EL DIARIO DEL PROGRAMA DE LA OCDE PARA LA

Anuncio
0%"
,?*/(5.,
,3+0(906+,3796.9(4(+,3(6*+,7(9(3(*65:;9<**0Ô5
@,3,8<07(40,5;6+,3(,+<*(*0Ô5
,S*VSLNPV4HYx[PTV5HJPVUHSKL0YSHUKH
<UZPZ[LTHKLHKTPUPZ[YHJP}UKLIPLULZWHYHLKPÄJPVZLZJVSHYLZLU8\tILJ
3HYLUV]HJP}UKLSVZLKPÄJPVZLK\JH[P]VZJVUSHVW[PTPaHJP}UKLS\ZVKLLULYNxH
6OLUMEN.O*5.)/
3HJYLHJP}UKLHTIPLU[LZKLHWYLUKPaHQLKLSZPNSV:,**0Ô5,:7,*0(3
ORGANIZACIÓN PARA LA
COOPERACIÓN Y EL DESARROLLO
ECONÓMICOS
En virtud del artículo 1 de la Convención firmada el 14 de diciembre de 1960, en París, y que entró en vigor el 30 de septiembre de
1961, la Organización para la Cooperación y el Desarrollo
Económicos (OCDE) tiene como objetivo fomentar las políticas
destinadas:
- a lograr la más sólida expansión de la economía y del empleo
y a aumentar el nivel de vida de los países miembros, manteniendo la estabilidad financiera y contribuyendo así al desarrollo de la economía mundial;
- a contribuir a una sana expansión económica en los países
miembros, y en los no miembros en vías de desarrollo
económico;
- a contribuir a la expansión del comercio mundial sobre una
base multilateral y no discriminatoria, conforme con las obligaciones internacionales.
Los firmantes de la Convención constitutiva de la OCDE son:
Alemania, Austria, Bélgica, Canadá, Dinamarca, España, Estados
Unidos de América, Francia, Grecia, Irlanda, Islandia, Italia,
Luxemburgo, Noruega, Países Bajos, Portugal, Reino Unido,
Suecia, Suiza, Turquía. Los siguientes países se han adherido posteriormente a esta Convención (las fechas corresponden a las del
depósito de los instrumentos de adhesión): Japón (28 de abril de
1964), Finlandia (28 de enero de 1969), Australia (7 de junio de
1971), Nueva Zelanda (29 de mayo de 1973), México (18 de
mayo de 1994), República Checa (21 de diciembre de 1995),
Hungría (7 de mayo de 1996), Polonia (22 de noviembre de
1996), Corea (12 de diciembre de 1996), República Eslava (14
de diciembre de 2000). La Comisión de las Comunidades
Europeas participa en los trabajos de la OCDE (artículo 13 de la
Convención de la OCDE).
Publicada originalmente por la OCDE en inglés y francés bajo los
títulos: © PEB Exchange – The Journal of the Programme on
Educational Building (No. 55, Volume 2005/2).
© PEB Exchange – La revue du programme de l´OCDE pour la
construction et l´equipement de l´education (No. 55, Volume
2005/2 ).
© 2005 Organización para la Cooperación y el Desarrollo Económicos, París.
Para la edición en Español:
© Comité Administrador del Programa Federal de Construcción
de Escuelas (CAPFCE), México.
Reserva de Derechos No. 04-2003-121510531200-102
Publicado bajo Convenio con la OCDE, París.
La calidad de la traducción al español y su coherencia con el
texto original es responsabilidad del CAPFCE
,SWYVNYHTHKLSH6*+,WHYHSHJVUZ[Y\JJP}U`LSLX\PWHTPLU[VKLSHLK\JHJP}U7,)
,S7YVNYHTHWHYHSH*VUZ[Y\JJP}U`LS,X\PWHTPLU[VKLSH,K\JHJP}U7,)WVYZ\ZZPNSHZLUPUNStZ!7YVNYHTTLVU,K\JH[PVUHS)\PSKPUN
VWLYHKLU[YVKLSH6YNHUPaHJP}UWHYHSH*VVWLYHJP}U`+LZHYYVSSV,JVU}TPJVZ6*+,,S7,)WYVT\L]LLSPU[LYJHTIPVPU[LYUHJPVUHS
KLPKLHZPUMVYTHJP}UPU]LZ[PNHJP}U`L_WLYPLUJPHLU[VKVZSVZHZWLJ[VZKLSVZLZWHJPVZLK\JH[P]VZ3HZWYLVJ\WHJPVULZWYPTVYKPHSLZKLS
WYVNYHTHZVUNHYHU[PaHYSHVI[LUJP}UKLSTm_PTVILULÄJPVLK\JH[P]VKLSHZPU]LYZPVULZWHZHKHZ`M\[\YHZLULKPÄJPVZ`LX\PWVLK\JH[P]V
`X\LSHZL_PZ[LUJPHZWHYHSHZJVUZ[Y\JJPVULZZLWSHULLU`THULQLUKLSHTHULYHTmZLÄJPLU[L
8\PUJLWHxZLZTPLTIYVZKLSH6*+,`TPLTIYVZHZVJPHKVZWHY[PJPWHUHJ[\HSTLU[LLULS7YVNYHTHWHYHSH*VUZ[Y\JJP}U`LS,X\PWH
TPLU[VKLSH,K\JHJP}U,STHUKH[VKLS7,)WVYWHY[LKLS*VUZLQVKLSH6*+,X\LZLL_[PLUKLOHZ[HÄUHSLZKLSH|VLZKLYLJV
TLUKHYLPUMVYTHYZVIYLSHZPUZ[HSHJPVULZLK\JH[P]HZWHYHLZ[\KPHU[LZKL[VKHZSHZLKHKLZ<U*VTP[t+PYLJ[P]VKLYLWYLZLU[HU[LZKLJHKH
WHxZWHY[PJPWHU[LLZ[HISLJLLSWYVNYHTHHU\HSKL[YHIHQV`LSWYLZ\W\LZ[V
4PLTIYVZKLS7,)
4PLTIYVZ(ZVJPHKVZKLS7,)
(\Z[YHSPH
4t_PJV
*OPSL
(\Z[YPH
5\L]HALSHUKH
*0:,40UZ[P[\[VKL0U]LZ[PNHJP}UKLSH7YV]PUJPHKL4PSmU`<UP}UKL7YV]PUJPHZ0[HSPHUHZ0[HSPH
.YLJPH
7VY[\NHS
*VTT\UH\[tMYHUJHPZLKL)LSNPX\L)tSNPJH
/\UNYxH
9LW‚ISPJH,ZSH]H
+PLUZ[]VVY0UMYHZ[Y\J[\\Y^LYRLU]HUOL[.LZ\IZPKPLLYK6UKLY^PQZ+0.6)tSNPJH
,ZWH|H
:\PaH
/L[.LTLLUZJOHWZVUKLY^PQZ)tSNPJH
0ZSHUKPH
;\YX\xH
7YV]PUJLVM8\tILJ*HUHKm
0YSHUKH
9LPUV<UPKV
7YV]PUJPHKP9V]PNV0[HSPH
*VYLH
9LNPVUL,TPSPH9VTHUH0[HSPH
9LNPVUL;VZJHUH0[HSPH
9LW‚ISPJHde ,ZSo]eniH
:LY]PJLNtUtYHSKLNHYHU[PLKLZPUMYHLZ[Y\J[\YLZZJVSHPYLZZ\I]LU[PVUUtLZ)tSNPJH
0UZ[P[\[VKL;LJUVSVNxHKL;VRPV1HW}U
!#4)6)$!$%3$%,0%"9,!/#$%
&/2/',/"!,3/"2%
%$5#!#)¼.
0!42/#).!$/2%3$%,
#/-0%.$)/
,SWYPTLY-VYV.SVIHSZVIYLSH,K\JHJP}UKLSH6*+,ZL
SSL]HYmHJHIVLU:HU[PHNVKL*OPSLKLSHSKLVJ[\IYL
KLS)HQVLS[x[\SVKL¸9L[VZWHYHSH,K\JHJP}ULUSH
,JVUVTxH.SVIHS¹LSMVYV[YH[HYmHJLYJHKLSHWYLUKPaHQL
KL [VKH SH ]PKH WHYH [VKVZ LS JYLJPTPLU[V LJVU}TPJV
` SH JVOLZP}U ZVJPHS PUJS\`LUKV SH LK\JHJP}U SH LK\
JHJP}UZ\WLYPVY`SHTPNYHJP}UPU[LYUHJPVUHS`SHZZVJPL
KHKLZT\S[PJ\S[\YHSLZ7HYHTmZPUMVYTHJP}UJVU[HJ[LH
0HU>OP[THU-YHUJPHLUPHU^OP[THU'VLJKVYNV(UH
4HYxH8\PYVa*OPSLLUHUHX\PYVa'TPULK\JJS
7,)LZ[mI\ZJHUKVWH[YVJPUHKVYLZWHYHZ\[LYJLYJVTWLU
KPV PU[LYUHJPVUHS KL PUZ[HSHJPVULZ LK\JH[P]HZ LQLTWSHYLZ
,S SPIYV ` SH L_OPIPJP}U PU[LYUHJPVUHS X\L HWHYLJLYmU LU
LSWYLZLU[HYmULKPÄJPVZLPUZ[HSHJPVULZKLLZJ\LSHZ
`\UP]LYZPKHKLZZLSLJJPVUHKHZX\LJVU[YPI\`LUHSHJHSP
KHKKLSHLK\JHJP}U3VZILULÄJPVZKLSWH[YVJPUPVW\LKLU
PUJS\PY\UHU\UJPVLULSSPIYVX\LZLYmKPZ[YPI\PKVH[VKVZ
SVZWHxZLZTPLTIYVZKLS7,)`HSVZTPLTIYVZHZVJPHKVZLS
YLJVUVJPTPLU[VLUSHL_OPIPJP}UX\LZLTVZ[YHYmLU]HYPVZ
WHxZLZ`JVWPHZNYH[PZKLSSPIYV,SWH[YVJPUPVZLY]PYmWHYH!
).&/2-%$%4%22%-/4/
)-02%3/%.).$)!
3H6*+,SLOHKHKVH\UHJVTWH|xHLKP[VYHKL0UKPH
6]LYZLHZ 7YLZZ 7YLUZH KL <S[YHTHY SVZ KLYLJOVZ WHYH
YLPTWYPTPY4HU[LULYSHZ,ZJ\LSHZ:LN\YHZK\YHU[LSVZ;LYYL
TV[VZ`KPZ[YPI\PYSVLU)HUNSHKLZO)\[mU0UKPH4HSKP
]HZ5LWHS7HRPZ[mU`:YP3HURH,SWYVW}ZP[VKLSHJ\LYKV
M\LMHJPSP[HYSHPTWYLZP}UIHYH[H`HNYHULZJHSH`SHKPZ
[YPI\JP}UKLLZ[HW\ISPJHJP}UKL7,)LULZ[VZWHxZLZ
‹4LQVYHYSHJHSPKHKKLSHW\ISPJHJP}ULUPUNStZMYHUJtZ
`WVZPISLTLU[LV[YVZPKPVTHZ
‹+HYYLJVUVJPTPLU[VHSVZKPZL|VZZLSLJJPVUHKVZ
‹(WV`HY L]LU[VZ YLSHJPVUHKVZ JVU SH KPZ[YPI\JP}U KLS
SPIYV[HSLZJVTVL_OPIPJPVULZ`SHUaHTPLU[VZKLSPIYVZ
<UQ\YHKVPU[LYUHJPVUHSLZ[mHJ[\HSTLU[LYL]PZHUKVSHZ
PUZ[HSHJPVULZX\LZLLU[YLNHYVUHSKLTH`VKLS
MLJOHSxTP[L
,S[LYJLYJVTWLUKPVLZWVZ[LYPVYHKVZLKPJPVULZHU[L
YPVYLZL_P[VZHZ!:JOVVSZMVY;VKH`HUK;VTVYYV^ ,ZJ\LSHZ WHYH /V` ` 4H|HUH ` +LZPNUZ MVY 3LHYUPUN
+PZL|VZWHYHLS(WYLUKPaHQL
3VZWH[YVJPUHKVYLZWV[LUJPHSLZLZ[mUPU]P[HKVZHJVU[HJ
[HYHSH:LJYL[HYxHKL7,)]LYWmNPUHWHYHWYLJPVZKL
W\ISPJPKHK
*5.4!$%&5.#)/.!2)/3
%*%#54)6/3%.*%&%$%,!
%$5#!#)¼.
3VZ VÄJPHSLZ LQLJ\[P]VZ LU QLML KL SH LK\JHJP}U KL SVZ
WHxZLZKLSH6*+,ZLYL\UPYmULUZLW[PLTIYLKLS
LU +PUHTHYJH WHYH OHISHY ZVIYL SV X\L LSSVZ HU[PJP
WHUZLYmUSVZHZ\U[VZKLWVSx[PJHTmZPTWVY[HU[LZX\L
LSSVZTHULQHYmULUSVZWY}_PTVZ[YLZHJPUJVH|VZ:\Z
W\U[VZKL]PZ[HZLWVKYmU\[PSPaHYLU[VUJLZWHYHKLZHYYV
SSHYSVZHTWSPVZVIQL[P]VZLZ[YH[tNPJVZWHYHLS[YHIHQVKL
SH6*+,LUSHLK\JHJP}ULULSIPLUPV3VZ
LQLJ\[P]VZLUQLML[HTIPtULZ[HYmUPU]P[HKVZHYL]PZHYLS
[YHIHQVX\LZLYLHSPa}LUI\ZJHKLSVZVIQL[P]VZLZ[YH[tNP
JVZLUSHLK\JHJP}UX\LZLOHIxHUKLZHYYVSSHKVHWHY[PY
KLZ\YL\UP}UWYL]PHLU0YSHUKHLUMLIYLYVKLS
./4)#)!3
#/.'2%3/$%
).&2!%3425#452!&·3)#!%.
-³8)#/
+LSHSKLVJ[\IYL4t_PJVZLYmHUÄ[YP}UKLS¸*\HY[V
*VUNYLZV0U[LYUHJPVUHSKLS+LZHYYVSSVKL0UMYHLZ[Y\J[\YH
-xZPJH,K\JH[P]H¹LU4tYPKH@\JH[mU,SVIQL[P]VLZPU[LY
JHTIPHYL_WLYPLUJPHZ`WYLZLU[HYLQLTWSVZYLSHJPVUHKVZ
JVUSVZZPN\PLU[LZLSLTLU[VZKLLZWHJPVZLK\JH[P]VZ!
‹0UUV]HJP}U 3VZ WYV`LJ[VZ YLNPVUHSLZ UHJPVUHSLZ L
PU[LYUHJPVUHSLZ X\L PS\Z[YHU SVZ KPZL|VZ X\L L_P[VZH
TLU[LYLZWVUKLUHSVZJHTIPVZ[HU[VLUSHZWYmJ[PJHZ
KLLUZL|HUaHJVTVLUSH[LJUVSVNxHKLPUMVYTHJP}U`
JVT\UPJHJPVULZ
‹4H[LYPHSLZ U\L]VZ ` H]HUJLZ [LJUVS}NPJVZ ;LJ
UVSVNxHZKLTH[LYPHSLZ`KLJVUZ[Y\JJP}UX\LW\LKLU
TLQVYHYSHJHSPKHKSHZLN\YPKHKSHLÄJPLUJPHKLJVZ[VZ
`SHOHIP[HIPSPKHKKLSHZPUZ[HSHJPVULZLK\JH[P]HZ
‹:LN\YPKHK3H[LJUVSVNxHSVZWYVJLZVZ`SHZUVYTHZWHYH
L]HS\HY`JLY[PÄJHYSHZLN\YPKHK`SHJHSPKHKKLSVZLZWH
JPVZ LK\JH[P]VZ" SHZ L]HS\HJPVULZ KL JVTWVY[HTPLU[V
LZ[Y\J[\YHS LU YLZW\LZ[H H KLZHZ[YLZ UH[\YHSLZ" ` SVZ
JYP[LYPVZWHYHTHU[LULY`YLUV]HYSHZLZJ\LSHZ
‹7HY[PJPWHJP}U ZVJPHS 3VZ TVKLSVZ KL WHY[PJPWHJP}U
JVT\UP[HYPH LU SH WSHULHJP}U SH JVUZ[Y\JJP}U ` SH
WYLZLY]HJP}U KL SVZ LZWHJPVZ LK\JH[P]VZ HZx JVTV
[HTIPtUSHZUVYTHZ`SPULHTPLU[VZWHYHSHLU[YLNHKL
SHWVSx[PJHW‚ISPJHX\LW\LKLYLMVYaHYSVZWYVNYHTHZ
YLSHJPVUHKVZHSHPUMYHLZ[Y\J[\YHMxZPJHLK\JH[P]H
7HYHTH`VYPUMVYTHJP}UJVU[HJ[LH*(7-*,*VTP[t
(KTPUPZ[YHKVYKLS7YVNYHTH-LKLYHSWHYH*VUZ[Y\JJP}U
KL,ZJ\LSHZ
<UPKHKKL*HSPKHK*HWHJP[HJP}U`*LY[PÄJHJP}U
=P[V(SLZZPV9VISLZ
*VS-SVYPKH
4t_PJV
;LS!
,THPS!JVUNYLZV'JHWMJLNVIT_V
JHYSVZI'JHWMJLNVIT_
^^^JHWMJLNVIT_
%,!3%'52!-)%.4/$%,!3
%3#5%,!3%.%,2%)./5.)$/
!42!6³3$%,$)3%»/
3HZ LZJ\LSHZ LU LS KPZ[YP[V KL )YHKMVYK 0UNSH[LYYH
YLWVY[HYVU\U[V[HSKLJYxTLULZLUJPUJVTLZLZ
KLHJ\LYKVJVUSHPU]LZ[PNHJP}UKLSHWVSPJxHKLSKPZ[YP[V
LU LS H|V 3VZ KLSP[VZ PUJS\`LYVU YVIV NYHMÄ[P `
KH|VLUWYVWPLKHKHQLUH`T\JOHZV[YHZLZJ\LSHZLULS
9LPUV<UPKVZVUVIQL[VKLKLSP[VZZPTPSHYLZH|V[YHZH|V
¦7VYX\tVJ\YYLLZ[V`J}TVOHJLTVZWHYHWYL]LUPYLZ[L
NYHKVKLKLSP[VZLULSM\[\YV&3H(ZVJPHJP}UKL6ÄJPHSLZ
KL7VSPJxHKLSWHxZMVTLU[HLSHZLN\YHTPLU[VKLLKPÄJPVZ
LK\JH[P]VZH[YH]tZKLLSLTLU[VZKLKPZL|V
¦7VYX\tLSKLSP[VVJ\YYLJVUMYLJ\LUJPHLUSHLZJ\LSH&:L
JVUZPKLYHX\LSHZLZJ\LSHZIYP[mUPJHZ[YHKPJPVUHSLZ[PLULU
[YLZKLMLJ[VZWYPTHYPVZHZVJPHKVZJVUZ\KPZL|VX\LJVU
[YPI\`LUPTWVY[HU[LTLU[LHZ\]\SULYHIPSPKHK!
‹,S HJJLZV JVU[YVSHKV HS S\NHY LZ PUL_PZ[LU[L V PUH
KLJ\HKV
‹3HZMVYTHZKLSLKPÄJPVZVUJVTWSLQHZ
‹(PZSHTPLU[VLU[tYTPUVZKL]PNPSHUJPHUH[\YHS
(KLTmZ SVZ LKPÄJPVZ LK\JH[P]VZ ZVU UH[\YHSTLU[L \U
MVJVWHYHSHNLU[LQV]LULSNY\WVKLYPLZNVTmZHS[VWHYH
KLSP[VZ`LZ[mUKLZVJ\WHKVZOHZ[HLU\UKLSH|V
3H\[PSPaHJP}UKLSVZLKPÄJPVZKLZW\tZKLSHZOVYHZKL
JSHZL W\LKL H`\KHY H SH ZLN\YPKHK WLYV JVTWHY[PY SHZ
PUZ[HSHJPVULZ[YHLU\L]VZWYVISLTHZKLZLN\YPKHKX\LZL
KLILUJVUZPKLYHY
(ZLN\YHKVZWVYLS+PZL|VLZ\UHPUPJPH[P]HKLSHWVSPJxH
KLS9LPUV<UPKVX\L[YH[HKL¸KPZL|HYOHJPHHM\LYH¹LS
JYPTLUWVYTLKPVKL\UHJVTIPUHJP}UKLTLKPKHZX\L
PUJS\`LU SH WYL]LUJP}U KLS JYPTLU H [YH]tZ KLS KPZL|V
HTIPLU[HS ` LS \ZV KL \UH 5VYTH[P]PKHK )YP[mUPJH
HWYVIHKHWVYLSOHYK^HYLKLZLN\YPKHK4PLU[YHZX\LLS
KPZL|VKLSLKPÄJPVLZKL]P[HSPTWVY[HUJPHSHZLN\YPKHK
MxZPJHKL\UHW\LY[HV]LU[HUHUVZLKLILWHZHYWVYHS[V
3HZ L]HS\HJPVULZ PUKLWLUKPLU[LZ KLS WSHU (ZLN\YHKVZ
WVYLS+PZL|VLU\ULZJLUHYPVYLZPKLUJPHSJVTWY\LIHU
X\LSHZLN\YPKHKLMLJ[P]HZLW\LKLSVNYHYZPUJYLHY\UH
HWHYPLUJPHPUHJJLZPISL`X\LUVKHSHIPLU]LUPKH,Z[VLZ
LZLUJPHSWHYHX\LSHZLZJ\LSHZMVYTLUWHY[LKLSHJVT\
UPKHKHSHX\LZPY]LU
3VZ VÄJPHSLZ KL WVSPJxH WHY[PJPWHU[LZ IHZHKVZ LU Z\
L_WLYPLUJPHJVULSKLSP[VLSHUmSPZPZKLSWH[Y}UKLSKLSP[V
`SHJYPTPUVSVNxHJVSHIVYHUJVUSVZWSHULHKVYLZKLSVZ
W\LISVZ SVZ KLZHYYVSSHKVYLZ ` SVZ HYX\P[LJ[VZ HU[LZ KL
SH JVUZ[Y\JJP}U WHYH LUJVU[YHY ZVS\JPVULZ KL KPZL|V
X\L VIZ[HJ\SPaHU SH VWVY[\UPKHKLZ WHYH LS KLSP[V LU LS
HTIPLU[LLK\JH[P]V
3HH\[VYPKHKKLSHLK\JHJP}UKL)YHKMVYKWSHULHNHZ[HY
TPSSVULZ KL SPIYHZ LZ[LYSPUHZ LU YLLTWSHaHY SHZ LZJ\LSHZ ZLJ\UKHYPHZ KLS KPZ[YP[V ` (ZLN\YHKVZ WVY LS
+PZL|VLZWHY[LKLSHLZWLJPÄJHJP}UKLYLZ\S[HKVZWHYH
LZ[VZU\L]VZLKPÄJPVZ
<UKVJ\TLU[VKLN\xHKLWmNPUHZHJLYJHKLSHZLN\
YHTPLU[VKLLZJ\LSHZH[YH]tZKLSKPZL|VLZ[mKPZWVUPISL
LU^^^ZLJ\YLI`KLZPNUJVTWKMZZJOVVSZWKM
7HYHTH`VYPUMVYTHJP}UJVU[HJ[LHSH\[VYKLLZ[L
HY[xJ\SV!
4PJOHLS)YVVRL6ÄJPHSKL,USHJL(YX\P[LJ[}UPJV
>LZ[@VYRZOPYL7VSPJL)YHKMVYK0UNSH[LYYH
9LPUV<UPKV
,THPS!4)'^LZ[`VYRZOPYLWUUWVSPJL\R
#/.&%2%.#)!$%,/3")%.%3
%3#/,!2%3%.%3#/#)!
¸,ZWHJPVZKL(WYLUKPaHQL:VJPLKHKLZKL*VUZ[Y\JJP}U¹
SH[LYJLYHJVUMLYLUJPHKLLKPÄJPVZLZJVSHYLZKLS,QLJ\[P]V
,ZJVJtZZLVYNHUPa}HSYLKLKVYKL[YLZZLZPVULZ!SVZIPLULZ
LZJVSHYLZLU,ZJVJPH"SHLZJ\LSH`SHJVT\UPKHK"`SLJJPVULZ
KLV[YVZJHTWVZ3HJVUMLYLUJPHX\LZLSSL]}HJHIVLSKL
KPJPLTIYLKLSYL\UP}HHYX\P[LJ[VZLK\JHKVYLZ
HKTPUPZ[YHKVYLZ LZJVSHYLZ OHJLKVYLZ KL WVSx[PJH KPZL|H
KVYLZHY[PZ[HZPUNLUPLYVZJVU[YH[PZ[HZ`V[YVZPU]VS\JYHKVZ
LUSH[YHUZMVYTHJP}UKLSSVZIPLULZLZJVSHYLZLU,ZJVJPH
,ZJ\LSH7YLLZJVSHY*V^NH[L,KPTI\YNV9LPUV<UPKV
3VZIPLULZLZJVSHYLZLU,ZJVJPH
7L[LY 7LHJVJR 4PUPZ[YV KL ,K\JHJP}U ` .LU[L 1V]LU
Z\IYH`}LSVIQL[P]VKL,ZJVJPHKL]VS]LYZL\USxKLYPU[LY
UHJPVUHS LU KPZL|V LZJVSHY ,UMH[Pa} X\L SH JHSPKHK KL
SHZ LZJ\LSHZ YLÅLQH LS JVTWYVTPZV KL SH ZVJPLKHK JVU
Z\ M\[\YV ` THUKH TLUZHQLZ WVZP[P]VZ H SH NLU[L QV]LU
HJLYJHKLSHMVYTHLUX\LZVU]HSVYHKVZ
+H]PK4LLR7YVMLZVYH*HYNVKLSH,ZJ\LSH:LJ\UKHYPH8\LLU
(UULLU+\UMLYTSPULPU[YVK\QV\U]PKLVX\LJ\LU[HSHOPZ[VYPH
KLJ}TVZ\LZJ\LSHZLOHIxH[YHUZMVYTHKVJVTWSL[HTLU[LH
[YH]tZKL\UWYV`LJ[VKL:VJPLKHK7‚ISPJH7YP]HKHKLYLJPLU[L
JYLHJP}U3HWYLZLU[HJP}UJHW[\YHIHSVZW\U[VZKL]PZ[HKLSHZ
WHY[LZPU[LYLZHKHZHJLYJHKLJ}TVLSU\L]VLKPÄJPVOHTLQV
YHKVSHZVWVY[\UPKHKLZKLLUZL|HUaH`HWYLUKPaHQLHZxJVTV
[LULY\UPTWHJ[VWVZP[P]VLUSHJ\S[\YHLZJVSHY
3VYP4HJ,SYV`.LYLU[LKL+LZHYYVSSV:\Z[LU[HISLLULS
3PNO[OV\ZL LU .SHZNV^ WYLZLU[} SH U\L]H N\xH LZ[H[HS
LZJVSHY ZVIYL Z\Z[LU[HIPSPKHK 3H WYLZLU[HJP}U KLZ[HJ}
\UHJHU[PKHKKLLKPÄJPVZLZJVSHYLZLZJVJLZLZYLJPLU[LZ
X\LPUJS\`LUSVZHZWLJ[VZKLZ\Z[LU[HIPSPKHK`ZL|HS}SHZ
SLJJPVULZX\LOH`X\LHWYLUKLYKL\U]PHQLKLLZ[\KPVZ
YLJPLU[LHLZJ\LSHZ¸]LYKLZ¹LU(SLTHUPH
1HUPJL 2PYRWH[YPJR KL .YH]LU 0THNLZ LU .SHZNV^ OPaV
\USSHTHKVHSVZKPZL|HKVYLZWHYHWLUZHYJYLH[P]HTLU[L
HJLYJHKLSKPZL|VLZJVSHYWHYHPUJS\PYSHYPX\LaH`KP]LYZP
KHKKL[VKVZSVZLZWHJPVZX\LHOVYHL_WLYPTLU[HTVZLU
U\LZ[YHZ]PKHZWHYHJVTWHY[PYPKLHZ`L]P[HYX\LSVZTVKL
SVZL_PZ[LU[LZ`SVZLUMVX\LZHSLZWHJPVUVZYLZ[YPUQHU
3H,ZJ\LSH`SH*VT\UPKHK
3HZLZP}UHJLYJHKLSHLZJ\LSH`SHJVT\UPKHKM\LPUPJPHKH
WVY,\HU9VIZVU4PUPZ[YVKL,K\JHJP}U`.LU[L1V]LU
X\PLUHUPT}HSVZWHY[PJPWHU[LZH[VTHYLSW\U[VKL]PZ[H
KLZKLSHWLYZWLJ[P]HKL\UUP|VLUKVUKLSHZLZJ\LSHZ
ZL[YHUZMVYTHUKL¸S\NHYLZHKVUKLTHUKHUHSVZUP|VZ¹
H¸S\NHYLZHKVUKLSVZUP|VZX\PLYLUPY¹3HJVUZ\S[HJVU
[PU\H`ZPNUPÄJH[P]HHSVZ\Z\HYPVZKLSHLZJ\LSHLZ\ULSL
TLU[VJY\JPHSWHYHSVNYHY`ZVZ[LULYLZ[H]PZP}U
4HYR+\KLRHYX\P[LJ[VLPU]LZ[PNHKVYLUSH<UP]LYZPKHK
KL:OLMÄLSKZPN\P}SHYLSHJP}UOPZ[}YPJHLU[YLSHLZJ\LSH
` SH JVT\UPKHK HU[LZ KL KLZJYPIPY KVZ JHZVZ YLJPLU[LZ
KLLZJ\LSHZJVT\UP[HYPHZLU,<(LU*OPJHNV`LUSH
*P\KHKKL5\L]H@VYR
,ZJ\LSH:LJ\UKHYPH:[(SV`ZP\Z.SHZNV^9LPUV<UPKV
1PT3LJRPLKLS*VUZLQVKLS5VY[LKL(`YZOPYLYLÅL_PVU}
HJLYJHKLSVZYLZ\S[HKVZKLJVSHIVYHJP}ULU[YLSVZHY[PZ
[HZ¸L_[LYUVZ¹SVZHYX\P[LJ[VZKLSHH\[VYPKHKSVJHS`SVZ
HS\TUVZKLLZJ\LSHZLU\UWYVNYHTHKLWYV`LJ[VZLZJV
SHYLZKLWYPTHYPHKLYLJPLU[LJYLHJP}U
1LHU 3VJRL[ KLS +PZ[YP[V 3VUKYLZ KL SH ;VYYL /HTSL[Z
KLZJYPIP}LSWYV`LJ[V0KLH:[VYLZ;PLUKHZKL0KLHLUX\L
SHZIPISPV[LJHZKLSJVUZLQV`SVZZLY]PJPVZKLHWYLUKPaHQLWHYH
[VKHSH]PKHZLOHUYLPU]LU[HKVJVUNYHUt_P[VH[YH]tZKLSH
SVJHSPaHJP}U`LSKPZL|VKLLKPÄJPVZPUUV]HKVYLZ,SWYV`LJ[V
KPV\UHSLJJP}U‚[PSWHYHLSKPZL|VLZJVSHYHJLYJHKLSWVKLY
X\L\UHTIPLU[LU\L]VW\LKL[LULYLUYLKLÄUPYSHZWLYJLW
JPVULZKLSVZJSPLU[LZHJLYJHKLSHLU[YLNHKLSZLY]PJPV
3LJJPVULZKLV[YVZJHTWVZ
3HZLZP}UÄUHS[VT}\ULUMVX\LL_[LYUVHSLJOHY\U]PZ[HaVH
WYV`LJ[VZTV[P]HJPVUHSLZKLV[YVZWHxZLZ4HY[PU/LMMLYUHU
KLS+LWHY[HTLU[VKL,K\JHJP}U`*PLUJPHLU0YSHUKHL_W\ZV
LS [LTH LU Z\ WYLZLU[HJP}U ¸:\TLYNPtUKVZL LU LS [HUX\L
KLS7LUZHTPLU[V.SVIHS¹HSH[YHLYSHH[LUJP}UHS[YHIHQVKLS
7YVNYHTHWHYHSH*VUZ[Y\JJP}U`LS,X\PWHTPLU[VKLSH,K\
JHJP}U`YLÅL_PVUHYZVIYLSHPUÅ\LUJPHX\LOH[LUPKVLZ[L
PU[LYJHTIPVPU[LYUHJPVUHSKLPKLHZHSTLQVYHYSHJHSPKHKKLS
KPZL|VKLPUZ[HSHJPVULZLK\JH[P]HZYLJPLU[LZLU0YSHUKH
:\ZHU:[\LIPUNKLS,Z[\KPV<[VWVLUSVZ7HxZLZ)HQVZ
JVU[PU\}JVULS[LTHPU[LYUHJPVUHSHSJVTWHYHY`JVU
[YHZ[HYLSKPZL|VKLKVZWYV`LJ[VZKLLZJ\LSHZZLJ\UKH
YPHZLU0ZSHUKPH`SVZ7HxZLZ)HQVZ
3H,ZJ\LSH+Y\R>OP[L3V[\ZKL(Y\WLU3HKHRO0UKPH
KPV SLJJPVULZ YLHSTLU[L TV[P]HJPVUHSLZ KL \UV KL SVZ
S\NHYLZTmZWVIYLZ`KLZ]HSPKVZKLST\UKVHJLYJHKLS
JVTWYVTPZVKLSHJVT\UPKHK`SHULJLZPKHKKL[VTHY
\ULUMVX\LZ\Z[LU[HISLOHJPHSHJVUZ[Y\JJP}ULZJVSHY
,USHWYLZLU[HJP}UÄUHS1VOU>HSKYVUKL(YJOP[LJ[\YL
7SI KLZJYPIP} SH ,ZJ\LSH /H\[L =HSSL LU 1LYZL` 9LPUV
<UPKV ` KPV TmZ L]PKLUJPHZ KL J}TV \U I\LU KPZL|V
HWVY[H\UHJVU[YPI\JP}UPTWVY[HU[LHSJYLHYLZJLUHYPVZ
TV[P]HJPVUHSLZWHYHSHLUZL|HUaH`LSHWYLUKPaHQL
3H JVUMLYLUJPH M\L [LZ[PNV KLS SHUaHTPLU[V KL J\H[YV
U\L]HZ W\ISPJHJPVULZ LZJVJLZHZ YLSHJPVUHKHZ JVU LS
KPZL|VKLJVUZ[Y\JJP}ULZJVSHY
‹+LZPNU:[YH[LNPLZ3HZ,Z[YH[LNPHZKL+PZL|VYLZHS[HLS
[YHIHQVKLKPZL|VWYL]PVX\LSSL]HYVUHJHIVKVZH\[VYP
KHKLZSVJHSLZSVJ\HSSHZH`\K}HMVYTHYZ\WLUZHTPLU[V
`SHZHZWPYHJPVULZKLKPZL|VWHYHZ\ZWYVNYHTHZKLJVU
Z[Y\JJP}ULZJVSHYKLSH:VJPLKHK7‚ISPJH7YP]HKH
Y
U,KPTI\
,ZJ\LSH7YLLZJVSHY-SVYH:[L]LUZV
NV9LP
PK
UV<U
V
‹-YVT*VUZ\S[H[PVU[V+LZPNU+LSH*VUZ\S[HHS+PZL|V
T\LZ[YH SVZ YLZ\S[HKVZ KLS WYPTLY H|V KL \U WYV`LJ[V
(WYLUKPaHQL`,UZL|HUaH-\[\YVZ`SHZKPMLYLU[LZTHUL
YHZLUX\LSVZHYX\P[LJ[VZ`LZ[\KPHU[LZW\LKLUJVSHIVYHY
WHYHJYLHYTVKLSVZKLPKLHZWYVJLZVZ`KPZL|VZ
‹:\Z[HPUHIPSP[`:\Z[LU[HIPSPKHKWYLZLU[HSVZYLZ\S[HKVZ
KL\U[HSSLYKLSHZWHY[LZPU[LYLZHKHZX\LL_WSVY}J}TV
SVNYHYLKPÄJPVZLZJVSHYLZTmZZ\Z[LU[HISLZLU,ZJVJPH
‹4HUHNPUN :JOVVSZ K\YPUN *VUZ[Y\J[PVU 7YVQLJ[Z (KTP
UPZ[YHY ,ZJ\LSHZ K\YHU[L SVZ 7YV`LJ[VZ KL *VUZ[Y\JJP}U
VMYLJL\UHN\xHWHYHH`\KHYHSVZWYVMLZVYLZHJHYNV`HSVZ
LX\PWVZKLHKTPUPZ[YHJP}ULZJVSHYHWSHULHY`HKTPUPZ[YHY
SHZ[HYLHZX\LWVZPISLTLU[L[LUKYmUK\YHU[L\UWYV`LJ[V
KLJVUZ[Y\JJP}UTH`VYLUZ\LZJ\LSH
3HJVUMLYLUJPHKPV\UHVWVY[\UPKHK]HSPVZHWHYHKLSLNHKVZKL
[VKH,ZJVJPHWHYHLZSHIVUHY`KPZJ\[PY[LTHZKLIPLULZLZJV
SHYLZ:LWYLZLU[HYVUL_OPIPJPVULZKLSHZ,ZJ\LSHZKL0UNSH[LYYH
WHYH \U 7YVNYHTH -\[\YV ` LS JVTWLUKPV KL PUZ[HSHJPVULZ
LK\JH[P]HZLQLTWSHYLZKL7,)+PZL|VZWHYHLS(WYLUKPaHQL
HZxJVTV\UW\LZ[VX\LWYLZLU[}LS[YHIHQVKLSWSHUKLSVZ
*VVYKPUHKVYLZ*\S[\YHSLZKLS*VUZLQVKL(Y[LZ,ZJVJtZ
7HYHTH`VYPUMVYTHJP}UHJLYJHKLSH+P]PZP}UKL)PLULZ
,ZJVSHYLZKLS,QLJ\[P]V,ZJVJtZPUJS\`LUKVW\ISPJHJPV
ULZ`KL[HSSLZKLSHJVUMLYLUJPHJVUZ\S[L^^^ZJV[SHUK
IV]\RZJOVVSZ[H[L
#/.&%2%.#)!3/"2%%,#,)-!
).4%2)/2$%,/3%$)&)#)/3
#/.&%2%.#)!$%%3#5%,!
#/-5.)4!2)!%.'2%#)!
3H¸8\PU[H*VUMLYLUJH0U[LYUHJPVUHSZVIYL*SPTH0U[L
YPVY KL SVZ ,KPÄJPVZ¹ X\L ZL SSL]} H JHIV LU SHZ TVU
[H|HZ;H[YHZ(S[HZKLSH9LW‚ISPJH,ZSH]HKLSHSKL
UV]PLTIYLKLSZLLUMVJ}LUSHZHS\KSHJVTVKP
KHK`SHZLN\YPKHKJVUYLZWLJ[VHSVZZPZ[LTHZKLJHSL
MHJJP}U]LU[PSHJP}UHPYLHJVUKPJPVUHKV`YLMYPNLYHJP}U
/\IVZLZPVULZWHY[PJ\SHYLZX\LZLKLKPJHYVUHLKPÄJPVZ
LZJVSHYLZ`LÄJPLUJPHKLLULYNxH
.YLJPHLZ[m[YHIHQHUKVWHYHHIYPYZ\ZLKPÄJPVZLZJVSHYLZHZ\Z
JVT\UPKHKLZ:LSSL]}HJHIVLU([LUHZ\UHJVUMLYLUJPH
ZVIYLSH¸,ZJ\LSH*VT\UP[HYPH¹WHYHPUPJPHYSH[YHUZMVYTH
JP}UKLLZJ\LSHZLULZWHJPVZWHYHHJ[P]PKHKLZ` ZLY]PJPVZ
ZVJPHSLZ,Z[LL]LU[VZLSSL]}HJHIVKLZW\tZKLX\LZLWHZ}
\UHU\L]HSL`X\LPU[YVK\JLSHZLZJ\LSHZKL\ZVZT‚S[PWSLZ
`KLZW\tZKL\UHJVUMLYLUJPHWYL]PHWHYHKLZHYYVSSHYSHPKLH
KLSH¸LZJ\LSHHIPLY[H¹
:LSSL]}HJHIV\UHYL\UP}ULZWLJPHSLUSHJVUMLYLUJPH
JVU LZ[\KPHU[LZ KL TLKPJPUH KL U\L]L WHxZLZ X\PLULZ
WYLZLU[HYVUZ\[YHIHQVKVJ[VYHS,SVIQL[VLYHPU[YVK\JPY
Z\Z[LTHZHSVZL_WLY[VZKLJSPTHPU[LYPVYPU[LYJHTIPHY
PUMVYTHJP}ULPUPJPHY\UHWVZPISLJVVWLYHJP}UM\[\YH
*LYJHKLL_WLY[VZLU[YLLSSVZ1HU:\UKLSS*OHYSLZ
>LZJOSLY ` 7H^LS >HYNVJRP ZL KPYPNPLYVU H SVZ WHY[P
JPWHU[LZ KL WHxZLZ PUJS\`LUKV YLWYLZLU[HU[LZ KL SH
<UP]LYZPKHK ;tJUPJH +HULZH +PUHTHYJH SH <UP]LYZP
KHKKL/HY]HYK,Z[HKVZ<UPKVZSH-LKLYHJP}UKL(ZV
JPHJPVULZ,\YVWLHZKL*HSLMHJJP}U`(PYL(JVUKPJPVUHKV
¸9,/=(¹WVYZ\ZZPNSHZLUPUNStZ`SH:VJPLKHK(TLYP
JHUHKL0UNLUPLYVZLU*HSLMHJJP}U9LMYPNLYHJP}U`(PYL
(JVUKPJPVUHKV(:/9(,WVYZ\ZZPNSHZLUPUNStZ
,SL]LU[VX\LLZ\UHWHY[LKLSHJVUMLYLUJPH[YPLUHSZVIYL
,KPÄJPVZ:HUVZWHYH,\YVWH*LU[YHS`6YPLU[HSM\LVYNH
UPaHKVWVYSH:VJPLKHK,ZSH]HKL;LJUVSVNxH(TIPLU[HS`
SH<UP]LYZPKHK,ZSH]HKL;LJUVSVNxHLU)YH[PZSH]H
02%-)/!215)4%#452!0!2!
.)»/3
3HZLU[YLNHZWHYHLSWYLTPVPU[LYUHJPVUHSHSHL_JL
SLUJPHLUHYX\P[LJ[\YH`KPZL|VWHYHUP|VZWLX\L|VZZL
HJLW[HYmUOHZ[HLSKLQ\UPVKLS3HJVTWL[LUJPH
X\LLZVYNHUPaHKHWVY5P|VZLU,ZJVJPHLZ[mHIPLY[HH
LKPÄJPVZ`V[YVZLZWHJPVZHKLU[YVVHM\LYHWHYHUP|VZ
KLHH|VZ3VZKL[HSSLZ`SHMVYTHKLZVSPJP[\KLZ[mU
KPZWVUPISLZLU^^^JOPSKYLUPUZJV[SHUKVYN\R
,U SH JVUMLYLUJPH ¸,ZJ\LSH *VT\UP[HYPH¹ X\L ZL SSL]} H
JHIV LS KL KPJPLTIYL KLS 4HUVSPZ )HS[HZ \UV
KLSVZWVULU[LZWYLZLU[VLS[LTHWYPUJPWHSKLSHZPN\PLU[L
THULYH! ¸(J[\HSTLU[L LU .YLJPH SVZ LKPÄJPVZ LZJV
SHYLZVWLYHUJHZPL_JS\ZP]HTLU[LK\YHU[LSHZOVYHZKLSH
TH|HUHWHYHJ\TWSPYJVUZ\WYPUJPWHSVIQL[P]VKLWYVWVY
JPVUHY\ULZWHJPV`LX\PWVHKLJ\HKVZWHYHSHLK\JHJP}U
/H`\UHULJLZPKHKJYLJPLU[LKLPUZ[HSHJPVULZWHYHZLY]PY
H ]HYPHZ WVISHJPVULZ JVT\UP[HYPHZ ` SHZ PUZ[HSHJPVULZ
LK\JH[P]HZ L_PZ[LU[LZ W\LKLU KLZLTWL|HY \U YVS HKP
JPVUHSLUSH[HYKLZPUHMLJ[HYZ\M\UJP}UWYPTHYPH(ZxLUSH
[HYKLSVZLKPÄJPVZLZJVSHYLZW\LKLUVWLYHYJVTVºJtS\SHZ
KL ZLY]PJPVZ ZVJPHSLZ ` HJ[P]PKHKLZ J\S[\YHSLZ ` LK\JH[P
]HZWHYHPUTPNYHU[LZNLU[LTH`VYNY\WVZ`HZVJPHJPVULZ
J\S[\YHSLZ L[J 3HZ PUZ[HSHJPVULZ ZL W\LKLU \[PSPaHY WHYH
JHWHJP[HJP}UWHYHHK\S[VZZLY]PJPVZKLHZPZ[LUJPHZVJPHS
ZLTPUHYPVZ[HSSLYLZHJ[\HJPVULZ`V[YVZL]LU[VZ¹
,S :Y )HS[HZ L_WSPJ} X\L SH [YHUZMVYTHJP}U KL SVZ LKP
ÄJPVZ LZJVSHYLZ [YHKPJPVUHSLZ LU LZJ\LSHZ JVT\UP[HYPHZ
YLX\PLYL KL TVKPÄJHJPVULZ LU WLX\L|H LZJHSH [HSLZ
JVTVPUZ[HSHJPVULZTLUVYLZL_[LUZPVULZ`LX\PWVHKP
JPVUHSWHYHX\LSVZU\L]VZZLY]PJPVZVMYLJPKVZUVHS[LYLU
SHZVWLYHJPVULZTH[\[PUHZKLSHLZJ\LSH
3H JVUMLYLUJPH M\L VYNHUPaHKH WVY SH <UP}U 3VJHS KL
*VUZLQVZKL4\UPJPWPVZ`7\LISVZKL([[PJH;,+25(
WVYZ\ZZPNSHZLUPUNStZSH\UP}UTmZNYHUKLKLT\UP
JPWPVZLU.YLJPHJVUT\UPJPWPVZTPLTIYVZ`
LZJ\LSHZIHQVZ\YLZWVUZHIPSPKHK
;VKVZSVZWVULU[LZKLSHJVUMLYLUJPHPUJS\`LUKVHSJHS
KLZTHUPMLZ[HYVUZ\HWV`VHSHLZJ\LSHJVT\UP[HYPH`ZL
YLÄYPLYVUHSHZTLKPKHZKLWVSx[PJHWHYHWYVTV]LYSH
,UUV]PLTIYLKLSLS7HYSHTLU[VKL.YLJPHHKVW[}
\UHSL`X\LPU[YVK\JLLZJ\LSHZKLWYVW}ZP[VZT‚S[PWSLZ
KLZW\tZKL\UHPUPJPH[P]HWVYWHY[LKLSH6YNHUPaHJP}UKL
,KPÄJPVZ,ZJVSHYLZ:)6WVYZ\ZZPNSHZLUPUNStZ
,UMLIYLYVKLSZLSSL]}HJHIV\UHJVUMLYLUJPHLU
([LUHZSSHTHKH¸3H,ZJ\LSH(IPLY[H¹VYNHUPaHKHWVYSH
:)6JVUSHWHY[PJPWHJP}UKLSH<5,:*6SH<UP}U0U[LY
UHJPVUHSKL(YX\P[LJ[VZ`7,)
02/9%#4/3
,3*63,.064(9Ð;046
5(*065(3+,093(5+(
(KHT>PSZVU-VJ\Z,K\JH[PVU3[K
,SU\L]V*VSLNPV4HYx[PTV5HJPVUHSKL0YSHUKHZLJVUZP
KLYHLSKLZHYYVSSVTmZLTVJPVUHU[LLPUUV]HKVYKLSWHxZ
LU JHWHJP[HJP}U ` LK\JHJP}U THYx[PTH ` LZ SH WYPTLYH
PUZ[P[\JP}U [LYJPHYPH LU JVUZ[Y\PYZL ` ZLY VWLYHKH IHQV LS
TVKLSVKLSVNYVKLSH:VJPLKHK7‚ISPJH7YP]HKH777WVY
Z\ZZPNSHZLUPUNStZKLSNVIPLYUV,SWYV`LJ[VLZLSYLZ\S[HKV
KL \UH ZVJPLKHK LU[YL LS 0UZ[P[\[V *VYR KL ;LJUVSVNxH
` LS :LY]PJPV 5H]HS 0YSHUKtZ WHYH PTWHY[PY JHWHJP[HJP}U
THYx[PTH,SKPZL|VKLZ\LKPÄJPVYLÅLQHLS[LTHYLSHJPV
UHKVJVUSVZLZ[\KPVZKLTHY`SHZPUZ[HSHJPVULZWLYTP[LU
X\LLS*VSLNPV4HYx[PTV5HJPVUHSJ\TWSHJVUSVZ‚S[PTVZ
YLX\LYPTPLU[VZKLLK\JHJP}ULULSJHTWV,SJVSLNPVLU
9PUNHZRPKK`*VUKHKVKL*VYRHJLW[}Z\WYPTLYHWYVTV
JP}UKLLZ[\KPHU[LZLSKLVJ[\IYLKLS
,S*VSLNPV4HYx[PTV5HJPVUHSLZÄUHUJPHKVWVYLSNVIPLYUV
PYSHUKtZIHQVLS7SHUKL+LZHYYVSSV5HJPVUHS
`LZLS[LYJLYWYV`LJ[VLK\JHJPVUHSKLJ\HSX\PLYUP]LSX\L
LZ[mPUJS\PKVLULSWYVNYHTHWPSV[VKL777KLSNVIPLYUV
,SJVSLNPVZLJVUJPIP}WHYHYLZWVUKLYHSVZJHTIPVZLU
SVZYLX\LYPTPLU[VZLK\JH[P]VZ,U SH6YNHUPaHJP}U
4HYx[PTH0U[LYUHJPVUHSYLZ[H\Y}SH*HWHJP[HJP}U`*LY[PÄ
JHJP}UZVIYL9LNSHTLU[VZKL;HYPMHZ4HYx[PTHZ3VZYLNSH
TLU[VZYLJVUVJPLYVUSHPTWVY[HUJPHKLSH[LJUVSVNxHWHY
[PJ\SHYTLU[LLUSHZPT\SHJP}UKLJVTW\[HKVYHJVTV\UH
OLYYHTPLU[H LK\JH[P]H ` KL L]HS\HJP}U ,Z[V YLWYLZLU[}
\UKPSLTHWHYHLS+LWHY[HTLU[VKL,Z[\KPVZ5m\[PJVZKLS
0UZ[P[\[V*VYRKL;LJUVSVNxH*0;WVYZ\ZZPNSHZLUPUNStZ
HZxJVTVLS:LY]PJPV5H]HS0YSHUKtZ05:WVYZ\ZZPNSHZLU
PUNStZ`HX\LHTIVZLUMYLU[HYVU\UHTLQVYHZ\IZ[HUJPHS
KLSHZPUZ[HSHJPVULZKLJHWHJP[HJP}UWHYHJ\TWSPYJVUSVZ
U\L]VZ YLX\LYPTPLU[VZ ,U LS NVIPLYUV LZ[HISLJP}
\U.Y\WVKL;YHIHQVKL,_WLY[VZ0U[LY+LWHY[HTLU[HSLS
J\HSLUJVU[Y}X\LLZ\UHWYVW\LZ[H]PHISLLSOLJOVKL
X\L\UHZVSHPUZ[P[\JP}UJ\TWSHJVUSVZU\L]VZYLX\LYP
TPLU[VZKLJHWHJP[HJP}U`LK\JHJP}UKLS*0;`LS05:,S
NVIPLYUVLZ[\]VKLHJ\LYKVJVULZ[HWYVW\LZ[H`[HTIPtU
JVUSHYLJVTLUKHJP}UKLX\LLSJVSLNPVZLKLZHYYVSSHYH
IHQVLSTVKLSVKL:VJPLKHK7‚ISPJH7YP]HKH,SJVSLNPV
WYVWVYJPVUH \UH HTWSPH ]HYPLKHK KL JHWHJP[HJP}U WHYH
J\TWSPYJVUSVZYLX\LYPTPLU[VZKLSH4HYPUH4LYJHU[L`
KLSLU[YLUHTPLU[VUVTPSP[HYKLSH5H]HSKLSHTHYPULYxH
ImZPJHH\UNYHKVKLOVUVYLUSHJPLUJPHUm\[PJH
,S WYV`LJ[V [VT} [YLZ H|VZ LU JVTWSL[HYZL ` OH [LUPKV
JVTV YLZ\S[HKV PUZ[HSHJPVULZ LK\JH[P]HZ X\L [HTIPtU
W\LKLUNLULYHYPUNYLZVZKL[LYJLYHZWHY[LZ,UHNVZ[VKLS
KLZW\tZKL\UWYVJLZVKLVMLY[HHTWSPVKLSH<UP}U
,\YVWLH [YLZ JVUZVYJPVZ M\LYVU LSLNPKVZ WHYH KPZL|HY
JVUZ[Y\PYÄUHUJPHYVWLYHY`THU[LULYLSJVSLNPV-VJ\Z,
K\JH[PVU3[K\UHJVSHIVYHJP}ULU[YL)V]PZ3LUK3LHZL`
LS)HUJV/HSPMH_KL,ZJVJPHM\LYVUSVZSPJP[HU[LZWYLMLYP
KVZ,SJPLYYLÄUHUJPLYVZLSVNY}LUMLIYLYVKLS`SH
JVUZ[Y\JJP}ULTWLa}LSZPN\PLU[LTLZ,SLKPÄJPVZLJVT
WSL[}[V[HSTLU[LLSKLVJ[\IYLKLS`SVZWYPTLYVZ
LZ[\KPHU[LZSSLNHYVU\UHZLTHUHKLZW\tZ-VJ\Z,K\JH[PVU
JVUZ[Y\`} HQ\Z[} ` HOVYH THU[PLUL ` VWLYH LS JVSLNPV
-\LYHKLSHZOVYHZKLKPZWVUPIPSPKHKLZWLJxÄJHSHZPUZ[H
SHJPVULZLU[YHYmUHSTLYJHKVH[LYJLYHZWHY[LZWVYWHY[L
KL-VJ\Z,K\JH[PVU)HQVLSHJ\LYKV777LU[YLLS+LWHY[H
TLU[VKL,K\JHJP}U`*PLUJPH`-VJ\Z,K\JH[PVULSWVY
JLU[HQLKLLZ[HZNHUHUJPHZHKPJPVUHSLZZLHJ\T\SHYmUHS
LZ[HKVWHYHWVULYZLLUJVU[YHKLJVZ[VZHJ[\HSLZ
,SLKPÄJPV`SHZPUZ[HSHJPVULZ
,SJVSLNPV[PLUL\UHJHWHJPKHKLZ[\KPHU[PSKLLX\P]H
SLU[LZKL[PLTWVJVTWSL[V`\UHHZPNUHJP}UKLWLYZVUHSKL
[VTHKVZKLS0UZ[P[\[V*VYRKL;LJUVSVNxH`SH5H]HS:\Z
ZHSVULZ[PLULUJHKH\UV\UHJHWHJPKHKKLH
,SWSHULZX\LLSLKPÄJPVX\L[PLUL\UmYLHKLT
`\UJVZ[VKLJVUZ[Y\JJP}UKLTPSSVULZKLL\YVZLZ[t
JLYJHKLSTHY`LSLUMVX\LKLS[YHIHQVZLSSL]LHJHIVHOx
<UHWHYLKKLJLKYVKLZSPaHISLLPTWYLZPVUHU[LJLSLIYHLS
HYYPIV`SH]LYKHKLYHPKLU[PKHKKLSJVSLNPV3HKPZWVZPJP}U
KLSHLU[YHKHPUJS\`L\UWHZPSSVSPULHS`\ULU[HYPTHKVKL
THKLYH X\L SSL]H H \U H[YPV KL LU[YHKH ]PKYPHKV KL KVZ
WPZVZ 3H JHYHJ[LYxZ[PJH HJ\m[PJH JVU[PU‚H KLZW\tZ KLS
H[YPVOHJPH\UWHPZHQLTmZPUMVYTHSLUSHWHY[LWVZ[LYPVY
SSL]HUKVSH]PZ[HHSTHY,SJVTWSLQVZLL_[PLUKLOHJPHLS
HN\H VYNHUPaHKV LU [YLZ KLKVZ HY[PJ\SHKVZ KL HJJLZV
HSYLKLKVYKLSHZM\UJPVULZZLWHYHKHZKLU[YVKLSJVSLNPV
SVJ\HSJHW[\YHSHZ]PZ[HZKYHTm[PJHZX\LU\UJHLZ[mUSLQVZ
KLSHL_WLYPLUJPHKLSLZ[\KPHU[LKLSWSHUKLLZ[\KPVZ
(KHT>PSZVU-VJ\Z,K\JH[PVU3[K
3HZ\P[LKLZPT\SHJP}UJVTWYLUZP]HLZSHTmZNYHUKL`HJ[\HSP
aHKHLU,\YVWH+VZZPT\SHKVYLZKLW\LU[LKLTPZP}U[V[HS
\UV JVU ]PZ\HSLZ KL NYHKVZ LS ZLN\UKV JVU ]PZ\HSLZ
KLNYHKVZYLWSPJHUIHYJVZUH]HSLZ`TLYJHU[LZ*VTV
WHY[LKLSJVU[YH[V777ZLOHUTHWLHKVKPNP[HSTLU[LNYHUKLZ
mYLHZKLSHJVZ[H`SVZW\LY[VZTmZPTWVY[HU[LZSVJ\HSWLY
TP[PYmWVYLQLTWSVX\LLSLZ[\KPHU[LZPT\SLSHUH]LNHJP}U
KL\UIHYJVLULS7\LY[V*VYR`H[YHJHYLSIHYJVLUSHIHZL
UH]HS;YLZZPT\SHKVYLZKLW\LU[LH\_PSPHYLZ`V[YHZZ\P[LZ
KLZPT\SHJP}UWHYHLU[YLUHTPLU[VI‚ZX\LKH`ZPZ[LTHZKL
JVVYKPUHJP}U KL YLZJH[L ZPZ[LTHZ KL [YmÄJV KL LTIHYJH
JPVULZ`[YHIHQVKLÅV[HJVTWSLTLU[HUHSVZZPT\SHKVYLZKL
W\LU[LZ(KLTmZKLSVZZPT\SHKVYLZKLUH]LNHJP}UL_PZ[L
\UZPT\SHKVYKLJ\HY[VKLTV[VYLZKLTPZP}U[V[HSZPT\
SHKVYLZKLJVU[YVSKLKH|VTHULQVKLJHYNH`ZPT\SHKVYLZ
.4+::YHKPV/H`\UHHSILYJHKLTL[YVZWHYHLU[YLUHY
HSWLYZVUHSLU[tJUPJHZKLZ\WLY]P]LUJPHTHYx[PTHTHUPV
IYHZKLIHSZHZZHS]H]PKHZ`LU[YLUHTPLU[VKLLZJHWLZ\ITH
YPUVKLOLSPJ}W[LYV,SLKPÄJPV[HTIPtU[PLUL\UNPTUHZPVL
PUZ[HSHJPVULZKLYLZJH[LTHYx[PTVPU[LYPVY`L_[LYPVY
,SWSHUKLZHYYVSSHKVLUMH[PaHTLKPVZWHZP]VZKLJVU[YVS
KLSHTIPLU[LPU[LYUVKVUKLZLHWVZPISL<UTVKLSV[tY
TPJVH]HUaHKVZL\[PSPa}WHYHKLZHYYVSSHYSHZLJJP}U[YHUZ
]LYZHSKLSLKPÄJPVWHYHHZLN\YHYÅ\QVZKLHPYLHKLJ\HKVZ
H[YH]tZKLSVZISVX\LZHKTPUPZ[YH[P]VZ`KLLUZL|HUaH
,S\ZVKL]LU[PSHJP}UUH[\YHSWHYHJVU[YVSHYLSHTIPLU[L
ZLJVTWSLTLU[HJVU\UHLZ[Y\J[\YH[tYTPJHWLZHKHJVU
Z\WLYÄJPLZL_[LUZHZL_W\LZ[HZ,Z[LLZ\UMHJ[VYPTWVY
[HU[LUVZ}SVLU[tYTPUVZKLYLK\JPYJVZ[VZKLVWLYHJP}U
ZPUV[HTIPtUYLZWVUKLYHHZ\U[VZHTIPLU[HSLZ
:LLUJVU[YHYVUHSN\UHZKPÄJ\S[HKLZLUJ\HU[VHSYLNSHTLU[V
KLZLN\YPKHKJVUSHZH\[VYPKHKLZKLPUJLUKPVZSVJHSLZX\L
YLZ\S[HYVULUSHHKHW[HJP}UKLSHLZ[YH[LNPHKLSH]LU[PSHJP}U
UH[\YHSWHYHLSISVX\LKLZHSVULZKLJSHZL3VZ[\IVZKL
JOPTLULHZLUJLYYHKVZSSL]HUHPYLH[YH]tZKLSVZWHZPSSVZ
` HYYPIH HS NY\WV KL YLQPSSHZ KL ]LU[PSHJP}U TVU[HKVZ LU
LS[LJOVWLYVUVKHULZWHJPHSTLU[LHSVZLZWHJPVZKLSVZ
JVYYLKVYLZ JVTV SVZ WVaVZ HIPLY[VZ VYPNPUHSTLU[L JVU
[LTWSHKVZWVYLSLX\PWVKLKPZL|VSVO\IPLYHUOLJOV
(KHT>PSZVU-VJ\Z,K\JH[PVU3[K
(KHT>PSZVU-VJ\Z,K\JH[PVU3[K
,SWSHU`LSWHPZHQLJVTWSL[VKLSS\NHYLZ[mUOLJOVZWHYH
YLJVUJPSPHY SHZ NLVTL[YxHZ KP]LYNLU[LZ KLS LKPÄJPV SHZ
Y\[HZ KL JPYJ\SHJP}U ` LS WSHU KLS LZ[HJPVUHTPLU[V (S
MYLU[L\UVLUJ\LU[YHLSQHYKxUMVYTHSKVUKLSHJHYHJ[L
YxZ[PJHHJ\m[PJH`SVZSLJOVZKLWSHU[HZZLPU[YVK\JLULU
LSWHPZHQLLZ[Y\J[\YHKV
(\UX\L LS *VSLNPV 4HYx[PTV 5HJPVUHS KL 0YSHUKH OH
LZ[HKV HIPLY[V WVY \U JVY[V [PLTWV `H LZ[m H[YH`LUKV
SH H[LUJP}U KL \U U‚TLYV KL Z\Z ZVJPVZ L\YVWLVZ
:L LZWLYH LS PU[LYtZ ZPNUPÄJH[P]V [HU[V KL SH PUK\Z[YPH
THYx[PTHWHYH\[PSPaHYLSJVSLNPVWHYHLU[YLUHY`TLQVYHY
OHIPSPKHKLZJVTVKLV[YHZVYNHUPaHJPVULZ`NY\WVZX\L
KLZLHUHWYV]LJOHYSHZPUZ[HSHJPVULZKLW\U[H(KLTmZ
LSWYV`LJ[VZLYLJVUVJLJVTV\ULQLTWSVL_JLSLU[LKL
SHMVYTHKLSVNYVKLSH777
(Y[xJ\SVLZJYP[VWVY!
,HTVUU.YL]PSSL+PW(YJO490(0
(YX\P[LJ[VZLUPVY
+LWHY[HTLU[VKL,K\JHJP}U`*PLUJPH
+\ISxU;\SSHTVYL*VUKHKVKL6MMHS`
0YSHUKH
-H_! ,THPS!LHTVUUNYL]PSSL'LK\JH[PVUNV]PL
<5:0:;,4(+,
(+4050:;9(*0Ô5+,
)0,5,:7(9(,+0-0*06:
,:*63(9,:,58<,),*
,U SVZ ‚S[PTVZ H|VZ SVZ JVUZLQVZ LK\JH[P]VZ KL 8\tILJ
OHULUMYLU[HKV]HYPVZWYVISLTHZLUJ\HU[VHSHHKTPUPZ
[YHJP}U KL Z\Z L_PZ[LUJPHZ KL LKPÄJPVZ 7YPTLYHTLU[L SHZ
L_PZ[LUJPHZKLLKPÄJPVZ]PLQVZX\L]PLYVUSHJVUZ[Y\JJP}U
KLSHTH`VYxHKLSVZLKPÄJPVZLU[YLSVZ»Z`SVZ»ZZPN
UPÄJHX\LT\JOVZIPLULZX\LLZ[mUJLYJHVLULSÄUHSKL
Z\]PKHKLZLY]PJPVYLX\PLYLUTH`VYYLUV]HJP}U]LY-PN\YH
(KLTmZSVZYLJ\YZVZÄUHUJPLYVZLZ[mUSPTP[HKVZWVYX\L
LZ[mU Z}SV WHYJPHSTLU[L HQ\Z[HKVZ WHYH [VTHY LU J\LU[H
SHZ ULJLZPKHKLZ YLSHJPVUHKHZ JVU SH LKHK KL SHZ L_PZ[LU
JPHZ KL LKPÄJPVZ (ZPTPZTV LS YL[PYV KL T\JOV WLYZVUHS
L_WLYPTLU[HKVVKLNLYLU[LZ`SHH\ZLUJPHKL\UZPZ[LTHKL
PUMVYTHJP}ULZ[HUKHYPaHKHJVTWYVTL[LHSJVUVJPTPLU[V
KLSJVUZLQVKLLUZL|HUaH`Z\OHIPSPKHKWHYH[VTHYKLJP
ZPVULZLZ[YH[tNPJHZLUJ\HU[VHSM\[\YVKLZ\ZLKPÄJPVZ
-PN\YH
,_PZ[LUJPHZKLLKPÄJPVZKLSVZJVUZLQVZKLLUZL|HUaHKL8\tILJ!
(\TLU[VLUmYLHZKLZ\WLYÄJPLJVUZ[Y\PKHLUWLYxVKVZKLKPLaH|VZ
(4:WVYZ\ZZPNSHZLUPUNStZ\UHIYL]LOPZ[VYPHKLZ\
L]VS\JP}U`\UHKLZJYPWJP}UKLSHPUPJPH[P]H[VTHKHWVY
8\tILJ WHYH PTWSLTLU[HY KPJOV ZPZ[LTH ,S HWtUKPJL
JVU[PLULSVZYLX\LYPTPLU[VZImZPJVZYLJVTLUKHKVZWHYH
\UZPZ[LTHKLHKTPUPZ[YHJP}UKLIPLULZ
7VYX\t\U(4:
<UZPZ[LTHKLHKTPUPZ[YHJP}UKLIPLULZLMLJ[P]VH`\KHH
SVZHKTPUPZ[YHKVYLZKLSLKPÄJPVHPKLU[PÄJHYHJ[P]PKHKLZ
KLYLUV]HJP}U`[HTIPtUHWYLZLU[HYHSHZWHY[LZPU[LYL
ZHKHZ SH PUMVYTHJP}U L_HJ[H LU J\HU[V H SH JVUKPJP}U
KLZ\ZL_PZ[LUJPHZKLLKPÄJPVZ`SVZLZJLUHYPVZKLYLUV
]HJP}UKLJHWP[HSX\LZLLUJ\LU[YHUHU[LZ:\ZYLJVTLU
KHJPVULZW\LKLULU[VUJLZLZ[HYIPLUHWV`HKHZ`WHZHY
H[YH]tZKLSWYVJLZVKLKLJPZP}U
¦7VYX\tZLULJLZP[HHOVYH\U(4:&(SLU[YHYLUSHLYHKLSH
YLWHYHJP}U`LSYL[YVHQ\Z[LHSJVU[YHYPVKLSHLYHKLSKPZL|V
`SHJVUZ[Y\JJP}USVZHKTPUPZ[YHKVYLZKLLKPÄJPVZLUMYLU
[HUKLJPZPVULZJVTWSLQHZYLSHJPVUHKHZJVUSHZLSLJJP}USH
TVKPÄJHJP}U`LSYLLTWSHaVKLSVZIPLULZLZJVSHYLZ(SN\
UVZKLSVZMHJ[VYLZX\LPUÅ\`LULZ[HZKLJPZPVULZZVU!
‹*HTIPHYSHZTPZPVULZVM\UJPVULZLULSLKPÄJPV
‹*HTIPHYSVZYLX\LYPTPLU[VZHTIPLU[HSLZ
‹3H VWVY[\UPKHK KL WVULY H Z\ TLKPKH LS LX\PWV KL
NYHU[HTH|VHSÄUHSKLZ\]PKHKLZLY]PJPV
‹,SPTWHJ[VKLÅ\J[\HJPVULZLU[HZHZKLLULYNxH`SHKPZ
WVUPIPSPKHKKLT‚S[PWSLZM\LU[LZKLJVTI\Z[PISLLUSH
ZLSLJJP}UKL[LJUVSVNxHZKLWSHU[HWHYHJHSLU[HTPLU[V
LUMYPHTPLU[V
‹*HTIPHYSHKLTVNYHMxH
7HYH]HYPVZJVUZLQVZKLLUZL|HUaHLZ[VZWYVISLTHZKPÄ
J\S[HUSHWYPVYP[PaHJP}ULMLJ[P]HKLHJ[P]PKHKLZKLYLUV
]HJP}UHU\HS`THU[LULY\UH]PZP}UHSHYNVWSHaVLUZ\
WSHULHJP}ULZ[YH[tNPJH
,UJVSHIVYHJP}UJVUSVZJVUZLQVZKLLUZL|HUaHKLSHZ
WYV]PUJPHZLS4PUPZ[LYPVKL,K\JHJP}UKLJPKP}PTWSLTLU
[HY\UHOLYYHTPLU[HKLWSHULHJP}ULZ[YH[tNPJHKLW\U[H
WHYHLSWLYZVUHSKLSVZNY\WVZ`SVZHKTPUPZ[YHKVYLZKLS
LKPÄJPV(\UX\LLSZVM[^HYLUVW\LKLYLJ[PÄJHYSHMHS[H
KL ÄUHUJPHTPLU[V WHYH YLUV]HJP}U KL JHWP[HS WVY SV
TLUVZW\LKLHZLN\YHYX\LKPJOVZMVUKVZH\UX\LSPTP
[HKVZZLNHZ[LUKLTHULYHJVYYLJ[H
(X\xZLWYLZLU[HUSHZYHaVULZTmZPTWVY[HU[LZWVYSHZ
X\LZLULJLZP[H\UZPZ[LTHKLHKTPUPZ[YHJP}UKLIPLULZ
<U(4:KHPUMVYTHJP}UPTWVY[HU[LKLSVZIPLULZX\L
WLYTP[L X\L LS HKTPUPZ[YHKVY KLS LKPÄJPV [VTL KLJP
ZPVULZJYx[PJHZZVIYLSHL]VS\JP}UKLZ\ZL_PZ[LUJPHZKL
LKPÄJPVZ\[PSPaHUKVSVZWYPUJPWPVZKLJVZ[VKLSJPJSVKL
]PKH7VYLQLTWSV\U(4:W\LKLMHJPSP[HYSHZKLJPZPVULZ
YLSHJPVUHKHZJVULSYLLTWSHaVKLSVZZPZ[LTHZKLJHSL
MHJJP}UVHPYLHJVUKPJPVUHKVWVYX\LJVUQ\U[HSHPUMVY
THJP}UHJLYJHKLSHJVTWYHSHPUZ[HSHJP}U`SVZJVZ[VZ
KLTHU[LUPTPLU[VHZxJVTV[VTHYLUJ\LU[HSH]PKHKL
ZLY]PJPVKLHS[LYUH[P]HZ`LSKLZLTWL|VKLSHLULYNxH
3H,]VS\JP}UKLS(4:
*VU[YHYPHHSJHTWVKLHKTPUPZ[YHJP}UKLTHU[LUPTPLU[V
KVUKL SVZ Tt[VKVZ KL TLQVY WYmJ[PJH ZL OHU YLÄUHKV
H [YH]tZ KL T\JOHZ KtJHKHZ SVZ ZPZ[LTHZ KL HKTPUPZ
[YHJP}UKLIPLULZOV`LUKxHUVVMYLJLULUMVX\LZ`JHYHJ
[LYxZ[PJHZ+LOLJOVOHZ[HOHJLWVJVHSN\UVZZPZ[LTHZ
KLHKTPUPZ[YHJP}UKLTHU[LUPTPLU[VJVTW\[HYPaHKVZL
VMYLJxHUJVTV(4:ZPTWSLTLU[LWVYX\LOHIxHUPUJVY
WVYHKVSHUVJP}UKLSH]PKHKLZLY]PJPV
3HWYPTLYHNLULYHJP}UKLOLYYHTPLU[HZKLHKTPUPZ[YHJP}U
KL IPLULZ JVTV +H[HX\PYL )<03+,9 ` 4(7: SSLN} HS
TLYJHKVHTLKPHKVZKLSVZ »Z0UJVYWVYHYVUSVZWYPU
JPWPVZImZPJVZKLSJmSJ\SVKLSJVZ[VKLSJPJSVKL]PKH`
JVU[LUxHUKH[VZKLJVZ[VZKLSJPJSVKL]PKHWYLKLÄUPKVZ
WHYH JSHZLZ JVT\ULZ KL IPLULZ KL LKPÄJPVZ ,Z[HZ OLY
YHTPLU[HZ WPVULYHZ WYV`LJ[HYVU SVZ JVZ[VZ KL THU[LU
PTPLU[V`YLUV]HJP}UKLSJHWP[HSWVYWLYxVKVZKLOHZ[H
H|VZ:PY]PLYVUWYPUJPWHSTLU[LJVTVOLYYHTPLU[HZKL
HUmSPZPZKLKLZLTWL|V`YLMLYLUJPHWLYVUV[LUxHULUZ\
JHWHJPKHK SH HKTPUPZ[YHJP}U KL NYHUKLZ PU]LU[HYPVZ KL
IPLULZ`WYPVYP[PaHYSHZHJ[P]PKHKLZ
,Z[VHIYP}SHW\LY[HHSVZZPZ[LTHZKLHKTPUPZ[YHJP}UKL
THU[LUPTPLU[V JVTW\[HYPaHKVZ JVTV \UH ZVS\JP}U
WV[LUJPHSKLHKTPUPZ[YHJP}UKLIPLULZ`HX\LZVUHW[VZ
WHYHKLZLTWL|HYLZ[HZKVZM\UJPVULZ:PULTIHYNVSVZ
KLZHYYVSSHKVYLZKLZPZ[LTHZKLHKTPUPZ[YHJP}UKLTHU[LUP
TPLU[VJVTW\[HYPaHKVZ*44:WVYZ\ZZPNSHZLUPUNStZ
ZLKPLYVUJ\LU[HYmWPKHTLU[LX\LSH[YHUZMVYTHJP}UKL
*44: LU \U ZPZ[LTH KL HKTPUPZ[YHJP}U KL IPLULZ LZ
T\JOVTmZJVTWSLQVX\LVMYLJLYJHTWVZHKLJ\HISLZ
HKPJPVUHSLZLUZ\ZT}K\SVZKLPU]LU[HYPVKLIPLULZ
,Z[H[YHUZMVYTHJP}UYLX\PLYLKLSKLZHYYVSSVKL\UHIHZLKL
JVUVJPTPLU[V JVTWYLUZP]V KL SVZ Tt[VKVZ KL JmSJ\SV
KLJVZ[VKLSJPJSVKL]PKH\ULU[LUKPTPLU[VJVTWSL[VKL
SVZ LKPÄJPVZ ` \UH IHZL KL KH[VZ L_OH\Z[P]H ` KL JVU
[PU\HL]VS\JP}UKLKH[VZKLJVZ[VZKLJPJSVKL]PKH3VZ
KLZHYYVSSHKVYLZKL*44:KLJPKPLYVUJVU[PU\HYJVUZ\
ULNVJPVWYPUJPWHSTmZX\LPU]LY[PYLU\UU\L]VJHTWV
` KP]LYZPÄJHY Z\Z HJ[P]PKHKLZ ( WHY[PY KL LZ[L W\U[V
M\PTVZ[LZ[PNVZKL\UHKP]LYNLUJPHLU[YLSVZWYV]LLKVYLZ
KLSVZZPZ[LTHZKLHKTPUPZ[YHJP}UKLIPLULZ`ZPZ[LTHZKL
HKTPUPZ[YHJP}UKLTHU[LUPTPLU[VJVTW\[HYPaHKVZ
9mWPKHTLU[LKLZW\tZZ\YNP}SHZPN\PLU[LNLULYHJP}UKLZPZ
[LTHZKLHKTPUPZ[YHJP}UKLIPLULZJVTV:HYYH9LJHWW
=-(MHJPSP[``(U[PSVWL(\UX\LLZ[mUIHZHKVZLUKPML
YLU[LZLUMVX\LZ[VKVZJVU[PLULUT}K\SVZKLWYVU}Z
[PJVKLJVZ[VKLJPJSVKL]PKHLSLTLU[VZKLWSHULHJP}U
KL[YHIHQVJVTWYLUZP]V`T}K\SVZLSHIVYHKVZKLHKTPUPZ
[YHJP}UKLKH[VZKLL]HS\HJP}UKLSHZJVUKPJPVULZ
/V` LU KxH SH PTWVY[HUJPH KL JVTWHY[PY KH[VZ JVT\ULZ
LU[YLSHZWHY[LZPU[LYLZHKHZ`LSH]HUJLKL[LJUVSVNxHJVTW\
[HJPVUHSZLOHU]\LS[VJH[HSPaHKVYLZWHYHSHJVU]LYNLUJPH
KLSVZZPZ[LTHZKLHKTPUPZ[YHJP}UKLIPLULZ`SVZZPZ[L
THZKLHKTPUPZ[YHJP}UKLTHU[LUPTPLU[VJVTW\[HYPaHKVZ
:(99( :PZ[LTH KL 9LUV]HJP}U KL IPLULZ ` (ZPNUHJP}U KL
9LJ\YZVZWVY;LJUVSVNxHZ.,:
9,*(77WVY;LJUVSVNxHZKL7SHULHJP}U-xZPJH
=-(MHJPSP[`WVY=-(
(U[xSVWLWVY:VJV[LJ
@HX\L*44:LZJVUZPKLYHKVWVYT\JOVZJVTVLSW\U[V
KLLU[YHKHLU\ULKPÄJPVLUJ\HU[VHKH[VZKLSVZIPLULZ
\UH[LUKLUJPHPTWVY[HU[LZLYmLSKLZHYYVSSVKLPU[LYMHZLZ
LU[YLSVZZPZ[LTHZKLHKTPUPZ[YHJP}UKLIPLULZ`SVZZPZ[LTHZ
KLHKTPUPZ[YHJP}UKLTHU[LUPTPLU[VJVTW\[HYPaHKVZ
0TWSLTLU[HJP}UKL\U(4:
,UZLN\PKHLZ[mLSLUMVX\L\[PSPaHKVWVYLSZPZ[LTHLK\
JH[P]VW‚ISPJVWYPTHYPV`ZLJ\UKHYPV`LS4PUPZ[LYPVKL
,K\JHJP}ULUZ\LZM\LYaVWHYHPTWSLTLU[HY\UZPZ[LTH
KLHKTPUPZ[YHJP}UKLIPLULZX\LLMLJ[P]HTLU[LJ\TWSH
SHZULJLZPKHKLZKLZ\Z\Z\HYPVZ,SZPZ[LTHWVZPISLTLU[L
LTWPLJLHM\UJPVUHYLULS
-VYTL\UJVTP[tKLKPYLJJP}UWHYHHZLN\YHYX\LSHZ
YLHSPKHKLZ`ULJLZPKHKLZKLSVZJVUZLQVZLZJVSHYLZHZx
JVTVSVZKLSTPUPZ[LYPVZLYLZWL[LU
0KLU[PÄX\LSVZYLX\LYPTPLU[VZKLSZPZ[LTHImZPJV`Z\Z
JHYHJ[LYxZ[PJHZ[HSLZJVTV!
‹-mJPSWHYHLS\Z\HYPV
‹<[PSPaHKVWVY[VKVZSVZJVUZLQVZLZJVSHYLZ
‹Ø[PSWHYH[VKVZSVZPU]VS\JYHKVZLUSHHKTPUPZ[YHJP}UKL
SHZL_PZ[LUJPHZKLLKPÄJPVZ[HU[VWHYHSVZJVUZLQVZLZJV
SHYLZ`LSTPUPZ[LYPVKHKVX\LSVZJVUZLQVZLZJVSHYLZZVU
YLZWVUZHISLZ KL SHZ KLJPZPVULZ KL SH HKTPUPZ[YHJP}U KL
IPLULZ`LSTPUPZ[LYPVKLSHVYPLU[HJP}U`LSÄUHUJPHTPLU[V
‹(JJLZPISLH[YH]tZKL0U[LYUL[
‹(KHW[HISLWHYHWLYTP[PYSHHKPJP}UKLJHYHJ[LYxZ[PJHZ
M\[\YHZ`\UPU[LYMHZLJVUV[YVZVM[^HYL
+L[LYTPUHYSHZVWJPVULZJVTWYHKLZHYYVSSV!:LKLJPKP}
JVTWYHYSHZSPJLUJPHZKL\UZPZ[LTHL_PZ[LU[L`OHJLY
WLX\L|VZJHTIPVZWHYHHKHW[HYSVHSHZYLHSPKHKLZ`SHZ
ULJLZPKHKLZLZWLJxÄJHZKLSVZJVUZLQVZLZJVSHYLZ
9L\UPYZLJVUSHZJVTWH|xHZX\LVMYLJLUZVM[^HYLKL(4:
6I[LULY SH HWYVIHJP}U WHYH WYVJLKLY JVU SH MHZL KL
PTWSLTLU[HJP}U
(JLW[HYSHWYVW\LZ[HKLSHJVTWH|xH"8\tILJLSPNP}H
SHJVTWH|xH.90*:\UHVYNHUPaHJP}UUVS\JYH[P]HX\L
WLY[LULJLHSVZJVUZLQVZLZJVSHYLZWHYH!
‹(KX\PYPYSHZSPJLUJPHZKLSZPZ[LTHLZ[VLZ:(99(
‹:\WLY]PZHYSHZTLQVYHZVTVKPÄJHJPVULZ
‹9LJPIPY LS ZPZ[LTH ` OHJLYSV HJJLZPISL H [VKVZ SVZ
JVUZLQVZLZJVSHYLZ`HSTPUPZ[LYPVWHYH\UJVZ[VPUP
JPHSHIZVYIPKVWVYLSTPUPZ[LYPV
‹(ZLN\YLLSTHU[LUPTPLU[V`LSHWV`V
‹-HJPSP[LSHZSPNHZHV[YVZVM[^HYL\[PSPaHKVWVYSVZJVU
ZLQVZLZJVSHYLZ
3SL]LHJHIV\UWYVNYHTHWPSV[V
0TWSLTLU[LTVKPÄJHJPVULZHSZPZ[LTH
,Z[HISLaJHHJ\LYKVZLU[YLSVZJVUZLQVZLZJVSHYLZ`.90*:
0UZ[HSLLSZVM[^HYLLUZLY]PKVYLZ.90*:
*HWHJP[LHSVZJVUZLQVZLZJVSHYLZ`HSVZM\UJPVUHYPVZ
LULSTPUPZ[LYPV
/HNH\UPU]LU[HYPVKLSVZIPLULZL]HS‚LSHJVUKPJP}U
KLSHZL_PZ[LUJPHZKLLKPÄJPVZLPUJS\`HSVZKH[VZLULS
ZPZ[LTH
9LX\PLYH X\L SVZ JVUZLQVZ LZJVSHYLZ PUNYLZLU SVZ
KH[VZLUMHZLZ
,]HS‚L LS THU[LUPTPLU[V KPMLYPKV 8\tILJ SSL]HYm H
JHIV LZ[H L]HS\HJP}U LU LS ZLPZ H|VZ KLZW\tZ
KLSH‚S[PTHL]HS\HJP}UJ\HU[P[H[P]HKLSHZL_PZ[LUJPHZ
KLLKPÄJPVZKLLK\JHJP}UW‚ISPJHWYPTHYPH`ZLJ\UKH
YPH,ULSLSTHU[LUPTPLU[VKPMLYPKVM\LKL
HWYV_PTHKHTLU[LKLS]HSVYKLYLLTWSHaVKLSHZ
L_PZ[LUJPHZKLLKPÄJPVZ
9LX\LYPTPLU[VZ)mZPJVZ9LJVTLUKHKVZWHYH\U
:PZ[LTHKL(KTPUPZ[YHJP}UKL)PLULZ
,UZLN\PKHZLWYLZLU[HUSVZYLX\LYPTPLU[VZImZPJVZYLJVTLU
KHKVZWHYH\U(4:IHZHKVLUSHZHJ[P]PKHKLZX\LZLSSL]HYVU
H JHIV LU LZ[L WYV`LJ[V ` SHZ U\TLYVZHZ KPZJ\ZPVULZ JVU
HKTPUPZ[YHKVYLZKLLKPÄJPVZ!
0U]LU[HYPVKLSVZIPLULZ
*VTVLSUVTIYLSVZ\NPLYL\UZPZ[LTHKLHKTPUPZ[YHJP}UKL
IPLULZ KLIL PUJS\PY PUMVYTHJP}U JVTWSL[H KL SVZ IPLULZ
KLU[YVKL\UHIHZLKLKH[VZMmJPSTLU[LHJ[\HSPaHISL+LIL
LZ[HYIHZHKVLU\UZPZ[LTHKLJSHZPÄJHJP}UYLJVUVJPKVWVYSH
PUK\Z[YPH[HSJVTVLS<50-694(;00<UPU]LU[HYPVKLIPLULZ
LZ[HUKHYPaHKVZL]\LS]LSHIHZLWHYHYLMLYLUJPHÄUHUJPHTP
LU[VLX\P[H[P]VWYVU}Z[PJVKLJVZ[VZLPU[LNYHYV[YVZVM[^HYL
KLHKTPUPZ[YHJP}UKL[YHIHQV`HZLN\YHX\L[VKVZHX\LSSVZX\L
\[PSPJLULSZPZ[LTHOHISLULSTPZTVSLUN\HQL
UPKVZ`SH]PKHKLZLY]PJPVYLZ[HU[LKLSVZIPLULZ,SZPZ[LTH
[HTIPtUKLILJHSJ\SHYSHZHZPNUHJPVULZKLMVUKVKLYLZLY]H
HU\HSLZ`ZPT\SHYWHYmTL[YVZLJVU}TPJVZ[HSLZJVTVSHWYV
]PZP}U`SHPUKL_HJP}UKLSH|VLUJ\YZV
7YPVYPKHKLZ`WSHULHJP}UKLS[YHIHQV
<UH]LaX\LZLOHUSSL]HKVHJHIVSHZWYV`LJJPVULZKLJVZ[V
PUPJPHS\U(4:KLILWLYTP[PYHSVZHKTPUPZ[YHKVYLZLZ[HISLJLY
Z\ZWSHULZKLJHWP[HSHSLZ[HISLJLYWYPVYPKHKLZLUSHZHJ[P]P
KHKLZKLYLUV]HJP}UJVUIHZLLUJH[LNVYxHZKLWYPVYPKHKLZ
HKLJ\HISLZZLN\YPKHKKL]PKHÄUKL]PKHJ\TWSPTPLU[VJVU
LSJ}KPNVLULYNxHL[JLPUKPJHKVYLZKLKLZLTWL|VJSH]LZ
JVTVLSÐUKPJLKL*VUKPJP}UKL0UZ[HSHJP}UWVYSH(ZVJPHJP}U
KL-\UJPVUHYPVZKL0UZ[HSHJPVULZKL,K\JHJP}U:\WLYPVY,Z[H
KVZ <UPKVZ (KLTmZ LS ZPZ[LTH [HTIPtU KLIL WLYTP[PY H
SVZHKTPUPZ[YHKVYLZYHZ[YLHYLSLZ[H[\ZKLHJ[P]PKHKLZKLYLUV
]HJP}U KLZKL LS TVTLU[V LU X\L ZVU HWYVIHKHZ OHZ[H Z\
[LYTPUHJP}U 3HZ HJ[P]PKHKLZ KL YLUV]HJP}U X\L UV LZ[mU
HWYVIHKHZVLQLJ\[HKHZKLILU[YHUZMLYPYZLH\[VTm[PJHTLU[L
HSH|VZPN\PLU[L3HPUMVYTHJP}UYLZWLJ[VHIPLULZX\LOHU
ZPKV YLLTWSHaHKVZ V YLWHYHKVZ ZL PUNYLZH LU[VUJLZ HS ZPZ
[LTHWHYHYLÅLQHYZ\U\L]HJVUKPJP}U
*VZ[VZKLYLWHYHJP}U`KLTHU[LUPTPLU[VWYL]LU[P]V
(KLTmZKLSYLX\LYPTPLU[VX\LLSZPZ[LTHPUJS\`L\UHIHZL
KL KH[VZ KL JVZ[VZ KL YLLTWSHaV WHYH SVZ [PWVZ KL IPLULZ
JVT‚UTLU[L LUJVU[YHKVZ LU LKPÄJPVZ [HTIPtU KLIL JVU
[LULY THU[LUPTPLU[V WYL]LU[P]V ` SVZ KH[VZ KL JVZ[VZ KL
YLWHYHJP}U WHYH J\HU[PÄJHY SVZ WYLZ\W\LZ[VZ KL VWLYHJP}U
H[YPI\PKVZHLZ[HZ[HYLHZPTWVY[HU[LZHZxJVTVPTWSLTLU[HY
TVKLSVZKLÄUHUJPHTPLU[VLX\P[H[P]V
4}K\SVKLYLWVY[LLMLJ[P]V
<UVKLSVZT}K\SVZJYx[PJVZKL\U(4:LZZ\T}K\SVKLYLWVY[L
,Z[L T}K\SV KLIL WLYTP[PY H SVZ \Z\HYPVZ NLULYHY YLWVY[LZ
NYmÄJHZ`MV[VNYHMxHZ"\UHL]HS\HJP}UKLSHJVUKPJP}UNLUL
YHSKLSHZL_PZ[LUJPHZKLLKPÄJPVZ"\UHSPZ[HKLHJ[P]PKHKLZKL
YLUV]HJP}UKLJHWP[HSWVYH|VJH[LNVYxH`WYPVYPKHK"THU[LUP
TPLU[VKPMLYPKV`\UHWYV`LJJP}UKLTHU[LUPTPLU[VKPMLYPKV
HU\HSIHZHKVLU\UÄUHUJPHTPLU[VHU\HSLZWLYHKV,ST}K\SV
KLYLWVY[LKLIL[LULYSHJHWHJPKHKKLL_WSV[HY[VKVZSVZKH[VZ
YLSHJPVUHKVZJVULSPU]LU[HYPVKLIPLULZJVUKPJP}U`JVZ[VZKL
YLUV]HJP}UKLJHWP[HS
,]HS\HJP}UKLJVUKPJP}U
,SZPZ[LTHKLILWLYTP[PYSHLU[YHKHKLKH[VZKLJVUKPJPVULZ
KL IPLULZ JVTV JSHZPÄJHJP}U KL SHZ JVUKPJPVULZ ]PKH KL
ZLY]PJPVYLZ[HU[LJ\Y]HZKLKL[LYPVYVKLÄJPLUJPHZTLKPKHZ
JVYYLJ[P]HZJVZ[V`H|VWSHULHKVZUV[HZKVJ\TLU[VZPTm
NLULZ`JH[LNVYxHZKLWYPVYPKHK
4HU[LUPTPLU[VKPMLYPKV
,S (4: KLIL J\HU[PÄJHY LS THU[LUPTPLU[V KPMLYPKV JVZ[VZ
KLYLUV]HJP}U`YLLTWSHaVX\LKLIPLYVUOHILYZLSSL]HKVH
JHIVHSHMLJOHWLYVUVZLOHUOLJOVKLIPKVHYLZ[YPJJPVULZ
ÄUHUJPLYHZ`V[YHZ`WYLZLU[HY\UKLZNSVZLWVYLKPÄJPV`WVY
[PWVKLJH[LNVYxHKLIPLULZWHY[LL_[LYUHKLSLKPÄJPVJHSL
MHJJP}U]LU[PSHJP}U`HPYLHJVUKPJPVUHKVLSLJ[YPJPKHKL[J
7HYHOHJLYLZ[VLSZPZ[LTHKLILJVU[LULY\UHIHZLKLKH[VZ
KL JVZ[VZ KL YLLTWSHaV WYLKLÄUPKVZ WHYH SVZ [PWVZ TmZ
JVT\ULZKLIPLULZKLLKPÄJPVZ
*VZ[VZKLYLUV]HJP}UKLJHWP[HS
,S ZPZ[LTH KLIL ZLY JHWHa KL WYV`LJ[HY SVZ JVZ[VZ KL YLUV
]HJP}UKLJHWP[HSHSHYNVWSHaVWVYLQLTWSVH|VZIHZHKV
LUHJ[P]PKHKLZKLYLUV]HJP}UJVZ[VZKLYLLTWSHaVWYLKLÄ
(Y[xJ\SVLZJYP[VWVY!
+PUV.LYIHZP
=PJL7YLZPKLU[LKL0U]LZ[PNHJP}U`+LZHYYVSSV
.,:;LJOUVSVNPLZ0UJ
8\tILJ*HUHKm
-H_! ,THPS!KNLYIHZP'NLZPU[JVT
@.PSSLZ4HYJOHUK
+PYLJ[VYKL0UZ[HSHJPVULZ,ZJVSHYLZ
4PUPZ[LYPVKL,K\JHJP}UKL8\tILJ
8\tILJ*HUHKm
-H_! ,THPS!NPSSLZTHYJOHU['TLXNV\]XJJH
3(9,56=(*0Ô5+,36:
,+0-0*06:,+<*(;0=6:
*653(67;040A(*0Ô5
+,3<:6+,,5,9.Ð(
3VZLZ[\KPVZKLSJHZVX\LKLT\LZ[YHUSHYLUV]HJP}UKLSVZ
LKPÄJPVZLK\JH[P]VZJVUSHVW[PTPaHJP}UKLS\ZVKLLULYNxH
YL\UPKVZWVYSH(NLUJPHKL,ULYNxH0U[LYUHJPVUHS0,(WVY
Z\Z ZPNSHZ LU PUNStZ WYVWVYJPVUHU PUMVYTHJP}U HJLYJH KL
[LJUVSVNxHZKLYL[YVHQ\Z[LLUMVX\LZKLHOVYYVKLLULYNxH`
LZ[YH[LNPHZKL]LU[PSHJP}U(SN\UVZKLZJ\IYPTPLU[VZNLULYHSLZ
ZLWYLZLU[HUHX\xQ\U[VJVU\ULZ[\KPVKLJHZV,ZJ\LSH,NLI
QLYNLU+PUHTHYJHLSJ\HSKLT\LZ[YHJ}TVSH]LU[PSHJP}U
UH[\YHSZLW\LKLPUJVYWVYHYH\UWYV`LJ[VKLYLUV]HJP}U
WYV`LJ[VZLStUMHZPZWYPUJPWHSM\LLUTLQVYHYSHJVTVKPKHK
PU[LYPVYSHJHSPKHKKLSHPYLVSHJVTVKPKHKKLSHPS\TPUHJP}U
`SVZHOVYYVZKLLULYNxHZLJVUZPKLYHYVUZLJ\UKHYPVZ
3VZHOVYYVZKLLULYNxHKLSVZKPMLYLU[LZWYV`LJ[VZ]HYPH
YVU HTWSPHTLU[L ]LY ÄN\YHZ H ` I ` WHYH HSN\UVZ
WYV`LJ[VZ M\LYVU JVUZPKLYHISLZ! OHZ[H LS WHYH
JHSLMHJJP}U ` KLS WHYH LSLJ[YPJPKHK ,S JVU
Z\TVKLLULYNxHKLJHSLMHJJP}UWVYLQLTWSVWHYHSVZ
WYV`LJ[VZKHULZLZ`HSLTHULZHU[LZKLSYL[YVHQ\Z[LM\L
KLR>OTH|V`ZLYLK\QLYVUH R>O
TH|V ,U LS V[YV L_[YLTV KL SH LZJHSH SVZ WYV`LJ[VZ
LU LS 9LPUV <UPKV ` LU SVZ ,Z[HKVZ <UPKVZ YLWVY[HYVU
HOVYYVZTVKLZ[VZKLWHYHJHSLMHJJP}U`JLYJHKLS
WHYHLSLJ[YPJPKHK
3VZPU]LZ[PNHKVYLZKLKPLaWHxZLZYL\UPLYVULZ[\KPVZKL
JHZVZKLTLKPKHZKLYL[YVHQ\Z[LJVTVWHY[LKLS[YHIHQVKL
SH0,(WHYHKLZHYYVSSHYLS(ZLZVYKL*VUJLW[VKL,ULYNxH
\UHOLYYHTPLU[HKLYL[YVHQ\Z[LIHZHKHLU0U[LYUL[WHYHSVZ
X\L[VTHUSHZKLJPZPVULZ]LY7,),_JOHUNLUV6J[\
IYLKLS3VZLZ[\KPVZKLJHZVPUJS\`LYVULZJ\LSHZ
ZLPZ\UP]LYZPKHKLZ`\UHN\HYKLYxHKLSVZ,Z[HKVZ<UPKVZ`
U\L]LWHxZLZL\YVWLVZ!+PUHTHYJH-PUSHUKPH-YHUJPH(SL
THUPH.YLJPH0[HSPH5VY\LNH7VSVUPH`LS9LPUV<UPKV
;LJUVSVNxHZKLYL[YVHQ\Z[L
3HZ [LJUVSVNxHZ KL YL[YVHQ\Z[L KL LULYNxH L]PKLU[LZ LU
SVZLZ[\KPVZKLJHZVZPUJS\`LYVULSTLQVYHTPLU[VKLSH
WHY[LL_[LYUHKLSLKPÄJPVSHPS\TPUHJP}USHJHSLMHJJP}U
LSLUMYPHTPLU[V`SH]LU[PSHJP}UHZxJVTVLS\ZVKLLULYNxH
ZVSHY:PUZLYZVYWYLUKLU[LLU[YLSVZWYV`LJ[VZZLHWSPJH
YVUTmZMYLJ\LU[LTLU[L[LJUVSVNxHZKLJVUZLY]HJP}UKL
LULYNxH[YHKPJPVUHSLZ[VLZHPZSHTPLU[V]LU[HUHZJ\IPLY
[HZJVUIHQHLTPZP]PKHKZPZ[LTHZKLPS\TPUHJP}ULStJ[YPJH
LÄJPLU[LZ`ZPZ[LTHZU\L]VZKLJHSLMHJJP}U3VZJVUJLW
[VZTmZYLJPLU[LZJVTVSH]LU[PSHJP}UOxIYPKHUH[\YHS`SH
]LU[PSHJP}UJVU[YVSHKHHKLTHUKHM\LYVUPTWSLTLU[HKVZ
LU\UWVJVTHZKLSKLSVZWYV`LJ[VZ+LSHTPZTH
THULYH LU HWYV_PTHKHTLU[L \U [LYJPV KL SVZ WYV`LJ
[VZZLHWSPJHYVUSVZWYPUJPWPVZKLS\aUH[\YHS`LSJVU[YVS
TLQVYHKVKLSVZZPZ[LTHZKLPS\TPUHJP}UHY[PÄJPHS
,UMVX\LZKLHOVYYVKLLULYNxH
3VZ LZ[\KPVZ KL JHZVZ YL]LSHYVU [YLZ LUMVX\LZ SVZ J\HSLZ
YLZ\S[HYVULUKPMLYLU[LZJHU[PKHKLZKLHOVYYVZKLLULYNxH
3VZLZ[\KPVZX\LT\LZ[YHUHOVYYVZTmZHS[VZM\LYVUNLUL
YHSTLU[L WYV`LJ[VZ KL KLTVZ[YHJP}U LU SVZ X\L ]HYPHZ
[LJUVSVNxHZKLHOVYYVKLLULYNxHZLPTWSLTLU[HYVUJVTV
WHY[LKL\ULUMVX\LOVSxZ[PJV:PULTIHYNVSVZ[PLTWVZKL
YLZ[P[\JP}UM\LYVUSHYNVZ,UJVU[YHZ[LWHYHSVZWYV`LJ[VZ
X\LT\LZ[YHUHOVYYVZYLSH[P]HTLU[LWLX\L|VZZLHWSPJHYVU
TLUVZ[LJUVSVNxHZ`ZLW\ZVTmZtUMHZPZLU\ULUMVX\LKL
JVZ[VLMLJ[P]VX\LKPVJVTVYLZ\S[HKV[PLTWVZKLYLZ[P[\JP}U
TLKPHUHTLU[LIHQVZLULSVYKLUKLSVZJPUJVH|VZ,UV[YVZ
,Z[YH[LNPHZKL]LU[PSHJP}U
<UH JVTWHYHJP}U LU[YL SVZ WYV`LJ[VZ KL YL[YVHQ\Z[L
TVZ[Y} X\L SHZ LZJ\LSHZ LU KPMLYLU[LZ WHxZLZ ZPN\PLYVU
KPMLYLU[LZ LZ[YH[LNPHZ KL ]LU[PSHJP}U -PUSHUKPH LUMH[Pa} SH
JHSPKHKKLHPYLPU[LYPVY`[YH[}KLTLQVYHYLZ[VJVU]LU[P
SHJP}UTLJmUPJHJVUYLJ\WLYHJP}UKLJHSVY+PUHTHYJH`
5VY\LNH[LUKPLYVUHYLLTWSHaHYSH]LU[PSHJP}UTLJmUPJH
JVU]LU[PSHJP}UOxIYPKHUH[\YHSX\LZLW\LKLHWV`HYJVU
]LU[PSHKVYLZZPLZULJLZHYPV-YHUJPH[YHIHQ}`HZLHJVU\UH
[HZHKLJHTIPVKLHPYLTxUPTHWYV]PZ[VWVY\UZPZ[LTHKL
]LU[PSHJP}UTLJmUPJH`]LU[PSHJP}UHKPJPVUHSKLSHHWLY[\YH
KL]LU[HUHZVJVUZ}SV]LU[PSHJP}UUH[\YHSKLSHZ]LU[HUHZ
(SLTHUPHTVZ[Y}[YLZLZ[YH[LNPHZKPMLYLU[LZKL]LU[PSHJP}U
UH[\YHS LU Z\Z [YLZ LZJ\LSHZ YL[YVHQ\Z[HKHZ! SH WYPTLYH HS
ZPTWSLTLU[LHIYPY]LU[HUHZSHZLN\UKHJVU\UWYLJHSLU
[HTPLU[VWYLLUMYPHTPLU[V WVY H[YPVZ ` SH [LYJLYH H [YH]tZ
,ZJ\LSH,NLIQLYN+PUHTHYJH
,S WYVW}ZP[V KL LZ[L WYV`LJ[V KHUtZ M\L KLTVZ[YHY X\L
\UHYLUV]HJP}ULJVS}NPJH`KLLÄJPLUJPHKLLULYNxHKL\UH
LZJ\LSH JVUZ[Y\PKH LU SVZ H|VZ »Z W\LKL WYVK\JPY \U
JSPTHPU[LYPVYZHUVH\UJVZ[VYHaVUHISL3H[LJUVSVNxH
KLJVUZ[Y\JJP}UTVKLYUHZLJVTIPU}JVUSH]LU[PSHJP}U
UH[\YHS`SHJHSLMHJJP}UZVSHYHJ[P]H`SVZTH[LYPHSLZZL
LSPNPLYVUJ\PKHKVZHTLU[L,SWYV`LJ[VPUJS\`}\UHWHY[L
ZLSLJJPVUHKHKLSH,ZJ\LSH,NLIQLYNJVUZHSVULZKLJSHZL
JVYYLKVYLZ`ZHSVULZKLmYLHJVT‚UKLKVISLHS[\YH
,SJVUJLW[VKLSKPZL|VZLLUMVJ}LUYLK\JPYWtYKPKHZKL
JHSVYH[YH]tZKLS[LJOVMHJOHKHZ`]LU[HUHZ`YLLTWSH
aHY LS ZPZ[LTH KL ]LU[PSHJP}U TLJmUPJH L_PZ[LU[L <UH
JVUZ[Y\JJP}UU\L]HKL[LJOVJVUWLUKPLU[LYLLTWSHa}HS
[LJOVWSHUVVYPNPUHS`ZLH|HKP}\UWYVTLKPVKLJTKL
SHUHTPULYHSKHUKV\UHPZSHTPLU[VKLJTKLNY\LZV
LU[V[HS;VKHZSHZMHJOHKHZZLYLUV]HYVUJVTWSL[HTLU[L
`[HTIPtUZLSLZHNYLN}SVZJTKLHPZSHTPLU[VKLSHUH
TPULYHS3HZ]LU[HUHZLUSHZZLJJPVULZZLSLJJPVUHKHZKL
SHLZJ\LSHZLYLLTWSHaHYVUJVU]LU[HUHZKLIHQHLULYNxH
JVU\U]HSVY<KL>T2
:L KPZL|} \U ZPZ[LTH KL ]LU[PSHJP}U UH[\YHS [V[HSTLU[L
U\L]V,SHPYLMYLZJVLU[YHH[YH]tZKLK\J[VZKLHPYLH
\UZ}[HUVKLIHQVKLSVZZHSVULZ+LSZ}[HUVLSHPYLZL
JVUK\JLHJHKHZHS}UKL[YmZKLYHKPHKVYLZJVU]LJ[VYLZ
KPZL|HKVZWHYHWYLJHSLU[HYLSHPYL,SHPYLKLQHSVZZHSVULZ
H [YH]tZ KL SVZ JVYYLKVYLZ H \UH OHIP[HJP}U JVT‚U KL
KVISLHS[\YHWHYHYL\UPVULZJ\`V[LJOV[PLUL\UHJOPTL
ULHZVSHY`KLHPYL3HJOPTLULHLZ[mKPZL|HKHWHYH[YH
IHQHYWVYTLKPVKL\UHJVTIPUHJP}UKLWYLZP}UKLHPYL
,ZJ\LSH,NLIQLYN
LU)HSSLY\W
+PUHTHYJH
3PU[LYUHKLS\aUH[\YHS
HILY[\YHKL]LU[PSHJP}UL_[YH
!
TTKLHPZSHTPLU[VL_[YH
TTKLHPZSHTPLU[VL_[YH
TTKLHPZSHTPLU[VL_[YH
TTKLHPZSHTPLU[VL_[YH
KL[PYVZOHJPHSVZZHSVULZ`KLHOxH
SVZ JVYYLKVYLZ JVU HWV`V KL ]LU[P
SHKVYLZ3HLZJ\LSHWVSHJHZL]LU[PSH
‚UPJHTLU[LHSHIYPY]LU[HUHZ(\UX\L
LSWYV`LJ[VKLYL[YVHQ\Z[LKLS9LPUV
<UPKV UV THULQH L_WYLZHTLU[L
LZ[YH[LNPHZKL]LU[PSHJP}USHZLZJ\L
=PKYPVKL
LULYNxHLU
]LU[HUHZ
SHZX\LZLWYLZLU[HYVUZVU]LU[PSHKHZ *PYJ\SHJP}U
[xWPJHKL
NLULYHSTLU[L HS HIYPY ]LU[HUHZ ` H HPYL
TTKL
HPZSHTPLU[VL_[YH
]LJLZ ZL WYVWVYJPVUHIH ]LU[PSHJP}U
TLJmUPJHKL]LU[PSHKVYLZVHWV`VKL
SHJVYYPLU[L3HZKVZLZJ\LSHZKL,Z[H
KVZ<UPKVZZVU]LU[PSHKHZH[YH]tZKL
SHZ]LU[HUHZ`LU\UJHZVWVY\UZPZ[LTHTLJmUPJVHKP
JPVUHSJVUYLJ\WLYHJP}UKLJHSVY
*OPTLULHKL
]LU[PSHJP}U
!
7HYLKZVSHY
LUSHMHJOHKHZ\Y
)HSJ}U
,ZWHJPVJVT‚U
WHY[LKLSLZWHJPVJVT‚U
KVZWPZVZKLHS[V
,U[YHKHKLHPYLMYLZJV
9HKPHKVY`OV`VZ
KL]LU[PSHJP}U
:HS}UKLJSHZL
,ZWHJPVJVTWHJ[V
,ZWHJPVJVTWHJ[V
KP]mU
KP]mU
TT
TT
TT
(PYLWYLJHSLU[HKVKL
SHWHYLKZVSHY
TT
:LJJP}U[tJUPJHKLSH,ZJ\LSH,NLIQLYNX\L
T\LZ[YHLSZPZ[LTHKL]LU[PSHJP}U
`LSLMLJ[VKLJOPTLULHVYKPUHYPV+VZJmTHYHZZLWHYH
KHZLUSHJOPTLULHZPY]LUJVTVJVSLJ[VYLZKLHPYLZVSHY"
J\HUKV Z\IL SH [LTWLYH[\YH H JPLY[V NYHKV SH WYLZP}U
JYLHKHSHZHIYL\UHJHYHJ[LYxZ[PJHPUPJPHSTLU[LKPZL|HKH
WHYHSHVWLYHJP}ULU]LYHUV<U]LU[PSHKVYZLSVJHSPaH
LULSZ}[HUVWHYHNLULYHY\UHSPNLYHWYLZP}UZ\WLYPVYLU
JHZVKLX\LSHWYLZP}UUH[\YHSZLHKLTHZPHKVSL]LWHYH
NLULYHYSH]LU[PSHJP}UULJLZHYPH<U[PWVKLJVSLJ[VYKL
HPYLZVSHYSSHTHKV¸7HYLKZVSHYJHUHKPLUZL¹ZLPUZ[HSHLU
SHMHJOHKHZ\YKLSLKPÄJPVKLKVZWPZVZ:LSSL]HHPYLHS
Z}[HUVKLSJVSLJ[VYLUS\NHYKLSVZK\J[VZKLSH[PLYYH
J\HUKVZLHWYLJHSLU[HKVH\UH[LTWLYH[\YHZ\WLYPVY
*VUZ\TVKLLULYNxHLUSH,ZJ\LSH,NLIQLYN
(U[LZKLSHYLUV]HJP}U
+LZW\tZKLSHYLUV]HJP}U
*HSLMHJJP}U
R>OTõ
R>OTõ
,SLJ[YPJPKHKWHYH
]LU[PSHJP}UL
PS\TPUHJP}U
R>OTõ
R>OTõ
+LZW\tZ KLS YL[YVHQ\Z[L SVZ HS\TUVZ ` THLZ[YVZ X\L
JVU[LZ[HYVU\UJ\LZ[PVUHYPVYLWVY[HYVU\UHTLQVYH[V[HS
LUSHJHSPKHKKLJVTVKPKHKPU[LYPVYKLSHLZJ\LSHX\L
PUJS\`L\UJHTIPVWVZP[P]VLUSHJHSPKHKKLSHPYLJVTV
YLZ\S[HKVKLSHYLUV]HJP}U
9LMLYLUJPH
4¥YJR6LKP[VY¸0,(,*)*:(UL_V!,S9L[YVH
Q\Z[LLU,KPÄJPVZ,K\JH[P]VZ9,+<*,9LWVY[LZKL,Z[\KPV
KL*HZVZKLKPMLYLU[LZ7HxZLZ¹
(Y[xJ\SVLZJYP[VWVY!
/LPJRL,YOVYU2S\[[PN0UZ[P[\[V-YH\UOVMLYKL-xZPJHKL
*VUZ[Y\JJP}U:[\[[NHY[(SLTHUPHLTHPS!OR'PIWMON
KL`6]L4¥YJR
*LULYNPH*VUZ\S[VYLZKL,ULYNxH)HSSLY\W+PUHTHYJH
,THPS!VJT'JLULYNPHKR
:P[PV>LI!^^^HUUL_JVT
Artículo
3(*9,(*0Ô5+,(4)0,5;,:+,(79,5+0A(1,+,3:0.36
8\tLZSVX\LLZ[mPU]VS\JYHKVLUSHJYLHJP}UKLHTIPLU[LZKLHWYLUKPaHQLWHYHLSZPNSV&¦*}TVLZX\LSHZPUZ[HSHJPVULZLZJVSHYLZZPY]LU
JVTVOLYYHTPLU[HZWHYHSHLUZL|HUaH`J\TWSLUJVUSHZULJLZPKHKLZKLSVZLZ[\KPHU[LZLULSM\[\YV&¦8\tJVTWVULU[LZZLYLX\PLYLU
WHYHKPZL|HYLZJ\LSHZLMLJ[P]HZ`J}TVSHHYX\P[LJ[\YHZLYLSHJPVUHJVUSVZWYVW}ZP[VZKLSHLZJVSHYPKHK&,Z[HZZVUHSN\UHZKLSHZWYLN\U[HZ
X\LZLMVYT\SHYVULULSZLTPUHYPV¸3H*YLHJP}UKL(TIPLU[LZKL(WYLUKPaHQLKLS:PNSV¹VYNHUPaHKHWVYLS+LWHY[HTLU[VWHYHSH
,K\JHJP}U`/HIPSPKHKLZKLS9LPUV<UPKV`LS7YVNYHTHWHYHSH*VUZ[Y\JJP}U`LS,X\PWHTPLU[VKLSH,K\JHJP}U7,)KLSH6*+,
3HZYLZW\LZ[HZKLJ\H[YVWLYZVUHZJVUL_WLYPLUJPHKLWYPTLYHTHUVLUSHJVUZ[Y\JJP}UKLLZJ\LSHZLZ[mUYLZ\TPKHZHX\x<UWYVMLZPVUHS
LUSHHKTPUPZ[YHJP}U`LSKLZHYYVSSVL_WSPJHJ}TVLSLKPÄJPVLZJVSHYW\LKLZLY]PYJVTV\UHOLYYHTPLU[HKLHWYLUKPaHQL[YPKPTLUZPVUHS<U
KPYLJ[VYLZJVSHYKLZJYPILJVTVZ\LZJ\LSHW‚ISPJHKLYLJPLU[LJVUZ[Y\JJP}ULU5\L]HALSHUKHZLKPZL|VWHYHJ\TWSPYJVUSHZULJLZPKHKLZ
KLHWYLUKPaHQLKLLZ[\KPHU[LZKLSZPNSV<UWSHULHKVYKLJVUZ[Y\JJP}UWYLZLU[HSVX\LtSJVUZPKLYHSVZJVTWVULU[LZLZLUJPHSLZWHYH
KLZHYYVSSHYPUZ[HSHJPVULZLMLJ[P]HZWHYHLSTH|HUHHWV`HKVLUZ\WYVWPHL_WLYPLUJPHLUSHWSHULHJP}UKLLZJ\LSHZ-PUHSTLU[LLSKPYLJ[VY
KL\UHJVTWH|xHHYX\P[LJ[}UPJHKLÄULSVZWYVW}ZP[VZJVT\ULZKLSHLZJVSHYPKHKZLJ\UKHYPH`Z\YLSHJP}UJVULSKPZL|V
6[YVZJVUJLW[VZX\LKLÄUPYmULSM\[\YVKLSHLK\JHJP}U`SHHYX\P[LJ[\YHX\LSLKHL_WYLZP}UZLL_HTPUHYonLULSWasadoMVYVZVIYL¸0KLHZ
,TLYNLU[LZX\L*VULJ[HUSH,K\JHJP}U`SH(YX\P[LJ[\YH¹,SL]LU[VVYNHUPaHKVWVY+LZPNU:OHYLJVUIHZLLU,<(LUJVSHIVYHJP}U
JVU7,)ZLSSL]óHJHIVLU)HYJLSVUH,ZWH|HKLSHSKLQ\UPVKLS
,SLKPÄJPVLZJVSHYJVTVOLYYHTPLU[H
KLHWYLUKPaHQL
,SLTLU[VZHYX\P[LJ[}UPJVZJVTVHJJLZVYPVZKL
LUZL|HUaH
,Z[LHY[xJ\SVHUHSPaHJ}TVSHZVWVY[\UPKHKLZKLHWYLUKP
aHQLZLW\LKLULU[YL[LQLYKLU[YVKLSHLZ[Y\J[\YHKL\UH
LZJ\LSH OHJPLUKV H SVZ LKPÄJPVZ ` QHYKPULZ \UH WHY[L
HJ[P]H KLS WYVJLZV LK\JH[P]V 3H HYX\P[LJ[\YH LZJVSHY
W\LKL ZLY \UH OLYYHTPLU[H KL HWYLUKPaHQL [YPKPTLU
ZPVUHS\ULZJLUHYPVX\LLZ[mKPZL|HKVWHYHJYLHYJVU
JPLUJPHJVT\UPJHYPKLHZLPTWHY[PYSLJJPVULZ
3HZWHYLKLZKLSHLZJ\LSHJVT‚UTLU[LZPY]LUJVTV\UH
LZJLUH ZPSLUJPVZH WHYH JVSVJHY JHY[LSLZ ` V[YHZ L_WVZP
JPVULZLK\JH[P]HZ¦5VLZWVZPISLX\LSHZWHYLKLZ`V[YVZ
LSLTLU[VZZLHUJVTWVULU[LZHJ[P]VZLULSWYVJLZVKL
HWYLUKPaHQL JVU Z\Z WYVWPHZ OPZ[VYPHZ X\L JVU[HY& ¦5V
ZLYxHLSHWYLUKPaHQLT\JOVTmZKP]LY[PKVZPSVZLSLTLU[VZ
KLJVUZ[Y\JJP}UZL]VS]PLYHUHJJLZVYPVZKL[HTH|VYLHS
X\LWLYTP[PLYHUHSVZLZ[\KPHU[LZ\UPYSHZTH[LTm[PJHZ
SHT‚ZPJHSHJ\S[\YH`SHZHY[LZH[YH]tZKL\UWYVJLZV
JVTWYVTL[LKVY ` KL WHY[PJPWHJP}U& 7VY LQLTWSV SHZ
]LU[HUHZZLW\LKLUJVSVJHYLUWHYLKWHYHZ\NLYPYUV[HZ
T\ZPJHSLZ KL \UH JHUJP}U JVUVJPKH SVZ WH[YVULZ KLS
Z\LSV W\LKLU LZ[HY PUZWPYHKVZ LU MVYTHZ NLVTt[YPJHZ
SH MHJOHKH KL SH LZJ\LSH W\LKL OHISHY KL SH J\S[\YH `
[YHKPJP}UKLSHJVT\UPKHKHSHX\LZPY]LVLS[LJOVKLS
SVII`W\LKLYLÅLQHYSVZTPZ[LYPVZKLSHZLZ[YLSSHZ`JVU
Z[LSHJPVULZ3HZW\LY[HZ]LU[HUHZ`LU[YHKHZZLW\LKLU
]VS]LY VIQL[VZ WHYH Q\NHY ` LUZL|HY HJLYJH KL MVYTHZ
[HTH|VZ`WH[YVULZ3HZJVS\TUHZW\LKLUWYVWVYJPVUHY
[L_[\YH`HYVTH`SVZLSLTLU[VZWSHUVZW\LKLU]VS]LYZL
SPLUaVZ KPUmTPJVZ X\L JHW[\YHU SVZ KPMLYLU[LZ mUPTVZ
JYLHKVZWVYSHS\a`SHZVTIYHYLZHS[HUKVSHJVUJPLUJPH
KLSVZLZ[\KPHU[LZZVIYLSHZJVUKPJPVULZJHTIPHU[LZLU
KPMLYLU[LZTVTLU[VZKLSKxH`SHLUZL|HUaHKLJVUJLW
[VZKLS\a`[YHUZWHYLUJPH
,SWLUZHTPLU[VHJ[\HSZVIYLLSHWYLUKPaHQLZ\NPLYLX\L
SHLK\JHJP}UOHJHTIPHKVKLSOLJOVKLLZWLYHYX\LSVZ
LZ[\KPHU[LZ ZLHU YLJPWPLU[LZ WHZP]VZ KL JVUVJPTPLU[VZ
H HUPTHY H SVZ LZ[\KPHU[LZ H ZLY JVUZ[Y\J[VYLZ HJ[P]VZ
KLSJVUVJPTPLU[V3H[LVYxHKLHWYLUKPaHQLHJ[\HS[HT
IPtUYLX\PLYLKL\ULUMVX\LT\S[PKPZJPWSPUHYPVKVUKL
SVZLZ[\KPHU[LZHWYLUKLUJVUJLW[VZJVTV\U[VKVPU[L
NYHKVLUS\NHYKLPKLHZMYHNTLU[HKHZ,U\UJVUJLW[V
PU[LYKPZJPWSPUHYPV SVZ LZ[\KPHU[LZ ZVU JHWHJLZ KL ]LY
SHZ JVUL_PVULZ LU[YL SVZ [LTHZ ,Z[H YLHSPaHJP}U JYLH
\U HWYLUKPaHQLH\[tU[PJV\UHWYLUKPaHQLX\L SVZ LZ[\
KPHU[LZW\LKLUHWSPJHYHST\UKVHSYLKLKVYKLLSSVZ
<UHL_[LUZP}UUH[\YHSKLSHWYLUKPaHQLPU[LYKPZJPWSPUHYPV
LZLSHWYLUKPaHQLLUJVSHIVYHJP}U,SHWYLUKPaHQL[VTH
S\NHYLULX\PWVZKLKLZJ\IYPTPLU[V`NY\WVZKLPU]LZ[P
NHJP}UKVUKLSVZLZ[\KPHU[LZTHULQHUWYVISLTHZ`ZVS\
JPVULZKLMVYTHJVVWLYH[P]H`WHY[PJPWH[P]H
¦8\tMVYTHWVZPISLWVKYxH[VTHY\ULKPÄJPVLZJVSHYZP
SVZ ]HSVYLZ LK\JH[P]VZ KL WHY[PJPWHJP}U HJ[P]H SH PU[L
NYHJP}U ` SH JVSHIVYHJP}U ZL [YHK\QLYHU H HJLYV JVU
JYL[V]PKYPV`LZWHJPV&
3HKPZJ\ZP}UZLLUMVJHLU[YLZPKLHZJSH]L!
‹<[PSPaHY LSLTLU[VZ HYX\P[LJ[}UPJVZ JVTV HJJLZVYPVZ
KLLUZL|HUaH
‹,_WSV[HJP}UKLSVZZPZ[LTHZKLJVUZ[Y\JJP}UWHYHSLJ
JPVULZ KL JVULJ[P]PKHK ` Z\Z[LU[HIPSPKHK KL SH ]PKH
YLHS
‹*YLHJP}UKLZHSVULZKLJSHZLL_[LYPVYLZ`SHIVYH[VYPVZ
]P]PLU[LZ
7H[YVULZ LU LS [LJOV YLSH
[P]VZ H SHZ JVUZ[LSHJPVULZ
,ZJ\LSH =PJ[VYPH :PUNHW\Y
*7.*VUZ\S[VYLZ7[L3[K
KL PS\TPUHJP}U ` LSLTLU[VZ KL ZLY]PJPV WHYH THULQHY
SHKLZJHYNHKLHN\HKLSS\]PHLSHPYLHJVUKPJPVUHKVLS
HPYLMYLZJVL[J:PLZ[VZZPZ[LTHZLZ[mULZ[YH[tNPJHTLU[L
L_W\LZ[VZ HSYLKLKVY KL SH LZJ\LSH ` ZL PUZ[HSHU JVU SH
H`\KHKLOLYYHTPLU[HZKLHWYLUKPaHQLJVTVTLKPKVYLZ
`LZJHSHZWHYHSHVIZLY]HJP}U`SHPU]LZ[PNHJP}UW\LKLU
WYVWVYJPVUHYSLJJPVULZ]HSPVZHZKLJ}TV[YHIHQHUJ}TV
ZLQ\U[HUSVZLKPÄJPVZVJ}TVSHMxZPJHSHX\xTPJH`SH
JPLUJPHHTIPLU[HSZLW\LKLU\UPY
,SLTLU[VZHYX\P[LJ[}UPJVZX\LYLÅLQHUJVUJLW[VZKLTH[LTm[PJHZ
`JPLUJPH,ZJ\LSH:LJ\UKHYPH5<:WHYHSH*PLUJPH`SHZ
4H[LTm[PJHZ:PUNHW\Y*7.*VUZ\S[VYLZ7[L3[K
3HPKLHKL\UHLZJ\LSHJVTV\UHOLYYHTPLU[HKLHWYLUKP
aHQL [YPKPTLUZPVUHS ZL PUJVYWVY} KLU[YV KLS KPZL|V KL
SHU\L]H,ZJ\LSH:LJ\UKHYPH5<:WHYHSH*PLUJPH`SHZ
4H[LTm[PJHZ LU :PUNHW\Y ,Z[L WYV`LJ[V LZ LS WYPTLYV
LU Z\ [PWV LU LS WHxZ\UH LZJ\LSH ZLJ\UKHYPH KLZHYYV
SSHKH`HKTPUPZ[YHKHWVY\UH\UP]LYZPKHKSH<UP]LYZPKHK
5HJPVUHS KL :PUNHW\Y WHYH WYVWVYJPVUHY \U LZJLUHYPV
KLZHÄHU[L WHYH LZ[\KPHU[LZ JVU HW[P[\KLZ LU SH JPLUJPH
` SHZ TH[LTm[PJHZ ,S JHTW\Z M\L ]PZS\TIYHKV JVTV
\UHTIPLU[LHJ[P]V`]P]HaLU[YL[LQPLUKV\UHZLYPLKL
VWVY[\UPKHKLZKLHWYLUKPaHQLLUZ\[LSHHYX\P[LJ[}UPJH
7VY LQLTWSV \UH ¸7HYLK7P¹ [YHaH SH JVS\TUH KL SH
LZJ\LSH,SKPZL|VHYX\P[LJ[}UPJVKLSHWHYLKKLZ\MHJO
HKHLZ[mN\PHKVWVYSVZU‚TLYVZLUWPL_WYLZHKHJVTV
KPMLYLU[LZWHULSLZKL]HYPVZJVSVYLZ,SJ}KPNVPUJS\PKV
ZL W\LKL \ZHY JVTV \U KL[VUHKVY WHYH X\L SVZ LZ[\
KPHU[LZ L_WSVYLU L PU]LZ[PN\LU JVUJLW[VZ TH[LTm[PJVZ
JVTWSLQVZ6[YHMHJOHKHM\LKPZL|HKHJVTV\UH]LYZP}U
HIZ[YHJ[HKLSH[HISHWLYP}KPJH`SHZLZJHSLYHZLULSSVII`
KLSHLU[YHKHLZ[mPUZWPYHKHLULSUHUV[\IV
,Z[VZLQLTWSVZPS\Z[YHUSHZKPMLYLU[LZMVYTHZLUX\LSVZ
JVUJLW[VZJ\YYxJ\SVW\LKLUSSL]HYZLHJHIVH[YH]tZKLS
\ZV KL LSLTLU[VZ HYX\P[LJ[}UPJVZ JVTV HJJLZVYPVZ KL
LUZL|HUaHPUJS\`LUKVOPZ[VYPHZX\LW\LKLUZLY\ULZ[x
T\SVWHYHX\LLSHWYLUKPaHQLHJ[P]VVJ\YYHLUSHLZJ\LSH
OHJPLUKV KLS HWYLUKPaHQL HSNV KP]LY[PKV OHJPLUKV KLS
HWYLUKPaHQLHSNVYLHSOHJPLUKVX\LSVZLZ[\KPHU[LZZL
LTVJPVULUWVYHWYLUKLY
*VUZ[Y\JJP}UKLZPZ[LTHZWHYHSLJJPVULZZVIYL
SHJVULJ[P]PKHK`Z\Z[LU[HIPSPKHKKLSH]PKHYLHS
,S LKPÄJPV LZJVSHY [PLUL \U L_JLSLU[L WV[LUJPHS WHYH
TVZ[YHYSHJVULJ[P]PKHKKL]PKHYLHS3VZLKPÄJPVZ[xWP
JVZ HSILYNHU KPMLYLU[LZ ZPZ[LTHZ LZ[Y\J[\YHSLZ ZPZ[LTHZ
,SLKPÄJPVLZJVSHY[HTIPtUVMYLJL\UHI\LUHVWVY[\UP
KHKWHYHLUZL|HYHJLYJHKLSHZ\Z[LU[HIPSPKHKKLJ}TV
SVZ LKPÄJPVZ HMLJ[HU LS HTIPLU[L SV X\L JVUZ\TLU SH
JVU[HTPUHJP}UX\LWYVK\JLULU[tYTPUVZKLKLZWLYKP
JPV ` Y\PKV ` LS PTWHJ[V [V[HS KL JVU[HTPUHU[LZ ZVIYL
LSJHTIPVJSPTm[PJVSH]PKHZHS]HQL`SH]LNL[HJP}U3VZ
LQLTWSVZKLSHPUJVYWVYHJP}UL_P[VZHKLSVZJVUJLW
[VZKLZ\Z[LU[HIPSPKHKLULSKPZL|VPUJS\`LUKVZLZJ\LSHZ
LU ,Z[HKVZ <UPKVZ! 0ZSHUK>VVK \UH LZJ\LSH LU SVZ
IVZX\LZKLS,Z[HKVKL>HZOPUN[VU`SH,ZJ\LSH,SLTLU
[HS9V`3LL>HSRLYLU;L_HZ
:HSVULZKLJSHZLL_[LYPVYLZ`SHIVYH[VYPVZ]P]PLU[LZ
3VZ LKPÄJPVZ LZJVSHYLZ ` LS WHPZHQL MYLJ\LU[LTLU[L ZL
KPZL|HUPUKLWLUKPLU[LTLU[LJVU\UTH`VYLUMVX\LLU
LS JVTWVULU[L KLS LKPÄJPV ,U Z\Z H|VZ WVZ[LYPVYLZ H
SH VJ\WHJP}U Z\Z \Z\HYPVZ PU[YVK\JxHU H ]LJLZ ]HYPHZ
TLQVYHZ HS WHPZHQL [HSLZ JVTV \U WLX\L|V LJVQHYKxU
V\UO\LY[VKL]LNL[HSLZ¦*}TVLZX\LLSLKPÄJPV`LS
WHPZHQLZLW\LKLUPU[LNYHYTLQVYWHYHJYLHY\UHTIPLU[L
KLHWYLUKPaHQL[V[HS&,SWHPZHQLKLILZLY]PZ[VJVTV\U
PTWVY[HU[LYLJ\YZVWHYHHWYLUKLYUVJVTV\ULSLTLU[V
ZLJ\UKHYPV ZPUV JVTV \UH VWVY[\UPKHK WHYH L_[LUKLY
LS HWYLUKPaHQL L_[LYPVYTLU[L ,Z[H PKLH ZL PTWSLTLU[}
LUKVZWYV`LJ[VZX\LZLJVTWSL[HYVUYLJPLU[LTLU[LLU
:PUNHW\Y
3H,ZJ\LSH7YPTHYPH/LUY`7HYRLYH\UHWLX\L|HLZJ\LSH
WYPTHYPHJ\HUKVZLLZ[HISLJP}WVYWYPTLYH]LaLU 7YVU[VZL]VS]P}LU\UHKLSHZTLQVYLZLZJ\LSHZWYPTHYPHZ
KL:PUNHW\Y`HÄULZKLSVZ ‘ZZL[VT}SHKLJPZP}UKL
YLJVUZ[Y\PYSHLZJ\LSHWHYHH[LUKLYZ\TH[YxJ\SHHTWSPHKH
` YLHSaHYSH JVU U\L]HZ ` TLQVYHKHZ PUZ[HSHJPVULZ <UH
KLSHZPKLHZJSH]LWHYHSHU\L]HLZJ\LSHM\L[YHUZMVYTHY
LSmYLH]LYKLLU\U¸:LUKLYV=LYKL¹JVUZPZ[LU[LLU\UH
ZLYPLKLQHYKPULZ[LTm[PJVZJVULSWYVW}ZP[VKLLUZL|HYH
SVZLZ[\KPHU[LZHJLYJHKLSHÅVYH`MH\UHSVJHS`WYVWVY
JPVUHY\ULZJLUHYPVWHYHSLJJPVULZWYmJ[PJHZZVIYLJPLUJPH
` LJVSVNxH :L JYLHYVU mYLHZ L_[LYPVYLZ KL HWYLUKPaHQL
LZWLJPHSPaHKHZKLZKL\UOmIP[H[HJ\m[PJVH\UQHYKxUKL
OLSLJOVZ\UYPUJ}UKLJHJ[\Z`\UQHYKxUKLTHYPWVZHZ
JHKH\UVWYVWVYJPVUHUKV\UHI\UKHU[LYLJ\YZVWHYHSH
LUZL|HUaH`LSHWYLUKPaHQL
¸,S3HIVYH[VYPV=P]PLU[L¹
,ZJ\LSH=PJ[VYPH
\ULKPÄJPVLZJVSHYWHYHZ\\ZVTmZHSSmKLZ\M\UJP}UJVU
]LUJPVUHSPU]VS\JYHHLK\JHKVYLZ`KPZL|HKVYLZKLLZJ\L
SHZX\L[YHIHQHUQ\U[VZWHYHPKLU[PÄJHYSHZSLJJPVULZX\LLS
LKPÄJPVW\LKLLUZL|HY`I\ZJHYMVYTHZU\L]HZ`LTVJPV
UHU[LZWHYHX\LSVZLZ[\KPHU[LZPU[LYHJ[‚LU`HWYLUKHU
(TLKPKHX\LSHL_WLYPLUJPHLK\JH[P]HZL]\LS]LJHKH
]La TmZ HJ[P]H PU[LYKPZJPWSPUHYPH ` WHY[PJPWH[P]H SHZ
LZJ\LSHZ ZL KLILU KPZL|HY JVTV HTIPLU[LZ PU[LNYH
KVZ WYVWVYJPVUHUKV \U LZJLUHYPV X\L YLHSaH ` HWV`H
SH MVYTH LU X\L SVZ LZ[\KPHU[LZ HWYLUKLU ,S HTIPLU[L
MxZPJVKLILHSPULHYJVUJHTIPVZWLKHN}NPJVZWHYHSVNYHY
SVZVIQL[P]VZLK\JH[P]VZ,S\ZVKLSLKPÄJPV`SVZQHYKPULZ
LZJVSHYLZJVTV\UHOLYYHTPLU[HKLHWYLUKPaHQLLZ\UH
MVYTHKLJVULJ[HYSHWLKHNVNxH`LSKPZL|V\UHMVYTH
HKLSHU[HKHLUSHJYLHJP}UKLHTIPLU[LZKLHWYLUKPaHQL
WHYHLSZPNSV
¸,S:HS}UKL*SHZLZ,_[LYPVY¹,ZJ\LSH=PJ[VYPH
,SZLN\UKVWYV`LJ[VM\LLSYLKLZHYYVSSVKLSHZLN\UKH
LZJ\LSH TmZ ]PLQH KL :PUNHW\Y SH ,ZJ\LSH =PJ[VYPH
3VZLZWHJPVZL_[LYPVYLZZLYLKPZL|HYVUWHYH]VS]LYZLLS
JLU[YVKLSHTPZTHLZJ\LSH:\U\L]H¸,JV*HSSL¹MVYTH
SHHY[LYPHJLU[YHSKLSHLZJ\LSH`LZLSLSLTLU[VKLVYNHUP
aHJP}UWHYHLSWSHUSPULHS3VZSxTP[LZLU[YLLSLKPÄJPV`LS
WHPZHQLLZ[mUIVYYHKVZJVUJHTPUVZLUSHaHKVZW\LU[LZ`
]LYLKHZX\LZLLU[YLSHaHUH[YH]tZKLSL_\ILYHU[L]LYKVY
YL]LSHUKV \U [HWPa KL UH[\YHSLaH LUYPX\LJPKV WVY SH
HJ[P]PKHKLZ[\KPHU[PS`SHPU[LYHJJP}UKLU[YVKL\UZHS}U
L_[LYPVY3H,JV*HSSLHZ\TLSVZKVZYVSLZPTWVY[HU[LZKL
LZWHJPVZZVJPHSLZ`KLHWYLUKPaHQLLUYVSHKVZLU\UV3H
,JV*HSSLLZ[mKPZL|HKHJ\PKHKVZHTLU[LJVTV\U¸SHIV
YH[VYPV]P]PLU[L¹LUSxULHJVULStUMHZPZKLSHLZJ\LSHLU
PU[LNYHYSHUH[\YHSLaH`SHLJVSVNxHLULSWSHUKLLZ[\KPVZ
WYVWVYJPVUHUKV VWVY[\UPKHKLZ WHYH SVZ L_WLYPTLU[VZ
WYmJ[PJVZ`SHL]HS\HJP}UWLYTP[PLUKVX\LSVZLZ[\KPHU[LZ
HWYLUKHUHJLYJHKLSHLJVSVNxH`SHZJPLUJPHZKLSH]PKH
,U LZ[H LZJ\LSH ZLJ\UKHYPH SVZ THLZ[YVZ OPJPLYVU SVZ
WSHULZKLJSHZLZ\[PSPaHUKVSVZLZWHJPVZL_[LYPVYLZJVTV
ZHSVULZ KL JSHZL WHYH \UH ]HYPLKHK KL TH[LYPHZ PUJS\
`LUKVSP[LYH[\YH,SSVZYLJVUVJPLYVUSVZILULÄJPVZKLSHZ
JHYHJ[LYxZ[PJHZL_[LYPVYLZJVTV\ULZ[xT\SVWHYHZ\ZSLJ
JPVULZ3VZTHLZ[YVZOHU]PZ[VHZ\ZLZ[\KPHU[LZ]VS]LYZL
TLUVZPUOPIPKVZ`TmZL_WYLZP]VZ,SLZJLUHYPVPUMVYTHS
VMYLJPKVWVYSH,JV*HSSLOHJLHSVZLZ[\KPHU[LZTLUVZ
[LTLYVZVZKLHJ[\HYLZWVU[mULHTLU[LLUMYLU[LKLZ\Z
JVTWH|LYVZKLJSHZL+PZMY\[HUZ\ZJSHZLZ`HJ[P]PKHKLZ
T\JOVTmZ`WVULUTmZH[LUJP}U
*VUJS\ZP}U
,S JVUJLW[V KL \[PSPaHY LS LKPÄJPV LZJVSHY JVTV \UH
OLYYHTPLU[H KL HWYLUKPaHQL UV LZ U\L]V" `H L_PZ[LU
I\LUVZLQLTWSVZLU]HYPHZWHY[LZKLST\UKV,SKPZL|VKL
(Y[xJ\SVLZJYP[VWVY!
7OHU7P[3P
=PJLWYLZPKLU[LZLUPVY
*7.*VUZ\S[VYLZ7[L3[K:PUNHW\Y
-H_! ,THPS!WOHUWP[SP'JWNJVYWJVTZN
*VSLNPV(SMYPZ[VUWHYHLZ[\KPHU[LZKLS
ZPNSVLU5\L]HALSHUKH
*\HUKV LS *VSLNPV (SMYPZ[VU HIYP} LU LULYV KLS M\L SH WYPTLYH LZJ\LSH ZLJ\UKHYPH LZ[H[HS X\L ZL JVUZ
[Y\`}LU5\L]HALSHUKHLUTmZKLH|VZ3HU\L]H
JVUZ[Y\JJP}UWYLZLU[}\UHVWVY[\UPKHKWHYHYLÅL_PVUHY
ZVIYLSHZULJLZPKHKLZKLHWYLUKPaHQLKLSVZLZ[\KPHU[LZ
KLSZPNSV
*VSLNPV(SMYPZ[VULU(\JRSHUK
,S*VSLNPVH[PLUKLHLZ[\KPHU[LZKLH H|VZNYHKVZ
KL \UH JVT\UPKHK \YIHUH WYLKVTPUHU[LTLU[L
T\S[PJ\S[\YHSJVU\UHTWSPVYHUNVKLHU[LJLKLU[LZZVJPV
LJVU}TPJVZ 3H LZJ\LSH [PLUL SH JHWHJPKHK KL S\NHYLZ
*\H[YV [LUKLUJPHZ LK\JH[P]HZ TH`VYLZ PUÅ\LUJPHYVU LS
KPZL|VKLSHLZJ\LSH!
‹*HTIPVZLUSHZL_WLJ[H[P]HZKLHWYLUKPaHQL`LUZL|HUaH
‹9LSHJPVULZ`HZLHPU[YHLZJVSHYLZ`LU[YLSHLZJ\LSH`
SHJVT\UPKHK
‹-SL_PIPSPKHKLULZWHJPVZKLHWYLUKPaHQL
‹(JJLZV H SH [LJUVSVNxH KL PUMVYTHJP}U ` JVT\UPJH
JPVULZ;0*
*HTIPVZLUSHZL_WLJ[H[P]HZKLHWYLUKPaHQL`
LUZL|HUaH
,U SVZ ‚S[PTVZ H|VZ SHZ L_WLJ[H[P]HZ KLS HWYLUKPaHQL
` LUZL|HUaH OHU H\TLU[HKV LUVYTLTLU[L SV J\HS
YLÅLQH SH PTWVY[HUJPH JYLJPLU[L KLS JVUVJPTPLU[V LU
SHLJVUVTxH`SHZVJPLKHK3HZLZJ\LSHZ`HUVKLZLT
WL|HUSHM\UJP}UKLJ\PKHY\UHYLQHZPUVX\LYLX\PLYLU
LUMVJHYZLLULSKLZHYYVSSVL_P[VZVKL[VKVZSVZHS\TUVZ
,Z[VYLWYLZLU[HKLTHUKHZHS[HTLU[LJYLJPLU[LZZVIYLSH
JHSPKHKKLSHYLSHJP}UKLHWYLUKPaHQLLU[YLLSLZ[\KPHU[L
`LSTHLZ[YV3HJHSPKHKLUSHWYmJ[PJHKLSHLUZL|HUaH
UVOHJHTIPHKV"ZPLTWYLOLTVZZHIPKVJVTVLUZL|HY
LÄJHaTLU[LWLYVLULSZPNSVLZ[LUVLZLS‚UPJV[PWV
KLLUZL|HUaH`HWYLUKPaHQLX\LLZHJLW[HISL
+LSHTPZTHTHULYHLUX\LSVZLKPÄJPVZLZJVSHYLZ`WYV
NYHTHZKLLZ[\KPVKLSZPNSV UVJ\TWSLUJVUSHZULJLZP
KHKLZKLSZPNSVSH[LYTPUVSVNxHKLSZPNSV OHLTWLaHKV
H L_OPIPY Z\Z SPTP[HJPVULZ 3HZ LZJ\LSHZ ZVU PUZ[P[\JPVULZ
KL HWYLUKPaHQL ` SH [LYTPUVSVNxH JSH]L KLIL YLÅLQHY Z\
WYVW}ZP[VM\UKHTLU[HS!HWYLUKPaHQL`SPKLYHaNV(SMYPZ[VU
HZxOHHKVW[HKVSVZZPN\PLU[LZ[tYTPUVZKLSZPNSV
;LYTPUVSVNxHKLSZPNSV
;LYTPUVSVNxHKLSZPNSV
‹,X\PWVWYPUJPWHSKL
HKTPUPZ[YHJP}U
‹4HLZ[YV
‹,X\PWVWYPUJPWHS
KLSPKLYHaNV
‹3xKLYKLHWYLUKPaHQL
‹,UZL|HY
‹3PKLYHaNVKLHWYLUKPaHQL
‹:HS}UKLJSHZLZ
‹,ZWHJPVWHYHHWYLUKPaHQL
‹(KTPUPZ[YHJP}UKLSZHS}U
‹6YNHUPaHJP}UKLSHWYLUKPaHQL
‹+PYLJ[VYKLKLWHY[HTLU[V
‹+PYLJ[VYKLHWYLUKPaHQL
‹4H[LYPH
‹ÍYLHKLHWYLUKPaHQL
‹(`\KHU[LLK\JH[P]V
‹(ZPZ[LU[LKLHWYLUKPaHQL
,S HWYLUKPaHQL UV VJ\YYL UVYTHSTLU[L LU WHX\L[LZ
KPZJYL[VZIHZHKVZLUTH[LYPHZ,SHWYLUKPaHQLYLHSVJ\YYL
LUJVU[L_[V`[YHZJPLUKLMYVU[LYHZ3VZLZ[\KPHU[LZKLILU
¸]LYLSW\U[V¹KLSVX\LZLLZWLYHX\LLSSVZHWYLUKHU
;HTIPtUKLILUZLYJHWHJLZKLLU[LUKLYJVTVJ\HSX\PLY
HWYLUKPaHQLU\L]VZLHQ\Z[HLULSTHYJVKL[YHIHQVKLSV
X\L`HLU[PLUKLU
,S HWYLUKPaHQL LZ [YHUZJ\YYPJ\SHY WLYV SH LUZL|HUaH
ZLJ\UKHYPH LZ LZWLJPHSPZ[H ,Z[V WYLZLU[H \U YL[V WHYH
JYLHYHUJO\YH`H\[LU[PJPKHKLULSHWYLUKPaHQLYL[LUPLUKV
LSYPNVYKLSLZ[\KPVLZWLJPHSPZ[H3HZVS\JP}UKL(SMYPZ[VU
LZ [YHIHQHY OHJPH \U WYVNYHTH KL LZ[\KPVZ PU[LNYHKV H
[YH]tZKL\UHWSHULHJP}UWHY[PJPWH[P]H,STHYJVKL[YH
IHQVHTWSPVKLSWYVNYHTHKLLZ[\KPVZZLWSHULHWVY[VKVZ
SVZKPYLJ[VYLZKLSHWYLUKPaHQLHJ[\HUKVLUJVUJPLY[V:L
HUPTHHSVZLZ[\KPHU[LZPUKP]PK\HSLZ`TPLTIYVZKL\UH
JVT\UPKHKTmZHTWSPHHWHY[PJPWHYLUHSN\UHZZLJJPV
ULZKLSHWSHULHJP}UKLSWSHUKLLZ[\KPVZ3VZSxKLYLZKL
HWYLUKPaHQLLU[VUJLZKHUZ\ZJ\YZVZ
,SWSHUKLLZ[\KPVZKL(SMYPZ[VUZLLUMVJHLULSKLZHYYVSSV
KLS LZ[\KPHU[L PUKLWLUKPLU[L! LZ[\KPHU[LZ X\L ZVU
JHWHJLZKLWSHULHY`HKTPUPZ[YHYZ\WYVWPVHWYLUKPaHQL
3VZLZ[\KPHU[LZL_WLYPTLU[HUZLPZKPMLYLU[LZJHTPUVZKLS
HWYLUKPaHQL!
*\YZVZ [LTm[PJVZ ZPUJYVUPaHKVZ [YHUZJ\YYPJ\SH
YLZ IHZHKV LU TH[LYPHZ V ¸TLaJSHKVZ¹ 3VZ W\U[VZ
LZLUJPHSLZKLSVZWYVNYHTHZKLLZ[\KPVZKPYPNPKVZWVY
THLZ[YVZYLZWVUKLUH[LTHZ[YHUZJ\YYPJ\SHYLZ
¸,]HS\HJP}UKLSH[HYLHLUYPX\LJLKVYH¹,SOVYHYPVZL
Z\ZWLUKL WVY \UVZ J\HU[VZ KxHZ WHYH WLYTP[PY X\L SVZ
LZ[\KPHU[LZKLT\LZ[YLUZ\HWYLUKPaHQLHSWYLWHYHY`LU
[YLNHY\UH[HYLHKLL]HS\HJP}UIHZHKHLULSWYV`LJ[V\[P
SPaHUKVLSTH[LYPHSX\LZLKPVLULSWYVNYHTHWYPUJPWHS
,WPZVKPVZ KL HWYLUKPaHQL KL [YLZ KxHZ ,S OVYHYPV ZL
Z\ZWLUKL WVY [YLZ KxHZ KLZW\tZ KL \U WLYxVKV 3VZ
LZ[\KPHU[LZ [YHIHQHU LU NY\WVZ ]LY[PJHSLZ KLU[YV KL
>OHUH\X\LZLKLZJYPILTmZHKLSHU[LWHYHSSL]HYH
JHIV\ULWPZVKPVPU[LUZP]VKLWYVNYHTHKLLZ[\KPVZ
PU[LNYHKVKLHWYLUKPaHQLIHZHKVLULSWYV`LJ[VX\L
J\STPUHLUSHL]HS\HJP}UWVYKLZLTWL|V
7YVNYHTH(WYLUKPLUKVH(WYLUKLY3HZOHIPSPKHKLZWYPU
JPWHSLZ[HSLZJVTVSHJVSHIVYHJP}USHYLZVS\JP}UKLWYVISL
THZHSMHIL[PZTV`WLUZHTPLU[VZLLU[YLNHUL_WSxJP[HTLU[L
7YVNYHTH KL [\[VYLZ ,Z[V ZL LUMVJH LU KLZHYYVSSHY
\U ZLU[PKV KL WLY[LULJLY H SH JVT\UPKHK LZJVSHY HS
WH[YVJPUHYLSJYLJPTPLU[VWLYZVUHS`LSKLZHYYVSSVKL
PU[LSPNLUJPHLTVJPVUHS
*SHZL KL LZ[\KPHU[L PUKLWLUKPLU[L 3VZ LZ[\KPHU[LZ
PUKLWLUKPLU[LZZVSPJP[HU\UH¸SPJLUJPHWHYHHWYLUKLY¹
WVY\UWLYxVKVHSH]LaLU\UWYV`LJ[VULNVJPHKV3VZ
LZ[\KPHU[LZZLSPILYHUKLSOVYHYPV`[PLULUHWV`VTmZ
UVZ\WLY]PZP}U
(WYV_PTHKHTLU[LLSKLSHWYLUKPaHQLLUSHLZJ\LSHVJ\
YYLM\LYHKLSZHS}UKLJSHZLZ3VZLZ[\KPHU[LZHWYLUKLUQ\Z[P
JPH`LX\PKHKHWHY[PYKLSVZ]HSVYLZX\LZLKLT\LZ[YHUKPHYPH
TLU[L;HTIPtUHWYLUKLUOHIPSPKHKLZPTWVY[HU[LZHJLYJHKL
J}TVVWLYHUSHZVYNHUPaHJPVULZ`J}TV[VTHUSHZKLJPZPVULZ
<UmYLHX\LH]LJLZZLKLZJ\PKHLZLSHWYLUKPaHQLHKX\PYPKV
HWHY[PYKLSHMHTPSPHYPKHKJVUZ\HTIPLU[LJVUZ[Y\PKV
3VZ LKPÄJPVZ ` QHYKPULZ KL (SMYPZ[VU ZL OHU \[PSPaHKV
JVTVOLYYHTPLU[HZWHYHLSHWYLUKPaHQL3HLZJ\LSHLZ\U
WHYX\L[LTm[PJVKVUKLLS[LTHLZLSHWYLUKPaHQL3HJHSP
KHKHTIPLU[HS`SHZ\Z[LU[HIPSPKHKZLL_WSVYHUH[YH]tZKL
JHYHJ[LYxZ[PJHZ[HSLZJVTV\ULJVZPZ[LTHKL[PLYYHTVQHKH
WHYHYLJVSLJ[HYHN\HKLSS\]PHTVUP[VYLZKLYLKWHYH*6
`¸]LU[HUHZKL]LYKHK¹WHYHTVZ[YHYSHJVUZ[Y\JJP}UKL
SVZK\J[VZ`JHISLZKL[YmZKLSHZWHYLKLZ3HSVJHSPaHJP}U
SH KPZ[HUJPH LS ]VS\TLU ` SH WYVWVYJP}U ZL PS\Z[YHU WVY
\U WHZPSSV THYJHKV LU ZLJJPVULZ KL KPLa TL[YVZ \UH
LZJ\S[\YHKL\UTL[YVJ‚IPJVKLNYHUP[VZ}SPKVWH[YVULZ
TH[LTm[PJVZLULSWH[PVSxULHZKLSVUNP[\K`SH[P[\KTHY
JHKHZ LU LS WH]PTLU[V \U LSL]HKVY [YHUZWHYLU[L \UH
OHIP[HJP}UKL]PKYPVX\LJVU[PLULJPUJVZLY]PKVYLZKLYLK
`ZL|HSPaHJP}UKLW\LY[HZX\LPUJS\`LJVVYKPUHKVZ.7:
:LSSLNHHSHLU[YHKHKLSHLZJ\LSHH[YH]tZKL\UIVZX\L
]PY[\HSJVTWSL[VJVUJHU[VKLWmQHYVZHY[PÄJPHS,SWH]P
TLU[VKLTVZHPJVLUWHZPSSVZH\TLU[HJHKHH|VWVYSVZ
LZ[\KPHU[LZKLLZJ\LSHZWYPTHYPHZSVJHSLZLUZ\‚S[PTVH|V
HU[LZKLLU[YHYHSJVSLNPV
-SL_PIPSPKHKLULZWHJPVZKLHWYLUKPaHQL
3H LZ[Y\J[\YH KL \UH OVYH \UH SLJJP}U \U ZHS}U \UH
JSHZL \U THLZ[YV LZ SH \UPKHK ImZPJH KL SH LU[YLNH KLS
WYVNYHTHKLLZ[\KPVZZLJ\UKHYPVZWHYHT\JOHZLZJ\LSHZ
(\UX\LLZLMLJ[P]HUVZPLTWYLLZSHTLQVYMVYTHKLYLHS
aHYLSHWYLUKPaHQL(SMYPZ[VU\[PSPaHWLYxVKVZKLTPU\
[VZ`L_WSV[HSHÅL_PIPSPKHKX\LVMYLJLUSHZWHYLKLZVWLYH
ISLZWHYHYLZWVUKLYHSHZULJLZPKHKLZWHY[PJ\SHYLZKL\UH
HJ[P]PKHK KL HWYLUKPaHQL ` SH JHU[PKHK KL LZ[\KPHU[LZ `
THLZ[YVZ PU]VS\JYHKVZ 3VZ LZWHJPVZ KL HWYLUKPaHQL ZL
W\LKLUJVUÄN\YHYWHYHHQ\Z[HYZLHNY\WVZKLH
9LSHJPVULZPU[YHLZJ\LSHZ`LU[YLSHLZJ\LSH`
SHJVT\UPKHK
3HZL_WLJ[H[P]HZKLHWYLUKPaHQLX\LZLLSL]HUVJHZPVUHU
\UH\TLU[VLUSHZKLTHUKHZKLJHSPKHKKLSHYLSHJP}U
LU[YL SVZ THLZ[YVZ ` SVZ LZ[\KPHU[LZ ` SH LZJ\LSH ` Z\
JVT\UPKHK ,Z[HZ YLSHJPVULZ LZ[mU WH[YVJPUHKHZ WVY LS
>HOHUH\VZPZ[LTHKLJHZH*HKH>HOHUH\^HOHUH\LZ
LS[tYTPUVTHVYPWHYHMHTPSPHM\UJPVUHJVTV\UHJVT\
UPKHK KL OHZ[H SVJHSPaHKH LU \U LKPÄJPV KL KVZ
WPZVZKPZL|HKVWHYHLSWYVW}ZP[V3VZZHSVULZKLJSHZLV
SVZLZWHJPVZKLHWYLUKPaHQLLZ[mUHNY\WHKVZHSYLKLKVY
KL \U mYLH JVT‚U KL WYVW}ZP[V NLULYHS X\L JVU[PLUL
JHZPSSLYVZIH|VZPUZ[HSHJPVULZKLJVJPUH`T\LISLZ
3VZLZ[\KPHU[LZ`THLZ[YVZZLX\LKHULSTPZTV>OHUH\
K\YHU[L[VKHZ\JHYYLYHZPULTIHYNVUV[VKHZSHZJSHZLZ
ZLKHUKLU[YVKLS>HOHUH\
3H LZ[Y\J[\YH ZL \[PSPaH WHYH ZLSLJJPVUHY H LZ[\KPHU[LZ
SxKLYLZ WHYH LU[YLNHY WYVNYHTHZ KL PU[LSPNLUJPH LTV
JPVUHS ` SSL]HY H JHIV WYVNYHTHZ KL (WYLUKPLUKV H
(WYLUKLY ` LZ SH IHZL KL \UH JVTWL[LUJPH X\L J\IYL
J\H[YVmYLHZ!HJHKtTPJHKLWVY[P]HJ\S[\YHS`JVT\UP
[HYPH
:LHUPTHHSHJVT\UPKHKTmZHTWSPHH\[PSPaHYSHZPUZ[H
SHJPVULZLZJVSHYLZJVTVLS[LH[YV4HYHLJHZHKLQ\U[HZ
JLYLTVUPHSLZSHJHML[LYxH`LSNPTUHZPV3HTH`VYxHKL
tZ[VZ LZ[mU SVJHSPaHKVZ LU LS ¸ISVX\L JVS\TUHY¹ JLYJH
KLSJHTPUVKLHJJLZV`LSLZ[HJPVUHTPLU[V
(JJLZVHS;0*
3VZLZ[\KPHU[LZ[PLULUHJJLZVH\UZPZ[LTHKL[LJUVSVNxH
KLPUMVYTHJP}U`JVT\UPJHJPVULZX\LZLW\LKL\[PSPaHY
LUJ\HSX\PLYTVTLU[V`LUJ\HSX\PLYS\NHYLUSHLZJ\LSH
3VZ LZ[\KPHU[LZ JVTWHY[LU SHZ 7*»Z LU JHYYL[PSSHZ TmZ
X\L\[PSPaHYJVTW\[HKVYHZWVY[m[PSLZPUKP]PK\HSLZ
3H T‚ZPJH ` LS ZVUPKV ZVU OLYYHTPLU[HZ KL HWYLUKP
aHQL PTWVY[HU[LZ WHYH SVZ HKVSLZJLU[LZ 3H LZJ\LSH OH
PU]LY[PKVLU\UWHX\L[LKLOHYK^HYL`ZVM[^HYLKLJVU
[YVSKLZVUPKVX\LKH\U¸WHPZHQLKLZVUPKVZ¹V\UH]HYPL
KHKKLOHZ[HVJOVZVUPKVZHTIPLU[HSLZH[YH]tZKL
IVJPUHZKPZ[YPI\PKHZLU[VKVLSJHTW\Z
(Y[xJ\SVLZJYP[VWVY!
1VOU3VJRL
+PYLJ[VY*VSLNPV(SMYPZ[VU
(\JRSHUK5\L]HALSHUKH
-H_! ,THPS!QSVJRL'HSMYPZ[VUJVSSLNLZJOVVSUa
,SKLZHYYVSSVKLPUZ[HSHJPVULZLMLJ[P]HZ
WHYHSHZLZJ\LSHZKLSTH|HUH
JPVUHSLZWVYX\LUVLTWPLaHUJVUSHZ\WVZPJP}UKLX\L
SVZ ZHSVULZ KL JSHZL ` SVZ WHZPSSVZ ZVU SVZ ISVX\LZ KL
LKPÄJPVImZPJVZWHYHJHKHLZJ\LSH
3HZLZJ\LSHZKLSTH|HUHYLÅLQHYmUSHZYLZW\LZ[HZHKVZ
WYLN\U[HZ JSH]L 7YPTLYV ¦J\mS LZ SH JVUKPJP}U TmZ
PTWVY[HU[LWHYHLSHWYLUKPaHQL&`ZLN\UKH¦J\mSLZZVU
SHZJ\HSPKHKLZO\THUHZTmZLZLUJPHSLZWHYHLSt_P[V&3H
PU]LZ[PNHJP}UZL|HSHHOVYHHSJVTWYVTPZVKLSLZ[\KPHU[L
JVTVSHJVUKPJP}UTmZPTWVY[HU[LWHYHLSHWYLUKPaHQL
`ZL|HSHX\LSHZOHIPSPKHKLZZVJPHSLZ`LTVJPVUHSLZZVU
SVZ KL[LYTPUHU[LZ TmZ PTWVY[HU[LZ WHYH LS t_P[V X\L
SH OHIPSPKHK [tJUPJH LU J\HSX\PLY mYLH KHKH ( LZ[VZ
KLZJ\IYPTPLU[VZZLSL\ULSHYLHSPKHKPUULNHISLKL\UH
ZVJPLKHK X\L ZL NSVIHSPaH YmWPKHTLU[L LU KVUKL SH
JVTWL[LUJPHWHYHLS[YHIHQVUV]PLULKLS]LJPUVKL\UV
VH‚UKLSW\LISV]LJPUVZPUVKLSVZJVU[PULU[LZ
<UI\LUWYVJLZVKLKLZHYYVSSVLTWPLaHJVUPU]VS\JYHYH
[HU[HZWHY[LZPU[LYLZHKHZJVTVZLHWVZPISLK\YHU[LSHZMHZLZ
WYPTHYPHZJVUJLW[\HSLZ`KLWSHULHJP}UKLSHLZJ\LSH7VY
LQLTWSVLS+LWHY[HTLU[VKL,K\JHJP}ULU(\Z[YHSPH6JJP
KLU[HSJYL}\U.Y\WVKL*VU[YVSKL7YV`LJ[VYLWYLZLU[HU[L
WHYHZLYLSVYNHUPZTVJSH]LX\L[VTHSHZKLJPZPVULZLU[VKVZ
SVZHZ\U[VZWLY[PULU[LZHSHWSHULHJP}ULSKPZL|V`SHJVUZ
[Y\JJP}UKLSHU\L]HLZJ\LSHZLJ\UKHYPH*VSLNPV*HUUPUN
=HSL ,S .Y\WV KL *VU[YVS KL 7YV`LJ[V M\L HWV`HKV WVY
WHY[LZ[tJUPJHZJHKH\UHJVU\UHYLWYLZLU[HJP}UJVT\UP
[HYPHTHULQHUKVJVUJLW[VZJVTVWYVNYHTHZKLLZ[\KPV
[LJUVSVNxHLPUZ[HSHJPVULZJVT\UP[HYPHZJVTWHY[PKHZ
,STVKLSVLK\JH[P]VKLOV`KLILJHTIPHYWHYHHQ\Z[HYZL
H LZ[HZ YLHSPKHKLZ ,S TVKLSV LK\JH[P]V WYLZLU[L LZ[m
IHZHKVLUSH\UPMVYTPKHKSVJ\HS]HLUJVU[YHKLSJVTWYV
TPZVKLSLZ[\KPHU[L,UZLN\UKVS\NHYLSTVKLSVHJ[\HSZL
LUMVJH[HU[VLULSSVNYVHJHKtTPJVX\LKLQHWVJVLZWHJPV
WHYHLSKLZHYYVSSV[V[HSKLSVZHZWLJ[VZZVJPHSLZLTVJPVU
HSLZ ` V[YVZ HZWLJ[VZ KLS WV[LUJPHS O\THUV SVZ J\HSLZ
ZVU SH JSH]L WHYH LS t_P[V ` SH MLSPJPKHK ,U [LYJLY S\NHY
\UHLJVUVTxHNSVIHSJHTIPHU[LL_PNL\UUP]LSKLJHWHJP
[HJP}UPTI\PKVJVU[HU[VYPNVY`YLSL]HUJPHX\LOHJLHSVZ
WYVNYHTHZKLLZ[\KPVZKLOV`VIZVSL[VZLPYYLSL]HU[LZ
:L W\LKL \ZHY LS HYN\TLU[V KL X\L SHZ PUZ[HSHJPVULZ
ULJLZP[HUPYTmZHSSmKLSHJ\Y]HKLSVZZPZ[LTHZLK\JH
[P]VZ,SOLJOVKLZLYTVKLYUV`M\[\YPZ[HZPNUPÄJHX\L
SVZLKPÄJPVZX\LZLKPZL|HUHOVYHULJLZP[HUWLYTHULJLY
YLSL]HU[LZ`\[PSPaHISLZT\JOVZH|VZHKLSHU[L+LOLJOV
SVZLKPÄJPVZW\LKLUYLHSTLU[L]VS]LYZLJH[HSPaHKVYLZ`
JVUK\J[VYLZKLSJHTIPVHJLSLYHUKV\UWYVJLZVX\LKL
V[YH THULYH ZL O\IPLYH [VTHKV TmZ [PLTWV 3VZ LKP
ÄJPVZ LZJVSHYLZ ZL W\LKLU ]VS]LY ZxTIVSVZ KL JHTIPV
YLHSLZWLYVWHYHX\LLZVZ\JLKHLZULJLZHYPVYLPUNLUPHY
LSWYVJLZVWVYLSJ\HSM\LYVUJYLHKVZ
,SKLZHYYVSSVKLPUZ[HSHJPVULZLZJVSHYLZLMLJ[P]HZYLX\PLYL
JPUJV JVTWVULU[LZ LZLUJPHSLZ! LS WYVJLZV SH ZLSLJJP}U
KLSZP[PVLSKPZL|VKLSLKPÄJPVLSHS[VKLZLTWL|V`SHL]H
S\HJP}UWVZ[LYPVYHSHVJ\WHJP}U:PZLHWSPJHUSHZLZJ\LSHZ
KLSTH|HUHW\LKLUZLYPUZ[Y\TLU[VZ]PHISLZKLJHTIPV
7YVJLZV
,SWYVW}ZP[VKLSWYVJLZVKLKLZHYYVSSVLZJVSHYLZJHT
IPHY LS LUMVX\L SLQVZ KLS LKPÄJPV ` OHJPH SVZ VIQL[P]VZ
WHYHSHPUZ[HSHJP}U!HWV`HYSHZTVKHSPKHKLZKLSZPNSVKL
SHLUZL|HUaH`LSHWYLUKPaHQLZLY]PYJVTVLSJLU[YVKLSH
JVT\UPKHKYLMVYaHYSVZ]xUJ\SVZLU[YLSVZZLJ[VYLZKL
SHLUZL|HUaH`LSULNVJPVWYVWVYJPVUHY\UMVYVWHYHSH
LK\JHJP}U JVU[PU\H HWV`HY SH PU]LZ[PNHJP}U HZVJPHYZL
JVUPUZ[P[\JPVULZKLLK\JHJP}UZ\WLYPVYL[J
+PJOHZ LZJ\LSHZ X\L ZL JVUZ[Y\`LYVU H WYVW}ZP[V JHZP
U\UJHZL]LYmUVZLZLU[PYmUJVTVZ\ZJVU[YHWHY[LZ[YHKP
,S*VSLNPV*HUUPUN=HSL7LY[O(\Z[YHSPHKLZHYYVSSHKV
H[YH]tZKL\UHWSHULHJP}UWHY[PJPWH[P]H`\UWYVJLZVKLKPZL|V
HYX\P[LJ[V!:WV^LYZ=P[L[[HWSHULHJP}U!7YHRHZO5HPY
7HYH SH JVUZ\S[H [HTIPtU LZ PTWVY[HU[L HKX\PYPY \U
LX\PWV X\L J\TWSH JVU T\JOVZ YLX\PZP[VZ X\L UV ZL
YLX\PLYLU[YHKPJPVUHSTLU[LHSVZLX\PWVZKLKPZL|VLZJV
SHY,U*HUUPUN=HSLZLLZWLYHIHX\LSHZJVTWH|xHZX\L
JVTWL[xHULUSHWSHULHJP}U`LULSKPZL|VKLTVZ[YHYHU
LZ[VZJPUJVYLX\PZP[VZ!
3HOHIPSPKHKKLKHYL_JLSLUJPHLULSKPZL|VLZJVSHY
<U LU[LUKPTPLU[V KL SH JVUL_P}U LU[YL SHZ PUZ[HSH
JPVULZLZJVSHYLZ`SVZYLZ\S[HKVZKLSHWYLUKPaHQL
-HTPSPHYPKHK JVU SH PU]LZ[PNHJP}U TmZ YLJPLU[L LU LS
JHTWVKLSHLK\JHJP}ULUJ\HU[VHSHMVYTHLUSHX\L
SVZUP|VZHWYLUKLU
3H L_WLYPLUJPH X\L JVTWYVTL[L H SHZ JVT\UPKHKLZ
LUSH[HYLHKLWSHULHJP}U
3HJHWHJPKHKKLJVUZ[Y\PY\UJVUZLUZVKLU[YVKL\UH
JVT\UPKHKKLWHY[LZPU[LYLZHKHZKP]LYZHZ
¸<U JVUZ\TPKVY LK\JHKV LZ U\LZ[YV TLQVY JSPLU[L¹
,Z[L SLTH W\ISPJP[HYPV \[PSPaHKV WVY \UH JHKLUH KL
YVWHLZ]mSPKVWHYHSVZWSHULHKVYLZLSKxHKLOV`5PU
N\UH LZJ\LSH TVKLYUH ZL KLIL WSHULHY ZPU \U PU[LU[V
KL ¸LK\JHY¹ H SH JVT\UPKHK KL JSPLU[LZ LU SH L]PKLU
JPHIHZHKHLUSHPU]LZ[PNHJP}UJVULJ[HUKVLSHTIPLU[L
JVUZ[Y\PKV`SVZYLZ\S[HKVZKLSHWYLUKPaHQL,Z[VW\LKL
OHJLYZL HS MHJPSP[HY \UH KPZJ\ZP}U HSYLKLKVY KL KPZL|VZ
LZJVSHYLZ LQLTWSHYLZ HSYLKLKVY KLS T\UKV WHYH HPZSHY
HZWLJ[VZ X\L W\LKLU ZLY [YHUZMLYPISLZ H \U JVU[L_[V
SVJHS 7LYV SH [YHUZMLYLUJPH UV LZ \UH JHSSL KL \U Z}SV
ZLU[PKV,SWYVW}ZP[VKLSKPmSVNVYLHSLU[YL`KLU[YVKL
SHZJVT\UPKHKLZWYHJ[PJHU[LZ`KLSHZWHY[LZPU[LYLZHKHZ
LZKLZHYYVSSHY\UH]PZP}UJVTWHY[PKHKLSHLZJ\LSH\UH
X\LN\PHYmJHKHHZWLJ[VKLZ\KLZHYYVSSV:PULTIHYNV
\UH]PZP}UUVZLKLILKLZHYYVSSHYOHZ[HLSW\U[VLUX\L
ZL]\LS]L\UHYLJL[HLUS\NHYKL\UTHWH
:LSLJJP}UKLSZP[PV
<UVKLSVZWYVISLTHZX\LPU]HKLHSHZLSLJJP}UKLSZP[PV
LZX\LJVTPLUaHKLZW\tZKLX\L`HZL[VT}\UHKLJPZP}U
HJLYJHKLSHLZJ\LSHX\LZLJVUZ[Y\PYm<ULUMVX\LTmZ
HWYVWPHKVZLYxHLUJVU[YHYWYPTLYVI\LUVZZP[PVZWHYH
SH LZJ\LSH 3H LZJ\LSH KLIL LZ[HY ZP[\HKH LU LS JLU[YV
KL SH JVT\UPKHK WYLMLYLU[LTLU[L WHYH WVISHJPVULZ
LSLTLU[HSLZH\UHZJ\HKYHZKLKPZ[HUJPHKLKVUKL]P]LU
SVZLZ[\KPHU[LZ`WHYHWVISHJPVULZKLLZJ\LSHZLJ\UKH
YPHJLYJHKL\UHKP]LYZH]HYPLKHKKLHJ[P]PKHKLZ(‚ULS
[HTH|VKLSZP[PVUVLZ[HUPTWVY[HU[LJVTVZ\SVJHSPaH
JP}U:P\UVWSHULHJVUZ[Y\PY\UHLZJ\LSHWHYHLZ[\
KPHU[LZ`Z}SVW\LKLSVJHSPaHY\UZP[PVTHYNPUHSLUSHWHY[L
PUK\Z[YPHSKLSW\LISVZLYxHTLQVYJVUZ[Y\PYKVZLZJ\LSHZ
KLLZ[\KPHU[LZLULKPÄJPVZJVTLYJPHSLZJVU]LY[PKVZ
VLUZP[PVZPU[LYUVZLULSJVYHa}UKLSHJVT\UPKHK
,USVZ,Z[HKVZ<UPKVZSH,ZJ\LSHKLS*LU[YV0U[LY+PZ[YP
[HSLU4PUULHWVSPZ4PUULZV[HSH,ZJ\LSH0U[LYUHJPVUHS
/HYIVY*P[`LU+\S\[O4PUULZV[H`SH,ZJ\LSH:LJ\UKH
YPH4PSLUPVJLYJHKLSHAVUHJLYVLUSHJP\KHKKL5\L]H
@VYR [VKHZ LZ[mU SVJHSPaHKHZ LU LKPÄJPVZ JVTLYJPHSLZ
UV[YHKPJPVUHSLZ`HL_PZ[LU[LZ`JHKH\UVZLHWYV]LJOH
KLSVZH[YPI\[VZLZWLJPHSLZKLZ\SVJHSPaHJP}UKVUKLOH`
X\LILULÄJPHYZLKLSVZH[YPI\[VZLZWLJPHSLZKLZ\SVJHSP
aHJP}UKVUKLOH`\UPU[LYYLSHJP}ULU[YLSHLZJ\LSH`SVZ
IPLULZJVT\UP[HYPVZJPYJ\UKHU[LZ
+PZL|VKLSLKPÄJPV
+LTHZPHKH WYLWSHULHJP}U LZ JHZP JVTV \UH MVYTH
WVIYLKLL_[YHLY\UI\LUKPZL|VJVTV\UVX\LLZT\`
HIPLY[VHSÄUHSH\UX\LSVZJSPLU[LZKLSHLZJ\LSHK\KHU
LU WLYTP[PY X\L LS KPZL|V KLS LKPÄJPV WYVJLKH ZPU LS
LZ[HISLJPTPLU[VKL[VKHZSHZYLNSHZ,SZPZ[LTHLZJVSHYLU
:LH[[SL>HZOPUN[VU,Z[HKVZ<UPKVZOHLUJVU[YHKV\UH
ZVS\JP}U H LZ[L WYVISLTH HS KLÄUPY \UH ZLYPL KL SPULH
TPLU[VZ KL KPZL|V X\L ZL IHZHU LU LS KLZLTWL|V ,S
LUMVX\LKL:LH[[SLLZLZ[HISLJLYSHZTL[HZWHYHLSKPZL|V
WLYV UV SPTP[HY SH JYLH[P]PKHK KLS KPZL|HKVY (X\x OH`
\UHSPZ[HKLSPULHTPLU[VZIHZHKVZLULSKLZLTWL|VX\L
J\HUKV LZ[mU OLJOVZ H SH ZP[\HJP}U UV ZVSV ZPY]LU HS
LX\PWVKLKPZL|VZPUVX\L[HTIPtUH`\KHUHSHJVT\
UPKHKHL]HS\HYSHJHSPKHKKLS[YHIHQVX\LZLOPaV!
,ZJ\LSH7YLWHYH[VYPH4PSSLUUP\TLU\ULKPÄJPVJVTLYJPHS
JLYJHKLSHAVUH*LYVLUSH*P\KHKKL5\L]H*VYR
HYX\P[LJ[V!/3>0U[LYUH[PVUHSWSHULHJP}U!-PLSKPUN5HPY0U[LYUH[PVUHS
¦,SWSHUKLSKPZL|VYLZWL[HSHPKLHKLJYLHYJVT\UP
KHKLZKLHWYLUKPaHQLTmZWLX\L|HZKLWYLMLYLUJPH
TLUVZKLLZ[\KPHU[LZ`ZLPZTHLZ[YVZLUNY\WVZ
WLX\L|VZ&
¦:LYLZWL[HUSHZKPMLYLUJPHZKLKLZHYYVSSVWYPTHYPHZ
LU[YLSVZUP|VZHSZLWHYHYHSVZTmZWLX\L|VZKLSVZ
TmZNYHUKLZ&
¦/HOHIPKV\UPU[LU[VWVYYLK\JPYVLSPTPUHYJVYYL
KVYLZ SHYNVZ KVISLTLU[L JHYNHKVZ ` YLTWSHaHYSVZ
JVU¸JHSSLZKLHWYLUKPaHQL¹HS[HTLU[LHY[PJ\SHKHZ`
V[YHZmYLHZX\LMVTLU[LUSHZVJPHSPaHJP}U`WYVWVY
JPVULUVWVY[\UPKHKLZWHYHLSHWYLUKPaHQLPUMVYTHS&
¦3VZLZWHJPVZJVT\ULZ`JVT\UP[HYPVZLZ[mUKPZL|H
KVZ ` KPZW\LZ[VZ WHYH X\L W\LKHU \[PSPaHYZL HU[LZ
K\YHU[L ` KLZW\tZ KL SHZ OVYHZ KL JSHZL ZPU HS[LYHY
SHZmYLHZHJHKtTPJHZ&
¦;VKVZ SVZ ZHSVULZ \ V[YHZ mYLHZ WYPUJPWHSLZ KL
HWYLUKPaHQL [PLULU S\a UH[\YHS HKLJ\HKH ` SHZ HSHZ
KLS ZHS}U LZ[mU VYPLU[HKHZ LU KPYLJJP}U WYLKVTP
UHU[LTLU[LLZ[LVLZ[L&
¦:LOHSVJHSPaHKVHSJLU[YVKLTLKPVZKLPUMVYTH
JP}UWHYHTH_PTPaHYW\U[VZ]PZ[H`HWV`HYSHSLJ[\YH
`\UWLX\L|VNY\WVKL[YHIHQV&
*LU[YVKL4LKPVZLULS*LU[YV*H[}SPJV:RHNN
+YHWLY<[HO,Z[HKVZ<UPKVZ4/;5(YX\P[LJ[VZ
¦,_PZ[LU mYLHZ J}TVKHZ KLU[YV ` HSYLKLKVY KL SH
LZJ\LSHX\LTV[P]LUHSLZ[\KPVPUKLWLUKPLU[L`H
SHSLJ[\YHWVYWSHJLY&
¦3VZUP|VZ[PLULUHJJLZVHSHZaVUHZMVYTHSLZLPUMVY
THSLZ KL HSPTLU[VZ ` ILIPKHZ ¸JHMtZ¹ LU S\NHY KL
JHML[LYxH&
¦,_PZ[L LU HSN‚U SHKV V LU HSN‚U TVTLU[V HJJLZV
HSH[LJUVSVNxHLK\JH[P]HHKLJ\HKHLULSJLU[YVKL
TLKPVZ ` KLU[YV KLS YLZ[V KL SH LZJ\LSH& ¦:L OHU
PU[LNYHKVJVTW\[HKVYHZT}]PSLZYLKLZZPUJHISL`
HWYLUKPaHQLHKPZ[HUJPHKLTHULYHLSLNHU[L&
¦3VZLZ[\KPHU[LZ[PLULUmYLHZHKLJ\HKHZM\LYHKLSHZ
mYLHZKLSZHS}UKLJSHZLZWHYH[YHIHQHYJVU[LJUVSVNxH
LSSVZZVSVZVJVUV[YVZ&
¦,_PZ[LU VWVY[\UPKHKLZ TH_PTPaHKHZ WHYH JYLHY
mYLHZKLHWYLUKPaHQLL_[LYUV&
,ZWHJPVÅL_PISLKLHWYLUKPaHQLLUSH,ZJ\LSH(]HSVULU
4PULHWVSPZ4PULZV[H,Z[HKVZ<UPKVZ
HYX\P[LJ[V!9HUKHSS-PLSKPUN
(S[V+LZLTWL|V
,ZWHJPVHQHYKPUHKV
WHYHLZ[\KPHY
HSHPYLSPIYLLULS
*VSLNPV:^HY[OTVYL
7LUZPS]HUPH
,Z[HKVZ<UPKVZ
HYX\P[LJ[V!,OYLURYHU[a
,JRZ[\[`2\OU
,SKPZL|VKLHS[VKLZLTWL|VUVZL[YH[H‚UPJHTLU[LKLSH
JVUZLY]HJP}UKLSHLULYNxHVKLSHZLUZPIPSPKHKHTIPLU[HS
ZPUVZL[YH[HKLSWSHULHTPLU[VPU[LSPNLU[L`KLSWYVJLZV
KL KPZL|V 3H PKLH LZ \[PSPaHY U\LZ[YV JVUVJPTPLU[V KL
SHZ JVUL_PVULZ LU[YL \UH HYX\P[LJ[\YH ZVZ[LUPISL ` Z\
PTWHJ[VZVIYLSHWZPJVSVNxHO\THUHWZPJVSVNxH`JVT
WVY[HTPLU[V WHYH KPZL|HY LKPÄJPVZ X\L TLQVYHYmU SVZ
YLZ\S[HKVZKLSHWYLUKPaHQLHZxJVTVLSIPLULZ[HYMxZPJV
LZWPYP[\HS`LTVJPVUHS
,]HS\HJP}U7VZ[LYPVYHSH6J\WHJP}U
¦,S KPZL|V KLS LKPÄJPV TH_PTPaH SHZ VWVY[\UPKHKLZ
WHYH SHZ TVKHSPKHKLZ KL LUZL|HUaH ` HWYLUKPaHQL
KLS ZPNSV LQLTWSV LUZL|HUaH LU NY\WV [\[VYxH
KL JVSLNHZ JVUZLQLYxH J\YYPJ\SH PU[LYKPZJPWSPUHYPH
NY\WVZKLLKHKLZT‚S[PWSLZHWYLUKPaHQLJVVWLYH[P]V
`HWYLUKPaHQLIHZHKVLUWYV`LJ[VZ&
¦,S KPZL|V SL WLYTP[L H SVZ \Z\HYPVZ YLJVUÄN\YHY
LZWHJPVZ KL HJ\LYKV JVU SHZ ULJLZPKHKLZ KPHYPHZ H
JVY[VWSHaV`LSLKPÄJPVLUZxLZSVZ\ÄJPLU[LTLU[L
ÅL_PISLWHYHKHYS\NHYHTmZJHTIPVZZPNUPÄJH[P]VZ
HSWHZVKLS[PLTWV&
¦,SLKPÄJPVZPY]LJVTVJLU[YVJVT\UP[HYPVJVU\UH
M\LY[LWYLZLUJPH]PZ\HS`M\UJPVUHSHS[PLTWVX\LZ\Z
LZ[\KPHU[LZSV]LU¸xU[PTV¹`UVPUZ[P[\JPVUHS&
¦3VZ SHIVYH[VYPVZ ` V[YVZ J\HY[VZ LZWLJPHSPaHKVZ LZ[mU
KPZL|HKVZ`WLUZHKVZJVUÅL_PIPSPKHK&7VYLQLTWSV¦SVZ
SHIVYH[VYPVZKLJPLUJPHLZ[mUWYV]PZ[VZKLZLY]PJPVZÄQVZ
JVTVSH]HIVZ`SxULHZKLNHZLUSHWLYPMLYPHJVUTLZHZ
KL[YHIHQVT}]PSLZX\LZLW\LKLUYLHQ\Z[HYH]VS\U[HK&
¦,_PZ[L \U ¸LZWHJPV WYP]HKV¹ WHYH JHKH LZ[\KPHU[L&
,USVZNYHKVZTmZHS[VZWVKYxHZLY\UHLZ[HJP}UKL
[YHIHQV`LUSVZNYHKVZTLKPVZ`TmZIHQVZWVKYxHZLY
\UJ\IxJ\SVV\ULZ[HU[L
3H L]HS\HJP}U WVZ[LYPVY H SH VJ\WHJP}U W\LKL ZLY \UH
OLYYHTPLU[H‚[PSWHYHTH_PTPaHYSVZILULÄJPVZKLSHTIPLU[L
JVUZ[Y\PKVWHYHSVZ\Z\HYPVZHJ[\HSLZKLSLKPÄJPV`[HT
IPtU WHYH YL\UPY ]HSPVZH YL[YVHSPTLU[HJP}U X\L W\LKL
ZLY]PYLULSWSHULHTPLU[V`LSKPZL|VKLLZJ\LSHZM\[\
YHZ3HULJLZPKHKKL\UHL]HS\HJP}ULMLJ[P]HLZH\UTmZ
JYx[PJHWHYHSHZLZJ\LSHZJVUKPZL|VZPUUV]HKVYLZ`HX\L
[PLULUWVJVZWYLJLKLU[LZ,U\UHL]HS\HJP}UWVZ[LYPVYH
SHVJ\WHJP}UKLILUJ\LZ[PVUHYZLKVZW\U[VZJSH]L!
‹¦3VZWYVMLZVYLZ`LSWLYZVUHSOHU[LUPKV\UWYVNYHTHKL
JHWHJP[HJP}ULUZLY]PJPVWHYHH`\KHYSLZHTH_PTPaHYSVZ
ILULÄJPVZKLSHZPUZ[HSHJPVULZKLSHU\L]HLZJ\LSHJVU
LSÄUKLMHJPSP[HYSH\[PSPaHJP}UKLSLKPÄJPVJVTV\U¸SPIYV
KL[L_[VLU[LYJLYHKPTLUZP}U¹WHYHSVZHS\TUVZ&
‹¦:LOHUSVNYHKVSHZL_WLJ[H[P]HZKLSKPZL|V&¦*\mSLZSHVWP
UP}UKLSLKPÄJPVKLU[YVKLSHJVT\UPKHKKLSVZ\Z\HYPVZ&
(Y[xJ\SVYLHSPaHKVWVY!
7YHRHZO5HPY
7YLZPKLU[L-PLSKPUN5HPY0U[LYUHJPVUHS
5\L]H@VYR,Z[HKVZ<UPKVZ
-H_!
LTHPS!WYHRHZO'KLZPNUZOHYLJVT
^^^-PLSKPUN5HPYJVT
7YVW}ZP[VZ`+PZL|VKL,K\JHJP}U
:LJ\UKHYPH
,_PZ[L\UM\LY[L]xUJ\SVLU[YLSVZWYVW}ZP[VZKLSHLK\
JHJP}U`SVZKPZL|VZKLSHLZJ\LSH(SH]HUaHYLULSZPNSV
LZJY\JPHSHJSHYHYU\LZ[YHZPKLHZZVIYLSVZWYVW}ZP[VZ
KLSHZLZJ\LSHZZLJ\UKHYPHZ5VZVSHTLU[LLZPTWVY[HU[L
HZLN\YHYZL X\L SHZ PUZ[HSHJPVULZ MxZPJHZ UV KPÄJ\S[LU LS
WYVJLZVKLHWYLUKPaHQLZPUV[HTIPtUKLILUNHYHU[PaHY
X\L SH NYHU PU]LYZP}U OLJOH LU SHZ PUZ[HSHJPVULZ KL SH
LZJ\LSH WYVWVYJPVUL \U YLZ\S[HKV Z}SPKV :VSV J\HUKV
SVZWYVW}ZP[VZKLSHLK\JHJP}UZLJ\UKHYPHZVUPKLU[PÄ
JHKVZLZLU[VUJLZJ\HUKVSHZPUZ[HSHJPVULZKLSHLZJ\LSH
W\LKLUKPZL|HYZLHKLJ\HKHTLU[L,Z[LHY[xJ\SVWYLZLU[H
SVZWYVW}ZP[VZ`Z\IWYVW}ZP[VZJVT\ULZKLSHLK\JHJP}U
ZLJ\UKHYPH JVU Z\Z PTWSPJHJPVULZ KL KPZL|V Q\U[V JVU
Z\ZLZJLUHYPVZWHYHLSM\[\YVKLSHLK\JHJP}U
(\KP[VYPVKLSH:LJ\UKHYPH)HS^`ULU)HS^`U(\Z[YHSPH
;YHUZMVYTHJP}U ¶ WHYH WYVWVYJPVUHY PN\HSKHK KL
VWVY[\UPKHKLZWHYHHWYLUKLY`TV[P]HYLSJHTIPVH
\UT\UKVTLQVY:[LYSPUN
3HTH`VYxHKLSHZLZJ\LSHZZLJ\UKHYPHZLZ[mUKPZL|HKHZ
JVU\UHJVTIPUHJP}UKLLZ[VZWYVW}ZP[VZZPULTIHYNV
SVZZPN\PLU[LZZ\IWYVW}ZP[VZ[HTIPtUW\LKLUPUÅ\PYLU
LSKPZL|V!
‹+PZJPWSPUH`Z\WLY]PZP}U
‹,ÄJPLUJPHVYNHUPaH[P]H`LJVUVTxHZKLLZJHSH
‹-PS[YHJP}UJHUHSPaHJP}U`J\PKHKV
‹0N\HSKHK`LX\PKHK
3VZWYVW}ZP[VZ`Z\IWYVW}ZP[VZKLSHLK\JHJP}UZLLZ[mU
]VS]PLUKV SH L_HTPUHY LU \U T\UKV X\L LZ[m L_WLYP
TLU[HUKVNYHUKLZJHTIPVZZVJPHSLZLJVU}TPJVZ`LK\
JH[P]VZ,Z[VOHSSL]HKVHHSN\UVZHJYLHYLZJLUHYPVZKL
SVX\LW\LKLZLYSHLK\JHJP}ULULSM\[\YV
7YVW}ZP[VZ,K\JH[P]VZ
3VZ KPMLYLU[LZ HJJPVUPZ[HZ KLU[YV KLS HTWSPV ZPZ[LTH
LK\JH[P]V [PLULU KPMLYLU[LZ L_WLJ[H[P]HZ 3VZ NVIPLY
UVZPN\HSHULSt_P[VJVU\UHM\LYaHKL[YHIHQVLK\JHKH
X\L JVU[YPI\`L HS JYLJPTPLU[V KL SH LJVUVTxH ` X\L
WYVT\L]L SH I\LUH JP\KHKHUxH +LZKL SH PU[YVK\JJP}U
KLSHLK\JHJP}UTHZP]HSVZNVIPLYUVZOHUS\JOHKVKL
THULYH JVUZPZ[LU[L WVY \U WYVJLZV KL ZVJPHSPaHJP}U `
UHJPVUHSPZTV3VZWH[YVULZ[HTIPtULZ[mULUI\ZJHKL
\UHM\LYaHKL[YHIHQVLK\JHKH"I\ZJHU[YHIHQHKVYLZLU
LX\PWV`ZVS\JPVUHKV[LZKLWYVISLTHZ3VZLZ[\KPHU[LZ
`Z\ZWHKYLZKLZLHULSt_P[VPUKP]PK\HS7HYHSHTH`VYxH
KLSVZLZ[\KPHU[LZ`KLSVZWHKYLZLZ[VW\LKLLUMH[PaHY
LS WYVW}ZP[V ]VJHJPVUHS (SN\UVZ LZ[\KPHU[LZ HJHKtTP
JHTLU[L KV[HKVZ W\LKLU [LULY \UH HJ[P[\K TmZ SPIL
YHS HU[L SH L_WLYPLUJPH LK\JH[P]H ` W\LKLU LUJVU[YHY
Z\H\[VYYLHSPaHJP}UHSHWYLUKLY[HU[VJVTVZLHWVZPISL
=PJR *VUZPKLYLTVZLSKPZL|VKLSHLZJ\LSHZLJ\UKHYPHHSHS\a
KLJ\H[YVWYVW}ZP[VZNLULYHSTLU[LHJLW[HKVZKLSHLK\
JHJP}UTLUJPVUHKHHU[LYPVYTLU[L
*VSLNPV:OLU[VULZJ\LSH:LJ\UKHYPH7LY[O(\Z[YHSPH
:VJPHSPaHJP}U
( [YH]tZ KL SH OPZ[VYPH SVZ ZPZ[LTHZ LK\JH[P]VZ ZL OHU
HSPULHKV H WYVW}ZP[VZ KPMLYLU[LZ JVU MYLJ\LUJPH H TmZ
KL \UV H SH ]La 7VY SV NLULYHS ZL JVUZPKLYH X\L SVZ
J\H[YVWYVW}ZP[VZJVT\ULZZVU!
,ZJ\LSHZKPZL|HKHZWHYHWYVTV]LYSHZVJPHSPaHJP}UZL|H
SHUKVLSJVUJLW[VKLSHJVT\UPKHKKLU[YVKLSHLZJ\LSHHZx
JVTVSHYLSHJP}UKLSHLZJ\LSHJVUSHJVT\UPKHKL_[LYUH
3HZJHYHJ[LYxZ[PJHZKLKPZL|VLZWLJxÄJHZPUJS\`LU!
:VJPHSPaHJP}U ¶ WHYH YLWYVK\JPY SH ZVJPLKHK WHYH
PTI\PYSHJ\S[\YHSVJHS`UHJPVUHS`WHYHWYVTV]LYSH
JP\KHKHUxH
‹*VUL_P}UNLVNYmÄJHJVUSVZJLU[YVZKLSHJVT\UPKHK
=VJHJP}U¶7HYHJHWHJP[HYHSHNLU[LWHYHLTWSLVZ
‹7YLJPU[VZ[YHKPJPVUHSLZVKLJVTPKHZ[PWVJHMt
(\[VYYLHSPaHJP}U¶WHYHX\LSVZPUKP]PK\VZKLZHYYV
SSLUZ\Tm_PTVWV[LUJPHS
‹,S TVKLSV KL JHZH ` V LS TVKLSV KLS LZ[\KPV KL
HWYLUKPaHQL
‹/VZWLKHQLLUJHZHKLO\tZWLKLZVLUS\NHY[PWVTV[LS
‹3\NHYLZHTLUVZWHYHYL\UPVULZPUMVYTHSLZ`HWYLUKPaHQL
=VJHJP}U
3HZLZJ\LSHZZLJ\UKHYPHZZVUJVT‚UTLU[LTLUVZYLX\L
YPKHZ X\L LU LS WHZHKV WHYH WYVWVYJPVUHY HJYLKP[HJP}U
]VJHJPVUHS3VZJHTIPVZZVJPHSLZ`LK\JH[P]VZOHU[LUPKV
SVZLMLJ[VZK\HSLZKLLSPTPUHYHSN\UHZ]xHZKLLTWSLVZ
TPLU[YHZ H\TLU[HU SVZ YLX\PZP[VZ [tJUPJVZ KL V[YHZ 3H
¸PUÅHJP}UKLJYLKLUJPHSLZ¹OHUH\TLU[HKVSVZYLX\PZP[VZ
KLLU[YHKHKLU[YVKLT\JOVZJHTWVZKLLTWSLVVYPS
SHUKV H TmZ LZ[\KPHU[LZ H I\ZJHY JHSPÄJHJPVULZ [LYJPH
YPHZ LU \UP]LYZPKHKLZ V LU JVSLNPVZ [tJUPJVZ HU[LZ KL
LU[YHYHSHM\LYaHKL[YHIHQV
:PULTIHYNVSHZLZJ\LSHZZLJ\UKHYPHZLZ[mUWYVWVYJPVUHUKV
HWYLUKPaHQL TmZ HWSPJHKV WHYH KHY ZLY]PJPV H [VKHZ
SHZ ULJLZPKHKLZ KL SVZ HS\TUVZ X\L UV ZL HKHW[HU HS
HWYLUKPaHQLHJHKtTPJV[YHKPJPVUHS,US\NHYKLZHJHYH
LZ[VZHS\TUVZKLSHLZJ\LSHZLJVUZPKLYHWYLMLYPISLKHYSLZ
\UHLK\JHJP}UMVYTHSK\YHU[LLSTH`VY[PLTWVWVZPISL
(KLTmZKHKHSHKPÄJ\S[HKKLVI[LULY\US\NHYLUSH\UP
]LYZPKHK`SHWYLVJ\WHJP}UWVYYLJOHaHYSHZOHIPSPKHKLZ
JVTLYJPHSLZ KLU[YV KL SH ZVJPLKHK L_PZ[L \U YLZ\S[HKV
WHYHLSHWYLUKPaHQLHWSPJHKVLUHZLZJ\LSHZZLJ\UKHYPHZ
JVUJHTPUVZHS[LYUVZX\LSSL]HUHSHÄUHSPaHJP}UKLSH
LK\JHJP}U VISPNH[VYPH 7VY LQLTWSV ZL VMYLJLU J\YZVZ
LUmYLHZJVTVOVZWP[HSPKHKNYmÄJVZ`[LJUVSVNxHJVTV
HS[LYUH[P]HZHSHZTH[LYPHZHJHKtTPJHZ[YHKPJPVUHSLZ
7HYHLZ[HZTH[LYPHZZLYLX\PLYLKLPUZ[HSHJPVULZLZWLJPHSPaH
KHZWLYVUV[VKHZSHZLZJ\LSHZ[PLULUSHJHWHJPKHKKLWYV
WVYJPVUHYSHZ7VYSV[HU[VZLOHUMVYTHKVYLKLZKLLZJ\L
SHZ`JVSLNPVZ[tJUPJVZWHYHJVTWHY[PYLZ[LHWYLUKPaHQL
,SKPZL|VWHYHSHZHJ[P]PKHKLZKLH\[VYYLHSPaHJP}UJYLHLZWHJPVZ
X\LTV[P]HUHSHWYLUKPaHQLPUKP]PK\HSSHYLÅL_P}U`SHPU]LZ[P
NHJP}UHSPN\HSX\LLZWHJPVZWHYHKLIH[LZ`[YHIHQVLULX\PWV
X\LWLYTP[LULSHWYLUKPaHQLPUMVYTHSLU[YLSVZHS\TUVZ
;YHUZMVYTHJP}U
3HZLZJ\LSHZJVTVS\NHYLZKL[YHUZMVYTHJP}UKLILULUMV
JHYZL LU LS KLZHYYVSSV KLS HS\TUV ,Z[V KLIL Z\JLKLY H
[YH]tZKLSVZWYVJLZVZKLLUZL|HUaHMVYTHSLPUMVYTHS
:P SHZ LZJ\LSHZ ZLJ\UKHYPHZ ]HU H [LULY t_P[V LU SH ,YH
KLS*VUVJPTPLU[VLU[VUJLZSVZHS\TUVZKLILUKLQHYSHZ
OHIPLUKVHKX\PYPKV\UKLZLVKLJVU[PU\HYLSWYVJLZV`
\UPYSVHSHWYLUKPaHQLK\YHU[L[VKHSH]PKH+LZHMVY[\UHKH
TLU[L T\JOVZ ZL ]HU JVU L_WLYPLUJPHZ ULNH[P]HZ X\L
JVUZLN\YPKHKVJHZPVUHYmUX\LU\UJHYLNYLZLUHS\NHYLZ
KLHWYLUKPaHQL,_PZ[LU]HYPVZMHJ[VYLZX\LJVU[YPI\`LU
HLZ[V`LSHTIPLU[LMxZPJVLZ\UVKLLSSVZ4\JOHZKL
U\LZ[YHZLZJ\LSHZUVZVUS\NHYLZX\LLSL]LUSHLZWPYP[\H
SPKHKVSHLK\JHJP}U7\LKLUSSLNHYHZLY[HUM\UJPVUHSLZ
OHZ[HLSW\U[VLUX\LSSLNHUHMHSSHYLUWYVK\JPYJ\HSX\PLY
HZWLJ[VWSHJLU[LYV
:L WYL[LUKL X\L SHZ LZJ\LSHZ W‚ISPJHZ ZLHU S\NHYLZ KL
PN\HSKHK KL VWVY[\UPKHKLZ [HU[V LU LS HZWLJ[V LK\JH
[P]V JVTV LU LS HWYV]PZPVUHTPLU[V KL PUZ[HSHJPVULZ
*VUT\JOHMYLJ\LUJPHLUSHWYmJ[PJHLZ[LUVLZLSJHZV
7HYHSVNYHYPN\HSKHKJVULSHWYV]PZPVUHTPLU[VKLPUZ[H
SHJPVULZSVZNVIPLYUVZ[PLUKLUHWYVK\JPYWYVNYHTHZKL
LZWHJPV LZ[mUKHY LU IHZL H U‚TLYVZ PUZJYP[VZ (\UX\L
UVLZPTWVZPISLKLZ\WLYHYLZ[HJVHJJP}UJYLH\UH[LU
ZP}UJVUPUUV]HJP}UHYX\P[LJ[}UPJH
*VTVS\NHYLZKL[YHUZMVYTHJP}ULZJHKH]LaTmZULJLZHYPV
X\LSHZLZJ\LSHZHKVW[LUSHWYL]PZP}UKLZLY]PJPVZZVJPHSLZ
HKPJPVUHSLZWHYHLZ[\KPHU[LZZ\ZMHTPSPHZ`SHJVT\UPKHK
SVJHS JYLJPLU[L +PMLYLU[LZ LZWLJPHSPKHKLZ KL TtKPJVZ
V[YVZ JVUZ\S[VYLZ ZVJPHSLZ ` WZPJVS}NPJVZ `V HJ[P]PKHKLZ
0UZ[HSHJPVULZKLJVJPUHLULS0UZ[P[\[V.V\SI\YU6]LUZ
KL;(-,*HTW\ZKL:L`TV\Y:L`TV\Y(\Z[YHSPH
(\[VYYLHSPaHJP}U
4PLU[YHZX\LSHH\[VYYLHSPaHJP}U[VTHZ\S\NHYH[YH]tZ
KLSHZHJ[P]PKHKLZKLHWYLUKPaHQLMVYTHS`SHZVJPHSPaH
JP}ULUSHLZJ\LSH[HTIPtUZLJYLHH[YH]tZKLHJ[P]PKHKLZ
[HSLZJVTVSVZKLWVY[LZ`SHZHY[LZ,Z[HZTH[LYPHZL_[YHJ\YYP
J\SHYLZZLVMYLJLUWHYHWYVWVYJPVUHYHSVZLZ[\KPHU[LZ\UH
LK\JHJP}UNLULYHSTmZPU[LNYHSLUS\NHYKL[LULYULJLZHYPH
TLU[LJVTVHS[LYUH[P]H\UHJHYYLYHH\UX\LWHYHHSN\UVZ
LZHZLYmSHWYVW\LZ[H]PHISL,SKLWVY[LLUZ\Z]HYPHZMHJL
[HZYLX\PLYLKLPUZ[HSHJPVULZLZWLJPHSPaHKHZHSPN\HSX\L
SHT‚ZPJH`LS[LH[YV*VUMYLJ\LUJPHKPJOHZPUZ[HSHJPVULZ
[HTIPtULZ[mUKPZWVUPISLZWHYH\ZVJVT\UP[HYPV
7H[PVPU[LYPVYKLSH,ZJ\LSHKL.YHTm[PJH)H\[PZ[H*HYL`
KLQHYKxUKLUP|VZOHZ[HH|VZ4LSIV\YUL(\Z[YHSPH
JVTLYJPHSLZZLJVSVJHUKLSHU[LJVTVZVJPVZWV[LUJPHSLZ
KLSHZLZJ\LSHZ3HPUJVYWVYHJP}UKLLZ[HZHJ[P]PKHKLZHKP
JPVUHSLZLZ[mKPZL|HKHWHYHYVTWLYSHUVJP}UKLSHLZJ\LSH
HPZSHKH`H`\KHYHSVZHS\TUVZHLU[YHYKLU[YVKLSHZVJPL
KHK3H[YHUZMVYTHJP}UKLSHZLZJ\LSHZLUJLU[YVZLK\JH
[P]VZX\LZVUHJJLZPISLZK\YHU[LWLYPVKVZTmZSHYNVZKL
[PLTWVLZ\U]LOxJ\SVWHYHWLYTP[PYLZ[V
:\IWYVW}ZP[VZKL,K\JHJP}U
3VZZ\IWYVW}ZP[VZKLSHLK\JHJP}UZLJ\UKHYPH[HTIPtU[PLULU
PUÅ\LUJPHZVIYLSVZKPZL|VZKLSHZLZJ\LSHZHKPMLYLU[LZNYHKVZ
(SN\UVZKLLZ[VZJVUÅPJ[‚HUJVUSVZWYVW}ZP[VZWYPUJPWHSLZ
[PLULUWVYWYVNYHTHZLZ[mUKHYLZKLLZWHJPVX\L[PLUKLU
H LUMH[PaHY LU LZWHJPVZ TxUPTVZ LU S\NHY KL LZWHJPVZ
}W[PTVZ`IHQVZWYLZ\W\LZ[VZWHYHJVUZ[Y\JJP}U
3HZLJVUVTxHZKLLZJHSH[HTIPtUZLSVNYHUH\TLU[HUKVLS
[HTH|VKLSHZLZJ\LSHZ4PLU[YHZX\LLZ[V[PLUL\UPTWHJ[V
LJVU}TPJV [HTIPtU OH` HYN\TLU[VZ ZVIYL LS ILULÄJPV
KLU[YVKLSHZVWJPVULZKLSVZJ\YZVZTmZSHYNVZKLIPKVHS
[HTH|V3VZW\U[VZKL]PZ[HVW\LZ[VZZVZ[PLULUX\LL_PZ[L
\UHWtYKPKHKLSHZJVT\UPKHKLZJVUMVYTLLS[HTH|VKLSH
LZJ\LSHH\TLU[H(SN\UVZKLLZ[VZW\U[VZZLW\LKLUZ\WLYHY
PU[YVK\JPLUKVZ\ILZJ\LSHZVHNY\WHJPVULZLUJHZHZ
-PS[YHJP}UJHUHSPaHJP}U`J\PKHKV
+PZJPWSPUH`:\WLY]PZP}U
:L[PLULLSJVUJLW[VKLX\LSHZLZJ\LSHZZVUS\NHYLZKPZJP
WSPUHYPVZ ,U LS ZLU[PKV TmZ HTWSPV SH KPZJPWSPUH LZ SH
MVYTHJP}UKLSHS\TUVLU\UHTIPLU[LJVU[YVSHKV`WVZP
[P]VJVUMYLJ\LUJPHJVULSWYVW}ZP[VKL\UH¸PUNLUPLYxH
ZVJPHS¹ 3H KPZJPWSPUH [HTIPtU W\LKL ZPNUPÄJHY JHZ[PNV
WVYTHSJVTWVY[HTPLU[VVWVYYVTWLYSHZYLNSHZ
3HZ\WLY]PZP}ULZ\UHWHY[LPU[LNYHSKLSHKPZJPWSPUH`\U
HZWLJ[VKLLZ[HLZSH¸VISPNHJP}UKLSJ\PKHKV¹WHYHSVZLZ[\
KPHU[LZ3HZ\WLY]PZP}UMxZPJHZLSVNYHWYPTVYKPHSTLU[LJVU
SHZ\WLY]PZP}U]PZ\HSVTmZYLJPLU[LTLU[LJVUSHZ\WLY
]PZP}ULSLJ[Y}UPJH;YHKPJPVUHSTLU[LSHZSxULHZKL]PZP}U
LYHUT\`PTWVY[HU[LZ`[PLULUSHJVUZLJ\LUJPHKLZHMVY[\
UHKHKLSYLMVYaHTPLU[VKLSVZSHYNVZ`YLJ[VZJVYYLKVYLZ
KLT\JOHZLZJ\LSHZW‚ISPJHZ6MYLJLY\UHLZJ\LSHZLN\YH
[HTIPtUZPNUPÄJH[LULYPKLU[PÄJHKVH[VKVLSWLYZVUHS`H
SVZ]PZP[HU[LZX\LLU[YHULUSHLZJ\LSH:PULTIHYNVLZ[V
JYLH\UH[LUZP}ULUSHWYV`LJJP}UKLSHLZJ\LSHJVTV\UH
PUZ[HSHJP}UHIPLY[H`HTPNHISLHU[LSHJVT\UPKHK
,ÄJPLUJPH6YNHUPaH[P]H`LJVUVTxHZKLLZJHSH
,S KPZL|V KL SH LZJ\LSH ZPLTWYL OH LZ[HKV Z\QL[V H SH
LÄJPLUJPHVYNHUPaH[P]H`HSHZLJVUVTxHZKLLZJHSH,ULS
WLYPVKV KL SH WVZ[ N\LYYH J\HUKV \U NYHU U‚TLYV KL
LZ[\KPHU[LZ [LUxHU X\L ZLY HJLW[HKVZ LU SHZ LZJ\LSHZ
WYL]HSLJLUSVZKPZL|VZLZ[mUKHYLZX\L\[PSPaHUTH[LYPH
SLZ KL IHQH JHSPKHK ` KL IHQV WYLJPV (J[\HSTLU[L SH
LÄJPLUJPHKLSKPZL|V`SHLÄJPLUJPHKLSLKPÄJPVZLTHU
,ZJ\LSH:LJ\UKHYPH*HU[LYI\Y`WHYH5P|HZ:`KUL`(\Z[YHSPH
(SN\UVZ]LUSHZLZJ\LSHZZLJ\UKHYPHZJVTV\UÄS[YVWHYH
SVZLZ[\KPHU[LZX\LZPN\LULZ[\KPHUKVVX\LZPN\LUJVU\U
LTWSLV,U\UZLU[PKVWVZP[P]VSHPU[LSPNLUJPHLS[HSLU[V
` SHZ HW[P[\KLZ PUOLYLU[LZ KL SVZ HS\TUVZ ZL W\LKLU
PKLU[PÄJHY ` JHUHSPaHY LU KPYLJJPVULZ HKLJ\HKHZ :PU
LTIHYNVLSWYVJLZVKLÄS[YHJP}UHSN\UHZ]LJLZW\LKL
YLZ\S[HY LU LUJHZPSSHY H SVZ LZ[\KPHU[LZ JVTV HJHKtTP
JVZVUV*\HUKVSVZHS\TUVZX\LZPLU[LU\UKLZHMLJ[V
WVYLZ[LWYVJLZVKLJSHZPÄJHJP}UKLZLHUKLQHYSHLZJ\LSH
HU[LZKLÄUHSPaHYZ\LK\JHJP}UVISPNH[VYPHLSWHWLSKL
SHZLZJ\LSHZW\LKLYLK\JPYZLHJ\PKHKVYHZ
0N\HSKHK`,X\PKHK
3HPN\HSKHK`SHLX\PKHK[PLULUPTWSPJHJPVULZZPNUPÄJH[P]HZ
ZVIYLLSKPZL|VKLSHLZJ\LSH3HPN\HSKHKKLVWVY[\UPKHKLZ
`HWYV]PZPVUHTPLU[VZPNUPÄJHWYVWVYJPVUHYHJHKHLZ[\KPHU[L
LSTPZTVHTIPLU[LKLHWYLUKPaHQL`LZ\ULSLTLU[VPTWVY
[HU[L KL LK\JHJP}U JVTV \U WYVW}ZP[V [YHUZMVYTHKVY
+LZHMVY[\UHKHTLU[LHJH\ZHKLSHPU[LYHJJP}UKL]HYPVZ
LSLTLU[VZLZ[VZLSVNYHT\`YHYH]LaLUSHWYmJ[PJH
7VYV[YVSHKVSHLX\PKHKZPNUPÄJHWYVWVYJPVUHYSVULJL
ZHYPVHSVZLZ[\KPHU[LZWHYHSSL]HYSVZHZ\Tm_PTVWV[LU
JPHS(SN\UVZWVKYmUULJLZP[HYJVSLNPH[\YHHKPJPVUHSWHYH
JVSVJHYSVZLULSLZ[mUKHYKLSYLZ[VKLSNY\WVTPLU[YHZ
V[YVZW\LKLUULJLZP[HYJVSLNPH[\YHHKPJPVUHSWHYHJVSV
JHYSVZ TmZ HSSm KLS NY\WV WVYX\L ZVU JHWHJLZ KL \U
KLZHYYVSSV`KL\UHWYLUKPaHQLTH`VY
,ZJLUHYPVZWHYHLS-\[\YV
+LLU[YLSVZKPMLYLU[LZLZJLUHYPVZJYLHKVZWHYHLSM\[\YV
KL SH LK\JHJP}U ZL LUJ\LU[YHU SVZ WYVW\LZ[VZ WVY LS
6,*+`WVYSVZH\Z[YHSPHUVZ2:\[LY`)*HSK^LSS
3VZZLPZLZJLUHYPVZWYLZLU[HKVZLUSHW\ISPJHJP}U6,*+
¦8\tLZJ\LSHZWHYHLSM\[\YV&ZVU!
3VZZPZ[LTHZT\`I\YVJYm[PJVZYLZPZ[PYmUJHTIPVZYHKP
JHSLZTPLU[YHZYLHSPaHU[HYLHZM\UKHTLU[HSLZX\LUV
ZPLTWYLZLYmUIPLUYLJVUVJPKH
3VZLUMVX\LZKLTLYJHKVOHJPHSHLZJ\LSHZLL_WHUKP
YmU KL THULYH ZPNUPÄJH[P]H LZ[PT\SHUKV \UH PUUV
]HJP}ULZWHYJPKHWLYVJYLHUKV[YHUZPJPVULZKPMxJPSLZ`
H\TLU[HUKVSHZKLZPN\HSKHKLZ
3HZLZJ\LSHZNVaHYmUKL\UHS[VLZ[H[\ZJVTVPUZ[P[\
JPVULZ KL SH JVT\UPKHK ` WYVWVYJPVUHYmU IHS\HY[LZ
JVU[YHSHMYHNTLU[HJP}UZVJPHS
3HZ LZJ\LSHZ ` SVZ WYVMLZVYLZ MVYTHYmU YLKLZ LU
¸VYNHUPaHJPVULZ KL HWYLUKPaHQL¹ X\L [LUKYmU HS[VZ
UP]LSLZKLJVUÄHUaHW‚ISPJH`Z}SPKHZJHYHJ[LYxZ[PJHZ
KLPN\HSKHK
3HZ PUZ[P[\JPVULZ ` SVZ ZPZ[LTHZ ZL KLZTHU[LSHYmU `
ZLYmUYLLTWSHaHKHZWVYKP]LYZHZYLKLZKLHWYLUKPaHQL
JVTVWHY[LKL\UH¸ZVJPLKHKKLYLKLZ¹
3HVMLY[HKLSVZTHLZ[YVZHSJHUaHYmWYVWVYJPVULZKL
JYPZPZX\LHTLUHaHU\UH¸M\ZP}U¹HWLZHYKLSHZTLKP
KHZKLWVSx[PJHZJVUJLY[HKHZ
2:\[LYL_WVUL[YLZLZJLUHYPVZWHYHSHLK\JHJP}UM\[\YH
(SWYPUJPWPVSHZLZJ\LSHZJVU[PU\HYmUM\UJPVUHUKVImZP
JHTLU[LJVTVSVOHJLUHJ[\HSTLU[L,Z[VZLIHZHLULS
OLJOVKLX\LHSHNLU[LUVSLN\Z[HLSJHTIPVKLX\LSH
TH`VYxHKLSVZWYVMLZVYLZX\LLZ[mULUZLY]PJPVLUSHHJ[\H
SPKHKSVLZ[HYmU[VKH]xHLUKPLaH|VZ`KLX\LLSOLJOVKL
X\LSHPUMYHLZ[Y\J[\YH`HLZ[mLUZ\S\NHYSHZM\LYaHZJVU
ZLY]HKVYHZHJ[\HYmUWHYHWYLZLY]HYLSLZ[H[\ZX\V,Z[LUV
LZ\ULZJLUHYPVH[YHJ[P]V`UVLZZVZ[LUPISL,SZLN\UKV
LZJLUHYPV LZ X\L SVZ LZ[\KPHU[LZ YLJPIPYmU SH LK\JHJP}U
KLZKLZ\ZJHZHZ]xHJPILYLK\JHJP}U,Z[VSPILYHYmT\JOHZ
IPLULZ YHxJLZ ` WYVTV]LYm LS HWYLUKPaHQL WLYZVUHSPaHKV
PUKP]PK\HS WLYV KLZH[LUKLYm SH ZVJPHSPaHJP}U ,S [LYJLY
LZJLUHYPV LZ[m YLWYLZLU[HKV WVY LS JLU[YV KL HWYLUKP
aHQL KL SH JVT\UPKHK" ZL THU[LUKYmU SHZ PUZ[HSHJPVULZ
KLSHZLZJ\LSHZWLYVZLOHYm\UHL_WHUZP}U`\UJHTIPV
LU Z\Z WHWLSLZ ` ZL HNYLNHYmU MVYTHZ KL HWYLUKPaHQL
WHYH[VKHZSHZLKHKLZHSPTLU[VLU[VKVTVTLU[V`V[YVZ
ZLY]PJPVZKLSHJVT\UPKHKJVTVZHS\K`KLWVY[LZ
) *HSK^LSS [HTIPtU VMYLJL [YLZ LZJLUHYPVZ ,S WYPTLYV
Z\WVUL X\L SH KP]PZP}U LU[YL LZJ\LSHZ W‚ISPJHZ ` WYP
]HKHZH\TLU[HYm`X\LSHZLZJ\LSHZW‚ISPJHZZVSVHJ[\H
YmUJVTVUPKVZKLZLN\YPKHKLULSKVTPUPVW‚ISPJV,S
NVIPLYUVHWV`HYmHSHZYLKLZKLLZJ\LSHZWYP]HKHZ,ULS
ZLN\UKVLZJLUHYPVOHIYm\UTH`VYJVTWYVTPZVWHYHLS
IPLUW‚ISPJV,Z[VLZ[HYmL]PKLUJPHKVWVYX\LLSNVIPLYUV
KLQHYmSPIYLSHWYVWPLKHK`LSWYVWVYJPVUHTPLU[VKLSH
LK\JHJP}UWLYVHWV`HYmHJ[P]HTLU[LH[VKHZSHZLZJ\L
SHZH[YH]tZKL\UTH`VYPUNYLZV,SHWV`VJVT\UP[HYPV
ZLYm HS[V ,S J\YYPJ\S\T ` SH [LJUVSVNxH KL HWYLUKP
aHQLZLYmUKP]LYZHZ`LZ[HYmUHSH]HUN\HYKPH,S[LYJLY
LZJLUHYPVLZX\LSHZLZJ\LSHZKLQHYmUKLZLYPUZ[P[\JPVULZ
` Z\ S\NHY ZLYm [VTHKV WVY JLU[YVZ KL HWYLUKPaHQL KL
SHJVT\UPKHK`WVYLSHWYLUKPaHQLLUJHZH*VU\UVQV
W\LZ[VLUSHHKOLZP}UHSVZ]HSVYLZJLU[YHSLZ*HSK^LSS
JYLH\UHTH[YPaWHYHSVZ[YLZLZJLUHYPVZIHZmUKVZLLUH
SPILY[HKSHPN\HSKHKSHMYH[LYUPKHKSHLÄJPLUJPH`LSJYL
JPTPLU[VLJVU}TPJV:VIYLLZ[HIHZLZ\ZLN\UKVLZJL
UHYPVLZSHVWPUP}UWYLMLYPKH
:\[LY]PY[\HSTLU[LUVZN\xHWHYHX\LHKVW[LTVZZ\[LYJLY
LZJLUHYPVKLSJLU[YVKLHWYLUKPaHQLKLSHJVT\UPKHK
JVTVLSTmZHJLW[HISL7VKLTVZPTHNPUHYIPLULZYHxJLZ
TmZJVUZVSPKHKHZ`TLQVYHLUSHZL_PZ[LUJPHZYLTHULU
[LZ*HSK^LSSHNY\WHLZ[HVWJP}UJVULSJYLJPTPLU[VKLS
HWYLUKPaHQLLUJHZH
3VZ LZJLUHYPVZ KL :\[LY LZ[mU JSHYHTLU[L SPNHKVZ H SH
MHIYPJHJP}UKLLKPÄJPVZKLLZJ\LSHZH\UX\LSHKL*HSK
^LSSUVZLHWLNHHLZ[V:PULTIHYNVWVKLTVZPTHNPUHY
X\L ZP [VKHZ SHZ LZJ\LSHZ ZL LUJ\LU[YHU LU L KVTPUPV
WYP]HKV`[PLULU\UM\LY[LHWV`VKLSHJVT\UPKHKZLYmU
SPIYLZ KL KPZL|HY ` JYLHY Z\Z WYVWPVZ HTIPLU[LZ MxZPJVZ
KLU[YVKLSVZKPZWVUPISLWHYHX\LZLLZ[tKLHJ\LYKVJVU
Z\ZWYVW}ZP[VZLPU[LNYHYZLJVUZ\ZJVT\UPKHKLZ
(S ZPU[L[PaHY LS [LYJLY LZJLUHYPV KL :\[LY ` LS ZLN\UKV
LZJLUHYPV KL *HSK^LSS [LULTVZ JVTV YLZ\S[HKV \U
JLU[YVKLHWYLUKPaHQLKLSHJVT\UPKHKX\LLZVWLYH[P]V
LU[VKVTVTLU[VHJJLZPISLH[VKHSHNLU[LVWLYHKVLU
WYP]HKVWLYVJVUYLJ\YZVZKLNVIPLYUVIPLULX\PWHKV
JVUPUZ[HSHJPVULZKL]HUN\HYKPH`TH[LYPHSLZKLHWYLUKP
aHQLHKLJ\HKVZWHYHLZWLJPHSPaHJPVULZLUVMLY[H
9LMLYLUJPHZ
*HSK^LSS ) ¸;OL ;YHUZMVYTH[PVU VM :JOVVSZ! :JLUH
YPVZMVY3LHKLYZOPWHUKº(IHUKVUTLU[¹3H;YHUZMVYTHJP}UKL
SHZ,ZJ\LSHZ!,ZJLUHYPVZWHYH3PKLYHaNV`(IHUKVUV069;=
4LSIV\YUL
6,*+:JOVVSPUNVM;VTVYYV^!>OH[:JOVVSZMVY[OL-\[\
YL&,K\JHJP}UKLSTH|HUH!¦8\tLZJ\LSHZKLSM\[\YV&7HYxZ
:[LYSPUN::\Z[HPUHISL,K\JH[PVU!9L]PZPVUPUN3LHYUPUN
HUK*OHUNL,K\JHJP}U:VZ[LUPISL!9L]PZP}UKL(WYLUKPaHQL`
*HTIPV.YLLU)VVRZ3[K+HY[PUN[VU+L]VU
:\[LY 2 ¸5V 4VYL ;LHJOLYZ» +PY[` 3VVRZ¹ ;OL (NL
5VTmZ7YVMLZVYLZJVUTHSHHWHYPLUJPH3HLKHK-LIYLYV
4LSIV\YUL
=PJR4 :JOVVSZHUK:VJPL[`!*OHUNLZHUK*VU[PU\P[PLZ
,ZJ\LSHZ`:VJPLKHKLZ!*HTIPVZ`*VU[PU\PKHKLZ:VJPHS:JP
LUJL7YLZZ2H[VTIH5\L]H.HSLZKLS:\Y
(Y[PJ\SVYLHSPaHKVWVY!
(UKYL^)\U[PUN
+PYLJ[VY
(YJOP[LJ[\Z4LSIV\YUL
(IIV[ZMVYK(\Z[YHSPH
-H_! LTHPS!HUKYL^I\U[PUN'HYJOP[LJ[\ZJVTH\
0%$)$/3
:PH‚UUVLZ[mZ\ZJYP[VH7,),_JOHUNL`SLN\Z[HYxHOHJLYSVWVY
MH]VYKL]\LS]HLSJ\W}UH\UHKLSHZZPN\PLU[LZKPYLJJPVULZ
(\Z[YHSPH
+(0UMVYTH[PVU:LY]PJLZ
>OP[LOVYZL9VHK76)
4P[JOHT=PJ[VYPH
;LS! -H_! ,THPS!ZLY]PJL'KHKPYLJ[JVTH\
*HUHKm
9LUV\M7\ISPZOPUN*VTWHU`3[K
*HUV[LR9VHK
6[[H^H65201 1
;LS!
-H_!
,THPS!VYKLYKLW['YLUV\MIVVRZJVT
*VYLH
;TLJJH
/HUZ\UN)+
:LVJOV+VUN
:LVJOV.\:LV\S
;LS! -H_! ,THPS!OLSW'[TLJJHJVT
4t_PJV
6,*+4L_PJV*LU[YL
(]7YLZPKLU[L4HZHY`R-PYZ[-SVVY
*VS7VSHUJV
4L_PJV+-
;LS! -H_!
,THPS!TL_PJVJVU[HJ['VLJKVYN
,Z[HKVZ<UPKVZ
,_[LUaH;\YWPU
0UK\Z[YPHS7HYR+YP]L
7LTIYVRL4(
;LS! -H_! ;VSSMYLL!
,THPS!VLJKUH'L_[LUaH[\YWPUJVT
0[HSPH
3PIYLYPH*VTTPZZPVUHYPH:HUZVUP
=PH+\JHKP*HSHIYPH
-SVYLUJL
;LS! -H_! ,THPS!SPJVZH'M[IJJP[
1HW}U
6,*+;VR`V*LU[YL
YK-SVVY5PWWVU7YLZZ*LU[LY)\PSKPUN
<JOPZHP^HPJOV
*OP`VKHR\;VR`V
;LS!
-H_!
,THPS![VR`VJVU[HJ['VLJKVYN
9LPUV<UPKV`V[YVZWHxZLZ
,_[LUaH;\YWPU
:[YH[[VU)\ZPULZZ7HYR
7LNHZ\Z+YP]L)PNNSLZ^HKL
)LKMVYKZOPYL:.8)
<UP[LK2PUNKVT
;LS! -H_!
,THPS!VLJKYV^'L_[LUaH[\YWPUJVT
>LIZP[L!^^^L_[LUaH[\YWPUJVT
7,),_JOHUNL7\ISPJHJPVULZ6*+,0TWYLZVLU-YHUJPH
4LN\Z[HYxHZ\ZJYPIPYTLH7,),_JOHUNL:<)7
7YLJPVKLZ\ZJYPWJP}UHU\HSKLSLTPZPVULZ!,<9<:+.)717@4?5
5VTIYL!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
+PYLJJP}U!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
*OLX\L\VYKLUKLWHNVPUJS\PKH
=0:(
4HZ[LYJHYK5VFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
,\YVJHYK
-LJOHKLL_WPYHJP}U!FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
-PYTH!FFFFFFFFFFFFFFFFFFFFFFFFFFFF
5VFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
5VFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
!'%.$!0%"
0%",?*/(5.,
,SKPHYPVKLSWYVNYHTHKLSH6*+,
WHYHSHJVUZ[Y\JJP}U`LS
LX\PWHTPLU[VKLSHLK\JHJP}U
1\UPV
¶7,)LUJVVWLYHJP}UJVUSH:LJYL[HYxHKL,K\JHJP}ULU7VY[\NHS[\]V\UH
YL\UP}UKLL_WLY[VZZVIYL¸,]HS\HJP}UKLSH*HSPKHKLU0UZ[HSHJPVULZ,K\JH[P]HZ¹LU
3PZIVH,SVIQL[P]VM\LKPZJ\[PYSHZTL[VKVSVNxHZ\[PSPaHKHZLUSVZWHxZLZWHYHL]HS\HY
SHJHSPKHKKLSHZPUZ[HSHJPVULZLK\JH[P]HZ`WHYHWYVWVULY\UTHYJVPU[LYUHJPVUHS
X\LWLYTP[PYmJVTWHYHJPVULZHSVSHYNVKLSVZWHxZLZ*VU[HJ[LH(UH]VU(OSLMLSK!
HUH]VUHOSLMLSK'VLJKVYN
¶ ,S -VYV 4\UKPHS +LZPNU:OHYL L_HTPU} LS [LTH ¸0KLHZ X\L ,TLYNLU
*VULJ[HUKVSH,K\JHJP}U`(YX\P[LJ[\YH¹,Z[LMVYVM\LVYNHUPaHKVWVY+LZPNU
:OHYL,Z[HKVZ<UPKVZLUJVSHIVYHJP}UJVU7,)`LS*VUJLQVKLSVZ7SHULHKVYLZ
KLSHZ0UZ[HSHJPVULZ,K\JH[P]HZ*,-70SHYLNP}UKL(\Z[YHSPH`ZLSSL]}HJHIVLU
)HYJLSVUH,ZWH|H*VU[HJ[V!2HY[1VULZ!QVULZ'KLZPNUZOHYLJVT"V]PZP[LKLZPNU
ZOHYLJVT)HYJLSVUH
/#$%0%"
RUE!NDRÏ0ASCAL
0ARIS#EDEX&RANCIA
4EL
&AX
HTTPWWWOECDORGEDUFACILITIES
%MAILRICHARDYELLAND OECDORG
2ICHARD9ELLAND
*EFEDEL0ROGRAMA
1\SPV
,S:PUKPJH[V0U[LYUHJPVUHSKL(YX\P[LJ[VZ[\]VZ\*VUNYLZV4\UKPHSZVIYLLS
[LTHKLHYX\P[LJ[\YHLUSHZJP\KHKLZLU,Z[HTI\S;\YX\xH*VU[HJ[V!<0(-YHUJPH
[LS!"*VTP[t6YNHUPaHKVY;\YX\xH[LS! "V
]PZP[L^^^\PHPZ[HUI\SVYN
6J[\IYL
0
%
"
¶¶*(7-*,[LUKYmZ\¢*VUNYLZV0U[LYUHJPVUHSZVIYLLS+LZHYYVSSVKLSH0UMYHLZ
[Y\J[\YH-xZPJH,K\JH[P]H¹LU4t_PJV=LYWmNPUH
¶¶3H6*+,VYNHUPaHYm\UMVYVZVIYL¸9L[VZWHYHSH,K\JHJP}ULU\UH
,JVUVTxH.SVIHS¹LU:HU[PHNV*OPSL=LYWmNPUH
5V]PLTIYL
¶¶¸;0*¹4LKPVZ`(WYLUKPaHQL";LJUVSVNxHLU4V]PTPLU[V:VJPLKHK*HT
IPHU[L¹LZLS[LTHKL\UHJVUMLYLUJPHPU[LYUHJPVUHSVYNHUPaHKHWVYSH<UP]LYZPKHK
+HUtZKL,K\JHJP}ULU*VWLUOHNLU3HJVUMLYLUJPHZLLUMVJHYmLUSVZYL[VZHU[L
SVZHTIPLU[LZKLHWYLUKPaHQLMxZPJV`]PY[\HSWV[LUJPHSLZKLHWYLUKPaHQLZVWVY[HKVZ
WVYTLKPVZKPNP[HSLZPU[LYJHTIPVJ\S[\YHS`SxTP[LZHSH[LJUVSVNxH*VU[HJ[V!/LSSL
)YHUKZ[Y\W1LUZLU!/)1'KW\KR"V]PZP[L^^^KW\KRPJ[
+PJPLTIYL
¶ ¶:LSSL]HYmHJHIV\UHJVUMLYLUJPH[P[\SHKH¸/HJPLUKV,ZWHJPV!(YX\P[LJ[\YH
`+PZL|VWHYH5P|VZ(KVSLZJLU[LZ¹LU,KPTI\YNV9LPUV<UPKV,SL]LU[VZLYm
VYNHUPaHKVWVY7,)5P|VZKL,ZJVJPH3H0UJVYWVYHJP}U9LHSKL(YX\P[LJ[VZLU
,ZJVJPHSVZ,QLJ\[P]VZ,ZJVJLZLZ`SVZ5P|VZLU,\YVWH3HJVUMLYLUJPHWYVTV]LYmSH
PTWVY[HUJPHKLSI\LUKPZL|VHSJYLHYLZWHJPVZWHYHUP|VZHKVSLZJLU[LZLPUJS\PYm\UH
LSLJJP}UKL]PZP[HZKLLZ[\KPVH.SHZNV^:[PYSPUN`,KPTI\YNV*VU[HJ[V0ZHILSSL
,[PLUUL!PZHILSSLL[PLUUL'VLJKVYN
,OSPUNTOSDEVISTAEXPRESADOSEN0%"%XCHANGESONDELPROPIOCONTRIBUYENTEYNONECESARIAMENTEREPRESENTANAQUEL
LOSDEL3ECRETARIADODELA/#$%
¥/#$%
0
6OLUME
.O*UNIO
3USCRIPCIØNEMISIONES
%5253$
'"0*09
-8.
)33.n
69.(50A(*0Ô57(9(3(*667,9(*0Ô5
@,3+,:(996336,*65Ô40*6:
Descargar