REDD-plus y la biodiversidad

5(''SOXV\ODELRGLYHUVLGDG
RSRUWXQLGDGHV\UHWRV
/0LOHV\%'LFNVRQ
.GTC/KNGUGU1ſEKCNUWRGTKQTFGRTQITCOCU
[$CTPG[&KEMUQPGU,GHGFGN2TQITCOCUQDTG
GNECODKQENKO¶VKEQ[NCDKQFKXGTUKFCF%GPVTQ
/WPFKCNFG8KIKNCPEKCFGNC%QPUGTXCEKÎP
%/8%2TQITCOCFGNCU0CEKQPGU7PKFCU
RCTCGN/GFKQ#ODKGPVG
207/#
%CODTKFIG
4GKPQ7PKFQ
6
QFQPWGXQCEWGTFQUQDTGOKVKIC
EKÎPFGNECODKQENKO¶VKEQRCEVCFQ
DCLQNC%QPXGPEKÎP/CTEQFGNCU
0CEKQPGU7PKFCUUQDTGGN%CODKQ%NKO¶
VKEQ
%/07%%FGDGT¶KPENWKTKPKEKCVKXCU
RCTC TGFWEKT NCU GOKUKQPGU FGTKXCFCU FG
NC FGHQTGUVCEKÎP [ NC FGITCFCEKÎP FG NQU
DQUSWGU CFGO¶U FG OGFKFCU FGUVKPCFCU
CNCEQPUGTXCEKÎP[CNKPETGOGPVQFGNCU
TGUGTXCU FG ECTDQPQ [ C NC QTFGPCEKÎP
UQUVGPKDNG FG NQU DQUSWGU 4'&&RNWU
4'&&RNWU FGDGTÈC RQPGT C FKURQUKEKÎP
FG NQU RCÈUGU GP FGUCTTQNNQ HQPFQU RCTC
CRQ[CTNCTGFWEEKÎPFGNCUGOKUKQPGUHQTGU
VCNGU[HQOGPVCTNCCDUQTEKÎPFGECTDQPQ
GP GN DQUSWG .C OCIPKVWF [ CNECPEG FG
NC HKPCPEKCEKÎP [ NCU TGURQPUCDKNKFCFGU
FG NQU RCÈUGU GP FGUCTTQNNQ RCTVKEKRCPVGU
FGRGPFGT¶PFGNCHQTOCHKPCNSWGCFQRVG
GUGCEWGTFQ
#WPSWGGNRTQRÎUKVQRTKPEKRCNFG4'&&
RNWU GU OKVKICT GN ECODKQ ENKO¶VKEQ NCU
CEEKQPGUFG4'&&RNWURWGFGPTGFWPFCT
GP DGPGHKEKQU CFKEKQPCNGU SWG XCP FG NQ
NQECNCNQOWPFKCN'UVQUOÕNVKRNGUDGPG
HKEKQU KPENW[GP UGTXKEKQU GEQUKUVÃOKEQU
VCNGUEQOQNCEQPUGTXCEKÎPFGNCDKQFKXGT
UKFCFDGPGHKEKQUGEQPÎOKEQUVCNGUEQOQ
GNUWOKPKUVTQFGNGÌC[DGPGHKEKQUUQEKCNGU
SWGUWTIGPFGNRTQRKQRTQEGUQTGNCEKQPCFQ
EQP4'&&RNWU
VCNGUEQOQNCETGCEKÎPFG
ECRCEKFCF[NCOGLQTCFGNCIQDGTPCP\C
.QUDGPGHKEKQURWGFGPEQPUKUVKTGPOGLQTCU
FGNCUKVWCEKÎPCEVWCNQGPNCGXKVCEKÎPFG
RÃTFKFCU
RQTGLGORNQUKNCEQPUGTXCEKÎP
FGNCDKQFKXGTUKFCFJCUKFQOC[QTITCEKCUC
WPRTQ[GEVQQRTQITCOCFG4'&&RNWUSWG
GPCWUGPEKCFGFKEJQRTQITCOCQRTQ[GEVQ
'UVGCTVÈEWNQUGEGPVTCGPNQUHCEVQTGUSWG
KPHNW[GPGPNQUTGUWNVCFQUXKPEWNCFQUCNC
EQPUGTXCEKÎPFGNCDKQFKXGTUKFCF
#PKXGNOWPFKCNCNOGPQUGNRQTEKGPVQ
FGNCUGURGEKGUVGTTGUVTGUUGGPEWGPVTCPGP
NQUDQUSWGU[NCOC[QTRCTVGFGÃUVCUGUV¶
GPNQUVTÎRKEQU
'XCNWCEKÎPFGGEQUKUVGOCU
)$2)266&$*/,$
.CUCEVWCEKQPGUSWGVKGPGPRQT
QDLGVQTGFWEKTNCUGOKUKQPGU
FGDKFCUCNCFGHQTGUVCEKÎP[NC
FGITCFCEKÎPFGNQUDQUSWGU
TGCNK\CFCUCNCORCTQFGNPWGXQ
CEWGTFQOWPFKCNUQDTGGNECODKQ
ENKO¶VKEQ
4'&&RNWURWGFGP
VCODKÃPTGFWPFCTGPHCXQTFGNC
EQPUGTXCEKÎPFGNCDKQFKXGTUKFCF
UKPGODCTIQGUVQUDGPGſEKQU
CFKEKQPCNGUFGRGPFGT¶PFGNCHQTOC
GPSWGJC[CUKFQNNGXCFCCECDQNC
RNCPKſECEKÎPFG4'&&RNWU
.QUVTCDCLQUFG
TGHQTGUVCEKÎPTGCNK\CFQURQT
GUVGCITKEWNVQTEQPVTKDW[GP
CEQPUGTXCTNCHCWPC[ƀQTC
COGPC\CFCUGPNC\QPC
EQUVGTCFGN$TCUKNCVN¶PVKEQ
FGN/KNGPKQ#NOKVKICTGNECODKQ
ENKO¶VKEQWPOGECPKUOQ4'&&RNWUGHK
EC\VCODKÃPEQORQTVCTÈCDGPGHKEKQURCTC
NCDKQFKXGTUKFCFXWNPGTCDNGFGNQUGEQUKU
VGOCUGPVQFQGNOWPFQ'ZKUVGPKPFKEKQU
FGSWGNQUDQUSWGUDKQFKXGTUQUVKGPGPWPC
OC[QTECRCEKFCFFGTGEWRGTCEKÎPCPVGGN
ECODKQENKO¶VKEQ[GNNQEQTTQDQTCGNÃZKVQ
CNCTIQRNC\QFGNCUKPKEKCVKXCUFG4'&&
RNWU
6JQORUQPGVCN
5KP GODCTIQ CN KIWCN SWG VQFQU NQU
HCEVQTGU KORQTVCPVGU SWG KPHNW[GP GP GN
WUQFGNCVKGTTC4'&&RNWUPQUQNQETGC
QRQTVWPKFCFGUUKPQVCODKÃPUWRQPGTKGUIQU
RCTC NC DKQFKXGTUKFCF XÃCUG NC (KIWTC
5WTGRGTEWUKÎPGPNCDKQFKXGTUKFCFGUVCT¶
FGVGTOKPCFCRQTGNVKRQFGCEVKXKFCFRQT
GN NWICT [ RQT GN GPHQSWG CFQRVCFQ 2QT
NQ VCPVQ RWGFGP EQPVGORNCTUG OÕNVKRNGU
DGPGHKEKQU GP ECFC WPC FG NCU GVCRCU FGN
FKUGÌQ[GLGEWEKÎPFG4'&&RNWU[GPECFC
8QDV\OYD9RO
4KGUIQURCTCNCDKQFKXGTUKFCF
&GURNC\COKGPVQFGNECODKQ
FGWUQFGNCVKGTTCJCEKC
GEQUKUVGOCUPQHQTGUVCNGU
QGEQUKUVGOCURQDTGUGP
GOKUKQPGUFGECTDQPQ
2NCPKHKECEKÎPGURCEKCN
FGNCDKQFKXGTUKFCF
&GHQTGUVCEKÎPTGFWEKFC
2TGUKQPGUGZVTCEVKXCU
EQPVKPWCFCU
&GITCFCEKÎP
HQTGUVCNTGFWEKFC
'UECUCFKXGTUKFCFCTDÎTGC
%QPUGTXCEKÎPFGNCU
GZKUVGPEKCUFGECTDQPQ
'URGEKGUPQPCVKXCU
QPQNQECNGU
1TFGPCEKÎPUQUVGPKDNG
FGNDQUSWG
(QTGUVCEKÎPFGGEQUKUVGOCU
PQHQTGUVCNGUQFGDQUSWGU
PCVWTCNGUXCNKQUQU
+PETGOGPVQFGNCU
GZKUVGPEKCUHQTGUVCNGU
FGECTDQPQ
6ÈRKEQ
WPCFGUWUGUECNCUōOWPFKCNPCEKQPCN[
FGNNWICT
.CU EWGUVKQPGU FG GSWKFCF UG RNCPVGCP
PQ UQNQ GP TGNCEKÎP EQP NQU DGPGHKEKQU
HKPCPEKGTQUFKTGEVQUSWGRWGFCPIGPGTCTUG
UKPQVCODKÃPGPTGNCEKÎPEQPNCUXGPVCLCU
OÕNVKRNGUSWGFGTKXCPFG4'&&RNWU.C
WDKECEKÎPFGNQUNWICTGU[GNGPHQSWGSWG
UGFÃCNCUCEVKXKFCFGUCHGEVCT¶PVCODKÃP
C NQU UWLGVQU SWG QDVKGPGP RTQXGEJQU Q
SWGUWHTGPRÃTFKFCUEQP4'&&RNWU'P
IGPGTCNGUO¶URTQDCDNGSWGNCFGRGPFGP
EKCFGNCURGTUQPCURQDTGUFGNQUTGEWTUQU
HQTGUVCNGUUGCOC[QTSWGNCFGNCURGTUQPCU
O¶UCEQOQFCFCURGTVGPGEKGPVGUCNCOKUOC
EQOWPKFCF CFGO¶U NQU JQODTGU [ NCU
OWLGTGUFGRGPFGPCOGPWFQFGTGEWTUQU
FKHGTGPVGURCTCUWUWDUKUVGPEKC[OGFKQU
FG XKFC (GTTCTQ %CORDGNN GV CN
#NFGUCTTQNNCT[RQPGTGPHWPEKQ
PCOKGPVQNCUCEVKXKFCFGUFG4'&&RNWU
UGT¶ RTGEKUQ KPXQNWETCT C OWEJCU RCTVGU
KPVGTGUCFCU C PKXGN NQECN RCTC ICTCPVK\CT
SWGGUVQUITWRQUPQUCNICPFGUHCXQTGEKFQU
'PGUVCGVCRCVGORTCPCFG4'&&RNWU
CNIWPQURCÈUGUGUV¶PNCP\CPFQRTQ[GEVQUFG
FGOQUVTCEKÎPRCTCGPUC[CTRTQEGFKOKGPVQU
FGTGFWEEKÎPFGNCUGOKUKQPGUHQTGUVCNGUFG
ECTDQPQ)TCEKCUCCNIWPQUFGGUVQURTQ
[GEVQUVCODKÃPRQFTÈCUGTRQUKDNGGPVGPFGT
OGLQTNQUKORCEVQUGPNCDKQFKXGTUKFCFUG
ETGCTÈCPCUÈQRQTVWPKFCFGUFGCRTQXGEJCT
8QDV\OYD9RO
1RQTVWPKFCFGURCTC
NCEQPUGTXCEKÎPFG
NCDKQFKXGTUKFCF
#EVKXKFCFFG4'&&RNWU
&GRGPFGHWGTVGOGPVG
FGNGPHQSWGCFQRVCFQ
4CNGPVK\CEKÎPFGN
RTQEGUQFGRÃTFKFC[
HTCIOGPVCEKÎPFGNJ¶DKVCV
4GEWRGTCEKÎPFGNC
GUVTWEVWTCFGNDQUSWG
2TKPEKRCNGU
QRQTVWPKFCFGU
[TKGIQURCTCNC
EQPUGTXCEKÎPFGNC
DKQFKXGTUKFCFSWG
FGTKXCPFGEKPEQ
CEVKXKFCFGUFG
4'&&RNWU
RTQRWGUVCUGPGN
CPVGRTQ[GEVQFGN
)TWRQFG6TCDCLQ
'URGEKCNUQDTGNC
EQQRGTCEKÎPCNCTIQ
RNC\QGPGNOCTEQFG
NC%QPXGPEKÎP
)6'%.2GP
FKEKGODTGFG
4GEWRGTCEKÎPFGNC
EQORQUKEKÎPFGNDQUSWG
#WOGPVQFGNC
UWRGTHKEKGHQTGUVCN
NQUFCVQUFGUGIWKOKGPVQRCTCGXCNWCTNQU
OÃVQFQUFGQTFGPCEKÎPCFCRVCVKXCEQPNQU
SWGUGDWUECEQPUGIWKTTGUWNVCFQUOGLQTGU
GPOCVGTKCFGDKQFKXGTUKFCF
%106':61014/#6+81
'.#.%#0%'&'4'&&2.75
&GNCUPGIQEKCEKQPGUFGNC%/07%%UQDTG
WPCEWGTFQRQUV-[QVQCÕPPQJCFGUGODQ
ECFQWPCFGEKUKÎPCEGTECFGNCHQTOCSWG
FGDGT¶CFQRVCTGNOGECPKUOQKPVGTPCEKQPCN
4'&&RNWU2CTCSWGUWTLCWPOGECPKUOQ
GHGEVKXQ GU PGEGUCTKQ HQTOWNCT VCPVQ WP
PWGXQCEWGTFQKPVGTPCEKQPCNCNCORCTQFG
NC %/07%% EQOQ EQPITGICT C WP EQP
LWPVQFGRCÈUGUSWGOWGUVTCPDWGPCFKURQ
UKEKÎPGUV¶PRTGRCTCFQURCTCNNGXCTCECDQ
CEVWCEKQPGUTGNCEKQPCFCUEQP4'&&RNWU
[TGÕPGPNQUTGSWKUKVQUGZKIKFQURCTCCEQ
IGTUGCGUVGOGECPKUOQ7PCFKURQUKEKÎP
IGPGTCNFGNQURCÈUGUCEQORTQOGVGTUGGP
NCUCEVKXKFCFGUFG4'&&RNWUUGVTCFWEKTÈC
GPSWGWPCITCPRTQRQTEKÎPFGNQUDQUSWGU
VTQRKECNGUFGNOWPFQRWFKGTCUGTCDCTECFC
RQTGNOGECPKUOQFGUFGWPEQOKGP\Q5G
TGFWEKTÈCPCUÈNCUQECUKQPGUFGSWGUGRTQ
FW\ECWPFGURNC\COKGPVQ
nHWIC€KPVGT
PCEKQPCNFGGOKUKQPGU[CWOGPVCTÈCPNCU
RQUKDKNKFCFGUFGSWG4'&&RNWURTQFW\EC
CWVÃPVKEQUDGPGHKEKQUENKO¶VKEQU
.QU RTKPEKRCNGU CUWPVQU UQDTG NQU SWG
CÕPPQJC[CEWGTFQEQORTGPFGPNCOQFC
#WOGPVQFGNC
EQPGEVKXKFCFHQTGUVCN
NKFCFSWGFGDGTÈCCFQRVCTNCſPCPEKCEKÎP
KPVGTPCEKQPCN ōEQOGTEKCN DCUCFC GP WP
HQPFQQWPCOG\ENCFGCODQUVKRQUō[
GNOÃVQFQRCTCſLCTNQUPKXGNGUFGTGHGTGP
EKCFGGOKUKQPGUHQTGUVCNGURCTCOGFKTNQU
TGUWNVCFQUFGNCUCEEKQPGU
RQTGLGORNQNC
PGIQEKCEKÎPNQUTGIKUVTQUJKUVÎTKEQUQNCU
RTQ[GEEKQPGUFGVGPFGPEKCUGPNCJKRÎVGUKU
FG SWG VQFQ UKIWG KIWCN .C EWCPVÈC FG
NC ſPCPEKCEKÎP UGT¶ WP HCEVQT KORQTVCPVG
RCTC FGVGTOKPCT NC UWRGTſEKG FG DQUSWG
SWGRQFT¶UGTCDCTECFC[RQTEQPUKIWKGPVG
GNTKGUIQFGFGURNC\COKGPVQFGNECODKQFG
WUQFGNCVKGTTCGPVTGRCÈUGU
'NCNECPEGFGNCUCEVKXKFCFGUKPENWKFCUGP
EWCNSWKGTFGEKUKÎPFGNC%/07%%UQDTG
4'&&RNWUEQPſIWTCT¶NCUQRQTVWPKFCFGU
[TKGUIQUSWGRWGFCEQTTGTNCDKQFKXGTUKFCF
'NVGZVQRCTCNCUPGIQEKCEKQPGURTGUGPVCFQ
GPLWPKQFGGPNCTGWPKÎPFGN)TWRQ
FG6TCDCLQ'URGEKCNUQDTGNCEQQRGTCEKÎPC
NCTIQRNC\QGPGNOCTEQFGNC%QPXGPEKÎP
)6'%.2GP$QPP
#NGOCPKCRTQRQPG
SWGNCUUKIWKGPVGUCEVKXKFCFGURWGFCPKPVG
ITCTWPRNCP4'&&RNWU
%/07%%
Ŗ TGFWEEKÎPFGNCUGOKUKQPGURQTFGHQ
TGUVCEKÎP
Ŗ TGFWEEKÎPFGNCUGOKUKQPGURQTFGITC
FCEKÎPHQTGUVCN
Ŗ EQPUGTXCEKÎPFGNCUGZKUVGPEKCUHQTGU
VCNGUFGECTDQPQ
Ŗ QTFGPCEKÎPUQUVGPKDNGFGNDQUSWG
Ŗ KPETGOGPVQFGNCUGZKUVGPEKCUHQTGUVC
NGUFGECTDQPQ
'NCPVGRTQ[GEVQGNCDQTCFQRQTGN)6'
%.2
%/07%%KPENW[GVCODKÃP
WPCNKUVCFGnUCNXCIWCTFCU€CODKGPVCNGU[
FGQVTQVKRQRCTCICTCPVK\CTNCGHGEVKXKFCF
FGNQUOÕNVKRNGUDGPGHKEKQUSWGFGTKXCPFG
4'&&RNWU .CU CEVKXKFCFGU FG 4'&&
RNWUFGDGTÈCP
Ŗ UGT EQJGTGPVGU EQP NC EQPUGTXCEKÎP
FGNQUDQUSWGUPCVWTCNGU[NCFKXGTUK
FCFDKQNÎIKEC
GUFGEKTPQKORNKECTNC
EQPXGTUKÎPFGNQUDQUSWGUPCVWTCNGU
KPEGPVKXCTNCRTQVGEEKÎP[EQPUGTXCEKÎP
FGNQUDQUSWGUPCVWTCNGU[UWUUGTXK
EKQUGEQUKUVÃOKEQUGKPETGOGPVCTQVTQU
DGPGHKEKQUUQEKCNGU[CODKGPVCNGU
Ŗ EQORNGOGPVCTQUGTEQPITWGPVGUEQP
NQURTQITCOCUHQTGUVCNGUPCEKQPCNGU
GU
FGEKTNQUOCTEQUFGRQNÈVKECHQTGUVCN
[NQUEQPXGPKQU[CEWGTFQUKPVGTPCEKQ
PCNGURGTVKPGPVGU
Ŗ UWRQPGTWPCIQDGTPCP\CVTCPURCTGPVG
[GHGEVKXC
Ŗ TGURGVCTNQUEQPQEKOKGPVQU[FGTGEJQU
FG NCU RQDNCEKQPGU KPFÈIGPCU [ NQU
OKGODTQUFGNCUEQOWPKFCFGUNQECNGU
Ŗ KORNKECTNCRNGPC[GHGEVKXCRCTVKEKRC
EKÎPFGGUVQU[QVTQUKPVGTGUCFQU
Ŗ JCEGTHTGPVGCNTKGUIQFGTGXGTUKÎP[TGFW
EKTGNFGURNC\COKGPVQ
HWICFGGOKUKQPGU
0Q GZKUVGP KORGFKOGPVQU RCTC SWG NQU
RCÈUGUSWGTGÕPGPNQUTGSWKUKVQURCTCKPEQT
RQTCTUGC4'&&RNWUQSWGNQUFQPCPVGU
SWG HKPCPEKCP GN FGUCTTQNNQ FG NCU GUVTC
VGIKCU FG 4'&&RNWU HKLGP EQPFKEKQPGU
O¶U FGVCNNCFCU Q O¶U TKIWTQUCU SWG NCU
GUVKRWNCFCUGPNCUGXGPVWCNGUQTKGPVCEKQPGU
FGNC%/07%%
24'2#4#6+8150#%+10#.'52#4#
4'&&2.75
.CUFGEKUKQPGUSWGUGCFQRVGPCPKXGNPCEKQ
PCN FWTCPVG NC GVCRC FG FKUGÌQ G KORNG
OGPVCEKÎPFGWPRTQITCOCFG4'&&RNWU
KPHNWKT¶PGPNQUTGUWNVCFQUTGNCEKQPCFQUEQP
NCDKQFKXGTUKFCF
XÃCUGGN4GEWCFTQ7P
RWPVQKORQTVCPVGCEQPUKFGTCTGUGNGHGEVQ
SWG4'&&RNWUVGPFT¶GPGNWUQFGNCVKGTTC
VCPVQCVTCXÃUFGNCUCEEKQPGUFKTGEVCUFGU
VKPCFCUCOCPGLCTNCUGZKUVGPEKCUHQTGUVCNGU
FG ECTDQPQ EQOQ C VTCXÃU FG EWCNSWKGT
GHGEVQ FG FGURNC\COKGPVQ FGN ECODKQ FG
WUQFGNCVKGTTCGPNQUDQUSWGUCDCTECFQU
RQT4'&&RNWUCQVTQUGEQUKUVGOCU'UVQU
GXGPVWCNGUFGURNC\COKGPVQUVCNGUEQOQGN
GUVCDNGEKOKGPVQFGPWGXCUVKGTTCUCTCDNGU
GPUCDCPCUGPXG\FGGPDQUSWGURWGFGP
UWRQPGTCOGPC\CUCFKEKQPCNGURCTCNCDKQ
FKXGTUKFCF
/KNGU[-CRQU
.CURQNÈVKECUEQPNCUSWGUGCDQTFCPNQU
HCEVQTGU ECWUCPVGU FG NC FGHQTGUVCEKÎP C
GUECNCPCEKQPCNFGDGTÈCPKPENWKTOGFKFCU
VCNGUEQOQNQUECODKQUGPNQUKPEGPVKXQU
/ÃVQFQUWVKNK\CFQURQTNQURCÈUGUGPUWURTGRCTCVKXQU
TGNCEKQPCFQUEQP4'&&RNWUCNFKUGÌCTRNCPGURCTC
QDVGPGTDGPGſEKQUFGNCDKQFKXGTUKFCF
Ŗ #FSWKTKT[EQORCTVKTFCVQUPGEGUCTKQURCTCGPVGPFGTNCFKUVTKDWEKÎPCEVWCN[RQVGPEKCN
FGNCDKQFKXGTUKFCF[EWCPFQGNNQGURQUKDNGUWXCNQTGPEWCPVQCRTQXKUKÎPFGUGTXKEKQU
GEQUKUVÃOKEQU[UWXCNQTRCTCNQUDGPGſEKCTKQU
Ŗ 'XCNWCTNQURQUKDNGUKORCEVQUCODKGPVCNGUGPGN¶ODKVQFGWPCP¶NKUKUKPVGTUGEVQTKCNFG
RQNÈVKECUEQPGNSWGUGDWUECGPEQPVTCTUQNWEKQPGUHCEVKDNGUCNCRÃTFKFCFGECTDQPQHQTGUVCN
Ŗ 6QOCTGPEWGPVCNCDKQFKXGTUKFCFGPNCUGNGEEKÎPFGNQUGORNC\COKGPVQURCTCKPVGTXGP
EKQPGUFG4'&&RNWURQTGLGORNQOGFKCPVGWPCP¶NKUKUECTVQIT¶ſEQFGRTKQTKFCFGU
Ŗ 6QOCT GP EWGPVC NCU RQUKDNGU TGRGTEWUKQPGU UQDTG NC DKQFKXGTUKFCF CN UGNGEEKQPCT NCU
CEVKXKFCFGU[GPHQSWGUTGNCEKQPCFQUEQP4'&&RNWU
Ŗ +PENWKTCNCURCTVGUKPVGTGUCFCUSWGFGRGPFGPFGNCDKQFKXGTUKFCF[FGNQUUGTXKEKQUGEQ
UKUVÃOKEQUHQTGUVCNGUGPGNRTQEGUQFGVQOCFGFGEKUKQPGUTGNCEKQPCFCUEQP4'&&RNWU
Ŗ &GſPKT NCU OGVCU FG EQPUGTXCEKÎP FG NC DKQFKXGTUKFCF TGNCEKQPCFCU EQP NC GUVTCVGIKC
4'&&RNWUCGUECNCNQECNEWCPFQGNNQGURQUKDNG
Ŗ &GſPKTNCUTGURQPUCDKNKFCFGUKPUVKVWEKQPCNGUTGNCEKQPCFCUEQPGUVCUOGVCU[ETGCTECRC
EKFCFGURCTCUCVKUHCEGTNCUUGIÕPUGCPGEGUCTKQ
Ŗ &KUGÌCT UKUVGOCU FG UGIWKOKGPVQ TGPVCDNGU SWG RGTOKVCP GXCNWCT NQU RTQITGUQU GP NC
EQPUGEWEKÎPFGNCUOGVCU
Ŗ 2NCPKſECTCEEKQPGUFGQTFGPCEKÎPCFCRVCVKXCRCTCJCEGTHTGPVGCNCFKUOKPWEKÎPPQFGUGCFC
FGNCDKQFKXGTUKFCF
CITÈEQNCU WPC OQTCVQTKC FG GZRNQVCEKÎP
OCFGTGTC[RCIQUCNQUnRTQXGGFQTGU€FG
GZKUVGPEKCUFGECTDQPQ'URQEQRTQDCDNG
SWGGUVCUOGFKFCUEQPNNGXGPWPFGURNC\C
OKGPVQKPVGTPQFGWPC\QPCCQVTCFGNCU
RTGUKQPGUSWGFGVGTOKPCPNCFGHQTGUVCEKÎP
[NCFGITCFCEKÎPHQTGUVCN
1VTCUOGFKFCU
RQTGLGORNQNCHQTGUVCEKÎP
[NCCRNKECEKÎPGURGEÈſECFGNCNG[RQFT¶P
RQPGTUG GP GLGEWEKÎP UQNQ GP TGIKQPGU Q
NWICTGU UGNGEEKQPCFQU 'P GUVG ECUQ NCU
OGLQTGURT¶EVKECUEQPUKUVKT¶PGPſLCTRTKQTK
FCFGUOGFKCPVGWPCP¶NKUKUECTVQIT¶ſEQRCTC
FCTCRQ[QCNC\QPKſECEKÎPQCNCRNCPKſ
ECEKÎPFGNWUQFGNCVKGTTC&GGUVCOCPGTC
UGEQPUKIWGKFGPVKſECTNCVQVCNKFCFFGNQU
GORNC\COKGPVQU RQVGPEKCNGU [ NQU UKVKQU
O¶UXCNKQUQURCTCNCCDUQTEKÎPFGECTDQPQ
[NCQDVGPEKÎPFGDGPGſEKQUCFKEKQPCNGUUG
CRTQXGEJCPRTKOGTQ'NCP¶NKUKURCTCGUVC
DNGEGT RTKQTKFCFGU VCODKÃP RWGFG UGT ÕVKN
RCTCUQNKEKVCTGNEQORTQOKUQFGNCUEQOW
PKFCFGUGPNCUCEVKXKFCFGUFG4'&&RNWU
7P CP¶NKUKU SWG UG EQPEGPVTC GP OCZK
OK\CT GN ÃZKVQ FG 4'&&RNWU GU FGEKT
CWOGPVCT CN O¶ZKOQ NQU UWOKFGTQU FG
ECTDQPQQOKPKOK\CTNCURÃTFKFCUFGECT
DQPQEQPNCHKPCNKFCFFGTGFWEKTNQO¶U
RQUKDNG NQU EQUVQU RQFTÈC PQ UGTXKT RCTC
UCECTRTQXGEJQCWPRGSWGÌQEQUVQGZVTC
FGNCQRQTVWPKFCFFGEQPUGIWKTDGPGHKEKQU
KORQTVCPVGURCTCNCDKQFKXGTUKFCF
/KNGU[
-CRQU)TCKPIGTGVCN2CTC
WPFCFQTGUWNVCFQGPVÃTOKPQUFGECTDQPQ
WPCGUVTCVGIKCSWGEQPUGTXCQETGCWPCEQO
DKPCEKÎPO¶UCORNKCFGDQUSWGUFGVKRQU
FKHGTGPVGUGPWPCUWRGTHKEKGO¶UGZVGPUC
UGTÈCNCSWGOC[QTGURQUKDKNKFCFGUVGPFTÈC
FGRTQFWEKTDGPGHKEKQUFGEQPUGTXCEKÎPO¶U
ITCPFGU /KNGU 5VTCUUDWTI GV CN
8GPVGTGVCN5KPGODCTIQ
EQPHTGEWGPEKCJCDT¶SWGGPEQPVTCTEÎOQ
EQORGPUCTXGPVCLCU[FGUXGPVCLCUGPVTGNQU
EQUVQU NC EQPUGTXCEKÎP [ NQU TGUWNVCFQU
GP VÃTOKPQU FG ECTDQPQ #NIWPCU ¶TGCU
GPFQPFGNCEQPUGTXCEKÎPFGNCDKQFKXGT
UKFCF FC OQVKXQU FG RTGQEWRCEKÎP UGT¶P
RTQDCDNGOGPVGO¶UEQUVQUCUFGEQPUGTXCT
RQTGLGORNQNQUNWICTGUFGDKQFKXGTUKFCF
ETÈVKEQUGPEKGTTCPRQTFGHKPKEKÎPWPPÕOGTQ
OC[QTFGGURGEKGUGPFÃOKECURGTQGNPKXGN
FGCOGPC\CUSWGGZRGTKOGPVCPGUO¶UCNVQ
/[GTUGVCN
#PVGUFGRQFGTFKURQPGTFGVCNGUCP¶NKUKU
UGT¶PGEGUCTKQVQOCTFGEKUKQPGUTGNCEKQPC
FCUEQPNCCUKIPCEKÎPFGNQUGORNC\COKGP
VQURQTGLGORNQGPNQSWGUGTGHKGTGCNC
\QPKHKECEKÎPFGNQURTQ[GEVQUFGFGOQU
8QDV\OYD9RO
VTCEKÎP5GEQPUKFGTCGPGUVGECUQSWGNCU
UKIWKGPVGU TGINCU IGPGTCNGU HCXQTGEGP NC
EQPUGTXCEKÎPFGNCDKQFKXGTUKFCF
*CTXG[
&KEMUQP[-QTOQU
Ŗ .CRTKQTKFCFSWGUGEQPHKGTCCNCTG
VGPEKÎP FG NQU DQUSWGU COGPC\CFQU
SWGCNDGTICPWPCITCPDKQFKXGTUKFCF
TGURGEVQCQVTCUCEVKXKFCFGUVCNGUEQOQ
NCTGHQTGUVCEKÎPQNCQTFGPCEKÎPUQU
VGPKDNGFGNQUDQUSWGURTQFWEVQTGUUG
VTCFWEKT¶ PQTOCNOGPVG GP ICPCPEKCU
OC[QTGU[O¶UT¶RKFCUVCPVQGPNQSWG
EQPEKGTPG C NC DKQFKXGTUKFCF EQOQ C
NCEQPUGTXCEKÎPFGECTDQPQ
Ŗ 'PNQUNWICTGUGPFQPFGNCUGZKUVGP
EKCUFGECTDQPQ[NQUGEQUKUVGOCUUQP
UGOGLCPVGUGPVTG\QPCUHQTGUVCNGUNC
RTKQTK\CEKÎPFGNCEQPGEVKXKFCFGPVTG
NQU DQUSWGU UGT¶ NC OGFKFC SWG RTQ
FWEKT¶NQUOGLQTGUTGUWNVCFQURCTCNC
EQPUGTXCEKÎPFGNCDKQFKXGTUKFCF
#%6+8+&#&'5&'4'&&2.75#
'5%#.#&'..7)#4
%WCNSWKGTCSWGUGCGNNWICTFGSWGUGVTCVG
NCUQRQTVWPKFCFGU[TKGUIQURCTCNCFKXGT
UKFCFFGRGPFGT¶PFGNVKRQFGCEVKXKFCFFG
4'&&RNWU SWG UG JC[C NNGXCFQ C ECDQ
XÃCUGNC(KIWTC[FGNGPHQSWGFGGLGEWEKÎP
SWGUGJC[CCFQRVCFQKPENWKFCUNCURT¶EVK
ECUGURGEÈſECUFGQTFGPCEKÎPVCNGUEQOQGN
ITCFQGPSWGUGJCRNCPKſECFQOCPGLCFQ[
EQPVTQNCFQNCEQPUGTXCEKÎPFGNCDKQFKXGT
UKFCF2QTGLGORNQNCGZENWUKÎPHÈUKECFG
NCURGTUQPCUFGWPNWICTSWGCPVGTKQTOGPVG
UGWVKNK\CDCRCTCNCGZVTCEEKÎPFGOCFGTCQ
NGÌCGUWPCOGFKFCSWGDGPGſEKCT¶RTQDC
DNGOGPVGCNCXKFCUKNXGUVTG
$QYGP,QPGU
[2GPFT[/GKLCCTFGVCN5KP
GODCTIQRCTGEGFWFQUQSWGGUVGGPHQSWG
RWGFCTGUWNVCTXKCDNGCNCTIQRNC\Q
$TWPGT
GVCN.CTGFWEEKÎPFGNCUGOKUKQ
PGUFGTKXCFCUFGGUVGVKRQFGFGITCFCEKÎP
OGFKCPVGKPKEKCVKXCUFGQTFGPCEKÎPEQOWPK
VCTKCFGNDQUSWGGUWPCOGFKFCSWGUWTVKT¶
RQUKDNGOGPVG OGLQTGU TGUWNVCFQU C NCTIQ
RNC\QGPEWCPVQCGOKUKQPGUFGECTDQPQ
OKGPVTCU SWG NQU TGUWNVCFQU GP EWCPVQ C
DKQFKXGTUKFCF FGRGPFGT¶P FGN OQFGNQ [
TÃIKOGPFGQTFGPCEKÎPUGNGEEKQPCFQ
8QDV\OYD9RO
KPEGPVKXQU Q FKURQUKEKQPGU FG CRNKECEKÎP
EQGTEKVKXC FG NCU TGIWNCEKQPGU UQDTG WUQ
FG NC VKGTTC NCU EWCNGU VKGPGP NC XGPVCLC
FG SWG CDQTFCP FKTGEVCOGPVG GN QDLGVKXQ
FG TGFWEKT NC FGHQTGUVCEKÎP 'N RTKPEKRCN
TKGUIQ FG GUVQU GPHQSWGU GU SWG GN HCE
VQTSWGFGVGTOKPCGNECODKQFGWUQFGNC
VKGTTCRWGFCOCPVGPGTUGKPCNVGTCFQ[SWG
GNNQECWUGSWGGNRTQDNGOCUGTGRGTEWVCGP
QVTC¶TGC.QUGEQUKUVGOCUPQXKPEWNCFQU
C4'&&RNWU[NQURCÈUGUSWGPQUGJCP
CFJGTKFQ C GUVG OGECPKUOQ UQP NQU SWG
SWK\¶ OC[QTGU TKGUIQU EQTTCP C GUVG TGU
RGEVQ
/KNGU[-CRQU
'P CODQU ECUQU CITKEWNVWTC [ RTQVGE
EKÎPNCHKLCEKÎPFGRTKQTKFCFGUVGTTKVQTKCNGU
C[WFCTÈCCFGUKIPCTEW¶NGUUQPNQUDQUSWGU
SWGRNCPVGCPNCUOC[QTGURTGQEWRCEKQPGU
TGNCEKQPCFCUEQPUWEQPUGTXCEKÎP
4GFWEEKÎPFGNCUGOKUKQPGURQT
FGITCFCEKÎPHQTGUVCN
.CTGFWEEKÎPFGNCFGITCFCEKÎPFGNCUGZKU
VGPEKCU HQTGUVCNGU FG ECTDQPQ RWGFG GP
OWEJQUECUQUEQPFWEKTCNCTGEWRGTCEKÎPFG
NCGUVTWEVWTCFGNDQUSWGEQPEQPUKIWKGPVGU
TGUWNVCFQU RQUKVKXQU RCTC NC DKQFKXGTUK
FCF RWGUVQ SWG NQU PKEJQU UG TGUVCWTCP
[NCFKURQPKDKNKFCFFGTGEWTUQUCWOGPVC
'PVTG NCU ECWUCU EQOWPGU FG NC RÃTFKFC
FGECTDQPQGUV¶NCGZRNQVCEKÎPOCFGTGTC
NQU KPEGPFKQU GN FTGPCLG FG JWOGFCNGU
HQTGUVCNGU[NQUCEQPVGEKOKGPVQUENKO¶VKEQU
.CTGFWEEKÎPFGNRTQEGUQFG
FGITCFCEKÎPFGNCUGZKUVGPEKCUFG
ECTDQPQōNCURÃTFKFCUFGDKFCU
CNHWGIQRQTGLGORNQōRWGFG
EQPFWEKTCOGPWFQCNCTGEWRGTCEKÎP
FGNCGUVTWEVWTCFGNDQUSWGEQP
EQPUKIWKGPVGUTGUWNVCFQURQUKVKXQU
RCTCNCDKQFKXGTUKFCF
)$2)2:35$-$17+,
4GFWEEKÎPFGNCUGOKUKQPGURQT
FGHQTGUVCEKÎP
&G NC TGFWEEKÎP FG NCU RÃTFKFCU FG DQU
SWGU PCVWTCNGU UG QDVGPFT¶P DGPGHKEKQU
PWOGTQUQU [ UKIPKHKECVKXQU KPENWKFC NC
TGVGPEKÎPFGNQUUGTXKEKQUGEQUKUVÃOKEQU
NCOQFGTCEKÎPFGNCUFGUECTICUHNWXKCNGU
NC GTQUKÎP [ NQU HNWLQU UGFKOGPVCTKQU NC
RTQVGEEKÎPFGTGEWTUQUGF¶HKEQUSWGEQP
VKGPGPPWVTKGPVGUGUGPEKCNGURCTCGNETGEK
OKGPVQFGNCURNCPVCUNCRWTKHKECEKÎPFG
CIWCU[NCRTQXKUKÎPFGWPJ¶DKVCVRCTCNC
HNQTC HCWPC [ EQOWPKFCFGU OKETQDKCNGU
5VKEMNGTGVCN%CFCWPCFGGUVCU
HWPEKQPGUFGNGEQUKUVGOCGUXCNKQUCRCTC
NCEQPUGTXCEKÎPFGNCDKQFKXGTUKFCF[RCTC
GNDKGPGUVCTJWOCPQ
'PGNNGPIWCLGFGNC%/07%%NCFGHQ
TGUVCEKÎP UG FGHKPG EQOQ WP ECODKQ FG
WUQ FG NC VKGTTC [ PQ VCP UÎNQ EQOQ WP
ECODKQGPNCEWDKGTVCXGIGVCN'NECODKQ
FGWUQFGNCVKGTTCGUNCECWUCRTKOQTFKCN
FG NC RÃTFKFC FG DKQFKXGTUKFCF GP VQFQ
GN OWPFQ 9QQF 5VGFOCP'FYCTFU [
/CPI%QOQNCECWUCRTKPEKRCNFG
NCFGHQTGUVCEKÎPGUNCEQPXGTUKÎPFGVKGTTCU
HQTGUVCNGUGPVGTTGPQUCITÈEQNCUOWEJQUFG
NQUOÃVQFQURCTCTGFWEKTNCFGHQTGUVCEKÎPUG
EGPVTCPGPGNUGEVQTCITÈEQNCRQTGLGORNQ
NCKPVGPUKHKECEKÎPFGNCRTQFWEVKXKFCFFGNCU
VKGTTCUCITÈEQNCUGZKUVGPVGURCTCTGFWEKTNC
UWRGTHKEKGRTQFWEVKXCVQVCNTGSWGTKFCQGN
CWOGPVQFGNCUQUVGPKDKNKFCFCNCTIQRNC\Q
FGNCUVÃEPKECUCITCTKCURCTCEQPUGIWKTCUÈ
RTQNQPICTGNRGTÈQFQFWTCPVGGNSWGNCVKGTTC
UGOCPVKGPGRTQFWEVKXC'NGHGEVQUQDTGNC
DKQFKXGTUKFCF FGPVTQ FGN OKUOQ RCKUCLG
CITÈEQNCXCTÈCUGIÕPNCVÃEPKECGORNGCFC
1VTQUGPHQSWGUUGEGPVTCPGPNCRTQVGEEKÎP
FGNQUDQUSWGU[EQPUKUVGPRQTGLGORNQGP
GZVTGOQUVCNGUEQOQNQUFCÌQUQECUKQPC
FQURQTJWTCECPGUQUGSWÈCU'UVCUECWUCU
RWGFGP GUVCT TGNCEKQPCFCU GPVTG UÈ [ NC
GZRNQVCEKÎPOCFGTGTCNCUGSWÈC[GNFTGPCLG
CWOGPVCPNCUWUEGRVKDKNKFCFFGNDQUSWGC
NQUKPEGPFKQU
0GRUVCFGVCN5QNQ
NCUECWUCUCPVTQRÎIGPCUFGNCFGITCFCEKÎP
VKGPGPSWGXGTGUVTKEVCOGPVGEQP4'&&
RNWUGPGN¶ODKVQFGNC%/07%%
.CU OGLQTCU GP NC IQDGTPCP\C [ GP NC
CRNKECEKÎPFGNCUNG[GUGPOCVGTKCFGGZVTCE
EKÎP OCFGTGTC RWGFGP CFQRVCT XCTKCFCU
OQFCNKFCFGU2QTGLGORNQWPCOQTCVQTKC
OCFGTGTC GHKEC\ TGPFKTÈC DGPGHKEKQU GP
OCVGTKCFGGOKUKQPGUFGECTDQPQCEQUVC
GUQUÈFGNCRTQFWEEKÎPOCFGTGTC
1VTCUOGLQTCUGPGN¶ODKVQFGNCIQDGT
PCP\CHQTGUVCNRTQOQXGT¶PWPCTGFWEEKÎP
FGNCUGOKUKQPGUGPNQUNWICTGUFQPFGUG
UKIWG GZVTC[GPFQ OCFGTC 2QT GLGORNQ
NCUTGRGTEWUKQPGUENKO¶VKECUFGNCVCNCFG
KORCEVQTGFWEKFQUQPOWEJQO¶UNGXGUSWG
NCUFGNCVCNCVTCFKEKQPCN
2WV\GVCN
.CUEQPEGUKQPGUTGIWNCFCUQEGTVKHKECFCU
SWG TGEWTTGP C GUVG VKRQ FG GZRNQVCEKÎP
RWGFGPRTQVGIGTCNIWPQUXCNQTGUTGNCEKQPC
FQUEQPNCDKQFKXGTUKFCF[NCUGZKUVGPEKCU
FGECTDQPQCNVKGORQSWGTGCNK\CPCNIWPQU
XCNQTGUOCFGTGTQU
%JQOKV\GVCN
XCP-WKLM2WV\[<CIV
7PCOGLQTIGUVKÎPFGNHWGIQGPNCCITK
EWNVWTCVCODKÃPEQPVTKDWKTÈCCTGFWEKTQVTC
FG NCU ECWUCU FG FGITCFCEKÎP FGN DQUSWG
#TCICQ[5JKOCDWMWTQ'PNCOC[QT
RCTVG FG NQU RCTCLGU HQTGUVCNGU GN EQPVTQN
FGNHWGIQGUDGPGſEKQUQRCTCNCDKQFKXGTUK
FCF[NQUUGTXKEKQUGEQUKUVÃOKEQUEQPGZQU
5KPGODCTIQCNIWPCUGURGEKGUFGRNCPVCU
[ CPKOCNGU RTGUGPVGU GP NQU GEQUKUVGOCU
CFCRVCFQUCNHWGIQ
RQTGLGORNQVGTTGPQU
DQUEQUQU[UCDCPCUVTQRKECNGUFGRGPFGPFG
NCUSWGOCURGTKÎFKECU
5VKEMNGTGVCN
'PNCU\QPCUDQUEQUCUFGRCPVCPQUWLGVCU
CFTGPCLGNCTGUVCWTCEKÎPFGNCECRCHTG¶VKEC
HTGPCT¶NCUGOKUKQPGURTQXGPKGPVGUFGNC
FGUEQORQUKEKÎPFGNCVWTDC[RQTNQVCPVQ
NCRQUKDKNKFCFFGSWGUGRTQFW\ECPHWGIQU
UWDVGTT¶PGQU UGT¶ OGPQT GUVQ UWRQPFT¶
CUKOKUOQWPRTKOGTRCUQGPNCTGUVCWTCEKÎP
FGNGEQUKUVGOCHQTGUVCN
2CTKUJGVCN
CEEGUQTGUVTKPIKFQCNQUTGEWTUQUHQTGUVCNGU
RCTCNQUJCDKVCPVGUFGNCNQECNKFCFITCEKCU
C NCU ¶TGCU EQOWPKVCTKCU EQPUGTXCFCU GN
CEEGUQCNQUDQUSWGURQFT¶UGTOGLQTCFQ[
RTGUGTXCFQ
%QCFGVCN'UWPJGEJQ
FGOQUVTCDNGSWGNCU¶TGCURTQVGIKFCUUQP
ECRCEGUFGCIWCPVCTNCGZRCPUKÎPCITÈEQNC
[ NCU RTGUKQPGU FG NC VCNC GURGEKCNOGPVG
UK JCP UKFQ CFGEWCFCOGPVG HKPCPEKCFCU
[UKGPGNNCUNCQTFGPCEKÎPUGTGCNK\CEQP
GN EQPUGPVKOKGPVQ FG NCU EQOWPKFCFGU
NQECNGU %NCTM $QNV [ %CORDGNN 5KPGODCTIQGUVCU¶TGCUUQNQEQPUVKVW[GP
WPCRCTVGFGNCGUVTCVGIKCFG4'&&RNWU
[C SWG UW GHKECEKC GU GUECUC RCTC JCEGT
HTGPVG C NQU CIGPVGU FG NC FGHQTGUVCEKÎP
GNFGURNC\COKGPVQFGGUVCURTGUKQPGUCÕP
TGRTGUGPVCWPTKGUIQ
1TFGPCEKÎPUQUVGPKDNGFGNDQUSWG
.C GZRTGUKÎP nQTFGPCEKÎP UQUVGPKDNG FG
NQUDQUSWGU€GUWUCFCGPGNDQTTCFQTFGN
VGZVQFGN)6'%.2UQDTG4'&&RNWUFGU
RTQXKUVC FG WPC FGHKPKEKÎP CWPSWG RQT
FGFWEEKÎPGNVÃTOKPQRCTGEKGTCTGHGTKTUGGP
GUGEQPVGZVQCNCQTFGPCEKÎPUQUVGPKDNGFGN
DQUSWGEQPGNRTQRÎUKVQFGRTQFWEKTOCFGTC
GUFGEKTWPCRTQFWEEKÎPGPSWGUGOCPVKG
PGPEQPUVCPVGUNQUPKXGNGUFGNCUGZKUVGPEKCU
FGECTDQPQCNQNCTIQFGOÕNVKRNGUEKENQU
FG VCNC 'UVG GU GN UKIPKHKECFQ CN SWG UG
JCEG TGHGTGPEKC GP GN UKIWKGPVG CP¶NKUKU
.QU GPHQSWGU FG QTFGPCEKÎP UQUVGPKDNG
FGN DQUSWG RCTC NC QDVGPEKÎP FG OCFGTC
.CUVÃEPKECUFGGZRNQVCEKÎP
OCFGTGTCFGKORCEVQ
TGFWEKFQRTQFWEGPDGPGſEKQU
GEQUKUVÃOKEQU[FGDKQFKXGTUKFCF
OW[UWRGTKQTGUCNQUOÃVQFQUFG
GZRNQVCEKÎPVTCFKEKQPCNGU
)$2)21:,1./(5
%QPUGTXCEKÎPFGNCUGZKUVGPEKCU
HQTGUVCNGUFGECTDQPQ
.QU OÃVQFQU WVKNK\CFQU RCTC NC EQPUGT
XCEKÎPFGECTDQPQRWGFGPEKOGPVCTUGGP
NQU RTQEGFKOKGPVQU SWG UG WUCP RCTC NC
EQPUGTXCEKÎPFGNCDKQFKXGTUKFCFCWPSWG
UWURTQRÎUKVQURTKPEKRCNGUUQPFKHGTGPVGU
'UVQUOÃVQFQUEQORTGPFGPGNCWOGPVQFGN
PÕOGTQ Q NC OGLQTC FG NC QTFGPCEKÎP FG
NCU¶TGCURTQVGIKFCUNCU¶TGCUEQOWPKVC
TKCUEQPUGTXCFCU[NCUTGUGTXCUHQTGUVCNGU
KPENWKFQU CNIWPQU DQUSWGU RTQFWEVQTGU
[GNCRQ[QCNCQTFGPCEKÎPFGDCUGEQOW
PKVCTKCFGNQUTGEWTUQUPCVWTCNGU/¶UCÕP
NCU JGTTCOKGPVCU FG RNCPKHKECEKÎP UKUVG
O¶VKEC FG NC EQPUGTXCEKÎP EWGPVCP GPVTG
NQU KPUVTWOGPVQU O¶U FKHWPFKFQU RCTC NC
CUKIPCEKÎP FG RTKQTKFCFGU GP OCVGTKC FG
GORNC\COKGPVQU
XÃCUGRQTGLGORNQ)COG
[)TCPVJCO
/GFKCPVGNCHKPCPEKCEKÎPFGNCUKPKEKCVKXCU
FGEQPUGTXCEKÎPFGGZKUVGPEKCUFGECTDQPQ
GPDQUSWGUKPCNVGTCFQUUGRQFTÈCFCTCRQ[Q
C NQU RCÈUGU SWG VKGPGP ITCPFGU GZKUVGP
EKCUFGECTDQPQ[DCLCUVCUCUCEVWCNGUFG
FGHQTGUVCEKÎP[SWGTGÕPGPNQUTGSWKUKVQU
GZKIKFQURQT4'&&5KNCUKPKEKCVKXCUFG
EQPUGTXCEKÎPHQTGUVCNPQUGGORTGPFGPGP
VCNGURCÈUGUGZKUVGGNTKGUIQFGSWGNCHWIC
KPVGTPCEKQPCNFGGOKUKQPGUJCEKCGUQURCÈ
UGURQPICGPGPVTGFKEJQNCURQUKDKNKFCFGU
FGÃZKVQFG4'&&RNWUCGUECNCOWPFKCN
1VTQU RCÈUGU VCODKÃP RQFTÈCP QRVCT RQT
KPENWKTNCEQPUGTXCEKÎPFGNECTDQPQHQTGUVCN
GPUWUKPKEKCVKXCU4'&&RNWU
.CUCEEKQPGUNNGXCFCUCECDQGPNCU¶TGCU
RTQVGIKFCUGPNCU¶TGCUEQOWPKVCTKCUEQP
UGTXCFCU[GPNCUTGUGTXCUHQTGUVCNGURQFTÈCP
EQPVTKDWKTCNCRTQVGEEKÎPFGNCDKQFKXGTUK
FCFFGNQUDQUSWGURTKOCTKQU#WPSWGNC
RTQVGEEKÎPGUVTKEVCRWGFCVTCFWEKTUGGPWP
8QDV\OYD9RO
KPENW[GP NC VCNC FG KORCEVQ TGFWEKFQ NC
GEQUKNXKEWNVWTCNCTGIWNCEKÎPOGLQTCFCFG
NCGZRNQVCEKÎPOCFGTGTC[NCCRNKECEKÎPFG
NCUPQTOCUFGEGTVKHKECEKÎP
5KNCQTFGPCEKÎPUQUVGPKDNGFGNQUDQUSWGU
RCTC NC QDVGPEKÎP FG OCFGTC EQORTGPFG
CEVKXKFCFGUSWGTGFWEGPGNCIQVCOKGPVQFG
NCUGZKUVGPEKCUFGECTDQPQ[CWOGPVCPNC
ECRCEKFCFFGTGEWRGTCEKÎPFGNDQUSWGGUVC
QTFGPCEKÎPRQFTÈCTGFWPFCTGPDGPGſEKQFG
NCDKQFKXGTUKFCFEWCPFQGUNNGXCFCCECDQ
GPDQUSWGUSWGCEVWCNOGPVGVKGPGPÈPFKEGU
FGEQUGEJCKPUQUVGPKDNGU5KPGODCTIQNCU
VCNCUSWGUGGHGEVÕCP
CWPCPKXGNGUUQUVGPK
DNGUGPTQFCNGUXKGLQURQFTÈCPUGTRGTLWFK
EKCNGURCTCNCDKQFKXGTUKFCF
2WV\[4GFHQTF
*CTXG[&KEMUQP[-QTOQU
.C VCNC FG KORCEVQ TGFWEKFQ NC GEQUKN
XKEWNVWTC [ QVTCU VÃEPKECU FGUVKPCFCU C NC
QTFGPCEKÎPOCFGTGTCUQUVGPKDNGTGSWKGTGP
OGLQTCTNCECRCEKVCEKÎPFGNQUTGURQPUCDNGU
FGNCIGUVKÎPHQTGUVCN[FGNQUVTCDCLCFQTGU
RGTQUQPRTQEGFKOKGPVQUSWGCTTQLCPDGPG
ſEKQUGEQUKUVÃOKEQU[FGDKQFKXGTUKFCFOW[
UWRGTKQTGUCNCUVÃEPKECUFGVCNCVTCFKEKQPCNGU
.QUHQPFQURTQRQTEKQPCFQURQT4'&&RNWU
RQFTÈCPQHTGEGTNCQRQTVWPKFCFFGVTCPUHQT
OCT GN UGEVQT HQTGUVCN RCTC UCVKUHCEGT NQU
QDLGVKXQUFGNCQTFGPCEKÎPUQUVGPKDNG
+PETGOGPVQFGNCUGZKUVGPEKCUHQTGUVCNGU
FGECTDQPQ
.C CEVKXKFCF FG 4'&&RNWU SWG OC[Q
TGURTGQEWRCEKQPGUJCFGURGTVCFQRQTUWU
RQUKDNGUFCÌQUCNCDKQFKXGTUKFCFJCUKFQ
GNKPETGOGPVQFGNCUGZKUVGPEKCUHQTGUVCNGU
FGECTDQPQ%QPGUVCCEVKXKFCFUGRGTUKIWG
TGUVCWTCTNCUGZKUVGPEKCUFGECTDQPQGPDQU
SWGUFGITCFCFQUQETGCTDQUSWGUGPNWICTGU
FQPFGCEVWCNOGPVGPQNQUJC[.CUVÃEPKECU
CSWGUGTGEWTTCQNQUGORNC\COKGPVQUFQPFG
UGETGGPQTGUVCWTGPNQUDQUSWGUFGVGTOKPC
T¶PNQUGHGEVQUSWGUWHTKT¶NCDKQFKXGTUKFCF
0QGURQUKDNGUCDGTUQPEGTVG\CUKGNnKPETG
OGPVQFGNCUGZKUVGPEKCUHQTGUVCNGUFGECT
DQPQ€VCNEQOQUGOGPEKQPCGPGNCPVGRTQ
[GEVQFGFGEKUKÎPFGN)6'%.2
%/07%%
KPENW[CGPTGCNKFCFNCHQTGUVCEKÎP[
NCTGHQTGUVCEKÎP
7+%04'%1(6%
Q UG TGſGTC UQNQ CN KPETGOGPVQ FG
NCU GZKUVGPEKCU GP NQU DQUSWGU GZKUVGPVGU
#PIGNUGP5GUWRQPGCSWÈSWGNCU
CEVKXKFCFGUFGHQTGUVCEKÎP[TGHQTGUVCEKÎP
UÈGUV¶PKPENWKFCU'PNQSWGTGURGEVCCNQU
HQPFQUKPVGTPCEKQPCNGUFG4'&&RNWUVCO
DKÃPGUVQUGFCRQTUWRWGUVQ
/KNGU
'NFGUCTTQNNQFGNQUDQUSWGUFGRNCPVC
EKÎPRQFTÈCEQPFWEKTCNCRÃTFKFCFGWPC
8QDV\OYD9RO
DKQFKXGTUKFCF SWG CPVGU GUVCDC RTGUGPVG
'PIGPGTCNRWGFGTGUWNVCTOGPQUFCÌKPQ
QRWGFGUGTKPENWUQDGPGHKEKQUQGNSWGNCU
RNCPVCEKQPGU GUVÃP EQORWGUVCU FG GURG
EKGUPCVKXCUFKXGTUCU
*CTXG[&KEMUQP[
-QTOQUSWGUGCNÈCPEQPNCUECTCE
VGTÈUVKECUFGNNWICT[UQPO¶UCHKPGUCNQU
GEQUKUVGOCUTGUVCWTCFQUSWGCNQURCKUCLGU
FGOQPQEWNVKXQ
$TQEMGTJQHHGVCN
5GJCPGZRTGUCFQRTGQEWRCEKQPGUCEGTEC
FG NC RQUKDKNKFCF FG SWG GN OGECPKUOQ
FG 4'&&RNWU KPEGPVKXG GN TGGORNC\Q
FGNQUDQUSWGUPCVWTCNGUEQPDQUSWGUFG
RNCPVCEKÎP'PGNCPVGRTQ[GEVQUGKPENW[GP
CNIWPCUUCNXCIWCTFCURCTCFKUKRCTGUVCRTG
QEWRCEKÎP[UGFGENCTCSWGNCUCEVKXKFCFGU
FG4'&&RNWUPQFGDKGTCPEQPFWEKTCNC
EQPXGTUKÎPFKTGEVCFGNQUDQUSWGUPCVWTCNGU
'PNQSWGTGURGEVCCNQUDQUSWGUSWGUG
IGUVKQPCPO¶UKPVGPUKXCOGPVGNCTGUVCWTC
EKÎPHQTGUVCN[NCTGJCDKNKVCEKÎPFGDQUSWGU
PCVWTCNGU FGITCFCFQU UWRQPG SWG UG FC
OC[QTKORQTVCPEKCCNHWPEKQPCOKGPVQFGWP
GEQUKUVGOCUCPQLWPVQEQPWPKPETGOGPVQ
GXGPVWCNFGNECTDQPQCNOCEGPCFQ
5CLYCL
*CTNG[[2CTMGT.CDKQFKXGTUKFCF
[NCECNKFCFFGNCIWCRQFTÈCPOW[RTQDC
DNGOGPVGOGLQTCTEWCPFQNCGUVTWEVWTC[
EQORQUKEKÎPFGNQUDQUSWGUPCVWTCNGUUG
TGHWGT\CP.QSWGUGUCETKHKECGUNCXGNQ
EKFCFFGCEWOWNCEKÎPFGECTDQPQ[CSWG
NCCEWOWNCEKÎPRWGFGUGTO¶UNGPVCSWGGP
NCU¶TGCUTGEKÃPHQTGUVCFCUQTGHQTGUVCFCU
5KCNCJQTCFGUGNGEEKQPCTNQUGORNC\C
OKGPVQU RCTC PWGXCU ¶TGCU HQTGUVCNGU UG
FCOC[QTRGUQCNCU¶TGCUEGTECPCUCNQU
DQUSWGU GZKUVGPVGU UG RQFT¶ EQPVTKDWKT C
UCVKUHCEGTNQUQDLGVKXQUFGNCEQPUGTXCEKÎP
CWOGPVCPFQNCEQPGEVKXKFCFGPVTGDQUSWG
VGURTQRQTEKQPCPFQCNIWPQUTGEWTUQURCTC
NCHNQTC[HCWPCSWGTGUKFGGPNQUDQUSWGU
PCVWTCNGU[GUVCDNGEKGPFQ\QPCUVCORÎPGP
VQTPQCNQUDQUSWGUPCVWTCNGURCTCCOQTVK
IWCTCNNÈNQUKORCEVQUJWOCPQU
XÃCUGRQT
GLGORNQ $CNK -WOCT [ -TKUJPCUYCO[
+PENWUQNCURNCPVCEKQPGUFGGURGEKGU
PQ PCVKXCU RWGFGP CUÈ CRQ[CT GP CNIWPC
OGFKFCNCEQPUGTXCEKÎPFGNCDKQFKXGTUKFCF
%10%.75+10'5
.QUFKHGTGPVGURNCPVGCOKGPVQUGPOCVGTKC
FGRNCPKHKECEKÎPGKORNGOGPVCEKÎPFGNCU
CEVKXKFCFGUFG4'&&RNWUVKGPGPFKHGTGP
VGU EQPUGEWGPEKCU RCTC NC DKQFKXGTUKFCF
HQTGUVCN[RCTCNCURGTUQPCU[NQUUGTXKEKQU
GEQUKUVÃOKEQU SWG FGRGPFGP GP CSWÃNNC
5KRCTCEQPUGIWKTTGUWNVCFQURQUKVKXQUGP
NQSWGTGURGEVCCNCDKQFKXGTUKFCF[QVTQU
OÕNVKRNGU DGPGHKEKQU NC RNCPKHKECEKÎP UG
TGCNK\C GP NCU RTKOGTCU HCUGU UG GXKVCT¶
GORTGPFGTKPKPVGPEKQPCFCOGPVGCEEKQPGU
RQEQKFÎPGCUQOCPKHKGUVCOGPVGFCÌKPCU
'NGORNGQFGKPUVTWOGPVQUCRTQRKCFQU[
NCGLGEWEKÎPFGRQNÈVKECUSWGUCNXCIWCTFCP
[OGLQTCPNCDKQFKXGTUKFCFUGVTCFWEKT¶P
GP OC[QTGU DGPGHKEKQU FGTKXCFQU FG NCU
CEVKXKFCFGU FG 4'&&RNWU C XGEGU EQP
OW[RQEQUEQUVQUCFKEKQPCNGU
.CKFGPVKFCF[OCIPKVWFFGNQUDGPGHKEKQU
[FCÌQUSWGFGTKXCPFG4'&&RNWU[GN
PÕOGTQFGSWKGPGUNQUTGEKDCPFGRGPFGT¶P
FGN CNECPEG NQECNK\CEKÎP [ VKRQ FG CEVK
XKFCFGU FG 4'&&RNWU CUÈ EQOQ FG NQU
GPHQSWGURCTCCDQTFCTCNIWPQURTQDNGOCU
GURGEÈHKEQUTGNCEKQPCFQUEQPNCDKQFKXGT
UKFCF.CEQPUWNVCEQORTQOKUQ[CEGRVC
EKÎPRQTRCTVGFGNQUKPVGTGUCFQUōFGUFG
GN IQDKGTPQ NQECN JCUVC NCU EQOWPKFCFGU
NQECNGUōUQPHCEVQTGUETÈVKEQUVCPVQRCTC
GNÃZKVQIGPGTCNFG4'&&RNWUEQOQRCTC
ICTCPVK\CTSWGNQUFKUVKPVQUXCNQTGUFGNC
DKQFKXGTUKFCF JC[CP UKFQ QDLGVQ FG WPC
CFGEWCFCEQORTGPUKÎP
#PKXGNPCEKQPCNTGUWNVCÕVKNKFGPVKHKECTGN
XCNQTRQVGPEKCNFGNCDKQFKXGTUKFCF[EQPQ
EGTSWÃITWRQUUQPNQUSWGO¶UNCRTGEKCP
EQPGNQDLGVQFGTGCN\CTCNO¶ZKOQGNXCNQT
SWGNCDKQFKXGTUKFCFGPEKGTTCRCTCGNRCÈU
[RCTCNCUEQOWPKFCFGUSWGFGRGPFGPFG
NQUDQUSWGU[FGOQUVTCTCNQUHKPCPEKCFQTGU
UWUXCNQTGUCÌCFKFQU[CUKOKUOQCXGEGU
RCTCHCEKNKVCTNCQDVGPEKÎPFGWPCHKPCPEKC
EKÎPEQORNGOGPVCTKCFGUVKPCFCCNCEQP
UGTXCEKÎP5KPGODCTIQGPWPCUKVWCEKÎP
JKRQVÃVKECHWVWTCGPNCEWCNNCEQPUGTXCEKÎP
HQTGUVCNUGEQPUGIWKTÈCITCEKCUCNQUHQPFQU
4'&&RNWUEQPXGPFTÈCSWGNCUNKOKVCFCU
ECPVKFCFGUSWGUGCUKIPCPCNCEQPUGTXCEKÎP
FGNCDKQFKXGTUKFCFHWGUGPFGUVKPCFCUO¶U
SWG CN CRQ[Q C 4'&&RNWU C RTQVGIGT
NQU GEQUKUVGOCU RQDTGU GP ECTDQPQ [ NQU
GEQUKUVGOCUPQHQTGUVCNGUFGNCURTGUKQPGU
SWGFGVGTOKPCPGNFGURNC\COKGPVQFGNWUQ
FGNCVKGTTC
/KNGU[-CRQU
2GUG C NQU OWEJQU XCEÈQU FG EQPQEK
OKGPVQ UQDTG NC DKQFKXGTUKFCF VTQRKECN [
UWTGURWGUVCCNQUECODKQUCODKGPVCNGUGU
OGPGUVGTJCEGTCXCPEGUT¶RKFQUGPOCVGTKC
FG4'&&RNWURCTCNQITCTTGUWNVCFQUXiNK
FQU GP OKVKICEKÎP FGN ECODKQ ENKO¶VKEQ
'NUGIWKOKGPVQ[NCQTFGPCEKÎPCFCRVCVKXC
RCTCTGFWEKTEWCNSWKGTTGRGTEWUKÎPPGIC
VKXC SWG RWGFC QDUGTXCTUG UGT¶P FG ITCP
C[WFCRCTCCUGIWTCTNQUDGPGHKEKQUTGNCEKQ
PCFQUEQPNCDKQFKXGTUKFCFSWGFGTKXCPFG
4'&&RNWUX
&KURQPKDNGGPWPHEEEKPVTGUQWTEGFQEU
CYINECURCURFH
%QCF . %CORDGNN # /KNGU . [
FGITCFCVKQP INQDCN NCPFWUG KORNKECVKQPU
5EKGPEG
Ō
/[GTU 0 /KVVGTOGKGT 4# /KVVGTOGKGT
$KDNKQITCHÈC
*WORJTKGU-6JGEQUVUCPFDGPGſVUQH
%)FC(QPUGEC)#$[-GPV,
#PIGNUGP # +PVTQFWEEKÎP 'P #
RTQVGEVGFCTGCUHQTNQECNNKXGNKJQQFUCTGXKGY
QHVJGEWTTGPVNKVGTCVWTG&QEWOGPVQFGVTCDCLQ
$KQFKXGTUKV[ JQVURQVU HQT EQPUGTXCVKQP
RTKQTKVKGU0CVWTG
Ō
#PIGNUGP / $TQEMJCWU / -CPPKPGP
%CODTKFIG 4GKPQ 7PKFQ 70'29%/%
0GRUVCF&%5VKEMNGT%/5QCTGU(KNJQ$
' 5KNNU 9& 5WPFGTNKP [ 5 9GTV\
-CPQWPPKMQHH GFU 4GCNKUKPI 4'&&
&KURQPKDNGGPYYYWPGRYEOEQTIENKOCVG
[ /GTT[ ( +PVGTCEVKQPU COQPI
RWDNKECVKQPUCURZ
'XCNWCEKÎPFGGEQUKUVGOCUFGN/KNGPKQ
#OC\QP NCPF WUG HQTGUVU CPF ENKOCVG
RTQURGEVUHQTCPGCTVGTOHQTGUVVKRRKPIRQKPV
+PFQPGUKC%GPVTQFG+PXGUVKICEKÎP(QTGUVCN
+PVGTPCEKQPCN
%+(14
'EQU[UVGOU CPF JWOCP YGNNDGKPI EWTTGPV
2JKNQUQRJKECN 6TCPUCEVKQPU QH VJG 4Q[CN
UVCVGCPFVTGPFUŌſPFKPIUQHVJG%QPFKVKQP
5QEKGV[ $ $KQNQIKECN 5EKGPEGU #TCICQ .'1% [ 5JKOCDWMWTQ ;'
CPF 6TGPFU 9QTMKPI )TQWR 4 *CUUCP 4
6JG KPEKFGPEG QH ſTG KP #OC\QPKCP
5EJQNGU [ 0 #UJ GFU 9CUJKPIVQP &%
''77+UNCPF2TGUU
2CTKUJ ( 5KTKP # %JCTOCP & ,QQUVGP
*/KPC[GXC65KNXKWU/[5VTKPIGT.
(GTTCTQ2,6JGNQECNEQUVUQHGUVCDNKUJKPI
RTQVGEVGF CTGCU KP NQY KPEQOG PCVKQPU
4CPQOCHCPC 0CVKQPCN 2CTM /CFCICUECT
'EQNQIKECN'EQPQOKEU
Ō
#UUGUUOGPVQPRGCVNCPFUDKQFKXGTUKV[
CPF ENKOCVG EJCPIG OCKP TGRQTV -WCNC
.WORWT /CNCUKC )NQDCN 'PXKTQPOGPV
%GPVTG[9CIGPKPIGP2CÈUGU$CLQU9GVNCPFU
)COG'6[)TCPVJCO*5/CTZCP
WUGTOCPWCNHQT/CTZCPXGTUKQP5CKPV
.WEKC#WUVTCNKC7PKXGTUKV[QH3WGGPUNCPF[
8CPEQWXGT%CPCF¶2CEKſE/CTKPG#PCN[UKU
+PVGTPCVKQPCN
2WV\ (' [ 4GFHQTF -* &CPIGTU
QH ECTDQPDCUGF EQPUGTXCVKQP )NQDCN
'PXKTQPOGPVCN%JCPIG
Ō
CPF 4GUGCTEJ #UUQEKCVKQP &KURQPKDNG GP
YYYWSGFWCWOCTZCPFQEU/CTZCPA7UGTA
/CPWCNARFH
)TCKPIGT#$QWEJGT&*(TWOJQHH2%
2WV\ (' <WKFGOC 2# 2KPCTF /#
$QQV 4) 5C[GT ,# 5JGKN & 5KUV 2
[ 8CPENC[ ,- +ORTQXGF VTQRKECN
HQTGUVOCPCIGOGPVHQTECTDQPTGVGPVKQP2.Q5
.CWTCPEG 9( .QXGLQ[ 6 /E0GGN[
, 0KGMKUEJ / 4CXGP 2 5QFJK 05
8GPVGT1[2KOO5.$KQFKXGTUKV[
$KQNQI[
Ō
4'%1(6% 6JG %GPVGT HQT 2GQRNG CPF
(QTGUVU&GEQFKPI4'&&TGUVQTCVKQP
KP4'&&ŌHQTGUVTGUVQTCVKQPHQTGPJCPEKPI
ECTDQPUVQEMUŌCP#UKC2CEKſERGTURGEVKXG
+PHQTOG FGN VCNNGT $CPIMQM 6CKNCPFKC
&KURQPKDNG GP YYYTGEQHVEQTIUKVG
HKNGCFOKPFQEU6JGOGU%NKOCVGAEJCPIG
&GEQFKPIA4'&&ATGRQTVſPCNRFH
5CLYCL 6 *CTNG[ / [ 2CTMGT % 'NKCUEJTGXKGYHQTGUVOCPCIGOGPVKORCEVU
QPGEQU[UVGOUGTXKEGU*CTYGNN4GKPQ7PKFQ
#'#6GEJPQNQI[&KURQPKDNGGPYYYQEE
IQXWMCEVKXKVKGUGNKCUEJ#'#AGEQU[UVGOA
UGTXKEGURFH
5VKEMNGT %/ 0GRUVCF &% %QG /6
/E)TCVJ&)4QFTKIWGU*19CNMGT
955QCTGU(KNJQ$5[&CXKFUQP'#
6JG RQVGPVKCN GEQNQIKECN EQUVU CPF
EQDGPGſVU QH 4'&& C ETKVKECN TGXKGY CPF
ECUGUVWF[HTQOVJG#OC\QPTGIKQP)NQDCN
%JCPIG$KQNQI[
Ō
5VTCUUDWTI$$0-GNN[#$CNOHQTF#
&CXKGU4))KDDU*-.QXGVV#/KNGU
.1TOG%&.2TKEG,6WTPGT4-[
4QFTKIWGU#5.)NQDCNEQPITWGPEG
PCVKQPCNUVTCVGI[CPFRQNKE[QRVKQPU$QIQT
HQTGUVUYKVJKORNKECVKQPUHQT4'&&5EKGPEG
Ō
$CNK # -WOCT # [ -TKUJPCUYCO[ ,
6JG OCOOCNKCP EQOOWPKVKGU KP
EQHHGG RNCPVCVKQPU CTQWPF C RTQVGEVGF CTGC
KP VJG 9GUVGTP )JCVU +PFKC $KQNQIKECN
%QPUGTXCVKQPŌ
$QYGP,QPGU'[2GPFT[56JGVJTGCV
VQ RTKOCVGU CPF QVJGT OCOOCNU HTQO VJG
DWUJOGCVVTCFGKP#HTKECCPFJQYVJKUVJTGCV
EQWNFDGFKOKPKUJGF1T[Z
Ō
$TQEMGTJQHH ' ,CEVGN * 2CTTQVVC ,
3WKPG % [ 5C[GT , 2NCPVCVKQP
HQTGUVU CPF DKQFKXGTUKV[ QZ[OQTQP QT
QRRQTVWPKV[!$KQFKXGTUKV[CPF%QPUGTXCVKQP
Ō
$TWPGT#))WNNKUQP4'4KEG4'[FC
(QPUGEC)#'HHGEVKXGPGUUQHRCTMU
KP RTQVGEVKPI VTQRKECN DKQFKXGTUKV[ 5EKGPEG
Ō
%CORDGNN#%NCTM5%QCF./KNGU.
$QNV-[4QG&2TQVGEVKPIVJGHWVWTG
ECTDQP HQTGUVU RTQVGEVGF CTGCU CPF NQECN
NKXGNKJQQFU$KQFKXGTUKV[
[Ō
%JQOKV\-/$W[U2&G.WEC)6JQOCU
65 [ 9GTV\-CPQWPPKMQHH 5 #V NQIIGTJGCFU! CITKEWNVWTCN GZRCPUKQP
RQXGTV[ TGFWEVKQP CPF GPXKTQPOGPV KP VJG
VTQRKECNHQTGUVU9QTNF$CPM2QNKE[4GUGCTEJ
4GRQTV 9CUJKPIVQP &% ''77 $CPEQ
/WPFKCN
%NCTM 5 $QNV - [ %CORDGNN # 2TQVGEVGFCTGCUCPGHHGEVKXGVQQNVQTGFWEG
GOKUUKQPU HTQO FGHQTGUVCVKQP CPF HQTGUV
FGITCFCVKQP KP FGXGNQRKPI EQWPVTKGU!
9QTMKPI 2CRGT %CODTKFIG 4GKPQ 7PKFQ
207/# %/8% &KURQPKDNG GP YYY
WPGRYEOEQTIENKOCVGRWDNKECVKQPUCURZ
%/07%% 6GZVQ RCTC HCEKNKVCT NC
PGIQEKCEKÎP GPVTG NCU 2CTVGU )TWRQ FG
6TCDCLQ'URGEKCNUQDTGNCEQQRGTCEKÎPCNCTIQ
RNC\Q GP GN OCTEQ FG NC %QPXGPEKÎP Q
RGTÈQFQ FG UGUKQPGU $QPP #NGOCPKC FGLWPKQFG(%%%#9).%#
CPF4'&&CV%QRGPJCIGP%WTTGPV$KQNQI[
4Ō4
*CTXG[%#&KEMUQP$[-QTOQU%
1RRQTVWPKVKGU HQT CEJKGXKPI DKQFKXGTUKV[
EQPUGTXCVKQP VJTQWIJ 4'&& %QPUGTXCVKQP
.GVVGTU
Ō
/GKLCCTF'5JGKN&0CUK4#WIGTK&
4QUGPDCWO$+UMCPFCT&5GV[CYCVK6
.COOGTVKPM / 4CEJOCVKMC + 9QPI
#5QGJCTVQPQ65VCPNG[5[1ŏ$TKGP
6 .KHG CHVGT NQIIKPI TGEQPEKNKPI
YKNFNKHGEQPUGTXCVKQPCPFRTQFWEVKQPHQTGUVT[
KP +PFQPGUKCP $QTPGQ $QIQT +PFQPGUKC
%+(14&KURQPKDNGGPYYYEKHQTEIKCTQTI
-PQYNGFIG2WDNKECVKQPU&GVCKN!RKF
/KNGU . 4GFWEKPI GOKUUKQPU HTQO
F G H Q T G U V C V K Q P I N Q D C N O G E J C P K U O U EQPUGTXCVKQP CPF NKXGNKJQQFU %CODTKFIG
4GKPQ7PKFQ70'29%/%&KURQPKDNGGP
YYYWPGRYEOEQTIENKOCVGRWDNKECVKQPU
CURZ
/KNGU . +ORNKECVKQPU QH VJG 4'&&
PGIQVKCVKQPUHQTHQTGUVTGUVQTCVKQP8GTUKQP
%CODTKFIG4GKPQ7PKFQ207/#%/8%
&KURQPKDNGGPYYYWPGRYEOEQTIENKOCVG
RWDNKECVKQPUCURZ
/KNGU.[-CRQU84GFWEKPIITGGPJQWUG
ICUGOKUUKQPUHTQOFGHQTGUVCVKQPCPFHQTGUV
Ō
QHECTDQPUVQTCIGCPFDKQFKXGTUKV[KPVGTTGUVTKCN
GEQU[UVGOU%QPUGTXCVKQP.GVVGTUŌ
6JQORUQP + /CEMG[ $ /E0WNV[ 5
[ /QUUGNGT # (QTGUV TGUKNKGPEG
DKQFKXGTUKV[CPFENKOCVGEJCPIGŌCU[PVJGUKU
8QDV\OYD9RO
7+%01RGTCVKQPCNHTCOGYQTMHQT4'&&
CEVKQP YKVJ URGEKſE TGHGTGPEG VQ OGCPU QH
KORNGOGPVCVKQP CPF ſPCPEG &QEWOGPVQ FG
8GPVGT 1 .CWTCPEG 9( +YCOWTC 6
XCP-WKLM/2WV\('[<CIV4,
RQUKEKÎP 70(%%% %NKOCVG %JCPIG 6CNMU
$CPIMQM 6CKNCPFKC FG UGRVKGODTG FG
RTQVGEV DKQFKXGTUKV[ 5EKGPEG QHVJGDKQFKXGTUKV[TGUKNKGPEGUVCDKNKV[TGNCVKQP
UJKR KP HQTGUV GEQU[UVGOU %$& 6GEJPKECN
5GTKGU /QPVTGCN %CPCF¶ 5GETGVCTÈC FGN
%QPXGPKQUQDTGNC&KXGTUKFCF$KQNÎIKEC
9KNUQP-#(WNNGT4#[2QUUKPIJCO
*2 *CTPGUUKPI ECTDQP RC[OGPVU VQ
'HHGEVUQHHQTGUVEGTVKſECVKQPQPDKQFKXGTUKV[
QEVWDTG FG &KURQPKDNG GP EOUFCVC
9QQF#5VGFOCP'FYCTFU2[/CPI,
9CIGPKPIGP 2CÈUGU $CLQU 6TQRGPDQU
KWEPQTIFQYPNQCFUTGFFAEQXGTAPQVGACPFA
GFU6JGTQQVECWUGUQHDKQFKXGTUKV[NQUU
+PVGTPCVKQPCN
RQUKVKQPARCRGTURFH
.QPFTGU4GKPQ7PKFQ'CTVJUECPX
8QDV\OYD9RO