6)#42)8 - Kosemo

Transkript

6)#42)8 - Kosemo
6)#42)8
1-
1PESŝD[OJLPCT’VHJ
XSB[[JOTUSVLDKBNJ
)6
)BT[OÈMBUJVUBTÓUÈT
ÏTmHZFMNF[UFUÏTFL
53
5BMJNBUWFVZBS‘MBSLJUBQΑޑ
*&
*OTUSVDUJPOCPPLMFU
BOEXBSOJOH
$;
/ÈWPELQPVäJUÓBVQP[PSOŚOÓ
4,
/ÈWPEOBQPVäJUJFB
VQP[PSOFOJB
4*
1SJSPŗOJL[OBWPEJMJ
JOPQP[PSJMJ
#(
͆ͪͻ΅΂͸ͳ͵ͳ͸ͼͽͻ;͵΁ͳͳ
ͳͺͻͰͬͰ͸ͽͳͬ͸ͳͷͰͻ͵ͳ
1-
4[BOPXOZ,MJFODJF
53
4BZO.ÛǨUFSJNJ[
$;
7ÃßFOÝ[ÃLB[OÎLV
(SBUVMVKFNZ XZCPSV XZTPLJFK KBLPǧDJ QSPEVLUV
*NNFSHBT LUÓSZ NPǻF 1BǝTUXV [BQFXOJǀ EPCSF
TBNPQPD[VDJF J CF[QJFD[FǝTUXP +BLP LMJFODJ
*NNFSHBTNPǻFDJF1BǝTUXP[BXT[FMJD[ZǀOBQPNPD
XZLXBMJGJLPXBOFHP QFSTPOFMV BVUPSZ[PXBOFHP
TFSXJTVUFDIOJD[OFHPE[JNjLJD[FNVCNjE[JFDJF[BXT[F
QFXOJOJF[BXPEOPǧDJLPUB
1SPT[Nj[BQP[OBǀTJNjVXBǻOJF[OJOJFKT[ƾJOTUSVLDKƾ
NPǻOB X OJFK [OBMFǺǀ QS[ZEBUOF XTLB[ÓXLJ
EPUZD[ƾDF QSBXJEPXFHP VǻZXBOJB VS[ƾE[FOJB
LUÓSZDIQS[FTUS[FHBOJF[BQFXOJǻF[BXT[FCNjE[JFDJF
[BEPXPMFOJ[QSPEVLUVêSNZ*NNFSHBT
1SPT[Nj TJNj [XSÓDJǀ EP MPLBMOFHP BVUPSZ[PXBOFHP
QVOLUV TFSXJTPXFHP [ QSPǧCƾ P EPLPOBOJF
XTUNjQOFKLPOUSPMJE[JBBOJB/BT[UFDIOJLTQSBXE[J
XBSVOLJE[JBBOJBEPLPOBXZNBHBOZDISFHVMBDKJ
J [BEFNPOTUSVKF XBǧDJXZ TQPTÓC FLTQMPBUBDKJ
HFOFSBUPSB
8 SB[JF LPOJFD[OPǧDJ OBQSBXZ MVC [XZLZDI
QSBD LPOTFSXBDZKOZDI OBMFǻZ [XSÓDJǀ TJNj EP
BVUPSZ[PXBOZDI QVOLUÓX TFSXJTPXZDI GJSNZ
*NNFSHBT EZTQPOVKƾ POF PSZHJOBMOZNJ D[NjǧDJBNJ
[BNJFOOZNJ B QFSTPOFM [PTUB QS[FT[LPMPOZ QPE
CF[QPǧSFEOJNOBE[PSFNQSPEVDFOUB
0HÓMOFVXBHJ
/JOJFKT[BJOTUSVLDKBPCTVHJTUBOPXJJOUFHSBMOƾD[Njǧǀ
QSPEVLUVJQPXJOOBCZǀQS[FLB[BOBVǻZULPXOJLPXJ
SÓXOJFǻXQS[ZQBELVQS[FOJFTJFOJBXBTOPǧDJ
/BMFǻZTJNj[OJƾVXBǻOJF[BQP[OBǀJ[BDIPXBǀOB
QS[ZT[Pǧǀ QPOJFXBǻ [BXJFSB XBǻOF XTLB[ÓXLJ
EPUZD[ƾDF CF[QJFD[FǝTUXB JOTUBMBDKJ FLTQMPBUBDKJ J
LPOTFSXBDKJ
;HPEOJF [ PCPXJƾ[VKƾDZN VTUBXPEBXTUXFN
VS[ƾE[FOJBHS[FKOFPNPDZDJFQMOFKQS[FLSBD[BKƾDFK
L8 QPXJOOZ CZǀ [BQSPKFLUPXBOF J XZLPOBOF
QS[F[ VQSBXOJPOF QPENJPUZ [BXPEPXF *OTUBMBDKB
J LPOTFSXBDKB QPXJOOZ CZǀ XZLPOBOF [HPEOJF
[ PCPXJƾ[VKƾDZNJ OPSNBNJ XFEVH JOTUSVLDKJ
QSPEVDFOUBJQS[F[XZLXBMJêLPXBOZQFSTPOFM
UKPTPCZQPTJBEBKƾDFLPOLSFUOƾXJFE[NjUFDIOJD[Oƾ[
[BLSFTVJOTUBMBDKJ
/JFXBǧDJXBJOTUBMBDKBNPǻFTQPXPEPXBǀPCSBǻFOJB
V MVE[J J [XJFS[ƾU B UBLǻF T[LPEZ NBUFSJBMOF
[B LUÓSF QSPEVDFOU OJF CNjE[JF QPOPTJ ǻBEOFK
PEQPXJFE[JBMOPǧDJ1SBDFLPOTFSXBDZKOFNVT[ƾCZǀ
XZLPOZXBOF QS[F[ XZLXBMJêLPXBOFHP UFDIOJLB
B BVUPSZ[PXBOZ QVOLU TFSXJTPXZ *NNFSHBT
EBKF X UBLJN QS[ZQBELV HXBSBODKNj LXBMJêLBDKJ J
QSPGFTKPOBMJ[NV
6S[ƾE[FOJFNPǻOBTUPTPXBǀXZƾD[OJFEPDFMÓXEP
KBLJDI[PTUBPQS[FXJE[JBOF,BǻEFJOOFVǻZDJFKFTU
VXBǻBOF[BOJFXBǧDJXFB[BUFNOJFCF[QJFD[OF
8 SB[JF OJFXBǧDJXFK JOTUBMBDKJ FLTQMPBUBDKJ MVC
LPOTFSXBDKJ XZOJLBKƾDZDI [ OJFQS[FTUS[FHBOJB
PCPXJƾ[VKƾDZDIQS[FQJTÓXUFDIOJD[OZDIOPSNMVC
OJOJFKT[ZDIJOTUSVLDKJ
MVC JOOZDI JOTUSVLDKJ QSPEVDFOUB
QSPEVDFOU OJF
CNjE[JFQPOPTJǻBEOFKPEQPXJFE[JBMOPǧDJVNPXOFK
BOJJOOFK[UZUVVFXFOUVBMOZDIT[LÓEBHXBSBODKB
VS[ƾE[FOJBXZHBTB
4BnjML WF HÛWFOMJnjJOJ[J V[VO TÛSFMJ PMBSBL UFNJO
FEFDFL PMBO ZÛLTFL LBMJUFMJ ƻNNFSHBT ÛSÛOÛOÛ
UFSDJIFUUJnjJOJ[EFOEPMBZ4J[JLVUMBS[#JSƻNNFSHBT
.ÛǨUFSJTJ PMNBO[ TGBUZMB LPNCJOJ[JO EFWBNM
WFSJNMJ PMNBTO TBnjMBNBL BNBDZMB NFTMFLJ
BɏEBO IB[SMLM WF FnjJUJNMJ :FULJMJ 5FLOJL 4FSWJT
BnjOEBO ZBSBSMBOBCJMJSTJOJ[ .ÛUFBLJQ TBZGBMBS
EJLLBUMJDF PLVZVOV[ ƻNNFSHBT ÛSÛOÛOEFO
FO TBnjMLM WF WFSJNMJ ǨFLJMEF JTUJGBEF FUNFOJ[J
TBnjMBZBDBLPMBODJIB[O[JÉJOZBSBSMCJMHJMFSJUFNJO
FEFCJMJSTJOJ[$JIB[O[OJMLÉBMǨUSNBLPOUSPMVJÉJO
[BNBO LBZCFUNFLTJ[JO CÕMHFOJ[EF CVMVOBO :FULJMJ
5FLOJL 4FSWJT .FSLF[JOF NÛSBDBBU FEJOJ[ 5FLOJL
FMFNBON[TBnjMLMÉBMǨNBǨBSUMBSOEFOFUMFZFDFL
WF HFSFLMJ BZBSMBS JMF LBMJCSBTZPOMBS ZBQBSBL
DJIB[OLVMMBONLPOVTVOEB4J[MFSFCJMHJWFSFDFLUJS
)FS UÛSMÛ HFSFLTJOJN WF PMBnjBO CBLN IBMMFSJOEF
ƻNNFSHBT:FULJMJUFLOJL4FSWJTMFSJOFNÛSBDBBUFEJOJ[
CV NFSLF[MFS OF[EJOEF PSJKJOBM QBSÉB WF BLTBN
CVMVONBLUB PMVQ ÛSFUJDJ UBSBGOEBO NFTMFLJ Õ[FM
FnjJUJNFIBJ[EJSMFS
(FOFMVZBSMBS
,MBWV[ LJUBQɏL ÛSÛOÛO BZSMNB[ WF CÛUÛOMFZJDJ
CJS QBSÉBTO PMVǨUVSNBLUB PMVQ DJIB[O NÛMLJZFU
EFnjJǨUJSNFTJ IBMJOEF ZFOJ LVMMBODTOB UFTMJN
FEJMNFMJEJS
4Õ[LPOVTVLJUBQɏnjOJUJOBZMBNVIBGB[BFEJMNFTJWF
LVMMBONOZBOTSBNPOUBKCFCBLNIVTVTMBSOEB
EBÕOFNMJCJMHJMFSJÉFSNFTJOEFOÕUÛSÛHFSFLUJnjJOEF
CBǨWVSVMBCJMJSPMNBTHFSFLNFLUFEJS
:njÛSÛSMLUFLJ ZBTBM EÛ[FOMFNFMFS VZBSODB L8
Û[FSJOEF UFSNJL HÛDF TBIJQ TUNB UFTJTBUMBSOO
ZFULJMJ NFTMFL FSCBC UBSBGOEBO QSPKFMFOEJSJMNFTJ
HFSFLNFLUFEJS .POUBK WF CBLN JǨMFNMFSJOJO
ZÛSÛSMÛLUFLJZBTBMEÛ[FOMFNFMFSFVZHVOCJSǨFLJMEF
ÛSFUJDJ GJSNB UBMJNBUMBS EPnjSVMUVTVOEB UFTJTBU
TFLUÕSÛOEF ZFUFSMJ UFLOJL CJMHJZF IBJ[ WF NFTMFLJ
CFDFSJZFTBIJQV[NBOQFSTPOFMUBSBGOEBOZBQMNBT
HFSFLNFLUFEJS
:BOMǨ CJS NPOUBK ÛSFUJDJ GJSNBOO TPSVNMV
UVUVMBNBZBDBnj WF JOTBOMBSO ZBO TSB IBZWBO
WFZBIVUEBFǨZBMBSBEB[BSBSWFSFCJMFDFLUFIMJLFMFSF
TFCFCJZFUWFSFCJMJS$JIB[OCBLNJǨMFNMFSJOJOZFULJMJ
WF V[NBO UFLOJL QFSTPOFM UBSBGOEBO ZÛSÛUÛMNFTJ
HFSFLNFLUF PMVQ ƻNNFSHBT :FULJMJ 5FLOJL 4FSWJT
.FSLF[MFSJ CV LPOVEB LBMJUF WF QSPGFTZPOFMMJnjJ
LPOVTMBSOEB CJS UFNJOBU PMVǨUVSNBLUBESMBS
#VDJIB[OZBMO[DBUBTBSMBOBSBLÛSFUJMNJǨPMEVnjV
BNBÉMBSBVZHVOǨFLJMEFLVMMBOMNBTHFSFLNFLUFEJS
#VOVO EǨOEBLJ IFS UÛSMÛ LVMMBON VZHVO
PMNBNBOOZBOTSBUFIMJLFMJEJSEF
.POUBK LVMMBON WFZBIVU EB CBLN JǨMFNMFSJ
FTOBTOEBZÛSÛSMÛLUFLJZBTBMEÛ[FOMFNFMFSFWFZBIVU
EB TUBOEBSUMBS JMF JǨCV LMBWV[ LJUBQɏLUB ZFS BMBO
CJMHJMFSF WF IFS IBMJ LBSEB ¾SFUJDJ UBSBGOEBO
TVOVMBOCJMHJWFUBMJNBUMBSB
SJBZFUFEJMNFNFTJOEFO
ÕUÛSÛ PMVǨBCJMFDFL IBUBMBSEBO EPMBZ ¾SFUJDJ
êSNBOOOFTÕ[MFǨNFLBQTBNOFEFTÕ[MFǨNFIBSJDJ
IFSIBOHJ CJS TPSVNMVMVnjV PMNBZBDBnj HJCJ DJIB[O
HBSBOUJTJOJOHFÉFSMJMJnjJTPOBFSFS
#MBIPQǥFKFNF 7ÃN L [BLPVQFOÎ WZTPDF LWBMJUOÎIP
WÝSPCLV êSNZ *NNFSHBT LUFSÝ 7ÃN OB EMPVIPV
EPCV [BKJTUÎ TQPLPKFOPTU B CF[QFǁÎ +BLP [ÃLB[OÎL
GJSNZ *NNFSHBT TF NDzßFUF [B WØFDI PLPMOPTUÎ
TQPMFIOPVU OB PECPSOÝ TFSWJT êSNZ LUFSÝ KF WßEZ
EPLPOBMFQǥJQSBWFO[BSVǁJU7ÃNTUÃMÝWÝLPO7BØFIP
LPUMF1ǥFǁULJUFTJQP[PSOLJOÃTMFEVKÎDÎTUSÃOLZNDzßFUF
WOJDIOBKÎUVßJUFǁOÊSBEZLFTQSÃWOÊNVQPVßÎWÃOÎ
QǥÎTUSPKFKFKJDIßEPESßPWÃOÎ7ÃN[BKJTUÎKFØULJWLJUØÎ
TQPLPKFOPTUTWÝSPCLFN*NNFSHBTV
/BWØUJWUFWǁBTOÃØPCMBTUOÎTFSWJTBßÃEFKUFÙWPEOÎ
QǥF[LPVØFOÎDIPEVLPUMF/ÃØUFDIOJLPWLJǥÎTQSÃWOÊ
QPENÎOLZ QSPWP[V QSPWFEF OF[CZUOPV SFHVMBDJ
LBMJCSPWÃOÎ B WZTWLJUMÎ 7ÃN TQSÃWOÊ QPVßÎWÃOÎ
LPUMF
7 QǥÎQBELJ OVUOÝDI PQSBW B CLJßOÊ ÙESßCZ TF WßEZ
PCSBDFKUF OB TDIWÃMFOÊ PECPSOÊ TFSWJTZ GJSNZ
*NNFSHBT QSPUPßF QPV[F UZUP TFSWJTZ NBKÎ L
EJTQP[JDJ TQFDJÃMOLJ WZØLPMFOÊ UFDIOJLZ B PSJHJOÃMOÎ
OÃISBEOÎEÎMZ
7ØFPCFDOÃVQP[PSOLJOÎ
/ÃWPE L QPVßJUÎ KF OFEÎMOPV B EDzMFßJUPV TPVǁÃTUÎ
WÝSPCLVBNVTÎCÝUQǥFEÃOVßJWBUFMJJWQǥÎQBELJKFIP
EBMØÎIPQSPEFKF
/ÃWPEKFUǥFCBQP[PSOLJQSPǁÎTUBQFǁMJWLJVTDIPWBU
QSPUPßF WØFDIOB VQP[PSOLJOÎ PCTBIVKÎ EDzMFßJUÊ
JOGPSNBDF QSP 7BØJ CF[QFǁOPTU WF GÃ[J JOTUBMBDF J
QPVßÎWÃOÎBÙESßCZ
7 TPVMBEV T QMBUOPV MFHJTMBUJWPV UPQOÃ [BǥÎ[FOÎ T
UFQFMOÝN WÝLPOFN QǥFTBIVKÎDÎN L8 NVTÎ CÝU
QSPKFLUPWÃOZLWBMJêLPWBOÝNJQSPGFTJPOÃMZ*OTUBMBDJ
BÙESßCVTNÎQSPWÃELJUWTPVMBEVTQMBUOÝNJOPSNBNJ
B QPEMF QPLZODz WÝSPCDF QPV[F PECPSOLJ WZØLPMFOÝ
QSBDPWOÎL LUFSÝN TF W UPNUP QǥÎQBELJ SP[VNÎ
QSBDPWOÎLTPECPSOPVUFDIOJDLPVLWBMJêLBDÎWPCPSV
ULJDIUPTZTUÊNDz
$IZCOÃ JOTUBMBDF NDzßF [QDzTPCJU ØLPEZ PTPCÃN
[WÎǥBUDzN OFCP OB WLJDFDI [B LUFSÊ WÝSPCDF
OFPEQPWÎEüESßCVCZNLJMJWßEZQSPWÃELJUPECPSOLJ
WZØLPMFOÎPQSÃWOLJOÎQSBDPWOÎDJ;ÃSVLPVLWBMJêLBDF
BPECPSOPTUJKFWUPNUPQǥÎQBELJTDIWÃMFOÊTFSWJTOÎ
TUǥFEJTLPêSNZ*NNFSHBT
1ǥÎTUSPKTFTNÎQPVßÎWBUQPV[FLÙǁFMVLFLUFSÊNVCZM
WÝTMPWOLJVSǁFO+BLÊLPMJWKJOÊQPVßJUÎKFQPWBßPWÃOP
[BOFQBUǥJǁOÊBOFCF[QFǁOÊ
/B DIZCZ W JOTUBMBDJ QSPWP[V OFCP ÙESßCLJ LUFSÊ
KTPV[QDzTPCFOZOFEPESßFOÎNQMBUOÝDIUFDIOJDLÝDI
[ÃLPODzOPSFNBQǥFEQJTDzVWFEFOÝDIWUPNUPOÃWPEV
OFCPQPTLZUOVUÝDIWÝSPCDFN
TFWßÃEOÊNQǥÎQBELJ
OFW[UBIVKFTNMVWOÎBOJNJNPTNMVWOÎPEQPWLJEOPTU
WÝSPCDF[BQǥÎQBEOÊØLPEZBQǥÎTMVØOÃ[ÃSVLBOB
QǥÎTUSPK[BOJLÃ
%&,-"3"$+";(0%/0Ʀ$*$&
;HPEOJF [ %ZSFLUZXƾ P HB[JF 8&
%ZSFLUZXƾ &.$ 8& %ZSFLUZXƾ X
TQSBXJF XZEBKOPǧDJ 8& J %ZSFLUZXƾ
OJTLPOBQJNjDJPXƾ8&
1SPEVDFOU *NNFSHBT 4Q" W $JTB -JHVSF Ož #SFTDFMMP3&
$&6:(6/-6,#&:"/*
$&TBZMHB[IVTVTVOEBLJ:ÕOFSHF&.$$&
:ÕOFSHFTJ$&WFSJN:ÕOFSHFTJJMF$&
TBZMBMÉBLHFSJMJN:ÕOFSHFTJVZBSODB
¾SFUJDJ *NNFSHBT 4Q" W $JTB -JHVSF /P #SFTDFMMP3&
130)-"»6+& Â& LPUMF *NNFSHBT NPEFM
7JDUSJY
PEQPWÎEBKÎVWFEFOÝNTNLJSOJDÎN&WSPQTLÊIP
TQPMFǁFOTUWÎ
ƤFEJUFMWÝ[LVNVBWÝWPKF
.BVSP(VBSFTDIJ
1PEQJT
0Ʀ8*"%$;" ƺ& LPUZ *NNFSHBT NPEFM
7JDUSJY
TQFOJBKƾXZNBHBOJBQPEBOFXF
X[NJBOLPXBOZDIXZǻFK%ZSFLUZXBDI
%ZSFLUPSET#BEBǝJ3P[XPKV
.BVSP(VBSFTDIJ
1PEQJT
" Ƨ " Ƌ * % " # & - ƻ 3 5 ƻ - & / # & 7" / % "
#6-6/.",5"%*3ƻNNFSHBTLPNCJNPEFMMFSJ
7JDUSJY
"WSVQB#JSMJnjJ:ÕOFSHFMFSJOFVZHVOEVS
"SBǨUSNBWF(FMJǨUJSNF.ÛEÛSÛ
.BVSP(VBSFTDIJ
ƻN[B
130)-¦»&/±04)0%Ɔ&6
7F TNZTMV 4NLJSOJDF QSP TQPUǥFCJǁF QMZOOÝDI
QBMJW &4 4NLJSOJDF P ÙǁJOOPTUJ &4
B4NLJSOJDFQSPFMFLUSJDLÃ[BǥÎ[FOÎOÎ[LÊIPOBQLJUÎ
&4
7ÝSPCDF*NNFSHBT4Q"W$JTB-JHVSFOž
#SFTDFMMP3&
1-
53
*/45"-"$+"
,05Š"
$;
.0/5"+
,0.#ƻ
*/45"-"$&
,05-&
*/45"-"503
68"(*%05:$;Ž$&*/45"-"$+*
8ZƾD[OJF IZESBVMJL [F TQFDKBMJ[BDKƾ X [BLSFTJF
PHS[FXBOJB KFTU VQPXBǻOJPOZ EP [BJOTUBMPXBOJB
LPUÓXHB[PXZDIêSNZ*NNFSHBT
,PUZTFSJJi7JDUSJYuNPHƾCZǀ[BJOTUBMPXBOFOB
[FXOƾUS[MVCXTUPTPXOZNQPNJFT[D[FOJVDFOUSBMJ
HS[FXD[FK
*OTUBMBDKB QPXJOOB TQFOJBǀ QS[FQJTZ QPEBOF
X TUPTPXOZDI OPSNBDI J XT[ZTULJDI NBKƾDZDI
[BTUPTPXBOJFVTUBXBDI
.0/5"+1&340/&-ƻ
.0/5"+5"-ƻ."5-"3*
,FTJOMJLMF WF ZBMO[DB NFTMFLJ BɏEBO ZFUFSMJMJnjF
IBJ[ WF *NNFSHBT HB[M DJIB[ NPOUBKOB ZFULJMJ CJS
V[NBO UFTJTBUɏ UBSBGOEBO VZHVMBNB ZBQMBCJMJS
i7JDUSJY u TFSJTJ LPNCJMFS BÉJL NBIBMMFSF
NPOUF EJMFCJMFDFLMFSJ HJCJ VZHVO NBIIBMFSF
E F N POU F F E J M F CJ M J S M F S U F S N J L T BOU S B M .POUBK FTOBTOEB ZÛSÛMÛLUF CVMVOBO LPOVZMB JMHJMJ
UÛNZBTBMEÛ[FOMFNFMFSJMFTUBOEBSUMBSBSJBZFUFEJMNFTJ
[PSVOMVEVS
*/45"-"5­3
10,:/:,*/45"-"$*
4*OTUBMBDJ QMZOPWÝDI LPUMDz *NNFSHBT NDzßF
QSPWÃELJUQPV[FPECPSOLJLWBMJêLPWBOÝBBVUPSJ[P
WBOÝTFSWJTOÎUFDIOJLQMZOPWÝDI[BǥÎ[FOÎ
,PUMF TÊSJF t7JDUSJY i KF NPßOÊ JOTUBMPWBU EP
WFOLPWOÎIP QSPTUǥFEÎ OFCP EP WIPEOÊ NÎTUOPTUJ
UFQFMOÃDFOUSÃMB
*OTUBMBDFNVTÎPEQPWÎEBUQǥFEQJTDzNTUBOPWFOÝN
OPSNBNJ B NVTÎ CÝU W TPVMBEV T WFØLFSÝNJ
QǥÎTMVØOÝNJQMBUOÝNJ[ÃLPOZBTNLJSOJDFNJ
6XBHB /JOJFKT[Z LPDJP KFTU QS[F[OBD[POZ
XZƾD[OJFEPNPOUBǻVOBǧDJFOOFHP
,PDJP QPXJOJFO CZǀ VǻZXBOZ EP PHS[FXBOJB
PUPD[FOJBJQPEPCOZDIDFMÓX
,PDJPTVǻZEPQPEHS[FXBOJBXPEZEPUFNQFSBUVSZ
OJǻT[FKPEUFNQFSBUVSZXS[FOJB
XPCFDOPǧDJDJǧOJFOJBBUNPTGFSZD[OFHPQPXJOJFO
[BUFN CZǀ QPEƾD[POZ EP JOTUBMBDKJ PHS[FXBOJB
PEQPXJFEOJFKEPKFHPNPDZJXZEBKOPǧDJ
1S[FE[BJOTUBMPXBOJFNVS[ƾE[FOJBOBMFǻZTQSBXE[Jǀ
KFHP TUBO D[Z VS[ƾE[FOJF OJF EP[OBP T[LÓE X
USBLDJFUSBOTQPSUVXQS[ZQBELVXƾUQMJXPǧDJOBMFǻZ
OBUZDINJBTUQPXJBEPNJǀEPTUBXDNj
&MFNFOUZ PQBLPXBOJB TQJOBD[F HXPǺE[JF
QMBTUZLPXF XPSFD[LJ TUZSPQJBO JUQ
QPXJOOZ
CZǀ [BCF[QJFD[POF QS[FE EPTUNjQFN E[JFDJ HEZǻ
TUBOPXJƾQPUFODKBMOFǺSÓEP[BHSPǻFOJB
/JF XPMOP QS[FDIPXZXBǀ ǻBEOZDI NBUFSJBÓX
BUXPQBMOZDI X QPCMJǻV VS[ƾE[FOJB QBQJFSV
ǧDJFSFLUXPS[ZXBTUZSPQJBOVJUQ
8QS[ZQBELVQSPCMFNÓXVTUFSLJMVCOJFQSBXJEPXFK
QSBDZ OBMFǻZ XZƾD[Zǀ VS[ƾE[FOJF J XF[XBǀ
XZLXBMJêLPXBOFHPUFDIOJLBOBQS[ZLBE[QVOLUV
TFSXJTPXFHP *NNFSHBT LUÓSFHP QSBDPXOJDZ
EZTQPOVKƾ TQFDZGJD[Oƾ XJFE[ƾ UFDIOJD[Oƾ PSB[
PSZHJOBMOZNJD[NjǧDJBNJ[BNJFOOZNJ
/JF OBMFǻZ TBNPE[JFMOJF XZLPOZXBǀ ǻBEOZDI
OBQSBX
/JFQS[FTUS[FHBOJFQPXZǻT[FHP[BMFDFOJBQPXPEVKF
QS[FKNjDJFPEQPXJFE[JBMOPǧDJJVUSBUNjQSBX
HXBSBODZKOZDI
r /PSNZ JOTUBMBDKJ ,PDJP OJF OBEBKF TJNj BCTP
MVUOJFEPJOTUBMBDKJOBQPETUBXJFMVCQPEPE[F
'JH
MFD[KFTUQS[F[OBD[POZXZƾD[OJFEP
JOTUBMBDKJOBǧDJFOOFKƦDJBOBQPXJOOBCZǀHBELB
QP[CBXJPOBXZQVTUFLJXHNjCJFǝPSB[QPXJOOB
VNPǻMJXJBǀEPTUNjQEPUZMOFKD[NjǧDJLPUB,PDJP
QPXJOJFOCZǀ[BNPOUPXBOZOBǧDJBOJFXTQPTÓC
TUBCJMOZJQFXOZ,PLJOBXZQPTBǻFOJVTUBOEBS
EPXZN
TVǻƾXZƾD[OJFEPVNPDPXBOJBFXFO
UVBMOJFPCFDOFKMJTUXZMVCCB[ZXTQPSOJLPXFKEP
ǧDJBOZNPHƾ[BQFXOJǀPEQPXJFEOJF[BXJFT[FOJF
UZMLPKFǻFMJ[PTUBOƾQSBXJEPXP[BPǻPOF[HP
EOJF[[BTBEBNJEPCSFKUFDIOJLJXZLPOBOJB
X
ǧDJBOBDI[QFOFKMVCQӐQFOFKDFHZ8QS[ZQB
ELVǧDJBO[DFHZE[JVSBXLJǧDJBOLJE[JBPXFKP
PHSBOJD[POFKOPǧOPǧDJMVCǧDJBO[KBLJDILPMXJFL
JOOZDI NBUFSJBÓX QP[B XTLB[BOZNJ OBMFǻZ
QS[FQSPXBE[JǀLPOUSPMNjTUBUZD[OƾQS[FE[BJOTUB
MPXBOJFNTZTUFNV[BXJFT[FOJB,PDJPQPXJOJFO
CZǀ [BJOTUBMPXBOZ X UBLJ TQPTÓC CZ [BQPCJFD
VEFS[FOJPNJVT[LPE[FOJPN
%JLLBU#VLPNCJMFSZBMO[DBEVWBSBNPOUFFEJMNFL
BNBDZMBUBTBSMBONǨMBSES
#VLPNCJMFSJONFLBOWFZBIVUEBCFO[FSNBIBMMFSJO
TUMNBTBNBDZMBLVMMBOMNBTHFSFLNFLUFEJS
#V LPNCJMFS TVZV BUNPTGFSJL CBTOÉUBLJ LBZOBNB
TFWJZFTJOJOBMUOEBCJSEFSFDFEFTUSMBS
CV OFEFOMF EF LPNCJ DJIB[MBSOO HÛÉ WF WFSJN
LBQBTJUFMFSJOFVZHVOCJSLBMPSJGFSUFTJTBUOBCBnjMBONBMBS
HFSFLNFLUFEJS
$JIB[NPOUFFUNFEFOFWWFMTBnjMBNWFCÛUÛOPMEVnjVOVO
LPOUSPM FEJMNFTJ HFSFLNFLUF PMVQ CÕZMF PMNBNBT
IBMJOEFWBLJULBZCFUNFLTJ[JOUFEBSJLÉJêSNBZBNÛSBDBBU
FEJMNFMJEJS
"NCBMBK NBM[FNFMFSJ BHSBG ÉJWJ QMBTUJL UPSCBMBS
QPMJTUJSPMLBVÉVLWT
UFIMJLFZBSBUBCJMFDFLNBM[FNFMFS
PMEVLMBS JÉJO ÉPDVLMBSO FSJǨFNFZFDFnjJ ZFSMFSEF
NVIBGB[BFEJMNFMJEJSMFS
$JIB[ ZBLOOEB LFTJOMJLMF IJÉCJS ZBOD NBEEFOJO
CVMVOEVSVMNBNBTHFSLNFLUFEJSLBnjUCF[QBSÉBT
QMBTUJLQPMJTUJSPMWT
/PSNBMJO EǨOEB CJS ÉBMǨNB BS[B WFZBIVU EB
TBnjQMLT[CJSEVSVNPMNBTIBMJOEFDJIB[OEFWSFEǨ
CSBLMNBTWFZFULJMJUFLOJLQFSTPOFMFCBǨWVSVMNBT
HFSFLJSÕSOFnjJOHFSFLPSJKJOBMZFEFLQBSÉBWFHFSFLTF
UFLOJLCJMHJLPOVMBSOEBZFUFSMJCJMHJWFCJSJLJNFTBIJQ
ƻNNFSHB[ZFULJMJ5FLOJL4FSWJTJ
#V OFEFOMF IJÉCJS UBNJSBU UFǨFCCÛTÛ WFZBIVU EB
NÛEBIBMFEFCVMVOVMNBNBMES
:VLBSEBCFMJSUJMFOIVTVTMBSBSJBZFUFEJMNFNFTJLJǨJTFM
TPSVNMVMVLMBSOÛTUMFOJMFSFLHBSBOUJLBQTBNOOTPOB
FSNFTJTPOVDVOVEPnjVSVS
r .POUBKLVSBMMBS4Õ[LPOVTVLPNCJMFSLFTJOMJLMF
[FNJOWFNFTOFUMFSÛ[FSJOFNPOUFFEJMNFLBNBDZMB
UBTBSMBONBNǨ PMVQ ƧFLJM EVWBSB NPOUBK
JÉJO UBTBSMBONǨMBSES,PNCJOJO NPOUF FEJMFDFnjJ
EVWBSOEÛ[WFQÛSÛ[TÛ[PMNBOOZBOTSBEVWBSO
BSLBDOEBO DJIB[B NÛEBIBMF FEJMNFTJOF PMBOBL
WFSNFZFOHJSJOUJWFZBSLMBSOOEBPMNBNBTHF
SFLJS,PNCJOJOEVWBSBNPOUBKOODJIB[OTBnjMLM
ÉBMǨNBTOB NBOJ PMNBZBDBL EFSFDFEF TBnjMBN WF
TBSTMNB[PMBSBLZBQMNBTHFSFLNFLUFEJS ,PNCJ
DJIB[OOEVWBSBUBLMBCJMNFTJJÉJOBTLBQBSBUOOEB
DJIB[MBCJSMJLUFTVOVMNVǨPMNBTIBMJOEFBNCBMBKEB
CVMVOBOEÛCFMMFSCJSMJLUFTVOVMBO
ZBMO[DBBTLMnjO
EVWBSBUFTQJUJJÉJOLVMMBOMNBMESBODBLEPMVWFZBIVU
EBZBSEPMVUVnjMBJMFÕSÛMNÛǨTBnjMLMJOǨBBUUFLOJL
MFSJOFSJBZFUFEJMFSFL
EVWBSMBSBTBnjMBNNPOUBKJMF
HFSFLMJWFZFUFSMJTBnjMBNMLUFNJOFEJMFCJMJS.POUBKO
ZBQMBDBLPMEVnjVEVWBSOBɏLUVnjMBMWFZBIVUEB
ZVLBSEBCFMJSUJMFOMFSEFOGBSLMJOǨBBUUFLOJLMFSJZMF
ÕSÛMNÛǨPMNBTIBMJOEFÕODFMJLMFEVWBSOTUBUJLWF
NVLBWFNFUJOJO TBnjMBONBT WF CVOV NÛUFBLJCFO
NPOUBKOZBQMNBTHFSFLJS,PNCJMFSJOEBSCFWFZBIVU
EBZFULJTJ[NÛEBIBMFMFSFNBIBMWFSNFZFDFLǨFLJMEF
NPOUFFEJMNFMFSJHFSFLNFLUFEJS
6QP[PSOLJOÎ5ZUPLPUMFKTPVOBWSßFOZWÝISBEOLJL
JOTUBMBDJOBTULJOV
5ZUP LPUMF TF NVTÎ QPVßÎWBU L WZUÃQLJOÎ QPLPKDz B
QPEPCOLJ
5ZUPLPUMFTMPVßÎLPIǥFWVWPEZOBUFQMPUVOJßØÎOFß
KFCPEWBSVQǥJBUNPTGÊSJDLÊNUMBLV.VTFKÎCÝUUFEZ
QǥJQPKFOZ L WZUÃQLJDÎNV TZTUÊNV PEQPWÎEBKÎDÎNV
KFKJDIDIBSBLUFSJTUJLÃNBWÝLPOV
1ǥFEJOTUBMBDÎ[BǥÎ[FOÎKFWIPEOÊ[LPOUSPMPWBU[EB
CZMP EPEÃOP ÙQMOÊ B OFQPSVØFOÊ 1PLVE CZTUF P
UPN OFCZMJ QǥFTWLJEǁFOJ PCSBǬUF TF PLBNßJULJ OB
EPEBWBUFMF
1SWLZCBMFOÎTLPCZIǥFCÎLZVNLJMPINPUOÊTÃǁLZ
QLJOPWÝ QPMZTUZSÊO BQPE
OFOFDIÃWFKUF ELJUFN
QSPUPßF QSP OLJ NPIPV CÝU NPßOÝN [ESPKFN
OFCF[QFǁÎ
7CMÎ[LPTUJ[BǥÎ[FOÎTFOFTNÎOBDIÃ[FUßÃEOÝIPǥMBWÝ
QǥFENLJUQBQÎSMÃULBQMBTUQPMZTUZSFOBUE
7QǥÎQBELJQPSVDIZWBEZOFCPOFTQSÃWOÊGVOLDF
KFUǥFCB[BǥÎ[FOÎEFBLUJWPWBUBQǥJWPMBUQPWPMBOÊIP
UFDIOJLBOBQǥÎLMBE[PEELJMFOÎUFDIOJDLÊQPNPDJ
TQPMFǁOPTUJ *NNFSHBT LUFSÃ EJTQPOVKF [WMÃØUOÎ
UFDIOJDLPVQSDzQSBWPVBPSJHJOÃMOÎNJOÃISBEOÎNJ
EÎMZ
;BCSBǞUFUFEZKBLÊNV[ÃTBIVEP[BǥÎ[FOÎOFCPQP
LVTVPKFIPPQSBWV/FSFTQFLUPWÃOÎWÝØFVWFEFOÊIP
QPWFEFLPTPCOÎ[PEQPWLJEOPTUJB[USÃULJ[ÃSVLZ
r *OTUBMBǁOÎOPSNZ7ßÃEOÊNQǥÎQBELJOFKTPVUZUP
LPUMFOBWSßFOZLJOTUBMBDJOB[ÃLMBEOVOFCPQPE
MBIV0CS
BMFLJOTUBMBDJOBTULJOV;FDŽNVTÎ
CÝUIMBELÃUFEZCF[WÝTUVQLDzOFCPWÝLMFOLDz
LUFSÊ CZ L OLJNV VNPßOJMZ QǥÎTUVQ [F[BEV
.ÎTUPJOTUBMBDFOBTULJOVNVTÎLPUMJQPTLZUOPVU
TUBCJMOÎBQFWOPVPQPSV)NPßEJOLZLUFSÊKTPV
EPEÃWÃOZTÊSJPWLJWQǥÎQBELJQǥÎUPNOPTUJPQLJSOÊ
LPO[PMZOFCPVQÎOBDÎQPEMPßLBLUFSÃKFTPVǁÃTUÎ
CBMFOÎTFQPVßÎWBKÎWÝISBEOLJLVQFWOLJOÎLPUMFOB
[FDŽ7IPEOPVPQPSVNPIPVHBSBOUPWBUQPV[FW
QǥÎQBELJßFKTPVTQSÃWOLJ[BTVOVUZQPEMFQSBWJEFM
EPCSÊQSBYF
EPTULJOZ[QMOÊIPOFCPQPMPQMOÊIP
[EJWB7QǥÎQBELJTULJO[ELJSPWBOÝDIDJIFMOFCP
CMPLDzQǥÎǁFLTPNF[FOPVTUBUJLPVOFCP[EJWB
KJOÊIP OFß KF WÝØF VWFEFOP KF OVUOÊ OFKEǥÎWF
QǥJTUPVQJU L QǥFECLJßOÊNV PWLJǥFOÎ TUBUJLZ
PQLJSOÊIPTZTUÊNV,PUMFKFUǥFCBJOTUBMPWBUUBL
BCZTFQǥFEFØMPOÃSB[DzNBQPØLP[FOÎ
5",
&7&5
/*&
)":*3
"/0
ƧFLJM
3ZT
/&
0CS
1-
53
$;
/#XLSNjUZ[CFNPǧNJPLƾUOZN
XDIPE[ƾDFXTLBEEPTUBXZQPXJOOZCZǀVǻZUF
XZƾD[OJF EP VNPDPXBOJB TUPTPXOFK MJTUXZ
XTQPSOJLPXFKEPǧDJBOZ
/PU UPSCBEB TVOVMBO BMUHFO CBǨM EÛCFM
WJEBMBSOO ZBMO[DB EVWBSB NPOUBK BTLTOO
UBLMBSBL TBCJUMFONFTJOEF LVMMBOMNBT
HFSFLNFLUFEJS
1P[OÃNLB)NPßEJOLPWÊØSPVCZTFØFTUJISBOOPV
IMBWPVWCMJTUSVTFQPVßÎWBKÎWÝISBEOLJLVQFWOLJOÎ
PQLJSOÊLPO[PMZOB[FDŽ
-0,"-*;"$+",05Š"
,PUZTFSJJi7JDUSJYuNPHƾCZǀ
[BJOTUBMPXBOF
OB[FXOƾUS[
$ƻ)";-"3*/,0/6.-"/%*3*-."4*
i7JDUSJY u TFSJTJ LPNCJMFS BǨBnjEB CFMJSUJMFO
NBIBMMFSFNPOUFFEJMFCJMJSMFS
BɏLNFLBOMBSEB
X QPNJFT[D[FOJBDI [FXONjUS[OZDI SÓXOJFǻ
QS[ZMFHBKƾDZDI EP PCTVHJXBOFHP CVEZOLV
[OBKEVKƾDZDI TJNj OB PUXBSUFK QS[FTUS[FOJ QPE
XBSVOLJFNǻFCNjEƾLPOTUSVLDZKOJFPEE[JFMPOF
JQP[CBXJPOFXTQÓMOZDIǧDJBOMVC[OBKEVKƾDZDI
TJNjOBQBTLJNQPLSZDJVPCTVHJXBOFHPCVEZOLV
[BXT[F QPE XBSVOLJFN ǻF CNjEƾ QP[CBXJPOF
XTQÓMOZDIǧDJBO
IBSJDJ NFLBOMBSEB TEBO ZBSBSMBOMBO NFLBO
EǨOEB LBQBM NFLBOEB NÛǨUFSFL EVWBS
PMNBLT[O CBnjNT[ NBIBM PMNBT IBMJOEF
WFZBIVU EB ZJOF NÛǨUFSFL EVWBS PMNBLT[O
TEBOZBSBSMBOMBONFLBOTVOEVSNBTBMUOEB
XCVEZOLBDIQS[F[OBD[POZDIEPJOOFHPVǻZULV
MVC X QPNJFT[D[FOJBDI [OBKEVKƾDZDI TJNj X
PCSNjCJFPCTVHJXBOFHPCVEZOLV
8[NJBOLPXBOF QPNJFT[D[FOJB QPXJOOZ CZǀ
QS[F[OBD[POFXZƾD[OJFOB[BJOTUBMPXBOJFVS[ƾE[Fǝ
HS[FKOZDI
6XBHB *OTUBMBDKB VS[ƾE[Fǝ [BTJMBOZDI HB[FN P
HNjTUPǧDJQS[FLSBD[BKƾDFK-1(
KFTUEP[XPMPOB
XZƾD[OJF X QPNJFT[D[FOJBDI [OBKEVKƾDZDI TJNj
OBEQP[JPNFNUFSFOVFXFOUVBMOJFQPƾD[POZDI[
MPLBMBNJVNJFT[D[POZNJSÓXOJFǻOBEQP[JPNFN
UFSFOV 8 PCZEXV QS[ZQBELBDI QPEPHB OJF
QPXJOOBNJFǀXHNjCJFǝMVCXZCS[VT[FǝNPHƾDZDI
TUXPS[ZǀLJFT[FOJFHB[PXFTUBOPXJƾDFQPUFODKBMOF
ǺSÓEP[BHSPǻFOJB
8ZTPLPǧǀQPNJFT[D[FOJBJOTUBMBDKJ
*OTUBMBDKB QPKFEZOD[FHP VS[ƾE[FOJB NJOJNBMOB
XZTPLPǧǀQPNJFT[D[FOJBQPXJOOBXZOPTJǀN
*OTUBMBDKB UZQV LBTLBEPXFHP XJNjDFK OJǻ KFEOFHP
VS[ƾE[FOJBMVC7JDUSJY
CJPSƾDQPEVXBHNj
XZNJBSZLPUBLBOBVEZNOFHPEP[BJOTUBMPXBOJB
[OBDIZMFOJFN
JQS[FXPEÓXIZESBVMJD[OZDI
NJOJNBMOB XZTPLPǧǀ QPNJFT[D[FOJB QPXJOOB
XZOPTJǀN
1PEBOFXZǻFKXZTPLPǧDJVNPǻMJXJBKƾQSBXJEPXZ
NPOUBǻVS[ƾE[FOJB
3P[NJFT[D[FOJFVS[ƾE[FǝXQPNJFT[D[FOJV
1PKFEZOD[F VS[ƾE[FOJF PEMFHPǧǀ NJNjE[Z
KBLJNLPMXJFL [FXONjUS[OZN QVOLUFN LPUB
B Q J P O P X Z N J J Q P [ J P N Z N J ǧ D J B O B N J
QPNJFT[D[FOJB QPXJOOB VNPǻMJXJǀ XZHPEOZ
EPTUNjQ EP BQBSBUVSZ SFHVMBDKJ CF[QJFD[FǝTUXB J
LPOUSPMJ PSB[ XZLPOZXBOJF [XZLZDI [BCJFHÓX
LPOTFSXBDZKOZDI
,JMLB VS[ƾE[Fǝ [BJOTUBMPXBOZDI X UZN TBNZN
QPNJFT[D[FOJV J OJF QPƾD[POZDI NJNjE[Z TPCƾ
MNJOJNBMOBPEMFHPǧǀLUÓSBQPXJOOBCZǀ[BDIPXBOB
QPNJNjE[Z HFOFSBUPSBNJ [BJOTUBMPXBOZNJ OB UFK
TBNFK ǧDJBOJF QPXJOOB XZOPTJǀ NN UBL CZ
VNPǻMJXJǀ EPTUNjQ EP PSHBOÓX SFHVMBDZKOZDI
CF[QJFD[FǝTUXBJLPOUSPMJPSB[XZLPOBOJF[XZLZDI
[BCJFHÓX LPOTFSXBDZKOZDI OB [BJOTUBMPXBOZDI
VS[ƾE[FOJBDI
GBSLM BNBÉMBS JÉJO LVMMBOMBO NFLBOMBSEB WF
TEBO ZBSBSMBOMBO NFLBOO IBDNJOF EBIJM
BMBOMBSEB
4Õ[ LPOVTV NBIBMMFSJO ZBMO[DB UFSNJL UFTJTBUMBS
BNBDZMBLVMMBOMNBTHFSFLNFLUFEJS
%JLLBU -1(
ZnjVOMVL ÛTUÛ HB[ JMF ÉBMǨBO
DJIB[MBSONPOUBKOOLFTJOMJLMFUPQSBLÛTUÛPMBSBL
ZBQMNBTHFSFLNFLUFPMVQCVNBIBMMJONVIUFNFM
EJnjFSUPQSBLÛTUÛNBIBMMFSMFCBnjMBOUTOBNÛTBBEF
FEJMJS
)FS IBMJ LBSEB LVMMBOMBO BMBOEB HB[ CJSJLJNJ
PMVǨNBTOBWFEPMBZTZMBEBUFIMJLFMJEVSVNMBSO
WVLVV CVMNBTOB NBIBM WFSNFZFDFL PSUBNO
TBnjMBONBTHFSFLNFLUFEJS
. P O U B K N F L B O  O  O Z Û L T F L M J nj J 5FLWFNÛOGFSJUDJIB[NPOUBKNPOUBKNFLBOOO
BTHBSJUBWBOZÛLTFLMJnjJOJOPMNBTHFSFLNFLUFEJS
#JSEFO GB[MB DJIB[O WFZB 7JDUSJY LBTLBE
TJTUFNJZMFÛTUÛTUFNPOUBKLPNCJOJOFCBUMBSOO
ZBOTSBEVNBOLPMMFLUÕSMFSJFnjJNMFNPOUBK
HFSFLNFLUFEJS
JMF IJESPMJL LPMMFLUÕSMFSJO
CPZVUMBSOEBHÕ[ÕOÛOFBMBSBLNPOUBKOZBQMBDBnj
NFLBOOUBWBOZÛLTFLMJnjJOJOBTHBSJNPMNBT
HFSFLNFLUFEJS
:VLBSEB CFMJSUJMFO ZÛLTFLMJLMFS DJIB[O TBnjMLM
NPOUBKJÉJOHFSFLMJEJS
$JIB[MBSO NFLBOEB EPOVNMBOESMNBMBS
5FLCJSNÛOGFSJUDJIB[LPNCJDJIB[OOUÛNEǨ
OPLUBMBSOO ZBUBZ WF EJLFZ EVWBSMBSEBO PMBO
NFTBGFTJOJODJIB[OBZBSJÉJOHFSFLMJNÛEBIBMFMFSJO
ZBQMBCJMNFTJOFWFHFSFLMJHÛWFOMJnjJOTBnjMBONBTOO
ZBOTSBCBLNJǨMFNMFSJOJOEFZÛSÛUMNFTJOFPMBOBL
TBnjMBZBDBLTFWJZFEFPMNBTHFSFLNFLUFEJS
#JSCJSOF CBnjM PMNBLBMB CFSBCFS CJSEFO GB[MB
DJIB[OBZOJNFLBOEBNPOUBKBZOJEVWBSBNPOUF
FEJMNJǨPMBOCJSEFOGB[MBLPNCJDJIB[MBSBSBTOEB
PMBO NFTBGFTJOJO DJIB[MBSO BZBS JÉJO HFSFLMJ
NÛEBIBMFMFSJOZBQMBCJMNFTJOFWFHFSFLMJHÛWFOMJnjJO
TBnjMBONBTOO ZBO TSB CBLN JǨMFNMFSJOJO EF
ZÛSÛUMNFTJOFPMBOBLTBnjMBZBDBLǨFLJMEFWFNN
PMNBTHFSFLNFLUFEJS
#JSEFO GB[MB DJIB[O WFZB 7JDUSJY LBTLBE
TJTUFNJZMF ÛTU ÛTUF NPOUBK TBZM QBSBHSBѫB
TVOVMBOCJMHJMFSFCBLO[
*OTUBMBDKB UZQV LBTLBEPXFHP MVC 7JDUSJY OBMFǻZ QS[FD[ZUBǀ XTLB[ÓXLJ QPEBOF X SP[E[
6.±45Ɔ/±;"Ƥ±;&/±
,PUMFTÊSJFi7JDUSJYuNPIPVCÝUJOTUBMPWÃOZ
OBWPMOÊNQSPTUSBOTUWÎ
WFWFOLPWOÎDINÎTUOPTUFDIUFEZJWNÎTUOPTUFDI
QǥJMÊIBKÎDÎDILWZUÃQLJOÊCVEPWLJOBPELSZUÊN
NÎTULJ [B QǥFEQPLMBEV ßF KTPV LPOTUSVLǁOLJ
PEELJMFOZ B CF[ TQPMFǁOÝDI [EÎ OFCP QPE
SPWOÝN QǥÎTUǥFØLFN WZUÃQLJOÊ CVEPWZ SPWOLJß
CF[TQPMFǁOÝDI[EÎ
W CVEPWÃDI VSǁFOÝDI KJOÊNV QPVßJUÎ OFCP W
NÎTUOPTUFDIVNÎTULJOÝDIWQSPTUPSÃDIWZUÃQLJOÊ
CVEPWZ
6WFEFOÊNÎTUOPTUJNVTÎCÝUVSǁFOZWÝISBEOLJQSP
UFQFMOÃ[BǥÎ[FOÎ
6QP[PSOLJOÎ 6QP[PSOLJOÎ *OTUBMBDF [BǥÎ[FOÎ
QMOLJOÝDI QMZOFN T IVTUPUPV QǥFTBIVKÎDÎ LBQBMOÝQSPQBO
KFQPWPMFOBQPV[FVOBE[FNOÎDI
QPLPKDzQǥÎQBEOLJQPLPKDzTQPKFOÝDITOBE[FNOÎNJ
NÎTUOPTUNJ
7PCPVQǥÎQBEFDIQMPDIBQPEMBIZOFTNÎWZLB[PWBU
TOÎßFOJOZOFCPQSPQBEMJOZWFLUFSÝDICZTFWZUWÃǥFMZ
QMZOPWÊ LBQTZ KFß CZ OÃTMFEOLJ QǥFETUBWPWBMZ
OFCF[QFǁÎ
7ÝØLBJOTUBMBǁOÎNÎTUOPTUJ
*OTUBMBDF KFEJOÊIP [BǥÎ[FOÎ NJOJNÃMOÎ WÝØLB
NÎTUOPTUJNVTÎCÝUN
*OTUBMBDF OLJLPMJLB [BǥÎ[FOÎ LBTLÃEPWJULJ OFCP
7JDUSJY 7[IMFEFN L SP[NLJSDzN LPUMF
LPVǥPWÊIPLPMFLUPSVLJOTUBMBDJTFTLMPOFN
B
IZESBVMJDLÝDILPMFLUPSDzNVTÎCÝUNJOJNÃMOÎWÝØLB
NÎTUOPTUJN
7ÝØFVWFEFOÊWÝØLZVNPßǞVKÎTQSÃWOPVJOTUBMBDJ
[BǥÎ[FOÎ
%JTQP[JDF[BǥÎ[FOÎWNÎTUOPTUJ
+FEJOÊ [BǥÎ[FOÎ 7[EÃMFOPTUJ NF[J KBLÝNLPMJW
WOLJKØÎN CPEFN LPUMF B TWJTMÝNJ B WPEPSPWOÝNJ
TULJOBNJ NÎTUOPTUJ NVTÎ VNPßǞPWBU QPIPEMOÝ
QǥÎTUVQLSFHVMBǁOÎNCF[QFǁOPTUOÎNBPWMÃEBDÎN
QSWLDzNBCLJßOPVÙESßCV
7ÎDF [BǥÎ[FOÎ LUFSÊ NF[J TFCPV OFKTPV QSPQPKFOZ
BMF KTPV JOTUBMPWÃOZ W KFEOÊ NÎTUOPTUJ .JOJNÃMOÎ
W[EÃMFOPTU NF[J OLJLPMJLB JOTUBMPWBOÝNJ LPUMJ OB
TUFKOÊTULJOLJNVTÎCÝUNNBNVTÎVNPßǞPWBU
QPIPEMOÝ QǥÎTUVQ L SFHVMBǁOÎN CF[QFǁOPTUOÎN
B PWMÃEBDÎN QSWLDzN B CLJßOPV ÙESßCV WØFDI
JOTUBMPWBOÝDI[BǥÎ[FOÎ
*OTUBMBDF[BǥÎ[FOÎWLBTLÃELJOFCP7JDUSJY
WJ[JOGPSNBDFVWFEFOÊWPETUBWDJ
1-
53
$;
8*&53;&/*&*8&/5:-"$+"
10.*&4;$;&Ɯ*/45"-"$:+/:$)
1PNJFT[D[FOJB QPXJOOZ CZǀ XZQPTBǻPOF X
KFEFOMVCXJNjDFKTUBZDIPUXPSÓXOBXJFXOZDIOB
[FXONjUS[OZDIǧDJBOBDI%PQVT[D[BTJNj[BCF[QJFD[FOJF
PUXPSÓX OBXJFXOZDI [B QPNPDƾ NFUBMPXZDI
LSBUFLTJBUFLJMVCPTPOQS[FDJXEFT[D[PXZDIQPE
XBSVOLJFN ǻF QPXJFS[DIOJB OFUUP OBXJFXV OJF
VMFHOJF[NOJFKT[FOJV0UXPSZOBXJFXOFQPXJOOZ
CZǀ XZLPOBOF J [MPLBMJ[PXBOF X UBLJ TQPTÓC CZ
[BQPCJFD QPXTUBOJV LJFT[FOJ HB[V OJF[BMFǻOJF PE
SPE[BKVQPLSZDJB
8FOUZMBDKBEPUZD[ƾDBJOTUBMBDKJX[FXONjUS[OZDI
QPNJFT[D[FOJBDI.JOJNBMOBXPMOBQS[FTUS[FǝX
[BMFǻOPǧDJPEƾD[OFKNPDZDJFQMOFKQPXJOOBXZOPTJǀ
DPOBKNOJFKXBSUPǧDJ[PTUBZ[BPLSƾHMPOFXHÓSNj
B
QPNJFT[D[FOJBOBE[JFNOF
.0/5"+.")"-&3ƻ/ƻ/)"7"-"/."4*
7&)"7"-"/%*3*-."4*
.FLBOEVWBSMBSOOEǨDFQIFZFCBLBOMBSOEBLBMD
PMBSBL BɏLML WF IBWBMBOESNBOO TBnjMBOBDBnj CJS
WFZBIVUEBCJSEFOGB[MBBɏLMLCVMVONBTHFSFLNFLUFEJS
4Õ[ LPOVTV CV BɏLMLMBSO NFUBM [HBSB Bnj LBGFT
WFWFZBIVU EB ZBnjNVSEBO LPSVNBOO TBnjMBOBDBnj
GMBQMBSO CVMVONBT CVOMBSO IBWBMBOESNBZ
F OHFM M F N F N F T J Ǩ BS U Z M B L BCV M F E J M F CJ M J S
)BWBMBOESNB EFMJLMFSJOJO LBQBL WF NVIBGB[B
TJTUFNMFSJOEFOCBnjNT[PMBSBLHB[CJSJLJNJOFNBIBM
WFSNFZFDFL WF UBN IBWB EFnjJǨJN WF EPMBǨNO
TBnjMBZBDBLǨFLJMEFZBQMNBTHFSFLNFLUFEJS
7Ɔ53¦/±"7&/5*-"$&7
*/45"-"ƀ/±$).±45/045&$)
.ÎTUOPTUJ NVTÎ CÝU PQBUǥFOZ KFEOÎN OFCP WÎDF
TUÃMÝNJ WLJUSBDÎNJ PUWPSZ OB WOLJKØÎDI TULJOÃDI
+F NPßOÊ DISÃOJU WLJUSBDÎ PUWPSZ ßFMF[OÝNJ
NǥÎßFNJTÎULJNJBOFCPQSPUJEFØǬPWÝNJLMBQLBNJ
[BQǥFEQPLMBEVßFOFCVEF[NFOØFOǁJTUÝWLJUSBDÎ
QSPTUPS 7LJUSBDÎ PUWPSZ NVTÎ CÝU QSPWFEFOZ B
TQPKFOZ UBL BCZ TF [BCSÃOJMP W[OJLV QMZOPWÝDI
LBQFTOF[ÃWJTMFOBUWBSVLSZUV
4DNEMB/SQPKFEZOD[FHP7JDUSJY
4DNEMB/S7JDUSJY[BJOTUBMPXBOZDI
LBTLBEPXP
4DNEMB/S7JDUSJY[BJOTUBMPXBOZDI
LBTLBEPXP
C
QPNJFT[D[FOJB TVUFSFOPXF J QPE[JFNOF
EP QP[JPNV N QPOJǻFK QBT[D[Z[OZ
PEOJFTJFOJB
4DNEMB/SQPKFEZOD[FHP7JDUSJY
4DNEMB/S7JDUSJY[BJOTUBMPXBOZDI
LBTLBEPXP
4DNEMB/S7JDUSJY[BJOTUBMPXBOZDI
LBTLBEPXP
D
QPNJFT[D[FOJBQPE[JFNOFOBQP[JPNJFNJNjE[Z
NJNQPOJǻFKQBT[D[Z[OZPEOJFTJFOJB
4DNEMBXT[ZTULJDILPOêHVSBDKJ
8 LBǻEZN SB[JF QPXJFS[DIOJB OFUUP LBǻEFHP
PUXPSVQPXJOOBXZOPTJǀDPOBKNOJFKDN
6XBHB *OTUBMBDKB VS[ƾE[Fǝ [BTJMBOZDI HB[FN
P HNjTUPǧDJ QS[FLSBD[BKƾDFK -1(
X
QPNJFT[D[FOJBDI [FXONjUS[OZDI OBE[JFNOZDI
DPOBKNOJFKQPXJFS[DIOJOBXJFXOFKQPXJOOB
[OBKEPXBǀTJNjOBQP[JPNJFQPEPHJOBNJOJNBMOFK
XZTPLPǧDJSÓXOFKN
0UXPSZ OBXJFXOF QPXJOOZ [OBKEPXBǀ TJNj X
PEMFHPǧDJ DP OBKNOJFK N EMB VS[ƾE[Fǝ P
NPDZ DJFQMOFK OJFQS[FLSBD[BKƾDFK L8 J N EMB VS[ƾE[Fǝ P XJNjLT[FK NPDZ DJFQMOFK PE
XHNjCJFǝ XLMNjTPǧDJ MVC PUXPSÓX QPƾD[POZDI [
QPNJFT[D[FOJBNJ[OBKEVKƾDZNJTJNjQPOJǻFKQPEPHJ
MVCPELBOBÓXESFOVKƾDZDI
8FOUZMBDKB EPUZD[ƾDB JOTUBMBDKJ X CVEZOLBDI
QS[F[OBD[POZDI UBLǻF EP JOOFHP VǻZULV MVC X
MPLBMBDI[OBKEVKƾDZDITJNjXPCSNjCJFPCTVHJXBOFHP
CVEZOLV1PXJFS[DIOJBOBXJFXOBQPXJOOBXZOPTJǀ
DPOBKNOJFKDNXQS[ZQBELVHB[VOBUVSBMOFHP
MVCDPOBKNOJFKDNXQS[ZQBELV-1(
0EQSPXBE[BOJFTQBMJO
,PDJP i7JDUSJY u QPXJOJFO CZǀ QPEƾD[POZ EP
QPKFEZOD[FHPLBOBVP[BQFXOJPOFKTLVUFD[OPǧDJ
/# 8 QS[ZQBELV [BJOTUBMPXBOJB QPKFEZOD[FHP
VS[ƾE[FOJB t7JDUSJY u NPǻF POP CZǀ QPƾD[POF
[ TZTUFNFN HJNjULJFHP PSVSPXBOJB ‹ NN
QS[F[OBD[POZNEMBLPUÓXLPOEFOTBDZKOZDISP[E[
8 JOOZN SB[JF LPDJP i7JDUSJY u QS[Z VǻZDJV
TUPTPXOZDI [FTUBXÓX PEQSPXBE[BOJB TQBMJO
PQJTBOZDIXOJOJFKT[FKJOTUSVLDKJNPǻFPEQSPXBE[Bǀ
TQBMJOZ CF[QPǧSFEOJP OB [FXOƾUS[ SP[E[ J
8QS[ZQBELV[BJOTUBMPXBOJBLPUÓXi7JDUSJYuX
TQPTÓCLBTLBEPXZQS[FXÓEEZNOZXDIPE[ƾDZX
TLBEEPTUBXZ*NNFSHBT
QPXJOJFOCZǀQPEƾD[POZ
EP LBOBV NBKƾDFHP TUPTPXOF XZNJBSZ J P
[BHXBSBOUPXBOFKTLVUFD[OPǧDJSP[E[
*/45"-"$+"/";&8/Ž53;
,PDJP i7JDUSJY u QPTJBEB TUPQJFǝ PDISPOZ
FMFLUSZD[OFKSÓXOZ*19%JNPǻFCZǀ[BJOTUBMPXBOZ
UBLǻF OB [FXOƾUS[ CF[ QPUS[FCZ NPOUPXBOJB
EPEBULPXZDI[BCF[QJFD[Fǝ
)BSJDJ NBIBMMFSF NPOUBK IBMJOEF IBWBMBOESNB
5PQMBN UFSNJL HÛDF HÕSF BTHBSJ TFSCFTU BMBOMBSO
BǨBnjEBLJEFnjFSMFSEFOEÛǨÛLPMNBNBTHFSFLNFLUFEJS
EFnjFSMFSLVTVSBUMBSZVWBSMBOBSBLWFSJMNJǨUJS
B
UPQSBLZÛ[FZJOJOÛTUÛOEFLJNFLBOMBS
7LJUSÃOÎ QǥJ JOTUBMBDJ WF WFOLPWOÎDI QPLPKÎDI
.JOJNÃMOÎWPMOÊQMPDIZW[ÃWJTMPTUJOBÙISOOÊN
UFQFMOÊNWÝLPOVOFTNÎCÝUNFOØÎOFßIPEOPUZ
KTPV[BPLSPVIMFOZOBIPSV
B
OBE[FNOÎNÎTUOPTUJ
4DNQSPLPUFM7JDUSJYKFEOPUMJWLJ
4DNQSPLPUMF7JDUSJYWLBTLÃELJ
4DNBEFUNÛOGFSJU7JDUSJYJÉJO
4DNQSPLPUMF7JDUSJYWLBTLÃELJ
4DNBEFUÛTUÛTUFLBTLBECBnjMBOUM
7JDUSJYJÉJO
C
ǁÃTUFǁOLJOBE[FNOÎBQPE[FNOÎNÎTUOPTUJBß
EPIMPVCLZN[SFGFSFOǁOÎIPQPEMBßÎ
4DNBEFUÛTUÛTUFLBTLBECBnjMBOUM
7JDUSJYJÉJO
4DNQSPLPUFM7JDUSJYKFEOPUMJWLJ
C
[FNJOBMUOEBWFSFGFSBOTPMBSBLBMOBONBIBMMJO
NBMUTFWJZFTJOEFZFSBMBONFLBOMBS
4DNQSPLPUMF7JDUSJYWLBTLÃELJ
4DNBEFUNÛOGFSJU7JDUSJYJÉJO
4DNBEFUÛTUÛTUFLBTLBECBnjMBOUM
7JDUSJYJÉJO
4DNQSPLPUMF7JDUSJYWLBTLÃELJ
D
QPE[FNOÎNÎTUOPTUJEPIMPVCLZPENBß
NPESFGFSFOǁOÎIPQPEMBßÎ
4DNQSPWØFDIOZLPOêHVSBDF
4DNBEFUÛTUÛTUFLBTLBECBnjMBOUM
7JDUSJYJÉJO
7 LBßEÊN QǥÎQBELJ LBßEÝ PUWPS OFTNÎ NÎU ǁJTUÝ
QPWSDIQPEIPEOPUVDN
D
[FNJOBMUOEBWFSFGFSBOTPMBSBLBMOBONBIBMMJO
JMF N BSBTOEB BMU TFWJZFTJOEF ZFS BMBO
NFLBOMBS
6QP[PSOLJOÎ6QP[PSOLJOÎ 7 QǥÎQBELJ JOTUBMBDF
[BǥÎ[FOÎ QMOLJOÝDI QMZOFN T IVTUPUPV OBE LBQBMOÝ QSPQBO
WF WFOLPWOÎDI NÎTUOPTUFDI
OBE [FNÎ OFKNÊOLJ WLJUSBDÎ QMPDIZ NVTÎ CÝU
WZUWPǥFOP SPWOPCLJßOLJ T QPEMBIPWPV QMPDIPV W
NJOJNÃMOÎWÝØDFN
7LJUSBDÎPUWPSZNVTÎCÝUPETFCFW[EÃMFOZWÎDFOFß
NFUSZWQǥÎQBELJUFQFMOÊIPWÝLPOVOFQǥFTBIVKÎDÎIP
L8 B N QSP UFQFMOÊ WÝLPOZ WZØØÎ PE
QSPIMVCOÎ QSPQBEMJO B OFCP PUWPSDz TQPKFOÝDI T
NÎTUOPTUNJQPEEBOÝNQPEMBßÎNOFCPPEPEWPEOÎ
LBOBMJ[BDF
4DNUÛNLPOêHÛSBTZPOMBSJÉJO
)FSIBMJLBSEBUÛNBɏLMLMBSODNEFOEBIBEÛǨÛL
OFUBBMBOEBPMNBNBTHFSFLNFLUFEJS
%JLLBU ZPnjVOMVLUBO EBIB ZÛLTFL ZPnjVOMVLMV
HB[MB -1(
ÉBMǨBO DJIB[MBSO IBSJDJ NFLBOMBSB
UPQSBLTFWJZFTJÛ[FSJOFNPOUFFEJMNFTJEVSVNVOEB
IBWBMBOESNBZÛ[FZMFSJOJOBTHBSJÛOÛOBTHBSJ
NZÛLTFLMJLUFWF[FNJOTFWJZFTJOEFHFSÉFLMFǨUJSJMNFTJ
HFSFLNFLUFEJS
)BWBMBOESNB BɏLMLMBSOO CJUJǨJL NBIBMMFSF PMBO
BɏLMLMBSJMFESFOBKWF[FNJOBMUNBIBMMFSMFBSBTOEBLJ
NFTBGFL8EBOZÛLTFLPMNBZBOUFSNJLHÛÉMFSJÉJO
BTHBSJNFUSFWFEBIBZÛLTFLUFSNJLHÛÉMFSJÉJOJTF
NFUSFPMNBMES
'BSLMBNBÉMBSJÉJOLVMMBOMBONFLBOMBSEBWFTEBO
ZBSBSMBOMBONFLBOOIBDNJOFEBIJMBMBOMBSEBNPOUBK
IBMJOEFIBWBMBOESNB%PnjBMHB[LVMMBOMNBTIBMJOEF
IBWBMBOESNBEFMJLMFSJOJOZÛ[FZJOJODNEFOB[
PMNBNBT HFSFLNFLUF PMVQ -1( LVMMBON IBMJOEF
BTHBSJIBWBMBOESNBEFMJLZÛ[FZJOJODNPMNBT
HFSFLJS
:BONǨNBUFSZBMMFSJOUBIMJZFTJ
i7JDUSJY u LPNCJOJO UFLMJ WF ZFUFSMJ CJS CBDBZB
CBnjMBONǨPMNBTHFSFLNFLUFEJS
/PUi7JDUSJYuDJIB[OOUFLCBǨOBNPOUFFEJMNFTJ
IBMJOEFZPnjVOMBǨNBMLPNCJMFSJÉJOÕOHÕSÛMFO‹
NNÉBQMFTOFLCPSVTJTUFNJJMFCJSMJLUFLVMMBOMBCJMJS
QBSBHSBG
#VOB BMUFSOBUJG PMBSBL i7JDUSJY u LPNCJMFSJO
CV LMBWV[ LJUBQɏLUB EB CFMJSUJMEJnjJ HJCJ ZBONǨ
NBUFSZBMMFSJOEPnjSVEBOEǨBSUBIMJZFTJJÉJOHFSFLMJTFUUFS
EFLVMMBOMBCJMJSQBSBHSBGWF
i7JDUSJYuLPNCJMFSJOÛTUÛTUFLBTLBEUJQJNPOUBK
IBMJOEFCBDBLPMMFLUÕSÛƻNNFSHBTUBSBGOEBOUFEBSJL
FEJMJS
ZFUFSMJCPZVUMBSEBWFHÛWFOMJWFSJNJTBnjMBZBDBL
CJSCBDBZBCBnjMBOBDBLUSQBSBHSBG
%*Ƨ.&,"/".0/5"+
i7JDUSJYuLPNCJMFSJOFMFLUSJLZBMUNOO*19%
TFWJZFTJOEFOPMNBTTBZFTJOEFCVLPNCJMFSCBǨLBDB
CJS NVIBGB[B HFSFLUJSNFLTJ[JO EǨ NFLBOMBSB
NPOUFFEJMFCJMJSMFS
/PU,PNCJZFCBnjMBONBTÕOHÕSÛMFOUÛNPQTJZPOFM
LJUMFSJO FMFLUSJL ZBMUN TFWJZFTJOF VZHVO ǨFLJMEF
LPSVONVǨPMNBTHFSFLNFLUFEJS
6XBHB8T[ZTULJFEPEBULPXF[FTUBXZLUÓSFNPHƾ
CZǀQPUFODKBMOJFQPEƾD[POFEPLPUBQPXJOOZCZǀ
[BCF[QJFD[POF [HPEOJF [ JDI TUPQOJFN PDISPOZ
FMFLUSZD[OFK
7LJUSÃOÎWCVEPWÃDIVSǁFOÝDIKJOÊNVQPVßJUÎOFCP
WNÎTUOPTUFDIVNÎTULJOÝDIWQSPTUPSÃDIWZUÃQLJOÊ
CVEPWZ7LJUSBDÎQMPDIBOFTNÎCÝUNFOØÎOFß
DN W QǥÎQBELJ [FNOÎIP QMZOV B NFOØÎ OFß DNWQǥÎQBELJLBQBMOÊIPQSPQBOV
0EWPETQBMJO
,PUFMi7JDUSJYuNVTÎCÝUOBQPKFOOBKFEOPUMJWÝ
LPNÎOTEPTUBUFǁOPVÙǁJOOPTUÎ
1P[OÃNLB 7 QǥÎQBELJ JOTUBMBDF KFEJOÊIP LPUMF
i7JDUSJY u KF OBQPKJUFMOÝ OB QSVßOÝ SPVSPWÝ
TZTUÊNPQSDzNLJSVNNQSPLPOEFO[BǁOÎLPUMF
PETU
4QBMJOZ LPUMF i7JDUSJY u KF NPßOÊ BMUFSOBUJWOLJ
PEWÃELJU QǥÎNP EP WFOLPWOÎIP QSPTUǥFEÎ QPNPDÎ
QǥÎTMVØOÝDITPVQSBWQSPPEWPETQBMJOQPQTBOÝDI
WUÊUPQǥÎSVǁDFPETUB
7QǥÎQBELJJOTUBMBDFLPUMDzi7JDUSJYuWLBTLÃELJKF
UǥFCBLPVǥPWÝLPMFLUPSEPEBOÝTQPMFǁOPTUÎ*NNFSHBT
QǥJQPKJU LF TQSÃWOLJ EJNFO[PWBOÊNV LPNÎOV T
EPTUBUFǁOPVÙǁJOOPTUÎ
7&/,07/±*/45"-"$&
,PUFM i7JDUSJY u EJTQPOVKF TUVQOLJN FMFLUSJDLÊ
J[PMBDF *19% B KF NPßOÊ IP JOTUBMPWBU J EP
WFOLPWOÎIP QSPTUǥFEÎ CF[ QPUǥFCZ EBMØÎDI
PDISBOOÝDIQSWLDz
6QP[PSOLJOÎ7FØLFSÊWPMJUFMOÊTPVQSBWZQǥJQPKJUFMOÊ
LF LPUMJ NVTÎ CÝU DISÃOLJOZ W TPVMBEV T KFKJDI
TUVQOLJNFMFLUSJDLÊPDISBOZ
1-
53
$;
;"#&;1*&$;&/*&13;&%
;"."3;"/*&.
5FNQFSBUVSB NJOJNBMOB ž$ ,PDJP KFTU
TUBOEBSEPXPXZQPTBǻPOZXGVOLDKNj[BQPCJFHBKƾDƾ
[BNBS[BOJV LUÓSB VSVDIBNJB QPNQNj J QBMOJL
KFǻFMJ UFNQFSBUVSB XPEZ XFXOƾUS[ LPUB TQBEOJF
QPOJǻFKž$
'VODKB [BQPCJFHBKƾDB [BNBS[BOJV KFTU BLUZXOB
UZMLPKFǻFMJ
LPDJPKFTUQSBXJEPXPQPEƾD[POZEPVLBEÓX
[BTJMBOJBHB[PXFHPJFMFLUSZD[OFHP
#6;-"/.":","3Ƨ*,036."
"TBHBSJTž$,PNCJDJIB[JÉBSJTJOEFLJTVZVO
ž$ EFSFDFOJO BMUOB JONFTJ IBMJOEF PUPNBUJL
PMBSBLQPNQBWFCPMFSJEFWSFZFTPLBSBLCV[MBONBZ
ÕOMFZJDJCJSTJTUFNJCVMVONBLUBES
#V[MBONBZBLBSǨLPSVNBBODBLBǨBnjEBLJǨBSUMBSEB
TBnjMBOS
LPNCJOJO EÛ[FOMJ CJS ǨFLJMEF HB[ WF FMFLUSJL
HJSJǨMFSJOFCBnjMPMNBT
0$)3"/"1305*.3";6
.JOJNÃMOÎUFQMPUBž$,PUFMKFTÊSJPWLJEPEÃWÃO
TGVOLDÎQSPUJ[BNS[OVUÎLUFSÃVWFEFEPǁJOOPTUJ
ǁFSQBEMPBIPǥÃLLEZßUFQMPUBWPEZWLPUMJLMFTOF
QPEž$'VOLDFQSPUJ[BNS[OVUÎKFBMF[BSVǁFOB
QPV[FQPLVE
KFLPUFMTQSÃWOLJQǥJQPKFOLQMZOPWÊNVQPUSVCÎB
FMFLUSJDLÊTÎUJ
LPDJPKFTUTUBMF[BTJMBOZ
BOBǨBMUFSJOJOBɏLPMNBT
HÓXOZXZƾD[OJLKFTU[BƾD[POZ
LPNCJOJO BUFǨMFNF PMNBEnjOEBO ÕUÛSÛ BS[B
IBMJOEFPMNBNBT
LPDJP OJF KFTU [BCMPLPXBOZ [ QPXPEV CSBLV
[BƾD[FOJB
QPETUBXPXFTLBEOJLJLPUBOJFTƾVT[LPE[POF
8UZDIXBSVOLBDILPDJPKFTU[BCF[QJFD[POZQS[FDJXLP
[BNBS[OJNjDJVEPUFNQFSBUVSZPUPD[FOJBž$
5FNQFSBUVSBNJOJNBMOBž$+FǻFMJLPDJP
KFTU [BJOTUBMPXBOZ X NJFKTDV HE[JF UFNQFSBUVSB
PCOJǻBTJNjEPXBSUPǧDJQPOJǻFKž$JXQS[ZQBELV
HEZCSBLKFTU[BTJMBOJBHB[PXFHPMVCLPDJPCMPLVKF
TJNj [ QPXPEV CSBLV [BƾD[FOJB NPǻF EPKǧǀ EP
[BNSPǻFOJBXPEZ
8DFMVVOJLOJNjDJB[BNSPǻFOJBXPEZOBMFǻZQS[FTUS[FHBǀ
OBTUNjQVKƾDZDIXTLB[ÓXFL
;BCF[QJFD[Zǀ VLBE HS[FXD[Z QS[FE NSP[FN
XMFXBKƾD EPCSFK KBLPǧDJ QZO [BQPCJFHBKƾDZ
[BNBS[BOJVQS[F[OBD[POZTQFDKBMOJFEPJOTUBMBDKJ
HS[FXD[ZDI
TUBSBOOJFQS[FTUS[FHBKƾDXTLB[ÓXFL
QSPEVDFOUBQZOVEPUZD[ƾDZDIOJF[CNjEOFKJMPǧDJ
QZOVXTUPTVOLVEPNJOJNBMOFKUFNQFSBUVSZX
LUÓSFKQPXJOOPCZǀVUS[ZNBOFVS[ƾE[FOJF
.BUFSJB[LUÓSFHP[PTUBXZLPOBOZLPDJP
KFTUPEQPSOZOBQZOZ[BQPCJFHBKƾDF[BNBS[BOJVOB
CB[JFHMJDPMVFUZMFOPXFHPJQSPQZMFOPXFHP
0EOPǧOJF ǻZXPUOPǧDJ J FXFOUVBMOFK MJLXJEBDKJ
OBMFǻZQS[FTUS[FHBǀXTLB[ÓXFLQSPEVDFOUB
;BCF[QJFD[Zǀ QS[FE NSP[FN TZGPO TQVTUPXZ
TLSPQMJOJLBSUNjFMFLUSPOJD[OƾQPTVHVKƾDTJNjX
UZNDFMVEPTUBSD[BOZNOBǻZD[FOJFFMFNFOUFN
[FTUBXFNQS[FDJX[BNBS[BOJV
TLBEBKƾDZNTJNj
[ EXÓDI PQPSOJLÓX TUPTPXOFHP PLBCMPXBOJB
J UFSNPTUBUV TUFSVKƾDFHP VXBǻOJF QS[FD[ZUBǀ
XTLB[ÓXLJ EPUZD[ƾDF NPOUBǻV [OBKEVKƾDF TJNj
OBPQBLPXBOJV[FTUBXV
;BCF[QJFD[FOJF[BQPCJFHBKƾDF[BNBS[OJNjDJVXPEZX
LPUMFKFTU[BQFXOJPOFQPEXBSVOLJFNǻF
LPDJP KFTU QSBXJEPXP QPEƾD[POZ EP VLBEV
[BTJMBOJBFMFLUSZD[OFHP
HÓXOZXZƾD[OJLKFTU[BƾD[POZ
TLBEOJLJ [FTUBXV QS[FDJX [BNBS[BOJV OJF Tƾ
VT[LPE[POF
8 UZDI XBSVOLBDI LPDJP KFTU [BCF[QJFD[POZ
QS[FDJXLP[BNBS[OJNjDJVEPUFNQFSBUVSZž$
4[LPEZ XZOJLBKƾDF [ QS[FSXZ X EPQZXJF FOFSHJJ
FMFLUSZD[OFK MVC [ CSBLV QS[FTUS[FHBOJB [BMFDFǝ
QPEBOZDI OB QPQS[FEOJFK TUSPOJF OJF Tƾ PCKNjUF
HXBSBODKƾ
LPNCJDJIB[OOHJSJǨMFSJOJOTBnjMBONBT
KFLPUFMOFVTUÃMFOBQÃKFO
KF[BQOVUIMBWOÎTQÎOBǁ
OFOÎLPUFM[BCMPLPWBOÝWEDzTMFELVOF[BQÃMFOÎ
[ÃLMBEOÎLPNQPOFOUZTUSPKFOFNBKÎQPSVDIV
LPNCJ DJIB[OO BOB BLTBNOO BS[BM
PMNBNBT
;BULJDIUPQPENÎOFLKFLPUFMDISÃOLJOQǥFE[BNS[OVUÎN
BßEPUFQMPUZPLPMΞ$
#V ǨBSUMBSEB LPNCJ DJIB[ PSUBN TTOO ž$
EFSFDFZFLBEBSEÛǨNFTJIBMJOEFCV[MBONBZBLBSǨ
LPSVNBBMUOEBES
.JOJNÃMOÎUFQMPUBž$7QǥÎQBELJßFCZCZMLPUFM
JOTUBMPWÃOWNÎTULJLEFUFQMPUBLMFTÃQPEž$BW
QǥÎQBELJßFCZEPØMPWÝQBELVQMOLJOÎQMZOFNOFCP
L KFIP [BCMPLPWÃOÎ W EDzTMFELV OF[BQÃMFOÎ NDzßF
EPKÎULKFIP[BNS[OVUÎ
"CZTUF [BCSÃOJMJ SJ[JLV [BNS[OVUÎ ǥJDŽUF TF
OÃTMFEVKÎDÎNJQPLZOZ
$ISBǞUF QǥFE NSB[FN WZUÃQLJDÎ PLSVI KFIP
PCPIBDFOÎN LWBMJUOÎ OFNS[OPVDÎ LBQBMJOPV
TQFDJÃMOLJ VSǁFOPV QSP WZUÃQLJDÎ TZTUÊNZ
QǥJǁFNßTFǥJDŽUFQPLZOZWÝSPCDFUÊUPLBQBMJOZ
[FKNÊOB QPLVE KEF P OF[CZUOÊ QSPDFOUP
W[IMFEFN L NJOJNÃMOÎ UFQMPULJ QǥFE LUFSPV
DIDFUF[BǥÎ[FOÎPDISÃOJU
"THBSJTž$,PNCJDJIB[OOTOOž$OJO
BMUOBEÛǨUÛnjÛCJSPSUBNEBNPOUFFEJMNJǨPMNBT
IBMJOEF WF EF HB[ HJSJǨJOJO LFTJMNFTJ WFZBIVU
EB BUFǨMFNF ZBQMBNBEnj JÉJO BS[BZB HFÉNFTJ
EVSVNVOEB CV[MBONB ÕOMFZJDJ TJTUFN EFWSFZF
HJSFNF[WFDJIB[EBCV[MBONBPMVǨVS
#V[MBONBUFIMJLFTJOJOÕOMFONFTJBNBDZMBBǨBnjEB
CFMJSUJMFOLVSBMMBSBVZVOV[
5FTJTBUUBLJ CV[MBONBZ ÕOMFZFCJMNFL BNBDZMB
CVEFWSFZFLBMJUFMJNBSLBCJSBOUJGSJ[LPOVMNBT
LBMPSJGFS UFTJTBUMBS JÉJO Õ[FM NBNVM
UBWTJZF
PMVOVSCVBNBÉMBÛSFUJDJêSNBUBSBGOEBODJIB[O
LBÉ EFSFDFMJL EÛǨÛL TMBSEB LPSVONBTOO
BS[VMBOEnjOB HÕSF CFMJSMFOFO BOUJGSJ[ LBSǨN
PSBOMBSOEJLLBUBBMO[
,PNCJDJIB[MBSOOÛSFUJMNJǨPMEVnjVNBM[FNFMFSFUJMFO
HMJLPMWFQSPQJMFOCB[MBOUJGSJ[MFSFLBSǨEBZBOLMESMBS
#VOMBSOÕNSÛWFNVIUFNFMJNIBMBSLPOVTVOEB
UFEBSJLÉJêSNBVZBSMBSOBSJBZFUFEJOJ[
5BMFQÛ[FSJOFUFEBSJLFEJMFCJMFOWFCJSFMFLUSJL
SF[JTUBOTJMFCVOVOLBCMPMBSOOZBOTSBCJSEF
LVNBOEBUFSNPTUBUOEBOPMVǨBOLPOEFOTBTZPO
UBIMJZF TJGPOV WF FMFLUSJL LBSUOO EPONBZB
LBSǨ LPSVONBT TFUJOJ EF CV[MBONB ÕOMFZJDJ
TFU
FEJOFCJMJSTJOJ[ BLTFTVBS PMBSBL TBUMBO
TFUJO BNCMBKOEB ZFS BMBO NPOUBK UBMJNBUMBSO
EJLLBUMJDFPLVZVOV[
#V EVSVNEB LPNCJ DJIB[OO CV[MBONBZB LBSǨ
LPSVONBT BODBL BǨBnjEBLJ ǨBSUMBSO PMVǨNBT
EVSVNVOEBUFNJOFEJMFCJMJS
LPNCJOJOEÛ[FOMJCJSǨFLJMEFFMFLUSJLHJSJǨJOFCBnjM
PMNBT
BOBǨBMUFSJOJOBɏLPMNBT
CV[MBONB ÕOMFZJDJ TFU BLTBNOO BS[BM
PMNBNBT
#V ǨBSUMBSEB LPNCJ DJIB[ TTOO ž$ EFSFDFZF
LBEBS EÛǨNFTJ IBMJOEF CV[MBONBZB LBSǨ LPSVNB
BMUOEBES
(BSBOUJ LBQTBNOO HFÉFSMJ PMNBT IVTVTVOEB
FMFLUSJL LFTJOUJMFSJOJO PMNBNBTOO ZBO TSB CJS
FWWFMLJTBZGBEBCFMJSUJMFOIVTVTMBSBEBSJBZFUFEJMNFTJ
HFSFLNFLUFEJS
.BUFSJÃMZ[FLUFSÝDIKTPVLPUMFWZSPCFOZKTPVPEPMOÊ
WDzǁJ OFNS[OPVDÎN LBQBMJOÃN OB CÃ[J FUIZMFO
HMZLPMVBQSPQZMFOV
7 PUÃ[DF USWBOMJWPTUJ B MJLWJEBDF TF ǥJDŽUF QPLZOZ
EPEBWBUFMF
$ISBǞUFQǥFENSB[FNTJGPOQSPPEWPELPOEFO[ÃUV
BFMFLUSPOJDLPVLBSUVQPNPDÎEPQMǞLVLUFSÝM[F
PCKFEOBU TPVQSBWB QSPUJ [BNS[OVUÎ
LUFSÃ KF
UWPǥFOBEWLJNBFMFLUSJDLÝNJPEQPSZQǥÎTMVØOPV
LBCFMÃßÎ B ǥÎEJDÎN UFSNPTUBUFN QǥFǁULJUF TJ
QP[PSOLJQPLZOZQSPNPOUÃßPCTBßFOÊWCBMFOÎ
EPQMǞLPWÊTPVQSBWZ
0DISBOBQǥFE[BNS[OVUÎNLPUMFKFUÎNUP[QDzTPCFN
[BSVǁFOBQPV[FQPLVE
KFLPUFMTQSÃWOLJQǥJQPKFOLFMFLUSJDLÊNVOBQÃKFOÎ
KF[BQOVUIMBWOÎTQÎOBǁ
LPNQPOFOUZ TPVQSBWZ QSPUJ [BNS[OVUÎ OFNBKÎ
QPSVDIV
;BULJDIUPQPENÎOFLKFLPUFMDISÃOLJOQǥFENSB[FNBß
EPUFQMPUZž$;F[ÃSVLZKTPVWZǞBUBQPØLP[FOÎ
W[OJLMÃ W EDzTMFELV QǥFSVØFOÎ EPEÃWLZ FMFLUSJDLÊ
FOFSHJFBOFSFTQFLUPWÃOÎPCTBIVQǥFEDIP[ÎTUSÃOLZ
1 10%45"808&8:.*"3:
53
#"Ƨ-*$"#0:65-"3
$;
)-"7/±30;.Ɔ3:
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
-FHFOEB'JH
7 1PEƾD[FOJFFMFLUSZD[OF
( %PQSPXBE[FOJFHB[V
3 *OTUBMBDKB[XSPUOB
. *OTUBMBDKBUPD[OB
4$ 4QVTUTLSPQMJONJOJNBMOBǧSFEOJDB
XFXONjUS[OB‹NN
"ɏLMBNBMBS
7&MFLUSJLCBnjMBOUT
((B[HJSJǨJ
35FTJTBUEÕOÛǨÛ
.5FTJTBUTBMN
4$,POEFOTBTZPOUBIMJZFBTHBSJJÉÉBQ‹
NN
-FHFOEB
7&MFLUSJDLÊQǥJQPKFOÎ
(1ǥÎWPEQMZOV
37SBUOÝPLSVITZTUÊNV
./ÃCLJITZTUÊNV
4$m0EWPELPOEFO[ÃUVNJOJNÃMOÎWOJUǥOÎ
QSDzNLJSNN
10%ŠŽ$;&/*"
1PEƾD[FOJFHB[VVS[ƾE[FOJFLBUFHPSJJ**)
1SPEVLPXBOFQS[F[OBTLPUZ[PTUBZTLPOTUSVPXB
OFEPQSBDZ[XZLPS[ZTUBOJFNHB[VNFUBOV(
J
-1(0SVSPXBOJF[BTJMBOJBQPXJOOPNJFǀQS[FLSÓK
SÓXOZMVCXJNjLT[ZPE[ƾD[BLPUBu(
#"Ƌ-"/5*-"3
(B[ CBnjMBOUMBS ** ) LBUFHPSJTJ BQBSBU
,PNCJMFSJNJ[HFSFLNFUBOHB[WFHFSFLTF-1(HB[
JMFÉBMǨNBLÛ[FSFÛSFUJMNJǨMFSEJS(JSJǨCPSVMBSOO
LPNCJOJOu(SBLPSVOBFǨEFnjFSWFZBIVUEBEBIB
CÛZÛLPMNBTHFSFLNFLUFEJS
1Ƥ±10+,:
1PEƾD[FOJFHB[VVS[ƾE[FOJFLBUFHPSJJ**)
1SPEVLPXBOFQS[F[OBTLPUZ[PTUBZTLPOTUSVPXBOF
EPQSBDZ[XZLPS[ZTUBOJFNHB[VNFUBOV(
J
-1(0SVSPXBOJF[BTJMBOJBQPXJOOPNJFǀQS[FLSÓK
SÓXOZMVCXJNjLT[ZPE[ƾD[BLPUBu(
/#QS[FXÓEEPQSPXBE[BKƾDZHB[QPXJOJFONJFǀ
TUPTPXOFXZNJBSZTQFOJBKƾDFXZNBHBOJBQPEBOF
XPCPXJƾ[VKƾDZDIQS[FQJTBDIDFMFN[BQFXOJFOJB
QSBXJEPXFHPEPQZXVHB[VEPQBMOJLBSÓXOJFǻX
XBSVOLBDINBLTZNBMOFHPPCDJƾǻFOJBHFOFSBUPSBJ
[BHXBSBOUPXBOJBXZEBKOPǧDJVS[ƾE[FOJBEBOF
UFDIOJD[OF
4ZTUFN[ƾD[BQPXJOJFOCZǀ[HPEOZ
[QS[FQJTBNJ
1S[FE QPEƾD[FOJFN HB[V OBMFǻZ EPLBEOJF
XZD[ZǧDJǀ XT[ZTULJF QS[FXPEZ JOTUBMBDKJ
EPQSPXBE[BKƾDFKQBMJXPUBLCZVTVOƾǀFXFOUVBM
OF [BOJFD[ZT[D[FOJB LUÓSF NPHZCZ OFHBUZXOJF
XQZOƾǀOBQSBDNjLPUB1POBEUPOBMFǻZTQSBXE[Jǀ
D[Z EPQSPXBE[BOZ HB[ KFTU PEQPXJFEOJ QBUS[
UBCMJD[LB [OBNJPOPXB OB LPUMF
+FǻFMJ JTUOJFKƾ
SÓǻOJDF OBMFǻZ XZLPOBǀ [BCJFHJ OB LPUMF DFMFN
EPTUPTPXBOJB HP EP JOOFHP SPE[BKV HB[V QBUS[
EPTUPTPXBOJFVS[ƾE[FOJBXQS[ZQBELV
[NJBOZHB[V
1POBEUPOBMFǻZTQSBXE[JǀDJǧOJFOJF
XTJFDJ[BTJMBOJBNFUBOVMVC-1(
LUÓSBCNjE[JF
VǻZXBOB EP [BTJMBOJB LPUB HEZǻ OJFEPTUBUFD[OF
DJǧOJFOJFNPǻFOFHBUZXOJFXQZOƾǀOBNPDHFOF
SBUPSBTUXBS[BKƾDQSPCMFNZVǻZULPXOJLPXJ
6QFXOJǀTJNjǻFQPEƾD[FOJF[BXPSVHB[PXFHP
[PTUBP QSBXJEPXP XZLPOBOF [ [BDIPXBOJFN
QSPDFEVSZNPOUBǻPXFK3ZT
/B [FXOƾUS[ QPNJFT[D[FOJB X LUÓSZN [OBKEVKF
TJNjVS[ƾE[FOJFOBMFǻZ[BJOTUBMPXBǀOBPSVSPXBOJV
EPQSPXBE[BKƾDZN HB[ X XJEPD[OZN J BUXP
EPTUNjQOZN NJFKTDV SNjD[OZ [BXÓS PEDJOBKƾDZ
T[ZCLP [BNZLBKƾDZ P PCSPDJF ž J PHSBOJD[OJLJ
OB QP[ZDKJ DBLPXJDJF PUXBSUFK MVC DBLPXJDJF
[BNLOJNjUFK
/PUHB[CFTMFNFCPSVTVOVOCPZVUVHB[OCPZMFSF
UBNWFHÛWFOMJǨFLJMEFJMFUJMNFTJOJTBnjMBZBDBLǨFLJMEF
WFZÛSÛSMÛLUFLJZBTBMEÛ[FOMFNFMFSFSJBZFUFEJMFSFL
TBnjMLMCJSǨFLJMEFDJIB[OB[BNJHÛÉUFÉBMǨSLFO
EF FO JZJ WFSJNJO FMEF FEJMNFTJOJ UFNJO FEFDFL
ǨFLJMEFCPZVUMBOESMNǨPMNBMESUFLOJLWFSJMFS
#BnjMBOUTJTUFNMFSJOJOZBTBMEÛ[FOMFNFMFSFVZHVO
PMNBTHFSFLNFLUFEJS(B[CBnjMBOUTZBQMNBEBO
FWWFM HB[ IBUU WF CPSVMBS JÉFSJTJOEF JMFSJEF
LPNCJOJOWFSJNJOJOEÛǨNFTJOFOFEFOPMBCJMFDFL
UÛN LBMOUMBSO UFNJ[MFONFTJ HFSFLNFLUFEJS
"OBIBUUBOEBnjUMBOHB[OLPNCJJÉJOÕOHÕSÛMFO
UÛSEF PMNBTOO LPOUSPMV HFSFLNFLUFEJS LPNCJ
DJIB[Û[FSJOEFZFSBMBOFUJLFUFCBLO[
'BSLMML
PMNBT IBMJOEF LPNCJ Û[FSJOEF JǨMFN ZBQBSBL
HB[ EÕOÛǨÛNÛOÛO ZBQMNBT HFSFLJS DJIB[MBSEB
HB[ EÕOÛǨÛN CBǨMnjOB CBLO[
"ZSDB IBUUBO
HFMFO HB[O NFUBO WFZBIVU -1(
EJOBNJL
CBTODOOLPOUSPMFEJMNFTJHFSFLNFLUFEJSÉÛOLÛ
HB[ HJSJǨJOEFLJ CBTODO ZFUFSTJ[ PMNBT IBMJOEF
DJIB[EBOWFSJNTBnjMBONBT[PSMBǨSWFLVMMBODJÉJO
TPSVOMBSPMVǨBCJMJS(B[NVTMVnjVOVOCBnjMBOUTOO
CBnjMBOU BǨBNBMBSOB SJBZFU FEJMNFTJ TVSFUJZMF
TBnjMLMǨFLJMEFZBQMNBTOBEJLLBUFEJOJ[ǨFLJM
$JIB[OCVMVOEVnjVNBIBMMJOIBSJDJCÕMÛNÛOEF
HB[HJSJǨCPSVTVÛ[FSJOFLPMBZMLMBHÕSÛMFCJMJSWF
FSJǨJMFCJMJS CJS OPLUBZB ž ÉFWSJMFSFL LPMBZMLMB
LBQBUMBCJMFO NBOÛFM UBNBNFO BɏL WF LBQBM
OPLUBMBSTOSMBNBMCJSWBOBUBLMNBMES
1P[OÃNLB 1ǥÎWPEOÎ QMZOPWÊ QPUSVCÎ NVTÎ NÎU
PEQPWÎEBKÎDÎSP[NLJSZQPEMFQMBUOÝDIOPSFNBCZ
NPIM CÝU QMZO L IPǥÃLV QǥJWÃELJO W QPUǥFCOÊN
NOPßTUWÎJQǥJNBYJNÃMOÎNWÝLPOVHFOFSÃUPSVB
CZMUBL[BSVǁFOWÝLPOQǥÎTUSPKFUFDIOJDLÊÙEBKF
4ZTUÊNQǥJQPKFOÎNVTÎPEQPWÎEBUQMBUOÝNOPSNÃN
1ǥFEQǥJQPKFOÎNQMZOPWÊIPQPUSVCÎKFUǥFCBQSPWÊTU
ǥÃEOÊWZǁJØULJOÎWOJUǥLVDFMÊIPQPUSVCÎQǥJWÃELJKÎDÎIP
QBMJWPBCZTFPETUSBOJMZQǥÎQBEOÊOÃOPTZLUFSÊCZ
NPIMZ PISP[JU TQSÃWOÝ DIPE LPUMF %ÃMF KF UǥFCB
PWLJǥJU [EB QǥJWÃELJOÝ QMZO PEQPWÎEÃ QMZOV QSP
LUFSÝ CZM LPUFM [LPOTUSVPWÃO WJ[ UZQPWÝ ØUÎUFL W
LPUMJ
7QǥÎQBELJPEMJØOPTUÎKFUǥFCBQSPWÊTUÙQSBWV
LPUMFOBQǥÎWPEKJOÊIPESVIVQMZOVWJ[QǥFTUBWCB
QǥÎTUSPKDzWQǥÎQBELJ[NLJOZQMZOV
0WLJǥJUKFUǥFCBJ
EZOBNJDLÝUMBLQMZOVWTÎUJNFUBOVOFCPUFLVUÊIP
QSPQBOV
LUFSÝ TF CVEF QPVßÎWBU L OBQÃKFOÎ
LPUMF QSPUPßF W QǥÎQBELJ OFEPTUBUFǁOÊIP UMBLV
CZ NPIMP EPKÎU LF TOÎßFOÎ WÝLPOV HFOFSÃUPSV B
LPUFMCZTQSÃWOLJOFGVOHPWBM1ǥFTWLJEǁUFTF[EBKF
QǥJQPKFOÎQMZOPWÊIPLPIPVUVTQSÃWOLJQSPWFEFOP
QPEMFQPTUVQVNPOUÃßF0CS
7OLJNÎTUOPTUJ
WFLUFSÊNTFLPUFMOBDIÃ[ÎNVTÎCÝUJOTUBMPWÃOOB
QǥÎWPEOÎNQMZOPWÊNQPUSVCÎWFWJEJUFMOÊBMFIDF
EPTBßJUFMOÊQPMP[FSVǁOÎ[BWÎSBDÎWFOUJMTSZDIMÝN
V[BWÎSÃOÎN PUÃǁFOÎN P ž B EPSB[Z W QPMPIÃDI
[DFMBPUFWǥFOPB[DFMB[BWǥFOP
4*
)6
10%45"808&8:.*"3:
04/07/&%*.&/;*+&
1-
*&
53
$;
4*
."*/%*.&/4*0/4
)6
*&
NN
8:40,0Ʀſ
#0:
7À»,"
7*»*/"
."("44¦(
)&*()5
4;&30,0Ʀſ
&/
»±Ƥ,"
»*3*/"
4;­-&44­(
8*%5)
(ŠƊ#0,0Ʀſ
%&3*/-*,
)-06#,"
(-0#*/"
.­-:4­(
%&15)
1S[ZƾD[B#BnjMBOUMBS1ǥÎQPKLZ1SJLMKVǁLJ$TBUMBLP[ÃTPL"UUBDINFOUT
(";
*/45"-"$+"
(";
1-:/
1-*/
(¦;
5&4ƻ4"5
;"Ƥ±;&/±
/"13"7&
'Ʈ5­4
("4
4:45&.
(
u
3
u
.
u
-FHFOEB'JH
7 &MFLUSJǁOJQSJLMKVǁFL
( 1SJLMKVǁFLQMJOB
3 1PWSBUOJLSPHPUPLTJTUFNB
. ;BHPOTJTUFNB
4$ 0EWBKBOKFLPOEFO[BOBKNBOKØJOPUSBOKJ
QSFNFSNPSBCJUJNN
+FMNBHZBSÃ[BU
7m&MFLUSPNPTCFLÕUÊT
(m(Ã[DTBUMBLP[ÃT
3GǯUÊTJWJTT[BUÊSǡWF[FUÊL
.GǯUÊTJFMǡSFNFOǡWF[FUÊL
4$mLPOEFO[ÃUVNFMWF[FUÊTNJOJNÃMJTCFMTǡ
ÃUNÊSǡ‹NN
,FZ'JH
7 &MFDUSJDBUUBDINFOU
( (BTTVQQMZ
3 4ZTUFNSFUVSO
. 4ZTUFNEFMJWFSZ
4$m$POEFOTBUFESBJONJOJNVNJOUFSOBM
EJBNFUFS‹NN
13*,-+6ƀ,*
1MJOTLJQSJLMKVǁFL/BQSBWBLBUFHPSJKF**)
/BØJLPUMJTPTLPOTUSVJSBOJ[BEFMPWBOKFOBNFUBO
(
JOVUFLPǁJOKFOQSPQBO%PWPEOBDFWNPSB
CJUJFOBLBBMJWFǁKBPEQSJLMKVǁLBOBLPUMVu(
$4"5-",0;5"5¶4;&3&-7­/:&,
(Ã[DTBUMBLP[ÃT ,ÊT[ÛMÊL LBUFHÓSJÃKB ** ) ,B[ÃOKBJOLBU GÕMEHÃ[ (
ÊT 1#HÃ[ Û[FNSF
UFS WF[UÛL " DTBUMBLP[Ó HÃ[DTǡ ÃUNÊSǡKF
VHZBOBLLPSBWBHZOBHZPCCMFHZFONJOUBLB[ÃO
(uDTBUMBLP[ÓFMFNF
"55"$).&/54
(BT BUUBDINFOU "QQMJBODF DBUFHPSZ **)
0VS
CPJMFSTBSFEFTJHOFEUPPQFSBUFXJUINFUIBOFHBT
(
BOE-1(4VQQMZQJQFTNVTUCFUIFTBNFBT
PSMBSHFSUIBOUIFu(CPJMFSêUUJOH
0QPNCB %JNFO[JKF QMJOTLJI DFWJ NPSBKP CJUJ W
TLMBEV[WFMKBWOJNJQSFEQJTJTǁJNFSKF[BHPUPWMKFO
QSBWJMFOEPWPEQMJOBEPHPSJMOJLBJOBQBSBUBUVEJ
WQPHPKJILPHSFMOJLEFMVKF[NBLTJNBMOPNPǁKP
UFIOJǁOJQPEBULJ
/BǁJOQSJLMKVǁJUWFNPSBCJUJW
TLMBEV[WFMKBWOJNJTUBOEBSEJ
1SFEQSJLMKVǁJUWJKPQMJOTLJIDFWJOBUBOǁOPPǁJTUJUF
OPUSBOKPTU DFWJ LFS CJ NPSFCJUOB OFǁJTUPǁB DFWJ
MBILP QPW[SPǁJMB NPUOKF QSJ EFMPWBOKV LPUMB
1SFHMFKUF UVEJ ǁF WTUPQOJ QMJO VTUSF[B QMJOV [B
LBUFSFHB KF CJM HSFMOJL [HSBKFO HMFK QPEBULF OB
OBQJTOJQMPØǁJDJOBLPUMV
ƀFTFQPEBULJSB[MJLVKFKP
KF USFCB LPUFM QSJMBHPEJUJ ESVHJ WSTUJ QMJOB HMFK
QPHMBWKF P QSJMBHPEJUWJ LPUMB [B VQPSBCP ESVHF
WSTUFQMJOB
1SFWFSJNPUVEJEJOBNJǁFOUMBLQMJOB
WPNSFßKVNFUBOBBMJUFLPǁFHBOBѫOFHBQMJOB
LJ
HBCPTUFVQPSBCMKBMJƀFKFMFUBOF[BEPTUFO[NBOKØB
NPǁHSFMOJLBTǁJNFSVQPSBCOJLVQPW[SPǁJUFßBWF
1SFWFSJUFǁFKFQMJOTLJWFOUJMQSBWJMOPQSJLMKVǁFOW
TLMBEV[OBǁJOPNNPOUBßF4MJLB
7[VOBOKFNQSPTUPSVWLBUFSFNTFLPUFMOBIBKB
NPSB CJUJ OBNFØǁFO [BQPSOJ WFOUJM .POUJSBNP
HB OB EPWPEOP QMJOTLP DFW OB WJEOFN NFTUV [B
OFNPUFOEPTUPQ0QSFNMKFONPSBCJUJ[FOPTUBWOJN
[BQJSBOKFN [B ž EP TLSBKOJI MFH v[BQSUPj JO
vPEQSUPj
.FHK " HÃ[DTBUMBLP[Ó DTǡ NÊSFUÊOFL NFH LFMM
GFMFMOJF B[ ÊSWÊOZFT FMǡÎSÃTPLOBL IPHZ B[ ÊHǡ
HÃ[FMMÃUÃTB B MFHOBHZPCC UFMKFTÎUNÊOZFO WBMÓ
Û[FNFMÊT FTFUÊO JT NFHGFMFMǡ MFHZFO JMMFUWF
CJ[UPTÎUWB MFHZFO B LÊT[ÛMÊL IBUÃTGPLB MÃTE B
NǯT[BLJ BEBUPLBU
" DTBUMBLP[ÃTJ SFOET[FSOFL
NFH LFMM GFMFMOJF B T[BCWÃOZPL FMǡÎSÃTBJOBL "
HÃ[IÃMÓ[BUSB WBMÓ DTBUMBLP[UBUÃT FMǡUU HPOEPTBO
NFH LFMM UJT[UÎUBOJ B HÃ[U T[ÃMMÎUÓ DTǡSFOET[FS
CFMTFKÊUB[FTFUMFHFTT[FOOZF[ǡEÊTFLUǡMNJWFMF[FL
WFT[ÊMZF[UFUIFUJL B LB[ÃO NFHGFMFMǡ NǯLÕEÊTÊU
&MMFOǡSJ[OJLFMMUPWÃCCÃIPHZBSFOEFMLF[ÊTSFÃMMÓ
HÃ[GBKUB NFHFHZF[JLF B[[BM BNFMZSF B LB[ÃO CF
WBOÃMMÎUWBMÃTEBLB[ÃOPOFMIFMZF[FUUBEBUUÃCMÃU
)B OFN B LB[ÃOU ÃU LFMM ÃMMÎUBOJ B SFOEFMLF[ÊTSF
ÃMMÓHÃ[GBKUÃSBMÃTEBLÊT[ÛMÊLNÃTGÊMFHÃ[Û[FNSF
WBMÓ ÃUÃMMÎUÃTÃSB WPOBULP[Ó SÊT[U
&[FO LÎWÛM
GPOUPTBGÕMEHÃ[WBHZ1#HÃ[
IÃMÓ[BUJEJOBNJLVT
OZPNÃTÃOBLFMMFOǡS[ÊTFBNFMZSǡMBLB[ÃOÛ[FNFMOJ
GPH"[FMÊHUFMFOOZPNÃTLJIBUIBUBGǯUǡLÊT[ÛMÊL
UFMKFTÎUNÊOZÊSFF[ÃMUBMLFMMFNFUMFOTÊHFUPLP[IBUB
GFMIBT[OÃMÓOBL&MMFOǡSJ[[FIPHZBHÃ[FM[ÃSÓDTBQ
IFMZFTFO WBOF CFLÕUWF B GFMT[FSFMÊTJ TPSSFOEFU
CFUBSUWB ¦CSB
" LÊT[ÛMÊL UFMFQÎUÊTJ
IFMZJTÊHÊOFL LÛMTǡ SÊT[ÊO B HÃ[DTBUMBLP[Ó DTǡSF
MÃUIBUÓÊTLÕOOZFOFMÊSIFUǡIFMZSFFHZLÊ[JFM[ÃSÓ
T[FMFQFULFMMGFMT[FSFMOJ"[FM[ÃSÓT[FMFQLÕOOZFO
NǯLÕEUFUIFUǡMFHZFOžPTGPSHBUÃTTBMÊTBUFMKFTFO
OZJUPUUWBHZUFMKFTFO[ÃSUWÊHÃMMÃTCBOÃMMKPONFH
/# 5IF HBT TVQQMZ QJQF NVTU CF TVJUBCMZ
EJNFOTJPOFE BDDPSEJOH UP DVSSFOU SFHVMBUJPOT JO
PSEFS UP HVBSBOUFF DPSSFDU HBT ëPX UP UIF CPJMFS
FWFO JO DPOEJUJPOT PG NBY HFOFSBUPS PVUQVU
BOE UP HVBSBOUFF BQQMJBODF FēDJFODZ UFDIOJDBM
TQFDJêDBUJPOT
ѮFDPVQMJOHTZTUFNNVTUDPOGPSN
UPTUBOEBSET#FGPSFDPOOFDUJOHUIFHBTMJOFDBSFGVMMZ
DMFBOJOTJEFBMMUIFGVFMGFFETZTUFNQJQFTUPSFNPWF
BOZSFTJEVFUIBUDPVMEJNQBJSCPJMFSFēDJFODZ"MTP
NBLFTVSFUIFHBTDPSSFTQPOETUPUIBUGPSXIJDIUIF
CPJMFSJTQSFQBSFETFFCPJMFSEBUBQMBUF
*GEJĒFSFOU
UIFBQQMJBODFNVTUCFDPOWFSUFEGPSPQFSBUJPOXJUI
UIFPUIFSUZQFPGHBTTFFDPOWFSUJOHBQQMJBODFGPS
PUIFSHBTUZQFT
ѮFEZOBNJDHBTTVQQMZNFUIBOF
PS-1(
QSFTTVSFNVTUBMTPCFDIFDLFEBDDPSEJOHUP
UIFUZQFVTFEJOUIFCPJMFSBTJOTVēDJFOUMFWFMTDBO
SFEVDFHFOFSBUPSPVUQVUBOEDBVTFNBMGVODUJPOT
&OTVSF DPSSFDU HBT DPDL DPOOFDUJPO GPMMPXJOH
UIFNPVOUJOHTFRVFODF'JH
"RVJDLDMPTJOH
NBOVBMPOPĒWBMWFXJUIžUVSOJOHBOETUPQQJOH
BUFOEPGUSBWFMJOUIFGVMMZPQFODMPTFEQPTJUJPOT
NVTUCFJOTUBMMFEJOBWJTJCMFBOEFBTJMZBDDFTTJCMF
QPTJUJPOPOUIFHBTTVQQMZQJQJOHPVUTJEFUIFSPPN
XIFSFUIFBQQMJBODFJTJOTUBMMFE
1-
53
$;
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
-FHFOEB3ZT
;BXÓSHB[V
6T[D[FMLBQBTLB
1S[FXÓEHB[V
/BLSNjULB
"ɏLMBNBMBS
(B[NVTMVnjV
:BTTDPOUB
(B[CPSVTV
4PNPO
-FHFOEB0CS
1MZOPWÝLPIPVU
m1MPDIÊULJTOLJOÎ
m1MZOPWÊQPUSVCÎ
.BUJDF
-FHFOEB3ZT
#F[QJFD[OJL"'
7BD)[
1PNQBPCJFHPXB[FXONjUS[OB01$+"
.BY"
4POEB[FXONjUS[OB01$+"
5FSNPSFHVMBUPS01$+"
4POEBCPKMFSB01$+"
5FSNPTUBUǧSPEPXJTLB01$+"
;BXÓSUSÓKESPǻOZ01$+"
8ƾD[OJLTF[POPXZ-BUP01$+"
8FKǧDJFBOBMPHPXF
,MJQXFXONjUS[OZEP[BS[ƾE[BOJBBESFTBNJ
VS[ƾE[FǝVTUBXJPOZDILBTLBEPXP
*OUFSGFKTT[FSFHPXZǧDJƾHBOJBEBOZDI
"ɏLMBNBMBS'JH
4JHPSUB"'
7BD)[
)BSJDJ%FWSJEBJN014ƻ:0/&-
.BY"
)BSJDJ4POEB014ƻ:0/&-
5FSNJLBZBS014ƻ:0/&-
#PZMFS4POEBT014ƻ:0/&-
0SUBN5FSNPTUBU014ƻ:0/&-
¾É:PMMV7BMG014ƻ:0/&-
:B[LPOVNV%ÛnjNFTJ014ƻ:0/&-
"OBMPKJL(JSJǨ
,BTLBEUJQJCBnjMBOUTSBMBNBZÕOFUJNJ
$MJQ*O
*7FSJBLUBSNTFSJBSBZÛ[Û
-FHFOEB'JH
1PKJTULB"
7BD)[
7FOLPWOÎPCLJIPWÊǁFSQBEMP015*0/"-
.BY"
7FOLPWOÎTPOEB015*0/"-
3FHVMÃUPSUFQMPUZ015*0/"-
4POEBPIǥÎWBǁF015*0/"-
1PLPKPWÝUFSNPTUBU015*0/"-
5SPKDFTUOÝWFOUJM015*0/"-
-FUOÎTQÎOBǁ015*0/"-
"OBMPHPWÝWTUVQ
,MJQQSPǥÎ[FOÎBESFTLBTLÃEZ
4ÊSJPWÊSP[ISBOÎQSPQǥÎKFNEBU
:BLU PMBSBL LVMMBOMBO HB[O TBMJUFTJ $JIB[
ZBCBOD NBEEFEFO BSONǨ TBG WF UFNJ[ HB[ JMF
ÉBMǨNBLÛ[FSFUBTBSMBONǨUSBLTJPMNBTIBMJOEF
DJIB[O BOB HB[ HJSJǨJOF Õ[FM GJMUSFMFS LPZNBL
TVSFUJZMFZBLUOTBGWFUFNJ[PMNBTOOTBnjMBONBT
HFSFLNFLUFEJS
,WBMJUBIPǥMBWÊIPQMZOV;BǥÎ[FOÎCZMPOBWSßFOPL
QSPWP[VOBQMZOCF[OFǁJTUPUWPQBǁOÊNQǥÎQBELJTF
EPQPSVǁVKFJOTUBMPWBUWIPEOÊêMUSZQǥFE[BǥÎ[FOÎ
BCZCZMB[BKJØULJOBǁJTUPUBQǥÎWPEOÎIPQMZOV
ƻTUJëFNF UBOL -1( EFQPTVOEBO HJSJǨ PMNBT
IBMJOEF
:FOJ -1( JTUJG UBOLMBSOEB LBMOU HB[MBS
B[PU
PMNBT NVIUFNFM PMVQ CV HB[MBSO
NFWDVEJZFUJ IBMJOEF ZBLU BMBǨNOO HÛÉ
LBZCPMBCJMFDFnjJOEFOEPMBZIBUBMÉBMǨNBMBSB
TFCFCJZFUWFSFCJMJSMFS
.DzßF TF TUÃU ßF OPWÊ TLMBEPWBDÎ OÃESßF
LBQBMOÊIP QSPQBOV NPIPV PCTBIPWBU [CZULZ
JOFSUOÎIP QMZOV EVTÎLV
LUFSÊ PDIV[VKÎ TNLJT
QǥJWÃELJOPVEP[BǥÎ[FOÎB[QDzTPCVKÎQPSVDIZKFIP
GVOLDF
+BLPǧǀHB[V6S[ƾE[FOJF[PTUBP[BQSPKFLUPXBOFEP
TQBMBOJBHB[VCF[[BOJFD[ZT[D[FǝXQS[FDJXOZN
SB[JFOBMFǻZ[BJOTUBMPXBǀêMUSZQS[FEVS[ƾE[FOJFN
XDFMV[BQFXOJFOJBD[ZTUPǧDJQBMJXB
;CJPSOJLJNBHB[ZOVKƾDFXQS[ZQBELV[BTJMBOJB
[F[CJPSOJLB-1(
.PǻFTJNj[EBS[ZǀǻFOPXF[CJPSOJLJNBHB[ZOVKƾDF
-1( CNjEƾ [BXJFSBǀ SFT[ULJ PCPKNjUOFHP HB[V
B[PUV
LUÓSF NPHƾ [VCPǻZǀ EPQSPXBE[BOƾ
EP VS[ƾE[FOJB NJFT[BOLNj QPXPEVKƾD KFHP
OJFQSBXJEPXFGVOLDKPOPXBOJF
;QPXPEVTLBEVNJFT[BOLJ-1(XD[BTJFKFK
NBHB[ZOPXBOJB X [CJPSOJLV NPǻF EPKǧǀ EP
VXBSTUXJFOJB LPNQPOFOUÓX NJFT[BOLJ .PǻF
UP TQPXPEPXBǀ SÓǻOJDF X XBSUPǧDJ PQBPXFK
NJFT[BOLJ EPQSPXBE[BOFK EP VS[ƾE[FOJB J X
LPOTFLXFODKJ OFHBUZXOJF XQZOƾǀ OB QSBDNj
LPUB
1PEƾD[FOJFIZESBVMJD[OF
6XBHB QS[FE XZLPOBOJFN QPEƾD[FOJB X DFMV
[BDIPXBOJB QSBX HXBSBODZKOZDI EPUZD[ƾDZDI
HÓXOFHP XZNJFOOJLB OBMFǻZ EPLBEOJF QS[FNZǀ
JOTUBMBDKNj HS[FKOƾ PSVSPXBOJF LPSQVTZ HS[FKOF
JUQ
VǻZXBKƾDXUZNDFMVTQFDKBMOZDIQSFQBSBUÓX
EPUSBXJBKƾDZDIMVCVTVXBKƾDZDIPTBECNjEƾDZDIX
TUBOJF VTVOƾǀ FXFOUVBMOF [BOJFD[ZT[D[FOJB LUÓSF
NPHZCZOFHBUZXOJFXQZOƾǀOBQSBDNjLPUB
;BMFDB TJNj [BJOTUBMPXBOJF OB JOTUBMBDKJ êMUSB EP
[CJÓSLJ J PEDFE[BOJB [BOJFD[ZT[D[Fǝ PCFDOZDI X
VLBE[JF GJMUS PENVMBKƾDZ
8 DFMV VOJLOJNjDJB
PTBEÓX J LPSP[KJ X JOTUBMBDKJ HS[FKOFK OBMFǻZ
QS[FTUS[FHBǀ QS[FQJTÓX QPEBOZDI X VTUBXJF
EPUZD[ƾDFK PD[ZT[D[BOJB XPEZ X JOTUBMBDKBDI
DJFQMOZDI QS[F[OBD[POZDI EP VǻZULV DZXJMOFHP
1PEƾD[FOJBIZESBVMJD[OFOBMFǻZXZLPOBǀXTQPTÓC
SBDKPOBMOZ XZLPS[ZTUVKƾD QPEƾD[FOJB XTLB[BOF
OB X[PSOJLV LPUB 4QVTU[BXPSVCF[QJFD[FǝTUXB
LPUBQPXJOJFOCZǀQPEƾD[POZEPMFKLBPEQZXV
LUÓSZXDIPE[JXTLBEXZQPTBǻFOJBLPUBMFD[OJF
KFTU [BJOTUBMPXBOZ OBUPNJBTU KFTU QPEƾD[POZ EP
LBOBV PEQZXPXFHP 8 QS[FDJXOZN SB[JF KFǧMJ
[BKE[JFQPUS[FCB[BE[JBBOJB[BXPSVCF[QJFD[FǝTUXBJ
QPNJFT[D[FOJF[PTUBOJF[BMBOFXPEƾQSPEVDFOULPUB
OJFCNjE[JFQPOPTJǻBEOFKPEQPXJFE[JBMOPǧDJ
-1( HB[OO BMBǨNOB CBnjM PMBSBL UBOLMBSEB
JTUJGMFONFTJ FTOBTOEB NVIUFMJG BMBǨN
LBUNBOMBSOOTBUIMBǨNBTTÕ[LPOVTVBMPCJMJS
#V EB DJIB[O ÛSFUUJnjJ LBMPSJ WFSJNJOEF
EFnjJǨLFOMJL PMVǨNBTOB TFCFCJZFU WFSFCJMFDFnjJ
HJCJ DJIB[O SBOENBOO PMVNTV[ PMBSBL
FULJMFZFCJMJS
)JESPMJLEFWSFCBnjMBOUT
%JLLBULPNCJOJOCBnjMBOUMBSOOZBQMNBTOEBO
FWWFM DJIB[ HBSOUJTJOJO HFÉFSMJMJnjJOJ ZJUJSNFNFTJ
JÉJO LPOEFOTBTZPO NPEÛMÛOEF CPSVMBS TUD
BLTBNWT
PMVǨBNBTNVIUFNFMLBMOUMBSÉÕ[ÛDÛ
WFZBIVUEBFNTBMNBEEFMFSLVMMBOBSBLBSOESO[
BLTJUBLEJSEFLPNCJOJOÉBMǨNBTOBPMVNTV[FULJ
ZBQBSMBS
5FTJTBUÛ[FSJOFÕ[FMCJSêMUSFZFSMFǨUJSNFLTVSFUJZMF
TBGPMNBZBOUPSUVMBSOUPQMBONBTOOTBnjMBONBT
UBWTJZF PMVOVS ÉBNVS BZLMBZD êMUSF
,BMPSJGFS
UFTJTBUJÉFSJTJOEFBULWFLBMOUCJSJLJNJPMVǨNBTO
WF CVOEBO EPMBZ UFTJTBUO IBUBM ÉBMǨNBTO
ÕOMFNFLBNBDZMBFWTFMLVMMBONTVZVWFLBMPSJGFS
UFTJTBUMBS LPOVTVOEB TUBOEBSUMBSO ÕOHÕSNFLUF
PMEVnjVLVSBMMBSBSJBZFUFEJOJ[)JESPMJLCBnjMBOUMBSO
LPNCJǨBCMPOVOEBCFMJSUJMFOCBnjMBOUOPLUBMBSOB
VZVMNBL TVSFUJZMF TBnjMLM CJS ǨFLJMEF ZBQMNBT
HFSFLNFLUFEJS&NOJZFUWBMêOJOUBIMJZFTJLPNCJEF
NFWDVUPMNBLMBCFSBCFSNPOUBKZBQMNBNǨPMBO
CJS IVOJZF WF CVOV NÛUFBLJQ EF LBOBMJ[BTZPOB
UBIMJZFPMBDBLǨFLJMEFCBnjMBONBMES"LTJUBLEJSEF
FNOJZFUWBMêOJOEFWSFZFHJSNFTJIBMJOEFWFDJIB[O
CVMVOEVnjVNFLBOTVCBTNBTEVSVNVOEB¾SFUJDJ
TPSVNMVUVUVMBNB[
6DIPWÃWBDÎOÃESßFWQǥÎQBELJQǥJWÃELJOÎUFLVUÊIP
QSPQBOV[FTLMBEPWBDÎIP[BǥÎ[FOÎ
7[IMFEFNLFTMPßFOÎTNLJTJLBQBMOÊIPSPQOÊIP
QMZOV TF NDzßF W QSDzCLJIV TLMBEPWÃOÎ QSPKFWJU
SP[WSTUWFOÎKFEOPUMJWÝDITMPßFLTNLJTJ5PNDzßF
[QDzTPCJU QSPNLJOMJWPTU WÝIǥFWOPTUJ TNLJTJ
QǥJWÃELJOÊ EP [BǥÎ[FOÎ T OÃTMFEOÝNJ [NLJOBNJ
KFIPWÝLPOV
7PEPWPEOÎQǥÎQPKLB
6QP[PSOLJOÎ 1ǥFE QǥJQPKFOÎN LPUMF B [B ÙǁFMFN
[BDIPWÃOÎQMBUOPTUJ[ÃSVLZOBLPOEFO[BǁOÎNPEVM
KFUǥFCBǥÃEOLJWZNÝUDFMÊUFQFMOÊ[BǥÎ[FOÎQǥÎTUSPKF
QPUSVCÎ UPQOÃ ULJMFTB BQPE
QPNPDÎ ǁJTUJDÎDI
QSPTUǥFELDzBQSPTUǥFELDzOBPETUSBǞPWÃOÎVTB[FOJO
B PETUSBOJU UBL QǥÎQBEOÊ OÃOPTZ LUFSÊ CZ NPIMZ
CSÃOJUTQSÃWOÊNVGVOHPWÃOÎLPUMF
%PQPSVǁVKF TF [BǥÎ[FOÎ WZCBWJU êMUSFN QSP TCLJS
B [BDIZUÃWÃOÎ OFǁJTUPU QǥÎUPNOÝDI W TZTUÊNV
PELBMPWBDÎ GJMUS
"CZTUF [BCSÃOJMJ VTB[PWÃOÎ
WPEOÎIP LBNFOF OFǁJTUPU B W[OJLV LPSP[F W
UPQOÊNTZTUÊNVNVTÎCÝUSFTQFLUPWÃOZQǥFEQJTZ
EBOÊOPSNPVLUFSÃTFW[UBIVKFOBÙQSBWVWPEZW
UPQOÝDI[BǥÎ[FOÎDIQSPDJWJMOÎQPVßJUÎ
7PEPWPEOÎQǥJQPKFOÎNVTÎCÝUQSPWFEFOPÙTQPSOLJ
TWZVßJUÎNQǥÎQPKFLOBQPEMPßDFLPUMF
0EWPEOÎǁÃTUCF[QFǁOPTUOÎIPWFOUJMVLPUMFKFOVUOÊ
QǥJQPKJULPEWPEOÎWÝMFWDFLUFSÃTFWLPUMJOBDIÃ[Î
BMF OFOÎ OBJOTUBMPWÃOB B [ÃSPWFǞ LF LBOBMJ[BDJ
+JOBL CZ TF QǥJ SFBLDJ CF[QFǁOPTUOÎIP WFOUJMV
[BQMBWJMBNÎTUOPTU[BDPßCZWÝSPCDFOFOFTMßÃEOPV
PEQPWLJEOPTU
4*
)6
*&
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
-FHFOEB'JH
1MJOTLJWFOUJM
1MPØǁBUPUFTOJMP
1MJOTLFDFWJ
.BUJDB
+FMNBHZBSÃ[BUÃCSB
mHÃ[DTBQ
mMBQPTUÕNÎUÊT
mHÃ[DTǡ
mIPMMBOEJBOZB
,FZ'JH
(BTDPDL
'MBUTFBM
(BTQJQF
/VU
-FHFOEB'JH
7BSPWBMLF"'
7BD)[
;VOBOKBLSPßOBǁSQBMLB10Â&-+*
.BLT"
;VOBOKBTPOEB10Â&-+*
3FHVMBUPSUFNQFSBUVSF10Â&-+*
4POEBHSFMDB10Â&-+*
4PCOJUFSNPTUBU10Â&-+*
5SJLBOBMOJWFOUJM0QUJPOBM
10Â&-+*
4UJLBMPQPMFUOFHBSFßJNB0QUJPOBM
10
Â&-+*
"OBMPHOJWIPE
4QPOLB[BVQSBWMKBOKFOBTMPWPWLBTLBEF
4FSJKTLJWNFTOJL[BQSFOPTQPEBULPW
+FMNBHZBSÃ[BUÃCSB
0MWBEÓCJ[UPTÎUÊLPU"'
7BD)[
,ÛMTǡ,FSJOHFUǡ7¦-"4;5)"5¶
.BY
"
,ÛMTǡT[POEB7¦-"4;5)"5¶
)ǡT[BCÃMZP[Ó7¦-"4;5)"5¶
7Î[NFMFHÎUǡT[POEÃKB7¦-"4;5)"5¶
4[PCBUFSNPT[UÃU7¦-"4;5)"5¶
)ÃSPNVUBTT[FMFQ7¦-"4;5)"5¶
/ZÃSJLBQDTPMÓ7¦-"4;5)"5¶
"OBMÓHJÃTCFNFOFU
$MJQJOBTPSPTLÕUÊTDÎNFJOFLLF[FMÊTÊIF[
4[FSJÃMJTJOUFSGÊT[BEBUPLMFUÕMUÊTÊSF
,FZ'JH
'VTF"'
7BD)[
&YUFSOBMDJSDVMBUJPOQVNQ015*0/"-
.BY"
&YUFSOBM1SPCF015*0/"-
)FBUBEKVTUFS015*0/"-
#PJMFS1SPCF015*0/"-
&OWJSPONFOUѮFSNPTUBU015*0/"-
8BZ7BMWF015*0/"-
4VNNFSTXJUDI015*0/"-
"OBMPHVF*OQVU
$MJQJOGPSDBTDBEFBEESFTTNBOBHFNFOU
%BUBEPXOMPBETFSJBMJOUFSGBDF
,BLPWPTU WOFUMKJWFHB QMJOB /BQSBWB KF CJMB
TLPOTUSVJSBOB[BEFMPWBOKFOBQMJOCSF[OFǁJTUPǁ
7OBTQSPUOFNQSJNFSVQSJQPSPǁBNPEBOBNFTUJUF
VTUSF[OFêMUSFQSFEOBQSBWPEBCPQMJOLJWTUPQB
WOBQSBWPǁJTU
" G ǯ U ǡ H Ã [ N J O ǡ T Ê H F " L Ê T [ Û M Ê L F U
T[FOOZF[ǡEÊTNFOUFT GǯUǡHÃ[[BM WBMÓ Û[FNFMÊTSF
UFSWF[UÊL FMMFOLF[ǡ FTFUCFO DÊMT[FSǯ NFHGFMFMǡ
T[ǯSǡFMFNFU CFJLUBUOJ B LÊT[ÛMÊL FMÊ IPHZ B
GǯUǡBOZBHLFMMǡFOUJT[UBMFHZFO
$PNCVTUJCMFHBTRVBMJUZѮFBQQMJBODFIBTCFFO
EFTJHOFE UP PQFSBUF XJUI HBT GSFF PG JNQVSJUJFT
PUIFSXJTFJUJTBEWJTBCMFUPêUTQFDJBMêMUFSTVQTUSFBN
GSPNUIFBQQMJBODFUPSFTUPSFUIFQVSJUZPGUIFHBT
3F[FSWPBSKJ [B TLMBEJØǁFOKF WFMKB [B UFLPǁJ
QSPQBOJ[TLMBEJØǁB
-BILPTF[HPEJEBOPWJTLMBEJØǁOJSF[FSWPBSKJ
VUFLPǁJOKFOFHBQSPQBOBMBILPWTFCVKFKPPTUBOLF
JOFSUOFHBQMJOBEVØJLB
LJPTJSPNBØJKP[NFTLJ
QSJEFWOBQSBWPJOQPW[SPǁBNPUOKFEFMPWBOKB
(Ã[UÃSPMÓL1#HÃ[UBSUÃMZSÓMWBMÓÛ[FNFMUFUÊT
FTFUÊO
&MǡGPSEVMIBUIPHZB[ÙKPOOBOMÊUFTÎUFUU1#HÃ[
UBSUÃMZPL OZPNPLCBO JOFSU HÃ[U OJUSPHÊOU
UBSUBMNB[OBL BNFMZ DTÕLLFOUJ B LÊT[ÛMÊLCF
KVUÓHÃ[LFWFSÊLGǯUǡÊSUÊLÊUÊTF[ÃMUBMSFOEFMMFOFT
NǯLÕEÊTUPLP[IBU
(MFEFOBTFTUBWP[NFTJVUFLPǁJOKFOFHBOBѫOFHB
QMJOBTFMBILPWǁBTVTLMBEJØǁFOKBQPKBWJSB[LSPK
QPTBNF[OJITFTUBWJO[NFTJ5PMBILPQPW[SPǁJ
TQSFNFOMKJWPTU LBMPSJǁOPTUJ [NFTJ LJ QSJUFLB
W OBQSBWP JO WQMJWB OB LPOǁOP [NPHMKJWPTU
OBQSBWF
7PEPWPEOJQSJLMKVǁFL
0QP[PSJMP 1SFEFO QSJLMKVǁJUF LPUFM JO [BSBEJ
WFMKBWOPTUJ HBSBODJKF OB NPEVM [B PEWBKBOKF
LPOEFO[JSBOF WPEF TUPSJUF TMFEFǁF OBUBOǁOP
PQFSJUF DFM HSFMOJ TJTUFN OBQSBWF DFWJ HSFMOJLF
JUE
[BUPVQPSBCJUFǁJTUJMOBTSFETUWBJOTSFETUWB[B
PETUSBOKFWBOKFVTFEMJO0ǁJTUJUFUVEJWTFVTFEMJOFLJ
CJMBILPQPW[SPǁJMFOBQBǁOPEFMPWBOKFLPUMB
1SJQPSPǁBNP7BNEBOBQSBWPPQSFNJUFTêMUSPN
[B[CJSBOKFJOQSFTUSF[BOKFOFǁJTUPǁLJTPQSJTPUOF
W TJTUFNV GJMUFS [B PETUSBOKFWBOKF CMBUB
%B
QSFQSFǁJUF VTFEBOKF WPEOFHB LBNOB W TJTUFN
[B PHSFWBOKF VQPØUFWBKUF QSFEQJTF TUBOEBSEB [B
VQPSBCPVTUSF[OFWPEFWHSFMOJIOBQSBWBI[BDJWJMOP
VQPSBCP /BQSBWP QSJLMKVǁJNP OB WPEPWPEOP
PNSFßKFWBSǁOPUBLPEBVQPSBCJNPQSJLMKVǁLFOB
QPEMPßLVLPUMB
0EWPEOJEFMWBSOPTUOFHBWFOUJMBOBLPUMVQSJLMKVǁJUF
OB J[IPEOJ MJKBL LJ TF W LPUMV OBIBKB OJ QB
OBNFØǁFOJTUPǁBTOPHBQSJLMKVǁJUFOBLBOBMJ[BDJKP
7 OBTQSPUOFN QSJNFSV MBILP QSJ SFBHJSBOKV
WBSOPTUOFHB WFOUJMB J[UFǁF WPEB W QSPTUPS [B LBS
QSPJ[WBKBMFDOFPEHPWBSKB
" 1# HÃ[LFWFSÊL ÕTT[FUÊUFMÊCǡM GBLBEÓBO
FMǡGPSEVMIBU IPHZ B UÃSPMÃT TPSÃO B LFWFSÊL
BMLPUÓFMFNFJ FHZNÃT GÕMÊ SÊUFH[ǡEOFL &[
NFHWÃMUP[UBUIBUKB B LÊT[ÛMÊLCF KVUÓ LFWFSÊL
GǯUǡÊSUÊLÊU ÊT F[ÃMUBM CFGPMZÃTPMKB BOOBL
IBUÃTGPLÃU
)JESBVMJLVTDTBUMBLP[ÃT
'JHZFMFN"IJESBVMJLVTIÃMÓ[BUSBWBMÓDTBUMBLP[UBUÃT
FMǡUUBLPOEFO[ÃDJÓTNPEVMHBSBODJÃKBFMWFT[UÊTÊOFL
FMLFSÛMÊTFWÊHFUUHPOEPTBOÃULFMMNPTOJBWÎ[ÊT
GǯUÊTJSFOET[FSCFMTFKÊUDTÕWFLNFMFHÎUǡLTUC
FSSF
BDÊMSBT[PMHÃMÓNBSÓWBHZWÎ[LǡPMEÓT[FSSFMNFMZ
LÊQFTFMUÃWPMÎUBOJB[FTFUMFHFTT[FOOZF[ǡEÊTFLFU
BNFMZFL WFT[ÊMZF[UFUIFUJL B LB[ÃO NFHGFMFMǡ
NǯLÕEÊTÊU 5BOÃDTPT GFMT[FSFMOJ FHZ T[ǯSǡU B
CFSFOEF[ÊTCFOMFWǡT[FOOZF[ǡEÊTFLÕTT[FHZǯKUÊTÊSF
ÊT FMWÃMBT[UÃTÃSB JT[BQUBMBOÎUÓ T[ǯSǡ
" NÊT[Lǡ
MFSBLÓEÃT ÊT B LPSSPEÃMÓEÃT FMLFSÛMÊTF WÊHFUU B
GǯUÊTSFOET[FSCFO CF LFMM UBSUBOJ B T[BCWÃOZCBO
UBSUBMNB[PUUBDJWJMGFMIBT[OÃMÃTÙGǯUǡCFSFOEF[ÊTFL
WJ[ÊOFL LF[FMÊTÊSF WPOBULP[Ó FMǡÎSÃTPLBU "
DTBUMBLP[ÃTPLBUB[ÊT[T[FSǯTÊHJT[BCÃMZPLT[FSJOU
BLB[ÃODTBUMBLP[UBUÃTJTBCMPOKÃOBLBMLBMNB[ÃTÃWBM
LFMM FMWÊHF[OJ " LB[ÃO CJ[UPOTÃHJ WÎ[T[FMFQÊU
UÕMDTÊSFT MFGPMZÓWF[FUÊLCF LFMM CFLÕUOJ BNJ
NFHUBMÃMIBUÓ B LÊT[ÛMÊLFO EF OJODT CFT[FSFMWF
JMMFUWF B[U B T[FOOZWÎ[DTBUPSOÃCB LFMM CFLÕUOJ
&MMFOLF[ǡFTFUCFOBHZÃSUÓOFNGFMFMBNǯLÕEÊTCF
MÊQǡ T[FMFQFO LFSFT[UÛM LJÕNMǡ WÎ[ PLP[UB
LÃSPLÊSU
4UPSBHF UBOLT JO DBTF PG TVQQMZ GSPN -1(
EFQPU
/FX -1( TUPSBHF UBOLT NBZ DPOUBJO SFTJEVBM
JOFSUHBTFTOJUSPHFO
UIBUEFHSBEFUIFNJYUVSF
EFMJWFSFE UP UIF BQQMJBODF DBTJOH GVODUJPOJOH
BOPNBMJFT
%VF UP UIF DPNQPTJUJPO PG UIF -1( NJYUVSF
MBZFSJOHPGUIFNJYUVSFDPNQPOFOUTNBZPDDVS
EVSJOHUIFQFSJPEPGTUPSBHFJOUIFUBOLTѮJT
DBO DBVTF B WBSJBUJPO JO UIF IFBUJOH QPXFS PG
UIF NJYUVSF EFMJWFSFE UP UIF BQQMJBODF XJUI
TVCTFRVFOUDIBOHFJOJUTQFSGPSNBODF
)ZESBVMJDBUUBDINFOU
*NQPSUBOU *O PSEFS OPU UP WPJE UIF XBSSBOUZ
CFGPSF NBLJOH UIF CPJMFS DPOOFDUJPOT DBSFGVMMZ
DMFBOUIFIFBUJOHTZTUFNQJQFTSBEJBUPSTFUD
XJUI
TQFDJBMQJDLMJOHPSEFTDBMJOHQSPEVDUTUPSFNPWF
BOZEFQPTJUTUIBUDPVMEDPNQSPNJTFDPSSFDUCPJMFS
PQFSBUJPO#FGPSFNBLJOHUIFXBUFSDPOOFDUJPOTBMM
TZTUFNQJQJOHNVTUCFDBSFGVMMZDMFBOFEUPSFNPWF
BOZSFTJEVFTUIBUDPVMEJNQBJSCPJMFSFēDJFODZ*U
JT BEWJTBCMF UP BSSBOHF B êMUFS PO UIF TZTUFN GPS
DPMMFDUJPOBOETFQBSBUJPOPGBOZJNQVSJUJFTQSFTFOU
JOUIFTZTUFNTMVEHFêMUFS
*OPSEFSUPBWPJETDBMJOH
JOUIFIFBUJOHTZTUFNUIFQSPWJTJPOTHJWFOJOUIF
SFHVMBUJPOTPOXBUFSUSFBUNFOUJOIFBUJOHTZTUFNT
GPSDJWJMVTFNVTUCFSFTQFDUFE8BUFSDPOOFDUJPOT
NVTUCFNBEFJOBSBUJPOBMXBZVTJOHUIFDPVQMJOHT
PO UIF CPJMFS UFNQMBUF 5IF CPJMFS TBGFUZ WBMWF
PVUMFU NVTU CF DPOOFDUFE UP B EJTDIBSHF GVOOFM
XIJDIJTQSFTFOUJOUIFCPJMFSCVUOPUJOTUBMMFEBOE
UIFO DPOOFDUFE UP B ESBJO PVUMFU 0UIFSXJTF UIF
NBOVGBDUVSFS EFDMJOFT BOZ SFTQPOTJCJMJUZ JO DBTF
PGëPPEJOHJGUIFESBJOWBMWFDVUTJO
1-
53
$;
4QVTUTLSPQMJO4LSPQMJOZQSPEVLPXBOFQS[F[VS[ƾE[FOJF
QPXJOOZCZǀPEQSPXBE[POFEPTJFDJLBOBMJ[BDZKOFK[B
QPNPDƾTUPTPXOZDISVSQS[ZTUPTPXBOZDIEPQS[FXP
E[FOJBLXBǧOZDITLSPQMJOPǧSFEOJDZXFXONjUS[OFKDP
OBKNOJFK‹NN*OTUBMBDKBQPEƾD[BKƾDBLPDJPEP
TJFDJPEQZXPXFKQPXJOOBCZǀXZLPOBOBXUBLJTQPTÓC
BCZ[BQPCJFD[BNSPǻFOJV[OBKEVKƾDFHPTJNjXFXOƾUS[
QZOV 1S[FE PEEBOJFN VS[ƾE[FOJB EP FLTQMPBUBDKJ
VQFXOJǀTJNjǻFTLSPQMJOZTƾQSBXJEPXPPEQSPXBE[BOF
1POBEUPOBMFǻZQS[FTUS[FHBǀPCPXJƾ[VKƾDZDIQS[FQJTÓX
J NBKƾDZDI [BTUPTPXBOJF LSBKPXZDI J NJFKTDPXZDI
SP[QPS[ƾE[FǝEPUZD[ƾDZDIPEQSPXBE[BOJBǧDJFLÓX
,POEFOTBTZPO UBIMJZFTJ $JIB[O ÉBMǨNBT
FTOBTOEB PMVǨBO LPOEFOTBTZPOVO LBOBMJ[BTZPOB
UBIMJZFTJBNBDZMBBTJUMJLPOEFOTBTZPONBUFSZBMMFSJOF
EBZBOLMǨFLJMEFÛSFUJMNJǨPMBOWFJÉÉBQBTHBSJ‹
NNCPSVMBSLVMMBOMNBMES$JIB[OLBOBMJ[BTZPOB
UBIMJZFCBnjMBOUTOOJIUJWBFUNFLUFPMEVnjVTWOO
EPONBTOÕOMFZFDFLUFEJCJSMFSBMOBSBLZBQMNBT
HFSFLJS$JIB[ÉBMǨUSNBEBOFWWFMLPOEFOTBTZPOVO
EPnjSVWFTBnjMLMǨFLJMEFUBIMJZFFEJMFCJMNFTJOEFO
FNJO PMVOV[ "ZSDB BUL TVMBS LPOVTVOEB
ZÛSÛSMÛLUFLJZFSFMWFVMVTBMZBTBMEÛ[FOMFNFMFSJMF
TBUOEBSUMBSBEBSJBZFUFEJMNFTJHFSFLNFLUFEJS
7ZQPVØULJOÎ LPOEFO[ÃUV 1SP PEWPE LPOEFO
[ÃUV WZUWPǥFOÊIP W LPUMJ KF OVUOÊ TF QǥJQPKJU OB
LBOBMJ[BǁOÎ TÎǬ QPNPDÎ WIPEOÊIP QPUSVCÎ PEPM
OÊIPLZTFMÊNVLPOEFO[ÃUVTOFKNFOØÎNNPßOÝN
WOJUǥOÎNQSDzNLJSFNNN4ZTUÊNQSPQǥJQPKFOÎ
[BǥÎ[FOÎOBLBOBMJ[BǁOÎTÎǬNVTÎCÝUWZUWPǥFOUBL
BCZ [BCSÃOJM [BNS[OVUÎ LBQBMJOZ LUFSÃ KF W OLJN
PCTBßFOB1ǥFEVWFEFOÎNQǥÎTUSPKFEPDIPEV[LPO
USPMVKUF[EBNDzßFCÝULPOEFO[ÃUTQSÃWOLJPEWÃELJO
,SPNLJ UPIP KF OVUOÊ TF ǥÎEJU QMBUOPV TNLJSOJDÎ B
OÃSPEOÎNJBNÎTUOÎNJQMBUOÝNJQǥFEQJTZQSPPEWPE
PEQBEOÎDIWPE
1PEƾD[FOJFFMFLUSZD[OF*OTUBMBDKBFMFLUSZD[OBQPXJO
OBCZǀXZLPOBOB[HPEOJF[PCPXJƾ[VKƾDZNJQS[FQJTBNJ
,PDJPi7JDUSJYuQPTJBEBLMBTNjCF[QJFD[FǝTUXB*19%
#F[QJFD[FǝTUXPFMFLUSZD[OFVS[ƾE[FOJBKFTU[BQFXOJPOF
KFEZOJFKFǧMJVS[ƾE[FOJFQPTJBEBTQSBXOFV[JFNJFOJF
XZLPOBOF [HPEOJF [ PCPXJƾ[VKƾDZNJ OPSNBNJ
CF[QJFD[FǝTUXB
&MFLUSJL CBnjMBOUT &MFLUSJL UFTJTBUOO
ZBTBM EÛ[FOMFNFMFSF VZHVO PMBSBL ZBQMNBT
HFSFLNFLUFEJS i7JDUSJY u LPNCJ UÛN DJIB[
PMBSBL *19% TFWJZFTJ LVIBGB[BZB TBIJQUJSMFS #V
DJIB[O FMFLUSJL HÛWFOMJnjJ BODBL DJIB[O ZBTBM
EÛ[FOMFNFMFSJO ÕOHÕSEÛnjÛ ǨFLJMEF ZFUFSMJ CJS
UPQSBLM IBUUB EPnjSV CJS ǨFLJMEF WF ZÛSÛMÛLUFLJ
HÛWFOMJL TUBOEBSUMBSOB VZHVO PMBSBL ZBQMNBT
IBMJOEFUFNJOFEJMFCJMJS
&MFLUSJDLÊ[BQPKFOÎ&MFLUSJDLÊ[BQPKFOÎNVTÎCÝU
QSPWFEFOP W TPVMBEV TF [ÃLPOFN ,PUFM i7JDUSJY
u KF KBLP DFMFL DISÃOLJO PDISBOOÝN TUVQOLJN
*19% 1ǥÎTUSPK KF FMFLUSJDLZ KJØULJO QPV[F UFIEZ
KFMJ EPLPOBMF QǥJQPKFO L ÙǁJOOÊNV V[FNOLJOÎ
QSPWFEFOÊNV QPEMF QMBUOÝDI CF[QFǁOPTUOÎDI
QǥFEQJTDz
6XBHB 'JSNB *NNFSHBT 4QB OJF QPOPTJ ǻBEOFK
PEQPXJFE[JBMOPǧDJ[BT[LPEZXTUPTVOLVEPPTÓCMVC
NJFOJBQPXTUBF[QPXPEVCSBLVV[JFNJFOJBLPUBMVC
OJFQS[FTUS[FHBOJBPEOPǧOZDIOPSN
1POBEUPOBMFǻZTQSBXE[JǀD[ZJOTUBMBDKBFMFLUSZD[OB
PEQPXJBEB NBLTZNBMOFK NPDZ QPCJFSBOFK QS[F[
VS[ƾE[FOJFXTLB[BOFKOBUBCMJD[DF[OBNJPOPXFKVNJF
T[D[POFKOBLPUMF,PUZTƾXZQPTBǻPOFXTQFDKBMOZ
QS[FXÓE [BTJMBKƾDZ UZQV i9u CF[ XUZD[LJ 1S[FXÓE
[BTJMBKƾDZOBMFǻZQPEƾD[ZǀEPTJFDJ7™)[
PEQPXJFEOJPEPQS[FXPEV[FSPGB[Z-/PSB[
V[JFNJFOJB XTJFDJQPXJOJFOCZǀ[BJOTUBMPXBOZ
XZƾD[OJLXJFMPCJFHVOPXZLMBTZ***(ÓXOZXZƾD[OJL
QPXJOJFOCZǀ[BJOTUBMPXBOZOB[FXOƾUS[QPNJFT[D[FOJB
XBUXPEPTUNjQOFKJEPCS[FP[OBLPXBOFKQP[ZDKJ8QS
[ZQBELVXZNJBOZQS[FXPEV[BTJMBKƾDFHPOBMFǻZ[XSÓDJǀ
TJNjEPXZLXBMJêLPXBOFHPUFDIOJLBOBQS[ZLBEEP
BVUPSZ[PXBOFHPTFSXJTVUFDIOJD[OFHPêSNZ*NNFSHBT
1S[FXÓE[BTJMBKƾDZQPXJOJFOPEQPXJBEBǀQPXZǻT[ZN
XTLB[BOJPN8SB[JFLPOJFD[OPǧDJXZNJBOZCF[QJF
D[OJLBTJFDJPXFHPOBMJTUXJFQPEƾD[FOJPXFKOBMFǻZ
[BJOTUBMPXBǀT[ZCLJCF[QJFD[OJLUZQV"/JFXPMOP
TUPTPXBǀBEBQUFSÓXSP[E[JFMBD[ZJQS[FEVǻBD[ZQS[Z
[BTJMBOJVVS[ƾE[FOJB[TJFDJFMFLUSZD[OFK+FǻFMJXUSBLDJF
XZLPOZXBOJB QPEƾD[Fǝ OJF [PTUBOƾ QSBXJEPXP
QPEƾD[POFLBCMF[FSPJGB[B-/LPDJPOJFPED[ZUB
PCFDOPǧDJQPNJFOJBJ[BCMPLVKFTJNj[QPXPEVCSBLV
[BƾD[FOJB
6XBHBXQS[ZQBELVHEZQPEƾD[FOJFLBCMJ[FSPJGB[Z
-/OJF[PTUBPQSBXJEPXPXZLPOBOFMFD[XQS[FXP
E[JFOFVUSBMOZNKFTUPCFDOFUZND[BTPXFOBQJNjDJFP
XBSUPǧDJQS[FLSBD[BKƾDFK7LPDJPNPǻFGVOLDKPOPXBǀ
MFD[UZMLPUZND[BTPXP
;NJFS[ZǀOBQJNjDJF[BQPNPDƾ
TUPTPXOFHPPTQS[NjUVOJFQPMFHBKƾDKFEZOJFOBQSÓCOJLV
OBQJNjDJB
45&308"/*"
5&3.03&(6-"$+*ю01$+"я
,PDJPKFTUQS[ZTUPTPXBOZEP[BJOTUBMPXBOJBTUSFGPXFHP
SFHVMBUPSBLBTLBEPXFHPBQBSBUVSZ[BS[ƾE[BOJBTUSFGƾJ
[FXONjUS[OFKTPOEZ
1PXZǻT[F LPNQPOFOUZ Tƾ EPTUNjQOF X PEE[JFMOZN
[FTUBXJFEPTUBSD[BOZNOBǻZD[FOJF
/BMFǻZ VXBǻOJF QS[FD[ZUBǀ XTLB[ÓXLJ EPUZD[ƾDF
NPOUBǻV J PCTVHJ [OBKEVKƾDF TJNj X EPTUBSD[POZN
[FTUBXJF
r 4USFGPXZ SFHVMBUPS LBTLBEPXZ 3ZT KFTU
QPEƾD[POZEPLPUB[BQPNPDƾUZMLPEXÓDIQS
[FXPEÓXJKFTU[BTJMBOZOBQJNjDJFNPXBSUPǧDJ7
JVNPǻMJXJB
3ZT ƧFLJM 0CS
4MJLB
ÃCSB
%JLLBU ƻNNFSHBT 4Q" LPNCJOJO UPQSBL
CBnjMBOUTOO ZBQMNBNǨ PMNBT WF SFGFSBOT
PMBSBL SJBZFU FEJMNFTJ HFSFLFO TUBOEBSUMBSB
VZVMNBNBTOEBO ÕUÛSÛ LJǨJ WFZBIVU EB FǨZBMBSB
HFMFCJMFDFLIFSUÛSMÛIBTBSLBSǨTOEBIJÉCJSǨFLJMEF
TPSVNMVUVUVMBNB[
"ZSDBLPNCJÛ[FSJOEFZFSBMBOFUJLFUUFCFMJSUJMFO
DJIB[OB[BNJLBQBTJUFEFFNEJnjJFMFLUSJLBLNOO
NFLBOEB CVMVOBO FMFLUSJL UFTJTBUOB VZHVO
PMEVnjVOVO LPOUSPM FEJMNFTJ HFSFLNFLUFEJS
,PNCJMFS i9u UJQJ GJǨTJ[ HJSJǨ LBCMPTV JMF
EPOBUMNǨMBSES(JSJǨLBCMPTVOVO-m/LVUVQMBS
JMFUPQSBLIBUUOBSJBZFUFEJMNFLTVSFUJZMF 7
™)[CJSUFTJTBUBCBnjMBONBTHFSFLNFLUF
PMVQ TÕ[ LPOVTV UFTBJTBU IBUU Û[FSJOEF *** TOG
PMBSBL BEMBOESMBO ÉJGU LVUVQMV CJS ǨBMUFS ZFS
BMNBMES"OBǨBMUFSNBIBMMJOEǨOEBCFMJSHJOWF
LPMBZDBFSJǨJMFCJMJSCJSOPLUBZBZFSMFǨUJSJMNFMJEJS(B[
UÛSÛOEFEFnjJǨJNWFEÕOÛǨÛNJǨMFNMFSJJÉJOV[NBO
CJSUFLOJTZFOFNÛSBDBBUFEJOJ[ÕSOFnjJOƻNNFSHBT
:FULJMJ 5FLOJL 4FSWJTJOF
(JSJǨ LBCMPTVOVO
ÕOHÕSÛMFOIBUUWFZPMVUBLJQFUNFTJHFSFLNFLUFEJS
"nj Û[FSJOEF TJHPSUB EFnjJǨUJSJMNFTJ HFSFLNFTJ
EVSVNVOEB " I[M UJQ CJS TJHPSUB LVMMBOO[
$JIB[OBOBFMFLUSJLHJSJǨJOJOTBnjMBONBTBNBDZMB
IBUCBnjMBOUTOEBBEBQUÕSMFSÛÉMÛQSJ[MFSWFZBIVU
EB V[BUNB LBCMPMBSOO LVMMBOMNBTOB NÛTBBEF
FEJMNF[ #BnjMBOU BǨBNBTOEB - m / LVUVQMBSOB
SJBZFU FEJMNFNJǨ PMNBT IBMJOEF DJIB[ BMFWJ
BMHMBZBNB[WFEFWBNMBS[BEVSVNVOBHFÉFS
%JLLBU-m/LVUVQMBSOBSJBZFUFEJMNFNJǨPMTB
EBIJOÕUSLVUVQUB7Û[FSJHFÉJDJWFLBMOUBLN
PMNBT IBMJOEF LPNCJ ZJOF EF ÉBMǨBCJMJS BODBL
TBEFDFHFÉJDJPMBSBL
(FSJMJNÕMÉÛNMFSJOJVZHVO
BMFUMFSMFZBQO[CVJǨMFNJÉJOFMFLUSJLUPSOBWJEBT
LVMMBONBZO[
5&3.ƻ,":"3,6."/%"-"3*
ю014ƻ:0/&-я
,PNCJDJIB[LBTLBEUJQJWFBMBOBZBSVZHVMBNBT
JMFIBSJDJTPOEBZÕOFUJDJTJJÉJOÕOIB[SMLTJTUFNJOF
IBJ[EJS
#VBLTBNMBSLPNCJDJIB[OEBOBZSDBTVOVMBOTFUMFS
IBMJOEFUBMFQÛ[FSJOFTBUǨBTVOVMNBLUBES
"LTFTVBS TFUJOEF ZFS BMBO LVMMBON WF NPOUBK
UBMJNBUMBSOEJLLBUMJDFPLVZVOV[
r ,BTLBE WF BMBO BZBS ǨFLJM 7 HJSǨMJ
PMVQ JLJ LBCMP WBTUBTZMB LPNCJZF CBnjMBOS WF
BǨBnjEBLJJǨMFNMFSFPMBOBLTBnjMBS
'JH
3ZT ƧFLJM 0CS
4MJLB ÃCSB 'JH
6QP[PSOLJOÎ6QP[PSOLJOÎ'JSNB*NNFSHBT4Q"
PENÎUÃ OÊTU KBLPVLPMJ PEQPWLJEOPTU [B ØLPEZ
[QDzTPCFOÊ PTPCÃN [WÎǥBUDzN OFCP OB WLJDFDI
LUFSÊCZMZ[BWJOLJOZOFWIPEOÝNV[FNOLJOÎNLPUMF
BOFEPESßFOÎNQǥÎTMVØOÝDIOPSFN
0WLJǥUF TJ UBLÊ [EB FMFLUSJDLÊ [BǥÎ[FOÎ PEQPWÎEÃ
NBYJNÃMOÎNV QǥÎLPOV QǥÎTUSPKF VWFEFOÊNV OB
UZQPWÊNØUÎULVTÙEBKJLUFSÝKFVNÎTULJOÝWLPUMJ
,PUMFKTPVWZCBWFOÊTQFDJÃMOÎNQǥÎWPEOÎNLBCFMFN
UZQV t9i CF[ [ÃTUSǁLZ 1ǥÎWPEOÎ LBCFM NVTÎ CÝU
QǥJQPKFOLTÎUJ 7™)[TPIMFEFN
OB QPMBSJUV GÃ[FOVMB B OB V[FNOLJOÎ W UÊUP TÎUJ
NVTÎCÝUJOTUBMPWÃOWÎDFQÓMPWÝWZQÎOBǁTLBUFHPSJÎ
QǥFQLJUÎUǥFUÎUǥÎEZ)MBWOÎTQÎOBǁNVTÎCÝUJOTUBMPWÃO
WOLJNÎTUOPTUÎOBP[OBǁFOÊNBQǥÎTUVQOÊNNÎTULJ
$IDFUFMJ WZNLJOJU QǥÎWPEOÎ LBCFM PCSBǬUF TF OB
LWBMJGJLPWBOÊIP UFDIOJLB OBQǥ [F TFSWJTOÎIP
TUǥFEJTLB *NNFSHBT
1ǥÎWPEOÎ LBCFM NVTÎ CÝU
WFEFOQǥFEFQTBOÝNTNLJSFN7QǥÎQBELJßFKFUǥFCB
WZNLJOJUTÎǬPWPVQPKJTULVOBQǥJQPKPWBDÎTWPSLPWOJDJ
QPVßJKUFSZDIMPQPKJTULVUZQV"1SPIMBWOÎQǥÎWPE
[FMFLUSJDLÊTÎULJEPQǥÎTUSPKFOFOÎEPWPMFOPQPVßJUÎ
BEBQUÊSDzTESVßFOÝDI[ÃTVWFLOFCPQSPEMVßPWBDÎDI
LBCFMDz1PLVEQǥJQǥJQPKPWÃOÎOFCVEFUFSFTQFLUPWBU
QPMBSJUV-/LPUFMOF[KJTUÎQǥÎUPNOPTUQMBNFOFB
EPKEFL[BCMPLPWÃOÎ[BQÃMFOÎ
6QP[PSOLJOÎ * W QǥÎQBELJ ßF QPMBSJUB OFCZMB
SFTQFLUPWÃOB QPLVE KF OB OVMPWÊN LPOUBLUV
EPǁBTOÊ [CZULPWÊ OBQLJUÎ QǥFTBIVKÎDÎ 7 NPIM
CZLPUFMGVOHPWBUBMFQPV[FEPǁBTOLJ
1SPWÃELJKUF
NLJǥFOÎ OBQLJUÎ QPNPDÎ WIPEOÝDI QǥÎTUSPKDz B
OFTQPMÊIFKUF TF OB ØSPVCPWÃL QSP WZIMFEÃWÃOÎ
GÃ[Î
5&3.03&(6-"ƀ/±07-¦%"$±
137,:ю70-*5&-/Ɔя
,PUFMKFVSǁFOQSPQPVßJUÎTLBTLÃEPWÝNB[ÓOPWÝN
SFHVMÃUPSFN [ÓOPWÝN PWMBEBǁFN B WFOLPWOÎ
TPOEPV
5ZUPLPNQPOFOUZKTPVEPTUVQOÊKBLPTBNPTUBUOÊ
TPVQSBWZLPUMFBKFNPßOÊKFPCKFEOBU1FǁMJWLJTJ
QǥFǁULJUF QPLZOZ L NPOUÃßJ B PCTMV[F LUFSÊ KTPV
TPVǁÃTUÎQǥÎEBWOÊTPVQSBWZ
r ,BTLÃEPWÝ B [ÓOPWÝ SFHVMÃUPS 0CS TF
QǥJQPKÎLFLPUMJQPNPDÎEWPVWPEJǁDz+FOBQÃKFO
7BVNPßǞVKF
3ZT ƧFLJM 0CS
4MJLB ÃCSB 'JH
1-
53
$;
[BS[ƾE[BOJF VLBEFN IZESBVMJD[OZN [ TUSFGBNJ NJFT[BOJB [BXÓS NJFT[BKƾDZ
CF[QPǧSFEOJBTUSFGBKFEOPTULBCPKMFSBXSB[
[QPNQBNJPCJFHPXZNJ
CÕMHFZJLBSǨNMPMBSBLIJESPMJLEFWSFTJOJO
ZÕOFUJNJEPnjSVEBOCÕMHFCPZMFSCJSJNJ
WFJMHJMJEFWJSEBJNMFS
PWMÃEBUWPEPWPEOÎPLSVITFEWLJNBTNÎØFOÝNJ
[ÓOBNJTNLJØPWBDÎWFOUJM
QǥÎNPV[ÓOV
PIǥÎWBDÎ KFEOPULV B QǥÎTMVØOÃ PCLJIPWÃ
ǁFSQBEMB
TZTUFNTBNPEJBHOP[ZXZǧXJFUMBKƾDZOBFLSB
OJFFXFOUVBMOFOJFQSBXJEPXPǧDJXE[JBBOJ
VLPUB
TJTUFNEF PUPLPOUSPM ZÕOUFNJZMF LPNCJEF
PMVǨBCJMFDFL NVIUFNFM BS[B IBMMFSJOJO
HÕTUFSHFEF HÕSÛOUÛMFOFCJMNFTJOF PMBOBL
TBnjMBZBOCJSEÛ[FOFLEFCVMVONBLUBES
VTUBXJFOJFEXÓDIXBSUPǧDJUFNQFSBUVSZPUPD
[FOJBE[JFOOFKUFNQFSBUVSBLPNGPSUPXB
J
OPDOFKUFNQFSBUVSBPCOJǻPOB
PSUBN JÉJO JLJ T EFnjFSJ BZBSMBONBT C J S J H Û O E Û [ J É J O L P N G P S  T  T  WFEJnjFSJEFHFDFJÉJOLTLT
OBTUBWJUEWLJIPEOPUZQPLPKPWÊUFQMPUZKFEOV
EFOOÎ LPNGPSUOÎ UFQMPUV
B KFEOV OPǁOÎ
TOÎßFOPVUFQMPUV
[BS[ƾE[BOJFUFNQFSBUVSƾXPEZTBOJUBSOFKX
QPƾD[FOJV[KFEOPTULƾCPKMFSB
TDBL LVMMBON TVZV T BZBS EÛnjNFTJ CJS
CPZMFSCJSJNJJMFCJSMJLUF
SFHVMPWBUUFQMPUVVßJULPWÊWPEZWFTQPKFOÎT
PIǥÎWBDÎKFEOPULPV
[BS[ƾE[BOJF UFNQFSBUVSƾ XPEZ LPUB X
[BMFǻOPǧDJPEUFNQFSBUVSZ[FXONjUS[OFK
IBSJDJ PSUBN TTOB HÕSF LPNCJ HÕOEFSJN
TTOOBZBSOOZÕOFUJMNFTJ
ǥÎEJUUFQMPUVLPUMFOBWÝTUVQVW[ÃWJTMPTUJOB
WFOLPWOÎUFQMPULJ
XZCSBOJF ǻƾEBOFHP TUBOV GVOLDKPOPXBOJB
TQPǧSÓE EPTUNjQOZDI PQDKJ EMB LBǻEFHP QP
T[D[FHÓMOFHPVLBEVIZESBVMJD[OFHP
CFIFSIJESPMJLEFWSFJÉJOPMBTGBSLMBMUFSOBUJ
ëFSBSBTOEBOBS[VMBOBOÉBMǨNBEVSVNVOVO
TFÉJMNFTJ
[WPMJUQPßBEPWBOÝQSPWP[OÎSFßJN[OLJLPMJLB
NPßOÝDI WBSJBOU QSP LBßEÝ KFEOPUMJWÝ
WPEPWPEOÎPLSVI
TUBFGVOLDKPOPXBOJFXUFNQLPNGPSUPXFK
E B J N J L P O G P S  T  T  O E B É B M  Ǩ N B O  O
BZBSMBONBT
TUÃMÝQSPWP[QǥJUFQMPULJLPNGPSU
TUBFGVOLDKPOPXBOJFXUFNQPCOJǻPOFK
TUBF GVOLDKPOPXBOJF X SFHVMPXBOFK UFNQ
[BQPCJFHBKƾDFK[BNBS[OJNjDJV
r 1BOFM TUSFGPXZ 3ZT 1BOFM TUSFGPXZ
QP[B X[NJBOLPXBOZNJ XZǻFK GVOLDKBNJ
VNPǻMJXJBVǻZULPXOJLPXJLPOUSPMNjXT[ZTULJDI
XBǻOZDIJOGPSNBDKJEPUZD[ƾDZDIGVOLDKPOPXB
OJBVS[ƾE[FOJBPSB[JOTUBMBDKJDJFQMOFKQP[XBMBKƾD
OBXZHPEOƾ[NJBONjXD[FǧOJFKVTUBXJPOZDIQBSB
NFUSÓXCF[LPOJFD[OPǧDJQS[FNJFT[D[BOJBTJNjEP
NJFKTDBJOTUBMBDKJSFHVMBUPSBTUSFGPXFHP5FSNP
TUBUDISPOPNFUSZD[OZXCVEPXBOZEP[EBMOFHP
QBOFMV VNPǻMJXJB EPTUPTPXBOJF UFNQFSBUVSZ
XZTZBOFK QS[F[ JOTUBMBDKNj EP S[FD[ZXJTUZDI
XZNBHBǝ PHS[FXBOFHP QPNJFT[D[FOJB UBL CZ
V[ZTLBǀǻƾEBOƾXBSUPǧǀUFNQFSBUVSZQPNJFT[D
[FOJBXTQPTÓCOJF[XZLMFQSFDZ[ZKOZSFEVLVKƾD
[OBD[OJFLPT[UZVUS[ZNBOJB1POBEUPVNPǻMJXJB
XZǧXJFUMFOJF UFNQFSBUVSZ QPNJFT[D[FOJB J
S[FD[ZXJTUFK UFNQFSBUVSZ [FXONjUS[OFK KFǻFMJ
KFTUPCFDOB[FXONjUS[OBTPOEB
1BOFMTUSFGPXZ
KFTU[BTJMBOZCF[QPǧSFEOJPQS[F[UFSNPSFHVMBUPS
LBTLBEPXZ[BQPNPDƾQS[FXPEÓX
r ;FXONjUS[OB TPOEB UFNQFSBUVSZ 3ZT $[VKOJLNPǻFCZǀQPEƾD[POZCF[QPǧSFEOJPEP
JOTUBMBDKJFMFLUSZD[OFKLPUBJVNPǻMJXJBBVUPNB
UZD[OF[NOJFKT[FOJFNBLTZNBMOFKUFNQFSBUVSZ
XZTZBOFK[JOTUBMBDKJXDIXJMJ[XJNjLT[FOJBTJNj
[FXONjUS[OFK UFNQFSBUVSZ UBL CZ EPTUPTPXBǀ
DJFQPEPTUBSD[BOFJOTUBMBDKJEPSÓǻOJDUFNQF
SBUVSZ [FXONjUS[OFK ;FXONjUS[OZ D[VKOJL KFTU
[BXT[F BLUZXOZ OJF[BMFǻOJF PE PCFDOPǧDJ MVC
SPE[BKV UFSNPSFHVMBUPSB J NPǻF XTQӐE[JBBǀ
[ PCZEXPNB UFSNPSFHVMBUPSBNJ 1PEƾD[FOJF
FMFLUSZD[OF[FXONjUS[OFKTPOEZOBMFǻZXZLPOBǀ
[B QPǧSFEOJDUXFN [BDJTLÓX ( J + OB MJTUXJF
QPEƾD[FOJPXFK9LPUB3ZT
1PEƾD[FOJF FMFLUSZD[OF TUSFGPXFHP SFHVMBUPSB
LBTLBEPXFHPMVCUFSNPTUBUVDISPOPNFUSZD[OFHP
0O0Ē0QDKB
0QJTBOF QPOJǻFK [BCJFHJ QPXJOOZ CZǀ XZLPOBOF
QP PEƾD[FOJV OBQJNjDJB [BTJMBKƾDFHP VS[ƾE[FOJF
&XFOUVBMOZUFSNPTUBUMVCDISPOPUFSNPTUBU0O0Ē
QPXJOJFO CZǀ QPEƾD[POZ EP [BDJTLÓX i&u J i'u
VTVXBKƾDNPTUFL93ZT
6QFXOJǀTJNjǻF
TUZLUFSNPTUBUV0O0ĒKFTUiD[ZTUZuU[OOJF[BMFǻOZ
PEOBQJNjDJBXTJFDJHEZǻXQS[FDJXOZNSB[JFNPǻF
EPKǧǀEPVT[LPE[FOJBSFHVMVKƾDFKQZULJFMFLUSPOJ
D[OFK &XFOUVBMOZ TUSFGPXZ SFHVMBUPS LBTLBEPXZ
QPXJOJFO CZǀ QPEƾD[POZ [B QPǧSFEOJDUXFN
[BDJTLÓXJEP[BDJTLÓXi.uJi0uOBMJTUXJF
QPEƾD[FOJPXFK 9 X LPUMF
QS[FTUS[FHBKƾD
CJFHVOPXPǧDJ J VTVXBKƾD NPTUFL 9 3ZT QPEƾD[FOJF CNjEOZDI CJFHVOÓX OJF QPXPEVKF
VT[LPE[FOJB UFSNPSFHVMBUPSB MFD[ VOJFNPǻMJXJB
KFHPGVOLDKPOPXBOJF
8BǻOF X QS[ZQBELV [BTUPTPXBOJB TUSFGPXFHP
SFHVMBUPSB LBTLBEPXFHP OBMFǻZ [BJOTUBMPXBǀ
EXJF PEE[JFMOF MJOJF [HPEOJF [ PCPXJƾ[VKƾDZNJ
QS[FQJTBNJ X [BLSFTJF JOTUBMBDKJ FMFLUSZD[OZDI
ƺBEFO QS[FXÓE LPUB OJF NPǻF CZǀ VǻZUZ KBLP
V[JPN JOTUBMBDKJ FMFLUSZD[OFK MVC UFMFGPOJD[OFK
6QFXOJǀ TJNj X UZN [BLSFTJF QS[FE XZLPOBOJFN
QPEƾD[FOJBLPUB
EBJNJEÛǨÛLTEBÉBMǨNBOOBZBSMBONBT
EBJNJBZBSMBOBCJMJSCV[MBONBZÕOMFZJDJTEB
ÉBMǨNBOOBZBSMBONBT
4ZTUÊNKFPQBUǥFOBVUPEJBHOPTUJDLPVGVOLDÎ
LUFSÃ[PCSB[VKFOBEJTQMFKJQǥÎQBEOÊQPSVDIZ
GVOLDFLPUMF
TUÃMÝQSPWP[QǥJTOÎßFOÊUFQMPULJ
TUÃMÝ QSPWP[ QǥJ OBTUBWJUFMOÊ UFQMPULJ QSPUJ
[BNS[OVUÎ
r "MBOZÕOFUJDJTJǨFLJM
"MBOZÕOFUJDJTJQB
OFMJ ZVLBSEB CFMJSUJMFO PMBOBLMBSO ZBO TSB
LVMMBOD JÉJO DJIB[ JMF UFSNJL EFWSFOJO UÛN
JǨMFWMFSJOJOIFSBOJÉJOFMBMUOEBWFLPOUSPMFEJMF
CJMJSPMNBTOTBnjMBNBOOZBOTSBEBIBÕODFEFO
BZBSMBONǨQBSBNFUSFMFSÛ[FSJOEFDJIB[ONPOUF
FEJMNJǨPMEVnjVNFLBOBHJUNFLTJ[JOBS[VMBOBO
BZBSMBSOZBQMBCJMNFTJOFJNLBOUBOS6[BLUBO
LVNBOEBEB ZFS BMBO LMJNBUJL LSPOPNFUSJL
UFSNPTUBU TUMNBT HFSFLFO PSUBNO HFSÉFL
HFSFLTJOJNMFSJOJO CFMJSMFOFSFL HFSFLMJ TOO
ZBZMNBTOTBnjMBSCVTVSFUMFEFPSUBNEBBS[V
MBOBO TOO TBCJU LBMNBTOO ZBO TSB JǨMFUNF
NBMJZFUMFSJOEF UBTBSSVG TBnjMBONBTOB LBULEB
CVMVOVS "ZSDB IBSJDJ T JMF PSUBN TTOO
êJMJPMBSBLHÕSÛOUÛMFOFCJMNFTJOFPMBOBLTBnjMBS
IBSJDJ TPOEBOO NFWDVU PMNBT EVSVNVOEB
"MBOZÕOFUJDJTJEPnjSVEBOEPnjSVZBLBTLBEUFSNJL
BZBSOEBOLBCMPJMFCFTMFOJS
r ;ÓOPWÝ SFHVMÃUPS 0CS 1BOFM [ÓOPWÊIP
SFHVMÃUPSV VNPßǞVKF VßJWBUFMJ LSPNLJ WÝØF
VWFEFOÝDIGVOLDJNÎUQPELPOUSPMPVBQǥFEFWØÎN
QP SVDF WØFDIOZ EDzMFßJUÊ JOGPSNBDF UÝLBKÎDÎ
TF GVOLDF QǥÎTUSPKF B UFQFMOÊIP [BǥÎ[FOÎ EÎLZ
ǁFNVßKFNPßOÊQPIPEMOLJ[BTBIPWBUEPEǥÎWF
OBTUBWFOÝDIQBSBNFUSDzCF[OVUOPTUJQǥFNÎTǬPWBU
TF OB NÎTUP LEF KF JOTUBMPWÃO LBTLÃEPWÝ B
[ÓOPWÝSFHVMÃUPS,MJNBUJDLÝǁBTPWÝUFSNPTUBU
[BCVEPWBOÝ W EÃMLPWÊN QBOFMV VNPßǞVKF
QǥJ[QDzTPCJUWÝTUVQOÎUFQMPUV[BǥÎ[FOÎTLVUFǁOÊ
QPUǥFCLJ QSPTUǥFEÎ LUFSÊ KF UǥFCB WZUÃQLJU 5BL
CVEF NPßOÊ EPTÃIOPVU QPßBEPWBOÊ UFQMPUZ
QSPTUǥFEÎ T NBYJNÃMOÎ QǥFTOPTUÎ B UFEZ T
WÝSB[OPV ÙTQPSPV OB QSPWP[OÎDI OÃLMBEFDI
,SPNLJ UPIP VNPßǞVKF [PCSB[JU TLVUFǁOPV
QPLPKPWPV B WFOLPWOÎ UFQMPUV QPLVE KF
QǥÎUPNOB WFOLPWOÎ TPOEB
;ÓOPWÝ SFHVMÃUPS
KFOBQÃKFOQǥÎNP[SFHVMÃUPSVUFQMPUZLBTLÃEZ
QPNPDÎEWPVWPEJǁDz
r )BSJDJTTPOEBTǨFLJM
#VTPOEBEPnjSVEBO
EPnjSVZB LPNCJ DJIB[OO FMFLUSJL UFTJTBUOB
CBnjMBOBCJMJS PMVQ IBSJDJ TOO ZÛLTFMNFTJ
IBMJOEF LPNCJ ÛSFUJN TTO PUPNBUJL PMBSBL
EÛǨÛSNFL TVSFUJZMF UFTJTBUO ÉBMǨNB TTO
IBSJDJPSUBNTTOBHÕSFBZBSMBS)BSJDJTPOEB
CBnjMPMEVnjVNÛEEFUÉFLVMMBOMBOUFSNJLBZBSO
UÛSÛOEFOCBnjNT[PMBSBLIFSJLJUFSNJLBZBSMB
CJSMJLUF ÉBMǨBCJMJS )BSJDJ TPOEBOO FMFLUSJL
CBnjMBOUT LPNCJ DJIB[OO 9 CBnjMBOTOO
Û[FSJOEF ZFS BMBO ( WF + TMPUMBSOEBO TBnjMBOS
ǨFLJM
r 7FOLPWOÎUFQMPUOÎTPOEB0CS
5BUPTPOEBKF
QǥÎNPQǥJQPKJUFMOÃLFMFLUSJDLÊNV[BǥÎ[FOÎLPUMFB
VNPßǞVKFBVUPNBUJDLZTOÎßJUNBYJNÃMOÎUFQMPUV
QǥFEÃWBOPV EP TZTUÊNV QǥJ [WÝØFOÎ WFOLPWOÎ
UFQMPUZ 5ÎN TF EPEÃWBOÊ UFQMP QǥJ[QDzTPCÎ
WÝLZWDzN WFOLPWOÎ UFQMPUZ 7FOLPWOÎ TPOEB
QPLVEKFQǥJQPKFOBGVOHVKFTUÃMFOF[ÃWJTMFOB
QǥÎUPNOPTUJ OFCP UZQV QPVßJUÊIP SFHVMÃUPSV
UFQMPUZBNDzßFQSBDPWBUWLPNCJOBDJTPCLJNB
SFHVMÃUPSZUFQMPUZ7FOLPWOÎTPOEBTFQǥJQPKVKF
LFTWPSLÃN(B+OBQǥJQPKPWBDÎTWPSLPWOJDJ9
LPUMF0CS
,BTLBEWFBMBOFMFLUSJLBZBSWFZBIVUEB,SPOP
NFUSJL5FSNPTUBU0O0ĒCBnjMBOUT0QUTJZPOFM
"ǨBnjEB CFMJSUJMFO JǨMFNMFSJO DJIB[EBO FMFLUSJL
HJSJǨJOJO LFTJMNFTJOEFO TPOSB ZBQMNBT HFSFL
NFLUFEJS .VIUFNFM UFSNPTUBU WFZBIVU EB PSUBN
LSPOPNFUSJL UFSNPTUBU 0O0GG 9 LÕQSÛTÛ
LFTJMFSFL i&u WF i'u TMPUMBSB CBnjMBOS ǨFLJM 0O0ĒUFSNPTUBUTMPUVOVOiUFNJ[uUJQUFPMNBTOB
ZBOJ Bnj HFSJMJNJOEFO CBnjNT[ PMNBTOB EJLLBU
FEJOJ[ CÕZMF PMNBNBT IBMJOEF FMFLUSPOJL BZBS
LBSUIBTBSHÕSFCJMJS
&MFLUSJDLÊ QǥJQPKFOÎ LBTLÃEPWÊIP B [ÓOPWÊIP
SFHVMÃUPSV OFCP ǁBTPWÊIP UFSNPTUBUV ;BQ7ZQ
WPMJUFMOLJ
/ÎßF VWFEFOÊ PQFSBDF TF QSPWÃELJKÎ QP
PEQPKFOÎ [BǥÎ[FOÎ PE FMFLUSJDLÊ TÎULJ-1ǥÎQBEOÝ
UFSNPTUBU OFCP QPLPKPWÝ ǁBTPWÝ UFSNPTUBU ;BQ
7ZQ TF QǥÎQBEOLJ QǥJQPKÎ LF TWPSLÃN & B ' QP
PETUSBOLJOÎNDzTULV90CS
6KJTULJUFTFßF
LPOUBLUUFSNPTUBUV;BQ7ZQKFtǁJTUÊIPUZQViUFEZ
OF[ÃWJTMÝOBTÎǬPWÊNOBQLJUÎ7PQBǁOÊNQǥÎQBELJCZ
TFQPØLPEJMBFMFLUSPOJDLÃSFHVMBǁOÎLBSUB
.VIUFNFM LBTLBE WF BMBO BZBSOO 9
CBnjMBOUTOEBWFTMPUMBSBSBDMnjZMBi.uWF
i0uTMPUMBSOBCBnjMBONBTWFCVNFZBOEBLVUVQMBSB
EJLLBU FEFSFL WF SJBZFU FEFSFL 9 LÕQSÛTÛOÛO
LBMESMNBT HFSFLJS ǨFLJM ZBOMǨ LVUVQMBSB
CBnjMBOU ZBQMNBT EVSVNVOEB UFSNJL BZBS IBTBS
HÕSNFNFLMFCFSBCFSÉBMǨNB[
¸OFNMJ ,BTLBE WF BMBO BZBS NFLBOJ[NBT
LVMMBOMNBT IBMJOEF FMFLUSJL UFTJTBUMBS LPOV
TVOEBLJ ZÛSÛSMÛLZF CVMVOBO ZBTBM EÛ[FOMFNFMFS
HFSFnjJODFJLJBZSIBUCVMVOEVSVMNBT[PSVOMVMVnjV
NFWDVUUVS
,PNCJOJO IJÉCJS CPSV WFZBIVU EB IPSUVNVOVO
FMFLUSJL WFZBIVU EB UFMFGPO UPQSBL IBUU PMBSBL
LVMMBOMNBTOBNÛTBBEFFEJMFNF[#VOFEFOMFCVOB
CFO[FSCJSEVSVNVOPMVǨNBEnjOLPNCJOJOFMFL
USJLCBnjMBOUMBSOZBQNBEBOFWWFMLPOUSPMFEJOJ[
1ǥÎQBEOÝ[ÓOPWÝBLBTLÃEPWÝSFHVMÃUPSNVTÎCÝU
QǥJQPKFOQPNPDÎTWPSFLBLFTWPSLÃNi.u
B i0u OB QǥJQPKPWBDÎ TWPSLPWOJDJ 9 W LPUMJ
T PIMFEFN OB QPMBSJUV B QP PETUSBOLJOÎ NDzTULV
9 0CS QǥJQPKFOÎ T OFTQSÃWOPV QPMBSJUPV
UFSNPSFHVMÃUPS OFQPØLPEÎ BMF OFVNPßOÎ KFIP
GVOLDJ
%DzMFßJUÊ 7 QǥÎQBELJ QPVßJUÎ LBTLÃEPWÊIP B
[ÓOPWÊIPSFHVMÃUPSVKFVßJWBUFMQPWJOFO[BKJTUJUEWLJ
PEELJMFOÃWFEFOÎQPEMFQMBUOÝDIOPSFNW[UBIVKÎDÎDI
TFOBFMFLUSJDLÃ[BǥÎ[FOÎ7FØLFSÃQPUSVCÎOFTNÎCÝU
OJLEZ QPVßJUB KBLP V[FNOLJOÎ FMFLUSJDLÊIP OFCP
UFMFGPOJDLÊIP [BǥÎ[FOÎ 6KJTULJUF TF BCZ L UPNV
OFEPØMPQǥFEFMFLUSJDLÝN[BQPKFOÎNLPUMF
4*
)6
*&
*OTUBMBDKB LPUB EPTUBSD[BKƾDFHP CF[QPǧSFEOJP
OJTLJFK UFNQFSBUVSZ ,PDJP NPǻF CF[QPǧSFEOJP
[BTJMBǀ JOTUBMBDKNj OJTLJFK UFNQFSBUVSZ [NJFOJBKƾD
NBLTZNBMOƾUFNQFSBUVSNjQSPEVLPXBOƾQS[F[HFOFSB
UPSJVTUBXJBKƾDXBSUPǧǀXQS[FE[JBMFNJNjE[ZBž$
"CZ[NJFOJǀNBLTZNBMOƾUFNQFSBUVSNjQSPEVLPXBOƾ
QS[F[HFOFSBUPSOBMFǻZ[NJFOJǀXBSUPǧǀNBLTZNBMOFK
UFNQFSBUVSZQSPEVLPXBOFKQS[F[HFOFSBUPSXQBSBNF
US[FOSXFEVHQSPDFEVSZiUSZCQBSBNFUSÓXu
8UBLJFKTZUVBDKJ[BMFDBTJNjTUBOEBSEPXF[BJOTUBMPXB
OJFOB[BTJMBOJVLPUB
[BCF[QJFD[FOJB TLBEBKƾDFHP TJNj [ UFSNPTUBUV [
VTUBXJPOZN QSPHJFN UFNQFSBUVSZ SÓXOZN ž$
5FSNPTUBUQPXJOJFOCZǀVNJFT[D[POZOBQS[FXPE[JF
EPQSPXBE[BKƾDZNJOTUBMBDKJXPEMFHPǧDJDPOBKNOJFK
NFUSÓXPELPUB
%PnjSVEBOEÛǨÛLTJMFÉBMǨBOUFTJTBUMBNPOUBK
,PNCJ KFOFSBUÕS HÕOEFSJN B[BNJ HÛDÛOÛ
EFnjJǨUJSNFLWFJMFž$EFSFDFBSBTCJSEFnjFS
UFTQJUFUNFLTVSFUJZMFEPnjSVEBOEPnjSVZBEÛǨÛLTM
CJSUFTJTBUCFTMFZFCJMJS
+FOFSBUÕSÛOB[BNJHÕOEFSJNHÛDÛOÛEFnjJǨUJSNFL
JÉJOiQBSBNFUSFMFSZÕOUFNJuVZBSODBOVNBSBM
QBSBNFUSFZJ EFnjJǨUJSNFL TVSFUJZMF KFOFSBUÕS
HÕOEFSJNB[BNJTEFnjFSJOJEFnjJǨUJSJOJ[
#VEVSVNEBLPNCJHJSJǨJOFTFSJPMBSBLTOSTT
ž$EFSFDFPMBOCJSUFSNPTUBUWBTUBTZMBFNOJZFU
UFSUJCBU UBLMNBT HFSFLNFLUFEJS 5FSNPTUBUO
LPNCJǨEFO NFUSFEFO EBIB V[BL CJS OPLUBEB
UFTJTBU HÕOEFSJN CPSVTV Û[FSJOF UBLMNBT
HFSFLNFLUFEJS
*OTUBMBDFWQǥÎQBELJ[BǥÎ[FOÎQSBDVKÎDÎIPQǥJOÎ[LÊ
QǥÎNÊUFQMPULJ
,PUFM NDzßF QǥÎNP OBQÃKFU [BǥÎ[FOÎ QSBDVKÎDÎ QǥJ
OÎ[LÊUFQMPULJ[NLJOPVNBYJNÃMOÎUFQMPUZOBWÝTUVQV
[LPUMFBOBTUBWFOÎNIPEOPUZNF[JBž$1SP
[NLJOVNBYJNÃMOÎUFQMPUZOBWÝTUVQV[LPUMF[NLJǞUF
IPEOPUZ NBYJNÃMOÎ UFQMPUZ OB WÝTUVQV [ LPUMF
QBSBNFUSVǁQPEMFQPTUVQVtSFßJNQBSBNFUSDzi
7 UBLPWÊN QǥÎQBELJ KF WIPEOÊ [BǥBEJU LF LPUMJ
TÊSJPWLJ QPKJTULV UWPǥFOPV UFSNPTUBUFN T MJNJUOÎ
UFQMPUPV ž$ 5FSNPTUBU NVTÎ CÝU VNÎTULJO OB
WÝTUVQOÎN QPUSVCÎ [BǥÎ[FOÎ WF W[EÃMFOPTUJ OBE NFUSZPELPUMF
*/45"-"$+"13;&80%¶844"/*"
108*&53;"*0%1308"%;"/*"
41"-*/
'JSNB*NNFSHBTEPTUBSD[BOJF[BMFǻOJFPELPUÓX
SÓǻOZDISP[XJƾ[BǝEPUZD[ƾDZDIJOTUBMBDKJQS[FXP
EÓX EPQSPXBE[FOJB QPXJFUS[B J PEQSPXBE[BOJB
TQBMJOCF[LUÓSZDILPDJPOJFNPǻFQSBDPXBǀ
6 X B H B , P D J P  Q P X J O J F O C Z ǀ
[BJOTUBMPXBOZXZƾD[OJF OB PS ZHJOBMOZN
VS[ƾE[FOJV[BTZTBOJBQPXJFUS[BJPEQSPXBE[BOJB
TQBMJO êSNZ *NNFSHBT i4FSJB ;JFMPOBu XZLP
OBOZN [ UXPS[ZXB [HPEOJF [ PCPXJƾ[VKƾDZNJ
QS[FQJTBNJ5BLƾ JOTUBMBDKNj PEQSPXBE[BOJB
TQBMJO NPǻOB SP[QP[OBǀ E[JNjLJ TQFDKBMOFNVP
[OBLPXBOJVPSB[JOGPSNBDKJtUZMLPEMBLPUÓX
LPOEFOTBDZKOZDIu
r 8TQӐD[ZOOJLJ PQPSV PSB[ EVHPǧDJ FLXJXB
MFOUOF,BǻEZ FMFNFOU VLBEV PEQSPXBE[BOJB
TQBMJO QPTJBEBPLSFǧMPOZ XTQӐD[ZOOJL PQPSV
[NJFS[POZ X USBLDJF QSÓC EPǧXJBED[BMOZDI J
QPEBOZXQPOJǻT[FKUBCFMJ8TQӐD[ZOOJLPQP
SV QPT[D[FHÓMOFHP LPNQPOFOUVOJF [BMFǻZ PE
SPE[BKVLPUBJKFTUXBSUPǧDJƾOJFXZNJBSPXƾ+FTU
OBUPNJBTUVXBSVOLPXBOZUFNQFSBUVSƾQZOÓX
QS[FQZXBKƾDZDIXQS[FXPEBDIB[BUFNSÓǻOJTJNj
X[BMFǻOPǧDJPEUFHPD[ZCNjE[JFEPUZD[ZQPCPSV
QPXJFUS[B D[Z PEQSPXBE[BOJB TQBMJO,BǻEZ
LPNQPOFOUNBEBOZPQÓSPEQPXJBEBKƾDZQFX
OFKEVHPǧDJQS[FXPEVPUBLJFKTBNFKǧSFEOJDZ
XZSBǻPOFK X NFUSBDI U[X EVHPǧDJ FLXJXB
MFOUOFK8T[ZTULJF LPUZ NBKƾ XTQӐD[ZOOJL
NBLTZNBMOFHPPQPSVVTUBXJPOZEPǧXJBED[BMOJF
OB XBSUPǧǀ.BLTZNBMOZ EPQVT[D[BMOZ
XTQӐD[ZOOJL PQPSVPEQPXJBEB PQPSPXJ
[NJFS[POFNVQS[Z NBLTZNBMOFK EVHPǧDJ
QS[FXPEÓXJ QS[Z LBǻEZN SPE[BKV [FTUBXV
QS[FXPEPXFHP 4VNBUZDI JOGPSNBDKJ QP[XBMB
OB TQSBXE[FOJFNPǻMJXPǧDJ [SFBMJ[PXBOJB
OBKSÓǻOJFKT[ZDILPOêHVSBDKJVLBEVTQBMJOPXP
QPXJFUS[OFHP
)"7"&.ƻƧ7&%6."/5")-ƻ:&
5&3.ƻ/"--&3ƻ/ƻ/.0/5"+*
ƻNNFSHBT LPNCJMFSEFO BZS PMBSBL LPNCJOJO
ÉBMǨNBT JÉJO FM[FN PMBO IBWB FNJǨ WF EVNBO
UBIMJZFUFSNJOBMMFSJOJONPOUBKJÉJOGBSLMÉÕ[ÛNMFS
TVOBS
%JLLBULPNCJMFSZBMO[DBƻNNFSHBTi:FǨJM4FSJu
QMBTUJLUFONBNVMWFZBTBMEÛ[FOMFNFMFSFVZHVO
HÕSÛMFCJMJSCJSǨFLJMEFUBLMBDBLPMBOIBWBFNJǨ
WF EVNBO UBIMJZF EÛ[FOFnjJ JMF CJSMJLUF NPOUF
FEJMFCJMJSMFS #V UBIMJZF CPSV UJQMFSJ BǨBnjEBLJ
JCBSFZJ UBǨZBO CJS UBONMBNB NBSLBTOB
IBJ[EJSMFSiZBMO[DBZPnjVǨNBMLPNCJMFSJÉJOu
r &ǨEFnjFS .VLBWFNFU WF V[VOMVL GBLUÕSMFSJ
5BIMJZF CPSVTVOV PMVǨUVSBO IFS CJS QBSÉBOO
EFOFZTFM UFTUMFSF JTUJOBEFO PSUBZB ɏLNǨ
WF CJS TPOSBLJ UBCMPEB CFMJSUJMNFLUF PMBO
.VLBWFNFU GBLUÕSÛ CVMVONBLUBES #FIFS
QBSÉBOO.VLBWFNFU'BLUÕSÛNPOUFFEJMEJLMFSJ
LPNCJUJQJOEFOCBnjNT[PMVQCPZVUTBMPMNBZBO
CJS IBDJNEJS "ODBL LBOBMO JÉFSJTJOEFO
HFÉFO TWOO TTOB CBnjM PMVQ IBWB FNJǨ WF
EVNBO UBIMJZF LVMMBONMBS BSBTOEBLJ GBSLB
EJLLBUFUNFLHFSFLJS#FIFSNÛOGFSJUBLTBNO
BZOJ ÉBQUB CFMMJ CJS V[VOMVLUB CPSVZB UFLBCÛM
FEFO CJS NVLBWFNFUJ WBSES #VOB EB FǨEFnjFS
V[VOMVLEFOJS5ÛNLPNCJMFSEFFUFLBCÛM
FEFO WF EFOFZTFM PMBSBL FMEF FEJMFCJMFO CJS
.VLBWFNFU 'BLUÕSÛ CVMVOVS ,BCV FEJMFCJMJS
B[BNJ.VLBWFNFU'BLUÕSÛUÛN5FSNJOBM4FUMFSJ
JMFLBCVMFEJMFCJMJSB[BNJV[VOMVLNVLBWFNFUJOF
UBLBCÛM FEFS #V CJMHJMFSJO UÛNÛ ÉFǨJUMJ CBDB
LPOêHÛSBTZPOMBSOOHFSÉFLMFǨUJSJMFCJMNFTJJÉJO
HFSFLMJ IFTBQMBNBMBSO ZBQMBCJMNFTJOF PMBOBL
TBnjMBS
i:FǨJMTFSJuJÉJOCBDBUBLNDPOUBMBS"LTBNO
ZBnjMBNBTOO ¾SFUJDJ UBSBGOEBO ZBQMNǨ PMBO
ZFUFSTJ[PMNBTEVSVNVOEBLVSVCJSCF[JMFGB[MB
ZBnjBMO[WFOPSNBMWFZBIVUEBTBOBZJUJQJQVESBZ
BLTBNBEÕLÛOÛ[
*/45"-"$&,0/$07&,/"4¦7¦/±
7;%6$)6"7À'6,641"-*/
4QPMFǁOPTU*NNFSHBTEPEÃWÃOF[ÃWJTMFOBLPUMÎDI
SDz[OÃǥFØFOÎQSPJOTUBMBDJLPODPWFLQSPOBTÃWÃOÎ
W[EVDIV B WZGVLPWÃOÎ LPVǥF CF[ LUFSÝDI LPUFM
OFNDzßFGVOHPWBU
6QP[PSOLJOÎ,PUFMNVTÎCÝUJOTUBMPWÃOWÝISBEOLJ
LPSJHJOÃMOÎNVOBQPIMFEQMBTUJLPWÊNV[BǥÎ[FOÎ
OBOBTÃWÃOÎW[EVDIVBPEWPETQBMJOTQPMFǁOPTUJ
*NNFSHBT [F [FMFOÊ TÊSJF KBL WZßBEVKF QMBUOÃ
TNLJSOJDF
5B LPW Ý LPVǥPWP E KF NPßOÊ SP[Q P[OBU
QPEMF JEFOUJGJLBǁOÎIP ØUÎULV T OÃTMFEVKÎDÎN
VQP[PSOLJOÎNiQPV[FQSPLPOEFO[BǁOÎLPUMFu
r 0EQPSPWÊ GBLUPSZ B FLWJWBMFOUOÎ EÊMLZ ,BßEÝ
QSWFL LPVǥPWÊIP TZTUÊNV NÃ PEQPSPWÝ
GBLUPS PEWP[FOÝ [ FYQFSJNFOUÃMOÎDI [LPVØFL
B VWFEFOÝ W OÃTMFEVKÎDÎ UBCVMDF 0EQPSPWÝ
GBLUPSKFEOPUMJWÝDIQSWLDzKFOF[ÃWJTMÝOBUZQV
LPUMF OB LUFSÝ CVEF JOTUBMPWÃO B KFEOÃ TF P
CF[SP[NLJSOPVWFMJLPTU+FOJDNÊOLJQPENÎOLJO
UFQMPUPVLBQBMJOLUFSÊQPUSVCÎNQSPDIÃ[FKÎBMJØÎ
TFUFEZQǥJQPVßJUÎQSPOBTÃWÃOÎW[EVDIVBOFCP
PEWPETQBMJO,BßEÝKFEOPUMJWÝQSWFLNÃPEQPS
PEQPWÎEBKÎDÎ VSǁJUÊ EÊMDF W NFUSFDI QPUSVCÎ
TUFKOÊIP QSDzNLJSV U[W FLWJWBMFOUOÎ EÊMDF
7ØFDIOZLPUMFNBKÎNBYJNÃMOÎFYQFSJNFOUÃMOLJ
[KJTUJUFMOÝPEQPSPWÝGBLUPSSPWFO.BYJNÃMOÎ
QǥÎQVTUOÝ PEQPSPWÝ GBLUPS PEQPWÎEÃ PEQPSV
[KJØULJOÊNV QǥJ NBYJNÃMOÎ QǥÎQVTUOÊ EÊMDF
QPUSVCÎ T LBßEÝN UZQFN LPODPWÊ TPVQSBWZ
4PVISO ULJDIUP JOGPSNBDJ VNPßǞVKF QSPWÊTU
WÝQPǁUZ QSP PWLJǥFOÎ NPßOPTUJ WZUWPǥFOÎ
OFKSDz[OLJKØÎDILPOêHVSBDÎLPVǥPWÊIPTZTUÊNV
5LJTOLJOÎQSPLPVǥPWPEZ[FMFOÊTÊSJF7QǥÎQBELJ
ßF CZ OBNB[ÃOÎ KFEOPUMJWÝDI EÎMDz QSPWFEFOÊ
WÝSPCDFN
OFCZMPEPTUBUFǁOÊPETUSBǞUFIBEǥÎLFN
[CZMÊ NB[JWP B QBL QSP VTOBEOLJOÎ [BTVOPWÃOÎ
QPTZQUFEÎMZCLJßOÝNOFCPQSDzNZTMPWÝNUBMLFN
6T[D[FMLJ EP JOTUBMBDKJ UZQV iTFSJB [JFMPOBu
8QS[ZQBELV HEZ TNBSPXBOJF LPNQPOFOUÓX
XZLPOBOFVQS[FEOJPQS[F[QSPEVDFOUB
PLBǻFTJNj
OJFXZTUBSD[BKƾDF[BQPNPDƾTVDIFKT[NBULJVTVOƾǀ
QP[PTUBPǧDJTNBSVBOBTUNjQOJFDFMFNVBUXJFOJB
QS[ZD[FQOPǧDJ TNBSV QPTZQBǀ QPT[D[FHÓMOF FMF
NFOUZ[XZLZNMVCQS[FNZTPXZNUBMLJFN
"
#
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
$;
5BCFMFXTQӐD[ZOOJLÓXPQPSVJEVHPǧDJFLXJXBMFOUOZDI
5:110536#±
0EQPSPWÝGBLUPS3
&LWJWBMFOUOÎEÊMLBWNFUSFDI &LWJWBMFOUOÎEÊMLBWNFUSFDI
LPODFOUSJDLÊSPVSZPQSDzNLJSV
SPVSZPQSDzNLJSV
,PODFOUSJDLÃSPVSBPQSDzNLJSVN
/BTÃWÃOÎBWÝGVL
N
WÝGVLN
/BTÃWÃOÎBWÝGVL
N
WÝGVL
N
/BTÃWÃOÎBWÝGVL
N
WÝGVL
N
/BTÃWÃOÎBWÝGVL
N
WÝGVL
N
/BTÃWÃOÎBWÝGVL
N
WÝGVL
N
/BTÃWÃOÎBWÝGVL
N
WÝGVL
N
/BTÃWÃOÎBWÝGVL
N
WÝGVL
N
WÝGVL
N
WÝGVL
N
WÝGVL
N
WÝGVL
N
WÝGVL
N
WÝGVL
N
WÝGVL
N
WÝGVL
N
WÝGVL
N
WÝGVL
N
WÝGVL
N
WÝGVL
N
,PODFOUSJDLÝPIZCPWÝEÎMžPQSDzNLJSV
,PMBOLPLPODFOUSZD[OFž‹
,PNQMFUOÎLPODPWÝIPSJ[POUÃMOÎLPODFOUSJDLÝEÎMOBTÃWÃOÎB
WÝGVLVPQSDzNLJSV
,PODPWÝIPSJ[POUÃMOÎLPODFOUSJDLÝEÎMOBTÃWÃOÎBWÝGVLVP
=
QSDzNLJSV
,PNQMFUOÎLPODPWÝWFSUJLÃMOÎLPODFOUSJDLÝEÎMOBTÃWÃOÎB
WÝGVLVPQSDzNLJSV
,PODPWÝWFSUJLÃMOÎLPODFOUSJDLÝEÎMOBTÃWÃOÎBWÝGVLVP
QSDzNLJSV
NSPVSBPQSDzNLJSV
,PNQMFUOÎWÝGVLPWÝLPODPWÝLVTPQSDzNLJSVN
7ÝGVLPWÝLPODPWÝLVTPQSDzNLJSV
,PMFOPžPQSDzNLJSV
,PMFOPžPQSDzNLJSV
,PNQMFUOÎWFSUJLÃMOÎWÝGVLPWÝLPODPWÝLVTPQSDzNLJSV
1-
53
$;
*/45"-"$+",05Š"8
,0/'*(63"$+*5:16i$u
,PDJP i7*$53*9 u XZDIPE[J [ GBCSZLJ X
LPOGJHVSBDKJ UZQV i#u PUXBSUB LPNPSB [
XZNVT[POZNDJƾHJFN
BCZ[NJFOJǀLPOêHVSBDKNj
OBi$uLPNPSBT[D[FMOB[XZNVT[POZNDJƾHJFN
OBMFǻZ [EFNPOUPXBǀ BEBQUFS ‹ LƾUPXOJL J
VT[D[FMLNj[OBKEVKƾDƾTJNjOBQPLSZXJFLPUB
,0.#ƻ/ƻ/i$u5ƻ1ƻ
,0/'ƻ(¾3"4:0/%".0/5"+*
i7*$53*9 u LPNCJMFSJ GBCSJLBEBO i#u
LPNGJHÛSBTZPOVOEB ɏLBSMBS BɏL IB[OFMJ WF
HÛÉMFOEJSJMNJǨ ÉFLJǨMJ
CV OFEFOMF LPNCJOJO
LPOGJHÛSBTZPOVOVOu$u PMBSBL EFnjJǨUJSJMNFTJ
BNBDZMBIFSNFUJIIB[OFWFHÛÉMFOEJSJMNJǨÉFLJǨ
LPNCJLBQBnjOEBZFSBMBO‹BEBQUÕSHÕOZFWF
DPOUBOOɏLBSUMNBTHFSFLJS
*/45"-"$&,05-&7,0/'*(63"$*
5:16i$u
,PUFM i7*$53*9 u PEDIÃ[Î PE WÝSPCDF W
LPOGJHVSBDJ UZQV i#u PUFWǥFOÃ LPNPSB B
OVDFOÝ UBI
QSP [NLJOV LPOêHVSBDF OB UZQ i$u
W[EVDIPULJTOÃ LPNPSB B OVDFOÝ UBI
KF UǥFCB
EFNPOUPWBUBEBQUÊSPQSDzNLJSVǁUZǥÙIFMOÎLB
ULJTOLJOÎOBLSZUVLPUMF
1P[JPNZ[FTUBXQPXJFUS[OPTQBMJOPXZ‹
.POUBǻ[FTUBXV3ZT
;BNPOUPXBǀBEBQUFS‹
XPUXPS[FDFOUSBMOZNLPUB1S[FTVOƾǀ
VT[D[FMLNj
X[EVǻBEBQUFSB
EPTQFDKBMOFHP
XHNjCJFOJBOBTUNjQOJF VNPDPXBǀ Kƾ EP QPLSZXZ
[BQPNPDƾVQS[FEOJP[EFNPOUPXBOFKCMBT[LJ
;BPǻZǀ LPMBOLP NNjTLƾ TUSPOƾ HBELƾ
Bǻ EP EPDJǧOJNjDJB HP EP BEBQUFSB 1PƾD[Zǀ
LPODFOUSZD[OZQS[FXÓE‹
TUSPOƾNNjTLƾ
HBELƾ
[FTUSPOƾǻFǝTLƾLPMBOLB
[BQPNPDƾ
VT[D[FMFL XBSHPXZDI
VQFXOJBKƾD TJNj ǻF [PTUBB
XD[FǧOJFK[BPǻPOBTUPTPXOBSP[FUBXFXONjUS[OB
J[FXONjUS[OB
XUFOTQPTÓCV[ZTLBTJNjT[D[FMOF
QPƾD[FOJFFMFNFOUÓXTLBEPXZDI[FTUBXV
r 1PEƾD[FOJF EP [ƾD[B SVS QS[FEVǻBKƾDZDI
J LPMBOFL LPODFOUSZD[OZDI ‹ "CZ
QPEƾD[ZǀFXFOUVBMOFQS[FEVǻBD[FEP[ƾD[LJ
[ JOOZNJ FMFNFOUBNJ JOTUBMBDKJ LPNJOPXFK
OBMFǻZXZLPOBǀDPOBTUNjQVKFQPƾD[ZǀQS[FXÓE
LPODFOUSZD[OZMVCLPMBOLPLPODFOUSZD[OFTUSPOƾ
NNjTLƾ HBELƾ
[F TUSPOƾ ǻFǝTLƾ VT[D[FMLBNJ
XBSHPXZNJ
QPQS[FEOJP [BJOTUBMPXBOFHP
FMFNFOUVBǻEPEPDJǧOJNjDJBXUFOTQPTÓCV[ZTLB
TJNjT[D[FMOFQPƾD[FOJFFMFNFOUÓX
;FTUBX ‹ NPǻF CZǀ [BJOTUBMPXBOZ [
XZKǧDJFN UZMOZN QSBXZN CPD[OZN MFXZN
CPD[OZNJQS[FEOJN
r 1S[FEVǻBD[FEMB[FTUBXVQP[JPNFHP1P[JPNZ
[FTUBXQPXJFUS[OPTQBMJOPXZ‹NPǻFCZǀ
QS[FEVǻPOZEPNBYXZNJBSVNXQP[JPNJF
3ZT ƾD[OJF [ PLSBUPXBOƾ LPǝDÓXLƾ J
[ XZƾD[FOJFN LPMBOLB LPODFOUSZD[OFHP OB
XZKǧDJV [ LPUB 5BLB LPOêHVSBDKB PEQPXJBEB
XTQӐD[ZOOJLPXJ PQPSV SÓXOFNV 8 UFK TZUVBDKJ OBMFǻZ [BNÓXJǀ TUPTPXOF
QS[FEVǻBD[F
/# X USBLDJF JOTUBMBDKJ QS[FXPEÓX OBMFǻZ
[BDIPXBǀ NJOJNBMOF OBDIZMFOJF QS[FXPEÓX
XZOPT[ƾDFPSB[[BJOTUBMPXBǀDPNFUSZ[BDJTL
XSB[[LPLJFN
r ,SBUPXOJDB [FXONjUS[OB /# X DFMBDI
CF[QJFD[FǝTUXB [BMFDB TJNj BCZ OJF [BUZLBǀ
SÓXOJFǻ UZND[BTPXP QS[FXPEV QPXJFUS[OP
TQBMJOPXFHPLPUB
;FTUBXPCFKNVKF3ZT
/ž "EBQUFS‹
/ž 6T[D[FMLB
/ž ,PMBOLPLPODFOUSZD[OF‹Bž
/ž 1S[FXÓELPODFOUSZD[OZQPXTQBM‹
/ž 3P[FUBXFXONjUS[OB
/ž 3P[FUB[FXONjUS[OB
:BUBZFNJǨWFUBIMJZFTFUMFSJ‹
4FUNPOUBKƧFLJM
‹
BEBQUÕUÛ
UBN PUVSBDBL ǨFLJMEF LPNCJOJO PSUBTO EB ZFS
BMBO EFMJnjF ZFSMFǨUJSJOJ[ $POUBZ BEBQUÕS Û[FSJOEFLBZESBSBLZVWBTOBLBEBSJUJOJ[WFCVOV
NÛUFBLJCFO EBIB ÕODF TÕLNÛǨ PMEVnjVOV[ NFUBM
MFWIBJMF
LBQBnjBTFCJUMFZJOJ[%JSTFnjJ
FSLFL
EÛ[
UBSBGOEBOUBNPUVSBOBLBEBSBEBQUÕSF
ZFSMFǨUJSJOJ[ ‹ LPOTBOUSJL UFSNJOBMJ
FSLFL UBSBGOEBO EÛ[
EJSTFnjJO EJǨJ UBSBGOB
UBNPUVSBDBLǨFLJMEFHFÉJSJOJ[CVNFZBOEBHFSFLFO
EBIJMJ
WFIBSJDJ
QVMVUBLNǨPMEVnjVOV[EBO
FNJO PMVOV[ CV TVSFUMF UVUVǨ WF TFUJ PMVǨUVSBO
BLTBNOCJSMFǨUJSJMNFTJTBnjMBONǨPMBDBLUS
r ‹CPSVV[BUNBWFEJSTFLUFTQJUDPOUBMBS
5BIMJZFTJTUFNJOFBJULBOBMMBSBV[BUNBFLMFSJOJO
UBLMNBTIBMJOEFBǨBnjEBLJJǨMFNMFSJOZBQMNBT
HFSFLJS,POTBOUSJLCPSVWFZBIVUEBLPOTBOUSJL
EJSTFnjJO FSLFL UBSBGOEBO EÛ[
CJS FWWFMLJ
QBSÉBOOEJǨJUBSBGOBDPOUBMUBSBG
CBnjMBZO[
CVNFZBOEBHFSFLFOQVMVUBLNǨPMEVnjVOV[EBO
FNJOPMVOV[CVTVSFUMFUVUVǨWFTFUJPMVǨUVSBO
BLTBNOCJSMFǨUJSJMNFTJTBnjMBONǨPMBDBLUS
‹TFUJBSLBEBOTBnjZBOEBOTPMZBOEBOWF
ÕOEFOɏLǨMPMBSBLNPOUFFEJMFCJMJS
r :BUBZ TFUMFS JÉJO V[BUNBMBS ‹ FNJǨ WF
UBIMJZF JÉJO ZBUBZ TFU B[BNJ NFUSF ZBUBZ
PMBSBLǨFLJM
CVOB[HBSBMUFSNJOBMEBIJM
PMVQLPNCJɏLǨOEBZFSBMBOLPOTBOUSJLEJSTFL
EBIJM EFnjJMEJS 4Õ[ LPOVTV LPOêHÛSBTZPO EFnjFSJOEF CJS NVLBWFNFU GBLUÕSÛOF UFLBCÛM
FEFS#VEVSVNMBSEBHFSFLMJV[BUNBMBSOUBMFQ
FEJMNFTJHFSFLNFLUFEJS
/PUCPSVMBSONPOUBKFTOBTOEBCPSVMBSOBTHBSJ
FnjJNMJPMNBTOOTBnjMBONBTOOZBOTSBIFS
NFUSFEFCJSEÛCFMMFNFLTVSFUJZMFUVUVDVLFMFQÉF
LVMMBOMNBTHFSFLNFLUFEJS
r )BSJDJLBGFT/PUHÛWFOMJLBNBDZMBLTBTÛSFMJ
WF HFÉJDJ PMTB EBIJ LPNCJOJO FNJǨ WF UBIMJZF
UFSNJOBMJOJOULBONBNBTHFSFLNFLUFEJS
4FUJÉFSJTJOEFBǨBnjEBLJQBSÉBMBSZFSBMNBLUBES
ƧFLJM
BEFU‹
BEBQUÕS
BEFUDPOUB
BEFU‹žEFSFDFMJL
LPOTBOUSJL
EJSTFL
BEFU‹
FNJǨUBIMJZFLPOTBOUSJL
UFSNJOBM
BEFUEBIJMJQVM
BEFUIBSJDJQVM
)PSJ[POUÃMOÎOBTÃWWÝGVLTPVQSBWZPQSDzNLJSV
.POUÃßTPVQSBWZ0CS
/BTBDŽUFSFEVLDJP
QSDzNLJSV
BßOBEPSB[OBTUǥFEPWÝPUWPS
LPUMF /BTVǞUF ULJTOLJOÎ QPEÊM SFEVLDF Bß
QPQǥÎTMVØOPVESÃßLVQBLKJVQFWOLJUFLQPLMPQV
QPNPDÎEǥÎWFEFNPOUPWBOÊQMFDIPWÊEFTUJǁLZ
;BTVǞUFLPMFOP
WOJUǥOÎTUSBOPVIMBELPV
BßOB
EPSB[OBBEBQUÊS
,PODFOUSJDLÝLPODPWÝLVTP
QSDzNLJSV [BTVǞUF Bß OB EPSB[ WOJUǥOÎ
TUSBOPVIMBELPV
EPWOLJKØÎTUSBOZTULJTOLJOÎNT
PCSVCPV
LPMFOB/F[BQPNFǞUFQǥFEUÎNOBWMÊLOPVU
PEQPWÎEBKÎDÎWOJUǥOÎ
BWOLJKØÎ
SDzßJDJ5ÎNUP
[QDzTPCFN EPTÃIOFUF EPLPOBMF ULJTOÊIP TQPKFOÎ
KFE”OPUMJWÝDIǁÃTUÎTPVQSBWZ
r 1ǥJQPKFOÎQSPEMVßPWBDÎDILVTDzBLPODFOUSJDLÝDI
LPMFO P QSDzNLJSV QPNPDÎ TQPKFL 1ǥJ
JOTUBMBDJ QǥÎQBEOÊIP QSPEMPVßFOÎ QPNPDÎ
TQPKFLLEBMØÎNQSWLDzNLPVǥPWÊIPTZTUÊNVKF
UǥFCB QPTUVQPWBU OÃTMFEPWOLJ ,PODFOUSJDLPV
SPVSVOFCPLPMFOP[BTVǞUFBßOBEPSB[WOJUǥOÎ
TUSBOPVIMBELPV
EPWOLJKØÎTUSBOZTPCSVCPWÝN
ULJTOLJOÎN
EǥÎWF JOTUBMPWBOÊIP QSWLV 5ÎNUP
[QDzTPCFNEPTÃIOFUFEPLPOBMFULJTOÊIPTQPKFOÎ
KFE”OPUMJWÝDIQSWLDz
4PVQSBWVPQSDzNLJSVKFNPßOÊJOTUBMPWBUT
WÝWPEFNW[BEVOBQSBWPOBMFWPOFCPWFQǥFEV
r 1SPEMVßPWBDÎ EÎMZ QSP IPSJ[POUÃMOÎ TPVQSBWV
)PSJ[POUÃMOÎ OBTÃWBDÎ B WÝGVLPWPV TPVQSBWV
P QSDzNLJSV KF NPßOÊ QSPEMPVßJU Bß OB
NBYJNÃMOÎEÊMLVNIPSJ[POUÃMOLJ0CS
WǁFUOLJLPODPWÊIPSPØUVBNJNPLPODFOUSJDLÊIP
LPMFOB OB WÝTUVQV [ LPUMF 5BUP LPOGJHVSBDF
PEQPWÎEÃPEQPSPWÊNVGBLUPSVPIPEOPULJ
7ULJDIUPQǥÎQBEFDIKFOVUOÊTJPCKFEOBUQǥÎTMVØOÊ
QSPEMVßPWBDÎLVTZ
1P[OÃNLB1ǥJJOTUBMBDJQPUSVCÎKFOVUOÊ[BDIPWBU
NJOJNÃMOÎ TLMPO QPUSVCÎ B LBßEÊ UǥJ NFUSZ
JOTUBMPWBUUBIPWÝQÃTTINPßEJOLPV
r 7FOLPWOÎ SPØU 1P[OÃNLB ; CF[QFǁOPTUOÎDI
EDzWPEDzTFEPQPSVǁVKFOF[BLSÝWBUBUPBOJEPǁBTOLJ
LPODPWÝOBTÃWWÝGVLLVTLPUMF
4PVQSBWBPCTBIVKF0CS
LVT3FEVLDFPQSDzNLJSV
LVT5LJTOLJOÎ
LVT ,PODFOUSJDLÝ PIZCPWÝ EÎM ž P QSDzNLJSV
LVTm,PODFOUSJDLÝLPODPWÝLVTQSPOBTÃWÃOÎB
WÝGVLPQSDzNLJSV
LVTm7OJUǥOÎSDzßJDF
LVTm7OLJKØÎSDzßJDF
3ZTƧFLJM0CS
4MJLBÃCSB'JH
3ZTƧFLJM0CS
4MJLBÃCSB'JH
1-
53
$;
$
$
.",4:."-/"%Š6(0Ʀſ
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
";".ƻ6;6/-6,
."9*.¦-/±%­-,"
.",4*."-/"%0-Â*/"
."9*.¦-*4)044;¼4¦(
."9*.6.-&/(5)
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
;FTUBXPCFKNVKF3ZT
/ž "EBQUFS‹
/ž 6T[D[FMLB
/ž 3P[FUB
/ž 1PLSZXBBMVNJOJPXB
/ž 4UBZQӐQSPêM
/ž 1S[FXÓELPODFOUSZD[OZQPXTQBM‹
/ž 3VDIPNZQӐQSPêM
;FTUBXQJPOPXZ[BMVNJOJPXƾQPLSZXƾ‹
.POUBǻ[FTUBXV3ZT
;BNPOUPXBǀBEBQUFS‹
XPUXPS[FDFOUSBMOZNLPUB1S[FTVOƾǀ
VT[D[FMLNj
X[EVǻBEBQUFSB
EPTQFDKBMOFHP
XHNjCJFOJB OBTUNjQOJF VNPDPXBǀ Kƾ EP QPLSZXZ
[BQPNPDƾVQS[FEOJP[EFNPOUPXBOFKCMBT[LJ
.POUBǻT[UVD[OFKQPLSZXZBMVNJOJPXFK[BTUƾQJǀ
[BEBT[FOJF BMVNJOJPXƾ QZUƾ LT[UBUVKƾD Kƾ
UBLCZXPEBEFT[D[PXBNPHBTQZXBǀ6NJFǧDJǀ
OB BMVNJOJPXFK QPLSZXJF TUBZ QӐQSPGJM J
[BJOTUBMPXBǀ QS[FXÓE QPXJFUS[OPTQBMJOPXZ ;BPǻZǀQS[FXÓELPODFOUSZD[OZ‹TUSPOƾ
NNjTLƾHBELƾ
[FTUSPOƾǻFǝTLƾBEBQUFSB
[B
QPNPDƾ VT[D[FMFL XBSHPXZDI
VQFXOJBKƾD TJNj
ǻF [PTUBB XD[FǧOJFK [BPǻPOB TUPTPXOB SP[FUB
X UFO TQPTÓC V[ZTLB TJNj T[D[FMOF QPƾD[FOJF
FMFNFOUÓXTLBEPXZDI[FTUBXV
r 1PEƾD[FOJF EP [ƾD[B SVS QS[FEVǻBKƾDZDI
J LPMBOFL LPODFOUSZD[OZDI ‹ "CZ
QPEƾD[Zǀ FXFOUVBMOF QS[FEVǻBD[F [ JOOZNJ
FMFNFOUBNJ JOTUBMBDKJ QPXJFUS[OPTQBMJOPXFK
OBMFǻZ QPTUNjQPXBǀ X TQPTÓC OBTUNjQVKƾDZ
QPƾD[Zǀ QS[FXÓE LPODFOUSZD[OZ MVC LPMBOLP
LPODFOUSZD[OFTUSPOƾNNjTLƾHBELƾ
[FTUSPOƾ
ǻFǝTLƾ VT[D[FMLBNJ XBSHPXZNJ
QPQS[FEOJP
[BJOTUBMPXBOFHP FMFNFOUV Bǻ EP EPDJǧOJNjDJB
X UFO TQPTÓC V[ZTLB TJNj T[D[FMOF QPƾD[FOJF
FMFNFOUÓX
6X B H B K F ǻ F M J O B M F ǻ Z T L SÓ D J ǀ QS [ F X Ó E
PEQSPXBE[BKƾDZ JMVC LPODFOUSZD[OZ QS[FXÓE
QS[FEVǻBKƾDZ OBMFǻZ QBNJNjUBǀ ǻF XFXONjUS[OZ
QS[FXÓEQPXJOJFOCZǀ[BXT[FEVǻT[ZPNNX
TUPTVOLVEPQS[FXPEV[FXONjUS[OFHP
5FOTQFDKBMOZQS[FXÓEVNPǻMJXJBPEQSPXBE[FOJF
TQBMJOJEPQSPXBE[FOJFQPXJFUS[BOJF[CNjEOFHPEP
TQBMBOJBXQJPOJF
;FTUBXQJPOPXZ[BMVNJOJPXƾQPLSZXƾ‹
VNPǻMJXJB [BJOTUBMPXBOJF LPUB OB UBSBTBDI J
EBDIBDIPOBDIZMFOJVXQS[FE[JBMFPEEP
ž
OBMFǻZ[BXT[FQS[FTUS[FHBǀXZTPLPǧDJNJNjE[Z
LPǝDPXƾQPLSZXƾBQӐQSPêMFNNN
4FUJÉFSJTJOEFBǨBnjEBLJQBSÉBMBSZFSBMNBLUBES
ƧFLJM
BEFU‹
BEBQUÕS
BEFUDPOUB
BEFUQVM
BEFUBMÛNJOZVNUVnjMB
BEFUTBCJUZFSLBQBL
BEFU‹
FNJǨUBIMJZFLPOTBOUSJL
UFSNJOBM
BEFUTFZZBSZBSLBQBL
‹BMVNJOZVNUVnjMBMEJLFZTFU
4FUNPOUBKƧFLJM
‹
BEBQUÕUÛ
UBN PUVSBDBL ǨFLJMEF LPNCJOJO PSUBTO EB ZFS
BMBO EFMJnjF ZFSMFǨUJSJOJ[ $POUBZ BEBQUÕS Û[FSJOEFLBZESBSBLZVWBTOBLBEBSJUJOJ[WFCVOV
NÛUFBLJCFO EBIB ÕODF TÕLNÛǨ PMEVnjVOV[ NFUBM
MFWIBJMF
LBQBnjBTFCJUMFZJOJ[5BLMJUBMÛNJOZVN
UVnjMBOO NPOUBK UVnjMBMBS ZFSJOF BMÛNJOZVN
MFWIBZ
ZFSMFǨUJSJOJ[UBNJǨBSFUMFNFLTVSFUJZMF
ZBnjNVS TVMBSOO BLǨO TBnjMBZO[ "MÛNJOZVN
UVnjMB Û[FSJOF TBCJU ZBS LBQBnj ZFSMFǨUJSJOJ[
WFFNJǨUBIMJZFUFSNJOBMJOJ
UBLO[‹
LPOTBOUSJL UFSNJOBMJ FSLFL UBSBGOEBO EÛ[
BEBQUÕSÛO EJǨJ UBSBGOB DPOUBT JMF CJSMJLUF
UBN PUVSBDBL ǨFLJMEF HFÉJSJOJ[ CV NFZBOEB
HFSFLFO QVMV UBLNǨ PMEVnjVOV[EBO FNJO
PMVOV[CVTVSFUMFUVUVǨWFTFUJPMVǨUVSBOBLTBNO
CJSMFǨUJSJMNFTJTBnjMBONǨPMBDBLUS
r ‹CPSVV[BUNBWFEJSTFLUFTQJUDPOUBMBS
5BIMJZFTJTUFNJOFBJULBOBMMBSBV[BUNBFLMFSJOJO
UBLMNBTIBMJOEFBǨBnjEBLJJǨMFNMFSJOZBQMNBT
HFSFLJS,POTBOUSJLCPSVWFZBIVUEBLPOTBOUSJL
EJSTFnjJO FSLFL UBSBGOEBO EÛ[
CJS FWWFMLJ
QBSÉBOOEJǨJUBSBGOBDPOUBMUBSBG
CBnjMBZO[
CVNFZBOEBHFSFLFOQVMVUBLNǨPMEVnjVOV[EBO
FNJOPMVOV[CVTVSFUMFUVUVǨWFTFUJPMVǨUVSBO
BLTBNOCJSMFǨUJSJMNFTJTBnjMBONǨPMBDBLUS
%JLLBU 5BIJMJZF UFSNJOBMJOJO WFWFZBIVU EB
V[BUNBTOOLTBMUMNBTOOHFSFLNFTJEVSVNVOEB
EBIJMJCPSVOVOIBSJDJCPSVZBPSBOMBNNɏLOUM
PMNBTHFSFLUJnjJOJHÕ[ÕOÛOEFCVMVOEVSVOV[
#V Õ[FM UFSNJOBM EVNBOO UBIMJZFTJ JMF IBWBOO
FNJǨJOJO EJLFZ PMBSBL HFSÉFLMFǨNFTJOF PMOBL
TBnjMBS
"MÛNJOZVNUVnjMBM‹EJLFZTFUUFSBTWFÉBU
HJCJ JMB ž
FnjJNMJ NFLBOMBSB NPOUBK
PMBOBnjTBnjMBSBODBLUFSNJOBMǨBQLBTJMFZBSLBQBL
BSBTOEBLJ NFTBGFZF NN
SJBZFU FUNFL IFS
[BNBOJÉJOǨBSUUS
#VLPOêHÛSBTZPOEBLJEJLFZTFU
8 UFK LPOGJHVSBDKJ [FTUBX QJPOPXZ NPǻF CZǀ
QS[FEVǻPOZEPNBYJNVNNXQJPOJF3ZT
4PVQSBWBPCTBIVKF0CS
LVT3FEVLDFPQSDzNLJSV
LVT5LJTOLJOÎ
LVT3DzßJDF
LVT)MJOÎLPWÃUBØLB
LVT1FWOÝQDzMLVMPWÝEÎM
LVTm,PODFOUSJDLÝLPODPWÝLVTQSPOBTÃWÃOÎB
WÝGVLPQSDzNLJSV
LVTm1PIZCMJWÝQDzMLVMPWÝEÎM
7FSUJLÃMOÎ OBTÃWWÝGVL TPVQSBWB T IMJOÎLPWPV
UBØLPVPQSDzNLJSV
.POUÃßTPVQSBWZ0CS
/BTBDŽUFSFEVLDJP
QSDzNLJSV
BßOBEPSB[OBTUǥFEPWÝPUWPS
LPUMF /BTVǞUF ULJTOLJOÎ QPEÊM SFEVLDF Bß
QPQǥÎTMVØOPVESÃßLVQBLKJVQFWOLJUFLQPLMPQV
QPNPDÎEǥÎWFEFNPOUPWBOÊQMFDIPWÊEFTUJǁLZ
*OTUBMBDFGBMFØOÊIMJOÎLPWÊUBØLZ[BUBØLZWZNLJǞUF
IMJOÎLPWPV EFTLV B WZUWBSVKUF KJ UBL BCZ
PEWÃELJMB EFØǬPWPV WPEV /B IMJOÎLPWPV UBØLV
VNÎTULJUFQDzMLVMPWÝEÎM
B[BTVǞUFLPODPWÝEÎMQSP
OBTÃWÃOÎBWÝGVL
,PODFOUSJDLÝLPODPWÝLVTP
QSDzNLJSV[BTVǞUFBßOBEPSB[WOJUǥOÎTUSBOPV
IMBELPV
EPWOLJKØÎTUSBOZSFEVLDF
TULJTOLJOÎN
T PCSVCPV
/F[BQPNFǞUF QǥFEUÎN OBWMÊLOPVU
PEQPWÎEBKÎDÎSDzßJDJ
5ÎNUP[QDzTPCFNEPTÃIOFUF
EPLPOBMF ULJTOÊIP TQPKFOÎ KFE”OPUMJWÝDI ǁÃTUÎ
TPVQSBWZ
r 1ǥJQPKFOÎQSPEMVßPWBDÎDILVTDzBLPODFOUSJDLÝDI
LPMFO P QSDzNLJSV QPNPDÎ TQPKFL 1ǥJ
JOTUBMBDJ QǥÎQBEOÊIP QSPEMPVßFOÎ QPNPDÎ
TQPKFLLEBMØÎNQSWLDzNLPVǥPWÊIPTZTUÊNVKF
UǥFCB QPTUVQPWBU OÃTMFEPWOLJ ,PODFOUSJDLPV
SPVSVOFCPLPMFOP[BTVǞUFBßOBEPSB[WOJUǥOÎ
TUSBOPVIMBELPV
EPWOLJKØÎTUSBOZTPCSVCPWÝN
ULJTOLJOÎN
EǥÎWF JOTUBMPWBOÊIP QSWLV 5ÎNUP
[QDzTPCFNEPTÃIOFUFEPLPOBMFULJTOÊIPTQPKFOÎ
KFE”OPUMJWÝDIQSWLDz
6QP[PSOLJOÎ ,EZß KF OVUOÊ [LSÃUJU LPODPWÝ
WÝGVLPWÝLVTBOFCPQSPEMVßPWBDÎLPODFOUSJDLPV
SPVSVNVTÎWOJUǥOÎQPUSVCÎWZǁOÎWBUWßEZPNN
W[IMFEFNLWFOLPWOÎNVQPUSVCÎ
5FOUP TQFDJGJDLÝ LPODPWÝ LVT VNPßǞVKF WÝGVL
LPVǥFBOBTÃWÃOÎW[EVDIVOF[CZUOÊIPLFTQBMPWÃOÎ
WFWFSUJLÃMOÎNTNLJSV
7FSUJLÃMOÎTPVQSBWBPQSDzNLJSVTIMJOÎLPWPV
UBØLPVVNPßǞVKFJOTUBMBDJOBUFSBTÃDIBTUǥFDIÃDI
TFTLMPOFNBߞ
QǥJǁFNßWÝØLVNF[J
LPODPWÝN QPLMPQFN B QDzMLVMPWÝN EÎMFN NN
KFUǥFCBWßEZEPESßFU
1-
53
$;
ƾD[OJF[LPǝDÓXLƾ5BLPOêHVSBDKBPEQPXJBEB
XTQӐD[ZOOJLPXJ PQPSV SÓXOFNV 8 UZN
QS[ZQBELVOBMFǻZ[BNÓXJǀTUPTPXOFQS[FEVǻBD[F
[ƾD[LPXF
B[[BNJNFUSFEPnjSVEBOEJLFZPMBSBLV[BUMBCJMJS
ǨFLJM
CVOBUFSNJOBMEFEBIJMEJS
4Õ[ LPOVTV LPOGJHÛSBTZPO EFnjFSJOEF CJS
NVLBWFNFUGBLUÕSÛOFUFLBCÛMFEFS#VEVSVNMBSEB
HFSFLMJV[BUNBMBSOUBMFQFEJMNFTJHFSFLNFLUFEJS
7FSUJLÃMOÎ TPVQSBWV W UÊUP LPOêHVSBDJ KF NPßOÊ
QSPEMPVßJU Bß OB NBYJNÃMOLJ N MJOFÃSOLJ
WFSUJLÃMOLJ 0CS WǁFUOLJ LPODPWÊIP EÎMV
5BUPLPOêHVSBDFPEQPWÎEÃPEQPSPWÊNVGBLUPSVP
IPEOPULJ7UPNUPQǥÎQBELJKFOVUOÊTJPCKFEOBU
QǥÎTMVØOÊQSPEMVßPWBDÎTQPKLPWÊLVTZ
*/45"-"$+",05Š"8
,0/'*(63"$+*5:16i#u
,PDJPi7*$53*9uKFTUGBCSZD[OJF
TLPOêHVSPXBOZXUSZCJFi#uPUXBSUBLPNPSBJ
XZNVT[POZDJƾH
1PXJFUS[FKFTU[BTZTBOFCF[QPǧSFEOJP[
[ QPNJFT[D[FOJB X LUÓSZN KFTU [BJOTUBMPXBOZ
LPDJP [B QPNPDƾ TUPTPXOZDI PUXPSÓX
[OBKEVKƾDZDI TJNj X UZMOFK D[NjǧDJ LPUB B
PEQSPXBE[BOJFTQBMJO[BDIPE[JEPQPKFEZOD[FHP
LBOBV MVC CF[QPǧSFEOJP OB [FXOƾUS[ 5BL
TLPOêHVSPXBOZLPDJPOBMFǻZEPUZQV#
8UFKLPOêHVSBDKJ
,0.#ƻ/ƻ/i#u5ƻ1ƻ
,0/'ƻ(¾3"4:0/%".0/5"+*
i7*$53*9 u LPNCJMFS GBCSJLB ɏLǨOEB
i#u LPOGJHÛSBTZPOEBESMBS BɏL IB[OFMJ WF
HÛÉMFOEJSJMNJǨFNJǨMJ
)BWBOO FNJMJǨJ EPnjSVEBO EPnjSVZB LPNCJOJO
NPOUF FEJMNJǨ PMEVnjV NFLBOEBO WF LPNCJ
DJIB[OO TSU LTNOEB ZFS BMBO Õ[FM EFMJLMFS
WBTUBTZMB HFSÉFLMFǨJS EVNBOMBSO UBIJMJZFTJ
JTF UFLMJ CBDB WFZBIVU EB EPnjSVEBO EǨBS BUN
TVSFUJZMF PMVS #V LPOêHÛSBTZPOEBLJ LPNCJ #
PMBSBLTOëBOESMS
#VLPOêHÛSBTZPOVOÕ[FMMJLMFSJ
*/45"-"$&,05-&7,0/'*(63"$*
5:16i#u
,PUFMi7*$53*9uPEDIÃ[Î[WÝSPCZWLPOêHVSBDJ
UZQVi#uPUFWǥFOÃLPNPSBBOVDFOÝUBI
7[EVDIKFOBTÃWÃOQǥÎNP[QSPTUǥFEÎLEFKFLPUFM
JOTUBMPWÃOTLS[QǥÎTMVØOÊØULJSCJOZOB[BEOÎTUSBOLJ
LPUMFBLPVǥKFPEWÃELJOEPKFEOPEVDIÊIPLPNÎOB
OFCPQǥÎNPEPWFOLPWOÎIPQSPTUǥFEÎ,PUFMWUÊUP
LPOêHVSBDJKFLMBTJêLPWÃOKBLPUZQ#
6UÊUPLPOêHVSBDF
KFW[EVDIOBTÃWÃOQǥÎNP[QSPTUǥFEÎLEFKFLPUFM
JOTUBMPWÃO
IBWB FNJǨJ EPnjSVEBO EPnjSVZB DJIB[O NPOUF
FEJMNJǨPMEVnjVNFLBOEBOTBnjMBOS
LPVǥ KF UǥFCB PEWÃELJU WMBTUOÎN KFEOPEVDIÝN
LPNÎOFNOFCPQǥÎNPEPWFOLPWOÎBUNPTGÊSZ
MXZMPU TQBMJO QPXJOJFO CZǀ QPEƾD[POZ
EPXBTOFHP QPKFEZOD[FHP LBOBV MVC
CF[QPǧSFEOJPPEQSPXBE[POZOB[FXOƾUS[
EVNBOUBIMJZFCBDBTOONÛOGFSJUWFCBnjNT[
CJSCBDBZBWFZBIVUEBEPnjSVEBOBɏLBUNPTGFSF
WFSJMNFTJHFSFLJS
LPUZ[PUXBSUƾLPNPSƾUZQV#OJFQPXJOOZCZǀ
JOTUBMPXBOFXQPNJFT[D[FOJBDIXLUÓSZDINB
NJFKTDF E[JBBMOPǧǀ IBOEMPXB S[FNJFǧMOJD[B
MVC QS[FNZTPXB QPED[BT LUÓSFK XZLPS[ZTUVKF
TJNj TVCTUBODKF LUÓSF NPHƾ XZUXPS[Zǀ PQBSZ
MVC TVCTUBODKF MPUOF OQ LXBTZ LMFKF MBLJFSZ
SP[QVT[D[BMOJLJ QBMJXB JUQ
PSB[ TVCTUBODKF
QSPT[LPXF OQ LVS[ QPXTUBKƾDZ X USBLDJF
PCSÓCLJESFXOBPTBEXNjHMPXZQZDFNFOUPXZ
JUQ
LUÓSFNPHZCZVT[LPE[JǀLPNQPOFOUZLPUB
JOFHBUZXOJFXQZOƾǀOBKFHPE[JBBOJF
i#uUJQJBɏLIB[OFMJLPNCJDJIB[MBSOODJIB[B
TJSBZFU FEFSFL TBnjMLM ÉBMǨNBTO PMVNTV[
PMBSBLFULJMFZFCJMFDFLCVIBSZBZDWFZBIVUEB
VÉVDV NBUFSZBMMFSJO ÕSOFnjJO BTJU CVIBSMBS
UVULBMMBSWFSOJLWFCPZBMBSTPMWFOUMFSZBODMBS
WT
WFUP[MBSOÕSOFnjJOBIǨBQJǨMFNFMFSJOEFO
ɏLBOUBMBǨWFCFO[FSUP[MBSLBSCPOWFÉJNBOUP
UP[VWT
LVMMBOMEnjUJDBSJTBOBUTBMWFZBIVUEB
FOEÛTUSJZFMGBBMJZFUMFSJOZÛSÛUÛMEÛnjÛNFLBOMBSB
NPOUFFEJMNFNFTJHFSFLNFLUFEJS
,PUMF T PUFWǥFOPV LPNPSPV UZQV # OFTNÎ CÝU
JOTUBMPWÃOZ W NÎTUOPTUFDI LEF KF WZWÎKFOB
QSDzNZTMPWÃǁJOOPTUVNLJMFDLÃOFCPLPNFSǁOÎ
ǁJOOPTU QǥJ LUFSÊ W[OJLBKÎ WÝQBSZ OFCP ULJLBWÊ
MÃULZ WÝQBSZ LZTFMJO MFQJEFM CBSFW ǥFEJEFM
IPǥMBWJO BQPE
OFCP QSBDI OBQǥ QSBDI
QPDIÃ[FKÎDÎ[F[QSBDPWÃOÎEǥFWBVIFMOÝQSBDI
DFNFOUPWÝ QSBDI BQPE
LUFSÊ NPIPV ØLPEJU
QSWLDzN[BǥÎ[FOÎBOBSVØJUKFIPǁJOOPTU
QPXJFUS[F KFTU [BTZTBOF CF[QPǧSFEOJP[
QPNJFT[D[FOJB X LUÓSZN KFTU [BJOTUBMPXBOZ
LPDJP
;FTUBXQJPOPXZ‹
.POUBǻ[FTUBXV3ZT
;BJOTUBMPXBǀLPǝDÓXLNj
‹
XDFOUSBMOZNPUXPS[FLPUBVQFXOJBKƾD
TJNjǻF[PTUBBXD[FǧOJFK[BPǻPOBTUPTPXOBSP[FUB
X UFO TQPTÓC V[ZTLB TJNj T[D[FMOF QPƾD[FOJF
FMFNFOUÓXTLBEPXZDI[FTUBXV
r 1PEƾD[FOJF EP [ƾD[B SVS QS[FEVǻBKƾDZDI
JLPMBOFL "CZ [BJOTUBMPXBǀ FXFOUVBMOF
QS[FEVǻBD[F EP [ƾD[LJ [ JOOZNJ FMFNFOUBNJ
JOTUBMBDKJ LPNJOPXFKOBMFǻZ QPTUNjQPXBǀ KBL
QPOJǻFK QPƾD[Zǀ QS[FXÓE MVCLPMBOLP TUSPOƾ
NNjTLƾHBELƾ
[FTUSPOƾǻFǝTLƾ[BJOTUBMPXBOFHP
XD[FǧOJFK FMFNFOUV [B QPNPDƾ VT[D[FMFL
XBSHPXZDI
XUFOTQPTÓCV[ZTLBTJNjT[D[FMOF
QPƾD[FOJFFMFNFOUÓXTLBEPXZDI[FTUBXV
;FTUBXPCFKNVKF3ZT
/S3P[FUB
/Sm1S[FXÓEXZMPUPXZ‹
‹EJLFZTFU
4FUNPOUBKƧFLJM
‹
UFSNJOBMJLPN
CJOJOPSUBTOEBZFSBMOEFMJnjFUBNPSVSBDBLǨFLJMEF
ZFSMFǨUJSJOJ[CV TVSFUMF UVUVǨ WF TFUJ PMVǨUVSBO
BLTBNOCJSMFǨUJSJMNFTJTBnjMBONǨPMBDBLUS
r 6[BUNB CPSVMBS WF EJSTFLMFS JÉJO HFÉNFMJ UJQ
DPOUB 5BIMJZF TJTUFNJOF BJU LBOBMMBSB V[BUNB
FLMFSJOJOUBLMNBTIBMJOEFBǨBnjEBLJJǨMFNMFSJO
ZBQMNBT HFSFLJS 5BIMJZF CPSVTVOV WFZBIVU
EB EJSTFnjJO FSLFL UBSBGOEBO EÛ[
CJS FWWFMLJ
QBSÉBOOEJǨJUBSBGOBDPOUBMUBSBG
CBnjMBZO[
CVNFZBOEBHFSFLFOQVMVUBLNǨPMEVnjVOV[EBO
FNJOPMVOV[CVTVSFUMFUVUVǨWFTFUJPMVǨUVSBO
BLTBNOCJSMFǨUJSJMNFTJTBnjMBONǨPMBDBLUS
4FUJÉFSJTJOEFBǨBnjEBLJQBSÉBMBSZFSBMNBLUBES
ƧFLJM
BEFUQVM
BEFU‹
UBIMJZFUFSNJOBMJ
7FSUJLÃMOÎTPVQSBWBPQSDzNLJSV
.POUÃß TPVQSBWZ 0CS ,PODPWÝ LVT P
QSDzNLJSV [BTVǞUF Bß OB EPSB[ TUǥFEPWÊIP
PUWPSV LPUMF /F[BQPNFǞUF QǥFEUÎN OBWMÊLOPVU
QǥÎTMVØOPVSDzßJDJ
5ÎNUP[QDzTPCFNEPTÃIOFUF
EPLPOBMF ULJTOÊIP TQPKFOÎ KFE”OPUMJWÝDI ǁÃTUÎ
TPVQSBWZ
r 1ǥJQPKFOÎQSPEMVßPWBDÎIPQPUSVCÎBLPMFOQPNPDÎ
TQPKFL 1ǥJ JOTUBMBDJ QǥÎQBEOÊIP QSPEMPVßFOÎ
QPNPDÎ TQPKFL L EBMØÎN QSWLDzN LPVǥPWÊIP
TZTUÊNV KF UǥFCB QPTUVQPWBU OÃTMFEPWOLJ
7ÝGVLPWPV SPVSV OFCP LPMFOP [BTVǞUF Bß OB
EPSB[WOJUǥOÎTUSBOPVIMBELPV
EPWOLJKØÎTUSBOZ
T PLSBKPWÝN ULJTOLJOÎN
EǥÎWF JOTUBMPWBOÊIP
QSWLV 5ÎNUP [QDzTPCFN EPTÃIOFUF EPLPOBMF
ULJTOÊIPTQPKFOÎKFE”OPUMJWÝDIQSWLDz
4PVQSBWBPCTBIVKF0CS
LVT3DzßJDF
LVTm,PODPWÝLVTPQSDzNLJSV
#
#
.",4:."-/"%Š6(0Ʀſ
";".ƻ6;6/-6,
."9*.¦-/±%­-,"
.",4*."-/"%0-Â*/"
."9*.¦-*4)044;¼4¦(
."9*.6.-&/(5)
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
1-
53
$;
r 1S[FEVǻBD[F EMB [FTUBXV XZMPUPXFHP
QP[JPNFHP.BLTZNBMOBEVHPǧǀQSPTUPMJOJPXB
CF[ [BLSNjUÓX
X QJPOJF EMB QS[FXPEÓX
XZMPUPXZDI‹XZOPTJN3ZT
r %JLFZUBIMJZFTFUMFSJJÉJOV[BUNBMBS‹UBIMJZF
CPSVMBSJÉJOEJLFZEÛ[B[BNJV[VOMVLEJSTFLTJ[
NFUSFEJSǨFLJM
r 1SPEMVßPWBDÎ EÎMZ QSP WÝGVLPWPV WFSUJLÃMOÎ
TPVQSBWV .BYJNÃMOÎ TWJTMÃ MJOFÃSOÎ EÊMLB
CF[[ÃIZCDz
QPVßJUFMOÃQSPWÝGVLPWÊSPVSZP
QSDzNLJSVKFNFUSDz0CS
:BONB NBEEFMFSJOJO EPnjSVEBO UBIMJZFTJ JÉJO ‹
EJLFZ UFSNJOBM LVMMBON IBMJOEF UFSNJOBMJO
LTBMUMNBTHFSFLJSǨFLJMEFCFMJSUJMFOPSBOMBSB
CBLO[
CVEVSVNEBEBT[ESNB[MLIBMLBTOO
LPNCJLBQBnjOBUBNPUVSBDBLǨFLJMEFUBLMBSBL
LVMMBOMNBTHFSFLJS
;BPǻZǀQS[FXÓEQJPOPXZ‹EPCF[QPǧSFEOJFHP
PEQSPXBE[BOJB TQBMJO OBMFǻZ TLSÓDJǀ QS[FXÓE
QBUS[XZNJBSZSZT
SÓXOJFǻXUZNQS[ZQBELV
OBMFǻZ [BJOTUBMPXBǀ SP[FUNj VT[D[FMOJBKƾDƾ
EPDJTLBKƾDKƾEPQPLSZXZLPUB
%VWBSEBOUBIMJZFMJ‹ZBUBZTFU
4FUNPOUBKƧFLJM
‹
EJSTFnjJFSLFL
EÛ[
UBSBGOEBO UBN PUVSBOB LBEBS LPNCJOJO
PSUBTOEBZFSBMBOEFMJnjFZFSMFǨUJSJOJ[
5BIMJZF UFSNJOBMJOJ FSLFL UBSBGOEBO EÛ[
EJSTFnjJO EJǨJ UBSBGOB UBN PUVSBDBL ǨFLJMEF
HFÉJSJOJ[ CV NFZBOEB HFSFLFO EBIJMJ WF
IBSJDJ QVMV UBLNǨ PMEVnjVOV[EBO FNJO
PMVOV[CVTVSFUMFUVUVǨWFTFUJPMVǨUVSBOBLTBNO
CJSMFǨUJSJMNFTJTBnjMBONǨPMBDBLUS
r 6[BUNB CPSVMBS WF EJSTFLMFS JÉJO HFÉNFMJ UJQ
DPOUB 5BIMJZF TJTUFNJOF BJU LBOBMMBSB V[BUNB
FLMFSJOJOUBLMNBTIBMJOEFBǨBnjEBLJJǨMFNMFSJO
ZBQMNBT HFSFLJS 5BIMJZF CPSVTVOV WFZBIVU
EB EJSTFnjJO FSLFL UBSBGOEBO EÛ[
CJS FWWFMLJ
QBSÉBOOEJǨJUBSBGOBDPOUBMUBSBG
CBnjMBZO[
CVNFZBOEBHFSFLFOQVMVUBLNǨPMEVnjVOV[EBO
FNJOPMVOV[CVTVSFUMFUVUVǨWFTFUJPMVǨUVSBO
BLTBNOCJSMFǨUJSJMNFTJTBnjMBONǨPMBDBLUS
;FTUBXQP[JPNZ‹[XZMPUFNǧDJFOOZN
.POUBǻ[FTUBXV3ZT
;BJOTUBMPXBǀLPMBOLP
‹ TUSPOƾ NNjTLƾ HBELƾ
OB DFOUSBMOZN
PUXPS[F LPUB EPCS[F KF EPDJTLBKƾD 1PƾD[Zǀ
QS[FXÓE XZMPUPXZ TUSPOƾ NNjTLƾ HBELƾ
[F
TUSPOƾǻFǝTLƾLPMBOLB
VQFXOJBKƾDTJNjǻF[PTUBB
XD[FǧOJFK[BPǻPOBTUPTPXOBSP[FUBXFXONjUS[OB
J[FXONjUS[OB
XUFOTQPTÓCV[ZTLBTJNjT[D[FMOF
QPƾD[FOJFFMFNFOUÓXTLBEPXZDI[FTUBXV
r 1PEƾD[FOJF EP [ƾD[B SVS QS[FEVǻBKƾDZDI
J LPMBOFL "CZ [BJOTUBMPXBǀ FXFOUVBMOF
QS[FEVǻBD[FEP[ƾD[LJ[JOOZNJFMFNFOUBNJ
JOTUBMBDKJ LPNJOPXFK OBMFǻZ QPTUNjQPXBǀ KBL
QPOJǻFKQPƾD[ZǀQS[FXÓEMVCLPMBOLPTUSPOƾ
NNjTLƾHBELƾ
[FTUSPOƾǻFǝTLƾ[BJOTUBMPXBOFHP
XD[FǧOJFK FMFNFOUV [B QPNPDƾ VT[D[FMFL
XBSHPXZDI
XUFOTQPTÓCV[ZTLBTJNjT[D[FMOF
QPƾD[FOJFFMFNFOUÓXTLBEPXZDI[FTUBXV
;FTUBXQP[JPNZ‹[XZMPUFNEPLBOBV
EZNOFHP
.POUBǻ[FTUBXV3ZT
;BJOTUBMPXBǀLPMBOLP
‹ TUSPOƾ NNjTLƾ HBELƾ
OB DFOUSBMOZN
PUXPS[F LPUB EPCS[F KF EPDJTLBKƾD ;BPǻZǀ
QS[FXÓEXZMPUPXZ
TUSPOƾNNjTLƾHBELƾ
EP
TUSPOZǻFǝTLJFK
EPCS[FEPDJTLBKƾDVQFXOJBKƾD
TJNj ǻF XFXONjUS[OB SP[FUB [PTUBB KVǻ XD[FǧOJFK
[BJOTUBMPXBOB X UFO TQPTÓC V[ZTLB TJNj T[D[FMOF
QPƾD[FOJFFMFNFOUÓXTLBEPXZDI[FTUBXV
r 1PEƾD[FOJF EP [ƾD[B SVS QS[FEVǻBKƾDZDI
J LPMBOFL "CZ [BJOTUBMPXBǀ FXFOUVBMOF
QS[FEVǻBD[F EP [ƾD[LJ [ JOOZNJ FMFNFOUBNJ
JOTUBMBDKJ LPNJOPXFK OBMFǻZ QPTUNjQPXBǀ KBL
QPOJǻFKQPƾD[ZǀQS[FXÓEMVCLPMBOLPTUSPOƾ
NNjTLƾHBELƾ
[FTUSPOƾǻFǝTLƾ[BJOTUBMPXBOFHP
XD[FǧOJFK FMFNFOUV [B QPNPDƾ VT[D[FMFL
XBSHPXZDI
XUFOTQPTÓCV[ZTLBTJNjT[D[FMOF
QPƾD[FOJFFMFNFOUÓXTLBEPXZDI[FTUBXV
#BDBEBOUBIMJZFMJ‹ZBUBZTFU4FUNPOUBKƧFLJM
‹ EJSTFnjJ FSLFL EÛ[
UBSBGOEBO
UBN PUVSBOB LBEBS LPNCJOJO PSUBTOEB ZFS BMBO
EFMJnjF ZFSMFǨUJSJOJ[ 5BIMJZF UFSNJOBMJOJ FSLFL
UBSBGOEBO EÛ[
EJSTFnjJO EJǨJ UBSBGOB UBN
PUVSBDBL ǨFLJMEF HFÉJSJOJ[ CV NFZBOEB HFSFLFO
EBIJMJ QVMV UBLNǨ PMEVnjVOV[EBO FNJO
PMVOV[CVTVSFUMFUVUVǨWFTFUJPMVǨUVSBOBLTBNO
CJSMFǨUJSJMNFTJTBnjMBONǨPMBDBLUS
r 6[BUNB CPSVMBS WF EJSTFLMFS JÉJO HFÉNFMJ UJQ
DPOUB 5BIMJZF TJTUFNJOF BJU LBOBMMBSB V[BUNB
FLMFSJOJOUBLMNBTIBMJOEFBǨBnjEBLJJǨMFNMFSJO
ZBQMNBT HFSFLJS 5BIMJZF CPSVTVOV WFZBIVU
EB EJSTFnjJO FSLFL UBSBGOEBO EÛ[
CJS FWWFMLJ
QBSÉBOOEJǨJUBSBGOBDPOUBMUBSBG
CBnjMBZO[
CVNFZBOEBHFSFLFOQVMVUBLNǨPMEVnjVOV[EBO
FNJOPMVOV[CVTVSFUMFUVUVǨWFTFUJPMVǨUVSBO
BLTBNOCJSMFǨUJSJMNFTJTBnjMBONǨPMBDBLUS
r 5BIMJZF TFUMFSJ JÉJO V[BUNBMBS ‹ UBIMJZF
CPSVMBSJÉJOZBUBZEÛ[B[BNJV[VOMVLUBIMJZFEF
EJSTFLMJ
NFUSFEJSǨFLJM
r 1S[FEVǻBD[F EMB [FTUBXV XZMPUPXFHP
.BLTZNBMOBEVHPǧǀQSPTUPMJOJPXB[LPMBOLJFN
XZMPUPXZN
X QP[JPNJF EMB QS[FXPEÓX
XZMPUPXZDI‹XZOPTJN3ZT
/ P U U B I M J Z F L B O B M M B S  O E B P M V Ǩ N B T 
NVIUFNFM LPOEFOTBTZPOVO EǨBS BUMNOO
LPMBZMBǨUSMBCJMNFTJ JÉJO CPSVMBSO LPNCJ
JTUJLBNFUJOEF BTHBSJ FnjJNMJ PMNBT
HFSFLNFLUFEJS‹CPSVMBSONPOUBKFTOBTOEB
IFS NFUSFEF CJS EÛCFMMFNFL TVSFUJZMF UVUVDV
LFMFQÉFLVMMBOMNBTHFSFLNFLUFEJS
/# X DFMV VBUXJFOJB VTVXBOJB FXFOUVBMOZDI
TLSPQMJO UXPS[ƾDZDI TJNj XFXOƾUS[ QS[FXPEV
XZMPUPXFHPOBMFǻZOBDIZMJǀQS[FXPEZXLJFSVOLV
LPUB[NJOJNBMOZNOBDIZMFOJFNSÓXOZN
8 USBLDJF JOTUBMBDKJ QS[FXPEÓX ‹ OBMFǻZ
[BJOTUBMPXBǀDPNFUSZ[BDJTL[LPLJFN
;FTUBXPCFKNVKF3ZT
/Sm,PMBOLPž‹
/Sm1S[FXÓEXZMPUPXZ‹
/Sm3P[FUBXFXONjUS[OB
/Sm3P[FUB[FXONjUS[OB
8:-05
4FUJÉFSJTJOEFBǨBnjEBLJQBSÉBMBSZFSBMNBLUBES
ƧFLJM
BEFUž‹
EJSTFL
BEFU‹
UBIMJZFUFSNJOBMJ
BEFUEBIJMJQVM
BEFUIBSJDJQVM
5")-ƻ:&
1ǥJQPVßJUÎWFSUJLÃMOÎIPLPODPWÊIPLVTVPQSDzNLJSV
‹QSPQǥÎNÝPEWPETQBMJOKFOVUOÊLPODPWÝLVT
[LSÃUJUWJ[SP[NLJSZOBPCS
JWUPNUPQǥÎQBELJ
KFUǥFCBOBTVOPVUULJTOJDÎSDzßJDJ
BßOBEPSB[OB
QPLMPQLPUMF
)PSJ[POUÃMOÎTPVQSBWBPQSDzNLJSVTWÝGVLFN
OBTULJOV
.POUÃß TPVQSBWZ 0CS ;BTVǞUF LPMFOP P
QSDzNLJSV WOJUǥOÎ TUSBOPV IMBELPV
Bß OB
EPSB[OBTUǥFEPWÝPUWPSLPUMF
7ÝGVLPWÝ LPODPWÝ LVT [BTVǞUF Bß OB EPSB[
WOJUǥOÎ TUSBOPV IMBELPV
EP WOLJKØÎ TUSBOZ /F[BQPNFǞUFQǥFEUÎNWMPßJUPEQPWÎEBKÎDÎWOJUǥOÎ
BWOLJKØÎ
SDzßJDJ5ÎNUP[QDzTPCFNEPTÃIOFUF
EPLPOBMF ULJTOÊIP TQPKFOÎ KFE”OPUMJWÝDI ǁÃTUÎ
TPVQSBWZ
r 1ǥJQPKFOÎQSPEMVßPWBDÎIPQPUSVCÎBLPMFOQPNPDÎ
TQPKFL 1ǥJ JOTUBMBDJ QǥÎQBEOÊIP QSPEMPVßFOÎ
QPNPDÎ TQPKFL L EBMØÎN QSWLDzN LPVǥPWÊIP
TZTUÊNV KF UǥFCB QPTUVQPWBU OÃTMFEPWOLJ
7ÝGVLPWPV SPVSV OFCP LPMFOP [BTVǞUF Bß OB
EPSB[WOJUǥOÎTUSBOPVIMBELPV
EPWOLJKØÎTUSBOZ
T PLSBKPWÝN ULJTOLJOÎN
EǥÎWF JOTUBMPWBOÊIP
QSWLV 5ÎNUP [QDzTPCFN EPTÃIOFUF EPLPOBMF
ULJTOÊIPTQPKFOÎKFE”OPUMJWÝDIQSWLDz
)PSJ[POUÃMOÎTPVQSBWBPQSDzNLJSVTWÝWPEFN
EP LPVǥPWPEV.POUÃß TPVQSBWZ 0CS ;BTVǞUFLPMFOPPQSDzNLJSV
WOJUǥOÎTUSBOPV
IMBELPV
Bß OB EPSB[ OB TUǥFEPWÝ PUWPS LPUMF
7ÝGVLPWPVSPVSV
[BTVǞUFBßOBEPSB[WOJUǥOÎ
TUSBOPVIMBELPV
EPWOLJKØÎTUSBOZ
/F[BQPNFǞUF
QǥFEUÎNWMPßJUWOJUǥOÎSDzßJDJ
5ÎNUP[QDzTPCFN
EPTÃIOFUFEPLPOBMFULJTOÊIPTQPKFOÎKFE”OPUMJWÝDI
ǁÃTUÎTPVQSBWZ
r 1ǥJQPKFOÎQSPEMVßPWBDÎIPQPUSVCÎBLPMFOQPNPDÎ
TQPKFL 1ǥJ JOTUBMBDJ QǥÎQBEOÊIP QSPEMPVßFOÎ
QPNPDÎ TQPKFL L EBMØÎN QSWLDzN LPVǥPWÊIP
TZTUÊNV KF UǥFCB QPTUVQPWBU OÃTMFEPWOLJ
7ÝGVLPWPV SPVSV OFCP LPMFOP [BTVǞUF Bß OB
EPSB[WOJUǥOÎTUSBOPVIMBELPV
EPWOLJKØÎTUSBOZ
T PLSBKPWÝN ULJTOLJOÎN
EǥÎWF JOTUBMPWBOÊIP
QSWLV 5ÎNUP [QDzTPCFN EPTÃIOFUF EPLPOBMF
ULJTOÊIPTQPKFOÎKFE”OPUMJWÝDIQSWLDz
r 1SPEMVßPWBDÎ EÎMZ QSP WÝGVLPWPV TPVQSBWV
.BYJNÃMOÎWPEPSPWOÃMJOFÃSOÎEÊMLBTLPMFOFN
OB WÝGVLV
QPVßJUFMOÃ QSP WÝGVLPWÊ SPVSZ P
QSDzNLJSVKFNFUSDz0CS
1P[OÃNLB"CZTUFOBQPNPIMJFMJNJOBDJQǥÎQBEOÊIP
LPOEFO[ÃUVLUFSÝTFUWPǥÎWFWÝGVLPWÊNQPUSVCÎ
KF OVUOÊ OBLMPOJU QPUSVCÎ WF TNLJSV LPUMF T
NJOJNÃMOÎN TLMPOFN 1ǥJ JOTUBMBDJ QPUSVCÎ
PQSDzNLJSVKFOVUOÊLBßEÊUǥJNFUSZJOTUBMPWBU
UBIPWÝQÃTTINPßEJOLPV
4PVQSBWBPCTBIVKF0CS
LVT,PMFOPžPQSDzNLJSV
LVTm,PODPWÝLVTPQSDzNLJSV
LVTm7OJUǥOÎSDzßJDF
LVTm7OLJKØÎSDzßJDF
7À'6,
#
#
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
4$"3
*$0
1-
53
$;
#
#
4$"3
*$0
юя
юя
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
;FTUBXPCFKNVKF3ZT
/Sm,PMBOLPž‹
/Sm1S[FXÓEXZMPUPXZ‹
/Sm3P[FUBXFXONjUS[OB
8:-05
-FHFOEB3ZT
.JOJNBMOFOBDIZMFOJF
%VHPǧǀNBYN
036308"/*&*45/*&+Ž$:$)
,0.*/¶8
0SVSPXBOJF QPMFHB OB XZLPOBOJV OPXFHP
TZTUFNVPEQSPXBE[BOJBTQBMJOLPUBHB[PXFHPX
SBNBDIQS[FCVEPXZJTUOJFKƾDFHPTZTUFNVJQS[F[
[BJOTUBMPXBOJF KFEOFHP MVC XJNjDFK TQFDKBMOZDI
QS[FXPEÓX QPD[ƾXT[Z PE JTUOJFKƾDFHP LPNJOLB
MVCLBOBVEZNOFHP
MVCPEPUXPSVUFDIOJD[OFHP
%P PSVSPXBOJB QPXJOOZ CZǀ VǻZUF QS[FXPEZ
QPTJBEBKƾDFBUFTUQSPEVDFOUBEFLMBSVKƾDFHPǻFTƾ
POFTUPTPXOFEPUFHPDFMV[[BDIPXBOJFNUSZCV
NPOUBǻVJXZLPS[ZTUBOJBQPEBOFHPQS[F[TBNFHP
QSPEVDFOUBPSB[TUPTPXOZDIQS[FQJTÓX
4ZTUFNPSVSPXBOJB*NNFSHBT‹
4ZTUFN PSVSPXBOJB ‹ HJNjULJFHP i4FSJB
[JFMPOBu QPXJOJFO CZǀ VǻZXBOZ UZMLP EP LPUÓX
LPOEFOTBDZKOZDI*NNFSHBT
8 LBǻEZN SB[JF [BCJFHJ PSVSPXBOJB QPXJOOZ
TQFOJBǀ NBKƾDF [BTUPTPXBOJF QS[FQJTZ PSB[
PCPXJƾ[VKƾDFOPSNZUFDIOJD[OFXT[D[FHÓMOPǧDJ
QP [BLPǝD[FOJV QSBDX DIXJMJ PEEBOJB EP
FLTQMPBUBDKJTZTUFNVPSVSPXBOJBOBMFǻZXZQFOJǀ
EFLMBSBDKNj[HPEOPǧDJ1POBEUPOBMFǻZQS[FTUS[FHBǀ
[BMFDFǝ EPUZD[ƾDZDI QSPKFLUV MVC TQSBXP[EBOJB
UFDIOJD[OFHP X QS[ZQBELBDI QS[FXJE[JBOZDI
QS[F[QS[FQJTZJPCPXJƾ[VKƾDFOPSNZUFDIOJD[OF
4ZTUFNMVCLPNQPOFOUZTZTUFNVNBKƾǻZXPUOPǧǀ
UFDIOJD[Oƾ[HPEOƾ[PCPXJƾ[VKƾDZNJQS[FQJTBNJ
QPEXBSVOLJFNǻF
CNjE[JF XZLPS[ZTUBOZ X ǧSFEOJDI XBSVOLBDI
BUNPTGFSZD[OZDIJǧSPEPXJTLPXZDIKBLQPEBOP
X PCPXJƾ[VKƾDZDI QS[FQJTBDI CSBL PQBSÓX
LVS[VMVCHB[ÓXNPHƾDZDI[NJFOJǀOPSNBMOF
XBSVOLJUFSNPê[ZD[OFMVCDIJNJD[OFPCFDOPǧǀ
UFNQFSBUVSZVUS[ZNVKƾDFKTJNjXTUBOEBSEPXZN
QS[FE[JBMFE[JFOOFK[NJBOZJUQ
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
4FUJÉFSJTJOEFBǨBnjEBLJQBSÉBMBSZFSBMNBLUBES
ƧFLJM
BEFUž‹
EJSTFL
BEFU‹
UBIMJZFCPSVTV
BEFUEBIJMJQVM
5")-ƻ:&
"ɏLMBNBMBSƧFLJM
"THBSJFnjJN
"[BNJ6[VOMVLN
.&7$65#"$"-"3"#036
%¸Ƨ&/.&4ƻ
#PSVEÕǨFONFTJJǨMFNJCJSTJTUFNJOZFOJEFONFTJ
WFZBIVUEBUBNJSJBǨBNBTOEBHB[MBÉBMǨSDJIB[MBSO
BUL ZBONǨ NBEEF UBIMJZFTJ JÉJO NFWDVU CJS
CBDBEBOEVNBOÉFLJǨEÛ[FOFnjJ
WFZBIVUEBUFLOJL
CJS EFMJLUFO CBǨMBOBSBL CPSV EÕǨFNF JǨMFNJOJO
ZBQMNBTES
#PSVEÕǨFNFJǨMFNMFSJFTOBTOEBZÛSMÛLUFLJZBTBM
EÛ[FOMFNFMFSJOZBOTSBTUBOEBSUMBSJMFLVMMBONWF
NPOUBKJÉJO¾SFUJDJUBSBGOEBOTVOVMBOUBMJNBUMBSB
SJBZFUFEJMNFTJHFSFLNFLUFEJS
‹ ƻNNFSHBT C PS V E ÕǨ FNF TJTUFNJ
i:FǨJM4FSJu‹FTOFLCPSVEÕǨFNFTJTUFNJOJOZBMO[DB
ƻNNFSHBT ZPnjVǨNBM LPNCJMFSJJMFLVMMBOMNBT
HFSFLJS
)FS IBMJ LBSB CPSV EÕǨFNF JǨMFNMFSJOEF
ZÛSÛSMÛLUFLJ ZBTBM EÛ[FOMFNFMFS JMF TUBOEBSUMBSB
SJBZFUFUEJMNFTJOJOZBOTSBÕ[FMMJLMFEFJǨMFNMFSJO
IJUBNOEB WF DJIB[O ÉBMǨUSNB BǨBNBTOEBO
FWWFM VZHVOMVL CFZBOOO UBO[JN FEJMNFTJ
HFSFLNFLUFEJS
"ZSDBQSPKFMFOEJSNFCJMHJMFSJOJOZBOTSBUFLOJL
VZHVMBNBMBSJMFJMHJMJCJMHJMFSJOEFZÛSÛMÛLUFLJZBTBM
EÛ[FOMFNFWFTUBOEBSUMBSVZBSODBGFSJOFHFUJSJMNFTJ
HFSFLJS"ǨBnjEBLJǨBSUMBSOTBnjMBONBTLPǨVMVZMB
HFSFLF TJTUFNJO WF HFSFLTF BLTBNOO UFLOJL
CJS IJ[NFU ÕNSÛOÛO PMEVnjVOVO VOVUVMNBNBT
HFSFLNFLUFEJS
ZÛSÛSMÛLUFLJ ZBTBM EÛ[FOMFNF WF TUBEBSUMBSO
ÕOHÕSEÛnjÛÛ[FSFPSUBTFWJZFPSUBNWFBUNPTGFS
ǨBSUMBSOEB LVMMBOMNBT UFSNPGJ[JL WFZBIVU
EB LJNZBTBM ǨBSUMBS Û[FSJOEF EFnjJǨJNF OFEFO
PMNBTNVIUFNFMEVNBOUP[WFZBIVUEBHB[MBSO
CVMVONBNBTHÛOMÛLTUBOEBSUTTEFnjJǨJNMFSJ
TOSMBSJÉFSJTJOEFLBMONBTWT
4PVQSBWBPCTBIVKF0CS
LVT,PMFOPžPQSDzNLJSV
LVTm7ÝGVLPWÃSPVSBPQSDzNLJSV
LVTm7OJUǥOÎSDzßJDF
-FHFOEB0CS
.JOJNÃMOÎTLMPO
.BYJNÃMOÎEÊMLBN
7:7&%&/±41"-*/%0&9*456+±$±$)
,0.±/Ʊ
*OUVCBDF OF[CZUOÃ L WZWFEFOÎ TQBMJO KF PQFSBDÎ
KÎß TF W SÃNDJ SFLPOTUSVLDF TZTUÊNV TQPMV TF
[BWFEFOÎN KFEOÊ OFCP EWPV SPVS WZUWPǥÎ OPWÝ
TZTUÊN QSP PEWPE TQBMJO [ QMZOPWÊIP LPUMF
TUÃWBKÎDÎIP LPNÎOB OFCP LPVǥPWPEV
OFCP [
UFDIOJDLÊIPQSDzEVDIV,JOUVCBDJKFOVUOÊQPVßÎU
QPUSVCÎLUFSÊWÝSPCDFV[OÃWÃ[BWIPEOÊQSPUFOUP
ÙǁFMQPEMF[QDzTPCVJOTUBMBDFBQPVßJUÎLUFSÊVWÃEÎ
BQMBUOÝDIQǥFEQJTDzBOPSFN
4ZTUÊN QSP JOUVCBDJ *NNFSHBT P QSDzNLJSV
1SVßOÝJOUVCBǁOÎTZTUÊNPQSDzNLJSVi[FMFOÊ
TÊSJFuKFOVUOÊQPVßÎUQPV[FTLPOEFO[BǁOÎNJLPUMJ
*NNFSHBT
7 LBßEÊN QǥÎQBELJ KF QǥJ PQFSBDÎDI TQPKFOÝDI T
JOUVCBDÎOVUOÊSFTQFLUPWBUQǥFEQJTZEBOÊQMBUOÝNJ
TNLJSOJDFNJ B UFDIOJDLPV MFHJTMBUJWPV 1ǥFEFWØÎN
KF QPUǥFCB QP EPLPOǁFOÎ QSBDÎ B W TPVMBEV T
VWFEFOÎN JOUVCPWBOÊIP TZTUÊNV EP QSPWP[V
WZQMOJUQSPIMÃØFOÎPTIPELJ
,SPNLJ UPIP KF UǥFCB TF ǥÎEJU ÙEBKJ W QSPKFLUV B
UFDIOJDLÝNJ ÙEBKJ W QǥÎQBEFDI LEZ UP WZßBEVKF
TNLJSOJDFBQMBUOÃUFDIOJDLÃEPLVNFOUBDF4ZTUÊNB
KFIPTPVǁÃTUJNBKÎUFDIOJDLPVßJWPUOPTUPEQPWÎEBKÎDÎ
QMBUOÝNTNLJSOJDÎNTUÃMF[BQǥFEQPLMBEVßF
KF QPVßÎWÃO W CLJßOÝDI BUNPTGÊSJDLÝDI
QPENÎOLÃDI B W CLJßOÊN QSPTUǥFEÎ KBL KF
TUBOPWFOP QMBUOPV TNLJSOJDÎ BCTFODF LPVǥF
QSBDIV OFCP QMZOV LUFSÊ CZ NLJOJMZ CLJßOÊ
UFSNPGZ[JLÃMOÎ OFCP DIFNJDLÊ QPENÎOLZ
QSPWP[ QǥJ CLJßOÝDI EFOOÎDI WÝLZWFDI UFQMPU
BQPE
1-
53
$;
*OTUBMBDKBJLPOTFSXBDKBQPXJOOZCZǀXZLPOBOF
[HPEOJF [F XTLB[ÓXLBNJ EPTUBSD[POZNJ
QS[F[ QSPEVDFOUB J XFEVH PCPXJƾ[VKƾDZDI
QS[FQJTÓX
.POUBK WF CBLN JǨMFNMFSJOJO ÛSFUJDJ GJSNB
UBMJNBUMBSEPnjSVMUVTVOEBZBTBMEÛ[FOMFNFMFSJO
ÕOHÕSEÛnjÛDJIFUUFZBQMNBT
KFJOTUBMBDFBÙESßCBQSPWÃELJOBQPEMFQPLZODz
EPEBWBUFMF B WÝSPCDF B QPEMF QǥFEQJTDz QMBUOÊ
TNLJSOJDF
‹ FTOFL CPSV EÕǨFOFO IBUUO B[BNJ EJLFZ
V[VOMVnjVNFUSFZFFǨEJS#VV[VOMVLUBIMJZF
UBIMJZFEFN‹CPSVɏLǨUBJLJBEFUž‹
EJSTFLMJUFSNJOBMEFEBIJMPMNBLÛ[FSFLPNCJ
DJIB[ÉLǨOEBOTJTUFNFCBnjMBOUZBLBEBSPMBO
LTN JMF CBDBUFLOJL EFMJL JÉFSJTJOEFLJ FTOFL
CPSVOVOJLJJTUJLBNFUEFnjJǨJNJEFIFTBQMBOBSBL
PSUBZBɏLNBLUBES
NBYJNÃMOÎ EÊMLB JOUVCPWBOÊIP QSVßOÊIP
TWJTMÊIPUBIVPQSDzNLJSVKFN5ÊUPEÊMLZ
KF EPTBßFOP WǁFUOLJ LPNQMFUOÎIP WÝGVLPWÊIP
LPODPWÊIP EÎMV NFUSV WÝGVLPWÊIP QPUSVCÎ
P QSDzNLJSV EWPV LPMFO ž P QSDzNLJSV OBWÝTUVQV[LPUMFQSPQǥJQPKFOÎLJOUVCBǁOÎNV
TZTUÊNVBEWPV[NLJOTNLJSVQSVØOÊIPQPUSVCÎ
VWOJUǥLPNÎOBUFDIOJDLÊIPQSDzEVDIV
"ɏLMBNBMBSƧFLJM
5")-ƻ:&
-FHFOEB0CS
7ÝGVL
.BLTZNBMOB EVHPǧǀ QJPOPXFHP PEDJOLB
PSVSPXBOJB‹HJNjULJFHPXZOPTJN5BLNj
EVHPǧǀV[ZTLVKFTJNjCJPSƾDQPEVXBHNjQS[FXÓE
XSB[ [ XZMPUFN N QS[FXPEV ‹ QS[Z
XZMPDJFEXBLPMBOLBž‹QS[ZXZKǧDJV[
LPUB EP QPƾD[FOJB [ TZTUFNFN PSVSPXBOJB J
EXPNB[NJBOBNJLJFSVOLVHJNjULJFHPQS[FXPEV
XFXOƾUS[LPNJOBPUXPSVUFDIOJD[OFHP
-FHFOEB3ZT
8:-05
#
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
1-
53
$;
0%1308"%;"/*&41"-*/8,05Š"$)
10ŠŽ$;0/:$),"4,"%080
,PUZ i7*$53*9 u [BJOTUBMPXBOF LBTLBEPXP
CBUFSJB
TLBEBKƾDFTJNj[MVCHFOFSBUPSÓXNPHƾ
CZǀ QPEƾD[POF EP KFEOFHP [CJPSD[FHP LPMFLUPSB
PEQSPXBE[BKƾDFHPTQBMJOZLUÓSZNBXZMPUXLBOBMF
EZNOZN 4QӐLB *NNFSHBT EPTUBSD[B PEE[JFMOJF
PSZHJOBMOZTQFDKBMOZTZTUFNPEQSPXBE[BTQBMJO"CZ
QSBXJEPXP[BNPOUPXBǀ[FTUBXOBMFǻZKFEOBLX[Jƾǀ
QPEVXBHNjOBTUNjQVKƾDFXTLB[ÓXLJ
PEMFHPǧǀNJNjE[ZHFOFSBUPSBNJMVC
QPXJOOB
XZOPTJǀNN3ZT
,"4,"%#"Ƌ-"/5*-*,0.#ƻ-&3%&
%6."/5")-ƻ:&4ƻ
WFZBIVUEBKFOFSBUÕSPMBSBLLBTLBECBUBSZB
ZÕOUFNJ JMF NPOUF PMVOBO i7*$53*9 u CBDBUB
JSJǨUF LPMMFLUÕS TJTUFNJZMF UFL CJS EVNBO UBIMJZF
LBOBMOB CBnjMBOBCJMJSMFS ƻNNFSHBT LPNCJMFSEFO
BZSPMBSBLEVNBOUBIMJZFTJJÉJOÕ[FMHFMJǨUJSJMNJǨ
WF PSJKJOBM TJTUFNMFS EF TVONBLUBES #V TFUMFSJO
TBnjMLMNPOUBKJÉJOBǨBnjEBLJIVTVMBSOHÕ[ÕOÛOEF
CVMVOEVSVMNBTHFSFLNFLUFEJS
DJIB[MBS BSBTOEBLJ WFZBIVU EB LBÉ BEFU
PLMVSTBPMTVO
NFTBGFNNPMNBMESǨFLJM
0%70%,06Ƥ&6,05-Ʊ7
,"4,¦%Ɔ
,PUMFi7*$53*9uJOTUBMPWBOÊWLBTLÃELJCBUFSJJ
UWPǥFOÊEWLJNBOFCPUǥFNJLVTZKFNPßOÊOBQPKJUOB
KFEJOÝPEWPETQBMJOÙTUÎDÎEPLPVǥPWPEV
4QPMFǁOPTU *NNFSHBT EPEÃWÃ PEELJMFOLJ PE LPUMDz
WIPEOÝBPSJHJOÃMOÎTZTUÊNPEWPEVTQBMJO
1SPTQSÃWOPVNPOUÃßTPVQSBWZKFOVUOÊNÎUWßEZ
OBQBNLJUJOÃTMFEVKÎDÎQPLZOZ
W[EÃMFOPTUNF[JLPUMJOFCP
NVTÎCÝU
NN0CS
HFOFSBUPSZQPXJOOZCZǀVNJFT[D[POFOBUFKTBNFK
MJOJJQP[JPNFK
LPMFLUPSXZMPUPXZ‹QPXJOJFONJFǀNJOJNBMOF
OBDIZMFOJFXZOPT[ƾDFž
XZMPUTLSPQMJOQSPEVLPXBOZDIQS[F[LPUZQPXJOJFO
CZǀPEQSPXBE[POZEPTJFDJLBOBMJ[BDZKOFK
[FTUBX LPMFLUPSB PEQSPXBE[BKƾDFHP TQBMJOZ OJF
NPǻF CZǀ [BJOTUBMPXBOZ OB [FXOƾUS[ QS[FXPEZ
OJFQPXJOOZCZǀXZTUBXJPOFOBE[JBBOJFQSPNJFOJ
VMUSBêPMFUPXZDITPǝDB
DJIB[MBSOBZOJZBUBZÉJ[HJZFNPOUFFEJMNJǨPMBT
HFSFLNFLUFEJS
‹UBIMJZFLPMMFLUÕSÛOÛOBTHBSJžEFSDFCJS
FnjJNJPMNBTHFSFLNFLUFEJS
DJIB[MBSO PMVǨUVSEVnjV LPOEFOTBTZPOVO
LBOBMJ[BTZPOBnjOBUBIMJZFTJHFSFLNFLUFEJS
EVNBO UBIMJZF LPMMFLUÕS TFUJ IBSJDJ NFLBOB
NPOUFFEJMFNF[CPSVMBSOHÛOFǨJOVMUSBWJZPMF
ǨOMBSOBNBSV[LBMNBNBTHFSFLJS
/#TQSBXE[JǀJFXFOUVBMOJFXZSFHVMPXBǀNPDDJFQMOƾ
LBǻEFHPQPKFEZOD[FHPLPUBQBUS[SP[E[SFHVMBDKB
NPDZDJFQMOFK
/PUCFIFSDJIB[OUFSNJLHÛDÛOÛLPOUSPMFEJOJ[WF
HFSFLJZPSTBBZBSMBSOZBQO[UFSNJLHÛÉBZBSMBS
QBSBHSBGOBCBLO[
.POUBǻ[FTUBXV3ZT
[BJOTUBMPXBǀTUBSF QBMJLJ
[ [BTVXƾ QS[FDJXTQBMJOPXƾ J OB PUXPS[F
DFOUSBMOZN LBǻEFHP QPKFEZOD[FHP LPUB 6XBǻOJF
[BPǻZǀLPMFKOFLPMBOLBJ
OBTUPTPXOZDIQBMJLBDI
[[BTVXƾQPD[ƾXT[ZPEOBKLSÓUT[FKEPOBKEVǻT[FKUBLCZ
LPMBOLP[OBKEVKƾDFTJNjOBKCMJǻFKLBOBVEZNOFHPCZP
OBKXZǻFKQPPǻPOFQBUS[SZTVOFLOBHÓS[F
OBTUNjQOJF
[BNPOUPXBǀQS[FXÓE
OBLPMBOLV
0EQPXJFEOJP
QS[ZDJƾǀQS[FXPEZ
F
UBLCZ[BDIPXBǀPEMFHPǧǀ
NJNjE[ZLPUBNJSÓXOƾNN;BJOTUBMPXBǀQS[FXÓE
OBLPMBOLV
BOBTUNjQOJF[BNPOUPXBǀDBPǧǀOB
QS[FXPE[JF
;BJOTUBMPXBǀQS[FXÓE
OBLPMBOLV
BOBTUNjQOJF[BNPOUPXBǀDBPǧǀOBQS[FXPE[JF
0EQPXJFEOJPQS[ZDJƾǀQS[FXÓE
DFMFNXZLPOBOJB
QSBXJEPXFHPQPƾD[FOJBNJNjE[ZLBOBFNEZNOZNB
QS[FXPEFN
;BJOTUBMPXBǀD[POPEQSPXBE[BKƾDZ
TLSPQMJOZXSB[[TZGPOFN
JQSBXJEPXPEPDJTOƾǀ
EPQS[FXPEV
4FUNPOUBKƧFLJM
NVIUFMJGCPSVCBǨMBSO
CBnjMBOUMBSWF
UBNPUVSBDBLǨFLJMEFCFIFS
LPNCJOJOPSUBTOEBZFSBMBOEFMJnjFZFSMFǨUJSJOJ[
.VIUFMJG EJSTFLMFSJ WF CBnjMBOUMBS Û[FSJOF
LTBEBO V[VOB EPnjSV WF FO V[VO EJSTFL CBDBZB
FOZBLOHFMFDFLǨFLJMEFZFSMFǨUJSJOJ[ZVLBSEBLJ
ǨFLMFCBLO[
CVOVNÛUFBLJCFOCPSVZV
EJSTFnjF
UBLO[
WF
OVNBSBMCPSVMBSLPNCJMFS
BSBTOEB NN NFTBGFZF SJBZFU FEFDFL ǨFLJMEF
LFTJOJ[
OVNBSBMCPSVZV
OVNBSBMEJSTFnjFUBLO[
WFCVOVNÛUFLBJCFOUÛNÛOÛ
OVNBSBMCPSVZB
HFÉJSJOJ[ OVNBSBM CPSVZV OVNBSBM
EJSTFnjF UBLO[ WF CVOV NÛUFLBJCFO UÛNÛOÛ OVNBSBMCPSVZBHFÉJSJOJ[#BDBJMF
OVNBSBM
CPSVBSBTOEBLJCBnjMBOUJÉJOOVNBSBMCPSVZV
ÕMÉÛTÛOEF LFTJOJ[ 4JGPOMV LPOEFOTBTZPO UBIMJZF
CBnjMBOUTO
UBNPUVSBDBLǨFLJMEF
OVNBSBM
CPSVZBZFSMFǨUJSJOJ[
/"1&Š/*"/*&*/45"-"$+*
1P QPEƾD[FOJV LPUB OBMFǻZ OBQFOJǀ JOTUBMBDKNj
*OTUBMBDKBQPXJOOBCZǀOBQFOJBOBXTQPTÓCXPMOZUBL
CZQNjDIFS[ZLJQPXJFUS[B[OBKEVKƾDFTJNjXXPE[JFNPHZ
TJNjVXPMOJǀJVMPUOJǀQS[F[PEQPXJFUS[OJLJLPUBPSB[
JOTUBMBDKJHS[FKOFK,PDJPNBXCVEPXBOZBVUPNBUZD[OZ
[BXÓS PEQPXJFUS[BKƾDZ [BJOTUBMPXBOZ OB QPNQJF
PCJFHPXFK 4QSBXE[Jǀ D[Z LBQUVS KFTU QPMV[PXBOZ
0UXPS[Zǀ[BXPSZPEQPXJFUS[BKƾDFHS[FKOJLÓX;BXPSZ
PEQPXJFUS[BKƾDFHS[FKOJLÓXQPXJOOZCZǀ[BNLOJNjUFX
DIXJMJHEZXZDIPE[J[OJDIUZMLPXPEB
/# X USBLDJF UZDI [BCJFHÓX OBMFǻZ PLSFTPXP
[BƾD[Bǀ QPNQNj PCJFHPXƾ QPTVHVKƾD TJNj X UZN
DFMV HÓXOZN XZƾD[OJLJFN [OBKEVKƾDZN TJNj OB
QBOFMVTUFSPXOJD[ZN
5&4ƻ4"5*/%0-%636-."4*
,PNCJ DJIB[OO NPOUBKO NÛUFBLJCFO UFTJTBUO
EPMVN JǨMFNJOJ ZBQO[ %PMVN JǨMFNJOJO
NVIUFNFM IBWB LBCBSDLMBSOO LPNCJ DJIB[
Û[FSJOEF ÕOHÕSÛMFO UBIMJZFMFSEFO ɏLNBTOB
PMBOBLTBnjMBOBCJMNFTJBNBDZMBZBWBǨÉBZBQMNBT
HFSFLNFLUFEJS,PNCJDJIB[Û[FSJOEFEFWJSEBJNF
ZFSMFǨUJSJMNJǨCJSUBIMJZFWBMêNFWDVUUVS5BQBOO
HFWǨFUJMNJǨ PMEVnjVOEBO FNJO PMVOV[ 3EBZBUÕS
UBIMJZF WBOBMBSO BɏO[ #V WBOBMBSO IBWB
ɏLULUBO TPOSB ZBMO[DB TV ɏLUnjOO HÕSÛMNFTJ
Û[FSJOFLBQBUMNBMBSHFSFLJS
LPUMFNPIPVCÝUSP[NÎTULJOZOBTUFKOÊIPSJ[PO
UÃMOÎMJOJJ
WÝGVLPWÝ LPMFLUPS P QSDzNLJSV NVTÎ NÎU
NJOJNÃMOÎTLMPOž
[LPOEFO[PWBOÃWPEBWZUWPǥFOÃ[BǥÎ[FOÎNJNVTÎ
CÝUTWFEFOBEPLBOBMJ[BǁOÎTÎULJ
LPMFLUPSPWPVTPVQSBWVQSPPEWPETQBMJOOFM[F
JOTUBMPWBUWFOLVQPUSVCÎOFTNÎCÝUWZTUBWFOP
VMUSBêBMPWÝNTMVOFǁOÎNQBQSTLDzN
1P[OÃNLB[LPOUSPMVKUFBQǥÎQBEOLJVQSBWUFUFQFMOÝ
WÝLPOLBßEÊIPKFEOPUMJWÊIPQǥÎTUSPKFWJ[PETUBWFD
WLJOPWBOÝSFHVMBDJUFQFMOÊIPWÝLPOV
.POUÃß TPVQSBWZ 0CS JOTUBMVKUF SDz[OÊ
OBTBDŽUFLVTZTFTQBMJOPWÝNØPVQÃULFNB
BßOBEPSB[OBTUǥFEPWÝPUWPSLPUMF
;BTVǞUFKFEOPUMJWÃLPMFOBTPUWPSFNB
OB
QǥÎTMVØOÊLVTZTFØPVQÃULFNPEOFKLSBUØÎQPOFKEFMØÎ
UBLBCZLPMFOPLUFSÊKFOFKCMÎßFLFLPVǥPWPEVCZMP
OFKWÝØFWJ[PCSÃ[FLWÝØF
1PUPNOBTVǞUFSPVSV
OBLPMFOP
/BǥFßUFOBNÎSVSPVSZ
B
UBL BCZ CZMP NPßOÊ SFTQFLUPWBU W[EÃMFOPTU NNNF[JLPUMJ
*OTUBMVKUFSPVSV
OBLPMFOP
BOÃTMFEOLJ[BTVǞUF
WØF EP SPVSZ *OTUBMVKUF SPVSV OB LPMFOP
B OÃTMFEOLJ [BTVǞUF WØF EP SPVSZ /BǥFßUF
OB NÎSV SPVSV BCZ CZMP NPßOÊ TQSÃWOLJ
QSPQPKJU LPVǥPWPE B SPVSV ;BTVǞUF LVT OB
PEWPE LPOEFO[ÃUV TF TJGPOFN Bß OB EPSB[
OBSPVSV
1-/Ɔ/±;"Ƥ±;&/±
1P[BQPKFOÎLPUMFQǥJTUVQUFLKFIPOBQMOLJOÎ1MOLJOÎ
KFUǥFCBQSPWÃELJUQPNBMVBCZTFVWPMOJMZW[EVDIPWÊ
CVCMJOZ PCTBßFOÊ WF WPELJ B W[EVDI TF WZQVTUJM [
QSDzEVDIDzLPUMFBPIǥÎWBDÎIP[BǥÎ[FOÎ
7LPUMJKF[BCVEPWÃOBVUPNBUJDLÝPEW[EVØǞPWBDÎ
WFOUJMVNÎTULJOÝOBPCLJIPWÊNǁFSQBEMF;LPOUSPMVKUF
[EBKFLMPCPVǁFLQPWPMFOÝ0UFWǥFUFPEW[EVØǞPWBDÎ
WFOUJMZSBEJÃUPSDz0EW[EVØǞPWBDÎWFOUJMZSBEJÃUPSDz
TFV[BWǥPVLEZß[BǁOFWZUÊLBUQPV[FWPEB
1P[OÃNLB1ǥJULJDIUPPQFSBDÎDITQPVØULJKUFPCLJIPWÊ
ǁFSQBEMP W JOUFSWBMFDI QPNPDÎ IMBWOÎIP TQÎOBǁF
VNÎTULJOÊIPOBQǥÎTUSPKPWÊEFTDF
/PU CV JǨMFNMFS FTOBTOEB EFWSEBJNJ GBTMBM
PMBSBLÉBMǨUSO[CVOVOJÉJOEFHÕWEFEFZFSBMBO
EÛnjNFZFBSBMLMPMBSBLCBTO[
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
1-
53
$;
0EQPXJFUS[Zǀ QPNQNj PCJFHPXƾ PELSNjDBKƾD HÓSOZ
LPSFLQS[ZQSBDVKƾDZNTJMOJLV1P[BLPǝD[FOJV[BCJFHV
QPOPXOJF[BPǻZǀLPSFL
.PUPSV ÉBMǨUSBSBL WF ÕO UBQBZ HFWǨFUFSFL
EFWJSEBJNQPNQBTOOIBWBTOBMO[ƻǨMFNTPOB
FSJODFUBQBZUFLSBSTLǨUSO[
0CLJIPWÊ ǁFSQBEMP PEW[EVØOLJUF WZØSPVCPWÃOÎN
QǥFEOÎIPV[ÃWLJSVBVESßFOÎNNPUPSVWǁJOOPTUJ1P
EPLPOǁFOÎPQFSBDFV[ÃWLJS[BØSPVCVKUF[QLJU
6XBHB,PDJPi7*$53*9uOJFKFTU
XZQPTBǻPOZX[CJPSOJLXZSÓXOBXD[Z[BJOTUBMPXBOZ
OBJOTUBMBDKJ8DFMV[BHXBSBOBUPXBOJBQSBXJEPXFHP
GVOLDKPOPXBOJBLPUBOBMFǻZPCPXJƾ[LPXP[BJOTUBMPXBǀ
[BNLOJNjUZ [CJPSOJL XZSÓXOBXD[Z ;CJPSOJL
XZSÓXOBXD[ZQPXJOJFOTQFOJBǀQS[FQJTZPCPXJƾ[VKƾDF
XLSBKVEPDFMPXZN8ZNJBSZ[CJPSOJLBXZSÓXOBXD[FHP
[BMFǻƾPEEBOZDIJOTUBMBDKJHS[FKOFKOBMFǻZ[BJOTUBMPXBǀ
[CJPSOJLLUÓSFHPQPKFNOPǧǀTQFOJBXZNBHBOJB[BXBSUF
XPCPXJƾ[VKƾDZDIQS[FQJTBDI
%JLLBUi7*$53*9uLPNCJMFSEFUFTJTBUÛ[FSJOEF
HFOMFǨNF UBOL CVMVONBNBLUBES ,PNCJOJO
TBnjMLM ÉBMǨNBTOO UFNJOJ BNBDZMB LBQBM CJS
HFOMFǨNFIB[OFTJOJONPOUBK[PSVOMVEVS(FOMFǨNF
IB[OFTJOJONPOUFFEJMNFLUFPMBO¾MLFEFNFWDVU
LBOVO WF ZBTBM VZHVMBNBMBSB VZHVO PMBSNBT
HFSFLNFLUFEJS (FOMFǨNF IB[OFTJOJO CPZVUMBS
LBMPSJGFS UFTJTBUOB BJU WFSJMFSMF JMHJMJ PMVQ NPOUF
FEJMFDFLHFOMFǨNFIB[OFTJOJOZÛSÛSMÛLUFLJTUBOEBSU
WFZBTBMEÛ[FOMFNFMFSFVZHVOPMNBTHFSFLJS
6QP[PSOLJOÎ ,PUFM i7*$53*9 u OFOÎ WZCBWFO
FYQBO[OÎ OÃEPCPV OB [BǥÎ[FOÎ "CZ CZMP NPßOÊ
[BSVǁJU TQSÃWOPV GVOLDJ LPUMF KF OVUOÃ JOTUBMBDF
V[BWǥFOÊFYQBO[OÎOÃEPCZ&YQBO[OÎOÃEPCBNVTÎ
PEQPWÎEBU[ÃLPODzNQMBUOÝNW[FNJJOTUBMBDF
3P[NLJSZFYQBO[OÎOÃEPCZ[ÃWJTÎOBWMBTUOPTUFDI
WZUÃQLJDÎIP TZTUÊNV 1SPWFDŽUF JOTUBMBDJ UBLPWÊ
OÃEPCZKFKÎßLBQBDJUBCVEFPEQPWÎEBUQPßBEBWLDzN
QMBUOÝDITNLJSOJD
/"1&Š/*"/*&;#*03/*,"4,301-*/
1PED[BTQJFSXT[FHP[BƾD[FOJBLPUBNPǻFTJNj[EBS[Zǀ
ǻF [ XZMPUV TQVTUPXFHP TLSPQMJO XZEPTUBOƾ TJNj
QSPEVLUZTQBMBOJBTQSBXE[JǀD[ZQPLJMLVNJOVUPXZN
GVOLDKPOPXBOJV [ XZMPUV OJF XZDIPE[ƾ KVǻ PQBSZ
TQBMJOPXF 0[OBD[B UP ǻF [CJPSOJL OBQFOJ TJNj EP
QSBXJEPXFK XZTPLPǧDJ TLSPQMFOJB VNPǻMJXJBKƾDFK
QS[FQZXPQBSÓX
,0/%&/4"4:0/501-"."
4ƻ'0/6/6/%0-%636-."4*
,PNCJDJIB[OOJMLÉBMǨUSMNBTOEBLPOEFOTBTZPO
UBIMJZFTJOEFO ZBONB NBEEFMFSJOJO ɏLNBLUB
PMEVnjVOVOHÕSÛMNFTJNVIUFNFMEJSBODBLDJIB[O
CJSLBÉEBLJLBÉBMǨNBTOEBOTPOSBLPOEFOTBTZPO
UBIMJZFTJOEFO ZBONB EVNBOMBSOO ɏLNBTOO
TPOBFSEJnjJOJHÕSFDFLTJOJ[#VEBTJGPOVOEVNBO
ɏLǨOB NBOJ PMBDBL TFWJZFEF LPOEFOTBTZPO JMF
EPMNVǨPMEVnjVOVHÕTUFSJS
0%%"/*&%0&,41-0"5"$+*
*/45"-"$+*(";08&+
"CZPEEBǀJOTUBMBDKNjEPFLTQMPBUBDKJOBMFǻZ
PUXPS[ZǀPLOBJES[XJ
(";5&4ƻ4"5*/*/¬"-*Ƨ5*3*-."4*
5FTJTBUOJMLÉBMǨUSMNBTJÉJOBǨBnjEBLJJǨMFNMFSJO
ZBQMNBTHFSFLJS
VOJLBǀJTLJFSJPUXBSUFHPPHOJB
LBQWFQFODFSFMFSJBɏO[
VTVOƾǀQPXJFUS[F[OBKEVKƾDFTJNjXPSVSPXBOJV
LPOUSPMTV[ BMFW WF LWMDN PMVǨNBTOB NBIBM
WFSNFZJOJ[
TQSBXE[JǀT[D[FMOPǧǀXFXONjUS[OFKJOTUBMBDKJ[HPEOJF
[FXTLB[ÓXLBNJQPEBOZNJXQS[FQJTBDI
636$)0.*&/*&,05Š"ю;"ŠŽ$;&/*&я
8DFMVXZTUBXJFOJBEFLMBSBDKJ
[HPEOPǧDJQS[FXJE[JBOFKQS[F[QS[FQJTZOBMFǻZXZLPOBǀ
OBTUNjQVKƾDFLPOUSPMFEPUZD[ƾDFVSVDIPNJFOJBLPUB
TQSBXE[JǀT[D[FMOPǧǀXFXONjUS[OFKJOTUBMBDKJ[HPEOJF
[FXTLB[ÓXLBNJQPEBOZNJXQS[FQJTBDI
TQSBXE[Jǀ[HPEOPǧǀVǻZXBOFHPHB[V[SPE[BKFNHB[V
QS[FXJE[JBOFHPEMBLPUB
[BƾD[ZǀLPDJPJTQSBXE[JǀQPQSBXOPǧǀ[BCJFHV
TQSBXE[JǀD[ZMJD[CBPCSPUÓXXFOUZMBUPSBPEQPXJBEB
MJD[CJFQPEBOFKXJOTUSVLDKJSP[E[
TQSBXE[JǀTLVUFD[OPǧǀVS[ƾE[FOJBCF[QJFD[FǝTUXB
XQS[ZQBELVCSBLVEPQZXVHB[VPSB[D[BTKFHP
JOUFSXFODKJ
TQSBXE[Jǀ E[JBBOJF HÓXOFHP XZƾD[OJLB
[OBKEVKƾDFHPTJNjXHÓSOFKD[NjǧDJLPUBPSB[XLPUMF
TQSBXE[Jǀ D[Z LPODFOUS ZD[OZ QS[F XÓ E
PEQSPXBE[BOJBTQVTUV KFǻFMJ PCFDOZ
OJF KFTU
[BULBOZ
/BXFUKFǻFMJUZMLPKFEOB[QPXZǻT[ZDILPOUSPMJPLBǻFTJNj
OFHBUZXOBLPDJPOJFQPXJOJFOCZǀVSVDIPNJPOZ
/#XTUNjQOBLPOUSPMBLPUBQPXJOOBCZǀXZLPOBOB
QS[F[XZLXBMJêLPXBOFHPUFDIOJLB0LSFTHXBSBODZKOZ
SP[QPD[ZOBTJNj PEEBUZ XZLPOBOJBXTUNjQOFK LPOUSPMJ
6ǻZULPXOJLPUS[ZNVKFDFSUZêLBUEPUZD[ƾDZXZLPOBOFK
LPOUSPMJPSB[HXBSBODKJ
10.1"0#*&(08"
,PUZTFSJJi7*$53*9uTƾEPTUBSD[BOF[XCVEPXBOƾ
QPNQƾPCJFHPXƾXZQPTBǻPOƾXFMFLUSZD[OZSFHVMBUPS
QSNjELPǧDJUSÓKQP[ZDZKOZ+FǻFMJQPNQBKFTUVTUBXJPOB
OBQJFSXT[ƾQSNjELPǧǀLPDJPOJFQSBDVKFQSBXJEPXP
8DFMVV[ZTLBOJBPQUZNBMOFHPGVOLDKPOPXBOJBLPUB
[BMFDB TJNj BCZ OPXF VS[ƾE[FOJB KFEOPQS[FXPEPXF
J NPEVMBSOF
NJBZ QPNQNj PCJFHPXƾ VTUBXJPOƾ
OB NBLTZNBMOƾ QSNjELPǧǀ 1PNQB PCJFHPXB KFTU
XZQPTBǻPOBXLPOEFOTBUPS
&XFOUVBMOFPECMPLPXBOJFQPNQZ+FǻFMJQPEVHJN
PLSFTJF OJFVǻZXBOJB QPNQB KFTU [BCMPLPXBOB
OBMFǻZPELSNjDJǀHÓSOZLPSFLJPCSÓDJǀXBTJMOJLPXZ
[BQPNPDƾǧSVCPLSNjUV;BCJFHOBMFǻZXZLPOBǀ[
OBMFǻZUƾPTUSPǻOPǧDJƾ
CPSVMBSBE NFWDVU IBWBOO BMONBTO
TBnjMBZO[
TUBOEBSUMBS EPnjSVMUVTVOEB EBIJMJ UFTJTBUO
T[ESNB[MnjOLPOUSPMFEJOJ[
,0.#ƻ/ƻ/¬"-*Ƨ5*3*-."4*
ю:",*-."4*я
:BTBMEÛ[FOMFNFMFSJOÕOHÕSNFLUFPMEVnjV6ZHVOMVL
#FZBOOOWFSJMFCJMNFTJJÉJOBǨBnjEBCFMJSUJMFOJǨMFNMFSJO
LPNCJOJOJMLÉBMǨUSMNBTBǨBNBTOEBJGBPMVONBT
HFSFLJS
TUBOEBSUMBS EPnjSVMUVTVOEB EBIJMJ UFTJTBUO
T[ESNB[MnjOLPOUSPMFEJOJ[
LVMMBONEBPMBOIBUUBLJHB[UÛSÛJMFLPNCJDJIB[OO
BZBSMBONǨPMEVnjVHB[UÛSÛOÛOVZVNMVPMNBTO
LPOUSPMFEJOJ[
1-/Ɔ/±4*'0/6/"4#Ɔ3
,0/%&/;¦56
1ǥJQSWOÎN[BQOVUÎLPUMFTFNDzßFTUÃUßF[WÝWPEV
LPOEFO[ÃUVCVEPVWZDIÃ[FUTQBMJOZ;LPOUSPMVKUF
[EB QP OLJLPMJLBNJOVUPWÊN QSPWP[V [ WÝWPEV
LPOEFO[ÃUV KJß LPVǥPWÊ TQBMJOZ OFWZDIÃ[FKÎ 5P
[OBNFOÃ ßF KF TJGPO OBQMOLJO LPOEFO[ÃUFN EP
TQSÃWOÊWÝØLZDPßOFVNPßǞVKFQSDzDIPELPVǥF
67&%&/±1-:/07­)0;"Ƥ±;&/±%0
13070;6
1ǥJVWÃELJOÎ[BǥÎ[FOÎEPQSPWP[VKFOVUOÊ
PUFWǥÎUPLOBBEWFǥF
[BCSÃOJUW[OJLVKJTLFSBPUFWǥFOÊIPQMBNFOF
QǥJTUPVQJU L WZǁJØULJOÎ W[EVDIV PCTBßFOÊIP W
QPUSVCÎ
[LPOUSPMPWBU ULJTOPTU WOJUǥOÎIP [BǥÎ[FOÎ QPEMF
QPLZODzTUBOPWFOÝDIOPSNPV
67&%&/±,05-&%013070;6
ю;"1/65±я
"CZ CZMP NPßOÊ EPTÃIOPVU WZEÃOÎ QSPIMÃØFOÎ
P TIPELJ QPßBEPWBOÊIP [ÃLPOFN KF QPUǥFCB QǥJ
VWÃELJOÎLPUMFEPQSPWP[VQSPWÊTUOÃTMFEVKÎDÎ
[LPOUSPMPWBU ULJTOPTU WOJUǥOÎIP [BǥÎ[FOÎ QPEMF
QPLZODzTUBOPWFOÝDIOPSNPV
[LPOUSPMPWBU[EBQPVßJUÝQMZOPEQPWÎEÃUPNV
QSPLUFSÝKFLPUFMVSǁFO
[BQOPVU LPUFM B [LPOUSPMPWBU TQSÃWOPTU
[BQÃMFOÎ
[LPOUSPMPWBU [EB QPǁFU PUÃǁFL WFOUJMÃUPSV
PEQPWÎEÃÙEBKJWQǥÎSVǁDF0ETUBWFD
LPNCJZJZBLO[WFTBnjMLMBUFǨMFNFPMVǨUVnjVOEBO
FNJOPMVOV[
[LPOUSPMPWBU [EB CF[QFǁOPTUOÎ [BǥÎ[FOÎ QSP
QǥÎQBEBCTFODFQMZOVQSBDVKFTQSÃWOLJBEPCV
[BLUFSPV[BTÃIOF
GBOEFWJSEFnjFSJOJOLMBWV[LJUBQUBCFMJSUJMFOEFnjFSF
FǨJUPMNBTOLPOUSPMFEJOJ[QBSBHSBG
[LPOUSPMPWBU[ÃTBIIMBWOÎIPTQÎOBǁFVNÎTULJOÊIP
OBLPUMJBWLPUMJ
NVIUFNFMFO HB[ LFTJMNFTJ IBMJOEF HÛWFOMJL
EÛ[FOFLMFSJOJOEFWSFZFHJSJQHJSNFEJnjJOJWFUFQLJ
TÛSFMFSJOJLPOUSPMFEJOJ[
[LPOUSPMPWBU [EB OBTÃWBDÎ B WÝGVLPWÝ
LPODFOUSJDLÝLPODPWÝLVTWQǥÎQBELJßFKFKÎN
LPUFMWZCBWFO
OFOÎVDQBOÝ
LPNCJHJSJǨJOEFWFDJIB[Û[FSJOEFZFSBMBOǨBMUFSMFSJO
ÉBMǨNBMBSOLPOUSPMFEJOJ[
1PLVEKFOKFEOBUBUPLPOUSPMBCVEFNÎUOFHBUJWOÎ
WÝTMFEFLLPUFMOFTNÎCÝUVWFEFOEPQSPWP[V
1P[OÃNLB ÙWPEOÎ LPOUSPMV LPUMF NVTÎ QSPWÊTU
LWBMJGJLPWBOÝ UFDIOJL ;ÃSVLB OB LPUFM QPǁÎOÃ
QMZOPVUPEEBUBUÊUPLPOUSPMZ
0TWLJEǁFOÎ P LPOUSPMF B [ÃSVDF CVEF WZEÃOP
VßJWBUFMJ
)BWBFNJǨWFUBIMJZFLPOTBOUSJLUFSNJOBMJOJONFWDVU
PMNBTIBMJOEF
ULBMPMNBEnjOLPOUSPMFEJOJ[
#V LPOUSPMMBSEBO CJS UBOFTJOJO EBIJ TBnjMLM TPOVÉ
WFSNFNFTJIBMJOEFLPNCJDJIB[OOÉBMǨUSMNBNBT
HFSFLJS
/PU,PNCJOJOCBǨMBOHÉLPOUSPMMBSLBMJêZFCJSUFLOJL
QFSTPOFMUBSBGOEBOHFSÉFLMFǨUJSJMNFMJEJS,PNCJDJIB[OO
HBSBOUJTÛSFDJCVLPOUSPMVNÛUFBLJCFOCBǨMBS
,POUSPMWFHBSBOUJTFSUJêLBMBS,VMMBODZBWFSJMJSMFS
%&73ƻ%"ƻ.10.1"4*
i7*$53*9uLPNCJMFSÛÉQP[JTZPOEBFMFLUSJLMJPMBSBL
BZBSMBOBCJMJSEFWJSEBJNJMFCJSMJLUFTVOVMVSMBS%FWJS
EBJNCJSJODJI[EBZLFOLPNCJTBnjMLMÉBMǨNB[:FOJ
UFTJTBUMBSEBUFLCPSVMVWFNPEÛM
LPNCJOJOFOTBnjMLM
WF WFSJNMJ ÉBMǨNBT JÉJO EFWJSEBJNJO B[BNJ I[EB
ÉBMǨUSMNBTUBWTJZFPMVOVS%FWJSEBJNJOLPOEFOTBUÕSÛ
NFWDVUUVS
1PNQBOO NVIUFNFM BS[B EVSVNVOEBO
ɏLBSUMNBT6[VOCJFSTÛSFÉBMǨNBELUBOTPOSB
CMPLF PMBCJMFDFL PMBO EFWJS EBJNJO ÕO LBQBnjOO
TÕLÛMFSFLNPUPSNJMJOJOUPSOBWJEBJMFEÕOEÛSÛMNFTJ
HFSFLFCJMJS#VJǨMFNJEJLLBUMJDFZBQNBLTVSFUJZMF
DJIB[B[BSBSWFSNFNFZFÕ[FOHÕTUFSJOJ[
0#Ɔ)07­ƀ&31"%-0
,PUMFi7*$53*9uKTPVEPEÃWÃOZTF[BCVEPWBOÝN
PCLJIPWÝNǁFSQBEMFNTUSPKQPMPIPWÝNFMFLUSJDLÝN
SFHVMÃUPSFN SZDIMPTUJ 4 PCLJIPWÝN ǁFSQBEMFN
OBTUBWFOÝNOBQSWOÎSZDIMPTUQSBDVKFLPUFMTQSÃWOLJ
1SPPQUJNBMJ[BDJQSPWP[VLPUMFTFVOPWÝDITZTUÊNV
KFEOPQPUSVCOÎDI B NPEVMÃSOÎDI
EPQPSVǁVKF
OBTUBWJUPCLJIPWÊǁFSQBEMPOBNBYJNÃMOÎSZDIMPTU
0CLJIPWÊǁFSQBEMPKFWZCBWFOPLPOEFO[ÃUPSFN
1ǥÎQBEOÊ PECMPLPWÃOÎ ǁFSQBEMB 1PLVE CZ
TF QP EFMØÎ EPCLJ OFǁJOOPTUJ PCLJIPWÊ ǁFSQBEMP
[BCMPLPWBMPKFOVUOÊPEØSPVCPWBUQǥFEOÎV[ÃWLJSB
PUPǁJUØSPVCPWÃLFNIǥÎEFMÎNPUPSV5VUPPQFSBDJ
QSPWFDŽUF T NBYJNÃMOÎ PQBUSOPTUÎ BCZTUF NPUPS
OFQPØLPEJMJ
1-
53
$;
;&45"8:%045Ɗ1/&/"ƺ:$;&/*&
r ;FTUBXUFSNPSFHVMBUPSBTUSFGPXFHPLBTLBEPXFHP
r ;FTUBX XTQPSOJLPXZ EP OBǧDJFOOFHP NPOUBǻV
UFSNPSFHVMBUPSB
r ;FTUBXTUSFGPXFHPQBOFMV[BS[ƾE[BKƾDFHP
r ;FTUBXNPEVMVKƾDFHPUFSNPTUBUVǧSPEPXJTLPXFHP
r ;FTUBX[FXONjUS[OFKTPOEZ
r ;FTUBXTPOEZVLBEVEPQSPXBE[BKƾDFHPJOTUBMBDKJ
r ;FTUBXTPOEZVLBEVTBOJUBSOFHPEP[FXONjUS[OFHP
CPKMFSB
r ;FTUBX [BQPCJFHBKƾDZ [BNBS[OJNjDJV [ QSPHJFN
HSBOJD[OZNUFNQFSBUVSZž$
r ;FTUBX LPLÓX CF[QJFD[FǝTUXB QPKFEZOD[FHP
LPUB
r ; FTU BX LPLÓX C F[QJFD[FǝTUXB LPUÓX
LBTLBEPXZDI
r ;FTUBX[BXPSVUSÓKESPǻOFHPEPQPEƾD[FOJB[FTQPV
[FXONjUS[OFHPCPKMFSB
r ;FTUBXIZESBVMJD[OFHPXZƾD[OJLBQPKFEZOD[FHP
LPUB
r ;FTUBXIZESBVMJD[OZDILPMFLUPSÓXQPƾD[FOJPXZDI
EPEXÓDILPUÓX[BJOTUBMPXBOZDILBTLBEPXP
r ;FTUBXIZESBVMJD[OFHPLPMFLUPSBEMBEPEBULPXFHP
LPUB[BJOTUBMPXBOFHPLBTLBEPXP
r ;FTUBXQS[FXPEVPEQSPXBE[BOJBTQBMJO[[BTVXBNJ
EMBEXÓDILPUÓX[BJOTUBMPXBOZDILBTLBEPXP
r ;FTUBXQS[FXPEVPEQSPXBE[BOJBTQBMJO[[BTVXƾEMB
EPEBULPXFHPLPUB[BJOTUBMPXBOFHPLBTLBEPXP
r ;FTUBXLPODFOUSZD[OZQP[JPNZ‹
r ;FTUBXLPODFOUSZD[OZQJPOPXZ‹
r ;FTUBX QP[JPNZ ‹ [ XZMPUFN EP LBOBV
EZNOFHP
r ;FTUBXQP[JPNZ‹[XZMPUFNOBǧDJFOOZN
r ;FTUBXQS[FXPEPXZQJPOPXZ‹
8[NJBOLPXBOF[FTUBXZTƾEPTUBSD[BOF[XT[ZTULJNJ
BLDFTPSJBNJJXSB[[JOTUSVLDKƾNPOUBǻVJPCTVHJ
5"-&#&ƻ45ƻ/"%&/46/6-"/
4&5-&3
r ,BTLBEWFBMBOJÉJOUFSNJLBZBSTFUJ
r 5FSNJL BZBS EÛ[FOFnjJOJO EVWBSB NPOUBK JÉJO
HFSFLMJNFTOFUTFUJ
r "MBOZÕOFUJNTFUJ
r .PEÛMFSPSUBNUFSNPTUBUTFUJ
r )BSJDJTPOEBTFUJ
r 5FTJTBUHÕOEFSJNTPOEBTFUJ
r )BSJDJCPZMFSJÉJOLVMMBONTVZVTPOEBTFUJ
r ž$SF[JTUBOTMCV[MBONBÕOMFZJDJTFU
r 5FLLPNCJHÛWFOMJLTFUJ
r ,BTLBEZÕOUFNMJLPNCJMFSJÉJOHÛWFOMJLTFUJ
r )BSJDJCPZMFSVZHVMBNBTJÉJOÛÉZPMMVWBMGTFUJ
r 5FLLPNCJIJESPMJLBZSBÉTFUJ
r ,BTLBE ZÕOUFNMJ CFnjMBOBO JLJ LPNCJ JÉJO
IJESPMJLCBnjMBOULPMMFLUÕSTFUJ
r ,BTLBE ZÕOUFNJ CBnjMBOUZB JMBWF LPNCJ JÉJO
IJESPMJLLPMMFLUÕSTFUJ
r ,BTLBEZÕOUFNMJCFnjMBOBOJLJLPNCJJÉJOEVNBO
UBIMJZFLPMMFLUÕSTFUJ
r ,BTLBE ZÕOUFNMJ CFnjMBOBO JMBWF LPNCJ JÉJO
LBQBLMEVNBOUBIMJZFLPMMFLUÕSTFUJ
r ‹ZBUBZLPOTBOUSJLTFU
r ‹EJLFZLPOTBOUSJLTFU
r #BDBEBOUBIMJZFMJ‹ZBUBZTFU
r %VWBSEBOUBIMJZFMJ‹ZBUBZUFSNJOBMTFU
r ‹EJLFZUFSNJOBMTFU
40613"7:%04561/­/"
7:¦%¦/±
r 5FSNPSFHVMBǁOÎLBTLÃEPWÃB[ÓOPWÃTPVQSBWB
:VLBSEBCFMJSUJMFOTFUMFSLPNMFCJSǨFLJMEFNPOUBKWF
LVMMBONLMBWV[MBSJMFCJSMJLUFTVOVMNBLUBESMBS
r 7FSUJLÃMOÎ LPODFOUSJDLÃ TPVQSBWB P QSDzNLJSV
5FTJTBUÛ[FSJOEFLJNFWDVUÕODFMJLMFS
"5FLLPNCJOJOB[BNJHÛDÛOEFUFTJTBU
Û[FSJOEFLJNFWDVUÕODFMJLMFS
#5FLLPNCJOJOJLJODJHÛDÛOEFUFTJTBUÛ[FSJOEFLJ
NFWDVUÕODFMJLMFS
$,BTLBECBUBSZB
CBnjMBOUMLPNCJMFSJO
TOSMBNBWBMëJB[BNJHÛDÛOEFUFTJTBU
Û[FSJOEFLJNFWDVUÕODFMJLMFS
%,BTLBECBUBSZB
CBnjMBOUMLPNCJMFSJO
TOSMBNBWBMëJJLJODJHÛDÛOEFUFTJTBU
Û[FSJOEFLJNFWDVUÕODFMJLMFS
r )PSJ[POUÃMOÎTPVQSBWBPQSDzNLJSVTWÝWPEFN
EPLPVǥPWPEV
%
#
r 4PVQSBWB[ÓOPWÊIPSFHVMÃUPSV
r 4PVQSBWBNPEVMPWÊIPQPLPKPWÊIPUFSNPTUBUV
r 4PVQSBWBWFOLPWOÎTPOEZ
r 4PVQSBWBWÝUMBLPWÊTPOEZ[BǥÎ[FOÎ
r 4PVQSBWB TPOEZ VßJULPWÊ WPEZ QSP WFOLPWOÎ
PIǥÎWBǁ
r 4PVQSBWBQSPUJ[BNS[OVUÎEPUFQMPUZž$
r 4PVQSBWBTQPKJTUOÝNJEÎMZQSPKFEFOLPUFM
r 4PVQSBWBTQPKJTUOÝNJEÎMZQSPLPUMFWLBTLÃELJ
r 4PVQSBWB USPKDFTUOÊIP WFOUJMV QSP TQPKFOÎ T
WFOLPWOÎKFEOPULPVPIǥÎWBǁF
r 4PVQSBWB T IZESBVMJDLÝN TQÎOBǁFN QSP KFEFO
LPUFM
r 4PVQSBWBIZESBVMJDLÝDILPMFLUPSDzQSPTQPKFOÎ
TFEWLJNBLPUMJWLBTLÃELJ
r 4PVQSBWBIZESBVMJDLÊIPLPMFLUPSVQSPQǥJEÃOÎ
LPUMFEPLBTLÃEZ
r 4PVQSBWBLPMFLUPSVWÝGVLVTQBMJOTØPVQÃULZTF
EWLJNBLPUMJWLBTLÃELJ
r 4PVQSBWBLPMFLUPSVWÝGVLVTQBMJOTØPVQÃULZQSP
EBMØÎLPUFMWLBTLÃELJ
r )PSJ[POUÃMOÎLPODFOUSJDLÃTPVQSBWBPQSDzNLJSV
r )PSJ[POUÃMOÎLPODPWÃTPVQSBWBPQSDzNLJSVT
WÝGVLFNOBTULJOV
r 7FSUJLÃMOÎLPODPWÃTPVQSBWBPQSDzNLJSV
7ÝØFVWFEFOÊTPVQSBWZTFEPEÃWBKÎWLPNQMFUVTQPMV
TJOTUSVLUÃßOÎNMJTUFNQSPNPOUÃßBQPVßJUÎ
%PTUVQOÝWÝUMBL[BǥÎ[FOÎ
"%PTUVQOÝWÝUMBL[BǥÎ[FOÎOBNBYJNÃMOÎSZDIMPTUJW
QǥÎQBELJKFEOPIPLPUMF
#%PTUVQOÝWÝUMBL[BǥÎ[FOÎOBESVIÊSZDIMPTUJW
QǥÎQBELJKFEOPIPLPUMF
$%PTUVQOÝWÝUMBL[BǥÎ[FOÎOBTUBWFOÊIPOB
NBYJNÃMOÎSZDIMPTUTF[QLJUOÝNWFOUJMFNQSP
LPUMFWLBTLÃELJCBUFSJJ
%%PTUVQOÝWÝUMBL[BǥÎ[FOÎOBTUBWFOÊIPOBESVIPV
SZDIMPTUTF[QLJUOÝNWFOUJMFNQSPLPUMFW
LBTLÃELJCBUFSJJ
$
"
1S[FQZXVMI
:FUFSTJ[MI
1SDzUPLVMI
1SFUPLVMI
(Ã[IP[BNMI
%FMJWFSZMI
%PTUNjQOBN)0
5FTJTBUL1B
%PTUVQOÝL1B
,PSJTUFOL1B
4[ÃMMÎUÓL1B
5PUBMIFBEL1B
%PTUNjQOBL1B
5FTJTBUL1B
%PTUVQOÝL1B
,PSJTUFOL1B
4[ÃMMÎUÓL1B
5PUBMIFBEL1B
%PTUNjQOBXZTPLPǧǀDJǧOJFOJB
" %PTUNjQOBXZTPLPǧǀDJǧOJFOJBQS[Z
NBLTZNBMOFKQSNjELPǧDJQPKFEZOD[FHP
LPUB
# %PTUNjQOBXZTPLPǧǀDJǧOJFOJBQS[ZESVHJFK
QSNjELPǧDJQPKFEZOD[FHPLPUB
$ %PTUNjQOBXZTPLPǧǀDJǧOJFOJBQS[Z
NBLTZNBMOFKQSNjELPǧDJ[[BXPSFN
[XSPUOZNEMBLPUÓX[BJOTUBMPXBOZDI
LBTLBEPXPCBUFSJB
% %PTUNjQOBXZTPLPǧǀDJǧOJFOJBQS[Z
ESVHJFKQSNjELPǧDJ[[BXPSFN[XSPUOZN
EMBLPUÓX[BJOTUBMPXBOZDILBTLBEPXP
CBUFSJB
r 4PVQSBWBPQLJSZOBVQFWOLJOÎSFHVMÃUPSVUFQMPUZ
OB[FDŽ
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
1 ,0.10/&/5:,05Š"
-FHFOEB3ZT
8ZMPUTQVTUPXZ
1BMOJL
0LBQ
5FSNPTUBUTQBMJO
.PEVLPOEFOTBDZKOZ
1S[FXÓETTƾDZQPXJFUS[B
ƦXJFDBQPNJBSPXB
4POEB/5$SFHVMBDKJVLBEV
EPQSPXBE[BKƾDFHPJOTUBMBDKJ
4POEB/5$SFHVMBDKJVLBEVQPXSPUOFHP
JOTUBMBDKJ
5VMFKB[HOJB[EFNEMB[XNjǻLJ7FOUVSJFHP
;XNjǻLB7FOUVSJFHP
%ZT[BHB[V
8FOUZMBUPSQPXJFUS[B
4ZGPOTLSPQMJO
1SFTPTUBUJOTUBMBDKJ
,PMFLUPSEPQSPXBE[BKƾDZ
;BXÓSCF[QJFD[FǝTUXBCBS
,BSUBFMFLUSPOJD[OB
1S[FXÓEPEQSPXBE[BKƾDZTLSPQMJOZ
0UXPSZQPCPSÓXQPXJFUS[B"
PQBSÓX'
;BXÓSPEQPXJFUS[BKƾDZ
1PLSZXBNPEVVLPOEFOTBDZKOFHP
5FSNPTUBUCF[QJFD[FǝTUXBQS[FHS[BOJB
ƦXJFDB[BƾD[FOJB
5SBOTGPSNBUPSQSƾEV
1PNQBPCJFHPXB
;BXÓSHB[V
53
$;
,0.#ƻ:ƻ0-6Ƨ563"/",4".
"ɏLMBNBMBSƧFLJM
5BIMJZFIVOJTJ
#PZMFS
%VNBOEBWMVNCB[
%VNBOUFSNPTUBU
,POEFOTBTZPONPEÛMÛ
)BWBFNJǨCPSVTV
5FTQJUFMFLUSPETJ
5FTJTBUHÕOEFSJNBZBS/5$TPOEBT
5FTJTBUEÕOÛǨBZBS/5$TPOEBT
7FOUVSJZBUBLLPWBO
7FOUVSJ
(B[NFNFTJ
)BWBGBO
,POEFOTBTZPOTJGPOV
5FTJTBUQSFTPTUBU
(ÕOEFSJNLPMMFLUÕSÛ
CBSHÛWFOMJLWBMê
&MFLUSPOJLLBSU
5VSCPLPOEFOTBTZPOUBIMJZFTJ
5FTUOPLUBMBS"IBWB
m'EVNBO
)BWBUBIMJZFWBMê
,POEFOTBTZPONPEÛMLBQBnj
"ǨSTONBFNOJZFUUFSNPTUBU
"UFǨMFNFFMFLUSPEV
&MFLUSJLUSBOTGPSNBUÕSÛ
%FWJSEBJN
(B[WBOBT
ƀ¦45*,05-&
-FHFOEB
7ÝMFWLB
)PǥÃL
%JHFTUPǥ
4QBMJOPWÝUFSNPTUBU
,POEFO[BǁOÎNPEVM
4BDÎW[EVDIPWÊQPUSVCÎ
%FUFLǁOÎTWÎǁLB
4POEB/5$SFHVMBDFWÝUMBLV[BǥÎ[FOÎ
4POEB/5$SFHVMBDFWSBUOÊIPPLSVIV
[BǥÎ[FOÎ
0CKÎNLBTFTFEMFNQSP7FOUVSJIPUSVCJDJ
7FOUVSJIPUSVCJDF
1MZOPWÃUSZTLB
7[EVDIPWÝWFOUJMÃUPS
,POEFO[BǁOÎTJGPO
1SFTPTUBU[BǥÎ[FOÎ
/ÃCLJIPWÝLPMFLUPS
#F[QFǁOPTUOÎWFOUJMCBS
&MFLUSPOJDLÃLBSUB
5SVCJDFPEWPEVLPOEFO[ÃUV
0ECLJSPWÊØBDIUZW[EVDI"
mTQBMJOZ'
0EW[EVØǞPWBDÎWFOUJM
,SZULPOEFO[BǁOÎIPNPEVMV
#F[QFǁOPTUOÎUFSNPTUBUQSPQǥÎQBEQǥFIǥÃUÎ
;BQBMPWBDÎTWÎǁLB
5SBOTGPSNÃUPSQSPVEV
0CLJIPWÊǁFSQBEMP
1MZOPWÝWFOUJM
3ZTƧFLJM0CS4MJLBÃCSB'JH
1-
53
$;
4$)&."5):%3"6-*$;/:;
01$+".*
6XBHB 8SBǻMJXF FMFNFOUZ XZƾD[OJLÓX
UF S N J D [ OZDI BVUPN BU ZD [ OZDI SF H V M B D K J
PECMPLPXBOJB J UFSNPNFUSV OJFXDIPE[ƾDF X
TLBE TUBOEBSEPXFHP XZQPTBǻFOJB HFOFSBUPSB
QPXJOOZCZǀ[BJOTUBMPXBOF[HPEOJF[JOTUSVLDKBNJ
NPOUBǻPXZNJ+FǻFMJHFOFSBUPSZOJFTƾ[BJOTUBMPXBOF
XVLBE[JFCBUFSZKOZN[HPEOJF[FXTLB[ÓXLBNJJ
PSZHJOBMOZNJ [FTUBXBNJ *NNFSHBT XSBǻMJXF
FMFNFOUZQPXJOOZCZǀ[BJOTUBMPXBOFOBQS[FXPE[JF
EPQSPXBE[BKƾDZNJOTUBMBDKJHS[FKOFK[BOVS[POFX
CJFǻƾDFK XPE[JF X PEMFHPǧDJ OJF XJNjLT[FK OJǻ
N PE XZKǧDJB HFOFSBUPSB ,PUZ QPXJOOZ
CZǀ [BJOTUBMPXBOF X PSZHJOBMOFK LPOGJHVSBDKJ J
XSB[ [ [FTUBXBNJ CBUFSJJ J CF[QJFD[FǝTUXB êSNZ
*NNFSHBT 4QӐLB *NNFSHBT 4QB OJF QPOPTJ
ǻBEOFKPEQPXJFE[JBMOPǧDJKFǻFMJJOTUBMBUPSOJFVǻZKF
PSZHJOBMOZDI[FTUBXÓXJVS[ƾE[Fǝ*NNFSHBTMVC
VǻZKFKFXTQPTÓCOJFQSBXJEPXZ
014ƻ:0/&--&3-&#ƻ3-ƻ,5&
)ƻ%30-ƻ,Ƨ&."
%JLLBU 5FSNPNFUSF BZBS WF CPMLBK JÉJO PMBO
PUPNBUJLUFSNJLǨBMUFSMFSFBJUIBTTBTFMFNFOUMFSJO
KFOFSBUÕSMFCJSMJLUFTFSJPMBSBLTVOVMNB[MBS
NPOUBK
LMBWV[VOEB ZFS BMBO UBMJNBUMBSB VZHVO PMBSBL
NPOUFFEJMNFTJHFSFLJS$JIB[MBSOLBTLBEZÕOUFNJ
JMF UBMJNBUMBSB SJBZFU FEJMFSFL NPOUF FEJMNFNJǨ
PMNBMBSIBMJOEFƻNNFSHBTPSJKJOBMTFUMFSJIBTTBT
FMFNFOUMFS LBMPSJGFS UFTJTBU HÕOEFSJN CPSVTVOB
NPOUFFEJMNFMJEJSMFSDJIB[ɏLǨOEBONFUSFEFO
EBIBV[BLPMNBNBLÛ[FSFBLBOTVJÉFSJTJOF
,PNCJMFSJOLPOêHÛSBTZPOMBSOBHÕSFLBTLBEPMBSBL
ƻNNFSHBT UBSBGOEBO UFEBSJL FEJMFO PSJKJOBM BTL
WF HÛWFOMJL TFUMFSJ JMF NPOUF FEJMNFMFSJ HFSFLJS
ƻNNFSHBT 4Q" VOWBOM ÛSFUJDJ GJSNB NPOUBK
JǨMFNMFSJOEF ƻNNFSHBTO PSJKJOBM NPOUBK WF TBJS
TFUMFSJOJO LVMMBOMNBNBTOO ZBO TSB CVOMBSO
IBUBM LVMMBOMNBTOEBO EPMBZ EPnjBCJMFDFL [BSBS
WF[JZBOEBOEBTPSVNMVUVUVMBNB[
70%070%/±4$)­."4
70-*5&-/À.*137,:
6QP[PSOLJOÎ$JUMJWÊ QS WLZ BVUPNBUJDLÝDI
SFHVMBǁOÎDI B CMPLPWBDÎDI UFQFMOÝDI TQÎOBǁDz B
UFQMPNLJSVLUFSÊTFTLPUMFNTÊSJPWLJOFEPEÃWBKÎ
NVTÎCÝUVMPßFOZUBLKBLKFQPQTÃOPWQPLZOFDIL
JOTUBMBDJ,EZCZLPUMFOFCZMZJOTUBMPWÃOZWCBUFSJJ
QPEMF QPLZODz B PSJHJOÃMOÎDI TPVQSBW *NNFSHBT
NVTÎCÝUDJUMJWÊQSWLZJOTUBMPWÃOZOBOÃCLJIPWÊN
QPUSVCÎWZUÃQLJDÎIP[BǥÎ[FOÎQPOPǥFOÊEPQSPVEV
WPEZBOFWÎDFOFßDNPEWÝTUVQV[LPUMF
,PUMF NVTÎ CÝU JOTUBMPWÃOZ W LPOGJHVSBDÎDI
B T WMBTUOÎNJ CBUFSJPWÝNJ B CF[QFǁOPTUOÎNJ
TPVQSBWBNJ*NNFSHBT4QPMFǁOPTU*NNFSHBT4QB
PENÎUÃ OÊTU KBLPVLPMJW [PEQPWLJEOPTU W QǥÎQBELJ
ßF CZ JOTUBMBUÊS OFQPVßJM PSJHJOÃMOÎ WZCBWFOÎ B
TPVQSBWZ*NNFSHBTOFCPKFQPVßJMOFTQSÃWOLJ
-FHFOEB
(FOFSBUPS7*$53*9
(OJB[ELPOBUFSNPNFUS
4POEBEPLPSQVTV[BXPSVPEDJOBKƾDFHP
QBMJXP
,VSFLPQSBXZNBOPNFUSV
5FSNPNFUS
5FSNPTUBUSNjD[OZQPOPXOFHP[BƾD[FOJB
1SFTPTUBUSNjD[OZQPOPXOFHP[BƾD[FOJB
;BXÓSUSÓKESPǻOZQPEƾD[FOJBCPKMFSB
,PMFLUPSIZESBVMJD[OZNJFT[BKƾDZ
1S[ZƾD[F[CJPSOJLBXZSÓXOBXD[FHP
;CJPSOJLXZSÓXOBXD[Z
;BXÓSPEDJOBKƾDZQBMJXP
'JMUSNPTJNjǻOZ[CJÓSLJPTBEÓX
"ɏLMBNBMBS
7*$53*9KFOFSBUÕS
5FSNPNFUSFIB[OFTJ
:BLUBMHMBNBWBMGCBǨMLTPOEBT
.BOPNFUSFUBǨZDNVTMVnjV
5FSNPNFUSF
.BOVMFÉBMǨUSNBUFSNPTUBU
.BOVMFÉBMǨUSNBQSFTPTUBU
#PJMFSCBnjMBOUTJÉJOÛÉZPMMVWBMG
)JESPMJLLBSǨUSDLPMMFLUÕSÛ
(FOMFǨNFUBOLCBnjMBOUT
(FOMFǨNFUBOL
:BLUBMHMBNBWBMê
1JSJOÉUFONBNVMÉBNVSUPQMBNBêMUSFTJ
-FHFOEB
,PUFM7*$53*9
»BDIUBOBUFQMPNLJS
4POEBQSPLVMJǁLVQBMJWPWÊIPV[BWÎSBDÎIP
WFOUJMV
,PIPVUOBNBOPNFUS
5FQMPNLJS
5FSNPTUBUSVǁOÎSFBLUJWBDF
1SFTPTUBUSVǁOÎSFBLUJWBDF
5SPKDFTUOÝWFOUJMQǥJQPKFOÎPIǥÎWBǁF
)ZESBVMJDLÝLPMFLUPSTNLJØPWBǁ
1ǥÎQPKLBOBFYQBO[OÎOÃESß
&YQBO[OÎOÃESß
6[BWÎSBDÎQBMJWPWÝWFOUJM
.PTB[OÝêMUSOB[BDIZDPWÃOÎLBMV
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
1-
53
$;
4$)&."5):%3"6-*$;/:/3
7*$53*9;"*/45"-08"/:
,"4,"%08083";;01$+".*
6XBHB(FOFSBUPSZNPEVMBSOFUK[BJOTUBMPXBOF
LBTLBEPXP CBUFSJB
QS[Z VǻZDJV PSZHJOBMOFHP
[FTUBXVQPEƾD[FOJPXFHP*NNFSHBTQPXJOOZCZǀ
VXBǻBOF[BKFEOPVS[ƾE[FOJFLUÓSFQPTJBEBOVNFS
GBCSZD[OZ HFOFSBUPSB [OBKEVKƾDFHP TJNj OBKCMJǻFK
VS[ƾE[FǝCF[QJFD[FǝTUXB
,"4,"%0-"3",#"Ƌ-"/"/"%&5
7*$53*9*/014ƻ:0/&--&3-&
#ƻ3-ƻ,5&)ƻ%30-ƻ,Ƨ&."4*
%JL LBU .PEÛMFS DJIB[MBS ZBOJ LBTLBE
CBUBS ZB
ZÕOUFNJ JMF ƻNNFSHBT PSJKJOBM
CBnjMBOU TFUJ LVMMBOMBSBL NPOUF PMVOBO
DJIB[MBS UFL CJS DJIB[ PMBSBL BMHMBONBM WF
FNOJZFU EÛ[FOFnjJOF FO ZBLO DJIB[O TFSJ
OVNBSBTGBCSJLBOVNBSBT
CFOJNTFONFMJEJS
70%070%/±4$)­."4&%7Ɔ."
7*$53*97,"4,¦%Ɔ"
70-*5&-/À.*137,:
6QP[PSOLJOÎ .PEVMÃSOÎ OFCPMJ W LBTLÃELJ
CBUFSJJ
JOTUBMPWBOÊ LPUMF QǥJQPKFOÊ QPNPDÎ
PSJHJOÃMOÎ QǥJQPKPWBDÎ TPVQSBWZ *NNFSHBT
NVTÎ CÝU QPWBßPWÃOZ [B KFEJOÊ [BǥÎ[FOÎ
LUFSÝ NÃ WÝSPCOÎ ǁÎTMP LPUMF LUFSÝ KF OFKCMÎßF
CF[QFǁOPTUOÎNQSWLDzN
-FHFOEB
(OJB[ELPOBUFSNPNFUS
5FSNPNFUS
5FSNPTUBUSNjD[OZQPOPXOFHP[BƾD[FOJB
,VSFLPQSBXZNBOPNFUSV
4POEBEPLPSQVTV[BXPSVPEDJOBKƾDFHP
QBMJXP
1SFTPTUBUSNjD[OZQPOPXOFHP[BƾD[FOJB
1S[ZƾD[F[CJPSOJLBXZSÓXOBXD[FHP
;BXÓS[XSPUOZVLBEVQPXSPUOFHPJOTUBMBDKJ
,VSLJPEDJOBKƾDF
(FOFSBUPS7*$53*9
;BXÓSTQVTUPXZUSÓKESPǻOZ
"ɏLMBNBMBSƧFLJM
5FSNPNFUSFIB[OFTJ
5FSNPNFUSF
.BOVMFÉBMǨUSNBUFSNPTUBU
.BOPNFUSFUBǨZDNVTMVnjV
:BLUBMHMBNBWBMGCBǨMLTPOEBT
.BOVMFÉBMǨUSNBQSFTPTUBU
(FOMFǨNFUBOLCBnjMBOUT
5FTJTBUEÕOÛǨTOSMBNBWBMê
5FTJTBUBMHMBNBNVTMVnjV
7*$53*9KFOFSBUÕS
¾ÉZPMMVUBIMJZFNVTMVnjV
-FHFOEB0CS
»BDIUBOBUFQMPNLJS
5FQMPNLJS
5FSNPTUBUSVǁOÎSFBLUJWBDF
,PIPVUOBNBOPNFUS
4POEBQSPLVMJǁLVQBMJWPWÊIPV[BWÎSBDÎIP
WFOUJMV
1SFTPTUBUSVǁOÎSFBLUJWBDF
1ǥÎQPKLBOBFYQBO[OÎOÃESß
;QLJUOÝWFOUJMWSBUOÊIPPLSVIV[BǥÎ[FOÎ
6[BWÎSBDÎLPIPVUZ[BǥÎ[FOÎ
,PUFM7*$53*9
5ǥÎDFTUOÝWÝQVTUOÝLPIPVU
4$)&."5):%3"6-*$;/:/3
7*$53*9;"*/45"-08"/:
,"4,"%08083";;01$+".*
6XBHB (FOFSBUPSZ NPEVMBSOF UK [BJOTUBMPXBOF
LBTLBEPXP CBUFSJB
QS[Z VǻZDJV PSZHJOBMOFHP
[FTUBXVQPEƾD[FOJPXFHP*NNFSHBTQPXJOOZCZǀ
VXBǻBOF[BKFEOPVS[ƾE[FOJFLUÓSFQPTJBEBOVNFS
GBCSZD[OZ HFOFSBUPSB [OBKEVKƾDFHP TJNj OBKCMJǻFK
VS[ƾE[FǝCF[QJFD[FǝTUXB
/# 1S[FE [BNLOJNjDJFN KFEOFHP MVC PCZEXV
[BXPSÓXPEDJOBKƾDZDIJOTUBMBDKJ
LPDJPQPXJOJFO
CZǀXZƾD[POZ
-FHFOEB
(OJB[ELPOBUFSNPNFUS
5FSNPNFUS
5FSNPTUBUSNjD[OZQPOPXOFHP[BƾD[FOJB
,VSFLPQSBXZNBOPNFUSV
4POEBEPLPSQVTV[BXPSVPEDJOBKƾDFHP
QBMJXP
1SFTPTUBUSNjD[OZQPOPXOFHP[BƾD[FOJB
1S[ZƾD[F[CJPSOJLBXZSÓXOBXD[FHP
;BXÓS[XSPUOZVLBEVQPXSPUOFHP
JOTUBMBDKJ
,VSLJPEDJOBKƾDF
(FOFSBUPS7*$53*9
;BXÓSTQVTUPXZUSÓKESPǻOZ
,"4,"%0-"3",#"Ƌ-"/"/"%&5
7*$53*9*/014ƻ:0/&--&3-&
#ƻ3-ƻ,5&)ƻ%30-ƻ,Ƨ&."4*
%JLLBU.PEÛMFSDJIB[MBSZBOJLBTLBECBUBSZB
ZÕOUFNJ JMF ƻNNFSHBT PSJKJOBM CBnjMBOU TFUJ
LVMMBOMBSBLNPOUFPMVOBODJIB[MBSUFLCJSDJIB[
PMBSBL BMHMBONBM WF FNOJZFU EÛ[FOFnjJOF FO
ZBLODJIB[OTFSJOVNBSBTGBCSJLBOVNBSBT
CFOJNTFONFMJEJS
/PU 5FTJTBU BMHMBNB NVTMVLMBSOEBO CJS
WFZBIVU EB CJSEFO GB[MBTO LBQBUNBEBO FWWFM
LPNCJDJIB[OOLBQBMPMNBTHFSFLNFLUFEJS
"ɏLMBNBMBSƧFLJM
5FSNPNFUSFIB[OFTJ
5FSNPNFUSF
.BOVMFÉBMǨUSNBUFSNPTUBU
.BOPNFUSFUBǨZDNVTMVnjV
:BLUBMHMBNBWBMGCBǨMLTPOEBT
.BOVMFÉBMǨUSNBQSFTPTUBU
(FOMFǨNFUBOLCBnjMBOUT
5FTJTBUEÕOÛǨTOSMBNBWBMê
5FTJTBUBMHMBNBNVTMVnjV
7*$53*9KFOFSBUÕS
¾ÉZPMMVUBIMJZFNVTMVnjV
70%070%/±4$)­."4&5Ƥ&.*
7*$53*97,"4,¦%Ɔ"
70-*5&-/À.*137,:
6QP[PSOLJOÎ
.PEVMÃSOÎOFCPMJWLBTLÃELJCBUFSJJ
JOTUBMPWBOÊ
LPUMF QǥJQPKFOÊ QPNPDÎ PSJHJOÃMOÎ QǥJQPKPWBDÎ
TPVQSBWZ *NNFSHBT NVTÎ CÝU QPWBßPWÃOZ [B
KFEJOÊ[BǥÎ[FOÎLUFSÝNÃWÝSPCOÎǁÎTMPLPUMFLUFSÝ
KFOFKCMÎßFCF[QFǁOPTUOÎNQSWLDzN
1P[OÃNLB 1ǥFE [BWǥFOÎN KFEOPIP OFCP PCPV
[BWÎSBDÎDI WFOUJMDz TZTUÊNV NVTÎ CÝU LPUFM
WZQOVU
-FHFOEB0CS
»BDIUBOBUFQMPNLJS
5FQMPNLJS
5FSNPTUBUSVǁOÎSFBLUJWBDF
,PIPVUOBNBOPNFUS
4POEBQSPLVMJǁLVQBMJWPWÊIPV[BWÎSBDÎIP
WFOUJMV
1SFTPTUBUSVǁOÎSFBLUJWBDF
1ǥÎQPKLBOBFYQBO[OÎOÃESß
;QLJUOÝWFOUJMWSBUOÊIPPLSVIV[BǥÎ[FOÎ
6[BWÎSBDÎLPIPVUZ[BǥÎ[FOÎ
,PUFM7*$53*9
5ǥÎDFTUOÝWÝQVTUOÝLPIPVU
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
1 13;:,Š"%08&*/45"-"$+&
10+&%:/$;&(0,05Š"
-FHFOEB
(FOFSBUPS7*$53*9
3FHVMBUPSTUSFGPXZLBTLBEPXZ
4USFGPXZQBOFM[BS[ƾE[BOJB
5FSNPTUBUNPEVPXBOZǧSPEPXJTLPXZ
4POEB[FXONjUS[OB
4POEBUFNQFSBUVSZTUSFGZ$.*
4POEBUFNQFSBUVSZTUSFGZ$.*
4POEBVLBEVEPQSPXBE[BKƾDFHP[XZLB
4POEBUFNQFSBUVSZ[FTQPVCPKMFSB
;BXÓSNJFT[BKƾDZTUSFGZ$.*
;BXÓSNJFT[BKƾDZTUSFGZ$.*
1PNQBVLBEVHS[FKOFHPTUSFGZ$.*
1PNQBVLBEVHS[FKOFHPTUSFGZ$.*
1PNQBVLBEVCF[QPǧSFEOJFHPTUSFGZ
$%
1PNQB[BTJMBOJB[FTQPVCPKMFSB
5FSNPTUBUCF[QJFD[FǝTUXBTUSFGZ
$.*
5FSNPTUBUCF[QJFD[FǝTUXBTUSFGZ
$.*
,PSQVT[BXPSVPEDJOBKƾDFHPQBMJXP
,VSFLPQSBXZNBOPNFUSV
5FSNPNFUS
1SFTPTUBUSNjD[OZQPOPXOFHP[BƾD[FOJB
5FSNPTUBUSNjD[OZQPOPXOFHP[BƾD[FOJB
1S[ZƾD[F[CJPSOJLBXZSÓXOBXD[FHP
;CJPSOJLXZSÓXOBXD[Z
,PMFLUPSNJFT[BKƾDZ
;FXONjUS[OZ[FTQӐCPKMFSB
;BXÓSPEDJOBKƾDZQBMJXP
;BXÓS[XSPUOZ
'JMUSVLBEV[CJÓSLJPTBEÓX
(OJB[ELPOBUFSNPNFUS
53
$;
5&,#ƻ3,0.#ƻƻ¬ƻ/.0/5"+
¸3/&,-&3ƻ
"ɏLMBNBMBSƧFLJM
7*$53*9KFOFSBUÕS
,BTLBEWFBMBOJÉJOUFSNJLBZBSTFUJ
"MBOZÕOFUJNTFUJ
.PEÛMFSPSUBNUFSNPTUBU
)BSJDJ4POEB
ODJBMBOTTPOEBT$.*
ODJBMBOTTPOEBT$.*
.ÛǨUFSFLHÕOEFSJNTPOEBT
#PZMFSCJSJNJTTPOEBT
ODJBMBOLBSǨUSDWBMG$.*
ODJBMBOLBSǨUSDWBMG$.*
ODJBMBOLBMPSJGFSEFWSFQPNQBT$.*
ODJBMBOLBMPSJGFSEFWSFQPNQBT$.*
ODÛBMBOLBMPSJGFSEFWSFQPNQBT$%
#PZMFSCJSJNJHJSJǨQPNQBT
ODJBMBOFNOJZFUUFSNPTUBU$.*
ODJBMBOFNOJZFUUFSNPTUBU$.*
:BLUBMHMBNBWBMGCBǨ
.BOPNFUSFUBǨZDNVTMVnjV
5FSNPNFUSF
.BOVMFÉBMǨUSNBQSFTPTUBU
.BOVMFÉBMǨUSNBUFSNPTUBU
(FOMFǨNFUBOLCBnjMBOUT
(FOMFǨNFUBOL
,PMMFLUÕSLBSǨUSD
)BSJDJCPZMFSCJSJNJ
:BLUBMHMBNBWBMê
4TOSMBNBWBMê
5FTJTBUÉBNVSUPQMBNBêMUSFTJ
5FSNPNFUSFIB[OFTJ
1Ƥ±,-"%:*/45"-"$&+&%/0)0
,05-&
-FHFOEB
,PUFM7*$53*9
,BTLÃEPWÝB[ÓOPWÝSFHVMÃUPS
;ÓOPWÝSFHVMÃUPS
.PEVMPWÝQPLPKPWÝUFSNPTUBU
7FOLPWOÎTPOEB
5FQMPUOÎTPOEB[ÓOZ$.*
5FQMPUOÎTPOEB[ÓOZ$.*
4QPMFǁOÃOÃCLJIPWÃTPOEB
4POEBUFQMPUZKFEOPULZIPǥÃLV
4NLJØPWBDÎWFOUJM[ÓOZ$.*
4NLJØPWBDÎWFOUJM[ÓOZ$.*
ƀFSQBEMPWZUÃQLJDÎIPPLSVIV[ÓOZ
$.*
ƀFSQBEMPWZUÃQLJDÎIPPLSVIV[ÓOZ
$.*
ƀFSQBEMPQǥÎNÊIPPLSVIV[ÓOZ$%
1MOJDÎǁFSQBEMPKFEOPULZIPǥÃLV
#F[QFǁOPTUOÎUFSNPTUBU[ÓOZ$.*
#F[QFǁOPTUOÎUFSNPTUBU[ÓOZ$.*
,VMJǁLB[BWÎSBDÎIPQBMJWPWÊIPWFOUJMV
,PIPVUOBNBOPNFUS
5FQMPNLJS
1SFTPTUBUSVǁOÎSFBLUJWBDF
5FSNPTUBUSVǁOÎSFBLUJWBDF
1ǥÎQPKLBOBFYQBO[OÎOÃESß
&YQBO[OÎOÃESß
,PMFLUPSTNLJØPWBǁ
7FOLPWOÎKFEOPULBPIǥÎWBǁF
6[BWÎSBDÎQBMJWPWÝWFOUJM
;QLJUOÝWFOUJM
'JMUS[BǥÎ[FOÎOB[BDIZDPWÃOÎLBMV
»BDIUBOBUFQMPNLJS
3ZTƧFLJM0CS4MJLBÃCSB'JH
1-
53
$;
4*
)6
*&
13;:,Š"%08&*/45"-"$+&,05Š"
,"4,"%08&(0
-FHFOEB
(FOFSBUPS7*$53*9
3FHVMBUPSTUSFGPXZLBTLBEPXZ
4USFGPXZQBOFM[BS[ƾE[BOJB
5FSNPTUBUNPEVPXBOZǧSPEPXJTLPXZ
4POEB[FXONjUS[OB
4POEBUFNQFSBUVSZTUSFGZ$.*
4POEBUFNQFSBUVSZTUSFGZ$.*
4POEBVLBEVEPQSPXBE[BKƾDFHP[XZLB
4POEBUFNQFSBUVSZ[FTQPVCPKMFSB
;BXÓSNJFT[BKƾDZTUSFGZ$.*
;BXÓSNJFT[BKƾDZTUSFGZ$.*
1PNQBVLBEVHS[FKOFHPTUSFGZ$.*
1PNQBVLBEVHS[FKOFHPTUSFGZ$.*
1PNQBVLBEVCF[QPǧSFEOJFHPTUSFGZ
$%
1PNQB[BTJMBOJB[FTQPVCPKMFSB
5FSNPTUBUCF[QJFD[FǝTUXBTUSFGZ$.*
5FSNPTUBUCF[QJFD[FǝTUXBTUSFGZ$.*
,PSQVT[BXPSVPEDJOBKƾDFHPQBMJXP
,VSFLPQSBXZNBOPNFUSV
5FSNPNFUS
1SFTPTUBUSNjD[OZQPOPXOFHP[BƾD[FOJB
5FSNPTUBUSNjD[OZQPOPXOFHP[BƾD[FOJB
1S[ZƾD[F[CJPSOJLBXZSÓXOBXD[FHP
;CJPSOJLXZSÓXOBXD[Z
,PMFLUPSNJFT[BKƾDZ
;FXONjUS[OZ[FTQӐCPKMFSB
;BXÓSPEDJOBKƾDZQBMJXP
;BXÓS[XSPUOZ
'JMUSVLBEV[CJÓSLJPTBEÓX
(OJB[ELPOBUFSNPNFUS
;BTVXBVLBEVTQBMJO
1BMJLVLBEVPEQSPXBE[BKƾDFHPTLSPQMJOZ
,VSFLPEDJOBKƾDZJOTUBMBDKJ
;BXÓSTQVTUPXZUSÓKESPǻOZ
,"4,"%#"Ƌ-"/5*-*,0.#ƻ-&3
ƻ¬ƻ/.0/5"+¸3/&,-&3ƻ
"ɏLMBNBMBSƧFLJM
7*$53*9KFOFSBUÕS
,BTLBEWFBMBOJÉJOUFSNJLBZBSTFUJ
"MBOZÕOFUJNTFUJ
.PEÛMFSPSUBNUFSNPTUBU
)BSJDJ4POEB
ODJBMBOTTPOEBT$.*
ODJBMBOTTPOEBT$.*
.ÛǨUFSFLHÕOEFSJNTPOEBT
#PZMFSCJSJNJTTPOEBT
ODJBMBOLBSǨUSDWBMG$.*
ODJBMBOLBSǨUSDWBMG$.*
ODJBMBOLBMPSJGFSEFWSFQPNQBT$.*
ODJBMBOLBMPSJGFSEFWSFQPNQBT$.*
ODÛBMBOLBMPSJGFSEFWSFQPNQBT$%
#PZMFSCJSJNJHJSJǨQPNQBT
ODJBMBOFNOJZFUUFSNPTUBU$.*
ODJBMBOFNOJZFUUFSNPTUBU$.*
:BLUBMHMBNBWBMGCBǨ
.BOPNFUSFUBǨZDNVTMVnjV
5FSNPNFUSF
.BOVMFÉBMǨUSNBQSFTPTUBU
.BOVMFÉBMǨUSNBUFSNPTUBU
(FOMFǨNFUBOLCBnjMBOUT
(FOMFǨNFUBOL
,PMMFLUÕSLBSǨUSD
)BSJDJCPZMFSCJSJNJ
:BLUBMHMBNBWBMê
4OSMBNBWBMê
5FTJTBUÉBNVSUPQMBNBêMUSFTJ
5FSNPNFUSFIB[OFTJ
%VNBOEFWFSFLBQBnj
,POEFOTBTZPOUBIMJZFLBQBnj
5FTJTBUBMHMBNBNVTMVnjV
¾ÉZPMMVUBIMJZFNVTMVnjV
1Ƥ±,-"%:*/45"-"$&,05-&7
,"4,¦%Ɔ
-FHFOEB
,PUFM7*$53*9
,BTLÃEPWÝB[ÓOPWÝSFHVMÃUPS
;ÓOPWÝSFHVMÃUPS
.PEVMPWÝQPLPKPWÝUFSNPTUBU
7FOLPWOÎTPOEB
5FQMPUOÎTPOEB[ÓOZ$.*
FQMPUOÎTPOEB[ÓOZ$.*
4QPMFǁOÃOÃCLJIPWÃTPOEB
4POEBUFQMPUZKFEOPULZIPǥÃLV
4NLJØPWBDÎWFOUJM[ÓOZ$.*
4NLJØPWBDÎWFOUJM[ÓOZ$.*
ƀFSQBEMPWZUÃQLJDÎIPPLSVIV[ÓOZ
$.*
ƀFSQBEMPWZUÃQLJDÎIPPLSVIV[ÓOZ
$.*
ƀFSQBEMPQǥÎNÊIPPLSVIV[ÓOZ$%
1MOJDÎǁFSQBEMPKFEOPULZIPǥÃLV
#F[QFǁOPTUOÎUFSNPTUBU[ÓOZ$.*
#F[QFǁOPTUOÎUFSNPTUBU[ÓOZ$.*
,VMJǁLB[BWÎSBDÎIPQBMJWPWÊIPWFOUJMV
,PIPVUOBNBOPNFUS
5FQMPNLJS
1SFTPTUBUSVǁOÎSFBLUJWBDF
5FSNPTUBUSVǁOÎSFBLUJWBDF
1ǥÎQPKLBOBFYQBO[OÎOÃESß
&YQBO[OÎOÃESß
,PMFLUPSTNLJØPWBǁ
FOLPWOÎKFEOPULBPIǥÎWBǁF
6[BWÎSBDÎQBMJWPWÝWFOUJM
;QLJUOÝWFOUJM
'JMUS[BǥÎ[FOÎOB[BDIZDPWÃOÎLBMV
»BDIUBOBUFQMPNLJS
»PVQÃULPTQBMJOPWÊIPPLSVIV
,VTPEWPEVLPOEFO[ÃUV
6[BWÎSBDÎLPIPVU[BǥÎ[FOÎ
5ǥÎDFTUOÝWÝQVTUOÝLPIPVU
13*.&3*/".&45*57&,05-"7
,"4,"%0
-FHFOEB'JH
,PUFM7*$53*9
,BTLBEOJJODPOTLJSFHVMBUPS
$POTLJSFHVMBUPS
.PEVMOJTPCOJUFSNPTUBU
;VOBOKBTPOEB
5PQMPUOBTPOEBDPOF$.*
5PQMPUOBTPOEBDPOF$.*
4LVQOBWTUPQOBTPOEB
4POEBUFNQFSBUVSFFOPUFHPSJMOJLB
.FØBMOJWFOUJMDPOF$.*
.FØBMOJWFOUJMDPOF$.*
ƀSQBMLBHSFMOFHBLSPHPUPLBDPOF$.*
ƀSQBMLBHSFMOFHBLSPHPUPLBDPOF$.*
ƀSQBMLBOFQPTSFEOFHBLSPHPUPLBDPOF
$%*
1PMOJMOBǁSQBMLBFOPUFHPSJMOJLB
7BSOPTUOJUFSNPTUBUDPOF$.*
7BSOPTUOJUFSNPTUBUDPOF$.*
,SPHMJDB[BQPSOFHBWFOUJMB[BHPSJWP
7FOUJM[BNBOPNFUFS
5FSNPNFUFS
1SFTPTUBUSPǁOFHBSFBLUJWJSBOKB
5FSNPTUBUSPǁOFHBSFBLUJWJSBOKB
1SJLMKVǁFLFLTQBO[OFQPTPEF
&LTQBO[OBQPTPEB
;CJSBMOJLNFØBMOJL
;VOBOKBFOPUBHSFMOJLB
;BQPSOJWFOUJM[BHPSJWP
1PWSBUOJWFOUJM
'JMUFSOBQSBWF[BQSFTUSF[BOKFVTFEMJO
+BØFLUFSNPNFUSB
;BTVOLSPHPUPLBEJNOJIQMJOPW
,PNBEPEWPEBLPOEFO[B
;BQPSOJWFOUJMOBQSBWF
5SJLBOBMOJJ[QVTUOJWFOUJM
40304"/,¸5¸55,";¦/ћ1­-%"
"5&-&1±5­43&
+FMNBHZBSÃ[BUÃCSB
7*$53*9LB[ÃO
5FMFQÊT[ÓOÃOLÊOUJT[BCÃMZP[Ó
;ÓOBLF[FMǡ
.PEVMÃMÓT[PJCBUFSNPT[UÃU
,ÛMTǡT[POEB
[ÓOBIǡNÊSTÊLMFUT[POEÃKB$.*
[ÓOBIǡNÊSTÊLMFUT[POEÃKB$.*
,Õ[ÕTFMǡSFNFOǡDTǡT[POEB
7Î[NFMFHÎUǡFHZTÊHIǡNÊSTÊLMFUT[POEÃKB
[ÓOBLFWFSǡT[FMFQ$.*
[ÓOBLFWFSǡT[FMFQ$.*
[ÓOBGǯUÊTIÃMÓ[BUT[JWBUUZÙKB$.*
[ÓOBGǯUÊTIÃMÓ[BUT[JWBUUZÙKB$.*
[ÓOBLÕ[WFUMFOIÃMÓ[BUT[JWBUUZÙKB$%
7Î[NFMFHÎUǡFHZTÊHUÃQT[JWBUUZÙKB
[ÓOBCJ[UPOTÃHJUFSNPT[UÃU$.*
[ÓOBCJ[UPOTÃHJUFSNPT[UÃU$.*
'ǯUǡBOZBHFM[ÃSÓT[FMFQHÕNCKF
.BOPNÊUFSFTDTBQ
)ǡNÊSǡ
,Ê[JÙKSBÊMFTÎUÊTǯQSFTT[PT[UÃU
,Ê[JÙKSBÊMFTÎUÊTǯUFSNPT[UÃU
5ÃHVMÃTJUBSUÃMZDTBUMBLP[ÃTB
5ÃHVMÃTJUBSUÃMZ
(ZǯKUǡLFWFSǡ
,ÛMTǡWÎ[NFMFHÎUǡFHZTÊH
'ǯUǡBOZBHFM[ÃSÓT[FMFQ
7JTT[BDTBQÓT[FMFQ
*T[BQHZǯKUǡT[ǯSǡ
)ǡNÊSǡCFNÊMZFEÊTF
'ÛTUIÃMÓ[BUSFUFT[F
,POEFO[WÎ[MFWF[FUǡDTǡDTPOL
,ÊT[ÛMÊLFM[ÃSÓDTBQKB
)ÃSPNVUBTMFFSFT[UǡDTBQ
*/45"--"5*0/&9".1-&4#0*-&34
*/$"4$"%&
,FZ'JH
7*$53*9(FOFSBUPS
$BTDBEFBOE[POFSFHVMBUPS
;POFNBOBHFS
.PEVMBUJOHSPPNUIFSNPTUBU
&YUFSOBMQSPCF
"SFBUFNQFSBUVSFQSPCF$.*
"SFBUFNQFSBUVSFQSPCF$.*
$PNNPOEFMJWFSZQSPCF
(FOFSBUPSVOJUUFNQFSBUVSFQSPCF
.JYFSWBMWF[POF$.*
.JYFSWBMWF[POF$.*
"SFBIFBUJOHDJSDVJUQVNQ$.*
"SFBIFBUJOHDJSDVJUQVNQ$.*
%JSFDUDJSDVJUQVNQ[POF$%
(FOFSBUPSVOJUTVQQMZQVNQ
"SFBTBGFUZUIFSNPTUBU$.*
"SFBTBGFUZUIFSNPTUBU$.*
'VFMTIVUPĒWBMWFCVMC
.BOPNFUFSDPDL
ѮFSNPNFUFS
.BOVBMSFBSNQSFTTVSFTXJUDI
.BOVBMSFBSNUIFSNPTUBU
"UUBDINFOUGPSFYQBOTJPOWBMWF
&YQBOTJPOWBMWF
.JYFSNBOJGPME
&YUFSOBMHFOFSBUPSVOJU
'VFMTIVUPĒWBMWF
3FUVSOWBMWF
4MVEHFCSBTTêMUFS
ѮFSNPNFUFSXFMM
'VNFTDJSDVJUEBNQFS
$POEFOTBUFESBJO
4ZTUFNTIVUPĒWBMWF
XBUESBJODPDL
1-
53
$;
4*
)6
*&
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
1-
*/4536,$+"0#4Š6(**
,0/4&38"$+*
6ƺ:5,08/*,
$;:4;$;&/*&*,0/4&38"$+"
6XBHBJOTUBMBDKFDJFQMOFQPXJOOZCZǀPLSFTPXP
QPEEBXBOF [BCJFHPN LPOTFSXBDZKOZN X UZN
DFMV OBMFǻZ TLPOTVMUPXBǀ X OJOJFKT[FK JOTUSVLDKJ
QPESP[E[JB QPǧXJNjDPOZ iDPSPD[OFK LPOUSPMJ J
LPOTFSXBDKJVS[ƾE[FOJBu
PSB[PLSFTPXFKLPOUSPMJ
XZEBKOPǧDJFOFSHFUZD[OFK[HPEOJF[PCPXJƾ[VKƾDZNJ
QS[FQJTBNJLSBKPXZNJSFHJPOBMOZNJMVCMPLBMOZNJ
6NPǻMJXJB UP [BDIPXBOJF OB QS[FTUS[FOJ D[BTV
OJF[NJFOJPOZDI XBǧDJXPǧDJ CF[QJFD[FǝTUXB
XZEBKOPǧDJ J PQUZNBMOFHP E[JBBOJB LUÓSZNJ
PE[OBD[BTJNjLPDJP;BMFDBTJNjQPEQJTBOJFSPD[OZDI
VNÓX X [BLSFTJF D[ZT[D[FOJB J LPOTFSXBDKJ [
NJFKTDPXZNUFDIOJLJFN
8*&53;&/*&*8&/5:-"$+"
10.*&4;$;&Ɯ*/45"-"$:+/:$)
/BMFǻZ TLPOTVMUPXBǀ SP[E[JB i8JFUS[FOJF J
XFOUZMBDKB
QPNJFT[D[Fǝ JOTUBMBDZKOZDIu [OBKEVKƾDZ TJNj X
OJOJFKT[FKJOTUSVLDKJ
0(¶-/&0453;&ƺ&/*"
;BCSBOJBTJNjVǻZXBOJBLPUBQS[F[E[JFDJJPTPCZ
OJFEPǧXJBED[POF4QSBXE[Jǀ D[Z LPODFOUSZD[OZ
QS[FXÓE PEQSPXBE[BOJBTQVTUV KFǻFMJ PCFDOZ
OJF KFTU [BULBOZ8 QS[ZQBELV HEZ LPDJP CNjE[JF
UZND[BTPXPOJFD[ZOOZOBMFǻZ
B
PQSÓǻOJǀ JOTUBMBDKNj IZESBVMJD[Oƾ KFǻFMJ
OJF [PTUBP QS[FXJE[JBOF VǻZDJF ǧSPELB
[BQPCJFHBKƾDFHP[BNBS[BOJV
C
PEƾD[Zǀ[BTJMBOJFFMFLUSZD[OFIZESBVMJD[OF
JHB[PXF
/# 8 QS[ZQBELV [BCJFHÓX LPOTFSXBDZKOZDI
XZNBHBKƾDZDI [BNLOJNjDJB KFEOFHP MVC PCZEXV
[BXPSÓX PEDJOBKƾDZDI JOTUBMBDKJ 3ZT LPDJP QPXJOJFO CZǀ XZƾD[POZ 8 QS[ZQBELV
[BCJFHÓX LPOTFSXBDZKOZDI OB LPNQPOFOUBDI
[OBKEVKƾDZDI TJNj X QPCMJǻV QS[FXPEÓX MVC
VS[ƾE[FǝPEQSPXBE[BOJBTQBMJOJJDIBLDFTPSJÓX
OBMFǻZXZƾD[ZǀLPDJPJQP[BLPǝD[FOJV[BCJFHÓX
[MFDJǀ TQSBXE[FOJF TLVUFD[OPǧDJ QS[FXPEÓX J
VS[ƾE[Fǝ QS[F[ XZLXBMJêLPXBOZ QFSTPOFM /JF
D[ZǧDJǀ VS[ƾE[FOJB MVC KFHP D[NjǧDJ QS[Z VǻZDJV
BUXPQBMOZDITVCTUBODKJ/JFOBMFǻZQP[PTUBXJBǀ
QPKFNOJLÓX MVC BUXP QBMOZDI TVCTUBODKJ X
QPNJFT[D[FOJV X LUÓSZN KFTU [BJOTUBMPXBOZ
LPDJP
r 6XBHB VǻZDJF KBLJFHPLPMXJFL LPNQPOFOUV
LUÓSZXZLPS[ZTUVKFFOFSHJNjFMFLUSZD[OƾQPXP
EVKF XZNÓH QS[FTUS[FHBOJB OJFLUÓSZDI QPE
TUBXPXZDI[BTBE
OJF EPUZLBǀ VS[ƾE[FOJB NPLSZNJ MVC
XJMHPUOZNJ D[NjǧDJBNJ DJBB OJF OBMFǻZ
SÓXOJFǻEPUZLBǀVS[ƾE[FOJBHEZNBTJNjCPTF
OPHJ
OJFDJƾHOƾǀLBCMJFMFLUSZD[OZDI
QS[FXÓE[BTJMBKƾDZVS[ƾE[FOJBOJFQPXJOJFO
CZǀXZNJFOJBOZQS[F[VǻZULPXOJLB
X QS[ZQBELV VT[LPE[FOJB LBCMB OBMFǻZ
XZƾD[ZǀVS[ƾE[FOJFJ[XSÓDJǀTJNjXZƾD[OJF
EP XZLXBMJGJLPXBOFHP QFSTPOFMV DFMFN
EPLPOBOJBXZNJBOZ
XQS[ZQBELVHEZLPDJPOJFCNjE[JFQS[F[KBLJǧ
D[BTVǻZXBOZ[BMFDBTJNjXZƾD[FOJFHÓXOFHP
XZƾD[OJLB[BTJMBOJB
53
,6--"/*.7&#",*.
,*-"76;6
$;
/¦70%,106Â*5±
"¼%3Â#Ɔ
,6--"/*$*
5&.ƻ;-ƻ,7&#",*.
%JLLBUUFSNJLDJIB[MBSOCBLNNÛEBIBMFMFSJOJO
QFSJZPEJL CV LPOVZMB JMHJMJ PMBSBL JǨCV LMBWV[
LJUBQɏnjO iDJIB[O TFOFMJL CBLN WF LPOUSPMVu
CBǨMnjOB CBLO[
PMBSBL ZBQMNBT HFSFLNFLUF
PMVQZFSFMWFCÕMHFTFMZFBTMEÛ[FOMFNFMFSVZBSODB
EB CFMMJ BSBMLMBSMB FOFSKJ WFSJN LPOUSPMMBSOO
ZBQMNBT HFSFLNFLUFEJS #V TVSFUMF DJIB[O[O
CBǨMDB Õ[FMMJnjJ PMBO [BNBO JÉFSJTJOEF WFSJN WF
HÛWFOMJnjJOJONVIBGB[BFEJMNFTJLPǨVMVOVEBUFNJO
FEFCJMJSTJOJ[
#ÕMHFOJ[EFLJZFULJMJUFLOJLTFSWJTMFTFOFMJLCBLNWF
UFNJ[MJLTÕ[MFǨNFTJZBQNBO[UBWTJZFFEFSJ[
6Â*7"5& ƀ*»5Ɔ/±"¼%3Â#"
6QP[PSOLJOÎ5FQFMOÃ[BǥÎ[FOÎNVTÎCÝUQPESPCPWÃOB
QSBWJEFMOÊÙESßCLJLUPNVUPUÊNBUVTFEP[WÎUFWÎDF
W PEEÎMV UÊUP QǥÎSVǁLZ WLJOPWBOÊNV UFDIOJLPWJ
SFTQFLUJWF CPEV UÝLBKÎDÎIP TF SPǁOÎ LPOUSPMZ B
ÙESßCZ [BǥÎ[FOÎ
B WF TUBOPWFOÝDI JOUFSWBMFDI
QSPWÃELJOÊLPOUSPMFFOFSHFUJDLÊIPWÝLPOVWTPVMBEV
T QMBUOÝNJ OÃSPEOÎNJ SFHJPOÃMOÎNJ B NÎTUOÎNJ
QǥFEQJTZ 5P VNPßǞVKF [BDIPWBU CF[QFǁOPTUOÎ
WÝLPOOPTUOÎBGVOLǁOÎWMBTUOPTUJLUFSÝNJKFUFOUP
LPUFMDIBSBLUFSJTUJDLÝOFNLJOOÊWǁBTF
%PQPSVǁVKFNFWÃNBCZTUFV[BWǥFMJSPǁOÎTNMPVWV
PǁJØULJOÎBÙESßCLJTWBØÎNNÎTUOÎNUFDIOJLFN
.0/5"+.")"-&3ƻ/ƻ/
)"7"-"/."4*7&
)"7"-"/%*3*-."4*
ƻǨCV LMBWV[ LJUBQɏnjO iNPOUBK NBIBMMFSJOJO
IBWBMBONBTWFIBWBMBOESMNBTuCBǨMnjOBCBLO[
7Ɔ53¦/±"7&/5*-"$&7
*/45"-"ƀ/±$).±45/045&$)
7J[ LBQJUPMB t7LJUSÃOÎ B WFOUJMBDF W JOTUBMBǁOÎN
NÎTUOPTUFDIiWUÊUPQǥÎSVǁDF
,PNCJOJO ÉPDVLMBS WF UFDSÛCFTJ[ LJǨJMFSDF
LVMMBONO ZBTBLMBZO[ (ÛWFOMJnjJO UFNJOJ
BNBDZMB IBWB FNJǨ WF UBIMJZF LPOTBOUSJL
UFSNJOBMJOJONFWDVUPMNBTIBMJOEF
HFÉJDJTÛSFMJ
PMTBEBIJULBMPMNBEnjOLPOUSPMFEJOJ[
,PNCJOJO CJS TÛSFMJnjJOF EFWSF EǨ CSBLMNBTOB
LBSBS WFSJMNFTJ EVSVNVOEB BǨBnjEB CFMJSUJMFO
JǨMFNMFSJOZBQMNBTHFSFLJS
B
BOUJGSJ[ LVMMBONO ÕOHÕSÛMNFNJǨ PMNBT
IBMJOEFUFTJTBUTVZVOVCPǨBMUO[
7»&0#&$/¦610;03/Ɔ/±
;BCSBǞUF QPVßJUÎ LPUMF ELJUFN B OFQPWPMBOÝN
PTPCÃN;EDzWPEVCF[QFǁOPTUJ[LPOUSPMVKUF[EB
LPODFOUSJDLÝLPODPWÝLVTQSPOBTÃWÃOÎW[EVDIV
BPEWPETQBMJOWQǥÎQBELJßFKFKÎNLPUFMWZCBWFO
OFOÎ[BLSZUÝBUPBOJEPǁBTOLJ
7QǥÎQBELJßFTFSP[IPEOFUFLEPǁBTOÊEFBLUJWBDJ
LPUMFKFQPUǥFCB
B
QǥJTUPVQJU L WZQVØULJOÎ WPEPWPEOÎIP
TZTUÊNVQPLVEOFKTPVOVUOÃPQBUǥFOÎQSPUJ
[BNS[OVUÎ
C
MFLUSJTVWFHB[HJSJǨMFSJOJLFTJOJ[
C
QǥJTUPVQJULPEQPKFOÎFMFLUSJDLÊIPOBQÃKFOÎB
QǥÎWPEVWPEZBQMZOV
/PU5FTJTBUBMHMBNBNVTMVLMBSOEBOƧFLJM
CJSWFZBIVUEBCJSEFOGB[MBTOOLBQBUMNBTO
HFSFLUJSFDFL LPNCJ CBLN NÛEBIBMFTJ IBMJOEF
LPNCJ DJIB[OO LBQBM PMNBT HFSFLNFLUFEJS
#PSVLBOBMWFUBIMJZFZPMMBSDJWBSOEBZBQMBDBL
CBLN WF UBNJSBU JǨMFNMFSJ FTOBTOEB DJIB[O[
TÕOEÛSFSFL LBQBUO[ WF JǨMFNMFS CJUUJLUFO TPOSB
DJIB[O[ ÉBMǨUSNBEBO FWWFM V[NBO CJS UFLOJL
QFSTPOFMUBSBGOEBOLPNCJOJOLPOUSPMFEJMNFTJOJ
UFNJOFEJOJ[,PMBZMLMBBMFWBMBCJMFONBM[FNFMFS
LVMMBOBSBL DJIB[ UFNJ[MJnjJ ZBQNBZO[ ,PNCJ
DJIB[OO NPOUF FEJMNJǨ PMEVnjV NBIBMEF LPMBZ
BMFW BMBO WF UVUVǨBO ÛSÛOMFS JIJUWB FEFO LBQMBS
CSBLNBZO[
r %JLLBUM)FSUÛSMÛFMFLUSJLMJBMFUJOLVMMBOMNBT
CJSLTNUFNFMLVSBMBSJBZFUFEJMNFTJǨBSUOEB
HFUJSJS
DJIB[ FM ZB EB BZBLMBSO[ TMBL WFZBIVU EB
OFNMJ WB[JZFUUF UVUNBZO[ BZBLLBCT[ WF
ZBMOBZBLEBUVUNBUO[
FMFLUSJLLBCMPMBSOÉFLNFZJOJ[
DJIB[OHJSJǨLBCMPTVOVOLVMMBODUBSBGOEBO
ZFOJTJJMFEFnjJǨUJSJMNFNFTJHFSFLNFLUFEJS
LBCMPOVOIBTBSHÕSNFTJEVSVNVOEBLPNCJ
DJIB[OV[ LBQBUO[ DJIB[ LVMMBONBZO[
WF LBCMPOVO ZFOJTJ JMF EFnjJǨUJSJMNFTJ
BNBDZMB NFTMFLJ BɏEBO V[NBO CJS LJǨJZF
CBǨWVSVOV[
DJIB[O V[VO TÛSFMJ PMBSBL LVMMBOMNBNBT
EVSVNVOEB FMFLUSJL LBCMPTVOVO QSJ[EFO
ɏLBSUMNBTHFSFLJS
1P[OÃNLB 7 QǥÎQBELJ [ÃTBIV [ EDzWPEV ÙESßCZ
LPUMFQǥFE[BWǥFOÎNKFEOPIPOFCPPCPV[BWÎSBDÎDI
WFOUJMDzTZTUÊNV0CS
NVTÎCÝULPUFMWZQOVU
7QǥÎQBELJQSBDÎOFCPÙESßCZTUBWFCOÎDIQSWLDzW
CMÎ[LPTUJQPUSVCÎOFCP[BǥÎ[FOÎOBPEWPELPVǥFB
KFKJDIQǥÎTMVØFOTUWÎLPUFMWZQOLJUFBQPEPLPOǁFOÎ
QSBDÎ OFDIUF [BǥÎ[FOÎ B QPUSVCÎ [LPOUSPMPWBU
PECPSOLJLWBMJêLPWBOÝNJQSBDPWOÎLZ
;BǥÎ[FOÎ B KFIP ǁÃTUJ OFǁJTULJUF TOBEOP IPǥMBWÝNJ
QǥÎQSBWLZ
7 NÎTUOPTUJ LEF KF [BǥÎ[FOÎ JOTUBMPWÃOP
OFQPOFDIÃWFKUFIPǥMBWÊLPOUFKOFSZOFCPMÃULZ
r 6QP[PSOLJOÎ QǥJ QPVßJUÎ KBLÊIPLPMJW [BǥÎ[FOÎ
LUFSÊ WZVßÎWà FMFLUSJDLÊ FOFSHJF KF QPUǥFCB
EPESßPWBUOLJLUFSÃ[ÃLMBEOÎQSBWJEMB
OFEPUÝLFKUFTF[BǥÎ[FOÎWMILÝNJOFCPNPLSÝ
NJǁÃTUNJULJMBOFEPUÝLFKUFTFIPCPTÎ
OFUBIFKUF[BFMFLUSJDLÊLBCFMZ
OBQÃKFDÎ LBCFM LPUMF OFTNÎ WZNLJǞPWBU
VßJWBUFM
WQǥÎQBELJQPØLP[FOÎLBCFMV[BǥÎ[FOÎWZQOLJUFB
PCSBǬUFTFWÝISBEOLJOBPECPSOLJLWBMJêLPWBOÝ
QFSTPOÃMLUFSÝTFQPTUBSÃPKFIPWÝNLJOV
QPLVECZTUFTFSP[IPEMJOFQPVßÎWBU[BǥÎ[FOÎ
OBVSǁJUPVEPCVKFWIPEOÊPEQPKJUFMFLUSJDLÝ
TQÎOBǁOBQÃKFOÎ
1 1"/&-45&308/*$;:
53
,0/530-1"/&-ƻ
$;
07-¦%"$±1"/&-
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
-FHFOEB
m(ÓXOZXZƾD[OJL
m8ZǧXJFUMBD[JOUFSGFKTVVǻZULPXOJLB
m.BOPNFUSLPUB
"ɏLMBNBMBS
"OBǨBMUFS
m,VMMBODBSBZÛ[ÛHÕSÛOUÛMFNFHÕTUFSHFTJ
,PNCJNBOPNFUSFTJ
-FHFOEB
)MBWOÎTQÎOBǁ
m;PCSB[PWBDÎEJTQMFKVßJWBUFMTLÊIPSP[ISBOÎ
.BOPNFUSLPUMF
;BƾD[FOJF LPUB 1S[FE [BƾD[FOJFN TQSBXE[Jǀ
D[ZJOTUBMBDKBKFTUOBQFOJPOBXPEƾLPOUSPMVKƾDD[Z
XTLB[ÓXLB NBOPNFUSV XTLB[VKF XBSUPǧǀ OB
QPETUBXJFLUÓSFKVS[ƾE[FOJF[PTUBP[BQSPKFLUPXBOF
BXLBǻEZNSB[JFOJFNOJFKT[ƾOJǻCBS
0UXPS[Zǀ [BXÓS HB[V [OBKEVKƾDZ TJNj QS[FE
LPUFN
,PNCJOJOÉBMǨUSMNBT
$JIB[ ZBLBSBL ÉBMǨUSNBEBO FWWFM NBOPNFUSF
Û[FSJOEF ZFS BMBO JCSFZF CBLNBL TVSFUJZMF
NFWDVU TV EFnjFSJOJO CBSEBO EBIB EÛǨÛL
PMNBNBTOLPOUSPMFEJOJ[
;BQOVUÎ [BQÃMFOÎ
LPUMF 1ǥFE [BQOVUÎN
[LPOUSPMVKUF[EBKFTZTUÊNOBQMOLJOWPEPVQPEMF
SVǁJǁLZNBOPNFUSV
LUFSÃNÃVLB[PWBUUMBLOB
[ÃLMBELJTZTUÊNVQSPLUFSÝCZMP[BǥÎ[FOÎOBWSßFOP
BWZQPǁUFOPWßÃEOÊNQǥÎQBELJWØBLIPEOPUVOJßØÎ
OFßCBS
0UFWǥFUFQMZOPWÝLPIPVUOBLPUMJ
VTUBXJǀHÓXOZXZƾD[OJL
OBQP[ZDKJ0/
,PDJPKFTUXZQPTBǻPOZXLBSUNjTBNPSFHVMBDZKOƾ
EPTUNjQOƾ QP PUXBSDJV QPLSZXZ TLBEBKƾDƾ TJNj
[ D[UFSPDZGSPXFHP XZǧXJFUMBD[B J LMBXJT[Z
[B QPNPDƾ LMBXJT[Z NPǻOB XZSFHVMPXBǀ
LPDJӐ QPEPCOJF KBL X QS[ZQBELV USBEZDZKOZDI
QS[FƾD[OJLÓXJQPLSNjUF
1PT[D[FHÓMOFLMBXJT[FNBKƾOBTUNjQVKƾDFGVOLDKF
3&4&5
.0%&
45&1
4503&
1P T [ D [ F H Ó M O F L M BX J T [ F N BK ƾ
OBTUNjQVKƾDFGVOLDKF
,MBXJT[XZCPSVNFOÜXZǧXJFUMBD[B
8ZCÓSQBSBNFUSVEPXZǧXJFUMFOJB
MVC[NJBOZ
,MBXJT[ QPUXJFSE[FOJB EBOZDI J
[BQJTVXQBNJNjDJ
8[SPTUVTUBXJPOFKXBSUPǧDJ
;NOJFKT[FOJFVTUBXJPOFKXBSUPǧDJ
8USBLDJFE[JBBOJBQJFSXT[FDZGSZXZǧXJFUMBD[B
QP MFXFK TUSPOJF XTLB[VKƾ USZC QSBDZ LPUB
OBUPNJBTUUFNQFSBUVSBXPEZXZTZBOFKQS[F[LPDJP
KFTUQPEBOB[BQPNPDƾQP[PTUBZDIEXÓDIDZGSQP
QSBXFKTUSPOJF
/ B Q S [ Z L  B E K F ǻ F M J O B
NPǻOB PED[ZUBǀ
XZǧXJFUMBD[V
UFXBSUPǧDJP[OBD[BUPǻFLPDJP
QSBDVKF X USZCJF PHS[FXBOJB
QSPEVLVKƾDUFNQFSBUVSNjSÓXOƾž$
LPNCJOJO BOB HJSJǨJOEFLJ HB[ NVTMVnjVOV
BɏO[
)BUUO HFOFM ǨBMUFSJOJ 0/ LPOVNVOB
HFUJSNFLTVSFUJZMFBɏO[
,PNCJ QBOFMJO BɏMNBT JMF FSJǨJMFCJMFDFL CJS
PUPBZBS LBSU JMF EPOBUMNǨ PMVQ SBLBN WF
EÛnjNFMJ CJS HÕTUFSHFEFO PMVǨNBLUBES CV
EÛnjNFMFSWBTUBTZMBBMǨMBHFMNJǨUVǨWFEÛnjNFMFSMF
ZBQMBCJMFO UÛN BZBSMBS HFSÉFLMFǨUJSFCJMJSTJOJ[
%ÛnjMFNFSJOJǨMFWMFSJBǨBnjEBCFMJSUJMNFLUFEJS
3&4&5
.0%&
45&1
4503&
,PNCJOJO BS[BZB HFÉNFT IBMJOEF
NBOVFMPMBSBLBS[BEBOɏLNBLJÉJO
(ÕTUFSHFNFOÛTÛTFÉNFEÛnjNFTJ
( Õ S Û O U Û M F O F D F L W F Z B I V U E B
EFnjJǨUJSJMFDFLQBSBNFUSFTFÉJNJ
7FSJMFSJO POBZ WF IBG[BZB BMONBT
JÉJOHFSFLMJEÛnjNF
#FMJSMFONJǨEFnjFSEFOZVLBSTBQNB
#FMJSMFONJǨEFnjFSEFOBǨBnjTBQNB
* SBLBNM HÕTUFSHF ÉBMǨNBT FTOBTOEB JǨMFW
NPEVOVTPMEBZFSBMBOJMLSBLBNMB
WFLPNCJOJO
HÕOEFSJN TTO TBnjEBLJ EJnjFS JLJ SBLBN
HÕSÛOUÛMFS
¸SOFnjJOHÕTUFSHFEFZVLBSEBLJ
EFnjFSMFSHÕSÛOUÛMFOJZPSTBDJIB[
TUNB NPEVOEB WF LPNCJ
HÕOEFSJNJž$PMBSBLÉBMǨZPS
EFNFLUJS
0UPǁFOÎN IMBWOÎ TQÎOBǁ VWFDŽUF EP QPMPIZ
;"10/
,PUFMKFWZCBWFOTBNPSFHVMBǁOÎLBSUPVQǥÎTUVQOPV
QPPUFWǥFOÎEWÎǥFLLUFSÃKFUWPǥFOBǁUZǥNÎTUOÝN
EJTQMFKFN B ØFTUJ LMÃWFTBNJ 1PNPDÎ ULJDIUP
LMÃWFT KF NPßOÊ SFHVMPWBU LPUFM TUFKOLJ KBLP
QPNPDÎ USBEJǁOÎDI WPMJǁDz B PWMÃEBDÎDI QSWLDz
+FEOPUMJWÊLMÃWFTZNBKÎOÃTMFEVKÎDÎGVOLDJ
3&4&5
.0%&
45&1
4503&
3VǁOÎSFTFUQǥÎQBEOÊIP[BCMPLPWÃOÎ
LPUMF
,MÃWFTB WPMCZ [PCSB[FOÎ NFOV %J
TQMBZ
7PMCBQBSBNFUSVLUFSÝTFNÃ[PCSB[JU
OFCP[NLJOJU
,MÃWFTB QPUWS[FOÎ ÙEBKDz B KFKJDI
VMPßFOÎEPQBNLJUJ
;WÝØFOÎOBTUBWFOÊIPEOPUZ
4OÎßFOÎOBTUBWFOÊIPEOPUZ
7F GÃ[J DIPEV ǁUZǥNÎTUOÝ EJTQMFK VEÃWÃ QSPWP[OÎ
SFßJNQSPTUǥFEOJDUWÎNQSWOÎDIǁÎTMJDOBMFWP
B
OÃCLJIPWPVUFQMPUVLPUMFQSPTUǥFEOJDUWÎNEBMØÎDI
EWPVǁÎTMJDOBQSBWP
1PLVEKTPVOBQǥÎLMBEOBEJTQMFKJ
VWFEFOZUZUPIPEOPUZ[OBNFOÃ
UPßF[BǥÎ[FOÎQSBDVKFOBWZUÃQLJOÎ
QǥJOÃCLJIPWÊUFQMPULJž$
$;
/ÎßFKTPVVWFEFOZQSPWP[OÎSFßJNZLPUMF
4UBOECZBCTFODFQPßBEBWLVOBTQVØULJOÎ
1ǥFECLJßOÃWFOUJMBDF
;BQÃMFOÎIPǥÃLV
)PǥÃLKF[BQÃMFOGVOLDFWZUÃQLJOÎTZTUÊNV
)PǥÃLKF[BQÃMFOGVOLDFPIǥFWVVßJULPWÊWPEZ
,POUSPMBWFOUJMÃUPSV
)PǥÃLKFWZQOVU[EDzWPEVEPTBßFOÎQPßBEPWBOÊUFQMPUZ
/ÃTMFEOÃDJSLVMBDFǁFSQBEMBWSFßJNVWZUÃQLJOÎ
/ÃTMFEOÃDJSLVMBDFǁFSQBEMBWSFßJNVPIǥFWVVßJULPWÊWPEZ
CTUǥÎEBWÊ
CMJLÃOÎ
"
)PǥÃLKFWZQOVUÝ[EDzWPEVKFEOPIP[F[BCMPLPWÃOÎVWFEFOÝDIWUBCVMDFWPETUBWDJQǥCYY
;LPOUSPMPWBUUSPKDFTUOÝWFOUJM
3FßJN1"3".&53:+FEOÎNTUJTLFNLMÃWFTZ.0%&WTUPVQÎUFEP3&Â*.6
1"3".&53: 7 UÊUP TJUVBDJ KF NPßOÊ NLJOJU QǥFEOBTUBWFOÊ QSPWP[OÎ
IPEOPUZ 1SWOÎ EWLJ ǁÎTMJDF VEÃWBKÎ ǁÎTMP QBSBNFUSV QPTMFEOÎ EWLJ VEÃWBKÎ
IPEOPUVOBTUBWFOÎ1ǥJQSPWÃELJOÎ[NLJOOBTUBWFOÎLPUMFQPTUVQVKUFOÃTMF
EVKÎDÎN[QDzTPCFN
+FEOÎNTUJTLFNLMÃWFTZ.0%&WTUPVQÎUFEPSFßJNVQBSBNFUSZ
QPNPDÎLMÃWFTZ45&1[WPMUFQBSBNFUSLUFSÝTFNÃ[NLJOJU
[NLJǞUFIPEOPUVQPNPDÎLMÃWFTOFCP
TUJTLFNLMÃWFTZ4503&OPWPVIPEOPUVVMPßÎUF
OPWPVIPEOPUVBLUJWVKFUFTUJTLFN.0%&
1BSBNFUSZLUFSÊNDzßFNLJOJUVßJWBUFM
1BSBNFUS
1PQJT
4QPEOÎMJNJUOÎ
IPEOPUB
)PSOÎMJNJUOÎ
IPEOPUB
)PEOPUBOBTUBWFOÎUFQMÊVßJULPWÊWPEZ
ž$
ž$
WZǥB[FO
BLUJWOÎ
WZǥB[FOǁFSQBEMPQPLSBǁVKF
BLUJWOÎǁFSQBEMPQPLSBǁVKF
1SPWP[OÎSFßJNPIǥFWVVßJULPWÊWPEZ
1SPWP[OÎSFßJNWZUÃQLJOÎ
WZǥB[FO
BLUJWOÎ
WZǥB[FOǁFSQBEMPQPLSBǁVKF
BLUJWOÎǁFSQBEMPQPLSBǁVKF
.BYJNÃMOÎOÃCLJIPWÃUFQMPUBQǥJWZUÃQLJOÎ
ž$
ž$
QBSBNFUS VNPßǞVKF BLUJWPWBU OFCP EFBLUJWPWBU PIǥFW VßJULPWÊ WPEZ
5PWÃSOÎNOBTUBWFOÎNCZMPIǥFWVßJULPWÊWPEZEFBLUJWPWÃO
QBSBNFUSVNPßǞVKFWZǥBEJUGVOLDJWZUÃQLJOÎTZTUÊNV-ÊUP
OFCPKJBLUJWPWBU
;JNB
5PWÃSOÎNOBTUBWFOÎNCZMPWZUÃQLJOÎTZTUÊNVBLUJWPWÃOP
,SPL
1PLVEKTPVOBQǥÎLMBEOBEJTQMFKJVWFEFOZUZUPIPEOPUZ[OB
NFOÃUPßFUFQMPUBWSBUOÊIPPLSVIVKFž$
;PCSB[FOÎ
)PEOPUB
/ÃCLJIPWÃUFQMPUB
)PEOPUBWFž$
7SBUOÃUFQMPUB
)PEOPUBWFž$
/FBLUJWOÎ5FQMPUBVßJULPWÊWPEZQPLVEKFQǥÎUPNOB IPEOPUBWFž$
TPOEBUFQMPUZVßJULPWÊWPEZ
/FBLUJWOÎ 7FOLPWOÎ UFQMPUB QPLVE KF JOTUBMPWÃOB IPEOPUBWFž$
TPOEB
#PEOBTUBWFOÎOÃCLJIPWÊUFQMPUZ
&
ž$
ž$
3FßJN*/'0%WPKÎNTUJTLFNLMÃWFTZ.0%&WTUPVQÎUFEPSFßJNV*/'07
UÊUPTJUVBDJKFNPßOÊ[PCSB[JUB[LPOUSPMPWBUPLBNßJUÊQSPWP[OÎIPEOPUZCF[
QSPWÃELJOÎ[NLJO1SWOÎEWLJǁÎTMJDFVEÃWBKÎǁÎTMPLSPLVQPTMFEOÎEWLJVEÃWBKÎ
IPEOPUVOBTUBWFOÎ
)PEOPUBOBTUB
WFOÃVßJWBUFMFN
QBSBNFUSVNPßǞVKFOBTUBWJUOÃCLJIPWPVUFQMPUVQǥJWZUÃQLJOÎ1PLVEKFL
[BǥÎ[FOÎ QǥJQPKFOB WFOLPWOÎ UFQMPUOÎ TPOEB FMFLUSPOJLB BVUPNBUJDLZ VSǁÎ
JEFÃMOÎUFQMPUVWPEZWTZTUÊNV5FOUPQBSBNFUSQǥFETUBWVKFNBYJNÃMOÎUFQMPUV
LUFSÊNDzßFWPEBOÃCLJIVEPTZTUÊNVEPTÃIOPVU
QBSBNFUSVNPßǞVKFOBTUBWJUUFQMPUVUFQMÊVßJULPWÊWPEZWQǥÎQBELJLPOUSPMZ
TPOEPV/5$
)PEOPUBUPWÃS
OÎIPOBTUBWFOÎ
)PEOPUBWFž$
5FQMPUOÎHSBEJFOUZOFM[F[NLJOJU
ž$4
.PNFOUÃMOÎIPEOPUBQMBNFOF
•"
$;
4*
;BCMPLPWÃOÎLPUMFBSVǁOÎSFBLUJWBDF
,ÓE
#MPLJSBOKFLPUMBJOSPǁOPSFBLUJWJSBOKF
1PQJT
/ÃQSBWB
1ǥÎUPNOPTUQMBNFOFOFQPWPMFOB
3FTFU
;BCMPLPWÃOÎWEDzTMFELVOF[BQÃMFOÎ
3FTFU
3FTFUQPLVEQSPCMÊNQǥFUSWÃPCSBǬUFTFOBPECPSOÊIPUFDIOJLB
7OJUǥOÎ[BCMPLPWÃOÎFMFLUSPOJDLÊ
/FTUBCJMOÎ[BCMPLPWÃOÎEPDIÃ[ÎLOLJNVWQǥÎQBELJ[BCMPLPWÃOÎBBCTFODF
3FTFU
FMFLUSJDLÊIPOBQÃKFOÎ
;ÃTBICF[QFǁOPTUOÎIPUFSNPTUBUVDISÃOÎDÎIPQǥFEQǥFIǥÃUÎN[ÃTBIQPKJTULZ 3FTFUQPLVEQSPCMÊNQǥFUSWÃPCSBǬUFTFOBPECPSOÊIPUFDIOJLB
7
/ÃCLJIPWÃUFQMPUBTZTUÊNVKFQǥÎMJØWZTPLÃ
5FQMPUBWSBUOÊIPPLSVIVTZTUÊNVKFQǥÎMJØWZTPLÃ
3FTFU
1ǥÎMJØSZDIMÊ[WÝØFOÎOÃCLJIPWÊUFQMPUZ[BǥÎ[FOÎ
3FTFU
/FEPTUBUFǁOÝUMBLWPEZ
6QSBWUFUMBLWPEZWTZTUÊNVOBIPEOPUVNF[JBCBSZ
1PSVDIBWFOUJMÃUPSVBCTFODFTJHOÃMV)BMM
3FTFU
1PSVDIBWFOUJMÃUPSV
3FTFU
3P[EÎMWOÃCLJIPWÊBWSBUOÊUFQMPULJTZTUÊNVKFQǥÎMJØWZTPLÝ
3FTFU
1PSVDIBOÃCLJIPWÊTPOEZTZTUÊNV[LSBU
3FTFUQPLVEQSPCMÊNQǥFUSWÃPCSBǬUFTFOBPECPSOÊIPUFDIOJLB
1PSVDIBWSBUOÊTPOEZTZTUÊNV[LSBU
3FTFUQPLVEQSPCMÊNQǥFUSWÃPCSBǬUFTFOBPECPSOÊIPUFDIOJLB
1PSVDIBTPOEZVßJULPWÊWPEZ[LSBU
3FTFUQPLVEQSPCMÊNQǥFUSWÃPCSBǬUFTFOBPECPSOÊIPUFDIOJLB
1PSVDIBOÃCLJIPWÊTPOEZTZTUÊNVPUFWǥFOP
3FTFUQPLVEQSPCMÊNQǥFUSWÃPCSBǬUFTFOBPECPSOÊIPUFDIOJLB
3FTFUQPLVEQSPCMÊNQǥFUSWÃPCSBǬUFTFOBPECPSOÊIPUFDIOJLB
1PSVDIBWSBUOÊTPOEZTZTUÊNVPUFWǥFOP
3FTFUQPLVEQSPCMÊNQǥFUSWÃPCSBǬUFTFOBPECPSOÊIPUFDIOJLB
1PSVDIBTPOEZVßJULPWÊWPEZPUFWǥFOP
3FTFUQPLVEQSPCMÊNQǥFUSWÃPCSBǬUFTFOBPECPSOÊIPUFDIOJLB
1PSVDIBWFOUJMÃUPSVOFEPTUBUFǁOÝQSDzUPLW[EVDIV
3FTFUQPLVEQSPCMÊNQǥFUSWÃPCSBǬUFTFOBPECPSOÊIPUFDIOJLB
"ESFTBLBTLÃEZKFOFQMBUOÃ
3FTFUQPLVEQSPCMÊNQǥFUSWÃPCSBǬUFTFOBPECPSOÊIPUFDIOJLB
;USÃUBJPOJ[BǁOÎIPQSPVEVQǥJ[BQBMPWÃOÎIPǥÃLV
3FTFUQPLVEQSPCMÊNQǥFUSWÃPCSBǬUFTFOBPECPSOÊIPUFDIOJLB
,PEB
3FTFU
0QJT
3FØJUFW
1SJTPUOPTUQMBNFOBOJEPWPMKFOB
3FTFU
/PUSBOKFCMPLJSBOKFFMFLUSPOTLP
3FTFU
/PUSBOKFCMPLJSBOKFFMFLUSPOTLP
3FTFUǁFQSPCMFNUSBKBTFQPTWFUVKUFTTUSPLPWOKBLPN
/FTUBCJMOPCMPLJSBOKFOJTUBCJMOPWQSJNFSVǁF[NBOKLBFMFLUSJǁOFHB 3FTFU
UPLB
1PTFHWBSOPTUOFHBUFSNPTUBUBLJØǁJUJQSFEQSFHSFWBOKFNQPTFHWB 3FTFUǁFQSPCMFNUSBKBTFQPTWFUVKUFTTUSPLPWOKBLPN
SPWBMLF7
7TUPQOBUFNQFSBUVSBTJTUFNBKFQSFWJTPLB
3FTFU
5FNQFSBUVSBQPWSBUOFHBLSPHPUPLBTJTUFNBKFQSFWJTPLB
3FTFU
1SFIJUFSEWJHWTUPQOFUFNQFSBUVSFWOBQSBWJ
3FTFU
1SFTMBCQSJUJTLWPEF
5MBLWPEFWTJTUFNVQSJMBHPEJUFOBWSFEOPTUNFEJOCBSB
0LWBSBWFOUJMBUPSKBQSJNBOKLMKBKTJHOBMB)BMM
3FTFU
0LWBSBWFOUJMBUPSKB
3FTFU
3B[MJLBNFEWTUPQOPJOJ[TUPQOPUFNQFSBUVSPKFQSFWJTPLB
3FTFU
0LWBSBWTUPQOFTPOEFTJTUFNBLSBUFLTUJL
3FTFUǁFQSPCMFNUSBKBTFQPTWFUVKUFTTUSPLPWOKBLPN
0LWBSBQPWSBUOFTPOEFTJTUFNBLSBUFLTUJL
3FTFUǁFQSPCMFNUSBKBTFQPTWFUVKUFTTUSPLPWOKBLPN
0LWBSBTPOEFTBOJUBSOFWPEFLSBUFLTUJL
3FTFUǁFQSPCMFNUSBKBTFQPTWFUVKUFTTUSPLPWOKBLPN
0LWBSBWTUPQOFTPOEFTJTUFNBPEQSUP
3FTFUǁFQSPCMFNUSBKBTFQPTWFUVKUFTTUSPLPWOKBLPN
0LWBSBQPWSBUOFTPOEFTJTUFNBPEQSUP
3FTFUǁFQSPCMFNUSBKBTFQPTWFUVKUFTTUSPLPWOKBLPN
0LWBSBTPOEFTBOJUBSOFWPEFPEQSUP
3FTFUǁFQSPCMFNUSBKBTFQPTWFUVKUFTTUSPLPWOKBLPN
0LWBSBWFOUJMBUPSKBQSFNBKIFOQSFUPL[SBLB
3FTFUǁFQSPCMFNUSBKBTFQPTWFUVKUFTTUSPLPWOKBLPN
/BTMPWLBTLBEFOFWFMKB
3FTFUǁFQSPCMFNUSBKBTFQPTWFUVKUFTTUSPLPWOKBLPN
*[HVCBJPOJ[BDJKTLFHBUPLBPCWßJHVHPSJMOJLB
3FTFUǁFQSPCMFNUSBKBTFQPTWFUVKUFTTUSPLPWOKBLPN
1-
53
$;
8ZƾD[FOJFLPUB
8ZƾD[ZǀHÓXOZXZƾD[OJL
VTUBXJBKƾDHPOB
QP[ZDKJiuJ[BNLOƾǀ[BXÓSHB[VQS[FELPUFN
+FǻFMJ LPDJP OJF KFTU VǻZXBOZ QS[F[ EVHJ PLSFT
OJFOBMFǻZHPOJFQPUS[FCOJFQP[PTUBXJBǀXQP[ZDKJ
[BƾD[POFK
,PNCJOJOTÕOEÛSÛMFSFLLBQBUMNBT
"OB ǨBMUFSJ iu LPOVNVOB HFUJSFSFL EFWSF
EǨCSBLO[WFDJIB[HJSJǨJOEFLJHB[NVTMVnjVOV
LBQBUO[ ,PNCJ DJIB[OO V[VO TÛSFMJ PMBSBL
LVMMBOMNBNBTEVSVNVOEBZFSTJ[PMBSBLEFWSFEF
CSBLMNBNBTUBWTJZFPMVOVS
7ZQOVUÎ[IBTOVUÎ
LPUMF
7ZQOLJUFIMBWOÎTQÎOBǁ
KFIPQǥFQOVUÎNEPQPMPIZ
tiB[BWǥFUFQMZOPWÝLPIPVUOBLPUMJ
/FOFDIÃWFKUF LPUFM [CZUFǁOLJ [BQPKFOÝ QPLVE IP
OFCVEFUFEFMØÎEPCVQPUǥFCPWBU
13;:83¶$&/*&$*Ʀ/*&/*"8
*/45"-"$+*(3;&+/&+
/BMFǻZPLSFTPXPTQSBXE[BǀDJǧOJFOJFXPEZXLPUMF
8TLB[ÓXLBNBOPNFUSVLPUBQPXJOOBXTLB[ZXBǀ
XBSUPǧǀXZOPT[ƾDƾDPOBKNOJFKCBS
+FǻFMJDJǧOJFOJFKFTUNOJFKT[FCBSQS[Z[JNOZN
LPUMF
OBMFǻZV[VQFOJǀQP[JPNXPEZXLPUMF
,"-03ƻ'&35&4ƻ4"5#"4*/$*/*/
:&/ƻ%&/":"3-"/."4*
$POUSPMMBSFQFSJPEJDBNFOUFMBQSFTTJPOFEFMMBDRVB
5FTJTBUTVZVOVOCBTODOQFSJZPEJLPMBSBLLPOUSPM
FEJOJ[,PNCJNBOPNFUSFJCSFTJOJOCBSEBOEBIB
EÛǨÛLCJSEFnjFSHÕTUFSNFNFTJHFSFLNFLUFEJS
5FTJTBU TVZV CBTODOO CBSEBO EÛǨÛL PMNBT
IBMJOEF UFTJTBU TPnjVL WB[JZFUUFZLFO
TV JMBWFTJ JMF
UBNBNMBONBTHFSFLNFLUFEJS
/#[BNLOƾǀ[BXÓSQPXZLPOBOJV[BCJFHV
+FǻFMJ DJǧOJFOJF PTJƾHB XBSUPǧDJ [CMJǻPOF EP
CBS QPXTUBKF SZ[ZLP [BƾD[FOJB TJNj [BXPSV
CF[QJFD[FǝTUXB 8 UZN QS[ZQBELV OBMFǻZ
XF[XBǀ XZLXBMJêLPXBOZ QFSTPOFM+FǻFMJ TQBELJ
DJǧOJFOJB D[NjTUP TJNj QPXUBS[BKƾ OBMFǻZ XF[XBǀ
XZLXBMJêLPXBOZ QFSTPOFM HEZǻ OBMFǻZ VTVOƾǀ
FXFOUVBMOZXZDJFLXVLBE[JF
013¶ƺ/*&/*&,05Š"
"CZPQSÓǻOJǀLPDJPOBMFǻZQPTVǻZǀTJNjTQFDKBMOZN
[ƾD[FN TQVTUPXZN 1S[FE XZLPOBOJFN [BCJFHV
OBMFǻZ TJNj VQFXOJǀ ǻF [BXÓS OBQFOJBOJB LPUB
KFTU[BNLOJNjUZ
;"#&;1*&$;&/*&13;&%
;"."3;"/*&.
,PDJP KFTU TUBOEBSEPXP XZQPTBǻPOZ X GVOLDKNj
[BQPCJFHBKƾDƾ [BNBS[BOJV LUÓSB VSVDIBNJB
QPNQNjJQBMOJLKFǻFMJUFNQFSBUVSBXPEZXFXOƾUS[
LPUB TQBEOJF QPOJǻFK ž$ 'VOLDKB [BQPCJFHBOJB
[BNBS[BOJV KFTU [BQFXOJPOB KFǻFMJ LPDJP KFTU X
EPTLPOBZNTUBOJFJXQFOJTQFOJBTXPKF[BEBOJB
OJF KFTU [BCMPLPXBOZ J KFTU [BTJMBOZ QSƾEFN 8
QS[ZQBELV QS[FEVǻPOFK OJFPCFDOPǧDJ OBMFǻZ
DBLPXJDJF PQSÓǻOJǀ LPDJP MVC EPEBǀ ǧSPEFL
[BQPCJFHBKƾDZ [BNBS[BOJV EP XPEZ [OBKEVKƾDFK
TJNj X LPUMF 8 LPUMF LUÓSZ QPXJOJFO CZǀ D[NjTUP
PQSÓǻOJBOZ OBMFǻZ VǻZǀ EP KFHP OBQFOJFOJB
PEQPXJFEOJPPD[ZT[D[POFKXPEZUBLCZ[BQPCJFD
QPXTUBOJVPTBEVXBQJFOOFHP
$;:4;$;&/*&0#6%08:
%P D[ZT[D[FOJB PCVEPXZ LPUB OBMFǻZ VǻZXBǀ
XJMHPUOFK T[NBULJ J EFMJLBUOFHP EFUFSHFOUV /JF
VǻZXBǀEFUFSHFOUÓXXQSPT[LVMVC[BXJFSBKƾDZDI
TVCTUBODKFǧDJFSOF
%&'*/*5:8/&8:ŠŽ$;&/*&
,05Š"
8QS[ZQBELVHEZLPDJPQPXJOJFOCZǀDBLPXJDJF
XZƾD[POZ OBMFǻZ [MFDJǀ XZLPOBOJF TUPTPXOZDI
[BCJFHÓX XZLXBMJGJLPXBOFNV QFSTPOFMPXJ
VQFXOJBKƾD TJNj ǻF [PTUBP PEƾD[POF [BTJMBOJF
FMFLUSZD[OFIZESBVMJD[OFPSB[EPQZXQBMJXB
/PUƻǨMFNTPOBNVTMVnjVUFLSBSLBQBUO[
5FTJTBU TV CBTOÉ EFnjFSJOJO CBSB ZBLO CJS
EFnjFSF VMBǨNBT EVSVNVOEB FNOJZFU WBMGJOJO
EFWSFZF HJSFSFL NÛEBIBMF FUNF SJTLJ PMVǨVS #V
EVSVNEB NFTMFLJ BɏEBO V[NBO CJS UFLOJTZFOF
CBǨWVSVOV[
#BTOÉEÛǨNFMFSJOJOTLMLMBUFLSBSMBONBTIBMJOEF
NVIUFNFM UFTJTBU LBÉBnjOO HJEFSJMNFTJ BNBDZMB
NFTMFLJ BɏEBO V[NBO CJS UFLOJL QFSTPOFMF
NÛSBDBBUFEJMNFMJEJS
5&4ƻ4"5*/#0Ƨ"-5*-."4*
5FTJTBUO CPǨBMUMBCJMNFTJ BNBDZMB UFTJTBU SBLPSV
Û[FSJOEF NÛEBIBMFEF CVMVONBL HFSFLNFLUFEJS
#V JǨMFNF CBǨMBNBEBO FWWFM UFTJTBTU EPMVN
NVTMVnjVOVOLBQBMPMEVnjVOEBOFNJOPMVOV[
#6;-"/.":","3Ƨ*,036."
,PNCJ DJIB[ JÉBSJTJOEFLJ TVZVO ž$ EFSFDFOJO
BMUOB JONFTJ IBMJOEF PUPNBUJL PMBSBL QPNQB WF
CPMFSJ EFWSFZF TPLBSBL CV[MBONBZ ÕOMFZJDJ CJS
TJTUFNJCVMVONBLUBES
#V[MBONBZ ÕOMFZJDJ TJUFNJO ÉBMǨNBT BODBL
LPNCJDJIB[OOUÛNBLTBNOOTBnjMLMÉBMǨNBT
IBMJOEFTBnjMBOBCJMJSBS[BEVSVNVOVOPMVǨNBNBT
HFSFLNFLUFEJS FMFLUSJL HJSJǨJOJO TBnjMBONBT
MB[NES 6[VO TÛSF NBIBMEF ZBǨBONBNBT
EVSVNVOEBDJIB[ÉBMǨUSNB[PSVOEBLMBNBNBL
BNBDZMB UFTJTBUO UBNBNFO CPǨBMUMNBT WFZBIVU
EB UFTJTBU TVZV JÉFSJTJOF BOUJGSJ[ JMBWF FEJMNFTJ
HFSFLNFLUFEJS4LMLMBCPǨBMUMBOCJSUFTJTBUUBEPMVN
JǨMFNJOJOJǨMFONJǨTVZMBZBQMNBTHFSFLNFLUFEJS
ÉÛOLÛPMVǨBCJMFDFLLJSFÉMFONFWFUPSUVMBǨNBMBSMB
BODBLCVTVSFUMFNÛDBEFMFFEJMFCJMJS
,"1-"."/*/5&.ƻ;-ƻƋƻ
,PNCJDJIB[OOLBQBnjOOUFNJ[MFONFTJBNBDZMB
TMBL CF[ WF OÕUS TBCVO LVMMBOO[ "ǨOESD WF
ZBIVUEBUP[EFUFSKBOLVMMBONBZO[
$ƻ)";*/5".".&/7&
/ƻ)":ƻ0-"3",%&73&%&/
¬*,"35*-."4*
,PNCJDJIB[OOOJIBZJPMBSBLUBNBNFOEFWSFEǨ
CSBLMNBTOBLBSBSWFSJMNFTJEVSVNVOEBFMFLUSJL
TVWFHB[CBnjMBOUMBSOOLFTJMNJǨPMEVnjVOEBOFNJO
PMNBL TVSFUJZMF HFSFLMJ UÛN JǨMFNMFSJO V[NBO
UFLOJLQFSTPOFMUBSBGOEBOZBQMNBTOTBnjMBZO[
0#/07&/±5-",67&7:5¦1Ɔ$±.
4:45­.6
1SBWJEFMOLJLPOUSPMVKUFUMBLWPEZWTZTUÊNV3VǁJǁLB
NBOP”NFUSVLPUMFOFTNÎVLB[PWBUIPEOPUVOJßØÎ
OFßCBS
+FMJ UMBL OJßØÎ OFß CBS [B TUVEFOB
KF OVUOÊ
QSPWÊTUPCOP”WFOÎUMBLVWPEZWTZTUÊNV
1P[OÃNLB 1P QSPWFEFOÎ [ÃTBIV LPIPVUFL
V[BWǥFUF
#MÎßÎMJ TF UMBL L IPEOPUÃN CMÎ[LÝN CBSDzN
NDzßF[BSFBHPWBUCF[QFǁOPTUOÎWFOUJM7UBLPWÊN
QǥÎQBELJQPßÃEFKUFPQPNPDPECPSOLJWZØLPMFOÊIP
QSBDPWOÎLB
+TPVMJQPLMFTZUMBLVǁBTUÊQPßÃEFKUFPQSPIMÎELV
TZTUÊNVPECPSOLJWZØLPMFOÊIPQSBDPWOÎLBBCZTUF
[BCSÃOJMJ KFIP QǥÎQBEOÊNV OFOBQSBWJUFMOÊNV
QPØLP[FOÎ
7:106»5Ɔ/±;"Ƥ±;&/±
1SP WZQVØULJOÎ LPUMF QPVßJKUF WÝQVTUOPV TQPKLV
[BǥÎ[FOÎ1ǥFEQSPWFEFOÎNUÊUPPQFSBDFTFVKJTULJUF
ßFKFQMOJDÎLPIPVU[BǥÎ[FOÎ[BWǥFOÝ
0$)3"/"1305*;".3;/65±
,PUFMKFTÊSJPWLJEPEÃWÃOTGVOLDÎQSPUJ[BNS[OVUÎ
LUFSÃ VWFEF EP ǁJOOPTUJ ǁFSQBEMP B IPǥÃL LEZß
UFQMPUBWPEZTZTUÊNVWLPUMJLMFTOFQPEž$
'VOLDF CSÃOÎDÎ [BNS[OVUÎ KF HBSBOUPWÃOB QPV[F
W QǥÎQBELJ ßF KF [BǥÎ[FOÎ EPLPOBMF GVOLǁOÎ WF
WØFDIPIMFEFDIOFOÎ[BCMPLPWÃOPBKFFMFLUSJDLZ
OBQÃKFOP"CZTUF[BCSÃOJMJ[CZUFǁOÊNVVESßPWÃOÎ
[BǥÎ[FOÎ W DIPEV W QǥÎQBELJ EFMØÎ PETUÃWLZ LPUMF
KFUǥFCBTZTUÊNÙQMOLJWZQVTUJUBOFCPEPQMOJUEP
WZUÃQLJDÎIPTZTUÊNVOFNS[OPVDÎMÃULZ6TZTUÊNDz
LUFSÊKFUǥFCBWZQPVØULJUǁBTUPKFOVUOÊBCZTFQMOJMZ
OÃMFßJULJVQSBWFOPVWPEPVQSPUPßFWZTPLÃUWSEPTU
NDzßFCÝUQDzWPEDFNVTB[PWÃOÎLPUFMOÎIPLBNFOF
ƀ*»5Ɔ/±4,Ƥ±/Ɔ,05-&
1MÃØǬLPUMFWZǁJTUÎUFQPNPDÎOBWMIǁFOÝDIIBESDzB
OFVUSÃMOÎIP ǁJTUJDÎIP QSPTUǥFELV OB CÃ[J NÝEMB
/FQPVßÎWFKUFQSÃØLPWÊBESTOÊǁJTUJDÎQSPTUǥFELZ
%&'*/*5*7/±0%45"7&/±
7 QǥÎQBELJ ßF TF SP[IPEOFUF QSP EFGJOJUJWOÎ
PETUÃWLV LPUMF TWLJǥUF QǥÎTMVØOÊ T UÎN TQPKFOÊ
PQFSBDFLWBMJêLPWBOÝNPECPSOÎLDzNBVKJTULJUFTF
NJNPKJOÊßFCZMPQǥFEUÎNPEQPKFOPFMFLUSJDLÊ
OBQLJUÎBQǥÎWPEWPEZBQBMJWB
1-
636$)0.*&/*&
,05Š"ю845Ɗ1/",0/530-"я
5&$)/*,
"CZPEEBǀLPDJPEPFLTQMPBUBDKJOBMFǻZ
TQSBXE[Jǀ PCFDOPǧǀ EFLMBSBDKJ [HPEOPǧDJ
EPUZD[ƾDFKNPOUBǻV
TQSBXE[Jǀ[HPEOPǧǀVǻZXBOFHPHB[V[SPE[BKFN
HB[VQS[FXJE[JBOFHPEMBLPUB
TQSBXE[JǀQPEƾD[FOJFEPTJFDJ7[HPEOPǧǀ
CJFHVOÓX-/PSB[V[JPN
[BƾD[Zǀ LPDJP J TQSBXE[Jǀ QPQSBXOPǧǀ
[BCJFHV
TQSBXE[Jǀ PCFDOPǧǀ EXVUMFOLV XNjHMB $0 X
TQBMJOBDIQPED[BTQSBDZLPUBOBNBLTZNBMOZDI
JNJOJNBMOZDIPCSPUBDI
TQSBXE[Jǀ D[Z MJD[CB PCSPUÓX XFOUZMBUPSB
PEQPXJBEBMJD[CJFQPEBOFKXJOTUSVLDKJSP[E[
TQSBXE[JǀTLVUFD[OPǧǀVS[ƾE[FOJBCF[QJFD[FǝTUXB
XQS[ZQBELVCSBLVEPQZXVHB[VPSB[D[BTKFHP
JOUFSXFODKJ
TQSBXE[Jǀ E[JBBOJF HÓXOFHP XZƾD[OJLB
[OBKEVKƾDFHP TJNj X HÓSOFK D[NjǧDJ LPUB PSB[ X
LPUMF
TQSBXE[Jǀ DJƾH X USBLDJF OPSNBMOFHP
GVOLDKPOPXBOJBLPUBOBQS[ZLBE[BQPNPDƾ
DJƾHPNJFS[BVNJFT[D[POFHPCF[QPǧSFEOJPQS[Z
XZMPDJFTQBMJO
TQSBXE[Jǀ D[Z OJF NB DPGBOJB TQBMJO EP
QPNJFT[D[FOJBSÓXOJFǻQPED[BTGVOLDKPOPXBOJB
FXFOUVBMOZDIFMFLUSPXFOUZMBUPSÓX
TQSBXE[JǀD[ZQS[FXPEZQPXJFUS[OPTQBMJOPXF
OJFTƾ[BULBOF
TQSBXE[JǀTLVUFD[OPǧǀBQBSBUVSZSFHVMBDZKOFK
[BQMPNCPXBǀ VS[ƾE[FOJB SFHVMBDKJ QS[FQZXV
HB[VKFǻFMJSFHVMBDKB[PTUBB[NJFOJPOB
TQSBXE[JǀT[D[FMOPǧǀVLBEVIZESBVMJD[OFHP
T QS BXE [ J ǀ XF OU Z M B D K Nj J O BX J F U S [ F O J F
QPNJFT[D[FOJB X LUÓSZN KFTU [BJOTUBMPXBOZ
LPDJP
/BXFU KFǻFMJ UZMLP KFEOB [ QPXZǻT[ZDI LPOUSPMJ
PLBǻFTJNj
OFHBUZXOBLPDJP
OJFQPXJOJFOCZǀVSVDIPNJPOZ
53
,0.#ƻ/ƻ/)ƻ;.&5&"¬*-."4*
ю#"Ƨ-"/(*¬,0/530--"3*я
5&,/ƻ,1&340/&,PNCJ DJIB[OO JML ÉBMǨUSMNBT JÉJO BǨBnjEBLJ
JǨMFNMFSJOZBQMNBTHFSFLJS
UFTJTBUO NPOUBKOB BJU VZHVOMVL CFZBOOO
CVMVOEVnjVOVLPOUSPMFEJOJ[
LVMMBONEB PMBO IBUUBLJ HB[ UÛSÛ JMF LPNCJ
DJIB[OO BZBSMBONǨ PMEVnjV HB[ UÛSÛOÛO
VZVNMVPMNBTOLPOUSPMFEJOJ[
7 )[ BnjB CBnjMBOU ZBQMEnjO -/
LVUVQMBSOBSJBZFUFEJMEJnjJOJWFUPQSBLIBUUOO
CBnjMBOEnjOLPOUSPMFEJOJ[
LPNCJZJZBLO[WFTBnjMLMBUFǨMFNFPMVǨUVnjVOEBO
FNJOPMVOV[
B[BNJ WF BTHBSJ BLUBSNEB EVNBOMBSO $0
EFnjFSJOJLPOUSPMFEJOJ[
GBO EFWJS EFnjFSJOJO LMBWV[ LJUBQUB CFMJSUJMFO
EFnjFSF FǨJU PMNBTO LPOUSPM FEJOJ[ QBSBHSBG
NVIUFNFMFO HB[ LFTJMNFTJ IBMJOEF HÛWFOMJL
EÛ[FOFLMFSJOJO EFWSFZF HJSJQ HJSNFEJnjJOJ WF
UFQLJTÛSFMFSJOJLPOUSPMFEJOJ[
LPNCJ HJSJǨJOEF WF DJIB[ Û[FSJOEF ZFS BMBO
ǨBMUFSMFSJOÉBMǨNBMBSOLPOUSPMFEJOJ[
DJIB[O TBnjMLM ÉBMǨNBT FTOBTOEB ÉFLJǨJOJ
LPOUSPM FEJOJ[ CVOV ZBQBSLFO ÕSOFnjJO DJIB[
ZBOLMBSOOɏLǨOBZFSMFǨUJSJMFOEFQSJNPNFUSF
LVMMBOMBCJMJS
DJIB[ONPOUFFEJMEJnjJNFLBOEBZBOLBULMBSO
CJSJLJNJOFNBIBMWFSJMNFNFTJOFEJLLBUFEJOJ[
FMFLUSPGBCMBSMBEBCJSJLJNPMVǨNBNBMES
IBWB FNJǨ WF UBIMJZF UFSNJOBMMFSJOJO ULBM
PMNBEnjOLPOUSPMFEJOJ[
BZBS BLTBNMBSOO NÛEBIBMFTJOJ LPOUSPM
FEJOJ[
HB[ BLUBSN BZBS EÛ[FOFLMFSJOJ NÛIÛSMFZJOJ[
BZBSMBSEBEFnjJǨJLMJLZBQMNBTIBMJOEF
IJESPMJL EFWSFMFSJO T[ESNB[Mnj LPOUSPM
FEJOJ[
DJIB[O NPOUF FEJMEJnjJ NFLBOEB HFSFLTJOJN
IBMJOEFIBWBMBONBWFIBWBMBOESNBZLPOUSPM
FEJOJ[
#V LPOUSPMMBSEBO CJS UBOFTJOJO EBIJ PMVNTV[
TPOVÉ WFSNFTJ EVSVNVOEB UFTJTBUO LFTJOMJLMF
ÉBMǨUSMNBNBTHFSFLNFLUFEJS
$;
67&%&/±,05-&%013070;6
ю¼70%/±,0/530-"я
5&$)/*,
1ǥJVWÃELJOÎLPUMFEPQSPWP[VKFOVUOÊ
[LPOUSPMPWBUFYJTUFODJQSPIMÃØFOÎPTIPELJEBOÊ
JOTUBMBDF
[LPOUSPMPWBU[EBQPVßJUÝQMZOPEQPWÎEÃUPNV
QSPLUFSÝKFLPUFMVSǁFO
[LPOUSPMPWBU QǥJQPKFOÎ L TÎUJ 7)[
TQSÃWOPTUQPMBSJUZ-/BV[FNOLJOÎ
[BQOPVU LPUFM B [LPOUSPMPWBU TQSÃWOPTU
[BQÃMFOÎ
[LPOUSPMPWBU$0WFTQBMJOÃDIQǥJNBYJNÃMOÎN
BNJOJNÃMOÎNWÝLPOV
[LPOUSPMPWBU [EB QPǁFU PUÃǁFL WFOUJMÃUPSV
PEQPWÎEÃÙEBKJWQǥÎSVǁDF0ETUBWFD
[LPOUSPMPWBU [EB CF[QFǁOPTUOÎ [BǥÎ[FOÎ QSP
QǥÎQBEBCTFODFQMZOVQSBDVKFTQSÃWOLJBEPCV
[BLUFSPV[BTÃIOF
[LPOUSPMPWBU[ÃTBIIMBWOÎIPTQÎOBǁFVNÎTULJOÊIP
OBLPUMJBWLPUMJ
[LPOUSPMVKUF UBI QǥJ CLJßOÊN QSPWP[V [BǥÎ[FOÎ
OBQǥÎLMBE QPNPDÎ QPEUMBLPWÊIP NBOPNFUSV
VNÎTULJOÊIPQǥÎNPVWÝTUVQVTQBMJO[LPUMF
[LPOUSPMPWBU [EB W NÎTUOPTUJ OFEPDIÃ[Î
L [QLJUOÊNV QSPVEV TQBMJO J QǥJ QSPWP[V
QǥÎQBEOÝDIFMFLUSJDLÝDIWLJUSÃLDz
[LPOUSPMPWBU[EBOBTÃWBDÎBWÝGVLPWÊLPODPWÊ
LVTZOFKTPV[BLSZUÊ
[LPOUSPMPWBU[ÃTBISFHVMBǁOÎDIQSWLDz
[BQMPNCPWBUSFHVMBǁOÎ[BǥÎ[FOÎQSDzUPLVQMZOV
QPLVECZTFNLJMBOBTUBWFOÎ[NLJOJU
[LPOUSPMPWBUULJTOPTUWPEPWPEOÎDIPLSVIDz
[LPOUSPMPWBUWFOUJMBDJBOFCPWLJUSÃOÎWNÎTUOPTUJ
LEFKFLPUFMJOTUBMPWÃOUBNLEFKFUPUǥFCB
1PLVECZWÝTMFEFLCZǬKFOKFEOÊLPOUSPMZTPVWJTFKÎDÎ
TCF[QFǁOPTUÎNLJMCÝU[ÃQPSOÝOFTNÎCÝU[BǥÎ[FOÎ
VWFEFOPEPQSPWP[V
1 4$)&."5):%3"6-*$;/:
-FHFOEB
m8ZMPUTQVTUPXZ
m;BXÓSCF[QJFD[FǝTUXBCBS
m;BXÓSPQSÓǻOJBKƾDZLPDJP
m1SFTPTUBUBCTPMVUOZ
m,PMFLUPSEPQSPXBE[BKƾDZ
m;BXÓSHB[V
m8FOUZMBUPSQPXJFUS[B
m%ZT[BHB[V
m1S[FXÓETTƾDZQPXJFUS[B
mƦXJFDB[BƾD[FOJB
m1PLSZXBNPEVVLPOEFOTBDZKOFHP
m.PEVLPOEFOTBDZKOZ
m5FSNPTUBUTQBMJO
0LBQ
m0UXÓSNJFSOJLBQPXJFUS[B
m0UXÓSNJFSOJLBTQBMJO
m;BXÓSPEQPXJFUS[BKƾDZBVUPNBUZD[OZ
4POEBSFHVMBDKJVLBEVEPQSPXBE[BKƾDFHP
JOTUBMBDKJ
4POEBSFHVMBDKJVLBEVQPXSPUOFHPJOTUBMBDKJ
m5FSNPTUBUCF[QJFD[FǝTUXBQS[FHS[BOJB
1BMOJL
mƦXJFDBQPNJBSPXB
m;ƾD[LB7FOUVSJFHPQPXJFUS[FHB[
m4ZHOBQP[ZUZXOZ[ƾD[LJ7FOUVSJFHP1
m1PNQBPCJFHPXB
m4ZGPOTLSPQMJO
.m*OTUBMBDKBUPD[OB
4$4QVTULPOEFOTBUV
(m%PQSPXBE[FOJFHB[V
3m*OTUBMBDKB[XSPUOB
53
$;
)ƻ%30-ƻ,Ƨ&."
"ɏLMBNBMBS
m(ÕSÛMFCJMJSUBIMJZFIVOJTJ
mCBSHÛWFOMJLWBMê
m,PNCJCPǨBMUNBTJÉJOUBIMJZFNVTMVnjV
,FTJOQSFTPTUBU
m(ÕOEFSJNLPMMFLUÕSÛ
(B[WBOBT
m)BWBGBO
(B[NFNFTJ
)BWBFNJǨCPSVTV
BUFǨMFNFFMFLUSPETJ
m,POEFOTBTZPONPEÛMLBQBnj
m,POEFOTBTZPONPEÛMÛ
%VNBOUFSNPTUBU
%VNBOEBWMVNCB[
)BWBBOBMJ[BMNOPLUBT
%VNBOBOBMJ[BMNOPLUBT
0UPNBUJLIBWBUBIMJZFWBMê
m5FTJTBUHÕOEFSJNBZBSTPOEBT
m5FTJTBUHFSJEÕOÛǨBZBSTPOEBT
m"ǨSTONBFNOJZFUUFSNPTUBU
#PZMFS
5FTQJUFMFLUSPEV
m)BWBHB[LPMMFLUÕSWFOUVSJ
m7FOUVSJQP[JUJGTJOZBM1
,PNCJEFWJSEBJN
m,POEFOTBTZPOCJSJLJNTJGPOV
):%3"6-*$,­4$)­."
-FHFOEB0CS
7ÝMFWLB
#F[QFǁOPTUOÎWFOUJMCBS
m7ZQPVØULJDÎLPIPVULPUMF
m"CTPMVUOÎQSFTPTUBU
m/ÃCLJIPWÝLPMFLUPS
1MZOPWÝWFOUJM
m7[EVDIPWÝWFOUJMÃUPS
m1MZOPWÃUSZTLB
4BDÎW[EVDIPWÊQPUSVCÎ
;BQBMPWBDÎTWÎǁLB
m,SZULPOEFO[BǁOÎIPNPEVMV
m,POEFO[BǁOÎNPEVM
m4QBMJOPWÝUFSNPTUBU
%JHFTUPǥ
m»BDIUBBOBMZ[ÃUPSVW[EVDIV
m»BDIUBBOBMZ[ÃUPSVTQBMJO
m"VUPNBUJDLÝPEW[EVØǞPWBDÎWFOUJM
4POEBSFHVMBDFOÃCLJIV[BǥÎ[FOÎ
4POEBSFHVMBDFWSBUOÊIPPLS[BǥÎ[FOÎ
m#F[QFǁOPTUOÎUFSNPTUBUQSPQǥÎQBEQǥFIǥÃUÎ
)PǥÃL
%FUFLǁOÎTWÎǁLB
m1MZOPWÝW[EVDIPWÝ7FOUVSJIPLPMFLUPS
m1P[JUJWOÎ7FOUVSJIPTJHOÃM1
m0CLJIPWÊǁFSQBEMPLPUMF
m4JGPOOBTCLJSLPOEFO[ÃUV
.5FTJTBUTBMN
4$,POEFOTBTZPOUBIMJZFTJ
((B[HJSJǨJ
35FTJTBUEÕOÛǨÛ
./ÃCLJITZTUÊNV
4$7ZQVØULJOÎLPOEFO[ÃUV
(1ǥÎWPEQMZOV
37SBUOÝPLSVITZTUÊNV
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
1-
53
$;
4*
)6
*&
4$)&."5):%3"6-*$;/:
&-&,53ƻ,Ƨ&."4*
&-&,53*$,­4$)­."
-FHFOEB
#4POEBSVSZUPD[OFK
#m4POEBVLTBOJUBSOFHPPQDKB
#m4POEBUFNQFSBUVSZ[FXONjUS[OFKPQDKB
#4POEBVLBEVQPXSPUOFHP
&mƦXJFDB[BƾD[FOJB
&mƦXJFDBQPNJBSPXB
&m5FSNPTUBUCF[QJFD[FǝTUXB
&m5FSNPTUBUTQBMJO
.m1PNQBPCJFHPXB
.8FOUZMBUPS
.;BXÓSUSÓKESPǻOZPQDKB
4m(ÓXOZXZƾD[OJL
4m.JLSPQSFTPTUBUJOTUBMBDKJ
4m8ZƾD[OJLTF[POPXZ-BUPPQDKB
4m5FSNPTUBUǧSPEPXJTLPXZ0/0''PQDKB
5m5SBOTGPSNBUPSOJTLPOBQJNjDJPXZ
9m.PTUFLUFSNPTUBUVǧSPEPXJTLPXFHP
:m;BXÓSHB[V7ED
"ɏLMBNBMBS
C(ÕOEFSJNTPOEBT
#m,VMMBONTVZVTPOEBTPQTJZPOFM
#)BSJDJTTPOEBTPQTJZPOFM
#m(FSJEÕOÛǨTPOEBT
&"UFǨMFNFFMFLUSPEV
&5FTQJUFMFLUSPEV
&&NOJZFUUFSNPTUBU
&%VNBOUFSNPTUBU
.,PNCJEFWJSEBJN
.7BOUJMBUÕS
.¾ÉZPMMVWBMGPQTJZPOFM
"OBǨBMUFS
45FTJTBUNJLSPQSFTPTUBU
4m:B[LPOVNVǨBMUFSJPQTJZPOFM
40SUBNUFSNPTUBU/0''PQTJZPOFM
5%ÛǨÛLBLNUSBOTGPSNBUÕSÛ
90SUBNUFSNPTUBULÕQSÛTÛ
:m(B[WBMê7ED
-FHFOEB'JH
#m/ÃCLJIPWÃTPOEB
#m4POEBVßJULPWÊWPEZWPMJUFMOLJ
#m4POEBWFOLPWOÎUFQMPUZWPMJUFMOLJ
#m4POEBWSBUOÊIPPLSVIV
&;BQBMPWBDÎTWÎǁLB
&%FUFLǁOÎTWÎǁLB
&#F[QFǁOPTUOÎUFSNPTUBU
&m4QBMJOPWÝUFSNPTUBU
.m0CLJIPWÊǁFSQBEMPLPUMF
.7FOUJMÃUPS
.5SPKDFTUOÝWFOUJMWPMJUFMOLJ
4)MBWOÎTQÎOBǁ
4m.JLSPTQÎOBǁQSFTPTUBUV[BǥÎ[FOÎ
4m-FUOÎTQÎOBǁWPMJUFMOLJ
41PLPKPWÝUFSNPTUBU;"17:1WPMJUFMOLJ
5m5SBOTGPSNÃUPSOÎ[LÊIPOBQLJUÎ
9m.DzTUFLQPLPKPWÊIPUFSNPTUBUV
:m1MZOPWÝWFOUJM7ED
,BSUBXZǧXJFUMBD[B
8FKǧDJFBOBMPHPXF
7BD)[
1PNQBPCJFHPXB[FXONjUS[OB."9"
#F[QJFD[OJLJ
#Sƾ[PXZ
/JFCJFTLJ
ƺӐUZ;JFMPOZ
$[BSOZ
4[BSZ
1PNBSBǝD[PXZ
#JBPCSƾ[PXZ
#JBZ
'JPMFUPXZ
#JBPOJFCJFTLJ
$[FSXPOZ
4BOJUBSOZ
0HS[FXBOJF
(ÕTUFSHF,BSU
"OBMPKJL(JSJǨ
7BD)[
)BSJDJEFWSJEBJN."9"
4JHPSUBMBS
,BIWFSFOHJ
-BDJWFSU
4BS:FǨJM
4JZBI
(SJ
5VSVODV
#FZB[LBIWFSFOHJ
#FZB[
&ëBUVO
#FZB[MBDJWFSU
,SN[
,VMMBONTVZV
*TONB
;PCSB[PWBDÎLBSUB
"OBMPHPWÝWTUVQ
7BD)[
7FOLPWOÎǁFSQBEMP."9"
1PKJTULZ
)OLJEÃ
.PESÃ
ÂMVUÃ;FMFOÃ
ƀFSOÃ
»FEÃ
0SBOßPWÃ
#ÎMPIOLJEÃ
#ÎMÃ
'JBMPWÃ
#ÎMPNPESÃ
ƀFSWFOÃ
6ßJULPWÝ
7ZUÃQLJOÎ
&-&,53*ƀ/"4)&."
,"1$40-¦4*3"+;
8*3*/(%*"(3".
-FHFOEB'JH
#m4POEB[BHPOB
#m4POEBTBOJUBSOFWPEFPQDJKB
#m4POEB[VOBOKFUFNQFSBUVSFPQDJKB
#m4POEBQPWSBUOFHBLSPHPUPLB
&m7ßJHBMOBTWFǁLB
&m%FUFLDJKTLBTWFǁLB
&m7BSOPTUOJUFSNPTUBU
&m5FSNPTUBUEJNOJIQMJOPW
.m,SPßOBǁSQBMLBLPUMB
.7FOUJMBUPS
.5SJLBOBMOJWFOUJMPQDJKB
4(MBWOPTUJLBMP
4m.JLSPTUJLBMPQSFTPTUBUBPCSFNFOJUWF
4m1PMFUOPTUJLBMPPQDJKB
4m4PCOJUFSNPTUBU7,-*;,PQDJKB
5m/J[LPOBQFUPTUOJUSBOTGPSNBUPS
9m.PTUJǁFLTPCOFHBUFSNPTUBUB
:m1MJOTLJWFOUJM7ED
+FMNBHZBSÃ[BU'JH
#m&MǡSFNFOǡDTǡT[POEB
#m)BT[OÃMBUJNFMFHWÎ[/5$T[POEBPQDJÓ
#m,ÛMTǡIǡNÊSTÊLMFUÊS[ÊLFMǡPQDJÓ
#m7JTT[BNFOǡDTǡT[POEB
&m(ZÙKUÓFMFLUSÓEÃL
&m-ÃOHǡS[ǡFMFLUSÓEB
&m#J[UPOTÃHJIBUÃSPMÓUFSNPT[UÃU
&m'ÛTUHÃ[UFSNPT[UÃU
.m,FSJOHUFUǡT[JWBUUZÙ
.m7FOUJMÃUPS
.)ÃSPNVUBTNPUPSPT
T[FMFQ
4m'ǡLBQDTPMÓ
4m,ÊT[ÛMÊLOZPNÃTT[BCÃMZP[ÓKÃOBLNJLSÓKB
4m/ZÃSJÛ[FNNÓELBQDTPMÓPQDJÓ
4m4[PCBUFSNPT[UÃU0/0''PQDJÓ
5m"MBDTPOZGFT[ÛMUTÊHǯUSBOT[GPSNÃUPS
9m4[PCBUFSNPT[UÃUÃULÕUÊT
:m(Ã[T[FMFQ7ED
,FZ'JH
#m%FMJWFSZQSPCF
#m%PNFTUJDIPUXBUFSQSPCFPQUJPOBM
#m&YUFSOBMUFNQFSBUVSFQSPCFPQUJPOBM
#m3FUVSOQSPCF
&*HOJUJPOQMVHT
&*HOJUJPOQSPCF
&m4BGFUZUIFSNPTUBU
&m'VNFTUIFSNPTUBU
.m#PJMFSDJSDVMBUJPOQVNQ
.'BO
.mXBZWBMWFPQUJPOBM
4m.BUFSTXJUDI
4m4ZTUFNQSFTTVSFTXJUDINJDSP
4m4VNNFSTXJUDIPQUJPOBM
40/0''FOWJSPONFOUBMUIFSNPTUBUPQUJPOBM
5m-PXWPMUBHFUSBOTGPSNFS
9&OWJSPONFOUUIFSNPTUBUKVNQFS
:m(BTWBMWF7ED
,BSUJDB[BQSJLB[
"OBMPHOJWIPE
7BD)[
;VOBOKBǁSQBMLB."9"
7BSPWBMLF
3KBWB
.PESB
3VNFOB;FMFOB
ƀSOB
4JWB
0SBOßOB
#FMPSKBWB
#FMB
7JKPMJǁOB
#FMPNPESB
3EFǁB
4BOJUBSFO
0HSFWBOKF
,JKFM[ǡLÃSUZB
"OBMÓHCFNFOFU
7BD)[
,ÛMTǡLFSJOHFUǡ."9"
0MWBEÓCJ[UPTÎUÊLPL
#BSOB
,ÊL
4ÃSHB;ÕME
'FLFUF
4[ÛSLF
/BSBODTTÃSHB
'FIÊSCBSOB
'FIÊS
-JMB
'FIÊSLÊL
1JSPT
)BT[OÃMBUJNFMFHWÎ[
'ǯUÊT
%JTQMBZDBSE
"OBMPHVFJOQVU
7BD)[
&YUFSOBMDJSDVMBUJOHQVNQ."9"
'VTFT
#SPXO
#MVF
:FMMPX(SFFO
#MBDL
(SFZ
0SBOHF
8IJUFCSPXO
8IJUF
1VSQMF
8IJUFCMVF
3FE
%PNFTUJDIPUXBUFS
)FBUJOH
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
1-
53
$;
4*
)6
*&
$;
1ǥJQPKFOÎTWPSFLTCLJSOJDF.B0TFQPVßÎWBKÎQSPPWMÃEÃOÎLPUMDzWLBTLÃELJ7
QǥÎQBELJ[BQPKFOÎQPLPKPWÊIPUFSNPTUBUVOFCPLBTLÃEPWÊIPSFHVMÃUPSVNVTÎ
CÝUNDzTUFL9PETUSBOLJO&MFLUSPOJDLÃLBSUBKF[CF[QFǁOPTUOÎDIEDzWPEDz
WZCBWFOB TÊSJPWÊ [BQPKFOPV OFWSBUOPV QPKJTULPV FMFLUSJDLÊIP OBQÃKFOÎ
QMZOPWÊIPWFOUJMV
1SP[BEÃOÎLÓEVKFUǥFCB
TUJTLOPVUTPVǁBTOLJLMÃWFTZ.0%&B45&1OBWUFǥJOZOBEJTQMFKJTFPCKFWÎ
OÃQJT$0%&BOÃTMFEOLJOBQPTMFEOÎDIEWPVNÎTUFDIOÃIPEOÊǁÎTMP
[NLJOJU IPEOPUV QPNPDÎ LMÃWFT OFCP m EPLVE OFEPTÃIOFUF
QPßBEPWBOÊIPLÓEV
'6/,ƀ/±1"3".&53:1Ƥ±4530+&
7OÃTMFEVKÎDÎUBCVMDFKTPVVWFEFOZQSPWP[OÎQBSBNFUSZLPUMFTUPWÃSOÎNJ
OBTUBWFOÎNJ "CZ CZMP NPßOÊ NLJOJU QBSBNFUSZ WZISB[FOÊ UFDIOJLDzN KF
QPUǥFCB[BEBUQǥÎTUVQPWÝLÓELUFSÝKFNPßOPEPEBUOBQPßÃEÃOÎ
QPUWSEJULÓETUJTLFNLMÃWFTZ4503&
.PßOÃOBTUBWFOÎQSPUFDIOJLBBVßJWBUFMF
1PQJT
4QPEOÎMJNJUOÎIP )PSOÎ MJNJUOÎ IP )PEOPUB UPWÃS )PEOPUB OBTUB
EOPUB
EOPUB
OÎIPOBTUBWFOÎ WFOÃUFDIOJLFN
)PEOPUBOBTUBWFOÎUFQMÊVßJULPWÊWPEZ
1SPWP[OÎSFßJNPIǥFWVVßJULPWÊWPEZ
1SPWP[OÎSFßJNWZUÃQLJOÎ
.BLTZNBMOBUFNQFSBUVSBPHS[FXBOJB
ž$
ž$
WZǥB[FO
BLUJWOÎ
WZǥB[FOǁFSQBEMPQPLSBǁVKF
BLUJWOÎǁFSQBEMPQPLSBǁVKF
WZǥB[FO
BLUJWOÎ
WZǥB[FOǁFSQBEMPQPLSBǁVKF
BLUJWOÎǁFSQBEMPQPLSBǁVKF
ž$
ž$
1BSBNFUS
ž$
ž$
/BTUBWFOÎLUFSÃNDzßFQSPWÊTUQPV[FUFDIOJLQP[BEÃOÎQǥÎTUVQPWÊIPLÓEV
.JOJNÃMOÎOÃCLJIPWÃUFQMPUBQǥJWZUÃQLJOÎ
ž$
ž$
ž$
4QPEOÎISBOJDFWFOLPWOÎUFQMPUZ
ž$
ž$
ž$
)PSOÎISBOJDFWFOLPWOÎUFQMPUZ
ž$
ž$
ž$
5FQMPUBQSPUJ[BNS[OVUÎ
ž$
ž$
ž$
,PSFLDFTOÎNÃOÎWFOLPWOÎTPOEZ
ž$
ž$
.BYJNÃMOÎUFQMPUBESVIÊIPWZUÃQLJDÎIPPLSVIV
/&",5*7/±
.JOJNÃMOÎUFQMPUBESVIÊIPWZUÃQLJDÎIPPLSVIV
/&",5*7/±
)ZTUFSF[FESVIÊIPWZUÃQLJDÎIPPLSVIV
/&",5*7/±
.JOJNÃMOÎIPEOPUBCPEVOBTUBWFOÎQSPUFQMPUV
ž$
#PPTUFSUJNF
0Ē
ž$
OPCPPTUFS
NJOVUB
NJOVU
,PNQFO[BDFOÃCLJIPWÊUFQMPUZQPLPKPWPVUFQMPUPV
ž$
ž$
7[FTUVQUFQMPUZW[IMFEFNLOBTUBWFOÎVßJULPWÊWPEZ
ž$
ž$
.BYJNÃMOÎ QPǁFU PUÃǁFL WFOUJMÃUPSV QǥJ WZUÃQLJOÎ WF TUPWLÃDI
.FUBO
,BQBMOÝ QSPQBO
.BYJNÃMOÎ QPǁFU PUÃǁFL WFOUJMÃUPSV QǥJ WZUÃQLJOÎ W KFEOPULÃDI
.BYJNÃMOÎQPǁFUPUÃǁFLWFOUJMÃUPSVQǥJPIǥFWVVßJULPWÊ WPEZWFTUPWLÃDI
.FUBO
,BQBMOÝ QSPQBO
.BYJNÃMOÎQPǁFUPUÃǁFLWFOUJMÃUPSVQǥJPIǥFWVVßJULPWÊ WPEZWKFEOPULÃDI
.JOJNÃMOÎ QPǁFU PUÃǁFL WFOUJMÃUPSV QǥJ WZUÃQLJOÎ WF TUPWLÃDI
.FUBO
,BQBMOÝ QSPQBO
.JOJNÃMOÎ QPǁFU PUÃǁFL WFOUJMÃUPSV QǥJ WZUÃQLJOÎ W KFEOPULÃDI
3ZDIMPTUWFOUJMÃUPSVWFGÃ[J[BQOVUÎWFTUPWLÃDI
3ZDIMPTUWFOUJMÃUPSVWFGÃ[JTUBCJMJ[BDFWFTUPWLÃDI
%PCBTUBCJMJ[BDF
,ǥJWLBWZUÃQLJOÎ
NJOVU
%PCBOÃTMFEOÊDJSLVMBDFǁFSQBEMBOBLPODJWZUÃQLJDÎIP TFLVOE
DZLMV
NJOVUB
%PCBOÃTMFEOÊDJSLVMBDFǁFSQBEMBOBLPODJDZLMVPIǥFWV TFLVOE
VßJULPWÊWPEZ
TFLVOE
)ZTUFSF[FNPEVMBDFQǥJWZUÃQLJOÎ;"1
ž$
)ZTUFSF[FNPEVMBDFQǥJWZUÃQLJOÎ7:1
ž$
ž$
)ZTUFSF[FNPEVMBDFQǥJPIǥFWVVßJULPWÊWPEZ;"1
ž$
ž$
)ZTUFSF[FNPEVMBDFQǥJPIǥFWVVßJULPWÊWPEZ7:1
ž$
ž$
ž$
$;
4OÎNÃOÎIZTUFSF[FQǥJPIǥFWVVßJULPWÊWPEZ;"1
ž$
ž$
4OÎNÃOÎIZTUFSF[FQǥJPIǥFWVVßJULPWÊWPEZ7:1
ž$
ž$
ƀBTPWÃOÎWZUÃQLJOÎ
TFLVOE
ƀBTPWÃOÎPIǥFWVVßJULPWÊWPEZ
TFLVOE
ƀBTPWÃOÎQǥJQǥFDIPEV[SFßJNVPIǥFWVVßJULPWÊWPEZ QǥFDIPETF[BQOVUÝNIPǥÃLFN
QǥFDIPETWZQOVUÝNIPǥÃLFNOBEPCV OBSFßJNWZUÃQLJOÎ
T
.BYJNÃMOÎEPCBVQǥFEOPTUOLJOÎPIǥFWVVßJULPWÊWPEZ NJO
"ESFTBLBTLÃEZ
/&",5*7/±
5ZQLPOUSPMZQSPESVIÝWZUÃQLJDÎPLSVI
/&",5*7/±
5ZQLPOUSPMZQSPWZUÃQLJDÎTZTUÊN
5ZQǥÎ[FOÎPIǥFWVVßJULPWÊWPEZ
5ZQ[BǥÎ[FOÎOBPIǥFWVßJULPWÊWPEZ
NJO
NJO
9QPLPKPWÝUFSNPTUBU
9WFOLPWOÎUFQMPUB
977ÝLPO
975FQMPUB
USPKDFTUOÝWFOUJMCLJßOLJPUFWǥFOÝ
ƀFSQBEMPVßJULPWÊWPEZ
USPKDFTUOÝWFOUJMCLJßOLJ[BWǥFOÝ
90LBNßJUÊTFTPOEPV
90LBNßJUÊCF[TPOEZ
90IǥÎWBǁTFTPOEPV
90IǥÎWBǁCF[TPOEZ
3VǁOÎSZDIMPTUWFOUJMÃUPSV
7ZQ
¼SPWFǞTJHOÃMV18.QSPǁFSQBEMP
/&",5*7/±
¼SPWFǞTJHOÃMV18.QSPǁFSQBEMP
/&",5*7/±
¼SPWFǞTJHOÃMV18.QSPǁFSQBEMP
/&",5*7/±
)ZTUFSF[F18.
ž$
ž$
/&",5*7/±
7ZTPLÃ/Î[LÃÙSPWFǞ18.ǁFSQBEMB
/&",5*7/±
-PX0ĒBDZLMVTǁFSQBEMB
Y0Ē7ZQ
Y0O;BQ
Y#LJßOÝDZLMVTǁFSQBEMBWZUÃQLJOÎ
Y#LJßOÝDZLMVTǁFSQBEMBPIǥFWVVßJULPWÊ
WPEZ
/FKOJßØÎQPǁFUPUÃǁFLQSPQSFTPTUBU
.JOJNÃMOÎVESßPWBDÎUFQMPUBLPUMF
ž$
ž$
ž$
,ǥJWLB WZUÃQLJOÎ OFCP WZUÃQLJOÎ B PIǥFWV VßJULPWÊ QPV[FWZU
WPEZ
WZUVßJUL
%PCBQǥFECLJßOÊIP[BQÃMFOÎ
/&",5*7/±
$;
'6/,ƀ/±1036$):"+&+*$)36ƀ/±0%453"Ɲ07¦/±
,ÓEi&u
i1PQJT
1ǥÎUPNOPTUQMBNFOFOFQPWPMFOB
;BCMPLPWÃOÎ[BQÃMFOÎ
/ÃQSBWB
;LPOUSPMVKUFEFUFLǁOÎFMFLUSPEV
;LPOUSPMVKUFFMFLUSPOJDLPVLBSUV
;LPOUSPMVKUFQMZOPWÝWFOUJM
;LPOUSPMVKUFFMFLUSPOJDLPVLBSUV
;LPOUSPMVKUFQPMPIVFMFLUSPE
;LPOUSPMVKUF[EBKFTJHOÃMQMBNFOFWZØØÎOFßʍ"
;LPOUSPMVKUFFMFLUSPOJDLPVLBSUV
7OJUǥOÎ[BCMPLPWÃOÎFMFLUSPOJDLÊ
7ZNLJǞUFFMFLUSPOJDLPVLBSUV
/FTUBCJMOÎ[BCMPLPWÃOÎEPDIÃ[ÎLOLJNVWQǥÎQBELJ[BCMPLPWÃOÎBBCTFODFFMFLUSJ ;KJTULJUFQǥÎǁJOV[BCMPLPWÃOÎ
DLÊIPOBQÃKFOÎ
;LPOUSPMVKUFQPKJTULZOBFMFLUSPOJDLÊLBSULJ
;ÃTBI CF[QFǁOPTUOÎIP UFSNPTUBUV DISÃOÎDÎIP QǥFE QǥFIǥÃUÎN OFCP TQBMJOPWÊIP ;LPOUSPMVKUF UFSNPTUBU DISÃOÎDÎ QǥFE QǥFIǥÃUÎN
UFSNPTUBUV[ÃTBIQPKJTULZ7
WPEZ
;LPOUSPMVKUFUFSNPTUBUTQBMJO
/ÃCLJIPWÃUFQMPUBTZTUÊNVKFQǥÎMJØWZTPLÃ
;LPOUSPMVKUFDJSLVMBDJWPEZWTZTUÊNV
5FQMPUBWSBUOÊIPPLSVIVTZTUÊNVKFQǥÎMJØWZTPLÃ
;LPOUSPMVKUFDJSLVMBDJWPEZWTZTUÊNV
;LPOUSPMVKUFDJSLVMBDJWPEZWTZTUÊNV
1ǥÎMJØSZDIMÊ[WÝØFOÎOÃCLJIPWÊUFQMPUZ[BǥÎ[FOÎ
;LPOUSPMVKUFIMBWOÎWÝNLJOÎL
;LPOUSPMVKUF[EBWPLSVIVOFEPDIÃ[ÎLÙOJLDzN
/FEPTUBUFǁOÝUMBLWPEZ
6QSBWUF UMBL WPEZ W TZTUÊNV OB IPEOPUV NF[J B
CBSZ
4QSBXE[JǀXFOUZMBUPS
1PSVDIBWFOUJMÃUPSVBCTFODFTJHOÃMV)BMM
4QSBXE[JǀCF[QJFD[OJLi'u
4QSBXE[JǀLBSUNjFMFLUSPOJD[Oƾ
;LPOUSPMVKUFWFOUJMÃUPS
1PSVDIBWFOUJMÃUPSVB
;LPOUSPMVKUFQPKJTULVi'u
;LPOUSPMVKUFFMFLUSPOJDLPVLBSUV
3P[EÎMWOÃCLJIPWÊBWSBUOÊUFQMPULJTZTUÊNVKFQǥÎMJØWZTPLÝ
;LPOUSPMVKUFDJSLVMBDJWPEZWTZTUÊNV
1PSVDIBOÃCLJIPWÊTPOEZTZTUÊNV[LSBU
7ZNLJǞUFOÃCLJIPWPVTPOEV[BǥÎ[FOÎ
1PSVDIBWSBUOÊTPOEZTZTUÊNV[LSBU
7ZNLJǞUFWSBUOPVTPOEV[BǥÎ[FOÎ
1PSVDIBTPOEZVßJULPWÊWPEZ[LSBU
7ZNLJǞUFTPOEVPIǥFWVVßJULPWÊWPEZ
1PSVDIBOÃCLJIPWÊTPOEZTZTUÊNVPUFWǥFOP
7ZNLJǞUFOÃCLJIPWPVTPOEV[BǥÎ[FOÎ
1PSVDIBWSBUOÊTPOEZTZTUÊNVPUFWǥFOP
7ZNLJǞUFWSBUOPVTPOEV[BǥÎ[FOÎ
1PSVDIBTPOEZVßJULPWÊWPEZPUFWǥFOP
7ZNLJǞUFTPOEVPIǥFWVVßJULPWÊWPEZ
1PSVDIBWFOUJMÃUPSVOFEPTUBUFǁOÝQSDzUPLW[EVDIV
;LPOUSPMVKUFGVOLǁOPTUWFOUJMÃUPSV
;LPOUSPMVKUF BESFTV OBTUBWFOPV OB FMFLUSPOJDLÊ
LBSULJ
"ESFTBLBTLÃEZKFOFQMBUOÃ
7J[ OÃWPE L QPVßJUÎ LBTLÃEPWÊIP B [ÓOPWÊIP SF
HVMÃUPSV
;USÃUBJPOJ[BǁOÎIPQSPVEVQǥJ[BQBMPWÃOÎIPǥÃLV
;LPOUSPMVKUFUMBLQǥÎWPEVQMZOV
'
1PLVEKTPVOBQǥÎLMBEOBEJTQMFKJVWFEFOZUZUPIPEOPUZ[OB
NFOÃUP[BǥÎ[FOÎ[BCMPLPWBMPOBQÃKFOÎ5PUP[BCMPLPWÃOÎPE
TUSBOÎUFTUJTLFNUMBǁÎULB3FTFUVNÎTULJOÊIPOBQBOFMVTUSPKF
$;
'6/,ƀ/±1036$):"+&+*$)&-&,53*$,­0%453"Ɲ07¦/±
2
,ÓE
1PQJT
/ÃQSBWB
C
/ÃCLJIPWÃUFQMPUBTZTUÊNVKFWZØØÎOFߞ$
;LPOUSPMVKUFDJSLVMBDJWPEZWTZTUÊNV
C
7SBUOÃUFQMPUBTZTUÊNVKFWZØØÎOFߞ$
;LPOUSPMVKUFDJSLVMBDJWPEZWTZTUÊNV
C
հUNF[JOÃCLJIPWÝNBWSBUOÝNPLSVIFNKFWZØØÎPž$QPTFLVOEÃDI
;LPOUSPMVKUFIMBWOÎWÝNLJOÎL
C
1ǥÎMJØSZDIMÊ[WÝØFOÎOÃCLJIPWÊUFQMPUZ[BǥÎ[FOÎ
;LPOUSPMVKUFDJSLVMBDJWPEZWTZTUÊNV
C
/FEPTUBUFLWPEZ
;LPOUSPMVKUFUMBLWPEZWTZTUÊNV
C
1PSVDIBWFOUJMÃUPSVBCTFODFTJHOÃMV)BMM
;LPOUSPMVKUFWFOUJMÃUPS
C
1PSVDIBWFOUJMÃUPSV
;LPOUSPMVKUFWFOUJMÃUPS
C
3P[EÎMWOÃCLJIPWÊBWSBUOÊUFQMPULJTZTUÊNVKFWZØØÎOFߞ$
;LPOUSPMVKUFDJSLVMBDJWPEZWTZTUÊNV
C
1PSVDIBTPOEZVßJULPWÊWPEZ[LSBU
;LPOUSPMVKUFTPOEVVßJULPWÊWPEZ
C
1PSVDIBTPOEZVßJULPWÊWPEZPUFWǥFOP
;LPOUSPMVKUFTPOEVVßJULPWÊWPEZ
C
ƀFLÃOÎOBTQVØULJOÎWFOUJMÃUPSV
;LPOUSPMVKUFTQBMJOPWÝPLSVI
C
;USÃUBTJHOÃMVQMBNFOFQǥJDIPEVIPǥÃLV
;LPOUSPMVKUFQǥÎWPEQMZOVBFMFLUSJDLÊFOFSHJF
1PLVEKTPVOBQǥÎLMBEOBEJTQMFKJVWFEFOZUZUPIPEOPUZ[OB
NFOÃUPßFSP[EÎMWUFQMPULJհU
NF[JOÃCLJIPWÝNBWSBUOÝN
PLSVIFNKFWZØØÎOFߞ$5BUP[BCMPLPWÃOÎKTPVEPǁBTOÃB
LPUFMTFSFBLUJWVKFBVUPNBUJDLZQPPETUSBOLJOÎQPSVDIZ
6DQBOÝWÝNLJOÎL.DzßFCÝUEDzTMFELFNVDQÃOÎTJGPOV;LPOUSPMVKUFQPNPDÎ
V[ÃWLJSV OB WZQPVØULJOÎ LPOEFO[ÃUV QǥÎTUVQOÊIP QPV[F QP PETUSBOLJOÎ
QǥFEOÎǁÃTUJQMÃØULJ
ßFWOLJNOFKTPV[CZULZNBUFSJÃMVLUFSÝCZ[BCSBǞPWBM
QSDzDIPEVLPOEFO[ÃUV
1P[OÃNLB ;ÃTBIZ TQPKFOÊ T ÙESßCPV NVTÎ CÝU QSPWFEFOZ QPWLJǥFOÝN
UFDIOJLFNOBQǥ[FTFSWJTOÎIPPEELJMFOÎ*NNFSHBT
)MVǁOPTU[QDzTPCFOÃQǥÎUPNOPTUÎW[EVDIVWTZTUÊNV;LPOUSPMVKUF[EBKF
PUFWǥFOBǁFQJǁLBQǥÎTMVØOÊIPPEW[EVØǞPWBDÎIPWFOUJMV0CS
;LPO
USPMVKUF[EBUMBLWTZTUÊNVBOÃQMǞFYQBO[OÎOÃEPCZKTPVWFWZQPǁÎUBOÝDI
MJNJUFDI
;ÃQBDIQMZOV+F[QDzTPCFOÙOJLZ[QPUSVCÎQMZOPWÊIPPLSVIV+FUǥFCB
[LPOUSPMPWBUULJTOPTUQǥÎWPEOÎIPQMZOPWÊIPPLSVIV
1P[OÃNLB7 QǥÎQBELJ [ÃTBIV [ EDzWPEV ÙESßCZ LPUMF QǥFE [BWǥFOÎN KFE
OPIP OFCP PCPV [BWÎSBDÎDI WFOUJMDz TZTUÊNV ǁÃTU PCS NVTÎ CÝU
LPUFMWZQOVU
/FSPWOPNLJSOÊ TQBMPWÃOÎ OFCP IMVǁOPTU .DzßF CÝU [QDzTPCFOP
[OFǁJTULJOÝN IPǥÃLFN OFTQSÃWOÝNJ QBSBNFUSZ TQBMPWÃOÎ OFTQSÃWOLJ
JOTUBMPWBOÝNLPODPWÝNLVTFNOBTÃWÃOÎWÝGVLV7ZǁJTULJUFWÝØFVWF
EFOÊ TPVǁÃTUJ [LPOUSPMVKUF TQSÃWOPTU JOTUBMBDF LPODPWLZ [LPOUSPMVKUF
TQSÃWOPTULBMJCSBDFQMZOPWÊIPWFOUJMVLBMJCSBDF0Ē4FUV
BTQSÃWOPTU
QSPDFOUVÃMOÎIPPCTBIV$0WFTQBMJOÃDI
6DQBOÝTJGPO.DzßFCÝU[QDzTPCFOPVWOJUǥVTB[FOÝNJOFǁJTUPUBNJOFCP
TQBMJOBNJ;LPOUSPMVKUFQPNPDÎV[ÃWLJSVOBWZQPVØULJOÎLPOEFO[ÃUVßF
WOLJNOFKTPV[CZULZNBUFSJÃMVLUFSÝCZ[BCSBǞPWBMQSDzDIPEVLPOEFO
[ÃUV
1-
53
$;
%0450408"/*&,05Š"
%0;.*"/:(";6
8QS[ZQBELVHEZLPDJPQPXJOJFOCZǀEPTUPTPXBOZ
EPJOOFHPSPE[BKVHB[VOBMFǻZ[BNÓXJǀTUPTPXOZ
[FTUBXTVǻƾDZEPT[ZCLJFHPQS[FLT[UBDFOJBLPUB
;BCJFHQS[ZTUPTPXBOJBLPUBEPJOOFHPSPE[BKVHB[V
QPXJOJFOCZǀXZLPOBOZQS[F[XZLXBMJêLPXBOFHP
UFDIOJLBOBQS[ZLBE[BVUPSZ[PXBOFHPTFSXJTV
UFDIOJD[OFHPêSNZ*NNFSHBT
"CZQS[FKǧǀOBJOOZ
UZQHB[VOBMFǻZ
PEƾD[ZǀOBQJNjDJF[BTJMBKƾDFLPDJP
$0/7&34*0/&%&--"$"-%"*"*/
$"40%*$".#*0%&-("4
,PNCJ DJIB[OO FUJLFUJOEF CFMJSUJMFO HB[ UÛSÛO
EFO GBSLM CJS HB[ UÛSÛZMF ÉBMǨBCJMNFTJ JÉJO
EÕOÛǨÛNZBQMNBTEVSVNVOEBCVJǨMFNJOTÛSBUMF
ZBQMBCJMNFTJOFPMBOBLTBnjMBZBOTFUJOUBMFQFEJMNFTJ
HFSFLNFLUFEJS(B[UÛSÛOEFEFnjJǨJNWFEÕOÛǨÛN
JǨMFNMFSJJÉJOV[NBOCJSUFLOJTZFOFNÛSBDBBUFEJOJ[
ÕSOFnjJOƻNNFSHBT:FULJMJ5FLOJL4FSWJTJOF
#FMMJ
CJSUÛSHB[EBOEJnjFSUÛSHB[BHFÉJǨJÉJOBǨBnjEBCF
MJSUJMFOǨBSUMBSHFSFLNFLUFEJS
DJIB[OFMFLUSJLHJSJǨJOJLFTJOJ[
1Ƥ&45"7#",05-&71Ƥ±1"%Ɔ
;.Ɔ/:1-:/6
7 QǥÎQBELJ ßF CZ CZMP QPUǥFCB VQSBWJU [BǥÎ[FOÎ
LF TQBMPWÃOÎ KJOÊIP QMZOV OFß KF UFO LUFSÝ KF
VWFEFO OB ØUÎULV KF OVUOÊ TJ WZßÃEBU TPVQSBWV
TF WØÎN DP KF QPUǥFCB L UÊUP QǥFTUBWCLJ 5V KF
NPßOÊ QSPWÊTU WFMJDF SZDIMF ;ÃTBIZ TQPKFOÊ T
QǥJ[QDzTPCFOÎNLPUMFUZQVQMZOVKFUǥFCBTWLJǥJUEP
SVLPVQPWLJǥFOÊNVUFDIOJLPWJOBQǥ[FTFSWJTOÎIP
PEELJMFOÎ*NNFSHBT
1SPQǥFDIPEOBKJOÝQMZOKFOVUOÊ
PEQPKJU[BǥÎ[FOÎPEOBQLJUÎ
HB[ CPSVTV JMF IBWB WF HB[ LBSǨN NBOJGPMEV
BSBTOEBZFSBMBONFNFZJZFOJTJJMFEFnjJǨUJSJOJ[
ODJLTNǨFLJM
WZNLJOJUUSZTLVVNÎTULJOPVNF[JQMZOPWPVIBEJDÎ
BTNLJØPWBDÎPCKÎNLPVW[EVDIVBQMZOVǁÃTU
PCS
DJIB[OFMFLUSJLHJSJǨJOJUFLSBSTBnjMBZO[
QǥJQPKJU[BǥÎ[FOÎ[OPWVLOBQLJUÎ
GBOEFWJSI[OBZBSMBNBLTVSFUJZMFB[BNJUFSNJL
HÛDÛBZBSMBZO[TBZMQBSBNFUSFiTONBEB
GBOOB[BNJEFWJSTBZTu
OBTUBWJU NBYJNÃMOÎ UFQFMOÝ WÝLPO SFHVMBDÎ
PUÃǁFLWFOUJMÃUPSVQBSBNFUSǁt.BYJNÃMOÎ
QPǁFUPUÃǁFLWFOUJMÃUPSVQǥJWZUÃQLJOÎi
QBSBHSBѫBZFSBMBOUBCMPEBCFMJSUJMFOWFSJMFSF
HÕSFBTHBSJUFSNJLHÛÉUFÉBMǨSLFOEVNBOMBSO
$0EFnjFSJOJLPOUSPMFEJOJ[
[LPOUSPMPWBUIPEOPUV$0WTQBMJOÃDIQǥJNB
YJNÃMOÎNWÝLPOVLPUMFQPEMFUBCVMLZWPETUBWDJ
LPNCJQBSBHSBѫBZFSBMBOUBCMPEBCFMJSUJ
MFOWFSJMFSFHÕSFBTHBSJUFSNJLHÛÉUFÉBMǨSLFO
EVNBOMBSO$0EFnjFSJOJLPOUSPMFEJOJ[
[LPOUSPMPWBUIPEOPUV$0WTQBMJOÃDIQǥJNJ
OJNÃMOÎNWÝLPOVLPUMFQPEMFUBCVMLZWPETUBWDJ
HB[ BLUBSN BZBS EÛ[FOFLMFSJOJ NÛIÛSMFZJOJ[
BZBSMBSEBEFnjJǨJLMJLZBQMNBTIBMJOEF
[BQMPNCPWBUSFHVMBǁOÎ[BǥÎ[FOÎQSDzUPLVQMZOV
QPLVECZTFNLJMBOBTUBWFOÎ[NLJOJU
EÕOÛǨÛNJǨMFNMFSJOJUBNBNMBELUBOTPOSBTFUMF
CJSMJLUF TVOVMBO FUJLFUJ DJIB[O WFSJ FUJLFUJOJO
ZBLOOB ZFSMFǨUJSJOJ[ #V ZFOJ LPOVMBO FUJLFU
Û[FSJOEFEBIBÕODFLVMMBOMBOFTLJHB[UÛSÛOÛO
TBCJSCJSLBMFNMFTJMJONFTJHFSFLNFLUFEJS
QP EPLPOǁFOÎ QǥFTUBWCZ OBMFQUF OÃMFQLV [
QǥFTUBWCPWÊTPVQSBWZEPCMÎ[LPTUJØUÎULVTÙEBKJ
/BUPNUPØUÎULVKFOVUOÊQPNPDÎOFTNB[BUFMOÊIP
êYVQǥFØLSUOPVUÙEBKFUÝLBKÎDÎTFQDzWPEOÎIPUZQV
QMZOV
#VBZBSMBSOLVMMBOMBDBLPMBOZFOJHB[UÛSÛOFHÕSF
ZBQMNBTHFSFLNFLUFEJS
5BUPOBTUBWFOÎTFNVTÎW[UBIPWBULUZQVQPVßJUÊIP
QMZOV
(";%¸/¾Ƨ¾.¾40/3"4*/%"
:"1*-."4*(&3&,&/,0/530--&3
,VMMBOMBDBLPMBOHB[UJQJOFVZHVONFNFÉBQOB
VZHVOTBnjMLMEÕOÛǨÛNJǨMFNMFSJOJOZBQMEnjOEBO
FNJOPMBEVLUBOTPOSBWFHFSFLMJCBTOÉLBMJCSBTZPO
BZBSMBSO WF EPnjSV EFWJS I[ BZBS EB ZBQULUBO
TPOSBBǨBnjEBLJLPOUSPMMBSZBQO[
CPZMFSBMFWJOJOOFBǨSZÛLTFLOFEFBǨSBMÉBL
PMNBNBTO WF TBCJU PMNBTO CPZMFSEFO BZS
HJCJHÕSÛONFNFMJ
,0/530-",5&306+&5Ƥ&#"130њ
7­45101Ƥ&45"7#Ɔ/"+*/À5:1
1-:/6
1PUÊ DP TF VKJTUÎUF ßF CZMB QǥFTUBWCB QSPWFEFOB
QPNPDÎUSZTLZPQSDzNLJSVQǥFEFQTBOÊNQSPQPVßJUÝ
UZQQMZOVBßFCZMBQSPWFEFOBLBMJCSBDFOBTQSÃWOÝ
QPǁFUPUÃǁFLKFUǥFCB[LPOUSPMPWBU
[EBOFOÎQMBNFOIPǥÃLVQǥÎMJØWZTPLÝB[EBKF
TUBCJMOÎOFPEELJMVKFTFPEIPǥÃLV
XZNJFOJǀEZT[Nj[OBKEVKƾDƾTJNjNJNjE[ZSVSƾHB[V
BUVMFKƾNJFT[BOLJD[NjǧǀSZT
QPOPXOJF[BTJMJǀLPDJPOBQJNjDJFN
XZSFHVMPXBǀ NBLTZNBMOƾ NPD DJFQMOƾ
[NJFOJBKƾDMJD[CNjPCSPUÓXXFOUZMBUPSBQBSBNFUS
OS.BYMJD[CBPCSPUÓXXFOUZMBUPSBQPED[BT
PHS[FXBOJBu
TQSBXE[JǀXBSUPǧǀ$0[BXBSUFHPXTQBMJOBDI
QS[ZNBLTZNBMOFKNPDZXTUPTVOLVEPUBCFMJX
SP[E[
TQSBXE[JǀXBSUPǧǀ$0[BXBSUFHPXTQBMJOBDI
QS[ZNJOJNBMOFKNPDZXTUPTVOLVEPUBCFMJX
SP[E[
[BQMPNCPXBǀ VS[ƾE[FOJB SFHVMBDKJ QS[FQZXV
HB[VKFǻFMJSFHVMBDKB[PTUBB[NJFOJPOB
QPXZLPOBOJVBEBQUBDKJOBMFǻZVNJFǧDJǀPCPL
UBCMJD[LJ [OBNJPOPXFK OBLMFKLNj [OBKEVKƾDƾ TJNj
X[FTUBXJF/BUPNJBTUOBUBCMJD[DF[OBNJPOPXFK
OBMFǻZ [BNB[Bǀ OJFVTVXBMOZN QJTBLJFN EBOF
EPUZD[ƾDFTUBSFHPUZQVHB[V
/JOJFKT[B SFHVMBDKB QPXJOOB EPUZD[Zǀ SPE[BKV
VǻZXBOFHPHB[V
,0/530-&%08:,0/"/*"10
;.*"/*&(";6
1PVQFXOJFOJVTJNjǻFQS[FLT[UBDFOJFLPUB
[PTUBP XZLPOBOF QS[Z [BTUPTPXBOJV EZT[Z P
QS[FLSPKV XZNBHBOZN EP VǻZXBOFHP HB[V B
LBMJCSBDKBXTUPTVOLVEPXBǧDJXFKMJD[CZPCSPUÓX
[PTUBBXZLPOBOBOBMFǻZTJNjVQFXOJǀǻF
QPNZLQBMOJLBOJFKFTU[CZUXZTPLJJKFTUTUBCJMOZ
OJFPEEBMBTJNjPEQBMOJLB
OJFNBXZDJFLÓXHB[VXPCJFHV
/#XT[ZTULJF[BCJFHJSFHVMBDZKOFLPUBQPXJOOZ
CZǀXZLPOBOFQS[F[XZLXBMJêLPXBOFHPUFDIOJLB
OBQS[ZLBE[BVUPSZ[PXBOFHPTFSXJTVUFDIOJD[
OFHPêSNZ*NNFSHBT
&8&/56"-/&3&(6-"$+&
,POUSPMB OPNJOBMOFK NPDZ DJFQMOFK /PNJOBMOB
NPDDJFQMOBKFTU[XJƾ[BOB[EVHPǧDJƾSVSTTƾDZDI
QPXJFUS[F J PEQSPXBE[BOJB TQBMJO +FK XBSUPǧǀ
VMFHB OJFXJFMLJFNV [NOJFKT[FOJV QS[Z X[SPǧDJF
EVHPǧDJSVS8QS[ZQBELVNPOUBǻVXCBUFSJJMVC
QS[ZVǻZDJV[FTUBXVPEQSPXBE[BOJBTQBMJOOBMFǻZ
QP DP OBKNOJFK NJOVUBDI E[JBBOJB QBMOJLB J
HEZ UFNQFSBUVSB [BTZTBOFHP QPXJFUS[B J XZEBMB
OFHP HB[V KFTU VTUBCJMJ[PXBOB VBLUVBMOJǀ MJD[CNj
PCSPUÓXXFOUZMBUPSBXUSBLDJFPHS[FXBOJBXFEVH
OBTUNjQVKƾDFKUBCFMJ
3&(6-"$+"130103$+*
108*&53;&њ(";
,BMJCSBDKBNBLTZNBMOFHPTUNjǻFOJB$0
;BƾD[Zǀ LPDJP J VTUBXJǀ HP OB GVOLDKNj PD[ZT[D
[BOJBOBDJTLBKƾDKFEOPD[FǧOJFLMBXJT[Fi.0%&u
J iu QS[F[ EXJF TFLVOEZ X UFO TQPTÓC LPDJP
KFTUVTUBXJPOZOBNBLTZNBMOƾNPDBOBFLSBOJF
QPKBXJB TJNj MJUFSB i)u PSB[ EXVDZGSPXZ OVNFS
"CZQP[OBǀEPLBEOƾ[BXBSUPǧǀ$0XTQBMJOBDI
UFDIOJLQPXJOJFO[BPǻZǀTPOENjQPNJBSPXƾXHƾC
PUXPSV B OBTUNjQOJF TQSBXE[Jǀ D[Z XBSUPǧǀ $0
PEQPXJBEBXBSUPǧDJQPEBOFKXUBCFMJSP[E[
X QS[FDJXOZN SB[JF XZSFHVMPXBǀ ǧSVCNj SZT
SFHVMBUPS QS[FQZXV HB[V
"CZ [XJNjLT[Zǀ
XBSUPǧǀ $0 OBMFǻZ PCSÓDJǀ ǧSVCNj SFHVMBDZKOƾ
XLJFSVOLVQS[FDJXOZNEPSVDIVXTLB[ÓXFL
[FHBSBOBUPNJBTUXLJFSVOLVQS[FDJXOZNBCZKƾ
[NOJFKT[Zǀ1PLBǻEFK[NJBOJFSFHVMBDKJǧSVCZ
OBMFǻZ PED[FLBǀ OB VTUBCJMJ[PXBOJF TJNj LPUB OB
VTUBXJPOFKXBSUPǧDJPLPPTFL
EFWSFEFHB[LBÉBnjOOPMNBNBT
/PU LPNCJ DJIB[MBSOO UÛN BZBS JǨMFNMFSJOJO
ZBQMNBTJÉJOV[NBOCJSUFLOJTZFOFNÛSBDBBUFEJ
OJ[ÕSOFnjJOƻNNFSHBT:FULJMJ5FLOJL4FSWJTJOF
.6)5&.&-":"3-"3
/PNJOBMUFSNJLHÛDÛLPOUSPMFEJOJ[
,PNCJOJO OPNJOBM UFSNJL HÛDÛ IBWB FNJǨ WF
EVNBO UBIMJZF CPSVMBSOO CPZMBS JMF JMHJMJEJS
#PSVMBSOCPZMBSOOV[BNBTIBMJOEFUFSNJLHÛÉ
B[EBPMTBEÛǨFS
#BUBSZB TJTUFNJ JMF NPOUBK IBMJOEF WF CBDB TFUJ
LVMMBOMNBT IBMJOEF CPZMFSJO FO B[ EBLJLB
ÉBMǨNBTO NÛUFBLJCFO HJSJǨUFLJ IBWB JMF HB[
UBIMJZFTMBSTUBCJMJ[FPMVODBTONBEBGBOEFWJS
BZBSOOBǨBnjEBLJUBCMPEBCFMJSUJMFOWFSJMFSFHÕSF
ZBQMNBTHFSFLJS
)"7"њ(";03"/*/*/":"3*
"[BNJ $0 LBMJCSBTZPOV ,PNCJZJ ZBLO[ WF
CBDB UFNJ[MFNF NPEVOB HFUJSJOJ[ CVOVO JÉJO
FǨ[BNBOMPMBSBLi.0%&uWFiuEÛnjNFMFSJOFJLJ
TBOJZFTÛSFZMFCBTO[CVEVSVNEBLPNCJB[BNJ
HÛDFZÛLTFMJSWFHÕTUFSHFEFu)uIBSêOJOZBOTSB
JLJSBLBNMCJSTBZCFMJSJS%VNBOEBEPnjSV$0
EFnjFSJOJOTBnjMBONBTJÉJOUFLOJLQFSTPOFMJOTPOEBZ
UFTU IB[OFTJOF UBNBNFO EBMESNBT HFSFLNFLUF
PMVQBODBLCVTVSFUMFQBSBHSBѫBWFSJMFOUBCMP
EBLJ$0EFnjFSMFSJBZBSMBOBCJMJSBLTJUBLEJSEFWJEB
WBTUBTZMBBZBSZBQO[HB[EFCJBZBSNFLBOJ[NBT
ǨFLJM
$0EFnjFSJOJZÛLTFMUNFLJÉJOBZBS
WJEBTO
TBUJOBLTJZÕOÛOFÉFWJSNFLHFSFLJS
TÕ[ LPOVTV EFnjFSJ EÛǨÛSNFL JÉJO EF BLTJ ZÕOF
ÉFWJSNFL MB[NES 7JEB WBTUBTZMB ZBQMBO IFS
EFnjJǨJN TPOSBTOEB LPNCJOJO BZBSMBOBO EFnjFSEF
TUBCJMJ[F PMNBTOO CFLMFONFTJ HFSFLNFLUFEJS
ZBLMBǨLTBOJZF
[EBOFEPDIÃ[ÎLÙOJLDzNQMZOV[PLSVIV
1P[OÃNLB7FØLFSÊPQFSBDFTQPKFOÊTFTFǥJ[PWÃOÎN
LPUMDz NVTÎ CÝU QSPWFEFOZ QPWLJǥFOÝN UFDIOJLFN
OBQǥ[FTFSWJTOÎIPPEELJMFOÎ*NNFSHBT
1Ƥ±1"%/¦/"45"7&/±
,POUSPMBKNFOPWJUÊIPUFQFMOÊIPWÝLPOV+NFOPWJUÝ
UFQFMOÝWÝLPOLPUMFKFWTPVMBEVTEÊMLPVQPUSVCÎ
QSP OBTÃWÃOÎ W[EVDIV B PEWPE TQBMJO .ÎSOLJ TF
TOJßVKFTQSPEMVßPWÃOÎNEÊMLZQPUSVCÎ7QǥÎQBELJ
JOTUBMBDFWCBUFSJJBTQPVßJUÎNLPVǥPWPEOÊTPVQSB
WZKFOVUOÊQPOFKNÊOLJNJOVUÃDIQSPWP[VIPǥÃLV
B QP TUBCJMJ[BDJ UFQMPUZ OBTÃWBOÊIP W[EVDIV B
PEWÃELJOÊIPQMZOVVQSBWJUQPǁFUPUÃǁFLWFOUJMÃUPSV
WZUÃQLJOÎQPEMFOÃTMFEVKÎDÎUBCVMLZ
3&(6-"$&10.Ɔ367;%6$)6"
1-:/6
,BMJCSBDF NBYJNÃMOÎIP NOPßTUWÎ $0 ;BQOLJUF
LPUFMBVWFDŽUFIPEPSFßJNVLPNJOÎLBTPVǁBTOÝN
TUJTLFNLMÃWFTi.0%&uBiuOBEWLJWUFǥJOZUÎNUP
[QDzTPCFNCVEFLPUFMOBTUBWFOÝOBNBYJNVNBOB
EJTQMFKJTFPCKFWÎQÎTNFOPi)uOÃTMFEPWBOÊEWPV
DJGFSOÝNǁÎTMFN"CZTUF[ÎTLBMJQǥFTOPVIPEOPUV
$0 WF TQBMJOÃDI KF OVUOÊ BCZ UFDIOJL [BTVOVM
TPOEVBßOBEOPØBDIUZQBL[LPOUSPMPWBU[EBIP
EOPUB$0PEQPWÎEÃIPEOPULJVWFEFOÊWUBCVMDFW
PETUBWDJWPQBǁOÊNQǥÎQBELJQSPWFDŽUFLPSFLDJ
ØSPVCVPCS
SFHVMÃUPSVQSDzUPLVQMZOV
1SP
[WÝØFOÎIPEOPUZ$0KFOVUOÊPUPǁJUSFHVMBǁOÎN
ØSPVCFN QSPUJ TNLJSV IPEJOPWÝDI SVǁJǁFL
B QPLVE KF UǥFCB IPEOPUV TOÎßJU QBL TNLJSFN
PQBǁOÝN1ǥJLBßEÊ[NLJOLJQPMPIZØSPVCV
KF
OVUOÊQPǁLBUEPLVETFLPUFMOFVTUÃMÎOBOBTUBWFOÊ
IPEOPULJ[ISVCBTFLVOE
1-
53
$;
,BMJCSBDKBNJOJNBMOFHPTUNjǻFOJB$0
1P[BLPǝD[FOJVSFHVMBDKJNBLTZNBMOFHPTUNjǻFOJB
$0 OBMFǻZ [BƾD[Zǀ LPDJP J VTUBXJǀ HP OB
NJOJNBMOƾ NPD DJFQMOƾ OBDJTLBKƾD KFEOPD[FǧOJF
LMBXJT[F i.0%&u J iu QS[F[ EXJF TFLVOEZ X
UFOTQPTÓCLPDJPQSBDVKFQS[ZNVTPXPOBNJOJ
NBMOFK NPDZ B OB FLSBOJF QPKBXJB TJNj MJUFSB i-u
PSB[ EXVDZGSPXZ OVNFS "CZ QP[OBǀ EPLBEOƾ
[BXBSUPǧǀ $0 X TQBMJOBDI UFDIOJL QPXJOJFO
[BPǻZǀ TPOENj QPNJBSPXƾ X HƾC PUXPSV B
OBTUNjQOJFTQSBXE[JǀD[ZXBSUPǧǀ$0PEQPXJBEB
XBSUPǧDJ QPEBOFK X UBCFMJ SP[E[ X QS[FDJXOZN
SB[JF XZSFHVMPXBǀ ǧSVCNj SZT SFHVMBUPS
0GG4FU
"CZ [XJNjLT[Zǀ XBSUPǧǀ $0 OBMFǻZ
PCSÓDJǀǧSVCNjSFHVMBDZKOƾ
XLJFSVOLV[HPEOZN
[SVDIFNXTLB[ÓXFL[FHBSBOBUPNJBTUXLJFSVOLV
QS[FDJXOZNBCZKƾ[NOJFKT[Zǀ
"THBSJ $0 LBMJCSBTZPOV $0 EFnjFSJOJO BZBS
JǨMFNMFSJTPOVOEBLPNCJZJZBLO[WFBTHBSJUFSNJL
HÛÉUF ÉBMǨUSO[ CVOVO JÉJO FǨ[BNBOM PMBSBL
i.0%&u WF iu EÛnjNFMFSJOF JLJ TBOJZF TÛSFZMF
CBTO[ CV EVSVNEB LPNCJ BTHBSJ HÛDF HFÉFS WF
HÕTUFSHFEFu-uIBSêOJOZBOTSBJLJSBLBNMCJSTBZ
CFMJSJS%VNBOEBEPnjSV$0EFnjFSJOJOTBnjMBONBT
JÉJOUFLOJLQFSTPOFMJOTPOEBZUFTUIB[OFTJOFUBNB
NFOEBMESNBTHFSFLNFLUFPMVQBODBLCVTVSFUMF
QBSBHSBѫB WFSJMFO UBCMPEBLJ $0 EFnjFSMFSJ
BZBSMBOBCJMJS BLTJ UBLEJSEF WJEB WBTUBTZMB BZBS
ZBQO[0Ē4FUBZBSNFLBOJ[NBT
ǨFLJM
$0 EFnjFSJOJ ZÛLTFMUNFL JÉJO BZBS WJEBTO TBUJ ZÕOÛOF ÉFWJSNFL HFSFLJS TÕ[ LPOVTV EFnjFSJ
EÛǨÛSNFLJÉJOEFBLTJZÕOFÉFWJSNFLMB[NES
,BMJCSBDF NJOJNÃMOÎIP NOPßTUWÎ $0 1P
EPLPOǁFOÎ SFHVMBDF NBYJNÃMOÎIP NOPßTUWÎ $0
[BQOLJUF LPUFM B OFDIUF IP QSBDPWBU OB NJOJNÃM
OÎN UFQFMOÊN WÝLPOV TPVǁBTOÝN TUJTLFN LMÃWFT
i.0%&uBiuOBEWLJWUFǥJOZUÎNUP[QDzTPCFNCVEF
LPUFMOBTUBWFOÝOBNJOJNVNBOBEJTQMFKJTFPCKFWÎ
QÎTNFOP i-u OÃTMFEPWBOÊ EWPVDJGFSOÝN ǁÎTMFN
"CZTUF[ÎTLBMJQǥFTOPVIPEOPUV$0WFTQBMJOÃDI
KF OVUOÊ BCZ UFDIOJL [BTVOVM TPOEV Bß OB EOP
ØBDIUZQBL[LPOUSPMPWBU[EBIPEOPUB$0PEQP
WÎEÃIPEOPULJVWFEFOÊWUBCVMDFWPETUBWDJW
PQBǁOÊNQǥÎQBELJQSPWFDŽUFLPSFLDJØSPVCVPCS
SFHVMÃUPSV0Ē4FU
1SP[WÝØFOÎIPEOPUZ$0
KFOVUOÊPUPǁJUSFHVMBǁOÎNØSPVCFN
WFTNLJSV
IPEJOPWÝDISVǁJǁFLBQPLVEKFUǥFCBIPEOPUVTOÎßJU
QBLTNLJSFNPQBǁOÝN
,0/530-"1"3".&53¶8
41"-"/*"
"CZ XZSFHVMPXBǀ NBLTZNBMOƾ J NJOJNBMOƾ
NPD DJFQMOƾ OBMFǻZ VTUBXJǀ LPDJP OB GVOLDKNj
PD[ZT[D[BOJB OBDJTLBKƾD KFEOPD[FǧOJF LMBXJT[F
i.0%&u J iu QS[F[ LJMLB TFLVOE B OBTUNjQOJF
TQSBXE[JǀNBLTZNBMOƾQSNjELPǧǀXFOUZMBUPSBUBL
CZ QS[Z [BƾD[POZN QBMOJLV
V[ZTLBǀ XBSUPǧǀ
QPEBOƾ X UBCFMJ SP[E[ X QS[ZQBELV
[NJBOZQBSBNFUSÓXOBMFǻZTLPOTVMUPXBǀLPMFKOF
SP[E[JBZ
3&(6-"$+"/0.*/"-/&+.0$:
0(3;&8"/*"
,PDJP i7*$53*9 u KFTU QSPEVLPXBOZ [
NPDƾ DJFQMOƾ X USBLDJF PHS[FXBOJB VTUBXJPOƾ
OB NBLTZNBMOƾ XBSUPǧǀ ;BMFDB TJNj BCZ OJF
[NJFOJBǀ UFK XBSUPǧDJ +FǻFMJ OBMFǻZ [NOJFKT[Zǀ
NPDPHS[FXBOJBOBMFǻZ[NJFOJǀXBSUPǧǀQBSBNFUSV
OSi.BYMJD[CBPCSPUÓXXFOUZMBUPSBXUSBLDJF
PHS[FXBOJBuQPXQJTBOJVLPEV[BTUS[FǻPOFHPEMB
UFDIOJLBXFEVHUSZCVPQJTBOFHPXSP[E["CZ
TQSBXE[JǀXBSUPǧǀNPDZDJFQMOFKOBMFǻZQPSÓXOBǀ
MJD[CNjPCSPUÓXXFOUZMBUPSB[XBSUPǧDJƾQPEBOƾX
UBCFMJSP[E[
3&(6-"$+".*/*."-/&+.0$:
0(3;&8"/*"
+FǻFMJ OBMFǻZ [NJFOJǀ XBSUPǧǀ NJOJNBMOFK NPDZ
PHS[FXBOJBOBMFǻZEPTUPTPXBǀXBSUPǧǀQBSBNFUSV
OSi.BYMJD[CBPCSPUÓXXFOUZMBUPSBXUSBLDJF
PHS[FXBOJBuQPXQJTBOJVLPEV[BTUS[FǻPOFHPEMB
UFDIOJLBXFEVHUSZCVPQJTBOFHPXSP[E["CZ
TQSBXE[JǀXBSUPǧǀNPDZDJFQMOFKOBMFǻZQPSÓXOBǀ
MJD[CNjPCSPUÓXXFOUZMBUPSB[XBSUPǧDJƾQPEBOƾX
UBCFMJSP[E[
:"/."1"3".&53&-&3ƻ/ƻ/
,0/530-6
"[BNJWFBTHBSJUFSNJLHÛÉBZBSMBSJÉJOLPNCJZJ
CBDB UFNJ[MFNF NPEVOB HFUJSJOJ[ CVOVO JÉJO
FǨ[BNBOM PMBSBL i.0%&u WF iu EÛnjNFMFSJOF
CJSLBÉTBOJZFTÛSFZMFCBTO[CVEVSVNEBB[BNJ
GBO EFWJS HÛDÛOÛ LPOUSPM FEJOJ[ PZMFS BɏL
WB[JZFUUFZLFO
UBCMPEB CFMJSUJMFO EFnjFSF VZHVO
PMBSBL QBSBHSBG QBSBNFUSFMFSEF EFnjJǨJLMJL
IBMJOEFJMFSJEFLJCBǨMLMBSBCBLO[
,"-03ƻ'&3/0.ƻ/"-(¾$¾/¾/
":"3-"/."4*
i7*$53*9uLPNCJB[BNJTUNBEFnjFSJOFLBMJCSF
FEJMFO OPNJOBM EFnjFSEF TVOVMVS #V OFEFOMFEF
TÕ[ LPOVTV BZBSB NÛEBIBMF FEJMNFNFTJ UBWTJZF
PMVOVS*TUNBHÛDÛOÛOB[BMUMNBTOOHFSFLNFTJ
IBMJOEFOVNBSBMiTUNBGBOB[BNJEFWJSTBZTu
QBSBNFUSFTJOJOEFnjJǨUJSJMNFTJHFSFLJSBODBLCVOVO
JÉJO QBSBHSBѫB CFMJSUJMFO HJ[MJ ǨJGSFOJO UFLOJL
QFSTPOFM UBSBGOEBO HJSJMNFTJ HFSFLNFLUFEJS
5FSNJL HÛÉ EFnjFSJOJ LPOUSPM FEFCJMNFL JÉJO GBO
EFWJSTBZTJMFUBCMPEBWFSJMFOEFnjFSMFSJNVLBZFTF
FEJOJ[QBSBHSBG
,"-03ƻ'&3.ƻ/ƻ.6.(¾$¾/¾/
":"3-"/."4*
*TUNB HÛDÛOÛO EFnjJǨUJSJMNFTJOJO HFSFLNFTJ
IBMJOEFOVNBSBMiTUNBGBOBTHBSJEFWJSTBZTu
QBSBNFUSFTJOJOEFnjJǨUJSJMNFTJHFSFLJSBODBLCVOVO
JÉJO QBSBHSBѫB CFMJSUJMFO HJ[MJ ǨJGSFOJO UFLOJL
QFSTPOFM UBSBGOEBO HJSJMNFTJ HFSFLNFLUFEJS
5FSNJL HÛÉ EFnjFSJOJ LPOUSPM FEFCJMNFL JÉJO GBO
EFWJSTBZTJMFUBCMPEBWFSJMFOEFnjFSMFSJNVLBZFTF
FEJOJ[QBSBHSBG
,0/530-"1"3".&53Ʊ
41"-07¦/±
1SP OBTUBWFOÎ NBYJNÃMOÎIP B NJOJNÃMOÎIP
UFQFMOÊIPWÝLPOVVWFDŽUFLPUFMEPSFßJNVLPNJOÎLB
TPVǁBTOÝNTUJTLFNLMÃWFTi.0%&uBiuOBOLJLPMJL
WUFǥJO 1PUPN [LPOUSPMVKUF NBYJNÃMOÎ SZDIMPTU
WFOUJMÃUPSV UBL BCZTUF [ÎTLBMJ QǥJ [BQÃMFOÊN
IPǥÃLV
IPEOPUV VWFEFOPV W UBCVMDF PETUBWFD
W QǥÎQBELJ QPUǥFCZ [NLJOZ QBSBNFUSDz TJ
QǥFǁULJUFOÃTMFEVKÎDÎLBQJUPMZ
/"45"7&/±+.&/07*5­)07À,0/6
7:5¦1Ɔ/±
5FQFMOÝWÝLPOLPUMFi7*$53*9uQǥJWZUÃQLJOÎKF
JNQMJDJUOLJ LBMJCSPWÃO OB NBYJNVN %PQPSVǁVKF
TF UPUP OBTUBWFOÎ OFNLJOJU 7 QǥÎQBELJ ßF CZ CZMP
OVUOÊ WÝLPO WZUÃQLJOÎ TOÎßJU KF OVUOÊ [NLJOJU
IPEOPUVQBSBNFUSVǁ.BYJNÃMOÎQPǁFUPUÃǁFL
WFOUJMÃUPSVQǥJWZUÃQLJOÎ
QP[BEÃOÎLÓEVLUFSÝKF
WZISB[FO UFDIOJLPWJ QPEMF QPTUVQV VWFEFOÊIP
W PETUBWDJ )PEOPUV OBTUBWFOÊIP UFQFMOÊIP
WÝLPOV [LPOUSPMVKUF QPSPWOÃOÎN QPǁUV PUÃǁFL
WFOUJMÃUPSV T IPEOPUPV VWFEFOPV W UBCVMDF
PETUBWFD
/"45"7&/±.*/*.¦-/±)07À,0/6
7:5¦1Ɔ/±
7QǥÎQBELJßFCZCZMPOVUOÊ[NLJOJUNJOJNÃMOÎWÝLPO
WZUÃQLJOÎ KF QPUǥFCB [NLJOJU IPEOPUV QBSBNFUSV
ǁ .JOJNÃMOÎ QPǁFU PUÃǁFL WFOUJMÃUPSV QǥJ
WZUÃQLJOÎ
QP [BEÃOÎ LÓEV LUFSÝ KF WZISB[FO
UFDIOJLPWJ QPEMF QPTUVQV VWFEFOÊIP W PETUBWDJ
)PEOPUV OBTUBWFOÊIP UFQFMOÊIP WÝLPOV
[LPOUSPMVKUFQPSPWOÃOÎNQPǁUVPUÃǁFLWFOUJMÃUPSVT
IPEOPUPVVWFEFOPVWUBCVMDFPETUBWFD
1-
53
$;
(
(
(
-έ.BYOSPCSPUÓX
-έN.BYOSPCSPUÓX
-έN.BYOSPCSPUÓX
-ήN.BYOSPCSPUÓX
-ήN.BYOSPCSPUÓX
-ήN.BYOSPCSPUÓX
-έN.BYOSPCSPUÓX
-έN.BYOSPCSPUÓX
-έN.BYOSPCSPUÓX
-ήN.BYOSPCSPUÓX
-ή.BYOSPCSPUÓX
-ήN.BYOSPCSPUÓX
-έN.BYOSPCSPUÓX
-έN.BYOSPCSPUÓX
-έN.BYOSPCSPUÓX
-ήN.BYOSPCSPUÓX
-ήN.BYOSPCSPUÓX
-ήN.BYOSPCSPUÓX
-έN.BYOSPCSPUÓX
-έN.BYOSPCSPUÓX
-έN.BYOSPCSPUÓX
-ήN.BYOSPCSPUÓX
-ήN.BYOSPCSPUÓX
-ήN.BYOSPCSPUÓX
.BYOSPCSPUÓX
.JOOSPCSPUÓX
.BYOSPCSPUÓX
.JOOSPCSPUÓX
.BYOSPCSPUÓX
.JOOSPCSPUÓX
(
(
(
-έ/žNBYHJSJ
-έN/žNBYEFWJS
-έN/žNBYEFWJS
-ήN/žNBYEFWJS
-ήN/žNBYEFWJS
-ήN/žNBYEFWJS
-έN/žNBYEFWJS
-έN/žNBYEFWJS
-έN/žNBYEFWJS
-ήN/žNBYEFWJS
-ήN/žNBYEFWJS
-ήN/žNBYEFWJS
-έN/žNBYEFWJS
-έN/žNBYEFWJS
-έN/žNBYEFWJS
-ήN/žNBYEFWJS
-ήN/žNBYEFWJS
-ήN/žNBYEFWJS
-έN/žNBYEFWJS
-έN/žNBYEFWJS
-έN/žNBYEFWJS
-ήN/žNBYEFWJS
-ήN/žNBYEFWJS
-ήN/žNBYEFWJS
/žNBYEFWJS
/žNJOEFWJS
/žNBYEFWJS
/žNJOEFWJS
/žNBYEFWJS
/žNJOEFWJS
(
(
(
-έNNBYJNÃMOÎQPǁFUPUÃǁFL
-έNNBYJNÃMOÎQPǁFUPUÃǁFL
-έNNBYJNÃMOÎQPǁFUPUÃǁFL
-ήNNBYJNÃMOÎQPǁFUPUÃǁFL
-ήNNBYJNÃMOÎQPǁFUPUÃǁFL
-ήNNBYJNÃMOÎQPǁFUPUÃǁFL
-έNNBYJNÃMOÎQPǁFUPUÃǁFL
-έNNBYJNÃMOÎQPǁFUPUÃǁFL
-έNNBYJNÃMOÎQPǁFUPUÃǁFL
-ήNNBYJNÃMOÎQPǁFUPUÃǁFL
-ήNNBYJNÃMOÎQPǁFUPUÃǁFL
-ήNNBYJNÃMOÎQPǁFUPUÃǁFL
-έNNBYJNÃMOÎQPǁFUPUÃǁFL
-ήNNBYJNÃMOÎQPǁFUPUÃǁFL
-έNNBYJNÃMOÎQPǁFUPUÃǁFL
-ήNNBYJNÃMOÎQPǁFUPUÃǁFL
-έNNBYJNÃMOÎQPǁFUPUÃǁFL
-ήNNBYJNÃMOÎQPǁFUPUÃǁFL
-έNNBYJNÃMOÎQPǁFUPUÃǁFL
-έNNBYJNÃMOÎQPǁFUPUÃǁFL
-έNNBYJNÃMOÎQPǁFUPUÃǁFL
-ήNNBYJNÃMOÎQPǁFUPUÃǁFL
-ήNNBYJNÃMOÎQPǁFUPUÃǁFL
-ήNNBYJNÃMOÎQPǁFUPUÃǁFL
.BYJNÃMOÎQPǁFUPUÃǁFL
NJOJNÃMOÎQPǁFUPUÃǁFL
.BYJNÃMOÎQPǁFUPUÃǁFL
NJOJNÃMOÎQPǁFUPUÃǁFL
.BYJNÃMOÎQPǁFUPUÃǁFL
NJOJNÃMOÎQPǁFUPUÃǁFL
‹QJPOPXZUZMLPTQVTU
‹QP[JPNZLPMBOLPUZMLP
TQVTU
‹QP[JPNZLPMBOLP
‹QJPOPXZ
;FTUBXQS[FXPEVPEQSPXBE[BOJB
TQBMJO[[BTVXBNJ
‹%JLFZZBMO[UBIMJZF
‹ZBUBZEJSTFLZBMO[
UBIMJZF
‹ZBUBZEJSTFL
‹%JLFZ
,BQBLMUBIMJZFLPMMFLUÕSTFUJ
‹WFSUJLÃMOÎQPV[FWÝGVL
IPSJ[POUÃMOÎQSDzNLJS
LPMFOPQPV[FWÝGVL
IPSJ[POUÃMOÎQSDzNLJS
LPMFOP
QSDzNLJSWFSUJLÃMOÎ
4PVQSBWBWÝGVLPWÊIPLPMFLUPSV
TFØPVQÃULZ
1-
53
$;
3&(6-"$+".0$:853:#*&
4"/*5"3/:.
+FǻFMJOBMFǻZ[NJFOJǀXBSUPǧǀNPDZ
USZCVTBOJUBSOFHPOBMFǻZEPTUPTPXBǀXBSUPǧǀ
QBSBNFUSVOSi.BYMJD[CBPCSPUÓXXFOUZMBUPSB
X USBLDJF USZCV TBOJUBSOFHPu QP XQJTBOJV
LPEV [BTUS[FǻPOFHP EMB UFDIOJLB XFEVH USZCV
PQJTBOFHPXSP[E[XZSFHVMPXBǀMJD[CNjPCSPUÓX
XFOUZMBUPSBXFEVHUBCFMJSP[E[
,6--"/*.46:6(¾¬":"3*
,VMMBON TVZV *TUNB HÛDÛOÛO EFnjJǨUJSJMNFTJOJO
HFSFLNFTJIBMJOEFOVNBSBMiTUNBGBOB[BNJ
EFWJSTBZTuQBSBNFUSFTJOJOEFnjJǨUJSJMNFTJHFSFLJS
BODBLCVOVOJÉJOQBSBHSBGEFCFMJSUJMFOǨJGSFOJO
UFLOJLQFSTPOFMUBSBGOEBOHJSJMNFTJHFSFLNFLUFEJS
'BOEFWJSBZBSOUBCMPEBWFSJMFOWFSJMFSFJTUJOBEFO
ZBQO[QBSBHSBG
/"45"7&/±7À,0/60)Ƥ&76
6Â*5,07­70%:
7QǥÎQBELJßFCZCZMPOVUOÊ[NLJOJUWÝLPOPIǥFWV
VßJULPWÊWPEZKFQPUǥFCBVQSBWJUIPEOPUVQBSBNFUSV
ǁ .BYJNÃMOÎ QPǁFU PUÃǁFL WFOUJMÃUPSV QǥJ
PIǥFWV VßJULPWÊ WPEZ
QP [BEÃOÎ LÓEV LUFSÝ KF
WZISB[FOUFDIOJLPWJQPEMFQPTUVQVVWFEFOÊIPW
PETUBWDJ6QSBWUFQPǁFUPUÃǁFLWFOUJMÃUPSVQPEMF
UBCVMLZPETUBWFD
53:#
10.1:0#*&(08&+
;NJFOJBKƾD[HPEOJF[QSPDFEVSƾiUSZC
QBSBNFUSÓXuQBSBNFUSOSVTUBXJBKƾDHPOB
XBSUPǧǀiuNPǻOBV[ZTLBǀDJƾHF
GVOLDKPOPXBOJFQPNQZPCJFHPXFK
'6/,$+"0$;:4;$;"/*"
5BGVOLDKBXZNVT[BQSBDNjLPUBOBNBLTZNBMOFK
NPDZPHS[FXBOJBQS[F[NJOVU8UFKTZUVBDKJ
XT[ZTULJF SFHVMBDKF Tƾ OJFBLUZXOF [B XZKƾULJFN
UFSNPTUBUV CF[QJFD[FǝTUXB PHSBOJD[OJLB "CZ
VSVDIPNJǀOJOJFKT[ƾGVOLDKNjOBMFǻZKFEOPD[FǧOJF
OBDJTOƾǀ LMBXJT[F i.0%&u J iu QS[F[ EXJF
TFLVOEZ 5B GVOLDKB VNPǻMJXJB UFDIOJLPXJ
TQSBXE[FOJF QBSBNFUSÓX TQBMBOJB LPDJP KFTU
QS[ZNVTPXP VTUBXJBOZ OB NBLTZNBMOƾ NPD J
OBFLSBOJFQPKBXJBTJNjMJUFSBi)u1P[BLPǝD[FOJV
LPOUSPMJ OBMFǻZ XZƾD[Zǀ GVOLDKNj OBDJTLBKƾD
KFEOPD[FǧOJF LMBXJT[F iu J tt QS[F[ EXJF
TFLVOEZ
'6/,$+";"10#*&("+Ž$"
#-0,"%;*&10.1:
1PED[BT GB[Z i-BUPu LPDJP KFTU XZQPTBǻPOZ X
GVOLDKNjLUÓSBVSVDIBNJBQPNQNjQS[ZOBKNOJFKSB[
XQS[FDJƾHVHPE[JOQS[F[PLSFTTFLVOEDFMFN
[NOJFKT[FOJB SZ[ZLB CMPLBEZ QPNQZ X XZOJLV
QS[FEVǻPOFHPPLSFTVOJFBLUZXOPǧDJ
'6/,$+";"10#*&("+Ž$"
;"."3;"/*6,"-03:'&3¶8
,PDJPKFTUXZQPTBǻPOZXGVOLDKNjLUÓSBVSVDIBNJB
QPNQNjHEZUFNQFSBUVSBXPEZQSPEVLPXBOFKQS[F[
VS[ƾE[FOJF TQBEOJF EP ž$ +FǻFMJ UFNQFSBUVSB
XPEZ KFTU OJǻT[B OJǻ ž$ LPDJP [BƾD[B TJNj EP
DIXJMJPTJƾHOJNjDJBž$
8"350Ʀſ.",4:."-/&+
5&.1&3"563:10%$;"4
0(3;&8"/*"
.BLTZNBMOB UFNQFSBUVSB HFOFSBUPSB NPǻF CZǀ
[NJFOJPOB [B QPNPDƾ QBSBNFUSV OS iUSZC
QBSBNFUSÓXu VTUBXJBKƾD XBSUPǧǀ [BXBSUƾ X
QS[FE[JBMFPEEPž$
%&7ƻ3%"ƻ.ƻƧ-&7.0%6
OVNBSBMQBSBNFUSFZJiQBSBNFUSFNPEMBSuJǨMFNJ
VZBSODB EFnjJǨUJSNFL TVSFUJZMF OVNBSBM EFnjFSJ
BZBSMBZBSBL EFWJSEBJNJO EFWBNM ÉBMǨNBTOO
TBnjMBONBTNÛNLÛOEÛS
13070;/±3&Â*.:0#Ɔ)07­)0
ƀ&31"%-"
;NLJOPVOBTUBWFOÎQBSBNFUSVǁOBIPEOPUViu
QPEMF QPTUVQV W iSFßJNV QBSBNFUSZu KF NPßOÊ
EPTÃIOPVUOFQǥFUSßJUÊIPDIPEVǁFSQBEMB
i#"$"5&.ƻ;-&.&uƻƧ-&7ƻ
#V JǨMFW EFWSFEF PMNBT IBMJOEF LPNCJZJ EBLJLB TÛSF JMF B[BNJ TUNB HÛDÛOEF [PSMBS #V
EVSVNEBUÛNBZBSMBSEFWSFEǨLBMSWFZBMO[DB
T Û[FSJOEFLJ FNOJZFU UFSNPTUBU JMF TOSMBZD
UFSNPTUBU JǨMFWEF LBMSMBS #BDB UFNJ[MFZJDJ JǨMFWJ
EFWSFZFTPLNBLJÉJOi.0%&uWFiuEÛnjNFMFSJOF
FǨ[BNBOMPMBSBLJLJTBOJZFTÛSFZMFCBTNBLHFSFLJS
#V JǨMFW TBZFTJOEF UFLOJL FMFNBOMBSO ZBONB
QBSBNFUSFMFSJOJ LPOUSPM PMBOBnj TBnjMBONBLUBES
LPNCJB[BNJHÛDFZÛLTFMJSWFHÕTUFSHFEFi)uIBSê
CFMJSJS,POUSPMMBSUBNBNMBELUBOTPOSBJǨMFWJEFWSF
EǨCSBLNBLJÉJOiuWFiuEÛnjNFMFSJOFFǨ[BNBOM
PMBSBLJLJTBOJZFTÛSFZMFCBTNBLHFSFLJS
'6/,$&t,0.*/±,i
5BUP GVOLDF W QǥÎQBELJ BLUJWBDF QǥJNLJKF LPUFM L
NBYJNÃMOÎNVUPQOÊNVWÝLPOVOBEPCVNJOVU
7 UPNUP TUBWV KTPV WZǥB[FOB WFØLFSÃ OBTUBWFOÎ
B BLUJWOÎ [DzTUÃWÃ QPV[F CF[QFǁOPTUOÎ UFQMPUOÎ
UFSNPTUBUBMJNJUOÎUFSNPTUBU1SPBLUJWBDJGVOLDF
LPNJOÎLB KF QPUǥFCB TPVǁBTOLJ TUJTLOPVU LMÃWFTZ
i.0%&uBiuOBEPCVEWPVTFLVOE5BUPGVOLDF
VNPßǞVKF UFDIOJLPWJ [LPOUSPMPWBU QBSBNFUSZ
TQBMPWÃOÎ ,PUFM CVEF QSBDPWBU OB NBYJNVN B
OB EJTQMFKJ TF PCKFWÎ QÎTNFOP i)u 1P EPLPOǁFOÎ
LPOUSPMZ GVOLDJ EFBLUJWVKUF TPVǁBTOÝN TUJTLFN
LMÃWFTi.0%&uBiuOBEPCVEWPVTFLVOE
10.1""3*;"(ƻ%&3.&ƻƧ-&7ƻ
i:B[u LPOVNVOEB LPNCJ DJIB[ QPNQBZ FO
B[OEBOTBBUUFWFEBLJLBTÛSFZMFEFWSFZF
TPLNBLTVSFUJZMFQPNQBOOV[VOTÛSFMJEFWSFEǨ
LBMNBLUBOÕSÛSÛBS[BZBHFÉNFTJOFNBOJPMBOCJS
JǨMFWMFEPOBUMNǨUS
'6/,$&$)3¦/±$±1Ƥ&%
;"#-0,07¦/±.ƀ&13"%-"
7MFUOÎNSFßJNVKFLPUFMKFWZCBWFOGVOLDÎLUFSÃ
TQVTUÎǁFSQBEMPBMFTQPǞKFEOPV[BIPEJOZOB
TFLVOEBCZTFTOÎßJMPSJ[JLP[BCMPLPWÃOÎWEDzTMFELV
EMPVIÊOFǁJOOPTUJ
5&3.04ƻ'0/-"3*#6;-"/.":"
,"3Ƨ*,036."ƻƧ-&7ƻ
,PNCJ UFTJTBU HÕOEFSJN TVZV TTOO ž$
EFSFDFZF HFMNFTJZMF QPNQBZ EFWSFZF TPLBDBL
CJSJǨMFWFTBIJQUJS5FTJTBUTVZVOVOž$EFSFDFOJO
BMUOBEÛǨNFTJIBMJOEFTVTTOOž$EFSFDFZF
HFMNFTJOFLBEBSLPNCJEFWSFZFHJSFS
'6/,$&;"#3"Ɲ6+±$±;".3;/65±
501/À$)5Ɔ-&4
,PUFMKFWZCBWFOGVOLDÎLUFSÃTQVTUÎǁFSQBEMPLEZß
UFQMPUB OÃCLJIPWÊ WPEZ TZTUÊNV LMFTOF OB ž$
1PLVEKFUFQMPUBOÃCLJIPWÊWPEZTZTUÊNVOJßØÎOFß
ž$LPUFMTFVWFEFEPQSPWP[VOBEPCVOF[CZUOPV
QSPEPTBßFOΞ$
*4*5."%"";".ƻ(¸/%&3ƻ.*4*
%&Ƌ&3ƻ
$JIB[OB[BNJHÕOEFSJNTEFnjFSJOJOBSUUSMNBT
NÛNLÛOEÛSCVOVOJÉJOQBSBNFUSFNPEVOEBu
OVNBSBM QBSBNFUSFOJO JMF ž$ BSBTOEB CJS
EFnjFSEFBZBSMBONBTHFSFLNFLUFEJS
)0%/05"."9*.¦-/±/¦#Ɔ)07­
5&1-05:1Ƥ*7:5¦1Ɔ/±
+F NPßOÊ NLJOJU NBYJNÃMOÎ OÃCLJIPWPV UFQMPUV
LPUMF[NLJOPVQBSBNFUSVǁWiSFßJNVQBSBNFUSZu
OBTUBWFOÎNIPEOPUZNF[JBž$
1-
53
$;
4*
)6
*&
;BXÓSHB[V%6/(43ZT
,BSUBFMFLUSPOJD[OB7*$53*93ZT
%6/(4(B[7BMê4FLJM
7*$53*9FMFLUSPOJLLBSU4FLJM
1MZOPWÝWFOUJM%6/(40CS
&MFLUSPOJDLÃLBSUB7*$53*90CS
1MJOTLJWFOUJM%6/(4'JH
&MFLUSPOTLBLBSUJDB7*$53*9'JH
%6/(4(Ã[T[FMFQÃCSB
7*$53*9FMFLUSPOJLVTLÃSUZÃKBÃCSB
%6/(4(BT7BMWF'JH
7*$53*9DJSDVJUCPBSE'JH
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
-FHFOEB3ZT
m(OJB[ELPDJǧOJFOJBXFKǧDJB[BXPSVHB[PXFHP
m(OJB[ELPDJǧOJFOJBXZKǧDJB[BXPSVHB[PXFHP
mƦSVCBSFHVMBDZKOB0Ē4FU
m3FHVMBUPSQS[FQZXVHB[VOBXZKǧDJV
"ɏLMBNBMBS4FLJM
(B[WBMGHJSJǨCBTOÉUVUVǨV
(B[WBMGɏLǨCBTOÉUVUVǨV
m0Ē4FUBZBSWJEBT
m¬LǨUBHB[BLUBSNSFHÛMBUÕSÛ
-FHFOEB'JH
1SFTBQSFTTJPOFJOHSFTTPWBMWPMBHBT
1SFTBQSFTTJPOFVTDJUBWBMWPMBHBT
7JUFEJSFHPMB[JPOF0Ē4FU
3FHPMBUPSFEJQPSUBUBHBTJOVTDJUB
-FHFOEB
'#F[QJFD[OJL"7
'#F[QJFD[OJL"7
"ɏLMBNBMBS4FLJM
'4JHPSUB"7
'4JHPSUB"7
-FHFOEB'JH
' 'VTJCJMF"7
' 'VTJCJMF"7
-FHFOEB4MJLB
m7UJǁOJDBWTUPQOFHBQSJUJTLBQMJOTLFHBWFOUJMB
m7UJǁOJDBJ[TUPQOFHBQSJUJTLBQMJOTLFHBWFOUJMB
m7JKBLSFHVMJSBOKB0Ē4FU
m3FHVMBUPSQSFUPLBQMJOBOBJ[TUPQV
+FMNBHZBSÃ[BUÃCSB
(Ã[T[FMFQCFNFOFUJOZPNÃTNÊSǡQPOU
(Ã[T[FMFQLJNFOFUJOZPNÃTNÊSǡQPOU
0Ē4FUCFÃMMÎUÓDTBWBS
,JNFOǡHÃ[IP[BNT[BCÃMZP[ÓKB
,FZ'JH
(BTWBMWFJOMFUQSFTTVSFQPJOU
(BTWBMWFPVUMFUQSFTTVSFQPJOU
0Ē4FUBEKVTUNFOUTDSFX
0VUMFUHBTëPXSFHVMBUPS
-FHFOEB'JH
'7BSPWBMLB"7
'7BSPWBMLB"7
+FMNBHZBSÃ[BUÃCSB
'm0MWBEÓCJ[UPTÎUÊL"m7
'm0MWBEÓCJ[UPTÎUÊL"m7
,FZ'JH
' 'VTF"7
' 'VTF"7
1-
53
$;
4*
)6
*&
3ZT
ƧFLJM
0CS
4MJLB
ÃCSB
'JH
1-
53
$;
%&.0/5"ƺ0#6%08:
"CZ VBUXJǀ [BCJFHJ LPOTFSXBDZKOF LPUB NPǻOB
DBLPXJDJF [EFNPOUPXBǀ PCVEPXNj XZLPOVKƾD
PQJTBOFQPOJǻFKD[ZOOPǧDJSZT
[EFNPOUPXBǀ EPMOƾ TUBMPXƾ LSBUPXOJDNj
PDISPOOƾ
,"1"Ƌ*/4¸,¾-.&4ƻ
,PNCJ DJIB[OO CBLN JǨMFNMFSJOJO LPMBZ CJS
ǨFLJMEFZBQMBCJMNFTJJÉJOBǨBnjEBLJCBTJUUBMJNBUMBS
VZHVMBNBLTVSFUJZMFDJIB[LBQBnjOTÕLFCJMJSTJOJ[
ǨFLJM
ÕOÉFMJLNVIBGB[B[HBSBTOÉLBSUO[
%&.0/5¦Â1-¦»5Ɔ
1SP VTOBEOLJOÎ ÙESßCZ LPUMF KF NPßOÊ [DFMB
EFNPOUPWBU KFIP QMÃØǬ QPEMF OÃTMFEVKÎDÎDI
KFEOPEVDIÝDIQPLZODz0CS
EFNPOUVKUF TQPEOÎ PDISBOOPV QMFDIPWPV
NǥÎß
PELSNjDJǀǧSVCZ
[OBKEVKƾDFTJNjXEPMOFKD[NjǧDJ
QS[FEOJFKPCVEPXZ
LBQBnjO
ÕOUBSBGOEBBMUUBCVMVOBOWJEBMBS
TÕLÛOÛ[
PEØSPVCVKUF ØSPVCZ LUFSÊ TF OBDIÃ[FKÎ WF
TQPEOÎǁÃTUJǁFMBQMÃØULJ
QPMV[PXBǀEPNBLTJNVNǧSVCZ
[OBKEVKƾDFTJNj
XHÓSOFKD[NjǧDJQPLSZXZ
QBUS[SZTVOFL
LBQBnjO
ÛTUUBSBGOEBBMUUBCVMVOBOWJEBMBS
B[BNJEFSFDFEFHFWǨFUJOJ[ǨFLMFCBLO[
PEØSPVCVKUF DP OFKWÎDF ØSPVCZ LUFSÊ TF
OBDIÃ[FKÎWIPSOÎǁÃTUJLSZUV
WJ[PCSÃ[FL
MFLLPQPDJƾHOƾǀ[EPVQS[FEOJƾPCVEPXNj
XFXBTOZNLJFSVOLVKFEOPD[FǧOJFOBDJTLBKƾD
XHÓSNj
LBQBnj
BMUUBSBGOEBOIBêGÉFLFOEJOJ[FEPnjSV
ÉFLJOJ[WFFǨ[BNBOMPMBSBLÛTUUBSBGOJUJOJ[
MFIDFQPUÃIOLJUFǁFMPQMÃØULJ
WFTQPEOÎǁÃTUJ
TNLJSFN L TPCLJ B [ÃSPWFǞ [BUMBǁUF TNLJSFN
OBIPSV
PELSNjDJǀǧSVCZ
[OBKEVKƾDFTJNjXHÓSOFKD[NjǧDJ
TUBMPXFKPTPOZQS[FEOJFKPCVEPXZ
PELSNjDJǀ ǧSVCZ [OBKEVKƾDF TJNj X EPMOFK
CPD[OFKD[NjǧDJLPUBBOBTUNjQOJFMFLLPQPQDIOƾǀ
XHÓSNjUBLCZVXPMOJǀCPD[OƾPCVEPXNj
$030$;/",0/530-"*
,0/4&38"$+",05Š"
1S[ZOBKNOJFKSB[XSPLVOBMFǻZ
XZLPOBǀ OBTUNjQVKƾDF D[ZOOPǧDJ LPOUSPMOP
LPOTFSXBDZKOF
$[ZT[D[FOJFXZNJFOOJLBQPTUSPOJFTQBMJO
$[ZT[D[FOJFHÓXOFHPQBMOJLB
, P O U S P M B Q P Q S B X O P ǧ D J [ B  ƾ D [ B O J B J
GVOLDKPOPXBOJB
,POUSPMBQPQSBXOPǧDJLBMJCSBDKJQBMOJLBQPED[BT
GB[ZPHS[FXBOJB
LBQBnjOÛTUNFTOFUJUBSBGOEBCVMVOBOWJEBMBS
TÕLÛOÛ[
LPNCJOJO BMU ZBO UBSBGOEB CVMVOBO WJEBMBS
TÕLÛOÛ[WFCVOVNÛUFBLJCFOZBOUBSBG
LVSUBSBDBLǨFLJMEFIBêGÉFZVLBSEPnjSVJUJOJ[
$ƻ)";*/4&/&-ƻ,#",*.7&
,0/530-6
&OB[OEBOTFOFMJLPMNBLTVSFUJZMFQFSZPEJLCBLN
JǨMFNMFSJJMFBǨBnjEBCFMJSUJMFOLPOUSPMJǨMFNMFSJOJO
ZBQMNBTHFSFLNFLUFEJS
%FnjJǨUJSJDJEVNBOIB[OFTJOJOUFNJ[MJnjJ
"OBCPZMFSJOUFNJ[MJnjJ
"UFǨMFNF WF JǨMFWMFSJO TBnjMLM ZÛSÛUÛMNFTJOJO
LPOUSPMV
#PZMFSJOTUNBFTOBTOEBEPnjSVBZBSMBNBMBSOO
ZBQMNǨPMNBTOOLPOUSPMV
PEØSPVCVKUF ØSPVCZ LUFSÊ TF OBDIÃ[FKÎ WF
IPSOÎǁÃTUJPQLJSOÊIPQMFDIVǁFMBQMÃØULJ
PEØSPVCVKUF ØSPVCZ LUFSÊ TF OBDIÃ[FKÎ WF
TQPEOÎ CPǁOJDJ LPUMF B OÃTMFEOLJ MFIDF [BUMBǁUF
TNLJSFN OBIPSV UBL BCZTUF CPǁOJDJ VWPMOJMJ
30ƀ/±,0/530-""¼%3Â#"
1Ƥ±4530+&
/FKNÊOLJKFEOPVSPǁOLJKFUǥFCBQSPWÊTUOÃTMFEVKÎDÎ
LPOUSPMOÎBÙESßCPWÊLSPLZ
7ZǁJTUJUCPǁOÎWÝNLJOÎLTQBMJO
7ZǁJTUJUIMBWOÎIPǥÃL
;LPOUSPMPWBUQSBWJEFMOPTU[BQBMPWÃOÎBDIPEV
0WLJǥJUTQSÃWOPTULBMJCSBDFIPǥÃLVWUPQOÊGÃ[J
0WLJǥJU TQSÃWOÝ DIPE ǥÎEÎDÎDI B TFǥJ[PWBDÎDI
QSWLDzQǥÎTUSPKFQǥFEFWØÎN
,POUSPMB TLVUFD[OPǧDJ BQBSBUVSZ QPNJBSPXP
TUFSVKƾDFKXT[D[FHÓMOPǧDJ
¸[FMMJLMF BǨBnjEB CFMJSUJMFO CBǨUB PMNBL Û[FSF
DJIB[O LVNBOEB WF BZBS BLTBNOO TBnjMLM
ÉBMǨNBTOOLPOUSPMV
HÓXOFHP XZƾD[OJLB FMFLUS ZD[OFHP
[OBKEVKƾDFHPTJNjOBLPUMF
LPNCJÛ[FSJOEFZFSBMBOBOBFMFLUSJLǨBMUFSJOJO
ÉBMǨNBT
D[VKOJLÓXSFHVMBDZKOZDILPUB
UFTJTBUBZBSTPOEBMBSOONÛEBIBMFTJOJLPOUSPM
FEJOJ[
;LPOUSPMPWBUULJTOPTUQMZOPWÊIPPLSVIVQǥÎTUSPKF
BWOJUǥOÎIP[BǥÎ[FOÎ
$JIB[OWFUFTJTBUOHB[EFWSFMFSJOJOT[ESNB[Mnj
LPOUSPMFEJMNFTJHFSFLNFLUFEJS
;LPOUSPMPWBU[ÃTBI[BǥÎ[FOÎQSPUJBCTFODJQMZOV
BLPOUSPMZJPOJ[BǁOÎIPQMBNFOF
(B[ CVMVONBNBT JZPOJ[BTZPOMV BMFW LPOUSPM
EÛ[FOFLMFSJOJOÉBMǨNBMBSOLPOUSPMFEJOJ[
;LPOUSPMPWBU [EB QǥÎTMVØOÃ EPCB [ÃTBIV
OFQǥFLSBǁVKFTFLVOE
NÛEBIBMFTÛSFTJOJOTBOJZFEFOEBIBEÛǨÛL
PMNBTOLPOUSPMFEJOJ[
;SBLFN PWLJǥJU [EB OFEPDIÃ[Î LF [USÃULJ WPEZ
B PYJEBDJ TQPKFL B W[OJLV TUPQ QP OÃOPTFDI
LPOEFO[ÃUVVWOJUǥW[EVDIPULJTOÊLPNPSZ
T[D[FMOPǧDJ PCJFHV HB[PXFHP LPUB PSB[
XFXONjUS[OFKJOTUBMBDKJ
D[VKOJLBLPOUSPMJQPNZLBXZLSZXBKƾDFHPCSBL
HB[V
D[BT JOUFSXFODKJ XZOPTJ NOJFK OJǻ TFLVOE
8[SPLPXP TQSBXE[Jǀ PCFDOPǧǀ FXFOUVBMOZDI
XZDJFLÓXXPEZJPTBEÓXSE[ZOB[ƾD[BDIPSB[
ǧMBEÓXTLSPQMJOXT[D[FMOFKLPNPS[F
4QSBXE[Jǀ[BQPNPDƾLPSLBTQVTUPXFHPTLSPQMJO
D[Z OJF NB [BOJFD[ZT[D[Fǝ VUSVEOJBKƾDZDI
QS[FQZXTLSPQMJO
4QSBXE[Jǀ [BXBSUPǧǀ TZGPOV TQVTUPXFHP
TLSPQMJO
8[SPLPXP TQSBXE[Jǀ TUBO XZMPUV [BXPSV
CF[QJFD[FǝTUXBXPEZ
4QSBXE[JǀD[ZDJǧOJFOJFTUBUZD[OFQS[Z[JNOZN
LPUMF J QP OBQFOJFOJV VS[ƾE[FOJB [B QPNPDƾ
[BXPSV OBQFOJBKƾDFHP
OJF KFTU OJǻT[F PE CBS
8 [ SP L PX P T Q S BX E [ J ǀ T U B O V S [ ƾ E [ F ǝ
CF[QJFD[FǝTUXBJLPOUSPMJXT[D[FHÓMOPǧDJ
UFSNPTUBUVCF[QJFD[FǝTUXBQS[FHS[BOJB
TUBOJOTUBMBDKJFMFLUSZD[OFKXT[D[FHÓMOPǧDJ
QS[FXPEZ[BTJMBKƾDFQPXJOOZCZǀVNJFT[D[POF
XTUPTPXOZDIQSPXBEOJDBDI
OJF QPXJOOZ CZǀ PCFDOF [BD[FSOJFOJB MVC
ǧMBEZTQBMFOJB
/#XUSBLDJFPLSFTPXFKLPOTFSXBDKJLPUB[BMFDB
TJNj TLPOUSPMPXBOJF J [BLPOTFSXPXBOJF JOTUBMBDKJ
DJFQMOFK [HPEOJF [F XTLB[ÓXLBNJ QPEBOZNJ X
PCPXJƾ[VKƾDZDIQS[FQJTBDI
(ÕSTFM PMBSBL TV LBÉBnj WF UFSNJL HSVQ
SBLPSMBSOO QBTMBONB WF IFSNFUJL IB[OFEF
LPOEFOTBTZPOCJSJLJNJOJOLPOUSPMV
,POEFOTBTZPOUBIMJZFUBQBTWBTUBTZMBLPOEFO
TBTZPOHFÉJǨJOFNBOJPMBCJMFDFLNBEEFMFSPMVQ
PMNBEnjOLPOUSPMFEJOJ[
'VOLDJ IMBWOÎIP FMFLUSJDLÊIP TQÎOBǁF
VNÎTULJOÊIPWLPUMJ
'VOLDJSFHVMBǁOÎDITPOETZTUÊNV
;LPOUSPMPWBU QPNPDÎ V[ÃWLJSV OB WZQPVØULJOÎ
LPOEFO[ÃUVßFWOLJNOFKTPV[CZULZNBUFSJÃMV
LUFSÝCZ[BCSBǞPWBMQSDzDIPEVLPOEFO[ÃUV
;LPOUSPMPWBUPCTBITJGPOVOBWZQPVØULJOÎLPO
EFO[ÃUV
,POEFOTBTZPOUBIMJZFTJGPOVOVONVIUFWJZBUOO
LPOUSPMFEJOJ[
;SBLFNPWLJǥJUßFWÝWPECF[QFǁOPTUOÎIPWPEP
WPEOÎIPWFOUJMVOFOÎ[BOFTFOÝ
4V UBIMJZF FNOJZFU WBMêOJO ULBM PMNBEnjO
HÕSTFMPMBSBLLPOUSPMFEJOJ[
0WLJǥJUßFTUBUJDLÝUMBLWTZTUÊNV[BTUVEFOBB
QPPQLJUOÊNOBQVØULJOÎTZTUÊNVQMOJDÎNLPIPV
ULFN
OFOÎOJßØÎOFßCBS
5FTJTBUOTUBUJLCBTODOOUFTJTBUTPnjVLWB[JZFU
UFZLFOWFUFTJTBUBNTMVLBSBDMnjJMFTVEPMVNV
ZBQMELUBO TPOSB
CBS EBO EBIB EÛǨÛL
PMNBNBTOLPOUSPMFEJOJ[
&NOJZFUWFLPOUSPMEÛ[FOFLMFSJOJOÕ[FMMJLMFEF
BǨBnjEBLJIVTVTMBSEPnjSVMUVTVOEBHÕSTFMPMBSBL
BS[BM WFZBIVU EB LTB EFWSFEF PMNBNBTO
LPOUSPMFEJOJ[
;SBLFN PWLJǥJU ßF CF[QFǁOPTUOÎ B LPOUSPMOÎ
[BǥÎ[FOÎ OFKTPV QPØLP[FOB BOFCP [LSBUPWÃOB
QǥFEFWØÎN
#F[QFǁOPTUOÎUFSNPTUBUQSPUJQǥFIǥÃUÎ
;LPOUSPMPWBUTUBWBÙQMOPTUFMFLUSJDLÊIPTZTUÊ
NVQǥFEFWØÎN
TÛ[FSJOEFFNOJZFUUFSNPTUBU
LBCFMZFMFLUSJDLÊIPQǥÎWPEVNVTÎCÝUVMPßFOZ
WQSDzDIPELÃDI
Õ[FMMJLMF BǨBnjEBLJMFS PMNBL Û[FSF FMFLUSJL
UFTJTBUOO TBnjMBN WF UBN PMEVnjVOV LPOUSPM
FEJOJ[
OFTNÎ OB OJDI CÝU TUPQZ QP TQÃMFOÎ OFCP
[BǁPV[FOÎ
FMFLUSJLHJSJǨLBCMPMBSOOLBCMPZVWBMBSOEB
PMNBMBSHFSFLJS
LBSBSNB WF ZBONB J[MFSJOJO PMNBNBT HF
SFLJS
/PUDJIB[O QFSJZPEJL CBLN JǨMFNMFSJ FTOBTOEB
UFSNJL UFTJTBUO CBLNOO EB ZBQMNBT UBWTJZF
PMVOVS CV JǨMFNMFSJO ZÛSÛSMÛLUF PMBO ZBTBM
EÛ[FOMFNFMFSF SJBZFU FEJMFSFL ZÛSÛUÛMNFTJ
HFSFLNFLUFEJS
1P[OÃNLB 1ǥJ QSBWJEFMOÊ ÙESßCLJ QǥÎTUSPKF KF
WIPEOÊ QSPWÊTU J LPOUSPMV B ÙESßCV UPQOÊIP
TZTUÊNVWTPVMBEVTQPßBEBWLZQMBUOÊTNLJSOJDF
1-
53
$;
4*
;.*&//".0$$*&1-/"
%&ƋƻƧ,&/5&3.ƻ,(¾¬
7"3*"#*-/±5&1&-/À7À,0/
7"3*#"-/"501-05/";.0(-+*7045
.&5"/(
.0$$*&1-/"
.0$$*&1-/"
13;&1Š:8(";6
81"-/*,6
#65"/(
0#305:8&/5:
-"503"
13;&1Š:8(";6
81"-/*,6
.&5"/ю(я
5&1&-/À
7À,0/
5&1&-/À
7À,0/
13Ʊ50,1-:/6
)0Ƥ¦,6
5&3.ƻ,(¾¬
#0:-&3(";
%&#ƻ4ƻ
0#305:8&/5:
-"503"
13;&1Š:8(";6
81"-/*,6
#65"/ю(я
05¦ƀ,:7&/5*њ
-¦5036
13Ʊ50,1-:/6
)0Ƥ¦,6
.&5"/(";*ю(я
5&3.ƻ,(¾¬
1301"/(
'"/%&7ƻ34":*4*
1301"/ю(я
05¦ƀ,:7&/5*њ
-¦5036
#65"/(";*ю(я
#0:-&3(";
%&#ƻ4ƻ
.&5"/(
0#305:8&/5:
-"503"
'"/%&7ƻ34":*4*
13Ʊ50,1-:/6
)0Ƥ¦,6
05¦ƀ,:7&/5*њ
-¦5036
1301"/(";*ю(я
#0:-&3(";
%&#ƻ4ƻ
#65"/(
'"/%&7ƻ34":*4*
1301"/(
501-50/"
;.0(-+*7045
501-50/"
;.0(-+*7045
13&50,1-*/"
4,0;*(03*-/*,
735-+"+*7&/5*-"
503+"
13&50,1-*/"
4,0;*(03*-/*,
735-+"+*7&/5*-"
503+"
13&50,1-*/"
4,0;*(03*-/*,
735-+"+*7&/5*-"
503+"
L8
LDBMI
NI
Ož
NI
Ož
NI
Ož
/#EBOFEPUZD[ƾDFNPDZQPEBOFXUBCFMJ[PTUBZTQPS[ƾE[POFEMBQS[FXP
EVQPXJFUS[OPTQBMJOPXFHPPEVHPǧDJN1S[FQZXHB[VPEOPTJTJNjEP
NPDZDJFQMOFKNOJFKT[FKOJǻž$JQS[ZDJǧOJFOJVNCBS$JǧOJFOJFOB
QBMOJLVEPUZD[ZXZLPS[ZTUBOJBHB[VXUFNQFSBUVS[Fž$
/PU 5BCMPEB ZFS BMBO HÛÉ EFnjFSMFSJ N FNJǨUBIMJZF CPSVTV JMF FMEF
FEJMNJǨMFSEJS(B[EFCJMFSJJÉJOž$EFSFDFOJOBMUOEBLJLBMPSJHÛDÛJMF
NCBSCBTOÉSFGFSBOTPMBSBLBMONǨUS#PZMFSEFCBTOÉEFnjFSMFSJJÉJOHB[O
ž$EFSFDFEFLVMMBONSFGFSBOTBMONǨUS
1P[OÃNLB¼EBKFPWÝLPOVWUBCVMDFCZMZ[ÎTLÃOZTFTBDÎNBWÝGVLPWÝN
QPUSVCÎN P EÊMDF N 1SDzUPLZ QMZOV KTPV W[UBßFOZ OB UFQFMOÝ WÝLPO
WÝIǥFWOPTU
QǥJUFQMPULJOJßØÎOFߞ$BUMBLVNCBS)PEOPUZUMBLVV
IPǥÃLVKTPVVWFEFOZWFW[UBIVLQPVßJUÎQMZOVQǥJUFQMPULJž$
0QPNCB1PEBULJWUBCFMJTPJ[SBǁVOBOJPCVQPSBCJWTUPQOJIJOJ[TUPQOJI
DFWJEPMßJOFN1SFUPLJQMJOBTFUJǁFKPUPQMPUOF[NPHMKJWPTUJPHSFWBOKF
QSJUFNQFSBUVSJLJKFQPEž$JOQSJUMBLVNCBS7SFEOPTUJUMBLBQSJ
HPSJMOJLVTPPQJTBOJQSJVQPSBCJQMJOBJOUFNQFSBUVSJž$
)6
*&
7¦50;5"5)"5¶)Ơ5&-+&4±5.­/:
7"3*"#-&)&"5108&3
.&5¦/(
)Ơ5&-+&4±5.­/: )Ơ5&-+&4±5.­/:
#65"/0(
(¦;­(Ơ
(¦;)0;"."
7&/5*-¦503
'03%6-"54;¦
."
1301"/0(
(¦;­(Ơ
(¦;)0;"."
7&/5*-¦503
'03%6-"54;¦
."
(
(¦;­(Ơ
(¦;)0;"."
7&/5*-¦503
'03%6-"54;¦
."
(¦;­(Ơ
(¦;)0;"."
7&/5*-¦503
'03%6-"54;¦
."
L8
LDBMI
NI
Ož
NI
Ož
NI
Ož
NI
Ož
.&5)"/&(
#65"/&(
1301"/&(
)&"5108&3
)&"5108&3
("4'-083"5&
#63/&3
'"/31.
("4'-083"5&
#63/&3
'"/31.
("4'-083"5&
#63/&3
'"/31.
L8
LDBMI
NI
Ož
NI
Ož
NI
Ož
.FHK " UÃCMÃ[BUCBO GFMUÛOUFUFUU UFMKFTÎUNÊOZBEBUPLBU N IPTT[ÙTÃHÙ
ÊHÊTMFWFHǡGÛTUDTǡWFM ÃMMBQÎUPUUÃL NFH " HÃ[IP[BNPL B MFHBMBDTPOZBCC
GǯUǡÊSUÊLǯ HÃ[SB WPOBULP[OBL ž$ IǡNÊSTÊLMFUOÊM NCBS MÊHLÕSJ
OZPNÃTPO "[ ÊHǡOÊM NÊSU OZPNÃTÊSUÊLFL ž$ IǡNÊSTÊLMFUǯ HÃ[SB
WPOBULP[OBL
/#UIFQPXFSEBUBJOUIFUBCMFIBWFCFFOPCUBJOFEXJUITVDUJPOEJTDIBSHF
QJQF XJUI MFOHUI PG N (BT ëPX SBUFT SFGFS UP IFBUJOH QPXFS CFMPX B
UFNQFSBUVSFPGž$BOEBUBQSFTTVSFPGNCBS#VSOFSQSFTTVSFWBMVFT
SFGFSUPVTFPGHBTBUž$
1-
53
1"3".&53:41"-"/*"
/PNJOBMOBNPDDJFQMOB
.JOJNBMOBNPDDJFQMOB
/PNJOBMOBNPDDJFQMOBVǻZUFD[OB
.JOJNBMOBNPDDJFQMOBVǻZUFD[OB
8ZEBKOPǧǀDJFQMOBSPCPD[BOPNNJO
8ZEBKOPǧǀDJFQMOBSPCPD[BOPNNJO
8ZEBKOPǧǀDJFQMOBSPCPD[BOPNNJO
4USBUBDJFQBXPCVEPXJFQS[ZQBMOJLV0Ē0Ož$
4USBUBDJFQBXLPNJOJFQS[ZQBMOJLV0Ē0Ož$
.BYDJǧOJFOJFSPCPD[FPCJFHVPHS[FXBOJB
.BYUFNQFSBUVSBSPCPD[BPCJFHVPHS[FXBOJB
3FHVMPXBOBUFNQFSBUVSBPHS[FXBOJB
%PTUNjQOBXZTPLPǧǀDJǧOJFOJBQS[ZQS[FQZXJFI
$JNjǻBSQFOFHPLPUB
$JNjǻBSQVTUFHPLPUB
1PKFNOPǧǀXPEZHFOFSBUPSB
1PEƾD[FOJFFMFLUSZD[OF
1PCÓSOPNJOBMOZ
;BJOTUBMPXBOBNPDFMFLUSZD[OB
1PCÓSNPDZQPNQZPCJFHPXFK
1PCÓSNPDZXFOUZMBUPSB
;BCF[QJFD[FOJFJOTUBMBDKJFMFLUSZD[OFKLPUB
.BYUFNQFSBUVSBPUPD[FOJB
.JOUFNQFSBUVSBPUPD[FOJB
.JOUFNQFSBUVSBPUPD[FOJB[XZLPS[ZTUBOJFN[FTUBXV
[BQPCJFHBKƾDFHP[BNSPǻFOJVPQDKB
.BYUFNQFSBUVSBHB[VTQBMJOPXFHP
ž$
,MBTB/09
/09XZXBǻPOZ
$0XZXBǻPOZ
5ZQVS[ƾE[FOJB
,BUFHPSJB
5&,/ƻ,7&3ƻ-&3
/PNJOBMUFSNJLEFCJ
"THBSJUFSNJLHÛÉ
/PNJOBMUFSNJLHÛÉLVMMBOMBCJMJS
"THBSJUFSNJLHÛÉLVMMBOMBCJMJS
,VMMBOMBCJMJSUFSNJLWFSJN/PN.JO
,VMMBOMBCJMJSUFSNJLWFSJN/PN.JO
,VMMBOMBCJMJSUFSNJLWFSJN/PN.JO
#PZMFS0Ē0Ož$
LPNCJLBQBnjOEBOTLBZC
#PZMFS0Ē0Ož$
LPNCJCBDBTOEBOTLBZC
,BMPSJGFSEFWFTJB[BNJJǨMFWCBTD
,BMPSJGFSEFWFTJB[BNJJǨMFWTT
,BMPSJGFSBZBSMBOBCJMJSTT
IEFCJJMFNÛNLÛOPMBOÕODFMJL
%PMVLPNCJBnjSMnj
#PǨLPNCJBnjSMnj
$JIB[TVNVIUFWJZBU
&MFLUSJLCBnjMBOUT
/PNJOBMTBSêZBU
:ÛLMÛFMFLUSJLHÛDÛ
%FWJSEBJNHÛÉTBSêZBU
'BOHÛÉTBSêZBU
$JIB[FMFLUSJLUFTJTBULPSVONBT
0SUBNB[BNJJǨMFUNFTT
0SUBNBTHBSJJǨMFUNFTT
#V[MBONBZBLBSǨLPSVZVDVTFUMJPQTJZPOFM
PSUBNBTHBSJ
JǨMFUNFTT
UBIMJZFHB[B[BNJTT
ž$
/09TOG
/09BnjSMLM
$0BnjSMLM
$JIB[UÛSÛ
,BUFHPSJ
L8LDBMI
L8LDBMI
L8LDBMI
L8LDBMI
CBS
ž$
ž$
L1BN)0
LH
LH
M
7)[
"
8
8
8
ž$
ž$
*19%
ž$
ž$
NHL8I
NHL8I
$$$##
**)#1
8BSUPǧDJUFNQFSBUVSZTQBMJOEPUZD[ƾUFNQFSBUVSZQPXJFUS[BQS[ZXFKǧDJV
ž$JUFNQFSBUVSZQSPEVLPXBOFKSÓXOFKž$
%VNBOTEFnjFSMFSJHJSJǨUFž$EFSFDFTTEBIBWBJMFHÕOEFSJNEFž$
EFSFDFSFGFSBOTBMOBSBLTBQUBONǨMBSES
.BLTZNBMOBNPDEǺXJNjLPXBFNJUPXBOBXUSBLDJFGVOLDKPOPXBOJBLPUB
KFTU E#" 1PNJBS NPDZ BLVTUZD[OFK EPUZD[Z QSÓC XZLPOBOZDI X
LPNPS[F QӐCF[FDIPXFK QS[Z LPUMF QSBDVKƾDZN OB NBLTZNBMOFK NPDZ
DJFQMOFK[PSVSPXBOJFNLBOBVEZNOFHPXZLPOBOZN[HPEOJF[QS[FQJ
TBNJEPUZD[ƾDZNJXZSPCV
,PNCJDJIB[OOÉBMǨNBTFTOBTOEBLBCVMFEJMFCJMJSB[BNJHÛSÛMUÛTOS
E#"EJS(ÛSÛMUÛHÛÉÕMÉÛNÛLPNCJDJIB[OOB[BNJHÛÉUFÉBMǨNBT
FTOBTOEB ÛSÛO TUBOEBSUMBSOB VZHVO PMBSBL CBDB EB EBIJM PMBSBL
IFTBQMBONǨUS
$;
4*
5&$)/*$,­¼%"+&
+NFOPWJUÃUFQFMOÃLBQBDJUB
.JOJNÃMOÎUFQFMOÃLBQBDJUB
+NFOPWJUÝUFQFMOÝWÝLPOVßJUOÝ
.JOJNÃMOÎUFQFMOÝWÝLPOVßJUOÝ
6ßJUOÝUFQFMOÝWÝLPO+NFO.JO
6ßJUOÝUFQFMOÝWÝLPO+NFO.JO
6ßJUOÝUFQFMOÝWÝLPO+NFO.JO
5FQFMOÊ[USÃUZOBQMÃØUJTIPǥÃLFN;"17:1ž$
5FQFMOÊ[USÃUZWLPNÎOLJTIPǥÃLFN;"17:1ž$
.BYQSPWP[OÎUMBLWFWZUÃQLJDÎNPLSVIV
.BYQSPWP[OÎUFQMPUBWFWZUÃQLJDÎNPLSVIV
/BTUBWJUFMOÃUFQMPUBWZUÃQLJOÎ
7ZVßJUFMOÝWÝUMBLQǥJQSDzUPLVMI
)NPUOPTUQMOÊIPLPUMF
)NPUOPTUQSÃ[EOÊIPLPUMF
0CTBIWPEZWLPUMJ
&MFLUSJDLÃQǥÎQPKLB
+NFOPWJUÝQǥÎLPO
*OTUBMPWBOÝFMFLUSJDLÝWÝLPO
1ǥÎLPOPCLJIPWÊIPǁFSQBEMB
1ǥÎLPOWFOUJMÃUPSV
0DISBOBFMFLUSJDLÊIP[BǥÎ[FOÎQǥÎTUSPKF
.BYJNÃMOÎQSPWP[OÎQPLPKPWÃUFQMPUB
.JOJNÃMOÎQSPWP[OÎQPLPKPWÃUFQMPUB
.JOJNÃMOÎQSPWP[OÎQPLPKPWÃUFQMPUBTFTPVQSBWPVQSPUJ
[BNS[OVUÎWPMJUFMOLJ
.BYJNÃMOÎUFQMPUBPEWÃELJOÊIPQMZOV
5ǥÎEB/09
7ÃßFOÊ/09
7ÃßFOÊ$0
5ZQQǥÎTUSPKF
,BUFHPSJF
5&)/*ƀ/*10%"5,*
/PNJOBMOBUPQMPUOB[NPHMKJWPTU
.JOJNBMOBUPQMPUOB[NPHMKJWPTU
/PNJOBMOBUPQMPUOB[NPHMKJWPTUVQPSBCOB
.JOJNBMOBUPQMPUOB[NPHMKJWPTUVQPSBCOB
6QPSBCOBUPQMPUOB[NPHMKJWPTU/PNJO.JO
6QPSBCOBUPQMPUOB[NPHMKJWPTU/PNJO.JO
6QPSBCOBUPQMPUOB[NPHMKJWPTU/PNJO.JO
5PQMPUOFJ[HVCFOBQMBØǁV[HPSJMOJLPN7,-+*;,-+
ž$
5PQMPUOFJ[HVCFWEJNOJLV[HPSJMOJLPN7,-+*;,-+
ž$
.BLTEFMPWOJUMBLWLSPHPUPLV[BPHSFWBOKF
.BLTEFMPWOBUPQMPUBWLSPHPUPLV[BPHSFWBOKF
/BTUBWMKFOBUPQMPUOBWSFEOPTUPHSFWBOKB
,PSJTUFOJ[QPESJWQSJQSFUPLVMI
5FßBQPMOFHBLPUMB
5FßBQSB[OFHBLPUMB
7TFCOPTUWPEFWLPUMV
&MFLUSJǁOJQSJLMKVǁFL
/PNJOBMOBWTUPQOB[NPHMKJWPTU
*OTUBMJSBOBFMFLUSJǁOB[NPHMKJWPTU
7TUPQOB[NPHMKJWPTULSPßOFǁSQBMLF
7TUPQOB[NPHMKJWPTUWFOUJMBUPSKB
;BØǁJUBFMFLUSJǁOFHBUPLPLSPHBOBQSBWF
.BLTJNBMOBEFMPWOBTPCOBUFNQFSBUVSB
.JOJNBMOBEFMPWOBTPCOBUFNQFSBUVSB
.JOJNBMOBEFMPWOBTPCOBUFNQFSBUVSBTLPNQMFUPNQSPUJ
[NS[PWBOKVPQDJKB
.BLTJNBMOBUPQMPUBPEWPEBQMJOB
ž$
3B[SFE/09
4UFIUBO/09
$0QPOEFSBUP
5JQOBQSBWF
,BUFHPSJKB
L8LDBMI
L8LDBMI
L8LDBMI
L8LDBMI
CBS
ž$
ž$
L1BN)0
LH
LH
M
7)[
"
8
8
8
ž$
ž$
*19%
ž$
ž$
NHL8I
NHL8I
$$$##
**)#1
)PEOPUZ UFQMPUZ TQBMJO PEQPWÎEBKÎ WTUVQOÎ UFQMPULJ W[EVDIV ž$ B
OÃCLJIPWÊUFQMPULJž$
7SFEOPTUJUPQMPUFEJNBVTUSF[BKPWTUPQOJUPQMPUJ[SBLBž$JOWTUPQOJ
UFNQFSBUVSJž$
.BYJNÃMOÎIMVLWZEÃWBOÝQǥJDIPEVLPUMFKFE#".LJǥFOÎIMBEJOZ
IMVLV QSPCÎIÃ W QPMPBLVTUJDLZ NSUWÊ LPNPǥF V LPUMF [BQOVUÊIP OB
NBYJNÃMOÎUFQFMOÝWÝLPOTLPVǥPWÝNTZTUÊNFNQSPEMPVßFOÝNWTPVMBEV
TOPSNBBNJWÝSPCLV
.BLTJNBMFOISVQLJOBTUBKBQSJEFMPWBOKVLPUMBKFE#")SVQTF
NFSJWQPMBLVTUJǁOPNSUWJLPNPSJOFQPTSFEOPPCLPUMVLJKFWLMKVǁFOOB
QPMOP[NPHMKJWPTUEFMPWBOKBTTJTUFNPN[BPEWBKBOKFEJNBLJKFQPEBMKØBO
WTLMBEVTTUBOEBSEJJ[EFMLB
1 1"3".&53:41"-"/*"
53
:"/."1"3".&53&-&3ƻ
$;
1"3".&53:41"-07¦/±
ƦSFEOJDBEZT[ZHB[V
DJǧOJFOJF[BTJMBOJB
1S[FQZXTQBMJOQS[ZOPNJOBMOFKNPDZ
1S[FQZXTQBMJOQS[ZNJOJNBMOFKNPDZ
$0QS[ZJM/PN.JO
$0QS[ZEJ0JQS[ZVM/PN.JO
/09QS[ZEJ0JQS[ZVM/PN.JO
5FNQFSBUVSBTQBMJOQS[ZOPNJOBMOFKNPDZ
5FNQFSBUVSBTQBMJOQS[ZNJOJNBMOFKNPDZ
NN
NCBSNN)0
LHI
LHI
QQN
QQN
ž$
ž$
(
(
(
(B[NFNFÉBQ
HJSJǨCBTOD
%VNBOMBSOOPNJOBMEFnjFSEFEFCJTJ
%VNBOMBSOBTHBSJEFnjFSEFEFCJTJ
$0B2/PN.JO
$0BEJ0B2/PN.JO
/09BEJ0B2/PN.JO
/PNJOBMHÛÉUFEVNBOTT
"THBSJHÛÉUFEVNBOTT
NN
NCBSNN)0
LHI
LHI
QQN
QQN
ž$
ž$
(
(
(
1SDzNLJSQMZOPWÊUSZTLZ
UMBLQMOLJOÎ
$FMLPWÊNOPßTUWÎTQBMJOQǥJKNFOPWJUÊNWÝLPOV
$FMLPWÊNOPßTUWÎTQBMJOQǥJOFKOJßØÎNWÝLPOV
$0QǥJKNFONJO[BUÎßFOÎ
$0QǥJ0QǥJKNFONJO[BUÎßFOÎ
/09QǥJ0QǥJKNFONJO[BUÎßFOÎ
5FQMPUBTQBMJOQǥJKNFOPWJUÊNWÝLPOV
5FQMPUBTQBMJOQǥJOFKOJßØÎNWÝLPOV
NN
NCBSNN)0
LHI
LHI
QQN
QQN
ž$
ž$
(
(
(
WWWIMMERGASCOM
DzJTJOTUSVDUJPOCPPLMFUJTNBEFPG
FDPMPHJDBMQBQFS
$PE3FW

Podobné dokumenty

53 - Immergas

53 - Immergas 8 SB[JF QSPCMFNÓX  VTUFSLJ MVC OJFQSBXJEPXFK QSBDZ  OBMFǻZ XZƾD[Zǀ VS[ƾE[FOJF J XF[XBǀ XZLXBMJGJLPXBOFHP UFDIOJLB OQ [ QVOLUV TFSXJTPXFHP*NNFSHBT LUÓSFHPQSBDPXOJDZ EZTQPOVKƾ...

Více

ZEUS Superior

ZEUS Superior 8 SB[JF QSPCMFNÓX  VTUFSLJ MVC OJFQSBXJEPXFK QSBDZ  OBMFǻZ XZƾD[Zǀ VS[ƾE[FOJF J XF[XBǀ XZLXBMJGJLPXBOFHP UFDIOJLB OQ [ QVOLUV TFSXJTPXFHP*NNFSHBT LUÓSFHPQSBDPXOJDZ EZTQPOVKƾ...

Více

Kézikönyv - Immergas

Kézikönyv - Immergas 1SPT[Nj[BQP[OBǀTJNjVXBǻOJF[OJOJFKT[ƾJOTUSVLDKƾ .PǻOB X OJFK [OBMFǺǀ QS[ZEBUOF XTLB[ÓXLJ EPUZD[ƾDFQSBXJEPXFHPVǻZULPXBOJBVS[ƾE[FOJB  LUÓSZDI QS[FTUS[FHBOJF [BQFXOJ  ǻF [BXT[F CNj...

Více

HELIOS - montážní návod HELIOS / HELIOS LED

HELIOS - montážní návod HELIOS / HELIOS LED k rozpoznávací vzdálenost g°m k umístění na stěnu k zdroje AW T°y hhW gG"y hAW gGhhy LED hW

Více