBVDJPOFTQBSBFWJUBSBDDJEFOUFTDPOFMUSBDUPS
7VFMDPMBUFSBM
t$POTFSWBSPBEPQUBSMBNBZPSUSPDIBQPTJCMFQBSBBVNFO
UBSFMBQPZPZMBFTUBCJMJEBEMBUFSBM
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t7JODVMBSMPTQFEBMFTEFGSFOPQBSBRVFFMGSFOBEPTFB
QBSFKPZDPOTUBOUFTPCSFMBTEPTSVFEBTQSPQVMTPSBTDVBOEP
TFBWBO[BTPCSFDBNJOPmSNF
t&WJUBSRVFFMUSBDUPSTFTBDVEBTPCSFFMUFSSFOP
t"WBO[BSMFOUBNFOUFTPCSFUFSSFOPTJSSFHVMBSFTQPSDVBOUP
VOQFRVF×PPCTUÈDVMPRVFCMPRVFFMBTSVFEBTQVFEFQSPWPDBS
VOWVFMDP
t"WBO[BSBWFMPDJEBENPEFSBEBDVBOEPTFUSBDDJPOFO
SFNPMRVFTDPODBSHBTQFTBEBTPTFFOHBODIFFOUSFTQVOUPT
7VFMDPQPTUFSJPS
t7JODVMBSMBTNÈRVJOBTBMPTQVOUPTEFmKBDJØOQSFWJTUPT
5BOUPNFKPSDVBOUPNÈTBEFMBOUFZBCBKPTFFODVFOUSFO
t"VNFOUBSMBFTUBCJMJEBEDPODPOUSBQFTPTBOUFSJPSFT
t"SSBODBSTVBWFNFOUFZBDFMFSBSDPONPEFSBDJØO
t5PNBSMBTQFOEJFOUFTJNQPSUBOUFTFONBSDIBBUSÈT
1BSBFWJUBSBUSBQBNJFOUPTFOMBUPNBEFGVFS[B5%'
RVFQVFEFOPDBTJPOBSBNQVUBDJPOFTZIBTUBMBNVFSUF
t1SPUFHFSFMFKFFTDVEPQSPUFDUPSZQSPUFDDJØOEFUSBOT
NJTJØODBSEÈOJDB
ZSFHVMBEPBEFDVBEBNFOUF
t/PQBTBSQPSFODJNBEFMFKFDBSEÈOJDPFOGVODJPOB
NJFOUP
t/PTFEFCFCBKBSEFMUSBDUPSDPOMB5%'DPOFDUBEB
t3FWJTBSFMFTDVEPQSPUFDUPSZQFSNBOFDFSFOCVFOFTUBEP
%FCFTPQPSUBSLHTJOEFGPSNBSTF
&OMBUSBOTNJTJØODBSEÈOJDB
t7FSJmDBSTVDBMJEBEEFBDVFSEPBMBOPSNB*3".
4JOPFTUÈMBFUJRVFUBFTOFDFTBSJPQFEJSMBBMQSPWFFEPS
t7FSJmDBSTVFTUBEPEFDPOTFSWBDJØOTVDPMPDBDJØODP
OFYJØOZSFHVMBDJØO
1BSBFWJUBSDBÓEBTZBUSBQBNJFOUPTFOFMUSBDUPS
t/PUSBTMBEBSQFSTPOBTFOÏMVUJMJ[BSPUSPTNFEJPTEF
USBOTQPSUFQBSBFMMP
t4VCJSBMUSBDUPSÞOJDBNFOUFFMUSBDUPSJTUB
1SFWFODJØOEFMBQSJTJPOBNJFOUPFOFMFOHBODIF
EFTFOHBODIFEFMUSBDUPS
t$PMPDBSFMUSBDUPSFOQPTJDJØOEFFOHBODIFEFTEFFM
BTJFOUP
t1POFSUBDPTFOMBTSVFEBTEFMPTFRVJQPTBFOHBODIBS
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t"MFKBSTVTNBOPTEFMQVOUPEFBDPQMFZEFMSFDPSSJEP
UFMFTDØQJDP
t6UJMJ[BSHVBOUFTEFDVFSPZ[BQBUPTEFTFHVSJEBEDPO
QVOUBEFBDFSP
1SFWFODJØOEFMBQSJTJPOBNJFOUPFOUSFFMUSBDUPSZFM
FRVJQP
t"QBHVFFMNPUPSBOUFTEFCBKBSBFOHBODIBSQPOFSQVOUP
NVFSUPZFMGSFOP
t6TBSFMHBUPIJESÈVMJDPZBTFHVSBSFMFOHBODIFDPODIB
WFUBEFTFHVSJEBE
t%FKBSMJCSFFMMVHBSFOUSFFMFRVJQPFOHBODIBEPZFM
USBDUPS
&OHBODIFDPOMÓOFBTFMÏDUSJDBT
t/PFOHBODIBSDBSHBTRVFTVQFSFOMPTNEFBMUVSBEJT
UBODJBEFTFHVSJEBEBMBMÓOFBBÏSFB
4JFTOFDFTBSJPMFWBOUBS
MBTMÓOFBT
t1MBOJmDBSFMSFDPSSJEPFWJUBOEPDSV[BSMÓOFBTFMÏDUSJDBT
t5FOFSFODVFOUBRVFBWFDFTMPTQPTUFTPDBCMFTFTUÈO
CBKPTZOPUJFOFOMBBMUVSBTVmDJFOUFZRVFPUSBTWFDFTOPTF
SFTQFUBOMBTOPSNBTEFUFOEJEPBN
&ODBTPEFFOHBODIBSVOBMÓOFB
t/PCBKBSBVORVFTFIBZBORVFNBEPMBTDVCJFSUBT
t.PWFSMBMÓOFBQBSBEFTFOHBODIBSMBTJOCBKBSTF
t1FEJSBZVEBMVFHPEFEFTFOHBODIBSMB
t#BKBSEFVOTBMUPDPOMPTQJFTKVOUPTZBMFKBSTFDPOQBTPT
DPSUPT
4PMBNFOUFVODPOTUBOUFUSBCBKPFOUSFMBTJOTUJUVDJPOFT
GBCSJDBOUFTEFNBRVJOBSJBTZVTVBSJPTQFSNJUJSÈSFEVDJSFM
OÞNFSPZMBHSBWFEBEEFMPTBDDJEFOUFT
-BTJOTUJUVDJPOFTQÞCMJDBTZQSJWBEBT"35
DPODPNQFUFODJBT
FOFMÈSFBEFMBQSFWFODJØOEFSJFTHPTMBCPSBMFTMBTVOJWFS
TJEBEFTMBTFTDVFMBTEFGPSNBDJØOUÏDOJDBMBTBTPDJBDJPOFT
QSPGFTJPOBMFTMPTQSPGFTJPOBMFTEFQSFWFODJØOMPTFNQSFTBSJPT
ZTVTDÈNBSBTMPTTJOEJDBUPTZMPTUSBCBKBEPSFTUJFOFOVOSPM
GVOEBNFOUBMRVFFTQSPNPWFSDPOEJDJPOFTEFUSBCBKPTFHVSBT
ZTBOBTNFEJBOUFMBJOGPSNBDJØOZDBQBDJUBDJØODPNPUBNCJÏO
MBNFKPSBEFMBTDPOEJDJPOFTZNFEJPBNCJFOUFEFUSBCBKPFO
TVTÈNCJUPTOBUVSBMFTEFBDUVBDJØO7BSJBTTPOMBTSB[POFT
RVFMMFWBOBFGFDUVBSUBSFBTEFQSFWFODJØOEPTEFFMMBTTPO
MBTNÈTJNQPSUBOUFT
t&OQSJNFSMVHBSQPSRVFFTJOBENJTJCMFRVFRVJFOFT
USBCBKBOQJFSEBOTVTBMVEPTVWJEBFOFMEFTBSSPMMPEFTV
BDUJWJEBEQSPGFTJPOBM
t&OTFHVOEPUÏSNJOPQPSRVFMPTDPTUPTJOWPMVDSBEPTFO
MPTBDDJEFOUFTZFOGFSNFEBEFTBUFOUBODPOUSBMBTVQFSWJWFODJB
EFMBTFNQSFTBT
1BSBUPEBTMBTPQFSBDJPOFTEFTEFFMNPNFOUPEFQPOFS
FONBSDIBFMUSBDUPSQBTBOEPQPSFMBDPQMFPFOHBODIFEFMB
IFSSBNJFOUBNBOFKPDPNPUBNCJÏOFMDPOUSPMEFMPTnVJEPT
EFMUSBDUPSZMBTIFSSBNJFOUBTOJWFMFTEFDPNCVTUJCMFBDFJUF
HSBTBTFOMPTSPEBNJFOUPTFUD
FTJNQPSUBOUFMBDBQBDJUBDJØO
EFMPQFSBSJPDPOUBSDPOMBTIFSSBNJFOUBTBEFDVBEBTSFBMJ[BS
UPEPTMPTDPOUSPMFTEFTFHVSJEBEOFDFTBSJPTSPQBDBM[BEP
FUD
QBSBQPEFSNJOJNJ[BSMPTSJFTHPTZBVNFOUBSMPTOJWFMFT
EFTFHVSJEBEEFMPTUSBCBKBEPSFT
&OBMHVOBTFNQSFTBTIPSUÓDPMBTTFTJHVFVUJMJ[BOEPDPNP
IFSSBNJFOUBEFUSBCBKBMBUSBDDJØOBTBOHSF"DPOUJOVBDJØOTF
EFUBMMBOMBTSFDPNFOEBDJPOFTEFMB-FHJTMBDJØO/BDJPOBMTPCSF
"OJNBMFTEF5SBCBKP
t%FCFSÈOQFSNBOFDFSFOFMTJUJPEFQSPEVDDJØOFYDMVTJWB
NFOUFEVSBOUFFMQFSÓPEPEFUJFNQPFORVFTFSFBMJDFMBMBCPS
QBSBMBDVBMTFSFRVJFSB
t%FCFSÈOVUJMJ[BSTFFOUBSFBTBMFKBEBTEFMBDPTFDIB
t%FCFSÈONBOUFOFSTFDPOUSPMBEPTTBOJUBSJBNFOUFBMPT
BOJNBMFTDVNQMJFOEPDPOFMDBMFOEBSJPEFWBDVOBTDPSSFTQPO
EJFOUFTFTUBSTBOPTZEFTQBSBTJUBEPT
"OJNBMFTEPNÏTUJDPTZPEFHSBOKB
t4FQSPIÓCFFMJOHSFTPEFBOJNBMFTEPNÏTUJDPTZPEFHSBOKB
BMÈSFBEFDVMUJWP[POBTEFNBOJQVMBDJØOZBMNBDFOBNJFOUP
EFQSPEVDUP
t5PEPTMPTUSBCBKBEPSFTEFCFOFTUBSJOGPSNBEPTEFRVF
FTUBQSPIJCJEPJOHSFTBSDPOBOJNBMFTBMTJUJPEFQSPEVDDJØO
ÈSFBEFFNQBRVFZBMNBDFOBNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
„ 4JTUFNBUJ[BDJØO
-BTJTUFNBUJ[BDJØOEFQFOEFEFMUJQPEFTVFMPFMDVMUJWPB
JNQMBOUBSFMTJTUFNBEFSJFHPMBÏQPDBEFMB×P
&OQMBOPTFVUJMJ[BFONBZPSNFEJEBDVBOEPMBTTVQFS
mDJFTEFDVMUJWPTPOHSBOEFTQFSNJUJFOEPNFDBOJ[BSMBNBZPS
DBOUJEBEEFMBCPSFTQPTJCMFT6OBWF[QSFQBSBEPFMUFSSFOP
CJFOOJWFMBEPTFQSPDFEFBMBTJFNCSBMBRVFTFQVFEFSFBMJ[BS
BMWPMFPNBOVBMPDPONÈRVJOBFOMÓOFBTPFOTVEFGFDUPZ
TFHÞOMBFTQFDJFBMUSBTQMBOUF&TUBTJTUFNBUJ[BDJØOFTVUJMJ[BEB
FO[POBTDPOTVFMPTDPOCVFOBJOmMUSBDJØOPFOJOWFSOBEFSPT
EPOEFMPTFYDFTPTEFBHVBOPTPOQSPCMFNBQBSBFMDVMUJWP
JNQMBOUBEP&MTJTUFNBEFSJFHPRVFNFKPSTFBEBQUBFTFMEF
BTQFSTJØOZHPUFP
&OMPNPTEFBNDPOEPCMFIJMFSBEFDVMUJWPTPCSF
FMNJTNP-VFHPEFQSFQBSBEPFMUFSSFOPTFQSPDFEFDPOTVSDB
EPSPBMPNBEPSBQSFQBSBSMPTMPNPTMPTRVFTPOEFDBQJUBEPT
QBSBMVFHPTFNCSBSPQMBOUBSTPCSFFMMPT4JMBTJFNCSBFTBM
WPMFPQSJNFSPTFTJFNCSBZMVFHPTFDPOTUSVZFOMPTMPNPT
TJTUFNBUJ[BDJØORVFFTUÈFOEFTVTPEBEPRVFTFEFTQFSEJDJB
NVDIBTFNJMMBBVNFOUBMBMBCPSEFSBMFPZQSPWPDBGBMUBEF
VOJGPSNJEBEFOMBFNFSHFODJBEFMDVMUJWPEBEPRVFMBTTFNJ
MMBTRVFEBOEJTQVFTUBTBEJGFSFOUFTQSPGVOEJEBEFT5BNCJÏO
TFQVFEFTFNCSBSPUSBTQMBOUBSFOMÓOFBTQPSMPNP
&YJTUF
FOFMNFSDBEPVOBNÈRVJOBRVFQSFWJPBMBTJFNCSBBSNBMPT
MPNPTZMPTEFDBQJUBFOVOBTPMBMBCPS-PTTJTUFNBTEFSJFHP
RVFTFBEBQUBOQBSBFTUFUJQPEFTJTUFNBUJ[BDJØOTPOQPSTVSDP
PJOmMUSBDJØOMPDBMJ[BEPPHPUFPZQPSBTQFSTJØO
&OQMBUBCBOEBTHFOFSBMNFOUFTPOEFVOBODIPRVFQFS
NJUBVCJDBSBMUSBDUPSTPCSFMBTNJTNBTZTFNCSBSPUSBOTQMBOUBS
IJMFSBTEJTUBODJBEBTBBDFOUÓNFUSPTFOUSFDBEBVOBEF
FMMBT-PTTJTUFNBTEFSJFHPRVFTFBEBQUBOQBSBFTUFUJQPEF
TJFNCSBTPOMPDBMJ[BEPPHPUFPVOBDJOUBEFSJFHPQPSDBEB
EPTIJMFSBTEFDVMUJWP
ZQPSBTQFSTJØO
&ODBOUFSPTTJTUFNBUJ[BDJØOCBKPOJWFMEFFTUBNBOFSBTF
NBOUJFOFNÈTMBIVNFEBEEFMTVFMPDPOFMJODPOWFOJFOUFRVF
DVBOEPTFSFBMJ[BBDBNQPMPTFYDFTPTEFBHVBQSPWPDBEPT
QPSMMVWJBQVFEFOPDBTJPOBSFOGFSNFEBEFTFOMPTDVMUJWPT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
SFBMJ[BEPTEFFTUBGPSNB&TUFTJTUFNBFTNÈTBQUPFOSFHJPOFT
TFDBT&OBMHVOBT[POBTDPNP-B1MBUBUBNCJÏOTFSFBMJ[BFO
JOWFSOBEFSP1BSBDPOTUSVJSMPTTFOJWFMBFMUFSSFOPZTFEFTQMB[B
UJFSSBIBDJBMPTDPTUBEPTGPSNBOEPMPTCPSEFTRVFDPOUJFOFO
FMBHVBEFSJFHPQBSBMVFHPFOTVJOUFSJPSTFNCSBSBMWPMFP
UBQBOEPMBTJNJFOUFDPOSBTUSJMMPPSBTUSBEFEJFOUF&MTJTUFNB
EFSJFHPVUJMJ[BEPFTFMEFJOVOEBDJØOBVORVFTFBEBQUBOMB
NBZPSÓBEFMPTTJTUFNBTDPOPDJEPT
-BSBEJDIFUBFTVOPEFMPTDVMUJWPTRVFTFSFBMJ[BDPOFTUB
TJTUFNBUJ[BDJØOFTTFNCSBEBFODBOUFSPTEFBN
EFBODIPBMWPMFPFOEFOTJEBEFTBMUBTQBSBRVFTVTIPKBT
EFTBSSPMMFOFSHVJEBT
$PNPEFTWFOUBKBTTFQVFEFOOPNCSBS
t%JGÓDJMDPOUSPMEFNBMF[BT
t'BMUBEFVOJGPSNJEBEFOMBTJFNCSBHFSNJOBDJØOJSSF
HVMBS
t'BWPSFDFFMEFTBSSPMMPEFQMBHBTZFOGFSNFEBEFT
t.BZPSEJmDVMUBEQBSBFGFDUVBSFMSBMFP
&OBMHVOPTDBTPTZQBSBFMDVMUJWPEFMFDIVHBFOWFSBOPMB
TFNJMMBTFQSFHFSNJOBIBTUBQVOUBCMBODBQBSBBDPSUBSFMDJDMP
EFTEFTJFNCSBBFNFSHFODJB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
„ 4JFNCSB
-BTJFNCSBFTVOBEFMBTPQFSBDJPOFTNÈTJNQPSUBOUFT
EFOUSPEFMDJDMPBHSPOØNJDPEFVODVMUJWPNÈTBÞOFOFTQFDJFT
IPSUÓDPMBTQPSMBEJmDVMUBERVFQSFTFOUBTVFKFDVDJØOEFCJEP
BTVGPSNBUBNB×PQFTPGBMUBEFVOJGPSNJEBEFOMBHFSNJOB
DJØOQSFTFODJBPBVTFODJBEFEFUFSNJOBEPTSFHVMBEPSFTEFM
DSFDJNJFOUPEPSNJDJØOVPUSBTDBVTBT
1SÈDUJDBTSFDPNFOEBEBT
t6UJMJ[BSTFNJMMBmTDBMJ[BEBPJEFOUJmDBEBQPSFMPSHB
OJTNPPmDJBMDPNQFUFOUFDPOHBSBOUÓBEFQPEFSZFOFSHÓB
HFSNJOBUJWB
t6TBSTFNJMMBDPOSFTJTUFODJBZPUPMFSBODJBBQMBHBTZ
FOGFSNFEBEFTDPOFMPCKFUJWPEFEJTNJOVJSGVUVSBTBQMJDBDJPOFT
EFmUPTBOJUBSJPT
t$POUBSDPOMBIVNFEBEBEFDVBEBFOFMTVFMPFMFYDFTP
QVFEFQSPWPDBSNVFSUFEFTFNJMMBT
t4FNCSBSQBSBPCUFOFSVOBBEFDVBEBEFOTJEBEEFQMBOUBT
EBEPRVFVOFYDFTPQPESÓBQSPEVDJSQSPCMFNBTTBOJUBSJPTZVO
EÏmDJUEJTNJOVJSÓBMBQSPEVDUJWJEBE
t6UJMJ[BSNBUFSJBMFTHFOÏUJDPTQSFGFSFOUFNFOUFRVFIBZBO
TJEPFWBMVBEPTZSFDPNFOEBEPTQPSJOTUJUVDJPOFTEFEJDBEBTB
UBMmO
t&OBMHVOPTDBTPTTFSFRVJFSFMBMBCPSEFSBMFP
0USBGPSNBEFDPNFO[BSFMDVMUJWPFTQPSJOUFSNFEJPEFMB
QSPEVDDJØOEFQMBOUJOFTZTVQPTUFSJPSUSBTQMBOUFÏTUFUFNB
FTUÈEFTBSSPMMBEPFOFMQVOUPTJHVJFOUF
%JGFSFOUFTUJQPTEFTJFNCSBTEFBTJFOUPPEJSFDUB
"MWPMFP
$VBOEPMBTFNJMMBTFFTQBSDFTPCSFMBDBNBEFTJFNCSB
TJOVOPSEFOEFUFSNJOBEP5JFOFMBTTJHVJFOUFTEFTWFOUBKBT
FTEJGÓDJMFMDPOUSPMEFNBMF[BTHFSNJOBDJØOJSSFHVMBSGBMUBEF
VOJGPSNJEBEFOMBTJFNCSBTFGBWPSFDFFMEFTBSSPMMPEFQMBHBT
ZFOGFSNFEBEFTQPSNBZPSDPNQFUFODJBFOUSFQMBOUBT
EJGÓDJM
SBMFPZNBZPSNBOPEFPCSBZNBZPSHBTUPEFTFNJMMBT
t$VBOEPFMQSPEVDUPSQSPEVDFTFNJMMBQBSBVTPQSPQJPEFCF
SFHJTUSBSMPTUSBUBNJFOUPTOPNCSFEFMQSPEVDUPmUPTBOJUBSJP
Z
MPTNPUJWPTEFMVTPEFMNJTNPQMBHBTPFOGFSNFEBEFT
4JFNCSBEFBTJFOUPPEJSFDUBFTMBRVFTFSFBMJ[BFOFM
NJTNPMVHBSEPOEFTFEFTBSSPMMBSÈMBQMBOUBIBTUBDPNQMFUBS
TVDJDMP
7FOUBKBT
t3FEVDDJØOEFDPTUPTQPSNFOPSVTPEFNBOPEFPCSBBM
OPFGFDUVBSTFFMUSBTQMBOUF
t&OBMHVOPTDBTPTTFBEFMBOUBMBDPTFDIBQPSOPSFBMJ[BSTF
USBTQMBOUFQSJODJQBMNFOUFDVBOEPFMNJTNPFTBSBÓ[EFTOVEB
%FTWFOUBKBT
t.BZPSFTQÏSEJEBTFOHFSNJOBDJØOFOFMDVMUJWPQPSGBMUB
EFVOJGPSNJEBEFOMBTJFNCSBMPRVFJNQMJDBVTBSNÈTDBOUJEBE
EFTFNJMMBT
t/PTFQVFEFBEFMBOUBSMBTJFNCSBEFMDVMUJWPQVFTSFTVMUB
BOUJFDPOØNJDPFMVTPEFGPS[BEPFOHSBOEFTTVQFSmDJFT
-BTTVQFSmDJFTJNQMBOUBEBTNFEJBOUFFTUFTJTUFNBTFWBO
SFEVDJFOEPQBVMBUJOBNFOUFEBEPFMBVNFOUPEFMDPTUPEFMB
TFNJMMB4FSFBMJ[BBNBOPPBUSBWÏTEFBMHVOBTNÈRVJOBT
JEFBEBTQPSMPTQSPEVDUPSFT
&OFMDVMUJWPEFMFDIVHBZDPODPOEJDJPOFTEFBMUBUFNQF
SBUVSBTFIBDFHFSNJOBSMBTFNJMMBFTUBEPEFQVOUBCMBODB
ZMVFHPTFFTQBSDFBWPMFPTPCSFDBOUFSPTSFDJÏOSFHBEPT
QPTUFSJPSNFOUFTFUBQBDPOUJFSSBIÞNFEBZBMPTEÓBTVOB
WF[FNFSHJEBTFBQMJDBPUSPSJFHPTVBWF
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
&OMÓOFBBDIPSSJMMP
-BTFNJMMBFTEFQPTJUBEBFOFMTVFMPQPSMBTFNCSBEPSB
PQPSFMPQFSBSJPFOGPSNBEFDIPSSJMMPNBOUFOJFOEPMB
EJTUBODJBFOUSFMÓOFBTQFSPOPFOUSFQMBOUBT(FOFSBM
NFOUFTFTJFNCSBDPONÈRVJOBTUJQP1MBOFU.BOVBMP
4UPSFSDP&TFMTJTUFNBNÈTHFOFSBMJ[BEPFOMBNBZPSÓB
EFMBTSFHJPOFTQSPEVDUPSBTEFOVFTUSPQBÓT&OBMHVOBT
FTQFDJFTDPNPSBEJDIFUBFMDIPSSJMMPTVFMFTFSNBTBODIP
QBSBBQSPWFDIBSNBTFMUFSSFOPZEFFTUBNBOFSBBMDPTFDIFSP
MFSJOEFNBTFMUJFNQPFOMBDPOGFDDJØOEFMPTBUBEPT
$POTUBEFVODBKØOTFNCSBEPSVOFKFBMWFPMBEPEFCBKPEFM
DVBMQPTFFVOBDÈNBSBEFCJDJDMFUBRVFBDUÞBDPNPSFHVMBEPS
EFMBEFOTJEBEEFTJFNCSB&MMPTFMPHSBNPEJmDBOEPMBQSFTJØO
EFJOnBEP"NBZPSQSFTJØONFOPSEJTUBODJBFOUSFMBDÈNBSBZ
FMFKFBMWFPMBEPFODPOTFDVFODJBNFOPSEFOTJEBE
1BSBTJFNCSBTFOMÓOFBBDIPSSJMMP
B4FNCSBEPSB1MBOFUNBOVBM
&TUBTFNCSBEPSBQPTFFDPNPØSHBOPEFEJTUSJCVDJØOVOB
QMBDBmKBDPOQFSGPSBDJPOFTEFEJTUJOUPTEJÈNFUSPTFOGVODJØO
&OMÓOFBEFQSFDJTJØO
/PTPMPTFNBOUJFOFMBEJTUBODJBFOUSFMÓOFBTTJOPUBNCJÏO
TFSFHVMBMBEJTUBODJBFOUSFQMBOUBT4FVUJMJ[BFONFOPSFTDBMB
RVFMBTBOUFSJPSFT.FEJBOUFFTUBNPEBMJEBETFMPHSBVCJDBS
MBTFNJMMBFOFMMVHBSFYBDUPSFEVDJFOEPFMDPTUPEFTFNJMMBZ
MBCPSFTEFSBMFP
„
.ÈRVJOBTTFNCSBEPSBT
1BSBTJFNCSBTBMWPMFP
'VFJEFBEBQPSQSPEVDUPSFTEFM$JOUVSØO)PSUÓDPMBEF3P
TBSJPDPNPVOBOFDFTJEBEEFFGFDUVBSTJFNCSBTFONBZPSFT
FYUFOTJPOFTBDUVBMNFOUFFOEFTVTP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
EFMBTEJGFSFOUFTFTQFDJFTZEFMBEFOTJEBERVFTFEFTFFVUJMJ[BS
"MTFSmKBFTUBQMBDBMBTJFNCSBTFIBDFBDIPSSJMMP
-BUPMWBQPTFFFOTVJOUFSJPSVOSFNPWFEPSRVFGBDJMJUBMB
DBÓEBDPOUJOVBEFMBTFNJMMBDVZPNPWJNJFOUPFTUÈEBEPQPS
MBSVFEBBOUFSJPS-BTPUSBTQBSUFTTPOVOB[BEØOBCSFTVSDP
GPSNBEPSEFMDBNFMMØORVFUBQBMBTFNJMMBZVOBSVFEBDPN
QBDUBEPSB
4FQVFEFSFHVMBSMBQSPGVOEJEBEEFTJFNCSBQVFTDBEB
DVFSQPTFFODVFOUSBBQPZBEPTPCSFEPTSVFEBTBOUFSJPS
BMJTBEPSBZQPTUFSJPSDPNQBDUBEPUBDPNPFOFMSFTUPEFMBT
TFNCSBEPSFTRVFTFEFTDSJCFOFOFTUFEPDVNFOUP
RVFQFSNJUFO
RVFFMDVFSQPNBSDIFTJFNQSFQBSBMFMPBMTVFMPBOUFDVBMRVJFS
JSSFHVMBSJEBEEFÏTUF
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
C4FNCSBEPSB1MBOFUNPOUBEBi4UPSFSDPw
$POTUBEFVOBCBSSBQPSUBIFSSBNJFOUBTRVFTFBDPQMBBM
MFWBOUFEFUSFTQVOUPT
DPOBDVFSQPTEFTJFNCSBDVZB
EJTUBODJBQVFEFSFHVMBSTF&MGVODJPOBNJFOUPFTTJNJMBSBMEF
MB1MBOFU.BOVBMQFSPFMNPWJNJFOUPEFMSFNPWFEPSFTUÈEBEP
QPSMBSVFEBDPNQBDUBEPSBQPTUFSJPS
1VFEFUSBFSQPSEFMBOUFEFMDVFSQPTFNCSBEPSVOBUPMWB
QBSBEJTUSJCVDJØOEFGFSUJMJ[BOUFDPODBSBDUFSÓTUJDBTTJNJMBSFT
BMBTEFMTFNCSBEPS
1BSBTJFNCSBFOMÓOFBEFQSFDJTJØO
B4FNCSBEPSBOFVNÈUJDBi.JOJBJSw
&TUBTFNCSBEPSBQPTFFMBQMBDBEFTJFNCSBFOGPSNBWFS
UJDBM-BBMJNFOUBDJØOEFMBTTFNJMMBTBMBNJTNBFOMVHBSEF
FGFDUVBSTFQPSFGFDUPEFMQSPQJPQFTPEFÏTUBTDPNPPDVSSFFO
MBTUSBEJDJPOBMFTTFFGFDUÞBQPSTVDDJØO
&MTJTUFNBOFVNÈUJDPDPOTUBEFVOEJTDPQFSGPSBEPQMBDB
EFTJFNCSB
RVFTFQBSBEPTDÈNBSBTVOBEFFMMBTFTMBUPMWB
EFBMNBDFOBNJFOUPEFTFNJMMBTRVFTFFODVFOUSBBQSFTJØO
BUNPTGÏSJDBNJFOUSBTRVFFOMBPUSBDÈNBSBTFQSPEVDFVOB
EFQSFTJØOQPSNFEJPEFMBTVDDJØOFKFSDJEBQPSMBUVSCJOB
DFOUSBMRVFTFNVFWFDPOMBUPNBEFGVFS[BEFMUSBDUPS$PNP
DPOTFDVFODJBEFFTUPTFQSPEVDFVOBTVDDJØOBUSBWÏTEFMPT
PSJmDJPTRVFIBDFRVFTFBEIJFSBOBFMMBTMBTTFNJMMBT&OVO
QSJODJQJPTFBEIJFSFOWBSJBTZMVFHPQPSMBBDDJØOEFMTFQBSBEPS
RVFEBOSFEVDJEBTBVOBTPMB
1PTUFSJPSNFOUFMBTFNJMMBFOTVBMWÏPMPTJHVFEFTDFOEJFOEP
IBTUBMMFHBSBVOB[POBFOEPOEFQPSQSFTJØOQPTJUJWBFTGPS[B
EBTVFYQVMTJØOEJGFSFODJBGVOEBNFOUBMDPOMBTTFNCSBEPSBT
OFVNÈUJDBTQBSBBHSJDVMUVSBFYUFOTJWB
6OTJTUFNBEFFOHSBOBKFTSFHVMBMBWFMPDJEBEEFMEJTDP
QFSGPSBEPDPOMPDVBMTFSFHVMBMBEFOTJEBEEFTJFNCSBRVF
EJTUSJCVZFTFNJMMBTFOUSFEJTUBODJBTEFZDN4VTJTUFNB
EFEPTJmDBDJØOOPFTBGFDUBEPOJQPSFMUBNB×POJQPSMBGPSNB
EFMBTFNJMMB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
C4FNCSBEPSBEFDJOUBi4UBOIBZw
%FQSPDFEFODJB*OHMFTBTFJOUSPEVDFBMQBÓTQSJODJQBMNFOUF
QBSBMBTJFNCSBEFUPNBUFQBSBJOEVTUSJBFOMB[POBEF$VZP
&TUBTFNCSBEPSBEJTUSJCVZFMBTFNJMMBQPSNFEJPEFVOB
DPSSFBTJOmOEFHPNBJOUFSDBNCJBCMFEFBDVFSEPBMUBNB×P
EFMBTFNJMMB
DPOPSJmDJPT
-BTFNJMMBDBFEFTEFMBUPMWBBMBDÈNBSBEFBMJNFOUBDJØO
QFOFUSBFOMPTPSJmDJPTZFMEPTJmDBEPSSFDIB[BFMFYDFTPEF
TFNJMMBTRVFIBZBOQPEJEPDBFSFOVONJTNPPSJmDJP%FTQVÏT
TFQSPEVDFMBDBÓEBEFMBTFNJMMBBMUFSSFOPQPSTVQSPQJPQFTP
-BDPSSFBTFEFTQMB[BFOTFOUJEPDPOUSBSJPBMEFNBSDIBEFMB
TFNCSBEPSB
&TVOBTFNCSBEPSBNVZQSFDJTBQVFTUJFOFVOBBMUVSBEF
DBÓEBEFMBTFNJMMBEFDNDPNPNÈYJNPEFMBTNÈTCBKBT
RVFFYJTUFOFOFMNFSDBEP
&MJODPOWFOJFOUFFTRVFTØMPQVFEF
DJSDVMBSBWFMPDJEBEFTEFBLNIQBSBRVFGVODJPOF
DPSSFDUBNFOUF
-BEFOTJEBEEFTJFNCSBTFSFHVMBWBSJBOEPMBWFMPDJEBEEF
MBDPSSFBQFSGPSBEBMPRVFTFMPHSBDBNCJBOEPMBTQPMFBTRVF
NVFWFOEJDIBDPSSFB
-BEJTUBODJBNÓOJNBFOUSFIJMFSBTFTEFDNDPOTJNQMF
TVSDBEPSZDNDPOEPCMFTVSDBEPS-BNÈRVJOBQFSNJUF
BEPTBSVOTJTUFNBEFGFSUJMJ[BDJØO
1PTFFVONPOJUPSFMFDUSØOJDPRVFJOEJDBTJBMHVOBUPMWBTF
WBDÓBPTJTFUSBCBFMNFDBOJTNPEFEPTJmDBDJØO
&MSFRVJTJUPFTMBOFDFTJEBEEFVUJMJ[BSTFNJMMBTDPOUBNB×PT
VOJGPSNFTQFMFUFBEBTPDBMJCSBEBT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
„ 1SPEVDDJØOEFQMBOUJOFT
„
*OUSPEVDDJØO
4FEFOPNJOBBMNÈDJHPPTFNJMMFSPBMMVHBSEPOEFTFMMFWB
BDBCPMBTJFNCSBEFEFUFSNJOBEBTFTQFDJFTRVFQPSEJGFSFOUFT
NPUJWPTDVNQMFOFOÏTUFMBQSJNFSBQBSUFEFTVEFTBSSPMMP
&YJTUFOBMNÈDJHPTQBSBMBQSPEVDDJØOEF
tQMBOUJOFTBSBÓ[EFTOVEB
tQMBOUJOFTDPOQBOEFTVTUSBUPPDFQFMMØO
-PTQMBOUJOFTBSBÓ[EFTOVEBFTUÈOQSÈDUJDBNFOUFFOEFTVTP
&TQPSFMMPRVFOPTPDVQBSFNPTEFMPTQMBOUJOFTDPOQBOEF
TVTUSBUPPDFQFMMØO
„
1SPEVDDJØOEFQMBOUJOFTDPODFQFMMØO
%FTDSJQDJØO
-PTQMBOUJOFTDPODFQFMMØOTPOMPTRVFQBTBOFMQFSÓPEPEF
BMNÈDJHPEFOUSPEFVODPOUFOFEPSDPOBMHÞOTVTUSBUPZRVFBM
NPNFOUPEFMUSBTQMBOUFQPTFFOVOQBOEFTVTUSBUPPDFQFMMØO
SFDVCSJFOEPTVTSBÓDFT-BTWFOUBKBTEFQSPEVDJSFTUFUJQPEF
QMBOUJOFTTPO
t4FFWJUBFMTIPDLEFUSBTQMBOUFDPOMPDVBMTFMPHSBVO
BEFMBOUPFOMBQSPEVDDJØO
t4FQVFEFOUSBTQMBOUBSFTQFDJFTRVFOPSFTJTUFOFMUSBT
QMBOUFBSBÓ[EFTOVEBFKDVDVSCJUÈDFBT
t/PIBZUSBOTNJTJØOEFFOGFSNFEBEFTRVFQVFEFOPDVSSJS
QPSSPUVSBEFSBÓDFT
t4FFNQMFBNFOPSDBOUJEBEEFTFNJMMBTNVZJNQPSUBOUF
FOFMVTPEFTFNJMMBTIÓCSJEBTEFBMUPDPTUP
&OMBQSPEVDDJØOEFQMBOUJOFTDPOQBOEFTVTUSBUPPDFQFMMØO
TFEFCFUFOFSFODVFOUBMBEJTQPOJCJMJEBEEFJOTVNPTEFTVNB
JNQPSUBODJB&MMPTTPO
t$POUFOFEPSFT
t4VTUSBUPT
$POUFOFEPSFT
&YJTUFOOVNFSPTPTUJQPTEFSFDJQJFOUFTVUJMJ[BEPTDPNP
DPOUFOFEPSFTQBSBFTUFUJQPEFQSPEVDDJØOQFSPDPNPQBVUB
HFOFSBMFMUBNB×PEFMPTNJTNPTEFCFHVBSEBSSFMBDJØODPO
FMUBNB×PEFQMBOUÓORVFTFWBBUSBTQMBOUBSZDPOFMUJFNQP
RVFFMNJTNPWBBQFSNBOFDFSEFOUSPEFMDPOUFOFEPSIBTUB
TVUSBTQMBOUF$VBOUPNÈTQFRVF×PFTFMDPOUFOFEPSNFOPT
UJFNQPQPESÈQFSNBOFDFSFMQMBOUÓOFOÏMZNÈTSÈQJEPTF
EFCFSÈQSPDFEFSBMUSBTQMBOUF"TÓNJTNPFTEFTVNBJNQPS
UBODJBFOMBFMFDDJØOUFOFSFODVFOUBMBTVQFSmDJFPDVQBEB
QPSMPTDPOUFOFEPSFTFOGVODJØOEFMFTQBDJPEJTQPOJCMFQBSB
TVVCJDBDJØOQPTUFSJPS
-PTDPOUFOFEPSFTNÈTVUJMJ[BEPTFOMBQSPEVDDJØOEFQMBO
UJOFTEFIPSUBMJ[BTEFIPKBMFDIVHBTBDFMHBZFTQJOBDB
TPO
MBTNVMUJNBDFUBTPCBOEFKBT&TUBTQVFEFOTFSQMÈTUJDBTPEF
QPMJFTUJSFOPFYQBOEJEPUFMHPQPS
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
4VTUSBUPT
6OTVTUSBUPEFDVMUJWPFTVONFEJPNBUFSJBMFOFMRVFTF
EFTBSSPMMBOMBTSBÓDFTEFMBTQMBOUBTMJNJUBEPGÓTJDBNFOUFFO
TVWPMVNFOBJTMBEPEFMTVFMPQBSBJNQFEJSFMEFTBSSPMMPEF
MBTSBÓDFTFOFMNJTNPZDBQB[EFQSPQPSDJPOBSBMBQMBOUBFM
BHVBZMPTFMFNFOUPTOVUSJUJWPTRVFEFNBOEFZBMBTSBÓDFTFM
PYÓHFOPOFDFTBSJPQBSBTVSFTQJSBDJØO
-PTTVTUSBUPTEFCFOSFVOJSVOBTFSJFEFDBSBDUFSÓTUJDBT
t1PTFFSCVFOBSFUFODJØOEFBHVBZOVUSJFOUFT
t#SJOEBSCVFOBBJSFBDJØO
t1PTFFSOVMBPEÏCJMDBQBDJEBEEFJOUFSDBNCJPDBUJØOJDP
$*$
t4FSRVÓNJDBNFOUFJOFSUFT
t4FSFTUÏSJMFT
t/PSPNQFSSBÓDFT
t%FGÈDJMEFTJOGFDDJØO
t/PGBWPSFDFSMBBQBSJDJØOEFQBUØHFOPT
t4FSFDPOØNJDP
t%FCVFOBEJTQPOJCJMJEBEFOMB[POB
$MBTJmDBDJØOEFMPTTVTUSBUPT
-PTTVTUSBUPTTFQVFEFODMBTJmDBSTFHÞOTVPSJHFOZQSPDFTP
EFNBOVGBDUVSBDJØOFO
tPSHÈOJDPTUVSCBBDÓDVMBTEFQJOPDÈTDBSBEFBSSP[
BTFSSÓOFUD
tJOPSHÈOJDPT
tEFPSJHFOOBUVSBM
DPONBOVGBDUVSBDJØOUSBUBNJFOUPTUÏSNJDPT
QFSMJUB
WFSNJDVMJUBMBOBEFSPDB
TJONBOVGBDUVSBDJØOBSFOBHSBWBUJFSSBTWPMDÈOJDBT
tTJOUÏUJDPTQPMJFTUJSFOPQPMJVSFUBOP
%FTDSJQDJØOHFOFSBMEFMPTEJTUJOUPTTVTUSBUPT
B0SHÈOJDPT
t5VSCBTFGPSNBQPSEFTDPNQPTJDJØOQBSDJBMEFMBWFHF
UBDJØOEF[POBTQBOUBOPTBTPDPOFYDFTPEFBHVBFODJSDVOT
UBODJBTBOBFSØCJDBTZNFEJPHFOFSBMNFOUFÈDJEPPSJHJOÈOEPTF
BMDBCPEFVOMBSHPQFSÓPEPEFUJFNQPFTUSBUPTNÈTPNFOPT
EFOTPTDPOSFTUPTWFHFUBMFTZNBUFSJBPSHÈOJDBFOEJWFSTPT
FTUBEPTEFEFTDPNQPTJDJØO1VFEFODMBTJmDBSTFFOUVSCBTSVCJBT
UVSCBTEF4QIBHOVN
ZUVSCBTOFHSBT-BTQSJNFSBTUJFOFOVO
NBZPSDPOUFOJEPFONBUFSJBPSHÈOJDBZFTUÈONFOPTEFTDPN
QVFTUBTRVFMBTUVSCBTOFHSBTRVFBMFTUBSNÈTNJOFSBMJ[BEBT
UJFOFOVONFOPSDPOUFOJEPFONBUFSJBPSHÈOJDB1PTFFOBMUB
DBQBDJEBEEFSFUFODJØOEFBHVBZOVUSJFOUFTTJOPTFDPNQBD
UBOQSPWFFOBJSFBDJØO1PTFFOQ)QSØYJNPBÈDJEP
QFSPTF
QVFEFOOFVUSBMJ[BSDPOEPMPNJUBBLHEPMPNJUBDBEB
LHEFUVSCBTFDBFOGVODJØOEFMQ)
t"DÓDVMBTEFQJOPMBTIPKBTEFQJOPTFVTBOFOGSFTDPP
DPNQPTUBEBTHFOFSBMNFOUFNF[DMBEBTDPOPUSPTNBUFSJBMFT
DPNPUVSCBQFSMJUBFUD&TVONBUFSJBMSFMBUJWBNFOUFFTUBCMF
RVFTFFNQMFBDPOFMGJOEFBVNFOUBSMBBJSFBDJØOEFMBT
NF[DMBT
t$ÈTDBSBEFBSSP[TVCQSPEVDUPEFMBJOEVTUSJBBSSPDFSB
RVFTFVUJMJ[BEJSFDUBNFOUFVOBWF[RVFIBTJEPFYUSBÓEBMB
TFNJMMB&TVONBUFSJBMMJHFSPZQPSPTPRVFTFBEJDJPOBBMBT
NF[DMBTQBSBNFKPSBSFMESFOBKFZMBBJSFBDJØOTJOBGFDUBSFM
DPOUFOJEPEFTBMFTOVUSJFOUFTPFMQ)1SFTFOUBVOBBMUBSFMBDJØO
DBSCPOPOJUSØHFOP$/
QPSMPRVFQBSBTBUJTGBDFSTVEFNBOEB
QSPEVDJEBQPSMBQSPHSFTJWBEFTDPNQPTJDJØOSFTVMUBOFDFTBSJP
JODSFNFOUBSFMBQPSUFEF/
t"TFSSÓOMBEFTDPNQPTJDJØOEFMBNBEFSBFTNVZSÈQJEB
ZMBTEFNBOEBTEF/FMFWBEBT1SFTFOUBFMFWBEBSFMBDJØO$/
SB[ØOQPSMBDVBMIBZRVFTVQMFNFOUBSBCVOEBOUFNFOUFDPO
OJUSØHFOP1SFTFOUBFMFWBEBBCTPSDJØOEFBHVBUJFOFUFOEFODJB
BMBDPNQBDUBDJØO
C*OPSHÈOJDPT
%FPSJHFOOBUVSBM
t1FSMJUBTFPCUJFOFBQBSUJSEFSPDBTWPMDÈOJDBTRVFTF
TPNFUFOBVOSÈQJEPDBMFOUBNJFOUPIBTUBUFNQFSBUVSBTEF
B$QBSBQSPEVDJSTVFYQBOTJØO$PNPDPOTFDVFODJBEF
MBWBQPSJ[BDJØOEFMBHVBRVFDPOUJFOFMBSPDB
TFPSJHJOBO
NÞMUJQMFTQFRVF×BTCVSCVKBTPQPSPT1PTFFCBKBEFOTJEBE
LHN
EBFYDFMFOUFBJSFBDJØOQPTFFCBKBDBQBDJEBEEF
JOUFSDBNCJPDBUJØOJDP$*$
UJFOFQ)MJHFSBNFOUFBMDBMJOPB
OPTFEFTDPNQPOF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t7FSNJDVMJUBFTVOTJMJDBUPEF"M'FZ.HEFFTUSVDUVSB
MBNJOBS4FPCUJFOFDBMFOUBOEPFMNBUFSJBMBUFNQFSBUVSBT
TVQFSJPSFTBMPT$EVSBOUFVODPSUPQFSÓPEPNJO
MP
RVFQSPEVDFVOQSPDFTPEFFYGPMJBDJØORVFBVNFOUBB
WFDFTFMWPMVNFOJOJDJBM1PTFFBMUB$*$FTFTUÏSJMQ)BMDBMJOP
B$POFMUJFNQPUJFOEFBMBDPNQBDUBDJØOQPSSPUVSBEF
MBTMÈNJOBTRVFMBDPNQPOFO
t"SFOBFTQPTJCMFFODPOUSBSBSFOBTEFEJTUJOUBHSBOVMP
NFUSÓB1SFTFOUBOCBKBSFUFODJØOEFBHVBCBKB$*$FMFWBEB
EFOTJEBELHN
CVFOBEJTQPOJCJMJEBEZCBKBQPSPTJEBE
QPSMPDVBMTVTQPSDFOUBKFTEFBHVBZBJSFTPOCBKPTDPOMPRVF
OPEFCFOVUJMJ[BSTFFOBMUBTQSPQPSDJPOFTFOMBTNF[DMBTQ)
QSØYJNPBMBOFVUSBMJEBE
t5JFSSBWPMDÈOJDBTPONBUFSJBMFTEFPSJHFOWPMDÈOJDPRVF
TFVUJMJ[BOTJOTPNFUFSMPTBOJOHÞOUSBUBNJFOUP&TUÈODPN
QVFTUPTQPSTÓMJDFBMÞNJOBØYJEPTEFIJFSSP%FHSBOVMPNFUSÓB
NVZWBSJBCMF&MQ)FTMJHFSBNFOUFÈDJEPDPOUFOEFODJBTBMB
OFVUSBMJEBE-B$*$FTDBTJOVMB1PTFFCVFOBBJSFBDJØOZCBKB
DBQBDJEBEEFSFUFODJØOEFBHVB
6OQMBOUÓOEFDBMJEBE
FTBRVFMRVFUJFOFMBTDPOEJDJPOFT
QBSBRVFBMTFSQMBOUBEPUFOHB
VOBMUPQPSDFOUBKFEFQSFOEJNJFO
UPZQVFEBEBSVOBQSPEVDDJØO
TBUJTGBDUPSJB5BNCJÏOEFCFDPO
UFNQMBSMPTBTQFDUPTTBOJUBSJPTZ
EFCFSFTQPOEFSBMBTDBSBDUFSÓTUJ
DBTHFOÏUJDBTEFMBWBSJFEBE
%FPSJHFOTJOUÏUJDP
t1PMJFTUJSFOPFTVONBUFSJBMGPSNBEPQPSQBSUÓDVMBT
FTGÏSJDBT$BEBVOBEFFMMBTFTUÈGPSNBEBQPSVOHSBOOÞNFSP
EFQFRVF×BTDFMEBTMMFOBTEFBJSFDPOMPRVFBQFTBSEFQPTFFS
EFQPSPTJEBEOPQVFEFBCTPSCFSBHVB&TRVÓNJDBNFOUF
OFVUSP/PDPOUJFOFOJmKBOVUSJFOUFTZOPTFEFTDPNQPOFOJ
DPNQSJNFDPOFMVTPOPSNBM
t1PMJVSFUBOPTPOFTQVNBTQMÈTUJDBTDPOVOBFTUSVDUVSB
DFMVMBSBCJFSUBQPSMPRVFTVDBQBDJEBEEFSFUFODJØOEFBHVB
FTHSBOEF4VQ)FTQSØYJNPBMBOFVUSBMJEBEZOPDPOUJFOF
OVUSJFOUFT
)BDFBMHVOPTB×PTFNQSFTBTDPOFMFWBEPOJWFMUFDOPMØHJDP
ZNVZCVFOBDBQBDJEBEEFHFTUJØODPNFO[BSPOBQSPEVDJS
QMBOUJOFTDPOQBOEFTVTUSBUPPDFQFMMØOEFFMFWBEBDBMJEBE
CSJOEBOEPBTÓVOTFSWJDJPBQSPEVDUPSFTEFUPEBTMBTFTDBMBT
%FFTUBNBOFSBMPTQSPEVDUPSFTWFÓBOBMJWJBEBTMBTUBSFBTFO
TVTFTUBCMFDJNJFOUPTUFOJFOEPFODVFOUBMBDPNQMFKJEBEEFMB
QSPEVDDJØOEFQMBOUJOFT
"TÓDPNJFO[BOBTVSHJSFTQFDJBMNFOUFFO&VSPQBZ&TUBEPT
6OJEPTMBTMMBNBEBTi&NQSFTBT1SPEVDUPSBTEF1MBOUJOFTw
&OOVFTUSPQBÓTTFIBOEFTBSSPMMBEPFJOTFSUBEPSÈQJEBNFOUF
FOFMNFSDBEPDPNPVOBGVFOUFEFJOTVNPTNÈTEFOUSPEF
MBQSPEVDDJØOIPSUÓDPMB&TUFTJTUFNBMFQFSNJUFBMQSPEVDUPS
DPOUBSDPOQMBOUJOFTEFBMUBDBMJEBETBOJEBENBUFSJBMHFOÏUJDP
EFTVQSFGFSFODJBFUDFOFMNPNFOUPZGPSNBRVFMPEFTFF
EFTMJHÈOEPTFEFMUSBCBKPEFQSFQBSBDJØOEFBMNÈDJHPTFOTV
FTUBCMFDJNJFOUP
"DUVBMNFOUFMPTQMBOUJOFTQVFEFOBERVJSJSTFFOVOBEFFTUBT
FNQSFTBTQSPEVDUPSBTPDBEBQSPEVDUPSQVFEFFMBCPSBSMPTFO
TVQSPQJPFTUBCMFDJNJFOUP
'BDUPSFTBUFOFSFODVFOUBQBSBMBJOTUBMBDJØOEF
VOQMBOUJOFSP
$VBOEPTFEFDJEFJOTUBMBSVOQMBOUJOFSPTFEFCFOUFOFS
FODVFOUBBMHVOPTGBDUPSFTQBSBQPEFSPCUFOFSQMBOUJOFTFO
GPSNBTBUJTGBDUPSJB
t-PDBMJ[BDJØOFOMPQPTJCMFEFCFFTUBSVCJDBEPFOVOB
[POBEFMFTUBCMFDJNJFOUPRVFTFBGÈDJMNFOUFBDDFTJCMFDFSDBOP
BGVFOUFTEFBHVBEFDBMJEBE
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t$BMJEBEEFMBHVBFTJNQPSUBOUFEJTQPOFSEFBHVBEF
CVFOBDBMJEBEEBEPRVFFMWPMVNFOEFTVTUSBUPEPOEFTFWBB
EFTBSSPMMBSMBQMBOBFTSFEVDJEP1FRVF×BTDBOUJEBEFTEFTBMFT
QVFEFNPEJmDBSFOPSNFNFOUFMBDPOEVDUJWJEBEEFMTVTUSBUP
QSJODJQBMNFOUFTJFMESFOBKFOPFTFMBEFDVBEP
&ODBTPEFOPQPTFFSCVFOBDBMJEBEEFBHVBTFEFCF
CVTDBSMBGPSNBEFNFKPSBSMB1BSBFMMPTFQVFEFSFDVSSJSBMB
VUJMJ[BDJØOEFFRVJQPTEFØTNPTJTJOWFSTBDPMVNOBTEFJOUFS
DBNCJPJØOJDPFUD
t$MJNBFTJNQPSUBOUFVODMJNBBEFDVBEPEFOUSPEFMQMBO
UJOFSPQBSBMBQSPEVDDJØOQSJODJQBMNFOUFFOMPRVFSFTQFDUBB
MBTBMUBTUFNQFSBUVSBTZBMBMVNJOPTJEBE-BCBKBUFNQFSBUVSB
TFQVFEFTPMVDJPOBSBUSBWÏTEFMBDBMFGBDDJØOFODBNCJPDPO
BMUBUFNQFSBUVSBFTEJGÓDJMPCUFOFSVOQMBOUÓOEFDBMJEBE
t$BMJEBEEFMBTFTUSVDUVSBTFTOFDFTBSJPUFOFSCVFOBT
JOTUBMBDJPOFTEFCJEPRVFFMQFSÓPEPEFQMBOUÓOFTVOBFUBQB
NVZTFOTJCMFEFOUSPEFMDJDMPEFMDVMUJWP
t%JTQPOJCJMJEBEEFNBOPEFPCSBFTQFDJBMJ[BEBFT
NVZJNQPSUBOUFDVNQMJSBEFDVBEBNFOUFMBTUBSFBTQFRVF×PT
FSSPSFTTJHOJmDBOJNQPSUBOUFTQÏSEJEBT&OHFOFSBMQBSBFWJUBS
MPTFSSPSFTIVNBOPTTFBVUPNBUJ[BOMBTUBSFBTQSJODJQBMFT
SJFHPGFSUJSSJHBDJØOFUD
4FDUPSFTEFVOQMBOUJOFSPZPQFSBDJPOFTBSFBMJ[BSFO
DBEBVOBEFFMMPT
B4FDUPSEFQSFQBSBDJØOEFMBTNF[DMBTEFTVTUSBUPT
ZTFNCSBEPFOFTUFTFDUPSTFQSFQBSBOMPTTVTUSBUPTTF
NF[DMBOTFTJFNCSBUBQBZSJFHB-BTJFNCSBTFQVFEFSFBMJ[BS
FOGPSNBNBOVBMPNFDÈOJDB-BTFNQSFTBTHSBOEFTDVFOUBO
DPOVOBMÓOFBDPNQMFUBRVFSFBMJ[BUPEBTMBTPQFSBDJPOFTTPO
NÈRVJOBTDPTUPTBTRVFTØMPTFKVTUJmDBOFOFNQSFTBTEFHSBO
FOWFSHBEVSB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&OFNQSFTBTQFRVF×BTTFQVFEFSFBMJ[BSMBTJFNCSBFO
GPSNBNBOVBMPDPOTFNCSBEPSBTOFVNÈUJDBTRVFQFSNJUBO
SFBMJ[BSMBTPQFSBDJPOFTEFTJFNCSBFOGPSNBBEFDVBEBDPMPDBS
MBTFNJMMBBMBNJTNBQSPGVOEJEBEFUD
EFPUSBNBOFSBTF
DPOTVNFNVDIBNBOPEFPCSBZFTEJGÓDJMSFBMJ[BSVOUSBCBKP
EFDBMJEBE-BTNÈRVJOBTTFNCSBEPSBTEJTQPOJCMFTFOFMQBÓT
HFOFSBMNFOUFQPTFFOVOBDBQBDJEBEEFBQSPYJNBEBNFOUF
VOBCBOEFKBNJOVOBTDFMEBTKPSOBEB
FTEFDJS
VOBFmDJFODJBEFQPSMPNFOPTWFDFTTVQFSJPSBMBNBOVBM
"TVWF[FOFTUFUJQPEFFNQSFTBTQFRVF×BTMBTPQFSBDJPOFT
EFNF[DMBTTFQVFEFOFGFDUVBSDPONÈRVJOBTNF[DMBEPSBTEF
IPSNJHØOFMMMFOBEPTFFGFDUÞBNBOVBMNFOUFMBTCBOEFKBTTF
EFKBOBQJMBEBTIBTUBFMNPNFOUPEFMBTJFNCSBMBRVFQVFEF
TFSSFBMJ[BEBQPSVOBTPMBQFSTPOB6OBWF[TFNCSBEPZSFHBEP
FOBMHVOPTDBTPTTFQVFEFBQMJDBSGVOHVJDJEBTBMBTPMVDJØO
EFSJFHP
TFFOWÓBBMBDÈNBSBEFHFSNJOBDJØOMBDVBMUJFOFMB
GVODJØOEFCSJOEBSUFNQFSBUVSBTBEFDVBEBTQBSBGBWPSFDFSMB
HFSNJOBDJØOFOGPSNBIPNPHÏOFB
4FVUJMJ[BOEJGFSFOUFTUJQPTEFNF[DMBTFOGVODJØOBMPT
QSFDJPTEFMPTNBUFSJBMFTMPTQMBOUJOFTPMBÏQPDBEFMB×P
$VBOEPOPFYJTUFCVFODPOPDJNJFOUPTPCSFFMNBOFKPEFMB
OVUSJDJØOFTDPOWFOJFOUFBHSFHBSMFBMHPEFUJFSSBFOMBNF[DMB
EFMBMEFQFOEJFOEPEFMBUFYUVSBFMMPBTFHVSBVO
CVFODSFDJNJFOUPJOJDJBM
-BTCBOEFKBTBVUJMJ[BSEFQFOEFSÈOEFWBSJPTGBDUPSFTBMJHVBM
RVFFMUBNB×PEFMBDFMEB&ODVBOUPBFTUPÞMUJNPIBZRVFUFOFS
FODVFOUBRVFDVÈOUPNÈTQFRVF×BFTMBDFMEBNFOPSFTTPO
MPTDPTUPTEBEBMBNFOPSDBOUJEBEEFTVTUSBUPVUJMJ[BEBQFSP
NÈTEJGÓDJMFTFMNBOFKPZNÈTQFRVF×PFTFMQMBOUÓOPCUFOJEP
QPSMPDVBMTFEFCFUFOFSFTQFDJBMDVJEBEPDPOFMNPNFOUP
ØQUJNPEFUSBTQMBOUF
C$ÈNBSBEFHFSNJOBDJØOFTUFBNCJFOUFFTEFTVNB
JNQPSUBODJBQBSBEBSMFBDBEBTFNJMMBMBTDPOEJDJPOFTEFUFNQF
SBUVSBRVFMBNJTNBOFDFTJUBQBSBHFSNJOBSBEFDVBEBNFOUF&T
EFDJSFOJOWJFSOPTFSÈOFDFTBSJPBQMJDBSDBMFGBDDJØOZFOWFSBOP
QBSBBMHVOPTNBUFSJBMFTZFODPOEJDJPOFTEFBMUBUFNQFSBUVSB
BDPOEJDJPOBSFMBJSF
&OHFOFSBMMBTCBOEFKBTTFBQJMBOTPCSFUBSJNBT6OBWF[
FNJUJEBMBSBEÓDVMBMBTCBOEFKBTTFTBDBOEFBMMÓZTFMMFWBOB
MPTJOWFSOBEFSPTEPOEFQBTBSÈOFMSFTUPEFMQFSÓPEPEFQMBO
UÓO"QBSUJSEFFTUBFUBQBTFOFDFTJUBMBQSFTFODJBEFMV[QBSB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
NJDSPBTQFSTPSFTFOFTUFDBTPMPTSJFHPTTPOQPDPVOJGPSNFT
PDPODBSSPTRVFDJSDVMBOTPCSFMBTNFTBEBTBQMJDBOEPVOB
MÈNJOBVOJGPSNFEFBHVB0USBBMUFSOBUJWBFTMBBQMJDBDJØOEFM
BHVBQPSBCBKPFTEFDJSMMBNBEPQPSiTVCJSSJHBDJØOw&TUFÞMUJNP
TJTUFNBDPOTJTUFFOUFOFSQJMFUPOFTEFDFNFOUP&OFMJOUFSJPSEF
MPTNJTNPTTFFODVFOUSBOBDPNPEBEBTMBTCBOEFKBTUPNBEB
MBEFDJTJØOEFSJFHPTFBCSFOMBTDPNQVFSUBTTFEFKBFMFWBS
FMOJWFMEFBHVBMBTCBOEFKBTEFQPMJFTUJSFOPnPUBOMVFHPEF
VOUJFNQPTFFMJNJOBFMFYDFEFOUFZMBTCBOEFKBTWVFMWFOBTV
QPTJDJØOOPSNBMZFTUBNJTNBTPMVDJØOTFQVFEFVUJMJ[BSQBSB
PUSPTFDUPS-BWFOUBKBEFFTUFTJTUFNBFTRVFOPTFNPKBFM
GPMMBKFEFMPTQMBOUJOFTTFBQSPWFDIBVOEFMBTVQFSmDJF
EFMPTJOWFSOBEFSPTZSFRVJFSFNFOPSNBOPEFPCSBQBSBFM
GVODJPOBNJFOUP-BEFTWFOUBKBFTMBBMUBJOWFSTJØOJOJDJBMFM
DVJEBEPBUFOFSQBSBFWJUBSMBTDPOUBNJOBDJPOFTZMPTQSPCMFNBT
EFDPOEVDUJWJEBEEFMTVTUSBUPTJOPTFMBWBQFSJØEJDBNFOUFP
MBOVUSJDJØOOPFTMBBEFDVBEB
-PTSJFHPTEFCFOSFBMJ[BSTFDPOTVmDJFOUFGSFDVFODJBQBSB
RVFMBTQMBOUBTOPTVGSBOMBGBMUBEFBHVBFOUPEPTMPTDBTPT
MBDBOUJEBEBQMJDBEBEFCFTFSMBTVmDJFOUFQBSBQSPWPDBSVO
ESFOBKFZMBWBSMBTTBMFTFOFYDFTPEFMTVTUSBUP
&ODVBOUPBMBOVUSJDJØOEFQFOEFSÈEFMPTTVTUSBUPTVUJMJ[B
EPTFOBMHVOPTFTOFDFTBSJPDPNFO[BSBBQMJDBSMBTTPMVDJPOFT
OVUSJUJWBTBQBSUJSEFMBQSJNFSBIPKBWFSEBEFSBFOPUSPTTFSÈ
TVmDJFOUFSFBMJ[BSBMHVOBTBQMJDBDJPOFTEFGFSUJMJ[BOUFTFOMB
FUBQBmOBM
FWJUBSBIJMBNJFOUPEFMPTQMBOUJOFTTJUVBDJØOJSSFWFSTJCMFVOB
WF[RVFTFIBQSPEVDJEP
D*OWFSOBEFSPTFTFMTFDUPSEPOEFMPTQMBOUJOFTTFEJT
QPOFOIBTUBMBFUBQBmOBM&OHFOFSBMFTUÈOFRVJQBEPTDPO
DBMFGBDDJØONFEJBTPNCSBFUD-BTCBOEFKBTTFQVFEFODPMPDBS
TPCSFUBSJNBTCBKBTPTPCSFNFTBEBTFMFWBEBTBBQSPYJNBEB
NFOUFNEFBMUVSBOVODBEJSFDUBNFOUFTPCSFFMTVFMPQVFT
FMESFOBKFEFCFTFSMJCSFQBSBFWJUBSDPOUBNJOBDJPOFTZRVFMB
DPOEVDUJWJEBEOPTFFMFWF
-PTSJFHPTTFQVFEFOFGFDUVBSQPSBTQFSTJØODPONBOHVF
SBTZQJDPTRVFQSPEV[DBOVOBTQFSKBEPEFHPUBCJFOmOBDPO
&MDPOUSPMEFJOTFDUPTFOFTUBFUBQBFTEFUFSNJOBOUFEFM
ÏYJUPFOHFOFSBMUPEBTMBTFTQFDJFTTPONVZTFOTJCMFTBDPOUSBFS
FOGFSNFEBEFTWJSØTJDBTFOMBFUBQBJOJDJBM-BDPMPDBDJØOEF
NBMMBTBOUJJOTFDUPTFTMPNÈTDPOWFOJFOUFQFSPQBSBFMMPIBZ
RVFDPOUBSDPOFYUSBDUPSFTQBSBNFKPSBSFMDMJNBEFMJOWFSOBEFSP
EBEPRVFMBTNJTNBTSFEVDFONVDIPFMJOHSFTPEFBJSF
&MDPOUSPMEFFOGFSNFEBEFTTFSFBMJ[BQSFWFOUJWBNFOUFFO
GVODJØOBMPTQSPCMFNBTEFDBEBFTQFDJFFTDPOWFOJFOUFBJSFBS
BEFDVBEBNFOUFQBSBQSPEVDJSVOBNCJFOUFNÈTBEFDVBEP
E;POBTEFSVTUJDBDJØODPNPNFODJPOBNPTBOUFSJPS
NFOUFFTJNQPSUBOUFDPOUBSDPOVOQMBOUÓOFOEVSFDJEPBM
NPNFOUPEFQMBOUBSQPSMPRVFFTOFDFTBSJPEJTQPOFSEFVO
TFDUPSQBSBFMBDPTUVNCSBNJFOUPEFMPTNJTNPTFOHFOFSBMFT
VOTFDUPSBMBJSFMJCSF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
F%FTJOGFDDJØOEFMBTCBOEFKBTZNBUFSJBMFTMBT
CBOEFKBTTJWBOBTFSSFVUJMJ[BEBTEFCFOEFTJOGFDUBSTFQBSB
FWJUBSDPOUBNJOBDJPOFT4FEFCFSFBMJ[BSVOMBWBEPVUJMJ[BOEP
IJQPDMPSJUPEFTPEJP
G$POUSPMFTZNPOJUPSFPTFTJNQPSUBOUFNPOJUPSFBS
QFSNBOFOUFNFOUFMPTDPOUFOJEPTEFOVUSJFOUFTQ)ZDPOEVD
UJWJEBEEFMPTTVTUSBUPTZMBTTPMVDJPOFT1BSBFMEJBHOØTUJDPEF
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
FOGFSNFEBEFTIBZRVFFTUBSFODPOUBDUPDPOVOMBCPSBUPSJP
FTQFDJBMJ[BEP-BTTFNJMMBTEFCFOTFSSFDJCJEBTDPOTVmDJFOUF
BOUJDJQBDJØOQBSBSFBMJ[BSVOBFWBMVBDJØOEFQPEFSZFOFSHÓB
HFSNJOBUJWB
1SPCMFNBTEFDBMJEBENPUJWPTQSJODJQBMFT
t#BKBDBMJEBEEFMBTFNJMMB
t&YDFTPPEÏmDJUEFJSSJHBDJØO
t6TPJODPSSFDUPEFMPTOJWFMFTEFGFSUJMJ[BDJØO
t4VTUSBUPJOBQSPQJBEP
t5FNQFSBUVSBTFYUSFNBEBNFOUFBMUBTPCBKBT
t*OBEFDVBEBWFOUJMBDJØO
t1PCSFJOUFOTJEBEEFMV[
t"UBRVFEFQMBHBTZFOGFSNFEBEFT
t#BKBGSFDVFODJBEFJOTQFDDJØO
t1PCSFTBOJEBEFIJHJFOF
$BSBDUFSÓTUJDBTEFVOCVFOQMBOUÓO
t%FCFFTUBSSVTUJDBEPQBSBSFTJTUJSMBTDPOEJDJPOFTDMJNÈ
UJDBTQFSPOPFYDFTJWBNFOUFDPNPQBSBEJmDVMUBSFMBSSBJHVF
SÈQJEP
t%FCFTFSKPWFOVOQMBOUÓOFOWFKFDJEPTFQVFEFnPSFDFSBO
UJDJQBEBNFOUFTJOUFOFSVOBEFDVBEPEFTBSSPMMPWFHFUBUJWP
t%FCFUFOFSFRVJMJCSJPFOUSFIPKBTZSBÓDFT
t%FCFFTUBSMJCSFEFFOGFSNFEBEFTWJTJCMFTZPDVMUBT
t%FCFFTUBSMJCSFEFQMBHBTJOTFDUPTZOFNÈUPEPT
t%FCFSFTQPOEFSBMBWBSJFEBETPMJDJUBEBQPSFMDMJFOUF
$PTUPTEFQSPEVDDJØO
-PTDPTUPTQPSVOJEBEQSPEVDJEBEJTNJOVZFODVBOEPBV
NFOUBFMWPMVNFOQSPEVDJEPZWJDFWFSTBTFEFCFTFSFmDJFOUF
QBSBMPHSBSBMUBQSPEVDDJØOQPSDJDMPZUSBUBSEFBNPSUJ[BSMBT
JOGSBFTUSVDUVSBTEVSBOUFUPEPFMB×P
{$ØNPSFDPOPDFSFMNPNFOUPØQUJNPEFMQMBOUÓO
QBSBTVUSBTQMBOUF
&MQMBOUÓOFTUÈFODPOEJDJPOFTEFTFSUSBTQMBOUBEPDVBOEP
FTUBOEPFMTVTUSBUPDPOCVFOBTDPOEJDJPOFTEFIVNFEBEFM
DFQFMMØOTFEFTNPMEBGÈDJMNFOUFTJOSPNQFSTF%FCFUFOFS
TVTSBÓDFTCJFOCMBODBTZOPEFCFOFTUBSFOSPMMBEBTFOFM
DFQFMMØO
&MUJFNQPNFEJPEFBMNÈDJHPEFQFOEFEFMBÏQPDBEFMB×P
ZEFMUBNB×PEFDFMEBEFMBCBOEFKBVUJMJ[BEBQFSPFOMÓOFBT
HFOFSBMFT
„ 3FDPNFOEBDJPOFTQBSBSFEVDJSFMJNQBDUP
BNCJFOUBMFOMBQSPEVDDJØOEFQMBOUJOFT
t$POEJDJPOFTHFOFSBMFT
t4FSFDPNJFOEBRVFFMQMBOUJOFSPFTUÏEJTUBODJBEPEF
MPUFTEFQSPEVDDJØOIPSUÓDPMB
t%FCFDPOUBSDPOBDDFTPTBEFDVBEPT
t%FCFFTUBSBTFOUBEPFOVOUFSSFOPOPJOVOEBCMFZ
BMFKBEPEFGVFOUFTEFDPOUBNJOBDJØOBNCJFOUBM
t%FCFDPOUBSDPOBEFDVBEBDBMJEBEEFBHVBQBSBSJFHP
Q)DPOEVDUJWJEBEFUD
PFRVJQBNJFOUPOFDFTBSJPQBSB
NFKPSBSMB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t&MQFSÓNFUSPEFMQSFEJPEFCFFTUBSDFSDBEPQBSBFWJUBS
FOUSBEBEFBOJNBMFTZQFSTPOBTFYUSB×BTBMFTUBCMFDJ
NJFOUPPTFDUPSEFMQMBOUJOFSP
t4FSFDPNJFOEBDPOUBSDPODPSUJOBTSPNQFWJFOUPTGP
SFTUBMFTPEFNFEJBTPNCSB
RVFSFEV[DBOFMJOHSFTPEF
FOGFSNFEBEFTZQMBHBT
t-PTJOWFSOBEFSPTPFTUSVDUVSBTEFQSPUFDDJØOEF
CFO
t&TUBSEJTF×BEPTZDPOTUSVJEPTEFGPSNBUBMRVFUFOHBO
DPNQPSUBNJFOUPBEFDVBEPFOGVODJØOBMBTDBSBDUFSÓTUJDBT
SFHJPOBMFTWJFOUPTUFNQFSBUVSBTFYUSFNBTMVNJOPTJEBE
DBOBMFUBTEFEFTBHàFNBMMBBOUJHSBOJ[PEPCMFQVFSUB
EFJOHSFTP
t1FSNJUJSVOBWFOUJMBDJØOBEFDVBEBMBUFSBMFTBMUPTWFO
UJMBDJØODFOJUBMFUD
QBSBÏQPDBTEFBMUBUFNQFSBUVSB
t1PTFFSNBMMBTBOUJJOTFDUPTFOUPEBTMBTBCFSUVSBTQBSB
FWJUBSFMJOHSFTPEFQMBHBTJOTFDUPTQÈKBSPTFUD
t&TUBSDPOTUSVJEPTDPONBUFSJBMFTOPBCTPSCFOUFTFK
IJFSSP
PDPOWFOJFOUFNFOUFUSBUBEPTQBSBFWJUBSQSPMJGF
SBDJØOEFFOGFSNFEBEFT
t"TFHVSBSMBBQFSUVSBZDJFSSFEFMPTMBUFSBMFTZDFOJUBM
FOGVODJØOEFMBTDPOEJDJPOFTDMJNÈUJDBT
t.BOUFOFSMJNQJPTEFNBMF[BTUBOUPEFOUSPDPNPGVFSB
EFMPTNJTNPTQVFTÏTUBTQVFEFOBMCFSHBSFOGFSNFEBEFT
JOTFDUPTWFDUPSFTZWJSVT
t-PTQJTPTEFCFOFTUBSDPOTUSVJEPTEFUBMNBOFSBRVF
QFSNJUBOFMFTDVSSJNJFOUPEFMBHVBDPOEFTBHàFTBEF
DVBEPT
t-BTFTUSVDUVSBTEFTPTUÏOEFCBOEFKBTNFTBEBT
EFCFO
t4FSEFNBUFSJBMOPBCTPSCFOUFZDPOWFOJFOUFNFOUF
USBUBEBTQBSBFWJUBSMBDPOUBNJOBDJØO
t&TUBSTVmDJFOUFNFOUFFMFWBEBTNÓOJNPDNTPCSF
FMOJWFMEFMBTVQFSmDJFEFMTVFMP
QBSBFWJUBSDPOUBNJ
OBDJPOFTQPSTBMQJDBEVSBTZNFKPSBSMBTDPOEJDJPOFTEF
USBCBKPEFMPTPQFSBSJPT
t1FSNJUJSFMDPSSFDUPFTDVSSJNJFOUPEFMBHVB
t&MTJTUFNBEFSJFHPEFCF
t$POUBSDPOUBNB×PEFHPUBZQSFTJØOBEFDVBEBQBSBOP
EB×BSMBTQMBOUBTTJFMNJTNPFTQPSBTQFSTJØO
t1FSNJUJSMBBQMJDBDJØOEFGFSUJMJ[BOUFTZQSPEVDUPTmUP
TBOJUBSJPT
t/PVUJMJ[BSBHVBDPOUBNJOBEBFKFODBNJTBEPEFMB
QFSGPSBDJØO
t-BDÈNBSBEFHFSNJOBDJØOEFCF
t&TUBSDPOTUSVJEBEFNBUFSJBMOPBCTPSCFOUFZDPOWFOJFO
UFNFOUFUSBUBEBQBSBFWJUBSDPOUBNJOBDJPOFT
t1PEFSSFHVMBSMBUFNQFSBUVSBZIVNFEBEBEFDVBEB
NFOUF
t"TFHVSBSFODBTPEFVTBSDBMFGBDDJØOVOBDPNCVTUJØO
BEFDVBEBZMJCFSBDJØOFYUFSOBEFHBTFTQBSBOPHFOFSBS
UPYJDJEBEBMBTQMBOUBT
t-BQJMFUBEFMBWBEPEFCBOEFKBTFODBTPEFRVFTF
SFVUJMJDFO
EFCF
t1FSNJUJSFMDPSSFDUPESFOBKFEFMBTPMVDJØOEFMBWBEP
t1PTFFSVOBBMUVSBRVFHBSBOUJDFFMUSBCBKPFOGPSNB
DØNPEB
t$POUBSDPOVOBFTUSVDUVSBQBSBFTDVSSJNJFOUPEFCBO
EFKBTEFNBUFSJBMOPBCTPSCFOUFZEFGÈDJMEFTJOGFDDJØO
t&MÈSFBEFDPOGFDDJØOEFMTVTUSBUPMMFOBEPTJFNCSB
ZUBQBEPEFCBOEFKBTEFCF
t1PTFFSQJTPQSFGFSFOUFNFOUFDPOTPMJEBEPFJNQFS
NFBCMFOPQPSPTPMBWBCMFEFNBOFSBEFSFEVDJSMBT
DPOUBNJOBDJPOFTEFMTVTUSBUP
t1FSNJUJSMBQSFQBSBDJØOEFMTVTUSBUPFOVOSFDJQJFOUF
JNQFSNFBCMFCBUFBFUD
t%JTQPOFSEFNFTBEBTQBSBFMNBOJQVMFPEFMBTCBOEFKBT
EFTVQFSmDJFGÈDJMNFOUFEFTJOGFDUBCMFT
t5FOFSMBTIFSSBNJFOUBTVUJMJ[BEBTDPOWFOJFOUFNFOUF
EFTJOGFDUBEBT
t&MEFQØTJUPEFJOTVNPTTVTUSBUPTCBOEFKBT
EFCF
t4FSEFVTPFYDMVTJWPQBSBFMQMBOUJOFSP
t1FSNBOFDFSDFSSBEPZRVFTØMPTFQFSNJUBMBFOUSBEBB
QFSTPOBMBVUPSJ[BEP
t1PTFFSQJTPJNQFSNFBCMFOPQPSPTPMBWBCMF
t1FSNJUJSBMNBDFOBSCBOEFKBTZTVTUSBUPTPCSFFTUSVDUVSBT
UBSJNBT
OPBCTPSCFOUFTQBSBBJTMBSMBTEFMBTVQFSmDJF
EFMTVFMP
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t&MEFQØTJUPEFTFNJMMBTEFCF
t4FSVOMVHBSDPOBJTMBNJFOUPUÏSNJDPQBSBFWJUBSMBT
UFNQFSBUVSBTFYUSFNBT
t&TUBSQSPUFHJEPEFMJOHSFTPEFQMBHBT
t$POBDDFTPTØMPBQFSTPOBMBVUPSJ[BEP
'PSNBTEFUSBTQMBOUF
t.BOVBMTFQVFEFSFBMJ[BSDPO[BQÓOUSBTQMBOUBEPS
QMBOUBEPSPB[BEB
t.FDÈOJDPFYJTUFOFOFMNFSDBEPUSBTQMBOUBEPSBTQBSB
QMBOUJOFTDPODFQFMMØOEFTEFMBTTFNJBVUPNÈUJDBTFOMBTRVF
TFOFDFTJUBEFPQFSBSJPTRVFWBZBODPMPDBOEPMPTQMBOUJOFTFO
t4FNJMMBT
MPTØSHBOPTEFEJTUSJCVDJØOIBTUBMBTUPUBMNFOUFBVUPNÈUJDBT
t&ODBTPEFBERVJSJSTFNJMMBTMBTNJTNBTEFCFOFTUBS
#ÈTJDBNFOUFFMØSHBOPEFEJTUSJCVDJØOFTFOGPSNBEFWBTPP
GJTDBMJ[BEBTPJEFOUJGJDBEBTQPSFMPSHBOJTNPPGJDJBM
UB[BFOEPOEFTFDPMPDBFMQMBOUÓOZFMDVBMMPDPOEVDFBMMVHBS
DPNQFUFOUF*/"4&
EFQMBOUBDJØO#SJOEBOMBWFOUBKBEFMBEJTNJOVDJØOEFMBNBOP
t4FEFCFSÈVUJMJ[BSDVBOEPFTUÏEJTQPOJCMFTFNJMMBDPO EFPCSBZSFEVDDJØOEFMUJFNQPFNQMFBEP
SFTJTUFODJBZPUPMFSBODJBBQMBHBTPFOGFSNFEBEFT
t&MEFQØTJUPEFBHSPRVÓNJDPTEFCF
t"EFDVBSTFBMBMFZQSPWJODJBMWJHFOUFEFQSPEVDUPT
mUPTBOJUBSJPT
„ 5SBTQMBOUF
&TMBPQFSBDJØOPUÏDOJDBNFEJBOUFMBDVBMTFSFBMJ[BMB
JNQMBOUBDJØOEFVODVMUJWPFOFMMVHBSEFmOJUJWPVUJMJ[BOEP
QMBOUJOFTQSPWFOJFOUFTEFVOBMNÈDJHP
$POEJDJPOFTBUFOFSFODVFOUBQBSBVOUSBTQMBOUF
BEFDVBEP
t$POUBSDPOVOTVFMPUSBCBKBEPBEFDVBEBNFOUFTJOUFSSP
OFTOJDBQBTFOEVSFDJEBT
t3FHBSFOGPSNBBEFDVBEBTJOEÏmDJUOJFYDFTPTEFIV
NFEBE
SFHBSFMUFSSFOPQSFWJPEFMBQMBOUBDJØODPOBMHVOPT
EÓBTEFBOUJDJQBDJØO
t3FBMJ[BSFMUSBTQMBOUFDPODFQFMMØOFOUSFMPTBEÓBT
EFMBTJFNCSBFOGVODJØOEFMBFTQFDJFEFMUBNB×PEFMBDFMEB
VUJMJ[BEBZEFMBTDPOEJDJPOFTDMJNÈUJDBTFOGVODJØOEFMBÏQPDB
EFMB×P&MNPNFOUPBEFDVBEPFTBRVFMRVFQFSNJUBPCUFOFSVO
QMBOUÓOTVmDJFOUFNFOUFEFTBSSPMMBEPDPODFQFMMØODPNQBDUP
TJORVFTFSPNQBBMFYUSBFSMPUBNQPDPEFCFSÓBEFNPSBSTFQBSB
RVFMBQMBOUBOPTFFODVFOUSFFYUSFNBEBNFOUFFOEVSFDJEBZ
FOWFKFDJEB
t6UJMJ[BSQMBOUBEPSFTUJQPFTUBDBBHV[BEPTFOFMFYUSFNP
[BQJOFTVPUSPFMFNFOUPBEFDVBEPBMUBNB×PEFMDFQFMMØOZ
MBFTQFDJF
t3FHBSEFTQVÏTEFMBQMBOUBDJØOQBSBQSPEVDJSVOBEFDVBEP
DPOUBDUPEFMTVFMPDPOMBTSBÓDFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
4FQVFEFSFBMJ[BS
t&OGPSNBNBOVBMDPOSBTUSJMMPVPUSBIFSSBNJFOUBBEF
DVBEBQBSBUBMmO
t&OGPSNBNFDÈOJDBDPOSBTUSBEFEJFOUFTSPUBUJWBFUD
1BSBFGFDUVBSMBTFEFCFUFOFSFODVFOUBMBQSPGVOEJEBEEF
TJFNCSBQBSBFWJUBSMBSVQUVSBEFQMÈOUVMBT
FMFTQFTPSEFMB
DPTUSBFMFTUBEPEFHFSNJOBDJØOZMBIVNFEBEEFMTVFMP
"MGPSNBSTFVOFODPTUSBNJFOUPBOUFTEFMBFNFSHFODJBEF
MBTQMÈOUVMBTMPTBVUPSFTSFDPNJFOEBOSFBMJ[BSVOSJFHPQBSB
BCMBOEBSMBDPSUF[BZGBWPSFDFSFMQSPDFTP
„ $BSQJEB
-BCPSFTDVMUVSBMFT
4POUPEBTMBTPQFSBDJPOFTPMBCPSFTRVFTFSFBMJ[BOFOFM
QFSÓPEPRVFWBEFTEFMBTJFNCSBPJNQMBOUBDJØOEFMDVMUJWP
IBTUBFMNPNFOUPEFDPTFDIBZUJFOFQPSmOBMJEBEMPHSBSVO
BEFDVBEPEFTBSSPMMPEFMNJTNP
"CBSDBMBTTJHVJFOUFTMBCPSFTEFTDPSUF[BEPDBSQJEB
FTDBSEJMMBEPBQPSRVFSBMFPSBTUSJMMBEPEFTIPKBEPSJFHP
BQMJDBDJØOEFBCPOPTFONJFOEBTZGFSUJMJ[BOUFTZNBOFKPEF
MBTBOJEBEWFHFUBM
&TSFDPNFOEBCMFEPDVNFOUBSMBTMBCPSFTDVMUVSBMFTDPOFM
mOEFQPEFSDBMDVMBSMPTDPTUPTEFQSPEVDDJØO
"DPOUJOVBDJØOTFEFTDSJCFODBEBVOBEFFMMBT
„ %FTDPSUF[BEP
4FFGFDUÞBFOTVFMPTDPOUFOEFODJBBMBGPSNBDJØOEFDPS
UF[BTEVSBTPDPTUSBTQSJODJQBMNFOUFFOBSDJMMPTPTZMJNPTPT
RVFTFQSPEVDFOMVFHPEFVOBMMVWJBPSJFHPBMTFDBSTFMBDBQB
TVQFSmDJBMEFMTVFMP$POFTUBMBCPSTFGBDJMJUBMBFNFSHFODJBEF
MBQMÈOUVMBJODBQB[EFBUSBWFTBSMBZTFEFTUSVZFMBDBQJMBSJEBE
EJTNJOVZFOEPMBFWBQPSBDJØO1SÈDUJDBNFOUFOPTFVUJMJ[BFO
FTQFDJFTDPOTFNJMMBTQFRVF×BTMFDIVHBSÞDVMBSBEJDIFUB
Z
PDBTJPOBMNFOUFFOFTQFDJFTDPOTFNJMMBTEFNBZPSUBNB×P
FTQJOBDBZBDFMHB
$POTJTUFFOSFNPWFSMBUJFSSBFOFMÈSFBDJSDVOEBOUFBMB
QMBOUBZUJFOFDPNPQSJODJQBMFTPCKFUJWPT
t&MJNJOBSNBMF[BTRVFDPNQJUFODPOFMDVMUJWPJNQMBO
UBEP
t"VNFOUBSMBBJSFBDJØOZGBWPSFDFSDPOFMMPMBOVUSJDJØO
IÓESJDBZNJOFSBM
t%JTNJOVJSQÏSEJEBTEFIVNFEBEEFMTVFMPBMiSPNQFSMB
DBQJMBSJEBEwMVFHPEFMPTSJFHPTPQSFDJQJUBDJPOFTRVFUJFOEFO
BMiQMBODIBEPw
1PSDVFTUJPOFTEFUJQPEFTJFNCSBIÈCJUPEFDSFDJNJFOUP
UJQPEFDPTFDIBFUDTFSFBMJ[BQSJODJQBMNFOUFFOFMDVMUJWP
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
EFMFDIVHBBDFMHBFTQJOBDBZFONFOPSNFEJEBFOSÞDVMBZ
SBEJDIFUB
5FOJFOEPFODVFOUBFMFTUBEPWFHFUBUJWPEFMBTNBMF[BT
TFEFCFSFBMJ[BSFOMBTQSJNFSBTFUBQBTEFTVEFTBSSPMMPQBSB
NJOJNJ[BSMBDPNQFUFODJBDPOFMDVMUJWPQPSFOFSHÓBMVNÓOJDB
FTQBDJPIVNFEBEZOVUSJFOUFTDPNPBTÓUBNCJÏOFWJUBSRVF
TFBOGVFOUFTQPUFODJBMFTEFQMBHBTZFOGFSNFEBEFT
4FFGFDUÞBFOGPSNBNBOVBMDPO[BQJOFTB[BEBFUDmHVSB
-BQSPQVFTUBEFMPTBVUPSFTFTSFBMJ[BSVOFTDBSEJMMBEP
FOUSFMPTMPNPTZFOUSFMÓOFBTEFUSBOTQMBOUFPTJFNCSBmHV
SBT
MVFHPSFBMJ[BSMBDBSQJEBBMSFEFEPSEFMBQMBOUBZ
TJNVMUÈOFBNFOUFSFQBTBSNBMF[BTRVFQVFEBOIBCFSRVFEBEP
EFMBQSJNFSBTMBCPSFT%FFTUBNBOFSBTØMPTFDBSQFBQSPYJNB
EBNFOUFVOEFMBTVQFSmDJFEJTNJOVZFOEPMPTDPTUPTEF
NBOPEFPCSB&ODBTPEFVUJMJ[BSIFSCJDJEBQVFEFMJNJUBSTFMB
BQMJDBDJØOEFMNJTNPBMBTMÓOFBTEFQMBOUBDJØODPOMPDVBMTF
BIPSSBVOZEJTNJOVZFFMDPTUPEFDBSQJEB
„ &TDBSEJMMBEP
4FFGFDUÞBFOUSFIJMFSBTEFQMBOUBTQVEJÏOEPTFSFBMJ[BS
TPCSFPEFCBKPEFMPTMPNPTFOFMDBTPEFRVFFMUFSSFOPFTUÏ
TJTUFNBUJ[BEPEFFTUBGPSNB
4VTPCKFUJWPTTPOTJNJMBSFTBMPT
EFMBDBSQJEB
4FQVFEFSFBMJ[BS
t&OGPSNBNBOVBMDPOFTDBSEJMMPUJQPi1MBOFUwNBOVBM
mHVSBTZ
t$POUSBDDJØOBTBOHSFFTDBSEJMMPEFNBODFSBDPOBODIP
EFMBCPSSFHVMBCMFZEJTUJOUPTUJQPTEFSFKBTFONÞMUJQMFT
DPNCJOBDJPOFT
t&OGPSNBNFDÈOJDBDPOFTDBSEJMMPNPOUBEPPEFBSSBTUSF
ZDVMUJWBEPSFTSPUBUJWPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
„ "QPSRVF
$POFTUBPQFSBDJØOTFBDFSDBUJFSSBBMQJFEFMBQMBOUBDPO
FMPCKFUPEFGBWPSFDFSFMDPOUSPMEFNBMF[BTZSFTUBCMFDFSFM
MPNPUBNCJÏOTFFNQMFBQBSBGBWPSFDFSMBJODPSQPSBDJØOEF
GFSUJMJ[BOUFT1BSBMBTIPSUBMJ[BTEFIPKBTFTUBMBCPSRVFEBMJNJ
UBEBBMSFBSNBEPEFMMPNPMVFHPEFUSBCBKPTEFTVFMPMMVWJBT
FUDmHVSB
4FQVFEFSFBMJ[BS
t&OGPSNBNBOVBMDPOB[BEBT
t$POUSBDDJØOBTBOHSFFTDBSEJMMPEFNBODFSBDPOBODIP
EFMBCPSSFHVMBCMFZEJTUJOUPTUJQPTEFSFKBTFONÞMUJQMFT
DPNCJOBDJPOFT
t.FDÈOJDPBQPSDBEPSFTNPOUBEPTPEFBSSBTUSF
DJØOEFMBNÈRVJOBTFNCSBEPSBQBSBFWJUBSFMHBTUPEFTFNJMMB
ZEFNBOPEFPCSBQBSBFGFDUVBSMP
&TJNQPSUBOUFUFOFSFODVFOUBFMUBNB×PEFMBTQMBOUBTBM
NPNFOUPEFSBMFBSQPSRVFIBDFSMPUBSEÓBNFOUFQVFEFQSPEVDJS
VOEB×PJSSFQBSBCMFBMDVMUJWP1SÈDUJDBNFOUFOPTFFGFDUÞBFO
DVMUJWPTEFSÞDVMBZSBEJDIFUB
%FBDVFSEPBMBQSPQVFTUBEFMPTBVUPSFTBMSFBMJ[BSMB
JNQMBOUBDJØOEFMDVMUJWPEFMFDIVHBZBDFMHBDPOQMBOUJOFTDPO
DFQFMMØOFTUBMBCPSDVMUVSBMTFFWJUBSÓB
„ 3BTUSJMMBEP
&TVOBMBCPSDVMUVSBMFTQFDJBMRVFTFSFBMJ[BFOMPTDVMUJWPT
EFSBEJDIFUBZSÞDVMBDVBOEPTFDPSUBZOPFTBSSBODBEBEFSBÓ[
-VFHPEFMDPSUFFTOFDFTBSJPSBTUSJMMBSMPTMPNPTQBSBMJCFSBS
MB[POBEFSFTUPTEFIPKBTZUBMMPTQSPWFOJFOUFTEFMBDPTFDIB
&MPCKFUJWPQSJODJQBMFTFWJUBSFOGFSNFEBEFTRVFBGFDUFOBM
QPTUFSJPSSFCSPUFEFMDVMUJWPZEFÏTUBNBOFSBSFEVDJSMBT
QVMWFSJ[BDJPOFT
„ 3BMFP
$POTJTUFFOFMJNJOBSMBTQMBOUBTRVFFYDFEBOBMBEFOTJEBE
BEFDVBEBQBSBEFUFSNJOBEBTDPOEJDJPOFTZQBSBDBEBFTQFDJF
"TÓTFMPHSBSFHVMBSEFOUSPEFDJFSUPTMÓNJUFTMBDPNQFUFODJB
JOUSBFTQFDÓmDBQBSBPCUFOFSMPTNFKPSFTSFOEJNJFOUPT
(FOFSBMNFOUFTFFGFDUÞBBMNJTNPUJFNQPRVFMBDBSQJEB
4FQSBDUJDBQSJODJQBMNFOUFFODVMUJWPTEFMFDIVHBBDFMHBZ
FTQJOBDBTFNCSBEBTFOGPSNBEJSFDUB-BTJFNCSBEFQSFDJTJØO
EJTNJOVZFFMSBMFPEFCJÏOEPTFSFBMJ[BSVOBBEFDVBEBDBMJCSB
„ %FTIPKF
$POTJTUFFOSFNPWFSIPKBTFOFMDVMUJWPEFBDFMHBRVFOP
UJFOFOBQUJUVEDPNFSDJBMIPKBTFOGFSNBTTFOFTDFOUFTFUD
DPOFMmOEFFWJUBSFOGFSNFEBEFTDPOUSPMBSJOTFDUPTFKFNQMP
MPTNJOBEPSFT
ZBTÓSFEVDJSMBTBQMJDBDJPOFT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
„
$BMJEBEEFBHVBQBSBSJFHP
-B-FHJTMBDJØO/BDJPOBMDPOTJEFSBiBHVBQBSBFMVTP
BHSÓDPMBwBRVFMMBRVFTFVUJMJ[BQBSBSJFHPMBWBEPEFFRVJQP
FJOTUSVNFOUBMQBSBTPMVDJPOFTEFGFSUJMJ[BOUFTZQSPEVDUPT
mUPTBOJUBSJPTZDVMUJWPTIJESPQØOJDPT
„ 3JFHP
$POTJTUFFOBQMJDBSPSFQPOFSBHVBBMTVFMPFODBOUJEBEZ
PQPSUVOJEBEBEFDVBEBQBSBRVFMPTWFHFUBMFTUFOHBOFMTVNJ
OJTUSPRVFOFDFTJUBOGBWPSFDJFOEPBTÓTVEFTBSSPMMPFTVOBMBCPS
DVMUVSBMEFHSBOJNQPSUBODJBQBSBFMÏYJUPEFMDVMUJWP
&TJOEJTQFOTBCMFBÞOFOBRVFMMBTFYQMPUBDJPOFTRVFTF
FODVFOUSBOFO[POBTDPOBCVOEBOUFTQSFDJQJUBDJPOFTEBEP
RVFMBTNJTNBTTVFMFOOPDPJODJEJSDPOMPTNPNFOUPTDSÓUJDPT
EFMDVMUJWP
&TUFUFNBFTEFTBSSPMMBEPFOQSPGVOEJEBEBUSBWÏTEF
QVOUPTMBDBMJEBEEFBHVBQBSBSJFHPMPTTJTUFNBTEFSJFHPZ
MPTSFRVFSJNJFOUPTEFMDVMUJWP
&MBHVBFTVOFMFNFOUPFTFODJBMQBSBFMEFTBSSPMMPIPSUÓDPMB
TPTUFOJCMFTVBQSPWFDIBNJFOUPVUJMJ[BDJØOZDPOTFSWBDJØOSBDJP
OBMDPOTUJUVZFOFMFNFOUPTFODVBMRVJFSFTUSBUFHJBEFEFTBSSPMMP
&MTVFMPFTVOGBDUPSRVFEFCFTFSUPNBEPFODVFOUBFOUPEP
QSPHSBNBEFSJFHPFTQFDJBMNFOUFFODVBOUPBTVTDBSBDUFSÓTUJDBT
GÓTJDPRVÓNJDBT&MDMJNBJHVBMNFOUFBGFDUBFMVTPZNBOFKP
EFMBHVBEFSJFHPEFCJEPQSJODJQBMNFOUFBMBUFNQFSBUVSBMBT
QSFDJQJUBDJPOFTMBFWBQPSBDJØOFUD&MDVMUJWPDPNPPCKFUJWP
mOBMEFMBBDUJWJEBEIPSUÓDPMBEFCFSÈFTUBSFOGVODJØOEJSFDUB
EFMPTUSFTGBDUPSFTBOUFTNFODJPOBEPT-BTQSÈDUJDBTEFSJFHP
ZESFOBKFEFCFSÈOFTUBSPSJFOUBEBTBMNBOFKPSBDJPOBMEFM
BHVBEFMTVFMPZEFMDVMUJWPUFOJFOEPDPNPPCKFUJWPmOBMMB
PCUFODJØOEFSFOEJNJFOUPTFDPOØNJDBNFOUFSFOUBCMFTTJO
EFUFSJPSPEFMPTNJTNPT
-BDBMJEBEEFMBHVBEFSJFHPFTUÈEFUFSNJOBEBCÈTJDBNFOUF
QPSMPTTJHVJFOUFTGBDUPSFTTBMJOJEBEQFMJHSPEFTPEJmDBDJØO
UPYJDJEBEBCTPSDJØOEFOVUSJFOUFTZPCTUSVDDJPOFTQPSQSFTFODJB
EFTVTUBODJBTPSHÈOJDBTFJOPSHÈOJDBT
%FTDSJQDJØOEFMPTQSJODJQBMFTGBDUPSFT
4BMJOJEBEFYJTUFVOQSPCMFNBEFTBMJOJEBEDVBOEPMBT
TBMFTTFBDVNVMBOFOMB[POBSBEJDBMBVOBDPODFOUSBDJØOUBM
RVFPDBTJPOBOQÏSEJEBTFOMBQSPEVDDJØO&TUBDPODFOUSBDJØO
JNQJEFRVFMBQMBOUBQVFEBFYUSBFSBHVBEFCJEPBMBMUPQPUFODJBM
PTNØUJDPRVFIBZFOMBTPMVDJØOEFMTVFMP$POCVFOBTQSÈDUJDBT
EFSJFHPFMDPOUFOJEPEFTBMFTFOFMTVFMPNFEJEBFOFMFTUSBUP
EFTBUVSBDJØO
FTEFBWFDFTFMDPOUFOJEPEFTBMFTFOFM
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
BHVBBVORVFQVFEFMMFHBSBTJMBQSÈDUJDBOPFTBEFDVBEB-B
QFMJHSPTJEBETBMJOBEFMBHVBFTUÈSFMBDJPOBEBDPOMBUFYUVSBEFM
TVFMPEPOEFFOBRVFMMPTRVFTPOTVFMUPTZCJFOESFOBEPTQVFEF
VUJMJ[BSTFBHVBEFJOGFSJPSDBMJEBEBMBRVFQPESÓBFNQMFBSTFFO
TVFMPTQFTBEPTDPOEJmDVMUBEEFESFOBKF
1BSBKV[HBSFMQFMJHSPEFTBMJOJ[BDJØOFMMBCPSBUPSJPEFTBMJOJ
EBEEFMPT&&66VUJMJ[BDPNPNFEJEBEFÏTUBBMBDPOEVDUJWJEBE
FMÏDUSJDBEFMBHVBDVBESP
4PEJDJEBEMBTPEJmDBDJØORVFEBEFUFSNJOBEBQPSMBT
DPODFOUSBDJPOFTBCTPMVUBTZSFMBUJWBTEFMPTDBUJPOFTTJ
MBDPODFOUSBDJØOEFTPEJPFTBMUBTFSÈNBZPSFMQFMJHSP
EFTPEJmDBDJØOZQPSFMDPOUSBSJPTJQSFEPNJOBDBMDJPZ
NBHOFTJPFTNFOPS1BSBFMMPTFVUJMJ[BFM3"43FMBDJØO
EF"ETPSDJØOEF4PEJP
PFM3"4BKVTUBEPmHVSB
3"4/B$B.H
3"4BKVTUBEP3"4ðoQID
%POEFQIDFTVOWBMPSCBTBEPFOMBDPODFOUSBDJØOEF$B
.HDBSCPOBUPZCJDBSCPOBUPEFMBHVB
0USPBTQFDUPBDPOTJEFSBSFTFMDBSCPOBUPEFTPEJPSFTJEVBM
$43
EBEPRVFDVBOEPQSFDJQJUBOFM$BZ.HEFMDPNQMFKPEF
JOUFSDBNCJPFMJNJOBOVOBQBSUFFRVJWBMFOUFEF$BSCPOBUPTZ
#JDBSCPOBUPTEF4PEJP&MFYDFEFOUFFTFMRVFTFSÈQFMJHSPTPZ
TFMPMMBNBDBSCPOBUPEFTPEJPSFTJEVBM
$43$0$0)
o$B.H
$PNPQSJODJQBMFGFDUPOPDJWPFMTPEJPBDUÞBTPCSFMB
FTUSVDUVSBEFMPTTVFMPTEFUFSJPSÈOEPMBJODSFNFOUBOEPTV
JNQFSNFBCJMJEBEDPNQBDUÈOEPMPZFMFWBOEPFMQ)
5FOJFOEPFODVFOUBMPTEBUPTEFTBMJOJEBEZTPEJmDBDJØOTF
NVFTUSBOMBTOPSNBTEF3JWFSTJEFRVFTFVUJMJ[BOQBSBFWBMVBS
MBDBMJEBEEFMBHVBDPOTJEFSBOEPMBTDPOEJDJPOFTEFMTVFMP
SFBMJ[BOEPSFDPNFOEBDJPOFTQBSBFMVTPEFDBEBDMBTF
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
5PYJDJEBEMPTQSPCMFNBTEFUPYJDJEBEFTUÈOSFGFSJEPTB
MPTDPOTUJUVZFOUFTJPOFT
FOFMTVFMPPBHVBRVFQVFEFOTFS
UPNBEPTZBDVNVMBEPTQPSMBTQMBOUBTIBTUBDPODFOUSBDJPOFT
BMUBTDBVTBOEPEB×PBMPTDVMUJWPTPCBKBFOTVSFOEJNJFOUP
&MHSBEPEFMEB×PEFQFOEFEFMBBTJNJMBDJØOZMBTFOTJCJMJEBE
EFMDVMUJWP&MSJFHPQPSBTQFSTJØOFODVMUJWPTTFOTJCMFTQVFEF
DPNQMJDBSBÞONÈTFMQSPCMFNBEFUPYJDJEBEQPSBCTPSDJØOEF
TPEJPZDMPSPBUSBWÏTEFMBTIPKBT-PTDMPSVSPTZFMCPSPTPO
MPTQSJODJQBMFTDPOTUJUVZFOUFTUØYJDPTQBSBMBTQMBOUBTDVBESP
$MPSPFTNPWJEPQPSMBDPSSJFOUFUSBOTQJSBUPSJBZBDVNVMBEP
FOMBTIPKBTDVBOEPFYDFEFMBUPMFSBODJBEFMDVMUJWPTFQSPEVDFO
EB×PTRVFHFOFSBMNFOUFTFNBOJmFTUBOFOMBTQVOUBTEFMBT
IPKBTKØWFOFT&ODBTPTFYUSFNPTQVFEFIBCFSOFDSPTJTZDBÓEB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
EFIPKBT-BUPYJDJEBEQPSDMPSPQVFEFPDVSSJSQPSBCTPSDJØO
EJSFDUBDVBOEPTFVUJMJ[BFMTJTUFNBEFSJFHPQPSBTQFSTJØO
1VOUPTBUFOFSFODVFOUBDPOSFTQFDUPB
MBDBMJEBEEFBHVBQBSBSJFHP
#PSPFTVOFMFNFOUPFTFODJBMQBSBFMEFTBSSPMMPEFMBT
QMBOUBTTJOFNCBSHPTJFTUÈQSFTFOUFFODBOUJEBEFTTVQFSJP
SFTBMBTOFDFTBSJBTQVFEFDBVTBSUPYJDJEBE-PTTÓOUPNBTTF
NBOJmFTUBOHFOFSBMNFOUFDPNPVOBNBSJMMBNJFOUPZQPTUFSJPS
TFDBEPEFMPTUFKJEPTEFMBTIPKBTWJFKBTEFMBQVOUBZCPSEFT
IBDJBBEFOUSP
1BSBMBFMBCPSBDJØOEFFTUFQVOUPFOUSFPUSBTGVFOUFTCJ
CMJPHSÈmDBTZBQPSUFEFMDPOPDJNJFOUPEFMPTBVUPSFTTFUPNØ
QSJODJQBMNFOUFDPNPCBTFMB-FHJTMBDJØO/BDJPOBMDPODFQUPT
EFMB'"0-JOFBNJFOUPT&TQFDÓmDPTEF*OPDVJEBE"MJNFOUBSJB
QBSBMB1SPEVDDJØOZ$PTFDIBEF-FDIVHBZ7FSEVSBTEF)PKBT
7FSEFTEF$BMJGPSOJBZFM(MPCBM(BQ
"CTPSDJØOEFOVUSJFOUFTFMDPOUFOJEPEFTBMFTBTÓDPNP
FMWBMPSEFMQ)EFMBHVBBTPDJBEPTBMBTDBSBDUFSÓTUJDBTEFM
TVFMPQVFEFOQSPEVDJSGBMUBEFEJTQPOJCJMJEBEEFOVUSJFOUFT
RVFTFEFUBMMBOFO/VUSJDJØO7FHFUBM'BDUPSFTRVFBGFDUBOMB
BCTPSDJØOEFOVUSJFOUFT
4VTUBODJBTPSHÈOJDBTFJOPSHÈOJDBTFMBHVBQVFEF
QSFTFOUBSTVTUBODJBTPSHÈOJDBTTVTQFOEJEBTDPNPBTÓUBNCJÏO
TFEJNFOUPTJOPSHÈOJDPTRVFDBVTBOQSPCMFNBTFOFMTJTUFNB
EFSJFHPUBQPOBNJFOUPEFMMBWFTEFHPUFSPTFUD
TJOPTPO
BEFDVBEBNFOUFmMUSBEBT
%FTEFFMQVOUPEFWJTUBEFMBJOPDVJEBEFMBHVBVUJMJ[B
EBQBSBMBTPQFSBDJPOFTEFQSPEVDDJØOQVFEFDPOUBNJOBS
MBTWFSEVSBTEFIPKBTTJDPOUJFOFQBUØHFOPTEFPSJHFO
BOJNBMZMMFHBBUFOFSDPOUBDUPEJSFDUPDPOMBTQPSDJPOFT
DPNFTUJCMFT-BDPOUBNJOBDJØOQVFEFQSPEVDJSTFEFM
BHVBBMTVFMPTFHVJEPQPSFMDPOUBDUPEFMTVFMPDPOFM
DVMUJWP-BQSÈDUJDBEFMSJFHPQPSHPUFPZMBVUJMJ[BDJØO
EFNVMDIJOHEJTNJOVZFOMPTSJFTHPTEFDPOUBNJOBDJØO
ZBRVFFWJUBOPNJOJNJ[BOFMNPKBEPZTBMQJDBEPEFMB
QBSUFBÏSFBEFMDVMUJWP
„
4FHÞOMB-FHJTMBDJØO/BDJPOBM
t&TOFDFTBSJPIBDFSVOBFWBMVBDJØOEFSJFTHPEPDVNFOUBEB
BUSBWÏTEFVOBOÈMJTJTDVBOEPFYJTUFFWJEFODJBPBOUFDFEFOUFT
EFQPTJCMFTDPOUBNJOBOUFTGÓTJDPTRVÓNJDPTZCJPMØHJDPTEFMBT
GVFOUFTEFBHVBVUJMJ[BEBBWBMBEBQPSVOQSPGFTJPOBMVPSHBOJT
NPDPNQFUFOUFTFHÞOMPTBVUPSFTMBTNVFTUSBTEFBHVBEFCFO
TFSUPNBEBTUBODFSDBDPNPTFBQPTJCMFBMNPNFOUPEFVTP
t&MBOÈMJTJTTFEFCFSFBMJ[BSDPNPNÓOJNPVOBWF[BMB×P
FYDFQUPFOMPTDBTPTFOMPTRVFMBFWBMVBDJØOEFSJFTHPKVTUJmRVF
VOBGSFDVFODJBNBZPS
t/PTFEFCFOVUJMJ[BSBHVBTEFEFTFDIPIVNBOPFJOEVTUSJBM
TJOUSBUBSTFHÞOFMDSJUFSJPEFMPTBVUPSFTUFOJFOEPFODVFOUB
RVFTPOIPSUBMJ[BTEFIPKBTHFOFSBMNFOUFDPOTVNJEBTDSVEBT
OPEFCFVUJMJ[BSTFFTUFUJQPEFBHVBBVORVFTFFODVFOUSFO
USBUBEBT
t-BTJOTUBMBDJPOFTOPEFCFOQSFTFOUBSSPUVSBTHSJFUBTDP
SSPTJØOFUD-PTUBORVFTEFCFOUFOFSUBQBZEFCFOFODPOUSBSTF
MJNQJPTZMJCSFTEFNBUFSJBMFTFYUSB×PT
0USPTQVOUPTBUFOFSFODVFOUB
t4FEFCFSFBMJ[BSVOBEFTDSJQDJØOEFMTJTUFNBEFEJTUSJCVDJØO
EFBHVB&TUBEFTDSJQDJØOQVFEFVUJMJ[BSNBQBTGPUPHSBGÓBT
EJCVKPTVPUSPTNFEJPTQBSBDPNVOJDBSMBVCJDBDJØOEFJOTUB
MBDJPOFTZFMTJTUFNBEFnVKPEFBHVB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t$VBOEPFTOFDFTBSJPBMNBDFOBSBHVBTFEFCFDPOTJEFSBS
FMSJFTHPQPUFODJBMEFDPOUBNJOBDJØODPNPQPSFKFNQMPDVBOEP
TFBMNBDFOBFOVOUBORVFBVTUSBMJBOP
t4FEFCFOHVBSEBSMBTDB×FSÓBTZNBOHVFSBTEFSJFHPEF
NPEPRVFTFSFEV[DBOPFMJNJOFOQPTJCMFTQMBHBTSPFEPSFT
FOGFSNFEBEFTFUD
t4FEFCFFWJUBSMBFOUSBEBEFBOJNBMFTBMBTGVFOUFTEF
BHVB
t/PTFEFCFOSFBMJ[BSBQMJDBDJPOFTZQSFQBSBEPTEFBHSP
RVÓNJDPTDFSDBEFGVFOUFTEFBHVB
t/PTFEFCFOBMNBDFOBSBHSPRVÓNJDPTFOMBTDFSDBOÓBT
EFEJDIBTGVFOUFT
t-PTDBOBMFTPBDFRVJBTQPSEPOEFDJSDVMBFMBHVB
EFCFONBOUFOFSTFMJCSFTEFSFTJEVPT
t1SFWJPBSFBMJ[BSVOBQFSGPSBDJØOQBSBMBFYUSBDDJØO
EFBHVBQBSBSJFHPTJFTOFDFTBSJPTFEFCFTPMJDJUBSFM
QFSNJTPNVOJDJQBMPQSPWJODJBMDPSSFTQPOEJFOUF
&OFMNPNFOUPEFSFBMJ[BSMBQFSGPSBDJØOTFEFCFDPOUSBUBS
FNQSFTBTJEØOFBTSFBMJ[BOEPVOFODBNJTBEPUPUBMEFMBNJTNB
ZFMTFMMBEPQPTUFSJPSEFMBFYDBWBDJØO
$POEJDJPOFTBUFOFSFODVFOUBBMSFBMJ[BSVOBQFSGP
SBDJØOQBSBFYUSBFSBHVBmHVSB
5PNBEFNVFTUSBTEFBHVB
t&MSFDJQJFOUFEFCFTFSFTUÏSJM
-BNVFTUSB
t%FCFTFSSFQSFTFOUBUJWB
t'MBNFBSMBTBMJEBEFEPOEFTFFYUSBFSÈMBNVFTUSB
t1SFWJPBMBUPNBEFMBNVFTUSBFTOFDFTBSJPEFKBSDPSSFS
FMBHVBVOUJFNQP
t%FCFTFSSFMBUJWBNFOUFSFDJFOUFOPEFCFUSBOTDVSSJSNBT
EFTJFUFEÓBTFOUSFMBUPNBZFMBOÈMJTJT
t4FMBEFCFDPOTFSWBSMPNÈTDFSDBOPB$FOIFMBEF
SB
t%FCFMMFHBSBMMBCPSBUPSJPEFCJEBNFOUFJEFOUJmDBEB
1SPDFEFODJBEFMBHVBEFSJFHP
&MBHVBQBSBSJFHPEFCFFYUSBFSTFEFGVFOUFTTPTUFOJCMFT
ZOPDPOUBNJOBEBT"OUFTEFSFBMJ[BSVOBOVFWBQFSGPSBDJØO
TFEFCFSFBMJ[BSVOFTUVEJPEFHFPBOÈMJTJTÏTUFEFUFSNJOBMB
QSPGVOEJEBEEFMBQFSGPSBDJØOQBSBFODPOUSBSBHVBRVFDPOUFOHB
VOBDPODFOUSBDJØOEFTBMFTBEFDVBEBZMJCSFEFQBUØHFOPT
DPNPBTÓUBNCJÏOTVQPUFODJBMDBVEBM%JDIPFTUVEJPJOEJDB
DVBMFTFMBDVÓGFSPBEFDVBEPQBSBDBEBSFHJØO
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t&ODBNJTBEPFMQP[PTFSÈSFWFTUJEPDB×PDBNJTB
EFTEF
FMOJWFMOBUVSBMEFMQJTPDPOUVCPEF17$DVZPFYUSFNPJOGFSJPS
RVFEBSÈJOTUBMBEPFOFMNBOUPEFBSDJMMBJNQFSNFBCMF
t'JMUSPTFJOTUBMBSÈBDPOUJOVBDJØOEFMFYUSFNPJOGFSJPS
EFMDB×PDBNJTBMBVOJEBEEFGJMUSBEP%JDIBVOJEBEFTUÈ
DPNQVFTUBQPSVODB×PmMUSPEF17$DPONBMMBEFOZMPOEF
EJÈNFUSPBEFDVBEPBMDBVEBMEFMFRVJQPFMFDUSPCPNCBDPO
TVDPSSFTQPOEJFOUFDB×FSÓBEFTPTUÏODPOTUSVZÏOEPTFVOFT
QBDJPBOVMBSFOUSFFMFODBNJTBEPZFMQP[PRVFTFSÈHSBWBEP
DPOHSBWBTJMÓDJDBEFHSBOVMPNFUSÓBBEFDVBEBTFQBSBOEPMB
VOJEBEEFmMUSBEPEFMBBSFOBQFSNJUJFOEPEFFTUBGPSNBMB
OPPCTUSVDDJØOEFMmMUSP
-PTTJTUFNBTEFSJFHPEFNBZPSVUJMJ[BDJØOFOIPSUJ
DVMUVSB
3JFHPQPSBTQFSTJØOFTUFTJTUFNBEFSJFHPBQMJDBFMBHVB
BMTVFMPFOGPSNBEFMMVWJBVUJMJ[BOEPEJTQPTJUJWPTEFOPNJOBEPT
BTQFSTPSFTRVFHFOFSBOVOnVKPEFBHVBQVMWFSJ[BEBFOHPUBT
mHVSB
&MBHVBFTFYQVMTBEBQPSMPTBTQFSTPSFTMMFHB
IBTUBFMMPTDPOQSFTJØOBUSBWÏTEFVOBSFEEFUVCFSÓBTDVZB
DPNQMFKJEBEZMPOHJUVEEFQFOEFEFMBEJNFOTJØOZMBDPOmHV
SBDJØOEFMBQBSDFMBBSFHBS-BEJTQPTJDJØOEFMPTBTQFSTPSFTTF
SFBMJ[BUFOJFOEPMBQSFDBVDJØOEFNPKBSMPNÈTVOJGPSNFNFOUF
QPTJCMFMBTVQFSmDJFEFMTVFMPTPMBQÈOEPTFDPSSFDUBNFOUF
t$FNFOUBEPVOBWF[JOTUBMBEPFMFODBNJTBEPTFQSP
DFEFSÈBMDFNFOUBEPEFMBQFSGPSBDJØORVFTFSFBMJ[BSÈQPS
TJTUFNBEFJOZFDDJØOEFDFNFOUPEFTEFFMNBOUPJNQFSNFBCMF
NFUSPTBQSPYJNBEBNFOUF
EFBCBKPIBDJBBSSJCBBTFHV
SBOEPEFFTUBGPSNBFMUPUBMTFMMBEPEFMBTOBQBTOPQPUBCMFT
TJFOEPÏTUFFMÞOJDPNÏUPEPTFHVSPQBSBMBOPDPOUBNJOBDJØO
EFOBQBT-BQFSGPSBDJØOBTÓDPOTUSVJEBTFFTUJNBRVFBMDBO[BSÈ
VOBQSPGVOEJEBEUPUBMEFBNFUSPTEFQFOEJFOEPEFMB
[POBBQFSGPSBS
t%FTJOGFDDJØOEFMBQFSGPSBDJØOUFSNJOBEPTMPTUSBCBKPT
TFQSPDFEFSÈBMBEFTJOGFDDJØOEFMBQFSGPSBDJØOBEJDJPOÈOEPMF
IJQPDMPSJUPEFTPEJPFOMBQSPQPSDJØODPSSFDUBQBSBEFTJOGFDUBS
MBQPTJCMFDPOUBNJOBDJØOQSPEVDUPEFMPTUSBCBKPTSFBMJ[BEPTZ
UFOFSBTÓCVFOBTDPOEJDJPOFTEFQPUBCJMJEBEEFTFSOFDFTBSJP
EFBDVFSEPBMVTP
„
4JTUFNBTEFSJFHP
4FEFCFFNQMFBSFMTJTUFNBEFSJFHPNÈTFmDJFOUFZFDPOØ
NJDBNFOUFQPTJCMFDPOFMmOEFPQUJNJ[BSFMBQSPWFDIBNJFOUP
EFMPTSFDVSTPTIÓESJDPT
"MFMFHJSFMTJTUFNBEFSJFHPTFEFCFUFOFSFODVFOUBRVFDBEB
VOPUJFOFVOQPUFODJBMWBSJBCMFEFJOUSPEVDDJØOEFQBUØHFOPTP
EFQSPNPWFSTVDSFDJNJFOUPFOWFSEVSBTEFIPKBTQPSFKFNQMP
FMTJTUFNBEFSJFHPQPSBTQFSTJØOQSFTFOUBNBZPSSJFTHPEF
DPOUBNJOBDJØOEFMDVMUJWPRVFFMTJTUFNBEFSJFHPQPSHPUFP
4FEFCFDPOUFNQMBSVOQMBOEFVTPSBDJPOBMEFBHVBDPOP
DJFOEPFMSFRVFSJNJFOUPEFDBEBDVMUJWPZSFHBOEPEFBDVFSEP
BEJDIPSFRVFSJNJFOUP
7FOUBKBTEFMTJTUFNBEFSJFHPQPSBTQFSTJØO
t1FSNJUFSFHBSUFSSFOPTPOEVMBEPTPQPDPTVOJGPSNFTTJO
OFDFTJEBEEFVOBOJWFMBDJØOQSFWJB
t3FRVJFSFFOHFOFSBMNFOPSDPOTVNPEFBHVBDPOSFTQFDUP
BMPTTJTUFNBTQPSJOVOEBDJØO
t'BDJMJUBFMQSPDFTPEFHFSNJOBDJØOZFNFSHFODJBBMNPKBS
MBUPUBMJEBEEFMBTVQFSmDJF
t"QSPWFDIBDPONBZPSFmDJFODJBMBTVQFSmDJFEFDVMUJWP
BMOPEFTUJOBSQBSUFEFMTVFMPBDBOBMFTZBDFRVJBT
t&TVONÏUPEPBEFDVBEPQBSBSFBMJ[BSMBWBEPEFTBMFT
MBTRVFUJFOEFOBEFTQMB[BSTFKVOUPDPOFMBHVBIBTUBDBQBT
NÈTQSPGVOEBTEFMTVFMPRVFEBOEPGVFSBEFMBMDBODFEFMBT
SBÓDFT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t1FSNJUFBQMJDBSGFSUJMJ[BOUFTZUSBUBNJFOUPTRVÓNJDPTKVOUP
DPOFMBHVBEFSJFHP
t%JTNJOVZFMBFSPTJØOIÓESJDBDPNQBSBEBDPOVOSJFHPQPS
FTDVSSJNJFOUPPHSBWFEBEZMBFØMJDBDPNQBSBEBDPOVOSJFHP
QPSHPUFPFTUBÞMUJNBOPIVNFEFDFMBUPUBMJEBEEFMUFSSFOPZ
QPSMPUBOUPGBWPSFDFFTUFUJQPEFFSPTJØO
%FTWFOUBKBTEFMTJTUFNBEFSJFHPQPSBTQFSTJØO
t(SBOJOWFSTJØOJOJDJBM
t"MUPDPTUPFOFSHÏUJDPSFRVFSJEPQBSBTVGVODJPOBNJFO
UP
t3FRVJFSFDPOUBSEFBDVFSEPBMDVMUJWPBSFHBSZBMPTTJT
UFNBTEFSJFHPQPSBTQFSTJØODPOTJEFSBCMFNBOPEFPCSBQBSB
JOTUBMBSZEFTJOTUBMBSMBTDB×FSÓBTDPSSFTQPOEJFOUFT
t&MWJFOUPFTVOGBDUPSRVFEJmDVMUBMBEJTUSJCVDJØOEFMBHVB
EJTNJOVZFOEPMBVOJGPSNJEBEEFBQMJDBDJØOZMBFmDJFODJBEFM
TJTUFNBEFSJFHP
t"VNFOUBFMSJFTHPEFEFTBSSPMMPEFFOGFSNFEBEFTBM
IVNFEFDFSTFMBQBSUFBÏSFBEFMDVMUJWP
t"VNFOUBFMSJFTHPEFDPOUBNJOBDJØOEFMDVMUJWPDVBOEP
OPEJTQPOFNPTEFBHVBEFDBMJEBEUBNCJÏOQPSFMTBMQJDBEP
EFMNJTNP
t-BTVQFSQPTJDJØOEFBTQFSTPSFTRVFSJFHBOFOGPSNB
DJSDVMBSIBDFRVFMBMÈNJOBOPTFBVOJGPSNF
3JFHPQPSFTDVSSJNJFOUPPHSBWFEBEFOFTUFTJTUFNBFM
BHVBTFBQMJDBDVCSJFOEPFOGPSNBQBSDJBMFMUFSSFOPZTFFTDVSSF
JOmMUSÈOEPTFFOUSFMPTTVSDPTSJFHPQPSTVSDPTPJOmMUSBDJØO
mHVSB
PCJFOTFEFTMJ[BTPCSFFMTVFMPDPNPVOBEFMHBEB
MÈNJOBRVFTFJOmMUSBFOTVEFTQMB[BNJFOUPSJFHPQPSDBOUFSP
PJOVOEBDJØO
$POTJEFSBDJPOFTHFOFSBMFT
t&MSJFHPQPSFTDVSSJNJFOUPFTFMNÈTJOFmDJFOUFFODVBOUP
BMBQSPWFDIBNJFOUPEFMBHVBQPSMPUBOUPOPFTBDPOTFKBCMF
FO[POBTEPOEFFMSFDVSTPBHVBFTVOBMJNJUBOUF
t3FRVJFSFRVFFMUFSSFOPFTUÏQFSGFDUBNFOUFTJTUFNBUJ
[BEPPOJWFMBEPBmOEFMPHSBSVOBEJTUSJCVDJØOIPNPHÏOFB
EFMBHVB
t4JMBQFOEJFOUFFTFYDFTJWBQSPEVDFFSPTJØOEFMTVFMP
t&TDPNQMJDBEBTVVUJMJ[BDJØOFOTVFMPTQPDPQSPGVOEPTDPO
BMUBWFMPDJEBEEFJOmMUSBDJØOZCBKBDBQBDJEBEEFSFUFODJØO
t4JCJFOOPQSFTFOUBVOBBMUBJOWFSTJØOJOJDJBMSFRVJFSFEF
NBZPSNBOPEFPCSBQBSBMMFWBSMPBDBCPDPOSFTQFDUPBPUSPT
TJTUFNBTDPNPFMMPDBMJ[BEP
3JFHPMPDBMJ[BEPQPSHPUFPZNJDSPBTQFSTJØO
FTVOB
UÏDOJDBEFBQMJDBDJØOQVOUVBMEFMBHVBBMTVFMPNFEJBOUFDBV
EBMFTSFEVDJEPTBVOÈSFBSFTUSJOHJEBEFMWPMVNFOSBEJDBMEFM
DVMUJWP$PNPFTFMTJTUFNBEFSJFHPQSPQVFTUPQPSMPTBVUPSFT
TFEFTDSJCFDPONBZPSEFUBMMFRVFMPTBOUFSJPSFT
&TUFTJTUFNBTVSHJØQPSQSJNFSBWF[FO*TSBFMBMUSBUBSEF
SFTPMWFSMPTQSPCMFNBTEFFTDBTF[EFBHVBZEFMBTFTQFDJBMFT
DPOEJDJPOFTDMJNÈUJDBTEFTV[POB
%FOUSPEFMPTMPUFTEFDVMUJWPHFOFSBMNFOUFFMBHVBTF
DPOEVDFBCBKBQSFTJØOEFBLHGDN
DPOUVCFSÓBT
EFQPMJFUJMFOPEFCBKPEJÈNFUSP&TUPTMMFWBOUPCFSBTDVZP
FTQBDJBNJFOUPEFQFOEFSÈTFHÞOTFBFMUJQPEFDVMUJWP4F
DPOTJEFSBSJFHPQPSHPUFPDVBOEPMPTDBVEBMFTEFMBTUPCFSBT
TPOJOGFSJPSFTBMPTMJUSPTEFBHVBIPSBEFBMJUSPT
SJFHPQPSNJDSPBTQFSTJØOZQPSFODJNBEFMJUSPTFTSJFHP
QPSBTQFSTJØO
6OBTQFDUPEFJNQPSUBODJBQBSBJOUFSQSFUBSFMGVODJPOB
NJFOUPEFMSJFHPMPDBMJ[BEPFTBOBMJ[BSDPNPFTMBEJTUSJCVDJØO
EFMBHVBFMBJSFZMBTTBMFTEFMTVFMP%FOUSPEFMCVMCPTFGPSNBO
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
USFT[POBTWFSmHVSB
DPOEJTUJOUPDPOUFOJEPEFBHVB
BJSFZTBMFT
B-B[POBTBUVSBEBFTUB[POBFTUÈFOTBUVSBDJØODPOUJOVB
MBTTBMFTFTUÈOEJTVFMUBTMBQSFTJØOPTNØUJDBFTCBKBBTÓDPNP
MPFTFMDPOUFOJEPEFBJSF
C-B[POBEFFRVJMJCSJPQSØYJNBBMBDBQBDJEBEEFDBN
QPDPONPWJNJFOUPTEFTBMFTZBHVBIBDJBMBUFSDFSB[POBFT
BEFDVBEBFODVBOUPBMBDBOUJEBEEFBJSFZBHVB
D-B[POBTFDBBRVÓTFEFUJFOFFMBHVBZMBTTBMFTQSPWF
OJFOUFTMBWBEBT
EFMBTPUSBT[POBTDPOUJFOFFMFWBEBDBOUJEBE
EFBJSF
5FOJFOEPFODVFOUBFMDPOKVOUPEFHPUFSPTEFVOBMÓOFBEFCF
IBCFSVOBTVQFSQPTJDJØOFOUSFMPTCVMCPTEFIVNFEFDJNJFOUP
BEZBDFOUFTQBSBQFSNJUJSFMMBWBEPEFMBTTBMFTIBDJBMBQFSJGFSJB
EFMBGSBOKBIÞNFEB&OHFOFSBMTFQVFEFDPOTJEFSBSRVFTF
IBSFHBEPBEFDVBEBNFOUFDVBOEPTØMPTFPCTFSWBIÞNFEP
FMTFDUPSEFMHPUFSPEFMBTVQFSmDJFEFMTVFMPQFSPFMTVFMPTF
FODVFOUSBNPKBEPQPSEFCBKPEFFMMB
&MCVMCPQVFEFTFSNÈTPNFOPTBMBSHBEPFMMPEFQFOEF
EFWBSJPTGBDUPSFT
B4VFMPFOVOTVFMPBSFOPTPTFGPSNBVOCVMCPNBT
BMBSHBEPRVFFOVOBSDJMMPTP
C%FTDBSHBEFMHPUFSPVOHPUFSPDPOVOBEFTDBSHBEF
EPTMJUSPTQPSIPSBQSPEVDFVOCVMCPNÈTFTUSFDIPRVFVOPEF
DVBUSPVPDIPMJUSPTQPSIPSB&OVOTVFMPBSFOPTPTFSÈOFDFTBSJP
JODPSQPSBSHPUFSPTEFNBZPSDBVEBMZBNFOPSEJTUBODJB&O
IPSUBMJ[BTEFIPKBTUBNCJÏOFTEFTFBCMFDPOUBSDPOHPUFSPTB
NFOPSEJTUBODJB
D%VSBDJØOEFMSJFHPDVBOEPNÈTTFQSPMPOHBVOSJFHP
NBTBVNFOUBMBEJNFOTJØOIPSJ[POUBMIBTUBDJFSUPTMÓNJUFT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
E'SFDVFODJBEFSJFHPFOVOTVFMPTFDPTFQSPEVDFVO
CVMCPNÈTFTUSFDIP
(FOFSBMNFOUFMBTQMBOUBTSFHBEBTQPSHPUFPEFTBSSPMMBOFM
TJTUFNBSBEJDBMNÈTTVQFSmDJBMFOGPSNBBTJNÏUSJDBZFMWPMVNFO
EFFYQMPSBDJØOEFMTVFMPFTNÈTSFEVDJEPFOBMHVOPTDBTPT
FYJTUFOQSPCMFNBTEFBODMBKFQSJODJQBMNFOUFDPOFTQFDJFT
BSCØSFBTZFOTVFMPTBSFOPTPT
1BSBBOBMJ[BSMBTWFOUBKBTZEFTWFOUBKBTEFSJFHPMPDBMJ[BEP
FTOFDFTBSJPTFQBSBSFMSJFHPQPSHPUFPZFMSJFHPQPSNJDSPBTQFS
TJØOEBEPRVFBNCPTTPOTJTUFNBTMPDBMJ[BEPTQFSPEJGFSFOUFT
FODVBOUPBMPTQSJODJQJPTEFEJTUSJCVDJØO
7FOUBKBTZEFTWFOUBKBTEFMTJTUFNBEFSJFHPMPDBMJ
[BEP
%FMSJFHPQPSHPUFP
7FOUBKBT
t"VNFOUPEFMBDBMJEBEZEFMSFOEJNJFOUPEFMPTQSPEVDUPT
BHSÓDPMBTZBRVFFTNÈTGÈDJMBDFSDBSTFBMBQPSUFØQUJNPEF
BHVBOFDFTBSJBQBSBMPTDVMUJWPT
t%JTNJOVZFMPTDPTUPTPQFSBUJWPTZEFBENJOJTUSBDJØOEF
MBNBOPEFPCSBQSJODJQBMNFOUFTJFMTJTUFNBFTUÈBVUPNBUJ
[BEP
t"IPSSPEFBHVBZBRVFTFSFEVDFOMBTQÏSEJEBTQPSFWB
QPSBDJØOZQFSDPMBDJØOZBVNFOUBMBFmDJFODJBLHEFNBUFSJB
TFDBQPSNEFBHVB
t%JTNJOVZFMBTFOGFSNFEBEFTQPSVOBSFEVDDJØOEFMB
IVNFEBEBNCJFOUBMZBOJWFMEFMDVFMMPEFMBTQMBOUBT
t%JTNJOVZFMPTQSPCMFNBTEFGPSNBDJØOEFDPTUSBTQPSMP
UBOUPBVNFOUBMBBJSFBDJØOFOMPTTVFMPTQFTBEPTUBNCJÏOTF
SFEVDFFMOBDJNJFOUPEFNBMF[BT
t1FSNJUFSFHBSDPOOJWFMFTTVQFSJPSFTEFTBMFTFOFMBHVB
PFOFMTVFMPZBRVFBMNBOUFOFSCVFOHSBEPEFIVNFEBEFO
FMNJTNPMBQSFTJØOPTNØUJDBFTNÈTCBKB
t1FSNJUFMBJODPSQPSBDJØOEFGFSUJMJ[BOUFTBMBHVBEFMSJFHP
ZUBNCJÏOEFPUSPTQSPEVDUPTmUPTBOJUBSJPTNBOUFOJFOEPNBT
VOJGPSNFMBEJTQPOJCJMJEBEEFFTUPTQSPEVDUPTBMPMBSHPEFM
UJFNQP
t/PFTOFDFTBSJPOJWFMBSFMUFSSFOPQFSNJUJFOEPFMSJFHPFO
MVHBSFTDPOVOBUPQPHSBGÓBZQSPGVOEJEBEEFTVOJGPSNF
t3FRVJFSFNFOPSQSFTJØORVFFMVUJMJ[BEPFOSJFHPQPS
BTQFSTJØOBMHVOPTMBUFSBMFTGVODJPOBODPONFOPTEF
LJMPHSBNPTEFQSFTJØO
OFDFTJUBNFOPSDBVEBMRVFFMSJFHP
FOTVQFSmDJF
t4FQVFEFBQMJDBSDPOWJFOUPZOPQSPEVDFFSPTJØOEFM
TVFMP
t'BDJMJUBFMBDDFTPBMDVMUJWPEFNBRVJOBSJBTBZVEBTDP
TFDIBTNÈRVJOBTQVMWFSJ[BEPSBTFUD
EBEPRVFFMBHVBOP
NPKBMPTTVSDPTQPSEPOEFQBTBOMBTNJTNBT
%FTWFOUBKBT
t3FRVJFSFVOBBMUBJOWFSTJØOJOJDJBMFTOFDFTBSJPIBDFSVO
BOÈMJTJTEFSFOUBCJMJEBE
t/PTFQSPEVDFVOMBWBEPVOJGPSNFEFMQFSmMEFMTVFMPFO
DBTPEFTFSOFDFTBSJPIBZRVFSFDVSSJSBPUSPTJTUFNBEFSJFHP
DPNQMFNFOUBSJPBTQFSTJØONJDSPBTQFSTJØOPJOVOEBDJØO
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t&TOFDFTBSJPDPOUBSDPOBHVBMJCSFEFJNQVSF[BTPCVFOPT
TJTUFNBTEFmMUSBEPT
t.FOPSnFYJCJMJEBEQBSBBQMJDBSMPFODVMUJWPTDPOEJGFSFOUFT
DBSBDUFSÓTUJDBT
t&TEB×BEPQPSSPFEPSFTZQÈKBSPTMBTSPUVSBTTPOEJGÓDJMFT
EFJEFOUJmDBSMBTZQSPEVDFOFOPSNFTEB×PTBMPTDVMUJWPTQPS
FODIBSDBNJFOUPT
t&MIFDIPRVFOPTFNPKBUPUBMNFOUFMBTVQFSmDJFEFMTVFMP
QSPEVDFQSPCMFNBTEFOBDJNJFOUPEFMBTTJFNCSBTMBTPMVDJØO
FTSFHBSJOJDJBMNFOUFDPOPUSPTJTUFNBEFSJFHPPBVNFOUBSFM
OÞNFSPEFHPUFSPTPSFHBSFOFYDFTPDPOFMNJTNP
t%JmDVMUBMBVUJMJ[BDJØOEFIFSCJDJEBTSFTJEVBMFTRVFSF
RVJFSFOMBQSFTFODJBEFBHVBFOTVQFSmDJF
t/PJOnVZFTPCSFFMNJDSPDMJNBDBMPSPGSÓP
FTEFDJSOPTF
QVFEFVUJMJ[BSDPNPVONÏUPEPQBSBSFEVDJSMBBDDJØOEFMBTIFMB
EBTUBNQPDPQBSBBVNFOUBSMPTOJWFMFTEFIVNFEBEBNCJFOUBM
RVFBWFDFTSFRVJFSFOMPTDVMUJWPTEVSBOUFMBFTUBDJØODÈMJEB
t/PQSPUFHFDPOUSBMBFSPTJØOFØMJDBBMOPNPKBSUPUBM
NFOUFFMTVFMP
t4FEJTNJOVZFFMDPOUSPMWJTVBMFTJNQPTJCMFDPOUSPMBSNÈT
EFHPUFSPTQPSIFDUÈSFBQBSBEFUFDUBSHPUFSPTUBQBEPT
&MUSBCBKPFTBÞONÈTEJGÓDJMDVBOEPMPTMBUFSBMFTTPOUBQBEPT
QPSFMBDPMDIBEPEFQPMJFUJMFOP
%FMSJFHPQPSNJDSPBTQFSTJØO
7FOUBKBT
t1FSNJUFBQMJDBSBHVBDPOCBKBJOUFOTJEBEZBMUBGSFDVFODJB
JHVBMRVFFMTJTUFNBQPSHPUFP
t4FBQMJDBVOBMÈNJOBNÈTVOJGPSNFEFBHVBBMTVFMP
RVFFTUFÞMUJNPFTVOTJTUFNBRVFIVNFEFDFFMUPUBMEFMB
TVQFSmDJFSFHBEB
t&TNVZÞUJMQBSBBTFHVSBSMBFNFSHFODJBZQSFOEJNJFOUP
EFMDVMUJWPQPSFKFNQMPFOTJFNCSBTEFSÞDVMBZSBEJDIFUBZ
MVFHPEFVOUSBOTQMBOUFEFMFDIVHBFOWFSBOP
t'BWPSFDFMBBDDJØOEFIFSCJDJEBT
t"VNFOUBMBIVNFEBESFMBUJWBQVFEFTFSVOBWFOUBKBP
VOBEFTWFOUBKBEFQFOEJFOEPEFMTJTUFNBEFDVMUJWPFTUBDJØO
EFMB×PFUD
t&TVOHSBODPNQMFNFOUPEFMTJTUFNBEFSJFHPQPSHP
UFP
&MTJTUFNBEF
SJFHPQPSHPUFP
FTFMNÈTSFDPNFOEBEP
EBEPTVFmDJFODJBZNFOP
SFTSJFTHPTEFDPOUBNJOB
DJØOEFMDVMUJWP
%FTWFOUBKBT
t&TQFSKVEJDBEPQPSMBBDDJØOEFMWJFOUPFODPOEJDJPOFT
WFOUPTBTTFQSPEVDFGBMUBEFVOJGPSNJEBEFOFMSJFHP
t&OFMDBTPRVFTFSFBMJDFDPOUPCFSBTRVFSJFHBOFOGPSNB
DJSDVMBSMBTVQFSQPTJDJØOEFMBTNJTNBTIBDFORVFMPTNJMÓNFUSPT
QPSVOJEBEEFTVQFSmDJFTFBOEJTQBSFTMBT[POBTEFUFSSFOP
EPOEFTFTVQFSQPOFFMSJFHPSFDJCFNÈTBHVBRVFBRVFMMBT
EPOEFOPFYJTUFTVQFSQPTJDJØO
t"MNPKBSMBTIPKBTEFMDVMUJWPQVFEFGBWPSFDFSMBUSBOTNJTJØO
ZQSPMJGFSBDJØOEFFOGFSNFEBEFT
$PNQPOFOUFTEFVOTJTUFNBEFSJFHPMPDBMJ[BEP
-PTDPNQPOFOUFTTFEFUBMMBOBDPOUJOVBDJØO
t.PUPCPNCB
t$BCF[BM
t'JMUSPT
t4JTUFNBTEFJODPSQPSBDJØOEFGFSUJMJ[BOUFT
t6OJEBEEFDPOUSPM
t3FEEFDPOEVDDJØOZEJTUSJCVDJØOEFBHVB
t-ÓOFBNBESFTPQSJODJQBMFTMMFHBOBMBDBCFDFSBEFM
MPUF
t-ÓOFBTVCNBESFEPOEFTFDPOFDUBOMPTMBUFSBMFT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t-BUFSBMFTTPOMPTRVFFTUÈOFOFMMPUFEFDVMUJWPZQPSUBO
MPTEJGVTPSFT
t%JGVTPSFTHPUFSPTPNJDSPBTQFSTPSFT
.PUPCPNCBEFCFQSPWFFSBHVBFODBOUJEBEZQSFTJØO
TVGJDJFOUFQBSBFMGVODJPOBNJFOUPEFMFRVJQPÏTUBQVFEF
FYUSBFSBHVBEFMTVCTVFMPEFSÓPTEFFNCBMTFTFUD-BNJTNB
TFSÈEFFKFWFSUJDBMVIPSJ[POUBMDPOSFMBDJØOBMBQSPGVOEJEBE
EFFYUSBDDJØO
&OMBmHVSBTFPCTFSWBVOBCPNCBDPOVONPUPS
FMÏDUSJDP)1
RVFFYUSBFBHVBEFVOUBORVFSFTFSWPSJPEF
BHVBZMPJNQVMTBBVODBCF[BMEFSJFHPQPSHPUFP
0USPUJQPEFCPNCBTNVZVUJMJ[BEBTTPOMBEFUJQPTVNFS
HJCMFT
$BCF[BMFTFMDPSB[ØOEFMTJTUFNBmHVSB
EFCF
DVNQMJSDPOMBTTJHVJFOUFTGVODJPOFT
t'JMUSBDJØOQSJNBSJBQBSBSFNPWFSMBTQBSUÓDVMBTEF
NBZPSEJÈNFUSPZBTFBOEFBSFOBPNBUFSJBMFTPSHÈOJDPT
mMUSPTIJESPDJDMPOFTPEFHSBWB
HFOFSBMNFOUFVCJDBEPTBMB
FOUSBEBEFMDBCF[BM
t'JMUSBDJØOTFDVOEBSJBQBSBTFQBSBSQBSUÓDVMBTmOBTBOUFT
RVFQBTFBMBTUVCFSÓBTQSJODJQBMNFOUFSFUJFOFMBTJNQVSF[BT
QSPWFOJFOUFTEFMPTGFSUJMJ[BOUFTVUJMJ[BEPTFTVOmMUSPEFNBMMB
PBOJMMPTHFOFSBMNFOUFFTUBVCJDBEPBMBTBMJEBEFMDBCF[BM
t3FHVMBDJØOEFQSFTJØODVBOEPMBQSFTJØOTVQFSBVO
MÓNJUFEFUFSNJOBEPTFQSPEVDFFMSFUPSOPEFQBSUFEFMBHVBMP
RVFQFSNJUFRVFMBQSFTJØOOPFYDFEBMBEFTFBEB&MMPQSPUFHF
BMFRVJQPEFSPUVSBTQPSFYDFTPEFQSFTJØO
t'FSUJMJ[BDJØOJOZFDDJØOEFMGFSUJMJ[BOUFDPOCPNCBT
GFSUJMJ[BEPSBTPBUSBWÏTEFVO7FOUVSJ
t.FEJDJØOEFQSFTJØOFOEJGFSFOUFTQVOUPTNBOØNF
USP
FTUPJOEJDBFMFTUBEPEFMPTmMUSPTFMSJUNPEFJOZFDDJØOEFM
GFSUJMJ[BOUFTJFYJTUFBMHÞOQSPCMFNBBOJWFMEFMBCPNCBFUD
t%FTDBSHBEFBJSFFTVOBWÈMWVMBRVFQFSNJUFFYQVMTBSFM
BJSFQSFTFOUFFOMBTDB×FSÓBTZEFFTUBNBOFSBFWJUBSSPUVSBTBM
QPOFSFOGVODJPOBNJFOUPFMFRVJQP)BZEJGFSFODJBTEFPQJOJØO
TPCSFMBVUJMJ[BDJØOEFFTUFDPNQPOFOUFQVFTIBZDJFSUPTBV
UPSFTRVFPQJOBORVFMBQSFTJØOEFMBJSFEFOUSPEFMBTDB×FSÓBT
MJNQJBMPTHPUFSPT
t3FUFODJØOEFMnVKPDPOMBJOTUBMBDJØOEFVOBWÈMWVMB
EFSFUFODJØORVFJNQJEBRVFFMBHVBSFUPSOFZDPOUBNJOFMB
GVFOUFEFBHVB
t%PTJmDBDJØOBVUPNÈUJDBEFBHVBZGFSUJMJ[BOUFT
QFSNJUFBQMJDBSMBDBOUJEBEEFTFBEBEFBHVBFOGVODJØOEFM
WPMVNFOPEFMUJFNQPEFSJFHP(FOFSBMNFOUFTFVUJMJ[BO
DPNQVUBEPSBTRVFPSEFOBOMBBQFSUVSBZDJFSSFEFWÈMWVMBT
TPMFOPJEFTVCJDBEBTFOMBFOUSBEBEFDBEBNØEVMPEFSJFHP
-BPSEFOTFQVFEFUSBOTNJUJSQPSWÓBFMÏDUSJDBPIJESÈVMJDB&O
FMNFSDBEPFYJTUFOOVNFSPTBTNBSDBTDPNFSDJBMFTEFFRVJQPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
EFDPOUSPMEFGFSUJSSJHBDJØODPOEJGFSFOUFTHSBEPTEFBVUPNB
UJTNPTQFSNJUJFOEPSFHBSZBQMJDBSOVUSJFOUFTFOGVODJØOBMB
DPOTJHOBFTUBCMFDJEB
t3FHJTUSPBDVNVMBUJWPEFDPOTVNPDBVEBMÓNF
USP
FTUPQFSNJUFUFOFSVOSFHJTUSPSFBMEFMPTDPOTVNPT
EFBHVBZBRVFFMDPOUSPMBUSBWÏTEFMUJFNQPEFSJFHP
OPFTFMBEFDVBEP
t$JFSSFEFQBTPTDPOWÈMWVMBTNBOVBMFTQBSBFOWJBS
FMBHVBBMPTEJGFSFOUFTTFDUPSFTEFSJFHPZQFSNJUJSSFQBSB
DJPOFTEFMDBCF[BM
'JMUSPTTPOEFWJUBMJNQPSUBODJBZBRVFEFPUSBNBOFSBTF
UBQBSÓBOMBTVOJEBEFTEJGVTPSFTHPUFSPTPUPCFSBT
MPTmMUSPT
VUJMJ[BEPTMPTQPEFNPTTFQBSBSFODVBUSPHSVQPT
t)JESPDJDMPOFTUSBCBKBOQPSFMQSJODJQJPEFMBDFOUSÓGVHB
mHVSB
TFQBSBOEPMBTQBSUÓDVMBTNÈTQFTBEBTUBMFTDPNP
HSBWBTBSFOBTZEFVOUBNB×PTVQFSJPSBMPTNJDSPOFT
QSPEVDFVOBQÏSEJEBEFDBSHBFMFWBEBRVFPTDJMBFOUSFB
LJMPHSBNPTEFQSFTJØO
t%FBSFOBPEFHSBWBTJMBTQBSUÓDVMBTEFmMUSBEPTPO
QFRVF×BTTFSÈEFBSFOBTJOPTFSÈEFHSBWBBCTPSCFOMBT
JNQVSF[BTEFMBHVBTPCSFMBFYUFOTBTVQFSmDJFRVFUJFOFO
3FDPNFOEBEPTQBSBBMHBTSFTUPTPSHÈOJDPTZQFRVF×PTQBS
UÓDVMBTJOPSHÈOJDBTBSDJMMBTFUD
JNQVSF[BTNVZDPNVOFT
DVBOEPTFFYUSBFBHVBEFSÓPVPUSBTGVFOUFTBDJFMPBCJFSUP&M
FTQFTPSEFMBDBQBEFBSFOBPHSBWBEFCFTFSDPNPNÓOJNPEF
DFOUÓNFUSPTZFMnVKPEFBHVBEFMJUSPTQPSNJOVUPZQPS
NEFTVQFSmDJFmMUSBOUF6OmMUSPMJNQJPOPEFCFQSPEVDJSVOB
QÏSEJEBEFDBSHBTVQFSJPSBLJMPHSBNPTEFQSFTJØODVBOEP
FMmMUSPFTUBTVDJPPDPOUBNJOBEPTFQSPEVDFVOEJGFSFODJBEF
QSFTJØOFOUSFMBFOUSBEBZTBMJEBEFBHVBRVFOPEFCFTFSNÈT
EFLJMPHSBNPTEFQSFTJØODPOSFTQFDUPBMBTDPOEJDJPOFT
EFMJNQJF[BUPUBMTFDPOUSPMBDPOVONBOØNFUSPBMBFOUSBEB
ZTBMJEBEFMNJTNP
-BMJNQJF[BTFQSPEVDFQPSSFUSPMBWBEPFT
EFDJSIBDFSQBTBSFMBHVBFOTFOUJEPDPOUSBSJP
t%FNBMMBCBTBEPTFOFMFNFOUPTQFSGPSBEPTNBMMB
NFUÈMJDBTPEFQMÈTUJDPRVFSFUJFOFOMBTQBSUÓDVMBTNÈTmOBT
&TUPTmMUSPTTFPCUVSBOGÈDJMNFOUFQPSFMMPFMBHVBEFCFMMFHBS
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
BÏMTVmDJFOUFNFOUFMJNQJB&MUBNB×PEFMPSJmDJPEFMBNBMMB
EFCFTFSEFEFMUBNB×PEFMPSJmDPEFMHPUFSP/PSNBMNFOUF
QSPEVDFVOBQÏSEJEBEFQSFTJØOEFLJMPHSBNPT
t%FBOJMMBTGPSNBEPTQPSBOJMMBTDVZBTDBSBTTPOJSSF
HVMBSFTZSFUJFOFOQBSUÓDVMBTFOTVTVQFSmDJFZFOTVJOUFSJPS
DVNQMFOMBGVODJØOJHVBMRVFFMBOUFSJPS/PSNBMNFOUFQSPEVDF
VOBQÏSEJEBEFQSFTJØOEFLJMPHSBNPT"DUVBMNFOUFFTVOP
EFMPTNÈTVUJMJ[BEPTQPSTVGBDJMJEBEFOMBMJNQJF[B
4JTUFNBTEFJODPSQPSBDJØOEFMGFSUJMJ[BOUFGFSUJSSJ
HBDJØO
TPOFMFNFOUPTRVFQFSNJUFOJOZFDUBSMBTPMVDJØO
NBESFBMnVKPEFBHVBQBSBSJFHPMPTQSJODJQBMFTTFEFTDSJCFO
BDPOUJOVBDJØO
t7FOUVSJCBTBEPFOFMQSJODJQJPEF7FOUVSJFTVOFTUSFDIB
NJFOUPEFMnVKPFOVOUVCPQBSBMFMPBMBEJSFDDJØOEFMNJTNP
RVFQSPEVDFVOWBDÓPRVFQFSNJUFBTQJSBSMBTPMVDJØONBESF
4POTJNQMFTZFDPOØNJDPTQFSPEFBMUPDPOTVNPEFFOFSHÓB
&TFMTJTUFNBRVFNÈTTFVUJMJ[BFOOVFTUSPQBÓT
t#PNCBEFJOZFDDJØOTPOCPNCBTRVFQFSNJUFOJOZFDUBS
MBTPMVDJØONBESF"MHVOBTTPOCPNCBTIJESÈVMJDBTRVFVTBO
MBQSFTJØOEFMBHVBDPNPGVFOUFEFFOFSHÓBCBTBEBFOFM
GVODJPOBNJFOUPEFQJTUPOFTZEJBGSBHNBTPUSBTTPOFMÏDUSJDBT
RVFJOZFDUBOMBTPMVDJØONBESFBQSFTJØO-BWFOUBKBFTMB
FYBDUJUVEEFMBTBQMJDBDJPOFTBNQMJBQPTJCJMJEBEEFSFHVMBDJØO
ZOPOFDFTJUBNVDIBFOFSHÓBQBSBTVGVODJPOBNJFOUPQFSPTPO
DPTUPTBTZFTOFDFTBSJPVONBOUFOJNJFOUP
3FEEFDPOEVDDJØOZEJTUSJCVDJØOEFMBHVB
&OHFOFSBMMBTDB×FSÓBTQSJNBSJBTTFDVOEBSJBTUFSDJBSJBT
ZTVCNBESFTTPOEF17$SÓHJEPZMPTMBUFSBMFTMPTRVFMMFWBO
MPTHPUFSPT
TPOEFQPMJFUJMFOP-BTQSJNFSBTTPOEFEJÈNFUSP
WBSJBCMFTFHÞOMPTTFDUPSFTEFSJFHPEFBNJMÓNFUSPTP
NÈT
ZHFOFSBMNFOUFWBOFOUFSSBEBTMBTTFHVOEBTTPOEF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
PNJMÓNFUSPTOPSNBMNFOUFWBOTPCSFFMTVFMPEFCFO
UFOFSUSBUBNJFOUPQBSBFWJUBSFMFGFDUPOFHBUJWPEFMPTSBZPT
VMUSBWJPMFUBTEFMTPM
&OMBmHVSBTFPCTFSWBVOBDB×FSÓB
TVCNBESFDPOWÈMWVMBFMÏDUSJDBZEPTEFSJWBDJPOFTDPOTVT
SFTQFDUJWBTMMBWFTEFQBTP&OMBmHVSBTFNVFTUSBMB
DB×FSÓBTVCNBESFFOGPSNBTVQFSmDJBMDPODPOFDUPSFTZDB×P
EFSJFHPQPSHPUFP
%JGVTPSFTPHPUFSPTMPTHPUFSPTEFCFSBQPSUBSVODBVEBM
IPNPHÏOFPSFEVDJEPZOPPCTUSVJSTFDPOGBDJMJEBEUBNCJÏO
EFCFOTFSQPDPTTFOTJCMFTBMBTWBSJBDJPOFTEFQSFTJØO"DPO
UJOVBDJØOTFEFTDSJCFOBMHVOPTNPEFMPT
t(PUFSPTEFMBCFSJOUPTDPNÞOQVFEFFTUBSJODPSQPSBEP
POPBMMBUFSBMTPMEBEPPQBSBJOTFSUBSFYUFSOBNFOUF
-BQÏSEJEB
EFQSFTJØOTFQSPEVDFQPSMBDPNQMJDBDJØOEFMUSBZFDUPEFMnVKP
UVSCVMFODJB
&TFMHPUFSPNÈTVTBEPQSFTFOUBFYBDUJUVEFOMB
EFTDBSHBSFTJTUFODJBBPCTUSVDDJPOFTBDDJØOTFNJSSFHVMBEPSB
FODVBOUPBMBQSFTJØO"DUVBMNFOUFTPOSFFNQMB[BEPTQPSMPT
MMBNBEPTiEFQMBDBwRVFUJFOFOFMNJTNPQSJODJQJP
t(PUFSPTEFMBCFSJOUPDPOEJBGSBHNBTPBVUPDPNQFO
TBEPTUJFOFOVOEJBGSBHNBRVFQFSNJUFDPOUSPMBSMBEFTDBSHB
FOQSFTJPOFTNVZWBSJBEBTUJFOFONVZQPDBWBSJBDJØOEF
DBVEBMBQMJDBEPDPOSFMBDJØOBMBQSFTJØO
4FQVFEFOVTBSFO
DPOEJDJPOFTUPQPHSÈmDBTBEWFSTBTQFSNJUFBMBSHBSMPTMBUFSBMFT
OPUBCMFNFOUFFUD*NQPSUBOUFFOMPTDVMUJWPTTJOTVFMPQBSB
FWJUBSEFTVOJGPSNJEBE
t(PUFSPTJOUFHSBEPTTPOHPUFSPTEFMBCFSJOUPJOTFSUBEPT
FOMBQBSFEJOUFSOBEFMMBUFSBMQPSUFSNPGVTJØO
t.JDSPUVCPTFTVOUVCPNVZmOPRVFQSPEVDFEJTNJOVDJØO
EFMBQSFTJØOQPSFMSFDPSSJEPEFMnVKPBMPMBSHPEFMNJDSPUVCP
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
/PTPOVOJGPSNFTTPOFDPOØNJDPTEFGÈDJMPCTUSVDDJØOZNVZ
DBNCJBOUFTFOGVODJØOEFMBUFNQFSBUVSBFYUFSJPS"DUVBMNFOUF
VTBEPTFODVMUJWPTJOTVFMPDPOVOPSJmDJPEFNBZPSEJÈNFUSP
DPOBMUPDBVEBMEFEFTDBSHBTØMPBDFQUBEPQPSFMTVTUSBUP
RVFFTVUJMJ[BEPFOFTUBUÏDOJDBEBEPMBBMUBDBQBDJEBEEF
JOmMUSBDJØOEFMNJTNP
-PTMBUFSBMFTEFSJFHPTFDPOFDUBOBMBMÓOFBTFDVOEBSJBP
TVCNBESFQPSNFEJPEFiDIJDPUFTwDB×PTDJFHPTBMPTDVBMFTTF
MFTJOTFSUBMPTMBUFSBMFTEFSJFHP
-BDPOFYJØOTFIBDFBUSBWÏT
EFVODPOFDUPS&OBMHVOPTDBTPTDVBOEPMBMÓOFBTVCNBESFOP
TFFODVFOUSBFOUFSSBEB
TFDPOFDUBFMMBUFSBMEJSFDUBNFOUFBMB
TVCNBESFQPSNFEJPEFDPOFDUPSFTRVFQVFEFOUFOFSWÈMWVMB
EFQBTPmHVSB
„
$ÈMDVMPEFOFDFTJEBEFTEFSJFHP
-PTDÈMDVMPTEFSJFHPTFEFCFOSFBMJ[BSFOGVODJØOBMB
FWBQPUSBOTQJSBDJØOQBSBFMMPFTDPOWFOJFOUFUFOFSFTUBOEBSJ
[BEPTMPTDPOTVNPTEFBHVBEFDBEBDVMUJWPQBSBDBEBFTUBEP
WFHFUBUJWPZDPOEJDJPOFTDMJNÈUJDBT
4FEFCFNPOJUPSFBSQFSNBOFOUFNFOUFRVFMBDBOUJEBE
BQMJDBEBEFSJFHPTFBMBDPSSFDUBQPSFKFNQMPQPSNFEJPEF
MJTÓNFUSPTUFOTJØNFUSPTQMVWJØNFUSPTPCTFSWBDJPOFTDPO
QBMBFUD
&UBQBTBTFHVJSQBSBMBFMBCPSBDJØOEFVOQSPZFDUP
EFSJFHPQPSHPUFP
B%FUFSNJOBDJØOEFMBDBMJEBEEFBHVB
4FEFCFSFBMJ[BSVOBOÈMJTJTEFBHVBDPOFMmOEFEFUFSNJOBS
TJÏTUBFTBQUBQBSBSJFHPDPOFMmOEFQSFWFOJSJOTPMVCJMJ[B
DJPOFTJODSVTUBDJPOFTFOMBTDB×FSÓBTZEJGVTPSFTQSPCMFNBT
EFTBMJOJ[BDJØOZTPEJmDBDJØOEFMPTTVFMPTUPYJDJEBEFTFOMPT
WFHFUBMFTFUD
-PTQSJODJQBMFTQBSÈNFUSPTBDPOTJEFSBSTPO
t$POEVDUJWJEBE
tQ)
t4VMGBUPTDMPSVSPTDBSCPOBUPTCJDBSCPOBUPTCPSBUPTFUD
t$BMDJPNBHOFTJPTPEJPFUD
t.BUFSJBPSHÈOJDB
C%FUFSNJOBDJØOEFMBOFDFTJEBEEFESFOBKF
4FEFCFSFHBSDPOVOQPSDFOUBKFEFBHVBNBZPSBMBT
OFDFTJEBEFTEFMDVMUJWPQBSBQPEFSMPHSBSFMMBWBEPEFTBMFTZ
NBOUFOFSFMOJWFMNÈTCBKPQPTJCMFFOMB[POBSBEJDBM(FOFSBM
NFOUFFTUFQPSDFOUBKFFTEFBTJFOEPNBZPSBNFEJEB
RVFMBTBMJOJEBEBVNFOUB
D%FUFSNJOBDJØOEFMPTSFRVFSJNJFOUPTEFMDVMUJWP
$PODFQUPTHFOFSBMFTMBTQMBOUBTOFDFTJUBOBHVBQBSB
TVDSFDJNJFOUPZEFTBSSPMMPTJFOEPFTUFFMGBDUPSQSJODJQBMQBSB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
MPHSBSCVFOPTSFOEJNJFOUPTZDBMJEBE6OBQBSUFJNQPSUBOUF
EFMBHVBNÈTEFM
FTFMJNJOBEBIBDJBMBBUNØTGFSBDPNP
WBQPSÏTUBTFEFOPNJOBUSBOTQJSBDJØOZTFSFBMJ[BBUSBWÏTEF
MPTFTUPNBTEFMBTIPKBT&MQSPDFTPDPOKVOUPEFUSBOTQJSBDJØO
EFMBTQMBOUBTZMBFWBQPSBDJØOEFMTVFMPDPOTUJUVZFMBFWBQP
USBOTQJSBDJØO-BFWBQPSBDJØOEFMTVFMPTFSÈNVZJNQPSUBOUF
TJÏTUFTFFODVFOUSBNPKBEPTJNJMBSBVOFTQFKPEFBHVBBMB
NJTNBUFNQFSBUVSB
FODBNCJPFOVODVMUJWPCBKPJOWFSOBEFSP
DPONVMDIJOHTFSÈDBTJOVMB
&OUPEPQSPZFDUPEFSJFHPFTJNQPSUBOUFEFUFSNJOBSMBT
OFDFTJEBEFTEFMPTDVMUJWPTOPTØMPMBTHMPCBMFTTJOPUBNCJÏOMBT
RVFDPSSFTQPOEFOBDBEBFUBQBEFMNJTNPFTEFDJSMBMMBNBEB
FWBQPUSBOTQJSBDJØOEFMPTDVMUJWPTP6TP$POTVOUJWPEFMPT
NJTNPTFTUBTEPTEFOPNJOBDJPOFTTFEJGFSFODJBOTPMBNFOUF
FORVFMBTFHVOEBUJFOFFODVFOUBFMBHVBRVFRVFEBFOMP
UFKJEPTEFMPTWFHFUBMFTOPMMFHBBM
DPNPFTEFQPDB
JNQPSUBODJBFOMBQSÈDUJDBMPDPOTJEFSBSFNPTTJOØOJNPT/PS
NBMNFOUFFTUFQSPDFTPTFNJEFFONNEÓBQPSNFTPB×PFT
OFDFTBSJPUFOFSFODVFOUBRVFNNFTJHVBMBMJUSPEFBHVB
FOVONPNIB
t-BUFNQFSBUVSBMBBDDJØOEFMBUFNQFSBUVSBBVNFOUB
MBQSFTJØOEFWBQPSEFMPTUFKJEPTQPSMPUBOUPBVNFOUBMB
USBOTQJSBDJØO
t&MWJFOUPFMWJFOUPBVNFOUBFMHSBEJFOUFEFQSFTJØOEF
MPTFTUPNBTZFODPOTFDVFODJBHFOFSBNBZPSUSBOTQJSBDJØOTJ
FTUFFTFYDFTJWPTFQSPEVDFVODJFSSFFTUPNÈUJDP
t-BDBOUJEBEEFBHVBEFRVFEJTQPOFMBQMBOUBFO
FMTVFMPFTVOGBDUPSMJNJUBOUFZBRVFFMEÏmDJUSFEVDFMB
USBOTQJSBDJØOEFMBQMBOUB
"NFEJEBRVFFMDVMUJWPDSFDFBVNFOUBFMSFRVFSJNJFOUPEF
BHVBQSJODJQBMNFOUFTJTFEFTBSSPMMBFOVOBFTUBDJØODÈMJEB
-BFWBQPUSBOTQJSBDJØOSFBMFTMBRVFUJFOFFMDVMUJWPFOVO
NPNFOUPEFUFSNJOBEPZTFQVFEFDBMDVMBSBUSBWÏTEFMB
TJHVJFOUFNBOFSB
&5SFBMNNQPSVOJEBEEFUJFNQP
&UPEFSFGFSFODJB
Y,DEFMDVMUJWP
-PTGBDUPSFTRVFJOnVZFOFOMBUSBOTQJSBDJØOTPOMBSBEJBDJØO
MBIVNFEBESFMBUJWBMBUFNQFSBUVSBMPTWJFOUPTZMBEJTQPOJCJ
MJEBEEFBHVBBDPOUJOVBDJØOTFFYQMJDBDBEBVOPEFFMMPT
-B&UPEFSFGFSFODJBUBNCJÏOMMBNBEBFWBQPUSBOTQJSBDJØO
QPUFODJBM
FTMBRVFPDVSSJSÓBCBKPEFUFSNJOBEBTDPOEJDJPOFT
DMJNÈUJDBTFOVOÈSFBFYUFOTBEFHSBNÓOFBTEFBDFOUÓ
NFUSPTEFBMUVSBVOJGPSNFFOBDUJWPDSFDJNJFOUPRVFQSPZFDUB
TPNCSBTPCSFMBUPUBMJEBEEFMBTVQFSmDJFEFMUFSSFOPZRVFOP
MFGBMUFBHVB
t3BEJBDJØOTPMBSTVFGFDUPTPCSFMBUSBOTQJSBDJØOTF
FGFDUÞBTPCSFMBBQFSUVSBZDJFSSFEFMPTFTUPNBTFOMBNBZPSÓB
EFMPTWFHFUBMFTMPTFTUPNBTTFDJFSSBODVBOEPEFTBQBSFDFMB
MV[ZMBUSBOTQJSBDJØOTFEFUJFOF&TUFFTFMQSJODJQBMGBDUPSZFM
RVFFYQMJDBFOHSBOQBSUFFTUFQSPDFTP
&OFMDVBESPTFNVFTUSBMFFWBQPUSBOTQJSBDJØOQP
UFODJBMPEFSFGFSFODJBDBMDVMBEBTFHÞONÏUPEP'"01FONBO
QBSBMB[POBEF;BWBMMB1SPWJODJBEF4BOUB'FTJUVBEBB
LJMØNFUSPTEFMBDJVEBEEF3PTBSJP
FMEBUPNPTUSBEPFODBEB
NFTFTFMWBMPSNFEJPPCUFOJEPEFEJDIPNFT
t-BIVNFEBESFMBUJWBFTUÈDPOSFMBDJØOBMBQSFTJØOEF
WBQPSEFMBBUNØTGFSBDVBOEPNBZPSFTMBQSFTJØOEFWBQPS
EFMBBUNØTGFSBNÈTMFOUBFTMBUSBOTQJSBDJØO
,DEFMDVMUJWPFTUFDPFmDJFOUFEFMDVMUJWPFTVOGBDUPSRVF
DPSSJHFMBFWBQPUSBOTQJSBDJØOQPUFODJBMFOGVODJØOBMDVMUJWP
&TUFGBDUPSTFEFUFSNJOBFNQÓSJDBNFOUFQBSBDBEBDVMUJWPZ
FUBQBEFQFOEFQSÈDUJDBNFOUFEFMÓOEJDFEFÈSFBGPMJBS&M,D
TFFODVFOUSBUBCVMBEPTJOFNCBSHPQVFEFSFRVFSJSVOBKVTUF
SFHJPOBMFOGVODJØOBMPTNBUFSJBMFTHFOÏUJDPTFUD
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
-PTQSPDFEJNJFOUPTNÈTVUJMJ[BEPTQBSBEFUFSNJOBSFM,DEF
MPTDVMUJWPTTPOFMFNQMFPEFMJTÓNFUSPTZEFCBMBO[BT
$BVEBMNI
TVQFSmDJFBSFHBSIB
YEPTJTEFSJFHP
NN
IPSBTEJBSJBTEFSJFHP
&OFM$VBESPTFNVFTUSBOEBUPTEFMPTWBMPSFTEF,D
QBSBMBTFTQFDJFTEFMFDIVHBZFTQJOBDBUPNBOEPDVBUSPQF
SÓPEPTWFHFUBUJWPTEFMDJDMPEFDBEBDVMUJWPJOJDJPDSFDJNJFOUP
NFEJPDSFDJNJFOUPNÈYJNPZNBEVSBDJØO
&KFNQMPFOVOQSPZFDUPEFQSPEVDDJØOEFMFDIVHBCBKP
JOWFSOBEFSPEFIBTVQPOJFOEPVOBMÈNJOBNFEJBEFNN
QPSEÓBZIPSBTEFSJFHPEJBSJBT
1BSBFMDÈMDVMPEFFWBQPUSBOTQJSBDJØOSFBMTFUPNBDPNP
FKFNQMPFMTJHVJFOUFTVQVFTUP
tDVMUJWPEFMFDIVHB
tFTUBEPGFOPMØHJDPEFiDSFDJNJFOUPNFEJPw
tEVSBOUFFMNFTEFOPWJFNCSF
&5SFBMNNNFT Y
E&KFDVDJØOEFVOQMBOPEFMFTUBCMFDJNJFOUPDPOMB
VCJDBDJØOEFMPTMPUFTFMDBCF[BMZMBTDB×FSÓBT
4FSFBMJ[BVOQMBOPEFMFTUBCMFDJNJFOUPEPOEFTFVCJDBOFM
PMPTDBCF[BMFTFOFMMVHBSNÈTFRVJEJTUBOUFQPTJCMFFTUFQBTP
FTQSFMJNJOBSZBRVFUFOESÈRVFTFSDPUFKBEPDPOMPTDÈMDVMPT
EFNBUFSJBMFTZVOBOÈMJTJTFDPOØNJDP&OFTUBFUBQBUJFOFRVF
UFOFSTFFODMBSPMPTDVMUJWPTZDJDMPTEFMPTNJTNPZEFUFSNJOBS
FMNPNFOUPEFNÈYJNPSFRVFSJNJFOUP
F$ÈMDVMPEFMDBVEBMOFDFTBSJP
6OBWF[EFUFSNJOBEBMBDBMJEBEFMDPOTVNPNÈYJNPEF
MPTDVMUJWPTZMBTTVQFSmDJFTEFMPTMPUFTTFEFCFPCUFOFSFM
DBVEBMEFMBCPNCBOFDFTBSJPQBSBBCBTUFDFSBMPTDVMUJWPTFO
FMNPNFOUPEFNÈYJNBEFNBOEB&MDBVEBMEJBSJPEFQFOEFEF
MBTVQFSmDJFBSFHBSEFMBMÈNJOBBSFQPOFSZEFMBDBOUJEBE
FGFDUJWBEFIPSBTEFUSBCBKP&ODVBOUPBFTUFÞMUJNPQVOUP
FTDPOWFOJFOUFOPTVQFSBSMBTIPSBTEFUSBCBKPEJBSJPEFMB
CPNCBQSFWJFOEPQPSFKFNQMPQÏSEJEBTEFUJFNQPQPSSFQB
SBDJPOFTDPSUFTEFMV[EÓBTEFBMUBEFNBOEBEFBHVB
$BVEBM2
OFDFTBSJPEFMBCPNCBNYN
INI
&TEFDJSTFEFCFEJTQPOFSEFVOBCPNCBDPOVODBVEBM
NÓOJNPTVQFSJPSBMPTMITVQPOJFOEPVONBSHFOEF
TFHVSJEBEEFM
G$ÈMDVMPEFMBJOUFOTJEBEZUJFNQPNÈYJNPEFSJF
HP
*OUFOTJEBEFTMBDBOUJEBEEFBHVBRVFTFBQMJDBQPSVOJEBE
EFTVQFSmDJFFOVODJFSUPUJFNQPMIN
*OUFOTJEBEEFSJFHPDPOTVNPEFBHVBEFMHPUFSP
MI
TVQFSmDJFEFMNJTNPN
1PSFKFNQMP
t-PTMBUFSBMFTFTUÈOVCJDBEPTBNFOUSFTÓDPOHPUFSPT
DBEBNZDBEBHPUFSPBQMJDBMI
t1PSMPUBOUPMBTVQFSmDJFEFDBEBVOPEFFMMPTTFSÈ
NYNN
t-BMÈNJOBQPSIPSBPJOUFOTJEBETFSÈMI
N MIN
t&TEFDJSFMTJTUFNBBQPSUBNNIØMIIB
ØNIIB
5JFNQPNÈYJNPEFSJFHPFTMBDBOUJEBENÈYJNBEF
UJFNQPNJOVUPT
RVFTFOFDFTJUBSFHBSQPSEÓBBVODVMUJWP
QBSBBCBTUFDFSMP
5JFNQPEFSJFHPSFRVFSJNJFOUPEJBSJPEFMDVMUJWP
NN
BQPSUFEFBHVBEFMTJTUFNBNNI
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
$POUJOVBOEPDPOFMFKFNQMPBOUFSJPS
t4VQPOJFOEPRVFFMDVMUJWPSFRVJFSFNNEJBSJPTZMB
MÈNJOBBQPSUBEBFTEFNNI
t&MUJFNQPEFSJFHPTFSÈNNNNII
PNJOVUPT
t4FEFCFOBHSFHBSBQSPYJNBEBNFOUFNJOVUPTBMSFTVM
UBEPBOUFSJPSDPOTJEFSBOEPFMUJFNQPQBSBBQFSUVSBDJFSSFZ
QSFTVSJ[BDJØOEFMPUFT
t1PSMPUBOUPFMUJFNQPEFSJFHPmOBMTFSÈIØ
NJOVUPT
H/ÞNFSPZUBNB×PEFMPTMPUFTEFSJFHP
/ÞNFSPEFMPUFTEFSJFHPFTFMOÞNFSPNÈYJNPEF
MPUFTPNØEVMPTEFSJFHPRVFTFQVFEFOSFHBSDPOFMTJTUFNB
UFOJFOEPFODVFOUBMBTIPSBTMBCPSBCMFTEJBSJBT
/ÞNFSPEFMPUFTIPSBTMBCPSBCMFTEJBSJBTIT
UJFNQPNÈYJNPEFSJFHPITMPUF
1SPTJHVJFOEPDPOFMFKFNQMPTFTVQPOF
tIPSBTMBCPSBCMFTEJBSJBT
tIPSBTEFUJFNQPEFSJFHP
/VNFSPEFMPUFTITITMPUFTEFSJFHP
5BNB×PEFMPTMPUFTEFSJFHPTFPCUJFOFEFMBSFMBDJØO
FOUSFMBTVQFSmDJFUPUBMBSFHBSZFMOÞNFSPEFMPUFT
5BNB×PEFMPTMPUFTTVQFSmDJFBSFHBSIB
OÞNFSP
EFMPUFT
$POUJOVBOEPDPOFMFKFNQMPTFEFCFOSFHBSIBTFO
MPUFT
5BNB×PEFMPTMPUFTIBT
IBTIBT
&TEFDJSMPTMPUFTEFCFSÈOUFOFSVOBTVQFSmDJFEF
IBTDBEBVOP
I'SFDVFODJBNÓOJNBOFDFTBSJBEFSJFHP
-BQSFHVOUBFTDPNPBCBTUFDFSMBTOFDFTJEBEFTEJBSJBTEF
BHVBTJSFHBOEPWBSJBTWFDFTBMEÓBPTFODJMMBNFOUFDBEBWBSJPT
EÓBT&MMPEFQFOEFSÈEFWBSJPTGBDUPSFTMBQSPGVOEJEBEEFMBT
SBÓDFTEFMBDBQBDJEBEEFSFUFODJØOEFMTVFMPMPTSFRVFSJNJFOUPT
EFMBTQMBOUBTMBTBMJOJEBEEFMBHVBZEFMTVFMPFUD1PSFKFNQMP
VODVMUJWPEFSÞDVMBFYJHFOUFFOBHVBDPOSBÓDFTFOTVQFSmDJF
TFOTJCMFBMBTTBMFTDPOBHVBEFDBMJEBENFEJBZFOTVFMPDPO
CBKBSFUFODJØOEFIVNFEBEUJQPBSFOPTP
UFOESÈSFRVFSJNJFOUP
EFVOBNBZPSGSFDVFODJBEFSJFHPRVFFOFMDBTPEFVODVMUJWP
EFBDFMHBDPOSBÓDFTQSPGVOEBTBHVBEFCVFOBDBMJEBEZTVFMP
EFBMUBDBQBDJEBEEFSFUFODJØOUJQPBSDJMMPTP
6OBTQFDUPBDPOTJEFSBSFTRVFMPTDVMUJWPTHFOFSBMNFOUF
SFTQPOEFONFKPSDVBOEPFMDPOUFOJEPEFIVNFEBEEFMTVFMPFT
BQSPYJNBEBNFOUFEFMEFMBDBQBDJEBEEFDBNQP$PNP
FMSJFHPMPDBMJ[BEPQFSNJUFSFBMJ[BSSJFHPTEFCBKBJOUFOTJEBE
TFBKVTUBBVUJMJ[BSNBZPSGSFDVFODJB
J&MFDDJØOEFMPTMBUFSBMFTEFSJFHP
$VBOEPFMFHJNPTMPTMBUFSBMFTUFOFNPTRVFUFOFSFODVFOUB
WBSJPTGBDUPSFT
t%JÈNFUSPEFMPTMBUFSBMFTEFQFOEFSÈEFMMBSHPEFMMPUF
QPSFKFNQMPTVQFSJPSFTBNTFSÈOFDFTBSJPVOBDB×FSÓBEF
NNTJOPTFTVQFSBOMPTNTFSÈTVmDJFOUFVOEJÈNFUSP
EFNNBDUVBMNFOUFFOEFTVTPZBRVFMBEJGFSFODJBEF
QSFDJPFTNVZBDPUBEB
t%JTUBODJBFOUSFEJGVTPSFTHPUFSPT
FMMPEFQFOEFSÈ
EFMPTDVMUJWPTQBSBMBMFDIVHBZFOTVFMPTBSFOPTPTTÏQSFmFSF
HPUFSPTBDNFOUSFDBEBVOPEFFMMPTQSJODJQBMNFOUFTJ
MBTJFNCSBFTEFBTJFOUP&OSFHMBTHFOFSBMFTTFEJDFRVFMPT
CVMCPTEFNPKBEPEFCFOUSBTMBQBSTFEFVOBMEFTV
EJÈNFUSP
t5JQPTEFEJGVTPSFTHPUFSPT
FOHFOFSBMDVBOEPFM
OÞNFSPEFVOJEBEFTFTNVZFMFWBEBDPOWJFOFMPTJODPSQP
SBEPTZMPTEFSÏHJNFOUVSCVMFOUPT&ODBTPTEFUFSSFOPTNVZ
EFTVOJGPSNFTQVFEFOTFSOFDFTBSJPTMPTBVUPDPNQFOTBEPT
-BEFTDBSHBEFDBEBHPUFSPEFQFOEFSÈEFMBDBQBDJEBEEF
JOmMUSBDJØOEFMTVFMP
t&TQFTPSEFMNBUFSJBMEFQFOEFSÈEFMBTQPTJCJMJEBEFT
FDPOØNJDBTZmOBODJFSBTQFSPFTOFDFTBSJPUFOFSFODVFOUBRVF
FODVMUJWPTCBKPJOWFSOBEFSPZFOTVFMPQFTBEPTMBTQÏSEJEBT
QPSSPUVSBQSPWPDBOEB×PTJSSFWFSTJCMFTBMPTDVMUJWPTZBNBZPS
FTQFTPSNBZPSFTMBSFTJTUFODJBBSPUVSBT
-BQSFTJØOOFDFTBSJBBMBFOUSBEBEFMPTMBUFSBMFTMBEFT
DBSHBEFDBEBHPUFSPZFMMBSHPNÈYJNPEFMPTMBUFSBMFTWJFOF
FTQFDJmDBEBQPSMBTFNQSFTBTQSPWFFEPSBT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
K$ÈMDVMPEFMBQSFTJØOOFDFTBSJBZEFMEJÈNFUSPEF
MBTDB×FSÓBT
1BSBFMDÈMDVMPEFMBQSFTJØOOFDFTBSJBQBSBFMGVODJPOBNJFOUP
EFMTJTUFNBTFEFCFDPNQVUBS
t"MUVSBEFBTQJSBDJØOTJMBCPNCBFTTVNFSHJCMFOPTF
DPOUFNQMBMBQBSUFRVFFTUÈCBKPFMBHVB
t"MUVSBEFFMFWBDJØOIBTUBMBQBSUFNÈTBMUBEFMUFSSFOP
t1ÏSEJEBEFDBSHBQPSSP[BNJFOUPEFMBTDB×FSÓBTZMPT
BDDFTPSJPT
t1SFTJØOEFTFSWJDJPBMBFOUSBEBEFMMBUFSBMEFSJFHPEBUPT
BTFSBQPSUBEPTQPSMBFNQSFTB
-BBMUVSBNBOPNÏUSJDBTFNJEFFONFUSPTEFDPMVNOBEF
BHVBNDB
NEFDPMVNOBEFBHVBFTFMFRVJWBMFOUFB
LHGDNEFQSFTJØO
t$BVEBMUPUBMFOVOBIPSBMI
t$BVEBMEFDPMBNÓOJNPDBVEBMOPVUJMJ[BCMF
M
t$BVEBMEFDBCF[BNÈYJNPDBVEBMRVFMMFHBBMBTDB×FSÓBT
TVCNBESFT
BQSPYJNBEBNFOUFMIØMTFH
1BSBQPEFSMPHSBSFMTVQVFTUPEFMMFHBSBLHGDNBMB
FOUSBEBEFMBDB×FSÓBTFDVOEBSJBZOPNFOPTEFLHGDNBM
mOBMEFMBNJTNBTFEFCFEFUFSNJOBSFMEJÈNFUSPEFDB×FSÓB
TFDVOEBSJBIBVUJMJ[BS
&OFMÈCBDPEF5JTPOmHVSB
TFCVTDBMBQFSEJEBEF
DBSHBVOJUBSJBFTEFDJSMBTQÏSEJEBTRVFTFQSPEVDFOFOMPTEJT
UJOUPTEJÈNFUSPTEFMBTDB×FSÓBTQBSBVOnVKPEFMEFBHVB
QPSTFHVOEP"
DPOUJOVBDJØOTFNVFTUSB
4FEFCFOEFUFSNJOBSMBTQÏSEJEBTEFDBSHB1$
EFMTJTUFNBEFMBTJHVJFOUFNBOFSB
$ÈMDVMPEFMPTMBUFSBMFTZDB×FSÓBTTFDVOEBSJBT
PTVCNBESFT
1BSBFYQMJDBSTVDÈMDVMPTFUPNBOMPTTJHVJFOUFTTV
QVFTUPT
t.ØEVMPEFSJFHPFMNBZPS
JOWFSOBEFSPEFNEF
MBSHPZEFBODIPSFHBEPFOGPSNBUSBOTWFSTBMMPTMBUFSBMFT
TPOEFNEFMBSHP
t-BUFSBMEFSJFHPEFNNEFEJÈNFUSPJOUFSOPUJQP
MBCFSJOUP
t%JTUBODJBFOUSFHPUFSPTN
t1SFTJØOEFMBDB×FSÓBTFDVOEBSJBPTVCNBESFBMBFOUSBEB
MBRVFBCBTUFDFBMPTHPUFSPT
LHGDN
t1SFTJØOEFMBDB×FSÓBTFDVOEBSJBPTVCNBESFFOFMUSBNP
mOBMMBRVFBCBTUFDFBMPTEJGVTPSFT
LHGDN
t$BVEBMEFMPTHPUFSPTMIEBUPTBQPSUBEPTQPSMB
FNQSFTB
t%JTUBODJBFOUSFMBUFSBMFTN
$ÈMDVMPT
t/ÞNFSPEFMBUFSBMFT
t/ÞNFSPEFHPUFSPTQPSMBUFSBMN
HPUFSPT
t$BVEBMEFMMBUFSBMMI
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
MBQÏSEJEBEFDBSHBEFDB×PTEFEJTUJOUPTEJÈNFUSPTQVMHBEBT
ZNJMÓNFUSPT
RVFTFVUJMJ[BOGSFDVFOUFNFOUFFOJOTUBMBDJPOFT
EFSJFHPQPSHPUFP
t$B×PEFwNN
NDBQPSNFUSPEFDB×P
t$B×PEFwNN
NDBQPSNFUSPEFDB×P
t$B×PEFwNN
NDBQPSNFUSPEFDB×P
t$B×PEFwNN
NDBQPSNFUSPEFDB×P
-BTQÏSEJEBTEFDBSHBTQBSBVOBDB×FSÓBTFDBMDVMBOEFMB
TJHVJFOUFNBOFSB
1$-YQDVY'
t-MPOHJUVEEFMMBUFSBMDB×FSÓBTFDVOEBSJBPTVCNBESF
tQDVQÏSEJEBEFDBSHBVOJUBSJBNDBQPSNFUSPMJ
OFBM
t'DPFmDJFOUFFYQFSJNFOUBMRVFUJFOFFODVFOUBFM
OÞNFSPEFEFSJWBDJPOFTQPSFKFNQMPQBSBEFSJWBDJPOFT
TFUPNB'
1$DB×PEFwYYNDB
LHGDN
1$DB×PEFwYYNDB
LHGDN
4FEFCFVUJMJ[BSFMDB×PEFwRVFQSPEVDFNFOPSQÏSEJEB
EFDBSHBUBNCJÏOQPEFNPTVUJMJ[BSwIBTUBMBNJUBEEFM
USBNPZwFOFMUSBNPmOBM
$ÈMDVMPEFDB×FSÓBQSJNBSJBZTVTEFSJWBDJPOFT
4FDPOTJEFSBFMMBSHPEFMBDB×FSÓBZTFMFTVNBOMPT
BDDFTPSJPTDPEPTWÈMWVMBTSFHVMBEPSFTEFQSFTJØOFUD
VOBGPSNBTJNQMJmDBEBEFDÈMDVMPFTNVMUJQMJDBSQPSP
DBEBBDDFTPSJPQBSBPCUFOFSFMOÞNFSPmOBMEFNF
USPT1PSFKFNQMPMBQÏSEJEBEFDBSHBRVFQSPEVDFVOB5
FRVJWBMFBNFUSPTEFDB×FSÓBEFMNJTNPEJÈNFUSPRVF
MB5ZMBQÏSEJEBEFDBSHBRVFQSPEVDFVOSFHVMBEPSEF
QSFTJØOFTEFNFUSPT
1PSFKFNQMP
tNFUSPTEFDB×PTSFBMFTN
t5Y
N
tDPEPTY
N
tWÈMWVMBY
N
tSFHEFQSFTJØOY
N
.FUSPTUPUBMFTN
1$QBSBDB×PEFw
NYNDBP
LHGDN
1$QBSBDB×PEFw
NYNDBP
LHGDN
$ÈMDVMPEFMDBCF[BM
4FDPOTJEFSBFMMBSHPZMPTBDDFTPSJPTDPNPMPTDPEPT
WÈMWVMBTFMmMUSPFUD
tMBSHPNN
tDPEPTY
N
tWÈMWVMBTY
N
.FUSPTUPUBMFTN
1$QBSBDB×PEFw
NYNDBØ
LHGDN
1$QBSBDB×PEFw
YNDBØLHG
DN
1$QPSmMUSPLHGDN
4VNBEFQÏSEJEBTUPUBMFTTFTVNBOMBTQÏSEJEBTUPUBMFT
UPNBOEPEPTTJUVBDJPOFTi"wZi#w
MBQSJNFSBFTEPOEFTF
DPOTJEFSBODB×FSÓBTEFNFOPSEJÈNFUSPRVFMBTFHVOEB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
1PSMPUBOUPQBSBTVNJOJTUSBSMJUSPTQPSIPSBMB
CPNCBEFCFDPOUBSDPOVOBQSFTJØONÓOJNBEFLHGDN
QBSBVOBDB×FSÓBEFQVMHBEBTØLHGDNQBSBVOBDB×FSÓB
EFQVMHBEBT
"MEJTF×BSFMTJTUFNBEFSJFHPFTOFDFTBSJPUFOFS
FODVFOUBRVFBMEJTNJOVJSFMEJÈNFUSPEFMBDB×FSÓBMB
QÏSEJEBEFDBSHBFTNBZPSQBSBVOEFUFSNJOBEPDBV
EBM6UJMJ[BSMBTDB×FSÓBTBEFDVBEBTQFSNJUJSÈVONFKPS
SFTVMUBEPFDPOØNJDPBMPQUJNJ[BSFMHBTUPEFFOFSHÓBZ
EFJOWFSTJØO
EFMTVFMP4FQVFEFVUJMJ[BSVOBQBMBDPOFMPCKFUJWPEFPCTFSWBS
QFSJØEJDBNFOUFMBIVNFEBEEFMQFSmM
t0CTFSWBDJØOWJTVBMEFMFTUBEPEFMBQMBOUBQSJO
DJQBMNFOUFFOIPSBTEFMNFEJPEÓB1VFEFEBSJOEJDJPTEFM
JOBEFDVBEPGVODJPOBNJFOUPEFMTJTUFNBDPNPQPSFKFNQMP
HPUFSPTPTFDUPSFTUBQBEPT
&YJTUFOBQBSBUPTRVFQFSNJUFONFEJSFMFTUBEPIÓESJDPEF
MBQMBOUBQPSNFEJPEFMBFWBMVBDJØOEFMBUFOTJØOEFMBTBWJB
DÈNBSBEFQSFTJØO
PQPSVOBNFEJDJØONFEJBEFMBUFNQFSBUVSB
GPMJBSUFSNØNFUSPEFJOGSBSSPKP
L$POUSPMEFMSJFHP
-PTDÈMDVMPTEFMBTOFDFTJEBEFTEFSJFHPQPSMPTNÏUPEPT
DJUBEPTOPTQFSNJUFODBMDVMBSHMPCBMNFOUFMPTSFRVFSJNJFOUPT
EFMPTDVMUJWPT-VFHPEJBSJBNFOUFFTOFDFTBSJPEFUFSNJOBS
ZDPOUSPMBSFMBHVBBQMJDBEBQBSBFWJUBSDBFSFOFSSPSFTVO
EÏmDJUEFBHVBQSPWPDBEJTNJOVDJØOEFSFOEJNJFOUPTZBDV
NVMBDJØOEFTBMFTZVOFYDFTPTJHOJmDBVOBQÏSEJEBEFBHVB
ZGFSUJMJ[BOUFT
4FEFCFDPOUSPMBS
t-BVOJGPSNJEBEEFMPTHPUFSPTVOBQSÈDUJDBTFODJMMB
EFWFSJmDBSMBVOJGPSNJEBEEFMPTHPUFSPTFTDPMPDBSSFDJQJFOUFT
BMDPNJFO[PZBMmOBMEFMPTMBUFSBMFTOPEFCJÏOEPTFFODPOUSBS
NÈTEFVOEFEJGFSFODJBFOUSFBNCBTQPTJDJPOFT
t-BSFMBDJØOFOUSFFMBHVBBQMJDBEBZDPOTVNJEB
TJFNQSFFTOFDFTBSJPSFDPSEBSRVFVOTPMPNÏUPEPEFDPOUSPM
QVFEFDPOEVDJSBFSSPSFTQBSBWFSJmDBSTJFTUBNPTSFHBOEP
CJFOFTOFDFTBSJPUFOFSFODVFOUBWBSJPTQBSÈNFUSPT
t6TPEF5FOTJØNFUSPTTPOEJTQPTJUJWPTTFODJMMPTRVF
NJEFOMBIVNFEBEEFMTVFMPBEJGFSFOUFTQSPGVOEJEBEFTQFS
NJUJFOEPEFEVDJSFMDPOUFOJEPEFIVNFEBEFOFMQFSmMmHVSB
FODÈMDVMPEFMBTOFDFTJEBEFTEFSJFHP
/PSNBMNFOUF
TFDPMPDBOEPTUFOTJØNFUSPTBEJTUJOUBQSPGVOEJEBEVOPEFCF
EJTQPOFSTFFOMB[POBEFEFTBSSPMMPSBEJDBMZFMPUSPNÈTQSP
GVOEP
EBVOBJOEJDBDJØOEFMBTQÏSEJEBTQSPEVDJEBTBHVBEF
QFSDPMBDJØO
4VDPNQPSUBNJFOUPFOFMTVFMPTJNVMBEFBMHVOB
NBOFSBFMFTGVFS[PEFTVDDJØOEFMBTSBÓDFTQBSBBCTPSCFSFM
BHVB-BUFOTJØOTFNJEFFOMBFTDBMBEFMNBOØNFUSPEFWBDÓP
RVFTFHSBEÞBOPSNBMNFOUFEFBDFOUJCBSFT
t0CTFSWBDJØOWJTVBMEFMBIVNFEBEEFMTVFMPFT
DPOWFOJFOUFSFMBDJPOBSMBBQSFDJBDJØOWJTVBMDPOMBIVNFEBE
.BOUFOJNJFOUPEFMPTFRVJQPTEFSJFHPQPSHPUFP
&MÏYJUPEFMFRVJQPEFSJFHPEFQFOEFEFMBTJOTQFDDJPOFT
PDPOUSPMFTRVFTFMFFGFDUÞBOQVFTMBUFOEFODJBFTBMUBQP
OBNJFOUPQPSEFQØTJUPEFQSPEVDUPTRVÓNJDPTPEFNVDÓMBHPT
DBVTBEPQPSCBDUFSJBT6OQSPHSBNBEFNBOUFOJNJFOUPEFCF
DPOUFNQMBS
t.PUPSFTZCPNCBTTFEFCFSFBMJ[BSVOBSFWJTJØOHFOFSBM
BOVBM
t'JMUSPTTFEFCFWFSJmDBSFMEFTHBTUFEFTVTQBSFEFT
JOUFSJPSFT
t&RVJQPTJOZFDUPSFTTFEFCFUFOFSFODVFOUBMBGVFS[B
DPSSPTJWBEFMPTGFSUJMJ[BOUFT
t(PUFSPTZMBUFSBMFTTFEFCFSFBMJ[BSVOBWFSJmDBDJØO
DBEBTFJTNFTFTEFQFOEJFOEPEFMDVMUJWPPGSFDVFODJBEFVTP
&OMBTUVCFSÓBTQSJODJQBMFTZMBUFSBMFTUJFOEFBBDVNVMBSTF
TBMFTZPUSBTQBSUÓDVMBTmOBTMBGPSNBEFQSPDFEFSQBSBMB
MJNQJF[BFTSFDVSSJSBQSFTJPOFTBMUBTZÈDJEPT
-PTQBTPTTPOMPTTJHVJFOUFT
t-BWBSFMDBCF[BMZMBDPOEVDDJØOQSJNBSJBUFOJFOEPDFSSB
EBMBTWÈMWVMBTEFMPTMBUFSBMFTQBSBFMMPFTDPOWFOJFOUFUFOFS
UBQPOFTFOMPTFYUSFNPTEFMBTMÓOFBT
t-BWBSMPTMBUFSBMFTBCSJFOEPMPTFYUSFNPTEFMPTNJT
NPT
t-JNQJBSMPTHPUFSPTEFMBTJHVJFOUFNBOFSB
t4FDPMPDBFOFMUBORVFGFSUJMJ[BEPSVOBTPMVDJØOBM
EFÈDJEPGPTGØSJDPPTVMGÞSJDP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t4FDPNJFO[BBBQMJDBSMBTPMVDJØODPOVOBQSFTJØONÓ
OJNB
t4FMPHSBVOWBMPSEFQ)EFTBMJEBFOMPTHPUFSPTEFB
QBSBFMMPTFFNQMFBOMIBEFÈDJEPGPTGØSJDP
t4FNBOUJFOFMBJOTUBMBDJØODFSSBEBIPSBT
t4FBQMJDBBHVBBQSFTJØO
t4JMBPCUVSBDJØOFTNVZHSBOEFTFTVNFSHFOMPTMBUFSBMFT
FOVOBTPMVDJØOBMEFÈDJEPEVSBOUFNJOVUPT
t$VBOEPMPTUBQPOBNJFOUPTTPOQSPEVDJEPTQPSBMHBTNJ
DSPPSHBOJTNPTFUDTFBQMJDBIJQPDMPSJUPEFTPEJPDPODFOUSBEP
BMFNQMFBOEPFMQSPDFEJNJFOUPTJNJMBSBMEFMÈDJEP
t4JFMQSPCMFNBEFBMHBTMPUFOFNPTFOMPTFNCBMTFTP
SFTFSWPSJPT
TFQVFEFOUSBUBSDPOTVMGBUPEFDPCSFEFB
HSBNPQPSNFUSPDÞCJDPEFBHVB
1SPCMFNBTEFTBMJOJ[BDJØOZTPEJmDBDJØO
EFMPTTVFMPTQPSBDVNVMBDJØOEFTBMFT
„
-BBDVNVMBDJØOEFTBMFTQSPWFOJFOUFTEFMBHVBEFSJFHP
DPNPBTÓUBNCJÏOEFMPTGFSUJMJ[BOUFTQSPEVDFFOFMTVFMPEF
MPTJOWFSOBEFSPTZFO[POBTDPOFTDBTBTQSFDJQJUBDJPOFTHSBWFT
QSPCMFNBTFOMBQSPEVDDJØOIPSUÓDPMBEJDIPTQSPCMFNBTTFWBO
BDFOUVBOEPDPOMPTB×PTEFDVMUJWPBMQVOUPEFMMFHBSBFYUSFNPT
FOEPOEFFTJOWJBCMFVOBQSPEVDDJØOTVTUFOUBCMF
"MHVOBTTPMVDJPOFTBFTUPTQSPCMFNBTTPO
B5SBUBNJFOUPEFMBHVBEFSJFHPVUJMJ[BOEPQSÈDUJDBT
UFOEJFOUFTBEJTNJOVJSMBDPODFOUSBDJØOEFTBMFTFOMBTPMVDJØO
UBMFTDPNPFMTJTUFNBEFØTNPTJTJOWFSTBZMBTDPMVNOBTEF
JOUFSDBNCJPJØOJDP
4JTUFNBEFØTNPTJTJOWFSTB
&TVOQSPDFTPEFQVSJmDBDJØORVFCÈTJDBNFOUFDPOTJTUF
FOOPEFKBSQBTBSDJFSUBTTVTUBODJBTEFMBHVBBUSBWÏTEFVOB
NFNCSBOB
&OFTUFQSPDFEJNJFOUPTFVUJMJ[BVOBNFNCSBOBTFNJ
QFSNFBCMFRVFmMUSBZFYUSBFMBTQBSUÓDVMBTTØMJEBTEJTVFMUBT
MBTPSHÈOJDBTNJDSPPSHBOJTNPTWJSVTZCBDUFSJBTRVFQVFEF
DPOUFOFSFMBHVB
-PTDPNQPOFOUFTEFMTJTUFNBEFØTNPTJTJOWFSTBTPO
t5VCPEFQSFTJØOFOTVJOUFSJPSTFFODVFOUSBOMBTNFNCSB
OBTEPOEFEFBDVFSEPBMEJNFOTJPOBNJFOUPEFMTJTUFNBTFQVF
EFOVUJMJ[BSWBSJPTUVCPTPSEFOBEPTFOTFSJFPFOQBSBMFMP
t#PNCBRVFTFFODBSHBEFTVNJOJTUSBSFOGPSNBDPOUÓOVB
FMBHVBBUSBUBSRVFWBQBTBOEPBUSBWÏTEFMBTNFNCSBOBT
FOMPTUVCPT
t7ÈMWVMBTSFHVMBEPSBTEFQSFTJØOQBSBDPOUSPMEFMTJTUF
NB
&MDPTUPBQSPYJNBEPQBSBSFBMJ[BSMBQVSJmDBDJØOEFNJMMJUSPT
EFBHVBFTEFBEFQFOEJFOEPEFEJTUJOUPTGBDUPSFT
DPNPMBBNPSUJ[BDJØOEFMFRVJQPTVEJNFOTJØOMJNQJF[BEF
MBTNFNCSBOBTWBMPSEFMBNBOPEFPCSBFUD
$PMVNOBEFJOUFSDBNCJPJØOJDP
1BSBEJTNJOVJSMBDPOEVDUJWJEBEEFMBHVBEFSJFHPTFQVFEFO
VUJMJ[BSDPMVNOBTEFJOUFSDBNCJPJØOJDPmHVSB
RVF
DPOTJTUFFOJOUFSDBNCJBSJPOFTFOUSFVOMÓRVJEPZVOTØMJEP
FTUFÞMUJNPBDUÞBDPNPJOUFSDBNCJBEPS
&MTØMJEPFTMMBNBEP
iSFTJOBTwRVFQVFEFOTFSDBUJØOJDBTJOUFSDBNCJBODBUJPOFT
PBOJØOJDBTJOUFSDBNCJBOBOJPOFT
-BSFTJOBJOJDJBMNFOUF
FTUÈDBSHBEBDPOVOJØODBUJØOPBOJØOTFHÞOFMDBTP
RVF
EVSBOUFFMQSPDFTPEFJOUFSDBNCJPFTMJCFSBEPBMMÓRVJEPBM
NJTNPUJFNQPRVFRVFEBOSFUFOJEPTÏMPMPTJPOFTPDBUJPOFT
RVFJOUFSFTBOFMJNJOBS
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
-BTSFTJOBTEFJOUFSDBNCJPJØOJDPQVFEFOTFSEFMPTTJ
HVJFOUFTUJQPT
t3FTJOBTDBUJØOJDBTEFÈDJEPGVFSUF
tSFTJOBTDBUJØOJDBTEFTPEJPFMJNJOBOMBEVSF[BEFMBHVB
QPSJOUFSDBNCJPEFTPEJPQPSFMDBMDJPZFMNBHOFTJP
tSFTJOBTDBUJØOJDBTEFIJESØHFOPQVFEFOFMJNJOBSUPEPT
MPTDBUJPOFTDBMDJPNBHOFTJPTPEJPQPUBTJPFUD
QPS
JOUFSDBNCJPDPOIJESØHFOP
t3FTJOBTDBUJØOJDBTEFÈDJEPTEÏCJMFTFMJNJOBOMPTDBUJPOFT
RVFFTUÈOBTPDJBEPTDPOCJDBSCPOBUPT
t3FTJOBTBOJØOJDBTEFCBTFTGVFSUFTFMJNJOBOUPEPTMPT
BOJPOFT4VVTPTFIBHFOFSBMJ[BEPQBSBFMJNJOBSBOJPOFTEÏCJMFT
FOCBKBTDPODFOUSBDJPOFTUBMFTDPNPDBSCPOBUPTZTJMJDBUPT
t3FTJOBTBOJØOJDBTEFCBTFEÏCJMFMJNJOBODPOHSBOFm
DJFODJBMPTBOJPOFTEFMPTÈDJEPTGVFSUFTUBMFTDPNPTVMGBUPT
OJUSBUPTZDMPSVSPT
DBQBDJEBEEFJOUFSDBNCJP4FEFCFUFOFSFODVFOUBRVFMBWJEB
ÞUJMEFMBTSFTJOBTQVFEFTFSNVZDPSUBTJTFQBTBBUSBWÏTEF
FMMBTBHVBDPOHSBODBOUJEBEEFQBSUÓDVMBTFOTVTQFOTJØORVF
UBQBOMPTPSJmDJPTEFMBTNJTNBTFTUPTFEFCFFWJUBSSFBMJ[BOEP
VOBEFDVBEPmMUSBEPDPOBOUFSJPSJEBE
&MDPTUPQBSBiQVSJmDBSwNJMMJUSPTEFBHVBFTTJNJMBSBMEFM
TJTUFNBEFØTNPTJTJOWFSTBEFQFOEJFOEPEFMUBNB×PEFMB
DPMVNOBTJFTVOBPWBSJBTFOQBSBMFMPEFMDPTUPEFMBNBOP
EFPCSBEFMWBMPSEFMÈDJEPQBSBSFHFOFSBSMBTSFTJOBTFUD
$VBOEPMBTSFTJOBTEFKBOEFQSPEVDJSFMJOUFSDBNCJPNFO
DJPOBEPBOUFSJPSNFOUFFTQPSRVFIBOMMFHBEPBMBTBUVSBDJØO
QPSMPUBOUPEFCFSFBMJ[BSTFFMQSPDFTPEFSFHFOFSBDJØORVF
DPOTJTUFFOMPTJHVJFOUFMBSFHFOFSBDJØOFTFMQSPDFTPJOWFSTP
BMEFMJOUFSDBNCJPJØOJDPZUJFOFQPSmOBMJEBEEFWPMWFSMFB
MBSFTJOBTVDBQBDJEBEJOJDJBMEFJOUFSDBNCJP&TUPTFSFBMJ[B
IBDJFOEPQBTBSTPMVDJPOFTRVFDPOUFOHBOFMJØONØWJMPSJHJOBM
FMDVBMTFEFQPTJUBFOMBSFTJOBZEFTBMPKBMPTJPOFTDBQUBEPT
EVSBOUFFMBHPUBNJFOUP
1BSBMBSFHFOFSBDJØOEFMBTSFTJOBTEFJOUFSDBNCJPJØOJDP
TFVUJMJ[B
tTBMDPNÞODMPSVSPEFTPEJP
QBSBSFHFOFSBSSFTJOBT
DBUJØOJDBTEFÈDJEPTGVFSUFT
tÈDJEPDMPSIÓESJDPPÈDJEPTVMGÞSJDPQBSBSFHFOFSBSSFTJOBT
DBUJØOJDBTEFÈDJEPTGVFSUFTZSFTJOBTDBUJØOJDBTEFÈDJEPT
EÏCJMFT
tIJESØYJEPEFTPEJPPIJESØYJEPEFBNPOJPQBSBSFHFOFSBS
SFTJOBTBOJØOJDBTEFCBTFTGVFSUFTZSFTJOBTBOJØOJDBTEFCBTFT
EÏCJMFT
6OBWF[SFHFOFSBEBMBSFTJOBFTUÈMJTUBQBSBVOOVFWPDJDMP
EFJOUFSDBNCJPJØOJDP
-VFHPEFVOBTFSJFEFDJDMPTEFJOUFSDBNCJPJØOJDPMBT
SFTJOBTTVGSFOMBQÏSEJEBEFTJUJPTEFJOUFSDBNCJPBDUJWPP
TVGSFOMBSPUVSBEFMPTFOMBDFTUSBOTWFSTBMFTEJTNJOVZFOEPTV
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
C"DVNVMBDJØOEFBHVBEFMMVWJBFNCBMTFT
&OFMDBTPEFMBQSPEVDDJØOCBKPJOWFSOBEFSPTFQVFEFBDV
NVMBSFMBHVBEFMMVWJBRVFDBFTPCSFMPTUFDIPTEFMPTNJTNPT
DPOFMmOEFVUJMJ[BSMBQBSBSFBMJ[BSSJFHPTDPNQMFNFOUBSJPT
D$BNCJPEFMVHBSMPTJOWFSOBEFSPT
&TVOBUÏDOJDBNVZVUJMJ[BEBFOMPTJOWFSOBEFSPTEFnPSJ
DVMUPSFTEFMB[POBEF3PTBSJPQSFTFOUBOEPMBWFOUBKBEFRVF
FMTVFMPTFiEFTDBOTBwZMBWBDPOFMBHVBEFMMVWJB1SFTFOUB
MBEFTWFOUBKBEFMDPTUPEFMUSBTMBEPEFMBTFTUSVDUVSBTZEF
UFOFSRVFEJTQPOFSEFNBZPSTVQFSmDJFBMBWF[RVFEJmDVMUBMB
VUJMJ[BDJØOEFJOWFSOBEFSPTEFBMUBUFDOPMPHÓBEBEPRVFFTUPT
UJFOFONBZPSFTDPTUPTEFJOTUBMBDJØO
E%SFOBKFTTVCTVQFSmDJBMFT
&TVOTJTUFNBRVFSFDPHFFMBHVBEFSJFHPBQMJDBEBFO
FYDFTPOFDFTJEBEEFESFOBKF
QBSBFMMBWBEPEFMBTTBMFT4F
QVFEFMPHSBSBUSBWÏTEFMBDPMPDBDJØOEFDB×PTEFESFOBKFT
FTQFDJBMFTDB×PTBHVKFSFBEPTPDB×PTTFQBSBEPTFOUSFTÓ
FOUFSSBEPTHFOFSBMNFOUFEFBDN
PTJNQMFNFOUFDPO
MBVUJMJ[BDJØOEFNBUFSJBMFTNÈTHSVFTPTQBSBGBWPSFDFSFM
NPWJNJFOUPEFMBHVBZMBTTBMFT
-PTBVUPSFTFYQFSJNFOUBSPOFTUBQSÈDUJDBFOMBSFHJØOEF3P
TBSJPFOVOJOWFSOBEFSPDPOEJF[B×PTEFQSPEVDDJØODPOUJOVB
DPOHSBWFTQSPCMFNBTEFTBMJOJ[BDJØOmHVSBTZ
B
DPOUJOVBDJØOTFEFUBMMBOMBTPQFSBDJPOFTSFBMJ[BEBT
t$BWBEPEF[BOKBTEFDNEFBODIPBQSPYJNBEBNFOUF
BVOBQSPGVOEJEBEEFZDNQPSEFCBKPEFMB[POBEPOEF
TFBSNØQPTUFSJPSNFOUFMBQMBUBCBOEB
t&OFMGPOEPEFMBTNJTNBTTFDPMPDBSPODNEFFTDPSJB
ZMVFHPEFQFSMJUBDPOFMPCKFUJWPEFQFSNJUJSRVFFMBHVB
QSPWFOJFOUFEFFTUSBUPTTVQFSJPSFTDJSDVMFQPSHSBWFEBEIBTUB
MB[POBEFSFDPMFDDJØOEFMBNJTNB
t-VFHPEFMBHSFHBEPEFEJDIPTNBUFSJBMFTHSVFTPTTFUFS
NJOØEFUBQBSMB[BOKBDPOTVUJFSSBPSJHJOBMNF[DMBEBDPOBSFOB
NIB
ZTFDPOGFDDJPOØOVFWBNFOUFMBQMBUBCBOEB
t-VFHPTFSFBMJ[ØVOMBWBEPEFNNQPSIFDUÈSFB
FODPCFSUVSBUPUBMDPONBOHVFSBTEFNJDSPBTQFSTJØODPOFM
PCKFUJWPEFQSPEVDJSFMMJYJWJBEPEFTBMFTRVFTFFODVFOUSBO
FOFYDFTP
&MSFTVMUBEPGVFBNQMJBNFOUFTBUJTGBDUPSJPSFDPCSBOEPMB
QSPEVDUJWJEBEEFMJOWFSOBEFSP
)BZRVFDPOTJEFSBSRVFFMBSNBEPEFMPTESFOBKFTQVFEF
TFSSFBMJ[BEPDPOBOUFSJPSJEBEBMBBQBSJDJØOEFMPTQSPCMFNBT
EFTBMJOJEBE-BMÈNJOBEFBHVBEFMBWBEPEFQFOEFSÈEFMUJQP
EFTVFMPEFMBDBOUJEBEEFTBMFTEFMBQSPGVOEJEBEEFMPT
ESFOFTFUD
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
&MBSNBEPEFMPTESFOBKFTTFQVFEFSFBMJ[BSFOGPSNBNBOVBM
PFOGPSNBNFDÈOJDBZBRVFFYJTUFONÈRVJOBTFTQFDJBMJ[BEBT
RVFSFBMJ[BOFMESFOFBMBNJTNBWF[RVFJODPSQPSBOFMNBUFSJBM
HSVFTPTJOSFBMJ[BSVOBSFNPDJØOJNQPSUBOUFEFMUFSSFOP
JODPSQPSBSFTMBPSHÈOJDBDPNPMBDÈTDBSBEFBSSP[MBDBNBEF
QPMMPDPNQPTUBEBFUDRVFNFKPSBOMBFTUSVDUVSBEFMTVFMPZMB
QFSNFBCJMJEBEEFMNJTNPQFSNJUJFOEPSFHBSBCVOEBOUFNFOUF
TFHÞOFMDÈMDVMPEFESFOBKFQBSBMBWBSMBTTBMFT
&OBMHVOPTDBTPTTFDPNQMFNFOUBOMPTESFOFTTVCTVQFSm
DJBMFTDPOMPTESFOFTEFQSPGVOEJEBERVFDPOTJTUFOFOSFBMJ[BS
QP[PTDBEBNBQSPYJNBEBNFOUFBVOBQSPGVOEJEBERVF
TVQFSFBMIPSJ[POUF#EFBNFOMB[POBEF3PTBSJP
QBSB
GBWPSFDFSFMESFOBKFWFSUJDBMZDPOFMMPFMMBWBEPEFTBMFT
-PTBVUPSFTSFBMJ[BSPOEVSBOUFEPTB×PTDPOTFDVUJWPTVO
FOTBZPEFBQMJDBDJØOEFB[VGSFLHIB
ZZFTP
LHIB
CBKPUÞOFMFTBMUPTDPOQSPCMFNBTEFTBMJOJEBE&MFOTBZP
TFMMFWØBDBCPFOFM.ØEVMP%FNPTUSBUJWPEFOVFWBTUFDOPMPHÓBT
IPSUÓDPMBTEFM1SPZFDUP)PSUÓDPMBEF3PTBSJP9}49}8
VUJMJ[BOEPDPNPFTQFDJFBMBMFDIVHBDVMUJWBS8BMENBO(SFFO
SFBMJ[ÈOEPTFOVFWFDVMUJWPTFOUPUBM&MTVFMPDPSSFTQPOEFBM
HSVQPEFMPT"SHJVEPMFTTVCHSVQP7ÏSUJDPTTFSJF3PMEÈOZTF
FODPOUSBCBUPUBMNFOUFNPEJmDBEPSFTQFDUPBMPTPSJHJOBMFT
EBEPRVFUFOÓBNÈTEFDJODVFOUBB×PTEFTUJOBEPBMBIPSUJ
DVMUVSBBMBJSFMJCSFZUSFTB×PTCBKPDVCJFSUBDPOVOQ)
TVQFSJPSBEFCJEPQSJODJQBMNFOUFBMBMUPDPOUFOJEPEFTPEJP
ZMBDPOEVDUJWJEBEFMÏDUSJDB
FOUSFZE4N
F6UJMJ[BDJØOEFFONJFOEBT
$POTJTUFFOJODPSQPSBSFONJFOEBTJOPSHÈOJDBTBMTVFMPDPO
FMmOEFTVTUJUVJSFMTPEJPJOUFSDBNCJBCMFZEJTNJOVJSMBBDJEF[
Q)
4JCJFOTPOWBSJPTMPTQSPEVDUPTRVFTFQVFEFOVUJMJ[BS
FMZFTPZFMB[VGSFTPOMPTNÈTBDPOTFKBCMFTEFCJEPQSJODJQBM
NFOUFBMCBKPDPTUP&MZFTPTVMGBUPEFDBMDJPEJIJESBUBEP
$B40)0
BDUÞBFOFMDPNQMFKPEFJOUFSDBNCJPEFTQMB[BOEP
BMTPEJPFMRVFTFFMJNJOBSÈDPOVOMBWBEPQPTUFSJPS"DUÞB
DPNPVOiNFKPSBEPSwEFMBFTUSVDUVSBEFMTVFMPMPRVFGBDJMJUB
FMESFOBKFZMBBCTPSDJØOEFBHVBZOVUSJFOUFTEFMBQMBOUB&M
B[VGSFFMFNFOUBM4
FTVOGPSNBEPSEFÈDJEPRVFQFSNJUF
QSPEVDJSVOBEJTNJOVDJØOEFMQ)CBKPDPOEJDJPOFTGBWPSBCMFT
EFIVNFEBEZUFNQFSBUVSB0USBFONJFOEBRVFTFQVFEF
"DPOUJOVBDJØOTFNVFTUSBOMPTSFTVMUBEPTPCUFOJEPTEPO
EFMBSFDUBFTFMSFOEJNJFOUPEFMUFTUJHPTJOFONJFOEB
$PNPDPODMVTJØOTFPCTFSWBVOBVNFOUPEFMSJOEFFOGPSNB
TJHOJmDBUJWBUBOUPQBSBMBJODPSQPSBDJØOEFZFTPDPNPB[VGSF
QFSPÏTUFÞMUJNPMPMPHSBBVOOJWFMNBZPSZDPOVOBSÈQJEB
SFTQVFTUB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
„ "QMJDBDJØOEFBCPOPTFONJFOEBTZGFS
UJMJ[BOUFT
4JCJFOMBBQMJDBDJØOEFVOBCPOPQVFEFSFBMJ[BSTFBOUFSJPS
NFOUFBMBJNQMBOUBDJØOEFMDVMUJWPTFEFTDSJCFÏTUBPQFSBDJØO
EFOUSPEFMBTMBCPSFTDVMUVSBMFTHFOFSBMFT
%FmOJDJØOEFBCPOPTFONJFOEBTZGFSUJMJ[BOUFTFYJTUFO
NVDIBTDMBTJmDBDJPOFTEJGFSFOUFT4FPQUBQPSMBTJHVJFOUF
t"CPOPTTPOTVTUBODJBTRVFBHSFHBEBTBMTVFMPNFKPSBO
MBTDPOEJDJPOFTGÓTJDPRVÓNJDBTEFMNJTNPEFOUSPEFFMMPT
UFOFNPTBMPTGFSUJMJ[BOUFTZFONJFOEBT
t'FSUJMJ[BOUFTTPOTVTUBODJBTRVÓNJDBT JOPSHÈOJDBTV
PSHÈOJDBTRVFDPOUJFOFOVOBDBOUJEBEBQSFDJBCMFEFFMFNFOUPT
OVUSJUJWPTQBSBMBTQMBOUBT
t&ONJFOEBTTPOQSPEVDUPTRVFUJFOFODPNPPCKFUJWP
NFKPSBSMBTDPOEJDJPOFTGÓTJDBTEFMTVFMPFOQSJNFSMVHBSZMVFHP
MBTRVÓNJDBT&TUBTTFDMBTJmDBOFO PSHÈOJDBTUBMFTDPNPFM
FTUJÏSDPMZMBIBSJOBEFQFTDBEPFJOPSHÈOJDBTUBMFTDPNPFM
FODBMBEPQBSBDPSSFHJSBDJEF[
&OMPTDVMUJWPTIPSUÓDPMBTMBTFONJFOEBTPSHÈOJDBTZ
RVÓNJDBTMPTGFSUJMJ[BOUFTZFMSJFHPTPOGVOEBNFOUBMFT
QBSBMBTQSPEVDDJPOFTFODBOUJEBEZDBMJEBE
6ONBOFKPBEFDVBEPQFSNJUJSÈNFKPSBSMBTDPOEJDJP
OFTBUSBWÏTEFMUJFNQPQPSFMDPOUSBSJPVONBMNBOFKP
QVFEFUSBFSQSPCMFNBTEFTBMJOJEBEQ)BOUBHPOJTNPT
JØOJDPTZQÏSEJEBTEFFTUSVDUVSBEFMTVFMP
1VOUPTRVFIBDFOBMBNBZPSDPNQSFOTJØO
EFMQSPDFTPEFMBOVUSJDJØONJOFSBM
„
4VFMPZDPNQPTJDJØOFTMBQBSUFTVQFSmDJBMEFMBDPSUF[B
UFSSFTUSFFOMBDVBMTFEFTBSSPMMBOMBTSBÓDFTEFMBTQMBOUBT-PT
FMFNFOUPTDPOTUJUVZFOUFTEFVOTVFMPBEFDVBEPTPO
t-BTQBSUÓDVMBTNJOFSBMFTFOVOBEFMWPMVNFO
EFOUSPEFFMMPTUFOFNPTMJNPBSDJMMBBSFOBZUBNCJÏOMPT
FMFNFOUPTOVUSJUJWPT
t-BNBUFSJBPSHÈOJDBEFBGPSNBEBQPSMPT
SFTJEVPTWFHFUBMFTZBOJNBMFTNÈTPNFOPTEFTDPNQVFTUPT
QPSMPTNJDSPPSHBOJTNPT
t"JSFFOVOQFSPTFSFEVDFDVBOEPVOTVFMPTF
EFHSBEBEFDPNQPTJDJØOQBSFDJEBBMBEFMBBUNØTGFSBQFSP
DPOVOBDBOUJEBENFOPSEF0ZNBZPSEF$0
t"HVBFOVOPDVQBMPTFTQBDJPTNÈTQFRVF×PT
FOUSFMBTQBSUÓDVMBTEFTVFMP
-BUFYUVSBFTMBQSPQPSDJØOEFMBTQBSUÓDVMBTNJOFSBMFTRVF
EFUFSNJOBEJTUJOUPTUJQPTEFTVFMPDPNPQPSFKFNQMPTVFMPT
MJNPTPTBSFOPTPTGSBODPMJNPTPTFUD
-BFTUSVDUVSBEFMTVFMPIBDFSFGFSFODJBBMBGPSNBFORVF
TFVOFOMBTEJTUJOUBTQBSUÓDVMBTEFMTVFMPDPOTUJUVZFOEPMPT
BHSFHBEPT6OTVFMPUJFOFCVFOBFTUSVDUVSBDVBOEPFTUÈNVZ
BHSFHBEPZQPSMPUBOUPUJFOFVOHSBOFTQBDJPQPSPTP
/VUSJDJØOWFHFUBMMPTWFHFUBMFTFTUÈOGPSNBEPTQPSDBS
CPOPIJESØHFOPOJUSØHFOPZPYÓHFOP-BTQMBOUBTVUJMJ[BOMB
MV[TPMBSDPNPGVFOUFEFFOFSHÓBFM$0Z0EFMBBUNØTGFSB
FMBHVBZMPTOVUSJFOUFTRVFFYUSBFOEFMTVFMP&TUPTOVUSJFO
UFTTPOOJUSØHFOPGØTGPSPQPUBTJPDBMDJPNBHOFTJPB[VGSF
IJFSSPDMPSPCPSPDPCSFNBOHBOFTPNPMJCEFOPZDJOD"TV
WF[FOGVODJØOEFMBDBOUJEBEVUJMJ[BEBMPQPESFNPTEJWJEJSFO
NBDSPOVUSJFOUFTRVFTPOMPTDJODPQSJNFSPTZNJDSPOVUSJFOUFT
FMSFTUPFMIJFSSPFTJOUFSNFEJP
"CTPSDJØOZUSBTMBEPEFMPTOVUSJFOUFTMPTJPOFTGPSNB
RVÓNJDBDPODBSHBTFMÏDUSJDBT
FOFMTVFMPTFFODVFOUSBOEF
EJWFSTBTNBOFSBT
t&OMBTPMVDJØOEFMTVFMP
t"CTPSCJEPTQPSMPTDPMPJEFTPSHÈOJDPTFJOPSHÈOJDPT
t'VFSUFNFOUFJOUFHSBEPBMPTDPMPJEFT-PTQSJODJQBMFT
BOJPOFTEFMTVFMPTPOOJUSBUPT/0
TVMGBUPT40
CJDBS
CPOBUPT$0)
GPTGBUPEJÈDJEP10)
ZDMPSVSPT$-
MPT
USFTQSJNFSPTTPONVZJOUFSDBNCJBCMFTFODBNCJPFMGØTGPSP
RVFEBNVZBEIFSJEPBMBTQBSUÓDVMBTEFMTVFMP-PTQSJODJQBMFT
DBUJPOFTTPOBMVNJOJP"M
IJESØHFOP)
CBSJP#B
FTUSPODJP4S
DBMDJP$B
NBHOFTJP.H
QPUBTJP,
BNPOJP/)
TPEJP/B
ZMJUJP-J
MPTQSJNFSPTFTUÈONÈT
BCTPSCJEPTQPSFMTVFMP
&OFMTVFMPMBTBSDJMMBTUJFOFODBSHBTOFHBUJWBTBCTPSCJFOEP
MPTDBUJPOFTFODBNCJPMPTDPMPJEFTPSHÈOJDPTUJFOFODBSHB
QPTJUJWB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
'BDUPSFTRVFBGFDUBOMBBCTPSDJØOEFOVUSJFOUFT
'BDUPSFTJOUFSOPTUBMFTDPNPMPTHFOÏUJDPTFOGVODJØOBM
DJDMPZEFMFTUBEPTBOJUBSJP
'BDUPSFTFYUFSOPT
t5FNQFSBUVSBHFOFSBMNFOUFIBTUB$MBBCTPSDJØOFT
BTDFOEFOUFMVFHPDPNJFO[BBEJTNJOVJS
t0YÓHFOPBNBZPSDPODFOUSBDJØOEFPYÓHFOPNBZPS
BCTPSDJØO
t-V[BNBZPSMVNJOPTJEBENBZPSBCTPSDJØOBMBOPDIF
EJTNJOVZFEBEPRVFIBZNFOPTQSPEVDUPTGPUPSFTQJSBCMFTZ
QPSMPUBOUPNFOPTFOFSHÓB
t$PODFOUSBDJØOTBMJOBFYUFSOBBNBZPSDBOUJEBEEF
JPOFTMBBCTPSDJØOFTNBZPSTJFNQSFRVFOPTPCSFQBTFDJFSUB
DPODFOUSBDJØOQFMJHSPTB
&MQ)EFMTVFMPFTMBDPODFOUSBDJØOEFJPOFTEFIJESØHFOP
) RVFQPTFFMBTPMVDJØOEFMTVFMPZFMMPEFUFSNJOBMBBDJEF[
PMBBMDBMJOJEBEEFMNJTNP6OTVFMPDPOQ)FTOFVUSPQPS
EFCBKPEFFMMPFTÈDJEPZQPSBSSJCBFTBMDBMJOPFMSBOHPØQUJNP
QBSBMBTQMBOUBTFTEFB
&MWBMPSEFQ)QBSBMBTFTQFDJFTEFIPKBEFOVFTUSPJOUFSÏT
TFNVFTUSBFOFMDBQÓUVMP$POEJDJPOFT"HSPFDPMØHJDBT
"DPOUJOVBDJØOTFNVFTUSBMBJOnVFODJBEFMQ)EFMTVFMP
FOMBBTJNJMBDJØOEFMPTEJTUJOUPTFMFNFOUPT&MFTQFTPSEFMBT
GBKBTJOEJDBFMNBZPSPNFOPSHSBEPFOFMRVFMPTFMFNFOUPT
TPOBTJNJMBCMFTQBSBDBEBWBMPSEFQ)EFMTVFMP5SPVH
&MF
NFOUPTDPNPFMCPSPEJTNJOVZFOTVBTJNJMBDJØOBQ)BMUPT
DPOUSJCVZFOEPBMBBQBSJDJØOEFiUJQCVSOwVOQSPCMFNBNVZ
GSFDVFOUFFOMBMFDIVHB
$BSBDUFSÓTUJDBTEFDBEBFMFNFOUPQSJNBSJPZTÓOUPNBT
EFDBSFODJBT
t/JUSØHFOPFTUFFMFNFOUPJOUFSWJFOFFOMBDMPSPmMBZFO
MBBTJNJMBDJØOZTÓOUFTJTEFQSPEVDUPTPSHÈOJDPT&TNVZNØWJM
UBOUPEFOUSPEFMBQMBOUBDPNPFOFMTVFMPDVBOEPFYJTUFVO
EÏmDJUTFQSPEVDFVOBNBSJMMBNJFOUPHFOFSBMJ[BEPEFMBQMBOUB
QFSPQSJODJQBMNFOUFEFMBTIPKBTJOGFSJPSFT-BTQSPQPSDJPOFT
EFCFOFTUBSFRVJMJCSBEBTDPOFMQPUBTJPQBSBOPQSPWPDBSVOB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
QMBOUBEFNBTJBEPEÏCJMPFOiWJDJPwRVFGBWPSFDFOMBBQBSJDJØO
EFFOGFSNFEBEFTFOMBTIPSUBMJ[BTEFIPKBT
t'ØTGPSPFTUFFMFNFOUPEFNVZCBKBNPWJMJEBEFOFMTVFMP
QFSPNØWJMFOMBQMBOUBQBSUJDJQBFOOVNFSPTBTGVODJPOFTVOB
DBOUJEBEBEFDVBEBQFSNJUFVOCVFOEFTBSSPMMPSBEJDBMVOB
BDFMFSBDJØOEFMBnPSBDJØOZGSVDUJmDBDJØONBZPSDSFDJNJFOUPZ
VONFKPSEFTBSSPMMPHFOFSBM6OEÏmDJUQSPOVODJBEPTFPCTFSWB
DPOVODPMPSWFSEFPTDVSPZVOB[VMBEPEFMBQMBOUB
t1PUBTJPUBNCJÏOFTVOFMFNFOUPNØWJMRVFJOUFSWJFOF
FOOVNFSPTBTGVODJPOFTVOBDBOUJEBEBEFDVBEBDPOmFSFVOB
NBZPSSFTJTUFODJBEFMBQMBOUBBMGSÓPZBFOGFSNFEBEFT
t$BMDJPFTNVZQPDPNØWJMEFOUSPEFMBQMBOUBQPSFMMP
MBTEFmDJFODJBTTFPCTFSWBOFOMPTCSPUFTZIPKBTKØWFOFT6O
QSPCMFNBNVZDPNÞOFOMBTIPSUBMJ[BTEFIPKBTMFDIVHBZ
BQJP
FTMBQSFTFODJBEF5JQ#VSOQPSGBMUBEFEJTQPOJCJMJEBE
EFDBMDJPZPCPSP
t.BHOFTJPFTVOFMFNFOUPNØWJMEFOUSPEFMBQMBOUBF
JOUFHSBOUFEFMBDMPSPmMBQPSFMMPFMEÏmDJUQSPWPDBVOBDMPSPTJT
JOUFSOFSWBMFOMBTIPKBTJOGFSJPSFT
&TEFDJSRVFMPTOVUSJFOUFTNØWJMFTEFOUSPEFMBQMBOUBTPO
OJUSØHFOPGØTGPSPQPUBTJPZNBHOFTJPFMCPSPFTJOUFSNFEJP
-PTOVUSJFOUFTQPDPTNØWJMFTTPOIJFSSPDBMDJPB[VGSFZ[JOD
"QBSUJSEFFTUFFTRVFNBTFFMBCPSØVOBiTJOUPNBUPMPHÓBEF
EFmDJFODJBwTØMPBMPTFGFDUPTEFVTBSMPTDPNPDPOTVMUB
4ÓOUPNBTFOIPKBTWJFKBTFMFNFOUPTNØWJMFT
B&GFDUPHFOFSBMJ[BEPFOUPEBMBQMBOUB
t$PMPSWFSEFDMBSP/JUSØHFOP
t$PMPSWFSEFPTDVSPDPOQFDÓPMPTZOFSWBEVSBTWJPMFUBT
'ØTGPSP
C&GFDUPMPDBMJ[BEP
t.PUFBEPDMPSØUJDPDPOOFDSPTJTFOQVOUBTZNÈSHFOFT
1PUBTJP
t$MPSPTJTJOUFSOFSWBMQFSPTJOOFDSPTBNJFOUP.BHOFTJP
4ÓOUPNBTFOIPKBTKØWFOFTFMFNFOUPTQPDPTNØWJMFT
B&MCSPUFUFSNJOBMNVFSF
t/FDSPTJTFOQVOUBTZNÈSHFOFT$BMDJP
t/FDSPTJTFOMBCBTF#PSP
C&MCSPUFUFSNJOBMOPNVFSF
t-ÈNJOBTDMPSØUJDBTDPONBODIBTOFDSØUJDBTFOFMCSPUF
UFSNJOBMZOFSWBEVSBTWFSEFT.BOHBOFTP
t/FSWBEVSBTWFSEFT)JFSSP
t/FSWBEVSBTDMPSØUJDBT"[VGSF
.BUFSJBPSHÈOJDB
4FDPOPDFDPNPNBUFSJBPSHÈOJDBEFMTVFMPBMDPOKVOUPEF
SFTJEVPTWFHFUBMFTZBOJNBMFTEFUPEBTDMBTFTNÈTPNFOPT
EFTDPNQVFTUPTZUSBOTGPSNBEPTQPSMBBDDJØOEFMPTNJDSPPS
HBOJTNPT"TÓUFOFNPTEFTEFMPTSFTJEVPTGSFTDPTTJOBUBDBS
QBTBOEPQPSDPNQMFKPTPSHÈOJDPTEFUJQPDPMPJEBMIVNVT
IBTUBMPTDPNQVFTUPTPSHÈOJDPTTPMVCMFTRVFTFUSBOTGPSNBSÈO
FODPNQVFTUPTNJOFSBMFT
-PTSFTJEVPTQVFEFOTFHVJSEPTQSPDFTPTEJGFSFOUFTMB
NJOFSBMJ[BDJØOFTEFDJSRVFTFUSBOTGPSNBFO$0BHVBBNP
OÓBDPGPTGBUPTFUDRVFTFQSPEVDFQPSVOBEFTDPNQPTJDJØO
SÈQJEBZMB IVNJmDBDJØOEPOEFMPTSFTJEVPTPSHÈOJDPTTPO
USBOTGPSNBEPTFOOVFWPTDPNQMFKPTPSHÈOJDPTNÈTFTUBCMFTZ
DVZBNJOFSBMJ[BDJØOTFMMFWBBDBCPMFOUBNFOUF
&MFGFDUPEFMBNBUFSJBPSHÈOJDBFOFMTVFMPFTTPCSFMBT
QSPQJFEBEFTGÓTJDBTZTPCSFMBGFSUJMJEBEEFMNJTNP.FKPSBMB
FTUSVDUVSBEFMTVFMPDSFBOEPBHSFHBEPTNJHBKPTPTTFDPNCJOBO
MBTDBSHBTOFHBUJWBTEFMBTBSDJMMBTDPOMBTQPTJUJWBTEFMIVNVT
NVZFTUBCMFTNFKPSBOEPMBQFSNFBCJMJEBEMBDBQBDJEBEEF
SFUFODJØOEFBHVBMBBJSFBDJØOFUD1PSPUSPMBEPNFKPSBMB
GFSUJMJEBEEFMTVFMPBVNFOUBOEPMBDBQBDJEBEEFBCTPSDJØO
EFMPTFMFNFOUPTOVUSJUJWPTBDUJWBOEPMBNPWJMJEBEEFDJFSUPT
OVUSJFOUFTZFOEFmOJUJWBDSFBOEPVOBNCJFOUFNBTQSPQJDJP
QBSBMBTSBÓDFT
„ %FTDSJQDJØOEFFONJFOEBTPSHÈOJDBTF
JOPSHÈOJDBT
&ONJFOEBTPSHÈOJDBT
&MBQPSUFEFFONJFOEBTPSHÈOJDBTBMTVFMPFKFSDFBDDJPOFT
QPTJUJWBTTPCSFVOWBSJBEPDPOKVOUPEFQSPQJFEBEFTFEÈmDBT
DPNPMBEJTNJOVDJØOEFMBEFOTJEBEBQBSFOUFFMBVNFOUPEF
MBQPSPTJEBEUPUBMEFMBNBDSPQPSPTJEBEZEFMBFTUBCJMJEBEFT
USVDUVSBMCFOFmDJBOEPMBDBQBDJEBEEFBMNBDFOBKFEFBHVBEFM
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
TVFMP"EFNÈTEFNFKPSBSMBTQSPQJFEBEFTGÓTJDBTVUJMJ[ÈOEPMBT
FOEPTJTSB[POBCMFT
SFBMJ[BVOHSBOBQPSUFEFOVUSJFOUFTBM
TJTUFNBRVFTPOBQSPWFDIBEPTQPSFMDVMUJWP5BNCJÏOBGFDUBBMB
BDUJWJEBECJPMØHJDBEFMTVFMPZBRVFDPOUJFOFVOBFMFWBEBQSP
QPSDJØOEFCBDUFSJBTRVFQSPEVDFOUSBOTGPSNBDJPOFTRVÓNJDBT
FOFMTVFMPIBDJFOEPRVFNVDIPTFMFNFOUPTOPBQSPWFDIBCMFT
QPSMBTQMBOUBTQVFEBOTFSBTJNJMBEPTQPSFMMBT
-BMJCFSBDJØOEFMPTFMFNFOUPTBMBTPMVDJØOEFMTVFMPZ
TVJODPSQPSBDJØOBMPTQSPDFTPTGÓTJDPRVÓNJDPTEFMTJTUFNB
TVFMPQMBOUBOPFTJONFEJBUBZBRVFFYJHFMBNJOFSBMJ[BDJØO
EFMBNBUFSJBPSHÈOJDB"TÓMBDBOUJEBEEFFTUJÏSDPMBHSFHBEP
QVFEFMJCFSBSMBTFYUBQBSUFEFMPTFMFNFOUPTQSFTFOUFTFOFM
QSJNFSB×PZFMSFTUPFOMPTBB×PTTJHVJFOUFT4JOFNCBS
HPFTUPTWBMPSFTWBSJBSBOFOGVODJØOEFMBTDPOEJDJPOFTEFM
NFEJPQSJODJQBMNFOUFIVNFEBEUFNQFSBUVSBMVNJOPTJEBE
Q)DPOEVDUJWJEBEFMÏDUSJDBESFOBKFRVFBDFMFSBOPSFUBSEBO
QSPDFTPTWJODVMBEPTBMBNBUFSJBPSHÈOJDBNJOFSBMJ[BDJØOZ
QSPDFTPTEFØYJEPSFEVDDJØO
(FOFSBMNFOUFTFQSPEVDFVOBVNFOUPEFMBQPCMBDJØOZ
EFMBBDUJWJEBEEFBMHVOPTDPNQPOFOUFTEFMBGBVOBFEÈmDB
DPNPQPSFKFNQMPMBTMPNCSJDFT
-BTFONJFOEBTPSHÈOJDBTNÈTDPOPDJEBTTPOFTUJÏSDPMTØMJEP
FTUJÏSDPMTFNJMÓRVJEPQVSÓODPNQPTUBCPOPWFSEFZSBTUSPKPT
&OBMHVOPTTJTUFNBTJOUFOTJWPTTFVUJMJ[BOUVSCBTZBMHBT
t&TUJÏSDPMTØMJEPTFDPNQPOFEFVOBNF[DMBEFFYDSF
NFOUPTEFBOJNBMFTEPNÏTUJDPTZVOBQFRVF×BDBOUJEBEEF
PSJOBZQBKBDBNBT
$POUJFOFOJUSØHFOPPSHÈOJDPZBNPOJBDBM
GØTGPSPQPUBTJPZNJDSPOVUSJFOUFTDPNPDPCSF[JODIJFSSPZ
NBOHBOFTP
t&TUJÏSDPMMÓRVJEPPQVSÓOFTUÈDPOTUJUVJEPQPSPSJOBGFS
NFOUBEBEFMPTBOJNBMFTEPNÏTUJDPTNF[DMBEBDPOQBSUÓDVMBT
EFFYDSFNFOUPTKVHPTRVFnVZFOEFMFTUJÏSDPMZBHVB1PTFF
JNQPSUBOUFDPOUFOJEPFOTBMFTQPUÈTJDBT&TVOBCPOPEFFGFDUP
SÈQJEPZBRVFMPTOVUSJFOUFTRVFDPOUJFOFTFFODVFOUSBOFO
TVNBZPSQBSUFFOGPSNBGÈDJMNFOUFEJTQPOJCMF-BBQMJDBDJØO
FOEPTJTFMFWBEBTEFSFTJEVPTMÓRVJEPTQVFEFDPOEVDJSBMB
TBMJOJ[BDJØOEFMTVFMP
t&TUJÏSDPMTFNJMÓRVJEPTFUSBUBEFVOBNF[DMBEFFY
DSFNFOUPTZPSJOBBMBRVFTFMFB×BEFBHVBQBSBGBDJMJUBSTV
USBOTQPSUFZEJTUSJCVDJØO
t1BKBFTQPCSFFOOVUSJFOUFTQFSPTVNJOJTUSBNBUFSJB
PSHÈOJDBEFHSBEBCMFQPSFKFNQMPDFMVMPTBMPRVFDPOTUJUVZF
VOBGVFOUFFOFSHÏUJDB%BEPRVFMBEFTDPNQPTJDJØOEFMBQBKBFT
MFOUBFTUBEFCFFOUFSSBSTFDPOHSBOBOUFMBDJØOBMBTJFNCSB
t$PNQPTUFTVOQSPEVDUPEFEFTDPNQPTJDJØOEFSFTJEVPT
WFHFUBMFTZBOJNBMFTDPOEJWFSTPTBEJUJWPT&TUFHSVQPFTFMNÈT
BNQMJPEFMPTBCPOPTPSHÈOJDPTDPNQSFOEFEFTEFNBUFSJBMFTTJO
OJOHVOBDBMJEBEQSPDFEFOUFEFMPTCBTVSFSPTIBTUBTVTUSBUPT
QFSGFDUBNFOUFQSFQBSBEPTDPOBMUPQPEFSGFSUJMJ[BOUF
t"CPOPWFSEFTFVUJMJ[BOQMBOUBTFOUFSBTPTPMBNFOUF
SFTJEVPTDPNPMBTSBÓDFT
t"MHBTNBSJOBTMBTBMHBTNBSJOBTTFDBSBDUFSJ[BOQPSDPO
DFOUSBSFOTVTFTUSVDUVSBTBMVNJOJPDPCSFNBOHBOFTPOÓRVFM
Z[JOD&OHFOFSBMMBCJPUBBDVÈUJDBCJPBDVNVMBQSJODJQBMNFOUF
DBENJPZNBOHBOFTPRVFTFDPOTUJUVZFOFOGVFOUFQPUFODJBM
EFDPOUBNJOBUFTFOGVODJØOEFTVPSJHFO
t5VSCBTQSPWJFOFOEFMBEFTDPNQPTJDJØOMFOUBEFWFHFUBMFT
FOGPSNBDJPOFTTFEJNFOUBSJBTDPOFYDFTPEFIVNFEBEZEÏmDJU
EFPYÓHFOPDPOTFDVFOUFNFOUFTPONBUFSJBMFTQBSDJBMNFOUF
EFTDPNQVFTUPT%FQFOEJFOEPEFMBTDPOEJDJPOFTHFPBNCJFOUB
MFTFOMBRVFTFGPSNBOZMBFTQFDJFWFHFUBMPSJHJOBMTFEJWJEFO
FOEPTHSBOEFTUJQPTDPOWBSJBTJOUFSNFEJBT
5VSCBTCBKBTJOGSBBDVÈUJDBTFVUSØmDBTSJDBTRVÓNJ
DBNFOUFTFPSJHJOBOFOWBMMFTBMVWJBMFTDPOBHVBTSJDBT
FODBMDJPQSPWJFOFEF5JQIBTQ1ISBHNJUFTTQ$BSFYTQ
"HOVTQT4BMJYTQ
5VSCBTBMUBTTVQSBBDVÈUJDBT4FGPSNBOFOEFQSFTJPOFT
BJSFBEBTEFNPOUB×BTIÞNFEBTTPCSFNBUFSJBMFTÈDJEPT
ZQPCSFTBHVBTQMVWJBMFTZWFHFUBDJØOQPDPFYJHFOUF
NVTHPT4QIBHOVN&SJPQIPSVNZ1PMZUSVDIVNFUD
4FEFOPNJOBOUVSCBTEFNVTHPPUVSCBTSVCJBTZTPOMBT
NÈTVUJMJ[BEBTFOMBIPSUJDVMUVSBBCTPSCFOHSBODBOUJEBE
EFBHVBTJFOEPWFSEBEFSBTFTQPOKBT
&OBNCPTUJQPTEFUVSCFSBTMBEFTDPNQPTJDJØOFTNVZMFO
UBBOBFSØCJDBZMBIVNJmDBDJØOEÏCJMEBOEPDPNPSFTVMUBEP
VOBNBTBmCSPTB-BDFMVMPTBEFTBQBSFDFQSPHSFTJWBNFOUF
ZRVFEBMBMJHOJOB1PSMPHFOFSBMMBTUVSCBTTPOQPCSFTFO
FMFNFOUPTGFSUJMJ[BOUFTQFSPQPSTVDBQBDJEBEQBSBSFUFOFS
BHVBZDBUJPOFTTPONVZVUJMJ[BEPTFOTVFMPTMJHFSPTEFFTDBTB
SFUFODJØODPNPTPQPSUFQBSBB×BEJSBMTVFMPPMJHPFMFNFOUPT
ZPUSPTGFSUJMJ[BOUFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&TUJÏSDPMFT
-PTFTUJÏSDPMFTTPONVZWBSJBEPTEFQFOEJFOEPEFMB
DPNQPTJDJØOPSJHJOBMEFMBTDBNBTZEFZFDDJPOFTUJQPEF
HBOBEPTJTUFNBQSPEVDUJWPSB[BFEBEBMJNFOUBDJØOFUD
Z
EFMBNBEVSBDJØORVFTFFGFDUÞFEFMNJTNPGFSNFOUBDJØOP
DPNQPTUBKF
&MBHSFHBEPEFBCPOPTPSHÈOJDPTEFPSJHFOBOJNBMDPOEVDF
BVOJODSFNFOUPEFNJDSPZNBDSPOVUSJFOUFTFTFODJBMFTZPUSPT
DPOUBNJOBOUFTBGFDUBFMQ)ZMBDPOEVDUJWJEBEFMÏDUSJDBTBMFT
EFMTVFMPBMDVBMTFBHSFHB-PTDBNCJPTRVFFOÏMTFQSPEVDFO
EFQFOEFSÈOEFMBDPNQPTJDJØOEFMBCPOPMBBOUFMBDJØODPOMB
DVBMTFBHSFHBBMTVFMPSFTQFDUPBMUSBOTQMBOUFPTJFNCSBFM
HSBEPEFNBEVSBDJØOPEFTDPNQPTJDJØODPOEJDJPOFTEFMNFEJP
UFNQFSBUVSBIVNFEBE
ZEPTJTBHSFHBEB
-BDBOUJEBEEFFTUJÏSDPMBBHSFHBSEFQFOEFSÈEFMTVFMP
DPNQPTJDJØOEFMFTUJÏSDPMMVHBSRVFPDVQBFOMBSPUBDJØO
TFHÞOFMCBMBODFEFNBUFSJBPSHÈOJDB&OTVFMPTDBMDÈSFPT
RVFNPWJMJ[BOSÈQJEBNFOUFMBNBUFSJBPSHÈOJDBMBBQMJDBDJØO
EFCFTFSGSFDVFOUF&OTVFMPTÈDJEPTMPTBHSFHBEPTEFCFOTFS
NFOPSFTZQVFEFOBDPNQB×BSTFEFFODBMBEPTBVORVFOPFO
GPSNBTJNVMUÈOFB-BTNPEJmDBDJPOFTEFMTVFMPTPOMFOUBTTF
PCTFSWBOMPTSFTVMUBEPTMVFHPEFWBSJPTB×PTEFBQMJDBDJØO
3FTQFDUPBTVFMFDDJØOQPSTVDPNQPTJDJØOEFCFOFWJUBSTF
MPTRVFTFBOSJDPTFOFMFNFOUPTDPOUBNJOBOUFTPFYDFTJWPTFO
BMHÞONJDSPOVUSJFOUFTBMJOJEBEFMFWBEBZQ)FMFWBEP
"DPOUJOVBDJØOTFNVFTUSBOMBSJRVF[BFOOVUSJFOUFTZMPT
UJQPTEFSFBDDJØOEFBMHVOBTFONJFOEBTVUJMJ[BEBTFOIPSUJDVM
UVSBDVBESP
$BNBEFQPMMPQBSSJMMFSP
6OBEFMBTFONJFOEBTPSHÈOJDBTEFNBZPSJNQPSUBODJBQPS
TVVUJMJ[BDJØOFO"SHFOUJOBFTMBiDBNBEFQPMMPQBSSJMMFSPw
RVFDPOUJFOFOHVBOPKVOUPBDÈTDBSBEFTFNJMMBTEFDFSFBMFT
HFOFSBMNFOUFDÈTDBSBEFBSSP[
VPMFBHJOPTBT1SFTFOUBVOB
FMFWBEBSJRVF[BFOOVUSJFOUFTZQFSNJUFiNVMMJSwFMTVFMP
QPSFMBQPSUFEFDBTDBSJMMB-BEPTJTEFDBNBEFQPMMPPTDJMB
FOUSFBNIBB×P5BNCJÏOTFVUJMJ[BFMFTUJÏSDPMEF
QPOFEPSBTQFSPTFEFCFUFOFSFODVFOUBRVFFTQVSPOPFTUÈ
NF[DMBEPDPODBNBT
QSFTFOUBBMUPDPOUFOJEPEFOVUSJFOUFTZ
TVBQMJDBDJØOFTEJmDVMUPTB
&OFM$VBESPTFNVFTUSBFMSFTVMUBEPEFVOBOÈMJTJT
EFDBNBEFQPMMPFTUBCJMJ[BEB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
3FDPNFOEBDJØOEFMPTBVUPSFTQBSBFMDPNQPTUBKF
EFMPTFTUJÏSDPMFT
4JMBGVFOUFEFFONJFOEBPSHÈOJDBUJFOFSJFTHPTQPUFODJBMFT
EFDPOUBNJOBDJØOTFEFCFOTFHVJSMPTTJHVJFOUFTQBTPTUFOJFOEP
FODVFOUBEPTTJUVBDJPOFT
B4JFMNBUFSJBMFTBMNBDFOBEPFOFMFTUBCMFDJNJFO
UPBOUFTEFTFSBQMJDBEPMBTDPOEJDJPOFTEFCFOTFSMBT
TJHVJFOUFT
t-BVCJDBDJØOEFMBMNBDFOBNJFOUPZFMUSBUBNJFOUPEFM
FTUJÏSDPMBOJNBMUFOESÈMVHBSMFKPTEFMB[POBEFQSPEVDDJØO
EFMPTQSPEVDUPTBHSÓDPMBTEFQFOEJFOEPMBEJTUBODJBNÓOJNB
EFGBDUPSFTUBMFTDPNPMBTJTUFNBUJ[BDJØOEFMPTDBNQPTMB
JODMJOBDJØOPQFOEJFOUFEFMUFSSFOPMBDFSDBOÓBBGVFOUFTEF
BHVBFUD
t&TQSFDJTPVUJMJ[BSCBSSFSBTPBMHÞOUJQPEFTFQBSBDJØO
GÓTJDBFOMBTÈSFBTEFBMNBDFOBNJFOUPEFMFTUJÏSDPMDPOFMmO
EFJNQFEJSMBDPOUBNJOBDJØOEFMQSPEVDUPBHSÓDPMBPEFMBT
ÈSFBTEFQSPEVDDJØOQPSQBSUFEFQBUØHFOPTQSPWFOJFOUFTEF
MBFONJFOEBRVFQVFEFOTFSEJTFNJOBEPTQPSFMBHVBEFMMVWJB
FMWJFOUPFUD
t-BDPOUBNJOBDJØOEFMBTGVFOUFTEFBHVBTVCUFSSÈOFBEFCF
FWJUBSTFBMNBDFOBOEPFMFTUJÏSDPMFOVOMVHBSBJTMBEPEFMTVFMP
ZDPOCBSSFSBTEFDPOUFODJØOQBSBnVJEPTQPSFKFNQMPQPOFS
VOQPMJFUJMFOPBEFDVBEPBOUFTEFMBEFTDBSHB
t-BTQJMBTEFFTUJÏSDPMIBOEFTFSDVCJFSUBTDPOmMNQMÈTUJDP
VPUSPTNBUFSJBMFTJNQFSNFBCMFTUBNCJÏOQVFEFOTFSBMNBDF
OBEBTFOVOMVHBSDVCJFSUPQVFTUPRVFMBMMVWJBBMDBFSTPCSF
MBTNJTNBTQVFEFEBSMVHBSBMBEJTQFSTJØOEFQBUØHFOPTRVF
QVFEFOTFSGVFOUFTEFDPOUBNJOBDJØO
t4FEFCFNBOUFOFSFMDPNQPTUDPOFMHSBEPBEFDVBEPEF
IVNFEBEZTFEFCFNPWFSMBQJMBQPSMPNFOPTEPTWFDFTQBSB
RVFFMQSPDFTPTFBBFSØCJDPQFSNJUJFOEPRVFMBUFNQFSBUVSB
MMFHVFB$EVSBOUFRVJODFEÓBTDPNPNÓOJNP
C4JFMNBUFSJBMFTBQMJDBEPEJSFDUBNFOUFFOFMMPUF
EFQSPEVDDJØO
t%FCFTFSJODPSQPSBEPBMTVFMPQPSFKFNQMPDPOSBTUSB
EFEPCMFBDDJØO
t&OUSFMBBQMJDBDJØOZFMDPNJFO[PEFMBJNQMBOUBDJØOEFCF
USBOTDVSSJSVOUJFNQPTVmDJFOUFEFQFOEJFOUFEFMBTMMVWJBT
UFNQFSBUVSBFUD
DPNPQBSBRVFTFOFVUSBMJDFOMPTSJFTHPT
EFDPOUBNJOBDJØO
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&ONJFOEBTJOPSHÈOJDBT
$PNPTFNFODJPOØBOUFSJPSNFOUFMBTFONJFOEBTJOPSHÈ
OJDBTTPOTVTUBODJBTRVFTFBHSFHBOBMTVFMPQBSBDPSSFHJSTVT
QSPQJFEBEFTGÓTJDBTZRVÓNJDBT
(FOFSBMNFOUFTFVUJMJ[BOQBSB
t-BDPSSFDDJØOEFMPTQ)ÈDJEPTTFVUJMJ[BOFONJFOEBT
DBMDÈSFBTMBTRVFTPOEFSFBDDJØOBMDBMJOBFMPCKFUJWPFT
EFTQMB[BSBMBMVNJOJPPBMNBOHBOFTPRVFFTUÈODPONBZPS
EJTQPOJCJMJEBEFODPOEJDJPOFTEFBDJEF[
EFMBGBTFTØMJEBEFM
TVFMPZQSPEVDJSVOBQSFDJQJUBDJØOEFFTUPTDPNQVFTUPT&TUBT
FONJFOEBTDBMDÈSFBTTPOFMDBSCPOBUPEFDBMDJPMBEPMPNJUB
DBSCPOBUPEFDBMDJPZNBHOFTJP
MBDBMBQBHBEBZMBDBMWJWB
&TNVZJNQPSUBOUFRVFMBFONJFOEBTFFODVFOUSFmOBNFOUF
NPMJEBZCJFOFOUSFNF[DMBEBDPOFMTVFMPQBSBRVFTFQSP
EV[DBMBSFBDDJØOZBRVFFTUPTDPNQVFTUPTQSFTFOUBOCBKB
TPMVCJMJEBE
t-BDPSSFDDJØOEFMQ)BMDBMJOPHFOFSBMNFOUFTFVUJMJ[BO
FONJFOEBTBCBTFEFB[VGSFFOQPMWPPEFZFTPTVMGBUPEF
DBMDJP
BVORVFFTUFÞMUJNPOPQSPEVDJSÓBEFTDFOTPTEFQ)QFSP
TÓEFTQMB[BNJFOUPTEFMTPEJPEFMTVFMP&OGVODJØOEFMBUFYUVSB
EFMTVFMPNÈTBMUBQBSBBSDJMMPTP
ZEFMQ)JOJDJBMFTOFDFTBSJP
BQMJDBSEFBNÈTEFLHEFB[VGSFQPSIFDUÈSFB
„ 1VOUPTBUFOFSFODVFOUBFOMBBQMJDBDJØO
EFFONJFOEBT
1BSBMBFMBCPSBDJØOEFFTUFQVOUPFOUSFPUSBTGVFOUFTCJ
CMJPHSÈmDBTZBQPSUFEFMDPOPDJNJFOUPEFMPTBVUPSFTTFUPNØ
QSJODJQBMNFOUFDPNPCBTFMB-FHJTMBDJØO/BDJPOBMDPODFQUPT
EFMB'"0-JOFBNJFOUPT&TQFDÓmDPTEF*OPDVJEBE"MJNFOUBSJB
QBSBMB1SPEVDDJØOZ$PTFDIBEF-FDIVHBZ7FSEVSBTEF)PKBT
7FSEFTEF$BMJGPSOJBZFM(MPCBMHBQ
4FHÞOMB-FHJTMBDJØO/BDJPOBM
t&ODBTPEFVUJMJ[BSFTUJÏSDPMBOJNBMDPNPFONJFOEBPSHÈ
OJDPEFCFSÈFTUBSDPOEJDJPOBEPBMBBQMJDBDJØOEFUSBUBNJFOUPT
BEFDVBEPTRVFSFEV[DBOFMOÞNFSPEFPSHBOJTNPTQBUØHFOPT
ZQPSMPUBOUPFMQPUFODJBMDPOUBNJOBOUFEFFTUPTNBUFSJBMFT
t&ODBTPEFVUJMJ[BSFTUJÏSDPMBOJNBMDPNPFONJFOEBPSHÈ
OJDBMBBQMJDBDJØOEFMNJTNPEFCFSÈSFBMJ[BSTFBOUFTEFMUSBOT
QMBOUFPTJFNCSBFJODPSQPSBSMPZNF[DMBSMPDPOFMTVFMP
t&MTJUJPEFQSPEVDDJØONBOJQVMBDJØOØBMNBDFOBNJFOUP
EFFONJFOEBTEFCFFTUBSBJTMBEPEFGVFOUFTEFBHVBQFSTPOBT
DVMUJWPTZPQSPEVDUPTDPTFDIBEPTBmOEFQSFWFOJSQPTJCMFT
DPOUBNJOBDJPOFT
t&ODBTPEFVUJMJ[BSFONJFOEBTDPNFSDJBMFTMBTNJTNBTEF
CFSÈOFTUBSSFHJTUSBEBTQPSFM0SHBOJTNP0mDJBMDPNQFUFOUF
t4FQSPIÓCFMBVUJMJ[BDJØOEFMPEPTDMPBDBMFTSFTJEVPT
VSCBOPTZFnVFOUFTJOEVTUSJBMFTDPNPFONJFOEBT
t4FEFCFSÈOBMNBDFOBSMBTFONJFOEBTFOMVHBSFTDVCJFSUPT
MJNQJPTTFDPTWFOUJMBEPTZTFQBSBEPTEFMPTQSPEVDUPTmUP
TBOJUBSJPTEFOUSPEFMEFQØTJUPDVBOEPDPSSFTQPOEB%FCFSÈO
UPNBSTFFODPOTJEFSBDJØOMBTDBSBDUFSÓTUJDBTEFTDSJQUBTQBSB
BMNBDFOBNJFOUPEFmUPTBOJUBSJPT
0USPTQVOUPTBUFOFSFODVFOUB
t3FBMJ[BSVOBOÈMJTJTEFQFMJHSPBOUFSJPSNFOUFBMBBQMJDBDJØO
EFMBTFONJFOEBTPSHÈOJDBTFJOPSHÈOJDBTDPNPQPSFKFNQMP
USBOTNJTJØOEFFOGFSNFEBEFTJOTFDUPTNBMF[BTUPYJDJEBEFT
FOMPTDVMUJWPTEFMTVFMPEFMPTDVSTPTEFBHVBFUD
t3FBMJ[BSVOBOÈMJTJTEFMTVFMPDPOFMPCKFUJWPEFQPEFS
DBMDVMBSMPTBQPSUFTOFDFTBSJPTEFMBTFONJFOEBTEFBDVFSEP
BMDVMUJWPRVFTFRVJFSFJNQMBOUBS
t3FBMJ[BSVOFTUVEJPFDPOØNJDPQBSBBIPSSBSEJOFSPFGFD
UVBOEPVOBBQMJDBDJØOBEFDVBEBDVJEBOEPFMNFEJPBNCJFOUF
MBTBMVEZPCUFOJFOEPQSPEVDUPTTBOPTZEFDBMJEBE
t3FBMJ[BSVOBOÈMJTJTZEPDVNFOUBSMBSJRVF[BFOOVUSJFOUFT
EFMBTFONJFOEBTPSHÈOJDBTBVUJMJ[BSDPNPUBNCJÏOTVOJWFMEF
BDJEF[Q)
ZDPOUFOJEPTBMJOPDPOEVDUJWJEBE
TJFMQSPEVDUPFT
PSJHJOBSJPEFTJNJMBSGVFOUFFTQPTJCMFOPSFQFUJSMPTBOÈMJTJT
„
'FSUJMJ[BOUFTDPODFQUPTHFOFSBMFT
$PNPTFFYQSFTØBOUFSJPSNFOUFMPTGFSUJMJ[BOUFTTPOTVT
UBODJBTRVÓNJDBTJOPSHÈOJDBTVPSHÈOJDBTRVFDPOUJFOFOVOB
DBOUJEBEBQSFDJBCMFEFFMFNFOUPTOVUSJUJWPTQBSBMBTQMBOUBT
"DPOUJOVBDJØOTFEBOBMHVOPTDPODFQUPTHFOFSBMFTEFMPT
GFSUJMJ[BOUFT
t6OJEBEGFSUJMJ[BOUFFTMBGPSNBRVFTFVUJMJ[BQBSB
EFTJHOBSBMFMFNFOUPOVUSJUJWPBTÓMBiVOJEBEGFSUJMJ[BOUFwEF
OJUSØHFOPDPSSFTQPOEFBVOLJMPHSBNPEFOJUSØHFOPOFUP/
ZVOBiVOJEBEGFSUJMJ[BOUFwEFQPUBTJPFRVJWBMFBVOLJMPHSBNP
EFØYJEPEFQPUBTJP,0
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t$PODFOUSBDJØOEFVOGFSUJMJ[BOUFFTMBDBOUJEBEEFM
FMFNFOUPOVUSJUJWPFOTVSFTQFDUJWBVOJEBESFBMNFOUFBTJNJMBCMF
QPSMBQMBOUB1PSFKFNQMPFM/JUSBUPEFBNPOJPUJFOFVO
EFVOJEBEFTEFOJUSØHFOPFTPTJHOJmDBRVFDPOUJFOF
EF/-BDPNQPTJDJØOEFMPTGFSUJMJ[BOUFTTFFYQSFTBODPNP/
10,0$B0.H0
t3FBDDJØOEFMGFSUJMJ[BOUFFOFMTVFMPFTUFFGFDUPTFNJEF
QPSFMÓOEJDFEFBDJEF[PCBTJDJEBEEFMGFSUJMJ[BOUFZDPSSFTQPOEF
BMBDBOUJEBEOFDFTBSJBEFDBMFOFMTVFMPQBSBOFVUSBMJ[BSFM
JODSFNFOUPFOMBBDJEF[
$MBTJmDBDJØOEFMPTGFSUJMJ[BOUFTTFQVFEFODMBTJmDBSFO
GFSUJMJ[BOUFTTJNQMFTTØMPUJFOFOVOPEFMPTOVUSJFOUFTQSJNB
SJPT
DPNQVFTUPTUJFOFOVOBNF[DMBNFDÈOJDB
ZDPNQMFKPT
TPOVOBNF[DMBRVFSFBDDJPOBORVÓNJDBNFOUF
$BSBDUFSÓTUJDBTHFOFSBMFTEFMPTGFSUJMJ[BOUFTNÈT
VUJMJ[BEPTMBTDBSBDUFSÓTUJDBTQSJODJQBMFTTFQVFEFOWFSFOFM
DVBESPBDPOUJOVBDJØOTFEFTDSJCFOBMHVOPTEFFMMPT
$BSBDUFSÓTUJDBTEFMPTGFSUJMJ[BOUFT
t)JHSPTDPQJDJEBEFTMBQSPQJFEBEEFVOGFSUJMJ[BOUF
EFUPNBSBHVBEFMBBUNØTGFSBBQBSUJSEFVOBEFUFSNJOBEB
IVNFEBE1PSFKFNQMPFM/JUSBUPEF$BMDJPFTVOPEFMPTNÈT
IJHSPTDØQJDPEFIVNFEBEBNCJFOUF
TFHVJEPQPSFM
/JUSBUPEF"NPOJP
t4PMVCJMJEBEFMHSBEPEFTPMVCJMJEBEEFQFOEFEFMGFSUJMJ
[BOUFZEFMBUFNQFSBUVSB
t4VMGBUPEFBNPOJPDPOUJFOFOJUSØHFOPBNPOJBDBM
/
ZB[VGSF4
HFOFSBMNFOUFTFQSFQBSBFOMBTTPMVDJPOFT
NBESFTFOMBSFMBDJØOQPSFKFNQMPLHQPSDBEBMEF
BHVB
FMQSPCMFNBFTTVDPOUFOJEPEFTVMGBUPDVBOEPFMBHVB
ZBMPTUJFOFQSPCMFNBTEFTBMJOJEBE
t/JUSBUPEFBNPOJPDPOUJFOFVOEF/IBMMÈOEPTFMB
NJUBEFOGPSNBOÓUSJDBZMBPUSBNJUBEFOGPSNBBNPOJBDBM&TVO
QSPEVDUPRVFSFEVDFMBUFNQFSBUVSBBMQSFQBSBSMBTTPMVDJPOFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
BTÓDPNPFMQ)EFMBHVB&TNVZQVSPZUJFOFBMUBTPMVCJMJEBE
"DUVBMNFOUFOPFTUBQFSNJUJEPTVVTP
t6SFBFTVOQSPEVDUPEFTÓOUFTJTPSHÈOJDBRVFUJFOFVODPO
UFOJEPEF/EFUPEPFOGPSNBVSFJDBPBNÓEJDB1SFTFOUB
VOBBMUBTPMVCJMJEBEZBMJHVBMRVFFMFKFNQMPBOUFSJPSSFEVDF
MBUFNQFSBUVSBEFMBTPMVDJØO-BWFOUBKBEFFTUFQSPEVDUPFT
RVFOPTBMJOJ[BFMBHVBTJFOEPFTUPNVZJNQPSUBOUFFOTVFMPT
PBHVBTTBMJOBT/PBDJEJmDBFMBHVB&YJTUFFOGPSNBQFSMBEBZ
FOGPSNBDSJTUBMJOBBNCBTVUJMJ[BEBTQBSBSJFHP)BZRVFUFOFS
FODVBOUBRVFEFCFTVGSJSVOBUSBOTGPSNBDJØOFOFMTVFMPQBSB
TFSVUJMJ[BEPQPSMBTQMBOUBT-BFmDBDJBEFFTUFGFSUJMJ[BOUFEF
QFOEFFTUSFDIBNFOUFEFMBTDPOEJDJPOFTEFBQMJDBDJØOEFCJEP
BTVFYUSFNBTPMVCJMJEBESJFTHPEFMBWBEP
t/JUSBUPEFDBMDJPDPOUJFOFEF/FOGPSNBOÓUSJDB
&TVOQSPEVDUPDPTUPTPRVFTFBDPOTFKBQBSBMBTBQMJDBDJPOFT
QVOUVBMFTEFDBMDJP1SFTFOUBVOBMUPHSBEPEFTPMVCJMJEBE
t/JUSBUPEFQPUBTJPDPOUJFOFEF/ZEF
,0FTFMNÈTVUJMJ[BEPDPNPGVFOUFEFQPUBTJP1SFTFOUBCBKB
TPMVCJMJEBE
t'PTGBUPNPOPBNØOJDP."1
FMGPTGBUPNPOPBNØOJDP
TPMVCMFUJFOFVOBFMFWBEBSJRVF[BFOOVUSJFOUFT/Z
EF10
TJFOEPFYDFMFOUFQBSBFMVTPFOGFSUJSSJHBDJØO
4VTPMVCJMJEBEFTNFEJBZQSFTFOUBCBKPFGFDUPTBMJOJ[BOUF&T
EFSFBDDJØOÈDJEBQFSPTJTFVUJMJ[BDPOBHVBTBMDBMJOBTFTBDPO
TFKBCMFDPSSFHJSMPDPOÈDJEPOÓUSJDP(FOFSBMNFOUFTFQSFQBSB
DPOVOBSFMBDJØO
t4VMGBUPEFQPUBTJPDPOUJFOFVOEF,0ZVO
EFB[VGSF1SFTFOUBVOHSBEPEFTPMVCJMJEBECBKPZFTNÈT
TBMJOPRVFFMOJUSBUPEFQPUBTJP
t"DJEPGPTGØSJDPFTVOÈDJEPEFDBEBWF[NÈTVUJMJ[B
DJØOMBWFOUBKBFTRVFBZVEBBCBKBSFMQ)EFMTVFMPPEFMBT
TPMVDJPOFT
t"DJEPOÓUSJDPDPOUJFOFVOEF/VUJMJ[ÈOEPTFNÈT
RVFDPNPGFSUJMJ[BOUFDPNPDPSSFDUPSEFMQ)EFMBTTPMVDJPOFT
NBESFT
t"DJEPGPTGØSJDPTVSJRVF[BFO10PTDJMBFOUSFZ
EFQFOEJFOEPEFMHSBEPEFEJMVDJØO&MQSPEVDUPNÈTDPODFOUSBEP
UJFOFVOBEFOTJEBEEF4FVUJMJ[BFOGFSUJSSJFHPUBOUPQPS
TVDPOUFOJEPEFGØTGPSPDPNPQPSTVQPEFSBDJEJmDBOUFQBSB
SFEVDJSFMQ)EFMTVFMPZEFMBTPMVDJØONBESF
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
$PNQBUJCJMJEBEEFMPTGFSUJMJ[BOUFTBMHVOPTGFSUJMJ[BO
UFTTFQVFEFONF[DMBSTJOPSJHJOBSVOBSFBDDJØOBOUBHØOJDB
TPODPNQBUJCMFT
ZPUSPTOP&OFMDVBESPTFNVFTUSB
MBDPNQBUJCJMJEBEFJODPNQBUJCJMJEBEEFBMHVOPTGFSUJMJ[BOUFT
VUJMJ[BEPTGSFDVFOUFNFOUF
G$PSSFHJSMBTBQMJDBDJPOFTDPOFMBOÈMJTJTEFMBTPMVDJØO
EFMTVFMP
H$PNQMFNFOUBSFMBOÈMJTJTDPOFMBOÈMJTJTGPMJBSPEF
TBWJB
1BTPTBUFOFSFODVFOUBQBSBDBMDVMBSEPTJTEFGFSUJMJ
[BOUFTZQSFQBSBDJØOEFMBTPMVDJØOOVUSJUJWB
B%FUFSNJOBSMBTOFDFTJEBEFTEFOVUSJFOUFTEFMDVMUJWP
ZTVDVSWBEFBQMJDBDJØO
4FEFCF
B%FUFSNJOBSMBTOFDFTJEBEFTEFOVUSJFOUFTEFMDVMUJWPZ
TVDVSWBEFBQMJDBDJØO
C)BDFSVOBOÈMJTJTEFTVFMP
D1MBOUFBSMBTOFDFTJEBEFTEFJODPSQPSBDJØOEFFONJFOEBT
FOGVODJØOBMBTOFDFTJEBEFTEFNFKPSBEFMBTDPOEJDJPOFT
GÓTJDBTZRVÓNJDBTEFMTVFMP
E3FBMJ[BSVOCBMBODFDPOFTUPTFMFNFOUPTZEFUFSNJOBS
FMEÏmDJU
F3FBMJ[BSVOBDPSSFDUBFMFDDJØOEFMPTGFSUJMJ[BOUFTBVUJMJ[BS
ZDBMDVMBSMBJODPSQPSBDJØOEFGFSUJMJ[BOUFTCÈTJDPT
%BEPMBEJWFSTJEBEEFFTQFDJFTZWBSJFEBEFTFOMBQSPEVDDJØO
IPSUÓDPMBOPFTDPOWFOJFOUFCBTBSTFTPMBNFOUFFOMPTQSP
HSBNBTEFGFSUJMJ[BDJØOFTUBOEBSJ[BEPTQPSFMMPEFCFTFHVJSTF
VOBTFSJFEFDPODFQUPTCÈTJDPTZEFDPOPDJNJFOUPEFMNFEJP
QSPEVDUJWP1BSBMPTDVMUJWPTIPSUÓDPMBTDPOHSBOEFTFYJHFODJBT
EFOVUSJFOUFTZDPOTVFMPTQPCSFTFMOJWFMEFGFSUJMJEBEEFMTVFMP
RVFEBFOVOTFHVOEPQMBOP4JOFNCBSHPFOTVFMPTGÏSUJMFTZ
DPOMBBQMJDBDJØOEFFONJFOEBTMPTOJWFMFTEFOVUSJFOUFTOP
TPOEFTQSFDJBCMFTZIBZRVFDPOTJEFSBSMPTQPSMPNFOPTFOMB
FUBQBJOJDJBMEFDVMUJWP
&OFMDVBESPTFNVFTUSBOMBTFYQPSUBDJPOFTEFOJUSØ
HFOPGØTGPSPQPUBTJPZNBHOFTJPEFMPTDVMUJWPTEFMFDIVHB
ZFTQJOBDB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
%FMDVBESPTFPCUJFOFFMDPOTVNPBQSPYJNBEPEF
MFDIVHBZFTQJOBDBFOGVODJØOBMPTWPMÞNFOFTEFDPTFDIB
&MNPNFOUPFOFMRVFTFQSPEVDFOMBTFYUSBDDJPOFTEFQFOEF
EFDBEBDVMUJWPQFSPFOHFOFSBMMPTSFRVFSJNJFOUPTTPONVZ
CBKPTFOMPTQSJNFSPTFTUBEJPTZTPONÈYJNPTFOMBÞMUJNB
FUBQBEFTVDJDMP4FEFCFSFBMJ[BSVOBDVSWBEFBQMJDBDJØO
EFOVUSJFOUFTBQMJDBDJØOFOFMUJFNQP
&OMBmHVSBTF
NVFTUSBDPNPFKFNQMPMBDVSWBEFSFRVFSJNJFOUPEFOJUSØHFOP
LHIB
EFVODVMUJWPEFMFDIVHBFOEPTUJQPTEFQMBOUBDJØO
WFSBOPBDBNQPFJOWJFSOPFOJOWFSOBEFSP
1PSFKFNQMPFOMBmHVSBBOUFSJPSTFQVFEFPCTFSWBSRVFFO
WFSBOPBDBNQPMPTSFRVFSJNJFOUPTBVNFOUBODPOTJEFSBCMF
NFOUFBQBSUJSEFMBUFSDFSBTFNBOBQPTUFSJPSBMUSBOTQMBOUF
&OMÓOFBTHFOFSBMFTFMHSVFTPEFMBBQMJDBDJØOTFEFCF
SFBMJ[BSFOMBÞMUJNBQBSUFEFMDJDMPEFMDVMUJWP
C)BDFSVOBOÈMJTJTEFTVFMP
"MSFBMJ[BSVOBOÈMJTJTEFOVUSJFOUFTEFMTVFMPQBSBEFUFS
NJOBSMPTFMFNFOUPTDPOMPTRVFTFDVFOUBOZBMQSPZFDUBSB
GVUVSPMBEJTQPOJCJMJEBEEFOVUSJFOUFTOPTFTBCFDPODFSUF[B
FMSFTVMUBEPmOBMBMNPNFOUPEFSFRVFSJSTFEJDIPTOVUSJFOUFFO
FMDBTPDPODSFUPEFMOJUSØHFOPDPOFMQBTPEFMUJFNQPQVFEFO
QSPEVDJSTFQÏSEJEBTNVZJNQPSUBOUFTZUBNCJÏOHBOBODJBTQPSMB
NJOFSBMJ[BDJØOEFMBNBUFSJBPSHÈOJDB0USPTFMFNFOUPTBQFTBS
EFRVFQBSFDFOFTUBSEJTQPOJCMFTTPOUBOBMUBTMBTFYJHFODJBT
FOEFUFSNJOBEPTNPNFOUPTEFMDJDMPEFMDVMUJWPRVFSFTQPOEFO
BMBBQMJDBDJØOEFGFSUJMJ[BOUFT1PSMPUBOUPFTSFDPNFOEBCMF
SFBMJ[BSFMBOÈMJTJTEFTVFMPMPNÈTDFSDBOPQPTJCMFBMNPNFOUP
FORVFFMDVMUJWPSFRVJFSBMPTOVUSJFOUFTEFJOUFSÏT
&OFMDVBESPTFNVFTUSBVOBOÈMJTJTEFTVFMPUBOUP
RVÓNJDPDPNPGÓTJDPZTFSFBMJ[BVOBFYQMJDBDJØOCÈTJDBEFMPT
EJTUJOUPTQVOUPTQBSBQPEFSJOUFSQSFUBSMPT
%FTDSJQDJØOEFDBEBVOPEFMPTQVOUPTEFMBOÈMJTJT
tQ)BDUVBMNJEFMBTBDDJPOFTEFMPT)
tQ)QPUFODJBMNJEFMPTQSPUPOFTZMPTDBUJPOFT
t$POEVDUJWJEBENJEFMBDPOEVDUJWJEBEFOFMFTUSBUPEF
QBTUBTBUVSBEBEFMTVFMP
t.BUFSJB0SHÈOJDBQBSBPCUFOFSFMBQPSUFEF/JUSØHFOP
EFMBNBUFSJBPSHÈOJDBQPEFNPTBQMJDBSMBTJHVJFOUFNFUPEP
MPHÓBEFMBNBUFSJBPSHÈOJDBUPUBMBQSPYJNBEBNFOUFFM
DPSSFTQPOEFB/JUSØHFOPPSHÈOJDPFMRVFTFNJOFSBMJ[BBVOB
UBTBBOVBMEFMBM&OFMFKFNQMPUFOFNPTEF
NBUFSJBPSHÈOJDBVOBFYQMPSBDJØOSBEJDVMBSEFDNTJHOJmDB
UFOFSNEFUJFSSBIB&MEF.0NEF
.0IBUPOFMBEBTLHEF/JUSØHFOPPSHÈOJDPDPO
VOBNJOFSBMJ[BDJØOEFMBOVBMUFOESFNPTEJTQPOJCMF
LHEF/JUSØHFOPQPSB×P&TEFDJSFOFTUFUJQPEFTVFMPFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
EFTQSFDJBCMFTPCSFUPEPUFOJFOEPFODVFOUBMBTQÏSEJEBTFO
TVFMPTDPNPMPTEF#BMDBSDFDPOVOEF.0MBTJUVBDJØO
FTEJGFSFOUF
t'ØTGPSPBTJNJMBCMFFTUÈGPSNBEPQPSUPEPFMGØTGPSPTP
MVCMFZQBSUFEFMMÈCJMZTFUSBUBEFVOBSUJMVHJPBOBMÓUJDPQBSB
TJNVMBSMBDBOUJEBEEFOVUSJFOUFTRVFMBQMBOUBQVFEFFYUSBFS
UFOJFOEPFODVFOUBMBSFOPWBDJØOEFMBTPMVDJØOBQBSUJSEFMB
GBTFTØMJEB
t/JUSBUPTFTMBGPSNBBTJNJMBCMFEFOJUSØHFOPRVFMBQMBOUB
QVFEFUPNBSNÈTSÈQJEBNFOUF*OEJDBRVFDBOUJEBEEFFTUF
FMFNFOUPFTUÈEJTQPOJCMFFOGPSNBJONFEJBUB
D1MBOUFBSMBTOFDFTJEBEFTEFJODPSQPSBDJØOEFFO
NJFOEBTFOGVODJØOBMBTOFDFTJEBEFTEFNFKPSBEFMBT
DPOEJDJPOFTGÓTJDBTZRVÓNJDBTEFMTVFMP
&OCBTFBMPTSFTVMUBEPTEFMBOÈMJTJTGÓTJDPRVÓNJDPEFMTVFMP
TFEFCFEFUFSNJOBSMBOFDFTJEBEEFJODPSQPSBSBMHÞOUJQPEFFO
NJFOEB4JUPNBNPTDPNPFKFNQMPFMBOÈMJTJTBOUFSJPSTFPCTFSWB
RVFUJFOFVOQPSDFOUBKFNVZCBKPEFNBUFSJBPSHÈOJDBZCBKB
EPUBDJØOEFOJUSØHFOPOJUSBUPT
QPSMPUBOUPFTDPOWFOJFOUFMB
BQMJDBDJØOEFBMHVOBFONJFOEBDPNPDBNBEFQPMMP3FNJUJSTF
BMQVOUPi%FTDSJQDJØOEFFONJFOEBTPSHÈOJDBTFJOPSHÈOJDBT
FTUJÏSDPMFTQBSBPCTFSWBSTVSJRVF[BFOOVUSJFOUFTw
E3FBMJ[BSVOCBMBODFDPOFTUPTFMFNFOUPTZEFUFS
NJOBSFMEÏmDJU
1BSBEFUFSNJOBSMBTEPTJTTFUJFOFOFODVFOUBMBTFYQPSUB
DJPOFTEFMPTDVMUJWPTNÈTMBTQÏSEJEBTBFMMPTFEFTDVFOUBFM
BQPSUFEFMBTFONJFOEBTPSHÈOJDBTMPTGFSUJMJ[BOUFTCÈTJDPTZ
MPTOVUSJFOUFTQSFTFOUFTFOFMTVFMP"MHVOPTUBMFTDPNPFMGØT
GPSPQVFEFBMNBDFOBSTFFOFMTVFMPZOPUJFOFOQSÈDUJDBNFOUF
QÏSEJEBTPUSPTDPNPFMOJUSØHFOPFTOFDFTBSJPRVFTFBQMJRVF
GSBDDJPOBEBNFOUFFOGVODJØOBMPTSFRVFSJNJFOUPTQBSBRVF
OPTFMJYJWJF&MQPUBTJPUJFOFVODPNQPSUBNJFOUPJOUFSNFEJP
%PTJT&YQPSUBDJPOFT1ÏSEJEBTo"QPSUFTEFMTVFMPZ
PUSBTGVFOUFTGFSUJMJ[BOUFTFONJFOEBTFUD
-BTFYQPSUBDJPOFTTPOMPTSFRVFSJNJFOUPTEFMDVMUJWPQPS
UPOFMBEBEFNBUFSJBFYQPSUBCMFMBTQÏSEJEBTTFQSPEVDFO
QSJODJQBMNFOUFQPSFMMBWBEPDPNPDPOTFDVFODJBEFSJFHP
EFQFOEJFOEPFOHSBONFEJEBEFMNBOFKPEFÏTUFFOSFMBDJØO
DPOMBTDBSBDUFSÓTUJDBTEFMTVFMP
FMBQPSUFDPNPTFWJPBOUF
SJPSNFOUFQSPWJFOFEFMBNBUFSJBPSHÈOJDBEFMBTFONJFOEBT
ZMPTGFSUJMJ[BOUFT
F3FBMJ[BSVOBDPSSFDUBFMFDDJØOEFMPTGFSUJMJ[BOUFT
BVUJMJ[BSZDBMDVMBSMBJODPSQPSBDJØOEFGFSUJMJ[BOUFT
CÈTJDPT
&OCBTFBMSFTVMUBEPEFMBFDVBDJØOBOUFSJPSTFFMJHFOMPT
GFSUJMJ[BOUFTQPSTVTQSPQJFEBEFTGÓTJDBTRVÓNJDBTZEFDPTUPT
ZDBMDVMBTVTSFTQFDUJWBTEPTJT
$ÈMDVMPEFMBEPTJTEFVOGFSUJMJ[BOUFDPNPFKFNQMPTVQP
OJFOEPRVFVODVMUJWPSFRVJFSFLHEF/JUSØHFOPZEFDJEJNPT
GFSUJMJ[BSDPO4VMGBUPEFBNPOJPDPOVOEF/
MBGØSNVMB
FTMBTJHVJFOUF
%PTJTEFGFSUJMJ[BOUFLHOFDFTBSJPTDPODFOUSBDJØOEFM
GFSUJMJ[BOUF
Y
%PTJT
YLHEF4VMGBUPEFBNPOJP
$ÈMDVMPEFMDPTUPEFMBVOJEBEGFSUJMJ[BOUF TVQPOJFOEP
RVFFMDPTUPEFM4VMGBUPEFBNPOJPFTEFLHDPOVOB
DPODFOUSBDJØOEFEF/MBGØSNVMBFT
$PTUPEFMGFSUJMJ[BOUFDPTUPEFMLHEFGFSUJMJ[BOUFDPO
DFOUSBDJØO
Y
$PTUPLH
YQPSVOJEBE
EFOJUSØHFOP
1SFQBSBDJØOEFMBTPMVDJØOOVUSJUJWBQBSBGFSUJSSJHBS
QBSBBQMJDBSMPTGFSUJMJ[BOUFTDPOFMBHVBEFSJFHPGFSUJSSJHBS
FT
OFDFTBSJPQSFQBSBSVOBiTPMVDJØONBESFwFTUBFTVOBTPMVDJØO
DPODFOUSBEBOPSNBMNFOUFVOBTWFDFTMBiTPMVDJØOIJKBw
RVFFTMBRVFmOBMNFOUFMMFHBBMBTQMBOUBT&TUBTPMVDJØONB
ESFTFDPMPDBFOMPTUBORVFTOPSNBMNFOUFEPT"Z#
ZIBTUB
DVBUSPEFQFOEJFOEPEFMBDPNQBUJCJMJEBEEFMPTGFSUJMJ[BOUFT
VUJMJ[BEPTFOMBGPSNVMBDJØO$BEBUBORVFEFCFUFOFSTVQSPQJP
JOZFDUPSQBSBRVFOPTFKVOUFOMPTJOHSFEJFOUFTFOOJOHÞOMVHBS
EFMBJOZFDDJØOQBSBFWJUBSJODPNQBUJCJMJEBEFTEFOVUSJFOUFT
/PSNBMNFOUFDBEBJOZFDUPSJOHSFTBMEFTPMVDJØONBESFDBEB
EFBHVBDPOEPTUBORVFTTFJOZFDUBOMNFTEFDJSBM
EFBRVÓMBTPMVDJØOIJKBFTWFDFTNÈTEJMVJEB
UBNCJÏO
TVSHFEFFTUPRVFTJTFVUJMJ[BVOBTPMVDJØODPOHEFTBMFT
MMBTPMVDJØONBESFUFOESÈVOBDPODFOUSBDJØOEFM
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
%VSBOUFMBQSFQBSBDJØOEFMBTPMVDJØONBESFTFEFCFUFOFS
FODVFOUBMBDPNQBUJCJMJEBEEFMPTQSPEVDUPTMBTPMVCJMJEBEEF
MPTNJTNPTZFMQ)EFTFBCMFEFMBTPMVDJØO
"DPOUJOVBDJØOTFNVFTUSBVOFKFNQMPEFSFQBSUPEF
GFSUJMJ[BOUFTQBSBQSFQBSBSMBTPMVDJØONBESFFOEPTUBORVFT
EJGFSFOUFT
%FMDVBESPBOUFSJPSTFEFEVDFRVFTJTFVUJMJ[BOTVMGBUPT
DPNPGFSUJMJ[BOUFTEFCFSÈOJSFOVOUBORVFTJGFSUJMJ[BNPTDPO
DBMDJPEFCFTFSDPMPDBEPFOPUSPUBORVFTJVTBNPT4VMGBUP
EFNBHOFTJPFOFMQSJNFSUBORVFOPQPESFNPTVUJMJ[BSÈDJEP
GPTGØSJDP
$ÈMDVMPEFMBOFDFTJEBEEFGFSUJMJ[BOUFT
4FUPNBODPNPFKFNQMPMPTTJHVJFOUFTTVQVFTUPT
t-PTSFRVFSJNJFOUPTEFOVUSJFOUFTQBSBVOBTFNBOBEF
VOBIFDUÈSFBEFMFDIVHBTPO
LHEF/LHEF10ZLHEF,0
t-PTGFSUJMJ[BOUFTRVFTFEJTQPOFOTPO4VMGBUPEFBNPOJP
/
/JUSBUPEFQPUBTJP
ZÈDJEPGPTGØSJDP
EF10FOQFTP
&MQSPDFEJNJFOUPQBSBFMDÈMDVMPFTFM
TJHVJFOUF
4FDPNJFO[BQPSMPTGFSUJMJ[BOUFTRVFTFEJTQPOFEF
TØMPVOFMFNFOUP
&KFNQMPTFQVFEFDPNFO[BSDPOFMGØTGPSPPDPOFMQPUBTJP
ZBRVFFMOJUSØHFOPTFFODVFOUSBQSFTFOUFFOMPTEPTGFSUJMJ[BO
UFT
FOOVFTUSPFKFNQMPTFDPNJFO[BDPOFMQPUBTJP
t-BDBOUJEBEEF/JUSBUPEFQPUBTJPEPTJT
QBSBBCBTUFDFS
EF,0FTMBTJHVJFOUF
LH
YLH
t-BDBOUJEBEEFGØTGPSPLH
YLHDPNP
FMQFTPFTEFLHMTFOFDFTJUBOMJUSPTEF
ÈDJEPGPTGØSJDP
t-BDBOUJEBEEF/JUSØHFOPBQPSUBEPQPSFM/JUSBUPEF
QPUBTJPFTLHY
LHEF/
1PSMPUBOUPGBMUBOLHEF/
YLH
EF4VMGBUPEFBNPOJP
&TEFDJSUFOFNPTRVFBQMJDBS
tLHEF/JUSBUPEFQPUBTJP
tLHEF"DJEPGPTGØSJDPPM
tLHEF4VMGBUPEFBNPOJP
t5PUBMLHEFGFSUJMJ[BOUFT
$BMDVMBSFMBHVBBQPSUBEBBMDVMUJWPFOMBTFNBOB
TVQPOHBNPTRVFBQMJDBNPTFOQSPNFEJPVOPTNNEÓBFT
EFDJSNEÓBØNTFNBOBIB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
$PNPFTUPTGFSUJMJ[BOUFTTPODPNQBUJCMFTTFQVFEFO
NF[DMBSFOVOTPMPUBORVFFJODPSQPSBSMBTPMVDJØONBESFBM
QPSNJM&TEFDJSRVFFOMBTFNBOBJOZFDUBSFNPTMEF
TPMVDJØONBESFNY
1PSMPUBOUPEFCFNPTEJMVJSMPT
LHEFGFSUJMJ[BOUFTFOMEFBHVB
$BMDVMBOEPMPTOVUSJFOUFTBQMJDBEPTNHMHN
TFPCUJFOFMPTJHVJFOUFNHMEF/HN
NHMEF,0HN
ZNHMEF10
HN
4POOJWFMFTSB[POBCMFTTFQPESÓBEVQMJDBS
MBTDPODFOUSBDJPOFTFODBTPEFRVFTFSFRVJFSBGFSUJSSJHBSFM
EFMUJFNQPWFSQÈSSBGPTJHVJFOUF
$ÈMDVMPEFDPOEVDUJWJEBETFFTUÈBQMJDBOEPHMEF
4VMGBUPEFBNPOJPHM
FTPSFQSFTFOUBTFHÞO
FMDVBESPYNNIPTDNEFDPOEVDUJWJEBEFTUJNBEP
HMEF/JUSBUPEFQPUBTJPHM
FTPSFQSFTFOUB
TFHÞOFMDVBESPYNNIPTDNEFDPOEVDUJWJEBEZH
EFÈDJEPGPTGØSJDPHM
FTPSFQSFTFOUBTFHÞO
FMDVBESPYNNIPTDNEFDPOEVDUJWJEBEFTEFDJSRVF
BVNFOUBSÓBNPTFOBQSPYJNBEBNFOUFNNIPTMBDPOEVD
UJWJEBE
&TOFDFTBSJPUFOFSFODVFOUBMBDPOEVDUJWJEBEEFM
BHVBEFSJFHPZDVBMFTFMWBMPSEFTFBEPEFMBDPOEVDUJWJEBE
EFMBTPMVDJØOOVUSJUJWB4JQPSFKFNQMPMBEFMBHVBEFFTEF
NNIPTDNZMBEFMBTPMVDJØOOVUSJUJWBFTEFNNIPT
DNMBDPOEVDJWJEBEUPUBMFTTFSÈNNIPTDN
5BNCJÏOFTJNQPSUBOUFDPOPDFSFMQ)mOBMEFMBTP
MVDJØOIJKBTJGVFSBOFDFTBSJPTFQVFEFEJTNJOVJSFMQ)DPOMB
BQMJDBDJØOEFÈDJEPOÓUSJDP
&OMBQSFQBSBDJØOEFMBNF[DMBEFCFOTFHVJSTFMPT
TJHVJFOUFTQBTPT
t"×BEJSTFFMÈDJEPOÓUSJDPBMBHVBNVZMFOUBNFOUFTJ
IJDJFSBGBMUB
t"QPSUBSMPTUSFTQSPEVDUPTFOMBTFDVFODJBQSFWJTUBFO
BMHVOPTDBTPTDPOWJFOFEJTPMWFSQSFWJBNFOUF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t"HJUBSMBTPMVDJØOIBTUBRVFTFFODVFOUSFUPUBMNFOUF
EJTVFMUB
1VOUPTBUFOFSFODVFOUBDPOSFTQFDUPB
MBBQMJDBDJØOEFGFSUJMJ[BOUFT
1BSBWFSJmDBSTJFTUÈMMFHBOEPMBDBOUJEBETVmDJFOUF
EFBHVBZGFSUJMJ[BOUFTFQVFEFSFDVSSJSBVOiSJFHØNFUSPwTF
DPOTUSVZFDPOVODIJDPUFEFNEFMBSHPZNEFNBOHVFSB
EFHPUFPFTUBÞMUJNBSFDVCJFSUBEFVOBNBOHBRVFWVFMDBFM
DPOUFOJEPFOVOSFDJQJFOUF5PEPTMPTEÓBTTFSFHJTUSBMBDBO
UJEBEEFBHVBEFOUSPEFMSFDJQJFOUFZVOBWF[BMBTFNBOBTF
NJEFFMQ)MBDPOEVDUJWJEBEZUBNCJÏOTFQVFEFOFWBMVBSMPT
OVUSJFOUFT
1BSBMBFMBCPSBDJØOEFFTUFQVOUPFOUSFPUSBTGVFOUFTCJ
CMJPHSÈmDBTZBQPSUFEFMDPOPDJNJFOUPEFMPTBVUPSFTTFUPNØ
QSJODJQBMNFOUFDPNPCBTFMB-FHJTMBDJØO/BDJPOBMDPODFQUPT
EFMB'"0-JOFBNJFOUPT&TQFDÓmDPTEF*OPDVJEBE"MJNFOUBSJB
QBSBMB1SPEVDDJØOZ$PTFDIBEF-FDIVHBZ7FSEVSBTEF)PKBT
7FSEFTEF$BMJGPSOJBZFM(MPCBMHBQ
G$PSSFHJSMBTBQMJDBDJPOFTDPOFMBOÈMJTJTEFMBTPMV
DJØOEFMTVFMP
6OBWF[SFBMJ[BEPFMEJBHOØTUJDPEFMTVFMPZFMCBMBODFEF
OVUSJFOUFTEFMNJTNPZMBGPSNBEFBQMJDBDJØOFTOFDFTBSJP
EFUFSNJOBSTJFTUÈGFSUJMJ[BOEPDPSSFDUBNFOUFPMPIBDFNPTFO
EÏmDJUPFYDFTP6OBEFMBTGPSNBTEFSFTPMWFSFTUFQVOUPFTMB
EFUFSNJOBDJØOEFMPTOVUSJFOUFTFOMBTPMVDJØOEFMTVFMP&TUF
NÏUPEPTFCBTBFOEFUFSNJOBSDVBMFTTPOMPTOJWFMFTEFJPOFT
FOFMTVFMPQBSBQPEFSJOUFSWFOJSFOFMMPTBTVNJFOEPRVFMPT
DPOUFOJEPTTPOEJOÈNJDPTFTEFDJSFMCBMBODFEFMPTBQPSUFTEFM
TVFMPQPSMBDBQBDJEBEEFJOUFSDBNCJPDBUJØOJDPQPSFMBHVBZ
MBGFSUJSSJHBDJØOMBNJOFSBMJ[BDJØOMBTQÏSEJEBTQPSMJYJWJBDJØO
CMPRVFPEFOVUSJFOUFTFUD1BSBMPHSBSBMUPTSFOEJNJFOUPTFT
OFDFTBSJPRVFMBTPMVDJØOEFMTVFMPUFOHBVOBDPODFOUSBDJØO
ØQUJNBEFJPOFT
-BNVFTUSBTFEFCFFYUSBFSEFVOMVHBSSFQSFTFOUBUJWPEFMB
TVQFSmDJFZTJFNQSFFOFMNJTNPMVHBS1BSBFMMPTFDPMPDBVO
FYUSBDUØNFUSPPTFPCUJFOFVOBNVFTUSBTFMMFWBBQVOUPEF
TBUVSBDJØO
PTFIBDFVOBEJMVDJØO1BSBMPTQSJNFSPT
DBTPTTFUPNBFMSBOHPOPSNBMEF4UFJOFSNHMJUSP
ZQBSBFM
UFSDFSPTFDPOTJEFSBMBEJMVJEBWFDFT-BTEFUFSNJOBDJPOFT
TFSFBMJ[BOQFSJØEJDBNFOUFDBEBBEÓBT
ZTFDPSSJHFMB
GFSUJMJ[BDJØOFOGVODJØOBMPTSFTVMUBEPT
H$PNQMFNFOUBSFMBOÈMJTJTDPOFMBOÈMJTJTGPMJBSP
EFTBWJB
0USPNÏUPEPRVFTFQVFEFVUJMJ[BSFTFMBOÈMJTJTGPMJBSPEF
TBWJBFMJODPOWFOJFOUFEFFTUPTTJTUFNBTFTRVFDVBOEPTF
NBOJmFTUBEFmDJFODJBFMEB×PFTUÈSFBMJ[BEP
„
4FHÞOMB-FHJTMBDJØO/BDJPOBM
t4FEFCFSÈOVUJMJ[BSÞOJDBNFOUFMPTGFSUJMJ[BOUFTSFHJTUSBEPT
QPSFM0SHBOJTNP0mDJBMDPNQFUFOUF
t4FQSPIÓCFMBVUJMJ[BDJØOEFMPEPTDMPBDBMFTSFTJEVPT
VSCBOPTZFnVFOUFTJOEVTUSJBMFTDPNPGFSUJMJ[BOUFT
t4FEFCFSÈOSFTQFUBSMBTJOEJDBDJPOFTEFVTPZBMNBDFOB
NJFOUPSFHJTUSBEBTFOMPTNBSCFUFTEFMPTQSPEVDUPTZNBOUFOFS
MPTNJTNPTFOTVTFOWBTFTPSJHJOBMFT
t-BTEPTJTEFBQMJDBDJØOUJQPEFGFSUJMJ[BOUFZOÞNFSPEF
BQMJDBDJPOFTEFCFSÈOTFSJOEJDBEBTQPSVO*OHFOJFSP"HSØOP
NP
t4FEFCFSÈSFHJTUSBSZEPDVNFOUBSMBTPQFSBDJPOFTSFBMJ
[BEBTDPOGFSUJMJ[BOUFT
t-PTFRVJQPTVUJMJ[BEPTQBSBMBBQMJDBDJØOEFGFSUJMJ[BOUFT
TFEFCFSÈONBOUFOFSFODPOEJDJPOFTBEFDVBEBTEFVTPZDPO
VOBDBMJCSBDJØONÓOJNBBOVBM
t-PTGFSUJMJ[BOUFTTFEFCFSÈOBMNBDFOBSFOMVHBSFTDVCJFS
UPTMJNQJPTTFDPTWFOUJMBEPTZTFQBSBEPTEFMPTQSPEVDUPT
mUPTBOJUBSJPTEFOUSPEFMEFQØTJUP
t4FEFCFSÈDPOTJEFSBSFOGPSNBFTQFDJBMFMBMNBDFOBNJFOUP
EFGFSUJMJ[BOUFTRVFDPOUFOHBOOJUSBUPTFOTVDPNQPTJDJØO
t4FEFCFSÈOSFTQFUBSMBTJOEJDBDJPOFTEFMPTGBCSJDBOUFT
SFTQFDUPEFMPTFOWBTFTWBDÓPTEFGFSUJMJ[BOUFTDPNPBTÓUBNCJÏO
MBOPSFVUJMJ[BDJØOEFMPTNJTNPTDPOPUSPTmOFT
t4FEFCFSÈOFMJNJOBSMPTFOWBTFTWBDÓPTEFNPEPEF
BTFHVSBSRVFTFFWJUFDVBMRVJFSJNQBDUPOFHBUJWPTPCSFFM
NFEJPBNCJFOUF
0USPTQVOUPTBUFOFSFODVFOUB
t3FBMJ[BSVOBOÈMJTJTEFQFMJHSPQSFWJPBMBBQMJDBDJØOEF
MPTGFSUJMJ[BOUFTDPNPQPSFKFNQMPUPYJDJEBEFTFOMPTDVMUJWPT
EFMTVFMPEFMPTDVSTPTEFBHVBFUD
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t4FSFDPNJFOEBTFHVJSMPTQBTPTFTUBCMFDJEPTFOFMQVOUP
1BTPTBUFOFSFODVFOUBQBSBDBMDVMBSEPTJTEFGFSUJMJ[BOUFTZ
QSFQBSBDJØOEFMBTPMVDJØOOVUSJUJWB
t3FBMJ[BSVOBOÈMJTJTEFMTVFMPDPOFMPCKFUJWPEFQPEFS
DBMDVMBSMPTBQPSUFTOFDFTBSJPTEFMPTEJTUJOUPTGFSUJMJ[BOUFTP
EFBDVFSEPBMDVMUJWPRVFTFRVJFSFJNQMBOUBS
t3FBMJ[BSVOFTUVEJPFDPOØNJDPBOUFTEFBQMJDBSMPTGFS
UJMJ[BOUFTQBSBQPEFSSFBMJ[BSVOBFMFDDJØODPSSFDUBBIPSSBS
EJOFSP
t&GFDUVBSVOBBQMJDBDJØOBEFDVBEBDVJEBOEPFMNFEJPBN
CJFOUFMBTBMVEZPCUFOJFOEPQSPEVDUPTTBOPTZEFDBMJEBE
"DPOUJOVBDJØOTFEFUBMMBOMBTDBSBDUFSÓTUJDBTRVFEFCFSFVOJS
MBIBCJUBDJØOPFMTFDUPSEFBMNBDFOBNJFOUPEFMPTGFSUJMJ[BOUFT
DPOTJEFSBOEPMBT#VFOBT1SÈDUJDBT
t&MBMNBDÏOEFGFSUJMJ[BOUFTEFCFUFOFSUFDIPRVFFWJUFMB
FOUSBEBEFBHVBEFMMVWJBZFMHPUFPQPSDPOEFOTBDJØOQBSB
QSPUFHFSMPTEFMBTJODMFNFODJBTBUNPTGÏSJDBTTPMIFMBEBT
MMVWJBTFUD
t%FCFQSFTFOUBSVOBBEFDVBEBWFOUJMBDJØO
t%FCFDPOUBSDPOVONVSPEFSFUFODJØOQBSBDPOUFOFSQP
TJCMFTEFSSBNFTFOFMDBTPEFBMNBDFOBSGFSUJMJ[BOUFTMÓRVJEPT
DPOVOBDBQBDJEBEEFMEFMFOWBTFNBTHSBOEF
t%FCFDPOTJEFSBSTFMBQPTJCJMJEBEEFSJFTHPTEFJOVOEB
DJØOQBSBFWJUBSDPOUBNJOBDJPOFTEFGVFOUFTEFBHVBZFTUBS
QSPWJTUBEFUBSJNBTPFTUSVDUVSBTRVFTFQBSFOFMQSPEVDUPEF
MBTVQFSmDJFEFMTVFMP
t&OÏTUBIBCJUBDJØOOPTFQVFEFOBMNBDFOBSQSPEVDUPT
BMJNFOUBSJPTZEFMNBUFSJBMEFMTFNJMMFSP
t4FEFCFOBDPQJBSMPTGFSUJMJ[BOUFTFOVOBMNBDÏOTFQBSBEP
EFMBIBCJUBDJØOEFMPTQSPEVDUPTmUPTBOJUBSJPT
t%FCFSFBMJ[BSTFVOJOWFOUBSJPPDPOUSPMEFTUPDLEFGFSUJ
MJ[BOUFTZFTUBSWJTJCMFFOMBQBSFEEFMBIBCJUBDJØO
t%FCFMJNQJBSTFQFSJØEJDBNFOUFDPNPBTÓUBNCJÏOFWJUBS
MBBDVNVMBDJØOEFSFTJEVPTZEFQMBHBT
t%FCFQSPIJCJSTFMBFOUSBEBBMQÞCMJDPFOHFOFSBMDPNP
BTÓUBNCJÏOMBEFBOJNBMFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
„ 4BOJEBE7FHFUBM
„
*OUSPEVDDJØO
&MPCKFUJWPEFMQSFTFOUFDBQÓUVMPFTCSJOEBSMBTCBTFTUFØ
SJDBTZQSÈDUJDBTQBSBMBJEFOUJmDBDJØOFWBMVBDJØOEFMEB×PZ
DPOUSPMRVÓNJDPEFMBTQMBHBTNÈTJNQPSUBOUFTEFMPTDVMUJWPT
IPSUÓDPMBEFIPKB
-BOFDFTJEBEEFQSPWFFSBMNFSDBEPDPOTVNJEPSUBOUPJO
UFSOPDPNPFYUFSOPEFBMJNFOUPTFONBZPSDBOUJEBEZDBMJEBE
IBQSPWPDBEPBMPMBSHPEFMBIJTUPSJBEFMBBHSJDVMUVSBDBNCJPT
JNQPSUBOUFTFOMBTGPSNBTZFTUSBUFHJBTEFQSPEVDDJØO
&OFTUPTÞMUJNPTB×PTMPTQSPDFTPTEFDBNCJPTFOFMBHSP
QBSFDFOTVDFEFSTFEFGPSNBWFSUJHJOPTBUBOUPQPSFMBWBODF
UFDOPMØHJDPFMDVBMFODVFOUSBTVQVOUPNÈTTPCSFTBMJFOUFFOMPT
MPHSPTBMDBO[BEPTQPSMBCJPUFDOPMPHÓBBTÓDPNPQPSMBDSFDJFOUF
SFWBMPSJ[BDJØOEFMBQSPUFDDJØOEFMNFEJPBNCJFOUFMPTSFDVSTPT
OBUVSBMFTZMBTBMVEEFMPTUSBCBKBEPSFTZDPOTVNJEPSFT
&WPMVDJØOEFMBTBOJEBEWFHFUBM
%FTEFFMGJOBMEFMB4FHVOEB(VFSSB.VOEJBMZDPOMB
BQBSJDJØOEFMPTQSJNFSPTJOTFDUJDJEBTTJOUÏUJDPT%%5Z#)$
MBBHSJDVMUVSBTFUSBOTGPSNØFOHSBODPOTVNJEPSBEFJOTV
NPT$PNPEBUPFTJOUFSFTBOUFNFODJPOBSRVFFMOÞNFSPEF
QMBHVJDJEBTSFHJTUSBEPTFOFSBEFQSJODJQJPTBDUJWPT
ZFOZBFSBONÈTEF-PTCFOFmDJPTPCUFOJEPTQPS
MBJODPSQPSBDJØOEFFTUPTQSPEVDUPTQSPEVKPFOQSJODJQJPVO
TJHOJmDBUJWPDSFDJNJFOUPEFMTFDUPSBHSPJOEVTUSJBMEBEPRVF
MBTOVFWBTTVTUBODJBTRVÓNJDBTQSPEVDJEBTGVFSPOZFODJFSUB
NFEJEBBÞOMPTPOFGFDUJWBTZiGÈDJMFTwEFVTBSQPSMPRVF
TFBEPQUBSPOSÈQJEBNFOUF%BUPTSFDJFOUFTQVCMJDBEPTQPSMB
&1""HFODJBEF1SPUFDDJØO"NCJFOUBMEF&&66
NBOJmFTUB
RVFTPMBNFOUFFOFTUFQBÓTFYJTUFOBMSFEFEPSEFQMB
HVJDJEBTSFHJTUSBEPTEFMPTDVBMFTFMTPOEFVTPBHSÓDPMB
ZFMSFTUPVSCBOP
EFMNFSDBEPEFFYQPSUBDJØOTJOPRVFTFEFTUJOBBMNFSDBEP
JOUFSOP
t%FFYQMPUBDJØODPOBMUPTOJWFMFTEFVTPEFBHSPRVÓNJDPT
DPOBQMJDBDJPOFTSFHJEBTQPSFMDBMFOEBSJPPDPODSJUFSJP
QSFWFOUJWPTJOJNQPSUBSMBQSFTFODJBEFMBTQMBHBT&TUBT
QSÈDUJDBTMPHSBOFOQSJODJQJPZQPSUJFNQPMJNJUBEPÏYJUPTFOFM
DPOUSPMEFQMBHBTZFOFMBVNFOUPEFMBDBOUJEBEQSPEVDJEB
t%FDSJTJTFMVTPNBTJWPFJSSBDJPOBMEFBHSPRVÓNJDPTUSBF
DPNPDPOTFDVFODJBMBOFDFTJEBEEFBQMJDBDJPOFTNÈTGSFDVFO
UFTZEFNBZPSFTEPTJTQBSBMPHSBSSFTVMUBEPTTBUJTGBDUPSJPT
4FNBOJmFTUBOOVNFSPTPTDBTPTEFSFTJTUFODJBMPRVFQSPWPDB
UPEPVOQSPDFTPEFTVTUJUVDJØOEFMPTQMBHVJDJEBTFYJTUFOUFTQPS
OVFWBTESPHBTRVFQPSFMNBMVTPSFQJUFOFMNJTNPEFTUJOP
5PEPFTUPUSBFDPNPDPOTFDVFODJBBVNFOUPEFMPTDPTUPTEF
QSPEVDDJØOZEFMPTOJWFMFTEFDPOUBNJOBDJØO
t%FEFTBTUSFMBGBTFEF$SJTJTEFTFNCPDBFOMBQÏSEJEB
EFSFOUBCJMJEBEEFMPTDVMUJWPTMPTOJWFMFTEFDPOUBNJOBDJØO
EFMPTBMJNFOUPTZEFMBNCJFOUFTVQFSBOBMPTMFHBMNFO
UFUPMFSBEPTZTFIBDFNVZEJGÓDJMMBDPNFSDJBMJ[BDJØOEFMPT
QSPEVDUPTQSJNBSJPTZMPTFMBCPSBEPTBQBSUJSEFFMMPT&YJTUFO
QSPUFTUBTTPDJBMFTFOMBTDVBMFTTFNBOJmFTUBMBEJTDPOGPSNJ
EBEEFEJGFSFOUFTTFDUPSFTEFMBQPCMBDJØODPOFTUFFTUBEPEF
DPTBTQSPEVDJÏOEPTFGVFSUFTSFDMBNPTBMBBDUJWJEBEBHSBSJB
FOTVDPOKVOUP
t%FDPOUSPMJOUFHSBEPDPNPSFTQVFTUBBMPTSFDMBNPT
TPDJBMFTTVSHFVOBQSPQVFTUBFMBCPSBEBJOJDJBMNFOUFQPSMB
0-#0SHBOJ[BDJØOEF-VDIB#JPMØHJDB
FO&VSPQBPSJHJOBOEP
FTUBFUBQBFOMBDVBMTFEFTBSSPMMBOQSPHSBNBTEFNBOFKPEF
QMBHBTRVFBSNPOJ[BOEJGFSFOUFTNÏUPEPTEFDPOUSPMJODMVTJWF
FMRVÓNJDPDPOFMBQSPWFDIBNJFOUPEFGBDUPSFTFDPMØHJDPTZ
OBUVSBMFT4FBEPQUBONFEJEBTEFDPOUSPMRVFQPTFBOCBKP
JNQBDUPTPCSFFMNFEJPBNCJFOUFZDPOSFTQFDUPBMPT
BHSPRVÓNJDPTTFCVTDBVOVTPBMUBNFOUFSBDJPOBM
&O4NJUISFBMJ[ØVOFTUVEJPEFMBFWPMVDJØOEFMDPOUSPM
EFQMBHBTFOEJGFSFOUFTDVMUJWPTZQBÓTFTEFUPEPFMNVOEP
EFTUBDBOEPDJODPGBTFT
&TUFTJTUFNBJEFBEPQBSBFMDPOUSPMEFQMBHBTFODVFOUSBVO
JNQPSUBOUFOJWFMEFBDFQUBDJØOZTVmMPTPGÓBTFFYUJFOEFSÈQJ
EBNFOUFBUPEPFMDVMUJWPEFSJWBOEPNÈTUBSEFFOQSPHSBNBT
JOUFHSBEPTEFQSPEVDDJØOQPSFTQFDJFTBHSÓDPMBTDPOPDJEBTDPO
FMOPNCSFEF1SPEVDDJPOFT*OUFHSBEBT
t%FTVCTJTUFODJBDBSBDUFSJ[BEBQPSFMCBKPOJWFMUFDOP
MØHJDPFOMPTDVBMFTOPFYJTUFOQSPHSBNBTPSHBOJ[BEPT
EFDPOUSPMEFQMBHBTZDPOCBKPTOJWFMFTEFSFOEJNJFOUPT
/PSNBMNFOUFDBSFOUFEFJSSJHBDJØOZMPPCUFOJEPOPGPSNBQBSUF
-BQSPEVDDJØOJOUFHSBEBFTVOTJTUFNBBHSÓDPMBEFQSP
EVDDJØOEFBMJNFOUPTRVFQSPDVSBTFSSFTQFUVPTPEFMBTBMVE
ZFMNFEJPBNCJFOUFVUJMJ[BOEPNÏUPEPTRVÓNJDPTCJPMØHJDPT
ZPUSBTUÏDOJDBTCBKPVOFTUSJDUPDPOUSPMNJOJNJ[BOEPMPTSJFT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
HPTZBMNJTNPUJFNQPCVTDBMBWJBCJMJEBEFDPOØNJDB&OMB
6OJØO&VSPQFBFTUÈPmDJBMNFOUFSFHVMBEBZDBEBQBÓTBQMJDB
TVOPSNBUJWBQSPUPDPMP
%FIFDIPDPNPFKFNQMPQPEFNPT
DJUBSBMBTSFHJPOFTEF$BUBMVOZB$PNVOJEBE7BMFODJBOB*TMBT
#BMFBSFT"MNFSÓB.VSDJBFUDFO&TQB×B$BEBSFHJØOQPTFFTV
QSPQJBOPSNBEFQSPEVDDJØOMBTDVBMFTQVFEFOTFSEJGFSFOUFTFO
BTQFDUPTUÏDOJDPTQSPEVDUJWPTQBSUJDVMBSFTQFSPUPEBTDVNQMFO
DPOMPTDPODFQUPTCÈTJDPTEFMTJTUFNB-BBEIFTJØOPmDJBMP
QSJWBEBBFTUPTQSPHSBNBTQSPEVDUJWPTTPOEFÓOEPMFWPMVOUB
SJBQFSPTVQBSUJDJQBDJØOFYJHFVOBTFSJFEFPCMJHBDJPOFTNVZ
FTUSJDUBTQPSQBSUFEFMBHSJDVMUPSZEFDPOUSPMFTQSPHSBNBEPTZ
GSFDVFOUFTQPSQBSUFEFMBBENJOJTUSBDJØOQÞCMJDBMPDBM
C
$POUSPMRVÓNJDP3BDJPOBMJEBEMJNJUBEBBQMJDBDJØO
EFQSPEVDUPTEFBDDJØOEFTDPOPDJEBTJODSJUFSJPBHSPOØNJDP
EFMVTPEFMPTNJTNPTTFPCUJFOFOSFTVMUBEPTFSSÈUJDPT
%FMBT#VFOBT1SÈDUJDBT"HSÓDPMBTTJCJFO4NJUIOP
BMDBO[ØFTUBFUBQBEFFWPMVDJØOFOTVTFTUVEJPTEBEPRVFMPT
NJTNPTGVFSPOQVCMJDBEPTFOIPZFTUBNPTFODPOEJDJPOFT
EFBHSFHBSFTUBPUSBGBTF-BNJTNBDPOTJTUFFOMBBQMJDBDJØO
EFMDPOPDJNJFOUPEJTQPOJCMFBMBVUJMJ[BDJØOTPTUFOJCMFEFMPT
SFDVSTPTOBUVSBMFTCÈTJDPTQBSBMBPCUFODJØOEFQSPEVDUPT
BHSÓDPMBTBMJNFOUBSJPTZOPBMJNFOUBSJPTJOPDVPTZTBMVEBCMFT
BMBWF[RVFQSPDVSBMBWJBCJMJEBEFDPOØNJDBZMBFTUBCJMJEBE
TPDJBMw
F
$POUSPMRVÓNJDPTFHÞOGFOPMPHÓBEFMDVMUJWP
BQMJDBDJØOEFGVOHJDJEBTFOMPTFTUBEPTGFOPMØHJDPTTVTDFQUJCMFT
EFMPTDVMUJWPTDPOFMmOEFQSPUFHFSMPT
&TUFTJTUFNBVUJMJ[BFMDPOUSPMJOUFHSBEPDPNPNFUPEPMPHÓB
ZmMPTPGÓBEFDPOUSPMEFQMBHBTEFOUSPEFTVTQSPUPDPMPTEF
QSPEVDDJØO&TUFTJTUFNBUJFOFTVPSJHFOBQBSUJSEFMB1SPEVD
DJØO*OUFHSBEBQFSPDPNPVOBJOJDJBUJWBQSJWBEBDPNFSDJPT
NJOPSJTUBTZTVQFSNFSDBEJTUBTSFQSFTFOUBOUFTEFMBDBEFOB
QSPNPWJEBQPSMBPSHBOJ[BDJØO&VSP3FUBJMFS1SPEVDF8PSLJOH
(SPVQ&63&1&TUBFOUJEBEFOTVJOJDJPEJPPSJHFOBMBTOPSNBT
DPOPDJEBTDPNP&63&1("1IPZMMBNBEBT(-0#"-("1
&TUBTOPSNBTTPOEFBEPQDJØOWPMVOUBSJBUFOJFOEPVOBDB
MJEBEEFPCMJHBUPSJBTPMPFOUÏSNJOPTDPNFSDJBMFTQPSFYJHFODJB
FYQSFTBEFVODMJFOUFQBSUJDVMBSRVJFOQPESÈTJMPEFTFBFYJHJS
RVFFMQSPDFTPEFQSPEVDDJØOCBKPFTUBOPSNBTFBNPOJUPSFBEP
ZDFSUJmDBEPQPSVOUFSDFSPFNQSFTBTDFSUJmDBEPSBT
&WPMVDJØOEFMDPOUSPMEFFOGFSNFEBEFT
&MDPOUSPMEFFOGFSNFEBEFTGVFQBTBOEPBUSBWÏTEFMUJFN
QPQPSEJWFSTBTGBTFTFWPMVUJWBTBDPNQB×BOEPBMPTBWBODFT
DJFOUÓmDPT-BTNJTNBTTPO
B
'BTFEFBVTFODJBEFDPOUSPMOPFYJTUFONÏUPEPTEF
DPOUSPM"TPDJBEPBTJTUFNBTEFQSPEVDDJØOEFCBKBUFDOPMPHÓB
ZSFOEJNJFOUPT
D
$POUSPMRVÓNJDPQSFWFOUJWPBQMJDBDJØOQFSNBOFOUF
PQFSJØEJDBTJODSJUFSJPBHSPOØNJDPCBTBEPGVOEBNFOUBMNFOUF
FOFMUJFNQPRVFUSBOTDVSSFFOUSFDBEBBQMJDBDJØO-BFTUSBUFHJB
DPOTJTUFFONBOUFOFSFMDVMUJWPDPOBMUBDBSHBEFQSPEVDUPTEF
GPSNBUBMEFJNQFEJSFMFTUBCMFDJNJFOUPEFMJOØDVMP
E
$POUSPMRVÓNJDPQPSDBMFOEBSJPBQMJDBDJØOTFHÞO
GFDIBPÏQPDBEFMB×PFOMBRVFiTFDSFFwRVFMBQSPCBCJMJEBE
EFBQBSJDJØOEFMBFOGFSNFEBEFTNBZPS
G
$POUSPMRVÓNJDPTFHÞODBVTBTQSFEJTQPOFOUFT
BQMJDBDJØOFODPOEJDJPOFTBNCJFOUBMFTRVFQSFEJTQPOFOMBQSF
TFODJBEFMBFOGFSNFEBE4FCBTBFOFMNPOJUPSFPQFSNBOFOUF
EFMBNCJFOUF
H
$POUSPMRVÓNJDPTFHÞOVNCSBMEFBDDJØOBQMJDB
DJØODVBOEPFMNPOJUPSFPFOVOMPUFJOEJDBRVFTFIBBMDBO[BEP
EFUFSNJOBEPOJWFMEFEB×PJODJEFODJBoTFWFSJEBE
I
$POUSPMRVÓNJDPTFHÞOTJTUFNBTEFBMBSNB
BBQMJDBDJØODVBOEPTFEBMBBMBSNBFOCBTFBMNPOJUPSFPEFM
BNCJFOUFEFMDVMUJWPZEFMBQSFTFODJBEFMQBUØHFOP
J
.BOFKPJOUFHSBEPEFQMBHBT$*1BM.*1
VUJMJ[B
DJØOEFGVOHJDJEBTFOBSNPOÓBDPOPUSPTNÏUPEPTEFDPOUSPMZ
DPOFMNFEJPBNCJFOUFBTPDJBEPBMDVMUJWP
K
1SPEVDDJØO*OUFHSBEB1*
#VFOBT1SÈDUJDBT"HSÓ
DPMBT#1"
QSPUPDPMJ[BDJØOEFUPEPFMQSPDFTPEFQSPEVD
DJØOEFOUSPEFMDVBMTFFODVFOUSBFMDPOUSPMEFFOGFSNFEBEFT
*OUFHSBDJØOEFNÏUPEPTFDPOØNJDPTFDPMØHJDPTZTPDJBMNFOUF
TVTUFOUBCMFT6UJMJ[BDJØOEFMDPOPDJNJFOUPEJTQPOJCMF(BSBOUJ
[BDJØOEFMBJOPDVJEBEEFMQSPEVDUPPCUFOJEPBMJNFOUP
-BEFTDSJQDJØOEFMBTEJGFSFOUFTGBTFTEFFWPMVDJØOEFMDPOUSPM
OPEFCFUPNBSTFFOGPSNBDSPOPMØHJDBFOFMTFOUJEPEFRVFVOB
TVDFEFPEFCFSÓBTVDFEFSBMBPUSBFOEFUFSNJOBEPTMBQTPTEF
UJFNQPTJOPDPNPEJGFSFOUFTOJWFMFTEFBCPSEBKFEFMDPOUSPM
QVEJÏOEPTFFODPOUSBSFOVONJTNPUJFNQPZSFHJØOQSPEVDUPSFT
PFNQSFTBTFOEJTUJOUBTGBTFT&TUPQVFEFEFCFSTFBEJGFSFODJBT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
DVMUVSBMFTUSBEJDJPOFTUBNB×PEFMBTFYQMPUBDJPOFTUJQPTEF
DVMUJWPTHFPHSÈmDBTHFOFSBDJØOEFJOGPSNBDJØOFUD
4JTUFNBTQSPEVDUJWPT
.ÈTBMMÈEFMQSPDFTPFWPMVUJWPEFMDPOUSPMEFQMBHBTNFODJP
OBEPBOUFSJPSNFOUFTFQVFEFOFODPOUSBSEJGFSFOUFTTJTUFNBT
QSPEVDUJWPTRVFIBOJEPTVSHJFOEPBMPMBSHPEFMUJFNQPZRVF
DPNQPOFOMBFTUSVDUVSBEFMTFDUPSIPSUÓDPMBOBDJPOBM"MHVOPTEF
MPTEJGFSFOUFTTJTUFNBTEFQSPEVDDJØORVFQPEFNPTFODPOUSBS
FOMBIPSUJDVMUVSBBSHFOUJOBTPOMPTTJHVJFOUFT
4JTUFNBEF1SPEVDDJØO$POWFODJPOBM
$POFTUFOPNCSFTFIBDFSFGFSFODJBBMTJTUFNBQSFEPNJOBOUF
FMDVBMTFFODVFOUSBFOEJGFSFOUFTGBTFTEFEFTBSSPMMPTFHÞO
4NJUIEFQFOEJFOEPFTUPEFMPTDVMUJWPTBOBMJ[BEPTZEFMBT
EJTUJOUBT[POBTEFQSPEVDDJØO
(MPCBMNFOUFQPESÓBNPTVCJDBS[POBTFOMBGBTFEF&YQMP
UBDJØO$SJTJTP%FTBTUSFDPOBQMJDBDJPOFTEFQMBHVJDJEBT
SFHJEBTQPSFMDBMFOEBSJPSFQFUJEBTQPSQFSÓPEPTTFNBOBMFTP
FOBMHVOPTDBTPTNFOPSFTZTJOUFOFSFODVFOUBMPTOJWFMFTEF
EB×POPFYJTUJFOEPFMDPODFQUPEFDPOWJWFODJBDPOMBQMBHB
OPPCTUBOUFFYJTUFOJOUFOUPTBJTMBEPTFJODJQJFOUFTEFQSÈDUJDBT
EF.BOFKP*OUFHSBEPEF1MBHBTTPCSFUPEPFOMPTBTQFDUPTRVF
TFSFmFSFOBMBSBDJPOBMJ[BDJØOEFMVTPEFBHSPRVÓNJDPTZMB
PCTFSWBDJØOEFMPTOJWFMFTEFQSFTFODJBEFQMBHBTGVOEBNFO
UBMNFOUFBTPDJBEPTB[POBTEFMQBÓTEPOEFMBJOnVFODJBEFMBT
6OJWFSTJEBEFTPEFM*/5"FTNÈTJOUFOTJWB
1SPEVDDJØO"HSPFDPMØHJDB
-B"HSPFDPMPHÓBFTVOBFTUSBUFHJBEFEFTBSSPMMPTVTUFOUBCMF
SFHJPOBMZQBSUJDJQBUJWBPSJFOUBEBBFODBSBSMBDSJTJTTPDJPFDP
OØNJDBNFEJBOUFGPSNBTEFBDDJØOTPDJBMZDPMFDUJWB-BNJTNB
QSFUFOEFPSHBOJ[BS
t&MDPOPDJNJFOUPBDVNVMBEPFOFYQFSJFODJBTQSPEVDUJWBT
BMUFSOBUJWBTEFPSÓHFOFTJOEÓHFOBTDBNQFTJOBTGBNJMJBSFT
PDPNVOJUBSJBTFOMBTDVBMFTTFIBPCTFSWBEPZTFQVFEF
SFTDBUBSVOBJNQPSUBOUFiTBCJEVSÓBIJTUØSJDBwQBSBIBDFSVO
NBOFKPTVTUFOUBCMFEFMPTSFDVSTPTOBUVSBMFTWJODVMBEPTBTV
JEFOUJEBEDVMUVSBM
t&YQFSJFODJBTPCUFOJEBTEFMBDSÓUJDBBMBTGPSNBTIJTUØSJDBT
EFEFTBSSPMMPSVSBMVSCBOP
t&MDPOPDJNJFOUPUBOUPMPDBMDBNQFTJOPFJOEÓHFOBDPNP
DJFOUÓmDPTPCSFFDPMPHÓBQBSBTVBQMJDBDJØOBMNBOFKPEFMPT
SFDVSTPTOBUVSBMFT
t-BVUJMJ[BDJØOEFVODPOKVOUPEFUÏDOJDBTUBOUPEFOBUV
SBMF[BUÏDOJDPBHSPOØNJDBQFSNBDVMUVSBCJPEJOÈNJDBBHSJ
DVMUVSBOBUVSBMPSHÈOJDBZCJPMØHJDBFOUSFPUSBT
EFDBSÈDUFS
TPDJPFDPOØNJDPEJBHOØTUJDPTQBSUJDJQBUJWPTQSPHSBNBDJPOFT
DPNVOJUBSJBTJOWFTUJHBDJPOFTQBSUJDJQBUJWBTFUD
QBSBBUSBWÏT
EFUPEPFMMPSFBMJ[BSVOEJTF×PQBSUJDJQBUJWPEFNÏUPEPTEF
EFTBSSPMMPQSPQJPTTVTDFQUJCMFTEFBSUJDVMBDJØOFOQSPQVFTUBT
EFEFTBSSPMMPSFHJPOBM
&OOVFTUSPQBÓTUJFOFFTDBTPEFTBSSPMMPQFSPFTUÈNVZ
EJGVOEJEBFO-BUJOPBNÏSJDBFTQFDÓmDBNFOUFFO1FSÞZ#SBTJM
1SPEVDDJØOPSHÈOJDB
5JFOFDPNPGVOEBNFOUPFMVTPSFTUSJOHJEPPMBQSPIJCJ
DJØOEFJOTVNPTGFSUJMJ[BOUFTJOTFDUJDJEBTGVOHJDJEBTIPS
NPOBTSFHVMBEPSFTEFMDSFDJNJFOUPFUD
EFTÓOUFTJTRVÓNJDB
"FTUPTQSPEVDUPTTFMPTSFFNQMB[BQPSQSÈDUJDBTDVMUVSBMFT
NFDÈOJDBTZUÏDOJDBTEFSFDJDMBKFEFNBUFSJBPSHÈOJDBQBSBMB
PCUFODJØOEFDPNQVFTUPTOBUVSBMFTRVFDBVTFOTJNJMBSFGFDUP
BMPTBOUFSJPSFTQFSPFOiQFSGFDUBwBSNPOÓBDPOFMNFEJP
BNCJFOUFZTVTNFDBOJTNPTEFBVUPSSFHVMBDJØO
&OOVFTUSPQBÓTFTUFTJTUFNBEFQSPEVDDJØOTFFTUÈEFTBSSP
MMBOEPGBWPSBCMFNFOUFUFOJFOEPTFHÞOJOGPSNFTEFM4&/"4"
VODSFDJNJFOUPFOTVQFSmDJFDFSUJmDBEBFOUSFZEF
IBBIBZDPOBFYQMPUBDJPOFTQBSB
MPTNJTNPTB×PT-BTVQFSmDJFDPTFDIBEBFOFM
IB
NBSDBFMNÈYJNPIJTUØSJDPTVQFSBOEPBMSFHJTUSBEPFOFM
B×PIB
&MQSJODJQBMEFTUJOPEFMBQSPEVDDJØOPSHÈOJDBDFSUJmDBEBFTFM
NFSDBEPEFFYQPSUBDJØO&OUSFMPTEFTUJOPTNÈTJNQPSUBOUFTTF
FODVFOUSBOMB6OJØO&VSPQFB&TUBEPT6OJEPTZ4VJ[BBTJNJTNP
TFEFCFEFTUBDBSMBNBZPSQSFTFODJBEFPUSPTNFSDBEPTDPNP
QPSFKFNQMP$BOBEÈ&DVBEPS+BQØO/PSVFHB3VTJBF*TSBFM
$POSFMBDJØOBMPTHSVQPTEFQSPEVDUPTEFPSJHFOWFHFUBMFM
QSJODJQBMWPMVNFOFYQPSUBEPDPSSFTQPOEFBDFSFBMFTZPMFBHJ
OPTBT$POSFTQFDUPBUPEPTMPTQSPEVDUPTEFPSJHFOWFHFUBMFO
TVDPOKVOUPTFEFTUBDBSPOMPTWPMÞNFOFTFYQPSUBEPTEFQFSBT
FMUSJHPQBOFMB[ÞDBSEFDB×BZMBTNBO[BOBTPSHÈOJDBT-BT
NBZPSFTUBTBTEFJODSFNFOUPEFMBTFYQPSUBDJPOFTEFQSPEVDUPT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
PSHÈOJDPTEFPSJHFOWFHFUBMFOFTUPTÞMUJNPTB×PTTFWJFSPOFO
IPSUBMJ[BTDFCPMMB[BQBMMPZBKP
FODVBOUPBMBTIPSUBMJ[BTEF
IPKBMBQSPEVDDJØOFTEFNVDIPNFOPSDVBOUÓB
-BTQMBHBTZFOGFSNFEBEFTNÈT
DPNVOFTEFMBTIPSUBMJ[BTEFIPKBT
„
B1MBHBTMBTQMBHBTNÈTJNQPSUBOUFTQBSBMBTIPSUB
MJ[BTEFIPKBTTPO
5SJQTPDDJEFOUBM 'SBOLMJOJFMMBPDDJEFOUBMJT1FSHBO
EF
-PTUSJQTTFBMJNFOUBOEFTUSVZFOEPMBTQBSFEFTEFMBTDÏMVMBT
EFMBFQJEFSNJTDPOTVÞOJDBNBOEÓCVMBQFSGPSBOMBTDÏMVMBT
DPOMPTFTUJMFUFTNBYJMBSFTZDIVQBOMBTBWJBRVFFTFYVEBEB
-BBMJNFOUBDJØOEFMPTUSJQTIBDFRVFMBTIPKBTDSF[DBONÈT
MFOUBNFOUFTFBSSVHVFOZTFEFGPSNFOTJOFNCBSHPFTUF
EB×PQVFEFTFSEFQPDBJNQPSUBODJBTJMBTUFNQFSBUVSBTZMB
OVUSJDJØOEFMBTQMBOUBTGBWPSFDFOTVSÈQJEPDSFDJNJFOUPZMB
DPNQFOTBDJØOEFMEB×P
-BBMJNFOUBDJØOUBNCJÏODBVTBDJDBUSJDFTEFDPMPSNBSSØOP
QMBUFBEPFOMBTIPKBTEÈOEPMFTVOBBQBSJFODJBQFDPTBPDPNP
RVFNBEBRVFEJTNJOVZFFMWBMPSDPNFSDJBM&TUFUJQPEFEB×P
BNFOVEPFTDPOGVOEJEPDPORVFNBEVSBTQPSFMWJFOUPPQPS
MBBCSBTJØODBVTBEBQPSMBBSFOB&OQMBOUBTKØWFOFTIPKBT
TFWFSBNFOUFEB×BEBTTFQVFEFOTFDBSZDBFS"MNPNFOUPEF
MBDPTFDIBMPTUSJQTQVFEFODPOUBNJOBSQPSTVTPMBQSFTFODJB
FOMBTQBSUFTDPTFDIBCMFT
%BEBMBQPTJCJMJEBEEFUSBOTNJTJØOEFFOGFSNFEBEFTMPT
VNCSBMFTEFBDDJØOTPONVZCBKPTTJFOEPSFDPNFOEBCMFMB
SFBMJ[BDJØOEFDPOUSPMFTBMPCTFSWBSTFMPTQSJNFSPTJOEJWJEVPT
&MNPOJUPSFPDPOUSBNQBTQFHBKPTBTEFDPMPSDFMFTUFPBNBSJMMP
TPONVZSFDPNFOEBCMFTQBSBBOUJDJQBSMBEFUFDDJØO
%B×PTEJSFDUPTEFTUSVDDJØOEFUFKJEPTVQFSmDJBMEJTNJ
OVDJØOEFÈSFBGPMJBSZGPUPTJOUÏUJDBEFGPSNBDJPOFTQPSEB×P
BUFKJEPTFODSFDJNJFOUP&TUPTEB×PTFTUÈOEJSFDUBNFOUF
SFMBDJPOBEPTBMOJWFMEFMBQPCMBDJØOEFMBQMBHB
%B×PTJOEJSFDUPTEJTNJOVDJØOEFMBDBMJEBEDPNFSDJBM
5SBOTNJTJØOEFWJSVTZEFPUSPTQBUØHFOPTWJSVTEFMCSPODFBEP
EFMUPNBUFo5487
&TUFÞMUJNPEB×PFTJOEFQFOEJFOUFEFM
OJWFMEFMBQPCMBDJØOEFMBQMBHB
.ÏUPEPEFNVFTUSFP
-BTGPSNBTEFNVFTUSFPTEFFTUBQMBHBTPOWBSJBEBTTJFOEP
MPNÈTSFDPNFOEBEPFMVTPEFUSBNQBTQFHBKPTBTEFDPMPS
DFMFTUFMBTNÈTBEFDVBEBT
PBNBSJMMP&TUFNÏUPEPSFTVMUB
FmDB[ZSÈQJEPQBSBMBDBQUVSBEFJOEJWJEVPTFOMPTNPNFOUPT
JOJDJBMFTEFMBDPMPOJ[BDJØOEFMDVMUJWPEBEPRVFTFWFSJmDBMB
DBÓEBEFUSJQTFOMBTUSBNQBTDPONVDIBBOUJDJQBDJØOSFTQFDUPB
MPTNÏUPEPTCBTBEPTFOMBWJTVBMJ[BDJØOEJSFDUB-BPCTFSWBDJØO
FTNVZTFODJMMBZEFCFOTFSSFWJTBEBTEPTWFDFTQPSTFNBOB
DPNPNÓOJNPEFQFOEJFOEPEFMBDBOUJEBEEFJOEJWJEVPTZEF
MBQPTJCJMJEBEEFUSBOTNJTJØOEFWJSPTJT
-BTUSBNQBTEFCFOTFSEJTUSJCVJEBTFOFMMPUFTFHÞOMB
JOEJDBDJØOEFMGBCSJDBOUFMVHBSFTDBOUJEBEBMUVSBFUD
EBEP
RVFQVFEFIBCFSEJGFSFODJBTFOUSFMPTEJTUJOUPTUJQPTZNPEFMPT
UBNB×PGPSNBDPMPSCSJMMPFUD
0USBGPSNBEFNVFTUSFBSFTUBQMBHBDPOTJTUFFOTBDVEJSP
HPMQFBSMBTQMBOUBTTPCSFVOBTVQFSmDJFQMÈTUJDB
FOMBDVBMTF
WJTVBMJDFOFOGPSNBEJSFDUBZQPSDPOUSBTUFEFDPMPSMBQSFTFODJB
EFMBQMBHB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
4FEFCFSFDPSSFSFMMPUFFOGPSNBEJBHPOBMFTUBCMFDJFOEP
FTUBDJPOFTEFNVFTUSFPFOGPSNBFRVJEJTUBOUFZSFQSFTFOUBUJWB
TFHÞOFMUBNB×PEFMMPUFMPTNJTNPTTFSÈODPNQMFNFOUBEPT
DPOPUSBTFTUBDJPOFTEFNVFTUSFPTVCJDBEBTFOMPTTFDUPSFT
QFSJGÏSJDPTFTQFDJBMNFOUFFOMPTMBUFSBMFTFOMPTDVBMFTTF
QSFTVNBNBZPSJOHSFTPEFMBQMBHBQPSMPTDVMUJWPTPFTUBEP
EFMUFSSFOPMJOEBOUF
6NCSBMEFEB×P
/PFTUÈOEFTBSSPMMBEPTFOOVFTUSPQBÓTVUJMJ[ÈOEPTFFM
DSJUFSJPEFQSFTFODJBBVTFODJB/PPCTUBOUFIBZRVFEFTUBDBS
RVFFTEFGVOEBNFOUBMJNQPSUBODJBBQMJDBSNÏUPEPTEFDPOUSPM
BMPCTFSWBSTFMPTQSJNFSPTJOEJWJEVPTQBSBFMDBTPQBSUJDVMBSFO
RVFFYJTUBOQPTJCJMJEBEFTEFUSBOTNJTJØOEFWJSPTJT
%JmDVMUBEFTQBSBFMDPOUSPMRVÓNJDP
&YJTUFOBMHVOBTDBSBDUFSÓTUJDBTRVFBMBIPSBEFSFBMJ[BSFM
DPOUSPMRVÓNJDPEFFTUBQMBHBTFEFCFOUFOFSFODVFOUB
t&TUBEPTIVFWPTQSFQVQBZQVQB
OPFYQVFTUPT
t&MFWBEBNPWJMJEBEZSFJOGFTUBDJØOEFMPTBEVMUPT
t$JDMPEFWJEBDPSUPZBMUBGFDVOEJEBE
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t1SFTFODJBEFHFOFSBDJPOFTZFTUBEJPTTVQFSQVFTUPT
t"EBQUBDJØOBHSBODBOUJEBEEFIVÏTQFEFTBMUFSOBUJWPT
t&WJUBSMBQSFTFODJBEFSFTJEVPTEFQMBHVJDJEBTFOFMQSP
EVDUPDPTFDIBEP
%BEBTFTUBTMJNJUBOUFTFTNVZJNQPSUBOUFFMDPNQMFNFOUP
EFMDPOUSPMRVÓNJDPDPOPUSBTQSÈDUJDBTUBMFTDPNPMBDPMPDBDJØO
EFNBMMBTBOUJUSJQTFOJOWFSOBEFSPTFMEFTNBMF[BEPEFMDVMUJWP
ZEFMPTBMSFEFEPSFTFMNPOJUPSFPDPOUSBNQBTQFHBKPTBTEF
DPMPSFMVTPEFCBSSFSBTCJPMØHJDBTFUD
.ÏUPEPEFNVFTUSFP
.JOBEPSEFMBIPKB-JSJPNZ[BTQQ
&TVOEÓQUFSPBHSPNJDJEP
EFPSJHFOBNFSJDBOPFYUFOEJEP
QPSUPEBMB[POBIPSUÓDPMBEF"NÏSJDBEFM4VSZQSFTFOUFFOHSBO
OÞNFSPEFDVMUJWPT4POMBSWBTQFRVF×BTRVFTFEFTBSSPMMBOFO
FMJOUFSJPSEFMBTIPKBTDBWBOEPHBMFSÓBTMBSHBTZUPSUVPTBT-BT
FTQFDJFTNÈTEJGVOEJEBTTPO-USJGPMMJ-TBUJWB-IVJEPCSFOTJT
Z-TUSJHBUBUPEBTEFBTQFDUPNPSGPMØHJDPNVZTJNJMBSFT
%B×PTEJSFDUPTEJTNJOVDJØOEFSFOEJNJFOUPTQPSQÏSEJEB
EFÈSFBGPMJBS$VBOEPMBTQPCMBDJPOFTTPOBMUBTMBTQMBOUBT
QVFEFONPSJSPTVGSJSFTUSÏTTJFOEPNÈTQSPQFOTBTBMBBQBSJDJØO
EFFOGFSNFEBEFT-PTNJOBEPSFTEFMBIPKBUBNCJÏOQVFEFO
DBVTBSEB×PEFTQVÏTEFMBDPTFDIB4PONVZJNQPSUBOUFTMPT
EB×PTDVBOEPTFQSFTFOUBOBOUFTEFMBTBIPKBT
%B×PTJOEJSFDUPTFTUÈOSFMBDJPOBEPTGVOEBNFOUBMNFOUF
BMBQÏSEJEBEFDBMJEBEDPNFSDJBMUBOUPQPSMBBQBSJDJØOEF
HBMFSÓBTDPNPQPSQVOUFBEPTFOMBTIPKBT&TUFFGFDUPFTNVZ
JNQPSUBOUFFOMFDIVHBNBOUFDPTB&OBMHVOBTFTQFDJFTWFHFUB
MFTTFIBOFODPOUSBEPJOEJDJPTEFUSBOTNJTJØOEFFOGFSNFEBEFT
WJSØTJDBT.PTBJDPEFMBQJP
ZBVNFOUPEFMBJODJEFODJBEF
GÞOHJDBT"MUFSOBSJB
%FCFOSFWJTBSTFFOGPSNBQFSJØEJDBMPTDVMUJWPTBQBSUJSEF
QMÈOUVMBTKØWFOFTCVTDBOEPMBQSFTFODJBEFQVOUFBEPHBMFSÓBT
ZMBSWBTNJOBEPSBTEFMBIPKB&OMFDIVHBMBTNJOBTQVFEFO
EBSTFJOJDJBMNFOUFFOMPTDPUJMFEPOFTZFOMBTQSJNFSBTIPKBT
WFSEBEFSBT
&ODVMUJWPTNÈTEFTBSSPMMBEPTEFCFOPCTFSWBSTFDPOFTQFDJBM
BUFODJØOMBTIPKBTEFMBQPSDJØONFEJBEFMBTQMBOUBT
&TJNQPSUBOUFUFOFSFODVFOUBRVFFMNVFTUSFPEFCFDPO
UFNQMBSEPTVOJEBEFTEFNVFTUSFPNVFTUSFPCJFUÈQJDP
6OB
FTMBPCTFSWBDJØOZBOÈMJTJTEFMBTQMBOUBTZMBPUSBFTEFMBT
IPKBT4JCJFOFOOVFTUSPQBÓTZFTQFDÓmDBNFOUFQBSBIPSUBMJ[BT
EFIPKBOPIBZUÏDOJDBTEFNVFTUSFPEFmOJEBTFO&TQB×BTF
SFDPNJFOEBQBSBDVMUJWPTFOHFOFSBMVOUBNB×PNVFTUSBM
NÓOJNPEFQMBOUBTQPSMPUFZIPKBTQPSQMBOUBFWBMVBOEP
DPNPWBSJBCMFMBQSPQPSDJØOEFIPKBBGFDUBEB
$PNPDPNQMFNFOUPTFQVFEFOVUJMJ[BSUSBNQBTQFHBKPTBT
DPOFMPCKFUJWPEFEFUFDUBSMBQSFTFODJBEFBEVMUPTFOGPSNB
BOUJDJQBEB
6NCSBMFTEFEB×P
&O"SHFOUJOBOPFTUÈOEFTBSSPMMBEPTMPTVNCSBMFTEFEB×P
QBSBMFDIVHBOPPCTUBOUFFO&&666OJWFSTJEBEEF.JOFTTPUB
FMVNCSBMQBSBNJOBEPSFTEFMBIPKBFTVOQSPNFEJPEFVOBP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
NÈTNJOBTBDUJWBTQPSIPKBFYDFQUPFOMBTQPSDJPOFTWFOEJCMFT
FOMBTDVBMFTFMEB×POPQVFEFTFSUPMFSBEP
%JmDVMUBEFTQBSBFMDPOUSPMRVÓNJDP
-BTEJmDVMUBEFTQBSBFMDPOUSPMRVÓNJDPFTUÈOBTPDJBEBTBRVF
MBQMBHBFOFTUBEPEFMBSWBTFFODVFOUSBQSPUFHJEBEFOUSPEFMB
IPKBEFTEFMBFDMPTJØOEFMIVFWPTJFOEPOFDFTBSJBMBVUJMJ[BDJØO
EFQSPEVDUPTRVFUFOHBOBDDJØOTJTUÏNJDBPEFQFOFUSBDJØO&M
WVFMPEFMPTBEVMUPTFTBDUJWPQSPEVDJÏOEPTFSFJOGFDDJPOFTEF
MPUFTWFDJOPTOPUSBUBEPTPEFTEFMBWFHFUBDJØOOBUVSBM
1VMHPOFT
(SVQPEFJOTFDUPTDPOTUJUVJEPQPSVOHSBOOÞNFSPEF
FTQFDJFTFOUSFMBTRVFTFEFTUBDBOFM1VMHØOEFMEVSB[OFSP
.Z[VTQFSTJDBF4VM[FS
FMQVMHØOEFMBMFDIVHB)JQFSPNZ[VT
MBDUVDBF
/BTBOPWJBSJCJTOFHSJ.FTMFZFOUSFPUSPT
-PTÈmEPTPQVMHPOFT)PNPQUFSB"mEJEBF
DPOTUJUVZFO
VOPEFMPTHSVQPTEFJOTFDUPTQMBHBTEFMBTIPSUBMJ[BTNÈTJN
QPSUBOUFTBOJWFMNVOEJBM1PTFFOVOBEJTUSJCVDJØOHFPHSÈmDB
NVZBNQMJBZBUBDBOBOVNFSPTBTFTQFDJFTUBOUPDVMUJWBEBT
DPNPTJMWFTUSFTPDVQBOEPVOMVHBSEFTUBDBEPFOUSFMBTQMBHBT
QPSTVBMUPOJWFMEFBEBQUBDJØOBMBNBZPSÓBEFFDPTJTUFNBT
EFMNVOEP
&OUSFMPTBTQFDUPTNÈTEFTUBDBEPTEFTVCJPFDPMPHÓBRVF
JOnVZFOGBWPSFDJFOEPTVBEBQUBDJØOZEJTFNJOBDJØOQPEFNPT
OPNCSBS
t&MFWBEPQPUFODJBMCJØUJDPEFUFSNJOBEPQPSTVSFQSP
EVDDJØOQBSUFOPHFOÏUJDBZWJWÓQBSB
t1PMJNPSmTNPRVFMFQFSNJUFOFMBVNFOUPFOMBQPCMBDJØO
EFGPSNBTFTQFDJBMJ[BEBTFOMBSFQSPEVDDJØOBTFYVBMIFNCSBT
WJSHJOØQBSBTÈQUFSBT
FOMBSFQSPEVDDJØOTFYVBMGPSNBTTFYVB
EBT
FOMBNJHSBDJØOGPSNBTBMBEBT
RVFHBSBOUJ[BOFMEFTB
SSPMMPEFMBFTQFDJFFODPOEJDJPOFTBNCJFOUBMFTBEWFSTBT
t"MUFSOBODJBEFIVÏTQFEFTQPTJCJMJEBEEFEFTBSSPMMBS
TVTDJDMPTDPNQMFUPTFOHSBODBOUJEBEEFFTQFDJFTWFHFUBMFT
DVMUJWBEPTZTJMWFTUSFT
t(SBODBQBDJEBEEFNJHSBDJØOZEJTQFSTJØODPNP
DPOTFDVFODJBEFMBGBMUBEFBMJNFOUPPQSFTFODJBEFDPOEJDJPOFT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
EFTGBWPSBCMFT1PSNFEJPEFMBTGPSNBTBMBEBTBNFEJBOBZMBSHB
EJTUBODJBTZDBNJOBOEPFOMBNJTNBIPKBFOIPKBTDPOUJHVBTP
EFQMBOUBBQMBOUBHFOFSBOEPQSFTFODJBQPSNBODIPOFT
-PTEB×PTRVFQSPWPDBOTPCSFMPTDVMUJWPTQPEFNPTDMBTJ
mDBSMPTDPNP
%JSFDUPTTVDDJØOEFTBWJBBQBSUJSEFMnPFNBZMBJOZFDDJØO
EFTBMJWBUØYJDBPDBTJPOBOEPEFCJMJUBNJFOUPEFMBQMBOUB
EFGPSNBDJØOEFMØSHBOPBGFDUBEPZBDIBQBSSBNJFOUPFOFT
UBEPEFQMÈOUVMBQPCMBDJPOFTNVZBMUBTEFMBQMBHBQVFEFO
PDBTJPOBSMBNVFSUF
*OEJSFDUPQPUFODJBMUSBOTNJTJØOEFWJSVTEFMBT
USBOTNJUJEBTQPSBSUSØQPEPTTPOBDBVTBEFQVMHPOFT
-B
QSPEVDDJØOEFNFMB[BZQPTUFSJPSEFTBSSPMMPEFGVNBHJOB
PDBTJPOBQÏSEJEBFOFMBDPOEJDJPOBNJFOUPEFQPTDPTFDIBP
FOMBDBMJEBEDPNFSDJBM
.ÏUPEPEFNVFTUSFP
&OÏQPDBTEFNÈYJNPSJFTHPTFSFDPNJFOEBFMNPOJUPSFP
QFSJØEJDPFOGPSNBWJTVBMEJSFDUPFMNJTNPEFCFSFBMJ[BSTF
VOBWF[QPSTFNBOBZDBEBEÓBTBQBSUJSEFMBDPHPMMBEPFT
JNQPSUBOUFMBPCTFSWBDJØOEFOPNFOPTEFQMBOUBTEFMF
DIVHBTFOMPTMBUFSBMFTEFMMPUFZDØNPNÓOJNPEFQMBOUBT
FOFMJOUFSJPS
-BDBOUJEBEEFQMBOUBTBNVFTUSFBSQVFEFWBSJBSTFHÞOFM
UBNB×PEFMMPUFTJFNQSFRVFTFSFBMJDFOUBOUPFOCPSEFTDPNP
FOFMJOUFSJPSEFMNJTNP
-BQSFTFODJBEFJOEJWJEVPTBMBEPTJNQMJDBRVFMBQMBHB
FTUÈFOFMQFSÓPEPEFDPMPOJ[BDJØOEFMMPUFQPSMPRVFFTEF
FTQFSBSFMBVNFOUPEFMBQPCMBDJØOFOMPTEÓBTQPTUFSJPSFT-B
QSFTFODJBEFJOEJWJEVPTÈQUFSPTTJOBMBT
NVFTUSBQPCMBDJPOFT
ZBFTUBCMFDJEBT
6NCSBMFTEFEB×P
&O"SHFOUJOBOPIBZEFTBSSPMMBEPTVNCSBMFTQBSBFTUB
QMBHBQFSPTJFYJTUFOFOPUSPTQBÓTFTQPSFKFNQMP&TQB×BFO
FMDVBMTFSFDPNJFOEBBQBSUJSEFMBDPHPMMBEPUSBUBSBMEFUFDUBS
MBTJNQMFQSFTFODJBEFJOEJWJEVPTVOÈQUFSPWJWPQPSDBEB
QJF[BT
FOGBTFEFSPTFUBMBUPMFSBODJBFTNVZTVQFSJPSEBOEP
VOUSBUBNJFOUPRVÓNJDPBJOJDJPEFBDPHPMMBEP$VBOEPMBT
QPCMBDJPOFTTFEFUFDUBOFO[POBTUSBUBSFYDMVTJWBNFOUFTPCSF
MBTNJTNBT
%JmDVMUBEFTQBSBFMDPOUSPMRVÓNJDP
-BTEJmDVMUBEFTEFMDPOUSPMRVÓNJDPFTUÈOBTPDJBEBTHF
OFSBMNFOUFBDVMUJWPTNVZEFOTPTPQMBOUBTNVZHSBOEFTDPO
HSBODBOUJEBEEFIPKBTEPOEFMBMMFHBEBEFMQSPEVDUPBMBQMBHB
FTEJGÓDJMFTUFQSPCMFNBTFBHSBWBFOUSBUBNJFOUPTUBSEÓPTP
DPOBMUBQPCMBDJØOEFQMBHBQPSQSPCMFNBTEFNVFTUSFPTNBM
SFBMJ[BEPT
.FEJEBTEFDPOUSPMOPRVÓNJDBT
-BVUJMJ[BDJØOEFUÏDOJDBTZNÏUPEPTEFDVMUJWPTRVFQVF
EBOQSFWFOJSPDBVTBSVOBSFEVDDJØOFOFMOJWFMQPCMBDJPOBM
EFMBTQMBHBTFTNVZJNQPSUBOUFFOMBSFEVDDJØOEFMVTPEF
BHSPRVÓNJDPTZQPSMPUBOUPFOMBEJTNJOVDJØOEFMBDPOUBNJ
OBDJØOBNCJFOUBMZMPTSJFTHPTEFJOUPYJDBDJØO$PNPQSÈDUJDBT
HFOFSBMFTTFQVFEFONFODJPOBS
t6UJMJ[BDJØOEFUSBNQBTQFHBKPTBTBNBSJMMBTPEFUSBNQBT
EFBHVB
t.BMMBTBOUJQVMHPOFT
t7JHJMBODJBZFMJNJOBDJØOEFNBMF[BT
t'BWPSFDFSMBQSFTFODJBZOPBGFDUBDJØOEFFOFNJHPTOBUV
SBMFTQSFEBEPSFTQBSBTJUPJEFTZFOUPNPQBUØHFOPT
0USBTQMBHBTEFDVMUJWPTEFIPKB
t.PTDBCMBODB
t(VTBOPTDPSUBEPSFT
t$PMFØQUFSPTEFTGPMJBEPSFT%JBCSPUJDBCJDIPNPSP
t*TPDBNJMJUBSUFNQSBOB
t$BSBDPMFTZCBCPTBT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
C&OGFSNFEBEFT
6OBQMBOUBFTTBOBDVBOEPQVFEFMMFWBSBDBCPTVTGVODJPOFT
mTJPMØHJDBTBMPNÈTBMUPEFTVQPUFODJBMHFOÏUJDP$VBOEPDVBM
RVJFSBEFFTBTGVODJPOFTFTBMUFSBEBMBQMBOUBTFFOGFSNB
1PSMPUBOUPTFQVFEFEFGJOJSFMUÏSNJOP FOGFSNFEBE
BQMJDBEPBMBTQMBOUBTDPNPiDVBMRVJFSEJTUVSCJPQSPWPDBEP
QPSVOBFOUJEBEWJWBPJOBOJNBEBRVFJOUFSmFSFDPOMBNBOV
GBDUVSBUSBTMBEPZPVUJMJ[BDJØOEFOVUSJFOUFTZBHVBEBOEP
DPNPSFTVMUBEPVOBSFEVDDJØOEFMBIBCJMJEBEEFMBQMBOUBQBSB
TPCSFWJWJSZNBOUFOFSTVOJDIPFDPMØHJDPw
$BVTBTEFFOGFSNFEBEFOMBTQMBOUBT
-BTDBVTBTQSJNBSJBTEFFOGFSNFEBETPOMPTQBUØHFOPT
FOGFSNFEBEFTCJØUJDBT
ZEJTUJOUPTFMFNFOUPTEFMBNCJFOUF
GÓTJDPFOGFSNFEBEFTBCJØUJDBT
&TEFDJSRVFEFBDVFSEPBMPSJHFOEFMBFOGFSNFEBEQPEFNPT
EJWJEJSMBTFOBRVFMMBTDBVTBEBTQPS
t1BUØHFOPT
t)POHPT
t#BDUFSJBT
t7JSVT
t%ÏmDJUPFYDFTPTOVUSJUJWPT
t'BDUPSFTDMJNÈUJDPTZBNCJFOUBMFT
t5FNQFSBUVSB
t*OTPMBDJØO
t(SBOJ[P
t4FRVÓB
t$PNQBDUBDJØOEFTVFMP
t&ODIBSDBNJFOUPPFYDFTPEFBHVB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t7JFOUP
t)FMBEBTPFYDFTPEFGSÓP
t'JUPUPYJDJEBEQPSBHSPRVÓNJDPT
t)FSCJDJEBT
t*OTFDUJDJEBT
t'VOHJDJEBT
t$PBEZVWBOUFT
t'FSUJMJ[BOUFT
&TEFDJSRVFMBTFOGFSNFEBEFTEFMBTQMBOUBTQVFEFODMB
TJmDBSTFFO
-BFYQSFTJØOEFMBFOGFSNFEBE
-BTBMUFSBDJPOFTPSFBDDJPOFTFYUFSOBTPJOUFSOBTEFMB
QMBOUBDPOTUJUVZFOMPTTÓOUPNBTEFMBFOGFSNFEBE-BTQBSUFT
PQSPEVDUPTEFMQBUØHFOPPCTFSWBCMFTNBDSPTDØQJDBNFOUF
TPCSFMBQMBOUBFOGFSNBTPOMPTTJHOPT
'BTFTEFVOQSPDFTPFQJEÏNJDP
-BTGBTFTTPOUSFT
-BQSJNFSBFUBQBFTMBGPSNBDJØOEFMJOØDVMPMBDVBM
DPOTJTUFFOMBQSPEVDDJØOZEFTBSSPMMPEFMØSHBOPSFQSPEVDUPS
EFMQBUØHFOPGPSNBDJØOEFMBTFTQPSBTWJBCMFTZMBNBEVSBDJØO
EFMBTNJTNBT
-BTFHVOEBFUBQBFTMBEJTFNJOBDJØOEFMJOØDVMP
FOMBRVFPDVSSFOMBMJCFSBDJØOPFYQVMTJØOEFMBTFTQPSBTTV
EJTQFSTJØOZEFQPTJDJØOEFMBTNJTNBTTPCSFUFKJEPTBOP
-BUFSDFSBFUBQBDPOTJTUFFOMBJOGFDDJØOEPOEFUF
OFNPTMBHFSNJOBDJØOEFMBTFTQPSBTMBQFOFUSBDJØOEFOUSPEF
MPTUFKJEPTWFHFUBMFTZMBDPMPOJ[BDJØOEFMSFTUPEFMBQMBOUB
&TUFQSPDFTPQVFEFEBSTFVOBTPMBWF[EVSBOUFFMDJDMP
EFDVMUJWPFOMBTFQJEFNJBTNPOPDÓDMJDBTPWBSJBTWFDFTFO
MBTQPMJDÓDMJDBT&TEFDJSRVFFOGVODJØOEFMOÞNFSPEFDJDMPT
EFMBFOGFSNFEBEQPSDJDMPEFMQBUØHFOPMBTFOGFSNFEBEFTTF
DMBTJmDBOFO
t&OGFSNFEBEFTNPOPDÓDMJDBTFMQBUØHFOPQSFTFOUBVO
TPMPDJDMPEFWJEBEVSBOUFFMEFTBSSPMMPEFMDJDMPEFDVMUJWPMB
DBOUJEBEZDBMJEBEEFMJOØDVMPQSJNBSJPFTEFUFSNJOBOUFEFMB
JOUFOTJEBEEFMBFOGFSNFEBE&OGEFTVFMP'VTBSJVN4DMFSPUJ
OJB7FSUJDJMJVN
&TGVOEBNFOUBMFMJOØDVMPJOJDJBMPQSJNBSJP
t&OGFSNFEBEFTQPMJDÓDMJDBTFMQBUØHFOPQSFTFOUB
WBSJPTDJDMPTEFWJEBEVSBOUFFMEFTBSSPMMPEFMDJDMPEFDVMUJWP
MBDBOUJEBEZDBMJEBEEFMJOØDVMPQSJNBSJPOPFTEFUFSNJOBOUF
EFMBJOUFOTJEBEEFMBFOGFSNFEBEQFSPTÓTVDSFDJNJFOUPFO
DBEBDJDMP1IZUPQIUPSB#PUSZUJT"MUFSOBSJB4FQUPSJB#SFNJB
$FSDPTQPSB&SZTJQIF1FSPOPTQPSB#BDUFSJBT7JSPTJTFUD
&T
JNQPSUBOUFFMBVNFOUPEFJOØDVMPFODBEBDJDMP
6OBWF[EFOUSPEFMBQMBOUBFMQBUØHFOPDPNJFO[BTVWJEB
QBSBTJUBSJBMBSFTQVFTUBJONFEJBUBEFMBQMBOUBFTMBEFGFOTBEF
MB[POBJOGFDUBEBQPSNFDBOJTNPTRVÓNJDPTZMVFHPNFEJBOUF
FMJODSFNFOUPEFUFKJEPTPEFGPSNBDJØOEFMPTFYJTUFOUFT
4JFMQSPDFTPEFJOGFDDJØOZDPMPOJ[BDJØOTVQFSBBMPTEF
EFGFOTBMBQMBOUBBUBDBEBTFWFSÈBGFDUBEBIBTUBUBMQVOUP
RVFQVFEFMMFHBSBMBNVFSUF
1BSBRVFMPNFODJPOBEPBOUFSJPSNFOUFTFDVNQMBBGBWPS
EFMEFTBSSPMMPEFMBFOGFSNFEBEFTOFDFTBSJPRVFTFEFO
TJNVMUÈOFBNFOUFFOUJFNQPZFTQBDJPBMHVOPTSFRVJTJUPT
JNQPSUBOUFT
t2VFFMNJDSPPSHBOJTNPTFBQBUØHFOPQBSBFMDVMUJWP
FODVFTUJØO
t2VFFMDVMUJWPFTUÏSFDFQUJWP
t2VFFMBNCJFOUFGBWPSF[DBFMQSPDFTP
4PCSFWJWFODJBEFMPTQBUØHFOPT
%FBDVFSEPBMBTPCSFWJWFODJBMPTQBUØHFOPTTFEJWJEFO
FOEPTHSVQPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t#JPUSØmDPTTPOMPTRVFDPFYJTUFOEVSBOUFMBSHPUJFNQP
DPOFMIPTQFEFSPZTPMPDPNQMFUBOTVDJDMPFONBUFSJBPSHÈOJDB
WJWB
t/FDSPUSØmDPTNBUBOSÈQJEBNFOUFBMIPTQFEFSP6UJMJ[BO
UFKJEPTNVFSUPTDPNPTVTUSBUPT4VCTJTUFOFOSFTUPTPSHÈOJDPT
WJWPTPNVFSUPT
t&WJUBSMBQFSNBOFODJBEFBHVBMJCSFTPCSFMBTQMBOUBT
t'BWPSFDFSMPTBNCJFOUFTTFDPTBJSFBEPTZMVNJOPTPT
t&WJUBSUPEBTJUVBDJØOEFFTUSÏT
t6UJMJ[BSDPSUJOBTSPNQFWJFOUPT
%JBHOØTUJDPEFFOGFSNFEBEFT
.BOFKPEFMBTFOGFSNFEBEFT
4FQVFEFEFmOJSDPNPNBOFKPEFMBFOGFSNFEBEBMBUP
UBMJEBEEFBDDJPOFTRVFNBOUJFOFOMBFOGFSNFEBEQPSEFCBKP
EFMVNCSBMEFEB×PFDPOØNJDP-PTPCKFUJWPTEFFTUBTBDDJPOFT
TPOCMPRVFBSFOBMHVOBNFEJEBMPTQSPDFTPTFQJEÏNJDPT&MMBT
TPO
'PSNBDJØOEFJOØDVMP
t$SFBSBNCJFOUFEFTGBWPSBCMF
t3FNPDJØOEFMTVFMP
t%FTUSVDDJØOEFSBTUSPKPT
t%FTUSVDDJØOEFØSHBOPTBGFDUBEPT
t4PMBSJ[BDJØO
t%FTJOGFDDJØOEFMTVFMPQPSNÏUPEPTRVÓNJDPT
t%FTJOGFDDJØOEFMTVFMPQPSNÏUPEPTGÓTJDPTWBQPSEF
BHVB
t.BOUFOFSFMDVMUJWPMJCSFEFNBMF[BT
%JTFNJOBDJØO
t&MFDDJØODPSSFDUBEFGFDIBTEFTJFNCSBZUSBTQMBOUFT
t3PUBDJØOEFDVMUJWPT
t&WJUBSFODIBSDBNJFOUPTEFBHVB
t&WJUBSDPSSJFOUFTEFBJSF
t&WJUBSUSBOTNJTJØONFDÈOJDBQPSNFEJPEFMBTIFSSBNJFOUBT
PMBTNBOPTEFQMBOUBTFOGFSNBTBTBOBT
*OGFDDJØO
t6UJMJ[BSTFNJMMBTZQMBOUJOFTEFDBMJEBEZMJCSFTEFQBUØ
HFOPT
t6UJMJ[BSWBSJFEBEFTSFTJTUFOUFTPUPMFSBOUFT
t6TBSGVOHVJDJEBTDVSBTFNJMMBT
t"QMJDBDJØOEFGVOHVJDJEBT
t0CUFOFSDVMUJWPTWJHPSPTPT
t/PQSPWPDBSIFSJEBTFOMBTQMBOUBT
*OUFOUBSDPOUSPMBSFOGFSNFEBEFTTJOMBTVmDJFOUFJOGPSNB
DJØOSFGFSFOUFBTVDBVTBSFTVMUBQPSMPHFOFSBMVOGSBDBTP&T
EFDJSRVFQBSBNBYJNJ[BSMBFGFDUJWJEBEEFMDPOUSPMVOEJBH
OØTUJDPDPSSFDUPEFCFQSFDFEFSDVBMRVJFSJOUFOUPEFBQMJDBDJØO
EFNÏUPEPTEFDPOUSPM
1BSBIBDFSVOCVFOEJBHOØTUJDPEFCFTBCFSTFPUFOFS
JOGPSNBDJØOEJTQPOJCMFTPCSF
t1SJODJQBMFTFOGFSNFEBEFTRVFBGFDUBOBVOBEFUFSNJOBEB
FTQFDJF
t"OUFDFEFOUFTEFMBQSFTFODJBEFMBFOGFSNFEBEFOFMÈSFB
EPOEFFTUÈDBVTBOEPFMQSPCMFNB
t'VFOUFTEFJOØDVMPNFEJPTEFQSPQBHBDJØOZGBDUPSFT
BNCJFOUBMFTRVFBGFDUBOFMEFTBSSPMMPEFMBFOGFSNFEBE
t4ÓOUPNBTEFMBTFOGFSNFEBEFTRVFBGFDUBOBVODVMUJWP
FOQBSUJDVMBSFTQFDJBMNFOUFDVBMRVJFSEJGFSFODJBFOTJOUPNB
UPMPHÓBRVFTFBÞUJMQBSBEJTUJOHVJSFOGFSNFEBEFTDPOTÓOUPNBT
TFNFKBOUFTQFSPDBVTBTEJGFSFOUFT
t$BSBDUFSÓTUJDBTNPSGPMØHJDBTÞUJMFTQBSBJEFOUJmDBSQBUØ
HFOPTRVFQSPEVDFOTJHOPTFTUSVDUVSBT
t%JTUSJCVDJØOEFMBTQMBOUBTFOGFSNBTFOFMDVMUJWP
t1BSUFEFMWFHFUBMRVFQSFTFOUBMPTTÓOUPNBT
t$POPDFSFMDJDMPEFMBFOGFSNFEBE
"NFOPTRVFMBFOGFSNFEBETFBNVZDPOPDJEBZQSPEV[DB
TÓOUPNBTJODPOGVOEJCMFTFMEJBHOPTUJDBEPSOPEFCFDPOmBSTF
QPSFMTPMPIFDIPEFMFYBNFOBDBNQPTJOPSFDPHFSNBUFSJBM
SFQSFTFOUBUJWPZSFNJUJSMPQBSBMPTFYÈNFOFTEFMBCPSBUPSJP
3FDPSEFNPTRVFMBEJBHOPTJTDPSSFDUBEFMBFOGFSNFEBE
FTFMQBTPNÈTJNQPSUBOUFRVFQSFDFEFBMBGPSNVMBDJØOEF
QSÈDUJDBTEFDPOUSPMFmDJFOUFT
%JTUSJCVDJØOEFMBTQMBOUBTFOGFSNBTFOFMDVMUJWP
-BEJTUSJCVDJØOEFMBTQMBOUBTFOGFSNBTFOFMMPUFFTEF
NVDIBJNQPSUBODJBFOFMEJBHOØTUJDPEFMBFOGFSNFEBEEFCJEP
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
BRVFNVDIBTTFUSBOTNJUFOFOGPSNBNFDÈOJDBQPSQPEBV
PUSBTMBCPSFTDVMUVSBMFTFTEFDJSRVFBMFODPOUSBSWBSJBTQMBOUBT
DPOJHVBMFTTÓOUPNBTFOVOB[POBQPEFNPTJOGFSJSRVFMBT
FTUÈBGFDUBOEPMBNJTNBFOGFSNFEBE4JBFTPMFTVNBNPT
MPTUJQPTEFTÓOUPNBTRVFFTUBNPTWJTVBMJ[BOEPZMBGPSNB
EFUSBOTNJTJØOEFEJDIBFOGFSNFEBEQPEFNPTBDFSDBSOPTB
EFUFSNJOBSFMQSPCMFNB
-PDBMJ[BDJØOEFMPTTÓOUPNBTFOFMWFHFUBM
"MEFUFDUBSTÓOUPNBTEFVOBFOGFSNFEBEFOVOWFHFUBM
EFCFNPTJEFOUJmDBSDPOEFUFOJNJFOUPMB[POBBGFDUBEBZBRVF
FTUPQVFEFBZVEBSOPTBEFUFDUBSFMQSPCMFNB-BTFOGFSNFEBEFT
UJFOFOQPSMPHFOFSBM[POBTEFBUBRVFNÈTGSFDVFOUFTEFOUSP
EFMWFHFUBM
%FBDVFSEPBMBMPDBMJ[BDJØOFOFMWFHFUBMMBTFOGFSNFEBEFT
QVFEFODMBTJmDBSTF
t&OGFSNFEBEFTGPMJBSFT
t&OGFSNFEBEFTEFUBMMP
t&OGFSNFEBEFTEFDVFMMP
t&OGFSNFEBEFTEFSBÓDFT
t&OGFSNFEBEFTEFGSVUPT
&OGFSNFEBEFTCJØUJDBT
)POHPT
-PTIPOHPTTPOPSHBOJTNPTWFHFUBMFTTJODMPSPmMBOJQJH
NFOUPTDPODBQBDJEBEGPUPTJOUÏUJDBJODBQBDFTEFTJOUFUJ[BSTVT
QSPQJPTBMJNFOUPTQBSUJFOEPEFDPNQVFTUPTJOPSHÈOJDPTDPNP
MPIBDFOMBTQMBOUBTTVQFSJPSFT/FDFTJUBOOVUSJSTFEFNBUFSJB
PSHÈOJDBWJWBPNBUFSJBPSHÈOJDBFOEFTDPNQPTJDJØO4POFO
FMQSJNFSDBTPQBUØHFOPTZFOFMTFHVOEPTBQSØmUPT&TUB
FTVOBEJWJTJØOBSUJmDJBMQVFTUPRVFNVZQPDBTFTQFDJFTTPO
FYDMVTJWBNFOUFQBUØHFOBTPTBQSØmUBT-BNBZPSÓBEFMPT
IPOHPTTPOmUPQBUØHFOPTEVSBOUFBMHÞOUJFNQPEFTVDJDMP
FWPMVUJWPTPOTBQSØmUPTQVFTUBOUPQVFEFODPNQPSUBSTFDPNP
QBUØHFOPTEFPUSPTPSHBOJTNPTPEFTBSSPMMBSTFFONBUFSJB
PSHÈOJDBFOEFTDPNQPTJDJØO4POFOUPEPTMPTDBTPTIFUF
SØUSPGPTFTEFDJSRVFWJWFOEFTVTUBODJBTZBFMBCPSBEBT4PO
JODBQBDFTEFTJOUFUJ[BSTVTQSPQJPTBMJNFOUPT
#BDUFSJBT
4POMPTTFSFTWJWPTNÈTQFRVF×PTZTJNQMFTEFMPTDPOPDJEPT
QPSFMIPNCSFFYDFQDJØOIFDIBEFMPTWJSVTTJTFDPOTJEFSBB
ÏTUPTDPNPPSHBOJTNPT
4POTFSFTVOJDFMVMBSFTRVFTFNVMUJQMJDBOQPSTJNQMFEJWJTJØO
DFMVMBSFOEPTQBSUFTFTDJQBSJEBE
1VFEFOUFOFSGPSNBFTGÏSJ
DBEFCBTUØOPEFFTQJSBMDPOTUJUVZFOEPSFTQFDUJWBNFOUFMPT
DPDPTCBDJMPTPFTQJSJMPT"EFNÈTQVFEFOQFSNBOFDFSMJCSFTP
BHSVQBEBT-BDÏMVMBCBDUFSJBOBFTUÈDPOTUJUVJEBQPSVOBNFN
CSBOBRVFFODJFSSBVODJUPQMBTNBZVOOÞDMFP-BTCBDUFSJBT
mUPQBUØHFOBTUPEBTUJFOFOGPSNBEFCBTUØOCBDJMPT
ZDBTJ
UPEBTTPONØWJMFTEFCJEPBRVFQPTFFODJMJBTPnBHFMPT
-BTCBDUFSJBTmUPQBUØHFOBTTPOPSHBOJTNPTIFUFSØUSPGPT
PCUJFOFOTVBMJNFOUPDPNPQBSÈTJUPTEFPUSPTTFSFTWJWPTP
CJFODPNPTBQSØmUPTBMJNFOUÈOEPTFEFTVTUBODJBTPSHÈOJDBT
NVFSUBT"CTPSCFOTVTOVUSJFOUFTBUSBWÏTEFMBTQBSFEFT
DFMVMBSFT
-BQBUPHFOJDJEBETFQVFEFEFmOJSDPNPMBDBQBDJEBEEF
JOWBEJSMPTUFKJEPTEFMIPTQFEBOUFZQSPEVDJSMPTTÓOUPNBTEF
MBFOGFSNFEBE
"MSFTQFDUPMBTCBDUFSJBTQVFEFOTFS FTQFDÓmDBTDVBOEP
ÞOJDBNFOUFBUBDBOBVOHÏOFSPPFTQFDJFP QPMÓGBHBTV
PNOÓWPSBTDVBOEPTPOQBUØHFOBTQBSBVOHSBOOÞNFSPEF
IPTQFEBOUFT
5JQPTEFFOGFSNFEBEFTRVFQSPEVDF
-BTFOGFSNFEBEFTQSPEVDJEBTQPSCBDUFSJBTQVFEFOEJWJEJSTF
FOUSFTUJQPT
t7BTDVMBSFTTFDBSBDUFSJ[BOQPSMBJOWBTJØOQSJNBSJBEFMBT
CBDUFSJBTFOMPTWBTPTEFDPOEVDDJØOEFBHVB&TUPTQVFEFO
MMFOBSTFUBOUPQPSMPTNJDSPPSHBOJTNPTDPNPQPSMBNVDPTJEBE
QSPEVDJEBEFUBMNBOFSBRVFFMBHVBOPBMDBO[BBMMFHBSBMBT
IPKBTZMBQMBOUBTFNBSDIJUBSÈQJEBNFOUF&MTÓOUPNBUÓQJDP
SFTVMUBOUFEFMBPDMVTJØOEFMPTWBTPTFTVONBSDIJUBNJFOUPRVF
QVFEFBGFDUBSUPEBPQBSUFEFMBQMBOUBQSPEVDJFOEPBEFNÈT
FMPTDVSFDJNJFOUPEFMPTWBTPTJOWBEJEPT
t1BSFORVJNÈUJDBTMBCBDUFSJBJOWBEFMPTUFKJEPTQBSFORVJ
NÈUJDPTPTVDVMFOUPTFOQSJNFSMVHBSZMVFHPQVFEFBWBO[BS
IBDJBMPTUFKJEPTWBTDVMBSFTBEZBDFOUFT-BTFOGFSNFEBEFTEF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
FTUFUJQPQSFTFOUBODPNPTÓOUPNBTOFDSPTJTNBODIBTBUJ[POB
NJFOUPTZBWFDFTQPESFEVNCSFUPUBMEFMØSHBOPBUBDBEP
t)JQFSQMÈTJDBTTFDBSBDUFSJ[BQPSMBQSFTFODJBEFUVCÏSDVMPT
UVNPSFTPBHBMMBTPMBGPSNBDJØOEFØSHBOPTBEJDJPOBMFTSBÓDFT
PCSPUFT
BQBSUJSEFZFNBTBEWFOUJDJBTPEPSNJEBT
7JSVT
-PTTÓOUPNBTDBVTBEPTQPSMPTWJSVTTPODPOTFDVFODJBEF
VOBJOGFDDJØOZEFMBNVMUJQMJDBDJØOEFMPTNJTNPTFOMBTDÏMVMBT
EFMWFHFUBM4JOFNCBSHPNVDIPTQVFEFONVMUJQMJDBSTFTJORVF
FMIVÏTQFENBOJmFTUFSFBDDJØOBMHVOBFOGPSNBBQBSFOUF"
FTUPTWJSVTTFMPTEFOPNJOBMBUFOUFTZBMBTQMBOUBTRVFBTÓMPT
MMFWBOQPSUBEPSBT
-PTWJSVTTPOJODBQBDFTEFJOUSPEVDJSTFFOFMIVÏTQFEQPS
TVTQSPQJPTNFEJPT&OMBOBUVSBMF[BMPTBHFOUFTUSBOTNJTPSFT
PWFDUPSFTNÈTJNQPSUBOUFTTPOMPTJOTFDUPTQVMHPOFTUSJQT
DIJDIBSSJUBTZPUSPT
&MIPNCSFDPOUSJCVZFEFNVDIBTNBOFSBT
BTVQSPQBHBDJØOQPSDPOUBDUPEFQMBOUBTFOGFSNBTZTBOBT
FOMPTEJWFSTPTUSBCBKPTDVMUVSBMFTQPEBTEFTCSPUFTFUD
QPSJOKFSUPEFZFNBTEFQMBOUBTQPSUBEPSBTTJOTÓOUPNBTQPS
EFTDPOPDJNJFOUPEFMBFYJTUFODJBEFMBFOGFSNFEBEFOFTUBT
QMBOUBTQPSFMDPNFSDJPEFTFNJMMBTUVCÏSDVMPTCVMCPTSJ[PNBT
ZPUSBTQBSUFTWFHFUBUJWBTBGFDUBEBT4FIBOEFUFDUBEPUBNCJÏO
EJGVTJØOEFWJSVTQPSIPOHPTQPMFOZOFNÈUPEPT
-PTWJSVTmUPQBUPHÏOPTQSPEVDFONVDIPTTÓOUPNBTEJGFSFO
UFTFOQMBOUBTNPTBJDPFOIPKBTBMUFSOBODJBEF[POBTWFSEF
DMBSPDPOPUSBTEFDPMPSOPSNBM
BOJMMPTVPUSPTEJCVKPTDMPSØUJDPT
BNBSJMMPT
POFDSØUJDPTUFKJEPNVFSUP
ZNBODIBTOFDSØUJDBT
FOIPKBTUBMMPTZGSVUPTBNBSJMMBNJFOUPNBODIBTFOTFNJMMBT
FOBOJTNPEJTNJOVDJØOEFMUBNB×PEFGSVUPTIPKBTSBNBTCSPUFT
NÈTKØWFOFTZFOmOEJTNJOVDJØOEFSFOEJNJFOUP
&OGFSNFEBEFTDBVTBEBTQPSIPOHPT
#SFNJBMBDUVDBF.JMEJVWFMMPTP
&TUBFOGFSNFEBEFTEFJNQPSUBODJBFOMPTBMNÈDJHPTZFOFM
DBNQPFODPOEJDJPOFTEFUFNQFSBUVSBTGSFTDBTBMUBIVNFEBE
ZCBKBMVNJOPTJEBE"QBSFDFQSJODJQBMNFOUFBmOFTEFPUP×PZ
QSJODJQJPTEFQSJNBWFSB4FPCTFSWBOÈSFBTJSSFHVMBSFTFOFMIB[
EFMBTIPKBTEFDPMPSWFSEFDMBSPZMVFHPBNBSJMMBTZOFDSØUJDBT
MJNJUBEBTQPSMBTWFOBTEFMBTIPKBT-PTQSJNFSPTTÓOUPNBT
DPNJFO[BOFOMBTIPKBTWJFKBT4FPCTFSWBFMDSFDJNJFOUPEF
VONPIPCMBODPMBOPTPDSFDJFOEPFOMBQBSUFJOGFSJPSFOWÏT
EFMBIPKBBTPDJBEBBFTUBTNBODIBT&ODPOEJDJPOFTEFBMUB
IVNFEBEZFTDBTBMVNJOPTJEBEQVFEFBQBSFDFSFTUFNPIP
CMBODPUBNCJÏOFOFMIB[EFMBIPKB&OJOGFDDJPOFTTFWFSBTFM
GPMMBKFUPNBVODPMPSNBSSØOZNVFSF1VFEFBUBDBSBMBMFDIVHB
BMPMBSHPEFUPEPTVEFTBSSPMMPEFNBOFSBRVFMPTQSJNFSPT
TÓOUPNBTQVFEFOZBPCTFSWBSTFTPCSFMPTDPUJMFEPOFTRVFVOB
WF[JOGFDUBEPTBNBSJMMFBOTFTFDBOZNVFSFOQSFNBUVSBNFOUF
&OGBTFTNÈTBWBO[BEBTEFWFHFUBDJØOMPTBUBRVFTTVFMFO
NBOJGFTUBSTFBQBSUJSEFRVFFNQJF[BBGPSNBSTFFMDPHPMMP
BQBSFDJFOEPQSJNFSPFOMBTIPKBTFYUFSOBT
&TUFIPOHPTPCSFWJWFFOSFTJEVPTEFDPTFDIBZMBTFTQPSBT
TPOEJTFNJOBEBTQPSFMWJFOUP-BTGVFOUFTQSJODJQBMFTEFJOGFD
DJØOTPOMBTFNJMMBSFTJEVPTEFDPTFDIBNBMF[BTIPTQFEFSBT
ZDBNQPTDFSDBOPTJOGFDUBEPT
1FSPOPTQPSBGBSJOPTB%PXOZ.JMEFX
-PTTÓOUPNBTJOJDJBMFTDPOTJTUFOFOÈSFBTBNBSJMMBTJOEFm
OJEBTFOFMIB[EFMBTIPKBT&ODPSSFTQPOEFODJBDPOFMMBTFO
FMFOWÏTTFPCTFSWBVOBFnPSFTDFODJBHSJTBWJPMÈDFB-BTÈSFBT
BGFDUBEBTTFUPSOBOPTDVSBTZNVFSFO
1VFEFMMFHBSBBGFDUBSIPKBTZQMBOUBTFOUFSBT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
&OBUBRVFTTFWFSPTUPEBTMBTQMBOUBTEFVODVMUJWPQVFEFO
TFSJOGFDUBEBTFOQPDPTEÓBT
&MIPOHPJOWFSOBFOFMTVFMPZFOMBTFNJMMB-BTDPOEJDJPOFT
ØQUJNBTQBSBTVEFTBSSPMMPTPOMBTUFNQFSBUVSBTGSFTDBTZBMUB
IVNFEBE
&SZTJQIFDJDIPSBDFBSVN1PXEFSZNJMEFX
&TUBFOGFSNFEBEQVFEFDBVTBSVOBEJTNJOVDJØOFOFMSFO
EJNJFOUPZMBDBMJEBEQSJODJQBMNFOUFFODPOEJDJPOFTBNCJFO
UBMFTTFDBT&TUFIPOHPTFSFDPOPDFQPSFMQPMWPCMBODPRVFTF
BDVNVMBFOMBTVQFSmDJFEFMBTIPKBT-BTIPKBTWBODBNCJBOEP
EFDPMPSWFSEFQÈMJEPBBNBSJMMPMVFHPNBSSØOZmOBMNFOUF
NVFSFO&TUFIPOHPTPCSFWJWFFOQMBOUBTWJFKBTJOGFDUBEBTZ
MBTFTQPSBTTPOEJTFNJOBEBTQPSFMWJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
#PUSZUJTDJOFSFB.PIPHSJTEFMBIPKB
&TUFIPOHPFTVOJOWBTPSTFDVOEBSJP$VBOEPMBTDPOEJDJPOFT
BNCJFOUBMFTTPOGBWPSBCMFTTFDPOWJFSUFFOVOBFOGFSNFEBEEF
JNQPSUBODJBFOFMDBNQPUSÈOTJUPBMNBDFOBKFZNFSDBEP
$BVTBMBNVFSUFEFMUFKJEPBGFDUBOEPUPEBTMBTQBSUFTBÏSFBT
EFMBQMBOUB4VEFTBSSPMMPTFGBWPSFDFFODPOEJDJPOFTGSFTDBT
ZIÞNFEBT&MGPMMBKFTFPCTFSWBCMBOEPBDVPTPZDVCJFSUPEFM
DSFDJNJFOUPHSJTEFMIPOHP&TUFIPOHPTPCSFWJWFFOSFTJEVPT
EFDPTFDIBOVNFSPTPTDVMUJWPTZNBMF[BTZDPNPFTDMFSPDJPT
FOFMTVFMP-BTFTQPSBTTPOEJTFNJOBEBTQPSFMWJFOUP
4DMFSPUJOJBTDMFSPUJPSVNZNJOPS$BÓEBPNBSDIJUB
NJFOUP
-PTTÓOUPNBTTPOTJNJMBSFTFOBNCBTFOGFSNFEBEFTZQVF
EFOBUBDBSMPTDVMUJWPTFOEJTUJOUPTFTUBEPTEFEFTBSSPMMP4JO
FNCBSHPMPTNBZPSFTEB×PTMPTQSPEVDFFODVMUJWPTDFSDBOPT
BMBNBEVSF[DPNFSDJBM
4FDBSBDUFSJ[BQPSMBQSFTFODJBEFQMBOUBTNBSDIJUBTFOGPSNB
BJTMBEBPFONBODIPOFTMBTNJTNBTQVFEFOTFSBSSBODBEBTTJO
SFTJTUFODJBEFCJEPBMBQPESFEVNCSFEFMDVFMMPHFOFSBMNFOUF
BDPNQB×BEBQPSNJDFMJPCMBODP$POEJDJPOFTEFBMUBIVNFEBE
ZGSÓPGBWPSFDFOFMBUBRVF
&MIPOHPJOWBEFMPTUFKJEPTQSPEVDJFOEPVOBQPESFEVNCSF
CMBOEBZIÞNFEB4PCSFMBNJTNBTFPCTFSWBFMTJHOPEFMIPO
HPDPOTJTUFOUFFONJDFMJPCMBODPBMHPEPOPTPZFTDMFSPUPTEF
DPMPSPTDVSP'JOBMNFOUFUPEBMBQMBOUBTFQVESFZEFTJOUFHSB
RVFEBOEPTPCSFFMTVFMPMPTSFTUPTEFMBNJTNBZMPTFTDMFSPUPT
RVFHBSBOUJ[BSÈOMBTPCSFWJWFODJBEFMQBUØHFOP-BJOGFDDJØO
QPS4DMFSPUJOJBTFWFGBWPSFDJEBQPSMBBMUBIVNFEBEZUFNQF
SBUVSBTGSFTDBT-BTBMUBTEFOTJEBEFTEFQMBOUBDJØOZFMSJFHP
QPSBTQFSTJØOHFOFSBOMBTDPOEJDJPOFTEFIVNFEBEOFDFTBSJBT
QBSBMBHFSNJOBDJØOEFMIPOHP
4JRVFEBOFOFMTVFMPQMBOUBTFOGFSNBTÏTUBTQBTBOBTFS
MPTGPDPTEFOVFWBTJOGFDDJPOFTZQPSNFEJPEFMPTFTDMFSPUPT
FMIPOHPQVFEFQFSTJTUJSFOMBUJFSSBEVSBOUFWBSJPTB×PTBMB
FTQFSBEFVOIVÏTQFETVTDFQUJCMF
.BOFKPQBSBGBWPSFDFSFMDPOUSPM
/PFYJTUFVOBGPSNBTJNQMFEFDPOUSPMBSFTUBFOGFSNFEBE
EFNPEPRVFTPOOFDFTBSJBTVOBTFSJFEFQSÈDUJDBTEFDPOUSPM
TJTFRVJFSFNJOJNJ[BSTVJODJEFODJB
t4FMFDDJØOEFMTJUJPTFEFCFFMFHJSVOTJUJPTJOIJTUPSJBQSFWJB
EF4DMFSPUJOJBQBSBJOTUBMBSFMDVMUJWP3PUBDJØODPODVMUJWPTOP
TFOTJCMFTDPNPFTQJOBDBBDFMHBSFNPMBDIBNBÓ[EVMDF
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
$FSDPTQPSBCFUJDPMB.BODIBGPMJBSQPS$FSDPTQP
SB
t&MFHJSQMBOUBTEFFTUSVDUVSBQPDPGBWPSBCMFBMEFTBSSPMMP
EFMBFOGFSNFEBE-BTWBSJFEBEFTEFQPSUFCBKPDVZBTIPKBT
JOGFSJPSFTRVFEBOFODPOUBDUPDPOFMTVFMPQFSNJUFOMBHFOFSB
DJØOEFVONJDSPDMJNBGBWPSBCMFBMEFTBSSPMMPEFMBFOGFSNFEBE
UBMFTFMDBTPEFMBTWBSJFEBEFTNBOUFDPTBT
1PSFMDPOUSBSJP
WBSJFEBEFTEFQPSUFNÈTFSFDUPWBSJFEBEFTSPNBOBT
UJFOEFO
BTFQBSBSMBTIPKBTEFMTVFMPQFSNJUJFOEPMBDJSDVMBDJØOEFBJSF
ZFWJUBOEPBTÓMBFOGFSNFEBE
t%JTNJOVJSEFOTJEBEEFTJFNCSB&MDPOUBDUPFOUSFQMBOUBT
QFSNJUFFMDPOUBHJPJOGFDDJPOFTTFDVOEBSJBT
"MCBKBSMBEFOTJ
EBEEFTJFNCSBMBNBZPSTFQBSBDJØOFOUSFQMBOUBTQFSNJUFQPS
VOMBEPGBWPSFDFSMBDJSDVMBDJØOEFBJSFZQPSMPUBOUPEJTNJOVJS
MBTDPOEJDJPOFTEFIVNFEBEZQPSPUSPFWJUBRVFFMNJDFMJPEFM
IPOHPEFVOBQMBOUBFOGFSNBJOWBEBBPUSBTBOB
t4FNCSBSFOMPNPTQBSBGBDJMJUBSFMESFOBKFEFMBHVB
t&MJNJOBSMBTQMBOUBTBGFDUBEBTZEFTUSVJSMBT
t&WJUBSSJFHPTFYDFTJWPT
&OMBTIPKBTQSPEVDFNBODIBTBJTMBEBTZDPOGMVFOUFT
SFEPOEFBEBTEFDPMPSQBSEPBQBSEPHSJTÈDFPDPOCPSEF
SPKJ[PPQBSEPPTDVSP$POGSFDVFODJBFMDFOUSPEFMBNBODIB
OFDSPTBEBTFEFTQSFOEF-BTIPKBTNVZBUBDBEBTTFTFDBO-PT
QFDÓPMPTUBMMPTFJOnPSFTDFODJBTQVFEFOWFSTFBGFDUBEPTQPS
MBFOGFSNFEBE
-PTDPOJEJPTTPOMMFWBEPTQPSMBTDPSSJFOUFTEFBJSFBEJT
UBODJBTDPOTJEFSBCMFTDPOUBHJÈOEPTFEFVODVMUJWPBPUSP-BT
IPKBTJOGFTUBEBTRVFRVFEBOFOFMUFSSFOPDPOTFSWBOBMPT
DPOJEJPTWJWPTQPSVOMBQTPEFVOBTUSFTTFNBOBT&MNJDFMJP
FODBNCJPQVFEFQFSEVSBSFOFTUPTSFTJEVPTQPSNÈTEFUSFT
B×PT-BTDPOEJDJPOFTQSFEJTQPOFOUFTTPOUFNQFSBUVSBTFOUSF
Z$ZIVNFEBETPCSFMBIPKB
.BSTTPOJOBQBOBUUPOJBOB"OUSBDOPTJT
&TVOIPOHPRVFQSPWPDBMFTJPOFTFOMBTIPKBTRVFDPNJFO[B
DPOQFRVF×PTQVOUPTBNBSJMMPTBHSBOEÈOEPTFSÈQJEBNFOUF
IBTUBGPSNBSNBODIBTDJSDVMBSFTPBOHVMBSFTEFDPMPSQBSEPZ
IÞNFEBTmOBMNFOUFTFTFDBFMUFKJEPEB×BEPZRVFEBOBHVKFSPT
FOMBTIPKBTTÓOUPNBTTJNJMBSFTTPOQSPEVDJEPTQPS"MUFSOBSJB
Z4FQUPSJB
-BTJOGFDDJPOFTDPNJFO[BOQPSMBTIPKBTFYUFSOBTZ
FODVMUJWPTKØWFOFTMPTEB×PTQVFEFOTFSNVZHSBWFTFODBN
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
CJPTPCSFQMBOUBTEFTBSSPMMBEBTQSPEVDFQÏSEJEBEFMBTIPKBT
FYUFSJPSFT&MUJFNQPGSFTDPZIÞNFEPGBWPSFDFFMEFTBSSPMMPEF
MBFOGFSNFEBE4FEJTFNJOBOQPSFMTBMQJDBEPEFMBHVBEFMMVWJB
ZQPSFGFDUPEFMFTDVSSJNJFOUPZQPSTFNJMMBJOGFDUBEB
4FQUPSJBMBDUVDBF.BODIBGPMJBSQPS4FQUPSJB
&TUBFOGFSNFEBEPDVSSFEFGPSNBFTQPSÈEJDBZQVFEFTFS
TFWFSBFODPOEJDJPOFTEFIVNFEBEQSPMPOHBEBZNVDIBMMV
WJB-PTTÓOUPNBTJOJDJBMFTTPONBODIBTDMPSØUJDBTQFRVF×BT
FJSSFHVMBSFT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
&TUBTNBODIBTWBOUPNBOEPGPSNBFMÓQUJDBZDPMPSPMJWÈDFP
ZQVFEFOFTUBSSPEFBEBTQPSVOB[POBDMPSØUJDB-PTQJDOJEJPT
EFMIPOHPQVFEFOPCTFSWBSTFTPCSFMBTBODIBT&OJOGFDDJPOFT
TFWFSBTFMGPMMBKFTFPCTFSWBOFDSØUJDPZTFNBSDIJUB&TUFQBUØ
HFOPTPCSFWJWFFOMBTFNJMMBSFTJEVPTEFDPTFDIBZNBMF[BT
IPTQFEFSBT-BTFTQPSBTTPOEJTFNJOBEBTQPSMBMMVWJBBMTBMQJDBS
FOFMTVFMPPQPSFMBHVBEFSJFHP
"MCVHPTQ3PZBCMBODB
&OGFSNFEBEDBVTBOUFEFEFGPSNBDJPOFTZÞMDFSBTFOMBT
QMBOUBT4FQSFTFOUBFOGPSNBEFBNQPMMBTCMBODBTFOMBDBSB
TVQFSJPSEFMBTIPKBTZQÞTUVMBTFnPSFTDFOUFTCMBODBTFOMB
DBSBJOGFSJPS
4PCSFWJWFFOTFNJMMBTZFOQMBOUBTJOGFDUBEBT-BFOGFSNFEBE
BQBSFDFDPONBZPSGSFDVFODJBDVBOEPFMBNCJFOUFTFNBOUJFOF
NVZIÞNFEPZGSÓPQPSVOQFSJPEPNÈTPNFOPTQSPMPOHBEP
1ZUIJVNTQQ&OBOJTNP
-BTQMBOUBTBGFDUBEBTRVFEBONVDIPNÈTQFRVF×BTZMBT
IPKBTFYUFSJPSFTBNBSJMMFBOZNVFSFO"MBSSBODBSMBTMBTSBÓDFT
FTUÈOBQBSFOUFNFOUFFOCVFOFTUBEPQFSPTPOFTDBTBTBM
TFDDJPOBSMPOHJUVEJOBMNFOUFFMDVFMMPTFPCTFSWBVOBDPMP
SBDJØOQBSEVTDBDMBSBFOMPTWBTPT-BTFTQFDJFTEF1ZUIJVN
TPOIBCJUBOUFTOBUVSBMFTEFMTVFMPTVCTJTUFOQSPCBCMFNFOUF
DPNPTBQSØmUPTZBNFOVEPDPNPQBSÈTJUPTEFHSBEPJOGFSJPS
FOMBTSBÓDFTmCSPTBT
&OGFSNFEBEFTDBVTBEBTQPSCBDUFSJBT
1TFVEPNPOBTDJDIPSJJ5J[ØOCBDUFSJBOP
&TUBFOGFSNFEBETFJOGPSNØFOMFDIVHBEFIPKBDPOTÓOUPNBT
EFOFDSPTJTEFDPMPSNBSSØOPTDVSPFOMPTCPSEFTEFMBTIPKBT
4FEFTBSSPMMBVOSBZBEPOFDSØUJDPMPOHJUVEJOBMEFDPMPSNBSSØO
DMBSPZBQBSJFODJBTFDBBMPMBSHPEFMUBMMP&TUBCBDUFSJBWJWF
FOFMTVFMPPEFGPSNBFQÓmUBTPCSFMBTIPKBT4FEJTQFSTBQPS
NFEJPEFMTBMQJDBEPQSPEVDJEPQPSMBTMMVWJBTQPSFMFTDVSSJ
NJFOUPTVQFSmDJBMEFMBTBHVBTZQPSFMUSBTQMBOUFEFQMBOUJOFT
FOGFSNPT-BQSFTFODJBEFBHVBMJCSFFTGVOEBNFOUBMQBSBMB
JOGFDDJØOZTFGBWPSFDFDPOUFNQFSBUVSBTDFSDBOBTB$"UBDB
FYDMVTJWBNFOUFQMBOUBTmTJPMØHJDBNFOUFNBEVSBT
-BTFOGFSNFEBEFTCBDUFSJBOBTEFCFOQSFWFOJSTFZTFHVJS
QSÈDUJDBTEFTBOFBNJFOUPQBSBSFEVDJSTVJODJEFODJB-BSPUBDJØO
EFDVMUJWPTGFSUJMJ[BDJØOBEFDVBEBZDPOUSPMEFMBIVNFEBE
QVFEFOBZVEBSBRVFMBTTJFNCSBTFTUÏONÈTTBMVEBCMFTZ
UFOHBONBZPSSFOEJNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
7JSVTEF.PTBJDPEFM1FQJOPi$VDVNCFS.PTBJD
7JSVT$.7w
&OGFSNFEBEFTDBVTBEBTQPSWJSVT
1FTUFOFHSB
&TUBWJSPTJTQVFEFBUBDBSBMBTQMBOUBTFOUPEBTMBTFUBQBT
EFTVEFTBSSPMMPZFOBMHVOPTB×PTTFQSFTFOUBDPNPNVZ
EFTUSVDUJWB
4FQSPEVDFVONPUFBEPOFDSØUJDPTPCSFMBTIPKBTZMBTOFS
WBEVSBTDSFDJNJFOUPBTJNÏUSJDPEFMBTIPKBTBNBSJMMBNJFOUP
NBSDIJUFTZNVFSUFEFMBTQMBOUBT&MWJSVTFTUSBOTNJUJEPQPS
USJQTZTPCSFWJWFFOQMBOUBTBOVBMFTZQFSFOOFTFTQFDJBMNFOUF
FONBMF[BT
-PTTÓOUPNBTPCTFSWBEPTJODMVZFOFOBOJTNPNPUFBEP
BNBSJMMPEJTUPSTJØOZNBODIBTOFDSØUJDBTFOMBTIPKBT-PT
TÓOUPNBTQSPEVDJEPTQPSFTUFWJSVTTPONVZQBSFDJEPTBMPT
QSPEVDJEPTQPSFM7JSVTEFM.PTBJDPEFMBMFDIVHB&TUFWJSVT
UJFOFVOSBOHPEFIPTQFEFSPTNVZBNQMJPRVFJODMVZFBMSF
EFEPSEFFTQFDJFTEFQMBOUBT&TUSBOTNJUJEPQPSNÈTEF
FTQFDJFTEFÈmEPT-BEJTFNJOBDJØOFTNVZSÈQJEBQPSRVF
VOBWF[BERVJSJEPQPSFMÈmEPFTUSBOTNJUJEPFODVFTUJØOEF
TFHVOEPTBPUSBTQMBOUBT
-BTGVFOUFTQSJODJQBMFTEFJOGFDDJØOTPONBMF[BTPSOBNFO
UBMFTZDVMUJWPTJOGFDUBEPT
&M$.7FTVOWJSVTEJGÓDJMEFDPOUSPMBSEFCJEPBRVFQPTFF
VOBBNQMJBHBNBEFIPTQFEFSPTZBMNPEPOPQFSTJTUFOUFEF
USBOTNJTJØOQPSJOTFDUPT1BSBJNQFEJSMBJOUSPEVDDJØOEF$.7
QPSÈmEPTFOMBTOVFWBTQMBOUBDJPOFTTFEFCFFWJUBSQMBOUBS
DFSDBEFDBNQPTWJFKPTPSFDJÏOSFDPMFDUBEPTEFQMBOUBT
BGFDUBEBT5BNCJÏOTFEFCFFWJUBSQMBOUBSDFSDBOPBDVMUJWP
EFDVDVSCJUÈDFBT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
7JSVTEFM.PTBJDPEFMB-FDIVHBi-FUUVDF.PTBJD
7JSVT-.7w
&TVOBEFMBTFOGFSNFEBEFTNÈTDPNVOFTZEB×JOBTEF
MBMFDIVHB5PEPTMPTUJQPTEFMFDIVHBTPOTVTDFQUJCMFTBFTUF
WJSVT-PTTÓOUPNBTWBSÓBOEFQFOEJFOEPEFMDVMUJWBSMBFEBEEF
MBQMBOUBZMBTDPOEJDJPOFTBNCJFOUBMFTFYJTUFOUFT-BTIPKBT
EFQMBOUBTKØWFOFTNVFTUSBOVONPUFBEPWFSEFDMBSPPNP
TBJDP-PTTÓOUPNBTTPONÈTQSPOVODJBEPTFOMFDIVHBEFIPKB
0USPTTÓOUPNBTTPOBDMBSBDJØOEFMBTWFOBTSBZBEPOFDSØUJDP
SFEVDDJØOEFMDSFDJNJFOUPEFMBQMBOUBZEJTUPSTJØO&TUFWJSVT
TFUSBOTNJUFFOMBTFNJMMBZQPSÈmEPTDPNPFMQVMHØOWFSEF
.Z[VTQFSTJDBFZ"QIJTHPTTZQJJ1VFEFTPCSFWJWJSFOBMHVOBT
NBMF[BTZPSOBNFOUBMFT-BTQSJODJQBMFTGVFOUFTEFJOGFDDJØO
TPOMBTFNJMMBZIPTQFEFSPTBMUFSOPT
4FEFCFODPOTJEFSBSBMHVOBTNFEJEBTEFNBOFKPEFM
DVMUJWP
t1BSUJSEFTFNJMMBTZQMBOUJOFTTBOPT
t6TPEFNBMMBTBOUJJOTFDUPT
t&MJNJOBSQMBOUBTFOGFSNBT
t&MJNJOBSNBMF[BTEFOUSPZGVFSBEFMMPUF
t6UJMJ[BSNBUFSJBMFTSFTJTUFOUFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
#JH7FJO-#77
&MBHFOUFDBVTBMFT-FUUVDFCJHWFJO-#77
4FMBEFOPNJOB
WVMHBSNFOUFDPNPMBFOGFSNFEBEEFMBTWFOBTHSBOEFTEFMB
MFDIVHB
-PTTÓOUPNBTRVFTFNBOJmFTUBOFOMBTQMBOUBTEFMFDIVHB
BGFDUBEBTTPOFOHSPTBNJFOUPZDMPSPTJTEFMBOFSWBEVSBQSJODJQBM
ZTFDVOEBSJBTBNQPMMBEPFODSFTQBNJFOUPEJTUPSTJØOEFMBT
IPKBT
ZSFEVDDJØOEFMUBNB×PEFMBTQMBOUBTFOBMHVOPTDBTPT
MMFHBOEPBOPGPSNBSMBDBCF[B&TUPTTÓOUPNBTTPOPCTFSWBEPT
FOPUP×PJOWJFSOPDPOTVFMPTDPNQBDUBEPTFOQMBOUBDJPOFTEF
MFDIVHBFOJOWFSOÈDVMPZBMBJSFMJCSF
0USPTÓOUPNBOPWJTJCMFPDVSSFFOMBSBÓ[QSJODJQBMMBDVBM
BNBSJMMFBQFSEJFOEPDBQBDJEBEEFBCTPSDJØOZFOSFTQVFTUB
BFTUPDPNJFO[BBFNJUJSSBÓDFTTFDVOEBSJBTRVFUBNCJÏO
BNBSJMMFBO
&MWFDUPSFTVOIPOHPEFTVFMPMMBNBEP0MQJEJVNCSBTTJ
DBF
4FEFCFODPOTJEFSBSBMHVOBTNFEJEBTEFNBOFKPEFM
DVMUJWP
t3FBMJ[BSFOMPQPTJCMFTPMBSJ[BDJØOEFTVFMP
t3FBMJ[BSVOBDPSSFDUBQSFQBSBDJØOEFMTVFMPZBEJDJPOBS
FONJFOEBTPSHÈOJDBTQBSBFWJUBSMBDPNQBDUBDJØOEFMTVFMP
t6UJMJ[BSNVMDIJOHQBSBFMFWBSMBUFNQFSBUVSBEFMTVFMPZ
EFFTUBNBOFSBFWJUBSMBBQBSJDJØOEFMIPOHPWFDUPS
t3PUBSDPOPUSPTDVMUJWPT
t/PBVNFOUBSEFNBTJBEPMBEFOTJEBEEFQMBOUBDJØO
&OGFSNFEBEFTBCJØUJDBTPmTJPHÏOJDBT
5JQCVSO2VFNBEVSBEFMPTFYUSFNPT
&YJTUFOEJWFSTPTUJQPTEFUJQCVSOPOFDSPTJT&MMPTTPO
/FDSPTJT4FDBTFMPDBMJ[BFOMBTIPKBTEFMBDPSPOBFY
UFSOBIPKBTWJFKBT
"QBSFDFDVBOEPMBUSBOTQJSBDJØOFTNÈT
JNQPSUBOUFRVFFMBHVBBCTPSCJEBQPSMBTSBÓDFT1PSFKFNQMP
DVBOEPMVFHPEFVOQFSÓPEPGSÓPDPOTVFMPGSÓP
MFTJHVFVO
QFSÓPEPDPONVDIBSBEJBDJØOZEFBMUBUFNQFSBUVSBPQPSUJFNQP
WFOUPTPFOWFSBOP
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
/FDSPTJT)ÞNFEBFTMBEFNBZPSJNQPSUBODJBQPSMPT
EB×PTRVFPDBTJPOB-PDBMJ[BEBQSJODJQBMNFOUFFOFMJOUFSJPS
EFMBDBCF[BPFOMPTCPSEFTEFMMJNCPZTPOQFRVF×BTNBODIBT
USBTMÞDJEBTRVFMVFHPTFQPOFOEFDPMPSNBSSØOEBOEPMVHBS
BVOBQPESFEVNCSFIÞNFEB0DVSSFOPSNBMNFOUFDVBOEP
EFTQVÏTEFVOQFSÓPEPTPMFBEPMFTJHVFVOQFSÓPEPDVCJFSUP
TPCSFUPEPTJFMTVFMPFTUÈTFDPZMBTBMJOJEBEFTFMFWBEB&O
WBSJFEBEFTEFMFDIVHBEFDBCF[BMBUSBOTQJSBDJØOEFMBTIPKBT
FOFYQBOTJØOEFOUSPEFMBDBCF[BFTMJNJUBEBQPSMBTIPKBTEF
BMSFEFEPSFTQFDJBMNFOUFCBKPDPOEJDJPOFTEFBMUBIVNFEBE
ZFMUJQCVSOQVFEFTFSTFWFSP
/FDSPTJTEFMMÈUFYFTVOBDMPSPTJTTFDB4FEFCFBMBSVQUVSB
EFMPTDBOBMFTMBUJDÓGFSPTFOMPTCPSEFTEFMBTIPKBTEVSBOUFTV
DSFDJNJFOUPQPSGBMUBEFSFTJTUFODJBEFMBTQBSFEFTDFMVMBSFT
MJHBEPTBVOBGBMUBEFBMJNFOUBDJØODÈMDJDB&MDBMDJPFTFMDPOT
UJUVZFOUFEFMBTNFNCSBOBTDFMVMBSFTRVFBTFHVSBMBmSNF[BEF
MPTUFKJEPT&TUFBDDJEFOUFQVFEFTFSDBVTBEPQPSVOBDBSFODJB
EFDBMDJPPBDDFTPSJBNFOUFEFCPSPFOFMTVFMP&TDPOTFDVFODJB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
EFVOBNBMBBMJNFOUBDJØOEFTBWJBCSVUBRVFDPOEVDFFMDBMDJP
EFMBTIPKBTKØWFOFTRVFFTUÈOFODPNQFUFODJBDPOMBTIPKBT
NÈTWJFKBT"NBZPSWFMPDJEBEEFDSFDJNJFOUPNÈTHSBOEFFT
FMSJFTHPEFOFDSPTJT&MBVNFOUPEFMBUSBOTQJSBDJØOBOJWFMEF
IPKBTKØWFOFTBJSFBOEPNÈTMPTJOWFSOBEFSPT
QFSNJUJSÓBVOB
SFEVDDJØOJNQPSUBOUFEFMUJQCVSO
i7JUSFTDFODJBwEFMUBMMP
4FQSPEVDFFOQMBOUBTWJFKBTZDPOFYDFTPEFOJUSØHFOP4F
NBOJmFTUBDPNPVOFOOFHSFDJNJFOUPZQPTUFSJPSBCMBOEBNJFOUP
EFMUBMMP&TWJTJCMFFOQPTDPTFDIB
.BODIBTUSBTMVDJEBTPBDFJUPTBT
4FQSPEVDFOQPSVOFYDFTPFOMBBCTPSDJØOEFBHVB&TVO
QSPDFTPSFWFSTJCMF
&TQJHBEPPTVCJEBEFMBnPS
$POTJTUFFOMBJOEVDDJØOBnPSBDJØOFOMBDVBMTFQSPEVDF
VOBMBSHBNJFOUPEFMUBMMP%JWFSTPTGBDUPSFTJOnVZFOFOFMEF
TBSSPMMPEFMFTQJHBEPDBSBDUFSÓTUJDBTHFOÏUJDBTFOEVSFDJNJFOUP
EFMBQMBOUBFOQSJNFSPTQFSJPEPTEFDVMUJWPGPUPQFSÓPEPT
MBSHPTFMFWBEBTUFNQFSBUVSBTTFRVÓBFOFMTVFMPZFYDFTPEF
OJUSØHFOP
%FmDJFODJBTEF/VUSJFOUFT
"MHVOPTTÓOUPNBTDBSBDUFSÓTUJDPTEFMBEFmDJFODJBEFFMF
NFOUPTTPOMPTTJHVJFOUFT
t/JUSØHFOPFOBOJTNPIPKBTDPOQPDPEFTBSSPMMPZDPMPS
WFSEFQÈMJEPMBTNÈTWJFKBTBNBSJMMFBOZNVFSFOQSFNBUVSB
NFOUF
t'ØTGPSPMPTTÓOUPNBTTPOTFNFKBOUFTBMBOUFSJPSQFSP
MBTIPKBTQVFEFOQSFTFOUBSVOBDPMPSBDJØOCSPODFSPKJ[BP
QÞSQVSB
t$BMDJPFMEFTBSSPMMPEFMBQMBOUBQVFEFTFSDBTJOPSNBM
MBTIPKBTKØWFOFTQSFTFOUBOVOOFDSPTJTNBSHJOBMZTPONVZ
TFOTJCMFTB#PUSZUJT
t.BHOFTJPFMEFTBSSPMMPQVFEFTFSOPSNBMMBTIPKBTEF
DPMPSMJHFSBNFOUFQÈMJEPZMBTNÈTWJFKBTQSFTFOUBO[POBT
DMPSØUJDBT
t1PUBTJPMBTIPKBTUJFOFOVODPMPSWFSEFJOUFOTPMBTNÈT
WJFKBTQSFTFOUBOVOBOFDSPTJTQBSEBRVFTFJOJDJBFOMBQFSJGFSJB
EFMMJNCPZMVFHPQSPHSFTBFOUPEBMBTVQFSmDJF
t.BOHBOFTPFMDPOKVOUPGPMJBSFTEFDPMPSQÈMJEPTFWB
QPOJFOEPDMPSØUJDPZBMHVOBTIPKBTTFOFDSPTBO
t#PSPIPKBTEVSBTZRVFCSBEJ[BT4JTUFNBSBEJDVMBSNVZ
QPDPEFTBSSPMMBEP
t.PMJCEFOPOFDSPTJTNBSHJOBMZEFMÈQJDFQSJODJQBMNFO
UFEFMBTIPKBTWJFKBTFMCPSEFEFMBIPKBGSFDVFOUFNFOUFTF
FOSPMMB
t$PCSFDMPSPTJTJOUFSOFSWBMQSJODJQBMNFOUFFOMBTIPKBTKØ
WFOFTOFDSPTJTNBSHJOBMZEFMÈQJDFFOMBTIPKBTWJFKBTMBT[POBT
OFDSØUJDBTTFMFWBOUBOZTFDPMPSFBOEFQBSEPCMBODV[DP
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
D.BMF[BT
-BTNBMF[BTTFQVFEFOEFmOJSDPNPQMBOUBTRVFDSFDFO
ZTFEFTBSSPMMBOFOMVHBSFTEPOEFFMIPNCSFOPMPEFTFBMP
DVBMDPNFO[ØBEBSTFEFTEFFMJOJDJPNJTNPEFMBBHSJDVMUVSB
PSHBOJ[BEBDVBOEPQMBOUBTOPDVMUJWBEBTDPNQFUÓBODPOMPT
DVMUJWPTQPSMV[BHVBZOVUSJFOUFT
-BDPNQFUFODJBFOUSFFMDVMUJWPZMBTNBMF[BTKVFHBVOQBQFM
NVZJNQPSUBOUFFOFMCBMBODFQSPEVDUJWPEFMPTBHSPFDPTJTUF
NBT-BDPNQFUFODJBQVFEFEFmOJSTFDPNPVOBJOUFSBDDJØOFOUSF
JOEJWJEVPTQSPWPDBEBQPSMBEFNBOEBDPNÞOEFVOSFDVSTP
MJNJUBEPZRVFDPOEVDFBMBSFEVDDJØOEFMBQFSGPSNBODFEF
FTPTJOEJWJEVPT4JCJFOFYJTUFDPNQFUFODJBQPSSFDVSTPTFOUSF
FMDVMUJWPZUPEPTMPTTFSFTWJWPTRVFMPTQFSKVEJDBOZBTFBO
FTUPTNJDSPPSHBOJTNPTJOTFDUPTPNBMF[BTFTDPOSFTQFDUPB
ÏTUBTÞMUJNBTTPCSFMBTDVBMFTFTUFUFNBTFEFTBSSPMMBDPONÈT
QSPGVOEJEBEEBEPRVFFTUFQSPDFTPFTFMRVFNÈTJODJEFFOMB
BGFDDJØOUBOUPDVBMJDPNPDVBOUJUBUJWBEFMPTSFOEJNJFOUPT
$VMUJWPTZNBMF[BTDPNQJUFOQPSMV[BHVBOVUSJFOUFT
ZTFQPESÓBBHSFHBSPUSPGBDUPSDPNPFMFTQBDJP&OEJDIB
DPNQFUFODJBMBTNBMF[BTUJFOEFOBUFOFSÏYJUPEBEPTVNFKPS
BEBQUBDJØOSFHJPOBMBMDMJNBZQPSTVVUJMJ[BDJØONÈTFmDJFOUF
EFOVUSJFOUFTZBHVB
&ODVMUJWPTCBKPTDPNPFTFMDBTPEFMBTIPSUBMJ[BTEF
IPKBFTUBDPNQFUFODJBQVFEFTFSUBOHSBOEFRVFMBTQMBOUBT
QVFEFORVFEBSBIPHBEBTEFOUSPEFMBQPCMBDJØOEFNBMF[BT
QFSEJÏOEPTFMBUPUBMJEBEEFMBQSPEVDDJØO
0USPTBTQFDUPTQFSKVEJDJBMFTEFMBTNBMF[BTQVFEFOFTUBS
SFMBDJPOBEPTDPO
t*ODPOWFOJFOUFTFOMBDPTFDIBDPNPQPSFKFNQMPFOFMDBTP
EFMBPSUJHBFOMPTDVMUJWPTEFMFDIVHBZFTQJOBDB
t4FSQPSUBEPSBTEFFOGFSNFEBEFTZPJOTFDUPTQMBHBTEFMPT
DVMUJWPTEPOEFSFBMJ[BOMBTQSJNFSBTHFOFSBDJPOFTQBSBMVFHP
QBTBSBMDVMUJWPQPSFKFNQMPUSJQTNPTDBCMBODBFUD
t$BVTBSQSPCMFNBTQBSBFMSJFHPDPMPDBDJØOEFBHSPUFYUJMFT
NVMDIJOHUSBNQBTEFNPOJUPSFPFUD
t%JTNJOVDJØOEFMWBMPSDPNFSDJBMEFMBDPTFDIBBVNFOUPT
EFMPTDPTUPTFOMPTQSPDFTPTEFMJNQJF[BZQSPDFTBEP
%FBDVFSEPBMDJDMPEFWJEBFTEFDJSTFHÞOFMQFSJPEPEFTEF
FMOBDJNJFOUPIBTUBMBSFQSPEVDDJØOMBTNBMF[BTTFQVFEFO
DMBTJmDBSFO
"OVBMFTDPNPTVOPNCSFMPJOEJDBWJWFOVOTPMPB×P
BDVZPUÏSNJOPnPSFDFOTFNJMMBOZNVFSFO-BHFSNJOBDJØO
HFOFSBMNFOUFEFQFOEFEFMBUFNQFSBUVSBEFMTVFMPQPSMP
RVFBMHVOBTFTQFDJFTMPIBDFOFOQSJNBWFSBWFSBOPBMJODSF
NFOUBSTFMBNJTNBZPUSBTFOPUP×PQSJNBWFSBBMDPNFO[BS
MPTQSJNFSPTGSÓPT
#JFOBMFTTPOMBTRVFTVDJDMPEFWJEBBCBSDBOEPTB×PT
&MQSJNFSB×PFTUPUBMNFOUFWFHFUBUJWPZBMTFHVOEPnPSFDFO
TFNJMMBOZNVFSFO&TUBTDBSBDUFSÓTUJDBTMBTIBDFOQPDPJNQPS
UBOUFFOUFSSFOPTDVMUJWBEPTEPOEFMPTNFDBOJTNPTEFDPOUSPM
JNQJEFOTVSFQSPEVDDJØOQPSTFNJMMB
1FSFOOFTTPOQMBOUBTRVFWJWFOUSFTPNÈTB×PTTVFMFO
QPTFFSSFQSPEVDDJØOQPSTFNJMMBPNFEJBOUFTØSHBOPTWFHFUB
UJWPTSJ[PNBTFTUPMPOFTFUD
5BOUPMBTNBMF[BTBOVBMFTDPNPMBTCJFOBMFTZQFSFOOFT
UJFOFOEPTHSVQPTEFFTQFDJFTDPODBSBDUFSÓTUJDBTNPSGPMØHJDBT
QSPQJBTZSFTQVFTUBBMPTIFSCJDJEBTDPNQMFUBNFOUFEJTUJOUB
6OHSVQPFTFMEFMBTNPOPDPUJMFEØOFBTRVFJODMVZFMBT
NBMF[BTEFOPNJOBEBTiEFIPKBmOBwHSBNÓOFBT
ZFMPUSPFT
FMEFMBTEJDPUJMFEØOFBTPTFBEFiIPKBBODIBwPMBUJGPMJBEBT
&OMPTTVFMPTBHSÓDPMBTIBZDBOUJEBEFTNVZHSBOEFTEFTF
NJMMBTZMBNBZPSÓBDPOTFSWBFMQPEFSHFSNJOBUJWPWBSJPTB×PT
-BTDFSDBOBTBMBTVQFSmDJFHFSNJOBODVBOEPMBTDPOEJDJPOFT
BNCJFOUBMFTTPOGBWPSBCMFTNJFOUSBTRVFMBTNÈTQSPGVOEBT
QFSNBOFDFOMBUFOUFTIBTUBRVFMBTMBCSBO[BTMBTMMFWBOBMB
TVQFSmDJF-BNBZPSÓBEFMBTFTQFDJFTHFSNJOBOBQSPGVOEJEBEFT
NFOPSFTEFDN
1PSPUSBQBSUFEFCJEPBMBHSBODBOUJEBEEFTFNJMMBTRVF
QSPEVDFDBEBQMBOUBZBOVBMNFOUFTFWBOJODPSQPSBOEPBMTVFMP
FMQSPCMFNBEFMBTNBMF[BTTFQFSQFUÞBZBHSBWBBUSBWÏTEFMPT
B×PT&MQSPEVDUPSEFCFSÓBFWJUBSRVFMBTNBMF[BTTFNJMMFO4J
UPEBTGVFSBOEFTUSVJEBTBOUFTEFnPSFDFSFMOÞNFSPEFTFNJMMBT
FOFMTVFMPEJTNJOVJSÓBZIBCSÓBNFOPTNBMF[BT$PNPOPSNB
HFOFSBMEFTQVÏTEFMBTDPTFDIBTTJFNQSFTFEFCFMBCSBSFM
TVFMPPSFBMJ[BSCBSCFDIPRVÓNJDPQBSBFWJUBSRVFMBTNBMF[BT
TFNJMMFO
-BTNBMF[BTBOVBMFTTPOGÈDJMFTEFDPOUSPMBSFOTVTQSJNFSPT
FTUBEPTQVFTCBTUBDPOFMJNJOBSTVQBSUFBÏSFBQBSBFWJUBS
RVFTJHBOEFTBSSPMMÈOEPTF&OPDBTJPOFTDPOWJFOFFTUJNVMBSTV
DSFDJNJFOUPDPOMBCSBO[BTQBSBEFTUSVJSMBTBOUFTEFTFNCSBS
PQMBOUBDJØO
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
6OQÈSSBGPBQBSUFNFSFDFOMBTNBMF[BTQFSFOOFTZBRVF
QVFEFONVMUJQMJDBSTFZEJGVOEJSTFQPSNFEJPEFTFNJMMBTZ
UBNCJÏOQPSØSHBOPTTVCUFSSÈOFPTEFSFTFSWB%JDIPTØSHBOPT
TVCUFSSÈOFPTSJ[PNBTFTUPMPOFTCVMCPTFUD
TPODBQBDFTEF
SFHFOFSBSMBQMBOUBDVBOEPTFFMJNJOBTVQBSUFBÏSFB
"MHVOBTFTQFDJFTDPNPFMDFCPMMÓOTØMPTFNVMUJQMJDBOQPS
CVMCJMMPTZBRVFMBTTFNJMMBTOPTPOWJBCMFT0USBTDPNPFM4PSHP
EF"MFQPQSPEVDFOFOPSNFDBOUJEBEEFTFNJMMBTZUBNCJÏOTF
NVMUJQMJDBOZEJGVOEFOQPSNFEJPEFSJ[PNBT
-BTFTQFDJFTRVFUJFOFOMPTØSHBOPTTVCUFSSÈOFPTEFSF
TFSWBDFSDBEFMBTVQFSmDJFQVFEFODPOUSPMBSTFDPOMBCSBO[BT
SFQFUJEBTQPSFKFNQMPHSBNØO
1FSPTÓFTPTØSHBOPTFTUÈO
QSPGVOEPTDPNPMPTEFMBDPSSFHàFMB$POWPMWVMVTBSWFOTJT
FMDPOUSPMNFDÈOJDPZBÞOFMRVÓNJDPTPOEJGÓDJMFT
&OPDBTJPOFTMBTMBCSBO[BTNFDÈOJDBTQVFEFOTFSDPOUSBQSP
EVDFOUFTQPSRVFBMEJWJEJSMPTØSHBOPTTVCUFSSÈOFPTGBWPSFDFO
TVEJTUSJCVDJØOQPSUPEPFMUFSSFOP&TNÈTDPOWFOJFOUFMBCSBS
FMTVFMPFOGPSNBTVQFSmDJBMZSFQFUJEBBJOUFSWBMPTEFQPDBT
TFNBOBTRVFMBCSBSQSPGVOEPZBJOUFSWBMPTQSPMPOHBEPT
„
$POUSPMRVÓNJDPEFQMBHBTHFOFSBMJEB
EFT
B*OUSPEVDDJØO
*NQPSUBODJBEFMVTPEFQMBHVJDJEBT
%FOUSPEFMNPEPEFQSPEVDDJØOZEFMEFTBSSPMMPUFDOPMØHJDP
EFMBBDUVBMJEBEFMDPOUSPMRVÓNJDPFTMBIFSSBNJFOUBNÈTWBMJPTB
EFRVFTFEJTQPOFQBSBFMNBOFKPEFQMBHBT
-PTQMBHVJDJEBTTPOMPTÞOJDPTJOTUSVNFOUPTEFDPOUSPMEF
QMBHBTDPOmBCMFTQBSBBDDJPOFTEFFNFSHFODJBQBSBDVBOEP
MPTOJWFMFTQPCMBDJPOBMFTTFBQSPYJNBOPTVQFSBOFMVNCSBM
EFEB×PFDPOØNJDPQPSUBMNPUJWPDPOTUJUVZFOFMOÞDMFPEFM
QMBOEFDPOUSPMJOUFHSBEP
4POBMUBNFOUFFmDBDFTEFBDDJØODVSBUJWBSÈQJEBBEBQUBCMF
BMBNBZPSÓBEFMBTTJUVBDJPOFTEFQSPEVDDJØOZEFTEFFMQVOUP
EFWJTUBFDPOØNJDPSFMBUJWBNFOUFSFOUBCMF
&TUPTDPODFQUPTWÈMJEPTQBSBMBBHSJDVMUVSBFOHFOFSBMTF
UPSOBOGVOEBNFOUBMFTQBSBMBQSPEVDDJØOIPSUÓDPMBZFTQFDÓm
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
DBNFOUFQBSBMBSFBMJ[BEBFOJOWFSOBEFSPTEPOEFMBQSFTJØOEF
QMBHBFTNÈTJOUFOTBZMPTVNCSBMFTEFDPOUSPMTPOCBKPTEBEP
MBOFDFTJEBEEFTBMWBHVBSEBSOPTPMPMBDBOUJEBETJOPUBNCJÏO
MBDBMJEBEDPNFSDJBMEFMPTØSHBOPTDPTFDIBEPT
"QFTBSEFFTUBTDBSBDUFSÓTUJDBTCFOFmDJPTBTFMVTPEF
QMBHVJDJEBTIBTJEPIJTUØSJDBNFOUFEFmDJFOUFEBOEPPSJHFO
BOVNFSPTBTBQMJDBDJPOFTJOOFDFTBSJBTDPOFMDPOTJHVJFOUF
SJFTHPEFDPOUBNJOBDJØOEFMBTQFSTPOBTQPCMBEPSFTZIBCJ
UBOUFTSVSBMFTVSCBOPTZQFSJVSCBOPTZUSBCBKBEPSFTSVSBMFT
EFMBNCJFOUFTVFMPBJSFZUJFSSB
ZEFMPTBMJNFOUPTSFTJEVPT
DPNPBTÓUBNCJÏOFMTVSHJNJFOUPEFQPCMBDJPOFTSFTJTUFOUFTZ
EFQMBHBTTFDVOEBSJBTMBTDVBMFTTFUSBUBOEFDPNCBUJSDPOMBT
NJTNBTIFSSBNJFOUBTZDSJUFSJPTRVFMFTEJFSPOPSJHFO
1BSBRVFFTUPTBTQFDUPTTFBOSFTQFUBEPTFTQSJPSJUBSJBMB
DBQBDJUBDJØOEFUPEPTMPTBDUPSFTRVFQBSUJDJQBOFOFMQSPDFTP
EFDPOUSPMEFTEFMPTRVFJOUFSWJFOFOFOMBEFUFSNJOBDJØOEFMB
OFDFTJEBEEFMNJTNPIBTUBMPTRVFMPIBDFOFOMBQSPQJBBQMJ
DBDJØOQSPGVOEJ[BOEPOPTPMPMPTUFNBTUÏDOJDPTQSPEVDUJWPT
ZFDPOØNJDPTTJOPUBNCJÏOBNCJFOUBMFTZÏUJDPT
$POUSPMRVÓNJDPFmDJFOUF
&MDPOUSPMRVÓNJDPEFCFFOUFOEFSTFDPNPFMDPOKVOUPEF
UÏDOJDBTRVFDPOGPSNBOVOUPEPDPNQMFKPFJOUFHSBEPDVZP
ÏYJUPEFQFOEFEFRVFTFUFOHBOFODVFOUBDBEBVOPEFMPT
EJGFSFOUFTGBDUPSFTRVFJOUFSWJFOFOFOÏM&OUBMTFOUJEPTF
EFCFSÈOUFOFSQSFTFOUFMPTTJHVJFOUFTBTQFDUPTBMPTmOFTEF
MPHSBSVOBCPSEBKFTJTUÏNJDP
1MBHBZ$VMUJWP
&TJNQPSUBOUFFMDPOPDJNJFOUPEFMBTDBSBDUFSÓTUJDBTEFMB
QMBHBFMDVMUJWPZMBSFMBDJØOFOUSFBNCPTEBEPRVFEFMNJTNP
TVSHJSÈDVBMFTFMiCMBODPwEFMBBQMJDBDJØOZRVFHSBEPEF
EJmDVMUBEDPOMMFWBSÈBMDBO[BSMPQPSFMQMBHVJDJEB"UBMmO
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
FTJNQPSUBOUFMBVUJMJ[BDJØOEFNÏUPEPTEFNVFTUSFPTFmDBDFT
EFMBQMBHBZMBDPSSFDUBPCTFSWBDJØOEFMFTUBEPEFMDVMUJWP
-PTEBUPTRVFEFCFOPCTFSWBSTFDPOSFTQFDUPBMBQMBHB
TPOJEFOUJmDBDJØOFTQFDJFZFTUBEPFTUBEJP
VCJDBDJØOFO
MBQMBOUBVCJDBDJØOFOFMMPUFIÈCJUPBMJNFOUJDJPOJWFMEF
FYQPTJDJØONPWJMJEBEQSFTFODJBEFFOFNJHPTOBUVSBMFTDJDMP
CJPMØHJDPEJOÈNJDBQPCMBDJPOBMOJWFMFTZVNCSBMFTEFEB×P
FYJTUFODJBEFSFTJTUFODJBFUD
$POSFTQFDUPBMDVMUJWP¶OEJDFEF«SFB'PMJBSFODVBOUPBMPT
QPTJCMFTFGFDUPTEFJOUFSGFSFODJBFOUSFMBBQMJDBDJØOZMBQMBHB
WFMPDJEBEEFDSFDJNJFOUPBMUVSBFTUSVDUVSBTFQBSBDJØOFOUSF
TVSDPTQMBTUJDJEBEDPNQPOFOUFTEFMSFOEJNJFOUPQSFTFODJB
EFNBMF[BTDPOEJDJPOFTEFFTUSÏTFUD
1SPEVDUP
4VDBSBDUFSÓTUJDBEFUFSNJOBSÈFORVÏGPSNBEFCFSÈTFS
BQMJDBEPQBSBTFSBQSPWFDIBEPFOUPEBTVQPUFODJBMJEBEQPS
MPRVFTFUFOESÈFODVFOUBQBSBEFmOJSMBGPSNBEFSFHVMBSMB
NBRVJOBSJBEFBQMJDBDJØO&MNJTNPTFSÈFMFHJEPEFBDVFSEPDPO
MPTEBUPTSFDBCBEPTFOFMNVFTUSFPEFMBQMBHBZEFMDVMUJWP
4POEBUPTJNQPSUBOUFTMBWÓBEFJOHSFTPBMBQMBHBQFSTJT
UFODJBNPWJNJFOUPFOMBQMBOUBQSFTJØOEFWBQPSNFDBOJTNP
EFBDDJØOFGFDUPEFMBMV[ZMBUFNQFSBUVSBWÓBTEFEFHSBEB
DJØOSFTQVFTUBBMVTPEFBEJUJWPTGPSNVMBDJØOQPTJCJMJEBE
EFNF[DMBTWJEBNFEJBTFHÞOQ)BETPSDJØOUPYJDJEBE
TFMFDUJWJEBEmUPUPYJDJEBEFUD
5JFNQPDMJNÈUJDPBNCJFOUF
&MNJTNPDPOEJDJPOBBUPEPTMPTPUSPTGBDUPSFTNFODJP
OBEPTEBEPTRVFDBEBVOPEFFMMPTTFDPNQPSUBSÈEFGPSNB
EJGFSFOUFEFBDVFSEPDPOMPTGBDUPSFTDMJNÈUJDPTJNQFSBOUFT
&TJNQPSUBOUFUFOFSFODVFOUBMBUFNQFSBUVSBIVNFEBE
BNCJFOUFZFEÈmDBBDUVBMFIJTUØSJDB
WJFOUPTJOTPMBDJØO
MVNJOPTJEBEZGFOØNFOPTDPNPMBJOWFSTJØOUÏSNJDBIFMBEBT
SPDÓPFUDDPNPBMHVOPTEFMPTJNQPSUBOUFTDVZBQSFTFODJBF
JOUFOTJEBEWBSÓBTFHÞOMBÏQPDBEFMB×PZUBNCJÏOFOBMHVOPT
DBTPTTFHÞOMBTIPSBTEFMEÓB
.BRVJOBSJB
&TFMJOTUSVNFOUPNFEJBOUFFMDVBMTFSFBMJ[BSÈMBBTQFSTJØO
ZQPSFOEFEFTVDPSSFDUBSFHVMBDJØOEFQFOEFRVFMBHPUBEF
QMBHVJDJEBMMFHVFFOMBGPSNBEFTFBEBBMCMBODPFTUBCMFDJEP1PS
MPUBOUPQBSBTVSFHVMBDJØOFTGVOEBNFOUBMUFOFSFODVFOUBMB
VCJDBDJØOZFWPMVDJØOEFMBQMBHBDPNPFMNPEPEFBDDJØOEFM
QMBHVJDJEBBVUJMJ[BS&TQSFDJTPFOUFOEFSRVFSFHVMBSMBNÈRVJOB
QBSBMBBQMJDBDJØODPSSFDUBZFmDJFOUFEFMPTBHSPRVÓNJDPT
DPOTJTUFFORVFMBTNJTNBTMPHSFOSFBMJ[BSMBTQSFTUBDJPOFT
SFRVFSJEBTQSFTJØODBVEBMUJQPEFHPUBWFMPDJEBEFUD
MBT
DVBMFTTVSHFOEFMBOÈMJTJTNJOVDJPTPEFMPTÓUFNTBOUFSJPSFTZ
EFMBTQPTJCJMJEBEFTUÏDOJDBTEFMFRVJQPWFSTBUJMJEBE
-PTEBUPTBUFOFSFODVFOUBTPOWPMVNFOBBQMJDBSDBVEBM
DPCFSUVSBHPUBTDN
UBNB×PEFHPUBQSFTJØOUJQPEFQBTUJMMBT
WFMPDJEBEEFUSBCBKPUJQPEFBHJUBDJØOFTUBEPHFOFSBMEFMB
NÈRVJOBNBOUFOJNJFOUPBVUPOPNÓBFUD
&OFMQSFTFOUFUSBCBKPTFFTQFDJmDBSÈOMBTDBSBDUFSÓTUJDBT
QSJODJQBMFTEFMPTQMBHVJDJEBTZMBGPSNBFORVFÏTUPTQVFEFOTFS
VUJMJ[BEPTQBSBMPHSBSVODPOUSPMEFQMBHBTFYJUPTPUFOJFOEPFO
DVFOUBMPTBTQFDUPTBNCJFOUBMFTEFMDVMUJWPZEFMBTQMBHBTEFMB
NJTNBGPSNBTFEBSÈOSFDPNFOEBDJPOFTHFOFSBMFTPSJFOUBUJWBT
QBSBVOBDPSSFDUBSFHVMBDJØOEFMPTFRVJQPTBQMJDBEPSFT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
%FMBOÈMJTJTEFMBTWBSJBCMFTFOVNFSBEBTTFQVFEFPCUFOFS
ZSFDPNFOEBSVOBTFDVFODJBMØHJDBEFQBTPTQBSBUPNBEF
EFDJTJPOFT
B "OÈMJTJTEFMBQMBHBZEFMDVMUJWP
C %FUFSNJOBDJØOEFMCMBODPBBMDBO[BSQPSMBHPUB
BTQFSKBEB
D "OÈMJTJTEFMBEJmDVMUBEFYJTUFOUFQBSBBMDBO[BSFM
CMBODPEFUFSNJOBEP
E &WBMVBDJØOEFMFTUBEPEFMUJFNQPDMJNÈUJDPBNCJFO
UF
F &MFDDJØOEFMQSPEVDUPBBQMJDBS
G 3FHVMBDJØOEFMFRVJQPBQMJDBEPS
C'PSNVMBDJPOFTEFMPTBHSPRVÓNJDPT
-PTBHSPRVÓNJDPTQBSBQPEFSTFSVUJMJ[BEPTBHSPOØNJDBNFO
UFSFRVJFSFOTFSGPSNVMBEPTFTEFDJSBDPOEJDJPOBEPTQBSBTV
VTP&TUPFTBTÓEBEPRVFTVDPNQPOFOUFQSJODJQBMPQSJODJQJP
BDUJWPRVFFKFSDFMBBDDJØOBHSPOØNJDBCVTDBEB
EJGÓDJMNFOUFTF
QSFTFOUBFODPOEJDJPOFTOBUVSBMFTBQUPQBSBTFSWFIJDVMJ[BEP
FOBHVBPQBSBTFSBQMJDBEPDPOMPTNFEJPTDPOWFODJPOBMFT
"MHVOPTQSPEVDUPTQFSNJUFOQSFQBSBSGPSNVMBDJPOFTSFMBUJ
WBNFOUFTJNQMFTCSPNVSPEFNFUJMPQPSFKFNQMP
1FSPFOTV
HSBONBZPSÓBSFRVJFSFOVOBGPSNVMBDJØOSFMBUJWBNFOUFDPN
QMFKBQVFTEFCFOTFSVUJMJ[BEPTNFEJBOUFTVEJMVDJØOQSFWJBFO
BHVBZNVZSBSBNFOUFFOTPMWFOUFTUBMFTDPNPBDFJUFTBHSÓDPMBT
&OPDBTJPOFTDJFSUPTQSPCMFNBTEFQMBHBTTFQSFTUBOQBSBMB
VUJMJ[BDJØOEFQSPEVDUPTTØMJEPTTFDPTQPMWPTIPSNJHVJDJEBT
DFCPTIPSNJHVJDJEBTPSPEFOUJDJEBTHSÈOVMPTJOTFDUJDJEBTEF
BQMJDBDJØOBMTVFMPFUD
1PSPUSBQBSUFIBZVOBWBSJBEBHBNB
EFGPSNVMBDJPOFTFTQFDÓmDBTQBSBEFUFSNJOBEPTDPNQVFTUPT
VTPTPQMBHBT
"MBGPSNVMBDJØOTFEFCFTVNBSTVQSFTFOUBDJØOPGSBDDJP
OBNJFOUPZFOWBTFTDPNPFMFNFOUPTRVFJODPSQPSBOBTQFDUPT
EFGBDJMJEBEEFBQMJDBDJØOFmDBDJBZTFHVSJEBE
1PMWPTTPMVCMFT41
6OQPMWPTPMVCMFFTVOBGPSNVMBDJØOTJNJMBSBMBEFVOQPMWP
NPKBCMFQFSPUBOUPFMQFTUJDJEBDPNPMPTPUSPTDPNQPOFOUFT
EFMBGPSNVMBDJØOQVFEFOEJTPMWFSTFDPNQMFUBNFOUFFOFM
BHVBGPSNBOEPVOTJTUFNBUPUBMNFOUFIPNPHÏOFP6OBWF[
MPHSBEBMBDPNQMFUBEJTPMVDJØOEFVO41OPTFSFRVJFSFBHJUB
DJØOBEJDJPOBMZOPUJFOFQPEFSBCSBTJWPTPCSFMPTFMFNFOUPT
EFBQMJDBDJØOQJDPTZCPNCBT
4POQPDPTMPTQSJODJQJPTBDUJWPTRVFQFSNJUFOTVGPSNVMBDJØO
DPNPQPMWPTPMVCMFEBMBQØOTVMGBUPEFDPCSFTVMGBUPOFVUSP
EFPYJRVJOPMFJOB
QVFTFOTVNBZPSÓBTFDPNQPSUBODPNP
JOTPMVCMFTFOBHVB
%VSBOUFMPTQSPDFEJNJFOUPTEFEPTJmDBDJØOZEJTPMVDJØO
QVFEFOQSFTFOUBSSJFTHPTUPYJDPMØHJDPTTJTFSFTQJSBFMQPMWJMMP
RVFQVFEFEFTQSFOEFSTFEVSBOUFUBMFTPQFSBDJPOFT
$PODFOUSBEPTTPMVCMFT-ÓRVJEPTPMVCMF4PMVDJPOFT
4-
&TUBEFOPNJOBDJØODPSSFTQPOEFBMBTGPSNVMBDJPOFTMÓRVJEBT
FOMBTRVFFMQSJODJQJPBDUJWPQVFEFTFSEJTVFMUPFOBHVB6OB
WF[QSFQBSBEBTOPSFRVJFSFONF[DMBEPOJBHJUBDJØOBEJDJPOBM
QBSBDPOTFSWBSTVTDBSBDUFSÓTUJDBT
-PTPQFSBSJPTDPSSFOMPTNJTNPTSJFTHPTJOEJDBEPTQBSBMPT
DPODFOUSBEPTFNVMTJPOBCMFTQFSPTPONFOPTQFMJHSPTPTQVFT
MBTTPMVDJPOFTBDVPTBTUJFOFOQPDBTQPTJCJMJEBEFTEFQFOFUSBS
QPSMBQJFMTBOB
/PQSFTFOUBOSJFTHPTEFBCSBTJØOOJEFFGFDUPTTPCSFQMÈT
UJDPTPQBSUFTEFHPNBEFMPTFRVJQPTEFBQMJDBDJØO4VFMFOTFS
NVZQPDPmUPUØYJDBTQVFTOPDPOUJFOFOTPMWFOUFTPSHÈOJDPT
$PNPFKFNQMPTFQVFEFONFODJPOBS(MJGPTBUP4BM4ØEJDB
EF.$1"1BSBRVBU%JRVBUZ.FUBNJEPGPT
$PODFOUSBDJPOFTFNVMTJPOBCMFT&$
.VDIPTQSJODJQJPTBDUJWPTOPTPOTPMVCMFTFOBHVBQFSP
QVFEFOEJTPMWFSTFFOEJGFSFOUFTTPMWFOUFTPSHÈOJDPTBSPNÈUJDPT
PBMJGÈUJDPTOPSNBMNFOUFTFMPTIBEFOPNJOBEPDPNP-ÓRVJEPT
&NVMTJPOBCMFT
&TUPTQSPEVDUPTMMFWBODPNPTPQPSUFVOTPMWFOUFZMBTTVT
UBODJBTBDPNQB×BOUFTRVFNFKPSBOTVTDBSBDUFSÓTUJDBTUBMFT
DPNPBHFOUFTFNVMTJmDBOUFTZPUSPTDPBEZVWBOUFT
5BOUPFMQSJODJQJPBDUJWPDPNPMPTTPMWFOUFTOPTPOTPMVCMFT
FOBHVBZTFNF[DMBODPOFMMBDPOEJmDVMUBEQFSPMBQSFTFODJB
EFMPTFNVMTJmDBOUFTQFSNJUFRVFQVFEBONF[DMBSTFFOGPSNB
NVZIPNPHÏOFBGPSNBOEPFNVMTJPOFTEFBTQFDUPMFDIPTP6OB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
WF[IFDIBMBFNVMTJØOFTOFDFTBSJPNBOUFOFSDJFSUBBHJUBDJØO
QBSBDPOTFSWBSMBIPNPHFOFJEBEEFMBNJTNBEFOUSPEFMUBORVF
EFMFRVJQPEFBQMJDBDJØO
6ODPODFOUSBEPFNVMTJPOBCMFFTVOBGPSNVMBDJØONVZ
WFSTÈUJMQVFTTFQSFTUBQBSBEJTUJOUBTBQMJDBDJPOFT
1VFEFQFOFUSBSFONBUFSJBMFTQPSPTPTQBQFMNBEFSB
TVFMPTFUD
QVFEFONBOJQVMBSTFDPOGBDJMJEBEQFSPQPSTFS
MÓRVJEPTQSFTFOUBOBMHVOPTSJFTHPTQBSBPQFSBSJPT
t4JIBZEFSSBNFTTFEJTQFSTBOGÈDJMNFOUFZTPOEJGÓDJMFT
EFMJNQJBS
t1VFEFOBUSBWFTBSMBTQBSUFTQPSPTBTEFMPTFMFNFOUPTEF
QSPUFDDJØOQFSTPOBMBMHPEØODVFSPFUD
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t1VFEFOQFOFUSBSGÈDJMNFOUFQPSMBQJFMQPSTFSMJQPTPMVCMFT
BMDPOUSBSJPEFMPT81
t1VFEFODBVTBSEB×PTFWFSPTJDBFOTBMQJDBEVSBTFOMPT
PKPT
-PT&$BNFOVEPTPONÈTBDUJWPTFOFMDPOUSPMZFODVBOUP
BMBmUPUPYJDJEBE
RVFMPT81EFCJEPBMPTTPMWFOUFTPSHÈOJDPT
DPNQPOFOUFTEFMBGPSNVMBDJØO-PTNJTNPTTPMWFOUFTBDFMFSBO
FMEFUFSJPSPEFFMFNFOUPTEFQMÈTUJDPZDBVDIPVUJMJ[BEPTFO
FRVJQPTEFQSPUFDDJØOQFSTPOBMHVBOUFTCPUBTNBNFMVDPT
NÈTDBSBT
ZFOMPTEFBQMJDBDJØONBOHVFSBTKVOUBTQJOUVSBT
BOUJDPSSPTJWBTQBSUFTQMÈTUJDBTFUD
'MPBCMFTPTVTQFOTJPOFTDPODFOUSBEBT4$
&MUÏSNJOPinPBCMFwFTVOOFPMPHJTNPRVFDPSSFTQPOEF
BMDPODFQUPNÈTBKVTUBEPEFiTVTQFOTJØODPODFOUSBEBw6OB
GPSNVMBDJØO4$DPNCJOBMBTDVBMJEBEFTEFVODPODFOUSBEP
FNVMTJPOBCMFDPOMBTEFVOQPMWPNPKBCMF
&TUFUJQPEFGPSNVMBDJØOTFVUJMJ[BDVBOEPFMJOHSFEJFOUF
BDUJWPFTVOTØMJEPJOTPMVCMFFOBHVBZUBNCJÏOJOTPMVCMFFO
TPMWFOUFTPSHÈOJDPT&MNJTNPTFNVFMFNVZmOBNFOUFZTF
NF[DMBDPOVOMÓRVJEPGSFDVFOUFNFOUFBHVB
KVOUBNFOUF
DPOBHFOUFTEFTVTQFOTJØOZEJTQFSTBOUFTIBTUBGPSNBSVOB
TVTQFOTJØODPODFOUSBEBFTUBCMF
"WFDFTFMBDUJWPMÓRVJEPTFEJTVFMWFFOVOTPMWFOUFNVZ
WPMÈUJMBDFUPOBQPSFKFNQMP
DPOFTUBTPMVDJØOTFJNQSFHOB
VOJOFSUFTØMJEPFMDVBMFTMVFHPTPNFUJEPBMQSPDFTPEFGPS
NVMBDJØODPNPTVTQFOTJØODPODFOUSBEB
"TÓDPNPFMnPBCMFDPNQBSUFMBTWFOUBKBTEFMPT&$UBNCJÏO
DPNQBSUFTVTEFTWFOUBKBT3FRVJFSFOBHJUBDJØOQBSBNBOUFOFS
MBIPNPHFOFJEBEEVSBOUFFMNF[DMBEPDPOBHVBZMBBQMJDBDJØO
ZEFKBOSFTJEVPTWJTJCMFTTPCSFMBTTVQFSmDJFTUBMDPNPPDVSSF
DPOMPT81
-BTTVTQFOTJPOFTDPODFOUSBEBTTPOEFGÈDJMNBOJQVMFPZ
BQMJDBDJØOQPSTFSGPSNVMBDJPOFTMÓRVJEBTQFSPUJFOFOMBTNJTNBT
EJmDVMUBEFTRVFMPT&$DVBOEPIBZEFSSBNFTPTBMQJDBEVSBT
5JFOFOQPEFSBCSBTJWPTPCSFCPRVJMMBTZCPNCBT5JFOEFOB
GPSNBSQSFDJQJUBEPTTPCSFFMGPOEPEFMPTFOWBTFTQPSMPRVF
TJFNQSFTFEFCFOBHJUBSFOÏSHJDBNFOUFBOUFTEFBCSJSMPTQPS
FMMPZQBSBGBDJMJUBSMBBHJUBDJØOOPFTQSÈDUJDPVUJMJ[BSFOWBTFT
NBZPSFTEFMJUSPTEFDBQBDJEBE&KFNQMPT%FMUBNFUSJOB
"USB[JOBFUD
4VTQPFNVMTJØO
&TVOBDPNCJOBDJØOEFMBTGPSNVMBDJPOFTUJQP4$Z&8
-BGBTFDPOUJOVBFTBHVB&OFMMBFTUÈODPOUFOJEBTUBOUP
MBTQBSUÓDVMBTTØMJEBTDPNPMBTHPUJUBTEFFNVMTJØO&TUFUJQP
EFGPSNVMBDJØOFTJOEJDBEPDVBOEPIBZRVFDPNCJOBSEPT
QSJODJQJPTBDUJWPTDPOEJGFSFOUFTHSBEPTEFTPMVCJMJEBEPDPO
EJGFSFOUFTQVOUPTEFGVTJØO"EFNÈTMBGBTFFNVMTJPOBCMFQVFEF
DPOUFOFSBEJUJWPTRVFGPNFOUBOMBTQSPQJFEBEFTTJTUÏNJDBTEFM
QSJODJQJPBDUJWP
1PMWPTnPBCMFTTFDPTPHSÈOVMPTEJTQFSTBCMFT8(
&MJOHSFEJFOUFBDUJWPEFVOQPMWPnPBCMFTFDPUBNCJÏO
MMBNBEPHSÈOVMPTEJTQFSTBCMFTFOBHVB
&TUÈJODPSQPSBEPKVOUP
DPOMPTEJTQFSTBOUFTZPUSPTDPNQPOFOUFTEFMBGPSNVMBDJØOFO
GPSNBTJNJMBSBVOQPMWPNPKBCMF
4JOFNCBSHPBÞOTJFOEPVOQPMWPNPKBCMFTFQSFTFOUB
GPSNVMBEPDPNPHSÈOVMPTRVFTFNF[DMBODPOBHVBQBSBTV
BQMJDBDJØO4FVUJMJ[BNFOPTJOFSUFQPSMPRVFUJFOFOBMUPDPO
UFOJEPEFJOHSFEJFOUFBDUJWP
-PT8(OPUJFOFOMPTQSPCMFNBTBTPDJBEPTDPOMBQSFTFODJB
EFQPMWPMJCSFDPNPMPT81-BTUBSFBTEFEPTJmDBDJØOZNF[
DMBEPDPOFMBHVBTFGBDJMJUBOQVFTFTUBGPSNVMBDJØOTFFOWBTB
FOSFDJQJFOUFTDPOHSBOGBDJMJEBEQBSBWFSUFSnVJEBNFOUFFM
DPOUFOJEPFOMPTFMFNFOUPTEFNFEJDJØOQPSWPMVNFOEFGPSNB
TJNJMBSBVOMÓRVJEPPQPSQFTP
&TUBTGPSNVMBDJPOFTJHVBMRVFMPT81SFRVJFSFODPOTUBOUF
BHJUBDJØOFOFMUBORVFEFMPTFRVJQPTEFBQMJDBDJØOQBSBNBO
UFOFSVOBBQMJDBDJØOIPNPHÏOFB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
1PMWPTNPKBCMFT81
4POGPSNVMBDJPOFTDPOTJTUFOUFTFOVOQSJODJQJPBDUJWPDPN
CJOBEPDPOVONBUFSJBMTØMJEPTFDPZNVZmOBNFOUFEJWJEJEP
HFOFSBMNFOUFFTBSDJMMBDBPMJOJUB
UJFSSBEFEJBUPNFBTUBMDP
JOEVTUSJBMFUDBMDVBMTFBHSFHBOFMFNFOUPTRVFJOnVZFOFO
MBTVTQFOEJCJMJEBEEJTQFSTBCJMJEBEZFTUBCJMJEBE
-BDBOUJEBEEFQSJODJQJPBDUJWPFTWBSJBCMFTFFODVFOUSBO
81BMZPUSPTBNÈTCBKBTDPODFOUSBDJPOFTDPNPQPSFK
PNFOPT
&MVTPEF81EFBMUBDPODFOUSBDJØOQVFEFFOBMHVOBT
DJSDVOTUBODJBTTFSVOQSPCMFNBTJFMEFQØTJUPRVFEFKBOTPCSF
GSVUBTVPUSBTTVQFSmDJFTFTNVZWJTJCMF1PSPUSBQBSUFFMDPTUP
EFVOQSPEVDUPTVFMFTFSNFOPSFOGPSNVMBDJPOFTNÈTDPODFO
USBEBTQFSPTFJODSFNFOUBMBQFMJHSPTJEBEZTFSFRVJFSFNÈT
DVJEBEPFOTVUSBOTQPSUFNBOJQVMFPZEJMVDJØO
-PT81OPTVFMFOQSFTFOUBSQSPCMFNBTEFmUPUPYJDJEBEZB
RVFTVTPQPSUFFTUÈDPOTUJUVJEPQPSNJOFSBMFTCJPMØHJDBNFOUF
JOFSUFT&TUBTGPSNVMBDJPOFTTVFMFOTFSDPNQBUJCMFTDPOPUSPT
81ZDPOGFSUJMJ[BOUFT
4VEFTWFOUBKBQSJODJQBMFTFMQPEFSEFBCSBTJØOEFTVT
DPNQPOFOUFTJOFSUFTRVFDPOUSJCVZFBVONBZPSZNÈTSÈQJEP
EFTHBTUFEFCPRVJMMBTCPNCBTZPUSPTFMFNFOUPTEFMPTFRVJQPT
EFBQMJDBDJØO5BNCJÏOTFQSFTFOUBOBMHVOBTEJmDVMUBEFTFOTV
NF[DMBDPOFMBHVBQPSMPRVFTFOFDFTJUBOFRVJQPTDPOTJTUFNBT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
NVZFmDJFOUFTEFBHJUBDJØOQBSBNBOUFOFSMBIPNPHFOFJEBE
EFMBTVTQFOTJØOEVSBOUFMBBQMJDBDJØO
$VBOEPMBBQMJDBDJØOTFEFCFIBDFSTPCSFTVQFSmDJFTQP
SPTBTNVZBCTPSCFOUFTFM81UJFOFMBWFOUBKBEFQFSNBOFDFS
FOTVQFSmDJFNJFOUSBTFMBHVBFTBCTPSCJEB&OTVQFSmDJFT
OPBCTPSCFOUFTFMBHVBTFFWBQPSBEFKBOEPFMQSPEVDUPFOMB
NJTNBQFSPIBZSJFTHPTEFFTDVSSJNJFOUP
6OTFSJPQSPCMFNBEFMPT81FTFMSJFTHPQPUFODJBMEFTV
JOIBMBDJØOEVSBOUFMBTPQFSBDJPOFTEFTVNBOJQVMFPZNF[DMBEP
DPOBHVB-BTQBSUÓDVMBTNVZmOBTEFQPMWPQVFEFORVFEBS
TVTQFOEJEBTFOFMBJSFEVSBOUFWBSJBTIPSBT-PTGBCSJDBOUFT
USBUBOEFDPOUSBSSFTUBSFTUFQSPCMFNBFOWBTBOEPFMQPMWPFO
CPMTBTEFNBUFSJBMFTIJESPTPMVCMFTRVFTFJODPSQPSBOTJOBCSJS
EFOUSPEFMUBORVFEFMQVMWFSJ[BEPS
1PSFKFNQMPTFQVFEFODJUBS[JOFCDBQUBOBUSB[JOBEJVSØO
GPTNFUFUD
.BUFSJBMFTNJDSPFODBQTVMBEPT
-BNJDSPFODBQTVMBDJØOFTVOBUFDOPMPHÓBRVFTFFTUÈBQMJ
DBOEPBMBGPSNVMBDJØOEFQFTUJDJEBT6OBQBSUÓDVMBMÓRVJEBP
TØMJEBQVFEFTFSDVCJFSUBEFVONBUFSJBMTJOUÏUJDPQBSBQSPEVDJS
VOBGPSNVMBDJØONJDSPFODBQTVMBEB
6OQFTUJDJEBNJDSPFODBQTVMBEPQVFEFTFSNF[DMBEPDPO
BHVBZTFSBQMJDBEPEFJHVBMNPEPRVFDVBMRVJFSGPSNVMBDJØO
$&81P41EFTQVÏTEFMBBQMJDBDJØOFMQSJODJQJPBDUJWPFT
MJCFSBEPHSBEVBMNFOUFBNFEJEBRVFMBDPCFSUVSBRVFMPGPSNB
TFWBEFUFSJPSBOEP
)BZWBSJBTWFOUBKBTFOFTUFUJQPEFGPSNVMBDJPOFT
t1SPEVDUPTEFBMUBUPYJDJEBETFIBDFONVZTFHVSPTQBSB
PQFSBSJPTEFDBNQP
t-BMJCFSBDJØOHSBEVBMEFMBDUJWPBVNFOUBMBFmDBDJBEFM
USBUBNJFOUPQFSNJUJFOEPNFOPTBQMJDBDJPOFTZNFOPTQSFDJTJØO
FOFMNPNFOUPEFBQMJDBDJØO
t&MQSPEVDUPTVGSFNFOPSWPMBUJMJ[BDJØOZNFOPTEFSJWB
QSPEVDFNFOPTPMPSFTMJCFSBQFRVF×BTDBOUJEBEFTEFQSPEVDUP
EVSBOUFUJFNQPTQSPMPOHBEPTZPGSFDFNÈTTFHVSJEBE
1VFEFUFOFSBMHVOPTQSPCMFNBT
t"VNFOUBMBQSFTJØOEFTFMFDDJØOHFOFSBOEPNÈTQSPCB
CJMJEBEEFSFTJTUFODJB
t/PQVFEFOTFSNF[DMBEPTDPOBDFJUFTEBEPRVFFTUPT
EFHSBEBOMBNJDSPDÈQTVMB
t%JTNJOVZFFMQPEFSEFWPMUFP
t"VNFOUBTVDPTUP
t4POMBWBEPTQPSFMBHVB
7JEBNFEJBEFMPTQMBHVJDJEBTZQ)JEFBMFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
*OTFDUJDJEBT
-PTJOTFDUJDJEBTTPOTVTUBODJBTRVÓNJDBTOBUVSBMFTPTJOUÏUJ
DBTEFTUJOBEBTBFKFSDFSVOBBDDJØOMFUBMTPCSFMPTJOTFDUPT
1PSFYUFOTJØOMPDVBMOPFTEFMUPEPDPSSFDUPUBNCJÏOTF
TVFMFJODMVJSEFOUSPEFFTUFHSVQPEFQSPEVDUPTBPUSBTTVTUBODJBT
RVFBDUÞBOTPCSFPSHBOJTNPTEFPSJHFOBOJNBMDPNPTFS
t"DBSJDJEBTVUJMJ[BEPTQBSBFMDPOUSPMEFÈDBSPTmUØGB
HPT
t/FNBUJDJEBTVUJMJ[BEPTFOFMDPOUSPMEFOFNÈUPEPT
t.PMVTRVJDJEBTVUJMJ[BEPTQBSBFMDPOUSPMEFDBSBDPMFT
ZCBCPTBT
t%FTJOGFDUBOUFTEFTVFMPMPTDVBMFTFKFSDFOBDDJØOEF
DPOUSPMTPCSFVOHSBOOÞNFSPEFPSHBOJTNPTBOJNBMFTJODMVTP
UBNCJÏOWFHFUBMFTZNJDSPPSHBOJTNPT
B$MBTJmDBDJØOEFMPTJOTFDUJDJEBT
4FHÞOMBFTUSVDUVSBRVÓNJDB
-PTJOTFDUJDJEBTQVFEFODMBTJmDBSTFEFBDVFSEPBTVDPN
QPTJDJØORVÓNJDBEBOEPPSJHFOBGBNJMJBTEFQSPEVDUPTDPO
DBSBDUFSÓTUJDBTTJNJMBSFTFODVBOUPBMNFDBOJTNPEFBDDJØOZ
BPUSBTQSPQJFEBEFTmTJDPRVÓNJDBTZEFDPNQPSUBNJFOUPFK
1JSFUSPJEFT/FPOJDPUJOPJEFT$BSCBNBUPT'PTGPSBEPTFUD
4FHÞOFMNFDBOJTNPEFBDDJØO
4POMPTEJGFSFOUFTNFDBOJTNPTCJPRVÓNJDPTZPmTJPMØHJDPT
EFTFODBEFOBEPTQPSMPTQMBHVJDJEBTEVSBOUFTVBDUJWJEBEEFOUSP
EFMJOTFDUP&TJNQPSUBOUFEFTUBDBSRVFMPTHSVQPTRVÓNJDPTEF
QSPEVDUPTFTUÈONVZMJHBEPTBMPTEJGFSFOUFTNFDBOJTNPTEF
BDDJØODPNPBTÓUBNCJÏOBMPTNFDBOJTNPTEFEFHSBEBDJØO
FMDPOPDJNJFOUPEFFTUFUFNBFTNVZJNQPSUBOUFZBRVFEFCF
QMBOJmDBSTFMBSPUBDJØOEFQSPEVDUPTDPOEJGFSFOUFTNFDBOJT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
NPTEFBDDJØOQBSBFWJUBSFMTVSHJNJFOUPEFSFTJTUFODJBEFMBT
QMBHBTBMPTNJTNPT
-PTHSVQPTRVÓNJDPTZMPTNFDBOJTNPTEFBDDJØONÈT
JNQPSUBOUFTFQSFTFOUBOFOFMDVBESP
-BTWÓBTEFEFHSBEBDJØONFUBCØMJDBTPFO[JNÈUJDBTZ
OPNFUBCØMJDBT
NÈTTJHOJmDBUJWBTEFMPTQSJODJQBMFTHSVQPT
RVÓNJDPTTFQSFTFOUBOFOFMDVBESP
4FHÞOMBWÓBEFQFOFUSBDJØOEFMQSPEVDUPBMJOTFDUP
&TUBDBSBDUFSÓTUJDBEFMPTQSPEVDUPTOPTJOEJDBSÈDVBMFTFM
CMBODPEFMBBQMJDBDJØOFTEFDJSRVFØSHBOPEFMJOTFDUPEFCF
TFSBMDBO[BEPQVEJFOEPEFmOJSTFUSFTWÓBTEFJOHSFTP
7ÓBEÏSNJDB
-PTJOTFDUJDJEBTEFFTUBDBUFHPSÓBQFOFUSBOFOFMJOTFDUP
BUSBWFTBOEPBRVFMMPTTFDUPSFTEFMFYPFTRVFMFUPRVFDBSFDFO
EFRVJUJOBPFOMPTDVBMFTTFQSFTFOUBFOGPSNBNVZEFMHBEB
&OHFOFSBMFTUBT[POBTQVFEFOTFS
5FSNJOBMFTOFSWJPTBTUFKJEPTPDÏMVMBTTFOTJUJWBTRVFMMF
HBOIBTUBFMFYUFSJPSEFMJOTFDUPBUSBWFTBOEPFMFYPFTRVFMFUP
DPOFMPCKFUJWPEFSFMBDJPOBSBMJOTFDUPDPOFMNFEJPFYUFSOP
$PNPFKFNQMPEFMBTNJTNBTQPEFNPTOPNCSBSTFODJMMBTHVT
UBUJWBTUÈDUJMFTVPMGBUJWBTQSFTFOUFTFOMBTBOUFOBTBQBSBUPT
CVDBMFTQVMWJEJPTQBMQPTFUDPBRVFMMBTSFMBDJPOBEBTDPOMPT
ØSHBOPTEFMBWJTJØOPKPTTJNQMFTPDPNQVFTUPT
ØSHBOPT
EFMBSFQSPEVDDJØOHFOJUBHMJBTPWJQPTJUPSFUD
ØSHBOPT
BVEJUJWPTFUD&OHFOFSBMTFFODVFOUSBOEJTUSJCVJEBTQPSUPEB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
MBTVQFSmDJFEFMDVFSQPTJFOEPMB[POBEFMBDBCF[BMBEFNÈT
DPODFOUSBDJØO
.FNCSBOBTJOUFSTFHNFOUBMFTZBSUJDVMBSFTTPOQPSDJP
OFTNFNCSBOPTBTEFMFYPFTRVFMFUPRVFVOFOFTDMFSJUPTSÓHJEPT
ZQPSTFSFYQBOEJCMFTMFEBONPWJNJFOUPBMDPOKVOUP$PNP
FKFNQMPTQPEFNPTOPNCSBSBMBTBSUJDVMBDJPOFTFOHFOFSBM
NFNCSBOBTJOUFSTFHNFOUBMFTEFMBCEPNFOJOTFSDJØOEFBMBT
ZQBUBTFUD
$BOBMFTEFHMÈOEVMBTFYPDSJOBTZEFTFDSFDJØOEF
DFSBTMPTNJTNPTFTUÈOEJTUSJCVJEPTFONBZPSPNFOPSHSB
EPQPSUPEPFMFYPFTRVFMFUP-PTQSJNFSPTUJFOFOMBGVODJØO
EFFYDSFUBSEJTUJOUBTTVTUBODJBTZBTFBOEFQSPUFDDJØODPNP
BMHVOBTHMÈOEVMBTPEPSÓGFSBTDPOmOFTSFQSPEVDUJWPTDPNPMBT
GFSPNPOBTFUD-PTTFHVOEPTUJFOFOGVODJPOFTWBSJBTDPNPMBT
EFQSPUFHFSBMJOTFDUPEFMBEFTFDBDJØOFUD
4JCJFOMBTUSFT[POBTOPNCSBEBTQFSNJUFOFMJOHSFTPEF
MPTJOTFDUJDJEBTEÏSNJDPTDPONBZPSGBDJMJEBERVFFMSFTUPEF
MBTVQFSmDJFDPSQPSBMMBQSFTFODJBEFMBTEFQPTJDJPOFTEFDFSBT
TPCSFMPTNJTNPTDPNPTVNPSGPMPHÓBQVFEFOWBSJBSFMEFQØTJUP
ZMBBCTPSDJØOEFMPTNJTNPT
&OHFOFSBMFTUBTUSFTWÓBTEFBDDFTPTPONÈTWVMOFSBCMFTFO
MPTFTUBEPTZFTUBEJPTNÈTKVWFOJMFTEFMPTJOTFDUPTDPNPBTÓ
UBNCJÏOFOMPTNPNFOUPTNÈTQSØYJNPTBIBCFSTFQSPEVDJEP
MBNVEBEFCJEPBMBNFOPSQSFTFODJBEFTVTUBODJBTBJTMBOUFT
EFQPTJUBEBTFOMBTVQFSmDJFEFMFYPFTRVFMFUPMPDVBMFTWBSJBCMF
TFHÞOMBFTQFDJF
6OBWF[RVFMBHPUBBTQFSKBEBDPOUFOJFOEPFMJOTFDUJDJEB
TFQPOFFODPOUBDUPDPOMBTVQFSmDJFEFMFYPFTRVFMFUPEFM
JOTFDUPEFCFBUSBWFTBSEJGFSFOUFTDBQBTEFUFKJEPTIBTUBMMFHBS
BMBIFNPMJOGBNFEJBOUFMBDVBMUFOESÈBDDFTPBUPEPTMPT
ØSHBOPTCB×BEPTQPSFMMBJODMVTPBMTJTUFNBOFSWJPTPTPCSF
FMDVÈMBDUÞB
&OFMNFODJPOBEPSFDPSSJEPMBNPMÏDVMBEFMQMBHVJDJEBEFCF
TPSUFBSEJTUJOUBTCBSSFSBTZBTFBOGÓTJDBTBOBUPNPNPSGPMØHJDBT
PRVÓNJDBT
&K1JSFUSPJEFT&OEPTVMGBOBCBKBUFNQFSBUVSB
FUD
7ÓBPSBM
1FOFUSBOQPSFTUBWÓBBRVFMMPTJOTFDUJDJEBTRVFTPOJO
USPEVDJEPTKVOUPDPOMPTBMJNFOUPTFOFMJOUFSJPSEFMDBOBM
BMJNFOUJDJPBUSBWÏTEFMBQBSBUPCVDBM%FFTUBNBOFSBMB
ESPHBKVOUPBMCPMPBMJNFOUJDJPBUSBWJFTBFMBQBSBUPEJHFTUJWP
MMFWBEPQPSNPWJNJFOUPTQFSJTUÈMUJDPTIBDJBFMNFTFOUFSØOP
JOUFTUJOPNFEJP
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
-PTJOTFDUJDJEBTTPOBCTPSCJEPTDBTJFOTVUPUBMJEBEQPSFM
FQJUFMJPEFMNFTFOUFSØOEFPSJHFOFOEPEÏSNJDP
ZBRVFFMSFTUP
EFMBQBSBUPEJHFTUJWPQPSTFSEFPSJHFOFDUPEÏSNJDPQSFTFOUB
BMUBTDPODFOUSBDJPOFTEFRVJUJOBMPRVFMPTUPSOBJNQFSNFBCMFT
FODBTJUPEBTVTVQFSmDJF
6OBWF[RVFFMQSPEVDUPTFJOUSPEVDFFOFMFQJUFMJPEFM
NFTFOUFSØOEFCFBUSBWFTBSVOBTFSJFEFCBSSFSBTIBTUBMMFHBS
BMBIFNPMJOGBNFEJBOUFMBDVBMFTMMFWBEBIBDJBFMSFTUPEFMPT
UFKJEPTEFMDVFSQPEFMJOTFDUP
&TUPTQSPEVDUPTEFCFOTFSBTQFSKBEPTFOMPQPTJCMFMPHSBO
EPVOBDPCFSUVSBIPNPHÏOFBEFGPSNBUBMEFRVFMBNBZPS
QBSUFEFMPTØSHBOPTRVFWBOBTFSDPOTVNJEPTQPSMPTJOTFDUPT
SFDJCBODBOUJEBEFTTVmDJFOUFTEFJOTFDUJDJEBUBOUPFTUPTQSP
EVDUPTDPNPMPTDPSSFTQPOEJFOUFTBMÓUFNBOUFSJPSFODVFOUSBO
EJmDVMUBEFOFMDPOUSPMEFJOTFDUPTRVFTFNVFWFOQPSFMUFSDJP
JOGFSJPSEFMPTDVMUJWPTRVFQPSTVHSBOGPMMBKFJNQJEFOMBMMFHBEB
EFMMÓRVJEPBTQFSKBEPIBTUBMB[POBJOGFSJPSEFMBTQMBOUBT
1PSMPDPOUSBSJPFTUBEJGFSFODJBEFMMFHBEBIBDFRVFMPT
JOTFDUPTQSFEBEPSFTRVFTFFODVFOUSBOFOFMTVFMPPQPTFFO
IÈCJUPQSFGFSFOUFNFOUFSBTUSFSPTVGSBOVOJNQBDUPNFOPSUBM
DBSBDUFSÓTUJDBDPOTUJUVZFVONPEPEFTFMFDUJWJEBEQPTJDJPOBMP
FDPMØHJDB%BEPRVFMBFGFDUJWJEBEEFFTUPTQSPEVDUPTEFQFOEF
EFMBDBOUJEBEEFJOHFTUBEFMJOTFDUPTFWFOGBWPSFDJEPTQPSFM
VTPEFGBHPFTUJNVMBOUFTUBMFTDPNPDPODFOUSBEPTEFTVNP
EFOBSBOKBB[ÞDBSNFMB[BFUD
VOJUBSJBTDÏMVMBTEFPUSPTUFKJEPTPGPSNBOBMSFEFEPSEFFMMPT
VOBSFENÈTPNFOPTBNQMJBTTFHÞOTFBOMPTSFRVJTJUPTEF
PYÓHFOPEFMPTØSHBOPTEFTUJOP
&OFMTFDUPSUFSNJOBMEFDBEBUSBRVFPMBRVFTFDPOFDUBDPO
UFKJEPNVTDVMBSTFFODVFOUSBMÓRVJEPFMDVBMFTUÈFOFRVJMJCSJP
PTNØUJDPDPOMBTDÏMVMBTBMBTDVBMFTCB×B%FFTUBNBOFSBFM
BJSFDPOFMQSPEVDUPEJTVFMUPFOÏMTFNVFWFQPSEJGVTJØOEFO
USPEFMBTUSÈRVFBTZUSBRVFPMBTIBTUBMMFHBSBMBNBTBMÓRVJEB
FOMBDVBMTFEJTVFMWF4JFMSFRVFSJNJFOUPEFPYÓHFOPFTNVZ
HSBOEFMBDBOUJEBEEFMÓRVJEPEJTNJOVZFDPOTJEFSBCMFNFOUF
QFSNJUJFOEPFMMJCSFJOUFSDBNCJPHBTFPTP
4JCJFOMBNBZPSQSPQPSDJØOEFHBTFTTFNVFWFTJHVJFOEP
MBWÓBBOUFSJPSNFOUFEFTDSJQUBFYJTUFVOBQFRVF×BQSPQPSDJØO
RVFBUSBWFTBOEPMBTQBSFEFTEFMBTUSÈRVFBTZUSBRVFPMBTMMFHBO
BMBIFNPMJOGBZEFBMMÓBMPTUFKJEPTRVFÏTUBCB×B
-BQSFTJØOEFWBQPSEFMPTJOTFDUJDJEBTEFQFOEFGVOEB
NFOUBMNFOUFEFTVFTUSVDUVSBRVÓNJDBOPPCTUBOUFMBNJTNB
WBSÓBTFHÞOMBUFNQFSBUVSB&MOJWFMEFQSFTJØOEFWBQPSRVFVO
JOTFDUJDJEBSFRVJFSFQBSBBDUVBSWÓBUSBRVFBMEFCFTFSTVQFSJPSB
MPTNNEFIHEFUBMGPSNBTFQVFEFWFSJmDBSRVFQBSB
MBTUFNQFSBUVSBTOPSNBMFTEFMBSFHJØOQBNQFBOBBSHFOUJOB
FYJTUFOHSVQPTEFQSPEVDUPTRVFTJFNQSFTFNBOJmFTUBOFOGBTF
EFWBQPSPUSPTTPMPMPIBSÈOFOBMHVOBTPDBTJPOFTZVOUFSDFS
HSVQPRVFQSÈDUJDBNFOUFDBSFDFEFUBMFTUBEP
&K$BSCBSJM5IJPEJDBSC#BDJMMVTUIVSJOHJFOTJT*OIJCJEPSFT
EFMBTÓOUFTJTEFRVJUJOBFUD
7ÓBUSBRVFBM
&TUBWÓBEFQFOFUSBDJØOTFQSFTFOUBFOBRVFMMPTJOTFDUJDJEBT
RVFQPSTVBMUBQSFTJØOEFWBQPSTFHBTJmDBOZTFJOUSPEVDFO
EFOUSPEFMJOTFDUPDPOFMBJSFSFTQJSBEPQPSÏTUF1BSBMPDVBM
OFDFTJUBOJOHSFTBSBUSBWÏTEFMPTFTQJSÈDVMPTZBUSBWFTBSUPEP
FMTJTUFNBEFUSÈRVFBTZUSBRVFPMBTIBTUBMMFHBSBMPTEJGFSFOUFT
UFKJEPTBMHVOPTEFMPTDVBMFTQSFTFOUBODFOUSPTTPCSFMPTDVBMFT
FKFSDFOMBBDDJØOJOTFDUJDJEB
-BQSFTFOUFWÓBTFNVFTUSBDPNPMBNÈTEJSFDUBEBEPRVF
MPTUSPODPTUSBRVFBMFTTFBOBTUPNPTBOVOPTBPUSPTQBSBMVFHP
SBNJmDBSTFTVDFTJWBNFOUFIBDJÏOEPTFDBEBWF[NÈTmOPTIBTUB
MMFHBSBMBTÞMUJNBTSBNJmDBDJPOFTUSBRVFPMBTEFNJDSPOFT
MBTDVBMFTTFJOWBHJOBOEJSFDUBNFOUFFOmCSBTNVTDVMBSFT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
%FTEFFMQVOUPEFWJTUBEFMBBQMJDBDJØOFMUBNB×PEFHPUB
FTMBWBSJBCMFRVFNÈTBGFDUBBMBWPMBUJMJ[BDJØOEBEPRVFB
NFOPSUBNB×PEFHPUBNBZPSFTMBTVQFSmDJFFYQVFTUBEFM
MÓRVJEPBMBBUNØTGFSBPUSPBTQFDUPJNQPSUBOUFFTFMVTPEF
UFOTJPBDUJWPTBDFJUFTZBOUJFWBQPSBOUFT
-PTJOTFDUJDJEBTEFFTUFUJQPQPTFFOEJGFSFOUFTDBSBDUFSÓTUJDBT
MBTDVBMFTQVFEFOTFSEFNBZPSPNFOPSVUJMJEBEBHSPOØNJDB
TFHÞOFMPCKFUJWPRVFTFQSFUFOEBBMDBO[BSDPOMBBQMJDBDJØO
EFUPEPTNPEPTQPEFNPTFOVNFSBSVOBTFSJFEFWFOUBKBTZ
EFTWFOUBKBTQBSBUFOFSFODVFOUBEFGPSNBHFOFSBM
7FOUBKBT
B-PTQSPEVDUPTEFBMUBQSFTJØOEFWBQPSQPTFFOVOFMFWBEP
QPEFSEFWPMUFPEFCJEPBMPEJSFDUPEFMBWÓBEFQFOFUSBDJØO
C4FEJGVOEFONÈTSÈQJEBNFOUFFOFMDVMUJWPMPHSBOEP
VOBEJTUSJCVDJØOWPMVNÏUSJDBIPNPHÏOFBFOFMDBOPQFPEFM
DVMUJWP
D-MFHBODPONÈTGBDJMJEBEBMPTJOTFDUPTRVFTFFODVFOUSBO
FOMVHBSFTQSPUFHJEPTQBSBMPTMÓRVJEPTZTØMJEPTQFSPOPQBSB
MPTHBTFT
E%FKBONFOPSFTSFTJEVPTUØYJDPTFOMBTVQFSmDJFEFMWF
HFUBMQPSMPRVFBMHVOPTQSPEVDUPTEFCBKB%-QVFEFOTFS
VUJMJ[BEPTQSØYJNPTBDPTFDIB
F&GFDUPQVOUVBMPEFUFSNJOBEPFOFMUJFNQPEBEPTVCBKB
QFSTJTUFODJBMPRVFGBDJMJUBTVNBOFKPZFKFSDFNFOPSQSFTJØO
EFTFMFDDJØOEFGPSNBTSFTJTUFOUFTEFJOTFDUPT
G5JFOFOTVQVFTUPFGFDUPPWJDJEBZBRVFQFOFUSBSÓBOEFOUSP
EFMPTIVFWPTEVSBOUFFMJOUFSDBNCJPHBTFPTPRVFTFWFSJmDB
FOMPTNJTNPT
H"QMJDBEPTFOEÓBTEFEJGFSFOUFTUFNQFSBUVSBTQSFTFOUBO
EJGFSFOUFTHSBEPTEFWPMBUJMJ[BDJØOZQPSFOEFTFQVFEFWBSJBS
FODJFSUPHSBEPTVNBOFKP
I%BEPMBCVFOBEJTUSJCVDJØORVFQPTFFOOPTPOFYJHFOUFT
FODVBOUPBMBDPCFSUVSB
%FTWFOUBKBT
B.BZPSFYPEFSJWBQPSWJFOUPPJOWFSTJØOUÏSNJDB
C.BZPSQÏSEJEBEFHPUBTQFRVF×BTQPSFWBQPSBDJØO
D.BZPSQFMJHSPTJEBEEFVTPQPSTFSUØYJDPQPSJOIBMB
DJØO
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
E.BZPSQPTJCJMJEBEEFMMFHBEBBiFTQFDJFTOPCMBODPw
QSFTFOUFFOFMDVMUJWP
F&ODBTPEFTFSVOQSPEVDUPTJTUÏNJDPPEFQFOFUSBDJØO
MBNFOPSQFSTJTUFODJBFOMBTVQFSmDJFEFMWFHFUBMEJTNJOVZFMB
QPTJCJMJEBEEFQFOFUSBDJØOFOFMNJTNP
EFQMBHBTNJOBEPSBTPEFBRVFMMBTRVFTFFODVFOUSBOEFMMBEP
PQVFTUPEFMBIPKBBMDVBMMMFHPMBHPUB
&K'FOUPBUP$MPSQJSJGPT.FSDBQUPUJØO"CFSNFDUJOB$BSUBQ
$IMPSGFOBQZS4QJOPTBEFUD
"DDJØOTJTUÏNJDBPUSBTMPDBCMF
7ÓBEFQFOFUSBDJØOFOMBQMBOUB
"MQPOFSTFFODPOUBDUPMPTJOTFDUJDJEBTDPOMBTVQFSmDJFEFMB
QMBOUBQVFEFPDVSSJSRVFMPTNJTNPTFONBZPSPNFOPSHSBEP
TFJOUSPEV[DBOEFOUSPEFMPTUFKJEPTEFMBNJTNBZDJSDVMFOQPS
FMMPT%FFTUBNBOFSBZTFHÞOFMHSBEPEFNPWJNJFOUPRVFTF
WFSJmRVFUFOFNPTMPTTJHVJFOUFTUJQPTEFQSPEVDUPT
"DDJØOUØQJDBMPDBMPEFDPOUBDUP
4POBRVFMMPTQSPEVDUPTRVFBDUÞBOFOFMMVHBSFORVFTF
EFQPTJUBFOFMNPNFOUPEFMBBTQFSTJØO-PTJOTFDUPTEFCFO
TFSBMDBO[BEPTQPSMBTHPUBTFOFMNPNFOUPEFMBBQMJDBDJØOP
EJSJHJSTFBMBT[POBTUSBUBEBTEFMBQMBOUB
-PTQSPEVDUPTRVFBDUÞBOEFFTUBNBOFSBSFRVJFSFONVZ
CVFOBBQMJDBDJØOZQPSMPHFOFSBMOPFKFSDFOCVFODPOUSPMFO
JOTFDUPTRVFQPSTVTIÈCJUPTEFWJEBTPOEFEJGÓDJMBMDBODFDPNP
FOFMDBTPEFMPTJOTFDUPTRVFCBSSFOBONJOBOPBDBSUVDIBO
IPKBT1PSFMDPOUSBSJPTPOEFHSBOVUJMJEBEFOFMDPOUSPMEFQMBHBT
FYQVFTUBTEFGPMJBEPSBTFOHFOFSBMZBRVFMMBTRVFQSFTFOUBO
HSBONPWJMJEBETPCSFFMDVMUJWP
"MRVFEBSFOMBTVQFSmDJFEFMBQMBOUBMBESPHBTFWFNÈT
QSPDMJWFBMBEFHSBEBDJØOGPUPRVÓNJDBDPNPBTÓUBNCJÏOBMMB
WBEPQPSMMVWJBT&K1JSFUSPJEFT&OEPTVMGBO$BSCBSJM*OIJCJEPSFT
EFMB4ÓOUFTJTEF2VJUJOB#BDJMMVT5IVSJOHJFOTJTFUD
"DDJØOEFQSPGVOEJEBE
&OFTUFDBTPFMQSPEVDUPEFTQVÏTEFQFOFUSBSQPSMBFQJEFS
NJTTFNVFWFWFSUJDBMNFOUFQPSMBTDBQBTEFUFKJEPTJOGFSJPSFT
BMMVHBSEPOEFTFEFQPTJUØMBHPUBBTQFSKBEBFMNJTNPOPUJFOF
NPWJMJEBEIPSJ[POUBMPTJMBUJFOFÏTUBFTNVZMJNJUBEBZOP
TJHOJmDBUJWBQPSFOEFOPQSFTFOUBONPWJNJFOUPEFVOØSHBOP
BPUSPZEFOUSPEFMNJTNPFTDBTJJOFYJTUFOUF
&TUPTQSPEVDUPTDVBOEPTPOBQMJDBEPTTPCSFIPKBTmOBT
QVFEFOUFOFSFGFDUPUSBOTMBNJOBSMPRVFQPTJCJMJUBFMDPOUSPM
4POBRVFMMPTQSPEVDUPTRVFQFOFUSBOFOMBQMBOUBZTFNVF
WFOEFOUSPEFFMMBBUSBWÏTEFMPTWBTPTKVOUPDPOMBTBWJB-B
JODPSQPSBDJØOEFFTUPTQSPEVDUPTBMBQMBOUBQVFEFSFBMJ[BSTF
EFEPTGPSNBT
%FTEFMBSBÓ[
&MBHVBZMPTJOTFDUJDJEBTEJTVFMUPTFOFMMBTFNVFWFOB
USBWÏTEFMTVFMPZQPSÏTUFFOUSBOFOMBTSBÓDFTPCFEFDJFOEP
BNFDBOJTNPTQBTJWPTZBTFBOFTUPTEFEJGVTJØOPQPSnVKP
NBTBMFOBNCPTDBTPTMBGVFS[BEJSFDUSJ[FTVOBEJGFSFODJB
EFQPUFODJBMRVÓNJDPEFMBHVBFOUSFEPTQVOUPT"MFOUSBSFO
DPOUBDUPFMBHVBQSFTFOUFFOFMTVFMPDPOMBTSBÓDFTQFOFUSBB
USBWÏTEFMBT[POBTQFSNFBCMFTEFMBTQBSFEFTEFMBTDÏMVMBT
FQJEÏSNJDBTQPSnVKPNBTB
%JDIPnVKPDPOUJOÞBNPWJÏOEPTFIBDJBFMDJMJOESPDFOUSBM
WÓBBQPQMBTUPQBSFEFTDFMVMBSFTZNFBUPTEFMQBSÏORVJNB
DPSUJDBM
%FTEFBMMÓFMMÓRVJEPEJGVOEFQPSØTNPTJTIBDJBFM
JOUFSJPSEFMBTDÏMVMBTFQJEÏSNJDBTZDPSUJDBMFTMMFHBOEPB
MBFOEPEFSNJTEPOEFFMnVKPTFDPSUBQPSMBQSFTFODJBEFMB
CBOEBEF$ÈTQBSJUSBTQBTÈOEPMBTPMPQPSMBTMMBNBEBTDÏMVMBT
EFQBTPBUSBWÏTEFMBTDVBMFTBMDBO[BOFMDJMJOESPDFOUSBMP
YJMFNB5FOFNPTRVFSFDPSEBSRVFFOEFUFSNJOBEBTSFHJPOFTEF
MBSBÓ[MBCBOEBEF$BTQBSJFTJOFYJTUFOUFQPSMPDVBMFMQBTBKF
FTNÈTBCVOEBOUF
%FTEFBRVÓDJSDVMBQPSMPTCB[PTUSBRVFJEBTIBTUBMMFHBSB
IPKBTCSPUFTnPSFTGSVUPTFUDEPOEFMBTOFSWBEVSBTGPSNBO
IBDFDJMMPTmCSPWBTDVMBSFTMPTRVFMMFHBOEJSFDUBNFOUFDBTJ
BUPEBTMBTDÏMVMBTDPMFORVJNÈUJDBT&KFNQMPTEFQSPEVDUPT
TJTUÏNJDPTEFTEFSBÓ["DFGBUP5IJPEJDBSC*NJEBDMPQSJE"DF
UBNJQSJEFUD
%FTEFMBQBSUFBÏSFB
1BSBQPEFSQFOFUSBSQPSWÓBGPMJBSFTUPTQSPEVDUPTEFCFO
BUSBWFTBSMBDVUÓDVMBZMMFHBSBMPTFTQBDJPTJOUFSDFMVMBSFTBQP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
NFEJPEFUSBOTQPSUF6OFKFNQMPEFFTUBTESPHBTFTFMTFMFOJP
ZBFOEFTVTP
&OEPMÓUJDPFMQSPEVDUPVOBWF[JOUSPEVDJEPFOMBQMBOUB
TVGSFFOQBSUFQSPDFTPTEFEFHSBEBDJØONFUBCØMJDBQFSPTV
BDDJØOTPCSFMPTJOTFDUPTMBFKFSDFUBOUPTVNPMÏDVMBPSJHJOBM
OPEFHSBEBEBDPNPMPTNFUBCPMJUPTQSPEVDJEPT6OFKFNQMP
EFFTUFUJQPEFQSPEVDUPFTFM4DIBSEBO.FUBNJEPGPTFUD
&OEPNFUBUØYJDPFMQSPEVDUPFTUSBOTGPSNBEPFOMBTBWJB
PSJHJOBOEPNFUBCPMJUPTEFWJEBNÈTPNFOPTMBSHBMPTDVBMFT
BDUÞBOTPCSFMPTJOTFDUPT$PNPFKFNQMPQPEFNPTOPNCSBSBM
%FNFUØO.FUJMEFNFUØO'PTGBNJEØO"MEJDBSCFUD
%BEBMBWBSJFEBEEFQSPEVDUPTRVFFYJTUFOFOMBBDUVBMJEBE
FTUBDMBTJmDBDJØOFTJODPNQMFUBZBRVFFTNVZEJGÓDJMFTUBCMF
DFSVOBEJWJTJØODPODSFUBFOUSFMPTHSVQPTZQVFTNVDIPT
QSPEVDUPTHP[BOEFBNCBTQSPQJFEBEFT5BNCJÏOUFOFNPTRVF
UFOFSFODVFOUBRVFMBNBZPSÓBEFFTUPTQSPEVDUPTQVFEFOFKFS
DFSTVBDDJØOUØYJDBQPSWÓBUSBRVFBMZPQPSDPOUBDUPTVGSJFOEP
POPNPEJmDBDJPOFTQSFWJBTFOFMPSHBOJTNPEFMJOTFDUP
QMBTUP
RVFFTUÈOFODPOUBDUPDPOFMFYUFSJPS1BSBUBMFGFDUP
EFCFOTPSUFBSEJGFSFOUFTCBSSFSBTGPSNBEBTQPSFTUSVDUVSBT
UBOUPBOBUØNJDBTNPSGPMØHJDBTDPNPUBNCJÏOMBQSFTFODJB
EFDFSBDVUJDVMBS
6OBWF[FODPOUBDUPDPOFMUFKJEPYJMFNÈUJDPQPSEJGVTJØO
TFVOFOBMBNBTBMÓRVJEBDPOUFOJEBFOFMMPTZEFBMMÓTFEJSJ
HFOFOGPSNBBTDFOEFOUFBMSFTUPEFMBQMBOUB6OBQFRVF×B
QSPQPSDJØOEFMQSPEVDUPQVFEFEJSJHJSTFQPSWÓBnPFNÈUJDB
FOGPSNBEFTDFOEFOUFQFSPMBNJTNBFTEFTQSFDJBCMFFOMB
NBZPSÓBEFMPTDBTPT
&MNPWJNJFOUPQPSYJMFNBFODVBOUPBTVDBOUJEBEZWFMP
DJEBEEFQFOEFEFMQPUFODJBMBHVBFOUSFFMTVFMPoSBÓ[oIPKB
oBJSF1PSMPRVFMPTGBDUPSFTRVFBGFDUBOMBUSBOTQJSBDJØO
BGFDUBOMBNPWJMJEBEEFFTUPTQSPEVDUPTFKIVNFEBESFMBUJWB
UFNQFSBUVSBMV[IVNFEBEIJTUØSJDBQVFEFOTVGSJSEJGFSFOUFT
DBNCJPTBOUFTEFFKFSDFSTVBDDJØOMFUBMFOFMJOTFDUPBTÓMPT
QPEFNPTDMBTJmDBSFO
/PNFUBCPMJ[BEPTBRVFMMPTQSPEVDUPTRVFFKFSDFOTV
BDDJØOVOBWF[JOUSPEVDJEPTFOMBQMBOUBTJOTVGSJSOJOHÞO
DBNCJPFOTVFTUSVDUVSBRVÓNJDBMBTBWJBBDUÞBDPNPTJNQMF
%JGFSFODJBTFOMBFTUSVDUVSBRVÓNJDBEFMBTNPMÏDVMBTEFM
QMBHVJDJEBQSPWPDBOEJGFSFODJBTFOFMDPNQPSUBNJFOUPGÓTJDP
RVÓNJDPEFMNJTNP
t)JESPPMJQPBmOJEBE
t4PMVCJMJEBE
t7PMVNFOZPQFTPNPMFDVMBS
t*TPNFSÓB
t*POJ[BDJØO
t%JTUSJCVDJØOZEFOTJEBEEFDBSHBT
5PEBTFTUBTQSPQJFEBEFTBGFDUBOFOBMHÞOHSBEPMBQFOF
USBDJØONPWJMJEBEPMBEFUPYJmDBDJØOIBCJFOEPVOBSFMBDJØO
NVZFTUSFDIBFOUSFFTUPTGBDUPSFTZMBFmDBDJBEFBDDJØOEF
MPTQSPEVDUPT
%FDVBMRVJFSNBOFSBFTJNQPSUBOUFUFOFSFODVFOUBRVFQBSB
RVFVOJOTFDUJDJEBTJTUÏNJDPQSPUFKBFmDB[NFOUFBMBQMBOUB
EFCFOTVDFEFSVOBTFSJFEFQSPDFTPT
t%FQØTJUPTPCSFMBTVQFSmDJFFODBOUJEBETVmDJFOUF
t1FSNBOFODJBFODPOUBDUPJOTFDUJDJEBQMBOUBQSPMPOHBEB
t1FOFUSBDJØOSÈQJEBZQSPMPOHBEB
t5SBOTGPSNBDJØOFODPNQVFTUPTBDUJWPT
t"MDBO[BSSÈQJEBNFOUFZNBOUFOFSEVSBOUFDJFSUPUJFNQP
VOBDPODFOUSBDJØOFOMPTUFKJEPTMPTVmDJFOUFNFOUFBMUBDPNP
QBSBDPOUSPMBSQMBHB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t%FHSBEBDJØOUPUBMBNFUBCPMJUPTOPUØYJDPT
-PTJOTFDUJDJEBTTJTUÏNJDPTQBSBQPEFSEFTBSSPMMBSMBEJ
OÈNJDBBOUFTNFODJPOBEBUJFOFORVFQPTFFSMBTTJHVJFOUFT
DBSBDUFSÓTUJDBT
t4VmDJFOUFTPMVCJMJEBEFOBHVBDPNPQBSBQPTJCJMJUBSTV
EFTQMB[BNJFOUPFOMPTUFKJEPTIJESPGÓMJDPTEFMBQMBOUBTPCSF
UPEPQPSFMYJMFNBFOFMDVBMEFCFDJSDVMBSKVOUPBMBTPMVDJØO
BDVPTB
t-BQSPQJFEBEEFJOHSFTBSBMBQMBOUBZBTFBQPSSBÓ[IPKBT
UBMMPTPGSVUPTFOGPSNBSÈQJEB
t#VFOBFTUBCJMJEBEFOFMWFHFUBMRVFQPTJCJMJUFBMJOTFDUJDJEB
BMDBO[BSOJWFMFTTVmDJFOUFEFDPODFOUSBDJPOFTFOMPTUFKJEPT
RVFTFSÈODPOTVNJEPTQPSMPTJOTFDUPT
t&MQSPEVDUPEFCFTFSEFHSBEBEPEFOUSPEFMBQMBOUBFOTVT
UBODJBTOPUØYJDBTFOVONÈYJNPEFUSFTPDVBUSPTFNBOBT
t%FCFOTFSBQMJDBEPTEFGPSNBBEFDVBEBQBSBFMMPHSPEF
MPTÓUFNTBOUFSJPSFT
'BDUPSFTBUFOFSFODVFOUBQBSBVOBBQMJDBDJØODPSSFDUB
EFTJTUÏNJDPT
t&MNFDBOJTNPEFBDDJØOEFFTUPTQSPEVDUPTJOEJDBDMB
SBNFOUFRVFFTGVOEBNFOUBMRVFQBSBTVNFKPSQFOFUSBDJØO
ZUSBOTMPDBDJØOMBQMBOUBTFFODVFOUSFFOQMFOBBDUJWJEBEEF
DJSDVMBDJØOEFTBWJBMPRVFTFEBQSFGFSFOUFNFOUFFOTVFTUBEP
WFHFUBUJWPDPOCVFOBTDPOEJDJPOFTEFIVNFEBEUBOUPBNCJFOUBM
DPNPFEÈmDBBDUVBMFIJTUØSJDB
ZUFNQFSBUVSB-BMVNJOPTJ
EBEFTPUSPGBDUPSBUFOFSFODVFOUBZBRVFDPOFTDBTBMV[MPT
WFHFUBMFTEJTNJOVZFOTJHOJmDBUJWBNFOUFMBUSBOTMPDBDJØO
t%BEPRVFEFCFOMPHSBSTFDPODFOUSBDJPOFTFMFWBEBTFO
MBTBWJBFOGPSNBSÈQJEBFTOFDFTBSJPNPKBSMBNBZPSDBOUJ
EBEQPTJCMFEFMBTVQFSmDJFWFHFUBMMPHSBOEPVOBDPCFSUVSB
IPNPHÏOFBDPOVOFMFWBEPOÞNFSPEFHPUBTQPSVOJEBEEF
TVQFSmDJF
t&ODVMUJWPTQFRVF×PTDPOCBKPOÞNFSPEFIPKBTZFO
BDUJWPDSFDJNJFOUPMBQSPUFDDJØORVFTFMPHSBQVFEFOPTFS
TVmDJFOUFZBTFBQPSOPBCTPSCFSTFDBOUJEBEFTTJHOJmDBUJWBT
PQPSEJMVJSTFFMQSPEVDUPDPOMBBQBSJDJØOEFØSHBOPTOVFWPT
OPUSBUBEPT
t-BDBOUJEBEEFBHVBVUJMJ[BEBFOMBBTQFSTJØOOPBMUFSB
MBFmDBDJBEFBDDJØOTJTFNBOUJFOFMBEPTJTZFMOÞNFSPEF
HPUBTVOJEBEEFTVQFSmDJFBEFDVBEPT
t%BEPRVFMBDVUÓDVMBWFHFUBMFTUÈDVCJFSUBQPSVOBDBQB
EFFOUSFZNJDSPOFTDPOUFOJFOEPDVUJOBMÓQJEPTQPMJTB
DÈSJEPTQÏQUJEPTGFOPMFTFUDZMBJNQPSUBODJBEFPCUFOFSVO
CVFODPOUBDUPHPUBQMBOUBMBQFOFUSBDJØOEFMPTTJTUÏNJDPTTF
WFGBWPSFDJEBQPSFMVTPEFIVNFDUBOUFTZUFOTPBDUJWPT
C1MBHVJDJEBTNPEFSOPT
)PSNPOBMFTMPTJOTFDUJDJEBTEFFTUFUJQPQPEFNPTEFmOJSMPT
DPNPTVTUBODJBTRVÓNJDBTRVFBMQPOFSTFFODPOUBDUPDPOFM
JOTFDUPBMUFSBOTVTQSPDFTPTmTJPMØHJDPTZNFDÈOJDPTEFSFMBDJØO
4FQVFEFODMBTJmDBSFO
t)PSNPOBMFT
t"OUBHPOJTUBTEFMBTIPSNPOBTKVWFOJMFT
t*OIJCJEPSFTEFMBTÓOUFTJTEFRVJUJOB
t'FSPNPOBT
1BSBVOBNFKPSDPNQSFOTJØOEFMNPEPEFBDDJØOEFMPTJO
TFDUJDJEBTIPSNPOBMFTFTOFDFTBSJPSFQBTBSBMHVOPTBTQFDUPTEFM
GVODJPOBNJFOUPFOEPDSJOPZMBNFUBNPSGPTJTEFMPTJOTFDUPT
&MHBOHMJPDFSFCSBMFTQSPEVDUPSEFEPTGBDUPSFTBEFOPUSØQJ
DPTDPOPDJEPTDPNPQSPUPSBDJDPUSPQJOBZBMBUSPQJOBMPTDVBMFT
UJFOFODPNPGVODJØOFMFTUJNVMBSBMBTHMÈOEVMBTQSPUPSÈDJDB
ZBMBDPSQPSBBMMBUBSFTQFDUJWBNFOUFMBTDVBMFTTFJOEVDFOZ
BDUJWBOMBQSPEVDDJØOEFIPSNPOBTEFMBNVEBPFDEJTPOBZ
MBKVWFOJMPOFPUFOJOB
&MQSPDFTPEFMBNVEBFTUÈHPCFSOBEPUBOUPQPSMBQSF
TFODJBEFFTUBTIPSNPOBTDPNPQPSMBSFMBDJØOQPSDFOUVBMEF
DBEBVOBEFFMMBT%FUBMGPSNBRVFBMFODPOUSBSTFDBOUJEBEFT
FRVJWBMFOUFTEFIPSNPOBKVWFOJMZEFMBNVEBTFPCUFOESÈFM
QBTBKFEFMBSWBBMBSWBBMFODPOUSBSTFMBTEPTIPSNPOBTQFSP
NBZPSQSPQPSDJØOEFMBEFMBNVEBRVFKVWFOJMPCUFOESFNPT
FMQBTBKFEFMBSWBBQVQBZBMIBCFSTPMPIPSNPOBEFMBNVEB
UFOESFNPTFMQBTBKFBBEVMUP
-BFDEJTPOBFTVOBIPSNPOBTPMVCMFFOBHVBEFMHSVQPEF
MPTFTUFSPJEFTRVFFTUJNVMBBMBFQJEFSNJTQBSBTFHSFHBSMÓRVJEP
EFMBNVEBEVSBOUFMBNFUBNPSGPTJTBDUÞBFOMBGPSNBDJØOEF
"3/NFOTBKFSPQBSBMBTÓOUFTJTEFQSPUFÓOBTIJTUPMJTJTFIJTUP
HÏOFTJT
FOFMFOEVSFDJNJFOUPEFMDPSJØOEFMIVFWPFUD
-BOFPUFOJOBTFQSFTFOUBDPNPVOBNF[DMBEFUFSQFOPJ
EFTMBNJTNBBDUÞBFOOVNFSPTPTQSPDFTPTFOUSFMPTDVBMFT
QPEFNPTDJUBSMBNBEVSBDJØOEFMPTPPDJUPTEFTBSSPMMPEFMPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
ØSHBOPTHFOJUBMFTUBOUPEFMPTNBDIPTDPNPEFMBTIFNCSBT
MBTEJBQBVTBTEFUFSNJOBDJØOEFDBTUBTFOMBTFTQFDJFTTPDJBMFT
TÓOUFTJTEFQJHNFOUPTFUD
&OFMQSPDFTPEFMBNVEBUJFOFGVOEBNFOUBMJNQPSUBODJBMB
TÓOUFTJTEFMBQBSFEDPSQPSBMEFMJOTFDUPMBDVBMQPSTVQBSUJDVMBS
EVSF[BSJHJEF[FJNQFSNFBCJMJEBEFTUÈÓOUJNBNFOUFMJHBEBB
MBOBUVSBMF[BEFMBDVUÓDVMB&TUBÞMUJNBFTUÈDPNQVFTUBQPSMB
QSPDVUÓDVMBDPOTUJUVJEBQPSQSPUFÓOBTZRVJUJOBZMBFQJDVUÓDVMB
RVFFTEFFTUSVDUVSBNVZDPNQMFKB
-PTFTUVEJPTmTJPMØHJDPTZCJPRVÓNJDPTIBONPTUSBEPRVF
FTUFQSPDFTPEFSFOPWBDJØOFTUBPSEFOBEPQPSIPSNPOBTZFO[J
NBTTJOUFUJ[BEBTFOQPSDÏMVMBTEFMBFQJEFSNJTEFMUFHVNFOUP
%FMPTFMFNFOUPTOPNCSBEPTMBRVJUJOBRVFFTVOQPMJTBDÈSJEP
BNJOBEPDBEFOBEF/BDFUJM%HMVDPTBNJOB
RVFQPTFFVOB
PSEFOBDJØODSJTUBMJOBEFDBEFOBTQBSBMFMBTUJFOFMBGVODJØO
EFQSPQPSDJPOBSFTUSVDUVSBZVOBSFTJTUFODJBFYUSBPSEJOBSJBB
MPTBUBRVFTEFBHFOUFTRVÓNJDPTÈDJEPTPCBTFT
ZFO[JNBT
IJESPMÓUJDBT
-PTJOTFDUJDJEBTEFUJQPIPSNPOBMFTQVFEFOTFSEFPSJHFO
OBUVSBMDPNPFM.FUPQSFOP,BCBU-4
,JOPQSFOP'FOPYJDBSC
1MVNCBHJOB'MVCFO[JNJOBFUDPTJOUÏUJDBTDPNP#FO[P
JMVSFBP#FO[PJMGFOJMVSFBTEFOUSPEFMBDVBMFODPOUSBNPTBM
5FnVCFO[VSPO/PNPMU46"
$MPSnVB[VSPO*TIJQSPO-&&
%JnVCFO[VSPO)FYBnVSPOFUD
&TUBTÞMUJNBTBQMJDBEBTBMPTFTUBEPTKVWFOJMFTPMBSWBSJPT
QFOFUSBOQSJODJQBMNFOUFQPSWÓBPSBMZPDBTJPOBMNFOUFZFO
NFOPSNFEJEBQPSWÓBEÏSNJDBQSPWPDBOMBJOUFSSVQDJØOEFM
DSFDJNJFOUPBMJOIJCJSMBTÓOUFTJTEF2VJUJOBQPSBDDJØOTPCSF
MBFO[JNB2VJUJOBTJOUFUB[BMBDVBMFTMBÞMUJNBFO[JNBJOWPMV
DSBEBFOFMQSPDFTPEFTÓOUFTJTEFMBNJTNBFTUFBTQFDUPIBDF
BMFGFDUPBMUBNFOUFFTQFDÓmDPEBEPRVFFTUBFO[JNBFTUBTPMP
QSFTFOUFFOMPTTFSFTRVFQPTFO2VJUJOB
"QMJDBEPTTPCSFIVFWPTMBTMBSWBTUPUBMNFOUFGPSNBEBTOP
MPHSBOFDMPTJPOBSZMPTFGFDUPTTPCSFMPTBEVMUPTTFQSFTFOUBO
TPCSFMPTØSHBOPTSFQSPEVDUPSFTEJmDVMUBEFTFOMBDØQVMBZ
EJTNJOVDJØOEFMBGFDVOEJEBEFOMBTIFNCSBT
0USBGBNJMJBEFJOTFDUJDJEBTIPSNPOBMFTTJOUÏUJDPTTPOMBT
5JBEJB[JOBTRVFQSFTFOUBOBDDJØOTPCSFMBSWBTBMUFSBOEPMB
NVEBBDDJØOPWJDJEBQPSNVFSUFEFMBMBSWBEFOUSPEFMIVFWP
ZTPCSFMPTBEVMUPTBMUFSBOMBGFDVOEJEBE6OFKFNQMPFTFM
#VQSPGF[JO
"OJWFMEFDBNQPMPTFGFDUPTRVFTFWFOFOMBTMBSWBTUSBUB
EBTTPOQSJNBSJBNFOUFMBTVTQFOTJØOEFMBBMJNFOUBDJØOFO
GPSNBESÈTUJDBZMVFHPBMNPNFOUPEFMBNVEBMBNVFSUFEF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
MBMBSWBEFOUSPEFTVWJFKBDVUÓDVMBPSPUVSBEFMFYVWJPDPOPTJO
EFTQSFOEJNJFOUPEFMNJTNPUBNCJÏOTFPCTFSWBMBQSFTFODJBEF
MBDÈQTVMBDFGÈMJDBBOUJHVBVOJEBBMBOVFWBBCVOEBOUFQÏSEJEB
EFMÓRVJEPZFMDBEÈWFSQSFTFOUBVODPMPSFOOFHSFDJEP
%FOUSPEFMHSVQPEFMPTNJNÏUJDPTEFIPSNPOBTTFFO
DVFOUSBFM5FCVGFOP[JEF.JNJ
Z.FUPYJGFOP[JEF*OUSFQJE
MPTNJTNPTJNJUBOMBBDDJØOEFMBIPSNPOBOBUVSBMEFMBNVEB
FDEJTPOBVOJÏOEPTFBMBQSPUFÓOBSFDFQUPSBZEFTFODBEFOBOEP
QSFNBUVSBNFOUFFMQSPDFTPEFMBNVEB6OBWF[BQMJDBEPFM
QSPEVDUPMBMBSWBEFKBEFBMJNFOUBSTFZGPSNBMBOVFWBDVUÓDVMB
NVSJFOEPBMOPQPEFSEFTQSFOEFSTFEFMBBOUFSJPS0USPTFGFDUPT
TPOMBFTUFSJMJEBEEFBEVMUPTRVFSFDJCJFSPOEPTJTTVCMFUBMFT
BMFTUBEPEFMBSWBT
'FSPNPOBT
4POVODPOKVOUPEFDPNQVFTUPTRVÓNJDPTHFOFSBMNFOUF
DBEFOBTDBSCPOBUBEBTEFBÈUPNPTEFDBSCPOPDPOWB
SJBEPTSBEJDBMFTRVFQSPEVDJEPTQPSHMÈOEVMBTEFTFDSFDJØO
FYUFSOBEFVOJOTFDUPQSPWPDBOVOBSFBDDJØOFTQFDJmDBF
JONFEJBUBEFDPNQPSUBNJFOUPFOJOEJWJEVPTEFMBNJTNBP
EJGFSFOUFFTQFDJF
'FSPNPOBTTFYVBMFT
4POTVTUBODJBTQSPEVDJEBTQPSVOJOEJWJEVPRVFBMSFDJCJSMBT
PUSPEFMBNJTNBFTQFDJFQFSPTFYPDPOUSBSJPQSPWPDBFOFTUF
ÞMUJNPVOBSFBDDJØOEFBUSBDDJØORVFmOBMJ[BFOMBDØQVMB&TUF
UJQPEFQSPEVDUPFTNVZVUJMJ[BEPFOFMNBOFKPEFQMBHBTFO
EJGFSFOUFTFTUSBUFHJBTDPNPTFS
t.POJUPSFPZFWBMVBDJØOEFQPCMBDJPOFTEFBEVMUPT
t$POUSPMNFEJBOUFMBDBQUVSBNBTJWB
t"USBDDJØOZQPTUFSJPSBQMJDBDJØOEFVOJOTFDUJDJEBRVÓ
NJDP
t$POGVTJØOQSPWPDBOEPMBJOUFSSVQDJØOEFMBDØQVMB
'FSPNPOBTEFBMBSNB
4POMJCFSBEBTQPSBMHVOPTJOTFDUPTDVBOEPTPOQFSUVSCBEPT
QPSBMHÞOBHFOUFFYUFSOPMBTNJTNBTQSPWPDBOMBSFQFMFODJBEF
PUSPTJOEJWJEVPTEFMBNJTNBFTQFDJF$POTUJUVZFVONFDBOJTNP
EFEFGFOTBEFOUSPEFMBNJTNBFTQFDJF
'FSPNPOBTEFHSFHBSJTNP
1SPWPDBOTFHÞOMBDPODFOUSBDJØOZDPNQPTJDJØOSFMBUJWB
VOFGFDUPEFBHSVQBNJFOUPPEJTQFSTJØOEFMPTJOEJWJEVPT
FTUFFGFDUPQVFEFWFSJmDBSTFTPMBNFOUFFOBMHVOPTFTUBEPT
PFTUBEJPT
1SPEVDUPTRVÓNJDPTSFDJFOUFT
&TQJOPTJOBT
-BTFTQJOPTJOBTUBMWF[TPOMBDMBTFNÈTOVFWBEFJOTFDUJDJEBT
SFQSFTFOUBEBTQPSFMTQJOPTBE4VDDFTT5SBDFS/BUVSBMZUF
&MTQJOPTBEFTVONFUBCPMJUPEFMBGFSNFOUBDJØOEFMIPOHP
BDUJOPNJDFUP4BDDIBSPQPMZTQPSBTQJOPTBVONJDSPPSHBOJTNP
IBCJUBOUFEFMTVFMP
5JFOFVOBFTUSVDUVSBNPMFDVMBSOPWFEPTBZVOOVFWP
NPEPEFBDDJØORVFCSJOEBMBFYDFMFOUFQSPUFDDJØOBMPT
DVMUJWPTUÓQJDBNFOUFBTPDJBEBDPOMPTJOTFDUJDJEBTTJOUÏUJDPT
RVFQSJNFSPTFSFHJTUSBSPOQBSBVTPFOBMHPEPOFSPFO
&MTQJOPTBEFTVOBNF[DMBEFMBTTQJOPTJOBT"Z%QPSFTPTV
OPNCSFTQJOPTBE
&TQBSUJDVMBSNFOUFFGFDUJWPDPNPNBUFSJBMEFBNQMJPFT
QFDUSPDPOUSBMBNBZPSÓBEFMBTPSVHBTQMBHBTBMBTEPTJTEF
BLJMPTEFJOHSFEJFOUFBDUJWPQPSIB
5JFOFUBOUPBDUJWJEBEFTUPNBDBMDPNPEFDPOUBDUPDPOUSB
MBSWBTEFMFQJEØQUFSPTNJOBEPSFTEFMBIPKBUSJQTZUFSNJUBT
DPOQSPMPOHBEBBDUJWJEBESFTJEVBM
-PTDVMUJWPTFOMPTDVBMFTFTUÈSFHJTUSBEPJODMVZFOBMHPEP
OFSPIPSUBMJ[BTÈSCPMFTGSVUBMFTPSOBNFOUBMFTZPUSPT
.PEPEFBDDJØOBMUFSBMBTMJHBDJPOFTEFMBBDFUJMDPMJOB
FOMPTSFDFQUPSFTOJDPUÓOJDPTEFMBBDFUJMDPMJOBFOMBDÏMVMB
QPTUTJOÈQUJDB
1JSJEB[JOPOBT
&MQJSJEBCÏO/FYUFS4BONJUF
FTFMÞOJDPNJFNCSPEFFTUB
DMBTF&TVOJOTFDUJDJEBBDBSJDJEBTFMFDUJWPEFDPOUBDUPRVF
UBNCJÏOFTFGFDUJWPDPOUSBUSJQTÈmEPTZNPTDBCMBODB
&TUÈOSFHJTUSBEPTQBSBGSVUBMFTDPNPBMNFOESPTDÓUSJDPT
PSOBNFOUBMFTEFDBNQPZEFJOWFSOBEFSP&MQJSJEBCÏOPGSFDF
VOBSFTJEVBMJEBEFYDFQDJPOBMNFOUFMBSHBZVOFGFDUPJOTUBO
UÈOFPFOVOBNQMJPSBOHPEFUFNQFSBUVSBT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
.PEPEFBDDJØOFMQJSJEBCÏOFTVOJOIJCJEPSNFUBCØMJDP
RVFJOUFSSVNQFFMUSBOTQPSUFEFFMFDUSPOFTFOMBTNJUPDPOESJBT
FOFM4JUJP
3JBOJEPOBT
3ZOBYZQZS$PSBHFOEF%VQPOU
FTVOOVFWPJOTFDUJDJEB
DVZPNPEPEFBDDJØODPOTJTUFOUFFOMBBDUJWBDJØOEFMPTDBOBMFT
EFDBMDJPSFDFQUPSFTEF3JBOPEJOB3Z3T
EFMPTJOTFDUPT&TUPT
SFDFQUPSFTFKFSDFOVOQBQFMDSÓUJDPFOMBGVODJØONVTDVMBS
-BDPOUSBDDJØOEFMBTDÏMVMBTNVTDVMBSFTSFRVJFSFMBMJCF
SBDJØOSFHVMBEBEFDBMDJPEFTEFMBTSFTFSWBTJOUFSOBTIBDJB
FMDJUPQMBTNBDFMVMBS-PTSFDFQUPSFTEF3JBOPEJOBBDUÞBOB
NPEPEFDBOBMFTEFJPOFTNPEVMBOEPMBMJCFSBDJØOEFMDBMDJP
3ZOBYZQZSTFmKBBMPTSFDFQUPSFTEF3JBOPEJOBMPRVFQSPWPDB
VOBMJCFSBDJØOEFTDPOUSPMBEBEFDBMDJPZQPSDPOTJHVJFOUFFM
BHPUBNJFOUPEFMBTSFTFSWBTMPRVFBTVWF[JNQJEFMBDPO
USBDDJØONVTDVMBS
-PTJOTFDUPTUSBUBEPTDPO3ZOBYZQZSEFKBOEFBMJNFOUBSTF
SÈQJEBNFOUFTFNVFTUSBOBMFUBSHBEPTZQSFTFOUBOSFHVSHJUB
DJØOZQBSÈMJTJTNVTDVMBSPDBTJPOÈOEPMFTmOBMNFOUFMBNVFSUF
%FCJEPBTVTJOHVMBSFTUSVDUVSBRVÓNJDBZBTVOPWFEPTPNPEP
EFBDDJØO3ZOBYZQZSPGSFDFVODPOUSPMFYDFMFOUFEFMBTQP
CMBDJPOFTEFJOTFDUPTSFTJTUFOUFTBPUSPTJOTFDUJDJEBT%FTEFFM
QVOUPEFWJTUBBNCJFOUBMQSFTFOUBNVZCVFODPNQPSUBNJFOUP
ZCBKBUPYJDJEBEQBSBBOJNBMFTEFTBOHSFDBMJFOUFZGBVOB
TJMWFTUSFFOHFOFSBM
1ZNFUSP[JOF$IFTT8(4ZOHFOUB
FTVOJOTFDUJDJEB
TJTUÏNJDPRVFBDUÞBQPSDPOUBDUPFJOHFTUJØONVZBDUJWPQBSB
FMDPOUSPMEFQVMHPOFTZNPTRVJUBTCMBODBTFOIPSUBMJ[BTQBQB
DIBDSBTGSVUBMFTZPSOBNFOUBMFTEFBDVFSEPBMPJOEJDBEPFOFM
DVBESPEF*OTUSVDDJPOFTEFVTP
1FSUFOFDFBVOHSVQPRVÓNJDP
DPOVONPEPEFBDDJØOÞOJDPZEJGFSFOUFBDVBMRVJFSPUSPJOTFD
UJDJEBDPOPDJEPIBTUBMBGFDIB"DUÞBDPNPBOUJBMJNFOUBSJPFT
EFDJSMBQMBHBEFKBEFBMJNFOUBSTFBMDBCPEFQPDBTIPSBTEF
IBCFSSFDJCJEPFMQSPEVDUP1ZNFUSP[JOFJOIJCFMPTIÈCJUPTEF
BMJNFOUBDJØOBMBGFDUBSFMDPOUSPMOFSWJPTPEFMBCPNCBTBMJWBM
"DPOTFDVFODJBEFFTUPMPTEB×PTRVFMPTJOTFDUPTQSPWPDBOFO
MBQMBOUBZBTFBEJSFDUBNFOUFPBUSBWÏTEFMBUSBOTNJTJØOEF
WJSPTJTTFEFUJFOFOEFJONFEJBUPBÞODVBOEPQVFEFOUBSEBS
EÓBTFONPSJS4VFTQFDÓmDPNPEPEFBDDJØOMPIBDFVOQSPEVDUP
EFBNQMJBTFMFDUJWJEBEQBSBMPTFOFNJHPTOBUVSBMFTEFMBTQMBHBT
FORVFTFSFDPNJFOEB&K.JDSPIJNFOØQUFSPTDPNP&ODBSTJB
GPSNPTBZ"QIJEPMFUFTTQQ$SJTPQBTZ$PDDJOÏMJEPT
%FTEFFMQVOUPEFWJTUBBNCJFOUBMFTNVZUØYJDPQBSBBCF
KBTZ#PNCVTTQQZQSÈDUJDBNFOUFOPUØYJDPQBSBBWFTQFDFT
BMHBTZMPNCSJ[EFUJFSSB
&TUVEJPTEFTFOTJCJMJEBEDSØOJDBEFBDVFSEPBMBIPKBEF
TFHVSJEBEEFMQSPEVDUPTFJOGPSNBRVFEPTFTUVEJPTNVUBHÏ
OFUJEPTVO"NFTZ$)0QSFTFOUBSPOSFTVMUBEPTOFHBUJWPTQPS
HFOPUPYJDJEBEQPUFODJBM3FTVMUBEPTEFFTUVEJPTTVCDSØOJDPT
SFBMJ[BEPTDPOEPTJTFMFWBEBTNPTUSBSPOFGFDUPTFOFMIÓHBEP
TBOHSFCB[PUJNPSJ×ØOZFMTJTUFNBOFSWJPTPDFOUSBMEFSBUBT
FGFDUPTFOIÓHBEPZCB[PFOSBUPOFTDBNCJPFOMBTBOHSF
CB[PZNÞTDVMPTEFMFTRVFMFUPNJPDBSEJPUJSPJEFTQSØTUBUB
UPYJDJEBENBUFSOBM/PPDVSSJFSPOFGFDUPTUFSBUPHÏOJDPTFO
SBUBTOJDPOFKPT
"[BEJSBDUJOB/FFNB[BM
FTVODPNQVFTUPRVÓNJDPRVF
QFSUFOFDFBMPTMJNJOPJEFT&TVONFUBCPMJUPTFDVOEBSJPQSF
TFOUFFTMBTTFNJMMBTEFMÈSCPMEF/JNP.BSHPTB&TUFQSPEVDUP
UJFOFEJGFSFOUFTGPSNBTEFBDDJØOTPCSFJOTFDUPTZÈDBSPTTFIB
FODPOUSBEPQSPQJFEBEFTBOUJBMJNFOUBSJBTFGFDUPEFSFQFMFODJB
ZDPNPSFHVMBEPSEFMDSFDJNJFOUP
*OJDJBMNFOUFTFEFTDVCSJØRVFUFOÓBBDUJWJEBEDPNPJOIJCJEPS
EFMBBMJNFOUBDJØOFOMBMBOHPTUBEFMEFTJFSUP4DIJTUPDFSDB
HSFHBSJB
"DUVBMNFOUFTFTBCFRVFBGFDUBBNÈTEFFTQF
DJFTEFJOTFDUPTBDUVBOEPQSJODJQBMNFOUFDPNPVOEJTSVQUPS
FOMBBMJNFOUBDJØOZDSFDJNJFOUPZDPNPUBMQPTFFDPOTJEFSBCMF
UPYJDJEBEIBDJBMPTJOTFDUPT%-4MJUUPSBMJT
VHH
$VNQMFDPONVDIPTEFMPTDSJUFSJPTOFDFTBSJPTQBSBVO
JOTFDUJDJEBOBUVSBMTJFTQBSBSFNQMB[BSBMPTDPNQVFTUPTTJO
UÏUJDPT-BB[BEJSBDUJOBFTCJPEFHSBEBCMFTFEFHSBEBEFOUSP
EFMBTIPSBTVOBWF[FYQVFTUBBMBMV[ZBHVB
ZUJFOFNVZ
CBKBUPYJDJEBEQBSBNBNÓGFSPTMB%-FOSBUBTJTNH
LHIBDJÏOEPMPQSÈDUJDBNFOUFOPUØYJDP
&TUFDPNQVFTUPTFFODVFOUSBFOMBTTFNJMMBTEFB
EFMQFTP
EFMÈSCPMEF/JN"[BEJSBDIUBJOEJDBFOJOHMÏT
OFFN
NBSHPTBPMJMBJOEJB.FMJBB[BEJSBDIUB"+VTT
-PTFGFDUPTEFFTUBTQSFQBSBDJPOFTTPCSFBSUSØQPEPTCFOÏ
mDPTHFOFSBMNFOUFTFDPOTJEFSBONÓOJNPT"MHVOPTFTUVEJPT
EFMBCPSBUPSJPZEFDBNQPIBOEFTDVCJFSUPRVFMPTFYUSBDUPT
EFNBSHPTBTPODPNQBUJCMFTDPODPOUSPMFTCJPMØHJDPT%FCJEP
BRVFFMBDFJUFEF/JNQVSPDPOUJFOFPUSPTDPNQVFTUPTJOTFD
UJDJEBTZGVOHJDJEBTBQBSUFEFMBB[BEJSBDUJOBHFOFSBMNFOUFTF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
NF[DMBFOVOBQSPQPSDJØOEFPO[BQPSHBMØOEFBHVBDVBOEP
TFVTBDPNPQMBHVJDJEB
4JOFSHJTUBTP"DUJWBEPSFT
-PTTJOFSHJTUBTFOTÓNJTNPTOPTPODPOTJEFSBEPTUØYJDPT
PJOTFDUJDJEBTQFSPTPONBUFSJBMFTVTBEPTDPOMPTJOTFDUJDJEBT
QBSBTJOFSHJ[BSPJODSFNFOUBSMBBDUJWJEBEEFMPTNJTNPT
&MQSJNFSPGVFJOUSPEVDJEPFOQBSBBVNFOUBSMB
FGFDUJWJEBEEFMQJSFUSP%FTEFFOUPODFTIBOBQBSFDJEPNVDIPT
NBUFSJBMFTQFSPBIPSBTPMPTFDPNFSDJBMJ[BOVOPTQPDPTEF
FMMPT
-PTTJOFSHJTUBTTFFODVFOUSBOFODBTJUPEPTMPTQSPEVDUPT
DBTFSPTEFHBOBEFSÓBZBFSPTPMFTQBSBNBTDPUBTQBSBBVNFOUBS
MBSBQJEF[EFBDDJØOEFMPTJOTFDUJDJEBTEFSJWBEPTEFMQJSFUSP
BMFUSJOBZSFTNFUSJOB
DPOUSBMPTJOTFDUPTWPMBEPSFT
-PTTJOFSHJTUBTBDUVBMFTUBMFTDPNPFMCVUØYJEPEFQJQFSPOJMP
DPOUJFOFOFMNFEJPNFUJMFOFEJPYJGFOJMVOBNPMÏDVMBFODPOUSBEB
FOFMBDFJUFEFBKPOKPMÓRVFEFTQVÏTTFEFOPNJOØTFTBNJOB
.PEPEFBDDJØO-PTTJOFSHJTUBTJOIJCFOFMDJUPDSPNP1
RVFEFQFOEFEFMPTQPMJTVCTUSBUPTEFNPOPPYJHFOBTBT14.0T
FO[JNBTQSPEVDJEBTQPSMPTNJDSPTPNBTMBTVOJEBEFTTVCDF
MVMBSFTRVFTFFODVFOUSBOFOFMIÓHBEPEFMPTNBNÓGFSPTZFO
BMHVOPTUFKJEPTEFMPTJOTFDUPTQPSFKFNQMPFMDVFSQPHSBTP
&MOPNCSFBOUFSJPSEFFTUBTFO[JNBTFSBPYJEBTBTEFGVO
DJPOFTNÞMUJQMFT.'0T
&TUPT14.0TMJHBOMBTFO[JNBTRVF
EFHSBEBOTVCTUBODJBTFYUSB×BTTFMFDDJPOBEBTUBMFTDPNPQJSF
USPBMFUSJOBSFTNFUSJOBPDVBMRVJFSPUSPDPNQVFTUPTJOFSHJ[BEP
JODMVTJWFBMHVOPTGPTGPSBEPT
-PTTJOFSHJTUBTTJNQMFNFOUFMJHBOMBTFO[JNBTPYJEBUJWBT
FJNQJEFORVFEFHSBEFOMPTBHFOUFTUØYJDPT&TUFUJQPEF
TJOFSHJTUBTQVFEFOTFSVUJMJ[BEPTQBSBNFKPSBSMBBDUJWJEBEEF
QSPEVDUPTFOMPTDVBMFTFYJTUFOQPCMBDJPOFTSFTJTUFOUFTBDBVTB
EFTFSEFHSBEBEPTQPSBDDJØOEFFTUFHSVQPEFFO[JNBT
-BTSFTJTUFODJBBCBTFEFNPEJmDBDJØOEFMDFOUSPBDUJWPFO
MPTJOTFDUPTOPQVFEFOTFSNPEJmDBEBTQPSFTUPTTJOFSHJTUBT
D#JPQSFQBSBEPT
4POQSPEVDUPTFMBCPSBEPTBQBSUJSEFTVTUBODJBTPFMFNFOUPT
QSFTFOUFTFOMBOBUVSBMF[BTFBEFPSJHFOBOJNBMWFHFUBMP
NJOFSBMRVFQSPUFHFOZPNFKPSBOMPTTJTUFNBTQSPEVDUJWPT
FOMPTRVFTFBQMJDBO
1PEFNPTDMBTJmDBSMPTCJPQSFQBSBEPTBUFOEJFOEPBEJWFS
TPTDSJUFSJPTDPNPQPSFKFNQMPQPSTVBDDJØOFODPOUSBOEP
CJPGFSUJMJ[BOUFTCJPJOTFDUJDJEBTCJPGVOHJDJEBTCJPFTUJNVMBOUFT
PQPSTVGPSNBEFQSFQBSBSTFFODPOUSBOEPJOGVTJPOFTEFDPD
DJPOFTDBMEPTQVSJOFTNBDFSBEPTZFYUSBDUPTFOUSFMBTNÈT
DPNVOFT
1VSJOFTRVFQVFEFOTFSEFGFSNFOUBDJØOPFOGFSNFO
UBDJØO
-PTQVSJOFTEFGFSNFOUBDJØOTFQSFQBSBOBQBSUJSEFFTUJÏS
DPMFTIJFSCBTPSFTUPTWFHFUBMFTRVFQVFEFOTFSFOSJRVFDJEPT
DPOBMHÞODPNQVFTUPNJOFSBMDPNPQPSFKFNQMPDFOJ[BT-PT
QVSJOFTBQPSUBOFO[JNBTBNJOPÈDJEPTZPUSBTTVTUBODJBTBM
TVFMPZBMBTQMBOUBTBVNFOUBOEPMBEJWFSTJEBEZEJTQPOJCJMJEBE
EFOVUSJFOUFT5BNCJÏOBQPSUBONJDSPCJPTRVFBDUÞBOUSBOTGPS
NBOEPMBNBUFSJBPSHÈOJDBEFMTVFMPFOOVUSJFOUFTFTQFDÓmDPT
QBSBMBTQMBOUBT
-PTQVSJOFTFOGFSNFOUBDJØOTFQSFQBSBOTVNFSHJFOEP
MPTWFHFUBMFTFOBHVBQPSFMUÏSNJOPEFDVBUSPBTJFUFEÓBT&M
QSFQBSBEPTFMPQVFEFEFKBSBMTPMQBSBQSPNPWFSTVEFTDPNQP
TJDJØO&OFTUFQFSÓPEPDPNJFO[BOBBDUVBSIPOHPTCBDUFSJBTZ
MFWBEVSBTRVFEFTQSFOEFOZEFKBOEJTQPOJCMFTEJTUJOUBTFO[JNBT
BNJOPÈDJEPTZOVUSJFOUFTQBSBMBTQMBOUBT
.BDFSBEPT
4FFMBCPSBOBQBSUJSEFQMBOUBTGSFTDBTPTFDBTDPMPDBEBT
FOBHVBEVSBOUFOPNÈTEFEÓBTQFSÓPEPFOFMRVFDPNJFO[B
FMEFTBSSPMMPCBDUFSJBOPQBSBFYUSBFSMPTQSJODJQJPTBDUJWPT
DVJEBOEPRVFOPGFSNFOUFO5BNCJÏOFYJTUFVOUJQPEFNBDF
SBEPBCBTFEFJOTFDUPTCBTBEPFOFMQSJODJQJPEFJOPDVMBDJØO
EFFOGFSNFEBEFT&MJOTVNPPJOHSFEJFOUFFOFTUFDBTPTFSÈ
VOBDBOUJEBEEFMJOTFDUPRVFFTUÈDBVTBOEPFMQSPCMFNB&M
QSPDFTPEFGFSNFOUBDJØOBDUVBSÈDPNPDBMEPEFDVMUJWPTEFMBT
FOGFSNFEBEFTPQBSÈTJUPTRVFQPTFFFMNJTNPRVFTFVUJMJ[B
QBSBDPOUSPMBSQMBHBTEFMBNJTNBFTQFDJFDPOMBRVFTFFMBCPSB
FMQSFQBSBEP"MBQMJDBSMFFMQSFQBSBEPSFTVMUBOUFBMBQMBHBMF
FTUBSFNPTTFNCSBOEPTVTQSPQJBTFOGFSNFEBEFT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
%FDPDDJPOFT
4FFMBCPSBOIBDJFOEPIFSWJSOPNÈTEFNJOVUPTMBT
QBSUFTEVSBTEFMBTQMBOUBTDPNPMBTIPKBTDPSJÈDFBTMBDPSUF[B
EFÈSCPMFTMBTSBÓDFTTFNJMMBTDÈTDBSBTFUDQBSBFYUSBFSTVT
TVTUBODJBTBDUJWBT
&KFNQMPTEFNBUFSJBTQSJNBTWFHFUBMFTRVFTFQVFEFO
VUJMJ[BSQBSBCJPQSFQBSBEPTEFBDDJØOJOTFDUJDJEBT
t$BMÏOEVMB$BMÏOEVMBPGmDJOBMJT
RVFBDUÞBDPNPBOUJ
BMJNFOUBSJPEFJOTFDUPTZMBDIJODIJMMB
t$SJTBOUFNP$ISZTBOUIFNVOFOFTQFDJBMFM$IDJOFSBSJBF
GPMJVNDPOPDJEPDPNPQJSFUSP
DPOUSPMBCJFOBMPTQVMHPOFT
t#PMTBEFQBTUPS$BQTFMMBCVSTBQBTUPSJT
UJFOFFGFDUPT
EFSFQFMFOUFZBOUJBMJNFOUBSJP
t.PTUBDJMMB4ZTJNCSJVNJSJP
BDUÞBBMUFSBOEPFMOPSNBM
EFTBSSPMMPEFMPTJOTFDUPTBDUVBOEPTPCSFMBIPSNPOBKVWFOJM
EFBMHVOPTJOTFDUPT
t-BTGBNJMJBTEFMBTTPMBOÈDFBTQBQBUPNBUFTFUD
TPO
QSPEVDUPSBEFBMDBMPJEFT&MUPNBUF-ZDPQFSTJDPOFTDVMFOUVN
RVFQFSUFOFDFBFTUBGBNJMJBDPOUJFOFUPNBUJOBRVFQSPEVDF
VOBBMUFSBDJØOBMJNFOUBSJBZIBTUBMBNVFSUFFOBMHVOPTFT
DBSBCBKPT
t-BTVNCFMÓGFSBTFOUSFMPTRVFTFFODVFOUSBMB[BOBIPSJB
ZFMQFSFKJMTPODPOPDJEBTQPSTVTQSPQJFEBEFTOFNBUJDJEBTZ
SFQFMFOUFT&K$PSJBOESPIJOPKP
t-BTMBCJBEBTQPSTVQBSUFQPTFFOFOHFOFSBMQSPQJFEBEFT
BOUJBMJNFOUBSJBTOFNBUJDJEBTZGVOHJDJEBT3FQSFTFOUBOFTUB
GBNJMJBFMUPNJMMP5ZNVTWVMHBSJT
FMSPNFSP3PTNBSJOVO
PGGDJOBMJT
MBBMCBIBDB0DZNVOCBDJMJDVN
t0SUJHBTQBSBDPOUSPMEFQVMHPOFTPQJPKJMMPTZBQMJDBEPBM
TVFMPSFQFMFMBSWBT
t"KÓQJDBOUF4FVTBQBSBDPOUSPMEFQVMHPOFTIPSNJHBTZ
MBSWBTFOHFOFSBM
t"KPQVFEFTVTUJUVJSTFQPSDFCPMMBZMPVUJMJ[BNPTQBSB
SFQFMFSJOTFDUPTFOHFOFSBM"EFNÈTUJFOFFGFDUPQSPUFDUPS
DPOUSBFOGFSNFEBEFTBIPOHPT
t3PNFSPCJDIPNPSPSFQFMFOUF
t$FOJ[BTEFNBEFSBCJDIPNPSPZHVTBOPTDPSUBEPSFT
'PSUBMFDFMBQMBOUBFJNQJEFFMBDDFTPEFDPSUBEPSFT
t1BSBÓTPTFVTBOQBSBDPOUSPMEFNPTDBCMBODBQVMHPOFT
ZMBSWBT
t"KFOKP1PMJMMBHVTBOPTPMBHBSUBTZQVMHPOFT3FQFMFOUF
t"MDPIPMEFBKP«DBSPTQVMHPOFTZHVTBOPTPMBHBSUBT
SFQFMFOUF
t+BCØOOFVUSPBQMJDBEPBMGPMMBKFDPOUSPMBQVMHPOFTUSJQT
ZNPTDBCMBODB
t6UJMJ[BDJØOEFDFQBTOBUJWBTEF5SJDIPEFSNBQBSBDPOUSPMEF
1IZUPQIUIPSB'VTBSJVN4DMFSPUJVN3IJ[PDUPOJBZ1ZUIJVN
„
'VOHVJDJEBT
%FOPNJOBNPTGVOHJDJEBTBBRVFMMPTBHSPRVÓNJDPT
DBQBTFTEFNBUBSPEFUFOFSFMEFTBSSPMMPEFMPTIPOHPT
FTUPTÞMUJNPTFTQFDÓmDBNFOUFEFOPNJOBEPTGVOHJTUÈ
UJDPT
%FMBNJTNBNBOFSBUFOFNPTMPTCBDUFSJDJEBTZ
BOUJCJØUJDPTRVFFKFSDFODPOUSPMTPCSFMBTCBDUFSJBT
4JCJFOEFTEFFMQVOUPEFWJTUBDPNFSDJBMFYJTUFMBEFOP
NJOBDJØOEFGVOHJDJEBTQSFWFOUJWPTZDVSBUJWPTFTJNQPSUBOUF
TBCFSRVFVOBWF[QSPEVDJEBMBJOGFDDJØOFJOWBTJØOEFM
WFHFUBMFTNVZEJGÓDJMMBFMJNJOBDJØOUPUBMEFMQBUØHFOP
EFTVJOUFSJPSTBMWPRVFMBJOGFDDJØOTFBNVZSFDJFOUFQPSMP
RVFMBTFTUSBUFHJBTEFVTPEFMPTGVOHJDJEBTTPOFTFODJBMNFOUF
QSFWFOUJWBTZPUFNQSBOBT&TUFDPODFQUPFTJOEFQFOEJFOUF
EFMBQFOFUSBDJØORVFFMQSPEVDUPMPHSFFOMBQMBOUBFTEFDJS
TFBOFTUPTEFDPOUBDUPPTJTUÏNJDPT&TUPTFGVOEBNFOUBFORVF
MBTFOGFSNFEBEFTEFTFODBEFOBOQSPDFTPTFOMBTQMBOUBTRVF
QVFEFOFOUPSQFDFSUBOUPFMGVODJPOBNJFOUPDPNPMBNPWJMJEBE
EFMPTGVOHJDJEBT
$MBTJmDBDJØOEFMPT'VOHJDJEBT
4FHÞOFMNPWJNJFOUPFOMBQMBOUB
'VOHJDJEBTEFDPOUBDUP
4POBRVFMMPTRVFEFQPTJUBEPTTPCSFFMWFHFUBMOPMPHSBO
QFOFUSBSFOÏTUFQFSNBOFDJFOEPFOMBTVQFSmDJF&MPCKFUJWP
RVFTFFTQFSBBMDBO[BSDPOTVVTPFTGPSNBSVOBQFMÓDVMB
DPOUJOVBTPCSFMBFQJEFSNJTEFMBQMBOUBEFGPSNBUBMEFNPKBS
MBTFTQPSBTEFQPTJUBEBTFOFMMBZMBTRVFIBCJFOEPHFSNJOBEP
BÞOOPIBZBOQFOFUSBEPMPTUFKJEPTNPKBSMBTVQFSmDJFEPOEF
DBFSÈOMBTFTQPSBTFOFMGVUVSPDFSDBOPPNPKBSPUSPTØSHBOPT
EFMQBUØHFOPRVFTFQSFTFOUFOFOGPSNBFYUFSOBBWFHFUBM
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
%FFTUPQPEFNPTEFEVDJSMPJNQPSUBOUFEFMPHSBSVOB
DPCFSUVSBUPUBMEFUPEPTMPTØSHBOPTBQSPUFHFSEFMBQMBOUB
%FCFNPTBDMBSBSRVFMBTQBSUFTEFMBTQMBOUBTOPFYQVFTUBT
BMBBQMJDBDJØOPMBTHFOFSBEBTMVFHPEFFTUBOPFTUBSÈO
QSPUFHJEBT
&K$BQUBO.BOFC.BODP[FC.FUJSBN5JVSBO;JSBN5SJGF
OJM"DFUBUPEF&TUB×P0YJDMPSVSPEFDPCSF$MPSPUBMPOJMFUD
'VOHJDJEBTNFTPTUÏNJDPTEFQFOFUSBDJØOPUSBTMB
NJOBSFT
$POTUJUVZFOVOBOVFWBHFOFSBDJØOEFQSPEVDUPTRVFTPO
BETPSCJEPTQPSMBTDBQBTDFSPTBTEFMBDVUÓDVMBFOMBTVQFSmDJF
EFMBTIPKBTZTPOMJCFSBEPTQSPHSFTJWBNFOUFFOGPSNBEFWBQPS
IBDJBEFOUSPZGVFSBEFMWFHFUBMBRVFMMBQPSDJØORVFFOUSBFO
MBQMBOUBQPTFFNPWJNJFOUPMJNJUBEPEFQFOFUSBDJØOZFOGPSNB
IPSJ[POUBMTPMPTFNVFWFOBNVZDPSUBEJTUBODJBMPRVFIBDF
RVFQFSNBOF[DBFOMPTUFKJEPTEPOEFQFOFUSØQPSNÈTUJFNQP
RVFMPTGVOHVJDJEBTEFBDDJØOTJTUÏNJDB4VQFSNBOFODJBFO
FMNFTØmMPEFMBIPKBTZMBBDDJØOTPCSFMBFQJEFSNJTVCJDBEB
EFMMBEPDPOUSBSJPBMEFQFOFUSBDJØOPNBKBEPIBDFORVF
BDUÞFOUBOUPTPCSFMBTFOGFSNFEBEFTRVFQFOFUSBSPOQPSFM
IBTDPNPQPSFMFOWÏTEFMBTIPKBTQPSMPRVFQPTFFOFGFDUP
USBOTMBNJOBS
&TUPTQSPEVDUPTOPQPTFFONPWJNJFOUPJNQPSUBOUFQPS
MPTWBTPTDPOEVDUPSFTYJMFNBPnPFNB
QPSMPUBOUPTPMP
QFSNBOFDFOFOMPTØSHBOPTBMDBO[BEPTQPSMBBQMJDBDJØO
OPQSPUFHJFOEPBMPTØSHBOPTOPUSBUBEPTPOPNPKBEPTQPS
iFGFDUPQBSBHVBTwPBMPTOVFWPTRVFTFEFTBSSPMMBSPOMVFHP
EFMBBQMJDBDJØO4POÞUJMFTGVOEBNFOUBMNFOUFQBSBFUBQBT
UFNQSBOBTEFMBFOGFSNFEBE
&K4USPCJMVSJOBTFOHFOFSBMBFYDFQDJØOEF"[PYJTUSPCJOB
RVFTFDPNQPSUBDPNPTJTUÏNJDP
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
'VOHJDJEBTTJTUÏNJDPT
4POBRVFMMPTRVFMPHSBOBUSBWFTBSMBFQJEFSNJTZEJGVOEJSTF
EFOUSPEFMØSHBOPFOFMDVBMDBZFSPOMBTHPUBT)BZRVFUFOFS
FODVFOUBRVFMBNPWJMJEBEEFFTUPTQSPEVDUPTFTNVZMJNJUBEB
ZOPQVFEFOUSBTMBEBSTFEFVOØSHBOPBPUSPTBMWPRVFTFBO
BQMJDBEPTWÓBSBÓ[EBEPRVFTVNPWJMJEBETFQSPEVDFGVOEB
NFOUBMNFOUFWÓBMPTWBTPTEFMYJMFNB
&MNPWJNJFOUPEFMPTQSPEVDUPTTJTUÏNJDPTTJHVFMBSVUB
EFMBUSBOTQJSBDJØOQPSMPRVFMVFHPEFWBSJBTIPSBTEFIBCFS
QFOFUSBEPTFDPNJFO[BBBDVNVMBSFOMPTUFKJEPTEJTUBMFTFT
EFDJSFOMPTCPSEFTEFMBTIPKBTFODBTPEFQMBOUBTMBUJGPMJBEBT
ZFOMPTCPSEFTZMBTQVOUBTEFMBTHSBNÓOFBTWFHFUBMFTEF
IPKBmOB
&TUPTQSPEVDUPTTFVUJMJ[BOJHVBMRVFMPTBOUFSJPSFTFMSBOHP
EFQSPUFDDJØOTFFYUJFOEFBFTQPSBTZBHFSNJOBEBTPJOGFDDJPOFT
JODJQJFOUFTZBMHVOBTBWBO[BEBTDPNPBTÓUBNCJÏOBNQMÓBOMB
TVQFSmDJFQSPUFHJEBQPSTFSNØWJMFTEFOUSPEFMØSHBOP"QMJDBEPT
QPSSBÓ[QVFEFODPOUSPMBSQBUØHFOPTEFMPTIBDFTWBTDVMBSFTP
QSPUFHFSBUPEPTMPTØSHBOPTEFMBTQMÈOUVMBTPQMBOUBTIBTUB
EPOEFTFBDPOEVDJEPQPSWBTPTEFMYJMFNB
&K5JBCFOEBTPM$BSCFOEB[JN#FOPNJM.FUBMBYJM.FUJM
UJPGBOBUP5SJB[PMFTFUD
$PNPFYDFQDJØOBMBSFHMBNFODJPOBEBTFFODVFOUSBO
BMHVOPTGVOHJDJEBTRVFQPTFONPWJNJFOUPTEJGFSFOUFDPNPQPS
FKFNQMPFM'PTFUJM"MVNJOJPNBSDBDPNFSDJBM"MMJFUF
RVFQPTFF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
NPWJNJFOUPWÓBnPFNBWBTPTEFDPOEVDDJØOEFMPTGPUPTJOUBUPT
QPSMPRVFBQMJDBEPTPCSFMBTIPKBTQVFEFUSBTMBEBSTFIBDJBMB
CBTFZSBÓ[EFMBQMBOUBVPUSPTTJUJPTRVFEFQFOEFSÈEFMEFTUJ
OPEFMPTGPUPTJOUBUPTEFMBQMBOUBTFHÞOFTUBEPGFOPMØHJDPZ
mTJPMØHJDP0USPTQSPEVDUPTQPTFFONPWJNJFOUPNÈTDPNQMFKP
PCTFSWÈOEPTFTVQSFTFODJBUBOUPFOnPFNBDPNPYJMFNBVO
FKFNQMPFTFM.FUBMBYJM
%FTEFFMQVOUPEFWJTUBEFMBNPWJMJEBEFOMBQMBOUBMBNF[
DMBEFQSPEVDUPTTJTUÏNJDPNÈTNFTPTUÏNJDPPEFQFOFUSBDJØO
FK5SJB[PMFTNÈT&TUSPCJMVSJOBT
FTBEFDVBEBQPSRVFQSPEVDF
VONBZPSÈSFBEFQSPUFDDJØOEBEPQPSMBQFSNBOFODJBFOFM
MVHBSEFMBBQMJDBDJØOEFMEFQFOFUSBDJØOZMBNPWJMJEBEIBDJB
ÈSFBTEJTUBMFTEFMQSPEVDUPTJTUÏNJDP%FMBNJTNBNBOFSB
PDVSSFDPOMBNF[DMBEFQSPEVDUPTEFDPOUBDUPNÈTTJTUÏNJDPT
PEFQFOFUSBDJØOEBEPRVFVOPBQPSUBSÈVOBQSPUFDDJØONÈT
PNFOPTEVSBEFSBQPSGVFSBZFMPUSPBDUVBSÈEFOUSPEFMUFKJEP
EFMWFHFUBM
4FHÞOMBBDDJØOTPCSFMBFOGFSNFEBE
1SFWFOUJWPT
4POBRVFMMPTRVFBGFDUBOBMIPOHPBOUFTEFRVFTFQSPEV[
DBMBJOGFDDJØO%FOUSPEFFTUFHSVQPUFOFNPTBRVFMMPTRVF
JOIJCFOBMBTFTQPSBTEFGPSNBSFWFSTJCMFMBTFTQPSBTQVFEFO
EFTBSSPMMBSTFBMQFSEFSTFMBBDDJØOEFMQSPEVDUP
&K1SPEVDUPT
EFDPOUBDUPFOHFOFSBM0BRVFMMPTRVFNBUBOBMBTFTQPSBT
PBÏTUBTEVSBOUFFMQSPDFTPEFHFSNJOBDJØOFOFTUFDBTPMPT
FGFDUPTTPOJSSFWFSTJCMFT&K-BTFTUSPCJMVSJOBTZGVOHJDJEBT
TJTUÏNJDPTFOHFOFSBM
$VSBUJWPT
4POBRVFMMPTRVFMPHSBODPOUSPMBSBMIPOHPMVFHPEFQSPEV
DJEBMBJOGFDDJØOZBOUFTEFMBNBOJGFTUBDJØOEFMPTTÓOUPNBTEF
MBFOGFSNFEBE&OHFOFSBMTPOSFDPNFOEBEPTQBSBMBTFUBQBT
JOJDJBMFTEFMBFOGFSNFEBEJOGFDDJØO
OPUFOJFOEPUBOUPÏYJUP
TVBQMJDBDJØOQBSBMBDVSBEFØSHBOPTNVZBGFDUBEPT
&SSBEJDBOUFT
4POBRVFMMPTRVFMPHSBODPOUSPMBSBMIPOHPMVFHPEF
QSPEVDJEBMBJOGFDDJØOZBÞOMVFHPEFMBNBOJGFTUBDJØOEFMPT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
TÓOUPNBTEFMBFOGFSNFEBE4FSFDPNJFOEBOQBSBFTUBEJPT
BEJPT
BWBO[BEPTEFMBFOGFSNFEBE
-BEJGFSFODJBDJØOFOUSFFTUPTEPTÞMUJNPTHSVQPTOPFT
OPFT
FFTT
NVZDMBSBQVEJFOEPDJUBSTFEFOUSPEFBNCPTBMPTQSPEVDUPT
VDUP
VD
UUPPT
TJTUÏNJDPTZBMPTQSPEVDUPTNFTPTUÏNJDPT/PPCTUBOUFFTUBT
FTUB
TTUUBT
EFmOJDJPOFTMBSFDPNFOEBDJØOFTTJFNQSFDPNPNFTJPOBCBNPT
BN
NPPTT
BOUFSJPSNFOUFFMDPOUSPMUFNQSBOPEFMBTFOGFSNFEBEFT
4FHÞOFMFGFDUPTPCSFFMIPOHP
'VOHJDJEBT
4POMPTQSPEVDUPTRVFQSPEVDFOMBNVFSUFEFMIPOHPTFB
PTFB
FTUBFOFTUBEPEFFTQPSBFTQPSBHFSNJOBEBPNJDFMJP
&K-PTQSPEVDUPTTJTUÏNJDPTZNFTPTUÏNJDPTFOHFOFSBM
SBM
'VOHJTUÈUJDPT
4POMPTQSPEVDUPTRVFEFUJFOFOFMDSFDJNJFOUPPEFTBSSPMMP
SSPMMP
EFMIPOHPHFOFSBMNFOUFBDUÞBODVBOEPFMQBUØHFOPFTUÈFO
UÈFO
FTUBEPEFFTQPSBQFSPQVFEFIBDFSMPFOFMNJDFMJBS
&K-PTEFDPOUBDUPFOHFOFSBMZBMHVOPTTJTUÏNJDPT
(FOFTUÈUJDPT
4POMPTQSPEVDUPTRVFEFUJFOFOFMQSPDFTPEFSFQSPEVDDJØO
EFMIPOHPZBTFBQPSJOIJCJDJØOEFMBTFTUSVDUVSBTSFQSPEVDUJWBT
PQPSFGFDUPTBOUJFTQPSVMBOUFT
&K"MHVOBT&TUSPCJMVSJOBT*NJEB[PMFT%JDBSCPYBNJEBTFO
HFOFSBM
4FHÞOMPTTJUJPTEFBDDJØO
4JUJPTÞOJDPT
4POBRVFMMPTGVOHJDJEBTRVFUJFOFOVOTPMPNFDBOJTNP
EFBDDJØOTPCSFFMIPOHPTVFMFOTFSBMUBNFOUFFTQFDÓmDPTZ
NVZFmDBDFTFOFMDPOUSPM%BEPFTUBTDBSBDUFSÓTUJDBTTPONVZ
QSPQFOTPTBRVFMPTQBUØHFOPTHFOFSFOSFTJTUFODJBNFEJBOUF
MBNPEJmDBDJØONPSGPMØHJDBmTJPMØHJDBPCJPRVÓNJDBEFMDFOUSP
EFBDDJØO
&K5SJB[PMFT#FODJNJEB[PMFT&TUSPCJMVSJOBTFUD
4JUJPTNÞMUJQMFT
4POBRVFMMPTGVOHJDJEBTRVFUJFOFOWBSJPTNFDBOJTNPTEF
BDDJØOTPCSFVONJTNPIPOHPTVFMFOTFSEFBNQMJPFTQFDUSP
1PSFTUBDBSBDUFSÓTUJDBTFTSBSPMBBQBSJDJØOEFQBUØHFOPTSF
TJTUFOUFTBÞOFOQSPEVDUPTNVZBOUJHVPTPEFVTPGSFDVFOUF
DPNPMPTDPOTUJUVJEPTBCBTFEF$PCSF"[VGSF(VBOJEJOBT
#FODÏOJDPT%JDBSCPYBNJEBTFUD
1BSBFMNBOFKPEFMBSFTJTUFODJBTFSFDPNJFOEBMBNF[DMB
EFQSPEVDUPTEFTJUJPÞOJDPEJGFSFOUFFOUSFTÓPFOUSFQSPEVDUPT
EFTJUJPÞOJDPDPOBRVFMMPTEFTJUJPNÞMUJQMF
$BSBDUFSÓTUJDBTmTJDPRVÓNJDBTEFMPTGVOHJDJEBT
4JCJFOMBTDBSBDUFSÓTUJDBmTJDPRVÓNJDBTOPTPOTJFNQSF
UFOJEBTFODVFOUBFOFMNBOFKPEFMPTGVOHJDJEBTQPSMPTVTVB
SJPTEFMPTNJTNPTFTPCWJPEFDJSRVFMPTNPEPTEFBDDJØOEF
MPTQSPEVDUPTEFQFOEFOEFFMMBTEBUPTUBMFTDPNPTPMVCJMJEBE
FOEJGFSFOUFTTPMWFOUFTWPMBUJMJ[BDJØOQFTPNPMFDVMBSZPUSPT
EFCFOUFOFSTFFODVFOUBBMFWBMVBSZNBOFKBSMPTGVOHJDJEBT
QBSBQPEFSDPNQBSBSZFOUFOEFSFMDPNQPSUBNJFOUPEFDBEB
VOPEFFMMPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&OUBMTFOUJEPFTNVZJOUFSFTBOUFTMBSFMBDJØOFYQVFTUBFO
BFO
FM.PEFMP3FESBXOFOUSFFMMPH,08MPHBSJUNPEFMDPDJFOUF
FOUF
FOUSFMBTPMVCJMJEBEEFVOBESPHBFOPDUBOPMRVFFTVOTPMWFOUF
FOUF
PMFPTPPOPQPMBSZMBTPMVCJMJEBEEFMBNJTNBESPHBFOBHVB
BHVB
RVFFTVOTPMWFOUFQPMBS
ZFMNPWJNJFOUPEFMPTQSPEVDUPTFO
TFO
FMJOUFSJPSEFMBQMBOUB
&TUFBVUPSWFSJmDØRVFBRVFMMPTQSPEVDUPTDPOMPH,08
DFSDBOPBTFNVFWFODPOGBDJMJEBEQPSMPTWBTPTEFMYJMFNB
MPTDFSDBOPBMPIBDFODPOEJmDVMUBEMPTTVQFSJPSFTBTF
DPNQPSUBODPNPEFDPOUBDUPOPQFOFUSBOFOFMWFHFUBM
ZMPT
RVFQPTFFOWBMPSFTOFHBUJWPTPQPTJUJWPNVZCBKPTQSFTFOUBO
NPWJNJFOUPUBOUPQPSYJMFNBDPNPQPSnPFNB
&TJOUFSFTBOUFQSFTUBSBUFODJØOBMPTWBMPSFTEFMPTEJGFSFOUFT
5SJB[PMFTBMBT&TUSPCJMVSJOBTFTQFDJBMNFOUF"[PYJTUSPCJOB
.FUBMBYJMZBM'PTFUJM"MVNJOJP
&MMPH,08OPEFCFTFSUPNBEPDPNPMBÞOJDBWBSJBCMF
RVFFYQMJDBFMNPWJNJFOUPEFMPTQSPEVDUPTEFOUSPEFMBQMBOUB
EFIFDIPFM$BSCFOEB[JNQBSFDFFTDBQBSBFTUBSFHMBHFOFSBM
OPPCTUBOUFFTEFJNQPSUBODJBEBEPRVFFTVOWBMPSTFODJMMP
EFPCUFOFSRVFOPTQFSNJUFQSFEFDJSDPODJFSUBTFHVSJEBEDVBM
TFSÈFMQPTJCMFEFTUJOPEFMGVOHJDJEBPEFMBNF[DMBEFFMMPT
%FMBNJTNBGPSNBQVFEFEBSOPTJEFBEFQPTJCMFTNF[DMBTEF
UBORVFEFQSPEVDUPTDPNFSDJBMFTEFGPSNBEFQPEFSDPSSFHJS
EFmDJFODJBTPGBMUBEFNPWJNJFOUPEFBMHÞOQSJODJQJPBDUJWPFO
QBSUJDVMBSPDPNQMFNFOUBSNPWJNJFOUPTEJGFSFOUFT
"DPOUJOVBDJØOTFEFTDSJCFOMBTDBSBDUFSÓTUJDBTEFMPTGVO
HJDJEBTZEFMBTFOGFSNFEBEFTOFDFTBSJBTQBSBFMNBOFKPEF
MPTNJTNPT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
„
)FSCJDJEBTZPUSBTGPSNBTEFDPOUSPM
%FCJEPBRVFMPTDVMUJWPTTPOJOWBEJEPTQPSOVNFSPTBT
FTQFDJFTEFNBMF[BTDPOEJTUJOUPTQFSÓPEPTEFFNFSHFODJBZ
DJDMPTEFWJEBFTJNQPTJCMFDPNCBUJSMBTBUPEBTDPOVOTPMP
NÏUPEPEFDPOUSPM&OVOTJTUFNBEFNBOFKPFmDJFOUFTFDPN
CJOBOFOGPSNBTJTUFNÈUJDBWBSJPTNÏUPEPTBQMJDBOEPFODBEB
TJUVBDJØOTØMPMPTFMFNFOUPTNÈTBEFDVBEPT-PTFNQMFBEPT
DPONBZPSGSFDVFODJBTPO
B.FDÈOJDP
&TVOPEFMPTNÏUPEPTNÈTBOUJHVPTZVUJMJ[BEPQPSUPEPTMPT
IPSUJDVMUPSFT4FEJTQPOFEFFMFNFOUPTQBSBEJTUJOUBTMBCPSFTZ
BEBQUBEPTBDBEBDVMUJWPUJQPEFTVFMPZNFEJPEFUSBDDJØO
4VVTPFTUÈHFOFSBMJ[BEPBVORVFQVFEFUFOFSFMJODPOWF
OJFOUFEFEJTUSJCVJSQPSUPEPFMUFSSFOPMPTØSHBOPTEFNVMUJQMJ
DBDJØOEFMBTNBMF[BTQFSFOOFTTJFTRVFOPTFSFBMJ[BDPOFM
DVJEBEPOFDFTBSJP1BSBDPNCBUJSFTUBTFTQFDJFTTPOQSFGFSJCMFT
MBCSBO[BTTVQFSmDJBMFTBOPNÈTEFDNEFQSPGVOEJEBE
SFQFUJEBTDBEBEPTBDVBUSPTFNBOBTTFHÞOMBFTQFDJFRVF
MBCSBO[BTQSPGVOEBTZBNBZPSFTJOUFSWBMPT0USPBTQFDUP
JNQPSUBOUFBSFDPSEBSFTRVFMBTMBCPSFTNFODJPOBEBTTPO
BHSFTJWBTBMTVFMPEFUFSJPSBOEPTVFTUSVDUVSBZEJTNJOVZFOEP
MBDBMJEBEEFMPTTVFMPT0USPBTQFDUPJNQPSUBOUFBUFOFSFO
DVFOUBFTRVFSFRVJFSFOHSBODBOUJEBEEFNBOPEFPCSB
C$VMUJWPTDPNQFUJUJWPT
4FUSBUBEFVOPEFMPTNÏUPEPTNÈTFDPOØNJDPTZRVFQSP
CBCMFNFOUFNÈTJODSFNFOUFTVJNQPSUBODJBBNFEJEBRVFTF
JNQMFNFOUFOOVFWBTUFDOPMPHÓBTEFNBOFKPEFMPTDVMUJWPT
-PTDVMUJWPTDPNQFUJUJWPTOPSNBMNFOUFOPFMJNJOBOQPS
TJTPMPTBMBTNBMF[BTQFSPDPOUSJCVZFOBMBFmDJFODJBEFMPT
PUSPTNÏUPEPT&OMBBHSJDVMUVSBNPEFSOBMBDPNCJOBDJØOEF
NÏUPEPTNFDÈOJDPTDPOIFSCJDJEBTTPOMPTQSJODJQBMFTNFEJPT
EFMVDIBDPOUSBMBTNBMF[BT
1FSPVOBEFDVBEPNBOFKPEFMBTSFMBDJPOFTDVMUJWPNBMF[B
USBUBOEPEFGBWPSFDFSBMQSJNFSPFOEFUSJNFOUPEFMBTFHVOEB
FTOFDFTBSJPQBSBBVNFOUBSMBFmDBDJBEFMPTNÏUPEPTEF
DPOUSPMFNQMFBEPT
&TBTDPOEJDJPOFTTFQVFEFOMPHSBSTFNCSBOEPFOVOBÏQPDB
BEFDVBEBQBSBFMSÈQJEPZDPSSFDUPEFTBSSPMMPEFMDBOPQFPEFM
DVMUJWPGFSUJMJ[BOEPFOGPSNBBEFDVBEBDPOBMUBTEFOTJEBEFT
EFTJFNCSBDPOFTQFDJFTPDVMUJWBSFTNÈTDPNQFUJUJWPTDPOUSP
MBOEPNÈTFmDJFOUFNFOUFQMBHBTZFOGFSNFEBEFTBKVTUBOEP
MBEJTUBODJBFOUSFTVSDPFUD
D3PUBDJØOEFDVMUJWPT
$POTUJUVZFVOPEFMPTNÏUPEPTNÈTFmDJFOUFTQBSBFWJUBSRVF
BVNFOUFOMBTQPCMBDJPOFTEFNBMF[BTFODVMUJWPTBOVBMFT
-BFTQFDJBMJ[BDJØOFOMBQSPEVDDJØOEFTPMPBMHVOPTDVMUJWPT
IBMMFWBEPBNVDIPTQSPEVDUPSFTBQSBDUJDBSFMNPOPDVMUJWP
MPRVFUSBFBQBSFKBEPMBVUJMJ[BDJØODPOUJOVBEFMPTNJTNPT
IFSCJDJEBTZMBSFTJTUFODJBEFMBTNBMF[BT
E)FSCJDJEBT
&OVOTJTUFNBEFQSPEVDDJØOFGJDJFOUFDPOTUJUVZFOFM
QSJODJQBMNFEJPQBSBDPOUSPMBSNBMF[BTQFSPOPEFCFOTFS
DPOTJEFSBEPTDPNPFMÞOJDP5JFOFOHSBOEFTWFOUBKBTTPCSF
MPTPUSPTZUBNCJÏOMJNJUBDJPOFT
1BSBTVBQMJDBDJØOTFSFRVJFSFODPOPDJNJFOUPTZFRVJQPT
BEFDVBEPTQFSGFDUBNFOUFSFHVMBEPT1BSBRVFTFBOFmDBDFT
FODBEBDBTPTFEFCFFMFHJSFMQSPEVDUPNÈTDPOWFOJFOUF
BQMJDBSMPDPOMBEPTJTQSFDJTBFOFMNPNFOUPBEFDVBEPZFO
GPSNBVOJGPSNFTPCSFUPEBMBTVQFSmDJFEFMDVMUJWP
-BTVTDFQUJCJMJEBEBIFSCJDJEBTUBOUPEFNBMF[BTDPNPEF
DVMUJWPTEFQFOEFEFMNPNFOUPEFBQMJDBDJØO%FCFOBQMJDBSTF
DVBOEPMPTDVMUJWPTUJFOFONÈYJNBUPMFSBODJBZMBTNBMF[BT
NÈYJNBTVTDFQUJCJMJEBE$PNPFTBTDPOEJDJPOFTTPOEJGFSFO
UFTQBSBDBEBDVMUJWPNBMF[BZIFSCJDJEBMPTUSBUBNJFOUPTTF
SFBMJ[BOFOEJTUJOUBTÏQPDBTDBSBDUFSJ[BEBTQPSFMFTUBEPEF
EFTBSSPMMPEFMDVMUJWP
$MBTJmDBDJØOQPSUJQPTEFUSBUBNJFOUPT
%FQSFTJFNCSBPQSFQMBOUBDJØO
4POBQMJDBEPTBMTVFMPBOUFTEFMBTJFNCSBPQMBOUBDJØOEFM
DVMUJWPZEFMBFNFSHFODJBEFMBTNBMF[BTJNQJEJFOEPTVHFSNJ
OBDJØOZFTOFDFTBSJPJODPSQPSBSMPTBMTVFMPJONFEJBUBNFOUF
EFTQVÏTEFMBBQMJDBDJØO
-BJODPSQPSBDJØOUJFOFQPSPCKFUP
FWJUBSRVFQJFSEBOBDUJWJEBEQPSWPMBUJMJ[BDJØOPGPUP
EFTDPNQPTJDJØO
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
IBDFSMPTNFOPTEFQFOEJFOUFTEFMBTDPOEJDJPOFTBN
CJFOUBMFT
FTRVFEFCFIBCFSIVNFEBETVmDJFOUFQBSBRVFHFSNJOFOMBT
NBMF[BT
DPMPDBSMPTEJSFDUBNFOUFFOMB[POBEPOEFHFSNJOBOMBT
NBMF[BT
&OHFOFSBMFOMPTTVFMPTBSFOPTPTZMJWJBOPTTFEFCFOVTBS
MBTEPTJTNÈTCBKBT%FTQVÏTEFMBBQMJDBDJØOOPFTDPOWFOJFOUF
SFNPWFSMBTVQFSmDJFEFMTVFMPOJSFHBSFOFYDFTP
-PTTVFMPTEPOEFTFSFBMJ[BOFTUPTUSBUBNJFOUPTEFCFOFTUBS
CJFOEFTNFOV[BEPTMJCSFTEFSFTUPTEFSBTUSPKPTZSFTUPTEF
DVMUJWPTZMBUJFSSBOPEFCFUFOFSFYDFTJWBIVNFEBE
4FSFBMJ[BBOUFTEFTFNCSBS$BTJUPEPTMPTQSPEVDUPTVUJ
MJ[BEPTFOFTUBÏQPDBBDUÞBOTPCSFMBTTFNJMMBTFOFMQSPDFTP
EFHFSNJOBDJØO
1BSBMBJODPSQPSBDJØOTFVUJMJ[BOJNQMFNFOUPTDBQBDFTEF
EFTNFOV[BSMBUJFSSBZNF[DMBSMBDPOFMIFSCJDJEB-PTJNQMFNFO
UPTNÈTBEFDVBEPTTPOMBTSBTUSBTEFEJTDPTPQFSBOEPBVOB
WFMPDJEBEEFLNIPSBZIBDJFOEPEPTQBTBEBTDSV[BEBT
-BQSPGVOEJEBEEFJODPSQPSBDJØOEFQFOEFEFMIFSCJDJEBRVFTF
VUJMJDFMB5SJnVSBMJOBEFCFJODPSQPSBSTFBDN1BSBRVFFM
IFSCJDJEBRVFEFJODPSQPSBEPFOFTBDBQBEFTVFMPMBSBTUSBEF
EJTDPTEFCFQFOFUSBSFMEPCMFEFEJDIBTQSPGVOEJEBEFT
$POBMHVOPTIFSCJDJEBTFTQPTJCMFEFNPSBSMBJODPSQPSBDJØO
WBSJPTEÓBTQFSPMPNÈTDPOWFOJFOUFFTFGFDUVBSMBJONFEJBUB
NFOUFEFTQVÏTEFMBQVMWFSJ[BDJØO%FTFSQPTJCMFQVMWFSJ[BDJØO
FJODPSQPSBDJØOEFCFSÓBOIBDFSTFFOVOBTPMBPQFSBDJØO
%FQSFFNFSHFODJB
&MIFSCJDJEBTFBQMJDBEFTQVÏTEFMBTJFNCSBQFSPBOUFTEF
MBHFSNJOBDJØOEFMDVMUJWP
1VFEFBDUVBSNBUBOEPMBTQMÈOUVMBTEFNBMF[BTRVFIB
ZBOFNFSHJEPBOUFTEFMBBQMJDBDJØOZPGPSNBOEPVOBDBQB
FOMBTVQFSmDJFEFMUFSSFOPRVFJNQJEFMBHFSNJOBDJØOEFMBT
NBMF[BT
4FVUJMJ[BOQSPEVDUPTUPMFSBEPTQPSMPTFTUBEPTKVWFOJMFT
EFMPTDVMUJWPTPDVZBUPYJDJEBEEFTBQBSFDFBOUFTEFRVF
FNFSKBO-PTIFSCJDJEBTEFQSFTJFNCSBJODPSQPSBEPTZMPTEF
QSFFNFSHFODJBTFJOUSPEVDFOBUSBWÏTEFMBTSBÓDFTPZFNBT
EFMBTNBMF[BTRVFFTUÈOFNFSHJFOEP
-BNBZPSÓBEFMPTIFSCJDJEBTEFQSFFNFSHFODJBUJFOFVO
QPEFSSFTJEVBMQSPMPOHBEP1BSBBDUVBSSFRVJFSFOMMFHBSBM
TVFMPQPSMPRVFMBQSFTFODJBEFSBTUSPKPFOTVQFSmDJFQVFEF
TFSVOBMJNJUBOUFJNQPSUBOUF0USPBTQFDUPBUFOFSFODVFOUB
%FQPTUFNFSHFODJB
&MIFSCJDJEBTFBQMJDBEFTQVÏTEFMBHFSNJOBDJØOEFMDVMUJWP
4FSFBMJ[BTPCSFFMGPMMBKFEFMBTNBMF[BTQVEJFOEPIBCFSPOP
DVMUJWPJNQMBOUBEPCBSCFDIPRVÓNJDP
/PFTDPOWFOJFOUFBQMJDBSIFSCJDJEBTEFQPTUFNFSHFODJB
DPOUFNQFSBUVSBTFYUSFNBEBNFOUFBMUBTPCBKBTOJUBNQPDP
DPOIVNFEBESFMBUJWBCBKB&MBHSFHBEPEFDPBEZVWBOUFTTVFMF
NFKPSBSMBBDDJØOEFMPTIFSCJDJEBTQFSPTØMPTFEFCFOVTBS
TJHVJFOEPMBTJOEJDBDJPOFTEFMPTNBSCFUFT
/PFYJTUFVOTPMPTJTUFNBEFDMBTJmDBDJØOEFMPTIFSCJDJEBT
-PTEJGFSFOUFTTJTUFNBTTFCBTBOFODSJUFSJPTNVZEJTQBSFTDPNP
TVOBUVSBMF[BRVÓNJDBTVNFDBOJTNPEFBDDJØOPTVUPYJDJEBE
/PPCTUBOUFQPEFNPTEJWJEJSMPTFO
$MBTJmDBDJØOTFHÞONPWJNJFOUPFOMBQMBOUB
)FSCJDJEBTTJTUÏNJDPTTFBQMJDBOTPCSFMBQMBOUBRVF
BCTPSCFFMQSPEVDUPDPOUSPMÈOEPMBIBTUBMBSBÓ[BMTFSUSBTMPDBEP
IBTUBÏTUBNFEJBOUFFMnPFNB&K(MJGPTBUP
)FSCJDJEBTEFDPOUBDUPTFBQMJDBOTPCSFFMGPMMBKFZQSP
EVDFOMBNVFSUFEFMUFKJEPRVFUPDBOMBNVFSUFEFMBQMBOUB
TFQSPEVDFQPSQÏSEJEBEFÈSFBGPMJBSDVBOEPÏTUBFTTVmDJFOUF
ZQPSNVFSUFEFPUSPTØSHBOPTDPNPZFNBTRVFJNQJEFOMB
QPTJCJMJEBEEFSFCSPUFTFK#FOUB[PO
$MBTJmDBDJØOTFHÞOMBTFMFDUJWJEBE
)FSCJDJEBTTFMFDUJWPTTPOBRVFMMPTIFSCJDJEBTRVFSFTQF
UBOEPFMDVMUJWPJOEJDBEPFKMBMFDIVHB
NBUBOMBTNBMBTIJFSCBT
PBMNFOPTVOUJQPEFNBMBTIJFSCBTFK1SPQJ[BNJEB
5PEPTMPT
IFSCJDJEBTFOVTPTPOFOHFOFSBMTFMFDUJWPTQBSBFMDVMUJWPFO
DVFTUJØOBFYDFQDJØOEFBMHVOPTRVFTFVTBOFOGPSNBEJSJHJEB
QBSBFWJUBSFMDPOUBDUPDPOFMDVMUJWPZBTFBFTUFJNQMBOUBEPP
OPFK(MJGPTBUP
&MUFNBEFMBTFMFDUJWJEBEEFMPTIFSCJDJEBT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
SFTJEVBMFTFTEFTVNBJNQPSUBODJBFOMBQMBOJmDBDJØOEFMB
SPUBDJPOFTEFDVMUJWPTTPCSFUPEPFOMBTFTQFDJFTEFDJDMPDPSUP
FOMBTDVBMFTMBEVSBDJØOEFMFGFDUPEFMQSPEVDUPQVFEFTVQFSBS
BNQMJBNFOUFFMUJFNQPEFJNQMBOUBDJØOEFMPTDVMUJWPT
)FSCJDJEBTUPUBMFTTPOMPTQSPEVDUPTOPTFMFDUJWPT
DPOUSPMBOMBTNBMF[BTQFSPBMNJTNPUJFNQPTPOmUPUØYJDPT
QBSBMPTDVMUJWPTDPNPTFJOEJDPFOFMQÈSSBGPBOUFSJPSQBSBFM
(MJGPTBUPEFCFOTFSBQMJDBEPTTJOUPDBSFMDVMUJWP&OHFOFSBM
TFVUJMJ[BOQBSBMJNQJBSMPUFTFOGPSNBQSFWJBBMBJNQMBOUBDJØO
QBSBMBMJNQJF[BEFÈSFBTOPDVMUJWBEBTBMBNCSBEPTFOUSF
TVSDPTDBNJOPTFUD
$MBTJmDBDJØOTFHÞONPNFOUPEFBQMJDBDJØO
1SFQMBOUBDJØOTFBQMJDBOBOUFTEFMBQMBOUBDJØOEFMDVMUJWP
4POSFTJEVBMFT
1SFQMBOUBDJØOJODPSQPSBEBTPOIFSCJDJEBTBDUJWPTFO
BMTVFMPBQMJDBEPTBOUFTEFMBQMBOUBDJØOEFMDVMUJWPZEFMB
FNFSHFODJBEFMBTNBMF[BTFJODPSQPSBEPTBMTVFMPNFEJBOUF
MBCSBO[B
1SFFNFSHFODJBEFMDVMUJWPQSPEVDUPTRVFQPSTFSQPDP
TFMFDUJWPQVFEFOBGFDUBSBMDVMUJWPTJFTUFZBIBFNFSHJEP
1SFFNFSHFODJBEFMBNBMF[BQPSTVNPEPEFBDDJØO
SFRVJFSFORVFMBNBMF[BFTUÏHFSNJOBOEPOPUFOJFOEPBDDJØO
TPCSFNBMF[BTFOQPTFNFSHFODJB
1PTUFNFSHFODJBTFBQMJDBOEFTQVÏTRVFFMDVMUJWPZ
HFOFSBMNFOUF
MBTNBMF[BTIBOFNFSHJEPQFSPFODVMUJWPT
USBTQMBOUBEPTFMIFSCJDJEBQVFEFBQMJDBSTFBOUFTEFMBFNFS
HFODJBEFMBTNBMF[BT
1PTUFNFSHFODJBUFNQSBOBTFBQMJDBODVBOEPMBNBMF[B
FTNVZQFRVF×BOPNBZPSFTBBDNEFBMUVSB
1PTUFNFSHFODJBEJSJHJEBTFBQMJDBOEFTQVÏTEFMBFNFS
HFODJBEFMBTNBMF[BTZMPTDVMUJWPTQFSPFWJUBOEPFMDPOUBDUP
EFMBTQFSKBEPDPOMPTÞMUJNPT
)FSCJDJEBTSFTJEVBMFTTFBQMJDBOBMTVFMPTPCSFMBUJFSSB
EFTOVEBZGPSNBOVOBQFMÓDVMBUØYJDBRVFDPOUSPMBMBTNBMF[BT
EVSBOUFTVHFSNJOBDJØO/PSNBMNFOUFOPTPOBDUJWPTTPCSF
FTQFDJFTQFSFOOFTRVFSFCSPUBOBQBSUJSEFSJ[PNBTFTUPMPOFTP
CVMCJMMPTTÓMPTPOFODBNCJPTJMBNBMBIJFSCBOBDFEFTFNJMMBT
&K5FSCVUJMB[JOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
„
.BRVJOBSJBZDBMJEBEEFBQMJDBDJPOFT
B*OUSPEVDDJØO
6OBWF[JEFOUJmDBEBMBQMBHBWFSJmDBEPFMEB×PQSPWPDBEP
FMFHJEPFMQSPEVDUPBBQMJDBSZEFUFSNJOBEPFMNPEPFORVF
ÏTUFTFEFCFBTQFSKBSQBSBTVDPSSFDUBMMFHBEBBMCMBODPEF
BDVFSEPBMBEJmDVMUBEEFBDDFTPBMNJTNPTFEFCFSFHVMBSMB
NÈRVJOBBQMJDBEPSBEFGPSNBUBMRVFTFBMPNÈTÞUJMQPTJCMFB
OVFTUSPQSPQØTJUP&OUBMTFOUJEPFOQSJODJQJPTFEFTDSJCJSÈO
MPTFMFNFOUPTDPOTUJUVZFOUFTZMBTGVODJPOFTEFVOBBQMJDBEPSB
UJQP
C&MFNFOUPTDPOTUJUVZFOUFTEFVOBNÈRVJOB
%FQØTJUPFTMBQBSUFEFMBNÈRVJOBEFTUJOBEBBDPOUFOFSFM
DBMEPEFBQMJDBDJØO&MUBNB×PEFCFTFSBDPSEFDPOMBBVUPOPNÓB
SFRVFSJEBEFMFRVJQPEFGPSNBUBMEFEJTNJOVJSBMNÈYJNPMPT
UJFNQPTNVFSUPTQPSSFDBSHBT
&K4JTFEFTFBBQMJDBSVOWPMVNFOEFDBMEPEFMIBZ
TFEJTQPOFEFVOBNPDIJMBEFMJUSPT$BEBNPDIJMBUFOESÈ
VOBBVUPOPNÓBEFIBN
PEJDIPEFPUSBGPSNB
TFSFRVFSJSÈONPDIJMBTQBSBDPNQMFUBSVOBIB
&MQFTPEFCFSÈFTUBSEFBDVFSEPBMNFEJPEFMPDPNPDJØO
EFRVFTFEJTQPOHB(FOFSBMNFOUFMBDBQBDJEBEPTDJMBEF
BMJUSPTFOMBTNPDIJMBTNBOVBMFTBMJUSPTQBSBMBT
NPDIJMBTOFCVMJ[BEPSBTNPUPSJ[BEBTBMJUSPTQBSB
MBTEFUSFTQVOUPTZIBTUBØNÈTQBSBMBTEFBSSBTUSFP
BVUPNPUSJDFT
&ODVBOUPBMBGPSNBFMNJTNPOPEFCFUFOFSCPSEFTBHVEPT
OJSFDPWFDPTRVFEJmDVMUFOFMCVFONF[DMBEPEFMBHVBDPOMPT
QSPEVDUPTZFMMBWBEPEFMNJTNPMVFHPEFTVVUJMJ[BDJØO&TUF
ÞMUJNPQVOUPFTJNQPSUBOUFQBSBFWJUBSFGFDUPTGPUPUØYJDPT
-PTNBUFSJBMFTNÈTVTBEPTQBSBTVGBCSJDBDJØOTPOQMÈTUJDP
ZmCSBEFWJESJPDPOSFTJOBQVFEFOFODPOUSBSTFUBNCJÏOEF
DIBQBHBMWBOJ[BEBFUD&TNVZJNQPSUBOUFRVFMBTVQFSmDJF
JOUFSJPSUFOHBCVFOBDBCBEPRVFFMNJTNPTFBMJTPZGÈDJMEF
MJNQJBS
&OUSFMPTDPNQPOFOUFTRVFEFCFNPTFODPOUSBSFOFMEF
QØTJUPUFOFNPT
t#PDBBNQMJBZEFBDDFTPGÈDJMDØNPEPZTFHVSP
t5BQBBSPTDBDPOBOUJEFSSBNFZDPOVOPSJmDJPRVFQFS
NJUBDPNQFOTBSMBTEJGFSFODJBTEFQSFTJØOHFOFSBEBTQPSFM
WBDJBNJFOUPEFMEFQØTJUPEVSBOUFTVVUJMJ[BDJØO
t'JMUSPEFCPDBUJFOFGPSNBEFDBOBTUBEFCFTFSFYUSBÓCMF
ZEFUSBNBHSBOEF
t"HJUBEPSFYJTUFOEFEPTUJQPT
tMPTNFDÈOJDPTRVFQVFEFOTFSEFQBMFUBTPEFIÏMJDF
BNCPTTPONVZBEFDVBEPTZQSPEVDFOBHJUBDJØOFOÏSHJDBQFSP
QSFTFOUBOEPTQSPCMFNBTJNQPSUBOUFTTVFMFOEFTDPNQPOFSTF
PEFUFSJPSBSTFQPSBDDJØODPSSPTJWBEFMPTQSPEVDUPTRVÓNJDPT
ZMBPUSBFTRVFDVBOEPFMOJWFMEFMMÓRVJEPFTCBKPMBBHJUBDJØO
FTEFmDJFOUF
tMPTIJESÈVMJDPTSFRVJFSFOBMUPWPMVNFODBVEBMZQSFTJØO
QBSBUSBCBKBSDPSSFDUBNFOUFQPSMPRVFMFSFTUBOQPUFODJBZ
DBQBDJEBEBMBCPNCB
t4BMJEBQBSBWBDJBEPSÈQJEP
#PNCBFTMBFODBSHBEBEFNPWJMJ[BSFMDBMEPBBQMJDBSBVOB
QSFTJØOZDBVEBMBEFDVBEPEFOUSPEFMNFSDBEPFODPOUSBNPT
FRVJQPTDPOEJGFSFOUFTCPNCBTDPNPTFS
tBQJTUØO
tBNFNCSBOB
tDFOUSÓGVHBT
tEFFOHSBOBKFT
tEFSPEJMMPT
1BSBMBFMFDDJØOEFMBCPNCBFTJNQPSUBOUFUFOFSFODVFOUB
FMWPMVNFOBBQMJDBSQPSIBFMDBVEBMOFDFTBSJPMBNÈYJNB
QSFTJØOBVUJMJ[BSMBDBOUJEBEEFQJDPTUPUBMFTEFMFRVJQPZTJ
UJFOFBHJUBEPSIJESÈVMJDPÏTUFEFCFNPWFSFMEFMBDBQBDJEBE
EFMUBORVFQPSNJOVUP
-BTCPNCBTEFMBTNPDIJMBTNBOVBMFTTPOBDDJPOBEBTB
NBOPQPSMPRVFTPOEFCBKPWPMVNFOZQSFTJØOHFOFSBMNFOUF
MBTNJTNBTTPOEFMUJQPEFNFNCSBOB
0USPBTQFDUPJNQPSUBOUFFTFMDPSSFDUPNBOUFOJNJFOUP
DPNPBTÓUBNCJÏORVFQPTFBVOmMUSPEFQSFCPNCBEFGÈDJM
BDDFTPDPOUSPMZMJNQJF[B
-ÓOFBEFDPOEVDDJØOEFMDBMEPEFCFOTFSEFEJÈNFUSP
BEFDVBEPBMDBVEBMZMBQSFTJØOMPHSBEBQPSMBCPNCBEF
NBUFSJBMSFTJTUFOUFZnFYJCMF
&TJNQPSUBOUFRVFDBEBUSBNPEFMCPUBMØOTFBBUFOEJEPQPS
MÓOFBTJOEFQFOEJFOUFTEFTEFMBCPNCBEFFTUBNBOFSBTFQVFEF
PQFSBSDPOUPEPFMCPUBMØOPBMHVOPTUSBNPTEFÏTUF
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
%FBDVFSEPBMEJTF×PQVFEFTFSJOUFSFTBOUFFMVTPEFmMUSPT
EFMÓOFB
7ÈMWVMBSFHVMBEPSBEFQSFTJØOFTMBFODBSHBEBEFSFHVMBS
PWBSJBSMBQSFTJØOEFUSBCBKPTJTFDJFSSBUPUBMNFOUFMBQSFTJØOTF
FMFWBBTVNÈYJNBQPTJCJMJEBE4JTFBCSFUPUBMNFOUFFMMÓRVJEP
FTEFSJWBEPBMEFQØTJUPQPSFMSFUPSOPZMBQSFTJØOEJTNJOVZF
.BOØNFUSPFTFMJOTUSVNFOUPVUJMJ[BEPQBSBNFEJSMB
QSFTJØOEFMTJTUFNB4JFMFRVJQPFTUÈDPSSFDUBNFOUFEJTF×BEP
FMNBOØNFUSPTFSÈmFMSFnFKPEFMBQSFTJØOSFBMEFMDJSDVJUP&M
SBOHPEFMFDUVSBFTDBMB
EFCFTFSBDPSEFBMBTQSFTJPOFTEF
VTPEFGPSNBUBMRVFQFSNJUBVOBMFDUVSBDPSSFDUBBÞOEFMPT
QFRVF×PTDBNCJPTZPTDJMBDJPOFT
-PTNBOØNFUSPTQVFEFOQPTFFSFTDBMBTFOEJGFSFOUFTVOJEB
EFTMBTNÈTDPNVOFTVUJMJ[BEBTFOBQMJDBDJØOEFBHSPRVÓNJDPT
ZTVTFRVJWBMFODJBTTPOMBTTJHVJFOUFT
#PUBMØOEFCFTFSMPTVmDJFOUFNFOUFWFSTÈUJMDPNPQBSB
QPEFSBDPNPEBSTFEFGPSNBUBMRVFQFSNJUBPSJFOUBSMBEJSFD
DJØOEFMMÓRVJEPEFBDVFSEPBMBTOFDFTJEBEFTJNQVFTUBTQPSFM
DVMUJWP&TUPFTWÈMJEPUBOUPQBSBMPTNBOVBMFTNPDIJMBEFVOP
PWBSJPTQJDPTPSJFOUBCMFT
PNBRVJOBSJBTEFNBZPSQPSUF
-BEJmDVMUBENÈTJNQPSUBOUFEFMMFHBEBEFMBTHPUBTBMCMBODP
TVFMFOPCTFSWBSTFFODVMUJWPTNVZEFOTPTIPKBTJOGFSJPSFTEF
QMBOUBTNVZEFTBSSPMMBEBTZBYJMBTZFOWÏTEFMBTNJTNBT
1BSBMBBQMJDBDJØOFODVMUJWPTEFIPKBEJTQVFTUPTFOTVSDPT
TFSFDPNJFOEBMBVUJMJ[BDJØOEFCPUBMØOIPSJ[POUBMDPOQJDPT
EFCBKBEBT%FUBMNBOFSBRVFTFVCJRVFVOQJDPQPSFODJOB
EFMBMÓOFBEFDVMUJWPZEPTFOGPSNBMBUFSBM
1JDPTZ1BTUJMMBTMPTQJDPTTPOMPTØSHBOPTFODBSHBEPT
EFTPTUFOFSBMBTQBTUJMMBTZFOBMHVOPTDBTPTBMPTmMUSPTEF
QSFQBTUJMMBT
-BTQBTUJMMBTTPOMBTFODBSHBEBTEFGPSNBSMBTHPUBTMPRVF
EFNVFTUSBMBJNQPSUBODJBEFMBTNJTNBTQPSMPRVFEFCFO
NBOUFOFSTFTJFNQSFFODPOEJDJPOFTBEFDVBEBTZCBKPOJOHÞO
QVOUPEFWJTUBEFCFEFGPSNBSTFTVPSJmDJPZBTFBJOUFODJPOBM
NFOUFDPOFMmOEFBHSBOEBSTFPQPSBDDJEFOUFFOTVQSPDFTP
EFMJNQJF[BZEFCFOTFSSFDBNCJBEBTBQFOBTTFEFUFDUFVO
GVODJPOBNJFOUPEFGFDUVPTP
$BEBUSBUBNJFOUPSFRVJFSFEFQBTUJMMBTBDPSEFTZFTQFDÓm
DBTOPIBCJFOEPVOBTPMBRVFTJSWBQBSBUPEPTMPTDBTPTOP
PCTUBOUFTFQVFEFSFBMJ[BSVOBDMBTJmDBDJØOEFMBTNJTNBT
TFHÞOTVVTP
&YJTUFOCPUBMPOFTEFEJTQPTJDJØOWFSUJDBMIPSJ[POUBMP
JODMJOBEPTBEJGFSFOUFTÈOHVMPTZEFUBMNBOFSBEFCFOTFS
NØWJMFOWBSJBTEJSFDDJPOFTTFHÞOOFDFTJEBEBHSPOØNJDB-PT
QJDPTDPMPDBEPTFOÏMUBNCJÏOEFCFOQPEFSTFSSFNPWJCMFTZ
PSJFOUBEPTDPOWFOJFOUFNFOUF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
1PEFNPTEJTUJOHVJSUSFTUJQPTEFQBTUJMMBTCÈTJDBT
"CBOJDP1MBOP
"EBQUBEBTBMVTPEFIFSCJDJEBTJOTFDUPTFYQVFTUPTZ
QSPEVDUPTBQMJDBEPTBMTVFMP(FOFSBMNFOUFFTUÈOEJTF×BEBT
QBSBCBKBTQSFTJPOFTMBTDVBMFTPTDJMBOFOUSFBMCQVMH
4FEFOPNJOBODPOVOOÞNFSPDØEJHPRVFSFWFMBFMÈOHVMPEF
TBMJEBEFMMÓRVJEPZFMDBVEBMDPSSFTQPOEFBVOÈOHVMP
EF¡ZBVODBVEBMEFHBMPOFTQPSNJOVUP
1SPEVDFO
HPUBTEFHSBOUBNB×PBNJDSPOFT
ZEFQPDBQFOF
USBDJØOQPSUFOFSUSBZFDUPSJBSFDUJMÓOFB0USPEBUPJNQPSUBOUF
EFFTUBTQBTUJMMBTFTRVFFOFMBODIPUPUBMEFUSBCBKPBQMJDBO
NÈTWPMVNFOFOTVQBSUFDFOUSBMRVFFOBNCPTDPTUBEPTQPS
MPRVFMBBTQFSTJØOFTEFTVOJGPSNFZSFRVJFSFMBTVQFSQPTJDJØO
EFMBTNJTNBT
$POP)VFDP
4FVUJMJ[BOQBSBDPOUSPMEFJOTFDUPTZFOGFSNFEBEFT-B
QSFTJØOEFUSBCBKPPTDJMBFOUSFZMCQVMH)BCJFOEP
BMHVOBTFTQFDJBMFTRVFMMFHBOIBTUB*CQVMH1SPWPDBO
UBNB×PEFHPUBQFRVF×PBNJDSPOFT
ZEFHSBOQFOF
USBDJØOEBEPRVFQPTFFVOEJTDPPOÞDMFPEFUVSCVMFODJBRVFMF
JNQSJNFBMBNBTBMÓRVJEBZBMBHPUBVONPWJNJFOUPHJSBUPSJP
%FBDVFSEPBMPTPCKFUJWPTRVFTFQSFUFOEBOTFQVFEFOMPHSBS
EJGFSFOUFTDBVEBMFTZUBNB×PEFHPUBTFHÞOQSFTJØOVUJMJ[BEB
DPOMBWBSJBDJØOEFEJGFSFOUFTQBTUJMMBTZSPUPSFT
$POP-MFOP
5JFOFOMBNJTNBQSFTUBDJØORVFMBBOUFSJPSQFSPBENJUFO
NBZPSDBVEBMZUJFOFNFOPSQFOFUSBDJØO4FEJGFSFODJBOEFMBTEF
DPOPIVFDPEBEPRVFFOÏTUBTFMSPUPSQPTFFVOPSJmDJPDFOUSBM
RVFQFSNJUFFMQBTPEFMÓRVJEPRVFDPNQMFUBFMDPOP
5BOUPEFMUJQPDPOPIVFDPDPNPEFMDPOPMMFOPFYJTUFO
WFSTJPOFTEFÈOHVMPWBSJBCMFUBMFGFDUPTFMPHSBSFHVMBOEPFM
UBNB×PEFMBDÈNBSBEFUVSCVMFODJBNFEJBOUFMBSPUBDJØOEFM
DVFSQPEFFTUBNBOFSBTFMPHSBWBSJBSMBDBQBDJEBEEFQFOF
USBDJØOEFMMÓRVJEPBTQFSKBEP
*OEFQFOEJFOUFNFOUFEFMBQBTUJMMBRVFTFVUJMJDFEFCFO
SFTQFUBSTFMBTJOEJDBDJPOFTEFMGBCSJDBOUFFODVBOUPBMBQSFTJØO
NÈYJNBZNÓOJNBEFVTP
'JMUSPT1SFQBTUJMMB
3FBMJ[BOMBÞMUJNBMJNQJF[BQPSMPRVFEFCFOFTUBSBDPSEF
BMPSJmDJPEFMBQBTUJMMBRVFTFFTUÏVUJMJ[BOEPEBEPRVFEFCFO
TFSSFUFOJEBTTPMBNFOUFMBTQBSUÓDVMBTRVFTFBODBQBDFTEF
PCTUBDVMJ[BSMBTBMJEBEFMMÓRVJEP
4POEFFTUSVDUVSBEFNFUBMPQMÈTUJDBFOWVFMUPFOMBNBZB
mMUSBOUFRVFTFEFmOFQPSFMOÞNFSPEFIJMPTRVFMBDPOGPSNB
QPSQVMHBEBMJOFBMFTEFDJSRVFVOmMUSPEFNBZBTJHOJmDB
RVFQPTFFIJMPTFONNEFMBSHPVOPEFNBZBQP
TFFFOMBNJTNBEJTUBODJBIJMPTQPSMPRVFSFUJFOFTØMJEPT
NÈTQFRVF×BT
$VBOEPTFVUJMJ[BOQMBHVJDJEBTRVFWJFOFOGPSNVMBEPTDPNP
QPMWPTNPKBCMFTPTVTQFOTJPOFTTFEFCFOVUJMJ[BSMPTmMUSPTEF
SBOVSBEBEPRVFTFPCTUSVZFONVDIPNFOPT
%FBNCPTUJQPTEFmMUSPFYJTUFOWFSTJPOFTBOUJHPUFPEFNVZ
CVFOBDBMJEBEZNVZÞUJMFTQBUBFWJUBSMBDPOUBNJOBDJØO
0USPTBDDFTPSJPT
$BVEBMÓNFUSP
*OTUSVNFOUPFMFDUSØOJDPRVFNJEFFMDBVEBMBSSPKBEPQPSFM
FRVJQPPQPSQJDPTJOEJWJEVBMFTTVVTPFTJNQPSUBOUFQBSBFM
DPOPDJNJFOUPSÈQJEPEFMPTMJUSPTQPSNJOVUPTBQMJDBEPTZQBSB
MBFTUJNBDJØOEFMBTIPSBTEFUSBCBKP
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
7FOUJMBEPS
.VDIBTNÈRVJOBTBVNFOUBOMBQFOFUSBDJØOEFMBHPUB
VUJMJ[BOEPDPNPWFIÓDVMPEFMBTNJTNBTFMBJSFQSPEVDJEPQPS
VOWFOUJMBEPSRVFFTUÈJODPSQPSBEPBMFRVJQP4POJOUFSFTBOUFT
QBSBBQMJDBDJPOFTFODVMUJWPTEFOTPTPBMUPT
1JTUPMBTQPSUÈUJMFT
4POJOTUSVNFOUPTRVFSFFNQMB[BOBMCPUBMØOGBDJMJUBOEPMB
EJSFDDJØOEFMBBQMJDBDJØO5BNCJÏOTPONVZÞUJMFTQBSBMMFHBSB
MVHBSFTEFEJGÓDJMBDDFTPDPONBRVJOBSJBBVUPNPUSJ[
1VFEFOFTUBSDPOTUJUVJEBTQPSVOTPMPQJDPPNÈTHFOFSBM
NFOUFØ&TNVZÞUJMRVFÏTUPTTFBOPSJFOUBCMFTEFGPSNBUBM
RVFTFQVFEBSFBMJ[BSBQMJDBDJPOFTEFTEFEJTUJOUBTQPTJDJPOFT
JODMVTPEFTEFBCBKPIBDJBBSSJCB
.BRVJOBSJBT&TQFDJBMFT
.PDIJMBNBOVBM
&TMBQVMWFSJ[BEPSBNÈTDPNÞOEFFODPOUSBSFOMBTRVJOUBT
IPSUÓDPMBTTVHSBOEJGVTJØOIBTJEPBDBVTBEFTVCBKPWBMPS
FDPOØNJDPMBQSBDUJDJEBEZMBTFODJMMF[EFVTP/PPCTUBOUF
FTTPMPFmDB[QBSBQMBHBTFYQVFTUBTEBEPRVFFTNVZEJGÓDJM
MPHSBSCVFOBQFOFUSBDJØO1PTFFOVOEFQØTJUPEFBMJUSPT
DPOVOCPUBMØOEFBQJDPT-BCPNCBFTBDDJPOBEBNBOVBM
NFOUFQPSFMPQFSBSJPEFGPSNBDPOUJOVBPEJTDPOUJOVB6OP
EFMPTEFGFDUPTNÈTJNQPSUBOUFRVFQSFTFOUBFTFMSBOHPEF
QSFTJØOFMDVBMTJCJFOEFQFOEFEFMOÞNFSPEFQJDPTZFMUJQP
EFQBTUJMMBDPORVFTFUSBCBKFOPTVQFSBMBTMCQVMH
TJFMPQFSBEPSOPBDDJPOBMBCPNCBEVSBOUFUPEPFMUJFNQPEF
USBCBKPBMNJTNPSJUNPMBQSFTJØOTFSÈWBSJBCMFBMJHVBMRVFMB
DBMJEBEEFMBBQMJDBDJØO
.PDIJMBNFDÈOJDB
1PTFFDVBMJEBEFTTJNJMBSFTBMBNBOVBMMBWFOUBKBRVF
BEJDJPOBFTRVFMBCPNCBGVODJPOBNFEJBOUFVONPUPSEF
EPTUJFNQPTRVFQFSNJUFBMDBO[BSQSFTJØONBZPSZDPOTUBOUF
EVSBOUFUPEPFMUSBCBKP$PNPEFGFDUPQPEFNPTNFODJPOBS
FMNBZPSQFTPZRVFTFHÞOFMEJTF×PQSFTFOUBWJCSBDJPOFTZ
TPOJEPTNPMFTUPTQBSBFMPQFSBSJP
.PDIJMBOFCVMJ[BEPSBZ/FCVMJ[BEPSBEFBSSBTUSF
4PONÈRVJOBTBQMJDBEPSBTRVFQSPEVDFOMBHPUBNFEJBOUF
VOBCPNCBBQSFTJØOWBSJBCMFZFMUSBOTQPSUFEFMBTNJTNBT
IBDJBMBQMBOUBTFSFBMJ[BNFEJBOUFVOBDPSSJFOUFEFBJSFHFOF
SBEBQPSVOWFOUJMBEPS&TUPTBQBSBUPTUJFOFOQPDBVOJGPSNJEBE
FOMBEJTUSJCVDJØOEFMMÓRVJEPQFSPNFKPSBOOPUBCMFNFOUFMB
QFOFUSBDJØOEFMBTHPUBTFOMBNBTBWFHFUBMZMBEJTUBODJBEF
NPKBEP
"FTUBTNÈRVJOBTTFMFTEFCFSFHVMBSUBOUPMBQSFTJØORVF
EFUFSNJOBFMUBNB×PEFMBHPUBDPNPMBWFMPDJEBEZFMDBVEBM
EFMWJFOUPMPØQUJNPFTRVFMBNBTBEFBJSFQPSUBOEPMBTHPUBT
SFBMJDFMBUVSCVMFODJBFOMBNBTBEFMDBOPQFPBMRVFTFRVJFSF
BMDBO[BS
&OFMNFSDBEPFYJTUFOUBOUPWFSTJPOFTEFBSSBTUSFNVZ
VUJMJ[BEBTFONPOUFTGSVUBMFT
DPNPUJQPNPDIJMB
5FSNPOFCVMJ[BEPSB
&MMÓRVJEPBBQMJDBSTFJOZFDUBTPCSFMBDPSSJFOUFEFFTDBQF
EFMPTHBTFTEFDPNCVTUJØOEFMNPUPSEFMBNÈRVJOBQVMWFSJ
[BEPSBEFFTUBNBOFSBTFMPHSBHFOFSBSVOBOFCMJOBRVFFT
FYQVMTBEBBHSBOUFNQFSBUVSBZWFMPDJEBEBMUPNBSDPOUBDUP
DPOFMBJSFFYUFSJPSMBOVCFTFDPOEFOTBGPSNBOEPHPUBTEF
FOUSFZNJDSPOFT%BEPFMSFEVDJEPEJÈNFUSPTFQSPEVDF
MBQSFDJQJUBDJØOEFMBTNJTNBTNVZMFOUBNFOUFTPCSFMBQBSUF
TVQFSJPSEFMGPMMBKF
&TUPTTJTUFNBTEFBQMJDBDJØOTPOSFDPNFOEBEPTQBSB
DPOUSPMEFJOTFDUPTWPMBEPSFTFOMVHBSFTDPODJFSUPOJWFMEF
IFSNFUJDJEBEJOWFSOBEFSPTUÞOFMFTFUD
MPTQMBHVJDJEBTBM
JHVBMRVFMBTGPSNVMBDJPOFTVUJMJ[BEBTTPOFTQFDÓmDPTQBSB
TPQPSUBSBMUBTUFNQFSBUVSBT
D'PSNBDJØOZUBNB×PEFMBTHPUBT
&MUBNB×PEFMBTHPUBTBTQFSKBEBTFTEFHSBOJNQPSUBODJB
UBOUPQBSBMPHSBSVODPOUSPMFmDJFOUFEFMBTQMBHBTDPNPQBSB
EJTNJOVJSMBDPOUBNJOBDJØOEFMNFEJPBNCJFOUFZEFMPTBMJ
NFOUPTZMBJOUPYJDBDJØOEFMPTPQFSBSJPTBQMJDBEPSFT
-BTHPUBTTFQVFEFODMBTJmDBSEFTEFFMQVOUPEFWJTUBEF
TVUBNB×PUFOJFOEPFODVFOUBDPNPOPSNBHFOFSBMRVFMPT
EJÈNFUSPTNFOPSFTTPONÈTFmDBDFTEBEPTVNBZPSDPCFSUVSB
NFKPSQPTJCJMJEBEEFEJTUSJCVDJØOIPNPHÏOFBFOFMCMBODP
NBZPSBDUJWJEBECJPMØHJDBZRVFnPUBOFOFMBJSFQBSBFMDBTP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
FTQFDÓmDPEFDPOUSPMEFQMBHBTWPMBEPSBT
QFSPUJFOFODPNP
JODPOWFOJFOUFFMBVNFOUPEFMBFWBQPSBDJØOZMBDPOTFDVFOUF
EJTNJOVDJØOEFMBWJEBNFEJBNBZPSEFSJWBZNBZPSDPOUBNJ
OBDJØOBMPQFSBSJPZBMNFEJPBNCJFOUF
%FMCBMBODFEFMBTWFOUBKBTZEFTWFOUBKBTTFFMFHJSÈFM
UBNB×PBQSPQJBEPFOMBTBQMJDBDJPOFTIBCJUVBMFTSFBMJ[BEBT
FOIPSUJDVMUVSBTFVUJMJ[BOHPUBTEFIBTUBNJDSPOFT&O
FTUFQVOUPEFCFNPTUFOFSFODVFOUBRVFFMEJÈNFUSPEFMBT
HPUBTOPTJFNQSFFTVOJGPSNFSFHJTUSÈOEPTFQBSBVOBNJTNB
BQMJDBDJØOFTQFDUSPTNÈTPNFOPTBNQMJPTTFHÞOUJQPEFQBT
UJMMBZDPOEJDJPOFTEFSFHVMBDJØOEFMFRVJQPFTUPEFCFFWJUBSTF
TJFOEPMPNÈTDPSSFDUPVOUBNB×PEFHPUBIPNPHÏOFPFOUPSOP
BMEJÈNFUSPFMFHJEP
'PSNBDJØOEFMBTHPUBTFOCPRVJMMBTIJESÈVMJDBT
&OMBTNJTNBTVOMÓRVJEPCBKPQSFTJØOTFGVFS[BBQBTBSB
USBWÏTEFVOBQFRVF×BBCFSUVSBEFGPSNBUBMRVFQPSFGFDUP
EFMBWFMPDJEBEZFMUBNB×PZEJTF×PEFMPSJmDJPTFHFOFSFVOB
MÈNJOBMÓRVJEBEFMHBEBFJOFTUBCMFRVFSPNQBFOHPUJUBTEF
EJWFSTPTUBNB×PT
%FOUSPEFFTUFQSPDFTPUJFOFOHSBOJNQPSUBODJBMBTQSPQJF
EBEFTEFMMÓRVJEPDPNPTFSMBUFOTJØOTVQFSmDJBMEFOTJEBEZ
WJTDPTJEBEQFSPTJOEVEBFTMBQSFTJØOBMBRVFFTUÈTPNFUJEP
FMMÓRVJEPMBWBSJBCMFNÈTJNQPSUBOUFBUFOFSFODVFOUBQPSUBM
NPUJWPQBSBDBEBQBTUJMMBFMGBCSJDBOUFEFCFQSPQPSDJPOBSEBUPT
FTQFDÓmDPTJOEJDBOEPFMSBOHPEFQSFTJØOEFVTPDPSSFDUP
%FTEFRVFTFHFOFSBFOMBQBTUJMMBIBTUBMMFHBSBMCMBODP
MBHPUBQSFTFOUBDVBUSPGBTFTFOFMSFDPSSJEP
t&YQVMTJØODBSBDUFSJ[BEBQPSVOBFMFWBEBFOFSHÓBDJOÏUJDB
QSPEVDUPEFMFGFDUPEFMBQSFTJØOMBDVBMFTUÈFOSFMBDJØODPO
MBNBTBEFMBNJTNB
t&OFSHÓBDJOÏUJDBNBZPSRVFFMSP[BNJFOUPFOFTUBGBTFMB
HPUBUPEBWÓBQPTFFFMFGFDUPEFFYQVMTJØOZFTBSSBTUSBEBQPSFM
NJTNP&OQBTUJMMBTEFMUJQPBCBOJDPQMBOPFOFTUBTEPTFUBQBT
MBTHPUBTTPOEJSJHJEBTDPONPWJNJFOUPSFDUJMÓOFPQFSPFOMBT
EFMUJQPDPOPIVFDPMBTHPUBTQPTFFONPWJNJFOUPDJSDVMBSQPS
BDDJØOEFMSPUPS
t&OFSHÓBDJOÏUJDBNFOPSPJHVBMBMSP[BNJFOUPEFMBJSFMBT
HPUBTFOFTUFNPNFOUPQSFTFOUBONPWJNJFOUPTUVSCVMFOUPTIBT
UBRVFTFFTUBCJMJ[BOZDPNJFO[BODBFSQPSTVQSPQJPQFTP
t"QPZPFOMBTVQFSmDJFEFMCMBODPQPSDBÓEBMJCSF
%JÈNFUSPWPMVNÏUSJDPNFEJPEWN
&TFMEJÈNFUSPEFHPUBRVFEJWJEFBMBNBTBEFHPUBT
BTQFSKBEBTFOEPTWPMÞNFOFTJHVBMFTEFUBMNBOFSBRVFVOB
NJUBEEFMWPMVNFODPOUFOHBHPUBTEFNFOPSEJÈNFUSPRVFMB
NFODJPOBEBZMBPUSBNJUBEHPUBTEFNBZPSEJÈNFUSP
%FFTUBGPSNBMBNJUBEEFWPMVNFODPSSFTQPOEJFOUFBMBT
HPUBTEFEJÈNFUSPTJOGFSJPSFTRVFEBSÈGPSNBEBQPSVOOÞNFSP
EFHPUBTNVDIPNBZPSRVFMBPUSBNJUBEQPSFKFNQMPTJFO
VOMPUFTFBQMJDBVOWPMVNFOMIBDPOVO%7.EF
NJDSPOFTFTUPTJHOJmDBRVFMIBEFMMÓRVJEPFTUBSÈGPSNBEP
QPSHPUBTNFOPSFTBNJDSPOFTZMPTPUSPTMIBQPSHPUBT
NBZPSFTBNJDSPOFT
%JÈNFUSPOVNÏSJDPNFEJPEON
&TFMEJÈNFUSPQSPNFEJPEFMBTHPUBT4FDBMDVMBTVNBOEP
UPEPTMPTEJÈNFUSPTZTFEJWJEFQPSFMOÞNFSPEFHPUBT
3FMBDJØOEWNEON
%FCJEPBRVFFMDÈMDVMPEFMPTEJÈNFUSPTFTBGFDUBEPQPSFM
OÞNFSPEFHPUBTVOBNFEJEBNVZÞUJMFTMBSFMBDJØO%7.%/.
EBEPRVFMBNJTNBNVFTUSBFMFTQFDUSPEFHPUBTQSFTFOUFTEF
UBMNBOFSBRVFDVBOUPNÈTVOJGPSNFFTFMUBNB×PEFMBTHPUBT
MBSFMBDJØOUFOEFSÈB
&TQFDUSPEFHPUB
-PTEJGFSFOUFTFTQFDUSPTEFHPUBTRVFTFQVFEFOPCUFOFS
FOVOBBQMJDBDJØOBDBNQPTPONVZWBSJBEPTNBOUFOJFOEP
DPOTUBOUFFMWPMVNFOBQMJDBEPTFQVFEFOPCTFSWBSEJGFSFODJBT
SFTQFDUPBMUBNB×POÞNFSP%7.%/.VOJGPSNJEBEFUD
-BNFKPSBQMJDBDJØOFTUBSÓBEBEBQPSVOBMUPOÞNFSPEFHPUB
FOUSFBDNTFHÞOUJQPEFQMBHBZQSPEVDUPBBQMJDBS
Z
RVFTFBEFUBNB×PVOJGPSNF
7BSJBDJØOEFMUBNB×PEFMBTHPUBT
t4FHÞOUJQPEFQBTUJMMBBJHVBMFTQBSÈNFUSPTEFBQMJ
DBDJØOFYJTUFONPEFMPTEFQBTUJMMBTRVFQSPEVDFOEJGFSFOUF
UBNB×PEFHPUBT
t4FHÞOQSFTJØOEFUSBCBKPQBSBVONJTNPUJQPEFQBTUJMMB
BNBZPSQSFTJØOEFUSBCBKPNFOPSUBNB×PEFHPUB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t4FHÞOÈOHVMPEFBTQFSTJØOQBSBVONJTNPUJQPEFQBT
UJMMBBNBZPSÈOHVMPEFBTQFSTJØOMBTHPUBTTFSÈONFOPSFT
t$BVEBMEFMBQBTUJMMBQBSBVONJTNPUJQPEFQBTUJMMBB
NFEJEBRVFBVNFOUBNPTFMDBVEBMQPSBVNFOUPEFMPSJmDJPEF
MBQBTUJMMBBVNFOUBFMUBNB×PEFMBHPUBBTQFSKBEB
5BNB×PEFMBHPUBZQSPEVDUPBBQMJDBS
1BSBDBEBQSPEVDUPBBQMJDBSZNPEPEFBDDJØOEFÏTUF
FYJTUFVOUJQPEFHPUBØQUJNP&MNJTNPFTUÈFOSFMBDJØODPO
MBNBZPSQSPCBCJMJEBEEFMMFHBSFOUJFNQPZGPSNBBMCMBODPZ
UFOJFOEPFODVFOUBRVFMBTHPUBTNFOPSFTTPOCJPMØHJDBNFOUF
NÈTBDUJWBT
7JEBNFEJBEFMBHPUB
4FEFOPNJOB7JEB.FEJBBMBEVSBDJØOEFMBNJTNB%JDIB
EVSBDJØOFTUÈBTPDJBEBBEJGFSFOUFTWBSJBCMFT
t5BNB×PEFHPUBBNFOPSUBNB×PNFOPS7JEB.FEJB
t)VNFEBE3FMBUJWBEFM"NCJFOUFBNFOPS)3NFOPS
7JEB.FEJB$PNPMB)3FTUÈBTPDJBEBBMBUFNQFSBUVSBHFOF
SBMNFOUFBMBVNFOUBSÏTUBEJTNJOVZFMB7JEB.FEJBEFMBHPUB
0USPGBDUPSRVFJOnVZFEFJHVBMGPSNBFTFMWJFOUP
t/BUVSBMF[BEFMMÓRVJEPMBTHPUBTDPOGPSNBEBTQPS
MÓRVJEPTPMFPTPTQSFTFOUBOVOB7JEB.FEJBNBZPSRVFMBT
DPOGPSNBEBTQPSBHVB
%FSJWBTFHÞOMB4PDJFEBE"NFSJDBOBEF*OHFOJFSPT"HSØ
OPNPTTFFOUJFOEFQPSEFSJWBBMEFTQMB[BNJFOUPEFQMBHVJDJEB
GVFSBEFMPCKFUJWPQSPZFDUBEPQPSUSBOTQPSUFPEJGVTJØOEFNBTB
EFBJSF4FQSFTFOUBOEPTUJQPTEFEFSJWBT
&OEPEFSJWBDVBOEPFMQMBHVJDJEBEFTQMB[BEPEFMCMBODP
RVFEBEFOUSPEFMPTMÓNJUFTEFMMPUFBTQFSKBEP&KHPUBTRVF
OPJNQBDUBOFOFMCMBODPZMPIBDFOFOFMTVFMPFONBMF[BT
OPCMBODPFTDVSSFOEFMCMBODPFUD
3FHVMBDJØOEFMPTFRVJQPT
3FHVMBSPDBMJCSBSVOFRVJQPFTBDPOEJDJPOBSMPEFGPSNBUBM
RVFQFSNJUBSFBMJ[BSMBBQMJDBDJØOEFMQMBHVJDJEBEFMBGPSNB
DPSSFDUBUBOUPDVBOUJUBUJWBNFOUFDPNPDVBMJUBUJWBNFOUF&T
EFDJSFOQBMBCSBTTJNQMFTRVFFMFRVJQPSFBMJDFMBTGVODJPOFT
SFRVFSJEBTQPSFMPQFSBEPS
1BSBUBMGJOFTNVZJNQPSUBOUFEFGJOJSQSFWJBNFOUFFM
CMBODPEFMBBQMJDBDJØOZMBEJmDVMUBEEFMMFHBEBBMNJTNPMP
DVBMEFQFOEFDPNPFOVNFSBNPTBMJOJDJPEFFTUFDBQÓUVMPEF
MBTDBSBDUFSÓTUJDBTEFMBQMBHBEFMDVMUJWPEFMQSPEVDUPZEFM
BNCJFOUF
3FHVMBDJØOEFMWPMVNFOEFBQMJDBDJØO
&TMBEFmOJDJØOEFMBDBOUJEBEEFMÓRVJEPUPUBMBHVBNÈT
QSPEVDUPT
RVFTFBQMJDBSÈQPSVOJEBEEFTVQFSmDJFMIBP
MUN
FTUÈNVZMJHBEPBMDBVEBMRVFFTFMWPMVNFOBQMJDBEP
QPSVOJEBEEFUJFNQPMQPSNJOVUP
&TUPTQBSÈNFUSPTMPT
UFOFNPTRVFEFmOJSFOGVODJØOEFMNPKBEPRVFRVFSFNPT
MPHSBSEFBDVFSEPBMUBNB×PEFMBTQMBOUBTÈSFBGPMJBSBNPKBS
UJQPEFQSPEVDUPFNQMFBEPFUD%FTEFVOBOÈMJTJTNVDIPNÈT
mOPFMWPMVNFOFTUÈFOGVODJØOEFMOÞNFSPEFHPUBTQPSDN
RVFEFCFNPTMPHSBSDBSBDUFSÓTUJDBEFMQSPEVDUPZEFMBQMBHB
ZEFMEJÈNFUSPEFMBTHPUBTSFMBDJPOBEPDPOFMBNCJFOUFZMB
QFOFUSBDJØO
&MDBVEBMZFMWPMVNFOEFBQMJDBDJØOOPTPOWBSJBCMFTJN
QPSUBOUFTEBEPRVFTFQVFEFOMPHSBSJEÏOUJDPTSFTVMUBEPTDPO
WBMPSFTNVZEJGFSFOUFTEFÏTUPT/PPCTUBOUFFTCVFOPBDMBSBS
RVFBNFOPSWPMVNFOBQMJDBEPTFNFKPSBTVTUBODJBMNFOUFFM
UJFNQPPQFSBUJWPFMDPTUPFONBOPEFPCSBZMBBVUPOPNÓB
EFMFRVJQPQFSPFMNBZPSWPMVNFOHFOFSBMNFOUFDPNQFOTB
NVDIPTEFGFDUPTEFMBDBMJEBEEFMBBQMJDBDJØO
%FBDVFSEPDPOFMWPMVNFOVUJMJ[BEPQPSIFDUÈSFBQPEFNPT
DMBTJmDBSMBTBQMJDBDJPOFTEFMBTJHVJFOUFNBOFSB
&YPEFSJWBDVBOEPFMQMBHVJDJEBEFTQMB[BEPEFMCMBODP
RVFEBGVFSBEFMPTMÓNJUFTEFMMPUFBTQFSKBEP&OUBMTFOUJEP
IBZRVFBDMBSBSRVFMBNJTNBQVFEFTFSQPSBSSBTUSFQPSWJFOUP
EFMBTHPUBTFOFMNPNFOUPEFMBBQMJDBDJØOPQPSQÏSEJEBEFM
QSPEVDUPFOTVGBTFHBTFPTBQPSFWBQPSBDJØO&TUBÞMUJNBGPSNB
TFQSFTFOUBDVBOEPTFBQMJDBOBHSPRVÓNJDPTEFFMFWBEBQSFTJØO
EFWBQPSZQVFEFPDVSSJSNVDIBTIPSBTEFTQVÏTEFMNPNFOUP
EFTVBQMJDBDJØO
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&MDÈMDVMPEFMWPMVNFOUPUBMEFBQMJDBDJØOFOVOUJFNQPEBEP
TFSFBMJ[BNFEJBOUFMBNFEJDJØOEFMWPMVNFOEFBHVBBQMJDBEP
QPSDBEBQJDPFOVONJOVUPMVFHPTFTVNBOMPTWPMÞNFOFTEF
UPEPTMPTQJDPTEFMBNÈRVJOBZTFMMFWBBMUJFNQPEFTFBEP
&KFNQMPTJTFUJFOFVOBBQMJDBEPSBEFDJODPQJDPTZMBNF
EJDJØOEFDBEBVOPEFFMMPTFOVONJOVUPBSSPKØMPTTJHVJFOUFT
EBUPT
7PMVNFOQSPNFEJPQPSQJDP
DNQPSNJOVUP
7PMVNFOUPUBMEFMBNBRVJOBFOVONJOVUPDN
7PMVNFOBQMJDBEPFOIPSBTDNQPSNJOVUPY
NJOVUPTDNM
&TJNQPSUBOUFSFDBMDBSRVFTJTFQSFUFOEFMBBQMJDBDJØO
IPNPHÏOFBTPCSFVOBTVQFSmDJFFTJNQPSUBOUFRVFUPEBT
MBTQBTUJMMBTUFOHBOFMNJTNPDBVEBMPMBEJGFSFODJBFOUSF
FMMBTOPTFBTVQFSJPSBVOEFEFMDBVEBMDPOSFTQFDUPBM
QSPNFEJP
&OFMFKFNQMPBOUFSJPS
EFMQSPNFEJPY
&KFNQMPEFUBCMBQBSBBOÈMJTJTEFWPMVNFOBTQFSKB
EP
$VBMRVJFSQBTUJMMBDPOVODBVEBMQPSFODJNBEF
ØQPSEFCBKPEF
EFCFO
TFSSFDBNCJBEBT
-BWBSJBDJØOEFMWPMVNFOEFBQMJDBDJØOTFMPHSBEFMBTJ
HVJFOUFNBOFSB
tDBNCJPEFQBTUJMMBMBTNÈTHSBOEFTBVNFOUBOFMWPMV
NFO
tWBSJBDJØOEFMBDBOUJEBEEFQJDPTEFMCPUBMØOBNBZPS
OÞNFSPEFQBTUJMMBTNBZPSWPMVNFO
tWBSJBDJØOEFMBWFMPDJEBEBNBZPSWFMPDJEBEEFUSBCBKP
NFOPSWPMVNFO
tWBSJBDJØOEFMBQSFTJØOBNBZPSQSFTJØONBZPSWPMVNFO
BVORVFOPFTEJSFDUP
%FUPEBTMBTQPTJCJMJEBEFTNFODJPOBEBTMBTNÈTBEFDVB
EBTTPOFMDBNCJPEFQBTUJMMBTMBDBOUJEBEEFMBTNJTNBTZ
MBWBSJBDJØOEFMBWFMPDJEBETJFOEPNVZQPDPSFDPNFOEBCMF
MBWBSJBDJØOEFMBQSFTJØOEBEPRVFBMNPEJmDBSMBNJTNBTF
QSPEVDFODBNCJPTJNQPSUBOUFTFOFMUBNB×PEFHPUBRVF
QVFEFOQFSKVEJDBSTFSJBNFOUFMBDBMJEBEEFMBBQMJDBDJØOZFM
SFTVMUBEPEFMDPOUSPM
3FHVMBDJØOEFMUBNB×PEFHPUB
&MUBNB×PEFHPUBFTVOPEFMPTFMFNFOUPTNÈTJNQPSUBOUF
FOFMQSPDFTPEFQVFTUBBQVOUPEFMFRVJQPFMEJÈNFUSPEFMB
NJTNBQVFEFWBSJBSEFNVZQFRVF×PNJDSPOFT
NFEJPT
NJDSPOFT
BHSBOEFNJDSPOFT
-BTHPUBTEFNFOPSUBNB×PQPTFFOMBTTJHVJFOUFTDBSBD
UFSÓTUJDBT
t7JEBNFEJBNFOPSTFFWBQPSBOBOUFT
t4PONÈTMJWJBOBTTVFMFOnPUBSZQFSEFSTFQPSEFSJWB
t$VCSFONÈTMBTVQFSmDJFBJHVBMWPMVNFO
t4FBEIJFSFONÈT
t4JFMWPMVNFOFTFMBEFDVBEPSBSBWF[SVFEBO
t1VFEFOSFDPSSFSUSBZFDUPSJBTDVSWBTZUFOFSNÈTQFOFUSB
DJØOFOFMGPMMBKF
t$BVTBONBZPSJNQBDUPBNCJFOUBMEFSJWBQPSWJFOUP
1PSTVQBSUFMBTHPUBTHSBOEFTTFDBSBDUFSJ[BOQPS
t7JEBNFEJBNÈTMBSHB
t4PONÈTQFTBEBT
t4VFMFOSPEBSFOIPKBTDFSPTBTPEFEJTQPTJDJØOWFSUJDBM
t3FDPSSFOUSBZFDUPSJBTSFDUJMÓOFBT
t4PONVZBGFDUBEBTQPSFMFGFDUPQBSBHVBT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t4VFMFOBDVNVMBSTFFOMPTFYUSFNPTEFMBTIPKBTEFMWFHFUBM
ZBGFDUBSMPTUFKJEPTQPSFGFDUPMVQBPEFTPCSFEPTJT
-BGPSNBDPSSFDUBEFNPEJmDBSFMUBNB×PEFMBHPUBFT
NFEJBOUFMBWBSJBDJØOEFMBQSFTJØO"NBZPSQSFTJØONFOPS
UBNB×PEFHPUB4JCJFOEFQFOEFEFMBQBTUJMMBRVFVUJMJDFNPT
QPEFNPTEFDJSDPNPSFHMBHFOFSBMRVFFMBVNFOUPEFMBQSF
TJØOJOnVZFEJSFDUBNFOUFTPCSFFMUBNB×PEFMBHPUBQFSPOP
FTMPNJTNPDPOFMDBVEBMEBEPRVFQBSBEVQMJDBSÏTUFÞMUJNP
EFCFNPTDVBESVQMJDBSMBQSFTJØO%FFTUPEFEVDJNPTRVFMB
QSFTJØOOVODBEFCFUPNBSTFDPNPNFEJPQBSBSFHVMBS
DBVEBM
3FBMJ[BEBMBSFHVMBDJØOEFMWPMVNFOZEFMUBNB×PEFMBT
HPUBTEFCFNPTBDPNPEBSTFHÞOOFDFTJEBEUPEBTMBTQBSUFT
NØWJMFTEFMBNÈRVJOBFOUSFFMMBTBMUVSBPQPTJDJØOEFMCPUBMØO
TFQBSBDJØOZPSJFOUBDJØOEFMPTQJDPTQBTUJMMBTZmMUSPTFUD
-VFHPTFEFCFSÈDPNQSPCBSTJMBTHPUBTMMFHBOFODBOUJEBEZ
GPSNBBMPCKFUJWPmKBEP1BSBUBMmOTFUFOESÈRVFSFBMJ[BSVOB
BQMJDBDJØOTPCSFFMDVMUJWPZPCTFSWBSFMSFTVMUBEPMVFHPEFMP
DVBMTFSFDBMJCSBSÈPTFQSPDFEFSÈBMBBQMJDBDJØOEFmOJUJWBEF
MPTBHSPRVÓNJDPTDPSSFTQPOEJFOUFT
1BSBMBNFKPSPCTFSWBDJØOEFMPTJNQBDUPTQSPEVDJEPTQPS
MBTHPUBTFYJTUFOBOJWFMDPNFSDJBMUBSKFUBTTFOTJCMFTBMBHVB
RVFDBNCJBOEFDPMPSBMNPKBSTFÏTUBTEFCFODPMPDBSTFFOFM
MVHBSEFMCMBODPZMVFHPEFMBBQMJDBDJØOTFSFUJSBOZDVFOUBO
DPOBZVEBEFVOBMVQBFMOÞNFSPEFHPUBTQPSDNIPZFYJTUFO
QSPHSBNBTEFDPNQVUBEPSBTRVFFTDBOFBOMBTUBSKFUBTZNJEFO
SÈQJEBNFOUFFMOÞNFSPUBNB×PEFMBTHPUBTZMBTVQFSmDJF
NPKBEBQPSÏTUBT
%FBDVFSEPBMUJQPEFQSPEVDUPBVUJMJ[BSBMHVOPTBVUPSFT
SFDPNJFOEBOBNPEPPSJFOUBUJWPVOSBOHPØQUJNPEFUBNB×P
EFHPUB/PPCTUBOUFFTSFDPNFOEBCMFQBSBFWJUBSQSPCMFNBT
BNCJFOUBMFTMBVUJMJ[BDJØOEFHPUBTMPNÈTHSBOEFTQPTJCMFT
„
3FTJEVPTEFQMBHVJDJEBT
&TUPEBTVTUBODJBPNF[DMBEFTVTUBODJBRVFTFFODVFOUSF
FOMPTBMJNFOUPTQBSBDPOTVNPIVNBOPPEFBOJNBMFTDPNP
DPOTFDVFODJBEFMFNQMFPEFQMBHVJDJEBT$PEFY"MJNFOUBSJVT
'"00.4
"CBSDBBMPTEFSJWBEPTEFMPTQSPEVDUPTEFEFHSBEBDJØOZ
USBOTGPSNBDJØORVÓNJDBNFUBCPMJUPTZBMPTQSPEVDUPTEFTVT
SFBDDJPOFTRVFTFDPOTJEFSFOEFJNQPSUBODJBUPYJDPMØHJDB
UBOUPTJQSPDFEFOEFGVFOUFTEFTDPOPDJEBTDPNPBTÓUBNCJÏO
TJQSPDFEFOEFVTPTEFTDPOPDJEPTEFMQMBHVJDJEBFODVFTUJØO
5JQPTEFSFTJEVPTQSFTFOUFT
t4VTUBODJBTBDUJWBTDPNQVFTUPTJEÏOUJDPTBMBQMJDBEP
DPNPQMBHVJDJEB
t.FUBCPMJUPTQSJNBSJPTMJCSFTDPNQVFTUPTEFFTUSVD
UVSBRVÓNJDBTJNJMBSBMJOHSFEJFOUFBDUJWPPSJHJOBMZEFFGFDUPT
FRVJWBMFOUFT
t1SPEVDUPTDPOKVHBEPTDPNQVFTUPTGPSNBEPTQPSMB
VOJØOEFMJOHSFEJFOUFBDUJWPPEFTVTNFUBCPMJUPTQSJNBSJPT
DPONPMÏDVMBTDPNQMFKBTHMVDPHMVDVSPOPGVMGPNFSDBQUVSP
FUD
t.FUBCPMJUPTVOJEPTDPWBMFOUFNFOUFDPNQVFTUPEFSJ
WBEPEFMBNFUBCPMJ[BDJØOEFMJOHSFEJFOUFBDUJWPRVFTPORVÓ
NJDBNFOUFFTUBCMFTJSSFWFSTJCMFJOTPMVCMFTZOPFYUSBÓCMFT
t.FUBCPMJUPTBETPSCJEPTDPNQVFTUPTRVFTPOBUSBQB
EPTZSFUFOJEPTQPSUFKJEPTEFMWFHFUBMEFGPSNBRVFMPUPSOBO
QPDPCJPEJTQPOJCMF
*OEFQFOEJFOUFNFOUFEFMUJQPEFSFTJEVPEFMRVFTFUSBUF
TVQSFTFODJBTFFYQSFTBFOQSPQPSDJØOQFTPEFSFTJEVPFOQFTP
EFWFHFUBMNHLH
PMPRVFFTJHVBMQQN
$POTJEFSBOEPVOBDPSSFDUBBQMJDBDJØOFMOÞNFSPEFHPUBT
SFDPNFOEBEPTQPSUJQPEFQSPEVDUPTTPO
%FQØTJUPTFEFOPNJOBEFQØTJUPBMBDBOUJEBEEFQMBHVJ
DJEBRVFRVFEBTPCSFFMWFHFUBMJONFEJBUBNFOUFEFTQVÏTEF
MBBQMJDBDJØOEFMUSBUBNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
'BDUPSFTRVFEFUFSNJOBOFMEFQØTJUP
t%PTJTEFMQMBHVJDJEBMBNJTNBQVFEFFTUBSFYQSFTBEB
FOHDNMPLHQPSIBBUSBUBSPQPSIMEFBHVBBBQMJDBSDPNP
WFIÓDVMPEFMBBTQFSTJØO
t/BUVSBMF[BRVÓNJDBEFMQMBHVJDJEBEFBDVFSEPDPOMB
FTUSVDUVSBRVÓNJDBQPMBSJEBEFUDEFMQMBHVJDJEBFTUFQVFEFTFS
SFUFOJEPEFGPSNBEJGFSFODJBMTFHÞOMBTVQFSmDJFEFMWFHFUBM
t5JQPEFGPSNVMBDJØOFTUÈSFMBDJPOBEPDPOMBDBOUJEBE
ZDBMJEBEEFMPTDPBEZVWBOUFTRVFÏTUBQPTFBZDPOMBSFMBDJØO
RVFTFWBBFTUBCMFDFSFOUSFFMJOHSFEJFOUFBDUJWPZMBNBTBEF
BHVBFOMBDVBMFTUÈWFIJDVMJ[BEP0USPBTQFDUPJNQPSUBOUFFT
FMFTUBEPFORVFTFFODVFOUSBFMJOHSFEJFOUFBDUJWPEFOUSPEFMB
GPSNVMBDJØOZTJÏTUBFTQBSBVTPFOFTQPMWPSFPPDPOBHVB
t6UJMJ[BDJØOEFBEJUJWPTMPTDVBMFTTFDPMPDBOFOFMDBMEP
EFBQMJDBDJØODPOFMmOEFNFKPSBSFMUSBUBNJFOUPNPEJmDBOEP
QPSFKFNQMPMBBEIFSFODJBFMFTDVSSJNJFOUPFWBQPSBDJØO
FUD
t"QMJDBDJØOUJQPEFNBRVJOBSJBUBNB×PEFHPUBQSFTJØO
EFUSBCBKPBQMJDBDJØODPOWJFOUPFUD0USPBTQFDUPJNQPSUBOUF
FTTJMBBQMJDBDJØOFTGPMJBSPWÓBSJFHPFUD
t$MJNBUBOUPMBMMVWJBFMWJFOUPDPNPPUSPTGBDUPSFT
DMJNÈUJDPTQVFEFOFOUPSQFDFSMBMMFHBEBEFMUØYJDPBMDVMUJWP
QSPWPDBOEPEFSJWBTFOEØHFOBTPFYØHFOBT
t.PSGPMPHÓBEFMWFHFUBMMBBSRVJUFDUVSBEFMBQMBOUB
QVFEFIBDFSRVFFMQSPEVDUPTFSFUFOHBFOGPSNBEJGFSFOUF
PRVFBMPTØSHBOPTDPNFTUJCMFTMMFHVFEJTUJOUBDBOUJEBEEFM
UØYJDPRVFBMSFTUPEFMBQMBOUB
t3FMBDJØOWPMVNFOQFTPTVQFSmDJFEFMWFHFUBMFTUP
FTJNQPSUBOUFEBEPRVFFMEFQØTJUPTFNJEFFOQQNMPTGSV
UPTDIJDPTQSFTFOUBOVOBTVQFSmDJFFYQVFTUBFOSFMBDJØOBTV
WPMVNFOZQFTPNVZEJGFSFOUFTBMBTEFMPTGSVUPTHSBOEFTFK
VWBTPGSVUJMMBWTNFMØOPTBOEÓB0MFDIVHBWTUPNBUFQPSMB
SFMBDJØOTVQFSmDJFQFTP
t/BUVSBMF[BEFMBTVQFSmDJFEFMWFHFUBMMBTVQFSmDJF
EFMWFHFUBMQVFEFWBSJBSMBSFUFODJØOEFMQSPEVDUPZBTFBQPS
MBQSFTFODJBEFDFSBTQFMPTSVHPTJEBEFTFUD
TVOBUVSBMF[BMJQPGÓMJDBSFUJFOFOJNQPSUBOUFTDBOUJEBEFTEF
QMBHVJDJEBTOPQPMBSFT1PSVOMBEPFTUPFWJUBMBQFOFUSBDJØOEFM
UØYJDPBMBQVMQBQFSPBVNFOUBTVDPODFOUSBDJØOFODÈTDBSB
t$SFDJNJFOUPEFMWFHFUBMÏTUBFTVOBFMJNJOBDJØO
BQBSFOUFEBEPRVFOPIBZEFTBQBSJDJØOBCTPMVUBEFMUØYJDP
TJOPVOBEJMVDJØOQSPEVDUPEFMNÏUPEPEFFYQSFTJØOEFMB
DBOUJEBEEFSFTJEVPFTEFDJSEJTNJOVZFFMWBMPSFONHLH
OPQPSEJTNJOVDJØOEFMPTNHEFMUØYJDPTJOPQPSBVNFOUPEF
MPTLHEFMWFHFUBM
t5JQPEFGPSNVMBDJØOFOHFOFSBMTFUPNBDPNPRVFMBT
BQMJDBDJPOFTMÓRVJEBTTPONÈTQFSTJTUFOUFTRVFMBTFOQPMWP
RVFMPT$PODFOUSBEPT&NVMTJPOBCMFTMPTPONÈTRVFMBT
4VTQFOTJPOFTZÏTUBTNÈTRVFMPT1PMWPT.PKBCMFT6ODBTP
FTQFDJBMEFOUSPEFFTUFUFNBFTMBBQBSJDJØOFOFMNFSDBEPEF
GPSNVMBDJPOFTEFMJCFSBDJØOMFOUBZNJDSPFODBQTVMBEPT
t"SSBTUSFNFDÈOJDPFTFMRVFQSPWPDBMBNBZPSQÏSEJEB
EFQSPEVDUPFOMBGBTFJOJDJBMEFMQSPDFTPEFFMJNJOBDJØOEFM
UØYJDP-PTGBDUPSFTNÈTJNQPSUBOUFTRVFJOUFSWJFOFOTPOFM
BHVBFOGPSNBEFMMVWJBSPDÓPSJFHPFUDZFMWJFOUP
t7PMBUJMJ[BDJØOFTFMQBTPEFMQMBHVJDJEBBTVFTUBEPEF
WBQPSZTVEJMVDJØOFOMBBUNØTGFSB&TUFQSPDFTPFTUÈHPCFSOBEP
QPSMBQSFTJØOEFWBQPSJOUSÓOTFDBEFMBESPHBMBDVBMEFQFOEF
EFMBUFNQFSBUVSBZQPSMBIVNFEBESFMBUJWBEFMBNCJFOUF
t4PMVCJMJEBEMBEJTPMVDJØOEFMPTQMBHVJDJEBTFOFMBHVB
ZBTFBEFMMVWJBEFSPDÓPPEFDPOEFOTBDJØOTPCSFMBTVQFSmDJF
EFMWFHFUBMFTDBVTBJNQPSUBOUFEFFMJNJOBDJØOJOEFQFOEJFOUF
NFOUFEFMBSSBTUSFNFDÈOJDPNFODJPOBEPBOUFSJPSNFOUF
t%FHSBEBDJØORVÓNJDBMBNJTNBTFQVFEFEFCFSBSFBD
DJPOFTEFIJESØMJTJTPYJEBDJPOFTSFEVDDJPOFTJTPNFSJ[BDJPOFT
EFTDBSCPYJMBDJPOFTFUDPQSPDFTPTNÈTDPNQMFKPTFOMPTDVBMFT
JOUFSWJFOFOEJGFSFOUFTFODJNBT5PEBTFTUBTSFBDDJPOFTQVFEFO
EBSTFUBOUPFOFMJOUFSJPSDPNPFOFYUFSJPSEFMPTUFKJEPTEFM
WFHFUBMZEBOPSJHFOBNFUBCPMJUPTEFUPYJDJEBEWBSJBCMFMPT
DVBMFTFOPDBTJPOFTQVFEFOTFSJHVBMPTVQFSJPSBMEFMJOHSFEJFOUF
BDUJWPPSJHJOBMFK1BSBUJØOB1BSBPYØOo"DFGBUPB.FUBNJEPGPT
o5IJPEJDBSCB.FUPNJMoFUD
'BDUPSFTRVFEFUFSNJOBOMBSFEVDDJØOEFSFTJEVPT
&TUBTSFBDDJPOFTTPONVZJOnVFODJBEBTQPSMBUFNQF
SBUVSBMBDVBMBDUÞBDPNPDBUBMJ[BEPSB
ZFMBHVBEBEP
RVFEFCFOEBSTFFONFEJPBDVPTP
t/BUVSBMF[BEFMWFHFUBMDPNQPTJDJØORVÓNJDBEFMB
TVQFSmDJF1PSFKFNQMPMPTGSVUPTDÓUSJDPTQPTFFOFOTVTVQFS
mDJFHSBODBOUJEBEEFWFTÓDVMBTEFBDFJUFTFTFODJBMFTRVFQPS
t'PUPEFTDPNQPTJDJØOFTMBBMUFSBDJØOGPUPRVÓNJDBRVF
QSPWPDBMBQPSDJØOVMUSBWJPMFUBFOUSFZNNEFMPOHJ
UVEEFPOEB
EFMFTQFDUSPTPMBS&TUFUJQPEFEFTDPNQPTJDJØO
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
TFEBNÈTFONFEJPBDVPTPDPNPFKFNQMPUFOFNPTIJESØMJTJT
BMDBMJOBEFGPTGPSBEPTFOQSFTFODJBEFMV[ZMBGPUØMJTJTEFMBT
QJSFUSJOBTZQJSFUSPJEFTEFQSJNFSBHFOFSBDJØO
$VSWBEFEFHSBEBDJØO
$VSWBRVFSFQSFTFOUBMBFWPMVDJØOEFMPTSFTJEVPTEFVO
QMBHVJDJEBFOVODVMUJWPEBEPCBKPEFUFSNJOBEBTDPOEJDJPOFT
BHSPDMJNÈUJDBTZPEFBMNBDFOBKF
-BSFQSFTFOUBDJØOEFMBDVSWBEFEFHSBEBDJØOSFTQPOEFBMB
WBSJBDJØOEFMBDBOUJEBEEFMUØYJDPFWBMVBEPFOQQNFOGVODJØO
EFMUJFNQPFOEÓBTVIPSBT
7JEBSFTJEVBMNFEJB
%FQØTJUPJOJDJBM
$BOUJEBEEFMUØYJDPQSFTFOUFJONFEJBUBNFOUFEFTQVÏTEF
MBBQMJDBDJØOEFMUSBUBNJFOUPZRVFFOMBDVSWBEFEFHSBEBDJØO
DPSSFTQPOEFBMBTQQNQSFTFOUFTFOFMUJFNQPDFSP5EFM
BOÈMJTJT
&TFMUJFNQPOPSNBMNFOUFFYQSFTBEPFOEÓBTFOFMDVBMMB
DBOUJEBEEFSFTJEVPRVFDPOGPSNBFM%FQØTJUP*OJDJBMTFSFEV
DFBMBNJUBE4FSFQSFTFOUBDPOMBTJHMB73Ø5N5JFNQP
NFEJP
-ÓNJUFNÈYJNPEFSFTJEVP-.3
&TMBDPODFOUSBDJØONÈYJNBEFVOQMBHVJDJEBRVFSFTVMUB
EFMBVUJMJ[BDJØOEFVOQMBHVJDJEBEFBDVFSEPBVOBQSÈDUJDB
BHSÓDPMBDPSSFDUBRVFTFQFSNJUFMFHBMNFOUFFOVOBMJNFOUP
PQSPEVDUPBMJNFOUJDJP%BEPRVFFTVOBFYQSFTJØOEFSFTJEVP
TFNJEFFMNHEFMUØYJDPFOVOLHEFBMJNFOUPGSFTDP4FUJFOF
RVFEFKBSFODMBSPRVFFM-.3FTVOWBMPSEFUJQPGVOEBNFO
UBMNFOUFMFHBM
t/JWFMTJOFGFDUP/&-OPOFGGFDUMFWFM
t/JWFMTJOFGFDUPPCTFSWBCMF/0&-OPOPCTFSWFEFGGFDU
MFWFM
t/JWFMTJOFGFDUPBEWFSTPPCTFSWBCMF/0"&-
&TMBNÈYJNBDBOUJEBEEFUØYJDPRVFJOHFSJEPEJBSJBNFOUF
EVSBOUFUPEBMBWJEBEFMPTBOJNBMFTEFFYQFSJNFOUBDJØOOP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
MFTQSPWPDBFGFDUPTOPDJWPTPCTFSWBCMFTFOMBNPSGPMPHÓB
DBQBDJEBEGVODJPOBMDSFDJNJFOUPEFTBSSPMMPPEVSBDJØOEFMB
WJEB4FFYQSFTBFONHQPSLHQPSEÓB
&YJTUFMBJEFBDBEBWF[NÈTDSFDJFOUFEFRVFFTUFDPODFQUP
OPTFBQMJRVFBMPTFGFDUPTOPDJWPTEFPSJHFOHFOPUØYJDPTZP
DBSDJOPHÏOJDPTQBSBFTUPTQSPEVDUPTOPTFEFCFOEBSVNCSBMFT
EFUPMFSBODJBEBEPTVFMFWBEBQFMJHSPTJEBEBÞOFOOJWFMFTDBTJ
JOEFUFDUBCMFT
4FFYQSFTBDPNPNHEFQMBHVJDJEBQPSLHEFQFTPIVNBOP
ZQPSEÓBZTVSHFEFEJWJEJSFMWBMPSEFM/&-EFMBFTQFDJFFY
QFSJNFOUBMNÈTTFOTJCMFQPSVODPFmDJFOUFEFTFHVSJEBERVF
OPSNBMNFOUFFTEF&TUFGBDUPSTVSHFEFMBQPTJCMFNBZPS
TFOTJCJMJEBEEFMIPNCSFDPNPTFSBODJBOPTOJ×PTFOGFSNPT
FUDZQPSMBIFUFSPHFOFJEBEQPCMBDJPOBM
/JWFMQFSNJTJCMF
$BOUJEBEEFSFTJEVPFOBMJNFOUPQBSBFMIPNCSF
5PMFSBODJBDFSP
6OBUPMFSBODJBDFSPQBSBVOQMBHVJDJEBFOVOBMJNFOUP
EFUFSNJOBEPTJHOJmDBRVFOPEFCFFYJTUJSOJOHVOBDBOUJEBE
EFUFDUBCMFEFMNJTNPFOMBNVFTUSBEFBOÈMJTJT&TUFDPODFQUP
UJFOFVODBSÈDUFSSFMBUJWPEBEPRVFFMOJWFMEFQSFTFODJBFTUBSÓB
EBEPQPSMBQSFDJTJØOEFMNÏUPEPFNQMFBEPQBSBTVBOÈMJTJTZ
QPSMPUBOUPFOWBSJBCMF
4JCJFOFOFM$PEFYOPFYJTUFFMDPODFQUPEF5PMFSBODJB$FSP
IBZBMHVOPTQBÓTFTRVFIBOBEPQUBEPFTUFTJTUFNBEFMFHJTMBDJØO
FOUSFMPTDVBMFTUFOFNPTB)PMBOEB#ÏMHJDB4VJ[BZ&&66
FYJTUJFOEPEJGFSFODJBTOPSNBUJWBTFOUSFFMMPT5BNCJÏOTFFTUÈ
FTUVEJBOEPMBBEPQDJØOEF-ÓNJUFTEF%FUFSNJOBDJØOFMDVBMTF
EFmOFDPNPMBDPODFOUSBDJØONÈTCBKBEFSFTJEVPEFQMBHVJDJEB
RVFQVFEFTFSJEFOUJmDBEBZNFEJEBFOHSBEPBDFQUBCMFEF
DFSUJEVNCSFQPSMPTNÏUPEPTPmDJBMFTEFBOÈMJTJT
&OMBTOPSNBUJWBTEF&&66MB5PMFSBODJB$FSPQVFEFEBSTF
QPSWBSJPTNPUJWPT
t/PFTUÈEFUFSNJOBEPFOGPSNBmBCMFFMOJWFMTFHVSPEFM
QMBHVJDJEBFOMBEJFUBEFEPTBOJNBMFTEFTBOHSFDBMJFOUF
t&MQMBHVJDJEBFTDBODFSÓHFOPPIBNPTUSBEPFGFDUPTmTJP
MØHJDPTBMBSNBOUFTFOUBMTFOUJEP
t$VBOEPQPSTVGPSNBEFVTPFMQSPEVDUPDPTFDIBEPOP
EFCFFTUBSFODPOUBDUPDPOFMNJTNP
t$VBOEPQVFEFTFSFMJNJOBEPQPSNÏUPEPTTFODJMMPTZ
FDPOØNJDPTQSFWJPBMBDPNFSDJBMJ[BDJØO
*OHFTUJØOEJBSJBBENJTJCMF*%"
$BOUJEBEEFSFTJEVPEFDBEBQMBHVJDJEBRVFJOHFSJEBEJB
SJBNFOUFEVSBOUFUPEBMBWJEBOPNVFTUSBSJFTHPTBQSFDJBCMFT
CBTÈOEPTFFOMPTDPOPDJNJFOUPTRVFBDUVBMNFOUFTFQPTFFO
4VSHFEFNVMUJQMJDBSFM*%"QPSLHRVFFTFMQFTPQSP
NFEJPUPNBEPQBSBFMTFSIVNBOPIBZDSJUFSJPTQBSBFMFWBSMP
BLHFO+BQØOTFFTUJNBFOLH
$PFmDJFOUFBMJNFOUBSJP
'SBDDJØOQSPNFEJPEFMBEJFUBUPUBMDPOTUJUVJEBQPSFMBMJ
NFOUPPBMJNFOUPTFODPOTJEFSBDJØO
&TUFGBDUPSQSFTVQPOFFMDPOPDJNJFOUPEFMPTDPNQPOFOUFT
EFMBTEJFUBTQBSBDBEBQPCMBDJØOFO&VSPQBQBSBMPTQSPEVDUPT
GSVUJIPSUÓDPMBTTFUPNBLHQPSEÓB&TJNQPSUBOUFRVFFTUF
GBDUPSFTUÏDPOTUJUVJEPQPSMBTVNBUPSJBEFUPEBTMBTFTQFDJFT
RVFEFOUSPEFMBEJFUBDPOUJFOFOVOEFUFSNJOBEPUØYJDP
/*7&-1&3.*4*#-&/0&-Y1FTP)VNBOP
'BDUPS4FHVSJEBE
Y'BDUPS"MJNFOUBSJP
$PSSFDUBQSÈDUJDBBHSÓDPMBEFBQMJDBDJØO
&TFMFNQMFPOFDFTBSJPPmDJBMNFOUFSFDPNFOEBEPEFVO
EFUFSNJOBEPQSPEVDUPQBSBDPNCBUJSMBTQMBHBTFODVBMRVJFS
GBTFEFMBQSPEVDDJØOBHSÓDPMBJODMVZFOEPMBQPTDPTFDIBUF
OJFOEPFODVFOUBMBTNÓOJNBTEPTJTOFDFTBSJBTQBSBBMDBO[BS
VODPOUSPMBEFDVBEPMBBQMJDBDJØOEFMQSPEVDUPFOMBNFKPS
GPSNBQPTJCMFRVFHBSBOUJDFMBFmDJFODJBEFDPOUSPMTFHVSJEBE
QBSBFMBQMJDBEPSZRVFSFTVMUFBDFQUBCMFEFTEFFMQVOUPEF
WJTUBUPYJDPMØHJDP
5JFNQPEFDBSFODJB
1MB[PEFTFHVSJEBEFYQSFTBEPFOEÓBTRVFEFCFNFEJBS
FOUSFMBÞMUJNBBQMJDBDJØOEFVOQMBHVJDJEBFOVODVMUJWPZMB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
DPTFDIBEFÏTUFQBSBRVFMPTSFTJEVPTmOBMFTOPTPCSFQBTFO
MBTSFTQFDUJWBTUPMFSBODJBTMFHBMFT
&OSFGFSFODJBBMBDVSWBEFEFHSBEBDJØOEFMPTQSPEVDUPT
EFDJNPTRVFFM5JFNQPEF$BSFODJBFTFMUJFNQPFYQSFTBEPFO
EÓBTFORVFMBDBOUJEBEEFSFTJEVPFTJEÏOUJDBBM-ÓNJUF.ÈYJNP
EF3FTJEVP-.3
4JCJFOFYJTUFOFOFMÈNCJUPEFQBÓTFTZHSVQPTEFQBÓTFT
EFMB$&&UBCMBTFOMBTDVBMFTTFEBO5JFNQPTEF$BSFODJBT
DPOTUBOUFTQBSBDBEBDVMUJWPZQMBHVJDJEBFOSFBMJEBEFTUPT
WBMPSFTTPOBOJWFMBHSPOØNJDPSFMBUJWBNFOUFWBSJBCMFTZQPS
MPUBOUPQPTJCMFTEFTFSNBOFKBEPTDPODSJUFSJPFOFTQFDJBMFO
BRVFMMBTDJSDVOTUBODJBTFOMBTDVBMFTMPTGBDUPSFTEFFMJNJOB
DJØOEFSFTJEVPTTPOGÈDJMNFOUFPCTFSWBCMFTDPNPTFSDVMUJWP
CBKPDVCJFSUBUFNQFSBUVSBMMVWJBTNBOFKPHFOFSBMZMBWBEP
QPTUFSJPSBMBDPTFDIBFUD
3FTJEVPZFmDBDJBEFDPOUSPM
&TJNQPSUBOUFTF×BMBSRVFOPFYJTUFOFDFTBSJBNFOUFSFMBDJØO
EJSFDUBFOUSFMPTWBMPSFTEFSFTJEVPTEFUFDUBEPTFOMPTØSHB
OPTDPNFTUJCMFTEFMPTWFHFUBMFTZTVBDDJØOTPCSFMBTQMBHBT
1VFEFOEBSTFWBMPSFTEFSFTJEVPTFOGSVUBTZIPSUBMJ[BTNVZ
TVQFSJPSFTBMPTMÓNJUFTNÈYJNPTQFSNJUJEPTZRVFZBOPTF
PCTFSWFBDUJWJEBEEFDPOUSPMTPCSFMBQMBHB
QBSBDPOUSPMBSVOBEFUFSNJOBEBQMBHB&TUFWBMPSFTUÈOPTPMP
SFMBDJPOBEPDPOMBDBOUJEBEEFQSPEVDUPQSFTFOUFFOFMWFHFUBM
TJOPUBNCJÏODPOTVEJTQPOJCJMJEBECJPMØHJDB6OFKFNQMPEFFTUP
FTFMDBTPEFMPTQMBHVJDJEBTMJQPTPMVCMFTRVFBMTFSBQMJDBEPT
TPCSFGSVUPTEFDÓUSJDPTRVFEBOEJTVFMUPTZSFUFOJEPTFOMPT
SFTFSWPSJPTEFBDFJUFTFTFODJBMFTRVFEBOEPJOBDUJWPTQBSBFM
DPOUSPMEFQMBHBTBMUBNFOUFDPODFOUSBEPTQBSBMBQSPEVDDJØO
EFKVHPTBCBTFEFDÈTDBSBZFODPOEJDJØOJOUFSNFEJBQBSBFM
DPOTVNPEFGSVUBTGSFTDB
-ÓNJUFT.ÈYJNPTEF3FTJEVPTZMPT1FSÓPEPTEF$B
SFODJBTFO"SHFOUJOB
-PT-ÓNJUFT.ÈYJNPTEF3FTJEVPTMPT1FSÓPEPTEF$BSFODJBT
DPNPMBQPTJCJMJEBEEFVUJMJ[BDJØOEFDBEB1SJODJQJP"DUJWPFO
QBSUJDVMBSTPOEFUFSNJOBEPTFOGPSNBFTQFDÓmDBFODBEBQBÓT
FODPOUSÈOEPTFEJGFSFODJBTNVZOPUPSJBTFOUSFFMMPT&O"SHFO
UJOBFYJTUFMBPCMJHBDJØOEFSFHJTUSBSMPTBHSPRVÓNJDPTTFHÞOTV
VTPFOFM4&/"4"4FSWJDJP/BDJPOBMEF4BOJEBE"HSPQFDVBSJB
FTUBOEPQSPIJCJEPMBVUJMJ[BDJØOEFQMBHVJDJEBTFODVMUJWPTFO
MPTRVFOPIBZBTJEPSFHJTUSBEPTVVTP5BMNFEJEBTFIBDF
FYUFOTJWBBÞOQBSBMPTDVMUJWPTDVZPØSHBOPDPTFDIBEPTFB
DPNFSDJBMJ[BEPQBSBTFSDPOTVNJEPTFOFMFYUFSJPSZOPGPSNFO
QBSUFEFMNFSDBEPJOUFSOP
1BSBBMHVOPTDVMUJWPTFTQFDÓGJDPTEFOUSPEFDVBMFTTF
FODVFOUSBOHSBOOÞNFSPEFIPSUBMJ[BTEFIPKBMBDBOUJEBEEF
QMBHVJDJEBTSFHJTUSBEPTFO"SHFOUJOBFTNVZFTDBTBTJFOEP
FONVDIBTPQPSUVOJEBEFTNFOPSBMPTRVFTFOFDFTJUBOQBSB
FMDPSSFDUPDPOUSPMEFQMBHBTZFOGFSNFEBEFTQPOJÏOEPTFFO
HSBWFSJFTHPMBDPOUJOVJEBEEFMBQSPEVDDJØOMBMFHBMJEBEEFMB
NJTNBPNÈTJNQPSUBOUFBÞOMBTBMVEEFMPTDPOTVNJEPSFT
&TEFNVDIBJNQPSUBODJBRVFMPTQSPEVDUPSFTDVFOUFODPO
VOBDPNQMFUBHBNBEFQSPEVDUPTSFHJTUSBEPTQBSBQPEFSQSPEV
DJSEFGPSNBFmDB[ZFmDJFOUFZDPOMBDFSUF[BEFRVFDVNQMJFOEP
DPOMBOPSNBUJWBWJHFOUFFTUÈOQSPDFEJFOEPEFGPSNBTFHVSB
UBOUPQBSBFMMPTDPNPQBSBFMSFTUPEFMBTPDJFEBE
5FOFNPTRVFEJGFSFODJBSFMDPODFQUPEF/JWFM.ÓOJNP
&GFDUJWPRVFFTMBDBOUJEBENÓOJNBEFVOQMBHVJDJEBOFDFTBSJP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
"OBMJ[BOEPMPTDVBESPTBOUFSJPSFTTFQVFEFWFSMBOFDFTJEBE
EFBDUVBMJ[BSMPTSFHJTUSPTBSHFOUJOPTEFGPSNBUBMJODPSQPSBS
QSPEVDUPTEFNFOPSUPYJDJEBEZBNQMJBSMBTQPTJCJMJEBEFTEFM
DPOUSPMTFHVSPEFQMBHBTUBMFTFMDBTPEFEJB[JOPOFOEPTVMGBO
NFUJMB[JOGPTNFUJEBUJPOFUDFONVDIPTDBTPTÞOJDPTQSP
EVDUPTSFHJTUSBEPTQBSBFMDPOUSPMEFQMBHBTFOEFUFSNJOBEPT
DVMUJWPT
„
$MBTJmDBDJØOUPYJDPMØHJDBEFQMBHVJDJ
EBT
5PYJDJEBEFTMBDBQBDJEBEEFVOBTVTUBODJBEFDBVTBSVO
FGFDUPOPDJWPFOVOTFSWJWP
&YQSFTJØODVBOUJUBUJWBMBUPYJDJEBETFFYQSFTBQPSNFEJP
EFVOBEPTJTPEFVOBDPODFOUSBDJØODPNPNHEFJOHSFEJFOUF
BDUJWPQPSLHEFQFTPDPSQPSBMEFMPSHBOJTNPUSBUBEPPDPNP
NHEFJOHSFEJFOUFBDUJWPQPSMJUSPEFTVTUSBUPPBNCJFOUFEFM
PSHBOJTNPPEJSFDUBNFOUFFOQQN
%PTJTMFUBM%-
FTBRVFMMBEPTJTFYQSFTBEBFOQQN
PNHQPSLHRVFBQMJDBEBBVOPSHBOJTNPDBVTBMBNVFSUFEFM
EFMPTJOEJWJEVPTEFMBQPCMBDJØO4FEFUFSNJOBFODPOEJ
DJPOFTDPOUSPMBEBTUBOUPBNCJFOUBMFTDPNPEFFEBETFYPFUD
$POSFTQFDUPBFGFDUPTPCSFPSHBOJTNPTQMBHBQVFEFOFWBMVBSTF
PUSPTFGFDUPTEJGFSFOUFTBMBNVFSUFQFSPRVFNBOJmFTUFOBMHÞO
HSBEPEFDPOUSPMEFOPNJOÈOEPTF%PTJT&GFDUJWB%&
5PYJDJEBEBHVEBFTBRVFMMBEPTJTQQN
EFJOHSFEJFOUF
BDUJWPPQSPEVDUPDPNFSDJBMRVFTVNJOJTUSBEBFOVOBTPMBWF[B
VOMPUFEFPSHBOJTNPTDBVTBMBNVFSUFEFMEFMPTJOEJWJEVPT
EFMBQPCMBDJØOFOFTUVEJP%FBDVFSEPBMBGPSNBEFTVNJOJTUSP
UFOFNPTUPYJDJEBEBHVEBPSBMEFSNBMPSFTQJSBUPSJB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
4FHÞOMPTWBMPSFTEF%-PSBMZEFSNBMZQBSBGPSNVMB
DJPOFTMÓRVJEBTZTØMJEBTTFSFBMJ[BMBDMBTJmDBDJØOUPYJDPMØHJDB
EFMPTEJGFSFOUFTQMBHVJDJEBTFOMBTTJHVJFOUFTDBUFHPSÓBT
$VBESP
1BSBVOBNFKPSJEFOUJmDBDJØOEFMBUPYJDJEBEEFMPTQSPEVDUPT
DPNFSDJBMFTDBEBDBUFHPSÓBUPYJDPMØHJDBQPTFVOBCBOEBEF
DPMPSJEFOUJmDBUPSJBVCJDBEBFOMBCBTFEFMBFUJRVFUBPNBSCFUF
-BNJTNBFTEFDBSÈDUFSPCMJHBUPSJPZSFTQPOEFBMBUJQPMPHÓB
DPMPSJNÏUSJDBEFVTPJOUFSOBDJPOBMQBSBJOEJDBDJØOEFQFMJHSP
3JFTHPBNCJFOUBM
-BGPSNBNÈTEJGVOEJEBEFNFEJSMPTSJFTHPTBNCJFOUBMFT
TFFYQSFTBOBUSBWÏTEFMPTFGFDUPTOFHBUJWPTRVFMPTQSP
EVDUPTDBVTBOTPCSFMBGBVOBTJMWFTUSFZMBTBCFKBTTFHÞOMPT
TJHVJFOUFTQBSÈNFUSPTEFSFGFSFODJBMBDVBMTFCBTBFOEBUPT
EFUPYJDJEBEBHVEB
&MTJHVJFOUFDVBESPNVFTUSBMBDMBTJmDBDJØOUPYJDPMØHJDB
BHVEBZFMSJFTHPBNCJFOUBMEFMPTQSPEVDUPTEFVTPNÈTDPNÞO
FOMBIPSUJDVMUVSBBSHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
5PYJDJEBEDSØOJDB
4POMPTFGFDUPTBEWFSTPTRVFPDVSSFODPNPSFTVMUBEPEF
EPTJTSFQFUJEBTDPOVOBTVTUBODJBRVÓNJDBTPCSFVOBCBTFEJBSJB
PFYQPTJDJØOBMBTVTUBODJBRVÓNJDBEVSBOUFMBNBZPSQBSUF
EFWJEBEFVOPSHBOJTNPHFOFSBMNFOUFNÈTEFM
$BEB
FYQPTJDJØOQPSTJTPMBOPNBOJmFTUBTFGFDUPTWJTJCMFTBHVEPT
TJFOEPFOFTUFDBTPJNQPSUBOUFMBDBQBDJEBEEFDBVTBSFGFDUPT
UØYJDPTBDVNVMBUJWPT%BEPRVFMBTNBOJGFTUBDJPOFTOFHBUJWBT
FOMBTBMVEBQBSFDFOEJTUBODJBEBTFOFMUJFNQPDPOSFTQFDUP
BMPTNFNFOUPTEFJOUPYJDBDJØOBCTPSDJØOEFMUØYJDP
SFTVMUB
EJGÓDJMSFBMJ[BSVOBSFMBDJØOEFDBVTBZFGFDUPEJSFDUBQPSMPRVF
NVDIBTWFDFTTPOTVCFTUJNBEBTFOTVJNQPSUBODJBZOPUFOJEBT
FODVFOUBFOMBTNFEJEBTEFQSFWFODJØOEFBDDJEFOUFTZFOMPT
DVJEBEPTSVUJOBSJPTEFMNBOFKPEFBHSPRVÓNJDPT
&TUBUPYJDJEBETFEFUFSNJOBDPOJOWFTUJHBDJPOFTSFBMJ[BEBT
BMBSHPQMB[PTVNJOJTUSBOEPBMPTPSHBOJTNPTFODVFTUJØO
DBOUJEBEFTWBSJBEBTEFMQSPEVDUPGPSNVMBEPPEFJOHSFEJFOUF
BDUJWPFOTVEJFUBEJBSJB&OMBBDUVBMJEBEFMUJFNQPRVFMMFWBO
FTUFUJQPEFFOTBZPTFTEFB×PT&MPCKFUJWPEFFTUPTFOTBZPT
FTEFUFSNJOBSEJWFSTPTFGFDUPTFOUSFMPTDVBMFTUFOFNPTFGFDUPT
UFSBUPHÏOJDPTNVUBHÏOJDPTDJUPMØHJDPTPODPMØHJDPT
DBSDJOPHÏOJDPTEJTSVQDJPOFTFOEPDSJOBTUPYJDJEBEFT
TVCBHVEBTFUD
$BODFSÓHFOPT
6OBHFOUFDBODFSÓHFOPEFPSJHFOGÓTJDPRVÓNJDPPCJPMØHJDP
FTBRVÏMRVFQVFEFBDUVBSTPCSFMPTUFKJEPTWJWPTEFGPSNBUBM
RVFQSPEVDFDÈODFSFTEFDJSFMBHFOUFDBODFSÓHFOPUJFOFMB
DBQBDJEBEEFBMUFSBSMPTNFDBOJTNPTEFDPOUSPMEFMBEJWJTJØO
DFMVMBSOPSNBMHFOFSBOEPDÏMVMBTDPOEJWJTJØOJODPOUSPMBEB
RVFDPOFMUJFNQPEBSÈMVHBSBVOUVNPSPOØEVMP$VBOEPMBT
DÏMVMBTRVFDPOTUJUVZFOEJDIPUVNPSOPQPTFFOMBDBQBDJEBEEF
JOWBEJSZEFTUSVJSPUSPTØSHBOPTIBCMBNPTEFUVNPSFTCFOJHOPT
1FSPDVBOEPFTUBTDÏMVMBTBEFNÈTEFDSFDFSTJODPOUSPMTVGSFO
OVFWBTBMUFSBDJPOFTZBERVJFSFOMBGBDVMUBEEFJOWBEJSUFKJEPTZ
ØSHBOPTEFBMSFEFEPSJOmMUSBDJØO
ZEFUSBTMBEBSTFZQSPMJGFSBS
FOPUSBTQBSUFTEFMPSHBOJTNPNFUÈTUBTJT
TFEFOPNJOBUVNPS
NBMJHOPRVFFTBMPRVFMMBNBNPTDÈODFS
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&MUFSNJOPDBODFSÓHFOPIBDFSFGFSFODJBHFOFSBMNFOUFB
BHFOUFTJOUSPEVDJEPTQPSFMIPNCSFQFSPQVFEFVTBSTFQBSB
UPEBTVTUBODJBRVFUJFOFMBQSPQJFEBEEFDBVTBSDÈODFS&M%%5
FMCFODFOPZFMBTCFTUPIBOTJEPDBMJmDBEPTDPNPDBSDJOØHFOPT
BSUJmDJBMFTQFSPUBNCJÏOFMUBCBDPIBTJEPJEFOUJmDBEPDPNP
VOBGVFOUFEFSJFTHPEFWBSJPTUJQPTEFDÈODFS-PTDBSDJOØHF
OPTTPOUBNCJÏOGSFDVFOUFNFOUFQFSPOPOFDFTBSJBNFOUF
UFSBUØHFOPTPNVUÈHFOPT
$MBTJmDBDJØOFTUÈOEBSEFMB*"3$"HFODJB*OUFSOBDJPOBM
QBSBMB*OWFTUJHBDJØOEFM$ÈODFSEFMB0.4
IUUQXXX
HSFFOGBDUTPSHFTHMPTBSJPBCDDMBTJmDBDJØOJBSDIUN
-B*"3$UJFOFMBNJTJØOEFDPPSEJOBSZSFBMJ[BSJOWFTUJHB
DJPOFTTPCSFMBTDBVTBTEFDÈODFSIVNBOPMPTNFDBOJTNPTEF
MBDBSDJOPHÏOFTJTZEFTBSSPMMBSFTUSBUFHJBTDJFOUÓmDBTQBSBMB
QSFWFODJØOZDPOUSPMEFMDÈODFS
-B"HFODJBQBSUJDJQBFOMBJOWFTUJHBDJØOFQJEFNJPMØHJDB
ZEFMBCPSBUPSJPZEJGVOEFJOGPSNBDJØODJFOUÓmDBBUSBWÏTEF
QVCMJDBDJPOFTSFVOJPOFTDVSTPTZCFDBT
$PNQVFTUPTPGBDUPSFTGÓTJDPTFWBMVBEPTQPSMB*"3$
ZDMBTJmDBEPTFODVBUSPHSVQPTCBTÈOEPTFFOQSVFCBT
DJFOUÓmDBTFYJTUFOUFTTPCSFDBSDJOPHÏOFTJT
(SVQPi$BSDJOØHFOPQBSBFMTFSIVNBOPw)BZ
QSVFCBTTVmDJFOUFTRVFDPOmSNBORVFQVFEFDBVTBS
DÈODFSBMPTIVNBOPT
&MBHFOUFPNF[DMB
FTDBSDJOØHFOPQBSBFMTFSIVNBOP
-BTDPOEJDJPOFTEFMBFYQPTJDJØODPOMMFWBOFYQPTJDJPOFTDBS
DJOØHFOBTQBSBFMTFSIVNBOP
&TUBDBUFHPSÓBTFBQMJDBDVBOEPFYJTUFOQSVFCBTTVmDJFOUFT
EFDBSDJOPHFOJDJEBEFOIVNBOPT&YDFQDJPOBMNFOUFVOBHFOUF
PNF[DMB
QVFEFTFSJODMVJEPFOFTUBDBUFHPSÓBTJMBTQSVFCBT
FOIVNBOPTOPTPOTVmDJFOUFTQFSPTÓMPTPOFOBOJNBMFTEF
FYQFSJNFOUBDJØOZFYJTUFOQSVFCBTDPOUVOEFOUFTFOIVNBOPT
FYQVFTUPTRVFFMBHFOUFPNF[DMB
BDUÞBNFEJBOUFNFDBOJTNPT
SFMFWBOUFTQBSBMBDBSDJOPHFOJDJEBE
"MHVOPTFKFNQMPTTPOMPTBTCFTUPTFMCFODFOPBSTÏOJDP
CVUBEJFOPFUBOPMGPSNBMEFIÓEPBnBUPYJOBTZMBSBEJBDJØO
JPOJ[BOUF
(SVQP"i&MBHFOUFPNF[DMB
FTQSPCBCMFNFOUF
DBSDJOØHFOPQBSBFMTFSIVNBOP-BTDPOEJDJPOFTEFMB
FYQPTJDJØODPOMMFWBOFYQPTJDJPOFTQSPCBCMFNFOUFDBS
DJOØHFOBTQBSBFMTFSIVNBOPw
&TUBDBUFHPSÓBTFVTBDVBOEPFYJTUFOQSVFCBTMJNJUBEBTEF
MBDBSDJOPHFOJDJEBEFOIVNBOPTZQSVFCBTTVmDJFOUFTEFMB
DBSDJOPHFOJDJEBEFOFYQFSJNFOUBDJØOBOJNBM
&OBMHVOPTDBTPTVOBHFOUFPNF[DMB
QVFEFTFSJODMVJEP
FOFTUBDBUFHPSÓBTJFYJTUFOQSVFCBTJOBEFDVBEBTEFDBSDJOPHF
OJDJEBEFOIVNBOPTZQSVFCBTTVmDJFOUFTEFDBSDJOPHFOJDJEBE
FOBOJNBMFTEFFYQFSJNFOUBDJØOFYJTUJFOEPVOBGVFSUFFWJEFO
DJBEFRVFFOMBDBSDJOPHFOJBFTUÈOJNQMJDBEPTNFDBOJTNPT
RVFUBNCJÏOPQFSBOFOFMTFSIVNBOP&YDFQDJPOBMNFOUFVO
BHFOUFNF[DMBPDPOEJDJØOEFFYQPTJDJØOQVFEFTFSDMBTJmDBEP
FOFTUBDBUFHPSÓBÞOJDBNFOUFFOCBTFBQSVFCBTMJNJUBEBTEF
DBSDJOPHFOJDJEBEFOIVNBOPT
"MHVOPTFKFNQMPTTPOMPTHBTFTEFFTDBQFEFNPUPSFTEJFTFM
GPSNBMEFIÓEPDBQUBGPMDMPSBOGFOJDPMDSFPTPUBJOTFDUJDJEBT
BSTFOJDBMFTZMPT1$#
(SVQP#i&MBHFOUFPNF[DMB
FTQPTJCMFNFOUF
DBSDJOØHFOPQBSBFMTFSIVNBOPw
-BTDPOEJDJPOFTEFMBFYQPTJDJØODPOMMFWBOFYQPTJDJPOFT
QPTJCMFNFOUFDBSDJOØHFOBTQBSBFMTFSIVNBOP&TUBDBUFHPSÓB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
JODMVZFBHFOUFTNF[DMBTPDPOEJDJPOFTEFFYQPTJDJØOQBSBMPT
RVFFYJTUFOQSVFCBTMJNJUBEBTEFDBSDJOPHFOJDJEBEFOIVNBOPT
ZQSVFCBTJOTVmDJFOUFTEFDBSDJOPHFOJDJEBEFOFYQFSJNFOUBDJØO
BOJNBM5BNCJÏOQVFEFTFSVUJMJ[BEBDVBOEPFYJTUBOQSVFCBT
JOBEFDVBEBTEFDBSDJOPHFOJDJEBEFOIVNBOPTQFSPTVmDJFOUFT
EFDBSDJOPHFOJDJEBEFOFYQFSJNFOUBDJØOBOJNBM
0DBTJPOBMNFOUFVOBHFOUFNF[DMBPDPOEJDJØOEFFYQP
TJDJØOQBSBMPTRVFFYJTUBOQSVFCBTJOBEFDVBEBTEFDBSDJOP
HFOJDJEBEFOIVNBOPTQFSPMJNJUBEBTEFDBSDJOPHFOJDJEBEFO
BOJNBMFTEFFYQFSJNFOUBDJØOKVOUPDPOPUSPTEBUPTTJHOJmDB
UJWPTEFBQPZPQVFEFTFSJODMVJEPFOFTUFHSVQP
"MHVOPTFKFNQMPTTPOBSBNJUFDMPSEBOPDMPSPGPSNP%%5
IFQUBDMPSP.JSFYOJUSPCFO[FOPUPYBGFOPTBMHVOPTBOUJDPO
DFQUJWPTWJSVTEFMTJEBDBGÏMBMBOBEFWJESJPFMFTUJSFOPZMPT
HBTFTEFFTDBQFEFMPTNPUPSFTEFHBTPJM
(SVQPi/PQVFEFTFSDMBTJmDBEPSFTQFDUPBTVDBS
DJOPHFOJDJEBEQBSBFMTFSIVNBOPw"DUVBMNFOUFOPIBZ
OJOHVOBQSVFCBEFRVFDBVTFDBODFSBMPTIVNBOPT
&TUBDBUFHPSÓBFTVTBEBBNQMJBNFOUFQBSBBRVFMMPTBHFO
UFTNF[DMBTPDPOEJDJPOFTEFFYQPTJDJØOQBSBMBTRVFFYJTUFO
QSVFCBTJOBEFDVBEBTEFDBSDJOPHFOJDJEBEFOIVNBOPTF
JOBEFDVBEBTPMJNJUBEBTFOBOJNBMFTEFFYQFSJNFOUBDJØO&Y
DFQDJPOBMNFOUFBRVFMMPTBHFOUFTPNF[DMBT
QBSBMPTDVBMFT
MBTQSVFCBTEFDBSDJOPHFOJDJEBETPOJOBEFDVBEBTFOIVNBOPT
QFSPTVmDJFOUFTFOBOJNBMFTEFFYQFSJNFOUBDJØOQVFEFOTFS
JODMVJEPTFOFTUBDBUFHPSÓBDVBOEPFYJTUBOGVFSUFTFWJEFODJBT
EFRVFFMNFDBOJTNPEFDBSDJOPHFOJDJEBEFOBOJNBMFTEF
FYQFSJNFOUBDJØOOPPQFSBFOIVNBOPT
4FJODMVZFOFOFTUBDBUFHPSÓBBRVFMMPTBHFOUFTNF[DMBTZ
DPOEJDJPOFTEFFYQPTJDJØORVFOPQVFEBOTFSDBUBMPHBEPTFO
PUSPTHSVQPT
"MHVOPTFKFNQMPTTPOFMBMEJDBSCBMESJOBUSB[JOBDBQUBO
DBSCBSZMEFMUBNFUSJOBGFOWBMFSBUPQFSNFUSJOBQJDMPSBN
GFSCBNNBMBUJPOUIJSBNUSJDMPSPGPOUSJnVSBMJOB[JOFC[JSBN
NBOFCNPSGPMJOBTQBSBUJØOEJDPGPMEJFMESJOFOESJOTJNB[J
OBEJB[FQBNMBDBGFJOBTBDBSJOBDJDMBNBUPTMBJMVNJOBDJØO
nVPSFTDFOUFZDBNQPTNBHOÏUJDPTZFMÏDUSJDPT
(SVQPi1SPCBCMFNFOUFOPDBSDJOØHFOPQBSBFM
TFSIVNBOPw)BZQSVFCBTTVmDJFOUFTEFRVFOPDBVTB
DÈODFSBMPTIVNBOPT
&OFTUBDBUFHPSÓBTFJODMVZFOMPTBHFOUFTPNF[DMBTQBSB
MPTRVFFYJTUFOQSVFCBTRVFTVHJFSFOMBBVTFODJBEFDBSDJOP
HFOJDJEBEFOIVNBOPTZFOBOJNBMFTEFFYQFSJNFOUBDJØO&O
BMHVOPTDBTPTTFQVFEFOJODMVJSFOFTUFHSVQPMPTBHFOUFT
PNF[DMBTQBSBMPTRVFMBTQSVFCBTEFDBSDJOPHFOJDJEBEFO
IVNBOPTTPOJOBEFDVBEBTQFSPDPOQSVFCBTRVFTVHJFSFO
BVTFODJBEFDBSDJOPHFOJDJEBEFOFYQFSJNFOUBDJØOBOJNBM
DPOmSNBEBTDPOHSVFOUFNFOUFQPSVOBNQMJPFTQFDUSPEFPUSPT
EBUPTTJHOJmDBUJWPT
&MÞOJDPBHFOUFEFFTUFHSVQPFTMBDBQSPMBDUBNB
-B*"3$EFmOFMPTTJHVJFOUFTDSJUFSJPTEFDBSDJOPHFOFUJDJEBE
QBSBIVNBOPT
$BSDJOPHFOJDJEBEFOIVNBOPT
B&WJEFODJBTVmDJFOUFEFDBSDJOPHFOJDJEBE
4FIBFTUBCMFDJEPVOBSFMBDJØOEFDBVTBMJEBEFOUSFMBFY
QPTJDJØOBMBHFOUFNF[DMBPDJSDVOTUBODJBEFFYQPTJDJØOZFM
DÈODFSIVNBOP&TEFDJSTFIBPCTFSWBEPVOBSFMBDJØOQPTJUJWB
FOUSFMBFYQPTJDJØOZFMDÈODFSFOFTUVEJPTFOMPTRVFQVFEF
EFTDBSUBSTFDPOSB[POBCMFDPOmBO[BMBQSFTFODJBEFB[BSTFTHP
PGBDUPSFTEFDPOGVTJØO
C&WJEFODJBMJNJUBEBEFDBSDJOPHFOJDJEBE
4FIBPCTFSWBEPVOBBTPDJBDJØOQPTJUJWBFOUSFMBFYQPTJDJØO
BMBHFOUFNF[DMBPDJSDVOTUBODJBEFFYQPTJDJØOZFMDÈODFSZ
FTDSFÓCMFTVJOUFSQSFUBDJØODPNPSFMBDJØOEFDBVTBMJEBEQFSP
OPQVFEFEFTDBSUBSTFDPODPOmBO[BSB[POBCMFMBQSFTFODJBEF
B[BSTFTHPPGBDUPSFTEFDPOGVTJØO
D&WJEFODJBJOBEFDVBEBEFDBSDJOPHFOJDJEBE
-PTFTUVEJPTRVFTFIBOSFBMJ[BEPOPUJFOFOMBDBMJEBE
DPIFSFODJBPSFQSFTFOUBUJWJEBEFTUBEÓTUJDBTVmDJFOUFTQBSB
QPEFSMMFHBSBVOBDPODMVTJØOTPCSFMBQSFTFODJBPBVTFODJB
EFVOBSFMBDJØOEFDBVTBMJEBEPOPTFEJTQPOFEFEBUPTTPCSF
FMDÈODFSFOMPTIVNBOPT
E&WJEFODJBRVFTVHJFSFBVTFODJBEFDBSDJOPHFOJ
DJEBE
)BZWBSJPTFTUVEJPTBEFDVBEPTRVFBCBSDBOUPEPFMJOUFSWBMP
EFOJWFMFTEFFYQPTJDJØORVFQVFEFOFYQFSJNFOUBSMPTTFSFT
IVNBOPTZFTPTFTUVEJPTTFSFGVFS[BONVUVBNFOUFFOOP
NPTUSBSVOBBTPDJBDJØOQPTJUJWBFOUSFMBFYQPTJDJØOBMBHFOUF
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
ZFMDÈODFSFTUVEJBEPBOJOHVOPEFMPTOJWFMFTEFFYQPTJDJØO
PCTFSWBEPT-BDPODMVTJØOEFiFWJEFODJBRVFTVHJFSFBVTFODJBEF
DBSDJOPHFOJDJEBETFMJNJUBJOFWJUBCMFNFOUFBMBTMPDBMJ[BDJPOFT
EFMDÈODFSDPOEJDJPOFTZOJWFMFTEFMBFYQPTJDJØOZEVSBDJØOEF
MBPCTFSWBDJØOBCBSDBEBTQPSMPTFTUVEJPTSFBMJ[BEPT
&OBMHVOPTDBTPTMBTDBUFHPSÓBTBSSJCBJOEJDBEBTQVFEFO
VUJMJ[BSTFQBSBEFUFSNJOBSFMHSBEPEFFWJEFODJBEFDBSDJOPHF
OJDJEBEQBSBØSHBOPTPUFKJEPTFTQFDÓmDPT
$BSDJOPHFOJDJEBEFOBOJNBMFTEFFYQFSJNFOUB
DJØO
B&WJEFODJBTVmDJFOUFEFDBSDJOPHFOJDJEBE
4FIBFTUBCMFDJEPVOBSFMBDJØOEFDBVTBMJEBEFOUSFFMBHFOUF
PNF[DMBZVOBNBZPSJODJEFODJBEFOFPQMBTJBTNBMJHOBTPEF
VOBDPNCJOBDJØOBEFDVBEBEFOFPQMBTJBTCFOJHOBTZNBMJHOBT
FOEPTPNÈTFTQFDJFTEFBOJNBMFTPFOEPTPNÈTFTUVEJPT
JOEFQFOEJFOUFTTPCSFVOBNJTNBFTQFDJFSFBMJ[BEPTFOÏQPDBT
EJTUJOUBTFOMBCPSBUPSJPTEJTUJOUPTPDPOGPSNFBQSPUPDPMPT
EJTUJOUPT
&YDFQDJPOBMNFOUFQPESÓBDPOTJEFSBSTFRVFVOÞOJDPFTUVEJP
TPCSFVOBÞOJDBFTQFDJFBQPSUBFWJEFODJBTVmDJFOUFEFDBSDJOP
HFOJDJEBEDVBOEPTFQSFTFOUBOOFPQMBTJBTNBMJHOBTDPOVOB
JOUFOTJEBEJOVTVBMSFTQFDUPEFTVJODJEFODJBMPDBMJ[BDJØOUJQP
EFUVNPSPFEBEBMBRVFTFQSFTFOUBO
C&WJEFODJBMJNJUBEBEFDBSDJOPHFOJDJEBE-PTEBUPT
TVHJFSFOVOFGFDUPDBSDJOØHFOPQFSPTPOEFNBTJBEPMJ
NJUBEPTQBSBGPSNVMBSVOBFWBMVBDJØOEFmOJUJWBQPSRVF
QPSFKFNQMP
B
MBFWJEFODJBEFDBSDJOPHFOJDJEBETFMJNJUBBVOÞOJDP
FYQFSJNFOUPP
C
RVFEBOBMHVOBTEVEBTTJOSFTPMWFSBDFSDBEFMBDBMJEBE
EFMEJTF×PMBSFBMJ[BDJØOPMBJOUFSQSFUBDJØOEFMFTUVEJPP
D
FMBHFOUFPNF[DMBBVNFOUBMBJODJEFODJBTØMPEFOFPQMB
TJBTCFOJHOBTPEFMFTJPOFTEFQPUFODJBMOFPQMÈTJDPJODJFSUPP
EFEFUFSNJOBEBTOFPQMBTJBTRVFQVFEFOQSFTFOUBSTFFTQPOUÈ
OFBNFOUFDPOBMUBTJODJEFODJBTFOEFUFSNJOBEBTFTUJSQFT
D&WJEFODJBJOBEFDVBEBEFDBSDJOPHFOJDJEBE
-PTFTUVEJPTOPQVFEFOJOUFSQSFUBSTFOJFOFMTFOUJEPEF
QSFTFODJBOJFOFMEFBVTFODJBEFFGFDUPDBSDJOØHFOPEFCJEP
BJNQPSUBOUFTMJNJUBDJPOFTDVBMJUBUJWBTPDVBOUJUBUJWBTPQPS
RVFOPTFEJTQPOFEFEBUPTTPCSFFMDÈODFSFOBOJNBMFTEF
FYQFSJNFOUBDJØO
E&WJEFODJBRVFTVHJFSFBVTFODJBEFDBSDJOPHFOJ
DJEBE
4FEJTQPOFEFFTUVEJPTBEFDVBEPTTPCSFVONÓOJNPEFEPT
FTQFDJFTRVFJOEJDBORVFEFOUSPEFMPTMÓNJUFTEFMPTFOTBZPT
VUJMJ[BEPTFMBHFOUFPNF[DMBOPFTDBSDJOØHFOP-BDPODMVTJØO
EFFWJEFODJBRVFTVHJFSFBVTFODJBEFDBSDJOPHFOJDJEBETFMJNJUB
JOFWJUBCMFNFOUFBMBTFTQFDJFTMPDBMJ[BDJØOEFMUVNPSZOJWFMFT
EFFYQPTJDJØORVFTFIBOFTUVEJBEP
%JTSSVQUPSFTFOEØDSJOPT
6OJOUFSSVQUPSFOEPDSJOPUBNCJÏOMMBNBEPEJTSVQUPSFOEP
DSJOPPEJTSVQUPSIPSNPOBMFOJOHMÏTTPOMMBNBEPTFOEPDSJOF
EJTSVQUPSP&%$&OEPDSJO%JTSVQUJOH$IFNJDBMT
FTVOBTVT
UBODJBRVÓNJDBBKFOBBMDVFSQPIVNBOPPBMBFTQFDJFBOJNBM
BMBRVFBGFDUBDBQB[EFBMUFSBSFMFRVJMJCSJPIPSNPOBMEFMPT
PSHBOJTNPTEFVOBFTQFDJFFTEFDJSEFHFOFSBSMBJOUFSSVQDJØO
BMHVOPTQSPDFTPTmTJPMØHJDPTDPOUSPMBEPTQPSIPSNPOBTPEF
HFOFSBSVOBSFTQVFTUBEFNBZPSPNFOPSJOUFOTJEBERVFMP
IBCJUVBM
-BTTVTUBODJBTEFFTUFUJQPTPONVZOVNFSPTBTZQPTFFO
FTUSVDUVSBTNVZWBSJBEBT5JFOFOPSJHFOOBUVSBMPBSUJmDJBMZ
QVFEFOBDUVBSBEPTJTNVZCBKBTTPCSFVOBHSBOEJWFSTJEBEEF
PSHBOJTNPT/PSNBMNFOUFBMIBCMBSEFEJTSVQUPSFTFOEPDSJOPT
OPTSFGFSJNPTBTVTUBODJBTDPOUBNJOBOUFTRVFQVFEFOQSPWPDBS
JOGFSUJMJEBEPJODMVTPDBNCJPTEFTFYPFOQFDFTFJOWFSUFCSBEPT
&OIVNBOPTOPUJFOFOVOFGFDUPUBOSBEJDBMQFSPTÓBGFDUBOB
MBGFSUJMJEBEZQVFEFOQSPWPDBSQFRVF×BTEFGPSNBDJPOFTDPNP
HFOJUBMFTBNCJHVPTPUFTUÓDVMPTRVFOPCBKBOBMFTDSPUPFUD
-PTNFDBOJTNPTEFBDDJØOIBOTJEPEJGÓDJMFTEFFTUVEJBSQFSP
TFQVFEFOTF×BMBSMPTNFDBOJTNPTEFTVQMBOUBDJØOCMPRVFP
PBMUFSBDJØOEFOJWFMFT
"MHVOBTTVTUBODJBTNJNFUJ[BOMBBDDJØOEFMBTIPSNPOBT
DPOGVOEJFOEPBTVTSFDFQUPSFTDFMVMBSFT&M%%51$#1##Z
BMHVOPTFTUSØHFOPTWFHFUBMFTBGFDUBOBTÓTPCSFMPTSFDFQUPSFT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
FTUSPHÏOJDPTBMUFSBOEPMBTDPOEVDUBTTFYVBMFTZSFQSPEVDUJ
WBT
0USBTTVTUBODJBTBDUÞBODPNPBOUBHPOJTUBTEFIPSNPOBT
EFMDVFSQP"OUJFTUSØHFOPT&M7JODMP[PMJOPFM%%&VONFUBCPMJUP
EFM%%5BDUÞBODPNPBOUJBOESØHFOPT
.PEJmDBOMBTÓOUFTJTZNFUBCPMJTNPEFIPSNPOBTOBUV
SBMFTQPSMPRVFNPEVMBOPJOUFSmFSFOMPTOJWFMFTmTJPMØHJDPT
FMFWBOEPPEJTNJOVZFOEPTVTDPODFOUSBDJPOFT&TFMDBTPEF
MPTmUPFTUSØHFOPTZNJDPFTUSØHFOPTRVFGBWPSFDFOMBBQBSJDJØO
EFHMÈOEVMBTNBNBSJBTFONBDIPT
.PEJmDBOMPTOJWFMFTEFMPTSFDFQUPSFTIPSNPOBMFT
-BUFPSÓBEFMBEJTSVQDJØOFOEPDSJOBFTFMNBSDPFYQMJDBUJWP
FOFMRVFUSBUBSEFFYQMJDBSFTUPTNFDBOJTNPT&TUBUFPSÓBFYQPOF
RVFMBFYQPTJDJØOBCBKBEPTJTEFTVTUBODJBTRVFJOUFSBDUÞBODPO
MPTSFDFQUPSFTIPSNPOBMFTQVFEFOJOUFSGFSJSDPOMBSFQSPEVDDJØO
FMEFTBSSPMMPZPUSPTQSPDFTPTSFHVMBEPTIPSNPOBMNFOUF1VFTUP
RVFMBTIPSNPOBTFOEØHFOBTUJFOFOOJWFMFTNVZSFEVDJEPTFT
QPTJCMFFYQMJDBSRVFFTUBTTVTUBODJBTFYØHFOBTQSPEV[DBOFGFD
UPTBEWFSTPTTPCSFFMTJTUFNBFOEPDSJOPJODMVTPTJMBTEPTJTTPO
UBOCBKBTRVFOPNVFTUSBOFMQPTJCMFFGFDUPUØYJDPEFBMHVOBT
EFFTUBTTVTUBODJBT&OFTUPTDBTPTFMNFDBOJTNPEFBDDJØOFT
EJTUJOUPEFMRVFMFTDPOmFSFTVUPYJDJEBE
5FSBUPHÏOJDPT
DPNÞOTVUSBCBKPFOMBTRVJOUBTFOMPUFTMJOEBOUFTBMPTRVFTF
FTUÈBQMJDBOEPPFOMPTFOUPSOPTEPOEFQVFEFMMFHBSMBEFSJWB
EFMPTNJTNPT-PTFGFDUPTEFFTUFUJQPTPONVZSJFTHPTPTQBSB
MBNVKFSFOFTUBEPEFFNCBSB[PEBEPRVFUJFOFBDDJØOEJSFDUB
NFOUFTPCSFFMFNCSJØOPFOFMGFUPFTNÈTFYJTUFOQFSJPEPTBM
DPNJFO[PEFMFNCBSB[PZIBTUBBQSPYJNBEBNFOUFMPTEÓBT
QPTUFSJPSFTEPOEFMBNVKFSQVFEFJHOPSBSTVFTUÈEFFNCBSB[P
QPSMPRVFQVFEFFTUBSEFTDVJEBOEPTVQSPUFDDJØOQFSTPOBM
FOFTUPTDBTPTTFEFCFUSBUBSOPTPMPEFFWJUBSFMDPOUBDUPDPO
FTUPTUØYJDPTEFNVKFSFTFNCBSB[BEBTTJOPUBNCJÏOEFBRVFMMBT
RVFBVORVFOPMPFTUÏOQSFUFOEBOFTUBSMP
"DPOUJOVBDJØOTFQSFTFOUBFMDVBESPEPOEFTF
NVFTUSBOBHSPRVÓNJDPTDMBTJmDBEPTTFHÞOTVUPYJDJEBEEFUJQP
DSØOJDBDBODFSÓHFOPTEJTSVQUPSFTFOEØHFOPTUFSBUPHÏOJDPT
ZTFMFBHSFHBOEBUPTSFTQFDUPBMPTFGFDUPTEFJSSJUBDJØOTPCSF
MPTPKPTMBTWÓBTSFTQJSBUPSJBTZMBQJFM
-BJOGPSNBDJØOQSFTFOUFFOEJDIPDVBESPOPQSFUFOEFTFS
EFDBSÈDUFSBCTPMVUBEBEPRVFFTTPMPMBHFOFSBEBFOVOB
VOJWFSTJEBEEF(SBO#SFUB×BQVEJFOEPFYJTUJSJOGPSNBDJØO
DPOUSBEJDUPSJBFNBOBEBEFPUSBTJOTUJUVDJPOFT
$POFMNJTNPTFQSFUFOEFNPTUSBSFMUJQPEFJOGPSNBDJØO
BMRVFFTOFDFTBSJPBDDFEFSQBSBMBFWBMVBDJØODPSSFDUBEFM
JNQBDUPZMBQFMJHSPTJEBEEFMPTBHSPRVÓNJDPTQBSBRVFQVFEBO
TFSVUJMJ[BEPTDPNPDPSSFTQPOEBZQBSBRVFTFQVFEBMFHJTMBS
BMSFTQFDUP
4FEFOPNJOBOUFSBUØHFOPTPTVTUBODJBTUFSBUPHÏOJDBT
BBRVFMMPTBHFOUFTRVFQVFEFOJOEVDJSPBVNFOUBSMBJODJEFO
DJBEFMBTNBMGPSNBDJPOFTDPOHÏOJUBTDVBOEPTFBENJOJTUSBO
PBDUÞBOFOVOBOJNBMQSF×BEPEVSBOUFTVPSHBOPHÏOFTJT
-BTNVFSUFTJOUSBVUFSJOBTZMBTSFBCTPSDJPOFTOPTJFNQSFTPO
JODMVJEBTDPNPFGFDUPTUFSBUPMØHJDPT
-PTQMBHVJDJEBTQVFEFOPDBTJPOBSEB×PTFOMBTBMVEZFM
NFEJPBNCJFOUF-BTNBMGPSNBDJPOFTDPOHÏOJUBTEFEJWFSTP
UJQPDPNPMBTJSFOPNFMJBQVFEFTFSDBVTBEBQPSQMBHVJDJEBT
DVBOEPVOBNVKFSFOFMQFSÓPEPEFHFTUBDJØOIBFTUBEPFY
QVFTUBBFTUPTRVÓNJDPT4JOFNCBSHPQBSBFTUBCMFDFSVOB
SFMBDJØOEFDBVTBMJEBEFOUSFMPTQMBHVJDJEBTZMBBQBSJDJØOEF
NBMGPSNBDJPOFTDPOHÏOJUBTFTOFDFTBSJPMMFWBSBEFMBOUFVO
FTUVEJPFQJEFNJPMØHJDPRVFFWBMÞFUBOUPBMBGBNJMJBDPNPB
MBQPCMBDJØOFYQVFTUBBFTUFUJQPEFSJFTHPTRVÓNJDPT
4JCJFOFTQPDPQSPCBCMFFOMBIPSUJDVMUVSBBSHFOUJOBMB
BQMJDBDJØOEFBHSPRVÓNJDPTQPSQBSUFEFNVKFSFTTJFTNVZ
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-PTEBUPTGVFSPOFYUSBÓEPTEFMTJUJPXFC11%#CBTFEFEBUPTEFFGFDUPTQTJDPRVÓNJDPTZFDPUPYJDPMØHJDPTEFQFTUJDJEBT
RVFGVFDPNQJ
MBEBBQBSUJSEFMBCBTFEFEBUPTEFMBTQSPQJFEBEFTEFMPTQFTUJDJEBTEF&.".BOFKP"NCJFOUBMQBSBMBBHSJDVMUVSB
DPOBQPSUFBEJDJPOBM
EFMQSPZFDUP'00513*/5EFTBSSPMMBEPQPSMBVOJEBEEF*OWFTUJHBDJØOEF"HSJDVMUVSBZ"NCJFOUFEFMB6OJWFSTJEBEEF)FSUGPSETIJSF"&36
mOBODJBEPQPS&6ZPUSPT
5FOJFOEPFODVFOUBMBTOFDFTJEBEFTEFJOTDSJCJSOVFWPT
QSPEVDUPTQBSBOVFTUSPQBÓTRVFTFBOEFCBKBUPYJDJEBEUBOUP
BHVEBDPNPDSØOJDBZBNJHBCMFTDPOFMBNCJFOUFMPTBVUPSFT
SFDPNJFOEBOQPOFSCBKPBOÈMJTJTMPTQSPEVDUPTNFODJPOBEPT
FOMBTTJHVJFOUFTUBCMBT
&MDSJUFSJPQBSBMBTFMFDDJØOGVFSPOMBUPYJDJEBEBHVEB
ZDSØOJDBFMSJFTHPBNCJFOUBMMBFYJTUFODJBFOFMNFSDBEP
OBDJPOBMMBBNQMJUVEEFVTPMBOFDFTJEBEEFSPUBDJØOFOUSF
EJGFSFOUFTHSVQPTRVÓNJDPTFMFTQFDUSPEFBDDJØOZFMVTPFO
PUSPTQBJTFTZFM$0%&9
&TJNQPSUBOUFEFTUBDBSRVFCBKPOJOHVOBDJSDVOTUBO
DJBTFSFDPNJFOEBMBBQMJDBDJØOEFBHSPRVÓNJDPTRVFOP
FTUÏOSFHJTUSBEPTZBVUPSJ[BEPTQBSBTVBQMJDBDJØOFO
"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
0USBTGPSNBTEFDPOUSPM
-PTQSPCMFNBTTVSHJEPTQPSMBBQMJDBDJØOEFBHSPRVÓNJDPT
QBSBFMDPOUSPMEFQMBHBTDPNPIFSSBNJFOUBQSJODJQBMZFO
BMHVOPTDBTPTÞOJDBIBDFQFOTBSFOMBJNQFSJPTBOFDFTJEBE
EFVUJMJ[BSNÏUPEPTBMUFSOBUJWPTZPDPNQMFNFOUBSJPTQBSBUBM
mOEFGPSNBUBMEFEJTNJOVJSBMNÈYJNPFMJNQBDUPTPCSFFM
BNCJFOUFZMBTBMVEEFMBTQFSTPOBT
$POUSPMCJPMØHJDPZOBUVSBM
&MDPOUSPMCJPMØHJDPGVFPSJHJOBMNFOUFEFmOJEPQPS%F#BDI
FODPNPiMBBDDJØOEFQBSÈTJUPTEFQSFEBEPSFTPQBUØHF
OPTRVFNBOUJFOFOQPCMBDJPOFTEFPUSPTPSHBOJTNPTBVOOJWFM
NÈTCBKPEFMPRVFQVEJFSBPDVSSJSFOTVBVTFODJBw
-B0SHBOJ[BDJØO*OUFSOBDJPOBMEF-VDIB#JPMØHJDB0*-#
EFmOFFMDPOUSPMCJPMØHJDPDPNPiMBVUJMJ[BDJØOEFPSHBOJTNPT
WJWPTPEFTVTQSPEVDUPTQBSBFWJUBSPSFEVDJSMBTQÏSEJEBTP
EB×PTDBVTBEPTQPSMPTPSHBOJTNPTOPDJWPTw&OFTUBEFmOJDJØO
TFJODMVZFOOPTPMPMPTQBSBTJUPJEFTEFQSFEBEPSFTZQBUØHFOPT
EFJOTFDUPTZÈDBSPTTJOPUBNCJÏOFMEFmUØGBHPTZQBUØHFOPT
EFNBMF[BTBTÓDPNPGFSPNPOBTIPSNPOBTKVWFOJMFTUÏDOJDBT
BVUPDJEBTZNBOJQVMBDJPOFTHFOÏUJDBT
&YJTUFOUSFTUÏDOJDBTHFOFSBMFTEF$POUSPMCJPMØHJDP
-JCFSBDJØO*NQPSUBDJØOP4VFMUBFOFNJHPTOBUVSBMFT
FYØUJDPTTPODPMPDBEPTEFMJCFSBEBNFOUFFOFMDVMUJWPPSFHJØO
DPOFMmOEFDPOUSPMBSMBQMBHB-BQSJODJQBMWFOUBKBEFFTUB
FTUSBUFHJBEFDPOUSPMCJPMØHJDPFTMBQPTJCJMJEBEEFPCUFOFS
OJWFMFTEFDPOUSPMQFSNBOFOUFT
*ODSFNFOUPPJODFOUJWBEP-BFTUSBUFHJBEFJODSFNFOUP
DPOTJTUFFOBVNFOUBSBSUJmDJBMNFOUFMBQPCMBDJØOEFFOFNJHPT
OBUVSBMFTDPOPCKFUPEFQSPEVDJSVOBNBZPSUBTBEFBUBRVFZ
DPOFMMPVOBEJTNJOVDJØOEFMBQPCMBDJØOEFMBHFOUFQSPEVDUPS
EFEB×PTFTUBFTUSBUFHJBUJFOEFBTFSVUJMJ[BEBFOTJUVBDJPOFT
EPOEFFMDPOUSPMOBUVSBMFTUÈBVTFOUFPTFFODVFOUSBBOJWFMFT
EFNBTJBEPCBKPTQBSBTFSFGFDUJWPT4FSFBMJ[BMBTVFMUBEF
FOFNJHPTOBUVSBMFTOBUJWPTQFSPDSJBEPTFOMBCPSBUPSJPDPOFM
mOEFJODSFNFOUBSMBQPCMBDJØOZBFYJTUFOUFZEFFTUBNBOFSB
NBOUFOFSFOFRVJMJCSJPPQPSEFCBKPEFMPTOJWFMFTQFSKVEJDJBMFT
BMBTQMBHBT
$POTFSWBDJØOFTUBUÏDOJDBSFRVJFSFRVFUPEBTMBTQSÈDUJDBT
EFDVMUJWPUJFOEBOBMBQSFTFSWBDJØOEFMPTFOFNJHPTOBUVSBMFT
MPDBMFTEFNBOFSBUBMEFOPEJTNJOVJSMBQPCMBDJØOEFMPT
NJTNPT&KFNQMPTTPOMBVUJMJ[BDJØOEFJOTFDUJDJEBTTFMFDUJWPT
MBQSFTFSWBDJØOEFFTQBDJPTOPDVMUJWBEPTFUD
&OMPTÞMUJNPTUJFNQPTFYJTUFVOBUFOEFODJBBMMBNBS$POUSPM
#JPMØHJDPBMRVFTFSFBMJ[BNFEJBOUFMBTVFMUBEFCFOÏmDPTQBSB
EJTUJOHVJSMPEFM$POUSPM/BUVSBMBMRVFTFQSPEVDFQPSMBBDDJØO
FTQPOUÈOFBEFMPTFOFNJHPTOBUVSBMFTFYJTUFOUFTFOFMMVHBS
TJOJOUFSWFODJØOEFMIPNCSFFJODMVZFBEFNÈTEFPSHBOJTNPT
CFOÏmDPTMBBDDJØOEFMPTGBDUPSFTBCJØUJDPTEFMNFEJP
7FOUBKBTZMJNJUBDJPOFTEFMDPOUSPMCJPMØHJDP
&MDPOUSPMCJPMØHJDPDVBOEPGVODJPOBQPTFFNVDIBTWFOUBKBT
FOUSFMBTRVFTFQVFEFOEFTUBDBS
t1PDPPOJOHÞOFGFDUPOPDJWPDPMBUFSBMEFMPTFOFNJHPT
OBUVSBMFTIBDJBPUSPTPSHBOJTNPTJODMVJEPFMIPNCSF
t-BSFTJTUFODJBEFMBTQMBHBTBMDPOUSPMCJPMØHJDPFTNVZ
SBSB
t&MDPOUSPMCJPMØHJDPDPOGSFDVFODJBFTBMBSHPUÏSNJOP
QFSPQFSNBOFOUF
t&MUSBUBNJFOUPDPOJOTFDUJDJEBTFTFMJNJOBEPEFGPSNB
TVTUBODJBM
t-BSFMBDJØODPTUFCFOFmDJPFTNVZGBWPSBCMF
t&WJUBQMBHBTTFDVOEBSJBT
t/PFYJTUFOQSPCMFNBTDPOJOUPYJDBDJPOFT
&OUSFMBTMJNJUBDJPOFTRVFUJFOFFMDPOUSPMCJPMØHJDPTF
QVFEFODJUBS
t/FDFTJEBEEFDPOPDJNJFOUPTPCSFMPTQSJODJQJPTEFM
NÏUPEP
t'BMUBEFBQPZPFDPOØNJDP
t'BMUBEFQFSTPOBMFTQFDJBMJ[BEP
t/PFTUÈEJTQPOJCMFFOMBHSBONBZPSÓBEFMPTDBTPT
t1SPCMFNBTDPOVNCSBMFTFDPOØNJDPTCBKPT
t&OFNJHPTOBUVSBMFTNÈTTVTDFQUJCMFTBMPTQMBHVJDJEBT
RVFMBTQMBHBT
t-PTFOFNJHPTOBUVSBMFTTFJODSFNFOUBODPOSFUSBTPFO
DPNQBSBDJØOBMBTQMBHBTRVFBUBDBOQPSMPDVBMOPQSPWFFO
VOBTVQSFTJØOJONFEJBUB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t%JmDVMUBEEFBQMJDBDJØODVBOEPMBTQMBHBTTPCSFQBTBO
MPTVNCSBMFTEFEB×P
$VMUJWPUSBNQB
&TVOBQMBOUBPDPOKVOUPEFQMBOUBTRVFBUSBFOBMPTJOTFD
UPTEB×JOPTZMPTNBOUJFOFBMFKBEPTEFMPTDVMUJWPTQSJODJQBMFT
&TUFVTPEFQMBOUBTBDPNQB×BOUFTQVFEFSFEVDJSMPTEB×PTB
MBTDPTFDIBTTJOUFOFSRVFSFDVSSJSBQMBHVJDJEBTDPOUPEPTTVT
QFMJHSPTQPUFODJBMFTPVUJMJ[BSTFDPNPTJTUFNBDPNQMFNFOUBSJP
BMPTNJTNPT
-PTDVMUJWPTUSBNQBTQVFEFOTFSQMBOUBEPTFOFMQFSÓNFUSP
EFMUFSSFOPDVZPDVMUJWPTFUSBUBEFQSPUFHFSFOGPSNBJOUFS
DBMBEBPFOGPSNBEFCBSSFSBEFTEFFMMBEPEFMJOHSFTPEFMPT
DPMPOJ[BEPSFT
$POUSPMDVMUVSBM
&MDPOUSPMDVMUVSBMDPOTJTUFFOMBVUJMJ[BDJØOEFMBTQSÈDUJDBT
BHSÓDPMBTPSEJOBSJBTPBMHVOBTNPEJmDBDJPOFTEFFMMBTDPOFM
QSPQØTJUPEFDPOUSJCVJSBQSFWFOJSMPTBUBRVFTEFMPTPSHBOJT
NPTQFSKVEJDJBMFTJOTFDUPTFOGFSNFEBEFTPNBMF[BT
IBDFS
FMBNCJFOUFNFOPTGBWPSBCMFQBSBTVEFTBSSPMMPEFTUSVJSMPTP
EJTNJOVJSTVTEB×PT
"MHVOBTJNQPSUBOUFTQVFEFOTFS
t1BSUJSEFTFNJMMBTTBOBTZTVFMPMJNQJP
t.BOFKPEFMBGFDIBEFTJFNCSBZQMBOUBDJØO
t3PUBDJPOFTEFDVMUJWPT
t%FOTJEBEFTBEFDVBEBT
t%FTUSVDDJØOEFSFTJEVPTEFDPTFDIB
t%FTUSVDDJØOEFGVFOUFTEFJOGFTUBDJØO
t%FTUSVDDJØOEFNBMF[BTZMJNQJF[BEFMPTCPSEFTEFMPUFT
ZDBNQP
t7JHPSJ[BDJØOEFMBTQMBOUBTZQMBOBEFDVBEPEFGFSUJMJ
[BDJØO
t6UJMJ[BDJØOEFWBSJFEBEFTSFTJTUFOUFTZDVMUJWPTUPMFSBO
UFT
$POUSPMNFDÈOJDP
&MDPOUSPMNFDÈOJDPEFMBTQMBHBTDPNQSFOEFMBTUÏDOJDBT
NÈTBOUJHVBTZTJNQMFTEFMBMVDIBDPOUSBMPTJOTFDUPT&TUBT
UÏDOJDBTDPOTJTUFOFOMBSFNPDJØOZEFTUSVDDJØOEFMPTJOTFDUPT
NBMF[BTZØSHBOPTJOGFTUBEPTEFMBTQMBOUBT-BBQMJDBDJØOEF
FTUBTUÏDOJDBTEFNBOEBNVDIBNBOPEFPCSBQPSMPRVFUJFOEFO
BEFTBQBSFDFSEFMBTHSBOEFTZNFEJBOBTÈSFBTEFDVMUJWP&O
DJFSUPTDBTPTQBSUJDVMBSNFOUFDVBOEPTFUSBUBEFMBQFRVF×B
BHSJDVMUVSBFMDPOUSPMNFDÈOJDPQVFEFBQMJDBSTFDPOSFMBUJWB
FmDJFODJB&TUBUÏDOJDBFTEFGVOEBNFOUBMJNQPSUBODJBFOFM
DPOUSPMEFNBMF[BTZBTFBDPNPBSSBODBEPNBOVBMNFEJBOUF
FMVTPEFIFSSBNJFOUBTNBOVBMFTDPNPDBSQJEPSFTEFTNB
MF[BEPSBTPNFEJBOUFNÈRVJOBTEFBSSBTUSFUJQPFTDBSEJMMP
SBTUSBTFUD
0USBTUÏDOJDBTBTPDJBEBTQVFEFOTFS
6TPEFBHVBDBMJFOUFTFQVFEFOJOUSPEVDJSMBTTFNJMMBT
CVMCPTUVCÏSDVMPTZFTRVFKFTFOBHVBDBMJFOUFQBSBNBUBSMBT
QPTJCMFTQMBHBTDPNPJOTFDUPTÈDBSPTOFNÈUPEPTIPOHPTZ
CBDUFSJBT
"JSFDBMJFOUFVOUSBUBNJFOUPDPOBJSFDBMJFOUFUBNCJÏO
QVFEFBDBCBSDPOMPTPSHBOJTNPTOPDJWPTQSFTFOUFTFOQMBOUBT
CVMCPTZTFNJMMBT
4PMBSJ[BDJØO4JTFDVCSFFMTVFMPDPOVOQMÈTUJDPEFQP
MJFUJMFOPUSBOTQBSFOUFEVSBOUFWBSJBTTFNBOBTFOWFSBOPMB
SBEJBDJØOTPMBSQVFEFQSPWPDBSVOBTVCJEBEFMBTUFNQFSBUVSBT
UBMRVFMPTPSHBOJTNPTQMBHBTFNBUBO
7BQPSJ[BDJØOMPTUSBUBNJFOUPTDPOWBQPSEFTJOGFDUBSÈOFM
TVFMPTVTUSBUPDBKBTFUD
&KFNQMPTQBSBJOTFDUPTQMBHBT
.ÏUPEPTEFDPOUSPMOPRVÓNJDPQBSB5SJQT
$POUSPMOBUVSBMSFTQFUPEFMBGBVOBÞUJMNFEJBOUFFMVTPEF
JOTFDUJDJEBTTFMFDUJWPTBQMJDBDJPOFTMPDBMJ[BEBTVTPEFUSBNQBT
QFHBKPTBTFOBMUBEFOTJEBE%FOUSPEFMBTFTQFDJFTCFOÏmDBT
BQSPUFHFSTFFODVFOUSBOJOTFDUPTUBMFTDPNP0SJVTJODJEJPTVT
Z(FPDPSJTTQQZÈDBSPTmUPTFJEPT&YJTUFOQSPEVDUPTRVF
DPOUSPMBOUSJQTZTPOBMUBNFOUFTFMFDUJWPTDPNPQPSFKFNQMP
MPTJOIJCJEPSFTEFTÓOUFTJTEFRVJUJOBQFSPOPFTUÈOSFHJTUSBEPT
QBSBVTPFOMFDIVHBFO"SHFOUJOB
$POUSPMCJPMØHJDPMBTVFMUBEFFOFNJHPTOBUVSBMFTOP
FTUÈEFTBSSPMMBEBFOOVFTUSPQBÓTFYJTUFOBMHVOBTFYQFSJFODJBT
DPOTVFMUBEFPSJVT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
.ÏUPEPTEFDPOUSPMOPRVÓNJDPQBSB.JOBEPSEFMB
IPKB
4FSFDPNJFOEBMPTNÏUPEPTEFDPOUSPMDVMUVSBMFTDPNP
QPSFKFNQMPFWJUBSMBTJFNCSBFTDBMPOBEBFOGPSNBDPOUJOVB
FOMPUFTDFSDBOPTGVOEBNFOUBMNFOUFFOMPTNFTFTEFNBZPS
BDUJWJEBEEFMBQMBHBWFSBOPZPUP×P
-PTNÏUPEPTCJPMØHJDPTOPFTUÈOEFTBSSPMMBEPTFO"SHFOUJOB
ZFMOBUVSBMQVFEFGBWPSFDFSTFNFEJBOUFFMFNQMFPEFJOTFD
UJDJEBTTFMFDUJWPTZMPTBQMJDBEPTQPSSJFHPHPSHPUFP&OPUSPT
QBÓTFTFTUÈODJUBEPTFOFNJHPTOBUVSBMFTQSJODJQBMNFOUFBWJTQBT
QBSÈTJUBTFOMPTHÏOFSPT%JHMZQIVT0QJVTZ$ISZTPDIBSJT
0USPTNÏUPEPTEFDPOUSPMQBSBQVMHPOFT
4FSFDPNJFOEBMBVUJMJ[BDJØOEFDPCFSUVSBTMBTNBMMBT
BOUJQVMHPOFTZMPTBHSPUFYUJMFTRVFJNQJEFOMBMMFHBEBEFMPT
JOEJWJEVPTBMPTDVMUJWPT
-BQSFTFODJBEFFOFNJHPTOBUVSBMFTFOQVMHPOFTTVFMF
TFSNVZJNQPSUBOUFQPSMPRVFTFSFDPNJFOEBTVQSPUFDDJØO
NFEJBOUFFMFNQMFPEFJOTFDUJDJEBTTFMFDUJWPTFK1JSJNJDBSC
ZTVBQMJDBDJØOTPMPEFTFSFTUSJDUBNFOUFOFDFTBSJP
1VOUPTBUFOFSFODVFOUBDPOSFTQFDUPB
MBBQMJDBDJØOEFmUPTBOJUBSJPT
1BSBMBFMBCPSBDJØOEFFTUFQVOUPFOUSFPUSBTGVFOUFTCJ
CMJPHSÈmDBTZBQPSUFEFMDPOPDJNJFOUPEFMPTBVUPSFTTFUPNØ
DPNPCBTFMB-FHJTMBDJØO/BDJPOBM
&MFNFOUPTCÈTJDPTEFMBQSPUFDDJØOEFDVMUJWPT
t-BQSPUFDDJØOEFMPTDVMUJWPTDPOUSBMBTQMBHBTFOGFSNF
EBEFTZNBMF[BTTFEFCFSFBMJ[BSNFEJBOUFFMFNQMFPNÓOJNP
ZBEFDVBEPEFmUPTBOJUBSJPT
t%FCFOFNQMFBSTFUÏDOJDBTEFMNBOFKPJOUFHSBEPEFQMBHBT
TJFNQSFRVFTFBUÏDOJDBNFOUFQPTJCMF
t$VBOEPFMOJWFMEFQMBHBFOGFSNFEBEPNBMF[BSFRVJFSF
WBSJBTBQMJDBDJPOFTEFQSPEVDUPTTPCSFFMNJTNPDVMUJWPTFEFCF
SPUBSDPOEJTUJOUPTHSVQPTRVÓNJDPTQBSBFWJUBSQPCMBDJPOFT
SFTJTUFOUFT
t&MQSPEVDUPSPFODBSHBEPEFMDPOUSPMEFMBTBQMJDBDJPOFT
mUPTBOJUBSJBTEFCFSFDJCJSDBQBDJUBDJØOFONBOFKPJOUFHSBEP
EFQMBHBTZNPTUSBSTVDBMJmDBDJØO
&MFDDJØOEFQSPEVDUPTmUPTBOJUBSJPT
t4FEFCFOVUJMJ[BSQSPEVDUPTmUPTBOJUBSJPTFTQFDÓmDPT
QBSBTVPCKFUJWPEFBDVFSEPBMPSFDPNFOEBEPFOMBFUJRVFUB
EFMQSPEVDUP
t5PEPUSBUBNJFOUPEFCFFTUBSBWBMBEPQPSVO*OHFOJFSP
"HSØOPNP-BFWJEFODJBEFMNJTNPTFSÈMBSFDPNFOEBDJØOQPS
FTDSJUPZMBmSNBFOFMSFHJTUSPEFBQMJDBDJPOFT
t-PTQSPEVDUPTVUJMJ[BEPTEFCFOFTUBSSFHJTUSBEPTZBVUP
SJ[BEPTPmDJBMNFOUFQPSMBBVUPSJEBEDPNQFUFOUFEFOVFTUSP
QBÓT-JTUBEPEFM4&/"4"1SJODJQJPT"DUJWPTEF5FSBQÏVUJDB
7FHFUBMSFHJTUSBEPTZBVUPSJ[BEPTFOMB3FQÞCMJDB"SHFOUJOB
XXXTFOBTBHPWBSBHSPRVJNJDPTBHSPRVJQIQ3FTPMVDJØO
3FT3FT
t"MNPNFOUPEFMBDPNQSBTFEFCFWFSJmDBSRVFMPTFOWBTFT
EFmUPTBOJUBSJPTQPTFBOFUJRVFUBPSJHJOBMZMBGFDIBEFWFODJ
NJFOUPJOEJDBEBFOMPTFOWBTFTZPNBSCFUFT/PTFEFCFSÈO
BERVJSJSQSPEVDUPTWFODJEPT
.BOJQVMBDJØOEFQSPEVDUPTmUPTBOJUBSJPT5SBOTQPS
UF
t-PTQSPEVDUPTTFEFCFOUSBOTQPSUBSFOTVTFOWBTFTPSJHJ
OBMFTDFSSBEPTFJEFOUJmDBEPT
t-PTQSPEVDUPTmUPTBOJUBSJPTOPTFEFCFOUSBOTQPSUBSKVOUP
DPOQFSTPOBTBOJNBMFTSPQBBMJNFOUPTZFOTFSFT
t-PTQSPEVDUPTmUPTBOJUBSJPTTFEFCFOBDPOEJDJPOBSQBSB
TVUSBOTQPSUFEFGPSNBUBMEFFWJUBSEFSSBNFTZSPUVSBT
t/PEFCFIBCFSFWJEFODJBTEFRVFFMQFSTPOBMSFTQPOTBCMF
EFMBDBSHBZEFTDBSHBEFMPTQSPEVDUPTDPNBCFCBPGVNF
EVSBOUFMBUBSFB
1SFQBSBEPEFMQSPEVDUP
t-BTÈSFBTEFQSFQBSBDJØOZNF[DMBEFMPTQSPEVDUPTTPO
EFVTPFYDMVTJWPQBSBFTUBTUBSFBT"EFNÈTEFCFSÈOFTUBS
FRVJQBEBTDPOVUFOTJMJPTDVCFUBTBHVBDPSSJFOUFFUD
QBSB
FMNBOFKPFmDJFOUFZTFHVSPEFMPTmUPTBOJUBSJPT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t-PTFMFNFOUPTEFNFEJDJØOEFCFSÈOUFOFSVOBHSBEVBDJØO
MFHJCMFZDBMJCSBDJØOWFSJmDBEB
t&MOPNCSFEFMDVMUJWPTPCSFFMRVFTFIBSFBMJ[BEPMB
BQMJDBDJØOBTÓDPNPMBWBSJFEBE
t/PEFCFIBCFSFWJEFODJBTEFRVFFMQFSTPOBMSFTQPOTBCMF
EFMBQSFQBSBDJØOEFMPTQSPEVDUPTDPNBCFCBPGVNFEVSBOUF
MBUBSFB
t&MOÞNFSPEFMPUFP[POBEFMBBQMJDBDJØO
t-BGFDIBFOFMRVFTFIBSFBMJ[BEPMBBQMJDBDJØO
t-BEPTJTBQMJDBEB
t&MOPNCSFDPNFSDJBMEFMQSPEVDUPZFMQSJODJQJPBDUJWP
t-PTQMB[PTEFTFHVSJEBEPUJFNQPTEFDBSFODJB
t&MPQFSBEPSFODBSHBEPEFMBTBQMJDBDJPOFT
t-BKVTUJmDBDJØOEFMBTBQMJDBDJPOFT
t-BNBRVJOBSJBFNQMFBEBQBSBSFBMJ[BSMBBQMJDBDJØO
t-PTQSPEVDUPTmUPTBOJUBSJPTOPEFCFOQSFTFOUBSBMUFSB
DJPOFTGÓTJDBTZRVÓNJDBT
t4FEFCFVUJMJ[BSBHVBEFVTPBHSÓDPMB
t4FEFCFSÈDPOUBSDPOQFSTPOBMRVFBDSFEJUFDPOPDJNJFOUPT
ZDBQBDJUBDJØOQBSBSFBMJ[BSMBQSFQBSBDJØOEFMQSPEVDUP
3FHJTUSPZBQMJDBDJØOEF1SPEVDUPT'JUPTBOJUBSJPT
t&OFMSFHJTUSPEFBQMJDBDJPOFTGJUPTBOJUBSJBTTFEFCF
EPDVNFOUBS
1BSBSFBMJ[BSEJDIPSFHJTUSPTFVUJMJ[BMBQMBOJMMB3FHJTUSP
EFUSBUBNJFOUPTmUPTBOJUBSJPTEFMQVOUP3FHJTUSPTZ5SB[BCJ
MJEBE
tt-BEPTJTDPSSFDUBEFBQMJDBDJØOEFQSPEVDUPmUPTBOJUB
-BEPTJTDPSSFDUBEFBQMJDBDJØOEFQSPEVDUPmUPTBOJUB
SJPQBSBFMDVMUJWPBTFSUSBUBEPEFCFFTUBSEFBDVFSEPBMBT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
JOTUSVDDJPOFTEFMBFUJRVFUBZIBTJEPDBMDVMBEBQSFQBSBEBZ
BQMJDBEBDPOFYBDUJUVE
t/PEFCFIBCFSFWJEFODJBTEFRVFFMQFSTPOBMSFTQPOTBCMF
EFMBBQMJDBDJØOEFMPTQSPEVDUPTDPNBCFCBPGVNFEVSBOUF
MBUBSFB
t%FCFFYJTUJSVOBBVUPSJ[BDJØOUÏDOJDBQBSBSFBMJ[BSMB
BQMJDBDJØO
QBSBNBOJQVMBSMPTQSPEVDUPTNÈTDBSBZWFTUJNFOUBBQSPQJB
EBQBSBMBPDBTJØOCBMBO[BTDPOEJGFSFOUFTQSFDJTJPOFTQBSB
GSBDDJPOBSQPMWPTQJQFUBTPQSPCFUBHSBEVBEBQBSBNFEJSMPT
MÓRVJEPTSFDJQJFOUFTQBSBSFBMJ[BSMBTQSFNF[DMBTZUSBOTQPSUBS
BMPTFRVJQPTEFBQMJDBDJØO&OFMFYUFSJPSEFMBIBCJUBDJØOTF
EFCFSÈDPOUBSDPOVOBQJMFUBDPODBOJMMBEFBHVBQBSBMBWBSTF
MBTNBOPTZMBWBEPEFPKPT
t"MSFBMJ[BSMBNF[DMBEFQSPEVDUPTmUPTBOJUBSJPTFTOF
DFTBSJPIBDFSMPFOGVODJØOEFMBTJOEJDBDJPOFTEFMBFUJRVFUB
BDPOUJOVBDJØOTFTVHJFSFFMQSPDFEJNJFOUPHFOFSBMQBSBVOB
DPSSFDUBFMBCPSBDJØOEFMDBMEPEFQSPEVDUPTmUPTBOJUBSJPT
$VBESP
1SFNF[DMBEPTFEFOPNJOBEFFTUBGPSNBBMBNF[DMBRVF
TFSFBMJ[BFOUSFFMQSPEVDUPZFMBHVBFOVOSFDJQJFOUFBQBSUFZ
QSFWJPBMBJODPSQPSBDJØOBMUBORVFEFMBNÈRVJOBEFBQMJDBDJØO
%BEPRVFQBSBFTUBQSÈDUJDBTFSFRVJFSFMBNBOJQVMBDJØOEFM
QSPEVDUPFOGPSNBQVSBFTOFDFTBSJPUFOFSQVFTUPFMFRVJQP
QSPUFDUPSNÈTDBSBHVBOUFTPCFSPMJNQFSNFBCMFCPUBTDPCFS
UPSPDVMBSZEFDBCF[BFUD
DPMPDBEPZFOQFSGFDUBTDPOEJDJPOFT
QBSBFWJUBSFMDPOUBDUPEFMQSPEVDUPDPODVBMRVJFSQBSUFEFM
DVFSQPZMBJOIBMBDJØOEFMNJTNP
1MB[PTEF4FHVSJEBE
5PNBOEPDPNPCBTFMBQMBOJMMB3FHJTUSPEFUSBUBNJFOUPT
mUPTBOJUBSJPTEFMQVOUP3FHJTUSPTZ5SB[BCJMJEBETFEFCFOSFT
QFUBSMPTUJFNQPTEFDBSFODJBTEFMPTQSPEVDUPTVUJMJ[BEPTBOUFT
EFMBDPTFDIBZFOFMMPUFEFCFOFYJTUJSTF×BMFTEFBEWFSUFODJB
QBSBBTFHVSBSFMDPSSFDUPDVNQMJNJFOUP
1FSTPOBMEF"QMJDBDJØO
t5PEBQFSTPOBRVFNBOJQVMFmUPTBOJUBSJPTEFCFEFNPTUSBS
DPOPDJNJFOUPTBDFSDBEFMNBOFKPEFMPTNJTNPT%FCFSÈFYJTUJS
FWJEFODJBEFDBQBDJUBDJØOFTQFDÓmDBCSJOEBEBQPSVOQSPGFTJPOBM
VPSHBOJTNPDPNQFUFOUF
t&MQFSTPOBMEFCFSÈQPTFFSZVUJMJ[BSMPTFRVJQPTEFQSP
UFDDJØOQBSBMBBQMJDBDJØOEFmUPTBOJUBSJPT&OMBTJOTUBMBDJPOFT
EFQSPEVDUPTmUPTBOJUBSJPTTFEFCFSÈOJODMVJSFMFNFOUPTEF
TFHVSJEBENFEJDJØOZQSFQBSBDJØOEFMPTQSPEVDUPTQPSFKFNQMP
HVBOUFTEFOJUSJMP17$PEFOFPQSFOFEFDVBUSPNJMÓNFUSPT
&RVJQPTEFQSPUFDDJØO
EFMQFSTPOBM'VFOUF1)3
t&MFRVJQPEFQSPUFDDJØOTFEFCFSÈFODPOUSBSTJOSPUVSBT
ZMJNQJP4FEFCFSÈSFTQFUBSMBWJEBÞUJMEFMPTFRVJQPTEF
QSPUFDDJØOTFHÞOJOEJDBDJØOEFMGBCSJDBOUF/PEFCFSÈFYJTUJS
FWJEFODJBEFRVFMPTFRVJQPTEFQSPUFDDJØOTFHVBSEBODPOFM
SFTUPEFMBSPQBEFMQFSTPOBM
t/PEFCFSÈFYJTUJSFWJEFODJBEFRVFMPTFRVJQPTEFQSPUFD
DJØOFTUÈOHVBSEBEPTKVOUPDPOMPTQSPEVDUPTmUPTBOJUBSJPT
t%FCFSÈFYJTUJSFWJEFODJBEFRVFMBTJOTUBMBDJPOFTQBSB
IJHJFOFEFMQFSTPOBMTPOVUJMJ[BEBT
t%FCFSÈFYJTUJSFWJEFODJBEFDBQBDJUBDJØOFTQFDÓmDBCSJO
EBEBQPSVOQSPGFTJPOBMVPSHBOJTNPDPNQFUFOUF
t%FCFSÈFYJTUJSVOSFHJTUSPPEPDVNFOUPRVFBDSFEJUFMBT
DBQBDJUBDJPOFTCSJOEBEBTBMQFSTPOBM
&RVJQPTEF"QMJDBDJØO
t&MFRVJQPVUJMJ[BEPEFCFSÈTFSTFMFDDJPOBEPBGJOEF
BTFHVSBSVOBFmDJFOUFBQMJDBDJØOTFHÞOSFDPNFOEBDJØOEFM
GBCSJDBOUFP*OHFOJFSP"HSØOPNP
t-BNBRVJOBSJBEFBQMJDBDJØOEFmUPTBOJUBSJPTEFCFSÈ
FODPOUSBSTFFOCVFOFTUBEPEFGVODJPOBNJFOUPEFCJÏOEPTF
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
FMBCPSBSVOQMBOEFNBOUFOJNJFOUPSFHJTUSÈOEPTFMPTEBUPT
FOMBQMBOJMMB.BOUFOJNJFOUPEFFRVJQPTEFBQMJDBDJPOFTmUP
TBOJUBSJBTEFMQVOUP3FHJTUSPTZ5SB[BCJMJEBE
3FDPMFDUPSEFEFSSBNFT
EFMEFQØTJUPEFQSPEVDUPT
mUPTBOJUBSJPT'VFOUF1)3
t4FEFCFSÈWFSJmDBSFMGVODJPOBNJFOUPEFMPTFRVJQPTEF
BQMJDBDJØOEFmUPTBOJUBSJPTDPNPNÓOJNPVOBWF[QPSB×P
&TUPEFCFSÈTFSSFBMJ[BEPQPSVOFOUFPmDJBMPVOBQFSTPOB
RVFQVFEBNPTUSBSTVDPNQFUFODJB
t&MDBMEPTPCSBOUFEFMUSBUBNJFOUPZPMPTSFTJEVPTEF
MBWBEPEFMPTUBORVFTTFWFSUJSÈFOÈSFBTOPUSBUBEBTOVODB
FOMVHBSFTEPOEFQVFEBOFYJTUJSSJFTHPTEFTPCSFBQMJDBDJØO
DPOUBNJOBDJØOEFDBVDFTFUD1PSFKFNQMPQVFEFOBQMJDBSTF
TPCSFVOÈSFBEFDVMUJWPOPJOEJDBEPJOJDJBMNFOUFQBSBTFS
USBUBEPPUSPMPUFEFQSPEVDDJØOPTPCSFUJFSSBTEFTJHOBEBT
BMCBSCFDIP
TJFNQSFZDVBOEPTFTJHBOMBTJOTUSVDDJPOFTEF
MBFUJRVFUBZTFSFHJTUSFOEFMBNJTNBNBOFSBZEFUBMMFRVF
DVBMRVJFSPUSBBQMJDBDJØO
"MNBDFOBNJFOUPEFmUPTBOJUBSJPT
t-PTEFQØTJUPTEFBMNBDFOBNJFOUPEFmUPTBOJUBSJPTEFCF
SÈOFTUBSTFQBSBEPTEFMBTWJWJFOEBTIBCJUBDJPOFTMVHBSFTEF
NBOJQVMBDJØOZBMNBDFOBNJFOUPEFMPTQSPEVDUPTDPTFDIBEPT
GVFOUFTEFDBMPSGVFOUFTZSFTFSWPSJPTEFBHVBZDPSSBMFTEF
BOJNBMFT&OFMEFQØTJUPTFHVBSEBSÈOFYDMVTJWBNFOUFMPTQSP
EVDUPTBHSPRVÓNJDPTZOPTFEFCFSÈOJOTUBMBSEFOUSPEFMNJTNP
PmDJOBTCB×PTWFTUVBSJPTDPNFEPSFTFOUSFPUSPT
t-PTEFQØTJUPTEFCFSÈOFTUBSDPOTUSVJEPTDPONBUFSJBMFT
SFTJTUFOUFTBMGVFHP
%FQØTJUPEFQSPEVDUPTmUPTB
OJUBSJPT'VFOUF1)3
%FQØTJUPEFQSPEVDUPTmUPTB
OJUBSJPT'VFOUF1)3
t&MEFQØTJUPEFCFSÈQPTFFSFTUBOUFSÓBTEFNBUFSJBMFTOP
BCTPSCFOUFTNFUBMQMÈTUJDPSÓHJEPNBEFSBJNQFSNFBCJMJ[BEB
FUD
t&MEFQØTJUPEFQSPEVDUPTmUPTBOJUBSJPTEFCFSÈFTUBSDPOT
USVJEPPFNQMB[BEPEFNPEPUBMRVFQSPUFKBMPTQSPEVDUPTEF
UFNQFSBUVSBTFYUSFNBT
t-BTDBSBDUFSÓTUJDBTEFMEFQØTJUPGBDJMJUBSÈOMBMJNQJF[BZFWJ
UBSÈMBDPOUBNJOBDJØOBMFYUFSJPSBOUFFWFOUVBMFTEFSSBNFT
t&MEFQØTJUPEFQSPEVDUPTmUPTBOJUBSJPTEFCFSÈEJTQPOFS
EFTVmDJFOUFZDPOTUBOUFWFOUJMBDJØOEFBJSFGSFTDPQBSBFWJUBS
MBBDVNVMBDJØOEFWBQPSFTEB×JOPT
t&MEFQØTJUPEFQSPEVDUPTGJUPTBOJUBSJPTEFCFSÈFTUBS
MPDBMJ[BEPFOVOB[POBTVmDJFOUFNFOUFJMVNJOBEBDPOMV[
OBUVSBMZPBSUJmDJBMQBSBBTFHVSBSTFEFRVFMBTFUJRVFUBTEF
MPTQSPEVDUPTQVFEBOMFFSTFGÈDJMNFOUF
t%FCFSÈOFYJTUJSDBSUFMFTRVFFWJEFODJFOMBQFMJHSPTJEBE
EFMÈSFBEPOEFTFFODVFOUSBOMPTmUPTBOJUBSJPT
t%FCFSÈOFYJTUJSMPTNFEJPTOFDFTBSJPTQBSBDPOUFOFSQPTJ
CMFTEFSSBNFTZDPOUJOHFODJBT4FEJTQPOESÈEFVODPOUFOFEPS
DPONBUFSJBMJOFSUFBCTPSCFOUFFKBSFOB
BEFNÈTEFFRVJQPT
QBSBEFTIBDFSTFEFMWFSUJEPFTDPCBSFDPHFEPSCPMTBTFUD
FO
VOTJUJPEFUFSNJOBEPQBSBTFSVUJMJ[BEPTFODBTPEFEFSSBNFT
BDDJEFOUBMFTEFQSPEVDUPTmUPTBOJUBSJPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t&MEFQØTJUPEFQSPEVDUPTmUPTBOJUBSJPTTFEFCFSÈFODPO
USBSDFSSBEPCBKPMMBWFZPDBOEBEPZTØMPBDDFEFSÈQFSTPOBM
EFCJEBNFOUFBVUPSJ[BEP
t-PTQSPEVDUPTmUPTBOJUBSJPTTFEFCFSÈOFODPOUSBSTPCSF
UBSJNBTFTUBOUFSÓBTVPUSPFMFNFOUPEFNBUFSJBMOPBCTPSCFOUF
RVFFWJUFFMDPOUBDUPEJSFDUPDPOFMQJTP
%FUBMMFEFFOWBTFTEFQSP
EVDUPTmUPTBOJUBSJPT'VFOUF
1)3
t-PTQSPEVDUPTEFGPSNVMBDJØOMJRVJEBOPEFCFSÈOFTUBS
EJTQVFTUPTQPSFODJNBEFMPTEFGPSNVMBDJØOTØMJEB
t&MEFQØTJUPEFCFSÈQPTFFSVOJOWFOUBSJPGÈDJMNFOUF
EJTQPOJCMFZBDUVBMJ[BEPVUJMJ[BOEPQBSBFTUFmOMBQMBOJMMB
MB
%FQØTJUPEFQSPEVDUPTmUPTB
OJUBSJPT'VFOUF1)3
1MBOJMMBTEFSFHJTUSP
'VFOUF1)3
FTQFDJBMJ[BEPT&MTJTUFNBVUJMJ[BEPQBSB
F
FMJNJOBSMPTFOWBTFTEFQSPEVDUPTmUPTBOJ
FMJ
UBSJPTWBDÓPTNJOJNJ[BFMSJFTHPEFDPOUBNJOBDJØO
EFMNFEJPBNCJFOUFZGVFOUFTEFBHVB
*OWFOUBSJPEFQSPEVDUPTmUPTBOJUBSJPTEFMQVOUP3FHJTUSPTZ
5SB[BCJMJEBE
t&MMJTUBEPEFCFSÈFTUBSDMBSBNFOUFTF×BMJ[BEPFOVCJDBDJP
OFTBDDFTJCMFTZWJTJCMFTZEFCFSÈJODMVJSOÞNFSPTUFMFGØOJDPTZ
EJSFDDJPOFTSFMFWBOUFTQPMJDÓBIPTQJUBMDFOUSPEFTBMVECPN
CFSPT
5BNCJÏOTFEFCFSÈOMJTUBSMBTQFSTPOBTSFTQPOTBCMFTB
RVJFOFTBDVEJSFODBTPEFFNFSHFODJB
t5PEPTMPTQSPEVDUPTmUPTBOJUBSJPTTFEFCFSÈOFODPOUSBS
FOTVTFOWBTFTPSJHJOBMFTZDPOMBFUJRVFUBMFHJCMF4PMBNFOUF
DVBOEPFMFOWBTFPSJHJOBMTFIBZBFTUSPQFBEPPSPUPTFHVBSEBSÈ
FMQSPEVDUPFOVOSFDJQJFOUFOVFWPZÏTUFFTUBSÈJEFOUJmDBEP
DPNPNÓOJNPDPOFMOPNCSFEFMQSPEVDUPDPOUFOJEP
t-PTQSPEVDUPTmUPTBOJUBSJPTWFODJEPTEFCFSÈOFTUBSBM
NBDFOBEPTEFOUSPEFMEFQØTJUPEFmUPTBOJUBSJPTJEFOUJmDBEPT
EFNBOFSBMFHJCMFIBTUBTVEJTQPTJDJØOmOBM
(FTUJØOEFFOWBTFTWBDÓPTEFQSPEVDUPTmUPTBOJUB
SJPT
t-PTFOWBTFTEFCFSÈOTFSEFTUSVJEPTZFMJNJOBEPTEF
BDVFSEPBMBTSFDPNFOEBDJPOFTEFMGBCSJDBOUFVPSHBOJTNPT
t&MTJTUFNBVUJMJ[BEPQBSBFMJNJOBSMPTFOWBTFTEFQSPEVDUPT
mUPTBOJUBSJPTWBDÓPTBTFHVSBSÈRVFMBTQFSTPOBTZMPTBOJNBMFT
OPUFOHBODPOUBDUPGÓTJDPDPOMPTSFDJQJFOUFTFMJNJOBEPT
t4FQSPIÓCFMBVUJMJ[BDJØOEFFOWBTFTWBDÓPTEFQSPEVDUPT
mUPTBOJUBSJPTQBSBPUSPmORVFOPTFBFMEFDPOUFOFSZUSBOT
QPSUBSFMNJTNPQSPEVDUP
t%FFYJTUJSFOMB[POBMPTFOWBTFTWBDÓPTEFCFSÈOFOUSFHBSTF
FOBMHÞOTJTUFNBEFSFDPMFDDJØOQPSFKFNQMP"HSPMJNQJP
t%FCFSÈOFYJTUJSFWJEFODJBTEFRVFMBUÏDOJDBEFMUSJQMF
MBWBEPFJOVUJMJ[BDJØOEFMPTFOWBTFTWBDÓPTEFmUPTBOJUBSJPTIB
TJEPBQMJDBEBDPSSFDUBNFOUFHBSBOUJ[BOEPMBSFNPDJØOUPUBMEFM
QSPEVDUPZBTFHVSBOEPTVJOVUJMJ[BDJØO"DPOUJOVBDJØOTFNVFT
USBMBUÏDOJDBEFMUSJQMFMBWBEP4FFTUBCMFDFOEPTNÏUPEPT
"HSPMJNQJPFTVOQSPHSBNBEFSFDPMFDDJØOZEJTQPTJDJØOmOBMEF
FOWBTFTWBDÓPTEFBHSPRVÓNJDPTEF$BTBGF"USBWÏTEFMNJTNPTFQSPDFEF
BMBSFDPMFDDJØOEFMPTFOWBTFTWBDÓPTUSJQMFMBWBEPTDPODFOUSÈOEPMPTFOVO
EFQØTJUPDPNÞOIBTUBTVSFUJSPQPSFMQSPHSBNBRVFMPTQSPDFTBQBSBTV
SFVUJMJ[BDJØODPOPUSPTmOFT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
-BWBEPNÞMUJQMFNBOVBM
B *ONFEJBUBNFOUFEFTQVÏTEFWBDJBEPFMFOWBTFTF
NBOUJFOFJOWFSUJEPTPCSFMBCPDBEFMUBORVFEFMBNÈRVJOB
QVMWFSJ[BEPSBFOQPTJDJØOWFSUJDBMEVSBOUFBQSPYJNBEBNFOUF
TFHVOEPTIBTUBRVFFMnVKPEFMMÓRVJEPRVFDBFEFMBCPDB
EFMFOWBTFEFKBEFTFSDPOUJOVP
C 4FBHSFHBBHVBMJNQJBFOTVJOUFSJPSIBTUBDPNQMFUBS
FMEFMWPMVNFO
D 4FDJFSSBFMFOWBTFDPOTVUBQBPSJHJOBMZTFBKVTUBMP
TVmDJFOUFQBSBFWJUBSQÏSEJEBTEVSBOUFMBBHJUBDJØO
E 4FBHJUBFMFOWBTFFOUPEPTMPTTFOUJEPTFOÏSHJDBNFOUF
EVSBOUFTFHVOEPT
F 4FBCSFFMFOWBTFZTFWJFSUFFMBHVBEFMMBWBEPEFM
FOWBTFFYDMVTJWBNFOUFFOFMUBORVFEFMBQVMWFSJ[BEPSBFT
QFSBOEPEVSBOUFBQSPYJNBEBNFOUFTFHVOEPTEFTEFRVF
FMnVKPEFMMÓRVJEPRVFDBFEFMBCPDBEFMFOWBTFEFKBEFTFS
DPOUJOVP
G
NÈT
EJSFDUBNFOUFBMUBORVFEFMFRVJQPQVMWFSJ[BEPS4JFMFRVJQPFTUÈ
NPOUBEPTPCSFUSBDUPSJONFEJBUBNFOUFEFTQVÏTEFMWBDJBEP
EFMDPOUFOJEPEFMFOWBTFTFDPMPDBÏTUFTPCSFFMEJTQPTJUJWP
BVUPNÈUJDPEFMBWBEPZTFBDDJPOBQPSTFHVOEPTMBWÈMWVMB
EFMJCFSBDJØOEFMDIPSSPEFMBWBEP&MBHVBEFMBWBEPHFOFSBEB
FTBVUPNÈUJDBNFOUFFOWJBEBBMJOUFSJPSEFMUBORVFEFMFRVJQP
QVMWFSJ[BEPS
D *OVUJMJ[BSMPTFOWBTFTBHVKFSFBOEPFMGPOEPMVFHP
EFMUSJQMFMBWBEPQBSBFWJUBSTVSFVUJMJ[BDJØO-BTFUJRVFUBTTF
EFCFONBOUFOFSJOUBDUBT-PTFOWBTFTEFWJESJPTFSPNQFO
EJSFDUBNFOUFFOVOSFDJQJFOUFEFTUJOBEPQBSBSFDJCJSMPT
E -PTFOWBTFTTPNFUJEPTBFTUFQSPDFEJNJFOUPTFEFCFO
FOUSFHBSBMDFOUSPEFBDPQJPQBSBTFSJOTQFDDJPOBEPTJEFOUJm
DBEPTZQSFQBSBEPTQBSBTVEJTQPTJDJØOmOBM
i3FDPSEBSRVFDBEBWF[RVFTFSFBMJ[BOEJTUJOUBTEJMVDJPOFT
PEFMUSJQMFMBWBEPTFEFCFMBWBSFYUFSOBNFOUFFMFOWBTFZFM
SFTJEVPEFMMBWBEPWPMDBSMPFOFMFRVJQPQVMWFSJ[BEPSw
4FSFQJUFOMPTQSPDFEJNJFOUPTiCwBiFwQPSEPTWFDFT
H *OVUJMJ[BSMPTFOWBTFTBHVKFSFBOEPFMGPOEPMVFHP
EFMUSJQMFMBWBEPQBSBFWJUBSTVSFVUJMJ[BDJØO-BTFUJRVFUBTTF
EFCFONBOUFOFSJOUBDUBT-PTFOWBTFTEFWJESJPTFSPNQFO
EJSFDUBNFOUFFOVOSFDJQJFOUFEFTUJOBEPQBSBSFDJCJSMPT
I -PTFOWBTFTTPNFUJEPTBFTUFQSPDFEJNJFOUPTFEFCFO
FOUSFHBSBMDFOUSPEFBDPQJPQBSBTFSJOTQFDDJPOBEPTJEFOUJm
DBEPTZQSFQBSBEPTQBSBTVEJTQPTJDJØOmOBM
-BWBEPBQSFTJØO
B *ONFEJBUBNFOUFEFTQVÏTEFWBDJBEPFMFOWBTFTF
NBOUJFOFJOWFSUJEPTPCSFMBCPDBEFMUBORVFEFMBNÈRVJOB
QVMWFSJ[BEPSBFOQPTJDJØOWFSUJDBMEVSBOUFBQSPYJNBEBNFOUF
TFHVOEPTIBTUBRVFFMnVKPEFMMÓRVJEPRVFDBFEFMBCPDB
EFMFOWBTFEFKBEFTFSDPOUJOVP
C 4FNBOUJFOFFMFOWBTFFOFTBQPTJDJØOTJFMFRVJQP
EFQVMWFSJ[BDJØOFTJOEFQFOEJFOUFTFJOUSPEVDFFMBTQFSTPSEFM
FRVJQPEFMBWBEPBQSFTJØOQPSMBCPDBEFMFOWBTFZTFBDDJPOB
FMHBUJMMPQBSBMJCFSBSFMBHVBEFMFRVJQPEVSBOUFTFHVOEPT
NPWJFOEPFMFOWBTFEFNPEPRVFFMDIPSSPBMDBODFUPEBMB
TVQFSmDJFJOUFSOBEFMFOWBTF&MBHVBEFMBWBEPTFEFCFFOWJBS
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
$PTFDIB
&TFMQSPDFTPQPSFMDVBMTFSFDPMFDUBFMQSPEVDUPDPSSFT
QPOEJFOUFQBSBTVQPTUFSJPSDPNFSDJBMJ[BDJØO*OWPMVDSBVOB
TFSJFEFPQFSBDJPOFTBEJDJPOBMFTUBMFTDPNPVOBQSFTFMFDDJØO
SFDPSUFEFGPMMBKFZFMJNJOBDJØOEFQBSUFTOPDPNFTUJCMFTRVF
TFSFBMJ[BOFOFMNJTNPQSFEJPZBMPTFGFDUPTEFGBDJMJUBSMB
QPTUFSJPSQSFQBSBDJØOQBSBMBWFOUB
„ $POEJDJPOFTRVFEFCFSFVOJSMBDPTFDIB
FOFMNBSDPEFMBT#1"
t1SPDFEJNJFOUPTMPTQSPDFEJNJFOUPTVUJMJ[BEPTQBSBMB
DPTFDIBEFCFSÈOTFSIJHJÏOJDPTTJODPOTUJUVJSVOSJFTHPQPUFODJBM
QBSBMBTBMVEOJQSPWPDBSMBDPOUBNJOBDJØOEFMPTQSPEVDUPT
&KFNQMPVOPQFSBSJPFOGFSNPQVFEFDPOUBNJOBSFMQSPEVDUP
t&RVJQBNJFOUPZSFDJQJFOUFTMPTFRVJQBNJFOUPTZSF
DJQJFOUFTRVFTFVUJMJDFOTFSÈOBEFDVBEPTEFGPSNBUBMRVFOP
DPOTUJUVZBOVOSJFTHPEFDPOUBNJOBDJØOQBSBMBNBUFSJBQSJNB
ZMBTBMVEIVNBOB6OBIFSSBNJFOUBEFDPTFDIBFKDVDIJMMP
TVDJBQVFEFDPOUBNJOBSFMQSPEVDUP%FJHVBMNBOFSBVOFOWBTF
TVDJPTFHVSBNFOUFUBNCJÏOMPDPOUBNJOBSÈ
t3FNPDJØOEFNBUFSJBTQSJNBTJOBEFDVBEBTMBTNB
UFSJBTQSJNBTRVFTPOJOBEFDVBEBTQBSBFMDPOTVNPIVNBOP
ØSHBOPTFOGFSNPTFONBMFTUBEPFUD
TFEFCFOTFQBSBSFO
FMMPUFEFDPTFDIBEFNBOFSBEFFWJUBSMBDPOUBNJOBDJØOEFMB
NBUFSJBQSJNBBQUB&TEFDJSTØMPEFCFJSBMFOWBTFFMQSPEVDUP
DPODBMJEBE
t1SPUFDDJØODPOUSBMBDPOUBNJOBDJØOEFMBTNBUFSJBT
QSJNBTZEB×PTBMBTBMVEQÞCMJDBEVSBOUFMBDPTFDIBMB
NBUFSJBQSJNBTFSÈQSPUFHJEBDPOUSBDPOUBNJOBDJPOFTRVÓNJ
DBTGÓTJDBTZNJDSPCJPMØHJDBTEFNBOFSBRVFOPDPOTUJUVZBO
VOSJFTHPQBSBMBTBMVEIVNBOB&OMBPQFSBDJØOEFDPTFDIB
VOQSPEVDUPOPEFCJEBNFOUFQSPUFHJEPQVFEFHFOFSBSHSBWFT
JODPOWFOJFOUFT
4FHÞOMB-FHJTMBDJØO/BDJPOBM
t4FEFCFDPOTUBUBSRVFTFIBZBOSFTQFUBEPFTUSJDUBNFOUF
MPTUJFNQPTEFDBSFODJBEFMPTQSPEVDUPTmUPTBOJUBSJPTVUJMJ
[BEPT
t4FEFCFNPOJUPSFBSFMFTUBEPEFNBEVSF[BQSPQJBEPQBSB
DBEBQSPEVDUPBDPTFDIBS
t&MNÏUPEPEFSFDPMFDDJØOEFCFTFSFMNÈTBEFDVBEPQBSB
DBEBUJQPEFFTQFDJFDVMUJWBEBFWJUBOEPMPTEB×PTZNBOUF
OJFOEPMBJOUFHSJEBEEFMQSPEVDUPDPTFDIBEP
t4FEFCFNBOUFOFSFMPSEFOFOFMMVHBSEFDPTFDIB
t4FEFCFFWJUBSSFBMJ[BSMBUBSFBDPODPOEJDJPOFTNFUFP
SPMØHJDBTBEWFSTBT
t&MQSPEVDUPSFDPMFDUBEPEFCFTFSEFQPTJUBEPDVJEBEPTB
NFOUFFOFMSFDJQJFOUFEFDPTFDIBPSFDJQJFOUFEFmOJUJWPZOP
TFSBSSPKBEPHPMQFBEPQSFTJPOBEPPGSPUBEP
t&MQSPEVDUPSFDPMFDUBEPEFCFTFSDVBOEPDPSSFTQPOEB
USBOTQPSUBEPSÈQJEBNFOUFBMMVHBSEFFNQBRVF4JFNQSFEFCF
USBOTQPSUBSTFDVJEBEPTBNFOUFFWJUBOEPHPMQFTZTBDVEJEBT
CSVTDBTRVFMFQVFEBOPDBTJPOBSEB×PT
t4FEFCFOUPNBSUPEBTMBTNFEJEBTOFDFTBSJBTBmOEF
QSFWFOJSDVBMRVJFSUJQPEFDPOUBNJOBDJØOGÓTJDBRVÓNJDBP
CJPMØHJDBEPOEFTFFODVFOUSFFMQSPEVDUPSFDPMFDUBEP
t-PTWFIÓDVMPTEFMBmODBRVFTPOVTBEPTQBSBFMUSBOTQPSUF
EFMQSPEVDUPSFDPMFDUBEPEFCFONBOUFOFSTFMJNQJPTZMJCSFT
EFNBUFSJBMFTFYUSB×PTBmOEFFWJUBSMBDPOUBNJOBDJØOEFMBT
IPSUBMJ[BT"TJNJTNPEVSBOUFMBDPTFDIBFMUSBOTQPSUFEFCF
TFSVUJMJ[BEPÞOJDBNFOUFQBSBUBMmO
t&ODBTPEFRVFMBDPTFDIBTFBNFDÈOJDBÏTUBEFCFTFS
SFBMJ[BEBÞOJDBNFOUFQPSQFSTPOBMDBQBDJUBEPQBSBFWJUBSEB×PT
BMQSPEVDUPPTVDPOUBNJOBDJØO
„ $SJUFSJPTEFDPTFDIB
4FSÈOFDFTBSJPSFTQPOEFSVOBTFSJFEFQSFHVOUBT
„.PNFOUPEFDPTFDIB{&ORVFNPNFOUP
DPNJFO[PBDPTFDIBSFMMPUF
4FEFCFDPTFDIBSFOFMNPNFOUPBEFDVBEPCVTDBOEPVO
FRVJMJCSJPFOUSFFMSFOEJNJFOUPMBDBMJEBEZMBQSFTFODJBEFQMBHBT
ZFOGFSNFEBEFT$VBOEPNÈTTFFTQFSBFMMPUFQBSBDPTFDIBS
NBZPSQVFEFTFSFMSFOEJNJFOUPQFSPQVFEFEFTNFKPSBSMB
DBMJEBE"NBZPSFEBEEFMBQMBOUBNBZPSFTMBQPTJCJMJEBEEF
BQBSJDJØOEFQSPCMFNBTTBOJUBSJPTRVFMVFHPRVFEBSÈOFOFM
DBNQPZDPOUSJCVJSÈOBHFOFSBSQSPCMFNBTEFTEFFMQVOUPEF
WJTUBEFMBT#1"$VBOEPTFDPTFDIBBOUJDJQBEBNFOUFMPTSFO
EJNJFOUPTTFSFEVDFOOPUBCMFNFOUF$BEBFTQFDJFZWBSJFEBE
UJFOFTVNPNFOUPBEFDVBEPQBSBDPTFDIB
&TJNQPSUBOUFIBDFSVOQMBOEFDPTFDIBTFNBOBMFTEFDJS
VOEÓBBMBTFNBOBTFIBDFFMSFMFWBNJFOUPEFMBDBOUJEBEB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
DPTFDIBSQBSBMBTFNBOBQSØYJNBZTFEJTDVUFDPOMPTDPN
QSBEPSFTVOQMBOEJBSJPEFFOUSFHBT%BEBMBTWBSJBDJPOFTEF
MBTDPOEJDJPOFTDMJNÈUJDBTEVSBOUFMBTFNBOBFTOFDFTBSJP
DPOTVMUBSFMQSPOØTUJDPNFUFPSPMØHJDP1PSFKFNQMPTJFOMB
TFNBOBMMFHBVOBiPMBEFGSÓPwPiEFDBMPSwQPESÓBBMUFSBSFM
DSFDJNJFOUPOPSNBMEFMPTDVMUJWPTWBSJBOEPMBTDBOUJEBEFTB
DPTFDIBS
5BNCJÏOFTDPOWFOJFOUFFTUBSJOGPSNBEPTPCSFMBFWPMVDJØO
EFMBTPGFSUBTFOMPTQSØYJNPTEÓBTTJMBUFOEFODJBFTBMBCBKB
EFMBPGFSUBMPDVBMBVNFOUBFMQSFDJP
TFQPESÓBEJMBUBSVO
QPDPFMJOJDJPEFMBDPTFDIBDVJEBOEPFMQVOUPBOUFSJPS
1PS
FMDPOUSBSJPBOUFQPTJCMFEJTNJOVDJØOEFMPTQSFDJPTUBMWF[
TFSÓBDPOWFOJFOUFBEFMBOUBSMBDPTFDIBBVORVFTJHOJmRVF
EJTNJOVDJØOEFSFOEJNJFOUPT
0USPBTQFDUPBUFOFSFODVFOUBFTFMFTUBEPEFNBEVSF[EF
MPTQSPEVDUPTEFIPKBVOQSPEVDUPJONBEVSPPiNVZUJFSOPw
QSPEVDFQSPCMFNBTEFQPTDPTFDIBQPSMBFYDFTJWBUSBOTQJSBDJØO
ZQÏSEJEBEFBHVBMPRVFDPOEVDFBVOBEFTIJESBUBDJØO1PS
FMDPOUSBSJPVOQSPEVDUPEFNBTJBEPNBEVSPQBTBEP
QVFEF
QSFTFOUBSCBKBQBMBUBCJMJEBEQPSFMFYDFTPEFmCSBT
„.ÏUPEPEFSFDPMFDDJØO
&MNÏUPEPEFSFDPMFDDJØOQVFEFTFSNBOVBMDPOBZVEB
DPTFDIBPUPUBMNFOUFNFDBOJ[BEP&MNBOVBMFTFMNÈT
VUJMJ[BEPZBRVFQFSNJUFTFMFDDJPOBSQPSNBEVSF[ZDBMJEBE
NBOJQVMBSMPTQSPEVDUPTNJOJNJ[BOEPFMEB×PZOPSFRVJFSF
HSBOEFTJOWFSTJPOFTEFDBQJUBMBVORVFOPSNBMNFOUFFTEJGÓDJM
DPOTFHVJSTVmDJFOUFDBOUJEBEEFQFSTPOBMDBMJmDBEP&TFM
NÏUPEPNÈTVUJMJ[BEPQBSBDVMUJWPTEFIPKB
-PTBZVEBDPTFDIBBTJTUFOBMBPQFSBDJØOEFDPTFDIBZ
DVFOUBODPOVOBQMBUBGPSNBNØWJMRVFQFSNJUFSFBMJ[BSFMQSP
QJPBDPOEJDJPOBNJFOUPFOFMDBNQP6OHSVQPEFDPTFDIFSPT
BMJNFOUBVOBMÓOFBEFBDPOEJDJPOBNJFOUPZFNQBRVFNØWJMMB
RVFmOBMNFOUFEFTDBSHBFMQSPEVDUPFNQBDBEPRVFBWBO[BBM
SJUNPEFMBDPTFDIB6OBWF[DPNQMFUBEBMBDBSHBFMDBNJØOTF
EJSJHFBTVEFTUJOPZFTSFFNQMB[BEPQPSPUSPWBDÓP
$PTFDIBEPSBTTJCJFOSFRVJFSFEFVOBNBZPSJOWFSTJØO
FYJTUFMBQPTJCJMJEBEEFDPTFDIBSVOBNBZPSTVQFSmDJFFONFOPS
UJFNQPOPPCTUBOUFQVFEFPDBTJPOBSNBZPSFTEB×PT
&OFMDBTPEFMFDIVHBMBNÈRVJOBEFSFDPMFDDJØONBTJWB
DPOTUBEFHVÓBTNFUÈMJDBTRVFMFWBOUBOFMQMÈTUJDPEFMBDPMDIBEP
BSSBODBOZMFWBOUBOMBTQMBOUBTQPSVOQMBOPJODMJOBEP6OBWF[
BSSJCBTFSFBMJ[BFMDPSUFEFMBSBÓ[NVZQSØYJNPBMQMÈTUJDPDPO
MPRVFMBTMFDIVHBTRVFEBOTVFMUBTZDBFOFODBKPOFTVCJDBEPT
FOMBQBSUFQPTUFSJPS&TUBNÈRVJOBEJTNJOVZFFOVOMB
NBOPEFPCSBEFMBSFDPMFDDJØO
„.ÏUPEPTEFEFTQSFOEJNJFOUP
t1PSSFUPSDJNJFOUPPBSSBODBEPFTVONÏUPEPSÈQJEP
BVORVFQVFEFSPNQFSUFKJEPTZEB×BSMBQMBOUB
t1PSDPSUFNFEJBOUFDVDIJMMPTPUJKFSBTMPTUFKJEPTmSNFT
TPODPSUBEPTTJOFTGVFS[PZBTÓTFEJTNJOVZFMBQPTJCJMJEBEEF
BQSFUBSFYDFTJWBNFOUFFMQSPEVDUP1PSPUSPMBEPTFQVFEF
iMJNQJBSwFMQSPEVDUPDPNPFMDBTPEFMFDIVHBBMFMJNJOBS
MBTIPKBTTFOFTDFOUFT&TUBTIFSSBNJFOUBTEFKBOVOBNFOPS
TVQFSmDJFFYQVFTUBRVFVOBEFTHBSSBEVSBMPRVFNJOJNJ[BMBT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
JOGFDDJPOFTZMBEFTIJESBUBDJØO$PNPEFTWFOUBKBTFQVFEF
NFODJPOBSMBUSBOTNJTJØOEFWJSVTBMOPSFBMJ[BSQSFWJBNFOUF
MBEFTJOGFDDJØOEFMPTJOTUSVNFOUPTEFDPTFDIB&TFMNÏUPEP
VUJMJ[BEPFOMBTFTQFDJFTEFIPKB
„$PTFDIBZQSFQBSBDJØOQBSBMBWFOUBEF
DBEBFTQFDJF
"DPOUJOVBDJØOTFIBSÈVOBEFTDSJQDJØOEFMPTVTPTFOMB
DPNFSDJBMJ[BDJØOBDUVBMMPRVFFONVDIBTPDBTJPOFTOPSFTVMUB
JEFBMEFTEFFMQVOUPEFWJTUBEFMNBOFKPEFMQSPEVDUP
"DFMHBTFDPTFDIBOIPKBTTVFMUBTPQMBOUBTFOUFSBT
-PTBUBEPTOPSNBMNFOUFTFDPOGFDDJPOBODPOQBKBZTF
DPMPDBOBUBEPTFODBKPOFTEFNBEFSB
&OBMHVOPTDBTPTDPNPFO.FOEP[BTFBSNBOMPTiGBSEPTw
RVFTPOHSVQPTEFBUBEPT-PTBUBEPTTFBUBODPOIJMPDPNP
BTÓUBNCJÏOFMGBSEPWFSmHVSB
&TQJOBDBTFDPSUBQPSEFCBKPEFMBTIPKBTTBDBOEPQMBOUBT
FOUFSBT&MBUBEPTFTVKFUBOPSNBMNFOUFDPOQBKBZTFDPMPDBO
EFFMMPTFODBKPOFTEFNBEFSB.VDIBTWFDFTEFQFOEJFOEP
EFMDBKØOVUJMJ[BEPMBNFSDBEFSÓBTPCSFQBTBFMCPSEFEFMNJT
NPMPRVFPDBTJPOBHSBOEFTQÏSEJEBTEVSBOUFFMUSBOTQPSUF
ZDPNFSDJBMJ[BDJØO
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
-FDIVHBEFIPKBWFSEFZNPSBEBTFDPTFDIBDPSUBOEP
BMSBTEFMTVFMPRVJUBOEPMBTIPKBTBNBSJMMBTEFMFYUFSJPS4F
DPMPDBFODBKPOFTPKBVMBTEFNBEFSBEFBQSPYJNBEBNFOUFB
LHEFQFOEJFOEPEFMBPGFSUBRVFFYJTUB$VBOEPIBZNVDIB
EJTQPOJCJMJEBEHFOFSBMNFOUFMPTDBKPOFTTFMMFOBOEFNBTJBEP
MPRVFPDBTJPOBHSBWFTQSPCMFNBTEFQÏSEJEBTEVSBOUFFM
USBOTQPSUFZMBDPNFSDJBMJ[BDJØO
-FDIVHBNBOUFDPTBTFDPTFDIBDPSUBOEPBMSBTEFMTVFMP
RVJUBOEPMBTIPKBTBNBSJMMBTEFMFYUFSJPS4FBDPOEJDJPOBFO
DBKPOFTEFNBEFSBEFPNÈTLHEFQFOEJFOEPEFMBPGFSUB
$VBOEPTFTPCSFQBTBMBDBQBDJEBEEFMFOWBTFTFQSFTFOUBO
HSBWFTQSPCMFNBTEFQPTDPTFDIB
-FDIVHBBSSFQPMMBEBTFDPSUBBMSBTEFMTVFMPRVJUBOEP
MBTIPKBTFYUFSJPSFT4FDPMPDBFODBKPOFTEFNBEFSBEFB
LHTFHÞOMBPGFSUB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
3BEJDIFUBTFDPSUBBMSBTEFMTVFMP4FBSNBOMPTBUBEPTEF
BQSPYJNBEBNFOUFBLHRVFTFTVKFUBODPOQBKBZMPT
NJTNPTTFDPMPDBOEFBoFODBKPOFTEFNBEFSB
3ÞDVMBTFDPSUBBMSBTEFMTVFMPQBSBGBWPSFDFSFMSFCSPUF
ZTFBSNBOMPTBUBEPT5BNCJÏOTFQVFEFODPTFDIBSQMBOUBT
FOUFSBTDPOSBÓ[-VFHPTFDPMPDBOFODBKPOFT
„.BOFKPEFMQFSTPOBM
-BDBQBDJUBDJØOZTVQFSWJTJØOEFMQFSTPOBMFTVOBOFDFTJEBE
JNQFSJPTBQBSBPCUFOFSVOQSPEVDUPEFDBMJEBEZEFCFBCBS
DBSBTQFDUPTHFOFSBMFTZFTQFDÓmDPTZTFSQFSNBOFOUFNFOUF
SFGPS[BEBQPSMBTVQFSWJTJØO
4FHÞOMB-FHJTMBDJØO/BDJPOBM
t&MQFSTPOBMEFCFQPTFFSMBMJCSFUBTBOJUBSJBFYQFEJEBQPSMB
BVUPSJEBEDPSSFTQPOEJFOUFDPOGPSNFBM"SUÓDVMPEFM$ØEJHP
"MJNFOUBSJP"SHFOUJOP
t4FEFCFDBQBDJUBSBMQFSTPOBMFTQFDJBMNFOUFFOMBTUÏD
OJDBTEFDPTFDIBZQSÈDUJDBTEFTBMVEFIJHJFOF
t-PTPQFSBSJPTEFCFOMBWBSTFMBTNBOPTBOUFTEFFNQF[BS
BUSBCBKBSJONFEJBUBNFOUFEFTQVÏTEFVUJMJ[BSFMTBOJUBSJPZ
EFTQVÏTEFNBOJQVMBSDVBMRVJFSNBUFSJBMRVFQVEJFSBFTUBS
DPOUBNJOBEPPTFSVOBGVFOUFEFDPOUBNJOBDJØOEFMBTIPSUB
MJ[BTDPTFDIBEBTPFOQSPDFTPEFDPTFDIB
t4FEFCFOQSPQPSDJPOBSJOTUBMBDJPOFTTBOJUBSJBTZFRVJ
QBNJFOUPTQBSBFMMBWBEPEFNBOPTGJKPTPQPSUÈUJMFTFO
CVFOBTDPOEJDJPOFTEFIJHJFOFZGVODJPOBNJFOUPMPDBMJ[BEBT
BQSPQJBEBNFOUFZFOOÞNFSPTVmDJFOUFQBSBEBSTFSWJDJPB
MPTUSBCBKBEPSFT
t-PTPQFSBSJPTRVFQSFTFOUFOMFTJPOFTOPUPSJBTFOMBQJFM
TÓOUPNBTEFFOGFSNFEBEPTFQBOPTPTQFDIFORVFQBEFDFO
BMHVOBEFFMMBTOPQPESÈOUFOFSDPOUBDUPEJSFDUPDPOFMQSPEVDUP
BDPTFDIBSPDPTFDIBEP
t2VFEBQSPIJCJEPFMVTPEFPCKFUPTQFSTPOBMFTRVFQVFEBO
DPOUBNJOBSZPEB×BSMBNFSDBEFSÓBZBMNJTNPPQFSBSJP
t-PTPQFSBSJPTEFCFSÈONBOUFOFSFMBEFDVBEPBTFPQFS
TPOBMZNBOUFOFSCVFOPTIÈCJUPTEFDPOEVDUBFIJHJFOFFOFM
ÈSFBEFUSBCBKP
t/PTFEFCFDPNFSGVNBSPCFCFSNJFOUSBTTFSFBMJ[BMB
UBSFBEFDPTFDIB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
„ $VJEBEPTBUFOFSFODVFOUBEVSBOUFMB
SFDPMFDDJØO
t)PSBEFMEÓBTFEFCFEFUFSNJOBSFOGVODJØOEFMBT
DPOEJDJPOFTBNCJFOUBMFTEFMBEJTQPOJCJMJEBEEFUSBOTQPSUFZ
NBOPEFPCSBZEFMBTDBSBDUFSÓTUJDBTZIPSBSJPTEFMDFOUSPEF
BDPQJPFNQBRVFPNFSDBEPEFEFTUJOP
1BSBFTUBDJPOFTEFBMUBUFNQFSBUVSBZWFOUBEFQSP
EVDUPTEFDBMJEBE
B$PTFDIBSBMBUBSEFDFSZMVFHPCBKBSMBUFNQFSBUVSBMP
NÈTSÈQJEPQPTJCMF
C$PTFDIBSBMBNBESVHBEBPBMBNB×BOBUFNQSBOP
3FRVJFSFDPOUBSDPOMV[
&OJOWJFSOPDPOMBTIFMBEBT
/PDPTFDIBSNVZUFNQSBOPEBEPRVFMPTUFKJEPTQVFEFO
FTUBSDPOHFMBEPTZTFQVFEFOSPNQFSBMNBOJQVMBSMPT%FFTUB
NBOFSBTFQSPEVDFOEB×PTZQÏSEJEBTFOFMQSPEVDUP
t1SPUFDDJØOEFMTPMMPTQSPEVDUPTDPTFDIBEPTOVODBEF
CFORVFEBSFYQVFTUPTBMTPMZBRVFMBTFMFWBEBTUFNQFSBUVSBT
ZMBEFTIJESBUBDJØOTPOMBTDBVTBTQSJODJQBMFTEFEFUFSJPSP
%FCFOTFSQSPUFHJEPTJONFEJBUBNFOUFEFTQVÏTEFMBDPTFDIB
1BSBFTUPTFQVFEFSFDVSSJSBUBQBSDPOBSQJMMFSBTDPMPDBSFO
DBSSPTPBDPQMBEPTDPTFDIFSPTRVFQSFTFOUFOVOBDPCFSUVSB
FUDBEFNÈTEFSFUJSBSGSFDVFOUFNFOUFEFMMPUFFMQSPEVDUP
DPTFDIBEPZBMNBDFOBSMPFOMVHBSQSPUFHJEPEFMTPM4FEFCF
USBUBSEFNJOJNJ[BSFMUJFNQPEFFTQFSBFOFMDBNQP
t3FDJQJFOUFTEFSFDPMFDDJØOMPTQSPEVDUPTVOBWF[
DPTFDIBEPTTPODPMPDBEPTFOVOSFDJQJFOUFRVFQVFEFTFS
UFNQPSBSJPFKFNQMPFOUPNBUF
PFMNJTNPFOFMRVFFMQSP
EVDUPTFSÈDPNFSDJBMJ[BEPWFSEVSBTEFIPKB
&MEJTF×PEFFTUPT
SFDJQJFOUFTEFCFSÈTFSUBMRVFOPQPTFBOCPSEFTRVFQVFEBO
EB×BSFMQSPEVDUPZRVFQVFEBOTFSIJHJFOJ[BEPTFOFMDBTPEF
RVFTFSFVUJMJDFO
&YJTUFOEJTUJOUPTUJQPTEFFOWBTFT
tEFNBEFSBTPOMPTEFNÈTBNQMJBEJGVTJØOQFSPUJFOFO
MBEFTWFOUBKBRVFQVFEFOTFSBHSFTJWPTQBSBFMQSPEVDUP
ZOPTFQVFEFOIJHJFOJ[BS
FK*'$0
RVFTFFODBSHBOEFQSPWFFSMPTDBKPOFTBM
QSPEVDUPSZBIJHJFOJ[BEPTZMJTUPTQBSBVUJMJ[BSZMVFHP
MPTSFUJSBOEJSFDUBNFOUFEFMMVHBSEFWFOUBGBDJMJUBOEPMB
MPHÓTUJDBEFMPTFOWBTFT
tDBKBTEFDBSUØOTPONVZCVFOPTFOWBTFTOPTPO
BHSFTJWPTTPOIJHJÏOJDPTTFVUJMJ[BOVOBTPMBWF[QFSP
OPTFQVFEFONPKBSEBEPRVFTFSPNQFO&TUPTNPUJWPT
IBDFORVFSFTVMUFODPTUPTPT
tEFQMÈTUJDPTPONFOPTBHSFTJWPTTFQVFEFOIJHJFOJ[BS
QFSPTPONÈTDPTUPTPT&YJTUFOFOFMNFSDBEPFNQSFTBT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t-MFOBEPEFMPTFOWBTFTMPTDBKPOFTOPTFEFCFOMMFOBS
NÈTEFMPBEFDVBEPBmOEFFWJUBSFMEFUFSJPSPEFMQSPEVDUP
5BNQPDPTFEFCFODPMPDBSNBUFSJBMFTRVFQVFEBOEB×BOFM
QSPEVDUP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
&ODVBOUPBMPTFOWBTFTTFHÞOMB-FHJTMBDJØO/BDJPOBM
t4FEFCFOVUJMJ[BSDBKPOFTDPTFDIFSPTDBOBTUPTCJOFTCPM
TBTFOWBTFTEFmOJUJWPTPDVBMRVJFSPUSPSFDJQJFOUFEFDPTFDIB
EFNBUFSJBMFTBQUPTQBSBFTUBSFODPOUBDUPDPOBMJNFOUPTFO
CVFOBTDPOEJDJPOFTBQSPQJBEPBMUSBCBKPZBMQFTPEFMQSPEVDUP
BDPOUFOFS
t-PTFOWBTFTVUJMJ[BEPTFOMBDPTFDIBEFCFOTFSEFTUJOBEPT
FYDMVTJWBNFOUFQBSBFTUBUBSFB
t4FEFCFOMJNQJBSMPTFOWBTFTTFHÞODPSSFTQPOEBBMJOJDJP
EFMBUFNQPSBEBZDBEBWF[RVFTFBOFDFTBSJPEVSBOUFFMQSPDFTP
EFDPTFDIBBmOEFFWJUBSMBDPOUBNJOBDJØO
t4FEFCFSÈSFTQFUBSMBDBQBDJEBEEFDPOUFODJØOEFMPT
FOWBTFTBmOEFFWJUBSFMEFUFSJPSPEFMQSPEVDUP
t&MBMNBDFOBNJFOUPEFMPTFOWBTFTEFCFSFBMJ[BSTFEFUBM
GPSNBEFFWJUBSTVDPOUBNJOBDJØO
t.BUFSJBMEFTVKFDJØOEFMPTBUBEPTDVBOEPMBNFS
DBEFSÓBTFDPNFSDJBMJ[BFOBUBEPTTFEFCFUFOFSFTQFDJBM
DVJEBEPDPOFMNBUFSJBMEFTVKFDJØOVUJMJ[BEPZMBGPSNBFORVF
TFSFBMJ[BFMBUBEP&TUFOPTFEFCFDPOGFDDJPOBSOJEFNBTJBEP
BKVTUBEPOJnPKP
&ODVBOUPBMNBUFSJBMEFTVKFDJØOOPSNBMNFOUFTFVUJMJ[BMB
iQBKBwQFSPÏTUBTVFMFTFSBHSFTJWBDPOFMQSPEVDUPEB×ÈOEPMP
1PTUFSJPSNFOUFEPOEFÏTUBQSPEVDFFMEB×PPDVSSFOQVESJDJPOFT
BMQPDPUJFNQPRVFEFTNFSFDFOMBDBMJEBEDPNFSDJBM&TQPS
FMMPRVFTFSFDPNJFOEBBUBSDPODJOUBTBODIBToDNEF
NBUFSJBMBEBQUBEPQBSBBMJNFOUBDJØO
EBEPRVFTPONFOPT
BHSFTJWBTQBSBFMQSPEVDUP&OFMMBTTFQVFEFJNQSJNJSFMOPNCSF
EFMBFNQSFTBQSPEVDUPSB
t5SBOTQPSUFBMHBMQØOEFFNQBRVFFODBNQPFT
OFDFTBSJPSFEVDJSMBFYQPTJDJØOBMTPMEJTNJOVJSMPTUJFNQPT
EFTEFMBDPTFDIBIBTUBFMBMNBDFOBNJFOUPDVJEBSFMFTUBEP
EFMPTDBNJOPTZEFMWFIÓDVMP
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
„0USBTDPOEJDJPOFTQBSBOPDPOUBNJOBSFM
QSPEVDUP
t)JHJFOFEFMQFSTPOBMTFEFCFSÈDPOUBSDPOMVHBSFT
BEFDVBEPTQBSBFMBTFPZOFDFTJEBEFTCÈTJDBTEFMQFSTPOBM
EFDPTFDIB
4FEFCFQSPWFFSEFBHVBQPUBCMFZKBCØOMÓRVJEPPEFUFS
HFOUFOFVUSPZUPBMMBTEFTDBSUBCMFT%FCFTFSVTBEPBOUFTEF
JOHSFTBSBMBMBCPSEFTQVÏTEFVTBSFMCB×PZDBEBWF[RVF
TFBOFDFTBSJP
.BUFSJBMFTZFRVJQPTEFDPTFDIB
t.BOUFOFSFODPOEJDJPOFTØQUJNBTCJFOBmMBEPTTBOPT
DPNQMFUPTFUD
MPTJOTUSVNFOUPTEFUSBCBKPDVDIJMMPTVPUSBT
IFSSBNJFOUBT
EFNPEPRVFOPEB×FOBMQSPEVDUPZTFBO
TFHVSPTQBSBRVJFOFTUSBCBKBODPOFMMPT
t-JNQJBSZPEFTJOGFDUBSSFHVMBSNFOUFEVSBOUFMBKPSOBEB
EFUSBCBKPMPTFRVJQPTIFSSBNJFOUBTJOTUSVNFOUPTZFOWBTFT
EFDPTFDIBRVFTFVUJMJ[BO
t-PTDBKPOFTDPTFDIBEPTTFEFCFOEJTQPOFSTPCSFQMBUB
GPSNBTPBDPQMBEPTQBSBOPDPOUBNJOBSFMQSPEVDUPDPOUJFSSB
BOJNBMFTEPNÏTUJDPTFUD
%FBDVFSEPBMB-FHJTMBDJØO/BDJPOBMMPTFRVJQPTFJOTUSV
NFOUBMEFDPTFDIB
t4FEFCFONBOUFOFSFODPOEJDJPOFTØQUJNBTEFGVODJP
OBNJFOUPEFNPEPRVFOPEB×FOBMQSPEVDUPZTFBOTFHVSPT
QBSBRVJFOFTUSBCBKBODPOFMMPT
t4FEFCFOMJNQJBSZPEFTJOGFDUBSMPTFRVJQPTIFSSBNJFOUBT
FJOTUSVNFOUPTBOUFTEFDPNFO[BSMBUBSFBEFDPTFDIBZDVBOEP
DPSSFTQPOEBEVSBOUFMBKPSOBEBEFUSBCBKP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
t-PTFMFNFOUPTVUJMJ[BEPTQBSBQSPUFHFSFMQSPEVDUPDP
TFDIBEPRVFUPNFODPOUBDUPEJSFDUPDPOFMNJTNPEFCFOTFS
NBOUFOJEPTFODPOEJDJPOFTBEFDVBEBTEFIJHJFOF
„ 1SPUPDPMPEFDPTFDIB
"DPOUJOVBDJØOTFEFTDSJCJSÈVOQSPUPDPMPEFDPTFDIB
B0CKFUJWP
3FDPMFDUBSFMQSPEVDUPEFMDVMUJWPEFGPSNBUBMRVFNBOUFOHB
TVDBMJEBEZTBOJEBEFWJUBOEPTVDPOUBNJOBDJØO
C$POTJEFSBDJPOFT(FOFSBMFT
4FEFCFSÈOQMBOJmDBSMBTUBSFBTZOFDFTJEBEFTEFJOTVNPTEF
DPTFDIBZTFPSHBOJ[BSÈFMQFSTPOBMQBSBRVFUSBCBKFFOGPSNB
FmDJFOUFZTJOQÏSEJEBTEFUJFNQPDPOTVmDJFOUFBOUFMBDJØO
D3VUJOBHFOFSBM
t3FMFWBNJFOUPEFMBPGFSUB
t4VQFSWJTJØOEFMBDBMJEBEEFUSBCBKP
t4VQFSWJTJØOEFMBDBMJEBEDPTFDIBEB
t$POUSPMEFMBTDPOEJDJPOFTHFOFSBMFTEFDPTFDIB
t"DPOEJDJPOBNJFOUPFOFMMVHBSDPSSFTQPOEJFOUF
t3FHJTUSP
E3VUJOBFTQFDÓmDBEFDPTFDIB
&MFODBSHBEPEFCFSÈ
t1MBOJmDBSMBTDPTFDIBTFOGVODJØOBMPTQFEJEPTZPFYJT
UFODJBT&OMPQPTJCMFFWJUBSÈPSEFOBSMBSFBMJ[BDJØOEFMBUBSFB
FOIPSBTEFBMUBUFNQFSBUVSBDVBOEPUPEBWÓBIBZSPDÓPMVFHP
EFVOBMMVWJBPDPOBMUBIVNFEBEBNCJFOUBM
t1SPHSBNBSMBTUBSFBTZOFDFTJEBEFTEFJOTVNPTEFDPTFDIB
ZPSHBOJ[BSFMQFSTPOBMQBSBRVFUSBCBKFFOGPSNBFmDJFOUFZ
TJOQÏSEJEBTEFUJFNQPDPOTVmDJFOUFBOUFMBDJØO
t&OUSFHBSBMSFTQPOTBCMFEFDPTFDIBQPSFTDSJUPMBDBOUJEBE
BDPTFDIBSEFDBEBFTQFDJFZPWBSJFEBEEFDBEBMPUF
&MQFSTPOBMEFDPTFDIBEFCFSÈ
t.BOUFOFSFMPSEFOFOFMMVHBSEFDPTFDIBQVFTIBDFBMB
IJHJFOFFmDJFODJBZSBQJEF[FOFMEFTBSSPMMPEFMBTUBSFBT
t$PTFDIBSFOFMFTUBEPEFNBEVSF[BQSPQJBEPQBSBDBEB
QSPEVDUPEFBDVFSEPBMPTQBSÈNFUSPTGJKBEPTQBSBDBEB
EFTUJOP
t6UJMJ[BSFMNÏUPEPEFTFQBSBDJØOBDPSEFBMBFTQFDJFEF
RVFTFUSBUFUJSBSDPSUBSSFUPSDFSEFTDBM[BSFUD
TFHÞOMP
FTUBCMFDJEP
t1SFGFSFOUFNFOUFUPNBSVOBNVFTUSBEFMQSPEVDUPDPOFM
HSBEPEFNBEVSF[UBNB×PZDPMPSBQSPQJBEPQBSBTFSDPTF
DIBEPTZEFKBSMBDPNPSFGFSFODJBBMPTDPTFDIFSPTTVQFSWJTPSFT
PKFGFTEFDVBESJMMB
t%BSJOEJDBDJPOFTDMBSBTBOUFTEFDPNFO[BSFMUSBCBKP
DPNQSPCBOEPRVFFMQFSTPOBMIBDPNQSFOEJEPMBTNJTNBT
t/PEFKBSUJSBEPTFOFMDBNQPSFTUPTEFDPTFDIBQVFTÏTUBT
TFQVESJSÈOZDPOUBNJOBSÈOFMMVHBSNBOUFOJFOEPFMFWBEPFM
OJWFMEFJOØDVMP4FKVOUBSÈOZPFMJNJOBSÈOFOMBGPSNBBQSP
QJBEBRVFNBEPFOUFSSBEPFUD
t6UJMJ[BSFMDBSSPEFDPTFDIBFOUSBOEPBMMPUFTJFTDPOWF
OJFOUFBNFOPTRVFFMNJTNPTFFODVFOUSFIÞNFEP
&MNJTNP
EFCFSÈQPSUBSUPEPTMPTFMFNFOUPTOFDFTBSJPTCBMBO[BBSQJMMF
SBTCBMEFDPOBHVBDBKPOFTZFMFNFOUPTEFDPSUFDVDIJMMPT
t6UJMJ[BSDBKPOFTDPTFDIFSPTDBOBTUPTCJOFTFOWBTFT
EFmOJUJWPTPDVBMRVJFSPUSPSFDJQJFOUFEFDPTFDIBMPTRVF
EFCFSÈOTFSEFNBUFSJBMFTBQUPTQBSBFTUBSFODPOUBDUPDPO
BMJNFOUPT
t6UJMJ[BSFOWBTFTMJNQJPTZEFTJOGFDUBEPTQBSBMBDPTFDIB
ZDPOMPTQSPUFDUPSFTOFDFTBSJPTQBSBBNPSUJHVBSMBQSFTJØO
EFMQSPEVDUPDPOUSBMBTQBSFEFTEFMBTNJNBTTJDPSSFTQPO
EJFSB
t.BOUFOFSFODPOEJDJPOFTØQUJNBTCJFOBmMBEPTTBOPT
DPNQMFUPTFUD
MPTJOTUSVNFOUPTEFUSBCBKPUJKFSBTDVDIJMMPT
BMJDBUFTVPUSBTIFSSBNJFOUBT
EFNPEPRVFOPEB×FOBMQSP
EVDUPZTFBOTFHVSPTQBSBRVJFOFTUSBCBKBODPOFMMPT
t.BOFKBSBEFDVBEBNFOUFMPTDBKPOFTDPTFDIFSPTDPOFM
mOEFOPBGFDUBSBMBTNBOHVFSBTEFSJFHPFWJUBSUJSBSMPTTPCSF
MPTNJTNPTBSSBTUSBSMPTFUD
BTÓDPNPDBNJOBSTPCSFMBQBSUF
JOGFSJPSEFMPTTVSDPTFWJUBOEPQJTBSFMMPNP
t/PMMFOBSNÈTEFMPBEFDVBEPMPTFOWBTFTBmOEFFWJUBS
FMEFUFSJPSPEFMQSPEVDUP
t%VSBOUFFMMMFOBEPEFMPTSFDJQJFOUFTFOFMDBNQPNBO
UFOFSMPTDVCJFSUPTQBSBFWJUBSMBBDDJØOEFMTPM
t/PDPNFSCFCFSPGVNBSFOFMMPUFEFDPTFDIB
t1PTFFSMBMJCSFUBTBOJUBSJBFYQFEJEBQPSMBBVUPSJEBE
DPSSFTQPOEJFOUF
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t5PEPTMPTUSBCBKBEPSFTEFCFSÈODPOUSJCVJSDPOTVQSPQJB
IJHJFOFQFSTPOBM
t-BQFSTPOBRVFQSFTFOUFTÓOUPNBTEFFOGFSNFEBEJDUFSJDJB
EJBSSFBTUPTMFTJPOFTOPUPSJBTFOMBQJFMFUDEFCFSÈBWJTBSB
TVTVQFSWJTPS4FSÈTFQBSBEBEFMB[POBFODPOUBDUPEJSFDUP
DPOFMBMJNFOUPZEFCJEBNFOUFUSBUBEB"OUFTEFWPMWFSBMB
UBSFBTFEFCFSÈDPOTUBUBSTVFTUBEPEFTBMVE-PTPQFSBSJPTDPO
IFSJEBTFOMBTNBOPTTFMBTDVCSJSÈODPSSFDUBNFOUFDPOCBOEBT
BEIFTJWBTEFTFSOFDFTBSJPVUJMJ[BSÈOHVBOUFT
t4FQSPIJCJSÈFMVTPEFPCKFUPTQFSTPOBMFTRVFQVFEBO
QFSKVEJDBSBMBNFSDBEFSÓBZBMNJTNPPQFSBSJPBOJMMPTQVMTFSBT
FUD
MBTV×BTEFCFSÈONBOUFOFSTFDPSUBTZTFHÞOMPTQSPEVDUPT
QSPWFFSHVBOUFTQBSBMBUBSFB
t4FCSJOEBSÈOCVFOBTDPOEJDJPOFTEFUSBCBKPTFQSPQPSDJP
OBSÈOFRVJQPTZIFSSBNJFOUBTTFHVSPTBDBEBVOPZTFJOTUSVJSÈ
FOTVNBOFKPZNBOUFOJNJFOUP
t4FQSPWFFSÈEFBHVBQPUBCMFQBSBMBIJHJFOJ[BDJØOEFMPT
PQFSBSJPTEFTQVÏTEFVTBSMPTTBOJUBSJPTQPSNFEJPEFUBORVFT
PDJTUFSOBTUSBOTQPSUBCMFT
t6CJDBSMBNFSDBEFSÓBQPSPSEFOEFTBMJEBBMPTEJTUJOUPT
QSPWFFEPSFTDPOGPSNBSMPTSFNJUPTBEFDVBEPT
t-JNQJBSZPEFTJOGFDUBSSFHVMBSNFOUFEVSBOUFMBKPSOBEB
EFUSBCBKPMPTFRVJQPTIFSSBNJFOUBTJOTUSVNFOUPTZFOWBTFT
EFDPTFDIBRVFTFVUJMJ[BO
&MQSPEVDUPSFDPMFDUBEPEFCFSÈTFS
t%FQPTJUBEPDVJEBEPTBNFOUFFOFMSFDJQJFOUFEFDPTFDIB
PSFDJQJFOUFEFmOJUJWPZOPTFSÈBSSPKBEPHPMQFBEPQSFTJPOBEP
PGSPUBEP
t5SBOTQPSUBEPSÈQJEBNFOUFBMMVHBSEFBMNBDFOBNJFOUP
ZPQSPDFTBNJFOUP
t5SBTMBEBEPFOGPSNBUBMRVFTFFWJUFOHPMQFTZTBDVEJEBT
CSVTDBTRVFQSPEVDJSÈOEB×PTFOFMQSPEVDUP
t$BSHBEPZEFTDBSHBEPEFMPTSFDJQJFOUFTFODVBMRVJFSB
EFMBTFUBQBTDPTFDIFSPTEFTDBSHBEFCJOFTFUD
DPOFTQFDJBM
DVJEBEP
t.BOUFOJEPBMBTPNCSBCBKPVOUJOHMBEPVPUSBQSPUFDDJØO
ZBEFDVBEBNFOUFDVCJFSUPFOFMDBTPEFRVFOPTFBFNQBDBEP
EFJONFEJBUP
t1SPUFHJEPEFMBEFTFDBDJØOFOFTQFDJBMIPSUBMJ[BTEFIPKB
QSJODJQBMNFOUFFOÏQPDBTEFDBMPS"MHVOBTNFEJEBTBUPNBS
TFSÈOMBVUJMJ[BDJØOEFNFEJBTTPNCSBTVNCSÈDVMPTSPDJBSMPT
QSPEVDUPTDPOBHVBSFDVCSJSMPTDPOBSQJMMFSBTIÞNFEBTBDPSUBS
FMUJFNQPFOUSFDPTFDIBZUSBOTQPSUFBMHBMQØOFUD
4FUPNBSÈOMBTNFEJEBTRVFHBSBOUJDFO
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
„ 5SBOTQPSUF
B0CKFUJWP
1SPDVSBSRVFMPTQSPEVDUPTDPTFDIBEPTNBOUFOHBOTV
JOPDVJEBEFJOUFHSJEBE
C'VODJPOFT
"TFHVSBSRVFMBNFSDBEFSÓBMMFHVFBEFTUJOPFOUJFNQPZ
GPSNBNBOUFOJFOEPTVDBMJEBEFJOPDVJEBE
D3FTQPOTBCJMJEBEEFMFODBSHBEPEFUSBOTQPSUF
&MNJTNPEFCFSÈ
t$PPSEJOBSMBTDBSHBTBMPTEJTUJOUPTEFTUJOPT
t$PPSEJOBSFMTUPDLEFFOWBTFTQBSBMBDPTFDIB
t7FSJmDBSMBMJNQJF[BEFMWFIÓDVMPZTVFTUBEP
t7FSJmDBSRVFMBDBSHBTFBMBBEFDVBEBQBSBFWJUBSEB×PT
BMBNFSDBEFSÓB
t7FSJmDBSRVFMPTUJFNQPTEFMPTnFUFTTFDPSSFTQPOEBDPO
MPTQMBOFBEPT
t7FSJmDBSRVFMPTDPTUPTTFBOMPTBEFDVBEPT
t$POUSPMBSMBEPDVNFOUBDJØODPSSFTQPOEJFOUF
E$POTJEFSBDJPOFTHFOFSBMFT
t-PTQSPEVDUPTEFCFSÈOUSBOTQPSUBSTFQSPUFHJEPTEFMB
JOUFNQFSJFZDVBOEPDPSSFTQPOEBSFGSJHFSBEPTQBSBJNQFEJS
TVDPOUBNJOBDJØOPEFUFSJPSP
t-PTWFIÓDVMPTEFUSBOTQPSUFBMNPNFOUPEFMBDBSHB
EFCFSÈOFTUBSUPUBMNFOUFMJNQJPTEFTJOGFDUBEPTZTFDPT
t-BTDBSHBTZEFTDBSHBTTFSFBMJ[BSÈODPOWFOJFOUFNFOUF
EFEÓBEFOPDIFMBMV[BSUJmDJBMBUSBFJOTFDUPTRVFQVFEFO
JOUSPEVDJSTFFOMPTFOWBTFT
FOMVHBSFTTFQBSBEPTEFBRVFM
EPOEFTFQSPDFTBFMQSPEVDUPQSPUFHJEPTEFMBTJODMFNFODJBT
EFMUJFNQPZEFMBQPTJCMFDPOUBNJOBDJØO
t%VSBOUFMBDBSHBZEFTDBSHBEFMBNFSDBEFSÓBOPTFEFCFSÈO
USBUBSDPOCSVTRVFEBEMPTQBMMFUTPFOWBTFTJOEJWJEVBMFTQBSB
FWJUBSEB×PTBMQSPEVDUPQPSHPMQFTWJCSBDJØOPSPUVSB
t-BDBSHBEFCFSÈRVFEBSmSNFNFOUFTVKFUBPTPTUFOJEB
QBSBFWJUBSNPWJNJFOUPTEVSBOUFFMUSBTMBEPRVFQFSKVEJRVFO
MBDBMJEBEEFMQSPEVDUP
t&ODBSHBTNJYUBTTFUFOESÈFODVFOUBMBDPNQBUJCJMJEBEEF
MPTSFRVFSJNJFOUPTEFMPTEJTUJOUPTQSPEVDUPTUFNQFSBUVSBQSP
EVDDJØOEFFUJMFOPZTFOTJCJMJEBEBMNJTNPIVNFEBEFUD
t/PTFEFCFSÈOUSBOTQPSUBSKVOUPDPOMBTIPSUBMJ[BTQSP
EVDUPTOPBMJNFOUJDJPTRVFQVFEBODPOUBNJOBSMBTDPOPMPSFT
FYUSB×PTPSFTJEVPTUØYJDPT
1BSBFMUSBOTQPSUFEFQSPEVDUPTSFGSJHFSBEPTTFTV
HJFSF
t2VFFMMVHBSEFDBSHBTFBDFSSBEPZTFNBOUFOHBSFGSJ
HFSBEP
t1SFWJBNFOUFBMBDBSHBFOGSJBSFMDPNQBSUJNFOUPEFM
WFIÓDVMPBMBUFNQFSBUVSBEFUSBOTQPSUFPBMNBDFOBKFEFM
QSPEVDUP
t"DPNPEBSMPTQBMMFUTPFOWBTFTJOEJWJEVBMFTEFOUSPEFM
USBOTQPSUFEFGPSNBUBMRVFTFBTFHVSFMBDJSDVMBDJØOEFMBJSF
GSÓPBUSBWÏTZBMSFEFEPSEFMPTNJTNPT
t$PNQSPCBSMBTCVFOBTDPOEJDJPOFTEFGVODJPOBNJFOUP
EFMFRVJQPEFSFGSJHFSBDJØOZRVFTFBEFDVFOBMBTSFRVFSJEBT
QPSFMQSPEVDUPFOQBSUJDVMBS
t*ODMVJSUFSNØHSBGPTFOMBDBSHBQBSBDPNQSPCBSRVFMB
NJTNBIBTJEPNBOUFOJEBBMBUFNQFSBUVSBBQSPQJBEBEVSBOUF
UPEPFMUSBTMBEP
t$PSSPCPSBSFMCVFOFTUBEPEFMBTQBSFEFTQJTPUFDIP
ZQVFSUBTEFMDPNQBSUJNFOUPEFDBSHBZBRVFQPSDVBMRVJFS
BCFSUVSBPEFUFSJPSPEFMBTNJTNBTQVFEFQFOFUSBSDBMPSTVDJF
EBEFJOTFDUPTPQFSEFSTFGSÓPZIVNFEBEDPNPBTÓUBNCJÏO
FMDPSSFDUPGVODJPOBNJFOUPZDJFSSFEFMBTQVFSUBTZBCFSUVSBT
EFWFOUJMBDJØO
t7FSJmDBSMBMJNQJF[BEFMFRVJQPQVFTMBDBSHBTFQVFEF
EFUFSJPSBSQPSPMPSFTQSPEVDJEPTQPSDBSHBTQSFWJBTSFTJEVPT
EFTVTUBODJBTUØYJDBTQSFTFODJBEFJOTFDUPTPTVTOJEPTSFTUPT
EFQSPEVDUPTPMBPCTUSVDDJØOEFMPTESFOBKFTEFMBDJSDVMBDJØO
EFBJSFFOFMQJTP
t&TUBDJPOBSZPHVBSEBSMPTWFIÓDVMPTQBSBFMUSBOTQPSUFFO
MVHBSFTBJTMBEPTEFMB[POBEPOEFTFNBOJQVMBOMPTQSPEVDUPT
QBSBFWJUBSMBDPOUBNJOBDJØOQPSHBTFTEFDPNCVTUJØO
F3VUJOBFTQFDÓmDBEFUSBOTQPSUF
/PSNBTQBSBFMUSBOTQPSUFEFMBNFSDBEFSÓBBHSBOFMFO
HFOFSBMBMNFSDBEP
t&OMPQPTJCMFTFFTUJQVMBSÈMPTEÓBTEFUSBOTQPSUFMPRVF
TFSÈDPOmSNBEPFMEÓBBOUFSJPSBMNJTNP
t&OMPQPTJCMFTFFTUJQVMBSÈOMPTIPSBSJPTEFTBMJEBEFDBNQP
ZMMFHBEBBMPTNFSDBEPT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
t&MUSBOTQPSUJTUBEFCFSÈ
t&TUBSJOGPSNBEPTPCSFMPTIPSBSJPTEFMPTNFSDBEPT
t4JFMNJTNPOPQVFEFSFBMJ[BSFMTFSWJDJPQPSVOBSB[ØOEF
GVFS[BNBZPSEFCFSÈTFSSFFNQMB[BEPQSFGFSFOUFNFOUF
QPSPUSPUSBOTQPSUJTUBEFDPOmBO[BEFMNJTNP
t1SFTFOUBSTFFOFMFTUBCMFDJNJFOUPQPSMPNFOPTVOB
IPSBBOUFTEFMBTBMJEBEFMBNFSDBEFSÓBQBSBRVFQFSNJUB
MBDBSHBZFMBDPOEJDJPOBNJFOUPEFMBNJTNB
t&OUSFHBSMPTSFNJUPTZUSBFSMPTFOWBTFTBMFTUBCMFDJ
NJFOUPQBSBMBQSØYJNBDPTFDIB
t3FBMJ[BSMPTSFHJTUSPTEFIPSBSJPTNPOUPTBDPCSBS
NFSDBEFSÓBFOUSFHBEBBDBEBWFOEFEPSFUDFOMBQMBOJMMB
DPSSFTQPOEJFOUFZFOUSFHBSMBBMBBENJOJTUSBDJØO
t1SFGFSFOUFNFOUFEFCFSÈDPOUBSDPOVONFEJPEFDP
NVOJDBDJØONØWJMQBSBTVDPNVOJDBDJØOBOUFDVBMRVJFS
JODPOWFOJFOUF
t3FTQFUBSMBTSFHMBTEFMFTUBCMFDJNJFOUPFODVBOUP
BMPSEFOHFOFSBMDJFSSFEFUSBORVFSBTDVJEBEPEFMPT
DBNJOPTWFMPDJEBEEFDJSDVMBDJØOFUD
t/PEFCFSÈEJTUSBFSBNFOPTRVFTFBOFDFTBSJPBMQFS
TPOBMEFMFTUBCMFDJNJFOUP
t&MWFIÓDVMPEFCFSÈ
t&TUBSEFCJEBNFOUFIJHJFOJ[BEPZFRVJQBEPQBSBFM
USBOTQPSUFBEFDVBEPDPOUFDIPMPOBTFUD
t$POUBSDPOTFHVSPZUPEPTMPTEFNÈTQBQFMFTFO
SFHMB
1PTDPTFDIB
„ *OUSPEVDDJØO
-BTIPSUBMJ[BTEFIPKBTTPOTJTUFNBTCJPMØHJDPTWJWJFOUFT
RVFTFDPTFDIBODVBOEPBMDBO[BOMBDBMJEBEWJTVBMZDPNFTUJCMF
ØQUJNB4JOFNCBSHPDPNPTPOPSHBOJTNPTWJWPTTFEFUFSJPSBO
MVFHPEFMBDPTFDIB-BUBTBEFEFUFSJPSPWBSÓBBNQMJBNFOUF
FOUSFQSPEVDUPTEFQFOEJFOEPEFTVNFUBCPMJTNPQFSPFO
BMHVOPTDBTPTQVFEFTFSNVZSÈQJEB
1SPMPOHBSMBWJEBQPTDPTFDIBEFMPTQSPEVDUPTIPSUÓDPMBT
FYJHFDPOPDJNJFOUPTEFUPEPTMPTGBDUPSFTRVFDPOMMFWBOB
QÏSEJEBTEFDBMJEBEPHFOFSBDJØOEFNBUFSJBMJOEFTFBCMF
DPNPBTÓUBNCJÏODPOPDJNJFOUPTEFUFDOPMPHÓBTBEFDVBEBT
RVFNJOJNJDFOMBUBTBEFEFUFSJPSP
„ &OGFSNFEBEFTMJHBEBTBMDPOTVNPEF
IPSUBMJ[BT
-BTGSVUBTZIPSUBMJ[BTGSFTDBTSBSBNFOUFFTUÈOMJHBEBTB
FOGFSNFEBEFTPSJHJOBEBTQPSBMJNFOUPT4JOFNCBSHPIBZHFOUF
RVFDBEBB×PTFFOGFSNBEFCJEPBMBJOHFTUJØOEFBMJNFOUPT
RVFOPIBOTJEPEFCJEBNFOUFNBOJQVMBEPTSFGSJHFSBEPTP
DPDJOBEPT4JFMQSPEVDUPOPIBTJEPDVJEBEPTBNFOUFNBOF
KBEPMPTHÏSNFOFTQVFEFOEFTBSSPMMBSTFBOJWFMFTRVFIBHBO
FOGFSNBSBMBHFOUF
-BDSFDJFOUFJORVJFUVEQPSMBTFHVSJEBEBMJNFOUBSJBQPSQBSUF
EFMPTDPOTVNJEPSFTWBBOFDFTJUBSEFMBQVFTUBFONBSDIB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
EFOVFWPTDSJUFSJPTEFDBMJEBEEFMBTIPSUBMJ[BTBOJWFMEFMPT
EJTUJOUPTFTMBCPOFTEFMBDBEFOB
-BDBMJEBEEFMPTQSPEVDUPTWBBEFQFOEFSFOQBSUFEFMB
NBUFSJBQSJNBVUJMJ[BEBZEFMBTDPOEJDJPOFTIJHJÏOJDBTEFTV
QSPEVDDJØOZDPNFSDJBMJ[BDJØO
"OUFTEFUFSNJOBSFOFMQMBUPEFMDPOTVNJEPSMBTIPSUBMJ[BT
GSFTDBTQVFEFOFTUBSTPNFUJEBTBEJTUJOUPTUJQPTEFDPOUBNJ
OBDJPOFTDVZBTGVFOUFTQVFEFOTJUVBSTFBOUFTPEFTQVÏTEFMB
SFDPMFDDJØOFTEFDJSEVSBOUFMBQSPEVDDJØOBDPOEJDJPOBNJFOUP
NBOJQVMBDJØOUSBOTQPSUFZEJTUSJCVDJØO
5PEPTMPTJOUFHSBOUFTEFMBDBEFOBGSVUJIPSUÓDPMBFMDBNQP
MPTUSBOTQPSUJTUBTMPTEJTUSJCVJEPSFTNBZPSJTUBTMPTWFOEFEPSFT
NJOPSJTUBTZFMDPOTVNJEPS
UJFOFOVOJNQPSUBOUFSPMQBSBMPHSBS
RVFVOBMJNFOUPTFBTFHVSPQBSBDPNFS
6OSJFTHPFTBMHPRVFQPESÓBQSPWPDBSVOQFSKVJDJPBMDPO
TVNJEPS&YJTUFOUSFTUJQPTQSJODJQBMFTEFSJFTHPTBTPDJBEPTDPO
MPTQSPEVDUPTIPSUÓDPMBTGSFTDPT
t3JFTHPTCJPMØHJDPT
t3JFTHPTRVÓNJDPT
t3JFTHPTGÓTJDPT
„3JFTHPTCJPMØHJDPT
-PTNJDSPPSHBOJTNPTUSBOTNJUJEPTQPSMPTBMJNFOUPTDPNP
MBTCBDUFSJBTMPTWJSVTZMPTQBSÈTJUPTTPOGSFDVFOUFNFOUFDP
OPDJEPTDPNPSJFTHPTCJPMØHJDPT"MHVOPTIPOHPTTPODBQBDFT
EFQSPEVDJSUPYJOBTZUBNCJÏOTFJODMVZFOFOFTUFHSVQPEF
SJFTHPT
-PTNJDSPPSHBOJTNPTTPOPSHBOJTNPTQFRVF×PTRVFTØMP
QVFEFOTFSPCTFSWBEPTBUSBWÏTEFMNJDSPTDPQJP.VDIPTEF
FTUPTPSHBOJTNPTDPOTUBOEFVOBÞOJDBDÏMVMB1VFEFOFODPO
USBSTFFODVBMRVJFSQBSUFEFMNFEJPBNCJFOUF4FEJWJEFOFO
DJODPDBUFHPSÓBTQSJODJQBMFT
t#BDUFSJBT
t-FWBEVSBT
t)POHPT
t1BSÈTJUPT
t7JSVT
-PTNJDSPPSHBOJTNPTDBQBDFTEFQSPWPDBSFOGFSNFEBEFT
IVNBOBTQVFEFOFODPOUSBSTFFOMPTQSPEVDUPTDSVEPT&O
PDBTJPOFTGPSNBOQBSUFEFMBNJDSPnPSBEFMBTIPSUBMJ[BTDPNP
DPOUBNJOBOUFTGPSUVJUPTQSPWFOJFOUFTEFMTVFMPFMQPMWPZFM
FOUPSOP&OPUSPTDBTPTTFJOUSPEVDFOFOMPTBMJNFOUPTBUSBWÏT
EFQSÈDUJDBTEFNBOJQVMBDJØOZQSPEVDDJØOJODPSSFDUBTDPNP
MBBQMJDBDJØOEFBCPOPTJOUSBUBSFMFNQMFPEFBHVBEFSJFHP
DPOUBNJOBEBPQSÈDUJDBTEFNBOJQVMBDJØOOPTBOJUBSJBT
#BDUFSJBT
%FCJEPBRVFMPTQBUØHFOPTCBDUFSJBOPTGPSNBOQBSUFEFM
NFEJPBNCJFOUFQVFEFODPOUBNJOBSGÈDJMNFOUFMBTIPSUBMJ[BT
TJOPTFNBOJQVMBOBEFDVBEBNFOUFBOUFTEFMDPOTVNP
-BTCBDUFSJBTQBUPHÏOJDBTBTPDJBEBTBMBTIPSUBMJ[BTJO
DMVZFO
t4BMNPOFMMB
t4IJHFMMB
t&TDIFSJDIJBDPMJQBUPHÏOJDB
t&TQFDJFTEF$BNQZMPCBDUFS
t:FSTJOJBFOUFSPDPMJUJDB
t-JTUFSJBNPOPDZUPHFOFT
t4UBQIZMPDPDDVTBVSFVT
t&TQFDJFTEF$MPTUSJEJVN
t#BDJMMVTDFSFVT
t&TQFDJFTEF7JCSJP
#BDUFSJBTDPNPFM$MPTUSJEJVNCPUVMJOVN#BDJMMVTDFSFVTZ
-JTUFSJBNPOPDZUPHFOFTQVFEFOFODPOUSBSTFFOFMTVFMPZDPO
UBNJOBOGÈDJMNFOUFMPTQSPEVDUPT0USBTCBDUFSJBTDPNPMB4BM
NPOFMMB4IJHFMMB&TDIFSJDIJBDPMJQBUPHÏOJDBZ$BNQZMPCBDUFS
SFTJEFOFOFMUSBDUPJOUFTUJOBMEFMPTBOJNBMFTZPMBTQFSTPOBT
1VFEFODPOUBNJOBSMBTIPSUBMJ[BTBUSBWÏTEFMBJOmMUSBDJØOEF
BHVBTSFTJEVBMFTFOMPTDBNQPTFMSJFHPDPOBHVBDPOUBNJOBEB
MBQSFTFODJBEFBOJNBMFTFOFMDBNQPPVOBCPOBEPJODPSSFDUP
-BDPOUBNJOBDJØOUBNCJÏOQVFEFQSPEVDJSTFFOMBNBOJQVMBDJØO
EVSBOUFMBDPTFDIBZFMFNCBMBKFZFOPUSPTQBTPTEFMBDBEFOB
EFEJTUSJCVDJØOZDPNFSDJBMJ[BDJØO
&MOÞNFSPEFCBDUFSJBTOFDFTBSJPQBSBQSPWPDBSFOGFSNF
EBEFTIVNBOBTWBSÓBDPOFMUJQPEFPSHBOJTNPZMBFEBEZFM
FTUBEPEFMIVÏTQFE&OBMHVOPTDBTPTFTOFDFTBSJPRVFIBZB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
NÈTEFVONJMMØOEFCBDUFSJBTQBUPHÏOJDBTQPSHSBNPPDNEF
TVQFSmDJFEFMBMJNFOUPQBSBRVFTFQSPEV[DBVOBFOGFSNFEBE
4JOFNCBSHPBMHVOPTQBUØHFOPTQVFEFOQSPWPDBSFOGFSNFEB
EFTFODBOUJEBEFTNVDIPNFOPSFT
&OUSFMPTWJSVTUSBOTNJUJEPTQPSMPTBMJNFOUPTTFJODMVZFO
t)FQBUJUJT"
t7JSVTEF/PSXBMLZWJSVTTJNJMBSFTBMEF/PSXBML
t3PUBWJSVTBTUSPWJSVTFOUFSPWJSVTQPMJPWJSVTFDIPWJSVTZ
WJSVTDPYTBDLJF
QBSWPWJSVTBEFOPWJSVTZDPSPOBWJSVT
1BSÈTJUPT
.VDIBTEFMBTFOGFSNFEBEFTQSPWPDBEBTQPSCBDUFSJBT
-PTQBSÈTJUPTTPOPSHBOJTNPTRVFWJWFOFOPUSPPSHBOJTNP QBSÈTJUPTZWJSVTQBUPHÏOJDPTRVFIBOTJEPWJODVMBEBTBMBT
WJWPMMBNBEPIVÏTQFEÁOJDBNFOUFTPODBQBDFTEFQSPMJGFSBS IPSUBMJ[BTQVFEFOUSBOTNJUJSTFDVBOEPMBTIFDFTIVNBOBT
FOVOIVÏTQFEQFSPQVFEFOUSBOTNJUJSTFEFVOIVÏTQFEBPUSP DPOUBNJOBOMPTQSPEVDUPT&TJNQPSUBOUFRVFMBTQFSTPOBTRVF
NBOJQVMBOMPTQSPEVDUPTFODBEBFUBQBEFTEFFMDBNQPBMB
BUSBWÏTEFVOWFIÓDVMPRVFOPTFBIVÏTQFE
NFTBUFOHBOVOQSPGVOEPDPOPDJNJFOUPEFMBTQSÈDUJDBTEF
&OUSFMPTQBSÈTJUPTNÈTDPNÞONFOUFBTPDJBEPTBMBTJOGFD IJHJFOFBEFDVBEBTQBSBQSFWFOJSMBDPOUBNJOBDJØO-BGPSNBDJØO
DJPOFTIVNBOBTTFJODMVZFO
EFMPTUSBCBKBEPSFTFODBEBOJWFMEFMBDBEFOBEFQSPEVDDJØOZ
t$SZQUPTQPSJEJVN
MBJOGPSNBDJØOBMPTDPOTVNJEPSFTIBOTJEPJEFOUJmDBEBTDPNP
FMFNFOUPTDMBWFQBSBSFEVDJSMBTFOGFSNFEBEFTUSBOTNJUJEBTQPS
t$ZDMPTQPSB
MPTBMJNFOUPTBTPDJBEBTBMBTGSVUBTZIPSUBMJ[BTGSFTDBT
t(JBSEJB
.JFOUSBTDSFDFFMDPOTVNPEFGSVUBTZIPSUBMJ[BTDJFOUÓmDPT
t&OUBNPFCB
EF&&66IBOOPUBEPPUSBUFOEFODJBJNQPSUBOUF%FTEF
t5PYPQMBTNB
IBTUBIVCPVOJODSFNFOUPFOFMOÞNFSPEFFOGFSNFEB
t4BSDPDZTUJT
EFTDBVTBEBTQPSBMJNFOUPTBTPDJBEBTDPOGSVUBTZIPSUBMJ[BT
t*TPTQPSB
GSFTDBT
t)FMNJOUPT
6OSFTVNFOEFMPTCSPUFTEFMBTFOGFSNFEBEFTDBVTBEBT
t/FNBUPEPTDPNP "TDBSJTMVNCSJDPJEFT 5ISJDVSJTUSJ QPSBMJNFOUPTEFTEFIBTUBMBGFDIBEFNVFTUSBRVF
DIJVSB
t&MOÞNFSPEFCSPUFTBTPDJBEPTDPOGSVUBTZIPSUBMJ[BT
t1MBUFMNJOUPTDPNP 'BTDJPMBIFQBUJDBZFTQFDJFTEF GSFTDBTIBBVNFOUBEPTPTUFOJEBNFOUF
DJTUJDFSDP
t&MOÞNFSPEFQFSTPOBTBGFDUBEBTTFIBNÈTRVFEVQMJ
DBEP
t6OBHSBOWBSJFEBEEFGSVUBTZIPSUBMJ[BTFTUVWJFSPO
7JSVT
JOWPMVDSBEBT
-PTWJSVTUJFOFOVOUBNB×PNVZQFRVF×PZTPOJODBQBDFT
t5SFTDVBSUBTQBSUFTEFMPTCSPUFT
FTUÈOSFMBDJP
EFSFQSPEVDJSTFGVFSBEFVOBDÏMVMBWJWB1PSUBOUPOPQSPMJGFSBO
OBEPTDPOQSPEVDUPTDVMUJWBEPTEPNÏTUJDBNFOUF
TPCSFPEFOUSPEFMPTBMJNFOUPT/PPCTUBOUFMBTIPSUBMJ[BT
t-BNBZPSÓBEFMPTCSPUFTGVFSPODBVTBEPTQPSCBDUFSJBT
GSFTDBTQVFEFODPOUBNJOBSTFBUSBWÏTEFMBFYQPTJDJØOBBHVB
DPOUBNJOBEBPEVSBOUFMBNBOJQVMBDJØOQPSQBSUFEFQFSTP FTQFDJBMNFOUFFTQFDJFTEF4BMNPOFMMBZ&TDIFSJDIJBDPMJ
OBTJOGFDUBEBT-PTWJSVTJOGFDUBOBQFSTPOBTTVTDFQUJCMFTRVF
-BMFDIVHBQBSBFOTBMBEBTDFCPMMBTWFSEFTUPNBUFTDPMFT
DPOTVNFOMPTQSPEVDUPTDSVEPT%FCJEPBRVFMBEPTJTJOGFDUJWB NFMPOFT[BOBIPSJBTGSBNCVFTBTGSVUJMMBTDPOHFMBEBTBMCBIBDB
EFMBNBZPSÓBEFMPTWJSVTFTFYUSFNBEBNFOUFQFRVF×BFO ZQSPEVDUPTDPOUFOJFOEPBMCBIBDBIBOTJEPBTPDJBEPTDPOFTPT
PDBTJPOFTEFUBOTØMPQBSUÓDVMBTEFWJSVTMBQSFWFODJØOEF NJDSPPSHBOJTNPTDBVTBOUFTEFFOGFSNFEBEFTZIBODBVTBEP
MBDPOUBNJOBDJØOEFMPTQSPEVDUPTFTDSVDJBMQBSBDPOUSPMBSMB FOGFSNFEBEZNVFSUFEFOJ×PTZBEVMUPTQPSUPEPTMPT&&66
FOGFSNFEBEWJSBM
)BZTØMPVOPTQPDPTDBTPTEPDVNFOUBEPTEFFOGFSNFEBEFT
DBVTBEBTQPSBMJNFOUPTDPNPDPOTFDVFODJBEFNBMBTQSÈDUJDBT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
BHSÓDPMBT6OCSPUFQBSUJDVMBSZRVFWBMFMBQFOBNFODJPOBS
POBS
FTUVWPSFMBDJPOBEPDPOMBDPOUBNJOBDJØOEFMFDIVHBQBSB
BSB
FOTBMBEBDPOMBCBDUFSJB&DPMJ0)-BMFDIVHBGVF
DVMUJWBEBFOVOÈSFBDFSDBOBBVOBPQFSBDJØOHBOBEFSBZ
BVOBHSBOKBEFHBMMJOBTFODSFDJNJFOUPMJCSF-BMFDIVHB
TFDPOUBNJOØZGVFMBDBVTBEFRVFQFSTPOBTFO*MMJOPJT
Z$POOFDUJDVUFOGFSNBSBO-BTFEBEFTEFMBTWÓDUJNBT
GVFSPOFOUSFMPTZMPTB×PT&MSBTUSFPEFFTUFCSPUF
DPOEVKPBMBTNBMBTQSÈDUJDBTBHSÓDPMBTZBMNBOFKPJOBEF
DVBEPEFMBMFDIVHBEFTQVÏTEFMBDPTFDIB4FQVEPIBCFS
CFS
QSFWFOJEPDPOCVFOBTQSÈDUJDBTBHSÓDPMBTZEFNBOJQVMBDJØO
DJØO
WFSmHVSBTZZDVBESP
„ %B×PTZQÏSEJEBTQPTDPTFDIB
JTUSJ
%VSBOUFMPTQSPDFTPTEFDPTFDIBBDPOEJDJPOBNJFOUPEJTUSJ
JEBT
CVDJØOZDPNFSDJBMJ[BDJØOEFIPSUBMJ[BTTFQSPEVDFOQÏSEJEBT
DVBOUJUBUJWBTDVBOEPFMQSPEVDUPOPMMFHBBMDPOTVNJEPS
ZP
ZP
QÏSEJEBTDVBMJUBUJWBTPEB×PTQÏSEJEBTEFDBMJEBEDPNFSDJBM
DJBM
&YJTUFOUBNCJÏOQÏSEJEBTOVUSJDJPOBMFTRVFDPOTJTUFOFOMB
OMB
EJTNJOVDJØOEFMPTFMFNFOUPTOVUSJUJWPTRVFFTUÈOQSFTFOUFT
UFT
FOMBTNJTNBT
,BEFS FUBMIBQVCMJDBEPWBMPSFTEFQÏSEJEB
QSPNFEJPQBSBGSVUBTZIPSUBMJ[BTRVFWBSÓBOFOUSFZ
FOQBÓTFTEFTBSSPMMBEPTZFOUSFZFOQBÓTFT
FOEFTBSSPMMP
&OOVFTUSPQBÓTOPFYJTUFEFNBTJBEBJOGPSNBDJØODPO
O
SFTQFDUPBFTUFQVOUPQFSPFOUSBCBKPTSFBMJ[BEPTQPSMPTBVUP
VUP
SFTFOMB[POBEF3PTBSJPTPCSFMFDIVHBTFMMFHØBEFUFSNJOBS
JOBS
BQSPYJNBEBNFOUFEFQÏSEJEBTFOQSPNFEJPBMPMBSHP
BSHP
EFMB×PIBTUBRVFMBNJTNBMMFHBBMPTDPNFSDJPTNJOPSJTUBT
TUBT
MPRVFDPOmSNBMBJOGPSNBDJØODJUBEB
&OFTUPTUSBCBKPTTFSFBMJ[ØFMTFHVJNJFOUPEFMBMFDIVHBEFTEF
FTEF
FMQSPEVDUPSBMDPNFSDJPNJOPSJTUBFOUSFTFTUBDJPOFTEJGFSFOUFT
OUFT
QSJNBWFSBWFSBOPZPUP×P
ZEFTEFMBDPTFDIBIBTUBIPSBT
PSBT
QPTUFSJPSFTBTVSFDFQDJØOQPSMPTNJOPSJTUBTWFSEVMFSPT
-PTGBDUPSFTDFOTBEPTNÈTJNQPSUBOUFTUSBUBOEPEFJEFOUJm
DBSMBTDBVTBTEFMBTQÏSEJEBT
TJHVJFOEPFMnVKPEFMPTDBKPOFT
GVFSPOUJQPEFDBKPOFTVUJMJ[BEPTGPSNBEFUSBUBSBMBNFSDB
EFSÓBDPOEJDJPOFTEFMWFIÓDVMPUSBOTQPSUBEPSZQSPUFDDJØOEFMB
NFSDBEFSÓBFOFMNJTNPGPSNBTEFBQJMBEPUJFNQPEFFTQFSB
FOQMBZBEFFTUBDJPOBNJFOUPEFMPTNFSDBEPTDPODFOUSBEPSFT
USBUBNJFOUPEFMNJOPSJTUBZVTPEFDÈNBSBTGSJHPSÓmDBT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
H
Q
Q
Z
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
1BSBFWBMVBSMPTNPUJWPTEFMBTQÏSEJEBTTFVUJMJ[ØVODSJUFSJP
UÏDOJDPDMBTJmDBOEPFOIPKBTSPUBTEFTIJESBUBEBTRVFNBEVSB
EFMCPSEFEFMBIPKBUJQCVSO
ZPUSBTFOGFSNFEBEFTZEFTDBSUF
EFQBSUFEFMUBMMPQPSPYJEBDJØOEFMNJTNP"OJWFMNJOPSJTUBMBT
QÏSEJEBTGVFSPOEFMBMBMMFHBEBBMMPDBMEFWFOUBZEFM
BMBTIPSBTEFIBCFSMMFHBEPBMNJTNPUPUBMJ[BOEP
VOWBMPSEFEFQÏSEJEBTEFQPTDPTFDIB
"MFWBMVBSMBSFMBDJØOFOUSFMBTDBVTBTZTVTFGFDUPTTVSHF
RVFMPTHSBOEFTGBDUPSFTEFQÏSEJEBTTPOFMUSBOTQPSUFTJO
DPCFSUVSBEFMQSPEVDUPSZNJOPSJTUBZMBFTQFSBFOMBQMBZBEF
FTUBDJPOBNJFOUPEFMPTNFSDBEPTDPODFOUSBEPSFT&MMPJODJEJØ
FOMBDBOUJEBEEFIPKBTSPUBTZUBMMPTPYJEBEPTBMBTIPSBTEF
MBMMFHBEBEFMQSPEVDUPBMMPDBMEFWFOUBQSJODJQBMNFOUFQPSRVF
TFUSBUBEFVOQSPEVDUPBMUBNFOUFQFSFDFEFSPZTFOTJCMFRVF
NBOJmFTUBNBZPSFTEB×PTBNFEJEBRVFQBTBFMUJFNQP5BNCJÏO
FYJTUJFSPOPUSPTGBDUPSFTEFUFSNJOBOUFTEFMBTQÏSEJEBTFMMPT
GVFSPODBKPOFTBHSFTJWPTFOFMEFMPTDBTPTNFSDBEFSÓB
RVFTPCSFQBTBMBBMUVSBEFMFOWBTF
BUBEPDPOIJMP
USBTQBTPEFMBNFSDBEFSÓBEFTVFOWBTFPSJHJOBMBPUSPQBSB
MBFYQPTJDJØO
ZDPOTFSWBDJØOFODÈNBSBGSJHPSÓmDBTJO
FMDVJEBEPDPSSFTQPOEJFOUF
-PTSFTVMUBEPTEFFTUPTUSBCBKPTDPOmSNBOMBJO
GPSNBDJØOEFCJCMJPHSBGÓBRVFDJUBWBMPSFTEFQÏSEJEBT
QPTDPTFDIBEFMPSEFOEFMBM
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
„ $BSBDUFSÓTUJDBTEFMBTIPSUBMJ[BTEFIPKB
-BTIPSUBMJ[BTEFIPKBQPSTVDPOEJDJØOEFPSHBOJTNPTWJ
WJFOUFTQPTFFOVOBTFSJFEFDBSBDUFSÓTUJDBTRVFTPOJNQPSUBOUFT
EFDPOPDFSBMPTFGFDUPTEFQPEFSSFBMJ[BSVODPSSFDUPNBOFKP
EFMBTNJTNBTBMPMBSHPEFUPEBMBDBEFOB
&TUBTDBSBDUFSÓTUJDBTTPO
B4POUFKJEPTWJWPTRVFTJHVFOUSBOTQJSBOEPZSFTQJSBOEP
MVFHPEFDPTFDIBEPT&TQPSFMMPRVFFTUÈOTVKFUPTBDPOUJOVPT
DBNCJPTEFTQVÏTEFMBDPTFDIB.VDIPTEFFTUPTDBNCJPT
TPOJOEFTFBCMFTFKBNBSJMMBNJFOUPEFMBSÞDVMB
ZOPQVFEFO
EFUFOFSTFTPMPTPODPOUSPMBCMFTEFOUSPEFDJFSUPTMÓNJUFT
C1PTFFOBMUPDPOUFOJEPEFBHVBQPSMPDVBMTPOTFO
TJCMFTBMBEFTIJESBUBDJØORVFQVFEFMMFWBSBNBSDIJUBNJFOUP
PBSSVHBNJFOUP%FFTUBNBOFSBFMQSPEVDUPTFWFSÈBGFDUBEP
FOMBBQBSJFODJBFOMBDBMJEBEEFTVUFYUVSBBCMBOEBNJFOUP
nBDJEF[
FOMBDBMJEBEOVUSJDJPOBMZTPCSFUPEPFOFMQFTP
WFOEJCMF
D4POQSPEVDUPTGSÈHJMFTFTUÈOTVKFUPTBEB×PTNFDÈOJDPT
SPUVSBEFIPKBTQPSFNCBMBKFTJOBEFDVBEPT
'JHVSB
E&TUÈOTVKFUPTBMBUBRVFEFQBUØHFOPTIPOHPTZ
CBDUFSJBT
MPRVFQVFEFMMFWBSBVOEFUFSJPSPFKQVESJDJPOFT
FOMB[POBEFBUBEPEFMPTQBRVFUFTEFSBEJDIFUB
'JHVSB
F-BTIPSUBMJ[BTEFIPKBTPOBMJNFOUPTWJWPTRVFTPO
JOHFSJEBTFONVDIPTDBTPTTJOQSFWJBDPDDJØO1PSUBMSB[ØOTPO
OFDFTBSJPTNÞMUJQMFTDVJEBEPTQBSBRVFMMFHVFOBMBNFTBEFM
DPOTVNJEPSDPOUPEBTTVTQSPQJFEBEFTOVUSJUJWBTZPSHBOPMÏQ
UJDBTTBCPSDPMPSZUFYUVSB
QPSMBTRVFIBOTJEPBERVJSJEBT
-BTDPOEJDJPOFTEFIJHJFOFBOJWFMEFMBSFDPMFDDJØOFNQB
RVFUSBOTQPSUFZDPNFSDJBMJ[BDJØOEFCFOFTUBSBKVTUBEBTQBSB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
„ 'BDUPSFTEFQSFSFDPMFDDJØOPQSFDPTFDIB
-BTIPSUBMJ[BTEFIPKBTPO
QSPEVDUPTGSÈHJMFT
DPOHSBOBDUJWJEBESFTQJSBUPSJBZEF
USBOTQJSBDJØOMPRVFQVFEFQSPEVDJS
TJOPTFDPOUSPMBBEFDVBEBNFOUF
SFEVDDJØOEFTVTDVBMJEBEFTPSHBOP
MÏQUJDBTEB×PTZQÏSEJEBTQPTDPTF
DIB"EFNÈTTPOGÈDJMNFOUF
DPOUBNJOBCMFTFTEFDJSRVF
MBJOPDVJEBEEFCFTFSUFOJEB
NVZFODVFOUB
NBOUFOFSOJWFMFTEFDPOUBNJOBOUFTCJØUJDPTNJDSPPSHBOJTNPT
FJOTFDUPT
ZBCJØUJDPTQMBHVJDJEBTNFUBMFTQFTBEPTZPUSPT
EFOUSPEFMÓNJUFTUPMFSBCMFTJOPDVPTQBSBMBTBMVEIVNBOBZ
MBTFHVSJEBEBNCJFOUBM
„ 'BDUPSFTTPCSFMPTRVFTFEFCFUSBCBKBS
QBSBQSFTFSWBSMBDBMJEBEEFMBTIPSUBMJ[BTEFIPKB
&YJTUFOOVNFSPTPTGBDUPSFTBUFOFSFODVFOUBQBSBQSF
TFSWBSMBDBMJEBEEFMPTQSPEVDUPTIPSUÓDPMBTZEFFTUBGPSNB
SFEVDJSMBTQÏSEJEBT&TUPTTFEFCFOUFOFSFODVFOUBEFTEFMB
QSFSFDPMFDDJØOIBTUBMBMMFHBEBBMDPOTVNJEPS-BQPTDPTFDIB
OPFNQJF[BFOFMNPNFOUPEFMBDPTFDIBTJOPQSFWJBNFOUF-B
EJTNJOVDJØOEFMBTQÏSEJEBTEFQPTDPTFDIBFTVOBGVODJØOEF
UPEPTMPTJOUFHSBOUFTEFMBDBEFOBZFTQPSFMMPRVFTFEFCFO
UFOFSFODVFOUBFOUPODFT
t'BDUPSFTEFQSFSFDPMFDDJØOPQSFDPTFDIB
t'BDUPSFTEFQPTDPTFDIB
-B
-BNÈYJNBDBMJEBEQPTDPTFDIBQBSBDVBMRVJFSDVMUJWBS
TPMPQ
TPMPQVFEFDPOTFHVJSTFDPOFMFOUFOEJNJFOUPZNBOFKPEFMPT
EJGFSFOUFTQBQFMFTRVFMPTGBDUPSFTQSFDPTFDIBEFTFNQF×BO
EJGFSF
FOMBDBMJEBEQPTDPTFDIB
FOMB
&OFTUBFUBQBTFEFCFUFOFSFODVFOUB
&O
tt$BSBDUFSÓTUJDBTHFOÏUJDBTEFMDVMUJWBSFMDVMUJWBSZFM
HFOPUJQPEFMQBUSØOUJFOFOVOFGFDUPJNQPSUBOUFFOMBDBMJEBE
HFOPU
TFOTPSJBMSFOEJNJFOUPDPNQPTJDJØOOVUSJDJPOBMZWJEBQPTDPTF
TFOTP
DIB-BJODJEFODJBZTFWFSJEBEEFMEFUFSJPSPEB×PTQPSJOTFDUPTZ
DIBmTJPQBUÓBTQVFEFOSFEVDJSTFTFMFDDJPOBOEPFMHFOPUJQPDPSSFDUP
mTJPQ
QBSBDPOEJDJPOFTBNCJFOUBMFTEBEBT&KMBTMFDIVHBTEFDPMPS
QBSBD
WFSEFNÈTJOUFOTPTVFMFOTFSNÈTSFTJTUFOUFTBIFMBEBTZQPS
WFSEF
MPUBOUPUJFOFONBZPSDBMJEBEQPTDPTFDIBFOJOWJFSOP
MPUBO
tt/VUSJDJØONJOFSBMFMFTUBEPOVUSJDJPOBMEFMDVMUJWPFT
VOGBDUPSJNQPSUBOUFQBSBMBDBMJEBEUBOUPBMNPNFOUPEFMB
VOGB
DPTFDIBDPNPFOMBWJEBQPTDPTFDIB-BTEFmDJFODJBTFYDFTPTP
DPTFD
EFTFRVJMJCSJPTEFWBSJPTOVUSJFOUFTHFOFSBOEFTPSEFOFTRVFQVF
EFTFR
EFOMJNJUBSMBWJEBEFBMNBDFOBNJFOUP&K&YDFTPTEFOJUSØHFOP
EFOMJ
FOMFDIVHBQVFEFOGBWPSFDFSVODSFDJNJFOUPBDFMFSBEPTJFOEP
FOMFD
ÏTUBTNÈTTVTDFQUJCMFTBEFTIJESBUBDJØO&OMBTIPSUBMJ[BTEFIPKBT
DVMUJWBEBTDPOFYDFTPEFOJUSØHFOPZDPOCBKPTSFHJNFOFTEFMV[
DVMUJWB
TFQVFEFHFOFSBSBDVNVMBDJØOEFOJUSBUPTFOMPTUFKJEPTWFHFUBMFT
TFQVF
BOJWFMFTOPTBMVEBCMFT-BTEFmDJFODJBTEFDBMDJPQVFEFOQSPEVDJS
BOJWF
FMRVFNBEPEFMPTCPSEFTEFMBTIPKBTFOMFDIVHB
t$MJNBNVDIBTWFDFTDJFSUPTGBDUPSFTDMJNÈUJDPTQVFEFO
BGFDUBSMBDBMJEBEQPTDPTFDIB&MDPOHFMBNJFOUPQSPEVDJEPQPS
IFMBEBTFOIPSUBMJ[BTEFIPKBQVFEFQSPEVDJSRVFMBTDBQBT
FQJEFSNBMFTTFTFQBSFOEFMUFKJEPTVCZBDFOUFEBOEPDPNP
SFTVMUBEPVOBBQBSJFODJBEFBNQPMMBT"MUBTUFNQFSBUVSBT
QVFEFOQSPEVDJSEFDPMPSBDJØOEFOFSWBEVSBTFOMFDIVHB
t4VFMPMPTTVFMPTMJWJBOPTTFDBMJFOUBONÈTSÈQJEBNFOUF
RVFMPTTVFMPTQFTBEPTZQPSMPNJTNPQFSNJUFOVODSFDJNJFOUP
NÈTSÈQJEP&MDSFDJNJFOUPSÈQJEPMMFWBBDVMUJWPTEFSBÓDFTNÈT
UJFSOBTQFSPUBNCJÏOBVODPMPSZTBCPSNFOPTJOUFOTP&OFTUF
DBTPFMFGFDUPEFMTVFMPFTBUSBWÏTEFMBUFNQFSBUVSB"EFNÈT
MPTQSPEVDUPTUJFSOPTTPONÈTTVTDFQUJCMFTBEB×PTNFDÈOJDPT
-PTTVFMPTEFUJQPBSFOPTPQVFEFOEB×BSMBTIPKBTDVBOEPTF
QSPEVDFNPWJNJFOUPEFBSFOBDPOFMWJFOUP
t%FOTJEBEEFQMBOUBDJØODVBOUPNBZPSFTMBEFOTJEBE
NÈTUJFSOBTTPOMBTQMBOUBTQFSPNÈTTVTDFQUJCMFTBEFTIJESB
UBDJØOEB×PTNFDÈOJDPTZFOGFSNFEBEFT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
5PEPTFTUPTGBDUPSFTEFCFOTFSUFOJEPTFODVFOUBEFTEFMB
QMBOJmDBDJØOEFMDVMUJWPFOBEFMBOUFQBSBMPHSBSVOQSPEVDUP
EFCVFOBDBMJEBEZDPOMBSHBWJEBEFQPTDPTFDIB
„ 'BDUPSFTEFQPTDPTFDIB
6OBWF[DPOTJEFSBEPTMPTGBDUPSFTEFQSFDPTFDIBTFEF
CFSÈOUFOFSFODVFOUBMPTGBDUPSFTRVFBGFDUBOBMQSPEVDUP
DPTFDIBEPZRVFQVFEFOJODJEJSFOMBDBMJEBEFTEFDJSMPTEF
QPTDPTFDIB-PTNJTNPTEFCFOTFSUFOJEPTFODVFOUBEVSBOUF
UPEBTMBTFUBQBTRVFUJFOFOMVHBSFOMBDBEFOBIBTUBMMFHBS
BMDPOTVNJEPS&MMBTTPOMBDPTFDIBFMBDPOEJDJPOBNJFOUPFM
USBOTQPSUFFMBMNBDFOBNJFOUPZMBEJTUSJCVDJØO
-BQBMBCSB1PTDPTFDIBFOVOTFOUJEPBNQMJPBCBSDB
UPEPMPRVFPDVSSFBQPTUFSJPSJEFMBDPTFDIB&TEFDJSEFTEF
FMNPNFOUPRVFMPTQSPEVDUPTIPSUÓDPMBTTPOTFQBSBEPTEF
MBTQMBOUBTRVFMPTPSJHJOBSPOIBTUBMMFHBSBMDPOTVNJEPS
$PNQSFOEFBTQFDUPTCJPMØHJDPTUFDOPMØHJDPTZFDPOØNJDPT
EFTEFMBDPTFDIBIBTUBFMDPOTVNPEFMPTQSPEVDUPTFOGPSNB
GSFTDBØJOEVTUSJBMJ[BEB%FOUSPEFMBQPTDPTFDIBFYJTUFOEPT
EJTDJQMJOBTBFTUVEJBSRVFTPO
t&DPmTJPMPHÓBEFQPTDPTFDIB
t5FDOPMPHÓBEFQPTDPTFDIB
„&DPmTJPMPHÓBEFQPTDPTFDIB
t3FTQJSBDJØO
t5SBOTQJSBDJØO
t1SFTFODJBEFHBTFTFUJMFOP
t$BNCJPTDPNQPTJDJPOBMFTDPNPQPSFKMPTDBNCJPT
FOQJHNFOUPTDPNPQVFEFTFSMBQÏSEJEBEFDMPSPmMBZFMDPO
TFDVFOUFBNBSJMMBNJFOUP
"DPOUJOVBDJØOTFEFTDSJCFODBEBVOPEFFMMPT
3FTQJSBDJØO
-BSFTQJSBDJØOFTVOQSPDFTPDPOUSBSJPBMBGPUPTÓOUFTJTQPS
FMRVFMBTQMBOUBTBCTPSCFOPYÓHFOPZEFTQSFOEFOEJØYJEPEF
DBSCPOP&MPYÓHFOPEFMBJSFEFTDPNQPOFMPTIJESBUPTEFDBSCPOP
EFMBQMBOUBFOEJØYJEPEFDBSCPOPZBHVB&TBSFBDDJØOHBTUB
FOFSHÓBZQSPEVDFDBMPS
-PTQSPEVDUPTGSFTDPTOPQVFEFOTFHVJSSFQPOJFOEPMPT
IJESBUPTEFDBSCPOPOJFMBHVBVOBWF[SFDPMFDUBEPTQPSMP
RVFMBSFTQJSBDJØOVUJMJ[BFMBMNJEØOPFMB[ÞDBSBMNBDFOBEPZ
TFEFUJFOFDVBOEPTFBHPUBOMBTSFTFSWBTEFFTBTTVTUBODJBT
TFJOJDJBFOUPODFTVOQSPDFTPEFFOWFKFDJNJFOUPRVFDPOEVDF
BMBNVFSUFZMBQVUSFGBDDJØOEFMQSPEVDUP
-BSFTQJSBDJØOTFNJEFFONHEF$0LHIPSB-BUBTBEF
EFUFSJPSPEFMBTIPSUBMJ[BTFTQSPQPSDJPOBMBMBUBTBSFTQJSBUPSJB
BNBZPSSFTQJSBDJØONBZPSEFUFSJPSP
&TMBDJFODJBRVFFTUVEJBMBTGVODJPOFTWJUBMFTEFMPTØSHBOPT
WFHFUBMFTDPTFDIBEPTTVSFMBDJØODPOFMNFEJPBNCJFOUFZTVT
WBSJBDJPOFT
%FOUSPEFMB&DPmTJPMPHÓBEF1PTDPTFDIBMPTGBDUPSFTRVF
JOnVZFOFOFMEFUFSJPSPZQÏSEJEBEFDBMJEBEEFMBTIPSUBMJ[BT
TPOEFEPTUJQPT
t#JPMØHJDPT
t"NCJFOUBMFT
'BDUPSFTCJPMØHJDPT
$VBOEPTFSFDPMFDUBOMPTQSPEVDUPTGSFTDPTMPTQSPDFTPT
WJUBMFTPCJPMØHJDPTSFTQJSBDJØOUSBOTQJSBDJØO
DPOUJOÞBO
HBTUBOEPTVTUBODJBTEFSFTFSWBTBHVBFUD$VBOEPÏTUBTTF
BHPUBOTFJOJDJBVOQSPDFTPEFFOWFKFDJNJFOUPRVFDPOEVDFB
MBEFTDPNQPTJDJØOZBMBQVUSFGBDDJØO-PTGBDUPSFTCJPMØHJDPT
RVFJOnVZFOFOMBQPTDPTFDIBTPO
-BSFTQJSBDJØO
FTFOUPODFTFMQSPDFTPNF
EJBOUFFMDVBMVOTVTUSBUP
B[ÞDBS
FOQSFTFODJBEFPYÓ
HFOPTFUSBOTGPSNBFO$0
BHVBZFOFSHÓBBVNFOUBOEP
MBUFNQFSBUVSBEFMPTUFKJEPTZ
EFUFSJPSÈOEPMPT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BEJTNJOVDJØOEFMBSFTQJSBDJØOTFMPHSBNFEJBOUF
t&MNBOFKPEFMBUFNQFSBUVSBUPEPTMPTQSPEVDUPTIPSUÓDPMBT
UJFOFOVOJOUFSWBMPØQUJNPEFUFNQFSBUVSBEFBMNBDFOBNJFOUP
"SSJCBEFMØQUJNPÏTUPTSFTQJSBOBUBTBTJOBDFQUBCMFNFOUFBMUBT
ZTPONÈTTVTDFQUJCMFTBEB×PTQPSFUJMFOPZFOGFSNFEBEFT
t&MNBOFKPEFMBDPNQPTJDJØOEFHBTFTRVFSPEFBOBMQSP
EVDUP"NBZPSDPODFOUSBDJØOEF0FOMBBUNØTGFSBRVFSPEFB
BMQSPEVDUPNBZPSSFTQJSBDJØO1FSPUBNCJÏOTJFMPYÓHFOPCBKB
EFDJFSUPTOJWFMFTDSÓUJDPTTFQSPEVDFVOBSFTQJSBDJØOBOBFSØCJDB
ZFMQSPEVDUPTFEB×B&ODVBOUPBM$0FMFNJUJEPEVSBOUF
MBSFTQJSBDJØOEFCFFTDBQBSOPTØMPEFMØSHBOPDPTFDIBEP
TJOPUBNCJÏOEFTVWFDJOEBEJONFEJBUB4JFM$0TFBDVNVMB
TJODPOUSPMBMSFEFEPSEFMBIPSUBMJ[BMBSFTQJSBDJØOOPSNBM
FTJNQPTJCMFZTFEB×BFMQSPEVDUPBÞOFOQSFTFODJBEFVOB
DPODFOUSBDJØOBEFDVBEBEF0&TEFDJSRVFUBOUPQBSBFM0
DPNPQBSBFM$0DBEBQSPEVDUPUJFOFTVOJWFMDSÓUJDP
t-BEJTNJOVDJØOEFMFTUSÏTNFDÈOJDPHPMQFTDPNQSFTJØO
FUD
EBEPRVFBOUFHPMQFTZPIFSJEBTTFQSPEVDFVOBVNFOUP
EFMBSFTQJSBDJØOFOMB[POBBGFDUBEB
-BUFNQFSBUVSBJODJEFOPUBCMFNFOUFFOMBSFTQJSBDJØOZFT
MBQSJODJQBMBSNBQBSBMBSFHVMBDJØOEFMNFUBCPMJTNPEFCJEP
BTVFGFDUPTPCSFMBTSFBDDJPOFT&MQSJODJQJPEFWBO}U)PGGFTUB
CMFDFRVFMBUBTBEFMBTSFBDDJPOFTRVÓNJDBTBVNFOUBWFDFT
QPSDBEB$EFJODSFNFOUPEFMBUFNQFSBUVSB2
4JO
FNCBSHPMBTSFBDDJPOFTWJUBMFTTPONFEJBEBTQPSFO[JNBTZ
FOFMSBOHPEFGVODJPOBNJFOUPCJPMØHJDPFM2OPFTJHVBMB
TJOPRVFFTWBSJBCMF
&OFTUFDVBESPTFQVFEFWFSDMBSBNFOUFDPNPMBUFNQFSBUVSB
UJFOFVOBJODJEFODJBEJSFDUBTPCSFMBSFTQJSBDJØOEFMBTIPSUBMJ[BT
"NFEJEBRVFTFJODSFNFOUBMBUFNQFSBUVSBBVNFOUBMBSFTQJ
SBDJØOZFOBMHVOPTQSPEVDUPTFTUFGFOØNFOPFTFTQFDJBMNFOUF
JNQPSUBOUF-BTIPKBTEFMBMFDIVHBSFTQJSBOEPTWFDFTNÈT
SÈQJEBNFOUFRVFFMDPSB[ØOEFMBQMBOUB-BMFDIVHBEFIPKB
SFTQJSBDFSDBEFMEPCMFEFMSJUNPRVFMBMFDIVHBEFDBCF[BZ
QPSFTUPFTNÈTQFSFDFEFSB
-BSFTQJSBDJØOFTFOUPODFTFMQSPDFTPDFOUSBMEFMBmTJP
MPHÓBEFQPTDPTFDIB1SPWFFMBFOFSHÓBQBSBMBHSBODBOUJEBE
EFDBNCJPTRVFBDPNQB×BOMBNBEVSBDJØOPSHBOPMÏQUJDBZ
TFOFTDFODJBHFOFSBMEFMBTIPSUBMJ[BTDPTFDIBEBT&TEFDJSRVF
DPNPUBMMMFWBBBEPQUBSFTUSBUFHJBTQBSBNJOJNJ[BSMPTFGFDUPT
BEWFSTPTEFMQSPDFTP
5SBOTQJSBDJØO
-BNBZPSÓBEFMPTQSPEVDUPTGSFTDPTDPOUJFOFOFOFMNP
NFOUPEFMBDPTFDIBEFMBMEFBHVBMBTIPSUBMJ[BTEF
IPKBTFFODVFOUSBOEFOUSPEFMWBMPSTVQFSJPS
%FOUSPEFMBTQMBOUBTFODSFDJNJFOUPFYJTUFVOnVKPDPO
UJOVPEFBHVB&TUBTFBCTPSCFEFMTVFMPQPSMBTSBÓDFTTVCF
QPSMPTUBMMPTZTFEFTQSFOEFQPSMBTQBSUFTBÏSFBTTPCSFUPEP
QPSMBTIPKBTDPNPWBQPSEFBHVB-PTQSPEVDUPTGSFTDPTTJHVFO
QFSEJFOEPBHVBEFTQVÏTEFMBDPTFDIBQFSPBEJGFSFODJBEFMBT
QMBOUBTFODSFDJNJFOUPZBOPQVFEFOSFQPOFSFMBHVBBQBSUJSEFM
TVFMPZUJFOFORVFSFDVSSJSBMDPOUFOJEPEFBHVBRVFUVWJFSBOFOFM
NPNFOUPEFMBSFDPMFDDJØO&TUBQÏSEJEBEFBHVBUSBOTQJSBDJØO
EF
MPTQSPEVDUPTGSFTDPTEFTQVÏTEFMBDPTFDIBDPOTUJUVZFVOHSBWF
QSPCMFNBRVFEBMVHBSBNFSNBTZBQÏSEJEBTEFQFTP
1BSUFEFMBHVBEFOUSPEFMPTUFKJEPTTFFODVFOUSBFOGPSNB
EFWBQPS-BWFMPDJEBEFOMBRVFFMWBQPSEFBHVBTFNVFWF
EFOUSPEFMQSPEVDUPEFQFOEFEFMBEJGFSFODJBFOUSFMBQSFTJØO
EFMWBQPSEFBHVBFOFMJOUFSJPSEFMPTFTQBDJPTJOUFSDFMVMBSFT
ZMBQSFTJØOEFMWBQPSEFBHVBEFMBJSFRVFSPEFBFMQSPEVDUP
&MBJSFFOMPTWFHFUBMFTGSFTDPTFTUÈQSÈDUJDBNFOUFTBUVSBEP
FTEFDJSFTUÈDFSDBOPBM
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
1BSBRVFMBQÏSEJEBEFBHVBEFMPTQSPEVDUPTGSFTDPTTFBMP
NÈTCBKBQPTJCMFFTOFDFTBSJPDPOTFSWBSMPTFOBNCJFOUFTEF
NBZPSPJHVBMQSFTJØOEFWBQPSRVFMBEFMPTUFKJEPTWFHFUBMFT
(FOFSBMNFOUFTPODPOEJDJPOFTEFCBKBUFNQFSBUVSBZBMUB
IVNFEBESFMBUJWB
&OFMDBTPEFMBTIPSUBMJ[BTEFIPKBQFRVF×BTQÏSEJEBTEFM
PSEFOEFVOEFMQFTPGSFTDPQVFEFBGFDUBSTJHOJmDBUJWB
NFOUFMBUVSHFODJBEFMPTUFKJEPTMPDVBMQVFEFSFTVMUBSFOFM
NBSDIJUBNJFOUPBSSVHBNJFOUPZnBDJEF[MPRVFEJTNJOVZFMB
DBMJEBEDPNFSDJBM
'BDUPSFTRVFJOnVZFOFOMBUSBOTQJSBDJØO
t5FNQFSBUVSBMBJOUFSEFQFOEFODJBFOUSFMBIVNFEBE
SFMBUJWBMBQSFTJØOEFWBQPSZMBUFNQFSBUVSBEFNVFTUSBDMB
SBNFOUFMBJOnVFODJBEJSFDUBRVFFTUFÞMUJNPGBDUPSUJFOFFOFM
FTUBCMFDJNJFOUPEFMEÏmDJUEFQSFTJØOEFWBQPSEFMBBUNØTGFSB
EFBMNBDFOBNJFOUP.BOUFOJFOEPDPOTUBOUFMBIVNFEBESFMB
UJWBMBQÏSEJEBEFBHVBEFMPTUFKJEPTTFJODSFNFOUBBNFEJEB
RVFBVNFOUBMBUFNQFSBUVSB
t)VNFEBESFMBUJWBMBQSFTJØOEFWBQPSNJEFMBEJGFSFODJB
FOMBQSFTJØOEFMWBQPSEFBHVBFOUSFFMJOUFSJPSEFVOQSPEVDUP
BMNBDFOBEPZTVFOUPSOP$VBOUPNBZPSTFBFMEÏmDJUEFQSFTJØO
EFWBQPSEFBHVBNBZPSHSBEJFOUF
NBZPSTFSÈMBQÏSEJEB
EFBHVB&MMPJOEJDBMBJNQPSUBODJBNBOUFOFSMPTQSPEVDUPT
BMNBDFOBEPTFODPOEJDJPOFTEFBMUB)3IVNFEBESFMBUJWB
-BTIPSUBMJ[BTEFIPKBEFCFOBMNBDFOBSTFDPO)3FOUSF
-BTIVNFEBEFTQPSEFCBKPEFFTUFSBOHPEBODPNPSFTVM
UBEPQÏSEJEBTEFBHVBJOBDFQUBCMFT1FSPIVNFEBEFTNVZ
DFSDBOBTBMQVFEFODBVTBSVOFYDFTJWPDSFDJNJFOUPEF
NJDSPPSHBOJTNPT
t7FMPDJEBEEFMBJSFMBGPSNBDJØOEFVOBEFMHBEBQFMÓ
DVMBEFBJSFTBUVSBEPFOÓOUJNPDPOUBDUPDPOMBTVQFSmDJFEFM
QSPEVDUPDPNPSFTVMUBEPEFMBEJGVTJØOEFMWBQPSEFBHVB
EFMJOUFSJPSEFÏTUFIBDJBMBBUNØTGFSBFYUFSOBDPOTUJUVZF
VOBCBSSFSBTJHOJmDBUJWBQBSBMBUSBOTQJSBDJØO$POGPSNFTF
JODSFNFOUBMBWFMPDJEBEEFMBJSFEFMBNCJFOUFFMSJUNPUSBOT
QJSBUPSJPBVNFOUBUBNCJÏOIBTUBVONÈYJNPFORVFTFTVQPOF
RVFMBQFMÓDVMBEFBJSFTBUVSBEPIBTJEPUPUBMNFOUFSFNPWJEB
EFMBTVQFSmDJFEFMQSPEVDUP1PSFTUBSB[ØOMBWFMPDJEBEEFM
BJSFDJSDVOEBOUFBGFDUBEJSFDUBNFOUFFMSJUNPSFTQJSBUPSJPEF
MBTIPSUBMJ[BT$VBOUPNÈTEFQSJTBTFNVFWFFMBJSFBMSFEFEPS
EFMPTQSPEVDUPTGSFTDPTNÈTSÈQJEBNFOUFQJFSEFOBHVB-B
WFOUJMBDJØOEFMPTQSPEVDUPTFTFTFODJBMQBSBFMJNJOBSFMDBMPS
QSPEVDJEPQPSMBSFTQJSBDJØOQFSPMBWFMPDJEBEEFSFOPWBDJØO
EFMBJSFEFCFNBOUFOFSTFMPNÈTCBKBQPTJCMF.BUFSJBMFTEF
FNCBMBKFCJFOEJTF×BEPTZTJTUFNBTEFBQJMBNJFOUPBEFDVBEPT
QBSBDBKPOFTZDBKBTQVFEFODPOUSJCVJSBDPOUSPMBSMBDPSSJFOUF
EFBJSFBUSBWÏTEFMPTQSPEVDUPT
t5JQPEFØSHBOPMBQÏSEJEBEFBHVBWBSÓBFOGVODJØOEFM
UJQPEFQSPEVDUP-BTIPSUBMJ[BTEFIPKBTDPNFTUJCMFTFTQFDJBM
NFOUFMBTFTQJOBDBTQJFSEFOBHVBSÈQJEBNFOUFQPSRVFUJFOFO
VOBQJFMDFSPTBmOBDPONVDIPTQPSPT&MGBDUPSNÈTTJHOJmDBUJWP
EFMBQÏSEJEBEFBHVBFTMBSFMBDJØOTVQFSmDJFWPMVNFOEFMB
QBSUFFODVFTUJØOEFMBQMBOUB$VBOUPNBZPSFTMBTVQFSmDJF
DPOSFTQFDUPBMWPMVNFONÈTSÈQJEBFTMBQÏSEJEBEFBHVB
t5JQPEFFNQBRVFFMVTPEFNBUFSJBMFTJNQFSNFBCMFT
BMWBQPSEFBHVBFOMPTFOWBTFTZFMBHSFHBEPEFDFSBTZPUSPT
QSPEVDUPTTJNJMBSFTQVFEFOSFEVDJSMBQÏSEJEBEFBHVB
t-FTJPOFTMBTMFTJPOFTRVFBUSBWJFTBOPSBTQBOFMSFDV
CSJNJFOUPFYUFSJPSEFMQSPEVDUPPGSFDFOQVOUPTEFFOUSBEB
QBSBMPTNPIPTZCBDUFSJBTDBVTBOUFTEFMBEFTDPNQPTJDJØO
BVNFOUBOMBQÏSEJEBEFBHVBQPSMB[POBEB×BEBDBVTBOVO
BVNFOUPEFMSJUNPEFSFTQJSBDJØOZQPSDPOTJHVJFOUFEFMB
QSPEVDDJØOEFDBMPS
t4JTUFNBEFSFGSJHFSBDJØOFMNBOUFOJNJFOUPEFVOBMUP
OJWFMEFIVNFEBESFMBUJWBFOFMBNCJFOUFSFGSJHFSBEPFTNVZ
JNQPSUBOUFEVSBOUFFMBMNBDFOBNJFOUP
-BUSBOTQJSBDJØO
FTFMQSPDFTPQPSFMDVBM
MPTWFHFUBMFTQJFSEFOBHVBTFEFT
IJESBUBOZQVFEFOSFTVMUBSJOVUJMJ[B
CMFT-BTQÏSEJEBTEFBHVBFRVJWBMFO
BQÏSEJEBTEFQFTPDPNFSDJBMZEF
DBMJEBE&TQPSFMMPRVFQBSBDPNFS
DJBMJ[BSQSPEVDUPTEFDBMJEBE
TFEFCFUSBCBKBSQBSBEJTNJOVJS
DVBOUPTFBQPTJCMF
FTUBQÏSEJEB
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BUSBOTQJSBDJØOFTFMQSPDFTPQPSFMDVBMMPTWFHFUBMFTQJFSEFO
BHVBTFEFTIJESBUBOZQVFEFOSFTVMUBSJOVUJMJ[BCMFT-BTQÏSEJEBT
EFBHVBFRVJWBMFOBQÏSEJEBTEFQFTPDPNFSDJBMZEFDBMJEBE&T
QPSFMMPRVFQBSBDPNFSDJBMJ[BSQSPEVDUPTEFDBMJEBETFEFCF
USBCBKBSQBSBEJTNJOVJSDVBOUPTFBQPTJCMFFTUBQÏSEJEB
(BTFTFUJMFOP
&MFUJMFOPVOBmUPIPSNPOB
FTFMNÈTTJNQMFEFMPTDPN
QVFTUPTPSHÈOJDPTRVFBGFDUBMPTQSPDFTPTmTJPMØHJDPTEFMBT
QMBOUBT&TVOQSPEVDUPOBUVSBMEFMNFUBCPMJTNPEFMBQMBOUBZ
FTQSPEVDJEPQPSUPEPTMPTUFKJEPTEFQMBOUBTTVQFSJPSFT$PNP
mUPIPSNPOBSFHVMBNVDIPTBTQFDUPTEFMDSFDJNJFOUPEFTBSSPMMP
ZTFOFTDFODJB"MHVOPTBTQFDUPTTPOQPTJUJWPTDPNPMBNB
EVSBDJØOEFBMHVOPTGSVUPTQFSPFOMBTIPSUBMJ[BTEFIPKBTV
QSFTFODJBFTOFHBUJWBEBEPRVFGBWPSFDFMBQÏSEJEBEFDMPSPmMB
&TEFDJSRVFMBTIPSUBMJ[BTEFIPKBTFQVFEFOEFUFSJPSBSTJTF
BMNBDFOBOQSØYJNBTBQSPEVDUPTRVFMJCFSFOFUJMFOP
$PNQPSUBNJFOUPEFMBTEJTUJOUBTIPSUBMJ[BTGSFOUFB
QBSÈNFUSPTmTJPMØHJDPT
5BTBSFTQJSBUPSJBFTVOBNFEJEBEFMBJOUFOTJEBESFTQJ
SBUPSJBZTFSFmFSFBMBDBOUJEBEEF$0FNJUJEPFOVOJEBEEF
UJFNQP4FNJEFFONH$0LHI
&TQFDJFTDPNPMBFTQJOBDBUJFOFONFOPSEVSBDJØOEVSBOUFFM
QSPDFTPEFDPNFSDJBMJ[BDJØO&MMPTFEFCFBMBBMUBTFOTJCJMJEBE
BMFUJMFOPFTEFDJSRVFBMNBDFOBEBTQSØYJNBTBPUSPTQSPEVDUPT
RVFMJCFSBOFUJMFOPTFEFUFSJPSBOSÈQJEBNFOUF
-PTWBMPSFTEFMBSBEJDIFUBZSÞDVMBTFFTUBCMFDJFSPOEF
BDVFSEPBMBPQJOJØOEFMPTBVUPSFTEBEPRVFOPTFFODPOUSØ
JOGPSNBDJØODPOSJHPSDJFOUÓmDP
'BDUPSFTBNCJFOUBMFT
B5FNQFSBUVSBFTFMGBDUPSBNCJFOUBMRVFNÈTJOnVZFFO
MBWFMPDJEBEEFEFUFSJPSPEFMBTIPSUBMJ[BTEFIPKB1PSDBEB
JODSFNFOUPEF$QPSBSSJCBEFMØQUJNPMBWFMPDJEBEEFEFUF
SJPSPTFJODSFNFOUBEPTPUSFTWFDFT4JOFNCBSHPUFNQFSBUVSBT
QPSEFCBKPEFMØQUJNPUBNCJÏOQVFEFOQSPEVDJSEB×PTDPNPFM
EB×PQPSDPOHFMBNJFOUPZFMEB×PQPSFOGSJBNJFOUP
&MEB×PQPSDPOHFMBNJFOUPFTVOGFOØNFOPGÓTJDPHFOF
SBEPQPSMBFYQPTJDJØOEFVOQSPEVDUPQPSVOQFSÓPEPJODMVTP
BWFDFTCSFWFBUFNQFSBUVSBTRVFDBVTBOMBGPSNBDJØOEFIJFMP
FOFMQSPEVDUP-BDSJTUBMJ[BDJØOEFBHVBDBVTBEFTJOUFHSBDJØO
ZNVFSUFDFMVMBS
&MEB×PQPSFOGSJBNJFOUPFTMBFYQSFTJØOWJTVBMSFTVMUBOUF
EFVOBEJTGVODJØOmTJPMØHJDBEFQSPEVDUPTFYQVFTUPTBUFNQF
SBUVSBTCBKBTHFOFSBMNFOUFNFOPSFTB$QFSPQPSTPCSF
EFMBUFNQFSBUVSBEFDPOHFMBNJFOUP-BTVTDFQUJCJMJEBEBFTUF
UJQPEFEB×PTFQSFTFOUBGVOEBNFOUBMNFOUFFOFTQFDJFTEF
PSJHFOUSPQJDBMZTVCUSPQJDBM
C)VNFEBESFMBUJWBMBWFMPDJEBEEFQÏSEJEBEFBHVBEF
QFOEFEFMEÏmDJUEFQSFTJØOEFWBQPSFOUSFFMQSPEVDUPZFMBJSF
DJSDVOEBOUFZFTUÈJOnVFODJBEPQPSMBUFNQFSBUVSBZMBIVNFEBE
SFMBUJWB"VOBUFNQFSBUVSBZWFMPDJEBEEFNPWJNJFOUPEFBJSF
EBEBMBWFMPDJEBEEFQÏSEJEBEFBHVBEFMQSPEVDUPEFQFOEF
EFMBIVNFEBESFMBUJWB"VOBIVNFEBESFMBUJWBFTQFDÓmDB
MBQÏSEJEBEFBHVBTFJODSFNFOUBDPOGPSNFTFJODSFNFOUBMB
UFNQFSBUVSB
D$PNQPTJDJØOBUNPTGÏSJDBMBSFEVDDJØOEFM0ZMBFMFWB
DJØOEFM$0UBOUPJOUFODJPOBMBMNBDFOBNJFOUPFOBUNØTGFSB
NPEJmDBEBPDPOUSPMBEB
DPNPOPJOUFODJPOBMWFOUJMBDJØO
SFTUSJOHJEBQPSFKEFOUSPEFVOWFIÓDVMPEFUSBOTQPSUF
QVFEF
SFUSBTBSPBDFMFSBSFMEFUFSJPSPEFMBTIPSUBMJ[BT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
E&UJMFOPMBQSPEVDDJØOEFFUJMFOPQPSQBSUFEFMBTIPSUB
MJ[BTMMFWBBMBTFOFTDFODJBQFSPMBMJCFSBDJØOEFÏTUFQPSPUSBT
IPSUBMJ[BTRVFDPNQBSFOFMBMNBDFOBNJFOUPQVFEFOBDFMFSBS
FTUFQSPDFTP4VQSFTFODJBFTJOEFTFBCMFQBSBMBTIPSUBMJ[BTEF
IPKBEBEPRVFQSPWPDBEFTUSVDDJØOEFDMPSPmMBZDPOTFDVFOUF
BNBSJMMBNJFOUP
F1SPEVDUPTRVÓNJDPTBMHVOPTQSPEVDUPTDPNPGVO
HVJDJEBTQVFEFOBQMJDBSTFFOBMHVOPTDBTPTQBSBEFUFOFSFM
EFUFSJPSP
„5FDOPMPHÓBEFQPTDPTFDIB
-BUFDOPMPHÓBEFQPTDPTFDIBEFTBSSPMMBNÏUPEPTRVFUJFOEFO
BEJTNJOVJSFMEFUFSJPSPEFMPTQSPEVDUPTEVSBOUFFMQFSÓPEP
RVFNFEJBFOUSFMBSFDPMFDDJØOZTVVTPQPSFMDPOTVNJEPS4VT
PCKFUJWPTTPO
t3FEVDJSMBTQÏSEJEBTGÓTJDBTFOUSFMBDPTFDIBZFMDPOTV
NP
t1SPMPOHBSMBWJEBDPNFSDJBMEFNBOFSBEFFYUFOEFSFM
QFSÓPEPEFPGFSUBZQPEFSBMDBO[BSNFSDBEPTEJTUBOUFT
t3FEVDJSMBEJTNJOVDJØOEFMBDBMJEBEOVUSJDJPOBMZWJTVBM
EFMPTQSPEVDUPT
t$POUSJCVJSBMBTFHVSJEBEBMJNFOUBSJB
"DPOUJOVBDJØOWFSFNPTMBTUFDOPMPHÓBTQBSBFMDPOUSPMEF
MBUFNQFSBUVSBMBIVNFEBESFMBUJWBZMPTHBTFT
5FDOPMPHÓBQBSBFMDPOUSPMEFMBUFNQFSBUVSB
1PSBHVBIJESPFOGSJBEP
FMNÏUPEPEFIJESPFOGSJBEP
DPOTJTUFFOIBDFSQBTBSBHVBGSÓBEFNBOFSBUBMRVFTFQPOHBFO
DPOUBDUPDPODBEBQJF[BJOEJWJEVBMEFQSPEVDUP&MIJESPFOGSJBEP
OPRVJUBBHVBEFMQSPEVDUPZIBTUBQVFEFMMFHBSBSFIJESBUBSMP
DVBOEPTFFODVFOUSBDPOBMHÞOHSBEPEFNBSDIJUF[&MBHVB
RVFFTFMWFIÓDVMPSFGSJHFSBOUFEFCFFTUBSBVOBUFNQFSBUVSB
EFUFSNJOBEBQBSBCBKBSMBEFMQSPEVDUP
-PTTJTUFNBTEFFOGSJBNJFOUPQPSBHVBGSÓBQVFEFOTFSQPS
JONFSTJØOPQPSMMVWJBQBSBQSPQPSDJPOBSVOBMUPDPOUBDUP
BHVBQSPEVDUP
-BDBMJEBETBOJUBSJBEFMBHVBFTGVOEBNFOUBMQVFTUPRVF
IBZRVFSFDJSDVMBSMBQPSMPDVBMMPTPSHBOJTNPTQSFTFOUFTFOFM
QSPEVDUPQVFEFOBDVNVMBSTFFOFMBHVBJOPDVMBOEPNBTUBSEF
PUSPTQSPEVDUPTRVFFTUÏOTJFOEPFOGSJBEPT(FOFSBMNFOUF
TFFNQMFBODPODFOUSBDJPOFTEFDMPSPEFIBTUBQQNTJO
FNCBSHPFMDMPSPUJFOFMBUFOEFODJBBEFTBDUJWBSTFEFNBOFSB
RVFTVDPODFOUSBDJØOEFCFTFSNPOJUPSFBEBGSFDVFOUFNFOUF
"EJDJPOBMNFOUFFMBHVBEFFTUFTJTUFNBEFCFTFSSFFNQMB[BEB
EJBSJBNFOUFBÞOIBDJFOEPMPTDPOUSPMFTEFDMPSPBDUJWPZBHSF
HBOEPDBEBWF[RVFCBKBEFMPTOJWFMFTBDPOTFKBCMFT
1PSWBDÓPFOFTUFNÏUPEPFMQSPEVDUPFTUÈTJUVBEPFOVOB
DÈNBSBEFBDFSPDFSSBEBIFSNÏUJDBNFOUFEFMBDVBMTFFYUSBF
FMBJSFQBSBSFEVDJSMBQSFTJØOBUNPTGÏSJDBIBDJFOEPRVFFM
BHVBEFMQSPEVDUPTFWBQPSJDF-BUSBOTGPSNBDJØOEFMBHVBEFM
FTUBEPMÓRVJEPBWBQPSSFRVJFSFEFFOFSHÓBRVFMBFYUSBFEFM
QSPEVDUPZEFFTUBNBOFSBMBUFNQFSBUVSBCBKB
&MNBOFKPEFMBUFNQFSBUVSBFTMBIFSSBNJFOUBNÈTFGFDUJWB
QBSBFYUFOEFSMBWJEBEFMBTIPSUBMJ[BT-BTNJTNBTVOBWF[
DPTFDIBEBTEFCFOTFSMMFWBEBTSÈQJEBNFOUFBMPTFRVJQPTEF
GSÓP&TUPTUJFOFORVFFTUBSEJTF×BEPTEFNBOFSBUBMRVFCBKFO
SÈQJEBNFOUFMBUFNQFSBUVSBZEFFTUBNBOFSBSFEV[DBOMB
EFTIJESBUBDJØOEVSBOUFFTUFQSPDFTP
B1SFFOGSJBEPFTUFQSPDFEJNJFOUPTFSFBMJ[BBOUFTEF
BDPOEJDJPOBSFMQSPEVDUPZMMFWBSMPBDÈNBSBTGSJHPSÓmDBTQBSBTV
BMNBDFOBNJFOUP4FFOUJFOEFQPSQSFFOGSJBNJFOUPBMBSFNPDJØO
EFMDBMPSEFMQSPEVDUPDPTFDIBEP&MFOGSJBNJFOUPSÈQJEPIBTUB
MBUFNQFSBUVSBOFDFTBSJBJOIJCFFMDSFDJNJFOUPEFNJDSPPS
HBOJTNPTSFTUSJOHFMBBDUJWJEBEFO[JNÈUJDBZSFTQJSBUPSJBZMB
QÏSEJEBEFBHVBUBNCJÏOSFEVDFMBQSPEVDDJØOEFFUJMFOPQPS
QBSUFEFMNJTNPQSPEVDUP4FQVFEFSFBMJ[BSVUJMJ[BOEPBHVB
WBDÓPBJSFGPS[BEPPDÈNBSBTEFFOGSJBNJFOUPSÈQJEP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
-BUBTBEFSFGSJHFSBDJØOFTUÈSFMBDJPOBEBDPOMBTVQFSmDJF
ZFMWPMVNFOEFMQSPEVDUPQPSMPUBOUPMBTIPSUBMJ[BTEFIPKB
TFFOGSÓBODPONBZPSSBQJEF[1BSBSFGSJHFSBSIPSUBMJ[BTEFIPKB
TFSFRVJFSFEFBNJOVUPT6OBEFMBTEFTWFOUBKBTEFMB
SFGSJHFSBDJØOQPSWBDÓPFTRVFEVSBOUFFTUFQSPDFTPTFQJFSEF
FMFOQFTPEFMQSPEVDUPDBEB$EFEJTNJOVDJØOEFMB
UFNQFSBUVSBDPOTUJUVJEPCÈTJDBNFOUFQPSBHVB
&TUBQÏSEJEBEFQFTPTFTPMVDJPOBB×BEJFOEPVOBTQFS
KBEPEFBHVBFONPNFOUPTFTQFDÓmDPTEVSBOUFFMDJDMPEFMB
SFGSJHFSBDJØOQFSPBMJHVBMRVFFOMBSFGSJHFSBDJØOQPSBHVB
FTJNQPSUBOUFNPOJUPSFBSZNBOUFOFSMBDBMJEBEEFMBNJTNB
DVBOEPTFVUJMJ[BFTUFQSPDFTP
1PTFFMBWFOUBKBRVFTFQVFEFOFOGSJBSSÈQJEBNFOUFQSP
EVDUPTZBFNQBDBEPTFJODMVTPFOWVFMUPTFOEJWFSTBTQFMÓDVMBT
BDPOEJDJØOEFRVFÏTUBTQFSNJUBOFMUSBOTQPSUFEFMWBQPSEFM
BHVB
&TUFNÏUPEPEFFOGSJBNJFOUPFTNÈTVUJMJ[BEPFOMFDIVHBT
EFDBCF[BQBSBFMSFTUPEFMBTIPSUBMJ[BTFTNÈTDPOWFOJFOUF
FMIJESPFOGSJBEP
"JSFGPS[BEPFMNÏUPEPEFBJSFGPS[BEPDPOTJTUFFOTVD
DJPOBSFMBJSFSFGSJHFSBEPBUSBWÏTEFMPTDPOUFOFEPSFTDBKBT
QBMMFUTFUD
EFNBOFSBUBMRVFTFQPOHBFODPOUBDUPDPODBEB
QJF[BJOEJWJEVBMEFQSPEVDUP&TUPTFMPHSBNFEJBOUFFMVTP
EFWFOUJMBEPSFTFOFMJOUFSJPSEFDÈNBSBTGSJHPSÓmDBT1VFEF
DPNQSFOEFSTFMBJNQPSUBODJBRVFUJFOFFOUPODFTVOBQSPQJBEP
EJTF×PZFTUJCBEFMPTDPOUFOFEPSFT&TUFNÏUPEPEFFOGSJB
NJFOUPTJCJFOFTNÈTMFOUPRVFFMIJESPFOGSJBEPPGSFDFDPNP
WFOUBKBTTVNFOPSJOWFSTJØOZTFODJMMF[EFPQFSBDJØO
$ÈNBSBTEFFOGSJBNJFOUPSÈQJEPTPODÈNBSBTRVFFTUÈO
EPUBEBTEFFRVJQPTEJTF×BEPTQBSBMPHSBSRVFMBUFNQFSBUVSB
EFMQSPEVDUPCBKFSÈQJEBNFOUF
&OUPEPTMPTDBTPTVOBWF[DPODMVJEPFMQSFFOGSJBNJFOUPFM
QSPEVDUPEFCFUSBTMBEBSTFBVOBDÈNBSBSFGSJHFSBEBQBSBFWJUBS
FMSFDBMFOUBNJFOUP4JOFNCBSHPFOMPTEPTÞMUJNPTDBTPTMPT
QSPEVDUPTQVFEFORVFEBSBMNBDFOBEPTFOFMNJTNPMVHBS
C&OGSJBEPBUFNQFSBUVSBEFmOJUJWBZNBOUFOJNJFOUP
EFMBNJTNBVOBWF[SFBMJ[BEPFMQSFFOGSJBEPFMQSPEVDUPTF
FOWÓBBDÈNBSBTGSJHPSÓmDBTQBSBMPHSBSMBUFNQFSBUVSBmOBM
EFTFBEB&OMBTNJTNBTFMBJSFGSÓPHFOFSBEPFOMBTTFSQFOUJOBT
EFMFWBQPSBEPSDJSDVMBBUSBWÏTEFMPTDPOUFOFEPSFTZMFOUBNFOUF
FOGSÓBFMQSPEVDUPZPNBOUJFOFMBUFNQFSBUVSBEFTFBEB
&MFRVJQPEFSFGSJHFSBDJØODPNQSFOEFVODPNQSFTPSEFHBT
NPWJEPQPSVONPUPSFMÏDUSJDPVOJOUFSDBNCJBEPSEFDBMPSDPO
VODB×PFOGPSNBEF[JH[BHMMBNBEPDPOEFOTBEPSPUSPDPODB×P
FOGPSNBEFTFSQFOUÓOMMBNBEPFWBQPSBEPSZVOBWÈMWVMBEF
FYQBOTJØOUPEPTJOUFSDPOFDUBEPTQPSDB×PTEFDPCSFGPSNBOEP
VODJSDVJUPDFSSBEP
&OFMJOUFSJPSEFMBDB×FSÓBTFJOUSPEVDFFMHBTSFGSJHFSBOUF
QPSNFEJPEFVOBWÈMWVMB&MDPNQSFTPSZFMDPOEFOTBEPS
FTUÈOGVFSBEFMBDÈNBSBGSJHPSÓmDBNJFOUSBTRVFMBWÈMWVMBEF
FYQBOTJØOZFMFWBQPSBEPSEFOUSPEFMBDÈNBSBHFOFSBMNFOUF
TPCSFFMNBSDPEFMBQVFSUBEFFOUSBEB
"MUSBCBKBSFMDPNQSFTPSFMFWBMBQSFTJØOEFMHBTRVFMMFHB
DBMJFOUFEFMBDÈNBSBQPSMBTDBMPSÓBTRVFUPNØEFMPTQSPEVDUPT
BMNBDFOBEPT$VBOEPFMHBTMMFHBBMPTWBMPSFTEFQSFTJØOZ
UFNQFSBUVSBQSFWJTUBTMFDPSSFTQPOEFBMHBTQBTBSQPSFMDPO
EFOTBEPSBMBGBTFMJRVJEBFNJUJFOEPDBMPSMBUFOUFEFGVTJØO
&MDPOEFOTBEPSFTUÈQSPWJTUPEFBMFUBTRVFUSBOTNJUFOFMDBMPS
RVFQBTBQPSMBTQBSFEFTEFMDB×PBMBJSF4JFTOFDFTBSJPTF
JOTUBMBVOTJTUFNBEFMMVWJBEFBHVBFODJSDVJUPDFSSBEPRVF
BZVEBBEJTJQBSFMDBMPS
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
&MMBSHPEFMTFSQFOUÓOFTUÈDBMDVMBEPQBSBRVFFMHBTMJDVBEP
TBMHBEFMDPOEFOTBEPSBUFNQFSBUVSBBNCJFOUF1BTBFOUPODFT
QPSMBWÈMWVMBEFFYQBOTJØOZBFOFMJOUFSJPSEFMBDÈNBSBZ
QJFSEFQSFTJØO"MMMFHBSBMFWBQPSBEPSFMHBTFTUBGSÓPZTJOQSF
TJØOMFDPSSFTQPOEFWPMWFSBTVFTUBEPHBTFPTP/FDFTJUBDBMPS
MBUFOUFEFFWBQPSBDJØO²TUFMPUPNBEFMDB×PEFDPCSFRVFQPS
FMMPTFFOGSÓBZFTUFBTVWF[UPNBDBMPSEFMBJSF$POBZVEBEF
VOWFOUJMBEPSTFFTUBCMFDFVOBDPSSJFOUFEFBJSFDBMJFOUFEFMB
DÈNBSBRVFQBTBQPSFMTFSQFOUÓOEFMFWBQPSBEPSFOUSFHBOEP
DBMPSÓBTEFMBJSFZEFMPTQSPEVDUPTBMNBDFOBEPT&MHBTMMFHB
DBMJFOUFBMDPNQSFTPSDPNQMFUBOEPFMDJSDVJUP&MQSPDFTPDPO
UJOÞBFOGSJBOEPFMBJSFZMPTQSPEVDUPTBMNBDFOBEPTIBTUBRVF
MBUFNQFSBUVSBMMFHBB$NÈTCBKBRVFMBmKBEB
6OUFSNPTUBUPDJFSSBMBWÈMWVMBEFFYQBOTJØOZVOQSFPT
UBUPDJFSSBMBDPSSJFOUFEFMDPNQSFTPS1BTBEPVOUJFNQPMB
UFNQFSBUVSBTVCFQPSFMDBMPSRVFQBTBQPSMBTQBSFEFTZQPS
MBBQFSUVSBEFMBQVFSUBEFMBDÈNBSB$VBOEPMMFHBB$
NÈTBMUBRVFMBmKBEBTFBCSFMBWÈMWVMBZMBDPSSJFOUF&MDJDMP
WVFMWFBUSBCBKBS
5JFOFMBEFTWFOUBKBRVFFMFOGSJBEPFTNVZMFOUPQFSPTJ
TFNBOFKBBEFDVBEBNFOUFZTFUJFOFFODVFOUBMBIVNFEBE
SFMBUJWBQBSBOPQSPWPDBSEFTIJESBUBDJØOFTVONÏUPEPWÈMJEP
BOUFTRVFOPSFGSJHFSBS
C5FNQFSBUVSBEFFWBQPSBDJØOEFMJOUFSDBNCJBEPS
EFMFRVJQPEFMBTDÈNBSBTGSJHPSÓmDBTTFEFCFSÈDPOUBS
DPOVOBTVQFSmDJFEFFOGSJBNJFOUPMPTVmDJFOUFNFOUFBNQMJB
FWBQPSBEPSFT
DPNPQBSBRVFMBEJGFSFODJBFOUSFTVUFN
QFSBUVSBZMBUFNQFSBUVSBEFTFBEBEFMQSPEVDUPTFBMPNÈT
QFRVF×BQPTJCMF
"NFEJEBRVFBVNFOUBMBEJGFSFODJBFOUSFMBUFNQFSBUVSBEF
MBTVQFSmDJFEFSFGSJHFSBDJØOZMBEFMBJSFRVFFTUÈFODPOUBDUP
DPOFMMBNBZPSFTMBDPOEFOTBDJØOZNFOPSTFSÈMBIVNFEBE
SFMBUJWBMPHSBEB4FEFCFNBOUFOFSMBUFNQFSBUVSBEFMBTFS
QFOUJOBEFMTJTUFNBEFSFGSJHFSBDJØODPOVOBWBSJBDJØONÈYJNB
EF$SFTQFDUPBMBUFNQFSBUVSBEFMBJSF
D6TPEFCBSSFSBTDPOUSBMBQÏSEJEBEFIVNFEBERVF
BÓTMFOFMQSPEVDUP%JTUJOUPTNBUFSJBMFTTPOVUJMJ[BEPTDPNP
CBSSFSBTBMBEJGVTJØOEFWBQPSEFBHVBEFMQSPEVDUPEFQFO
EJFOEPTVTFMFDDJØOEFMUJQPEFIPSUBMJ[BBFNQBDBSMBTQSÈDUJDBT
EFNBOFKPZFMNÏUPEPEFFNQBRVFBTÓDPNPUBNCJÏOEFMPT
SFRVFSJNJFOUPTFTQFDÓmDPTEFUFNQFSBUVSBZFMNBOUFOJNJFO
UPEFVOJOUFSDBNCJPHBTFPTPBEFDVBEPFOUSFFMQSPEVDUPZ
TVBNCJFOUF&TDPNÞOFMVTPEFQMÈTUJDPTQBSBFOWPMWFSMBT
IPSUBMJ[BTFOGPSNBJOEJWJEVBMPHSVQPTEFÏTUBT
*OEFQFOEJFOUFNFOUFEFMNÏUPEPEFDPOUSPMEFMBIVNFEBE
SFMBUJWBFMNPWJNJFOUPEFBJSFZMBWFOUJMBDJØOEFCFOTFSDPOUSP
5FDOPMPHÓBTQBSBFMDPOUSPMEFMBIVNFEBESFMBUJWB
-BIVNFEBESFMBUJWBJOGMVZFFOMBQÏSEJEBEFBHVBFM
EFTBSSPMMPEFQVESJDJPOFTMBJODJEFODJBEFBMHVOBTmTJPQBUÓBT
FUD-BIVNFEBESFMBUJWBQVFEFTFSDPOUSPMBEBQPSBMHVOPEF
MPTTJHVJFOUFTNÏUPEPT
B"EJDJØOEFBHVBBUSBWÏTEF
t)VNJEJmDBEPSFTFTFMBTQFSKBEPEFBHVBVTBOEPUPCFSBT
FTQFDJBMFTZBMUBQSFTJØOMPRVFQFSNJUFRVFMBTHPUBTTFBONVZ
QFRVF×BTHFOFSBOEPVOBOJFCMB
t(FOFSBDJØOEFWBQPSTFMPHSBDPOMBVCJDBDJØOEFVOB
SFTJTUFODJBFOVOUBORVFDPOBHVBMPRVFQSPEVDFWBQPS
t4JNQMFNFOUFIVNFEFDJFOEPFMQJTPEFMBDÈNBSB
&MNBOUFOJNJFOUPEFVOBMUPOJWFMEFIVNFEBESFMBUJWBFO
FMBNCJFOUFSFGSJHFSBEPFTEFTVNBJNQPSUBODJBFOMBDPOTFS
WBDJØOEFMBTIPSUBMJ[BT
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
MBEPT-PTDVBSUPTEFBMNBDFOBNJFOUPTFBOSFGSJHFSBEPTPOP
EFCFOTFSEJTF×BEPTQBSBBTFHVSBSVOBBEFDVBEBWFOUJMBDJØO
FWJUÈOEPTFFMNPWJNJFOUPFYDFTJWPEFMBJSF-BWFMPDJEBEFY
DFTJWBEFMBJSFQVFEFSFNPWFSMBQFMÓDVMBEFBJSFTBUVSBEPRVF
SPEFBMBTVQFSmDJFEFMBTIPSUBMJ[BTJODSFNFOUBOEPMBEJGFSFODJB
EFQSFTJØOEFWBQPSFOUSFÏTUBTZFMBNCJFOUFRVFMBTSPEFB
4JOFNCBSHPMBTIPSUBMJ[BTEFIPKBUJFOFOUBTBTSFTQJSBUPSJBT
NPEFSBEBTBBMUBT&MDBMPSWJUBMEFCFTFSSFNPWJEPUBOSÈQJEP
DPNPTFQSPEVDFPEFMPDPOUSBSJPFMBVUPDBMFOUBNJFOUPEFMQSP
EVDUPQVFEFTFSTFSJP%FCFIBCFSDJSDVMBDJØOEFBJSFTVmDJFOUF
BUSBWÏTZBMSFEFEPSEFDBEBFOWBTFQBSBEJTJQBSFTUFDBMPSQFSP
OPUBOUPDPNPQBSBJOEVDJSMBQÏSEJEBFYDFTJWBEFBHVB
6TPEFBUNØTGFSBTDPOUSPMBEBTZNPEJmDBEBT
"NCBTUÏDOJDBTTVQPOFOFMDBNCJPEFMBBUNØTGFSBRVF
SPEFBBMPTBMJNFOUPTMPHSBOEPVOBDPNQPTJDJØOEJTUJOUBB
MBEFMBJSFOPSNBM(FOFSBMNFOUFTFSFEVDFFMDPOUFOJEPEF
PYÓHFOPZTFBVNFOUBFMDPOUFOJEPEF$0-BTBUNØTGFSBT
NPEJmDBEBT".
ZDPOUSPMBEBT"$
TPMBNFOUFEJmFSFOFOFM
HSBEPEFDPOUSPM
&OMBT"$FMDPOUSPMFTFYBDUPQPSFKFNQMPFMBMNBDFOB
NJFOUPEFNBO[BOB
".TFSFmFSFBTJTUFNBTFOMPTDVBMFTMB
DPODFOUSBDJØOHBTFPTBOPFTDPOUSPMBEBFOGPSNBQSFDJTBP
EFMUPEP&TUPTTJTUFNBTEFQFOEFOEFMBBDVNVMBDJØOOBUVSBM
EF$0ZEFMBEJTNJOVDJØOEF0FOVOFTQBDJPDPOmOBEP
DPNPSFTVMUBEPEFMBSFTQJSBDJØO6ODBTPDPODSFUPEFMB
BQMJDBDJØOEFFTUBQSÈDUJDBTPOMBTIPSUBMJ[BTNÓOJNBNFOUF
QSPDFTBEBTZSFGSJHFSBEBT-BDPNQPTJDJØOEFMBBUNØTGFSBTF
DPOUSPMBNFEJBOUFMBFMFDDJØOBEFDVBEBEFMBTQSPQJFEBEFTEF
QFSNFBCJMJEBEEFMmMNVTBEPQBSBFOWBTBS%FOUSPEFMB".
UFOFNPTEPTWBSJBOUFT
t"DUJWBJOZFDDJØOEFHBTFTQPSÞOJDBWF[
t1BTJWBMBNPEJmDBDJØOEFHBTFTMBSFBMJ[BFMWFHFUBMBUSBWÏT
EFTVSFTQJSBDJØODVBOEPTFDPMPDBEFOUSPEFVOFOWBTF
6TPZDPOUSPMEFFUJMFOPFMFUJMFOPUJFOFFGFDUPTOFHBUJWPT
FOMBTIPSUBMJ[BTEFIPKBEBEPRVFQSPEVDFBNBSJMMBNJFOUPZQPS
FKFNQMPFOMBTMFDIVHBTEFDBCF[BQVFEFQSPWPDBSQVOUFBEP
BOBSBOKBEP
1BSBFWJUBSFTUPTFGFDUPTTFEFCF
t4FQBSBSFTUPTQSPEVDUPTEFGVFOUFTEFFUJMFOPFKBMHVOBT
GSVUBT
t.BOFKBSMBUFNQFSBUVSBEBEPRVFB$MBQSPEVDDJØO
ZBDDJØOEFMFUJMFOPFTNÓOJNB
t.BOFKPEFBUNØTGFSBTNPEJmDBEBTEBEPRVFOJWFMFT
CBKPTEF0JOIJCFOMBTÓOUFTJTEFFUJMFOPZOJWFMFTBMUPTEF$0
MBBDDJØOEFMNJTNP
t6TPEFBCTPSCFEPSFTEFFUJMFOPDPNPFMQFSNBOHBOBUP
EFQPUBTJPQFSPFTVONÏUPEPDPTUPTP
%FUPEPTMPTNÏUPEPTFTQSFGFSJCMFFWJUBSMBQSFTFODJBEFM
HBTZMPHSBSDPOUSPMBEFDVBEPEFMBUFNQFSBUVSB
„ "DPOEJDJPOBNJFOUPZBMNBDFOBNJFOUP
EFMBTIPSUBMJ[BTEFIPKB
%FTQVÏTEFMBDPTFDIBMBTIPSUBMJ[BTEFIPKBTEFCFO
TFHVJSVOBTFSJFEFQSPDFEJNJFOUPTQBSBBDPOEJDJPOBSMBT
BEFDVBEBNFOUFQBSBQPTUFSJPSNFOUFTFSBMNBDFOBEBTBMB
FTQFSBEFTVUSBOTQPSUFPWFOUB"DPOUJOVBDJØOFYQMJDBSFNPT
MPTQSPDFEJNJFOUPTHFOFSBMFTZDPNVOFTBUPEBTMBTFTQFDJFT
USBUBEBTFOFTUBPCSB&MMPTTPOQSJNFSMBWBEPQSFFOGSJBEP
ZBMNBDFOBNJFOUPFODÈNBSBT&OMPTBDUVBMFTTJTUFNBTEF
DPNFSDJBMJ[BDJØOFTUPTQSPDFTPTTFQVFEFOTFHVJSFOTVUPUB
MJEBEQBSDJBMNFOUFPOPDVNQMJSMPT1PSFKFNQMPFONVDIBT
PQPSUVOJEBEFTMBMFDIVHBTFDPTFDIBTFFNCBMBBDBNQPZTF
DPNFSDJBMJ[BTJOTFHVJSFTUPTQBTPTMMFHBOEPBMDPOTVNJEPSTJO
OJOHÞOUJQPEFQSPDFTP
B-BWBEPNVDIBTWFDFTQBSBRVJUBSFMDBMPSEFDBNQPTF
SFBMJ[BVOQSJNFSMBWBEPPSFNPKBEPDPOBHVBEFQP[P&TUF
UJFOFDPNPPCKFUJWPMBWBSCBKBSMBUFNQFSBUVSBZSFIJESBUBS4F
EFCFUFOFSFTQFDJBMDVJEBEPDPOMBDBMJEBEEFMBHVBVUJMJ[BEB
QBSBOPHFOFSBSVOQSPCMFNBNJDSPCJPMØHJDPPUBNCJÏOQVFEF
PDVSSJSRVFFOVOQSPEVDUPDPOUBNJOBEPTFQVFEBSFEVDJSTV
DBSHBNJDSPCJBOBDPOVOMBWBEPDPOBHVBDPODMPSP&TUFQSJNFS
MBWBEPTFQVFEFSFBMJ[BSQPSNFEJPEFEVDIBPJONFSTJØO
t%VDIBQVFEFOTFSEFTEFMBTNÈTTJNQMFTRVFDPOTJTUFO
FOVOBTQFSKBEPDPONBOHVFSBIBTUBNÏUPEPTNÈTTPmTUJDBEPT
DPNPFMQBTBKFEFMQSPEVDUPQPSVOBDJOUBDPOVOBEVDIBDPOT
UBOUF1PTFFOMBEFTWFOUBKBEFMFYDFTJWPDPOTVNPEFBHVB
t*ONFSTJØODPOTJTUFFOTVNFSHJSFMQSPEVDUPFOQJMFUPOFT
EFTUJOBEPTBUBMmO4FEFCFBHSFHBSDMPSPBMBHVBZNPOJUPSFBS
QFSJØEJDBNFOUF
-BWBOEPMBTIPSUBMJ[BTTFFMJNJOBONVDIPTDPOUBNJOBOUFT
TVQFSmDJBMFTJOEFTFBCMFT4FEFCFUFOFSFTQFDJBMDVJEBEPFOMB
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
DBMJEBEEFMBHVBVUJMJ[BEBMBNJTNBEFCFTFSMJNQJBZQPUBCMFP
DPOFMBHSFHBEPEFDMPSP4FEFCFSFBMJ[BSVONPOJUPSFPDPOT
UBOUFEFMDPOUFOJEPEFDMPSPBDUJWPEBEPRVFÏTUFTFEFTBDUJWB
GSFOUFBMBQSFTFODJBEFNBUFSJBPSHÈOJDB&MBHVBEFMBWBEP
QBSBMBNBZPSÓBEFMBTIPSUBMJ[BTEFCFSÓBNBOUFOFSTFFOUSF
QQNEFDMPSPBDUJWP
&MIJQPDMPSJUPEFTPEJPPMBWBOEJOBMÓRVJEBOPSNBMNFOUFWJF
OFGPSNVMBEPBVOBDPODFOUSBDJØOEFMEFDMPSPBDUJWP4J
RVFSFNPTMPHSBSVOBDPODFOUSBDJØOEFQQNEFDMPSPBDUJWP
FOMBTPMVDJØOEFMBWBEPEFCFNPTBHSFHBSNMEFIJQPDMPSJUP
QPSMJUSPEFBHVBPNMQPSDBEBMJUSPTEFBHVBP
NMQPSDBEBMJUSPTEFBHVB5BNCJÏOFTOFDFTBSJPSFHVMBS
FMQ)NBOUFOJFOEPFMNJTNPFOUSFB
-BTDPODFOUSBDJPOFTFGFDUJWBTEFDMPSPTPOSFEVDJEBTQPS
MBUFNQFSBUVSBMBMV[ZMBJOUFSBDDJØODPONBUFSJBPSHÈOJDB
UJFSSBFUD
&MBHVBEFMBWBEPSFGSFTDBEPPQSFFOGSJBEPEFCFSÓB
TFSFYBNJOBEBQFSJØEJDBNFOUFDPOFRVJQPTEFDPOUSPMUJSBT
JOEJDBEPSBTPVOFRVJQPEFJEFOUJmDBDJØOEFDPMPS-BTDPODFO
USBDJPOFTRVFFYDFEFOMBTQQNQVFEFOEB×BSMBTIPSUBMJ[BT
EFIPKBTGSFTDBTPEFKBSTBCPSFTJOEFTFBCMFT/PSNBMNFOUFFM
BHVBVUJMJ[BEBFOMBTQJMFUBTEFSFGSFTDBEPOPQPTFFMPTWBMPSFT
BEFDVBEPTMPRVFJOEJDBMBOFDFTJEBEEFTVDPOUSPM
&OFMDVBESPTFNVFTUSBOMPTWBMPSFTMÓNJUFTBDFQUBEPT
QBSBFMBHVBEFMBWBEP
#VFOBT1SDUJDBT"HS©DPMBTQBSBMBBHSJDVMUVSBGBNJMJBS$BEFOBEFMBTQSJODJQBMFTIPSUBMJ[BTEFIPKBTFO"SHFOUJOB
C3FEVDDJØOEFMBUFNQFSBUVSBPQSFFOGSJBEPTFMPHSB
BUSBWÏTEFMBTUFDOPMPHÓBTFYQMJDBEBTFOMPTQVOUPTDPSSFTQPO
EJFOUFTBNBOFKPEFMBUFNQFSBUVSB
-BTIPSUBMJ[BTEFIPKBEFCJFSBOTFSFOGSJBEBTB$JONFEJB
UBNFOUFEFTQVÏTEFMBDPTFDIBZNBOUFOJEBTBFTBUFNQFSBUVSB
EVSBOUFMBDPNFSDJBMJ[BDJØO&TUFJEFBMHFOFSBMNFOUFFTQPDP
GBDUJCMFFOPQFSBDJPOFTDPNFSDJBMFT4JOFNCBSHPEFCJFSBTFS
SFBMJ[BEPMPNÈTSÈQJEPQPTJCMFFTQFDJBMNFOUFDVBOEPMBT
UFNQFSBUVSBTTPOEF$PNÈT
-PTBVUPSFTSFDPNJFOEBOEFOUSPEFMNBSDPBDUVBMEF
DPNFSDJBMJ[BDJØOCBKBSMBUFNQFSBUVSBEFB$ZMVFHP
FOWJBSMPBBMNBDFOBNJFOUP&TUPDPOTUJUVJSÓBVOHSBOBWBODF
FOSFMBDJØOBMBTQSÈDUJDBTBDUVBMFTEPOEFFTUBFUBQBHFOFSBM
NFOUFOPTFSFBMJ[B
&OFTUBCMFDJNJFOUPTDPOCBKPTOJWFMFTEFQSPEVDDJØOZ
EJWFSTJEBEEFQSPEVDUPTMPBDPOTFKBCMFFTSFBMJ[BSVOQSJNFS
MBWBEPEVDIBPJONFSTJØO
ZQPTUFSJPSNFOUFVTBSTJTUFNBT
EFBJSFGPS[BEP
D"MNBDFOBNJFOUPFOFMDVBESPTFQSFTFOUBOMBT
DPOEJDJPOFTJEFBMFTEFBMNBDFOBNJFOUPEFDBEBIPSUBMJ[B
4JCJFOFTBDPOTFKBCMFNBOUFOFSMBUFNQFSBUVSBQSØYJNBB
¡$ZVOBIVNFEBESFMBUJWBEFMBMEBEBMBTJUVBDJØO
EFMBBDUVBMDBEFOBEFDPNFSDJBMJ[BDJØOMPTBVUPSFTBDPOTFKBO
BMNBDFOBSBB$ZDPOVOBIVNFEBETVQFSJPSPQSØYJNB
BM
-BTIPSUBMJ[BTEFIPKBUJFOFOUBTBTSFTQJSBUPSJBTNPEFSBEBT
BBMUBT&MDBMPSWJUBMEFCFTFSSFNPWJEPUBOSÈQJEPDPNPTFQSP
EVDFEFMPDPOUSBSJPFMBVUPDBMFOUBNJFOUPEFMQSPEVDUPQVFEF
TFSBMUP1PSFMMPEFCFIBCFSVOBDJSDVMBDJØOEFBJSFTVmDJFOUFB
USBWÏTZBMSFEFEPSEFDBEBFOWBTFQBSBEJTJQBSFTUFDBMPS
"WFDFTFTOFDFTBSJPUSBOTQPSUBSPBMNBDFOBSEJTUJOUPT
QSPEVDUPTKVOUPT&OUBMFTDBTPTFTNVZJNQPSUBOUFRVFTFBO
DPNQBUJCMFTFODVBOUPBSFRVJTJUPTEFUFNQFSBUVSBIVNFEBE
SFMBUJWBBUNØTGFSBQSPUFDDJØODPOUSBMPTPMPSFTZQSPUFDDJØO
GSFOUFBMPTHBTFTUBMFTDPNPFUJMFOPRVFJOnVZFOFOMBTSFT
QVFTUBTmTJPMØHJDBT1PSFKFNQMPMBTWFSEVSBTEFIPKBOPEFCFO
BMNBDFOBSTFDPOQSPEVDUPTRVFMJCFSFOFUJMFOPDPNPNBO[BOBT
CBOBOBTUPNBUFT4FQVFEFOBMNBDFOBSDPOBMDBVDJMBQJP
CFSSPCSØDPMJDFCPMMBEFWFSEFPDIBNQJHOPODIPDMPSFQPMMP
DPMJnPSFTQÈSSBHPQFSFKJMQVFSSPSFNPMBDIBSFQPMMJUPTEF
CSVTFMBT[BOBIPSJB
„ %FTØSEFOFTRVFTFQVFEFOQSPEVDJSQPS
NBMBMNBDFOBNJFOUP
-BQBMBCSBEFTPSEFOTFSFmFSFBTÓOUPNBTEFEJTUVSCJPTP
EJTGVODJØOEFMNFUBCPMJTNPOPSNBMEFMBTIPSUBMJ[BTZFYDMVZF
UPEPTMPTQSPCMFNBTBTPDJBEPTBJOGFDDJPOFTDBVTBEBTQPS
CBDUFSJBTIPOHPTPWJSVT
-BDBEFOBBHSPBMJNFOUBSJB-BQSPEVDDJ¯OQSJNBSJBZFMBDPOEJDJPOBNJFOUP
1BSBMBTIPSUBMJ[BTEFIPKBTZFTQFDÓmDBNFOUFFOMFDIVHB
BMHVOPTEFFMMPTTPO
&YDFTPEFEJØYJEPEFDBSCPOP
&OMFDIVHBEFDBCF[BDVBOEPMBDPODFOUSBDJØOEF$0
BMDBO[BBMBNBODIBDBGÏTÓOUPNBDBSBDUFSÓTUJDPEF
FTUFQSPCMFNBTFQVFEFEFTBSSPMMBSEFTQVÏTEFTFNBOB
BUFNQFSBUVSBTOPSNBMFTEFDPNFSDJBMJ[BDJØO-BTMFTJPOFT
BNBSJMMFOUBTBDBGÏNÈTPNFOPTDJSDVMBSFTDPOVOIBMPDBGÏ
FOMBQFSJGFSJBBQBSFDFOFOGPSNBDBTJTFHVSBEFTQVÏTEFVOB
TFNBOBDPO$0TPCSF"MUPTOJWFMFTEF$0QVFEFMMFWBS
UBNCJÏOBMBNVFSUFEFIPKBTDFOUSBMFT-BUFNQFSBUVSBCBKB
OPTØMPOPFWJUBMBNBODIBDBGÏTJOPRVFMBTFWFSJEBEFTNBZPS
B$RVFBUFNQFSBUVSBTNÈTBMUBT
%FmDJFODJBEFPYÓHFOP
%FCJEPBRVFMBDPODFOUSBDJØOEF0FOFMBJSFFTBMUBTØMP
TFIBDFEFmDJFOUFFOTJUVBDJPOFTNVZFTQFDJBMFTUBMFTDPNP
VOFOWBTFJNQFSNFBCMFBHBTFT6OBEFDPMPSBDJØODBGÏSPKJ[B
EFMBTIPKBTDFOUSBMFTFTFMÞOJDPTÓOUPNBEFFTUFQSPCMFNBB
NFOPTRVFTFBMDBODFODPOEJDJPOFTUPUBMNFOUFBOBFSØCJDBT
DPOEJDJØOFORVFMBTIPKBTQBSFDFOJOmMUSBEBTFOBHVB
/FSWBEVSBSPTBEB
&TUFEFTPSEFOQBSFDFTFSVOTÓOUPNBEFTFOFTDFODJB-B
EFDPMPSBDJØOSPTBEBTVBWFPJOUFOTBBGFDUBQSJODJQBMNFOUF
BMBTOFSWBEVSBTNBZPSFT4FQVFEFQSFWFOJSNFEJBOUFFM
EFTDBSUFEFMFDIVHBTTPCSFNBEVSBTDPOVOBEFDVBEPQSFFO
GSJBNJFOUPZVONBOUFOJNJFOUPFOMPTSBOHPTEFUFNQFSBUVSBT
SFDPNFOEBEPT
1VOUFBEPBOBSBOKBEP
4FDBSBDUFSJ[BQPSFMEFTBSSPMMPEFQVOUPTSPKJ[PTQBSEP
DMBSPTPDBGÏFOMBTOFSWBEVSBT&TJOEVDJEPQPSFYQPTJDJØO
EFMBMFDIVHBBMFUJMFOP&MQVOUFBEPBOBSBOKBEPFTNÈTTFSJP
FOUSFZ$QPSFMMPMBUFNQFSBUVSBØQUJNBEF