Proyecto Fortalecimiento de la Evidencia Física para Mejorar el

Proyecto Fortalecimiento de la Evidencia Física
para Mejorar el Acceso a la Justicia Penal
4,4690(
/VUVY:LN\YPKHK:LY]PJPV
*VU[LUPKV
*HY[HKLSH7YPTLYH*VTPZPVUHKH
KLSH7VSPJxH5HJPVUHS
*HY[HKLS,TIHQHKVYKLSH<UP}U,\YVWLH
*HY[HKLS7YLZPKLU[LKLSH*VTPZP}U
0U[LYPUZ[P[\JPVUHSKL1\Z[PJPH
*HY[HKLSH1LMHKLS3HIVYH[VYPV
KL*YPTPUHSxZ[PJHKLSH7VSPJxH5HJPVUHS
(U[LJLKLU[LZ
7VSx[PJHZ`JYP[LYPVZZVIYLSHL]PKLUJPHMxZPJH
*VUZ[Y\JJP}UKLSU\L]VLKPÄJPV
*VTPZP}U5HJPVUHSKL*VVYKPUHJP}U
0U[LYPUZ[P[\JPVUHSKLS:PZ[LTH
KL1\Z[PJPH7LUHS
-PYTHKLSJVU]LUPV
6IQL[P]VZ`YLZ\S[HKVZ
-PJOHKLS7YV`LJ[V
4HU\HSKL[YH[HTPLU[VKLSHL]PKLUJPH
`JHKLUHKLJ\Z[VKPH
,X\PWVZ
:PZ[LTHKL]PKLVJVUMLYLUJPH
*HWHJP[HJPVULZLULSWHxZ
*HWHJP[HJP}ULULSL_[LYPVY
(STHJLULZ
*VU[YVS`JHSPKHK
0UH\N\YHJP}UKLLX\PWVZ
=PZP[HKLSH1LMHKLSH<UPKHKKL
*VVYKPUHJP}U.LVNYmÄJHWHYH
(TtYPJH3H[PUH`LS*HYPIL
=PZP[HKLS1LML
KLSH<UPKHKKL*VVWLYHJP}U
JVU(TtYPJH3H[PUH
=PZP[HKLS*VTPZHYPVKL+LZHYYVSSV
KLSH<UP}U,\YVWLH
=PZP[HKL,\YVKPW\[HKVZ
7YVK\JJP}UH\KPV]PZ\HS
:P[PV^LI
4H[LYPHSLZKL]PZPIPSPKHKKP]\SNHJP}U
`KPKmJ[PJVZ
)VSL[PULZ
,S7YV`LJ[VLUTLKPVZKLJVT\UPJHJP}U
(ZPZ[LUJPH;tJUPJH0U[LYUHJPVUHS
+PYLJJP}U`HKTPUPZ[YHJP}U
,QLJ\JP}UÄUHUJPLYH
.YHJPHZ
7\ISPJHJPVULZLKP[HKHZLULS
THYJVKLS7YV`LJ[V
0U[LNYHU[LZ`JVSHIVYHKVYLZ
KLS7YV`LJ[V
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
7YPTLYH*VTPZPVUHKH(TPU[H,SLUH.YHULYH:HJHZH
+PYLJ[VYH.LULYHS7VSPJxH5HJPVUHSKL5PJHYHN\H
*(9;(
+,3(7904,9(*640:065(+(
(405;(,3,5(.9(5,9(:(*(:(
(
PUPJPVZKLSHKtJHKHWHZHKH5PJHYHN\HJVTLUa}\UWYVJLZVWYVM\UKVKL[YHUZMVYTH
JP}UKLSZPZ[LTHKLQ\Z[PJPHWLUHS[YHUZP[HUKVKL\UZPZ[LTHPUX\PZP[P]VHUHJY}UPJVH\U
ZPZ[LTHHJ\ZH[VYPVLULSX\LZLM\LYVUPUJVYWVYHUKVSHZIHZLZWYPUJPWPVZ`NHYHU[xHZKL
\UZPZ[LTHWYVJLZHSTVKLYUV`YLZWL[\VZVKLSVZKLYLJOVZKLSVZHJ\ZHKVZ`KLSHZ]xJ[PTHZ
WYVJ\YHUKVJVU[YPI\PYKLMVYTHTmZLMLJ[P]HHHSJHUaHYSHWHaZVJPHSLSVYKLU`SHJVU]P]LUJPH
LU[YLU\L[YVZJP\KHKHUVZ
,ULSZPZ[LTHHJ\ZH[VYPVLZKL]P[HSPTWVY[HUJPHLSWHWLSX\LKLZLTWL|HUJPLY[HZPUZ[P[\JPVULZ
H\_PSPHYLZWHY[PJ\SHYTLU[LLSX\LSSL]HUHJHIVSH7VSPJxH*PLU[xÄJH`SVZWLYP[VZJYPTPUHSPZ[HZH
[YH]tZKLSVZWYVJLZVZ[tJUPJVPU]LZ[PNH[P]VZ`WLYPJPHSLZX\LKLZHYYVSSHULUSHWYVWPHLZJLUHKLS
JYPTLU`LUSVZ3HIVYH[VYPVZKL*YPTPUHSxZ[PJH`KLJPLUJPHZMVYLUZLZ
7LYVSVZH]HUJLZKLSHJPLUJPH`LSZ\YNPTPLU[VKL[LJUVSVNxHUV]LKVZHHWSPJHKHHSHJYPTPUH
SxZ[PJH`HSHPU]LZ[PNHJP}UMVYLUZLHZxJVTVHSZ\YNPTPLU[VKLU\L]HZJVUK\J[HZ`JVTWVY[H
TPLU[VZKLSPJ[P]VZJVTWSLQVZWYVWPVZKLLZ[HLYH`LSPUJYLTLU[VKLSHJYPTPUHSPKHKVYNHUPaHKH
[YHUZUHJPVUHSUVZPUKPJ}SHULJLZPKHKKLTVKLYUPaHY`MVY[HSLJLYSVZZLY]PJPVZX\LKLZKLU\LZ
[YVTVKLZ[V3HIVYH[VYPVKL*YPTPUHSxZ[PJH]LUxHTVZWYLZ[HUKV
7HY[PLUKVKLLZ[LKLZHMxVLZ[YH[tNPJVLULSH|VHZ\TPTVZLSYL[VKLJVUZ[Y\PY\UU\L]V
3HIVYH[VYPVX\LJVU[HYHJVUSHPUMYHLZ[Y\J[\YHLSLX\PWHTPLU[V`SHJHWHJPKHK[tJUPJH`WYVML
ZPVUHSX\LKPLYHYLZW\LZ[HHLZHZL_PNLUJPHZ
7mNPUH
4LTVYPH
,S .VIPLYUV KL ,ZWH|H YLZWVUKP} PUTLKPH[HTLU[L ` H [YH]tZ KL SH (NLUJPH ,ZWH|VSH KL
*VVWLYHJP}U0U[LYUHJPVUHS(,*0+ZLHZ\TP}JVULU[\ZPHZTVLSWYV`LJ[VWHYHSHJVUZ[Y\JJP}U
KLSU\L]VJLU[YVJ\`HZTVKLYUHZPUZ[HSHJPVULZM\LYVUJVUJS\PKHZJVUMVUKVZZ\I]LUJPVUHKVZ
WVYSH(,*0+`YLJPIPKHZVÄJPHSTLU[LLUQ\UPVKL
7LYVOHJxHMHS[HHZLN\YHYV[YVZPTWVY[HU[LZJVTWVULU[LZKLSWYV`LJ[V!Z\LX\PWHTPLU[V`SH
JYLHJP}U`MVY[LSLJPTPLU[VKLSHZJHWHJPKHKLZJPLU[xÄJV[tJUPJHZLULSWLYZVUHS
5VZHIVJHTVZHSH<UP}U,\YVWLH`WYLZLU[HTVZZVSPJP[\KKLHWV`VWHYHWVULYLUTHYJOHLS
¸7YV`LJ[VKL-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYHTLQVYHYLS(JJLZVKLSH1\Z[PJPH7LUHS
LU5PJHYHN\H¹LSJ\HSM\LZ\ZJYP[VLUQ\UPVKLSWVY\UTVU[VKLTPSSVULZKL,\YVZ
,Z[LOLJOVWHYHSH7VSPJxH5HJPVUHSKL5PJHYHN\HTHYJ}\UOP[VOPZ[}YPJVW\LZ[VX\LZL[YH[}
KLS WYPTLY WYV`LJ[V X\L NLZ[PVUHTVZ ` KLZHYYVSSHTVZ JVUQ\U[HTLU[L JVU LZ[L PTWVY[HU[L
VYNHUPZTVPU[LYUHJPVUHS
3VX\LZPN\P}KLZW\tZM\LJ\TWSPY
*\TWSPY JHKH \UV KL SHZ L[HWHZ ` WHZVZ WYL]PZ[VZ LU LS WYV`LJ[V JVU WYVMLZPVUHSPZTV JVU
KPZJPWSPUHJVULU[\ZPHZTVJVULTWYLUKPTPLU[VJVULZWxYP[\KLJVVWLYHJP}UJVU]PZP}UZPZ[t
TPJH`LZWLJPHSTLU[LJVU[YHUZWHYLUJPH`YLZWVUZHIPSPKHK
/HJL\UH|VLSKLQ\UPVKLYLJPIPTVZSVZLX\PWVZKLHS[H[LJUVSVNxH`KL‚S[PTHNLUL
YHJP}UX\LM\LYVUHKX\PYPKVZWHYHLSSHIVYH[VYPV`ZLJVU[PU\}WHZVHWHZVLS¸7SHU4HLZ[YVKL
-VYTHJP}U`*HWHJP[HJP}ULU*YPTPUHSxZ[PJH¹X\LJVUJS\`}LZ[LH|V7SHUX\LWLYTP[P}SH
JHWHJP[HJP}U`HJ[\HSPaHJP}UKLJVUVJPTPLU[VZHSWLYZVUHS[tJUPJVWLYPJPHS[HU[VLU5PJHYHN\H
JVTVLULSL_[YHUQLYVWLYVX\LHKLTmZJVU\UH]PZP}UZPZ[tTPJHPU]VS\JY}SHJHWHJP[HJP}UHSVZ
WYPUJPWHSLZVWLYHKVYLZKLQ\Z[PJPH7LUHSWVSPJxHZÄZJHSLZKLMLUZVYLZQ\LJLZ`THNPZ[YHKVZ
(SJVUJS\PYMVYTHSTLU[L`L_P[VZHTLU[LLS¸7YV`LJ[VKL-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJH
WHYHTLQVYHYLS(JJLZVKLSH1\Z[PJPH7LUHSLU5PJHYHN\H¹JVTV+PYLJ[VYH.LULYHSKLSH7VSPJxH
5HJPVUHSUVW\LKVTmZX\LZLU[PYTLWYVM\UKHTLU[LZH[PZMLJOHWVYSVZYLZ\S[HKVZHSJHUaHKVZ
WVYOHILYOLJOVYLHSPKHKLSZ\L|VKLJVU[HYJVU\U3HIVYH[VYPVKL*YPTPUHSxZ[PJHTVKLYUV`
KLYLMLYLUJPHYLNPVUHS3HIVYH[VYPVX\LOV`ZLLUJ\LU[YHHSZLY]PJPVKLSVZ}YNHUVZVWLYH[P]VZ
LPU]LZ[PNH[P]VZKLU\LZ[YHPUZ[P[\JP}UWVSPJPHSKLS7VKLY1\KPJPHS`KLSHJP\KHKHUxHLUNLULYHS
X\LLZSHWYPUJPWHSILULÄJPHYPHKLSWYV`LJ[VJVTVKLTHUKHU[L`KLZ[PUH[HYPHÄUHSKLSHHKTP
UPZ[YHJP}UKLQ\Z[PJPH
5\LZ[YV ZPUJLYV HNYHKLJPTPLU[V H SH <UP}U ,\YVWLH WVY SH JVUÄHUaH KLWVZP[HKH LU U\LZ[YV
NVIPLYUV KL 9LJVUJPSPHJP}U ` <UPKHK 5HJPVUHS ` LU U\LZ[YH PUZ[P[\JP}U X\L WLYTP[P} SSL]HY
HKLSHU[LLZ[LWYV`LJ[VKLMVYTHL_P[VZH
;HTIPtUU\LZ[YVYLJVUVJPTPLU[VHSH<UP}U,\YVWLHWVYOHJLYWYVWPVLZLWYPUJPWPVKLYLZWVU
ZHIPSPKHKJVTWHY[PKH`KPMLYLUJPHKHYLJVNPKVLUSH,Z[YH[LNPHKL:LN\YPKHKKL*LU[YVHTtYPJH
` X\L OHU ZHIPKV HZ\TPY JVU ZLYPLKHK JVU[YPI\`LUKV H JVUZ[Y\PY TH`VYLZ KL LZWHJPVZ KL
ZLN\YPKHKLUU\LZ[YHYLNP}U
0N\HSTLU[LU\LZ[YVHNYHKLJPTPLU[V`MLSPJP[HJPVULZHJHKH\UHKLSHZWLYZVUHZX\LZL]PLYVU
PU]VS\JYHKHZ JVTV HJ[VYLZ PTWVY[HU[LZ LZ SH W\LZ[H LU THYJOH ` LQLJ\JP}U KL SVZ KPZ[PU[VZ
JVTWVULU[LZ KL LZ[L WYV`LJ[V X\L OPJPLYVU WVZPISL J\STPUHYSV L_P[VZHTLU[L :PU S\NHY H
K\KHZWVYSVZYLZ\S[HKVZHSJHUaHKVZLZ[LLZM\LYaVJVUZ[P[\`L\UTVKLSV`LQLTWSVKLNLZ[P}U
LQLJ\JP}U`ZPULYNPHLUSHJVVWLYHJP}UPU[LYUHJPVUHS
5\LZ[YVJVTWYVTPZVLZZLN\PYWVUPLUKV[VKVU\LZ[YVLTWL|V`U\LZ[YHZJHWHJPKHKLZWHYH
HSJHUaHYTH`VYLZUP]LSLZKLZLN\YPKHKLUU\LZ[YVWHxZ`LUU\LZ[YHYLNP}U
4HUHN\H5PJHYHN\H1\UPVKL
7YPTLYH*VTPZPVUHKH
(TPU[H,SLUH.YHULYH:HJHZH
+PYLJ[VYH.LULYHS7VSPJxH5HJPVUHSKL5PJHYHN\H
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
:Y1H]PLY:HUKVTPUNV5‚|La,TIHQHKVY
1LMLKLSH+LSLNHJP}UKLSH<UP}U,\YVWLH
LU5PJHYHN\H*VZ[H9PJH`7HUHTm`HU[L
LS:PZ[LTHKLSH0U[LNYHJP}U*LU[YVHTLYPJHUH
*(9;(+,3:91(=0,9:(5+6405.6
5Øj,A,4)(1(+691,-,+,3(
+,3,.(*0Ô5+,3(<50Ô5,<967,(
3
H<UP}U,\YVWLH<,OHÄUHUJPHKVLU[YLSVZH|VZ`LS7YV`LJ[V¸-VY[HSLJPTPLU[V
KLSHL]PKLUJPHMxZPJHWHYHTLQVYHYLSHJJLZVHSHQ\Z[PJPHWLUHS¹,SHWV`VHSHTLQVYHKL
SHKLTVJYHJPH`SHI\LUHNVILYUHUaHLZ\UVKLSVZLQLZWYPVYP[HYPVZKLU\LZ[YHJVVWLYH
JP}U7HYHUVZV[YVZSHKLTVJYHJPH`SHNVILYUHIPSPKHKZVU]HSVYLZImZPJVZUVZVSVKLU[YVKL
SH<,ZPUVM\LYHKLZ\ZMYVU[LYHZWVYLZVHWV`HTVZHJJPVULZX\L]H`HULUJHTPUHKHZHSVNYHY
LZ[LWYVW}ZP[V
-VY[HSLJLYLSWYVJLZVX\LJVUSSL]HSHHKX\PZPJP}ULSHUmSPZPZ`SHWYLZLU[HJP}UKLSHL]PKLUJPHMxZP
JHLUWYVJLZVZWLUHSLZ`HZLN\YHYX\LLZHL]PKLUJPHZLOH`HVI[LUPKVJVU[VKVZSVZYLJH\KVZ
SLNHSLZ`ZLSLOH`HKHKV\U[YH[HTPLU[VHQ\Z[HKVHSVZWYVJLKPTPLU[VZ[tJUPJVZLZ[HISLJPKVZ
7mNPUH
4LTVYPH
OHZPKVLSLUMVX\LWYPUJPWHSKLLZ[LWYV`LJ[V,ZHZxX\LSHZL]PKLUJPHZJVU[HYmUJVU]HSVY
WYVIH[VYPVLUSVZWYVJLZVZKLQ\Z[PJPHWLUHS,Z[V\UPKVHSMVY[HSLJPTPLU[VKLSHZJHWHJPKHKLZ
KLPU]LZ[PNHJP}UKLSHWVSPJxHZ\WVULKLMVYTHPUKPYLJ[H\UHTLQVYHLUSHHKTPUPZ[YHJP}UKL
SHQ\Z[PJPHWLUHS`HZ\]La\UPTWHJ[VWVZP[P]VLUSHZLN\YPKHKQ\YxKPJHWHYHSVZJP\KHKHUVZ
UPJHYHN…LUZLZ
,SVIQL[P]VJVTWHY[PKVJVUSVZYLWYLZLU[HU[LZKLSH7VSPJxH`Z\I`HJLU[LH[VKVLZ[LWYV`LJ[VLZ
OHJLYX\LSHQ\Z[PJPHZLHJHKH]LaTmZQ\Z[HKLHJ\LYKVHSVZWYPUJPWPVZKLSLNHSPKHKSHZNHYHU[xHZ
KLSKLIPKVWYVJLZV`LSYLZWL[VKLSVZKLYLJOVZO\THUVZX\LZVUSVZ]HSVYLZLUSVZJ\HSLZJYLL
TVZ`H[YH]tZKLSVZJ\HSLZZLJVUZ[Y\`LSHZLN\YPKHK`LSIPLULZ[HYKLSHJP\KHKHUxH
3SLNHKV LS ÄUHS KLS 7YV`LJ[V LZ SH OVYH KL SVZ IHSHUJLZ ` KL SHZ L]HS\HJPVULZ ,S WYV`LJ[V
¸-VY[HSLJPTPLU[VWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS¹LZ\UPTWVY[HU[LSVNYVKLU\LZ[YH
JVVWLYHJP}ULU5PJHYHN\H`YLWYLZLU[HLSJVTWYVTPZVKLSH<,JVULSMVY[HSLJPTPLU[VKLSHJH
KLUHWLUHSLULSWHxZ,S3HIVYH[VYPVLZ\UVKLSVZLSLTLU[VZTmZ]PZPISLZKLKPJOHJHKLUHLU
SHJ\HS[YHIHQHUV[YVZWVKLYLZKLS,Z[HKVLPUZ[P[\JPVULZ`LZ\UWVJVLSS\NHYKVUKLLTWPLaH
`[LYTPUHLS[YHIHQVPU[LYPUZ[P[\JPVUHS7VYLUKLNHYHU[PaHYSHTm_PTHJHSPKHKKLS[YHIHQVKLSH
WVSPJxHH[YH]tZKLSSHIVYH[VYPVZPNUPÄJHKHYIHZLZZ}SPKHZHS[YHIHQVKLV[YVZHJ[VYLZ
7VY LZH YHa}U ZL MVY[HSLJP} LS SHIVYH[VYPV KV[mUKVSV KL LX\PWHTPLU[V [LJUVS}NPJHTLU[L KL
W\U[HWVY\UTVU[VKLJHZP TPSSVULZKLL\YVZ`ZLOHHWV`HKVHZ\WLYZVUHS[tJUPJVJVU
HJ[P]PKHKLZKLMVYTHJP}UWHYHX\LSVZWYVJLKPTPLU[VZWHYHSH\[PSPaHJP}UKLSHZU\L]HZ[LJ
UVSVNxHZW\LZ[HZHKPZWVZPJP}UWVYLSWYV`LJ[VZLHUYmWPKHTLU[LPU[LYPVYPaHKVZLUSHJ\S[\YH
PUZ[P[\JPVUHSKLSSHIVYH[VYPV
*HILTLUJPVUHYX\LNYHJPHZHSHWVY[LKLSH<,WVYWYPTLYH]LaSH7VSPJxHKL5PJHYHN\HKPZWV
ULKL\UH\UPKHKKLHUmSPZPZKL(+5(KLTmZZVUOP[VZPTWVY[HU[LZSHLSHIVYHJP}U`KPM\ZP}U
KL\UTHU\HSPTWYLZV`KPM\UKPKVLUJVWPHZWHYHLS[YH[HTPLU[VKLSHL]PKLUJPHMxZPJH
X\LHIHYJHH[VKVLSZPZ[LTHKLQ\Z[PJPHHZxJVTVSHYLHSPaHJP}UKLSHZKLIPKHZJHWHJP[HJPVULZ
[HU[V LU LS mTIP[V UHJPVUHS JVTV PU[LYUHJPVUHS H HNLU[LZ WVSPJPHSLZ WLYP[VZ JYPTPUHSPZ[HZ `
M\UJPVUHYPVZKLSZPZ[LTHKLQ\Z[PJPH;VKVLZ[LJVUQ\U[VKLTLKPKHZOHJLX\LLSSHIVYH[VYPVZL
[YHZMVYTL[HTIPtULU\UHPUZ[P[\JP}UKLYLMLYLUJPHLUSHYLNP}U
,UÄUTLUJPVUHYX\LLS3HIVYH[VYPVLZ[HTIPtULQLTWSVKLSHL_JLSLU[LJVVWLYHJP}UX\LSH
<,OHKLZHYYVSSHKVJVUZ\Z,Z[HKVZTPLTIYVZWYLZLU[LZLU5PJHYHN\H`HX\LZPULSHWVY[LKL
,ZWH|HYLZWVUZHISLKLSHJVUZ[Y\JJP}UKLSHPUMYHLZ[Y\J[\YHKLS3HIVYH[VYPV[HSWYV`LJ[VUV
O\IPLYHWVKPKV[LULYLSPTWHJ[VX\LOV`WVKLTVZJVUZ[H[HY
*VUZPKLYHTVZX\LLSWYV`LJ[VOHZPKVL_P[VZV`MLSPJP[HTVZLSJVTWYVTPZVKL[VKVZSVZHJ[V
YLZX\LOHUKHKVZ\JVU[YPI\JP}ULUZ\ZKPMLYLU[LZMHZLZKLKLZHYYVSSV,Z[LWYV`LJ[VOHZPKV
\U LQLTWSV JSHYV KL SVZ YLZ\S[HKVZ X\L ZL W\LKLU HSJHUaHY NYHJPHZ HS [YHIHQV JVUQ\U[V JVU
U\LZ[YVZZVJPVZUPJHYHN…LUZLZLUWHY[PJ\SHYSH7VSPJxH5HJPVUHS`SHZPUZ[P[\JPVULZX\LMVYTHU
WHY[LKLSZPZ[LTHUHJPVUHSKLQ\Z[PJPHWLUHS
1\UPV
:Y1H]PLY:HUKVTPUNV5‚|La,TIHQHKVY
1LMLKLSH+LSLNHJP}UKLSH<UP}U,\YVWLH
LU5PJHYHN\H*VZ[H9PJH`7HUHTm`HU[L
LS:PZ[LTHKLSH0U[LNYHJP}U*LU[YVHTLYPJHUH
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
+VJ[VY4HY]PU(N\PSHY.HYJxH
7YLZPKLU[LKLSH*VTPZP}U0U[LYPUZ[P[\JPVUHSKL1\Z[PJPH
4HNPZ[YHKV`=PJL7YLZPKLU[LKLSH
*VY[L:\WYLTHKL1\Z[PJPHKL5PJHYHN\H
7mNPUH
4LTVYPH
*(9;(
+,379,:0+,5;,+,3(*640:0Ô5
05;,905:;0;<*065(3+,1<:;0*0(
+6*;694(9=05(.<03(9.(9*Ð(
LZKLSH*VTPZP}U5HJPVUHS0U[LYPUZ[P[\JPVUHSKLS:PZ[LTHKL1\Z[PJPH7LUHSJVUZPKLYH
TVZX\LLS7YV`LJ[VKL-VY[HSLJPTPLU[VKLSHL]PKLUJPHMxZPJHWHYHTLQVYHYLSHJJLZVH
SHQ\Z[PJPHWLUHSHKTPUPZ[YHKVWVYSH7VSPJxH5HJPVUHS`ÄUHUJPHKVWVYSH<UP}U,\YVWLH
OHHSJHUaHKVPTWVY[HU[LZSVNYVZ
+
+LZKLLSJVTPLUaVKLS7YV`LJ[VOLTVZJVSHIVYHKVLUSHZHJ[P]PKHKLZX\LZLLZ[HISLJxHULU
SVZ7SHULZHU\HSLZ*VUMVYTHTVZ\UHJVTPZP}U[tJUPJHX\LLSHIVY}LS4HU\HSKL[YH[HTPLU[V
KLSHL]PKLUJPHMxZPJHOLYYHTPLU[HKLZ\THPTWVY[HUJPH`WHY[PJPWHTVZLU[VKVLSWYVJLZVKL
JHWHJP[HJP}ULUSVZJVU[LUPKVZKLS4HU\HSX\LZLL_[LUKP}H[VKVLS[LYYP[VYPVUPJHYHN…LUZL
0UZ[P[\JPVULZJVTVLS4PUPZ[LYPV7‚ISPJVSH+LMLUZVYxH7‚ISPJHLS0UZ[P[\[VKL4LKPJPUH3LNHS`
LS0UZ[P[\[VKL(S[VZ,Z[\KPVZ1\KPJPHSLZOHULZ[HKVLULZ[YLJOVJVU[HJ[VJVUSVZTPLTIYVZKL
SH7VSPJxH`KLS3HIVYH[VYPVKL*YPTPUHSxZ[PJHX\LLQLJ\[HIHULS7YV`LJ[V
<UH]HSPVZHHWVY[HJP}UKLS7YV`LJ[VOHZPKVSHPTWSLTLU[HJP}UKLSZPZ[LTHKL]PKLVJVUMLYLU
JPHZLUSVZQ\PJPVZX\LZ\WVUL\UPTWVY[HU[LHOVYYVKL[PLTWV`KPULYV
(SÄUHSPaHYLS7YV`LJ[VUVZX\LKHUSHHJJPVULZLTWYLUKPKHZSVZMY\[VZKLSHJVSHIVYHJP}U`SVZ
YLZ\S[HKVZKLSHZHJ[P]PKHKLZX\LZLN\PYmUKLZHYYVSSmUKVZLLUSHTLKPKHX\LZLH]HUaHLUSH
JVUZVSPKHJP}UKLS,Z[HKV`LUSHWYV]PZP}UKLTH`VYZLN\YPKHK`JLY[LaHQ\YxKPJHHSHWVISHJP}U
UPJHYHN…LUZL
1\UPV
+Y4HY]PU(N\PSHY.HYJxH
7YLZPKLU[LKLSH*VTPZP}U0U[LYPUZ[P[\JPVUHSKL1\Z[PJPH
4HNPZ[YHKV`=PJL7YLZPKLU[LKLSH
*VY[L:\WYLTHKL1\Z[PJPHKL5PJHYHN\H
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
*VTPZPVUHKH4H`VY(U[VUPH7HSHJPVZ5H]HYYL[L
1LMHKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJH
7VSPJxH5HJPVUHSKL5PJHYHN\H
7mNPUH
4LTVYPH
*(9;(
+,3(1,-(+,33()69(;6906+,
*90405(3Ð:;0*(*640:065(+(4(@69
(5;650(7(3(*06:5(=(99,;,
,
S7YV`LJ[VKLMVY[HSLJPTPLU[VKLSHL]PKLUJPHMxZPJHWHYHTLQVYHYLSHJJLZVHSHQ\Z[PJPH
WLUHSÄUHUJPHKVWVYSH7VSPJxH5HJPVUHSKL5PJHYHN\H`SH<UP}U,\YVWLHZLOH]LUPKV
PTWSLTLU[HUKVK\YHU[LSVZ‚S[PTVZ[YLZH|VZLULS3HIVYH[VYPVKL*YPTPUHSxZ[PJHKLSH
7VSPJxH5HJPVUHS
*VTV1LMHKLS3HIVYH[VYPV`(KTPUPZ[YHKVYHKLS7YV`LJ[VJVUZPKLYVULJLZHYPVLULZ[HOVYH
ÄUHSKLSTPZTVYLZHS[HYSVZSVNYVZHSJHUaHKVZ`ZL|HSHYSVZHJVU[LJPTPLU[VZTmZYLSL]HU[LZX\L
OLTVZ]P]PKV
,UQ\UPVKLZLÄYTHLSJVU]LUPVKLÄUHUJPHJP}UJVUSH<UP}U,\YVWLH`ZLLJOHHHUKHY
LS7YV`LJ[V,UTH`VKLZLYLJPILLSLKPÄJPVKLSU\L]VSHIVYH[VYPVÄUHUJPHKVWVYSHJV
VWLYHJP}ULZWH|VSH,UQ\UPVKLLZLTPZTVH|VZLPUH\N\YHJVUSHWYLZLUJPHKLSWYLZPKLU[L
KLS:LUHKVKL,ZWH|H`SH7YPTLYH*VTPZPVUHKHKLSH7VSPJxH5HJPVUHS,ULSWYPTLYZLTLZ[YL
KLZLYLJPILLPUZ[HSH[VKVLSLX\PWHTPLU[VHKX\PYPKVLX\PWVZ[LJUVS}NPJVZKL‚S[PTH
NLULYHJP}UX\LZ\WVULU\UPTWVY[HU[LZHS[VJ\HSP[H[P]VLULSX\LOHJLYKLLZ[H0UZ[P[\JP}U,U
Q\UPVKLLZLTPZTVH|VZLYLHSPaHLS[YHZSHKVJVTWSL[VKLSWLYZVUHSHSHZU\L]HZPUZ[HSHJPVULZ`
LUHNVZ[VZLPUH\N\YHVÄJPHSTLU[LLS3HIVYH[VYPVLU[V[HSM\UJPVUHTPLU[V,UVJ[\IYLKL
UVZJVTWSHJLJVUZ\]PZP[HLS*VTPZHYPVKL+LZHYYVSSVKLSH<UP}U,\YVWLH7VY‚S[PTVLUQ\UPV
KLLZ[HTVZJLYYHUKVLS7YV`LJ[VJVUSHZH[PZMHJJP}UKLSKLILYJ\TWSPKV
,ULZ[VZ[YLZH|VZOLTVZHSJHUaHKVSVNYVZWLYV[HTIPtUOLTVZ[YHIHQHKVT\JOV`OLTVZ
HWYLUKPKVTmZ/LTVZHWYLUKPKVHZ\WLYHYKPÄJ\S[HKLZ`LUJVU[YHYZVS\JPVULZ/LTVZHWYLU
KPKVH[YHIHQHYJVUSHJVVWLYHJP}UPU[LYUHJPVUHS`OLTVZYH[PÄJHKVSHZ]LU[HQHZKLSHJVSHIV
YHJP}UPU[LYPUZ[P[\JPVUHS
;VKVLSSVOHOLJOVWVZPISLÄUHSPaHYLS7YV`LJ[VLULS[PLTWVWYL]PZ[V`WVKLYHÄYTHYX\LOLTVZ
JVU[YPI\PKVHSMVY[HSLJPTPLU[VKLS3HIVYH[VYPVX\LJ\LU[HHOVYHJVUTLKPVZTmZTVKLYUVZ
WLYZVUHS JHWHJP[HKV LU SHZ U\L]HZ [tJUPJHZ ` VYNHUPaHJP}U HKLJ\HKH H SVZ U\L]VZ YLX\LYP
TPLU[VZ
1\UPV
*VTPZPVUHKH4H`VY(U[VUPH7HSHJPVZ5H]HYYL[L
1LMHKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJH
7VSPJxH5HJPVUHSKL5PJHYHN\H
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH(JJLKLYHSH1\Z[PJPH7LUHS
,S7YV`LJ[V
:\ZM\UKHTLU[VZ
([YH]tZKLS7YV`LJ[V
-VY[HSLJPTPLU[VKLSH,]PKLUJPH
-xZPJHWHYH4LQVYHYLS(JJLZV
HSH1\Z[PJPH7LUHS
ZLOHMVY[HSLJPKVLS,Z[HKVKL
+LYLJOVLU5PJHYHN\HOHJPLUKV
MYLU[LHSHPUZLN\YPKHKQ\YxKPJH
3VYLTPWZ\TKVSVYZP[HTL[JVUZLJ[L[\LYHKPWPZJPUNLSP[ZLKKPHTUVU\TT`UPIOL\PZTVK[PUJ
HSTLQVYHYLS[YHIHQVMVYLUZL
PK\U[\[SHVYLL[KVSVYLTHNUHHSPX\HTLYH[]VS\[WH[<[^PZPLUPTHKTPUPT]LUPHTX\PZUVZ[Y\K
L_LYJP[H[PVU\SSHTJVYWLYZ\ZJPWP[SVIVY[PZUPZS\[HSPX\PWL_LHJVTTVKVJVUZLX\H[+\PZH\[LT]LS
`JYPTPUHSxZ[PJVKLSH7VSPJxH5HJPVUHS
L\TPYP\YLKVSVYPUOLUKYLYP[PU]\SW\[H[L]LSP[LZZLTVSLZ[PLJVUZLX\H[]LSPSS\TKVSVYLL\ML\NPH[
PUJPKPLUKVKLJPZP]HTLU[L
U\SSHMHJPSPZPZH[]LYVLYVZL[HJJ\TZHUL[P\Z[VVKPVKPNUPZZPTX\PISHUKP[WYHLZLU[S\W[H[\TaaYPS
LUSHLMLJ[P]PKHK`LÄJPLUJPH
KLSLUP[H\N\LK\PZKVSVYL[LML\NHP[
KLSHHKTPUPZ[YHJP}UKLQ\Z[PJPH
7mNPUH
4LTVYPH
(5;,*,+,5;,:
,S7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7L
UHS[PLULZ\VYPNLULULSJVTWYVTPZVKLSNVIPLYUVKL5PJHYHN\HJVU\UHWVSx[PJHKLHWV`VHSH
TVKLYUPaHJP}UKLSZLJ[VY1\Z[PJPH`KLMLUZHKLSVZKLYLJOVZO\THUVZ*VULZ[VZWYPUJPWPVZZL
HMYVU[}LS7SHUKL1\Z[PJPHKL5PJHYHN\HX\LWYL[LUKP}TLQVYHYLSHJJLZVHSHQ\Z[PJPH
SHZLN\YPKHKQ\YxKPJH`SHLMLJ[P]PKHK`SHLÄJPLUJPHKLSHHKTPUPZ[YHJP}UKLQ\Z[PJPHTLKPHU[LLS
YLM\LYaVKLSVZZ\IZPZ[LTHZX\LHSPTLU[HULS[YHIHQVMVYLUZL`JYPTPUHSxZ[PJV
,ULSTHYJVKLS7SHUKL1\Z[PJPHKL5PJHYHN\HZLJVU[LTWS}JVTV\UVKLSVZVIQL[P]VZKLSH
7VSPJxHLSVW[PTPaHYSHLÄJPLUJPH`LÄJHJPHKLSHHJ[P]PKHKKLPU]LZ[PNHJP}UKLSVZKLSP[VZH[YH]tZ
KLSH+PYLJJP}UKL(\_PSPV1\KPJPHS*VTV\UHKLSHZTL[HZKLLZLWSHUZLMVYT\S}LSWYV`LJ[V
KLTVKLYUPaHJP}UKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJH
,Z[HZ WYPVYPKHKLZ LU J\HU[V HS TLQVYHTPLU[V KL SH NVILYUHIPSPKHK LZ[mU [HTIPtU YLJVNPKHZ
LULS7SHU,Z[YH[tNPJVKLSH7VSPJxH5HJPVUHS,STLQVYHTPLU[VKLS[YHIHQVKLPU]LZ
[PNHJP}UJYPTPUHSMVYTHWHY[LKLSHWYPTLYHWYPVYPKHKKLKPJOV7SHU,Z[YH[tNPJV!¸VW[PTPaHYSH
LÄJPLUJPHKLSHZHJ[P]PKHKLZPU]LZ[PNH[P]HZ`TLQVYHYSHLMLJ[P]PKHKKLZ\HWV`VHSWYVJLZVKL
Q\Z[PJPHWLUHS`HSWVKLYQ\KPJPHS¹,SWYV`LJ[VKLTVKLYUPaHJP}UKLS3HIVYH[VYPVKL*YPTPUHSxZ
[PJH[HTIPtUZLJVU[LTWS}LULZLWSHULSJ\HSKLZ[HJHIHHZPTPZTVSHULJLZPKHKKLMVY[HSLJLY
SHJHWHJPKHKKLNLZ[P}UKLSVZYLJ\YZVZO\THUVZTH[LYPHSLZÄUHUJPLYVZ`[LJUVS}NPJVZWHYH
TLQVYHYSHJHSPKHKKLSZLY]PJPVWVSPJPHS
0N\HSTLU[LLS7SHU5HJPVUHSKL+LZHYYVSSV/\THUVKL5PJHYHN\HZL|HSHIHLSTLQV
YHTPLU[VKLSHJJLZVHSHQ\Z[PJPHJVTV\UHKLZ\ZWYPVYPKHKLZKLNVILYUHIPSPKHK,ULSTPZTV
ZLWSHU[LHIH!¸LSKLZHYYVSSVHMH]VYKLSVZWVIYLZTLKPHU[LSHJVUZVSPKHJP}UKLSHKLTVJYHJPH
WHY[PJPWH[P]H`SHJVUZ[Y\JJP}UKLSHKLTVJYHJPHKPYLJ[H`SH[YHUZMVYTHJP}UKLS,Z[HKVZVIYLSH
IHZLKL\UHU\L]HPUZ[P[\JPVUHSPKHKHSZLY]PJPVKLSHQ\Z[PJPHZVJPHS¹
(ZPTPZTV[HU[VLULS+VJ\TLU[VKL,Z[YH[LNPH7HxZJVTVLULS7YVNYHTH5HJPVUHS
0UKPJH[P]VWHYH5PJHYHN\HZLPUKPJHIHUSHZWYPVYPKHKLZKLSHJVVWLYHJP}UKLSH<UP}U
,\YVWLHWHYHJVU5PJHYHN\HKLZ[HJHUKVLSTLQVYHTPLU[VKLSHKLTVJYHJPH`KLSHI\LUHNVILY
UHIPSPKHKJVULSVIQL[P]VKLHWV`HYLS,Z[HKVKL+LYLJOV`SHZLWHYHJP}UKLWVKLYLZHZxJVTV
OHJLYMYLU[LHSHPUZLN\YPKHKQ\YxKPJH
3HWYPVYPKHKKLS7YV`LJ[VJVUZPZ[P}LUMVY[HSLJLYLS[YHIHQVKLPU]LZ[PNHJP}UJYPTPUHSWHYHTLQVYHYLSHJJLZVKL
Q\Z[PJPHKLSHWVISHJP}UUPJHYHN…LUZL
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
763Ð;0*(:
@*90;,906::6)9,
3(,=0+,5*0(-Ð:0*(
/HZ[HSHLU[YHKHLU]PNVYKLS*}KPNV7YVJLZHS7LUHSHÄUHSLZKLSHHKTPUPZ[YHJP}UKL
Q\Z[PJPHWLUHSZLN\xH\UTVKLSVPUX\PZP[P]V,ZKLJPYLSQ\LaX\LKPYPNxHSHPU]LZ[PNHJP}ULYHLS
TPZTVX\LWYLZPKxHLSQ\PJPV,Z[LZPZ[LTHM\LYLLTWSHaHKVWVY\UZPZ[LTHHJ\ZH[VYPVKVUKL
LZLSÄZJHSX\PLUKPYPNLQ\YxKPJHTLU[LSHPU]LZ[PNHJP}UKLSHWVSPJxH`SSL]HHJHIVSHHJ\ZHJP}U
J\HUKVLUJ\LU[YHWY\LIHZZ\ÄJPLU[LZKLSHJVTPZP}UKL\UKLSP[V"LSQ\LaZLSPTP[HHKPJ[HYQ\Z
[PJPHLUSVZJHZVZJ\HUKVZLSLWYLZLU[HU
<UV KL SVZ LSLTLU[VZ JLU[YHSLZ KLS ZPZ[LTH WYVJLZHS WLUHS SV JVUZ[P[\`L LS KLZHYYVSSV KL SH
WY\LIHJPLU[xÄJHSHL]PKLUJPHMxZPJHX\LKLILZLYHWVY[HKHLUSVZWYVJLZVZVYHSLZ`X\LKLIL
[LULY]HSVYWYVIH[VYPV
+LU[YVKLSM\UJPVUHTPLU[VKLSZPZ[LTHKLQ\Z[PJPHWLUHSLSYVSKLSHWY\LIHWLYPJPHS`LSM\U
JPVUHTPLU[VKLSHZWLYPJPHZHJHYNVKLSVZL_WLY[VZX\LSHZKLZHYYVSSHUZVUJLU[YHSLZ+LLSSV
KLWLUKLLSJVU]LUJPTPLU[VKLSQ\LaVQ\YHKVKLSHJ\SWHIPSPKHKVPUVJLUJPHKL\UZ\QL[VKLSX\L
ZLHÄYTHLZYLZWVUZHISLKL\UKLSP[V`LUJVUZLJ\LUJPHKLILYmZLYZLU[LUJPHKV`ZHUJPVUHKV
JVU\UHWLUHX\LMYLJ\LU[LTLU[LPTWSPJHSHWYP]HJP}UKLSHSPILY[HKKLSZ\QL[VWVYH|VZVLU
JHZVJVU[YHYPVHIZ\LS[V
7VSPJxHZLUSHLZJLUHKLSJYPTLUYLJVNLUPUKPJPVZ`L]PKLUJPHZMxZPJHZWHYHSHPU]LZ[PNHJP}U
7mNPUH
4LTVYPH
3HWLYPJPH[tJUPJHYLX\PLYLKLWLY[PULUJPH`JLY[LaHZVIYLJ}TVSHL]PKLUJPHM\LYLJVWPSHKH
HUHSPaHKH[YHUZMVYTHKH`J\Z[VKPHKHWHYHWYVK\JPYLSYLZ\S[HKVX\LZLWYL[LUKL3HWLY[PULU
JPHLZSVX\LKL[LYTPUHX\LLZVZLSLTLU[VZZVUULJLZHYPVZWHYHKLTVZ[YHYSVX\LZLX\PLYL
KLTVZ[YHYLZKLJPYX\LSVZLSLTLU[VZWYVIH[VYPVZWHYHJHKH[PWVKLWLYPJPHKLT\LZ[YHULZL
OLJOVX\LSHHJ\ZHJP}ULZ[mI\ZJHUKVKLTVZ[YHY3HJLY[LaHKLSHWY\LIH[PLULX\L]LYJVU
]HYPVZ LSLTLU[VZ YLSHJPVUHKVZ KLZKL SH WYLZLY]HJP}U KL SH LZJLUH KLS JYPTLU SH ÄQHJP}U `
YLJVSLJJP}UKLPUKPJPVZSHJHKLUHKLJ\Z[VKPH`SVZTt[VKVZLPUZ[Y\TLU[VZHUHSx[PJVZ\[PSPaH
KVZ`KLZKLS\LNVJVUSHJHWHJPKHKKLL_WSPJHJP}UKLSVZWLYP[VZJYPTPUHSPZ[HZHU[LQ\LJLZ`
Q\YHKVZ
,ZPTWVY[HU[LX\LJHKH\UVKLSVZWLYP[HQLZX\LKLLUTHYJHKVLUWYVJLZVZKLJHSPKHKX\L
WLYTP[LUJLY[PÄJHYX\LLS[YHIHQVM\LKLZHYYVSSHKVZPN\PLUKVSVZLZ[mUKHYLZKLJHSPKHKHJLW[H
KVZ`JVUMVYTLZJVUSHJPLUJPH`SHZ[tJUPJHZHKLJ\HKHZ
+LLZ[HTHULYHSVZLSLTLU[VZWYVIH[VYPVZLULSQ\PJPVVYHSH`\KHYmUHSHKLJPZP}UKLQ\LJLZ`Q\
YHKVZ`WLYTP[PYmUX\LL_PZ[HJLY[LaHYHaVUHISLKLSHJ\SWHIPSPKHKVPUVJLUJPHKL\UHWLYZVUH
7VY V[YH WHY[L SH TLKPJP}U ` KL[LYTPUHJP}U KLS ,Z[HKV KL +LYLJOV KL \U WHxZ KLWLUKL KLS
M\UJPVUHTPLU[VPU[LNYHSKLSZPZ[LTHKLQ\Z[PJPHLUNLULYHS`HIHYJHUVZVSHTLU[LLS[YHIHQVKL
PU]LZ[PNHJP}UWVSPJPHSZPUV[HTIPtULSYVSKLSHHJ\ZHJP}UHJHYNVKLS4PUPZ[LYPV7‚ISPJVSHJHSP
KHKKLSHKLMLUZH`SHTHULYHLUX\LSVZQ\LJLZVQ\YHKVZZLJVTWVY[HULUmTIP[VZJVTVSH
PUKLWLUKLUJPHLPTWHYJPHSPKHK`LUJVUZLJ\LUJPHLUJ}TV[VTHUZ\ZKLJPZPVULZ
+,)0+6796*,:6
1\LaPTWHYJPHS
PUKLWLUKPLU[L
7‚ISPJV
,]PKLUJPH
OLJOVZ
`(YN\TLU[VZ
KLYLJOV
(J\ZHJP}U
(J\ZH[VYPV
JVU[YHKPJ[VYPV
+LMLUZH
7YPUJPWPV
KLPUVJLUJPH
*HYNH
<UP]LYZVJLYYHKV
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
+PZL|VWYLSPTPUHYKLSLKPÄJPVKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJHKLSH7VSPJxH5HJPVUHSKL5PJHYHN\H
*65:;9<**0Ô5
+,35<,=6,+0-0*06
3HHTWSPHJP}UTLQVYH`MVY[HSLJPTPLU[VKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJHLU5PJHYHN\HKLIP
KHTLU[LLX\PWHKV`JVULSWLYZVUHSHKLJ\HKHTLU[LJHWHJP[HKV`LU[YLUHKVWHYHJHKH\UH
KLSHZKPZJPWSPUHZJPLU[xÄJHZLUSHZKP]LYZHZmYLHZKLLZWLJPHSPKHKLZJYPTPUHSxZ[PJHZHKLTmZ
JVUWYVJLKPTPLU[VZLZ[HUKHYPaHKVZ`JLY[PÄJHKVZLYHUYLX\PZP[VZULJLZHYPVZWHYHPTW\SZHYSHZ
U\L]HZVYPLU[HJPVULZZVIYLLS]HSVYWYVIH[VYPVKLSHZL]PKLUJPHZ
,ULZ[LJVU[L_[VSH7VSPJxH5HJPVUHSLULSH|VYLJ\YYLHSH<UP}U,\YVWLH`HSH(NLUJPH
,ZWH|VSHKL*VVWLYHJPVU0U[LYUHJPVUHSWHYHLS+LZHYYVSSV(,*0+ZVSPJP[HUKVSHÄUHUJPHJP}U
KLSHJVUZ[Y\JJP}U`LX\PWHJP}UKL\UU\L]V3HIVYH[VYPVKL*YPTPUHSxZ[PJH
7mNPUH
4LTVYPH
*VUSH(,*0+ZLLSHIVYHLS7SHU4HLZ[YVKLMVYTHJP}U
JPLU[xÄJHX\LJVU[LTWSHJ\YZVZKLMVYTHJP}ULU[VKHZ
SHZLZWLJPHSPKHKLZKLJYPTPUHSxZ[PJHKLSSHIVYH[VYPV`ZL
LUJHYNHKLSHÄUHUJPHJP}UKLSWYV`LJ[VKLKPZL|V`KL
SHJVUZ[Y\JJP}UKLSU\L]VLKPÄJPVKLS3HIVYH[VYPVKL*YP
TPUHSxZ[PJHLU4HUHN\H+LZKLVJ[\IYLKLOHZ[H
TH`V KL ZL HJVTL[LU SVZ [YHIHQVZ KL JVUZ[Y\J
JP}U`OHIPSP[HJP}UKLSU\L]VLKPÄJPVZPLUKVPUH\N\YHKV
MVYTHSTLU[L WVY SH 7YPTLYH *VTPZPVUHKH KL SH 7VSPJxH
5HJPVUHS`WVYLS7YLZPKLU[LKLS:LUHKVKL,ZWH|HLS
KLQ\UPVKL
3HU\L]HJVUZ[Y\JJP}UZLJVTWVULKLJ\H[YVISVX\LZ
HYX\P[LJ[}UPJVZX\LJVU[PLULU\UVSH1LMH[\YH`(KTP
UPZ[YHJP}UV[YVLSSHIVYH[VYPVKL8\xTPJH\U[LYJLYVSVZ
SHIVYH[VYPVZKL.LUt[PJH`)PVSVNxH`\UJ\HY[VISVX\L
X\LJVU[PLULSVZSHIVYH[VYPVZKL)HSxZ[PJH+VJ\TLU[VZ
JVWxH+LYTH[VZJVWxH;YHaVSVNxH0UMVYTm[PJH-VYLUZL`
(=,?0(]LYxHZ,_WSVZPVULZL0UJLUKPVZ
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
*640:0Ô55(*065(3
+,*669+05(*0Ô505;,905:;0;<*065(3
+,3:0:;,4(+,1<:;0*0(7,5(3
3H*VTPZP}ULZ[mPU[LNYHKHWVY!LS7YLZPKLU[LKLSH*VY[L:\WYLTHKL1\Z[PJPH`LSKLZ\:HSH
7LUHSLS-PZJHS.LULYHSKLSH9LW‚ISPJHLS7YLZPKLU[LKLSH*VTPZP}UKL1\Z[PJPHKLSH(ZHT
ISLH5HJPVUHSLS7YVJ\YHKVYWHYHSH+LMLUZHKLSVZ+LYLJOVZ/\THUVZLS+PYLJ[VYKLSH+L
MLUZVYxH7‚ISPJHLS+PYLJ[VY5HJPVUHSKLSH7VSPJxH5HJPVUHSLS+PYLJ[VYKLSH(\KP[VYxH4PSP[HYLS
+PYLJ[VYKLS0UZ[P[\[VKL4LKPJPUH3LNHS`LS+PYLJ[VYKLS:PZ[LTH7LUP[LUJPHYPV5HJPVUHS
9L\UP}UKLJVVYKPUHJP}UKLYLWYLZLU[HU[LZKLS7YV`LJ[VJVUM\UJPVUHYPVZKLS:PZ[LTHKL1\Z[PJPH7LUHS
7mNPUH
4LTVYPH
3H*VY[L:\WYLTHKL1\Z[PJPHLZYLZWVUZHISLKLSHHKTPUPZ[YHJP}UKLS7VKLY1\KPJPHSKL5PJHYH
N\H3VZQ\LJLZKL[LYTPUHUZP\ULSLTLU[VKLWY\LIHLZHJLW[HKVJVTVWY\LIHLULSWYVJLZV
3H7VSPJxH5HJPVUHSKL5PJHYHN\HSSL]HHJHIVSHYLJVSLJJP}U`WYVJLZHTPLU[VKLSVZKH[VZ`SH
PU]LZ[PNHJP}UJYPTPUHS`LZYLZWVUZHISLKLNYHUWHY[LKLSHUmSPZPZJPLU[xÄJVKLSHL]PKLUJPHMxZPJH
H[YH]tZKLZ\ZSHIVYH[VYPVZKL*YPTPUHSxZ[PJH
,S4PUPZ[LYPV7‚ISPJV[PLULLSTVUVWVSPVKLSHHJJP}USLNHSLUTH[LYPHWLUHS`SHKPYLJJP}UKLS
WYVJLZVKLPU]LZ[PNHJP}UJYPTPUHS
,S0UZ[P[\[VKL4LKPJPUH3LNHSZLLUJHYNHKLYLHSPaHYL_mTLULZTtKPJVZMVYLUZLZ`SHLTPZP}U
KLSVZPUMVYTLZJVU]HSVYSLNHSULJLZHYPVWHYHHWV`HYSHL]PKLUJPH
3H6ÄJPUHKLS+LMLUZVYKLMLUZVYxHW‚ISPJHLZ[mHJHYNVKLSHYLWYLZLU[HJP}UKLSVZHJ\ZHKVZ
ZPUYLJ\YZVZZ\ÄJPLU[LZWHYHWHNHYSHHZPZ[LUJPHSL[YHKHHÄUKLNHYHU[PaHYZ\KLYLJOVHSHKL
MLUZH`KLHZLN\YHYSHWYLZLY]HJP}UKLSHZNHYHU[xHZKLSVZHJ\ZHKVZ
3HJVSHIVYHJP}UKLLZ[HZ0UZ[P[\JPVULZLULS7YV`LJ[VLYH]P[HSWHYHPTWSPJHYH[VKVZSVZVWL
YHKVYLZKLSZPZ[LTHKLQ\Z[PJPHWLUHS`HX\L[VKVZLSSVZWHY[PJPWHULULSWYVJLZV`JHKH\UV
KLZKLZ\WVZPJP}U[PLULPUJPKLUJPHLULSTPZTV3HJVTWYLUZP}UKLSVZPUMVYTLZZVIYLSVZYL
Z\S[HKVZKLSVZHUmSPZPZJPLU[xÄJVZ`SHHWSPJHJP}UKLWYVJLKPTPLU[VZLZ[HUKHYPaHKVZZVULQLT
WSVKLSVZPU[LYLZLZKL[VKVZ
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
-094(
+,3*65=,506
*VTVJVUZLJ\LUJPHKLSHLZ[YH[LNPHKLÄUPKH`JVUQ\U[HTLU[LJVUSHJVUZ[Y\JJP}UKLSU\L]V
LKPÄJPVKLSSHIVYH[VYPVZLMVYT\S}LS7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH
4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHSÄUHUJPHKVWVYSH<UP}U,\YVWLH
,SKLQ\UPVKLZLSSL]}HJHIVSHÄYTHKLS*VU]LUPVKL-PUHUJPHJP}ULU[YLSH<UP}U
,\YVWLH`SH9LW‚ISPJHKL5PJHYHN\HU¢+*0(3(WVYSHKPYLJ[VYHWHYH(TtYPJH
3H[PUHKLSH+PYLJJP}U.LULYHSKL+LZHYYVSSV`*VVWLYHJP}UKLSH<UP}U,\YVWLH1VSP[H)\[RL
]PJPLULLS=PJL4PUPZ[YV:LJYL[HYPVKL9LSHJPVULZ,JVU}TPJHZKLSH9LW‚ISPJHKL5PJHYHN\H
=HSKYHJR1HLU[ZJORL`SH7YPTLYH*VTPZPVUHKH+PYLJ[VYH.LULYHSKLSH7VSPJxH5HJPVUHSKLSH
9LW‚ISPJHKL5PJHYHN\H(TPU[H,SLUH.YHULYH:HJHZHX\LKHIHTHYJVSLNHSHS7YV`LJ[V
,_[YHJ[VKLSKVJ\TLU[VKLÄYTHKLJVU]LUPVLU[YLSH<UP}U,\YVWLH`SH9LW‚ISPJHKL5PJHYHN\H
5¢+*0(3(
7mNPUH
4LTVYPH
,S*VU]LUPVZVZ[\]V\UWYLZ\W\LZ[V[V[HSKL,\YVZNHYHU[PaHUKVKLLZ[HTHULYHSH
KPZWVZPJP}U[tJUPJH`HKTPUPZ[YH[P]H:\HWSPJHJP}UPUJS\`}KVZMHZLZ!
-HZLKLLQLJ\JP}UVWLYH[P]HKLSHZHJ[P]PKHKLZWYPUJPWHSLZKL\UHK\YHJP}UKL[YLZH|VZ
-HZLKLJPLYYLLULSJ\HSZLLMLJ[\HYVUH\KP[VYxHZ`L]HS\HJP}UÄUHSHZxJVTVLSJPLYYL[tJUP
JV`ÄUHUJPLYVKLSVZJVU[YH[VZ`SVZWYLZ\W\LZ[VZWYVNYHTHZKLHWSPJHJP}UKLS*VU]LUPV
KL-PUHUJPHJP}UKL\UHK\YHJP}UKL\UH|V
,KPÄJPV)LYSHTVU[KLSH*VTPZP}U,\YVWLH)Y\ZLSHZ)tSNPJH
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
6)1,;0=6:
@9,:<3;(+6:
6IQL[P]VZ
6IQL[P]V.LULYHS!
-VY[HSLJLYLS,Z[HKVKL+LYLJOV`4LQVYHYLS(JJLZVHSHQ\Z[P
JPHKLSHWVISHJP}U
6IQL[P]V,ZWLJxÄJV!
4LQVYHYSHZLN\YPKHKQ\YxKPJHKLSHQ\Z[PJPHWLUHSH[YH]tZKL\U
TLQVY\ZVKLSHL]PKLUJPHMxZPJH
9LZ\S[HKVZ!
‹ -VYT\SHKHLPTWSLTLU[HKH\UHU\L]HWVSx[PJHZVIYLLS\ZVKLSHL]PKLUJPHMxZPJHLUSHQ\Z
[PJPHWLUHS
‹ 3HJHWHJPKHKPUZ[P[\JPVUHSKLSVZVWLYHKVYLZWHYH\ZHYSHL]PKLUJPHMxZPJHKLTHULYHHKL
J\HKHOHZPKVYLMVYaHKHKLTHULYHZVZ[LUPISL`SVZLZ[mUKHYLZKLZLN\YPKHKQ\YxKPJHOHU
ZPKVTLQVYHKVZ
‹ 3HJHWHJPKHK[LJUVS}NPJHYLSL]HU[LWHYHSHYLJVSLJJP}U`LSHUmSPZPZKLSHL]PKLUJPHMxZPJHOH
ZPKVTLQVYHKHWHYHHZLN\YHYZ\M\UJPVUHSPKHK`SH]HSPKLaJPLU[xÄJHKLZ\ZYLZ\S[HKVZ
‹ 4LJHUPZTVZWLYTHULU[LZKLJVU[YVSKLJHSPKHKKLS\ZVKLSHZL]PKLUJPHZWHYHHZLN\YHY
X\LSHZ[tJUPJHZKLJYPTPUHSxZ[PJH`V[YHPUMVYTHJP}UYLSL]HU[LZLTHU[PLULUHJ[\HSPaHKHZ
3H LZ[YH[LNPH KLS 7YV`LJ[V ZL VYPLU[} HZx LU J\H[YV WYPUJPWHSLZ HJJPVULZ! SH PTWSLTLU[HJP}U
KL\UHU\L]HWVSx[PJHZVIYLLS\ZVKLSHL]PKLUJPHMxZPJHLUSHQ\Z[PJPHWLUHSTH[LYPHSPaHKHLUSH
LSHIVYHJP}UKLWYVJLKPTPLU[VZX\LZPY]PLYHUKLYLMLYLUJPHH[VKVZSVZVWLYHKVYLZKLSZPZ[LTH
KLQ\Z[PJPHWLUHS"SHJHWHJP[HJP}U[HU[VKLSWLYZVUHSWVSPJPHSJVTVKLSVZKLTmZVWLYHKVYLZ
KLSZPZ[LTHQ\LJLZÄZJHSLZWLYP[VZTtKPJVZMVYLUZLZKLMLUZVYLZW‚ISPJVZ`TPLTIYVZKLS
,QtYJP[VLU[VKVLSWYVJLZVKLYLJVSLJJP}UKLSHL]PKLUJPH`JHKLUHKLJ\Z[VKPHKLSHTPZTH"
LUSHKV[HJP}UKLSLX\PWHTPLU[VKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJHKLSH7VSPJxH5HJPVUHSWHYHLS
HUmSPZPZKLSHL]PKLUJPHMxZPJH"`LUKLZHYYVSSHYTLJHUPZTVZX\LHZLN\YLUSHJHSPKHKKLS[YHIHQV
KLSSHIVYH[VYPV`Z\PTWHJ[VZVIYLSHLMLJ[P]PKHKKLSWYPUJPWPVKLZLN\YPKHKQ\YxKPJHLUSHQ\Z[PJPH
WLUHS
7mNPUH
4LTVYPH
-PJOHKLS7YV`LJ[V!
7YV`LJ[V-VY[HSLJPTPLU[V
KLSH,]PKLUJPH-xZPJHWHYH4LQVYHY
LS(JJLZVHSH1\Z[PJPH7LUHS
9,7Ø)30*(+,50*(9(.<(
<50Ô5,<967,(
*65=,5065¢!+*0(3(
-PUHUJPHJP}U
<UP}U,\YVWLH
4VKHSPKHK
7YV`LJ[V7YLZ\W\LZ[V7YVNYHTH
!3LNHS+LZHYYVSSV1\KPJPHS
*}KPNV*(+6*+,!
!+LYLJOVZ/\THUVZ
!:PZ[LTHKL1\Z[PJPH.LZ[P}U`9LMVYTH
7(Ð:),5,-0*0(906
5PJHYHN\H
46+6+,.,:;0Ô5
.LZ[P}U7HYJPHSTLU[L+LZJLU[YHSPaHKH+PYLJ[H
04769;,;6;(3LU,\YVZ
04769;,<,LU,\YVZ
04769;,*65;9(7(9;,LU,\YVZ
-,*/(+,050*06
7,906+6+,(730*(*0Ô5
TLZLZ
-,*/(UJVU[YHLYJVTWYVTPZVZ
-05,1,*<*0Ô573,5(
-05-(:,*0,99,
,5;0+(+,1,*<;69(
7VSPJxH5HJPVUHSKL5PJHYHN\H
6;9(:,5;0+(+,:7(9;0*07(5;,:
*VTPZP}U0U[LYPUZ[P[\JPVUHSKL1\Z[PJPH7LUHS
*VY[L:\WYLTHKL1\Z[PJPH
4PUPZ[LYPV7‚ISPJV
+LMLUZVYxH7‚ISPJH
0UZ[P[\[VKL4LKPJPUH3LNHS
0UZ[P[\[VKL(S[VZ,Z[\KPVZ1\KPJPHSLZ
7YVJ\YHK\YxH.LULYHSKLSH9LW‚ISPJH
7YVJ\YHK\YxHWHYHSH+LMLUZHKLSVZ+LYLJOVZ
/\THUVZ
,QtYJP[VKL5PJHYHN\H
(ZPZ[LUJPH;tJUPJH0U[LYUHJPVUHS
,<9(+0(0,7(+,:-3(*:6
<50+(+,1,*<;69(
3HIVYH[VYPVKL*YPTPUHSxZ[PJHKLSH7VSPJxH5HJPVUHS
),5,-0*0(906:+09,*;6:
<Z\HYPVZKLSZPZ[LTHKLQ\Z[PJPHWLUHSKL5PJHYHN\H
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
,SHIVYHJP}U
KLTHU\HSLZ`TH[LYPHSLZ
KLLZ[\KPV
,S4HU\HSKL[YH[HTPLU[VKLSHL]PKLUJPH
`JHKLUHKLJ\Z[VKPHLZ\UH
3VYLTPWZ\TKVSVYZP[HTL[JVUZLJ[L[\LYHKPWPZJPUNLSP[ZLKKPHTUVU\TT`UPIOL\PZTVK[PUJ
OLYYHTPLU[HX\LLZ[HUKHYPaHSVZ
PK\U[\[SHVYLL[KVSVYLTHNUHHSPX\HTLYH[]VS\[WH[<[^PZPLUPTHKTPUPT]LUPHTX\PZUVZ[Y\K
WYVJLKPTPLU[VZLULS[YH[HTPLU[VKL
L_LYJP[H[PVU\SSHTJVYWLYZ\ZJPWP[SVIVY[PZUPZS\[HSPX\PWL_LHJVTTVKVJVUZLX\H[+\PZH\[LT]LS
SHL]PKLUJPH`SHJHKLUHKLJ\Z[VKPH
L\TPYP\YLKVSVYPUOLUKYLYP[PU]\SW\[H[L]LSP[LZZLTVSLZ[PLJVUZLX\H[]LSPSS\TKVSVYLL\ML\NPH[
\UTH[LYPHSKLJVUZ\S[H\UHN\xHKPYPNPKH
U\SSHMHJPSPZPZH[]LYVLYVZL[HJJ\TZHUL[P\Z[VVKPVKPNUPZZPTX\PISHUKP[WYHLZLU[S\W[H[\TaaYPS
H[VKVZSVZHJ[VYLZKLSZPZ[LTHKL
KLSLUP[H\N\LK\PZKVSVYL[LML\NHP[
Q\Z[PJPHWLUHSKL5PJHYHN\H
7mNPUH
4LTVYPH
4(5<(3+,;9(;(40,5;6+,3(
,=0+,5*0(@*(+,5(+,*<:;6+0(
,S 7YV`LJ[V LSHIVY} LS 4HU\HS KL
[YH[HTPLU[V KL SH L]PKLUJPH ` JH
KLUHKLJ\Z[VKPHJ\`VVIQL[P]VM\L
LZ[HUKHYPaHYSVZWYVJLKPTPLU[VZKLS
[YH[HTPLU[VKLSHL]PKLUJPH`JHKL
UH KL J\Z[VKPH ZLN\PKVZ WVY SVZ
VWLYHKVYLZ KLS ZPZ[LTH KL Q\Z[PJPH
WLUHSJVULSÄU‚S[PTVKLTLQVYHYLS
HJJLZVKLSHWVISHJP}UHSHQ\Z[PJPH
:LWYL[LUKP}X\LLS4HU\HSHMLJ[H
YH`JVTWYLUKPLYHH[VKVZSVZVWL
YHKVYLZKLS:PZ[LTHKL1\Z[PJPHLZ
KLJPYUVZ}SVHSVZM\UJPVUHYPVZWV
SPJPHSLZ ` ÄZJHSLZ KPYLJ[HTLU[L PT
WSPJHKVZ LU SH PU]LZ[PNHJP}U JYPTP
UHSZPUV[HTIPtUHSVZKLMLUZVYLZ
W‚ISPJVZ`HSVZQ\LJLZ@LSSVWVY
X\L SH HKVWJP}U KL \UVZ JYP[LYPVZ
NLULYHSLZ`KL\UmUPTLHJLW[HJP}U
ZPY]LWHYHV[VYNHY\UHTH`VYZLN\
YPKHKQ\YxKPJHLUSHNLZ[P}UKLSZPZ[L
THKLPU]LZ[PNHJP}U`LULSYLZWL[V
HSHZNHYHU[xHZKLSVZPU]LZ[PNHKVZ
LULSWYVJLZVWLUHS
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
7YVJLZVKL]HSPKHJP}UKLS4HU\HSKL[YH[HTPLU[VKLSHL]PKLUJPH`JHKLUHKLJ\Z[VKPH
,ZWVYLZVX\LJVULZ[LKVJ\TLU[VZLMVY[HSLJLSHQ\Z[PJPHWLUHSH[YH]tZKL\ULÄJPLU[L\ZV
KLSHL]PKLUJPHMxZPJH"ZLTLQVYHSHJHWHJPKHK[tJUPJHWHYHSHKL[LJJP}UÄQHJP}UYLJVSLJJP}U
`HUmSPZPZKLSHL]PKLUJPHMxZPJHJVUSHÄUHSPKHKKLX\LSVZHJ[VZ`WYVJLZVZYLHSPaHKVZWVYSVZ
VWLYHKVYLZKLSZPZ[LTHKLQ\Z[PJPHWLUHSJ\TWSHUJVUSVZWYPUJPWPVZKLSLNHSPKHKJVUÄHIPSPKHK
`SLNP[PTPKHK"ZLWYVWVYJPVUHUH[VKVZSVZHJ[VYLZKLSZPZ[LTHKLQ\Z[PJPHWLUHSSHZOLYYHTPLU[HZ
ULJLZHYPHZWHYHWYVJLKLYJVUHWLNVHZ\ZMHJ\S[HKLZSLNHSLZH[VTHYSHZKLJPZPVULZJVYYLJ[HZ
LU[VYUVHSTHULQV[YH[HTPLU[V\ZV`JVU[YVSKLSHZL]PKLUJPHZ"`ZPY]L[HTIPtUJVTVIHZL
TH[LYPHSKLLZ[\KPV`JVUZ\S[HWHYH[VKHZSHZ0UZ[P[\JPVULZX\LZLYLSHJPVUHUJVULS[LTHKLSH
L]PKLUJPH
7mNPUH
4LTVYPH
(ZPZ[LU[LZHSHJ[VKLWYLZLU[HJP}UKLS4HU\HS
7HYHSHLSHIVYHJP}UKLSKVJ\TLU[VZLMVYT}
\UHJVTPZP}U[tJUPJHKLU[YVKLSH*VTPZP}U
5HJPVUHS 0U[LYPUZ[P[\JPVUHS KLS :PZ[LTH KL
1\Z[PJPH7LUHSKL5PJHYHN\H,Z[HJVTPZP}U
[tJUPJH ZL LUJHYN} KL SH KLÄUPJP}U KL SVZ
JYP[LYPVZPUPJPHSLZ`KLSHMVYT\SHJP}UKLSVZ
VIQL[P]VZWLYZLN\PKVZHZxJVTVKLSLZ[\KPV
KLSVZWYLJLKLU[LZOHIPKVZ`KLSHSLNPZSH
JP}UZVIYLSHTH[LYPHWHYHWHZHYPUTLKPH[H
TLU[LHSHLSHIVYHJP}UKLSHLZ[Y\J[\YH`SVZ
JVU[LUPKVZ[tJUPJVZKLSKVJ\TLU[V
,S4HU\HS]HKLZ[PUHKVHSHNLULYHSPKHKKL
SVZ WVSPJxHZ X\L W\LKLU PU[LY]LUPY LU SH PU
]LZ[PNHJP}U KLSPJ[P]H H SVZ ÄZJHSLZ KLMLU
ZVYLZ`Q\LJLZ(U[LZKLHIVYKHYJ\HSX\PLY
MVYTHJP}U H LZWLJPHSPZ[HZ LU KL[LYTPUHKHZ
TH[LYPHZ LZ T\` ‚[PS ` LZ[L LZ LS ZLU[PKV
KLS4HU\HSZLU[HYSHZIHZLZNLULYHSLZX\L
KLILUZLYKL\UP]LYZHSJVUVJPTPLU[VKL[V
KVZ SVZ VWLYHKVYLZ KLS ZPZ[LTH KL Q\Z[PJPH
X\LPU[LY]PLULULUSHPU]LZ[PNHJP}U`WLYZL
J\JP}UKLKLSP[VZ
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
:Y*VZ[HUaV-PZVNUP(NYLNHKVWHYH(Z\U[VZKL*VVWLYHJP}U
+LSLNHJP}UKLSH<UP}U,\YVWLHLU5PJHYHN\H
3PJ1VHX\xU;HSH]LYH:HSPUHZ9LJ[VYKLS0UZ[P[\[VKL(S[VZ
,Z[\KPVZ1\KPJPHSLZ
*VTPZPVUHKV.LULYHS9HT}U(]LSSmU4LKHS:\IKPYLJ[VY
.LULYHSKLSH7VSPJxH5HJPVUHS
4PLTIYVZKLSHTLZHKLWYLZPKP\TKLSHJ[VKL
WYLZLU[HJP}UKLS4HU\HS
3HZM\LU[LZLUX\LZLPUZWPYHLS4HU\HSZVUSVZ[L_
[VZUVYTH[P]VZPU[LYUHJPVUHSLZSH*VUZ[P[\JP}UKLSH
9LW‚ISPJHKL5PJHYHN\HLS*}KPNV7YVJLZHS7LUHS`
KLTmZSLNPZSHJP}UUHJPVUHSHSYLZWLJ[V
,S4HU\HSJVTWYLUKLKVZWHY[LZKPMLYLUJPHKHZ\UH
WYPTLYHLTPULU[LTLU[LQ\YxKPJHX\L[YH[HKLSVZHZ
WLJ[VZ UVYTH[P]VZ ` KL PU[LYWYL[HJP}U UVYTH[P]H `
\UHZLN\UKHKLJYPTPUHSxZ[PJHX\LH[H|LHSTHULQV`
J\Z[VKPHKLSHZL]PKLUJPHZMxZPJHZ
*VTPZPVUHKV(UxIHS,Z[LIHU5HY]mLa1LML+LWHY[HTLU[V
*YPTPUHSxZ[PJH*SmZPJH9LZWVUZHISLKL*HWHJP[HJP}U
3HIVYH[VYPVKL*YPTPUHSxZ[PJH7VSPJxH5HJPVUHS
7mNPUH
,U LS KLZHYYVSSV KL Z\Z JHWx[\SVZ ZL OH WYVJ\YHKV
HIHYJHY[VKHSH[LTm[PJHX\LW\LKHHMLJ[HYHSHL]P
KLUJPH MxZPJH KLZKL Z\ VI[LUJP}U LU SH LZJLUH KLS
JYPTLU H Z\ WYLZLU[HJP}U LU Q\PJPV HZx JVTV H Z\
J\Z[VKPH K\YHU[L LZL [PLTWV 7VY LZV ZL HUHSPaH `
ZL L_WSPJHU SHZ J\LZ[PVULZ WYVJLZHSLZ WYL]PHZ ` SVZ
4LTVYPH
(SN\UVZTPLTIYVZKLSH*VTPZP}U;tJUPJHX\LLSHIVY}LS4HU\HSYLJPILULQLTWSHYKLSTPZTV
TLJHUPZTVZSLNHSLZWHYHWYVJLKLYHSVZHSSHUHTPLU[VZKVTPJPSPHYPVZHSHPKLU[PÄJHJP}UKLWLY
ZVUHZHSHPUZWLJJP}UVJ\SHYHPUZWLJJPVULZLPU]LZ[PNHJPVULZJVYWVYHSLZHPU[LY]LUJP}UKL
SHZJVT\UPJHJPVULZ`ZLZL|HSHSVX\LLZWY\LIHPSxJP[H`WY\LIHPYYLN\SHY:LL_WSPJHJ}TV
YLHSPaHYLS[YH[HTPLU[VKLSHL]PKLUJPHLUSHMHZLPU]LZ[PNH[P]H`LUSHTPZTHLZJLUHKLSJYPTLU
HZx JVTV SHZ HJJPVULZ JVTWSLTLU[HYPHZ WHYH SH H[LUJP}U ` VI[LUJP}U KL L]PKLUJPHZ LU KL
[LYTPUHKVZKLSP[VZYVIVZOVTPJPKPVZ]PVSLUJPHPU[YHMHTPSPHYKYVNHZJVU[YHSHHKTPUPZ[YHJP}U
W‚ISPJHVTLKPVHTIPLU[HSLZ0N\HSTLU[LZLPUKPJHUSHZHJJPVULZHZLN\PYLUSHMHZLWYL]PHHS
Q\PJPVLUSHMHZLKLSQ\PJPVVYHS`LUSHMHZLKLLQLJ\JP}UKLSHZLU[LUJPH4LUJP}ULZWLJPHSZL
OHJLHS[YH[HTPLU[VKLSHTPZTHLULS0UZ[P[\[VKL4LKPJPUH3LNHS
,S[YHIHQVLZ[\]VM\LY[LTLU[LHWV`HKVWVYSVZL_WLY[VZKLSHHZPZ[LUJPH[tJUPJHSVJHSLPU[LY
UHJPVUHS`SVZJVU[LUPKVZKLS4HU\HSM\LYVU]HSPKHKVZLUKPMLYLU[LZ[HSSLYLZYLHSPaHKVZJVUSHZ
0UZ[P[\JPVULZ:LWYVJLKP}HZ\PTWYLZP}UTLKPHU[L\UJVUJ\YZVKLZLY]PJPVZ`ZLV[VYN}Z\
HKQ\KPJHJP}UH\UHLTWYLZHL_[LYUHX\LKPZL|V`KPHNYHT}LSKVJ\TLU[VWHYHWVZ[LYPVYTLU[L
YLHSPaHYZ\JVYYLJJP}UKLLZ[PSVWVY\ULZWLJPHSPZ[HLUSLUN\HQL
,SHJ[VKLWYLZLU[HJP}UKLSTHU\HSZLJLSLIY}LUTH`VKLJVUHZPZ[LUJPHKLHS[VZM\UJPV
UHYPVZKLSH7VSPJxHSH*VY[LKL1\Z[PJPH`SHKLSLNHJP}UKLSH<,
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
4LZHKLWYLZPKP\TKLSHJ[VKLWYLZLU[HJP}UKLS4HU\HS
(ZPZ[LU[LZHSHJ[VKLWYLZLU[HJP}UKLS4HU\HS
*VULSTPZTVVIQL[P]VKLLZ[HUKHYPaHY`HZLU[HYSVZWYVJLKPTPLU[VZKL[YH[HTPLU[VKLSHL]P
KLUJPH LU [VKHZ SHZ 0UZ[P[\JPVULZ ZL OH LSHIVYHKV V[YH ZLYPL KL KVJ\TLU[VZ WHYH HWV`HY SH
SHIVY KL SVZ KPZ[PU[VZ LU[LZ X\L [PLULU PUQLYLUJPH KPYLJ[H LU LS [YH[HTLPU[V KL SH L]PKLUJPH `
X\LYLX\PLYLUKL\UHUVYTH[P]HX\LSLH`\KLLUZ\NLZ[P}UKPHYPH+LLZ[HMVYTHLULSTHYJV
KLS7YV`LJ[VZLLSHIVYHYVU`LKP[HYVUSVZKVJ\TLU[VZYLJVNPKVZLULSZPN\PLU[LJ\HKYV`LULS
JHZVKLS4HU\HSKLKLSP[VZ`MHS[HZWLUHSLZKLSH+PYLJJP}UKL(\_PSPV1\KPJPHSKLSH7VSPJxHKL
5PJHYHN\HZLÄUHUJP}LSLSHIVYHKVWVYSHTLUJPVUHKH+PYLJJP}U
7mNPUH
4LTVYPH
;Ð;<36
+,:*907*0Ô5
4HU\HSKL;YH[HTPLU[VKLSH
L]PKLUJPH`JHKLUHKLJ\Z[VKPH
,Z\UHOLYYHTPLU[HX\LLZ[HUKHYPaHSVZWYVJLKPTPLU[VZ
YLSHJPVUHKVZJVUSHL]PKLUJPH`SHJHKLUHKLJ\Z[VKPH
\UHN\xHVTHU\HSKLJVUZ\S[HMHJPSP[HSHHJ[\HJP}U
WVSPJPHS`MVY[HSLJLSHZJVVYKPUHJPVULZLU[YLSVZ
VWLYHKVYLZKLS:PZ[LTHKL1\Z[PJPH7LUHS
4HU\HSKL7LYP[HQLZ¶
9LJVSLJJP}U`;YH[HTPLU[V
KLSHZ,]PKLUJPHZ
)YPUKHWYVJLKPTPLU[VZImZPJVZWHYHSHVI[LUJP}U
`YLJVSLJJP}UKLSHZL]PKLUJPHZHZxJVTVWHYHZ\[YH[H
TPLU[VLTIHSHQL`[YHZSHKV(ZPTPZTVKL[HSSHSHZTLKP
KHZKLZLN\YPKHK`JVUZLY]HJP}UX\LNHYHU[PaH
SHJHKLUHKLJ\Z[VKPHKLSHZL]PKLUJPHZ
4HU\HSKL)HSxZ[PJH
:L|HSH\UHZZLYPLKL[tJUPJHZ`WYVJLKPTPLU[VZHZLN\PY
WHYHSHJVYYLJ[HPKLU[PÄJHJP}UKLIHSHZ`WYV`LJ[PSLZKL
HYTHZKLM\LNV
4HU\HSKL;YHIHQVLUSH
,ZJLUHKLS*YPTLU
<UTH[LYPHSKLJVUZ\S[HN\xHWHYHLSKLZHYYVSSVKLS
[YHIHQVLUSHLZJLUHKLSJYPTLU
4HU\HSKL)VSZPSSV¶
7YVJLKPTPLU[VWHYHSH
0U]LZ[PNHJP}ULUSH,ZJLUH
KLS*YPTLU
,Z\UTH[LYPHSKLJVUZ\S[HX\LHJSHYHK\KHZZVIYLSH
HWSPJHJP}UKLUVYTHZ[tJUPJHZ`X\LWLYTP[LTHU[LULY
HJ[\HSPaHKVZSVZJVUVJPTPLU[VZ`HWSPJHYSVZHSTVTLU[V
KLJVUJ\YYPYVWHY[PJPWHYKLSHWYLZLY]HJP}UVPU]LZ[PNH
JP}UKLSVZKLSP[VZVMHS[HZ
4HU\HSKL)VSZPSSV¶
7YLZLY]HJP}UKLSH,ZJLUH
KLS*YPTLU
9LJVNLHZWLJ[VZNLULYHSLZUVYTH[P]VZX\LKLIL
J\TWSPYSHLZWLJPHSPKHKKL:LN\YPKHK7‚ISPJHKLSH
7VSPJxH5HJPVUHSWHYHLSJVYYLJ[VYLZN\HYKV`WYLZLY]H
JP}UKLSHLZJLUHKLSJYPTLU
7YV[VJVSVWHYHSH0U]LZ[PNHJP}U
KLSVZ+LSP[VZ*VU[YHSH=PKH
:LHIVYKHUSVZWYVJLKPTPLU[VZX\LKLILUZLN\PYZL
WHYHSHWYLZLY]HJP}UYLJVSLJJP}UKLPUKPJPVZT\LZ[YHZ
VL]PKLUJPHZLUSVZKLSP[VZJVU[YHSH]PKH`SHZMVYTHZ
PU]LZ[PNH[P]HZHZLN\PY
7YV[VJVSVKL(J[\HJP}UKLS
7YVJLZVKLSH9L[LUJP}U
9LX\PZH`+L[LUJP}UKL
7LYZVUHZ
,Z\UHJVTWPSHJP}UKLSVZWYVJLKPTPLU[VZX\LZLKLILU
J\TWSPYJ\HUKVSH7VSPJxH5HJPVUHSHJ[‚HHSTVTLU[VKL
YL[LULYYLX\PZHYVKL[LULYHSHZWLYZVUHZ[VTHUKVLU
J\LU[HSHZUVYTHZPU[LYUHZ`SHZSL`LZ
7YV[VJVSVKL0UZWLJJP}U6J\SHY
LUSH,ZJLUHKLS*YPTLU
,Z\UHUVYTH[P]HPU[LYUHKLSH7VSPJxH5HJPVUHSWHYHLS
KLZHYYVSSVKLS[YHIHQV`KVJ\TLU[HJP}UJVYYLJ[HKLSH
0UZWLJJP}U6J\SHYKLSHLZJLUHKLSJYPTLU
0UZ[Y\J[P]V;YH[HTPLU[VKLSHL]P 9LN\SHSVZWYVJLKPTPLU[VZKLJVU[YVSKLSHZL]PKLUJPHZ`
KLUJPH`JHKLUHKLJ\Z[VKPHLU JHKLUHKLJ\Z[VKPHX\LZLYLHSPaHUK\YHU[LSVZWLYP[HQLZ
SVZWYVJLKPTPLU[VZWLYPJPHSLZKLS MVYLUZLZLULS0UZ[P[\[VKL4LKPJPUH3LNHS
0UZ[P[\[VKL4LKPJPUH3LNHS
4HU\HSKL7YVJLKPTPLU[VZKL
0U]LZ[PNHJP}U7VSPJPHSLU+LSP[VZ
`-HS[HZ7LUHSLZ
9LJVNLSVZWYVJLKPTPLU[VZLSLTLU[HSLZX\LKLZHYYVSSHSH
LZWLJPHSPKHKKL(\_PSPV1\KPJPHSKLSH7VSPJxH5HJPVUHSLU
Z\[YHIHQVLZWLJxÄJV
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
;LJUVSVNxH
KL‚S[PTHNLULYHJP}U
+V[HJP}UKLTVKLYUH[LJUVSVNxH
3VYLTPWZ\TKVSVYZP[HTL[JVUZLJ[L[\LYHKPWPZJPUNLSP[ZLKKPHTUVU\TT`UPIOL\PZTVK[PUJ
WHYHLSHUmSPZPZJYPTPUHSxZ[PJV
PK\U[\[SHVYLL[KVSVYLTHNUHHSPX\HTLYH[]VS\[WH[<[^PZPLUPTHKTPUPT]LUPHTX\PZUVZ[Y\K
L_LYJP[H[PVU\SSHTJVYWLYZ\ZJPWP[SVIVY[PZUPZS\[HSPX\PWL_LHJVTTVKVJVUZLX\H[+\PZH\[LT]LS
`MVYLUZLLSL]HSHHJ[\HJP}U
L\TPYP\YLKVSVYPUOLUKYLYP[PU]\SW\[H[L]LSP[LZZLTVSLZ[PLJVUZLX\H[]LSPSS\TKVSVYLL\ML\NPH[
WYVMLZPVUHSLUSVZWYVJLZVZ
U\SSHMHJPSPZPZH[]LYVLYVZL[HJJ\TZHUL[P\Z[VVKPVKPNUPZZPTX\PISHUKP[WYHLZLU[S\W[H[\TaaYPS
PU]LZ[PNH[P]VZLULSLZJSHYLJPTPLU[V
KLSLUP[H\N\LK\PZKVSVYL[LML\NHP[
KLSVZKLSP[VZ
7mNPUH
4LTVYPH
,8<076:
,S3HIVYH[VYPVKL*YPTPUHSxZ[PJHKLSH7VSPJxH
5HJPVUHS M\L LX\PWHKV LU [VKHZ Z\Z LZWL
JPHSPKHKLZJVULX\PWVZ[LJUVS}NPJVZKL‚S
[PTHNLULYHJP}U,SSHIVYH[VYPVZLJVTWVUL
KLSHZLZWLJPHSPKHKLZKL)PVSVNxH.LUt[PJH
8\xTPJH+LYTH[VZJVWxH(]LYxHZ,_WSVZPV
ULZL0UJLUKPVZ(=,?0+VJ\TLU[VZJVWxH
)HSxZ[PJH ;YHaVSVNxH 0UMVYTm[PJH -VYLUZL `
SH:LJJP}UKL9LJLWJP}U`*VU[YVSKL,]P
KLUJPHZ :9*, 0N\HSTLU[L ZL LX\PWHYVU
SHZ mYLHZ HKTPUPZ[YH[P]HZ ` SH :LJJP}U KL
0UZWLJJPVULZ 6J\SHYLZ (SN\UVZ LX\PWVZ
M\LYVU KLZ[PUHKVZ H SVZ SHIVYH[VYPVZ YLNPV
UHSLZ ZP[\HKVZ LU ,Z[LSx *OVU[HSLZ 3L}U
4H[HNHSWH9P]HZ9((5`9((:`HSH+P
YLJJP}U KL (\_PSPV 1\KPJPHS KL SH 7VSPJxH HZx
JVTV H V[YHZ KLSLNHJPVULZ KLWHY[HTLU[H
SLZWVSPJPHSLZ
4PJYVZJVWPV*VTWHYH[P]V3LPJH-Z*I)PUHYPV
,ZWLJPHSPKHK)PVSVNxH-VYLUZL
4PJYVZJVWPV0U]LY[PKV+TP)
,ZWLJPHSPKHK)PVSVNxH-VYLUZL
4VSPUV*YPVNtUPJV-YLaaLY4PSS
,ZWLJPHSPKHK.LUt[PJH-VYLUZL
*YVTH[}NYHMVSxX\PKVKLHS[HYLZVS\JP}UJVUKL[LJ[VYKL
THZHTHZH,ZWLJPHSPKHK8\xTPJH-VYLUZL
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
;HTIPtUZLHKX\PYPLYVULX\PWVZWHYH0UZ[P[\JPVULZKLWLUKPLU[LZKLSH*VY[L:\WYLTHJVTV
LS0UZ[P[\[VKL4LKPJPUH3LNHSLS0UZ[P[\[VKL(S[VZ,Z[\KPVZ1\KPJPHSLZ`SVZQ\aNHKVZKL4HUH
N\H:P\UH7\LY[V*HILaH)S\LÄLSKZ1\PNHSWH`4H[HNHSWH
*HIPUHKL9L]LSHKVKL/\LSSHZ+tYTPJHZ4]J
,ZWLJPHSPKHK+LYTH[VZJVWxH
,SL]HKVYOPKYm\SPJVWHYH]LOxJ\SVZ
,ZWLJPHSPKHK(=,?0
=:*/::PZ[LTHKLHUmSPZPZWHYHKL[LYTPUHYTLKPKHZKL
ZLN\YPKHKLUKVJ\TLU[VZ,ZWLJPHSPKHK+VJ\TLU[VZJVWxH
4PJYVZJVWPVLZ[LYLVZJ}WPJVSLPJHTZ]
,ZWLJPHSPKHK)HSxZ[PJH
;VKVZSVZLX\PWVZZLHKX\PYPLYVUTLKPHU[LSPJP[HJP}U
PU[LYUHJPVUHSKLHJ\LYKVHSHZYLNSHZ`WYVJLKPTPLU
[VZX\LLZ[HISLJLSH<UP}U,\YVWLHLSSVPTWSPJ}\U
WYVJLZV[\[LSHKVWVYSH+LSLNHJP}ULU4HUHN\H`SH
HWLY[\YHKLSWYVJLZVHLTWYLZHZPU[LYUHJPVUHSLZ
4PJYVZJVWPVSLPJHTJ
,ZWLJPHSPKHK+VJ\TLU[VZJVWxH
7mNPUH
+LZW\tZ KL LSHIVYHY LS JVYYLZWVUKPLU[L WSPLNV KL
IHZLZ`JVUKPJPVULZ`W\ISPJHYLSHU\UJPVKLSPJP[H
JP}U LU SH WYLUZH UHJPVUHS ` LU LS ZP[PV PU[LYUL[ KL
SH<UP}U,\YVWLHZLWYVJLKP}HYLHSPaHYSHZLZP}UKL
HWLY[\YH KL WSPJHZ X\L [\]V S\NHY LU HIYPS KL <U[V[HSKLLTWYLZHZUPJHYHN…LUZLZ`L\YVWLHZ
WYLZLU[HYVU\U[V[HSKLVMLY[HZWHYHSVZSV[LZ
KLX\LZLJVTWVUxHSHSPJP[HJP}U
4LTVYPH
;YHZLSWYVJLZVKLL]HS\HJP}UZLHKQ\KPJHYVUSVZSV[LZHLTWYLZHZKPMLYLU[LZL\YVWLHZ`
KVZUPJHYHN…LUZLZJVUSHZJ\HSLZZLÄYTHYVUSVZJVU[YH[VZ
3VZLX\PWVZZLM\LYVUYLJPIPLUKVLU[YLUV]PLTIYLKL`TH`VKLX\LKHUKVPUZ[HSH
KVZKLÄUP[P]HTLU[LLUQ\UPVKL
(KPJPVUHSTLU[L ZL SSL]} H JHIV K\YHU[L LS
H|VV[YVWYVJLZVKLSPJP[HJP}UWHYHHK
X\PYPYSVZ]LOxJ\SVZJ\H[YVJHTPVUL[HZ[VKV
[LYYLUV\UH\[VT}]PS`\U=(5`\U[LYJLYV
LUWHYHHKX\PYPY\UHZLYPLKLTH[LYPH
SLZ ULJLZHYPVZ WHYH LS M\UJPVUHTPLU[V KLS
SHIVYH[VYPVKL.LUt[PJH
,U SVZ J\HKYVZ KL SHZ WmNPUHZ ZPN\PLU[LZ
ZL T\LZ[YH SH KPZ[YPI\JP}U KL SVZ LX\PWVZ
HKX\PYPKVZ LU[YL SHZ KPMLYLU[LZ KLWLUKLU
JPHZKLSSHIVYH[VYPV
4PJYVZJVWPV3,0*(4
,ZWLJPHSPKHK;YHaVSVNxH
,X\PWVKL=PKLVJVMLYLUJPH
4HSL[PULZWHYHLS[YHIHQVLUSHLZJLUHKLSJYPTLU
4\LISLZ`J\IxJ\SVZWHYHLSmYLHKLKPNP[HSPaHJP}U
4PJYVI‚Z[PWV=(5JVUZPZ[LTHKLS\JLZKH`JVZ`ZPYLUH
PU[LNYHKH
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
,:7,*0(30+(++,)0636.Ð(
,8<076:05-694Í;0*6:
*VTW\[HKVYHKLTLZH
<7:JVUYLN\SHKVYKL]VS[HQLPU[LNYHKVWHYH7*TLZH
0TWYLZVYHSmZLYISHUJV`ULNYV
*Í4(9(:
*mTHYHZ+PNP[HSLZKL3LU[LZ+LZTVU[HISLZ
;YxWVKLWHYHJmTHYHMV[VNYmÄJH`L_[LUZVYLZHQ\Z[HISLZ
40*96:*6706:
4PJYVZJVWPV*VTWHYH[P]VWHYHLZ[\KPVKLJVY[LZ`ÄIYHZ
4PJYVZJVWPV0U]LY[PKV;YPUVJ\SHYJVUJmTHYHPU[LNYHKH
*(47(5(:@,8<076:+,(3;(;,47,9(;<9(
.HIPUL[L+LZO\TPÄJHKVY
*HTWHUH,_[YHJ[VYHKL.HZ
*HIPUHKL)PVZLN\YPKHK
/VYUVKL7YLJPZP}U,Z[\MH
*LU[YPM\NH
4PJY}[VTV
,8<076:+,9,-90.,9(*0Ô5
9LMYPNLYHKVYHZKLWPLZ
9LMYPNLYHKVYH[PWVL_OPIPKVYKLW\LY[HZ
9,*63,**0Ô5+,,=0+,5*0(:
*YPTLSP[L
46)030(906:+,6-0*05(
7mNPUH
,ZJYP[VYPVZLU3WHYHH[LUJP}UHWLYP[VZ
,ZJYP[VYPVSPULHSWHYHYL]PZP}UKLPUMVYTLZ
*\IxJ\SVZWHYHLSHIVYHJP}UKLPUMVYTLZ
:PSSHZZLJYL[HYPHSLZWHYHTPJYVZJVWPVÄQHZ
:PSSHZZLJYL[HYPHSLZWHYHLSHIVYHJP}UKLPUMVYTLZ
(YJOP]VZTL[mSPJVZ
,Z[HU[LZTL[mSPJVZKLJ\H[YVKLW}ZP[VZ
4LTVYPH
,:7,*0(30+(++,(=,?0
,8<076:05-694Í;0*6:
*VTW\[HKVYHKLTLZH
*VTW\[HKVYH4HJKLTLZH
<7:JVUYLN\SHKVYKL]VS[HQLPU[LNYHKVWHYH7*TLZH
0TWYLZVYHSmZLYISHUJV`ULNYV
0TWYLZVYHSmZLYJVSVY
*Í4(9(:
*mTHYHKL]PKLVKPNP[HS
*mTHYHZKPNP[HSLZKLSLU[LZKLZTVU[HISLZ
;YxWVKLWHYHJmTHYHMV[VNYmÄJH`L_[LUZVYLZHQ\Z[HISLZ
:6-;>(9,:-69,5:,:
:VM[^HYLZPT\SHKVYKLHJJPKLU[LZKL[YmUZP[V
/,99(40,5;(:4,*Í50*(:
.H[HSHNHY[VKL[VULSHKHZ
7YLUZHKLIHUJV
*PLYYHJPYJ\SHYTV[V[YVaHKVYH
@\URL
,ZTLYPSKLIHUJVKL¹
;HSHKYVKLTLZH
(JL[PSLUV
7\SPKVYH
,SL]HKVYOPKYm\SPJVWHYH]LOxJ\SVZ
*VTWYLZVY
*HQHKLOLYYHTPLU[HZTLJmUPJHZ
46)030(906:+,6-0*05(
,ZJYP[VYPVSPULHSWHYHYL]PZP}UKLPUMVYTLZ
*\IxJ\SVZWHYHLSHIVYHJP}UKLPUMVYTLZ
:PSSHZKLLZWLYHWHYHH[LUJP}UHSVZ\Z\HYPVZ
:PSSHZLQLJ\[P]HZ
:PSSHZZLJYL[HYPHSLZWHYHLSHIVYHJP}UKLPUMVYTLZ
(YJOP]VZ4L[mSPJVZ
7PaHYYHZHJYxSPJHZ
,Z[HU[LZTL[mSPJVZKLJ\H[YVKLW}ZP[VZ
=,/Ð*<36:
4PJYVI‚Z[PWVWHULS=(5
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
,:7,*0(30+(++,.,5i;0*(
,8<076:05-694Í;0*6:
*VTW\[HKVYHKLTLZH
<7:JVUYLN\SHKVYKL]VS[HQLPU[LNYHKVWHYH7*TLZH
0TWYLZVYHSmZLYJVSVY
<7:WHYH)H|V4HYPH(+5
*Í4(9(:
*mTHYHZ+PNP[HSLZKL3LU[LZ+LZTVU[HISLZ
;YxWVKLWHYHJmTHYHMV[VNYmÄJH`L_[LUZVYLZHQ\Z[HISLZ
,8<076:7(9((+5
7mNPUH
;LYTVTP_LY
)SVX\L[tYTPJV
(UHSPaHKVY.LUt[PJVJHWPSHYLZ
;LYTVJPJSHKVY
-YLLaLYTPSS
:PZ[LTHWHYHSHPKLU[PÄJHJP}UO\THUH7*9LU[PLTWVYLHS
,X\PWVKL,_[YHJJP}UH\[VTH[PaHKHKL(+5
9LHJ[P]VZ]HYPVZ
3mTPUHZKL[HWVULZKLO\SLZLW[H
7SHJHZWHYH7*9LU[PLTWVYLHSKL JVUZLTPYYLIVYKL
7PWL[HZ]VS‚TLULZ]HYPHISLZYHUNV]VS\TLU\S
7PWL[HZ]VS‚TLULZ]HYPHISLZYHUNV]VS\TLU\S
7PWL[HZ]VS‚TLULZ]HYPHISLZYHUNV]VS\TLU\S
7PWL[HZ]VS‚TLULZ]HYPHISLZYHUNV]VS\TLU\S
7PWL[HZ]VS‚TLULZ]HYPHISLZYHUNVKL]VS\TLU\S
7PWL[HZ]VS‚TLULZ]HYPHISLZYHUNV]VS\TLU\S
7PWL[HZ]VS‚TLULZ]HYPHISLZYHUNVKL]VS\TLUTS
7VY[HWPWL[HZJHYY\ZLSWHYHJVSVJHYWPWL[HZ
7VY[HWPWL[HZWHYHJ\H[YVWPWL[HZTVUV`T\S[PJHUHS
7PWL[HLSLJ[Y}UPJHTVUVJHUHSJVUHKHW[HKVY"\S
7PWL[HLSLJ[Y}UPJHTVUVJHUHSJVUHKHW[HKVY"\S
7PWL[HLSLJ[Y}UPJHTVUVJHUHSJVUHKHW[HKVY"\S
7PWL[HLSLJ[Y}UPJHT\S[PJHUHSJVUHKHW[HKVY"\S
7PWL[HLSLJ[Y}UPJHT\S[PJHUHSJVUHKHW[HKVY"\S
7PWL[HLSLJ[Y}UPJHT\S[PJHUHSJVUHKHW[HKVY"\S
4LTVYPH
,:7,*0(30+(++,.,5i;0*(
46)030(906:+,6-0*05(
,ZJYP[VYPVZLU3WHYHH[LUJP}UHWLYP[VZ
,ZJYP[VYPVSPULHSWHYHYL]PZP}UKLPUMVYTLZ
*\IxJ\SVZWHYHLSHIVYHJP}UKLPUMVYTLZ
:PSSHZKLLZWLYHWHYHH[LUJP}UHSVZ\Z\HYPVZ
:PSSHZLQLJ\[P]HZ
:PSSHZZLJYL[HYPHSLZWHYHTPJYVZJVWPVÄQHZ
:PSSHZZLJYL[HYPHSLZWHYHLSHIVYHJP}UKLPUMVYTLZ
(YJOP]VZTL[mSPJVZ
,Z[HU[LZTL[mSPJVZKLJ\H[YVKLW}ZP[VZ
4(;,90(3,:(+5
4H[LYPHSLZKP]LYZVZWHYH(+5
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
,:7,*0(30+(++,8<Ð40*(
,8<076:05-694Í;0*6:
*VTW\[HKVYHKLTLZH
<7:JVUYLN\SHKVYKL]VS[HQLPU[LNYHKVWHYH7*TLZH
0TWYLZVYHSmZLYISHUJV`ULNYV
0TWYLZVYHSmZLYJVSVY
*Í4(9(:
*mTHYHZKPNP[HSLZKLSLU[LZKLZTVU[HISLZ
;YxWVKLWHYHJmTHYHMV[VNYmÄJH`L_[LUZVYLZHQ\Z[HISLZ
40*96:*6706:
4PJYVZJVWPVLZ[LYLVZJ}WPJV
:PZ[LTHZKL0S\TPUHJP}U3,+
*964(;Ô.9(-6:
*YVTH[}NYHMVKLNHZJVUKL[LJ[VYKLTHZHZ4:4:[YPWSLJ\HKY\WVSVJVU
VWJP}UKLPVUPaHJP}UX\xTPJH`H\[VT\LZ[YLHKVYH\[VTm[PJV
*YVTH[}NYHMVKLNHZJVUPU`LJ[VYH\[VTm[PJV
*YVTH[}NYHMVSxX\PKVHJVWSHKVHLZWLJ[YVTL[YxHKLTHZHZ
J\HKY\WVSV[PLTWVKL]\LSV
,ZWLJ[YVMV[}TL[YVPUMYHYYVQVJVUZPZ[LTHKLTPJYVJVWxHPUMYHYYVQHYHUNVTLKPV
,ZWLJ[VMV[}TL[YVKLHIZVYJP}UH[}TPJHJVUOVYUVKLNYHÄ[V
`NLULYHKVYKLOPKY\YVZ
,ZWLJ[YVMV[}TL[YV<=]PZPISL
*(47(5(:@,8<076:+,(3;(;,47,9(;<9(
7mNPUH
.HIPUL[LKLZO\TPÄJHKVY
*HTWHUHL_[YHJ[VYHKLNHZ
:PZ[LTHKLL_[YHJJP}UZV_OSL[`JHSLU[HKVY
4\ÅH
/VYUVKLWYLJPZP}ULZ[\MH
*LU[YPM\NH
,X\PWVKLZ[PSHKVYKLZOPVUPaHKVY`KLZTPULYPSPaHKVYKLHN\H
)HSHUaH(UHSx[PJH
;V_P3HI
+\JOHWHYH9VZ[YV
3H]HKVYHKL*YPZ[HSLYxH
+LZO\TPÄJHKVYL_[YHJ[VYKLO\TLKHK
=VY[L_
4LTVYPH
,:7,*0(30+(++,8<Ð40*(
,8<076:+,9,-90.,9(*0Ô5
9LMYPNLYHKVYHZKLWPLZ
9LMYPNLYHKVY,_OPIPKVYW\LY[HZ
9LMYPNLYHKVYH[PWVL_OPIPKVYKLW\LY[HZ
46)030(906:+,6-0*05(
,ZJYP[VYPVZLU3WHYHH[LUJP}UHWLYP[VZ
4LZHKLJVUMLYLUJPH9LKVUKH
,ZJYP[VYPVSPULHSWHYHYL]PZP}UKLPUMVYTLZ
*\IxJ\SVZWHYHLSHIVYHJP}UKLPUMVYTLZ
:PSSHZKLLZWLYHWHYHH[LUJP}UHSVZ\Z\HYPVZ
:PSSHZLQLJ\[P]HZ
:PSSHZZLJYL[HYPHSLZWHYHTPJYVZJVWPVÄQHZ
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
,:7,*0(30+(++,+6*<4,5;6:*67Ð(
,8<076:05-694Í;0*6:
*VTW\[HKVYHKLTLZH
<7:JVUYLN\SHKVYKL]VS[HQLPU[LNYHKVWHYH7*TLZH
0TWYLZVYHSmZLYISHUJV`ULNYV
*Í4(9(:
*mTHYHZKPNP[HSLZKLSLU[LZKLZTVU[HISLZ
;YxWVKLWHYHJmTHYHMV[VNYmÄJH`L_[LUZVYLZHQ\Z[HISLZ
0+,5;0-0*(*0Ô5+,+6*<4,5;6:
=PKLVLZWLJ[YVJVTWHYHKVYKL‚S[PTHNLULYHJP}U
46)030(906:+,6-0*05(
7mNPUH
,ZJYP[VYPVZLU3WHYHH[LUJP}UHWLYP[VZ
,ZJYP[VYPVSPULHSWHYHYL]PZP}UKLPUMVYTLZ
*\IxJ\SVZWHYHLSHIVYHJP}UKLPUMVYTLZ
:PSSHZKLLZWLYHWHYHH[LUJP}UHSVZ\Z\HYPVZ
:PSSHZZLJYL[HYPHSLZWHYHTPJYVZJVWPVÄQHZ
:PSSHZZLJYL[HYPHSLZWHYHLSHIVYHJP}UKLPUMVYTLZ
(YJOP]VZTL[mSPJVZ
(YJOP]VZTL[mSPJVZLZWLJPHSLZWHYHPKLU[PÄJHJP}U
7PaHYYHZHJYxSPJHZ
,Z[HU[LZTL[mSPJVZKLJ\H[YVKLW}ZP[VZ
4LTVYPH
,:7,*0(30+(++,)(3Ð:;0*(
,8<076:05-694Í;0*6:
*VTW\[HKVYHKLTLZH
<7:JVUYLN\SHKVYKL]VS[HQLPU[LNYHKVWHYH7*TLZH
0TWYLZVYHSmZLYISHUJV`ULNYV
()0:
:PZ[LTHH\[VTm[PJVKLPKLU[PÄJHJP}UIHSxZ[PJH()0:
*Í4(9(:
*mTHYHZKPNP[HSLZKLSLU[LZKLZTVU[HISLZ
;YxWVKLWHYHJmTHYHMV[VNYmÄJH`L_[LUZVYLZHQ\Z[HISLZ
:6-;>(9,:-69,5:,:
:VM[^HYLKL[YH`LJ[VYPHKLKPZWHYV
40*96:*6706:
4PJYVZJVWPVLZ[LYLVZJ}WPJV
4PJYVZJVWPVJVTWHYH[P]VIHSxZ[PJV
*(47(5(:@,8<076:+,(3;(;,47,9(;<9(
7LZHZLSLJ[Y}UPJHZ
9,*63,**0Ô5+,,=0+,5*0(:
+PZWVZP[P]VWHYHSHKL[LYTPUHJP}UKLSH]LSVJPKHKLUWYV`LJ[PSLZ
KPZWHYHKVZWVYHYTHZKLM\LNV
46)030(906:+,6-0*05(
,ZJYP[VYPVSPULHSWHYHYL]PZP}UKLPUMVYTLZ
*\IxJ\SVZWHYHLSHIVYHJP}UKLPUMVYTLZ
:PSSHZKLLZWLYHWHYHH[LUJP}UHSVZ\Z\HYPVZ
:PSSHZZLJYL[HYPHSLZWHYHTPJYVZJVWPVÄQHZ
:PSSHZZLJYL[HYPHSLZWHYHLSHIVYHJP}UKLPUMVYTLZ
(YJOP]VZ4L[mSPJVZ
(YJOP]VZTL[mSPJVZLZWLJPHSLZWHYHPKLU[PÄJHJP}U
3VJRLYZTL[mSPJVZWHYHYLZN\HYKVKLWLYP[HQLZ
7PaHYYHZHJYxSPJHZ
,Z[HU[LZTL[mSPJVZKLJ\H[YVKLW}ZP[VZ
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
,:7,*0(30+(++,+,94(;6:*67Ð(
,8<076:05-694Í;0*6:
*VTW\[HKVYHKLTLZH
<7:JVUYLN\SHKVYKL]VS[HQLPU[LNYHKVWHYH7*TLZH
0TWYLZVYHSmZLYISHUJV`ULNYV
0TWYLZVYHSmZLYJVSVY
*Í4(9(:
*mTHYHZKPNP[HSLZKLSLU[LZKLZTVU[HISLZ
;YxWVKLWHYHJmTHYHMV[VNYmÄJH`L_[LUZVYLZHQ\Z[HISLZ
*(47(5(:@,8<076:+,(3;(;,47,9(;<9(
*HTWHUHL_[YHJ[VYHKLNHZ
.HIPUL[LYL]LSHKVYKLO\LSSHZ
9,*63,**0Ô5+,,=0+,5*0(:
*YPTLZJVWL
46)030(906:+,6-0*05(
7mNPUH
,ZJYP[VYPVSPULHSWHYHYL]PZP}UKLPUMVYTLZ
*\IxJ\SVZWHYHLSHIVYHJP}UKLPUMVYTLZ
:PSSHZKLLZWLYHWHYHH[LUJP}UHSVZ\Z\HYPVZ
:PSSHZZLJYL[HYPHSLZWHYHTPJYVZJVWPVÄQHZ
:PSSHZZLJYL[HYPHSLZWHYHLSHIVYHJP}UKLPUMVYTLZ
(YJOP]VZ4L[mSPJVZ
(YJOP]VZ4L[mSPJVZ,ZWLJPHSLZWHYH0KLU[PÄJHJP}U
7PaHYYHZHJYxSPJHZ
,Z[HU[LZTL[mSPJVZKLJ\H[YVKLW}ZP[VZ
4LTVYPH
,:7,*0(30+(++,;9(A636.Ð(
,8<076:05-694Í;0*6:
*VTW\[HKVYHKLTLZH
<7:JVUYLN\SHKVYKL]VS[HQLPU[LNYHKVWHYH7*TLZH
0TWYLZVYHSmZLYJVSVY
*VTW\[HKVYHWVY[m[PS
*Í4(9(:
*mTHYHKL]PKLVKPNP[HS
*mTHYHZKPNP[HSLZKLSLU[LZKLZTVU[HISLZ
;YxWVKLWHYHJmTHYHMV[VNYmÄJH`L_[LUZVYLZHQ\Z[HISLZ
40*96:*6706:
4PJYVZJVWPVLZ[LYLVZJ}WPJV
4PJYVZJVWPVJVTWHYH[P]VWHYHLZ[\KPVKLJVY[LZ`ÄIYHZ
46)030(906:+,6-0*05(
,ZJYP[VYPVSPULHSWHYHYL]PZP}UKLPUMVYTLZ
*\IxJ\SVZWHYHLSHIVYHJP}UKLPUMVYTLZ
:PSSHZKLLZWLYHWHYHH[LUJP}UHSVZ\Z\HYPVZ
:PSSHZLQLJ\[P]HZ
:PSSHZZLJYL[HYPHSLZWHYHLSHIVYHJP}UKLPUMVYTLZ
(YJOP]VZTL[mSPJVZ
(YJOP]VZTL[mSPJVZLZWLJPHSLZWHYHPKLU[PÄJHJP}U
7PaHYYHZHJYxSPJHZ
,Z[HU[LZTL[mSPJVZKLJ\H[YVKLW}ZP[VZ
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
,:7,*0(30+(++,05-694Í;0*(-69,5:,
,8<076:05-694Í;0*6:
*VTW\[HKVYHKLTLZH
<7:JVUYLN\SHKVYKL]VS[HQLPU[LNYHKVWHYH7*TLZH
0TWYLZVYHSmZLYJVSVY
*Í4(9(:
*mTHYHKL]PKLVKPNP[HS
*mTHYHZKPNP[HSLZKLSLU[LZKLZTVU[HISLZ
;YxWVKLWHYHJmTHYHMV[VNYmÄJH`L_[LUZVYLZHQ\Z[HISLZ
46)030(906:+,6-0*05(
7mNPUH
,ZJYP[VYPVSPULHSWHYHYL]PZP}UKLPUMVYTLZ
*\IxJ\SVZWHYHLSHIVYHJP}UKLPUMVYTLZ
:PSSHZKLLZWLYHWHYHH[LUJP}UHSVZ\Z\HYPVZ
:PSSHZZLJYL[HYPHSLZWHYHTPJYVZJVWPVÄQHZ
:PSSHZZLJYL[HYPHSLZWHYHLSHIVYHJP}UKLPUMVYTLZ
(YJOP]VZ4L[mSPJVZ
(YJOP]VZTL[mSPJVZLZWLJPHSLZWHYHPKLU[PÄJHJP}U
7PaHYYHZHJYxSPJHZ
4LTVYPH
:,**0Ô5+,9,*,7*0Ô5@*65;963+,,=0+,5*0(:
,8<076:05-694Í;0*6:
*VTW\[HKVYHKLTLZH
<7:JVUYLN\SHKVYKL]VS[HQLPU[LNYHKVWHYH7*TLZH
;LSL]PZVYLZ3*+KL¹
*Í4(9(:
*mTHYHZKPNP[HSLZKLSLU[LZKLZTVU[HISLZ
;YxWVKLWHYHJmTHYHMV[VNYmÄJH`L_[LUZVYLZHQ\Z[HISLZ
*(47(5(:@,8<076:+,(3;(;,47,9(;<9(
.HIPUL[LKLZO\TPÄJHKVY
,8<076:+,9,-90.,9(*0Ô5
9LMYPNLYHKVYHZKLWPLZ
46)030(906:+,6-0*05(
,ZJYP[VYPVSPULHSWHYHYL]PZP}UKLPUMVYTLZ
*\IxJ\SVZWHYHLSHIVYHJP}UKLPUMVYTLZ
:PSSHZKLLZWLYHWHYHH[LUJP}UHSVZ\Z\HYPVZ
:PSSHZZLJYL[HYPHSLZWHYHLSHIVYHJP}UKLPUMVYTLZ
(YJOP]VZTL[mSPJVZ
(YJOP]VZTL[mSPJVZLZWLJPHSLZWHYHPKLU[PÄJHJP}U
)HUJHKHZKLHZPLU[VZ
:VWVY[LWHYH[LSL]PZVYLZ
,Z[HU[LZTL[mSPJVZKLJ\H[YVKLW}ZP[VZ
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
,:7,*0(30+(++,05:7,**065,:6*<3(9,:
,8<076:05-694Í;0*6:
*VTW\[HKVYHKLTLZH
<7:JVUYLN\SHKVYKL]VS[HQLPU[LNYHKVWHYH7*TLZH
0TWYLZVYHSmZLYISHUJV`ULNYV
0TWYLZVYHSmZLYJVSVY
-V[VJVWPHKVYH
;LSL]PZVYLZ3*+KL¹
*Í4(9(:
*mTHYHKL]PKLVKPNP[HS
*mTHYHZKPNP[HSLZKLSLU[LZKLZTVU[HISLZ
;YxWVKLWHYHJmTHYHMV[VNYmÄJH`L_[LUZVYLZHQ\Z[HISLZ
:6-;>(9,:-69,5:,:
:VM[^HYLYLJYLHJP}UKLLZJLUHKLSJYPTLU
,8<076:+,9,-90.,9(*0Ô5
9LMYPNLYHKVYHZKLWPLZ
9,*63,**0Ô5+,,=0+,5*0(:
7mNPUH
(ZWPYHKVYHWHYHL]PKLUJPH
3mTWHYHMVYLUZL
2P[ZKLU‚TLYVZKLHS\TPUPVWHYHMV[VNYHMxHKLJYxTLULZHJJPKLU[LZ
KLSU‚TLYVHS
2P[ZKLU‚TLYVZKLHS\TPUPVWHYHMV[VNYHMxHKLJYxTLULZHJJPKLU[LZ
KLSU‚TLYVHS
2P[ZKLHSMHIL[VKLHS\TPUPVWHYHMV[VNYHMxHKLJYxTLULZHJJPKLU[LZ
KLSHSL[YH(A
2P[SHZLY[YH`LJ[VYPHÄUKLY
*YPTLSP[L
:PZ[LTHKLPS\TPUHJP}UIS\LTH_
4HSL[xUVWLYH[P]V
4HSL[xUKLOLYYHTPLU[HZ
4HSL[xUKHJ[PSVZJ}WPJV
+L[LJ[VYKLTL[HSLZ
3mTWHYHZ<=
(S}NLUVZOPNO[YHJRLYTPSSPVU*7<7:YLJHYNHISLZ
4LTVYPH
,:7,*0(30+(++,05:7,**065,:6*<3(9,:
46)030(906:+,6-0*05(
,ZJYP[VYPVSPULHSWHYHYL]PZP}UKLPUMVYTLZ
*\IxJ\SVZWHYHLSHIVYHJP}UKLPUMVYTLZ
:PSSHZKLLZWLYHWHYHH[LUJP}UHSVZ\Z\HYPVZ
:PSSHZLQLJ\[P]HZ
:PSSHZZLJYL[HYPHSLZWHYHLSHIVYHJP}UKLPUMVYTLZ
(YJOP]VZTL[mSPJVZ
(YJOP]VZTL[mSPJVZLZWLJPHSLZWHYHPKLU[PÄJHJP}U
)HUJHKHZKLHZPLU[VZ
7PaHYYHZHJYxSPJHZ
:VWVY[LWHYH;LSL]PZVYLZ
=,/Ð*<36:
*HTPVUL[HZ[VKV[LYYLUV
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
Í9,(:(+4050:;9(;0=(:
,8<076:05-694Í;0*6:
*VTW\[HKVYHKLTLZH
<7:JVUYLN\SHKVYKL]VS[HQLPU[LNYHKVWHYH7*TLZH
:LY]PKVY
<7:JVUYLN\SHKVYKL]VS[HQLPU[LNYHKVWHYH:LY]LY
0TWYLZVYHSmZLYISHUJV`ULNYV
0TWYLZVYHSmZLYJVSVY
-V[VJVWPHKVYH
0TWYLZVYHTH[YPJPHS
*VTW\[HKVYHWVY[m[PS
+H[HZOV^V7YV`LJ[VY
;LSL]PZVYLZ3*+KL¹
;LSL]PZVYLZ3*+KL¹
*Í4(9(:
*mTHYHKL]PKLVKPNP[HS
*mTHYHZKPNP[HSLZKLSLU[LZKLZTVU[HISLZ
;YxWVKLWHYHJmTHYHMV[VNYmÄJH`L_[LUZVYLZHQ\Z[HISLZ
,8<076:+,=0+,6*65-,9,5*0(
,X\PWVKL]PKLVJVUMLYLUJPHKLHS[HKLÄUPJP}U
,8<076:+,9,-90.,9(*0Ô5
9LMYPNLYHKVYHZKLWPLZ
9LMYPNLYHKVYL_OPIPKVYW\LY[HZ
3HIVYH[VYPVKL*YPTPUHSxZ[PJHKV[HKVKLU\L]HÅV[H]LOPJ\SHY
7mNPUH
4LTVYPH
Í9,(:(+4050:;9(;0=(:
46)030(906:+,6-0*05(
,ZJYP[VYPVZLU3WHYHH[LUJP}UHWLYP[VZ
,ZJYP[VYPVZLU3WHYHH[LUJP}UH\Z\HYPVZ`WLYP[VZ
4LZHKLJVUMLYLUJPHYLKVUKH
,ZJYP[VYPVSPULHSWHYHYL]PZP}UKLPUMVYTLZ
*\IxJ\SVZWHYHLSHIVYHJP}UKLPUMVYTLZ
4LZHKLJVUMLYLUJPHWHYH:PSSHZ
:PSSHZKLLZWLYHWHYHH[LUJP}UHSVZ\Z\HYPVZ
:PSSHZLQLJ\[P]HZ
:PSSHZZLJYL[HYPHSLZWHYHTPJYVZJVWPVÄQHZ
:PSSHZZLJYL[HYPHSLZWHYHLSHIVYHJP}UKLPUMVYTLZ
(YJOP]VZTL[mSPJVZ
(YJOP]VZTL[mSPJVZLZWLJPHSLZWHYHPKLU[PÄJHJP}U
)HUJHKHZKLHZPLU[VZ
3PIYLYVZKLTHKLYHWHYHSHIVYH[VYPVZ
7PaHYYHZHJYxSPJHZ
:VWVY[LWHYH[LSL]PZVYLZ
,Z[HU[LZTL[mSPJVZKLJ\H[YVKLW}ZP[VZ
=,/Ð*<36:
(\[VT}]PS
<7:
<7:
7HY[LKLSWLYZVUHSHKTPUPZ[YH[P]VX\LSHIVY}WHYHLS7YV`LJ[V
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
3()69(;6906:9,.065(3,:
,8<076:05-694Í;0*6:
*VTW\[HKVYHWVY[m[PS
+H[HZOV^V7YV`LJ[VY
*Í4(9(:
*mTHYHKL=PKLV+PNP[HS
*mTHYHZ+PNP[HSLZKL3LU[LZ+LZTVU[HISLZ
;YxWVKLWHYHJmTHYHMV[VNYmÄJH`L_[LUZVYLZHQ\Z[HISLZ
,8<076:+,9,-90.,9(*0Ô5
9LMYPNLYHKVYHZKLWPLZ
9,*63,**0Ô5+,,=0+,5*0(:
7mNPUH
(ZWPYHKVYHWHYH,]PKLUJPH
3mTWHYHMVYLUZL
2P[ZKL5‚TLYVZKL(S\TPUPVWHYHMV[VNYHMxHKL*YxTLULZ
(JJPKLU[LZKLSU‚TLYVHS
2P[ZKL5‚TLYVZKL(S\TPUPVWHYHMV[VNYHMxHKL*YxTLULZ(JJPKLU[LZ
KLSU‚TLYVHS
2P[ZKL(SMHIL[VKL(S\TPUPVWHYHMV[VNYHMxHKL*YxTLULZ
(JJPKLU[LZKLSHSL[YH(A
2P[3HZLY;YH`LJ[VYPH-PUKLY
4HSL[xUVWLYH[P]V
4HSL[xUKL/LYYHTPLU[HZ
4HSL[xUKHJ[PSVZJ}WPJV
+L[LJ[VYKLTL[HSLZ
(S}NLUVZ/PNO[YHJRLY4PSSPVU*7<7:9LJHYNHISLZ
4LTVYPH
+,3,.(*065,:7630*0(3,:
*Í4(9(:
*mTHYHKL]PKLVKPNP[HS
*mTHYHZKPNP[HSLZKLSLU[LZKLZTVU[HISLZ
;YxWVKLWHYHJmTHYHMV[VNYmÄJH`L_[LUZVYLZHQ\Z[HISLZ
*(47(5(:@,8<076:+,(3;(;,47,9(;<9(
7LZHZLSLJ[Y}UPJHZ
9,*63,**0Ô5+,,=0+,5*0(:
(ZWPYHKVYHWHYHL]PKLUJPH
3mTWHYHMVYLUZL
2P[ZKLU‚TLYVZKLHS\TPUPVWHYHMV[VNYHMxHKLJYxTLULZHJJPKLU[LZ
KLSU‚TLYVHS
2P[ZKLU‚TLYVZKLHS\TPUPVWHYHMV[VNYHMxHKLJYxTLULZHJJPKLU[LZ
KLSU‚TLYVHS
2P[ZKLHSMHIL[VKLHS\TPUPVWHYHMV[VNYHMxHKLJYxTLULZHJJPKLU[LZ
KLSHSL[YH(A
2P[SHZLY[YH`LJ[VYPHÄUKLY
4HSL[xUVWLYH[P]V
4HSL[xUKLOLYYHTPLU[HZ
4HSL[xUKHJ[PSVZJ}WPJV
+L[LJ[VYKLTL[HSLZ
(S}NLUVZOPNO[YHJRLYTPSSPVU*7<7:9LJHYNHISLZ
*69;,:<79,4(+,1<:;0*0(
,8<076:05-694Í;0*6:
*VTW\[HKVYHWVY[m[PS
+H[HZOV^V7YV`LJ[VY
;LSL]PZVYLZ3*+KL¹
,8<076:+,=0+,6*65-,9,5*0(
,X\PWVKL]PKLVJVUMLYLUJPHKLHS[HKLÄUPJP}U
46)030(906:+,6-0*05(
:VWVY[LWHYH[LSL]PZVYLZ
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
:0:;,4(+,
=0+,6*65-,9,5*0(
([YH]tZKLS7YV`LJ[VZLV[VYN}HS:PZ[LTHKL1\Z[P
JPH7LUHSX\PUJLLX\PWVZKL]PKLVJVUMLYLUJPHPUZ[H
SHKVZLUS\NHYLZHSLQHKVZKLSWHxZ!)S\LÄLSKZ7\LY[V
*HILaHZ :P\UH V[YVZ KLWHY[HTLU[VZ JVTV 4H[H
NHSWH`*OVU[HSLZHZxJVTVLULS3HIVYH[VYPVKL*YP
TPUHSxZ[PJH1\aNHKVZKL4HUHN\H0UZ[P[\[VKL(S[VZ
,Z[\KPVZ1\KPJPHSLZL0UZ[P[\[VKL4LKPJPUH3LNHS
3VZ JVU]LUPVZ PU[LYUHJPVUHSLZ KL Q\Z[PJPH Z\ZJYP[VZ
WVYSH9LW‚ISPJHKL5PJHYHN\HWLYTP[LU\[PSPaHYSHZ
U\L]HZ [LJUVSVNxHZ JVTV OLYYHTPLU[HZ PUKPZWLUZH
ISLZWHYHVWLYHKVYLZKLQ\Z[PJPHWLUHSJ\TWSPtUKV
ZLKLLZ[HMVYTHSVZVIQL[P]VZKLSHWVSx[PJHKL,Z[H
KVLUSHS\JOHJVU[YH[YH[HKLWLYZVUHZUHYJV[YmÄJV
JYPTLUVYNHUPaHKV`V[YVZKLSP[VZ
+YH(SIH3\a9HTVZ=HULNHZ7YLZPKLU[HKLSH*VY[L:\WYLTHKL1\Z[PJPHKL5PJHYHN\H
7mNPUH
4LTVYPH
,ULSHJ[VKLPUH\N\YHJP}USH+VJ[VYH(SIH
3\a9HTVZ=HULNHZKLÄUP}SH]PKLVJVUML
YLUJPHJVTV¸\UHOLYYHTPLU[HVPUZ[Y\TLU
[VPK}ULVLULSHU[PJPWVVSHWY\LIHWLYZV
UHS\ZmUKVZLLUZP[\HJPVULZL_[YHVYKPUHYPHZ
JSHYHTLU[LLZ[HISLJPKHZLUSHSL`JVTVWVY
LQLTWSVWLSPNYVKLT\LY[LKLSHZ]xJ[PTHZV
[LZ[PNVZH\ZLUJPHKLSVZ[LZ[PNVZLULSWHxZ
VJ\HSX\PLYV[YHJH\ZH¹(ZPTPZTVKLZ[HJ}
X\L¸WVZPIPSP[HYmSHTH_PTPaHJP}UKLS\ZVKLS
[PLTWVKLU\LZ[YVZM\UJPVUHYPVZ`HUV[LU
KYmUX\LKLZWSHaHYZLKL\UZP[PVHV[YVWV
KYmU L]HJ\HY Z\Z WLYP[HQLZ KL Q\PJPV KLZKL
SHZWYVWPHZZLKLZKLSHZPUZ[P[\JPVULZ¹
4PLU[YHZ [HU[V LS ZL|VY 0]V .VTIHSH 1LML KL +LSLNHJP}U (KQ\U[V KL SH <, TLUJPVU} X\L
¸WHYHSH<UP}U,\YVWLHLZ\UOVUVYOHILYJVU[YPI\PKVHJ[P]HTLU[LLULZ[LH]HUJLH[YH]tZKLS
7YV`LJ[V,SHWV`VHSHTLQVYHKLSHKLTVJYHJPH`SHI\LUHNVILYUHIPSPKHKLZ\UVKLSVZLQLZ
WYPVYP[HYPVZKLU\LZ[YHJVVWLYHJP}UJVU5PJHYHN\H¹
,USHZWHSHIYHZKLJSH\Z\YHLS*VTPZPVUHKV.LULYHS1H]PLY4H`UHYK:\IKPYLJ[VY.LULYHSKL
SH7VSPJxH5HJPVUHSHÄYT}X\L¸SH]PKLVJVUMLYLUJPHUVZ]HHH`\KHYHSHLÄJPLUJPHKLS[YHIHQV
KLSHHKTPUPZ[YHJP}UKLQ\Z[PJPHLUU\LZ[YVWHxZLZ\UOLJOVOPZ[}YPJVX\LUVZV[YVZUPJHYH
N…LUZLZ[LUNHTVZLZ[HOLYYHTPLU[HX\LWLYTP[LH[YH]tZKL\UZPZ[LTHPU[LYHJ[P]VJVULJ[HY
HT\JOHNLU[L¹
,SHJ[VKLPUH\N\YHJP}UKLS:PZ[LTH]PKLVJVUMLYLUJPHHWSPJHKHLULSKLZHYYVSSVKLQ\PJPVZVYH
SLZM\LWYLZPKPKVWVYSH+VJ[VYH(SIH3\a9HTVZ=HULNHZ4HNPZ[YHKH7YLZPKLU[HKLSH*VY[L
:\WYLTHKL1\Z[PJPH"LSZL|VY0]V.VTIHSH1LMLKLSH+LSLNHJP}U(KQ\U[VKLSH<,"SVZJV
TPZPVUHKVZNLULYHSLZ1H]PLY4H`UHYK`9HT}U(]LSSmUZ\IKPYLJ[VYLZNLULYHSLZKLSH7VSPJxH
5HJPVUHS"+VJ[VY.LYHYKV9VKYxN\La6SP]HZ4HNPZ[YHKV7YLZPKLU[LKLS;YPI\UHSKL(WLSHJPVULZ
KL4HUHN\H`SH+VJ[VYH(UH1\SPH.\PKV-PZJHS(KQ\U[HKLS4PUPZ[LYPV7‚ISPJV
:L|VY0]V.VTIHSH1LMLKLSH+LSLNHJP}U(KQ\U[VKLSH
<UP}U,\YVWLH
*VTPZPVUHKV.LULYHS1H]PLY4H`UHYK:\IKPYLJ[VY.LULYHS
7VSPJxH5HJPVUHS
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
-VYTHJP}U
*\YZVZ`ZLTPUHYPVZ
UHJPVUHSLZLPU[LYUHJPVUHSLZ
*HWHJP[HJPVULZLUSH9LW‚ISPJH
KL5PJHYHN\H`LULSL_[YHUQLYV
M\LYVUKLZHYYVSSHKHZJVULSVIQL[P]V
KLYLMVYaHY`HTWSPHYSVZ
JVUVJPTPLU[VZKLSVZSHZ
M\UJPVUHYPVZHZWHYHHWSPJHY
JVYYLJ[HTLU[LSVZWYPUJPWPVZ
3VYLTPWZ\TKVSVYZP[HTL[JVUZLJ[L[\LYHKPWPZJPUNLSP[ZLKKPHTUVU\TT`UPIOL\PZTVK[PUJ
M\UKHTLU[HSLZKLSHJYPTPUHSxZ[PJH
PK\U[\[SHVYLL[KVSVYLTHNUHHSPX\HTLYH[]VS\[WH[<[^PZPLUPTHKTPUPT]LUPHTX\PZUVZ[Y\K
L_LYJP[H[PVU\SSHTJVYWLYZ\ZJPWP[SVIVY[PZUPZS\[HSPX\PWL_LHJVTTVKVJVUZLX\H[+\PZH\[LT]LS
LUSHLZJLUHKLSJYPTLU`LTWSLHY
L\TPYP\YLKVSVYPUOLUKYLYP[PU]\SW\[H[L]LSP[LZZLTVSLZ[PLJVUZLX\H[]LSPSS\TKVSVYLL\ML\NPH[
WYVJLKPTPLU[VZQ\YxKPJVZ`[tJUPJVZ
U\SSHMHJPSPZPZH[]LYVLYVZL[HJJ\TZHUL[P\Z[VVKPVKPNUPZZPTX\PISHUKP[WYHLZLU[S\W[H[\TaaYPS
WHYHSHWYLZLY]HJP}UKLSHLZJLUH
KLSLUP[H\N\LK\PZKVSVYL[LML\NHP[
KLSJYPTLULU[YLV[YVZ
7mNPUH
4LTVYPH
*(7(*0;(*065,:
,5,37(Ð:
+\YHU[L[VKHSHLQLJ\JP}UKLS7YV`LJ[VZLTHU[\]V\UHLZ[YLJOHJVVYKPUHJP}UJVUSH(JHKL
TPHKL7VSPJxHJVULS0UZ[P[\[VKL(S[VZ,Z[\KPVZ1\KPJPHSLZ`JVUSHZKLTmZ0UZ[P[\JPVULZKLS
ZPZ[LTHKLQ\Z[PJPHWLUHSH[YH]tZKLSH*VTPZP}U0U[LYPUZ[P[\JPVUHSWHYHKLÄUPYLSJVU[LUPKV`
LSMVYTH[VKLSVZJ\YZVZKLJHWHJP[HJP}ULU[YH[HTPLU[VKLSHL]PKLUJPHJHKLUHKLJ\Z[VKPH`
JYPTPUHSxZ[PJH
7HYHLSSVZLLSHIVY}LSKLUVTPUHKV7SHUKL*HWHJP[HJP}ULULSTHU\HSKL[YH[HTPLU[VKLSH
L]PKLUJPH`JHKLUHKLJ\Z[VKPHKVUKLZLKLÄUPLYVUSVZJYP[LYPVZTL[VKVS}NPJVZ`
SVZJVU[LUPKVZKPKmJ[PJVZHPTWHY[PY
,SVIQL[P]VNLULYHSKLLZ[LWSHUM\LLSKLMVY[HSLJLYSHHKTPUPZ[YHJP}UKLQ\Z[PJPHH[YH]tZKLSH
WYLZLY]HJP}ULPU]LZ[PNHJP}UKLSHLZJLUHKLSJYPTLUWHYHJVU[YPI\PYH\UHTH`VYZLN\YPKHK
Q\YxKPJH
;HTIPtUZLKLÄUP}X\LSVZJ\YZVZZLPTWHY[PYxHUH\U[V[HSHWYV_PTHKVKLM\UJPVUHYPVZ
[HU[VKLSH7VSPJxH5HJPVUHSJVTVKLS4PUPZ[LYPV7‚ISPJV1\KPJH[\YH7YVJ\YHK\YxHZ.LULYHSKL
SH9LW‚ISPJH`KL+LYLJOVZ/\THUVZ0UZ[P[\[VKL4LKPJPUH3LNHS+LMLUZVYxH7‚ISPJH`,QtY
JP[VKL5PJHYHN\H
*\YZVKLLZWLJPHSPaHJP}ULU0UZWLJJP}UKLSH,ZJLUHKLS*YPTLU`LU;tJUPJHZKLÄJOHQLKLSKL[LUPKV
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
*\YZV-VYTHKVYKL-VYTHKVYLZLULS4HU\HSKL;YH[HTPLU[VKLSH,]PKLUJPH`*HKLUHKL*\Z[VKPH
3VZ J\YZVZ PTWHY[PKVZ KLZHYYVSSHYVU \UH ZLYPL KL
JVTWL[LUJPHZLUSVZM\UJPVUHYPVZJHWHJP[HKVZWHYH
HWSPJHY JVYYLJ[HTLU[L SVZ WYPUJPWPVZ M\UKHTLU[HSLZ
KL SH *YPTPUHSxZ[PJH LU SH ,ZJLUH KLS *YPTLU HWSP
JHYSVZWYVJLKPTPLU[VZQ\YxKPJVZ`[tJUPJVZWHYHSH
WYLZLY]HJP}UKLSH,ZJLUHKLS*YPTLUKVTPUHYJVU
WYVMLZPVUHSPZTVSVZWYVJLKPTPLU[VZQ\YxKPJVZ`JYPTP
UHSxZ[PJVZ LU SH PU]LZ[PNHJP}U KL SH ,ZJLUH KLS *YP
TLU[YH[HTPLU[VKLSHL]PKLUJPHMxZPJH`THU\HSKL
JHKLUHKLJ\Z[VKPHKVTPUHYJVYYLJ[HTLU[LHSN\UHZ
KLSHZUVYTHZ`WYVJLKPTPLU[VZKLJHSPKHK0:6`KV
TPUHY LS JVU[LUPKV KL SH PU]LZ[PNHJP}U ` SH VYHSPKHK
LUQ\PJPV
,SLZX\LTHNSVIHSJVUZ[}KL\UWYPTLYJ\YZVX\LZL
KLZHYYVSS}K\YHU[LZLW[PLTIYL`VJ[\IYLKLKPYP
NPKVHMVYTHKVYLZKLMVYTHKVYLZHSVZX\LZLSLZPT
WHY[PLYVUSHZTH[LYPHZULJLZHYPHZWHYHX\LW\KPLYHU
YLWSPJHYSVZJVUVJPTPLU[VZHKX\PYPKVZHSYLZ[VKLSVZ
M\UJPVUHYPVZWVSPJPHSLZVQ\KPJPHSLZ,SJ\YZVJVU\UH
JHYNHOVYHYPHKLOVYHZJVUZ[}KLZPL[LT}K\SVZ
X\L M\LYVU PTWHY[PKVZ WVY SVZ L_WLY[VZ PU[LYUHJPV
UHSLZKLSHHZPZ[LUJPH[tJUPJHPU[LYUHJPVUHS(;0WVY
L_WLY[VZSVJHSLZ(;3`WVYM\UJPVUHYPVZKLS0U[P[\[V
KL4LKPJPUH3LNHS043KLSHZPN\PLU[LTHULYH!
7mNPUH
4LTVYPH
4}K\SV;YH[HTPLU[V7YVJLZHS
KLSH,]PKLUJPH
4}K\SV3H,]PKLUJPHLUSH-HZL
PU]LZ[PNH[P]H
4}K\SV3H,]PKLUJPHLUSH-HZL7YL]PH
HS1\PJPV
4}K\SV3H,]PKLUJPHLUSH-HZL
KL,QLJ\JP}UKLSH:LU[LUJPH
4}K\SV 3H,]PKLUJPHLULS0UZ[P[\[V
KL4LKPJPUH3LNHS
4}K\SV7SHUPÄJHJP}U+PKmJ[PJH
`,Z[YH[LNPHZ+VJLU[LZ
4}K\SV *VUMLYLUJPHKL.LZ[P}U
KLSH*HSPKHK
,ULSWYPTLYT}K\SVKLSJ\YZVZLLZ[\KP}SHSLNPZSHJP}USVJHSLUSVYLMLYLU[LHSHNHYHU[xHKL
SHWY\LIHKLZKLLSPUPJPVKLSHHJ[\HJP}UWVSPJPHS`HX\L\UJVYYLJ[V[YH[HTPLU[VSLNHSKLSH
VI[LUJP}UJ\Z[VKPH`THUPW\SHJP}UKLSVZLSLTLU[VZLUJVU[YHKVZLUSHLZJLUHKLSJYPTLULZ
PUKPZWLUZHISLWHYHZVZ[LULYSHZHJ[\HJPVULZWVZ[LYPVYLZKLHOxSHPTWVY[HUJPHKLSWYPTLYT}
K\SVX\LZLPUJVYWVY}LUSHJHWHJP[HJP}U
3VZT}K\SVZKLSHSLZ[\]PLYVULUMVJHKVZHS[LYYLUVVWLYH[P]VKLZKLLSW\U[VKL]PZ[HJYPTP
UHSxZ[PJVLULSJ\HSZLWHY[LKLSHUmSPZPZKLSHLZJLUHKLSKLSP[V`KLSHYLJVSLJJP}UKLSVZKPML
YLU[LZ[PWVZKLL]PKLUJPHZX\LUVZWVKLTVZLUJVU[YHYJVUSHÄUHSPKHKKLH]LYPN\HYKLZJ\IYPY
`JVUZLN\PYPUJYPTPUHYHSH\[VYKLSOLJOVNHYHU[PaHUKV`KHUKVJYLKPIPSPKHKHSVZ[LZ[PTVUPVZ`
HJ[\HJPVULZX\LSSL]HUHJHIVSHZ\UPKHKLZWVSPJPHSLZPU[LY]PUPLU[LZ
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
:LPTWHY[PLYVUJ\YZVZWHYHSVZVWLYHKVYLZKLS:PZ[LTHKL1\Z[PJPH7LUHSUPJHYHN…LUZL
,ST}K\SVZLWLUZ}WHYHKV[HYHSVZHS\TUVZKLOLYYHTPLU[HZKPKmJ[PJHZ`WLKHN}NPJHZWHYH
X\LHJVTL[PLYHUSHYtWSPJHKLSVZJ\YZVZ`LST}K\SVZLJVUÄN\Y}JVTV\UHJVUMLYLUJPH
ZVIYLLSJVU[YVSKLJHSPKHKX\LKLILUZLN\PYSVZKPMLYLU[LZWYVJLZVZX\LZPN\LUSHZL]PKLUJPHZ
KLZKL SH LZJLUH KLS JYPTLU H SH WYLZLU[HJP}U LU [YPI\UHSLZ WHZHUKV WVY LS 3HIVYH[VYPV KL
*YPTPUHSxZ[PJH
3VZL_WLY[VZPU[LYUHJPVUHSLZ`UHJPVUHSLZZLSLJJPVUHKVZWHYHPTWHY[PYSVZJ\YZVZLSHIVYHYVU
HZPTPZTVSHIHZLTH[LYPHSKLLZ[\KPVZVTH[LYPHSKLLZ[\KPVX\LZLYLWHY[P}HSVZHS\TUVZ
,Z[LWYPTLYJ\YZVJHWHJP[}JVTVMVYTHKVYLZH WYVMLZPVUHSLZKLSZPZ[LTHKLQ\Z[PJPH`KLSH
WVSPJxHLULS4HU\HSKLSH,]PKLUJPHLSHIVYHKVJVULSÄUKLX\LYLWSPJHZLULZ[HZLUZL|HUaHZ
WVY[VKVLSWHxZHHNLU[LZKLWVSPJxH`V[YVZVWLYHKVYLZKLSZPZ[LTHKLQ\Z[PJPHJVTVQ\LJLZ
ÄZJHSLZKLMLUZVYLZW‚ISPJVZTPLTIYVZKLSLQtYJP[V`TtKPJVZMVYLUZLZJVULSVIQL[P]VKLSH
PTWSHU[HJP}UKLTt[VKVZ[LUKLU[LZHNHYHU[PaHYSHJHKLUHKLJ\Z[VKPHKLL]PKLUJPHZ`]LZ[P
NPVZWYVIH[VYPVZLULSWYVJLZVWLUHS
,SKLZLW[PLTIYLZLSSL]}HJHIVSHPUH\N\YHJP}UVÄJPHSKLSVZJ\YZVZ,ULSHJ[VKLHWLY[\YH
LZ[\]PLYVUWYLZLU[LZLS4HNPZ[YHKVKLSH*VY[L:\WYLTH+Y4HY]PU(N\PSHYLS*VTPZPVUHKV
.LULYHS9HT}U(]LSSmUSH*VTPZPVUHKH.LULYHS.SLUKHAH]HSH`YLWYLZLU[HU[LZKLSH+LSLNH
JP}UKLSH<UP}U,\YVWLH`KLS3HIVYH[VYPVKL*YPTPUHSxZ[PJH
-<5*065(906:76905:;0;<*0Ô5*(7(*0;(+6:
05:;0;<*0Ô5
-694(+69,:
7VSPJxHZ
4HNPZ[YHKVZ`1\LJLZ
-PZJHSLZ
4LKPJPUH3LNHS
+LMLUZVYxH7‚ISPJH
,QtYJP[V
6[YVZM\UJPVUHYPVZ
;V[HS
7mNPUH
4LTVYPH
+0:;90)<*0Ô5+,36:(3<456:769:,?6
:,?6
5¢(3<456:
/VTIYLZ
4\QLYLZ
;V[HS
(WHY[PYKLTHYaVKL`OHZ[HHIYPSKLZLYLHSPaHYVUSHZYtWSPJHZKLSVZJ\YZVZKLMVY
THKVYLZLULS4HU\HSKL[YH[HTPLU[VKLSHL]PKLUJPH`JHKLUHKLJ\Z[VKPHLU[VKVLS[LYYP[VYPV
UHJPVUHSPTWHY[PKHZWVYSVZM\UJPVUHYPVZJHWHJP[HKVZLULSJ\YZVKLMVYTHKVYLZ`WVYWLYZVUHS
KLS3HIVYH[VYPVKL*YPTPUHSxZ[PJH
3HZYtWSPJHZKLLZ[VZJ\YZVZZLTH[LYPHSPaHYVULU[YLZ[PWVZKLJ\YZVZ`\UHZQVYUHKHZVJVUML
YLUJPHZWHYHSVZ.HIPUL[LZKLSHMHTPSPHZHS\K`]PKH
*\YZVKL7YLZLY]HJP}UKLSHLZJLUHKLSJYPTLUKPYPNPKVHHNLU[LZWVSPJPHSLZLUJHYNHKVZKLS
YLZN\HYKVVWYLZLY]HJP}UKLSHLZJLUHKLSJYPTLUJVU\UHJHYNHOVYHYPHKLOVYHZLUKVZ
KxHZ:LZ\JLKPLYVUJ\YZVZWHYH\U[V[HSKLHNLU[LZWVSPJPHSLZJHWHJP[HKVZ
*\YZVKL0U]LZ[PNHJP}UKLSHLZJLUHKLSJYPTLUKPYPNPKVHSVZPU]LZ[PNHKVYLZKLSHWVSPJxHJVU
\UHJHYNHOVYHYPHKLOVYHZLU[YLZKxHZ:LYLHSPaHYVUJ\YZVZJHWHJP[HUKVHWLYZV
UHSPU]LZ[PNHKVYKLSH7VSPJxH
*\YZV0U[LYPUZ[P[\JPVUHSKPYPNPKVHSVZM\UJPVUHYPVZKLS:PZ[LTHKL1\Z[PJPH4PUPZ[LYPV7‚ISPJV
1\LJLZ7YVJ\YHK\YxHZ.LULYHSKLSH9LW‚ISPJH`KL+LYLJOVZ/\THUVZ0UZ[P[\[VKL4LKPJPUH
3LNHS+LMLUZVYxH7‚ISPJH`,QtYJP[VKL5PJHYHN\H,Z[LJ\YZVZLKLZHYYVSS}LUKVZKxHZJVU
OVYHZKLJHYNHOVYHYPH,S0UZ[P[\[VKL(S[VZ,Z[\KPVZ1\KPJPHSLZLSHIVY}SVZWYVNYHTHZSH
TL[VKVSVNxH`SHJVVYKPUHJP}UKLSVZJ\YZVZLU[VKVLS[LYYP[VYPVK\YHU[LLSTLZKLVJ[\IYLKL
:LJHWHJP[HYVULU[V[HSM\UJPVUHYPVZ
*\YZVZZVIYLWYLZLY]HJP}ULPU]LZ[PNHJP}UKLSHLZJLUHKLSJYPTLUKPYPNPKVZHHNLU[LZWVSPJPHSLZ
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
1VYUHKHZKLTH|HUHKPYPNPKHZHSVZ.HIPUL[LZKLSHMHTPSPHZHS\K`]PKHLUKVUKLSVZPUZ[Y\J
[VYLZWVSPJPHSLZL_W\ZPLYVUSVZLSLTLU[VZImZPJVZKLSHWYLZLY]HJP}UKLSHLZJLUHKLSJYPTLU
3H4L[VKVSVNxHHWSPJHKHLUSVZJ\YZVZM\LHJ[P]HWHY[PJPWH[P]HJVU[HUKVJVUSHWHY[PJPWHJP}U
KLSVZ`SHZWHY[PJPWHU[LZH[YH]tZKLJVTIPUHJP}UKLL_WLYPLUJPHZLU[YLKVJLU[LZ`HS\TUVZ
TLKPHU[LLSLTWSLVKLKPUmTPJHZYLZ\S[HU[LZKLZP[\HJPVULZWYVIStTPJHZX\LLSHIVYHIHUSVZ
LZ[\KPHU[LZHWHY[PYKLPU[LYLZLZKLSS\NHYHX\LWLY[LULJxHUVKLL_WLYPLUJPHZWYVWPHZJVTV
JVUMLYLUJPHZ JSHZLZ WYmJ[PJHZ WY\LIHZ KPHNU}Z[PJHZ ZPT\SHJPVULZ LZ[\KPVZ KL JHZVZ [YH
IHQVZLULX\PWVKLTVZ[YHJPVULZKLOHIPSPKHKLZHKX\PYPKHZPU[LYJHTIPVZKLL_WLYPLUJPHZ`
KPZJ\ZPVULZ HSYLKLKVY KL SVZ [LTHZ KL PU[LYtZ LUYPX\LJPLUKV KL LZ[H MVYTH LS WYVJLZV KL
LUZL|HUaH`HWYLUKPaHQLLUSVZWHY[PJPWHU[LZ
3VZ*\YZVZZVIYLWYLZLY]HJP}ULPU]LZ[PNHJP}UKLSHLZJLUHKLSJYPTLUZLPTWHY[PLYVULU[VKVLSWHxZ
7mNPUH
4LTVYPH
5Ø4,96+,*<9:6:047(9;0+6:7699,.0Ô5@;076+,*<9:6
3<.(9
79,:,9=(*0Ô5 05=,:;0.(*0Ô5
*65-,9,5*0(:
;6;(3
4HUHN\H
+6,7
(LYVW\LY[V
)VHJV
*HYHaV
*OPUHUKLNH
*OVU[HSLZ
,Z[LSx
.YHUHKH
1PUV[LNH
3L}U
05;,905:;0;<*065(3
4HKYPa
4HZH`H
4H[HNHSWH
5\L]H:LNV]PH
9((5
9((:
9xV:HU1\HU
9P]HZ
;YPmUN\SV4PULYV
9HTH
;6;(3
.HIPUL[LZKLSH-HTPSPHZLJHWHJP[HULULS[LTHKLWYLZLY]HJP}UKLSHLZJLUHKLSJYPTLU
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
5Ø4,96+,(3<456:*(7(*0;(+6:7699,.0Ô5@;076+,*<9:6
3<.(9
79,:,9=(*0Ô5 05=,:;0.(*0Ô5
05;,905:;0;<*065(3
*65-,9,5*0(:
;6;(3
4HUHN\H
+6,7
(LYVW\LY[V
)VHJV
*HYHaV
*OPUHUKLNH
*OVU[HSLZ
,Z[LSx
.YHUHKH
1PUV[LNH
3L}U
4HKYPa
4HZH`H
5\L]H:LNV]PH
9((5
9((:
9xV:HU1\HU
9P]HZ
;YPmUN\SV4PULYV
9HTH
;6;(3
4H[HNHSWH
5Ø4,96+,(3<456:769;076+,*<9:6@:,?6
/64)9,:
*<9:6:
5¢*<9:6:
4<1,9,:
5¢(3<456:
5¢
5¢
7YLZLY]HJP}U
0U]LZ[PNHJP}U
0U[LYPUZ[P[\JPVUHS
.-*=
;V[HS
7mNPUH
4LTVYPH
7+LYLJOVZ
/\THUVZ
043
4
.VILYUHJP}U
0(,1
,QtYJP[V
:
7LUP[LUJPHYPV
7.9
.YHUHKH
1PUV[LNH
3L}U
4HKYPa
4HZH`H
4H[HNHSWH
5\L]H:LNV]PH
9((5
9((:
9xV:HU1\HU
9P]HZ
;YPmUN\SV4PULYV
9HTH
;V[HS
-PZJHSLZ
4HNPZ[YHKVZ
;V[HS
1\LJLZ
+LMLUZVYLZ
7‚ISPJVZ
5Ø4,96+,(3<456:*(7(*0;(+6:76905:;0;<*0Ô5
)VHJV
*HYHaV
*OPUHUKLNH
*OVU[HSLZ
,Z[LSx
3\NHY
4HUHN\H
,S7YV`LJ[V[HTIPtUSSL]}HJHIVVÄUHUJP}V[YHZJHWHJP[HJPVULZJVULSÄUKLLSL]HYLSUP]LS
WYVMLZPVUHSKLSWLYZVUHSKLSSHIVYH[VYPV`KLSH7VSPJxH+\YHU[LQ\UPV`Q\SPVKLS`HJHYNV
KL\UL_WLY[VKLSHHZPZ[LUJPH[tJUPJHPU[LYUHJPVUHSZLYLHSPa}\UKPHNU}Z[PJVZVIYLLSLZ[HKV
KLSÄJOHQL`SHZPUZWLJJPVULZVJ\SHYLZKLSHLZJLUHKLSJYPTLU`ZLKPZL|}LSJ\YZVZVIYLSVZ
WYVJLKPTPLU[VZKLÄJOHQLZLPUZWLJJPVULZVJ\SHYLZKPYPNPKVHSHZM\LYaHZKLSH7VSPJxH5HJPV
UHSWHYHHZLN\YHYSHPUZ[P[\JPVUHSPaHJP}UKLSVZJVUVJPTPLU[VZYLSHJPVUHKVZJVULSÄJOHQLKLS
KL[LUPKVSHPUZWLJJP}UVJ\SHYKLSHLZJLUHKLSJYPTLU`[LTHZNLULYHSLZKLSHJPLUJPHJYPTP
UHSxZ[PJHLUJVYYLZWVUKLUJPHJVUSVWSHU[LHKVLULS4HU\HSKL;YH[HTPLU[VKLSH,]PKLUJPH`
*HKLUHKL*\Z[VKPHLSHIVYHKVLULSH|V
3HJHWHJP[HJP}UZLTH[LYPHSPa}LU;HSSLYLZKLOVYHZJHKH\UVJVUHS\TUVZLZWLJPHSPZ
[HZ`VÄJPHSLZKL0UZWLJJPVULZ6J\SHYLZKLSHLZJLUHKLSJYPTLUKLSH+PYLJJP}UKL(\_PSPV1\KP
JPHSKLSVZ+PZ[YP[VZ7VSPJPHSLZKL4HUHN\H`KLSHZKLSLNHJPVULZYLNPVUHSLZKL,Z[LSx`3L}U
YLZWLJ[P]HTLU[LHZxJVTVKLWLYP[VZKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJHX\LHZPZ[LUHSHLZJLUH
KLSJYPTLUKLJHZVZYLSL]HU[LZ;YLZM\UJPVUHYPVZKLSSHIVYH[VYPVJVTWSL[HYVULS7VZ[NYHKVLU
[tJUPJHZJYVTH[VNYmÄJHZLUSH<UP]LYZPKHK(\[}UVTHKL3L}U+VZM\UJPVUHYPVZYLHSPaHYVULS
[HSSLYKLJmSJ\SVKLSHPUJLY[PK\TIYLKLSHZTLKPJPVULZHUHSx[PJHZ[HTIPtULUSH<UP]LYZPKHK
(\[}UVTHKL3L}U<UHM\UJPVUHYPHKLSSHIVYH[VYPVJVTWSL[}SH4HLZ[YxHLU*VTW\[HJP}UJVU
tUMHZPZLUZPZ[LTHZKLPUMVYTHJP}U
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
*(7(*0;(*0Ô5
,5,3,?;,9069
7LYZPN\PLUKVZPLTWYLSHTm_PTHLÄJHJPHLULSJ\T
WSPTPLU[V KL SHZ M\UJPVULZ HZPNUHKHZ HS 3HIVYH[VYPV
KL *YPTPUHSxZ[PJH ` JVU[PU\HUKV JVU SHZ WVSx[PJHZ KL
MVYTHJP}UKLSWLYZVUHS`HLZ[HISLJPKHZZLSSL]}HSH
WYmJ[PJHSHHJ[\HSPaHJP}UKLSVZTt[VKVZ`[tJUPJHZKL
SVZWLYP[VZ`V[YVZM\UJPVUHYPVZHKZJYP[VZHSSHIVYH[VYPV
TLKPHU[L J\YZVZ PTWHY[PKVZ LU 3HIVYH[VYPVZ KL *YP
TPUHSxZ[PJHKLWVSPJxHZKLV[YVZWHxZLZJVU[LJUVSVNxH
H]HUaHKHJVTVSHHKX\PYPKHLULSTHYJVKLS7YV`LJ[V
-\UJPVUHYPVZKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJHYLJPILU
JHWHJP[HJP}ULU,ZWH|H
7LYP[VZX\xTPJVZZLJHWHJP[HULU/VUK\YHZ
3H MVYTHJP}U ZL YLHSPa} LU WHY[L KLU[YV KL SH JV
ILY[\YH KL SH (0*,- (JHKLTPH 0ILYVHTLYPJHUH KL
*YPTPUHSxZ[PJH ` *PLUJPHZ -VYLUZLZ LU J\YZVZ J\`H
K\YHJP}U VZJPS} LU[YL \UV ` KVZ TLZLZ ;HTIPtU
ZL SSL]HYVU H JHIV ]PZP[HZ KL TLUVY K\YHJP}U JVU
LS VIQL[P]V KL YLMVYaHY [tJUPJHZ V PU[LYPVYPaHYZL KL
SHVYNHUPaHJP}U`WYVJLKPTPLU[VZX\LZLHWSPJHULU
0UZ[P[\JPVULZWVSPJPHSLZKLV[YVZWHxZLZ`ZLHZPZ[P}H
KPMLYLU[LZ*VUNYLZVZ`*VUMLYLUJPHZPU[LYUHJPVUHSLZ
KVUKLZL[YH[HIHUVL_WVUxHU[LTHZKLHJ[\HSPKHK
LULSJVU[L_[VKLSHPU]LZ[PNHJP}UJYPTPUHS
,ZKLKLZ[HJHYX\LZLWYPVYPa}LUNYHUTLKPKHSHMVY
THJP}UKLSWLYZVUHSKLSHZU\L]HZLZWLJPHSPKHKLZKLS
SHIVYH[VYPVJVTVZVU.LUt[PJHL0UMVYTm[PJH-VYLU
ZL (ZPTPZTV ZL MVYT} \U [tJUPJV LU SH [VKH]xH UV
PTWSHU[HKHLZWLJPHSPKHKLU(J‚Z[PJH`=PKLVJVULS
VIQL[P]VX\LZLHLSX\LKLZHYYVSSLLZ[HLZWLJPHSPKHK
LU\UWY}_PTVM\[\YV
3H7VSPJxH5HJPVUHSKL,ZWH|HYLJPIP}K\YHU[LKVZTLZLZHWLYP[VZIP}SVNVZLZWLJPHSPZ[HZLU
.LUt[PJH-VYLUZLX\PLULZZLJHWHJP[HYVULUKPMLYLU[LZWYVJLZVZKLHUmSPZPZKLS(+5mJPKV
KLZV_PYYPIVU\JSLPJV
3H.\HYKPH*P]PSKL,ZWH|HYLJPIP}LU]HYPVZWLYxVKVZHKPMLYLU[LZKLSLNHJPVULZKLSSHIVYH[VYPV
JVUMVYTHKHZWVY[tJUPJVZLUKPMLYLU[LZLZWLJPHSPKHKLZ+\YHU[LKVZTLZLZWLYP[VZKLSHLZ
WLJPHSPKHKKL0UMVYTm[PJH-VYLUZLKLSSHIVYH[VYPVHÄHUaHYVUJVUVJPTPLU[VZLU[tJUPJHZJPLU[x
ÄJHZ`HUHSx[PJHZLZWLJPHSPaHKHZLUPUMYHLZ[Y\J[\YHZ[LJUVS}NPJHZ7LYTHULJPLYVULUJ\YZVZKL
\UTLZKLK\YHJP}U[tJUPJVZKLSHZLZWLJPHSPKHKLZKLHJ‚Z[PJH`]PKLV+VJ\TLU[VZJVWxH`
;YHaVSVNxH(ZPTPZTVLU]PZP[HKL[YLZZLTHUHZHJ[\HSPaHYVUJVUVJPTPLU[VZWLYP[VZKLSHZLZWL
JPHSPKHKLZKL.LUt[PJH8\xTPJH`)HSxZ[PJH`WLYZVUHSKLSHZmYLHZKLJHSPKHK`THU[LUPTPLU[V
KLLX\PWVZLSLJ[Y}UPJVZ
7mNPUH
4LTVYPH
7LYP[VZJYPTPUHSPZ[HZYLJPILUJ\YZVLU*\IH
3H+PYLJJP}UKL*YPTPUHSxZ[PJHKLS4PUPZ[LYPV0U[LYPVYKLSH9LW‚ISPJHKL*\IHWYLZ[}Z\HZPZ
[LUJPHK\YHU[LI\LUHWHY[LKLS7YV`LJ[V7LYP[VZKLSHZLZWLJPHSPKHKLZKL(]L_P+VJ\TLU
[VZJVWxH)HSxZ[PJH+LYTH[VZJVWxH`KLSHZmYLHZKL0UZWLJJPVULZ6J\SHYLZ`4HU[LUPTPLU[V
LSLJ[Y}UPJVKLLX\PWVZJ\YZHYVUKPMLYLU[LZ+PWSVTHKVZKLKVZTLZLZKLK\YHJP}U
0N\HSTLU[LWLYP[VZKLSSHIVYH[VYPVHJ\KPLYVUHMVYTHYZLHS0UZ[P[\[VKL4LKPJPUH-VYLUZLKL
/VUK\YHZHSH7VSPJxH;tJUPJH`*PLU[xÄJHKL,S:HS]HKVY`HS+LWHY[HTLU[VKL*PLUJPHZ-V
YLUZLZ6YNHUPZTVKL0U]LZ[PNHJP}U1\KPJPHS7VKLY1\KPJPHSKL*VZ[H9PJH
+LSHTPZTHTHULYHZPN\PLUKVJVULZ[HWVSx[PJHKLHWLY[\YHHSL_[LYPVYZLHZPZ[P}H]HYPHZ*VU
MLYLUJPHZ`*VUNYLZVZ0U[LYUHJPVUHSLZJVTVSVZKVZVYNHUPaHKVZWVYSH05;,9763LU3`VU
-YHUJPHZVIYLLS\ZVKLS(+5`SHKHJ[PSVNYHMxHLUSHPU]LZ[PNHJP}UJYPTPUHS`LSKLZHYYVSSHKVWVY
LS.Y\WV0ILYVHTLYPJHUVKL;YHIHQVLUHUmSPZPZKL(+5KLSH(0*,-LU4t_PJV
3HMVYTHJP}UUVZVSVJVU[LTWS}HSVZWLYP
[VZ KL SHZ KPMLYLU[LZ LZWLJPHSPKHKLZ MVYLU
ZLZKLSSHIVYH[VYPVZPUVX\LHIHYJ}[HTIPtU
HV[YHZmYLHZKLSSHIVYH[VYPVJVTVHSVZM\U
JPVUHYPVZKL0UZWLJJPVULZ6J\SHYLZ*VU[YVS
KL*HSPKHK`4HU[LUPTPLU[VKLSVZLX\PWVZ
LSLJ[Y}UPJVZ
(JVU[PU\HJP}UZLPUZLY[H\UJ\HKYVJVULS
WLYZVUHSJHWHJP[HKVLULSL_[LYPVYZL|HSHU
KV SH 0UZ[P[\JP}U WVSPJPHS V MVYLUZL X\L PT
WHY[P}LSJ\YZVVZLTPUHYPV`SHLZWLJPHSPKHK
KLSSHIVYH[VYPVHSHX\LWLY[LULJLUSVZWLYP
[VZV[tJUPJVZKLZ[HJHKVZ
6ÄJPHSLZYLJPILUJ\YZVLU,ZWH|H
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
*HSPKHK
4HU[LUPTPLU[V
,SLJ[Y}UPJV
0UZWLJJPVULZ6J\SHYLZ
(J‚Z[PJH`=PKLV
;YHaVSVNxH
)PVSVNxH
+PYLJJP}UKL
*YPTPUHSxZ[PJH
4PUPZ[LYPVKLS0U[LYPVY
*\IH
.\HYKPH*P]PS
KL,ZWH|H
=00*VUMLYLUJPH
05;,9763LU3`VU
-YHUJPH
0UZ[P[\[VKL4LKPJPUH
-VYLUZLKL
/VUK\YHZ
.\HYKPH*P]PSKL
,ZWH|H
H
+LWHY[HTLU[VKL
*PLUJPHZ-VYLUZLZ
7VKLY1\KPJPHS
*VZ[H9PJH
H
7VSPJxH[tJUPJH
`JPLU[xÄJHKL
,S:HS]HKVY
H
+PYLJJP}UKL
*YPTPUHSxZ[PJH
4PUPZ[LYPVKLS0U[LYPVY
*\IH
9L\UP}U.0;(+
(0*,-LU4t_PJV
=000*VUMLYLUJPH
05;,9763LU3`VU
-YHUJPH
7mNPUH
H
;V[HS
)HSxZ[PJH
H .\HYKPH*P]PS
KL,ZWH|H
8\xTPJH
H 7VSPJxH5HJPVUHS
KL,ZWH|H
.LUt[PJH
+LYTH[VZJVWxH
+VJ\TLU[VZJVWxH
0UZ[P[\JP}U
(]LYxHZ,_WSVZPVULZL
0UJLUKPVZ(=,?0
-LJOH
0UMVYTm[PJH-VYLUZL
,:7,*0(30+(+,:+,3()69(;6906
4LTVYPH
Curso seguido en Cuba por personal del Laboratorio de Criminalística.
,U[V[HSWLYZVUHZHZPZ[PLYVUHLZ[HZJHWHJP[HJPVULZHSVSHYNVKLSVZ[YLZH|VZKLLQLJ\JP}U
KLS7YV`LJ[V,Z[HMVYTHJP}ULULSL_[LYPVYKLHS[V]HSVYLZ[YH[tNPJVOHMVY[HSLJPKVSHHTWSPH
NHTHKLJVUVJPTPLU[VZ[tJUPJVZ`JPLU[xÄJVZKLSWLYZVUHSWYVMLZPVUHSKLS3HIVYH[VYPVKL*YP
TPUHSxZ[PJH`KLSH7VSPJxH5HJPVUHSKL5PJHYHN\H
Funcionarios del Laboratorio de Criminalística participaron en Conferencia sobre uso del ADN en Francia.
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
(STHJLULZ
`KLW}ZP[VZ
,S7YV`LJ[VJVU[YPI\`}HMVY[HSLJLY
SVZTLKPVZLUHSTHJLULZKLSH7VSPJxH
5HJPVUHSKL5PJHYHN\HKVUKLZL
N\HYKHUL]PKLUJPHZJVTV
SH+PYLJJP}UKL(\_PSPV1\KPJPHS`LS
3VYLTPWZ\TKVSVYZP[HTL[JVUZLJ[L[\LYHKPWPZJPUNLSP[ZLKKPHTUVU\TT`UPIOL\PZTVK[PUJ
PK\U[\[SHVYLL[KVSVYLTHNUHHSPX\HTLYH[]VS\[WH[<[^PZPLUPTHKTPUPT]LUPHTX\PZUVZ[Y\K
*LU[YVKL,]PKLUJPHZKL4HUHN\H
L_LYJP[H[PVU\SSHTJVYWLYZ\ZJPWP[SVIVY[PZUPZS\[HSPX\PWL_LHJVTTVKVJVUZLX\H[+\PZH\[LT]LS
:LHWV`}HS0UZ[P[\[VKL4LKPJPUH
L\TPYP\YLKVSVYPUOLUKYLYP[PU]\SW\[H[L]LSP[LZZLTVSLZ[PLJVUZLX\H[]LSPSS\TKVSVYLL\ML\NPH[
3LNHSLUSHJVUZ[Y\JJP}UKL\UH
U\SSHMHJPSPZPZH[]LYVLYVZL[HJJ\TZHUL[P\Z[VVKPVKPNUPZZPTX\PISHUKP[WYHLZLU[S\W[H[\TaaYPS
VÄJPUHKLNLZ[P}U`KL
KLSLUP[H\N\LK\PZKVSVYL[LML\NHP[
JVYYLZWVUKLUJPHKLL]PKLUJPH
7mNPUH
4LTVYPH
(34(*,5,:
3VZHSTHJLULZVKLW}ZP[VZKVUKLZLYLZN\HYKHSHL]PKLUJPHMxZPJHOHZ[HJVTWSL[HYLSWYVJLZV
WLUHSLZ\ULSLTLU[VPTWVY[HU[LKLSZPZ[LTH[VKH]LaX\L\UHTHSHJVU]LYZHJP}UW\KPLYH
Z\WVULYSHJVU[HTPUHJP}UKLSHL]PKLUJPH`WVYLUKLSHUVJVUZPKLYHJP}UJVTVLSLTLU[VZKL
WY\LIHSHZL]PKLUJPHZLUJVU[YHKHZLUSHLZJLUHKLSJYPTLU(SH]LaOH`X\LKV[HYHLZVZHSTH
JLULZKLSVZTLKPVZZ\ÄJPLU[LZWHYHVYNHUPaHYHKLJ\HKHTLU[LLSWYVJLZVKLPKLU[PÄJHJP}U`
I‚ZX\LKHKLSHZL]PKLUJPHZLULSSVZKLWVZP[HKHZLPTWLKPYSHZWtYKPKHZMVY[\P[HZ
Entrega de equipos al almacén de Evidencias de la Dirección de Auxilio Judicial de la Policía Nacional
de Nicaragua.
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
,S7YV`LJ[VWYV]L`}JVUTH[LYPHSLZKLJVUZ[Y\JJP}UHS043WHYHSHJVUZ[Y\JJP}UKL\UHVÄJPUHKLNLZ[P}U
`JVYYLZWVUKLUJPH
([LUKPLUKVLZ[VZYLX\LYPTPLU[VZLS7YV`LJ[VJVU[YPI\`}LUI\LUHTLKPKHHMVY[HSLJLYSVZTL
KPVZ JVU SVZ X\L KLZHYYVSSHU Z\Z HJ[P]PKHKLZ SVZ HSTHJLULZ KL KVZ mYLHZ WYPUJPWHSLZ KL SH
7VSPJxHKVUKLZLN\HYKHUL]PKLUJPHZJVTVZVUSH+PYLJJP}UKL(\_PSPV1\KPJPHS`LS*LU[YVKL
,]PKLUJPHZKL4HUHN\HZP[\HKVLULSKPZ[YP[V 7HYHLSSVLS7YV`LJ[VHKX\PYP}\UHZLYPLKLTVIPSPHYPV`LX\PWVZLSLJ[Y}UPJVZKL[YH[HTPLU[VZ
KLKH[VZJVULSÄUKLHWV`HYSHNLZ[P}ULUSVZKVZHSTHJLULZKLL]PKLUJPHZTLUJPVUHKVZ`
TLQVYHYHSN\UHZKLSHZPUMYHLZ[Y\J[\YHZKLSVZTPZTVZ
3VZ LX\PWVZ HKX\PYPKVZ M\LYVU JVTW\[HKVYLZ KL TLZH ` WVY[m[PSLZ TVUP[VYLZ PTWYLZVYHZ
ZJHULYZ`LZJYP[VYPVZX\LH`\KHYmUHSHNLZ[P}UKLSHZL]PKLUJPHZ`LZ[HU[LYxHZWHYHSHJ\Z[VKPH
`VYNHUPaHJP}ULÄJPLU[LKLSHZTPZTHZ
+(1
*,4
7*
4VUP[VYLZ
0TWYLZVYHZ
3HW[VW
:JHUULY
+PZJVZL_[LYUVZ
,ZJYP[VYPVZ
,Z[HU[LZTL[mSPJVZ
7mNPUH
*,5;9(3
4LTVYPH
0N\HSTLU[LLS7YV`LJ[VHWV`}HS0UZ[P[\[VKL
4LKPJPUH 3LNHS LU SH JVUZ[Y\JJP}U KL \UH
VÄJPUHKLNLZ[P}U`KLJVYYLZWVUKLUJPHKL
SH L]PKLUJPH KL T ,S HJ\LYKV Z\ZJYP[V
JVU LS 043 JVU[LTWS} SH WYV]PZP}U WVY LS
7YV`LJ[VKLSVZTH[LYPHSLZKLJVUZ[Y\JJP}U
ULJLZHYPVZ WHYH SH LKPÄJHJP}U KL WHYLKLZ
WPZVJHZJV[LLZ[Y\J[\YHTL[mSPJHKL[LJOV
PUZ[HSHJP}UKL[LJOVWPU[\YHNLULYHSPUZ[H
SHJPVULZLStJ[YPJHZ`KLHPYLHJVUKPJPVUHKV
`LZ[HU[LZWHYHSHJVSVJHJP}UKLL]PKLUJPHZ
` LS 0UZ[P[\[V ZL LUJHYN} KLS KPZL|V KL SH
JVUZ[Y\JJP}U KLS WYV`LJ[V HYX\P[LJ[}UPJV
KLSHKPYLJJP}UKLSHVIYH`KLSVZJVZ[LZKL
THUVKLVIYH
,Z[HVÄJPUHLZPTWVY[HU[LWVYX\LMVY[HSLJL
LS JVU[YVS ` LS ZLN\PTPLU[V KL SH L]PKLUJPH
MxZPJH YLJPIPKH ` THULQHKH WVY LS 0UZ[P[\[V
KL4LKPJPUH3LNHS(\TLU[HSHZLN\YPKHK`
JVU[YPI\`LHSHUVJVU[HTPUHJP}UKLSHL]P
KLUJPH`WVYSV[HU[VHSJ\TWSPTPLU[VKLSVZ
VIQL[P]VZ KLS 7YV`LJ[V ( Q\UPV KL SH
VIYHLZ[m[LYTPUHKH`SHVÄJPUHLZ[mLUWSL
UVM\UJPVUHTPLU[V
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
.LZ[P}U
KLSHJHSPKHK
,SZPZ[LTHKLJVU[YVSKLJHSPKHK
PTWSLTLU[HKVWLYTP[LX\L[VKVZ
SVZWYVJLZVZKL[YH[HTPLU[VKLSH
L]PKLUJPHZLKLZHYYVSSLU
LÄJPLU[LTLU[LKL[HSTHULYHX\L
SHZWY\LIHZX\LZLYLJVSLJ[HULUSH
3VYLTPWZ\TKVSVYZP[HTL[JVUZLJ[L[\LYHKPWPZJPUNLSP[ZLKKPHTUVU\TT`UPIOL\PZTVK[PUJ
PK\U[\[SHVYLL[KVSVYLTHNUHHSPX\HTLYH[]VS\[WH[<[^PZPLUPTHKTPUPT]LUPHTX\PZUVZ[Y\K
LZJLUHKLSJYPTLUSSLN\LU
L_LYJP[H[PVU\SSHTJVYWLYZ\ZJPWP[SVIVY[PZUPZS\[HSPX\PWL_LHJVTTVKVJVUZLX\H[+\PZH\[LT]LS
ZH[PZMHJ[VYPHTLU[LHSVZ[YPI\UHSLZ
L\TPYP\YLKVSVYPUOLUKYLYP[PU]\SW\[H[L]LSP[LZZLTVSLZ[PLJVUZLX\H[]LSPSS\TKVSVYLL\ML\NPH[
WHZHUKVWVYSHZKPZ[PU[HZMHZLZKLS
U\SSHMHJPSPZPZH[]LYVLYVZL[HJJ\TZHUL[P\Z[VVKPVKPNUPZZPTX\PISHUKP[WYHLZLU[S\W[H[\TaaYPS
WYVJLZV`LUSHZX\LPU[LY]PLULU
KLSLUP[H\N\LK\PZKVSVYL[LML\NHP[
KPMLYLU[LZHJ[VYLZ
7mNPUH
4LTVYPH
*65;963@*(30+(+
<UJVTWVULU[LPTWVY[HU[LKLS7YV`LJ[VOHZPKVSHPU[YVK\JJP}UKLTLJHUPZTVZWLYTHULU[LZ
KLJVU[YVSKLJHSPKHK[HU[VLUSVYLMLYLU[LHSHVI[LUJP}U`J\Z[VKPHKLSHZL]PKLUJPHZJVTVLU
LS[YH[HTPLU[VKLSHZTPZTHZLUSVZWYVJLZVZHSVZJ\HSLZZLSHZZVTL[LLULSSHIVYH[VYPVWHYH
LSSVZLOHUKLZHYYVSSHKV\UHZLYPLKLHJJPVULZLUJHTPUHKHZHTLQVYHYSVZWYVJLZVZPU[LYUVZ
KLSSHIVYH[VYPV`HKLZHYYVSSHYZPZ[LTHZ`ZVM[^HYLZLZWLJxÄJVZWHYHZ\JVU[YVS`ZLN\PTPLU[V
,U LZ[L ZLU[PKV LS 3HIVYH[VYPV KL *YPTPUHSxZ[PJH OH PTWSLTLU[HKV \U ZPZ[LTH KL JVU[YVS KL
NLZ[P}UKLSHJHSPKHKX\LOHZPKVHZLZVYHKV`HWV`HKVWVYLS7YV`LJ[VJVUSHHWVY[HJP}UKLSH
L_WLYPLUJPH`JVUVJPTPLU[VZKLL_WLY[VZWVSPJPHSLZKLSH.\HYKPH*P]PSKL,ZWH|H
,SZPZ[LTHKLNLZ[P}UKLSHJHSPKHKKLSHL]PKLUJPHMxZPJHWLYTP[LX\L[VKVZSVZWYVJLZVZKL
[YH[HTPLU[VKLSHL]PKLUJPHZLKLZHYYVSSLUKLTHULYHLÄJPLU[LKL[HSTHULYHX\LSHZL]PKLU
JPHZX\LZLYLJVSLJ[HULUSHLZJLUHKLSJYPTLUSSLN\LUZH[PZMHJ[VYPHTLU[LHU[LSVZ[YPI\UHSLZ
ZPUX\LZLHUYLJOHaHKHZLUSHZKPZ[PU[HZMHZLZKLSWYVJLZV`LUSHZX\LPU[LY]PLULUKPMLYLU[LZ
HJ[VYLZPU]LZ[PNHKVYLZWLYP[VZL[J
,SZPZ[LTHZLOHHKHW[HKVHSVZYLX\PZP[VZKLSHUVYTHPU[LYUHJPVUHS0:6`HKLTmZPU
JS\`LLUZ\HSJHUJLHSVZ3HIVYH[VYPVZ9LNPVUHSLZKL*YPTPUHSxZ[PJHHZxJVTVV[YVZHZWLJ[VZ
YLSL]HU[LZJVTVTLKPKHZKLZLN\YPKHK`ZHS\KSHIVYHS
7HYHHSJHUaHYLZ[LYLZ\S[HKVZLYL]PZHYVUHKHW[HYVULLKP[HYVUSVZTHU\HSLZKLWLYÄSLZKL
JHYNV KL IPVZLN\YPKHK ` KL JHSPKHK ;VKVZ LSSVZ LSHIVYHKVZ JVU HZPZ[LUJPH KLS 7YV`LJ[V `
HJ[\HSPaHKVZHQ\UPVKL
*OHYSHZVIYLUVYTHZKLJHSPKHKHSWLYZVUHSKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJH
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
:LYL]PZHYVU[HTIPtU[VKVZSVZ7YVJLKPTPLU[VZ.LULYHSLZLSHIVYHKVZ`M\LYVUHJ[\HSPaHKVZ
WVYLS3HIVYH[VYPVPN\HSTLU[LLU:LJ\LU[HJVUÄJOHZWHYHJHKH\UVKLLZ[VZWYVJL
KPTPLU[VZKLJHSPKHKLUKVUKLZLPUJS\`LUYLMLYLUJPHZHSHKVJ\TLU[HJP}UL_[LYUHKPZWVZPJPV
ULZQ\YxKPJHZ`HKTPUPZ[YH[P]HZX\LHMLJ[HUHJHKHUP]LSKVJ\TLU[HS:LOHUPU[LNYHKVKLU[YV
KLSZPZ[LTHKVJ\TLU[HSHSN\UVZPUZ[Y\J[P]VZ[tJUPJVZYLMLYLU[LZHKL[LYTPUHKHZLZWLJPHSPKH
KLZKLSSHIVYH[VYPV0N\HSTLU[LZLLSHIVY}\USPZ[HKVKLKVJ\TLU[VZPU[LYUVZ`L_[LYUVZ
7VYV[YHWHY[LZLKPLYVUSVZWYPTLYVZWHZVZWHYHWYVJLKLYHSHHJYLKP[HJP}UKLLUZH`VZLUSH
6ÄJPUH5HJPVUHSKL(JYLKP[HJP}U65(KLHJ\LYKVJVUSHUVYTH0:6
+LHJ\LYKVHLZ[HLZ[YH[LNPHKLÄUPKHKLH\TLU[HYLSJVU[YVSSHZLN\YPKHK`SHJHSPKHKZLWYV
JLKP}HSHLSHIVYHJP}UKL\UHHWSPJHJP}UPUMVYTm[PJHWHYHSHYLJLWJP}U`NLZ[P}UKLSHZL]PKLU
JPHZMxZPJHZLULS3HIVYH[VYPVKL*YPTPUHSxZ[PJH,Z[HHWSPJHJP}UKLZHYYVSSHKHxU[LNYHTLU[LLULS
THYJVKLS7YV`LJ[VZLW\ZVLUTHYJOHLULULYVKL`J\TWSLZ\JVTL[PKVJVYYLJ[HTLU[L
KLZKLLU[VUJLZ
,Z[HHWSPJHJP}UKLUVTPUHKH:(9*,:PZ[LTH(\[VTH[PaHKVKL9LJLWJP}U`*VU[YVSKL,]P
KLUJPHZLZ[mKPZL|HKHJVUSH[LJUVSVNxHTmZYLJPLU[L`WLYTP[LHS3HIVYH[VYPVPU[LYJVULJ[HYZL
JVUV[YVZZPZ[LTHZHSTPZTV[PLTWVX\LZLW\LKLUHNYLNHY[VKVZSVZU\L]VZYLX\LYPTPLU[VZ
VTLQVYHZHSVZWYVJLZVZKLYLJLWJP}U`JVU[YVSKLL]PKLUJPHZ
:(9*,LZ[mPU[LNYHKVYLNPZ[YH`SSL]HLSJVU[YVSKL[VKVZSVZWYVJLZVZ]PUJ\SHKVZHS
[YH[HTPLU[VKLSHL]PKLUJPHKLU[YVKLSSHIVYH[VYPVJ\LU[HJVUZ\IZPZ[LTHZKLJVU[YVSKLWLYP
[HQLZ`KVJ\TLU[VZVÄJPHSLZLU\UHWSH[HMVYTHJVTVLZSH5,;\ZHUKVTVKLSVKLJHWHZLS
J\HSWLYTP[LWYVJLZHYLPU[LNYHY\UHTPZTHPUMVYTHJP}UJVUV[YVZZPZ[LTHZJVYLKLSH7VSPJxH
5HJPVUHS,SZPZ[LTHJ\LU[HJVUSVZZPN\PLU[LZT}K\SVZPU[LNYHKVZ!
‹ 4}K\SVKL*VU[YVS`9LNPZ[YVKL,]PKLUJPHZ
‹ 4}K\SVKL*VU[YVS`9LNPZ[YVKL7LYP[HQLZ
‹ 4}K\SVKL*VU[YVSKL+VJ\TLU[VZVÄJPHSLZ
‹ (KTPUPZ[YHJP}U*VUZ\S[HZL_}NLUHZ
‹ *H[mSVNVZKLS:PZ[LTH
‹ 9LWVY[LZKLSZPZ[LTH
‹ :LN\YPKHKKLS:PZ[LTH
7mNPUH
4LTVYPH
9LNPZ[YV
:VSPJP[\KLZ
,_[LYUHZ
0U[LYUHZ
:9*,
9LJLWJP}UKL
,]PKLUJPHZ
:9*,
-3<16+,796*,:6+,
,=0+,5*0(:7,90;(1,:
,5,33()69(;6906
*VU[YVSKL
*P[HZ
1\KPJPHSLZ
,U[YLNHKL
7LYP[HQLZ`
,]PKLUJPHZ
(ZPNUHJP}U
KL7LYP[HQLZ
1LMLKL
7YVJLZV
ÔYKLULZKL
7LYP[HQLZ
:9*,
9L]PZP}U
-PYTHKLS
0UMVYTL
9LHSPaHJP}U
KL7LYP[HQLZ
7LYP[HQLZ
0UMVYTLKL
7LYP[HQL
*VUZ\S[HZ
,_}NLUHZ
:VSPJP[HU[LZ
,_[LYUHZ
0U[LYUHZ
,ULZ[LTHYJVKLZLN\PTPLU[V`JVU[YVSZL
YLHSPaHYVU KVZ TPZPVULZ WVY L_WLY[VZ PU[LY
UHJPVUHSLZJVULSVIQL[P]VKLKHYZLN\PTPLU
[VHSHZYLHSPaHJPVULZKLS7YV`LJ[V;HSJVTV
LZ[HIHWYL]PZ[VLULS*VU]LUPVKL-PUHUJPH
JP}U ZL LSHIVY} LS ZPZ[LTH KL ZLN\PTPLU[V
WHYH L]HS\HY SH HWSPJHJP}U ` SVZ YLZ\S[HKVZ
KLSHU\L]HWVSx[PJHZVIYLLS\ZVKLL]PKLU
JPHZMxZPJHZ`Z\ZLN\YPKHKQ\YxKPJHLZ[HISL
JPLUKVSVZPUKPJHKVYLZ`SHSxULHKLIHZL
3VZPUKPJHKVYLZZLWYVW\ZPLYVU[LUPLUKVLU
J\LU[HSHZKPMLYLU[LZMHZLZKLSWYVJLZVWL
UHS`SVZWYVJLZVZX\LH[YH]PLZHSHL]PKLU
JPH[HSJVTVZLPS\Z[YHUHJVU[PU\HJP}U!
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
-(:,:+,3796*,:67,5(3
+,5<5*0(5;,
7VSPJxH
9LJLWJPVUH
+LU\UJPH
‹/HJLKLS
JVUVJPTPLU[VHS
KL[LUPKVSH
HJ\ZHJP}U
‹+LYLJOVHSH
KLMLUZH
‹+PJ[HWYPZP}U
WYL]LU[P]HV
‹4LKPKHZJH\[LSHYLZ
‹*P[HWHYHH\KPLUJPH
PUPJPHS
1LMLKL
(\_PSPV
YL]PZHSH
KLU\UJPH
YLNPZ[YH
`HZPNUH
+L[LJ[P]LV
0U]LZ[PNHKVY
YLHSPaHU
HJ[VZKL
PU]LZ[PNHJP}U
0UMVYTL7VSPJPHS
ZLYLTP[LHS
4PUPZ[LYPV
7‚ISPJV
9LHSPaH
H\KPLUJPH
WYLSPTPUHY
(KTP[L
4PUPZ[LYPV
7‚ISPJVYL]PZH
0UMVYTL7VSPJPHS
1\La
*VULSH\[VKL
WYPZP}UWYL]LU[P]H
LTP[PKVWVYLS
Q\LaLSYLVLZ
[YHZSHKHKVHS:75
9LJOHaH
7YLZLU[H
HJ\ZHJP}U
HU[LLS
1\La
‹5VYL‚UL
SVZYLX\PZP[VZ
‹7VY
PUJVTWL[LUJPH
‹*VUYLV
KL[LUPKVVYKLUH
Z\SPILY[HK
7mNPUH
*VUJS\PKVZ
SVZHJ[VZKL
PU]LZ[PNHJP}U
LSHIVYH
PUMVYTLWVSPJPHS
(*,7;(9,:<,3=,
4LTVYPH
796*,:6:8<,(;9(=0,:(3(,=0+,5*0(
,U]xHH
WH[Y\SSHH
]LYPMPJHJP}U
KLSOLJOV`
WYLZLY]HJP}U
KLSHLZJLUH
KLSJYPTLU
79,:,9=(*0Ô5
+,3(,:*,5(
+,5<5*0(
:LPUMVYTH
HSH75
:LUV[PMPJH
HSLX\PWV
[tJUPJVKL
PU]LZ[PNHJP}U
`ZL[YHZSHKH
HSS\NHYKLSH
,ZJLUHKLS
*YPTLU
*6),9;<9(+,3
,8<076;i*50*6
+,3(,:*,5(
,]PKLUJPH
YL[VYUHHS
SVJHSKL
JVU[YVS
KLL]PKLUJPH
WHYH!
3**HUHSPaH
SHL]PKLUJPH
`LTP[L
KPJ[HTLU
WLYPJPHS
:LYLHSPaH
ZVSPJP[\K
KLWLYP[HQL
`ZL[YHZSHKH
SHL]PKLUJPH
HS3**
796*,:(40,5;6
+,3(,:*,5(
+,3*904,5
‹0UZWLJJP}U
KLSHLZJLUH
‹)‚ZX\LKH
KLPUKPJPVZ
`L]PKLUJPHZ
‹-PQHJP}UKL
SHL]PKLUJPH
‹9LJVSLJJP}U
‹,TIHSHQL
9,.0:;96,
05.9,:6+,3(
,=0+,5*0((3
36*(3+,
9,:.<(9+6
;YHZSHKVKLSH
L]PKLUJPHH
SHKLSLNHJP}U
VKPZ[YP[V
:0
‹:\
YLZN\HYKV
‹,_OPIPJP}U
HSHZWHY[LZ
‹7YLZLU[HJP}U
HQ\PJPV
9,8<0,9,
7,90;(*0Ô5
56
7(:((
9,:.<(9+6
(336*(3
+,*65;963
+,,=0+,5*0(
6:,,5;9,.(
,5+,7Ô:0;6
,Z[LKPHNU}Z[PJVZLLTWSL}WHYHKLÄUPYSVZPUKPJHKVYLZ`LSZPZ[LTHLU[YLNHKVHSILULÄJPHYPV
WHYHWYVJLKLYHSZLN\PTPLU[VM\[\YVKLSHZHJJPVULZLTWYLUKPKHZ
(KPJPVUHSTLU[LLS7YV`LJ[VKLÄUP}SVZPUKPJHKVYLZ`M\LU[LZKL]LYPÄJHJP}UWYLJPZVZWHYHSSL]HY
HJHIVZ\TLKPJP}U`WVKLYL]HS\HYSVZYLZ\S[HKVZJVUZLN\PKVZK\YHU[LSHLQLJ\JP}UKLS7YV
`LJ[V,Z[VZLOPaVH[YH]tZKL\UHTPZP}UKL\UHL_WLY[HPU[LYUHJPVUHSX\LSSLN}HSHZPN\PLU[L
JVUJS\ZP}U!
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
‹ 3HJVUJS\ZP}UNLULYHSHSJHUaHKHZLYLZ\TLLUSHJVUZPKLYHJP}UNLULYHSKLSWYV`LJ
[VJVTV\UHL_WLYPLUJPHL_P[VZHJVUPU[LYLZHU[LZLUMVX\LZ`JHSPKHKKLSHNLZ[P}U
9LZWLJ[VHSHS}NPJHKLPU[LY]LUJP}ULSWYV`LJ[VHKVSLJLKLHSN\UHZKLIPSPKHKLZX\L
YHKPJHUM\UKHTLU[HSTLU[LLUSHMHZLKLKPZL|VSHZJ\HSLZPUJPKLUZVIYLSVZJYP[LYPVZ
KLLÄJHJPH`ZVZ[LUPIPSPKHK:PULTIHYNVLSWYV`LJ[VOHKLTVZ[YHKVLSL]HKVZUP]LSLZ
KLLÄJPLUJPHWLY[PULUJPHLPTWHJ[VZWVZP[P]VZMVY[HSLJPLUKVSVZUP]LSLZKLLÄJHJPH`
ZVZ[LUPIPSPKHK
6[YHPTWVY[HU[LJVU[YPI\JP}UKLS7YV`LJ[VM\LLSKPHNU}Z[PJVKLSVZYLJ\YZVZO\THUVZKLSSH
IVYH[VYPVLSHIVYHKVWVY\UHL_WLY[HUHJPVUHS*VTVYLZ\S[HKVKLSHJVUZ\S[VYxHJP[HKHZLSSL]}
HJHIVSHYL]PZP}U`LSHQ\Z[LKLSYtNPTLULZWLJPHSKLSSHIVYH[VYPV[LUPLUKVLUJ\LU[HLSTHU\HS
KLWLYÄSLZKLJHYNVZX\L[HTIPtUM\LYL]PZHKVLULZ[LWYVJLZV`LSTPZTVM\LWYLZLU[HKVH
SHKPYLJJP}UKLSH7VSPJxH5HJPVUHSWHYHZ\L]HS\HJP}U`]HSPKHJP}U
,SLZ[\KPVZPY]P}WHYHJVUVJLYTLQVYSHZP[\HJP}UKLSVZYLJ\YZVZO\THUVZLUSH0UZ[P[\JP}U`
WHYHWSHU[LHYHS[LYUH[P]HZKLTLQVYHTPLU[VLUSHZJVUKPJPVULZSHIVYHSLZKLSVZLZWLJPHSPZ[HZ
`WLYP[VZJYPTPUHSPZ[HZ(JVU[PU\HJP}UTVZ[YHTVZHSN\UHZKLSHZZPUN\SHYPKHKLZKLSWLYZVUHS
[tJUPJVLUJHYNHKVKLSWLYP[HQLKLSSHIVYH[VYPVKPZJLYUPLUKVLU[YLSHZLKLLU4HUHN\H`SHZ
ZLKLZYLNPVUHSLZJVTVLS[PWVKLWLYZVUHSSHKPZ[YPI\JP}UWVYLKHKLSNYHKVHSJHUaHKV`LS
UP]LSWYVMLZPVUHS
+0:;90)<*0Ô5769,+(+
:,+,4(5(.<(
;PWVKL
WLYZVUHS
-Y
7VSPJPHS
5V7VSPJPHS
5*
;V[HS
+0:;90)<*0Ô5769,+(+
:,+,:9,.065(3,:
;PWVKL
WLYZVUHS
-Y
7VSPJPHS
5V7VSPJPHS
¶
¶
¶
;V[HS
+0:;90)<*0Ô5769,+(+
:,+,4(5(.<(
H
H|VZ
H
H|VZ
H|VZ
HTmZ
H
H|VZ
7mNPUH
5*
H|VZ
HTmZ
-Y
+0:;90)<*0Ô5769,+(+
:,+,:9,.065(3,:
-Y
4LTVYPH
.9(+6(3*(5A(+6
:,+,4(5(.<(
5*
:\IVMPJPHS4H`VY
*HWP[mU
0UZWLJ[VY
;LUPLU[L
:\IPUZWLJ[VY
0UZWLJ[VY
:\IVMPJPHS4H`VY
:\IPUZWLJ[VY
5*
:\IVMPJPHS
-Y
.9(+6(3*(5A(+6
:,+,:9,.065(3,:
;LUPLU[L
:\I*VTPZPVUHKV
-Y
50=,3796-,:065(3
:,+,4(5(.<(
50=,3796-,:065(3
:,+,:9,.065(3,:
-Y
7YVMLZPVUHS
)HJOPSSLY
-Y
KVH|V
:LJ\UKHYPH
)HJOPSSLY
7YVMLZPVUHS
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
<UmYLHPTWVY[HU[LLUSHX\L[HTIPtUHWVY[}LS7YV`LJ[VM\LSHKLPU]LZ[PNHJP}U7HYHHSJHUaHY
SVZVIQL[P]VZKLS7YV`LJ[VZLWSHU[L}SHULJLZPKHKKLYLHSPaHY\UKPHNU}Z[PJVZVIYLSHZU\L]HZ
TVKHSPKHKLZKLPU]LZ[PNHJP}UU\L]HZ[tJUPJHZU\L]VZTVKVZKLVWLYHYWHYHKHYYLZW\LZ[H
HSHZU\L]HZTVKHSPKHKLZJVUSHZX\LVWLYHSHKLSPUJ\LUJPH`LSJYPTLUVYNHUPaHKV7HYHLSSV
ZLSSL]}HJHIV\UHTPZP}UWVY\UL_WLY[VWVSPJPHSJOPSLUVX\LHZLZVY}HSmYLHPU]LZ[PNH[P]HKL
SH7VSPJxH5HJPVUHSLUKP]LYZVZ[LTHZ
*VTVJHWHJP[HJP}UNLULYHSH[VKVZSVZWHY[PJPWHU[LZKL\UPKHKLZLZWLJPHSPaHKHZKLSH+PYLJ
JP}UKL(\_PSPV1\KPJPHSZLL_W\ZPLYVUSHZ[tJUPJHZYLSH[P]HZH¸*}TVLU[LUKLYSHLZJLUHKLS
JYPTLU¹3HULJLZPKHKKLYHJPVUHSPaHYLSS\NHYKLOHSSHaNVKLPUKPJPVZLULSZLU[PKVKLJVUJLW
[\HSPaHYSVZOHSSHaNVZ`WSHU[LHYZVIYLSHIHZLKLSHUH[\YHSLaHKLSOLJOVSHMVYTHKL[YHIHQHY
*VUYLSHJP}UHTt[VKVZLZWLJPHSLZKLPU]LZ[PNHJP}UZLLUZL|}YLZWLJ[VHSH\[PSPKHKX\LWYLZ[H
SHKH[H[LSLM}UPJHKLSVZJLS\SHYLZLUSHPU]LZ[PNHJP}UWVSPJPHSJVUJLW[VZImZPJVZ`WYPUJPWPVZKL
JVT\UPJHJP}UWVYVUKHZKLYHKPVMYLJ\LUJPHSHPUMVYTHJP}UX\LN\HYKHUSHZJVTWH|xHZ[LSL
M}UPJHZ`X\LUVYTHSTLU[LUVLU[YLNHUHSHWVSPJxH[VKVHX\LSSVX\LLZZ\ZJLW[PISLKL\[PSPaHY
WHYH\IPJHY[HU[VHWLYZVUHZKLZHWHYLJPKHZWY}M\NVZKLSHQ\Z[PJPHWVZPJPVUHYHSVZH\[VYLZ
LUSHLZJLUHKLSJYPTLUKLZJHY[HYZVZWLJOVZVZLU[LUKLYSHTLJmUPJHKLOLJOVZJV[LQHUKVSH
PUMVYTHJP}UJVUNYHIHJPVULZKLJmTHYHZKLZLN\YPKHKL[J(ZPTPZTVZLLUZL|}SHHWSPJHJP}U
KLOLYYHTPLU[HZKL0U[LYUL[JVTV.VVNSL,HY[O¸:[YLL[=PL^¹L_[YHLYTL[HKH[VZ,?0-KL
MV[VNYHMxHZKLJLS\SHYLZX\LJ\LU[HUJVU.7:\[PSPaHJP}UKLWYVNYHTHZJVTV*HTV\ÅHNL
9LHK5V[PM`WHYHZLN\PTPLU[VKLJVYYLVZ/HZO;HIWHYHOHZOKLHYJOP]VZHSNVYP[TVZYHZ[YLV
KL07KLJVYYLVZLSLJ[Y}UPJVZ:RL[JO<W`=PZPISL)VK`+WHYHNYHÄJHYSLZPVULZ[YH`LJ[VYPHZ
IHSxZ[PJHZSLZPVULZL[J
7mNPUH
4LTVYPH
+LZKLSHVYIP[HKLSHZJVT\UPJHJPVULZ`LSHUmSPZPZKLLZ[Y\J[\YHZJYPTPUHSLZZLL_W\ZPLYVUSHZ
WVULUJPHZZVIYL¸(TLUHaHZ,TLYNLU[LZ¹LU*LU[YVHTtYPJHHIVYKHQLKLSHWYVISLTm[PJHKLS
UHYJV[YmÄJV`KLSP[VZLTLYNLU[LZKLZKL\ULUMVX\L[YHUZHJJPVUHS`[LYYP[VYPHSKLZKLSHZ4HYHZ
HSVZAL[HZZ\PUÅ\LUJPHJVTVJHW[HUM\UJPVUHYPVZWVSPJPHSLZ`TPSP[HYLZYLKLZKLJVYY\WJP}U
JVTVHKVW[HUM\UJPVULZM\UKHTLU[HSLZH[YPI\PKHZHSLZ[HKVNLULYHUKVPUNVILYUHIPSPKHKLS
KLZWSHaHTPLU[VKLSHZVWLYHJPVULZOHJPH:\KHTtYPJH`JVTVUVZPLUKVKLUH[\YHSLaHPKLVS}
NPJHZL]LYPÄJHLUZ\HJJPVUHYX\LLTWSLHUTt[VKVZKLJVU[YVSZVJPHS
6[YHKLSHZL_WVZPJPVULZ]LYZ}ZVIYL9LKLZKLJYPTLUVYNHUPaHKVLUKLSP[VZKL[YH[HKLWLYZV
UHZL_WSPJHUKVTLKPHU[LJHZVZSHTHULYHJVTVZLYLHSPaHLSZLJ\LZ[YV`Z\Z[YHJJP}UKLUP|VZ
HZ+LPN\HSMVYTHZLL_W\ZPLYVUKPZ[PU[HZTVKHSPKHKLZX\LIHQVSHHWHYPLUJPHKL¸SLNHSPKHK¹
WLYTP[LUZPZ[LTm[PJHTLU[LLS[YmÄJVKLZLYLZO\THUVZJVULSILULWSmJP[VKLSHZH\[VYPKHKLZ
`SHMHS[HKLPU[LYtZWVYWHY[LKLX\PLULZKLIxHU]LSHYWVYSHPU[LNYPKHKZLN\YPKHK`KLYLJOVZ
O\THUVZZ\Z[HU[P]VZKLSVZUP|VZ`UP|HZ
0N\HSTLU[LZLPTWHY[P}JHWHJP[HJP}ULUSHZZPN\PLU[LZTH[LYPHZ!+PI\QV`WSHUPTL[YxH",_HTLU
KL]LZ[PTLU[HZ"7VZPJP}UKLSJHKm]LY"(UH[VTxH[VWVNYmÄJH",_HTLUKLSJHKm]LY"-LU}TLUVZ
JHKH]tYPJVZ":HUNYL`WH[YVULZKL[YHUZMLYLUJPH"3LZPVULZWVYHYTHKLM\LNV"0U]LZ[PNHJP}UKL
PUJLUKPVZJVUYLZ\S[HKVKLT\LY[L
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
=PZPIPSPKHK
(J[P]PKHKLZ`WYVK\J[VZ
+P]LYZHZHJ[P]PKHKLZJVUJVILY[\YH
KLTLKPVZKLJVT\UPJHJP}U]PZP[HZ
KLWLYZVUHSPKHKLZUHJPVUHSLZ
`L_[YHUQLYHZWYVK\JJP}UKL
HY[xJ\SVZWYVTVJPVUHSLZKP]\SNHJP}U
WVYTLKPVKLIVSL[PULZ]xKLVZZP[PV
3VYLTPWZ\TKVSVYZP[HTL[JVUZLJ[L[\LYHKPWPZJPUNLSP[ZLKKPHTUVU\TT`UPIOL\PZTVK[PUJ
PK\U[\[SHVYLL[KVSVYLTHNUHHSPX\HTLYH[]VS\[WH[<[^PZPLUPTHKTPUPT]LUPHTX\PZUVZ[Y\K
^LIL[JJVUMVYTHYVUSHLZ[YH[LNPH
L_LYJP[H[PVU\SSHTJVYWLYZ\ZJPWP[SVIVY[PZUPZS\[HSPX\PWL_LHJVTTVKVJVUZLX\H[+\PZH\[LT]LS
KLJVT\UPJHJP}UWHYHKHYHJVUVJLY
L\TPYP\YLKVSVYPUOLUKYLYP[PU]\SW\[H[L]LSP[LZZLTVSLZ[PLJVUZLX\H[]LSPSS\TKVSVYLL\ML\NPH[
LS7YV`LJ[VLPUMVYTHYHZ\Z
U\SSHMHJPSPZPZH[]LYVLYVZL[HJJ\TZHUL[P\Z[VVKPVKPNUPZZPTX\PISHUKP[WYHLZLU[S\W[H[\TaaYPS
KPMLYLU[LZW‚ISPJVZTL[H`WVISHJP}U
KLSLUP[H\N\LK\PZKVSVYL[LML\NHP[
LUNLULYHS
7mNPUH
4LTVYPH
05(<.<9(*0Ô5
+,,8<076:
3H7YPTLYH*VTPZPVUHKH(TPU[H,SLUH.YH
ULYH:HJHZH+PYLJ[VYH.LULYHSKLSH7VSPJxH
5HJPVUHSKL5PJHYHN\HYLJPIP}KLSL_JLSLU[x
ZPTV:Y1H]PLY:HUKVTPUNV5‚|La,TIHQH
KVY1LMLKLSH+LSLNHJP}UKLSH<UP}U,\YVWLH
LU5PJHYHN\H*VZ[H9PJH`7HUHTm`HU[L
LS:PZ[LTHKLSH0U[LNYHJP}U*LU[YVHTLYPJH
UHSHU\L]H[LJUVSVNxHWHYHLSHUmSPZPZJYPTP
UHSxZ[PJV`MVYLUZLX\LLZ[mJVUMVYTHKVLU
[YLV[YVZWVY:PZ[LTHZH\[VTH[PaHKVZWHYH
SH PKLU[PÄJHJP}U IHSxZ[PJH :PZ[LTHZ WHYH SH
PKLU[PÄJHJP}U`HUmSPZPZWVYTLKPVKL.LUt
[PJH-VYLUZL(+5,X\PWVZKLHUmSPZPZH[YH
]tZKLJYVTH[VNYHMxHKLNHZLZSxX\PKV`KL
THZH,X\PWVZKLTPJYVZJVWxHKLHS[HYLZV
S\JP}UHWSPJHKVZHSHJYPTPUHSxZ[PJH:PZ[LTH
KLLZWLJ[YVMV[VTL[YxH\S[YH]PVSL[HPUMYHYYVQH
`KLHIZVYJP}UH[}TPJH:VM[^HYLLZWLJPH
SPaHKV LU HUmSPZPZ JYPTPUHSxZ[PJV ,X\PWVZ L
PUZ[Y\TLU[HJP}UHUHSx[PJH]HYPHKH`:PZ[LTHZ
MV[VNYmÄJVZWHYH]PKLVJVUMLYLUJPHZ
4VTLU[VLUX\LSH7YPTLYH*VTPZPVUHKH(TPU[H.YHULYH
HJVTWH|HKHWVYLS:Y1H]PLY:HUKVTPUNV5‚|La,TIHQHKVY
1LMLKLSH+LSLNHJP}UKLSH<UP}U,\YVWLHLU5PJHYHN\H
*VZ[H9PJH`7HUHTm`HU[LLS:PZ[LTHKLSH0U[LNYHJP}U
*LU[YVHTLYPJHUHJVY[HSHJPU[HPUH\N\YHSKLSLKPÄJPVKLS
3HIVYH[VYPV6IZLY]HSH+YH(SIH3\a9HTVZ=HULNHZ
4HNPZ[YHKH7YLZPKLU[HKLSH*VY[L:\WYLTHKL1\Z[PJPH
*VUT\JOHNYH[P[\KSH7YPTLYH*VTPZPVUHKH(TPU[H,SLUH.YHULYH:HJHZHYLJPIP}KLSH<,
SVZLX\PWVZLZWLJPHSPaHKVZKLHS[H[LJUVSVNxH`KL‚S[PTHNLULYHJP}UWHYHLS3HIVYH[VYPVKL
*YPTPUHSxZ[PJHKLSH7VSPJxH5HJPVUHSKL5PJHYHN\H
,SL_JLSLU[xZPTVZL|VY1H]PLY:HUKVTPUNV5‚|LaMLSPJP[}¸UVZVSVHSH7VSPJxHUPJHYHN…LUZL
X\L[PLUL\UPUZ[Y\TLU[VKLSHTH`VYJHSPKHKWHYHLSTLQVYJ\TWSPTPLU[VKLZ\ZM\UJPVULZKL
ZLY]PJPVZHSVZJP\KHKHUVZKL5PJHYHN\HZPUV[HTIPtUH[VKVZSVZX\LOLTVZWHY[PJPWHKVLU
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
+L]LSHUKVSHWSHJHPUH\N\YHS
+LTVZ[YHJP}UKLSZPZ[LTHKL]PKLVJVUMLYLUJPH
9LJVUVJPLUKVSVZU\L]VZLX\PWVZ
LZ[LLZM\LYaV¹(SHZJVUNYH[\SHJPVULZZL\ULLS9LPUVKL,ZWH|HX\PLUWVYTLKPVKLSH(NLU
JPH,ZWH|VSHKL*VVWLYHJP}U0U[LYUHJPVUHSWHYHLS+LZHYYVSSVÄUHUJP}SHJVUZ[Y\JJP}UKLSHZ
PUZ[HSHJPVULZKLSSHIVYH[VYPV
3H*LYLTVUPHKLLU[YLNHKLLX\PWHTPLU[VLZ
WLJPHSPaHKV`HS[H[LJUVSVNxHZLYLHSPa}LUSHZ
PUZ[HSHJPVULZKLS3HIVYHYVYPVM\LWYLZPKPKVWVY
SH7YPTLYH*VTPZPVUHKH(TPU[H,SLUH.YHULYH
:HJHZH+PYLJ[VYH.LULYHSKLSH7VSPJxH5HJPV
UHS"+VJ[VYH(SIH3\a9HTVZ=HULNHZ7YLZP
KLU[H KL SH *VY[L :\WYLTH KL 1\Z[PJPH KL SH
9LW‚ISPJHKL5PJHYHN\H",_JLSLU[xZPTV:L|VY
1H]PLY:HUKVTPUNV5‚|La,TIHQHKVY1LMLKL
SH+LSLNHJP}UKLSH<UP}U,\YVWLHLU5PJHYH
N\H *VZ[H 9PJH ` 7HUHTm ` HU[L LS :PZ[LTH
KL SH 0U[LNYHJP}U *LU[YVHTLYPJHUH" +VJ[VY
AHJHYxHZ+\HY[L+PYLJ[VYKLS0UZ[P[\[VKL4L
KPJPUH3LNHS"/VUVYHISL:L|VY*HYSVZ)SHZJV
4PUPZ[YV *VUZLQLYV KL SH ,TIHQHKH KLS 9LPUV
KL ,ZWH|H" 3PJLUJPHKV 6THY *HILaHZ 3HJH
`V 7YVJ\YHKVY WHYH SH +LMLUZH KL +LYLJOVZ
/\THUVZ`9L]LYLUKVWHKYL)VHULYNLZ*HY
IHSSV*HUJPSSLYKLSH*\YPH(YaVIPZWHSKL4H
UHN\H X\PLU OPaV SH PU]VJHJP}U HS (S[xZPTV `
ILUKPQVLSLX\PWHTPLU[V
7mNPUH
4LTVYPH
:YH/LUYPL[[L.LPNLY1LMHKLSH<UPKHKKL*VVYKPUHJP}U.LVNYmÄJHWHYH(TtYPJH3H[PUH`LS*HYPILKLSH+PYLJJP}U
KL+LZHYYVSSV`*VVWLYHJP}UKLSH*VTPZP}U,\YVWLHK\YHU[LZ\]PZP[HHS3HIVYH[VYPVKL*YPTPUHSxZ[PJH
=0:0;(+,3(1,-(+,3(<50+(+
+,*669+05(*0Ô5.,6.9Í-0*(
7(9((4i90*(3(;05(@,3*(90),
+09,**0Ô5+,+,:(996336@*667,9(*0Ô5+,3(*640:0Ô5,<967,(
3H OVUVYHISL ZL|VYH /LUYPL[[L .LPNLY 1LMH KL SH <UPKHK KL *VVYKPUHJP}U .LVNYmÄJH WHYH
(TtYPJH3H[PUH`LS*HYPILKLSH+PYLJJP}UKL+LZHYYVSSV`*VVWLYHJP}UKLSH*VTPZP}U,\YVWLH
*,]PZP[}LS3HIVYH[VYPVKL*YPTPUHSxZ[PJH3*KLSH7VSPJxH5HJPVUHSKL5PJHYHN\H
3HM\UJPVUHYPHL\YVWLHM\LYLJPIPKHWVYSH*VTPZPVUHKH4H`VY(U[VUPH7HSHJPVZ5H]HYYL[L1LMH
KLS3*X\PLUHZ\]LaKPVSHIPLU]LUPKHH*HYVSPUL(KYPHLUZLU`4H[PSKL*LYH]VSV(ZPZ[LU[LKL
SH+PYLJ[VYHWHYH(TtYPJH3H[PUH`LS*HYPILKLSH*VVWLYHJP}UWHYHLS+LZHYYVSSVKLSH*,`SH
(NYLNHKHKL*VVWLYHJP}UKLSH+LSLNHJP}UKLSH<,LU5PJHYHN\HYLZWLJ[P]HTLU[L
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
:L|VYLZ1VIZ[=VU2PYJOTHUU1LMLKL\UPKHK.*VVWLYHJP}UJVU(TtYPJH3H[PUH)Y\ZLSHZ`=PUJLU[*OHZ[LSV\_
*VVYKPUHKVYNLVNYmÄJV)Y\ZLSHZJVU]LYZHUJVUWLYZVUHSWVSPJPHSKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJHLULSLKPÄJPV
HU[PN\VHU[LZKLS[YHZSHKVHSHZU\L]HZPUZ[HSHJPVULZ
=0:0;(+,31,-,+,<50+(+.
*667,9(*0Ô5*65(4i90*(3(;05()9<:,3(:
3VZ OVUVYHISLZ ZL|VYLZ 1VIZ[ =VU 2PYJO
THUU1LMLKL\UPKHK.*VVWLYHJP}UJVU
(TtYPJH 3H[PUH)Y\ZLSHZ ` =PUJLU[ *OHZ
[LSV\_ *VVYKPUHKVY NLVNYmÄJV)Y\ZLSHZ
HJVTWH|HKVZ KL 4PJOHLS 5LR]HZPS 1LML
KL ZLJJP}U KL JVVWLYHJP}U JVU 5PJHYHN\H
` *VZ[HUaV -PZVNUP (NYLNHKV LU (Z\U[VZ
KL *VVWLYHJP}U HTIVZ WLY[LULJPLU[LZ H
SH+LSLNHJP}U<UP}U,\YVWLHLU5PJHYHN\H
]PZP[HYVUSHZPUZ[HSHJPVULZKLS3HIVYH[VYPVKL
*YPTPUHSxZ[PJHKLSH7VSPJxH5HJPVUHSUPJHYH
N…LUZL-\LYVUYLJPIPKVZWVYSH*VTPZPVUH
KH4H`VY(U[VUPH7HSHJPVZ5H]HYYL[L1LMH
KLS3*`WVYTPLTIYVZKLSH1LMH[\YHKLS3*
7mNPUH 4LTVYPH
7YPTLYH*VTPZPVUHKH(TPU[H.YHULYH:Y(UKYPZ7PLIHSNZ*VTPZHYPVKL+LZHYYVSSVKLSH<,`:Y1H]PLY
:HUKVTPUNV5‚|La,TIHQHKVY1LMLKLSH+LSLNHJP}UKLSH<UP}U,\YVWLHLU5PJHYHN\H*VZ[H9PJH`7HUHTm
`HU[LLS:PZ[LTHKLSH0U[LNYHJP}U*LU[YVHTLYPJHUH
=0:0;(+,3*640:(906+,+,:(996336
+,3(<50Ô5,<967,(
,UZ\]PZP[HHS3HIVYH[VYPVLSL_JLSLU[xZPTVZL|VY(UKYPZ7PLIHSNZ*VTPZHYPVKL+LZHYYVSSVKL
SH<UP}U,\YVWLH<,M\LYLJPIPKVWVYSH7YPTLYH*VTPZPVUHKH(TPU[H,SLUH.YHULYH:HJHZH
+PYLJ[VYH.LULYHS`TPLTIYVZKLSH1LMH[\YH5HJPVUHSKLSH7VSPJxH5HJPVUHSKL5PJHYHN\H,S
YLJVYYPKV WVY SHZ PUZ[HSHJPVULZ KLS 3HIVYH[VYPV SV HJVTWH|} LS THZ[LY =HSKYHJR 1HLU[ZJORL
=PJLTPUPZ[YVKL9LSHJPVULZ,_[LYPVYLZWHYHSH*VVWLYHJP}U,_[LYUHKLSH9LW‚ISPJHKL5PJH
YHN\H" LS L_JLSLU[xZPTV ZL|VY 1H]PLY :HUKVTPUNV 5‚|La ,TIHQHKVY 1LML KL SH +LSLNHJP}U
KLSH<UP}U,\YVWLHLU5PJHYHN\H*VZ[H9PJH`7HUHTm`HU[LLS:PZ[LTHKLSH0U[LNYHJP}U
*LU[YVHTLYPJHUH"LSL_JLSLU[xZPTVZL|VY3L}UKLSH;VYYL,TIHQHKVYKLS9LPUVKL,ZWH|H"SH
ZL|VYH1VSP[H)\[RL]PJPLUL+PYLJ[VYHWHYH(TtYPJH3H[PUHKLSH+PYLJJP}U.LULYHSKL+LZHYYVSSV
`*VWLYHJP}UKLSH<UP}U,\YVWLH`LSZL|VY*OYPZ[PHU3LMÅLY+PYLJ[VYWHYHSHZ(TtYPJHZKLS
:LY]PJPV,\YVWLVKL(JJP}U,_[LYUH
7mNPUH 7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
-\UJPVUHYPVZKLS7HYHSTLU[V,\YVWLVWVZHUJVUSH*VTPZPVUHKH4H`VY(U[VUPH7HSHJPVZ`LS*VTPZPVUHKV4H`VY
;LVKVYV)\Z[HTLU[L1LMH`:LN\UKV1LMLKLS3HIVYH[PYVKL*YPTPUHSxZ[PJHYLZWLJ[P]HTLU[L
=0:0;(
+,,<96+07<;(+6:
3VZOVUVYHISLZKPW\[HKVZ`KPW\[HKHZ,TP
UL)VaR\Y[*HYSVZ1VZt0[\YNHPa(UN\SV7P
SHY(`\ZV(`HSH:LUKLY`>PS`4L`LYHJVT
WH|HKVZWVYTPLTIYVZKLSH:LJYL[HYxHKL
SH+LSLNHJP}UKLS7HYSHTLU[V,\YVWLVWHYH
SHZ9LSHJPVULZJVUSVZ7HxZLZKLSH(TtYPJH
*LU[YHS 1}aZLM )SHZaH\LY ` 5LRHUL (aWPYP
SLQHYKPM\LYVUYLJPIPKVZWVYSH*VTPZPVUHKH
4H`VY (U[VUPH 7HSHJPVZ 5H]HYYL[L 1LMH KLS
3HIVYH[VYPV KL *YPTPUHSxZ[PJH KL SH 7VSPJxH
5HJPVUHSKL5PJHYHN\H`WVYLS*VTPZPVUH
KV 4H`VY ;LVKVYV )\Z[HTHU[L :LN\UKV
1LMLKLS3HIVYH[VYPV
,U SH ]PZP[H SVZ KPW\[HKVZ ` KPW\[HKHZ KLS
7HYSHTLU[V ,\YVWLH JVUVJPLYVU LS LX\PWH
TPLU[V LZWLJPHSPaHKV ` KL HS[H [LJUVSVNxH
WHYHLSHUmSPZPZJYPTPUHSxZ[PJV`MVYLUZLH\Z
WPJPHKVWVYSH<UP}U,\YVWLH
7mNPUH 4LTVYPH
796+<**0Ô5(<+06=0:<(3
4VTLU[VZYLSL]HU[LZKLSH]PKHKLS7YV`LJ[VM\LYVUÄSTHKVZ
WHYH SHZ WYVK\JJPVULZ H\KPV]PZ\HSLZ YLHSPaHKHZ 0TWVY[HU[LZ
OLJOVZJVTVLSHJ[VKLLU[YLNHKLLX\PWVZKLSH<UP}U,\YV
WLHSHWYLZLU[HJP}UKLS4HU\HSKL[YH[HTPLU[VKLSHL]PKLUJPH
`JHKLUHKLJ\Z[VKPHJ\YZVZJHWHJP[HJPVULZZLTPUHYPVZ]PZP
[HZKLWLYZVUHSPKHKLZYLJPIPKHZLULS3HIVYH[VYPVLU[YL]PZ[HZ`
KLJSHYHJPVULZKLHJ[VYLZILULÄJPHYPVZKLS7YV`LJ[VZVUWHY[L
KLSJVU[LUPKVPUMVYTH[P]VKLZPL[L]PKLVZX\LM\LYVUW\ISPJH
KVZLULSZP[PV^LIKLS7YV`LJ[VLUSHKPYLJJP}U!O[[W!MVY[HSL
JPTPLU[VKLSHL]PKLUJPHVYNUP]PKLVZWYV`LJ[V
-PSTHUKVLULSSHIVYH[VYPVWHYHSH
YLHSPaHJP}UKL\U]xKLVKLS7YV`LJ[V
:0;06>,)
([YH]tZKLS:P[PV^LIO[[W!MVY[HSLJPTPLU[VKLSHL]PKLUJPHVYNUPZLPUMVYTHYVUHSHWVISHJP}U
UPJHYHN…LUZL ` JVT\UPKHK PU[LYUHJPVUHS HJVU[LJPTPLU[VZ PTWVY[HU[LZ KLS 7YV`LJ[V ]PZPIPSP
aHUKVKLLZ[HTHULYH6IQL[P]VZ,Z[YH[LNPH`*VTWVULU[LZKLSTPZTVHKLTmZLS6YPNLU,Z
WLJPHSPKHKLZ4PZP}U`=PZP}UKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJHKLSH7VSPJxH5HJPVUHSKL5PJHYH
N\HHZxJVTVSH\IPJHJP}UKL3HIVYH[VYPVZ9LNPVUHSLZ7\ISPJHJPVULZ)VSL[PULZ0UMVYTH[P]VZ
=PKLVZPUZ[P[\JPVUHSLZLU[YLV[YVZPTWVY[HU[LZJVTWVULU[LZ
7mNPUH 7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
4(;,90(3,:+,=0:0)030+(+
+0=<3.(*0Ô5@+0+Í*;0*6:
+P]LYZVZWYVK\J[VZKL]PZPIPSPKHKM\LYVULSHIVYHKVZWVYLS7YV`LJ[V!JHTPZL[HZNVYYHZTHSL
[PULZHNLUKHZJHSLUKHYPVZ[HaHZSHWPJLYVZJOHSLJVZNHIHJOHZLU[YLV[YVZVIQL[VZ`]LZ
[PTLU[HZ\[PSPaHKVZWVYWLYP[VZLPU]LZ[PNHKVYLZKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJHKLSH7VSPJxH
5HJPVUHSKL5PJHYHN\H
+LPN\HSTHULYHZLWYVK\QLYVUW\ISPJHJPVULZKPKmJ[PJHZ`TH[LYPHSLZKP]\SNH[P]VZJVTVTH
U\HSLZKLWYVJLKPTPLU[VZN\xHZKLJHWHJP[HJP}UIYVJO\YLZHÄJOLZIVSL[PULZJHYWL[HZL[J
)63,;05,:
3HW\ISPJHJP}UKLZPL[L
IVSL[PULZ PUMVYTH[P]VZ
SSLN} H KP]LYZHZ WLY
ZVUHZ LU MVYTH[VZ PT
WYLZV ` KPNP[HS WLYTP
[PLUKV JVUVJLY OLJOVZ
KL Z\TH PTWVY[HUJPH
JVTV LS LX\PWHTPLU[V
KLS3HIVYH[VYPVX\LM\LWVZPISLNYHJPHZHSH\ZWPJPVKLSH<UP}U,\YVWLHJHWHJP[HJPVULZLULS
L_[LYPVYKLSWLYZVUHSWVSPJPHSX\L[YHIHQHLULS3HIVYH[VYPVHZxJVTVJ\YZVZJHWHJP[HJPVULZ`
ZLTPUHYPVZKPYPNPKVZHTPLTIYVZX\LPU[LNYHUSH*VTPZP}U0U[LYPUZ[P[\JPVUHSKL1\Z[PJPH
-\UJPVUHYPVZKLPUZ[P[\JPVULZKLSH9LW‚ISPJHKL5PJHYHN\H<UP}U,\YVWLH`TPLTIYVZKLSH
7VSPJxH5HJPVUHSIYPUKHYVUPTWVY[HU[LZKLJSHYHJPVULZZVIYLLSTLQVYHTPLU[VKLSHJJLZVHSH
Q\Z[PJPHWLUHSKLSHWVISHJP}UX\PLULZYLJPILUSVZZLY]PJPVZKLJHSPKHK`WYVMLZPVUHSPZTVKLS
:PZ[LTHKL1\Z[PJPH7LUHS
7mNPUH 4LTVYPH
,3796@,*;6
,54,+06:+,*64<50*(*0Ô5
¸7YV`LJ[V KL SH <UP}U ,\YVWLH LU TH[LYPH
WLUHS OH ZPKV L_P[VZV¹ [P[\S} SH *VY[L :\
WYLTHKL1\Z[PJPHLU\UYLWVY[LPUMVYTH[P]V
W\ISPJHKVLUZ\WVY[HSO[[W!^^^WVKLYQ\
KPJPHSNVIUP,ULU[YL]PZ[HYLHSPaHKHHSKVJ
[VY4HY]PU(N\PSHY.HYJxH=PJLWYLZPKLU[LKL
LZ[L 7VKLY KLS ,Z[HKV HZLN\Y} X\L ¸NYH
JPHZHSHWV`VIYPUKHKVWVYSH<UP}U,\YVWLH
`HSPU[LYtZKLJHKH\UHKLSHZPUZ[P[\JPVULZ
X\L PU[LNYHU LS :PZ[LTH KL 1\Z[PJPH 7LUHS
SVZYLZ\S[HKVZKLS7YV`LJ[V-VY[HSLJPTPLU
[VKLSH,]PKLUJPH-xZPJHWHYHTLQVYHYLS
(JJLZV H SH 1\Z[PJPH 7LUHS LU 5PJHYHN\H
OHUZPKVL_P[VZVZ¹
7LYP[VZKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJHK\YHU[L
\UHLU[YL]PZ[HLU\UJHUHSKL[LSL]PZP}U
4LKPVZKLJVT\UPJHJP}U[LSL]PZP]VZJVUJVILY[\YHUHJPVUHSLU[YL]PZ[HYVUHWLYP[VZKLS3HIV
YH[VYPVKL)HSxZ[PJHPUMVYTHYVUHSHWVISHJP}UUPJHYHN…LUZLLS[YHIHQVYLHSPaHKVJVUSVZLX\PWVZ
LZWLJPHSPaHKVZKLHS[H[LJUVSVNxH`KL‚S[PTHNLULYHJP}UÄUHUJPHKVZWVYSH<UP}U,\YVWLH
7mNPUH 7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
(ZPZ[LUJPH
;tJUPJH
-\LWYPTVYKPHSSH(ZPZ[LUJPH;tJUPJH
0U[LYUHJPVUHSLUSHLZWLJPHSPaHJP}U
]PUJ\SHKHHS\ZVKLSHL]PKLUJPHMxZPJH
LULSWYVJLZVWLUHS`SHHWVY[HJP}U
KLSHL_WLYPLUJPHKLV[YVZJ\LYWVZ
WVSPJPHSLZLULSTHULQVWVSPJPHS
3VYLTPWZ\TKVSVYZP[HTL[JVUZLJ[L[\LYHKPWPZJPUNLSP[ZLKKPHTUVU\TT`UPIOL\PZTVK[PUJ
PK\U[\[SHVYLL[KVSVYLTHNUHHSPX\HTLYH[]VS\[WH[<[^PZPLUPTHKTPUPT]LUPHTX\PZUVZ[Y\K
KLSHL]PKLUJPHLSMVY[HSLJPTPLU[V
L_LYJP[H[PVU\SSHTJVYWLYZ\ZJPWP[SVIVY[PZUPZS\[HSPX\PWL_LHJVTTVKVJVUZLX\H[+\PZH\[LT]LS
KLSHJHKLUHKLJ\Z[VKPH
L\TPYP\YLKVSVYPUOLUKYLYP[PU]\SW\[H[L]LSP[LZZLTVSLZ[PLJVUZLX\H[]LSPSS\TKVSVYLL\ML\NPH[
LSJVU[YVSKLJHSPKHK`ZLN\PTPLU[V
U\SSHMHJPSPZPZH[]LYVLYVZL[HJJ\TZHUL[P\Z[VVKPVKPNUPZZPTX\PISHUKP[WYHLZLU[S\W[H[\TaaYPS
KLSHL]PKLUJPH`SHMVYTHJP}U
KLSLUP[H\N\LK\PZKVSVYL[LML\NHP[
`JHWHJP[HJP}ULUJYPTPUHSxZ[PJH
7mNPUH 4LTVYPH
(:0:;,5*0(
;i*50*(05;,95(*065(3
3H+LSLNHJP}UKLSH<UP}U,\YVWLHJVU]VJ}\UJVUJ\YZVWHYHSHWYV]PZP}UKLHZPZ[LUJPH[tJUP
JHPU[LYUHJPVUHSHS7YV`LJ[V`HKQ\KPJ}LSJVU[YH[VLUQ\UPVKLHKQ\KPJHJP}UX\LYLJH`}LU
LS*VUZVYJPVSPKLYHKVWVYSHLTWYLZHLZWH|VSH,<9(+0(`JVTW\LZ[V[HTIPtUWVY0,7(+,:
KL.\H[LTHSH`-3(*:6KL*VZ[H9PJH
,S*VUZVYJPVJVU\UHJVTIPUHJP}UKLJVUVJPTPLU[VZ`L_WLYPLUJPHPUZ[P[\JPVUHSKLZ\ZPU[L
NYHU[LZ`LSJVUVJPTPLU[VKLSHYLHSPKHKJLU[YVHTLYPJHUHNHYHU[Pa}K\YHU[LSH]PKHKLS7YV`LJ[V
\UHWV`VJVUJLW[\HS`TL[VKVS}NPJVKLHS[HJHSPKHK
,<9(+0(LZ\UHLTWYLZHJVUZ\S[VYHLZWH|VSHX\LJ\LU[HJVUTmZKLX\PUJLH|VZKLL_WL
YPLUJPHLUSHNLZ[P}UJVVYKPUHJP}ULPTWSLTLU[HJP}UKLWYV`LJ[VZKLKLZHYYVSSVPUZ[P[\JPVUHS
ZVJPHS`LJVU}TPJVLU]HYPVZWHxZLZKLSVZJPUJVJVU[PULU[LZLZWLJPHSTLU[LLU(TtYPJH3H[PUH
`LZ[mLZWLJPHSPaHKHLUKPMLYLU[LZ[LTm[PJHZJVTVMVY[HSLJPTPLU[VPUZ[P[\JPVUHSJVT\UPJHJP}U
`KP]\SNHJP}UWSHULZKLYLMVYTHTVKLYUPaHJP}UKLLU[PKHKLZW‚ISPJHZ`WYP]HKHZJVTLYJPV
L_[LYPVY`JVTWL[P[P]PKHK
(SN\UVZTPLTIYVZKLSH(ZPZ[LUJPH;tJUPJH0U[LYUHJPVUHSJVUWLYZVUHSKLSH7VSPJxHKL5PJHYHN\H
7mNPUH 7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
*VUZ\S[VY,YULZ[V3}WLa
KLSH9P]H,_WLY[VLU
WYVJLKPTPLU[VZKLSH<,
,ZWH|H
*VTHUKHU[L,TPSPV9V
KYxN\La1PTtULa,_WLY[V
LUJVU[YVSKLJHSPKHK
,ZWH|H
7YLMLJ[VLUYL[PYV/tJ[VY
+H]PK(YLUHZ+xHa,_
WLY[VLUU\L]HZ[tJUPJHZ
KLPU]LZ[PNHJP}U*OPSL
*VUZ\S[VYH(UH)LStU
=PSSHTPS:VSLY,_WLY[HLU
ZPZ[LTH[PaHJP}U`THYJV
S}NPJV,ZWH|H
,S 0UZ[P[\[V KL ,UZL|HUaH WHYH LS +LZHYYVSSV :VZ[LUPISL 0,7(+,: [YHIHQH KLZKL WHYH
JVUZVSPKHYSHWHaSHQ\Z[PJPHZVJPHS`LS,Z[HKVKL+LYLJOVLU.\H[LTHSH`SH-HJ\S[HK3H[PUVH
TLYPJHUHKL*PLUJPHZ:VJPHSLZ-3(*:6M\UKHKHLU `WH[YVJPUHKHWVYSH<5,:*6[PLUL
LSWYVW}ZP[VKLWYVTV]LYSHLUZL|HUaHSHPU]LZ[PNHJP}U`SHJVVWLYHJP}ULULSJHTWVKLSHZ
JPLUJPHZZVJPHSLZLU[VKVLSJVU[PULU[L
3HWYPUJPWHSM\UJP}UKLSHHZPZ[LUJPH[tJUPJHLUSVZWYV`LJ[VZLZNHYHU[PaHYSH[YHUZMLYLUJPHKL
SVZJVUVJPTPLU[VZ`KLS¸RUV^OV^¹HSVZKPMLYLU[LZILULÄJPHYPVZ`HJ[VYLZPU]VS\JYHKVZ`LU
U\LZ[YVJHZVWHY[PJ\SHYZLWYL[LUKP}[HTIPtTIYPUKHYLSHWV`V[tJUPJVKLV[YVZJ\LYWVZWVSP
JPHSLZWHYHLSMVY[HSLJPTPLU[VKLSHJHWHJPKHKPUZ[P[\JPVUHSKLSVZVWLYHKVYLZKLSZLJ[VYQ\Z[PJPH
LULS\ZV`THULQVKLSHL]PKLUJPHMxZPJH`JHKLUHKLJ\Z[VKPHWHYHMVY[HSLJLYSVZLZ[mUKHYLZ
KLZLN\YPKHKQ\YxKPJH
7HYHLSSVSVZZLY]PJPVZKLS*VUZVYJPVPUJS\`LYVUSHWYV]PZP}UKL\UHZLYPLKLL_WLY[VZLUJHY
NHKVZKLSHHZLZVYxH[tJUPJH`HKTPUPZ[YH[P]HHS7YV`LJ[VWHYHSHLQLJ\JP}UKLSHZHJ[P]PKHKLZ
+LLZ[HMVYTHSHHZPZ[LUJPH[tJUPJHPU[LYUHJPVUHSIYPUK}HZLZVYxH`HWV`VHSH7VSPJxH5HJPVUHS
WHYHKLZHYYVSSHYSHZHJ[P]PKHKLZWYL]PZ[HZLULS*VU]LUPVKL-PUHUJPHJP}U
3VZ L_WLY[VZ KLZ[HJHKVZ WVY LS *VUZVYJPV
HZLZVYHYVUHSLX\PWVKLS7YV`LJ[VLUSHJV
VYKPUHJP}UKLSHLQLJ\JP}UKLS7YV`LJ[VKL
HJ\LYKVHSVZWYVJLKPTPLU[VZKLÄUPKVZWVY
SH <, WYVWVYJPVUHUKV HWV`V [tJUPJV K\
YHU[L LS WYVJLZV KL WSHUPÄJHJP}U WLYP}KPJH
KLSHZHJ[P]PKHKLZLUSHLSHIVYHJP}UKLSVZ
7YLZ\W\LZ[VZ7YVNYHTH ` LU SH WYLWHYH
JP}UKLPUMVYTLZKLLQLJ\JP}UKLS7YV`LJ[V
0N\HSTLU[L MHJPSP[HYVU HZLZVYxH [tJUPJH H SH
7VSPJxH 5HJPVUHS LU SVZ WYVJLZVZ KL SPJP[H
JP}U WHYH SH HKX\PZPJP}U ` JVU[YH[HJP}U KL
IPLULZ ` ZLY]PJPVZ KLS 7YV`LJ[V ZPN\PLUKV
SHZYLNSHZ`THU\HSLZKLÄUPKVZWVYSH<,
-\UKHTLU[HSM\LSHHZLZVYxHLUSVZJHTWVZ
KL LZWLJPHSPaHJP}U ]PUJ\SHKVZ HS \ZV KL SH
7mNPUH 4HNPZ[YHKV4HU\LS4VYmU.VUamSLa,_WLY[V
Q\YxKPJV,ZWH|H
4LTVYPH
L]PKLUJPHMxZPJHLULSWYVJLZVWLUHS`SHHWVY[HJP}UKLSHL_WLYPLUJPHKLV[YVZJ\LYWVZWVSPJPHSLZ
LULSTHULQVWVSPJPHSKLSHL]PKLUJPHLSMVY[HSLJPTPLU[VKLSHJHKLUHKLJ\Z[VKPHLSJVU[YVSKL
JHSPKHK`ZLN\PTPLU[VKLSHL]PKLUJPH`SHMVYTHJP}U`JHWHJP[HJP}ULUJYPTPUHSxZ[PJH
,S LX\PWV KL L_WLY[VZ ZL JVTW\ZV KL [YLZ L_WLY[VZ WYPUJPWHSLZ ` OHZ[H VJOV L_WLY[VZ X\L
HZPZ[PLYVUHS7YV`LJ[VJVUTPZPVULZKLJVY[HK\YHJP}U`X\LJ\IYPLYVUKPMLYLU[LZmYLHZKLLZ
WLJPHSPaHJP}U
,Z[LLX\PWVX\LKLIxHHIHYJHY[HU[VSVZHZWLJ[VZHKTPUPZ[YH[P]VZJVTV[tJUPJVZPUJS\`}\ULZ
WLJPHSPZ[HLUHKTPUPZ[YHJP}UKLWYV`LJ[VZ`WYVJLKPTPLU[VZJVU[YHJ[\HSLZKLSH<UP}U,\YVWLH
\UTHNPZ[YHKVLZWH|VSL_WLY[VLULS[YH[HTPLU[VQ\KPJPHSKLSHWY\LIH`SHL]PKLUJPHMxZPJH`\U
JVTPZHYPVKLWVSPJxHLUHJ[P]VKLSJ\LYWVKLSH7VSPJxH5HJPVUHSKL,ZWH|H
*VTHUKHU[L,TPSPV9VKYxN\La1PTtULa,_WLY[VLUJVU[YVSKLJHSPKHKPTWHY[PLUKV\UJ\YZVKLLZWLJPHS
PaHJP}ULULSTHYJVKLS7YV`LJ[V
(SVSHYNVKLS7YV`LJ[VZLTV]PSPaHYVUV[YVZLZWLJPHSPZ[HZ,USHWYPTLYHMHZLKLLSHIVYHJP}U
KLS 4HU\HS KL [YH[HTPLU[V KL SH L]PKLUJPH ` KLS KPZL|V KL SH JHWHJP[HJP}U JVU[HTVZ JVU SH
WYLZLUJPHKL\UKLZ[HJHKVWYVMLZVYJ\IHUVLUJYPTPUHSxZ[PJHKL\UVÄJPHSKLSH.\HYKPH*P]PS
LZWH|VSHL_WLY[VLUJHSPKHK`KL\UHJVUZ\S[VYHUPJHYHN…LUZLLUKPKmJ[PJH3VZKVZWYPTLYVZ
L_WLY[VZTLUJPVUHKVZ]VS]PLYVULU\UHZLN\UKHMHZLTmZH]HUaHKHLUSHPTWSLTLU[HJP}UKL
SHZ HJ[P]PKHKLZ WHYH KLZHYYVSSHY V[YHZ TPZPVULZ YLSHJPVUHKHZ JVU Z\ L_WLYPLUJPH WYVMLZPVUHS
(ZPTPZTVZLJVU[}LULZ[H‚S[PTHMHZLJVUSHZHWVY[HJPVULZKL\UPUNLUPLYVPUMVYTm[PJV`\UH
VÄJPHSKLWVSPJxHYL[PYHKHHTIVZUPJHYHN…LUZLZJVTVKL\UQLMLWVSPJPHSJOPSLUVLUYL[PYV`KL
KVZJVUZ\S[VYLZLZWH|VSLZLUZPZ[LTHZKLZLN\PTPLU[V`ZPZ[LTH[PaHJP}UKLHJ[P]PKHKLZ
(KPJPVUHSTLU[LHLZ[HJVU[PU\HWYLZLUJPHKLSVZL_WLY[VZLSKPYLJ[VYKLS*VUZVYJPV+4HU\LS
(SVUZV3VZHKH]PZP[}LU]HYPHZVJHZPVULZLSSHIVYH[VYPVJVUVIQL[VKLKHYZLN\PTPLU[VLPU[LYL
ZHYZLWVYSHZULJLZPKHKLZKLSHHZPZ[LUJPH[tJUPJH
,SJ\HKYVJVTWSL[VKLWYLZLUJPHKLSHHZPZ[LUJPH[tJUPJHZLWYLZLU[HHJVU[PU\HJP}U
7mNPUH
;V[HS+xHZ
7YLZLUJPH
7VYJLU
[HQL
7\LZ[V
+xHZ
WYL]PZ[VZ
LU
JVU[YH[V
5VTIYL
5HJPVUH
SPKHK
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
+xHZKL
7YLZLUJPHWVY77
770 77 77
,?7,9;6:(3(9.673(A6
*VUZ\S[VY,YULZ[V3}WLa
KLSH9P]H
,_WLY[VLUWYVJLKP ,ZWH|H
TPLU[VZ<,
4HNPZ[YHKV4HU\LS4VYmU
.VUamSLa
,_WLY[V
Q\YxKPJV1\La
,ZWH|H
,ZWH|H
*VTPZHYPV7YPUJPWHS(U[VUPV ,_WLY[V
4HY[xULa-LYYHUKV
WVSPJPHS
7VSPJxH
5HJPVUHS
,ZWH|H
;V[HS,_WLY[VZHSHYNVWSHaV
3PJLU+LYLJOV4HU\LS4VYmU.VUamSLa4HNPZ[YHKV`1\La:HSHKL(WLSHJPVULZKLSH(\KPLUJPHLU:HSHTHUJH
PTWHY[PLUKV\UJ\YZVLULS0UZ[P[\[VKL(S[VZ,Z[\KPVZ1\KPJPHSLZKLSH*VY[L:\WYLTHKL1\Z[PJPHKL5PJHYHN\H
7mNPUH
7VYJLU
[HQL
,_WLY[VLUJYPTPUH
SxZ[PJH7YVMLZVY
<UP]LYZP[HYPV
*\IH
*VUZ\S[VYH4HY[HKLS
:VJVYYV.VUamSLa9\IPV
,_WLY[HLUKPKmJ[P
JH+VJLU[L
5PJHYH
N\H
*VTHUKHU[L,TPSPV
9VKYxN\La1PTtULa
,_WLY[VLUJVU[YVS
KLJHSPKHK
.\HYKPH*P]PS
KL,ZWH|H
,ZWH|H
*VTPZPVUHKHLUYL[PYV
*LSPUH9VZPILS.\aTmU
3}WLa
,_WLY[HLUJHYYLYH
WVSPJPHS7VSPJxH
5HJPVUHS
5PJHYHN\H
5PJHYH
N\H
0UNLUPLYV9VILY[V9HT}U
9VISL[V9VTLYV
,_WLY[VLUPUMVYTm 5PJHYH
[PJH`ZPZ[LTHZ
N\H
7\LZ[V
+xHZ
WYL]PZ[VZ
LU
JVU[YH[V
+VJ[VY9HMHLS/LYUmUKLa
KLSH;VYYL
5VTIYL
5HJPVUH
SPKHK
;V[HS+xHZ
7YLZLUJPH
4LTVYPH
+xHZKL
7YLZLUJPHWVY77
770 77 77
40:065,:(*69;673(A6
+VJ[VY9HMHLS/LYUmUKLaKL ,_WLY[VLU
SH;VYYL
ÄJOHQLL
PUZWLJJPVULZ
*\IH
*VUZ\S[VY(SMVUZV7L|H
-LYUmUKLa
,_WLY[VLUPUKP
JHKVYLZ`SxULHKL
IHZL
,ZWH
|H5P
JHYH
N\H
*VTHUKHU[L,TPSPV
9VKYxN\La1PTtULa
,_WLY[VLUZPZ[L
THZKLJVU[YVSKL
JHSPKHK.\HYKPH
*P]PS,ZWH|H
,ZWH|H
+VJ[VY9HMHLS/LYUmUKLa
KLSH;VYYL
,_WLY[VLUMVYTH
JP}UJYPTPUHSxZ[PJH
*\IH
7YLMLJ[VLUYL[PYV/tJ[VY
+H]PK(YLUHZ+xHa
,_WLY[VLUU\L]HZ *OPSL
[tJUPJHZKLPU]LZ[P
NHJP}U7VSPJxH*OPSL
*VUZ\S[VYH(UH)LStU
=PSSHTPS:VSLY
,_WLY[HLU
ZPZ[LTH[PaHJP}U`
THYJVS}NPJV
;V[HS4PZPVULZHJVY[VWSHaV
;6;(3
,Z
WH|H
)VSP]PH
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
.LYLUJPH
KLS7YV`LJ[V
3VYLTPWZ\TKVSVYZP[HTL[JVUZLJ[L[\LYHKPWPZJPUNLSP[ZLKKPHTUVU\TT`UPIOL\PZTVK[PUJ
PK\U[\[SHVYLL[KVSVYLTHNUHHSPX\HTLYH[]VS\[WH[<[^PZPLUPTHKTPUPT]LUPHTX\PZUVZ[Y\K
7YVMLZPVUHSPZTV[YHUZWHYLUJPH
L_LYJP[H[PVU\SSHTJVYWLYZ\ZJPWP[SVIVY[PZUPZS\[HSPX\PWL_LHJVTTVKVJVUZLX\H[+\PZH\[LT]LS
LÄJPLUJPH`OVULZ[PKHK
L\TPYP\YLKVSVYPUOLUKYLYP[PU]\SW\[H[L]LSP[LZZLTVSLZ[PLJVUZLX\H[]LSPSS\TKVSVYLL\ML\NPH[
JHYHJ[LYPaHYVUJHKH\UVKLSVZ
U\SSHMHJPSPZPZH[]LYVLYVZL[HJJ\TZHUL[P\Z[VVKPVKPNUPZZPTX\PISHUKP[WYHLZLU[S\W[H[\TaaYPS
WYVJLZVZKLZHYYVSSHKVZWVYSHNLZ[P}U
KLSLUP[H\N\LK\PZKVSVYL[LML\NHP[
HKTPUPZ[YH[P]HKLS7YV`LJ[V
7mNPUH
4LTVYPH
+09,**0Ô5
@(+4050:;9(*0Ô5
3HYLHSPaHJP}UKLS7YV`LJ[VM\LWVZPISLNYHJPHZHSHLZ[Y\J[\YHHKTPUPZ[YH[P]HPTWSLTLU[HKH`HS
LX\PWVO\THUVHZPNUHKVHSTPZTV
,S7YV`LJ[VZLKLZHYYVSS}IHQVSHTVKHSPKHKHKTPUPZ[YH[P]HKLUVTPUHKHKLNLZ[P}UWHYJPHSTLU
[LKLZJLU[YHSPaHKHKPYLJ[HX\LL_PNLSHLSHIVYHJP}UKL7YLZ\W\LZ[VZ7YVNYHTHZKLHJ\LYKVH
SVZWYVJLKPTPLU[VZX\LSH<UP}U,\YVWLHHWSPJHHSVZWYV`LJ[VZX\LÄUHUJPH
,Z[HTVKHSPKHKPTWSPJHX\LLSWHxZILULÄJPHYPVKLSHH`\KHLUJHYNHH\UVYNHUPZTVW‚ISPJVSH
LQLJ\JP}UKLSWYV`LJ[VLSJ\HSHKVW[HSHZKLJPZPVULZLUTH[LYPHKLWYVJLKPTPLU[VZ`KLHKQ\
KPJHJP}UKLSVZJVU[YH[VZZPN\PLUKVSHYLNSHTLU[HJP}UKLSH<,`ZVTL[PtUKVSVZWYL]PHTLU[L
HSHHWYVIHJP}UKLSH+LSLNHJP}UKLSH<UP}U,\YVWLHLULSWHxZ
,ZHZxX\LSH7VSPJxH5HJPVUHSKL5PJHYHN\HM\LSH0UZ[P[\JP}ULUJHYNHKHKLNLZ[PVUHYLS7YV
`LJ[VJVU[HUKVJVULSHWV`VKLSH*VTPZP}U5HJPVUHSKL*VVYKPUHJP}U0U[LYPUZ[P[\JPVUHSKLS
:PZ[LTHKL1\Z[PJPH7LUHSWHYHSHPTWSLTLU[HJP}UKLSHZHJ[P]PKHKLZX\LHZxSVYLX\LYxHU
,X\PWVKL[YHIHQVKLS7YV`LJ[VKLPaX\PLYKHHKLYLJOH!*VTPZPVUHKV(YZLUPV3}WLa:Y,YULZ[V3}WLaKLSH9P]H
3PJ-YHURSPU:VIHS]HYYV4LQxH3PJ1\HU*HYSVZAH]HSH*VTPZPVUHKV(UxIHS,Z[LIHU5HY]mLa*VTPZPVUHKH4H`VY
`1LMHKLS3HIVYH[VYPV(U[VUPH7HSHJPVZ5H]HYYL[L`3PJ?PUPH:HSPUHZ4VYH
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
3HLQLJ\JP}UZLKP]PKP}LU7YLZ\W\LZ[VZ7YVNYHTHZ"KVJ\TLU[VWLYP}KPJVYLMLYPKVH\UKL[LY
TPUHKVWLYxVKVWVYLSX\LZLÄQHULSWYVNYHTHKLHJJPVULZX\LKLILLQLJ\[HYZLSVZTLKPVZ
TH[LYPHSLZ`YLJ\YZVZO\THUVZULJLZHYPVZLSWYLZ\W\LZ[VJVYYLZWVUKPLU[L`SHKPZWVZPJPVULZ
[tJUPJHZ`HKTPUPZ[YH[P]HZHHWSPJHYZL
3HYLZWVUZHIPSPKHKKLSHLQLJ\JP}UKLSVZ7YLZ\W\LZ[VZ7YVNYHTHZYLJH`}ZVIYLKVZM\UJPV
UHYPVZ JVU M\UJPVULZ LZWLJxÄJHZ LU JHKH JHZV UVTIYHKVZ WVY SH 7VSPJxH 5HJPVUHS JVU SVZ
ZPN\PLU[LZJHYNVZ!
(KTPUPZ[YHKVYH!*VTPZPVUHKH4H`VY(U[VUPH4HYxH7HSHJPVZ5H]HYYL[L
*VU[HISL!*VTPZPVUHKV4H`VY6ZJHY1H]PLY7HSHJPVZ4VYLUV
3VZTPZTVZLZ[\]PLYVUHSTHUKVKLSH<UPKHKLQLJ\[VYHKLS7YV`LJ[VJVTW\LZ[HWVYM\UJPV
UHYPVZWVSPJPHSLZWLYZVUHSJVU[YH[HKV`SHHZPZ[LUJPH[tJUPJHSVJHSLPU[LYUHJPVUHS3H\UPKHK
LQLJ\[VYH LZ[\]V \IPJHKH LU LS LKPÄJPV KLS HU[PN\V SHIVYH[VYPV OHZ[H Q\UPV KL X\L ZL
[YHZSHK}HSHZPUZ[HSHJPVULZKLSU\L]VLKPÄJPVKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJHKL4HUHN\H
,Z[H\UPKHKMHJPSP[}SHLQLJ\JP}UKLSHZHJ[P]PKHKLZKLS7YV`LJ[V`WYPUJPWHSTLU[LZLLUJHYN}KL
SHLSHIVYHJP}U`[YHTP[HJP}UKL[VKHSHKVJ\TLU[HJP}UHKTPUPZ[YH[P]HULJLZHYPHWHYHLSI\LU
M\UJPVUHTPLU[VKLS7YV`LJ[V
:LLSHIVYHYVU[YLZ7YLZ\W\LZ[VZ7YVNYHTHZ77HSVSHYNVKLS7YV`LJ[VJVUZ\ZJVYYLZWVU
KPLU[LZHKLUK\TZ`YLHZPNUHJPVULZPU[LYUHZ3HJHYNHKL[YHIHQVHKTPUPZ[YH[P]VSHWVKLTVZ
]PZPIPSPaHYLULSJ\HKYVZPN\PLU[L!
;9Í40;,:
77+,050*06
77
77
-LJOH0UPJPV77
-LJOH-PU77
(KLUK\TZHS77
9LHZPNUHJPVULZPU[LYUHZHS77
:VSPJP[\K0TWYL]PZ[VZ
*VU[YH[VZÄYTHKVZ
7YLZ\W\LZ[VLU,\YVZKLS77
7mNPUH
3PJP[HJPVULZSHUaHKHZSV[LZ
(WLY[\YHZSV[LZ
,]HS\HJPVULZSV[LZ
(KQ\KPJHJPVULZSV[LZ
7YVJLKPTPLU[VZ5LNVJPHKVZ
+LYVNHJP}UYLNSHKLVYPNLU
0UMVYTLZKLH]HUJL
:VSPJP[\KLZKLYLWVZPJP}U`JPLYYL
(\KP[VYxH
4LTVYPH
0TWVY[HU[L OH ZPKV LS [YHIHQV YLHSPaHKV WHYH HKQ\KPJHY SVZ JVU[YH[VZ H [YH]tZ KL SPJP[HJPVULZ
PU[LYUHJPVUHSLZVJVUJ\YZVZKLmTIP[VSVJHSHWSPJHUKVSVZWYVJLKPTPLU[VZL_PNPKVZWVYSH<,
3VX\LJVUSSL]}\UHZLYPLKLWYVJLZVZJVTVSHLSHIVYHJP}UKLSL_WLKPLU[LKLSPJP[HJP}U`SHZ
LZWLJPÄJHJPVULZ[tJUPJHZKLSVZZ\TPUPZ[YVZHSPN\HSX\LLSSHUaHTPLU[VW\ISPJHJP}UHWLY[\YH
KLWSPJHZL]HS\HJP}U`HKQ\KPJHJP}UKLSVZJVUJ\YZVZHZxJVTVSHÄYTHKLSVZJVU[YH[VZYLZ
WLJ[P]VZJVUSVZJVU[YH[PZ[HZLSLNPKVZOLJOVZWVYSH\UPKHKLQLJ\[VYHKLS7YV`LJ[V
*Ô+0.6
+,:*907*0Ô5
;076
9,:<3;(
+6
04769;,
,5,<96:
:<4050:;96:
,\YVWL(PK
+:<750
,X\PWVZWHYHLS3HIVYH[V
YPVKL*YPTPUHSxZ[PJHKLSH
7VSPJxH5HJPVUHS
36;,:
(IPLY[H
0U[LYUHJPVUHS
(KQ\KPJHKH 75<,:<
=LOxJ\SVZWHYHLS3HIVYH
[VYPVKL*YPTPUHSxZ[PJHKL
SH7VSPJxH5HJPVUHS
(IPLY[H3VJHS
(U\SHKH
75<,:<
=LOxJ\SVZWHYHLS3HIVYH
[VYPVKL*YPTPUHSxZ[PJHKL
SH7VSPJxH5HJPVUHS
36;,:
(IPLY[H3VJHS
(KQ\KPJHKH
75<,:<
4H[LYPHSLZKPKmJ[PJVZWHYH
J\YZVImZPJVKLWYLZLY]H
JP}UH]HUaHKVKLPU]LZ[P
NHJP}ULPU[LYPUZ[P[\JPVUHS
7YVJLKPTPLU[V (KQ\KPJHKH ULNVJPHKVLU
YtNPTLUJVT
WL[P[P]V
75<,:<
4H[LYPHSLZWHYHLSSHIVYH
[VYPVKL(+5
7YVJLKPTPLU[V (KQ\KPJHKH ULNVJPHKVLU
YtNPTLUJVT
WL[P[P]V
75<,:<
(KX\PZPJP}UKL=(5
7YVJLKPTPLU[V (KQ\KPJHKH ULNVJPHKV
75<,:<
(KX\PZPJP}UKL<7:
7YVJLKPTPLU[V (KQ\KPJHKH ULNVJPHKV
:,9=0*06:
75<,:,9= +LZHYYVSSVKLSHZHJ[P]P
KHKLZKL]PZPIPSPKHKKLS
7YV`LJ[V
7YVJLKPTPLU[V (U\SHKH
ULNVJPHKVLU
YtNPTLUJVT
WL[P[P]V
75<,:,9= +LZHYYVSSVKLSHZHJ[P]P
KHKLZKL]PZPIPSPKHKKLS
7YV`LJ[V
7YVJLKPTPLU[V (KQ\KPJHKH ULNVJPHKVLU
YtNPTLUJVT
WL[P[P]V
75<,:,9= ,KPJP}UKLSTHU\HSKL[YH 7YVJLKPTPLU[V (KQ\KPJHKH [HTPLU[VKLSHL]PKLUJPH` ULNVJPHKVLU
JHKLUHKLJ\Z[VKPH
YtNPTLUJVT
WL[P[P]V
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
7HYHWYVJLKLYHZ\HKX\PZPJP}USVZZ\TPUPZ[YVZ`ZLY]PJPVZZLJSHZPÄJHYVULUKPMLYLU[LZSV[LZ
H[LUKPLUKVHZ\ZJHYHJ[LYxZ[PJHZ[tJUPJHZ,Z[VZSV[LZM\LYVU!
30*0;(*0Ô5
36;,
04769;,+,
(+1<+0*(*0Ô5
,5,<96:
,\YVWL(PK+:<750
*VTW\[HKVYHZWLYPMtYPJVZ
HJJLZVYPVZKLPUMVYTm[PJH
,\YVWL(PK+:<750
:PZ[LTHH\[VTm[PJVKLPKLU[P ÄJHJP}UIHSxZ[PJH()0:
,\YVWL(PK+:<750
*mTHYHZMV[VNYmÄJHZKPNP[H
SLZ
,\YVWL(PK+:<750
,X\PWVZKL]PKLVJVUMLYLUJPH
KLHS[HKLÄUPJP}U
,\YVWL(PK+:<750
(WSPJHJPVULZPUMVYTm[PJHZ
:VM[^HYLZMVYLUZLZ
,\YVWL(PK+:<750
4PJYVZJVWPVZ
,\YVWL(PK+:<750
*YVTH[}NYHMVZ
,\YVWL(PK+:<750
*HTWHUHZ`LX\PWVZKL[LT
WLYH[\YHZHS[HZ
,\YVWL(PK+:<750
7mNPUH
+,:*907*0Ô5
,X\PWVZKLYLMYPNLYHJP}U
,\YVWL(PK+:<750
,X\PWVZTH[LYPHSLZ`YLHJ[P
]VZKL(+5
,\YVWL(PK+:<750
/LYYHTPLU[HZTLJmUPJHZ
,\YVWL(PK+:<750
,X\PWVZWHYHPKLU[PÄJHJP}UKL
KVJ\TLU[VZ
,\YVWL(PK+:<750
,X\PWVZWHYHYLJVSLJJP}UKL
L]PKLUJPHZ
,\YVWL(PK+:<750
4VIPSPHYPVKLVÄJPUH
75<,:<
*HTPVUL[HZKVISLJHIPUH_ 75<,:<
(\[VT}]PS
75<,:<
4PJYVI‚Z[PWVWHULS=(5
75<,:<
4H[LYPHSLZWHYH(+5
75<,:<
4H[LYPHSLZKPKmJ[PJVZ
75<,:<
:PZ[LTHZKLHSPTLU[HJP}U
PUPU[LYY\TWPKH<7:
75<,:,9=
+LZHYYVSSVKLSHZHJ[P]PKHKLZ
KL]PZPIPSPKHKKLS7YV`LJ[V
75<,:,9=
,KPJP}UKLSTHU\HSKL
[YH[HTPLU[VKLSHL]PKLUJPH
4LTVYPH
3H\UPKHKLQLJ\[VYHZLLUJHYN}HZPTPZTVKLSHWSHUPÄJHJP}UJVVYKPUHJP}USVNxZ[PJHVYNHUPaH
JP}U`NLZ[P}UKLSHZHJ[P]PKHKLZKLJHWHJP[HJP}ULU[VKVLS[LYYP[VYPVUHJPVUHSHZxJVTVKLSHZ
KLTmZULJLZPKHKLZWHYHLSJVYYLJ[VM\UJPVUHTPLU[VKLS7YV`LJ[V
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
(ZWLJ[VZ
ÄUHUJPLYVZ
,SWYLZ\W\LZ[VKLHWVY[HJP}UWVY
WHY[LKLSH<UP}U,\YVWLHZLLSL]H
HL\YVZ3HHWVY[HJP}ULU
JVU[YHWHY[PKHKLS.VIPLYUV
KL5PJHYHN\HZLOPaVTLKPHU[LSH
W\LZ[HHSZLY]PJPVKLSHZJHWHJPKHKLZ
`[PLTWVZKLSVZM\UJPVUHYPVZKLSH
3VYLTPWZ\TKVSVYZP[HTL[JVUZLJ[L[\LYHKPWPZJPUNLSP[ZLKKPHTUVU\TT`UPIOL\PZTVK[PUJ
PK\U[\[SHVYLL[KVSVYLTHNUHHSPX\HTLYH[]VS\[WH[<[^PZPLUPTHKTPUPT]LUPHTX\PZUVZ[Y\K
7VSPJxH5HJPVUHS:PZ[LTHKL1\Z[PJPH
L_LYJP[H[PVU\SSHTJVYWLYZ\ZJPWP[SVIVY[PZUPZS\[HSPX\PWL_LHJVTTVKVJVUZLX\H[+\PZH\[LT]LS
7LUHSPUMYHLZ[Y\J[\YHZ`ZLY]PJPVZ
L\TPYP\YLKVSVYPUOLUKYLYP[PU]\SW\[H[L]LSP[LZZLTVSLZ[PLJVUZLX\H[]LSPSS\TKVSVYLL\ML\NPH[
ULJLZHYPVZWHYHSSL]HYHJHIV
U\SSHMHJPSPZPZH[]LYVLYVZL[HJJ\TZHUL[P\Z[VVKPVKPNUPZZPTX\PISHUKP[WYHLZLU[S\W[H[\TaaYPS
LSTPZTV;VKVLSSVZLLZ[PT}LU
KLSLUP[H\N\LK\PZKVSVYL[LML\NHP[
L\YVZ
7mNPUH
4LTVYPH
,1,*<*0Ô5
-05(5*0,9(
7YLZ\W\LZ[V*VU]LUPVKL-PUHUJPHJP}ULUL\YVZ
9<)96:
79,:<7<,:;6*65=,506
<,
.6)0,956
;6;(3
,Z[\KPVZ`7\ISPJHJPVULZ
(\KP[VYxH`,]HS\HJP}U
,X\PWHTPLU[V
6IYHZL0UMYHLZ[Y\J[\YHZ
=PZPIPSPKHK
.HZ[VZKL6WLYHJP}U
7LYZVUHS3VJHS
6[YVZ.HZ[VZKL-\UJPVUH
TPLU[V
0TWYL]PZ[VZ
:LY]PJPVZ
(ZPZ[LUJPH;tJUPJH0U[LYUH
JPVUHS
(ZPZ[LUJPH;tJUPJH3VJHS
*HWHJP[HJP}U`:LTPUHYPVZ
;V[HS
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
,SWYLZ\W\LZ[VLZ[HISLJPKVLULS*VU]LUPVKL-PUHUJPHJP}UKLHWVY[HJP}UWVYWHY[LKLSH<UP}U
,\YVWLHZLLSL]HHL\YVZZPULTIHYNVLSWYLZ\W\LZ[VX\LYLHSTLU[LJVYYLZWVUKP}
LQLJ\[HY HS ILULÄJPHYPV LZ KLJPY H SH 7VSPJxH 5HJPVUHS KL 5PJHYHN\H HZJLUKP} H SH Z\TH KL
L\YVZ,Z[LWYLZ\W\LZ[V\UH]LaYLHZPNUHKVZSVZPTWYL]PZ[VZM\LLQLJ\[HKVHS
79,:<7<,:;6
796@,*;6
9<)96:
(ZPZ[LUJPH;tJUPJH3VJHS
,1,*<*0Ô5
796@,*;6
*HWHJP[HJP}U`:LTPUHYPVZ
,Z[\KPVZ`7\ISPJHJPVULZ
,X\PWHTPLU[V
=PZPIPSPKHK
7LYZVUHS3VJHS
6[YVZ.HZ[VZKL-\UJPVUHTPLU[V
;6;(3
+0:;90)<*0Ô5+,379,:<7<,:;6<,7699<)96
(ZPZ[LUJPH;tJUPJH3VJHS
*HWHJP[HJP}U`:LTPUHYPVZ
,Z[\KPVZ`7\ISPJHJPVULZ
,X\PWHTPLU[V
=PZPIPSPKHK
7LYZVUH3VJHS
6[YVZNHZ[VZKLM\UJPVUHTPLU[V
3HHWVY[HJP}ULUJVU[YHWHY[PKHKLS.VIPLYUVUHJPVUHSZLOPaVTLKPHU[LSHW\LZ[HHSZLY]PJPV
KLS7YV`LJ[VKLSHZJHWHJPKHKLZ`[PLTWVZKLSVZM\UJPVUHYPVZWYVMLZPVUHSLZ`[tJUPJVZ[HU[V
KLSH7VSPJxH5PJPVUHSJVTVKLS:PZ[LTHKL1\Z[PJPH7LUHSHZxJVTV[HTIPtUKLSHW\LZ[HHS
ZLY]PJPVKLS7YV`LJ[VKLSHZPUMYHLZ[Y\J[\YHZ`ZLY]PJPVZULJLZHYPVZWHYHSSL]HYHJHIVLSTPZTV
;VKVLSSVZLLZ[PT}LULZVZL\YVZ
7mNPUH
4LTVYPH
+0:;90)<*0Ô5+,379,:<7<,:;6
769-<,5;,-05(5*0,9(
(WVY[L5PJHYHN\H
(WVY[L<UP}U,\YVWLH
,S7YLZ\W\LZ[VKLHJ\LYKVHSVZWYVJLKPTPLU[VZHKTPUPZ[YH[P]VZKLSH<UP}U,\YVWLHM\LLQL
J\[HKV\UHWHY[LKLMVYTHJLU[YHSPaHKHJVTWYVTPZVLZWLJxÄJVLZKLJPYSVZWHNVZSVZOPaV
KPYLJ[HTLU[LSH<,`SHV[YHKLZJLU[YHSPaHKHSH<,[YHUZÄYP}LSKPULYVHSH7VSPJxH5HJPVUHSSH
J\HSLQLJ\[}SVZWHNVZLU[YLZWLYxVKVZHKTPUPZ[YH[P]VZKLUVTPUHKVZ7YLZ\W\LZ[VZ7YVNYHTHZ
X\L[\]PLYVUSHZPN\PLU[LKLUVTPUHJP}U`K\YHJP}U!
‹ 7YLZ\W\LZ[V7YVNYHTHKL0UPJPV!+LSKLHNVZ[VKLHSKLLULYVKLTLZLZ
‹ ¢7YLZ\W\LZ[V7YVNYHTH!+LSKLMLIYLYVKLHSKLLULYVKLTLZLZ
‹ ¢7YLZ\W\LZ[V7YVNYHTH!+LSKLMLIYLYVKLHSKLQ\SPVKLTLZLZ
*}KPNV
(JVU[PU\HJP}UPUKPJHTVZSHLQLJ\JP}UÄUHUJPLYHLUJHKH\UVKLLZVZWLYxVKVZLUL\YVZ
9<)96:
:LY]PJPVZ
(ZPZ[LUJPH;tJUPJH3VJHS
79,:<
7<,:;6
796@,*;6
,1,*<*0Ô5
*VTW
,ZWLJxÄJV
77
KL0UPJPV
77
77
;V[HS
*HWHJP[HJP}U`:LTPUHYPVZ
,Z[\KPVZ`7\ISPJHJPVULZ
,X\PWHTPLU[V
=PZPIPSPKHK
.HZ[VZKL6WLYHJP}U
7LYZVUHS3VJHS
6[YVZ.HZ[VZKL
-\UJPVUHTPLU[V
;6;(3
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
+0:;90)<*0Ô5,1,*<*0Ô5-05(5*0,9(
76905:;9<4,5;6(+4050:;9(;0=6
*VTW,ZWLJxMPJV
77KLPUPJPV
77
WW
9,:<3;(+6:
9LZ\S[HKV
:LOHMVYT\SHKV`ZLLZ[mPTWSLTLU[HUKV\UH
U\L]HWVSx[PJHZVIYLLS\ZVKLSHL]PKLUJPHMxZPJHLU
SHQ\Z[PJPHWLUHS
9LZ\S[HKV
3HJHWHJPKHKPUZ[P[\JPVUHSKLSVZVWLYHKVYLZWHYH
\ZHYSHL]PKLUJPHMxZPJHKLTHULYHHKLJ\HKHOH
ZPKVYLMVYaHKHKLTHULYHZVZ[LUPISL`SVZLZ[mUKH
YLZKLZLN\YPKHKQ\YxKPJHOHUZPKVTLQVYHKVZ
9LZ\S[HKV
3HJHWHJPKHK[LJUVS}NPJHYLSL]HU[LWHYHSHYLJVSLJ
JP}U`LSHUmSPZPZKLSHL]PKLUJPHMxZPJHOHZPKVTL
QVYHKHWHYHHZLN\YHYZ\M\UJPVUHSPKHK`SH]HSPKLa
JPLU[xÄJHKLZ\ZYLZ\S[HKVZ
9LZ\S[HKV
:LOHUPU[YVK\JPKVTLJHUPZTVZWLYTHULU[LZKL
JVU[YVSKLJHSPKHKKLS\ZVKLSHZL]PKLUJPHZ`WHYH
HZLN\YHYX\LSHZ[tJUPJHZKLJYPTPUHSxZ[PJH`V[YH
PUMVYTHJP}UYLSL]HU[LZLTHU[PLULUHJ[\HSPaHKHZ
=PZPIPSPKHK
+LZHYYVSSHYSHLZ[YH[LNPHKL]PZPIPSPKHKKLS7YV`LJ[V
7LYZVUHS
.HZ[VZKL7LYZVUHSKLS7YV`LJ[V
-\UJPVUHTPLU[V
.HZ[VZKLVWLYHJP}U`M\UJPVUHTPLU[V
;6;(3
7mNPUH
,1,*<*0Ô5
4LTVYPH
+0:;90)<*0Ô5+,3(,1,*<*0Ô5-05(5*0,9(
7699,:<3;(+6
9LZ\S[HKV
9LZ\S[HKV
9LZ\S[HKV
9LZ\S[HKV
=PZPIPSPKHK
7LYZVUHS
-\UJPVUHTPLU[V
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
,1,*<*0Ô5769(*;0=0+(+,:+,3796@,*;6,5,<96:
(*;0=0+(+,:
,1,*<*0Ô5
(J[P]PKHK
9L\UPVULZJVUSVZKPMLYLU[LZTPLTIYVZKLSHJVTPZP}U[tJUPJHJYLHKHWVYSH
*VTPZP}U0U[LYPUZ[P[\JPVUHSWHYHSHLSHIVYHJP}UKLS4HU\HS‚UPJV
(J[P]PKHK
*VVYKPUHJPVULZJVUSHZKPMLYLU[LZPUZ[P[\JPVULZTPLTIYVZKLS*VTP[t0U[L
YPUZ[P[\JPVUHSWHYHSHYLJVWPSHJP}UKLSVZ[L_[VZIHZLZ4HU\HSLZ`WYV[VJVSVZ
UVYTH[P]HZPU[LYUHZL[J
(J[P]PKHK
+LZHYYVSSHYWYV[VJVSVZKLHJ[\HJP}UPU[LYPUZ[P[\JPVUHSLU[LTHZKLJYPTPUHSxZ[P
JH[YHIHQVYLHSPaHKVWVYLSNY\WV[tJUPJV
(J[P]PKHK
+LZHYYVSSHY\UZPZ[LTHKLJVU[YVSKLJHSPKHKPUJS\PKHZSHZKPZWVZPJPVULZQ\Yx
KPJHZ`HKTPUPZ[YH[P]HZULJLZHYPHZ[YHIHQVYLHSPaHKVWVYLSNY\WV[tJUPJV
(J[P]PKHK
,KP[HYPTWYPTPY`KPZ[YPI\PYLSTHU\HS‚UPJVKLWYVJLKPTPLU[VZ`V[YVZKVJ\
TLU[VZWYV[VJVSVZWLY[PULU[LZWHYHLSKxHHKxHKLS[YHIHQVKLSVZVWLYHKVYLZ
(J[P]PKHK
9L]PZHYSVZTHU\HSLZPU[LYUVZKLSVZVWLYHKVYLZWHYHKL[LYTPUHYSHZHKHW
[HJPVULZULJLZHYPHZWHYHHZLN\YHYX\LLZ[mUKLHJ\LYKVJVUSVZU\L]VZ
WYV[VJVSVZL[J
(J[P]PKHK
,KP[HYPTWYPTPY`KPZ[YPI\PYSVZTH[LYPHSLZHKHW[HKVZ
(J[P]PKHK
+PZL|HY\UWSHUKLLK\JHJP}UWHYH[VKVZSVZHNLU[LZKLWVSPJxHJVUUP]LSLZ
HKHW[HKVZHSVZKPMLYLU[LZWLYÄSLZWYVMLZPVUHSLZWHYHHZLN\YHYSHPUZ[P[\JPV
UHSPaHJP}UKLSVZJVUVJPTPLU[VZLUSHZLZJLUHKLSJYPTLU`[LTHZKLJYPTPUH
SxZ[PJH
(J[P]PKHK
*HWHJP[HYH\UNY\WVKLL_WLY[VZLULZJLUHKLSJYPTLUWHYHX\LZLHUMVY
THKVYLZLULZJLUHKLSJYPTLU`LZWLJPHSPZ[HZKLHS[VUP]LSWVZ[LYPVYTLU[L
YLZWVUZHISLZKLZ\WLY]PZHYLS[YHIHQVZVIYLSHLZJLUHKLSJYPTLU`JYPTPUHSxZ
[PJHKLSHZKLSLNHJPVULZWVSPJPHSLZ`KLSVZSHIVYH[VYPVZM\LYHKL4HUHN\H
(J[P]PKHK
3SL]HYHJHIV\UHZLYPLKLJHWHJP[HJPVULZWHYHNHYHU[PaHYX\L[VKVZSVZ
HNLU[LZKLWVSPJxHX\LW\KPLYHULU[YHYLUJVU[HJ[VJVU\UHLZJLUHKLJYP
TLU[LUNHUSVZJVUVJPTPLU[VZULJLZHYPVZWHYHZLN‚UZ\M\UJP}UYLZWLJ[P]H
THULQHYSHHKLJ\HKHTLU[L
(J[P]PKHK
+PZL|HYT}K\SVZZVIYLJYPTPUHSxZ[PJHSHJHKLUHKLJ\Z[VKPH`LS\ZVKL
WY\LIHZMxZPJHZWHYHÄZJHSLZKLMLUZVYLZW‚ISPJVZQ\LJLZTtKPJVZMVYLUZLZ
`V[YVZVWLYHKVYLZVSVZ\Z\HYPVZKLSZPZ[LTHKLQ\Z[PJPHWLUHSLSNY\WVKL
[YHIHQVPU[LYPUZ[P[\JPVUHSKLILYmKHYZ\HJ\LYKVZVIYLZ\JVU[LUPKV`VYNHUP
aHJP}U
(J[P]PKHK
*HWHJP[HYH\UNY\WVKLWYVMLZPVUHSLZKLSVZVWLYHKVYLZKLSZPZ[LTHKLQ\Z
[PJPHWLUHSPU[LNYHKVZLUSH*VTPZP}U0U[LYPUZ[P[\JPVUHSWHYHSSL]HYHJHIVSHZ
JHWHJP[HJPVULZPU[LYPUZ[P[\JPVUHSLZZVIYLSVZU\L]VZWYV[VJVSVZ`LSTHU\HS
‚UPJVKLL]PKLUJPHMxZPJH
(J[P]PKHK
3SL]HYHJHIVLUJVUQ\U[VJ\YZVZKLMVYTHJP}UPU[LYPUZ[P[\JPVUHSLZZPN\PLU
KVSVZWYVNYHTHZKPZL|HKVZLUSHZHJ[P]PKHKLZHU[LYPVYLZWHYHNHYHU[PaHY
X\L[VKVZSVZVWLYHKVYLZKLSZPZ[LTHKLQ\Z[PJPHWLUHSZVUWYLWHYHKVZLULS
U\L]VZPZ[LTH
7mNPUH
4LTVYPH
,1,*<*0Ô5769(*;0=0+(+,:+,3796@,*;6,5,<96:
(*;0=0+(+,:
,1,*<*0Ô5
(J[P]PKHK
(WV`HYSHPUJS\ZP}UKLSVZT}K\SVZKLMVYTHJP}UKPZL|HKVZLUSHSPZ[HKL
YLX\PZP[VZ`J\YZVZKLMVYTHJP}UWYL]PZ[VZWHYHJHKHPUZ[P[\JP}UQ\LJLZ
ÄZJHSLZKLMLUZVYLZW‚ISPJVZNHYHU[PaHUKVSHPUZ[P[\JPVUHSPaHJP}UKLSVZJV
UVJPTPLU[VZKLJYPTPUHSxZ[PJHPUJS\PKHSHJHKLUHKLJ\Z[VKPH`WYVWVYJPVUHY
LSHWV`VHKLJ\HKVWHYHHZLN\YHYZ\ZVZ[LUPIPSPKHK
(J[P]PKHK
9L]PZHYSHZWVSx[PJHZPU[LYUHZYLSL]HU[LZKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJH`KLS
KLWHY[HTLU[VKLPUZWLJJPVULZVJ\SHYLZWHYHHZLN\YHYX\LZLWYVT\L]H\U
I\LUUP]LSLULS[YHIHQVKLJYPTPUHSxZ[PJHYLJ\YZVZO\THUVZZLSLJJP}UMVY
THJP}UJHYYLYHOVUVYHYPVZ`ZHSHYPVZ`Z\WLY]PZP}UKLSHJHSPKHKKLS[YHIHQV
KLSVZL_WLY[VZKLLZJLUHKLSJYPTLU
(J[P]PKHK
(KX\PYPYSVZLX\PWVZWHYHLSSHIVYH[VYPV`SVZLX\PWVZ`Z\TPUPZ[YVZKLPUZWLJ
JPVULZVJ\SHYLZ
(J[P]PKHK
(KX\PYPY]LOxJ\SVZWHYHNHYHU[PaHYSHTV]PSPKHKKLL_WLY[VZ`LX\PWVZKLPU
]LZ[PNHJP}UKLSHLZJLUHKLSJYPTLU`WHYHSH\UPKHKJLU[YHSLZWLJPHSPaHKHLU
Z\WLY]PZP}UKLWYVJLKPTPLU[VZKLPU]LZ[PNHJP}UKLLZJLUHKLSJYPTLU
(J[P]PKHK
9LJPIPYZLY]PJPVZKLMVYTHJP}ULZWLJPHSPaHKHWHYHVWLYHYSVZU\L]VZLX\PWVZ
KLSVZSHIVYH[VYPVZ
(J[P]PKHK
-VYTHYHSWLYZVUHSYLSL]HU[LKLSSHIVYH[VYPVLULSTHU[LUPTPLU[VKLSVZU\L
]VZLX\PWVZ
(J[P]PKHK
*YLHY\UH\UPKHKKLTHU[LUPTPLU[VKLLX\PWVZKLU[YVKLSSHIVYH[VYPV5VT
IYHY\UHWLYZVUHJVUKLKPJHJP}UJVTWSL[HWHYHTHULQHYSHZYLSHJPVULZJVU
SVZWYV]LLKVYLZKLLX\PWVZLPUZ\TVZ
(J[P]PKHK
7YLWHYHY\U7SHUKL4HU[LUPTPLU[VKLSVZLX\PWVZHJ[P]PKHKSSL]HKHHJHIV
WVYSH\UPKHKKLTHU[LUPTPLU[VKLLX\PWVZ
(J[P]PKHK
,Z[HISLJLY\UH\UPKHKKLZLN\PTPLU[VLUSH:LJYL[HYxH,QLJ\[P]HKLSH7VSPJxH
5HJPVUHSWHYHZ\WLY]PZHYSHPTWSLTLU[HJP}UKLSHU\L]HWVSx[PJHKL\ZVKLSH
L]PKLUJPHMxZPJH
(J[P]PKHK
*YLHY\UZPZ[LTHKLZLN\PTPLU[VWHYHL]HS\HYSHHWSPJHJP}U`SVZYLZ\S[HKVZ
KLSHU\L]HWVSx[PJHZVIYLLS\ZVKLL]PKLUJPHZMxZPJHZ`Z\ZLN\YPKHKQ\YxKPJH!
ZLN\YPKHKQ\YxKPJHH[YH]tZKLZ\JHKLUHKLJ\Z[VKPH\ZVHKLJ\HKVKLSHZ
PU]LZ[PNHJPVULZ]HSVYKLSHZL]PKLUJPHZMxZPJHZLUSVZ[YPI\UHSLZL[J
(J[P]PKHK
,Z[HISLJLYKL\UHSxULHKLIHZLKLPUKPJHKVYLZWHYHTLKPYSVZH]HUJLZSV
NYHKVZWVYSHU\L]HWVSx[PJHZVIYLLS\ZVKLL]PKLUJPHZMxZPJHZ`Z\ZLN\YPKHK
Q\YxKPJH
(J[P]PKHK
*YLHY\UH\UPKHKLZWLJxÄJHLULS3HIVYH[VYPVKL*YPTPUHSxZ[PJHLUJHYNHKH
KLOHJLYZLN\PTPLU[VKLSHZU\L]HZTVKHSPKHKLZKLPU]LZ[PNHJP}UU\L]HZ
[tJUPJHZU\L]VZTVK\ZVWLYHUKPJYPTPUHSLZL[J
=
=PZPIPSPKHK
.7
.HZ[VZKL7LYZVUHS
.-
.HZ[VZKL-\UJPVUHTPLU[V
;6;(3
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
Proyecto Fortalecimiento de la Evidencia Física
para Mejorar el Acceso a la Justicia Penal
4LTVYPH
.9(*0(:
,S7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
ÄUHUJPHKVWVYSH7VSPJxH5HJPVUHSKL5PJHYHN\H`SH<UP}U,\YVWLHX\LK\YHU[LSVZ[YLZ‚S[PTVZH|VZ
OHLQLJ\[HKV\UHZLYPLKLHJ[P]PKHKLZ`HJJPVULZLUJHTPUHKHZHMVY[HSLJLYSHZLZ[Y\J[\YHZ
KLSLZ[HKVKLKLYLJOVJVTVZVU!SHLSHIVYHJP}U`W\ISPJHJP}UKLTHU\HSLZ`KVJ\TLU[VZX\LHIVY
KHUSVZWYVJLZVZ[tJUPJVZ`JPLU[xÄJVZX\LKLILUZLN\PYZLLUSHVI[LUJP}U[YHZSHKV[YH[HTPLU[V`
J\Z[VKPHKLSHZL]PKLUJPHZMxZPJHZ"SHJHWHJP[HJP}ULUSHTPZTHTH[LYPHKLT‚S[PWSLZM\UJPVUHYPVZ[HU[V
KLSH7VSPJxH5HJPVUHSJVTVKLSHZKLTmZ0UZ[P[\JPVULZX\LJVTWVULULS:PZ[LTHKL1\Z[PJPH7LUHS
Q\LJLZÄZJHSLZKLMLUZVYLZW‚ISPJVZH\KP[VYLZKLSLQtYJP[VPU]LZ[PNHKVYLZKLS043"SHKV[HJP}UKL
LX\PWVZ[LJUVS}NPJVZKL‚S[PTHNLULYHJP}UHS3HIVYH[VYPVKL*YPTPUHSxZ[PJHKLSH7VSPJxH5HJPVUHS"`
LSMVY[HSLJPTPLU[VKLSZPZ[LTHKLJVU[YVSKLJHSPKHKKLSSHIVYH[VYPV`LSZLN\PTPLU[VKLSH]HUJLLUSH
PTWSLTLU[HJP}UKLLZ[HU\L]HTVKHSPKHKKL[YHIHQV
8\PLYLKHYSHZNYHJPHZH[VKVZSVZX\LOHUOLJOVWVZPISLLSJ\TWSPTPLU[VKLU\LZ[YHZ[HYLHZ`LSHSJHUJL
KLSVZVIQL[P]VZWYVW\LZ[VZ
.YHJPHZ H SVZ THUKVZ ` TPLTIYVZ KL SH 7VSPJxH 5HJPVUHS WVY Z\ HWV`V ` Z\ JVTWYVTPZV JVU LS
7YV`LJ[V
.YHJPHZHSH+LSLNHJP}UKLSH<UP}U,\YVWLHHZ\ZKPYLJ[P]VZ`M\UJPVUHYPVZWVYSHÄUHUJPHJP}UJVUJL
KPKH`Z\WLYTHULU[LYLZWHSKV
.YHJPHZH[VKVZSVZM\UJPVUHYPVZ`TPLTIYVZKLS:PZ[LTHKL1\Z[PJPH7LUHSWVYZ\JVSHIVYHJP}UKLZPU
[LYLZHKH`Z\WHY[PJPWHJP}ULUSHZHJ[P]PKHKLZKLS7YV`LJ[V
.YHJPHZHSH(ZPZ[LUJPH;tJUPJHPU[LYUHJPVUHS`SVJHSWVYZ\ZHWVY[LZHS7YV`LJ[V`Z\[YHIHQV
.YHJPHZHSWLYZVUHS[tJUPJV`HKTPUPZ[YH[P]VJVU[YH[HKVWHYHSHYLHSPaHJP}UKLS7YV`LJ[V
.YHJPHZH[VKVLSWLYZVUHSWVSPJPHS`JP]PSKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJHWVYZ\]HSPVZHPTWSPJHJP}ULU
[VKHZSHZHJ[P]PKHKLZKLS7YV`LJ[V
.YHJPHZ H [VKVZ SVZ JVSHIVYHKVYLZ L_[LYUVZ WYV]LLKVYLZ JVU[YH[PZ[HZ Z\TPUPZ[YHKVYLZ KL IPLULZ
VZLY]PJPVZX\LJVUZ\[YHIHQV[HTIPtUOHUOLJOVWVZPISLSHYLHSPaHJP}UKLSHZHJ[P]PKHKLZ
.YHJPHZH[VKHZ`[VKVZWVYZ\JVU[YPI\JP}USHJ\HSOHOLJOVWVZPISLSHLQLJ\JP}U`ÄUHSPaHJP}UKLS
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
1\UPV
/VUVY:LN\YPKHK:LY]PJPV
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
7<)30*(*065,:
,+0;(+(:,5,34(9*6+,3796@,*;6
‹ 4HU\HSKL[YH[HTPLU[VKLSHL]PKLUJPH`JHKLUHKLJ\Z[VKPH
‹ 4HU\HSKLWYVJLKPTPLU[VZKLPU]LZ[PNHJP}UWVSPJPHSLUKLSP[VZ`MHS[HZWLUHSLZ
‹ 4HU\HSKLWLYP[HQLZ¶YLJVSLJJP}U`[YH[HTPLU[VKLSHZL]PKLUJPHZ
‹ 4HU\HSKL[YHIHQVLUSHLZJLUHKLSJYPTLU
‹ 4HU\HSKLIVSZPSSV7YLZLY]HJP}UKLSHLZJLUHKLSJYPTLU
‹ 0UZ[Y\J[P]V[YH[HTPLU[VKLSHL]PKLUJPH`JHKLUHKLJ\Z[VKPHLUSVZWYVJLKPTPLU[VZ
WLYPJPHSLZKLS0UZ[P[\[VKL4LKPJPUH3LNHS
‹ 7YV[VJVSVWHYHSHPU]LZ[PNHJP}UKLSVZKLSP[VZJVU[YHSH]PKH
‹ 7YV[VJVSVKLPUZWLJJP}UVJ\SHYLUSHLZJLUHKLSJYPTLU
‹ 7YV[VJVSVKLHJ[\HJP}UKLSWYVJLZVKLSHYL[LUJP}UYLX\PZH`KL[LUJP}UKLWLYZVUHZ
‹ +LJmSVNVt[PJVKLSWLYP[VJYPTPUHSPZ[H
‹ 4HU\HSKL)VSZPSSV7YVJLKPTPLU[VWHYHSH0U]LZ[PNHJP}ULUSHLZJLUHKLSJYPTLU
‹ 3HIVYH[VYPVKL*YPTPUHSxZ[PJH4HU\HSKL)HSxZ[PJH-VYLUZL
‹ 4HU\HSKL*HSPKHK
‹ 4HU\HSKL)PVZLN\YPKHK3HIVYH[VYPVKL*YPTPUHSxZ[PJH7VSPJxH5HJPVUHS
‹ 4HU\HSKL7LYÄSKL*HYNVZKLS3HIVYH[VYPVKL*YPTPUHSxZ[PJH
‹ *\LZ[PVULZLZLUJPHSLZWHYHSHSHIVYJVUSHZKYVNHZKLHI\ZV
‹ ,UMVX\LJYPTPUHSxZ[PJVKLSHZKYVNHZKLHI\ZV;VTV
‹ ,UMVX\LJYPTPUHSxZ[PJVKLSHZKYVNHZKLHI\ZV;VTV
‹ ,SPUJLUKPVZ\ZJHYHJ[LYxZ[PJHZWYVWHNHJP}U`JH\ZH
‹ *VTWLUKPVKL+VJ\TLU[VZJVWxH
‹ *VTWLUKPVKL+LYTH[VZJVWxH
‹ *VTWLUKPVKL)HSxZ[PJH
‹ *VTWLUKPVKL;YHaVSVNxH
‹ +VJ\TLU[VZJVWxH3HIVYH[VYPVKL*YPTPUHSxZ[PJH
‹ )HZLTH[LYPHSKLLZ[\KPVZJ\YZVWYLZLY]HJP}UKLSHLZJLUHKLSJYPTLU
‹ )HZLTH[LYPHSKLLZ[\KPVZJ\YZVPU]LZ[PNHJP}UKLSHLZJLUHKLSJYPTLU
7mNPUH
4LTVYPH
‹ )HZLTH[LYPHSKLLZ[\KPVZJ\YZVKLMVYTHJP}UKLMVYTHKVYLZT}K\SVZ
;YH[HTPLU[VWYVJLZHSKLSHL]PKLUJPH
3HL]PKLUJPHLUSHMHZLPU]LZ[PNH[P]H
3HL]PKLUJPHLUSHMHZLWYL]PHHSQ\PJPV
3HL]PKLUJPHLUSHMHZLKLSQ\PJPVVYHS`W‚ISPJV`LUSHLQLJ\JP}UKLSHZLU[LUJPH
3HL]PKLUJPHLULS0UZ[P[\[VKL4LKPJPUH3LNHS
7SHUPÄJHJP}UKPKmJ[PJH`LZ[YH[LNPHZKVJLU[LZ
:PZ[LTHKLNLZ[P}UKLSHJHSPKHK
‹ )VSL[PULZ0UMVYTH[P]VZ
,KPJP}UU¢-LIYLYV
,KPJP}UU¢4HYaV
,KPJP}UU¢(IYPS4H`V
,KPJP}UU¢1\UPV1\SPV
,KPJP}UU¢(NVZ[V:LW[PLTIYL
,KPJP}UU¢6J[\IYL5V]PLTIYL
,KPJP}UU¢,ULYV-LIYLYV
‹ 4LTVYPH
,U[YLNHKLS4HU\HSKL[YH[HTPLU[VKLSHL]PKLUJPH`JHKLUHKLJ\Z[VKPHHSH*VTPZP}U0U[LYPUZ[P[\JPVUHS
KL1\Z[PJPH
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
05;,.9(5;,:
@*63()69(+69,:+,3796@,*;6
1,-(;<9(5(*065(3+,3(7630*Ð(
7YPTLYH*TKH(TPU[H.YHULYH:HJHZH
*TKV.LULYHS1H]PLY4H`UHYK
*TKV.LULYHS-YHUJPZJV+xHa
*TKV.LULYHS9}NLY9HTxYLa.\aTmU
*TKV.LULYHS1\HU9HT}U.YHKPa
*TKV.LULYHS9HT}U(]LSSmU4LKHS
*TKV.LULYHS/VYHJPV9VJOH
*TKV.LULYHS?H]PLY+m]PSH9\LKH
*TKH.LULYHS.SLUKHAH]HSH7LYHS[H
*TKV.LULYHS(KVSMV4HYLUJV*VYLH
7,9:65(37630*0(5(*065(3
*TKH4H`VY(U[VUPH4HYxH7HSHJPVZ
*TKV4H`VY6ZJHY7HSHJPVZ4VYLUV
*TKV4H`VY1HPTL=HULNHZ=LNH
*TKV4H`VY4HU\LS9VJOH7PJ}U
*TKV4H`VY-LYUHUKV)VYNL
*TKV4H`VYÍUNLS.VUamSLa)SHUK}U
*TKH4H`VY.SVYPH4HY[xULa
*TKH4H`VY4HNKHSLUH-VUZLJH
*TKH4H`VY3VYLUH6YVaJV
*TKH4H`VY,SPaHIL[O9VKYxN\La
*TKV4H`VY3\PZ.}TLa
*TKV4H`VY1\HU9HT}U.mTLa
*TKV4H`VY;LVKVYV)\Z[HTHU[L4LUKVaH
*TKV4H`VY:HK`Z4HY[xULa
*TKV(YZLUPV3}WLa5HY]mLa
*TKV1VZt(UxIHS,Z[LIHU5HY]mLa
*TKV:L]LYPUV.VUamSLa4VYHSLZ
*TKH0]VUUL4LULZLZ
:\I*TKV4HYJPV/LYUmUKLa4VYHSLZ
:\I*TKV6ZJHY*HZ[PSSV)\JHYKV
:\I*TKH(UH-LSPZH)SHUJV9\Pa
7mNPUH
:\I*TKV(SILY[V<YYVa:HSNHKV
:\I*TKV:LYNPV:HUKV]HS4tUKLa
*W[HU9VILY[V(U[VUPV*LYUH+PUHY[L
*W[HU4HYQVYPKLS*HYTLU1HYX\xU8\PU[LYV
*W[HU-YHUJPZJV1H]PLY;tSSLa7mYHTV
*W[HU*HYSVZ(SILY[V)LYYV[LYmU.\HYKHKV
*W[HU-HIPV.LUHYV3HJH`V
*W[HU.SVYPHKLS:VJVYYV4HY[xULa
;[L1HPYV4HU\LS;LYJLYV.\[PtYYLa
;[L@HKPYHKL1LZ‚Z=LNH3HU\aH
;[L9VZH,ZTLYHSKH9VKYxN\La<TH|H
;[L3VYPL[[9VKYxN\La9VKYxN\La
;[L(YTHUKV:HS]HKVY(YJL=HSSL
;[L1VZt)LUPNUV=HSSHKHYLZ7HSHJPVZ
;[L6Z^HSK1VZt4LKYHUV4VYH
;[L*HYSVZ1VZt.HYJxH4\|Va
;[L*PU[O`H=HULZZH)SHUK}U
;[L*HYTLUKLS:VJVYYV9P]HZ
;[L:PU[OPH1LSRPU.\LYYLYV(SHYJ}U
;[L?PVTHYHKLS:VJVYYV9P]HZ.}TLa
;[L1\HU,TLY:HSPUHZ5‚|La
;[L9HX\LS-HIPVSH4LYJHKV
;[L1\SPV*tZHY4VUKV`7tYLa
;[L1VYNL0]mU4LKPUH(]LUKH|V
;[L(IYHOHT0ZHHJ*HTWVZ*HIPZ[mU
;[L.LYZVU1VZ\t(TWPt4LStUKLa
0UZW5\IPH8\PU[HUH+\HY[L
0UZW1VOHUH*HSKLY}U6IHUKV
0UZW5LSZVU9HMHLS/LYUmUKLa9VTLYV
0UZW+VYH4HYxH:HUKPUV
0UZW1\HU(SILY[V9\LKH
0UZW6YSHUKV*H[HSPUV/LYYLYH
0UZW)SHZ1\SPV.VUamSLa7HSHJPVZ
0UZW1\HU,TPSPV4VYHNH7tYLa
0UZW+VTPUNV.\PKV5V]VH
0UZW+VUHSK(SILY[V*HZ[LSS}U4PYHUKH
0UZW+H]PK;tSSLa7mYHTV
4LTVYPH
0UZW,K^PU-SVYLZ*HZ[PSISHUJV
0UZW,YPJR=LSmZX\La1PTtULa
0UZW1VZt-LSPJPHUVAHWH[H(TH`H
0UZW4HYPV(SILY[V*YV]L[[V9VZHSLZ
0UZW0]`(U[}U*VSLTHU)VYNL
0UZW,TPSPV1VZt/LYUmUKLa)HYYPVZ
0UZW0YSPJO5LW[HS`*VY[tZ.\[PtYYLa
0UZW2HYSH)HS[VKHUV3}WLa
0UZW1VZt4HYxH9\xa*HYJHJOL
0UZW9PJHYKV9LUt4\YPSSV
0UZW4PYL`HKLS*HYTLU+xHa4VYH
0UZW0YHZLTH4HYPZVS9\Pa4LKYHUV
0UZW1HZTPUH(I\Y[V:mUJOLa
0UZW5LSZVU3LZILY/LYUmUKLa:mLUa
0UZW:LYNPV4HU\LS*HYYPSSV
0UZW1VOUU`.VUaHSV6J}UAHTVYH
:\I0UZW(SKV*tZHY*HZ[PSSV3}WLa
:\I0UZW3V`KH4HY[xULa/\KZVU
:\I0UZW7LKYV.\[PtYYLa
:\I0UZW.PS9VKVSMV4LStUKLa.HSHYaH
:\I0UZW5tZ[VY,UYPX\L(YNL|HS0YxHZ
:\I0UZW-YHUJPZJV9\NHTH/\LTItZ
:\I0UZW4HYSVU7LYLPYH:HUKV]HS
:\I6MJ4H`VY9VU`+HUPLS3PYH)SHUK}U
:\I6MJ4H`VY1VZt(SLQHUKYV3\UH7\[V`
:\I6MJ4H`VY,YPJR(YH\a9\NHTH
:\I6MJ4H`VY=xJ[VY/\NV(Yt]HSV
:\I6MJ4H`VY5\IPH*mYKLUHZ:HSNHKV
:\I6MJ4HYPUH<YIPUH4H`VYNH
:\I6MJ4HYxH,SLUH6JOVH:\mYLa
:\I6MJ9VZH(THSPH-SL[LZ*HZJV
:\I6MJ@HKLY(I\Y[V3}WLa
:\I6MJ4HYSVU(SILY[V*LU[LUV
:\I6MJ1\HUH=HSLZRH4tUKLa4VSPUH
:\I6MJ.HIYPLS9HMHLS3VmPZPNH
:\I6MJ9VILY[V1H]PLY(YJL
:\I6MJ1\HU*HYSVZ(YJLKH
7VSPJxH6THY)\Z[HTHU[L4LaH
7VSPJxH@LZLUPH4HYxH.\[PtYYLa
7VSPJxH4HYxHALUVIPH3HYNHLZWHKH
7VSPJxH3\a4HYPUH.HYJxH.\[PtYYLa
3PJ(UPLSRH0ZHILS1PTtULa*HYYHUaH
3PJ+HY^PU4VSPUH9\LKH
3PJ:VYH`H3PZZL[L9VKYxN\La
3PJ*HYSVZ(SILY[V(N\PYYL9VKHZ
3PJ*HYSVZ(SILY[V1HYX\xU1PTtULa
3PJ1\HU*HYSVZ=PUKLSS6SP]HZ
3PJ,UPK5H[OHS`:HSHaHY.\LYYLYV
3PJ+PHUH0ZHILS=HYNHZ:HSPUHZ
3PJ.SHK`Z.\L]HYH:mUJOLa
3PJ?VJOPS[AHYHxZj\YPUKH3HYH
3PJÍS]HYV7tYLa
3PJ5VYH1H]PLYH8\P|VULZ
0UN-YHUJPZ4HJOHLSAHWH[H9VTLYV
3PJ,S`PU(IYHOHT,ZX\P]LS+HYJL
)H`HYKV,KT\UKV3}WLa4H`UHYK
4HYNHYP[H4\UN\xH
(UH0ZHILS+xHa=HYNHZ
*TKH2HYSV[H,ZWPUVaH(YHN}U
*TKV3LUxU:VaH
*TKVÍS]HYV7tYLa4HYLUJV
*TKV/LSTmU=HSSL
*TKH1HUL[[L1HYX\xU1PTtULa
*TKV4HY]xU,UYPX\L8\PU[LYV*HYJHJOL
*TKH4HYPZLSH:HSPUHZ)HYYLYH
:\I*TKV6ZJHY9VZHSLZ:HSPUHZ
:\I*TKV1VZt(SMVUZV4HS[H
:\I*TKV3\xZ9VX\L
*HWP[mU(SLQHUKYV6Y[LNH
*HWP[mU4HYxH0ZHILS4VYLUV
*HWP[mU/VSTHU7HJOLJV
;LUPLU[L*HYSVZ*Om]La4LQxH
;LUPLU[L*tZHY6Y[Pa)SHUK}U
;LUPLU[L;VTmZ(N\PSHY+\HY[L
;LUPLU[L-SVYKL4HYxH*}YKVIH
0UZWLJ[VY9}NLY.\[PtYYLa
0UNLUPLYH4PYUH)mLa
3PJKH0UKPYH(STLUKHYLZ
3PJKH,SPaL[O.YHULYH
*TKV1VZt.YLNVYPV6YVaJV
*TKV4VKLZ[VALSLK}U4VU[LULNYV
*TKH=LY}UPJH9HTxYLa
*TKV*HYSVZ5‚|La9VTHUV
*TKV9}T\SV7Ha:mUJOLa
*HWP[mU.\PSSLYTV9VKYPNV)LYT‚KLa
;LUPLU[L@HTPYH:VaH=HS]LYKL
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
05:;0;<*065,:+,3,:;(+6
+YH(SIH3\a9HTVZ
+Y4HY]xU(N\PSHY.HYJxH
+Y1\SPV*LU[LUV.}TLa
+Y/LYUmU,Z[YHKH
+YH(UH1\SPH.\PKV
3PJ6THY*HILaHZ
+YAHJHYxHZ+\HY[L
+Y1VHX\xU;HSH]LYH:HSPUHZ
+YH7HVSH)HYYL[V
3PJ1\HU*HYSVZ3VmPZPNH
3PJ=LY}UPJH(JL]LKV
+YH,YULZ[PUH*\HKYH
3PJ*SHYH.\[PtYYLa
4:J=HSKYHJR31HLU[ZJORL
*VTWH|LYV3\xZ6J[H]PV9VKYxN\La
*VTWH|LYV9VILY[V3LHS6JHTWV
*VTWH|LYH*mUKPKH9VZH*LWLKH
3PJ=xJ[VY*HUKH
3PJKH7H[YPJPH4VYLUV
+Y1VZt(IYHOHT9VQHZ*HYJHJOL
;[L*VYVULS9HT}U,YULZ[V*OVU(Ym\a
+Y1\SPV(YPHZ
3PJKH5PKPH6JVUUVY=HYNHZ
3PJKH*SH\KPH3}WLa:VSPZ
3PJKHAVPSH*HTHJOV
3PJKH,]LS`U1PTtULa
3PJKH*HYTLU4HYPm[LN\P4LStUKLa
3PJKH.LTH=LY}UPJH<YIPUH9xVZ
+Y6THY*HILaHZ3HJH`V
+YH7H[YPJPH7PULKH*OHTVYYV
+YH9HMHLSH9VTLYV
+YAHJHYxHZ+\HY[L
4:J1VZt(IYHOHT9VQHZ
4:J,]LSPUN1PTtULa=HYNHZ
3PJ4HY[PU9L`UH
3PJKH4HYxH(U[VUPH*\HKYH
3PJKH0ZHILS*\IPSSV*OHTVYYV
3PJKH3LZIPHÍYLHZ3}WLa
3PJ*HYSVZ4VYHSLZ
3PJ4H\YPJPV9VQHZ
3PJKH3\a4HYPUH7HSHJPVZ
3PJKH3L`SH4VUJHKH
4:J/\NV.\[PtYYLa
7mNPUH
4:J0ZYHLS9HTVZ
3PJ4HU\LS.\L]HYH9VZHSLZ
-<5*065(906:<50Ô5,<967,(
,:;(+6:40,4)96:
@(.,5*0(:+,*667,9(*0Ô5
,_JTV:Y,TIHQHKVY1H]PLY:HUKVTPUNV
5‚|La
,_JTV:Y,TIHQHKVY3L}UKLSH;VYYL2YHPZ
,_JTV:Y,TIHQHKVY4LUKLS.VSKZ[LPU
3PJ4HYJ3P[]PUL
3PJ0]V.VTIHSH
3PJ4PJOHS5LR]HZPS
:YH1VSP[H)\[RL]PJPLUL
:Y=PUJLU[*OHZ[LSL\_
:YH(SPUH:LJP\
3PJKH4H[PSKL*LYH]VSV
3PJ9PJHYK)HYKxH
3PJ9HT}U,ZWPUVZH
3PJKH4HYNPUP/LYYLYH
3PJKH(SPJPH3V\YV7L|H
3PJ*VZ[HUaV-PZVNUP
3PJ9VKVSMV3HaHYPJO
3PJ4PN\LS-VYJH[
:YH)YLUKHKLS:VJVYYV7tYLa=LNH
:YH;HTHYH*HSSLQHZ
3PJ/tJ[VY*VYULQV
3PJKH-YHUJPZ:HYHOPALSLK}U.\L]HYH
;[L-YHUJPZJV/PKHSNV*HIYPSSHUH
:Y1VHX\xU.VUamSLa
(YX[V-YHUJPZJV(\ZxU
3PJKH7HSTPYH*Y\a4HKYPNHS
(:0:;,5*0(:;i*50*(:
05;,95(*065(3,:@36*(3,:
3PJ,YULZ[V3}WLaKLSH9P]H
3PJ4HU\LS(SVUZV3VZHKH
4HNPZ[YHKV4HU\LS4VYmU.VUamSLa
*YPV7YPUJ(U[VUPV4HY[xULa-LYYHUKV
+Y9HMHLS/LYUmUKLaKLSH;VYYL
4LTVYPH
*T[L,TPSPV9VKYxN\La1PTtULa
3PJKH*LSPUH.\aTmU3}WLa
:Y3\PZ,UYPX\L)SHUJV:HUHIYPH
3\PZKLSVZ9xVZ
3PJ(SMVUZV7L|H-LYUmUKLa
0UN9HMHLS)LYT‚KLa*PZULYVZ
3PJKH(UH)LStU=PSSHTPS
6J[H]PV(YYLSSxU9VZHZ
7YLMLJ[V/tJ[VY+H]PK(YLUHZ+xHa
3PJ(YTHUKV:HU[HTHYxH
3PJKH4HY[OH9\IPV
3PJ9VILY[V9HT}U9VISL[V
3PJ,UYPX\L=HSKtZ4VYt
3PJ-YHURSPU:VIHS]HYYV4LQxH
3PJKH:\ZHUH*HZHISHUJH
,S]PZ+HUMLY3HUaHZ
3\PZ-LYUHUKV(N\PSHY)HS[VKHUV
4HYPUH@HTPSL[(THKVY4VYHSLZ
3PJKH?PUPH3PZZL[O:HSPUHZ4VYH
3PJ1\HU*HYSVZAH]HSH7LYHS[H
3PJ.PSILY[V(SLQHUKYV6Y[LNH:\mYLa
0UN-YHUJPZJV9HTxYLa
4:J:LYNPV:HSHaHY
+HYSPUN4LUKVaH
4HY`\YP4\|Va
4HY`\YP7HSHJPVZ
3LZSPL.YHULYH
9H`T\UKV(N\PYYL-SVYLZ
)YLUKH*HSLYV
0UN4HY]xU8\PYVa
4HY[OH.\[PtYYLa
,YPJRH9VTLYV
6KL[[P;YPHUH=PSSHTPS
:YH.SHK`Z;VT
.PVJVUKH:mUJOLa)
*SH\KPH(UKPUV5P|V
*SH\KPH6IYLN}U4LaH
*SH\KPH*HZ[LSS}U
796=,,+69,:
:YH-HUU`:HSHaHYKL:[VRLZ
:Y4PN\LS4tUKLa
:Y,Y]xU9VTLYV
:Y*HYSVZKLSH1HYH(OSLY
:Y(SLQHUKYV4VUNL
0UNYH5HY`U7HJOLJV)SHUKPUV
:Y5HWVSL}U.HYJxH
:Y9}NLY;YPUPKHK=HSLYPV
:Y1\HU1HYX\xU
:Y(SLZZPH)VUHUUV
:Y@HTPS0U[LYPHU(JVZ[H
4:J+H]PK=HU+LY,UKL
-YHUJPZ.}TLa
1\HU*HYSVZ)VUPSSH
9VKYPNV+xHa
*LSLZ[L=mZX\La
3PJKH=LY}UPJH(I\Y[V
:Y4HYJ(UKYt3VOLZ[
3PJ6YSHUKV)SHUJV
3PJ-YLKTHU=HSLUa\LSH
:YH=LY}UPJH/LYUmUKLa
:Y>HS[LY/LYUmUKLa
:Y>PSTVY3}WLa
:Y5tZ[VY*HZ[PSSV
:Y>HS[LY*HSKLY}U
:Y*HYSVZ*VY[tZ
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
6;96:
7(9;0*07(5;,:
,5(*;0=0+(+,:
+,3796@,*;6
6ZJHY(YU\SMVAH]HSH1PY}U
4HY]PU6YSHUKV*\HKYH3VmZPNH
+LUPZ(SL_HUKLY9HTxYLa4PYHUKH
3\xZ4HU\LS;HSH]LYH9L`LZ
1VYNL3\xZ)HYYLYH7PJHKV
9}NLY-PKLS9P]LYH6Y[ta
9L`UHSKVKL1LZ‚Z9VKYxN\La
4PYHUKH
,TPSPHUV3LUPU4\|Va.VUamSLa
1LZZPJH(\KLSx6SP]HZ4VU[HS]mU
.HTHSPLS(ILS*HUHSLZ6IYLN}U
:HU[V)H`HYKV=HSSLJPSSV9P]HZ
.\TLYJPUKV:HS]HKVY7LYHS[H3}WLa
,]LY6THY9VKYxN\LaAHTVYH
>PSKLY+VSVYLZØILKH*HZ[PSISHUJV
*YPZ[}IHS1H]PLYAHTVYH3LP]H
9HT}U/\TILY[V4LQxH(S]HYHKV
+HUPH9LILJH:HSPUHZ7PULKH
9VILY[V*HYSVZ:PSLZ4VUa}U
+HY^PUN3LUPU*VYLH3}WLa
/HYY`1VZtØILKH4HY[xULa
9LUtKLS9VZHYPV4HY[xULaAH]HSH
3\PZ4HU\LS9\Pa*LU[LUV
;OLSTH6YILSP3VWLa.\[PLYYLa
0ZYHLS(U[VUPV9\Pa/LYUmUKLa
(\YLSPUV4LYJHKV:mUJOLa
:HU[VZ(U[VUP3}WLa,ZJHSHU[L
6ZJHY+HUPSV.VUamSLa7HKPSSH
1VZt.\HKHS\WL7tYLa,ZJHSHU[L
0ZTHtS(U[VUPV)mLa:mUJOLa
*HYSVZ(SMVUZV.VUamSLa/LYUHUKLa
1VZt-H\Z[PUV*HSKLY}U3}WLa
6THY,UYPX\L4HY[xULa3PYH
(SL_PZ1H]PLY4\|Va
1VZt+VSVYLZ4LYJHKV4VYLUV
5tZ[VY(UKYtZ:HSNHKV.\[PtYYLa
(IULY/LYPH[/LYUHUKLa3VWLa
(SL_PZ(U[VUPV4LQxH)L[HUKV
)HYSPUN,YHKPV3}WLa:mUJOLa
>PS[VU5VLS4H[\[L6SP]HZ
/tJ[VY4PN\LS4LUKVaH3}WLa
2SP]LU=PJLU[L*HZ[YV7HSHJPVZ
:HU[VZ4PN\LS+xHa/LYUmUKLa
7HISV,MYtU*mYKLUHZ4LSNHYH
1VZt(U[VUPV9L`LZ4LYPV
9H‚S,ZWPUVaH.}TLa
4PS[VU(YPLS*Y\a6SP]HZ
7LKYV1VZt=mZX\La+xHa
:HU[VZ3LVUaV4LYJHKV4VYLUV
:HU[VZ,SPZLV)LYT‚KLa.\LYYLYV
2HTPSH.mTLa.}TLa
4HYPILSKLS*HYTLU/LYUmUKLa
-LUV]LSPV(U[VUPV*\HKYH
,YS`-YHUJPZJV:HSNHKV*HYYHZJV
3\PZ4HU\LS.VUamSLa4LUKVaH
1HPYV1VZt*VYULQVZ*HSP_
1\HU)LUP[V4LSNHYH4LSNHYH
7H^LS1VZt7tYLa
3\a.PTLSKH9P]HZ4LQxH
5H`KH0ZHILS)LUH]PKLa*LU[LUV
1VZt4HYxH.\[PtYYLa4PYHUKH
4HYxH-LSPWHALSH`H
,MYLU(SLQHUKYV4H[L`4LSNHYH
/HY]PU.LV]HUUPZ/LYUmUKLa
1HaTPUH3VYLUH1PY}U4\YPSSV
+H]PK/PNPUPV.\[PtYYLa7tYLa
9HT}U,YULZ[V6IHUKV=PZJH`
@\IPZKLS9VZHYPV9L`LZ+xHa
6ZJHY(U[VUPV/LYUmUKLa,ZWPUVaH
1VYNL3\PZ3}WLa
7mNPUH
1\HU(U[VUPV=HULNHZ3V]V
-YLKPZ(U[VUPV/LYUmUKLa4LQxH
/VZTHY(SILY[V9VKYxN\La7tYLa
1\HU.HIYPLS9VZH[YmU4HY[xULa
3VYLUH:HYHx,ZWPUVaH7tYLa
-YHURSPUN(SILY[V(SMHYV1V`H
1VZt(SMYLKV-SVYLZ9L`LZ
9PNVILY[V:mUJOLa=mZX\La
,K^PU+HUPSV4H[HTVYVZ
+LUPHKLS:VJVYYV3}WLa3}WLa
4H_PTPSPHUV+xHa/LYUmUKLa
4HU\LSKL1LZ‚Z;}YYLa.VUamSLa
:HU[VZ)LYUHIt1PTtULa)mLa
4PYUH1HUUL[O,ZWPUVaH4PYHUKH
4HYPL[H3PS`9VKYxN\La3}WLa
<YHUPHKLSVZÍUNLSLZ/LYUmUKLa
.}TLa
4H`LSHKLS*HYTLU*HZ[LSS}U7tYLa
0UNYPK3PZIHUPH4VSPUHAHTVYH
AHUKYH,TPSPH4LQxH
AH`KHKLS*HYTLU*HSP_=PZJH`
+VYPZ,ZWPUVaH:HUJOLa
*HYSH,SPaHIL[O4LaH6SP]HZ
4H`YHKLS*HYTLU-VN\LYVH3}WLa
(YLSPZKLS9VZHYPV(J\|H*}YKVIHZ
4HY]PU-YHUJPZJV3HxULa
(YPLS=mZX\La)mLa
)H`YVU1VZt)LUP[La9P]LYH
<ILY<YPLS*HSKLY}U*HSKLY}U
5VYTHU>PSMYLKV7tYLa.}TLa
5H[P]PKHK1LZ‚Z+xHa)L[HUJV
+PVNLULZ(ILS7VUJL+xHa
1VZt(SMYLKV7VSHUJV*mYKLUHZ
,K\HYKV(U[VUPV9\xa7tYLa
)PZTHYRQVZt.VUamSLa3}WLa
1HPTL0ZPKYPV.VUamSLa4H[L`
+H`]PU/HYVS/LYUmUKLa/LYUmUKLa
4HYJVZ(U[VUPV.VUamSLa3}WLa
:HUK`,aLX\PLS9VKYxN\La)\Z[PSSV
/tJ[VY(I\K4H[L`4LYNHYH
3\xZ:HT\LS.}TLa.\[PtYYLa
4HYSVU5H‚T:HSNHKV.VUamPLa
7LKYV1LZ‚Z.\aTHU4\|Va
@LYSPU*YPZ[HILS9P]HZ9VKYxN\La
1VZt/PSKLIYHUKV4H[\[L9VKYxN\La
>PSHY,MYtU9HTVZ3}WLa
+LSTH9HTxYLa3}WLa
4PNKHSPH*LSLZ[L.\[PtYYLa*VYLH
-YHUJPZJV,YSPUKV:mUJOLa+xHa
1\HU,Z[LIHU4LYJHKV.HSLHUV
)YLUKH4LSHUPH9P]HZ:HSPUHZ
+VTPUNV(U[VUPV4LYJHKV.HSLHUV
.LVJVUKH=mZX\La=mZX\La
:HU[VZ(UHZ[HZPV.YHKxa4LYJHKV
1\SPV,YULZ[V*LU[LUV*LU[LUV
1\HU1VZt9VQHZ;LYJLYV
9PNVILY[V3}WLa9VTLYV
1VZt3LVULS(S]HYHKV4LYJHKV
.SHKPZKLS*HYTLU.\aTmU*Y\a
*HYSVZ,TPSPV,ZWPUVaH*LU[LUV
5VL*VUJLWJPVU7tYLa7tYLa
4HY]PU9PJHYKV)mLa7tYLa
-H[PTH9VZHYPV.VUamSLa*}YKVIHZ
5VLSPH0ULZ[YVaH7tYLa
9L`UHKLSVZ(UNLSLZ/LYYLYH
1VLSKL1LZ‚Z3}WLa*}YKVIHZ
9L`UHSKVKL1LZ‚Z4LUKVaH6IHUKV
3LZIPH4HYPUH:HSNHKV*HYYHZJV
9VSHUKV5VtAHTVYH
*HYTLU,UYPX\L4LYSV;VYYLa
(KVUPZ0ZTHLS<THUaVY.\[PtYYLa
(SL_PZ1VZt9\Pa4HY[xULa
ÍS]HYV1VZt9VKYxN\La,ZWPUHS
*HYSVZ<SPZLZ)SHUK}U7PULKH
*HYSVZ)mLa+xHa
+HUPLS(U[VUPV9VKYxN\La1HYX\xU
+HUPLS*VUJLWJP}U4LUKVaH*\L]HZ
,S]PU9P]LYH:mUJOLa
,ZULYPRHKLS*HYTLUAH]HSH4\|Va
,SPV(U[VUPV9VKYxN\La/LYUmUKLa
-YHURSPU1VZt/\KPLS(J\|H
-PSLT}U*LU[LUV=LSmZX\La
/tJ[VY(KmU3}WLa0IHYYH
0UKPYH4HZZPLSS*Y\a=HULNHZ
1VZt0]mU7tYLa*LYUH
1\HU(SILY[V9P]LYH4HY[xULa
1VZt5Vt)LS[YmU.HP[mU
1HPYV)LYUHIt(S]HYHKV=mZX\La
2HYLU4HZZPLS*HZ[YV7HN\HNH
3\xZ4HU\LS,ZWPUVaH.}TLa
4HYSLULKLS:VJVYYV9P]HZ.VUamSLa
4HYSVU(U[VUPV3}WLa6Y[La
5PJVSmZ(U[VUPV*OH]HYYxH*OH]HYYxH
6ZJHY0]mU7Ha3}WLa
9L`UHKLSVZÍUNLSLZ:HSNHKV
>PSTLY(YPLS.\aTmU=mZX\La
>PSTLY*HTPSV.VUamSLZ3}WLa
@VYSPUNKLS*HYTLU.VUamSLZ3}WLa
6SNH4HYPUH3}WLa+PHa
*HYSVZ(SILY[V4VU[LULNYV9P]LYH
1VZt:HU[VZ.\[PLYYLa/LYUmUKLa
9HTVUH3}WLa3}WLa
*HYSVZ(SILY[V3HUKLYV7tYLa
/\TILY[V4LUKVaH*LU[LUV
;HU`H4HYPH.\[PtYYLa/LYUmUKLa
/VSTHU3LVULS4VU[HS]HU
>PSSPHTKL1LZ\Z4\YPSSV9\Pa
5Vt0ZHJ/LYUmUKLa;LYJLYV
-YHUJPZ+L`HUPYH:HSNHKV
@LZULY6ZTHY4LQxH/LYUmUKLa
)HSIPUH(\YVYH(N\PSHY.HYJxH
>PSSPHT1VZt)\Z[HTHU[L(N\PSLYH
@VYSPUNKLS*HYTLU4LaH)\Z[HTHU[L
1HPYV(U[VUPV7HN\HNH
,KK`.\Z[H]V3}WLa3}WLa
9PJHYKV1VZtALSH`H7PULKH
4HY[OH0YLUL*Y\a-SVYPHU
(ILS1VUH[OHU7HZ[YHUH:mUJOLa
9VNLY(U[VUPV3}WLa3}WLa
@VYSPUN.HUP]L[AHYH[L6SP]LYH
@HKLY1VZt3}WLa=xSJOLa
*LZHY,UYPX\L.\[PLYYLa3}WLa
)HSIPUH(\YVYH(N\PSHY.HYJxH
-H\Z[PUV-SVYLZ.}TLa
,ZULYPRHKLS*HYTLUAH]HSH4\|Va
2H[[`KLS*HYTLU*HSKLYH7HN\HNH
4HYJVZ+HTPY*LU[LUV3HN\UH
9PJHYKV(U[VUPV9P]LYH:HUJOLa
4HYJVZ,Z[LIHU:mUJOLa7Ha
1LZ\Z)SHUK}U:mUJOLa
(ILS1VUH[OHU7HZ[YHUH:HUJOLa
9VNLY(U[VUPV3}WLa3}WLa
(SL_PZ1VZt9\Pa4HY[xULa
:HU[VZ9HT}U*}YKVIH@VYLU[L
9V`IPU(YZLUPV3}WLa:mUJOLa
4HY]PU1VZt.HYJxH+xHa
4HYSVU1VZt8\P|VULa.HYJxH
1VZt0]mU7tYLa*LYUH
9H‚S(U[VUPV3}WLa3}WLa
5LSZVU1VZt3}WLa/LYYLYH
*HYSVZ3LVULS:VaH3}WLa
7LKYV(U[VUPV*HZ[LSSHUV4HSKVUHKV
:LYNPV(U[VUPV)HYYLKH.VUamSLZ
*LZHY(\N\Z[V9P]LYH4VYHSLZ
9L`UHSKV9VKYxN\La
,S]PU9P]LYH:mUJOLa
3LHUH4HYxH.}TLa
+VYPZ4HYP[aH:mUJOLZ,Z[YHKH
4HY`HU,_HUPH4PYHUKH.VUamSLZ
4HYxH(THSPH*HYHaV=mZX\La
-YHUJPZ+L`HUPYH:HSNHKV
+HUPZH.\HKHS\WL9\xa
9PUH4HYNLSPH=HSSLQVZ3}WLa
4HYP[aHKLS*HYTLU;}YYLa.HYJxH
(ILS+H]PK.\[PtYYLa/LYUmUKLa
>PSTLY*HTPSV.VUamSLa3}WLa
3LULY1VZt:HSNHKV
1\SPV(U[VUPV4HY[xULa(SMHYV
@HKLY1VZt3}WLa=xSJOLa
,MYHxU(U[VUPV(`LZ[HZ*HZ[LSSHUV
*LZHY,UYPX\L.\[PtYYLa3}WLa
,K^PU5Vt6IHUKV3}WLa
+VTPUNV*Y\a3}WLa7HSTH
3LZ[LY.LY}UPTV9HTxYLa+xHa
1\SPV*tZHY*HZ[YV7VSHUJV
.\Z[H]V(KVSMV6YK}|La4LUKVaH
-YHURSPU1VZt:mUJOLa
4HU\LS1LZ‚Z4HYJOLUH*LU[LUV
(S]HYV1VZt9VKYxN\La,ZWPUHS
1HPYV(U[VUPV7HN\HNH
3maHYVKLS:VJVYYV4HY[xULa.VUamSLa
3\PZ4HU\LS,ZWPUVaH.}TLa
-YHUJPZJV1H]PLY6SP]HZ=HSSHKHYLZ
1VZt(YUVSKV*HZJV.\L]HYH
9\ItU(YU\SMV=HSSHKHYLZ/LYUmUKLa
3\Z4HYPUH.HP[mU4PYHUKH
5Vt0ZHHJ/LYUmUKLa;LJLYV
1\HU*HYSVZ7HZ[YHUH4VYLUV
,S]PU(U[VUPV=HULNHZ7HZ[YHUH
-YHURSPU7tYLa*LYUH
+\SPHT1VZt9\xa3}WLa
2L`SPU3L[PJPH7tYLa4LQxH
)YLUKHKLS:VJVYYV*Y\a-SVYPHU
/VSTHU3LVULS4VU[HS]mU
0]mU(SILY[V9P]LYH4HY[xULa
3LVUHYKV9HMHLS:LYYHUV9VKYxN\La
+HUPLS(U[VUPV9VKYxN\La1HYX\xU
0ZYHLSKL1LZ‚Z4LYSV*LU[LUV
-PSPT}U4HYxU:VaH
)PHULH@HVZRH4HPYLUH
1H]PLY+HUPLS7LYHS[H
9HT}U(KLS]LY,ZJHSHU[L=mYNHZ
4HYJPV(NLUVY)mLa.VUamSLZ
,SPV(U[VUPV9VKYxN\La/LYUHUKLa
*HYSVZ,MYtU9VKYxN\La7tYLa
9PJHYKV1VZtALSH`H7PULKH
)SHUJH,Z[LSH9VKYxN\La9P]LYH
4HYxH(SLQHUKYH,ZWPUHSLZ(N\YJPH
1VZt1\SPmU.VUamSLZ3}WLa
9VKPTPYV=mZX\LaAH]HSH
-YLK`(U[VUPV3}WLa/LYYLYH
1VZt5Vt)LS[YmU.HP[mU
7LKYV(U[VUPV*VYKLYV*PZULYVZ
-tSP_5VtAH]HSH6SP]HZ
*HYSVZ(SILY[V3HUKLYV7tYLa
>PSSPHT>HS[LY7tYLa9P]LYH
4HYJVZ(U[VUPV9VKYxN\La
9PUH4HYNLSPH=HSSLQVZ3}WLa
4PZHLS,UVJ/\Y[HKV(YHN}U
-H\[PUV-SVYLZ.}TLa
1\HU-YHUJPZJV(N\PSLYH
1HPYV(SILY[V=HSKP]PH:L]PSSH
4HYPV7VUJLALWLKH
9VILY[V1VZt3}WLa
3HYYPU1VZtAH]HSH:HUKV]HS
7HISV(U[VUPV(YK}U7tYLa
(UNLS(SMVUZV9\xa7tYLa
*HYTLU,SLUH4tUKLa4VU[LULNYV
1VZt/LYPILY[V3}WLa
*HYSVZ(\N\Z[V9VKYxN\LaALSLK}U
1VZt(SILY[V)SHUK}U,ZWPUHSLZ
1\HUKL+PVZ9VISL[V
>PSTLY(YPLS*HYYHZJV7VUJL
(THKLV:mLUa3}WLa
*HYSVZ1VZt1HYX\xU.HYJxH
4HY[OH(a\JLUH*HSKLY}U4VYLUV
5P_VU(YTHUKV4VYmU*HZ[PSSV
:HUKYH0ZHILS>PSZVU
3\PZ,UYPX\L:mUJOLa4VYHamU
4HY]PU1VZt.HYJxH+xHa
;YmUZP[V4HYNHYP[H5‚|La(Ym\a
:HU[PHNV-YHUJPZJVAHWH[H(YJPH
*LJPSPH4LYJLKLZ9VZHSLZ)YPVULZ
4HYPV1VZt.HYJxH3}WLa
4LTVYPH
)LYUHYKV(U[VUPV(N\PSHY8\LaHKH
:LYNPV9H‚SAH]HSH3}WLa
7HISV(SILY[V4\|Va/LYUmUKLa
1VZt(IYHOHT)HYJLUHZ(U[}U
(YTHUKV1VZt7LYLa.\[PtYYLa
4HY]PU*SLTLU[L4HY[xULa9L`LZ
1VZt3\PZAHWH[H3}WLa
,YPJRH0ZHILS4HY[xULa
,]HUNLSPUHKLSVZÍUNLSLZ8\PU[LYV
*LU[LUV
4HYxH4LYJLKLZ:HUKV]HS*Om]La
4HYxH@HTPSL[O)SHUJV9VTLYV
,YSPU3L}U9LHS
,K\HYKV.LUHYV4VU[La/LYUmUKLa
4HYxH1VZt.\[PtYYLa
4HY[OH3VYLUH4PSS}U
*YVZ[}IHS:PTL}U9VKYPN\La
>PSTHU1H]PLY9VZ[YmU=HSSLQVZ
7H[YPJPH3}WLa.YPSSV
4HY[OH4PYL`ZH:VSxZ-HQHYKV
1VZt(IYHOHT*OHTVYYV.HYJxH
-YHUJPZJV1H]PLY*HIHSSLYV4VU[V`H
*HTPSV(SILY[V4VYHSLZ9VJOH
6THY,KtU)mYJLUHZ(U[}U
.VUamSV1VZt.HP[mU:PSLZ
@HKLY)LUP[V9HTxYLa7HUPHN\H
6ZJHY:HS]HKVY=HSSHKHYLZ
4HYPV(SVUZV6SP]HZ;VYYLa
4PNKHSPH9HMHLSH9HTPYLa6SP]HYLZ
4PS[VU1VZt*HZ[PSSV:mLUa
-YHUJPZJV1H]PLY)LULKP[O:HU[HUH
-YHUJPZJV)SHKPTPY4LaH4HY[PULa
;VTHZ*HYSVZ:HSNHKV
4HYNHYP[H@HKPYH5PL[V4HY[xULa
,YPRH9HTVUH*HY]HQHS:PS]H
ÍS]HYV9VQHZ5H]HYYL[L
-SVY+HSPSH/LYUmUKLa8\PU[HUH
3\PZ(SILY[V5PJVSSH=HSSLQVZ
1VZt:HU[VZ3}WLa
,YSPUN3L}U9LHS
-YHUJPZJV:PS]LYPV4\UN\PH4LQxH
3\PZH(THUKH5H]HYYV4LQxH
+HSPSH1VZLMH(S[HTPYHUV.HYJxH
9VILY[O(U[VUPV9HTxYLa7HUPHN\H
7HISV4HYJPHS4\|Va*mJLYLZ
5VLS(U[VUPV7tYLa7tYLa
1VZt3\PZ7HKPSSH=HYNHZ
,KNHY1VZt4LUKVaH6SP]HZ
(SL_HUKLY(U[VUPV6YVaJV)SLZZPUN
4HYJPV0ZPKYV.\PKV
1\HUH4HYxH4HYHKPHNH
=HSLU[xU=P[HS4VU[V`H.\PKV
,\ZLIPV1VZt3L}U4LQxH
:LYNPV1VZt;VYYLZ9\LKH
)Y\UVMYL3}WLa3}WLa
)LUP[V-YHUJPZJV4LYJHKV4HY[xULa
4HYPH(\_PSPHKVYH/LYUmUKLa9P]LYH
4VPZLZ1HPYV4tUKLa.YHULYH
,YPJR5Vt4LKPUH4HY[xULa
9HTPYV(U[VUPV=LNH4H[HTVYVZ
1\HUÍUNLS=LNH:HSHaHY
)PZTHYR1VZt/LYUmUKLa
4HYJPH3VYLUaH;tSSLa4VYmU
,YPJR(SL_HUKLY9VZHSLZ*HZ[PSSV
4PS[VU(WVSPUHY4LQxH
+VTPUNV,TPSPV7HSHJPVZ;VYYLa
1VOHPYH/LYUHUKLa6ZVYPV
1LURSPU1VZt,ZX\P]LS8\PU[HUH
3LZIPH(a\JLUH:mLUa4VYHSLZ
(YPLS,TPSPV6YVaJV9\xa
1\HU3LUÐU:HUKV]HS
-YHUJPZJV1VZt<YYVa*Om]La
*PU[OPH*HYVSPUH4VYHSLZ;tSSLa
.LTHKLS:VJVYYV9\Pa7LYHS[H
1\UPL[O(\KLSx*HSKLY}U9VKYxN\La
*HYSVZ4LYJLKLZ:HUKV]HS4LT
IYL|V
2HSP_[OaHKLS*HYTLUAHWH[H7PULKH
,KK`LS1VZt-PLYYV7HYYHSLZ
(YSLU)LUP[HÍS]HYLa)LYYPVZ
2HYSH1VOHUUH5HY]mLa4VU[LZ
@LULZLY5H[P]PKHK4VU[LZ4HYHKPHNH
5LYL`KH@HOVZJH*HYIHSSV;VYYLa
3LZIPH(a\JLUH:mLUa4VYHSLZ
*VUZ\LSV4HYxH/\L[L(S]HYHKV
4HY[OH-tSP_;V]HS*HUHSLZ
4PNKHSPH9HMHLSH9HTxYLa6SP]HYLZ
,\KVTPSPH4HYxH3L`[VU/LYUmUKLa
/LSSLU)YHJJ`4HYHKPHNH(YVZ[LN\x
+HY^PU1VZt(Ym\a
1\HU*HYSVZ*VU[YLYHZ4HY[PULa
0]mU9HT}U6IHUKV4VYHNH
:LYNPV1VZt1\mYLa
=PJLU[L.HIYPLS4VYHSLZ9VZHSLZ
4HYQVYPL9HX\LS.HYJxH4HY[xULa
7LKYVKL1LZ‚Z*HZ[PSSV,Z[YHKH
1\SPV.PV]HUP9HTVZ*HZ[YV
4HY]PU1VZt/LYUmUKLa4VU[V`H
(SMVUZV0ZYHtS*HUV7HYHKH
-YHUJPZJV1H]PLY)LULKP[O:HU[HUH
2HYPUH4HPYLUH3\X\La
+VUHSK1VZt*OH]HYYxH=HYNHZ
;PILYPV4HU\LS.YHULYH
(SLQHUKYV1VZt4\UN\PH4LUKVaH
1\SPV*tZHY4VU[LULNYVALSH`H
*SH\KPH3\JxHALSH`H9VX\L
>PUZ[VU,YULZ[V*LU[LUV
+VUHSK9L`LZ4VU[V`H
1VZt(KmU*HUHSLZ7PUV
,\ZLIPV1VZt3L}U4LQxH
;HUPH:VJVYYV.YHULYH3}WLa
-m[PTHKLS9VZHYPV+LSNHKPSSV0IHYYH
1VZt3\PZ)SPZZPUN(S]HYHKV
1\HU*HYSVZ9\xa3}WLa
:PS]PV9LUt:HUKV]HS4LTIYL|V
*YPZ[PHU7VY[VJHYYLYV(SHYJ}U
(S]PU4LYJLKLZ:HUKV]HS
1\SPVKLSVZ:HU[VZ9P]LYH.YHULYH
(SL_HUKLY+H]PK4VU[HS]mU9\xa
1PTT`9HTPYV4VU[V`H*HUV
;OVTHZ*HYSVZ:HSNHKV
4PYUH=PJLU[H9L`LZ)YPVULZ
4HYxHKLSH*VUJLWJP}U0KPmX\La
(YVZ[LN\P
=PJLU[L(UHZ[HJPV4HY[xULa)HYYLYH
9PJHYKV4HU\LS.}TLa8\PYVa
(KVSMV-YHUJPZJV4\|Va
(SL_HUKLY,MYHxU:V[V9VISL[V
:}JYH[LZ)LUQHTPU.\[PtYYLa4PYHUKH
4H[xSKLZ)LUP[V.\[PtYYLa;YLTPUPV
4PN\LSÍUNLS3HN\UH9HTxYLa
1VYNL3\PZ)VQVYNL9HTxYLa
5VLS(U[VUPV7tYLa7tYLa
)LUP[V9HTVU:HSPUHZ,ZJVYJPH
4PS[VU1VZt*HZ[PSSV:mLUa
6ZJHY0SPJO4\UN\PH7PULKH
4HYJVZ(U[VUPV(U[}U
-YHUJPZJV)VYNL4LUKVaH
7LKYV-YHUJPZJV4\|Va
;LVÄSV6ZTHY;Y\QPSSV
,_aLX\PLSKL1LZ‚Z.\HYKHKV
.\HYKHKV
;HUPH4PJOLS3HJH`V:HSNHKV
*HYSVZ1VZt:HU[HUH
6ZTmU;LYLUJPV9\xa
(YTHUKV1VZt7tYLa.\P[PtYYLa
9VILY[V(U[VUPV*HKLUH*HIHSSLYV
/HZSHU-YHUJPZJV4LUKVaH9VKYxN\La
4H\YPJPV(SLQV/LYUmUKLa*HIHSSLYV
6ZJHY+HUPSV*HYTVUH9\Pa
1\HUKLSH*Y\a4HUaHUHYLZ/LY
UmUKLa
-YHUJPZJV1H]PLY*HIHSSLYV4VU[V`H
(SL_9HMHLS4LUKLa*HZ[PSSV
.LYTmU(U[VUPV*Om]La6Y[xa
7HISV(U[VUPV:L]PSSH<YYVa
9VILY[V,UYPX\L:V[V9VISL[V
1VZt(KYPmU(JVZ[H3SHULZ
,K^PU1LZ‚Z<YY\[PH9VZ[YHU
1\HU4VPZLZ+xHa
7LKYV9H‚S*mJLYLZ
4HYPV)LUP[V+LSNHKV9HTVZ
4HYxH4LYJLKLZ4VU[V`H/LYYLYH
+PHUH4HYPSLJ4tUKLa
2HYSH7H[YPJPH=HSSLJPSSV/LYUmUKLa
-m[PTHKLS:VJVYYV5HY]mLa)LUH
]PKLZ
1\HUH4HYxH4HYHKPHNH
(S]HYV1VZt7PJOHYKV:HSHaHY
1\SPV9HT}U;V]HS
(SILY[V1VZt4HUaHUHYLZ4tUKLa
9HTPYV,\SVNPV9L`LZ
3\PZ,KNHYKV:HUKV]HS
7LKYV1\Z[V+xHa
7LKYV5VSHZJV:HSPUHZ
+VUHSK5PJVSHZ6Y[LNH7YHKV
3LV0]mU*OHJ}U4VU[LYYL`
3\PZ(U[VUPV1PTtULa9VQHZ
4VNKHSPH9HMHLSH9HTxYLa6SP]HYLZ
-YLK`4HU\LS6YVaJV7\LY[V
1VZt4HU\LS7YH]PH.\L]HYH
(SLQHUKYV1VZt4\UN\xH4LUKVaH
,UYPX\L1VZt0NSLZPHZ9VQHZ
5VLS(U[VUPV7tYLa7tYLa
.PSTHU.LYHYKV4tUKLa4LaH
.\PSSLYTV=PJLU[L1PTtULa*HYIHQHS
,KNHYK1VZt4LUKVaH6SP]HZ
.LYTHU(U[VUPV*Om]La6Y[xa
,]LY[9L`UHSKVAHWH[H;}YYLa
1\HU(N\Z[xU1PY}U4H[HTVYVZ
+VTPUNV1VZt)YH]VALSH`H
9VILY[V(U[VUPV*HKLUH*HIHSSLYV
=LU\Z(SILY[V)L[HUJV\Y[9HTxYLa
,K^PU9HT}U*HYTVUH,ZWPUVaH
7HISV9LUL9L`LZ7tYLa
/tJ[VY-LYTPU4PYHUKH.HaV
4VPZLZ1HPYV4tUKLa.YHULYH
4PJOHLS/LSPVKVYV4\UN\xH4LUKVaH
+L`HUPYH*HYTLU7YHKV9VTLYV
,K^PUNKL1LZ‚Z<YY\[PH9VZ[YmU
2HYPUH4HPYLUH3‚X\La
1\UPL[O(\KLSx*HSKLY}U9VKYxN\La
(YPLS,TPSPV6YVaJV9\xa
6ZJHY+HUPSV*HYTVUH9\Pa
4HYxH1VZt:mLUa4LKPUH
1HOHPYH1O[\SSHZR`Z/LYUHKLa6ZVYPV
4HY[OH4PYL`ZH:VSPZ-HQHYKV
(UH4HYxH6ZVYPV:HSNHKV
+HUU`1VZt4VU[HS]mU)YLULZ
4H[PSKL)LUP[V.\[PtYYLa;YLTPUPV
2HYPUH,SPaHIL[O9\xa/LYUmUKLa
:PS]PV1VZt.YHULYH:mUJOLa
4HY[OH-tSP_;V]HS*HUHSLZ
1HaTPUHKLS*HYTLU)mYJLUHZ
.LTHKLS:VJVYYV7LYHS[H
:HYH+LSPH9\xa9PVZ
-YHUJPZJV1H]PLYÍS]HYLa-\ULZ
5LZ[VY)PZTHYR1V`H3}WLa
3LZIPH(a\JLUH:HLUZ4VYHSLZ
1\HUH4HYxH4HYHKPHNH
.HTHSPLS(SHKxU:HUKV]HS/LYUmUKLa
5VY]PU4VKLZ[WV*LYYV3}WLa
:VMxH(\_PSPHKVYH:mLUa.}TLa
1VZt9HT}U9VKYxN\La.HSV
*SH\KPH?PVUHYH6J}U4HY[xULa
:LSLU/HPY*VYLH4HY[xULa
>PSSPHT(U[VUPV6Y[La7tYLa
1\HUKL+PVZ:HUKV]HS(JVZ[H
1\HU(SILY[V:HUKV]HS.\PKV
2LUPH)LUP[H:HU[HUH(U[}U
-YHUJPZ=HULZZH4VYLTUV.HYJxH
+HY^PU1VZt(YH\a
,KNHYK9VILY[V4LUKVaH(U[}U
@\THYP.\HKHS\WL4HUaHUHYLZ;Y\QPSSV
+H]PK4HYSPU)YPVULZ;Y\QPSSV
1\HU+LTLJPV(S[HTPYHUV4tUKLa
(YPLS,TPSPV6YVaJV9\xa
*HYSVZ1VZt9L`LZ<YJ\`V
5LSZVU+PVUPZPV9VKYxN\La4HY[xULa
3\PZ*HYSVZ4LUKVaH*HTWVZ
(Sx)VHULYNLZ,ZWPUVaH*HZJV
4HYxH,YSPUKH.HYH`(N\PSHY
1VZt-LYUmUKV,Z[YHKH:VSVYaHUV
9H‚S(YJPH9HTPYLa
7PV(UxIHS(S]HYHKV4H[HTVYVZ
3\PZ(SILY[V.HYJxH*HZ[PSSV
4HY[x+LUPZ.HYHJOL+xHa
)LULYHUKH:VJVYYV(SMHYV3HUKLYV
9VZH=PYNPUPH*HSKLY}U.VUamSLa
5\IPH9HTVUH4LKPUH6IHUKV
0ZTHYH1LZZLUPH*HYYHZJVALWLKH
*VUJLWJP}UKL4HYxHAHWH[H:PS]H
(KmU,Z[tIHU+xHa5PHTLUKLa
=PJ[VYPVUV;VYYLZ7VUJL
(Sx(U[VUPV4H`VYNH.\PKV
+LUPZ6STHU4HY[xULa)L[HUJV
4HILS-YHUJPZJH3LaHTH
1VZt+H]PK/LYUHUKLa-SVYLZ
1VZt/\TILY[V.HYJxH-VUZP
1VZt(N\Z[xU:HU[HTHYPH4LaH
(S]HYV,UYPX\L:VTHYYPIH8\PU[LYV
7H[YPJPV(IYHOHT,ZWPUVaH
4HYJLSV(IZHS}U*VU[YLYHZ9VKYxN\La
1\SPV4PSJPHKLZ4HY[xULa.\PKV
4HYJPV(U[VUPV9VZHSLZ:HSNHKV
)LYUHYKV(U[VUPV*HZ[YV3}WLa
*tZHY/\TILY[V7tYLa,Z[YHKH
5PJVSmZ(U[VUPV1mLUa
1VZt,Z[tIHU=LSmZX\La.HYJPH
:HYHALUL`KH3VWLa4LUKVaH
-HIPV1VZt4LYJHKV)LUH]PKLa
)YPNPKHKLS9VZHYPV7PJOHYKV9VQHZ
1\HU1VZt:\HaV9P]LYH
9}NLY*Y\a4VUKYHN}U
1VZt,Z[LIHU=LSmZX\La.HYJxH
,YULZ[V/LYPILY[V.YHULYH:mUJOLa
*HUKPKV1HZPU[V6YVaJV9H`V
-YLLK`-LYUHUKV3HYNHLZWHKH3L`[VU
(UPLSRH4HYPHALSH`H/LYYLYH
*LZHY(\N\Z[V4PYHUKHÍS]HYLa
5LSS`4LYJLKLZ9VTLYV9P]HZ
/PNPUPV(SLQHUKYV*HZ[PSSV*LU[LUV
4HNKH.LY[Y\KPa4\|Va4HY[xULa
/HY]PUKL1LZ‚Z*OH]HYYPH5PUN
3\PZ(U[VUPV4H[HTVYVZ7HSHJPVZ
4HU\LSKL1LZ‚Z.HYJxH*HSKLY}U
4PS[}U1VZt+m]PSH9P]HZ
:HU[PHNV)VHULYNLZ)YH]V4HY[xULa
@HKLY(SLQHUKYV:VS}YaHUV1HYX\xU
1LY}UPTV1VZt3}WLa
,YPJR0ZPKYV+\HY[L.VUamSLa
1VZt(UKYtZ,ZWPUVaH4H`VYNH
>PSPHT-YHUJPZJV:HYTPLU[VZ7HSHJPVZ
9VNLY0]mU=LSmZX\La*LU[LUV
1VZt4HYxH/LYYLYH*HIHSSLYV
(S]HYV1VZt.VUaHSLa4\|Va
2HYLU-HIPVSH.HSLHUV-SVYLZ
4HYPV(YJLUPV4HY[xULa(N\PSLYH
,K`Z)PZTHYR7VUJL6ZVYPV
>PS[TVY0ZPKYV.}TLa4H`VYNH
,S]PU(U[VUPV;VYYLa/LYUmUKLa
@HKLY@V]HUP0IHYYH7HSHKPUV
5P_VU4HRLUZ`4HKYPa:VTHYYPIH
(SL_+HUPLS.HYJxH4VUKYHN}U
)SHUJH(a\JLUH+VST\Z4VYLUV
1VZt(UNLS(N\PSLYH;\YJPVZ
9VZH=PYNPUPH*HSKLY}U.VUamSLa
-YHUJPZJV1H]PLY:mUJOLa3}WLa
3\PZ(U[VUPV+LSNHKV8\PU[HUH
3\PZ4HU\LS*HIHSSLYV*HZ[YV
(UKYLH1VOHUUH4HYLUJV6SP]HYLa
3\PZ*HYSVZ4LUKVaH*HTWVZ
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
-YHUJPZJV1VZt9\Pa*HZ[YV
9VZH4HYxH1\mYLa
4H`YH0UtZ(S[HTPYHUV
)LUP[V;VTmZ9VTLYV9VTLYV
7LKYV<ILUJL(TH`H
5VLS(SILY[V3}WLa7HYHKH
3LZ[[LY(SMYLKV.}TLa9P]LYH
6J[H]PV1VZt.HYJxH;VYYLa
*HYSVZ=SHKPTPY*mYJHTV4LUKVaH
*SH\KPH7H[YPJPH*HY]HQHS)L[HUJV
>PSILY[V+VTxUN\La/LYUmUKLa
@HKLY9PNVILY[V3PUHY[L9VKYxN\La
9L`UHKLS:VJVYYV:HYTPLU[V
7HSHJPVZ
*HYSVZ(SILY[V;VYYLa:VS}YaHUV
+LUU`Z,SxHZ.HYJxH.\PKV
(SL_HUKLY1VZt*LU[LUV9VKYxN\La
,]LY[(U[VUPV4LUKVaH:HYYPH
:HU[VZ,\ZLIPV:HU[LSPZ7LYHS[H
1HPYV(U[VUPV5H]HYYV(THKVY
9HMHLSÍUNLS4HY[xULa:HH]LKYH
1\SPV*tZHYAH]HSH,ZJHSHU[L
1VZt(U[VUPV.HTIVH9VX\L
,UNLSZ1VZt:HSHaHY.\PKV
.LYTmU1VZt.VUamSLa
,SPL[O7HZ[VYH3PUKV4HY[xULa
9VILY[V4HU\LS4VYLUV3}WLa
=LY}UPJH4HZZPLS9VTLYV
9VZH1LHUL[[L*HY]HQHS(]PStZ
4HYxH,YULZ[PUH/LYYLYH*HTWVZ
7HVSH3PSSPL[O(YYPHaH)VIHKPSSH
4PJOHLS1VZt6SP]HZ
1LUUPMLY.HIYPLSH4VYHSLZ.HP[HU
1HTPSL[O4LUKVaH4HJPHZ
1\HU*HYSVZ;YLQVZ/LYUmUKLa
@HYSPUHKLS9VZHYPV:L]PSSH-SVYLZ
(UH*LJPSPH3PYH9\xa
4HYP[aHKLS:VJVYYV/LYUmUKLa
*OH]HYYxH
1VOHUUH*HYVSPUH)LYIPZ8\P|VULa
5\IPH(YNLU[PUH9VZ[YmU.}TLa
4HY[OH/LSSLU4HYHKPHNH*OH]HYYxH
(UH4HY[PUH6YK}|La4LaH
)SHUJH(a\JLUH+VSTVZ4VYLUV
9VILY[V-H]PV;LUVYPV3VHxZPNH
(UPIHS,YULZ[V:HSTLY}U.}TLa
1\HU*HYSVZ)SHUJV5H]HZ
3\PZ4HU\LS)HJH+LSNHKV
.HY`@HZZLY.\L]HYH
1PTTPLY(SL_HUKLY(N\PSHY4LUVJHS
4HY]PU.YLNVYPV/LYUmUKLa
5VLS,YULZ[V.VUamSLa.}TLa
7LKYV(U[VUPV:VS}YaHUV
-YHUJPZJV1H]PLY6IHUKV3}WLa
9}NLY1VZt4LKPUH
4HYJVZ(U[VUPV5L`:LX\LPYH
1VZt+HUPLS*HIHSSLYV*HZ[PSSV
1HPYV(SPYPV.VUamSLa9PVZ
:HU[PHNV)LUP[V;VY\|V4\UN\PH
,K^PU1VZt7PJHKV
1\HU1VZL*HTWVZ(SMHYV
4HY[OH4HYxH,ZJV[V9L`LZ
.\PZZLSS4HYxH9HTVZ
0YLSL:VJVYYV6SP]HYLZ.\[PLYYLa
4HY[OH5VOLSPH(]PStZ
+HTHYPZKLSH*Y\a5L`+HYJL
3Pa4H`LSH9VTmU7Hxa
<SPZLZ.LUHYV4LYSV
9VILY[V4HY[xU/LYUmUKLa)LYYxVZ
6ZJHY+HUPSV:VSHUV:PS]H
.\PSSLYTV3\xZ*mJLYLZ=xSJOLa
6ZJHY(YTHUKV4LUKVaH4HYHKPHNH
9\ItU:HU[PHNVj\YPUKH4HY[xULa
9VILY[V4HU\LS5L`:LX\LPYH
4PJOHLS=SHKPTPY9VTLYV4H[HTVYVZ
.LYVUPTV1VZt3}WLa
0ZTHLS(U[VUPV4VYLUV
(S]HYV0ZHxHZ=HSSL7LYHS[H
7mNPUH
@LSTHU9HT}U*mJLYLZ4mYX\La
4VPZLZ+HUPLS)VUPSSH9L`LZ
)`YVU9HMHLS:HSTLY}U(]PSLZ
6SP]PH=LYVUPJH4LTIYL|V6Y[xa
1VYNL3\PZ:HU[HTHYPH*HZ[PSSV
>PSZVU4HY[PU+xHa9PVZ
/PZLS)HUVZH/\LY[H:HSHaHY
*HYSVZ4HU\LS4LQPH3}WLa
2HYSH=HULZZH(]PSLZ9VKYPN\La
9VTmU1LZ‚Z=PSSHU\L]H,Z[YHKH
1VZt,MYHPU7PJHKV
1PT`:HU[VZ9PVZ*\HKYH
1VZt3\PZ.\[PtYYLa/LYUmUKLa
:\QL`0UtZAHWH[H:LX\LPYH
6SP]LY1VZt-PN\LYVH4HY[xULa
>PSILY[(SILY[V*HYIHSSV:HSPUHZ
1VYNL<SPZLZ*HYTVUH7tYLa
9VIPUZVU(U[VUPV:L]PSSH*HUV
1\HU(U[VUPV.HYJxH
5PKPH@VSHUKH4HSPH|V*HZ[YV
1VZt(U[VUPV*Ot]La9VTLYV
3LVUHYKV-HIPV4LUKVaH6SP]H
:LY]HUKV:LYHWPV7Ha=HULNHZ
5LSZVU1VZt*HZ[YV3}WLa
4HYxH,\NLUPH*HYYP}U4HY[xULa
1\SPHU(U[VUPV.VUamSLa=LSHZX\La
,SPaHIL[OKLS*HYTLU:mUJOLa
9HTxYLa
:H`SPUN-HIPVSH4VYLUV9VKYPN\La
+HYPV1VZt5HY]HLa6IHUKV
;LYLZHKL-m[PTH-SVYLZ4tUKLa
-YHUJPZJV1VZt:HUJOLa4LQxH
4HYxH3PKPH/LYUmUKLa3HJH`V
*HYSVZ(SILY[V4VYH*HZ[PSSV
1VZt+VTPUNV.VUamSLa)HSSHKHYLZ
*LZHY.HIYPLS<ZLKH:VTHYYPIH
9HMHLS(U[VUPV)HYYLYH4VUJHKH
1\HU1VZt*LYKH4VYHNH
1VZt9HT}U.\[PtYYLa3HYNHLZWHKH
<SPZLZ.\[PLYYLa5PJV`H
.PVJVUKHKLS*HYTLU;LUVYPV
4HYPV1VZt9VJOH;tSSLa
,YKxU1VZt:HUKV]HS7tYLa
4PN\LSÍUNLS4HY[xULa:PS]H
*LJPSPHKLS*HYTLU9VKYPN\La7H]}U
*YPZ[PUH3LVUVY:PS]H4VU[PLS
@VSHUKH)LUP[H9L`LZ(SLTHU
,SPaHIL[KLS:VJVYYV7tYLa-SVYLZ
4HYS`UNKLSVZÍUNLSLZ=LNH4VU
[HS]mU
-LYUHUKV1VZt9L`LZ
(THY\-YHUJPZJV(SMHYV*HZ[PSSV
,MYHPU(U[VUPV*HYJHJOL:HSN\LYH
+HUPHKLS*HYTLU(N\PYYL)LUH]PKLZ
4H`UVYZ1VZt9VKYPN\La3}WLa
5VLSPHKLS*HYTLU.HP[mU3\NV
4HYPH:HU[PHNH=LNH+LSNHKV
(SILY[V1VZt7HSHJPVZ1PTtULa
7LKYV1VHX\xU.\L]HYH
4HYPV(U[VUPV*HYYPSSV)HYYPVZ
3\PZ(U[VUPV4PYHUKH
4PSKYLK4PSHNYVZ=LNH:VSHUV
(KYPHUH+VSVYLZ*HTHJOV:HSPUHZ
3LVULS(U[VUPV*HZ[PSSV-HQHYKV
>PSILY6ÄSPV6Y[xaALSLK}U
6ZJHY+H]PK=PSSHNYH.HYJxH
4HYPJLSHKLS:VJVYYV6Y[xaALSLK}U
>HS[LY1VZt-SVYLZ9\xa
4HU\LS:HS]HKVY4PYHUKH6[LYV
1\UPVY(U[VUPV;PJH`-LYUmUKLa
,KLYKL1LZ‚Z*HZ[PSSV8\PYVa
>HS[LY/LILY[V3HYPVZ*HSLYV
4PSHNYVKLS:VJVYYV4LKPUH6Y[LNH
)LSPUKH*\WLY[PUV4\SSPUZ
*VYHSPHKLS*HYTLU+VTPUN\La
4HYPHKLS:VJVYYV4LKPUH6Y[LNH
=xJ[VY4HU\LS:L]PSSH7tYLa
-YHUJPZJV1VZt(ILH4}QPJH
1VZt,ULTPH<TH|H/LYYLYH
(\N\Z[V*LZHY9HTxYLa.\HKHT\a
2HYSH1VOHUUH9P]HZ<YIPUH
*H[HSPUHKLS:VJVYYV:mUJOLa1HYX\xU
:PS]LYPVKLSH*Y\a:HUKPUV*HSLYV
4HU\LS(SILY[V<SSVH4LQPH
>HS[LY1H]PLY(JL]LKV*HUV
7HVSH.\HKHS\WL.HP[mU1HPTL
1\SPH*HYVSPUH*VY[La.VUamSLa
,SHKPV-SVYLZ3}WLa
/LYUHSKV9\ItU4HY[xULa:mUJOLa
.PZZLSS.\HKHS\WL7V]LKH4VU[PLS
1HUHS/VSHUKH+LSNHKV9\xa
4HY[OHKLS:VJVYYV,ZWPUVaH.HSV
4HYxHKLSVZÍUNLSLZ9L`LZ7V]LKH
1\HU-YHUJPZJV)LYT‚KLa3}WLa
,YSPU-YHUJPZJV=LNH+LSNHKV
,UYPX\L(YPHZ:L]PSSH
;LVÄSV(YUVSKV<YIPUH7H]}U
)`YVU1VZt9P]LYH4HY[PULa
*HYSVZ/\TILY[V7HKPSSH)\Z[PSSV
2LUPH7H[YPJPH;HSH]LYH
9L`UH1LY\ZHStU6IHUKV9VZHSLZ
4HYPV7HILS;YLQVZ*HZ[PSSV
.\HKHS\WL1LZZLUPH=LNH4VYHSLZ
-YHUJPZJV(SMVUZV*VY[ta*Om]La
@HZTPUHKLS:VJVYYV4LUVJHS
4HY[xULa
4HYPV1VZt=LSHZX\La4HY[xULa
4HY]PU1VZt9L`LZ6ZVYPV
,STV-YHUJPZJV=P]HZ
?V[JOPO[@HOVZJH0IH|La7tYLa
:H[\YUPUV;tSSLa
,UYPX\L(YPHZ:L]PSSH
4HU\LS:HS]HKVY(N\PYYL<YYVa
3\PZ(KVSMV)HYYPVZ4HY[xULa
3\a4HYxH*HZ[PSSV:HUJOV
4PSHNYVKLS:VJVYYV4LKPUH6Y[LNH
9LILJH,SPaHIL[O4VSPUH4\|Va
6J[H]PV(U[VUPV=LNH.}TLa
4HYSVU-LSPJPHUV*Y\a(YN\LSSV
-YHUJPZJV1H]PLY*mYKLUHZ(YPHZ
=PVSL[H5VLTx/LYUmUKLa.VUaHSLa
4H`RLS9HMHtS.VUamSLa5H]HYYL[L
(SL_HUKLY(U[VUPV.HYJxH4LKYHUV
=PJ[VY4HU\LS*Om]La*Om]La
-YLKTHU1VZt;tSSLa
5PJVSmZ(U[VUPV)HJH,ZWPUVaH
;YPUPKHK4HU\LS4LYJHKV4LTIYL|V
=HULZZH(\_PSPHKVYHA‚UPNH
>HS[LY(U[VUPV;PJH`6IHUKV
7LKYV1VZt=mZX\La9HTVZ
1\SPV*tZHY+PUHY[L
5PUMHKLSVZÍUNLSLZ;tSSLa.VUamSLa
3LZIPH.LY[Y\KPa+\HY[L7PaHYYV
,YPRHKLSVZÍUNLSLZ<YIPUH.\[PtYYLa
<YPLS-YHUJPZJV4V`H.HP[mU
(KVUPZ1LUPLS9VZHSLZ(N\PYYL
(SLQHUKYV.HIYPLS,ZWPUVaH+\HY[L
-tSP_7LKYV:LS]H
9}NLY(U[VUPV*HYJHJOL(N\PYYL
-YHUJPZJV3LVULS4VYLUV*VY[La
(YJLUPV3VYLUaV<YIPUHWVSHUJV
4PYUHKLS*HYTLU:mUJOLa1HYX\xU
:PS]PVKLS*HYTLU6IHUKV*LU[LUV
/LUY`4PYHUKH4HS[La
1VYNL3\xZ/LYUmUKLa4LYJHKV
9\K`(SILY[V=HYNHZ1PY}U
4HY[OH.\HKHS\WL-SVYLZ+LSNHKV
9VZH,S]PYH:mLUa4HY[xULa
,S]PU1VZt1PTtULa3}WLa
=xJ[VY/\NV4V`H.\L]HYH
4HYPILSS5VLTP*mYJHTV6QLKH
4HYSVU(U[VUPV4LTIYL|V+\THZ
2LUPH,SPaHIL[O*HULSV(YPHZ
7LKYV(SLQHUKYV(N\PYYL4VSPUH
(YSLU,SP\[O*Y\a(N\PSHY
-YHUJPZJV1H]PLY9HTxYLa=HYNHZ
5LM[HSP(SILY[V)HS[VKHUV5H]HYYV
*HUKPKV6[VUPLS.VUamSLa4HYLUJV
<ILYUL1VZt9\xa1PTtULa
(UP[HKLS*HYTLU.HYJxH7tYLa
+VUHSK,K^PU*HYYHUaH:PS]H
+LUUPZ5HYJPZV-HYP|HZ9\xa
:LN\UKV(U[VUPV:mUJOLa4LKYHUV
3\PZ(U[VUPV9VTLYV*LYKH
)VZJV9LUL3}WLa9HTxYLa
4HNKHSPKLS:VJVYYV.\L]HYH-SVYLZ
,KK`,UYPX\L9VKYxN\La*LYKH
.PHUU`1LHUL[O4LYJHKV=LSmZX\La
,KK`1VZt;VYYLa
4HYJPHS/LYUmUKLa7H]}U
(SILY[VKLSVZ:HU[VZ4HYLUJV
)\Z[VZ
7LKYV1VZt3}WLa/LYUmUKLa
-LSP_7LKYV=mZX\La.\[PtYYLa
-LSPWL(YY}SPNH9VTLYV
3\xZ(SILY[V.HP[mU9\xa
1HPYV(U[VUPV4LUKVaH8\LaHKH
1HPYV3\PZ(SLTmU(N\PYYL
6SP]PH4HYNHYP[H7H]}U7tYLa
9VILY[V1VZt*HSLYV7H]}U
4HYxH=PJ[VYPH.VUamSLa
3PUKH,SPaHIL[O/LYUmUKLa4LYJHKV
4HY[OH3VYLUH(N\PSHY
,K^PU.HP[mU4\|Va
0]HUPHKLS:VJVYYV*HSLYV4VYHNH
(UP[H4HYxH4\|Va4LYJHKV
0ZTHLS(U[VUPV*\IH)HSSHKHYLZ
@\]PLSRH4HYxH5HY]mLa5PJHYHN\H
1VZt,SPLaLY.HP[mU:mUJOLa
1\SPV*tZHY4LYJHKV.HYJxH
=xJ[VY4HU\LS4PYHUKH9\xa
4VKLZ[VKL1LZ‚Z;VYYLa.HP[mU
>PSTVY(U[VUPV(S]HYHKV9VTLYV
:H‚S(U[VUPV5VYVYP7V[VZTL
-YHUJPZJV1H]PLY7H]}U3}WLa
,SPNPV*VUJLWJP}U4VYHSLZ
4HYxH4LYJLKLZ;VYYLa.\[PtYYLa
/tJ[VY5VLS.HYJxH7HKPSSH
1HJPU[H:VJVYYV4LKHS.HYJxH
,Y]PU(U[VUPV)VUPSSH*HSLYV
ÍUNLS6KHPY.\LYYLYV*VSSHKV
-YHURSPU4HU\LS7HKPSSH4LQxH
1\HU*HYSVZ.HYJxH:HUKPUV
(UH)LStU4LYJHKV=LSmZX\La
1\HU9HT}U.HP[mU=HYNHZ
+\SJL4HYxH7HSHJPV(N\PSLYH
:LYNPV(U[VUPV4\|Va3}WLa
1VZt,Z[LIHU)YH]V4HY[xULa
7H\SPUV(U[VUPV;Y\QPSSV(YJPH
(YTHUKV1VZt/LYUmUKLa(N\PYYL
*HYSVZ,YULZ[V9L`LZ8\LaHKH
:LYNPV9HT}U5VYVYPZ(N\PYYL
:VUPH4HYxH3}WLa9LHS
/LUY`1VZt.HYJxH.HYJxH
>PSILY1VZt6ZVYPV(N\PYYL
9HMHLS(U[VUPV4PYHUKH9\xa
ÍUNLS.HIYPLS(N\PSHY.HYJxH
3\xZ*HUKLSHYPV-SVYLZ
3LPSHKLS*HYTLU)HSSHKHYLZ(SLTmU
(N\Z[xU(U[VUPV.H]PSmU7tYLa
3\a4HYPUH.HYJxH4tUKLa
1VZt3\xZ*Y\aALSH`H
9VNLY(U[VUPV*HSLYV4LYJHKV
+VSVYLZ(U[VUPV8\PU[HUPSSH:mUJOLa
@VQHUH7H[YPJPH*LYKH4HY[xULa
@HUL[OKLS:VJVYYV9VKYxN\La
,YPJRH.LUV]L]H/LYUmUKLa4tUKLa
-tSP_.\PSSLYTV.}TLa:mUJOLa
4HYJVZ(SL_PZ-SVYLZ4tUKLa
3\PZ=PJ[VYPHUV=PSSHNYH.HYJxH
-tSP_(U[VUPV.HYJxH(N\PYYL
(YZLUPV/LYUmUKLa*Y\a
1\HU-YHUJPZJV4LYJHKV7tYLa
)SHUJH(a\JLUH.HSmU(THKVY
4LTVYPH
:HU[VZ(SILY[V6Y[xa3}WLa
>PSPHT1VZt7HKPSSH,ZWPUVaH
1HKPSK;YPUPKHK7H]}U7H]}U
*HYSVZ4HY[xU(JVZ[H9\Pa
,K^PU+HUPLS(I\Y[V4LYJHKV
,YSPUN(U[VUPV3VWLa/LYUmUKLa
6ZJHY1HTPS;PJH`
/LJ[VY5VLS.HYJxH7HKPSSH
;LYLZH(UNLSLZ3}WLa3}WLa
-LSPWL:HU[PHNV9\xa4LYJHKV
4HYxH-tSP_9\xa
9PJHKYV(U[VUPV)VUPSSH4HY[PULa
>PSPHT1HJVIV:HSNHKV+PHa
9}NLY(SILY[V*OHTVYYV3}WLa
<YHUPHKLS*HYTLU=HYNHZ
9L`UHSKV(U[VUPV*HYKLUHS*HSLYV
4PZHLS1VUH[OHU.VUamSLa4HYLUJV
6RHYPUH.\HKHS\WL3}WLa<YYVa
,S`PU(U[VUPV)L[HUJV4LYJHKV
/L`SPUNKLSVZÍUNLSLZ+xHa:VSHUV
(UP[HKLS*HYTLU.HYJxH7tYLa
*OYPZ[VWOLY(U[VUPV9VJOH4LKHS
1\HU4HU\LS+VTPUN\La*HQPUH
/HYVSK0]mU.HYJxH*HYIHSSV
,YS`U(YPLS5H]HYYL[L:HSPUHZ
*SH\KPH:HIYPUH.HYJxH*HYIHSSV
.SHKPZ,Z[LY9\xa.\[PtYYLa
1VZt4LYJLKLZ*HYIHSSV(J\|H
0ZHxHZ(U[VUPV4tUKLa
1\HU(U[VUPV5H]HYYL[L(N\PYYL
*mUKPKH9VZH6Y[xa9HTVZ
1VOHUUH0ZHTHY7V[VZTL7V[VZTL
>PSPHT1VZt4LYJHKV.HYJxH
7LKY}1H]PLY,ZWPUVaH.\[PtYYLa
5LSZVU(U[VUPV5HY]mLa9HTxYLa
1HPYV(U[VUPV.HYJxH9PVZ
9VILY[V1VZt4VYHSLZ.HYJxH
9VNLY1VZt;YLQVZ
1\HU4HU\LS9VKYxN\La*HQPUH
*LZHY1LY}UPTV4tUKLa<YIPUH
1VZt4H[LV4LYJHKV4LYJHKV
(\YH3PSH5HY]mLa4LUKVaH
*YPZ[}IHS(U[VUPV.HYJxH.HP[mU
:PS]PV1VZt7HSHKPUV
*HYSVZ4\YPSSV.\aTmU
>PSPHT+H]PK=HYNHZ6Y[xa
9VILY[V)HS[VKHUV.}TLa
,ZTLSKHKLS*HYTLU4VSPUH-SVYLZ
5HKPH1HOVZRH(SLTmU3HYPVZ
9L`UH0ZHILS.HSHU(THKVY
7LKYV,Z[LIHU.HP[mU.HYJxH
7HISV0ZHHJ(SLTmU)LYT‚KLa
,SPaHIL[OKLSVZÍUNLSLZ4LYJHKV
4tUKLa
1VYNL3\PZ.VUamSLa8\PU[LYV
5VY]PU(U[VUPV;VYYLZ4HSPH|Va
>PSSPHT9VZLUKV.HYJxH*HYIHSSV
,K^PU(U[VUPV1PY}U.\[PtYYLa
4PN\LSÍUNLS.\LYYLYV/LYUmUKLa
3PSSPHT,SLUH.HP[mU:mUJOLa
*HYSVZ,YULZ[V*HYIHSSV9\Pa
.YLNVYPV*LJPSPV*LYKH3}WLa
3tZ[LY(U[VUPV4VYHNH)\Z[V
>PS]LY1VZt4PYHUKH.HYJxH
,SKPUN@HKLY7YHKV,Z[YHKH
2HYPUHKLS:VJVYYV4VYHNH9VTLYV
9VZH0KHSPH,ZWPUVaH*}YKVIHZ
(UH*YPZ[PUH)HS[VKHUV:LX\LPYH
9VUU`1VZt*OH]HYYxH:mUJOLa
:HZOH*OLYS`AHTVYH)YH]V
5VYSHU9HMHLS.HYJxH:HSPUHZ
1VOHUHKLS:VJVYYV4VYHSLZA\UPNH
@HKLY1H]PLY3}WLa4HY[xULa
6ZJHY1HTPS;PJH`
1\HU/LUYY`)HS[VKHUV.}TLa
4HU\LS5PJVSmZ4HUaHUHYLZ:LX\LPYH
/tJ[VY3\PZ4H`VYNH9VZHSLZ
*SH\KPH9LNPUH5‚|La:L]PSSH
(UH,SPZH*HYIHSSV.\[PtYYLa
9VILY[V(U[VUPV7PULKH6YVaJV
4HY[OH6KPSPH:HSPUHZ4VUNL
1\SPmU,SxHZ*HSLYV.HYJxH
0ZTHLS(U[VUPV9H\KLa3}WLa
*YPZ[OPHU4VPZtZ/LYUmUKLa*HSLYV
-tSP_3\a5PJHYHN\H:HUKPUV
.\Z[H]V4VPZtZ4H`VYNH
1LZZP+VU-SVYLZ9VJOH
7HVSH,TLSPUH4HY[xULa7H]}U
9VZHYPVKLS:VJVYYV(N\PSHY
>PSTLY(UKYtZ4PYHUKH9\xa
1VYNL(YTHUKV9VKYxN\La.HP[mU
*HYSVZ(SILY[V.}TLa(S[HTPYHUV
,YULZ[V(U[VUPV.\PSStU(YHN}U
?PVTHYHKLS*HYTLU<YIPUH7HSSHPZ
5HYSPUN1VZt(YHPJH9HTxYLa
>HZOPUN[VU4HY[xULa)L[HUJV\Y[
9HX\LSKLSVZ(UNLSLZ4VUJHKH
9LULY
3PZIL[OKL1LZ‚Z3}WLa(N\PYYL
(SIH*YPZ[PUH*HZ[YV;LYJLYV
9VZH7H[YPJPH:\mYLa*HSLYV
/LS`U1VZt:LS]H7V]LKH
1VZt+PTHZ-HYP|HZ9\xa
1VYNL9VKVSMV=mZX\La9\xa
,KK`(U[VUPV:VIHS]HYYV/\Y[HKV
5LSZVU9L`UHSKV*HZ[PSSV,UYPX\La
4H`YHKLS*HYTLU4\YPSSV6Y[xa
(\YLSPV-LSPJPHUV(N\PSHY.HYJxH
3maHYV(U[VUPV9VZHSLZ(SLTmU
*tZHY(\N\Z[V.VUamSLa*HYIHSSV
3LHUKYH-YHUJPZJH4LaH*HYYHUaH
(SPJPH1VZLMH4VSPUH:LS]H
/HY]PU(U[VUPV3}WLa3}WLa
/VSTHU1VZt6Y[xa9P]HZ
1H]PLY(U[VUPV*HSLYV1HYX\xU
:VUPH4HYxH)YH]V.VUamSLa
9V_HUH*HYVSPUH;tSSLa6Y[xa
9VZH3LVUVY:HUKPUV6Y[xa
@LZZLUPHKLS:VJVYYV3}WLa4HPYLUH
=LY}UPJHKLSVZÍUNLSLZ7tYLa
/LYUmUKLa
;VTHZH1VZLMH*LYKH4LYJHKV
3\xZ4PN\LS/LYUmUKLa*HSLYV
1VZtÍUNLS5PJHYHN\H/LYUmUKLa
-YHURSPU)LUP[V3}WLa9L`LZ
6ZJHY+HUPSV.HP[mU.HP[mU
)H`HYKV1VZt.\[PtYYLa.\[PtYYLa
1VYNL3\PZ:mUJOLa.\[PtYYLa
4HYSVUKLSVZÍUNLSLZ*HYIHSSV
4LUKLa
6UL`KHKLS:VJVYYV(YPHZ:PT}U
9VUHSK1VZt4HUaHUHYLZ*HYIHSSV
7LKYV7HISV*HYYHUaH9\xa
1VSSTHU1VZt4VU[LULNYV6SP]HZ
)\LUH]LU[\YH4PYHUKH-P[VYPH
1H]PLY(U[VUPV.\[PtYYLa
4HYPZVS(I\Y[V1mLU
1\HU-YHUJPZJV(UKPUV*OVUN
9VILY[V(U[VUPV:mUJOLa,ZWPUVaH
1\HU0ZTHLS.HP[mU4VYLUV
4H[PSKLKLS*HYTLU=LSmZX\La9
2HYSH7H[YPJPHA‚UPNH*LYKH
1VZL4HYPH*HZ[PSSV(I\Y[V
,KNHY(U[VUPV:mUJOLa
)LYSPUN(YTHUKV.VUamSLa*LYKH
1\SPV*tZHY*Y\a/LYUmUKLa
1HPYV1VZt4LUKPL[H.HYJxH
4H`YH3PZZL[OL7HYYHSLZ4HKYPNHS
6J[H]PV1VZt.\LYYLYV<YIPUH
*OYPZ[PHU3LUPU7HYYHSLZ(]LSSmU
4HY[OH3VYLUH+m]PSH+m]PSH
+VYH3\a9\Pa4VYHSLZ
4PN\LSÍUNLS)VUPSSH5\|La
1HPTL(U[VUPV,ZWPUVaH+xHa
(UH4HYxH(SLTmU;VYYLa
6YSHUKV4LYJLKLZ(SLTmU*Om]La
5tZ[VY:LIHZ[PHU/LYUHUKLa4LU
KPL[H
4PNKHSPHKLS:VJVYYV3L`[VU
4HYPLSHKLS*HYTLU3}WLa
4HY[OH+PUH-SVYLZ4HY[xULa
5VYSHU4H\YPJPV4HY[xULa4VSPUH
4HYPJLSHKLS*HYTLU.\[PtYYLa3VWLa
1VZL(N\Z[PU4HY[xULa*Om]La
,K\HYKV1VZt5PJVSmZ4tUKLa
9PJHYKV(U[VUPV=mZX\La
.LYHSK4HVTHY)LUKH|H7HYYHSLZ
5HO\T,UYPX\L5H]HYYL[L*OH]HYYxH
:LYNPV5LW[HSP(I\Y[V9HTPYLa
(UNLSH9VZH5HY]mLa.HYJPH
1VZt,SPHZ,Z[LIHU*HZ[PSSV
:HUKYV3HaHYV*VY[La3VWLa
>PSZVUQH]PLYIYLULZ/LYUHUKLa
,\NLUPV(U[VUPV9VKYxN\La)YH]V
(UH)LSPaH(S]HYHKV3}WLa
2HYLU7H[YPJPH7YPL[V3}WLa
4HYPILS4H[\Z5HY]mLa
1HZTPUH;YPUPKHK:LS]H9HTVZ
1VYNL3\xZ*LYKH4HSKVUHKV
4HYxHKLS*HYTLU(SLTmU:PS]H
)L[HUPHKLSVZÍUNLSLZ/LYUmUKLa.
1\HUH.VUaHSLa4tUKLa
,S]PZ;VTHZ5PJV`H5H]HYYL[L
1VZtMYHUJPZJV5HY]mLa1PTtULa
4PYZH1VZPH6Y[xa4VU[LULNYV
+HYSPUNKLS:VJVYYV(I\Y[V;YH|H
4HNHSPZ7L[YVUPSH<TH|H(I\Y[V
4HYxH,SPaHIL[O)HYILYLUH.YHUQH
1VZt9P]HZ7tYLa
4HYNHYP[HKLS:VJVYYV9VKYxN\La
.HYJPH
1\HU:HS]HKVY7LYLa:PYPHZ
*SH\KPH7PJHKV*LYKH
(SJPKLZ)PZTHYJR*Om]La3LaHTH
*YPZ[PUH3PZZL[O.VUamSLa.\[PtYYLa
*SH\KPH*H[HSPUH(I\Y[V4HY[xULa
/LYPILY[V(U[VUPV4HY[xULa1PTtULa
5PJVSHZ1LZ‚Z:mUJOLa*Y\a
4HYPSL[OKLSVZÍUNLSLZ8\PYVa=HYNHZ
>HS[LY+H]PSH)HS[VKHUV
2HYSH=HULZZH:VSxZ,ZWPUVaH
,KNHY1VZt3}WLa3}WLa
*tZHY4HJHYPV3}WLa*HIHSSLYV
+L`ZPKLS:VJVYYV6Y[xa1PTtULa
;HUPH7H[YPJPH6Y[xa4VU[LULNYV
1VZL9HT}U*HSLYV7tYLa
4HY[OH,SPaHIL[O*HZ[YV9HTxYLa
1VZt.YLNVYPV.\[PLYYta7tYLa
(YTHUKV(U[VUPV.\[PtYYLa.HYJxH
+LUPZ1H]PLY*HYIHSSV.HYJxH
=LY}UPJH9HX\LS9VKYxN\La
3LVULS,UYPX\L4HY[xULa4HY[xULa
4HYSVU5H]HYYL[L*VYLH
:VIL`KH=HULZZH*Y\a9L`LZ
*HYSH=HULZZH*OH]HYYxH=LSmZX\La
1\HU*HYSVZ4VSPUH6Y[xa
)YLUKH4HYPH3}WLa4\UN\PH
@HKPYH:VJVYYV9HTVZ1HYHZ
1\SPV*tZHY3}WLa4VYHNH
)PZTHYJR(U[VUPV=LSHZX\La*HSLYV
0KHUPH4HYPZLSH(N\PSHY=HS]LYKL
:VIL`KHKLSVZ(UNLSLZ3VWLa1LYLa
4HYPH+VSVYLZ7tYLa.\L]HYH
=PJ[VY4HU\LS*LU[LUV4LStUKLa
-m[PTHKLS:VJVYYV7HSHJPVZ.HYJxH
-YLKK`(U[VUPV6Y[xa*HSLYV
3\xZ,KLSTV/LYUmUKLa5HY]mLa
4HYSVU(U[VUPV+m]PSH9VJOH
2HYSH(\_PSPHKVYH9VISL[V4H[\Z
4H\YPJPV9HT}U3}WLa/LYUmUKLa
:HU[VZ,\ZLIPV=LSmZX\La
+HNLY(TVZ)YH]V*Om]La
9VILY[V*HYSVZ;HSH]LYH
3HYY`(U[VUPVA‚UPNH1PTtULa
(SHU<SILY[O4HUaHUHYLZ*HSLYV
1HKKLY)PZTHYJR*VY[La.VUamSLZ
/tJ[VY:HU[PHNV5‚|La/LYUmUKLa
,\NLUPVKL1LZ‚Z7L|H4VYHSLZ
+LYPJR3L^PZ1PTtULa3}WLa
=LY}UPJHKLS*HYTLU.VUamSLa
.VUamSLa
.PSILY[V*HUKLSHYPV,Z[YHKH9VKYx
N\La
4HYSVU<YPLS-\LU[LZ.\[PtYYLa
1VZL9HT}U4LKYHUV*HZ[PSSV
4PN\LS(UNLS*Y\a*Y\a
.LYHYKV9HTVU.HYJxH3}WLa
4LSPZZH0ZHILS6Y[xa4VU[LULNYV
2HYSH1VOHUUH.\HKHT\a5HY]mLa
(SILY[1VTTP/LYUmUKLa5HY]mLa
(YHJLS`ZKLSVZÍUNLSLZ(Yt]HSV
.VUamSLa
-HIPVSHKLS*HYTLU3}WLa*HYTVUH
-YHUJPZJV(U[VUPV/LYUmUKLa
=LSmaX\La
(\YH3PSH(SLTmU.HYJxH
-m[PTHKL3VZÍUNLSLZ7V[VZTL
8\PU[HUPSSH
(Sx1VZt)HS[VKHUV*VUYHKV
5tZ[VY(U[VUPV8\PU[HUH.VUamSLa
,KK`1H]PLY(YJL4VYHSLZ
9HX\LSKLSVZÍUNLSLZ:HUKPUV
:HSPUHZ
,KP[:HU[PHNH*HTWVZ*HSKLYVU
9L`UH@HVZRH)HYYPVZ=LSmZX\La
ÍS]HYV@HKLY*HZ[PSSV8\PYVa
1VZt(UxIHS7PSHY[L.HP[mU
3\PZ4HU\LS9VKYxN\La5HY]mLa
4PS[VU-YHUJPZJV)YLULZ)YH]V
9VUHSKV4LYJHKV4LYJHKV
+HYSPU9HX\LS4H[\a5HY]HLa
3\PZ,UYPX\L(YHN}U7tYLa
4HY[OH*LJPSPH:LX\LPYH
1\SPH4HYPH4VSPUH.\[PtYYLa
3LZS`1VZL+LSNHKV7mYHTV
3\xZ:HU[PHNV*HSLYV9\xa
(TWHYVKLS:VJVYYV6Y[LNH.\[PtYYLa
6ZJHY+HUPSV*HUV(I\Y[V
4HYSVU1VZt3}WLa
/PYHT5LM[HSP-PLYYV.HYJPH
-YHURSPU(U[VUPV4LUKPL[H7HSHJPVZ
(UUHSPHZKL1LZ‚Z<TH|H9L`LZ
=PSTH+HTHYPZ3}WLa,ZWPUVaH
@LYSPUN(UJLS.HYJxH*HYJHJOL
5VYTHU(U[VUPV4VSPUH4LYJHKV
1VZL9\ÄUV4HSLZWPUA\UPNH
7HVSH3VYLUH4HY[xULa*VY[La
.YL[OLS6KHS`Z1PY}U3}WLa
(THSPH(a\JLUH+\YHU4LYJHKV
3L`KH7H[YPJPH*LYKH4HY[xULa
(S]HYV@HKLY*HZ[PSSV.\[PtYYLa
4HU\LS,UYPX\L9L`LZ4LKYHUV
2LUPH=HULZZH9VKYxN\La3VWLa
3\PZH:VJVYYV+m]PSH,ZWPUVaH
*tZHY(\N\Z[V(Y[VSH1PTtULa
)H`HYKV1VZt1PTtULa8\PYVa
(SIH0YPZA‚UPNH*HZ[PSSV
*Y\a4HYPH7tYLa.\aTmU
)`YVU3H\YLHUV=LNH6SP]HYLZ
.SHKPZKLSH*Y\aA‚UPNH(YLSSHUV
4HYPHUV(U[VUPV:mUJOLa(N\PYYL
+HUPZ(U[VUPV3}WLa*HSLYV
+PUH9LILJH:mUJOLa5HY]mLa
(SLQHUKYPUHKLSVZÍUNLSLZ*HUV
.}TLa
9VSHUKV1VZt.HYJxH4HY[xULa
ÍS]HYV(U[VUPV(J\|H)LYT‚KLa
*HYVSPUHKLSVZÍUNLSLZ4H[\a
5HY]mLa
*YPZ[}IHS:HS]HKVY.VUamSLZ*HY
KLUHZ
1PTT`,YSPUN4VUKV`4HY[PULa
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
*YPZ[PHU1VZt4HY[xULa<YY\[PH
9VZH4HYHxH=LSmZX\La.HYJxH
3PSSPHT*H[HSPUH5HY]mLa
:LYNPV1VZt7H]}U7tYLa
;HTHYH3}WLa1PTtULa
3LUUPUKL1LZ‚Z*HZ[YV*Y\a
4HY[OH@VOHUH3}WLa4LYJHKV
3PZIL[O4HYxH6Y[xa9VKYxN\La
(YSLU.VUamSLa7HYYHSLZ
*HYVSPUHKLS:VJVYYV*Om]La3}WLa
,TPSPV(SILY[V*HSLYV9\xa
4HYxH(YNLU[PUH(Yt]HSV.VUamSLa
9VZH4HYxH4LYJHKV4VYHSLZ
1\HU4HU\LS.HYJxH4HY[xULa
(YSLUTHYNHYP[H9\xa.\[PtYYLa
@LZLUPHKLS:VJVYYV3}WLa*HZ[PSSV
4HYxH(\_PSPHKVYH.HYJxH*Om]La
:PS]PV(U[VUPV3}WLa
4HYPHKLS9VZHYPV*Om]La(STHUaH
5VLS(U[VUPV/LYUmUKLa-SVYLZ
1VZt1LY}UPTV*Y\a4LKYHUV
1\HU*HYSVZ.\[PtYYLaÍS]HYLZ
4HYPV1VZt1PY}U4HY[xULa
-YHUJPZJV.\LYYLYV-SVYLZ
*VUZ\LSV*HYVSPUH:HUKPUV:HSPUHZ
1HKLY9LUt,ZWPUVaH.HYJxH
.HKK`1VZt.\[PtYYLa9L`LZ
4HYxH4HNKHSLUH/LYUmUKLa7tYLa
>PSTLY-YHUJPZJV,ZWPUVaH1PTtULa
AVPSV+HUPSV.\[PtYYLa:mUJOLa
:HU[VZ,KK`7tYLa:mUJOLa
4HYJVZ(IZHS}U:mUJOLa:L]PSSH
1L`ZVU,UYPX\L7HSHJPVZ<TH|H
4H\YPJPV1VZt*HZ[PSSV8\PYVa
,SPaHIL[O)SHZ4LYJHKV
*YPZ[}IHS(U[VUPV.\[PtYYLa;YH|H
+HULSPH,SPaHIL[O,JOH]LYY`)YH]V
1\HU:LIHZ[PmU4VU[V`H.\aTmU
)PZTHYJR(U[VUPV.VUamSLa5HY]mLa
4HYPH.HIYPLSH1HYX\xU.\[PtYYLa
*YPZ[PHU4HUHZLZ7tYLa+xHa
,STLY-YHUJPZJV(N\PYYL9L`LZ
ÍUNLSKL1LZ‚Z,ZWPUVaH.HNV
(KVSMV0]mU1PTtULa4HY[xULa
(SILY[V1VZt4HY[xULa.\HKHT\a
+L`HUPYHKLSVZ:HU[VZ3}WLa
/LUY`6THY4VYLUV4VYH
4PN\LSÍUNLS3LaHTH
4PN\LS1LY}UPTV(N\PSHY)\Z[YVZ
4LYJLKLZ0ZHILS7PaHYYV-VYUVZ
?VJOPS[1HYSLU`.YHUHKVZ
@\YPZ(SLQHUKYH3}WLa*HZ[PSSV
:HZRPH,SLUH0UJLY*HILaHZ
/\ILY,UYPX\L.\[PtYYLa3}WLa
)PZTHYR(U[VUPV9HTVZ(SLTmU
*HYSVZ(SMYLKV/LYYLYH;VY\|V
*HYSVZ9VILY[V4HY[xULa4HY[xULa
,SPLaLY6IL[O)HYYLYH:HSHaHY
,Y]PU+HUPLS(YJxH
,K^PU:HU[PHNV:HUJOLa*HSKLY}U
,KK`1VZt:PS]H4LUH
-YHUJPZJV-LYUmUKV3}WLa4VUQHYYLa
.\Z[H]VKL1LZ‚Z4VU[PLS1PTtULa
.LYHYKV1VZtA‚UPNH:V[VTH`VY
1\SPV*tZHY(YPHZ7HZVZ
1VZt(UKYLZ3HUaHZ*HZ[PSSV
1H]PLY1VZt.}TLa(YPHZ
3LHUKYV0ZHxHZ*VY[La)VUPSSH
3\PZ(YTHUKV*HIYLYH1HYX\xU
4HYJVZ(\YLSPV:mUJOLa9\Pa
5VLS(JL]LKV4LUKPL[H
7HISV1VZ\t9L`LZ:VSPZ
9VNLY9VILY[V-SVYLZ7HYYHSLZ
9HT}U,UYYPX\L:VSxZ3}WLa
9VZHSxV.HYJxH(I\Y[V
>PSMYLKV(U[VUPV.VUamSLa5HY]mLa
3\PZ,K\HYKV4VYHSLZ:LS]H
.VUamSV1VZt)HYYLKH4HY[xULa
7mNPUH
9\K`(SILY[V9\xa7L|H
5VYSHU(U[VUPV4VSPUH9L`LZ
1VHX\xU(SVUZV(]LUKH|V9P]HZ
1VZt-tSP_:HSPUHZjHTLUKPZ
>LZS`AHTOHTPY=xJ[VY+LSNHKV
3LUxU.\PSSLYTV.HYJxH<TH|H
>PZ[VU+HUPLS8\PU[HUPSSH*HZ[PSSV
1OVU`4HY[xU4VYHSLZ4LKPUH
1\HU-YHUJPZJV3}WLa*Om]La
4PN\LS1LY}UPTV(N\PSHY)\Z[VZ
,]LY[O9HT}U,ZWPUVaH3}WLa
,KK`,ZWPUVaH3}WLa
1VZt(UKYtZ=PSSHYLHS7VUJL
9VILY[V1VZt4VYHSLZ
@HKLY1VZt=xSJOLa*HYIHQHS
4HU\LS:HS]HKVY=HULNHZ9VTLYV
1VZt1VZt9\xa;LUVYPV
,S]PU=xSJOLa-H\Z[PUV<SSVH
2LUPH=PVSL[H:HUKPUV7tYLa
ÍS]HYV(U[VUPV*Y\a*HUV
-LYUHUKV7HPZHUV*HQPUH
5\IPH0ZHILS(]LUKH|V+xHa
9HT}U(U[VUPV(SLTmU
1\HU-YHUJPZJV3}WLa*Om]La
6ZJHY1VZt*Y\a.HYJxH
,YPJR4HU\LS(I\Y[V4LYJHKV
*tZHY(SILY[V.\PKV)HYYPVZ
(YSLU+LZPYLL<NHY[L4tUKLa
6THY1VZt.HYJxH4LYJHKV
,YULZ[V1VZt0NSLZPHZ
6SP]LY+xHa*HYYPSSV
1H]PLYKL1LZ‚Z*VY[ta3HYH
,SPV9PNVILY[V4HY[xULa6YVaJV
5\IPH0ZHILS(]LUKH|V+xHa
1\HU-YHUJPZJV3}WLa*Om]La
2HYSH*HSKLY}U:mLUa
1VZtKL1LZ‚Z7HZVZ*LYKH
@LPZVU1H]PLY3}WLa9\Pa
(KVSMV1VZt4VYH(SLTmU
1\HU(U[VUPV*HYIHSSV)YPJL|V
>PSTLY(U[VUPV/LYUmUKLa.\L]HYH
,ZWLYHUaHKL-m[PTH8\PQHUV8\PU
[HUPSSH
.PV]HU`+HUPSV4LUKPL[H(N\PYYL
4HYSVU(U[VUPV9HTVZ(SLTmU
*HYSVZ+HUPSV(I\Y[V)LYYPVZ
@\YHU(U[VUPV9HTVZ*HYYPSSV
/PSHYPV1VZt*LYKH-\LU[LZ
.SVYPH7HVSH,ZWPUVaH=LNH
3PLZZLSKLS*HYTLU4HYxU4VYHSLZ
,SPNPHKLS:HVJVYYV4VU[PLS:HSPUHZ
9VUHSK+VTPUNV*VYLH4VYH
9VKVSMV.\[PtYYLa7V[V`
4HYSVU(U[VUPV<NHY[L
4HYxH=PJ[VYPH9\xa-HQHYKV
4HU\LS1LZ‚Z6JHTWV;tSSLa
-YHUJPZJV1VZt*HYYPSSV7tYLa
,YPJR(U[VUPV3H[PUV3H[PUV
9}NLY9VILY[V-SVYLZ7HYYHSLZ
:H`YH7H[YPJPH:mUJOLaÍS]HYLZ
-YHUJPZJV1H]PLY1PTtULa4LUKVaH
1OVU`;LVKVYVA‚UPNH7HZ[YHUH
3PZZL[OKLS:VJVYYV3}WLa3}WLa
1LZZPJHKLS*HYTLU.\[PtYYLa3}WLa
,K^PU,K\HYKV7LPUHKVAH]HSH
-YHUJPZJV9H‚S*Y\a
*HYSVZ9VILY[V:HSPUHZ
2HYLU4PJOLSSL*HU[HYLYV.HYJxH
3L`]P9HT}U=PSSHYLHS4VYHNH
1\HU4HU\LS5PJHYHN\H.HP[mU
4HYSLUL7HPaHUV*HQPUH
:HT\LS/LYUmUKLa-SVYLZ
:HYH4HYxH,ZWPUVaH,ZWyUVaH
3PSPHTKLS9VZHYPV3}WLa*VY[ta
+HYSPUN3PZZL[O9VKYxN\La*HUV
@HKLY.VUaHSV9\LKH7tYLa
,KNHYK1VZt)HYYPVZ*Y\a
(YPLS(U[VUPV*HUV:VSxZ
1LYZVU1VZt4LKYHUV7HSTH
-LYUHUKV7HPaHUV*HQPUH
1VZt(THKLV6IHUKV4HPYLUH
(ILS(U[VUPV7tYLa.HYJxH
@\YP/VZTHU*VY[ta.\[PtYYLa
(UKYLH3VYPL[O4H[H1\HYLa
(SILY[V1VZt4HY[xULa.\HKHT\a
3\PZH:VSLKHK9\xa7L|H
1VZt,UJHYUHJP}U-HQHUKV9VKYxN\La
1VZt9\ÄUV4HYJOLUH
@HKLY;YPUPKHK*HSLYV4VYH
9HT}U0NUHJPVÍS]HYLa
+VSVYLZ0UVJLU[L7VUJLÍS]HYLa
9\KK`1H]PLYA‚UPNHAHWH[H
1\HU-YHUJPZJV7V[V`0YPNV`LU
,S]LY[(SLQHUKYV9L`LZ:VS}YaHUV
,Y]PU(U[VUPV+\HY[L+VTPUN\La
-YHURSPU1VZt6YVaJV*HUV
3PNPHKLS9VZHYPVAHWH[H
+HUPZ4LULZLZ4LYJHKV
9VNLY(U[VUPV<IH\4VU[PLS
(KHS`(SMYLKV*Y\a:VSVYaHUV
1VHX\xU(SVUZV(]LUKH|V9P]HZ
,]LY[:HT\LS:\HaV.HYJxH
?VJOPS[@\ILSRH9VJOH<NHY[L
5HKYL5HY`VYP(S]HYLa+m]PSH
/LSTP+VTPUN\La1PTtULa
+LUPZ4HY[xU)VUPSSH-SL[LZ
@LZLUPHKLSVZ(UNLSLZ6JHTWV
)VUPSSH
1VZt(KmU*HUKH(SLTmU
,Sx:HT\LS)L[L[H:PS]H
(KH3\a6IHUKV
(STH0YPZ4PYHUKH
(UKYtZ=P]HZ4HSKVUHKV
(Z\UJP}U9PNVILY[V7tYLa4LUKVaH
(S]HYV1H]PLY(YHN}U.VUamSLa
(\N\Z[V*tZHY=HYNHZ*OHJ}U
*HYVSPUHKLS*HYTLU*LU[LUV*HZ[PSSV
*LZHY(\N\Z[V=HYNHZ:HSHaHY
*HYSVZ(U[VUPV)SHUK}U4HY[xULa
+PLNV)LUP[V*HTWVZ4HY[xULa
+H]PK0ZTHLS=LSmZX\La
+H]PK(U[VUPV4VU[V`H+m]PSH
,K\HYKV1VZt9VISL[V7HSTH
-YHUJPZJV(U[VUPV3\TIx
.LYHYKV4HU\LS7tYLa*HYYPSSV
.HIYPLSH4LYJLKLZ4LaH1PY}U
0]HUPH4HYxH(THKVY)HSSHKHYLZ
0ZPKYV(THKVY(THKVY
1VUH[OHU0ZHxHZ1PY}U*HZ[PSSV
1LYHSK,SPLJLY.HYJxH
1HKLY1VOHUU`)HYYLYH4HY[xULa
3L`ZLY@VQHUH(THKVY
4LYJLKLZKLS*HYTLU<YIPUH6J}U
4HYxHKL1LZ‚Z/LYUmUKLa.YHUHKVZ
4PS[VU+PVTLKLZ)VUPSSH1HYX\xU
4HYxH-YHJPZJV-\LU[LZ4PSS}U
7HISV(U[VUPV.HP[mU1PY}U
7LKYV1H]PLY.\[PtYYLa*Y\a
,ZJHYSL[OKLS:VJVYYV(JL]LKV
,UYYxX\La
=HSLZRH(YLSPZ3\TIx1PY}U
=PJLU[H*HUV.VUamSLZ
@VQHUH-YHUJPZJH)\Z[PSSV7tYLa
>HS[LY+HUPSV9VKYxN\La)VUPSSH
(SILY[V;YPUPKHK:VIHS]HYYV.\aTmU
.tYTHU(U[VUPV4VYHSLZ;tSSLa
4H\YPJPV*HZ[PSSH4HS[ta
6[PSPV3}WLa6YVaJV
.LYHYKV=LSmZX\La
:PKHY(U\HY)mLa4H[\Z
(Z\UJP}U6IHUKV(N\PSHY
,K`U(U[VUPV<YIPUH(S[HTPYHUV
5LYL`KH0ZHILS+m]PSH9\Pa
5PUVaRH*HYVSPUH*HZ[YV:VS}YaHUV
1\HU7HISV1PY}U/LYYLYH
,Y]PU(U[VUPV:mUJOLa:LX\LPYH
,S`PU(U[VUPV9xVZ*HU[PSSHUV
4PN\LS,YULZ[V)HS[VKHUV:mUJOLa
/HaHtS/LYUmUKLa<YIPUH
+HTHYPZKLS:VJVYYV=HYNHZ4tUKLa
9L`UH@VSHUKH1PY}U
1\HU)H\[PZ[H3}WLa.HYJxH
4H`YHKLS:VJVYYV*HIYLYH9\Pa
4HYPV-YHUJPZJV-\LU[LZ4PSS}U
3\PZ,UYPX\L4HY[xULa4HY[xULa
(UKYtZ(]LSPUV4HSKVUHKV(N\PSHY
4HYSLULKLS:VJVYYV4HY[xULa*HZ[PSSV
0ZPKYV-LYTxU:mUJOLa.HYJxH
1H]PLY4H[HTVYVZ+LSNHKPSSV
+H]PK0ZHTLS=LSmZX\La
0ZPKYV(THUKVY(THKVY
4HU\LSKL1LZ‚Z:LX\LPYH7PJOHYKV
1LYHSK,SPLaLY.HYJxH
9VUHSKV1VZt:mUJOLa/LYUmUKLa
4H\YPJPV*HZ[PSSH4HS[ta
9L`UHSKV9\xa*HYJHJOL
+PLNV)LUP[V4HY[xULa*HTWV
(TPSJHY(YTHUKV(N\PSHY4HY[xULa
*HYSVZ,S`9LX\LULa:LX\LPYH
4PSZ[VU/\Y[HKV:LX\LPYH
-YHUJPZJV1H]PLY+\HY[L4PYHUKH
6THY(U[VUPV.YHUQH
*HYSVZ-LYUHUKV.HYJxH4LULZLZ
7LKYV1VZt:HIHSSVZ<YIPUH
+VY^PUN(SL_HUKLY4HY[xULa-SVYLZ
4HYPH,SLUH9P]HZ*HZ[YV
@VQHUH-YHUJPZJH)\Z[PSSV7tYLa
.HIYPLSH4LYJLKLZ:VaH1PY}U
4L`SPU:JHYSL[O)SHUKPUVALSH`H
,SZH4HYxH6IHUKV
=HSLZRH(YLSPZ3\TIx1PY}U
0]HUPH4HYPH(THKVY)HSSHKHYLZ
7L[YVUHKLSVZÍUNLSLZ<YIPUH6WVY[H
4HYSVUN4LYJLKLZ9P]HZ9VZ[YmU
5PUVZRH*HYVSPUH*HZ[YV:VSVYaHUV
4HYSLULKLS:VJVYYV4HY[xULa*HZ[PSSV
*SH\KPH4HYxH*\UKHUV-SVYLZ
@VSHUKH:HIHSSVZ<YIPUH
4HYxH5PL]LZ:VSHUV9P]HZ
@LSIH9HX\LS;VYYYLZ9L`LZ
9L`UH@VSHUKH1PY}U
:PZ[H*LSPUH3LP]H9PVZ
4PYPHTKLS:VJVYYV)YH]V9VJOH
0ULZKLS*HYTLU6IHUKV4PYHUKH
,Z[IL[SHUH1VOL]LY+xHa.HSV
-m[PTH+HTHYPZ9P]HZ3}WLa
9VZPILS3}WLa
(UKYLH0ZHILS.HYJxH/LYUmUKLa
0YTH(\YVYH(YHN}U.VUamSLa
,S`PU(U[VUPV9PVZ*HU[PSSHUV
4PN\LS,YULZ[V)HS[VKHUV:mUJOLa
*tZHY(\N\Z[V=HYNHZ:HSHaHY
+VUHSK1VZt3HUaHZ3}WLa
,UYPX\L)mLa:mUJOLa
1VZt)LUP[V9VX\L*Y\a
@HKLY(U[VUPV)YH]V=LSmaX\La
,TPSPHUV(U[VUPV;VYYLa:HUKV]HS
7H]LS(U[VUPV3}WLa=HYNHZ
1VUH[OHU+H]PK+xHa<YIPUH
4H\YPJPV1VZt/LYYLYH1HYX\xU
3\PZ,UYPX\L4HY[xULa4HY[xULa
/LILY[V(U[VUPV7VSHUJV.HYJxH
4HY]xU/LYUmUKLa1PY}U
:HU[VZ(U[VUPV4LUKVaH(THKVY
(NLUVY/LYYLYH4HY[xULa
*HYSVZ1VZt(STHUaH
.LYTmU(U[VUPV4VYHSLZ;LSSLa
4HYPV9VKVSMV3}WLa:HSHISHUJH
,MYtU+HTHZV4LYSV:LYYHUV
*HYSVZ4PYHUKH6QLKH
+HTHYPZKLS:VJVYYV=HYNHZ4LStUKLa
,Y]PU(U[VUPV.\[PLYYLa4HY[xULa
-SVYKL4HYxH(J\|H
0UtZKLS*HYTLU6IHUKV4PYHUKH
4LTVYPH
.LYHSK,SPLaLY.HYJxH
4HYPV(SILY[V:mUJOLa
*YPZ[PUV4LUKVaH(THKVY
>PSMYLKV(J\|H(J\|H
7H]LS(U[VUPV3}WLa=HYNHZ
(STH0YPZ4PYHUKH
1VZt;LYLUJPV6WVY[H;tSSLa
1VUH[OHU+H]PK+xHa<YIPUH
@HZUH.LVYNPUH(THKVY)HSSHKHYLZ
,S]PU(KPLS4PYHUKH(YY}SPNH
>PSSPHT9H`V,ZJVYJPH
.LV]HU`1VZt9VISL[V9VJOH
)L`SPZ1VZt:LYYHUV9L`LZ
;HUPH4HYxH)YH]V
4HYPZLSH:VJVYYV7HSTH9VISL[V
3\PZ-LSPWL=mZX\La1PY}U
1HPYV1VZt4HYxU4tUKLa
5VYSHU9VILY[V=HSSLJPSSV
4H`YL[O0ZHILS9VKYxN\La-SVYLZ
9VZH(TLSPHAHTIYHUH)LYT‚KLa
@HUPYH,TPKPH<YIPUH
,KP_HKL3V\YKLZ.\[PtYYLa*LYUH
-m[PTHKLS*HYTLU9HTVZ)VUPSSH
@LSIH(a\JLUH+m]PSH+m]PSH
,SLHaHYKL1LZ‚Z:HSHaHY-LYUmUKLa
+PLNV4HU\LS/LYUmUKLa.HYJxH
(KHSHILY[V(U[VUPV:\HYLa4PYHUKH
2LU[O`U@LMYPU7VSHUJV*HSLYV
4HU\LS:HS]HKVY3}WLa>PU[LY
4HU\LS:HS]HKVY4VYHSLZ-SVYLZ
5VYH4HYPILS9VTLYV:PS]H
/LILY[V(U[VUPV7VSJHUJV.HYJxH
+HY^PU1\Z[PUPHUV5HY]mLa4PYHUKH
4HYxH3V\YKLZ:HUKV]HS.HSLHUV
4HYPZLSHKLS*HYTLU.HP[mU1PY}U
9VZH(UNtSPJH*HZ[YPSSV9xVZ
9LUHSK,TPSZLY4VYHNH:VTVaH
)SHUJH.LY[Y\KPZ-SVYLZ=HULNHZ
1VZt(UNLS9VKYxN\La9VKYxN\La
3L`KH9VZH4HZxZ6YKL|HUH
5PJVSHZ,K\HYKV6WVY[H:VS}YaHUV
.HSV1VZt:VIHS]HYYV4LUKVaH
5LSZVU1LZ‚Z)SHUJV
4HYxH(\_PSPHKVYH0ULZ[YVaH0ULZ[YVaH
1H]PLY,UYPX\L9L`LZ9L`LZ
9VILY[V*HYSVZ3}WLa(N\PSHY
3\PZ4HU\LS-SVYLZ:mUJOLa
-tSP_7LKYV7HSHJPVZ.VUaHSV
@VSHUKH4tUKLa3PYH
3PZIL[OKLS9VZHYPV3}WLa
.SHK`ZKLS*HYTLU/\Y[HKV9VKYx
N\La
1HTPSL[OKLS9VZHYPV+xHa.HYJxH
4HY[PU<YPLS4VYH*Y\a
(N\Z[PU4PYHUKH6QLKH
)H`HYKV9HT}U)YH]V:mUJOLa
*VU`0ZHILS3PYH1HYX\xU
1HKOLY(U[VUPV)LSSV6WVY[H
>HS[LY(U[VUPV/LYUmUKLa.VUamSLa
3\PZ6THY<YIPUH(THKVY
)L[HUPH0ZHILS4HY[xULa<YIPUH
4H`LYSPU(YHJLSP:\HaV.HYJxH
4HYPHKLSVZÍUNLSLZ.HYJxH4LQxH
3\PZ6THY<YIPUH(THKVY
4H`X\LS(U[VUPV-P[VYPH9L`LZ
,K^PU/VYHJPV4LQxH=HYNHZ
+HUPLS9P]LYH)YPa\LSH
*HYSH=HULZH,ZWPUVaH4LUKVaH
-YLKK`(U[VUPV:mUJOLa*LYKH
9VILY[V*HYSVZ3}WLa(N\PSHY
(SSHU.\PSSLYTV+xHa)LSSV
>HS[LY(U[VUPV/LYUmUKLa/LYUmUKLa
1LZZPJH(YNLU[PUH+\HY[L3}WLa
=PJLU[L9L`LZ
,K\HY*HUPaHSLa:L]PSSH
+PRZVU(U[VUPV1HYX\xU7tYLa
*VU`0ZHILS3PYH1HYX\xU
/LUY`(U[VUPV9VKYPN\La4H`VYNH
-LSP_7LKYV.VUamSLa7HSHJPVZ
9VOVUU`/HYSL`.\L]HYH
1\HU*YPZ[}IHS.VUaHSLa4HY[PULa
1VZt(UHZ[HJPV7tYLa:VSHUV
(N\Z[xU4PYHUKH6QLKH
1VUH[OHU,UTHU\LS;VSLKV+VTPU
N\La
1VZL9VILY[V*HU[PSSHUV.YHUHKV
(`KHSPUHKLS*HYTLU*HZ[YV:VSVY
aHUV
)H`HYKV9HT}U)YH]V:mUJOLa
,S]PUQVZt4HY[PULa4HY[PULa
9L`UHSKV,MYHxU:LX\LPYH6IHUKV
0]L[O(Z\UJP}U9HTxYLa9VISLZ
1VZL(SMYLKV3}WLa;tSSLa
2L]PU4VPZtZ.VTLa)SHUK}U
/HaLS1LZZLUPH4LYJHKV*OH]HYYxH
4HYSVU(U[VUPV*OH]HYYxH1HYX\xU
4LS]PU0ZTHLS1HYX\xU)LSSV
5VY]PZ(YTHUKV+xHa:VTVaH
:HS]HKVY(U[VUPV.}TLa3PUHYLZ
(SL_1VUH[OHU:\mYLa+m]PSH
1VZt1VHX\xU3LVU9L`LZ
4HY[xU<aPLS4VYH*Y\a
7VYÄYPV.VUamSLa
:PS]PH,ZWLYHUaH9VKYxN\La)VYNL
*YPZ[PUH6QLKH4PYHUKH
/HYVSK4LKHYKV.VUamSLa4HY[xULa
,ZH‚,_LX\PLS.\[PtYYLa:VS}YaHUV
1H]PLY(U[VUPV(SVUaV/\Y[HKV
<YPLSKL1LZ‚Z*Y\a.HYJxH
4VPZtZ(U[VUPV=P]HZ.HYJxH
9VILY[V1H]PLY9VISLZ9VISLZ
4HY[OH1HUL[O4tUKLa)HYX\LYV
4HYxHKLSVZ(UN.HYJxH4LQxH
,SKH1\SPZZH;VY\|V1HYX\xU
4H`YH<YIPUH3\TIx
@LSIH(a\JLUH9xVZ4LQxH
4HYNPULKLS:VJVYYV6WVY[H4LQxH
4LSIH1VZLMH<YIPUH.VUamSLa
0ZTHLS(U[VUPV6YVaJV=P]HZ
>PSTLY(U[VUPV<YIPUH4LUKVaH
9HT}U1VZt4tUKLa:mUJOLa
,YULZ[V.HIYPLS7HKPSSH=HULNHZ
7HISV,TPSPV3\UH*HTWVZ
1HPYV3LVJHKPV7VSHUJV+\YmU
3LVULS7Ha7tYLa
+VUHSK(U[VUPV+m]PSH4VU[HUV
1HKOLY(U[VUPV)LSSV6WVY[H
1VZtKLS*HYTLU6]PLKV
,SPLaLY+H]PK=P]HZ:mUJOLa
(UNLS>PSZVU6IHUKV*LYKH
:PS]PH,ZWLYHUaH9VKYxN\La)VYNL
,K\HYK*HUPaHSLZ:L]PSSH
1VZt1VHX\xU3LVU9L`LZ
1\HU*YPZ[VIHS.VUamSLZ4HY[xULa
9L`UHSKV,MYHxU:LX\LPYH6IHUKV
,aH‚,_LX\PLS.\[PtYYLa:VSVYaHUV
*YPZ[PUH6QLKH4PYHUKH
(N\Z[xU4PYHUKH6QLKH
7LKYV.HP[mU(]LUKH|V
7VYÄYPV.VUamSLa
*OLZ[LYA\YPLS4HYHKPHNH4LYJHKV
1H]PLY,UYYPX\L9L`LZ9L`LZ
1VZt9VILY[V*HU[PSSHUV.YHUHKVZ
@VSHUKH4tUKLa3PYH
4PN\LS(UNLS4LQxH/\Y[HKV
>PSTLY(U[VUPV:VSHUV
,YPJ4HYSP6WVY[H(N\PSHY
-tSP_7LKYV.VUamSLZ7HSHJPVZ
:LYNPV1H]PLY8\PU[LYV,ZWPUVaH
4HYSVU(SLQHUKYV4H`VYNH)YPa\LSH
(`KHSPUHKLS*HYTLU*HZ[YV:VSVY
aHUV
>PSTLY(U[VUPV<YIPUH4LUKVaH
.YPZLSKH0ZHILS3HYNHLZWHKH<YIPUH
4HY[OH0ZHILS3\UH6IHUKV
+VUHSK(U[VUPV+m]PSH4VU[HUV
1VZt(UNLS9VKYxN\La9VKYxN\La
-YHUJPZJV1VZt;YLTPUPV.VUamSLZ
-HIPVSH?PVTHYH6WVY[H,UYYPX\La
4HNKH,SPLaLY.\KPLS.}TLa
4PYUH1LZZLUPH9L`LZ4HY[xULa
2HYSH=HULZZH,ZWPUVaH4LUKVaH
9VILY[V1H]PLY9VIPU.\KPLS
9VUHSK,TPSPV)YLULZ+xHa
*HYVSPUHA\SLTH;tSSLa9xVZ
4PN\LSÍUNLS:mUJOLa+m]PSH
(S]HYV1H]PLY*HSLYV:mUJOLa7=
(ILSHYKV1VZt:L]PSSH(THKVY7=
)H`HYKV*YPZ[}IHS1PY}UÍS]HYLa7=
)LSRPZ3L[PJPH9xVZ4HPYLUH
*PUKO`)L[Z`.VUamSLa*HZ[PSSV
*LJPSPV,YULZ[V.HYJxH4LKPUH
*PYH4HYPUH:LX\LPYH
+HUPLS.LYHYKV*mYKLUHZ4VUNL
,Z[OLY/LYYLYH*Y\a
,YPILY[V(U[VUPV4LQxH*HZ[PSSV
,SKLY1H]PLY*HTWVZ9VJOH
,aH‚,_LX\PLS.\[PLYYLa:VS}YaHUV
,K\HYKVÍS]HYLa
-YLK`4VYLUV=HYLSH
-PSLT}U9HTxYLa.VUamSLa
.LYHYKV=LSmZX\La
.LYTHU,TPSPV:HUKV]HS+VST\Z
.LUHYVKL1L‚Z7tYLa4PYHUKH
/LYUmU(U[VUPV6IHUKV4HY[xULa
1\HU*HYSVZ:VaH4PYHUKH
1\HU(U[VUPV(THKVY:L]PSSH
1\HU+HUPLS>LWZ4HUaHUHYLZ
1VZt(UKYV;}YYLa,ZWPUVaH
1\Z[OPHU4HY[x:HUKV]HS.VUaHSLZ
1\HU1VZt4HY[xULa,ZWPUVaH
1VZt+VSVYLZ3}WLa;HSLUV7=
1HPYV4HU\LS*HYKVaH6WVY[H
1HJPU[V7HZ[YmU.VUamSLa
4HYxH1VZt9\NHTH*HTWVZ
4HY]PU(U[VUPV4LYJHKV+\HY[L
6YLS@\YmU4LQxH+\HY[LZ
7LKYV1VZt.HY[mU=HSSLQVZ
9VIPU(U[VUPV*HUKYH`)mLa7=
9PJHYKV:HSHZ-VUZLJH
:HU[VZ.HIYPLSAH]HSH4HSLH|VZ7=
:HU[VZ3\JPHUV(THKVY9P]LYH
:HU[VZ9H‚S6YVaJV
;YPUPKHK(U[VUPH1PY}U4VU[V`H
(SIH3\a=HYNHZ*HZ[PSSV
5L`ZP0]L[O,ZWPUVaH(YYVSPNH
1VLS0NUHJPVP4HY[PULa.\[PLYYLa
9VZHYPVKLS:VJVYYV.\[PtYYLa/\L[L
>HS[LY(U[VUPV.}TLa*Y\a
(SIH4HYPH:\HaV
0]HU-YHUJPZJV+VTPUN\La9L`La
,SPLaLY1VZt/\Y[HKV
:HU[VZ4LS]PU3LP]H4HY[xULa
4PN\LSÍUNLS9L`LZ*HTWV
4HU\LS(U[VUPV(THKVY:mUJOLa
3\JHZ(SILY[V,ZWPUVaH:LX\LPYH
-YHURSPU1HRZVU4HUaHUHYLa1PTtULa
=PJ[VY4HU\LS9VKYxN\La
1PTT`1VZPHZ.HYJxH.HYJxH
9\ItU(Ym\a9PVZ
(UH4HZZPLS1HYX\PU4H`VYNH
-YHUJPZJV*OH]HSH(JL]LKV
:HU[VZ,ZWPUVaH-SVYLZ
6SP]LY(U[VUPV7HUPHN\H.HYJxH
,YSPU4PZHLS7VSHUJV*HSLYV
:HU[VZ-LSPJPHUV/LYUHUKLa.\KPLS
:LUV]PH1HYX\PU3}WLa
1VZL3LUPU4H`VYNH.\HYKHKV
)SHUJH(a\JLUH6IHUKV3}WLa
1HJRZVU<SPaLY3HPULa*Ot]La
-YHUJPZJV1VZt*HUV:HSNHKV
>HS[LY+HUPLS4LaH
0ZTHLS:mUJOLa.HYJxH
0KHUPH0ZHILS-LYUmUKLa-SVYLZ
,ZTHU1H]PLY/LYUmUKLa<YPHY[L
+HUPLS/LYUHUKLa:HUJOLa
3VYLUHKLS:VJVYYV3}WLa.HYJPH
4HYPILSS,SPL[O7L|H7PJHKV
-YHURSPU1VZt6IHUKV-V[VYPH
1VZt4HYxH3}WLa6SP]HZ
2HYSH7H[YPJPH+\HY[L.VUamSLa
0]HUPHKLS*HYTLU9\xa6IHUKV
1VZt,UYYPX\L4LQxH*HUHSLZ
-SVYLUJPH*OH]HSH(N\PYYL
+VUHSK:HU[PHNV7PSHY[L3\X\La
,SPaHIL[O4HPYLUH)VSH|VZ
*YPZ[PUH(KYPHUH4PYHUKH4PYHUKH
*HYSVZ1VZt*HZ[YPSSV(YHPJH
.LYS`U(YPLS*OH]HYYxH,ZWPUHSLZ
+H]PK*HZ[YPSSV*HSLYV
9VSHUKV-YHUJPZJV6YVaJV*HZ[YPSSV
(\YLSPV1VZt+VTPUN\La7LYHS[H
,YPJRZVU-YHUJPZJV3LP]H7HYHJLKH
1\SPL[O(\_PSPHKVYH:\mYLa
+LS]PU1H]PLY4PYHUKH6YVaJV
5VLTx9VZHYPV.VUamSLa.HP[mU
5\IPH:VJVYYV*HZ[PSSV+m]PSH
ALUL`KHKLSVZ(UNLSLZ4HPYLUH
4HY[xULa
:VUPHKLS*HYTLU*VYLH3}WLa
+P_}U1VZt(THKVY*HU[PSSHUV
1PTT`(SL_PZ)\Z[PSSV4VYLUV
1\HU-YHUJPZJV4HYHKPHNH(N\PSLYH
/HYVSK(U[VUPV4HY[xULa
(KYPmUKL1LZ‚Z*HZ[YPSSV:mJPKH
.LYHSS-YHUJPZJV:HSTLY}U)LS[YmU
4HYP[aHKLS:VJVYYV(N\PSHY1PY}U
:HU[H4HYxH7PJOHYKV4LUKVaH
5VtS(U[VUPV.HP[mU.VUamSLa
:HU[VZ1HJPU[V=PSSHS[H)L[HUJV
.PZZLSSLKLS*HYTLU6WVY[H*HZ[YPSSV
5L\SPU1H]PLY4H[\Z
.\PSSLYTPUHKLS*HYTLU9PaV)SHUKVU
4HY]PU(U[VUPV4HY[PULa1PY}U
,YULZ[V1H]PLY+PHa(THKVY
+VUHSK1VZt6WVY[H*HZ[PSSV
@HZZLY@HUPU*HSLYV9VX\L
/tJ[VY(UKYtZ;LYJLYV(YN\LSSV
9VILY[V:H[\YKPUV*HUV,ZWPUHSLZ
(KHU:mUJOLa4HPYLUH
4HYxH0ZHILS(THKVY.VUNVYH
,YPJRZVU4HYHKPHNH(N\PSLYH
1HJX\LSPUN0]VU*HZ[PSSV3}WLa
1\HUHN\Z[PU.}TLa.\[PLYYLa
.LYHSK4HU\LS=HZJVUJLSVZ7mYHTV
4HY]PU1VZt(Ym\a
-HYPUN[VU)LUP[V9\Pa9L`LZ
ALUL`KHKLSVZ(UNLSLZ4HPYLUH
4HY[PULa
9}T\SV3VYLUaV:VYPHUV:mUJOLa
1VZt(U[VUPV.HP[mU7LYHS[H
*mUKPKV.HYJxH,ZWPUHSLZ
(UH7H[YPJPH+xHa;VYYLZ
+PUH,Z[OLY7tYLa/LUYYPX\La
/LUYY`(SL_HUKLY:HIHSH.\HYKHKV
,SZH4HYxH*HZ[PSSV)HamU
,UYPX\L(U[VUPV:\mYLa
9PJHYKV(U[VUPV<YPHY[L
*HYSH7H[YPJPH+\HY[L.VUaHSLa
(YPZ5\IPH4HY[PULa)VSH|VZ
;VTmZ=HSSL)HSSHKHYLZ
*tZHY(SILY[V:mUJOLa4VUJHKH
.LTH5VLTP+VTPUN\La/LYYLYH
/VSSTHU1\SPHU4\YPSSV5PNPS
7LKYV1VZt4HPYLUH4LS`HYH
7LKYV7HISV4HY[xULa1PTtULa
.LYZVU4HYHKPHNH(N\PSLYH
1\HU-YHUJPZJV4HYHKPHNH(N\PSLYH
5\IPHKLS9VZHYPV:mUJOLa.HYJxH
+P_}U1VZt(THKVY*HU[PSSHUV
1VZt3\PZ4VU[LULNYV4HZPZ
>PSILY[(U[VUPV:LX\LPYH*LYUH
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
,S]PU(UxIHS(]HSVZ4HY[xULa
1H]PLY(U[VUPV)VSH|VZ.\HYKHKV
5VtSKLSVZ:HU[VZ*Y\a4LUKVaH
,KK`Z4HY[xU)LUH]PKLa6IHUKV
9VZH(TLSPH:PYPHZ
,YPJR=xJ[VY3HaV+m]PSH
1VZt3\PZ*HIYLYH9\xa
3LUxU,YULZ[V6SP]HZ(SHUPa
1VZt(UNLSAH]HSH6IHUKV
4HYP[aHKLS:VJVYYV(N\PSHY1PY}U
7LKYV9HMHtS6Y[xa/LYUmUKLa
1LMLYZVU.LV]HU`.\PSStU,ZWPUHSLZ
3LVUHYKV1VZt4LUVJHS+m]PSH
3\PZ4HU\LS9VKHZ,ZWPUVaH
1\HU7HISV6IYLN}U9HTxYLa
9VSHUKV-YHUJPZJV6YVaJV*HZ[YPSSV
5VtS(U[VUPV.HP[mU.VUamSLa
+HY]PZ<SPZLZ.}TLa)VSH|VZ
1\SPV*LZHY1HLUZ-SVYLZ
>PSKLY(SL_HUKLY:mUJOLa3}WLa
1VZt)H`HYKV6IHUKV,ZWPUVaH
)H`YVU(SILY[V4VYLUV5H]HYYV
(YTHUKV/HYVSK+VTxUN\La9HTxYLa
1\HU(N\Z[xU.}TLa.\[PtYYLa
=PJLU[H7HVSH.\aTHU,ZWPUVaH
.VL]HUU`KL1LZ‚Z4tUKLa,ZWPUVaH
*HYSVZ1VZt*HZ[YPSSV(YHPJH
4HYILSS`KLS*HYTLU7PJHKV)SHUK}U
)SHUJH9VZH)SHUK}U(N\PYYL
,]LY[(U[VUPV6Y[LNH*HZ[YPSSV
*VUJLWJP}U*Y\a*HSKLY}U
/`HSTHY1VZt.\[PtYYLa)HYYLYH
4HYPH(U[VUPL[H4VUNYxV8\PU[HUPSSH
9VZH\YH/LYUUmUKLa7tYLa
(S]HYV*HTPSV1PY}UAH]HSH
9PNVILY[V/LYYLYH
1PTT`(U[VUPV)VYNL.HYJxH
=PJ[VY+HUPLS*VYKLYV.HYJxH
9H‚S,Z[LIHU/LYYLYH/LYUmUKLa
7LKYV7HISV7tYLa
9VILY[V1VZt4VU[V`H.\PKV
1VZt(Y[\YV9VYxN\La/\LY[H
-LYUmUKV3}WLa*HZ[YV
-YHUJPZJV3LVULS*HZ[YV
1\SPV(ZJLUJP}UALSLK}U4HY[xULa
*SH\KPH4HYxH:mUJOLa
(SIH4HYPUH-\LU[LZ
>HSRPYPHKLSVZÍUNLSLZ4LUKVaH
4HY[PULa
1LUU`KLS:VJVYYV*HZ[YV9\Pa
6UL`-YHUJPZJV+xHa
9VUHSK(YH\a;HSH]LYH
,\MLTPV(U[VUPV.VUamSLa:VaH
3\PZ(SL_HUKLY.VUamSLa
1VYNL3\PZ*OH]HYYxH(Ym\a
*YPZ[PHU(SILY[V;YLTPUPV4LUKVaH
+VUHSK9VTmU4HY[xULa3HUaH
6YSHUKV1VZt(SI\X\LYX\L3}WLa
,K\HYKV-YHUJPZJV+m]PSH6Y[xa
-SVYPJLSKH7\SPKV+xHa
@VSHUKH3PZZL[O.VUamSLa
5VYTHU(U[VUPV9VX\L4HY[xULa
,]LSPUNKLS9VZHYPV4PYHUKH.}TLa
9VILY[V4HY[xU4PYHUKH
1VZt(KYPHU;tSSLa
1HaTPUH3PZZL[O,ZJVIHYAHTVYH
5VLSPH.\[PtYYLa.\[PtYYLa
+VUHSK*H[HSPUV=mYNHZ*HSLYV
3LUxU.HYJxH.\PSStU
*YPZ[PHU)SHKPTPY4LULZLZ
,YSPUN4PN\LS9L`LZ6YK}|La
:PS]PH1HUUL[O.HYJxH+xHa
1LSRPU(YPLS9\Pa=HSSL
1VZt:HU[VZ;YH|H*HZ[LSS}U
)YVU1VZt7PJHKV4tUKLa
.LYHYKV(U[VUPV:PS]H:HSNHKV
4PNKVUPV4H[\Z.VUamSLa
1\HU,UYPX\L4HY[xULa3HN\UH
7mNPUH
1VZt+VUHSK:PS]H4LaH
:HU[VZ7tYLa+VYT\Z
0ZTHtS,Z[tIHU.\[PLYYLa=HSSL
,YLZ(SILY[V*VU[YLYHZ-\ULZ
9VZHKLS:VJVYYV.\PSStU-SVYLZ
1PSTH+HUPLSH.HYJxH4VU[LULNYV
3PUV1VZt*LU[LUV9xVZ
4H`SPUNKLS:VJVYYV7tYLa:mUJOLa
4HY[OH3PSPHT*LU[LUV(THKVY
4HYJVZ(U[VUPV4HUaHUHYLZ
(YSLU(U[VUPV-VUZLJH
*HYSVZ(SILY[VALSH`H<YIPUH
9VZH,TPSPH*Y\a/\L[L
1VZt9HTPYV4VYHSLZ)HSSLZ[LYVZ
+PLNV9L`ULYPV:HSNLYH
4HYPV(SILY[V4LUKVaH<YIPUH
>PSILY[9H‚S,ZWPUVaH:HSNHKV
3LVWVSKV7LKYV:HSNHKV;V]HS
*HYSVZ.HIYPLS:mUJOLa:\mYLa
9PNVILY[V7tYLa:mUJOLa
ALUL`KH4HY[xULa.VUamSLa
1VZt(KmU.VUamSLa,ZWPUV
ÍUNLS.}TLa.}TLa
,Y]PU(U[VUPV7YHKV4HY[xULa
1VZt6THY(]LYY\a(S]HYHKV
9L`UHSKV4HY[xU4LUKVaH=HYNHZ
1\HU(U[VUPV4HY[xULa(Ym\a
)SHUJH5\IPH(S[HTPYHUV:mUJOLa
(SILY[V7HZJ\HS*HUHSLZ9P]HZ
9HMHLS9PJHYKV)HSSHKHYLZ9\NHTH
;HUPHKLS*HYTLU6JOVH/LYYLYH
9VUHSK*HTWVZ4PYHUKH
1HJX\LSPUL,SPaHIL[O)VYNL.HYJxH
1LYLTxHZKL1LZ‚Z:PSLZ3HN\UH
:HT\LS.HP[mU:mUJOLa
9VUHSK(Ym\a;HSH]LYH
1VZ\t0]HU/\LY[H6[LYV
-HIPV/\L[L/LYUmUKLa
9VU`1VZt4LUKVaH
9VKVSMV-SVYLZ
3\JHZ+xHa7tYLa
4LYSPa(U[VUPV*HZ[YV
9LUt(Ym\a3}WLa
1\HU.HIYPLS4\|Va3V]V
:HU[VZ=PJLU[L:mUJOLa.VUamSLa
1\HU1VZt4LUKVaH6YVaJV
0SPHUH,ZWPUVaH(YYVSPNH
.SLU(U[VUPVZPS]H3}WLa
4HY[OH,SPaHIL[O.\LYYLYV/LYUmUKLa
+PLNV9L`ULYPV:HN\LYH
*HYSVZ(KHU4LUKVaH.VUamSLa
4HY[OH3PSSPHT*LU[LUV(THKVY
1HJRZVU1VLS:PSLZ
1VZL-YHUJPZJV3}WLa:HSNHKV
1HJX\LSPUL,SPaHIL[O)VYNL.HYJxH
)`YVU1VZt(SMHYV
4HYPH4HNKHSLUH4LUKVaH=HSKP]PH
(SLQHUKYV4HPYLUH6JHTWV
;HUPHKLS*HYTLU6JOVH/LYYLYH
4HYPHKLSVZÍUNLSLZ3}WLa3\TIP
)`YVU4PN\LS3}WLa3LT\Z
,YPJR1VZt.VUaHSLa:HSNHKV
-Y\[VZ+HUPSV8\PU[HUH6YVaJV
4PZYYVJR4HY[PULa
3\JPH.HYJPH-SVYLZ
5\IPH;LYLZH4LUKVaH.HYJPH
1\HU*HYSVZ+VUHPYL(YNL|HS
3\PZ4HU\LS9\Pa
5PSVKL1LZ\Z/LYUmUKLa0YxHZ
/L`ZLS0]HUPH7PJHKV;VYYLa
*HYSVZ(U[VUPV*HZ[LSSHUVZ
+HUPSV9\NHTH7LYHS[H
+HYSPUN)SHUK}U;}YYLa
,K^PU5VLS.HSLHUV
,SPaHIL[O6YVaJV9P]LYH
-tSP_7LKYV4HPYLUH,Z[YHKH
1VZt(SLQHUKYV*HSKLY}U
1\HU(SL_PZ7HSHJPVZ(Ym\a
1VZt4HYJLSPUV9VKYxN\La-SVYLZ
1VZt=PKHS.VUamSLZ/LYYLYH
1VZt-YHUJPZJV*VU[YLYHZ*VU[YLYHZ
1HYSLU0]mU7tYLa4HYxU
1HY]PU5LM[HSx9\NHTH(Ym\a
1\HU*HYSVZ1HYX\xU
1VZt*\WLY[PUV/LYYLYH/LYYLYH
4H\YH/LYUmUKLa
4LS]PU(Y[\YV*OH]HYYxH
4HYJVZ(KVUPZ*VY[LKHUV4VUJHKH
6SP]PH9P]LYHAHTVYH
6ZJHY`9VTmU7tYLa
7LKYV1VZt+HSSH[VYYL4tUKLa
9L`UHSKV4LaH*HZ[YV
9VKVSMV([PTV3VmPZPNH
>PSSPHTKL1LZ‚Z)VYNL3}WLa
0]HUPH,SPaHIL[O3LP]H/LYUmUKLa
)PZTHYR(U[VUPV(THKVY3\X\La
:LYNPV(U[VUPV(S[HTPYHUV*OH]HYYPH
7LKYV(U[VUPV*LU[LUV4LUKVaH
:PS]PV4HY[xU;}YYLa)SHUKVU
*HYSVZ9\ItU3}WLa*HZ[YV
*HYSVZ1VZt=HSKP]PH
(UNLS(U[VUPV4HY[PULa4LaH
*HYSVZ1HTPSALSLKVU;PUVJV
1\HU1H]PLY)SHUKVU*Y\a
+HUPLS/\TILY[V7PJHKV4LULZLZ
-YHUJPZJV9HT}U4HPYLUHALSH`H
4HY[OH@HTPSL[O)SHUKVU
<YHUPH.VUaHSLa
-YLKK`9HMHLS4VYLUV.\[PtYYLa
(a\JLUHKLS:VJVYYV9PaV/LYYLYH
3\PZ,UYPX\L4VU[LULNYV9PaV
+HTHYPZ=LYVUPJH.VUaHSLaALSLK}U
2LUPHKLS:VJVYYV*HZ[YV9\NHTH
0]HUPHKLR*HYTLU4LUKVaH-SVYLZ
1VZt=PKHS.VUaHSLa/LYYLYH
ALULSPH*HYTLU;}YYLa*LU[LUV
4HYP[aHKLSJHYTLU*HZ[YV9\NHTH
1VZt)H`HYKV)LYYPVZ-SVYLZ
:LYNPV1VZt;VYYLa.}TLa
3\PZ+VUHPYL)SHUK}U
=LYVUPJHKL1LZ\Z.\[PLYYLa4\|Va
.YHJPLSHKLS*HYTLU-SVYLZ
,KK`4H\YPJPV(JL]LKV4HYHKPHNH
0TLSKHKLS*HYTLU4HSKVUHKV
9VKYPN\La
4HYPV1VZt;VYYLZ
+H]PK*HZ[YV;PUVJV
>PSSPHT9HT}U/LYYLYH.VUamSLa
(SMYLKV9VZLUKV(YVZ[LN\P(N\PSHY
4HYPV(SILY[V9VQHZ4LSLUKLa
4HY[OH4HYPLSH4VU[V`H=LSmaX\La
-H\Z[V/LYYLYH7HSHJPVZ
)LYUHYKV.YLNVYPV:VSPZ7tYLa
9VSHUKV(YYVSPNH7HSHJPVZ
-LSP_(U[VUPV/LYUmUKLa/LYUmUKLa
)LUQHTxU1VZtALSLK}UALSH`H
0ZPKYV(U[VUPV/LYUmUKLa/LYYLYH
(UH*LSPH)SHUK}U/LYYLYH
4HYJPH0YLUL4tUKLa7LYLa
1VZt9L`UHSKV/LYYLYH*Y\a
4HY[OH@HTPSL[O)SHUK}U
)SHUJH5\]PH)LYT‚KLZ6JOVH
4HYPV,UYYxX\L*HZ[PSSV7PJHKV
5VS]PZ,YULZ[V9P]LYH
1\HU1H]PLY)SHUK}U*Y\a
)L[[`KLS:VJVYYV)SHUK}U;}YYLZ
9VILY[V1VZt7HKPSSH(YK}U
(UNLSH(UPLSRH=xSJOLa7VUJL
1VZt(Sx6ZLN\LKH/LYYLYH
.\HKHS\WL+PVUPZPH4LUKVaH3}WLa
1\HU-LYUHUKV7HSHJPVZ9PaV
?VJOPS@HOVZJH.\[PtYYLa;YLTPUPV
=LY}UPJHKL1LZ‚Z.\[PtYYLa4\|Va
:HUKYHKLS*HYTLU3}WLa*HZ[YV
ALULSPHKLS*HYTLU;}YYLa*LU[LUV
*HYSVZ1HTPSALSLK}U;PUVJV
:HU[PHNV:HU[VZ.VUamSLa
6SNH:VMxH)SHUK}U)SHUK}U
4HYPILSKLS:VJVYYV*HZ[YV9\NHTH
:HUKYH.\HKHS\WL<YIPUH.VUamSLa
4HYP[aHKLS*HYTLU*HZ[YV9\NHTH
1\SPV*tZHY+\HY[L6Y[xa
0]HUPH,SPaHIL[O3LP]H/LYUmUKLa
-H\Z[V/LYYLYH7HSHJPVZ
:LYNPV1VZt;}YYLa.}TLa
1VZt(KYPHU9PaV.\[PtYYLa
(IU`4HYNHYP[HALHZ*LU[LUV
(SMYLKV9VZLUKV(YVZ[LN\P(N\PSHY
2LUPH,SPaHIL[O.}TLa7}]LKH
3LZIPH4HYPILS.\[PtYYLa*OH]HYYPH
2LUPHKLS:VJVYYV*HZ[YV9\NHTH
>PSSPHTKL1LZ‚Z)VYNL3}WLa
0]HUPHKLS*HYTLU4LUKVaH-SVYLZ
7LKYV1VZt+HSSH[VYYL4tUKLa
>HS[LY1VZt5V]VH/LYYLYH
9VUHSK(U[VUPV9VKYxN\La4HY[xULa
-YLKK`(U[VUPV)SHUK}UAHTVYH
9VZLUKV(U[VUPV.}TLa7}]LKH
+HTHYPZ=LY}UPJH.VUamSLa
+H]PK5PJHYHN\H/LYYLYH
(UxIHSAHTVYH1PTtULa
(Z[HU*Y\a*VIHU
(YTHUKV9HP[O+VTPUNV
(SJPKLa)LRLY4HPRLS
)LUQHTxU=PJ[VY+VTPUNV
)HUQHTxU)LRLY4HPRLS
*HYSVZ,ZJVIHY>HSKHU
+HUU`/LUZS`*OHJ}U
+VYH*HYKVUH,SPZPV
+HPUPUN@LILSRH:TP[O)YV^U
,STLY/VSTLZ
,SHT/PSHYPV4VYHSLZ
-YHUR*HZ[YV4VU[V`H
,S]PZ4LUKVaH(S]HYHKV
0]PZ/VKNZVU4VYL
1HPYV3}WLa;\JRLY;\JRLY
1H]PLY3}WLa:HIPUV
1LY}U0ZTHLS3\[OLY
3\WP[H*SHYJR9P]LYH9P]LYH
3\PZAHTVYH7LKYV
3\Y]PUV:HSVT}U7HKPSSH
4HYPHULSH.}TLa7YHKV
4HYJPHUV9LUV+VUHSKV
4PYUHAH`KH-SVYLZ:PTVUZ
5VLS0ZTHLS:HYTPLU[V(S]HYHKV
7HISV4P[JOLS>HSKPTHU
7L[YVUPSH;OVTHZ7tYLa
7LKYV;PUVJV>PSZVU
/H\Z[PUN7LYLPYH9LNNPL
9VZZLSS5LSS1HJRZVU3L]PZ
:LSTPYH7LSHWZ3maHYV
;HTHYH4PYL`H4VYH7HKPSSH
>PSS;PKPHU9HMHtS
9HTPYV;VIxHZ9VVZ]LS[O
9H`/LUUPUN4LPZZULY*VSLTHU
7PULKH:LYNPV3\PZ
9L`UHSKV*HZ[YV.VUamSLa
4PN\LS,UYYPX\LaA‚UPNH
@HTPYH-\ULa-LYUHUKV
1LUU`1VZLMH.HYJxH*YPZ[`
,SSPH*LJPSPH6TPLY4LKPUH
>PSMYLKV-LYYLYH/HTTLY
,TLYP[V.}TLa=PJLUJPV
9VILY[V>PSZVU7HSTH
+HUU`AHTVYH<YIPUH
3LVUHYKV>PSZVU3}WLa
>PSMVYK/PW}SP[V:PTVUZAHTVYH
5PSZ/LYYLYH,ZJVIHY
*SHYHUZ-PN\LYVH,Y^PU
>HPU^YPNO[3HJR^VVK1\HU.HIYPLS
1\HU1VZt*Y\a.HYa}U
(UUL[[L/VWL-VYILZ3L^PZ
(UH(a\JLUH,Z[YHKH4VU[V`H
(YLJLS`KLS:VJVYYV+xHa4HJRLUa`
4LTVYPH
)L[O(SPJL4LYJHKV+\UJHU
)H`HYKV:mUJOLa,ZWPUVaH
*LZHY/LYUmUKLa9VJOH
*HYSVZ4HU\LS)H`HKHYLZ7HYYPU
*HYTLSV*\WLY[PUVAHTVYH
*SLTLU[PUH7LYHS[H)\KPLY
+HUPSV(U[VUPV*HZ[PSSV3}WLa
,TLSKHAHJHYxHZ8\PU[HUPSSH
,S`HU\YH>VV>PU[LY
,TPSV4VSPUH.VUamSLZ
-YHUJPZJV3}WLa9\NHTH
.LY[Y\K`Z+\UJHU1OVUHZ
.VUaHSV*mJLYLZ3HNVZ
.LYZVUÍS]HYLZ2P[SLY
0YTH=PVSL[H(U[VUPV:[HUSL`
1\SPH0ZHILS.\[PLYYLa;LUVYPV
1VZL4HYxH6IHUKV9HTxYLa
1VZL(\YLSPV/LYUmUKLa9L`LZ
4HYPLSHA‚UPNH>PSZVU
4HU\LS(U[VUPV3HYH
4HYJVZ(U[VUPV)VYKHZ*HPSHT
4LY`,YSPUKH7HKPSSH(YN\LSSV
4HYQ\Y`*VMÄU2P[[SLY
5LPZR`6ZTHYH9L`LZ3\JHZ
5PUVZRH(\_PSPHKVYH3}WLa*HUHSLZ
7LKYV7HISV4\|Va3}WLa
9HPS`:HUKLYZ*VYULQV
9HTPYV=HSSLJPSSV0YxHZ
9HT}U)LUQHTxU3L^PZ4H[\[L
9VILY[V)VSH|VZ:HUKPUV
:HU[VZ(YU\SMV)LUH]PKLZ7LYHS[H
:PUK\SMV9\Pa3LHS
;LVÄSV:[YHW7VTLSV
>PUKLY0UNYHT:VaH
=LSJHY5LSZVU5P_VU
6ZJHY6Z^HSKV)LS[YmU:HSVT}U
>SMYLKV)VI,ZJVIHY
:HT\LS,]HYPZ[V(S]HYHKV5HY
9L`UH0ZHILS4HY[xULaJHZ[YV
+H`YH+VSLUL:PSLZ/H`SVJR
0ZPKYV.}TLa6Y[xa
)L[[`,SPaHIL[O(UKLYZVU4VSPUH
1VU`4VYHSLZ>PSMYLK
5LSZVU)YPJL|V:HSVT}U
4H`UVY/VKNZVU7VSPJxH=VS\U[HYPV
,TLSPUH7HKPSSH(YN\LSSV
4H`YH4LYJHKV)HUZ
7LKYV4HUHZPV)LUKSPZ:VSHYLZ
>PSMYLK)VYNL4VSPUH
4HYJLSPUV,ZJVIHY)HUZ
.\Z[H]V-YHUJPZJV(N\PSHY9P]LYH
/tJ[VY4HPIL[O9VTLYV
1LUU`(Y[O\YZ:VSHUV
(YHJLS`4\SSLYAHIHSH
;HUPH4HYLZZHAHJHYxHZ:JV[[
7VUJPHUV+PURPU:HU[VZ
>PUZ[VU+xHa.YLLU
)LY[PSPH*HZ[YV8\HU[
1VZt)VUZ4LUH
2LUPH4HYxH0UNYHT.\[PLYYLa
(\YLSPV(S]HYHKV5HHY
9VUU`/LUYYPX\La/HYYPZVU
2HYSH>PSSPHTZ8\LIY`
)LY[OH4HY[xULa*HZ[YV
4H\YPJPV;LIHZ9\Pa
)SHUJH9VZH3}WLa.HYJxH
1VZLMH3}WLa3HJRVV[O
.YHJPLSH4VYHSLZ1V`HZ
1\Z[PUH+P_}U3HNVZ
1\HUH4HYxH7HU[PU:HUKPUV
5LZSL`(ILSHYKV*LMLYPUV
2HYLU1HUULSP6TPLY4LKPUH
;OLSTHAHJHYxHZ
(YUVSKV+xHa-SVYLZ
+LUPZ-YHURSPUAHTVYH
1OVU`;OVTHZ+P_}U
4HYPV5‚|La4HUaHUHYLZ
@LYHSK5VLS3HIVU[L4HPRLS
*H[HSPUV:L]PSSH*HU[PSSHUV
4HYxH9LILJH/VKNZVU>HSKHU
*LSZH4VSPUH.VUamSLa
(UH(a\JLUH,Z[YHKH4VU[V`H
*LSZH4VSPUH.VUamSLa
1\SPH0ZHILS.\[PtYYLa;LUVYPV
.VUaHSV*HJLYLZ3HNV
4HYJVZ(U[VUPV)VYKHZ*HPSHT
7LKYV7HISV4\|Va3}Wua
:HU[VZ(YU\SMV)LUH]PKLa7LYHS[H
,TPSPV4VSPUH.VUamSLa
9HT}U)LUQHTxU3L^PZ4H[\[L
)H`HYKV:mUJOLa,ZWPUVaH
+HUPSV(U[VUPV*HZ[PSSV3}WLa
1VZt(\YLSPV/LYUmUKLa9L`LZ
,TPSPHUV+V^UKVU9VIPUZVU
5`[aPH1\SPHUH;HSSL`:VSVYaHUV
4LS]PU1H]PLY4HYxU9VILY[ZVU
3LVULS,SxHZ4VSPUH)LUH]PKLa
(YHJLS`@HSPSH-VYILZ
(UH4HYxH9HTVZ5L^IHSS
+LUUPZ.HYJxH3HNVZ
1LZZPJH*mJLYLZ1PTtULa
(SL_HUKLY3LTHU,ZWPUVaH
4LYLS`U4HYILSS`7tYLa,ZJVIHY
.LYTHU:HSVT}U7V]LKH
)LY[xU:HUKV]HS*HZ[LSSHUV
1H]PLY*VSLTHU4VSPUH
9VILY[V1H]PLY.YHULYH)SHUJV
1PTtULa>PSZVU9VZHSLZ
(YU\SMV*LYUH4HY[xULa
4HYPLSHA\UPNH>PSZVU
0]ULSPH9LILJH9PJOPL
:\`LU3LH3LU[JO/\Y[HKV
*SHYH4HPYH:PTVUZ
4HYxH(U[VUPH)HSSHKHYLZ.HYJxH
(STH3PSH4HPYLUH4HPYLUH
3PZIL[O1VOHUUH4LKPUH9VZHSLZ
5HUJ`*HYVSPUH)HSKLYHTVZ9PJHYKV
*HYTLSV*\WLY[PUVAHTVYH
,TLYP[V=PJLUJPV.}TLa
1\HU1VZt*Y\a.HYa}U
)LUQHTxU)LRLY4HPRLS
(SSHU9H`;H`SVY;}YYLa
6YSHUKV-YHUJPZJV:HUKV]HS+VTPUNV
.LYTHU.HYJxH/HTPS[VU
*LZHY(\N\Z[V.\HKHT\a:\HYLa
;LVÄSV:[YHW7VTLSKV
,SxHZAHTVYH7HKPSSH
3LÅ`Z(SILY[V4VSPUH)LUH]PKLa
+H]PK1\SPHU-LSPJPHUV
1VYNL/LYUmU6^.HYJPH
5\IPH*mYKLUHZ:HSNHKV
9L`UH0ZHILS4HY[xULa7tYLa
4HYJPH1VZLMH(S]HYLa*HSKLY}U
1LZ‚Z(STLUKHYLa6YVaJV
*HYSVZ:HU[PHNV.VUamSLa.HYJxH
9VILY[V1\HU.}TLa(STHUaH
9VZH4HYxH7tYLa9VTLYV
2H`SmU:VSHUNL9VKYxN\La:HUHYY\ZPH
(YSLU@VYHSPJPH:HIHSSVZAHTVYH
4HU\LS,UYYPX\La4HY[xULa4HY[xULa
9VNLY(\YLSPV.\[PtYYLa:mLUa
4HYNPUH(a\JLUH/LYYLYH+xHa
*HYSH1LUL6TPLY=HYNHZ
3PZIL[O*SHYPILS;}YYLa*HZ[PSSV
@LZZLUPH*HZ[PSSV(JL]LKV
:HU[V(U[VUPV4HY[xULa.VUamSLa
,SPHZ4HPYLUH6WVY[H
5VYILY[V(THUJPV9\Pa+HUPLSZ
.SHKPZ)HYX\LYV7tYLa
*HYTPUHKL:VJVYYV+V^UZ3PYH
7SmJPKH4HJHYPH.VUamSLZ4HZPZ
)YLUKH4HYJLSH.VUamSLZ.VUamSLZ
+VYH+LSNHKV*HZ[PSSV
-H\Z[PUH0ZHILS;tSSLa,ZWPUVaH
4HYP[aHALUHPKH/LYUmUKLa
3L`ZLY1HTPY;VT*mYKLUHZ
=xJ[VY-PSLT}U*LYUH*V_
4PYUH1VOHUH1HYX\xU.VUamSLZ
0ZPKVYH9VKHZ
1\SPHU3}WLa.HYJxH
@LZZLUPH@HTPSL[O:VaH.HYJxH
-LSPWL(SL_HUKLY.VUamSLZ.}TLa
4HU\HS(U[VUPV:HUKV]HS*HZHUV]H
(KLSPUH,Z[YHKH,Z[YHKH
3VYLUHKL1L‚Z:mUJOLa9P]HZ
*HYSVZ(U[VUPV9HTxYLa4HY[xULa
(ILS0ZHHJ3}WLa.HYJxH
1\HU*HYSVZ*HZ[PSSV(JL]LKV
4LSIHKLS:VJVYYV1PTtULa6WVY[H
)SHKPTPY(U[VUPV9VKHZ*HU[PSSHUV
-YHUJPZJH3}WLa9VKYxN\La
1VZt4PN\LS)YP[[VU.VUamSLa
)PZTHYR(U[VUPV-HQHYKV4tUKLa
+PKPLY1VZ\t-SVYLZ*HZ[YV
:HU[PHNV.HYJxH7LKYV
3LVULV,MYHxU(ILSSH3HU\aH
@VSHUKH7PULKH6WVY[H
?PVTHYH)VYNL(SLTmU
1VZt,\Z[HJPV*HUV7tYLa
)YLUKH3PKPH.}TLa6WVY[H
1VZLMH4HYP[aH*VYULQV+xHa
5LYL`KHKLS:VJVYYV9PNI`7PULKH
>PaTHY(U[OVU`3L^PZ+V^U
(SJPKLZ=HSKLa(YPHZ
4m_PTV1VZt9L`LZ3}WLa
4HYPHUV4VUKYHN}U4HYHKPHNH
)LYUHYKV4LSLJPV9\Pa*OV^
4L`SPUN+L`HUPYH7L|H.VUamSLa
3\PZ(SMYLKV-SL[LZ:VaH
(SIH3\a+\HY[L(N\PSHY
,S]PU-LSPJPHUV6IHUKV:PYPH
+H`ZP(IPNHPS.}TLa*HZ[LSS}U
4H`YH:VJVYYV9VTLYV4VU[V`H
/LUYY`,\NLHU9\Pa:HSVT}U
3LZIPH*HYTLU9HTVZ4VVYL
4HYNHYP[H4HY[PUH0UNYHT4VYHSLZ
4HY[OH3PKPH-HQHYKV4LUKLa
:HU[VZ:HSPUHZ4LUKVaH
4HYPH4HNKHSLUH7LYLa.HSLHUV
+\THYJR6THY9PVZ4PYHUKH
4VYNHU(IYHOHT7HSTLYZ[VU
*LZHY/LUY`)LUH]PKLZ
+HUPLS:HU[VZ1PY}U.H[PJH
@HUPYPZ4LSPZH=HSSL6WVY[H
(U[VUPH3VWLa9VKYxN\La
4PZYHPU.VTLa)VYNL
9VUHSK6QLKH-LKLYPJV
.\Z[H]V(SLQHUKYV(SLTmU:LX\LPYH
1VZL+VUHSK*LYUH4LYJHKV
:LYNPV1VZL=PSSHJOPJH6Y[Pa
+LUPZ1VZt/VKNZVU
5tZ[VY@HTPS6IHUKV4\YPSSV
1VHX\PU1VZL1PTtULa*HZ[PSSV
1\HU9PNVILY[V(Y[VSH:VSxZ
1VHX\xU1VZt1PTtULa*HZ[PSSV
)SHUJH5\IPH=PSSLNHÍS]HYLZ
1\HU4HY[xU:HSNHKV4LKPUH
3VYLUH*HYTPUH9VZHSLZ:VaH
7LKYV7HISV,Z[YHKH4VYSL`
1\HU4PN\LS;VY\|V1HYX\xU
,YPJRHKLS*HYTLU4LUKPL[H+xHa
=PJLU[L,]LSPV3}WLa:mUJOLa
1\SPV1VZt/LYUmUKLa
1VYSLUP:OVUHPYH5HZO
,K`Z1H]PLY>HS[LY*HZ[LSS}U
,TPY(U[VUPV9HTxYLa
3\PZ.YLNVYPV.\[PtYYLa.HP[mU
3LZIPH-YHUJPZJH*mYKLUHZ:HSNHKV
4L`SPU@LZZLUPH4HY[xULa=mYNHZ
4LYJLKLZ(IZHS}U(THKVY:L]PSSH
4PN\LS(UNLS)\YNVSxU
3LZIPH-YHUJPZJH*mYKLUHZ:HSNHKV
=LYKP3LL;VT*mYKLUHZ
(YSLU@VYHSPJPH:HIHSSVZAHTVYH
4HY[`SLL0]VUUL0UNYHT*VL
(_LS7tYLa7tYLa
(S]HYV3LUxU*HZ[PSSV4LUKVaH
9VUHSK(SMYLKV(Z[VYNH*Y\a
1\HU+H]PKA‚UPNH9VILSV
9LUH[V/LYUHUKLa+xHa
@HKLY(SL_HUKLY/LYYLYH9H][[L
.LYTHU3}WLa4\|Va
4HYSVUKL1LZ‚Z.\PKV*OH]HYYxH
,KK`,UYPX\L-YLJO(]LSSmU
3LUPU6Y[xa:VaH
(\YLSPH-SVYLZ9VKYxN\La
,TPS(U[VUPV:\HYLa)LUH]PKLa
)PZTHYR3}WLa9HTVZ
(UH1\SPH=PKHNY\LZ*LU[LUV
:HU[VZ1\Z[PUV4LSNHYH9VTLYV
1HPTL+xHa6YVaJV
)LUPNUV(S[HTPYHUV.\PSStU
)PZTHYR+VTPUNV)SHUKVU4\|Va
1VZt(SILY[V4HY[xULa4HY[xULa
3LVULS(U[VUPV3}WLa
9VZHSPV4VU[LULNYV7LYLPYH
*HYTLU-SL[LZ
.LYTHU)SHUK}U/LYUmUKLa
1VZt4HY[xU:HSN\LYHZ/LYYLYHZ
4HYJVZ:mUJOLa6JOVH
:PS]PV9LUL4VU[LULNYV9L`LZ
0NKLS5LSZVU*YPZ[LWH
4PN\LS7HZ[VY/LYUHUKLa4H[LV
4HYJVZ;LZZ7LKYV)HRLY
*HYSVZ7YHKV*VYULQV
4HYPH*LJPSPH.VUamSLa.}TLa
1\Z[V+H]PK4VYYPZ-\ULa
1HPYV=LNH4VUJHKH
4HYSVU(U[VUPV:PS]H*LU[LUV
3LZ]PH(N\PSHY/LYUmUKLa
,Z[LIHU<YIPUH
9VZH(ILHSYKVA\UPNH
,SPaHIL[O,ZJVIHY4HY[PULa
+PUH4LSNHYH9VTLYV
*SH\KPH5VOLTP7\LY[H4LKPUH
.\TLYJPUKV=P]HZ)VYNL
(U[VUPV3}WLa<YIPUH
4PN\LS(UNLS:HSN\LYH*HZ[YV
5PJVSHZ*HU[PSSHUV*HU[PSSHUV
-H\Z[V7LYLa/LYYLYH
,Y]PU(YPLS9VX\L4VUJHKH
3LZ[OLY3PUHY[L)\KPLY4PSSLY
1\HU1VZt+m]PSH4VSPUH
4HYPH+VSVYLZ4HY[PULa7tYLa
(UHZ[HJPV*HYKLUHZ6JOVH
:HU[PHNV/LYUHUKLa:LX\LPYH
4HYPH*VUJLW[PVU.HYJxH-SVYLZ
4HYSVU5PJVSHZ3}WLa.HYJxH
9VUHSK(ILSHYKV.LUHYVU9HK\LS
/LPKK`*HZ[LSS}U9VKYPN\La
3\PZ(SILY[V/LYUmUKLa9P]LYH
9L`UH1\UPLO[3PYH4HY[xULa
1\HU4HU\LS*HYKLUHZ4LKHS
-YHUJPZJV+HUPLS3}WLa
1\HU1HYX\PU3}WLa
@HTPSL[[L*LU[LUV(SHUPa
*HYSVZ1VZt1HYX\xU.HYJxH
1VZt(SMYLKV9\Pa;LYJLYV
1VZt<YPLS*OH]HYYPH
)LY[OH,SLUH-SVYLZ0aHN\PYYL
9VILY[V*HYSVZA‚UPNH:\HaV
5VLS6SP]HZ=HSSL
)LUP[V(U[VUPV4VYHaHU:\HaV
4H[LV*LU[LUV=PKHNY\LZ
>VZSJHY1VZt.HYJxH.HYJxH
(UNLSP[HKLSH*VUJLWJP}U4HPYLUH
=mZX\La
/LPKK`*HZ[LSS}U9VKYxN\La
+H`HUH,\NLUPH:JOVJR9HTxYLa
4VPZLZ+xHa6YVaJV
1HPTL*OH]HYYPH=LSHZX\La
;LYLZH3PYH4HYPU
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
1LHUUL[O9HTPYLa*Y\a
.HTHSPLS5HYJPZV4H[\Z4LKPUH
4PYPHT.VTLa*HU[PSSHUV
*mUKPKH9VZH.VUamSLa3\TIx
)PZTHYR3}WLa9HTVZ
*tZHY+HUPSV*LU[LUV(Y[VSH
.LYTHU(U[VUPV4VYH
9VNLYALSH`H=HSLUKYLa
3\PZ(U[VUPV+\HY[L/LYUmUKLa
.tYTHU)SHUK}U/LYUmUKLa
1LHUUUL[L9HTxYLa*Y\a
4HYSVU(U[VUPV:PS]H*LU[LUV
4HYJVZ7LKYV;LZZ)LRLY
6YSHUKV:LIHZ[PmU9\M\Z
1HaTPY,UYYPX\La)\Z[HTHU[L6SP]HZ
,TT`,Z[LSH(THKVYAHTVYH
1VZt(U[VUPV7VSHUJV(THKVY
1OHULYPH;LZZ.}TLa
(KH,SPZH:[HUSL`4HPYLUH
-YLKK`*mYKLUHZ6JOVH
1\HU+H]PKA‚UPNH9VILSV
;HUPHKLS:VJVYYV7L|H:HSNHKV
4HY]PU1VZt.\[PtYYLa:HSNHKV
*SH\KPH5VOLTx7\LY[H4LKPUH
(UNLSP[HKLSH*VUJ4HPYLUH=mZX\La
1\HU7HISV3}WLa:mUJOLa
9PNVILY[V(U[VUPV7tYLa/LYYLYH
:LYNPV(U[VUPV:VaH.VUamSLa
@HTPSL[[L*LU[LUV(SHUPa
/\NV(SILY[V)SHUK}U;HSH]LYH
(\YLSPH-SVYLZ9VKYxN\La
4HYxH,SLUH.HYJxH*Y\a
9\ItU.YLNVYPV9VKYxN\La9VKYxN\La
+PUH4LSNHYH9VTLYV
,KK`,UYYPX\L-YLJO(]LSSmU
9VZH(ILSHYKVA‚UPNH
@HKLY(SL_HUKLY/LYYLYH9H`[[L
,SPV[O7HU[PUN)LUJ`
(UHZ[HJPV*mYKLUHZ6JOVH
9VILY[V-LSPJPHUV/LYUmUKLa9L`LZ
:PS]PV9LUt4VU[LULNYV9L`LZ
1HPTL+xHa6YVaJV
9L`UH1\UPLO[3PYH4HY[xULa
4VPZLZ+xHa6YVaJV
:LYNPV*PYSL4LUKVaH:mUJOLa
(YJHKPV;H`SVY9L`LZ
)LUPNUV(S[HTPYHUV.\PSStU
-LYTPUH)SHUK}U)LUH]PKLa)LUH
]PKLa
9HT}U:H[\YUPUVAH]HSH6SP]HZ
4HYxH+VSVYLZ4HY[xULa7tYLa
+HUPLS<YIHUVA‚UPNH*LSLZ[PUV
4HY]PU1H]PLY<YIPUH(]LUKH|V
9HX\LSKLS*HYTLU)HS[VKHUV
/LYUmUKLa
1LZ‚Z9L`UHSKV)VKKLU
(SL_PZ1VZt,ZWPUVaH.HYJxH
5VYSHU(U[VUPV9PaV:HU[HUH
)`NHYU`1VZ\t:HU[HUH/LYYLYH
(UNLS9HMHtS4HZPZ+m]PSH
1\HU*HYSVZ4H[HTVYVZ9VISL[V
1VOHUH)LUP[H)LULK[O:HU[HUH
1VYNL,UYPX\L9VKYxN\La9HTxYLa
9VSPUN(U[VUPV:mUJOLa9VKYxN\La
1HPYV1\HX\xU:\HaV;tSSLa
/LYSPVU>PUZ[VU5H]HYYL[L;tSSLa
9\MVKL1LZ‚Z:HSNHKV
4H\YPJPV,UYPX\L.VUamSLa
1VOU`-YHUJPZJV9P]LYH6Y[xa
(YTHUKV0ZPKYV:L]PSSH3}WLa
(KPLS:H‚S*HZJV9L`LZ
9VZHYPVKLS*HYTLU4VYHSLZ=xSJOLa
3\PZ(SL_HUKLY*\HYLaTH8\PU[HUH
3\PZ.\PSSLYTV;}YYLa(YYPHaH
+L`IPU1VZu9VKYxN\La5HY]mLa
,YPJR(U[VUPV4HS[La6Y[xa
,SyHZ*LZHY.VUanSLa=LNH
4HYSVU(U[VUPV(N\PSHY
7mNPUH
4VKLZ[V(U[VUPV(S]HYLZALSLK~U
1VZu(IYHOHT8\PQHUV*LYUH
5PJVSHZKL1LZƒZ(S[HTPYHUV/\L[L
5VY]PU(SL_HUKLY.~TLa.\PSStU
1LHU2LYY`3\UH.\[PuYYLa
)LY[OH(KPSPH*HTWVZ:VaH
-SVYKL4HYyH9HTPYLa*HZ[YV
.LYHYKV1VZu*VYLH<SSVH
*OVYSPZ7H[YPJPH.HYJxH=HS]LYKL
>PSSPHT9L`T\UKV.HYJxHA‚UPNH
2HYLU3PUV4LYJHKV
(a\JLUHKLS*HYTLU*HSLYV.HYJxH
)H`YVU1VZt=LSmZX\La:\ZHUV
9\KK`1VZt7PULKH9VJOH
6Z^HSKV1H]PLY3}WLa*OV^
@HKLY9HT}U.HYJxH/LYYLYH
1VZt(UNLS3}WLa3}WLa
=PYNPUPH3PZZL[O<TH|H7L|H
(YNLU[PUH:VJVYYV7tYLa=HSLYPV
+HTHYPZ6KPS`9VKYxN\La9VKYxN\La
+VTPUNV1VZt4VYH.\[PLYYLa
,]LSPUNKLS:VJVYYV=LNH*mJLYLZ
,]LY[1VZt:L]PSSH(S]HYHKV
1HY]PU1VZtAHWH[H(N\PSHY
1\SPV*LZHY3HUaHZ9L`LZ
1VZt-YHUJPZJV.HP[mU3\NV
1VLS(SMVUZV4LUKVaH(N\PYYL
1VYNL+H]PK6IHUKV(YN\LSSV
1PTT`(U[VUPV*Y\a/LYUmUKLa
1PTT`1H]PLY4LStUKLa*VUKL
1\HU(U[VUPV,ZWPUVaH=PSJOLa
1VUH[OHU1HZZPLS:PS]H9P]HZ
2HYLU4HZZPLS1\ULZ)YPJL|V
3PKPL[O(UNLSLZ=HSSL9VKYxN\La
3\PZ(SILY[V=mYNHZ-LYUmUKLa
3PaHUKYH3PZL[O.H[PJH.HYJxH
4HYPS\aKLS9VZHYPV+xHa=HYLSH
:HU[VZ9VILY[V:PS]H
@LS[ZPUN+H]PK1HYX\xU4HY[xULa
(UH1\SPH:HYYPH4LUKVaH
(Y[\YV(SILY[V.\HKHT\a/LYYLYH
*SH\KPH,ZTLYHSKH,Z[YHKH4HY[xULa
+V\NSHZ*HTPSV=HSSL9VKYxN\La
,Y]PU(U[VUPV*HSKLYH3LP]H
.LV]HUU`.HIYPLS9PaV7tYLa
.YL`SPUN,\UPJL,ZWPUVaHA‚UPNH
1VZt(UNLS4VQPJH=LSmZX\La
1VLS,YULZ[V3HJH`V3}WLa
1LUL4HYILSPU3HT/HTTLY
1PTT`7HZ[VYH.HYJxH4tUKLa
1\HU,UYYPX\L:HUJOLa/LYUmUKLa
3LZ[LY4HU\LS=HSSLQVZ3}WLa
3LZ[LY(U[VUPV3}WLa(YN\LSSV
4HYSVU6ZTHU`.\LYYLYV9VKYxN\La
4HU\LS:HS]HKVY.\[PtYYLa.VUamSLa
4HY[OH,SPaHIL[O4VYH.}TLa
;LSTH*HYTLU:\UZPU:VSPZ
?PVTHYHKLS*HYTLU,Z[YHKH=mZX\La
@LYHSKKL1LZ‚Z.}TLa4HUaHUHYLa
-PKLS,]LUVYAH]HSH)HYILYLUH
@HZZPY-YHUJPZJV)HS[VKHUV4HY[xULa
1VZt(U[VUPV*HUKH9\Pa
4PN\LS(UNLS9P]HZ9VTLYV
9PJOHYK1VZt=LNH,ZWPUVaH
>LUK`@HVZRH(I\Y[V4H`VYNH
4L`SPUN=HSRPYPH9L`LZ4H`VYNH
+HYSPUNO(U[VUPV(N\PSHY)HS[VKHUV
:LYPVaORH5H]LaJH4LTIYL|V+xHa
1\HUH3PK\]PUH/LYYLYH.HYJxH
:LIHZ[PHU6Z^HSKV=HSKP]PH(N\PYYL
3LUxU(SILY[V4tUKLa.HP[mU
-tSP_(U[VUPV/LYYLYH:JV[[
/\TILY[V(U[VUPV(N\PSHY(JL]LKV
1HPTL1VZt3HUaHZ*HUV
+H`YP1LZ‚Z(N\PSHY:mUJOLa
1LZZPRH1\UUPL[O*HIHSSLYV
4HY[xU(SL_HUKLY1HYX\xU
9VILY[V*Y\a-VUZLJH
4HYxH;LYLaH3m\KLa*HUHSLZ
1VYNL9HT}U3}WLa9P]LYH
4HYxH,SLUH4\UN\xH.VUamSLa
1VZt+H]PK.VUamSLa.\L]HYH
+PTHZ-YHUJPZJV(YNL|HS3VmZPNH
5VYTHU1H]PLY+\HY[L
7LKYV7HISV7L|H
1\HU1VZt5HY]mLa.HYJxH
1\HU-YHUJPZJV:LYYH[V7tYLa
4HY]PU(U[VUPV4LYJHKV:mUJOLa
3H\YH1LHUUL[O4tUKLa;}YYLa
-YHUJPZJV1VZt<YIPUH,ZJVIHY
.\Z[H]V(KVSMV=HULNHZ*HYIHSSV
1\HUKL1LZ‚Z9P]HZ.\YKPHU
-LYUmUKV(U[VUPV(]PSLZ.\[PtYYLa
4PYUHKLSVZ(UNLSLZ9HTxYLa7tYLa
-SH]PHKLSVZ(UNLSLZ.}TLaAHTVYH
@HKLY5PJVSmZ.\[PtYYLaAHTVYH
4HY]LS`KLS:VJVYYV*HYIHQHS4HY[xULa
1\HU*HYSVZ(YPHZ/LYYLYH
1\HU*HYSVZ4tUKLa>HZOPUN[VU
)LY[OH(KPSPH*HTWVZ:VaH
2HYLU1LHUL[O-SVYLZ7tYLa
>LUOK`@HOVZRH(I\Y[V4H`VYNH
3PaHUKYH3PZL[O.HYJPH.HYJPH
+HSPH*SH\KPH.YHULYH(J\|H
,ZJHYSL[OKLSVZ(UNLSLZ7tYLa7tYLa
3H\YH1LHUL[[L4LUKLa;VYYLa
?PVTHYHKLSH*VUJLWJPVU.VUaHSLa
0IHYYH
4HY[xU(SLTHU:HUJOLa
-YHUJPZJV1H]PLY:PS]H
1H]PLY(U[VUPV*YV]L[[V,ZWPUVaH
@HKLY-YHUJPZJV7HSTH4HPYLUH
6YSPU1VZt(S]HYLa9\Pa
5LZ[VY4PZHLS<TH|H4V`H
-YHUJPZJV,\ZLIPV4LUKVaH9VZ[YHU
9\MVKL1LZ‚Z:HSNHKV
(U]LY,SPO\4LUKVaHA\UPNH
2HYLU3PUV
1HPTL1VZt3HUaHZ*HUV
2L]PU(SLTHU=HKV
7VYÄYPV1VZt9VKYPN\La7VUJL
4HYSVU9HMHLS/VKZVU6YVaJV
:LIHZ[PHU6Z^HSKV=HSKP]PH(N\PYYL
>PSILY(SL_HUKLY-SVYLZ7LPUHKV
/LUYY`(SLQHUKYV3}WLa7H]}U
3HK`Z(U[VUPV=HSSLQVZ:mUJOLa
@HZZPY-YHUJPZJV)HS[VKHUV4HY[PULa
0ZHHJ,UYPX\L*VYKLYV4PYHUKH
1VZt4HU\LS*HSKLY}U(N\PSHY
5VY]PUHSL_HUKLY.}TLa.\PSSLU
4HY]PU(U[VUPV9PVZ:VIHSIHYYV
,UTH3V\YKLZ,ZJVIHY.VUamSLa
*OVYSPZ7H[YPJPH.HYJPH=HS]LYKL
@LZZPRH@\UPL[O*HIHSSLYVZ
4HYJVZ+HUPSV-SL[LZ4HY[PULa
3LUPU1VZt0IHYYH*HZ[PSSV
+H]PZ(SPaHUKYV.\aTmU)\Z[VZ
2L^PU1VLS4LaH7YHKV
6SP]LY1VZt1PTtULa(N\PYYL
4HYPV(U[VUPV=HYLSH+xHa
(S]HYV1VZt7tYLa9L`UVZH
9L`UHSKV(U[VUPV(UN\SV
9L`UHSKV1VZt+xHa)HS[VKHUV
1OVUU`-YHUJPZJV9P]LYH6Y[Pa
4HYSVU(U[VUPV(N\PSHY
1VZt9HT}U7H]}U,ZWPUVaH
/VYHJPV1\SPHU<YL`*VYSL[V
(UNLS9HMHLS4HZxZ+m]PSH
(SLQHUKYV1VZt9VKYPN\La6[LYV
(SL_HUKLY.HIYPLS9VTLYV)VUPJOL
9PJHYKV(SL_PZ(YH‚a)HLa
1HPYV1VZt;HSH]LYH.HYJxH
1HPYV4PZHLS4VYHSLZ
>HS[LY4HU\LS9V\MMTHU.VTLa
1\HU*HYSVZ=PSSHSVIVZ9\Pa
-YHUJLSPH*HYVSPUH)HSSHKHYLZ(S]HYLa
5PUVZRH7H[YPJPH(SMHYV.VUaHSLa
<YHUPH.HSLHUV.HSLHUV
4HYPHKLSVZ(UNLSLZ4HY[PULa
4HY[PULa
,YPJR,K\HYK=LSHaX\La(]HSVZ
1VZt+HUPLS0ZHM\PYYL*HZ[PSSV
3\PZ9HT}U(N\PSHY.VUamSLa
)LUQHTxUKL1LZ‚Z=HS]LYKL+xHa
.YL[OLS.YPZLSKH.\HKHT\a4LKYHUV
(UH-HIPVSH(]LSSHU
4L`SPUN:JHYSL[O4VYHSLZ4VUa}U
:HS]HKVYHKLS*HYTLU/LYUHUKLa
3HJH`V
>LUK`@LZLUPH9PVZ.\PSSLU
(UH1\SPH:HYYPH4LUKVaH
(UNLSHKLS*HYTLU.HYJxH:HU[HTHYPH
(YHJLSS`4HYxH4VU[HS]HU9HTVZ
5LSZVU9HT}U8\HU[5HY]HLa
4HYJV3HYY`AHWH[H.HYJPH
.LYZVU*VH[7PJOHYKV
(YTHUKV0ZPKYV:L]PSSH3}WLa
1LUUPLY/HUUPLSALSLK}U3HNVZ
(YTHUKV1VZt*VYLH
@HKLY1VZt=LNH)VaH
,MYHPU(IKPLS*HZ[H|LKH*HZ[H|LKH
1VYNL3\PZ=PSSHU\L]H*VU[YLYHZ
*HYSVZ1VZ\L(JVZ[H:\HYLa
4PZHLS,YULZ[V5H]HYYL[L*VSPUKYLZ
-YHUJPZJV(U[VUPV*Y\a/LYUHKLa
-YLKK`)H`HYKV9P]HZ9VTLYV
*HYSVZ1VZt;tSSLa)SHUJV
3\PZ-LSPWL.\[PLYYLa,ZWPUVaH
4HY[OH,SPaHIL[O4VYH.}TLa
@HUUL[OKLS*HYTLU:HSHaHY:LS]H
.\Z[H]V(KVSMV=HLUNHZ*HYIHSSV
(SILY[V1VZt(S]HYLa5HY]HLa
4HY[OH(KPSPH*HUV7tYLa
*SH\KPH3PZIL[O)VYNL
1VUH[OHU1VZt4HUaHUHYLZ.VUaHSLa
4HY`\YPKLSVZ(UNLSLZ5\|La/LY
UHUKLa
/V^HYK(KVSMVWVUJL.VTLa
-YHUJPZJV1VZt4VU[LULNYV3}WLa
6ZJHY+HYxV9VISLZ
1H]PLY;YPUPKHK9VJOH6YVaV
)`YVU(U[VUPV4LKYHUV=HKV
3LZ[OLYHU[VUPV=LSHZX\La=HSSLQVZ
,S]PU(U[VUPV=PJLU[L3}WLa
4PN\LS,UYPX\L*HYKVaH6SP]HYLZ
4PJOHLS6YSHUKV4VYLUV*VYKVIH
4HYSVU(U[VUPV.\[PLYLa]LULNHZ
,]LSPUNKLS:VJVYYV=LNH*HJLYLZ
3LZ[OLY(U[VUPV3}WLa(YN\LSSV
=PJ[VYPUV9\NHTH1HYX\xU
4L`SPUN=HSRPYPH9L`LZ4H`VYNH
@HKLY5PJVSHZ.\[PLYYLaAHTVYH
(UNLSPJH*HYVSPUH+xHa9VTLYV
(UNLSH1HX\LUPZ4HY[PULa4LTIYL|V
4PN\LS(UNLS:HSTLY}U(YVZ[LN\P
2L`SH;LVKVYH4tUKLa6Y[Pa
3LZ[OLY4HU\LS=HSSLQVZ3}WLa
4HYPH(\_PSPHKVYH+xHa:HSHaHY
3\PZ(SILY[V*HUV6YVaJV
?PVTHYHKLS*HYTLU,Z[YHKH=mZX\La
3\PZ(SMYLKV;HSH]LYH4VUJHKH
4VPZLZ5VLS6J}U-SVYLZ
.PV]HUU`(U[VUPV9HTPYLa.HYJPH
4PS[VU(SILY[V9L`LZ3VHPZPNH
1\SPV*LZHY8\PU[LYV3\UH
+LUPZ4HYJPHS7HZ[YHU4VYLUV
3\PZ(SILY[V.HYJPH4LUKVaH
1H]PLY,SPLaLY6Y[Pa.\PSSLU
3LUPU(SILY[V4tUKLa.HP[HU
0ZYHLS+H]PK,Z[YHKH
,KK`(SL_HUKLY:mUJOLa.\LYYLYV
4HYJV(U[VUPV7tYLa9PVZ
-LSP_(U[VUPV/LYYLYH:JV[[
1VZt)SHKPTPY5VYVYPZ*HSLYV
4LTVYPH
:[L]LU5H[OHUHLS9L`LZ
,SPHZ*LZHY.VUaHSLa=LNH
-LYTPU4HSHX\PH(S]HYLaZaAHWHH[H
(UNLS(U[VUPV.\[PLYYLa
.LV]HUU`.HIYPLS9PaV7tYLa
4VPZLZ(U[VUPV9\xa:mUJOLa
@LY]PU4HU\LS6JHTWV-SVYLZ
+HY^PU(UKYLZ,ZJV[V:HUJOLa
(\YH4HYSLUL-SVYLZ9VKYPN\La
6MLSPH4HYxH(PSLZ6Y[LNH
1\SPH+VTPUNH4LaH=PSSHYL`UH
+H`ZP4HYPZVS3}WLa,ZWPUVaH
4PSL`KPKLS*HYTLU,YHaV=HYLSH
4HYNHYP[H(a\JLUH*HZ[LSS}U/LY
UmUKLa
@HUPUN6YPZHS:LYYHUV:KVSHUV
(YNLU[PUH:VJVYYV7tYLa=HSLYPV
4HYNHYP[H4HYPH)L[HUJVY[O*Y\a
+LSPH1LZZLUPH*HUHSLZ:mUJOLa
@\YPKLSVZ(UNLSLZ)HJH
+H]PK9LUL*HZ[H|LKHALWLKH
*HYSVZ;YPUPKHK.\LYYLYVjLTLUK`
:HU[VZ9VKVSMV.VTLa4H[HTVYVZ
>PSSPHT(U[VUPV.\L]HYH4HYX\La
+HY^PUQVZt4VSPUH.HSLHUV
4HY]PUQVZt4HY[PULa3LaHTH
@HKLY9HT}U.HYJPH/LYYLYH
1VZt+H]PK.VUaHSLa.\L]HYH
1VZt3VYLUaV-SVYLZ3}WLa
>PSSPHT/\TILY[V;LSSLa,Z[YHKH
(S]HYVQVZt4LUKLa.\[PLYYLa
*HYSVZ3\PZ9P]LYH
3\PZ*HYSVZ=HSSL3L`[VU
4PN\LS(UNLS6Y[LNH4VSPUH
4HY[PU(U[VPV/LYYLYH.HYJPH
1VZt1LZ‚Z<YIPUH.YHULYH
5VLS<SPZLZ(I\Y[V8\PU[LYV
(TPSRHY(KVUPZ4HYPU<YIPUH
-YV`SHU(U[VUPV;\YJPVZ(THKVY
-YHURSPU(U[VUPV:VSPZ+H]PSH
-YHUJPZJV1VZt<YIPUH,ZJVIHY
.YPZLSKH3PaL[O4HY[PULa:VSVYaHUV
1VOHUH-SVYLZ9VKYPN\La
*HYSH7H[YPJPH(YYVSPNH)LYYPV
(YHJLS`9HMHLSH<TH|H4VU[LZ
1LUUPMLY,ZWPUVaH=HSSL
;HUOPHKLSVZ(UNLSLZ4HY[PULa
/LYUHUKLa
9HX\LS(YNLU[PUH4LKPUH-VUZLJH
,K\HYKV1VZt3}WLa4HUaHUHYLZ
1HY]PU1VZtAHWH[H(N\PSHY
*HYSVZ=PJLU[L,ZWPUVaH1HYX\PU
@LZZPJH*HYVSPUH;H`SVY:PS]H
+HYSPUN4HZZPLS9xVZ(YN\L[H
6OLUU`,SPL[O/\Y[HKV.HP[mU
5VYTH*HYVSPUH/LYUmUKLa4VSPUH
4HYxH;LYLZH(N\PYYL9VKYxN\La
:VYHPKH.YPZLSS4\|Va9HTVZ
+H`]P1LZ‚Z(N\PSHY:mUJOLa
2H[OLYPU@VSHULS`9HTxYLa:HUKV]HS
0KLSTH0ZHILS7L|H9VISL[V
4HYxH,SLUH4\UN\xH.VUamSLa
-SVY4HYxH9HTxYLa*HZ[YV
@\YNLU1VZ\t)HYYLYH4HPYLUH
+PVZTLY,aLX\PLS0KPHX\La*HZ[PSSV
7LKYV(U[VUPV4LUKVaH(YHN}U
1VZt+HUPSV3}WLa4HY[xULa
-YHURSPU6ILK3L`[}U3}WLa
4HY[xU(SLTmU:mUJOLa
.LYHSK1VZt-VUZLJH:HSPUHZ
(SL_HUKLY.HIYPLS;LSSLYxH.HYJxH
3\PZ9HT}U(N\PSHY.VUamSLZ
1VYNL+H]PK6IHUKV(YN\LSSV
4PN\LSÍUNLS6Y[xa)LYT‚KLa
,K\HYKV1VZt3}WLa4HUaHUHYLa
,TPSPV+HUPLS9\NHTH4LQxH
1\HU-YHUJPZJV:LYYH[V7tYLa
(\YLSPV1LZ‚Z9P]LYH
4H\YPJPV1VZt<TH|H=HULNHZ
*OYPZ[PHUL,ZWLYHUaH4HYLUJV
4VYLUV
(UH*HYVSPUH4JV`9VKYxN\La
(UH.\PZLSSL9P]LYH4LKYHUV
*YPZ[OPHU*HZ[PSSV*HYYP}U
*HYSVZ(KHU.HYJxH;YLQVZ
*LZHY(U[VUPV:LYYHUV(S]HYHKV
*HYSVZ4HU\LS*mJLYLZ=HSKLa
-PKLUJPV(U[VUPV<YIPUHAHWH[H
.\HKHS\WLKL1LZ‚Z4LYJHKV7HYYH
.LSTLY(U[VUPV:HSNHKV*mJLYLZ
.\HKHS\WLKLS*HYTLU.HYJxH7tYLa
1\HU(U[VUPV:HIHSSVZ3}WLa
1VZt:HU[PHNV/LYYLYH
1VYNL3\PZ3}WLa
3LVUHYKV1VZt:\HaV
3\PZ(SILY[V=HSSLJPSSV9VKYxN\La
@HKLY(Sx.HYJxH=mZX\La
4HYPZVS*HZ[YV.HYJxH
4H`UVY.LV]HU`7PSHY[L(N\PSHY
4HYJLSH(SLQHUKYH6Y[LNHYH`
4HYxH,Z[OLY:VSHUV
5VYLS`KLS*HYTLU;}YYLa:mUJOLa
9L`UHSKV-LYTPU.}TLa:mUJOLa
:PS]PV(U[VUPV-SVYLZ.HYJxH
:VJVYYV)HS[YmU4LKPUH
:HUKYH(Z\UJP}U=P]HZ(S]HYHKV
0UKPYH5HOPUTH4HJOHKV
(SPUH(\_PSPHKVYH4LYJHKV*HUV
(YTHUKV1VZt*Y\a
(SMYLKV1VZt*HZ[PSSV
+L`SPU(U[VUPV3}WLa.\PSStU
+PLNV,TPSPV(SMHYV)SHUJV
,UYYPX\L1VZt4VU[HUV4VYHSLZ
/PSHYPV4H\YPJPV4VU[V`H.YHULYH
1HUL`(U[VUPV4HYLUJV9\Pa
1VZLÄUH4HYV[H9P]LYH
1\HU1VZt.\aTmU7tYLa
1HJX\LSPULKLSVZ(UNLSLZ4LTIYL|V
3}WLa
1VYNL,YULZ[V)LUP[La9VTLYV
1VZt(UNLS=mZX\La3}WLa
2SL`KP,SPaHIL[O3L}U/LYYLYH
3\PZ4HY[xU.HYJxH4\|Va
3LZIPH7H[YPJPH1PTtULa*LU[LUV
3\PZ(YTHUKV*HZ[YV.\[PtYYLa
3\PZ9VTHU/LYYLYH*HSKLY}U
3VNPH3VYLUH*HZ[PSSV
@\UPLSKL1LZ‚Z.HNV*VY[ta
4HY[xU*YVZ[}IHS:HSNHKV)L[HU
JV\Y[O
4HYPV(SILY[V4VYLUV:HSPUHZ
4HYSVU1VZL:mUJOLa7L|H
7HISV(U[VUPVÍS]HYLa*Ot]La
7H\SPUV1VZt.VKV`(I\Y[V
9L`UHSKV(U[VUPV(UN\SV
*YPZ[VWOLY7HISV7PULKH7PULKH
,KNHYK4HY[xU7V[VJHYYLYV(SHYJ}U
-tSP_+H]PKAHWH[H
-YHUJPZJV1VZt*VJH6SP]HZ
1VZt(SLQHUKYV1HYX\xU.HYJxH
1VZt)LUP[V(S[HTPYHUV.\[PtYYLa
1VZt(UNLS4HY[xULa=LNH
1\HU4PN\LS6IHUKV4LUKVaH
1VZt1HJPU[V9P]LYHA‚UPNH
3\PZ,K\HYKV4VYHNH/LYUmUKLa
4PN\LS(SMVUZV.VUamSLa
4HYxHKL3V\YKLZ:VSxZ.HYJxH
4H`RLS3LUUPU*HSLYV9VTLYV
4HYPV0ZHILS/LYUmUKLa:HSHaHY
7L[YVUH.}TLa.HYJxH
9VILY[V(SLQHUKYV4VYHSLZ4VYmU
9VZH,ZTLYHSKH7tYLa:mUJOLa
:PS]PV?H]PLY:LX\LPYH5HY]mLa
<SPZLZ(U[VUPV*LYKH.HSmU
>HS[LY:H‚S*HZ[LSS}U.HYJxH
AVYH`KH0ZHILS4VYLPYH=LSmZX\La
(SMYLKV+H]PK.HYJxH:HUJOLa
)PSOHT1\HYLa4VQPJH
*HYSVZ0ZPKYV6YVaJV.VUamSLa
,YHZTV-PSLT}U;}YYLa.VUamSLa
,UYPX\L:HSVT}U4VQPJH*HZ[LSS}U
,YULZ[V(SL_HUKLY.\[PtYYLa7tYLa
,SPLaLY5LOLTxZ3LaHTH
,YHZTV(U[VUPV*LYKH9L`LZ
,HYS(SKYPU.YHKPa;OPTWZVU
,Z[OLYKLS*HYTLU)HS[VKHUV
/LYUmUKLa
-tSP_*HIYLYH:mUJOLa
.LTHKLSVZ(UNLSLZ:mUJOLa
:mUJOLa
.VUamSV9HMHLS(Ym\a,ZWPUVaH
1VOHUUHKLS:VJVYYV4HY[xULa.HYJxH
1HZZLSS`ZKLS:VJVYYV5‚|La=HS]LYKL
1\HU-YHUJPZJV=HSSL3}WLa
1\SPV*LZHY*LU[LUV9P]LYH
1VYNL3\PZ*Y\a/LYUmUKLa
1VZLMH3\JxH3LP]H(S]HYHKV
1\HU(U[VUPV6IHUKV:HSTLY}U
3\PZ,UYYPX\L:mUJOLa
3\PZ(SILY[V,ZJV[V4VU[HS]mU
4PZOHK6[VUPLS4HY[xULa.VUamSLa
4HYSVU(U[VUPV<YY\[PH
4HYxH;LYLaHKL-m[PTH*Om]La
.\[PLYYLa
4HU\LS9HT}U3LP]H9VKYxN\La
4PN\LS(UNLS(N\PUHNH.\[PtYYLa
4HY]PU1VZt4VYLUV/LYUHUKLa
9}NLY1H]PLY6YVaJV
9VILY[V*HYSVZ7tYLa1HPTL
9PJHYKV1VZt7tYLa(YNL|HS
:KYL`Z1VZt1\mYLa4VQPJH
;LSLTHJV(SMVUZV1HYH(YPHZ
<SPZLZ1VZt6IHUKV3}WLa
>PSTLY9HT}U-SVYLZ9VTLYV
)YHUKH0ZHILS*VYLH9VKYxN\La
1VZt7VYÄYPV(YHPJH3LP]H
1VZt(KmU=LSmZX\La4LUKVaH
1\HU1VZt*OH]HYYxH.HYJxH
1\SPV*LZHY)H[HUJV\Y-SVYLZ
:VJVYYVKLS*HYTLU*HYJHJOL
4HY[xULa
4VPZLZ(KYPmU*mJLYLZ.VUamSLa
3\JPSH0ZHILS+\LHU)YVKPL
1HPYV1VZt4LTIYL|V+\THZ
7HISV(U[VUPVÍS]HYLa*Om]La
+PLNV,TPSPV(SMHYV)SHUJV
7HISV+H]PK<YIPUH3}WLa
,K\HYKV;}THZ.HYJPH6IYLNVU
1\HU-YHUJPZJV5HY]mLa:HSNHKV
5VYTHU9HMHLS+xHa
2HYSH(UNLSLZ(Y[VSH,Z[YHKH
1VYNL3\PZ3HJH`V:mUJOLa
.LV]HUU`7LKYV3\PZ(N\PSLYH
(UH,SPaHIL[O.}TLa
(KLSP[HKLS:VJVYYV9VKYxN\La7Ha
*HYSVZ4HU\LS4VYHSLZ=HSSL
1HUUL[OALUL`KH*Y\a0aHN\PYYLa
1VZt4LYJLKLa<YIPUHAHTVYH
1VZt;VTmZ/LYUmUKLa1PTtULa
1VZLMH*SH\KPUH:LX\LPYH(U[}U
1VZt(UNLS.VUamSLa/LYUmUKLa
2HYSH7H[YPJPH+xHa(S]HYLa
2HYLU4PJOLS.\[PLYYLa7HV
2HYLU@HZLS.\[PLYYLa/LYUHUKLa
3LZ[LY(U[VUPV5HY]mLa)LYT‚KLa
4HYQ\Y`KLSVZ(UNLSLZ7PULKH3}WLa
9HMHtS*VUJLWJP}U(S[HTPYHUV
*LU[LUV
9HTPYV(UKYtZ9VZHSLZ*HZ[PSSV
:PT}U(U[VUPV.\[PtYYLa
@LUL`+H`HUHYH=HSSL/LYUmUKLa
@VYSLUL4LYJLKLa4VYHSLZ9VZHSLZ
1HaTPUHKLSVZ(UNLSLZ=HULNHZ
*VYLH
9VZH3\JxH:HSPUHZ4LUKVaH
9VZHSIH+HYILSS:PS]H
+HPZ`KLS*HYTLU9xVZ3}WLa
1\HUH4HYNHYP[H:VSPZ.HYJxH
-PKLUJPV1VZt4‚SSLYAHTVYH
@HOVZJH3\JxH4LKPUH1HYX\xU
4HY[OH5PKPH7VUJL;}YYLa
1VZt-YHUJPZJV4HUaHUHYLZ
1HPTL(U[VUPV7HYYHSLZ7VUJL
+HYSPUN1VOHUH-SL[LZ1PTtULa
>PSTLY(U[VUPV.HYJxH)SHUJV
:LYNPV:HSVT}U:HYTPLU[V:PS]H
.SVYPHKLS:VJVYYV9LUVYPV:mUJOLa
>HS[LY0UJLY/LYYLYH.\[PLYYLa
3L`KP*HYVSPUH4HSPH|V(UKYHKL
/LY]PU,SPLS.VUamSLa*VYLH
4HYxH0ZHILS1PTtULa
,KT\UKV(SL_HUKLY4LaH4LKYHUV
,`SPU*HYVSPUH*HSLYV7tYLa
+HUPLS,UYYPX\L)PUZ/LYYLYH
1\HU*HYSVZ:VSHUV0IHYYH
4HYxH-YHUJPZJH3\UH
(UNLSH4HYxH4H[\Z*VYLH
(UH3VYLUH:PS]H.VUamSLZ
(UH4HYxH6ZVYPV;HSH]LYH
*HYSVZ(U[VUPV9P]LYH*HZ[LSS}U
*HYVSPUHKLS:VJVYYV.\LYYLYV*HSLYV
*HYSVZ1VZt4HY[xULa<YIPUH
-PKLUJPV(U[VUPV<YIPUHAHWH[H
.VUaHSV/LYUHSKV:HU[HUH,\NHYYPVZ
0]mU1VZt4LQxH
0ZHILS(U[VUPV9VISL[V/LYUmUKLa
0ZYHLS-YHUJPZJV(I\Y[V4LUKPL[H
1VZt4H\YPJPV9H`V
2HYSH7H[YPJPH7H]}U6IHUKV
3LZ[OLY(U[VUPV4HYX\La)VUPSSH
3PUV0]mU7tYLa(N\PYYL
3LZ[OLY4LYJLKLZ.\PKV8\PU[LYV
3LVULS=xSJOLa
4LS]PU9VSHUKV3HN\UH
9VILY[V1H]PLY*Y\a
>PSTLYKL1LZ‚Z(STLUKHYLa
4HYSVU(SP.\aTmU4HS[H
6YSHUKV1VZt;HYKLUJPSSH3}WLa
3PKPHKLS9VZHYPV+LSNHKV4LUKVaH
/L`ZLS9HMHLSH/LYYLYH=LSmZX\La
6[PSPV(SILY[V.VUamSLa(SLTHU
1HX\LSPULKLSVZ(UNLSLZ4LTIYL|V
3}WLa
9HMHLS(U[VUPV.VUaHSLa
9PJHYKV(U[VUPV<YIPUH(`LYKPZ
1\SPV*LZHY*LU[LUV9P]LYH
2LUUL[O1LZ\Z9VTHU6YVaJV
2HYLU,Z[OLY4HKYPa(J\|H
:PS]PV(U[VUPV-SVYLZ.HYJxH
)LYUHILKL1LZ‚Z)\Z[HTHU[L)VYNL
:HU[PHNV1H]PLY/LYUmUKLaVZVYPV
(YHJLS`1VZLNÄUH4VU[LULNYV6Y[Pa
4HYSVU(SMVUZV3}WLa*HZ[PSSV
-YHUJPZJV5HWVSL}U7V]LKH*HZ[YV
9VNLY1VZt6Y[LNH.HYJxH
5\IPHKLS*HYTLU4VYHSLZ*LYKH
,TPSPV1VZL4VU[LZ4HYHKPHNH
1LUU`1VZLMH7tYLa4VYHSLZ
3PUKH4LYJLKLZA‚UPNH;VYYLZ
,Y]PU/HYVSKV-SL[LZ3}WLa
(SSHU1VZt(S]HYHKV.VUamSLa
1HZZLY,YULZ[V(]PSLZ=P]HZ
,YPJRH4HYxH4LUKVaH=HYNHZ
(SPJPHKLS:VJVYYV3HU\aH7tYLa
(UNLSH4HZZPLS=HKV6IYLN}U
*S\KPH4HYPUH=PSSHNYH=LSHaX\La
0SLHUH4HYNHYP[H4VYHSLZ
2HYLU(U[VUPH7LYLPYH4H`VYNH
,]LSPV-YHUJPZJV6YVaJV
-YHUJPZJV+VTPUNV(J\|H:\HaV
1HPTL+HUPLS=HSKP]PH/LYUmUKLa
4PN\LS(UNLS;LSSLa*HZ[YV
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
4HYSVU+XH]PK9\xa.VUamSLa
4HYJVZ(U[VUV6Y[xa4tUKLa
@HKLY(U[VUPV5\|La.HKLH
4HYPH*HYSV[H6IHUKV
4HYSVU-YHUJPZJV=HYNHZ4LUKLa
7LKYV+PHa:PSLZ
4HYSVU(U[VUPV/LYUmUKLa
.\PSSLYTV,UYPX\L)YHUK}U*OH]HYYxH
9HMHLS(U[VUPV(YPHZ:HSHZ
3LVUHYKV1VZt.HP[mU3}WLa
1HYVU9HT}U7tYLa:HU[VZ
,ILY[HU[VUPV9\Pa7LYLa
3\PZ(YTHUKV4LUKVaH.HYJxH
4PN\LS(UNLS:mUJOLa.HYJxH
1VZt(UNLS4LKPUH;LUVYPV
*HYSVZ1VZt:VSPZ1HYX\xU
0ZYHLS4VPZLZ1HYX\xU.HKLH
1HPYV(U[VUPV.VUamSLa9VZHSLZ
-LSPWL4HU\LS=HSSL9VKYPN\La
6SP]LY(YUVSKV:HUKPUV)YH]V
5LSZVU(UKYLZ5HY]HLa
1LMMY`1VZt5VN\LYH,ZWPUVaH
+HY^PU(U[VUPV3LP]H/LYUmUKLa
=SHKPTPY(U[VUPV.\HKHT\a4VYHSLZ
:JHYSL[OKLS*HYTLU)SHUK}U7VY[V
JHYYLYV
3VK`3VYLUHAHTVYH>LIZ[LY
+HYSPUN?PVTHYH9VTLYV*Om]La
9VZH(SIH:mUJOLa7tYLa
9VZHYPV4HNKHSLUH7LYLa,ZWPUVaH
;OLSTH*LJPSPH=LSHZX\La5H]HYYV
9VZH,KP[O.\aTHU
/HaLSS*HYVSPUH9P]HZ.HYJxH
4HY[OH.SVYPH*HIHSSLYVAHWH[H
,]LSPUN9HX\LS(YPHZ
1\ZZL[OKLSVZ(UNLSLZ=HULNHZ
7H]}U
:HUKYH.VUaHSLa
4HYPHKLSH*Y\a:mUJOLa3}WLa
/L`SPUN)YPNP[[L<UKLY^VVK5HY]HLa
0SZL4HYPH=HYNHZ6Y[xa
(SIH,Z[YLSSH9\IPV4VUNL
*HYVSPUH+VTPUNH*Y\a3HJH`V
4HY[OH3VYLUH4HKYPNHS3}WLa
;HTHYH3PULY[O4VYLUV,ZWPUVaH
:\NL`@HTPSL[O*OV^9\Pa
,TTH+HSPSH5H]HYYV.\LYYLYV
0YPZ1HTPSL[O2H\MMTHU.}TLa
+`HUKLS9VZHYPV<YIPUH9VJOH
+PHUH0ZHILS.VUaHSLa4VUJHKH
4HYPH(U[VUPHALSH`H
@HTPSL[OKLS*HYTLU/LYUmUKLa
4tUKLa
(S]HYV(U[VUPV.HYJxH,\NHYYPVZ
3\PZ-YHUJPZJV*VY[LaALSH`H
9VUHSK1VZt.VUamSLa4VYHSLZ
7LKYV,K\HYKV:LYYHUV/LYUmUKLa
4PN\LS(UNLS.VUamSLa9P]HZ
9VSHUKV1}ZL*HZ[PSSV4HY[PULa
:VJYH[LZ1VZt:HUKPUV4HY[PULa
0ZYHLS9H‚S9VKYPN\La(N\PSHY
3\PZ*HYSVZ*HZ[H|LKH/LYUmUKLa
4HYJVZ(U[VUPV+xHa6Y[xa
+LS]PU1VZt8\PU[HUPSSH5PJV`H
9PJHYKV4HY[PU9VKYPN\La4VYH
-tSP_)LUQHTPU)SHZ3}WLa
,UNLS:HS]HKVY7HUPHN\H
(KLSH(N\PYYL4V`H
.SHK`Z4HYxH4LQxH
+HTPZLSH:VJVYYV3}WLa3}WLa
,]LS`UKL1LZ‚Z/LYUmUKLa:VSHYP
(Y`LYPH4HILSS1HYX\xU6IYLNVU
*VUZ\LSVKLS9VZHYPV.\[PtYYLa
1LSPUN3L`ZHT/LYUYxX\La-LYUmUKLa
.HIYPLS(U[VUPV:mUJOLa9HTVZ
1VZt4HU\LS(N\PYYL7\SPKV
1\SPV1VZt<NHY[L
5VYTHU4PJOLSS(N\PSHY
7mNPUH
0ZYHLS(U[VUPV8\PYVa4LKYHUV
(N\Z[xU1LZ‚Z7HKPSSH.VKPULa
/L`ZVU9VKVSMV9L`LZ4VQPJH
9VUU`1H]PLYA\UPNH4HY[xULa
9VR`>PZ[VUYVKYxN\La:HSPUHZ
(SILY[V1VZt=HZX\La9VQHZ
*YPZ[PHU1LY}UPTV7PSHY[L-\LU[L
1VYSPL3\PZ1HYX\xU6YK}|La
*HYSVZ4HU\LS.HYJxH8\PYVa
)LYUHYKV1VZt3}WLa.HSLHUV
1PTT`(YPLS5HY]mLa/LYUmUKLa
.\PSSLYTV(U[VUPV3}WLa3LaHTH
+HUPSV(U[VUPV3}WLa+LSNHKV
7LKYV1VZt-SVYLZ.HYJxH
+HUPSV9\ILU(YN\LSSV6SP]HYLZ
4PN\LS,YULZ[V4HUaHUHYLZ9HTVZ
+\PSPV1VZL4HYJLUHYV3}WLa
+VUHSK9PJHYKV9L`LZ;LYJLYV
,K\HYKV<YIPUHAHWH[H
4PS[VU1VZt:HSPUHZ;VYYLZ
4HY[OH3VYLUH/LYYLYH*LU[LUV
/\NV(U[VUPV4VYH.HP[HU
*HYSVZ,]LY[V4LQPH9\xa
9LILJHKLS*HYTLU4VYLUV)SHUK}U
@LZLUPH(SLQHUKYH9VJOH4LUKPL[H
/PS[VU9VILY[O3PUJH=HSSLJPSSV
0ZPKYV9HT}U/LYUmUKLa
>PSPHT1VZLALSLK}U*HZ[PSISHUJV
6ZJHY(S]HYLa4HUaHUHYLa
,K\HYKV1VZt/PKHSNV3}WLa
*YPZ[PHU4PN\LS9HTVZ.VKV`
+L_[LY1HPTL+L[YPUPKHK
6ZJHY1VZt:mUJOLa:HLUa
4HYSVU2HSL[O:HUJOLa,Z[YHKH
(YPLS(U[VUPV4VSPUH3}WLa
,U`LY,SPLaLY)L[HUJV\Y[/LYUHUKLa
/LUYY`4HU\LS:HYYPH3HYNHLZWHKH
7H[YPJPHAHJHYPHZ;VYYLZ
1VZt4HYPH)LYYPV.\aTHU
1\SPV*LZHY3}WLa8\LaHKH
1LUU`JHYVSPUH(YHPJH8\LaHKH
3LZ[OLY1H]PLY:mUJOLa9L`LZ
(YPLS(SMVUZV=LNH*HJLYLZ
4HYPHUV(SL_HUKLY.VUaHSLa3\UH
,TPSPV9VILY[V;HWPH4VYHNH
4HY]PU(U[VUPV.HYJPH:L]PSSH
4H`Y0ZHILS3}WLa*LYKH
4L`SPUN4LYJLKLZ-SVYLZ7LYLa
1VYNL(U[VUPV,ZJVYJPHÅVYLZ
.YLNVYPV(U[VUPV3}WLa4LUKVaH
,YPJRZVU2H]PY4HY[PULa9LHS
,YPJR(SILY[V4LUKVaH*VU[YLYH
1VZt0ZHHJ*HYYHUaH*HYYHUaH
:JHYSL[O=HULZZH4LUIYL|V.}TLa
/VSTHU9HTVU*HIHSSLYV:VSPZ
@HYP[aHKLS*HYTLU3LP]H.}TLa
+PHUHKLS9VZHYPV.HYJPH
.LYZVU+HUPSV9VZ[YHU
)SHUJH4HY`\Y`9VKYPN\La*HZ[PSSV
,UYPX\L.VUaHSV)HS[VKHUV4VYHSLZ
4H_PTV-YLKK`/VK`ZVU)LLY
9VZH(KPSPH4HZPZ6WVY[H
1VZtKLSVZ:HU[VZ4LTIYL|VS}WLa
,]LSPHKLS*HYTLU4H[HTVYVZ
*LU[LUV
1VZt4HU\LS.HP[HU4VU[V`H
(UKYLH(KLSPUH*HZ[LSSVU*HUV
/LUYY`1VZt(S]HYLa*OL]La
(UPLSRH,YSPUKH9HTPYLa4VYHSLZ
,STLYHSL_HUKLY+\HY[L
4HYPH3V\YKLZ:HSHaHY/LYUmUKLa
)L[[`4LYJLKLZ(S]HYHKV3}WLa
*HYSVZ/\TILY[V.\L]HYH7VY[V
IHUJV
/LUY`4VSPUH3}WLa
/PW}SP[V>PSILY[V4LULZLZ4HY[xULa
.YLNVYPV(U[VUPV3}WLa4LUKVaH
.LYHYKV1VZt9VKYxN\La=HULNHZ
9VILY[V1VZt3LP]H9VKYxN\La
,]HYPZ[V4H[xHZ:\mYLa
,YPJR4HU\LS:mUJOLa)HS[VKHUV
6ZJHY+HUPSV4HUaHUHYLa=HSSL
)H`HYKV1VZt(S]HYHKV.\L]HYH
1\HU(SL_HUKLY/LYUmUKLa4VYHNH
=xJ[VY4HU\LS,ZX\P]LS7SH[H
0]HUPH+L`HUPYH*Y\a9H`V
4PSL`KP*HYVSPUH4VU[LULNYV
?V[JOPS,UYxX\L[H6YK}|La
,ZTPYSH7H[YPJPH7PULKH:L`V
4PS[VU/VYHJPV4H[\a(N\PSHY
4HYPLSHHUNLSLZ-VUZLJH4LKYHUV
:PS]PH,SLUH.\aTHU5HY]HLa
.LYTHU(U[VUPV9VTLYV(YPHZ
4HYPV(U[VUPV4LQPH4LQPH
2LUU`)`HT.\[PLYYLa*Y\a
3PZZL[O+LSVZ(UNLSLZ=LNH:HSNHKV
*LZHY,UYYPX\L(J\|H4LKYHUV
-HIPVSH;LYLaH9VZHSLZ4LUKLa
)VHULYNLZ9HMHLS=HULNHZ4LUKVaH
,]LSPUNKL-H[PTH4VSPUH3}WLa
1LZZPJH,SPaHIL[O*HUV-LYUHUKLa
(KVSMV4HU\LS:HSHaHY4LKYHUV
6THY(SLQHUKYV7LYLa
:HU[VZ(N\Z[PU(I\Y[V
1VZt9HMHLS6Y[LNH
9PJHYKV1VZt:\HYLa
3\PZ(U[VUPV,ZWPUVaH5HY]HLa
4PYUH.HIYPLSH4H[HTVYVZ7PULKH
9HX\LS,S]PYH.\[PLYYLa7H]VU
9L`UHSKV+HUPLS3LP]H6IHUKV
3\PZ,UYYPX\L4LSNHYH
6ILSPH4HYPH)HS[VKHUV.\[PLYYLa
*HUKPKH4HYNHYP[H*Y\a4LKPUH
5VYTHU(U[VUPV9VZHSLZ:\HYLa
4H`UVY1VZ\L,ZWPUVaH
,ZLX\PLS9HTVU,Z[LIHU/LYUHUKLa
+HY^PUN0ZYHLS.HYJPH4LKYHUV
6SP]PH-YHUJPZJH9P]HZ4LaH
0ZHHJ9HTVU,ZWPUVaH5HY]HLa
4PS[VU4HY]PU4VYHNH5HY]HLa
/LUY`,YTPUPV,ZWPUVaH:HSPUHZ
7H\S4HU\LS1PTtULa4VU[LYVZ
4H`UVY6THY.\[PtYYLa*HSLYV
1VYNL<SPZLZ.\[PtYYLa)HS[VKHUV
1HPTL.\[PtYYLaA‚UPNH
(SSHU5VLS*Y\ajHTLUK`
5VY^PUN4PZZHLS*mYKLUHZ
4HYJPHS(U[VUPV.\[PtYYLa(Y[VSH
6ZJHY+HUPSV.\[PtYYLa,ZWPUVaH
,YPJRKLSH*Y\a*LSPZ.\[PtYYLa
>HS[LY(U[VUPV(N\PSHY*HSLYV
*YPZ[PHU1VZ\t:mUJOLa(UN‚SV
9PNVILY[V*LYKH9\xa
0ZTHLS(U[VUPV*HSLYV.\[PtYYLa
,KNHY(U[VUPV4HYLUJV)HS[VKHUV
(KVUPZ:H‚S1HYX\xU(N\PSHY
*HYSVZ-LYUHUKV:mUJOLa7tYLa
4HU\LS:HS]HKVY4LULZLZ
ALUKHY9HT}U9P]LYH*HYYP}U
4HYSVU(KHSILY[V4LUKVaH3LaHTH
5VLS(U[VUPV8\LaHKH:PS]H
.PV]HUU`(U[VUPV4HY[xULa=HS]LYKL
2LUPH@\NLSRPa.\[PtYYLa3}WLa
.YL`ILSS+H`HUH*Y\a
)YLUKH2HYVS4LaH*HUV
.HIYPLSH(TWHYV4LQxH)HYLH
=PJ[VYPHKLS*HYTLU*HZ[PSSV3HYPVZ
4H`SPUN/HY`LYP*HZ[PSSV3}WLa
1VOHUUH-YHUJPZJH7SH[H;PQLYPUV
(YLJLS`KLS*HYTLU6IYLN}U,ZWP
UVaH
5tSZVU+H]PK=HULNHZ
4HYxH,SLUH.YHUHKVZ4HY[xULa
(UNLSH9V_HUH.HYJxHÍS]HYLZ
,K\HYKV(U[VUPV4HYPU3}WLa
/LSLY2HYPUH*Y\a4LKYHUV
+VYH(SPJPH9VH:PS]H
*LZHY(\N\Z[V:mUJOLa9HTVZ
(S]HYV9LUt*OH]HYYPH4VYHSLZ
4}UPJH4VYLUV:LX\LPYH
)LSRPUN1HVZRH;Y\QPSSV
9HMHLS.LYVUPTV4VUNL5H]HZ
9VNLY.\Z[H]V)HYIVaH
,S]PU(Y[\YV,Z[YHKH9VKYPN\La
9VZH4HYxH7PSHY[L.HYJPH
)SHUJH9VZH4tUKLa;VYYLa
1VZt(IYHOHT)VUPSSHZ9L`LZ
0ZPKYV1VZt)H\[PZ[H=LSHZX\La
3HYY`(U[VUPV-SVYLZ-SVYLZ
+L]LYSPU3VYLUH(N\PSHY.HYJxH
(UH*LJPSPH:HU[HTHYPH-\LU[LZ
4HYPLSH1VZLÄUH.VTLa*HYKVaH
4PN\LS(UNLS(S]HYHKV:\mYLZ
4HYxH1VZt3VWta
(SILY[V1VZt:HUJOLa
(SL_1\UPVY4LKPUH)VUPSSH
.PSILY[V(U[VUPV3}WLa,ZWPUVaH
1VZ\L0ZHOx.HYJPH9VKYPN\La
,SPLaLY1VZt3}WLa*HSLYV
1HaTPUHKLS*HYTLU:VSPZ
(KYPHU3VYLUZV*OLJLa3VaHUV
.LYHYKV)LUQHTPU3VIV9VQHZ
*SH\KPH.LVYNPUH4HY[PULa7YPL[V
;H]HYL-YHUJPZJV(SMHYV*HZ[PSSV
:PS]PV9LUL(THKVY:L]PSSH
9VNLY4HU\LS(]PSLZ;VYYLa
9VILY[V(UNLS(UKPUV)SHUJV
3\PZ4HU\LS9VQHZ)HYHOVUH
:LYNPV/\TILY[V4HUaHUHYLZ
9LUH[V(U[VUPV>VUN<YIPUH
3\_HUHKLS:VJVYYV+m]PSH
;LSTH4HYPUH(YHNVU:HUKV]HS
/VYHJPV(KVSMV*HYIHSSV3}WLa
4HYSPUKLSVZ(UNLSLZ4VYHSLZ
,ZWPUHSLZ
(YSLU:VIL`KH<YIPUHAHWH[H
(SL_HUKLY(U[VUPV.\PKV.YHULYH
(Y[SLU:VIL`KH<YIPUHAHWH[H
4PN\LS(UNLS3VWLa9P]HZ
>HS[LY9HT}U:HUJOLZ(S]HYLZ
.SLUUPZ5VS]x9VTLYV4VYHSLZ
,YPJR@HTPS=HKV6IYLNVU
*LJPSPH(\_PSPHKVYH9VX\L*VYVUHKV
@LZZLUPHKLSVZ(UNLSLZ3VHxZPNH
(]LSSmU
0YTH,SPaHIL[O.HYJxH4HY[xULa
.LV]HUUP(YU\SMV/LYUmUKLa:HU[LSxa
6ZJHY+HUPSV)HSKLSVTHY3HUaHZ
4HYxHKLSVZ(UNLSLZ/LYUmUKLa
*HSLYV
4HYPH(\_PSPHKVYH;VYYLZ,SPaHIL[O
1VZt+H]PK6JOVH7tYLa
)LYUHYKV(U[VUPV*HZ[YV4LQPH
4HU\LS4HNSL]P)VYNL
(TLSPH4LYJLKLZ(SLTmU*HYIHSSV
-H[PTH4HYNHYP[H;VYYLZ,SPaHIL[O
4HYPH,ZWLYHUaH)SHZ9\IPV
4HYPV1VZt=LNH
/LUYY`HSILY[V5HY]HLa(]LSSHU
,YPJR4H[PSKL4LQPH1HYX\PU
0UNYPK*LSPH(STLUKHYLa4LUKVaH
1VYNL(SLQHUKYV+LSNHKV.VUamSLa
*PYHÍUNLSLZ)LS[YHU
1\SPV*VUZ[HU[PUV4HPYLUH)\Z[PSSV
-SVY3}WLa9HTVZ
7HISV(U[VUPV*OHTVYYV
7H[YPJPHKLS*HYTLU1HYX\xU.\HKH
T\a
+VYH4HYxH(SN\LYH4VYHSLZ
>PSILY(U[VUPV*HZ[PSSV=LSmZX\La
:PS]PV(U[VUPV9P]HZ(S[HTPYHUV
=PJLU[LKL1LZ‚Z.HYJxH3}WLa
1VZt9HT}U3}WLa3}WLa
7L[YVUH0ZHILS)HX\LKHUV9L`LZ
4LTVYPH
1VZt:HSVT}U(J\|H
1\HU1VZt.HYJÐH)HYHOVUH
-tSP_1VZt=PSSHYLHS
1VZt+VTPUNV4H[\a4H`VYNH
3LVULS(U[VUPV4VYHNH3}WLa
@HKLY(Sx*HYKLUHZ:LX\LPYH
:PS]PV,YLPKLZ.HYJxH9VKYxN\La
9L`LZ,MYHPU4LYJHKV*HYIHSSV
1H]PLYH(\_PSPHKVYH;}YYLa,ZWH|H
*SH\KPH.LVYNPUH4HY[xULa7YPL[V
*HYSVZ4HU\LS:mUJOLaZHUKPUV
,]LSPUNKLSVZÍUNLSLZ;tSSLa+m]PSH
.HSH4HYxH9\xa+m]PSH
1VYNL0]mU6YVaJV/LYUmUKLa
(UH3\PZH:\mYLa7PJHKV
(UPLSRH4HYPHUH/LYUmUKLa
(SxMYHUJPZJV9VKYxN\La(S]HYHKV
,Y]PU/\TILY[V(YJxH3}WLa
/HYVSK4HS[ta*}YKVIH*}YKVIH
6ILK)LUQHTxU.VUamSLZ.\[PtYYLa
;H[`HUH4HNHS`*HZ[LSS}U7PJHKV
.SLUPZ5VS]P9VTLYV4VYHSLZ
9}NLY(]PStZ;}YYLa
,UYYPX\L@HTPS=HKV6IYLN}U
*YPZ[PHU:HT\LS9VJOH9VTLYV
,]LSPUN;tSSLa+m]PSH
*HYSV[H,ZWPUVaH7
*PYH)LS[YmU
4HYP[aH(S[HTPYHUV
/VYHJPV*HYIHSSV
:HUKYH)VUPSSH
4HYPLSH.}TLa
-tSP_=PSSHYLHS
:HUKYH.}TLa*
4HU\LS4HNSL]P)VYNL
7H[YPJPH1HYX\xU.\HKHT\a
@LZZLUPH3VmZPNH(]LSSmU
4}UPJH4VYLUV:LX\LPYH
9HT}U4HY[xULa9L`LZ
4VPZLZ=HSSLJPSSVAHTVYH
*HYSVZ1VZt8\PU[HUH/LYUmUKLa
+LYSPU:V[LSV*LYKH
+PTHNNPV(U[VUPV=HS]LYKL9\LKH
:HS]HKVY(U[VUPV*HZ[H|LKH,
)PZTHYR1PTtULa9
:PS]PV9LUt(THKVY:L]PSSH
-YHUJPZJV.\Z[H]V7HN\HNH
(\_PSPHKVYH/\LTILZ(N\PYYL
1VZt4H\YPJPV9H`V
4LS]PU9VSHUKV3HN\UH
.SLUUPZ5VS]P9VTLYV4VYHSLZ
1VZt.\[PLYYLa
.LYTHU9L`LZ3}WLa
1VZt(SMYLKV-\LU[LZ=mYNHZ
4HYPV(SILY[V7SH[H(JL]LKV
*tZHY9VILY[V.mTLa/LYUmUKLa
*PYH)LS[YmU
:LYNPV:HUKV]HS
;LSTH(YHN}U:HUKV]HS
@HKLY*mYKLUHZ
*HYSV[H,ZWPUVaH
6ILK.VUamSLZ
4HY[OH*VYLH
:VYH`KH9VKYxN\La
1VYNL/\L[L
7LKYV4HY[xULa.\L]HYH
+L]LYSPU3VYLUH(N\PSHY.HYJxH
(KVSMV(=LSLa*\HYLaTH
9LUH[V(>VUN<YIPUH
1VZt(U[VUPV3HU\aH
3HYY`(U[VUPV-SVYLZ-SVYLZ
>PSILY[(U[VUPV*HZ[PSSV=LSmZX\La
3\PZ(*LU[LUV*
6ZJHY+)HSKLSVTHY
4PN\LS(UNLS(S]HYHKV:\HYLa
:PS]PV.HYJxH9VKYxN\La
3\_HUHKLS:VJVYYV+m]PSH
1VZt0ZHHJR7tYLa
6MLSPH<UPVJL:HSHaHY4HYLUJV
6YSHUKV1VZt/LYUmUKLa
,`ULY+:HU[HTHYxH)
3\_HUHKLS:VJVYYV+m]PSH
)LSRPU1HOVZJH;Y\QPSSV
4H`YH3}WLa
*YPZ[PUH3}WLa
:HUKYH)VUPSSH
4HY`*Y\a
4HYP[aH3}WLa
9VNLY)HYIVaH
1VZt3\PZ3}WVLa3}WLa
7*HYSVZ4\KLY
1VZt3\PZ4\SSLY
+PLYPJR)SHZZ
9L`LZ,MYHxU4LYJHKV
.LYHYKV3V]V
:PS]PV9P]HZ
4HYxH,SPaHIL[O;}YYLa
3LVULS4VYHNH
+VUHSK.}TLa
)LSRPUN;Y\QPSSV
+HUU`7tYLa9P]LYH
(S]HYV*OH]HYYxH4VYHSLZ
1H]PLYH=HSSL,ZWPVUVaH
1VOHUH9.VUamSLZ/LYUmUKLa
.LV]HU`/LYUmUKLa:HU[LSPa
,SPLY(N\PSHY.}TLa
0YTH,SPaHIL[O.HYJxH4HY[xULa
*SH\KPH.LVYNPUH4HY[xULa7YPL[V
6]HUPH4LUKVaH<YIPUH
5HWVSL}U=HSKP]PH4HPYLUH
4HYSPU4VYHSLZ,ZWPUHSLZ
9HMHLS4VUNL5H]HZ
(SL_HUKLY4HY[xULa(S]HYHKV
4HYxH/LYUmUKLa*HSLYV
4HYxH)SHZZ9\IPV
1VYNL(SLQHUKYV+LSNHKV.VUamSLZ
7L[YVUH)HX\LKHUV9L`LZ
;HIHYL(SMHYV*HZ[PSSV
=PJLU[L.HYJxH3}WLa
9VKYPNV9VKYxN\La
4HY]PU-VYUV
(UH:\mYLa
4HYJVZ4VUJHKH
*OHT9P]LYH
,KLSTH7tYLa
/\TILY[V3}WLa
9}NLY.VUamSLZ
*SH\KPH-VYUV
(UKYLZ<YYVa
1VZt9VKYxN\La:HSPUHZ
3\PZ(U[VUPV*LU[LUV*
3HYY`(U[VUPV-SVYLZ-SVYLZ
3\_HUHKLS:VJVYYV+m]PSH
:LYNPV/\TILY[V4HUaHUHYLZ
)LSRPUN@HVZRH;Y\QPSSV
6]HUPH4LUKVaH<YIPUH
:LJPSPH9VX\L
;LSTH4HYPUH(YHN}U:
9VNLY(SILY[V3LP]H
9HT}U4HY[xULa9L`LZ
*PYH)LS[YmU
3LVULS(4VYHNH3}WLa
,`ULY+ZHU[HTHYxH)HSTHJLKH
AVYH`KH:VSLKHK)LYT‚KLa
-YHUJPZJV1H]PLY=LSmZX\La6YVaJV
1VYNL(SILY[V.VKPULa.HYJxH
9PNVILY[V6QLKH
+HUPSV1VZt4VU[LYYL`7Y\KLU[L
*HYSVZ-SVYLZ.VUamSLZ
9VILY[V*LZHY8\PYVa.}TLa
1VZt-.\[PtYYLa
7H[YPJPH1HYX\xU.\HKHT\a
4}UPJH4VYLUV:LX\LPYH
-YHUJPZKLS*HYTLU*VY[ta9
6YHUPH4LUKVaH<YIPUH
9}NLY(SILY[V3LP]H
1H]PLYH;}YYLa,ZWH|H
.HSH4HYxH9\Pa+m]PSH
9HT}U4HY[xULa9L`LZ
+LY]PU.LV]HU`9VQHZ
.LYHYKV3VIV9VQHZ
@\YPZ=HSLZRH=HJH-SVYLZ
;HIHYL(SMHYV*HZ[PSSV
=PJLU[LKL1LZ‚Z.HYJxH
@HKLY3mYKLUHZ:LX\LPYH
:PS]PV9P]HZ(S[HTPYHUV
(SILY[V1VZt:mUJOLa
9VNLY(]PSLZ;}YYLa
*YPZOHT:HT\LS9VJOH9VTLYV
.SLUUPZ5HO\U9VTLYV4VYHSLZ
,TH@HKLY
0UNYPK*(STLUKHYLa4LUKVaH
6ILK)LUQHTxU.VUamSLZ.\[PtYYLa
)SHUJH9VZH4tUKLa;}YYLa
4L`SPUN-H]PVSH:LX\LPYH4
)L[[`4LYJLKLZ(S]HYHKV3}WLa
(KVSMV(=LSLa*\HYLaTH
4LYJPZ=HSSLJP\SSVAHTVYH
;LSTH4(YHN}U:
:LYNPV/\TILY[V4HUaHUHYLZ
3LVULS(U[VUPV4VYHNH3}WLa
*PYH)LS[YmU
;H[`HUH*HZ[LSS}U
,]LSPUN;tSSLa+m]PSH
(UPLSRH3VSH
@LUJ`+=HSSL/LYUmUKLa
3\PZ(*LU[LUV
)H`HU(U[VUPV*HSLYV
:LJPSPH9VX\L*VYVUHKV
:PS]PV9P]HZ(S[HTPYHUV
1VZt(U[VUPV3HU\aH
:PS]PV.HYJxH9VKYxN\La
7LKYV4HY[xULa.\L]HYH
4VUPJH4VYLUV:LX\LPYH
1H]PLYH(\_PSPHKVYH;}YYLa,ZWH|H
9L`LZ,4LYJHKV*HYIHSSV
.LYHYKV3V]V9VQHZ
.HSH4HYxH9\Pa
7H[YPJPH1HYX\xU
1VYNL<YPHY[L
(YZLUPV3}WLa+LSHNHKV
(UH:LJPSPH:HU[HTHYxH
4HYxH3}WLa
(UNLSLZ1HUUL[O4LKYHUV*HSKLY}U
>PZ[VU1VZ\L*HZ[PSSV9P]HZ
+H]PK,K\HYKV=mYNHZ-LYUmUKLa
2LSS`:HTHU[OH=mZX\LaALWLKH
>PSILY(U[VUPV;LUVYPV(S]PY
-tSP_(U[VUPV*HUKH:mUJOLa
1\HU9V\ZZLSS=HULNHZ+\HY[L
1LZZ`9V_HUH(]LSSmU4HY[xULa
(SL_)PZTHYR7LYHS[H7tYLa
(UH,]LYSPUN4H[\[L(S]HYLa
1VZt+HUPLS*HTWVZ/LYUmUKLa
*HYSVZ(SL_PZ:mUJOLa.HYJxH
9VKYPNV(SILY[V:mUJOLa7LYHS[H
=PYNPUPH(U[VUPH7HSH]PJJPUP9VX\L
1\HU*HYSVZ=HSSLJPSSV*HZ[YV
1VZt.HIYPLS9\Pa.HSSLNVZ
4HY[OHKLS*HYTLU.\[PtYYLa4LY
JHKV
,]LY[O1HZTPS7LYHS[H4VYH
*YPZ[}IHS(U[VUPV7HUPHN\H,ZWPUHSLZ
9VJOHYK4LQxH*OHUN
(SL_HUKLY(U[VUPV*HYJHJOL7V[VZTL
(KLSH0ZHILS*VYLH<YIPUH
3L`SH4HZZPLS9HTVZ*VY[ta
*HYSVZ1VZt,Z[YHKH9VKYxN\La
,K^PUN(U[VUPV,ZWPUVaH.HYJxH
1\HU*HYSVZ4VYHSLZ=HSSL
9L`UHSKV,K^PUN9VKYxN\La(S]HYHKV
2HYLUKLSVZ(UNLSLZ9VKYxN\La
4LYJHKV
/HTPS[VU(U[VUPV7tYLa7H]}U
1VUU`1VZt.\aTmU.HYJxH
9VILY[V*HYSVZ+m]PSH9\NHTH
*VUU`HKLS*HYTLU(Z[VYNH5HY]mLa
4HYxH1VZt;LQHKHAH]HSH
4HU\LS(U[VUPV4LQxH4LUH
1VZt-YHUJPZJV9VKYxN\La:HSPUHZ
(KVSMV(U[VUPV=LSLa*\HYLaTH
1H]PLYHKLS:VJVYYV3}WLa)YLULZ
+HYSPUN(U[VUPV1HLU9\NHTH
(UNLSH4HYxH3}WLa(S[HTPYHUV
*LJPSPHKLSVZ(UNLSLZ6IHUKV9P]LYH
+HUPLSHKLS*HYTLU7tYLa:\HYLa
*YP[PHU6Z^HSKV)SHUJV9HTxYLa
3\JPSHKLS*HYTLU=HSSL
4HYxH4HNKHSLUH7tYLa.HYJxH
+PVTHY0ZPKYV)HS[VKHUV6Y[xa
(YUVSKV1VZt3}WLa4LQxH
-YHUJPZJV(U[VUPV4LYJHKV-\LU[LZ
(SL_HUKLY(U[VUPV4VSPUH9L`LZ
.PIZP2L]PU)HS[VKHUV9xVZ
1VU`(U[VUPV7H]}U1PTtULa
+V\NSHZ1VZt4LUKPVSH=PHSLZ
1VZt)LUQHaTPU*Y\a-VUZLH
2L]PU9PJHYKV5HY]mLa(YPHZ
*HYSVZ1H]PLY=mYNHZ
+HY^PU+H]PK,JOH]LYY`:mUJOLa
3\PZ(U[VUPV=mYHNHZ3}WLa
:PS]PV)LYT‚KLa)HS[VKHUV
3\PZH(THUKH,ZWPUVaH.\[PLYYLa
,]LY[V1VZt.\L]HYH-SVYLZ
*YPZ[OPHU7H‚S7tYLa
*HYSVZ/\TILY[V/LYUmUKLa.VU
amSLa
1VYNL3\PZ:mUJOLa*Y\a
4HUZZLS4VUKYHN}U(N\PSLYH
1VYIPUKLSH*Y\a6ZVYPV=LNH
1VZt,MYHxU9HTVZ7H]}U
1L`ZP9VNLSPH4LYJHKV9\Pa
4HYS`9HX\LS9VZHSLZ:PS]H
1VZt3LVULS:VSxZ9L`LZ
2HYLU+LUPZL4LUKPL[H7tYLa
4HYQ\Y`5H[HSPH9VKYxN\La
4HYxHKL3V\YKLZ+xHa.VUamSLa
+VUHSK,UYYPX\L(SLTmU4LYJHKV
,K^PU9HMHLS9VTLYV=LSmZX\La
*HYSVZ(SILY[V=mZX\La=HULNHZ
3\PZ*HYSVZ(S]HYHKV
(UNLS+H]PK/\Y[HKVAHWH[H
4PJOHLS1H]PLY:LX\LPYH4LQxH
1VZt3\PZ*HIYLYH,ZWPUVaH
(UH4HYxH.HYJxH4tUKLa
4LSRPU:LKLJ)HX\LKHUV
1VUH[OHU1VtS4HYLUJV+\HY[L
+HUPSV1VZt4VU[LYYL`7Y\KLU[L
*LZHY(\N\Z[V)HS[VKHUV:mUJOLa
>PSSPHT@HTPS(YN\LSSV:LX\LPYH
4H\YPJPV-LYUmUKV:HSPUHZ9VKHZ
3LZILY+HUPSV7P\YH)HYYLYH
,S]PZ4PQHPS*LYUH:\UZPU
3LVUHYKV1VZt1PTtULa9VKYxN\La
/HYYPZVU(U[VUPV+xHa+xHa
>PSILY(U[VUPV3}WLa*HU[HYLYV
:VUPH*HYVSPUH5H]HYYV
+HUPZ9HX\LS.HYJxH*VY[ta
3\PZ,UTHU\LS9VTLYV/LYUmUKLa
5L`ZPU-YHUJPZJH+m]PSH*OH]HYYxH
1HZZVU)SHKPTPY5H]HYYL[L;}YYLa
1VZ\t.HTHSPLS7HYYHSLZ)HS[VKHUV
(SIxU+HUPLS+xHa9L`LZ
+H]PK(SLZPV4tUKLa4VU[V`H
,Y^PUN(U[VUPV.HNV4LKYHUV
1\HU9HT}U4VYH6Y[xa
1\SPV6YSHUKVAHTVYH3}WLa
9VZH)L[HUPH5PJHYHN\H9VKYxN\La
0KHSPH=LY}UPJH:mUJOLa9\Pa
3LZIPH(YLS`7tYLa+xHa
/HYVSK,UYYPX\L9VZHSLZ.\L]HYH
2LUULY1VZt)YPJL|V.VUamSLa
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
.\Z[H]V(KVSMV)HS[VKHUV/LYUmUKLa
(SHU7H‚S:mUJOLa4LYJHKV
>PSTLY+H]PK7H]}U1PTtULa
4PS[VU.HIYPLS9VTLYV.VUamSLa
4HU\HS:HS]HKVY7PSHY[L4VYH
)LYTHU(U[VUPV.HYJxH(N\PSHY
4H`YVU(U[VUPV(SLTmU4HYLUJV
4HYSVU1VZt.\[PtYYLa1HYX\xU
.LV]HUU`(U[VUPV.HYJxHZ)SHZ
+L`IP(U[VUPV.HTIVH3}WLa
*HYSVZ1H]PLY4LUH3}WLa
3L`[}U-YHUZPJJV4VYHSLZ(SLTmU
;VU`-YHUJPZJV4LYJHKV,ZWPUVaH
4VPZLZKL1LZ‚Z)HS[VKHUV.\[PLYYLa
1OVU:HS]HKVY*LYKH)SHZ
(Sx0ZHHJ,JOH]LYY`:mUJOLa
-YLK`(SILY[V*VY[ta(JL]LKV
7LKYV1VZt7HSHJPVZ4VYH
:H‚S1VUH[OmUJHZ[LSS}U3}WLa
/LUYY`:LIHZ[PHU,ZWPUVaH1\HYLa
1\SPV(SL_HUKLY7HYYHSLZ7HYYHSLZ
1VUH[OHU9L`]PU-SVYLZ7HYYHSLZ
,SPLaLY1OVU0IHYYH,ZWPUVaH
@VSTHY(U[VUPV+xHa9\Pa
2L`SLY>PZ[VU,ZWPUVaH/\Y[HKV
(SL_HUKLY(U[VUPV5PJHYHN\H
5VY]PUKL1LZ\Z4VUQHYYLa+PUHY[L
9VKVSMV(U[VUPV:mUJOLa9P]LYH
3`UKVU-YHUJPZJV:PS]H7V[V`
.LTH-HIPVSH.HYJxH;HYKLUJPSSH
)YLUKH:\OL`SPUN4H[xULa7H]}U
@VZZLSPU+H`HUH=LSmZX\La(SLTmU
(UH,SPaHIL[O.\[PtYYLa.\[PtYYLa
5VLTx-YHUJPZJH/LYUmUKLa=mZX\La
5HUJ`7HTLSH+xHa.\[PtYYLa
.SVYPH0]L[O4VSPUH*HYIVULYV
1VZt:LIHZ[PmU6Y[xa-SVYLZ
9\KK`(U[VUPV(N\PYYLa:mUJOLa
1H]PLY(SILY[V4HYX\La6Y[xa
4HYJVZ:HU[PHNV3}WLa3}WLa
(SL_HUKLY(U[VUPV*Y\a4\|Va
+HY^PU7HISV5HY]mLa
*HYSVZ(KmU4\UN\xH3}WLa
-LYUHUKV1VZt(I\Y[V5HY]mLa
1L_VU(SLQHUKYV9xVZ(YN\LSSV
4L`SPUN-HIPVSH:LX\LPYH4LUKPL[H
@HKLY9HMHLS.\[PLYYLa7tYLa
1\HUP[H3PZIL[O:mUJOLa.\[PtYYLa
,S]PU4HU\LS4\|Va(YPHZ
9PJHYKV,YULZ[V5VN\LYH<Y[LJOV
1VZt4HU\LS,ZWPUVaH*LYKH
1HPTL-YHUJPZJV9P]LYH*VY[ta
4HYxH4LYJLKLa4HY[xULa:mUJOLa
)PZTHYR1VZt:mTJOLa3}WLa
=LY}UPJH6KPS`3}WLa6IHUKV
4HY[OH0ZHILS.HYJxH=mZX\La
+HY^PU(SILY[V9P]HZ/LYUmUKLa
1\HU*HYSVZ)VYNLZ*Om]La
1VZt=xJ[VY+xHa9VKYxN\La
+H]PZ+VSVYLZ4LULZLZ4VYHSLZ
4HYPV(SILY[V(]LJLKV+m]PSH
+VUHSK9VKYPNV.HP[mU.}TLa
;LYLZH.HIYPLSH=HYNHZ3LaHTH
2H[O`H=LY}UPJH(SLTmU.HYJxH
0ZYHLS(U[VUPV(TWPt
,KK`1H]PLY.\L]HYH)\Z[VZ
*LJPSPH.\HKHS\WL3}WLa.}TLa
1VZt,SxHa4LYJHKV4tUKLa
,S]PZ*LJPSPV3H[PUV*HYIHSSV
9VZZL4LY`4HY[xULa4LUH
1VZLMH(YNLU[PUH3}WLa=P]HZ
1HOHPYH4HYNHYP[H4VYHSLZ,Z[YHKH
+H`ZP(\_PSPHKVYH=PSJOLa.HSmU
.LYHSK:HTPY7H]}U7tYLa
*PU[PH.HIYPLSH)LQHYHUV(N\PYYL
1LZ‚Z(SILY[V6IHUKV7V]LKH
1VZt(YPLS3}WLa7tYLa
9PJHYKV,UYYPX\L.VUamSLa8\PU[LYV
7mNPUH
(\N\Z[V*tZHY*HTWVZ*HYIHSSV
5LZ[VY3LVULS-SVYLZ(SVUaV
0ZHxHZ1VZt<NHY[L9LX\LUL
1PTT`5tSZVU3}WLaALSLK}U
/LUY`,TPSPVAHT\YPH(YPHZ
3\PZ(SMYLKV)HYYPVZ.\L]HYH
,Y]PU/\TILY[V3}WLa
4HYPV(U[VUPV(U[}U+m]PSH
0ZTHtS(U[VUPV.\PSStU*VY[ta
3PZZL[OKLSVZ(UNLSLZ9HTxYLa
4LKPUH
1VYNL3\PZ.VUamSLa,ZWPUVaH
5tSZVU,UYYPX\L:mUJOLaA‚UPNH
*HYSVZ(U[VUPV4LYJHKV*LU[LUV
,ZJHYSL[O,Z]LSPH*HZ[PSSV:mUJOLa
9\KK`(SILY[V4PSSVU-SVYLZ
/tJ[VY3\PZ(N\PSHY)mLa
-H]PV(U[VUPV.\[PtYYLa3}WLa
2HYLU@PZLS4HY[xULa9HTxYLa
-YHUJPZ=HULZZH4VYLUV.HYJxH
4HYxH1VZt:mLUZ4LKPUH
2HYPUH,SPaHIL[O9\Pa/LYUmUKLa
*HYSVZ9HMHtS.HYJxH5HQHY
,]LY[)LYUHYKV(JVZ[H
=xJ[VY4HU\LS*HZ[YV(S[HTPYHUV
5VY]PU1L‚Z4PYHUKH/LYUmUKLa
.YPZLSKH,SVPZH3\TIx/VKNZVU
/HUZLSS:JL[HUSL`+m]PSH*HTWVZ
(YPLSKL1LZ‚Z*HUV(UN\SV
9\KK`(SVUZV3PYH.VUamSLa
,]LY[O7HZ[VY)LYYPVZ
1H]PLY(U[VUPV*HYYHZJV9HTVZ
3LZ[LY1VZt*HYYPSSV.HSPH
3\PZ(SILY[V4LUKVaH9VQHZ
7VYÄYPV6YSHUKV.\PKV7YHKV
1L`ZVU,UTHU\LS.HYJxHZ:mUJOLa
3\PZ-LYUmUKPV3\UH*Om]La
2LSPU1HYPJZH:mUJOLa)YH]V
-YHUJPZJV1H]PLY7LYHS[H;Y\QPSSV
1VtS9LUt9VKYxN\La3}WLa
/tJ[VY6UPLS*LU[LUV4LUKVaH
@LYYPMLY(U[VUPV:PS]H4LKPUH
*HYSVZ1H]PLY.HYJxH(S]HYLa
2YPZILS)LStU4VU[LZ)VYKHZ
3H\YH(SPJPH*HUV1PTtULa
@\THYP.\HKHS\WL4HUaHUHYLZ;Y\QPSSV
*HYSVZKL1LZ‚Z4HUaHUHYLZ3LP]H
2LUPH)LUP[H:HU[HUH(U[}U
,S`PU(U[VUPV6WVY[H
5PJOHLS)SHKPTPY.HS]LZ.HS]LZ
>HSTVY4H\YPJPV1HYH,ZWPUVaH
/LUYY`9VILY[V9\Pa=HSSL
9VILY[V*HYSVZ:VTHYYPIHAH]HSH
1VSTHU+HUPSV7PJHKV:PS]H
-YHUJV9HMHtS:V[V(SLTmU
,`ULY4HUYYPX\L/LYUmUKLa*OH]HYYxH
,MYHxU,K\HYKV.VUaHSLZ,ZWPUVaH
/tJ[VY(TPSJHY*OH]HYYxH.VUaHSLa
5VYTHU(U[VUPV*HZ[LSS}U3HUKLYV
4HYPILSALSLK}U.HYTLUKPH
)LSRPZ,Z[OLY1HYX\xU)SHUJV
5HO‚U,ZH‚9P]LYH.}TLa
-YHUJPZJV(U[VUPV(N\PYYL*VYYHSLZ
+L`SPUN(THUKH3HN\UH(N\PYYL
1LZ‚Z(SILY[V=LSmZX\La/LYYLYH
@HYPLS6THY,ZWPUVaH.HSLHUV
2LUKY`=PJLU[L.HP[mU:mUJOLa
+LS]PU+H]PK(S]HYHKV4PYHUKH
6ZTHU4HY[xU7tYLa9\Pa
:PS]HUV1VZt.VUamSLa;LYJLYV
+PUH(UNtSPJH<YIPUH9P]LYH
1VZt4HYxH-PHSSVZ;}YYLa
3\PZH3PZZL[O*HZ[PSSVA‚UPNH
,Y^PU(U[VUPV=HULNHZ.HYJxH
1HPYV1VtS3}WLa
3\a(\YVYH4VYHSLZ4VYHSLZ
4HYSLU1\KP[O4PYHUKH/LYYLYH
6ZJHY+HUPSV4HY[xULa;}YYLa
9PJOHYK(YUVSKV7tYLa
+HUPH,SPaHIL[O4H[\Z:mUJOLa
:L`KP@HTHSPØILKH*mSP_
5VY^PU1VZt-SVYLZ=HSSL
-SVYKL4HYxH/LYUmUKLa.VUamSLa
1HPYV1VZt*HYHaV7tYLa
:LYNPV(KVUPZ/LYUmUKLa9VKYxN\La
4HYPaaH.HYJxH.}TLa
4HYPV1VZt*LU[LUV7HZ[YHUH
5H]PNPV+H]PK3}WLa7VSHUJV
+HY^PU-YHUJPZJV0KHSNV/LYUmUKLa
3LKLYTHU1VZt4LUKVaH9}QHZ
,SxHZ,YULZ[V.\YKPmU
(S]PU1VZt9HTxYLa7tYLa
5VY]PU(U[VUPV3}WLa
6STHYH3PZZL[O:L]PSSH.VUamSLa
6ZTxU0UVJLU[L.HYJxH:mUJOLa
1VYKHU1VZt/LYYLYH
1VZt(SMYLKV)LYT‚KLa.\[PtYYLa
-YHUJPZJV(KmU(SLTmU-SVYLZ
-tSP_-YHUJPZJV-SVYLZ.\[PtYYLa
-YLK`KL1LZ‚Z(YHN}U(SLTmU
-LYUHUKV(U[VUPV<YIPUH:mUJOLa
4HU\HS:HS]HKVY3}WLa>PU[L_
1L`ZP1\UPL[O3HNVZ
@HUH`UH+PSJPH7HZ[YHUH9VKYxN\La
1VZt0NUHJPVALSH`H.\PKV
1VZt3\PZ.\[PtYYLa9P]LYH
6THY3L}UPKHZ:HUKPUV<YIPUH
*HYSVZ4PN\LS/LYUmUKLa4VYHSLZ
1VZt+LUPZ9\NHTH=mZX\La
)H`YVU1VZt4HY[xULa9L`LZ
@LYSPU6ZTHY6SP]HZ:HU[LSPa
(KmU4LSHUPV:L]PSSH4LUKPL[H
(UNLS1VZ\t*LYKH3}WLa
+HTHYPZKL1LZ‚Z4HY[xULa/LYUmU
KLa
1VYSPUN,SPL[O.HKLH)SHUK}U
9VZH(UNtSPJH*HZ[YPSSV9xVZ
5tZ[VY1VZt:HUKPUV-SVYLZ
4HY]PU,aLX\PLS9HTVZ:L]PSSH
7HISV1VZt;HSLUV3}WLa
3\PZH(THUKH-\LU[LZ
4HYH:HS]HKVYH(S]HYHKV3}WLa
:VMVUxH1VZt7tYLa,ZWPUVaH
>PZ[VU(U[VUPV+m]PSH4LUH
1HYVSKL1LZ‚Z(SLTmU.HYJxHZ
+HSPH*HYVSPUH6YVaJV4H`VYNH
4HYxH1VZt(SKHUH6SP]HYLZ
1VYKHU9HMHtS4H`VYNH4tUKLa
1HPTL1VZt1HPTL.HYJxH
,SRH=HSLYPH(N\PYYL*HUKH
,K^PU4VPZLZ)HS[VKHUV7HSHJPVZ
(SSHU,K\HYKV(N\PSHY(S]HYHKV
9\ItU,SxHZ*VYLH.\PKV
(YHJLS`9VZHYPV:mUJOLa*LYKH
*SH\KPH9HX\LS9\Pa(S[HTPYHUV
>HS[LY(SL_HUKLY7tYLa6Y[xa
6ZJHY+HUPSV4HY[xULa(N\PYYL
>PSILY[,_LX\PLS7tYLa6Y[xa
1VZt(SILY[V4LQxH7HYYHSLZ
1VZt4HU\LS7L|H)LYT‚KLa
1\Z[PUHKLS*HYTLU;PUVJV4LQxH
4HY[OH3VYLUH4LUKVaH.HYJxH
(UH9VZH9L`LZ:LYHWxV
9VNLY+HNVILY[V4LYJHKV6Y[xa
1HPYV(U[VUPV:LX\LPYH9VTLYV
5LZ[VY(U[VUPV:HSHaHY)YLULZ
+P_}U1VZt9VZHSLZ3}WLa
.LYZVU-LSPWL.\PKV3}WLa
6ZJHY1VZt=mZX\La.VUamSLa
2LUPH*HYVSPUH=HKV=LSmZX\La
4HYxH(SLQHUKYH5H]HYYL[L(N\PSHY
4HX\LPS`UN+HYPHUH(]HSVZ*HZ[YPSSV
(S]HYV(U[VUPV*VYVUHKV3}WLa
.\PLSIH*OHYS`*HZ[YV
9HT}U:LIHZ[PmU.HYJxH9VTLYV
6ZTHY,UTHU\LS4LYJHKV*Y\a
>PSTVYL,SPHaHY-VYILZ
>PSSPHT(SILY[V,ZWPUVaH)HYYLKH
(UH4HYxH6ZVYPV:HSNHKV
+HYSPUN(U[VUPV*HYHaV7tYLa
5HKPLZRH4HYPJLSH/LUK`7tYLa
1HPYV(YPLS:mUJOLa.YHUHKVZ
7LKYV(U[VUPV:VSVYaHUV/LYUmUKLa
>HS[LY1VZt/\Y[HKV)SHUJV
,K\HYKV1VZtfS]HYLa+m]PSH
,YPRHKLS*HYTHU4LUKPL[H+xHa
(SLQHUKYH=LY}UPJH9\Pa
6ZJHY1H]PLY9VKYxN\La:mUJOLa
*HYSVZ+HUPLS+m]PSH)YPVULZ
(KVU`Z.HIYPLS:PS]H.VUamSLZ
1\HUH3PZZL[O.YHULYH
:LYNPV(IPTHLS3}WLa6YVaJV
4H\YPJPV(U[VUPV;HPaHUV
-PHTH)LKHSPUH*HYYHaJV9\Pa
4HY]PU1VZt7V]LKH3L`[}U
,Y]PU9HT}UALSLK}U:HUKPUV
+LUPZ(\N\Z[V4HY[xULa.HYJxH
)H`YVU)LYUHIt.HP[mU/LYYLYH
9VZH4HYxH5H]HYYV9VKYxN\La
5PSZVU+HUPLS;LYJLYV(YJL
4PSL`KP4HZZPLS.HYJxH8\PU[LYV
3\PZ.YLNVYPV.\[PtYYLa.HY[mU
*HYSVZ1H]PLY9VKYxN\La3}WLa
=PJLU[L,]LSPV3}WLa:mUJOLa
+LUPZ5Vt4LYJHKV4VU[LULNYV
2H[PH4HYLS`Z4VYHSLZ
*HYSVZ9VILY[V:HSVT}U9LUV
,UTHU\LS*mJLYLZ=HYLSH
*SHYH1PTtULaALSH`H
)L[[`)YLUKH1HTLZ(U[VUPV
+HJPH4}UPJH*H[YPJPHUV>PSZVU
1HUL[,\UPJL8\HU[:[HUSL`
*YPZ[OPHU(SILY[V3}WLa4LUKVaH
1VYSLUP:OVUHPYH5HZO
>PSKLY1H]PLY4tUKLa)VYNL
4LYSV)PZS`9VIPUZVU:PTVUZ
1LMMY`4HY[xU*HYTVUH6WVY[H
*SH\KPH,SPaHIL[O.\[PtYYLa9HTVZ
1HPTL(U[VUPV.VUamSLa.HYJxH
1VZt+HUPSV3PYH*LU[LUV
6ZJHY(YPLS:VSPZ(THKVY
4HY[OH0ZHILS3\UH6IHUKV
+HY^PU1VZt6SP]HZ4HY[xULa
1\SPZLY+H]PK9VKYxN\La3}WLa
3LZ[LY1VZt-PN\LYVH9HMHtS
-VYS`2LUS`)LSSV>LII
@HZUH.LVYNPUH(THKVY)HSSHKHYLZ
2HYPUHKLS*HYTLU3HNVZ9\Pa
(YPZLSH@HYHS`4VYLUV,ZWPUVaH
5LY`(U[VUPV:HIHSSVZ4PYHUKH
(SL_PZ(U[VUPV3}WLa7PULKH
0ZTHtSKL1LZ‚Z,ZWPUVaH)mLa
1VtS:HU[PHNV/LYUmUKLa4\|Va
1VZt+HUPSV-SVYLZ3}WLa
:HS]HKVY(UNLS3HTALSZ[VU
4LSJOVY,ZWPUVaH1\Z[PUPHUV
+VUHSK,TPSPV)YLULZ+xHa
1VZt,K\HYKV>PSZVU2PH[O
3LVULS1OVU`4LQxH3}WLa
6SP]LY4JKVUHSK*OV^
2LZZSLY(S]HYLa9H`V
5LZ[VY(U[VUPV)YH]V
(YHJLS`KLS*HYTLU-SL[LZ*LU[LUV
-LSP_9HMHLS6SP]HYLZjHTLUKLa
+LUPZ(X\PSLZ*\HKYH3}WLa
4LYSPUNKLS*HYTLU(N\PSHY:mUJOLa
*HYSVZ4HY[xU(S]HYLa4VU[LULNYV
(SL_HUKLY1H]PLY6J}U4LKPUH
1H]PLY(U[VUPV4LKPUH
(UNLS.HIYPLS=mZX\La=HYNHZ
(YLS`ZKLSVZ(UNLSLZ-SL[LZ*LU[LUV
+H]PK(SL_HUKLY:VSPZ<YIPUH
9VZH4HYxH4HY[xULa7tYLa
1LZZLUPHKLS*HYTLU:LX\LPYH7\LY[V
4LTVYPH
1VZt3\PZ*HUV;YH|H
/LaaLSS4HYxH4VUNL
1VZt(UNLS/\Y[HKV6WVY[H
4PN\LS(UNLS*HUHSLZ:PS]H
(U[VU`:[L]LU*HZ[PSSV
(S]HYV:[L]LU*VYLHAHWH[H
@LZLY(KHU(N\PSHY.HYJxH
1\HU,K\HYKV4HKYPa9VTLYV
+V\NSHZ>HS[LY9L`LZ(THKVY
-LYUHUKV(TPSJHY9VKYxN\La)VSH|VZ
4H_3LUPU/LYUmUKLa*VY[ta
5LSZVU5VLS4VYLUV(JL]LKV
/HUaLS(ILS:PS]H9P]LYH
(YPLS(U[VUPV4VYH9P]HZ
,SKLY6Z^HSKV4LQxH)L[HUJV\Y[O
1VZt9VT\SV*HUV9L`LZ
@HUPLY,SPLaLY(N\PSHY.HYJxH
3\PZ*HYSVZ-SVYLZ9HTxYLa
1VZt(U[VUPV.HYJxH=HULNHZ
/\NV(U[VUPV/LYYLYH7tYLa
:LIHZ[PHU(SILY[V.HP[mU4VSPUH
,SP_MVUZV(SILY[V5H]HYYL[L4\UN\xH
4PSKYLK@HUPYL[O)LUKH|H4HY[xULa
:[L`ZP=HULZZH.HYJxH/LYUHKLa
,]LY[O,SPLS.\[PtYYLa7tYLa
*HYSVZ9HT}U(SMHYV,ZWPVUVaH
:H‚S(U[VUPVA‚UPNH:HSPUHZ
3L]`(YPLS=mZX\La4HY[xULa
*LZHY(YPLS)LUH]PKLa.VUamSLZ
1HZ[PU)SHKPTPY9L`UVZH.\PSStU
,TLY1LZ‚Z,ZJVIHY+m]PSH
9HMHLS,UYPX\L1HYH(YPHZ
,YPU>PSMYLKV9\NHTH(N\PYYL
[email protected].}TLa
5VYSHU:HSVT}U6J}U-SVYLZ
2LUPH4H`LYSPU.HYJxH(]LUKH|V
,]LSPUN4HYxH/\Y[HKV:\HYLa
1HJX\LSPUL*VUJLWJP}U.}TLa
.HP[mU
1VZt(U[VUPV6YVaJV9\Pa
:H`YH1HaTPUH3}WLa(`LZ[HZ
>SILY(U[VUPV:\HYLa:HUKV]HS
-YHUJPZJV1H]PLY9VZHSLZ1HLUZ
*HSP_[V1VZt*HUV)HYYLYH
2HYSH=HULZZH+\HY[L.VUamSLZ
3\PZ(SVUZV0ULZ[YVaH7HZ[YHUH
9\ItU1VZ\t*VYLH.\LYYLYV
.L`SPU,SPaHIL[O.HP[mU*LYUH
9VILY[V*HYSVZ;tSSLa9L`LZ
7LKYV(U[VUPV4VUKYHN}U*Y\a
1LZILS1VZt<THUaVY.\[PtYYLa
,^HY1VZt(`LZ[HZ-PN\LYVH
9\KP+PHUL[O4PYHUKH(N\PYYL
*YPZ[OPHU5VtS4H[\Z:HUKV]HS
,S]PZ1H]PLY*HYYPSSV:VSxZ
-LYUHUKV6THY.YHUHKVZ7HSHJPVZ
1HYLK(SL_HUKLY:PS]H)SHUJV
/LYSPUN0ZYHLS=LSmZX\La4H`VYNH
>HS[LY)LUPNUV.HYJxH.\[PtYYLa
4HYxH4HNKHSLUH-SVYLZ:HUKV]HS
1VYKHU4HNKPLS)HSSHKHYLZ3HN\UH
+LS]PU-YHUJPZJV.HYJxH(THKVY
>PSTLY,Z[LYSPU4H[\[L3}WLa
1VYNL5VLS.YHUHKVZ3}WLa
+LS]PU1VZt4HY[xULa
:PUK`4PSL`KP3\TIx4HYHKPHNH
3\a4HYPUH-SVYLZ(THKVY
ALUH`KH,_HUPH,ZWPUHSLZ)L[HUJV\Y[
6ILK0ZHxHZ;}YYLa
-YHUJPZJV1H]PLY,ZWPUVaH1HYX\xU
3LZ[LY+HUPSV<THUaVY:HUJOLa
4H`UVY1LZ\Z4HJOHKV:\HYLa
,KKLY4VPZtZ(YN\LSSV7LYHS[H
3\PZ(SMYLKV:mUJOLa:HUJOLa
*PUK`-HIPVSH*Om]La*HYWPV
1VZt3\PZ1PTtULa,ZJVIHY
-PTLY1VtS1PTLULa*HZ[LSS}U
*HYSVZ(SILY[V1PTLULa*HTWVZ
+V\NSHZ(U[VUPV*LU[LUV4LKYHUV
1VZt1H]PLY)HYILYLUH7HSHJPVZ
/LSKLY(KHTILY[V4LYJHKV(UKYHKL
+PYPHU(U[VUPV:mUJOLa7HSHJPVZ
:HS]HKVY(U[VUPV:mUJOLa7HSHJPVZ
4HY[xU(U[VUPV.\PKV;LYJLYV
.SLUKH4HNHS`=HSSLQVZ:mUJOLa
(SOLYMZ(U[VUPVP1PY}U3}WLa
>HS[LY(SMYLKV/LYUHUKLa4VYHSLZ
6ZJHY+HUPSV/LYUHUKLa.\[PtYYLa
-HIPVSH7H[YPJPH<TH|H
)H`YVU:HU[PHNV.\[PLYYLa3}WLa
1VZt4HYJLSPUV)LYT‚KLa(N\PYYL
1VZt(UNLS:mUJOLa
1\UPVY-YHUJPZJV7LYLPYH3}WLa
+HUPLS,UYYPX\L7L|H4VYHSLZ
<SPZLZ+HUPLS:PS]H.VUamSLZ
4H`JVS3LUPU.\HKHT\a*Y\a
*YPZ[VWOLY(U[VUPV.VUamSLZ3}WLa
1OVZZLSPUN2HZZHUKYH.YPQHS]H4VU[LZ
4PS[VUKL1LZ‚Z:HUJOLa*LYKH
3L`KP:LSLUL4HY[xULa5HY]mLa
4H`RLSS6KLSS*HZ[YV;tSSLa
1VZt(UNLS.\[PLYYLa,Z[YHKH
1VY]PU1\UPVY9VTLYV,ZWPUVaH
5LSZVU(U[VUPV.VUamSLZ4LKPUH
4PYPHT(U[VUPH)SHUK}U4VUa}U
:LSLUH*HYTLU9HTxYLa9\Pa
1LZZPJH=HUPH*HZ[YV9\NHTH
4HY[OH(\_PSPHKVYH4HY[xULa
(KH,]LSPUN0aHN\PYYL7YH]PH
:L`K`4HZZPLS(]LYY\a(Ym\a
4HYSPUN(THYPSP*VYLH=HSSLJPSSV
2L`SPU1\KP[O/LYUmUKLa*HYHaV
+VYH4HYxH-VUZLJH4tUKLa
2HYSH4HYSSLS`8\PU[LYV.\YKPHU
6SP]PHKLS9VZHYPV3}WLa7VSHUJV
7H[YPJPHKLS*HYTLU(YH\a/LYYLYH
)LY[PSPH;LYLaH(YVZ[LN\x*Y\a
(UH4PNKHSPH7VSHUJV*VU[YLYHZ
(YHJLS`=HSSLJPSSV6JOVH
4HYQVYPLKLS*HYTLU(N\PSHY4LUKVaH
7LKYV9HMHLS.HYJxH=HSSL
9VILY[V*SLTLU[L:VIHS]HYYV=PSSHNYH
@PTLY1VZtALSH`H
1VZt4HY[xU(YY}SPNH:HSN\LYH
1VtS(U[VUPV.HYJxH:mUJOLa
9LUt)HS[VKHUV)HS[VKHUV4LUKVaH
*HYSVZ1H]PLY9L`LZ4tUKLa
,SKLY(U[VUPV*LU[LUV)VYNL
-YHURSPU1VZt)LYYPVZ4LaH
5VYNLU0ZPKYV*HZ[LSS}U.}TLa
4HY]PU3\JxV4tUKLa9L`LZ
=xJ[VY4HNKPLS/LYUmUKLa7tYLa
1VZt(SMYLKV;}YYLa(SLTmU
@VYSPUN4VYHSLZ9P]LYH
4HY]PU1VZt4PYHUKH9P]LYH
6Z^HSKV(U[VUPV6YK}|La/LYYLYH
,STLY7H[YPJPV*Y\a9VKZYxN\La
1VZt5VtS4tUKLa.VUamSLZ
6ZJHY+HUPSV9H`V9H`V
3LZ[LY(U[VUPV:[\SaLY:VaH
1VZt+HUPLS4tUKLa+m]PSH
(HYVU(U[VUPV.HP[mU(SMHYV
>PSSPHT0ZHHJ/LYUmUKLa9VKYxN\La
3\a(KHUPSH/LYUmUKLa=mZX\La
1OVU`.HIYPLS(]LUKH|V(THKVY
,SPLaLY-LYUHUKV3L`[}U3\UH
*YPZ[PHU1VZt*HU[PSSHUV.\L]HYH
2L]PU.\PSSLYTV.HYJxH1HYX\xU
3VYLUHKLS9VZHYPV.HP[mU9VZHSLZ
-LYUHUKV4H\YPJPV4H`VYNH9P]LYH
/PKHSPUH3PIPLZJH:VaH9VKYxN\La
/PSSHY`:\ZHUH;}YYLa.\HKHT\a
*YPZ[OPHU)PZTHYR(N\PSLYH)HYIVaH
1HZZVU1H]PLY4VYHSLZ6ZVYPV
1LMYMY`0ZYHLS9VQHZ.\L]HYH
+\SPLZ(U[VUPV7HSHJPVZ*OH]HYYxH
/\TILY[V1VZt.HYJxH4LQxH
7HISV(U[VUPV3}WLa,ZWPUVaH
/LYSPUN9HMHLS5H]HYYL[L:HUJOLa
.HIYPLSKL1LZ\Z=HKV9\Pa
2LUULY1VZ\L-SVYLZ
-YHUJPZ0THYH+xHa/LYUmUKLa
3\PZH(THUKH5PJHYHN\H
4HY[OH1\KP[O1HYX\xU.HYJxH
4HYxHKL1LZ‚Z(]LSSmU
-YHURSPU1H]PLY*VUKL4VYHSLZ
*HYSVZ:HS]HKVY*HUV:HLUa
+PHUH3\JxH9VH9HTxYLa
:HU[VZ;VTmZ)HX\LKHUV.VUamSLZ
0]HUPH4LYJLKLZ:HSHISHUJH=HS]LYKL
.SVYPH,Z[LMHUP=HSSL6Y[LNH
2H[OLYPULZ+VSVYLZ(N\PSHY*HSLYV
,Z[LIHU+VTPUNV4H`H:JV[[
3PKPH.\HKHS\WL3}WLaAHWH[H
=PYNPSPV+HUPLS;L`ZPN\H
:OL`SH)PYTHUPH.VUaHSLZ4H`VYNH
,]LSPUN1LZZLUPH4PYHUKH,ZJVIHY
0YPZ5PUVZRH:mUJOLa:HSHaHY
+HYSPUN4HYxH9VJOH:HSHaHY
/LUYY`4H\YPJPV*VYLH3}WLa
+HUPH,ZTPSJL4H`VYNH6IHUKV
9VILY[V*HYSVZ4VYH*}YKVIHZ
:[HYSPNO[,SSPL[O=mZX\La6JOVH
1HUPILS:JHYSL[O4LaH*HUV
1PTT`1VZ\L4\|Va(YPHZ
1PTT`KL1LZ‚Z(S]HYHKV4HY[xULa
@HQHPYH3PaL[O.HYJxH4VYH
(YPLSH)HSX\PYPH9VKYxN\La6Y[LNH
3LL]HY(U[VU`:HUKV]HS1PTtULa
2L`SH@PUPL[[L)YPVULZ/LYUmUKLa
(SHU(U[VUPVP4LYJHKV+m]PSH
,SNPU,UTHU\LS8\PU[LYV.HP[mU
4H\YH?PVTHYH/LYUmUKLa)HYYLYH
2HYSH7H[YPJPH4VU[HS]mU9\Pa
4HYJPV,Z[OLYSPUN=HSSLQVZ.VUaHSLZ
1HY]PU(U[VUPV(I\Y[V/LYUHUKLa
:PS]PHAVYHUPH7YHKV(J\|H
1VYNL4H\YPJPV:L]PSSH*HUHSLZ
1VZ\L(KmU3PUKV4HKYPNHS
(UH7H[YPJPH:VSPZ.}TLa
0]HU(KVSMV,ZWPUVaH
,NTHY)LUP[V*HZ[LSS}U;tSSLa
1PU4H_/LYUmUKLa9P]HZ
/\NL[OKLS7PSHY-\LU[LZ/LYUmUKLa
1\HU-YHUJPZJV)L[HUJV8\PU[LYV
4PN\LS9HTPYV7HYHJPKLZ*HYYHZJV
4HYxH*LJPSPH)YP[}U.HYJxH
*YPZ[OPHT1VHT/LYUmUKLa,Z[YHKH
>PSTLY1VZt9L`LZ9VQHZ
*YP[OPHU+H]PK*HIHSSLYV
(UNLS9H`UPLY9L`LZ*mJLYLZ
+H]PK1VZt3HYH(YHN}U
-LYUmUKV(U[VUPV1PTtULa5PJV`H
)H`YVU9LUt)YPVULZ.HYJxH
@\SP,]L[O3HPULa4VYLUV
3\PZ*HYSVZ7HU[VQH:L]PSSH
(SILYJPV-PSHKLSMV.\[PtYYLa*HS]V
@\YP4HZZPLS)HSSHKHYLZ=HSSL
5LSZVU,Z[L]HU3}WLa3}WLa
3\PZ(U[VUPV.VUamSLZ)HSSHKHYLZ
*HYSVZ1VZt4HUaHUHYLZ4tUKLa
.LYHYKV)LUP[V*VYLH:HUKV]HS
4H\YPJPV1VZt9\LKH3HPULa
-LYUHUKV(U[VUPV;}YYLa
1VZ\L4PN\LS=mZX\La*VY[ta
.SVYPH4HYxH:HUJOLa:PS]H
@VYSLK`)HKLS`*VYLH:HUJOLa
1VZ\L(UNLS7HKPSSH+PLNV
(KYPmU1VZt*OL]La*HZ[PSSV
1VZ\t4VVYL4\SSLY
,S[VU0ZHHJ*HYJHJOLALSLK}U
5PYV1VZ\t9P]LYH.\aTHU
1\HU,SxHZ6SP]HZ7H\[O
1\UPVY,Z[LIHU+m]PSH=HSSL
@HKLY(SL_HUKLY:VSPZ+LUPZ
(S]HYV1VZ\L8\LaHKH(N\PYYL
)L`RLY1VZt(THKVY*LU[LUV
1LYYLSS-YHUJPZJV4LULZLZ4HYX\La
@HS]LY-YHUJPZJV(Ym\aALSLK}U
APTU`1VZPHZ.HYJxH.HYJxH
*YPZ[OPHU6[VUPLS|9VKYxN\La4HY[xULa
1\HU*HYSVZ*VYKLYV*HTWVZ
1LZZLUPHKLS*HYTLU4LUKVaH;}YYLa
5\IPH1VZZLSPU7tYLa)YPVULZ
9L`UHSKV/HJRPUZ7VZS`
(S]HYV(SMYLKV*Y\a(YY}SPNH
*HYSVZ(SMYLKV(S]HYHKV7PaHYYV
4H`YH3L[PJPH;PQLYPUV3L]`
4HYILH,SPaHIL[O,ILS4LUH
5VLSPH-LUS`>L[L
3P]L[O5PUVZJH.HYJxH-PN\LYVH
/LYHSK)HW[Pa4HYILSO
)LY[OH3LVUVY4HYLUJV3}WLa
)YLULZ9L`LZ-YP[aZ
,YSPU[VUN1OHY`7PSHY[L:mUJOLa
3\PZ(SILY[V)VUPSSH,UYYPX\La
2HYPUH@HUL_ZH-LUS`3\KYPJR
3LVUJPV.HYJxH4PN\LS
:HPYP1H]PLY9HTxYLa+xHa
.LPZVU,SP])\Z[V(JL]LKV
+HUPSV4PN\LS(aHYYH`H+P_}U
1\HUHKLSVZÍUNLSLZ:mUJOLa
4HYX\ta
AH`KH*HYVSPUH:mUJOLa9\Pa
5LSS`3PaL[[(N\PSHY:mUJOLa
1VZ\L4HU\LS.\[PLYYLa)LYT\KLa
5HNHSPZKLS:VJVYYV7HYYHSLZ:LS]H
2H[OLYPUL;H[PHUH)LYT‚KLa,ZWPUVaH
+HY^PU(U[VUPV9\xa(SLTmU
+VTPUNH4HYPHUH)HS[VKHUV
4HU\LS(SLQHUKYV(N\PSHY5H]HYYL[L
(IYHOHU*LSPU,JOH]LYY`:mUJOLa
1VZ\L0ZHTPYA‚UPNH4HY[xULa
1VZt+VTPUNV/LYUmUKLa
6YSHUKV:LN\UKV(SLTmU5HY]mLa
9PJHYKV1H]PLY/LYUmUKLa;}YYLa
.HI`(UPLSRH(]LSSmU(N\PSHY
4PN\LS(UNLS:mUJOLa.HYJxH
9VZH>HSX\PYPH6YVaJV9VKYxN\La
,K^PU(YTHUKV3HYH*HUV
)LSRPZ.\PZZLS*HZ[PSSV7V[VZTL
1HJX\LSPUL3VYLUH.\L]HYH3}WLa
3\PZ-YHUJPZJV7tYLa)SHUK}U
(S]HYV0ZYHLS4VUKV`4HY[xULa
,Z[YLSSH+LUPH6Y[xa+xHa
6ZTHU,SPLZLY=HS]LYKL4\|Va
/HYY`(UZLSTV:HSHaHY1PTtULa
1LV]HU`(U[VUPV9VZHSLZ=LSmZX\La
)Y`HU,KNHYKV7PSHY[L4LUKPL[H
4HU\LS:HS]HKVY*Y\a/LYUmUKLa
1HYLK1VZt:mUJOLa4\YPSSV
1VZt+H]PK4tUKLa4LYJHKV
(SILY[V(U[VUPV(N\PYYL.VUamSLZ
:H`KH3PZIL[O1PTtULa7V[VZTL
>PSS(SMYLKV4VYLUV<Y[LJOV
4H`LSH,SPZHIL[O4HY[xULa4HY[xULa
2HYSH=HSLYPH*HSLYV.H]PUL[O
+LYTHU1VZt7LYHS[H4VYH
9VKYPNV(SILY[V)LYT‚KLa9VKYxN\La
=PSTHKLS:VJVYYV4HPYLUH3}WLa
1LYZVU6THY*HUKH4HY[xULa
1LUPL[OKLS*HYTLU.VUamSLZ/LY
UmUKLa
*HYSVZ(SILY[V/LYUmUKLa.HYJxH
)PHUJH5PUVZRH4VU[PLS,ZWPUVaH
-LYUHUKV.\HKHS\WL6J}U*Y\a
,UYYPX\L1VZt=LSmZX\La4HY[xULa
9VILY[V*HYSVZ)LYT‚KLa(N\PYYL
@LSZPU+xHa.HS]La
2LUPH0aHTHY.\P[PtYYLa.HYJxH
(S]HYVKL1LZ\Z,UYPX\L*PLUM\LNVZ
,YPJR6[VUPLS3}WLa.HYJxH
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
5\IPHKLS9VZHYPV=PHJOPJH
?PVPTHYH;tSSLa=mYNHZ
6[[V1H]PLY*HZ[YV4PYHUKH
1\HUH+HTHYPZ7Ha8\PU[LYV
4HYPLSHKLS9VZHYPV.\[PLYYLa9\Pa
+VUHZSK9VUHS.VUamSLZ;OVTWZVU
3L]PZ1VZt1PTtULa3}WLa
*HYSVZ-LYUHUKV*Om]La)LSSV
6ZTHU1H]PLY4HJOHKV.HYJxH
+LS]PU-YHUJPZJV.VUamSLZ7tYLa
9VNLSPV(SILY[V4LYJHKV(N\PYYL
(SLQHUKYV*Y\a7mLa
ALSPU*VY[ta.\[PLYYLa
1VZt3\PZ3}WLa(N\PSHY
>LUKLS1H]PLY9\Pa
1OVUU`1H]PLY.HYJxH(]LYY\a
(KNLYPZ,Z[OLY3}WLa9HTVZ
@HYOPYSH(UPLSRH*OH]HYYxH;}YYLa
*OHYVU:\`LU9VJOH*HZ[PSISHUJV
4HYxHKL1LZ‚Z+m]PSH=HSSL
,SPRH(YLSPZ)SHUK}U7YH]PH
/L`ZLSS3LVUVY9P]LYH*HZ[YV
+L`]PU5VtS:VSHUV:PSLZ
,K`[O,_HUPH7tYLa:\HaV
4H`JVSS@HJRZVU9VJOH9VKYxN\La
2L^PUN5LTLJPV3LP]H
3\PZ9HT}U9L`LZ4LKPUH
5VLS/\TILY[V4H`VYNH.\PKV
9HUK`(U[VUPV)YPJL|V(YJL
-YHURSPU.LV]HU`:mUJOLZ-PHSSVZ
=xJ[VY(SMVUZV4LQxH.\[PtYYLa
1VZt4H\YPJPV3}WLa:mUJOLa
9L`UHSKV(U[VUPV+xHa/LYUmUKLa
3\PZ.\PSSLYTV7tYLa3}WLa
4PN\LS(U[VUPV7tYLa9P]HZ
1\HU=PJLU[L4H`VYNH(J\|H
.PSILY[V9HT}U:HU[HUH*HSLYV
1HKLY(U[VUPV9L`LZ3}WLa
1VYK`:[L]LU4LYJHKV)VUPSSH
@HKLY1H]PLY(UKPUV/LYUHUKLa
4PN\LS(UNLS:LX\LPYH4HY[xULa
1VZt(U[VUPV(]LSSmU
;HUPH4H[PSKL:PS]H7VY[PSSV
(S]HYV(KVSMV(N\PSLYH9VTLYV
:RHYSL[OKLSVZ(UNLSLZ(SLTmU6Y[xa
+HYSPUN1PZZLSS,Z[YHKH3}WLa
:JHYSL[OKLSVZ(UNLSLZ*\PHKYH
/PKHSNV
/PSKH3\PZH=PSJOLa+P_VU
1\HU,UYYPX\L*HSLYV7LYHS[H
)LH[YPa1VZLSPUN7tYLa.HYJxH
5VYTH=LY}UPJH)HS[VKHUV*HSLYV
0]HU(U[VUPV.HYJxH.\LYYLYV
1LYZVU(U[VUPV*HZ[YV
)VU`(SMVUZV:VSPZ<YPHY[L
>PSILY(U[VUPV7HKPSSH(UKPUV
+L`]P:[L]LU4VYH
3\PZ4PN\LS=mZX\La9VKYxN\La
)H`YVU1H]PLY3LP]H:HUKPUV
1VZt4PN\LS5PJHYHN\H:PS]H
1\HU(U[VUPV4VJHKHj\YPUKH
1H]PLY(SLQHUKYV=HS]LYKL/LYUmUKLa
5LZ[VY,]HYPZ[V)YH]V1PTtULa
2HYLU,SPaHIL[O9VZHSLZ9VTLYV
2YLZSPUN:RHYSL[O*HSLYV3}WLa
@HYP1VZt=LNH:mUJOLa
9HMHtS,UYYPX\L9P]HZ9P]HZ
+HY^PU,UYYPX\L9\Pa7HJOLJV
6ZJHY9HMHtS)HSTHJLKH.HYJxH
:P_[V(SILY[V-SVYLZ.VUamSLZ
*YPZ[PUHKLS*HYTLU-SVYLZ7L|H
-YHUJPZJV4HU\LS5PJHYHN\H<ZLKH
.SHKPZ:HNYHYPV4\|Va<ZLKH
1VZt+HUPSV4LUH+xHa
4H_Z3LU`U(JVZ[H*}YKVIH
4H`JVS(YVK`Z4HSLZWxU.}TLa
@LS[ZPUN1VZ\t:mUJOLa4HY[xULa
+HYSPUN(\_PSPHKVYH.HP[mU4\|Va
>SMYLKV(U[VUPV3}WLa=P]HZ
7mNPUH
0NUHJPV1VZt3}WLa7tYLa
4HY[OH0ZHILS7H]}U3}WLa
:JHYSL[O@VZVOHYH1PY}U.\L]HYH
1VYNL,TPSPV7tYLa7tYLa
@LZ[LY1HZPY*Om]La)YPJL|V
+HSPHKLS*HYTLU9\Pa4LKPUH
5VYSHU5Vt4\|Va-HQHYKV
,S]PZ,UYYPX\L9\Pa9P]HZ
1VZZLSPUN4HZZPLS:mUJOLa6Y[xa
1VZt(YU\SMV=HSSLJPSSV*LYKH
4HYxH*YPZ[PUH5VN\LYH:PS]H
+HYSPUN@\UPLSRH;tSSLa+m]PSH
,K^PU(U[VUPV<YIPUH*LU[LUV
9PJHYKV(U[VUPV7H]}U
1\KP[O7H[YPJPH<YIPUH*LU[LUV
/LUYY`(U[VUPV4HYJPH7H]}U
4HY[OH9VZH<YIPUH)YPVULZ
+HS`ZKLS:VJVYYV*Y\a*Y\a
(UH9HX\LS:LX\LPYH(U[}U
,Z[LSH,SPaHIL[O4HYLUJV)HYIVaH
1LZZPJH1HOVZJH.HYJxH7HKPSSH
4L`SPUN3PZZL[O(THKVY4H`VYNH
4HYxH,SLUH(SVUZV9P]LYH
9V`ULY(U[VUPV3}WLaAHWH[H
1VZt1LZ‚Z:HU[HTHYxH<NHY[L
:HUKYH,SLUH*OHTVYYV*HZ[LSS}U
4HYJVZ(U[VUPV*Y\a4HY[PULa
1VZt(ZSILY[V:HSNHKV(N\PYYL
-YHUJPZJV1VZt<YIPUH,ZJVIHY
,YSPUN(U[VUPV9VKYPN\La*LYKH
(\N\Z[V*LZHY.\L]HYH*VYKLYV
,STLYAHTPY.YHULYH4HUaHUHYLZ
1HPYV4PZHLS4VYHSLZ
1\HU-LYUHUKV/LYUHUKLa4H`VYNH
6SP]LY1VZt1PTtULa(N\PYYL
(S]HYV(U[VUPV:mUJOLa:HUKPUV
,YPJR9VT\SV-VUZLJH(J\|H
1H]PLY0NUHJPV+m]PSH3HJH`V
1VYNL,YULZ[V)LUP[La9VTLYV
4HYPH(\_PSPHKVYH+PHa:HSHaHY
1VZt,UYYPX\L4HUaHUHYLZ4LaH
4HYSVU9HMHLS/VKNZVU6YVaJV
-YHUJPZJV(U[VUPV,ZWPUVaH*VYKVIH
4PN\LS,UYPX\L*HYKVaH6SP]HYLa
9PJHYKV1VZt7tYLa(YNL|HS
3HK`Z(U[VUPV=HSSLQVZ:mUJOLa
+V\NSHZ1VZt4HY[PULa.}UaHSLa
(SLQHUKYV1VZt=HZX\La
9L`UHSKV(U[VUPV(UN\SV
(S]HYV1VZt7tYLa9L`UVZH
>PSPHU1VZt3}WLa.VUamSLa
(UNLSH1HX\LUPa4HY[PULa4LUIYL|V
1VYNL3\PZ)YPVULZ)VUPSSH
-YHURSPU6ILK3L`[VU3}WLa
5VLS<SPZLZ(I\Y[V8\PU[LYV
(UNLSPJH*HYVSPUH+PHa9VTLYV
4HYJVZ+HUPSV-SL[LZ4HY[PULa
>LUK`@HOVZRH(I\Y[V4H`VYNH
3LUPU(SILY[V4LUKLa.HP[HU
5VYSHU,YULZ[V*mYKLUHZ
1HX\LSPUL=HULZZH(SMHYV9VKYxN\La
,S]PU1VZt9VZHSLZ)HSSHKHYLZ
(S]HYV1VZt*HIHSSLYV9VQHZ
0ZHHJ(SL_HUKLY:HSHaHY=HKV
*HYSVZ(SILY[V:\JL6Y[xa
>PSSTLY(U[VUPV(I\Y[V9VKYxN\La
4PN\LS(UNLS:HSTLY}U(YVZ[LN\x
,YPJR:HU[PHNV.VUamSLZ5HY]mLa
1\HU*HYSVZ:mUJOLa9P]LYH
/tJ[VY3\PZ*LYKH4LKYHUV
1VZt(IYHOHT=PLYH
)PZTHYR(U[VUPV7HKPSSH/LYUmUKLa
6YSHUKV(KVSMV,ZWPUVaH.HYJxH
7LKYV)VHULYNL)HYYLKH
9VKVSMV(U[VUPV/\LY[H6IHUKV
1\HU-YHUJPZJV;tSSLa6SP]HZ
1VOU,K^PU(N\PSHY
5LW[HS`9\Pa9\Pa
1\HU1VZt5HY]mLa4H`VYNH
1VtS(U[VUPVA‚UPNH(]PStZ
9}NLY-HIYPJPV4\|Va:LYHWPV
)LY[OH3PSPHT*HSLYV4LKPUH
,YPJR+HUPLS+LSNHKV
.\HKHS\WLKL1LZ‚Z4LYJHKV7HYYH
.LYHSK9VUPLS,ZWPUVaH7HYYHSLZ
*HYTLSV1VZt0JHIHSJL[H
)LYUHYKV1VZt(]LSSmU(]L^SSmU
3\PZ1H]PLY4VUJHKH6IYLN}U
4HYJVZ(U[VUPV9HTxYLa*Y\a
9\KK`.VL]HU`.HYJxH3\UH
9\KK`:LIHZ[PmU4VYHSLZ:mUJOLa
/LUYY`4HY[xUAmZPNH4\UN\xH
+H]PK0ZHHJ/LYYLYH*HSLYV
6ZJHY(SLQHUKYV(YYV`V/LYUmUKLa
1VZt4HU\LS6IYLN}U3LaHTH
1VZt(SLQHUKYV-VUZLJH:HSTLY}U
4HYPV1VZt:HU[HUH
(KKPU1VZ\L4HUaHUHYLZ4LTIYL|V
1VZt.HIYPLS/LYUmUKLa
.SHK`Z1VOHUH.\L]HYH3HYPVZ
*VYHSPHKLS*HYTLU+VTPUN\La
9VISL[V
:PT}U4LU7VUJL
4HY[OH3\a0JHIHSaL[H1HYX\xU
4HU\HS1LZ‚Z;HSLUVALSH`H
9VNLY(U[VUPV:mUJOLa=LNH
1\SPV*tZHY*HIYLYH
4HYPV(U[VUPV4LQxH4LQxH
1HPTL9PJHYKV7tYLa(JL]LKV
4HYPV1VZt.\PKV
:PS]PV:VSVYaHUV,ZX\P]LS
4HYxH1VZt.HYJxH:mUJOLa
1HPTL3\PZ*\LZ[H4HY[xULa
(ILS(U[VUPV7tYLa.HYJxH
(SMVUZV:PSLZ(YY}SPNH
/HYY`(U[VUPV1PTtULa
3LZ[LY3LUPU4HY[xULa3}WLa
4HPJVS,YULZ[V4LUKPVSHALSH`H
1\HU1VZt:HSNHKV9\LKH
4HYSV(U[VUPV+m]PSH9VJOH
9VKYPNV(U[VUPV)HS[VKHUV7HYYHSLZ
1\HU4HU\LS4LUKVaH9L`LZ
@HKLY1VZ\L*LYUH*OH]HYYxH
-YHUJPZJV)H`HYKV3HYNHLZWHKH
/LUYY`4H\YPJPV9VJOH3}WLa
/VSTHU+HUPSV7HJOLJV6YVaJV
6ZJHY+HUPSV7H]}U)LYYPVZ
-tSP_4VPZLZ(SLTHU)VSH|VZ
1\SPV*LZHY5H]HYYL[L4HY[xULa
>PSZVU4HY[xU+xHa9xVZ
,YPRH9HTVUH*HY]HQHS:PS]H
+HUU`:HK`:LX\LPYH
4HYxH1VZLMH6IHUKV;HSH]LYH
,S]PU4HU\LS=LNH(N\PSHY
)SHUJH(a\JLUH.HSmU(THKVY
>PSMYLKV(U[VUPV4LYSV:\HYLa
4HYMH@HVZJH4HS[ta(JL]LKV
(S]HYV1VZtA\UPNH7tYLa
*HYSVZ9HT}U4LKPUH:mUJOLa
1VUH[OHU,UTHU\LS;VSLKV+VTPU
N\La
3\PZ(SILY[V.VUamSLZ7V]LKH
/LYUHSKV4VU[V`H/LYYLYH
(SLQHUKYV(U[VUPV:VSHUV9L`LZ
7H\SV5VSILY[V*OL]La)SHUJV
>PSILY-YHUJPZJV7H]}U6IHUKV
4HYSVU<YPLS-\LU[LZ.\[PtYYLa
4HYSVU,UYYPX\La6IYLN}U9HTxYLa
4L`ILS*HYLSP:HUKLYZ)HSSHKHYLZ
,YTLS(U[VUPV-LYUmUKLa9HTxYLa
4HY[OH9L`T\UKH+m]PSH7tYLa
1VZ\L(U[VUPV6Y[xa.\[PtYYLa
,YPJR.YLNVYPV4HUaHUHYLZ(S]HYHKV
1VZt3\PZ,UYYPX\La:L]PSSH
5LSZVU<YPLS.VUamSLZ)HSSHKHYLZ
4HZP\9HMHtS*Y\a(THKVY
(ZOSL`5VLS;LYJLYV3}WLa
+HUPLS5LM[HSP+xHa1HYX\xU
1\HU1VZt=LSmZX\La4VUZ}U
(SSHU1VZtAHWH[H4VYH
/PNPUPV(SLQHUKYV*HZ[PSSV*LU[LUV
1\Z[V7HZ[VY4H[\[L:\mYLa
*HTPSV(U[VUPV9VKYxN\La+LSNHKPSSV
0ZYHLSKL1LZ\Z4LYSV*LU[LUV
@HOVZRH,SSPL[O<YIPUH=LSmZX\La
6SHNH4HYxH6IHUKV
1VZLSPUKLS*HYTLU+m]PSH(SMHYV
+HUPLSHKLS*HYTLU7tYLa:\HYLa
;H[P\ZORH@LUUPL[O7VUJL(S]HYLa
;LYLaHKLSHJY\a9VTLYV.VUamSLZ
*PU[PH.HIYPLSH)LQHYHUV(N\PYYL
4HYxH3\PZH*HZ[LSS}U*HUV
1H]PLYHKLS:VJVYYV3}WLa)YLULZ
(UNLSPJH4HZZPLS(Y[VSH7HKPSSH
+PUH,SPaHIL[O4HKYPNHS*LYKH
,UTHKLS:VJVYYV:PS]H=HSSLJPSSV
,SSPL[[L3VYLUH;}YYLa3HN\UH
/LSLU@LZZLUPH.\L]HYH6JHTWV
(YLSPZKLSVZ(UNLSLZ/\L[L*}YKVIH
1VOHUH4HYILSSP=mYNHZ(N\PSHY
2HYPUH5P|V.\PKV
0YTHN\LZ1LY\ZHSLU4H[\Z6J}U
*SH\KPH4HYxH9\Pa4HY[xULa
3\JxHKLSVZ(UNLSLZ4HY[xULa7PULKH
0IYLZJH.HIYPLSH(N\PSHY9VKYxN\La
4HY`\YP1VHX\PUH/LYYLYH
>LUK`(YLSPZ*}YKVIHZ)\Z[VZ
AL`KP5L`LZZP*}YKVIH3}WLa
2LU`H4H`\SPUN4VQPJH,ZWPUVaH
1VYSLUL0ZHILS9VX\L9\Pa
3PSPL[OKLS9VZHYPV9L`LZ4\UN\xH
@LZZLUPHKLSVZ(UNLSLZ7H]}U7H]}U
5HUJ`3PZZL[O7tYLa9\Pa
3LKK`(SLQHUKYH+m]PSH
2LUPH=LY}UPJH)HYIHZ*\IH
2HYSH=PYNPUPH+xHa*HZ[YV
3\a4HYxH*VYKVULYV=mZX\La
;HTHYHKLSVZ(UNLSLZ9VQHZ5VN\LYH
.YPZLSKH(\_PSPHKVYH7HUPHN\H<aHNH
0UNYPK4HYPHUH9VKYxN\La.HYJxH
(THKHKLS*HYTLU-LYUHUKLa-SVYLZ
@HTPSL[O(\YVYH-SVYLZ(S[HTPYHUV
1LZZPJH4HYxHA\UPNHAHWH[H
>PSSPHT+HUPSV:mUJOLa.\[PLYYLa
2HYLU.LVYNPUH7VYYHZ4\|Va
@LYHS-YHUJPZJV6Y[LNH9P]HZ
9HTVU(U[VUPVA‚UPNH9\Pa
,K^PU0ZHxHZ.HYJxH:HUJOLa
1VZt5VtS-SVYLZ;}YYLa
1VZt(U[VUPV)\Z[V9HTxYLa
4PJOHLS3LVULS4VYmU(S]HYHKV
*LZHY,UYPX\L=LSmZX\La9P]LYH
AHJHYxHZ0NUHJPV:HSNHKV
1VZt3\PZ(JVZ[H7LYHS[H
5VYSHU(YPLS4tUKLa4HUaHUHYLZ
1\SPZZHKLS*HYTLU9P]HZ)LYYV[LYmU
9VZPILS.HSLHUV3HU\aH
7LYYH.LV]HUU`(SLTHU3HYPVZ
1HPYV(U[VUPV/LYUHUKLa7tYLa
(S]HYV1VZt3PTUV4H`VYNH
+YL`KP-H^LS)HYYPVZ3}WLa
*HYSVZ4HU\LS9\Pa5H]HYYL[L
7LKYV1VZt7HSHJPVZ4VYH
(SL_9HT}U7tYLa3HN\UH
>PSILY1VZt*Om]La:HSHaHY
(SL_HUKLY-YHUJPZJV(SLNYxH*HSSLQHZ
5LSZVU,UYYPX\L.\[PtYYLa+xHa
1\HU*HYSVZ4PYHUKH9\Pa
+H]PK(U[VUPV9VJOH,ZWPUVaH
-YHUJPZJV,TPSPV.\[PtYYLa9xVZ
1VZt0Y]PUN*HZ[PSSV3}WLa
-YHUJPZJV1H]PLY4VYLPYH4HKYPNHS
1HUU(SL_HUKLY*HUV9P]HZ
-HIPV,YPJO1HYX\xU.HP[mU
3\PZ4HYPHUV)LYYPVZ-SVYLZ
-SVYLU[PU(KHU-SVYLZ9L`LZ
*HYSVZ+H]PK7VUJL.VUamSLZ
4LTVYPH
.LYZVU+H]PK7SH[H
-YHUJPZJV(SILY[VAHTVYH
*LZHY(U[VUPV0YPNV`LU3}WLa
3\PZ>PSILY(SLTmU4HS[La
(SILY[V(N\Z[xVU1HYX\xU)VKHU
.LYTHU4HU\LS4LUH4LSLUKLa
4HY]PUKLSH*Y\a3}WLa
(N\Z[xUKL1LZ‚Z3HYH:HSHaHY
,YPJR.}TLa4VPZLZ(J\|H
4H\YPJPV1LZ‚Z7tYLa1HYX\xU
+HTHZV(SILY[V;YH|H
1\HU9HT}U9VZHSLZ4H`VYX\xU
*HYSVZ4HU\LS;YH|H
9VKVSMV1VZt(J\|H=HSKLa
*HUKPKV7H\SPUV.\[PtYYLa7H]VU
=HSLU[xU9VKYxN\La*HZ[PSSV
1VOHYK`Z1VZt*HYYLYV:PS]H
@HKLY1VZt(THKVY=mZX\La
/tJ[VY9HT}U1PTtULa-SVYLZ
*YPZ[OPHU(JL]LKV9HTxYLa
4H`YVU)VUPSSH
0YLSH+m]PSH9L`LZ
-LYUHUKV)\Z[VZ
;HUPH4VYH
4HY[xU(ILS4tUKLa4H[\Z
9\[O,ZWPUVaH
1VZt;OVTHZ*HZ[PSSV
.LYZVU)\JHYKV3
.LYHYKV;}YYLa9HTxYLa
,KSPUN*VY[ta-SVYLZ
,aLX\PLS)\JHYKV
4HY]PU9VKYxN\La
.\PSSLYTV=LSH
5VYSHU4VPZLZ)LYYPVZ+
@HML[1VLS.VUamSLZ
1HPYV9H`V
-YHUJPZJV4LYJHKV.HSmU
(SLQHUKYV4HY[xULa;LUVYPV
/LUY`,UYPX\L<ILKH
7HISV*OH]HYYxH5H]HYYL[L
3LUPU4\|Va3}WLa
4H\YH1=HULNHZ9VQHZ
,KT\UKV(U[VUPV7PJHKV
,KNHYK(SILY[V4HY[xULa
/tJ[VY7HSHJPVZ
3\PZ6JHTWV*mYKLUHZ
-YHUJV+\HY[L4VSPUH
)SHKPTPY:mUJOLa3HYH
,SPLaLY9\Pa
4HY[xU3HUaHZ
4HYSVU4HY[xULa
+HUPLSAH]HSH
+PNUV.HIYPLS7HUPHN\H3SHULZ
.PSILY[V(U[VUPV4PYHUKH*Y\a
4H`JVS9HMHLS6ZVYPV
3\PZ9HT}U/LYUtUKLa.HSV
4HYSVU1VZt4HY[xULa9VZ[YmU
7LKYV9HT}U.VUamSLZ)L[HUJV
-YLK`(U[VUPV:HUJOLaj\YPUH
9VZH,TPSPH3LP]H.\aTmU
.\PSSLYTV,UYPX\L6SP]HYLZ9HTxYLa
4HYSVU9\ItU:mUJOLa9HTxYLa
1\SPV,UYPX\L4HY[xULa;LUVYPV
>PSSPHT3PTILY4VYHSLZ)SHUJV
=xJ[VY4HU\LS-LYUHUKLa-SVYLZ
.PSILY[V1VZt*PZUHKV)VQVYNL
5VYSHU4VPZLZ)LYYPVZ+VTPUN\La
;VTHZ,K\HYKV3}WLa+LSNHKV
+PTHZ1VZt9P]LYH(TVYL[[P
+HUU`-YHUJR4PYHUKH*Y\a
5VYTHU-HYPU[VU*OH]HYYxH7PULKH
@HML[1VtS.VUaHSLZ(SHUPa
7HISV1VHX\xU(N\PSHY8\LaHKH
+HUPLS.\[PtYYLa7HYYHSLZ
+H]PK1\SPmU-LSPJPHUV
ÍUNLS/LILY[V*HZ[LSS}U*HSKLY}U
7H\SHKLS:VJVYYV4LKPUH4HY[xULa
>PSSPHT(SILY[V:HU[HUH
2LUUL[O/PW}SP[V4LStUKLa.}TLa
3\PZ(SILY[V=HYNHZ9VQHZ
1\SPV.HIYPLS9VZ[YmU7PJHKV
5VY]PU1VZt*HZ[YV9LHS
)HUULY(U[VUPVÍS]HYLa:\mYLa
/tJ[VY4tUKLa.}TLa
:PS]LY(U[VUPVAHWH[H:HIHSSVZ
6KPSPV.HYJxH4PN\LS
1H]PLY(U[VUPV*HSLYV1HYX\xU
(YHJLS`KLS*HYTLU6IYLN}U,ZWP
UVaH
,K^PU,MYHxU7PJHKV7L|HSIH
)YLUKH(\_PSPHKVYH4PYHUKH:PYPHZ
6ZJHY+H]PK(YHUH;HSH]LYH
3\PZ4HU\LS9\Pa;}YYLa
9PJOHYK1LZ‚Z:HU[HTHYxHÍS]HYLa
(SKH+LYZPZ+LSNHKV
+LNSPZ(U[VUPV4VYLUV4VYH
:HU[PHNV:HU[VZ.VUamSLa
3\JHZ1HJVIV
(SSHU.\PSSLYTV+xHa)LSSV
1VZt4HYxH9HTVZ=xSJOLa
-HIPVSHKLSVZÍUNLSLZ*HY]HQHS
.\[PtYYLa
9}T\SV3VYLUaV:VYPHUV:mUJOLa
)LYUHYKV(]LSPUV.VUamSLa4LQxH
.LYHYKV(U[VUPV(YHN}U.\[PtYYLa
;LYLSPUH.LUHYV9HMHLS
5HO‚T,UYPX\L5H]HYYL[L*OH]HYYxH
4HYxH,UNYHJPH-PN\LYVH:HUKPUV
1HPYV4HU\LS;LYJLYV.\[PuYYLa
,SL\[LYPV(Z\UJP}U9\NHTH;HSH]LYH
-YHURSPU1VZt4HY[xULa:HSPUHZ
4HYPV9HT}U.VUamSLa3}WLa
(PKH,SVxUH.HYJxH3HU\aH
4PYPHT.}TLa*HU[PSSHUV
1\SPV1VZt9PaV(SHUPa
.LYTHU:HSVT}U7V]LKH
7YPZJPSH-PKLSPH:VSxZ*Om]La
4HYxH(\_PSPHKVYH*HSKLYH7HN\HNH
4HY[OH0KHSPH4LQxH)LUP[La
4HYPV1VZt)HYILYLUH9VKYxN\La
-m[PTHKLS:VJVYYV9VZHSLZ.VUamSLa
4LYSPUNKL1LZ‚Z*VUYHKV*HTWVZ
4L`SPU)LH[YPa7H]}U=PSSHYLHS
1HJRZVU4HU\LS:LX\LPYH*OH]HYYxH
4HYSVU1VZt(]LUKH|V9P]HZ
1OVU`4HY[xU4VYHSLZ4LKPUH
(SSHU(U[VUPV(THKVY,ZWPUVaH
1\HU-YHUJPZJV3}WLa9VISLZ
,KNHYK(U[VUPV.\PKV)HYYPVZ
/LJ[VPY(SMVUZV:HUKPUV*HZ[PSSV
4VPZLZKL1LZ‚Z=PSJOLZ)YPJL|V
9HTPYV1VZt.\LYYLYV.}TLa
1VYNL3\xZ7tYLa*VY[ta
4PZHLS(N\PSHY(TWPt
@HKLY0]HU4VSPUH,ZWPUVaH
-YHUJPZJV1VUHZ7HSTH9\xa
*HYSVZ,YULZ[V*Y\a8\PYVa
5\IPH0ZHILS(]LUKH|V+xHa
,SPLaLY9HT}U*HYIVULYV/LYUmUKLa
3LUPU.\PSSLYTV.HYJxH<TH|H
+H]PK4HY[xU(YHUH.HYJxH
/L`ZZLS7V[V`6Y[xa
7HISV,TPSPV4HY[xULa*HTWV
4HYPUHSKH1mJHTV3}WLa
@L[Pa0KHSPH:HU[HUH,ZJVIHY
.SVYPH,SLUH4VU[PLS1PTtULa
1\Z[V,TPSPV-HQHYKV
>PUZ[VU+HUPLS8\PU[HUPSSH*HZ[PSSV
@HKLY1VZt5PJV`H9P]LYH
1VZt0ZTHLS*HYIVULYV/LYUmUKLa
,KK`,ZWPUVaH3}WLa
5LSZVU-LYUHUKV9VZZ9\Pa
*YPZ[OPHT/LIt9\Pa4\UN\xH
.SVYPH0ZHILS*VYK}U4LaH
4L`ILY,SLUH3VmPZPNH/LYUmUKLa
.SVYPH,SLUH(YJL.YPQHS]H
4HYPILS9VZHYPVAHWH[H,ZX\P]LS
3\JPH4HY[PUH.VUamSLa
4HU\LS,YULZ[V4H`VYNH.VUamSLa
*LSH*VYYHSLZ.VUamSLa
,K\HYKV)LUP[V(S[HTPYHUV1\mYLa
0YLSH,SPaHIL[O,Z[YHKH)mYJLUHZ
@LZLUPHKLSVZÍUNLSLZ(N\PYYL9\Ix
(YTHUKV)VUPMHJPV*HTW\ZHUV
=PSSHNYH
:VMxH/LYLUPH9HTxYLa3HaV
4HYxH:VJVYYV4\|Va=PSSHU\L]H
ÍUNLSH4HYxH*HZ[PSSV(SHUxZ
(UH4HYxH5HY]mLa1\mYLa
/\NNL[+VSVYLZ4HU[PSSH/\L[L
-YLKK`(YHUH9P]LYH
?H]PLY(U[VUPV3HYH;VY\|V
1VZLÄUH)LUP[H;VY\|V7HYHQ}U
2HYLU0KHUPH/LYUmUKLa/LYUmUKLa
5tZ[VY,UYPX\L4\YPSSV<SSVH
4HYPHUV9HT}U9HTxYLa:HSHaHY
-HUVY(U[VUPV/LYYLYH7tYLa
1VZt+VTPUNV4VSPUH9HTxYLa
3\PZ-LSPWL(S]HYHKV7HSTH
5HKPUUL4HYPUH)\Z[HTHU[L.VU
amSLa
0SKLMVUZV*OH]HYYxH8\LaHKH
9PUH4HYxH)HYYL[V9HTxYLa
1\SPL[HKLS*HYTLU/LYUmUKLa
9HTxYLa
4HY[xU(U[VUPV*HYTVUH.VUamSLa
;L}ÄSV1VZt*VY[La*VY[La
5HYKPZKL-m[PTH5‚|La;tSSLa
4HU\LS(SLQHUKYV)HS[VKHUV(YY}SPNH
1\SPH(YLSS`3}WLa7HZJHJPV
.LYHYKV-YHUJPZJV4LKPUH:HUKPUV
4OHYHU[+H]PKÍS]HYLa.VUamSLa
4HY[OH:VMxH(TH`H+LSNHKV
1HZTPUH:LYLUH3}WLa
:HYH4HYxH5‚|La4LKPUH
)LUP[V9HMHLS3PUKV*LU[LUV
4HY[OH*HYVSPUH4HY[xULa3VYPV
1\HU9HMHLS:HU[HTHYxHÍS]HYLa
(KYPHUH6SPTWPH.\[PtYYLa:V[LSV
4HYxH1VZt1LYLa+m]PSH
(SL`KH:\ZHUH.HYJxH*HYYPSSV
>PSSPHT)LUP[V-VUZLJH.VKV`
*HYVS=LY}UPJH/LYUmUKLa)LUH]PKLa
,KNHYK9HMHLS)SHUJV+VST\a
;HUPH5VOLTx.HSV6SP]HZ
3PNPH4HYxH4HYxU9P]HZ
:LYNPV+HUPSV)LYYPVZ=HSSLQVZ
9VILY[V+HUPSV*HY]HQHS1PY}U
/VSTHU(UxIHS3HYNHLZWHKH:V[LSV
*SH\KPH,KP[OL3}WLa:VSxZ
;HTHYH7H[YPJPH1PTtULa6JHTWV
3\PZH(\_PSPHKVYH;YLTPUPV:PS]H
1VZt.YLNVYPV3PYH5‚|La
4HY`\YP3PaL[O<YJ\`V=HULNHZ
-YLZPH*HYTLU/LYUmUKLa=PSSHU\L]H
3\a4HYPUH*HTWVZ9L`LZ
*HYSVZ4HU\LS:HSHaHY
(SMYLKV9L`LZ;Y\QPSSV
0YLULKL1LZ‚Z:HU[HTHYxH4LYJHKV
9VNLY1\SPmU9VQHZ
-LYUHUKV1VZt3HYPVZ
(UH=LY\ZRH+VUHPYL*OHTVYYV
9P[H*SH\KPH:HSPUHZ4VU[LZ
ÍUNLSH3}WLa
*HYSVZ(SILY[V+LSNHKV+LSNHKV
(UKYtZ9HMHLS*OH]HYYxH4LaH
-m[PTH3LVUVY)\Z[VZ)HSKPa}U
.SPUKH*LJPSPH9\xa*HSKLYH
1\SPV+HUPLS.VUamSLa)HSSHKHYLZ
+V\NSHZ*LMLYPUV;VY\|V;tSSLa
(YTHUKV1VZt*HIHSSLYVAHWH[H
4HYJVZ3VYLUaV*VY[LZ9L`LZ
4HY[OH,ZWLYHUaH4HKYPaALSH`H
4PN\LSÍUNLS:LX\LPYH.\[PtYYLa
-SVYKL4HYxH9VZ[YmU4VSPUH
1VYNL<SPZLZ7YHKV=HYNHZ
,SPL[OKLS*HYTLU4HY[xULa(UKPUV
)H`HYKV=PJLU[L*VU[YLYHZ7PJHKV
3\JPH1HX\LSPUL<SSVH7YHKV
ÍUNLSH-HIPVSH9P]LYH+LSNHKV
(UH1VZt;VYYLZ3\UH
9VZH,TPSPH*HZ[PSSV;VYYLZ
*SH\KPHKLS7PSHY:VIHS]HYYV/LY
UmUKLa
2HYPUH=LY}UPJH5HY]mLa7LYLPYH
9VZH*LSLUPHA‚UPNH=PSSHU\L]H
)`YVU3VYLUaV.HYJxH
5PJVSmZKL1LZ‚Z-\ULZ,ZWPUVaH
1\HU(UxIHS9L`LZ+xHa
+HYSPUN9HMHLSH*HZ[PSSV9L`LZ
(YU\SMV)LUP[V)mYJLUHZ9VTLYV
9VILY[V:HT\LSA‚UPNH4HY[xULa
,SIH,Z[YLSSH(UK\YH`4VU[LHSLNYL
4HYJVZ1\SPV6YKV|La3HUKLYV
:HZRPH;HTHYH*HYYPSSV9VX\L
?PVTHYH(SLQHUKYH4LUKVaH:HSPUHZ
5HaHYPV.HYJxH9VZ[YmU
1\HUKL+PVZ.VUamSLa8\PU[HUH
4HYPHUHKLS7PSHY-HQHYKV+xHa
2LUPH*HYVSPUH=PSSHU\L]H.\LYYLYV
9VZH=LSPH)HJH*HYKVaH
9VNLY1VZt*HSKLY}U3LaHTH
>HS[LY9HMHLS*OH]HYYxH4HY[xULa
4HYxH,SLUH.\L]HYH(S[HTPYHUV
9VNLY,K\HYKV7LYLPYH<TH|H
4HYxH,TPSPH(S]HYHKV+LSNHKPSSV
4HYxH,SPZH:PS]HAHWH[H
1LHUL[OAHTVYH
*SH\KPH3VYLUH5VN\LYH9VH
:PS]PHKLS9VZHYPV:PS]H*HIHSSLYV
(UKYtZ(SILY[V:VTHYYPIH.VUamSLa
(YZLUPV-YHUJPZJV:PYPHZ*HQPUH
4HYSLULKLSVZÍUNLSLZ.HYJxH
*LU[LUV
4HYxH-YHUJPZ7tYLa4VQPJH
4PYUH(KLSPUH4VYHSLZ.}TLa
+LUPZ=LUHUJPV3H`ULZ
9VZH(YNLU[PUH9VKYxN\La7LYLPYH
(UH,]LS`U4HY[xULa9VJOH
@VSHUKH-YHUJPZJH/LYUmUKLa*HYYPSSV
3H\YHKLSH3\a*HIHSSLYV.\PKV
.\PSSLYTV1VZt7LYLPYH7PULKH
(TWHYVKLS9VZHYPV9VTLYV*OH
]HYYxH
-SVYKL4HYxH5VN\LYH*HYYPSSV
0ZHILS;LVKVYH4H`VYNH:HH]LKYH
4HYxH0ZHILS;VYYLZ6J}U
9VUHSK1VZt(]PStZ:HU[HTHYxH
9VUTLS1VZt*HTW\ZHUV/LYUmUKLa
=PKH4LYJLKLZ0JHaH1PTtULa
-YHUJPZJV1H]PLY,ZWPUVaH:HUH`VH
4LYJLKLZ(SL`KH(N\PSHY.\[PtYYLa
,]LS`U*HYVSPUH9VILSV:VTHYYPIH
@HZZLY,Z[LIHU.\PKV=HSSHKHYLZ
-HIYPJPV.\LYYLYV9L`LZ
.LYHYKV(U[VUPV)YPZL|V9VKYxN\La
,MYtU4HY[xU7HSHJPV)YH]V
(\YH4HYxH,ZX\P]LS(S]HYHKV
,SKLY1VZ\t6Y[LNH
*HYSVZ,YULZ[V*HTWVZ.\PSSLU
.\PSSLYTV,TPSPHUV*HYYHZJV4VYHSLZ
ÍUNLS(U[VUPV4PYHUKH(Y[PHNH
:HUKYH,SPaHIL[O(SHUxZ4HY[xULa
4HYJV(U[VUPV=P]HZ/
*HY`H;HTHYH.HSSHYKV4LUKVaH
5PSKHKLS:VJVYYV.HYJxH<YJ\`V
(SLQHUKYH4HY[xULa9P]LYH
7LYSHKLSVZÍUNLSLZ)HJH
1\HUH-YHUJPZJH)HSSHKHYLZ:PS]H
+LUPZ9VKVSMV.HYJxH*LU[LUV
4HYPSPU<YHUPHALSH`H.VUamSLa
*HYSVZ4H\YPJPV*Ot]La7tYLa
1VZt,TPSPV6SP]HZ
-LSPWL9HT}U6J}U3}WLa
7LKYV+HUPLS4LYJHKV(S[HTPYHUV
,SPaHIL[OKLS*HYTLU*VYLH4VYHSLZ
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
4H`LYSPUKLS:VJVYYV*HYKVaH
4LUKVaH
;VTHZHKLS:VJVYYV.HSLHUV)SHUK}U
,KKH0ZHILS)SHUK}U4VYLUV
/HaLS3PaaL[O/LYYLYHALSLK}U
.SVYPH=xSJOLa*HZ[PSSV
9VZHUH,SPaHIL[O9P]LYHALSLK}U
,[OLS*YPZ[PUHÍS]HYLa(YTHZ
3\]PHUJH*VUZ\LSVØILKH9VKYxN\La
0ZHILS.VUamSLa
5VOHTPSJOL1VZt=LSmZX\La+VST\a
9LNPUH7HVSH4VU[HUV7tYLa
@HVZRH?PVTHYH=HSSHKHYLZ7HN\HNH
1HJX\LSPUL=HULZZH*HZ[PSSV;HSH]LYH
4HY[OH(KLSPUH.VUamSLa3VmPZPNH
1VZt9HT}U4LUKVaH4LYJHKV
5VLS=LSmZX\La,ZWPUV
(YZLUPV7LKYV4LKPUH3H\
(YTHUKV(ILU/\L[L6IYLN}U
-YHUJPZJV1VZt*HUV.HYJxH
9VUHSKV1VZt(JL]LKV*HZ[LSS}U
1\HU)H\[PZ[H)YH]V;VYYLZ
,YULZ[V4H[HTVYVZ4H[HTVYVZ
4HY]xU+HNVILY[V4VYLUV1HYX\xU
2LS]PU,TPSPV9P]LYH8\PU[HUH
5VLS,KT\UKV3HNVZ*SHYR
=xJ[VY4H\YPJPV4LTIYL|V4VYHSLZ
4HYxH;LYLZH*LU[LUV4VUQHYYLZ
1\HUH+xHa,ZWPUVaH
.SHK`Z)LYYPVZ4LUKVaH
4HYxH(\_PSPHKVYH=HSLUa\LSH4H[\[L
+VYPHUH(U[VUPL[H.HYJxH4VU[LULNYV
4HYxH,\NLUPH.VUamSLa(Ym\a
4HYPJLSH7H[YPJPH7PJOHYKV*HZ[PSSV
)LY[PSKH4VYLUV(SHUxZ
4HYxH,SZH3HN\UH/LYYLYH
;HUPH=HULZZH3HYH9VKYxN\La
6MLSPH:HYHx4VSPUH)LUH]PKLa
4HYPILS=mZX\La=mZX\La
3\JxH1LHUL[O*HZ[PSSV(Ym\a
.YLNVYPH/LYTPSH*HZ[LSS}U4H[\[L
-m[PTH1VYSL[O.\L]HYH)SHUK}U
)SHUJH:VILPKH,ZWPUVaH*VYYHSLZ
(STH7PUV0YxHZ
4LYJLKLZ,SPZH1PY}U
1LHUL[O-m[PTH)SHUK}U6]PLKV
:HUKYH3PZZL[O*}YKVIH3HaV
:HUKYH.\HKHS\WL4H[H:HYHU[LZ
(UNtSPJH4HYxH4VYHSLZ4HY[xULa
1\HUHKLS*HYTLU4VYHSLZ:L]PSSH
(HY}U1VLS=PUKLSS,ZWPUVaH
9PJHYKV(N\PSHY)SHUK}U
,SKLY(U[VUPV4VYLUV=HS]LYKL
@HZZLY.HTHSPLS,ZWPUVaH;VYYLZ
4H`UVY2HYxU*mYKLUHZ9P]LYH
4HU\LSKL1LZ‚Z(N\PYYL
*HYSVZ4HU\LS4\|Va)HZPSPV
,SPV[O0ZYHLS*Om]La:PS]H
(U[VUPV,MYtU(U[‚ULa)VYQHZ
,STLY-HTUPNZ<THUaVY.\PSStU
,SP\K9HT}U=HSSL(N\PSHY
*HYTLU(\YVYH,ZWPUVaH4HYHKPHNH
4HY[OH3PaL[O+m]PSH9VKYxN\La
;HUPH3PILY[HK3}WLa(YVZ[LN\x
5LYLPKHKLS*HYTLU4VYLUV
+VYPZ*OHYSV[[L*Y\a)mLa
4HYxH*VUJLWJP}U3}WLa.\[PtYYLa
=LY}UPJH*SLV[PSKL4LKPUH.}TLa
4HYPJY\aKLS:VJVYYV+xHa=HSLUa\LSH
3\a/H`KLL=PSSHYL`UH;LYJLYV
=LY}UPJH8\LaHKH;VY\|V
*SH\KPH3PZZL[O3HYPVZ4LUKVaH
4HNKH*SHYPZZH8\P|VULZ.\PSStU
4PSLUH1\KP[O4VU[V`H)HSSHKHYLZ
5tZ[VY9VNLY-SVYLZ3HaV
1\HU*HYSVZ:PS]H7VaV
(SL_1VZt*LYKH3}WLa
.HY`(U[VUPV)H`YLZ<YIPUH
9VUHSKV1VHX\xU*Y\a
7mNPUH
.YLNVYPV(U[VUPV(YPHZ.HYTLUKPH
,SxHZ(U[VUPV4VYLUV7tYLa
1VZt9HT}U4HY[xULa:PS]H
4HU\LS,Z[LIHU;HSH]LYH
4HY]xU(U[VUPV+LSNHKPSSV:HSNHKV
1VZt9HMHLS9P]LYH4LYJHKV
1VZt+VSVYLZ<IH\-SVYLZ
,YPJR9HT}U3HN\UH(]LYY\a
.LYHYKV,UYPX\L+\YHUK(J\|H
=xJ[VY4HU\LS;HSH]LYH:PS]H
9HT}U,UYPX\L4LULZLZ4H[\Z
/HY]PU(U[VUPV.HKLH/LYUmUKLa
=PJLU[L7H‚S)LUH]PKLa.VUamSLa
)YLUKH4HYxH1PY}U4\UN\xH
.SHK`Z@VSHUKH9\Pa
;HUPH5HKPLaKRH3HUaHZ3HaV
1LZ‚ZKLS*HYTLU3}WLa9P]HZ
4HYxH,SPaHIL[O9\Pa9VZHSLZ
9VZH,KLSTPYH9\Pa3}WLa
;HUPH4HNKHS`*HYYHZJV)L[HUJV\Y[
5LPKHKLS*HYTLUALSLK}U=mZX\La
3L`SH@HTPSL[(YN\L[H6YVaJV
=LY}UPJH-PHSSVZ4VUJHKH
.SVYPH4HYNPUL*HZ[PSSV4\|Va
*HYTLU9HTVUH)LUH]PKLa
1\SPZZH4HYxH*VY[tZ*HZ[PSSV
,_PSL=HSSL,ZJVYJPH
,YULZ[V1VZt=HYNHZ7PSHY[L
,Y]PU9HMHLS.VUamSLa
9VZHSxV0NSLZPHZ/\LY[H
:LYNPV(U[VUPV/LYUmUKLa4HYxU
:H‚S,TTHU\LS.\[PtYYLa(SKHUH
4HYSVU(SL_HUKLY1PY}U=mZX\La
,SKLY0ZYHLS4HY[xULa/LYUmUKLa
9PJHYKV,NILY[V,ZWPUVaH*VYYHSLZ
,KNHYK(YN\L[H6YVaJV
1VZt3LUPU(YSL`9VZHSLZ
*HYSVZ1PTtULa
4HYJVZ1LYT`3HNVZ3HN\UH
5LSZVU1VZt3}WLa9P]LYH
,YPJR9HT}U4VYmU*HZ[LSS}U
+VU‘Z,SLUH7HKPSSH4HY[xULa
4PYUH-HIPVSH,]LSS/LYUmUKLa
+L`YHKLS:VJVYYV4VYLUVAHTVYH
4LSPZZHKLS*HYTLU4HPYLUH+m]PSH
<YHUPHKLS:VJVYYV9\NHTHALSH`H
,YPRH7H[YPJPH7HUPHN\H*PZULYVZ
-SVY+HUPH7Ha.HKLH
4HYNPUPKLS:VJVYYV4H[HTVYVZ
;VYYLZ
/L`SPU@HVZRH3HUKLZ9HTVZ
4HY[OH@LSLUH:OP}U;LYJLYV
4PSHNYVZKLS:VJVYYV*HUHSLZ
=LSmZX\La
1\SPV*LZHY(S[HTPYHUV:LX\LPYH
4VPZtZ(SILY[V4LQxH7Ha
3\PZ,UYPX\L7VUJL4HU[PSSH
/LYUHSKV(U[VUPV)YPVULZAHTVYH
/V^HYK>PSMYLKV1V`H+xHa
4HYPV1VZt)HYILYLUH9VKYxN\La
>PSTLY(YPLS.\aTmU=mZX\La
-tSP_1VZt9P]LYH9P]LYH
:LYNPV.YHUQH-SVYLZ
1VZt:HU[VZ.\[PtYYLa/LYUmUKLa
(YPLSKL1LZ‚Z3VaHUV4HY[xULa
4HU\LSKL1LZ‚Z.\[PtYYLa9\NHTH
.VUaHSVKL1LZ‚Z*HSLYV*HYYHZJV
*SH\KPH4HYxH,ZWPUVaH;LYJLYV
*LSPH4HYxH8\LaHKH3HYPVZ
9VZH4PYUH.\L]HYH6ZVY[V
/PSKH3\JPUH9\NHTHALSH`H
1\HU(U[VUPV*HZ[LSSHUVZ7HN\HNH
4PN\LSÍUNLS4\YPSSV5H]HYYL[L
4HY]xU/\TILY[V7YHKV4HY[xULa
ÔZTHU-SVYLZ-SVYLZ(U[}U
9L`UHSKV4VYHSLZ.HYJxH
3LUPU)SHKPTPY3LJOHKV
1VUPZ(SMYLKV.}TLa4LUKVaH
9L`UHSKV1VZt.HYJxH7YHKV
>PSSPHT4\YPSSV9\Pa
4PS[VU4H[LVJHUV7tYLa
*H`YV3L`[}U4LTIYL|V
4HY]xU5VLS4LULZLZ4LYSV
7LKYV9VSHUKV)LY[YHUK9xVZ
,S]PZ6YK}|La6YVaJV
1VOHUH*HYVSPUH)HX\LKHUV(YHN}U
+VYPZ4HYxH4H[\Z9VKYxN\La
*VUZ\LSV:VJVYYV*mJLYLZ=xSJOLa
.YL[LS2HYLSPH.}TLa3HU\aH
4HYILSSxKLS*HYTLU)SHUK}U(SMHYV
6SNH3PZZL[O4VUJHKH1PTtULa
9VZHSIH9HTxYLa4LQxH
(UH`HUZP7HSTH0YxHZ
4HYxH*YPZ[PUH(TH`H)H\[PZ[H
1HPTL/LSKLY(N\PSHY5L`
3PSx=HULZZH/LYUmUKLa
9HT}U,YULZ[V.HYJxH.HYJxH
3\PZ.HIYPLS6YVaJV:HUKV]HS
5Vt-YHUJPZJV*HTWVZ*HYJHJOL
1VOHUH:HS]HKVYH4\YPSSV
(YHJLS`KLS9VZHYPV8\PU[LYV*VY[tZ
4HYxH4HYJLSH=HSSLJPSSV3HJH`V
*VUJLWJP}UKLS:VJVYYV=HYNHZ
9HTVZ
5H[HSxKLSH*VUJLWJP}U<YIPUH9VQHZ
*tZHY1VZt7PJHKV.HYJxH
:HUKYH@HUPYH)YHUK:HUKV]HS
3PSSL[[L.VUamSLa4VYHSLZ
.LYHYKV,TPSPV)HYYLYH9HTxYLa
+L`ZPKLS:VJVYYV<YY\[PH.}TLa
:JHYSL[O,SPaHIL[O)SHUK}U<TH|H
+LUPZ9HMHLS*HZ[PSSH4\|Va
7H[YPJPH3PZZL[O*HZ[H|LKH
-LYUHUKV1VZt:HSPUHZ7LYU\KP
,SPKH1\SPHUP[H:mUJOLa.VUamSLa
.YPJLSHKLS*HYTLU9HTxYLa6Y[L
NHYH`
:HTPH4H`LSH(N\PYYL(SHYJ}U
(SIH+HULSPH4VU[LZ9\xa
,MYHxU,YULZ[V4LUKPL[H,ZWPUVaH
*HYSVZ4HU\LS;tSSLa4HY[xULa
,UYPX\L1VZt7H]}UÍS]HYLa
.PZLSH*HUKLSHYPHAHTIYHUH7tYLa
4HY[H,\NLUPH4LYJHKV3}WLa
1\SPV*tZHY.HYJxH+LSNHKV
4PYL`HKLS:VJVYYV3}WLa*HYJHJOL
-YHUJPZJV9VILY[V9VKYxN\La)HS
[VKHUV
=PJLU[L1H]PLY:HU[HTHYxH9HTVZ
,YPJR3LVULS;VYYLZ(Y[VSH
(YTHUKV4LQxH:VTHYYPIH
4HYxH1VZt3LaJHUV4HY[xULa
4HYxHKLS*HYTLU*OHTVYYV+LSNHKV
(SJPKLZ4\|Va(SLTmU
7H[YPJPH*VUJLWJP}U:mUJOLa3}WLa
=HULZZH*LJPSPH*VYKLYV,ZWPUVaH
1\SPH4HYxH:HSHaHY4VYHSLZ
4HYPLSH(\_PSPHKVYH4HZPZ9VKYxN\La
=LY}UPJHKLS*HYTLU(S[HTPYHUV
4HY[xULa
4H`LSH(YNLU[PUH)HYILYLUH:mUJOLa
(YSLU.PVJVUKH:mLUa*VY[La
2HYSH4HYxH)LUKH|H.}TLa
5VLSPH4HYxH<SSVH3}WLa
.PVJVUKH4HYxH(YHUH9HTVZ
*HYSVZ1VZt7PJHKV:VSHUV
*HYSVZ(SILY[V7HKPSSH5HY]mLa
;LSTHKLS:VJVYYV=HULNHZÍS]HYLa
(UU`L:VVNL`9VKYxN\La9VKYxN\La
3PUKH:\NL`)SHUK}U<TH|H
1HX\LSPULKLS:VJVYYV*OH]HYYxH
5VN\LYH
>LUK`KLSVZÍUNLSLZ9VTLYV
+VTxUN\La
7LKYV)H`HYKV)YPZL|V*Y\a
.LYHYKV(U[VUPV.VUaHSLZ.\PKV
:VJVYYV3}WLa7tYLa
4HYQVYPL0]L[O)YLJR6Y[Pa
,S]PU9VKVSMV*OH]HYYxH.\[PtYYLa
(SPJPH*YPZ[PUH)LYYV[LYHU(JL]LKV
(TtYPJH*YPZ[PUH9VKYxN\La.VUamSLa
-HIPVSHKLS:VJVYYV=mZX\La=PSSH
U\L]H
1\HUH4HYxH9P]LYH7PULKH
4HYxH(\_PSPHKVYH:mUJOLa*HZ[LSS}U
+HYSPUN(\_PSPHKVYH7\[V`4\|Va
9HMHLS*OV^.VUamSLa
(SPZVU.LTH4VSPUH-SL[LZ
,Y]PU(U[VUPV4HYLUJV;VYYLZ
+VSVYLZ4HYSLUL1HYH*VYKLYV
AVYH`KHKLS*HYTLU<YPHY[L)HYYLYH
:VUPH9\[O4tUKLa4HUaHUHYLZ
+PUH1VZt;tSSLa3}WLa
4HU\LS,YULZ[V4VU[PLS:PS]H
1VZt9HT}U(SLTmU=HKV
1HPTL1VZt9PaV7LYLPYH
*HZ[H4HYPLSVZ,Z[YHKH+LSNHKPSSV
4HYPLSH,Z[OLY7YHKV,ZJVIHY
,KP[O5VOLTx;\JRSLY;\JRSLY
1VZt+VTPUNV9VQHZ;HSLUV
6YSHUKV(SJHSm*HYTVUH9\Pa
=HULZZHKLSVZÍUNLSLZ*HZ[YV
*HSKLYH
4HYSVU9VILY[V)SHUJV1PTtULa
*SH\KPH4HYxH4\UN\xH7H`mU
ÔZTHUKLS*HYTLU:VaH4LUKVaH
9HMHLSKL1LZ‚Z.VKxULa-SVYLZ
3L`SHKLS*HYTLU9HTxYLa:mUJOLa
1VZt,YULZ[VALSH`H6Y[LNH
9\[OKLSVZÍUNLSLZ*OHTHYYV
4HY[xULa
(TLSPH(\_PSPHKVYH<ZLKH4HY[xULa
*HYTLU7H[YPJPH9VTLYV.\[PtYYLa
1\HU/LYSPU1HYX\xU9VZHSLZ
0ZTHLS1LZ‚Z4H`VYNH.\HKHT\a
(SILY[V4VUJHKH.VUamSLa
4HYPUH.LY[Y\KPZ<YIPUH7HSHJPVZ
(KYPHUH=HULZZH;tSSLa(S]HYHKV
9VZH5HUJ`AHTVYH9VKYxN\La
-m[PTH7H[YPJPH4LTIYL|V(YPHZ
*SH\KPHKLSH*VUJLWJP}U9VTLYV
ÍS]HYLa
4HYxH4PJOLSSL*HTWVZ*OHTVYYV
,Y]PU+HUPSV+m]PSH1VZt
)YLUKH3\JxH8\PYVa9VX\L
:JHYSL[O6S`TWPH)HSSLZ[LYVZ3VYLKV
4LSIH(\_PSPHKVYH3}WLa*HUV
4HY[OH3HZ[LUPH*HZ[PSSV9\Pa
0]VUUL*HYVSPUH.HYJxH.HYJxH
+HNVILY[V8\PU[LYV8\PU[LYV
3PSPHUHKLSH*VUJLWJP}U9VKYxN\La
:PYPHKLS*HYTLU*HZ[PSSV6YKV|La
*LJPSPH=PVSL[H*HWHYYV-VYUVZ
:HUKYH0]HUPH)LYT‚KLa6WVY[H
0ZVSPUH(\_PSPHKVYH(Sx4\|xa
+LUPZ+H]PK9HTVZ)VQVYNL
1HJX\LSPUL3HN\UH:PS]H
9\[OKLS*HYTLU)LYYxVZALWLKH
9VKVSMV1VZtA‚|PNH9VJOH
3V\YKLZ=PYNPUPH(N\PYYL)YLULZ
/HaaLS(UHQHUJ`)HSKLSVTHY4VU
[LYYL`
;YPSJL4HYxH,ZWPUVaH:LYYHUV
9VZH5LSS`4HY[xULa;HSLUV
4HYJVZ;tSSLa(TWPt
1VZtKLS*HYTLU*VY[tZ+VTxUN\La
4HY[H9LNPUH,ZJVIHY(S[HTPYHUV
*HYSVZ(SMVUZV6]PLKV1\mYLa
3PNPH(\_PSPHKVYH4HY[xULa*HZ[PSSV
*HYVSKLS:VJVYYV<YIPUH4LKYHUV
(YSLU7L[YVUH=mZX\La.mTLa
4HYPLSH1LY}UPTH7tYLa+m]PSH
7H[YPJPV9PJHYKV;HWPH5PJHYHN\H
4HYxH;LYLZH7VY[VJHYYLYV4LUKVaH
4HY[OH3PNPH/LYUmUKLa*Y\a
(UH.YHJPLSH(S[HTPYHUV*OHTVYYV
4PYPHT*HYVSPUH.HYJxH:HU[HTHYxH
4LTVYPH
1LZZLUPHKLSVZÍUNLSLZ-YHUJV
5PJHYHN\H
A\SLTH7HYYHSLZ5H]HYYL[L
4HYxH(\_PSPHKVYH*OH]HYYxH-LYUmU
KLa
?VJOPS[?PSVULT:VS}YaHUV4LKPUH
1L`ZLSKLS*HYTLU4HY[xULa:\mYLa
4HY[OHKLS*HYTLU:mUJOLa1VHX\xU
4LSPaH2HYPUH4\YPSSV*HYJHJOL
0ZH`HUHKLS*HYTLU.\[PtYYLa
*HTWVZ
9VZH,TPSPH4LUKVaH
>HSRPYPH:[LWOHUV]H5H]HZ7HYYHSLZ
1VZt9HMHLS:mUJOLa.HYJxH
4HY]xU(U[VUPV*HSLYV*HSLYV
1VZt(U[VUPVAH]HSH)HYU\[`
@LSIHKLS*HYTLU4\|Va3}WLa
*SPW[VU9HMHLS6Y[LNH9HTxYLa
+VUHSK1VZt3}WLa*Y\a
1VOUU`*YPZ[}IHS(UKPUV+LSNHKV
4HY`4LYJLKLZ.YHULYH3}WLa
3LUPU0NVY4PYHUKH9VQHZ
:HKK`0UtZ:HSHaHY.\HKHT\a
4HU\LS0ZTHLS(U[}U
1VYNL0ZHHJ9VTmU,Z[YHKH
ÍUNLSH4LYJLKLZ9HTVZ9VZHSLZ
,KLS*HYTLU3H[PUV=P]HZ
.PV]HUUP(U[VUPVALSH`H(JL]LKV
3P]PUNZ[VU9HT}UALWLKH*Y\a
4HYPHULSH7HYLKLZ(YVZ[LN\x
9VILY[V-LYUHUKV:mLUa9HTxYLa
.SVYPH(UNtSPJH9VQHZ
+VUHSK9\Pa
+H]PK4VPZtZ3HYH+m]PSH
)H`YVU1VZt7HKPSSH(TWPt
3PNPH3PZZL[=LSmZX\La*Y\a
1VZt9VILY[V.HP[mU3}WLa
,STLY:HS]HKVY4LUH3}WLa
*HYVSPUH0ZHILS4HJxHZ*HZ[YV
:HUKYH)LUP[H(YJPH3HaV
:HU[H4HY[OH.HP[mU9VTLYV
,KT\UKV3LP]H(YN\LSSV
(YHJLSS`(THKVYAHTIYHUH
,ZWLYHUaH5LSH.HSSHYKV
1\HU9HT}U.VUamSLa6Y[LNH
-m[PTH+xHa9L`LZ
:LIHZ[PmU)mLa4PYHUKH
(Sx:HS]HKVY*HYYPSSV9VZHSLZ
0[aOHAHYHOP[9\xa+\HY[L
4HYPV1VZtALWLKH*VYVUHKV
*HYSVZ4HU\LS=HYNHZ4LUKVaH
+LUPZ(SILY[V.}TLa6IHUKV
4HYPV1VZt*HZ[YV*HSLYV
+VSVYLZKLS*VIYL(YH\a;VYYLZ
(T`=HSLZRH(JL]LKV,K^HYK
(K`4HNKPLS)YH]V,ZWPUVaH
1HTPSL[OKLS*HYTLU;VSLKV
,KZVU1HPY*HY]HQHS8\PU[HUPSSH
3\PZHUPHKLS*HYTLU(Ym\a;VYYLa
.SLUKH5VOLSPH:VIHS]HYYV-LYUmUKLa
1H]PLY.HYJxH9xVZ
1\HU*HYSVZ4HYxU4HYxU
5VYHKLS:VJVYYV6Y[Pa3HaV
(YHJLS`3\UH9VISLZ
2HYLU3}WLa4HKYPNHS
*HYSVZ)YHUKV(N\PYYL)HYYPVZ
,KNHY4H[HTVYVZ*HZ[PSSV
1VZt*HTPSV4LYJHKV(YPHZ
-YLKK`*OHTVYYV4VYHSLZ
6Z^HSKV9LUt)LUKH|H-VUZLJH
,SxHZ:LNV]PH.\[PtYYLa
.LYTmU(U[VUPV4VYHSLZ;tSSLa
*HYSVZ(SILY[V(SVUZV<YIPUH
4HYSLULKL1LZ‚Z.HSHNHYaH
1\HU7HISV1PY}U/LYYLYH
@HYH3PZZL[O4PYHUKH4LUH
1\HU*HYSVZ.HYJxH,Z[YHKH
4HYxH(OPKLZ*PZULYVZ
+HPZ`KLS:VJVYYV:PYPHZ6YVaJV
1VZt.LYHYKV:\mYLa-\LU[LZ
1HPTL(SMVUZV:VSxZ9VTLYV
:HUKYH+VTPUNH;HISHKH4LUH
A\STH3VYLUH9VQHZ*HZ[PSSV
.\PZZLSS4HYxH0JHIHSJL[H7Ha
(SYSL1VZt+\HY[L(IYHOHT
*HYSH4HYxH3}WLa`SSLZRH
1VZt9HT}U.\PSSLU4HYxU
4PYPHT9xVZ*Y\a
4HYxH;LYLZH4H`VYNH<YIPUH
.SLUKH1PY}U9xVZ
4H`YHKLS:VJVYYV.HSHNHYaH
1LHUL[[L9HTVUH.VUamSLa+xHa
*HYTLU4HYxH,ZJVIHY(S]HYHKV
+H]PK3}WLa
-m[PTH*LYUH=LSmZX\La
=LYUH(SIH:mUJOLa/LUYxX\La
+HSPH.PZLSH/LYUmUKLa:LYYHUV
9VSHUKV1VZt-LYUmUKLa
-YHUJPZJV4PYHUKH9HTVZ
9PJHYKV6YVaJV+\HY[L
(SJPKLZ+xHa*HZ[PSSH
.LVYNPUH3\PZH9L`LZ=LNH
6SNH6SP]PH4VU[PLS9\xa
1\SPH9VZH(YY}SPNH=HYNHZ
)LULKPJ[V1VZt*HSLYV*Y\a
@\]LSRHKLS:VJVYYV-SVYLZ*HZ[YV
9VZH0UtZ6ZVYPV3}WLa
4HYP[aH9LPUH(THKVY
(YPLS-LYUmUKLa4HYxU
3\PZH,TPSPH9VISL[V-LYUmUKLa
:LYNPV(SMVUZV(N\PSHY*HTWVZ
*HYSH4HYxH3}WLa@LZJH
0UNYPK4HYNPUL*VUYHKV4VU[PLS
9HX\LS=HULNHZ)mLa
1H[aHJR*HY]HQHS8\PU[HUPSSH
(S]PU(U[VUPV1HYX\xU:VIHS]HYYV
*HYSVZ1VZt*YV]L[[V
(KH+VSVYLZ*HZ[YV)mLa
1VYSLU`4LYJLKLZ9LX\LULZ3HJH`V
3LZ[LY.HYJxH4VYHSLZ
)LY[OH4HYxH.}TLa6IHUKV
+PHUH,SPaHIL[O;Y\QPSSV4VYLUV
1VYNL4HU\LS.VUamSLa)mLa
4HYxH3V\YKLZ9P]LYH(UN\SV
1VZt(SMYLKV,ZWPUVaH=HSKLa
1HZTPUHKLS:VJVYYV9P]HZ.\[PtYYLa
9HX\LS4VU[PLS+xHa
0]L[OKLS*HYTLU)YH]VÍS]HYLa
+PKPLY(UKYtZ9L`LZ
,K\HYKV1VZt3HUaHZ(SLTmU
.YHa`UH.VUKH
9PJR`/HYVSK:HSHISHUJH.HSLHUV
4HYxH3PKPH1HPTL1HYX\xU
>PSSPHT/V^HYK3}WLa
5PSV:HS]HKVY+LSNHKV4\|Va
2HYSH:[LWOHUPH9VISL[V-LYUmUKLa
0[aLS(YTPUKH<YIPUH1HYX\xU
)LYTHU1VZt:HSPUHZ:VIHS]HYYV
4HYxHKLSVZÍUNLSLZ*\IHZ9P]LYH
4PSHNYVZ:LX\LPYH9P]HZ
,SIH(\_PSPHKVYH/LYUmUKLa:VIHS
]HYYV
.\PSSLYTV4HY[xU:VaH4VYLPYH
4HYSPUN(\_PSPHKVYH*Y\a,ZWPUVaH
*HYVSPUHKLS:VJVYYV(N\PUHNH=HSSL
(a\JLUH(SVUZV3}WLa
9P[OH(SILY[PUH,ZWPUVaH3\TIx
4HU\LS:HS]HKVY:HIHSSVZ9\Pa
4H`YH.\HKHS\WL*OH]LYY`9VQHZ
(`KHSPUHKLS*HYTLU*HZ[YV:VS}Y
aHUV
1LZZPJH(YNLU[PUH+\HY[L3}WLa
4HY]xU(U[VUPV*HSLYV:mUJOLa
4PYPHT(SILY[PUH)SHUK}U3\X\LZ
-tSP_+HUPSV;VYYLZ:HSHaHY
(KHSPK<YIPUH:L]PSSH
(Y[\YV1H]PLY*mJLYLZ/LYYLYH
4HYSVU1VZt.\[PtYYLa6IHUKV
9VZH4HYxH.\[PtYYLa1HYX\xU
+LUPZ1VZt(YHN}U(]PStZ
/L`KPKLSVZÍUNLSLZ+\HY[L;HWPH
4HYSVU(U[VUPV4HUaHUHYLZ
-m[PTH*HYVSPUH.HSV.\HKHT\a
+V\NSHZ9PJHYKV;VYYLa.HYJxH
=PJLU[L9L`LZAH]HSH
7L[YVUPSHKLSVZÍUNLSLZ4LQxH
(THKVY
(SILY[PUHAHTVYH/LYUmUKLa
1HZTPUHKLS9VZHYPV*HTWVZ
4HY[xULa
*SH\KPH4HYxH4HYxU9L`LZ
4HYxH4HNKHSLUH/LYUmUKLa+\YPL[H
-m[PTH;HSLUV6[LYV
0YPZKLS*HYTLU.HYJxH<YIPUH
*HYVSPUH(\_PSPHKVYH*VYVUHKV
4LUKPL[H
4HYxH*YPZ[PUH*Om]La4LTIYL|V
,K\HYKV9HT}U*HWVZ*VYLH
@LSIH-SVYLZ7HSHJPVZ
;LYLZHKL1LZ‚Z+\HY[L;HSLUV
>HS[LY(U[VUPV/LYUmUKLa.VUamSLa
-tSP_9HT}U:LX\LPYH5‚|La
,]HUNLSPUH4HYxU1PY}U
.SVYPH@LZZLUPH4LUKVaH;VYYLa
@HQHPYH4HYPLSH7VY[PSSV;PQLYPUV
,STLY(U[VUPV9L`LZ
4HYJPH(U[VUPH4HY[xULa/LYUmUKLa
,K^PU1VZt9PaV3PaHUV
*HYSVZ1H]PLY:L]PSSH:mUJOLa
4H`YH4HNKHSLUH:L]PSSH+\HY[L
4HYxH(KLSH=HYNHZ+\HY[L
:HU[PHNV4H[\ZA‚UPNH
9\[O,SPL[O4LTIYL|V)mLa
4PSL`KP,KP[O4VYHSLZ:LX\LPYH
:HUKYHKLS:VJVYYV/LYYLYH)LUKH|H
+HILSIH3PZIL[O(S]HYHKV6IHUKV
4HYS`U@VOHUUH)SHUK}U+PUHY[L
,KLSTHKLS*HYTLU:mLUa4VUJHKH
3LVUHYKV1VZt9\PaAHTIYHUH
.\SUHYHKLS9VZHYPV(THKVY)LY
T‚KLa
*HYSVZ(SILY[V7L|H4H`VYNH
,SNPU1VZt.HSLHUV4HYxU
4HYP[aH0ZHILS.HYJxH:mUJOLa
*LZHY(\N\Z[V4H[\Z-\LU[L
3\JPUKH1HZTPUH7HSHJPVZ6IHUKV
,TLSKH)LSSV(YH\a
+LSPH*VYPUH.HP[mU=PSSHS[H
9HMHLSH4VU[V`H.HSLHUV
4HYJLSHKLSVZÍUNLSLZ9VKYxN\La
*HYIHSSV
-m[PTHKLS:VJVYYV.\LYYH6SP]HY
1VZt+H]PK.HYJxH9VISL[V
:HS]HKVYH.HSLUV6QLKH
(YHJLSP-VUZLJH9VJOH
.PZZLSH4HYxH.HSLHUV*\UKHUV
3V\YKLZKLS*HYTLU*OVaH4VYHSLZ
4HU\LS:HS]HKVY)YH]V)YH]V
9VILY[V4)SHUK}U)SHUK}U
1HPYV:PTL}U7HSHJPVZ
(KH5\IPH/HSSLZSL]LUa*HZ[LSS}U
/VSSTHU,YULZ[V3VmPZPNH)LYT‚KLa
*HYSVZ(KmU4VSPUH
:PS]PV1VZt4VU[HS]mU6IHUKV
1VZt;VTHZ*OH]HYYxH
*HYSVZ)HZPSPKLa(S]HYLZ=HSSLJPSSV
*LSPH0]HUPH*Y\a9VKYxN\La
:JHYSL[O4HYxH+m]PSH9L`LZ
ÍS]HYV,ZWPUVaH0UJLY
5VYTHU-YHUJPZJV.\HKHT\a
,\NHYYPVZ
,YPJZZVU(IYHOHT.\[PtYYLa1\mYLa
+VUHSK1VZt6WVY[H*HZ[PSSV
-LYUHUKV4HSKVUHKV3}WLa
:JHYSL[O@HVZRH-LYUmUKLa9L`UH
(SKV.HTHSPLS9VJOH*HYYPSSV
1\HU*HYSVZ4HY[xULa4VU[V`H
;LYLZH(a\JLUH.\aTmU=mZX\La
@LZZPS*LJPSPV:VSxZ3}WLa
(UH4HYxH=LSmZX\La
/LUY`1VZt4PYHUKH3}WLa
1\SPV(U[VUPV(J\|H*HTIYVULYV
1VZt)H`HYKV6IHUKV,ZWPUVaH
4H`SVY0ZHHJ.HYJxH(YHN}U
.\Z[H]V(KVSMV4VUJHKH:LX\LPYH
.YLNVYPV6YVaJV:HUKV]HS
4HYxH(\_PSPHKVYH7mYHTV*VY[La
1VZt(U[VUPV:LX\LPYH.HYJxH
,ZWLYHUaHKLS:VJVYYV4HPYLUH
9VTLYV
9\[O*HIYLYH6IHUKV
7L[YVUPSHKLS*HYTLU*HYIHSSV
7LKYV1VZt4PYHUKH-P[VYPH
9VKYPNV(SVUZV(I\Y[V.VUamSLa
2H[OLYPUL.VUamSLa/LYUmUKLa
-m[PTHKLS:VJVYYV/LYUmUKLa
:HIHSSVZ
*HYTLU4HYxH4HY[xULa.\[PtYYLa
*tZHY-YHUJPZJV+xHa*YV]L[[V
*OYPZ[VWOLY6PZLZ7LYLPYH*HZ[PSSV
6ZJHY)LUP[V9L`LZ1\mYLa
1LZZ`4PSLUH(SHUxZ.\L]HYH
/LUY`,]HYPZ[V<YIPUH*OH]HYYxH
)LSPZZH.\PKV4H`VYNH
1VZt;VTHZ4\YPSSV
3LUPU4HY[PU1LYLa<YIPUH
/LILY[V1VZt*HZ[LSS}U-SVYLZ
:LYNPV,UYPX\L7tYLa4HY[xULa
3LVUVYH-YHUJPZJH4LUKVaH6ZLQV
4HYxH1VZLÄUH=mZX\La*HYYHZJV
9VZHSWPUH6IHUKV6YVaJV
2HYSH7H[YPJPH3}WLa3\TIx
3\JxH,SP\K-YHUJV*LYUH
4PYPHT-H\Z[PUHALSLK}U/LYYLYH
+H`ZPKLS*HYTLU2YH\K`=HYNHZ
:HUKYH4HYxH*HZ[YVALSLK}U
(NUL1VOHUH4LKYHUV9VKYxN\La
,]LS`U9VKYxN\La1HYH
AVYH`KH4HYxH4LQxHAHTVYH
,]LS`U0ZHILS.\[PtYYLa-SVYLZ
@LZLUPHKL1LZ‚Z+VST\a/LYUmUKLa
0]HUPHKLS:VJVYYV:HUJOV*LU[LUV
0]L[OKLS*HYTLU*VY[LKHUV=PSSH
YL`UH
2HYLU.VUamSLa
9VZHUH(SJVJLY*HZ[PSSV
.SVYPH.HYJxH,ZWPUVaH
*SH\KPH(UNtSPJH:mUJOLa.HYJxH
+HYH(UNtSPJH)HS[VKHUV.HYJxH
4HYxH+HULSPH7HSTH9PaH
4HKHS`T3\JxH=HSKP]PH*OH]HYYxH
-YLKK`9PaV/\LTItZ
>PSMVYK9HTZtZ)\Z[HTHU[L9VJOH
9PJOHYK1VZt3HYH.VUamSLa
9L`UHSKV4HUaHUHYLZ(N\PYYL
1VZtÍUNLS:VIHS]HYYV4HY[xULa
.\PSSLYTV(U[VUPV)SHUK}U+\HY[L
-LKLYPJV(U[VUPV3HN\UH.\[PtYYLa
4HYPV1VZt6YVaJV=HSSL
6Z^HSKV(\N\Z[V)HSKPa}U7mLa
4HYPVU,UYPX\L;VYYLZ:HSTLY}U
)`YVU1H]PLY9VKYxN\La(SKHUH
1VZt9HT}UALSH`H3}WLa
1\SPV*tZHY)VSH|VZ4LaH
4HYPV1VZt4LKPUH.VUamSLa
)`YVU1VZt(SMHYV
1\HU*HYSVZ.HYH`4VYHSLZ
+V\NSHZ3}WLa(YKPSH
9}NLY1H]PLY4VYHSLZ6‘JVUUVY
9VILY[V(N\Z[xU4H[HTVYVZ4LaH
1VZt9HT}U)SHUK}U4VYLUV
3\xZ,MYtU=HSSLJPSSV4LUKVaH
>HS[LY(Y[\YV4HY[xULa.\YKPmU
*SH\KPH+LSÄUH.\L]HYH.VUamSLa
-m[PTH)L[aHPYL.YHUHKVZ7YH]PH
3VYNPH4HYxH;tSSLa6Y[Pa
7mNPUH
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJHWHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
+L`HUPYH4LQxH4LaH
9\Ix/LYYLYH3}WLa
@LSSP5PUVZRH4HY[xULa
*SH\KPH1LZ‚Z(SLTmU*HZ[PSSV
5VYTH:HIYPUH,Z[YHKH/LYYLYH
,SZHUHKLS*HYTLU*LYKH1\mYLa
.SHK`Z(YNLU[PUH*HZ[YV-SVYLZ
)SHUJH,Z[LSH4tUKLa7tYLa
)L[OHUPH4HYxH:PSLZ
4HYPL[H1HTPSL[O9P]HZ.VUamSLa
2HYLU[OKHSPL[O9VKYxN\La0KPmX\La
1HJX\LSPULKLS:VJVYYV)VYNL6YVaJV
4HY[OH3PKPH6YK}|La=HYNHZ
(UH9\[O*HZ[YV,ZWPUVaH
*SH\KPH4HYxH9P]HZ4HY[xULa
4HY[OH:\ZHUH.VUamSLa*OH]HYYxH
+HY^PU1VZ\t9L`LZ(YPHZ
4HU\LS1LZ‚Z.HYJxH9P]LYH
>HS[LY9PJHYKV-YH\LUILYNLY=HSSLQVZ
-YLKK`(U[VUPV/LYUmUKLa*mJLYLZ
9VILY[V+H]PK3}WLa(S[HTPYHUV
*HYSVZ(SILY[V*VYLH4H[HTVYVZ
3\PZ9HMHLS/LYUmUKLa(YNL|HS
>PSSPHT4HYPHUV4VU[HS]mU(]LUKH|V
-YLKK`(Y[\YV;HSH]LYH3HYH
(SLQHUKYV4HPYLUH6JHTWV
1\HU9HT}U*VY[LKHUV=PSSHYL`UH
>PSSPHT(\N\Z[V*HZ[LSS}U9PJV
-YHUR9VKYxN\La(S]HYHKV
/HYVSK1VZt(N\PSHY)LUH]PKLZ
9VUHSK,TPSPV;VYYLZ-SVYLZ
)LYUHYKV4VYHSLZ4HPYLUH
-YHUJPZJV1VZt6YK}|La4HY[xULa
/LYUHSKV(SILY[V7SH[H9P]HZ
ÍUNLS6THY1HYX\xU.VUamSLa
:LYNPV(U[VUPV:HH]LKYH3}WLa
:LYNPV4HU\LS*VY[tZ9VZHSLZ
9VILY[V1VZt3}WLa4PYHUKH
,YPJR1VZt.VUamSLa:HSNHKV
*tZHY1LY}UPTV=HYNHZ4LUKPVSH
4HY[OH<YHUPH*LU[LUV9P]LYH
2HYLU=HULZZH*OH]HYYxH4VYHSLZ
9VILY[V(KPSZVU;LYJLYV
,YPJ(U[VUPV*HY]HQHS:HUKV]HS
(UHSPaL[O.\[PtYYLa.VUamSLa
4L`SPUN=PJ[VYPHALSLK}U4HPYLUH
;`YVT,SP/LYUmUKLa6YK}|La
9PNVILY[V(U[VUPV(N\PUHNH6STLKVZ
1VZt)H`HYKV9VKYxN\La9VKYxN\La
4HYxH3LVUVY4VU[PLS5H]HYYV
-LSPJPHKLS:VJVYYV(S[HTPYHUV4VU
[LULNYV
/LUY`-YHUJPZJV7PJHKV=PSSHNYH
,\NLUPVÍUNLS3}WLa3}WLa
3`KPH4HYPUH*OHTVYYVØILKH
+HUPLSH4LYJLKLZØILKH9L`LZ
4HYPLSH1VOHUHØILKH4VYLUV
;LYLZHKLS*HYTLU9HTxYLa*HTWVZ
(\YH4HYxH,Z[YHKH4tUKLa
@HULYPa4HYxH*Y\a,ZJV[V
4H`YHKLSVZÍUNLSLZ/LYUmUKLa
5H]HZ
*YPZ[PUH(U`VSL[O9PaVALSLK}U
-SH]PVKL1LZ‚Z4LaH
/LSS`T0ZHILS(YJL4HPYLUH
(UH0ZHILS:LX\LPYH(YHUH
4HKOYPHYLU(KLSPUH(Ym\aALHZ
-H\YPJPV5Vt,Z[YHKH.\[PtYYLa
.LYHSKPULKLSVZÍUNLSLZ.VUamSLa
4VYHSLZ
4HYxH:PS]PH6ZLN\LKH4VU[HS]mU
4L`SPUNKLS9VZHYPV9\NHTHAHTVYH
(IK}U1VZtØILKHØILKH
-YHUJPZJV-LYUHUKV)SHUK}U9VISL[V
9HIPUKYHUH[O-YHUJPZJV4VU[LULNYV
4VYLUV
,UNYHJPH0UtZ-SVYLZ
6ZJHY(SMYLKV4LKYHUV3}WLa
-YHUJPZJV1LZ‚Z.VUamSLa4LTIYL|V
7mNPUH
-YHUJPZJV1VZt3}WLa-LYUmUKLa
4HYJVZ:PNMYPKVAHTVYH-SVYLZ
>HS[LY1VL7HSHJPVZ7LYHS[H
3LSPH.\HKHS\WL*HZ[PSSV/LYYLYH
9VSHUKV1VZt6Y[LNH
=xJ[VY4HU\LSALSLK}U9PaV
4VKLZ[V(UxIHS(\YJPH4VUJHKH
*OHYSPLKLS:VJVYYV.VUamSLa3HUaHZ
5LSZVU/LYUmUKLa;VYYLa
*HYSVZ1VZt:HUKV]HS9HTVZ
*HYSVZ1VZt1PY}UALSLK}U
@LZLUPHKLS*HYTLU4PYHUKH.VU
amSLa
,KP[O(a\JLUH/LYYLYH/LYYLYH
*SH\KPH5VOLTx)SHUK}U*LU[LUV
0YPZ7H[YPJPH9VKYxN\La4VSPUH
1HTPSL[OKLS*HYTLU.VUamSLa
.VUamSLa
6ZJHY(U[VUPV*LU[LUV=HSSHKHYLZ
1\SPV*tZHY9P]LYH1PY}U
+HSPH4HNHSPAHTVYH:mUJOLa
1VZt4HYxH/LYYLYH*HZ[YV
2HYLU:HS]HKVYH9P]LYHØILKH
9}NLY)LUP[V*Ot]La)SHUJV
1VZ\t9\ItU+xHa.HYJxH
:PS]PH,SLUH4VYLUV.VUamSLa
9}NLY(SLQHUKYV,ZWPUVaH.HP[mU
7H\S(U[VUPV9VKYxN\La9VKYxN\La
.\Z[H]V(KVSMV*HUHSLZ:mUJOLa
+PHUH0ZHILS1HYX\xU=HSSL
)H`HYKV(U[VUPV.HYJxH=PSSLNHZ
3PZKL4HYxH*LU[LUV2H`MMTHU
ÍS]HYV2HKPYA‚UPNH/\Y[HKV
6ZJHY1H]PLY3}WLa;H`SVY
(SKV4HUVSV4tUKLa6SP]HZ
(SLQHUKYV1VZt;tSSLa(S]HYHKV
9}NLY(U[VUPV:HSNHKVALSH`H
2HKPY.PHURHYSVZ*OV^>LII
1HPYV(U[VUPV-VUZLJH*OH]HYYxH
,TPSPHUV+V^KLU9VIPUZVU
1VZt(U[VUPV+xHa)HSSHKHYLZ
+V\NSHZ(SVUZV9VKYxN\La-SVYLZ
1VZt(U[VUPV)HYYPLU[VZ>H[ZVU
+LZSLY9VTLYV9VKYxN\La
,KNHYK(U[VUPV4VYHSLZ,ZJHSHU[L
:LS]`>PSSPHT.YLLU*OV^
,SxHZ5HWVSL}U:HU[HUH.HSSV
2`UH3HUL[[L5L^IHSS1VULZ
*HYTLU3\PZH9P]LYH>LII
(UNLSPUH7tYLa*HZ[LSS}U
:HYH4HYxH,ZWPUVaH/VVRLY
(SIH3\a.HYTLUKPH*VSLTHU
0THY`.SHK`Z:mUJOLa4VYH
4HYxH0ZHILS*HZ[PSSV:P‚
*SH\KPH:\YHTH=HYNHZ9VKYxN\La
=PVSL[H0YxHZ5LSZVU
1\HUH4HYPUH6JOVH.\[PtYYLa
:HTHYPH-HQHYKV9P]LYH
4HYH;LYLZH>PSZVU;OVTHZ
.\HKHS\WLKLSVZÍUNLSLZ*OV^
7HKPSSH
4HY[OH1VOHUH9VKYxN\La(I\Y[V
0]HUPH0]VUUL(JL]LKV4LaH
4LSS`/LUK`4HY[xULa
.SLUKH?PVTHYH*Om]La*OV^
*SHYH4HPYH:PTVUZ
9VJOHPUH:PYPSV4\SSLY
:OHQPYHKLS*HYTLU*OV^:HUKV]HS
3PZIL[O(ZOHU[P*HTWOLSS9L`LZ
9\[OÍS]HYLa*VSLTHU
1HaTxU,TLSPUH/LYYLYH-HNV[O
4HYxH/HaLS3H^)SHUJV
,SV`KHKLS*HYTLU4HY[xULa9VKYx
N\La
:HUKYH0ZHILS:HSNHKV*HZ[YV
.VYL[O`(STPKPH.VUamSLa-PSPWVUP
3\PZH,TPSPH*OHTVYYV.HYJxH
0YPZ3LVUVY.\[PtYYLa;H`SVY
6SNH1\SPHUH(UKLYZVU)HX\LKHUV
4HY[OH0]L[[L(ILSSH4VYH
+PVUPZPV(S[HTPYHUV9P]LYH
4HYJVZ*YLZJLUJPV3LU[JO.HYJxH
7LKYV*LSLZ[PUV(N\PYYL.HYJxH
1\HU1VZt9VZHSLZ6Y[Pa
.LYTmU:HSVT}U7V]LKH
-tSP_7LKYV*mYJHTV1PTtULa
,UYPX\L1VZt:mUJOLa6]PLKV
ÍS]HYV0ZTHLS.\[PtYYLa.HYTLUKPH
4HYPV-SVYLZ9P]LYH
/LYPILY[V(U[VUPV:PSLZ.VUamSLa
4HY]xU:mUJOLa5H]HZ
1PTT`6YSHUKV*OHUN*HZ[PSSV
9VUHSK.\PSSLYTV-\SSLY[VU9VJOH
5VY[VU4HUaHUHYLZ)VII
9L`4PZZHLS(U[VUPV:mUJOLa
-tSP_@HKPTPY1PY}U/LYYLYH
5LOLTxHZ4VYHSLZ1HYX\xU
,S]PZ.\PSSLYTV4VYH-YHUJPZ
>HS[LY1PTT`3}WLa7H]}U
9VUHSKKL;YPUPKHK9VX\L*\HKYH
3L`SH*HYVSPUH7YHKV=HULNHZ
=HULZZH4HZZPLS/LYYLYH
,[OLS]PUH.\PZLSSL:VIHS]HYYV*Y\a
4PYPHTKLS:VJVYYV.\aTmU.VUamSLa
*HZHUKYH(\_PSPHKVYH9VTLYV7PJHKV
2HYSH7H[YPJPH.HYJxHALWLKH
6TH`YH=LYLUPZZL<YIPUH9V[OZJO\O
2HYSH3PZZL[[:HSHaHY1PY}U
,[`U4HYNHYP[H*Y\a9VQHZ
,UYPX\L(U[VUPV7tYLa3HTWPU
+HTHYPZ=HULZZH=HULNHZ3}WLa
=PJLU[L(UHZ[HZPV1PY}U(S[HTPYHUV
4PYPHT.HYJxH9VKYxN\La
(SLQHUKYV1VZt4HY[xULa(JL]LKV
4HYxHKLSVZÍUNLSLZ.\[PtYYLa
*HYSVZ1VZt4HPYLUH
9HUKHSS(U[VUPV(N\PSHY
@LSIH4HYxH3HNVZ.VUamSLa
3PZZL[OKLS:VJVYYV4LYJHKV.HYJxH
=PJLU[LKL1LZ‚Z.HYJxH3}WLa
1VZt(SMYLKV:PS]H*OHTVYYV
+LUPZ,]LSPV4\|Va.HYJxH
/HYVSK1H]PLY3LHS,SxHZ
0YTH6YHS`H3HN\UH*Y\a
.LTH=LY}UPJH<YIPUH9xVZ
4HYxH(U[VUPH*\HKYH3PYH
/HYY`(U[VUPV4VYHSLZ.\[PtYYLa
;OLSTH9\[O6Y[Pa,ZJV[V
*YPZ[PHU1LYLT`.HTIVH4HKYPNHS
>HS[LY>PSSPHT=HYNHZ
=HULZZHKLS*HYTLU9\LKH)HSTH
JLKH
4HYxHKLSVZÍUNLSLZ.HYJxH9VX\L
2HYSH7H[YPJPH*HZ[YV4H[\Z
3LZ[LY1H]PLY:mUJOLa9L`LZ
*HYSVZ-PKLS9VKYxN\La,ZX\P]LS
3xH=HULZZH-SVYLZ)LYT‚KLa
-YHUR(\N\Z[V-SVYLZ7tYLa
)LSTPKHKLS:VJVYYV.\L]HYH*HZH`H
9HX\LS:HYHx.\LYYLYV4VU[HS]mU
3LZ[LY(U[VUPV*HSLYV:mUJOLa
4HY[OH0SLHUH4VYHSLZ4LUKVaH
1HPTL,YULZ[VAHTVYH+LSNHKV
,TTH4HYxHA‚UPNH*HZ[LSS}U
9LNPUH4HYxH3HYNHLZWHKH;OVTWZVU
4HY[OH.PZLSH6J}U7YHKV
3PNPH*VUZ\LSV*PZULYVZ*Om]La
+VYH.YHJPLSH3}WLa7HSHJPVZ
4PN\LS3}WLa*VSS
7LKYV3\PZ9\Pa7tYLa
/\NV4H\YPJPV,ZWH|H)SHUJV
9HMHLSÍUNLS(]LSSmU
0SZPH2HYPUH(N\PSHY4VYH
(KKH)LUPJPH=HULNHZ9HTVZ
+VUHSK1VOHT:VaH:HSNHKV
+H]PK4VPZtZ.VUamSLa)VSH|VZ
-SVYKL4HYxH.HYJxH
5PUVZRH(a\JLUH*Y\a.\[PtYYLa
4HYxH1VZt=LSmZX\La3HaV
*HYTLU4HYxH=LSmZX\La3HaV
,UH9VKYxN\La9VZHSLZ
-YLKK`(TtYPJV.VUamSLa9P]HZ
.SVYPH,SLUH9VIPUZVU(YHN}U
4HYxHKLS9VZHYPV7LYHS[H4LQxH
+VUHSKV0NUHJPV(SMHYV.HYJxH
1VYNL3\PZ8\PU[HUH.VUamSLa
4HYPV1VZt4PYHUKH9VTLYV
4HU\LSKL1LZ‚Z9L`LZ1\mYLa
4PS[VU+H]PKALSLK}U4VSPUH
(SL`KH4HYxH0YxHZ4HPYLUH
;OLSTH.\PZLSS(Yt]HSV*OHTVYYV
0]HUPHKLS:VJVYYV*VY[tZ.HYJxH
(KVUPZ:H‚S1HYX\xU(N\PSHY
-tSP_9HT}U/LYUmUKLa4\|Va
4HYPV1VZt7HKPSSH,Z[YHKH
4HYPJLSH-YHUJPZJH9VKYxN\La7VUJL
9}NLY(U[VUPV:mUJOLa)mLa
4HYxH,ZWLYHUaH5PL[V6[LYV
1H]PLY9HMHLS9VQHZ<YYVa
,S[VU1LHU6Y[LNHA‚UPNH
1VZt4HY[xU9L`UH9L`LZ
*HYSVZ(SILY[V3}WLa*HUV
2HYSH0]VUUL,ZWPUVaH7tYLa
4H\YH1LZ‚Z4VYHSLZ4LYJHKV
@VOHUPKL1LZ‚Z4LUKVaH(N\PSHY
7H]LS0]mU.\LYYLYV.HYJxH
:HUKYH3VYLUH3SHULZ:V[V
)PZTHYR(SILY[V)HYYLYH3}WLa
4HYPZVSKLSVZÍUNLSLZ4JYLH8\PYVa
4PYUHKLS:VJVYYV3}WLa;Y\QPSSV
3HYY`(U[VUPV3LaHTH5HY]mLa
:VJVYYVKLS*HYTLU;LUVYPV.HYJxH
1HOHPYH-YHUJPZJH.\L]HYH(SLTmU
4HY`HT.LYHYKV*VSSHKV0IHYYH
4HYxH*HYVSPUH6Y[LNH
1VZt(U[VUPV/LYUmUKLa7L|H
-YHU`H@HY\L<YL`)SHUK}U
1VZt3\PZ:VIHS]HYYV4\|Va
,KK`(U[VUPV-SVYLZ/LYUmUKLa
9VZH(YHJLSP9\Ix.\LYYLYV
:LYNPV(SLQHUKYV1HYX\xU7tYLa
-YHURSPU,K\HYKV5H]HZ(YHUH
1VYNL3\PZ9\Ix=LSmZX\La
.SVYPHKLS:VJVYYV;LUVYPV:mUJOLa
>HS[LY1VZt*\HKYH(YHN}U
6ZJHY(U[VUPV)YH]V-SVYLZ
1\HU*HYSVZ4LKPUH:VS}YaHUV
,ZJHYSL[*VUJLWJP}U3}WLaAHWH[H
=SHKPTPY1LZ‚Z:mUJOLa=HSSLJPSSV
=HSLZRH:VMxH4PYHUKH9LX\LULZ
2HYSH=HULZZH<YIPUH<YIPUH
*SH\KPH3\JxH.}TLa.\[PtYYLa
4HU\LS(U[VUPV1mJHTV9HTxYLa
,KtU,UYPX\L(N\PSHY*HZ[YV
9VUHSKV1VZt+\HY[L.\[PtYYLa
-YHUJPZ1LHUL[[L4HY[xULa9\Pa
4HU\LS.\L]HYH9VZHSLZ
4HYSLULKL-m[PTHAHTVYHALWLKH
1HUU`,SPaHIL[O,ZWPUVaH8\PU[HUPSSH
:LYNPV4HY[xU7HSHJPVZ7tYLa
(UPLSRH1\KP[OA‚UPNH.}TLa
<SPZH@HVZRH;HWPH:PS]H
5\IPH(\_PSPHKVYH(Yt]HSV)YPZL|V
5HSPH5HKLaSPKHØILKH6IHUKV
+HYPJLSPHKLSVZÍUNLSLZ+m]PSH4LQxH
*HYTLUKL-m[PTH6YVaJV*HYHaV
,K\HYKV4LQxH
0YLUL1VZt/LYUmUKLa*\HKYH
4HYxH+VSVYLZ.}TLa5H]HYYL[L
5PKPH4HYxH6‘JVUUVY=HYNHZ
4HYxH7H[YPJPH7\[V`3}WLa
;VU`1VZt9L`LZ7Ha
+LJ[LYZ,]HUZ*HYYP}U*HSKLY}U
1LUU`*OYPZ[PHU:V[V.HYJxH
)LSPZZH4HYxH4HY[xULa:HUHIYPH
(YHJLS`/LYUmUKLa4HY[xULa
;OLSTH:JHYSL[O*HQPUH9\Pa
4LTVYPH
4HYxH1VZt4VYHSLZ(SLTmU
4HYxH4HNKHSLUH;VYYLZ*VY[La
3LZIPH(U[VUPH3}WLa
4HU\LS(U[VUPV*HU[}U
0ZHILSKLS*HYTLU*\IPSSV*OHTVYYV
2HYSH7H[YPJPH7HKPSSH(S[HTPYHUV
4HY[xU(THKV4\UN\xH4VYHSLZ
.SHK`Z=HSSL=HSSL
;VTmZ,K\HYKV*VY[La4LUKVaH
;OLSTHKLS*HYTLU6YK}|La4PYHUKH
.\PZLSS*HYVSPUH:PS]H.HYJxH
,_H`(U[VUPV.\[PtYYLa(SMHYV
-YHURSPU1VZt/VVRLY*Y\a
4HYxH1VZtALHZ5‚|La
,SPaHIL[O*HU[PSSHUV*Y\a
4HYP[aH,SLUH7tYLa=HYLSH
9LNPUH4HYxH4VYHSLZ.HYH`
0SLHUHKLS9VZHYPV7tYLa3}WLa
1\SPV(YPLS4VU[LULNYV
(UH4HYxH=HKV4PYHUKH
*Y\a(KHSILY[VALSLK}U;VYYLZ
=PJ[VYPHKLS*HYTLU3}WLa<YIPUH
-YHUJPZJV1H]PLY5H]HYYV4HY[xULa
;LYLZHKL1LZ‚Z-SVYLZ,Z[YHKH
4HY[PUHÍS]HYLa(S]HYLZ-HYP|HZ
1LUUPL9HX\LS*VU[YLYHZ3}WLa
ÍUNLSH4HY[OH+m]PSH5H]HYYL[L
(THUKH4LYJLKLZ4LUKVaH:HU
KV]HS
+L`HUPYH4VYHSLZ9L`LZ
0UKPYH?H]PLYH*tZHYALSH`H
(SIH9VZH/LYUmUKLa9VISL[V
*HYTLU.\HKHS\WL4HYPm[LN\P
4LStUKLa
4HYPZVS(YNLU[PUH)LSSVYPUP9VKYxN\La
)\LUH]LU[\YH3}WLa4HY[xULa
(ILSHYKV(U[VUPV(S]PY9HTVZ
2HYSH7H[YPJPH7H`mU9VKYxN\La
=LY}UPJH3\JxH4H`VYNH=HSSLQVZ
.SLUKH(U[VUPH.\[PtYYLa.HYJxH
4HY[OH*HYVSPUH*Y\a:mUJOLa
:OPYSL`4HYxH4\UN\xH
,MYHxU(U[VUPV.HYJxH.\[PtYYLa
ÍUNLS1HUJHYSVZ-LYUmUKLa.VUamSLa
.LY[Y\KPZ9VZHYPV.HP[mU7H]}U
*HYTLU4HYPUH-SVYLZ(YYVSL
-HIPVSH4LYJLKLZ4LUKVaH)\Z[VZ
3LZIPHKLSH*VUJLWJP}U(YPHZ(TWPt
*YLZJLUJPV:HS]HKVY9HTxYLa(UKPUV
,]LS`U1PTtULa
;HUPH,ZTLYHSKH=PSSHS[H*HZ[LSS}U
5LY`(SILY[V7V]LKH;VYYLa
7H[YPJPHKLS*HYTLU+xHa9VTLYV
3PUKH,Z[OLY9HTxYLa*HIYLYH
2HYSH7H[YPJPH:HU[HTHYxH7HSHJPVZ
(UH*HYVSPUHALWLKH(S[HTPYHUV
:OL`SH7H[YPJPH*HSLYV*HZ[YV
*HYSVZ1VZt:PS]H7LKYVaH
(KYPHUH4HYxH6IHUKV8\LaHKH
4LKHYKV(U[VUPV;YLQVZ;tSSLa
3\PZ*HYSVZ4VUNHSV9VISL[V
4HYxH(\_PSPHKVYH9L`LZ,ZWPUVaH
*HYSVZ1VZt:VSxZ:VSxZ
9VKVSMV4HY[xULa)\P[YHNV
3PKPH:PYH4LKPUH
5HUJ`KLS*HYTLU(N\PYYL.VKPLS
*YPZ[PHU4HYNHYP[H<NHY[L+xHa
+HYSPUN4LYJLKLZ.}TLa.VUamSLa
4HYxH,Z[OLY)HYYPVZ;YPN\LYV
1LHUUL4LYJLKLZ7HSHJPVZ)YHNN
1\HU*HYSVZ:LX\LPYH)mLa
+PVUPZPV4PYSV/LYYLYH9VX\L
4HYxH1VZt=HULNHZ:LS]H
0UKPHUH:VJVYYV.HSSHYKV-VUZLJH
.YL[HOLU7HZ[VYH;VYYLa
0UNYPK3HaV
4HYxH,\UPJL9P]HZ9VISL[V
4PYVZSH]H4HUV]H*HSLYV*OHTVYYV
9V_HUH0ZHILSAHWH[H3}WLa
:HYH3\PZH9VKYxN\La(]LSSmU
4HYPLSH,ZJHYSL[O)L[L[H:mUJOLa
:\OL`4LYJLKLZ-\ULZ5HY]mLa
:HYKLZ4HYxH7tYLa9L`LZ
4HYPHUH.}TLa4VYHSLZ
4HU\LSKL1LZ‚Z9\NHTH7L|H
0UNYPK@HTPSL[9VJOH,ZX\P]LS
2Y\JOLZJHKLS:VJVYYV+\YmU*Y\a
)YLUKH1VZLÄUH/LUYxX\La.HSLHUV
*HYSVZ,YULZ[V6Y[LNH6Y[Pa
(IZHS}U*LZHY.\[PtYYLa4LULZLZ
(X\PSLZ*LU[LUV.VUamSLa
,]LSPUN4LUKVaH4PSHNYV8\PYVa
4HY[OH3PZZL[O3}WLa*VYLH
.PVJVUKH3PZZL[O*SHYR(THKVY
9VZHYPV.PVJVUKH.\[PtYYLa4H`VYNH
:[LWOHUPLKLSVZÍUNLSLZ7tYLa
)VYNL
.PUH9LILJH)LSSVYPUP:PS]H
9VILY[H3PIL[O)VUL*HZ[PSSV
:LJ\UKPUV*\HKYH9xVZ
ALPSHKLS9VZHYPV)\P[YHNV:HU[HTHYxH
4HYxH0]L[[L7PULKH.}TLa
*HYTLU1LZ‚Z4LUKPL[H
:LIHZ[PmU1LZ‚Z:\HYLa:mUJOLa
7HISV1VZt(]LUKH|V:VaH
@LZLUPHKLS*HYTLU1HYX\xU9HTxYLa
2HYSH=HULZZHAHTVYmU
2HYSH4HYxH8\PU[LYV/LYUmUKLa
-tSP_,Z[LIHU(TH`H4LUKVaH
(SxH+VTPUNH(TWPt.\aTmU
1\SPH=PJLU[H4H`VYNH:VS}YaHUV
4HYxHKL3V\YKLZ*VYLH;PQLYPUV
+LUPZ(U[VUPV7tYLa(YHUH
>PSILY:LIHZ[PmU7tYLa*\HKYH
3LZ[LY-HIPmU;VYYLa3\WVUL
1VZt(YU\SMV3}WLa*Y\a
9HT}U,UYPX\L.\L]HYH=P]HZ
4HY]xU1VZt.VUamSLa<ZLKH
4LS]PU3LVWVSKV=HYNHZ.HYJxH
+PHUH*HYVSPUH)H[YLZ+xHa
-YHUJPZJV1H]PLY9VJOHALSH`H
-YHUJPZJV1VZt=mZX\La
4H\YPJPV(SILY[V(Ym\a;VYYLa
2HYLU(SL_HUKLY.HYJxH4H[HTVYVZ
1PTT`/\L[O+xHa
5H[HUHLS:HSTLY}U4LStUKLa
-YHUJPZJV1H]PLY*HZ[YV*HZ[YV
@HYP[aH7HVSH.\[PtYYLa7L|H
.PUPH7H[YPJPH4LTIYL|V*HZ[LSS}U
3\PZ/VYHJPV.HSLHUV+PSHY[L
@HTPS(U[VUPV4LUKVaH9H\KLa
;LYLZH*HU[HYLYV*mYJHTV
+LUPZ:HU[PHNV.VUamSLa;VYYLa
2L]PU1VZt*LU[LUV7Ha
0]HUPH0ZHILS7LYHS[H:HSNHKV
9H`T\UKV1VZt(YY}SPNH;YPHUH
3LUPU4HU\LS4LYJHKV3HaV
7LKYV7HISV(THKVY*VY[La
+LUUPZ4H`RLSS*HZ[YVÍS]HYLa
:HKPH.HYJxH7LYHS[H
6SNHÍS]HYLa4HUaHUHYLZ
(UH@HUPU4LYJHKV3HaV
@LSIH3PUV4HJHYPV
(YSLU1VOHUH6Y[Pa1HJVIV
*HYSVZ,YULZ[V*HTWVZ)\Z[HTHU[L
9VZPILS7V]LKH7tYLa
4HYNHYP[H:VaH9VX\L
@LZLUPH:VSLKHK9VZH(YH\a
-LSPWL4HY[xUØILKH7Y\KV
3LVULS9HTxYLa/LYYLYH
4PN\LS7HZ[VY/LYUmUKLa4H[LV
ÍS]HYV,]LY[O3}WLa,ZJVIHY
1VZt.HYJxH.HYJxH
>H`ULY-YHUJPZ0ZTHLS
3LUPU=SHKPTPY:VS}YaHUV7V]LKH
-SVY4HYxH;VYYLa.HY[O
-YHUJPZJV1H]PLY=P]HZ
;VU`9L`LZ7Ha
4HY]xU1VZt.VUamSLa<ZLKH
3LZ[LY-HIPmU;VYYLa3\WVUL
1VZt(/LYUmUKLa7L|H
0]HUPH-HOPTTH*HYKVaH=HSLUa\LSH
-YHUJPZJV1H]PLY4HPYLUH3HYPVZ
4HYxH,Z[OLY7HUPHN\H5V]VH
)LUP[H+HYSPUN3}WLa.\PKV
*HYVSPUHKLS:VJVYYV:VSHYP)HJH
0SLHUH+VKHUPT9VKYxN\La(N\PSHY
+HUL`KHKLS*HYTLU)LSSVYxU
4HY[xULa
1HJX\LSPUL4HYQVYPL;VYYLZ+\HY[L
;H[PHUHKL1LZ‚Z4HY[xULa(YTHZ
1LUUPMLY;\JRSLY3HYH
,]LS`U*VYPUH=LSmZX\La4VYLUV
,]LS`U,\UPJL9\PaÍS]HYLa
4HYxH,SLUH9VTLYV(YJL
2LUPHKLS*HYTLU:HSHaHY:HSHaHY
/VYHJPV1VZt*HZ[PSSV3}WLa
4HY]xU(SMVUZV<YJ\`V7HYYHSLZ
/\HZLHY1VZt)LUH]PKLa:L]PSSH
4PN\LSÍUNLS(S]HYHKV>VV
(SLQHUKYV(U[VUPV*Om]La6IYLN}U
@HKLY+H]PK*OH]HYYxH:VSxZ
,KNHYK0_[SLJHSP9VKYxN\La7YHKV
9HK\HU(IYHOHT(IHYJH,ZWPUVaH
1\HU)H\[PZ[H)L[HUJV4LULZLZ
.\Z[H]V0Y]PUN,ZJV[V+m]PSH
*HYSVZ(SILY[V.VUamSLa
/VSTHU9LUt4H[HTVYVZ(Y[VSH
3\PZ(SILY[V7PULKH.HYJxH
1VZt9HT}U.\[PtYYLa4VYHSLZ
9LUt(ILSHYKV4HY[xULa4VYHSLZ
.\PSSLYTV4LKPUH4LUKVaH
/VYHJPV1LZ‚Z0NSLZPHZ9\IPV
>PSSPHT=xJ[VY/V^HYK9HURPU
3PSSPHUH*HYTLU4PYHUKH:VTHYYPIH
*HYSVZ,YULZ[V6Y[LNH6Y[Pa
1\Z[V(YZLUPV7HYHQ}U4VU[V`H
.YL[JOLU7HZ[VYH;}YYLa
0S`7H]LSS4VU[LULNYV(YVU
1\HU9HT}U.YHUQH0IHYYH
/V^HYK+H]PK9VX\L*HZ[PSSV
9LUt(SMVUZV4\YPSSV)HYYPVZ
.\PSSLYTV0ZHHJ7LYLPYH9L`LZ
*HYSVZ(UKYtZ.HYJxH(YY}SPNH
7HISV1VZt=LU[\YH/LYUmUKLa
7VYÄYPV(ILSHYKVAHWH[H<YIPUH
:HS]HKVY(U[VUPV3HYH*Y\a
3\PZ(SILY[V*HYYP}U-SL[LZ
5VY^HU,UYPX\L9HTVZ*OH]HYYxH
1VZt4PN\LS7mYHTV,ZWPUVaH
*HYSVZ9HMHLS(YYPL[H*Om]La
3LZ[LY1VZ\t4VU[LULNYV=xSJOLa
*LZHY(\N\Z[V.\L]HYH9VKYxN\La
4HY]xU:H‚S*HZ[LSS}U;VYYLa
)H`HYKV5PJVSmZ:mUJOLa
0]mU3HYH7HSHJPVZ
)H`HYKV1H]PLY.\[PtYYLa
4HYPV1VZt3LaHTH*Om]La
0ZPKYV*HZ[YV*HZ[YV
9L`UHSKV1VZt4HUaHUHYLZ.VUaHSLZ
5LSZVU,UYPX\L9HTxYLa3}WLa
6ZJHY+HUPSV.\[PtYYLa5H]HYYL[L
1VZt4HU\LS)YLULZ:mUJOLa
7HISV(U[VUPV4VYHSLZ:VSxZ
1\HU,YULZ[V6Y[LNH/LYYLYH
,YPJR(SMVUZV<YIPUH5VYVY`
0KVUPH(YHJLS`4VU[LULNYV(]PStZ
=HSLZRH4HYJLSH3}WLa,ZWPUVaH
:PS]PH7H[YPJPH4PYHUKH*HTWVZ
4HYxH-tSP_+m]PSH/LYUmUKLa
4HYxH.HIYPLSH)YLULZ:HSHaHY
2LUPH0]HUPH>H[ZVU)YVVRZ
0ZHILS*YPZ[PUH;VYYLZ)YPVULZ
9LILJH4H[PSKLA‚UPNH9VJOH
4PYPHT0SLHUH.\[PtYYLa.\[PtYYLa
*SH\KPH3\JxH5‚|La9HTxYLa
3PSPHT0UKPYH4HYLUJV3LHS
0]L[OKLS*HYTLU4LUKVaH
+L`HUPYHKLS:VJVYYV*VYKLYV.HYJxH
(UH=HSLYPH3}WLa
*VUJLWJP}UKL4HYxH7YHKV
2HYSH=HULZZH3}WLa.HYJxH
5HUJ`+L`HUPYH5HY]mLa(TWPt
,YPJRHKLS*HYTLU9H`V;PUVJV
*SH\KPH3\JPSH*HYYHZJV9VTLYV
.\HKHS\WL4VSPUH9V[OZJO\O
4HYP[aH3V\YKLZ;VYYLZ)HJH
1\SPL[HKLS*HYTLU3}WLa7HUPHN\H
4HYxH3\PZH<TH|H(N\PSHY
4HYPZVSKLS:VJVYYV4LUKVaH5H]HYYV
+L`HUPYH(\_PSPHKVYH,ZWPUVaH
5\IPHKLS:VJVYYV*HUKH:mUJOLa
;HUPH(SPZVU9HTVZ6SP]HYLZ
@HYH0UTHJ\SHKH.VUamSLa9VQHZ
0]L[OKLS:VJVYYV=LNH4H`VYNH
4HYxH(\_PSPHKVYH9H`V3}WLa
*SH\KPH,KP[O3}WLa:VSxZ
:LYNPV4HY[xU7HSHJPV7tYLa
4HYPILS4LUH4HSKVUHKV
9VNLY1H]PLY4VYHSLZ6‘JVUUVY
1VZt(SMYLKV:PS]H*OHTVYYV
,KNHY4HY[xU/LUYxX\La:V[LSV
4HYxH(KLSH=HYNHZ+\HY[L
:PS]PV(SILY[V7PJOHYKV/LYUmUKLa
.\Z[H]V(KVSMV*HIYLYH4LUH
4HYxH=LY}UPJH5PL[V.\PSStU
>LUK`7HVSH4HYxU+xHa
;HUPH5VOLTx.HSV6SP]HZ
+P}NLULZ+H]PK+m]PSH+m]PSH
(ILSHYKV0ZTHLS6IHUKV6YKL|HUH
,]LSPUN1VOHUH1PTtULa=HYNHZ
4HYPZVSKLSVZÍUNLSLZ4J9LH8\PYVa
3LZ[LY+HUPSV,ZWPUVaH-LYYL[P
-YHUJPZJV1H]PLY5H]HYYV4HY[xULa
,SPaHIL[OKLS*HYTLU6IHUKV+\HY[L
(YHJLSS`(THKVYAHTIYHUH
@VYSLUL5LPSLU6YVaJV(N\PSHY
(UHILSSLKLS:VJVYYV4VYLUV=PSSH
SVIVZ
4HYILSSxKLS*HYTLU)SHUK}U(SMHYV
5VY^PUN1VZt/LYYLYH)VUPSSH
;VTHZH4LYJLKLZ)LYT‚KLa7PJHKV
4PYUH(a\JLUH:mUJOLa3}WLa
9L`UHSKV1H]PLY7HPa/LYUmUKLa
;HU`H0ZHILS(YN\LSSV=HS]LYKL
-LYUHUKV1VZt:HSPUHZ7LYU\KP
4H`RLS1PY}U9VISL[VAHTIYHUV
4HYJPV1VZt)YPZL|V4
(NLUVY-YHUJPZJV+VST\a(N\PSHY
1HPTL(SMVUZV:VSxZ9VTLYV
9HX\LSKL1LZ‚Z4VU[PLS+xHa
/HYVSK1H]PLY3LHS,SxHZ
(KVSMV(U[VUPV6IHUKV9P]HZ
4HYPLSH(\YVYH1PY}U)VYNL
)LUP[V9HMHLS3PUKV*LU[LUV
6J[H]PV,YULZ[V9V[OZJO\O(UKPUV
(UH7H[YPJPH0aX\PLYKV
4HYxH6YMH4LUH:VSxZ
@HVZRH1HUP[aPH,\NHYYPVZ*HSKLY}U
*SH\KPV/tJ[VY:VTHYYPIH/LYUmUKLa
)LYUHYK9LNPUV)YV^U4LKPUH
1HaVOHYHKLS*HYTLUAHTVYH9P]LYH
-SVYKL4HYxH;VYYLa.HY[O
4H`LSHKLS:VJVYYV6SP]HZ(JL]LKV
,]H5LSS`AHTVYH9P]LYH
1VOUU`*YPZ[}IHS(UKPUV+LSNHKV
@LSK`4HYQVYPL.VUamSLa*OV^
(UP\ZRHKLS*HYTLU:VSxZALWLKH
4HYxH.HIYPLSH*VSSHKV/\L[L
4LYJLKLZ,Z[OLY(SLTmU5VYVYP
7mNPUH
<UHWYVK\JJP}UKLS
7YV`LJ[V-VY[HSLJPTPLU[VKLSH,]PKLUJPH-xZPJH
WHYH4LQVYHYLS(JJLZVHSH1\Z[PJPH7LUHS
+PZL|V`KPHNYHTHJP}U!
:PTIPVZPZ:(4HUHN\H
0TWYLZP}U!
0UK\Z[YPHZ.YmÄJHZ,]H:(
4HUHN\H5PJHYHN\H*(
3HWYLZLU[LW\ISPJHJP}UOHZPKVLSHIVYHKHJVUSHHZPZ[LUJPHKLSH<UP}U,\YVWLH
,SJVU[LUPKVKLSHTPZTHLZYLZWVUZHIPSPKHKL_JS\ZP]HKLSH7VSPJxH5HJPVUHS
`LUUPUN‚UJHZVKLILJVUZPKLYHYZLX\LYLÅLQHSVZW\U[VZKL]PZ[HKLSH<UP}U,\YVWLH
Proyecto Fortalecimiento
de la Evidencia Física para Mejorar
el Acceso a la Justicia Penal
/VUVY:LN\YPKHK:LY]PJPV